Daily Insight. Market Update. your reliable partner. Monday, Oct 24 th 2016

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Daily Insight

Monday, Oct 24

th

₂₀₁₆

Secara teknikal pergerakan IHSG masih cenderung

tertekan meskipun terus tertahan pada support

rata-rata pergerakan 50 hari. Indikator stochastic dan RSI

mulai memperlihatkan tekanan bearish dari area

jenuh beli menandakan potensi tertekan IHSG masih

cukup besar peluangnnya. Sehingga diperkirakan

IHSG akan bergerak kembali mixed pada rentan

5375-5450 dan perlu extra hati-hati jika ternyata break out

support rata-rata pergerakan 50 hari di level 5375.

Market Update

Global Market

Dow Jones

21-Oct -16

18,145.71

Daily

-0.1%

Yt d

4.1%

S&P 500

2,141.16

0.0%

4.8%

Nasdaq

5,257.40

0.3%

5.0%

FTSE 100

7,020.47

-0.1%

12.5%

DAX

10,710.73

0.1%

-0.3%

CAC 40

4,536.07

-0.1%

-2.2%

Hang Seng

#N/A N/A

#VALUE!

Nikkei

17,184.59

-0.3%

-9.7%

Kospi

2,033.00

-0.4%

3.7%

Shanghai Comp

3,090.94

0.2%

-12.7%

All Ordinaries

3,811.19

-0.1%

10.7%

EIDO

26.49 0.3%

26.9%

Idn CDS 5yr USD

151.67 0.2%

-34.0%

MSCI Emerging Mkt

911.24 -0.2%

14.7%

CBOE SPX Volatility

13.34 -3.0%

-26.7%

US Dollar Index

98.70 0.4%

0.1%

Commodit ies (USD)

21-Oct -16

Daily

Yt d

Coal

93.75 3.6% 105.4%

CPO (MYR)

2,759.00

0.1%

15.1%

Crude Oil

50.85 0.8%

37.3%

Gold

1,266.46

0.1%

19.4%

Copper

208.85 -0.4%

-2.2%

Nickel

9,925.00

-1.7%

12.9%

Tin

20,032.00

0.6%

37.2%

HRC Steel

490.00 0.0%

25.3%

Corn

352.50 0.4%

-1.7%

Soybean

983.00 0.8%

12.8%

Indonesia

21-Oct -16

Daily

Yt d

USDIDR

13,042.00

0.3%

-5.4%

IHSG

5,409.24

0.1%

17.8%

LQ45

930.46 0.1%

17.5%

ISSI

178.06 -0.1%

22.7%

JII

739.42 -0.2%

22.6%

Finance

802.66 0.2%

16.8%

Property

565.07 0.0%

15.1%

Consumer

2,512.25

0.5%

21.7%

Misc Indust

1,385.17

-0.1%

31.0%

Basic Indust

526.27 0.3%

29.0%

Mining

1,256.65

-1.4%

54.9%

Agriculture

1,782.38

-1.2%

3.7%

Trading

862.99 -0.1%

1.6%

Infrastructure

352.37 0.1%

11.0%

Indonesia St ock

21-Oct -16

Yt d

Foreign Net Buy (Sell)

17.66 32,952.15

(bn Rp)

Value Shares Traded

4,592.73

(bn Rp)

Volume Shares Traded

7,917.63

(mn shares)

Govt Bond Yield (%)

21-Oct -16

Chg

Indonesia 10yr IDR

7.079

0.050 Indonesia 10yr USD

3.420

0.007 US Treasury 10yr

1.740

0.020

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Berita Ekonomi dan Emiten:

Wahana Ottomitra Multiartha (WOMF): Perseroan mengatakan total pembiayaan baru (new booking) yang telah

dikeluarkan hingga September 2016 sebesar Rp4 triliun. Angka tersebut turun 18% dibandingkan periode yang sama

tahun lalu. Tahun lalu, Perseroan membukukan total new booking sebesar Rp6,4 triliun. Adapun, tahun ini Perseroan

hanya menargetkan total new booking sebesar Rp6 triliun. (Ko.co.id)

