L A P O R A N H A R I A N RESEARCH PERKIRAAN PASAR HARI INI PERKEMBANGAN INDUSTRI / PERUSAHAAN. Jumat, 10 Juni 2016

Transkripsi

1 Penutupan Perubahan %Prb %Ytd P/E Americas INDU Index 17, SPX Index 2, CCMP Index 4, (0.97) IBOV Index 51, EMEA UKX Index 6, (0.17) CAC Index 4, (4.99) RTSSTD Index 12, IBEX Index 8, (8.12) FTSEMIB Index 17, (17.06) 3.88 AEX Index SMI Index 8, (8.41) Asia / Pacific NKY Index 16, (12.87) HSI Index 21, (2.81) SHCOMP Index 2, (17.29) TWSE Index 8, KOSPI Index 2, JCI Index 4, SET Index 1, PCOMP Index 7, SENSEX Index 26, FSSTI Index 2, (1.35) Deskripsi Terakhir Sebelumnya %Prb Kapitalisasi Pasar (IDR Triliun) 5, , Volume Transaksi (Juta Saham) 4, , Nilai Transaksi (IDR Juta) 4, , Nilai/ saham (IDR) , Net Asing (IDR Juta) 410, (54,507.75) Komoditas Terakhir Sebelumnya %Prb Nikel/Nickel (US$/Ton) 8, , Tembaga/Copper (US$/Ton) 4, , Timah/Tins (US$/Ton) 17, , Minyak/Oil (US$/BBL) (*) Gas (US$/MMBTU) Batu Bara/Coal (US$/Ton) (**) Emas/Gold (USD/OZ) 1, , CPO PALMROTT(USD/ton) CPO MALAYSIA(RM/ton) 2, , (*) WTI Cushing (**) McCloskey Newscatle ADR Stocks Bloomberg Terakhir % Konversi Terakhir (Rp) (US$) Prb (Rp) Saham Kode Last (US$) %Change Conv (Rp) Last (Rp) Telkom TLK US , , Saham Pilihan Hari Ini Rekomendasi TP (Rp) Property and Real Estate Sector NEUTRAL - Infrastructure Sector OVERWEIGHT - Cement Sector NEUTRAL - Banking Sector NEUTRAL - Telecommunication Sector OVERWEIGHT - Tower (Telecommunication) Sector OVERWEIGHT - Oil & Gas Sector OVERWEIGHT - Metal Mining Sector NEUTRAL - Coal Mining Sector NEUTRAL - Palm Oil Sector NEUTRAL - Consumer Sector - FMCG NEUTRAL - Consumer Sector - Cigarette NEUTRAL - Pharmaceutical Sector OVERWEIGHT - Healthcare Sector OVERWEIGHT - Transportation Sector NEUTRAL - Automotive Sector NEUTRAL - Poultry Sector NEUTRAL - Crops Sector OVERWEIGHT - Fishery Sector OVERWEIGHT - Retail Sector NEUTRAL - PERKIRAAN PASAR HARI INI Indeks Global Melemah, IHSG Berpeluang Mengikuti Tren Indeks Dow Jones ditutup melemah 0,11% ke level pada perdagangan Kamis (9/6) kemarin, diikuti pelemahan S&P 500 ke level (-0,17%). Pelemahan bursa didorong penurunan beberapa saham seperti Caterpilar, Goldman, dan America Express. Data awal untuk klaim pengangguran menunjukkan penurunan sebesar pekerja pada minggu pertama bulan Juni. Harga minyak dunia ditutup melemah tipis ke level USD 50,51/barrel, sedangkan harga kontrak futures untuk emas menguat 0,82%.. Di Eropa, indeks ditutup di teritori negatif, seperti yang terlihat pada penurunan Euro Stoxx 50 sebesar 1,02%. Hal ini disebabkan oleh penurunan saham-saham berbasis energi. Di Asia, NIKKEI Jepang ditutup melemah 0,97%, didorong pelemahan saham berbasis finansial setelah harga obligasi global mencatatkan penurunan yield serta melemahnya saham berbasis ekspor akibat penguatan