Beacon Indonesia Morning Brief

18 August 2016 Beacon IDX: 5,372 (+1.0%) Turnover: IDR5.53tn (+6.7%) Foreign Net BUY: IDR0.58tn (From Foreign Net SELL) Tax Amnesty Reported: IDR30....
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18 August 2016

Beacon

IDX: 5,372 (+1.0%) Turnover: IDR5.53tn (+6.7%) Foreign Net BUY: IDR0.58tn (From Foreign Net SELL) Tax Amnesty Reported: IDR30.6tn (IDR26.7tn)

Indonesia Morning Brief

INDICES

TODAY’S NEWS POLITICS  New Energy Minister to be announced soon  Jakarta election: Megawati supports Ahok ECONOMICS  Jokowi: 3 main policies in 2017 budget draft, 2017 tax target at IDR1,459tn  BI: To implement new instrument on 19 August BOURSE  Anugrah Berkah Madani plans IPO in September 2016 INDUSTRY  Electricity: July sales down 9% m-m to 16.47TWh due to Lebaran festivities  Banks: SOE banks to increase infrastructure loan target for 2016  Automotive: July auto sales 4W: +13% y-y, 2W: -28% y-y  Construction: targeted to grow 8.1% in 2017  Construction: 11 investors for 4 toll-roads auction CORPORATE  TBIG 2Q16 results: Below our expectation  TBIG to distribute IDR330bn in dividends  AGRO rights issue  ASII 4W 7M16 sales grew 8.6%  JSMR to fund IDR816bn Manado toll-road land acquisition  Key takeaways from ITMG 2Q16 analyst meeting  SSIA seeks partners to develop IDR5.5tn commercial projects  RALS monthly results: strong July performance  PWON to develop 3 projects in 2017  DILD to issue IDR4tn REITs  MNCN dispute won by Tutut

ECONOMIC INDICATORS Cur acc bal (%GDP) Fiscal bal (%GDP) GDP growth (%y-y) Private spending (%) Investment (%y-y) Total exports (%y-y) Total imports (%y-y) Inflation (%y-y) IDR/USD 7D rev repo (% p.a.) Brent Oil (Usd/bbl) FX reserve (USDb)

15A 16F 17F (2.1) (2.3) (2.3) (2.6) (2.7) (2.5) 4.8 5.1 5.4 5.0 5.2 5.3 5.0 6.6 5.0 (2.0) (4.5) (1.8) (5.9) (7.5) (2.6) 3.3 3.9 4.5 13,788 13,500 13,000 4.50 4.50 30.9 35.0 50.0 105.9 105.0 112.0

Source: Bahana estimates

Source: Bahana estimates

15A (0.3) (6.7) 22.7 (3.1) 9.1 10.5 3.5 2.0 23.5 32.0 12.1 21.3

Chg% (0.5) 1.0 (0.3) (0.2) 0.9 (0.5) (0.2) (0.4) (0.0) 0.3 (0.5) 0.1 0.4

ytd % 4.0 17.0 0.1 4.2 (12.0) 14.3 7.2 18.9 (12.1) (11.5) (1.4) 9.4 14.1

y-y % (2.9) 17.2 7.3 4.5 (18.5) 8.4 0.6 11.6 (17.0) (6.0) (6.8) 11.5 13.8

1,972 (1.0) .1(1.3)

1,972. (4.7) 1 (1.9)

