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ATF Equity Research

CAPITAL Daily Update

11 JUNI 2010

Market Review
• Bursa dunia menguat pada sesi perdagangan hari Kamis, didukung oleh berbagai faktor seperti
data trade balance China, pernyataan dari ECB bahwa mereka akan terus membeli utang
pemerintah dan menambah likuiditas di sistem perbankan Eropa, dan juga naiknya euro setelah
pengadilan konstitusi tertinggi di Jerman menolak upaya penghentian partisipasi Jerman pada
program dana penyelamatan eurozone.
• Surplus perdagangan China mencapai $19.5 billion di bulan Mei, naik lebih dari 11x lipat dari
surplus bulan April yang sejumlah $1.7 billion. Sebelumnya diprediksi bahwa surplus akan
mencapai $8.2 billion di bulan Mei. Ekspor yang sehari sebelumnya diisukan mencapai kenaikan
50% tercatat mengalami kenaikan 48.5% di bulan Mei (y/y) sementara impor naik 48.3%. CPI
bulan Mei juga sudah melewati batas 3.0% sedangkan harga properti di 70 kota menengah dan
besar mencapai 12.4% di bulan Mei, hanya sedikit melambat dibandingkan kenaikan di bulan
April yang mencapai 12.8%.
• Spanyol berhasil menjual 3.9 billion euro note dengan harga bid investor mencapai 2.1x jumlah
sekuritas yang ditawarkan. Ini melebihi rasio bid-to-cover di penjualan sebelumnya pada bulan
April (1.8x). Sementara itu, presiden ECB Jean-Claude Trichet menegaskan bahwa ECB akan terus
membeli utang pemerintah dan menambah likuiditas, yang berarti suku bunga di Eurozone akan
tetap bertahan pada 1.0% untuk jangka waktu yang cukup lama.
• ECONOMIC DATA REVIEW (Act/Fcast/Prv):
o German HICP (May, m/m): 0.1/0.1/0.1;
o German HICP (May, y/y): 1.2/1.2/1.2;
o German CPI (May, y/y): 1.2/1.2/1.2;
o UK Interest Rates: 0.5%/0.5%/0.5%;
o EU Interest Rates: 1.0%/1.0%/1.0%;
o US Trade Balance (Apr): -$40.3B/-$41.0B/-$40.0B;
o US Initial Jobless Claims (w/e Jun 5): 456k/450k/459k;

Company Focus & Market Outlook


• Daimler AG menguat 3.1% setelah penjualan Mercedes-Benz diprediksikan akan melipat dua
akibat permintaan yang tinggi dari China. Saham-saham otomotif lainnya juga terkena imbas
positif dari berita ini, dengan BMW dan Volkswagen juga mencatat kenaikan yang cukup tinggi
kemarin.
• Walt Disney Co. menguat 3.6% setelah jaringan TV ABC menjual iklan senilai $2.4 billion sebelum
dimulainya musim baru. Harga rata-rata untuk pertunjukan prime-time naik dari 8% menjadi 9%.
• Goldman Sachs turun 2.2% setelah obligasi utangnya dengan Hudson Mezzanine senilai $2
billion menjadi target penyelidikan oleh Securities and Exchange Commission (SEC).
• SEC menyetujui penghentian saham S&P 500 yang mengalami perubahan harga sebesar 10%.
Hal ini diharapkan akan mampu mencegah terjadinya kasus seperti flash crash pada beberapa
waktu yang lalu.

