September 15, 2010 SECURITIES

Rukun Raharja (RAJA) RESEARCH REPORT

Equity Transportation
BUY
12-Month Price Target: Rp 1,100/shr

JCI vs RAJA RAJA’s Transformation

3300 1650
3200
JCI RAJA 1450 PT Rukun Raharja Tbk. (RAJA) formerly operated its core business in
3100

3000
1250 the marine port services, and now is in a final process to change its
2900
1050 core business into integrated energy company by acquiring PT Panji
2800 850
Raya Alamindo (PRA), PT Triguna Internusa Pratama (TIP) and PT
2700
650
2600
Capital Turbines Indonesia (CTI). The acquisition shall be completed
450
2500 latest by the end of the third quarter, since RAJA is only waiting for the
250
2400
administrative process of acquisition – the deal has been accomplished
2300 50
Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Apr-10 May-10 Jun-10 Jul-10 Sep-10 verbally. We are positive on the transformation decision. The three ac-
quired companies will lead RAJA to a healthier financial performance,
Source : Bloomberg
indeed in 2011; profit margin will surge to 10.55% compare to only
0.98%, prior to the acquisitions. Please note: FY2011 performance is
an appropriate benchmark as acquisition will take place in the late
Current Price (09/07/2010) : 790 2010.
52 Wk High (06/24/2010) : 1,500
52 Wk Low (09/07/2009) : 94 Attractive impact from transformation
YTD Change : 616
YTD % Change : 354.02
We are positive on RAJA decision to change its core business into inte-
Shares outstanding (Mn) : 679.514
grated energy company, mainly because the existing port marine busi-
Market capitalization ( IDR Bn) : 536.82
ness indicates a low potential growth with low profitability. The transfor-
Free Floating (Mn) : 291.78
mation will pump up RAJA’s financial performance and more impor-
Source : Bloomberg
tantly, it provides RAJA with enormous growth prospect in the foresee-
able future. The three acquired companies operate in the energy indus-
try which is an essential element for emerging market, Indonesia. PRA
Selected financial ratios and TIP generally supply the gas needs in the energy industry while
IDR bn 2008 2009 2010 2011 2012
CTI supply electricity needs in the power plant industry. We project that
EPS (IDR) 0.14 0.27 26 176 210
RAJA revenue and net profit in 2011 will boost up 53x and 718x, re-
DPS (IDR) - - - - - spectively.
BVPS (IDR) 102 102 129 305 515

PER (x) 5,642.86 2,925.93 29.97 4.48 3.76 Refinancing to enhance performance
PBV (x) 7.75 7.73 6.15 2.59 1.53

ROE 0.14% 0.27% 20.51% 57.86% 40.77% Shareholders’ decision to provide 0% interest loan in order to refinance
NPM 0.61% 1.10% 1.97% 10.55% 11.70% huge amount of debt from PRA and TIP will definitely increase the bot-
EBIT Margin 3.83% 1.68% 14.66% 21.54% 21.70% tom line of RAJA. The cost saving is expected to surge FY2011 net
Debt to equity 0.02 0.00 20.69 7.09 3.56 profit by 32% and 58.91% of PRA and TIP respectively. In addition, the
Source : Company & Ciptadana Estimates loan amounted to IDR303.59 billion indicates a high level of owners’
confidence on the positive prospect offered by RAJA’s transformation.
Besides, the generous intention from shareholders will trigger and put a
pressure to internal management to accomplish company’s objectives
and targets.

