17-Oct Foreign Exchange Rate - BNI Sekuritas › wp-content › uploads › 2019 › 10 › fidr... · service operators in Indonesia, in which, as of June 30, 2019, it was owned

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Fixed Income Daily Report

Bond Market Review (Thu, 17/10)

Indonesia’s bond prices experienced another gain yesterday.

Most of the government bond yields fell by about 1 - 3 bps along the curve. Meanwhile, the 10-year Government bond yield inched lower 1 bps to 7.15%. The IDR strengthened to IDR14,155/USD yesterday, compared to the previous day’s closing level of IDR14,172/USD.

The outright trading volume of Government securities was recorded at IDR11.5 trillion yesterday, decreasing from the previous day’s trading volume of IDR17.6 trillion, and lower than the month-to-date average daily trading volume of IDR12.2 trillion. PBS014 and FR0077 were the two most actively-traded series in secondary market, with the trading volume of IDR1.1 trillion and IDR1.0 trillion, respectively. Meanwhile, the outright

trading volume of corporate bond was recorded at IDR2.1 trillion yesterday.

Bond Market Preview (Fri, 18/10)

Indonesia’s bond market is expected to extend its upside movement. Global investors’ optimism escalated, along with the

positive development on the US-China trade deal, after the US’ ministry of finance, Steven Mnuchin, said that both countries are about to finalize the trade agreement text. The presidents from both countries are planning to sign the agreement on the KTT Asia-Pacific Economic Cooperation (APEC) next month. Meanwhile, the positive 3Q19 US earnings results are also provide more positive sentiments from external. Those sentiments were responded positively by global market participants, increasing investors’ risk-appetite and reducing demand of the safe-haven assets. This can be spotted from the strengthening US stock market (Dow Jones +0.09%; S&P 500 +0.28%; Nasdaq +0.40%) last night, which was also followed by increasing the 2-year, 5-year, and 10-year US Treasury yields to reach 1.60% (+1 bps), 1.58% (+2 bps), and 1.75% (+1 bps), respectively. The easing external pressure is also expected to become a positive catalyst for Indonesia’s bond market, and opening a room for bond price strengthening. Another support also coming from the increasing investors’ activity in domestic bond market, in which the month-to-date average daily trading volume of Government securities stood at IDR12.2 trillion, higher than the average last month of IDR11.7 trillion.

Along with the potential of another market strengthening, then, several Government bonds such as FR0077, FR0081, FR0078, FR0082, FR0080, and FR0079 may become a more attractive choice for investors.

1

18 October 2019

Daily Market Report Bond Market Activity

Last Price(%)

Most Active Government Bonds

PBS014 1.57 100.15 6.39 1050.00

FR0077 4.58 105.85 6.62 1044.78

FR0082 10.92 98.15 7.25 962.52

FR0056 6.91 108.00 6.89 944.88

FR0081 5.66 99.05 6.70 906.35

Most Active Corporate Bonds

PSAB01CN2 2.94 100.17 10.42 1,050.0

PIHC01ACN2 1.06 100.58 6.92 250.0

BNII02CN2 3.41 98.10 7.79 120.0

BBTN03BCN2 2.69 102.05 7.89 100.0

PIHC01ACN1 0.73 100.70 6.90 80.0

Indonesia Macroeconomic Data

Sep-19 Aug-19 Jul-19 Jun-19

CPI MoM (%) -0.27 0.12 0.31 0.55

CPI YoY (%) 3.39 3.49 3.32 3.28

7-day RR (%) 5.25 5.50 5.75 6.00

Foreign Reserve

(US$ Bn)

Foreign Exchange Rate

17-Oct (-1 day) (-1 week) (-1 month)

