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(1)

Daily Price Action

Friday, January 3

rd

₂₀₁₄

4327.27

53.10

723.52 1.24%

12.38

Vol (Mn): 3,306

1.74%

Val (Bn): 3,343

IHSG

LQ-45

Sector Indices

Last

Change

Change %

Agriculture

2139

(1.36)

(0.06)

Mining

1419

(10.18)

(0.72)

Basic Industry

492

10.82

2.20 Misc Industry

1225

19.93

1.63 Consumer

1822

39.43

2.16 Property

343

6.43

1.87 Infrastructure

939

8.65

0.92 Finance

547

6.60

1.21 Trade

782

5.17

0.66 Manufacture

1174

23.81

2.03 Most Active

Last

Change %

Freq

SSMS

880

7.3 5,104

KLBF

1,320

5.6 3,628

TLKM

2,175

1.2 2,834

ASII

6,950

2.2 2,616

BBRI

7,300

0.7 2,341

Most Volume

Last

Change %

000 Lot

SSMS

880

7.3

267 TRAM

1,620

1.9

258

255

0.0

213 TMPI

455 (17.3)

193 SUGI

450

1.1

161 Most Value

Last

Change %

Rp Bil

TRAM

1,620

1.9

208 BBRI

7,300

0.7

179 BMRI

8,100

3.2

128 SMGR

14,500

2.5

126 SSMS

880

7.3

113 IHSG Technical Review

R3 4568 R2 4460 R1 4363 Last 4327.27 S1 4261 S2 4165 S3 4080 Comment:

Breaks up resistance level, low trading volume.

Stochastic on bullish

momentum entered the

overbought state. Limited upside potential

ADX uptrend. The DI(+) line points up.

Long term bullish, shorter long term bearish movement. Stop-loss level 4261, upside target 4363.

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Daily Price Action

Stock Pick

INCO

R3 2900 R2 2750 R1 2600 Last 2500 S1 2475 S2 2350 S3 2250 PARTIAL SELL Comment:

Tweezers top, moderate

trading volume, reversal signal. Pullback bearish trend. Break out support.

Stochastic dead-cross at overbought, broad downside potential.

RSI, bearish reversal

momentum at overbought area. Long term bearish and medium term bullish movement. Stop-loss level 2475, downside target 2400 (Max tolerance bullish trend and MA200

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bullish trend and MA200 support).

ACES

R3 780 R2 710 R1 650 Last 610 S1 600 S2 560 S3 510 SPECULATIVE BUY Comment:

Bullish break away, huge trading volume. Reversal signal. Golden-cross MA7. Break out resistance.

Stochastic bullish movement and at oversold state. Broad upside potential.

RSI, CCI and ROC bullish momentum at oversold area. Long term bearish movement. Stop-loss level at 590, upside target 650 (pullback level).

(3)

Daily Price Action

Stock Pick

ASRI

R3 580 R2 510 R1 470 Last 455 S1 440 S2 410 S3 380 TRADING BUY Comment:

Bullish kicker signal, moderate trading volume. Reversal signal, break out resistance.

Stochastic bullish movement after golden-cross at oversold state.

RSI, CCI and ROC bullish momentum at oversold area Long term bearish movement. Stop-loss level 440, upside target 470 (MA25 target). Break up confirmation level 460 (pull back level).

(pull back level).

BBRI

R3 8150 R2 7750 R1 7300 Last 7300 S1 6900 S2 6550 S3 6200 PARTIAL SELL Comment:

Northern star, moderate

trading volume, reversal signal. Flag pattern formations, range bound 7000-7300.

Stochastic bullish movement at overbought state. broad limit upside.

Long term bullish and medium bearish movement.

Stop-loss level 7200, downside target 6450 (Flag pole target) if the price pierced the lower bound (7000).

