Samuel Research Market Activity Friday, 17 Mar 2017 Market Index Index Movement Market Volume Market Value : 5,518.2 : +85.9 (+1.6%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers ASII 8,575 400 4.9 UNVR 43,600 1425 3.4 TLKM 4,140 100 2.5 BBRI 12,525 375 3.1 Lagging Movers RIMO 195-65 -25.0 DNET 2,340-150 -6.0 WSKT 2,330-40 -1.7 BNGA 1,005-20 -2.0 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BBRI 350 SMGR 22 BBCA 284 AMRT 9 ASII 263 KLBF 9 TLKM 237 WSKT 8 BMRI 218 AKRA 8 Money Market USD/IDR 13,352-12.0 0.1 JIBOR O/N 4.3 0.0 - Infl (MoM) 0.2 - - Dual Listing Securities TLKM 30.9 0.5 1.6 ISAT 41.3-0.2-0.5 EIDO 25.5 0.3 1.1 World Indices DJIA 20,935-16 -0.1 S&P 500 2,381-4 -0.2 Euro Stoxx 3,440 31 0.9 MSCI World 1,864 10 0.5 Nikkei 19,510-80 -0.4 Hang Seng 24,288 495 2.1 IHSG berpotensi menguat pasca keputusan BI untuk mempertahankan suku bunga Pasar AS semalam ditutup melemah pasca keputusan Fed menaikan suku bunga acuannya dengan target dua kali lagi kenaikan tahun ini. Dari data ekonomi, data jobless claims tercatat inline dengan estimasi konsensus sebesar 241.000, namun data ini masih mengindikasikan sehatnya lapangan pekerjaan di US. Harga minyak Brent tercatat menguat ke level US$ 51,8/barrel setelah Arab Saudi menyatakan akan memotong produksinya apabila diperlukan mengingat OPEC tidak dapat bergantung dengan US untuk mengontrol suplai minyak ke pasar global. Harga emas tercatat sedikit melemah ke level US$ 1.226/toz. Dari domestik, keputusan kenaikan the Fed serta keputusan Bank Indonesia mempertahankan sukun bunga BI RR Rate di level 4,75% menjadi katalis bursa untuk hari ini. Nilai tukar rupiah ditransaksikan menguat pada Rp 13.335 pagi ini, sementara EIDO ditutup menguat. Highlights BNLI: Rights issue dan restrukturisasi hutang TBLA: Kinerja FY 16 inline dengan konsensus ISAT: Anggarkan capex Rp 6 triliun; Moody s mempertahankan rating kredit, Fitch menaikkan JSMR: JORR II kembali dilanjutkan INTP: Laba bersih 2016 turun 11% yoy BBNI: Membagikan dividen WINS: Result FY16 di bawah estimasi Commodities Brent Oil 52 0.0 0.1 CPO Malay 2,796 55.0 2.0 Coal Newc 82-1.1-1.4 Nickel 10,183 16.0 0.2 Tin 20,212 282.0 1.4 www.samuel.co.id Page 1 of 7