USD/IDR 14,155 14,172 14,150 14,060

EUR/USD 1.113 1.107 1.101 1.104

GBP/USD 1.289 1.283 1.244 1.253

AUD/USD 0.682 0.676 0.676 0.679

USD/JPY 108.660 108.760 107.980 108.020

USD/SGD 1.365 1.370 1.376 1.379

USD/THB 30.310 30.366 30.439 30.535

USD/MYR 4.180 4.195 4.190 4.191

USD/CNY 7.078 7.093 7.116 7.097

Government Auction Schedule

Date

Benchmark Government Bond Yields

Data Source: Bloomberg, DMO

22-Oct-19SPN 3-mo, 9-mo

ON 5yr,10yr, 15yr, 20yr, 30yr

126.40

Series Maturities

124.33 125.90 123.82

29-Oct-19SPNS 6-mo

PBS 2-yr, 4-yr, 15-yr, 30-yr

17-Oct-19TTM

(Year)

Last Yield

(%)

Volume

(IDR bn)

6.0

6.5

7.0

7.5

8.0

8.5

9.0

7/0

1/2

019

22/

01/

201

9

6/0

2/2

019

21/

02/

201

9

8/0

3/2

019

23/

03/

201

9

7/0

4/2

019

22/

04/

201

9

7/0

5/2

019

22/

05/

201

9

6/0

6/2

019

21/

06/

201

9

6/0

7/2

019

21/

07/

201

9

5/0

8/2

019

20/

08/

201

9

4/0

9/2

019

19/

09/

201

9

4/1

0/2

019

(%)

FR0079 FR0068 FR0078 FR0077

6.595

7.120

7.567

7.774



Indonesia Bond Market News

PEFINDO rating agency has affirmed its idAAA rating for Shelf Registration Bond I Phase I 2014 series B amounting to IDR750 billion and idAAA(sy) rating for Shelf Registration Sukuk Ijarah I Phase I 2014 series B worth of IDR16.0 billion. These bonds and sukuk will mature on December 12, 2019. PEFINDO see that PT Indosat Tbk (ISAT), should be able to repay the maturing bond and sukuk using its unused credit facilities from several banks and internal fund. As of June 30, 2019, the company had cash balance of IDR1.78 trillion and the unused credit facilities from several banks were recorded at IDR2.1 trillion as of June 30, 2019. ISAT is one of the top three telecommunication and information service operators in Indonesia, in which, as of June 30, 2019, it was owned by Ooredoo Asia Pte Ltd (65.0%), the Government of Indonesia (14.3%), and the public (20.7%).

PEFINDO rating agency has affirmed the rating of idAA+ for PT Mandiri Tunas Finance (MTF)and the company’s outstanding bonds. The outlook for the corporate rating is stable. According to PEFINDO, the rating reflects company’s status as a core subsidiary of PT Bank Mandiri (Persero) Tbk (BMRI), strong business position, strong financial flexibility and strong asset quality. However, the rating is still constrained by its moderate profitability. PEFINDO also stated that the rating may be upgraded if MTF expands its business position substantially, while consistently maintaining its strong financial profiles. This must also be accompanied by a significantly greater contribution to BMRI and steady improvement in the company’s profitability measures. On the flip side, PEFINDO may downgrade the rating if they no longer view MTF as a core subsidiary of BMRI. The rating may also be under pressure if the company suffers a significant decline in its asset quality profile.

2

Government Securities Ownership As of October 14, 2019 (IDR Trillion)

Holders Dec-18 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 4-Oct-19 10-Oct-19 11-Oct-19 14-Oct-19

Banks 481.33 649.10 606.51 503.90 588.77 605.88 608.15 637.12 655.59 671.19 672.47 670.32

Bank Indonesia 253.47 132.03 153.00 252.30 153.88 150.57 186.36 167.99 149.95 150.72 149.55 152.54

Mutual Fund 118.63 113.05 109.03 107.11 106.76 120.32 118.70 125.49 125.57 126.14 126.15 126.10

Insurance Companies 201.59 208.35 211.02 213.18 212.78 214.47 215.85 215.55 215.14 215.59 215.60 215.63

Foreign Investor 893.25 967.12 960.34 949.56 988.75 1013.04 1009.60 1029.39 1030.78 1033.82 1033.53 1032.72

Pension Fund 212.88 226.13 230.45 235.95 237.04 241.72 246.65 250.44 251.04 251.10 251.16 251.13

