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 16,399.67 19.26 0.12 (1.07) 14.86 SPX Index 1,904.01 17.25 0.91 3.01 17.11 CCMP Index 4,316.07 57.636 1.35 3.34 73.74 IBOV Index 54,302.57 -1421.22 -2.55 5.43 16.04 EMEA UKX Index 6,267.07 -43.22 -0.68 (7.14) 15.65 CAC Index 3,991.24 -41.94 -1.04 (7.09) 24.48 RTSSTD Index 9,257.38 -53.39 -0.57 (9.04) 3.04 IBEX Index 9,915.20 -41.6 -0.42 (0.02) 19.59 FTSEMIB Index 18,540.10 -160.88 -0.86 (2.25) 164.61 AEX Index 384.40 -2.66 -0.69 (4.33) 19.32 SMI Index 8,283.31 33.21 0.40 0.98 19.23 Asia / Pacific NKY Index 15,062.19 -49.04 -0.32 (7.54) 19.64 HSI Index 23,070.26 47.05 0.20 (1.01) 10.05 SHCOMP Index 2,356.73 15.544 0.66 11.38 11.37 TWSE Index 8,663.14 150.26 1.77 0.60 15.02 KOSPI Index 1,911.78 -18.28 -0.95 (4.95) #N/A N/A JCI Index 5,040.53 11.586 0.23 17.93 19.79 SET Index 1,526.67 -2.04 -0.13 17.55 17.71 PCOMP Index 7,057.53 54.31 0.78 19.83 20.52 SENSEX Index 26,429.85 321.32 1.23 24.84 18.59 FSSTI Index 3,181.05 13.32 0.42 0.43 13.27 Sebelumnya %Prb 5,013.13 0.22 4,415.23 -5.06 7,341.40 -16.20 1,662.74 -11.74 (691,306.00) -210.03 Terakhir Sebelumnya %Prb 15,700.00 -2.10 6,639.00 -1.19 19,305.00 0.26 82.75 -0.05 3.25 2.15 64.53 -1.94 1,246.93 -0.03 737.50 0.00 2,142.00 -0.51 (*) WTI Cushing (**) McCloskey Newscatle Terakhir % Konversi (US$) Prb (Rp)

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

Telkom TLK US 47.07 1.69 13,840.71 2,845.00

*) per share

Volume Transaksi (Juta Saham) 4,192.00

Deskripsi Terakhir

Kapitalisasi Pasar (IDR Triliun) 5,024.32

Timah/Tins (US$/Ton) 19,355.00 Nilai Transaksi (IDR Juta) 6,152.00 Nilai/ saham (IDR) 1,467.56 Net Asing (IDR Juta) 760,617.50

Komoditas

Nikel/Nickel (US$/Ton) 15,370.00 Tembaga/Copper (US$/Ton) 6,560.00 Minyak/Oil (US$/BBL) (*) 82.71 Gas (US$/MMBTU) 3.32 Batu Bara/Coal (US$/Ton) (**) 63.30 Emas/Gold (USD/OZ) 1,246.52 CPO PALMROTT(USD/ton) 737.50 CPO MALAYSIA(RM/ton) 2,131.00

ADR Stocks Bloomberg _Code Terakhir _(Rp)

PERKIRAAN PASAR HARI INI

IHSG diperkirakan bergerak mixed dengan kecenderungan melemah

PERKEMBANGAN INDUSTRI / PERUSAHAAN

• PT Charoen Pokphand Indonesia (CPIN) memperoleh pinjaman US$ 350 juta. BUY. Analyst: Dessy Lapagu

No Stock Top Value (IDR)

1 BBRI IJ 488,139,456,512 2 TLKM IJ 481,179,369,472 3 ASII IJ 472,179,474,432 4 BMRI IJ 385,859,846,144 5 BBNI IJ 272,457,089,024

No Stock Top Volume (Shares)

1 TLKM IJ 168,034,000.00 2 LPKR IJ 153,565,900.00 3 BKSL IJ 148,674,500.00 4 ASRI IJ 137,169,100.00 5 ADRO IJ 124,940,700.00

No Top Gainers % change

1 TFCO IJ 18.46

2 INPP IJ 14.91

3 MPMX IJ 9.45

4 ICON IJ 9.2

5 PGLI IJ 9

No Top Losers % change

1 TMAS IJ -7.8

2 ADMF IJ -5.57

3 RIGS IJ -5

4 ZBRA IJ -5

5 GMTD IJ -4.76

No Leading Movers % change

1 BMRI IJ 2.02

2 TLKM IJ 1.43

3 EMTK IJ 8.59

4 INTP IJ 3.60

5 ASII IJ 0.76

No Lagging Movers % change

1 UNVR IJ -2.43 2 GGRM IJ -2.02 3 ICBP IJ -3.51 4 EXCL IJ -3.33 5 PGAS IJ -0.87 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 24-Feb 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

