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

22 Juli, 2014 L A P O R A N H A R I A N Penutupan Prb %Prb %Ytd P/E Americas INDU Index 17,051.73-48.45-0.28 2.87 15.87 SPX Index 1,973.63-4.59-0.23 6.78 18.29 CCMP Index 4,424.70-7.442-0.17 5.94 35.16 IBOV Index 57,633.92 621.02 1.09 11.89 17.81 EMEA UKX Index 6,728.44-21.01-0.31 (0.31) 19.33 CAC Index 4,304.74-30.57-0.71 0.20 25.19 RTSSTD Index 9,300.57-257.28-2.69 (8.61) 5.18 IBEX Index 10,482.00-45 -0.43 5.70 22.68 FTSEMIB Index 20,431.20-305.92-1.48 7.72 #N/A N/A AEX Index 403.71-0.69-0.17 0.48 21.02 SMI Index 8,513.96 2.53 0.03 3.79 18.85 Asia / Pacific NKY Index 15,310.73 95.02 0.62 (6.02) 20.17 HSI Index 23,387.14-67.65-0.29 0.35 10.91 SHCOMP Index 2,054.48-4.588-0.22 (2.91) 10.04 TWSE Index 9,440.97 40 0.43 9.63 19.70 KOSPI Index 2,021.56 3.06 0.15 0.51 #N/A N/A JCI Index 5,127.12 40.109 0.79 19.96 20.74 SET Index 1,538.55 5.14 0.34 18.47 18.07 PCOMP Index 6,874.88 21.81 0.32 16.72 21.74 SENSEX Index 25,715.17 73.61 0.29 21.47 18.59 FSSTI Index 3,314.27 3.74 0.11 4.64 14.04 Deskripsi Terakhir Sebelumnya %Prb Kapitalisasi Pasar (IDR Triliun) 5,082.86 5,044.10 0.008 Volume Transaksi (Juta Saham) 4,807.17 3,368.24 0.43 Nilai Transaksi (IDR Juta) 5,448.70 3,921.45 0.39 Nilai/ saham (IDR) 1,133.45 1,164.24-0.03 Net Asing (IDR Juta) (22,799.63) 472,755.38-1.05 Komoditas Terakhir Sebelumnya %Prb Nikel/Nickel (US$/Ton) 18,825.00 18,660.00 0.88 Tembaga/Copper (US$/Ton) 7,025.00 6,985.00 0.57 Timah/Tins (US$/Ton) 22,200.00 22,100.00 0.45 Minyak/Oil (US$/BBL) (*) 104.59 103.13 1.42 Gas (US$/MMBTU) 3.57 3.58-0.26 Batu Bara/Coal (US$/Ton) (**) 68.15 69.65-2.15 Emas/Gold (USD/OZ) 1,311.57 1,312.55-0.07 CPO PALMROTT(USD/ton) 820.00 820.00 0.00 CPO MALAYSIA(RM/ton) 2,296.00 2,309.00-0.56 (*) 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 46.67 0.02 13,493.46 2,695.00 *) per share **) 1 ADR TLK US = 40 ordinary shares TLKM **) 1 ADR IIT US = 50 ordinary shares ISAT Daily Report dapat dilihat di website BNI Securities : www.bnisecurities.co.id RISET PERKIRAAN PASAR HARI INI IHSG masih berpotensi menguat terpengaruh sentimen dalam negeri No Stock Top Value (IDR) 1 BBRI IJ 409,418,858,496 2 BMRI IJ 340,540,751,872 3 TRAM IJ 283,117,092,864 4 ADHI IJ 199,980,711,936 5 ASII IJ 190,460,313,600 No Stock Top Volume (Shares) 1 BKSL IJ 440,566,000.00 2 APLN IJ 230,185,000.00 3 ASRI IJ 175,380,600.00 4 META IJ 153,591,000.00 5 ENRG IJ 129,055,500.00 No Top Gainers % change 1 MYTX IJ 18.64 2 RBMS IJ 18.52 3 INPP IJ 11.11 4 BKDP IJ 8.96 5 YULE IJ 8.7 No Top Losers % change 1 GTBO IJ -11.76 2 LAMI IJ -10.43 3 WAPO IJ -8.82 4 CPGT IJ -8.49 5 ASGR IJ -8.43 No Leading Movers % change 1 NISP IJ 6.87 2 KLBF IJ 1.23 3 ADRO IJ 1.96 4 INVS IJ 5.21 5 INCO IJ 1.29 No Lagging Movers % change 1 TLKM IJ -5.81 2 BMRI IJ -4.94 3 BBRI IJ -3.87 4 ASII IJ -2.60 5 UNVR IJ -2.95 5,000 4,500 4,000 3,500 3,000 1-Jan 11-Mar 20-May 29-Jul 7-Oct 16-Dec Volume (RHS) (Bn Shares) JCI (LHS) 14,990 12,310 9,630 6,950 4,270 1,590

