Daily Commentary Phillip Securities Indonesia JCI: 4,320.189 USD: 9,643.000

3 January 2013

IDX Statistic

Chg. (%)

JCI

0.69

Total Trading Value (IDR T)

YTD (%) 12.66

4.21

Net Foreign Buy (IDR B) Global Indices

Last 4,346.48 82.74

Chg. (%)

Last

YTD (%)

Dow Jones

2.35

13,412.55

FTSE 100

2.20

6,027.37

5.75

Nikkei 225

0.70

10,395.18

21.44

Hang Seng

2.89

23,311.98

23.49

Shanghai Comp.

1.61

2,269.13

4.60

ASX 200 (Aust.)

1.23

4,705.94

13.25

1.09

3,201.74

STI (Sing) Commodity

Chg. (%)

Oil ($/bl) - NYM

-0.40

Last 92.75

8.19

19.10 YTD (%) -7.85

Gold ($/oz) - COM

0.05

1,689.60

5.73

Nickel ($/mt) - LME

3.80

17,705.00

-6.32

Tin ($/mt) - LME

4.50

24,445.00

22.26

CPO (MYR/ton) - KLSE

-2.32

2,320.00

-26.93

Coal* ($/m/ton) - NYM

-0.02

62.17

Interest Rate & Currency

-15.99 Last

Fed rate (%)

0.25

BI rate (%)

5.75

Inflation rate (%)

4.30

US$/IDR

9,685.00

JPY/IDR

111.39

SGD/IDR

7,932.03

EUR/IDR

12,862.17

ADR / Dual Listed

Chg. (%)

IDX (IDR)

NYSE (USD)

Telkom (TLKM / TLK)

1.71

8,950.00

37.58

Indosat (ISAT / IIT)

1.30

6,450.00

33.50

* Central Appalachian Coal (NYMEX)

Daily JCI Chart

4,400  4,300  4,200  4,100  4,000  3,900  3‐Sep

3‐Oct

3‐Nov

3‐Dec

Market Review Most Indonesian stocks advanced on the first trading day of 2013, with commodity stocks gained the most and basic industry sector fared worst. The Jakarta Composite Index (JCI) gained 29.788 points, or 0.69%, to close at 4,346.475. The advance on Wednesday (02/01) was boosted by positive sentiments in the first trading day of the year, and as most stock markets in Asia rallied after the US House of Representatives voted in favor of legislation to undo much of the fiscal cliff. Six of the 9 major industry groups climbed, with mining sector rallied 5.65%, agriculture sector surged 2.88%, and trade and services sector gained 1.60%. LQ45 – the index trailing Indonesia’s blue-chip shares – added 7.747 points, or 1.05%, to close at 742.789. For every blue-chip stock that declined, more than 3 advanced on Wednesday. In Asia, most markets held their gains on the first trading day of 2013 after the US House of Representatives voted 257-to-167 in favor of a Senate-approved deal to undo tax hikes and spending cuts that began going into effect at the start of the year. The fiscal-cliff has been a source of concern for regional markets in the last several weeks because of its potential impact on the US economy. More than 143 shares advanced, 103 shares declined, and 220 shares remained unchanged Wednesday on the Indonesia Stock Exchange. Wednesday’s top performers included shares of Tambang Batubara Bukit Asam (PTBA) rose 1,450 points or 9.60% to IDR 16,550, United Tractors (UNTR) gained 1,250 points or 6.35% to IDR 20,950, H.M. Sampoerna (HMSP) advanced 1,100 points or 1.84% to IDR 61,000, Unilever Indonesia (UNVR) added 1,000 points or 4.80% to IDR 21,850, and Bayan Resources (BYAN) climbed 750 points or 8.88% to IDR 9,200. Decliners were among others Delta Djakarta (DLTA) dropped 5,500 points or 2.16% to IDR 249,500, Chandra Asri Petrochemical (TPIA) lost 825 points or 18.86% to IDR 3,550, Gudang Garam (GGRM) declined 800 points or 1.42% to IDR 55,500, Indocement Tunggal Prakarsa (INTP) shed 550 points or 2.45% to IDR 21,900, and Tower Bersama Infrastructure (TBIG) trimmed 250 points or 4.39% to IDR 5,450. US stocks surged on Wednesday (03/01), with the Dow industrials notching their largest first-session-of-the-year-point rise ever, as Wall Street welcomed an 11th-hour deal to avoid steep spending cuts and tax increases and pondered deficit moves still ahead. The Dow Jones Industrial Average rose 308.41 points, or 2.4%, at 13,412.55, with Hewlett-Packard Co. (HPQ) and Caterpillar Inc. (CAT) leading gains that included all of its 30 components. The S&P 500 index climbed 36.23 points, or 2.5%, to 1,462.42, with telecommunications the best performing of its 10 major industry sectors, all of which advanced. The Nasdaq Composite added 92.75 points, or 3.1%, to 3,112.26. Shares of iPhone maker Apple Inc. (AAPL) rose 3.2%. The measure approved by the US House of Representatives just after 11 p.m. Tuesday undid tax hikes for all but one to two percent of US households. The Jakarta Composite Index potentially will continue advancing today, after rallies on US markets that may fuel sentiments in Asia this morning. We expect the JCI to trade within 4,294 – 4,391 range.

