14-Oct Foreign Exchange Rate - BNI Sekuritas · Indonesia ond Market News Indonesia Government will...

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Fixed Income Daily Report

Bond Market Review (Mon, 14/10)

Indonesia’s bond market advanced early this week amid easing

external pressure. Most of the Government bond yields were

decreased ranging between 2-6 bps, meanwhile, the 10-year

Government bond yield inched lower 2 bps to 7.20%. The IDR

weakened slightly to IDR14,140/USD yesterday, compared to the

last Friday’s closing level of IDR14,138/USD.

The strengthening bond prices were followed by increasing

investor’s activity. This can be spotted from the outright trading

volume of Government securities which reached IDR14.6 trillion

yesterday, increasing from the last Friday’s trading volume of

IDR13.8 trillion, and higher than the month-to-date average daily

trading volume of IDR11.3 trillion. FR0078 and FR0079 were the

two most actively-traded series in secondary market, with the

trading volume of IDR2.2 trillion and IDR1.9 trillion, respectively.

Meanwhile, the outright trading volume of corporate bond was

recorded at IDR798.8 billion yesterday.

Bond Market Preview (Tue, 15/10)

Indonesia’s bond yields are expected to move sideways in near

term. Global market pressure increased amid higher uncertainty

on the US – China trade dispute after China was reported that

they still reluctant to sign the trade agreement with the US

which was discussed during the last week’s meeting. China was

also stated that they need more talks about the agreement with

the US. Escalating external pressure also spurred investors to

enter the safe-haven assets, reducing demand on the riskier

assets, which can be spotted from the weakening US stock

market last night (Dow Jones -0.11%; S&P 500 -0.14%; Nasdaq -

0.10%). Gold price advanced 0.51% to USD1,497/troy onz, after

0.47% decreasing in the previous day. The escalating external

pressure may also limit the foreign fund inflows to emerging

market, including Indonesia, and could potentially curb the yield

movement in domestic bond market in near term. However, on

the flip side, the likelihood of significant increase on Indonesia’s

bond yields may be curbed by higher investors’ activity in

domestic bond market, where the average daily trading volume

of Government securities was reached IDR12.8 trillion during the

past week, higher than the first week of October of IDR11.6

trillion.

Along with the potential of sideways market movement, then,

short-term trading strategy on several Government bonds such

as FR0077, FR0081, FR0078, FR0082, FR0068, FR0080, and

FR0079 may remain attractive to become investors choice.

1

15 October 2019

Daily Market Report Bond Market Activity

Last Price(%)

Most Active Government Bonds

FR0078 9.59 107.15 7.20 2205.39

FR0079 19.51 105.40 7.83 1926.16

FR0082 10.92 98.05 7.26 1401.60

FR0068 14.42 106.50 7.62 1318.17

FR0070 4.42 106.76 6.58 1207.53

Most Active Corporate Bonds

ADMF04ACN6 1.00 100.00 6.75 161.0

ADMF04BCN1 1.16 100.30 7.17 80.0

BEXI04ACN1 1.64 99.50 7.83 80.0

SMFP04BCN2 1.00 100.47 6.76 80.0

BBTN03BCN2 2.70 102.05 7.90 55.0

Indonesia Macroeconomic Data

Sep-19 Aug-19 Jul-19 Jun-19

CPI MoM (%) -0.27 0.12 0.31 0.55

CPI YoY (%) 3.39 3.49 3.32 3.28

7-day RR (%) 5.25 5.50 5.75 6.00

Foreign Reserve

(US$ Bn)

Foreign Exchange Rate

14-Oct (-1 day) (-1 week) (-1 month)

