Daily Insight. Market Update. your reliable partner. Wednesday, Nov 9 th 2016

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Daily Insight

Wednesday, Nov 9

th

₂₀₁₆

IHSG

diprediksi

akan

bergerak

melanjutkan

penguatannya pada perdagangan hari ini. Pasar

saham Eropa dan Amerika ditutup naik kemarin

menjelang keputusan akhir pemenang Pemilu AS

dimana dari hasil survei sementara menunjukkan

Hillary Clinton lebih unggul dibanding pesaingnya.

Hal tersebut juga membuat harga minyak naik hampir

2%. Inggris mengalami pertumbuhan di kuartal III ini.

Pasar saham Jepang, Korea dan Australia dibuka

menguat pagi ini. Inflasi Tiongkok meningkat sesuai

estimasi.

Dari dalam negeri, BI mengimplementasikan media

transaksi lelang SWAP secara otomatis yang berlaku

efektif mulai 8 November 2016. Retail sales bulan

September diperkirakan meningkat.

Pergerakan IHSG sangat optimis hingga mampu break

out batasan atas atau resistance bearish trend hingga

menyentuh upper bollinger bands secara teknikal

analisis. Indikator stochastic dan RSI berbalik

mendapakan dorongan penguatan hingga kembali

pada area middle oscillator menuju titik jenuh beli.

Diperkirakan IHSG akan mencoba mengkonfirmasikan

pergerakan break out bearish trend dan MA25 hingga

menuji harga tertinggi di tahun ini dengan range

pergerakan 5375-5500. Saham yang masih dapat

menjadi fokus diantaranya ASII, SARI, BBCA, BSDE,

INDF, MNCN, SMGR, SMRA, LPPF, MMPA, UNVR.

Market Update

Global Market

_{Dow Jones}

_18,332.74

8-Nov-16

Daily

_2.5%

Yt d

_5.2%

S&P 500

2,139.56

2.6%

4.7%

Nasdaq

5,193.49

2.9%

3.7%

FTSE 100

6,843.13

2.2%

9.6%

DAX

10,482.32

2.2%

-2.4%

CAC 40

4,476.89

2.3%

-3.5%

Hang Seng

22,909.47

1.2%

4.5%

Nikkei

17,171.38

1.6%

-9.8%

Kospi

2,003.38

1.1%

2.1%

Shanghai Comp

3,147.89

0.7%

-11.1%

All Ordinaries

3,713.78

2.0%

7.8%

EIDO

26.67 4.8%

27.8%

Idn CDS 5yr USD

153.00 -3.2%

-33.5%

MSCI Emerging Mkt

902.45 2.5%

13.6%

CBOE SPX Volatility

18.74 -16.7%

2.9%

US Dollar Index

97.86 0.8%

-0.8%

Commodit ies (USD)

8-Nov-16

Daily

Yt d

Coal

101.90 -4.5% 123.2%

CPO (MYR)

2,854.00

3.7%

19.0%

Crude Oil

44.98 2.1%

21.4%

Gold

1,275.68

-2.3%

20.2%

Copper

238.00 5.1%

11.5%

Nickel

11,218.50

7.7%

27.7%

Tin

21,630.00

1.0%

48.2%

HRC Steel

492.00 0.0%

25.8%

Corn

354.25 1.6%

-1.3%

Soybean

1,001.75

2.1%

15.0%

Indonesia

8-Nov-16

Daily

Yt d

USDIDR

13,084.00

0.1%

-5.1%

IHSG

5,470.68

2.0%

19.1%

LQ45

934.85 2.3%

18.0%

ISSI

180.19 2.1%

24.2%

JII

740.90 2.2%

22.8%

Finance

821.18 2.1%

19.5%

Property

554.77 1.3%

13.0%

Consumer

2,503.12

2.1%

21.2%

Misc Indust

1,390.86

2.7%

31.6%

Basic Indust

544.25 1.7%

33.4%

Mining

1,390.75

2.3%

71.5%

Agriculture

1,770.39

1.5%

3.0%

Trading

862.95 1.7%

1.6%

Infrastructure

357.96 2.8%

12.8%

Indonesia St ock

8-Nov-16

Yt d

Foreign Net Buy (Sell)

145.65 31,235.77

(bn Rp)

Value Shares Traded

6,353.70

(bn Rp)

Volume Shares Traded 10,057.93

(mn shares)

Govt Bond Yield (%)

