126567695

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SEEAPPENDIXIFORIMPORTANTDISCLOSURESANDANALYSTCERTIFICATIONS

Indonesia|8 July 2011

INDONESIA

www.k

imengresearch.com

EquityDaily

ResearchTeam

KatarinaSETIAWAN

HeadofResearch

[email protected]

+622125571125

RicardoSILAEN,CFA

[email protected]

+622125571126

RahmiMARINA

[email protected]

+622125571128

LuckyARIESANDI,

CFA

[email protected]

+622125571127

AdiN.WICAKSONO

[email protected]

+622125571130

ArwaniPRANADJAYA

[email protected]

+622125571129

KeyIndicesLast

Point

%

chg

IDXIndex 3,939.5 30.5 0.8

IDR/USD 8,536.5 7.5 0.1

TopIdea

Media

SuryaCitraMedia FastgrowingTVplay

- At our visit to Surya Citra Media (SCMA.IJ), the management

informedusthatthecompanystargetedrevenuegrowthforthis

yearisatleast1920%,similartolastyears19%.

- Inaddition, througheffectivemanagementofprogramme costs

andopex,thegrossmarginandoperatingmarginareexpectedto

improve. In1Q11,grossmarginandoperatingmargin improved

to64%and44%from53%and32%in1Q10,respectively.

MarketTalk

Plantation:BWPlantation(BWPT.IJ)expects1H11netprofitstocome

inatRp153b,up stronglyby80% y/ycompared to lastyearofRp85b.

RevenueisestimatedtocomeinatRp470b,up70%y/y.Pg.2

Retail:Carrefourannouncesgeneraloffer for remainingpublicsshares

inAlfaRetailindo(ALFA.IJ)atRp4,500/shareaftersuccessfullyobtaining

minorityshareholdersapprovaltodelistfromthebourse.Pg.3

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EquityDaily 8July2011

INDONESIAEQUITYRESEARCHPage2

Media Analyst:AdiNWicaksonoSuryaCitraMedia(SCMA.IJ,BUY) FastgrowingTVplay

WhatsNew

AtourvisittoSuryaCitraMedia(SCMA.IJ),themanagementinformedus

thatthecompanystargetedrevenuegrowth forthisyear isat least19

20%, similar to last years 19%. In addition, through effective

management of programme costs and opex, the gross margin and

operatingmargin are expected to improve. In 1Q11, grossmargin and

operatingmarginimprovedto64%and44%from53%and32%in1Q10,

respectively.

OurView

We anticipate future revenue growth to come from higher advertising

expenditure, lower spot bonuses, and the companys success in

maintainingthesecond largestaudienceshare.InFY10,TVbroadcasting

advertisingexpendituregrewby37%y/y,comparedto14%in2009.

The company plans to manage costs of programmes by focusing on

developing local series television programmes (which is cheaper than

importingfilms)andrenegotiatingcostswithproductionhouses.In4Q10,

the company appointed Screenplay, an affiliate company, to be a

productionhousepartner;thus,expectedprogrammingselectionshould

bemoreoptimalandefficientthanbefore.

Action&Recommendation

Assuming thecompanys revenuegrowsby20% thisyearandby16.4%

over thenext fiveyears (similar toAdspendsCAGR in20062010), the

companys estimated fair value would be Rp7,500 (based on DCF

methodology). Our TP represents 17.7x 2012 PER, relatively cheap

comparedtotelevisioncompanies(18.7x2012PER)intheregion.Hence,

werecommendBUY.

MarketHighlights

BWPlantation(BWPT.IJ,BUY): Strong1H11result,betterthan

expectation

Thecompanyexpects1H11netprofittocomeinatRp153b,upstrongly

by 80% y/y compared to last year of Rp85b. Revenue is estimated to

comeinatRp470b,up70%y/y.

Analystcomment:

WemaintainourtargetpriceatRp1300,peggingthestockat16.8x10.7x

FY1112 P/E. With 15% upside potential, the stock warrants BUY

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recommendation.

Indicated 1H11 net profit is strong, better than our expectation,

accountingfor49%ofourFY11estimateofRp313b. Onquarterlybasis,

2Q11netprofitincreasedby213%y/ytoRp116bfromRp37bin1Q11.

ThegoodperformanceisdrivenbyhigherFFBoutputat250k(+49%y/y)

tonsand

CPO

at

38.7k

tons

(+54%

y/y).

AlfaRetailindo(ALFA.IJ):Carrefourlaunchesgeneralofferat

Rp4,500/share

Carrefourannouncesgeneraloffer (GO) for remainingpublicsshares in

Alfa Retailindo at Rp4,500/share after successfully obtaining minority

shareholdersapprovaltodelistfromthebourse.

Theprice is87%premiumcompared to thehighestprice in the90day

period prior to the announcement of the delisting plan, and 73%

premiumtofairvalueaccordingtoanindependentappraiser.

The

GO

will

be

effective

from

29

July

27

August

2011.

ChartPointers

IDX:

Indexs

second

resistance

could

be

touched

today.

Even

though

ST

moving average still shows uptrend, we do not suggest investors put

freshmoney to themarket.We see themarkethas been overbought.

Nevertheless, we see consumer sector looks appealing today. Todays

tradingrangeisbetween385838943917(support)and395339674003

(resistance).

INDF:Weseehealthycorrection inthisstock,withstrongsupporttrend

line. There isa strong technical rebound from that side.We set target

priceatRp6000.TRADINGBUY.

MYOR: Strong volume and stock price is trying to breakup the first

resistance level. There is a potential rally, benefiting from favorable

sentiment

in

the

consumer

sector.

We

upgrade

target

price

to

Rp17,000,

frompreviouslyRp15,000.TRADINGBUY.

