Asiamoney’s 2013 Best Domestic Equity House

17 July 2014

Beacon

IDX: 5,114 (+0.9%) Turnover: IDR6.5tn (+44%) Foreign net BUY: IDR871.5bn (+233.6%)

Indonesia Morning Brief

INDICES

CORPORATE FLASH Medco Energi Internasional: Gas development plans for 2015; maintain REDUCE Analyst: Maxi Liesyaputra  Senoro gas production plans  DSLNG development to expand LNG business  Rimau production expected to improve  Outlook: Senoro and Rimau challenges To see the full version of this report, please click here

TODAY’S NEWS POLITICS  Prabowo’s camp prepares to contest election result  Pollsters showing Prabowo’s lead dismissed from association ECONOMICS  Govt: El Nino may be less worse-than-expected INDUSTRY  Property: office and retail space stagnant, condominiums robust  OJK supports the restriction of foreign debt to Bank’s subsidiaries CORPORATE  PGAS officially acquires Swift Energy Company  WSKT obtained IDR17.5tn infrastructure and property contract in 1H14  WIKA’s director to sell IDR1.2bn worth of share ownership  TBIG secures billion-dollar funding for XL towers buy  Bank Mutiara valuations is suppressed due to the legal case

ECONOMIC INDICATORS

MARKET DATA

13A 14F 15F Cur acc bal (%GDP) (3.2) (2.4) (1.5) Fiscal bal (%GDP) (2.4) (2.5) (2.5) GDP growth (%y-y) 5.8 5.2 5.5 Private spending (%) 5.3 5.2 5.1 Investment (%y-y) 4.7 5.4 6.6 Total exports (%y-y) 5.3 6.0 7.0 Total imports (%y-y) 1.2 5.0 5.4 Inflation (%y-y) 8.4 5.9 6.0 IDR/USD 12,170 11,900 11,950 BI rate (% p.a.) 7.5 7.8 7.8 Brent Oil (Usd/bbl) 110.8 110.0 105.0 FX reserve (USDb) 99.4 103.5 106.0

13A 14F Op.prof.gwt.(%) 8.5 12.8 EPS growth (%) 3.0 14.9 P/E (x) 21.8 18.1 PEG (x) 7.3 1.2 EV/EBITDA (x) 9.3 8.2 P/BV (x) 3.2 4.0 P/BV exc. UNVR&LPPF 4.0 3.4 Div. Yield (%) 2.1 2.4 Net gearing (%) 17.2 16.7 ROAE (%) 22.0 22.5 ROAA (%) 9.3 10.0 ROIC (%) 6.7 15.6

Source: Bahana estimates

Source: Bahana estimates

Asia Last Chg% ytd % Hang Seng (HK) 23,523.3 0.3 0.9 IDX (Indonesia) 5,113.9 0.9 19.6 KLCI (Malaysia) 1,886.7 0.1 1.1 KOSPI (Korea) 2,013.5 0.0 0.1 Nikkei (Japan) 15,379.3 (0.1) (5.6) PCOMP (Phil.) 6,834.0 0.1 16.0 SENSEX (India) 25,592.0 1.4 20.9 SET (Thailand) 1,530.4 0.4 17.8 SHCOMP (China) 2,067.3 (0.1) (2.3) Shenzhen (China) 1,105.2 (1.0) 4.5 STI (Singapore) 3,304.4 0.4 4.3 TWSE (Taiwan) 9,484.7 (0.9) 10.1 VNI (Vietnam) 589.7 0.1 16.9 Europe, USA and EMs CAC 40 (France) 4,369.1 1.5 1.7 DAX (Germany) 9,859.3 1.4 3.2 Dow Jones (USA) 17,138.2 0.5 3.4 FTSE 100 (UK) 6,784.7 1.1 0.5 IBOV (Brazil) 55,717.4 (0.5) 8.2 MEXBOL (Mexico) 44,009.2 0.1 3.0 NGSEINDX (Nigeria) 43,030.3 0.1 4.1 Nasdaq (USA) 4,426.0 0.2 6.0 RTSI (Russia) 1,350.5 (0.1) (6.4) S&P 500 (USA) 1,981.6 0.4 7.2 XU100 (Turkey) 82,270.5 1.3 21.3

y-y % 10.4 10.1 5.6 7.9 5.3 3.8 28.9 5.4 0.1 13.8 2.5 14.8 18.8 13.5 20.2 10.9 3.5 18.9 11.0 13.6 23.0 (1.3) 18.2 8.7

