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Asiamoney's 2013 Best Domestic Equity House

2014 Asiamoney’s Finance 2013 Asia's Best Best Domestic Equity House Equity House

Beacon

2015 Global Banking & Finance Review Best Research House

11 March 2016

INDICES

CORPORATE FLASH Link Net (LINK IJ): Premium home broadband provider Analyst: Leonardo Henry Gavaza, CFA  First mover advantage in FTTH segment  Solid growth despite TLKM‟s penetration through IndiHome  Solid growth ahead on low penetration; Support from buyback plan To see the full version of this report, please click here

TODAY’S NEWS POLITICS  President Jokowi: No cabinet reshuffle if lower dwelling time target achieved  Narcotics Agency Head to be at ministerial level  The government plans to help resolve the split in PPP political party ECONOMICS  Inflationary pressure: Cipinang rice price benchmark up IDR400/kg  Tax Office: To go into communities  Govt: To cut budget for banks restructuring, to provide export oriented KUR  Govt: 1mn lower civil servants by 2019 INDUSTRY  FSA to issue deposit-cap regulations by the end of March  House of Representatives passes JPSK bill  The government establishes 11 bonded logistics center operators  Plantation: Malaysia production down 7.7% m-m in February CORPORATE  KRAS 4Q15 results: Poor result on forex loss and higher tax post asset revaluation  BSDE 4Q15 results: In-line with our estimate  BBNI to distribute IDR2.3tn in dividends; Additional capital from NCD and lower RR  Toyota Sienta: Ready for order with booking fee of IDR5m per unit  EXCL plans to conduct right issue in 1H16 to pay down USD500m debt  INDF purchased 6mn shares of SIMP

ECONOMIC INDICATORS

MARKET DATA

15F 16F 17F Cur acc bal (%GDP) (2.1) (2.3) (2.3) Fiscal bal (%GDP) (2.6) (2.7) (2.5) GDP growth (%y-y) 4.8 5.1 5.2 Private spending (%) 5.0 5.2 5.3 Investment (%y-y) 5.0 6.6 5.0 Total exports (%y-y) (2.0) (4.5) (1.8) Total imports (%y-y) (5.9) (7.5) (2.6) Inflation (%y-y) 3.3 3.9 4.5 IDR/USD 13,788 14,000 13,500

Op.prof.gwt.(%) EPS growth (%) P/E (x) PEG (x) EV/EBITDA (x) P/BV (x) P/BV exc. Div. Yield (%) Net gearing (%)

15F (2.3) (7.5) 19.9 (3.9) 13.7 10.0 3.4 2.0 20.8

16F 11.4 13.6 17.3 1.2 12.6 8.8 3.1 2.2 18.9

BI rate (% p.a.) Brent Oil (Usd/bbl) FX reserve (USDb)

ROAE (%) ROAA (%) ROIC (%)

31.8 12.2 26.6

29.2 11.9 26.5

Source: Bahana estimates

2015 Institutional Investors Highest Ranked Local Research House

IDX: 4,793 (-0.4%) Turnover: IDR5.4tn (+3.9%) Foreign Net SELL: IDR547bn (from Net BUY: IDR43.9bn)

Indonesia Morning Brief

7.50 30.9 105.9

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

6.25 35.0 105.0

6.00 50.0 112.0

Asia Last Chg% Hang Seng (HK) 19,984.4 (0.1) IDX (Indonesia) 4,793.2 (0.4) KLCI (Mal.) 1,690.9 0.3 KOSPI (Korea) 1,969.3 0.8 Nikkei (Japan) 16,852.4 1.3 PCOMP (Phil.) 7,048.1 1.4 SENSEX (India) 24,647.3 (0.6) SET (Thailand) 1,379.5 (0.8) SHCOMP (China) 2,804.7 (2.0) SHENZHEN (China) 1,689.0 (1.4) STI (Singapore) 2,809.1 (0.0) TWSE (Taiwan) 8,660.7 0.3 VNI (Vietnam) 575.9 0.7 Europe, USA and Ems CAC 40 (France) 4,412.2 (0.2) DAX (Germany) 9,700.8 (0.2) Dow Jones (USA) 17,000.4 0.2 FTSE 100 (UK) 6,128.0 (0.3) IBOV (Brazil) 48,665.1 (0.9) MEXBOL (Mexico) 44,492.5 (0.0) NGSEINDX (Nigeria) 25,936.3 0.2 Nasdaq (USA) 4,674.4 0.5 RTSI (Russia) 841.0 0.7 S&P 500 (USA) 1,989.3 0.5 XU100 (Turkey) 78,535.6 (0.3)

ytd % (8.8) 4.4 (0.1) 0.4 (11.5) 1.4 (5.6) 7.1 (20.8) (26.8) (2.6) 3.9 (0.5)

y-y % (16.4) (12.0) (5.5) (0.8) (9.7) (10.0) (14.2) (9.9) (14.6) (0.2) (17.3) (9.2) (2.3)

(4.8) (9.6) (2.4) (1.8) 12.3 3.5 (9.4) (6.7) 11.1 (2.7) 9.5

(9.6) (15.6) (3.8) (8.6) 0.8 3.5 (17.3) (3.8) (0.5) (2.7) 0.7

Source: Bloomberg

ETF, ADR & COMMODITIES

Last Chg% ytd % y-y % EEM US (USD) 32.5 0.2 0.8 (15.1) EIDO US (USD) 23.1 (0.4) 10.9 (12.7) TLK US (IDR) 3,344 (2.0) 15.2 15.9 Como Index (USD) 171.9 (0.2) (2.4) (20.4) Coal (USD/t) 51.8 0.4 2.4 (14.7) Corn (USD/mtn) 137.8 1.2 2.9 (4.4) Coffee (USD/t) 2,530.9 0.4 (2.2) (9.9) Copper (USD/t) 4,920.5 (0.3) 4.6 (14.9) Cotton (USD/t) 1,252.9 0.4 (10.2) (6.6) CPO Rott (USD/t) 640.0 (0.8) 0.8 (1.0) Gold (USD/oz.) 1,270.8 1.4 19.7 10.0 Iron ore (USD/mtn) 64.3 0.0 48.2 3.5 Milk (USD/cwt) 13.6 0.9 (6.5) (17.6) Nickel (USD/t) 8,735.0 (0.6) 0.8 (37.9) Oil Brent (USD/barrel) 40.1 (2.5) 7.4 (29.0) Rice (IDR/kg) 4,858.0 0.0 (3.9) 0.3 Rubber (USD/t) 124.3 (3.0) 9.3 (11.9) Silver (USD/oz) 15.6 1.9 12.5 0.5 Soybean oil (USD/t) 697.1 (0.4) 3.5 2.1 Steel (USD/t) 383.7 (1.9) 25.2 (0.1) Sugar (USD/t) 323.2 (1.3) (1.8) 7.8 16,975.0 0.7 16.3 (4.9) 17F Tins (USD/t) Wheat (USD/t) 175.2 1.9 0.1 (12.2) 12.7 Source: Bloomberg, CEIC 14.3 CURRENCIES & RATES 15.2 Last Prev. Ytd % y-y % 1.1 AUD/1USD 0.746 0.747 (2.3) 1.8 11.1 EUR/1USD 1.118 1.099 (2.9) (5.7) 7.8 IDR/1USD 13,075 13,144 5.5 0.1 2.7 JPY/1USD 113.020 113.21 6.4 7.5 0 1.381 1.382 2.7 0.6 2.4 SGD/1USD 5.13 5.13 (2.5) (0.5) 16.4 JIBOR (%) BI rate (%) 7.00 7.00 (0.5) (0.5) 29.1 TD – 1 month (%) 6.86 6.80 (0.2) (0.5) 12.3 CDS (bps) 201.83 206.67 (12.2) 27.5 26.5 Source: Bloomberg

Source: Bahana estimates

Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. Investors should consider this report as only a single factor in making their investment decision.

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

POLITICS President Jokowi: No cabinet reshuffle if lower dwelling time target achieved President Joko „Jokowi‟ Widodo warned the ministers to work harder in bringing down dwelling time to reach below 5 days. He also stated that he would reshuffle the cabinet if his request is not fulfilled. (Bisnis Indonesia). Bahana comment: We note that at the Tanjung Priok port (Jakarta) dwelling time has reached 4.4 days as of February; however, it is possible that other ports could higher than 5 days. This cements our OVERWEIGHT call on the Indonesian shipping sector with Pelayaran Tempuran Emas (TMAS IJ-BUYIDR1,890-TP:IDR3,000) as our top pick. Narcotics Agency Head to be at ministerial level The government‟s effort to fight against drugs is reflected by its plan to elevate and strengthen the position of the Narcotics Agency (BNN) Head to be at ministerial level. (Tempo) The government plans to help resolve the split in PPP political party The government through the Ministry of Law and Human Rights has decided to mediate the current split in PPP political party by forming a reconciliation (islah) team. (Kompas)

ECONOMICS Inflationary pressure: Cipinang rice price benchmark up IDR400/kg The Cipinang rice price benchmark (PBIC) has increased IDR400/kg (+5.4%) since the beginning of the month causing traders on the ground to ask the government to conduct market intervention in order to prevent further hikes in rice prices. Separately, the Ministry of Trade stated that the market intervention is necessary when the price increase amounts to 10%. (Detik.com, Republika). Bahana comment: It should apply some pressure on March staples inflation (February: -0.58% m-m). However, the recent government action to cut electricity prices should help to offset this inflationary pressure. Currently, we expect -0.02% m-m or 4.22% y-y inflation in March. Tax Office: To go into communities The tax office is planning to deploy its officers to the lowest levels of neighborhoods (RTs) and community units (RWs) to hunt down delinquent taxpayers in a bid to double personal income tax collection this year. (The Jakarta Post). Bahana comment: This move is likely to apply pressure on consumption recovery. However, limited tax office resources should cap the effectiveness of this policy. Govt: To cut budget for banks restructuring, to provide export oriented KUR In the new financial crisis prevention bill (PPKSK) which will replace the financial security draft (JPSK), the government is planning to cut the role of state budget for banks restructuring to zero. As consequence, BI is not allowed to buy government securities in the primary market and the government is not allowed to provide loans and guarantees for the Indonesian Deposit Insurance Agency (LPS). Separately, the government also stated their willingness to provide subsidized micro loans (KURs) for export oriented SMEs, logistics and pharmaceutical companies. (Bisnis Indonesia) Govt: 1mn lower civil servants by 2019 The Ministry of State Apparatus and Reformation (PANRB) targets to decrease the number of civil servants (PNS) by 1mn workers until 2019 from the current 4.5mn. The target is to cut the number of civil servants by 10% in 2017 and by another 10% in 2018. (bisnis.com)

INDUSTRY FSA to issue deposit-cap regulations by the end of March The Financial Services Authority (FSA) is planning to issue regulations by the end of March to set depositrate caps owned by SOEs. The regulations should include several incentives for banks to reduce overhead, including the easing of licensing requirements to open new branch offices and issue new products. (Kontan)

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

House of Representatives passes JPSK bill The House of Representatives has officially passed the Financial System Safety Net (JPSK) with the Financial Services Authority (FSA), Bank Indonesia (BI), and Deposit Insurance Corporation (LPS). The bill has included a “bail-in” mechanism instead of “bail-out” to rescue troubled banks during the financial crisis. In the new mechanism, LPS will act as an insurer or an issuing bank for troubled banks by injecting capital before the bank has declared bankruptcy. If the LPS has run out of funds, BI will buy government debt paper (SBN) owned by LPS to inject additional capital. Through the new mechanism, the government hoped it would minimize the usage of the State Budget to insure the banks that default during financial crisis. (Detik, Kontan) The government establishes 11 bonded logistics center operators In order to reduce logistics costs and increase industry efficiency, the government has established 11 companies as bonded-logistics-center (PLB) operators (exhibit 1). Through the PLBs, companies can store their goods in the shared warehouse for up to 3 years and still receive tax incentives, compared with only one year for goods kept in a normal warehouse in a bonded zone. PLBs will also free up some space at warehouses in congested ports and help with efforts to speed up customs clearance, according to Finance Minister, Bambang Brodjonegoro. (Kontan.co.id, theinsiderstories.com). Bahana comment: This should be beneficial for Kawasan Industri Jababeka (KIJA IJ-BUY-IDR227), through its subsidiary Gerbang Teknologi Cikarang, as the company is the only industrial estate operator under our coverage that has a PLB license. Going forward, this should allow for expansion opportunities for KIJA given current weak industrial land demand. Separately, in 3Q15, KIJA booked IDR88.67bn from its dry ports business, up 42% y-y from IDR62.35bn. This year, management targets for sales from this business to grow by around 30% y-y. Exhibit 1. List of companies No

1 2 3 4 5 6 7 8 9 10 12

Company

Location

Type of goods

Cipta Krida Bahari Petrosea Pelabuhan Penajam Buana Taka Kamadjaja Logistics Toyota Motor Manufacturing Agility International Gerbang Teknologi Cikarang Dunia Express Transindo Khrisna Cargo Vopak Terminal Merak Dahana

Jakarta Balikpapan Balikpapan Bekasi Karawang Halim Bekasi Jakarta and Karawang Benoa and Denpasar Merak Subang

Commodities Commodities Commodities Food and Beverage Automotive Food and Beverage Textile Textile Smes Chemical Explosive for Commodities

Source: Kontan.co.id

Plantation: Malaysia production down 7.7% m-m in February Based on the MPOB survey, February Malaysia CPO production has reached 1.04m tons, -8% m-m. Meanwhile, palm-oil exports also declined to 1.09m tons, -15% m-m, resulting in Malaysian stocks of around 1.25m tons, -4% m-m. (Nasdaq)

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

3

2015 Institutional Investors Highest Ranked Local Research House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2014 Finance Asia's Best Equity House

