Kamis, 1 April 2021
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
LAPORAN RISET
ASII: Leveraging on MPV
What’s New?
We reiterate BUY on ASII and retain our target price of IDR
7,000 based on SOTP valuation, underpinned by
implementation of the luxury tax exemption and better
commodity prices.
Key Highlights:
ASII’s 4W local components above 80% could potentially
mitigate costs spike from soaring import parts price
when rupiah weakens.
ASII is currently trading at near decade-low valuation.
Analyst: Firman Hidayat
(firman.hidayat@bnisekuritas.co.id)
RINGKASAN BERITA
ASSA tingkatkan modal anak usaha. PT Adi Sarana
Armada Tbk (ASSA) telah melakukan peningkatan modal
di PT Tri Adi Bersama (TAB) pada tanggal 30 Maret 2021.
Hindra
Tanujaya
Corporate
Secretary
ASSA
menyampaikan bahwa ASSA tingkatkan modal kepada
TAB sebesar Rp169,9 miliar yang bersumber dari dana
internal. Sebagai Informasi TAB sendiri anak usaha ASSA
yang bergerak di bidang Jasa Pos Komersial, yang
dimana memiliki kesamaan anggota manajemen dengan
ASSA yaitu Erida yang menjabat sebagai Presiden
Komisaris ASSA sekaligus Komisaris Utama di TAB.
Selanjutnya Prodjo Sunarjanto Sekar Pantjawati
menjabat sebagai Presiden Direktur ASSA sekaligus
Komisaris di TAB dan Tjoeng Suyanto menjabat sebagai
Direktur ASSA sekaligus Direktur di TAB. Alasan dan
pertimbangan ASSA melakukan Transaksi Afiliasi adalah
Perkembangan bisnis TAB membutuhkan dukungan
tambahan modal agar dapat mengoptimalkan jaringan
dan kegiatan usahanya. Transaksi afiliasi ini tidak
memiliki Benturan Kepentingan sesuai POJK nomor 42
Tahun 2020. Hindra menambahkan "ASSA berharap
dengan berkembangnya bisnis TAB dapat memberikan
kontribusi positif kepada Perseroan,"pungkasnya. (IQ
Plus)
Global Indices Closing Change %Chg %Ytd P/E Americas INDU Index 32,981.55 -85.41 -0.26 7.76 29.44 SPX Index 3,972.89 14.34 0.36 5.77 32.44 CCMP Index 13,246.87 201.48 1.54 2.78 70.49 IBOV Index 116,633.70 -216 -0.18 (2.00) 26.50 EMEA UKX Index 6,713.63 -58.49 -0.86 3.92 93.06 CAC Index 6,067.23 -20.81 -0.34 9.29 55.02 DAX Index 15,008.34 -0.27 0.00 9.40 49.53 IBEX Index 8,580.00 -15.2 -0.18 6.27 #N/A N/A FTSEMIB Index 24,648.56 12.17 0.05 10.87 3.88 AEX Index 699.85 -1.27 -0.18 12.05 1,171.42 SMI Index 11,047.37 -74.05 -0.67 3.21 24.79 Asia / Pacific NKY Index 29,178.80 -253.9 -0.86 6.32 33.31 KOSPI Index 3,061.42 -8.58 -0.28 6.54 26.83 SHCOMP Index 3,441.91 -14.765 -0.43 (0.90) 17.66 HSI Index 28,378.35 -199.15 -0.70 4.21 14.73 TWSE Index 16,431.13 -123.77 -0.75 11.53 21.76 SENSEX Index 49,509.15 -627.43 -1.25 3.68 34.66 SET Index 1,587.21 -2.32 -0.15 9.51 39.71 PCOMP Index 6,443.09 -102.46 -1.57 (9.76) 24.78 KLCI Index 1,573.51 -35.68 -2.22 (3.30) 20.44 FSSTI Index 3,165.34 -25.55 -0.80 11.31 49.07 JCI Index 5,985.52 -85.92 -1.42 0.11 22.78 Description Last Previous %Chg Market Capitalization (IDR Trillion) 7,070.55 7,162.19 -1.28 Transaction Volume (Million Shares) 13,019.00 12,687.04 2.62 Transaction Value (IDR Million) 11,362.00 8,713.62 30.39 Stocks Value (IDR) 872.72 686.81 27.07 Net Foreign (IDR Million) (1,110,672.75) (365,632.50) 203.77 Commodities Last Previous %Chg Nickel (US$/Ton) 15,948.00 16,216.00 -1.65 Copper (US$/Ton) 8,773.50 8,865.00 -1.03 Tins (US$/Ton) 25,310.00 25,350.00 -0.16 Oil (US$/BBL) (*) 59.16 60.55 -2.30 Gas (US$/MMBTU) 2.38 2.25 5.47 Coal (US$/Ton) (**) 96.25 93.85 2.56 CPO MALAYSIA(RM/ton) 4,020.00 4,005.50 0.36 Gold (US$/Troy Ounce) 1,707.68 1,707.72 0.00 JCI Sectors Performance Weighting (%) YTD Chg (%) 1D Chg (%)
