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Transkripsi:

Penutupan Perubahan %Prb %Ytd P/E Americas INDU Index 16,466.30 396.66 2.47 (5.50) 15.00 SPX Index 1,940.24 46.88 2.48 (5.07) 17.42 CCMP Index 4,613.95 107.277 2.38 (7.86) 27.89 IBOV Index 40,405.99 1775.8 4.60 (6.79) 21.03 EMEA UKX Index 6,083.79 152.01 2.56 (2.54) 27.41 CAC Index 4,417.02 94.86 2.19 (4.75) 19.92 RTSSTD Index 11,874.94 104.55 0.89 2.04 8.28 IBEX Index 8,815.80 225.2 2.62 (7.63) 17.71 FTSEMIB Index 18,657.29 467.34 2.57 (12.89) 3.88 AEX Index 431.28 11.18 2.66 (2.39) 23.90 SMI Index 8,319.81 166.54 2.04 (5.65) 17.65 Asia / Pacific NKY Index 17,800.71 282.41 1.61 (6.48) 19.28 HSI Index 19,683.11 487.28 2.54 (10.18) 8.58 SHCOMP Index 2,737.60 81.939 3.09 (22.65) 14.44 TWSE Index 8,145.21 64.61 0.80 (2.31) 12.91 KOSPI Index 1,924.08 12.02 0.63 (1.90) 14.24 JCI Index 4,615.16 12.334 0.27 0.48 26.07 SET Index 1,300.98 12.58 0.98 1.01 16.40 PCOMP Index 6,687.62 124.24 1.89 (3.80) 19.17 SENSEX Index 24,870.69 401.12 1.64 (4.77) 18.57 FSSTI Index 2,629.11 66.66 2.60 (8.80) 12.30 Deskripsi Terakhir Sebelumnya %Prb Kapitalisasi Pasar (IDR Triliun) 4,899.66 4,886.49 0.27 Volume Transaksi (Juta Saham) 3,601.00 3,182.76 13.14 Nilai Transaksi (IDR Juta) 6,696.00 4,103.37 63.18 Nilai/ saham (IDR) 1,859.48 1,289.25 44.23 Net Asing (IDR Juta) 1,415,643.75 8,678.00 16,213.02 Komoditas Terakhir Sebelumnya %Prb Nikel/Nickel (US$/Ton) 8,620.00 8,590.00 0.35 Tembaga/Copper (US$/Ton) 4,561.00 4,530.00 0.68 Timah/Tins (US$/Ton) 14,850.00 14,250.00 4.21 Minyak/Oil (US$/BBL) (*) 33.62 33.22 1.20 Gas (US$/MMBTU) 2.21 2.20 0.45 Batu Bara/Coal (US$/Ton) (**) 50.40 50.85-0.88 Emas/Gold (USD/OZ) 1,117.80 1,118.17-0.03 CPO PALMROTT(USD/ton) 627.50 627.50 0.00 CPO MALAYSIA(RM/ton) 2,326.00 2,346.50-0.87 (*) 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 49.00 4.57 0.00 3,340.00 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 - Fcigarette NEUTRAL - Retail Sector NEUTRAL - Pharmaceutical Sector OVERWEIGHT - Healthcare Sector OVERWEIGHT - Transportation Sector NEUTRAL - Automotive Sector NEUTRAL - Poultry Sector NEUTRAL - Crops Sector OVERWEIGHT - Fishery Sector OVERWEIGHT - PERKIRAAN PASAR HARI INI Stimulus Ekonomi Jepang Topang Penguatan IHSG Mayoritas indeks global ditutup dalam teritori positif dalam perdagangan pekan kemarin. Dow ditutup menguat signifikan ke level 16.466 (+2,47%) sedangkan indeks Zona Eropa ditutup rata - rata naik di atas 2%. Sementara itu harga emas dunia ditutup stagnan pada level US$ 1.118 per troyounce (+0,22%) dan harga minyak dunia naik ke level US$ 33,74 per barrel (+1,57%). Penguatan indeks global ditopang oleh : 1) Kebijakan Bank Sentral Jepang yang di luar