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Commodities 7Jul11 6Jul11 Change(US$) Change(%)

Nickel(US$/ton) 23,868.00 23,346.00 522.00 2.24

Tin(US$/ton) 27,484.00 26,681.00 803.00 3.01

Gold(US$/t.oz) 1,532.38 1,528.90 3.48 0.23

CPO

Malaysia

(US$/ton)

1,018.83

1,008.53

10.30

1.02

OilNYMEX(US$/barrel) 98.67 96.65 2.02 2.09

Coal ARAregion(US$/ton) 123.77 124.02 (0.25) (0.20)

Weeklydata 1Jul11 24Jun11 Change(US$) Change(%)

Coal Newcastle(US$/ton)* 120.90 121.17 (0.27) (0.22)

Source:Bloomberg;*GlobalCOAL'sNEWCweeklyindex

Company ADR ADRClose Change Local(Rp) ADR Shares

Ticker 7Jul11 % Equivalent IDXClose %Prem

Telkom NY(US$) TLKUS 33.79 0.33 7,212 7,150 0.86 40

Indosat NY(US$) IITUS 30.17 2.31 5,151 5,150 0.02 50

BLTSG

(Sin$)

BLTA

SP

0.04

2.33

307

300

2.43

Rp 8,537.00

Sin$ 6,983.95

Source:BloombergKeycorporateactions

Cumdate Exdate Company Action Price(Rp) Note

7Jul11* 8Jul11* BEKS Rightsissue:5(n):6(o) 100 *postponed

7Jul11 8Jul11 BNBA Finaldividend10 3

7Jul11 8Jul11 BSWD Finaldividend10 23

7Jul11 8Jul11 JTPE Finaldividend10 140

7Jul11 8Jul11 KAEF Finaldividend10 5

7Jul

11

8Jul

11

PTPP

Final

dividend

10

14.57

7Jul11 8Jul11 SMAR Finaldividend10 150

8Jul11 11Jul11 EPMT Finaldividend10 5

8Jul11 11Jul11 FAST Finaldividend10 448.18

8Jul11 11Jul11 FAST Stockdividend:2(n):63(o)

8Jul11 11Jul11 MTFN StockSplit:5(n):1(o)

8Jul11 11Jul11 UNIC Finaldividend10 33

11Jul11 12Jul11 CTRS Finaldividend10 13

11Jul11 12Jul11 CTRP Finaldividend10 7

11Jul11 12Jul11 MTDL Finaldividend10 4

11Jul11 12Jul11 SONA Finaldividend10 91

12Jul11 13Jul11 INDY Finaldividend10 26

13Jul11 14Jul11 MASA Finaldividend10 1

13Jul11 14Jul11 MYOR Finaldividend10 130

13Jul11 14Jul11 ABDA Finaldividend10 25

13Jul11 14Jul11 CITA Finaldividend10 8.9

14Jul11 15Jul11 BABP Finaldividend10 0.66

14Jul11 15Jul11 BRAU Finaldividend10 3.55

14Jul11 15Jul11 GDYR Finaldividend10 250

15Jul11 18Jul11 CMNP Finaldividend10 7.45

15Jul11 18Jul11 DPNS Finaldividend10 10

15Jul11 18Jul11 TRIM Finaldividend10 1

18Jul11 19Jul11 AMFG Finaldividend10 80

18Jul

11

19

Jul

11

SMMA

Final

dividend

10

1

18Jul11 19Jul11 TINS Finaldividend10 94.17

19Jul11 20Jul11 BBNP Finaldividend10 11.4

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19Jul11 20Jul11 BRAM Finaldividend10 50

19Jul11 20Jul11 FORU Finaldividend10 4

19Jul11 20Jul11 GPRA Finaldividend10 1

19Jul11 20Jul11 IKBI Finaldividend10 10

19Jul11 20Jul11 ISAT Finaldividend10 59.55

19Jul11 20Jul11 PGAS Finaldividend10 144.24

19Jul11 20Jul11 RUIS Finaldividend10 8

20Jul11 21Jul11 CTBN Finaldividend10 USD0.021

20Jul11 21Jul11 INDR Finaldividend10 85

20Jul11 21Jul11 SMSM Finaldividend10 30

21Jul11 22Jul11 APLI Finaldividend10 20

21Jul11 22Jul11 ASDM Finaldividend10 35

22Jul11 25Jul11 AMAG Finaldividend10 10

22Jul11 25Jul11 CFIN Finaldividend10 15

22Jul11 25Jul11 PNIN Finaldividend10 5

25Jul11 26Jul11 CTRA Finaldividend10 6

25Jul11 26Jul11 GGRM Finaldividend10 880

26Jul

11

27

Jul

11

INDF

Final

dividend

10

133

26Jul11 27Jul11 IPOL Finaldividend10 3

27Jul11 28Jul11 BUMI Finaldividend10 41.78

27Jul11 28Jul11 SMGR Finaldividend10 248.26

28Jul11 29Jul11 PANR Finaldividend10 1.07

1Aug11 2Aug11 MFIN Finaldividend10 30

2Aug11 3Aug11 DGIK Finaldividend10 2.75

3Aug11 4Aug11 ESTI Finaldividend10 1

3Aug11 4Aug11 TSPC Finaldividend10 40

5Aug11 8Aug11 KREN Finaldividend10 9.05

8Aug11 9Aug11 CENT Finaldividend10 1

9Aug11 10Aug11 UNSP Finaldividend10 4.3

15Aug

11

16

Aug

11

CLPI

Final

dividend

10

27.8

15Aug11 16Aug11 PLIN Finaldividend10 2.5

22Aug11 23Aug11 LPPF Finaldividend10 14

13Sep11 14Sep11 OKAS Finaldividend10 1.02

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