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22 Desember, 2014 L A P O R A N H A R I A N Penutupan Prb %Prb %Ytd P/E Americas INDU Index 17,804.80 26.65 0.15 7.41 15.91 SPX Index 2,070.65 9.42 0.46 12.03 18.31 CCMP Index 4,765.38 16.984 0.36 14.10 44.57 IBOV Index 49,650.98 1155.28 2.38 (3.60) 16.81 EMEA UKX Index 6,545.27 79.27 1.23 (3.02) 18.69 CAC Index 4,241.65-7.84-0.18 (1.26) 25.29 RTSSTD Index 9,628.89-206.13-2.10 (5.38) 3.87 IBEX Index 10,363.60-27.7-0.27 4.51 21.71 FTSEMIB Index 18,983.83-77.16-0.40 0.08 #N/A N/A AEX Index 418.37 1.93 0.46 4.13 21.09 SMI Index 8,976.24-36.87-0.41 9.43 20.42 Asia / Pacific NKY Index 17,607.74-13.66-0.08 8.08 21.59 HSI Index 23,311.92 195.29 0.84 0.02 9.86 SHCOMP Index 3,129.27 20.671 0.66 47.89 14.90 TWSE Index 9,050.10 50.58 0.56 5.09 14.99 KOSPI Index 1,932.82 2.84 0.15 (3.90) 32.82 JCI Index 5,144.62 31.276 0.61 20.37 19.92 SET Index 1,514.35-2.44-0.16 16.60 16.90 PCOMP Index 7,137.96 12.33 0.17 21.19 20.56 SENSEX Index 27,371.84 245.27 0.90 29.29 19.03 FSSTI Index 3,306.14 26.61 0.81 4.38 13.41 Deskripsi Terakhir Sebelumnya %Prb Kapitalisasi Pasar (IDR Triliun) 5,142.82 5,110.87 0.63 Volume Transaksi (Juta Saham) 6,680.00 6,380.13 4.70 Nilai Transaksi (IDR Juta) 5,370.00 4,772.90 12.51 Nilai/ saham (IDR) 803.89 748.09 7.46 Net Asing (IDR Juta) (1,896,528.25) (808,685.13) 134.52 Komoditas Terakhir Sebelumnya %Prb Nikel/Nickel (US$/Ton) 15,600.00 15,650.00-0.32 Tembaga/Copper (US$/Ton) 6,400.00 6,315.00 1.35 Timah/Tins (US$/Ton) 19,175.00 19,100.00 0.39 Minyak/Oil (US$/BBL) (*) 56.52 54.11 4.45 Gas (US$/MMBTU) 3.85 3.71 3.89 Batu Bara/Coal (US$/Ton) (**) 61.80 62.15-0.56 Emas/Gold (USD/OZ) 1,196.55 1,196.35 0.02 CPO PALMROTT(USD/ton) 702.50 740.00-5.07 CPO MALAYSIA(RM/ton) 2,153.00 2,148.00 0.23 (*) WTI Cushing (**) McCloskey Newscatle ADR Stocks Bloomberg Code Terakhir % Konversi (US$) Prb (Rp) Terakhir (Rp) Saham Kode Last (US$) %Change Conv (Rp) Last (Rp) Telkom TLK US 44.57-1.13 13,855.70 2,815.00 RISET PERKIRAAN PASAR HARI INI Penguatan IHSG didorong sentimen positif global 5,000 4,500 4,000 3,500 No Stock Top Value (IDR) 1 BBRI IJ 380,587,900,000 2 SIAP IJ 252,048,400,000 3 BMRI IJ 249,887,400,000 4 TLKM IJ 237,780,200,000 5 BBCA IJ 219,557,300,000 No Stock Top Volume (Shares) 1 BUMI IJ 826,066,500.00 2 SIAP IJ 575,771,200.00 3 APOL IJ 390,436,800.00 4 BORN IJ 366,947,600.00 5 ENRG IJ 327,363,500.00 No Top Gainers % change 1 BUMI IJ 33.96 2 BRAU IJ 24.07 3 MTFN IJ 22.78 4 KARW IJ 18.22 5 BORN IJ 18 No Top Losers % change 1 ASJT IJ -24.82 2 TRAM IJ -22.6 3 VOKS IJ -11.11 4 APOL IJ -10.75 5 GEMA IJ -8.18 No Leading Movers % change 1 BBCA IJ 1.54 2 INTP IJ 3.27 3 UNVR IJ 0.95 4 EMTK IJ 6.56 5 ICBP IJ 2.71 No Lagging Movers % change 1 GGRM IJ -2.06 2 BBRI IJ -0.65 3 PTBA IJ -2.62 4 INCO IJ -2.12 5 ISAT IJ -3.36 3,000 1-Jan 11-Mar 20-May 29-Jul Volume (RHS) (Bn Shares) JCI (LHS) 14,990 12,310 9,630 6,950 4,270 1,590 Daily Report dapat dilihat di website BNI Securities : www.bnisecurities.co.id