Bumi Serpong Damai (BSDE): Perseroan akhirnya merampungkan proses penerbitan obligasi berdenominasi dollar

Amerika Serikat (AS). Melalui anak usahanya, Global Prime Capital Pte Ltd (GPC), Perseroan mendapatkan dana segar

senilai US$200 juta. (Ko.co.id)

Modernland Realty (MDLN): Perseroan melalui Modernland Overseas Pte Ltd segera melunasi utang senilai US$ 57 juta

pada Oktober tahun ini. Kewajiban tersebut merupakan bagian dari guaranted senior notes yang diterbitkan pada 2013

senilai US$150 juta. (MDLN)

Waskita Karya (WSKT): Perseroan telah memperoleh fasilitas pinjaman sebesar Rp4,59 triliun. yang berasal dari beberapa

bank atau sindikasi. Fasilitas pinjaman tersebut akan digunakan untuk mendukung kegiatan usaha utama Perseroan

dalam bidang konstruksi. (Ok.com)

Renuka Coalindo (SQMI): Perseroan alami penurunan rugi periode berjalan yang dapat didistribusikan kepada pemilik

entitas induk menjadi US$123,66 ribu hingga periode September 2016 dibandingkan rugi US$1,36 juta periode sama

tahun sebelumnya. (Iqp)

Puradelta Lestari (DMAS): Perseroan alami penurunan tajam laba bersih per September 2016 menjadi Rp494,48 miliar

dibandingkan laba periode sama tahun sebelumnya yang Rp1,22 triliun. (Iqp)

Kedaung Indah (KICI): Perseroan menderita rugi sebesar Rp243,52 juta hingga periode September 2016 usai mencatat

laba Rp3,10 miliar pada periode sama tahun sebelumnya. (Iqp)

Gunawan Dianjaya (GDST): Perseroan meraih laba periode berjalan Rp29,98 miliar hingga September 2016 usai

menderita rugi Rp69,09 miliar periode sama tahun sebelumnya. (Iqp)

Dian Swastatika Sentosa (DSSA): Perseroan menggelontorkan pinjaman kepada anak usaha tidak langsung PT Andalan

Mas Sejahtera senilai Rp150 miliar. Bunga pinjaman itu mencapai 10,5% per tahun. Fasilitas pinjaman akan digunakan

untuk peningkatan struktur modal PT Andalan Mas Sejahtera. (Iqp)

Bank Dinar International (DNAR): Perseroan alami penurunan laba tahun berjalan menjadi Rp7,438 miliar hingga periode

September 2016 dibandingkan laba Rp9,16 miliar periode sama tahun sebelumnya. (Iqp)

Trisula International (TRIS): Perseroan melakukan pembelian kembali saham atau buyback saham dengan jumlah

maksimal 10% atau maksimal 104.554.632 saham. Biaya pembelian kembali saham maksimal Rp34,5 miliar. Buyback ini

menurut manajemen adalah salah satu bentuk usaha perusahaan untuk meningkatkan kinerja saham Perseroan. (Iqp)

