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Wintermar Offshore Marine (WINS IJ): Hurt by oil prices Analyst: Agustinus Reza Kirana  Several government oil & gas contracts on hold  2015-16F EPS cut by 22-28% on lower utilization rates  Outlook: Unexciting 9M15, despite higher margins To see the full version of this report, please click here

TODAY’S NEWS POLITICS  Jokowi appoints PDI-P cadre as new justice  Romahurziy’s PPP opens for reconciliation; Golkar’s standoff unlikely to end ECONOMICS  BI survey: Inflation to ease in March 2015  Investment board (BKPM) to involve corruption commission (KPK)  BKPM: 2014 investment realization to reach target  Government sold IDR12tn bonds with lower yields  December’s ICP dropped 21.01% m-m to USD59.56/bbl INDUSTRY  Bekasi governor to set housing cluster-development moratorium  Govt to cut SOEs’ dividends in 2015  Additional IDR33tn for the Ministry of Public Works and Public Housing  Govt to tender 6 dams in March 2015  Indonesian and South Korean OJK to sign bilateral agreement  Local commodity exporters required to use local banks’ L/Cs  Approximately 1,000 minimarkets in violation of operation permits  Coal: Domestic market absorbed 17% national coal production in 2014  Coal royalty: Government raises coal royalty for IUP holders  Oil: Iraq exports record high 2.9mn b/d crude in December  Electricity: Government to issue selling price for IPPs CORPORATE  TELE: 3Q14 results slightly below our and consensus estimates  BBTN cooperates with Cagamas Bhd for assets securitization  BWPT obtains total IDR520bn loans  WIKA aims to receive additional IDR2tn  SMRA sets IDR3tn in 2015 capex, +100% y-y  PWON allocates IDR2.5tn in 2015 capex

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

14F 15F 16F (3.0) (1.9) (1.5) (2.3) (2.5) (2.5) 5.1 5.0 5.2 5.0 4.9 5.1 5.7 6.9 8.0 0.3 3.3 5.4 0.3 2.0 4.0 8.4 5.6 5.8 12,385 11,500 11,200 7.75 8.00 8.00 57.3 78.0 85.2 107.5 114.0 120.5

Source: Bahana estimates, *Actual

7 January 2015

IDX: 5,169 (-1.0%) Turnover: IDR4.3tn (+10.0%) Foreign net SELL: IDR440.43bn (+205.4%)

Indonesia Morning Brief

ECONOMIC INDICATORS

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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 (%)

14F 11.6 13.6 20.0 1.5 11.1 8.4 3.6 2.4 19.8

15F 11.4 11.7 17.8 1.5 8.8 6.4 3.1 2.5 18.5

16F 11.9 11.9 15.7 1.3 7.6 5.7 2.7 2.8 15.8

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

28.4 10.9 21.8

30.2 10.9 26.1

29.0 11.0 26.4

Source: Bahana estimates

Asia Last Chg% ytd % Hang Seng (HK) 23,485.4 (1.0) (0.5) IDX (Indonesia) 5,169.1 (1.0) (1.1) KLCI (Mal.) 1,716.6 (1.2) (2.5) KOSPI (Korea) 1,882.5 (1.7) (1.7) Nikkei (Japan) 16,883.2 (3.0) (3.3) PCOMP (Phil.) 7,277.7 0.0 0.7 SENSEX (India) 27,074.3 (2.8) (1.5) SET (Thailand) 1,474.9 (0.6) (1.5) SHCOMP (China) 3,351.4 0.0 3.6 SHENZHEN (China) 1,461.3 1.7 3.3 STI (Singapore) 3,282.0 (1.4) (2.5) TWSE (Taiwan) 9,048.3 (2.4) (2.8) VNI (Vietnam) 549.7 1.0 0.7 Europe, USA and Ems CAC 40 (France) 4,083.5 (0.7) (4.4) DAX (Germany) 9,469.7 (0.0) (3.4) Dow Jones (USA) 17,371.6 (0.7) (2.5) FTSE 100 (UK) 6,366.5 (0.8) (3.0) IBOV (Brazil) 48,000.9 1.0 (4.0) MEXBOL (Mexico) 41,329.4 0.6 (4.2) NGSEINDX (Nigeria) 32,522.3 (4.2) (6.2) Nasdaq (USA) 4,592.7 (1.3) (3.0) RTSI (Russia) 746.5 (1.9) (5.6) S&P 500 (USA) 2,002.6 (0.9) (2.7) XU100 (Turkey) 86,909.6 0.5 1.4

y-y % 3.5 23.0 (6.2) (3.6) 6.1 21.6 30.2 19.8 63.8 40.7 5.1 6.5 8.0 (3.4) 0.4 5.8 (5.4) (5.8) (0.5) (21.6) 11.6 (46.2) 9.6 27.8

Source: Bloomberg

ETF, ADRS & COMMODITIES EIDO US (USD) TLK US (IDR) Aluminum (USD/mtn) Coal (USD/t) Corn (USD/mtn) Coffee (USD/t) Copper (USD/t) Cotton (USD/t) CPO (USD/t-Rottdm) Gold (USD/oz.) Iron ore (USD/mtn) Milk (USD/t) Nickel (USD/t) Oil Brent (USD/barrel) Oil WTI (USD/barrel) Rice (IDR/kg) Rubber (USD/t) Silver (USD/oz) Soybean oil (USD/t) Steel (USD/t) Sugar (USD/t) Tins (USD/t) Wheat (USD/t)

Last Chg% ytd % y-y % 26.3 (0.1) (4.3) 20.6 2,797 0.1 (2.3) 31.4 1,787.0 (1.7) (3.5) 0.3 59.8 (0.7) (4.1) (29.7) 147.4 (1.2) 3.0 (9.4) 3,218.1 (1.4) (1.4) 35.1 6,191.0 (0.4) (2.6) (15.3) 1,327.2 (0.8) (0.1) (28.0) 712.5 (0.3) (2.7) (18.8) 1,215.8 1.0 2.6 (1.3) 66.4 0.0 (50.2) (49.4) 345.1 (0.3) (1.6) (8.7) 15,285.0 4.8 2.3 12.6 51.1 (3.8) (10.9) (52.1) 48.0 (4.2) (10.0) (48.8) 8,600.0 0.0 1.2 1.8 1,488.0 (1.7) (1.8) (32.6) 16.5 1.9 4.7 (17.2) 724.7 0.0 2.8 (13.8) 479.0 (0.0) (0.3) (14.3) 409.2 0.8 1.2 (4.8) 19,560.0 (0.5) 0.3 (9.0) 217.4 0.5 0.3 (8.4)

Source: Bloomberg

CURRENCIES & RATES AUD/USD USD/EUR IDR/USD JPY/USD SGD/USD JIBOR (%) BI rate (%) TD – 1 month (%) CDS (bps)

Last 0.808 1.188 12,658 118.810 1.334 5.83 7.75 7.18 175.51

Prev. Ytd % y-y % 0.809 1.2 9.5 1.194 1.8 12.8 12,630 (2.2) (3.4) 119.440 0.8 (13.6) 1.334 (0.6) (4.9) 5.83 (0.1) (0.1) 7.75 0.3 0.3 7.26 0.0 0.5 169.51 11.8 (30.5)

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.

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

POLITICS Jokowi appoints PDI-P cadre as new justice Yesterday Jokowi announced the appointment of I Dewa Gede Palguna, a constitutional Law professor at Udayana University in Bali and former senior member of the PDI-P party, as the new Constitutional Court justice replacing Hamzan Zoelva, whose tenure ended on the same day. (The Jakarta Post) Romahurziy’s PPP opens for reconciliation; Golkar’s standoff unlikely to end Romahurziy, the current PPP chairman from Surabaya’s congress announced that their camp is open for reconciliation with Djan Farid’s camp who claims himself to be legitimate PPP chairman. In separate news, MS Hidayat, the lobbyist from Bakrie’s camp, stated that Golkar’s internal reconciliation is unlikely to end citing terms from Agung’s camp is clashing with those of the Bakrie’s camp. (Bisnis Indonesia, Investor Daily)

ECONOMICS BI survey: Inflation to ease in March 2015 In a consumer survey conducted by the Central Bank (BI), consumers expected price increases would slow down in March 2015 due to easing fuel-price hike impact. In the survey, the Price Expectation Index for March 2015 reached 172.5, down 6.6% from December 2014 level’s of 184.7. (Tempo) Investment board (BKPM) to involve corruption commission (KPK) The Investment Coordinating Board (BKPM) will involve The Corruption Eradication Commission (KPK) in order to prevent potential corruption on investment in the domestic sector. BKPM Chief, Franky Sibarani, stated that KPK and BKPM will collaborate to ensure the licensing process in the local market place by signing a memorandum of understanding (MoU) in the future. (Investor Daily) BKPM: 2014 investment realization to reach target Franky Sibarani, the new Chairman of Indonesia’s Investment Coordinating Board, stated his institution believes 2014 investment realization will meet the target of IDR456tn, up 15% despite delayed projects by around 90 companies, domestically and from offshore. Franky added delays occurred due to political uncertainties over 2014 general elections. (Indonesia Finance Today). Bahana comment: We only expect 2014 investment realization growth to reach 8.4% on political uncertainties as well as the slowdown in domestic demand, decelerating GDP growth. Government sold IDR12tn bonds with lower yields At yesterday’s auction, the Finance Ministry sold IDR12tn government bonds, in line with its indicative target. The bid reached IDR22.8tn (1.9x from issued amount), while yields awarded by the government were slightly lower due to mixed internal and external factors (e.g. 10-year FR70 was down from 8.31% to 8.03% and 1-year SPN12160107 slightly declined from 7.0% to 6.91%). In separate news, the Ministry of Finance through the Debt Management Office has reportedly plans to increase the portion of foreign denominated bonds in the 2015 total bonds issuance. (Ministry of Finance) December’s ICP dropped 21.01% m-m to USD59.56/bbl The government reported that the average of Indonesia Crude Oil Prices (ICP) plunged 21.01% m-m to USD59.56/bbl in December (November: USD USD75.4/bbl). This is in line with the drop in global oil prices due to OPEC having failed to cut overall oil supply from the current level of 30mn bpd. (Investor Daily). Bahana comment: As expected, the downtrend in oil price should provide greater benefits for Indonesia as a net oil importing country. Assuming the parliament will approve the government’s fixed-scheme fuel subsidy move and average Brent oil price further declines to USD71.4/bbl, we expect 2015 CPI to continue to be more subdued at 5.04% y-y, lower than our previous forecast of USD5.57%.

