icbp 19-11-2012

Stock Fokus

PT Indofood CBP Sukses Makmur Tbk.

Strong Brand Loyalty

Indonesia Familiar Product

PT Indofood CBP Sukses Makmur Tbk is an established

market-leading producer of packaged food products with a

diverse range of products providing everyday food

solutions for consumer of all ages. Proven experience in

selling instant noodles, has become a challenge for the

company in developing other divisions. The Indonesian

economy continues to grow, this is an opportunity of high

market share, we are confident ICBP can see opportunities

and maximize the development of products and sales.

Gross Profit Up Slightly, Strong Cash Flow Position

In the 3Q12 company posted a gross profit margin of 26.6%

higher than 3Q11 26.02%. While QoQ gross profit margin

grew 2.7%, to 27.98% due to lower prices of basic

commodities for noodles division. We predict the

company's sales growth is going to reach 12.6% in 2012

and 10% going forward. ICBP has a strong position of

November, 13 2012November, 13 2012

Target Price Target Price RpRp 8,4008,400

Price (09/11) Price (09/11) RpRp 7,2007,200

Recommendation Buy Recommendation Buy

Upside PotentialUpside Potential 16.7%16.7%

Sector Food & BeverageSector Food & Beverage

Ticker (Bloomberg) ICBP.IJTicker (Bloomberg) ICBP.IJ

Share Issued (m) 5,830Share Issued (m) 5,830

Market Cap (IDR m) 42.274Market Cap (IDR m) 42.274

Major Shareholders:Major Shareholders:PT Indofood (INDF) (80.5%)PT Indofood (INDF) (80.5%)PublikPublik (19.4%)(19.4%)

EQUITY RESEARCH 1111

Stock and 10% going forward. ICBP has a strong position of

operating cash flow, small DER & expansion capability

using internal cash.

Valuation, Recommendation : Buy

We use a DCF valuation, base assumption to 2013 & find

value of PE estimated at 19.2 with EPS of 436 16.7 %

discount from the price now. On the basis we arrive at a TP

of Rp 8,400. We are optimist our numbers are achievable as

ICBP 9M12 earnings have already reached 74.4%. Thus the

high growth in the snack food will still remain in the 4th

quarter, and rapid volume in noodles could achieve 7%

growth in 2012.

Hi Hi Lo 52 weeks Lo 52 weeks ((RpRp) 4.875 ) 4.875 7.750 7.750

AvgAvg VolVol TransaksiTransaksi (3M) (3M) 14.039.30014.039.300

Historical Chart

Monchita Wintion Pangemanan

[email protected]

Source : Company, Reliance Research

EXHIBIT 1. Financial Statements Summary

Rp Bn 2010 2011 2012E 2013F 2014F

Sales 17,960 19,367 21,820 23,953 26,426

EBT 2,519 2,745 3,114 3,554 3,909

Net Income 1,704 1,975 2,227 2,541 2,796

EPS 344 339 382 436 479

growth -1.5% 12.7% 14.1% 10.0%

ROA (%) 13.7% 13.6% 13.8% 14.3% 14.1%

ROE (%) 19.6% 19.3% 19.4% 19.6% 19.2%

P/E (x) 14.8 14.7 19.0 16.63 15.1

PBV (x) 2.91 2.83 3.50 3.09 2.76

Stock Fokus

Industry Overview

Indonesia GDP figure was at 6.17% in the third quartal of 2012. Reliances estimates of GDP

until the end of 2012, will be in the range of 6.3 6.5. Meanwhile, we see a growth in

purchasing power increases. Realization of investment in Q3 2012 for the food processing

industry reached 11.8% of total domestic investment (DCI)

With a population of over 250 million people & 45 million middle class , Indonesia is a country

that has a huge potential market. The survey of consumer behavior found that food &

beverage products has become the most daily consumer goods purchased by consumers,

where 25.4% is used for instant noodles shopping.

Furthermore, Indonesia's dairy industry continues to experience growth. Indonesia is the

lowest country that consumes milk in Asean. This is an excellent opportunity for ICBP. The

Company may undertake strategies such as introducing people to milk even more, promoting

the consumption of milk, & distributing the dairy products for people to access easily. We

believe the company can increase market penetration of milk after what has been achieved

from selling instant noodles. We are optimistic that growth in dairy consumption in the

coming years will increase significantly supported by the development of production capacity.