Yen. Bursa Cina ditutup dalam rangka merayakan Dragon Boat Festival. IHSG ditutup melemah 0,8% ke level akibat melemahnya saham sektor konsumer (-1,27%) dan finansial (-1,3%). Namun, saham sektor pertambangan mencatatkan penguatan sebesar 2,5%. Meskipun demikian, investor asing masih mencatakan net buy sebesar Rp 410,84 miliar pada perdagangan kemarin. Sedangkan nilai tukar Rupiah terhadap Dolar AS melemah ke level Rp /USD (- 0,14%). Kami menilai dengan turunnya berbagai indeks global pada perdagangan kemarin, IHSG masih berpotensi melanjutkan pelemahan pada hari ini. Analyst: Richard Jerry (richard@bnisecurities.co.id) PERKEMBANGAN INDUSTRI / PERUSAHAAN PTPP Bidik Proyek Konstruksi Jalan Tol. BUY. Analyst: Maxi Liesyaputra. Perkembangan pabrik baru DPUM sudah mencapai 80%. BUY. Analyst: Dessy Lapagu.

2 Jumat, 10 Juni 2016 RINGKASAN BERITA PT Adi Sarana Armada Tbk (ASSA) akan membagikan dividen tunai kepada pemegang sahamnya pada 30 Juni 2016 sebesar Rp4 per saham. PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) menawarkan obligasi berkelanjutan III dengan tingkat bunga tetap tahap I 2016 dengan jumlah pokok Rp1 triliun. PT Pembangunan Jaya Ancol Tbk (PJAA) meraih kenaikan tajam laba pada 1Q16 menjadi Rp48,63 miliar dibandingkan laba periode sama tahun sebelumnya yang hanya sebesar Rp8,31 miliar. Golden Legacy Pte Ltd, anak usaha PT Sri Rejeki Isman Tbk (SRIL) memberikan bunga sebesar 8,25% per tahun dalam rangka penerbitan surat utang dalam denominasi dolar AS senilai US$ PT Barito pasific Tbk (BRPT) tahun ini membidik pendapatan bersih hingga US$2,05 miliar. PT Colorpak Indonesia Tbk (CLPI) akan membagikan dividen sebesar US$ ke pemegang saham. Rencana tersebut telah disetujui dalam Rapat Umum Pemegang Saham Tahunan (RUPST). PT Timah Tbk (TINS) mengeluarkan biaya eksplorasi di darat dan di laut pada bulan Mei 2016 sebesar Rp PT Metrodata Electronics Tbk (MTDL) mengincar pertumbuhan bisnis 11,5% atau setara Rp 11,1 triliun sampai akhir tahun ini. Perusahaan yang berkecimpung di bisnis produk teknologi informasi (TI) ini tengah berupaya memperluas jaringan distribusi. PT PP Tbk (PTPP) melakukan pembelian aset berupa tanah dan bangunan yang terletak di Jalan Soekarno-Hatta Bandung. PT Kabelindo Murni Tbk (KBLM) akan melakukan divestasi anak usahanya dengan melepas sebanyak lembar saham PT Hotelindo Murni atau setara dengan 98,33% dari seluruh saham PT Hotelindo Murni. PT Bumi Serpong Damai Tbk (BSDE) akan memberikan bunga obligasi berkelanjutan II Tahap I tahun 2016 antara 9,00% - 9,25%. PT Ateliers Mecaniques D'Indonesie Tbk (AMIN) alias Atmindo membagikan dividen sebesar Rp 8,64 miliar atar setara dengan Rp 8 per saham. No Stock Top Value (IDR) 1 TLKM IJ 427,185,600,000 2 ANTM IJ 230,305,800,000 3 ADHI IJ 179,668,700,000 4 BBCA IJ 175,406,600,000 