(4)

Daily Price Action

LS27 Technical table

Closing Closing Closing

Closing StopStopStopStop RecRecRecRec TargetTargetTargetTarget S2

S2S2

S2 S1S1S1S1 PricePricePricePrice R1R1R1R1 R2R2R2R2 Technical NotesTechnical NotesTechnical NotesTechnical Notes RecRecRecRec LossLossLossLoss Buy PrcBuy PrcBuy PrcBuy Prc PricePricePricePrice

Plantation Plantation Plantation Plantation AALI AALI AALI

AALI 23,000 24,000 24,65024,65024,65024,650 25,000 26,300 2 day reversal pattern PSPSPSPS 24,000 SGRO SGRO SGRO SGRO 1,900 2,000 2,0502,0502,0502,050 2,100 2,200 Consolidations HHHH 2,000 Mining Mining Mining Mining ADRO ADRO ADRO ADRO 970 1,060 1,0601,0601,0601,060 1,120 1,190 Consolidations WWWW 1,060 INCO INCO INCO

INCO 2,350 2,475 2,5002,5002,5002,500 2,600 2,750 Tweezers top PSPSPSPS 2,475 PTBA

PTBA PTBA

PTBA 9,000 10,000 10,40010,40010,40010,400 11,150 12,050 Bullish harami TBTBTBTB 10,000

Consumer Consumer Consumer Consumer ICBP ICBPICBP

ICBP 9,400 10,000 10,45010,45010,45010,450 10,700 11,500 Bullish marubozu TBTBTBTB 10,000 MYOR

MYOR MYOR

MYOR 22,600 24,450 26,00026,00026,00026,000 26,450 28,000 Bullish movement SBSBSBSB 25,000 25,950 26,500 KLBF KLBF KLBF KLBF 1,230 1,300 1,3201,3201,3201,320 1,380 1,450 Bullish marubozu TBTBTBTB 1,300 1,400 Trading Trading Trading Trading ACES ACES ACES

ACES 560 600 610610610610 650 710 Bullish break away SBSBSBSB 590 650 AKRA

AKRA AKRA

AKRA 4,050 4,250 4,4754,4754,4754,475 4,750 4,700 Bullish belt hold SBSBSBSB 4,250 4,450 4,600 BMTR BMTRBMTR BMTR 1,640 1,770 1,9001,9001,9001,900 1,920 2,050 Consolidations WWWW 1,850 MAPI MAPI MAPI MAPI 5,050 5,500 5,5005,5005,5005,500 6,000 6,450 Consolidations WWWW 5,200 MNCN MNCN MNCN MNCN 2,450 2,625 2,6502,6502,6502,650 2,850 3,050 Hanging man PSPSPSPS 2,600 Property &

Property & Property & Property & Construction Construction Construction Construction ASRI ASRIASRI

ASRI 410 440 455455455455 470 510 Bullish kicker signal SBSBSBSB 440 470 SMRA

SMRASMRA

SMRA 720 790 820820820820 860 920 Bullish belt hold SBSBSBSB 790 810 900 BSDE

BSDE BSDE

BSDE 1,210 1,310 1,3201,3201,3201,320 1,430 1,540 Bullish momentum SBSBSBSB 1,250 1,310 1,400 LPKR LPKRLPKR LPKR 800 900 910910910910 1,000 1,100 Consolidations WWWW 900 WIKA WIKA WIKA

WIKA 1,470 1,600 1,6601,6601,6601,660 1,720 1,870 Bullish break away TBTBTBTB 1,600 1,720 WSKT WSKT WSKT WSKT 360 410 420420420420 455 500 Bullish engulfing SBSBSBSB 400 415 500 Stocks Stocks Stocks Stocks

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Legend :

B: BUY (allocate till 100% of the weighted capital to accumulate, higher than 50% upside probability) SB: SPECULATIVE BUY (allocate 25%-50% of the weighted capital to accumulate, 25%-50% upside probability) W: WAIT (wait for proper entry level, do the stop-loss if necessary)

H: HOLD (hold the portfolio position, aim for the best price to distribute)

PS: PARTIAL SELL (distribute 25%-50% part of the portfolio, 25%-50% downside probability) S: SELL (distribute till 100% of the portfolio, higher than 50% downside probability)

TB: TRADING BUY (short term or intraday trading within a tight trading range. Highly speculative). Analyst Conclusion:

Limited upside potential, profit taking if necessary.