Asiamoney's 2013 Best Domestic Equity House

2015 Global Banking & Finance Review Best Research House

CORPORATE KRAS 4Q15 results: Poor result on forex loss and higher tax post asset revaluation Krakatau Steel (KRAS IJ-REDUCE-IDR412-TP:IDR275) booked a 4Q15 net loss of USD160mn (-440% y-y, 531% q-q), which was attributed to a 4Q15 forex loss of USD31m and USD22mn taxation following the USD1.2bn asset revaluation. In 2015, KRAS recorded a net loss of USD320mn (-117.5% y-y), much higher than our 2015 net loss forecast of USD218mn despite KRAS being able to book an in-line 2015 operating loss of USD184mn (-69.5% y-y). KRAS also reported 4Q15 gross margin of -4.7% (3Q15: 5.7%) while net gearing level climbed up to 83.2% (3Q15: 72.2%). (Company, Bahana). Bahana comment: Recent climb in hot roll coil (HRC) prices to USD446/ton (Bahana 2016 estimate: USD435/ton) should enable some support for KRAS‟ 2016 sales. Nevertheless, we still have some concerns about the increasing debt levels as well as the profitability of KRAS‟ main affiliated company, Krakatau Posco, given the current weak steel price environment. We plan to revisit our model upon receiving the full financial statements from the company. KRAS IJ 4Q15 results summary (USDm) Sales Gross profit Operating expenses Operating profit Net interest income/(expense) FX gain (loss) Other income (expense) Pretax profit Taxation Minority Interest Net profit BS & Ratio analysis Gross margin (%) Operating margin (%) Net margin (%) Inventory Days Receivable Days Payable Days Total cash Total debt Net gearing (%)

4Q14 508 9 38 (29) (12) (3) (6) (50) 18 2 (30) 4Q14 1.8 (5.6) (5.8) 90 46 35 237 1,340 123.8

3Q15 316 18 36 (18) (21) 49 (33) (23) (1) (1) (25) 3Q15 5.7 (5.7) (8.0) 137 73 52 115 1,403 72.2

4Q15 328 (16) 37 (53) (25) (31) (34) (142) (22) 5 (160) 4Q15 (4.7) (16.1) (48.7) 116 63 46 133 1,614 83.2

q-q

y-y

4Q15/

(%) 3.9 na 3.7 (193.2) (18.2) na (1.4) (512.0) (1,865.8) na (531.4)

(%) (35.4) na (1.7) (84.5) (106.0) (855.0) (471.9) (185.6) na 140.6 (439.8)

4Q15F 84.6

103.0

278.2 2014A 2.2 (5.8) (7.9) 100 51 38 237 1,340 125.6

2014 1,869 41 150 (109) (45) 5 (34) (183) 29 7 (147) 2015A (2.8) (13.9) (24.2) 120 64 48 133 1,614 83.2

2015 1,322 (36) 148 (184) (83) 52 (113) (327) 1 6 (320) 2015F (2.7) (13.2) (15.8) 100 52 45 124 1,540 83.6

y-y

2015/

(%) (29.3) na (1.5) (69.5) (82.7) 995.1 (232.6) (79.0) (96.7) (8.3) (117.5) 2016F 2.1 (36.0) (13.5) 100 52 45 141 1,840 112.8

2015F 95.7

100.9

147.0 2017F 3.1 (10.6) (4.7) 100 52 45 152 2,140 149.8

Source: Company, Bloomberg, Bahana estimates

BSDE 4Q15 results: In-line with our estimate Bumi Serpong Damai (BSDE IJ-BUY-IDR1,705-TP:IDR2,020) booked 2015 revenue of IDR6.2tn, up 10.6% y-y, bringing its 2015 bottom line to IDR2.1tn (-44% y-y), pretty much in-line with our estimate (95%) but below consensus forecast (86%). The solid results were mainly backed by faster-than-expected revenue recognition mostly from its BSD City mega project. Nevertheless, the 4Q15 net profit was below our expectation, reaching IDR410bn. (Company, Bahana) BSDE IJ 4Q15 Result summary (IDRb) Sales Gross profit Selling expense G&A expense Operating profit Net interest income/(expense) Forex gain (expenses) Other income/(expense) Income from associated company Pretax profit Taxation Minority interest Net profit BS & Ratio analysis Gross margin (%) Operating margin (%) Net margin (%) Receivable Days Payable Days Total cash Total debt Net gearing (%)

4Q14 1,666 1,174 129 300 744 (41) 12 (17) 56 754 (85) (55) 613 4Q14 70.5 44.7 36.8 5 23 2,967 4,307 8.7

3Q15 1,266 948 136 347 465 (113) 76 18 (0) 445 (74) (58) 314 3Q15 74.9 36.7 24.8 5 63 6,747 7,785 4.8

4Q15 1,576 1,179 152 295 732 (124) (10) (318) 48 327 (101) (48) 410 4Q15 74.8 46.4 26.0 7 54 6,109 7,750 7.4

q-q

y-y

4Q15/

(%) 24.5 24.4 12.0 (15.1) 57.4 9.7 na na na (26.6) 37.5 (16.4) 30.7

(%) (5.4) 0.5 17.8 (1.8) (1.7) 201.4 na 1,788.2 (14.8) (56.6) 19.5 (12.9) (33.1)

4Q15F 79.8

69.3

50.3 2014 74.1 47.2 68.6 6 94 2,967 4,307 8.7

2015 6,210 4,638 530 1,207 2,901 (324) 139 (281) 48 2,482 (364) (212) 2,139 2015 74.7 46.7 34.5 7 55 6,109 7,750 7.4

y-y

2015/

2015/

(%) 10.6 11.3 16.3 15.3 8.9 201.3 364.6 na (97.1) (42.3) 17.4 20.6 (44.0) 2015F 73.5 46.3 36.0 9 40 2,724 7,480 27.3

2015F 97.2

Cons. 94.5

98.1

94.6

95.1 2016F 73.1 46.0 35.8 10 39 2,353 8,200 29.4

85.9 2017F 72.9 45.3 36.0 10 38 2,606 9,287 29.5

Source: Company, Bloomberg, Bahana estimates

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

4

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

BBNI to distribute IDR2.3tn in dividends; Additional capital from NCD and lower RR Bank Negara Indonesia (BBNI IJ-IDR5,250-TP:5,700) has said it would distribute IDR2.3tn in dividends, representing 25% of 2015 net profit. BBNI also has allocated around 1% (IDR90.6bn) of 2015 net profit for the State-Owned Enterprises Assistance Program. Separately, BBNI will issue IDR4tn of Negotiable Certificate of Deposits (NDCs) with tenor up to 6-18 months in May 2016 to maintain liquidity. Furthermore, following Bank Indonesia‟s policy to lower the Primary Reserve Requirement (RR) to 6.5%, this would provide additional capital of around IDR3tn. (Kontan, Investor Daily) Toyota Sienta: Ready for order with booking fee of IDR5m per unit Toyota Sienta is ready to be ordered with a booking fee of IDR5m per unit at each authorized Toyota dealership. In addition, the Toyota Sienta will be introduced at the Indonesia International Motor Show (IIMS) on 7-17 April 2016. (Kompas). Bahana comment: While still currently unavailable, pricing for the Sienta should be at around IDR300mn. The Sienta will directly with Honda Freed priced at around IDR230275mn per unit.

EXCL plans to conduct right issue in 1H16 to pay down USD500m debt In 1H16, XL Axiata (EXCL IJ-BUY-IDR4,010-TP:IDR4,400) plans to conduct a right issue and float out additional 2.75bn of common shares with nominal value of IDR100/share, of which the proceeds would used to pay down their USD500m debt. In addition, through an extraordinary general meeting shareholders, Yessie D. Yosetya, previous Chief Service Management Officer of Axiata Group, was elected a new Independent Director. (republika.co.id, kabarmedan.com)

an be of as

INDF purchased 6mn shares of SIMP Indofood Sukses Makmur (INDF IJ-BUY-IDR7,425) announced that the company has bought 6m shares of Salim Ivomas Pratama (SIMP IJ-HOLD-IDR417) during 1-10 March 2016 at an average price of IDR388.97/share, amounting to IDR2.3bn. Through this corporate action, INDF‟s ownership of SIMP increased to 1,029m shares (6.64% ownership). The company stated that the purpose of the transaction is for corporate investment. (Company)

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Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY Wintermar Offshore Marine Astra Agro Lestari London Sumatra Indonesia Holcim Indonesia Matahari Department Store Gudang Garam Merdeka Copper Gold Mitra Keluarga Karyasehat Astra International Salim Ivomas Pratama Tunas Baru Lampung Pakuwon Jati Nippon Indosari Corpindo Waskita Karya Pelayaran Tempuran Emas Adhi Karya Tiphone Mobile Indonesia Dharma Satya Nusantara Semen Indonesia Pembangunan Perumahan Surya Semesta Internusa Ciputra Property Wijaya Karya Summarecon Agung Blue Bird Kimia Farma Media Nusantara Citra Wijaya Karya Beton Indofood Sukses Makmur Bank Mandiri AKR Corporindo Surya Citra Media J Resources Total Bangun Persada Indocement Tunggal Prakarsa Mitra Adiperkasa United Tractors Express Transindo Utama Medco Energi Internasional Lippo Karawaci Soechi Lines Sri Rejeki Isman Siloam International Hospitals Bank Jawa Timur Cardig Aero Services Indomobil Sukses Internasional Bank Central Asia Bank Tabungan Pensiunan Nasional Jasa Marga Hero Supermarket Electronic City Aneka Tambang Austindo Nusantara Jaya Sampoerna Agro Agung Podomoro Land Sarana Menara Nusantara Perusahaan Gas Negara Garuda Indonesia Tempo Scan Pacific Multipolar Mayora Indah Indonesian Stock Exchange Bank Negara Indonesia Bank Jawa Barat dan Banten Bumi Serpong Damai Harum Energy Ramayana Lestari Sentosa Bank Danamon Indonesia Malindo Feedmill Kawasan Industri Jababeka Indosat Bank Tabungan Negara Sido Muncul Matahari Putra Prima Ciputra Development PP Property Puradelta Lestari Indofood CBP Sukses Makmur Gajah Tunggal Alam Sutera Realty Tower Bersama Infrastructure Bank Bukopin Unilever Indonesia Semen Baturaja Kalbe Farma Telekomunikasi Indonesia Anabatic Technologies Japfa Comfeed Indonesia Adaro Energy Krakatau Steel Lippo Cikarang Adi Sarana Armada Bank Rakyat Indonesia Xl Axiata HM Sampoerna Timah Charoen Pokphand Indonesia Erajaya Swasembada Bekasi Fajar Industrial Estates Ace Hardware Indonesia Bukit Asam Indo Tambangraya Megah Vale Indonesia

Source: Bloomberg, Bahana estimates

STOCK CODE WINS IJ AALI IJ LSIP IJ SMCB IJ LPPF IJ GGRM IJ MDKA IJ MIKA IJ ASII IJ SIMP IJ TBLA IJ PWON IJ ROTI IJ WSKT IJ TMAS IJ ADHI IJ TELE IJ DSNG IJ SMGR IJ PTPP IJ SSIA IJ CTRP IJ WIKA IJ SMRA IJ BIRD IJ KAEF IJ MNCN IJ WTON IJ INDF IJ BMRI IJ AKRA IJ SCMA IJ PSAB IJ TOTL IJ INTP IJ MAPI IJ UNTR IJ TAXI IJ MEDC IJ LPKR IJ SOCI IJ SRIL IJ SILO IJ BJTM IJ CASS IJ IMAS IJ BBCA IJ BTPN IJ JSMR IJ HERO IJ ECII IJ ANTM IJ ANJT IJ SGRO IJ APLN IJ TOWR IJ PGAS IJ GIAA IJ TSPC IJ MLPL IJ MYOR IJ JCI BBNI IJ BJBR IJ BSDE IJ HRUM IJ RALS IJ BDMN IJ MAIN IJ KIJA IJ ISAT IJ BBTN IJ SIDO IJ MPPA IJ CTRA IJ PPRO IJ DMAS IJ ICBP IJ GJTL IJ ASRI IJ TBIG IJ BBKP IJ UNVR IJ SMBR IJ KLBF IJ TLKM IJ ATIC IJ JPFA IJ ADRO IJ KRAS IJ LPCK IJ ASSA IJ BBRI IJ EXCL IJ HMSP IJ TINS IJ CPIN IJ ERAA IJ BEST IJ ACES IJ PTBA IJ ITMG IJ INCO IJ

RATING HOLD REDUCE BUY REDUCE BUY BUY BUY SELL REDUCE HOLD BUY HOLD BUY BUY BUY BUY BUY BUY HOLD BUY BUY REDUCE BUY BUY REDUCE BUY BUY BUY BUY HOLD BUY REDUCE BUY BUY REDUCE BUY HOLD REDUCE BUY REDUCE BUY BUY BUY REDUCE HOLD HOLD BUY REDUCE BUY REDUCE REDUCE REDUCE REDUCE HOLD REDUCE BUY REDUCE BUY BUY BUY BUY

TARGET PRICE 190 14,300 1,780 825 19,800 65,000 2,200 1,900 5,550 290 570 490 1,450 2,250 3,000 2,550 1,180 535 11,200 4,300 720 365 3,100 1,820 4,700 1,350 2,000 1,100 6,600 9,700 9,000 2,800 1,400 940 17,600 4,750 16,000 120 1,300 1,130 630 400 12,400 420 1,250 2,000 14,700 2,350 6,000 650 700 207 1,000 1,800 220 5,000 2,500 400 2,000 550 31,000

Up/(Downside)(%) 25.8 (18.3) 6.9 (21.8) 11.9 (0.9) 16.1 (21.0) (19.9) (30.5) 4.6 1.0 16.0 16.0 58.7 (5.7) 58.4 1.9 5.7 13.3 7.5 (10.1) 21.1 12.7 (23.3) 7.1 5.5 13.4 (11.1) (4.0) 15.8 (3.3) 20.7 60.7 (14.3) 1.1 3.4 (16.1) 30.0 6.1 29.1 53.3 54.5 (6.3) 0.0 (4.8) 9.7 (16.1) 13.2 (39.3) (1.4) (51.2) (41.2) (2.7) (29.0) 25.2 (6.5) (6.3) 9.9 77.4 5.1

BUY BUY BUY REDUCE REDUCE HOLD BUY BUY BUY BUY HOLD BUY BUY HOLD BUY BUY BUY REDUCE HOLD HOLD BUY HOLD HOLD BUY BUY BUY BUY REDUCE BUY BUY BUY BUY BUY REDUCE BUY BUY REDUCE HOLD BUY REDUCE HOLD