2222EQUITY RESEARCH

coming years will increase significantly supported by the development of production capacity.

EXHIBIT 2. Macro Economic Indicators

EXHIBIT 4. Indonesia Consumer Behavior

Source : Worldpanel Indonesia

EXHIBIT 3. Dairy Consumption

12.85

50.9

47.1

44.5

33.7

14.3

13.7

0 20 40 60

Indonesia

Malaysia

India

Singapura

Thailand

Vietnam

Filipina

Source : Kompas

81%

25.4%

7.5% 6.3%

Rice Instant Noodles Cooking Oil Sugar

Source : BPS, Reliance Research

Macro Assumption

2010 2011 2012E 2013F

GDP growth (% yoy) 6.1 6.5 6.3 6.5

Inflation rate (% yoy) 6.96 3.79 5.3 5.1

BI rate (% yoy) 6.5 6 5.75 5.75

Exchange Rate (Rp/USD, average) 9,741 8,779 9,550 9,500

Stock Fokus

Company Overview

ICBP was established as a separate entity in September 2009 and listed on the Indonesia

Stock Exchange (IDX) on October 7, 2010. It was established by means of internal

restructuring of the Consumer Branded Product (CBP) Group of PT Indofood Sukses

Makmur Tbk (Indofood), the parent company, listed on the IDX since 1994.

ICBP has been producing noodles with a brand named Sarimi in 1982. Then it continued

issuing instant noodles with various well known brands in the community that is Indomie,

Supermie, and Pop Mie. The company has been a market leader of instant noodle

manufacturer. ICBP diversified its business by developing products and special nutritional

foods, then set up a joint venture with Seven-Up Nederland BV which is an affiliated company

PepsiCo Inc. that manufactures snack food. The Company launched the first brands such as

Chitato, Chiki, and Jetz, then Qtela.

In the subsequent years, ICBP expanded to seasoning food division (1991), and later diary

(2008) by acquiring Drayton Pte. Ltd. which has a 68.87% stake in PT Indolakto that produces

brands such as Bendera and Indomilk. In 2012, the company established a joint venture with

a well known Japanese consumer company, namely Asahi Group Holdings LTd. Diversified

business ensued with the joint venture, the company will enter into a non-alcoholic beverage


3333EQUITY RESEARCH

business ensued with the joint venture, the company will enter into a non-alcoholic beverage

business clients division.

Instant noodles

began production

under the brand

Sarimi, and Indomie,

Supermi and Pop

Mie respectively in

1984, 1986 and

1988

Go to the snacks food

business division with

51:49 joint venture with

Seven-Up Nederland BV,

affiliation with PepsiCo

Inc. with brand Chitato,

Chiki and Jetz

Confectionery business division

began operating two brands,

"Trenz" For young people and

adults, and "Wonderland" for

the family segment. In 2011,

the brand Bim Bim was

launched to reach out to the

kids market.

1982 1985 1990 1991 2005 2008

Go to the division of

nutrition and special

foods, Promina

launched as the first

brand, followed by

the brand "SUN" in

1989

Log into division flavoring

foods with soy products

named Piring Lombok and

Niki Echo. In 1992, the

brand launched Indofood

soy sauce and seasoning

for instant products.

The Company began dairy

division by acquiring

Drayton Pte Ltd. Which has

65.87% of PT Indolakto,

which is the second largest

player in the Indonesian

dairy industry

INDF.IJ

AgribusinessBogasariConsumer Branded

ProductsDistribution

ICBP.IJPublic

80.5%19.4%

EXHIBIT 5. Ownership Structure

Source : Company

EXHIBIT 6. Company Milestone

Stock Fokus

EXHIBIT 6. SWOT Analysis


4444EQUITY RESEARCH

Source : Reliance Research

Strength Opportunity

Market leader for instant noodles

product. Even, Indomie has

become a very common term to

call instant noodles in Indonesia.

Taste has adhered in society.

Increased purchasing power,

as economic conditions

improved

Strong distribution reach areas in

Indonesia. Supported by the

spread of production facilities.

