Selasa, 22 Maret 2022
L A P O R A N H A R I A N
Daily Report is also available in BNI Sekuritas website : www.bnisekuritas.co.id
RESEARCH Equity
RINGKASAN BERITA
Tower Bersama (TBIG) Cetak Pendapatan Pertumbuhan, Catat 39.088 Penyewaan Menara. PT Tower Bersama Infrastructure Tbk (TBIG) mencatatkan pendapatan senilai Rp6,18 triliun, dengan EBITDA Rp5,42 triliun sepanjang 2021. CEO TBIG Hardi Wijaya Liong mengatakan, Per 31 Desember 2021 TBIG memiliki 39.088 penyewaan dan 20.578 site telekomunikasi. Site telekomunikasi milik perseroan terdiri dari 20.466 menara telekomunikasi dan 112 jaringan DAS. Dengan angka total penyewaan pada menara telekomunikasi sebanyak 38.976, maka rasio kolokasi (tenancy ratio) perseroan menjadi 1,90. “Tahun 2021 merupakan tahun dengan rekor pertumbuhan, dengan pertumbuhan organik yang kuat serta akuisisi portofolio menara. Pada tahun 2021, kami menambahkan 7.633 penyewaan kotor yang terdiri dari 4.348 sites telekomunikasi dan 3.285 kolokasi ke portofolio kami,” kata Hardi dalam keterangan resminya, Senin (21/3/2022). (Bisnis Indonesia)
Strategi Jasa Marga (JSMR) Kejar Pertumbuhan Kinerja pada 2022. PT Jasa Marga Tbk (JSMR) mencatatkan kinerja baik di tahun 2021. JSMR sukses mencatatkan pertumbuhan laba bersih hingga 222,35%
year on year (yoy) menjadi Rp 1,61 triliun. Kenaikan laba bersih beriringan dengan pendapatan JSMR yang juga tumbuh 10,65% yoy menjadi Rp 15,16 triliun di akhir tahun 2021. Pada tahun 2020, pendapatan JSMR tercatat sebesar Rp 13,7 triliun. Corporate Finance Group Head Jasa Marga, Eka Setya Adrianto, menuturkan bahwa pertumbuhan kinerja pendapatan terutama disebabkan mulai membaiknya mobilisasi orang, meskipun tahun lalu masih terjadi pembatasan di awal tahun dari PSBB dan di tengah tahun PPKM. "Kinerja 2021 juga banyak ditopang oleh efisiensi cost of debt sehingga rata-rata suku bunga dapat tercapai kurang lebih 6,5% yang merupakan titik terendah selama lebih dari 5 tahun terakhir," jelasnya kepada Kontan.co.id, Senin (21/3).
(Kontan)
Global Indices Closing Change %Chg %Ytd P/E Americas
INDU Index 34,552.99 -201.94 -0.58 (4.91) 18.40 SPX Index 4,461.18 -1.94 -0.04 (6.40) 22.92 CCMP Index 13,838.46 -55.38 -0.40 (11.55) 58.45
IBOV Index 116,154.53 0 0.00 10.81 7.31
EMEA
UKX Index 7,442.39 37.66 0.51 0.78 15.43 CAC Index 6,582.33 -37.91 -0.57 (7.98) 15.41 DAX Index 14,326.97 -86.12 -0.60 (9.81) 15.03 IBEX Index 8,389.20 -28.4 -0.34 (3.73) 11.87 FTSEMIB Index 24,294.71 72.55 0.30 (11.16) 12.69 AEX Index 718.37 2.01 0.28 (9.97) 13.82 SMI Index 12,171.28 -13.71 -0.11 (5.47) 16.59 Asia / Pacific
NKY Index 26,827.43 174.54 0.65 (6.82) 15.35 KOSPI Index 2,686.05 -20.97 -0.77 (9.79) 13.86 SHCOMP Index 3,253.69 2.613 0.08 (10.61) 13.98 HSI Index 21,221.34 -191.06 -0.89 (9.30) 8.03 TWSE Index 17,560.36 103.84 0.59 (3.61) 13.50 SENSEX Index 57,292.49 -571.44 -0.99 (1.65) 24.63 SET Index 1,673.87 -4.64 -0.28 0.98 18.24 PCOMP Index 6,956.60 -51.03 -0.73 (2.33) 20.26 KLCI Index 1,587.16 -4.1 -0.26 1.25 15.76 FSSTI Index 3,355.51 24.88 0.75 7.42 14.84 JCI Index 6,955.18 0.216 0.00 5.68 21.63
Description Last Previous %Chg