Individual 73.07 82.57 82.85 84.20 77.23 75.14 76.37 77.66 77.83 77.97 78.07 78.09

Others 134.22 149.64 148.80 160.24 165.82 159.24 163.94 160.70 161.25 161.41 161.42 161.44

Total 2,368.45 2,527.99 2,502.01 2,506.44 2,531.04 2,580.37 2,625.62 2,664.33 2,667.15 2,687.95 2,687.95 2,687.95

Year-to-date Investors' Net Buy/Sell In Government Securities (IDR Trillion)

Holders FY18 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 4-Oct-19 10-Oct-19 11-Oct-19 14-Oct-19

Banks -10.27 162.32 119.73 17.12 101.99 119.10 121.38 150.35 168.81 184.42 185.70 183.54

Bank Indonesia 111.65 -115.91 -94.94 4.35 -94.07 -97.37 -61.59 -79.96 -97.99 -97.22 -98.40 -95.41

Mutual Fund 14.64 -5.57 -9.59 -11.51 -11.86 1.69 0.08 6.87 6.95 7.52 7.53 7.47

Insurance Companies 50.79 6.75 9.43 11.58 11.19 12.87 14.25 13.95 13.54 14.00 14.00 14.03

Foreign Investor 57.10 73.87 67.09 56.31 95.50 119.79 116.35 136.14 137.53 140.57 140.28 139.47

Pension Fund 14.82 13.26 17.58 23.08 24.17 28.84 33.77 37.56 38.17 38.23 38.28 38.25

Individual 13.22 9.50 9.79 11.13 4.17 2.07 3.30 4.59 4.76 4.90 5.01 5.02

Others 16.74 15.43 14.59 26.03 31.61 25.03 29.72 26.49 27.04 27.20 27.21 27.23



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Government Bonds Valuation

Closing Price Data : Oct 17, 2019Series Maturity Coupon Last Price YTM Yield Curve Price Model Valuation