Lifestyle of modern society,

which led to increased

demand for food and

beverages that can be quickly

cooked

Product Diversification

Weakness Threat

Fluctuating commodity prices

High levels of competition

Negative sentiment toward

the content of the product

Most of the raw materials are

imported, thus the fluctuation of

exchange rate are affect gross

profit margin result

Stock Fokus

Noodles Division

This division is the largest contributor, 70% of total consolidated sales. ICBP is a market

leader in the sale of instant noodles. Having a strong brand positioning in which the Indomie

brand has been grounded in the minds of the public. In recent years the company sells the

instant noodles product in a fierce competition. Volume in 2011 decreased 3.5% (YoY) but net

sales grew 7% (YoY). We are optimistic that this division will remain the No. 1 manufacturer of

instant noodles in Indonesia, with experience more than 20 years the company will perform

for maximum effort to increase sales volume. We predict a 7% (YoY) increase in volumes this

year, sales of this division managed to grow 11% and 22% (YoY) as compared to the same

period last year noodles sales growth of 8% and 0.4%. Thus in third quarter, volume grew

12.1% from 8.31 billion in 2011 to 9.32 billion in 2012.

12.03

10.82 11.03

11.45

11.05

11.82 12.18

12.54 12.92

-

200.0

400.0

600.0

800.0

1,000.0

1,200.0

1,400.0

1,600.0

9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50

2007 2008 2009 2010 2011 2012F 2013F 2014F 2015F

Exhibit 8. Noodles Volume & Average Selling Price

69.6%

23.0%

3.0%

1.2%

0.9%

2.3%

Indomie

Mie Sedap

Supermie

Gaga mie

Sarimi

Others

Exhibit 7. Noodles Market Share


5555EQUITY RESEARCH

Dairy Division

Dairy produced by IDLK, a subsidiary of the company with a 68.6% ownership. This division

produces sweetened condensed milk (SKM), ultra-high temperature milk (UHT), milk in sterile

bottles, pasteurized milk, milk powder, butter, yogurt and ice cream drinks. Dairy is the

second largest contributor of total consolidated sales of approximately 19.1% in 2011. The

company is currently building a plant to increase production capacity. We see that Indonesia

has a huge potential market for dairy division.

Source : Company, Reliance ResearchVolume ASP

Source: Mars Indonesia

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%


Exhibit 9. Dairy Sales and Growth (YoY) Exhibit 10. Indonesia Dairy, Milk, Nonfat Dry Consumption/ Year

Source : Index Mundi

806

1,014 894

980 938 1,064

904

9%

3%

8%

12%12%

19%

6%

-

200

400

600

800

1,000

1,200

0%

5%

10%

15%

20%

25%

11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3e

Dairy Growth YoY

Stock Fokus

Food Seasoning

Marketed by NICI (joint venture between Nestle SA with ICBP50%), the company produces soy sauce,

chili sauce, tomato sauce, seasonings and broth with their instant Indofood, Plate Lombok, Indofood

racik and Maggi, while the production to the sales process run by the FS division. The increased

production capacity in Central Java chili sauce completed this year and production facilities for dry

mixes that are expected to finish 2013. Thus, we are optimistic on the growth of sales for food

seasoning can grow over 20% this year and next year in line with the increasing demand due to the

growth of public welfare.

Snack Food

Some brands of snacks like-Qtela, Chitato, Lays, Jetz, Cheetos, Chiki, Trenz, and Wonderland are known

successfully in the community. Produced by IFL which is a joint venture ICBP (51%) with Seven-Up

Netherlands, BV (an affiliate of PepsiCo Inc.). In 2011 contributed 2.64%, on third quarter grew 24%

(YoY), and slightly decline 0.3% in QoQ growth due to Eid Season in last quarter was over. Snack food

booked highest growth year on year this year.

Nutrition and Special Food

This division produces special food for infants and children and milk for pregnant and lactating

mothers. It gives the smallest contribution to the total net sales. Slow growth in 2011 of 1.1%. QoQ

growth until the first half of 2012 grew but not as brighter as the same period in 2011. We forecast the

growth of this division will be around 4%, and the percentage of contribution from this division will


6666EQUITY RESEARCH

growth of this division will be around 4%, and the percentage of contribution from this division will

shrink along with the rapid growth of the division of instant noodles, food seasoning, and snack food.