Fadil Kencana
Phone : (62-21) 255 74 820
Email : kencanafadil@ciptadana.com

PT. CIPTADANA SECURITIES , expressly disclaim any and all liability for representations or warranties expressed or implied, contained herein or omissions therefrom or for any loss howsoever arising from any use of this document or its contents or otherwise
arising in connection therewith. Opinions expressed in this report are our present views and are subject to change without notice.
 SECURITIES
Valuation

We recommend BUY on RAJA with a target price of IDR 1,100, reflecting a 39.24%
upside potential from current price of IDR 790/share. Our target price is derived by
We set a targeted FY2011 PE OF
PE valuation method. To obtain a proper PE industry, we combine 2010 PE con-
6.16X, 65% discount from 13.68x
sensus of PGAS and 30% discount PE of India’s power plant industry. Then we
of the weighted PE industry
weighted based on the profit generated from both industry - 32% of power plant and
68% of PGAS. Thus, we set a targeted FY2011 PE of 6.16x – 55% discount from
13.68x of the weighted PE industry. 55% discount will be the reasonable discount
as we are aware of high liquidity risk and high leverage attached to RAJA. Please
note : Huge gap on discount rate might be decreased (target price increase) as
RAJA proves its good performance on quarter basis and the improvement on liquid-
ity risk.

Table 1. India PE industry of power plant

Ticker 2010 P/E Market Cap (INR)

POWER GRID CORP OF INDIA LTD PWGR IN 17.59 9.47B
POWER FINANCE CORPORATION POWF IN 13.24 8.25B
NHPC LTD NHPC IN 20.39 8.13B
RELIANCE POWER LTD RPWR IN 56.03 7.75B
RURAL ELECTRIFICATION CORP RECL IN 11.95 6.91B
TATA POWER CO LTD TPWR IN 15.6 6.44B
ADANI POWER LTD ADANI IN 17.54 6.38B
NEYVELI LIGNITE CORPORATION NLC IN 17.91 5.76B
RELIANCE INFRASTRUCTURE LTD RELI IN 15.22 5.25B
GMR INFRASTRUCTURE LTD GMRI IN 71.09 4.98B
JSW ENERGY LTD JSW IN 12.37 4.56B
LANCO INFRATECH LTD LANCI IN 16.19 3.67B
TORRENT POWER LTD TPW IN 12.28 3.40B
JAIPRAKASH POWER VENTURES LT JPVL IN 42.02 2.91B
GVK POWER & INFRASTRUCTURE GVKP IN 26.04 1.56B
KSK ENERGY VENTURES LTD KSK IN 11.94 1.27B
CESC LTD CESC IN 10.06 1.03B
PE industry 14.79077
30% discount from PE industry 10.35358
PE PGAS 15.25
Weighted PE (32%power plant & 68% PGAS) 13.68
Targeted PE RAJA 6.16
** We exclude RELIANCE POWER LTD, GMR INFRASTRUCTURE LTD, JAIPRAKASH POWER
VENTURES LT, and GVK POWER & INFRASTRUCTURE - Considered outliers.

PT. Rukun Raharja (RAJA) September 15, 2010


Energy market provides high
potential growth prospect in
foreseeable future
PT. Rukun Raharja (RAJA)
SECURITIES
FY2011 reflecting true profitability
Due to the acquisition, significant improvement will occur in 2010; however, in term
of margin, 2010F profit margin will stand relatively low. The acquisition taken place
in late 2010 will shrink a big portion of profit and then should be transferred to mi-
nority interest account – the accounting treatment regulation. Thus, we use 2011
EPS in order to derive our target price, as we believe that FY2011 result best re-
flects RAJA’s performance.
High Potential Growth in Industry
As a developing country, an adequate energy supply becomes essential elements
in determining a sustainability of economic expansion. Without sufficient energy
supply, economic will grow slower, and thus we expect that energy industry should
grow simultaneously with Indonesia’s economic growth. In 2009, natural gas needs
for national industry was 1,863 MMSCFD, and is estimated to increase 38.75% to
2,585 MMSCFD in 2015. Robust increase in demand of natural gas will also be in-
fluenced by increasing price of crude oil. As the substitute energy source of crude
oil, natural gas offers more attractive price, as compared to other energy source
substitutes. Moreover, Indonesia also faces shortage condition in terms of power
plant. Experts believe that Indonesia need to raise electricity supply from 36 GW in
2010 to 94 GW by 2025, for Java, Madura and Bali only. After 2025 demand for
power will grow geometrically, requiring 8 GW per year until 2030, 10.5 GW per
year until 2035 and 15 GW per year up to 2040. This exclude the needs of 82 mil-
lion Indonesians, representing 35 percent of the domestic power market with no
electricity. Hence, RAJA decision to transform into energy industry will be granted
by enormous potential growth in foreseeable future.
September 15, 2010
 SECURITIES
Prior VS Post Acquisition