Please see the back page for rating definition, analysts certification, and important disclosure. Phillip Securities Indonesia (PSI) may seek to do business with companies coverage in its reports. As a result investors, should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision

Daily Commentary Phillip Securities Indonesia Research 3 January 2013

Macro, industry and corporate update/news Economy – Inflation Indonesia’s inflation slowed for a second month in December, supporting the central bank’s decision to hold off interest-rate increases as exports slump. Consumer prices climbed 4.3 percent from a year earlier last month, after a previously reported 4.32 percent gain in November, according to the central bureau of statistics. (Source: Bloomberg) Industry – Oil and Gas The government expects total investment in oil and gas in 2013 will reach USD 17 billion or 80 percent of its total target of USD 23 billion, the oil and gas watchdog caretaker SK Migas. SK Migas also sees 2012 oil and gas output that will come from 47 oil and gas fields, will reach 957 barrels of oil equivalent per day. (Source: Reuters) IPO - Pos Indonesia State-owned postal firm Pos Indonesia plans to sell 25-30% of its enlarged capital via initial public offering (IPO) in the second half of 2013. The firm expects to raise between 1 trillion rupiah and 1.5 trillion rupiah for expansion. (Source: Reuters, Bisnis Indonesia) Medco Energi Internasional (MEDC) Oil and gas company Medco Energi Internasional sees revenues in 2013 reaching USD 270 million as production is expected to reach 65,000 barrels of oil equivalent per day. (Source: Reuters, Bisnis Indonesia) Semen Gresik (Persero) (SMGR) Cement producer Semen Gresik (Persero) expects production in 2013 to reach 28.3 million tons, up from this year's 22.6 million tons, according to the company’s management. (Source: Reuters, Bisnis Indonesia) Industry - Automotive The Indonesian Motorcycle Industry Association (AISI) says domestic motorcycle sales in 2013 will fall 15 percent, due to slowing demand after the government introduced a new policy on minimum down payment for automotive loans at 20 to 30 percent. Sales in 2012 fell to 7.1 million units from 8.01 million units in 2011 as per the association records. (Source: Reuters, Bisnis Indonesia) Holcim Indonesia (SMCB) Cement firm Holcim Indonesia has signed a royalty fee agreement with affiliated company Holcim Technology Ltd to increase royalty fee from the existing 1.7 percent of sales to 4 percent in 2013 and 5 percent in 2014. The royalty fee increase is related to higher licensing, group and industrial fees. (Source: Reuters, Kontan) Alam Sutera Realty (ASRI) A publicly-listed property company, Alam Sutera Realty (ASRI), projects marketing sales growth in 2013 by 20% to IDR 4.2 trillion. In addition to projects in Kota Mandiri Alam Sutera Serpong, the company also begins to market projects in Kota Mandiri, Pasar Kemis, Tangerang. As of November 2012, Alam Sutera’s marketing sales reached IDR 3.6 trillion, or exceeded marketing sales target in 2012 amounted to IDR 3.5 trillion. (Source: Indonesia Finance Today) TiPhone Mobile Indonesia (TELE) TiPhone Mobile Indonesia, telecom product distributor company, targets 2013 revenue to reach IDR 13 trillion (USD 1.32 billion) and projects IDR 325 billion profit. Last year, the company booked IDR 7.9 trillion revenue and IDR 200 billion profit. The company relies on the organic and inorganic growth strategy this year. (Source: Indonesia Finance Today)