ETF, ADRS & COMMODITIES Last

Chg%

ytd %

EIDO US (USD) 28.8 1.7 26.2 TLK US (IDR) 2,648 0.6 27.5 Aluminum (USD/mtn) 1,970.0 0.5 9.4 Coal (USD/t) 67.1 (1.8) (23.2) Corn (USD/mtn) 147.4 0.4 (7.6) Coffee (USD/t) 3,246.5 0.0 37.1 Copper (USD/t) 7,112.0 0.1 (3.8) Cotton (USD/t) 1,507.7 0.2 (19.2) CPO (USD/t-Rottdm) 827.5 0.3 (9.1) Gold (USD/oz.) 1,299.4 0.3 7.8 Iron ore (USD/mtn) 98.0 0.0 (27.0) Milk (USD/t) 473.2 0.0 22.2 Nickel (USD/t) 19,200.0 (0.3) 37.4 Oil (USD/barrel) 101.4 1.3 3.1 Rice (IDR/kg) 8,600.0 0.0 1.2 Rubber (USD/t) 1,677.0 0.5 (26.1) Silver (USD/oz) 20.8 0.2 6.6 Soybean oil (USD/t) 812.0 (0.2) (5.1) Steel (USD/t) 541.8 (0.0) (3.3) Sugar (USD/t) 506.4 0.0 10.1 Tins (USD/t) 22,110.0 0.1 (2.0) 15F Wheat (USD/t) 197.7 0.0 (14.1) 11.9 Source: Bloomberg 12.8 15.7 CURRENCIES & RATES 1.2 Last Prev. Ytd % 0.936 0.936 (5.0) 7.5 AUD/USD 1.357 1.357 1.3 3.1 USD/EUR 11,695 11,745 (3.5) 2.9 IDR/USD JPY/USD 101.690 101.690 (3.4) 2.6 SGD/USD 1.244 1.244 1.5 15.6 JIBOR (%) 5.85 5.85 (0.2) 23.5 BI rate (%) 7.50 7.50 0.0 9.9 TD – 1 month (%) 7.11 7.11 0.4 150.34 150.34 (35.5) 22.4 CDS (bps)

y-y %

(5.2) 1.3 8.5 (12.8) (45.0) 26.4 2.5 (19.2) 6.1 1.8 (24.0) 22.8 41.9 (4.7) 1.8 (23.2) 7.3 (19.4) (6.4) 1.9 14.0 (23.9)

y-y % (0.9) (4.3) 18.3 (4.1) 2.4 0.9 1.5 1.7 (27.3)

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

POLITICS Prabowo’s camp prepares to contest election result Despite having claimed to abide by the official election result, Prabowo’s legal team is preparing to challenge the final count of the General Elections Commission (KPU), as campaign team lawyer stated that they were ready to file the election-dispute case with the Constitutional Court (MK). (The Jakarta Post) Pollsters showing Prabowo’s lead dismissed from association Two pollsters who showed Prabowo in the lead, Puskaptis and JSI, have been dismissed from the Indonesian Association for Public Opinion (Persepsi) after refusing to disclose their methodologies in tabulating their results. (The Jakarta Post)

ECONOMICS Govt: El Nino may be less worse-than-expected The Indonesia’s Climatology and Meteorology Agency (BMKG), expects that this year’s El Nino movement could be categorized as a normal to weak, less worse-than-expected. Hence, the government believes that Indonesia’s staple food supplies would not be disrupted going forward. (Kompas). Bahana comment: We see that improved weather expectation would help inflationary pressure to remain manageable ahead. We reiterate our 2014 CPI target of 5.9% y-y.

