Our Comment Global Coal Newcastle Coal Index showed 5.5% decline on last
Friday’s trading. Coal price has continuously declining in the last three
weeks, a contrast compared to oil price movement, suggesting that a weakening
coal demand. However, we like strong domestic coal play like Bukit Asam. Its
selling prices to domestic clients (based on contracts) are higher compared to
export prices. Our target price for Bukit Asam is Rp11,600. BUY.Bisnis
Indonesia daily reported that a number of car manufacturers plan to raise the
selling price by 2-5%, due to depreciating rupiah against the dollar. We
expect the raise will further dampen domestic demand for 4W. Gaikindo,
Indonesian car manufacturer association, expects that car sales in 2009 to be
around 400k or fall by almost 35% YoY from 608k units in FY08. Maintain HOLD
on Astra International.Indonesia and South Korea signed MoUs for projects worth
US$6 billion. The projects include among others mining, power generation,
biotechnology of ocean and environment. Indonesia is also offering cooperation
in the fiber optic backbone between the two countries.During the long weekend
in Jakarta, the US and regional markets were mostly down. Oil price has
increased to over US$47/bbl while the rupiah is still hovering at around
Rp12,000/US$. Katarina Setiawan Highlights• Bakrie Sumatera (HOLD): FY08
sales in line with expectation• Ace Hardware: To propose 10% payout
ratio• Automotive: Car producers to raise price further• Coal: Coal index
down 23% in the last 3-week• BAT Indonesia: FY08 resultsFrom our chartist
desk• IDX: Assuming TD sequential will complete, DJIA will go to 6200
(maintain target level). Positive sentiment is expected from higher oil price
and reversal on Indonesia bond index. Low IDX target is at 1230, and one-month
target is 1330. Today’s trading range is between 1230-1261-1273 (support) and
1291-1297-1308 (resistance). • ASII: Momentum and GMMA indicators
are still expected to reach second resistance at Rp11700. Buying power was in
last 3 days TAKE PROFIT• BBCA: Middle line of Bollinger band is in strong
reversal. Good opportunity to enter until our target Rp2675. TRADING BUY
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