TOP IDEA Fr Mandiri Securities::• CMNP and PTBA Lingkage

TOP IDEA Fr Mandiri Securities::• CMNP and PTBA linkage • Numbers on Government’s Proposed 2012 Budget Revision • Automotive: Preliminary domestic motorcycle sales up 3.2%mom in February CMNP and PTBA linkage Still attractive We lift our TP on CMNP to Rp2,300/share from Rp2,000 as we roll over our valuation to year-end 2012, while keeping our assumptions and forecasts unchanged. Our model has not included the Depok-Antasari toll road as the company is still in the process Listri adistri: of acquiring land. Our new TP implies FY12F PER of 10.7x vs. JSMR at 18.4x. We re-iterate our BUY recommendation on CMNP