5,700 1,020 2,020 500 640 3,400 1,700 270 6,800 1,700 480 2,750 1,400 180 290 16,800 860 300 6,500 730 46,000 315 1,480 3,750 800 880 700 275 8,300 130 13,000 4,400 115,000 411 3,500 850 300 875 7,800 4,000 1,400

8.6 9.7 18.5 (40.8) (18.5) (9.8) 29.3 13.4 20.9 2.4 (4.0) 55.4 8.5 (19.3) 41 10.0 39.8 (16.2) 10.2 27.0 7.6 (15.3) 12.5 13.1 33.3 13.5 (9.1) (33.3) 28.7 18.2 18.2 9.7 13.2 (41.3) 7.7 17.2 11.5 (2.8) 24.3 (39.8) (22.7)

03/10/2016 151 17,500 1,665 1,055 17,700 65,575 1,895 2,405 6,925 417 545 485 1,250 1,940 1,890 2,705 745 525 10,600 3,795 670 406 2,560 1,615 6,125 1,260 1,895 970 7,425 10,100 7,775 2,895 1,160 585 20,525 4,700 15,475 143 1,000 1,065 488 261 8,025 448 1,250 2,100 13,400 2,800 5,300 1,070 710 424 1,700 1,850 310 3,995 2,675 427 1,820 310 29,500 4,793 5,250 930 1,705 845 785 3,770 1,315 238 5,625 1,660 500 1,770 1,290 223 205 15,275 615 358 5,900 575 42,750 372 1,315 3,315 600 775 770 412 6,450 110 11,000 4,010 101,575 700 3,250 725 269 900 6,275 6,650 1,810

03/08/2016 121 15,800 1,545 995 16,800 63,150 1,825 2,320 6,725 405 530 472 1,220 1,895 1,850 2,650 730 515 10,400 3,725 660 400 2,525 1,595 6,050 1,245 1,875 960 7,350 10,000 7,700 2,870 1,150 580 20,350 4,660 15,350 142 995 1,060 486 260 8,000 447 1,250 2,100 13,400 2,800 5,300 1,070 710 424 1,700 1,850 310 4,000 2,680 428 1,825 311 29,600 4,811 5,275 935 1,715 850 790 3,795 1,325 240 5,675 1,675 505 1,790 1,305 226 208 15,500 625 364 6,000 585 43,500 379 1,340 3,390 615 795 790 423 6,625 113 11,325 4,135 104,950 725 3,375 755 282 945 6,625 7,025 1,945

CHANGE (%) 24.8 10.8 7.8 6.0 5.4 3.8 3.8 3.7 3.0 3.0 2.8 2.8 2.5 2.4 2.2 2.1 2.1 1.9 1.9 1.9 1.5 1.5 1.4 1.3 1.2 1.2 1.1 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.9 0.9 0.8 0.7 0.5 0.5 0.4 0.4 0.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.1) (0.2) (0.2) (0.3) (0.3) (0.3) (0.4) (0.5) (0.5) (0.6) (0.6) (0.6) (0.7) (0.8) (0.8) (0.9) (0.9) (1.0) (1.1) (1.1) (1.3) (1.4) (1.5) (1.6) (1.6) (1.7) (1.7) (1.7) (1.8) (1.9) (2.2) (2.4) (2.5) (2.5) (2.6) (2.6) (2.7) (2.9) (3.0) (3.2) (3.4) (3.7) (4.0) (4.6) (4.8) (5.3) (5.3) (6.9)

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PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

6

2014 Finance Asia's Best Equity House

Asiamoney's 2013 Best Domestic Equity House

Ticker

Rating N BUY HOLD

427 1,250

400 1,250

25,869 2,087

14.9 56.6

Mkt cap (IDRb) 13,655 11,046 2,609

3M avg to (IDRb) 11.2 11.2 0.0

AUTOMOTIVE ASII IJ IMAS IJ GJTL IJ

UW REDUC E HOLD BUY

6,925 2,100 615

5,550 2,000 860

40,484 2,765 3,485

49.8 10.5 39.8

288,299 280,349 5,807 2,143

275.9 275.0 0.1 0.8

215,860 184,851 18,176 12,833

227,222 193,520 19,770 13,932

247,701 211,196 21,414 15,091

18,472 17,427 96 950

19,678 18,498 149 1,031

21,842 20,496 229 1,117

BANKS BBC A IJ BBRI IJ BMRI IJ BBNI IJ BDMN IJ BTPN IJ BBTN IJ BJBR IJ BJTM IJ BBKP IJ

N BUY BUY HOLD BUY HOLD REDUC E BUY BUY REDUC E HOLD

13,400 11,000 10,100 5,250 3,770 2,800 1,660 930 448 575

14,700 13,000 9,700 5,700 3,400 2,350 1,700 1,020 420 730

24,655 24,669 23,333 18,649 9,585 5,840 10,586 9,696 14,918 9,087

50.8 43.2 40.0 40.0 32.5 50.8 39.9 25.0 20.0 40.5

1,026,296 330,377 271,361 235,667 97,905 36,134 16,353 17,573 9,018 6,683 5,225

842.7 185.4 288.0 187.4 137.6 9.1 0.2 22.0 9.6 1.6 1.8

266,270 48,667 66,953 62,897 37,239 20,353 8,452 7,439 6,392 3,633 4,247

291,640 52,850 73,440 69,286 40,951 21,026 9,489 8,816 6,898 4,052 4,832

323,366 58,014 81,052 77,120 45,725 23,106 10,678 10,234 7,494 4,518 5,423

99,194 22,474 28,314 26,068 9,966 3,623 2,444 2,215 1,432 1,290 1,366

109,580 24,585 31,205 26,665 13,232 4,017 2,665 2,686 1,599 1,398 1,528

121,941 26,964 34,621 30,171 14,595 4,681 2,817 3,039 1,790 1,575 1,687

CEMENT SMGR IJ INTP IJ SMC B IJ SMBR IJ

UW HOLD REDUC E REDUC E HOLD

10,600 20,525 1,055 372

11,200 17,600 825 315

5,932 3,681 7,663 9,838

49.0 36.0 19.4 23.8

150,175 62,874 75,557 8,084 3,660

109.7 59.6 46.9 0.8 2.4

54,849 26,545 17,473 9,352 1,479

56,706 27,486 18,073 9,619 1,528

59,100 28,611 18,951 9,904 1,633

11,007 5,612 4,768 287 340

11,320 5,594 4,834 566 325

11,840 5,873 5,084 538 345

COAL UNTR IJ ADRO IJ* ITMG IJ* PTBA IJ HRUM IJ*

UW HOLD BUY REDUC E BUY REDUC E

15,475 770 6,650 6,275 845

16,000 700 4,000 7,800 500

3,730 31,986 1,130 2,304 2,704

40.5 43.0 34.8 28.7 28.8

106,610 57,724 24,629 7,514 14,458 2,285

122.2 63.8 21.2 7.3 29.5 0.5

130,282 49,968 39,074 23,102 14,428 3,710

127,128 49,619 38,836 19,323 15,832 3,518

131,490 51,535 38,626 21,830 15,981 3,518

19,416 8,357 5,712 2,643 2,661 42

17,610 8,192 5,264 1,351 2,774 28

15,141 8,437 3,570 629 2,547 (42)

5,300 2,560 3,795 1,940 970 2,705 585

6,000 3,100 4,300 2,250 1,100 2,550 940

6,800 6,149 4,842 13,572 8,715 3,561 3,410

30.0 34.9 45.7 34.0 28.1 74.2 33.7

116,571 36,040 15,742 18,377 26,331 8,454 9,632 1,995

239.0 46.8 26.7 21.4 48.0 18.0 74.6 3.5

64,550 7,592 12,150 14,909 15,174 2,570 9,817 2,338

85,995 8,703 14,875 20,378 20,580 4,160 14,680 2,618

104,429 9,631 17,597 24,313 24,605 5,824 19,059 3,400

8,556 2,870 1,297 1,695 1,434 258 784 218

11,084 3,351 1,718 2,223 1,918 454 1,155 266

12,947 3,669 2,050 2,659 2,148 620 1,483 317

2,895 17,700 1,895 1,770 900 1,070 785 4,700 710

2,800 19,800 2,000 2,750 650 650 640 4,750 700

14,622 2,918 14,276 5,378 17,150 4,184 7,096 1,660 1,334

38.2 79.5 36.4 23.7 40.0 13.4 40.5 44.0 25.0

163,942 42,330 51,647 27,053 9,519 15,435 4,476 5,570 6,964 947

118.1 19.1 62.8 12.1 12.3 7.3 0.0 0.9 3.5 0.0

76,680 4,253 9,340 6,675 14,286 4,698 15,118 7,774 12,760 1,776

84,783 4,573 10,872 7,006 16,331 5,086 16,906 8,038 14,054 1,917

95,235 4,983 12,699 7,519 18,267 5,647 19,439 8,534 16,027 2,121

11,515 2,408 3,346 2,936 839 787 72 282 778 67

101,575 42,750 65,575 1,315 7,425 15,275 29,500 1,820 500 1,250 1,260 2,405 8,025

115,000 46,000 65,000 1,480 6,600 16,800 31,000 2,000 480 1,450 1,350 1,900 12,400

4,653 7,630 1,924 46,875 8,780 5,831 894 4,500 15,000 5,062 5,554 14,551 1,156

7.5 15.0 23.5 43.3 49.9 19.5 66.9 21.9 19.0 29.3 10.0 18.0 29.2

1,240,529 472,600 326,183 126,172 61,641 65,195 89,068 26,383 8,190 7,500 6,327 6,998 34,995 9,278

420.6 68.4 77.3 60.5 75.1 53.3 37.1 0.7 0.2 1.8 1.8 5.1 0.0 39.3

346,896 88,712 36,115 69,029 17,786 64,352 32,115 14,886 8,220 2,268 2,189 5,070 2,038 4,116

380,892 97,119 40,257 73,916 19,300 70,849 35,481 16,395 9,160 2,424 2,693 5,754 2,301 5,242

424,517 107,376 45,540 81,379 20,943 78,078 39,775 18,557 10,888 2,719 3,343 6,599 2,645 6,675

48,566 14,004 7,976 8,963 2,549 6,801 3,936 1,697 640 495 389 342 560 215

52,638 14,253 8,943 9,718 2,812 7,610 4,507 1,773 713 530 458 422 622 276

59,726 16,717 10,108 10,751 3,080 8,547 5,071 1,917 785 598 575 524 704 350

4,286 1,375 756 411 845 900

4,883 1,711 851 321 937 1,063

AVIATION GIAA IJ* C ASS IJ

Price (IDR)

TP (IDR)

Shares (m)

Free float (%)

Revenue (IDRb) 2015F 2016F 2017F 59,049 66,614 76,230 57,368 64,708 74,084 1,680 1,905 2,146

Opt. profit (IDRb) 2015F 2016F 2017F 1,468 1,969 2,577 1,050 1,474 2,005 418 496 571

Net profit (IDRb) 2015F 2016F 2017F 1,090 1,724 2,165 966 1,582 2,005 124 142 160

2017F 6.3 na 16.4

EV/EBITDA (x) 2015F 2016F 7.1 5.7 7.5 5.9 5.6 4.8

2017F 5.1 5.3 4.3

2015F 1.1 0.1 5.6

P/BV (x) 2016F 0.9 0.1 4.6

2017F 0.7 0.0 3.8

2015F 0.2 0.0 1.2

Yield (%) 2016F 0.3 0.0 1.4

2017F 0.3 0.0 1.5

Net gearing (%) 2015F 2016F 2017F (100.7) (86.4) (76.6) (125.2) (108.1) (97.2) 3.1 5.5 11.0

ROAE (%) 2016F 14.2 11.1 27.5

2017F 13.9 11.2 25.4

16.2 16.8 (5.6) (7.7)

15.8 16.2 2.3 1.3

16.1 16.3 5.2 8.4

2015F 11.8 7.6 29.7

ROAA (%) 2016F 4.7 3.3 10.9

2017F 5.1 3.6 11.2

6.8 7.0 (1.3) (2.6)

6.8 7.0 0.5 0.4

7.1 7.2 1.0 2.4

2.6 3.1 2.9 2.1 2.2 1.3 2.2 1.1 1.5 2.2 1.2

2.5 3.0 2.8 2.1 2.2 1.2 2.1 1.0 1.5 2.2 1.2

12.1 10.7 14.7 0.5 9.0

11.6 10.0 14.3 0.8 6.1

2015F 3.8 2.2 10.7

ROIC (%) 2016F 9.2 5.1 26.3

2017F 9.0 5.5 23.4

10.9 11.2 0.6 0.5

11.2 11.5 1.2 3.4

na na na na na na na na na na na

na na na na na na na na na na na

22.3 17.6 28.3 (1.7) 33.1

19.2 15.6 24.4 0.7 13.7

18.5 14.4 24.4 1.0 7.1

2015F 8.1 3.9 26.2

10.9 4.9 na na

14.0 11.1 na na

18.0 16.7 na na

16.2 15.9 45.9 34.6

14.2 14.3 19.9 4.9

13.5 13.2 33.2 5.1

12.9 12.5 32.7 4.7

11.8 11.5 30.9 5.7

2.7 2.7 1.1 0.4

2.4 2.5 1.1 0.4

2.2 2.2 1.0 0.4

2.6 2.7 0.0 0.0

2.8 2.8 0.5 0.7

3.1 3.1 1.3 5.1

51.0 45.9 269.4 130.5

49.8 44.1 297.2 129.3

46.6 40.4 316.2 130.3

80,313 18,176 24,426 20,004 8,372 2,613 1,822 1,663 1,227 942 1,067

88,704 19,883 26,815 20,330 11,022 2,998 1,987 2,084 1,368 1,023 1,194

98,536 21,806 29,624 22,958 12,153 3,475 2,099 2,419 1,529 1,153 1,320

0.7 10.3 0.8 0.7 (22.4) 0.3 (1.7) 49.1 9.5 0.3 47.3

10.4 9.4 9.8 1.6 31.7 14.8 9.0 25.3 11.5 8.6 11.9

11.1 9.7 10.5 12.9 10.3 15.9 5.7 16.1 11.7 12.7 10.6

12.8 18.2 11.1 11.8 11.7 13.8 9.0 10.6 7.4 7.1 4.9

11.6 16.6 10.1 11.6 8.9 12.1 8.2 8.4 6.6 6.5 4.4

10.4 15.2 9.2 10.3 8.1 10.4 7.8 7.3 5.9 5.8 4.0

na na na na na na na na na na na

na na na na na na na na na na na

na na na na na na na na na na na

2.5 3.7 2.4 2.0 1.6 1.0 1.2 1.3 1.2 1.1 0.7

2.2 3.1 2.0 1.8 1.4 1.0 1.1 1.1 1.1 1.0 0.6

1.9 2.7 1.7 1.6 1.2 0.9 1.0 1.0 1.0 0.9 0.5

1.8 1.2 1.8 1.9 1.9 2.2 1.7 1.9 7.5 8.9 4.1

1.8 1.3 2.0 1.7 2.3 2.3 1.8 2.1 7.6 8.8 4.6

1.8 1.3 1.9 1.7 2.2 2.4 1.9 2.1 7.6 9.1 5.1

na na na na na na na na na na na

na na na na na na na na na na na

na na na na na na na na na na na

19.7 22.0 22.9 18.2 14.0 7.8 14.3 12.9 16.8 15.2 14.8

18.5 20.3 21.2 16.3 16.4 8.4 13.7 14.3 17.3 15.6 14.8

17.7 19.0 19.8 16.1 15.8 9.1 12.9 14.7 17.6 16.3 14.5

2.6 3.1 2.9 2.2 1.9 1.3 2.3 1.0 1.5 2.3 1.3

9,245 4,503 4,353 89 300

9,667 4,727 4,558 129 252

(25.4) (21.8) (17.7) na 10.9

4.7 3.5 0.3 na (17.5)

