Asiamoney’s 2013 Best Domestic Equity House
Wednesday, 17 July 2013
Bahana Beacon
IDX: 4,644.0 (+0.2%) Turnover: IDR4.8t (+23.9%) Foreign net sell: IDR57b (net buy: IDR16b)
Indonesia Morning Brief CORPORATE FLASH
For details please refer to our separate report(s)
Semen Gresik - 1H13 good earnings helped by volumes + margins
2Q13 indicated earnings of IDR1.3t came in line with our estimate; COGS per ton hovering at IDR472,627 produced stable margins; Outlook: Gaining volumes with potential earnings pressure; Carrying on its expansion plans; Weakening IDR and fuel hikes to pressure short-term earnings; Recommendation: Hold; lower earnings with revised TP to IDR17,100
Ramayana Lestari Sentosa – Slight recovery Slight June recovery, in line with internal target; First time for positive SSG in 2013; Ex-Java still hurt by lower commodities prices; Outlook: 40 bazaars opened to help erase sales deficit; Recommendation & valuation: Up for sale, but still a HOLD
TODAY’S NEWS POLITICS Prabowo leads latest political survey
Source: Bahana estimates
MARKET DATA 14F (1.5) (2.0) 6.0 5.8 11.7 10.4 12.5 5.6 9,650 6.25 105.0 105.0
Op.prof.gwt.(%) Op.prof.gwt. exc. coal EPS growth (%) EPS gwt exc. coal (%) P/E (x) P/E exc. coal (x) PEG (x) PEG exc. coal (x) EV/EBITDA (x) P/BV (x) Div. Yield (%) ROE (%) Source: Bahana estimates
ytd %
y-y %
0.0 0.2 (0.0) (0.5) 0.6 (0.5) (0.9) (0.3) 0.3 1.0 (0.4) 0.1 0.4
(5.9) 7.6 5.8 (6.5) 40.4 13.3 2.2 4.3 (9.0) 10.2 1.8 7.3 19.9
11.5 14.7 9.2 2.7 67.3 24.3 16.1 19.5 (3.8) 9.3 7.5 16.5 19.9
(0.7) (0.4) (0.2) (0.5) 0.3 (0.2) (0.0) (0.4)
5.8 7.7 17.9 11.2 (23.1) 19.2 (10.4) 17.5
21.1 24.9 21.4 15.8 (12.2) 24.2 (0.4) 23.8
ytd %
y-y %
0.4 22.9 (17.7) (0.1) (7.7) (11.7) 12.7 2.0 92.9 (22.9) (11.0) (3.2) (19.4) 15.2 2.4 (27.0) (6.7) (9.6) (6.8) (17.0) (17.0)
5.6 23.4 (12.1) (13.4) (25.9) (9.3) 17.1 (24.6) 22.7 (18.4) (0.8) 0.7 (15.3) 18.6 4.8 (25.8) (15.3) (9.2) (7.6) 3.7 (20.2)
Prev.
Ytd %
y-y %
0.924 0.911 1.315 1.307 10,035 10,018 99.160 99.950 1.259 1.263 4.88 4.90 6.50 6.50
11.1 0.3 4.1 14.3 (3.1) 0.6 0.8
10.4 (6.9) 6.2 (25.4) 0.1 0.9 0.8
0.2 52.6
0.2 17.2
Last Chg%
CORPORATE PGAS: Nusantara Regas to supply gas for PLTGU Tanjung Priok BSDE 1H13 marketing sales reached IDR4.2t, up 79% y-y Dairy Farm slightly enlarges ownership in HERO ANTM: IDR200b for exploration activities; Selling a portion of FeNi Haltim Construction firms like WIKA upbeat Tutut’s daughter appointed as CMNP’s President Director
13F (2.3) (2.4) 5.9 5.8 10.5 7.3 11.7 8.9 9,700 6.75 103.0 103.0
Chg%
ETF, ADRS & COMMODITIES
INDUSTRY Government sold bonds with higher yields New fuel subsidy scheme: Post 2014 general elections
12A Cur acc bal (%GDP) (2.7) Fiscal bal (%GDP) (2.2) GDP growth (%y-y) 6.3 Private spending (%) 5.3 Investment (%y-y) 11.5 Total exports (%y-y) 1.3 Total imports (%y-y) 9.5 Inflation (%y-y) 4.3 IDR/USD 9,679 BI rate (% p.a.) 5.75 Brent Oil (Usd/bbl) 107.0 FX reserve (USDb) 112.0
Last
Hang Seng (HK) 21,312.4 IDX (Indonesia) 4,644.0 KLCI (Malaysia) 1,786.4 KOSPI (Korea) 1,866.4 Nikkei (Japan) 14,599.1 PCOMP (Phil.) 6,583.6 SENSEX (India) 19,851.2 SET (Thailand) 1,451.5 SHCOMP (China) 2,065.7 Shenzhen (China) 971.4 STI (Singapore) 3,225.0 TWSE (Taiwan) 8,260.1 VNI (Vietnam) 496.2 Europe, USA and SA CAC 40 (France) 3,851.0 DAX (Germany) 8,201.1 Dow Jones (USA) 15,451.9 FTSE 100 (UK) 6,556.4 IBOV (Brazil) 46,869.3 NASDAQ (USA) 3,598.5 RTSI (Russia) 1,368.4 S&P 500 (USA) 1,676.3 Source: Bloomberg
ECONOMICS Government sold bonds with higher yields New fuel subsidy scheme: Post 2014 general elections
ECONOMIC INDICATORS
INDICES Asia
12A 12.7 13.8 5.6 9.2 21.1 21.9 3.8 2.4 10.9 7.8 2.3 32.3
13F 8.8 9.4 8.2 12.1 18.4 18.9 2.2 1.6 9.5 6.5 2.4 30.0
14F 11.7 12.2 12.4 12.7 16.2 16.7 1.3 1.3 8.5 5.6 2.6 28.8
EIDO US (USD) TLK US (IDR) Coal (USD/t) Corn (USD/mtn) Coffee (USD/t) Copper (USD/t) Cotton (USD/t) CPO (USD/t-MPOB) DOC (IDR/kg) Gold (USD/oz.) Iron ore (USD/mtn) Milk (USD/t) Nickel (USD/t) Oil (USD/barrel) Rice (IDR/kg) Rubber (USD/t) Soybean oil (USD/t) Steel (USD/t) Sugar (USD/t) Tins (USD/t) Wheat (USD/t)
30.4 11,327 77.2 268 2,633 6,982 1,867 716 6,750 1,292 129 397 13,699 105.8 8,700 2,182 1,011 585 504 19,403 246
0.1 (3.3) 0.2 1.5 2.5 1.3 (0.8) (3.2) 0.0 0.8 1.7 1.1 2.0 (0.7) 0.0 0.9 (0.6) 0.3 1.2 0.3 (0.4)
Source: Bloomberg
CURRENCIES & RATES Last AUD/USD USD/EUR IDR/USD JPY/USD SGD/USD JIBOR (%) BI rate (%) TD – 1 month (%) CDS (bps)
5.50 207.5
5.42 206.7
Source: Bloomberg
Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. Investors should consider this report as only a single factor in making their investment decision.