Prior to 2010, RAJA financial performance was in an insecure position. Diminutive

We are positive with the
margins coupled with insignificant returns on equity and asset, indicate that RAJA
transformation decision into
was a risky investment to be chosen (figure 1 & figure 2 & table 2). However, after
integrated energy company.
the acquisition take place, all the profitability measures are expected to surge into
completely different level. Starting with the sales, that is expected to increase to
IDR909 billion in FY2010 from IDR17 billion in previous years. Net profit is ex-
pected to significantly jump up to IDR18 billion in FY2010 and IDR 120 billion in
FY2011, compare to insignificant net profit of IDR0.166 billion in 2009. These trans-
late to robust increase in profit margin FY2010 and FY2011 to 1.97% and 10.55%,
respectively. Healthier margin of 10.55% FY2011 will endow RAJA a safety zone
from uncertainty issue in business. RAJA should be stronger to tolerate any uncer-
tainty fluctuation of direct or indirect cost incurred in the business.

Figure1. RAJA sales, net profit and profit margin 2007-2012

IDR Bio
1,400 11.70% 14.00%
10.55%
1,200 12.00%

1,000 10.00%

800 8.00%

600 6.00%

400 4.00%
1.14% 0.60% 0.98%
200 1.97% 2.00%

0 0.00%
2007 2008 2009 2010F 2011F 2012F

Sales Net Profit Profit m argin

Source : Company & Ciptadana Estimates

Figure2. Projected RAJA return on equity and asset

IDR Bio
40.77%
160.00 45.00%

140.00 34.27% 40.00%

35.00%
120.00
20.51% 30.00%
100.00
25.00%
80.00
0.24% 20.00%
60.00
15.00%
6.88% 8.47%
40.00 0.28% 0.13% 0.24% 0.92% 10.00%
20.00 0.13% 5.00%
0.24%
0.00 0.00%
2007 2008 2009 2010F 2011F 2012F

Net incom e ROA ROE

Source : Company & Ciptadana Estimates

4

PT. Rukun Raharja (RAJA) September 15, 2010

 SECURITIES
Table2. RAJA brief financial performance 2007-2012

IDR bn 2007 2008 2009 2010F 2011F 2012F

Sales 16 15 17 909 1,137 1,219
% growth -5.97% 9.97% 5238.46% 25.07% 7.22%
Gross Profit 4.07 2.92 3.55 213.45 332.22 360.08
% growth -28.11% 21.42% 5914.26% 55.65% 8.39%
EBIT 1.95 0.59 0.29 133.22 244.91 264.52
% growth -69.66% -51.86% 46643.08% 83.84% 8.00%
Net Profit 0.188 0.093 0.166 18 120 143
% growth -50.53% 78.49% 10688.43% 569.47% 18.97%
EPS 0.28 0.14 0.27 26.36 176.44 209.92
CFO 13.1 7.5 4.0 131.6 320.5 323.1
CFI (0.068) (0.220) (0.020) (419.444) 61.175 (39.396)
CFF (17.369) (7.862) (0.070) 202.082 (343.255) (233.642)
Net cash 0.908 0.299 4.181 40.284 78.672 128.749
ROA 0.24% 0.13% 0.24% 0.92% 6.88% 8.47%
ROE 0.28% 0.13% 0.24% 20.51% 34.27% 40.77%
Gross margin 24.69% 18.88% 20.85% 23.48% 29.23% 29.54%
EBIT margin 11.85% 3.82% 1.67% 14.66% 21.54% 21.70%
Profit margin 1.14% 0.60% 0.98% 1.97% 10.55% 11.70%