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WSKT WSKT

WSKT 360 410 420420420420 455 500 Bullish engulfing SBSBSBSB 400 415 500 Basic Industry &

Basic Industry & Basic Industry & Basic Industry &

Chemical ChemicalChemical Chemical CPIN CPIN CPIN

CPIN 3,150 3,475 3,5253,5253,5253,525 3,700 4,000 Bullish marubozu TBTBTBTB 3,475 3,700 SMGR SMGRSMGR SMGR 13,100 13,800 14,50014,50014,50014,500 14,500 15,300 Overbought PSPSPSPS 14,000 Miscelaneous Miscelaneous Miscelaneous Miscelaneous ASII ASII ASII

ASII 6,450 6,900 6,9506,9506,9506,950 7,250 7,600 Stoch deadcross PSPSPSPS 6,900 Finance FinanceFinance Finance BBNI BBNIBBNI BBNI 3,775 3,950 3,9503,9503,9503,950 4,100 4,250 Consolidation WWWW 3,800 BBRI BBRI BBRI

BBRI 6,550 6,900 7,3007,3007,3007,300 7,300 7,750 Northern star PSPSPSPS 7,000 BBTN BBTN BBTN BBTN 780 850 900900900900 910 970 Goldencross MA7 SBSBSBSB 880 950 Infrastructure InfrastructureInfrastructure Infrastructure TLKM TLKM TLKM TLKM 1,980 2,075 2,1752,1752,1752,175 2,200 2,350 Northern star PSPSPSPS 2,075 PGAS PGAS PGAS

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Daily Price Action

Technical Indicators Summary

Resistance Price Support Weekly Weekly

Fractal 1/2/2014 AALI.JK ACES.JK 700 ADRO.JK 1,240 AISA.JK 1,450 AKRA.JK 4,875 ANTM.JK 1,190 APLN.JK 230 ASII.JK 6,850 ASRI.JK 465 BBCA.JK 9,850 BBNI.JK 4,025 BBRI.JK 7,250 BBTN.jk 960 BDMN.JK 3,750 BHIT.JK 340 BKSL.JK 170 BMRI.JK 7,900 BMTR.JK 1,950 BORN.JK 192 BSDE.JK 1,360 BTPN.JK 4,225 BWPT.JK 1,270 CMNP.JK 3,250 CPIN.JK 3,500 CTRA.JK 780 CTRP.JK 660 CTRS.JK 1,930 DILD.JK 330 EXCL.JK 5,250 GGRM.JK GIAA.JK 510 GJTL.JK 1,930 HEXA.JK 3,250 HRUM.JK 3,250 ICBP.JK Fractal High Low RSI B. Band 25 Days 50 Days 200 Days 24,800 24,650 23,650 25,800 24,350 Overbought Bearish Neutral Middle Bands Upper Upper Upper 610 570 620 600 Neutral Bullish Neutral Middle Bands Under Under Under 1,060 1,100 1,140 1,090 Neutral Bearish Neutral Middle Bands Under Under Upper 1,470 1,400 1,480 1,420 Neutral Bullish Neutral Upper Bands Upper Upper Upper 4,475 4,625 4,825 4,475 Oversold Bullish Neutral Middle Bands Under Under Under 1,080 990 1,120 1,060 Neutral Bullish Neutral Middle Bands Under Under Under 225 210 225 220 Neutral Bullish Neutral Middle Bands Under Under Under 6,950 6,300 6,950 6,500 Overbought Bullish Neutral Upper Bands Upper Upper Upper 455 425 460 440 Neutral Bullish Neutral Middle Bands Under Under Under 9,800 9,250 9,850 9,500 Neutral Bullish Neutral Middle Bands Upper Under Under 3,950 3,850 4,000 3,900 Neutral Bullish Neutral Middle Bands Under Under Under 7,300 6,950 7,350 7,050 Neutral Bullish Neutral Middle Bands Upper Under Under 900 820 900 850 Neutral Bullish Neutral Middle Bands Under Under Under 3,825 3,650 3,850 3,725 Neutral Bullish Neutral Middle Bands Upper Under Under 335 320 345 330 Neutral Bullish Neutral Middle Bands Upper Under Under 162 157 163 161 Oversold Bullish Neutral Middle Bands Under Under Under 8,100 7,650 8,100 7,850 Neutral Bullish Neutral Upper Bands Upper Upper Under 1,900 1,870 1,920 1,900 Neutral Bullish Neutral Middle Bands Under Under Under 177 172 186 179 Oversold Bullish Neutral Middle Bands Under Under Under 1,320 1,220 1,330 1,260 Neutral Bullish Neutral Middle Bands Under Under Under 4,300 3,925 4,350 4,275 Overbought Bearish Neutral Middle Bands Upper Upper Under 1,320 1,300 1,350 1,330 Neutral Bearish Neutral Middle Bands Upper Upper Upper 3,150 3,025 3,450 3,075 Neutral Bullish Neutral Middle Bands Upper Upper Upper 3,525 3,225 3,550 3,375 Neutral Bullish Neutral Upper Bands Upper Under Under 780 720 790 740 Neutral Bullish Neutral Upper Bands Upper Under Under 620 600 640 620 Neutral Bullish Neutral Middle Bands Under Under Under 1,350 1,250 1,370 1,320 Neutral Bullish Oversold Middle Bands Under Under Under 320 295 320 300 Neutral Bullish Neutral Middle Bands Upper Under Under 5,150 4,925 5,250 5,150 Neutral Bullish Neutral Middle Bands Upper Upper Upper 41,950 42,750 40,350 42,750 41,400 Neutral Bullish Neutral Middle Bands Upper Upper Under 500 480 500 485 Neutral Bullish Neutral Middle Bands Upper Upper Under 1,720 1,700 1,740 1,730 Oversold Bullish Neutral Middle Bands Under Under Under 3,250 3,100 3,275 3,200 Overbought Bearish Neutral Upper Bands Upper Upper Under 2,750 2,925 2,975 2,850 Oversold Bullish Neutral Middle Bands Under Under Under 10,250 10,450 9,800 10,450 10,200 Neutral Bullish Neutral Upper Bands Upper Upper Under

