Tower Bersama, Tower Grab, CLSA

The TBIG/ISAT tower deal is attractive with interests aligned and a major
boost for the company‟s growth trajectory. The US$406m acquisition
price (US$162k/tower) implies an EV/EBITDA multiple of 8x and a day-1
ROIC of 9% comfortably covers the cost of capital. However the material
value creation will occur on ramping up the current 1.3 tenancy ratio on
these new towers to 2.0 or above. Our modelling of the deal shows there
is a further 20% upside to our current DCF valuation. TBIG is one of the
best ways to play the lower cost capital thematic in Indonesia. BUY.

INDONESIA BOP - Capital concerns despite high FDI, CLSA

Indonesia’s 4Q11 BOP data provide some
reassurance of rupiah exchange rate support after
Bank Indonesia’s rate cut last week, specifically from
high and rising FDI inflows. However, offsetting
outflows on the capital account along with a deficit
on the current account in 4Q11 reinforce our view,
and that of many investors, that BI should be treading
a more cautious monetary path.

Regional Plantations , Clouds on the horizon, Macquarie

The fundamentals of Crude Palm Oil (CPO) held up relatively well through 4Q11

and 1Q12, as we had expected. However, an elevated macro risk environment

kept most investors away from plantation stocks for the better part of last year.

With these risks receding somewhat, we have finally seen equity prices catch up

with the fundamentals of the commodity. In the past three months, plantation

stocks have risen on average by 14% vs. a 2% rise in the commodity. From here

on, individual company prospects, rather than the commodity price, are likely to

drive differential stock performance in our view.

Saham Pilihan Selasa, 14 Februari 2012

SMCB : Muncul indicator bullish parabolic sar diikuti oleh golden crossnya MACD and positifnya histogram mengindikasikan dapat berlanjutnya penguatan.

Support    : S1  2.325    S2  2.250

Resisten   : R1  2.400    R2  2.475

Rekomendasi : Trading Buy