Weekly review on Jakarta Stock Exchange

By Sigma Batara

JAKARTA (JP): The announcement of better than expected 1993 results convinced investors at the Jakarta Stock Exchange (JSX) that most stock prices are currently undervalued.

Last week, local and foreign investors bid up the prices of most liquid counters, such as Indah Kiat, Tjiwi Kimia, Barito Pacific Timber, Jakarta International Hotel, HM Sampoerna and Dharmala Intiland.

The small rally concluded on Friday, when investors moved in to take profit on the week's gain. The JSX Index however managed to climb 7.6 points from the previous week to close at 462.4. There appeared to be strong interest in Ciputra Development.

Barito Pacific Timber's stock price fluctuated on the positive news that the state-owned pension fund Taspen, which has a substantial stake in the company, would not sell off its holding, and the negative news of weaker plywood prices in overseas markets.

Small market-cap Mas Murni Indonesia attracted considerable attention.

Bapepam's (the Capital Market Supervisory Agency) approval of the introduction of a partial fixed allotment system for initial public offering (IPO) issues has been received by overseas investors. This move should improve investor interest in prospective IPO Issues.

Average daily turnover on the regular board increased to 10.74 million shares worth Rp 44.14 billion (US$20.54 million) from 9.40 million shares worth Rp 41.96 billion ($19.52 million) in the previous week. Total turnover for the week increased to 109.85 million shares valued at Rp 505.43 billion ($235.19 million) from 83.81 million shares valued at Rp 403.93 billion ($187.96 million).

Foreign investors were clearly visible in the market, with significant trading volume through both the crossing and regular boards. Foreign interests centered around Ciputra Development, Barito Pacific Timber, Andayani Megah, Indah Kiat, Tjiwi Kimia, Indorayon, Dharmala Intiland, Mayora Indah, Semen Gresik, BII, Mulia Industrindo, Zebra Nusantara and Putra Surya Perkasa.

The market gave the JSX its typical volatility on the usual favorite liquid counters such as Indah Kiat, Tjiwi Kimia, Jakarta Int'l Hotel, Surabaya Agung, Barito Pacific Timber, Argha Karya, Japfa, Bank Danamon, BDNI, Bank PDFCI, Jaya Pari Steel, Rig Tenders and Hadtex.

Bunas Finance's one-for-one rights issue were listed last week at an exercise price of Rp 1,500 per share.

Among last week's best performers were Sampoerna (up Rp 1,600), Panin Life (up Rp 1,200), Modernland Realty (up Rp 900), Andayani Megah (up Rp 825) and Anwar Sierad (up Rp 800). The biggest losers were Sekar Bumi (down Rp 3,250), P&G Indonesia (down Rp 2,500), Gudang Garam (down Rp 2,325), Ficorinvest Bank (down Rp 1,450) and Unilever (down Rp 1,300). Gainers outnumbered losers by 100 to 46, while 51 remained unchanged.

MARKET AS OF APRIL 29, 1994

PER PER P/BV

Price Previous Change Volume Value 1993 1994 FY93

week Company Name (Rp.) (Rp.) (+/-Rp) (Shares) (Rp) (x) (x) (x)