POLITICS Prabowo leads latest political survey The latest survey held by the National Survey Institute (LSN) revealed that Prabowo Subianto, chairman of Gerindra, is the most popular amongst the 2014 presidential candidates, followed by Aburizal Bakrie (Golkar party), Wiranto (Hanura party), Megawati (PDI-P) and Hatta Rajasa (PAN). Separately, another survey also by LSN revealed that if the legislative election were held today, Golkar and PDI-P would acquire the highest number of votes at 19.7% and 18.3% respectively. While Demokrat will be in 5th position with 6.1% votes and PKS in 10th position with 3.8% vote. (Jakarta Globe, Jakarta Post)
ECONOMICS Government sold bonds with higher yields At yesterday’s auction, Finance Ministry continued to sell government bonds with higher yields (e.g. 15-year FR64 up from 7.64% to 8.59%; 20-year FR65 up from 7.84 to 8.77%). Hence, they succeeded in issuing around IDR10.65t bonds, oversubscribed by 1.7x and above the indicative target of IDR7.5t. (Jakarta Globe) New fuel subsidy scheme: Post 2014 general elections Jero Wacik, Energy and Mineral Resources Minister and Hatta Rajasa, Coordinating Minister of Economic Affairs, stated that the government may implement the new fuel subsidy scheme post the 2014 general elections as people still struggle from the adverse impact of June’s higher fuel prices. Note that, previously the Finance Ministry has proposed a new fuel subsidy scheme, which will allow subsidized fuel prices to move along with global oil prices with the government only providing subsidies at certain specified amounts per litter. (Investor Daily, Jakarta Globe)
INDUSTRY Government offers 56 infrastructure projects The Indonesian government collaborates with the Indonesian Chamber of Commerce (KADIN) in offering infrastructure projects worth IDR28t to investors. The projects will be auctioned during Indonesia International Infrastructure Conference and Exhibition (IICE) in November 2013. (Indonesia Finance Today) Subsidy for electricity may jump IDR8t Nur Pamudji, Director from PT Perusahaan Listrik Negara, stated that subsidy for electricity may jump IDR8t if well head gas price is increased to USD8/mmbtu, as this increases the COGS to generate power. Currently, PLN acquired gas at around USD6.54/mmbtu translating to IDR21.16t per annum, but with the increase, PLN may spend IDR29.4t per annum for gas purchase. (Bisnis Indonesia, Indonesia Finance Today)
CORPORATE PGAS: Nusantara Regas to supply gas for PLTGU Tanjung Priok Nusantara Regas, a JV between Pertamina and Perusahaan Gas Negara (PGAS-BUY-IDR5,550-TP:IDR6,800) has acquired permits for pipe sharing, and is currently processing facilities sharing agreements with PT Pertamina Hulu Energi Offshore North West Java (PHE ONWJ). With this agreement, Nusantara Regas can distribute its gas from floating regasification unit in West Java to steam-powered electric generator (PLTGU) in Tanjung Priok, which requires up to 250mmscfd of gas (current supply has only reached 120mmscfd). (Bisnis Indonesia, Indonesia Finance Today) BSDE 1H13 marketing sales reached IDR4.2t, up 79% y-y Bumi Serpong Damai (BSDE-BUY-IDR1,500-TP:IDR2,125) 1H13 marketing sales reached IDR4.2t, up 79% y-y. Land sales, which most of them come from the sale to joint venture companies with the likes of Hongkong Land, AEON Mall and Dyandra, contributed 64% of total 1H13 marketing sales. Bahana: This 1H13 marketing sales is in line with our expectation of 64% y-y growth in 2013 marketing sales to IDR7t. (Investor Daily)
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily
Dairy Farm slightly enlarges ownership in HERO Dairy Farm Company Limited (DFCL) slightly enlarges its ownership in Hero Supermarket (HERO-REDUCEIDR3,250-TP:IDR2,950) to 17.19% from 17.17% HERO’s total paid-up capital. Lam Chi Hung, Director of DFCL stated that the increase of its ownership is in line with the company’s position as a buyer in HERO’s rights issue by absorbing the remaining execution of rights issue of 851,280 unit shares. He also stated that the exercise price was IDR3,350 per share which was executed on 2 July. (Bisnis Indonesia) ANTM: IDR200b for exploration activities; Selling a portion of FeNi Haltim State-owned diversified miner, PT Aneka Tambang (ANTM-HOLD-IDR1,160-TP:IDR900) has budgeted IDR200b to intesify exploration activities, expecting increased mineral reserves. Separatelym, ANTM plans to let go 25% - 35% of its stake to chosen strategic partners in the East Halmahera ferronickel project (FeNi Haltim) to fund the USD1.6b construction cost. (Investor Daily, Indonesia Finance Today) Construction firms like WIKA upbeat Three of Indonesia’s state-owned construction firms, Wijaya Karya (WIKA-BUY-IDR1,980-TP:IDR3,200), Waskita Karya (WSKT-BUY-IDR740-TP:IDR1,030) and Pembangunan Perumahan (PTPP-IDR1,420TP:IDR1,600), are relying on a busy 2H13 to meet their annual contract targets. WIKA secured IDR9t worth of contracts, WSKT IDR4.7t and PTPP IDR9.5t in 1H13. Bahana: WIKA’s, WSKT’s and PTPP's contracts represent 43%, 26%, and 48% of our full-year new contracts estimates respectively. (Jakarta Globe, Jakarta Post) Tutut’s daughter appointed as CMNP’s President Director In Citra Marga Nusaphala Persada’s (CMNP-UNDER REVIEW-IDR3,000) EGM, shareholders have agreed to revamp the Board of Commissioner and Director to increase GCG on the back of disagreements on the company’s expansion plan. Most notable, shareholders have appointed Danty Indriastuti Purnamasari, Siti Hardianti’s (Mbak Tutut) second daughter, as President Director replacing M. Jusuf Hamka. Additionally, Shareholders came to consensus to reject CMNP’s plan to issue IDR1.2t bond in 2H13. The rejection is based on the shareholders’ concern of the management’s plan of utilizing the raised fund to non-toll road businesses such as to acquire Bank Mutiara (BCIC-NOT RATED-IDR50) and Merpati Nusantara Airlines. Shareholders also requested CMNP’s 2010-2012 financial statement to undergo special audit to prove no mismanagement on CMNP’s fund utilization. On a separate note, CMNP’s finance Director, Indrawan Sumantri, stated that the cancelation of the bonds issuance has caused CMNP to prioritize its 12km DepokAntasari toll road project, targeted to begin groundbreaking in September 2013. CMNP’s New Board and Commissioner Position New President Commissioner Reza Surjaningrat Commissioner Levan Daniar Sumampow Commissioner Muhamad Ali Reza Independent Commissioner Amir Gunawan Independent Commissioner Candra Hermanto Independent Commissioner Sari Putra Joseph President Director Danty I. Purnamasari Director Alex M Sumampow Director Indrawan Sumantri Director Suarmin Tionowar Director Agung Salim