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Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

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INDUSTRY Bekasi governor to set housing cluster-development moratorium On the back of environmental issues, the governor of Bekasi has announced plans to implement a moratorium on development of small clusters under 2,000sqm in the city. It claims that due to lack of funds, developers of small housing clusters typically do not have the means to build the necessary infrastructure to support their developments, such as green open plans and drainage facilities, causing frequent flooding in surrounding areas. (Kompas) Govt to cut SOEs’ dividends in 2015 Rini Soemarno, the Minister for State Owned Enterprises, stated that the government will proceed with its plan to reduce SOEs’ dividends in 2015. The government will also allow some SOE companies such as Pertamina to eliminate its dividend payments. As a result of this plan, the Indonesian government will reduce its SOEs’ dividend revenue target in the upcoming State Budget Revision from the current level of IDR43.7tn. In separate news, Rini Soemarno also announced plans to reduce the number of SOEs’ subsidiaries. (Investor Daily) Additional IDR33tn for the Ministry of Public Works and Public Housing Basuki Hadimuljono, the Minister of Public Works and Public Housing, stated that his ministry would receive an additional IDR33tn from the fuel-subsidy reallocation, which will increase its 2015 budget to IDR118tn. The ministry plans to allocate the budget increase for road construction (IDR15.7tn), basic infrastructure (IDR5.4tn), irrigation (IDR8.45tn) and housing (IDR3.7tn). In 2014, the Ministry of Public Works has utilized 92.94% of its budget of IDR76.45tn. (Investor Daily, Bisnis Indonesia) Govt to tender 6 dams in March 2015 The Indonesia government announced its plan to commence the tender process of 6 dams worth IDR5.94tn in March 2015. In 2015, the government will allocate IDR9tn for the construction of 15 dams. (Bisnis Indonesia) Indonesian and South Korean OJK to sign bilateral agreement The Indonesian and South Korean Financial Services Authorities plan to sign a bilateral agreement on the flexibility of Indonesian banks to establish branches in South Korea. Note that Bank Negara Indonesia (BBNI IJ-BUY-IDR6,025-TP:IDR6,900) intends to establish a full branch in Korea. Separately, OJK’s commissioner for banking supervision, Nelson Tampubolon stated that Malaysian banks are not allowed to expand into Indonesia, until 3 Indonesian banks have entered Malaysia, since 3 Malaysian banks have currently established their presence in Indonesia. (Investor Daily) Local commodity exporters required to use local banks’ L/Cs Under regulation Permendag Number 1/M-DAG/PER/3/2009, local exporters commodity exporters, which includes coal, mineral, and CPO exporters are required use local banks’ L/Cs. Note that this regulation had been implemented earlier in 2009, however it was canceled due to the administration time needed to issue the L/Cs. Going forward, governments and banks will have Standard Operating Procedures (SOPs), which will improve banks’ administration swiftness. (Kontan) Approximately 1,000 minimarkets in violation of operation permits In 2014, Jakarta had a total 2,254 minimarkets, of which about 1,000 of them have violated their operation permits. The Deputy Governor cited minimarkets with convenience store formats such as Seven Eleven (MDRN IJ-NR-IDR690) which at the beginning had a café license but now operates their store as cafés and minimarkets. Hence, the Deputy Governor is in the process to identify this minimarket problem with the Department of Tourism and Culture for convenience store permits and with the Mayor and Cooperatives, SME enterprises and trade agencies for minimarket permits. (Investor Daily) Coal: Domestic market absorbed 17% national coal production in 2014 Domestic Market Obligation (DMO) absorbed 17% of national coal production, amounting to 435mn mt throughout 2014. DMO was up 4% y-y while coal production grew 14% y-y. Most coal produced were medium to high coal quality. ESDM plans to boost the domestic market obligation in the coming years. (Indonesia Finance)

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Coal royalty: Government raises coal royalty for IUP holders Government plans to raise coal royalty for IUP holders as was stated on revision of PP No.9 year 2012. The raises were implemented to achieve 2015 non-tax revenue (PNBP) target of IDR44.3tn, up 13.6% y-y, in the 2014 PNBP target. (Investor Daily) Coal calorific (kcal/kg) 6,100

7

13.5

Oil: Iraq exports record high 2.9mn b/d crude in December Iraq crude oil exports reached 2.94mn b/d in December, up 17.1% m-m. Based on the figure, Iraq’s production is estimated at 3.4mn b/d within the month. It was the highest production rate since 1979. Iraq’s 2014 exports averaged 2.52mn b/d, up 5% y-y. (Platts) Electricity: Government to issue selling price for IPPs The Government, through ESDM, plans to issue the highest electricity price benchmark that will be utilized by PLN, the state-owned electricity company, for negotiations with independent power producers (IPPs). (Indonesia Finance Today)

CORPORATE TELE: 3Q14 results slightly below our and consensus estimates Despite improved voucher sales from the elections and higher handset sales contribution, Tiphone Mobile (TELE IJ-BUY-IDR915-TP:IDR1,160) reported slightly below 3Q14 net profit of IDR88bn (95% of our 3Q14 estimate), up 37% y-y and down 4.8% q-q, resulting in 9M14 earnings of IDR241bn, up 18% y-y. This 9M14 result accounted for 71% of our and 64% of consensus full-year forecasts, and were below expectations due to margin pressure as well as higher interest expense. TELE IJ 3Q14 Result summary (IDRb) Sales Gross profit Operating expense Operating profit Net interest income/(expense) Forex gain/(loss) Other income/(expense) Pretax profit Taxation Minority interest Net profit Ratio analysis Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Inventory days Receivable days Payable days Total cash (IDRb) Total debt (IDRb) Net gearing (%)

3Q13 2,489 161 (55) 106 (14) 0 (14) 92 (28) 0 64 3Q13 6.5 4.3 3.7 2.6 23 38 57 635 36 nc

2Q14 3Q14 3,313 3,871 206 227 (47) (83) 159 144 (36) (28) 0 0 (36) (28) 123 116 (31) (28) 0 0 92 88 2Q14 3Q14 6.2 5.9 4.8 3.7 3.7 3.0 2.8 2.3 24 21 27 27 28 25 507 652 1,790 1,934 74.3 52.7

q-q (%) 16.8 10.2 77.1 (9.5) (21.5) 0 (21.5) (6.0) (9.3) 0.0 (4.8)

y-y (%) 55.5 41.0 51.1 35.7 102.5 0 102.5 25.6 (0.1) 0.0 37.0

3Q14/ 3Q14F 96.4

88.8

94.7 9M13 6.3 4.5 3.9 2.9 25 40 61 635 36 nc

9M14 10,18 4 584 (190) 394 (73) 0 (73) 321 (80) 0 241 9M14 5.7 3.9 3.1 2.4 24 31 28 652 1,934 52.7

y-y 9M14/ (%) 2014F 45.9 71.0 33.0 71.7 52.2 71.3 25.4 71.9 90.9 77.5 0 0 90.9 77.5 16.3 70.8 11.6 70.7 0.0 0.0 18.0 70.8 2014F 2015F 5.7 5.7 3.8 3.8 3.2 3.0 2.4 2.3 10 11 37 33 23 21 225 417 1,540 1,738 58.6 51.4

9M14/ Cons. 70.7

67.6

67.9

64.1 2016F 5.7 3.8 3.2 2.4 12 32 21 504 1,638 38.5

Source: Company, Bloomberg, Bahana estimates

BBTN cooperates with Cagamas Bhd for assets securitization

Bank Tabungan Negara (BBTN IJ-HOLD-IDR1,195-TP:IDR1,230) eyes to expand its funding by mortgagebacked asset securities, targeted at IDR3tn this year. BBTN will cooperate with Cagamas Bhd for its asset securitization. (Investor Daily)

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2014 Finance Asia's Best Equity House

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BWPT obtains total IDR520bn loans To support its IDR1.3tn capex in 2015 of which 40% is funded from bank loans, BW Plantation (BWPT IJREDUCE-IDR395-TP:IDR320) has obtained total loans of IDR520bn from Bank Negara Indonesia (BBNI IJBUY-IDR6,025-TP:IDR6,900), Bank Rakyat Indonesia (BBRI IJ-BUY-IDR11,600-TP:IDR12,500) and Bank Mandiri (BMRI IJ-BUY-IDR10,800-TP:IDR11,600). In addition, 2015 capex is allocated for construction 4 CPO factories in Kalimantan and Papua, amounting to a total investment of IDR500bn, with the remaining IDR900bn allocated for working capital, plantation maintenance and new planting of 10k ha. (Investor Daily) WIKA aims to receive additional IDR2tn Following the government’s plan to inject IDR12tn into 3 listed SOE companies, Wijaya Karya (WIKA IJ-BUYIDR3,555) has also requested IDR2tn allocation from the government. (Bisnis Indonesia) SMRA sets IDR3tn in 2015 capex, +100% y-y Summarecon Agung (SMRA IJ-BUY-IDR1,565-TP:IDR1,600) has set aside IDR3tn in 2015 capex, up 100% y-y, funded through marketing sales proceeds and internal cash raised through its October 2014 bond issuance. Its 2015 project pipeline includes apartment towers in Serpong and Bekasi, as well as the groundbreaking of a new township in East Bandung. (Bisnis Indonesia) PWON allocates IDR2.5tn in 2015 capex Pakuwon Jati (PWON IJ-IDR515-TP:IDR500) has announced IDR2.5tn as its 2015 capex budget allocation, up 47% from its 2014 capex of IDR1.7tn. The funds will be used in developing its Surabaya townships and Jakarta superblocks. It will be funded through internal cash and additional cash disbursement from its bank loans from Bank Mandiri (BMRI IJ-BUY-IDR10,725-TP:IDR11,600) and Bank Central Asia (BBCA IJ-IBUYIDR13,100-TP:IDR14,300). (Bisnis Indonesia)