INDUSTRY Property: office and retail space stagnant, condominiums robust Amid legislative and presidential elections, supply and occupancy in office and retail space have been stagnant in 1H14. Absorption rate for office space reached 36,500sqm in 1H14, dropping 82.5% y-y. Occupancy in retail space grew 1.5% y-y to reach 84.3% despite the moratorium on mall construction. Condominium sales however grew robustly with 1H14 sales reaching 7,400 units, in contrast to 2013’s full year sales of 13,000 units, which has been attributed to poor transportation in the city. It is expected to surpass 16,000 by the end of the year should Jokowi be elected president. (The Jakarta Post) OJK supports the restriction of foreign debt to Bank’s subsidiaries Financial Service Authority (OJK) encourages bank’s subsidiaries to maintain their foreign debt, due to the exchange rate exposure. Currently the regulation only controls bank’s foreign debt but not its subsidiaries. (Investor Daily)

CORPORATE PGAS officially acquired Swift Energy Company Perusahaan Gas Negara (PGAS IJ-BUY-IDR5,900) through its subsidiary PT Saka Energi Indonesia finally entered the Shale gas in the US by acquiring 36% of participation area rights from Swift Energy Company. The transaction involves cash payment of USD125mn and field development of USD50mn. Separately, a gas pipeline exploded and burned on Sudirman street, right in front of Metro Jaya Police Headquarters, South Jakarta, Wednesday (7/16/2014) in the middle of the night. General inspector police chief of Metro Jaya area stated that the gas pipeline belongs to PGAS. Moreover, the fire that was caused by leak of the gas pipeline lasted for about 30 minutes, and was able to be extinguished by the fire department officer. (Investor Daily, Bisnis Indonesia, and Kompas) WSKT obtained IDR17.5tn infrastructure and property contract in 1H14 In 1H14, Waskita (WSKT IJ-HOLD-IDR810-TP:IDR710) obtained IDR17.5tn infrastructure and property contracts in 1H14. The contracts are mainly from airport, property, and toll roads. (Bisnis Indonesia) WIKA’s director to sell IDR1.2bn worth of share ownership Wijaya Karya (WIKA IJ-BUY-IDR2,615-TP:IDR2,700) through the Corporate Secretary of the company has reported to OJK pertaining to sales of WIKA’s shares by the Director of WIKA, Ganda Kusuma. He is reported to have sold 500,000 B-series shares with price per share of IDR2,533. (Bisnis.com)

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Asiamoney’s 2013 Best Domestic Equity House

TBIG secures billion-dollar funding for XL towers buy PT Tower Bersama Infrastrucure (TBIG IJ-NOT RATED-IDR7,875) is readying almost USD1.8bn to acquire a number of towers owned by XL Axiata (EXCL IJ-HOLD-IDR5,425-TP:IDR5,500). TBIG will buy EXCL’s towers through open bidding and did not elaborate on how many of EXCL’s 8,000 towers would be an offer. However, it spent around USD165,000 on each tower when it bought Indosat's towers in 2012. (The Jakarta Post) Bank Mutiara valuations is suppressed due to the legal case The deposit insurance corporation (LPS) stated that the legal case which binds the Bank Mutiara surpress the Bank Mutiara valuation. Currently, there are six investor candidates consist of 2 domestic and 4 foreign investors. (Investor Daily)

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3

Asiamoney’s 2013 Best Domestic Equity House

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

STOCK CODE

RATING

TARGET PRICE

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

HOLD HOLD BUY HOLD BUY HOLD REDUCE REDUCE BUY HOLD HOLD BUY BUY BUY HOLD BUY BUY REDUCE BUY BUY REDUCE BUY BUY REDUCE HOLD HOLD BUY BUY HOLD BUY BUY HOLD REDUCE BUY HOLD REDUCE HOLD BUY HOLD REDUCE BUY BUY REDUCE BUY * BUY REDUCE REDUCE REDUCE REDUCE

300 1,325 14,700 280 3,800 2,500 1,470 8,300 4,350 900 1,130 1,710 4,700 3,800 750 585 1,650 700 3,600 520 3,000 5,400 930 870 850 600 445 12,700 8,700 2,300 3,700 1,790 3,900 5,750 1,675 4,150 1,200 6,650 2,300 400 1,800 62,750 23,450 2,600 * 26,000 500 850 720 465

Up/(Downside) Potential (%) (14.0) 0.4 (4.9) 4.9 26.7 (18.8) (50.3) (21.0) 7 2.3 (10.3) 33.1 23.7 29.3 (5.1) 10.4 (7.8) (18.6) 0.7 20.4 (20.1) (8.5) 24.8 (36.7) (1.2) (12.4) 7.0 9.0 5.5 21.4 23.5 (20.6) (5.6) 11.1 0.9 (11.9) 2.6 29.1 6.7 (11.1) 57.9 16.9 (7.5) 20.9 * (0.4) (7.4) (25.1) (36.8) (19.1)