Previous Shadik Wahono Fitria Yusuf Sari Putra Joseph Danty I. Purnamasari Agung Salim M. Jusuf Hamka Michael Rusli Indrawan Sumantri Suarmon Tionowar Feisal Hamka
Source: Kontan, Investor Daily
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily
3
BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY
STOCK CODE
RATING
TARGET PRICE
TOTL PTPP WIKA ADHI GJTL WSKT LPKR SSIA LPCK BSDE BMRI SCMA ASII ASRI CTRA ASSA MEDC BBTN KIJA BBKP MAIN BEST RANC CASS ERAA HRUM BBRI PTBA IDX ACES ANJT BTEL BJTM BBNI BTPN CPIN CTRP IMAS JSMR PGAS TOWR SMGR TELE UNVR WINS ITMG SGRO ROTI INDF GZCO GGRM RALS PSAB BDMN BBCA SMRA KRAS ISAT AKRA ICBP KLBF JPFA ADRO MAPI APLN BORN HERO GIAA EXCL UNTR TSPC BJBR BWPT SIMP TLKM AALI INTP CMNP INCO LSIP ANTM TINS BUMI
HOLD BUY BUY BUY HOLD BUY BUY HOLD BUY BUY BUY BUY REDUCE BUY BUY BUY * BUY BUY HOLD BUY BUY BUY BUY REDUCE REDUCE HOLD REDUCE
1,200 1,600 3,200 4,400 2,400 1,030 1,640 1,800 9,300 2,125 10,300 2,475 6,200 1,050 1,600 480 * 1,550 445 740 4,000 800 1,120 1,010 3,050 3,000 8,400 10,000
HOLD BUY REDUCE HOLD BUY HOLD REDUCE BUY HOLD * HOLD HOLD BUY BUY HOLD HOLD REDUCE HOLD BUY BUY REDUCE HOLD HOLD HOLD HOLD BUY BUY REDUCE HOLD REDUCE BUY BUY BUY REDUCE BUY HOLD REDUCE REDUCE * BUY REDUCE BUY HOLD BUY HOLD BUY BUY BUY BUY REDUCE HOLD REDUCE REDUCE REDUCE
800 1,650 50 480 5,000 5,400 4,200 1,380 5,425 * 6,800 29,500 17,600 900 31,150 600 23,000 1,800 8,925 8,500 100 55,000 1,350 6,000 5,900 10,700 1,600 400 6,500 4,500 14,700 1,450 2,250 740 10,000 460 350 2,950 * 4,700 15,000 3,950 1,250 1,300 800 14,500 24,000 25,300 2,200 2,000 1,900 900 1,000 500
Total Bangun Persada Pembangunan Perumahan Wijaya Karya Adhi Karya Gajah Tunggal Waskita Karya Lippo Karawaci Surya Semesta Internusa Lippo Cikarang Bumi Serpong Damai Bank Mandiri Surya Citra Media Astra International Alam Sutera Realty Ciputra Development Adi Sarana Armada Medco Energi International Bank Tabungan Negara Kawasan Industri Jababeka Bank Bukopin Malindo Feedmill Bekasi Fajar Industrial Estate Supra Boga Lestari Cardig Aero Services Erjaya Swasembada Harum Energy Bank Rakyat Indonesia Bukit Asam IDX ACE Hardware Indonesia Austindo Nusantara Jaya Bakrie Telekomunikasi Bank Jatim Bank Negara Indonesia Bank Tabungan Pensiunan Negara Charoen Pokhpand Indonesia Ciputra Property Indomobil Sukses International Jasa Marga Perusahaan Gas Negara Sarana Menara Nusantara Semen Gresik Tiphone Mobile Indonesia Unilever Indonesia Wintermar Indo Tambangraya Megah Sampoerna Agro Nippon Indosari Corpindo Indofood Sukses Makmur Gozco Plantations Gudang Garam Ramayana Lestari Sentosa J Resources Asia Pasifik Bank Danamon Bank Central Asia Summarecon Agung Krakatau Steel Indosat AKR Corporindo Indofood CBP Sukses Makmur Kalbe Farma Japfa Comfeed Indonesia Adaro Energy Mitra Adiperkasa Agung Podomoro Land Borneo Lumbung Energi Hero Supermarket Garuda Indonesia XL Axiata United Tractors Tempo Scan Pacific Bank Jabar Banten BW Plantation Salim Ivomas Pratama Telkom Indonesia Astra Agro Lestari Indocement Citra Marga Nusaphala Persada Vale Indonesia London Sumatra Indonesia Aneka Tambang Timah Bumi Resources Source: Bloomberg
Up/(Downside) Potential (%) (1.6) 12.7 48.8 39.7 (31.4) 30.4 31.2 59.3 26.5 41.7 21.9 (2.9) (9.5) 40.0 49.5 71.4 * 32.5 41.3 13.8 18.5 14.3 28.7 13.5 27.1 4.3 7.0 (18.7) 8.1 26.9 0.0 24.7 19.8 25.6 (10.6) 43.8 1.4 * 22.5 5.4 17.3 52.5 (1.9) 11.1 (13.9) 13.9 13.7 19.7 (25.4) 21.5 6.3 100.0 5.4 5.9 61.6 (15.8) 38.3 (3.2) 33.6 0.0 56.3 7.2 44.9 37.3 6.1 (9.2) * 2.2 (10.7) 0.0 7.8 80.6 14.3 26.1 38.7 15.5 (26.7) 0.0 42.9 (22.4) (19.4) (2.0)
7/16/2013 1,220 1,420 2,150 3,150 3,500 790 1,250 1,130 7,350 1,500 8,450 2,550 6,850 750 1,070 280 1,730 1,170 315 650 3,375 700 870 890 2,400 2,875 7,850 12,300 4,644 740 1,300 50 385 4,175 4,300 4,700 960 5,350 6,200 5,550 28,000 15,000 590 31,750 540 26,700 1,580 7,850 7,100 134 45,250 1,270 3,000 5,600 10,100 990 475 4,700 4,650 11,000 1,450 1,440 690 6,900 335 330 3,250 510 4,600 16,800 3,950 1,160 720 700 11,500 17,300 21,900 3,000 2,000 1,330 1,160 1,240 510
7/15/2013 1,090 1,290 1,980 2,925 3,275 740 1,180 1,080 7,100 1,450 8,200 2,475 6,650 730 1,050 275 1,700 1,150 310 640 3,325 690 860 880 2,375 2,850 7,800 12,250 4,636 740 1,300 50 385 4,175 4,300 4,700 960 5,350 6,200 5,550 28,000 15,000 590 31,750 540 26,750 1,590 7,900 7,150 135 45,600 1,280 3,025 5,650 10,200 1,000 480 4,750 4,700 11,150 1,470 1,460 700 7,000 340 335 3,300 520 4,700 17,200 4,050 1,190 740 720 11,850 17,850 22,600 3,100 2,075 1,380 1,210 1,300 540
CHANGE (%) 11.9 10.1 8.6 7.7 6.9 6.8 5.9 4.6 3.5 3.4 3.0 3.0 3.0 2.7 1.9 1.8 1.8 1.7 1.6 1.6 1.5 1.4 1.2 1.1 1.1 0.9 0.6 0.4 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.2) (0.6) (0.6) (0.7) (0.7) (0.8) (0.8) (0.8) (0.9) (1.0) (1.0) (1.0) (1.1) (1.1) (1.3) (1.4) (1.4) (1.4) (1.4) (1.5) (1.5) (1.5) (1.9) (2.1) (2.3) (2.5) (2.5) (2.7) (2.8) (3.0) (3.1) (3.1) (3.2) (3.6) (3.6) (4.1) (4.6) (5.6)
*Under our restricted list
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily
4
JCI Code AERO SERVICE GIAA C ASS
Ra ting N * BUY
AUTOMOTIVE RELATED N ASII REDUC E IMAS HOLD GJTL HOLD ASSA BUY BANKS BBC A BMRI BBRI BBNI BDMN
N BUY BUY BUY BUY HOLD
BTPN
HOLD
Price (IDR) 510 890
TP (IDR) * 1,010
Share s F re e float (m) (%) 22,641 2,087
28.0 15.0
Mkt cap (IDRb) 13,404 11,547 1,857
3M av g to (IDRb) 7.5 7.1 0.3
Re v e nue (IDRb) 2013 2014 39,513 45,623 38,247 44,205 1,265 1,418
Opt. profit (IDRb) 2013 2014 2,054 2,670 1,735 2,324 319 346
Ne t profit (IDRb) 2013 2014 1,411 1,750 1,285 1,604 125 146
EPS growth (%) 2013 2014 36.3 22.7 38.7 23.8 24.2 16.3
PER (x) 2013 2014 10.0 8.2 9.3 7.5 14.8 12.8
EV/EBITDA (x) 2013 2014 4.8 3.9 4.7 3.8 5.2 4.5
6,850 5,350 3,500 280
6,200 5,425 2,400 480
40,484 2,765 3,485 3,398
49.8 29.6 40.3 40.0
305,255 277,312 14,794 12,197 951
321.5 261.6 29.9 23.9 6.1
240,573 201,739 24,746 13,054 1,034
249,924 203,255 31,456 13,915 1,298
21,472 18,783 907 1,577 205
22,931 19,970 1,048 1,651 262
21,343 19,037 1,075 1,148 83
22,689 20,042 1,266 1,285 96
(6.0) (2.0) 14.2 8.0 110.4
5.8 5.3 17.7 12.0 15.1
14.4 14.6 13.8 10.6 11.4
13.5 13.8 11.7 9.5 9.9
10,100 8,450 7,850 4,175 5,600
10,700 10,300 8,400 5,000 5,900
24,655 23,333 24,669 18,649 9,585
50.8 40.0 43.2 40.9 26.2
831,017 249,016 197,167 193,653 77,858 53,674
1,063.6 152.6 301.0 329.2 149.5 31.7
