L A P O R A N H A R I A N

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RISET

Penutupan Prb %Prb %Ytd P/E

Americas INDU Index 17,832.99 9.92 0.06 0.06 15.93 SPX Index 2,058.20 -0.7 -0.03 (0.03) 18.21 CCMP Index 4,726.81 -9.242 -0.20 (0.20) 41.84 IBOV Index 48,512.22 -1495.19 -2.99 (2.99) 15.83 EMEA UKX Index 6,547.80 -18.29 -0.28 (0.28) 18.72 CAC Index 4,252.29 -20.46 -0.48 (0.48) 25.43 RTSSTD Index 9,298.92 -280.34 -2.93 - 3.74 IBEX Index 10,350.80 71.3 0.69 0.69 21.78 FTSEMIB Index 19,130.26 118.3 0.62 0.62 #N/A N/A AEX Index 422.28 -2.19 -0.52 (0.52) 21.25 SMI Index 8,983.37 -51.18 -0.57 - 20.42 Asia / Pacific NKY Index 17,332.91 -117.86 -0.68 (0.68) 21.25 HSI Index 23,857.82 252.78 1.07 1.07 10.09 SHCOMP Index 3,234.68 68.863 2.18 (0.00) 15.45 TWSE Index 9,307.26 38.83 0.42 - 15.39 KOSPI Index 1,904.92 -21.52 -1.12 (0.56) 28.26 JCI Index 5,242.77 15.822 0.30 0.30 21.02 SET Index 1,497.67 -0.55 -0.04 - 9.79 PCOMP Index 7,230.57 44.25 0.62 - 20.83 SENSEX Index 27,887.90 380.36 1.38 1.41 19.54 FSSTI Index 3,370.59 5.44 0.16 0.16 13.67 Sebelumnya %Prb 5,228.04 0.25 4,720.99 -18.68 4,356.74 -21.06 922.85 -2.93 2,495,203.75 -100.17 Terakhir Sebelumnya %Prb 15,150.00 -2.11 6,300.00 -0.71 19,400.00 1.26 53.27 -1.09 3.76 -0.80 61.78 1.54 1,189.23 -0.15 702.50 4.63 2,266.00 0.75 (*) WTI Cushing (**) McCloskey Newscatle Terakhir % Konversi (US$) Prb (Rp)

Saham Kode Last (US$) %Change Conv (Rp) Last (Rp) Telkom TLK US 44.91 -0.71 14,042.23 2,860.00 Volume Transaksi (Juta Saham) 3,839.00

Deskripsi Terakhir

Kapitalisasi Pasar (IDR Triliun) 5,241.13

Timah/Tins (US$/Ton) 19,645.00 Nilai Transaksi (IDR Juta) 3,439.00 Nilai/ saham (IDR) 895.81 Net Asing (IDR Juta) (4,175.63)

Komoditas

Nikel/Nickel (US$/Ton) 14,830.00 Tembaga/Copper (US$/Ton) 6,255.00 Minyak/Oil (US$/BBL) (*) 52.69 Gas (US$/MMBTU) 3.73 Batu Bara/Coal (US$/Ton) (**) 62.75 Emas/Gold (USD/OZ) 1,187.49 CPO PALMROTT(USD/ton) 735.00 CPO MALAYSIA(RM/ton) 2,283.00

ADR Stocks Bloomberg _Code Terakhir

(Rp)

PERKIRAAN PASAR HARI INI

Penguatan IHSG dibayangi aksi profit

taking

No Stock Top Value (IDR)

1 INDF IJ 408,478,300,000 2 BMRI IJ 228,513,600,000 3 SIAP IJ 137,193,200,000 4 MPPA IJ 127,105,400,000 5 ADHI IJ 119,549,600,000

No Stock Top Volume (Shares)

1 BUMI IJ 548,555,800.00 2 SIAP IJ 298,546,600.00 3 APOL IJ 216,580,300.00 4 CPRO IJ 168,998,200.00 5 BKSL IJ 112,298,100.00