0.1 (0.5) 0.8 (0.2) 0.2 0.0 (1.0) 0.2 0.6

6.6 9.9 36.8 12.3 (4.2) 4.4 27.5 6.8 9.0

(11.1) (3.5) 6.1 5.1 25.6 10.0 (8.9) 3.3 19.2 4.1 2.9

Chg%

ytd %

y-y %

Source: Bloomberg

ETF, ADR & COMMODITIES Last

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

Asia Last Hang Seng (HK) 22,799.8 IDX (Indonesia) 5,371.8 KLCI (Mal.) 1,694.3 KOSPI (Korea) 2,043.8 Nikkei (Japan) 16,745.6 PCOMP (Phil.) 7,946.2 SENSEX (India) 28,005.4 SET (Thailand) 1,531.6 SHCOMP (China) 3,109.6 SHENZHEN (China) 2,043.3 STI (Singapore) 2,843.4 TWSE (Taiwan) 9,117.7 VNI (Vietnam) 660.5 Europe, USA and Ems CAC 40 (France) 4,417.7 DAX (Germany) 10,537.7 Dow Jones (USA) 18,573.9 FTSE 100 (UK) 6,859.2 IBOV (Brazil) 59,323.8 MEXBOL (Mexico) 48,258.9 NGSEINDX (Nigeria) 27,437.3 Nasdaq (USA) 5,228.7 RTSI (Russia) 965.4 S&P 500 (USA) 2,182.2 XU100 (Turkey) 78,147.8

16F 7.1 11.3 20.2 1.6 13.3 9.1 3.1 2.1 18.8 29.1 12.2 21.6

EEM US (USD) 37.5 (0.6) 16.4 EIDO US (USD) 26.2 0.1 25.7 TLK US (IDR) 4,151 0.7 43.4 Como Index (USD) 186.9 0.1 6.1 Coal (USD/t) 68.5 0.1 35.4 Corn (USD/mtn) 122.6 0.6 (8.4) Coffee (USD/t) 2,840.0 (0.3) 9.8 Copper (USD/t) 4,755.5 (0.9) 7.3 Cotton (USD/t) 1,507.1 (0.4) 8.0 CPO Rott (USD/t) 725.0 3.2 14.2 Gold (USD/oz.) 1,351.6 0.5 27.3 Iron ore (USD/mtn) 58.8 0.3 35.5 Milk (USD/cwt) 17.7 2.0 8.5 Nickel (USD/t) 10,155.0 (1.7) 9.2 Oil Brent (USD/bbl) 49.9 2.0 33.7 Rice (IDR/kg) 4,704.0 0.0 (6.9) Rubber (USD/t) 132.5 (0.3) 16.5 Silver (USD/oz) 19.8 (0.3) 43.0 Soybean oil (USD/t) 749.8 2.0 11.3 Steel (USD/t) 428.2 1.3 42.5 449.5 1.3 36.6 17F Sugar (USD/t) 18,385.0 0.8 19.3 15.1 Tins (USD/t) Wheat (USD/t) 162.8 0.7 (12.7) 17.2 Source: Bloomberg 17.2 CURRENCIES & RATES 1.0 Last Prev. ytd % 11.4 AUD/1USD 0.766 0.768 (4.9) 8.2 EUR/1USD 1.130 1.118 (3.9) 2.8 IDR/1USD 13,096 13,109 5.3 2.5 JPY/1USD 101.20 99.770 20.5 0 1.341 1.343 5.8 16.5 SGD/1USD 4.65 4.65 (2.9) 29.6 JIBOR (%) BI rate (%) 6.50 6.50 (1.0) 12.8 TD – 1 month (%) 6.27 6.25 (0.8) 23.6 CDS (bps) 144.35 144.68 (37.22)

6.6 26.4 54.3 (5.0) 17.9 (8.7) 0.5 (15.9) 0.6 20.8 20.9 2.8 7.1 (23.3) 2.3 1.5 0.5 33.0 17.0 34.1 77.2 6.2 (18.1)

y-y % (4.2) (2.4) 5.3 24.7 4.7 (1.0) (1.0) (0.8) (30.8)

Source: Bloomberg

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.