5 BBRI IJ 148,949,700,000 No Stock Top Volume (Shares) 1 BUMI IJ 428,429, ANTM IJ 325,910, DOID IJ 266,318, ADRO IJ 146,643, MLPL IJ 146,178, No Top Gainers % change 1 MLPT IJ KARW IJ INAF IJ YULE IJ TMPO IJ No Top Losers % change 1 BMSR IJ BSWD IJ TFCO IJ BRAM IJ SKBM IJ No Leading Mover % change 1 ADRO IJ ANTM IJ INCO IJ PTBA IJ ADHI IJ 6.95 No Lagging Mover % change 1 BBRI IJ HMSP IJ BMRI IJ UNVR IJ GGRM IJ ,000 5,500 14,990 PT Bank Victoria International Tbk (BVIC) meluncurkan layanan internet dan mobile banking untuk memberikan kemudahan bagi para nasabah, maupun pengembangan bisnis bank. 5,000 4,500 4,000 12,310 9,630 6,950 (Sumber : IQplus, Kontan, Indonesia Finance Today) 3,500 3,000 1-Jan 11-Mar 20-May 29-Jul 7-Oct 16-Dec 24-Feb 5-May 14-Jul 4,270 1,590 Volume (RHS) (Bn Shares) JCI (LHS)

3 PT PP (PTPP) Bidik Proyek Konstruksi Jalan Tol Berita: PERKEMBANGAN INDUSTRI / PERUSAHAAN PTPP bersama konsorsium BUMN telah memenangkan tiga ruas jalan tol, yaitu Manado - Bitung (39,9 km), Balikpapan - Samarinda ((99,35 km) dan Pandaan - Malang (37,62 km). Perseroan bersama konsorsium BUMN telah membentuk perusahaan patungan Badan Usaha Jalan Tol untuk ketiga ruas tersebut dengan menyetor dana penyertaan modal sejumlah Rp 51,5 miliar. Pandangan analis: Keberhasilan PTPP bersama konsorsium BUMN dalam meraih proyek jalan tol akan meningkatkan kinerja perseroan, di antaranya dalam penambahan perolehan kontrak baru. Penamabahan panjang jalan tol di Indonesia sesuai dengan rencana pemerintah Indonesia untuk terus meningkatkan pembangunan infrastruktur, di antaranya pembangunan jalan tol. Terlebih panjang jalan tol di Indonesia masih di bawah km, jauh lebih rendah dibandingkan Malaysia yang telah mencapai sekitar km. Rekomendasi: BUY dengan target harga konsensus Rp per saham. Analyst: Maxi Liesyaputra (maxi@bnisecurities.co.id) PERKEMBANGAN INDUSTRI / PERUSAHAAN Perkembangan Pabrik Baru DPUM Sudah Mencapai 80% Pandangan analis: Kami melakukan site visit ke Pati, Jawa Tengah pada tanggal 8 Juni 2016 lalu memantau perkembangan pabrik baru DPUM yang merupakan hasil dari pendanaan IPO tahun 2015 lalu. Pabrik baru yang berlokasi bersebelahan langsung dengan pabrik lama ini sudah mencapai tahap 80% dan diharapkan dapat dibuka secara resmi pada bulan Agustus Cold storage yang terpasang menambah kapasitas yang awalnya sebesar ton menjadi total ton. Kapasitas yang baru ini nantinya akan mendukung permintaan produksi DPUM yang saat ini semakin meningkat. Hingga saat ini komposisi ekspor DPUM masih 20% dan hingga akhir tahun 2016 ini diharapkan dapat meningkat hingga 40% didukung oleh pabrik baru tersebut. Saat ini DPUM diperdagangkan dengan PE 28.9x dan PBV 4.5x. Sementara harga saham telah terapresiasi sebesar % secara YTD. Rekomendasi: BUY dengan TP Rp1,500 per lembar saham hingga akhir tahun Analyst: Dessy Lapagu (dessy@bnisecurities.co.id)

