MARKET OUTLOOK
Friday, May 2, 2008

Indonesia shares may trade flat to slightly higher on buying in NON-mining and Non-commodity blue chips,
supported by a rally on Wall Street as many investors think that the worst of the subprime impact is behind
their way. For Indonesia, we are waiting for the data of April inflation at 1330 local time which could show an
improvement on on-month basis, but still alarming for on year reading.
On month CPI in April could be at 0.3% vs 0.95% in March, but on year could spike to 8.76% vs 8.17% in
March. This may more or less a catalyst for the central bank to rethink its policy on interest rate.
The central bank will hold a meeting on Thusrday (May 8).
The main index may go up and down by 23 points, but may see a clearer sign of a fine stronghold if it
closes above 2323-immediate resistance.
Main index : 2272-2323 R2: 2343

TLKM: 8,700-9,100. Its ADRs in NY rose 0.7% to $39.08, or equal with IDR8,959, based on USD/IDR of IDR9,217. It looks that building volume will continue, with tough support of 8,650-8,700 likely outbreaking.

ISAT: 5,900-6,300. Its ADRs in NY rose 1.3% to $33.76, or equal with IDR6,223. I am waiting for a breakout in
volume. Please take a buy side if volume reaches 10,000 lots in one single price level.

ANTM: 3,300-3,600. Chart says it may test the support level of 3,350, which if it is broken may fall
fuurther to IDR3,200. Overall, the share price has so far looked very steady due to investment maintenance
by some local pension funds. First quarter net profit FELL 37% to IDR675 billion from IDR1.07 trillion a
year earlier due to lower selling prices and sales volume of ferronickel.

ASII: 19,650-22,000. BUY at any level as the company has shown how business is doing well despite fears of
stiffer competition and rising inflation. 12-month target remains at IDR32,000. First quarter net profit
rose 76% on year to IDR2.25 trillion.

BMRI: 2,750-3,100. On chart reading. BMRI may continue its upward momentum and may test its first immediate resistance of IDR3,100. 12-month target remains at IDR4,200. BUY on weakness or at any level below IDR2,700.

TINS: 29,100-33,000. It may be stuck within this band and may be suffering from correction due to falls of
commodity prices in NY.

BUMI: 6,400-6850. It may be trading wides, with selling pressure likely continuing the share price to
test the important level of IDR6,450. Bets buy is at any level below IDR6,300.

SPECIAL MENTION:
TRUB: 850-940. It has reported an impressive improvement in earnings side, with net profit likely rising significantly in the full year of 2008. Project developments of power planst are underway. BUY on weakness or at any level.

MONITORING:
ASGR: 460-700
SMRA: 570-760
CTRA: 490-560 buy buy buy
DART: 360-440
UNSP: 1,560-1,750 buy buy
PTBA: 10,200-11,100
TRIL: 1,200-1,500