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 17,138.20 77.52 0.45 3.39 16.05 SPX Index 1,981.57 8.29 0.42 7.21 18.12 CCMP Index 4,425.97 9.581 0.22 5.97 35.40 IBOV Index 55,717.36 -256.25 -0.46 8.17 17.22 EMEA UKX Index 6,784.67 74.22 1.11 0.53 19.54 CAC Index 4,369.06 63.75 1.48 1.70 25.57 RTSSTD Index 9,911.18 -21.44 -0.22 (2.61) 5.52 IBEX Index 10,668.40 192.5 1.84 7.58 23.07 FTSEMIB Index 21,069.97 647.02 3.17 11.08 #N/A N/A AEX Index 408.78 4.77 1.18 1.74 #N/A N/A SMI Index 8,617.07 42.75 0.50 5.05 19.07 Asia / Pacific NKY Index 15,441.69 62.39 0.41 (5.22) 20.34 HSI Index 23,523.28 63.32 0.27 0.93 10.99 SHCOMP Index 2,067.28 -3.081 -0.15 (2.30) 10.10 TWSE Index 9,427.92 -56.81 -0.60 9.48 19.69 KOSPI Index 2,022.18 8.7 0.43 0.54 #N/A N/A JCI Index 5,113.93 43.109 0.85 19.65 20.66 SET Index 1,530.42 5.89 0.39 17.84 17.98 PCOMP Index 6,834.04 3.67 0.05 16.03 21.61 SENSEX Index 25,549.72 321.07 1.27 20.68 18.70 FSSTI Index 3,304.43 13.01 0.40 4.33 14.00 Sebelumnya %Prb 5,027.27 0.008 3,968.03 0.39 4,586.09 0.44 1,155.76 0.04 261,230.50 2.34 Terakhir Sebelumnya %Prb 19,325.00 -0.13 7,130.00 -0.73 22,175.00 -0.34 99.96 1.24 3.85 -1.03 70.15 -0.71 1,299.20 0.09 815.00 0.31 2,298.00 0.39 (*) WTI Cushing (**) McCloskey Newscatle Terakhir % Konversi (US$) Prb (Rp)

Saham Kode Last (US$) %Change Conv (Rp) Last (Rp)

Telkom TLK US 45.28 0.01 13,244.40 2,650.00

*) per share

**) 1 ADR TLK US = 40 ordinary shares TLKM **) 1 ADR IIT US = 50 ordinary shares ISAT

ADR Stocks Bloomberg _Code Terakhir _(Rp)

Emas/Gold (USD/OZ) 1,300.38 CPO PALMROTT(USD/ton) 817.50 CPO MALAYSIA(RM/ton) 2,307.00 Minyak/Oil (US$/BBL) (*) 101.20 Gas (US$/MMBTU) 3.81 Batu Bara/Coal (US$/Ton) (**) 69.65 Timah/Tins (US$/Ton) 22,100.00 Nilai Transaksi (IDR Juta) 6,585.90 Nilai/ saham (IDR) 1,196.43 Net Asing (IDR Juta) 871,517.00

Komoditas

Nikel/Nickel (US$/Ton) 19,300.00 Tembaga/Copper (US$/Ton) 7,078.00 Volume Transaksi (Juta Saham) 5,504.61

Deskripsi Terakhir

Kapitalisasi Pasar (IDR Triliun) 5,067.06

PERKIRAAN PASAR HARI INI

IHSG diperkirakan bergerak menguat

No Stock Top Value (IDR)

1 BBRI IJ 403,026,247,680 2 BBCA IJ 393,170,485,248 3 ASII IJ 328,779,366,400 4 BMRI IJ 289,639,989,248 5 TRAM IJ 283,117,092,864

No Stock Top Volume (Shares)

1 BKSL IJ 486,005,200.00

2 APLN IJ 345,152,600.00

3 KIJA IJ 245,263,900.00

4 ASRI IJ 229,390,900.00

5 LPKR IJ 192,111,700.00

No Top Gainers % change

1 MYTX IJ 18.64

2 RBMS IJ 18.52

3 INPP IJ 11.11

4 BKDP IJ 8.96

5 YULE IJ 8.7

No Top Losers % change

1 GTBO IJ -11.76

2 LAMI IJ -10.43

3 WAPO IJ -8.82

4 CPGT IJ -8.49

5 ASGR IJ -8.43

No Leading Movers % change

1 NISP IJ 6.87

2 KLBF IJ 1.23

3 ADRO IJ 1.96

4 INVS IJ 5.21

5 INCO IJ 1.29

No Lagging Movers % change

1 TLKM IJ -5.81 2 BMRI IJ -4.94 3 BBRI IJ -3.87 4 ASII IJ -2.60 5 UNVR IJ -2.95 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 7-Oct 16-Dec