No Top Gainers % change

1 SIMA IJ 32.81

2 HOME IJ 20.42

3 VRNA IJ 20

4 MREI IJ 17.45

5 FORU IJ 17.14

No Top Losers % change

1 SRAJ IJ -24.84

2 INVS IJ -17.16

3 IMJS IJ -17.14

4 BBMD IJ -12.5

5 MFMI IJ -11.24

No Leading Movers % change

1 INDF IJ 10.37

2 BBCA IJ 0.76 3 GGRM IJ 1.81 4 MDIA IJ 14.29 5 UNVR IJ 0.70

No Lagging Movers % change

1 TOWR IJ -3.37 2 ASII IJ -0.34 3 SIAP IJ -8.60 4 KLBF IJ -1.09 5 BBMD IJ -12.50

1,590 4,270 6,950 9,630 12,310 14,990 3,000 3,500 4,000 4,500 5,000

1-Jan 11-Mar 20-May 29-Jul Volume (RHS) (Bn Shares) JCI (LHS)

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P E R K I R A A N P A S A R H A R I I N I

Penguatan IHSG dibayangi aksi

profit taking

Perdagangan bursa US pekan lalu rata‐rata flat, Dow +0.06% ke level

17,833 sementara Nasdaq ‐0.19% ke level 4,727 dan S&P500 ‐0.04% di

level 2,058. Pasar merespon indeks manufaktur yang mengalami

perlambatan pada akhir tahun 2014 yang menyentuh level 55.5 per

Desember 2014, dibanding November 2014 sebesar 58.7, serta

estimasi 57.6. Sementara belanja konstruksi turun ‐0.3% per

November 2014, dibawah estimasi +0.3%. Secara keseluruhan

kekhawatiran investor masih dalam rentang jangka pendek,

dibandingkan proyeksi pertumbuhan yang masih positif pada 2015.

Pada kawasan Eropa indeks juga turut melemah, FTSE London ‐0.28%

ke level 6,548 DAX Frankfurt ‐0.41% ke level 9,765 dan CAC Paris

‐0.49% ke level 4,252. Bank Sentral Eropa mengindikasikan akan

melakukan langkah‐langkah stimulus lebih luas lagi demi menjaga

stabilitas pasar. Hal ini diperkirakan akan mendorong pergerakan

pasar. Sementara bursa Asia, Nikkei ‐0.40% HangSeng +1.07% dan

Shanghai Index +2.19%. Untuk IHSG, jum’at menguat tipis +0.3% ke

level 5,242 dengan net sell asing Rp4 miliar. Penguatan sektor

dipimpin properti +1.5% dan konsumsi +1.3%, sementara USD/IDR

menyentuh level Rp12,250. IHSG hari ini diperkirakan masih akan

melanjutkan penguatannya. Meski demikian, dengan kenaikan hingga

+117 poin pada perdagangan lima hari terakhir serta net sell asing,

investor antisipasi aksi profit taking yang diperkirakan akan terjadi.

Inflasi yang melonjak menjadi 8.36% per Desember 2014 dibanding

November 2014 sebesar 6.23% juga dapat menjadi pemberat

pergerakan indeks. Indeks hari ini diperkirakan akan bergerak pada

rentang 5,150‐5,200 dengan potensi penutupan melemah tipis. Saham

pilihan BBRI UNTR ADRO LSIP TINS TRAM.

Analyst: Dessy Lapagu (

dessy@bnisecurities.co.id

)

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R I N G K A S A N B E R I T A

• PT Trikomsel Oke Tbk (TRIO) dan Selular Group, distributor dan peritel handset, menganggarkan

belanja modal (capital expenditure/capex) sebesar Rp 50‐500 miliar pada 2015. Dana tersebut akan

digunakan untuk penambahan jumlah otlet, termasuk pengembangan merek handset.

• Asia Fibers proyeksikan penjualan 2015 stagnan. Harga polister global pada akhir 2014 sebesar US$

1.150‐US$ 1.200 per ton, turun 20%‐30% sepanjang tahun tersebut.

• Waskita Karya bidik kontrak proyek tol Rp 12 triliun. Perseroan terbuka terhadap peluang

kerjasama dalam pembangunan proyek tol.