USD/IDR 14,140 14,138 14,163 14,042

EUR/USD 1.103 1.104 1.097 1.100

GBP/USD 1.261 1.267 1.229 1.243

AUD/USD 0.678 0.679 0.673 0.687

USD/JPY 108.400 108.290 107.260 108.120

USD/SGD 1.370 1.373 1.381 1.376

USD/THB 30.407 30.400 30.463 30.527

USD/MYR 4.189 4.187 4.192 4.165

USD/CNY 7.068 7.089 7.148 7.067

Government Auction Schedule

Date

Benchmark Government Bond Yields

Data Source: Bloomberg, DMO

14-Oct-19TTM

(Year)

Last Yield

(%)

Volume

(IDR bn)

15-Oct-19SPNS 6-mo

PBS 2-yr, 4-yr, 7-yr, 15-yr

8-Oct-19SPN 3-mo, 12-mo

ON 5-yr, 10-yr, 15-yr, 20-yr

126.40

Series Maturities

124.33 125.90 123.82

6.0

6.5

7.0

7.5

8.0

8.5

9.0

7/0

1/2

019

22/

01/

201

9

6/0

2/2

019

21/

02/

201

9

8/0

3/2

019

23/

03/

201

9

7/0

4/2

019

22/

04/

201

9

7/0

5/2

019

22/

05/

201

9

6/0

6/2

019

21/

06/

201

9

6/0

7/2

019

21/

07/

201

9

5/0

8/2

019

20/

08/

201

9

4/0

9/2

019

19/

09/

201

9

4/1

0/2

019

(%)

FR0079 FR0068 FR0078 FR0077

6.608

7.206

7.611

7.826



Indonesia Bond Market News

Indonesia Government will conduct another sukuk today, with the indicative target of IDR7.0 trillion. On today’s auction, the Government will offer five series of sukuk i.e., SPNS02042020, PBS002, PBS026, PBS022, and PBS015. The PBS026 is a new sukuk series offered by Government, which will mature on October 15, 2024. Investors’ demand on today’s auction is expected to be strong along with easing global market pressure. On the 19 previous sukuk auctions this year, on average, total investors’ bid reached IDR22.8 trillion. The Government is expected to be less aggressive on this auction following strong Government securities issuance since early this year, in which, year-to-date, Government has successfully issued IDR759.2 trillion of securities or about 90.2% of total securities issuance target in 2019. Hence, if investors’ bid yields are relatively high, Government is most likely to reject it. Taking into account the market condition on the last few days, we forecast the indicative yields on today’s auction are as follow :

SPNS02042020 : 5.50% - 5.70%

PBS002 : 6.60% - 6.70%

PBS026 : 7.00% - 7.10%

PBS022 : 7.90% - 8.00%

PBS015 : 8.15% - 8.25%

PEFINDO rating agency has affirmed the rating of idAAA for PT Indonesia Infrastructure Finance (IIF) and the company’s bond I 2016 series B and C. The outlook for the corporate credit rating is stable. According to PEFINDO, the corporate rating reflects IIF’s very strong support from shareholders, important role for Indonesia’s infrastructure develompment, strong liquidity and financial flexibility, as well as strong capitalization profile. However, the rating is still constrained by the limited infrastructure projects that meet both commercial and socal-environtmental criteria, as well as IIF’s concentrated financing profile due to its focus and mandate in infrastructure sector. PEFINDO also stated that the rating could be downgraded if there is a material reduction in support from its parent, which may result from a significant decline n IIF’s business and asset qulaity profiles.As of June 30, 2019, the company’s shareholders are PT Sarana Multi Infrastruktur (30.00%), International Finance Corporation (19.99%), Asian Development Bank (19.99%), Deutsche Investitions-und Entwicklungsgesellscharft mbH (15.12%), and Sumitomo Mitsui Banking Corporation (14.90%).