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Daily Commentary Phillip Securities Indonesia Research 3 January 2013 Telekomunikasi Indonesia (Persero) (TLKM) State-owned telecommunication company Telkom is seeking funding of IDR 12 trillion this year. The fund will be used for its expansion plan which involves a total of IDR 20 trillion. The fund will be obtained from bond issuance, bank loans, as well as internally generated cash. (Source: Kontan)

Sector Heatmap Agriculture

Basic Industry

Finance

2.88%

-1.54%

0.54%

Mining

Miscellaneous Industry

Property, Real Estate & Construction

5.65%

-1.39%

0.01%

Trade & Services

Consumer Goods

Infrastructure

1.60%

1.15%

-0.46%

Source: Phillip Securities Indonesia and consensus

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Daily Commentary Phillip Securities Indonesia Research 3 January 2013

Daily Valuation Table Stock

Stock Code

Last Px (Rp)

M.Cap (Rp tn)

TTM

PER (x) 12F

13F

Agriculture Astra Agro Lestari AALI 20,050 31.6 15.1 13.5 12.1 PP London Sumatra LSIP 2,425 16.5 11.4 10.5 9.3 Sampoerna Agro SGRO 2,700 5.1 15.3 10.2 8.7 Salim Ivomas Pratama SIMP 1,230 19.5 10.7 11.3 9.7 Sinar Mas Agro Resources SMAR 6,550 18.8 10.8 65.5 65.5 Mining 6. Adaro Energy ADRO 1,740 55.7 11.0 11.5 11.5 7. Aneka Tambang ANTM 1,330 12.7 9.2 9.3 9.1 8. Bayan Resources BYAN 9,200 30.7 22.2 19.4 22.9 9. Bumi Resources BUMI 620 12.9 -8.2 -645.8 5.4 10. Indo Tambang Raya Megah ITMG 42,150 47.6 8.7 10.4 11.0 11. International Nickel Indonesia INCO 2,525 25.1 26.8 12.2 9.8 12. Bukit Asam PTBA 16,550 38.1 12.6 11.3 11.3 13. Timah TINS 1,680 8.5 15.7 10.1 10.1 Basic Industry and Chemicals 14. Charoen Pokphand Indonesia CPIN 3,600 59.0 21.2 19.4 17.4 15. Indocement Tunggal Prakarsa INTP 21,900 80.6 20.0 18.4 15.9 16. Semen Gresik SMGR 15,950 94.6 22.8 20.7 17.5 Miscellaneous Industry 17. Astra International ASII 7,500 303.6 13.2 16.0 14.0 Consumer Goods Industry 18. Gudang Garam GGRM 55,500 106.8 22.7 20.6 17.3 19. Hanjaya Mandala Sampoerna HMSP 61,000 267.4 29.2 610.0 610.0 20. Kalbe Farma KLBF 1,040 10.6 6.1 5.8 5.1 21. Indofood CBP Sukses Makmur ICBP 8,000 46.6 22.0 20.1 18.1 22. Indofood Sukses Makmur INDF 5,800 50.9 16.0 14.8 13.1 23. Unilever Indonesia UNVR 21,850 166.7 37.7 35.6 30.6 Property, Real Estate and Building Construction 24. Lippo Karawaci LPKR 1,000 23.1 26.6 25.7 21.6 25. Bumi Serpong Damai BSDE 1,110 19.4 20.2 17.9 14.8 Infrastructure, Utilities and Transportation 26. XL Axiata EXCL 5,700 48.6 17.5 14.7 12.7 27. Indosat ISAT 6,450 35.0 1692.9 26.9 22.8 28. Jasa Marga JSMR 5,550 37.7 24.9 22.5 20.7 29. Perusahaan Gas Negara PGAS 4,600 111.5 17.0 15.9 14.3 30. Telekomunikasi Indonesia TLKM 8,950 180.4 15.4 13.7 12.7 Finance 31. Bank Central Asia BBCA 9,100 222.1 19.6 19.4 16.4 32. Bank Negara Indonesia BBNI 3,725 68.8 10.9 10.7 9.1 33. Bank Rakyat Indonesia BBRI 7,050 172.2 10.2 10.5 9.1 34. Bank Danamon Indonesia BDMN 5,550 52.7 13.4 13.3 11.6 35. Bank CIMB Niaga BNGA 1,110 27.6 7.7 10.0 8.7 36. Bank International Indonesia BNII 405 22.6 25.3 37.0 23.9 37. Bank Mandiri BMRI 8,250 190.6 14.7 13.7 14.7 Trade, Services and Investment 38 United Tractors UNTR 20,950 78.1 12.1 12.8 11.0 JCI (IHSG) 4,346 19.3 16.2 13.6 * These target prices are based on fundamental analysis and mostly for 12-month ** B=Buy, H=Hold, S=Sell, NR=Not rated and based on consensus figures