BUY BUY BUY BUY BUY HOLD BUY * REDUCE BUY BUY HOLD BUY REDUCE HOLD REDUCE BUY BUY BUY REDUCE REDUCE BUY BUY REDUCE BUY BUY REDUCE * REDUCE BUY BUY BUY BUY REDUCE REDUCE REDUCE BUY BUY REDUCE BUY

1,800 1,320 6,850 18,400 1,050 710 800 * 2,000 1,200 35,000 10,300 1,170 10,000 5,500 1,000 4,800 1,195 7,950 2,400 375 2,700 2,700 7,050 1,350 4,400 17,000 * 3,400 1,870 31,500 3,150 230 180 660 4,000 13,100 313 18,000 1,650

50.0 8.6 7.9 7.9 36.4 (12.3) (1.2) * (25.7) 33.3 34.2 (2.8) 8.8 (7.4) 1.4 (13.0) 26.5 (9.1) 12.4 (33.8) (9.9) 26.8 3.3 (7.2) 1.1 10.0 (42.5) * (20.7) 34.1 0.8 (3.1) 30.7 13.9 (26.7) (12.6) 14.9 20.8 (22.7) 26.4

7/16/2014 349 1,320 15,450 267 3,000 3,080 2,955 10,500 4,055 880 1,260 1,285 3,800 2,940 790 530 1,790 860 3,575 432 3,755 5,900 745 1,375 860 685 416 11,650 8,250 1,895 2,995 2,255 4,130 5,175 1,660 4,710 1,170 5,150 2,155 450 1,140 53,700 25,350 2,150 436 26,100 540 1,135 1,140 575 5,114 1,200 1,215 6,350 17,050 770 810 810 820 2,690 900 26,075 10,600 1,075 10,800 5,425 1,150 3,795 1,315 7,075 3,625 416 2,130 2,615 7,600 1,335 4,000 29,550 2,650 4,290 1,395 31,250 3,250 176 158 900 4,575 11,400 259 23,300 1,305

7/15/2014 294 1,215 14,225 247 2,795 2,870 2,805 9,975 3,855 840 1,205 1,230 3,640 2,825 760 510 1,725 830 3,455 418 3,635 5,725 725 1,340 840 670 407 11,400 8,075 1,855 2,935 2,210 4,050 5,075 1,630 4,625 1,150 5,075 2,125 444 1,125 53,050 25,050 2,125 431 25,850 535 1,125 1,130 570 5,071 1,190 1,205 6,300 16,925 765 805 805 815 2,675 895 25,950 10,550 1,070 10,750 5,400 1,145 3,780 1,310 7,050 3,615 415 2,125 2,610 7,600 1,335 4,000 29,600 2,655 4,305 1,400 31,375 3,265 177 159 910 4,635 11,600 264 23,800 1,375

CHANGE (%) 18.7 8.6 8.6 8.1 7.3 7.3 5.3 5.3 5.2 4.8 4.6 4.5 4.4 4.1 3.9 3.9 3.8 3.6 3.5 3.3 3.3 3.1 2.8 2.6 2.4 2.2 2.2 2.2 2.2 2.2 2.0 2.0 2.0 2.0 1.8 1.8 1.7 1.5 1.4 1.4 1.3 1.2 1.2 1.2 1.2 1.0 0.9 0.9 0.9 0.9 0.9 0.8 0.8 0.8 0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.3 0.2 0.2 0.2 0.0 0.0 0.0 (0.2) (0.2) (0.3) (0.4) (0.4) (0.5) (0.6) (0.6) (1.1) (1.3) (1.7) (1.9) (2.1) (5.1)

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4

Asiamoney’s 2013 Best Domestic Equity House

Ticker

Rating N * BUY

436 1,075

* 1,170

25,869 2,087

39.5 36.6

Mkt cap (IDRb) 13,522 11,279 2,243

3M av g to (IDRb) 2 2 0

AUTOMOTIVE ASII IJ IMAS IJ GJTL IJ

UW REDUC E REDUC E BUY

7,600 4,575 1,895

7,050 4,000 2,300

40,484 2,765 3,485

45.1 10.5 40.2

326,930 307,675 12,651 6,604

365 352 1 12

226,328 193,880 20,095 12,353

250,023 213,166 22,076 14,781

20,337 18,603 369 1,365

23,831 21,711 506 1,614

20,070 19,417 532 120

23,754 21,923 551 1,280

(2.1) (0.0) (33.5) (89.4)