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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

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY

STOCK CODE

RATING

TARGET PRICE

Up/(Downside) Potential (%)

Wijaya Karya Beton WTON IJ HOLD 1,120 Garuda Indonesia GIAA IJ BUY 620 Agung Podomoro Land APLN IJ HOLD 340 Mayora Indah MYOR IJ REDUCE 20,250 Media Nusantara Citra MNCN IJ REDUCE 2,300 Ace Hardware Indonesia ACES IJ REDUCE 714 Adhi Karya ADHI IJ REDUCE 2,600 Mitra Adiperkasa MAPI IJ HOLD 5,750 Indosat ISAT IJ BUY 4,500 Erajaya Swasembada ERAA IJ HOLD 1,060 United Tractors UNTR IJ REDUCE 16,500 Cardig Aero Services CASS IJ HOLD 1,150 Bank Negara Indonesia BBNI IJ BUY 6,900 Jasa Marga JSMR IJ BUY 7,200 Pembangunan Perumahan PTPP IJ BUY 3,100 Total Bangun Persada TOTL IJ REDUCE 825 Unilever Indonesia UNVR IJ BUY 37,500 Kalbe Farma KLBF IJ BUY 1,975 Lippo Cikarang LPCK IJ BUY 12,000 AKR Corporindo AKRA IJ HOLD 4,775 Austindo Nusantara Jaya ANJT IJ HOLD 1,250 Sarana Menara Nusantara TOWR IJ BUY 5,100 Tiphone Mobile Indonesia TELE IJ BUY 1,160 Holcim Indonesia SMCB IJ REDUCE 2,000 Summarecon Agung SMRA IJ BUY 1,600 Bank Tabungan Pensiunan Nasional BTPN IJ HOLD 4,600 Citra Marga Nusaphala Persada CMNP IJ HOLD 3,300 Wijaya Karya WIKA IJ BUY 3,150 Vale Indonesia INCO IJ HOLD 4,000 Harum Energy HRUM IJ REDUCE 1,100 Bank Jawa Timur BJTM IJ BUY 500 Ramayana Lestari Sentosa RALS IJ REDUCE 720 Bank Rakyat Indonesia BBRI IJ BUY 12,500 Bank Jawa Barat dan Banten BJBR IJ HOLD 830 Matahari Putra Prima MPPA IJ BUY 3,900 Bank Bukopin BBKP IJ HOLD 770 Tunas Baru Lampung TBLA IJ HOLD 830 Bank Mandiri BMRI IJ BUY 11,600 Telekomunikasi Indonesia TLKM IJ BUY 3,350 Waskita Karya WSKT IJ HOLD 990 Bank Central Asia BBCA IJ BUY 14,300 Sido Muncul SIDO IJ HOLD 700 Charoen Pokphand Indonesia CPIN IJ HOLD 4,500 Indonesian Stock Exchange JCI Hero Supermarket HERO IJ REDUCE 1,500 Bank Danamon Indonesia BDMN IJ HOLD 3,700 Sri Rejeki Isman SRIL IJ BUY 220 Timah TINS IJ HOLD 1,300 Bw Plantation BWPT IJ REDUCE 320 Bumi Serpong Damai BSDE IJ BUY 1,900 Semen Baturaja SMBR IJ REDUCE 330 Indofood Sukses Makmur INDF IJ BUY 8,300 Salim Ivomas Pratama SIMP IJ REDUCE 565 Aneka Tambang ANTM IJ REDUCE 720 Ciputra Development CTRA IJ BUY 1,245 Adaro Energy ADRO IJ REDUCE 1,000 Astra Agro Lestari AALI IJ HOLD 23,500 London Sumatra Indonesia LSIP IJ REDUCE 1,710 Supra Boga Lestari RANC IJ HOLD 440 Medco Energi Internasional MEDC IJ BUY 4,452 Perusahaan Gas Negara PGAS IJ BUY 7,000 Kimia Farma KAEF IJ BUY 1,400 J Resources PSAB IJ BUY 1,400 Xl Axiata EXCL IJ BUY 7,400 Semen Indonesia SMGR IJ HOLD 17,600 Indomobil Sukses Internasional IMAS IJ REDUCE 2,500 Gudang Garam GGRM IJ BUY 70,000 Bank Tabungan Negara BBTN IJ HOLD 1,230 Krakatau Steel KRAS IJ REDUCE 370 Japfa Comfeed Indonesia JPFA IJ HOLD 1,050 Indocement Tunggal Prakarsa INTP IJ HOLD 25,000 Bukit Asam PTBA IJ REDUCE 12,000 Surya Semesta Internusa SSIA IJ BUY 890 Indofood CBP Sukses Makmur ICBP IJ BUY 13,300 Sampoerna Agro SGRO IJ HOLD 2,150 Astra International ASII IJ REDUCE 6,600 Lippo Karawaci LPKR IJ BUY 1,200 Multipolar MLPL IJ BUY 1,400 Alam Sutera Realty ASRI IJ BUY 640 Bekasi Fajar Industrial Estates BEST IJ HOLD 690 Surya Citra Media SCMA IJ REDUCE 2,360 Tempo Scan Pacific TSPC IJ BUY 3,325 Matahari Department Store LPPF IJ BUY 19,000 Kawasan Industri Jababeka KIJA IJ BUY 450 Nippon Indosari Corpindo ROTI IJ BUY 1,400 Express Transindo Utama TAXI IJ REDUCE 1,100 Adi Sarana Armada ASSA IJ REDUCE 150 Ciputra Property CTRP IJ HOLD 750 Gajah Tunggal GJTL IJ HOLD 1,400 Malindo Feedmill MAIN IJ HOLD 3,000 Pakuwon Jati PWON IJ BUY 500 Indo Tambangraya Megah ITMG IJ REDUCE 18,000 Wintermar Offshore Marine WINS IJ HOLD 800 Bumi Resources BUMI IJ REDUCE 120 Source: Bloomberg, Bahana estimates When a report covers six or more subject companies please access important disclosures for Daiwa Capital Markets Hong Kong Limited at representative or Daiwa Capital Markets Hong Kong Limited at Level 26, One Pacific Place, 88 Queensway, Hong Kong. 8Hong Kong

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(13.5) (2.4) (5.3) (14.9) (11.0) (10.8) (24.9) 15.3 6.5 (0.9) (2.7) (8.0) 14.5 2.9 (12.4) (24.0) 15.5 9.1 14.0 4.9 (3.8) 27.2 26.8 (8.0) 2.2 15.4 11.7 (11.4) 13.6 (36.0) 5.3 (8.9) 8.5 9.2 28.5 4.1 12.9 8.2 19.0 (29.0) 9.2 15.7 20.0 (36.2) (18.7) 37.5 11.1 (17.9) 0.0 (12.7) 12.5 (19.3) (29.8) (8.8) (1.0) (3.3) (10.0) 0.5 25.4 20.7 (0.4) 150.0 56.3 10.5 (34.6) 12.1 2.9 (21.6) 12.9 3.2 (0.6) (18.3) 3.5 5.9 (6.4) 20.0 76.1 15.3 (4.8) (28.5) 27.6 32.4 52.5 7.3 (5.2) 3.4 (8.5) 6.1 49.6 (2.9) 23.5 117.7 44.6

1/6/2015 1,295 635 359 23,800 2,585 800 3,460 4,985 4,225 1,070 16,950 1,250 6,025 7,000 3,540 1,085 32,475 1,810 10,525 4,550 1,300 4,010 915 2,175 1,565 3,985 2,955 3,555 3,520 1,720 475 790 11,525 760 3,035 740 735 10,725 2,815 1,395 13,100 605 3,750 5,169 2,350 4,550 160 1,170 390 1,900 378 7,375 700 1,025 1,365 1,010 24,300 1,900 438 3,550 5,800 1,405 560 4,735 15,925 3,825 62,450 1,195 472 930 24,225 12,075 1,090 12,850 2,030 7,050 1,000 795 555 725 3,300 2,605 14,350 295 1,305 1,160 145 820 1,320 2,005 515 14,575 735 83

1/5/2015 1,240 610 346 23,100 2,520 785 3,420 4,935 4,200 1,065 16,875 1,250 6,025 7,000 3,540 1,085 32,475 1,810 10,525 4,550 1,300 4,010 915 2,180 1,570 4,000 2,970 3,575 3,540 1,730 478 795 11,600 765 3,055 745 740 10,800 2,835 1,405 13,200 610 3,785 5,220 2,375 4,600 162 1,185 395 1,925 383 7,475 710 1,040 1,385 1,025 24,675 1,930 445 3,610 5,900 1,430 570 4,820 16,225 3,900 63,700 1,220 482 950 24,775 12,350 1,115 13,150 2,080 7,225 1,025 815 570 745 3,395 2,680 14,775 304 1,350 1,200 150 850 1,375 2,095 540 15,500 785 89