Noodles, 70%

Dairy, 19%Food

Seasoning, 5

%

Snack

Food, 6%

Special

Food, 3%


Exhibit 11. Breakdown of Company Sales

11Q3 12Q3 YoY 9M11 9M12 YoY

Total Sales 5,027 5,309 5.6% 14,450 16,228 12.3%

Noodles 3,583 3,809 6.3% 10,129 11,423 12.8%

Dairy 894 904 1.1% 2,713 2,906 7.1%

Food Seasoning 274 291 6.2% 800 917 14.7%

Snack Food 308 382 24.0% 875 1,123 28.3%

Nutrition & Special Food 102 100 -2.2% 379 364 -4.0%

11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4e

Noodles Dairy Food seasoning Snack Foods Special Foods


Exhibit 12. Segment Income from Operations per Division

Exhibit 13. Companys Third Quartal Sales

Source : Company

Stock Fokus


Exhibit 14. Sugar Price Exhibit 15. Wheat Price

Source : Index Mundi Source : Index Mundi

Exhibit 16. CPO Price

1000

1500

2000

2500

3000

3500

4000

4500

Exhibit 17. Skim Milk Powder Price

7777EQUITY RESEARCH

Source : Index Mundi

0

500

1000

Jan

-08

Ma

r-0

8

Ma

y-0

8

Au

g-0

8

Oc

t-0

8

De

c-0

8

Ma

r-0

9

Ma

y-0

9

Jul-

09

Oc

t-0

9

De

c-0

9

Fe

b-1

0

Ma

y-1

0

Jul-

10

Se

p-1

0

No

v-1

0

Fe

b-1

1

Ap

r-1

1

Jun

-11

Se

p-1

1

No

v-1

1

Jan

-12

Ma

r-1

2

Jun

-12

Au

g-1

2

Source :AAE

Gross Profit Margin Hoovering Above 25%

Gross profit margin experienced a significant growth since 2007 (16%) and recently (12Q3) has

reached 27%, although in 2011 slightly decreased due to the increase in raw material prices.

We believe in the future the company can maintain the proportion of margin above 25% &

continue to rise due to lower prices of raw materials, & the company strategy in reducing the

cost of raw materials.

EXHIBIT 18. Gross Profit Margin


16.1%17.5%

24.0%

27.7% 26.0% 25.8% 25.8%26.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2007 2008 2009 2010 2011 2012E 2013F 2014F

Stock Fokus

Increase in Sales and GA Expenses

In the third quarter, general administrative expense hikes 56.02% (YoY) due to an increase in

number of worker to fulfill the new production capacity. We believe this is only temporarily

and will be back to normal when the production capacity start to operate.

Healthy Balance Sheet

ICBP continue to have healthy balance sheet and strong cash flow position. The huge

internal cash position enable to accommodate capital expenditure, which is budgeted for

expanding noodle and dairy capacity. We estimate the dividend payout ratio will be at 50%,

while management has distribute 40% dividend payout ratio for 2010s net profit.

Valuation

We calculate the valuation using DCF method. We find fair value of Rp 8400 on a 2013 PE of

19.2x, far below the P/E industry of 32.16 and P/E sector of 32.12 (data: Reuters). We

believe there is still a chance for the stock price to increase after 34% gained (YTD). We are

optimist because ICBP has become a market leader in some of its products, the company's

instant noodles division has a pricing power to cover the cost of volatility spikes as occurred

in 2011. Meanwhile, corporate actions such as expansion of the company, over time, has


8888EQUITY RESEARCH

in 2011. Meanwhile, corporate actions such as expansion of the company, over time, has

become a source of new revenue, the opportunity to pursue sales division of instant

noodles.

Stock Fokus

EXHIBIT 19. Financial Highlights

INCOME STATEMENT

Rp Bn 2009 2010 2011 2012E 2013F 2014F

Sales 16,333 17,960 19,367 21,820 23,953 26,426

COGS 12,420 12,977 14,336 16,200 17,776 19,378

Gross Profit 3,913 4,983 5,031 5,620 6,177 7,049

SGA Expenses (1,598) (2,113) (2,347) (2,391) (2,816) (3,069)

Other Operating income (Exp) (177) (105) (33) (32) (32) (32)

Operating Income 2,138 2,871 2,684 3,229 3,361 3,979

EBT 1,566 2,519 2,745 3,114 3,554 3,909

Tax (430) (667) (679) (770) (878) (966)

