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DAILY RESEARCH
As of 09 Sep 10		 WEEKLY RESEARCH

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ASII - Anticipating the rise of BI rate
02 Sep 10

Astra Internasional (ASII) – Maintain HOLD
Price: Rp49,400 – Target Price: Rp45,000

Anticipating the rise of BI rate
•    Strong positive correlation between Auto sales and GDP 
•    ASII continues to book result, even by assuming conservative GDP
•    Car and motorcycle sales recorded highest level in July’10
•    We found that ASII share price is negatively correlated to BI rate by 78%
•    Maintain Hold, TP of Rp45,000 reflects PE’10-11E 14.9-12.9x
ASII_100902_jp.pdf

WIKA - Operational Came Below Expectation (Downgrade to HOLD, TP Rp550/share)
31 Aug 10

Wijaya Karya (WIKA) – Downgrade to Hold
Price: Rp590 – Target Price: Rp550

Operational Came Below Expectation

•    Revenue fell by 15% YoY to Rp2.52tn.
•    Bottom line grew by 51% YoY to Rp141bn.
•    1H10 operational result came below expectation .
•    Lower revenue due to slower than expected government’s infrastructure budget disbursement.
•    Has rallied for 93.6% over the past 3 month, outperforming its sector indices and peers by 80% and 40%.
•    Trading at ‘10F PER of 13.4x, WIKA looks expensive. Downgrade to HOLD.
WIKA_100831_abp.pdf

PTBA - Signed HoA with India's Adani (Maintain BUY, TP Rp20,200/share)
31 Aug 10

TB Bukit Asam (PTBA) – Maintain BUY
Price: Rp17,850 – Target Price: Rp20,200

Signed HoA With India’s Adani Group

•    Signed HoA with Adani to build a 270 km railway project with total capacity 35 mn ton pa.
•    PTBA can secure coal sales in future.
•    Dual railway project from BATR and Adani will provide additional capacity of 60 mn ton in 2018, or 39.5% CAGR between 2013-2018.
•    The railway project will benefit PTBA in realizing its long term growth.
•    The stock is currently trades at 11.2x PER’11 with lowest EV/reserve of US$2.0/ton.
•    Maintain BUY, price target Rp20,200/share
 
PTBA_100927_cs.pdf

JSX Market Summary

9 September 2010 - WIB (GMT +7)
IHSG 0.00 -100.00%
Most
Active
Top
Value
Top
Gainer
Top
Loser
-StockHarga%Prb

World Market Index

IndicesCurrent%Chg
Dow Jones10340.69 -1.037
S & P 5001091.84 -1.160
NASDAQ2208.89 -1.125
Nikkei 2259226 0.000
Hang Seng21401.789 0.000
Strait Times3036.09 0.050
Xetra DAX6117.89 -0.607
CAC 403643.81 -1.123
SP/ASX2004573.200 0.000
Shanghai2698.363 0.000
As of 06:09 WIB (GMT +7)

World Currencies

CurrencyRPUSD
USD9005 1.000
EUR11421 1.2684
JPY108 0.012
GBP13838 1.5366
SGD6678 0.7416
AUD8207 0.9114
MYR2879 0.3197
HKD1159 0.1287
SAR2401 0.2666
NZD6462 0.7176
CNY1326 0.1473
As of 08:26 WIB (GMT +7)