Ticker Indicator Moving Average

Stochastic

Legend :

• Movement: Bullish and Bearish

• Momentum: Oversold (Jenuh Jual), Overbought (Jenuh Beli) and Neutral • Resistance Fractal: Strong Resistance

IMAS.JK 4,950 4,800 4,675 4,950 4,725 Neutral Bearish Neutral Middle Bands Under Under Under INCO.JK 2,650 2,500 2,475 2,650 2,550 Neutral Bearish Neutral Middle Bands Under Under Upper INDF.JK 6,700 6,700 6,400 6,700 6,500 Neutral Bullish Neutral Middle Bands Upper Under Under INDY.JK 640 600 580 610 600 Neutral Bullish Neutral Middle Bands Under Under Under INTA.JK 275 260 250 260 250 Neutral Bullish Neutral Middle Bands Upper Under Under INTP.JK 20,050 20,350 18,300 20,400 19,850 Neutral Bullish Neutral Middle Bands Upper Upper Under ITMG.JK 30,000 28,100 27,150 29,300 28,300 Neutral Bullish Neutral Middle Bands Under Under Under JPFA.JK 1,360 1,250 1,180 1,250 1,220 Neutral Bullish Neutral Middle Bands Upper Under Under JSMR.JK 5,350 4,725 4,525 4,800 4,600 Neutral Bullish Neutral Middle Bands Under Under Under KIJA.JK 205 197 190 200 195 Neutral Bullish Neutral Middle Bands Under Under Under KLBF.JK 1,250 1,320 1,180 1,320 1,220 Neutral Bullish Neutral Upper Bands Upper Upper Under KRAS.JK 510 500 475 510 495 Neutral Bullish Neutral Upper Bands Upper Under Under LPKR.JK 990 910 890 920 910 Neutral Bullish Neutral Middle Bands Upper Under Under LSIP.JK 1,950 1,900 1,740 1,980 1,920 Neutral Bearish Neutral Middle Bands Upper Upper Upper MAPI.JK 6,050 5,500 4,825 5,700 5,600 Neutral Bullish Neutral Middle Bands Upper Upper Under MASA.JK 360 365 335 410 350 Overbought Bearish Neutral Middle Bands Upper Upper Under MNCN.JK 2,725 2,650 2,400 2,650 2,550 Overbought Bullish Neutral Middle Bands Upper Upper Under MTLA.JK 395 380 375 400 380 Neutral Bearish Neutral Middle Bands Under Under Under MYOR.JK 26,900 26,000 22,500 26,900 25,600 Neutral Bullish Neutral Middle Bands Under Under Under PGAS.JK 4,675 4,600 4,375 4,600 4,475 Neutral Bullish Neutral Middle Bands Under Under Under PTBA.JK 11,800 10,400 11,100 10,750 10,400 Oversold Bullish Oversold Middle Bands Under Under Under RALS.JK 1,070 1,090 980 1,110 1,010 Neutral Bullish Neutral Middle Bands Upper Under Under ROTI.JK 1,150 1,030 990 1,050 1,030 Neutral Bullish Neutral Middle Bands Under Under Under SGRO.JK 2,000 2,050 1,940 2,075 1,970 Neutral Bullish Neutral Middle Bands Upper Upper Upper SIMP.JK 830 