Volume (RHS) (Bn Shares) JCI (LHS) Daily Report dapat dilihat di website BNI Securities : www.bnisecurities.co.id

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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

IHSG diperkirakan bergerak menguat

Indeks Dow Jones menguat tajam 0,5% pada perdagangan hari Rabu (16/7) kemarin ditengah data perekonomian Amerika Serikat yang bervariasi. Inflasi dari sisi produser yang diukur dengan PPI‐FD untuk bulan Juni menunjukkan pertumbuhan 0,4% dibandingkan dengan bulan sebelumnya atau 1,9% YoY yang ditopang oleh sektor energi. Produksi Industri sedikit melunak ke level 0,2% dengan tingkat kapasitas utilitas stabil sebesar 79,1%, sementara industri manufaktur meningkat 0,1% MoM. Sebaliknya, sektor perumahan menunjukkan peningkatan tajam dalam penjualan rumah baru, Indeks Pasar Perumahan tercatat di level 53 di bulan Juli, meningkat 4 poin dari bulan Juni. Permintaan asing terhadap surat utang jangka panjang AS meningkat US$19,4 miliar di bulan Mei dengan permintaan terbesar datang dari China dan Jepang. Dari inventori minyak mentah AS, tercatat penurunan sebesar 7,5 juta barrel dibandingkan minggu lalu yang merefleksikan penguatan dalam ekonomi. Ketua the Fed, Janet Yellen, memberikan dorongan positif setelah menyatakan bahwa lunaknya pasar ketenagakerjaan menyebabkan kenaikan suku bunga the Fed baru akan terjadi paling cepat akhir tahun 2015. Aktivitas merjer juga menopang pasar, perusahaan perfilman Time Warner memberikan penawaran sebesar US$80 miliar terhadap Twenty‐First Century Fox, sementara perusahaan teknologi Intel menguat 9% setelah melaporkan pertumbuhan pendapatan kuartal kedua yang positif.

Sejalan dengan bursa di AS, mayoritas pasar saham Eropa juga menguat setelah meredanya kekhawatiran akan kondisi perbankan Portugal. Tingkat pengangguran di Inggris dilaporkan turun 0,1% dari bulan April menjadi 6,5% di bulan Mei. Setelah bursa tutup, Presiden Sentral Bank Eropa, Mario Draghi, memberikan pernyataan di depan Parlemen Eropa di Strasbourg bahwa ECB telah menyiapkan program quantitative easing apabila memang dibutuhkan dan akan melakukan upaya untuk terus menekan apresiasi mata uang Euro.

Bursa Asia pagi ini sebagian besar dibuka di teritori positif. Investor menyambut positif data perekonomian China yang cukup memuaskan. Pertumbuhan GDP China di kuartal kedua 2014 tercatat 2,0% QoQ atau 7,5% YoY. Angka industri produksi China meningkat 9,2% YoY dan angka penjualan retail menguat 12,4% YoY di bulan Mei. IHSG hari ini kami perkirakan akan bergerak di teritori positif mengikuti pergerakan bursa regional. Analyst: Yasmin Soulisa (yasmin@bnisecurities.co.id)

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

• PT Salim Ivomas Tbk (SIMP) telah merampungkan pelaksanaan pembelian kembali sahamnya (buyback) sejak 27 Mei hingga 30 Juni 2014. Untuk jumlah saham yang dibeli kembali sesuai dengan kesepakatan RUPS sebanyak 315.000.000 lembar saham

• PT Phapros Tbk melaporkan capaian laba bersih sebesar Rp5 miliar pada semester pertama 2014. Dirut PT Phapros Tbk, Iswanto mengatakan laba bersih tersebut tumbuh dari semester 1 2013. "Laba bersih capai Rp5 miliar dengan pendapatan sebanyak Rp196 miliar semester 1 2014," ujar Iswanto.