BNLI: Rights issue dan restrukturisasi hutang BNLI akan melakukan rights issue Rp 1,5 triliun di Juni 2017, yang merupakan bagian dari rencana rights issue Rp 3 triliun di tahun ini. Tahun lalu, BNLI melakukan rights issue Rp 5,5 triliun. Hal ini dilakukan untuk memperkuat permodalan. BNLI juga tengah berupaya menurunkan gross NPL (Gross NPL: 2015: 2,74%, 2016: 8,83%) dengan target di bawah 5% pada tahun ini. Telah dilakukan penjualan aset kredit bermasalah sekitar Rp 6 triliun hingga saat ini. Restrukturisasi masih giat dilakukan dan diharapkan selesai dalam waktu setahun. (Bisnis Indonesia, Kontan). BNLI: Non-Coverage. TBLA: Kinerja FY 16 inline dengan konsensus TBLA membukukan kenaikan laba bersih di FY'16 menjadi Rp 615 miliar naik 212% yoy. Pencapaian laba bersih tersebut diatas iniline dengan konsensus, mencerminkan 103%. Untuk level top line TBLA membukukan peningkatan pendapatan 22% yoy menjadi Rp 6.5 trilliun. Secara umum kenaikan kinerja TBLA lebih ditopang meningkatnya volume penjualan dan harga jual rata-rata di FY 16. (Company). TBLA: Non Coverage ISAT: Anggarkan capex Rp 6 triliun; Moody s mempertahankan rating kredit, Fitch menaikkan PT Indosat Ooredoo Tbk (ISAT) menganggarkan belanja modal atau capital expenditure sebesar Rp 6 triliun pada 2017. Dana tersebut nantinya akan dialokasikan untuk 80% untuk pembangunan infrastruktur jaringan selular dan bisnis, baik 3G, 4G maupun 4,5G di seluruh Indonesia, sedangkan sisa 20% akan digunakan untuk pengembangan teknologi informasi dan kebutuhan lain. Dana capex akan berasal dari kas internal. Di berita lain, Moody s Investor Service mempertahankan rating kredit jangka panjang ISAT di level Ba1 seiring dengan proyeksi stabilnya pendapatan. Sedangkan Fitch Rating menaikkan rating dari BBB menjadi BBB+ dengan outlook stabil. (Bisnis Indonesia). ISAT: BUY; 17E PE: 21.6x, PBV: 2.5x. JSMR: JORR II kembali dilanjutkan PT Jasa Marga Tbk (JSMR) menyatakan akan segera memulai proses konstruksi dua ruas tol Cinere Serpong dan Kunciran Cengkareng. Kedua ruas tol ini termasuk dalam Jalan Tol Lingkar Luar Jakarta (Jakarta Outer Ring Road II) sepanjang 263 kilometer, menghubungkan Jakarta, Tangerang, Bogor, Depok dan Bekasi. (Bisnis Indonesia). JSMR: BUY; 17E PE: 17.5x, PBV: 2.4x. INTP: Laba bersih 2016 turun 11% yoy PT Indocement Tunggal Prakarsa Tbk (INTP) melaporkan laba bersih 2016 turun 11% yoy menjadi Rp 3,9 triliun, dibawah estimasi kami namun diatas ekspektasi konsensus. (Bisnis Indonesia). INTP: SELL; 17E PE: 14.0x, PBV: 2.0x www.samuel.co.id Page 2 of 7
BBNI: Membagikan dividen BBNI membagikan dividen 35% dari laba bersih 2016 atau setara dengan Rp 212 per saham (yield: 3,2%). Suprajarto selaku Wadirut BBNI diberhentikan karena beliau ditunjuk sebagai Dirut BBRI. Penggantinya Suprajarto adalah Herry Sidharta yang juga merupakan salah satu direktur BBNI. (Bisnis Indonesia, Kontan) Comment: Dividen itu (Rp 212, yield: 3,2%) relatif lebih besar dari