2

Government Securities Ownership As of October 10, 2019 (IDR Trillion)

Holders Dec-18 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 4-Oct-19 8-Oct-19 9-Oct-19 10-Oct-19

Banks 481.33 649.10 606.51 503.90 588.77 605.88 608.15 637.12 655.59 656.24 659.01 671.19

Bank Indonesia 253.47 132.03 153.00 252.30 153.88 150.57 186.36 167.99 149.95 149.95 146.61 150.72

Mutual Fund 118.63 113.05 109.03 107.11 106.76 120.32 118.70 125.49 125.57 125.62 125.73 126.14

Insurance Companies 201.59 208.35 211.02 213.18 212.78 214.47 215.85 215.55 215.14 214.96 214.73 215.59

Foreign Investor 893.25 967.12 960.34 949.56 988.75 1013.04 1009.60 1029.39 1030.78 1030.68 1031.25 1033.82

Pension Fund 212.88 226.13 230.45 235.95 237.04 241.72 246.65 250.44 251.04 251.04 251.08 251.10

Individual 73.07 82.57 82.85 84.20 77.23 75.14 76.37 77.66 77.83 77.92 77.96 77.97

Others 134.22 149.64 148.80 160.24 165.82 159.24 163.94 160.70 161.25 160.75 160.79 161.41

Total 2,368.45 2,527.99 2,502.01 2,506.44 2,531.04 2,580.37 2,625.62 2,664.33 2,667.15 2,667.15 2,667.15 2,687.95

Year-to-date Investors' Net Buy/Sell In Government Securities (IDR Trillion)

Holders FY18 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 4-Oct-19 8-Oct-19 9-Oct-19 10-Oct-19

Banks -10.27 162.32 119.73 17.12 101.99 119.10 121.38 150.35 168.81 169.46 172.24 184.42

Bank Indonesia 111.65 -115.91 -94.94 4.35 -94.07 -97.37 -61.59 -79.96 -97.99 -98.00 -101.34 -97.22

Mutual Fund 14.64 -5.57 -9.59 -11.51 -11.86 1.69 0.08 6.87 6.95 7.00 7.11 7.52

Insurance Companies 50.79 6.75 9.43 11.58 11.19 12.87 14.25 13.95 13.54 13.36 13.13 14.00

Foreign Investor 57.10 73.87 67.09 56.31 95.50 119.79 116.35 136.14 137.53 137.43 138.00 140.57

Pension Fund 14.82 13.26 17.58 23.08 24.17 28.84 33.77 37.56 38.17 38.16 38.20 38.23

Individual 13.22 9.50 9.79 11.13 4.17 2.07 3.30 4.59 4.76 4.86 4.89 4.90

Others 16.74 15.43 14.59 26.03 31.61 25.03 29.72 26.49 27.04 26.54 26.58 27.20



3

Government Bonds Valuation

Closing Price Data : Oct 14, 2019Series Maturity Coupon Last Price YTM Yield Curve Price Model Valuation