4.6 5.0 4.7 na (16.0)

17.0 14.4 17.4 na 10.0

16.2 14.0 17.4 91.0 12.2

15.5 13.3 16.6 62.8 14.5

10.7 9.1 12.1 13.1 5.1

10.4 9.0 11.7 9.6 7.5

9.7 8.2 11.0 9.0 9.6

2.7 2.5 3.1 1.0 1.2

2.5 2.2 3.1 1.0 1.1

2.4 2.0 3.0 1.0 1.1

3.5 2.1 5.2 0.0 2.5

3.6 2.1 5.2 0.8 2.1

3.8 2.3 5.4 1.2 1.7

4.7 2.6 nc 66.6 nc

7.3 9.6 nc 61.7 nc

5.4 6.3 nc 51.5 nc

16.4 17.6 17.7 (2.7) 12.8

16.2 16.6 17.9 1.1 9.7

16.0 15.5 18.3 1.6 7.6

12.7 11.8 15.0 (1.3) 11.9

12,401 6,383 2,856 992 2,198 (28)

10,797 6,395 1,960 546 1,990 (95)

12.1 27.5 40.9 (44.9) 7.7 (50)

(8.4) (6.8) (1.1) (35.9) 1.3 (1,000)

(12.9) 0.2 (33.7) (44.9) (9.4) 289

7.9 8.4 8.3 4.9 6.7 845.0

8.6 9.0 8.4 7.6 6.6 (93.9)

9.9 9.0 12.6 13.8 7.3 (24.2)

2.9 3.1 3.0 1.6 5.0 (10.3)

1.2 1.4 0.6 0.6 1.6 0.6

1.1 1.3 0.5 0.6 1.4 0.6

1.0 1.2 0.6 0.6 1.3 0.6

5.7 4.7 3.6 16.5 8.3 0.1

5.0 4.3 3.6 10.6 8.4 0.0

5.1 5.3 2.3 9.9 7.6 (0.7)

6.0 nc 26.0 nc nc nc

3.0 nc 13.2 nc nc nc

0.4 nc 1.7 nc nc nc

15.6 17.5 7.9 13.4 24.4 0.0

13.2 14.7 6.8 8.2 22.6 (0.7)

11.2 13.6 4.5 4.6 18.7 (2.4)

9.0 10.5 3.6 8.8 14.0 0.0

7.7 8.9 3.3 5.4 12.8 (0.5)

6.7 8.5 2.3 2.9 10.6 (1.8)

18.4 21.5 5.9 19.2 29.6 0.0

16.8 20.6 5.7 12.8 25.6 (2.5)

15.0 20.5 4.2 7.5 19.7 (9.7)

4,146 1,278 559 704 818 195 395 197

5,374 1,445 785 914 1,116 349 534 230

6,099 1,481 957 1,066 1,174 475 690 255

6.4 (9.0) (9.2) 32.4 37.9 (45.5) 0.9 20.4

25.2 13.1 40.6 29.8 17.3 79.5 (17.4) 16.7

9.2 2.5 21.8 16.6 5.2 36.1 29.2 10.9

28.1 28.2 28.1 26.1 27.3 43.5 14.9 10.1

21.7 24.9 20.0 20.1 23.3 24.2 18.0 8.7

19.1 24.3 16.4 17.2 22.1 17.8 14.0 7.8

13.5 12.8 11.6 11.2 15.4 23.9 11.0 6.1

11.7 11.9 8.9 8.9 15.1 14.8 10.0 5.0

10.5 11.4 7.5 7.8 14.5 11.1 7.3 4.2

3.4 3.4 3.5 4.4 3.0 3.8 2.0 2.2

3.0 3.1 3.0 3.8 2.7 3.4 1.8 2.0

2.7 2.8 2.6 3.3 2.4 3.0 1.6 1.8

1.0 1.1 1.1 1.1 0.6 0.7 1.3 5.1

1.3 1.2 1.5 1.5 0.9 1.2 1.1 5.9

1.5 1.2 1.8 1.7 0.9 1.7 1.4 6.9

54.2 120.4 51.7 35.0 19.1 1.6 nc nc

73.4 147.1 49.7 44.9 47.5 nc 41.6 nc

83.7 164.0 44.7 55.3 71.6 nc 25.4 nc

14.3 12.5 13.2 21.7 14.1 8.9 12.0 23.3

14.5 13.0 16.2 20.4 12.1 14.9 10.6 24.3

14.6 12.2 16.9 20.4 11.6 18.0 12.4 24.0

4.1 3.7 3.4 4.3 4.4 5.2 3.2 7.6

4.4 3.7 4.3 4.5 4.1 8.2 3.3 8.3

4.2 3.3 4.5 4.3 3.7 8.9 3.7 8.4

11.1 5.9 9.7 16.5 11.0 9.8 10.8 73.8

10.3 5.5 10.8 14.5 9.0 14.1 9.2 62.6

9.7 4.8 11.5 13.5 7.2 16.7 9.3 53.5

6,000 1,519 1,859 1,280 451 559 (29) 311 34 15

7,422 1,674 2,219 1,648 587 608 57 333 242 54

8,820 1,848 2,620 1,990 666 674 191 369 380 82

(7.1) 4.4 31.0 (27.3) (18.6) 1.4 na (12.3) (53.7) (88.0)

25.1 10.2 19.3 28.7 30.3 8.9 na 6.8 605.4 245.5

20.3 10.4 18.1 20.7 13.4 10.9 na 11.1 57.4 52.6

27.3 27.9 27.8 21.1 21.1 27.6 na 17.9 227.7 61.2

22.1 25.3 23.3 16.4 16.2 25.4 77.9 16.8 32.3 17.7

18.6 22.9 19.7 13.6 14.3 22.9 23.5 15.1 20.5 11.6

17.4 20.3 18.3 10.8 10.0 20.3 51.3 7.9 10.6 na

14.7 18.4 15.3 10.1 7.8 18.2 22.5 7.1 8.1 12.5

12.5 16.6 12.5 9.2 6.5 15.9 12.1 6.2 6.7 6.4

15.9 13.3 35.2 2.7 3.1 5.5 0.8 1.6 2.6 0.5

9.7 11.7 17.5 2.5 2.7 4.7 0.8 1.5 2.5 0.5

7.2 10.2 11.0 2.2 2.5 4.0 0.8 1.4 2.2 0.5

1.8 2.7 1.4 2.4 1.9 0.7 0.0 2.8 0.0 0.2

2.2 3.0 1.7 3.0 2.5 0.8 0.0 3.0 0.5 0.6

2.5 3.3 2.0 3.7 2.8 0.9 0.0 3.3 0.7 0.9

8.7 nc nc 30.7 nc nc 7.1 nc 80.7 nc

7.2 nc nc 24.8 nc nc 7.7 nc 67.2 nc

5.6 nc nc 16.7 nc nc 13.2 nc 59.3 nc

88.6 46.1 225.8 14.1 15.1 21.6 (0.5) 9.1 1.3 0.9

50.9 49.7 100.6 16.8 17.8 19.9 1.0 9.3 7.9 3.0

40.8 48.0 68.8 18.3 18.1 18.9 3.3 9.8 11.4 4.4

27.0 33.1 46.7 9.0 7.3 17.4 (0.3) 6.7 0.4 0.8

26.3 35.7 41.1 10.7 8.5 16.2 0.6 7.0 2.5 2.7

24.8 35.5 35.5 12.0 8.7 15.5 2.0 7.4 3.7 3.9

22.9 64.4 na 11.1 20.6 27.2 (0.5) 18.9 0.6 1.2

24.7 67.6 na 13.2 24.4 28.5 1.0 20.4 4.6 4.0

26.2 70.6 na 15.2 24.9 30.5 3.0 21.4 7.0 5.7

32,189 10,389 5,885 5,445 1,949 2,084 3,082 1,161 575 424 265 279 558 94

36,512 11,161 6,612 5,950 2,167 3,454 3,543 1,122 622 455 322 327 636 142

41,690 12,806 7,489 6,674 2,400 4,196 4,039 1,218 672 517 416 367 699 197

3.4 (2.3) 2.5 1.4 (5.6) (46.4) 18.4 187.6 (0.7) 1.4 40.3 19.1 4.3 49.7

12.7 6.5 12.4 9.3 11.2 65.7 15.0 (3.4) 8.1 7.1 21.6 17.1 10.3 63.0

13.9 14.5 13.3 12.2 10.7 21.5 14.0 8.6 7.8 13.3 29.2 12.1 9.3 28.8

38.5 45.2 55.4 23.2 31.6 31.3 28.9 22.7 14.2 17.9 23.9 25.1 61.7 99.1

34.0 42.4 49.3 21.2 28.4 18.9 25.1 23.5 13.2 16.7 19.7 21.4 55.9 60.8

29.8 37.1 43.5 18.9 25.7 15.5 22.0 21.7 12.2 14.7 15.2 19.1 51.2 47.2

28.4 31.1 39.5 13.1 19.7 8.6 19.3 13.3 8.4 11.3 12.9 19.6 45.7 15.8

26.7 30.6 35.7 12.1 17.1 7.4 17.0 12.5 7.6 10.3 10.8 16.4 47.1 12.4

23.4 26.3 31.6 11.0 15.6 6.5 15.0 11.5 6.8 8.9 8.9 16.2 42.0 9.6

24.4 13.7 66.5 3.4 5.9 2.5 5.6 5.2 1.8 2.5 5.5 3.5 11.0 5.4

22.0 13.8 57.6 3.1 5.3 2.3 5.0 4.4 1.7 2.2 4.5 3.1 10.9 5.0

19.8 13.8 49.8 2.9 4.8 2.1 4.4 3.8 1.5 2.0 3.7 2.8 10.2 4.6

1.8 2.2 1.7 1.3 1.6 1.5 1.5 0.9 3.2 1.1 1.0 1.0 1.4 0.1

2.1 2.4 1.9 2.0 1.8 2.6 1.8 0.9 3.4 1.3 1.3 1.2 1.3 0.2

2.3 2.7 2.2 2.2 1.9 3.1 2.0 0.9 3.7 1.2 1.6 1.3 1.3 0.3

6.8 nc (8.6) 45.2 nc 58.1 nc 48.7 nc nc 39.2 7.7 nc 20.6

7.6 nc nc 42.7 nc 38.7 nc 37.2 nc nc 17.6 15.4 nc 32.8

7.0 nc nc 40.8 nc 27.2 nc 27.5 nc nc 18.2 79.6 nc 34.5

55.3 43.6 123.8 15.6 19.7 8.1 20.6 25.9 13.4 15.1 25.0 14.8 23.3 5.5

51.5 32.6 125.1 15.4 19.7 12.8 21.1 20.8 13.4 14.4 25.2 15.4 20.4 7.9

52.9 37.5 122.6 15.8 19.6 14.3 21.4 19.2 13.1 14.5 26.7 15.4 21.0 10.1

24.4 26.7 40.0 8.8 15.0 2.4 11.7 10.7 9.7 14.1 11.1 9.0 19.7 3.2

23.1 22.5 41.0 8.7 15.1 3.8 12.1 9.7 9.8 13.5 11.4 9.4 17.5 4.5

24.3 25.7 40.9 9.0 15.1 4.4 12.4 9.9 9.6 13.6 12.7 7.6 18.0 5.4

66.3 61.6 135.4 10.5 24.0 5.0 28.6 15.5 21.2 23.0 16.3 15.1 65.2 4.7

65.7 61.7 132.7 10.7 24.6 8.7 27.9 14.6 19.8 22.0 19.7 13.8 61.2 6.3

64.4 63.2 126.1 11.1 25.0 10.7 26.7 14.6 18.3 21.5 22.6 10.3 54.8 7.6

5,636 1,859 952 444 1,095 1,284

3,576 1,520 283 225 579 970

4,065 1,705 431 159 618 1,152

4,776 1,799 600 326 716 1,334

18.6 57.7 (31.1) (42.5) 39.4 15.0

13.7 12.2 52.6 (29.3) 6.8 18.7

17.5 5.5 39.1 104.9 15.9 15.8

7.0 6.5 17.4 11.5 5.4 4.6

6.2 5.8 11.4 16.3 5.1 3.9

5.2 5.5 8.2 8.0 4.4 3.4

6.2 6.2 8.6 7.9 3.5 4.6

5.8 4.9 7.7 11.6 3.3 3.9

4.9 4.3 6.8 8.8 2.9 3.1

1.2 1.3 1.1 0.9 1.0 1.2

1.0 1.1 1.0 0.8 0.9 0.9

0.9 1.0 0.9 0.7 0.7 0.7

2.7 4.6 1.7 1.2 3.7 0.0

3.1 5.2 2.6 0.9 3.9 0.0

3.6 5.5 3.7 1.5 4.5 0.0

16.0 nc 62.2 23.9 10.3 nc

16.5 nc 56.5 39.5 10.0 nc

15.2 nc 48.4 43.3 9.5 nc

18.7 22.0 6.4 7.6 20.0 30.8

17.9 21.2 9.2 5.1 18.2 27.4

17.6 19.4 11.7 9.7 18.2 24.5

13.1 18.9 3.1 5.4 8.8 18.7

12.8 19.3 4.3 3.2 8.2 16.8

12.8 18.5 5.4 5.9 8.5 15.7

20.2 26.0 4.1 6.6 18.6 33.9

19.0 25.6 5.8 3.9 16.5 29.7

18.3 23.6 7.7 6.9 16.6 26.2

(2,367) (3,047) 60 696 (75)