Source : Company & Ciptadana Estimates

PT PANJI RAYA ALAMINDO

Panji Raya Alamindo is a holding company of 55% share of PT Suryandra Nusa

Bakti (SNB) and 80% share of PT Energasindo Heksa Karya (EHK). SNB is a LPG
filling station and LPG distribution which is currently developing their market to
Jabodetabek, Banten and Medan regions. Meanwhile, EHK is a gas trader and
transporter, distributing and selling gas through pipe system to West Java industrial
estate and PLN Jambi.

PT Suryandra Nusa Bakti (SNB) - Growth in growing market

Indonesian’s LPG market currently is facing a shortage conditions, demand in the

market is approximately 6 million tons per annum, while industry can only serve up
to 2 million tons annually. It is exacerbated by 7% growth in LPG consumption.
Positioned in the growing
Hence, this situation will automatically create a plentiful growth space for SNB to
market, SNB has high potential
capture greater market share. Positioned in the growing market, we believe that the
growth in the short run
current SNB’s market share of 6% shall boost up to 10% in the short-run. To
achieve the company objective, SNB plan to construct 12 units of mini LPG filling
plant throughout 2011-2014 which expected to cost about IDR 156 billions. The
expansion will bring additional 87% capacity to 770 tons/day at the end of 2014.
Current capacity is 410 tons/day with utilization rate of 99.26%.

Revenue will increase as capacity increased over 2011 to 2014. We project a

13.91% four years cumulative average growth rate of revenue to IDR 248.86 bil-
lions in 2014. EBITDA will also surge aligned with a 14.8% four years cumulative
average growth rate to IDR 48.68 billions in 2014. Furthermore, as the utilization in
2011 decrease and then slowly rebound, we expect that EBITDA margin move in
similar pattern with the utilization rate (figure 2.1).

PT. Rukun Raharja (RAJA) September 15, 2010

 SECURITIES
Figure3. Enhance in capacity push SNB’s revenue and profit

IDR Bio
300.00 19.49% 22.00%
18.88% 19.80%
19.20% 18.31%
250.00 20.00%

200.00 18.00%

150.00 16.00%

100.00 14.00%

50.00 12.00%

0.00 10.00%
2010F 2011F 2012F 2013F 2014F
Revenue EBITDA EBITDA m argin

Source : Company & Ciptadana Estimates

PT Energasindo Heksa Karya (EHK) – Less risky market

EHK supplies, distributes, and sells Natural Gas from Pertamina, ConocoPhillips,
and Adora to PLN Jambi and West Java industrial estate. Both the supplier and the
customer are trust-worthy players in the industry. Pertamina is the main natural gas
supplier in Indonesia while PLN is the leader of Indonesia’s power plant industry.
Thus, by becoming the mediator between trust-worthy suppliers and customers,
EHK operates its business in a less risky market.

Expand the gas transport in 2011

The expansion will increase
EHK gross profit by 29.45% with
a profit margin of 12.81% in
2012
By Q2 2011, EHK is planning to add gas transport of 25 MMSCFD through its pipe-
line with toll fee compensates from PLN. This expansion will surge gross profit by
29.45% in 2012 to IDR 263.27 billions from IDR 203.37 billions in 2010. Profit mar-
gin is also expected to increase from 9.35% in 2010 to 12.81% in 2012 (figure 4).
Beside, the expansion will be more economical. EHK will not spend any expenses
related to the construction of new machine or pipeline infrastructure, as currently
the total capacity of natural gas is 77.00 MMSCFD with the gas supplied to existing
customers are 38.70MMSCFD – idle 38.3 MMSCFD.