IHSG diperkirakan bergerak mixed dengan kecenderungan melemah

Perdagangan bursa US kemarin positif, Dow +0.12% ke level 16,399 Nasdaq +1.35% ke level 4,315 dan S&P500 +0.91% di level 1,904, didukung oleh laporan keuangan kuartalan di atas ekspektasi, salah satunya saham Apple. Pada kawasan Eropa indeks melemah, FTSE London ‐0.68% DAX Frankfurt ‐1.5% CAC Paris ‐1.04%. Pelaku pasar bereaksi terhadap laporan pendapatan perusahaan yang kurang menggembirakan. Sementara data harga produsen Jerman stagnan dibandingkan bulan sebelumnya, namun ‐1% YoY. Data transaksi berjalan zona euro menunjukkan surplus yang mulai berkurang menjadi 18,9 miliar Euro (US$24,1 miliar) per Agustus 2014 dibandingkan bulan Juli 21,3 miliar euro. Sementara di bursa Asia, indeks fluktuatif. Nikkei ‐0.59% HangSeng +0.2% dan Shanghai Index +0.66%. Investor menunggu data PDB dan output industri China. Perekonomian China diperkirakan tumbuh 7.2% pada Juli‐September. Untuk IHSG, senin menguat tipis +0.2% ke level 5,040 dengan net buy asing Rp760 miliar. Penguatan sektor dipimpin perdagangan +1.5% dan aneka industri +0.8%, sementara USD/IDR berada pada posisi Rp12,025. IHSG yang sempat menguat sepanjang perdagangan hingga +72 poin, melemah tipis pada sesi 2 akibat aksi profit taking dari para investor. Euforia pelantikan presiden & wakil presiden terpilih Joko Widodo dan Jusuf Kalla kemarin telah selesai. Saat ini pelaku pasar berfokus pada kabinet Indonesia Hebat yang diharapkan akan diumumkan minggu ini. Kinerja pemerintahan yang baru akan menjadi perhatian utama para investor terutama isu akan adanya kenaikan tingkat suku bunga dan inflasi akibat efek kenaikan harga BBM mendatang. IHSG pada hari ini diperkirakan akan diwarnai aksi profit taking. Fokus investor berikutnya adalah laporan penjualan rumah jadi US. Indeks hari ini diperkirakan akan bergerak pada rentang 4,990‐ 5,100. Saham pilihan BBCA TLKM UNTR SCMA MPPA BEST. Analyst: Dessy Lapagu ([email protected])

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

• PT Pakuwon Jati Tbk (PWON) ‐ Perseroan mencatatkan marketing sales hingga kuartal III‐2014 mencapai Rp 2 triliun atau sekitar 66,6% dari target akhir tahun senilai Rp 3 triliun. PWON memang hanya mematok target marketing sales yang sama dengan tahun lalu. Hingga saat ini, perolehan marketing sales PWON berasal dari penjualan kondominium di Jakarta dan Surabaya.

• PT Link Net (LINK) ‐ mengumumkan telah membukukan kenaikan pendapatan sebesar 28,2 persen hingga September 2014 mencapai Rp1,55 triliun dibandingkan periode yang sama tahun lalu Rp1,20 triliun atau meningkat Rp341,1 miliar.

• PT Bukit Uluwatu Villa Tbk (BUVA) ‐ telah melakukan pembelian kembali saham PT Dialog Mitra Sukses sehingga persentase kepemilikannya menjadi 49%.

• Dirut PT Semen Indonesia Dwi Soecipto belum tahu kabar dirinya masuk dalam calon kandidat menjadi Menteri Perindustrian (Menperin) untuk pemerintahan Jokowi. Tetapi, jika diminta dirinya siap menduduki kursi Menperin.

• PT Resources Alam Indonesia Tbk (KKGI) ‐siap mengembangkan bisnis di bidang kelistrikan dengan mengakuisisi PT Khatulistiwa Hidro Energi. PT Khatulistiwa Hidro Energi sendiri saat ini memegang 95% saham PT Bias Petrasia Persada yang bergerak di bidang hidro energi atau pembangkit listrik tenaga air (PLTA).

• PT Indomobil Sukses International Tbk (IMAS) ‐ belum memutuskan untuk meningkatkan kapasitas produksi motor perseroan tahun depan lantaran masih menunggu kebijakan kenaikan harga bahan bakar minyak bersubsidi.