21-Oct -16

Daily

Yt d

P/E 2017E

Misc Indust

ASII IJ Equity

8,375

0.0%

39.6%

16.2 SMSM IJ Equity

4,510

0.2%

-5.3%

12.2 SRIL IJ Equity

254 0.0% -34.7%

5.3 Basic Indust

SMGR IJ Equity

10,000

1.0% -12.3%

10.6 INTP IJ Equity

16,425

-0.6% -26.4%

11.8 CPIN IJ Equity

3,580

0.8%

37.7%

18.3 JPFA IJ Equity

1,785

3.5% 181.1%

24.9 Finance

BBTN IJ Equity

1,910

-0.5%

47.5%

7.6 BBNI IJ Equity

5,425

-0.5%

8.7%

7.8 BBRI IJ Equity

12,225

0.8%

7.0%

10.1 Consumer

UNVR IJ Equity

44,150

-0.3%

19.3%

46.0 KAEF IJ Equity

2,360

1.3% 171.3%

42.8 INDF IJ Equity

8,725

1.5%

68.6%

16.9 Property

WSKT IJ Equity

2,610

0.8%

56.3%

22.3 PTPP IJ Equity

4,300

2.1%

11.0%

17.8 CTRA IJ Equity

1,560

-4.3%

7.5%

14.4 SMRA IJ Equity

1,680

-3.7%

1.8%

15.4 Infrastructure

TLKM IJ Equity

4,210

0.2%

35.6%

20.5 JSMR IJ Equity

4,510

0.2% -13.7%

17.3 Trading

MLPL IJ Equity

418 10.0%

62.6%

19.4 MAPI IJ Equity

4,850

0.8%

27.8%

19.5 Mining

ELSA IJ Equity

500 0.8% 102.4%

16.2 PTBA IJ Equity

12,000

-4.0% 165.2%

16.1 Agriculture

AALI IJ Equity

14,600

-5.7%

-3.3%

11.7 LSIP IJ Equity

1,475

-3.0%

11.7%

11.9 SIMP IJ Equity

492 -0.8%

48.2%

10.1 SGRO IJ Equity

1,925

0.3%

13.2%

8.6 LS 27 average ret urn

0.0% 38.1%

JCI Index

5,409

0.1% 17.8%

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World Economic Calendar

RUPS

Ticker Dat e Place Act ion

TBIG 24-Oct-16 RUPSLB

FASW 26-Oct-16 Mercantile Athletic Club RUPSLB

BSWD 27-Oct-16 Kantor Pusat Perseroan RUPSLB

APIC 27-Oct-16 RUPSLB

SKBM 28-Oct-16 JW Mariott Hotel RUPSLB

BEKS 31-Oct-16 Kantor Pusat Perseroan RUPSLB

TOBA 31-Oct-16 Ruang Seminar Bursa Efek Indonesia RUPSLB

YPAS 1-Nov-16 Kantor Pusat Perseroan RUPSLB

TRIS 3-Nov-16 Ruang Seminar Bursa Efek Indonesia RUPSLB

BULL 4-Nov-16 RUPSLB

HMSP 18-Nov-16 Ruang Seminar Bursa Efek Indonesia RUPSLB

HOME 22-Nov-16 Belleza Gapura Prima Office Tow er RUPSLB

Source: KSEI

Event

Period

Prior

Survey

Actual

21-Oct-16

CN House Price Index

Sep

9.20%

4.30%

24-Oct-16

GE Markit PMI Composite

Oct

52.8

53.2 Markit Services PMI

Oct

50.9

51.5 Markit Manufacturing PMI

Oct

54.3

54.2 EU Markit PMI Composite

Oct

52.6

52.8 Markit Manufacturing PMI

Oct

52.6

52.6 Markit Services PMI

Oct

52.2

52.5 US Chicago Fed National Activity Index

Sep

-0.55

Markit Manufacturing PMI

Oct

51.5 Source:Fxstreet

Indonesia 10yr IDR Govt Bond Yield

Date Yield (mid)

21-Oct-16 7.20 20-Oct-16 7.23 19-Oct-16 7.20 18-Oct-16 7.17 17-Oct-16 7.14

Dat e Indonesia St ock Yt d Net Foreign Net Value (Rp bn)

JASXFBAT Index Buy (Sell) (Rp bn)

21-Oct-16 17.66 32,952.15

20-Oct-16 235.91

19-Oct-16 (64.48)

18-Oct-16 101.64

(4)