FR0031 15-Nov-20 11.000% 105.44 5.73% 5.70% 105.49 Fair

FR0034 15-Jun-21 12.800% 110.55 6.03% 6.13% 110.41 Fair

FR0053 15-Jul-21 8.250% 103.38 6.17% 6.17% 103.39 Fair

FR0061 15-May-22 7.000% 101.32 6.43% 6.43% 101.34 Fair

FR0035 15-Jun-22 12.900% 115.58 6.44% 6.44% 115.58 Fair

FR0043 15-Jul-22 10.250% 108.91 6.64% 6.46% 109.40 Fair

FR0063 15-May-23 5.625% 97.19 6.52% 6.58% 96.98 Fair

FR0046 15-Jul-23 9.500% 109.50 6.59% 6.60% 109.48 Fair

FR0039 15-Aug-23 11.750% 117.00 6.64% 6.61% 117.14 Fair

FR0070 15-Mar-24 8.375% 106.58 6.63% 6.68% 106.37 Fair

FR0077 15-May-24 8.125% 105.90 6.61% 6.70% 105.52 Fair

FR0044 15-Sep-24 10.000% 113.25 6.78% 6.75% 113.42 Fair

FR0081 15-Jun-25 6.500% 98.80 6.76% 6.84% 98.39 Fair

FR0040 15-Sep-25 11.000% 119.59 6.91% 6.88% 119.76 Fair

FR0037 15-Sep-26 12.000% 126.75 7.05% 7.01% 126.98 Fair

FR0056 15-Sep-26 8.375% 107.69 6.95% 7.01% 107.38 Fair

FR0059 15-May-27 7.000% 99.56 7.08% 7.09% 99.45 Fair

FR0042 15-Jul-27 10.250% 117.16 7.31% 7.11% 118.42 Cheap

FR0047 15-Feb-28 10.000% 116.75 7.28% 7.18% 117.41 Cheap

FR0064 15-May-28 6.125% 92.77 7.27% 7.21% 93.12 Fair

FR0071 15-Mar-29 9.000% 110.97 7.36% 7.30% 111.40 Fair

FR0078 15-May-29 8.250% 107.11 7.21% 7.32% 106.31 Expensive

FR0052 15-Aug-30 10.500% 122.75 7.41% 7.44% 122.50 Fair

FR0082 15-Sep-30 7.000% 97.96 7.27% 7.44% 96.71 Expensive

FR0073 15-May-31 8.750% 109.54 7.50% 7.50% 109.57 Fair

FR0054 15-Jul-31 9.500% 115.00 7.55% 7.51% 115.33 Fair

FR0058 15-Jun-32 8.250% 105.19 7.60% 7.58% 105.41 Fair

FR0074 15-Aug-32 7.500% 99.13 7.61% 7.59% 99.28 Fair

FR0065 15-May-33 6.625% 91.44 7.65% 7.63% 91.55 Fair

FR0068 15-Mar-34 8.375% 106.59 7.61% 7.68% 105.98 Fair

FR0080 15-Jun-35 7.500% 99.10 7.60% 7.74% 97.81 Expensive

FR0072 15-May-36 8.250% 104.24 7.79% 7.78% 104.32 Fair

FR0045 15-May-37 9.750% 117.00 7.94% 7.82% 118.27 Cheap

FR0075 15-May-38 7.500% 98.45 7.66% 7.85% 96.56 Expensive

FR0050 15-Jul-38 10.500% 125.00 7.92% 7.86% 125.66 Fair

FR0079 15-Apr-39 8.375% 105.45 7.83% 7.88% 104.87 Fair

FR0057 15-May-41 9.500% 114.75 8.05% 7.94% 116.01 Cheap

FR0062 15-Apr-42 6.375% 82.50 8.07% 7.96% 83.54 Cheap

FR0067 15-Feb-44 8.750% 107.50 8.04% 8.00% 108.01 Fair

FR0076 15-May-48 7.375% 93.01 8.00% 8.06% 92.33 Expensive

Source : Bloomberg, BNIS Calculation

5.00

6.00

7.00

8.00

9.00

0 5 10 15 20 25 30

(%)

Yield Curve

YTM



4

Indonesia Government Bonds Yield Indonesia & US Treasury Yield Comparison

Maturities (Year) 14-Oct (-1 day) (-1 week) (-1 month) Global Bonds 14-Oct

1 5.74 5.74 5.79 6.06 14-Oct (-1 day) (-1 week) (- 1 month)

2 6.04 6.11 6.16 6.29 Fed Fund Rate & US Bond Yield

3 6.42 6.43 6.42 6.49 Fed Fund Rate 2.00 2.00 2.00 2.25

4 6.51 6.51 6.50 6.62 2-Year 1.60 1.60 1.46 1.76

5 6.61 6.64 6.61 6.65 5-Year 1.56 1.56 1.39 1.70

6 6.90 6.89 6.90 7.01 10-Year 1.73 1.73 1.56 1.85

7 6.96 6.99 6.96 7.11 30-Year 2.20 2.20 2.05 2.32

8 7.08 7.11 7.08 7.17 10-Year Government Bond Yield (LCY)