P E R K I R A A N P A S A R H A R I I N I IHSG masih berpotensi menguat terpengaruh sentimen dalam negeri Perdagangan bursa US kemarin mayoritas melemah Dow ditutup 0.28% ke level 17,052 Nasdaq 0.16% ke level 4,425 serta S&P500 0.21% ke level 1,974. Indeks global terkoreksi masih akibat ketegangan yang terjadi di Jalur Gaza serta fokus ketidakstujuan masyarakat dunia terhadap sikap Presiden Vladimr Putin dalam menyikapi kecelakaan Malaysia Airlines. Pada kawasan Eropa, DAX Frankfurt 1.11% CAC Paris +0.7% dan FTSE London 0.32%. Meski demikian, negara negara Eropa mencoba untuk tetap menjaga situasi kondusif, terlebih 20 30% ekspor Eropa ditujukan ke Russia, sehingga ketegangan ini dikhawatirkan akan mempengaruhi perekonomian di Eropa. Pada bursa Asia, indeks fluktuatif. Nikkei +0.69% HangSeng 0.29% dan Shanghai 0.25%. Untuk IHSG, senin menguat sepanjang perdagangan dan ditutup +0.8% ke level 5,127 dengan net sell asing Rp23 miliar. Penguatan terjadi di semua sektor dan dipimpin oleh property +2.6% serta industri dasar +1.1%. Untuk perdagangan hari ini IHSG diperkirakan masih akan terus menguat, investor masih melakukan akumulasi beli menjelang pengumuman hasil pengumuman pemilu presiden oleh KPU hari ini 22 Juli 2014. Investor disarankan melakukan trading jangka pendek terlebih belum ada faktor signifikan yang akan mengangkat IHSG. Fokus investor berikutnya adalah inflasi US dan laporan penjualan rumah jadi US. Indeks hari ini diperkirakan akan bergerak pada rentang 5,100 5,140 dengan saham pilihan BBCA ASII SMGR KLBF ADHI CTRP. Analyst: Dessy Lapagu (dessy@bnisecurities.co.id) 2

R I N G K A S A N B E R I T A Anak Usaha Nusa Konstruksi Bangun Pabrik Pembangkit Rp 260 Miliar. Proyek pertama Inti Duta Energi berupa pembangkit listrik mini hidro menurut rencana akan dibangun di Jawa dengan kapasitas 5 megawatt. Bukit Asam mencatat kenaikan volume penjualan batubara sebesar 1,01% menjadi 8,83 juta ton pada semester I 2014 dibanding periode yang sama 2013 sebesar 8,74 juta ton. Jasa Marga Siapkan Rp 6 Triliun Bangun Tol Medan Tebing Tinggi. Saat ini perseroan masih dalam proses penjajakan dengan beberapa perbankan nasional untuk mendapatkan pinjaman sindikasi. Bank Tabungan Pensiunan Nasional Syariah (BTPN Syariah), anak usaha PT Bank Tabungan Pensiunan Nasional Tbk (BTPN), mengumumkan bahwa sistem core banking yang diimplementasikan oleh Anabatic Technologies telah mulai dioperasikan minggu ini. Sistem core banking ini merupakan bagian dari solusi teknologi informasi (TI) Temenos yang dikenal sebagai T24 yang diperuntukkan bagi perbankan syariah. PT Indosat Tbk (ISAT), emiten telekomunikasi, telah menyiapkan kapasitas jaringan untuk semua jenis layanannya khusus mengantisipasi potensi kenaikan trafik telekomunikasi selama musim Lebaran 2014. Untuk layanan voice/suara disiapkan kapasitas sebesar 1,08 milyar menit percakapan/hari atau 18 juta Erlang/hari. Untuk kapasitas layanan SMS disiapkan 1,45 milyar SMS/hari dan untuk kapasitas layanan data disiapkan 335 TeraByte/hari. Kebutuhan dana tunai oleh masyarakat saat Lebaran menjadi prioritas pelayanan PT Bank Rakyat Indonesia (Persero) Tbk (BBRI). Pada Lebaran kali ini, yang diperkirakan jatuh pada tanggal 28 29 Juli 2014, BRI menyiagakan dana tunai sebesar Rp 25,5 triliun. PT Bank Tabungan Negara (BTN) menyebutkan rasio kredit macet atau NPL semester pertama tahun ini sebesar 5,01%. 