ABDA ''' 1,500 1,500 0 500 750,000 54.6 19.7 0.70 AHAP Ins. ''' 3,525 3,500 25 5,000 17,625,000 19.1 10.9 2.02 ALKASA ''' 1,300 1,250 50 10,500 13,850,000 24.6 5.5 1.05 Aqua Golden ''' 6,000 6,000 0 0 0 11.6 8.1 1.69 Andayani Megah ' 6,300 5,475 825 1,033,000 6,001,212,500 19.6 17.1 2.85 Anwar Sierad ' 5,000 4,200 800 305,500 1,440,625,000 21.9 13.5 2.16 Argha Karya PI ' 3,500 3,225 275 1,748,500 6,052,237,500 20.4 14.6 3.03 Argo Pantes ''' 4,175 4,175 0 0 0 63.5 67.0 1.54 Aster Dharma '' 1,550 1,550 0 0 0 14.5 11.5 1.03 Astra Graphia ''' 5,000 5,000 0 0 0 12.8 12.5 1.10 Astra Internat. ''' 12,500 13,000 -500 16,000 202,950,000 27.4 19.6 2.61 Asur Bintang ''' 2,000 2,000 0 0 0 19.6 10.6 0.67 Asur Dayin M ''' 2,400 2,400 0 0 0 10.2 10.7 1.34 Asur Ramayana ''' 5,250 5,000 250 1,000 5,250,000 26.3 22.8 2.40 ** Bakrie Bros ''' 16,200 15,875 325 5,000 79,950,000 12.9 11.4 3.59 Bakrie Sum Pl '' 3,425 3,300 125 311,500 1,057,900,000 8.0 8.3 0.86 Bank Bali ''' 4,900 5,200 -300 6,000 29,500,000 14.8 12.9 2.80 Bank Danamon ' 2,700 2,625 75 3,131,000 8,484,800,000 23.7 23.9 2.10 Bank Duta ' 2,700 2,700 0 208,000 572,950,000 19.2 16.4 2.37 Bank Int. Ind. ' 6,250 6,100 150 1,101,000 6,902,712,500 17.6 16.0 3.82 Bank Mashill ''' 3,150 3,300 -150 98,000 312,037,500 N/A 11.0 3.91 Bank Niaga ''' 12,250 12,250 0 0 0 20.4 19.5 3.35 Bank Papan ''' 3,025 3,075 -50 132,000 400,512,500 N/A 16.7 0.49 Bank PDFCI ' 2,675 2,650 25 300,000 810,662,500 12.1 12.2 1.49 Bank Surya ''' 3,200 3,200 0 0 0 22.7 16.5 2.32 Bank Tiara ' 3,650 3,300 350 479,000 1,600,075,000 27.3 29.3 2.17 Bank Umum Nas. ''' 3,375 3,600 -225 500 1,687,500 18.3 15.3 2.23 BAT ''' 4,800 4,600 200 2,000 9,400,000 9.2 6.3 1.74 Barito Pacific ' 9,300 8,650 650 2,164,500 19,775,337,500 21.0 14.5 3.59 Bayer Ord. ''' 2,400 2,400 0 0 0 6.0 6.1 1.16 Bayer Pref. ''' 2,050 2,000 50 1,000 2,050,000 0.0 0.0 0.00 Bayu Buana '' 3,200 3,200 0 0 0 42.7 15.4 1.97 BBL Dharmala ''' 5,150 5,150 0 0 0 13.2 12.3 2.77 BDNI ' 3,150 3,100 50 2,722,500 8,717,675,000 24.0 22.4 1.97 Berlian Laju Tanker '' 2,700 2,700 0 10,000 27,000,000 13.2 11.3 1.48 Berlina ''' 2,700 2,700 0 0 0 17.5 13.5 1.47 Branta Mulia ''' 4,850 5,200 -350 1,000 4,850,000 17.2 9.2 1.88 Bumi Modern ''' 1,850 1,775 75 5,000 9,062,500 21.6 12.5 0.78 Bunas Finance ''' 2,750 4,200 -1450 104,500 429,550,000 22.7 17.0 4.75 Centex ''' 1,425 1,400 25 166,500 234,175,000 1.8 2.4 0.30 **^ CP Indonesia ''' 9,900 9,900 0 9,000 89,100,000 18.1 16.1 5.06 Cipendawa '' 3,250 3,000 250 22,000 69,962,500 17.1 11.6 2.01 Ciputra Development ''' 6,200 5,575 625 2,067,000 12,264,012,500 N/A 15.1 6.69 Citra Tubindo ''' 3,800 3,800 0 0 0 -19.7 380.0 3.05 Clipan Finance ''' 4,500 4,500 0 0 0 14.1 8.4 1.61 Concord Benefit ''' 4,500 4,500 0 0 0 21.3 15.8 3.69 *** CP Prima ''' 2,950 2,950 0 5,000 14,750,000 32.7 16.3 9.30 *** Dankos Labs. ''' 13,000 13,000 0 0 0 17.1 24.7 5.52 