• Intiland Targetkan Konstruksi Proyek Reklamasi Pantai Tahun Depan. Total luas pengembangan reklamasi Intiland adalah 163 hektare, dimana 100 hektare diantaranya telah selesai dikembangkan menjadi kawasan Perumahan Pantai Mutiara. Sedangkan 63 hektare lagi adalah pengembangan pulau baru.

• PT Perusahaan Gas Negara (Persero) Tbk (PGAS), emiten infrastruktur dan distribusi gas, melalui anak usahanya P T Saka Energy Indonesia (SEI) telah merampungkan transaksi akuisisi 36% hak pasrtisipasi di Blok Shale Gas Fasken di Amerika Serikat dengan Swift Energy.

• PT Asuransi Sinar Mas membukukan kenaikan pendapatan premi bersih sepanjang semester I 2014 sebesar 22% menjadi Rp 1,3 triliun. Menurut direksi, kenaikan pendapatan premi bersih ini lebih tinggi bila dibandingkan dengan pertumbuhan pendapatan premi kotor sebanyak 6%.

• PT Phapros Tbk (non listed) akan segera Initial Public Offering (IPO) pada 2015. Direktur Keuangan Phapros, Budi Ruseno mengatakan persiapan untuk IPO karena saat ini melibatkan sekuritas Badan Usaha Milik Negara.

• PT Bukit Asam (Persero) Tbk (PTBA) membuka kemungkinan untuk melakukan akuisisi konsesi pertambangan (KP) batubara. Emiten berstatus Badan Usaha Milik Negara (BUMN) itu setidaknya tengah melakukan uji tuntas (due diligence) atas setidaknya 3 (tiga) KP batubara yang menjadi target untuk diakuisisi. Target pertama tentunya adalah tambang batubara milik perusahaan Australia, Ignite Energy Resources Ltd (IER). PTBA memang sudah punya rencana untuk mencaplok 30% saham tambang yang memiliki cadangan batubara sekitar 16,4 miliar metrik ton tersebut. • PT Citra Marga Nusaphala Persada Tbk (CMNP) kian gencar mengincar beberapa proyek ruas jalan tol pada semester dua nanti. Beberapa ruas tol yang tengah dalam proses tender adalah ruas jalan tol Bojong Gede‐Yasmin‐Ciawi (Bomici), ruas jalan tol Cileunyi‐Sumedang‐Dawuan (Cisumdawu), dan ruas jalan tol Balaraja‐Serpong (Balapong). • 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 FY14F FY14F 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 12,000 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 5,200 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 12,500 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 11,500 2.16 40.00 Average 14.55 10.30 2.78 0.78 0.08 24.55 5.30 Cement INTP IJ Equity 85,221 15.54 3.43 9.33 1.67 0.01 22.07 HOLD 25,051 ‐1.64 35.97 SMGR IJ Equity 88,825 15.20 3.87 9.01 1.69 0.20 25.47 BUY 16,850 ‐15.26 48.99 SMBR IJ Equity 4,132 10.36 1.52 27.70 0.37 0.03 14.70 BUY 580 ‐ 23.76 SMCB IJ Equity 20,460 17.08 2.18 26.02 0.66 0.42 12.77 HOLD 2,700 ‐12.32 19.36 Average 49,659 14.55 2.75 18.02 1.10 0.16 18.75 ‐9.76 Telecommunication EXCL IJ Equity 38,575,897,814,840 15.80 29.39 2.53 1.86 1.08 7.20 HOLD 5,000 ‐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 2,800 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 3,819,168,000,000 30.00 27.00 5.57 0.90 0.10 32.00 BUY 2,500 106.05 49.00 Average 19.25 19.03 3.20 1.10 0.15 20.10 40.26 Automotive ASII IJ Equity 291,482 14.75 3.37 7.46 1.98 0.80 22.82 HOLD 7,600 ‐6.99 49.85 IMAS IJ Equity 13,177 18.34 2.39 60.96 0.30 1.67 14.95 HOLD 4,950 ‐3.66 10.46 Average 152,329 16.54 2.88 34.21 1.14 1.23 18.88 ‐5.32

Market EPS Growth PER PBV PEG DER (x) ROE (%) Rec TP (Rp/share) Total Return % of Free Capitalization 1 Year FY14F FY14F Ratio 1 Year in 2013 Float Shares