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 REDUC E REDUC E BUY HOLD BUY HOLD

11,650 11,400 10,600 5,150 4,290 4,130 1,215 880 432 685

12,700 13,100 10,300 6,650 3,400 3,900 1,320 900 520 600

24,655 24,669 23,333 18,649 9,585 5,840 10,565 9,696 14,918 9,087

50.8 43.2 40.0 39.8 32.4 57.2 34.6 25.0 18.0 46.9

1,011,110 287,231 281,228 247,333 96,041 41,118 24,120 12,837 8,533 6,444 6,224

1,099 175 336 322 143 17 2 65 25 9 6

219,474 37,422 52,661 51,197 28,839 23,155 7,449 6,437 5,980 2,839 3,494

240,815 42,343 59,319 56,532 32,513 22,471 7,734 6,815 6,142 3,136 3,810

92,501 17,079 26,121 23,552 11,219 5,605 2,878 2,136 1,622 1,116 1,174

101,419 19,349 28,525 25,662 12,715 5,695 2,879 2,262 1,671 1,360 1,300

73,722 14,254 21,344 18,204 9,054 4,042 2,131 1,562 1,376 824 930

82,263 16,090 24,123 20,283 10,224 4,241 2,267 1,653 1,304 1,025 1,053

17.7 21.6 14.3 17.4 28.5 0.7 6.9 14.5 15.4 2.4 10.6

CEMENT SMGR IJ INTP IJ SMC B IJ SMBR IJ

UW BUY BUY HOLD REDUC E

17,050 26,100 3,080 416

18,400 26,000 2,500 375

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

49.0 302.6 19.4 23.8

224,907 101,132 96,080.2 23,602 4,092

182 170.8 0.0 5.5 5.7

54,047 24,501 18,691.3 9,686 1,169

62,695 28,385 22,318.5 10,751 1,240

15,287 6,952 5,975.0 2,033 327

16,543 7,673 6,558.4 2,045 267

11,633 5,350 5,018.5 952 312

12,872 5,854 5,488.8 1,224 305

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

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

23,300 1,150 25,350 10,800 2,155 158

18,000 1,000 23,450 10,000 2,300 180

3,730 31,986 1,130 2,304 2,704 52,972

40.4 40.9 35.0 29.3 29.5 88.6

191,420 86,912 36,784 28,644 24,885 5,826 8,370

280 71 73 38 46 23 28

179,556 51,012 39,980 26,516 11,209 10,187 40,651

184,329 55,826 38,583 24,801 12,778 9,076 43,265

24,058 6,741 6,889 4,107 1,857 837 3,627

27,130 8,314 8,577 4,115 1,749 622 3,754

10,266 4,825 2,814 5,560 1,826 509 (5,268)

15,118 6,241 4,751 5,561 1,770 403 (3,608)

