L A P O R A N H A R I A N

(1)

RISET

Penutupan Prb %Prb %Ytd P/E

Americas INDU Index 17,823.07 -160 -0.89 - 15.92 SPX Index 2,058.90 -21.45 -1.03 - 18.22 CCMP Index 4,736.05 -41.385 -0.87 0.00 42.06 IBOV Index 50,007.41 -586.41 -1.16 - 16.32 EMEA UKX Index 6,566.09 19.09 0.29 - 18.78 CAC Index 4,272.75 27.21 0.64 - 25.55 RTSSTD Index 9,298.92 -280.34 -2.93 - 3.74 IBEX Index 10,279.50 0.3 0.00 - 21.63 FTSEMIB Index 19,011.96 -118.06 -0.62 - #N/A N/A AEX Index 424.47 2.88 0.68 - 21.36 SMI Index 8,983.37 -51.18 -0.57 - 20.42 Asia / Pacific NKY Index 17,450.77 -279.07 -1.57 - 21.39 HSI Index 23,605.04 103.94 0.44 - 9.98 SHCOMP Index 3,234.68 68.863 2.18 (0.00) 15.45 TWSE Index 9,307.26 38.83 0.42 - 15.39 KOSPI Index 1,916.12 0.53 0.03 0.03 28.43 JCI Index 5,226.95 48.574 0.94 - 20.96 SET Index 1,497.67 -0.55 -0.04 - 9.79 PCOMP Index 7,230.57 44.25 0.62 - 20.83 SENSEX Index 27,507.54 8.12 0.03 0.03 19.27 FSSTI Index 3,365.15 -0.96 -0.03 - 13.65 Sebelumnya %Prb 5,179.39 0.94 3,245.89 #VALUE! 3,044.08 #VALUE! 937.83 #VALUE! (83,880.25) -3,074.72 Terakhir Sebelumnya %Prb 15,075.00 0.50 6,325.00 -0.40 19,365.00 0.18 54.12 -1.57 4.55 -17.36 61.78 1.54 1,181.98 0.43 740.00 -5.07 2,284.00 -0.79 (*) WTI Cushing (**) McCloskey Newscatle Terakhir % Konversi (US$) Prb (Rp)

Saham Kode Last (US$) %Change Conv (Rp) Last (Rp) Telkom TLK US #N/A -0.35 14,026.95 #N/A

ADR Stocks Bloomberg _Code Terakhir

(Rp) Emas/Gold (USD/OZ) 1,187.08 CPO PALMROTT(USD/ton) 702.50 CPO MALAYSIA(RM/ton) 2,266.00 Minyak/Oil (US$/BBL) (*) 53.27 Gas (US$/MMBTU) 3.76 Batu Bara/Coal (US$/Ton) (**) 62.75 Timah/Tins (US$/Ton) 19,400.00 Nilai Transaksi (IDR Juta) #N/A N/A

Nilai/ saham (IDR) #VALUE!

Net Asing (IDR Juta) 2,495,203.75

Komoditas

Nikel/Nickel (US$/Ton) 15,150.00 Tembaga/Copper (US$/Ton) 6,300.00 Volume Transaksi (Juta Saham) #N/A N/A

Deskripsi Terakhir

Kapitalisasi Pasar (IDR Triliun) 5,228.04

PERKIRAAN PASAR HARI INI

Indeks

bursa

saham

Indonesia

diprediksi bergerak menguat terbatas

No Stock Top Value (IDR)

1 ASII IJ 337,082,100,000 2 ADHI IJ 288,792,100,000 3 SIAP IJ 278,894,600,000 4 TLKM IJ 187,212,900,000 5 BBRI IJ 177,556,800,000

No Stock Top Volume (Shares)

1 SIAP IJ 601,708,500.00 2 CPRO IJ 525,294,700.00 3 APOL IJ 216,489,400.00 4 DSFI IJ 183,596,000.00 5 BUMI IJ 169,751,100.00

No Top Gainers % change

1 BRAM IJ 25

2 PLIN IJ 25

3 MREI IJ 24.52

4 SRAJ IJ 21.57

5 MDIA IJ 21.39

No Top Losers % change

1 BBLD IJ -25

2 INVS IJ -24.89

3 HOME IJ -20

4 BTEK IJ -16

5 YPAS IJ -15.25

No Leading Movers % change

1 EMTK IJ 11.43 2 ICBP IJ 4.80

3 ASII IJ 1.02

4 UNVR IJ 1.10 5 PLIN IJ 25.00

No Lagging Movers % change

1 BBLD IJ -25.00 2 GIAA IJ -4.31 3 BBCA IJ -0.19 4 INVS IJ -24.89 5 RODA IJ -7.40

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

Volume (RHS) (Bn Shares) JCI (LHS)

