Jakarta Daily Friday, November 26, 2010

Morning Brief
IDX (11/25/2010) 3,702.01

Change : 43.24 (1.18%)

Transaction Volume (bn) : 9.46

Transaction Value (Rp tn) : 5.22

Market Cap (Rp tn) : 3,188

Global Indices Chg (%)

Dow Jones (11/24) 11,187.28 150.91 1.37%

Nasdaq (11/24) 2,543.12 48.17 1.93%
Market Review
S&P 500 (11/24) 1,198.35 17.62 1.49%
IDX managed to performed a technical rebound at yesterday’s trading
FTSE 100 (11/25) 5,703.77 46.67 0.82% session embracing a positive trend from global and regional stocks markets
following the positive economic data from US which managed to
DAX (11/25) 6,879.66 55.86 0.82% overshadowed investors’ jittery on the progress of Euro Zone debt crisis
CAC 40 (11/25) 3,760.42 12.81 0.34% problems for a time being. Investors was seen hunted leading stocks from
mining and plantation sectors following the rebounding prices of mining and
Nikkei (11/25) 10,079.76 49.65 0.50% plantation commodities. Stocks which managed to spurred IDX into the
Hang Seng (11/25) 23,054.68 30.82 0.13% positive zone are BUMI, ENRG, DOID, ASII, KLBF and BBRI.
Straits Times (11/25) 3,159.23 22.22 0.71%
Market Outlook
Kospi (11/25) 1,927.68 1.70 0.09%
• European shares at yesterday’s trading session were continuing
Commodity Prices (*) Chg (%) its positive trend as FTSE 100, DAX and CAC managed to climbed
Crude Oil (US$/Barrels) 83.87 0.03 0.04%
spurred by the advancing heavy weight mining shares boosted by
rising metal prices. The advancing mining shares managed to
Gold (US$/Troy Ounce) 1,375.00 1.90 0.14% overshadowed pressure on banking stocks which remain to worry
Nickel LME (US$/MT) 22,610 710 3.24%
over the risk of Ireland’s debt problems spilling over into
economies such as Portugal and Spain. Meanwhile, US stocks
Tin LME (US$/MT) 24,275 -75 -0.31% markets were having a thanksgiving holiday last night.
CPO BMD (MYR/Ton) 3,276 108 3.41%
(*) : - Nickel & Tin Closing Price per Nov 25, 2010
• Asian stocks markets seen mixed at this morning’s opening
- Crude Oil & Gold Closing Price per 08:30 Local Time trading session with Nikkei and Hang Seng seen advancing by
0.06% and 0.09% while Straits Times dan Kospi seen lower by
Dual Listing (NYSE) Chg Rp 0.10% and 0.46%.
TLKM (US$) 37.00 0.06 8,293
• We expect IDX to be able keep its positive momentum at today’s
ISAT (US$) 31.80 -0.59 5,702 trading session helped by the potential positive movement from
newly listed stock PT Borneo Lumbung Energy (BORN). We expect
Key Interest Rates Latest Previous IDX to move between support level 3,670-3,680 and resistance level
3,722-3,742.
BI-Rate 6.50% 6.50%
Fed-Rate 0-0.25% 0-0.25%

Exchange Rate Rp Chg (%)

US$/IDR (08:10 Local Time) 8,965 5.00 0.06%

KRW/IDR (08:10 Local Time) 7.85 -0.05 -0.62%

Research Analyst : Teuku Hendry Andrean

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Jakarta Daily Morning Brief Friday, November 26, 2010

News
BTPN’s CAR will be up 6.5% after Rights Issue
PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) said its capital adequacy ratio (capital
adequacy ratioCAR) will increase approximately 6.5 percent to 22 percent from the previous
15.5 percent after the rights issue. The proceeds from the rights issue will be used to
strengthen the capital so it can support business growth in the form of credit expansion. The
bank feels confident that the growth of credit will be higher than credit growth in the industry
this year. Banking industry is projected to grow 22-23 percent, while BTPN until September
2010 credit has grown 39 percent. For credit, BTPN will focus on mass market sector. He
claimed the main growth is in business retirement, SME and business partners of the people
(KUR - Kredit Usaha Rakyat).

BBNI Plans to Acquire a Bank that Focuses on Micro-Finance Sector

PT Bank Negara Indonesia (Persero) Tbk (BBNI) plans to acquire the bank for credit
expansion in the micro sector in the future. In the future the company wants to develop micro
-enterprise credit, that is why the company plans to acquire a bank that focuses on micro-
finance sector. The plan would be in line with corporate credit growth target is pegged at the
level of 16% -17%. Meanwhile, for corporate loans the company will focus on the
agribusiness, oil and gas sectors. Until September 2010, the company’s corporate credit
outstanding reached Rp 43 trillion. In 2011, the company will pursue composition on
business banking loans at 80% and the rest to consumer loans by 20%. Next year BNI’s
CAR will grow to 20% following the rights issue plan that will be done in the near future.

GZCO Achieved Loan from BMRI

PT Gozco Plantations Tbk (GZCO) will get a loan from PT Bank Mandiri Tbk (BMRI) to build
palm oil mills in the next year. Initially, the construction of the plant was planned to use
internal funds to fund it worth Rp 50 billion. The loan was given in conjunction with the
distribution of loans from state banks to the child Gozco business in South Sumatra, PT
Golden Blossom Sumatra (GBS) worth Rp 219.35 billion. The Company also secured a loan
from Bank Mandiri worth Rp 375 billion to finance the development of oil palm plantation in
7,446 hectares of GBS’ plantation in Muara Enim, South Sumatra.

Stock Pick
CODE CLOSE S2 S1 R1 R2 REC

BBRI 11450 11250 11350 11550 11650 Accumulate

BBNI 4025 3825 3925 4075 4150 Buy

ELTY 170 157 163 173 177 Buy

Disclaimer : This document is for infoma-
tion only and for the use of the recipient. It Trading
is not to be reproduced or copied or made DEWA 83 74 78 85 88
available to others. Under no circum-
Buy
stances is it to be considered as an offer to
sell or solicitation to buy any security, Any
recommendation contained in this report
UNSP 395 375 385 400 405 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

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