tahun lalu karena dikabarkan pemerintah memang menaikkan setoran dividen BUMN demi pendanaan APBN. Penggantian Wadirut itu kami lihat tidak akan berpengaruh siknifikan ke strategi dan fokus BBNI karena penggantinya juga berasal dari jajaran direksi BBNI sendiri, sementara posisi Dirut tidak diganti. BBNI: BUY; 17E PE: 8.6x, PBV: 1.2x. WINS: Result FY16 di bawah estimasi PT Wintermar Offshore Tbk. (WINS) baru saja merilis laporan keuangan FY16, di mana pendapatan bersih turun sebesar 10.8%yoy dan hanya mencapai 86.1%YoY dari estimasi konsensus, meski beban penjualan pada FY16 mengalami penurunan signifikan Rugi bersih naik 181.7%YoY, dan berada di bawah estimasi konsensus, di mana konsensus memperkirakan sebelumnya bahwa rugi bersih FY16 sebesar USD 5.5 juta. (USD'000) FY16 FY15 YoY FY16 / '16 Cons. Revenue 89,136 99,916-10.8% 86.1% Gross Profit 13,622 23,805-42.8% Pre-tax Income (13,788) (2,177) -533.3% Net Loss (16,035) (5,692) 181.7% -291.2% EBIT Margin 15.3% 23.8% -8.5% Pre-tax Margin -15.5% -2.2% -13.3% Net Margin -18.0% -5.7% -12.3% www.samuel.co.id Page 3 of 7
Ticker Rec. Mkt Cap price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE Banks (Rp bn) (Rp) (%) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E BMRI HOLD 270,083 11575 1.1 0.0 11333 12400 7.1 12.1 11.7 1.6 1.4 13.1% 12.4% BBCA BUY 391,398 15875 1.4 2.4 16524 17100 7.7 16.9 16.0 3.0 2.6 17.9% 16.5% BBRI BUY 308,981 12525 3.1 7.3 13324 13500 7.8 11.0 9.7 1.9 1.6 16.8% 16.8% BBNI BUY 123,081 6600 3.1 19.5 6744 6600 0.0 8.6 7.7 1.2 1.1 14.5% 14.4% BBTN BUY 24,357 2300 2.2 32.2 2368 2300 0.0 8.8 8.0 1.2 1.0 13.1% 12.9% Average 11.5 10.6 1.8 1.6 15.1% 14.6% Consumer (Staples) ICBP BUY 102,916 8825 4.1 2.9 10112 10300 16.7 24.8 21.7 5.1 4.5 20.8% 20.9% INDF BUY 72,878 8300 4.1 4.7 10070 9900 19.3 15.6 13.6 2.2 2.0 14.2% 14.9% KLBF BUY 70,078 1495 1.4 (1.3) 1740 1700 13.7 27.7 24.5 5.3 4.7 19.0% 19.0% ROTI BUY 7,922 1565 1.6 (2.2) 1806 2050 31.0 22.7 19.3 4.6 3.9 20.5% 20.2% ULTJ BUY 12,391 4290 0.0 (6.1) 5400 5300 23.5 16.1 14.6 3.0 2.6 18.9% 17.5% UNVR HOLD 332,668 43600 3.4 12.4 44304 45200 3.7 46.6 41.6 54.3 47.5 116.6% 114.4% SIDO BUY 8,400 560 1.8 7.7 655 700 25.0 15.6 12.4 2.9 2.8 18.9% 22.4% AISA BUY 7,338 2280 0.4 17.2 2548 2440 7.0 14.0 13.3 1.7 1.5 12.2% 11.5% Average 22.9 20.1 9.9 8.7 30.1% 30.1% Cigarette HMSP BUY 471,088 4050 0.7 5.7 4172 4390 8.4 36.5 35.2 12.5 0.3 34.3% 1.0% GGRM BUY 125,162 65050 0.9 1.8 78159 77150 18.6 18.4 17.4 2.6 2.3 14.1% 13.4% Average 27.5 26.3 7.5 1.3 24.2% 7.2% Healthcare MIKA HOLD 38,123 2620 0.8 1.9 2964 2950 12.6 50.3 