210,650 35,656 49,807 51,096 27,147 21,498
243,106 40,903 58,863 58,125 31,025 24,330
89,926 16,821 22,574 24,015 9,799 7,102
103,483 19,622 26,194 26,885 11,419 8,021
72,107 14,002 17,714 20,079 8,148 4,636
82,769 16,309 20,558 22,335 9,474 5,217
16.2 18.5 17.3 12.7 17.1 12.2
14.9 16.5 16.1 11.2 16.3 12.5
12.5 17.8 11.1 9.6 9.6 11.6
10.8 15.3 9.6 8.7 8.2 10.3
na na na na na na
2,898
20.9
20.2
10.4
8.7
na
5.1
22.2
12.4 12.6 14.6 6.7 4.5
11.4 11.6 12.9 6.0 4.1
P/BV (x) 2013 2014 1.6 1.3 1.2 1.0 4.2 3.2
Yie ld (%) 2013 2014 0.1 0.1 0.0 0.0 0.7 0.8
3.3 3.4 2.3 1.8 1.1
2.9 3.0 2.0 1.5 1.0
2.9 3.1 1.6 0.0 0.0
3.0 3.3 1.8 0.0 0.0
na na na na na na
2.6 3.9 2.2 2.4 1.6 1.7
2.2 3.3 1.9 1.9 1.4 1.5
2.0 1.4 2.2 1.7 2.6 2.2
2.2 1.7 2.6 1.7 3.0 2.2
na
2.5
1.9
na na na na na na
na na na na na na
22.4 23.0 16.6 17.7 10.9
23.1 24.4 21.9 27.4 17.4 15.2
21.9 23.3 21.5 24.4 17.7 15.2
4,300
5,400
5,840
41.3
25,113
8.8
7,609
9,151
3,008
3,616
2,411
BUY
1,170
1,550
10,563
38.6
12,358
29.7
6,478
7,786
2,320
2,837
1,702
HOLD
1,160
1,250
9,696
49.4
11,248
16.0
5,072
5,850
1,792
2,068
1,434
1,654
22.1
15.4
7.8
6.8
na
na
1.7
1.4
5.6
5.7
na
na
22.5
22.7
385 650
480 740
14,918 7,981
20.0 25.5
5,743 5,187
13.6 31.3
2,707 3,578
3,083 3,991
1,277 1,217
1,471 1,350
1,010 971
1,165 1,078
24.5 12.7
15.3 11.0
5.7 5.3
4.9 4.8
na na
na na
1.0 0.9
0.9 0.8
10.6 5.1
11.2 5.4
na na
na na
17.6 18.1
18.7 17.6
44,084
50,887
14,367
17.9
3.9
3.2
2.4
28.5
27.8
CEMENT
OW
SMGR
BUY
INTP
BUY
SMBR
*
COAL
15,000
17,600
21,900
25,300
480
*
169,592
271.9
16,988
11,483
13,456
20.4
5,932
49.0
88,973
181.6
23,710
27,116
7,330
8,712
5,949
7,031
24.6
18.2
3,681
36.0
80,619
90.4
20,373
23,771
7,037
8,275
5,534
6,425
16.0
16.1
14.6
9,838
23.8
4,722
30.7
1,283
1,604
421
491
358
421
1.4
4.9
542.7
517.3
104,786
184.5
111,125
112,537
21,100
19,730
13,840
12,883
(23.5)
1.4
9.9
2,941
(27.6)
UW
15.0
na
8.8
1.0
0.9
2.8
3.4
na
na
27.0
25.0
15.4
16.4
12.6
10.2
2.8
5.8
8.1
12.7
10.9
9.3
4.2
3.5
2.7
3.2
5.8
8.1
31.0
30.4
12.5
9.5
8.3
3.4
2.9
2.1
2.4
nc
nc
25.8
24.8
6.5
7.4
1.9
1.7
1.5
1.8
nc
nc
20.6
15.6
10.1
5.8
5.7
2.1
2.0
7.3
5.6
42.6
34.7
22.0
20.3
7.6
4.1
4.0
0.8
0.8
5.3
57.5
53.8
REDUC E
690
740
31,986
40.1
22,070
41.6
32,942
32,730
7,162
7,048
3,091
ITMG
REDUC E
26,700
23,000
1,130
35.0
30,169
36.2
21,245
21,250
4,324
4,569
5,560
(25.0)
2.6
10.0
9.8
PTBA
REDUC E
12,300
10,000
2,304
35.0
28,341
38.2
10,316
10,521
2,494
2,411
2,212
2,173
(23.3)
(1.8)
12.8
13.0
8.0
8.0
3.0
2.7
6.1
4.7
nc
nc
23.6
21.7
HRUM BUMI BORN
REDUC E REDUC E REDUC E
2,875 510 330
3,000 500 350
2,704 20,773 17,693
29.6 70.8 29.8
7,773 10,594 5,839
26.1 35.3 7.1
8,108 32,939 5,575
8,279 33,922 5,836
1,822 4,087 1,210
1,846 3,857 0
1,197 1,057 722
1,225 982 0
(19.5) na (9.0)
2.9 na (13.0)
6.7 10.3 8.8
6.5 11.1 10.2
2.9 7.5 7.2
2.6 7.3 7.1
2.1 0.8 0.6
2.0 0.6 0.6
13.0 0.0 0.0
10.5 1.0 0.0
nc 262.75 70.8
nc 195.62 65.1
33.2 9.7 7.4
31.5 6.5 0.1
CONS. & TOLL ROADS JSMR WIKA WSKT C MNP PTPP TOTL ADHI
OW * BUY BUY BUY BUY HOLD BUY
6,200 2,150 790 3,000 1,420 1,220 3,150
* 3,200 1,030 2,200 1,600 1,200 4,400
6,800 6,139 9,632 2,200 4,842 3,410 1,801
30.0 34.7 26.3 75.9 21.5 33.1 49.0
86,280 42,160 13,200 7,609 6,600 6,876 4,160 5,674
261.9 50.9 69.6 7.1 20.8 50.5 19.1 43.8
54,010 6,970 11,738 11,778 1,005 10,554 2,453 9,513
65,696 8,421 14,571 14,841 1,122 13,165 2,839 10,737
8,389 3,513 1,291 876 402 1,198 290 820
10,492 4,278 1,720 1,184 525 1,520 336 929
4,579 2,140 801 378 294 416 225 324
5,995 2,658 1,095 645 385 516 272 424
24.0 21.5 73.7 3.4 (21.3) 34.2 23.5 75.2
26.8 24.2 36.7 70.3 30.9 24.0 20.5 31.0
19.0 19.7 16.3 20.1 22.4 16.5 18.5 17.5
14.6 15.9 11.9 11.8 17.1 13.3 15.3 13.4
10.5 12.1 9.5 7.6 12.5 5.3 10.7 7.5
8.5 10.2 7.0 5.7 9.6 4.4 8.8 7.0
4.0 4.2 4.1 3.3 2.5 3.5 5.3 4.1
3.4 3.6 3.2 2.8 2.3 2.9 4.5 3.3
1.9 2.1 1.2 2.5 2.5 1.4 2.6 1.0
2.4 2.5 2.1 2.5 2.2 1.8 3.3 1.7
47.3 79.6 nc nc 17.0 48.9 nc 48.9
44.1 73.5 nc nc 8.4 43.6 nc 61.5
22.7 22.8 27.7 15.2 11.9 22.9 31.1 26.0
25.0 24.6 30.2 23.7 14.0 23.7 31.9 27.4
CONSUMER - DISCRE. SC MA HERO AC ES MAPI RALS RANC
OW BUY REDUC E HOLD BUY HOLD BUY
2,550 3,250 740 6,900 1,270 870
2,475 2,950 800 10,000 1,350 1,120
14,622 4,184 17,150 1,660 7,096 1,564
50.0 34.3 33.9 44.0 40.5 20.0
85,400 37,285 13,597 12,691 11,454 9,012 1,361
107.8 16.7 3.3 23.0 43.7 18.5 2.6
39,144 2,547 12,904 4,148 9,385 8,666 1,494
46,878 2,897 15,625 4,944 11,407 10,056 1,949
3,909 1,395 478 621 872 488 55
4,648 1,599 595 753 1,049 576 75
2,932 1,063 338 465 540 477 49
3,522 1,221 457 568 665 545 66
17.8 21.4 (1.5) 21.3 21.7 13.2 31.4
19.7 14.9 26.9 22.0 23.1 14.4 36.3
25.6 23.4 37.7 27.3 21.2 18.9 27.9
21.3 20.4 29.7 22.3 17.2 16.5 20.5
19.1 25.4 16.5 17.4 10.3 11.1 15.8
16.3 22.2 13.2 14.1 9.1 9.6 12.5
9.5 16.2 2.6 6.9 4.3 2.7 3.8
9.1 16.0 2.6 5.7 3.6 2.5 3.5
2.4 4.2 0.0 1.1 0.8 2.6 0.7
2.8 4.8 0.0 1.3 1.0 2.9 1.0
nc nc (10.3) nc nc nc nc
nc nc (10.1) nc nc nc nc
41.1 69.7 10.4 28.4 22.4 15.0 13.0
45.2 79.1 9.0 28.4 22.7 15.8 15.8
OW HOLD HOLD BUY BUY BUY BUY BUY
31,750 45,250 7,100 1,450 11,000 3,950 7,850
31,150 55,000 8,500 1,580 14,700 3,950 8,925
7,630 1,924 8,780 50,780 5,831 4,500 1,012
15.0 23.5 49.9 40.0 19.5 22.7 24.3
555,152 242,253 87,065 62,341 73,631 64,140 17,775 7,947
413.2 67.1 76.1 91.5 106.9 66.0 3.5 2.2
186,957 31,764 52,903 53,962 15,408 23,582 7,919 1,419
207,833 36,978 59,494 57,881 17,387 25,190 9,181 1,722
28,193 7,069 6,539 7,390 2,614 3,259 1,086 237
31,610 7,783 7,525 8,098 2,968 3,649 1,266 322
18,853 5,370 4,453 3,530 2,009 2,417 887 188
21,285 5,907 5,189 3,877 2,291 2,729 1,038 255
13.7 10.8 16.3 14.5 15.7 11.0 21.3 33.6
13.4 10.0 16.5 9.8 14.0 12.9 16.9 36.0
33.9 45.1 19.6 17.7 36.7 26.5 20.0 42.4
30.3 41.0 16.8 16.1 32.2 23.5 17.1 31.2
23.1 33.4 12.0 6.4 24.8 16.3 12.4 27.9
20.6 30.2 10.6 5.5 21.9 14.1 10.6 20.7
20.5 40.6 2.9 2.7 9.1 4.6 4.7 9.8
17.3 34.0 2.6 2.4 7.9 4.0 4.2 7.8
1.7 1.9 1.6 1.9 1.3 0.8 3.4 0.4
2.1 2.1 1.8 3.8 1.5 0.9 4.1 0.6
nc nc 15.2 nc nc nc nc nc
nc nc 12.1 nc nc nc nc nc
54.2 98.6 15.9 16.0 26.5 18.7 24.8 25.5
50.6 90.3 16.5 15.9 26.3 18.2 26.0 27.9
UW REDUC E HOLD
16,800 118
15,000 240
3,730 8,168
40.5 60.0
63,630 62,666 964
75.8 74.8 1.0
60,341 51,948 8,393
63,127 54,507 8,620
7,013 6,525 488
7,394 6,777 617
5,101 5,024 76
5,498 5,302 197
(13.1) (13.1) na
12.5 12.5 12.8
11.7 11.8 5.0
5.5 5.6 3.2
5.1 5.1 2.3
1.9 2.0 1.0
1.8 1.8 0.8
3.6 3.7 0.0
3.2 3.2 0.0
713.5 nc 713.5
501.4 nc 501.4
16.2 16.3 8.1
15.8 15.7 18.2
133.8 22.3 39.1 33.1 39.2
10,658 1,368 4,635 2,833 1,823
12,158 1,650 5,250 3,170 2,088
3,794 872 1,224 978 721
