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Jakarta Daily Wednesday, December 1, 2010

Morning Brief Morning Brief IDX (11/30/2010) 3,531.21

Change : -99.43 (-2.74%)

Transaction Volume (bn) : 9.64

Transaction Value (Rp tn) : 10.13

Market Cap (Rp tn) : 3,064

Chg (%)

Dow Jones (11/30) 11,006.02 -46.47 -0.42%

Nasdaq (11/30) 2,498.23 -26.99 -1.07%

S&P 500 (11/30) 1,180.55 -7.21 -0.61%

FTSE 100 (11/30) 5,528.27 -22.68 -0.41%

DAX (11/30) 6,688.49 -9.48 -0.14%

Nikkei (11/30) 9,937.04 -188.95 -1.87%

Global Indices

CAC 40 (11/30) 3,610.44 -26.52 -0.73%

Hang Seng (11/30) 23,007.99 -158.23 -0.68%

Straits Times (11/30) 3,144.70 -13.51 -0.43%

Kospi (11/30) 1,904.63 9.09 0.48%

Commodity Prices (*) Chg (%)

Crude Oil (US$/Barrels) 84.18 -1.46 -1.70%

Gold (US$/Troy Ounce) 1,386.80 18.70 1.37%

Nickel LME (US$/MT) 22,595 -160 -0.70%Tin LME (US$/MT) 24,135 -265 -1.09%

CPO BMD (MYR/Ton) 3,412 31 0.92%

(*) : - Nickel & Tin Closing Price per Nov 30, 2010- Crude Oil & Gold Closing Price per 08:30 Local Time

Exchange Rate Rp Chg

US$/IDR (08:30 Local Time) 9,035 23.00

KRW/IDR (08:30 Local Time) 7.80 0.04

(%)

0.26%

0.57%

Chg Rp

TLKM (US$) 35.99 -0.18 8,129

ISAT (US$) 30.30 -0.42 5,475

Dual Listing (NYSE)

Key Interest Rates Latest Previous

BI-Rate 6.50% 6.50%

Fed-Rate 0-0.25% 0-0.25%

Market Review

Still affected by the negative sentiments that came from global stocksmarkets and with no new catalyst or positive sentiments that came fromdomestic side, IDX was closed negative yet again as IDX trapped in thenegative zone for the third day in a row on yesterday’s trading session. IDXfell even bigger than the first day it fell as it suffered a 99.43 points (-2.74%)correction compared to 59.51 points (-1.61%) on last Friday. This conditionwas caused by a barrage of negative sentiment that came from Europeandebt crisis, Korean conflict and China plans to raise its interest rates.

Research Analyst : Teuku Hendry Andrean

Market Outlook

• US stocks markets at last night trading session remain trapped inthe negative zone as European debt crisis concern remain acatalyst for investors in US to dump stocks for a while ahead of more significant US economic indicators on Friday such asNonfarm Payrolls Data and Unemployment Rate per November

2010. US investors possibly pay much more attention to economicdata on Friday as they didn’t embrace the positive US consumer confidence data per November where in that month US consumer confidence reach 54.1, better than previous period at 49.9 andconsensus level at 52.0.

• European stocks markets was also remain trapped in the negativezone after S&P announced that they may cut Portugal’s creditratings in the next three months if the country failed to upgrade itsgrowth prospects. This S&P’s latest statement keep investors allover the world remain fear of a potential contagious debt crisis toother Eruopean countries mainly Portugal, Spain and Italy. Italyhas recently became the attention as its 10-year government bondand Germany’s bond yields hit a lifetime Euro high yesterday andItaly’s debt currently is about 25% of Euro’s GDP.

•

Meanwhile at this morning’s opening trading session Asian stocksmarkets seen mixed where Nikkei and Straits Times seen lower by0.05% and 0.11% while Kospi and Taiwan seen advancing by 0.09%and 1.16% per 09:00 local time.

• We expect IDX will likely to remain in the negative zone as there’sstill no catalyst to lift the stocks markets while Euro debt crisisremain a burden to the market. We expect IDX to move betweensupport level 3,478-3,496 and resistance level 3,582-3,600.

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Jakarta Daily Morning Brief Wednesday, December 1, 2010

NewsNews

Stock PickStock Pick CODE CLOSE S2 S1 R1 R2 REC

BSDE 990 870 930 1020 1050 Buy

KLBF 3500 2900 3200 3950 4400 Sell OnStrength

CPIN 9600 8800 9200 9900 10200 Reduce

ELTY 160 152 156 164 168 Hold

BBCA 6050 5750 5950 6350 6550 Hold

Disclaimer : This document is for infoma-tion only and for the use of the recipient. Itis not to be reproduced or copied or madeavailable to others. Under no circum-stances is it to be considered as an offer tosell or solicitation to buy any security, Anyrecommendation contained in this reportmay not to be suitable for all investors.Moreover, although the informationcontained herein has been obtained fromsources believed to be reliable, its accu-racy, completeness and reliability cannotbe guaranteed. All rights reserved by PTWoori Korindo Securities Indonesia

MEDC Become an Operator of Oil & Gas Working Areas in AcehPT Medco Energi International Tbk (MEDC), through its subsidiary Medco E&P Malakaachieved cooperation contracts (KKS) and become operator of Block A of oil and gasworking areas in Aceh. KKS Work Area Block A held by Medco Malacca (41.6%) and itspartners, they are Premier Oil Sumatra (41.6%) and the Japan Block A Ltd. (16.6%). OnOctober 28, 2010 Medco Energi and its partners have signed an extension KKS Work AreaBlock A for a period of 20 years, commencing 1 September 2011 until August 31, 2031.

META Wants to Spend Rp 4 Trillion to Acquire Infrastructure Projects Next Year PT Nusantara Infrastructure Tbk (META) wants to spend up to 4 trillion (US$444 million) nextyear to buy toll roads, ports and power plants. The company would use internal cash andexternal funding to finance the acquisitions. The company has just raised Rp 1 trillionthrough a rights issue. The acquisitions, aimed at expanding Nusantara Infrastructure'sbusiness, would involve infrastructure-related projects throughout the archipelago.

BBRI will Distribute Interim Dividend on December 30, 2010PT Bank Rakyat Indonesia Tbk (BBRI) will distribute the interim cash dividend of Rp 45.93per share on December 30, 2010. The cum dividend on the regular market and thenegotiation and cash markets, respectively on 17 and 22 December 2010. While the ex-dividend in the regular market and negotiations will be on December 20, 2010. While the ex-dividend in cash market will be on December 23, 2010. Recording date will be on December 22, 2010.

IDKM Booked a 389% yoy on Its 3Q2010 Net IncomePT Indosiar Karya Media Tbk booked IDR 27 billion net income in the third quarter of 2010 or a 389% growth from IDR 9 billion in the same quarter of last year. Until the end of 2010, themedia company still targets for IDR 30 billion - IDR 40 billion incomes. The increase wascontributed by 2% revenue soar to IDR 607 billion from IDR 596 billion. The income gain isdonated by the drop of operating expenses for its program and broadcasting. The gain alsogave positive impact for the company’s gross income increase by 32% to IDR 326 billion in

September 2010 from IDR 247 billion in September 2009. EBITDA (earning before interest,tax, depreciation, and amortization) rose 28% to IDR 190 billion from IDR 148 billion lastyear.

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