44.1 9.6 8.7 19.1% 19.7% SILO HOLD 17,883 13750 3.4 26.1 13352 12500-9.1 169.8 133.5 5.6 5.1 3.3% 3.8% Average 110.0 88.8 7.6 6.9 11.2% 11.8% Poultry CPIN BUY 52,310 3190 2.2 3.2 3353 4500 41.1 13.5 12.5 1.7 1.6 12.8% 12.4% JPFA BUY 17,857 1565 (0.6) 7.6 2013 2200 40.6 8.6 7.8 1.6 1.4 18.7% 17.6% MAIN BUY 2,754 1230 0.4 (5.4) 1506 1730 40.7 6.6 5.9 1.0 0.9 15.6% 15.5% Average 9.6 8.7 1.5 1.3 15.7% 15.2% Retail MAPI BUY 9,213 5550 2.8 2.8 6185 7700 38.7 34.0 24.6 2.6 2.4 7.8% 9.8% RALS BUY 7,948 1120 (0.9) (6.3) 1560 1750 56.3 17.2 13.7 2.1 1.9 12.0% 13.9% ACES HOLD 13,720 800 2.6 (4.2) 931 825 3.1 19.5 16.7 4.3 3.6 22.2% 21.8% LPPF BUY 39,465 13525 2.3 (10.6) 16195 19500 44.2 14.3 13.8 11.6 8.3 81.1% 60.0% Average 21.3 17.2 5.2 4.0 30.8% 26.4% Telco EXCL BUY 33,988 3180 5.6 37.7 3354 3200 0.6 85.9 56.8 1.6 1.5 1.8% 2.7% ISAT BUY 38,038 7000 0.0 8.5 8352 7200 2.9 21.6 13.6 2.5 2.2 11.7% 16.2% TLKM BUY 417,312 4140 2.5 4.0 4647 5000 20.8 17.3 13.4 4.1 3.6 24.0% 26.7% TOWR BUY 40,404 3960 1.5 10.6 4515 4500 13.6 11.5 10.8 2.8 2.2 24.5% 20.7% Average 34.1 23.6 2.8 2.4 15.5% 16.6% Auto and HE ASII BUY 347,146 8575 4.9 3.6 9052 9000 5.0 15.5 13.2 2.7 2.2 17.2% 16.4% UNTR BUY 95,864 25700 1.4 20.9 27215 27500 7.0 14.2 12.6 2.1 1.9 15.2% 15.3% Average 14.8 12.9 2.4 2.0 16.2% 15.9% Aviation GIAA BUY 9,164 354 4.7 4.7 373 445 25.7 13.6 10.7 1.0 1.1 7.1% 9.9% Property BSDE BUY 34,163 1775 2.0 1.1 2356 2350 32.4 14.3 12.2 1.3 1.1 9.3% 9.3% PWON BUY 28,414 590 3.5 4.4 697 710 20.3 19.6 18.0 3.1 2.7 15.8% 15.1% ASRI HOLD 7,113 362 (1.1) 2.8 459 390 7.7 10.6 10.1 0.9 0.9 8.8% 8.7% SMRA BUY 19,765 1370 0.7 3.4 1541 1550 13.1 28.3 26.7 2.4 2.2 8.4% 8.2% SSIA BUY 2,658 565 0.0 30.2 854 750 32.7 12.6 10.5 0.8 0.8 6.6% 7.5% CTRA BUY 23,664 1275 0.8 (4.5) 1710 1580 23.9 12.5 10.3 1.4 1.3 11.0% 12.4% DMAS BUY 11,664 242 (1.6) 5.2 323 300 24.0 17.3 14.2 1.4 1.3 8.0% 8.9% KIJA BUY 6,612 320 0.0 9.6 450 450 40.6 10.7 9.4 1.1 1.0 10.1% 10.3% Average 15.7 13.9 1.6 1.4 9.8% 10.0% www.samuel.co.id Page 4 of 7
Construction PTPP BUY 21,080 3400 (0.3) (10.8) 4892 4150 22.1 15.1 12.8 1.8 1.6 11.8% 12.6% ADHI HOLD 8,261 2320 0.9 11.5 2540 2550 9.9 24.9 20.9 1.5 1.4 6.0% 6.5% WSKT BUY 31,627 2330 (1.7) (8.6) 3342 3250 39.5 14.0 11.0 1.6 1.6 11.7% 14.2% WIKA BUY 21,976 2450 0.0 3.8 3102 3000 22.4 19.8 17.3 1.6 1.4 8.0% 8.3% Average 18.4 15.5 1.6 1.5 9.4% 10.4% Cement INTP SELL 58,900 16000 2.2 3.9 15720 13500-15.6 14.0 12.2 2.0 1.8 14.4% 14.8% SMGR HOLD 54,422 9175 1.4 0.0 9810 9000-1.9 13.5 12.2 1.7 1.6 12.9% 12.9% SMCB SELL 7,012 915 0.0 1.7 804 700-23.5-38.1-30.5 0.9 