ipo penawaran umum ptsemenbaturajatbk - poems - phillip ... ipo semen baturaja... · kepada yth....

Kepada Yth. Bapak/Ibu :

• Pimpinan/Sales Kantor Cabang PT. Phillip Securities Indonesia • Sales PT. Phillip Securities Indonesia • Nasabah PT. Phillip Securities Indonesia

di- Tempat =========================================================================================== Dengan hormat kami informasikan bahwa Penawaran Umum Perdana (Initia l Public Offering / IPO) Saham PT. Semen Baturaja (Persero) Tbk., akan dilaksanakan pada tanggal 20, 21 dan 24 Juni 2013. Sehubungan dengan hal tersebut, terlampir kami sampaikan Formulir Aplikasi IPO Saham dan Laporan Riset dari PT. Semen Baturaja (Persero) Tbk. dimaksud. Selanjutnya, perkenankan kami menyampaikan hal-hal sbb. :

• Penawaran Umum Perdana (IPO) Saham tersebut di Phillip Securities Indonesia sudah dapat dimulai sejak tanggal 12 Juni 2013, tetapi dibatasi hanya sampai dengan tanggal 19 Juni 2013 pukul 12.00 WIB.

• Harga Penawaran Umum adalah Rp.560,- setiap saham • Tanggal Pencatatan (Listing ) di Bursa Efek Indonesia (BEI) : 28 Juni 2013. • Bapak/Ibu Nasabah yang berminat memesan saham tersebut, silahkan mengisi

Formulir Aplikasi IPO Saham terlampir dengan membaca secara seksama, memahami dan melaksanakan semua ketentuan dan tata-cara yang tercantum di dalam Formulir tersebut.

Catatan : Formulir Aplikasi IPO dan Laporan Riset Saham ini , juga dapat diunduh dari www.poems.co.id Demikian informasi ini kami sampaikan, atas pengertian dan kerja-sama yang baik dari Bapak/Ibu, kami ucapkan terima kasih.

Best Regards, M. N a b a b a n Corporate Finance Division PT. Phillip Securit ies Indonesia Telp. : (021) 57900800 Ext. 148 Fax : (021) 57900809 Mobile : 0811810732 Email : [email protected]

s

Phillip Securities Indonesia

Please see the back page for rating definition, analysts certification, and important disclosure. Phillip Securities Indonesia (PSI) may seek to do business with companies coverage in its reports. As a result investors, should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

emen Baturaja (Persero) was established on November 14, 1974 by Semen Gresik who owned

45% shares and 55% belongs to Semen Padang. On June 9 November 1979, the Company changed its status from Domestic Investment (DCI) into “Persero”, with the composition of the Government of the Republic of Indonesia owned 88% stake, Semen Padang owned 7% and Semen Gresik had 5%. Since 1991, the company was entirely taken over by the Government of Indonesia. The company has two kinds of products: Type I Portland Cement and Portland Composite Cement (SPK). The company’s plants are located in Baturaja, Palembang and Panjang. To deliver its products, raw materials such as Limestone and Clay are mined from the company’s own mines located just 1.2 miles from the factory in Baturaja. The company’s main market area is South Sumatra. In 2011, Indonesia’s national economic growth reached 9%, while the average economic growth in South Sumatera reached 6%. The potential further growth gives an opportunity for Semen Baturaja to increase sales and achieve installed capacity. The government will maintain its majority-stake in Semen Baturaja after its listing on the Indonesia stock exchange (IDX). The company aims to generate IDR 1 trillion (USD 103.1 million) from the IPO. Proceeds which will be used to expand Semen Baturaja's business through the establishment of a new factory to meet Indonesia's rising cement demand. The new industrial unit will cost about IDR 2.5 trillion (USD 257.7 million) and will be financed through internal reserves (IDR 1 trillion), bank loans (IDR 500 billion), and proceeds from the IPO (IDR 1 trillion). The factory is scheduled to commence operations in 2017. This year, the company expects a 20 percent increase in cement sales volume to 1.5 million tons, supported by the opening of a new cement mill in the second half of this year. According as data from the Indonesian Cement Association (ASI), the countries cement consumption will increase significantly in the years ahead. Cement production in 2012 totaled 60.6 million tons, but this number is expected to increase to 78.5 million by 2016. The existence of Semen Baturaja gives many benefits, either directly or indirectly, in the form of taxes and levies to the Central Government and the Regions, dividends to shareholders, employment opportunities.