• PT Alam Sutera Realty Tbk (ASRI), emiten properti, berencana mengalokasikan 50% belanja modal

(capital expenditure/capex) tahun ini untuk menambah lahan di Pasar Kemis dan Serpong di

Tangerang. Sisanya untuk pengembangan proyek. Tahun ini perseroan menyiapkan total belanja

modal sekitar Rp 2,2 triliun.

• Trafik layanan data tiga operator besar, yakni PT Telekomunikasi Selular (Telkomsel), PT XL Axiata

Tbk (EXCL), dan PT Indosat Tbk (ISAT) naik hingga 33% pada tahun baru 2015. Namun, trafik suara

(voice) Telkomsel dan XL tercatat turun hingga 4%, sedangkan Indosat naik 9% di periode tersebut.

• PT Eterindo Wahanatama Tbk (ETWA) memprediksikan penjualan bahan bakar nabati (BBN) jenis

biodiesel sepanjang 2014 mencapai 65 ribu metrik ton atau 50% dari target 130 ribu metrik ton.

Immanuel Sutarto, Presiden Direktur Eterindo Wahanatama, mengatakan tidak tercapainya target

penjualan karena perusahaan menurunkan volume penjualan biodiesel dalam negeri dengan

pertimbangan harga.

• PT Timah Tbk (TINS), emiten pertambangan mineral logam, menargetkan belanja modal (capital

expenditure) sebesar Rp 1,1 Triliun tahun ini, lebih rendah dari proyeksi 2014 sebesar Rp 1,4 triliun.

Agung Nugroho, Sekretaris Perusahaan Timah, mengatakan alokasi belanja modal perseroan tahun

ini akan diorong untuk kegiatan operasional dalam rangka meningkatkan kapasitas produksi.

• PT Modern International Tbk (MDRN), emiten ritel, melakukan peningkatan penyertaan saham

kepada entitas anak yaitu PT Modern Sevel Indonesia sebesar Rp 300 miliar. Direksi perseroan

mengatakan peningkatan modal kepada entintas anak pemegang merek 7‐Eleven ini dilakukan guna

mengembangkan dan mengelola gerai untuk masa 20 tahun penuh dan masa perpanjangan 10

tahun.

• PT Metrodata Electronics Tbk optimistis porsi bisnis dari proyek pemerintah bisa meningkat

menjadi 10% dari total pendapatan tahun ini. Optimisme ini lantaran manajemen perusahaan itu

melihat saat ini pemerintah tengah fokus memperbaiki layanan publik secara online dengan

program e‐government dan smart city.

• Source : Investor Daily, Kontan, Indonesia Finance Today, Inilah, Viva News

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A N A L Y S T S T A R G E T P R I C E

Market EPS Growth PER PBV PEG DER (x) ROE (%) Rec TP (Rp/share) Total Return % of Free