0.9-2.3% -2.8% SMBR HOLD 26,365 2680 (1.5) (3.9) 458 2300-14.2 70.5 67.0 7.1 6.2 10.0% 9.3% Average 15.0 15.2 2.9 2.6 8.8% 8.5% Precast WSBP BUY 14,235 540 (1.8) (2.7) 686 690 27.8 21.2 13.8 1.7 1.5 8.0% 10.6% WTON BUY 7,016 805 0.0 (2.4) 1143 1150 42.9 21.2 18.3 2.3 1.9 10.9% 10.6% Average 21.2 16.1 2.0 1.7 9.4% 10.6% Oil and Gas PGAS BUY 64,240 2650 0.8 (1.9) 3189 3375 27.4 9.4 7.9 1.3 1.1 13.5% 14.5% AKRA BUY 26046.4 6525.0 3.6 8.8 7175.4 7600 16.5 22.3 22.0 3.4 3.1 15.2% 14.0% MEDC BUY 9,664 2900 (1.4) 119.7 3039 4500 55.2 4.7 5.6 0.8 0.7 17.7% 13.4% Average 12.1 11.8 1.8 1.7 0.2 0.1 Utilities JSMR BUY 33,604 4630 0.9 7.2 5567 5000 8.0 17.5 23.2 2.4 2.3 13.9% 9.8% Metal ANTM BUY 17,182 715 2.9 (20.1) 921 1250 74.8 8.3 4.5 0.8 0.8 10.0% 17.8% INCO BUY 23,052 2320 1.3 (17.7) 2809 3500 50.9 25.2 14.7 0.9 0.9 3.7% 6.2% TINS BUY 7,075 950 1.1 (11.6) 1253 1200 26.3 45.2 27.9 1.3 1.3 2.9% 4.5% Average 26.3 15.7 1.0 1.0 5.5% 9.5% Coal DOID BUY 6285.4 755.0 1.3 48.0 850.0 850 12.6 7.1 6.3 2.6 1.8 35.9% 28.8% ITMG BUY 19,802 17525 3.1 3.9 20313 19000 8.4 7.5 6.7 1.5 1.4 19.6% 20.5% ADRO BUY 53,736 1680 1.8 (0.9) 1976 2100 25.0 12.7 11.6 1.1 1.0 8.5% 8.7% PTBA BUY 26,267 11400 4.1 (8.8) 14931 15000 31.6 11.8 9.5 2.3 2.1 19.9% 21.5% Average 9.8 8.5 1.9 1.6 21.0% 19.9% Plantation AALI BUY 29,544 15350 2.3 (8.5) 18477 19800 29.0 16.8 14.1 1.8 1.7 10.7% 12.1% LSIP BUY 10,234 1500 2.4 (13.8) 1824 2050 36.7 13.5 10.5 1.2 1.1 9.1% 10.9% SIMP BUY 9,094 575 2.7 16.4 560 600 4.3 13.1 10.1 0.6 0.6 4.9% 5.8% Average 14.5 11.6 1.2 1.1 8.2% 9.6% Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, INCO, DOID report in USD. www.samuel.co.id Page 5 of 7
Regional Indices 1D Change Price Points 1D 3D 1W 1M 3M YTD 1YR High Low World 9.96 1,864 0.54 1.15 0.99 1.50 6.23 6.45 13.46 1,867 1,567 U.S. (S&P) (3.88) 2,381 (0.16) 0.33 0.70 1.29 5.46 6.37 16.70 2,401 1,992 U.S. (DOW) (15.55) 20,935 (0.07) 0.25 0.37 1.51 5.50 5.93 19.75 21,169 17,063 Europe 30.64 3,440 0.90 0.72 0.88 3.96 5.54 4.54 13.04 3,450 2,678 Emerging Market 19.69 963 2.09 2.47 4.00 2.57 12.47 11.71 17.91 966 781 FTSE 100 47.31 7,416 0.64 0.66 1.38 1.59 5.77 3.82 n/a 7,445 5,789 CAC 40 27.90 5,013 0.56 0.28 0.64 3.00 3.73 3.11 12.84 5,032 3,956 Dax 73.31 12,083 0.61 0.78 0.87 2.77 5.96 5.24 22.15 12,156 9,214 Indonesia 85.86 5,518 1.58 2.01 2.14 3.13 5.48 4.18 12.95 5,518 4,691 Japan (86.98) 19,503 (0.44) (0.54) (0.52) 1.40 0.53 2.03 15.16 19,668 14,864 Australia 6.21 5,792 0.11 0.57 0.28 (0.24) 4.68 2.23 12.07 5,833 4,894 Korea 2.85 2,153 0.13 0.90 2.65 3.48 5.42 6.24 8.30 2,157 1,893 Singapore 