Delta Djakarta ''' 7,800 7,800 0 0 0 9.2 12.1 3.10 Dharmala Inti. ' 3,750 3,500 250 243,500 903,575,000 27.0 21.6 2.00 Dharmala Sak.Sej. ' 2,475 2,400 75 165,500 402,300,000 10.8 9.4 1.57 Dharmindo Adhiduta ''' 1,950 1,950 0 0 0 43.9 38.2 1.16 ** Duta Anggada ' 4,825 4,900 -75 846,500 4,086,050,000 40.7 11.3 2.26 Duta Pertiwi ''' 2,600 2,650 -50 31,000 81,825,000 9.7 7.3 1.65 Dynaplast ''' 5,000 5,000 0 3,500 17,500,000 29.6 24.1 4.65 Ekadharma ''' 4,700 4,800 -100 3,000 14,050,000 15.7 9.9 2.71 Eratex Djaja ''' 2,300 2,850 -550 5,000 11,500,000 18.6 13.0 1.72 Ever Shine Textile ''' 3,800 3,700 100 85,000 295,250,000 12.4 9.9 2.42 Fast Food Indonesian ''' 6,700 6,800 -100 7,000 46,900,000 23.4 16.1 2.89 Ficorinvest Bank ''' 4,250 5,700 -1450 14,000 62,875,000 13.7 10.9 1.24 Gajah Surya ' 1,775 1,800 -25 55,000 98,837,500 34.9 35.8 4.28 Gadjah Tunggal ' 3,475 3,600 -125 1,651,000 5,883,425,000 29.6 25.1 4.44 Ganda Wangsa Utama '' 2,950 3,000 -50 111,500 306,925,000 15.5 12.2 1.87 Goodyear ''' 5,400 5,650 -250 5,500 28,600,000 7.5 6.3 1.88 Great Gold Star ''' 9,900 9,900 0 0 0 102.3 89.0 4.12 *** Great River ' 2,675 2,800 -125 68,000 184,375,000 20.0 13.5 1.53 Gudang Garam ''' 6,475 8,800 -2325 51,500 333,862,500 19.6 15.8 1.95 Hadtex ' 2,100 2,200 -100 416,000 912,412,500 9.7 8.2 1.13 *** Hero Super ' 5,250 5,000 250 146,500 754,750,000 38.4 29.1 3.54 HM Sampoerna ' 16,500 14,900 1600 1,246,000 18,952,925,000 28.2 40.4 4.55 Hotel Prapatan ''' 5,050 5,050 0 0 0 33.4 40.4 4.06 H. Sahid Jaya ''' 2,025 2,025 0 0 0 32.3 17.4 1.49 Igar Jaya ''' 1,500 1,500 0 0 0 36.5 15.2 1.41 IKI Kabel Ind. ' 2,650 2,700 -50 19,000 49,925,000 18.7 15.9 2.26 ** INCO ' 2,600 2,600 0 114,500 295,737,500 31.8 19.7 0.70 Indah Kiat ' 2,775 2,475 300 2,897,500 7,863,012,500 31.8 20.5 1.91 Indocement ' 14,500 14,800 -300 2,500 36,250,000 27.8 23.1 4.56 Indocitra ''' 3,100 3,100 0 0 0 34.4 33.5 1.47 Indorama ''' 6,300 5,700 600 241,500 1,391,850,000 12.0 10.3 2.39 Indorayon ' 5,500 5,550 -50 830,000 4,705,937,500 34.4 24.1 3.04 Indosepamas ' 5,275 5,450 -175 186,000 982,462,500 8.1 14.4 2.18 Indospring ''' 2,400 2,450 -50 11,500 27,000,000 24.9 19.0 2.01 Indovest Bank ''' 1,700 1,700 0 2,500 4,250,000 11.4 9.8 1.39 Intan Wijaya ' 2,025 1,900 125 100,500 203,025,000 15.3 10.6 1.46 Inter Delta ''' 3,000 3,000 0 0 0 23.6 15.3 1.99 Inter Pacific Bank ''' 3,100 3,500 -400 11,000 36,475,000 11.5 9.7 1.68 Intraco Penta ''' 3,450 3,450 0 0 0 15.8 12.7 1.99 Itamaraya ''' 3,000 3,000 0 0 0 113.3 177.4 2.31 Jakarta Int. H. ' 3,100 2,850 250 1,652,500 5,126,325,000 28.4 17.0 0.80 JAPFA ' 3,000 2,725 275 2,871,000 8,671,050,000 16.8 17.1 2.01 Jaya Pari Steel ''' 2,550 2,400 150 948,500 2,441,012,500 7.9 7.4 0.86 Jembo Cable ''' 5,900 5,900 0 0 0 31.6 13.0 2.66 Kabel Metal '' 5,900 6,700 -800 96,000 609,300,000 20.0 15.1 2.12 Kabelindo ''' 12,400 12,400 0 0 0 18.0 13.6 3.03 Kalbe