Capitalization 1 Year FY15F FY15F Ratio 1 Year in 2013 Float Shares

Banking BBCA IJ Equity 255,795,728,750,000 10.50 15.02 4.20 1.43 0.08 17.00 BUY 14,500 1.11 50.83 BBNI IJ Equity 81,774,358,577,100 18.00 8.10 1.79 0.45 0.10 24.00 BUY 7,800 7.43 39.78 BBRI IJ Equity 215,238,438,450,000 15.20 8.66 2.72 0.57 0.05 35.00 BUY 14,000 10.52 43.25 BMRI IJ Equity 210,583,333,303,250 14.50 9.43 2.41 0.65 0.07 22.20 BUY 13,000 2.16 40.00 Average 14.55 10.30 2.78 0.78 0.08 24.55 5.30 Cement INTP IJ Equity 92,491 11.31 13.96 2.97 1.24 0.01 21.28 BUY 27,500 30.43 35.97 SMGR IJ Equity 97,870 11.22 13.67 3.40 1.22 0.20 24.88 BUY 18,500 24.22 48.99 SMBR IJ Equity 3,974 16.05 8.93 1.35 0.56 0.02 15.07 HOLD 420 7.28 23.76 SMCB IJ Equity 17,471 11.19 15.36 2.06 1.37 0.42 13.39 HOLD 2,350 ‐9.58 19.36 Average 52,952 12.44 12.98 2.44 1.10 0.16 18.65 20.64 Telecommunication EXCL IJ Equity 38,575,897,814,840 15.80 29.39 2.53 1.86 1.08 7.20 BUY 5,400 ‐12.77 33.52 TLKM IJ Equity 227,303,991,882,000 10.50 9.24 3.81 0.88 0.10 16.20 BUY 3,250 22.01 48.81 Average 13.15 19.31 3.17 1.37 0.59 11.70 4.62 Transportation GIAA IJ Equity 10,912,960,072,000 8.50 11.05 0.83 1.30 0.20 8.20 HOLD 500 ‐25.54 27.97 TAXI IJ Equity 3,132,580,000,000 13.22 20.89 3.95 1.58 1.20 18.91 BUY 1,413 106.05 49.00 Average 10.86 15.97 2.39 1.44 0.70 13.56 40.26 Automotive ASII IJ Equity 282,373 9.83 12.79 2.68 1.30 0.77 20.94 HOLD 7,750 15.22 49.91 IMAS IJ Equity 8,946 44.88 29.73 1.46 0.66 2.13 10.58 HOLD 3,500 ‐29.51 10.46 Average 145,659 27.36 21.26 2.07 0.98 1.45 15.76 ‐2.26

Construction

WIKA IJ Equity 17,986 24.75 23.63 4.63 0.95 0.41 19.59 BUY 3,340 75.75 34.73

ADHI IJ Equity 4,629 25.37 13.13 2.68 0.52 0.95 20.39 BUY 3,150 56.13 49.00

PTPP IJ Equity 14,043 34.95 22.12 5.66 0.63 0.77 25.59 BUY 3,450 150.95 43.62

WSKT IJ Equity 9,680 25.66 20.99 3.66 0.82 0.68 17.43 BUY 1,150 109.40 26.55

TOTL IJ Equity 3,325 21.80 19.81 4.43 0.91 0.12 22.34 HOLD 1,000 #N/A N/A 100.00

WTON IJ Equity 10,284 29.62 26.83 5.31 0.91 0.80 19.80 HOLD 1,270 64.87 34.57 Average 9,991 27.03 21.08 4.39 0.79 0.62 20.86 91.42 Infrastructure PGAS IJ Equity 146,055 4.86 13.93 3.73 2.87 0.41 26.74 HOLD 6,325 24.76 43.03 JSMR IJ Equity 44,200 15.60 26.13 4.23 1.67 1.23 16.19 BUY 7,500 23.27 29.99 Average 95,128 10.23 20.03 3.98 2.27 0.82 21.46 24.76 Oil & Gas MEDC IJ Equity 8,281 ‐78.92 30.80 0.71 ‐0.39 1.62 3.69 Not Rated ‐ 60.63 49.14 ELSA IJ Equity 2,927 399.80 17.48 1.37 0.04 0.48 8.09 HOLD 538 132.82 34.29 RUIS IJ Equity 168 792.35 5.17 0.66 0.01 2.52 13.50 Not Rated ‐ 12.63 39.35 ENRG IJ Equity 3,616 ‐ 1.49 0.35 ‐ 1.28 26.21 Not Rated ‐ ‐19.83 93.46 Average 13.74 0.77 371.08 ‐0.11 1.47 12.87 46.56 Property ASRI IJ Equity 11,691 9.21 8.49 1.78 0.92 0.89 20.95 HOLD 485 ‐10.75 48.23 APLN IJ Equity 7,401 20.21 7.57 1.07 0.37 0.95 14.08 HOLD 395 27.14 29.93 BKSL IJ Equity 3,579 66.49 7.94 0.60 0.12 0.35 7.53 Suspend Coverage ‐ ‐51.65 66.55 BSDE IJ Equity 33,620 ‐16.86 13.43 2.45 ‐0.80 0.40 18.24 BUY 2,260 15.06 39.88 CTRA IJ Equity 20,398 21.98 13.70 2.69 0.62 0.43 19.62 HOLD 1,485 43.32 61.27 CTRP IJ Equity 5,258 33.95 10.41 1.44 0.31 0.51 13.87 HOLD 780 20.95 43.75 CTRS IJ Equity 5,818 21.77 9.16 2.09 0.42 0.18 22.79 BUY 2,950 40.80 37.34 BEST IJ Equity 7,089 34.87 12.17 2.18 0.35 0.22 17.90 HOLD 748 30.59 38.64 SSIA IJ Equity 4,893 38.37 9.32 1.75 0.24 0.55 18.73 BUY 1,075 9.25 68.51 MDLN IJ Equity 6,768 ‐12.24 7.64 0.92 ‐0.62 0.74 11.99 HOLD 435 27.57 64.04 PWON IJ Equity 25,525 15.61 13.10 3.96 0.84 0.46 30.22 HOLD 490 80.36 42.38 LPKR IJ Equity 27,116 ‐7.60 16.82 1.95 ‐2.21 0.61 11.57 HOLD 1,225 8.60 82.12 SMRA IJ Equity 22,362 10.90 17.37 3.96 1.59 0.56 22.80 BUY 1,650 41.14 67.69

