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Jakarta Daily Wednesday, November 24, 2010 

Morning Brief Morning Brief  IDX (11/23/2010) 3,678.19

Change : -63.03 (-1.68%)

Transaction Volume (bn) : 7.14

Transaction Value (Rp tn) : 5.43

Market Cap (Rp tn) : 3,169

Chg (%)

Dow Jones (11/23) 11,036.37 -142.21 -1.27%

Nasdaq (11/23) 2,494.95 -37.07 -1.46%

S&P 500 (11/23) 1,180.73 -17.11 -1.43%

FTSE 100 (11/23) 5,581.28 -99.55 -1.75%

DAX (11/23) 6,705.00 -117.05 -1.72%

Nikkei (11/22) 10,115.19 92.80 0.93%

Global Indices

CAC 40 (11/23) 3,724.42 -94.47 -2.47%

Hang Seng (11/23) 22,896.14 -627.88 -2.67%

Straits Times (11/23) 3,126.30 -67.94 -2.13%

Kospi (11/23) 1,928.94 -15.4 -0.79%

Commodity Prices (*) Chg (%)

Crude Oil (US$/Barrels) 81.67 -0.17 -0.21%

Gold (US$/Troy Ounce) 1,378.30 16.70 1.23%

Nickel LME (US$/MT) 21,290 -325 -1.50%

Tin LME (US$/MT) 23,950 -1250 -4.96%

CPO BMD (MYR/Ton)  3,115 -69 -2.17%

(*) : - Nickel & Tin Closing Price per Nov 23, 2010- Crude Oil & Gold Closing Price per 08:50 Local Time

Exchange Rate  Rp  Chg

US$/IDR (08:50 Local Time)  8,970 27.00

KRW/IDR (08:50 Local Time)  7.90 0.02

(%)

0.30%

0.20%

Chg Rp

TLKM (US$) 36.94 -0.84 8,284

ISAT (US$) 32.39 -1.32 5,811

Dual Listing (NYSE)

Key Interest Rates Latest Previous

BI-Rate 6.50% 6.50%

Fed-Rate 0-0.25% 0-0.25%

Market Review IDX suffered a significant drop on yesterday’s trading session affected theincreasing tension that came from Korea yesterday. IDX have alreadyhampered by negative sentiment that came from Euro Zone earlier in thebeginning of trading sessions as investors now turn their attentions toPortugal and Spain that believed to have a potential to follow footsteps fromIreland and Greece that needed a bailout from EU and IMF to settle their debt crisis problems. Even the strengthening BUMI and BNBR couldn’thelped IDX to avoid the significant drop.

Research Analyst : Teuku Hendry Andrean

Market Outlook • US stocks markets suffered a significant correction on last night’s

trading session affected by a new tension in Korea that addedanother negative sentiment as global and regional markets alreadyreacted negatively to the potential spread of Euro Zone debt crisis.Many people believe that Irish debt crisis still have the potential to

spread to other Euro countries as investors were concerned that abigger nations could become another victim, paticularly Spain.

• European stocks markets also shared the same fate as US stocks

markets where they also stucked in the negative zone atyesterday’s trading session after concerns over Ireland’s turmoiland possibility of contagion to its regional peers intensified andtensions in the Korea escalated. The Euro Zone debt crisiseventually made banking stocks continued their slide.

• While in Asia itself a different reaction to the escalating korean

tension was shown today as Asian stocks markets seen mixedwith Hang Seng, Straits Times and Shanghai seen advancing by0.92%, 0.83% and 0.76% while Kospi and Nikkei seen lower by0.50% and 0.69% per 09:05 local time.

• We expect IDX to move mixed today as commodities based stockswill likely to remain in negative teritorry. But we believe IDX still apotential technical rebound referring to the movement of other Asian bourses this morning. We expect IDX to move betweensupport level 3,644-3,671 and resistance level 3,700-3,727.

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Jakarta Daily Morning Brief Wednesday, November 24, 2010 NewsNews 

Stock PickStock Pick 

CODE CLOSE S2 S1 R1 R2 REC

BNBR 75 66 71 78 80Trading

Buy

CPIN 9450 9150 9350 9550 9650 Accumulate

DOID 1130 1070 1100 1150 1170Trading

Buy

SMGR 9700 9450 9550 9850 9950 Accumulate

UNVR 17000 16650 16850 17250 17450 Accumulate

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

available to others. Under no circum-

stances is it to be considered as an offer to

sell or solicitation to buy any security, Any

recommendation contained in this report

may not to be suitable for all investors.

Moreover, although the information

contained herein has been obtained from

sources believed to be reliable, its accu-

racy, completeness and reliability cannot

be guaranteed. All rights reserved by PT

Woori Korindo Securities Indonesia

Astra’s Vehicle Sales Figures Incereased in October 2010Car sales of PT Astra Internasional Tbk (ASII) as of October 2010 amounted 38,721 units or an increase compared with September sales of 26,777 units. Based on Gaikindo datareleased yesterday, until October 2010 Astra car sales reached 349,817 units or reach 56%of market share. Toyota's sales showed the biggest sales as much as 234,578 units (25,347units as of October), followed by Daihatsu 93,165 units (10,693 units), Isuzu 19,782 units(2,403 units), Nissan Diesel 2,146 units (250 units) and Peugeot 146 units (28 units). For motorcycles, according to AISI data, Astra Honda sales in October as much as 323,154 unitsor 46% of market share with total sales up to October 2010 as many as 2,894,420 units or 47% market share.

BTPN Plans to Commence a Rights Issue at Rp 7,000PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) will release the new shares in a rightsissue for Rp 7,000 per share. The company will release 188,787,238 shares for Rp 7,000 per shares mean the total funds potentially absorbed is Rp 1.32 trillion. Rights Issue is offered to

the shareholders of the Company, with the mechanism of 5:1. This means that every 5shares BTPN listed in the Register of Shareholders (DPS), is entitled to a share rights issuewhich is taken from the portfolio. The standby buyers of new shares are PT CIMB SecuritiesIndonesia and PT Danareka Securities (Persero). After deducting the costs of issuance,100% fund rights offering will be used to strengthen the capital and business growth in theform of credit expansion. But before doing the Rights Issue, the company must hold an ExtraGeneral Meeting of Shareholders (EGM) on November 25, 2010, to ask for approval.

BUVA’s Net Income in 3Q2010 Soared to Rp 24.18 BillionOperating revenues of PT Bukit Uluwatu Villa Tbk (BUVA) from January to September 2010period (3Q2010) soared 220.9% to Rp 108.57 billion compared to Rp 33.84 billion in thesame period in the year of 2009. The rapid revenue growth boosted gross profit positionwhich soared more than three-fold to Rp 76.45 billion from Rp 21.77 billion. This conditionalso caused Operating income to increased from Rp 5.78 billion to Rp 31.54 billion and netincome soared to Rp 24.18 billion from Rp 3.48 billion.

Remarks : S2 = Support 2 REC Definitions : Buy = Enter a long position with full amountS1 = Support 1 Accumulate = Enter a long position with portion of the amountR1 = Resistance 1 Hold = Do not cover or sell current position / Do not initiate new positionR2 = Resistance 2 Reduce = Sell a portion of a positionREC = Recommendations Sell = Sell the full position

Sell On Strength = Sell the position in R1 or R2 LevelTrading Buy = Speculative Buy and Sell the position at R1 or R2 Level