PT.

PHILLIP SECURITIES INDONESIA

Wednesday, July 29, 2009

Jakarta Composite Index: Exchange Rate (IDR):

Currently : 2,234.226 Currently : IDR9,965
Previous : 2,237.105 Previous : IDR9,940
Change : (2.879) Change : (IDR25)

TOP FREQUENCY
No STOCK Price +/- MARKET INFORMATION
CODE (IDR) (IDR)
1 BUMI 2,275 25
2 LPLI 270 (10)
3 ENRG 345 (10)
4 LPKR 720 (10)
5 MEDC 3,175 (50)
6 BNBR 90 (1)
7 MIRA 540 (20)
8 INDF 2,275 -
9 BISI 1,980 90
10 AALI 18,500 150
11 TINS 2,050 (50)
12 TLKM 8,700 (250) TLKM’s ADR on NYSE was closed to USD35.48.
13 ISAT 5,350 - ISAT’s ADR on NYSE was closed to USD26.82.

Market Overview
• The Jakarta composite index (JCI) closed down in the first trading today (Wednesday 29/7) by 2.879
points (0.129%) at 2,234.226, whereas the other indices namely the LQ45, the Jakarta Islamic Index
(JII), Kompas100 and the Bisnis-27 also stumbled by 0.219-0.388%. 101 stocks were down in the first
closing today as 69 were flat and 74 ended up. The data also shows that the total transaction volume
was 2.533b shares with value of IDR2.127t with frequency of 50,903 transactions. Among the 10 top
losers were Indocement Tunggal Prakasa (INTP) that fell by IDR250 or 2.79% at 8,700, Telkom (TLKM)
by IDR250 or 2.79% at 8,700, JJ NAB Capital (OCAP) by IDR115 or 24.47% at 355 and Sampoerna
(HMSP) by IDR100 or 1.12% at 8,800 per share. The 10 top ganiners included Astra International (ASII)
that rose by IDR500 or 1.87% at 27,300, Indo Tambangraya Megah (ITMG) by IDR300 or 1.27% at
24,000, Semen Gresik (SMGR) by IDR300 or 5.17% at 6,100 and Bank Tabungan Pensiunan Nasional
(BTPN) by IDR200 or 10.53% at 2,100 per unit.
• Former State Enterprise Minister Sugiharto said Indonesia should have a higher economic growth of 7%
per year, because with economic growth of only 6% the country will not be able to absorb new
manpower and reduce poverty. It is difficult for Indonesia to win the competition in this global era today if
the country fails to attain a higher economic growth. Indonesia is likely to have economic growth of 9%
since the country is rich in natural resources. The government should create a synergy between fiscal
and monetary policies, be able to control the inflation and build appropriate infrastructure. Before making
a high-growth scenario, the government should first increase the development budget from IDR611t in
2009 to IDR1,418t in 2014. The government should invest IDR1,988t in 2010 in an effort to make a high-
growth scenario, and IDR4,012t in 2014.
• Bank Indonesia (BI) is expected to cut the benchmark interest rate (BI rate) by 25 basis points at 6.5%,
while the inflation rate is estimated at 5% by the end of 2009, says Aviliani, an economic analyst at the
Institute for Development of Economics and Finance (INDEF). BI rate cut will allow lending rate to step
down. Interest rate cut should be followed with bond interest rate cut. Foreign capital has started to flow
through domestic investment (PMDN) so there is need to appoint the new BI Governor soon in order to
maintain monetary and fiscal balance. Unless the foreign capital inflow will turn to hot money.

For further information or info Please contact : Agung/Mercy

Telp : (62-21) 57900800, Fax : (62-21) 57900977, e-mail : qna@phillip.co.id
ANZ TOWER – 23rdB Floor, Jl. Jend Sudirman Kav 33A, Jakarta 10220
Market Overview