4,408 1,068 1,418 1,104 818
3,010 783 928 644 653
3,699 974 1,093 887 745
51.7 58.1 31.3 68.4 66.7
8.1 24.4 17.7 17.8 14.0
8.1 8.6 5.7 9.8 7.8
6.8 6.9 4.9 8.3 6.9
6.4 7.4 4.2 7.3 6.4
5.3 5.7 3.5 6.2 5.3
2.2 2.7 2.2 1.4 2.7
1.7 2.0 1.6 1.2 2.0
2.0 2.3 1.6 3.5 0.0
2.4 2.9 2.1 4.2 0.0
9.1 nc nc 33.6 nc
6.4 nc nc 23.9 nc
35.1 39.9 45.9 15.0 42.4
30.8 35.8 37.3 18.0 33.3
54.4 126.9 (3.4) (2.2) 69.7
32.0 26.4 (1.3) 28.4 73.1
14.3 16.0 13.5 13.7 5.8
12.1 12.7 13.6 10.6 3.4
7.3 7.3 7.2 6.9 8.1
6.5 6.1 7.3 5.6 9.1
1.1 1.2 1.0 1.3 0.8
1.1 1.2 0.9 1.2 0.6
2.0 1.5 2.2 3.7 0.0
2.9 3.4 2.2 3.7 0.0
7.9 5.4 nc nc 89.3
7.1 4.8 nc nc 81.3
8.3 7.8 7.3 9.7 14.3
9.4 8.8 6.9 11.7 20.7
6.8 5.6 15.0 68.6
2.8 2.1 8.9 16.3
16.1 15.3 24.0 10.7
15.5 14.9 22.0 9.2
8.8 8.5 12.3 4.8
9.5 9.5 10.4 5.3
5.4 5.8 4.1 0.6
4.7 5.0 3.7 0.6
3.6 3.9 2.1 1.7
3.6 3.8 2.3 2.8
10.5 nc 56.9 109.1
14.2 nc 82.5 131.1
33.8 37.2 17.7 5.7
34.7 38.2 17.6 6.4
CONSUMER - STAPLES UNVR GGRM INDF KLBF IC BP TSPC ROTI HEAVY EQUIPMENT UNTR DOID INDUSTRIAL ESTATES BEST SSIA KIJA LPC K
5.5 5.5 na
7.3
na
ADRO
5,561
(4.4)
14.8
5.8
na
24.2 24.9 16.5 19.1 10.5
HOLD HOLD
7.1
na
36.1 37.4 21.0 12.6 170.8
BJTM BBKP
2,081
0.0
46.4 48.3 20.2 27.0 139.9
ROAE (%) 2013 2014 16.3 16.6 13.7 14.6 32.3 28.6
BJBR
BBTN
0.0
Ne t gearing (%) 2013 2014 46.6 42.5 46.6 42.5 nc nc
5.0
4.8
3.1
2.9
7.4 10.8
8.1
nc
nc
12.0
10.8
32.0
31.9
OW BUY HOLD BUY BUY
700 1,130 315 7,350
1,190 1,800 445 9,300
9,667 4,705 20,122 696
20.6 45.0 82.5 45.6
23,511 6,740 5,317 6,338 5,116
METALS INC O ANTM TINS PSAB
UW REDUC E REDUC E REDUC E HOLD
2,000 1,160 1,240 3,000
2,000 900 1,000 6,000
9,936 9,538 5,033 756
20.5 34.9 35.0 5.4
39,446 19,873 11,065 6,241 2,268
35.9 14.5 14.8 6.4 0.2
29,088 10,148 10,239 6,742 1,959
34,399 14,859 8,725 7,664 3,151
3,933 1,818 772 655 688
5,085 2,328 760 847 1,151
2,949 1,281 822 457 389
3,709 1,637 812 587 673
OIL & GAS PGAS AKRA MEDC
N HOLD REDUC E *
5,550 4,650 1,730
6,800 4,500 *
24,242 3,881 3,332
43.0 40.8 49.2
158,351 134,540 18,045 5,765
231.2 168.1 52.6 10.4
71,456 31,977 28,645 10,834.5
76,553 34,284 30,842 11,427.4
13,976 10,831 977 2,168
14,478 11,115 1,074 2,290
10,334 9,098 747 489
10,754 9,367 814 574
PLANTATIONS AALI SIMP LSIP BWPT SGRO GZC O ANJT
N BUY HOLD HOLD BUY HOLD REDUC E BUY
17,300 700 1,330 720 1,580 134 1,300
24,000 800 1,900 1,300 1,800 100 1,650
1,575 15,816 6,823 4,052 1,890 6,000 3,333
20.3 21.6 40.5 24.7 33.0 33.5 10.0
54,096 27,243 11,071 9,074 2,917 2,986 804 4,333
96.2 27.2 18.7 33.1 14.0 2.5 0.7 2.4
36,635 13,041 14,266 4,666 1,130 3,109 423 1,778
41,954 14,944 16,366 5,008 1,650 3,493 493 2,029
6,535 2,782 1,979 906 400 383 86 521
8,395 3,577 2,422 1,074 701 482 138 596
3,975 1,897 797 787 197 222 75 460
5,258 2,490 1,090 942 381 270 86 527
(21.5) (21.3) (31.1) (29.5) (24.8) (32.7) (23.2) 5.4
30.8 31.3 36.7 19.6 93.2 21.7 14.8 10.5
13.7 14.4 13.9 11.5 14.8 13.5 10.8 8.9
10.4 10.9 10.2 9.6 7.6 11.1 9.4 8.1
7.6 8.6 5.3 6.2 10.9 6.7 12.5 6.5
6.0 6.7 4.6 5.1 6.9 5.9 9.8 5.6
2.0 2.9 0.8 1.3 1.6 1.1 0.6 1.1
1.8 2.6 0.8 1.2 1.3 1.0 0.5 1.0
4.4 5.8 4.2 2.6 1.4 2.2 3.6 0.0
3.6 4.5 2.9 3.1 1.0 2.7 2.8 0.6
18.6 nc 28.3 nc 172.4 37.9 97.6 nc
18.1 nc 29.0 nc 148.4 49.5 98.4 nc
14.7 20.7 5.8 12.0 11.3 8.2 4.9 12.8
18.0 25.0 7.6 13.2 19.1 9.4 5.8 12.6
POULTRY C PIN JPFA MAIN
N REDUC E BUY BUY
4,700 1,440 3,375
4,200 2,250 4,400
16,398 10,661 1,695
44.5 42.5 40.9
98,142 77,071 15,351 5,721
108.9 51.7 19.3 37.9
49,969 23,751 22,068 4,149
54,789 27,895 22,068 4,827
6,843 4,246 1,978 619
7,973 4,997 2,246 730
5,027 3,362 1,218 448
5,995 3,979 1,461 555
18.0 16.0 22.8 36.5
19.0 18.4 20.0 24.0
20.7 22.9 12.6 12.8
17.5 19.4 10.5 10.3
14.5 16.8 5.2 7.6
12.4 14.3 4.7 6.7
6.5 7.5 2.9 4.0
5.9 6.1 2.3 13.5
1.5 1.5 1.3 2.0
2.1 2.2 1.6 2.4
12.2 nc 64.1 37.7
8.8 nc 50.3 17.0
35.7 36.5 25.1 53.4
31.4 34.7 24.4
OW BUY BUY BUY BUY BUY HOLD BUY
1,250 1,500 990 750 1,070 335 960
1,640 2,125 1,600 1,050 1,600 460 1,380
23,078 17,497 14,427 19,649 15,166 20,501 6,150
74.0 40.0 60.0 53.0 61.1 29.9 42.1
113,111 28,847 26,246 14,283 14,737 16,227 6,868 5,904
557.3 199.4 129.7 37.4 104.7 33.7 19.0 33.4
31,967 6,604 5,485 3,839 3,337 5,339 5,564 1,800
38,406 7,415 6,946 4,691 4,054 7,183 6,105 2,013
10,762 1,502 2,538 1,038 1,748 1,589 1,642 705
13,359 1,820 3,174 1,228 2,204 2,309 1,814 810
7,950 1,174 2,217 801 1,286 918 1,005 548
9,878 1,387 2,826 978 1,622 1,294 1,132 638
38.3 7.7 82.6 9.4 7.0 75.5 24.5 85.0
25.3 18.2 27.5 22.1 26.2 40.9 12.7 16.4
15.1 24.6 11.8 8.9 11.5 17.7 6.8 10.8
12.2 20.8 9.3 7.3 9.1 12.5 6.1 9.2
10.9 17.3 8.0 11.2 8.9 9.3 5.1 8.3
8.6 13.9 6.1 9.2 7.2 6.3 4.6 7.2
2.4 2.6 2.7 1.9 2.6 2.6 1.2 1.4
2.0 2.4 2.1 1.6 2.1 2.2 1.0 1.3
1.5 1.0 0.9 2.2 1.9 1.7 2.4 2.8
2.0 1.2 1.7 2.7 2.2 2.4 2.9 3.2
9.2 21.1 nc nc nc nc 43.9 22.2
8.4 18.1 nc nc nc nc 42.1 24.2
19.0 11.5 24.9 23.4 25.4 15.5 18.6 13.9
19.9 12.4 25.5 23.5 26.1 19.0 18.0 14.5 15.7 15.7
PROPERTY LPKR BSDE SMRA ASRI C TRA APLN C TRP SHIPPING WINS
N HOLD
540
600
3,613
27.7
1,951 1,951
2.4 2.4
1,220 1,220
1,412 1,412
349 349
427 427
243 243
317 317
29.7 29.7
31.6 31.6
8.7 8.7
6.6 6.6
5.3 5.3
5.3 5.3
1.2 1.2
1.0 1.0
1.4 1.4
1.8 1.8
40.0 40.0
26.0 26.0
14.2 14.2
UW REDUC E
475
400
15,775
20.0
7,493 7,493
3.9 3.9
23,009 23,009
25,394 25,394
690 690
1,089 1,089
479 479
606 606
546.5 546.5
26.6 26.6
15.6 15.6
12.4 12.4
13.6 13.6
11.0 11.0
0.7 0.7
0.7 0.7
1.3 1.3
1.6 1.6
97.3 97.3
106.6 106.6
4.6 4.6
5.6 5.6
TELCOS OW 336,885 385.6 163,974 181,322 36,961 40,952 19,118 21,139 13.3 9.4 19.0 16.7 6.4 TLKM BUY 11,500 14,500 20,160 44.9 231,840 311.1 81,334 86,953 27,245 29,773 14,423 15,515 10.6 7.6 16.1 14.9 5.7 EXC L BUY 4,600 5,375 8,534 20.2 39,259 28.3 23,303 24,839 5,071 5,461 3,334 3,473 7.2 4.2 11.8 11.3 4.8 ISAT HOLD 4,700 6,500 5,434 20.7 25,539 14.7 24,027 26,449 2,124 2,562 628 1,021 (60.7) 37.3 40.7 29.6 4.2 TOWR HOLD 28,000 29,500 1,020 66.0 28,568 0.9 2,556 2,995 1,442 1,711 769 942 116.7 22.4 37.1 30.3 15.6 ERAA REDUC E 2,400 3,050 2,900 39.7 6,960 24.4 16,985 21,416 763 975 569 734 31.4 29.1 12.2 9.5 9.1 TELE BUY 590 900 5,405 26.0 3,189 6.2 13,206 16,004 447 537 354 427 40.5 20.8 11.1 9.2 6.5 BTEL REDUC E 50 50 30,585 69.5 1,529 0.0 2,562 2,666 (131) (68) (959) (973) (12.6) 1.5 (1.6) (1.6) 5.4 Marke t N 3,047,504 4,262.9 1,404,373 1,551,999 280,267 316,112 204,732 231,203 8.2 12.4 18.4 16.2 9.5 Note: *In regard to the engagement letter from the companies, PT. Bahana Securities will not produce the companies’ ratings and target prices during the engagement period to ensure the opinions given are fair and reasonable.