IPO: Semen Baturaja (Persero) Tbk South Sumatera Market Leader in Cement Industry Phillip Securities Indonesia Research June 3, 2013

S Report date

Exchange : IndonesiaSector : Basic Industries & ChemicalIndustry : CementSub-industry : CementIPO Price : IDR 500 -685Percent of Enlarged Capital : 23.76%Shares Offered : 5,600,000,000.00 Underwriter : PT Bahana Securities

: PT Danareksa Sekuritas: PT Mandiri Sekuritas

Indicative Schedules

Bookbuilding : 29 May - 7 June 2013Effective Statement from OJK Tuesday, June 18, 2013Offer Period : 20 - 24 June 2013Allotment : Wednesday, June 26, 2013

Initial Ownership Structure

Indonesian Government : 76.24%Public : 23.76%

IPO Fund Usage

to build a New cement Mills in South Sumatera

Analyst:Pandristo Prasetyo Ginarto

[email protected]

62-21-57900900

3-Jun-13Semen Baturaja (Persero)

Semen Baturaja (Persero) Tbk Indonesia Equities Research June 3, 2013

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Indonesian Booming GDP The economy of Indonesia is booming with gross domestic product (GDP) surpassing six percent on an annual basis. And the country's strong economic fundamentals are confirmed by increasing international attention. But within the context of this economic growth, it is important to take a look at whether economic growth is shared by all segments of Indonesian society. The bigger the size of a country, the more complex and difficult will its governance become. Being the largest archipelago in the world, stretching across 3,500 miles and consisting of about 17,000 islands, it is no surprise that governance is a complicated matter in Indonesia. As a consequence of its hugeness, Indonesia is marked by diversity. This diversity can be found in the presence of many cultures, languages, religions, traditions and histories. Within this diversity it is difficult, probably impossible, to foster equality in all respects and among all regions. The Indonesian government intends to raise this number to around USD 14,250 - 15,500 per capita by 2025 but whether this ambitious intention will be realized remains doubtful and - as mentioned above - this indicator does not reflect the (unequal) distribution of income or wealth in the Indonesian society. Effective government policy is needed to provide more Indonesian children with education as well as to stimulate job creation in order to absorb a growing workforce. Indonesian per capita GDP has been rising steadily in the 2000’s and beyond. Initially, the World Bank had forecast Indonesia to hit the USD 3,000 mark around the year 2020 but the country managed to reach this level a decade earlier. Reaching this level of USD 3,000 is considered as being an important step because it will result in accelerated development in a number of sectors (such as retail, automotive, property) because of rising consumer demand, thus being a catalyst for economic growth. The Indonesian government has set the target of reaching USD 5,000 by the year 2014. Real GDP growth shows a promising perspective. While the developed world in Europe and the United States - plagued by public debts - will grow modestly for some time to come, emerging economies in South America and Asia show robust economic growth. These countries share certain characteristics such as the presence of abundant natural resources, large and fast-growing populations, and low labor and production costs and, lastly, relatively stable political environments. One of these countries is Indonesia. But to reach impressive growth rates such as China has shown during the last two decades, it needs to invest heavily in its infrastructure and focus on more political, economic and social reforms. Industry Overview Cement production in Indonesia is forecast to reach 65 million tons next year, a 7 percent increase from this year’s

target of 60.56 million tons. Several Chinese companies have announced plans to build cement plants in Indonesia. The Anhui Conch Cement Co. is reportedly planning to build plants in South Kalimantan, East Kalimantan and Papua, which would produce a combined 10 million tons of cement per year. China Trio Int Engineering will build a cement plant with production capacity of 1.5 million tons per year in Subang, West Java. Chinese State Development and Investment Cooperation (SDIC) also plans to build a cement plant in Papua with expected output of 1 million tons per year. Siam Cement, Thailand’s biggest cement producer, also plans to build a plant in Sukabumi, West Java, with a production target of 1.8 million tons per year. Domestic cement makers like Semen Bosowa Maros, a unit of the Bosowa Group that is controlled by the Aksa Mahmud family, plans to increase its production from 1.8 million tons to 3 million. The total investment for the company’s cement plant is valued at IDR 4 trillion (USD 421 million). The construction of Bosowa’s cement plant is expected to start in November and will be completed in August 2014. Data from Indonesia’s cement association showed that cement production rose 10.3 percent to 34.46 million tons in the first seven months of 2012. Indonesia's January cement sales showed robust growth of 15 percent to 4.65 million metric tons (year-on-year), the country's cement sales in February slowed to 8.2 percent (4.39 million metric tons) compared to a year earlier; the slowest pace of growth in six months. Strong annual GDP growth has caused a rise in property and infrastructure projects but a delay in some government projects might be behind the slower cement sales growth in February. Development in Indonesia's housing and property sectors is still strong, thus it is assumed that the current slowdown is only temporary. Per capita cement consumption in Indonesia - which currently stands at around 200 kilogram per year - is still one of the lowest in Asia. The government is pushing for more investment in Indonesia's infrastructure


