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DAILY RESEARCH
As of 30 Jul 10		 WEEKLY RESEARCH

Daily Economic Report
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Weekly Economic Report
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Monthly Summary Valuation Report

BBNI - Good efficiency and strong fee income
29 Jul 10

Bank Negara Indonesia (BBNI) – Maintain BUY
Price: Rp3,000 – Target Price: Rp3,450

Good efficiency and strong fee income

•    Net interest income and net income in 1H10 rose by 9.5% and 60.8% YoY respectively, translation to 47.5%-52.2% of our estimates
•    Excess liquidity increase significantly (+49%), we see the excess liquidity could be a buffer for undisbursed loan
•    Strong fee income due to recovery loan as much as Rp849 bn
•    Proportion of CASA increased to 60% from 54%
•    Maintain our BUY recommendation with price target Rp3,450/share
BBNI_100729_jp.pdf

Expected 1H10 Result
29 Jul 10

Kalbe Farma (KLBF) – Maintain BUY
Price: Rp2,450 – Target Price: Rp2,600

Expected 1H10 result

•    Revenue and net income in 1H10 rose by 11.6% and 43.5% YoY respectively, in line with our estimates.
•    Net margin improved to 12.2% (from 9.5%) and operating margin at 17.8% (from 16.6%).
•    Net income growth due to stronger Rupiah that caused lower COGS and reduced forex loss.
•    KLBF still maintained strong balance sheet with net cash of Rp1.3 trillion.
•    Maintain Buy recommendation, TP Rp2,600/share.
 
KLBF_100729_YY.pdf

BMRI - Solid Performance
28 Jul 10

Bank Mandiri (BMRI) – Maintain BUY
Price: Rp6,150 – Target Price: Rp7,100

Solid Performance

•    Net interest income and net income BMRI in 1H10 rose by 8.2% and 37.3% YoY respectively, in line with our estimates
•    Loan grew by 20% but net interest income fell due to decrease in bond yield and foreign loan yield
•    Net income growth supported by fee income, cash recovery, and efficiency
•    Deposit is targeted to grow by 11%, because strong liquidity
•    Maintain Buy recommendation, TP Rp7,100/share
BMRI_100727_jp.pdf

JSX Market Summary

30 July 2010 - 16:00 WIB (GMT +7)
IHSG 3,086.67 -0.33%
Most
Active
Top
Value
Top
Gainer
Top
Loser
-StockHarga%Prb
LPLI230-14.81
GREN-W80-16.67
GREN27519.57
BAYU25533.51
TLKM84502.42

World Market Index

IndicesCurrent%Chg
Dow Jones10467.16 -0.293
S & P 5001101.53 0.000
NASDAQ2251.69 0.000
Nikkei 2259537.3 -1.664
Hang Seng21029.811 -0.304
Strait Times2987.70 -0.333
Xetra DAX6077.78 -0.937
CAC 403610.91 -1.135
SP/ASX2004493.500 -0.681
Shanghai2637.5029 -0.402
As of 19:59 WIB (GMT +7)

World Currencies

CurrencyRPUSD
USD8933 1.000
EUR11639 1.3029
JPY104 0.0116
GBP13926 1.559
SGD6557 0.7341
AUD8045 0.9006
MYR2806 0.3141
HKD1150 
SAR2382 
NZD6460 
CNY1317 
As of 19:59 WIB (GMT +7)