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Indonesia|8 July 2011

ResearchTeam

KatarinaSETIAWAN HeadofResearch ksetiawan@kimeng.co.id +622125571125 RicardoSILAEN,CFA rsilaen@kimeng.co.id +622125571126 RahmiMARINA rmarina@kimeng.co.id +622125571128 LuckyARIESANDI,CFA lariesandi@kimeng.co.id +622125571127 AdiN.WICAKSONO anwicaksono@kimeng.co.id +622125571130 ArwaniPRANADJAYA apranadjaya@kimeng.co.id +622125571129

EquityDaily
TopIdea
Media SuryaCitraMediaFastgrowingTVplay - At our visit to Surya Citra Media (SCMA.IJ), the management informedusthatthecompanystargetedrevenuegrowthforthis yearisatleast1920%,similartolastyears19%. - In addition, through effective management of programme costs andopex,thegrossmarginandoperatingmarginareexpectedto improve. In 1Q11, gross margin and operating margin improved to64%and44%from53%and32%in1Q10,respectively.

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MarketTalk
Plantation:BWPlantation(BWPT.IJ)expects1H11netprofitstocome in at Rp153b, up strongly by 80% y/y compared to last year of Rp85b. RevenueisestimatedtocomeinatRp470b,up70%y/y.Pg.2 Retail: Carrefour announces general offer for remaining publics shares inAlfaRetailindo(ALFA.IJ)atRp4,500/shareaftersuccessfullyobtaining minorityshareholdersapprovaltodelistfromthebourse.Pg.3

INDONESIA

KeyIndices IDXIndex IDR/USD

Last 3,939.5 8,536.5

Point 30.5 7.5

%chg 0.8 0.1

SEEAPPENDIXIFORIMPORTANTDISCLOSURESANDANALYSTCERTIFICATIONS

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Media
SuryaCitraMedia(SCMA.IJ,BUY)FastgrowingTVplay

Analyst:AdiNWicaksono

WhatsNew
AtourvisittoSuryaCitraMedia(SCMA.IJ),themanagementinformedus thatthecompanystargetedrevenuegrowthforthisyearisatleast19 20%, similar to last years 19%. In addition, through effective management of programme costs and opex, the gross margin and operating margin are expected to improve. In 1Q11, gross margin and operatingmarginimprovedto64%and44%from53%and32%in1Q10, respectively.

OurView
We anticipate future revenue growth to come from higher advertising expenditure, lower spot bonuses, and the companys success in maintainingthesecondlargestaudienceshare.InFY10,TVbroadcasting advertisingexpendituregrewby37%y/y,comparedto14%in2009. The company plans to manage costs of programmes by focusing on developing local series television programmes (which is cheaper than importingfilms)andrenegotiatingcostswithproductionhouses.In4Q10, the company appointed Screenplay, an affiliate company, to be a productionhousepartner;thus,expectedprogrammingselectionshould bemoreoptimalandefficientthanbefore.

Action&Recommendation
Assuming the companys revenue grows by 20% this year and by 16.4% over the next five years (similar to Adspends CAGR in 20062010), the companys estimated fair value would be Rp7,500 (based on DCF methodology). Our TP represents 17.7x 2012 PER, relatively cheap comparedtotelevisioncompanies(18.7x2012PER)intheregion.Hence, werecommendBUY.

MarketHighlights
BWPlantation(BWPT.IJ,BUY):Strong1H11result,betterthan expectation
Thecompanyexpects1H11netprofittocomeinatRp153b,upstrongly by 80% y/y compared to last year of Rp85b. Revenue is estimated to comeinatRp470b,up70%y/y.

Analystcomment:
WemaintainourtargetpriceatRp1300,peggingthestockat16.8x10.7x FY1112 P/E. With 15% upside potential, the stock warrants BUY INDONESIAEQUITYRESEARCH
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recommendation. Indicated 1H11 net profit is strong, better than our expectation, accountingfor49%ofourFY11estimateofRp313b.Onquarterlybasis, 2Q11netprofitincreasedby213%y/ytoRp116bfromRp37bin1Q11. ThegoodperformanceisdrivenbyhigherFFBoutputat250k(+49%y/y) tonsandCPOat38.7ktons(+54%y/y).

AlfaRetailindo(ALFA.IJ):Carrefourlaunchesgeneralofferat Rp4,500/share
Carrefour announces general offer (GO) for remaining publics shares in Alfa Retailindo at Rp4,500/share after successfully obtaining minority shareholdersapprovaltodelistfromthebourse. The price is 87% premium compared to the highest price in the 90day period prior to the announcement of the delisting plan, and 73% premiumtofairvalueaccordingtoanindependentappraiser. TheGOwillbeeffectivefrom29July27August2011.