(2)

P E R K I R A A N P A S A R H A R I I N I

Indeks bursa saham Indonesia

diprediksi bergerak menguat

terbatas

Indeks Dow Jones pada perdagangan Rabu kemarin (31/12/2014)

ditutup melemah 0,89% ke level 17.823,07 sementara indeks S&P 500

ditutup melemah 1,03% ke level 2.058,90. Indeks bergerak melemah

dikarenakan sepinya sentimen positif yang ada menyongsong tutup

tahun. Saham sektor energi menjadi pendorong pelemahan indeks,

ditengah pelemahan harga minyak pada perdagangan hari Rabu

kemarin. Meski ditutup melemah, indeks S&P selama satu tahun

berhasil tumbuh dua digit sebesar 11,4%. Sementara itu, bursa Eropa

pada penutupan Rabu kemarin ditutup sebagian besar dalam teritori

positif. Indeks FTSE ditutup menguat sebesar 0,29% ke level 6.566,09

sementara indeks CAC 40 ditutup menguat 0,64% ke level 4.272,75.

Pasar saham Jerman telah libur pada hari Rabu kemarin. Pasar

bergerak menguat merespon sepinya perdagangan saham pada hari

Rabu, ditengah pelemahan yang terjadi di nilai tukar euro yang

menjadi katalis positif terhadap produk ekspor zona eropa.

Sementara itu bursa Asia pada pagi hari ini dibuka dalam teritori

negatif. Indeks ASX 200 Australia dibuka menguat 0,07% ke level

5.414,70. Pasar menguat seiring penguatan yang terjadi terhadap

harga minyak. Minyak WTI diperdagangkan menguat 1,05 dollar ke

level 54,32 dollar per barrel. Sementara indeks Nikkei pada hari ini

tidak diperdagangkan dikarenakan libur nasional. Nilai tukar yen

terhadap dollar AS melemah ke level 120,06 yang menjadi katalis

positif terhadap produk ekspor Jepang. Sementara itu potensi

penguatan diprediksi terjadi di bursa saham Indonesia. Sentimen dari

penguatan bursa global dan Asia diprediksi berpengaruh terhadap

Indeks IHSG. Sementara dari dalam negeri, momentum awal tahun

diprediksi memberikan pengaruh positif terhadap IHSG. Indeks

diprediksi akan berada di rentang 5.192‐5.244 dengan support di level

5.192, dengan saham pilihan diantaranya BMRI, ASII, BSDE, ADHI, SIAP,

TLKM.

Analyst: Ankga Adiwirasta (

[email protected]

)

(3)

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

• Induk Bank Mutiara setujui penerbitan saham baru Rp 300 miliar. Penerbitan saham baru tersebut

menggunakan skema tanpa hak memesan efek terlebih dahulu (non‐HMETD). Tujuannya, untuk

memperkuat permodalan sebesar Rp 300 miliar padai 2015.

• Garuda tambah utang Rp 1,36 triliun dari BRI. Dengan adanya pinjaman itu, liabilitas jangka pendek

Garuda akan bertambah, maka beban biaya bunga juga akan meningkat.

• Summarecon fokus kembangkan proyek di Bandung. Untuk membiayai pembangunan proyek

selama 2015, Summarecon Agung menyiapkan belanja modal (apital expenditure) Rp 1,5 triliun.

• Bumi Serpong Damai targetkan penjualan Rp 7,4 triliun. Untuk mendorong pencapaian target

marketing sales, perseroan akan memasarkan proyek existing dan proyek baru pada 2015.

• Sawit Sumbermas targetkan laba bersih tumbuh 30% setelah akuisisi. Perseroan memproyeksikan

laba bersih hingga akhir 2014 mencapai Rp 735 miliar, tumbuh 16,4% dari 2013.

• Metrodata proyeksikan pertumbuhan pendapatan 12% tahun ini. Untuk mencapai target

pertumbuhan pendapatan, Metrodata menyiapkan belanja modal Rp 100 miliar.

• PT Wijaya Karya Tbk (WIKA), emiten konstruksi, berencana melakukan penambahan modal yang

disetorkan kepada anak usaha perseroan PT Wijaya Karya Realty (Wika Realty), senilai total Rp 300

miliar hingga 2015. Tambahan modal tersebut akan dimanfaatkan untuk mendorong kinerja Wika

Realty.