POLITICS New Energy Minister to be announced soon Cabinet Secretary Pramono Anung stated that President Joko Widodo will announce a new Minister of Energy and Mineral Resources (ESDM) within one month. The names being considered include (a) Dwi Soetjipto, Pertamina President Director, (b) Teguh Pamudji, General Secretary ESDM Ministry, (c) Amin Sunaryadi, Head of Upstream oil and gas Task Force (SKK Migas) and (d) Satya Widya Yudha, The House Commission VII’s member and Golkar’s Head of Natural Resources. (Kontan) Jakarta election: Megawati supports Ahok Head of Indonesia Democratic Party of Strugge (PDI-P) Megawati Soekarnoputri stated that she supports Basuki Tjahaja Purnama (Ahok) in 2017 Jakarta Governor election. Thus far, Ahok is supported by 4 parties: Nasdem, People’s Conscience Party (Hanura), Golkar and PDI-P. (suara.com)

ECONOMICS Jokowi: 3 main policies in 2017 budget draft, 2017 tax target at IDR1,459tn, -5.2% y-y President Joko Widodo announced 2017 budget draft with 3 main policies: (a) tax policy to provide economic stimulus, (b) spending policy on productive and priority projects and (c) funding policy to maintain deficit and debt ratio. Details of the 2017 budget draft are below. In the proposed state budget, government targets IDR1,738tn in revenue (-2.7% y-y), IDR1,460tn of tax revenue (-5.2% y-y) and IDR2,070tn of total expenditure, -0.6% y-y, and 2.41% of fiscal deficit, assuming 5.3% GDP growth, 4.0% inflation and IDR/1USD at 13,300. (Detik.com, MoF) Bahana comment: We see this budget target as realistic and achievable since government is assuming lower tax revenue, equal to 11.1% of GDP (2016: 12.3% of GDP, 2010-2015 average: 11.0%). Exhibit 1. Assumptions in 2017

Assumption Economic growth (%) Inflation (%) Exchange rate (IDR/USD) SPN 3-month Oil price (USD/bbl) Oil lifting (k bbl/day) Gas lifting k boe/day)

2016 revised budget 5.2 4.0 13,500 5.5 40.0 820.0 1,150.0

2017 budget draft % change 5.3 1.9 4.0 0.0 -1.5 13,300 5.3 -3.6 45.0 12.5 780.0 -4.9 1,150.0 0.0

Source: MoF

IDR tn State revenue Domestic revenue Tax revenue Non-tax revenue Grant State expenditure Expenditure Transfer to region Primary balance Surplus (Deficit) % of GDP Funding

2016 revised budget 1,786.3 1,784.3 1,539.2 245.1 2.0 2,083.0 1,306.7 776.3 (105.5) (296.7) 2.35 296.7

2017 state budget draft 1,737.6 1,736.3 1,459.9 240.4 1.3 2,070.4 1,310.4 760.0 (111.4) (332.8) 2.41 332.8

% change -2.7 -2.7 -5.2 -1.9 -35.0 -0.6 0.3 -2.1 5.6 12.2 2.6 12.2

Source: MoF

BI: To implement new instrument on 19 August BI plans to implement new instruments, the so-called BI 7-day reverse repo rate on 19 August, currently at 5.25%. (IQ Plus). Bahana comment: At BI’s BoG meeting on 18-19 August, we expect a 25bps rate cut to 5.00% and further cuts to 4.50% by 2016 year-end. PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

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BOURSE Anugrah Berkah Madani plans IPO in September 2016 Anugrah Berkah Madani (ABMA Land) plans to sell 3.3bn shares (25% stake) at a price range between IDR800-1,250 per share, aiming for total funds raised to reach IDR4.2tn, through an IPO on 15 September 2016. Most of the IPO proceeds would be used to acquire land in Greater Jakarta, Cilegon, and Surabaya, while the remainder would be used for debt repayment, as well as financing ABMA Land’s ongoing projects. ABMA Land posted 1Q16 revenue of IDR137.6bn with total assets of IDR2.4tn. It has a land bank of 84 hectares in Cakung, Jakarta and Surabaya. (dealstreetasia.com)

