- Another day, another record high. We probably push a bit higher again today, but as the market consolidates we'll have to wait and see if it can hold.
- Sentiment remains bullish on the back of strong earnings, but volumes have not been overwhelming (heard that one
- JSMR: upgraded to BUY with 2950 target (from buy w/ 2520). Margin expansion the big driver on the back of better than expected cost controls.
- CPIN: we initiated coverage with a BUY and a 6600 target. Indonesia's leading animal feed producer and distributor is counting on poultry consumption in Indonesia to double over the next 5 years.
- BBCA: will announce its 1H10 earnings this afternoon. We expect numbers to be in line. Our FY10FC is IDR 8.8tr net, but we are 9% ahead of consensus.
- BAKRIE: media reporting that in the case of the missing deposits (around IDR 8tr, or USD 900m) a number of Bakrie companies have restated their earnings admitting faulty reporting. The Echange has fined 4 Bakrie companies USD 55k each in fines.
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