FR0031 15-Nov-20 11.000% 105.37 5.74% 5.73% 105.42 Fair

FR0034 15-Jun-21 12.800% 110.50 6.01% 6.07% 110.47 Fair

FR0053 15-Jul-21 8.250% 103.43 6.12% 6.10% 103.49 Fair

FR0061 15-May-22 7.000% 101.55 6.34% 6.36% 101.50 Fair

FR0035 15-Jun-22 12.900% 115.59 6.40% 6.37% 115.72 Fair

FR0043 15-Jul-22 10.250% 109.27 6.49% 6.39% 109.55 Fair

FR0063 15-May-23 5.625% 97.38 6.46% 6.53% 97.14 Fair

FR0046 15-Jul-23 9.500% 109.63 6.54% 6.56% 109.61 Fair

FR0039 15-Aug-23 11.750% 117.08 6.61% 6.57% 117.26 Fair

FR0070 15-Mar-24 8.375% 106.59 6.62% 6.65% 106.50 Fair

FR0077 15-May-24 8.125% 105.94 6.60% 6.67% 105.65 Fair

FR0044 15-Sep-24 10.000% 113.36 6.75% 6.71% 113.54 Fair

FR0081 15-Jun-25 6.500% 99.06 6.70% 6.81% 98.55 Fair

FR0040 15-Sep-25 11.000% 119.70 6.88% 6.84% 119.92 Fair

FR0037 15-Sep-26 12.000% 126.75 7.02% 6.97% 127.21 Fair

FR0056 15-Sep-26 8.375% 107.84 6.92% 6.97% 107.59 Fair

FR0059 15-May-27 7.000% 99.93 7.01% 7.05% 99.70 Fair

FR0042 15-Jul-27 10.250% 117.63 7.23% 7.07% 118.69 Cheap

FR0047 15-Feb-28 10.000% 116.75 7.26% 7.14% 117.71 Cheap

FR0064 15-May-28 6.125% 93.22 7.20% 7.17% 93.41 Fair

FR0071 15-Mar-29 9.000% 111.21 7.33% 7.25% 111.74 Fair

FR0078 15-May-29 8.250% 107.62 7.14% 7.27% 106.65 Expensive

FR0052 15-Aug-30 10.500% 122.75 7.39% 7.39% 122.89 Fair

FR0082 15-Sep-30 7.000% 98.09 7.26% 7.40% 97.06 Expensive

FR0073 15-May-31 8.750% 109.91 7.46% 7.45% 109.94 Fair

FR0054 15-Jul-31 9.500% 115.50 7.49% 7.46% 115.71 Fair

FR0058 15-Jun-32 8.250% 105.43 7.57% 7.53% 105.77 Fair

FR0074 15-Aug-32 7.500% 99.37 7.58% 7.54% 99.63 Fair

FR0065 15-May-33 6.625% 91.93 7.59% 7.59% 91.88 Fair

FR0068 15-Mar-34 8.375% 107.03 7.56% 7.64% 106.32 Expensive

FR0080 15-Jun-35 7.500% 99.63 7.54% 7.71% 98.12 Expensive

FR0072 15-May-36 8.250% 104.45 7.77% 7.75% 104.62 Fair

FR0045 15-May-37 9.750% 117.67 7.88% 7.79% 118.57 Cheap

FR0075 15-May-38 7.500% 98.54 7.65% 7.83% 96.81 Expensive

FR0050 15-Jul-38 10.500% 125.00 7.91% 7.83% 125.95 Cheap

FR0079 15-Apr-39 8.375% 105.97 7.78% 7.86% 105.11 Expensive

FR0057 15-May-41 9.500% 114.75 8.04% 7.92% 116.22 Cheap

FR0062 15-Apr-42 6.375% 82.50 8.06% 7.94% 83.69 Cheap

FR0067 15-Feb-44 8.750% 107.25 8.05% 7.98% 108.16 Cheap

FR0076 15-May-48 7.375% 93.40 7.96% 8.06% 92.41 Expensive

Source : Bloomberg, BNIS Calculation

5.00

6.00

7.00

8.00

9.00

0 5 10 15 20 25 30

(%)

Yield Curve

YTM



4

Indonesia Government Bonds Yield Indonesia & US Treasury Yield Comparison

Maturities (Year) 17-Oct (-1 day) (-1 week) (-1 month) Global Bonds 17-Oct

1 5.74 5.75 5.76 6.03 17-Oct (-1 day) (-1 week) (- 1 month)

2 6.01 6.05 6.08 6.27 Fed Fund Rate & US Bond Yield

3 6.35 6.37 6.44 6.38 Fed Fund Rate 2.00 2.00 2.00 2.00

4 6.45 6.46 6.50 6.57 2-Year 1.60 1.59 1.54 1.74

5 6.59 6.59 6.65 6.60 5-Year 1.58 1.56 1.49 1.66

6 6.87 6.88 6.90 6.93 10-Year 1.75 1.74 1.67 1.79

7 6.91 6.92 6.98 7.03 30-Year 2.24 2.23 2.16 2.23

8 7.01 7.03 7.10 7.11 10-Year Government Bond Yield (LCY)

9 7.20 7.21 7.28 7.25 Germany -0.41 -0.39 -0.47 -0.51

10 7.12 7.17 7.25 7.21 UK 0.68 0.71 0.59 0.6315 7.57 7.56 7.67 7.67 France -0.12 -0.10 -0.14 -0.22