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through the Master plan for Acceleration and Expansion of Indonesia Economic Development (MP3EI), in which private sector participation is regarded vital, it can be stated that there is more planning than action. Up to now, the private sector is hesitant to play their part as Indonesia is known as having an unproductive government, a weak legal system and widespread corruption. There is also no history yet of fruitful public-private partnerships. Taken together, it makes private investors reluctant to engage in risky and expensive long-term investment projects. Regarding legal certainty and bureaucracy there is a positive development. In late 2011, Indonesia's parliament approved the Land Acquisition Bill. This bill is expected to fasten much needed government infrastructure projects by providing a better regulated legal framework. In sum, this bill will make it easier and less timely for government projects to acquire land, while compensating the previous land owners. On the downside, this law is currently still in an infancy state. But despite these (potential) bottlenecks, property and infrastructure projects have caused Indonesia's cement production and consumption numbers to soar in recent years, with no end in sight yet. Indonesia witnessed an increase in cement producers (in particular from China), while established companies are expanding through optimizing production capacity in their manufacturing plants. The country's three largest cement makers are all planning investments to increase output capacity, resulting in an expected cement production of 65 million tons in 2013. Expansion of these companies - through the building of new cement plants - mainly takes place on Java. Infrastructure Problem’s in Indonesia The main problem for the Indonesian government to invest in the country's infrastructure is the lack of financial resources. Therefore, private sector participation - both foreign and domestic - is needed. However, in order for the private sector to join in, a conductive investment climate is required and - although improving - Indonesia is struggling to provide such an environment. Apart from other factors mentioned in our Risks section, the legal framework involving land acquisition has been a serious obstacle for infrastructure projects to materialize and makes investors hesitant to invest. Due to land disputes infrastructure projects have been idle for years or canceled altogether. But there have recently been taken steps to improve the land situation. At end 2011 the government and parliament approved the new Land Acquisition Law (UU No. 2/2012) that is regarded to speed up the land acquisition process notably as it deals with the revocation of land rights to serve public interest, puts time limits on each procedural phase and ensures safeguards for land-right holders. The bill, confirmed by the signing of a presidential regulation by Indonesian president in August 2012, is expected to be implemented in 2012. Both government projects and public-

private partnerships (PPPs) on state-owned land are protected by this bill.

Indonesia's Cement Consumption Driver The planning of infrastructure projects is also on the rise. The Indonesian government realizes the lack of quantity and quality of the country's infrastructure and is currently focused on increasing investments in this sector; both direct and in cooperation with the private sector through public-private partnerships. This will have an impact on domestic cement demand as large quantities of cement are needed to build the large-scale infrastructure projects (which includes roads, bridges, airports and seaports). In October 2012, the House of Representatives (DPR) agreed on raising infrastructure spending in the 2013 budget to 216 trillion rupiah (a 28 percent increase compared to the 2012 budget), implying that infrastructure spending accounts for around two percent of the country's gross domestic product in 2013; a number which is rather low compared to countries such as China and India which spend almost ten percent of their GDP on infrastructure.


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Competitors’ Expansion Programs Are Lining Up 1. Semen Indonesia (SMGR)

• One brown field project in Padang, West Sumatra with production capacity of 3 mn tones, slated for completion in mid FY16.

• One green field project in Central Java with production capacity of 3 mn tones, slated for completion in 3Q15.

• Acquisition of Thong Long Cement in Vietnam with production capacity of 2.3 mn tones. The acquisition has already been completed in early 2013.

