Jakarta Daily Wednesday, November 24, 2010

Morning Brief
IDX (11/23/2010) 3,678.19

Change : -63.03 (-1.68%)

Transaction Volume (bn) : 7.14

Transaction Value (Rp tn) : 5.43

Market Cap (Rp tn) : 3,169

Global Indices Chg (%)

Dow Jones (11/23) 11,036.37 -142.21 -1.27%

Nasdaq (11/23) 2,494.95 -37.07 -1.46%
Market Review
S&P 500 (11/23) 1,180.73 -17.11 -1.43%
IDX suffered a significant drop on yesterday’s trading session affected the
FTSE 100 (11/23) 5,581.28 -99.55 -1.75% increasing tension that came from Korea yesterday. IDX have already
hampered by negative sentiment that came from Euro Zone earlier in the
DAX (11/23) 6,705.00 -117.05 -1.72% beginning of trading sessions as investors now turn their attentions to
CAC 40 (11/23) 3,724.42 -94.47 -2.47% Portugal and Spain that believed to have a potential to follow footsteps from
Ireland and Greece that needed a bailout from EU and IMF to settle their
Nikkei (11/22) 10,115.19 92.80 0.93% debt crisis problems. Even the strengthening BUMI and BNBR couldn’t
Hang Seng (11/23) 22,896.14 -627.88 -2.67% helped IDX to avoid the significant drop.
Straits Times (11/23) 3,126.30 -67.94 -2.13%
Market Outlook
Kospi (11/23) 1,928.94 -15.4 -0.79%
• US stocks markets suffered a significant correction on last night’s
Commodity Prices (*) Chg (%) trading session affected by a new tension in Korea that added
Crude Oil (US$/Barrels) 81.67 -0.17 -0.21%
another negative sentiment as global and regional markets already
reacted negatively to the potential spread of Euro Zone debt crisis.
Gold (US$/Troy Ounce) 1,378.30 16.70 1.23% Many people believe that Irish debt crisis still have the potential to
Nickel LME (US$/MT) 21,290 -325 -1.50%
spread to other Euro countries as investors were concerned that a
bigger nations could become another victim, paticularly Spain.
Tin LME (US$/MT) 23,950 -1250 -4.96%
CPO BMD (MYR/Ton) 3,115 -69 -2.17% • European stocks markets also shared the same fate as US stocks
markets where they also stucked in the negative zone at
(*) : - Nickel & Tin Closing Price per Nov 23, 2010
- Crude Oil & Gold Closing Price per 08:50 Local Time yesterday’s trading session after concerns over Ireland’s turmoil
and possibility of contagion to its regional peers intensified and
Dual Listing (NYSE) Chg Rp tensions in the Korea escalated. The Euro Zone debt crisis
eventually made banking stocks continued their slide.
TLKM (US$) 36.94 -0.84 8,284
ISAT (US$) 32.39 -1.32 5,811 • While in Asia itself a different reaction to the escalating korean
tension was shown today as Asian stocks markets seen mixed
Key Interest Rates Latest Previous with Hang Seng, Straits Times and Shanghai seen advancing by
0.92%, 0.83% and 0.76% while Kospi and Nikkei seen lower by
BI-Rate 6.50% 6.50%
0.50% and 0.69% per 09:05 local time.
Fed-Rate 0-0.25% 0-0.25%
• We expect IDX to move mixed today as commodities based stocks
Exchange Rate Rp Chg (%) will likely to remain in negative teritorry. But we believe IDX still a
US$/IDR (08:50 Local Time) 8,970 27.00 0.30%
potential technical rebound referring to the movement of other
Asian bourses this morning. We expect IDX to move between
KRW/IDR (08:50 Local Time) 7.90 0.02 0.20% support level 3,644-3,671 and resistance level 3,700-3,727.

Research Analyst : Teuku Hendry Andrean

1 of 2
Jakarta Daily Morning Brief Wednesday, November 24, 2010

News
Astra’s Vehicle Sales Figures Incereased in October 2010
Car sales of PT Astra Internasional Tbk (ASII) as of October 2010 amounted 38,721 units or
an increase compared with September sales of 26,777 units. Based on Gaikindo data
released yesterday, until October 2010 Astra car sales reached 349,817 units or reach 56%
of market share. Toyota's sales showed the biggest sales as much as 234,578 units (25,347
units as of October), followed by Daihatsu 93,165 units (10,693 units), Isuzu 19,782 units
(2,403 units), Nissan Diesel 2,146 units (250 units) and Peugeot 146 units (28 units). For
motorcycles, according to AISI data, Astra Honda sales in October as much as 323,154 units
or 46% of market share with total sales up to October 2010 as many as 2,894,420 units or
47% market share.

BTPN Plans to Commence a Rights Issue at Rp 7,000

PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) will release the new shares in a rights
issue for Rp 7,000 per share. The company will release 188,787,238 shares for Rp 7,000 per
shares mean the total funds potentially absorbed is Rp 1.32 trillion. Rights Issue is offered to
the shareholders of the Company, with the mechanism of 5:1. This means that every 5
shares BTPN listed in the Register of Shareholders (DPS), is entitled to a share rights issue
which is taken from the portfolio. The standby buyers of new shares are PT CIMB Securities
Indonesia and PT Danareka Securities (Persero). After deducting the costs of issuance,
100% fund rights offering will be used to strengthen the capital and business growth in the
form of credit expansion. But before doing the Rights Issue, the company must hold an Extra
General Meeting of Shareholders (EGM) on November 25, 2010, to ask for approval.

BUVA’s Net Income in 3Q2010 Soared to Rp 24.18 Billion

Operating revenues of PT Bukit Uluwatu Villa Tbk (BUVA) from January to September 2010
period (3Q2010) soared 220.9% to Rp 108.57 billion compared to Rp 33.84 billion in the
same period in the year of 2009. The rapid revenue growth boosted gross profit position
which soared more than three-fold to Rp 76.45 billion from Rp 21.77 billion. This condition
also caused Operating income to increased from Rp 5.78 billion to Rp 31.54 billion and net
income soared to Rp 24.18 billion from Rp 3.48 billion.

Stock Pick
CODE CLOSE S2 S1 R1 R2 REC

Trading
BNBR 75 66 71 78 80
Buy

CPIN 9450 9150 9350 9550 9650 Accumulate

Trading
DOID 1130 1070 1100 1150 1170
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 SMGR 9700 9450 9550 9850 9950 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
recommendation contained in this report
UNVR 17000 16650 16850 17250 17450 Accumulate
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 position in R1 or R2 Level
Trading Buy = Speculative Buy and Sell the position at R1 or R2 Level

2 of 2