Construction

WIKA IJ Equity 14,127 19.93 3.94 24.34 0.82 0.41 19.78 HOLD 2,250 ‐17.42 34.65 ADHI IJ Equity 5,503 12.91 3.09 4.98 2.59 0.95 23.91 HOLD 2,925 ‐19.81 49.00 PTPP IJ Equity 8,959 17.33 4.07 23.57 0.74 0.77 23.48 BUY 2,150 7.54 42.84 WSKT IJ Equity 6,654 16.52 2.58 9.42 1.75 0.68 15.62 BUY 800 ‐32.80 32.08 TOTL IJ Equity 2,830 14.43 3.55 0.98 14.68 0.19 24.59 BUY 1,040 #N/A N/A 100.00 WTON IJ Equity 6,667 22.27 4.73 23.25 0.96 0.80 21.23 HOLD 875 ‐46.26 33.84 Average 7,457 17.23 3.66 14.42 3.59 0.63 21.44 15.87 Infrastructure PGAS IJ Equity 126,662 12.95 3.84 ‐0.27 ‐48.20 0.43 29.63 BUY 6,200 11.55 43.03 JSMR IJ Equity 40,460 24.38 3.96 24.19 1.01 1.43 16.26 HOLD 6,450 ‐11.56 29.99 Average 126,662 12.95 3.84 ‐0.27 ‐48.20 0.43 29.63 11.55 Oil & Gas MEDC IJ Equity 8,281 ‐78.92 30.80 0.71 ‐0.39 1.62 3.69 HOLD 1,835 60.63 49.14 ELSA IJ Equity 2,927 399.80 17.48 1.37 0.04 0.48 8.09 HOLD 242 132.82 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 9,746 6.78 1.57 64.04 0.11 0.89 23.16 HOLD 560 ‐52.64 49.71 APLN IJ Equity 5,535 5.85 0.87 11.05 0.53 0.95 14.83 HOLD 285 ‐43.37 29.93 BKSL IJ Equity 4,364 10.90 0.72 ‐36.00 ‐0.30 0.35 6.60 HOLD 210 ‐52.79 65.60 BSDE IJ Equity 28,385 13.86 2.54 ‐23.93 ‐0.58 0.40 18.34 HOLD 1,720 ‐28.69 39.88 CTRA IJ Equity 16,379 13.64 2.45 23.55 0.58 0.43 17.95 HOLD 1,100 ‐30.37 61.24 CTRP IJ Equity 4,520 12.04 1.10 ‐10.92 ‐1.10 0.51 9.17 HOLD 780 ‐49.64 43.75 CTRS IJ Equity 4,917 9.28 2.04 31.03 0.30 0.18 22.00 HOLD 2,800 ‐36.51 37.34 BEST IJ Equity 4,767 6.88 1.60 ‐7.00 ‐0.98 0.22 23.30 HOLD 520 ‐46.07 38.54 SSIA IJ Equity 3,341 4.88 1.29 ‐0.34 ‐14.18 0.55 26.34 HOLD 870 ‐57.23 72.16 MDLN IJ Equity 5,590 3.98 1.16 ‐42.69 ‐0.09 0.74 29.15 HOLD 435 ‐20.53 64.04 PWON IJ Equity 18,638 12.40 3.97 32.38 0.38 0.46 32.02 HOLD 410 ‐8.35 43.45 LPKR IJ Equity 23,539 15.10 2.02 26.89 0.56 0.61 13.34 HOLD 1,225 ‐43.89 82.12 SMRA IJ Equity 17,601 15.11 3.57 4.79 3.16 0.56 23.59 HOLD 1,250 ‐10.21 67.77 KIJA IJ Equity 4,950 7.57 0.96 547.87 0.01 0.65 12.62 HOLD 240 ‐39.25 80.03 Average 10,877 9.88 1.85 44.34 ‐0.83 0.54 19.46 ‐11.20

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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 FY14F FY14F Ratio 1 Year in 2013 Float Shares