4 TARGET HARGA SAHAM Market EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Capitalization (Bn) 1 Year FY16F FY16F Ratio 1 Year (Current) Float Shares Banking BBCA IJ Equity 318, BUY 16,000 BBNI IJ Equity 86, n.a NOT RATED - BBRI IJ Equity 250, BUY 13,500 BMRI IJ Equity 218, BUY 11,400 BBTN IJ Equity 18, HOLD 1,800 BJBR IJ Equity 8, n.a BUY 990 BJTM IJ Equity 7, n.a BUY 495 Average 129, Cement INTP IJ Equity 72, n.a HOLD 17,400 SMGR IJ Equity 60, HOLD 10,850 SMBR IJ Equity 4, n.a HOLD 334 SMCB IJ Equity 8,391 n.a n.a HOLD 1,020 Average 36, Telecommunication TLKM IJ Equity 369, HOLD 3,900 ISAT IJ Equity 35, HOLD 5,400 EXCL IJ Equity 30, BUY 4,200 Average 145, Transportation GIAA IJ Equity 11,951 n.a n.a BUY 425 BIRD IJ Equity 10, n.a HOLD 7,800 TAXI IJ Equity n.a SELL 160 SOCI IJ Equity 3, n.a BUY 825 WINS IJ Equity 719 n.a n.a HOLD 225 Average 5, #DIV/0! Automotive ASII IJ Equity 291, BUY 7,000 IMAS IJ Equity 5, n.a HOLD 3,000 Average 148, Market EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Capitalization (Bn) 1 Year FY16F FY16F Ratio 1 Year (Current) Float Shares Construction WIKA IJ Equity 16, HOLD 3,180 ADHI IJ Equity 10, BUY 2,645 PTPP IJ Equity 17, BUY 4,420 WSKT IJ Equity 30, BUY 2,180 TOTL IJ Equity 2, n.a BUY 840 WTON IJ Equity 8, n.a BUY 1,090 Average 14, Infrastructure PGAS IJ Equity 64, n.a HOLD 3,000 JSMR IJ Equity 35, BUY 6,850 Average 50, Oil & Gas MEDC IJ Equity 4,849 n.a HOLD 1,050 ELSA IJ Equity 3, n.a NOT RATED RUIS IJ Equity n.a NOT RATED - ENRG IJ Equity 2, n.a HOLD 120 Average 2, Property ASRI IJ Equity 7, n.a HOLD 380 APLN IJ Equity 5, n.a HOLD 300 BKSL IJ Equity 2, n.a HOLD 90 BSDE IJ Equity 37, n.a BUY 2,360 CTRA IJ Equity 19, n.a HOLD 980 CTRP IJ Equity 3, n.a HOLD 470 CTRS IJ Equity 4, n.a BUY 2,850 BEST IJ Equity 2, n.a BUY 438 SSIA IJ Equity 3, n.a BUY 780 MDLN IJ Equity 4, n.a HOLD 450 PWON IJ Equity 24, n.a BUY 545 LPKR IJ Equity 23, n.a HOLD 1,320 SMRA IJ Equity 23, BUY 1,830 KIJA IJ Equity 5, n.a BUY 280 Average 11,

5 TARGET HARGA SAHAM Market EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Capitalization (Bn) 1 Year FY16F FY16F Ratio 1 Year (Current) Float Shares Agriculture AALI IJ Equity 25, HOLD 20,000 BWPT IJ Equity 9,237 n.a n.a BUY 220 LSIP IJ Equity 11, n.a BUY 1,700 SGRO IJ Equity 3, n.a HOLD 1,540 SIMP IJ Equity 8, n.a HOLD 450 Average 11, Metal ANTM IJ Equity 16, n.a HOLD 420 INCO IJ Equity 18, HOLD 1,850 TINS IJ Equity 6, n.a BUY 610 Average 13, Mining ADRO IJ Equity 23, BUY 670 HRUM IJ Equity 2,420 n.a n.a HOLD 810 ITMG IJ Equity 8, n.a HOLD 7,000 PTBA IJ Equity 16, HOLD 8,100 Average 12, Consumer UNVR IJ Equity 336, BUY 43,500 INDF IJ Equity 61, BUY 7,700 ICBP IJ Equity 87, n.a BUY 16,700 MYOR IJ Equity 