Indonesia Government Bonds

Mat urit y

Bid Price

YTM (Bid) Cpn

Next Coupon Issue Dat e

SR08 3/10/2019

SR07 3/11/2018

SR06 3/5/2017

OR13 10/15/2019

OR12 10/15/2018

OR11 10/15/2017

FR73 5/15/2031

FR72 5/15/2036

FR71 3/15/2029

FR70 3/15/2024

FR69 4/15/2019

FR68 3/15/2034

FR67 2/15/2044

FR66 5/15/2018

FR65 5/15/2033

FR64 5/15/2028

FR63 5/15/2023

FR62 4/15/2042

FR61 5/15/2022

FR60 4/15/2017

FR59 5/15/2027

FR58 6/15/2032

FR57 5/15/2041

FR56 9/15/2026

FR54 7/15/2031

FR53 7/15/2021

FR52 8/15/2030

FR50 7/15/2038

FR48 9/15/2018

FR47 2/15/2028

FR46 7/15/2023

FR45 5/15/2037

FR44 9/15/2024

FR43 7/15/2022

FR42 7/15/2027

FR40 9/15/2025

FR39 8/15/2023

FR38 8/15/2018

FR37 9/15/2026

FR36 9/15/2019

FR35 6/15/2022

FR34 6/15/2021

FR32 7/15/2018

103.63

6.64

8.30 11/10/2016

3/10/2016

102.25

6.53

8.25 11/11/2016

3/11/2015

101.00

5.93

8.75 11/5/2016

3/5/2014

100.08

6.57

6.60 11/15/2016

10/26/2016

104.42

6.60

9.00 11/15/2016

10/21/2015

102.09

6.28

8.50 11/15/2016

10/22/2014

111.58

7.43

8.75 11/15/2016

8/6/2015

106.35

7.62

8.25 11/15/2016

7/9/2015

113.04

7.37

9.00 3/15/2017

9/12/2013

107.28

7.09

8.38 3/15/2017

8/29/2013

102.31

6.84

7.88 4/15/2017

8/29/2013

107.44

7.60

8.38 3/15/2017

8/1/2013

111.28

7.75

8.75 2/15/2017

7/18/2013

97.88

6.71

5.25 11/15/2016

10/25/2012

91.48

7.53

6.63 11/15/2016

8/30/2012

91.09

7.28

6.13 11/15/2016

8/13/2012

92.41

7.09

5.63 11/15/2016

8/13/2012

85.25

7.71

6.38 4/15/2017

2/9/2012

100.45

6.90

7.00 11/15/2016

10/6/2011

99.85

6.57

6.25 4/15/2017

10/6/2011

99.44

7.07

7.00 11/15/2016

9/15/2011

106.83

7.50

8.25 12/15/2016

7/21/2011

119.85

7.69

9.50 11/15/2016

4/21/2011

109.06

7.08

8.38 3/15/2017

9/23/2010

117.81

7.48

9.50 1/15/2017

7/22/2010

105.11

6.96

8.25 1/15/2017

7/8/2010

125.99

7.45

10.50 2/15/2017

8/20/2009

129.57

7.68

10.50 1/15/2017

1/24/2008

103.95

6.73

9.00 3/15/2017

9/27/2007

120.72

7.28

10.00 2/15/2017

8/30/2007

112.28

7.16

9.50 1/15/2017

7/19/2007

121.39

7.67

9.75 11/15/2016

5/24/2007

116.73

7.18

10.00 3/15/2017

4/19/2007

114.83

7.05

10.25 1/15/2017

2/22/2007

122.08

7.25

10.25 1/15/2017

1/25/2007

124.64

7.20

11.00 3/15/2017

9/21/2006

124.38

7.16

11.75 2/15/2017

8/24/2006

107.85

6.89

11.60 2/15/2017

8/24/2006

133.44

7.21

12.00 3/15/2017

5/18/2006

112.10

6.81

11.50 3/15/2017

4/20/2006

126.97

7.02

12.90 12/15/2016

2/16/2006

122.89

6.94

12.80 12/15/2016

1/26/2006

113.32

6.66

15.00 1/15/2017

9/1/2005

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Key Statistic

Ticker

Closing Price

Change (%)

P/E (x)

P/S (x)

P/B (x)

ROA (%)

ROE (%)

24.91 AALI 14,600.00 (5.65) 24.91 1.98 1.75 4.19 7.11 BWPT 191.00 - #N/A N/A 2.63 0.95 (2.42) (6.10) SSMS 1,540.00 6.21 26.15 6.18 4.83 8.14 19.36 LS IP 1,475.00 (2.96) 23.70 2.67 1.40 4.90 6.04 DSNG 400.00 (1.96) 32.55 1.05 1.72 1.67 5.53 23.64 ADRO 1,500.00 (0.66) 23.64 1.49 1.24 2.54 5.36