Farma '' 11,600 11,200 400 500 5,800,000 25.0 23.7 4.51 Kedaung Indah ' 3,075 3,000 75 590,500 1,799,050,000 20.5 14.6 2.18 Kurnia Kapuas ''' 4,775 4,775 0 0 0 12.0 9.9 1.69 Lionmesh ''' 2,275 2,500 -225 1,000 2,337,500 14.8 13.2 1.39 Lion Metal ''' 2,750 2,750 0 4,000 11,000,000 8.3 7.6 1.70 Lippo Bank ' 4,975 4,825 150 306,500 1,518,075,000 22.3 20.2 2.47 Lippo Industries ''' 5,600 5,600 0 0 0 14.7 14.9 0.70 Lippo Land ''' 7,125 7,125 0 0 0 19.9 27.3 4.43 **^ Lippo Life ''' 7,500 7,500 0 0 0 36.3 54.4 4.72 Lippo Pacific ''' 2,300 2,400 -100 1,500 3,450,000 8.7 6.7 1.65 Lippo Securities ''' 8,150 8,150 0 0 0 N/A 13.4 11.15 Marein ''' 2,150 2,150 0 0 0 38.7 22.7 1.68 Mas Murni ''' 1,750 1,750 0 2,195,000 4,062,937,500 N/A 8.2 2.18 Matahari Putra Prima '' 6,400 7,100 -700 183,500 1,243,050,000 15.5 13.8 1.81 Mayatexdian ' 2,850 2,500 350 106,000 289,237,500 24.2 21.1 0.48 *** Mayertex ''' 5,525 5,525 0 0 0 40.5 35.2 3.79 ** Mayora Indah ' 11,000 10,200 800 650,000 7,006,950,000 51.3 22.5 8.73 Merck ''' 13,400 13,400 0 0 0 10.1 7.8 6.48 Metrodata Elec. ''' 5,100 5,100 0 0 0 12.5 10.4 1.98 Metro Supermarket ''' 8,000 8,000 0 0 0 32.6 25.4 6.04 *** Metropol. Fin. ''' 2,200 2,200 0 0 0 80.3 51.7 3.82 Modern Photo ''' 8,500 8,500 0 26,000 213,000,000 28.3 24.8 5.46 Modernland Realty ' 7,000 6,100 900 666,000 3,999,925,000 26.1 12.3 2.62 Mulia Industrindo ' 4,600 4,700 -100 568,000 2,799,200,000 N/A 16.3 4.85 Multibreeder Adirama ''' 3,300 3,050 250 371,000 1,207,975,000 N/A 7.9 3.50 Multi Bintang ''' 6,100 6,100 0 0 0 4.6 6.0 1.85 Multipolar ' 1,800 1,700 100 36,000 66,300,000 12.1 9.2 0.89 **^ Nipress ''' 5,350 5,350 0 500 2,675,000 38.8 22.2 2.46 *** Ometraco Fin. '' 3,100 3,075 25 178,500 552,150,000 120.7 15.8 3.71 Pakuwon Jati ' 3,050 3,000 50 123,000 375,225,000 29.0 17.3 1.84 Pan Brothers ' 1,375 1,375 0 607,500 845,412,500 13.2 8.3 0.82 ** Panca Wiratama ''' 4,550 5,250 -700 1,000 4,550,000 N/A 11.0 6.40 Panin Bank ' 2,900 2,900 0 103,500 306,125,000 21.7 15.4 2.13 Panin Insurance ''' 1,750 2,350 -600 2,000 3,750,000 9.7 14.0 1.35 Panin Life ''' 3,200 2,000 1200 4,000 12,300,000 9.4 16.5 1.24 Petrosea ''' 7,850 7,500 350 122,500 970,625,000 3.7 3.5 0.91 Plaza Indonesia ''' 2,250 2,225 25 149,000 332,037,500 21.6 18.0 1.74 Polysindo ''' 4,400 4,500 -100 204,000 859,125,000 11.6 10.8 1.96 Pool Asuransi INA ''' 3,800 3,800 0 0 0 30.4 26.4 3.24 *** Prima Alloy ''' 1,550 1,550 0 0 0 23.8 19.6 1.14 P&G Indonesia ''' 27,500 30,000 -2500 5,500 151,250,000 8.4 6.7 5.94 Pujiadi & Sons ''' 4,200 4,200 0 0 0 27.5 33.4 2.80 Putra Surya Perkasa''' 2,950 2,975 -25 1,666,000 4,829,050,000 N/A 13.8 4.01 Rig Tenders ' 900 875 25 576,000 516,625,000 6.1 6.0 0.61 Rimba Niaga ''' 1,500 1,500 0 0 0 -5.2 2.2 2.17 Roda Vivatex ''' 4,550 4,000 550 22,000 98,950,000 12.7 13.3 2.87 Sarasa Nugraha''' 5,300 5,300 0 0 0 16.6 18.0 2.39 Sari Husada ''' 17,500 18,000 -500 22,500 393,750,000 19.8 17.2 3.97 *** Schering Plough ''' 6,000 6,000 0 0 0 6.3 4.7 2.04 Sekar Bumi ''' 4,000 7,250 -3250 50,000 200,000,000 19.1 25.9 3.38 Sekar Laut ''' 8,500 8,500 0 0 0 43.5 22.3 11.14 *** Semen Cibinong ''' 5,400 6,000 -600 9,000 50,750,000 17.7 8.8 1.02 Semen Gresik ''' 7,000 7,300 -300 42,000 297,200,000 21.3 15.4 1.50 Sepatu Bata ''' 4,000 4,000 0 0 0 7.3 7.2 1.57 SMART Corp. ' 4,775 4,700 75 832,500 3,963,875,000 18.3 13.6 2.64 Soedarpo ''' 1,300 1,250 50 83,000 110,125,000 14.7 8.2 0.66 Sona Topas ''' 8,300 8,300 0 0 0 23.2 24.8 5.22 SORINI CORP ''' 8,000 8,100 -100 100,000 800,000,000 23.2 20.3 5.62 Suba Indah ''' 6,000 6,500 -500 20,000 120,000,000 23.0 17.5 3.66 Squibb ''' 5,700 5,700 0 0 0 7.9 5.9 1.44 SS Gas ''' 2,750 2,750 0 0 0 -4.8 12.4 1.72 SUCACO ''' 8,800 8,900 -100 500 4,400,000 16.2 12.9 1.88 Sumalindo Lestari ''' 8,575 8,050 525 334,000 2,820,950,000 N/A 12.3 4.93 Summarecon ''' 3,550 3,500 50 65,000 226,237,500 11.7 11.0 1.85 Super Mitory ' 2,250 1,825 425 1,429,000 3,263,987,500 15.4 12.8 1.39 Surabaya Agung ' 2,400 2,100 300 5,768,000 13,806,650,000 20.8 10.4 1.21 Surya Toto ''' 7,650 7,650 0 0 0 22.5 17.2 3.20 Tamara Bank '' 2,050 2,025 25 255,500 529,800,000 18.3 10.8 1.59 Tancho Indonesia ''' 6,000 6,000 0 0 0 10.0 9.5 1.04 Tembaga Mulia ''' 4,350 4,500 -150 11,500 50,100,000 8.3 5.6 0.93 Texmaco Jaya ''' 4,200 4,175 25 168,000 697,212,500 N/A 11.0 3.61 Texmaco Perkasa''' 3,100 3,100 0 500 1,550,000 28.1 24.7 2.90 Textronic ''' 3,700 3,700 0 0 0 19.7 17.2 2.01 *** TIFICO ''' 3,750 3,750 0 0 0 9.5 16.6 0.65 **^ Tigaraksa ''' 8,500 8,500 0 0 0 25.3 23.3 4.10 Tira Austenite ''' 4,500 4,500 0 0 0 15.6 14.6 2.53 Tjilatjap Pell. ' 2,000 1,800 200 200,500 375,562,500 14.9 18.1 1.55 Tjiwi Kimia ' 4,800 4,525 275 2,389,000 11,990,900,000 18.1 15.3 2.61 Toko Gunung Ag. ''' 1,900 2,900 -1000 106,000 202,400,000 9.3 5.9 1.12 *** Trafindo Perk. ''' 2,800 2,800 0 0 0 10.9 11.0 1.47 Trias Sentosa ' 4,800 4,200 600 155,500 718,200,000 28.9 22.9 3.34 Ultra Jaya ''' 4,300 4,300 0 100,000 430,000,000 47.3 42.5 4.93 ** Unggul Indah '' 5,325 5,050 275 318,000 1,690,787,500 10.2 8.5 1.70 Unilever ''' 41,500 42,800 -1300 5,000 207,500,000 40.0 31.3 23.07 United Tractors ''' 4,800 4,550 250 462,500 2,180,975,000 18.5 14.2 2.19 Voksel Electric ''' 5,000 5,000 0 0 0 32.0 12.3 3.62 Zebra Nusantara ''' 1,700 1,550 150 1,000 1,700,000 6.9 4.1 0.97 ÄÄÄÄÄÄÄ AVERAGE 23.3 16.9 3.09 ÄÄÄÄÄÄÄ

Shares Value in Rp.

Regular transactions 53,710,500 220,678,512,500 ' Liquid stock Block sale 2,000,000 7,662,500,000 " Semi liquid stock Crossing transactions 45,718,175 236,925,836,050 ''' Illiquid stock Transactions over foreign portion 8,419,000 40,158,412,500 ^ FY92 Odd lot transactions 200 680,000 ^* 1Q93 Cash trading 0 0 ** 1H93 Total transactions 109,847,875 505,425,941,050 *** 3Q93 Rights transactions 0 0 ^^* 1Q94

**^ 1H94