20 7.77 7.78 7.85 7.78 Italy 0.89 0.93 0.96 0.88

30 7.96 7.98 8.02 8.00 Greece 1.38 1.38 1.44 1.36

Spain 0.22 0.25 0.22 0.25

Indonesia Sovereign CDS Japan -0.16 -0.17 -0.21 -0.22

17-Oct (-1 day) (-1 week) (-1 month) China 3.16 3.16 3.13 3.10

2-year 31.93 32.15 34.13 29.16 Malaysia 3.42 3.41 3.40 3.43

5-year 84.93 85.52 91.14 77.02 Thailand 1.56 1.52 1.48 1.52

10-year 154.36 155.16 163.45 147.04 Philippines 4.55 4.57 4.61 4.74

Money Market Retail Bond Yields


LIBOR

1M 1.88 1.88 1.92 2.05

3M 2.00 2.00 1.99 2.16

6M 1.99 1.99 1.94 2.08

JIBOR

O/N 5.06 5.09 5.14 5.16

1W 5.30 5.30 5.31 5.57

1M 5.57 5.58 5.61 5.88

3M 5.80 5.80 5.82 6.10

6M 6.05 6.05 6.05 6.30

12M 6.23 6.24 6.25 6.49

Indonesia Interest Rates

Deposit 1M 5.74 5.76 5.81 6.10

Lending 13.16 13.05 13.12 13.20 Data Source: Bloomberg

Data Source: Bloomberg

5.50

6.00

6.50

7.00

7.50

8.00

8.50

1 2 3 4 5 6 7 8 9 10 15 20 30

( Y

ield

%

)

Maturities (Year)


5.0

6.0

7.0

8.0

(%)

ORI014 ORI015

1.0

1.5

2.0

2.5

3.0

3.5

4.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

(%)

(%)

10-year Indo Gov't Yield Yield Spread 10-year UST Yield (RHS)



5

Price (%) Yield (%) Price (%) Yield (%) Price (%) Yield (%)