Minority Interest 0 124 91 117 134 147

Net Income 1,078 1,704 1,975 2,227 2,541 2,796

BALANCE SHEET

Rp Bn 2009 2010 2011 2012E 2013F 2014F

Cash 696 3,408 4,421 5,462 6,261 7,527

A/R 1,476 2,026 2,378 2,372 2,737 3,012

Inventory 1,311 1,422 1,630 1,774 1,972 2,158

Fixed Asset 2,180 2,305 2,590 3,207 3,653 4,252

Others 5,256 7,608 8,625 9,577 10,291 11,477

Total Asset 10,224 13,361 15,223 16,931 18,652 20,899

9999EQUITY RESEARCH


Short term debt 1,360 405 418 418 0 0

Long term debt 42 15 146 235 379 553

Others 0 3,579 3,950 4,192 4,612 5,002

Total Equity 1,625 9,362 10,710 12,086 13,661 15,344

Total Liability and Equity 10,224 13,361 15,223 16,931 18,652 20,899

Cash Flow

Rp Bn 2009 2010 2011 2012E 2013F 2014F

Net Profit 1,078 1,837 2,064 2,344 2,675 2,943

Depreciation 1,969 208 227 256 285 319

Working Capital (94) (214) (396) 28 (266) (209)

Others (15) 158 172 42 87 97

Operation Cash Flow 2,939 1,988 2,067 2,671 2,781 3,149

Capex (1,973) (332) (512) (873) (730) (918)

Others 199 233 55 95 120 120

Investing Cash Flow (1,774) (99) (457) (779) (610) (798)

Change in Equity (1,685) 6,178 49 64 73 77

Dividend 0 (144) (676) (1,032) (1,172) (1,338)

Others 713 (5,211) 31 118 (273) 175

Financing Cash Flow (972) 823 (597) (850) (1,373) (1,085)

Change in Cash 193 2,712 1,013 1,042 798 1,266

Stock Fokus

Growth (YoY) 2010 2011 2012E 2013F 2014F

Sales 10% 8% 13% 10% 10%

Gross Income 27% 1% 12% 10% 14%

Operating Income 34% -6% 20% 4% 18%

Net Income 58% 16% 13% 14% 10%

Gross margin 28% 26% 26% 26% 27%

Operating margin 16% 14% 15% 14% 15%

Net profit margin 9% 10% 10% 11% 11%

RoA 14% 14% 14% 14% 14%

RoE 20% 19% 19% 20% 19%

Current Ratio 2.6 2.9 3.1 3.7 3.9

Quick Ratio 2.0 2.3 2.5 2.9 3.2

DER 0.00 0.01 0.02 0.03 0.04

Asset Turnover 1.3 1.3 1.3 1.3 1.3

Inventory Turnover 9.5 9.4 9.5 9.5 9.4

EXHIBIT 20. Financial Highlights


11110000EQUITY RESEARCH

Stock Fokus

HEAD OFFICE

Reliance BuildingJl. Pluit Kencana No. 15A, Pluit Penjaringan Jakarta 14450T +62 21 661 7768F +62 21 661 9884

EQUITY DIVISION

Jakarta- PluitJl. Pluit Kencana No. 15A Pluit Penjaringan Jakarta 14450T + 62 21 661 7768F + 62 21 661 9884

Jakarta - SudirmanMenara Batavia 27th floorJl.KH.Mas Mansyur Kav 126Jakarta 10220T + 62 21 5793 0008 F + 62 21 5793 0010

MalangJl. Guntur No. 19Malang 65112T + 62 341 347 611 F + 62 341 347 615

Surabaya - GubengJl. Bangka No. 22Surabaya 60281T + 62 31 501 1128F + 62 31 503 3196

Jakarta Kebon JerukPlaza Kebon JerukJl.Raya Perjuangan Blok A/2Jakarta 11530T + 62 21 532 4074 F + 62 21 536 2157

Bandung Jl.Cisangkuy No.58Bandung 40115T + 62 22 721 8200F + 62 22 721 9255

YogyakartaJl. Juadi No. 1 KotabaruYogyakarta 55224T + 62 274 550 123F + 62 274 551 121

TasikmalayaRuko Tasik Indah Plaza No. 21Jl. KHZ Mustofa No. 345Tasikmalaya 46121T + 62 265 345000F + 62 265 345003

Surabaya DiponegoroJl. Diponegoro 141-143 Surabaya 60264T + 62 31 567 0388F + 62 31 561 0528