(1,640) (2,636) 110 930 (43)

(1,198) (2,513) 146 1,176 (7)

na na (12.7) 25.6 na

na na 65.0 32.3 na

na na 16.8 6.6 na

na na 10.2 5.0 na

na na 7.7 5.0 na

4.1 na 6.7 5.7 9.5

4.1 na 5.7 4.7 11.3

3.8 na 4.9 3.9 11.4

0.7 0.3 1.4 1.2 0.4

0.6 0.3 1.4 0.9 0.4

0.6 0.3 1.2 0.9 0.4

2.4 0.0 1.7 1.6 9.2

0.7 0.0 1.4 2.1 0.0

0.8 0.0 2.5 2.1 0.0

81.6 83.6 52.4 138.1 nc

83.3 112.8 50.7 104.2 1.1

29.8 0.0 47.1 80.9 6.1

(0.1) (16.9) 12.4 20.1 (0.9)

2.5 (11.8) 14.8 20.8 (0.5)

2.7 (12.7) 17.1 21.8 (0.1)

(0.6) (7.0) 2.8 6.9 (0.3)

21.4 22.2 0.7 6.4

19.6 20.2 2.2 7.6

17.6 18.2 2.4 8.6

11.3 11.7 0.2 2.1

8,832 4,352 4,340 (225) 364 13,545 6,847 2,982 1,546 2,170 0

CONSUMER - STAPLES HMSP IJ UNVR IJ GGRM IJ KLBF IJ INDF IJ IC BP IJ MYOR IJ TSPC IJ SIDO IJ ROTI IJ KAEF IJ MIKA IJ SILO IJ

OW BUY BUY BUY HOLD BUY BUY BUY BUY HOLD BUY BUY SELL BUY

INDUSTRIAL ESTATES DMAS IJ KIJA IJ BEST IJ SSIA IJ LPC K IJ

N BUY BUY REDUC E BUY BUY

48,198 20,662 9,647 4,705 696

10.0 68.9 41.8 68.6 57.8

44.7 2.1 11.8 10.5 14.2 6.1

12,775 2,175 2,810 681 5,282 1,828

13,561

290 270 300 720 8,300

25,035 9,881 4,918 2,595 3,153 4,489

11,841

205 238 269 670 6,450

3,031 563 6,065 2,183

3,291 743 6,939 2,589

INDUSTRY - Various KRAS IJ* ATIC IJ SRIL IJ MLPL IJ

REDUC E BUY BUY BUY

412 600 261 310

275 800 400 550

15,775 1,875 18,593 10,065

20.0 1.5 43.9 68.0

15,597 6,499 1,125 4,853 3,120

41.4 1.7 0.0 37.4 2.4

49,489 19,341 2,626 8,388 19,134

96,347 20,947 2,964 9,520 22,097

39,757 0 3,375 11,073 25,298

(1,061) (2,555) 178 1,596 (280)

70 (1,635) 217 1,812 (324)

2,047 0 263 2,156 (373)

LAND TRANSPORTATION BIRD IJ TAXI IJ ASSA IJ

UW REDUC E REDUC E BUY

6,125 143 110

4,700 120 130

2,502 2,146 3,398

15.0 49.0 37.4

16,006 15,325 307 374

6.2 1.4 4.7 0.1

7,845 5,552 953 1,340

22,802 6,250 1,009 1,552

15,612 6,988 1,074 1,779

1,621 1,197 200 224

1,802 1,298 238 266

1,918 1,354 255 308

902 840 6 55

METALS INC O IJ* ANTM IJ TINS IJ PSAB IJ* MDKA IJ*

N HOLD REDUC E REDUC E BUY BUY

1,810 424 700 1,160 1,895

1,400 207 411 1,400 2,200

9,936 24,031 7,448 5,292 3,570

20.5 74.2 35.0 7.4 36.2

46,290 17,985 10,189 5,213 6,139 6,764

97.7 12.6 36.2 2.1 1.3 45.5

31,900 10,486 11,890 5,632 3,892 0

29,826 10,920 13,290 5,616 4,788 0

32,767 12,230 14,812 5,725 5,628 868

2,684 1,442 (8) 60 1,274 (84)

4,061 2,100 281 28 1,792 (140)

6,925 2,891 826 29 2,717 462

897 980 (449) 16 448 (98)

OIL & GAS PGAS IJ* AKRA IJ MEDC IJ*

N REDUC E BUY BUY

2,675 7,775 1,000

2,500 9,000 1,300

24,242 3,949 3,332

43.0 40.1 49.0

98,882 64,846 30,704 3,332

150.1 80.8 67.4 1.9

66,063 40,166 19,344 6,553

74,087 41,538 23,231 9,318

84,807 46,380 27,077 11,351

9,896 8,302 1,345 249

12,465 8,134 2,043 2,288

14,902 9,606 2,014 3,282

PLANTATIONS AALI IJ SIMP IJ LSIP IJ DSNG IJ ANJT IJ* SGRO IJ TBLA IJ

N REDUC E HOLD BUY BUY REDUC E HOLD BUY

17,500 417 1,665 525 1,700 1,850 545

14,300 290 1,780 535 1,000 1,800 570

1,575 15,816 6,823 10,599 3,336 1,890 5,342

20.3 21.6 40.4 34.1 10.1 33.0 45.6

63,156 27,558 6,595 11,360 5,564 5,670 3,497 2,911

52.2 26.5 1.5 22.4 0.4 0.1 1.3 0.1

39,836 13,566 13,243 3,988 4,366 1,746 2,928 5,251

41,373 13,873 13,632 4,117 4,783 1,864 3,105 5,237

43,698 15,215 13,840 4,384 4,941 2,063 3,255 6,526

5,264 1,569 1,470 622 431 175 441 557

5,814 1,804 1,534 659 536 215 504 562

N BUY BUY BUY

3,250 775 1,315

3,500 880 1,700

16,398 10,661 2,239

44.5 42.5 58.7

64,499 53,294 8,262 2,944

34.2 26.9 5.7 1.6

68,492 32,909 30,705 4,878

77,643 38,526 33,937 5,181

87,631 44,678 37,146 5,807

4,809 3,416 1,198 195

PROPERTY BSDE IJ LPKR IJ PWON IJ SMRA IJ C TRA IJ ASRI IJ APLN IJ C TRP IJ PPRO IJ

UW BUY REDUC E HOLD BUY BUY REDUC E REDUC E REDUC E HOLD

1,705 1,065 485 1,615 1,290 358 310 406 223

2,020 1,130 490 1,820 1,400 300 220 365 180

19,247 23,078 48,160 14,427 15,331 19,649 20,501 6,256 14,044

35.4 94.7 47.8 67.7 69.5 48.5 27.1 44.7 35.0

142,888 32,816 24,578 23,357 23,299 19,777 7,034 6,355 2,540 3,132

270.4 26.7 88.9 27.6 50.1 15.8 38.8 3.3 1.8 17.4

46,269 6,389 9,111 4,837 6,150 7,232 3,107 5,594 2,360 1,489

51,109 7,523 11,042 5,373 6,622 8,154 3,039 5,769 1,917 1,671

54,838 8,403 10,731 6,220 7,140 9,335 3,061 5,934 2,162 1,852

SHIPPING SOC I IJ TMAS IJ WINS IJ

N BUY BUY HOLD

488 1,890 151

630 3,000 190

7,059 1,141 4,038

15.0 13.5 42.3

5,858 3,092 2,157 610

10.2 9.8 0.2 0.1

3,198 134 1,700 1,364

3,523 163 1,810 1,551

3,315 4,010 5,900 3,995 5,625 745 725

3,750 4,400 6,500 5,000 6,800 1,180 850

100,800 8,541 4,797 10,203 5,434 7,123 2,900

48.8 33.6 47.8 67.3 20.7 23.0 39.7

226.8 198,093 223,225 189.7 102,143 113,031 8.9 22,754 23,798 9.0 3,437 3,801 1.9 4,415 4,845 3.6 26,249 28,395 9.0 20,524 29,578 4.7 18,569 19,777 3,032 1,688,906 1,856,409

475,438 334,152 34,251 28,300 40,761 30,566 5,307 2,103 4,044,129

PER (x) 2016F 7.9 7.0 18.4

(17.0) (12.6) na na

N REDUC E BUY BUY BUY REDUC E REDUC E REDUC E BUY REDUC E

TELCOS OW TLKM IJ BUY EXC L IJ BUY TBIG IJ HOLD TOWR IJ BUY ISAT IJ BUY TELE IJ BUY ERAA IJ BUY Market N Note: *USD reporting OW: Overweight, N: Neutral, UW: Underweight

2015F 12.5 11.5 21.1

20,271 19,543 292 436

CONSUMER - DISCRE. SC MA IJ LPPF IJ MNC N IJ MPPA IJ AC ES IJ HERO IJ RALS IJ MAPI IJ EC II IJ

POULTRY C PIN IJ JPFA IJ MAIN IJ

EPS growth (%) 2016F 2017F 33.5 19.2 63.8 26.7 14.6 12.5

na na 12.2

17,779 17,591 126 62

N BUY BUY BUY BUY BUY BUY BUY

9,998 2,192 2,868 2,724 738 704 (113) 246 608 31

2015F

2015 Global Banking & Finance Review Best Research House

16,030 16,764 (312) (422)

CONS. & TOLL ROADS JSMR IJ WIKA IJ PTPP IJ WSKT IJ WTON IJ ADHI IJ TOTL IJ

8,650 1,997 2,474 2,580 567 648 (215) 218 399 (17)

2015 Institutional Investors Highest Ranked Local Research House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

958 870 19 69

982 877 22 83

0.6 (0.0) (95.0) 29.0

6.3 3.6 228.6 24.0

na na 32.1 0.0 na 2.4 0.7 14.9 20.5

3.3 3.6 3.5 1.0 4.5 (4.1)

3.2 3.4 3.1 1.3 4.4 (5.5)

17.8 18.2 52.5 6.7

16.7 17.6 16.0 5.4

16.3 17.5 13.9 4.5

8.7 8.9 4.3 3.8

8.1 8.3 4.0 3.7

7.7 7.9 3.9 3.6

3.6 3.8 0.3 0.4

3.2 3.4 0.3 0.4

2.9 3.0 0.3 0.4

2.2 2.2 0.3 4.4

2.3 2.3 1.1 5.5

2.4 2.3 1.3 6.6

49.3 43.0 197.5 186.8

55.7 48.9 214.0 206.4

62.6 55.4 239.7 214.4

1,942 1,498 (172) 14 812 (210)

4,149 2,117 228 (31) 1,597 238

(60.1) (53.6) (76.5) (97.9) 59.8 58.3

116.5 59.2 (63.2) (13.2) 83.6 na

113.7 36.6 (237.9) (319.9) 96.3 na

51.6 18.5 na 334.2 15.9 na

23.8 11.6 na 384.9 8.7 na

11.2 8.5 na (175.0) 4.4 na

11.2 5.1 22.8 16.2 5.9 na

8.3 4.0 15.3 14.5 4.3 na

5.9 3.2 9.0 13.4 2.7 na

0.8 0.7 0.6 1.0 1.3 3.8

0.8 0.7 0.6 1.0 1.1 4.2

0.8 0.7 0.6 1.0 1.0 3.8

1.5 3.3 0.0 0.1 0.0 0.0

2.4 5.2 0.0 0.1 0.0 0.0

2.4 5.0 0.5 0.0 0.0 1.0

28.0 nc 38.7 39.4 82.5 7.7

26.1 nc 46.7 39.3 57.4 75.0

23.9 nc 49.5 41.9 36.4 53.5

2.8 4.2 (3.1) 0.3 10.8 (9.0)

4.6 6.0 (1.0) 0.3 13.6 (10.2)

6,507 5,821 1,047 (361)

7,732 6,060 1,495 177

9,248 7,419 1,535 295

(34.2) (42.5) 28.1 (391.9)

18.8 4.1 42.8 (150.9)

19.6 22.4 2.7 0.0

15.2 12.0 29.2 NA

12.8 11.5 20.5 18.2

10.7 9.4 19.9 18.2

10.9 6.7 19.9 9.0

8.7 6.4 14.0 4.5

7.8 5.2 13.6 4.2

2.5 1.5 5.0 0.3

2.2 1.4 4.2 0.2

2.0 1.3 3.6 0.3

3.3 4.6 1.4 (4.3)

3.8 4.8 2.0 2.2

4.5 5.9 2.0 2.1

16.3 nc 40.9 108.5

16.9 nc 40.9 124.5

12.7 nc 24.1 156.0

14.8 14.1 18.2 (3.0)

15.2 12.5 22.3 1.4

6,469 2,087 1,484 726 592 267 568 745

2,051 638 235 548 171 18 252 189

2,656 978 267 573 247 82 282 227

3,824 1,645 380 617 306 132 316 427

(65.3) (74.5) (72.1) (40.2) (73.7) na (25.8) (59.8)