JCI Index 100.00 0.11 -2.77
Finance 39.09 2.95 -4.62
Consumer Goods 14.03 -7.56 -0.68 Infrastructure Utility and Transportation 11.01 3.85 -0.07 Basic Industry and Chemicals 11.51 3.55 -1.39 Trade Services and Investment 9.15 9.14 -2.38
Mining 6.22 -7.84 -1.87
Construction Property and Real Estate 5.24 -8.48 -4.33 Miscellaneous Industries 4.27 -8.17 -2.67 Agricultural 1.42 -7.36 -4.86
Kamis, 1 April 2021
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
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 0 5,000,000 10,000,000 15,000,000 20,000,000 10 /1 /2 020 10 /7 /2 020 10 /1 3/2020 10 /1 9/20 20 10 /2 3/2020 11 /3 /2 020 11 /9 /2 020 11 /1 3/2020 11 /1 9/2020 11 /2 5/2020 12 /1 /2 02 0 12 /7 /2 020 12 /1 4/2020 12 /1 8/2020 12 /2 8/2020 1/5/ 20 21 1/11 /2 021 1/15 /2 021 1/21 /2 021 1/27 /2 021 2/2/ 20 21 2/8/ 20 21 2/15 /2 021 2/19 /2 021 2/25 /2 021 3/3/ 20 21 3/9/ 20 21 3/16 /2 021 3/22 /2 021 3/26 /2 021Accumulation 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 10/1/2020 11/1/2020 12/1/2020 1/1/2021 2/1/2021 3/1/2021
JCI Index USDIDR
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000
Oct-20 Oct-20 Nov-20 Dec-20 Dec-20 Jan-21 Feb-21 Feb-21 Mar-21
Volume JCI Index
No
Stock
Top Value (IDR)
1
BBCA IJ
1,390,602,000,000
2
BBRI IJ
1,283,122,000,000
3
ANTM IJ
591,771,600,000
4
BMRI IJ
492,111,400,000
5
ASII IJ
476,163,200,000
No
Stock
Top Volume (Shares)
1
BUMI IJ
458,213,200.00
2
FREN IJ
306,393,700.00
3
BBRI IJ
293,758,300.00
4
ANTM IJ
268,981,300.00
5
DOID IJ
254,864,600.00
No
Top Gainers
% Change
1
PKPK IJ
27.87
2
APEX IJ
25
3
IDPR IJ
24.11
4
INPP IJ
14.29
5
FILM IJ
13.56
No
Top Losers
% Change
1
FORU IJ
-7
2
LMSH IJ
-6.99
3
CAKK IJ
-6.98
4
PURE IJ
-6.96
5
AGRS IJ
-6.94
No Leading Movers
% Change
1
TLKM IJ
1.18
2
UNTR IJ
2.91
3
AMRT IJ
4.65
4
ICBP IJ
1.38
5
KLBF IJ
1.95
No Lagging Movers
% Change
1
BBCA IJ
-2.81
2
BBRI IJ
-2.22
3
BMRI IJ
-2.77
4
ASII IJ
-2.31
Kamis, 1 April 2021
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 Price Last Potential Capitalization (Bn) (%) 1 Year FY21F FY21F Ratio 1 Year (Current) Float Shares 2021 2021 20 March '15 Price Upside Banking
BBCA IJ Equity 766,154 13.47 -5.09 28.24 4.15 -5.55 6.97 15.13 14.82 44.88 BUY 34,200 31,075 10.06% BBNI IJ Equity 106,764 1.88 -78.66 32.08 0.97 -0.41 53.54 2.82 49.87 39.98 NOT RATED - 5,725 #VALUE! BBRI IJ Equity 542,629 9.54 -45.97 28.92 2.73 -0.63 68.12 9.24 45.70 43.22 HOLD 4,100 4,400 -6.82% BMRI IJ Equity 287,000 5.05 -37.71 16.76 1.52 -0.44 51.96 8.70 35.92 37.95 BUY 7,250 6,150 17.89% Cement
SMGR IJ Equity 61,836 1.09 16.87 22.16 1.81 1.31 67.19 8.40 37.29 48.99 BUY 11,000 10,425 5.52% Telecommunication
