13 Januari, 2015 L A P O R A N H A R I A N Penutupan Prb %Prb %Ytd P/E Americas INDU Index 17,640.84-96.53-0.54 (1.02) 15.75 SPX Index 2,028.26-16.55-0.81 (1.49) 17.95 CCMP Index 4,664.71-39.359-0.84 (1.51) 40.85 IBOV Index 48,139.74-700.51-1.43 (3.73) 15.23 EMEA UKX Index 6,501.42 0.28 0.00 (0.98) 18.59 CAC Index 4,228.24 49.17 1.18 (1.04) 25.28 RTSSTD Index 10,115.49-23.13-0.23 8.78 4.07 IBEX Index 9,797.50 78.5 0.81 (4.69) 20.59 FTSEMIB Index 18,349.15 172.06 0.95 (3.49) #N/A N/A AEX Index 418.41 2.82 0.68 (1.43) 21.07 SMI Index 9,152.97 47.27 0.52 1.89 21.10 Asia / Pacific NKY Index 16,848.29-349.44-2.03 (3.45) 20.36 HSI Index 24,026.46 106.51 0.45 1.79 10.16 SHCOMP Index 3,229.32-56.096-1.71 (0.17) 15.45 TWSE Index 9,193.63 15.33 0.17 (1.22) 15.23 KOSPI Index 1,913.57-7.38-0.38 (0.11) #N/A N/A JCI Index 5,187.93-28.732-0.55 (0.75) 20.88 SET Index 1,531.21 1.79 0.12 2.24 16.87 PCOMP Index 7,358.36-44.36-0.60 1.77 21.15 SENSEX Index 27,585.27 126.89 0.46 0.31 19.27 FSSTI Index 3,344.89 6.45 0.19 (0.60) 13.57 Deskripsi Terakhir Sebelumnya %Prb Kapitalisasi Pasar (IDR Triliun) 5,189.95 5,216.79-0.51 Volume Transaksi (Juta Saham) 4,801.00 7,505.65-36.03 Nilai Transaksi (IDR Juta) 4,029.00 5,928.37-32.04 Nilai/ saham (IDR) 839.20 789.85 6.25 Net Asing (IDR Juta) (67,909.38) 895,105.75-107.59 Komoditas Terakhir Sebelumnya %Prb Nikel/Nickel (US$/Ton) 15,100.00 15,300.00-1.31 Tembaga/Copper (US$/Ton) 6,017.00 6,090.00-1.20 Timah/Tins (US$/Ton) 19,900.00 19,550.00 1.79 Minyak/Oil (US$/BBL) (*) 46.07 48.36-4.74 Gas (US$/MMBTU) 6.36 6.66-4.50 Batu Bara/Coal (US$/Ton) (**) 61.80 62.39-0.96 Emas/Gold (USD/OZ) 1,232.60 1,233.26-0.05 CPO PALMROTT(USD/ton) 730.00 725.00 0.69 CPO MALAYSIA(RM/ton) 2,363.00 2,348.00 0.64 (*) 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 #N/A -0.22 14,192.41 #N/A RISET PERKIRAAN PASAR HARI INI IHSG Diperkirakan Cenderung Melemah No Stock Top Value (IDR) 1 BBRI IJ 212,067,100,000 2 BBCA IJ 211,087,500,000 3 SIAP IJ 193,260,700,000 4 TLKM IJ 176,374,300,000 5 BMRI IJ 144,698,400,000 No Stock Top Volume (Shares) 1 TRAM IJ 472,161,100.00 2 SIAP IJ 469,996,500.00 3 CPRO IJ 356,498,100.00 4 BUMI IJ 294,229,700.00 5 BKSL IJ 200,204,900.00 No Top Gainers % change 1 HDTX IJ 25 2 MFMI IJ 25 3 SCBD IJ 21.94 4 INPP IJ 19.05 5 PJAA IJ 17.73 No Top Losers % change 1 GEMA IJ -8.82 2 MERK IJ -8.75 3 BTON IJ -8.26 4 INVS IJ -8 5 HOME IJ -7.47 No Leading Movers % change 1 BBCA IJ 0.58 2 BMTR IJ 7.79 3 SCBD IJ 21.94 4 BIRD IJ 4.75 5 SMGR IJ 1.27 No Lagging Movers % change 1 UNVR IJ -3.39 2 BMRI IJ -2.70 3 BBRI IJ -2.29 4 ICBP IJ -3.47 5 TLKM IJ -0.87 5,000 4,500 4,000 3,500 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 IHSG Diperkirakan Cenderung Melemah Bursa Amerika (12/1) ditutup melemah, di mana pelemahan dipimpin NASDAQ ( 0,84%, 4.664,71), disusul S&P 500 dan Dow Jones. Hal ini disebabkan oleh turunnya harga saham emiten berbasis energi dan teknologi, respon negatif atas jatuhnya data US wages, dan keprihatinan atas ekonomi Eropa. Harga