Market Capitalization (IDR Trillion) 8,728.36 8,728.12 0.00 Transaction Volume (Million Shares) 25,881.00 20,884.58 23.92 Transaction Value (IDR Million) 10,974.00 17,862.48 -38.56 Stocks Value (IDR) 424.02 855.30 -50.42 Net Foreign (IDR Million) (566,596.25) 78,009.00 -826.32
Commodities Last Previous %Chg
Nickel (US$/Ton) 36,915.00 41,945.00 -11.99 Copper (US$/Ton) 10,331.00 10,243.00 0.86 Tins (US$/Ton) 42,305.00 41,705.00 1.44 Oil (US$/BBL) (*) 112.12 104.70 7.09 Gas (US$/MMBTU) 4.52 4.50 0.37 Coal (US$/Ton) (**) 329.40 336.00 -1.96 CPO MALAYSIA(RM/ton) 6,392.00 6,737.00 -5.12 Gold (US$/Troy Ounce) 1,936.01 1,935.91 0.01
JCI Sectors Performance Weighting (%) 1D Chg (%) 5D Chg (%)
JCI Index 100.00 0.00 0.04
Financials 24.13 -0.69 0.00
Consumer Non-Cyclical 10.38 -0.29 -0.17
Basic Material 10.09 -0.28 0.55
Infrastructure 6.04 -0.14 -2.34
Industrials 2.03 1.56 2.39
Energy 6.89 0.01 2.28
Consumer Cycl 4.30 0.61 0.27
Properties & Real Estate 2.59 0.69 -1.95
Healthcare 2.66 0.62 -0.09
Technology 3.55 1.71 0.18
Transportation & Logistic 0.49 2.02 1.51
Selasa, 22 Maret 2022
L A P O R A N H A R I A N RESEARCH Equity
Akumulasi Beli/-Jual Bersih Asing
Nilai Tukar USD/IDR dan IHSG
Pergerakan IHSG
5,400 5,600 5,800 6,000 6,200 6,400 6,600 6,800 7,000 7,200
0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 45,000,000 50,000,000 55,000,000 60,000,000 65,000,000 70,000,000 75,000,000
7/1/2021 7/9/2021 7/19/2021 7/28/2021 8/5/2021 8/16/2021 8/25/2021 9/2/2021 9/10/2021 9/20/2021 9/28/2021 10/6/2021 10/14/2021 10/25/2021 11/2/2021 11/10/2021 11/18/2021 11/26/2021 12/6/2021 12/14/2021 12/22/2021 12/30/2021 1/10/2022 1/18/2022 1/26/2022 2/4/2022 2/14/2022 2/22/2022 3/4/2022 3/14/2022
Accumulation JCI Index
13,000 13,500 14,000 14,500 15,000 15,500 16,000
4,000 4,500 5,000 5,500 6,000 6,500 7,000
JCI Index USDIDR
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000
5,400 5,600 5,800 6,000 6,200 6,400 6,600 6,800 7,000 7,200
Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22
Volume JCI Index
No Stock Top Value (IDR) 1 BBCA IJ 673,089,900,000 2 BMRI IJ 622,010,700,000 3 BBRI IJ 544,968,000,000 4 ASII IJ 474,390,100,000 5 TLKM IJ 362,155,400,000
No Stock Top Volume (Shares)
1 BHIT IJ 2,819,374,900.00
2 BUMI IJ 2,571,060,400.00
3 BIPI IJ 1,524,709,600.00
4 KPIG IJ 864,089,500.00 5 BCAP IJ 595,837,700.00
No Top Gainers % Change
1 BIKE IJ 34.12
2 INDX IJ 21.05
3 LION IJ 20.37
4 MBSS IJ 16.52
5 BOSS IJ 16.28
No Top Losers % Change
1 GGRM IJ -7
2 APEX IJ -6.98
3 AYLS IJ -6.93
4 VICO IJ -6.9
5 KIOS IJ -6.84
No Leading Movers % Change
1 ASII IJ 3.13
2 UNVR IJ 2.98
3 EMTK IJ 2.27
4 BUKA IJ 6.72
5 SCMA IJ 11.90
No Lagging Movers % Change
1 BMRI IJ -3.47
2 BBNI IJ -2.71
3 GGRM IJ -7.00
4 CPIN IJ -2.13
5 BYAN IJ -1.37
Selasa, 22 Maret 2022
L A P O R A N H A R I A N
3 RESEARCH Equity TARGET HARGA SAHAM
Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Last Potential
Capitalization (Bn) (%) 1 Year FY22F FY22F Ratio 1 Year (Current) Float Shares 2022 2022 Price Upside
Banking
BBCA IJ Equity 973,873 11.14 19.18 26.93 4.34 1.40 6.11 16.23 18.90 44.88 HOLD 8,050 7,900 1.90%
BBNI IJ Equity 150,588 1.72 53.38 9.88 1.13 0.19 54.30 9.32 32.30 39.96 NOT RATED - 8,075 #VALUE!