5.8 5.3 4.5 3.7 13.0 7.1 5.3 5.8 8.5
3.8 3.5 2.2 1.3 10.9 2.3 2.3 0.5 6.5
3.3 3.2 2.0 1.5 8.1 1.9 2.0 0.8 5.6
2.7 3.1 3.8 1.2 0.0 1.9 2.8 0.0 2.4
3.1 3.4 4.4 1.7 0.0 2.5 3.4 0.0 2.6
42.4 16.8 65.6 98.8 173.1 12.0 7.2 159.1 31.3
21.9 23.2 19.6 3.2 34.3 20.3 22.6 (28.5) 30.0
20.9 22.3 18.2 5.2 30.5 22.3 23.0 (40.7) 28.8
STEEL KRAS
30.6 10.7 54.8 88.8 103.2 7.4 (0.4) 277.3 24.1
OW: Overweight, N: Neutral, UW: Underweight, UR: Under Review
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily
5
Global Business and Economic Indicators Agenda Date Time 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013
Country
Event
US JN IN SP SP SP UK TH TH UK EC US US MX MX US MX IN SZ RR RR
Monthly Budget Statement Industrial Production YOY% Industrial Production YoY CPI (EU Harmonised) (YoY) CPI (Core Index) (YoY) Consumer Price Index (YoY) Bloomberg July United Kingdom Economic Survey Foreign Reserves Forward Contracts Construction Output YoY Euro-Zone Ind. Prod. wda (YoY) Producer Price Index (YoY) PPI Ex Food & Energy (YoY) Industrial Production (YoY) Manufacturing Production (YoY) U. of Michigan Confidence Overnight Rate CPI (YoY) Real Estate Index Family Homes CPI - EU Harmonized (MoM) CPI - EU Harmonized (YoY)
01:00 11:30 12:30 14:00 14:00 14:00 14:30 14:30 14:30 15:30 16:00 19:30 19:30 20:00 20:00 20:55 21:00
Period
Consensus
Actual
Jun May F May Jun F Jun Jun F
-------
-------
Prior --1.00% 2.20% 2.20% 2.00% 2.10%
5-Jul 5-Jul May May Jun Jun May May Jul P 12-Jul Jun 2Q Jun Jun
---------------
---------------
---1.10% -0.60% 1.70% 1.70% 3.30% 5.60% 84.1 4.00% 9.31% -0.00% 9.90%
Global Economic Forecasts and Calendar Indicator Indonesia CPI – inflation (%, y-y) GDP (%, y-y) Reference rate (%) FX reserves (USDb) China CPI – inflation (%, y-y) GDP (%, y-y) Reference rate (%) Unemployment rate (%) Japan CPI – inflation (%, y-y) GDP (%, y-y) Reference rate (%) Unemployment rate (%) India CPI – inflation (%, y-y) GDP (%, y-y) Reference rate (%) Singapore CPI – inflation (%, y-y) GDP (%, y-y) Reference rate (%) Unemployment rate (%) Malaysia CPI – inflation (%, y-y) GDP (%, y-y) Reference rate (%) Unemployment rate (%) Thailand CPI – inflation (%, y-y) GDP (%, y-y) Reference rate (%) Unemployment rate (%) US CPI – inflation (%, y-y) GDP (%, y-y) Reference Rate (%) Unemployment rate (%)
Period
Release
Previous
Consensus
Apr 4Q12 Apr Mar
4/1 2/7 4/9 4/12
5.9 6.2 5.75 105.2
5.7 6.2 5.75 -
5.6 6.1 5.75 104.8
Mar 1Q May Dec
4/11 4/20 -
3.2 7.9 6.0 4.1
2.5 7.8 -
2.1 7.7 6.0 4.1
Mar 4Q Apr Mar
4/1 4/14 4/28
-0.7 0.4 0.1 4.3
-0.8 0.4 0.1 4.3
-0.9 0.5 0.1 4.1
Feb 1Q Mar
4/3 4/3 4/13
8.4 6.2 6.5
6.0 6.5
9.4 5.0 6.5
Mar 1Q Apr Mar
4/13 4/10 4/2
4.9 1.5 0.03 1.8
3.8 1.5 1.8
3.5 -0.6 0.03 1.9
Mar 4Q12 May Dec
4/8 2/11 4/12 2/31
1.5 5.3 3.00 3.0
1.5 5.6 3.00 -
1.6 6.4 3.00 3.1
Apr 4Q12 Apr Feb
4/2 2/13 4/11 2/12
2.7 3.1 2.75 0.8
2.4 4.0 2.75 -
2.4 3.9 2.75 0.6
Mar 1Q Apr Mar
4/10 4/3 4/5 4/6
0.7 1.7 0.25 7.7
-0.1 1.8 0.25 7.7
-0.2 1.8 0.25 7.6
Actual
Source: Bloomberg
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily
6
COMPANY/SITE VISITS/EVENTS Date
Time
7/16/13 7/17/13 7/17/13 7/18/13 7/19/13 7/29/13
14.30 16.00 14.00 15.00 09.00 -
Description
Analyst
CTRA company visit SMGR analyst meeting HRUM company visit BDMN analyst meeting BJBR analyst meeting BBCA & BMRI analyst meeting
Salman Fajari Alamsyah Teguh Hartanto Jennifer Frederika Yapply Teguh Hartanto Teguh Hartanto Teguh Hartanto
AGM & EGM SCHEDULE Corporate Actions AGM EGM EGM EGM EGM EGM EGM EGM
Ticker SIPD IJ TPMA IJ TBIG IJ BNGA IJ BRAM IJ RMBA IJ KARW IJ INDS IJ
Corporate Sierad Produce Trans Power Marine Tower Bersama Infrastructure Bank CIMB Niaga Indo Kordsa Bentoel Internasional Investama ICTSI Jasa Prima Indospring
Date 7/17/2013 7/18/2013 7/24/2013 7/26/2013 8/01/2013 8/02/2013 8/12/2013 9/04/2013
Time 10:00 10:00 14:00 13:00 09:00 10:00
Source: Bloomberg
DIVIDEND SCHEDULE0 Corporate Trikomsel Oke Astra Agro Lestari Multifiling Mitra Indonesia Multipolar Batavia Prosperindo Finance Astra international Bukit Asam Medco Energi Internasional Total Bangun Persada Asuransi Bina Dana Arta Tifa Finance Champion Pacific Indonesia Pembangunan Perumahan Lippo General Insurance Telekomunikasi Indonesia per Wijaya Karya Jasa Marga (Persero) Semen Indonesia Aneka Tambang Adaro Energy Trias Sentosa Golden Energy Mines Bank Danamon Indonesia Source: Bloomberg
Price (IDR) 2,000 17,650 210 660 265 6,900 14,500 2,050 1,050 3,200 280 440 1,430 3,000 11,300 2,400 6,600 18,600 1,340 1,200 350 2,400 6,400
Cash (IDR) 20 455 2 1 5 150 711 0 29 40 10 60 19 90 67 22 94 47 0 10 32 126
Yield (%) 1.0% 2.6% 0.7% 0.2% 1.9% 2.2% 4.9% 0.0% 2.8% 1.3% 3.6% 13.6% 1.3% 3.0% 0.6% 0.9% 1.4% 3.5% 0.0% 2.9% 1.3% 2.0%
Ex date 5/16/2013 5/16/2013 5/17/2013 5/17/2013 5/20/2013 5/21/2013 5/21/2013 5/21/2013 5/21/2013 5/21/2013 5/22/2013 5/23/2013 5/23/2013 5/28/2013 5/30/2013 5/30/2013 5/30/2013 5/30/2013 5/30/2013 5/30/2013 5/30/2013 5/30/2013 5/31/2013
Record date 5/20/2013 5/20/2013 5/21/2013 5/21/2013 5/22/2013 5/23/2013 5/23/2013 5/23/2013 5/23/2013 5/23/2013 5/24/2013 5/27/2013 5/27/2013 5/30/2013 6/3/2013 6/3/2013 6/3/2013 6/3/2013 6/3/2013 6/3/2013 6/3/2013 6/3/2013 6/4/2013
Payment date
Ticker
6/3/2013 6/3/2013 6/4/2013 6/4/2013 6/5/2013 6/7/2013 6/7/2013 6/7/2013 6/5/2013 6/7/2013 6/10/2013 6/11/2013 6/10/2013 6/14/2013 6/18/2013 6/14/2013 6/18/2013 6/17/2013 6/18/2013 6/12/2013 6/18/2013 6/18/2013 6/19/2013
TRIO IJ AALI IJ MFMI IJ MLPL IJ BPFI IJ ASII IJ PTBA IJ MEDC IJ TOTL IJ ABDA IJ TIFA IJ IGAR IJ PTPP IJ LPGI IJ TLKM IJ WIKA IJ JSMR IJ SMGR IJ ANTM IJ ADRO IJ TRST IJ GEMS IJ BDMN IJ
*Interim Dividend
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily
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Actual and upcoming IPOs, 2012-2013 No
Code
1 PADI 2 TELE 3 ESSA 4 BEST 5 RANC 6 TRIS 7 KOBX 8 TOBA 9 MSKY 10 ALTO 11 GLOB 12 GAMA 13 BJTM 14 IBST 15 NIRO 16 PALM 17 NELY 18 TAXI 19 BSSR 20 ASSA 21 WIIM 22 WSKT 2012 total 23 BBRM 24 HOTL 25 SAME 26 MAGP 27 TPMA 28 ISSP 29 DYAN 30 ANJT 31 NOBU 32 MPMX 33 DSNG 34 SRIL 35 ACST 36 SRTG 37 NRCA 38 SMBR 39 ECII 40 BBMD 57 MLPT 42 VICO 52 CPGT 59 NAGA 63 BMAS 43 41 45 46 47 48 49 50 51 53 52 53 54 55 56 58 60 62 64 65 2013 total Grand total
Date
Company name
Industry
01/09/12 01/12/12 02/01/12 04/10/12 06/07/12 06/28/12 07/05/12 07/06/12 07/09/12 07/10/12 07/10/12 07/11/12 07/12/12 08/31/12 09/13/12 10/08/12 10/11/12 11/02/12 11/08/12 11/12/12 12/18/12 12/19/12
Minna Padi Investama Tiphone Mobile Indonesia Surya Esa Perkasa Bekasi Fajar Industrial Estates Supra Boga Lestari Trisula International Kobexindo Tractors Toba Bara Sejahtera MNC Sky Vision Tri Banyan Global Teleshop Gading Development Bank Jatim Inti Bangun Sejahtera Nirvana Development Provident Agro Pelayaran Nelly Dwi Putri Express Transindo Utama Baramulti Sukses Sarana Adi Sarana Armada Wismilak Waskita Karya
Financial market Cellular distribution Petroleum gas Industrial estates Retail Fashion distribution Heavy equipment Coal Media Consumer Telcos Property Banks Communication Property Plantation Shipping Transportation Coal Automotive Cigarettes Construction
01/08/13 01/10/13 01/11/13 01/16/13 02/20/13 02/22/13 03/25/13 05/08/13 05/20/13 05/29/13 06/14/13 06/17/13 06/24/13 06/26/13 06/27/13 06/28/13 07/03/13 07/08/13 07/08/13 07/08/13 07/09/13 07/09/13 07/11/13
Pelayaran Nasional Bina Buana Saraswati Griya Lestari Sarana Meditama Metropolitan Multi Agro Gemilang Trans Power Marine Spindo Dyandra Media International Austindo Nusantara Jaya Bank Nationalnobu Mitra Pinasthika Mustika Dharma Satya Nusantara Sritex Acset Indonesia Saratoga Investa Sedaya Nusa Raya Cipta Semen Baturaja Electronic City Indonesia Bank Mestika Dharma Multipolar Technology Victoria Investama Cipaganti group Bank Mitraniaga Bank Maspion Bank Muamalat Indonesia Air Asia Indonesia Bank Sumut Wika Beton PLN Batam Persib Bandung Bermartabat Prima Jaya Kreasi Aditech Cakrawiyasa Tugu Pratama Citra Borneo Indah Dutapalma Nusantara Multi Agro Pasifik Agro Sentosa Delta Mas Sriboga Ratu Raya Blue Bird Eka Sari Lorena Transport Siba Surya Sido Muncul Grand Kartech