CHANGE (%) 4.4 4.1 3.8 3.0 2.6 1.9 1.2 1.0 0.6 0.5 0.4 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) (0.3) (0.4) (0.5) (0.6) (0.6) (0.6) (0.6) (0.6) (0.6) (0.7) (0.7) (0.7) (0.7) (0.7) (0.7) (0.7) (0.8) (0.8) (0.9) (1.0) (1.1) (1.1) (1.2) (1.3) (1.3) (1.3) (1.3) (1.3) (1.4) (1.4) (1.4) (1.5) (1.5) (1.6) (1.6) (1.7) (1.7) (1.7) (1.8) (1.8) (1.8) (1.9) (2.0) (2.0) (2.1) (2.1) (2.2) (2.2) (2.2) (2.3) (2.4) (2.4) (2.4) (2.5) (2.6) (2.7) (2.8) (2.8) (2.9) (3.0) (3.3) (3.3) (3.3) (3.5) (4.0) (4.3) (4.6) (6.0) (6.4) (6.7)

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6

Ticker

Rating

AVIATION GIAA IJ* C ASS IJ AUTOMOTIVE ASII IJ IMAS IJ GJTL IJ

Price (IDR)

TP (IDR)

Shares (m)

F ree float (%)

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2014 Finance Asia's Best Equity House

Asiamoney's 2013 Best Domestic Equity House

N BUY HOLD

635 1250

620 1,150

25,869 2,087

39.5 36.6

Mkt cap (IDRb) 19,035 16,427 2,609

3M av g to (IDRb) 3 3 0

Rev enue (IDRb) 2014 2015 49,880 54,260 48,390 52,584 1,491 1,676

Opt. profit (IDRb) 2014 2015 (1,136) 2,672 (1,467) 2,301 331 371

UW REDUC E REDUC E HOLD

7050 3825 1320

6,600 2,500 1,400

40,484 2,765 3,485

49.9 10.5 40.4

300,586 285,409 10,577 4,600

188 182 1 5

232,058 200,166 18,949 12,943

242,980 207,952 20,862 14,166

21,579 20,302 279 997

22,815 21,169 533 1,113

Net profit (IDRb) 2014 2015 (1,500) 1,170 (1,608) 1,049 108 121

EPS growth (%) 2014 2015 (172.1) (193.5) na na (1.3) 11.3

20,479 20,096 (33) 416

21,487 20,832 191 464

2.4 3.5 (106.8) 245.6

PER (x) 2014 2015 (7.0) 19.5 (11.9) 19.2 24.1 21.6

EV/EBITDA (x) 2014 2015 36.5 6.0 41.2 6.0 6.8 6.2

P/BV (x) 2014 2015 2.1 2.0 1.4 1.4 7.0 5.8

Yield (%) 2014 2015 0.2 0.2 0.0 0.0 1.5 1.6

4.3 3.7 (684.5) 11.5

14.5 14.2 23.0 11.1

15.1 13.7 55.4 9.9

12.4 11.8 30.9 6.1

11.6 11.2 24.1 5.6

2.9 3.0 1.8 0.8

2.6 2.7 1.8 0.8

3.0 3.2 (0.1) 2.3

Net gearing (%) 2014 2015 59.2 68.5 68.6 79.4 nc nc

3.2 3.3 0.5 2.5

51.7 44.6 224.7 94.6

45.1 37.1 238.2 94.8

na na na na na na na na na na na

na na na na na na na na na na na

ROAE (%) 2014 2015 (6.1) 11.0 (12.2) 8.1 32.1 29.3

ROAA (%) 2014 2015 (2.2) 3.9 (4.3) 2.7 11.3 11.1

ROIC (%) 2014 2015 3.9 (3.8) 0.8 (7.7) 23.7 21.0

21.4 22.4 (0.6) 7.4

19.8 20.6 3.2 8.2

8.7 9.1 (0.1) 2.7

8.5 8.9 0.8 3.1

15.1 15.7 3.2 1.3

14.2 15.0 (0.2)

22.9 23.4 27.6 21.7 20.7 9.2 20.5 10.2 15.1 17.3 16.2

21.8 21.8 25.8 21.0 20.2 11.0 19.2 10.7 17.8 18.3 16.2

3.0 3.2 3.6 2.6 2.6 1.5 3.1 0.9 1.4 2.9 1.4

3.0 3.1 3.6 2.6 2.6 1.8 3.0 0.8 1.5 2.9 1.3

na na na na na na na na na na na

na na na na na na na na na na na

4.1 nc nc 56.8 (27.1)

24.2 28.8 22.6 9.6 11.9

16.7 22.6 11.5 11.5 12.0

18.0 19.2 19.4 5.3 10.8

16.4 15.9 19.2 6.0 10.9

37.0 27.2 51.6 8.8 62.6

142.6 28.2 293.4 6.5 41.4

5.8 na 26.4 nc nc nc na

17.3 18.3 9.0 22.4 25.1 8.5 nm

15.9 16.1 7.2 18.5 24.8 9.5 19.7

10.3 10.8 3.8 15.0 16.5 5.2 (5.6)

9.7 9.9 3.2 12.3 17.0 5.3 (2.8)

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 BUY BUY HOLD HOLD HOLD HOLD BUY HOLD

13100 11525 10725 6025 4550 3985 1195 760 475 740

14,300 12,500 11,600 6,900 3,700 4,600 1,230 830 500 770

24,655 24,669 23,333 18,649 9,585 5,840 10,568 9,696 14,918 9,087

50.8 43.2 40.0 39.8 32.4 72.3 39.8 25.0 48.5 40.3

1,070,592 322,981 284,312 250,250 112,358 43,610 23,274 12,628 7,369 7,086 6,724

862 162 291 223 127 13 1 33 6 3 4

243,359 45,142 59,582 57,004 32,902 20,766 7,894 6,699 6,247 3,337 3,786

275,643 50,909 68,018 64,467 37,324 23,496 8,905 7,605 6,822 3,757 4,341

101,282 20,566 28,372 26,275 13,025 3,967 2,843 2,006 1,502 1,400 1,325

114,943 23,048 32,154 29,536 14,752 5,099 3,246 2,288 1,725 1,600 1,496

81,325 16,545 24,003 20,513 10,676 2,950 2,266 1,235 1,038 1,025 1,073

92,288 18,559 27,081 23,057 12,112 3,796 2,588 1,409 1,303 1,171 1,212

11.8 16.1 12.5 12.7 17.9 (27.0) 6.3 (20.9) (24.6) 24.4 2.4

13.1 12.2 12.8 12.4 13.5 28.7 14.2 13.7 25.2 14.2 12.9

14.1 19.5 11.8 12.2 10.5 14.8 10.3 10.2 7.1 6.9 6.3

12.4 17.4 10.5 10.9 9.3 11.5 9.0 9.0 5.7 6.0 5.5

na na na na na na na na na na na

na na na na na na na na na na na

3.0 4.2 3.0 2.5 2.0 1.3 1.9 1.0 1.0 1.2 1.0

2.5 3.5 2.5 2.1 1.7 1.2 1.6 0.9 1.0 1.1 0.8

2.1 1.0 2.5 2.5 2.9 2.4 0.0 3.5 10.9 9.4 3.6

2.3 1.1 2.6 2.5 3.0 3.0 1.7 3.6 11.2 10.4 3.6

CEMENT SMGR IJ INTP IJ SMC B IJ SMBR IJ

UW HOLD HOLD REDUC E REDUC E

15925 24225 2175 378

17,600 25,000 2,000 330

5,932 3,681.2 7,663 9,838

49.0 302.6 19.4 23.8

204,023 94,459 89,177.8 16,667 3,719

107 99.5 0.0 4.9 2.5

62,560 28,385 22,169.6 10,771 1,235

69,606 31,334 24,783.0 12,051 1,438

16,037 7,673 6,530.3 1,586 248

18,192 8,451 7,423.5 1,990 326

12,964 6,369 5,436.2 851 307

13,623 6,154 6,054.4 1,077 338

7.2 10.0 8.3 (10.6) (11.3)

11.7 11.8 11.4 26.4 10.1

16.4 16.0 16.4 19.6 12.1

14.5 14.3 14.7 15.5 11.0

10.6 10.7 10.8 9.3 5.9

9.6 10.0 9.5 7.7 6.8

3.6 4.0 3.6 1.9 1.4

3.2 3.5 3.1 1.7 1.3

3.0 3.1 3.0 2.6 2.1

3.2 3.1 3.4 2.3 2.3

COAL & MINING CONTRACTING UNTR IJ ADRO IJ* ITMG IJ* PTBA IJ HRUM IJ* BUMI IJ*

UW REDUC E REDUC E REDUC E REDUC E REDUC E REDUC E

16950 1010 14575 12075 1720 83

16,500 1,000 18,000 12,000 1,100 120

3,730 31,986 1,130 2,304 2,704 36,627

40.4 41.0 35.0 29.3 29.3 83.5

147,513 63,226 32,306 16,469 27,822 4,650 3,040

251 91 61 47 26 8 18

185,481 54,361 40,593 24,895 13,475 5,638 46,519

185,147 55,747 37,548 22,425 15,784 5,267 48,377

15,520 8,193 6,148 3,317 2,370 255 (4,763)

15,010 7,623 4,175 2,565 2,706 230 (2,289)

12,478 6,369 3,062 5,561 1,991 255 (4,760)

14,385 6,154 2,519 5,562 2,234 207 (2,290)

18.9 31.8 8.4 (2.8) 9.0 (36.5) (26.2)

(4.1) (3.4) (14.9) (16.4) 12.3 (13.0) 0.0

11.1 10.3 12.6 8.0 12.4 21.5 (0.5)

1.8 1.7 0.9 1.5 3.3 2.2 (1.3)

1.7 1.6 0.9 1.5 2.9 2.1 (0.4)