2. Indocement Tunggal Prakarsa (INTP) • Additional Capacity of 1.3 mn tones (cement mill), expected to be completed in 3Q13. • Brownfield Project in CIteureup with capacity of 4.4 mn tones, expected to be completed in 4Q15.

3. Holcim Indonesia (SMCB) • Greenfield project in Tuban, East Java with capacity of 1.7mn tones, expected to be completed in 3Q13

4. Bosowa • Additional grinding capacity of 0.5 mn tones in 4Q12 • New capacity of 3 mn tones to be completed in 4Q13 • New capacity of 3.5 mn tones to be completed in 4Q14

5. Subsidiary of Siam Cement • Greenfield project located in West Java with capacity of 1.8 mn tones, expected to be completed in mid

FY15. The Acceleration and Expansion of Indonesia's Economic Development Plan (MP3EI) In recent years, the government has given infrastructure spending a relative small allocation of public spending. In 2011 only 2.1 percent of the country's GDP was reserved for infrastructure (and mismanagement as well as bureaucracy reduces effectiveness of spent funds). In comparison, countries such as China and India spend almost 10 percent of their GDP on infrastructure. The government has, however, put infrastructure as a top priority on its agenda in order to accelerate economic growth. Regarding funding for infrastructure projects, the government has set targets in both the National Medium‐Term Development Plan 2010-2014 (RPJMN) and the Masterplan for the Acceleration and Expansion of Indonesia's Economic Development Plan (MP3EI 2011-2025) which - to a large extent - will be financed by the private sector. It is projected that more than 70 percent of both the USD 150 billion investment needs in the RPJMN and the USD 468 billion investment needs in the MP3EI will be contributed by the private sector through public-private partnerships. Approximately 45 percent of the MP3EI is reserved for infrastructure development. However, up to date these public-private partnerships have not yet showed satisfying results. To provide more

Source: National Planning Organization (Bappenas)


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2008 2009 2010 2011 2012Total Current Asset 371.019 319.831 421.795 607.565 660.707Total Non Current Asset 375.908 376.653 359.447 375.491 537.879Total Asset 746.927 696.484 781.242 983.056 1198.59Shorterm Liabilities 323.755 183.012 144.979 146.11 171.391Longterm Liabilities 127.58 128.687 120.028 120.926 73.057Total Liabilities 451.335 311.699 265.007 267.036 244.448Total Equity 295.592 384.785 516.235 716.02 954.138Revenue (IDR bn) 794.352 816.791 885.74 1050.277 1097.68Gross Profit (IDR bn) 296.887 352.821 392.475 428.516 489.835Operating Expenses ‐81.332 ‐105.383 ‐104.747 ‐121.345 ‐122.702Operating Profit 215.553 247.438 287.728 307.171 367.133Profit Before Income Tax 197.05 247.543 298.145 333.048 395.421Income Tax ‐61.042 ‐70.339 ‐76.411 ‐81.41 ‐96.909Net Profit (IDR bn) 136.008 177.204 221.734 251.638 298.512

Growth Ratio (%)Revenue 35.04% 2.82% 8.44% 18.58% 4.51%Gross Profit 91.62% 18.84% 11.24% 9.18% 14.31%Operating Profit 144.49% 14.79% 16.28% 6.76% 19.52%EBITDA 108.42% 14.04% 17.31% 6.67% 17.91%Asset 21.11% ‐6.75% 11.52% 26.56% 21.92%Liabilities 1.45% ‐30.94% ‐14.98% 0.77 ‐8.46%Equity 71.96% 30.17% 32.99% 39.92% 33.26%

