Market Outlook

Head-start 29-07-2010

 

BUY: (TLKM, DOID, BKSL, PTBA)

  • Walaupun index dapat terkoreksi akibat turunnya regional, penguatan rupiah ke dibawah 9.000 menjelang optimisme pasar terhadap data inflasi & GDP Senin depan memberikan sentiment positif untuk terus melakukan akumulasi di IHSG.

 

  • IHSG close (28-07) 3.062.520(+20.850/+0.69%) (Val.Rp.3.0T)

 

  • Support: 3.040-3.010-2.960, Resistance: 3.070-3.100

 

 

Stock picks:

 

1.    Telkom (TLKM): (BUY) (Target: Rp.8.400) (close 28/07 Rp.8.250)

  • Expektasi pasar terhadap peningkatan kerja Telkomsel di 2H 2010 pasca hasil Q2 2010, pengembangan bisnis broadband, serta spinoff beberapa menara telekomunikasi dapat mendorong investor terus akumulasi counter telco dengan valuasi PBV termurah di Asia sesudah BTEL.

 

  • Exit: (1) Rp.8.150, Exit (2) Rp.8.050, Cut-loss point: Rp.7.950

 

 

2.    Delta Dunia (DOID) (BUY): (Target: Rp.1.140) (Close 28/07 Rp.1.050)

  • Kinerja membaik: peningkatan produksi batubara pasca pembelian alat baru dari Komatsu dan Caterpillar di Q2 2010 naik 2.5% versus Q1

  • Walaupun kelihatannya jenuh beli, namun naiknya indicator ADX mendekati level 20 menunjukan bahwa mulai ada perubahan kondisi tren dari sideways ke trending positif sehingga rekomen akumulasi.

 

  • Entry (1) Rp.1.030, (2) Rp.995, Cut loss point: Rp.960

 

 

 

3.   Bukit Sentul (BKSL) (BUY): (Target: Rp.124) (Close 28/07 Rp.114)

  • Sektor property paling diuntungkan dari re-valuasi harga asset di Indonesia akibat penguatan rupiah sehingga akumulasi BKSL yang terdiskon 40% dari high April lalu, & 70% dari harga saham competitor Alam Sutera (ASRI).

 

  • Potensi penguatan harga batubara & rupiah membuka peluang untuk re-rating valuasi reserve batubara yang dimiliki.

 

  • Entry: (1) Rp.113, Entry: (2) 110, Cut loss point: Rp.108

 

 

 

4.   Bukit Asam (PTBA): (BUY) (Target: Rp.17.500) (close 28/07 Rp.17.000)

  • Terus rekomen akumulasi dengan target price baru karena pasar mulai pricing in revaluasi harga cadangan batubara bila harga minyak memang bisa menembus $80/b.

 

  • Pasar optimis harga dan output export batubara akan meningkat di 2H 2010.

 

  • Entry: (1) Rp.16.900, Exit (2) Rp.16.700, Cut-loss point: Rp.16.300

 

 

Yuganur Wijanarko

Senior Research. (Yuganur@hdx.co.id)

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