INCO 2,700.00 (5.92) #N/A N/A 3.28 1.13 (0.50) (0.63)

ITMG 13,200.00 (2.76) 25.42 0.83 1.31 3.52 4.80 PTBA 12,000.00 (4.00) 13.30 1.86 2.78 12.26 21.98 30.41 AIS A 2,160.00 2.86 18.14 1.08 1.93 4.68 11.19 UNVR 44,150.00 (0.34) 54.16 8.77 68.88 35.13 132.42 ULTJ 4,680.00 (0.21) 22.64 3.00 4.39 17.02 21.43 ICBP 9,575.00 1.06 34.45 3.35 7.01 11.94 21.60 KLBF 1,720.00 (0.58) 38.62 4.31 7.51 15.49 20.56 MYOR 1,520.00 0.33 30.41 2.05 5.99 9.68 21.76 ROTI 1,600.00 (0.31) 29.34 3.48 6.41 10.62 23.80 SIDO 550.00 - 18.77 3.70 3.13 15.58 16.75 25.50 ACES 880.00 (1.12) 25.90 3.08 5.77 18.68 23.43 AKRA 6,525.00 (1.88) 25.50 1.53 3.90 6.56 15.97 LPPF 19,250.00 0.52 24.50 5.47 - 48.71 -SRTG 3,510.00 (0.28) 2.14 1.50 0.57 22.40 31.57 MIKA 2,850.00 (2.40) 73.08 19.21 12.98 19.25 23.12 MNCN 2,110.00 (2.31) 19.75 4.43 3.20 10.36 16.71 UNTR 20,200.00 0.75 32.74 1.60 1.98 3.75 6.03 19.84 APLN 288.00 2.86 7.31 0.92 0.78 3.10 11.38 ASRI 460.00 1.32 12.91 3.87 1.28 3.88 10.39 PWON 720.00 1.41 24.72 7.47 4.39 7.34 19.22 BSDE 2,190.00 (1.35) 27.35 7.39 2.15 4.27 8.20 CTRP 700.00 4.48 12.46 1.61 0.93 3.54 7.76 CTRA 1,560.00 (4.29) 23.24 3.30 2.83 4.02 12.94 CTRS 2,990.00 3.82 13.87 3.31 1.88 6.62 14.37 DILD 580.00 - 14.04 2.55 1.23 4.12 9.15 KIJA 302.00 0.67 15.12 2.06 1.25 4.14 8.73 LPKR 900.00 (1.64) 79.44 2.25 1.20 0.62 1.48 SMRA 1,680.00 (3.72) 69.16 4.53 4.06 1.90 6.01 SSIA 585.00 1.74 19.84 0.61 0.93 2.16 4.74 ADHI 2,300.00 (0.43) 17.12 0.77 1.60 3.12 13.34 WIKA 2,600.00 (2.99) 23.45 1.07 3.54 3.62 16.04 WSKT 2,610.00 0.77 20.46 1.76 3.57 4.95 17.20 LPCK 6,150.00 0.41 5.44 2.17 1.08 14.80 22.02 MDLN 382.00 1.60 7.00 1.80 0.79 5.78 11.94 JRPT 825.00 - 12.64 5.07 2.69 11.33 23.00 13.80 CPIN 3,580.00 0.85 22.67 1.73 4.25 10.59 20.50 INTP 16,425.00 (0.61) 13.51 3.63 2.44 16.85 19.20 MAIN 1,480.00 (0.34) - 0.59 1.93 4.93 13.91 SMBR 1,935.00 0.52 65.57 12.88 6.45 8.57 10.13 SMCB 985.00 (0.51) #N/A N/A 0.82 0.91 1.38 3.18 SMGR 10,000.00 1.01 13.80 2.22 2.24 11.66 17.00 20.30 ASII 8,375.00 - 25.05 1.88 3.25 5.50 13.37 AUTO 2,280.00 (0.87) 34.37 0.88 1.19 2.20 3.48 SMSM 4,510.00 0.22 15.56 2.28 4.98 18.67 34.12 SRIL 254.00 - 6.35 0.56 1.23 7.08 20.82 11.71 BBCA 15,800.00 0.32 20.44 6.31 3.77 3.18 20.62 BBNI 5,425.00 (0.46) 9.36 1.93 1.19 2.10 14.72 BBRI 12,225.00 0.82 11.71 2.77 2.24 3.05 21.78 BBTN 1,910.00 (0.52) 9.82 1.18 1.15 1.19 13.61 BDMN 3,950.00 2.07 13.17 1.44 1.08 1.53 8.45 BMRI 11,225.00 (0.66) 14.97 2.73 1.81 1.86 13.88 BTPN 2,670.00 - 9.24 1.11 1.02 2.04 12.19 BBKP 655.00 (2.96) 5.77 0.58 0.66 1.13 12.80 BJTM 545.00 1.87 8.82 1.62 1.31 1.87 15.17 BJBR 1,730.00 6.13 9.97 1.48 1.75 1.70 19.96 13.88 CMNP 1,500.00 (0.66) 9.21 1.93 0.96 6.88 10.77 EXCL 2,500.00 0.40 - 0.99 1.27 1.73 6.13 TBIG 6,150.00 0.82 16.32 7.71 13.26 7.39 55.41 SOCI 416.00 - 5.49 1.59 0.81 8.57 15.86 JSMR 4,510.00 0.22 17.81 2.46 2.79 4.72 16.83 PGAS 2,440.00 (2.01) 13.88 1.46 1.50 5.30 11.16 TLKM 4,210.00 0.24 23.01 3.76 5.29 11.04 24.72 TOWR 3,850.00 (1.03) 10.30 8.27 4.36 16.97 53.80 To p Gainers (%) 1 2 3 4 5 SSMS BJBR CTRP CTRS AIS A To p Lo ssers (%) 70 69 68 67 66