26.09 3,164 0.83 0.52 1.43 1.80 7.68 9.82 9.84 3,168 2,703 Malaysia 19.78 1,737 1.15 0.88 1.15 1.73 6.07 5.81 1.99 1,738 1,612 Hong Kong 495.43 24,288 2.08 1.92 3.35 1.06 10.30 10.40 18.46 24,364 19,595 China 27.18 3,269 0.84 0.99 1.62 2.09 4.67 5.33 12.53 3,301 2,781 Taiwan 97.52 9,838 1.00 1.45 1.86 0.80 5.48 6.31 12.63 9,870 8,000 Thailand 16.25 1,557 1.05 1.40 0.50 (1.32) 2.27 0.91 12.81 1,601 1,343 Philipines 24.81 7,279 0.34 0.63 (0.23) 0.47 6.25 6.40 0.94 8,118 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.02 4.34 (0.36) 0.23 (3.91) 2.55 (15.63) 5.58 4.16 Foreign Reserve (US$bn) n/a 119.86 n/a 2.54 7.53 3.01 14.65 119.86 103.59 Inflation Rate (%) n/a 0.23 n/a (76.29) (51.06) (45.24) 355.56 0.97 (0.45) US Fed Rate (%) 0.00 1.00 33.33 33.33 33.33 33.33 100.00 1.00 0.50 Indo Govt Bond Yld (10yr) - % 0.00 7.27 (3.38) (3.61) (8.94) (8.82) (4.78) 8.36 6.77 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia (12.00) 13352 0.09 0.03 0.26 (0.24) 0.91 0.91 (0.63) 13,698 12,920 Japan 0.04 113.35 (0.04) 1.24 1.27 (0.45) 3.18 3.18 (1.73) 118.66 99.02 UK (0.00) 1.24 (0.04) 1.66 1.55 (0.46) 0.12 0.12 (14.69) 1.50 1.18 Euro 0.00 1.08 0.04 1.57 0.91 1.45 2.41 2.41 (4.84) 1.16 1.03 China (0.02) 6.90 0.25 0.24 0.19 (0.65) 0.68 0.68 (5.45) 6.96 6.45 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil 0.11 48.86 0.23 2.39 0.76 (8.50) (5.86) (9.05) 21.54 55.24 35.24 CPO 55.00 2,796.00 2.01 4.68 0.39 (4.54) (11.55) (10.07) 7.09 3,202.00 2,172.00 Rubber (1.00) 1,108.00 (0.09) 0.23 0.14 (3.82) 16.26 13.35 87.80 1,174.00 601.50 Coal (1.15) 81.65 (1.39) 0.80 7.15 2.70 (3.66) (13.78) 59.63 112.25 69.00 Iron Ore (0.41) 88.18 (0.46) 2.65 3.18 (4.33) 8.54 12.96 64.51 94.91 46.80 Tin 282.00 20,212.00 1.41 3.52 4.78 2.82 (5.16) (4.68) 20.67 21,945.00 15,494.00 Nickel 15.00 10,220.00 0.15 0.49 0.69 (7.68) (8.50) 2.00 18.84 12,145.00 8,245.00 Copper 45.00 5,909.00 0.77 1.95 3.85 (1.52) 4.85 6.75 19.74 6,204.00 4,483.50 Gold (2.10) 1,225.00 (0.17) 1.86 1.96 (1.03) 7.84 6.52 (3.16) 1,377.50 1,124.70 Source: SSI Research, Bloomberg www.samuel.co.id Page 6 of 7
DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. This document is f or information only and f or the use of the recipient. It is not to be reproduced or copied or made available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommendation contained in this report may not be suitable f or all investors. Moreover, although the inf ormation contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. All rights reserv ed by PT Samuel Sekuritas Indonesia www.samuel.co.id Page 7 of 7