ekspektasi menurunkan tingkat suku bunga menjadi -0,1% untuk mendorong perekonomian Jepang; 2) Rilis kinerja sebagian besar emiten di US pada 4Q15 yang lebih baik dari ekspektasi dimana harga saham Microsoft (MSFT.O) meningkat signifikan sebesar 5,83%; 3) Rilis data pertumbuhan ekonomi kwartal-an US (GDP qoq) yang turun signifikan dari 2% menjadi hanya 0,7% pada 4Q15. Data tersebut dinilai menjadi faktor pendorong bagi The FED untuk memperlambat normalisasi peningkatan kebijakan suku bunga-nya. Dari pasar domestik, IHSG ditutup menguat tipis ke level 4.615 (+0,26%) pada perdagangan pekan kemarin. Penguatan IHSG ditopang oleh pembelian bersih asing yang mencapai IDR 1,42 triliun. Hal tersebut juga mendorong penguatan nilai tukar Rp ke level Rp 13.680 per USD. Hari ini investor juga menanti rilis data ekonomi domestik seperti tingkat inflasi dan indeks manufaktur Indonesia. Inflasi bulan (MoM) diperkirakan turun dari 0,96% menjadi 0,64% sedangkan inflasi tahunan (YoY) meningkat dari 3,35% menjadi 4,2%. Kami memproyeksikan IHSG berpotensi menguat dalam rentang perdagangan antara level 4.580-4.672. Relatif kondusifnya kondisi pasar global serta stabilnya kondisi domestik menjadi faktor pendorong penguatan IHSG pada hari ini. Saham pilihan kami adalah ASII, BBRI, TLKM, SMGR, UNVR dan WSKT. Analyst: Thendra Crisnanda (thendra@bnisecurities.co.id)

Senin, 1 Februari 2016 RINGKASAN BERITA PT Adikarsa Sarana, salah satu pemegang saham PT Elang Mahkota Sejati Tbk (EMTK) telah melepas sebagian kepemilikan sahamnya di grup media tersebut. PT Adaro Energy Tbk (ADRO) mencatat total produksi batubara dan nisbah kupas tahun 2015 masing-masing mencapai 51,46 juta ton dan 5,19x atau turun 8 persen dan 9 persen dari tahun 2014. PT Aneka Tambang Tbk (ANTM) mengumumkan laporan penjualan Perseroan (Tidak Audit) pada akhir tahun 2015 sebesar Rp10,55 triliun atau meningkat 12% dibandingkan dengan tahun 2014 seiring dengan peningkatan penjualan Emas yang signifikan. Perusahaan asuransi untuk kesejahteraan TNI dan POLRI, PT ASABRI (Persero) melakukan pembelian saham PT Hanson International Tbk (MYRX) sebanyak 954.835.200 lembar (harga tidak disebutkan dalam keterbukaan informasi yang diberikan oleh manajemen MYRX), dengan pembelian tersebut PT ASABRI memiliki 6,06% dari seluruh saham yang diterbitkan oleh MYRX. PT Kimia Farma Tbk (KAEF) menargetkan pertumbuhan pendapatan dari anak usahanya yaitu Kimia Farma Apotek mencapai 26% dari raihan tahun lalu yang hampir menembus Rp3 triliun. PT Martina Berto Tbk (MBTO) resmi mengakuisisi merek produk kecantikan dan perawatan rambut Rudi Hadisuwarno dengan nilai pembelian Rp58 miliar. (Sumber : IQplus, Kontan, Indonesia Finance