INDUSTRY Electricity: July sales down 9% m-m to 16.47TWh due to Lebaran festivities State owned electricity firm (PLN) reported July’s electricity sales down 9% -m to 16.47TWh due to Lebaran festivities on 3 - 10 July 2016. However, for 7M16 electricity sales still recorded 7.4% y-y growth. (Bisnis Indonesia) Banks: SOE banks to increase infrastructure loan target for 2016 SOE banks are targeting to disburse IDR377tn in total credit to infra sector for 2016 from IDR305tn in 2015. Total of IDR340tn has been distributed with syndicated funds in 1H16 (remaining IDR37tn). In addition, BBRI (BBRI IJ-BUY-IDR12,100-TP:IDR15,700) will provide syndicated funds worth IDR2tn to Waskita (WSKT IJBUY-IDR2,800-TP:IDR3,500). In the near future, BBRI will join the BMRI Yogyakarta Airport project. (Kontan) Automotive: July auto sales 4W: +13% y-y & -32% m-m; 2W: -28% y-y & -41% m-m Based on the figures released by Gaikindo (4W association) and AISI (2W association) July 2016 4W sales reached 62.6k units, +13% y-y but -32% m-m on fewer working days due to Lebaran. For 1H16, 4W sales reached 595k units, +2% y-y. Meanwhile, for 2W, July sales reached 305k units, -28% y-y and -41% m-m, reaching 1H16 sales of 3.3mn units, -9% y-y. Both 4W and 2W sales were lower than our full-year estimates. However, in 2H16, we expect improved auto sales on the back of improved GDP growth and purchasing power. (Gaikindo) Construction: targeted to grow 8.1% in 2017 Government is targeting the construction sector to grow up by 8.1% in 2017. Bambang S Brodjonegoro, as Minister for National Development Planning/Head of Bappenas, stated that to encourage the growth of the construction sector, the government will provide several stimulus, such as; low and stable interest rates, stable exchange rates, ease of licensing, and availability of capital goods & materials for construction projects. (Kontan) Construction: 11 investors for 4 toll-roads auction Toll Road Regulatory Agency (BPJT) announced 11 participants in 4 toll-roads auctions with IDR41.8tn of total investment. The 11 participants were asked to submit a proposal to be evaluated before being announced as the winner by the end of 2016. 4 toll-roads to be auctioned are Cileunyi-Sumedang-Dawuan toll-road along 58.5km (IDR10tn), Panimbang-Serang toll-road along 83.9km (IDR11.4tn), Jakarta-Cikampek II Elevated tollroad along 36.4km (IDR14.1tn), and Legundi-Krian Bunder-Manyar toll-road along the 39km (IDR6.3tn). (Investor Daily)

CORPORATE TBIG 2Q16 results: Below our expectation Tower Bersama Infrastructure (TBIG IJ-REDUCE-IDR5,875-TP:IDR5,750) reported 2Q16 net profit of IDR100bn, down 86.7% q-q and 37.9% y-y, bringing 1H16 net profit to IDR846bn +48.3 y-y (1H15: net profit of IDR571bn), far below our estimates (33.4%) due to high taxation expense in 2Q16 of IDR215bn +225.5% y-y. On the top line, TBIG booked a 2Q16 revenue of IDR917bn, +1.7% q-q and +8.5% y-y, resulting in 1H16 revenue of IDR1.8tn, +8.7% y-y, which was in line with our forecasts (100%). At the operating level, TBIG booked 2Q16 operating profit of around IDR736bn, +1.4% q-q and +11.0% y-y, resulting in 1H16 operating profit of around IDR1.5tn, +11.8% y-y, also inline with our projections (100%). (Company, Bahana)

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

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TBIG IJ 2Q16 Result Summary (IDRbn) Sales Gross Profit Operating expense Operating profit Net int. income/(expense) Other income/(expense) Pretax profit Taxation Net profit BS & Ratio analysis Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Inventory days Receivable days Payable Days Total cash (IDRb) Total debt (IDRb) Net gearing (%)

2Q15 845 739 (75) 664 (336) (99) 228 (66) 160 2Q15 87.4 78.5 27.0 19.0 88 302 3,205 9,773 158

1Q16 901 800 (74) 726 (410) (61) 279 470 747 1Q16 88.7 80.5 30.9 82.8 278 82 234 213 17,865 822.8

2Q16 917 814 (78) 736 (463) 34 318 (215) 100 2Q16 88.9 80.4 34.7 10.9 279 67 225 257 18,480 830.3

q-q (%) 1.7 1.8 5.6 1.4 12.9 na 14.0 na (86.7)

y-y (%) 8.5 10.3 3.7 11.0 37.6 (134.7) 39.2 225.5 (37.9)