9 7.25 7.27 7.24 7.27 Germany -0.46 -0.44 -0.58 -0.48

10 7.21 7.22 7.22 7.24 UK 0.64 0.70 0.45 0.6915 7.61 7.65 7.65 7.66 France -0.15 -0.13 -0.28 -0.20

20 7.83 7.86 7.82 7.78 Italy 0.91 0.94 0.85 0.84

30 7.99 8.01 7.98 7.94 Greece 1.42 1.43 1.41 1.53

Spain 0.21 0.23 0.13 0.25

Indonesia Sovereign CDS Japan -0.19 -0.19 -0.23 -0.16

14-Oct (-1 day) (-1 week) (-1 month) China 3.16 3.15 3.14 3.09

2-year 32.89 32.66 35.40 25.37 Malaysia 3.42 3.40 3.42 3.34

5-year 87.64 87.13 94.61 77.13 Thailand 1.50 1.50 1.44 1.56

10-year 158.21 157.70 168.41 147.50 Philippines 4.67 4.64 4.55 4.76

Money Market Retail Bond Yields


LIBOR

1M 1.91 1.91 1.94 2.04

3M 2.00 2.00 2.01 2.15

6M 1.98 1.98 1.96 2.08

JIBOR

O/N 5.10 5.11 5.10 5.33

1W 5.31 5.30 5.32 5.60

1M 5.60 5.60 5.64 5.90

3M 5.80 5.81 5.85 6.11

6M 6.05 6.05 6.05 6.30

12M 6.25 6.25 6.25 6.50

Indonesia Interest Rates

Deposit 1M 5.82 5.80 5.83 5.90

Lending 13.35 13.18 13.22 13.10 Data Source: Bloomberg

Data Source: Bloomberg

5.50

6.00

6.50

7.00

7.50

8.00

8.50

1 2 3 4 5 6 7 8 9 10 15 20 30

( Y

ield

%

)

Maturities (Year)


3.0

5.0

7.0

(%)

ORI013 ORI014 ORI015

1.0

1.5

2.0

2.5

3.0

3.5

4.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

(%)

(%)

10-year Indo Gov't Yield Yield Spread 10-year UST Yield (RHS)



5

Price (%) Yield (%) Price (%) Yield (%) Price (%) Yield (%)