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A N A L Y S T S T A R G E T P R I C E

Agriculture AALI IJ Equity 40,825,264,125,000 11.49 13.82 2.76 1.20 0.20 19.96 BUY 31,250 47.06 20.32 BWPT IJ Equity 6,013,779,803,750 20.18 2.81 0.61 0.14 2.50 21.64 BUY 835 2.84 37.15 LSIP IJ Equity 15,419,672,560,900 13.85 12.40 1.65 0.90 0.15 13.34 BUY 2,330 23.59 40.52 SGRO IJ Equity 4,025,700,000,000 1.09 11.47 1.30 10.52 1.00 11.29 BUY 2,660 0.77 32.95 SIMP IJ Equity 14,630,086,750,000 18.37 12.42 0.67 0.68 0.76 5.36 BUY 980 ‐6.46 21.60 SMAR IJ Equity 19,818,134,225,400 25.53 11.48 3.64 0.45 3.04 31.70 BUY 9,975 19.91 2.80 Average 15.09 10.73 1.77 2.31 1.28 17.22 14.62 Metal

ANTM IJ Equity 9,681,536,900,000 n.a 4.98 0.64 n.a 0.54 12.92 HOLD 1,100 ‐16.70 34.99

INCO IJ Equity 25,337,663,736,000 33.49 14.84 1.66 0.44 0.33 11.18 BUY 4,910 ‐3.55 20.49 TINS IJ Equity 6,895,237,400,000 26.39 8.95 1.09 0.34 0.80 12.19 BUY 1,395 ‐3.29 35.00 Average 10.88 28.44 1.26 2.49 0.75 4.91 ‐7.85 Mining ADRO IJ Equity 36,943,786,110,000 12.77 9.72 0.80 0.76 0.64 8.21 BUY 1,315 ‐38.62 40.92 BUMI IJ Equity ‐45.79 0.81 4.83 ‐0.02 32.57 HRUM IJ Equity 5,704,638,200,000 ‐5.38 28.39 0.98 ‐5.28 0.01 3.45 SELL 1,195 ‐56.30 29.51 ITMG IJ Equity 29,858,268,125,000 2.86 7.44 1.50 2.60 0.39 20.12 HOLD 18,950 ‐28.99 34.99 PTBA IJ Equity 25,633,466,831,250 14.33 17.90 3.50 1.25 0.74 19.45 BUY 16,850 ‐37.08 29.98 Average ‐4.24 12.85 2.32 ‐0.14 6.87 12.81 ‐40.25 Consumer UNVR IJ Equity 227,180,000,000,000 10.65 35.74 39.20 2.71 0.26 99.40 BUY 34,250 27.83 15.01 INDF IJ Equity 59,932,985,500,000 15.34 19.01 2.74 2.04 0.54 13.63 BUY 7,600 8.79 49.92 ICBP IJ Equity 58,467,398,600,000 15.72 31.60 5.19 2.01 0.10 20.60 HOLD 11,800 37.25 19.47 MYOR IJ Equity 26,206,731,039,500 14.05 23.89 7.18 1.70 1.12 31.00 HOLD 30,314 57.68 66.93 AISA IJ Equity 6,529,800,000,000 10.25 22.00 3.10 1.22 0.89 16.61 BUY 3,150 48.06 53.37 ROTI IJ Equity 7,060,452,000,000 40.06 48.81 7.94 1.22 0.45 21.50 BUY 1,450 4.01 29.25 GGRM IJ Equity 101,976,930,200,000 12.33 21.58 2.98 1.75 0.31 15.80 HOLD 60,000 11.06 23.53 Average 16.91 28.95 9.76 1.81 0.52 31.22 27.81