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

N BUY BUY BUY HOLD HOLD * BUY REDUC E

6,350 2,615 3,575 2,255 810 820 3,250 860

6,850 2,700 3,600 1,790 710 * 3,150 700

6,800 6,149 2,200 4,842 9,666 8,715 1,801 3,410

30.0 34.7 65.6 42.8 32.2 100.0 49.0 33.8

101,808 43,180 16,080 7,865 10,920 7,830 7,147 5,854 2,933

344 35 78 1 36 47 40 91 16

54,150 6,380 11,885 936 10,554 9,687 2,621 9,800 2,287

61,757 6,864 14,393 1,099 12,325 10,981 3,114 11,045 1,935

7,485 2,487 1,216 502 1,168 672 321 864 256

8,586 2,941 1,369 583 1,432 761 370 965 168

3,939 1,336 570 402 421 368 241 406 194

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 BUY BUY BUY REDUC E

3,755 15,450 2,690 2,995 900 2,955 1,135 5,175 745 176 540

3,000 14,700 2,000 3,700 660 1,470 850 5,750 930 230 500

14,622 2,918 14,180 5,378 17,150 4,184 7,096 1,660 10,065 18,593 1,564

25.5 53.9 33.8 17.4 40.0 16.5 40.5 44.0 68.0 43.9 20.0

210,296 54,904 45,082 38,145 16,107 15,435 12,363 8,054 8,591 7,498 3,272 845

289 25 48 28 115 18 0 3 18 21 12 1

82,403 3,778 6,754 6,522 11,913 3,924 11,900 7,968 9,734 14,672 3,934 1,303

96,809 4,102 8,348 7,071 14,612 4,745 14,259 8,566 11,299 17,219 4,816 1,771

9,306 1,757 1,781 2,560 389 503 424 399 751 85 629 28

10,281 1,869 2,201 2,474 428 610 453 418 849 148 792 40

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

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

368,744 31,250 53,700 1,790 7,075 10,500 29,550 2,940 770 1,375

31,500 62,750 1,650 7,950 8,300 17,000 3,800 1,050 870

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

15.0 23.5 43.3 49.9 19.5 66.9 22.7 10.0 29.3

103,324 83,906 62,122 61,225 26,428 13,230 11,550 6,960

360 54 75 81 84 45 3 3 13 3

210,017 30,757 55,437 16,002 57,732 25,095 14,137 6,855 2,497 1,506

240,598 35,313 60,305 18,388 68,463 30,116 15,798 7,431 2,909 1,876

27,853 7,122 6,650 2,549 6,089 2,734 1,348 648 503 210

INDUSTRIAL ESTATES KIJA IJ BEST IJ SSIA IJ LPC K IJ

N HOLD REDUC E HOLD HOLD

267 575 860 8,250

280 465 850 8,700

20,235 9,667 4,705 696

80.0 38.5 72.2 57.8

20,728 5,403 5,537 4,047 5,742

81 21 22 24 13

9,974 2,740 1,324 4,583 1,328

10,775 2,926 931 5,211 1,707

METALS INC O IJ* ANTM IJ TINS IJ

N BUY REDUC E BUY

3,800 1,140 1,395

4,700 720 1,870

9,936 9,538 7,448

20.5 35.0 35.0

59,022 37,758 10,874 10,390

150 71 50 30

28,367 11,216 11,298 5,852

OIL & GAS PGAS IJ* AKRA IJ MEDC IJ* WINS IJ*

N BUY REDUC E REDUC E BUY

5,900 4,710 3,625 1,335

5,400 4,150 2,400 1,350

24,242 3,903 3,332 4,024

43.0 41.0 49.1 35.3

178,862 143,025 18,385 12,080 5,372

174 126 40 5 3

AVIATION GIAA IJ* C ASS IJ

Price (IDR)

TP (IDR)

Shares (m)

F ree float (%)