INDO-20 0.41 13-Mar-20 101.58 1.97 101.58 1.97 101.60 2.10

INDO-21 1.56 5-May-21 103.79 2.37 103.79 2.37 103.79 2.40

INDO-22 New 2.24 8-Jan-22 102.95 2.33 102.95 2.33 102.95 2.35

INDO-22 2.53 25-Apr-22 103.25 2.42 103.25 2.42 103.28 2.41

INDO-23 3.50 15-Apr-23 102.95 2.49 102.95 2.49 102.94 2.50

INDO-23 New 4.00 15-Oct-23 110.71 2.54 110.71 2.54 110.77 2.54

INDO-24 4.25 15-Jan-24 112.90 2.64 112.90 2.64 112.94 2.65

INDO-24 New 4.33 11-Feb-24 107.66 2.56 107.66 2.56 107.80 2.54

INDO-25 5.26 15-Jan-25 107.01 2.68 107.01 2.68 107.17 2.66

INDO-26 6.24 8-Jan-26 110.86 2.84 110.86 2.84 111.32 2.76

INDO-27 7.24 8-Jan-27 109.36 2.90 109.36 2.90 109.84 2.84

INDO-28 8.25 11-Jan-28 104.36 2.90 104.36 2.90 104.76 2.85

INDO-28 New 8.53 24-Apr-28 108.69 2.94 108.69 2.94 109.19 2.88

INDO-29 9.33 11-Feb-29 114.82 2.92 114.82 2.92 115.51 2.85

INDO-37 17.36 17-Feb-37 136.04 3.77 136.04 3.77 137.38 3.69

INDO-42 22.27 17-Jan-42 120.74 3.85 120.74 3.85 122.25 3.77

INDO-43 23.52 15-Apr-43 112.16 3.84 112.16 3.84 113.59 3.75

INDO-44 24.27 15-Jan-44 144.55 3.89 144.55 3.89 145.50 3.85

INDO-45 25.27 15-Jan-45 119.90 3.88 119.90 3.88 121.38 3.80

INDO-46 26.25 8-Jan-46 133.38 3.91 133.38 3.91 134.93 3.83

INDO-47 27.25 8-Jan-47 122.85 3.88 122.85 3.88 124.42 3.80

INDO-47 New 27.78 18-Jul-47 115.64 3.83 115.64 3.83 117.14 3.75

INDO-48 28.26 11-Jan-48 110.56 3.74 110.56 3.74 112.58 3.63

INDO-49 29.35 11-Feb-49 128.45 3.74 128.45 3.74 130.40 3.65

INDOIS-22 3.10 21-Nov-22 102.37 2.50 102.37 2.50 102.36 2.51

INDOIS-23 3.38 1-Mar-23 103.87 2.55 103.87 2.55 103.96 2.52

INDOIS-24 4.91 10-Sep-24 107.53 2.70 107.53 2.70 107.66 2.68

INDOIS-25 5.62 28-May-25 107.66 2.84 107.66 2.84 107.79 2.82

INDOIS-26 6.46 29-Mar-26 109.42 2.94 109.42 2.94 109.77 2.88

INDOIS-28 8.38 1-Mar-28 109.53 3.10 109.53 3.10 109.96 3.05

PERTIJ-21 1.61 23-May-21 104.46 2.40 104.46 2.40 104.49 2.41

PERTIJ-22 2.55 3-May-22 105.64 2.57 105.64 2.57 105.74 2.55

PERTIJ-23 3.60 20-May-23 105.43 2.70 105.43 2.70 105.54 2.68

PERTIJ-29 9.80 30-Jul-29 103.13 3.27 103.13 3.27 103.67 3.21

PERTIJ-41 21.63 27-May-41 127.55 4.49 127.55 4.49 128.72 4.42

PERTIJ-42 22.56 3-May-42 121.22 4.49 121.22 4.49 122.48 4.42

PERTIJ-43 23.61 20-May-43 116.28 4.50 116.28 4.50 117.54 4.42

PERTIJ-44 24.64 30-May-44 128.32 4.53 128.32 4.53 129.65 4.46

PERTIJ-49 29.81 30-Jul-49 104.46 4.43 104.46 4.43 105.82 4.35

PLNIJ-20 0.27 20-Jan-20 101.46 2.08 101.46 2.08 101.57 2.09

PLNIJ-21 2.11 22-Nov-21 106.18 2.46 106.18 2.46 106.30 2.43

PLNIJ-27 7.59 15-May-27 105.29 3.33 105.29 3.33 105.85 3.25

PLNIJ-29 9.76 17-Jul-29 104.24 3.36 104.24 3.36 104.91 3.28

PLNIJ-37 17.71 26-Jun-37 144.96 4.24 144.96 4.24 145.87 4.18

PLNIJ-42 23.04 24-Oct-42 112.42 4.39 112.42 4.39 113.65 4.31

PLNIJ-47 27.60 15-May-47 112.99 4.43 112.99 4.43 114.25 4.36

PLNIJ-49 29.78 17-Jul-49 107.63 4.41 107.63 4.41 108.95 4.34

PELINDOII-25 5.56 5-May-25 106.32 3.01 106.32 3.01 106.63 2.95

PELINDOII-45 25.57 5-May-45 114.64 4.41 114.64 4.41 115.15 4.38

PELINDOIII-45 4.97 1-Oct-24 108.60 3.00 108.60 3.00 108.76 2.97

Indonesia USD Denominated Bonds

Maturity14-Oct-19 Previous Day Previous Week

Bonds TTM (Year)



DEBT RESEARCH TEAM

Research Division : +62 21 25543946

Fax No : +62 21 57935828

E-mail : [email protected]