8-Nov-16

Chg

Indonesia 10yr IDR

7.252

0.082 Indonesia 10yr USD

3.521

0.095 US Treasury 10yr

1.880 (0.090)

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Berita Ekonomi dan Emiten:

Aneka Tambang (ANTM): membentuk aliansi strategi dengan Newcrest Mining Limited (Newcrest) dalam eksplorasi emas

dan deposito tembaga di beberapa wilayah Indonesia. (Ko.id)

Dian Swastatika Sentosa (DSSA): melakukan peningkatan modal di PT Buana Mas Sejahtera lewat salah satu anak

perusahaannya. Perseroan meningkatkan modal dasar dari semula Rp 20 miliar yang terbagi atas 20.000 lembar menjadi Rp

50 miliar yang terbagi atas 50.000 lembar saham. (Iqp)

Mayora Indah (MYOR): segera meresmikan pabrik produk air minum dalam kemasan senilai Rp 500 miliar – Rp 700 miliar

pada Desember 2016. Perseroan menargetkan pangsa pasar yang naik 5x lipat untuk produk air minum dalam kemasan dari

produksi Le Minerale menjadi 30-40%. (Iqp)

Bukit Uluwatu Villa (BUVA): mengantongi dana segar hasil penerbitan saham melalui private placement sebesar Rp 180,19

miliar. Perseroan menjual 309,60 juta saham baru atau setara 9,09% dari modal ditempatkan dan disetor penuh kepada NV III

Holdings Limited dan Shinhan Investment Corp. Dana tersebut akan digunakan untuk pembelian lahan dan pengembangan

usaha di daerah Ubud atau Uluwatu serta modal kerja. (Ko.id)

Samudera Indonesia (SMDR): akan membangun dua galangan kapal. Satu galangan kapal akan dibuat bersama dengan mitra

bisnis lewat skema joint venture alias usaha patungan, dan mitra kerjasama perseroan tersebut adalah dua perusahaan asal

Jepang, yakni Tsuneishi Shipbuilding dan Mitsui Co. Ltd. Saat ini proses negosiasi bisnis dengan kedua mitra bisnis masih

berlangsung.(Br.com)

Kresna Graha (KREN): pada 31 Oktober 2016 membentuk anak usaha bernama Raffles Global Ventures Pte Ltd. yang

berbadan hukum Singapura. Kresna memiliki 45% saham di perusahaan tersebut. Kresna Graha juga membentuk dua anak

usaha berbadan hukum Singapura, yakni Pacifica Growth Investments Pte Ltd dan Queenstown Growth Investments Pte Ltd.

KREN menguasai 100% saham dua perusahaan investasi tersebut. (Br.com)