EV/EBITDA (x) P/BV (x) TTM 12F 13F MRQ 12F

1. 2. 3. 4. 5.

Notes: Px M.Cap: PER TTM: F: A:

: : : : : :

Price Market Capitalization Price / Earning Ratio Trailing Twelve Months Forecast Actual

9.6 7.9 6.9 8.1 6.5 5.5 8.0 6.2 5.2 8.7 5.3 4.6 7.3 156.8 156.8

Div Yld (%) 11A 12F 13F

TTM

4.0 2.9 2.1 1.5 2.2

3.5 2.4 1.8 1.4 3.2

3.1 2.0 1.6 1.2 2.6

4.1 4.1 3.2 1.7 1.1

4.4 3.5 3.3 2.2 2.3

4.5 3.5 3.5 2.8 3.1

27.2 26.9 14.1

ROE (%) 12F 13F

22.3

26.8 24.2 19.8 13.2 20.0

26.6 23.3 20.3 14.1 20.0

5.0 5.4 15.9 5.2 5.7 9.3 9.1 7.2

4.8 6.2 11.6 3.5 6.0 6.1 7.4 5.5

4.5 63.5 10.6 2.8 6.0 5.0 6.9 4.2

2.4 1.2 6.4 2.9 5.0 1.6 4.8 1.9

2.1 1.1 5.7 1.1 4.3 1.5 3.9 1.8

2.0 1.0 5.0 1.0 3.9 1.3 3.5 1.6

4.7 6.8 2.2 2.2 8.4 6.5 4.9 5.3

3.4 4.2 3.0 4.0 8.0 6.0 4.5 4.4

2.7 3.4 3.1 3.8 7.1 4.1 4.8 4.4

23.2 13.7 31.6 -48.6 61.6 5.8 41.0 12.3

19.3 12.0 26.8 7.0 42.3 12.4 36.5 17.2

17.7 11.3 26.9 15.2 36.8 13.4 32.4 16.7

15.2 13.6 16.4

14.5 11.6 14.2

12.7 9.6 11.7

8.2 4.8 6.5

7.2 4.3 5.6

5.8 3.6 4.7

1.2 1.3 2.1

1.7 1.5 2.1

2.4 1.9 2.4

45.7 26.4 30.8

38.4 24.9 28.4

34.8 24.3 28.2

12.9

12.5

10.6

4.7

4.3

3.7

2.6

2.8

3.2

32.2

28.0

27.2

14.1 28.7 3.7 14.4 7.2 27.1

13.6 24.0 3.3 12.0 5.6 25.3

11.1 21.1 2.6 10.6 4.8 21.8

4.3 32.2 1.6 4.5 2.6 44.5

3.8 26.2 1.4 4.0 2.4 34.4

3.4 26.2 1.3 3.5 2.2 29.9

1.8 1.0 9.1 2.1 3.0 1.4

1.9 2.5 8.4 1.9 2.5 2.4

2.2 20.3 22.6 20.8 2.1 120.9 20.0 20.0 9.5 28.0 25.3 25.5 2.1 21.7 20.9 20.3 2.7 17.0 16.6 16.8 2.8 122.3 107.1 107.7