Agriculture AALI IJ Equity 40,825,264,125,000 20.71 21.45 4.18 1.04 0.34 19.50 BUY 30,150 47.06 20.32 BWPT IJ Equity 6,013,779,803,750 16.71 33.09 2.97 1.98 2.07 8.97 BUY 1,570 2.84 37.15 LSIP IJ Equity 15,419,672,560,900 12.44 20.86 2.53 1.68 0.16 12.14 BUY 2,650 23.59 40.52 SGRO IJ Equity 4,025,700,000,000 1.39 37.95 1.66 27.30 0.80 4.38 HOLD 2,425 0.77 32.95 SIMP IJ Equity 14,630,086,750,000 6.48 29.71 0.87 4.58 0.70 3.38 BUY 1,050 ‐6.46 21.60 SMAR IJ Equity 19,818,134,225,400 11.41 15.95 2.14 1.40 1.22 13.44 BUY 7,850 19.91 2.80 Average 11.52 26.50 2.39 6.33 0.88 10.30 14.62 Metal ANTM IJ Equity 9,681,536,900,000 2.06 29.58 0.82 14.36 0.90 3.18 HOLD 1,300 ‐16.70 34.99 INCO IJ Equity 25,337,663,736,000 6.72 50.87 1.25 7.57 0.33 2.45 HOLD 2,610 ‐3.55 20.49 TINS IJ Equity 6,895,237,400,000 16.01 14.55 1.76 0.91 0.74 12.07 BUY 1,840 ‐3.29 35.00 Average 10.88 28.44 1.26 2.49 0.75 4.91 ‐7.85 Mining ADRO IJ Equity 30,226,734,090,000 6.68 11.88 0.86 1.78 0.75 7.27 HOLD 1,100 ‐38.62 40.92 HRUM IJ Equity 6,421,097,500,000 Not Rated ‐56.30 29.51 ITMG IJ Equity 30,733,960,000,000 6.61 12.06 2.74 1.82 0.42 22.70 HOLD 30,850 ‐28.99 34.99 PTBA IJ Equity 21,370,824,300,000 9.40 11.45 3.07 1.22 0.82 26.82 HOLD 10,300 ‐37.08 29.98 Average 7.56 11.80 2.22 1.61 0.66 18.93 ‐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 10,800 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 HOLD 1,300 4.01 29.25 GGRM IJ Equity 101,976,930,200,000 12.33 21.58 2.98 1.75 0.31 15.80 BUY 60,000 11.06 23.53 Average 16.91 28.95 9.76 1.81 0.52 31.22 27.81

Market EPS Growth PER PBV PEG DER (x) ROE (%) Rec TP (Rp/share) Total Return % of Free Capitalization 1 Year FY14F FY14F Ratio 1 Year in 2013 Float Shares

Pharmaceutical KLBF IJ Equity 75,700,795,343,450 10.67 32.65 8.65 2.12 0.03 26.30 BUY 1,745 29.77 43.37 KAEF IJ Equity 5,286,580,000,000 19.40 21.16 2.82 1.09 0.02 12.40 BUY 995 ‐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 1,222 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 68,215,680,000,000 17.55 20.72 6.74 1.18 BUY 4,000 ‐3.30 44.47 JPFA IJ Equity 16,417,205,281,400 13.58 14.54 3.19 1.07 1.81 35.88 BUY 1,740 1.32 42.49 MAIN IJ Equity 5,940,975,000,000 16.02 16.28 6.65 1.02 BUY 3,950 26.18 40.90 Average 15.72 17.18 5.53 1.09 1.81 35.88 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, Banking,} Telco, Cement, Airline

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

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

Thendra Crisnanda _{ext. 2098 thendra@bnisecurities.co.id} _Analyst _{Automotive, Heavy Equipment,} Property, Infrastructure, Oil and Gas

Yasmin Soulisa _{ext. 3987 yasmin@bnisecurities.co.id} Analyst _{Coal and Metal Mining, Plantation} Andri Zakarias _{ext. 2054 andri.zakarias@bnisecurities.co.id} Technical Analyst _{Market Strategy, Commodities,}

Currency, Bond & Stocks Ankga Adiwirasta _{ext. 3986 ankga.adiwirasta@bnisecurities.co.id Research Analyst} _{Consumer Goods, Pharmaceutical} Venia Allani Meissalina _{ext. 2050 venia@bnisecurities.co.id} _{Research Assistant}

Dessy Lapagu ext. 2051 dessy@bnisecurities.co.id Research Assistant Poultry

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}

Chandrawati _{ext. 3941 chandrawati@bnisecurities.co.id} _{Head of HO Retail} Yulinda ext. 3950 yulinda@bnisecurities.co.id Institutional Sales

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MAIN OFFICE ‐ JAKARTA

PT BNI SECURITIES

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@bnisecurities.co.id (General) Website: http://www.bnisecurities.co.id 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.