TLKM IJ Equity 338,793 5.96 3.50 17.94 3.33 5.13 44.42 18.76 13.69 47.91 BUY 4,000 3,420 16.96% ISAT IJ Equity 34,098 0.60 #N/A N/A #N/A N/A 2.87 #VALUE! 215.44 -5.83 303.54 20.71 BUY 3,265 6,275 -47.97% EXCL IJ Equity 22,415 0.39 -47.76 61.22 1.16 -1.28 175.72 1.94 5.31 33.64 BUY 3,500 2,090 67.46% Automotive
ASII IJ Equity 213,551 3.76 6.86 13.21 1.37 1.92 40.66 10.65 40.40 49.81 BUY 7,000 5,275 32.70%
Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Current Potential
Capitalization (Bn) (%) 1 Year FY21F FY21F Ratio 1 Year (Current) Float Shares 2021 2021 Price Upside
Construction
WIKA IJ Equity 13,769 0.24 -91.87 74.06 1.01 -0.81 157.75 1.23 90.88 34.94 BUY 1,400 1,535 -8.79% ADHI IJ Equity 3,899 0.07 2.76 11.89 0.70 4.30 153.96 5.44 111.03 48.99 BUY 840 1,095 -23.29% PTPP IJ Equity 8,494 0.15 -84.09 66.45 0.80 -0.79 132.47 1.15 159.43 48.95 BUY 1,175 1,370 -14.23% WSKT IJ Equity 15,678 0.28 -76.33 #N/A N/A 1.17 #VALUE! 237.92 -18.09 139.72 33.95 HOLD 775 1,155 -32.90% WTON IJ Equity 2,737 0.05 -75.01 21.12 0.82 -0.28 82.24 3.79 46.35 32.16 BUY 320 314 1.91% WSBP IJ Equity 5,589 0.10 -22.85 #N/A N/A 0.90 #VALUE! 74.76 -12.46 70.53 32.98 UR UR 212 #VALUE! Toll Road
JSMR IJ Equity 29,322 0.52 0.20 34.00 1.56 166.42 185.14 4.67 59.63 24.39 BUY 5,300 4,040 31.19% Property
BSDE IJ Equity 23,712 0.42 -90.39 85.94 0.78 -0.95 39.96 3.26 67.16 38.63 BUY 890 1,120 -20.54% PWON IJ Equity 26,006 0.46 6.95 22.22 1.82 3.20 26.51 8.14 75.32 31.29 HOLD 445 540 -17.59% SMRA IJ Equity 13,561 0.24 14.79 72.07 1.90 4.87 94.90 2.63 135.00 65.14 SELL 615 940 -34.57%
Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Current Potential
Capitalization (Bn) (%) 1 Year FY21F FY21F Ratio 1 Year (Current) Float Shares 2021 2021 Price Upside
Agriculture
AALI IJ Equity 19,295 0.34 294.60 23.16 1.03 0.08 29.22 4.47 87.47 20.32 HOLD 8,300 10,025 -17.21% TBLA IJ Equity 4,781 0.08 3.34 7.05 0.84 n.a 149.97 10.56 89.95 44.65 BUY 1,185 895 32.40% Metal
ANTM IJ Equity 54,069 0.95 492.69 47.04 2.84 0.10 40.72 6.18 402.33 34.95 BUY 900 2,250 -60.00% INCO IJ Equity 43,521 0.77 43.10 36.24 1.48 0.84 0.00 4.18 102.78 20.49 BUY 4,500 4,380 2.74% TINS IJ Equity 12,028 0.21 45.12 #N/A N/A 2.43 #VALUE! 126.55 -6.68 277.34 35.00 BUY 1,200 1,615 -25.70% Coal
PTBA IJ Equity 30,184 0.53 -42.59 9.07 2.09 -0.21 5.50 13.63 37.39 31.20 BUY 2,750 2,620 4.96% Consumer
UNVR IJ Equity 250,836 4.41 #N/A #N/A #N/A #N/A 80.51 140.20 -7.10 15.01 BUY 9,400 6,575 42.97% INDF IJ Equity 57,951 1.02 #N/A #N/A #N/A #N/A 67.62 16.11 8.40 49.92 BUY 9,200 6,600 39.39% ICBP IJ Equity 107,290 1.89 30.79 16.29 3.65 0.53 63.03 24.07 -7.92 19.47 BUY 11,800 9,200 28.26% GGRM IJ Equity 69,604 1.22 -29.71 9.10 1.19 -0.31 10.57 13.97 -11.98 23.78 BUY 56,000 36,175 54.80% HMSP IJ Equity 159,937 2.81 -37.29 18.53 5.29 -0.50 1.03 26.04 2.76 7.50 HOLD 1,900 1,375 38.18% Pharmaceutical
KLBF IJ Equity 73,594 1.29 9.03 26.92 4.31 2.98 4.89 16.18 33.26 42.56 HOLD 1,815 1,570 15.61% KAEF IJ Equity 14,218 0.25 #N/A N/A #N/A N/A 2.09 #VALUE! 111.92 -0.25 95.42 9.97 UR - 2,560 #VALUE! Healthcare