29, BUY 32,000 AISA IJ Equity 3, n.a BUY 2,150 ROTI IJ Equity 6, n.a BUY 1,450 GGRM IJ Equity 131, HOLD 68,000 Average 93, Market EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Capitalization (Bn) 1 Year FY16F FY16F Ratio 1 Year (Current) Float Shares Pharmaceutical KLBF IJ Equity 63, BUY 1,700 KAEF IJ Equity 7, n.a BUY 1,370 Average 35, Healthcare SILO IJ Equity 9, n.a BUY 16,400 MIKA IJ Equity 36, n.a BUY 2,800 Average 23, #DIV/0! Poultry CPIN IJ Equity 60,017 n.a n.a BUY 4,075 JPFA IJ Equity 10, n.a BUY 950 MAIN IJ Equity 3, n.a UNDER REVIEW - Average 24, Crops BISI IJ Equity 5, n.a BUY 1,800 Fishery DPUM IJ Equity 4,989 n.a n.a n.a BUY 1,500 Retail RALS IJ Equity 4, n.a HOLD 830 MAPI IJ Equity 6, n.a HOLD 4,780 Average 5, Wholesaler MPMX IJ Equity 2, n.a BUY 585 Towers TOWR IJ Equity 41, n.a HOLD 4,500 TBIG IJ Equity 27, HOLD 7,000 Average 34, Heavy Equipment UNTR IJ Equity 58, n.a HOLD 16,200

6 TEAM Research Division : (Hunting) Fax No. : research@bnisecurities.co.id Website : Norico Gaman Maxi Liesyaputra Ariawan Andri Zakarias Siregar (Head of Research Division) (Head of Equity (Head of Fixed Income (Head of Technical Analysis norico@bnisecurities.co.id Research Department) Research Department) Research Department) Ext: 3934 maxi@bnisecurities.co.id ariawan@bnisecurities.co.id andri.zakarias@bnisecurities.co.id Investment Strategy Ext: 3968 Ext: 2098 Ext: 2054 Construction, Property, Fixed Income Market, Market Strategy, Currency Infrastructure, Cement Corporate & Government Bond Commodities, Bond & Stocks Heru Irvansyah Yasmin Soulisa Richard Jerry Ankga Adiwirasta (Economist) (Equity Analyst) (Equity Analyst) (Equity Analyst) heru@bnisecurities.co.id yasmin@bnisecurities.co.id richard@bnisecurities.co.id ankga.adiwirasta@bnisecurities.co.id Ext: 2030 Ext: 3987 Ext: 2032 Ext: 3986 Macroeconomic and Plantation, Coal Mining, Telecommunication, Banking, Consumer Goods, Pharmaceutical, Financial Market Metal Mining, Oil & Gas, Tower Infrastructure, Health Care, Manufacture Media & Advertising e-commerce Dessy Lapagu Thennesia Debora R. Venia Allani Meissalina Indah Lestari Permata Herlina (Equity Analyst) (Equity Analyst) (Research Assistant) (Research Assistant) dessy@bnisecurities.co.id thennesia@bnisecurities.co.id venia.allani@bnisecurities.co.id indah.lestari@bnisecurities.co.id Ext: 2051 Ext: 2123 Ext: 2050 Ext: 2073 Poultry, Crops, Fishing, Retail Transportation, Automotive, Data Administrator Data Administrator Heavy Equipment