29.5 53.4 13.8 4.6 44.2 na 11.8 20.3

43.9 68.3 42.3 7.6 24.0 na 11.8 88.0

30.8 43.2 28.1 20.7 32.5 na 13.9 15.4

23.8 28.2 24.7 19.8 22.6 67.5 12.4 12.8

16.5 16.7 17.4 18.4 18.2 43.3 11.1 6.8

12.1 13.8 5.0 12.3 15.8 11.1 7.8 7.4

11.1 12.5 4.9 11.6 13.8 10.1 7.2 7.2

9.2 11.1 4.9 10.7 12.9 0.0 6.6 6.0

1.9 2.5 0.5 1.5 2.4 1.6 1.1 1.1

1.8 2.3 0.5 1.5 2.2 1.6 1.1 1.1

1.7 2.1 0.4 1.4 2.0 1.5 1.0 0.9

1.3 1.0 1.1 1.9 0.8 1.1 3.6 1.3

1.7 1.6 1.2 2.0 1.1 1.5 4.0 1.6

2.4 2.7 1.7 2.2 1.4 1.5 4.5 2.9

52.2 65.4 44.9 nc 132.3 14.6 64.6 147.0

58.1 74.7 50.7 nc 136.0 17.0 71.7 148.6

56.5 73.9 53.9 nc 134.1 0.0 76.0 138.7

5.4 5.7 1.7 7.5 7.4 0.4 8.3 7.6

6,368 4,268 1,742 357

7,750 5,341 1,953 456

2,434 1,885 519 29

3,697 2,810 653 234

4,953 3,746 901 306

22.0 7.9 na na

51.9 49.1 na 553.5

34.0 33.3 na 31.0

26.5 28.3 na 82.4

17.4 19.0 12.6 12.6

13.0 14.2 9.2 9.6

14.2 15.0 9.1 12.9

11.5 12.3 7.0 8.6

9.3 9.8 6.4 7.1

3.9 4.3 1.5 2.0

3.3 3.6 1.4 1.8

2.7 3.0 1.2 1.6

0.8 0.9 0.0 0.2

1.1 1.0 1.4 1.6

1.6 1.5 1.9 2.1

54.6 39.1 138.9 99.2

49.8 34.4 133.8 91.9

40.7 25.9 121.6 81.8

15,769 2,957 2,215 2,411 1,948 2,114 1,770 1,349 643 363

17,253 3,457 2,801 2,656 2,101 2,288 1,674 1,351 513 412

18,587 3,804 2,861 3,035 2,273 2,511 1,649 1,415 576 462

9,724 2,299 1,240 1,588 1,259 1,281 774 609 412 262

11,183 2,694 1,860 1,790 1,357 1,380 877 649 295 281

12,448 3,023 2,046 2,118 1,456 1,517 954 660 338 337

(30.8) (42.5) (51.3) (36.9) (9.1) (3.3) (29.5) (28.8) 2.8 60.4

15.0 17.2 50.0 12.7 7.8 7.7 13.2 6.7 (28.4) 7.5

11.3 12.2 10.0 18.3 7.3 10.0 8.8 1.7 14.5 19.7

14.7 14.3 19.8 14.7 18.5 15.4 9.1 10.4 6.2 12.0

12.8 12.2 13.2 13.0 17.2 14.3 8.0 9.8 8.6 11.1

11.5 10.9 12.0 11.0 16.0 13.0 7.4 9.6 7.5 9.3

10.6 11.7 12.5 9.4 12.4 9.1 7.2 5.7 7.6 9.6

9.7 10.1 10.5 8.7 11.7 8.5 7.9 6.4 10.0 9.5

9.0 9.3 10.1 7.7 10.9 7.7 8.2 6.1 9.4 8.0

2.2 1.9 1.5 3.1 3.1 2.3 1.0 0.9 0.5 1.4

1.9 1.7 1.4 2.6 2.7 2.0 0.9 0.9 0.5 1.3

1.6 1.5 1.3 2.1 2.3 1.8 0.9 0.8 0.5 1.2

1.2 0.7 1.3 0.9 1.1 1.0 2.2 1.9 4.9 2.5

1.4 0.8 1.9 1.0 1.2 1.1 2.8 2.0 3.5 2.7

1.5 0.9 2.1 1.2 1.3 1.2 3.3 2.1 4.0 3.2

40.8 27.3 50.0 33.8 56.9 18.4 93.9 46.6 70.2 29.0

43.3 29.4 52.2 33.6 56.9 20.9 93.7 64.2 80.4 45.3

3,911 170 2,056 1,685

455 42 378 34

815 56 520 240

996 59 659 278

312 38 332 (58)

516 45 425 46

709 45 571 93

(38.1) (20.4) 63.7 (118.9)

65.1 21.6 28.2 (182.5)

37.4 (4.1) 34.3 96.4

18.7 6.4 6.5 (10.6)

11.4 5.3 5.1 12.8

8.3 5.5 3.8 6.5

33.2 58.0 5.3 5.9

26.1 46.0 4.0 3.4

24.3 43.3 3.1 2.6

1.5 0.9 2.8 0.2

1.2 0.8 2.0 0.2

0.9 0.7 1.4 0.2

3.4 4.0 3.8 (1.4)

4.4 4.7 4.9 1.2

5.6 5.5 6.6 2.3

78.6 65.5 99.5 71.5

246,852 124,788 25,507 4,229 5,315 30,758 34,851 21,403 2,045,745

42,543 32,141 1,186 2,637 2,493 2,953 758 375 301,595

48,548 36,256 1,393 2,915 2,866 3,799 905 412 335,956

55,773 41,388 1,691 3,243 3,274 4,637 1,074 466 378,529

17,097 15,778 (128) 1,056 986 (1,187) 382 210 203,278

23,051 17,773 351 1,289 1,591 1,334 462 252 233,323

28,654 20,468 1,024 1,593 2,133 2,545 592 299 266,587

(0.5) 7.8 na (18.8) 17.3 40.3 25.2 (0.6) (7.5)

34.5 12.6 na 22.0 61.3 20.4 21.0 19.8 13.6

47.3 15.2 na 23.0 34.1 47.2 28.3 18.7 14.3

27.8 21.2 na 26.8 41.3 NA 13.7 10.0 19.9

20.6 18.8 na 22.0 25.6 22.9 11.4 8.4 17.3

16.6 16.3 na 17.8 19.1 12.0 8.8 7.0 15.2

9.6 9.4 7.0 16.2 12.7 4.2 9.6 7.4 13.7

8.6 8.4 6.2 15.2 11.2 3.5 8.5 6.7 12.6

7.5 7.2 5.6 16.2 9.7 2.9 9.5 5.8 11.1

4.7 4.5 2.5 9.8 7.3 2.5 1.9 0.7 10.0

4.1 4.1 2.4 7.0 5.7 2.2 1.6 0.6 8.8

3.6 3.7 2.3 5.3 4.4 1.8 1.4 0.6 7.8

2.2 3.1 0.0 0.7 0.0 0.0 1.8 4.0 2.0

2.6 3.5 0.0 0.9 0.0 1.3 2.2 4.8 2.2

3.1 4.0 0.0 1.1 0.0 2.5 2.8 5.7 2.4

76.1 8.4 168.7 647.2 112.9 138.9 64.1 33.4 20.8

7.7 8.1 1.3 (0.6) 23.9 11.4

0.6 (5.1) 4.4 7.8 (0.2) 10.8 11.3 0.6 2.4

11.0 11.3 (1.6) (3.6) na na na na na na na na na na na

1.2 (4.7) 5.2 9.0 (0.0)

(0.8) (8.9) 6.4 8.4 (0.9)

9.4 9.7 0.6 2.6

15.8 16.1 0.2 2.3

1.5 3.1 (1.8) 0.2 3.6 (4.6)

3.0 4.7 (0.6) 0.2 6.2 (6.9)

5.0 6.6 0.8 (0.3) 12.2 6.5

1.8 4.5 (2.2) 0.2 5.1

15.5 14.3 19.6 2.2

6.5 6.6 7.1 (1.0)

7.1 6.4 9.1 0.4

7.6 7.6 8.3 0.7

10.7 10.7 12.1 (1.4)

7.1 8.5 1.9 7.6 10.0 1.6 8.9 8.6

9.7 13.3 2.6 7.8 11.4 2.5 9.5 14.6

3.2 3.2 0.8 6.2 2.3 0.3 4.4 2.5

3.9 4.3 0.8 6.3 3.1 1.1 4.6 2.8

5.1 6.6 1.2 6.5 3.5 1.8 4.8 4.8

14.8 16.2 10.1 2.3

19.4 20.9 11.6 15.1

21.9 23.3 14.3 17.4

7.7 8.8 3.3 0.8

10.7 11.9 3.9 6.0

40.2 29.5 46.6 29.0 52.4 19.1 90.1 64.2 81.8 34.4

15.5 14.0 7.7 23.1 21.2 16.0 12.0 9.2 9.2 16.3

15.3 14.5 10.8 21.5 19.4 15.1 12.3 9.2 6.2 12.4

14.9 14.2 10.9 21.1 17.9 14.6 12.1 8.7 6.8 13.5

6.1 7.3 3.1 8.8 7.3 5.1 4.4 2.4 4.2 7.1

63.2 62.9 64.6 59.6

48.5 58.4 35.5 44.3

23.9 10.3 50.7 (2.0)

24.1 13.6 45.4 1.7

29.0 23.9 43.6 3.4

53.0 3.4 134.3 481.2 64.3 90.1 74.4 31.2 18.9

37.5 (2.5) 118.9 365.6 25.4 90.1 74.4 26.8 16.4

18.6 22.1 (0.9) 30.7 19.2 (9.1) 14.4 7.0 31.8

21.3 22.6 2.5 37.3 25.0 10.0 15.4 7.9 29.2

22.6 23.6 7.0 33.9 26.2 16.1 17.4 8.9 29.1

1.1 (6.0) 9.8 9.5 (0.6) 13.6 13.9 0.7 2.5 3.3 6.4 (0.7) 0.2 8.1

11.7 11.9 0.7 2.8 5.0 8.9 0.9 (0.4) 16.3

10.9 9.1 15.8 0.6

11.7 10.8 14.8 0.9

4.2 3.8 1.1 8.9 3.4 0.3 5.3 3.3

4.9 5.0 1.3 8.6 4.3 1.4 5.3 3.5

6.3 7.6 1.7 8.6 4.8 2.1 5.5 6.0

12.7 14.1 5.1 7.6

9.8 11.2 4.3 1.1

13.6 15.3 4.9 7.8

16.1 17.9 6.3 9.3

6.1 7.3 4.2 8.5 6.8 4.9 4.6 2.3 2.6 5.5

6.0 7.2 4.3 8.7 6.4 4.8 4.7 2.0 2.8 5.5

11.6 11.9 5.3 17.6 13.9 13.7 6.2 6.5 5.8 13.4

11.1 11.3 7.1 16.1 12.4 12.6 6.4 5.9 3.5 9.0

10.8 11.0 7.3 16.1 11.6 12.2 6.3 5.3 3.8 9.7

8.8 3.6 18.8 (0.8)

11.0 6.2 21.0 0.7

15.7 12.2 24.8 1.4

13.6 13.4 23.4 (1.3)

9.3 9.0 25.3 1.0

10.0 9.7 29.5 2.2

8.0 10.4 (0.2) 4.5 5.4 (2.2) 6.5 3.3 12.2

8.8 10.7 0.6 5.1 8.4 2.5 6.5 3.8 11.9

9.9 11.5 1.8 5.8 11.2 4.9 7.6 4.3 12.3

15.2 20.4 (0.3) 4.9 8.3 (3.8) 6.1 5.1 26.6

17.0 21.4 1.1 5.5 13.6 4.7 7.0 5.9 26.5

19.4 23.5 3.1 6.4 18.5 9.8 5.9 6.8 26.5

Source: Bloomberg, Bahana estimates

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

2.0 (5.6) 11.5 11.4 (0.1)

7

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

FULL YEAR 2015 EARNINGS RELEASE (ESTIMATED) Ticker BBRI IJ BBNI IJ BDMN IJ BJTM IJ JSMR IJ EXCL IJ BMRI IJ ITMG IJ LPPF IJ AALI IJ BBTN IJ ASII IJ UNTR IJ INCO IJ LSIP IJ WSKT IJ ADHI IJ ANJT IJ HERO IJ JPFA IJ IMAS IJ SMBR IJ SIMP IJ SMGR IJ ANTM IJ PTBA IJ ANTM IJ TBIG IJ BBCA IJ PTPP IJ PGAS IJ BTPN IJ TLKM IJ MPPA IJ TINS IJ KAEF IJ SMCB IJ ADRO IJ BJBR IJ WTON IJ KRAS IJ WINS IJ INTP IJ TOTL IJ WIKA IJ BSDE IJ HMSP IJ INDF IJ AKRA IJ GIAA IJ SRIL IJ PWON IJ LPCK IJ TBLA IJ MDLN IJ LPKR IJ SCMA IJ TOWR IJ ROTI IJ SIDO IJ SILO IJ BIRD IJ KLBF IJ GGRM IJ CPIN IJ

Corporate Bank Rakyat Indonesia Bank Negara Indonesia Bank Danamon Bank Pembangunan Daerah Jawa Timur Jasa Marga XL Axiata Bank Mandiri Indo Tambangraya Megah Matahari Department Store Astra Agro Lestari Bank Tabungan Negara Astra International United Tractors Vale Indonesia PP London Sumatera Indonesia Waskita Karya Adhi Karya Austindo Nusantara Jaya Hero Supermarket Japfa Indomobil Sukses International Semen Baturaja Salim Invomas Pratama Semen Indonesia Aneka Tambang Tambang Batubara Bukit Asam Aneka Tambang Tower Bersama Infrastructure Bank Central Asia PP Persero Perusahaan Gas Negara Bank Tabungan Pensiunan Nasional Telekomunikasi Indonesia Matahari Putra Prima Timah Persero Kimia Farma Holcim Indonesia Adaro Energy Bank Pembangunan Daerah Jawa Barat Wijaya Karta Beton Krakatau Steel Wintermar Offshore Indocement Tunggal Perkasa Total Bangun Persada Wijaya Karya Bumi Serpong Damai H M Sampoerna Indofood Sukses Makmur AKR Corporindo Garuda Indonesia Sri Rejeki Isman Pakuwon Jati Lippo Cikarang Tunas Baru Lampung Modernland Realty Lippo Karawaci Surya Citra Media Sarana Menara Nusantara Nippon Indosari Corpindo Industri Jamu dan Farmasi Sido Muncul Siloam International Hospitals Blue Bird Kalbe Farma Gudang Garam Charoen Pokphand Indonesia