17.4 12.9

17.0 11.8

14.6 9.2

2.4 2.6

2.4 2.5

2.2 2.2

0.8 0.9

0.9 1.2

1.1 1.5

9.0 13.9

9.9 14.4

10.5 15.4

6.2 5.8 13.6 11.1 5.1

5.5 5.3 13.5 9.5 4.6

4.9 4.9 12.2 8.5 4.2

3.5 1.9 4.7 6.9 3.8

3.1 1.8 4.0 5.5 3.3

2.7 1.7 3.6 4.6 2.9

2.3 0.9 1.4 2.9 3.5

2.7 1.6 1.8 3.6 4.5

3.5 2.1 2.2 4.0 5.1

20.9 0.1 19.2 44.2 25.6

21.9 7.0 18.2 37.7 24.8

22.1 7.4 18.3 35.8 24.2

14.2 11.8 7.9 6.6 9.8 8.1 8.9 7.8 232.2 232.2 188.1 188.1 9.9 8.4

4.9 1.0 3.2 2.0 1.4 2.7 2.9

4.5 1.6 2.8 1.9 1.4 2.7 2.6

3.7 1.4 2.2 1.8 1.3 2.4 2.2

1.2 1.7 1.7 1.9 0.7 0.0 1.3

1.5 2.4 1.9 2.2 6.1 1.5 1.8

1.7 2.8 2.2 2.7 5.4 1.8 2.1

27.4 17.4 35.3 17.0 19.6 11.2 21.4

25.2 16.1 29.1 14.6 14.9 7.5 20.7

25.0 16.9 27.0 15.0 15.9 10.6 20.8

2.8 3.2

2.6 2.5

2.3 2.1

25.1 1.8

21.2 1.4

20.9 1.5

25.1 28.7

21.2 16.9

20.9 18.5

6.9

EV P/BV MRQ Div. Yld. ROE

Source: Phillip Securities Indonesia and consensus

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13F

6.4

: : : : :

5.4

Enterprise Value Price / Book Value Most Recent Quarter Dividend Yield Return on Equity

Daily Commentary Phillip Securities Indonesia Research 3 January 2013

Research Team | Telp: +62-21-57900800 | E-mail: [email protected] Armand Dharmasana (AD) Gunawan Sutanto (GS) Aditya Perdana Putra (AP) Pandristo Prasetyo Ginarto (PP)

Rating for Sectors: Overweight : Expect the industry to perform better than the primary market index (JCI) over the next 12 months. Neutral : Expect the industry to perform in line with the primary market index (JCI) over the next 12 months. Underweight : Expect the industry to under perform the primary market index (JCI) over the next 12 months. Rating for Stocks: Buy : We expect this stock to give total return (price appreciation + dividend yield) of above 15% over the next 12 months. Hold : We expect this stock to give total return of between -15% and 15% over the next 12 months. Sell : We expect this stock to give total return of -15% or lower over the next 12 months.

Analyst Certification The research analyst(s) primarily responsible for the preparation of this research report hereby certify that all of the views expressed in this research report accurately reflect their personal views about any and all of the subject securities or issuers. The research analyst(s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.

Disclaimers This document has been prepared for general circulation based on information obtained from sources believed to be reliable but we do not make any representations as to its accuracy or completeness. Phillip Securities Indonesia (PSI) access no liability whatsoever for any direct or consequential loss arising from any use of this document or any solicitations of an offer to buy or sell any securities. PSI and its directors, officials and/or employees may have positions in, and may affect transactions in securities mentioned herein from time to time in the open market or otherwise, and may receive brokerage fees or act as principal or agent in dealing PP with respect to these companies. PSI may also seek investment banking business with companies covered in its research reports. As a result investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

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Daily Commentary Phillip Securities Indonesia Research 3 January 2013

ANZ Tower Level 23B, Jl. Jendral Sudirman Kav 33A, Jakarta, 10220 - Indonesia Telp. (62-21) 57 900 800, Fax. (62-21) 57 900 809, Email : [email protected] Website: www.phillip.co.id | www.poems.co.id | www.poems.web.id Jakarta Komp. Ruko Mega Grosir Cempaka Mas Jl. Let. Jend. Soeprao Blok D No. 7 Jakarta, 10640 Telp. (62-21) 4288 5051 / 52; Fax. (62-21) 4288 5049 E-Mail: [email protected]

Mangga Dua Ruko Bahan Bangunan Mangga Dua Blok F1/8 Jl. Mangga Dua Selatan Jakarta 10730 Telp. (62-21) 6220 3589; Fax. (62-21) 6220 3602 E-Mail: [email protected]

Rukan Sentra Latumenten Jl.Prof.Dr Latumenten no.50 Blk AA 12 Jakarta, 11460 Telp. (62-21) 5694 1781; Fax. (62-21) 5694 1791 E-Mail: [email protected]