Semen Baturaja (Persero) Financial Performance

assurance for private investors, the government has established the Indonesia Infrastructure Guarantee Fund (IIGF). This institution gives certain guarantees against infrastructure risks for projects under the PPP scheme. The paragraphs above explain why Indonesia suffers from a lack of quantity of its infrastructure, but it also faces a lack of quality: damaged roads, collapsed bridges, aging ports are just a few examples. Besides the common lack of financial resources to be used for maintenance purposes after infrastructure has been built, mismanagement, corruption and incompetence are frequent causes of inadequate infrastructure. Financial Highlights The company’s current assets in 2012 increased by 8.75% from IDR 607.565 billion in 2011 to IDR 606.707 billion. The increase in assets was supported by higher revenues from cement sales during the year of 2012, which in turn increased cash and cash equivalents. The value of fixed asset also rose, as additional investments were placed and the company built new mills. Increasing costs of manufacturing and professional services affected the company’s liabilities to go up. On the other hand, the company successfully paid up their payables to related parties. The rise in share capital which is offset by the decrease in reserved retained earnings produced equity growth of 33.26%, from IDR 716.020 billion to IDR 954.138 billion in 2012. Historically, product sales always fluctuate as the condition of Indonesia economy changes in general. Economic conditions were one of the various indicators that affect the company’s sustainably. In 2010, the company issued a policy in order to decrease its average sale price due to the declining sales volume in 2009, as a result of 2008 global crisis. Revenue was boosted by the demand of cement for government constructions. In line with the company’s business plan, the government’s MP3EI program is a positive momentum for the company to boost its revenue. Semen Baturaja’s revenue largely comes from Sumatera. The company’s market share reached 26% in South Sumatera. According to Indonesian Cement Association (ASI), demand for cement from Sumatera was about 12 million ton in 2012 and 4.8 million ton were the demand from South Sumatera. Recently, the company has been working hard to boost their market share by increasing their capacity to match the demands. Cement mills and packer were the first step taken to increase their cement capacity. The new cement mill’s capacity is around 750,000 ton cement each year which is expected to be completed in the second quarter of 2013. The next step planned by the company is to construct a 1,850,000 ton capacity cement factory, which is expected to be finished at the end of 2016. The company’s revenue in 2012 stood at IDR 1,097.680 billion, up 4.51% from 2011 which totaled at IDR 1,050.277 billion. The increase in revenue was largely supported by average selling price which surged 106.20% from the previous year. Management policy to increase the average selling price was taken after the high demand from cement consumption in 2012. Net profit in 2012 totaled at IDR 298.512 billion, rose 29.12% from IDR 251.638 billion in 2011.


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Research Team | Telp: +62-21-57900800 | E-mail: [email protected]

Aditya Perdana Putra (AP) Gunawan Sutanto (GS) Hega Kharisma Wahyudi (HK) Pandristo Prasetyo Ginarto (PP)

Rating for Sectors: Overweight : Expect the industry to perform better than the primary market index (JCI) over the next 12 months. Neutral : Expect the industry to perform in line with the primary market index (JCI) over the next 12 months. Underweight : Expect the industry to under perform the primary market index (JCI) over the next 12 months. Rating for Stocks: Buy : The stock is expected to give total return (price appreciation + dividend yield) of above 15% over the next 12 months. Hold : The stock is expected to give total return of between -15% and 15% over the next 12 months. Sell : The stock is expected to give total return of -15% or lower over the next 12 months. Outperform: The stock is expected to do slightly better than the market return. Equal to “accumulate” or “moderate buy” Underperform: The stock is expected to do slightly worse than the market return. Equal to “weak hold” or “moderate sell” Analyst Certification The research analyst(s) primarily responsible for the preparation of this research report hereby certify that all of the views expressed in this research report accurately reflect their personal views about any and all of the subject securities or issuers. The research analyst(s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.

Disclaimers This document has been prepared for general circulation based on information obtained from sources believed to be reliable but we do not make any representations as to its accuracy or completeness. Phillip Securities Indonesia (PSI) access no liability whatsoever for any direct or consequential loss arising from any use of this document or any solicitations of an offer to buy or sell any securities. PSI and its directors, officials and/or employees may have positions in, and may affect transactions in securities mentioned herein from time to time in the open market or otherwise, and may receive brokerage fees or act as principal or agent in dealing PP with respect to these companies. PSI may also seek investment banking business with companies covered in its research reports. As a result investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.


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▪ Nama Saham / Emiten : PT. Semen Baturaja (Persero) Tbk ▪ Tanggal Penawaran Umum : 12 Juni 2013 s/d 19 Juni 2013 pkl. 12.00 WIB)

▪ Harga Penawaran : Rp.560,- per saham A. Persyaratan Aplikasi IPO Saham : (Mohon persyaratan ini dibaca, difahami dan dilaksanakan))

1. Nasabah melakukan pembayaran pemesanan saham secara penuh yaitu senilai jumlah saham yang dipesan dikalikan dengan harga per saham (Rp.560,-). Pembayaran tersebut harus dilakukan selambat-lambatnya tanggal 19 Juni 2013 pukul 12.00 Wib (in good funds) dengan menyetor langsung ke Rekening Dana Investor (RDI) milik masing-masing Nasabah.