• PT Delta Dunia Makmur Tbk (DOID) ‐ hingga kuartal III 2014 telah mencatat produksi batubara milik klien 23,3 juta ton atau turun 4,8% dibanding periode yang sama 2013 sebesar 24,5 juta ton. Realisasi produksi batubara milik klien Delta Dunia hingga September telah 77%‐80% dari proyeksi produksi hingga akhir 2014 yang mencapai 29 juta‐30 juta ton. Pada tahun lalu, Delta Dunia mencatat produksi batubara sebesar 32,3 juta ton.

• PT Batavia Prosperindo Finance Tbk (BPFI) ‐ berencana melakukan rights issue dengan melepas saham baru sebanyak 700 juta saham dengan harga Rp 500 per saham. Menurut direksi, dari hajatan ini perusahaan akan mendapatkan dana sebesar Rp 350 miliar. • Investasi pengembangan kota Ayodhya Tahap II capai Rp 1 Triliun. Dalam pengembangan tahap II proyek tersebut, Alam Sutera akan membangun empat menara apartemen. • Source : Investor Daily, Kontan, Indonesia Finance Today, Inilah, Viva News.

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P E R K E M B A N G A N I N D U S T R I / P E R U S A H A A N

PT Charoen Pokphand Indonesia (CPIN) memperoleh pinjaman US$ 350 juta Analyst: Dessy Lapagu ([email protected]) Berita:

PT Charoen Pokphand Indonesia Tbk (CPIN) mendapatkan pinjaman sindikasi perbankan dari tujuh bank yakni Citi Group, ANZ, Bank Central Asia (BCA), CIMB, DBS, Bank Mandiri, dan PT Sumitomo Mitsui Banking Corp. Pinjaman tersebut sejumlah US$350 juta atau sekitar Rp 4,27 triliun, dengan tenor 5 tahun.

Pandangan Analis

Sumber pendanaan baru ini diharapkan dapat menjadi booster terhadap rencana ekspansi CPIN dalam jangka panjang, selain digunakan untuk membayar kembali pinjaman sindikasi perbankan sebesar US$200 juta di tahun 2011 lalu. Dengan ekspor makanan olahan ke Jepang yang telah berjalan, CPIN diharapkan dapat memperluas pasarnya hingga ke Timur Tengah. Ekspor utama masih pada produk makanan olahan seperti nugget, sosis. Prosek industri pakan ternak yang masih terus bertumbuh menjadikan sektor ini masih menjanjikan. Saat ini CPIN diperdagangkan dengan PE 28x dan PBV 6x dengan rata‐rata industri PE 32x dan PBV 4x. Rekomendasi BUY dengan TP Rp4,570 per saham. Analyst: Dessy Lapagu ([email protected])

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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 12,850 1.11 50.83 BBNI IJ Equity 81,774,358,577,100 18.00 8.10 1.79 0.45 0.10 24.00 HOLD 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 89,270 9.33 15.54 3.43 1.67 0.01 22.07 HOLD 25,051 14.01 35.97 SMGR IJ Equity 96,684 9.01 15.20 3.87 1.69 0.20 25.47 BUY 16,850 5.63 48.99 SMBR IJ Equity 3,906 27.70 10.36 1.52 0.37 0.02 14.70 BUY 580 ‐6.13 23.76 SMCB IJ Equity 22,337 26.02 17.08 2.18 0.66 0.42 12.77 HOLD 2,700 14.12 19.36 Average 53,049 18.02 14.55 2.75 1.10 0.16 18.75 4.50 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 HOLD 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 17.96 45.11 IMAS IJ Equity 13,177 18.34 2.39 60.96 0.30 1.67 14.95 HOLD 4,950 ‐22.48 10.46 Average 152,329 16.54 2.88 34.21 1.14 1.23 18.88 ‐2.26

