Jakarta Daily Friday, November 19, 2010

Morning Brief
IDX (11/18/2010) 3,677.90

Change : 3.88 (0.11%)

Transaction Volume (bn) : 14.47

Transaction Value (Rp tn) : 6.48

Market Cap (Rp tn) : 3,166

Global Indices Chg (%)

Dow Jones (11/18) 11,181.23 173.35 1.57%

Nasdaq (11/18) 2,514.40 38.39 1.55%
Market Review
S&P 500 (11/18) 1,196.69 18.1 1.54%
IDX on yesterday’s trading session was able to score a slight gain even
FTSE 100 (11/18) 5,768.71 76.15 1.34% though IDX moved on negative zone for the entire session. The negative
movement of IDX was caused by the correction of ASII, BBCA, AALI and
DAX (11/18) 6,832.11 132.04 1.97% INTP. Approaching the end of the session IDX then gradually turn into
CAC 40 (11/18) 3,867.97 75.62 1.99% positive zone spurred by the significant gain from BUMI and BNBR affected
by giant corporate action between Bakrie Group and Vallar Plc. The
Nikkei (11/18) 10,013.63 201.97 2.06% strengthening of BUMI then followed by other coal mining based stocks
Hang Seng (11/18) 23,637.39 422.93 1.82% such as PTBA and ITMG.
Straits Times (11/18) 3,215.22 3.12 0.10%
Market Outlook
Kospi (11/18) 1,927.86 30.75 1.62%
• US stocks markets ended higher at last night’s trading session
Commodity Prices (*) Chg (%) spurred by the succesful return of General Motors to the US stocks
Crude Oil (US$/Barrels) 82.00 1.06 1.31%
markets and the news from Euro zone that Ireland’s central bank
stated that the country is expected to receive a bailout amounting
Gold (US$/Troy Ounce) 1,357.40 13.10 0.97% to tens of billions of Euros which eventually bring relief and clearer
Nickel LME (US$/MT) 21,500 25 0.12%
picture to the market regarding Euro zone debt crisis.

Tin LME (US$/MT) 25,395 1045 4.29%

• European shares was also closed positively at yesterday’s trading
CPO BMD (MYR/Ton) 3,318 53 1.62% session on expectations Ireland’s willingness to receive help from
IMF and EU on its troubled banking sectors. This news eventually
(*) : - Nickel & Tin Closing Price per Nov 18, 2010
- Crude Oil & Gold Closing Price per 08:30 Local Time has calmed everyone’s jittters because Ireland’s debt crisis has been
the cause of the sell-off on the market this week.
Dual Listing (NYSE) Chg Rp

TLKM (US$) 37.31 0.37 8,332 • Asian stocks markets this morning seen in the upbeat mood as
they respond positively on the upbeat global markets affected by a
ISAT (US$) 32.20 0.37 5,753 resolution of Ireland’s banking crisis and a succesful of GM to the
US stocks markets. At this morning’s opening trading session
Key Interest Rates Latest Previous Nikkei, Kospi and Taiwan seen advancing by 0.68%, 0.28% and
0.65% per 08:50 local time.
BI-Rate 6.50% 6.50%
Fed-Rate 0-0.25% 0-0.25% • We expect IDX to move positively referring to the positive trend on
the global and regional markets but we recommend investors to
Exchange Rate Rp Chg (%) remain cautious since volatility level on IDX will likely remain high
US$/IDR (08:30 Local Time) 8,933 -22.00 -0.25%
referring to IDX track record recently. We expect IDX to move
between support level 3,651-3,659 and resistance level 3,693-3,708.
KRW/IDR (08:30 Local Time) 7.88 -0.04 -0.48%

Research Analyst : Teuku Hendry Andrean

1 of 2
Jakarta Daily Morning Brief Friday, November 19, 2010

News
BBNI’s Rights Issue Price Will be Determined Next Week
State-Owned Enterprises (SOEs) Ministry will determine share price of PT Bank Negara
Indonesia Tbk (BBNI) over the right issue after completing a book building period. The
progress of book building is expected to be finished by next week. There is no report over
investor’s number for the right issue implementation in a road show event organized by the
state-owned bank. However, generally the investor’s interest is quite large. BNI plan to list
the shares of right issue in Indonesia Stock Exchange on December 10 2010. Then, the
lender will get an effective statement from Financial Institutions and Capital Markets
Supervisory Agency (Bapepam-LK) on November 24, 2010. Meanwhile, the Extraordinary
General Meeting of Shareholders for the corporate action will be held on November 25 2010.

WIKA is Targeting Project Contracts Worth IDR 2.5 Trillion

PT Wijaya Karya (Persero) (WIKA) is targeting project contracts worth IDR 2.5 trillion to
pursue this year's contract target of IDR 10 trillion. The targeted contracts includes
infrastructure and building constructions. The target will also be supported by the contract
achivement from Wika Beton, one of the company’s subsidiaries. Currently the total contract
that the company has attained is IDR 7.3 trillion. Wika is not just focusing to work on the
construction of toll roadsas the company also works on civilian infrastructure and EPC
(engineering, procurement & construction) sector. This month, one of the company’s
subsidiaries, PT Wika Intrade Energi won a contract of coal sales with China-based
company, Stig Jiangshu Light and Textile worth of US$ 170 million.

KRAS will Release More of Its Shares to The Public after New Steel Mill Completed
PT Krakatau Steel Tbk (KRAS) revealed that the company will release more shares by 10
percent to the public after the new steel mill which will be built from joint venture operation
between the KS and South Korean steelmaker Posco is completed by 2013. KRAS
Management also confirmed that the stock release phase two is not too hastily. There’s an
agreement with The House of Representatives that the company will perform a gradual
release of shares in the IPO maximum of 30 percent. In the first stage, based on information
from the BEI, the company sell shares amounted to 19.61 percent and the remaining 10
percent will be conducted in the second stage.

Stock Pick
CODE CLOSE S2 S1 R1 R2 REC

Sell On
BUMI 2800 2550 2650 2875 2975
Strength
Sell On
TLKM 8400 8150 8250 8450 8550
Strength

UNVR 17000 16450 16750 17150 17250 Buy

Disclaimer : This document is for infoma-
tion only and for the use of the recipient. It
is not to be reproduced or copied or made BBRI 12100 11450 11750 12250 12450 Accumulate
available to others. Under no circum-
stances is it to be considered as an offer to
sell or solicitation to buy any security, Any Trading
ELTY 165 156 160 168 172
recommendation contained in this report Buy
may not to be suitable for all investors.
Moreover, although the information Remarks : S2 = Support 2 REC Definitions : Buy = Enter a long position with full amount
contained herein has been obtained from S1 = Support 1 Accumulate = Enter a long position with portion of the amount
sources believed to be reliable, its accu- R1 = Resistance 1 Hold = Do not cover or sell current position / Do not initiate new position
racy, completeness and reliability cannot R2 = Resistance 2 Reduce = Sell a portion of a position
be guaranteed. All rights reserved by PT REC = Recommendations Sell = Sell the full position
Woori Korindo Securities Indonesia Sell On Strength = Sell the current position in R1 or R2 Level
Trading Buy = Speculative Buy and Sell the position at R1 or R2 Level

2 of 2