Today) No Stock Top Value (IDR) 1 ASII IJ 595,088,400,000 2 BBRI IJ 522,526,800,000 3 BBCA IJ 459,579,200,000 4 TLKM IJ 407,662,600,000 5 BMRI IJ 283,102,000,000 No Stock Top Volume (Shares) 1 ELSA IJ 305,058,300.00 2 ANTM IJ 210,456,000.00 3 JPRS IJ 129,706,200.00 4 TLKM IJ 123,511,400.00 5 MYRX IJ 121,537,200.00 No Top Gainers % change 1 ASJT IJ 32.91 2 SRAJ IJ 20 3 MREI IJ 19.76 4 BDMN IJ 19.06 5 AIMS IJ 16.67 No Top Losers % change 1 LPGI IJ -10 2 UNIC IJ -9.94 3 TPMA IJ -9.46 4 BBYB IJ -9.27 5 PTSN IJ -9.21 No Leading Mover % change 1 ASII IJ 3.20 2 TLKM IJ 2.45 3 BDMN IJ 19.06 4 EXCL IJ 8.09 5 UNTR IJ 3.73 No Lagging Mover % change 1 HMSP IJ -3.27 2 UNVR IJ -1.48 3 ICBP IJ -2.69 4 LPPF IJ -2.59 5 BBCA IJ -0.38 14,990 5,000 12,310 4,500 9,630 4,000 6,950 3,500 4,270 3,000 1,590 1-Jan 11-Mar 20-May 29-Jul 7-Oct 16-Dec 24-Feb 5-May Volume (RHS) (Bn Shares) JCI (LHS)

TARGET HARGA SAHAM Banking BBCA IJ Equity 332,843 15.62 18.71 3.87 1.20 22.00 3.00 50.84 BUY 16,000 BBNI IJ Equity 96,507 19.05 11.26 1.56 0.59 15.60-9.78 40.00 NOT RATED - BBRI IJ Equity 283,079 13.57 11.63 2.61 0.86 24.66 0.44 43.25 BUY 13,500 BMRI IJ Equity 208,250 9.16 10.76 1.88 1.17 19.23-15.68 40.00 BUY 11,000 BBTN IJ Equity 13,122-28.53 8.40 1.00-0.29 12.67 11.70 39.89 HOLD 1,350 BJBR IJ Equity 7,175-18.70 6.15 1.00-0.33 18.24 3.21 25.00 BUY 940 BJTM IJ Equity 6,295 13.92 5.74 1.03 0.41 14.94 7.78 20.00 BUY 495 Average 135,324 3.44 10.38 1.85 0.52 18.19 0.10 Cement INTP IJ Equity 73,625 5.20 16.29 3.25 3.13 0.01 20.73-15.96 35.97 HOLD 17,400 SMGR IJ Equity 65,543 3.60 16.12 3.42 4.47 0.16 19.56-31.12 48.99 HOLD 10,850 SMBR IJ Equity 3,217-10.35 13.76 0.87-1.33 0.01 13.60-12.87 23.76 HOLD 334 SMCB IJ Equity 8,161-29.98 29.07 2.18-0.97 0.62 0.96-51.95 19.36 HOLD 1,020 Average 37,636-7.88 18.81 2.43-8.87 0.20 13.75-27.97 Telecommunication TLKM IJ Equity 292,320 1.63 17.57 4.02 10.75 0.82 21.77 5.20 48.81 BUY 3,300 ISAT IJ Equity 29,072 28.57 131.40 2.33 4.60 2.97-13.40 62.90 20.71 HOLD 5,400 EXCL IJ Equity 32,201-157.23 2.36-3.32-3.60-30.61 33.57 BUY 4,200 Average 117,864 15.10 102.07 2.90 7.67 2.37 1.59 12.50 Transportation GIAA IJ Equity 7,968-10.28 0.80-0.91-10.93-35.58 14.86 BUY 425 BIRD IJ Equity 17,452 5.63 15.00 3.48 2.66 44.54 31.46-2.15 15.05 HOLD 7,800 TAXI IJ Equity 292-10.82 2.80 0.29-0.26 1.57 2.26-88.12 49.00 UNDER REVIEW SOCI IJ Equity 2,824-6.81 1.15-0.71 17.66-15.00 BUY 825 WINS IJ Equity 739-25.18 6.95 0.58-0.28 0.48 3.86-84.16 42.44 HOLD 225 Average 5,855-10.12 8.37 1.26 0.71 9.64 8.86-52.50 Automotive ASII IJ Equity 249,986-1.17 14.09 1.97-12.02 0.73 17.49-9.00 49.85 HOLD 7,000 IMAS IJ Equity 7,190-42.83 1.32-2.33-2.52-26.20 10.46 HOLD 3,000 Average 128,588-1.17 