minyak dunia masih menjadi faktor negatif yang menyeret saham berbasis energi. Pada perdagangan kemarin, harga minyak dunia ditutup pada level USD45,73/bbl ( 0,74%), sedangkan emas ditutup pada USD 1.231,4/try ons ( 0,11%). Regional Eropa akhirnya kembali rebound setelah melemah dalam beberapa hari terakhir. Indeks DAX menguat 1,38% ke level 9.781,9, disusul CAC40 yang menguat 1,18% ke level 4,228.24. Beberapa emiten yang diuntungkan dengan penurunan minyak dunia, seperti penerbangan dan otomotif, menjadi penggerak indeks Eropa. Di bursa Asia, indeks Jepang ditutup dalam rangka libur nasional, dan pada pagi hari ini dibuka melemah. Sedangkan indeks Shanghai melemah 1,71% ke level 3.229,32, akibat turunnya saham saham big cap serta antisipasi data ekspor/impor yang diumumkan hari ini. Di sisi lain, indeks Hang Seng menguat ke level 24.026,46 (+0,45%). IHSG ditutup melemah 0,55% ke level 5.187,93 pada perdagangan Senin (12/1) kemarin. Saham konsumer menurun 1,7%, disusul sektor finansial yang turun 1%. Hingga Senin kemarin, asing masih membukukan net buy sebesar IDR 827.19 milyar. Pada pasar valuta asing, rupiah kembali menguat terhadap USD ke level IDR 12.568. Pada hari ini, indeks diperkirakan cenderung melemah, meskipun memiliki potensi penguatan terbatas. Beberapa faktor eksternal, seperti data perekonomian Cina, dapat mempengaruhi pergerakan indeks hari ini. Diperkirakan, indeks bergerak pada kisaran 5.160 5.210, dengan saham rekomendas: BBRI,MPPA,SMGR,PTBA,WSKT,MAIN,BISI,EXCL. Analyst: Richard Jerry (richard@bnisecurities.co.id) 2
R I N G K A S A N B E R I T A Bank persero PT Bank Mandiri Tbk (BMRI) akan melakukan rights issue total Rp 9 triliun, menurut keterangan Menteri Badan Usaha Milik Negara (BUMN) Rini Soemarno dalam sebuah kunjungan kerja di Pindad, Bandung, Senin lalu. Hal ini dilakukan seiring dengan upaya pemerintah melakukan ekspansi pembiayaan dari infrastruktur. BW Plantation bangun empat pabrik untuk tingkatkan kapasitas. Pembangunan pabrik tersebut akan dibiayai anggaran belanja modal tahun ini sebesar Rp 1,2 triliun. Nusa Konstruksi targetkan pendapatan tumbuh 15%. Kontrak pembangunan proyek properti memang menjadi andalan Nusa Konstruksi sejak beberapa tahun terakhir. Surya Semesta siapkan belanja modal Rp 1,7 triliun di 2015. Perusahaan mengalokasikan capex sekitar Rp 400 miliar untuk mengakuisisi lahan di Subang pada tahun ini. Ekspansi PT Semen Indonesia (Persero) Tbk (SMGR), emiten BUMN semen, ke Myanmar berpotensi kembali batal terealisasi tahun ini. Menurut direksi perseroan, kondisi itu terjadi antara lain karena kendala skema kerjasama dan urusan legal yang belum mencapai kesepakatan dengan calon mitra. Di bulan Desember 2014, PT Aneka Tambang Tbk (ANTM) mengeluarkan total biaya eksplorasi preliminary sebesar Rp1 miliar. PT Bank Yudha Bhakti Tbk akan mencatatkan sahamnya di Bursa Efek Indonesia (BEI) dengan harga penawaran umum perdana sebesar Rp115 per saham. PT Jaya Real Property Tbk (JRPT) telah menjual kembali 