ChartPointers
IDX: Indexs second resistance could be touched today. Even though ST moving average still shows uptrend, we do not suggest investors put fresh money to the market. We see the market has been overbought. Nevertheless, we see consumer sector looks appealing today. Todays tradingrangeisbetween385838943917(support)and395339674003 (resistance). INDF:Weseehealthycorrectioninthisstock,withstrongsupporttrend line. There is a strong technical rebound from that side. We set target priceatRp6000.TRADINGBUY. MYOR: Strong volume and stock price is trying to breakup the first resistance level. There is a potential rally, benefiting from favorable sentimentintheconsumersector.WeupgradetargetpricetoRp17,000, frompreviouslyRp15,000.TRADINGBUY.

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Commodities Nickel(US$/ton) Tin(US$/ton) Gold(US$/t.oz) CPOMalaysia(US$/ton) OilNYMEX(US$/barrel) CoalARAregion(US$/ton) Weeklydata CoalNewcastle(US$/ton)*


Source:Bloomberg;*GlobalCOAL'sNEWCweeklyindex

7Jul11

6Jul11

Change(US$)

Change(%)

23,868.00 27,484.00 1,532.38 1,018.83 98.67 123.77


1Jul11

23,346.00 26,681.00 1,528.90 1,008.53 96.65 124.02


24Jun11

522.00 803.00 3.48 10.30 2.02 (0.25)


Change(US$)

2.24 3.01 0.23 1.02 2.09 (0.20)


Change(%)

120.90

121.17

(0.27)

(0.22)

Company TelkomNY(US$) IndosatNY(US$) BLTSG(Sin$) Rp Sin$


Source:Bloomberg

ADR Ticker TLKUS IITUS BLTASP

ADRClose 7Jul11

Change %

Local(Rp) Equivalent IDXClose

ADR %Prem

Shares

33.79 30.17 0.04 8,537.00 6,983.95

0.33 2.31 2.33

7,212 5,151 307

7,150 5,150 300

0.86 0.02 2.43

40 50

Keycorporateactions
Cumdate 7Jul11* 7Jul11 7Jul11 7Jul11 7Jul11 7Jul11 7Jul11 8Jul11 8Jul11 8Jul11 8Jul11 8Jul11 11Jul11 11Jul11 11Jul11 11Jul11 12Jul11 13Jul11 13Jul11 13Jul11 13Jul11 14Jul11 14Jul11 14Jul11 15Jul11 15Jul11 15Jul11 18Jul11 18Jul11 18Jul11 19Jul11 Exdate 8Jul11* 8Jul11 8Jul11 8Jul11 8Jul11 8Jul11 8Jul11 11Jul11 11Jul11 11Jul11 11Jul11 11Jul11 12Jul11 12Jul11 12Jul11 12Jul11 13Jul11 14Jul11 14Jul11 14Jul11 14Jul11 15Jul11 15Jul11 15Jul11 18Jul11 18Jul11 18Jul11 19Jul11 19Jul11 19Jul11 20Jul11 Company BEKS BNBA BSWD JTPE KAEF PTPP SMAR EPMT FAST FAST MTFN UNIC CTRS CTRP MTDL SONA INDY MASA MYOR ABDA CITA BABP BRAU GDYR CMNP DPNS TRIM AMFG SMMA TINS BBNP Action Rightsissue:5(n):6(o) Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Stockdividend:2(n):63(o) StockSplit:5(n):1(o) Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Price(Rp) 100 3 23 140 5 14.57 150 5 448.18 33 13 7 4 91 26 1 130 25 8.9 0.66 3.55 250 7.45 10 1 80 1 94.17 11.4 Note *postponed

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19Jul11 19Jul11 19Jul11 19Jul11 19Jul11 19Jul11 19Jul11 20Jul11 20Jul11 20Jul11 21Jul11 21Jul11 22Jul11 22Jul11 22Jul11 25Jul11 25Jul11 26Jul11 26Jul11 27Jul11 27Jul11 28Jul11 1Aug11 2Aug11 3Aug11 3Aug11 5Aug11 8Aug11 9Aug11 15Aug11 15Aug11 22Aug11 13Sep11

20Jul11 20Jul11 20Jul11 20Jul11 20Jul11 20Jul11 20Jul11 21Jul11 21Jul11 21Jul11 22Jul11 22Jul11 25Jul11 25Jul11 25Jul11 26Jul11 26Jul11 27Jul11 27Jul11 28Jul11 28Jul11 29Jul11 2Aug11 3Aug11 4Aug11 4Aug11 8Aug11 9Aug11 10Aug11 16Aug11 16Aug11 23Aug11 14Sep11

BRAM FORU GPRA IKBI ISAT PGAS RUIS CTBN INDR SMSM APLI ASDM AMAG CFIN PNIN CTRA GGRM INDF IPOL BUMI SMGR PANR MFIN DGIK ESTI TSPC KREN CENT UNSP CLPI PLIN LPPF OKAS

Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10 Finaldividend10

50 4 1 10 59.55 144.24 8 USD0.021 85 30 20 35 10 15 5 6 880 133 3 41.78 248.26 1.07 30 2.75 1 40 9.05 1 4.3 27.8 2.5 14 1.02

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