INDO-20 0.40 13-Mar-20 101.51 1.99 101.54 2.02 101.58 1.99

INDO-21 1.55 5-May-21 103.78 2.36 103.78 2.37 103.79 2.38

INDO-22 New 2.23 8-Jan-22 102.88 2.36 102.91 2.36 102.96 2.33

INDO-22 2.52 25-Apr-22 103.22 2.42 103.24 2.42 103.27 2.41

INDO-23 3.49 15-Apr-23 102.91 2.50 102.95 2.49 102.98 2.48

INDO-23 New 3.99 15-Oct-23 110.66 2.55 110.70 2.54 110.76 2.53

INDO-24 4.25 15-Jan-24 112.85 2.65 112.87 2.65 112.97 2.63

INDO-24 New 4.32 11-Feb-24 107.65 2.56 107.68 2.56 107.76 2.54

INDO-25 5.25 15-Jan-25 106.89 2.70 106.94 2.70 107.14 2.66

INDO-26 6.23 8-Jan-26 110.93 2.82 110.94 2.82 111.14 2.79

INDO-27 7.23 8-Jan-27 109.45 2.89 109.57 2.87 109.66 2.86

INDO-28 8.24 11-Jan-28 104.49 2.88 104.62 2.87 104.64 2.86

INDO-28 New 8.52 24-Apr-28 108.85 2.92 108.99 2.90 108.99 2.90

INDO-29 9.33 11-Feb-29 114.65 2.94 114.84 2.92 115.23 2.88

INDO-37 17.35 17-Feb-37 136.03 3.77 136.21 3.76 136.70 3.73

INDO-42 22.27 17-Jan-42 120.82 3.85 121.05 3.84 121.57 3.80

INDO-43 23.51 15-Apr-43 112.50 3.82 112.71 3.80 112.84 3.80

INDO-44 24.26 15-Jan-44 144.51 3.90 144.67 3.89 145.14 3.87

INDO-45 25.26 15-Jan-45 120.21 3.86 120.51 3.85 120.63 3.84

INDO-46 26.24 8-Jan-46 133.58 3.89 133.75 3.89 133.97 3.88

INDO-47 27.24 8-Jan-47 122.69 3.89 122.90 3.88 123.58 3.85

INDO-47 New 27.77 18-Jul-47 115.49 3.84 115.76 3.82 116.31 3.79

INDO-48 28.25 11-Jan-48 110.45 3.75 110.85 3.73 111.20 3.71

INDO-49 29.34 11-Feb-49 128.46 3.74 128.85 3.72 129.16 3.71

INDOIS-22 3.10 21-Nov-22 102.39 2.49 102.39 2.49 102.38 2.50

INDOIS-23 3.37 1-Mar-23 103.84 2.55 103.86 2.55 103.92 2.53

INDOIS-24 4.90 10-Sep-24 107.50 2.70 107.52 2.70 107.58 2.69

INDOIS-25 5.61 28-May-25 107.55 2.86 107.57 2.86 107.70 2.83

INDOIS-26 6.45 29-Mar-26 109.45 2.93 109.48 2.93 109.65 2.90

INDOIS-28 8.38 1-Mar-28 109.48 3.10 109.56 3.10 109.76 3.07

PERTIJ-21 1.60 23-May-21 104.43 2.39 104.44 2.40 104.47 2.39

PERTIJ-22 2.54 3-May-22 105.61 2.57 105.63 2.57 105.70 2.55

PERTIJ-23 3.59 20-May-23 105.44 2.70 105.47 2.69 105.47 2.70

PERTIJ-29 9.79 30-Jul-29 103.04 3.28 103.17 3.27 103.39 3.24

PERTIJ-41 21.62 27-May-41 126.83 4.54 127.00 4.53 128.15 4.46

PERTIJ-42 22.56 3-May-42 120.48 4.54 120.70 4.53 121.81 4.46

PERTIJ-43 23.60 20-May-43 115.66 4.54 115.93 4.52 116.91 4.46

PERTIJ-44 24.63 30-May-44 127.59 4.57 127.92 4.55 129.01 4.49

PERTIJ-49 29.80 30-Jul-49 104.02 4.45 104.34 4.44 105.20 4.39

PLNIJ-20 0.26 20-Jan-20 101.41 1.98 101.43 2.08 101.49 2.02

PLNIJ-21 2.10 22-Nov-21 106.15 2.46 106.15 2.47 106.22 2.45

PLNIJ-27 7.58 15-May-27 105.11 3.36 105.20 3.34 105.57 3.29

PLNIJ-29 9.75 17-Jul-29 104.04 3.38 104.19 3.37 104.64 3.31

PLNIJ-37 17.70 26-Jun-37 144.68 4.25 144.75 4.25 145.44 4.21

PLNIJ-42 23.03 24-Oct-42 111.27 4.46 111.65 4.44 113.14 4.34

PLNIJ-47 27.59 15-May-47 111.94 4.49 112.18 4.48 113.76 4.39

PLNIJ-49 29.77 17-Jul-49 106.74 4.46 107.06 4.45 108.41 4.37

PELINDOII-25 5.55 5-May-25 106.17 3.03 106.23 3.02 106.45 2.98

PELINDOII-45 25.56 5-May-45 114.31 4.43 114.51 4.42 114.88 4.40

PELINDOIII-45 4.96 1-Oct-24 108.59 2.99 108.64 2.99 108.70 2.98

Indonesia USD Denominated Bonds

Maturity17-Oct-19 Previous Day Previous Week

Bonds TTM (Year)



DEBT RESEARCH TEAM

Research Division : +62 21 25543946

Fax No : +62 21 57935828

E-mail : [email protected]

Ariawan ext. 2098 [email protected] Head of Fixed Income Research

Ahmad Hapiz ext. 3987 [email protected] Fixed Income Analyst

DEBT CAPITAL MARKET TEAM

Fixed Income Division : +62 21 25543946

Fax No : +62 21 57936934

E-mail : [email protected]

Agus Aslichan ext. 3952 [email protected] Fixed Income Sales

Meili Anggraini ext. 3989 [email protected] Fixed Income Sales

Nur Amalia ext. 3911 [email protected] Fixed Income Sales

Deya Oktarissa ext. 2114 [email protected] Fixed Income Sales

Sentiaji Nugroho ext. 3952 [email protected] Fixed Income Sales

6



7

MAIN OFFICE - JAKARTA

PT BNI SEKURITAS

Sudirman Plaza, Indofood Tower 16th Floor, Jl. Jend. Sudirman Kav. 76-78

Jakarta 12910, Indonesia

Phone: (62-21) 25543946 (Hunting)

Fax: (62-21) 57935831

e-mail: [email protected] (General)

Website: http://www.bnisekuritas.co.id

JAKARTA - Mangga Dua

Pertokoan Mangga Dua Blok E4 No. 7

Jl. Mangga Dua Raya, Jakarta Utara

Phone: (62-21) 6123804-5,62203890

Fax: (62-21) 6123806

e-mail: [email protected]