Pharmaceutical KLBF IJ Equity 75,700,795,343,450 14.90 32.65 8.65 1.92 0.03 26.30 HOLD 1,885 29.77 43.37 KAEF IJ Equity 5,286,580,000,000 19.40 21.16 2.82 1.09 0.02 12.40 HOLD 1,450 ‐23.30 9.97 Average 17.40 26.90 5.74 1.61 0.02 19.35 3.23 Retail RALS IJ Equity 8,272,480,000,000 9.32 28.32 3.10 3.04 0.00 12.29 HOLD 830 22.72 40.46 MAPI IJ Equity 17,420,000,000,000 20.10 26.60 4.26 5.24 0.91 13.20 HOLD 5,370 ‐3.62 44.00 Average 14.71 66.82 3.68 4.14 0.46 14.85 9.55 Poultry CPIN IJ Equity 62,148,420,000,000 17.55 20.72 6.74 1.18 32.42 19.85 BUY 5,110 ‐3.30 44.47 JPFA IJ Equity 11,460,061,646,000 13.58 14.54 3.19 1.07 59.99 3.19 BUY 1,550 1.32 42.49 MAIN IJ Equity 3,823,785,000,000 16.02 16.28 6.65 1.02 55.23 1.71 BUY 3,000 26.18 44.07 Average 15.72 17.18 5.53 1.09 49.21 8.25 8.06

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RESEARCH TEAM

Research Division : +62 21 25543946 Fax No : +62 21 57935831 E‐mail : research@bnisecurities.co.id

Norico Gaman ext. 3934 norico@bnisecurities.co.id Head of Research _{Investment Strategy}

Andri Zakarias _{ext. 2054 andri.zakarias@bnisecurities.co.id} Technical Analyst _{Market Strategy, Commodities,} Currency, Bond & Stocks

Heru Irvansyah _{ext. 2030 heru@bnisecurities.co.id} _Economist

I Made Adi Saputra _{ext. 3968 made.saputra@bnisecurities.co.id} _{Fixed Income Analyst}

Thendra Crisnanda _{ext. 2098 thendra@bnisecurities.co.id} _Analyst _Automotive, _Cement, Construction, Infrastructure, Property

Yasmin Soulisa _{ext. 3987 yasmin@bnisecurities.co.id} Analyst _{Coal Mining, Metal Mining,} Plantation, Oil & Gas

Ankga Adiwirasta _{ext. 3986 ankga.adiwirasta@bnisecurities.co.id Analyst} _{Consumer Goods, Pharmaceutical,} Retail

Richard Jerry _{ext. 2032 richard@bnisecurities.co.id} _Analyst _{Banking, Telecommunication} Dessy Lapagu _{ext. 2051 dessy@bnisecurities.co.id} _{Research Assistant} _Poultry

Venia Allani Meissalina _{ext. 2050 venia@bnisecurities.co.id} _{Research Assistant}

Thennesia Debora _{ext. 2123 thennesia@bnisecurities.co.id} _{Research Assistant} _{Transportation} Indah Lestari _{ext. 2073 indah.lestari@bnisecurities.co.id} _{Research Assistant}

EQUITY TEAM

CM : +62 21 25543946

Fax No : +62 21 57935831

Norico Gaman _{ext. 3934 norico@bnisecurities.co.id} Equity Division Head (PJS) Jufrani Amsal _{ext. 3957 amsal@bnisecurities.co.id} Channel Distribution Division Head