2Q16/ 2Q16F 100.4 100.3

33.4 1H15 87.4 78.2 36.2 34.1 357 89 305 3,205 9,773 157.6

1H16 1,818 1,614 (152) 1,462 (873) (27) 597 255 846 1H16 88.8 80.4 32.8 46.5 279 68 225 257 18,480 830.3

y-y (%) 8.7 10.4 (1.4) 11.8 33.7 (44.5) (1.5) na 48.3 2015 86.9 77.8 31.8 41.8 289 67 193 296 18,48 0 1,188

1H16/ 2016F 47.8

1H16/ Cons. 48.4

49.2

48.8

62.4 2016F 87.2 78.1 37.7 35.7 359 56 96 317 19,680 742

64.5 2017F 87.3 78.1 40.5 37.8 359 101 112 316 21,230 698

Source: Company, Bloomberg, Bahana estimate

TBIG to distribute IDR330bn in dividends Tower Bersama Infrastructure (TBIG IJ-REDUCE-IDR5,875-TP:IDR5,750) will distribute IDR330bn in dividends to its shareholders on 16 September 2016 based on director’s decision, and has been approved by Board of Commissioner on 16 August 2016. (IQplus) AGRO rights issue Bank BRI Agro (AGRO IJ-NON RATED-IDR342) plans to increase its capital through rights issue and to expand the credit by issuing a maximum of 4,465,150,218 shares with a nominal value of IDR100. According to the company statement on Tuesday, the company will schedule an Extraordinary General Annual Shareholders Meeting (PMHMETD) on September 22 2016 in order to obtain the approval. PMHMETD share issue will also discuss the Warrant Series II with price that would be determined later. PMHMETD implementation will be effectively carried out around the beginning of November 2016. For shareholders who do not exercise their rights, the ownership will be diluted to a maximum of 25.33% of ownership in the shares of the company. (Kontan) ASII 4W 7M16 sales grew 8.6% Astra International (ASII IJ-BUY-IDR7,875-TP:IDR9,100) managed to book 4W 7M16 sales of 310,569 units, +8.6% y-y, while domestic car sales reached 594,514 units, +2.3% y-y. ASII 4W sales was still dominated by Toyota (200,649 units), Daihatsu (100,199 units), Isuzu (8,784 units), Peugeot (22 units) and UD Trucks (915 units). (Kontan) JSMR to fund IDR816bn Manado toll-road land acquisition Jasa Marga (JSMR IJ-BUY-IDR5,325-TP:IDR6,000) will disburse IDR816bn as bailout funds for land acquisition of Manado-Bitung toll-road. As of now, the construction of Manado-Bitung toll-road is still ongoing although the land acquisition has not been significant. Additionally, JSMR is targeting land acquisition to be completed by the end of 2016 in order to achieve the operational target in 2019. (Investor Daily, Bisnis)

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

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Key takeaways from ITMG 2Q16 analyst meeting Indo Tambangraya Megah (ITMG IJ-REDUCE-IDR12,175-TP:IDR4,000) conducted an analyst meeting on Tuesday, August 16, to discuss its 2Q16 performance results. These are some salient points: 

ITMG posted 2Q16 sales revenue of USD278mn, -16% q-q or -30% y-y. This is mainly due to low sales volume at 6.2mn mt (1Q16: 6.9mn mt) and lower ASP of USD44.7/mt (1Q16: USD47.6/mt). On more positive side, ITMG incurred lower total cost of USD41.8/mt (1Q16: USD42.3/mt, 2Q15: USD51.7/mt) as the company managed to lower its strip ratio to 8.1 (1Q16: 8.6, 2Q15: 8.6).