BBRI IJ Equity 695,656 7.95 42.55 16.06 2.17 0.38 57.24 12.78 7.20 46.80 BUY 4,900 4,590 6.75%
BMRI IJ Equity 357,000 4.08 28.37 10.95 1.62 0.39 52.88 14.23 22.29 37.95 BUY 8,400 7,650 9.80%
BBTN IJ Equity 18,003 0.21 25.53 6.87 0.76 0.27 202.70 11.48 -10.28 39.94 BUY 2,200 1,700 29.41%
Cement
SMGR IJ Equity 39,000 0.45 19.51 13.97 1.02 0.72 42.35 5.75 -43.26 48.99 BUY 12,700 6,575 93.16%
INTP IJ Equity 39,113 0.45 2.57 24.34 1.78 9.47 2.26 8.65 -19.23 49.00 BUY 15,500 10,625 45.88%
Telecommunication
TLKM IJ Equity 450,733 5.15 15.15 19.08 4.16 1.26 54.15 22.28 38.82 47.91 BUY 4,790 4,550 5.27%
ISAT IJ Equity 43,337 0.50 -30.97 43.51 2.23 -1.41 328.69 64.14 -0.46 13.77 BUY 7,900 5,375 46.98%
EXCL IJ Equity 28,849 0.33 21.36 19.67 1.36 0.92 177.46 6.57 23.62 38.61 BUY 3,770 2,690 40.15%
Automotive
ASII IJ Equity 267,191 3.06 16.59 11.58 1.46 0.70 33.62 12.33 17.00 45.09 BUY 7,500 6,600 13.64%
Construction
WIKA IJ Equity 8,880 0.10 311.84 9.97 0.53 0.03 163.09 0.88 -40.54 34.93 BUY 1,350 990 36.36%
ADHI IJ Equity 2,617 0.03 #VALUE! 6.71 #N/A N/A #VALUE! 186.05 0.99 -44.32 48.99 HOLD 1,300 735 76.87%
PTPP IJ Equity 6,138 0.07 54.41 12.14 0.56 0.22 136.64 2.48 -38.51 48.94 BUY 1,600 990 61.62%
WSKT IJ Equity 15,988 0.18 -73.28 n.a 1.09 n.a 376.18 -42.28 -56.18 68.86 BUY 1,285 555 131.53%
WTON IJ Equity 1,883 0.02 75.71 8.78 #N/A N/A 0.12 41.85 2.47 -37.65 32.43 BUY 320 216 48.15%
TOTL IJ Equity 1,016 0.01 n.a n.a n.a n.a 0.18 8.55 -12.68 32.77 BUY 400 298 34.23%
Toll Road
JSMR IJ Equity 26,201 0.30 63.07 15.34 1.16 0.24 258.20 5.66 -19.42 30.00 BUY 5,000 3,610 38.50%
Property
BSDE IJ Equity 21,277 0.24 37.51 15.40 0.66 0.41 49.67 2.44 -17.96 38.62 BUY 1,400 1,005 39.30%
CTRA IJ Equity 19,860 0.23 113.22 13.11 1.19 0.12 57.42 13.59 -8.40 46.67 BUY 1,400 1,070 30.84%
PWON IJ Equity 24,561 0.28 11.41 20.07 1.55 1.76 22.41 7.08 -9.73 31.29 BUY 600 510 17.65%
SMRA IJ Equity 12,672 0.14 250.18 41.50 1.56 0.17 104.10 4.64 -21.32 64.53 BUY 1,200 770 55.84%
Agriculture
AALI IJ Equity 22,904 0.26 6.76 9.82 1.03 1.45 26.91 10.01 12.57 20.32 BUY 12,000 11,900 0.84%
TBLA IJ Equity 4,300 0.05 6.91 5.95 n.a n.a 164.51 13.86 -13.04 44.65 BUY 1,200 805 49.07%
Metal & Mining
ANTM IJ Equity 56,713 0.65 31.70 17.99 2.43 0.57 28.87 9.34 5.62 34.95 BUY 3,000 2,360 27.12%
INCO IJ Equity 57,134 0.65 35.29 17.43 1.68 0.49 0.22 7.94 28.88 20.49 BUY 6,500 5,750 13.04%
TINS IJ Equity 12,326 0.14 30.36 10.02 1.69 0.33 64.83 23.16 -8.06 30.94 BUY 1,545 1,655 -6.65%
MDKA IJ Equity 99,407 1.14 50.00 100.88 10.09 2.02 48.47 5.60 80.08 46.95 BUY 4,500 4,340 3.69%
ARCI IJ Equity 12,169 0.14 #N/A #N/A #N/A #N/A 421.11 92.00 #N/A N/A 8.65 BUY 900 490 83.67%
Coal
PTBA IJ Equity 37,097 0.42 3.30 5.13 1.36 1.56 4.32 38.75 20.27 33.77 BUY 3,800 3,220 18.01%
Consumer
UNVR IJ Equity 131,999 1.51 0.16 21.90 27.82 132.86 63.33 124.38 -47.04 15.01 BUY 4,480 3,460 29.48%
INDF IJ Equity 52,463 0.60 29.76 7.34 1.12 0.25 67.62 19.09 -3.99 49.92 BUY 9,400 5,975 57.32%
