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HeaDstart 11-08-2014 (english version)

Index stood ground, be prepared for the bounce back

Mild buying by local players halted the correction in the index from going deeper despite weaker regionals weighing on sentiment, we are confident that a bounce back to 5.125-5.165 should be underway.

Support: 5.050-4.980, Resistance:5.165-5.250-5.350



Stock picks: (BUY: PTPP, CTRA, BBRI, ACES)

 1. PP Persero (PTPP) (BUY) (PE 2014 38x, PBV 5x, ROE 14.6%) (Trading target Rp.2.450)

As a state owned contractor with the biggest local presence and leading contact wins since 2H12, PTPP looks attractive to buy within the minor consolidation formation of the current medium term trend.

Entry (1) Rp.2.265, Entry, (2) Rp.2.235, Cut loss point: Rp.2.195



2. Ciputra Development (CTRA) (PE 2014 15,5x, PBV 1.8x, ROE 11.7%) (BUY) (Trading target: 1.270-1.315)

The short term sideways action within an improving medium term trend for this property counter may be used as a buying point for possible breakout to Rp.1.270-1.315.

Entry (1) Rp.1.210, Entry (2) Rp.1.180, Cut loss point: Rp.1.155



 3. Bank BRI (BBRI) (PE 2014 11.2x, PBV 3.1x, ROE 27%) (Trading target Rp.11.250)

Negative sentiment from weaker IDR and plans to buy Bank Mutiara (ex bank Century) has been fully discounted in the previous correction, buy for an upward retracement back to Rp.11.250.

Entry (1) Rp.10.650, Entry (2) Rp.10.550, Cut loss point: Rp.10.450



 4. Ace Hardware (ACES) (PE 2014 30.2x, PBV 7x, ROE 24%) (BUY) (Trading Target Rp.890)

Positive catalysts such as as strong balance sheet, brand-name and good corporate governance may give bargain hunters an excuse to enter the corrective scene once we reach the daily oversold zone.

Entry (1) Rp.855, Entry (2) Rp.845, cut-loss point: Rp.835



(Disclaimer on) This document has been prepared by PT. HD Capital Tbk.  The information has been compiled from public source, which we believe to be reliable but no representation or warranty, express or implied is made as to accuracy, completeness or fairness of the information and opinions contained in this document. Information and opinion contained herein are used to assist recipients, but are not to be relied upon as authoritative or taken in substitution for the exercise of judgment by any recipients as of this date. Any opinion and expressed in this report are subject to change without notice and PT. HD Capital Tbk is not under obligation to update or keep current the information contained herein. This report is not, and should not be construed as, an offer or solicitation to buy or to sell any securities. PT. HD Capital Tbk accepts no liabilities whatsoever for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement or omission in any information contained in this report. No part of this report may be produced, distributed or published without the written permission of PT. HD Capital Tbk. Ó 2014. All rights reserved.)



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 Yuganur Wijanarko Senior Research (Yuganur@hdx.co.id), (www.hdx.co.id)

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