141.900.000 lembar saham yang merupakan sebagian dari treasury stock (saham hasil pembelian kembali) yang dimiliki oleh perseroan. PT Jaya Agra Wattie Tbk (JAWA) masih menyimpan dana sisa IPO sebesar Rp17.638.935.000 hingga akhir Desember 2014. Sekretaris Perusahaan Perseroan Bambang Ibrahim menyebutkan bahwa perseroan meraup dana IPO pada April 2011 sebesar Rp548.675.136.000. PT Pertamina (Persero) Tbk menyatakan masih mengkaji investasi Perseroan pada awal tahun ini, melalui rencana menerbitkan global bond guna membayar utang. Harga anak ayam atau day old chicken (DOC) menurun. Kondisi tersebut telah terjadi sejak November 2014. Harga DOC bahkan sempat Rp 500 per ekor. Karena itu, PT Charoen Pokphand Indonesia Tbk (CPIN) mengurangi produksi DOC dari 45 juta ekor menjadi 15 juta ekor per minggu. Semua perusahaan ternak ayam pasti akan memangkas produksi agar tidak merugi, ungkap Desianto Budiman, Vice President Feed Technology CPIN. 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 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 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 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 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 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
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: bnisec@bnisecurities.co.id (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: wisma46@bnisecurities.co.id 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: manggadua@bnisecurities.co.id 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: 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) 29034215 Fax: (62 21) 29034216 email: centralpark@bnisecurities.co.id BANDUNG Jl. Perintis Kemerdekaan 3 Bandung 40117 Phone: (62 22) 4213375 Fax: (62 22) 4220604 e mail: bnisbpk@bnisecurities.co.id YOGYAKARTA Jl. Laksda Adisucipto 137, Yogyakarta 55282 Phone: (62 274) 581001 584032 Fax: (62 274) 584023 e mail: jogja@bnisecurities.co.id SOLO Jl. Honggo Wongso No. 24, Surakarta Phone: (62 271) 729667, 730525 Fax: (62 271) 729668 e mail: solo@bnisecurities.co.id SURABAYA Jl. Gubernur Suryo No. 36, Surabaya Phone: (62 31) 5320912 Fax: (62 31) 5318425 e mail: surabaya@bnisecurities.co.id MALANG Jl. Buring No. 58, Malang Phone: (62 341) 321214,321213,321430 Fax: (62 341) 356876 e mail: malang@bnisecurities.co.id 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: denpasar@bnisecurities.co.id MEDAN Jl. Pemuda No. 12, Medan 20151 Phone: (62 61) 4579616 Fax: (62 61) 4579656 e mail: medan@bnisecurities.co.id PALEMBANG Jl. Jend. Sudirman 132, Palembang 30126 Phone: (62 711) 361969 Fax: (62 711) 319663 e mail: plb@bnisecurities.co.id PEKANBARU Jl. Riau, No. 124, Lt. 2, Pekanbaru Phone: (62 761) 46757, 839698 Fax: (62 761) 856279 e mail: 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) 847256 Fax: (62 24) 847256 e mail: manado@bnisecurities.co.id 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: 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. 7