2016F coal production was revised down to 26.6mn mt due to heavier rainfall than management’s expectation. As of 1H16, ITMG has produced 12.7mn mt coal. The biggest reduction came from Jorong, which only produced 0.2mn mt, -33% q-q or -33% y-y while Bharinto site managed to produce 0.6mn mt, +20% q-q or -14% y-y. For 3Q16, ITMG targets coal production to reach 6.8mn mt.



In order to achieve its 2016F earnings target, ITMG switched its product composition to 60% high CV low sulphur coal from Trubaindo and 40% high CV high sulphur coal from Bharinto.



ITMG will bring additional contractor to Jorong site in order to increase production level as currently the performance is below target. The management believes that the performance in 3Q16 will improve from China’s higher expected demand and limited coal supply from Indonesia due to heavy rainfall which negatively impacts coal production.

SSIA seeks partners to develop IDR5.5tn commercial projects Surya Semesta Internusa (SSIA IJ-BUY-IDR650) is currently seeking new partners to develop IDR5.5tn commercial projects. The company plans to start the first phase construction in 2017 with total investment of IDR1.5tn. However no further details were disclosed including the location of the projects. (Investor Daily) RALS monthly results: strong July performance Ramayana Lestari Sentosa (RALS IJ-BUY-IDR1,230-TP:IDR1,440) managed to book a revenue of IDR1.206tn for July 2016 (+7.7% ytd SSSG; July 2015: -4.2%) on a nationwide basis. RALS posted double-digit ytd SSSG of 11.3% in Greater Jakarta (July 2015: -2.5%; June 2016: +35.5%), the highest compared to other areas. The rest of Java saw a SSSG of +7.1% (July 2015: -1.9%; June 2015: +28.9%). Meanwhile, ytd SSSG for ex-Java was at +5.5% (July 2015: -6.6%; June 2016: 27.5%). Overall, RALS recorded a July 2016 gross margin of 25.9%. The strong July performance was supported by recovery in each division, with +12.4% ytd for outright, +5.9% ytd for consignment, and +0.9% ytd for supermarket. On a different note, RALS has already purchased 211 mn shares for IDR137.7bn so far as part of its share buyback programme. This works out to be IDR650/share. RALS still has IDR262.6bn left in its buyback programme. (Company, bisnis.com) Bahana comment: Compared to past results, RALS has come a long way and we believe this improved performance can be sustainable for the rest of this year and beyond. Three notable points to bear in mind (i) recovery of outright sales with last year’s being negative; (ii) recovery of supermarket sales with a reasonable margin, and (iii) recovery of outer island ex-java sales which had been negative in the past few years. PWON to develop 3 projects in 2017 Pakuwon Jati (PWON IJ-BUY-IDR650) plans to develop its TB Simatupang, Daan Mogot and Bekas land bank. Separately, PWON targets to launch 2 office buildings and one apartment in September 2016. However, no further details were disclosed. (Kontan) DILD to issue IDR4tn REITs Intiland Development (DILD IJ-NOT RATED-IDR635) plans to sell its IDR4tn assets to Real Estate Investment Trusts (REITs). The assets are South Quarter Tower, Intiland Tower Jakarta and Surabaya. (InvestorDaily) MNCN dispute won by Tutut The Supreme Court annulled its arbitration decision on the dispute over MNCN (MNCN IJ-BUY-IDR2,080TP:IDR2,500) ownership between PT Berkah Karya Bersama and the previous owner, Siti Hardiyanti Rukmana (Tutut). As of December 2014, PT Berkah was entitled of 75% of MNCN’s shares (formerly known as TPI). Tutut requested for a judicial review upon her loss and after a tedious process, it results in the annulment of the Supreme Court’s decision, making Tutut as the ultimate winner. (detik.com)

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

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

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RATING

TARGET PRICE

Up/(Downside)(%)

08/16/2016

08/15/2016

CHANGE (%)

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

1,430 1,850 90 3,100 2,000 4,300 300 3,500 2,800 1,440 3,500 500 940 290 13,950 6,000 4,000 500 4,600 12,670 645 3,400 400 18,100 3,000 1,800 8,000 1,900 550 2,350 4,340 800 1,100 700 1,900 640 8,900 13,650 850 50,500 25,200 860 5,000 2,100 3,500 1,750