Shipping Hotel Hospital Management Plantations Transportation Pipes manufacturer Entertainment Plantation Banking Automotive Plantations Textile Construction Finance Construction Cement Retail Banking IT Finance Transportation Banking Banking Banking Aviation Banking Construction material Energy Entertainment Entertainment Household goods Insurance Plantations Plantations Plantations Plantations Property Restaurant Transportation Transportation Transportation Healthcare Manufacturing
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily
Amount (IDRb) 119 419 153 300 156 90 109 400 2,147 63 128 420 1,283 154 630 297 59 589 510 530 409 1,171 10,136 138 102 180 440 91 856 449 400 808 1,455 509 1,340 375 1,490 260 1,310 1,350 1,380 480 150 69 80 246 1,940-2,910 1,800 800 1,500 200 300 250 750 1,000 440 1,000 500-700 2,438 150 500 1,500
Public (%) 23.1 25.2 31.3 20.1 20.0 30.0 12.0 10.47 20.0 17.7 10.0 40.0 20.0 15 33.3 20.0 20.0 49.0 10.0 40 30.0 35.0 13.2 15.5 13.6 66.7 9.0 29.6 22.4 10.0 52.5 21.7 13.0 30.1 31.0 10.0 12.3 23.8 25.0 20.0 18.0 16.3 20.0 20.0 20.0-40.0 30.0 35.0 20.0-30.0 20.0 20.0 44.0 15.0-25.0 20.0 20.0 10.0-20.0 10.0
29,431 39,657
8
Actual and upcoming rights issues, 2011-2012 No
Code
1 BMRI 2 AMRT 3 BBKP 4 PBRX 5 EPMT 6 ABDA 7 INDS 8 UNTR 9 DOID 10 BVIC 11 IMAS 12 KREN 13 APIC 14 LPPS 15 BDMN 16 AISA 17 AMAG 18 KIJA 19 BEKS 20 CFIN 21 PNLF 22 DKFT 23 PWON 24 PSAB 25 MDLN 26 MASA 2011 total 27 FREN 28 BSIM 29 AMRT 30 KIAS 31 RAJA 32 SUGI 33 NISP 34 TRIO 35 SMMT 36 ITTG 37 MCOR 38 SUPR 39 BEKS 40 MDRN 41 BBNT 42 COWL 43 BNLI 44 INPC 45 MYOH 46 BIPP 47 HOME 48 CNKO 49 SRAJ 50 INCF 2012 total AUTO CENT TKGA TRIM 2013 total Grand total
Ex-rights date
Company name
01/26/11 01/24/11 01/20/11 01/24/11 02/01/11 04/28/11 05/16/11 06/03/11 06/27/11 06/27/11 07/01/11 07/08/11 07/05/11 07/06/11 09/28/11 10/02/11 10/04/11 10/14/11 10/21/11 10/24/11 11/03/11 12/02/11 12/09/11 12/23/11 12/23/11 12/28/11
Bank Mandiri Sumber Alfaria Trijaya Bank Bukopin Pan Brothers Enseval Putra Megatrading Asuransi Bina Dana Arta Indospring United Tractors Delta Dunia Makmur Bank Victoria Indomobil Sukses Internasional Kresna Graha Securindo Pasific Strategic Financial Lippo Securities Bank Danamon Tiga Pilar Sejahtera Food Asuransi Multi Artha Guna Kawasan Industri Jababeka Bank Pundi Indonesia Clipan Finance Panin Financial Central Omega Resources Pakuwon Jati J Resources Asia Pasifik Moderland Realty Multistrada Arah Sarana
02/16/12 06/25/12 03/12/12 02/24/12 05/08/12 05/11/12 05/30/12 06/26/12 06/26/12 07/05/12 07/06/12 08/16/12 09/07/12 10/29/12 11/19/12 11/20/12 11/30/12 11/30/12 12/18/12 12/10/12 12/11/12 12/14/12 12/19/12
Smartfren Telecom Bank Sinarmas Sumber Alfaria Trijaya Keramika Indonesia Asosiasi Rukun Raharja Sugih Energy Bank OCBC NISP Trikomsel Oke Golden Eagle Energy Leo Investments Bank Windu Kentjana International Solusi Tunas Pratama Bank Pundi Indonesia Modern International Bank Tabungan Negara Cowell Development Bank Permata Bank Arta Graha International MYOH Technology Bhuwanatala Indah Permai Hotel Mandarine Regency Exploitasi Energi Indonesia Sejahteraraya Anugrahjaya Amstelco Indonesia
4/25/2013 2/1/2013 3/8/2013 4/8/2013
Astra Otoparts Centrin Online Permata Prima Sakti Trimegah Securities
Industry Banks Retail Banks Textile Pharmacy distribution Insurance Automotive components Heavy equipment Mining contracting Banks Automotive Financial Financial Finance Banks Consumer Insurance Construction Banks Financing Financial Mining Property Trading Property Automotive components Telecommunication Banks Retail Ceramics, Glass, Porcelain Energy Energy Banks Retail Energy Financial Banks Towers Banks Retail Banks Construction Banks Banks Telecommunication Property Property Coal Shipping Financial Automotive parts Information Technology Coal Financial
Amount (IDRb) 11,684 1,039 1,066 433 300 144 188 6,100 1,200 199 2,770 106 286 206 4,998 702 215 1,509 500 469 499 984 1,304 1,444 802 1,500 40,647 1,336 305 1,030 863 230 2,427 1,507 267 410 102 105 648 300 528 1,868 906 1,996 501 610 171 103 2,355 1,439 5,091 25,098 2,900 675 480 345 4,400 70,145
Source: Various media
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily
9
1Q13 Results Round – ups No Company
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67
Astra Agro Lestari Adhi Karya Adaro Energy AKR Corporindo Aneka Tambang Agung Podmoro Land Astra International Alam Sutera Realty Adi Sarana Armada Bank Central Asia Bank Bukopin Bank Negara Indonesia Bank Rakyat Indonesia Bank Tabungan Negara Bank Danamon Bekasi Fajar Industrial Bank Jabar Banten Bank Jatim Bank Mandiri Bumi Serpong Damai Bank Tabungan Pensiunan Bumi Resources BW Plantation Cardig Aero Services Citra Marga Nusaphala Charoen Pokphand Indonesia Ciputra Development Ciputra Property Erajaya Swasembada Gudang Garam Garuda Indonesia Gajah Tunggal Gozco Plantations Harum Energy Indofood CBP Indomobil Sukses International Vale Indonesia Indofood Sukses Makmur Indo Tunggal Prakarsa Kawasan Industri Jababeka Kalbe Farma Krakatau Steel Lippo Cikarang Lippo Karawaci London Sumatra Indonesia Mitra Adiperkasa Perusahaan Gas Negara Bukit Asam Pembangunan Perumahan Ramayana Lestari Sentosa Supra Boga Lestari Nippon Indosari Corpindo Sampoerna Agro Salim Ivomas Pratama Semen Indonesia Summarecon Agung Surya Semesta Internusa Tiphone Mobile Indonesia Timah Telekomunikasi Indonesia Total Bangun Persada Tempo Scan Pacific United Tractors Unilever Indonesia Wijaya Karya Wintermar Offshore Marine Waskita Karya
Code
AALI ADHI ADRO* AKRA ANTM APLN ASII ASRI ASSA BBCA BBKP BBNI BBRI BBTN BDMN BEST BJBR BJTM BMRI BSDE BTPN BUMI* BWPT CASS CMNP CPIN CTRA CTRP ERAA GGRM GIAA* GJTL GZCO HRUM ICBP IMAS INCO INDF INTP KIJA KLBF KRAS LPCK LPKR LSIP MAPI PGAS PTBA PTPP RALS RANC ROTI SGRO SIMP SMGR SMRA SSIA TELE TINS TLKM TOTL TSPC UNTR UNVR WIKA WINS WSKT
Source: Bloomberg, Company, Bahana estimates
Actual
462 64 121 186 427 384 3,852 490 55 3,540 292 2,498 5,856 455 1,383 185 468 299 5,608 1,412 721 79 67 77 132 920 410 218 129 1,538 (16) 412 (5) 13 847 97 56 1,328 1,353 291 576 12 140 373 113 123 272 590 78 32 11 74 22 229 1,599 362 270 65 147 6,587 62 246 1,427 1,876 274 9 59
Operating profit (IDRb) Bahana (%) Comment
3,562 893 783 901 772 1,500 23,711 1,907 227 16,821 1,217 24,015 9,799 2,320 7,102 911 1,792 1,277 22,574 2,526 3,008 725 465 320 388 3,673 1,589 703 833 6,913 180 1,526 104 140 3,259 907 189 7,392 6,964 778 2,553 69 718 1,561 1,134 872 1,122 2,529 1,023 485 58 256 507 2,404 7,204 1,244 1,205 447 655 27,219 274 855 6,503 7,069 1,211 36 834
13.0 7.2 15.5 20.6 55.3 25.6 16.2 25.7 24.2 21.6 23.5 24.3 24.9 19.7 20.7 20.3 26.1 23.9 23.7 55.9 24.0 10.9 14.3 24.1 34.0 25.0 25.8 31.0 15.5 22.2 (8.7) 27.0 (4.8) 9.2 26.0 10.7 29.6 18.0 19.4 37.4 22.5 17.3 19.5 23.9 9.9 14.2 24.3 23.3 7.6 6.6 19.1 28.9 4.4 9.5 22.2 29.1 22.4 14.6 22.4 24.2 22.6 28.7 21.9 26.5 22.6 24.6 7.1
Below Below Below Below Above In line Below In line In Line In Line In Line In Line In Line In Line In Line Below Above In Line In Line Above In Line Below Below In line Above In Line Above Above Below Below Below Above Below Below Below Below Above Below In Line Above In line Below In line In line Below In line Below In Line Above Above Below In line Below Below In Line Above Below Below Below In Line In Line Below Below Above In Line Below In Line
Actual
