Our Comment
The government announced it will start to disburse economic stimulus in the
amount of Rp71.3t in April. Among the first to be disbursed is infrastructure
fund of Rp10.2t. To support purchasing power the government will also raise
wages of civil servants by 15% and disburse direct cash aid of Rp3.7t. The
above stimulus and aid will help support purchasing power and, hence, positive
for consumer goods sector. Maintain BUY on Unilever, Gudang Garam and
Ramayana.
Infrastructure sector will also be the main beneficiary of higher government
spending. Our top pick in the sector is Wijaya Karya. It has the most
dicersed portfolio and a grest share of the government infrastructure
projects. At the current price the stock is trading at 7.1x 2009F PER. BUY, TP
is Rp300 (46% potential upside). Katarina Setiawan Highlights
• Energi Mega: Expects net profit between Rp71-115b
• Bank Mandiri: Deposit grew 16.9% From our chartist desk• IDX: Implied
volatility still signals correction, in line our expectation. Good news from
financial sector indicator in the US, at –3,9 level at the first time since
September 2008. We see positive direction, based on TD sequential buy set up
5th . Maintain our target IDX index at 1416. Today’s trading range is between
1315-1330-1340 (support) and 1356-1361-1377 (resistance)
• PTBA: The share price started to move up (moving average 50 day,) with
increasing volume. TRADING BUY
• MEDC: Middle line cut of the last candle. But overall chart indicated
potential positive direction. BUY ON WEAKNESS
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