Construction

WIKA IJ Equity 16,172 24.34 19.93 3.94 0.82 0.41 19.78 HOLD 2,950 27.72 34.73 ADHI IJ Equity 5,503 4.98 12.91 3.09 2.59 0.95 23.91 BUY 3,650 1.38 49.00 PTPP IJ Equity 11,041 23.57 17.33 4.07 0.74 0.77 23.48 BUY 2,650 56.30 42.84 WSKT IJ Equity 7,926 9.42 16.52 2.58 1.75 0.68 15.62 HOLD 865 3.41 32.24 TOTL IJ Equity 2,711 0.98 14.43 3.55 14.68 0.12 24.59 HOLD 860 #N/A N/A 100.00 WTON IJ Equity 7,713 23.25 22.27 4.73 0.96 0.80 21.23 HOLD 1,125 ‐16.94 33.84 Average 8,511 14.42 17.23 3.66 3.59 0.62 21.44 14.37 Infrastructure PGAS IJ Equity 139,389 ‐7.00 14.74 4.30 ‐2.11 0.40 29.16 BUY 6,550 4.43 43.03 JSMR IJ Equity 41,820 20.70 25.93 4.11 1.25 1.23 15.84 BUY 7,200 7.35 29.99 Average 90,604 6.85 20.34 4.20 ‐0.43 0.82 22.50 4.43 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 10,512 64.04 6.78 1.57 0.11 0.89 23.16 HOLD 560 ‐23.80 48.19 APLN IJ Equity 6,991 11.05 5.85 0.87 0.53 0.95 14.83 HOLD 285 6.50 29.93 BKSL IJ Equity 3,956 ‐36.00 10.90 0.72 ‐0.30 0.35 6.60 HOLD 210 ‐47.76 65.60 BSDE IJ Equity 29,211 ‐23.93 13.86 2.54 ‐0.58 0.40 18.34 BUY 1,820 4.21 39.88 CTRA IJ Equity 18,426 23.55 13.64 2.45 0.58 0.43 17.95 HOLD 1,100 9.43 61.28 CTRP IJ Equity 4,828 ‐10.92 12.04 1.10 ‐1.10 0.51 9.17 HOLD 780 ‐10.16 43.75 CTRS IJ Equity 4,828 31.03 9.28 2.04 0.30 0.18 22.00 BUY 2,800 ‐6.07 37.34 BEST IJ Equity 5,441 ‐7.00 6.88 1.60 ‐0.98 0.22 23.30 HOLD 520 ‐4.57 38.54 SSIA IJ Equity 3,482 ‐0.34 4.88 1.29 ‐14.18 0.55 26.34 HOLD 870 ‐17.93 69.28 MDLN IJ Equity 5,402 ‐42.69 3.98 1.16 ‐0.09 0.74 29.15 HOLD 435 3.81 63.09 PWON IJ Equity 19,553 32.38 12.40 3.97 0.38 0.46 32.02 HOLD 410 4.54 43.45 LPKR IJ Equity 26,539 26.89 15.10 2.02 0.56 0.61 13.34 BUY 1,225 ‐11.33 82.12 SMRA IJ Equity 18,755 4.79 15.11 3.57 3.16 0.56 23.59 BUY 1,650 37.91 67.77 KIJA IJ Equity 5,200 547.87 7.57 0.96 0.01 0.13 12.62 HOLD 240 ‐15.52 80.04 Average 11,652 44.34 9.88 1.85 ‐0.83 0.50 19.46 ‐5.05

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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 31.17 17.02 3.55 0.55 0.34 20.84 BUY 30,625 47.06 20.32 BWPT IJ Equity 6,013,779,803,750 16.71 21.81 1.96 1.31 2.07 8.97 BUY 1,620 2.84 37.15 LSIP IJ Equity 15,419,672,560,900 9.70 15.37 1.82 1.58 0.16 11.88 BUY 2,180 23.59 40.52 SGRO IJ Equity 4,025,700,000,000 5.13 31.39 1.42 6.12 0.80 4.54 HOLD 2,270 0.77 32.95 SIMP IJ Equity 14,630,086,750,000 6.48 24.05 0.81 3.71 0.70 3.38 BUY 985 ‐6.46 21.60 SMAR IJ Equity 19,818,134,225,400 92.95 11.00 2.86 0.12 2.38 25.96 BUY 7,450 19.91 2.80 Average 27.02 20.11 2.07 2.23 1.08 12.60 14.62 Metal ANTM IJ Equity 9,681,536,900,000 ‐55.71 63.19 0.89 ‐1.13 0.79 1.41 BUY 1,360 ‐16.70 34.99 INCO IJ Equity 25,337,663,736,000 197.27 29.10 1.90 0.15 0.33 6.55 BUY 4,630 ‐3.55 20.49 TINS IJ Equity 6,895,237,400,000 16.01 11.43 1.38 0.71 0.74 12.07 BUY 1,695 ‐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 50.59 10.06 1.00 0.20 0.73 9.96 HOLD 1,230 ‐38.62 40.92 HRUM IJ Equity 5,704,638,200,000 ‐38.53 19.97 1.28 ‐0.52 0.16 6.41 HOLD 2,340 ‐56.30 29.51 ITMG IJ Equity 29,858,268,125,000 15.28 10.35 2.50 0.68 0.41 24.10 HOLD 30,850 ‐28.99 34.99 PTBA IJ Equity 25,633,466,831,250 9.40 15.12 4.06 1.61 0.74 24.36 HOLD 12,000 ‐37.08 29.98 Average 9.19 13.88 2.21 0.49 0.51 16.21 ‐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 1,450 4.01 29.25 GGRM IJ Equity 101,976,930,200,000 12.33 21.58 2.98 1.75 0.31 15.80 BUY 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 10.67 32.65 8.65 2.12 0.03 26.30 HOLD 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 HOLD 1,200 ‐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 4,570 ‐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 4,000 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 : [email protected]