ICBP IJ Equity 86,881 0.99 15.08 13.22 2.60 0.88 63.03 25.76 -13.43 19.47 BUY 13,800 7,450 85.23%
GGRM IJ Equity 60,080 0.69 -26.72 10.22 1.00 -0.38 10.57 10.74 -11.59 23.78 BUY 56,000 31,225 79.34%
HMSP IJ Equity 105,849 1.21 -21.14 13.92 3.51 -0.66 1.03 25.78 -37.22 7.50 SELL 1,100 910 20.88%
MYOR IJ Equity 37,339 0.43 -28.01 23.59 3.18 -0.84 43.13 13.86 -37.18 15.68 HOLD 2,200 1,670 31.74%
SIDO IJ Equity 30,834 0.35 22.51 21.40 8.23 0.95 0.25 37.68 34.99 18.93 BUY 1,050 1,020 2.94%
Healthcare and Pharmaceutical
KLBF IJ Equity 77,344 0.88 12.38 25.52 4.04 2.06 6.34 16.81 4.79 41.89 BUY 2,000 1,650 21.21%
HEAL IJ Equity 17,868 0.20 -48.36 19.13 5.37 -0.40 46.29 35.89 28.65 36.49 BUY 1,400 1,200 16.67%
MIKA IJ Equity 30,487 0.35 52.87 26.57 5.51 0.50 0.00 24.85 -25.01 38.07 HOLD 2,450 2,140 14.49%
Retail
ACES IJ Equity 17,236 0.20 -29.30 31.44 3.14 -1.07 15.96 10.71 -34.47 40.02 BUY 1,700 1,005 69.15%
ERAA IJ Equity 9,012 0.10 121.27 8.85 1.41 0.07 40.19 18.89 5.09 45.20 BUY 890 565 57.52%
LPPF IJ Equity 16,479 0.19 102.91 15.37 11.57 0.15 278.38 115.03 354.44 46.50 HOLD 3,200 6,275 -49.00%
MAPI IJ Equity 13,529 0.15 -137.04 61.49 2.38 -0.45 104.50 -0.60 1.88 43.97 BUY 990 815 21.47%
RALS IJ Equity 5,003 0.06 -235.22 30.60 1.27 -0.13 16.09 1.62 -10.76 27.95 BUY 795 705 12.77%
Heavy Equipment
UNTR IJ Equity 94,559 1.08 16.87 7.56 1.24 0.45 12.76 15.96 19.91 40.50 BUY 25,000 25,350 -1.38%
Petrochemical
BRPT IJ Equity 82,498 0.94 n.a 61.37 n.a n.a 97.90 7.51 -13.88 27.60 BUY 1,150 880 30.68%
Poultry
JPFA IJ Equity 18,821 0.22 n.a 9.12 n.a n.a 77.64 17.66 -14.76 43.51 BUY 1,950 1,605 21.50%
Basic Industry
INKP IJ Equity 43,358 0.50 n.a #N/A N/A n.a n.a 86.13 8.94 -36.07 46.74 BUY 10,100 7,925 27.44%
TKIM IJ Equity 22,182 0.25 n.a #N/A N/A n.a n.a 81.83 9.65 -42.81 34.55 BUY 9,800 7,125 37.54%
Others
ELSA IJ Equity 2,233 0.03 n.a #N/A N/A n.a n.a 29.96 2.89 -17.20 38.90 BUY 274 306 -10.46%
Selasa, 22 Maret 2022
L A P O R A N H A R I A N
4 RESEARCH Equity RESEARCH TEAM
Phone : +62 21 25543946 (Hunting) Fax : +62 21 57935831
Email : [email protected] Website : www.bnisekuritas.co.id
Damhuri Nasution [email protected] Head of Research Division & Economist Ext. 3993 Andri Zakarias Siregar [email protected] Head of Technical Analysis Research Dept. Ext. 2054
(Market Strategy, Currency, Commodities, Bond & Stocks) Aurellia Setiabudi [email protected] Deputy Head of Equity Research Department
(Property, Pharmaceutical, Healthcare)
Amir A. Dalimunthe [email protected] Head of Fixed Income Research Dept. Ext. 2098 (Fixed Income Market, Corporate & Government Bond)
Maxi Liesyaputra [email protected] AVP Equity Analyst Ext. 3968
(Cement, Construction, Precast Concrete)
Handri Thiono [email protected] Economist Ext. 2030
Ahmad Hapiz [email protected] Fixed Income Analyst Ext. 3978
(Fixed Income Market, Corporate & Government Bond) Mikhail Johanes P. Siahaan [email protected] Equity Analyst (Private Construction)
R. Venia Allani Meissalina [email protected] Research Administrator Ext. 2050