28.84 2.02-13.03 1.53 12.23-17.60 Construction WIKA IJ Equity 17,679 7.81 23.90 3.79 3.06 0.76 13.29-5.47 34.87 HOLD 3,180 ADHI IJ Equity 8,030-20.17 10.77 1.98-0.53 1.16 22.59-2.88 74.20 BUY 2,645 PTPP IJ Equity 18,304 26.44 24.56 6.19 0.93 1.01 23.46 28.10 49.00 BUY 4,420 WSKT IJ Equity 23,341 35.86 35.06 5.86 0.98 1.11 14.25 69.39 33.95 BUY 2,180 TOTL IJ Equity 2,199-15.76 15.56 3.23-0.99 0.00 24.46-33.71 33.73 BUY 840 WTON IJ Equity 7,975-25.05 3.90-0.09 10.20-25.40 38.03 BUY 1,090 Average 12,921 6.84 22.48 4.16 1.38 0.69 18.75 5.01 Infrastructure PGAS IJ Equity 72,361-25.00 12.48 2.54-0.50 0.68 15.83-49.31 43.03 HOLD 3,320 JSMR IJ Equity 33,252 36.56 23.10 3.49 0.63 1.35 12.52-28.88 29.99 BUY 6,850 Average 52,806 5.78 17.79 3.02 0.13 1.02 17.73-39.10 Oil & Gas MEDC IJ Equity 3,866-75.65 1048.86 122.06-13.86 1.38-4.95-69.40 49.00 HOLD 1,250 ELSA IJ Equity 2,270 72.15 17.48 1.37 0.24 0.48 15.57-51.89 41.08 NOT RATED RUIS IJ Equity 173 88.12 5.17 0.66 0.06 2.52 16.06 18.51 49.82 NOT RATED - ENRG IJ Equity 2,455-78.83 8.44 0.46-0.11 1.09-3.10-50.50 94.29 HOLD 120 Average 2,191 1.45 0.77 371.08-0.11 1.47 12.87-38.32 Property ASRI IJ Equity 6,779 25.17 7.92 1.59 0.31 1.08 5.80-31.62 48.52 HOLD 380 APLN IJ Equity 5,904 0.41 7.65 1.06 18.70 1.01 13.80-18.60 27.14 HOLD 300 BKSL IJ Equity 2,135-91.53 12.14 0.53-0.13 0.26-0.51-33.11 74.27 HOLD 90 BSDE IJ Equity 32,912 37.37 12.83 2.11 0.34 0.28 14.12-1.01 35.43 BUY 2,360 CTRA IJ Equity 19,470 35.09 14.19 2.56 0.40 0.54 18.51-1.51 69.50 HOLD 980 CTRP IJ Equity 2,815-6.69 6.57 0.93-0.98 0.60 6.88-43.09 44.70 HOLD 470 CTRS IJ Equity 4,530 30.80 9.20 1.83 0.30 0.15 22.12-15.67 38.14 BUY 2,850 BEST IJ Equity 3,589-47.84 8.18 1.22-0.17 0.16 14.51-45.61 41.79 BUY 438 SSIA IJ Equity 2,800-39.69 9.68 1.59-0.24 0.48 18.41-30.43 68.72 BUY 780 MDLN IJ Equity 6,079-70.99 9.27 1.20-0.13 0.68 8.95-5.45 64.04 HOLD 450 PWON IJ Equity 21,768 122.07 10.11 2.96 0.08 0.63 40.27-5.22 47.80 BUY 545 LPKR IJ Equity 30,001 107.38 15.10 1.65 0.14 0.64 16.65 18.23 94.74 HOLD 1,320 SMRA IJ Equity 22,794 26.86 18.15 3.97 0.68 0.80 26.83 11.94 67.69 BUY 1,830 KIJA IJ Equity 4,525 297.85 7.10 0.97 0.02 0.62 1.82-22.86 68.95 BUY 280 Average 11,864 30.45 10.58 1.73-0.30 0.57 16.20-16.00

TARGET HARGA SAHAM Agriculture AALI IJ Equity 29,448 38.99 68.93 2.75 1.77 0.87 7.07-24.62 20.32 HOLD 20,000 BWPT IJ Equity 5,233-27.82 15.45 0.02-0.56 2.30-1.16-56.65 27.71 BUY 220 LSIP IJ Equity 8,836 18.79 13.68 1.26 0.73 0.16 9.74-33.40 40.41 BUY 1,700 SGRO IJ Equity 2,693 185.71 9.76 0.77 0.05 0.88 8.69-36.80 32.95 HOLD 1,540 SIMP IJ Equity 6,216 62.68 47.31 0.37 0.75 0.89 2.60-47.34 21.60 HOLD 450 Average 10,485 55.67 31.03 1.03 0.55 1.02 5.39-39.76 