UBS : Outlook 2012

UBS Investment Research
Indonesia Analyser‪

Outlook 2012?
?

- SummaryWe forecast the JCI to rise 10% in 2012 to 4,160 on stable 13x forward PE in 2012 and low-teen earnings growth in 2013. Potential bouts of sudden capital
reversal could provide better buying opportunities.

?- The key themes for 2012Key themes for 2012 include: the impact of the sovereign debt crisis in Europe, the government's policy reaction, and investments, consumption,
and valuation.

?- Non-consensus viewOur most non-consensus calls are our Buy rating on Bank Danamon (consensus sell or neutral), and our Neutral ratings on Telkom Indonesia
(consensus buy) and Gudang Garam (consensus buy).

?- Most & least preferred stock ideas for 2012Our most preferred stocks are Astra International, Bank Rakyat Indonesia, United Tractors, Tower Bersama, Mitra Adiperkasa, Ciputra Development, BW Plantation, and Bank Jawa Barat dan Banten. Our least preferred are Telkom Indonesia, Unilever Indonesia, and Gudang Garam.

Source : Citra

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