Indah Lestari Permata Herlina [email protected] Research Administrator Ext. 2073
Selasa, 22 Maret 2022
L A P O R A N H A R I A N
5 RESEARCH Equity
EQUITY TEAM
CM : +62 21 25543946 (Hunting)
Fax No : +62 21 57935831
Andi Hadiwidjojo ext. 3988 [email protected] Head of Equity Capital Market Anthon Suryasaputra ext. 3973 [email protected] Head of Equity Sales Trading Yulinda ext. 3950 [email protected] Institutional Sales Trader M. Rudi Riyanto ext. 3919 [email protected] Institutional Sales Trader Ardy Fardiansyah ext. 3969 [email protected] Institutional Sales Trader Entis Sutisman ext. 3951 [email protected] AVP Institutional Sales Ika Agustina ext. 2131 [email protected] Institutional Equity Sales Indra Siswadi Affandi ext. 3903 [email protected] Institutional Equity Sales Rendy Ben Philips ext. 3958 [email protected] Institutional Equity Sales
M. Ichfan [email protected] AVP Institutional Sales
Jufrani Amsal ext. 3957 [email protected] Head of Channel Distribution Division Fahma Riniarti ext. 3917 [email protected] Head of Channel Development P. Sariningsih ext. 3984 [email protected] Head of Branch Supervision
Teuku Hafez ext. 2084 [email protected] Branch Manager Mangga Dua, Jakarta Hapsari ext. 2078 [email protected] Branch Manager Puri Indah, Jakarta Fadjar Harjo Suseno ext. 2111 [email protected] Branch Manager Central Park, Jakarta M. Yasrul ext. 2081 [email protected] Branch Manager Wisma Bumiputera Fahmi Lubis ext. 2079 [email protected] Branch Manager Bandung
Rifaat Annur ext. 2091 [email protected] Branch Manager Yogyakarta Agus Purwanto ext. 2090 [email protected] Branch Manager Solo Achmad Ridwan ext. 2088 [email protected] Branch Manager Surabaya Edith Febriana ext. 2082 [email protected] Branch Manager Malang Ni Nyoman Citasti ext. 2080 [email protected] Branch Manager Denpasar Nirmasari Nasution ext. 2083 [email protected] Branch Manager Medan Ari Magdalena ext. 2086 [email protected] Branch Manager Palembang Rini Wati ext. 2085 [email protected] Branch Manager Pekanbaru Susan J Mengko ext. 2102 [email protected] Branch Manager Manado
Melisa ext. 2136 [email protected] Branch Manager Aceh
Yuniar Fariza D ext. 2064 [email protected] Branch Manager Banjarmasin
RESEARCH Equity MAIN OFFICE - JAKARTA
PT BNI SEKURITAS
Sudirman Plaza, Indofood Tower 16th Floor, Jl. Jend. Sudirman Kav. 76-78 Jakarta 12910, Indonesia
Phone: (62-21) 25543946 (Hunting) Fax: (62-21) 57935831 e-mail: [email protected] (General)
Website: http://www.bnisekuritas.co.id JAKARTA - Mangga Dua
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Fax: (62-21) 6123806 e-mail: [email protected]
JAKARTA - Puri Indah
Komplek Ruko Sentra Niaga Puri Indah Blok T1 No.11-12 Kembangan Selatan Jakarta 11610
Phone: (62-21) 58357464 Fax: (62-21) 58357465 e-mail: [email protected]
JAKARTA - Central Park Central Park, APL Tower Podomoro City Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Petamburan
Phone: (62-21) 29034215 Fax: (62-21) 29034216 email: [email protected]