JAKARTA - Puri Indah

Gedung Bank BNI Ruko Grand Puri Niaga

Puri Kencana Blok K 6 no.2J 2K

Puri Kembangan, Jakarta Barat

Phone: (62-21) 58357464

Fax: (62-21) 58357465


JAKARTA - Central Park

Central Park, APL Tower Podomoro City

Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Petamburan

Phone: (62-21) 29034215

Fax: (62-21) 29034216

email: [email protected]

JAKARTA – Wisma Bumiputera

Wisma Bumiputera Lt. 6

Jl. Jend. Sudirman Kav. 75 Jakarta 12910

Phone: (62-21) 2523349

Fax: (62-21) 2523350


BANDUNG

Jl. Perintis Kemerdekaan 3

Bandung - 40117

Phone: (62-22) 4213375

Fax: (62-22) 4220604


YOGYAKARTA

Jl. Laksda Adisucipto 137, Yogyakarta - 55282

Phone: (62-274) 581001-584032

Fax: (62-274) 584023


SOLO

Jl. Honggo Wongso No. 24, Surakarta

Phone: (62-271) 729667, 730525

Fax: (62-271) 729668


SURABAYA

Jl. Gubernur Suryo No. 36, Surabaya

Phone: (62-31) 5320912

Fax: (62-31) 5318425


MALANG

Jl. Buring No. 58, Malang

Phone: (62-341) 321214,321213,321430

Fax: (62-341) 356876


DENPASAR

Komplek Pertokoan Diponegoro Megah Blok A5-6 Lantai 2

Jl. Diponegoro No. 100, Denpasar - Bali

Phone: (62-361) 264376, 2753389

Fax: (62-361) 229170


MEDAN

Jl. Pemuda No. 12, Medan - 20151

Phone: (62-61) 4579616

Fax: (62-61) 4579656


PALEMBANG

Jl. Jend. Sudirman 132, Palembang - 30126

Phone: (62-711) 361969

Fax: (62-711) 319663


PEKANBARU

Jl. Riau, No. 124, Lt. 2, Pekanbaru

Phone: (62-761) 46757, 839698

Fax: (62-761) 856279


MANADO

BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1

Jl. Piere Tendean, No. 20, Manado

Phone: (62-431) 847256

Fax: (62-24) 847256


ACEH

Kantor Cabang BNI Banda Aceh Lt.2

Jl. KH. Ahmad Dahlan No. 111, Banda Aceh

Phone: (62-651) 31109

Fax: (62-651) 31107

BANJARMASIN

Gd. Bank BNI Antasari Lt. 2

Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin

Phone: (62-511) 3253735

Fax: (62-651) 3253754


DISCLAIMER

This document is not intended to be an offer, or a satisfaction of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by BNI SEKURITAS or any other member of the BNI Group, including any other member of the BNI Group from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and are subject to change without notice.

Dokumen ini tidak diperuntukan sebagai suatu penawaran, atau permohonan dari suatu penawaran, permintaan untuk membeli atau menjual efek dan segala hal yang berhubungan dengan efek (seperti efek yang disebutkan disini, atau dari emiten yang sama, dari waran atau hak memesan efek atau kepentingan lain dari efek tersebut). Seluruh informasi dan opini yang terdapat dalam dokumen ini dengan cara baik telah dihimpun dari atau berasal dari sumber-sumber yang dapat dipercaya dan diandalkan. Tidak ada pengatasnamaan atau jaminan, baik secara langsung maupun tidak langsung dari BNI SEKURITAS atau pun pihak-pihak lain dari Grup BNI, termasuk pihak-pihak lain dari Grup BNI dari mana dokumen ini dapat diperoleh, terhadap keakuratan atau kelengkapan dari informasi yang terdapat dalam dokumen ini. Seluruh pendapat dan perkiraan dalam laporan ini merupakan pertimbangan kami pada tanggal tertera dan dapat berubah sewaktu-waktu tanpa pemberitahuan.

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