Jakarta Daily Monday, November 29, 2010

Morning Brief
IDX (11/26/2010) 3,642.50

Change : -59.51 (-1.61%)

Transaction Volume (bn) : 16.22

Transaction Value (Rp tn) : 7.69

Market Cap (Rp tn) : 3,159

Global Indices Chg (%)

Dow Jones (11/26) 11,092.00 -95.28 -0.85%

Nasdaq (11/26) 2,534.56 -8.56 -0.34%
Market Review
S&P 500 (11/26) 1,189.40 -8.95 -0.75%
IDX on last Friday’s trading session closed at the negative zone yet again
FTSE 100 (11/26) 5,668.70 -35.07 -0.61% where it followed the footsteps of other Asian bourses negative movement
and European stocks markets drop as investors still worried on the progress
DAX (11/26) 6,848.98 -30.68 -0.45% of Korean conflict and the potential spread of Ireland’s debt to other
CAC 40 (11/26) 3,728.65 -31.77 -0.84% European countries such as Portugal and Spain. The strengthening of the
newly listed stock, PT Borneo Lumbung Energy (BORN) only pushed IDX to
Nikkei (11/26) 10,039.56 -40.20 -0.40% move to positive zone in beginning of IDX’s trading session as it moved
Hang Seng (11/26) 22,877.25 -177.43 -0.77% mostly in the negative zone for the entire trading session.
Straits Times (11/26) 3,158.08 -1.15 -0.04%
Market Outlook
Kospi (11/26) 1,901.80 -25.88 -1.34%
• US stocks markets on last Friday’s trading session closed in
Commodity Prices (*) Chg (%) another negative teritorry in the half-session trading due the black
Crude Oil (US$/Barrels) 83.77 -0.10 -0.12%
Friday event one day after thanksgiving holiday. The stocks
markets was all clouded by the fear of contagion on debt crisis
Gold (US$/Troy Ounce) 1,355.70 -19.30 -1.40% that would spread across Europe and growing tension in Asia
Nickel LME (US$/MT) 22,510 -100 -0.44%
following the latest conflict between North and South Korea. The
markets was put into another jittery situation as North Korea
Tin LME (US$/MT) 24,060 -215 -0.89% responded negatively to the joint military exercises plan by The US
CPO BMD (MYR/Ton) 3,393 117 3.57%
and South Korea with military acts by North Korea near Chinese
coastline arising as North Korea stated that the joint military
(*) : - Nickel & Tin Closing Price per Nov 26, 2010 exercises would risk pushing the region towards war.
- Crude Oil & Gold Closing Price per 08:45 Local Time

Dual Listing (NYSE) Chg Rp • European shares fell on last Friday’s trading session as debt crisis
contagion fears across Europe still persistent. But some
TLKM (US$) 36.20 -0.80 8,154
confidence was restored, after Portugal approved its 2011 austerity
ISAT (US$) 30.40 -1.40 5,478 budget last Friday in order to spur growth and apply tough
spending cuts in the hope of avoiding a bailout.
Key Interest Rates Latest Previous

BI-Rate 6.50% 6.50%

• Asian stocks markets at this morning’s opening trading session
seen mixed as Nikkei and Taiwan seen advancing by 0.31% and
Fed-Rate 0-0.25% 0-0.25% 0.28% while Straits Times, Kospi and Hang Seng seen lower by
0.06%, 0.17% and 0.20% per 09:10 local time.
Exchange Rate Rp Chg (%)

US$/IDR (08:45 Local Time) 9,010 45.00 0.50%

KRW/IDR (08:45 Local Time)
• We expect IDX to move mixed with tendency to be closed lower at
today’s trading session as negative sentiments referring to the
7.75 -0.09 -1.17% increasing tensions in Korean Peninsula and the persistent debt
crisis contagion fears are spreading across Europe. We expect IDX
to move between support level 3,592-3,618 and resistance level
3,658-3,678.

Research Analyst : Teuku Hendry Andrean

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Jakarta Daily Morning Brief Monday, November 29, 2010

News
BWPT will Use IDR 70 Billion on Working Capital in the end of this year
PT BW Plantation Tbk (BWPT) will use IDR 70 billion or 10% of total bond issued, which is
worth IDR 700 billion, on working capital in the end of this year. Whereas, the other IDR 630
billion will be spent in the next year until 2012 for expanding its planted land areas. The com-
pany will continue expand its planted land areas to boost production. Until end of the year,
the company target the productive land to reach 15,270 hectare. The productive areas will be
widened to 19,400 hectare in 2011, to 27,000 ha in 2012, 41,000 hectare in 2013, and
52,000 hectare in 2014. The planted areas untuil end of this year will reach 52,000 hectare
or a rise from 46,000 hectare in the end of September. The company expands the planting
activities to the plantation area in East Kalimantan.

Rajawali Group has Completed Its Acquisition on META

Rajawali Group has finally confirmed that the company has acquired 23.6% holdings or 3.2
billion in PT Nusantara Infrastructure Tbk (META), toll road operator, at Rp 448 billion or Rp
140 per share. The company has bought Nusantara Infrastructure from Infrastructure Growth
Fund (IGF). In Total Credit Suisse bought 6.5 billion stakes of IGF’s total shares in META.
Previously Infrastructure Growth Fund controls 52.25% stake in Nusantara and Bosowa
Trading holds 17.48% stake. Rajawali Group eventually won the competition against Astra
Group to buy Nusantara Infrastructure.

Pefindo Reassigned A+ For BNLI’s Corporate Rating

PT Pemeringkat Efek Indonesia (Pefindo) reassigned A+ for the corporate rating of PT Bank
Permata Tbk (BNLI) and A for its subordinated bond I/2006 valuing IDR 500 billion. The out-
look for the ratings is both stable confirming the support from shareholders and a strong
business position. Yet, both ratings are limited by asset quality which is below average and
relatively high operational cost. Bank Permata, which was formed by a merger of five banks
in 2002, is the ninth largest bank in Indonesia whose 89.01% of its shares owned by the
consortium of PT Astra International Tbk (ASII) and Standard Chartered Bank while the rest
10.99% controlled by public.

Stock Pick
CODE CLOSE S2 S1 R1 R2 REC

BBRI 11100 10700 10900 11350 11600 Reduce

Sell On
UNSP 405 375 385 415 430
Strength

ELTY 167 161 164 171 175 Hold

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 BBNI 3925 3825 3875 4000 4075 Hold
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
DOID 1280 1150 1210 1330 1390
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 position in R1 or R2 Level
Trading Buy = Speculative Buy and Sell the position at R1 or R2 Level

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