Christiaan Tuntono is forecasting GDP growth 5.9%-5.6% for 2010F-11F, end-2010F headline CPI 6.5%-7% YoY (concern is more on Core Inflation), and BI rate 6.75%-7.25% by end-2010F-11F. Arief Wana continue to like Automotive, Bank, Cement and Consumer sectors as well as Coal sectors, with Top-Picks ASII, BBRI, BMRI, SMGR, UNTR, ITMG, ADRO, while we are restricted on INDF.
· Christiaan Tuntono: Indonesia reported 2Q10 GDP growth of 6.2% YoY (2.8% QoQ), above market expectation. The growth pace is in line with our estimates, underlying the strong momentum the economy is having now. Private consumption rose stronger than expected, up 5% YoY, and contributed 2.8 p.p. to headline growth. Gross fixed capital formation was also robust and grew 8% YoY. Growth is expected to remain solid. Given that interest rate is at its historical low, we expect credit demand to continue rising, financing investment projects. The build up of core price pressure is a concern, in our view.
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