2. Nasabah mengisi Formulir Aplikasi IPO Saham pada huruf B dibawah ini dengan lengkap, jelas dan benar dan menanda-tanganinya. 3. Formulir Aplikasi IPO Saham yang sudah ditanda-tangani berikut foto copy KTP atau SIM atau Paspor (untuk orang asing) yang

masih berlaku, diserahkan kepada Kantor Cabang (bagi Nasabah dari Kantor Cabang) atau kepada Sales ( bagi Nasabah yang menggunakan jasa Sales) atau langsung kepada PT. Phillip Securities Indonesia Kantor Pusat u.p Divisi Corporate Finance melalui Fax No. 0 2 1 - 5 7 9 0 0 8 0 9 atau melalui email [email protected] (bagi Nasabah Kantor Pusat).

4. Kantor Cabang dan Sales wajib membuat Rekapitulasi Pesanan Nasabah yang memuat : i). Nama Nasabah, ii). Kode Nasabah, iii). Jumlah Pesanan dalam lembar saham dan lot, iv). Nilai pesanan dalam Rupiah dan v). Keterangan tentang pembayaran. Rekapitulasi Pesanan Nasabah tersebut berikut foto copy KTP atau SIM Nasabah, diserahkan / dikirimkan kepada PT. Phillip Securities Indonesia Kantor Pusat (u.p Divisi Corporate Finance melalui Fax No. 0 2 1 - 5 7 9 0 0 8 0 9 atau melalui email [email protected] dengan tembusan kepada [email protected], selambat-lambatnya tanggal 19 Juni 2013 pukul 12.00 Wib.

4. Dalam hal Formulir Pemesanan Pembelian Saham (FPPS) Asli yang diperoleh dari Lead Underwriter / Biro Administrasi Efek (BAE) jumlahnya terbatas, maka pelayanan kepada Nasabah akan dilaksanakan berdasarkan urutan waktu masuknya pesanan kepada Divisi Corporate Finance (first come first served).

5. Formulir Aplikasi IPO Saham yang telah ditanda-tangani tidak dapat dibatalkan namun bukan berarti bahwa pesanan Nasabah akan dipenuhi, karena penjatahan merupakan keputusan dan wewenang mutlak dari Penjamin Pelaksana Emisi (Lead Underwriter).

6. Untuk informasi hasil Penjatahan, silahkan menghubungi Divisi Corporate Finance melalui telepon No. 0 2 1 – 5 7 9 0 0 8 0 0 7. Pengembalian uang pemesanan (refund) dilaksanakan paling lambat 2 (dua) hari kerja setelah refund diterima in good funds dari

Lead Underwriter. Refund tersebut akan ditransfer ke Rekening Dana Investor (RDI) milik masing-masing Nasabah. 8. PT. Phillip Securities Indonesia tidak bertanggung-jawab dan tidak akan menindak-lanjuti pesanan Nasabah apabila tidak

memenuhi persyaratan di atas, antara lain Dana Pembayaran di dalam Rekening Dana Investor (RDI) milik Nasabah tidak tersedia atau tidak mencukupi, data / informasi / Rekapitulasi Pesanan Nasabah / Foto copy KTP atau SIM Nasabah yang disampaikan tidak benar (salah) dan atau tidak jelas / tidak terbaca.

B. Formulir Aplikasi IPO Saham (Mohon agar diisi dengan lengkap dan jelas)

▪ Nama & Kode Nasabah : Kode :

▪ No. KTP. / SIM :

▪ Alamat sesuai KTP. /

SIM / Paspor

:

▪ No. Telp./HP/Fax :

▪ Alamat email :

▪ Jumlah Pesanan : lembar ( lot)

▪ Total Nilai Pemesanan : Rp.

Tempat dan Tanggal : ....….…………,………….., ……

Kantor Cabang / Sales :

(…………………………………….)

Nama & Tanda-tangan

Nasabah :

(…………………………………….)

Nama & Tanda-tangan

FORMULIR APLIKASI IPO SAHAM

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