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Kim Eng Securities is a subsidiary of Malayan Banking Berhad

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Indonesia30 November 2011

ResearchTeamKatarinaSETIAWAN

HeadofResearch

ksetiawan@kimeng.co.id

+622125571125

LuckyARIESANDI,CFA

lariesandi@kimeng.co.id

+622125571127

RahmiMARINA

rmarina@kimeng.co.id

+622125571128

AdiN.WICAKSONO

anwicaksono@kimeng.co.id

+622125571130

ArwaniPRANADJAYA

apranadjaya@kimeng.co.id

+622125571129

Key IndicesLast Point % chg

IDX Index 3,687.8 40.7 1.1

IDR/USD 9,157.5 -40.0 -0.4

Equity Daily Consumer: Mayora (MYOR.IJ) earmarks US$70m capex in 2012 for

expansion. The company has previously secured loan facilities from 3banks totaling Rp950b.

Restaurant: Kontan Daily quoted President Director of Fast FoodIndonesia (FAST.IJ), Juwono, is targeting revenue growth of 14-16%y/y to Rp3.8t-3.9t next year from this years target of Rp3.37t.

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Mayora (MYOR.IJ): US$70m capex in 2012

Mayora earmarks US$70m capex in 2012 for expansion. The company has previously secured loan facilities from 3 banks totaling Rp950b. Mayora also reiterates its guidance of Rp505b net profit in FY11 (Rp659/share),

translating into current 2011F PER of 20.9x.

Fast Food Indonesia (FAST.IJ, NOT RATED): Targeting 14-16% revenue growth

Kontan Dailyquoted President Director of Fast Food Indonesia, Juwono, is targetingrevenue growth of 14-16% y/y to Rp3.8t-3.9t next year from this years target ofRp3.37t.

He said revenue growth will be supported by expansion of new outlets by 20-25 unitsnext year.

The company is budgeting capital expenditure of Rp300b next year. It will be used tofinance expansion of new outlets (Rp50b), with the remaining to finance renovation ofits existing outlets.

Chart Pointers

IDX: The index rebounded yesterday, with 40-point gain (1.12%) closing at 3687.

Moving average 60-day confirmed a rally continuation. We have positive calls fortrade, consumer and agriculture sectors. Todays trading range is between 3358 -3500 - 3652 (support) and 3716 - 3737 - 3788 (resistance).

AMFG: Top pick from its sector. Volume was strong. TP is Rp6850.SPECULATIVE BUY.

MYOR: Strong indication from short-mid term moving average with near-termtarget at Rp14450. Candle pattern also confirms the same direction. TRADINGBUY.

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Commodities 29-Nov-11 28-Nov-11 Change (US$) Change (%)

Nickel (US$/ton) 17,043.00 17,176.00 (133.00) (0.77)

Tin (US$/ton) 20,576.00 20,864.00 (288.00) (1.38)

Gold (US$/t.oz) 1,715.72 1,712.35 3.37 0.20

CPO Malaysia (US$/ton) 965.13 * 5.00 0.52Oil NYMEX (US$/barrel) 99.79 98.21 1.58 1.61

Coal - ARA region (US$/ton) 111.23 110.98 0.25 0.23

Weekly data 25-Nov-11 18-Nov-11 Change (US$) Change (%)

Coal - Newcastle (US$/ton)* 111.98 113.69 (1.71) (1.50)

Source: Bloomberg;*Global COAL's NEWC weekly index

Company ADR ADR Close Change Local (Rp) ADR Shares

Ticker 29-Nov-11 % Equivalent IDX Close % Prem

Telkom - NY (US$) TLK US 31.84 (1.21) 7,290 7,150 1.95 40

Indosat - NY (US$) IIT US 28.47 (1.32) 5,215 5,100 2.25 50

BLT -SG (Sin$) BLTA SP 0.03 (3.85) 176 180 (1.99)

Rp 9,158.00

Sin $ 7,056.45

Source: Bloomberg

Key corporate actions

Cum date Ex-date Company Action Price (Rp) Note

29-Nov-11 30-Nov-11 MNCN Final dividend 10 15

30-Nov-11 1-Dec-11 PGAS Interim dividend 11 10.87

1-Dec-11 2-Dec-11 AISA Rights issue: 3 (n) : 4 (o) 560

1-Dec-11 2-Dec-11 DKFT Rights issue: 9 (n) : 1 (o) 1,000 1 warrant I for every 27 new shares

2-Dec-11 5-Dec-11 BATA Interim dividend 11 1,4466-Dec-11 7-Dec-11 BBCA Interim dividend 11 43.5

6-Dec-11 7-Dec-11 BMTR Final dividend 10 10

6-Dec-11 7-Dec-11 HMSP Final dividend 10+special 2009 260

6-Dec-11 7-Dec-11 HMSP Interim dividend 11 200

6-Dec-11 7-Dec-11 KARK Final dividend 10 0.83

6-Dec-11 7-Dec-11 TURI Interim dividend 11 7

6-Dec-11 7-Dec-11 UNVR Interim dividend 11 250

8-Dec-11* 9-Dec-11* PWON Rights issue: 1 (n) : 5 (o) 650 *Tentative date

12-Dec-11 13-Dec-11 BCAP Final dividend 10 2

12-Dec-11 13-Dec-11 BHIT Final dividend 10 2

12-Dec-11* 13-Dec-11* MASA Rights issue: 1 (n) : 2 (o) 500 *Tentative date

13Dec

11

14

Dec

11

PSKT

Final

dividend

10

1.5

14-Dec-11* 15-Dec-11* MDLN Rights issue: 21 (n) : 20 (o) 250 *Tentative date

22-Dec 11* 23-Dec 11* PSAB Rights issue: 3,008 (n) : 125 (o) 2,000 *Tentative date

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APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLOSURESAND

DISCLAIMERS

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The report has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receiveit. The securities discussed in this report may not be suitable for all investors. Readers should not rely on any of the informationherein as authoritative or substitute for the exercise of their own skill and judgment in making any investment or other decision.Readers should independently evaluate particular investments and strategies, and are encouraged to seek the advice of a financialadviser before making any investment or entering into any transaction in relation to the securities mentioned in this report. Theappropriateness of any particular investment or strategy whether opined on or referred to in this report or otherwise will depend onan investors individual circumstances and objectives and should be confirmed by such investor with his advisers independentlybefore adoption or implementation (either as is or varied). You agree that any and all use of this report which you make, is solely atyour own risk and without any recourse whatsoever to KES, its related and affiliate companies and/or their employees. Youunderstand that you are using this report AT YOUR OWN RISK.

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