Entis Sutisman _{ext. 3945 entis@bnisecurities.co.id} _{Head of Local Institution}

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JAKARTA – PT BNI Securities Sudirman Plaza Indofood Tower Lt.16 Jl. Jend. Sudirman Kav. 76‐78 Jakarta 12910 Phone: (62‐21) 25543946 Fax: (62‐21) 57935831 e‐mail: wisma46@bnisecurities.co.id JAKARTA ‐ Mangga Dua Pertokoan Mangga Dua Blok E4 No. 7 Jl. Mangga Dua Raya, Jakarta Utara Phone: (62‐21) 6123804‐5,62203890 Fax: (62‐21) 6123806 e‐mail: manggadua@bnisecurities.co.id JAKARTA ‐ Puri Indah Ruko Puri Kencana Blok K6 ‐ 2K Lt.2 Puri Kembangan, Jakarta Barat Phone: (62‐21) 58357464 Fax: (62‐21) 58357465 e‐mail: bnispuri@bnisecurities.co.id JAKARTA ‐ Central Park Central Park, Office Tower Podomoro City Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Grogol Petamburan Phone: (62‐21) 29034215 Fax: (62‐21) 29034216 email: centralpark@bnisecurities.co.id BANDUNG Jl. Perintis Kemerdekaan 3 Bandung ‐ 40117 Phone: (62‐22) 4213375 Fax: (62‐22) 4220604 e‐mail: bnisbpk@bnisecurities.co.id YOGYAKARTA Jl. Laksda Adisucipto 137, Yogyakarta ‐ 55282 Phone: (62‐274) 581001‐584032 Fax: (62‐274) 584023 e‐mail: jogja@bnisecurities.co.id SOLO Jl. Honggo Wongso No. 24, Surakarta Phone: (62‐271) 729667, 730525 Fax: (62‐271) 729668 e‐mail: solo@bnisecurities.co.id SURABAYA Jl. Gubernur Suryo No. 36, Surabaya Phone: (62‐31) 5320912 Fax: (62‐31) 5318425 e‐mail: surabaya@bnisecurities.co.id MALANG Jl. Buring No. 58, Malang Phone: (62‐341) 321214,321213,321430 Fax: (62‐341) 356876 e‐mail: malang@bnisecurities.co.id 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: denpasar@bnisecurities.co.id MEDAN Jl. Pemuda No. 12, Medan ‐ 20151 Phone: (62‐61) 4579616 Fax: (62‐61) 4579656 e‐mail: medan@bnisecurities.co.id PALEMBANG Jl. Jend. Sudirman 132, Palembang ‐ 30126 Phone: (62‐711) 361969 Fax: (62‐711) 319663 e‐mail: plb@bnisecurities.co.id PEKANBARU Jl. Riau, No. 124, Lt. 2, Pekanbaru Phone: (62‐761) 46757, 839698 Fax: (62‐761) 856279 e‐mail: pekanbaru@bnisecurities.co.id 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: manado@bnisecurities.co.id 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: banjarmasin@bnisecurities.co.id Copyright 2009, BNI Securities. All rights reserved. This research report is prepared for the use of BNI Securities clients and may not be redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of BNI Securities. BNI Securities research reports are distributed simultaneously to internal and client websites eligible to receive such research prior to any public dissemination by BNI Securities of the research report or information or opinion contained therein. Any unauthorized use or disclosure is prohibited. Receipt and review of this research report constitutes your agreement not to redistribute, retransmit, or disclose to others the contents, opinions, conclusion, or information contained in this report (including any investment recommendations, estimates or price targets) prior to BNI Securities's public disclosure of such information. The information herein (other than disclosure information relating to BNI Securities and its affiliates) was obtained from various sources and we do not guarantee its accuracy. BNI Securities makes no representations or warranties whatsoever as to the data and information provided in any third party referenced website and shall have no liability or responsibility arising out of or in connection with any such referenced website. his 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 SECURITIES 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.