Samuel Sekuritas Indonesia

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DAILY RESEARCH
As of 09 Feb 10		 WEEKLY RESEARCH
   
Daily Economic Report
Daily Research Report
Technical Analysis
Daily Investment Guide		 Weekly Economic Report
Samuel Trading Idea
Summary Valuation Report

Cement Sector: Still Attractive
Sonny John
03 Feb 10

Cement Sector – Overweight
 Cement Sector: Still Attractive

  • Cement demand increased by 0.9% YoY in FY09
  • Capacity will remain tight until 2014
  • We expect demand will increase by 6% in 2010
  • Cement sector have outperformed against JCI
  • Valuation: Still attractive
  • Top pick: SMGR
Cement sector_100202_sj.pdf

BMRI - Tax Benefit

29 Jan 10

Bank Mandiri (BMRI) – Maintain BUY
Price: Rp4,675 – Target Price: Rp5,800

Tax Benefit 
•    Government permits to increase shares free float to at least 40%
•    Free float 40%, tax rate would be cut by 500 bp to 25%
•    Two options to increase free float: 1) divestment of 6.8% government shares;or 2) rights issue
•    Rights issue would be better, no significant impact on ROE
•    Maintain BUY recommendation, TP Rp5,800/share
 
BMRI_100129_JP.pdf

9M09 Results Beat Expectation

Christine Salim
07 Jan 10

 
Bumi Resources (BUMI) – Maintain BUY
Price: Rp2,750 – Target Price: Rp3,625
 
9M09 Results Beat Expectation
·         Stronger than expected 9M09
·         Operating performance on track.
·         Tax issue could pose to higher tax rate going forward.
·         Leverage remains high.
·         Still positive on coal price outlook
·         Maintain BUY, TP Rp3,625/share

JSX Market Summary

9 February 2010 - 15:59 WIB (GMT +7)
IHSG 2,436.71 -3.27%
Most
Active
Top
Value
Top
Gainer
Top
Loser
-StockHarga%Prb
BUMI2400-2.04
ADRO1840-1.08
ITMG28950-3.82
ENRG1751.74
UNTR15350-3.76

World Market Index

IndicesCurrent%Chg
Dow Jones9908.39 -1.048
S & P 5001066.18 -0.001
NASDAQ2126.05 -0.709
Nikkei 2259889.47 -0.630
Hang Seng19550.891 0.000
Strait Times2684.15 -0.353
Xetra DAX5484.85 0.921
CAC 404012.91 -0.026
SP/ASX2004474.100 -1.057
Shanghai2935.174 0.000
As of 08:31 WIB (GMT +7)

World Currencies

CurrencyRPUSD
USD9435 1.000
EUR12887 1.3658
JPY106 0.0112
GBP14714 1.5595
SGD6633 0.703
AUD8159 0.8647
MYR2740 0.2904
HKD1214 0.1287
SAR2516 0.2667
NZD6447 0.6833
CNY1381 0.1464
As of 08:31 WIB (GMT +7)