Figure4. Projected EHK gross profit and profit margin

IDR Bio
12.81%
800.00 14.00%
9.35% 10.95%
700.00 12.00%
600.00
10.00%
500.00
8.00%
400.00
6.00%
300.00
4.00%
200.00
100.00 2.00%

- 0.00%
2010F 2011F 2012F
Gross profit Revenue Profit Margin
6
Source : Company & Ciptadana Estimates

PT. Rukun Raharja (RAJA) September 15, 2010

 SECURITIES
PT Triguna Internusa Pratama (TIP) – Beyond 44% profit margin

TIP shall record impressive
profit margin due to refinancing
and expected increase in toll fee
rate
TIP operates in a quite similar business with EHK; However, TIP distributes LPG
(Liquefied Petroleum Gas) instead of LNG (Liquefied Natural Gas). In additions, TIP
also serves gas compression for PLN power plant. TIP handles minor and major
projects from local to national level to satisfy the clients’ budget and timely sched-
ule. With existing and potential projects in progress, supported by expected in-
creasing in toll fee rate from US$0.4/MSCF to US$0.6/MSCF in 2011, we believe
that TIP provides reasonable growth in a secure market. Existing customers of TIP
are PLTGU Cilegon and Odira Energi Persada. Figure 4.1 shows TIP performance
until 2014. The robust increase in 2011 is due to refinancing debt and expected
increase in toll fee. We forecast a conservative projection model with a constant toll
fee rate of US$0.6/MSCF onward from 2011 to 2014 and only include existing pro-
ject in our model. Hence, in terms of revenue, profit and margin, there will be no
significant changes. However, stable profit margins of beyond 44% in 2011 onward
are impressive achievement.

Figure5. TIP impressive margins beyond 44%

IDR Bio
90.00 45.5% 44.9% 45.6% 50.0%
44.3%
80.00 45.0%
70.00 40.0%
21.0%
35.0%
60.00
30.0%
50.00
25.0%
40.00
20.0%
30.00
15.0%
20.00 10.0%
10.00 5.0%
- 0.0%
2010F 2011F 2012F 2013F 2014F
Revenue Profit Profit m argin

Source : Company & Ciptadana Estimates

PT Capital Turbines Indonesia (CTI) - Commencing operation in

November 2010

Indonesian’s current electricity ratio of 62% indicates undersupply of electricity and

also signifies the growth potential for CTI. Low electricity ratio is exacerbated by
demand of electricity which is estimated growing by 9% p.a over the next few years.
However, although Indonesia faces the shortage condition of electricity power, the
administrative process in dealing with PLN often occur several problems. Thus, as
there is high uncertainty involved in new project, we only account existing project
into our model. CTI will commence the operation in November 2010. Currently, the
construction of power plant in Bintan Island, 2 X 22 MW capacity, is 90% in pro-
gress. This project is a Hire Purchase Agreement (HPR) with PLN for 3 years at
30MW base load tariff of IDR 738/kWH. HPR with PLN should benefit CTI in terms
of the maintenance of power plant. PLN will not only purchase the electricity supply,
but also agree to lease the power plant and accountable to the power plant.
7

PT. Rukun Raharja (RAJA) September 15, 2010

 SECURITIES
Realized that the current HPR is short (3 years), CTI negotiated the contract agree-
ment with PLN. According to the company, CTI has informally deal with PLN to ex-
tend the contract to 15 years with levelized tariff. As a result, tariff will be levelized
to IDR 504/Kwh in 2014 onward. Therefore, we estimate that revenue will start to
decline from 2013 to 2014, and then will be stable in IDR 124 billions from 2014
onwards. EBITDA margin will be diminishing from 69.99% in 2010 to 10.55% in
2014 (figure 5.1).