790 780 810 790 Oversold Bearish Neutral Middle Bands Under Under Under SMCB.JK 2,450 2,350 2,150 2,375 2,200 Neutral Bullish Neutral Middle Bands Upper Under Under SMGR.JK 14,200 14,500 13,750 14,500 14,050 Neutral Bullish Overbought Middle Bands Upper Upper Under SMRA.JK 840 820 750 830 780 Neutral Bullish Neutral Middle Bands Under Under Under SSIA.JK 670 590 550 610 580 Oversold Bullish Neutral Middle Bands Under Under Under TLKM.JK 2,275 2,175 2,025 2,200 2,125 Overbought Bullish Neutral Upper Bands Upper Under Under TOTL.JK 630 550 540 570 560 Neutral Bullish Neutral Middle Bands Under Under Under UNTR.JK 20,900 19,350 17,900 19,450 18,800 Neutral Bullish Neutral Middle Bands Upper Upper Upper WIKA.JK 1,690 1,660 1,540 1,660 1,580 Neutral Bullish Neutral Middle Bands Upper Under Under WSKT.JK 620 420 400 425 415 Oversold Bullish Neutral Middle Bands Under Under Under Source: Reliance Research

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Daily Price Action

HEAD OFFICE HEAD OFFICEHEAD OFFICE HEAD OFFICE

Reliance Building Reliance BuildingReliance Building Reliance Building Jl. Pluit Kencana No. 15A, Pluit Penjaringan Jakarta 14450 T T T T +62 21 661 7768 F F F F +62 21 661 9884 RESEARCH DIVISION RESEARCH DIVISION RESEARCH DIVISION RESEARCH DIVISION

Jasa Adhi Mulya Jasa Adhi Mulya Jasa Adhi Mulya

Jasa Adhi Mulya jasa@reliance-securities.com Wilson Sofan

Wilson Sofan Wilson Sofan

Wilson Sofan wilson.sofan@reliance-securities.com Lanjar Nafi Taulat I

Lanjar Nafi Taulat I Lanjar Nafi Taulat I

Lanjar Nafi Taulat I lanjar@reliance-securities.com Hansen Teguh

Hansen Teguh Hansen Teguh

Hansen Teguh hansen@reliance-securities.com Aji Setiawan

Aji Setiawan Aji Setiawan

Aji Setiawan Aji@reliance-securities.com Alan Milgerry

Alan Milgerry Alan Milgerry Alan Milgerry

EQUITY DIVISION EQUITY DIVISIONEQUITY DIVISION EQUITY DIVISION Jakarta JakartaJakarta Jakarta--- Pluit-PluitPluitPluit

Jl. Pluit Kencana No. 15A Pluit Penjaringan Jakarta 14450 T + 62 21 661 7768 F + 62 21 661 9884 Jakarta Jakarta Jakarta Jakarta --- Sudirman-SudirmanSudirmanSudirman Menara Batavia 27th floor Jl.KH.Mas Mansyur Kav 126 Jakarta 10220

T + 62 21 5793 0008 F + 62 21 5793 0010 Jakarta

Jakarta Jakarta

Jakarta –––– KebonKebonKebonKebon JerukJerukJerukJeruk Plaza Kebon Jeruk Jl.Raya Perjuangan Blok A/2 Jakarta 11530 T + 62 21 532 4074 F + 62 21 536 2157 BSD BSDBSD BSD