DenpasarDewata Square Blok A3 Jl. Letda Tantular Renon Denpasar 802361T + 62 361 225099F + 62 361 245099

SoloJl. Slamet Riyadi 330ASolo 57145T + 62 271 733480F + 62 271 733478

TangerangJl. Pahlawan Seribu Ruko BSD Sektor 7 Blok RK kav. 9Tangerang 15310 T + 62 21 5387495F + 62 21 5387494

KP Pontianak:Jl. Gajah Mada No. 59Pontianak 78121T. +62 561 749558F. +62 561 746284

Jakarta Green VilleRuko Taman Ratu D 11 No. 19 CDuri Kepa, Green VilleJakarta 11510 T + 62 21 56945227F + 62 21 56945226

BalikpapanJl. Jend. Sudirman No. 51ABalikpapan 76114T 62 542 746313-16F 62 542 746317

MakassarJl. Boto Lempangan No. 34 JMakassar 90113T + 62 411 3632388F + 62 411 3614634

PekanbaruJl. Sumatera No. 9, Simpang EmpatPekanbaru - Riau 28000T + 62 761 7894368F + 62 761 7894370

KP MedanJl. Teuku Amir Hamzah No.26T. +62 61 6633065F. +62 61 6617597

RESEARCH DIVISION

Wilson Sofan [email protected]

Jasa Adhi Mulya [email protected]

Monchita W. P. [email protected]

Christine Natasya [email protected]

11111111EQUITY RESEARCH

Disclaimer:Informasi, opini dan rekomendasi yang terdapat dalam dokumen ini disajikan oleh PT Reliance Securities Tbk. dari sumber-sumber yangdianggap terpercaya dan dapat diandalkan. Dokumen ini bukan merupakan penawaran, invitasi atau representasi dalam bentuk apapununtuk pengambilan keputusan membeli maupun menjual saham. Keputusan investasi yang diambil berdasarkan dokumen ini bukanmerupakan tanggung jawab PT Reliance Securities Tbk. PT Reliance Securities Tbk. berhak untuk merubah isi dokumen ini sewaktu-waktutanpa pemberitahuan terlebih dahulu.

POJOK BURSA & GALERI INVESTASI

Universitas Kristen Duta WacanaJl. Wahidin Sudiro Husodo Yogyakarta 55224T + 62 274 563 929F + 62 274 513 235

Universitas SurabayaJl. Raya Kalirungkut Surabaya 60293T + 62 31 298 1203F + 62 31 298 1204

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Universitas Pembangunan Nasional VeteranJakartaJl. RS Fatmawati, Pondok Labu Jakarta 12450T + 62 21 7656971 ext. 197F + 62 21 7656971 ext. 138

Universitas Negeri MalangJl. Surabaya No. 6 Malang 65145T + 62 341 585914F + 62 341 552888

Universitas Muhammadiyah MalangJl. Raya Tlogomas 246 Malang 65144T + 62 341 464318-9F + 62 341 460782

Universitas BrawijayaJl. Veteran Malang 65145T + 62 341 551611, 575777F + 62 341 565420

STIE MalangkucecwaraJl. Terusan Candi Kalasan Malang 65142T + 62 341 491813F + 62 341 495619

President UniversityResto Plaza 1F - Jababeka Education ParkJl. Ki Hajar Dewantara RayaCikarang - Bekasi 17550T + 62 21 89106030

Universitas Tanjungpura PontianakJl. Jendral Ahmad Yani Pontianak 78124T + 62 561 743465F + 62 561 766840

Universitas JemberJl. Jawa No. 17Jember 68121T + 62 331 330732F + 62 331 326419

STIE "AUB" SurakartaJl. Mr. Sartono 97, CengklikNusukan, Surakarta 57135T + 62 271 854803F + 62 271 853084

STIESIA SurabayaJl. Menur Pumpungan 30SurabayaT + 62 31 5947505F + 62 31 5932218

Universitas Pembangunan Nasional "Veteran" YogyakartaJl. Babarsari 2, Tambak BayanYogyakartaT. (0274) 485268F. (0274) 487147

Universitas 17 Agustus 1945 BanyuwangiJl. Adi Sucipto 26Banyuwangi, Jawa TimurT. (0333) 419163F. (0333) 419163

icbp 19-11-2012

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