• Asuransi Jiwa Bersama (AJB) Bumiputera 1912, menargetkan premi sebesar Rp 500 miliar dari

produk unit linked di 2015. Produk unit linked yang akan digenjot pemasarannya oleh perusahaan

pada tahun depan yakni produk Mitra BP Link.

• Source : Investor Daily, Kontan, Indonesia Finance Today, Inilah, Viva News

(4)

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 FY15F FY15F 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 14,500 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 7,800 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 14,000 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 13,000 2.16 40.00 Average 14.55 10.30 2.78 0.78 0.08 24.55 5.30 Cement INTP IJ Equity 92,491 11.31 13.96 2.97 1.24 0.01 21.28 BUY 27,500 30.43 35.97 SMGR IJ Equity 97,870 11.22 13.67 3.40 1.22 0.20 24.88 BUY 18,500 24.22 48.99 SMBR IJ Equity 3,974 16.05 8.93 1.35 0.56 0.02 15.07 HOLD 420 7.28 23.76 SMCB IJ Equity 17,471 11.19 15.36 2.06 1.37 0.42 13.39 HOLD 2,350 ‐9.58 19.36 Average 52,952 12.44 12.98 2.44 1.10 0.16 18.65 20.64 Telecommunication EXCL IJ Equity 38,575,897,814,840 15.80 29.39 2.53 1.86 1.08 7.20 BUY 5,400 ‐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 3,250 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 3,132,580,000,000 13.22 20.89 3.95 1.58 1.20 18.91 BUY 1,413 106.05 49.00 Average 10.86 15.97 2.39 1.44 0.70 13.56 40.26 Automotive ASII IJ Equity 282,373 9.83 12.79 2.68 1.30 0.77 20.94 HOLD 7,750 15.22 49.91 IMAS IJ Equity 8,946 44.88 29.73 1.46 0.66 2.13 10.58 HOLD 3,500 ‐29.51 10.46 Average 145,659 27.36 21.26 2.07 0.98 1.45 15.76 ‐2.26

Construction

WIKA IJ Equity 17,986 24.75 23.63 4.63 0.95 0.41 19.59 BUY 3,340 75.75 34.73

ADHI IJ Equity 4,629 25.37 13.13 2.68 0.52 0.95 20.39 BUY 3,150 56.13 49.00

PTPP IJ Equity 14,043 34.95 22.12 5.66 0.63 0.77 25.59 BUY 3,450 150.95 43.62

WSKT IJ Equity 9,680 25.66 20.99 3.66 0.82 0.68 17.43 BUY 1,150 109.40 26.55

TOTL IJ Equity 3,325 21.80 19.81 4.43 0.91 0.12 22.34 HOLD 1,000 #N/A N/A 100.00

WTON IJ Equity 10,284 29.62 26.83 5.31 0.91 0.80 19.80 HOLD 1,270 64.87 34.57 Average 9,991 27.03 21.08 4.39 0.79 0.62 20.86 91.42 Infrastructure PGAS IJ Equity 146,055 4.86 13.93 3.73 2.87 0.41 26.74 HOLD 6,325 24.76 43.03 JSMR IJ Equity 44,200 15.60 26.13 4.23 1.67 1.23 16.19 BUY 7,500 23.27 29.99 Average 95,128 10.23 20.03 3.98 2.27 0.82 21.46 24.76 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 11,691 9.21 8.49 1.78 0.92 0.89 20.95 HOLD 485 ‐10.75 48.23 APLN IJ Equity 7,401 20.21 7.57 1.07 0.37 0.95 14.08 HOLD 395 27.14 29.93 BKSL IJ Equity 3,579 66.49 7.94 0.60 0.12 0.35 7.53 Suspend Coverage ‐ ‐51.65 66.55 BSDE IJ Equity 33,620 ‐16.86 13.43 2.45 ‐0.80 0.40 18.24 BUY 2,260 15.06 39.88 CTRA IJ Equity 20,398 21.98 13.70 2.69 0.62 0.43 19.62 HOLD 1,485 43.32 61.27 CTRP IJ Equity 5,258 33.95 10.41 1.44 0.31 0.51 13.87 HOLD 780 20.95 43.75 CTRS IJ Equity 5,818 21.77 9.16 2.09 0.42 0.18 22.79 BUY 2,950 40.80 37.34 BEST IJ Equity 7,089 34.87 12.17 2.18 0.35 0.22 17.90 HOLD 748 30.59 38.64 SSIA IJ Equity 4,893 38.37 9.32 1.75 0.24 0.55 18.73 BUY 1,075 9.25 68.51 MDLN IJ Equity 6,768 ‐12.24 7.64 0.92 ‐0.62 0.74 11.99 HOLD 435 27.57 64.04 PWON IJ Equity 25,525 15.61 13.10 3.96 0.84 0.46 30.22 HOLD 490 80.36 42.38 LPKR IJ Equity 27,116 ‐7.60 16.82 1.95 ‐2.21 0.61 11.57 HOLD 1,225 8.60 82.12 SMRA IJ Equity 22,362 10.90 17.37 3.96 1.59 0.56 22.80 BUY 1,650 41.14 67.69 KIJA IJ Equity 6,273 37.82 8.89 1.02 0.24 0.13 11.50 BUY 418 39.27 80.15 Average 13,414 19.60 11.14 1.99 0.17 0.50 17.27 22.98