Jl. Pahlawan Seribu Ruko BSD Sektor 7 Blok RK kav. 9 Tangerang 15310 T + 62 21 5387495 F + 62 21 5387494 Malang MalangMalang Malang Jl. Guntur No. 19 Malang 65112 Bandung Bandung Bandung Bandung Jl.Cisangkuy No.58 Bandung 40115 T + 62 22 721 8200 F + 62 22 721 9255 Tasikmalaya Tasikmalaya Tasikmalaya Tasikmalaya

Ruko Tasik Indah Plaza No. 21 Jl. KHZ Mustofa No. 345 Tasikmalaya 46121 T + 62 265 345000 F + 62 265 345003 Yogyakarta Yogyakarta Yogyakarta Yogyakarta

Jl. Juadi No. 1 Kotabaru Yogyakarta 55224 T + 62 274 550 123 F + 62 274 551 121 Surakarta Surakarta Surakarta Surakarta

Jl. Slamet Riyadi 330A Solo 57145 T + 62 271 733480 F + 62 271 733478 Balikpapan Balikpapan Balikpapan Balikpapan Ruko Bukit Indah Blok I No3 RT 34

Jl. MT Haryono, Gunung Bahagia

Surabaya SurabayaSurabaya Surabaya ---- GubengGubengGubengGubeng Jl. Bangka No. 22 Surabaya 60281 T + 62 31 501 1128 F + 62 31 503 3196 Surabaya SurabayaSurabaya

Surabaya –––– DiponegoroDiponegoroDiponegoroDiponegoro Jl. Diponegoro No. 26D Surabaya 60261 T + 62 31 567 0388 F + 62 31 561 0528 Denpasar DenpasarDenpasar Denpasar

Dewata Square Blok A3 Jl. Letda Tantular Renon Denpasar 802361 T + 62 361 225099 F + 62 361 245099 Pontianak PontianakPontianak Pontianak

Jl. Gajah Mada No. 59 Pontianak 78121 T. +62 561 749558 F. +62 561 746284 Makassar Makassar Makassar Makassar

Jl. Boto Lempangan No. 34 J Makassar 90113 T + 62 411 3632388 F + 62 411 3614634 Pekanbaru Pekanbaru Pekanbaru Pekanbaru

Jl. Sumatera No. 9, Simpang Empat Pekanbaru - Riau 28000 T + 62 761 7894368 F + 62 761 7894370 Medan Medan Medan Medan

Jl. Teuku Amir Hamzah No.26 T + 62 61 6633065 F + 62 61 6617597 Jakarta

Jakarta Jakarta Jakarta –––– CentroCentroCentroCentro

Ruko Centro Residence Kav. 4-5 Tower C Lt. 1 No. 26-29 Jl. Macan, Daan Mogot Jakarta 14450 T +62 21 56945227 F +62 21 56945226

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Malang 65112 T + 62 341 347 611 F + 62 341 347 615

Jl. MT Haryono, Gunung Bahagia Balikpapan Selatan 76114 T + 62 542 746313-16 F + 62 542 746317 POJOK BURSA & GALERI INVESTASI

POJOK BURSA & GALERI INVESTASI POJOK BURSA & GALERI INVESTASI POJOK BURSA & GALERI INVESTASI UPN “Veteran” Jakarta

UPN “Veteran” Jakarta UPN “Veteran” Jakarta UPN “Veteran” Jakarta Jl. RS Fatmawati, Pondok Labu Jakarta 12450 T + 62 21 7656971 ext. 197 F + 62 21 7656971 ext. 138 President University President University President University President University

Resto Plaza 1F - Jababeka Education Park Jl. Ki Hajar Dewantara Raya

Cikarang - Bekasi 17550 T + 62 21 89106030

Universitas Siliwangi Tasikmalaya Universitas Siliwangi Tasikmalaya Universitas Siliwangi Tasikmalaya Universitas Siliwangi Tasikmalaya Jl. Siliwangi No. 24