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 Banking BBCA IJ Equity 255,795,728,750,000 10.50 15.02 4.20 1.43 0.08 17.00 BUY 12,000 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 5,200 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 12,500 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 11,500 2.16 40.00 Average 14.55 10.30 2.78 0.78 0.08 24.55 5.30 Cement INTP IJ Equity 85,221 15.54 3.43 9.33 1.67 0.01 22.07 HOLD 25,051 1.64 35.97 SMGR IJ Equity 88,825 15.20 3.87 9.01 1.69 0.20 25.47 BUY 16,850 15.26 48.99 SMBR IJ Equity 4,132 10.36 1.52 27.70 0.37 0.03 14.70 BUY 580 23.76 SMCB IJ Equity 20,460 17.08 2.18 26.02 0.66 0.42 12.77 HOLD 2,700 12.32 19.36 Average 49,659 14.55 2.75 18.02 1.10 0.16 18.75 9.76 Telecommunication EXCL IJ Equity 38,575,897,814,840 15.80 29.39 2.53 1.86 1.08 7.20 HOLD 5,000 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 2,800 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 3,819,168,000,000 30.00 27.00 5.57 0.90 0.10 32.00 BUY 2,500 106.05 49.00 Average 19.25 19.03 3.20 1.10 0.15 20.10 40.26 Automotive ASII IJ Equity 291,482 14.75 3.37 7.46 1.98 0.80 22.82 HOLD 7,600 6.99 49.85 IMAS IJ Equity 13,177 18.34 2.39 60.96 0.30 1.67 14.95 HOLD 4,950 3.66 10.46 Average 152,329 16.54 2.88 34.21 1.14 1.23 18.88 5.32 Construction WIKA IJ Equity 14,127 19.93 3.94 24.34 0.82 0.41 19.78 HOLD 2,250 17.42 34.65 ADHI IJ Equity 5,503 12.91 3.09 4.98 2.59 0.95 23.91 HOLD 2,925 19.81 49.00 PTPP IJ Equity 8,959 17.33 4.07 23.57 0.74 0.77 23.48 BUY 2,150 7.54 42.84 WSKT IJ Equity 6,654 16.52 2.58 9.42 1.75 0.68 15.62 BUY 800 32.80 32.08 TOTL IJ Equity 2,830 14.43 3.55 0.98 14.68 0.19 24.59 BUY 1,040 #N/A N/A 100.00 WTON IJ Equity 6,667 22.27 4.73 23.25 0.96 0.80 21.23 HOLD 875 46.26 33.84 Average 7,457 17.23 3.66 14.42 3.59 0.63 21.44 15.87 Infrastructure PGAS IJ Equity 126,662 12.95 3.84 0.27 48.20 0.43 29.63 BUY 6,200 11.55 43.03 JSMR IJ Equity 40,460 24.38 3.96 24.19 1.01 1.43 16.26 HOLD 6,450 11.56 29.99 Average 126,662 12.95 3.84 0.27 48.20 0.43 29.63 11.55 Oil & Gas MEDC IJ Equity 8,281 78.92 30.80 0.71 0.39 1.62 3.69 HOLD 1,835 60.63 49.14 ELSA IJ Equity 2,927 399.80 17.48 1.37 0.04 0.48 8.09 HOLD 242 132.82 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 9,746 6.78 1.57 64.04 0.11 0.89 23.16 HOLD 560 52.64 49.71 APLN IJ Equity 5,535 5.85 0.87 11.05 0.53 0.95 14.83 HOLD 285 43.37 29.93 BKSL IJ Equity 4,364 10.90 0.72 36.00 0.30 0.35 6.60 HOLD 210 52.79 65.60 BSDE IJ Equity 28,385 13.86 2.54 23.93 0.58 0.40 18.34 HOLD 1,720 28.69 39.88 CTRA IJ Equity 16,379 13.64 2.45 23.55 0.58 0.43 17.95 HOLD 1,100 30.37 61.24 CTRP IJ Equity 4,520 12.04 1.10 10.92 1.10 0.51 9.17 HOLD 780 49.64 43.75 CTRS IJ Equity 4,917 9.28 2.04 31.03 0.30 0.18 22.00 HOLD 2,800 36.51 37.34 BEST IJ Equity 4,767 6.88 1.60 7.00 0.98 0.22 23.30 HOLD 520 46.07 38.54 SSIA IJ Equity 3,341 4.88 1.29 0.34 14.18 0.55 26.34 HOLD 870 57.23 72.16 MDLN IJ Equity 5,590 3.98 1.16 42.69 0.09 0.74 29.15 HOLD 435 20.53 64.04 PWON IJ Equity 18,638 12.40 3.97 32.38 0.38 0.46 32.02 HOLD 410 8.35 43.45 LPKR IJ Equity 23,539 15.10 2.02 26.89 0.56 0.61 13.34 HOLD 1,225 43.89 82.12 SMRA IJ Equity 17,601 15.11 3.57 4.79 3.16 0.56 23.59 HOLD 1,250 10.21 67.77 KIJA IJ Equity 4,950 7.57 0.96 547.87 0.01 0.65 12.62 HOLD 240 39.25 80.03 Average 10,877 9.88 1.85 44.34 0.83 0.54 19.46 11.20 4