8-Nov-16

Daily

Yt d

P/E 2017E

Misc Indust

ASII IJ Equity

8,375

3.1%

39.6%

16.2 SMSM IJ Equity

1,100

3.8% -76.9%

3.0 SRIL IJ Equity

260 -5.1% -33.2%

5.4 Basic Indust

SMGR IJ Equity

9,400

1.3% -17.5%

9.9 INTP IJ Equity

16,125

0.2% -27.8%

11.6 CPIN IJ Equity

3,620

0.0%

39.2%

18.5 JPFA IJ Equity

1,935

1.3% 204.7%

27.0 Finance

BBTN IJ Equity

1,920

2.7%

48.3%

7.6 BBNI IJ Equity

5,725

2.2%

14.7%

8.2 BBRI IJ Equity

12,875

3.8%

12.7%

10.6 Consumer

UNVR IJ Equity

44,375

0.9%

19.9%

46.3 KAEF IJ Equity

2,410

-2.4% 177.0%

43.7 INDF IJ Equity

8,375

2.4%

61.8%

16.3 Property

WSKT IJ Equity

2,490

-0.8%

49.1%

21.3 PTPP IJ Equity

4,040

1.5%

4.3%

16.7 CTRA IJ Equity

1,630

8.3%

12.3%

15.0 SMRA IJ Equity

1,470

2.4% -10.9%

13.4 Infrastructure

TLKM IJ Equity

4,280

3.1%

37.8%

20.8 JSMR IJ Equity

4,520

0.7% -13.5%

17.4 Trading

MLPL IJ Equity

366 2.2%

42.4%

16.9 MAPI IJ Equity

5,675

4.1%

49.5%

22.9 Mining

ELSA IJ Equity

452 3.7%

83.0%

14.7 PTBA IJ Equity

12,875

3.2% 184.5%

17.3 Agriculture

AALI IJ Equity

15,325

3.7%

1.5%

12.3 LSIP IJ Equity

1,490

5.7%

12.9%

12.1 SIMP IJ Equity

498 1.6%

50.0%

10.2 SGRO IJ Equity

1,910

-0.3%

12.4%

8.5 LS 27 average ret urn

2.0% 36.2%

JCI Index

5,471

2.0% 19.1%

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World Economic Calendar

RUPS

Ticker Dat e Place Act ion

PWON 10-Nov-16 Four Points By Sheraton Surabaya Hotel RUPSLB

BJBR 10-Nov-16 RUPSLB

CENT 11-Nov-16 Mercure Convention Center RUPSLB PBRX 11-Nov-16 Financial Hall, Graha CIMB Niaga RUPSLB DOID 15-Nov-16 Marquee Executive Office RUPSLB BTEK 16-Nov-16 Ruang Seminar Bursa Efek Indonesia RUPSLB

JASS 17-Nov-16 RUPSLB

CITA 17-Nov-16 Le Meridien Hotel Jakarta RUPSLB

BKSW 18-Nov-16 RUPSLB

BVIC 18-Nov-16 RUPSLB

HMSP 18-Nov-16 Ruang Seminar Bursa Efek Indonesia RUPSLB HOME 22-Nov-16 Belleza Gapura Prima Office Tow er RUPSLB BKSL 22-Nov-16 Ruang Anggrek Hotel Neo Green RUPSLB KIAS 22-Nov-16 Kantor Perseroan RUPSLB IATA 24-Nov-16 Ruang Meeting MNC Financial Center Lt 13 RUPSLB

CTBN 24-Nov-16 RUPSLB

SPMA 24-Nov-16 Kantor Perseroan RUPSLB

Source: KSEI

Event Period Prior Survey Actual

08-Nov-16 CN Exports (YoY) Oct -10% -6%

Trade Balance U SD Oct $41.989B $51.700B

Trade Balance CNY Oct 278.4B

Imports (YoY) Oct -1.90% -1.00%

FDI - Foreign Direct Investment (YTD) (YoY) Oct 4.20%

GE Imports (MoM) Sep 3.00% -0.30%

Current Account n.s.a. Sep €17.9B

Trade Balance s.a. Sep €22.2B €22.4B

Exports (MoM) Sep 5.40% -0.80%

09-Nov-16 CN FDI - Foreign Direct Investment (YTD) (YoY) Oct 4.20%

Producer Price Index (YoY) Oct 0.10% 0.80% Consumer Price Index (YoY) Oct 0.70% 0.00% Consumer Price Index (MoM) Oct 1.90% 2.10% JP Eco Watchers Survey: Current Oct 44.8

Eco Watchers Survey: Outlook Oct 48.5

Source:Fxstreet

Indonesia 10yr IDR Govt Bond Yield Date Yield (mid)

8-Nov-16 7.43 7-Nov-16 7.42 4-Nov-16 7.40 3-Nov-16 7.36 2-Nov-16 7.35

Dat e Indo nesia St ock Yt d Net Foreign Net Value (Rp bn) JASXFBAT Index Buy (Sell) (Rp bn)

8-Nov-16 145.65 31,151.57 7-Nov-16 (1,078.01)

4-Nov-16 (912.71) 3-Nov-16 170.17

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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