Date 1/26/2016 1/29/2016 1/29/2016 1/29/2016 2/5/2016 2/5/2016 2/9/2016 2/16/2016 2/17/2016 2/23/2016 2/24/2016 2/24/2016 2/24/2016 2/24/2016 2/25/2016 2/25/2016 2/25/2016 2/25/2016 2/26/2016 2/26/2016 2/26/2016 2/26/2016 2/26/2016 2/29/2016 2/29/2016 3/1/2016 3/1/2016 3/2/2016 3/3/2016 3/3/2016 3/3/2016 3/3/2016 3/4/2016 3/4/2016 3/4/2016 3/4/2016 3/7/2016 3/8/2016 3/8/2016 3/10/2016 3/11/2016 3/11/2016 3/16/2016 3/16/2016 3/17/2016 3/17/2016 3/17/2016 3/18/2016 3/18/2016 3/21/2016 3/23/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/28/2016 3/29/2016 3/30/2016

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

Time 16:00 16:00 16:00 16:00 09:00 16:00 16:00 16:00 16:00 16:00 8

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

FULL YEAR 2015 EARNINGS RELEASE (ESTIMATED) Ticker GJTL IJ MYOR IJ SMRA IJ UNVR IJ KIJA IJ ISAT IJ MEDC IJ CTRA IJ SSIA IJ PSAB IJ TMAS IJ MNCN IJ MAIN IJ ASRI IJ HRUM IJ CASS IJ ERAA IJ TELE IJ TAXI IJ ASSA IJ SOCI IJ PPRO IJ DMAS IJ MIKA IJ MDKA IJ ATIC IJ

Corporate Gajah Tunggal Mayora Indah Summarecon Agung Unilever Indonesia Kawasan Industri Jababeka Indosat Medco Energi International Ciputra Development Surya Semesta Internusa J Resources Asia Pasifik Pelayaran Tempuran Emas Media Nusantara Citra Malindo Feedmill Alam Sutera Harum Energy Cardig Aero Service Erajaya Swasembada Tiphone Mobile Indonesia Express Transindo Utama Adi Sarana Armada Soechi Lines PP Properti Puradelta Lestari Mitra Keluarga Karyasehat Merdeka Copper Gold Anabatic Technologies

Date 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/31/2016 3/31/2016 3/31/2016 3/31/2016 3/31/2016

Time -

Source: Bloomberg, Bahana

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

9

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

AGM & EGM SCHEDULE Corporate Actions AEGM AEGM AEGM AEGM AEGM AEGM AEGM AEGM AEGM AEGM AGM AEGM AGM AGM AGM AGM AEGM AGM AEGM AEGM AGM AEGM AGM AEGM AGM AEGM AEGM AEGM Source: Bloomberg

Ticker KREN IJ ASDM IJ GSMF IJ SRAJ IJ PTSP IJ CLPI IJ UNSP IJ DGIK IJ INTD IJ APII IJ ARGO IJ MGNA IJ RICY IJ JPRS IJ SRSN IJ KONI IJ AISA IJ GDST IJ MBTO IJ ADMG IJ BTON IJ OKAS IJ POOL IJ POLY IJ ALDO IJ RIMO IJ RANC IJ ALTO IJ

Corporate Kresna Graha Sekurindo Asuransi Dayin Mitra Equity Development Investment Sejahteraraya Anugrahjaya Pioneerindo Gourmet International Colorpak Indonesia Bakrie Sumatera Plantations Nusa Konstruksi Enjiniring Inter Delta Arita Prima Indonesia Argo Pantes Magna Finance Ricky Putra Globalindo Jaya Pari Steel Indo Acidatama Perdana Bangun Pusaka Tiga Pilar Sejahtera Food Gunawan Dianjaya Steel Martina Berto Polychem Indonesia Betonjaya Manunggal Ancora Indonesia Resources Pool Advista Indonesia Asia Pacific Fibers Alkindo Naratama Rimo Catur Lestari Supra Boga Lestari Tri Banyan Tirta

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

Date 6/15/2015 6/15/2015 6/15/2015 6/15/2015 6/15/2015 6/15/2015 6/15/2015 6/15/2015 6/15/2015 6/15/2015 6/15/2015 6/15/2015 6/15/2015 6/16/2015 6/16/2015 6/16/2015 6/16/2015 6/16/2015 6/16/2015 6/16/2015 6/16/2015 6/16/2015 6/16/2015 6/16/2015 6/16/2015 6/17/2015 6/17/2015 6/17/2015

Time 14:00 08:00 10:30 10:00 10:00 10:00 10:00 09:00 10:00 09:00 10:00 14:00 09:30 10:00 14:00 09:00 10:00 09:00 10:00 14:00 09:30 10:00 11:00 10:30 13:30 14:00 14:00 11:30

10

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

Actual and upcoming IPOs, 2013-2015 No

Code

1 BBRM 2 HOTL 3 SAME 4 MAGP 5 TPMA 6 ISSP 7 DYAN 8 ANJT 9 NOBU 10 MPMX 11 DSNG 12 SRIL 13 ACST 14 SRTG 15 NRCA 16 SMBR 17 ECII 18 BBMD 19 MLPT 20 VICO 21 CPGT 22 NAGA 23 BMAS 24 SILO 25 APII 26 KRAH 27 IMJS 28 LEAD 29 SSMS 30 SIDO 2013 total 31 PNBS 32 ASMI 33 CANI 34 BINA 35 BALI 36 WTON 37 BLTZ 38 MDIA 39 LRNA 40 DAJK 41 LINK 42 CINT 43 MGNA 44 BPII 45 MBAP 46 TARA 47 DNAR 48 BIRD 49 SOCI 50 IMPC 51 IBFN 52 AGRS 53 GOLL 2014 total 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 2015 total

Date

Company name

Industry

01/08/13 01/10/13 01/11/13 01/16/13 02/20/13 02/22/13 03/25/13 05/08/13 05/20/13 05/29/13 06/14/13 06/17/13 06/24/13 06/26/13 06/27/13 06/28/13 07/03/13 07/08/13 07/08/13 07/08/13 07/09/13 07/09/13 07/11/13 09/12/13 10/29/13 11/08/13 12/10/13 12/11/13 12/12/13 12/18/13

Pelayaran Nasional Bina Buana Saraswati Griya Lestari Sarana Meditama Metropolitan Multi Agro Gemilang Trans Power Marine Steel Pipe Industry of Indonesia Dyandra Media International Austindo Nusantara Jaya Bank Nationalnobu Mitra Pinasthika Mustika Dharma Satya Nusantara Sri Rejeki Isman (Sritex) Acset Indonesia Saratoga Investa Sedaya Nusa Raya Cipta Semen Baturaja Electronic City Indonesia Bank Mestika Dharma Multipolar Technology Victoria Investama Cipaganti group Bank Mitraniaga Bank Maspion Siloam Hospital Arita Prima Indonesia Grand Kartech Indomobil Multi Jasa Logindo Samudramakmur Sawit Sumbermas Sarana Sido Muncul

Shipping Hotel Hospital Management Plantations Transportation Pipes manufacturer Entertainment Plantation Banking Automotive Plantations Textile Construction Finance Construction Cement Retail Banking IT Finance Transportation Banking Banking Hospital Pipe Manufacture Manufacturing Auto finance Marine services Plantations Pharmaceutical

01/15/14 01/16/14 01/16/14 01/16/14 03/13/14 04/08/14 04/10/14 04/11/14 04/15/14 05/14/14 02/06/14 06/27/14 07/07/14 07/08/14 07/10/14 07/11/14 07/11/14 11/05/14 12/03/14 12/17/14 12/22/14 12/22/14 12/23/14

Bank Panin Syariah Mitra Maparya Capitol Nusantara Bank INA Bali Towerindo Sentra Wika Beton Graha Layar Prima Intermedia Capital Eka Sari Lorena Transport Dwi Aneka Jaya Kemasindo Link Net Chitose Internasional Magna Finance Batavia Prosperindo Internasional Mitrabara Adiperdana Sitara Propertindo Bank Dinar Blue Bird Soechi Lines Impack Pratama Industri Intan Baruprana Finance Bank Agris Golden Plantation

Banking Insurance Transporation Banking Construction Construction material Entertainment Entertainment Transportation Paper manufacture Telecommunication Manufacture Finance Finance Coal Property Bank Transportation Shipping Packaging Finance Banking Plantation

Airasia Indonesia Andira Agro Asia Mangan Group Bank DKI Bank Kesejahteraan Ekonomi Bank Muamalat Bank Sumatera Utara Bank Syariah Mandiri Daya Mitra Telekomunikasi Daya Mandiri Resources Indonesia GMF Aero Asia Target Indoprima Gemilang Infomedia Nusantara Intan Baruprana Finance Kawasan Berikat Nusantara Krakatau Wijatama Pacific Agro Sentosa Pegadaian Indonesia Pelita Cengkareng Paper Perkebunan Nusantara III, IV and VII Pertamina Drilling Services Indonesia Pertamina Hulu Energi Pertamina Gas Pertamina Geothermal Energy PLN Batam Pos Indonesia Pos Logistik Puradelta Lestari Semen Batam Siba Surya Sriboga Raturaya

Airlines Plantations Mining Banking Banking Banking Banking Banking Telecommunication Coal mining Aero services Auto-parts Services Multi-finance Industrial estates Steel manufacture Plantations Finance Packaging manufacture Plantations Oil-related Oil-related Gas distribution Electricity Electricity Logistics Logistics Property Cement Logistics Restaurant

Amount (IDRbn) 138 102 72 440 91 856 449 400 808 1,455 509 1,344 375 1,492 260 1,309 1,350 593 180 150 69 80 246 1,405 61 45 225 357 1,005 870 16,735 475 109 42 125 35 1,207 223 541 135 470 487 99 74 75 319 424 55 2,438 582 570 192 99 230 9,016 1,800

Public (%) 13.2 15.5 13.6 66.7 9.0 29.6 22.4 10.0 52.5 21.7 13.0 30.1 31.0 10.0 12.3 23.8 25.0 20.0 18.0 16.3 10.0 27.3 20.0 13.5 25.6 16.9 10.4 19.8 15.8 10.0

458

55.0

49.3 29.0 25.0 24.8 14.7 30.0 31.3 15.0 20.0 40.0 10.0 34.0 70.0 100.0 22.0 40.0 22.2 100.0 15.0 31.0 21.0 100.0 21.8 20.0

800 49.0

1,000

2,760 500 500 7,818

Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today)

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

11

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

Research: +62 21 250 5081 Harry Su [email protected] Senior Associate Director Head of Corporate Strategy & Research Consumer, Strategy ext 3600 direct: +62 21 250 5735

Fakhrul Fulvian [email protected] Economist ext 3602

Sanni Satrio Dwi Utomo [email protected] Research Analyst Industrial Estate, Property ext 3611

Muhammad Wafi [email protected] Technical Analyst ext 3609

Made Ayu Wijayati [email protected] Research Executive ext 3607

Dealing Room: +62 21 527 0808 (Foreign Institutional)

Natalia Surjadiputra [email protected]

Director of Sales & Client Relationship Management ext 2500

Amelia Husada [email protected] Vice President Institutional Equity Sales ext 2552

Bram Taarea [email protected] Institutional Equity Sales ext 2524

Teguh Hartanto [email protected] Associate Director Deputy Head of Research Banks, Cement, Aviation ext 3610

Bob Setiadi [email protected] Research Analyst Cement, Infratructure,Toll roads ext 3605

Renaldy Effendy [email protected] Research Analyst Consumer, Healthcare ext 3606

Nyoman Widita Prabawa [email protected] Research Associate ext 3623

Zefanya Halim [email protected] CA Manager ext 3612

Leonardo Henry Gavaza, CFA [email protected] Senior Research Manager Auto, Heavy equipment, Telco ext 3608

Agustinus Reza Kirana [email protected] Research Analyst Plantations, Shipping, Transportation ext 3616

Jozabad Jonathan [email protected] Research Analyst Poultry ext 3620

Sarah Jessica Hutapea [email protected] Research Associate ext 3693

Senior Equity Institutional Sales ext 2545

John M. Dasaad [email protected] Institutional Equity Sales ext 2549

Nurul Farida [email protected] Institutional Equity Sales ext 2547

Bagus Adi Yoga Prawira [email protected] Research Analyst Consumer, Media ext 3604

Melvin Mikha Reminov [email protected] Research Associate ext 3621

Gilang Purnama [email protected] Research Associate ext 3601

Novianty Permata Sari [email protected] CA ext 3618

+62 21 250 5508 (Domestic Institutional)

Inca Aditya [email protected]

Arandi Ariantara [email protected] Research Analyst Coal, Metals, Oil & Gas ext 3619

+62 31 535 2788 (Surabaya Branch)

Ashish Agrawal [email protected] Vice President Institutional Equity Sales ext 2550 / 2553

Reynard Poernawan [email protected] Institutional Equity Sales ext 2528

Ari Santosa [email protected] Sales Trader ext 2554

Yohanes Adhi Handoko [email protected] Manager, Surabaya Branch ext 7250

Suwardi Widjaja [email protected] Institutional Equity Sales ext 2548

Hanna Marionda [email protected] Sales Trader ext 2525

Adriana Kosasih [email protected] Sales Executive ext 2541

Head Office Graha Niaga, 19th Floor Jl. Jend. Sudirman Kav. 58 Jakarta 12190 Indonesia Tel. 62 21 250 5081 Fax. 62 21 522 6049

http://www.bahana.co.id

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

Surabaya Branch Wisma BII, Ground Floor Jl. Pemuda 60-70 Surabaya 60271 Indonesia Tel. 62 31 535 2788 Fax. 62 31 546 1157