4.9 4.0 3.1 14.0 3.9 4.7 0.0

4.4 3.9 2.6 12.3 3.6 2.7 0.0

9.0 nc 41.0 nc nc nc na

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

N BUY BUY HOLD BUY HOLD HOLD REDUC E REDUC E

7000 3555 2955 3540 1395 1295 3460 1085

7,200 3,150 3,300 3,100 990 1,120 2,600 825

6,800 6,149 2,200 4,842 9,728 8,715 1,801 3,410

30.0 34.7 62.5 43.1 26.9 27.8 49.0 33.7

127,893 47,600 21,860 6,501 17,142 13,570 11,287 6,233 3,700

269 46 50 1 32 52 34 47 7

60,910 7,242 13,452 1,041 13,569 11,135 3,152 9,295 2,024

73,975 8,195 15,993 1,089 17,374 14,606 4,194 9,996 2,528

8,057 2,861 1,379 490 1,320 813 390 627 177

9,706 3,180 1,653 512 1,721 1,110 530 794 207

4,199 1,553 608 423 512 431 302 226 144

5,029 1,672 774 445 753 531 390 294 170

8.9 16.2 6.7 5.1 21.7 17.1 4.4 (44.4) (26.0)

15.6 7.7 27.5 5.2 47.2 23.3 18.8 30.1 18.6

10.5 9.9 10.7 6.7 14.0 18.7 (0.5) 3.5 31.2 30.7 35.9 15.4 33.5 31.2 34.4 27.6 25.7

26.1 28.5 28.2 14.6 22.7 25.3 29.0 21.2 21.7

15.4 16.3 13.5 8.6 13.0 17.7 22.1 11.4 16.6

13.2 15.1 11.3 8.0 10.0 14.4 17.3 9.5 14.0

4.9 4.6 5.0 1.8 7.2 5.0 5.4 3.7 4.5

4.2 4.2 4.3 1.6 5.8 4.4 4.8 3.2 na

1.0 1.3 0.8 0.7 0.9 1.0 0.8 0.7 1.9

1.2 1.4 1.1 0.7 1.3 1.2 1.0 0.9 2.3

39.1 112.8 (16.8) nc nc nc nc nc nc

52.8 118.3 (2.6) nc nc 102.0 nc nc (54.9)

17.5 15.8 16.6 12.6 23.5 17.0 21.8 14.0 18.3

17.8 15.4 16.4 11.8 28.2 18.4 17.5 16.3 19.5

5.1 5.1 4.3 8.8 3.8 4.4 8.2 2.3 6.5

CONSUMER - DISCRETIONARY SC MA IJ LPPF IJ MNC N IJ MPPA IJ AC ES IJ HERO IJ RALS IJ MAPI IJ MLPL IJ SRIL IJ RANC IJ

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

3300 14350 2585 3035 800 2350 790 4985 795 160 438

2,360 19,000 2,300 3,900 714 1,500 720 5,750 1,400 220 440

14,622 2,918 14,276 5,378 17,150 4,184 7,096 1,660 10,065 18,593 1,564

33.2 65.3 34.2 18.0 40.0 16.5 40.5 44.0 68.0 43.9 26.8

192,443 48,251 41,872 36,904 16,322 13,720 9,832 5,606 8,275 8,001 2,975 685

307 32 53 25 126 19 1 10 7 24 10 0

98,551 4,199 8,079 7,114 14,371 4,604 14,259 8,471 11,937 17,456 6,403 1,659

132,135 4,739 9,622 7,665 17,276 5,184 15,745 8,870 13,993 20,730 7,582 20,730

10,053 1,991 2,140 2,738 431 587 118 388 695 24 901 39

11,361 2,224 2,584 2,780 539 619 171 371 839 85 1,065 85

7,135 1,476 1,574 1,804 433 519 108 405 251 136 398 31

8,212 1,645 1,984 1,811 449 547 135 390 353 165 568 165

17.7 15.4 36.9 6.0 (2.7) 1.9 (84.9) (6.7) (23.3) (91.0) 12.4 (12.8)

20.5 11.9 26.0 0.4 3.8 5.5 25.0 (3.7) 40.6 21.0 42.7 1.9

32.1 32.7 26.6 20.3 37.7 26.4 90.9 13.8 32.9 58.7 7.5 22.4

28.0 29.2 21.1 20.2 36.3 25.1 72.7 14.4 23.4 48.6 5.2 22.0

17.3 22.4 17.4 13.1 21.8 19.7 19.9 7.0 9.7 8.5 5.4 8.9

15.1 19.7 13.9 13.0 17.5 18.5 16.8 6.9 8.4 7.6 4.9 7.8

32.6 13.3 125.7 4.2 4.6 5.9 1.8 1.6 3.1 1.1 1.1 1.7

9.8 10.6 24.8 3.7 4.3 5.1 1.8 1.5 2.8 1.1 0.9 1.6

1.5 1.3 1.5 2.2 1.1 0.7 0.0 4.0 0.9 2.7 1.3 0.0

1.6 1.5 1.9 2.2 1.1 1.3 0.0 3.8 0.7 0.3 1.9 0.0

6.7 nc nc nc nc nc nc nc 115.5 nc 111.3 8.4

6.4 nc nc nc nc nc nc nc 106.9 nc 116.3 12.2

20.2 46.8 na 22.8 12.6 24.6 2.0 12.1 9.9 1.9 15.9 7.5

60.8 40.8 196.4 20.2 12.2 21.9 2.4 11.0 12.7 2.3 19.4 2.3

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

OW BUY BUY BUY BUY BUY REDUC E BUY HOLD BUY BUY

32475 62450 1810 7375 12850 23800 2605 605 1305 1405

37,500 70,000 1,975 8,300 13,300 20,250 3,325 700 1,400 1,400

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

15.0 23.5 43.3 49.9 19.5 66.9 22.7 19.0 29.3 10.0

641,160 247,784 120,159 84,844 64,756 74,928 21,285 11,723 9,075 6,606 7,803

243 41 42 63 55 26 4 2 6 4 3

241,125 35,313 61,842 18,035 68,383 30,616 15,343 7,518 2,175 1,901 5,093

271,607 40,577 70,014 20,555 75,163 34,517 17,742 8,271 2,485 2,283 6,024

32,763 7,408 8,421 2,841 8,169 3,415 1,153 691 411 254 245

38,476 9,068 9,550 3,279 9,203 4,091 1,635 847 494 309 350

21,499 5,517 5,358 2,122 4,246 2,621 343 675 409 206 208

25,415 6,740 6,095 2,449 4,825 3,110 715 786 437 258 274

13.9 3.1 23.8 10.6 69.6 17.8 (65.6) 6.4 (8.8) 30.6 (3.3)

34.8 44.9 22.4 40.0 15.3 28.6 62.1 17.4 22.2 32.0 37.6

28.5 36.8 19.7 34.6 13.4 24.1 29.8 14.9 20.8 25.6 28.5

22.9 32.4 13.8 26.5 8.1 19.1 15.2 12.2 17.9 21.1 30.1

19.1 26.5 12.2 22.9 6.5 16.1 11.1 10.1 15.0 17.5 22.8

24.2 54.5 3.7 9.0 2.5 5.3 4.8 2.8 5.0 7.0 4.4

21.2 47.7 3.3 7.8 2.3 4.7 4.1 2.5 4.2 5.8 3.9

2.0 2.2 1.9 1.1 3.4 1.5 0.5 2.9 5.7 0.8 0.5

2.3 2.7 2.2 1.3 3.8 1.8 0.9 3.3 0.9 1.0 0.7

28.2 19.9 45.1 nc 94.7 nc 59.6 nc nc 55.6 nc

22.2 14.7 43.5 nc 63.4 nc 46.2 nc nc 44.0 nc

60.0 125.4 17.3 24.2 17.2 19.7 8.4 16.8 18.4 23.9 12.3

INDUSTRIAL ESTATES KIJA IJ BEST IJ SSIA IJ LPC K IJ

N BUY HOLD BUY BUY

295 725 1090 10525

450 690 890 12,000

20,235 9,645 4,705 696

80.1 38.6 68.5 57.8

25,416 5,969 6,993 5,129 7,325

34 2 12 11 8

9,946 2,819 800 4,730 1,598

10,426 2,977 1,000 4,787 1,662

2,755 808 513 692 742

2,929 853 666 637 774

2,057 506 453 436 662

2,295 601 595 411 689

0.0 394.8 (39.1) (36.9) 12.1

(2.6) 18.8 31.4 (5.8) 4.1

12.6 11.7 15.4 11.8 11.1

11.1 9.9 11.8 12.5 10.6

9.6 8.6 13.3 5.7 9.6

8.5 7.9 10.2 5.9 9.0

2.2 1.3 2.4 2.0 3.0

1.8 1.2 2.0 1.7 2.3

1.0 2.6 0.3 1.7 0.0

1.2 3.0 0.4 1.6 0.0

10.1 43.1 nc nc nc

4.2 36.5 0.3 (22.2) nc

19.8 11.5 16.8 17.7 30.8

N HOLD REDUC E HOLD BUY

3520 1025 1170 560

4,000 720 1,300 1,400

9,936 9,538 7,448 5,292

20.5 35.0 35.0 7.4

56,430 34,976 9,777 8,714 2,964

73 42 14 14 2

30,952 13,925 7,957 5,881 3,189

26,057 11,276 8,764 6,017 3,306

4,155 2,603 (397) 783 1,166

2,331 1,830 (164) 665 1,220

2,119 1,789 (638) 484 485

1,508 1,250 (169) 426 526

62.5 209.2 (255.7) (26.7) 209.2

(14.6) (21.8) (73.6) (24.0) (21.8)

17.0 27.4 (15.3) 15.6 4.4

15.1 35.0 (57.9) 20.5 5.6

88.3 8.5 463.5 8.3 27.0

20.3 9.7 74.2 8.1 4.2

1.5 1.7 0.8 1.7 0.9

1.5 1.7 0.8 1.7 0.8

3.7 3.8 0.0 2.7 17.2

2.8 2.7 0.0 2.5 13.5

22.0 3.4 44.4 32.0 138.3

17.9 0.6 59.2 13.8 97.1

N BUY HOLD BUY HOLD

5800 4550 3550 735

7,000 4,775 4,452 800

24,242 3,914 3,332 4,031

43.0 40.7 49.0 36.1

173,201 140,601 17,807 11,830 2,963

139 97 35 5 2

75,199 41,589 22,455 9,027.5 2,128

83,548 45,126 25,904 10,580.0 1,938

15,243 11,968 1,039 1,665 571

17,356 12,213 1,148 3,462 534

10,739 9,538 755 158 288

11,651 9,729 881 759 282

(7.5) (8.8) 16.7 11.0 (16.9)

