KC <[EMAIL PROTECTED]> wrote:            
                 
   Our  Comment
  The  government is offering 13 ready-for-tender-projects with total value 
Rp46t  (US$4.93b). Feasibility studies on the projects have been completed and 
the  government expects to launch a prequalification tender by November 08. The 
 projects include toll roads, coal-fired power plant, as well as drinking water 
 in area of Sumatra, Java, Bali and Sulawesi . We  see that two state-owned 
construction companies: Adhi Karya and Wijaya Karya will be the major  
beneficiaries for the infrastructure projects.
  Indosat launched  cheap tariff of Rp40 per call for on-net calls on a certain 
period (i.e.,  01.00-06.00 for Greater Jakarta and Banten customers) and a 
cheap tariff of  Rp40/SMS to all operators by using Super Voucher 200 SMS. This 
will likely to  boost number of subscribers.  However, ARPU will decline.  
While  impact on voice calls will be slightly limited (given the odd hours for 
the  cheap tariff), we expect the program to increase SMS usage significantly.  
 The above even further shows that the telecommunication sector is experiencing 
 tight competition.  We see that Indosat share price will remain strong in  the 
near future, triggered by valuation used by Qatar Telecom.  There are  still 
uncertainties pertaining tender offer.  Maintain TRADING  BUY.
  The    US markets dropped this morning,  triggered by financial sector and 
sharp increase in producer prices. The Fed is  expected to maintain its 
interest rates at current level in the next meeting.  But pressure on rate rise 
is mounting, driven by inflationary  concern.
   Katarina  Setiawan
    
    
  Highlights
  •      Astra Agro  Lestari (BUY): To build 2 new  mills
  •      Indofood  (BUY): Plans a private  placement
  •      Charoen Pokphand  (BUY):  Obtained loan for  Capex
  •      Indosat (TRADING  BUY): Launched new cheap tariff for  IM3
  •      Aneka  Tambang: Project cost in Buli may increase  to US$4.5b
  •      Budi  Acid: Share buyback plan  update
  •      IPO: Bayan  Resources ( a coal  mine company)
  •     Bank  Buana: UOB to do a tender  offer
  •      Construction  sector: Govt to call tender for 13  infrastructure 
projects
  From our chartist  desk
  •      JCI: Next  support for JCI is 2350, as the low test level. Moving 
average/MACD 100-200 days  has not shown a reversal. CPO, plywood, property, 
and infrastructure sectors are  potentially good for entry. Today’s trading 
range is between 2315-2348-2363  (supports) and 2396-2414-2447 (resistances)    
  
  •      ISAT: Share  price is in corrective wave 2 right now, but near 
technical rebound from moving  average-14 days side. BUY ON  WEAKNESS 
  •      UNTR: Strong  impulse wave 3rd with  up trend line. Our target price  
is Rp13450. TRADING BUY.   
    
    



          

       

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