(5) (10) (53) (3) 20 (3) (17) 25 (11) 17 (9) (23) 14 4 (25) 3 (67) (53) 18 26 (44) (3) (60) 9 89 (6) 16 15 23 4 19 28 16 7.7 (28) (7) (19) 21 13 11 20 (47) 21 (25) (11) 14

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

3,150 1,480 9,150 184 470 13,700 750 1,180 2,500 680 850 975 15,100 6,000 5,750 3,000 8,300 1,200 1,450 940 9,100 12,400 400 1,250 650 400 700 6,600 2,200 630 2,200 1,300 510 565 1,100 2,150 220 630 8,500 208 88,000 490 2,400 320 275 3,200 5,000 22,000 850 500 2,500 411 600 413 3,000 2,000

(29) (13) 5 (23) (22) 13 15 79 25 (10) (2) 2 (0) 13 (2) 16 14 (22) (6) (39) 16 22 (12) 30 (41) 47 36 (16) 42 13 12 (20) 1 (68) (4) 15 (31.3) 47 29 1 36 (0) 30 3 (60) 16 27 24 (27) (7) 21 (50) (22) 19 2 (8)

1,500 2,060 190 3,200 1,660 4,440 362 2,800 3,160 1,230 3,850 650 825 278 18,500 5,800 12,175 1,070 3,890 10,075 1,145 3,500 1,005 16,600 1,585 1,920 6,875 1,655 448 2,250 3,640 625 950 650 2,630 685 11,050 11,325 755 45,350 20,925 1,620 4,140 2,810 3,940 1,530 5,372 4,430 1,700 8,725 238 600 12,100 650 660 1,995 755 870 955 15,125 5,325 5,875 2,590 7,300 1,530 1,535 1,550 7,875 10,125 456 960 1,110 272 515 7,900 1,550 560 1,960 1,615 505 1,785 1,150 1,865 320 430 6,600 206 64,800 492 1,840 310 695 2,750 3,940 17,750 1,165 535 2,060 815 770 348 2,950 2,170

1,385 1,945 180 3,040 1,580 4,240 346 2,690 3,040 1,185 3,730 630 800 270 18,000 5,650 11,875 1,045 3,800 9,850 1,120 3,430 985 16,275 1,555 1,885 6,750 1,625 440 2,210 3,580 615 935 640 2,590 675 10,900 11,175 745 44,750 20,650 1,600 4,090 2,780 3,900 1,515 5,321 4,390 1,685 8,650 236 595 12,000 645 655 1,980 750 865 950 15,050 5,300 5,850 2,580 7,275 1,525 1,530 1,545 7,850 10,100 456 960 1,110 272 515 7,900 1,550 560 1,960 1,615 505 1,785 1,150 1,865 320 430 6,600 206 64,925 494 1,850 312 700 2,770 3,970 17,900 1,175 540 2,080 825 780 354 3,010 2,220

8.3 5.9 5.6 5.3 5.1 4.7 4.6 4.1 3.9 3.8 3.2 3.2 3.1 3.0 2.8 2.7 2.5 2.4 2.4 2.3 2.2 2.0 2.0 2.0 1.9 1.9 1.9 1.8 1.8 1.8 1.7 1.6 1.6 1.6 1.5 1.5 1.4 1.3 1.3 1.3 1.3 1.3 1.2 1.1 1.0 1.0 1.0 0.9 0.9 0.9 0.8 0.8 0.8 0.8 0.8 0.8 0.7 0.6 0.5 0.5 0.5 0.4 0.4 0.3 0.3 0.3 0.3 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.2) (0.4) (0.5) (0.6) (0.7) (0.7) (0.8) (0.8) (0.9) (0.9) (1.0) (1.2) (1.3) (1.7) (2.0) (2.3)

Source: Bloomberg, Bahana estimates

JCI

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

>5.0%

0.1%

-0.1%

-5%