Figure6. CTI financial performance due to levelized tariff

IDR Bio
200.00 80.00%
180.00 70.00%
66.99%
160.00
47.99% 60.00%
140.00
44.42%
120.00 50.00%

100.00 35.01% 40.00%

80.00 30.00%
60.00 10.55% 20.00%
40.00
20.00 10.00%

0.00 0.00%
2010F 2011F 2012F 2013F 2014F

Revenue EBITDA EBITDA m argin

Source : Company & Ciptadana Estimates

Refinancing effect

Shareholders’ decision to provide 0% interest loan in order to refinance huge

Shareholders loan will surge
amount of debt from PRA and TIP will definitely increase the bottom line of RAJA.
RAJA net profit by 29.27% in
The cost saving is expected to surge FY2011 net profit by 32% and 58.91% for
2011
PRA and TIP, respectively (table 5 & 6). In the consolidated RAJA performance,
total interest expense until 2014 will reduce by 30.31% from IDR 227.60 billions to
IDR 158.62 billions (table 3 & 4). In terms of net profit, refinancing will significantly
enhance RAJA net profit FY 2011 and FY2012 by 29.27% and 16.44% respectively
(table 7). However, FY2010 net profit of PRA after refinancing should be lower than
pre-refinancing. This caused by additional cost in PRA for penalty early payment of
bank loan.

PT. Rukun Raharja (RAJA) September 15, 2010

 SECURITIES
Table3. RAJA interest expense prior refinancing Table4. RAJA interest expense post refinancing
IDR bn 2010 2011 2012 2013 2014 Total IDR bn 2010 2011 2012 2013 2014 Total
PRA 8.30 14.31 11.69 8.72 5.56 48.58 PRA 10.79 10.79
TIP 16.06 12.84 8.45 4.89 1.76 44.00 TIP 15.92 15.92
EHK 1.93 3.85 1.28 7.06 EHK 1.93 3.85 1.28 7.06
CTI 17.52 37.87 21.96 7.45 84.79 CTI 17.52 37.87 21.96 7.45 84.79
SNB 6.04 8.61 8.52 9.69 10.30 43.16 SNB 6.04 8.61 8.52 9.69 10.30 43.16
Total interest Total interest
49.85 77.48 51.90 30.75 17.62 227.60 52.20 50.33 31.77 17.14 10.30 161.73
expense expense
Cost Saving -2.35 27.15 20.14 13.62 7.32 65.87

Table5. PRA net profit before and after refinancing

IDR bn 2010 2011 2012 2013 2014

Net profit before Refinance 13.08 44.42 63.80 68.18 75.03

Net profit after Refinance 9.96 58.64 75.54 76.96 80.69

% increase -23.83% 32.00% 18.41% 12.88% 7.54%

Table6. TIP net profit before and after refinancing

IDR bn 2010 2011 2012 2013 2014

Net profit before Refinance 12.74 21.79 26.18 29.69 34.25

Net profit after Refinance 12.88 34.63 34.63 34.58 36.00

% increase 1.09% 58.91% 32.26% 16.49% 5.13%

Table7. RAJA net profit before and after refinancing

RAJA income statement 2010 2011 2012 2013 2014

Net profit before Refinance 20.26 92.75 122.50 124.64 107.19

Net profit after Refinance 17.91 119.89 142.64 138.26 114.51

% increase -11.62% 29.27% 16.44% 10.92% 6.83%

PT. Rukun Raharja (RAJA) September 15, 2010

 SECURITIES
Table8. Selected financial ratios
IDR bn 2008 2009 2010 2011 2012
EPS (IDR) 0.14 0.27 26 176 210
DPS (IDR) - - - - -
BVPS (IDR) 102 102 129 305 515
PER (x) 5,642.86 2,925.93 29.97 4.48 3.76
PBV (x) 7.75 7.73 6.15 2.59 1.53
ROE 0.14% 0.27% 20.51% 57.86% 40.77%
NPM 0.61% 1.10% 1.97% 10.55% 11.70%
EBIT Margin 3.83% 1.68% 14.66% 21.54% 21.70%
Debt to equity Ratio 0.02 0.00 20.69 7.09 3.56

Table9. Income statement (IDR bn)