12.1 7.8 16.4 412.0 3.2

20.6 15.6 23.3 78.3 9.9

15.0 14.5 20.0 15.3 9.6

9.7 9.2 15.0 8.7 5.0

9.3 9.2 12.8 5.9 5.0

3.8 4.2 3.4 1.3 1.2

3.4 3.6 3.1 1.4 1.1

2.8 3.2 1.7 0.5 1.6

3.2 3.5 2.0 2.6 1.4

17.4 nc 59.5 148.8 63.3

18.9 nc 50.5 188.9 47.9

25.1 28.6 15.1 1.6 12.3

23.7 26.2 16.0 8.5 10.8

12.9 15.1 5.3 0.5 1.8

12.0 13.8 6.1 2.3 1.5

41.1 49.3 9.1 0.8 2.0

26.1 30.9 8.7 0.7 2.2

24300 700 1900 390 1300 2030 735

23,500 565 1,710 320 1,250 2,150 830

1,575 15,816 6,823 31,525 3,335 1,890 5,342

20.3 21.6 40.5 90.3 10.0 33.0 45.6

86,695 38,266 11,071 12,963 12,295 4,335 3,837 3,926

97,925 43 7 48 31 0 1 2

48,446 15,766 14,968 4,640 1,742 1,888 3,398 6,043

46,637 16,895 15,426 4,710 4,418 1,871 3,317 6,730

9,491 3,711 2,219 1,112 559 492 607 791

8,852 3,733 1,898 1,006 1,258 414 542 770

5,684 2,707 758 878 216 289 391 446

5,640 2,748 665 879 647 366 334 470

49.0 50.3 44.6 14.2 (20.8) 7.5 228.1 427.9

1.2 1.5 (12.3) 0.2 (35.8) 33.4 (14.5) 5.6

13.6 14.1 14.6 14.8 12.2 15.9 9.8 8.2

15.0 13.9 16.6 14.7 19.0 11.9 11.5 7.7

10.4 9.3 5.4 8.8 24.1 6.1 6.1 5.8

9.1 9.1 5.9 9.5 13.2 7.0 6.6 5.6

2.0 3.2 0.8 1.8 0.2 1.2 1.3 1.5

1.9 2.9 0.8 1.7 0.9 1.1 1.3 1.3

2.6 3.2 2.1 2.7 0.3 3.1 5.1 2.5

2.7 3.2 1.8 2.7 0.8 4.2 4.4 2.6

17.8 18.4 49.5 nc 1.9 1.9 49.2 76.2

15.9 25.0 5.4 12.7 2.9 6.4 14.1 20.8

14.6 21.9 4.6 11.8 8.0 4.9 11.3 17.5

10.4 16.5 2.6 10.5 1.6 5.7 8.3 6.8

9.8 14.8 2.2 9.8 3.0 7.0 6.5 6.6

11.3 16.6 2.9 15.9 3.6 8.4 3.3 2.2

13.5 20.5 3.8 15.9 1.7 6.8 9.8 10.0

METALS INC O IJ* ANTM IJ TINS IJ PSAB IJ* OIL & GAS PGAS IJ* AKRA IJ MEDC IJ* WINS IJ* PLANTATIONS AALI IJ SIMP IJ LSIP IJ BWPT IJ ANJT IJ* SGRO IJ TBLA IJ

UW HOLD REDUC E REDUC E REDUC E HOLD HOLD HOLD

17.9 22.2 13.7 15.4 13.6 18.7 108.9 16.3 6.7 25.2 32.1

5.6 4.7 4.3 2.7 9.8 8.3 6.1

3.5 na 4.9 3.5 8.5 9.7 4.1

(10.7) 3.0 (38.3) 57.5 nc

29.2 22.5 44.1 nc 53.7 nc 45.7 87.2

6.7 8.5 (5.1) 9.7 16.4

23.5 15.6 5.9 44.4 53.7 29.5 (26.9)

21.8 20.5 6.1 35.1 40.0 19.9 (21.4)

5.2 4.8 4.6 8.8 4.7 4.3 8.5 2.9 7.2

25.6 8.2 22.4 17.8 27.1 15.9 46.6 32.7 234.1

16.4 7.8 18.9 16.8 27.8 12.0 27.1 11.0 51.0

25.0 33.3 50.2 16.8 6.4 19.1 1.4 9.0 3.0 0.7 5.8 4.4

23.8 30.6 50.0 14.9 6.2 17.3 1.7 8.1 3.9 0.8 6.9 0.8

26.0 58.9 na 23.2 13.3 32.4 20.5 23.7 7.8 27.0 7.7 10.1

28.3 80.8 na 22.5

65.6 138.4 17.6 24.1 17.8 20.8 15.2 17.6 21.8 24.9 14.6

21.6 38.6 9.8 17.4 4.9 11.6 3.2 12.1 16.0 10.8 7.5

23.0 41.5 9.9 17.5 4.9 12.4 5.8 13.0 19.5 12.1 7.9

54.4 109.8 11.7 30.3 8.3 26.5 18.9 31.9 32.9 13.9 17.9

51.9 105.9 12.1 27.3 9.7 23.6 5.5 28.3 32.1 14.7 12.5

18.1 12.5 18.6 14.8 24.4

10.7 5.8 12.7 7.1 15.3

10.5 6.1 14.5 6.1 13.3

34.5 1.7 38.3 47.2 48.6

20.7 8.0 16.7 22.1 34.1

5.5 5.9 (1.4) 8.2 15.6

4.6 6.4 (3.0) 5.9 4.8

3.8 4.7 (0.8) 5.1 5.3

3.3 2.5 2.7 10.5 (5.3)

26.4 2.4 19.3 4.8 19.3 7.7 2.4

6.0 8.3 (3.7) 7.8 6.5

POULTRY C PIN IJ JPFA IJ MAIN IJ

OW HOLD HOLD HOLD

3750 930 2005

4,500 1,050 3,000

16,398 10,661 1,791

44.5 42.5 44.1

74,998 61,493 9,914 3,591

50 30 7 13

59,256 29,307 25,329 4,620

67,114 33,374 28,238 5,503

4,118 2,845 1,119 153

6,513 4,149 1,944 420

2,384 1,965 368 51

4,034 2,887 907 239

(26.0) (22.4) (38.1) (79.8)

55.5 46.9 146.4 365.3

32.6 31.3 26.9 69.8

19.6 21.3 10.9 15.0

19.7 21.1 11.2 18.0

13.3 14.5 7.5 9.1

4.9 5.5 2.0 3.3

4.1 4.6 1.7 3.3

1.2 1.2 1.2 0.3

0.9 1.0 0.7 1.3

55.2 31.5 170.5 142.8

47.5 23.7 161.8 139.5

16.6 18.6 7.6 5.7

22.6 23.5 16.7 23.8

9.8 11.5 2.3 2.0

13.2 14.8 5.0 8.1

21.5 24.3 6.3 15.2

12.8 14.9 3.1 2.5

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

N BUY BUY BUY BUY BUY BUY HOLD HOLD

1900 1000 515 1565 1365 555 359 820

1,900 1,200 500 1,600 1,245 640 340 750

18,372 23,078 48,160 14,427 15,166 19,649 20,501 6,150

39.9 82.1 42.4 67.7 61.5 48.3 29.9 43.7

149,374 34,907 23,078 24,802 22,578 20,701 10,905 7,360 5,043

245 29 93 31 28 20 23 17 4

43,374 5,602 11,847 3,696 4,735 6,929 4,146 4,989 1,431

46,523 6,128 9,365 5,110 5,338 8,309 5,062 5,507 1,704

15,684 2,742 3,708 1,847 1,563 2,229 1,818 1,253 524

16,167 2,909 2,280 2,525 1,730 2,530 2,156 1,394 643

13,026 4,007 2,542 1,681 1,193 1,305 1,262 728 308

11,624 2,505 1,510 2,158 1,203 1,476 1,578 813 381

41.8 41.8 106.9 48.4 8.3 33.6 44.0 (14.4) (27.0)

(19.6) (37.5) (40.6) 28.4 0.8 13.1 25.0 11.6 23.9

12.6 8.7 9.1 14.8 18.9 15.9 8.6 10.1 16.4

13.7 13.9 15.3 11.5 18.8 14.0 6.9 9.1 13.2

10.4 11.7 7.6 11.8 13.7 8.3 8.3 6.6 10.7

9.9 11.1 11.5 8.7 12.5 7.4 7.7 5.8 9.7

2.8 2.5 1.5 4.6 3.9 2.8 1.7 1.2 1.2

2.4 2.3 1.5 3.5 3.4 2.4 1.4 1.1 1.1

2.0 2.3 2.8 1.4 1.5 1.9 2.3 2.0 1.8

1.8 1.4 1.6 1.7 1.6 2.1 2.9 2.2 2.3

17.2 nc 52.4 nc nc nc 76.4 46.4 35.8

22.8 nc 49.4 nc 35.8 nc 84.6 40.6 46.8

25.5 33.5 18.3 36.5 24.5 19.0 22.1 12.1 7.4

19.6 17.2 9.8 34.5 21.0 18.6 22.7 12.3 8.7

10.3 16.3 7.3 15.0 7.8 6.0 7.9 3.5 3.9

7.9 9.0 3.8 14.9 6.5 6.0 8.4 3.4 4.3

23.6 35.7 7.7 27.7 32.8 19.5 12.6 11.1 9.6

23.6 34.1 12.2 37.2 20.9 21.0 12.7 8.5 5.7

STEEL KRAS IJ*

UW REDUC E

TELCOS TLKM IJ EXC L IJ TOWR IJ ISAT IJ TELE IJ ERAA IJ

OW BUY BUY BUY BUY BUY HOLD

TRANSPORTATION TAXI IJ ASSA IJ Market Note: *USD reporting

N REDUC E REDUC E N

472

370

15,775

20.0

7,446 7,446

1 1

25,114 25,114

25,323 25,323

2815 4735 4010 4225 915 1070

3,350 7,400 5,100 4,500 1,160 1,060

100,800 8,534 10,203 5,434 7,042 2,900

48.8 33.5 61.0 20.7 39.2 39.7

357,171 283,752 40,411 40,914 22,958 6,443 3,103

311 252 28 0 5 6 19

171,290 90,444 23,815 4,290 23,909 14,348 14,485

188,924 98,555 26,761 4,909 24,671 18,113 15,914

36,929 29,191 2,210 2,422 2,100 531 476

(401) (401)