1
Equity Research
Daily Update

11 JUNI 2010
• BP kembali menghadapai tekanan dari pejabat di Amerika untuk menghentikan pembagian
dividennya, dan ditutup melemah 6.7%. Sejak titik tertinggi di mid-April, nilai BP telah tergerus
lebih dari 50 billion pound.
• UPGRADES & DOWNGRADES: Morgan Keegan menempatkan Oracle pada rating OUTPERFORM.
• ECONOMIC DATA & EVENTS PREVIEW:
o UK PPI Input (May, m/m): -1.0% (forecast), 0.6% (previous);
o UK PPI Input (May, y/y): 10.7% (fcast), 13.1% (prev);
o UK PPI Output (May, m/m): 0.5% (fcast), 1.4% (prev);
o UK PPI Output Core (May, m/m): 0.4% (fcast), 1.1% (prev);
o UK PPI Output Core (May, y/y): 4.7% (fcast), 4.4% (prev);
o UK Industrial Production (Apr, m/m): +0.4% (fcast), +2.0% (prev);
o UK Industrial Production (Apr, y/y): +2.2% (fcast), +2.0% (prev);
o UK Manufacturing Production (Apr, m/m): +0.5 (fcast), +2.3% (prev);
o UK Manufacturing Production (Apr, y/y): +3.8% (fcast), +3.3% (prev);
o US Advance Retail Sales (May): 0.2% (fcast), 0.4% (prev);
o US Retail Sales ex-autos (May): 0.1% (fcast), 0.4% (prev);
o US Retail Sales ex-autos & gas (May): 0.3% (fcast), 0.4% (prev);
o US U. of Michigan Confidence (June): 74.8 (fcast), 73.6 (prev);
o US Business Inventories (Apr): 0.5% (fcast), 0.4% (prev);

Rekomendasi
Stock Entry Target Exit Last Status
Deutsche Post 12.00 12.90 11.99 Hold BUY
Cathay Pacific 15.50 16.20 15.36 Hold BUY
Esprit 52.20 53.30 43.55 Hold BUY
China Shenhua 29.00 31.30 29.40 Hold BUY
GE 16.40 14.25-14.45 15.68 Hold SELL
Ford Motor Co. 11.10 12.80 11.39 Hold BUY

Market Stats
BURSA DUNIA
Index Price Change
Nikkei 225 9,542.65 1.10%
Hang Seng 19,632.70 0.06%
Shanghai Stock Exchange 2,562.58 -0.82%
DAX 6,056.59 1.20%
FTSE 100 5,132.50 0.92%
Dow Jones Industrial Avg 10,172.53 2.76%
S&P 500 Index 1,086.84 2.95%
Nasdaq Composite Index 2,218.71 2.77%
Sumber: Reuters

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Equity Research
Daily Update

11 JUNI 2010
Top Gainers
JAPAN Price % Change Volume
Tokyo Electron Ltd. 5,330.00 2.50 1.86M
Daikin Industries 2,799.00 1.71 1.24M
Nippon Steel Corp. 304.00 1.33 21.94M
Nissan Motor Co., Ltd. 625.00 1.30 17.97M
TDK Corporation 5,100.00 1.19 1.42M
HONG KONG Price % Change Volume
Esprit Holdings 43.55 3.57 7.00M
China Telecom 3.59 2.28 103.76M
CITIC Pacific 13.40 1.36 3.38M
Hang Seng Bank 104.00 1.17 838,373
China Mobile 76.90 0.92 28.63M
EROPA Price % Change Volume
BMW 40.65 4.48 4.24M
Prudential PLC 549.50 3.39 9.66M
Volkswagen AG 69.78 3.18 224,048
Daimler AG 43.26 3.14 9.03M
Marks and Spencer Group 343.00 2.33 8.43M
NORTH AMERICA Price % Change Volume
Halliburton Company 24.22 7.36 23.53M
AMD 8.01 5.26 27.99M
American Express 40.03 5.04 11.73M
Amazon 123.13 4.43 6.05M
Alcoa 11.25 4.17 22.43M
Sumber: Reuters

DISCLAIMER

This report has been prepared by ATF Capital on behalf of itself and its affiliated companies and is provided for information purposes only. Under
no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. This report has been produced independently
and the forecasts, opinions and expectations contained herein are entirely those of ATF Capital. While all reasonable care has been taken to ensure
that information contained herein is not untrue or misleading at the time of publication, ATF Capital makes no representation as to its accuracy or
completeness and it should not be relied upon as such. This report is provided solely for the information of clients of ATF Capital who are expected
to make their own investment decisions without reliance on this report. Neither ATF Capital nor any officers or employees of ATF Capital accept any
liability whatsoever for any direct or consequential loss arising from any use of this report or its contents. ATF Capital and/or persons connected
with it may have acted upon or used the information herein contained, or the research or analysis on which it is based, before publication. ATF
Capital may in future participate in an offering of the company's equity securities.

3 ATF CAPITAL • Menara Kuningan Lt. 28


Jl. HR Rasuna Said Blok X-7 Kav. 5
Jakarta 12940, Indonesia
Tel: (62-21) 3002 - 7928

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