Rev enue (IDRb) 2013 2014 46,544 49,991 45,225 48,444 1,319 1,547

Opt. profit (IDRb) 2013 2014 403 2,444 77 2,051 326 393

Net profit (IDRb) 2013 2014 244 1,053 134 916 110 137

EPS growth (%) 2013 2014 (70.7) 204.4 (87.7) 526.6 25.3 25.3 14.2 12.9 3.5 963.8

PER (x) 2013 2014 65.9 12.7 75.0 12.0 20.4 16.3

EV/EBITDA (x) 2013 2014 8.7 4.4 9.2 4.4 5.9 4.7

P/BV (x) 2013 2014 1.9 1.6 0.8 0.8 7.4 5.7

Yield (%) 2013 2014 0.3 0.4 0.0 0.0 1.7 2.1

Net gearing (%) 2013 2014 39.6 33.0 47.4 39.5 nc nc

ROAE (%) 2013 2014 7.5 12.1 1.0 6.6 40.4 39.6

ROAA (%) 2013 2014 2.5 4.5 0.4 2.7 12.8 13.9

ROIC (%) 2013 2014 13.6 6.5 9.4 0.8 34.5 34.9

16.9 15.8 23.8 54.9

14.2 14.0 23.0 5.2

14.9 14.3 34.1 5.7

12.5 12.0 27.1 4.4

3.6 3.7 2.2 1.2

3.1 3.2 2.0 1.0

2.7 2.8 1.1 0.1

3.1 3.2 1.1 1.4

60.5 54.8 194.8 69.2

50.0 44.4 182.5 57.3

24.0 25.0 9.6 2.1

23.6 24.2 9.1 21.2

9.3 9.8 2.7 0.9

9.5 9.8 2.4 8.2

18.1 18.6 7.8 13.9

15.0 15.7 3.6 1.3

11.8 12.9 13.0 11.4 12.9 4.9 6.4 5.8 (5.2) 24.3 0.5

14.6 20.2 13.2 13.6 10.6 10.2 11.3 8.2 6.2 7.8 5.9

13.1 17.9 11.7 12.2 9.4 9.7 10.6 7.8 6.5 6.3 5.9

na na na na na na na na na na na

na na na na na na na na na na na

3.3 4.5 3.6 2.8 2.0 1.3 2.4 1.1 1.3 1.1 1.0

2.8 3.7 2.9 2.4 1.7 1.2 2.0 1.0 1.2 1.0 0.9

2.0 1.0 2.3 2.2 2.8 2.5 0.0 3.7 8.9 9.4 3.7

2.2 1.2 2.1 2.3 2.9 3.1 1.9 3.2 9.2 10.3 3.8

na na na na na na na na na na na

na na na na na na na na na na na

24.3 24.6 29.7 22.5 19.9 13.5 24.2 14.3 21.7 14.7 16.6

22.9 22.9 27.6 21.5 19.9 12.9 20.5 13.6 18.7 17.3 15.9

3.0 3.0 3.6 2.7 2.5 2.4 3.3 1.3 1.9 2.7 1.4

3.0 3.1 3.6 2.6 2.5 2.2 3.1 1.2 1.8 2.9 1.4

na na na na na na na na na na na

na na na na na na na na na na na

3.6 10.4 5.2 (29.5) (11.5)

11.0 9.4 9.4 28.5 (12.0)

19.5 18.9 19.1 24.8 11.8

17.5 17.3 17.5 19.3 13.4

12.1 12.6 12.4 10.1 5.6

11.3 11.5 11.5 10.1 7.6

4.3 4.8 4.2 2.7 1.7

3.9 4.3 3.8 2.5 1.5

2.7 2.4 3.4 1.4 1.9

2.6 2.5 2.9 1.8 1.9

(19.0) 0.9 (54.5) 37.1 nc

24.2 28.0 23.7 11.1 18.3

23.2 26.4 22.8 13.3 11.8

18.1 18.7 20.3 7.0 16.0

17.3 17.7 19.6 7.6 10.7

40.0 31.0 53.0 15.5 97.6

36.3 27.2 51.6 8.8 62.6

(27.2) (16.5) (23.2) (37.4) (37.0) (68.2) (28.0)

17.8 29.3 71.2 0.5 (3.1) (14.8) (26.2)

14.6 18.0 13.3 11.3 13.6 14.9 (0.7)

7.4 8.0 5.8 5.4 11.0 3.9 7.2

6.4 6.3 4.3 4.8 11.6 4.3 6.4

2.0 2.6 1.5 2.6 2.7 1.8 (5.3)

1.9 2.4 1.1 2.5 2.6 1.7 (2.5)

3.2 2.2 2.3 7.5 4.3 3.8 0.0

3.9 2.9 4.2 7.1 4.5 3.5 0.0

10.9 nc 56.9 nc nc nc na

9.7 nc 50.3 nc nc nc na

15.2 15.4 8.8 23.4 20.5 12.6 na

17.6 18.0 15.0 25.3 18.9 11.4 nm

9.4 9.0 3.8 17.9 15.0 9.2 (6.5)

10.5 10.7 6.1 16.8 14.7 6.9 (4.0)

45.3 20.8 9.3 88.0 148.2 78.2 (16.6)

20.3 15.6 5.9 41.8 42.8 29.5 (14.5)

4,421 1,568 691 470 470 417 283 379 143

(4.2) (16.6) 22.2 (6.3) 35.9 0.5 34.1 91.3 10.6

14.9 17.3 22.8 16.8 15.9 13.3 (2.3) (6.8) (26.2)

26.9 32.3 28.2 19.5 25.9 21.2 22.7 14.4 15.1

11.7 13.9 7.7 11.2 14.1 17.5 (1.0) 1.6 23.5 27.5 22.9 16.7 22.4 18.7 23.3 15.4 20.4