42,238 32,603 3,347 2,836 2,258 668 526

(633) (633)

1160 145

1,100 150

2,146 3,398

49.0 39.4

2,982 2,489 493 3,636,957

71 17 54 101,076

1,961 848 1,113 1,639,463

2,263 958 1,305 1,802,169

485 292 193 292,612

522 296 225 329,450

(401) (401) 19,796 15,368 3,481 1,286 (936) 340 257 188 139 49 214,171

(4.0) (4.0)

(18.9) (18.9)

(19.7) (19.7)

39.6 39.6

64.9 64.9

0.6 0.6

0.7 0.7

0.0 0.0

0.0 0.0

107.8 107.8

134.2 134.2

(3.2) (3.2)

(3.3) (3.3)

(1.7) (1.7)

(1.5) (1.5)

(0.9) (0.9)

(1.7) (1.7)

21,459 17,398 1,684 1,540 116 411 309

(380) (380)

77.3 7.5 237.0 663.4 na 15.3 (26.2)

na na

4.5 13.2 (51.6) 19.7 (112.4) 21.0 20.2

18.0 18.5 11.6 31.8 1137.7. 18.9 12.1

17.1 16.3 24.0 26.6 (667.0). 15.6 10.0

7.2 6.3 7.7 13.6 4.0 13.9 8.8

6.5 5.7 6.5 11.7 3.9 12.1 8.0

4.3 4.3 2.2 8.4 1.5 2.9 1.0

3.8 3.9 2.1 6.4 1.5 2.5 1.0

2.8 3.5 2.6 0.0 0.0 1.3 3.3

3.0 4.0 1.3 0.0 0.0 1.6 4.0

45.2 11.9 130.0 148.0 120.5 58.6 50.0

36.5 9.5 115.5 95.2 120.9 51.4 48.1

22.6 24.3 20.7 30.2 (6.1) 18.7 8.9

21.9 25.0 8.9 27.4 0.8 17.1 9.9

9.7 11.4 7.0 7.8 (1.8) 8.3 4.7

9.8 11.9 2.8 8.6 0.2 8.2 5.1

16.8 22.9 3.4 1.5 (7.5) 18.1 10.3

17.8 22.0 9.4 10.9 (2.7) 11.5 6.2

182 128 54 239,623

0.9 5.1 (47.3) 13.6

(7.5) (8.4) 12.1 11.7

6.0 6.4 4.0 11.1

5.5 5.9 3.7 8.8

2.4 2.8 0.6 8.4

2.2 2.5 0.6 6.4

1.7 1.5 2.5 2.4

1.7 1.4 3.3 2.5

113.7 103.7 164.4 19.8

110.3 99.7 163.7 18.5

14.7 16.4 5.8 28.4

12.3 13.5 6.3 30.2

8.8 9.5 5.1 21.8

7.6 8.6 2.3 26.1

16.6 17.9 10.1 20.0

17.8 19.5 9.0 17.8

5.0 5.5 2.1 10.9

4.2 4.6 2.2 10.9

OW: Overweight, N: Neutral, UW: Underweight, UR: Under Review

Source: Bloomberg, Bahana estimates

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

7

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

AGM & EGM SCHEDULE Corporate Actions EGM EGM EGM EGM

Ticker EXCL IJ CNKO IJ SIPD IJ MBAP IJ

Corporate XL Axiata Exploitasi Energi Indonesia Sierad Produce Mitrabara Adiperdana

Date 01/07/15 01/08/15 01/09/15 01/09/15

Time 10:00 10:00 10:00 14:00

Source: Bloomberg

DIVIDEND SCHEDULE Corporate Tiga Pilar Sejahtera Adaro Energy Bfi Finance Indonesia Benakat Integra Source: Bloomberg

Price* (IDR) 2,090 1,025 2,400 122

Cash (IDR) 35 64 65 66

Yield* (%) 1.7 6.2 2.7 54.1

Ex date

Record date

Payment date

Ticker

12/29/2014 12/29/2014 1/5/2015 1/14/2015

1/2/2015 1/2/2015 1/7/2015 1/16/2015

1/14/2015 1/16/2015 1/15/2015 1/30/2015

AISA IJ ADRO IJ BFIN IJ BIPI IJ

*as per closing price 05 January 2015

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

8

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

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

9

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

Actual and upcoming rights issues, 2011-2013 No Code 1 BMRI 2 AMRT 3 BBKP 4 PBRX 5 EPMT 6 ABDA 7 INDS 8 UNTR 9 DOID 10 BVIC 11 IMAS 12 KREN 13 APIC 14 LPPS 15 BDMN 16 AISA 17 AMAG 18 KIJA 19 BEKS 20 CFIN 21 PNLF 22 DKFT 23 PWON 24 PSAB 25 MDLN 26 MASA 2011 total 27 FREN 28 BSIM 29 AMRT 30 KIAS 31 RAJA 32 SUGI 33 NISP 34 TRIO 35 SMMT 36 ITTG 37 MCOR 38 SUPR 39 BEKS 40 MDRN 41 BBNT 42 COWL 43 BNLI 44 INPC 45 MYOH 46 BIPP 47 HOME 48 CNKO 49 SRAJ 50 INCF 2012 total 51 CENT 52 TKGA 53 TRIM 54 AUTO 55 BBNP 56 DNET 57 BKSW 58 KPIG 59 HERO 60 INDS 61 JKON 62 AGRO 63 BNII 64 WEHA 65 INDX 66 BACA 2013 total Grand total

Ex-rights date 01/26/11 01/24/11 01/20/11 01/24/11 02/01/11 04/28/11 05/16/11 06/03/11 06/27/11 06/27/11 07/01/11 07/08/11 07/05/11 07/06/11 09/28/11 10/02/11 10/04/11 10/14/11 10/21/11 10/24/11 11/03/11 12/02/11 12/09/11 12/23/11 12/23/11 12/28/11

Company name Bank Mandiri Sumber Alfaria Trijaya Bank Bukopin Pan Brothers Enseval Putra Megatrading Asuransi Bina Dana Arta Indospring United Tractors Delta Dunia Makmur Bank Victoria Indomobil Sukses Internasional Kresna Graha Securindo Pasific Strategic Financial Lippo Securities Bank Danamon Tiga Pilar Sejahtera Food Asuransi Multi Artha Guna Kawasan Industri Jababeka Bank Pundi Indonesia Clipan Finance Panin Financial Central Omega Resources Pakuwon Jati J Resources Asia Pasifik Moderland Realty Multistrada Arah Sarana

Industry Banks Retail Banks Textile Pharmacy distribution Insurance Automotive components Heavy equipment Mining contracting Banks Automotive Financial Financial Finance Banks Consumer Insurance Construction Banks Financing Financial Mining Property Trading Property Automotive components

02/16/12 06/25/12 03/12/12 02/24/12 05/08/12 05/11/12 05/30/12 06/26/12 06/26/12 07/05/12 07/06/12 08/16/12 09/07/12 10/29/12 11/19/12 11/20/12 11/30/12 11/30/12 12/18/12 12/10/12 12/11/12 12/14/12 12/19/12

Smartfren Telecom Bank Sinarmas Sumber Alfaria Trijaya Keramika Indonesia Asosiasi Rukun Raharja Sugih Energy Bank OCBC NISP Trikomsel Oke Golden Eagle Energy Leo Investments Bank Windu Kentjana International Solusi Tunas Pratama Bank Pundi Indonesia Modern International Bank Tabungan Negara Cowell Development Bank Permata Bank Arta Graha International MYOH Technology Bhuwanatala Indah Permai Hotel Mandarine Regency Exploitasi Energi Indonesia Sejahteraraya Anugrahjaya Amstelco Indonesia

Telecommunication Banks Retail Ceramics, Glass, Porcelain Energy Energy Banks Retail Energy Financial Banks Towers Banks Retail Banks Construction Banks Banks Telecommunication Property Property Coal Shipping Financial

02/01/13 03/08/13 04/08/13 04/25/13 05/13/13 06/03/13 06/04/13 06/11/13 06/14/13 07/01/13 07/02/13 07/04/13 07/05/13 07/08/13 07/08/13 08/07/13

Centrin Online Toko Gunung Agung Trimegah Securities Astra Otoparts Bank Nusantara Parahyangan Dyviacom Intrabumi Bank QNB Kesawan MNC Land Hero Supermarket Indospring Jaya Konstruksi Manggala Pratama Bank Rakyat Indonesia Agroniaga Bank International Indonesia Panorama Transportasi Tanah Laut Bank Capital Indonesia

Retail Retail Finance Misc. Industry Banking Trade Banking Construction Retail Trade Construction Banking Banking Infrastructure Infrastructure Banking