MIKA IJ Equity 37,468 0.66 #N/A #N/A #N/A #N/A 0.00 18.27 23.40 38.07 BUY 2,980 2,630 13.31% Retail
ACES IJ Equity 26,154 0.46 #N/A #N/A #N/A #N/A 0.00 17.88 18.63 40.03 SELL 1,400 1,525 -8.20% LPPF IJ Equity 3,519 0.06 #N/A #N/A #N/A #N/A 664.33 -75.02 0.37 69.49 SELL 1,250 1,340 -6.72% MAPI IJ Equity 12,284 0.22 #N/A #N/A #N/A #N/A 25.69 -5.62 56.78 43.97 HOLD 690 740 -6.76% RALS IJ Equity 5,535 0.10 10.07 #N/A N/A 1.41 #VALUE! 0.00 -1.52 80.46 37.08 HOLD 590 780 -24.36% Heavy Equipment
Kamis, 1 April 2021
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
: research@bnisekuritas.co.id
Website
: www.bnisekuritas.co.id
Damhuri Nasution
damhuri.nasution@bnisekuritas.co.id
Head of Research Division & Economist
Ext. 3993
Kim Kwie Sjamsudin
kim.kwie@bnisekuritas.co.id
Head of Equity Research Department
Ext. 3997
(Strategy, Automotive, Cement, Infrastructure)
Ariawan
ariawan@bnisekuritas.co.id
Head of Fixed Income Research Dept.
Ext. 2098
(Fixed Income Market, Corporate & Government Bond)
Andri Zakarias Siregar
andri.zakarias@bnisekuritas.co.id
Head of Technical Analysis Research Dept.
Ext. 2054
(Market Strategy, Currency, Commodities, Bond & Stocks)
Maxi Liesyaputra
maxi@bnisekuritas.co.id
AVP Equity Analyst
Ext. 3968
(Cement, Construction, Property, Precast Concrete)
Handri Thiono
handri.thiono@bnisekuritas.co.id
Economist
Ext. 2030
Ahmad Hapiz
ahmad.hapiz@bnisekuritas.co.id
Fixed Income Analyst
Ext. 3978
(Fixed Income Market, Corporate & Government Bond)
William Ardian Siregar
william.siregar@bnisekuritas.co.id
Equity Analyst
Ext. 3986
(Consumer, Retail)
Posmarito Pakpahan
posmarito.pakpahan@bnisekuritas.co.id
Equity Analyst
Ext. 3981
(Banking, Telecommunication)
Firman Hidayat
firman.hidayat@bnisekuritas.co.id
Equity Analyst
Ext. 2034
(Automotive, Coal, Metal, Heavy Equipment, Plantation)
Erlangga Aditya Guntoro
erlangga.aditya@bnisekuritas.co.id
Equity Analyst
Ext. 2036
(Pharmaceutical, Healthcare, Toll Road)
R. Venia Allani Meissalina
venia.allani@bnisekuritas.co.id
Research Administrator
Ext. 2050
Kamis, 1 April 2021
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
Reynard Poernawan
ext. 3988
reynard.poernawan@bnisekuritas.co.id Head of Equity Division
Anthon Suryasaputra
ext. 3973
anthon@bnisekuritas.co.id
Head of Equity Sales Trading
Teguh Hendro Karno
ext. 3948
teguh@bnisekuritas.co.id
Institutional Sales Trader
Yulinda
ext. 3950
yulinda@bnisekuritas.co.id
Institutional Sales Trader
M. Rudi Riyanto
ext. 3919
mrudi@bnisekuritas.co.id
Institutional Sales Trader
Ardy Fardiansyah
ext. 3969
ardy.fardiansyah@bnisekuritas.co.id
Institutional Sales Trader
Entis Sutisman
ext. 3951
entis@bnisekuritas.co.id
AVP Institutional Sales
Ika Agustina
ext. 2131
ika.agustina@bnisekuritas.co.id
Equity Sales
Evi nurhafiza
ext. 3929
evi.nurhafiza@bnisekuritas.co.id
Equity Sales
Jufrani Amsal
ext. 3957
amsal@bnisekuritas.co.id
Head of Channel Distribution Division
Fahma Riniarti
ext. 3917
ririn@bnisekuritas.co.id
Head of Channel Development
P. Sariningsih