Metal ANTM IJ Equity 8,579-14.73 0.50-0.71-4.51-57.86 74.20 BUY 420 INCO IJ Equity 16,991 325.00 11.55 0.64 0.04 0.27 5.09-59.08 20.49 HOLD 1,850 TINS IJ Equity 3,947 31.51 232.16 0.74 7.37 0.90 6.29-57.55 35.00 BUY 610 Average 9,839 178.26 28.44 1.26 2.49 0.75 4.91-58.16 Mining ADRO IJ Equity 18,712-23.80 11.56 0.39-0.49 0.47 4.77-46.44 43.00 BUY 670 HRUM IJ Equity 2,082-99.03-0.43 0.00 0.12-5.02-50.00 28.85 HOLD 810 ITMG IJ Equity 7,938-11.76 7.42 0.73-0.63 0.39 12.18-57.64 34.84 HOLD 7,900 PTBA IJ Equity 13,594 12.72 8.59 1.36 0.68 0.79 22.27-55.27 29.34 BUY 6,900 Average 10,581-30.47 6.89 0.73-0.11 0.44 8.55-52.34 Consumer UNVR IJ Equity 288,414 7.28 35.74 39.20 4.91 0.26 104.61 19.71 15.01 HOLD 40,000 INDF IJ Equity 46,975 64.29 19.01 2.74 0.30 0.54 9.78-18.87 49.92 BUY 7,600 ICBP IJ Equity 73,470 17.22 31.60 5.19 1.83 0.10 21.02 13.01 19.47 HOLD 15,800 MYOR IJ Equity 23,700-61.28 23.89 7.18-0.39 1.12 23.84 5.52 66.93 BUY 32,000 AISA IJ Equity 4,796 4.27 22.00 3.10 5.15 0.89 10.94-31.78 52.92 BUY 3,150 ROTI IJ Equity 6,428 19.35 48.81 7.94 2.52 0.45 24.70 3.39 29.25 BUY 1,450 GGRM IJ Equity 96,974 24.01 21.58 2.98 0.90 0.31 16.11-16.34 23.53 HOLD 52,000 Average 77,251 10.73 28.95 9.76 2.18 0.52 30.14-3.62 Pharmaceutical KLBF IJ Equity 63,281 7.32 32.65 8.65 4.46 0.03 22.06-25.07 43.31 BUY 1,700 KAEF IJ Equity 5,443 9.35 21.16 2.82 2.26 0.02 14.66-28.28 9.97 BUY 1,370 Average 34,362 8.33 26.90 5.74 1.61 0.02 19.35-26.68 Retail RALS IJ Equity 5,003-9.08 28.32 3.10-3.12 0.00 9.44-15.26 40.46 HOLD 830 MAPI IJ Equity 7,130-77.21 26.60 4.26-0.34 0.91-0.36-20.93 44.00 HOLD 3,500 Average 6,066-43.15 66.82 3.68 4.14 0.46 14.85-18.10 Healthcare SILO IJ Equity 11,301 13.63 237.09 9.95 17.40 0.02 4.67-30.54 29.18 BUY 16,400 MIKA IJ Equity 36,450-70.45 20.90-0.00 30.13-18.00 HOLD 2,800 Average 23,875 13.63 153.77 15.43 17.40 0.01 17.40-30.54 Poultry CPIN IJ Equity 52,392-30.67 17.60 4.47-0.57 60.28 11.25-22.24 44.46 BUY 5,110 JPFA IJ Equity 4,904-44.59 14.30 1.42-0.32 136.85-3.00-61.52 42.49 HOLD 400 MAIN IJ Equity 2,843-19.71 2.93-174.96-15.85-51.35 58.73 BUY 2,000 Average 20,046-37.63 17.20 2.94 1.09 124.03-1.95-45.03 Crops BISI IJ Equity 4,110 29.90 0.00 3.03 0.00 0.00 15.30 179.30 45.92 BUY 1,800 Wholesaler MPMX IJ Equity 1,968-28.61 4.20 0.32-0.15 1.11 9.35-52.46 27.56 BUY 775 Towers TOWR IJ Equity 42,852 396.49 30.43 8.30 0.08 2.61 15.58 1.45 67.28 HOLD 4,500 TBIG IJ Equity 32,496 5.65 23.93 8.10 4.23 4.52 31.06-27.15 47.82 HOLD 7,000 Average 37,674 201.07 27.18 8.20 2.15 3.57 23.32-12.85

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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: 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.