(5)

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 11.49 13.82 2.76 1.20 0.20 19.96 BUY 31,250 47.06 20.32 BWPT IJ Equity 6,013,779,803,750 20.18 2.81 0.61 0.14 2.50 21.64 BUY 835 2.84 37.15 LSIP IJ Equity 15,419,672,560,900 13.85 12.40 1.65 0.90 0.15 13.34 BUY 2,330 23.59 40.52 SGRO IJ Equity 4,025,700,000,000 1.09 11.47 1.30 10.52 1.00 11.29 BUY 2,660 0.77 32.95 SIMP IJ Equity 14,630,086,750,000 18.37 12.42 0.67 0.68 0.76 5.36 BUY 980 ‐6.46 21.60 SMAR IJ Equity 19,818,134,225,400 25.53 11.48 3.64 0.45 3.04 31.70 BUY 9,975 19.91 2.80 Average 15.09 10.73 1.77 2.31 1.28 17.22 14.62 Metal

ANTM IJ Equity 9,681,536,900,000 n.a 4.98 0.64 n.a 0.54 12.92 HOLD 1,100 ‐16.70 34.99

INCO IJ Equity 25,337,663,736,000 33.49 14.84 1.66 0.44 0.33 11.18 BUY 4,910 ‐3.55 20.49 TINS IJ Equity 6,895,237,400,000 26.39 8.95 1.09 0.34 0.80 12.19 BUY 1,395 ‐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 12.77 9.72 0.80 0.76 0.64 8.21 BUY 1,315 ‐38.62 40.92 BUMI IJ Equity ‐45.79 0.81 4.83 ‐0.02 32.57 HRUM IJ Equity 5,704,638,200,000 ‐5.38 28.39 0.98 ‐5.28 0.01 3.45 SELL 1,195 ‐56.30 29.51 ITMG IJ Equity 29,858,268,125,000 2.86 7.44 1.50 2.60 0.39 20.12 HOLD 18,950 ‐28.99 34.99 PTBA IJ Equity 25,633,466,831,250 14.33 17.90 3.50 1.25 0.74 19.45 BUY 16,850 ‐37.08 29.98 Average ‐4.24 12.85 2.32 ‐0.14 6.87 12.81 ‐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 11,800 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 BUY 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 HOLD 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 14.90 32.65 8.65 1.92 0.03 26.30 HOLD 1,885 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 1,450 ‐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 830 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 62,148,420,000,000 17.55 20.72 6.74 1.18 32.42 19.85 BUY 5,110 ‐3.30 44.47 JPFA IJ Equity 11,460,061,646,000 13.58 14.54 3.19 1.07 59.99 3.19 BUY 1,550 1.32 42.49 MAIN IJ Equity 3,823,785,000,000 16.02 16.28 6.65 1.02 55.23 1.71 BUY 3,000 26.18 44.07 Average 15.72 17.18 5.53 1.09 49.21 8.25 8.06

(6)

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}

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

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, _Cement, Construction, Infrastructure, Property

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

Ankga Adiwirasta _{ext. 3986 [email protected] Analyst} _{Consumer Goods, Pharmaceutical,} Retail

Richard Jerry _{ext. 2032 [email protected]} _Analyst _{Banking, Telecommunication} Dessy Lapagu _{ext. 2051 [email protected]} _{Research Assistant} _Poultry

Venia Allani Meissalina _{ext. 2050 [email protected]} _{Research Assistant}

Thennesia Debora _{ext. 2123 [email protected]} _{Research Assistant} _{Transportation} Indah Lestari _{ext. 2073 [email protected]} _{Research Assistant}

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

(7)

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 Ruko Puri Kencana Blok K6 ‐ 2K Lt.2 Puri Kembangan, Jakarta Barat Phone: (62‐21) 58357464 Fax: (62‐21) 58357465 e‐mail: [email protected] 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: [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 Lantai 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.