Ariawan ext. 2098 [email protected] Head of Fixed Income Research

Ahmad Hapiz ext. 3987 [email protected] Fixed Income Analyst

DEBT CAPITAL MARKET TEAM

Fixed Income Division : +62 21 25543946

Fax No : +62 21 57936934

E-mail : [email protected]

Agus Aslichan ext. 3952 [email protected] Fixed Income Sales

Meili Anggraini ext. 3989 [email protected] Fixed Income Sales

Nur Amalia ext. 3911 [email protected] Fixed Income Sales

Deya Oktarissa ext. 2114 [email protected] Fixed Income Sales

Sentiaji Nugroho ext. 3952 [email protected] Fixed Income Sales

6



7

MAIN OFFICE - JAKARTA

PT BNI SEKURITAS

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: [email protected] (General)

Website: http://www.bnisekuritas.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: [email protected]

JAKARTA - Puri Indah

Gedung Bank BNI Ruko Grand Puri Niaga

Puri Kencana Blok K 6 no.2J 2K

Puri Kembangan, Jakarta Barat

Phone: (62-21) 58357464

Fax: (62-21) 58357465


JAKARTA - Central Park

Central Park, APL Tower Podomoro City

Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Petamburan

Phone: (62-21) 29034215

Fax: (62-21) 29034216

email: [email protected]

JAKARTA – Wisma Bumiputera

Wisma Bumiputera Lt. 6

Jl. Jend. Sudirman Kav. 75 Jakarta 12910

Phone: (62-21) 2523349

Fax: (62-21) 2523350


BANDUNG

Jl. Perintis Kemerdekaan 3

Bandung - 40117

Phone: (62-22) 4213375

Fax: (62-22) 4220604


YOGYAKARTA

Jl. Laksda Adisucipto 137, Yogyakarta - 55282

Phone: (62-274) 581001-584032

Fax: (62-274) 584023


SOLO

Jl. Honggo Wongso No. 24, Surakarta

Phone: (62-271) 729667, 730525

Fax: (62-271) 729668


SURABAYA

Jl. Gubernur Suryo No. 36, Surabaya

Phone: (62-31) 5320912

Fax: (62-31) 5318425


MALANG

Jl. Buring No. 58, Malang

Phone: (62-341) 321214,321213,321430

Fax: (62-341) 356876


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


MEDAN

Jl. Pemuda No. 12, Medan - 20151

Phone: (62-61) 4579616

Fax: (62-61) 4579656


PALEMBANG

Jl. Jend. Sudirman 132, Palembang - 30126

Phone: (62-711) 361969

Fax: (62-711) 319663


PEKANBARU

Jl. Riau, No. 124, Lt. 2, Pekanbaru

Phone: (62-761) 46757, 839698

Fax: (62-761) 856279


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


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


DISCLAIMER

This 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 SEKURITAS 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.

Dokumen ini tidak diperuntukan sebagai suatu penawaran, atau permohonan dari suatu penawaran, permintaan untuk membeli atau menjual efek dan segala hal yang berhubungan dengan efek (seperti efek yang disebutkan disini, atau dari emiten yang sama, dari waran atau hak memesan efek atau kepentingan lain dari efek tersebut). Seluruh informasi dan opini yang terdapat dalam dokumen ini dengan cara baik telah dihimpun dari atau berasal dari sumber-sumber yang dapat dipercaya dan diandalkan. Tidak ada pengatasnamaan atau jaminan, baik secara langsung maupun tidak langsung dari BNI SEKURITAS atau pun pihak-pihak lain dari Grup BNI, termasuk pihak-pihak lain dari Grup BNI dari mana dokumen ini dapat diperoleh, terhadap keakuratan atau kelengkapan dari informasi yang terdapat dalam dokumen ini. Seluruh pendapat dan perkiraan dalam laporan ini merupakan pertimbangan kami pada tanggal tertera dan dapat berubah sewaktu-waktu tanpa pemberitahuan.

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