103.43

6.71

8.30 12/10/2016

3/10/2016

102.16

6.55

8.25 11/11/2016

3/11/2015

100.90

5.89

8.75 12/5/2016

3/5/2014

100.00

6.60

6.60 11/15/2016

10/26/2016

104.43

6.55

9.00 11/15/2016

10/21/2015

102.00

6.28

8.50 11/15/2016

10/22/2014

108.67

7.74

8.75 11/15/2016

8/6/2015

103.87

7.86

8.25 11/15/2016

7/9/2015

110.55

7.66

9.00 3/15/2017

9/12/2013

106.04

7.30

8.38 3/15/2017

8/29/2013

102.24

6.85

7.88 4/15/2017

8/29/2013

104.52

7.89

8.38 3/15/2017

8/1/2013

108.00

8.02

8.75 2/15/2017

7/18/2013

97.91

6.72

5.25 11/15/2016

10/25/2012

89.13

7.81

6.63 11/15/2016

8/30/2012

89.07

7.56

6.13 11/15/2016

8/13/2012

91.72

7.24

5.63 11/15/2016

8/13/2012

80.71

8.19

6.38 4/15/2017

2/9/2012

99.90

7.02

7.00 11/15/2016

10/6/2011

99.78

6.74

6.25 4/15/2017

10/6/2011

97.42

7.36

7.00 11/15/2016

9/15/2011

104.05

7.79

8.25 12/15/2016

7/21/2011

114.32

8.14

9.50 11/15/2016

4/21/2011

107.21

7.33

8.38 3/15/2017

9/23/2010

114.74

7.79

9.50 1/15/2017

7/22/2010

104.88

7.00

8.25 1/15/2017

7/8/2010

122.94

7.76

10.50 2/15/2017

8/20/2009

125.83

7.97

10.50 1/15/2017

1/24/2008

104.11

6.59

9.00 3/15/2017

9/27/2007

118.56

7.52

10.00 2/15/2017

8/30/2007

111.36

7.32

9.50 1/15/2017

7/19/2007

117.51

8.00

9.75 11/15/2016

5/24/2007

115.23

7.40

10.00 3/15/2017

4/19/2007

114.19

7.16

10.25 1/15/2017

2/22/2007

119.82

7.51

10.25 1/15/2017

1/25/2007

122.66

7.45

11.00 3/15/2017

9/21/2006

123.26

7.32

11.75 2/15/2017

8/24/2006

107.97

6.72

11.60 2/15/2017

8/24/2006

131.24

7.46

12.00 3/15/2017

5/18/2006

111.76

6.87

11.50 3/15/2017

4/20/2006

126.28

7.12

12.90 12/15/2016

2/16/2006

122.52

6.98

12.80 12/15/2016

1/26/2006

112.95

6.70

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 (%)

24.01 AALI 15,325.00 2.17 16.11 2.14 1.82 7.37 11.98 BWPT 200.00 3.63 #N/A N/A 2.85 1.01 (2.38) (6.22) SSMS 1,475.00 0.68 25.05 5.92 4.63 8.14 19.36 LS IP 1,490.00 2.41 24.01 2.72 1.38 4.79 5.88 DSNG 398.00 (0.50) 24.09 1.12 1.74 2.21 7.57 21.92 ADRO 1,630.00 (3.26) 21.92 1.69 1.31 2.94 6.10

INCO 3,000.00 5.26 #N/A N/A 3.91 1.25 (0.37) (0.46)