INCO AALI CTRA PTBA SMRA

Lo west PER 70 69 68 67 66

SOCI BBKP SRIL MDLN APLN

S o urc e : B lo o m be rg, R e lia nc e R e s e a rc h

MISCELANEOUS INDUSTRY, MEDIAN PER=

FINANCE, MEDIAN PER=

INFRASTRUCTURE, MEDIAN PER= AGRICULTURE, MEDIAN PER=

MINING, MEDIAN PER=

CONSUMER GOODS, MEDIAN PER=

TRADING, MEDIAN PER=

PROPERTY & KONSTRUKSI MEDIAN PER=

(6)

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Jl. Macan, Daan Mogot

Jakarta 14450

T. +62 21 56945227

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Bandung

Jl.Cisangkuy No.58

Bandung 40115

T. +62 22 721 8200

F. +62 22 721 9255

Tasikmalaya

Ruko Tasik Indah Plaza No.21

Jl. KHZ Mustofa No. 345

Tasikmalaya 46121

T. +62 265 345000

F. +62 265 345003

Malang

Jl. Guntur No. 19

Malang 65112

T. +62 341 347 611

F. +62 341 347 615

Pekanbaru

Jl. Jendral Sudirman No.73

Pekanbaru-Riau

T. +62 761 848414

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Solo

Jl. Slamet Riyadi 330ª

Solo 57145

T. +62 271 736599

F. +62 271 733478

Surabaya - Gubeng

Jl. Bangka No. 22

Surabaya 60281

T. +62 31 501 1128

F. +62 31 503 3196

Surabaya – Diponegoro

Jl. Diponegoro No.26D

Surabaya 60261

T. +62 31 567 0388

F. +62 31 561 0528

Bali - Denpasar

Dewata Square Blok A3

Jl. Letda Tantular Renon

Denpasar 802361

T. +62 361 225099

F. +62 361 245099

Pontianak

Jl. MT Haryono No. 6

Pontianak 78121

T. +62 561 575674

F. +62 561 575670

Balikpapan

Ruko Bukit Damai Indah

Blok I, No. 3, Rt.34

Jl. MT. Haryono, Gunung

Bahagia, Balikpapan Selatan

76114

T. +62 542 746313

F. +62 542 746317

Makassar

Jl. Boto Lempangan No. 34 J

Makassar- Sulawesi Selatan

T. +62 411 3632388

F. +62 411 3614634

Medan

Jl. Teuku Amir Hamzah No.40-O

Medan 20117

T. +62 61 6638592

F. +62 61 6638023

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President University

Resto Plaza 1F - Jababeka

Education Park

Jl. Ki Hajar Dewantara Raya

Cikarang - Bekasi 17550

T. +62 21 89106030

Universitas Siliwangi

Tasikmalaya

Jl. Siliwangi No. 24

Tasikmalaya 46151

T. +62 265 323685

F. +62 265 323534

Politeknik Kediri

Jl. Mayor Bismo No. 27

Kediri 64121

T. +62 354 683128

F. +62 354 683128

Universitas Muhammadiyah

Sidoarjo

Jl. Majapahit 666 B

Sidoarjo, Jawa Timur

T. +62 31 8945444

F. +62 31 8949333

Universitas Tanjungpura