P E R K I R A A N P A S A R H A R I I N I Penguatan IHSG didorong sentimen positif global Di Amerika Serikat, Indeks Dow Jones dan S&P 500 bergerak menguat sepanjang minggu lalu, masing masing naik lebih dari 3% sementara Nasdaq menguat 2,4%. Minggu ini indeks diperkirakan masih akan melanjutkan penguatannya dalam volume tipis disaat minimnya katalis baru yang akan muncul disaat sisa akhir tahun ini, setelah hasil dari pertemuan FOMC yang menyatakan the Fed tidak akan segera menaikkan suku bunga Amerika Serikat di tahun 2015. Bursa Eropa ditutup variatif pada perdagangan hari Jumat (19/12) kemarin. Data ekonomi yang rilis antara lain Kepercayaan Konsumer Jerman yang naik di bulan Januari 2015 ke level 9,0 dari sebelumnya 8,7. Sementara itu Indeks Harga Produser (PPI) Jerman tumbuh 0,0% MoM di bulan November sebesar ke level 105,5 sama dengan level bulan Oktober, atau turun 0,9% YoY (Oktober: 1,0%). Saham saham Asia pagi ini naik ditengah peningkatan harga komoditas. Indeks MSCI Asia Pasifik telah menguat 0,3% didorong oleh sahamsaham berbasis energi dan pertambangan. Dari dalam negeri, Menteri Keuangan Bambang Brodjonegoro menyatakan ada potensi tambahan ruang fiskal sebesar Rp140 triliun yang didapat dari pemangkasan subsidi BBM yang dapat dialokasikan sebagai tambahan belanja modal Pemerintah tahun depan. Hari ini IHSG berpotensi menguat didorong oleh penguatan regional di kisaran 5.120 5.180 dengan saham saham pilihan BBRI, ASII, UNVR, PTPP, BUMI dan KIJA. Analyst: Yasmin Soulisa (yasmin@bnisecurities.co.id) 2

R I N G K A S A N B E R I T A PT United Tractors Tbk (UNTR), emiten alat berat anak usaha PT Astra International Tbk (ASII), telah menandatangani perjanjian pengikatan jual beli saham dengan PT Acset Indonusa Tbk (ACST), emiten konstruksi pada 18 Desember 2014. Perjanjian tersebut terkait transaksi pembelian sebagian besar saham Acset Indonusa, untuk ekspansi usaha United Tractors. PT Tiga Pilar Sejahtera Food Tbk (AISA) atau TPS Food, emiten produsen makanan, beras, dan perkebunan sawit, merambah ke lini bisnis minuman dengan investasi Rp 100 miliar. Perseroan berencana membangun pabrik minuman ringan dengan mitra asing di Solo, Jawa Tengah, pada kuartal II tahun depan. PT Indofood Sukses Makmur Tbk (INDF), emiten makanan dan minuman, pada 19 Desember 2014 telah menandatangani nota kesepahaman (memorandum of understanding/mou) dengan BRF SA (BRF), produsen dan eksportir protein hewani asal Brasil. Kerjasama tersebut merupakan upaya mempercepat pertumbuhan usaha, dengan memasuki segmen makanan berbahan dasar protein hewani. Source : Investor Daily, Kontan, Indonesia Finance Today, Inilah, Viva News 3

A N A L Y S T S T A R G E T P R I C E 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 Capitalization 1 Year FY15F FY15F Ratio 1 Year in 2013 Float Shares 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 4

A N A L Y S T S T A R G E T P R I C E Capitalization 1 Year FY15F FY15F Ratio 1 Year in 2013 Float Shares 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 Capitalization 1 Year FY14F FY14F Ratio 1 Year in 2013 Float Shares 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 5

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 Andri Zakarias ext. 2054 andri.zakarias@bnisecurities.co.id Technical Analyst Market Strategy, Commodities, Heru Irvansyah ext. 2030 heru@bnisecurities.co.id Economist Currency, Bond & Stocks I Made Adi Saputra ext. 3968 made.saputra@bnisecurities.co.id Fixed Income Analyst Thendra Crisnanda ext. 2098 thendra@bnisecurities.co.id Analyst Automotive, Cement, Construction, Property Infrastructure, Yasmin Soulisa ext. 3987 yasmin@bnisecurities.co.id Analyst Coal Mining, Metal Mining, Plantation, Oil & Gas Ankga Adiwirasta ext. 3986 ankga.adiwirasta@bnisecurities.co.id Analyst Consumer Goods, Pharmaceutical, Retail Richard Jerry ext. 2032 richard@bnisecurities.co.id Analyst Banking, Telecommunication Dessy Lapagu ext. 2051 dessy@bnisecurities.co.id Research Assistant Poultry Venia Allani Meissalina ext. 2050 venia@bnisecurities.co.id Research Assistant Thennesia Debora ext. 2123 thennesia@bnisecurities.co.id Research Assistant Transportation Indah Lestari ext. 2073 indah.lestari@bnisecurities.co.id Research Assistant EQUITY TEAM CM : +62 21 25543946 Fax No : +62 21 57935831 Norico Gaman ext. 3934 Jufrani Amsal ext. 3957 norico@bnisecurities.co.id Equity Division Head (PJS) 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 6

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