7 EQUITY TEAM CM : (Hunting) Fax No : Sukanto ext sukanto@bnisecurities.co.id Equity Division Head Jufrani Amsal ext amsal@bnisecurities.co.id Channel Distribution Division Head Entis Sutisman ext entis@bnisecurities.co.id Head of Equity Bussiness Department Fian Pusparini ext fian@bnisecurities.co.id Head of Institutional Relation Yulinda ext yulinda@bnisecurities.co.id Institutional Sales Teguh Hendro ext teguh@bnisecurities.co.id Institutional Sales Danovan Yazir ext danovan@bnisecurities.co.id Institutional Sales Dharmawan P. ext prasetyo@bnisecurities.co.id Institutional Sales Fachrial Bayu ext fachrial@bnisecurities.co.id Institutional Sales Jericho Biere ext jericho@bnisecurities.co.id Institutional Sales Michelle Robin ext michelle.robin@bnisecurities.co.id Institutional Sales Dini Desita ext dinidesita@bnisecurities.co.id Client Relation Putri Erinasari ext putri.erinasari@bnisecurities.co.id Client Relation Anindyah Nurahmah ext anindyah@bnisecurities.co.id Client Relation Iffa Rizqi Izzata ext iffa@bnisecurities.co.id Client Relation

8 MAIN OFFICE - JAKARTA PT BNI SECURITIES Sudirman Plaza, Indofood Tower 16th Floor, Jl. Jend. Sudirman Kav Jakarta 12910, Indonesia Phone: (62-21) (Hunting) Fax: (62-21) bnisec@bnisecurities.co.id (General) Website: JAKARTA PT BNI Securities Sudirman Plaza Indofood Tower Lt.16 Jl. Jend. Sudirman Kav Jakarta Phone: (62-21) Fax: (62-21) wisma46@bnisecurities.co.id JAKARTA - Mangga Dua Pertokoan Mangga Dua Blok E4 No. 7 Jl. Mangga Dua Raya, Jakarta Utara Phone: (62-21) , Fax: (62-21) manggadua@bnisecurities.co.id JAKARTA - Puri Indah Ruko Puri Kencana Blok K6-2K Lt.2 Puri Kembangan, Jakarta Barat Phone: (62-21) Fax: (62-21) 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) Fax: (62-21) centralpark@bnisecurities.co.id BANDUNG Jl. Perintis Kemerdekaan 3 Bandung Phone: (62-22) Fax: (62-22) bnisbpk@bnisecurities.co.id YOGYAKARTA Jl. Laksda Adisucipto 137, Yogyakarta Phone: (62-274) Fax: (62-274) jogja@bnisecurities.co.id SOLO Jl. Honggo Wongso No. 24, Surakarta Phone: (62-271) , Fax: (62-271) solo@bnisecurities.co.id SURABAYA Jl. Gubernur Suryo No. 36, Surabaya Phone: (62-31) Fax: (62-31) surabaya@bnisecurities.co.id MALANG Jl. Buring No. 58, Malang Phone: (62-341) ,321213, Fax: (62-341) malang@bnisecurities.co.id DENPASAR Komplek Pertokoan Diponegoro Megah Blok A5-6 Lantai 2 Jl. Diponegoro No. 100, Denpasar - Bali Phone: (62-361) , Fax: (62-361) denpasar@bnisecurities.co.id MEDAN Jl. Pemuda No. 12, Medan Phone: (62-61) Fax: (62-61) medan@bnisecurities.co.id PALEMBANG Jl. Jend. Sudirman 132, Palembang Phone: (62-711) Fax: (62-711) plb@bnisecurities.co.id PEKANBARU Jl. Riau, No. 124, Lt. 2, Pekanbaru Phone: (62-761) 46757, Fax: (62-761) 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) Fax: (62-24) manado@bnisecurities.co.id ACEH Kantor Cabang BNI Banda Aceh Lt.2 Jl. KH. Ahmad Dahlan No. 111, Banda Aceh Phone: (62-651) Fax: (62-651) BANJARMASIN Gd. Bank BNI Antasari Lt. 2 Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin Phone: (62-511) Fax: (62-651) 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.