Tasikmalaya 46151 T + 62 265 323685 F + 62 265 323534 STIE "AUB" Surakarta STIE "AUB" Surakarta STIE "AUB" Surakarta STIE "AUB" Surakarta Jl. Mr. Sartono 97, Cengklik Nusukan, Surakarta 57135 T + 62 271 854803 F + 62 271 853084 UPN "Veteran" Yogyakarta UPN "Veteran" Yogyakarta UPN "Veteran" Yogyakarta UPN "Veteran" Yogyakarta Jl. Babarsari 2, Tambak Bayan Yogyakarta T + 62 274 485268 F + 62 274 487147 Universitas Surabaya Universitas Surabaya Universitas Surabaya Universitas Surabaya Jl. Raya Kalirungkut Surabaya 60293 T + 62 31 298 1203 F + 62 31 298 1204

Universitas Muhammadiyah Gresik Universitas Muhammadiyah Gresik Universitas Muhammadiyah Gresik Universitas Muhammadiyah Gresik Jl. Sumatra 101 GKB

Gresik 61121 T + 62 31 395 1414 F + 62 31 395 2585 Universitas Negeri Malang Universitas Negeri Malang Universitas Negeri Malang Universitas Negeri Malang Jl. Surabaya No. 6 Malang 65145 T + 62 341 585914 F + 62 341 552888

Universitas Muhammadiyah Malang Universitas Muhammadiyah Malang Universitas Muhammadiyah Malang Universitas Muhammadiyah Malang Jl. Raya Tlogomas 246 Malang 65144 T + 62 341 464318-9 F + 62 341 460782 Universitas Brawijaya Universitas Brawijaya Universitas Brawijaya Universitas Brawijaya Jl. Veteran Malang 65145 T + 62 341 551611, 575777 F + 62 341 565420 STIE Malangkucecwara STIE Malangkucecwara STIE Malangkucecwara STIE Malangkucecwara Jl. Terusan Candi Kalasan Malang 65142 T + 62 341 491813 F + 62 341 495619 Universitas Jember Universitas Jember Universitas Jember Universitas Jember Jl. Jawa No. 17 Jember 68121 T + 62 331 330732 F + 62 331 326419 STIESIA Surabaya STIESIA Surabaya STIESIA Surabaya STIESIA Surabaya Jl. Menur Pumpungan 30 Surabaya T + 62 31 5947505 F + 62 31 5932218 Universitas 17 Agustus 1945 Universitas 17 Agustus 1945 Universitas 17 Agustus 1945 Universitas 17 Agustus 1945 Banyuwangi Jl. Adi Sucipto 26 Banyuwangi, Jawa Timur T + 62 333 419613 F + 62 333 419163

Universitas Tanjungpura Pontianak Universitas Tanjungpura Pontianak Universitas Tanjungpura Pontianak Universitas Tanjungpura Pontianak Jl. Jendral Ahmad Yani

Pontianak 78124 T + 62 561 743465 F + 62 561 766840

Disclaimer

Disclaimer::::

Informasi, opini dan rekomendasi yang terdapat dalam dokumen ini disajikan oleh PT Reliance Securities Tbk. dari sumber-sumber yang dianggap terpercaya dan dapat diandalkan. Dokumen ini bukan merupakan penawaran, invitasi atau representasi dalam bentuk apapun untuk pengambilan keputusan membeli maupun menjual saham. Keputusan investasi yang diambil berdasarkan dokumen ini bukan merupakan tanggung jawab PT Reliance Securities Tbk. PT Reliance Securities Tbk. berhak untuk merubah isi dokumen ini sewaktu-waktu tanpa pemberitahuan terlebih dahulu.

Politeknik Kediri Politeknik KediriPoliteknik Kediri Politeknik Kediri Jl. Mayor Bismo No. 27 Kediri 64121 T. +62354) 683128 F. +62354) 683128 Universitas Negeri Makassar Universitas Negeri MakassarUniversitas Negeri Makassar Universitas Negeri Makassar Fakultas Ekonomi Gedung BT Lt.2 Jl. A.P. Pettarani, Kampus UNM, Gunungsari Baru, Makassar 90222 T. +62411-889464 / 881244 F. +62411-887604