ext. 3984
p.sariningsih@bnisekuritas.co.id
Head of Branch Supervision
Teuku Hafez
ext. 2084
hafez@bnisekuritas.co.id
Branch Manager Mangga Dua, Jakarta
Hapsari
ext. 2078
hapsar@bnisekuritas.co.id
Branch Manager Puri Indah, Jakarta
Fadjar Harjo Suseno
ext. 2111
fadjar@bnisekuritas.co.id
Branch Manager Central Park, Jakarta
M. Yasrul
ext. 2081
m.yasrul@bnisekuritas.co.id
Branch Manager Wisma Bumiputera
Fahmi Lubis
ext. 2079
fahmi.lubis@bnisekuritas.co.id
Branch Manager Bandung
Rifaat Annur
ext. 2091
rifat@bnisekuritas.co.id
Branch Manager Yogyakarta
Agus Purwanto
ext. 2090
agus.purwanto@bnisekuritas.co.id
Branch Manager Solo
Achmad Ridwan
ext. 2088
ridwan@bnisekuritas.co.id
Branch Manager Surabaya
Edith Febriana
ext. 2082
edith@bnisekuritas.co.id
Branch Manager Malang
Ni Nyoman Citasti
ext. 2080
citasti@bnisekuritas.co.id
Branch Manager Denpasar
Nirmasari Nasution
ext. 2083
nirmasari@bnisekuritas.co.id
Branch Manager Medan
Ari Magdalena
ext. 2086
arimagda@bnisekuritas.co.id
Branch Manager Palembang
Rini Wati
ext. 2085
rini_ng@bnisekuritas.co.id
Branch Manager Pekanbaru
Susan J Mengko
ext. 2102
susan.jaquelin@bnisekuritas.co.id
Branch Manager Manado
Melisa
ext. 2136
melisa@bnisekuritas.co.id
Branch Manager Aceh
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: bnisec@bnisekuritas.co.id (General)
Website: http://www.bnisekuritas.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@bnisekuritas.co.id
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: bnispuri@bnisekuritas.co.id
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: centralpark@bnisekuritas.co.id
JAKARTA - Wisma Bumiputera
Wisma Bumiputera Lt. 18 Jl. Jend. Sudirman Kav. 75 Jakarta 12910
Phone: (62-21) 2523349 Fax: (62-21) 2523350 e-mail: wisma46@bnisekuritas.co.id BANDUNG Jl. Perintis Kemerdekaan 3 Bandung - 40117 Phone: (62-22) 4213375 Fax: (62-22) 4220604 e-mail: bnisbpk@bnisekuritas.co.id YOGYAKARTA
Jl. Laksda Adisucipto 137, Yogyakarta - 55282 Phone: (62-274) 581001-584032
Fax: (62-274) 584023 e-mail: jogja@bnisekuritas.co.id
SOLO
Jl. Honggo Wongso No. 24, Surakarta Phone: (62-271) 729667, 730525
Fax: (62-271) 729668 e-mail: solo@bnisekuritas.co.id
SURABAYA
Jl. Gubernur Suryo No. 36, Surabaya Phone: (62-31) 5320912
Fax: (62-31) 5318425 e-mail: surabaya@bnisekuritas.co.id
MALANG
Jl. Buring No. 58, Malang Phone: (62-341) 321214,321213,321430
Fax: (62-341) 356876 e-mail: malang@bnisekuritas.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@bnisekuritas.co.id
MEDAN
Jl. Pemuda No. 12, Medan - 20151 Phone: (62-61) 4579616
Fax: (62-61) 4579656 e-mail: medan@bnisekuritas.co.id
PALEMBANG
Jl. Jend. Sudirman 132, Palembang - 30126 Phone: (62-711) 361969
Fax: (62-711) 319663 e-mail: plb@bnisekuritas.co.id
PEKANBARU
Jl. Riau, No. 124, Bank BNI Lt. 2, Pekanbaru Phone: (62-761) 46757, 839698
Fax: (62-761) 856279 e-mail: pekanbaru@bnisekuritas.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@bnisekuritas.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@bnisekuritas.co.id
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.