Amount (IDRbn) 11,684 1,039 1,066 433 300 144 188 6,100 1,200 199 2,770 106 286 206 4,998 702 215 1,509 500 469 499 984 1,304 1,444 802 1,500 40,647 1,336 305 1,030 863 230 2,427 1,507 267 410 102 105 648 300 528 1,868 906 1,996 501 610 171 103 2,355 1,439 5,091 25,098 685 480 276 2,988 296 7,000 649 2,443 2,980 357 457 450 1,501 75 69 204 20,910 86,655

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

10

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

1H14 Results Round-ups to consensus No Company 1 ACE Hardware Indonesia 2 Adhi Karya 3 Adi Sarana Armada 4 Agung Podomoro Land 5 AKR Corporindo 6 Alam Sutera Realty 7 Astra Agro Lestari 8 Astra International 9 Austindo Nusantara Jaya* 10 Bank Bukopin 11 Bank Central Asia 12 Bank Danamon 13 Bank Jabar Banten 14 Bank Jatim 15 Bank Mandiri 16 Bank Negara Indonesia 17 Bank Rakyat Indonesia 18 Bank Tabungan Negara 19 Bank Tabungan Pensiunan Negara 20 Bekasi Fajar Industrial Estate 21 Bukit Asam 22 Bumi Resources* 23 Bumi Serpong Damai 24 Cardig Aero Service 25 Charoen Pokphand Indonesia 26 Ciputra Development 27 Ciputra Property 28 Citra Marga Nusaphala Persada 29 Erajaya Swasembada 30 Express Transindo 31 Gajah Tunggal 32 Garuda Indonesia* 33 Gudang Garam 34 Harum Energy* 35 Holcim Indonesia 36 Indocement Tunggal Prakarsa 37 Indofood CBP 38 Indofood Sukses Makmur 39 Indomobil Sukses International 40 Jasa Marga 41 Kalbe Farma 42 Lippo Cikarang 43 Lippo Karawaci 44 London Sumatra Indonesia 45 Malindo Feedmill 46 Matahari Department Store 47 Mayora Indah 48 Medco Energi* 49 Media Nusantara Citra 50 Mitra Adiperkasa 51 Nippon Indosari Corpindo 52 Pakuwon Jati 53 Pembangunan Perumahan 54 Ramayana Lestari Sentosa 55 Salim Ivomas Pratama 56 Sampoerna Agro 57 Semen Baturaja 58 Semen Indonesia 59 Sido Muncul 60 Summarecon Agung 61 Supermarket HERO 62 Supra Boga Lestari 63 Surya Citra Media 64 Surya Semesta Internusa 65 Telekomunikasi Indonesia 66 Tempo Scan Pacific 67 Timah 68 Total Bangun Persada 69 Unilever Indonesia 70 United Tractors 71 Vale Indonesia* 72 Waskita Karya 73 Wijaya Karya 74 Wijaya Karya Beton Source: Bloomberg, Company, Bahana estimates

Ticker ACES IJ ADHI IJ ASSA IJ APLN IJ AKRA IJ ASRI IJ AALI IJ ASII IJ ANJT IJ BBKP IJ BBCA IJ BDMN IJ BJBR IJ BJTM IJ BMRI IJ BBNI IJ BBRI IJ BBTN IJ BTPN IJ BEST IJ PTBA IJ BUMI IJ BSDE IJ CASS IJ CPIN IJ CTRA IJ CTRP IJ CMNP IJ ERAA IJ TAXI IJ GJTL IJ GIAA IJ GGRM IJ HRUM IJ SMCB IJ INTP IJ ICBP IJ INDF IJ IMAS IJ JSMR IJ KLBF IJ LPCK IJ LPKR IJ LSIP IJ MAIN IJ LPPF IJ MYOR IJ MEDC IJ MNCN IJ MAPI IJ ROTI IJ PWON IJ PTPP IJ RALS IJ SIMP IJ SGRO IJ SMBR IJ SMGR IJ SIDO IJ SMRA IJ HERO IJ RANC IJ SCMA IJ SSIA IJ TLKM IJ TSPC IJ TINS IJ TOTL IJ UNVR IJ UNTR IJ INCO IJ WSKT IJ WIKA IJ WTON IJ *In USDm

Actual 294 129 96 583 481 897 1,924 9,920 17 637 9,777 2,071 630 748 12,552 6,058 13,728 743 1,357 136 1,331 111 1,145 161 1,772 953 250 247 200 99 519 (390) 4,073 18 701 2,701 1,647 4,254 160 1,586 1,328 447 1,034 641 147 707 626 111 1,334 293 134 1,032 373 74 1,262 302 66 3,563 242 695 5 6 1,074 308 14,165 449 360 90 3,841 4,287 118 181 584 221

Operating profit (IDRbn) Consensus (%) 676 43.5 1,043 12.3 na na 1,619 36.0 1,208 39.8 1,921 46.7 4,084 47.1 20,620 48.1 na na 1,326 48.0 19,366 50.5 4,868 42.5 1,637 38.5 1,390 53.8 26,660 47.1 12,426 48.8 29,457 46.6 2,030 36.6 3,002 45.2 618 22.0 2,278 58.4 230 48.2 2,616 43.8 369 43.7 4,406 40.2 2,083 45.7 416 60.0 na na 572 35.0 278 35.8 1,410 36.8 35 (1,123.9) 8,518 47.8 55 33.4 1,938 36.2 6,697 40.3 3,165 52.0 8,781 48.4 609 26.4 2,986 53.1 2,995 44.4 800 56.0 1,943 53.2 1,341 47.8 507 29.0 2,172 32.6 1,400 44.8 246 45.0 2,914 45.8 780 37.6 307 43.7 1,941 53.2 1,388 26.8 448 16.6 2,595 48.6 540 55.9 360 18.2 7,760 45.9 589 41.1 1,491 46.6 na na 25 23.1 2,268 47.4 770 40.0 29,104 48.7 na na 944 38.1 191 47.1 7,867 48.8 7,847 54.6 241 49.0 779 23.2 1,344 43.5 422 52.4

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

Comment In Line Below Below Below In Line Below In Line Above Above In Line In Line Below Below In Line In Line In Line In Line Below In Line Below Above Below In Line Below Below Below Below Below Below In Line Below Below Below Below Below Below In Line In Line In Line Above Below In Line Above In Line Below In Line In Line Below In Line Below Below Above Below Below Above Above Below In Line Below In Line Below Below In Line Below In Line Below In Line Below Below In Line Above Below In Line Above

Actual 246 60 27 355 375 515 1369 9638 6 516 7852 1489 478 543 9585 4936 11744 539 996 125 1156 (101) 2565 49 1251 601 127 205 126 79 228 (376) 2713 18 449 2509 1348 2137 49 812 993 403 673 471 87 362 304 9 973 100 127 906 146 103 498 186 88 2740 353 542 95 10 813 190 7403 414 203 78 2848 3324 68 61 283 172

Net profit (IDRbn) Consensus (%) 576 42.6 451 13.3 98 27.5 959 37.0 820 45.8 1337 38.5 2852 48.0 20822 46.3 na na 955 54.0 16176 48.5 3526 42.2 1267 37.7 1043 52.1 20271 47.3 9923 49.7 23995 48.9 1499 36.0 2188 45.5 620 20.2 1882 61.5 (146) 69.3 2260 113.5 127 38.2 3204 39.0 1193 50.3 352 36.0 464 44.3 361 34.8 139 56.9 931 24.5 (27) 1388.0 5359 50.6 36 48.6 1201 37.4 5447 46.1 2496 54.0 4148 51.5 709 6.9 1613 50.3 2239 44.3 734 54.9 1627 41.4 1075 43.8 346 25.2 1607 22.5 813 37.4 21 41.0 2097 46.4 334 30.0 206 61.7 1503 60.3 535 27.4 443 23.2 1088 45.7 320 58.1 368 23.9 5873 46.6 461 76.7 1143 47.4 na na 42 22.6 1718 47.3 594 32.0 15528 47.7 688 60.2 671 30.2 177 43.9 5824 48.9 5793 57.4 176 38.5 421 14.4 695 40.6 302 57.0

Comment In Line Below Below Below In Line In Line Below In Line Below Above In Line Below Below Below In Line In Line In Line Below Below Below Above Below Above In Line Below Below Below Below Below In Line Below Below In Line Below Below In Line In Line In Line Below Above Below In Line In Line In Line Below In Line In Line Above In Line Below Above Above Below Below In Line Above In Line Above In Line In Line Below Below In Line Below In Line Below In Line Above Below In Line In Line In Line Below Above

11

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

Research: +62 21 250 5081

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

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

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

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Michael W Setjoadi [email protected] Research Analyst Consumer, Poultry ext 3613

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Adrian Mahendra Putra [email protected] Research Analyst Industrial Estate ext 3614

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

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

Adi Saputra [email protected] Research Associate ext 3693

Chandra Widjanarka Andre Natala Susanto [email protected] [email protected] TechnicalAssociate Analyst Research ext 1252 ext 3601

Andre Natala Susanto Chandra Widjanarka Sanni Satrio Dwi Utomo [email protected] [email protected] [email protected] Research Associate TechnicalAssociate Analyst Research ext 1252 3601 ext ext 3611

Wendy Chandra [email protected] Research Analyst Consumer, Media ext 3606

William Tong [email protected] Research Associate ext 3604

Made Ayu Wijayati [email protected] Research Executive ext 3607

+62 31 535 2788 (Surabaya Branch)

Dealing Room: +62 21 527 0808 (Foreign Institutional) +62 21 250 5508 (Domestic Institutional) Edy Sujoso [email protected] Head of Equity Sales & Trading Institutional Equity Sales ext 2545

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

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

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

Ricardo Silaen, CFA [email protected] Vice President Institutional Equity Sales ext 2524

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

Reynard Poernawan [email protected] Institutional Equity Sales ext 2528

Suwardi Widjaja [email protected] Equity Sales ext 2548

Nurul Farida [email protected] Equity Sales ext 2543

Ari Santosa [email protected] Sales Trader ext 2554

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

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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

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2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

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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

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