Pontianak

Jl. Jendral Ahmad Yani

Pontianak 78124

T. +62 561 743465

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Universitas Pesantren Tinggi

Darul Ulum

Kompleks Pp Darul Ulu,

Peterongan

Jombang, Jawa Timur 60281

T. +62 321 873655

F. +62 321 875771

STIE "AUB" Surakarta

Jl. Mr. Sartono 97, Cengklik

Nusukan, Surakarta 57135

T. +62 271 854803

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Universitas Surabaya

Jl. Raya Kalirungkut

Surabaya 60293

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Universitas Muhammadiyah

Gresik

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Gresik 61121

T. +62 31 395 1414

F. +62 31 395 2585

Universitas Negeri Malang

Jl. Surabaya No. 6

Malang 65145

T. +62 341 585914

F. +62 341 55288

Universitas Muhammadiyah

Malang

Jl. Raya Tlogomas 246

Malang 65144

T. +62 341 464318-9

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FSEI IAIN Antasari

Jl. Ahmad Yani Km. 4,5

Banjarmasin

T. + 62 511 3265783

STIE Malangkucecwara

Jl. Terusan Candi Kalasan

Malang 65142

T. +62 341 491813

F. +62 341 495619

Universitas Jember

Jl. Jawa No. 17

Jember- Jawa Timur 68121

T. +62 331 330732

F. +62 331 326419

STIESIA Surabaya

Jl. Menur Pumpungan 30

Surabaya

T. +62 31 5947505

F. +62 31 5932218

Universitas 17 Agustus

1945 Banyuwangi

Jl. Adi Sucipto 26

Banyuwangi, Jawa Timur

T. +62 333 419613

F. +62 333 419163

STIE Tri Bhakti

Jl. Teuku Umar No. 24

Cut Meutia Setiakawan,

Bekasi

T. +62 21 82429400,

82429500

F. +62 271 726156

Universitas Islam

Kalimantan

Jl. Adiyaksa No. 2, Kayu

Tangi, Banjarmasin

T. + 62 511 3303871

F. + 62 511 3303871

STIKOM Bali

Jalan Puputan No. 86, Renon,

Denpasar

T. +62361 244445

F. +62361 264773

Universitas Muhammadiyah

Pontianak

Fakultas Ekonomi UM

Pontianak

Jl. Ahmad Yani, No. 111,

Pontianak 78124

T. +62561 743465

F. +62561 766840

Universitas Negeri

Makassar

Fakultas Ekonomi Gedung BT

Lt.2

Jl. A.P. Pettarani, Kampus

UNM, Gunungsari Baru

Makassar 90222

T. +62 411 889464 / 881244

F. +62 411 887604

STIE AAS Surakarta

Jl. Slamet Riyadi No. 361,

Kartasura, Surakarta

T. +62 271 726156

F. +62 271 726156

UPN “Veteran” Yogyakarta

Jl. Babarsari 2, Tambak Bayan

Yogyakarta

T. +62 274 485268

F. +62 274 487147

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