Roxy Pusat Niaga Roxy Mas Blok B2/2 Jl. KH. Hasyim Ashari - Jakarta Barat Telp. (62-21) 6386 8308; Fax. (62-21) 6333 420 E-Mail: [email protected]

Pantai Indah Kapuk Jl. Pantai Indah Barat Rukan Ekslusif BGM Blok B-6 Telp. (62-21) 5694 5791/92/93; Fax. (62-21) 56945790 E-Mail: [email protected]

Taman Palem Rukan Malibu Blok H No. 23 Cengkareng, Jakbar 11730 Telp. (62-21) 5694 5055 / 5077; Fax. (62-21) 5694 5013; E-Mail: [email protected]

Sunter Jl. Mitra Boulevard Blok D No. 5 Sunter Jakarta, 14350 Telp. (62-21) 6530 2729; Fax. (62-21) 6583 7463 E-Mail: [email protected]

Kelapa Gading Jl. Boulevard Raya Blok WB2/27 Kelapa Gading Jakarta Utara Telp. (62-21) 7070 0050/4587/9264; Fax. (62-21) 453 2939; EMail: [email protected]

Citra Garden 2 Komp. Citra Niaga Blok A No.18 Citra Garden 2 - Kalideres, JakBar Telp. (62-21) 5436 0175; Fax. (62-21) 5436 0174

Puri Indah Puri Tirta, Kompleks Puri Kencana, Blok L6 No.88I Kembangan, Jakarta Barat Telp. (62-21) 58 00 999; Fax. (62-21) 58 300 999

Tanah Abang Pusat Grosir Metro Tanah Abang (PGMTA) Lantai 6, Jl.Fachrudin Tanah Abang - Jakarta Pusat 10250 Telp : (021) 3003 6745 / 3003 6746; Fax : (021) 3003 6748 E-Mail: [email protected] Jawa Tengah Purwokerto Jln. Perintis Kemerdekaan No. 38 Purwokerto - Jawa Tengah, 53110 Telp. (62-281) 626 899; Fax. (62-281) 891 150 E-Mail: [email protected]

Solo Jl. Veteran 140 / 2-3 Solo, Jawa Tengah Telp. (62-271) 655 567, 667 168; Fax. (62-271) 647 288 E-Mail: [email protected]

Semarang Jl. Karang Wulan Timur No. 2 - 4 Semarang Indonesia Telp. (62-24) 355 5959; Fax. (62-24) 351 3194 E-Mail: [email protected]

Tegal Kompleks Nirmala Square Blok C no.7 Jl. Yos Sudarso - Tegal 52121 Telp. (62-283) 340773; Fax. (62-283) 340774

Jawa Barat Komp.Paskal Hypersquare Blok C-21 Jl Pasirkaliki 25-27 Bandung Telp. (62-22) 8606 0690; Fax. (62-22) 8606 0765 E-Mail: [email protected]

Bali Jln. Melati No. 45 Blok E Denpasar - Bali, 80233 Telp. (62-361) 238 987; Fax. (62-361) 229 803 E-Mail: [email protected]

Jawa Timur Jln. Flores No. 11 Surabaya, 60281 Telp. (62-31) 501 5777; Fax. (62-31) 501 0567 E-Mail: [email protected]

Batam Kompleks Mahkota Raya Blok A no. 10 Batam Centre, Kota Batam 29456, Kepri Telp. (62-778) 748 3337/3030/3131; Fax. (62-778) 748 3117; EMail: [email protected]

Jambi Jln. GR. Djamin Datuk Bagindo No. 56A Jambi, 36142 Telp. (0741) 707 8260, 7555 699 E-Mail: [email protected]

Kalimantan Barat Jl. Teuku Umar Komplek Pontianak Mal C 23-24 Pontianak, Kalimantan Barat Telp. (62-561) 777 887; Fax. (62-561) 745 103 E-Mail: [email protected]

Lampung Jl. Ikan Tongkol No. 33 Blok 7-8 Teluk Betung - Bandar Lampung, 35223 Telp. (2-721) 474 234; Fax. (62-721) 474 108 E-Mail: [email protected]

Pojok BEI (Phillip Sec Ind. – Univ. Bandar Lampung – BEI) Jl. Z.A Pagar Alam No. 89 Bandar Lampung, 35141 Telp. (62-721) 771 695; Fax. (62-721) 770 261

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