ITMG 16,500.00 2.07 31.67 1.04 1.63 3.52 4.80 PTBA 12,875.00 (1.34) 17.62 2.10 2.87 9.47 16.78 30.01 AIS A 2,010.00 - 16.88 1.01 1.79 4.68 11.19 UNVR 44,375.00 0.85 52.73 8.67 53.38 39.22 106.11 ULTJ 4,850.00 2.11 20.81 3.06 4.21 18.22 22.49 ICBP 9,575.00 3.23 32.95 3.27 6.66 12.50 21.47 KLBF 1,710.00 1.18 36.30 4.19 7.09 15.80 20.70 MYOR 1,500.00 (0.33) 30.01 2.03 5.92 9.68 21.76 ROTI 1,600.00 - 28.76 3.32 6.06 10.50 22.95 SIDO 560.00 1.82 19.11 3.77 3.19 15.58 16.75 23.97 ACES 865.00 (0.57) 21.95 3.05 5.20 20.43 25.30 AKRA 7,000.00 4.09 28.34 1.77 4.25 6.22 15.65 LPPF 16,500.00 4.27 23.97 4.95 - 54.40 -SRTG 3,450.00 - 1.55 1.47 0.51 29.20 41.05 MIKA 2,780.00 (2.11) 71.28 18.74 12.66 19.25 23.12 MNCN 1,950.00 2.63 13.79 4.10 2.94 13.61 22.48 UNTR 22,950.00 3.03 60.76 1.90 2.22 2.14 3.58 18.99 APLN 274.00 0.74 6.10 0.86 0.73 3.51 12.85 ASRI 426.00 0.47 7.01 3.32 1.16 6.44 18.13 PWON 720.00 - 24.65 7.38 4.18 7.19 18.65 BSDE 2,120.00 2.42 26.22 7.05 2.05 4.31 8.18 CTRP 770.00 0.65 13.71 2.53 1.03 3.54 7.76 CTRA 1,630.00 4.15 24.60 3.84 2.87 3.15 9.93 CTRS 3,100.00 2.31 14.38 3.32 1.95 6.62 14.37 DILD 560.00 0.90 14.60 2.52 1.19 3.69 8.41 KIJA 296.00 - 9.80 2.19 1.22 6.31 13.21 LPKR 890.00 - 78.56 2.23 1.18 0.62 1.48 SMRA 1,470.00 1.38 68.95 4.47 3.52 0.56 1.76 SSIA 560.00 (0.88) 18.99 0.59 0.89 2.16 4.74 ADHI 2,180.00 0.46 16.84 0.71 1.50 2.87 12.89 WIKA 2,640.00 (0.38) 25.49 1.09 3.51 3.20 14.46 WSKT 2,490.00 (0.40) 19.24 1.61 3.29 4.30 16.91 LPCK 5,950.00 1.28 6.53 2.32 1.01 11.96 17.08 MDLN 364.00 - 7.61 1.96 0.75 4.65 10.36 JRPT 830.00 - 12.17 4.98 2.52 12.01 22.44 13.85 CPIN 3,620.00 2.55 19.31 1.65 4.07 12.74 23.24 INTP 16,125.00 1.26 13.85 3.65 2.33 15.90 17.76 MAIN 1,615.00 (0.31) - 0.68 2.10 4.93 13.91 SMBR 2,040.00 3.29 75.60 13.64 6.64 7.46 8.98 SMCB 940.00 - #N/A N/A 0.75 0.88 2.05 4.81 SMGR 9,400.00 1.08 13.12 2.07 2.04 11.05 16.16 20.18 ASII 8,375.00 1.82 24.66 1.90 3.21 5.44 13.34 AUTO 2,210.00 - 25.10 0.84 1.15 2.89 4.62 SMSM 1,100.00 - 15.70 2.26 4.71 18.00 31.13 SRIL 260.00 (3.70) 5.99 0.56 1.20 7.72 21.69 12.08 BBCA 15,500.00 0.65 19.32 6.03 3.50 3.18 20.27 BBNI 5,725.00 2.69 9.88 2.04 1.26 2.10 14.72 BBRI 12,875.00 3.41 12.16 2.87 2.24 2.99 20.91 BBTN 1,920.00 2.40 9.05 1.16 1.12 1.24 14.37 BDMN 3,800.00 1.06 12.08 1.40 1.02 1.63 8.67 BMRI 11,575.00 1.76 15.20 2.75 1.80 1.89 13.60 BTPN 2,880.00 - 9.76 1.19 1.07 2.08 12.02 BBKP 660.00 0.76 5.82 0.59 0.67 1.13 12.80 BJTM 515.00 - 7.51 1.48 1.10 2.00 15.61 BJBR 1,550.00 2.31 8.93 1.32 1.56 1.70 19.96 13.68 CMNP 1,660.00 2.47 8.55 1.81 1.03 8.29 12.79 EXCL 2,510.00 10.57 - 1.07 1.28 1.13 3.71 TBIG 5,850.00 - 15.52 7.33 12.62 7.39 55.41 SOCI 414.00 - 5.45 1.57 0.80 8.57 15.86 JSMR 4,520.00 0.67 16.99 2.15 2.71 4.78 17.24 PGAS 2,490.00 0.40 13.68 1.49 1.48 5.22 11.21 TLKM 4,280.00 3.13 22.56 3.73 5.07 11.12 24.19 TOWR 3,730.00 (1.84) 9.98 8.01 4.23 16.97 53.80 To p Gainers (%) 1 2 3 4 5

EXCL INCO LPPF CTRA AKRA

To p Lo ssers (%) 70 69 68 67 65

SRIL ADRO MIKA TOWR SSIA

Lo west PER 70 69 68 67 66

BBKP SRIL APLN LPCK ASRI

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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F. +62 21 5387494

Jakarta – Centro

Ruko Centro Residence Kav. 4-5

Tower C Lt. 1 No. 26-29

Jl. Macan, Daan Mogot

Jakarta 14450

T. +62 21 56945227

F. +62 21 56945226

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

F. +62 761 849456

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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IDX CORNER & INVESTMENT GALLERY

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

F. +62 561 766840

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

F. +62 271 853084

Universitas Surabaya

Jl. Raya Kalirungkut

Surabaya 60293

T. +62 31 298 1203

F. +62 31 298 1204

Universitas Muhammadiyah

Gresik

Jl. Sumatra 101 GKB

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

F. +62 341 460782

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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