Norico Gaman ext. 3934 [email protected] Head of Research _{Investment Strategy, Banking,}

Telco, Cement, Airline Heru Irvansyah _{ext. 2030 [email protected]} _Economist

I Made Adi Saputra _{ext. 3968 [email protected]} _{Fixed Income Analyst}

Thendra Crisnanda _{ext. 2098 [email protected]} _Analyst _{Automotive, Heavy Equipment,}

Property, Infrastructure, Oil and Gas

Yasmin Soulisa _{ext. 3987 [email protected]} Analyst _{Coal and Metal Mining, Plantation}

Andri Zakarias _{ext. 2054 [email protected]} Technical Analyst _{Market Strategy, Commodities,} Currency, Bond & Stocks

Ankga Adiwirasta _{ext. 3986 [email protected] Research Analyst} _{Consumer Goods, Pharmaceutical} Venia Allani Meissalina _{ext. 2050 [email protected]} _{Research Assistant}

Dessy Lapagu ext. 2051 [email protected] Research Assistant Poultry

EQUITY TEAM

CM : +62 21 25543946

Fax No : +62 21 57935831

Norico Gaman _{ext. 3934 [email protected]} Equity Division Head (PJS)

Jufrani Amsal _{ext. 3957 [email protected]} Channel Distribution Division Head

Entis Sutisman _{ext. 3945 [email protected]} _{Head of Local Institution}

Chandrawati _{ext. 3941 [email protected]} _{Head of HO Retail}

Yulinda ext. 3950 [email protected] 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: [email protected] (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: [email protected] 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: [email protected] JAKARTA ‐ Puri Indah Gedung Bank BNI Ruko Grand Puri Niaga Puri Kencana Blok K 6 No. 2J‐2K Puri Kembangan, Jakarta Barat Phone: (62‐21) 58357464 Fax: (62‐21) 58357465 e‐mail: [email protected] 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: [email protected] JAKARTA – Wisma Bumiputera Wisma Bumiputera Lt. 6 Jl. Jend. Sudirman Kav. 75, Jakarta 12910 Phone: (62‐21) 2523349 Fax: (62‐21) 2523350 e‐mail: [email protected] BANDUNG Jl. Perintis Kemerdekaan 3 Bandung ‐ 40117 Phone: (62‐22) 4213375 Fax: (62‐22) 4220604 e‐mail: [email protected] YOGYAKARTA Jl. Laksda Adisucipto 137, Yogyakarta ‐ 55282 Phone: (62‐274) 581001‐584032 Fax: (62‐274) 584023 e‐mail: [email protected] SOLO Jl. Honggo Wongso No. 24, Surakarta Phone: (62‐271) 729667, 730525 Fax: (62‐271) 729668 e‐mail: [email protected] SURABAYA Jl. Gubernur Suryo No. 36, Surabaya Phone: (62‐31) 5320912 Fax: (62‐31) 5318425 e‐mail: [email protected] MALANG Jl. Buring No. 58, Malang Phone: (62‐341) 321214,321213,321430 Fax: (62‐341) 356876 e‐mail: [email protected] DENPASAR Komplek Pertokoan Diponegoro Megah Blok A5‐6 Lt. 2 Jl. Diponegoro No. 100, Denpasar ‐ Bali Phone: (62‐361) 264376, 2753389 Fax: (62‐361) 229170 e‐mail: [email protected] MEDAN Jl. Pemuda No. 12, Medan ‐ 20151 Phone: (62‐61) 4579616 Fax: (62‐61) 4579656 e‐mail: [email protected] PALEMBANG Jl. Jend. Sudirman 132, Palembang ‐ 30126 Phone: (62‐711) 361969 Fax: (62‐711) 319663 e‐mail: [email protected] PEKANBARU Jl. Riau, No. 124, Lt. 2, Pekanbaru Phone: (62‐761) 46757, 839698 Fax: (62‐761) 856279 e‐mail: [email protected] 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: [email protected] 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: [email protected] 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.