Year to 31 Dec 2008 2009 2010F 2011F 2012F

Sales 15.48 17.03 908.9 1,136.8 1,218.9
COGS 12.56 13.48 695.4 804.5 858.8
Operating expenses 2.33 3.26 80.2 87.3 95.6
EBIT 0.59 0.29 133.2 244.9 264.5
Earnings before taxes 0.18 0.30 82.0 193.4 232.9
Net Income 0.09 0.19 17.91 120 143

Table10. Income statement (IDR bn)

As of 31 Dec 2008 2009 2010F 2011F 2012F

Cash & equivalents 0.30 4.18 40.28 78.67 128.75
Account receivables 2.84 6.34 130.53 137.50 149.49
Other current assets 1.38 0.83 102.58 78.43 76.03
Total current assets 4.52 11.35 273.39 294.60 354.27
Fixed assets - net 32.86 27.21 1,261.19 1,071.60 979.40
other fixed assets 33.37 31.48 405.73 376.18 351.23
Total assets 70.75 70.04 1,940.31 1,742.37 1,684.90

Account payables 0.97 0.06 100.60 95.30 91.02

Other current liabilities 0.08 0.06 905.93 945.14 906.23
Total current liabilities 1.04 0.12 1,006.53 1,040.44 997.25
Long term liabilities 0.11 0.13 800.08 429.64 248.07
Minority interests 0.36 0.36 41.61 61.90 87.46
Shareholder's equity 69.24 69.43 87.32 207.21 349.85
Total liabilities & equities 70.75 70.04 1,940.31 1,742.37 1,684.90

10

PT. Rukun Raharja (RAJA) September 15, 2010

 SECURITIES
EQUITY RESEARCH

Analyst Technical Analyst

Syaiful Adrian
Strategy, Banking, Resources
Phone : (62-21) 255 74 919
Email : adriansyaiful@ciptadana.com
Analyst
Sonny John
Telecommunication, Infrastructure, Property
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Email : johnsonny@ciptadana.com
Analyst
Fadil Kencana
Consumer, Plantations
Phone : (62-21) 255 74 820
Email : kencanafadil@ciptadana.com
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11
 SECURITIES
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Jl. Hayam Wuruk No.127 Semarang 50136, Indonesia
Jakarta 11180, Indonesia Phone : (62-24) 352 1199
Phone : (62-21) 6220 0360 Fax : (62-24) 356 5599
Fax : (62-21) 6231 0960
SURABAYA
JAKARTA - PLUIT Wisma Dharmala Surabaya
Jl. Pluit Raya No. 7 Ground Floor Suite 5 & 6
Jakarta 14450, Indonesia Jl. Panglima Sudirman 101-103
Phone : (62-21) 6669 6688 Surabaya 60271, Indonesia
Fax : (62-21) 6669 0770 Phone : (62-31) 534 3938
Fax : (62-31) 534 3886
JAKARTA - Puri Kencana
Perkantoran Puri Niaga III BANDUNG
Jl. Puri Kencana Blok M8 No.1H-1, Kembangan Wisma Lippo Bandung 3rd Floor
Jakarta 11610, Indonesia Jl. Jend. Gatot Subroto No.2
Phone : (62-21) 5835 6025 Bandung 40262, Indonesia
Fax : (62-21) 5835 6026 Phone : (62-22) 732 2288
Fax : (62-22) 732 2287
BOGOR
Jl. Salak No.20 MEDAN
Bantarjati, Bogor Tengah Jl. Cut Nyak Dien No.14
Bogor 16151, Indonesia Medan 20152, Indonesia
Phone : (62-251) 836 2255 Phone : (62-61) 4555 600
Fax : (62-251) 837 0054 Fax : (62-61) 4556 400

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ions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No rep-
resentation or warranty, expressed or implied, is made by CIPTADANA SECURITIES or any other member of the Ciptadana
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accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment
as of this date and there can be no assurance that future results or events will be consistent with any such opinions, forecasts or
estimates. The information in this document is subject to change without notice; its accuracy is not guaranteed; and it may be
incomplete or condensed.
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