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 20.71 21.45 4.18 1.04 0.34 19.50 BUY 30,150 47.06 20.32 BWPT IJ Equity 6,013,779,803,750 16.71 33.09 2.97 1.98 2.07 8.97 BUY 1,570 2.84 37.15 LSIP IJ Equity 15,419,672,560,900 12.44 20.86 2.53 1.68 0.16 12.14 BUY 2,650 23.59 40.52 SGRO IJ Equity 4,025,700,000,000 1.39 37.95 1.66 27.30 0.80 4.38 HOLD 2,425 0.77 32.95 SIMP IJ Equity 14,630,086,750,000 6.48 29.71 0.87 4.58 0.70 3.38 BUY 1,050 6.46 21.60 SMAR IJ Equity 19,818,134,225,400 11.41 15.95 2.14 1.40 1.22 13.44 BUY 7,850 19.91 2.80 Average 11.52 26.50 2.39 6.33 0.88 10.30 14.62 Metal ANTM IJ Equity 9,681,536,900,000 2.06 29.58 0.82 14.36 0.90 3.18 HOLD 1,300 16.70 34.99 INCO IJ Equity 25,337,663,736,000 6.72 50.87 1.25 7.57 0.33 2.45 HOLD 2,610 3.55 20.49 TINS IJ Equity 6,895,237,400,000 16.01 14.55 1.76 0.91 0.74 12.07 BUY 1,840 3.29 35.00 Average 10.88 28.44 1.26 2.49 0.75 4.91 7.85 Mining ADRO IJ Equity 30,226,734,090,000 6.68 11.88 0.86 1.78 0.75 7.27 HOLD 1,100 38.62 40.92 HRUM IJ Equity 6,421,097,500,000 Not Rated 56.30 29.51 ITMG IJ Equity 30,733,960,000,000 6.61 12.06 2.74 1.82 0.42 22.70 HOLD 30,850 28.99 34.99 PTBA IJ Equity 21,370,824,300,000 9.40 11.45 3.07 1.22 0.82 26.82 HOLD 10,300 37.08 29.98 Average 7.56 11.80 2.22 1.61 0.66 18.93 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 10,800 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 HOLD 1,300 4.01 29.25 GGRM IJ Equity 101,976,930,200,000 12.33 21.58 2.98 1.75 0.31 15.80 BUY 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 10.67 32.65 8.65 2.12 0.03 26.30 BUY 1,745 29.77 43.37 KAEF IJ Equity 5,286,580,000,000 19.40 21.16 2.82 1.09 0.02 12.40 BUY 995 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 1,222 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 68,215,680,000,000 17.55 20.72 6.74 1.18 BUY 4,000 3.30 44.47 JPFA IJ Equity 16,417,205,281,400 13.58 14.54 3.19 1.07 1.81 35.88 BUY 1,740 1.32 42.49 MAIN IJ Equity 5,940,975,000,000 16.02 16.28 6.65 1.02 BUY 3,950 26.18 40.90 Average 15.72 17.18 5.53 1.09 1.81 35.88 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, Banking, Heru Irvansyah ext. 2030 heru.irvansyah@bnisecurities.co.id Economist Telco, Cement, Airline I Made Adi Saputra ext. 3968 made.sapurta@bnisecurities.co.id Fixed Income Analyst Thendra Crisnanda ext. 2098 thendra@bnisecurities.co.id Analyst Automotive, Heavy Equipment, Property, Infrastructure, Oil and Gas Yasmin Soulisa ext. 3987 yasmin@bnisecurities.co.id Analyst Coal and Metal Mining, Plantation Andri Zakarias ext. 2054 andri.zakarias@bnisecurities.co.id Technical Analyst Market Strategy, Commodities, Currency, Bond & Stocks Ankga Adiwirasta ext. 3986 ankga.adiwirasta@bnisecurities.co.id Research Analyst Consumer Goods, Pharmaceutical Venia Allani Meissalina ext. 2050 venia@bnisecurities.co.id Research Assistant Dessy Lapagu ext. 2051 dessy@bnisecurities.co.id Research Assistant Poultry 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