• PT Semen Gresik (SMGR)'s net profit stepped up 33.21% in the first half of 2009 at IDR1.514t (IDR258
per share) from IDR1.136t (IDR192 per share in the same period of 2008, as the company's sales rose
18.78% at IDR6.767t from IDR5.697t. Other net revenues also increased 74.33% to IDR169.390b from
IDR97.165b, supported mainly by interest income that rose to IDR172.340b from IDR88.818b. But the
company booked a foreign-exchange (forex) loss of IDR9.756b during that period versus forex gain of
IDR1.391b in the same period of the previous year. Total asset was IDR11.991t, rising 35.60% from
IDR8.843t, whereas the company's total equity increased 20.97% at IDR8.318t from IDR6.876t and total
liability rose 89.84% to IDR3.563t from IDR1.877t.
• PT Bank Bumiputera Indonesia Tbk (BABP) recorded net earnings of IDR1.711b (IDR0.34 per share) in
the period of January-June 2009, falling by 77.06% from IDR7.459b (IDR1.49 per share) in the same
period of the year before. Net interest income dropped 12.21% at IDR138.237b from IDR157.466b, but
other operating revenues rose to IDR40.414b from IDR27.205b though other operating expenses
increased to IDR162.578b from IDR142.755b, so operating profit fell 74.84% at IDR2.402b from
IDR9.546b. Total loan stumbled 9.29% at IDR4.564t from IDR5.031t, but total savings decreased 8.18%
to IDR5.115t from IDR5.571t, hence loan-to-deposit ratio (LDR) stepped down to 88.85% from 90.13%.
Non-performing loan (NPL-net) ratio was up at 4.70% versus 3.99% although return on asset (ROA) and
return on equity (ROE) stepped down each at 0.09% from 0.33% and at 0.68% from 2.86%, and net
interest margin (NIM) moved down at 4.82% from 5.65%.
• Property company PT Lamicitra Nusantara Tbk (LAMI) which is based in Surabaya booked operating
profit of IDR28b at the end of June 2009, rising sharply 218% from IDR9b, so the company's operating
profit margin rose at 36.7% from 15.4%. The operating profit rose sharply since the company was able
to reduce operating expense by 28% to IDR18b from IDR25b. Besides, sales increased 33% to IDR76b
from IDR57b and gross profit rose 36% to IDR46b from IDR34b. Net profit was IDR14b (IDR12 per
share) during that period, rising very sharply by 648% from IDR2b (IDR2 per share) in the same period
of 2008, as net profit margin rose sharply to 18.2% from 3.2%.
• PT Hero Supermarket Tbk (HERO) booked net profit of IDR58.55b (IDR178 per share) in the first half of
2009, rising 9.97% from IDR53.24b (IDR162 per share) in the same period of 2008. The retail company
managed to control expense during the first half of 2009. The company's sales rose 13.14% to IDR3.10t
from IDR2.74t, whereas the company's operating profit increased 16.73% to IDR91.80b from
IDR78.64b.
• Textile company PT Apac Citra Centertex Tbk (MYTX) has sold 40% stake at Golden Lion for USD8m to
Lenzing AG which is based in Austria, the company's finance director Anas Bahfen said. Apac Citra
Centertex which produces textile and textile products tekstil is owned by Growth Solution Limited
(58.77%) and Apac Century Corp (18.76%).
• PT Astra Agro Lestari TBk (AALI) recorded net profit of only IDR769.849b (IDR488.87 per share) during
the first half of 2009, or 52% lower than IDR1.597t (IDR1,014.43 per share) in the same period of 2008.
The net profit was down because net sales stumbled 24% at IDR3.537t from IDR4.644t. Sales volume
also stepped down 23% during that period at IDR6,386 per kilogram (kg) from IDR8,299 per kg in the
same period of 2008, as operating profit dropped 50.85% at IDR1.155 trillion from IDR2.350 trillion and
operating profit margin dropped to 0.33% from 0.51%.
• PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) disbursed a total loan of IDR12.04t until the end of
June 2009, rising 29% from IDR9.37t in the same period of 2008. The bank's total loan was down as
that gross NPL/total loan ratio dropped at 0.55% from 0.67%, while NPL net stepped down to 0.02%
from 0.03%. Total asset was IDR18.24t during that period, growing by 39% vs the same period of the
previous year. Some of the asset came from third-party fund that rose 43% at IDR15.93t vs that in the
same period of 2008. Operating revenue was up 10% at IDR898.7b vs IDR816.2b, but net profit moved
down 33% at IDR140.6b because of increase in operating expense.

For further information or info Please contact : Agung/Mercy

Telp : (62-21) 57900800, Fax : (62-21) 57900977, e-mail : qna@phillip.co.id
ANZ TOWER – 23rdB Floor, Jl. Jend Sudirman Kav 33A, Jakarta 10220