12

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

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Investment Banking Relationship Within the preceding 12 months, The subsidiaries and/or affiliates of Daiwa Securities Group Inc. * has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: Modern Land (China) Co. Ltd (1107 HK); econtext Asia Ltd (1390 HK); GF Securities Co Ltd (1776 HK); Mirae Asset Life Insurance Co Ltd (085620 KS); China Reinsurance Group Corporation (1508 HK). *Subsidiaries of Daiwa Securities Group Inc. for the purposes of this section shall mean any one or more of: • Daiwa Capital Markets Hong Kong Limited (大和資本市場香港有限公司) • Daiwa Capital Markets Singapore Limited • Daiwa Capital Markets Australia Limited • Daiwa Capital Markets India Private Limited • Daiwa-Cathay Capital Markets Co., Ltd. • Daiwa Securities Capital Markets Korea Co., Ltd Disclosure of Interest of Bahana Securities Investment Banking Relationship Within the preceding 12 months, Bahana Securities has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: Waskita Karya Persero Tbk PT (WSKT IJ); Adhi Karya Persero Tbk PT (ADHI IJ); PP Properti Tbk PT (PPRO IJ); Merdeka Copper Gold Tbk PT (MDKA IJ); Anabatic Technologies Tbk PT (ATIC IJ); Aneka Tambang Persero Tbk PT (ANTM IJ). Hong Kong This research is distributed in Hong Kong by Daiwa Capital Markets Hong Kong Limited (大和資本市場香港有限公司) (“DHK”) which is regulated by the Hong Kong Securities and Futures Commission. Recipients of this research in Hong Kong may contact DHK in respect of any matter arising from or in connection with this research. Relevant Relationship (DHK) DHK may from time to time have an individual employed by or associated with it serves as an officer of any of the companies under its research coverage. Singapore This research is distributed in Singapore by Daiwa Capital Markets Singapore Limited and it may only be distributed in Singapore to accredited investors, expert investors and institutional investors as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. By virtue of distribution to these category of investors, Daiwa Capital Markets Singapore Limited and its representatives are not required to comply with Section 36 of the Financial Advisers Act (Chapter 110) (Section 36 relates to disclosure of Daiwa Capital Markets Singapore Limited‟s interest and/or its representative‟s interest in securities). Recipients of this research in Singapore may contact Daiwa Capital Markets Singapore Limited in respect of any matter arising from or in connection with the research. Australia This research is distributed in Australia by Daiwa Capital Markets Australia Limited and it may only be distributed in Australia to wholesale investors within the meaning of the Corporations Act. Recipients of this research in Australia may contact Daiwa Capital Markets Stockbroking Limited in respect of any matter arising from or in connection with the research. India This research is distributed in India to Institutional Clients only by Daiwa Capital Markets India Private Limited (Daiwa India) which is an intermediary registered with Securities & Exchange Board of India as a Stock Broker, Merchant Bank and Research Analyst. Daiwa India, its Research Analyst and their family members and its associates do not have any financial interest save as disclosed or other undisclosed material conflict of interest in the securities or derivatives of any companies under coverage. Daiwa India and its associates may have received compensation for any products other than Investment Banking (as disclosed) or brokerage services from the subject company in this report during the past 12 months. Unless otherwise stated in BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action, Daiwa India and its associates do not hold more than 1% of any companies covered in this research report. There is no material disciplinary action against Daiwa India by any regulatory authority impacting equity research analysis activities as of the date of this report.

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

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Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

Taiwan This research is distributed in Taiwan by Daiwa-Cathay Capital Markets Co., Ltd and it may only be distributed in Taiwan to institutional investors or specific investors who have signed recommendation contracts with Daiwa-Cathay Capital Markets Co., Ltd in accordance with the Operational Regulations Governing Securities Firms Recommending Trades in Securities to Customers. Recipients of this research in Taiwan may contact Daiwa-Cathay Capital Markets Co., Ltd in respect of any matter arising from or in connection with the research. Philippines This research is distributed in the Philippines by DBP-Daiwa Capital Markets Philippines, Inc. which is regulated by the Philippines Securities and Exchange Commission and the Philippines Stock Exchange, Inc. Recipients of this research in the Philippines may contact DBP-Daiwa Capital Markets Philippines, Inc. in respect of any matter arising from or in connection with the research. DBP-Daiwa Capital Markets Philippines, Inc. recommends that investors independently assess, with a professional advisor, the specific financial risks as well as the legal, regulatory, tax, accounting, and other consequences of a proposed transaction. DBP-Daiwa Capital Markets Philippines, Inc. may have positions or may be materially interested in the securities in any of the markets mentioned in the publication or may have performed other services for the issuers of such securities. For relevant securities and trading rules please visit SEC and PSE link at http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf and http://www.pse.com.ph/ respectively. United Kingdom This research report is produced by Daiwa Securities Co. Ltd. and/or its affiliates and is distributed in the European Union, Iceland, Liechtenstein, Norway and Switzerland. Daiwa Capital Markets Europe Limited is authorised and regulated by The Financial Conduct Authority (“FCA”) and is a member of the London Stock Exchange and Eurex. This publication is intended for investors who are not Retail Clients in the United Kingdom within the meaning of the Rules of the FCA and should not therefore be distributed to such Retail Clients in the United Kingdom. Should you enter into investment business with Daiwa Capital Markets Europe‟s affiliates outside the United Kingdom, we are obliged to advise that the protection afforded by the United Kingdom regulatory system may not apply; in particular, the benefits of the Financial Services Compensation Scheme may not be available. Daiwa Capital Markets Europe Limited has in place organisational arrangements for the prevention and avoidance of conflicts of interest. Our conflict management policy is available at http://www.uk.daiwacm.com/about-us/corporate-governance-regulatory. Germany This document is distributed in Germany by Daiwa Capital Markets Europe Limited, Niederlassung Frankfurt which is regulated by BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) for the conduct of business in Germany. Bahrain This research material is distributed by Daiwa Capital Markets Europe Limited, Bahrain Branch, regulated by The Central Bank of Bahrain and holds Investment Business Firm – Category 2 license and having its official place of business at the Bahrain World Trade Centre, South Tower, 7th floor, P.O. Box 30069, Manama, Kingdom of Bahrain. Tel No. +973 17534452 Fax No. +973 535113 This material is provided as a reference for making investment decisions and is not intended to be a solicitation for investment. Investment decisions should be made at your own discretion and risk. Accordingly, no representation or warranty, express or implied, is made as to and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this document, Content herein is based on information available at the time the research material was prepared and may be amended or otherwise changed in the future without notice . All information is intended for the private use of the person to whom it is provided without any liability whatsoever on the part of Daiwa Capital Markets Europe Limited, Bahrain Branch, any associated company or the employees thereof. If you are in doubt about the suitability of the product or the research material itself, please consult your own financial adviser. Daiwa Capital Markets Europe Limited, Bahrain Branch retains all rights related to the content of this material, which may not be redistributed or otherwise transmitted without prior consent. United States This report is distributed in the U.S. by Daiwa Capital Markets America Inc. (DCMA). It may not be accurate or complete and should not be relied upon as such. It reflects the preparer‟s views at the time of its preparation, but may not reflect events occurring after its preparation; nor does it reflect PT.Bahana Securities‟ or DCMA‟s views at any time. Neither PT.Bahana Securities, DCMA nor the preparer has any obligation to update this report or to continue to prepare research on this subject. This report is not an offer to sell or the solicitation of any offer to buy securities. Unless this report says otherwise, any recommendation it makes is risky and appropriate only for sophisticated speculative investors able to incur significant losses. Readers should consult their financial advisors to determine whether any such recommendation is consistent with their own investment objectives, financial situation and needs. This report does not recommend to U.S. recipients the use of any of PT.Bahana Securities‟ or DCMA‟s non-U.S. affiliates to effect trades in any security and is not supplied with any understanding that U.S. recipients of this report will direct commission business to such non-U.S. entities. Unless applicable law permits otherwise, non-U.S. customers wishing to effect a transaction in any securities referenced in this material should contact a Daiwa entity in their local jurisdiction. Most countries throughout the world have their own laws regulating the types of securities and other investment products which may be offered to their residents, as well as a process for doing so. As a result, the securities discussed in this report may not be eligible for sales in some jurisdictions. Customers wishing to obtain further information about this report should contact DCMA: Daiwa Capital Markets America Inc., Financial Square, 32 Old Slip, New York, New York 10005 (Tel no. 212-612-7000). Ownership of Securities For “Ownership of Securities” information please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action . Investment Banking Relationships For “Investment Banking Relationships” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. DCMA Market Making For “DCMA Market Making” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. Research Analyst Conflicts For updates on “Research Analyst Conflicts” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. The principal research analysts who prepared this report have no financial interest in securities of the issuers covered in the report, are not (nor are any members of their household) an officer, director or advisory board member of the issuer(s) covered in the report, and are not aware of any material relevant conflict of interest involving the analyst or DCMA, and did not receive any compensation from the issuer during the past 12 months except as noted: no exceptions. Research Analyst Certification For updates on “Research Analyst Certification” and “Rating System” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. The views about any and all of the subject securities and issuers expressed in this Research Report accurately reflect the personal views of the research analyst(s) primarily responsible for this report (or the views of the firm producing the report if no individual analysts[s] is named on the report); and no part of the compensation of such analyst(s) (or no part of the compensation of the firm if no individual analyst[s)] is named on the report) was, is, or will be directly or indirectly related to the specific recommendations or views contained in this Research Report.

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

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Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

For stocks and sectors in Indonesia covered by Bahana Securities, the following rating system is in effect: Stock ratings are based on absolute upside or downside, which is the difference between the target price and the current market price. Unless otherwise specified, these ratings are set with a 12-month horizon. It is possible that future price volatility may cause a temporary mismatch between upside/downside for a stock based on the market price and the formal rating. "Buy": the price of the security is expected to increase by 10% or more. "Hold": the price of the security is expected to range from an increase of less than 10% to a decline of less than 5%. "Reduce": the price of the security is expected to decline by 5% or more. Sector ratings are based on fundamentals for the sector as a whole. Hence, a sector may be rated “Overweight” even though its constituent stocks are all rated “Reduce”; and a sector may be rated “Underweight” even though its constituent stocks are all rated “Buy”. “Overweight”: positive fundamentals for the sector. “Neutral”: neither positive nor negative fundamentals for the sector. “Underweight”: negative fundamentals for the sector. Ownership of Securities For “Ownership of Securities” information, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action . Investment Banking Relationships For “Investment Banking Relationship”, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action . Relevant Relationships (Bahana Securities) Bahana Securities may from time to time have an individual employed by or associated with it serves as an officer of any of the companies under its research coverage. Bahana Securities market making Bahana Securities may from time to time make a market in securities covered by this research. Explanatory Document of Unregistered Credit Ratings (Moody’s Investors Service, Inc.) In order to ensure the fairness and transparency in the markets, Credit Rating Agencies became subject to the Credit Rating Agencies‟ registration system based on the Financial Instruments and Exchange Act. In accordance with this Act, in soliciting customers, Financial Instruments Business Operators, etc. shall not use the credit ratings provided by unregistered Credit Rating Agencies without informing customers of the fact that those Credit Rating Agencies are not registered, and shall also inform customers of the significance and limitations of credit ratings, etc. The Significance of Registration Registered Credit Rating Agencies are subject to the following regulations: 1) 2) 3) 4)

Duty of good faith. Establishment of control systems (fairness of the rating process, and prevention of conflict of interest, etc.). Prohibition of the ratings in cases where Credit Rating Agencies have a close relationship with the issuers of the financial in struments to be rated, etc. Duty to disclose information (preparation and publication of rating policies, etc. and public disclosure of explanatory documents).

In addition to the above, Registered Credit Rating Agencies are subject to the supervision of the Financial Services Agency (“FSA”), and as such may be ordered to produce reports, be subject to on-site inspection, and be ordered to improve business operations, whereas unregistered Credit Rating Agencies are free from such regulations and supervision. The Name of the Credit Rating Agency Group, etc The name of the Credit Rating Agency group: Moody‟s Investors Service, Inc. ("MIS") The name and registration number of the Registered Credit Rating Agency in the group: Moody‟s Japan K.K. (FSA commissioner (Rating) No.2) How to acquire information related to an outline of the rating policies and methods adopted by the person who determines Credit Ratings The information is posted under “Unregistered Rating explanation” in the section on “The use of Ratings of Unregistered Agenc ies” on the website of Moody‟s Japan K.K. (The website can be viewed after clicking on “Credit Rating Business” on the Japanese version of Moody‟s website (http://www.moodys.co.jp) Assumptions, Significance and Limitations of Credit Ratings Credit ratings are Moody‟s Investors Service, Inc.‟s ("MIS") current opinions of the relative future credit risk of entities, credit commitments, or debt or debtlike securities. MIS defines credit risk as the risk that an entity may not meet its contractual, financial obligations as they come due and any estimated financial loss in the event of default. Credit ratings do not address any other risk, including but not limited to: liquidity risk, market va lue risk, or price volatility. Credit ratings do not constitute investment or financial advice, and credit ratings are not recommendations to purchase, sell, or hold particular securities. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such rating or other opinion or information is given or made by MIS in any form or manner whatsoever. Based on the information received from issuers or from public sources, the credit risks of the issuers or obligations are assessed. MIS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MIS considers to be reliable. However, MIS is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Additional information may be available upon request. Japan - additional notification items pursuant to Article 37 of the Financial Instruments and Exchange Law (This Notification is only applicable where report is distributed by Daiwa Securities Co. Ltd.) If you decide to enter into a business arrangement with us based on the information described in materials presented along with this document, we ask you to pay close attention to the following items.  In addition to the purchase price of a financial instrument, we will collect a trading commission* for each transaction as agreed beforehand with you. Since commissions may be included in the purchase price or may not be charged for certain transactions, we recommend that you confirm the commission for each transaction.  In some cases, we may also charge a maximum of ¥ 2 million (including tax) per year as a standing proxy fee for our deposit of your securities, if you are a non-resident of Japan.  For derivative and margin transactions etc., we may require collateral or margin requirements in accordance with an agreement made beforehand with you. Ordinarily in such cases, the amount of the transaction will be in excess of the required collateral or margin requirements.  There is a risk that you will incur losses on your transactions due to changes in the market price of financial instruments based on fluctuations in interest rates, exchange rates, stock prices, real estate prices, commodity prices, and others. In addition, depending on the content of the transaction, the loss could exceed the amount of the collateral or margin requirements.  There may be a difference between bid price etc. and ask price etc. of OTC derivatives handled by us.

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

15

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

 Before engaging in any trading, please thoroughly confirm accounting and tax treatments regarding your trading in financial instruments with such experts as certified public accountants. *The amount of the trading commission cannot be stated here in advance because it will be determined between our company and you based on current market conditions and the content of each transaction etc. When making an actual transaction, please be sure to carefully read the materials presented to you prior to the execution of agreement, and to take responsibility for your own decisions regarding the signing of the agreement with us. Corporate Name: Daiwa Securities Co. Ltd. Financial instruments firm: chief of Kanto Local Finance Bureau (Kin-sho) No.108 Memberships: Japan Securities Dealers Association, Financial Futures Association of Japan Japan Securities Investment Advisers Association Type II Financial Instruments Firms Association

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

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