356 12 41 158 462 245 4,310 404 21 2,892 224 2,069 5,087 334 1,005 174 372 218 4,303 1,244 573 (63) 36 28 109 717 216 191 75 1,047 (34) 345 4 7 644 142 32 722 1,146 200 444 9 132 252 100 63 265 493 43 42 10 56 23 100 1,236 321 200 52 103 3,477 48 235 1,129 1,432 157 6 5
Net profit (IDRb) Bahana (%)
2,526 378 343 689 822 965 21,745 1,513 65 14,002 971 20,079 8,148 1,702 4,636 802 1,434 1,010 17,714 2,171 2,411 243 246 126 295 2,899 939 562 666 4,511 135 1,109 114 53 2,424 1,068 133 3,631 5,563 477 2,000 47 653 1,183 976 528 943 2,204 460 479 52 201 308 928 5,772 1,009 851 354 457 14,427 234 686 4,783 5,377 720 26 347
14.1 3.2 11.9 22.9 56.2 25.4 19.8 26.7 32.3 21.5 23.1 25.9 25.5 19.7 22.1 21.7 26.4 21.9 24.1 57.3 23.7 (25.9) 14.7 22.2 36.9 24.7 23.0 34.0 11.3 23.2 (25.0) 31.1 3.5 13.2 26.6 13.3 23.7 19.9 20.6 41.9 22.2 19.0 20.2 21.3 10.3 12.0 28.1 22.4 9.3 8.7 19.2 27.8 7.5 10.8 21.4 31.8 23.5 14.7 22.5 24.1 20.5 34.3 23.6 26.6 21.8 22.4 1.4
Comment
Below Below Below In line Above In line Below In line Above In Line In Line Above Above In Line In Line Below Above In Line In Line Above In Line Below Below In line Above In Line Above Above Below Below Below Above Below Below In line Below In line Below In Line Above In line Below In line In line Below Below Below In line Above In line Below In line Below Below In Line Above Below Below Below In Line In Line Below Below Above In Line In line Below
*In USDm
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily
10
Research: +62 21 250 5081
Harry Su
[email protected] Senior Associate Director Head of Equity Capital Market & Research Strategy, Telcos, Consumer, Aviation ext 3600 direct: +62 21 250 5735 Teguh Hartanto
[email protected] Associate Director Deputy Head of Research Banks, Cement ext 3610
Leonardo Henry Gavaza
[email protected] Senior Research Manager Automotive, Plantations, Heavy Equipment ext 3608
Arga Samudro
[email protected] Economist ext 3602
Stifanus Sulistyo
[email protected] Research Analyst Small cap ext 3611
Aditya Eka Prakasa
[email protected] Research Analyst Poultry ext 3603
Salman Fajari Alamsyah
[email protected] Research Analyst Property, Industrial esates. toll road ext 3605
Jennifer Frederika Yapply
[email protected] Research Analyst Coal, Oil and Gas ext 3606
Ricky
[email protected] Research Analyst Metal mining ext 3615
Giovanni Aristo
[email protected] Senior Research Associate ext 3604
Zefanya Angeline Halim
[email protected] Research Associate ext 3612
Hasan
[email protected] Research Analyst Infrastructure ext 3613
Chandra Widjanarka
[email protected] Technical Analyst ext 3609
Nico Laurens
[email protected] Research Associate ext 3614
Dealing Room: +62 21 250 5508 (Domestic Institutional)
Laurensius Teiseran
[email protected] Research Associate ext 3601
+62 21 527 0808 (Foreign Institutional)
Made Ayu Wijayati
[email protected] Research Executive ext 3607
+62 31 535 2788 (Surabaya Branch)
Haselinda Rifman
[email protected] Equity Sales ext 2524
John M. Dasaad
[email protected] Equity Sales ext 2549
Angky Amarylis
[email protected] Sales Trader ext 2525
Ashish Agrawal
[email protected] Equity Sales ext 2553
Suwardi Widjaja
[email protected] Equity Sales ext 2548
Jonathan Gregorius M.T
[email protected] Sales Trader ext 2546
Yohanes Adhi Handoko
[email protected] Manager, Surabaya Branch ext 7250
Head Office Graha Niaga, 19th Floor Jl. Jend. Sudirman Kav. 58 Jakarta 12190 Indonesia Tel. 62 21 250 5081 Fax. 62 21 522 6049
http://www.bahana.co.id
Surabaya Branch Wisma BII, Ground Floor Jl. Pemuda 60-70 Surabaya 60271 Indonesia Tel. 62 31 535 2788 Fax. 62 31 546 1157
DISCLAIMER The information contained in this report has been taken from sources which we deem reliable. However, none of P.T. Bahana Securities and/or its affiliated companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied) of P.T. Bahana Securities, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action , suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither P.T. Bahana Securities, its affiliated companies or their respective employees or agents accepts liability for any errors, omissions or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission there from which might otherwise arise is hereby expresses disclaimed. The information contained in this report is not be taken as any recommendation made by P.T. Bahana Securities or any other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regards to the specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice.
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IMPORTANT US REGULATORY DISCLOSURES ON SUBJECT COMPANIES This material was produced by Bahana Securities, solely for information purposes and for the use of the recipient. It is not to be reproduced under any circumstances and is not to be copied or made available to any person other than the recipient. It is distributed in the United States of America by Enclave Capital LLC. and elsewhere in the world by Bahana or an authorized affiliate of Bahana (such entities and any other entity, directly or indirectly, controlled by Bahana, the “Affiliates”). This document does not constitute an offer of, or an invitation by or on behalf of Bahana or its Affiliates or any other company to any person, to buy or sell any security. The information contained herein has been obtained from published information and other sources, which Bahana or its Affiliates consider to be reliable. None of Bahana or its Affiliates accepts any liability or responsibility whatsoever for the accuracy or completeness of any such information. All estimates, expressions of opinion and other subjective judgments contained herein are made as of the date of this document. Emerging securities markets may be subject to risks significantly higher than more established markets. In particular, the political and economic environment, company practices and market prices and volumes may be subject to significant variations. The ability to assess such risks may also be limited due to significantly lower information quantity and quality. By accepting this document, you agree to be bound by all the foregoing provisions. 1. Bahana or its Affiliates may or may not have been beneficial owners of the securities mentioned in this report. 2. Bahana or its affiliates may have or not managed or co-managed a public offering of the securities mentioned in the report in the past 12 months. 3. Bahana or its affiliates may have or not received compensation for investment banking services from the issuer of these securities in the past 12 months and do not expect to receive compensation for investment banking services from the issuer of these securities within the next three months. 4. However, one or more of Bahana or its Affiliates may, from time to time, have a long or short position in any of the securities mentioned herein and may buy or sell those securities or options thereon either on their own account or on behalf of their clients. 5. As of the publication of this report Bahana does not make a market in the subject securities. 6. Bahana or its Affiliates may or may not, to the extent permitted by law, act upon or use the above material or the conclusions stated above or the research or analysis on which they are based before the material is published to recipients and from time to time provide investment banking, investment management or other services for or solicit to seek to obtain investment banking, or other securities business from, any entity referred to in this report. Enclave Capital LLC. is distributing this document in the United States of America. Bahana Securities accepts responsibility for its contents. Any US customer wishing to effect transactions in any securities referred to herein or options thereon should do so only by contacting a representative of Enclave Capital LLC.
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