JAKARTA - Wisma Bumiputera Wisma Bumiputera Lt. 18 Jl. Jend. Sudirman Kav. 75 Jakarta 12910
Phone: (62-21) 2523349 Fax: (62-21) 2523350 e-mail: [email protected]
BANDUNG Jl. Perintis Kemerdekaan 3
Bandung - 40117 Phone: (62-22) 4213375
Fax: (62-22) 4220604 e-mail: [email protected]
YOGYAKARTA
Jl. Laksda Adisucipto 137, Yogyakarta - 55282 Phone: (62-274) 581001-584032
Fax: (62-274) 584023 e-mail: [email protected]
SOLO
Jl. Honggo Wongso No. 24, Surakarta Phone: (62-271) 729667, 730525
Fax: (62-271) 729668 e-mail: [email protected]
SURABAYA Jl. Gubernur Suryo No. 36, Surabaya
Phone: (62-31) 5320912 Fax: (62-31) 5318425 e-mail: [email protected]
MALANG Jl. Buring No. 58, Malang Phone: (62-341) 321214,321213,321430
Fax: (62-341) 356876 e-mail: [email protected]
DENPASAR
Komplek Pertokoan Diponegoro Megah Blok A5-6 Lantai 2 Jl. Diponegoro No. 100, Denpasar - Bali
Phone: (62-361) 264376, 2753389 Fax: (62-361) 229170 e-mail: [email protected]
MEDAN
Jl. Pemuda No. 12, Medan - 20151 Phone: (62-61) 4579616
Fax: (62-61) 4579656 e-mail: [email protected]
PALEMBANG
Jl. Jend. Sudirman 132, Palembang - 30126 Phone: (62-711) 361969
Fax: (62-711) 319663 e-mail: [email protected]
PEKANBARU
Jl. Riau, No. 124, Bank BNI Lt. 2, Pekanbaru Phone: (62-761) 46757, 839698
Fax: (62-761) 856279 e-mail: [email protected]
MANADO
BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1 Jl. Piere Tendean, No. 20, Manado
Phone: (62-431) 847256 Fax: (62-24) 847256 e-mail: [email protected]
ACEH
Kantor Cabang BNI Banda Aceh Lt.2 Jl. KH. Ahmad Dahlan No. 111, Banda Aceh
Phone: (62-651) 31109 Fax: (62-651) 31107
BANJARMASIN Gd. Bank BNI Antasari Lt. 2 Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin
Phone: (62-511) 3253735 Fax: (62-651) 3253754 e-mail: [email protected]
This document is not intended to be an offer, or a satisfaction of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by BNI SEKURITAS or any other member of the BNI Group, including any other member of the BNI Group from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and are subject to change without notice.
Dokumen ini tidak diperuntukan sebagai suatu penawaran, atau permohonan dari suatu penawaran, permintaan untuk membeli atau menjual efek dan segala hal yang berhubungan dengan efek (seperti efek yang disebutkan disini, atau dari emiten yang sama, dari waran atau hak memesan efek atau kepentingan lain dari efek tersebut). Seluruh informasi dan opini yang terdapat dalam dokumen ini dengan cara baik telah dihimpun dari atau berasal dari sumber-sumber yang dapat dipercaya dan diandalkan. Tidak ada pengatasnamaan atau jaminan, baik secara langsung maupun tidak langsung dari BNI SEKURITAS atau pun pihak-pihak lain dari Grup BNI, termasuk pihak-pihak lain dari Grup BNI dari mana dokumen ini dapat diperoleh, terhadap keakuratan atau kelengkapan dari informasi yang terdapat dalam dokumen ini. Seluruh pendapat dan perkiraan dalam laporan ini merupakan pertimbangan kami pada tanggal tertera dan dapat berubah sewaktu-waktu tanpa pemberitahuan.