13.4 16.6 12.4 10.8 6.9 12.1 17.9 6.4 9.1

12.1 14.9 11.7 9.4 6.2 10.7 14.5 6.1 13.8

4.7 4.6 5.4 2.5 5.5 3.3 7.5 3.8 3.9

3.9 4.2 4.6 2.2 4.7 2.9 3.4 3.1 3.7

1.3 1.2 1.1 1.1 1.1 1.6 1.2 1.4 3.3

1.4 1.5 1.3 1.3 1.3 1.6 1.2 1.3 2.4

38.3 92.4 nc nc nc nc nc (16.4) nc

54.8 116.5 34.3 nc nc nc nc nc nc

19.5 14.9 20.6 14.3 23.1 16.8 36.1 30.0 27.5

18.0 16.0 21.5 14.0 21.7 16.4 20.0 21.9 18.7

5.5 5.0 4.8 9.4 4.0 4.3 8.7 4.6 9.1

5.3 5.0 5.0 9.7 3.6 4.5 7.4 3.8 6.6

18.2 11.9 26.4 17.3 17.1 17.0 71.3 18.5 (55.1)

21.9 8.2 22.4 17.8 27.1 15.9 49.1 33.0 138.3

8,258 1,320 1,150 1,691 445 423 671 434 328 1,415 346 35

8,771 1,810 1,598 1,810 408 519 366 450 429 884 467 30

27.9 12.8 49.2 2.1 101.7 (3.3) 93.1 2.4 (24.3) 4,841.7 20.5 (11.8)

22.3 6.6 38.9 7.1 (8.3) 22.7 (49.0) 3.7 30.9 (37.5) 18.1 (14.4)

32.1 41.6 39.2 22.2 37.5 36.5 17.2 18.6 26.2 5.3 8.3 24.1

29.3 39.0 28.2 20.7 41.0 29.8 33.8 17.9 20.0 8.5 7.0 28.1

21.3 29.1 23.1 14.0 25.5 25.8 17.3 11.9 9.6 9.0 6.0 14.6

18.5 27.1 18.1 14.0 20.9 21.1 13.3 10.2 7.7 6.1 5.5 11.2

(5.5) 16.9 (57.7) 4.4 8.1 7.7 2.2 2.5 3.5 1.1 1.0 2.4

17.7 14.4 55.2 3.9 7.0 6.5 2.2 2.3 3.1 1.0 0.9 2.1

1.0 1.2 0.0 2.0 0.5 1.1 0.0 2.7 1.1 0.1 0.0 0.8

1.4 1.3 1.4 2.2 0.7 1.3 0.0 3.1 0.8 2.9 0.0 0.7

4.7 nc nc nc nc nc nc nc 99.1 nc 42.6 nc

22.4 47.6 na 21.5 12.5 23.6 19.1 13.9 14.3 23.5 16.1 9.3

22.2 52.2 na 20.1 11.9 24.1 6.6 13.4 16.4 12.0 14.5 7.4

23.5 32.0 39.2 17.8 6.0 19.7 10.3 10.3 4.8 8.2 8.1 5.5

26.1 38.2 46.7 17.0 6.0 20.0 4.4 9.9 5.4 4.2 8.3 4.3

(185.0) 61.8 (985.3) 24.3 4.0 37.0 14.4 25.8 14.5 0.5 8.7 13.7

26.6 59.5 na 24.5 13.3 27.7 20.5 23.7 7.8 27.0 9.6 10.1

32,211 8,090 7,596 3,017 7,531 3,120 1,293 726 568 270

18,588 5,353 4,329 1,920 2,504 2,225 1,058 635 407 158

22,013 6,045 5,022 2,227 3,953 2,420 776 683 703 183

7.9 10.6 7.8 19.9 (23.2) 2.1 41.1 1.1 4.6 5.9

12.0 12.9 16.0 16.0 57.9 8.8 (35.3) 7.7 11.0 15.9

29.3 44.5 23.9 43.7 24.8 27.5 22.0 20.8 25.6 44.0

25.8 39.4 20.6 37.7 15.7 25.3 34.0 19.4 23.1 38.0

18.6 0.1 14.8 29.6 9.5 19.0 17.2 15.6 21.2 27.5

16.2 0.0 13.1 25.0 8.4 16.9 17.4 13.4 17.9 21.0

5.5 56.0 3.5 10.3 2.6 4.9 5.8 3.5 6.7 8.8

4.7 43.2 3.2 8.2 2.4 4.4 5.0 3.1 7.0 7.5

1.6 2.1 1.8 1.3 2.1 1.8 0.9 2.0 1.4 0.5

2.0 2.4 2.1 1.5 3.3 1.7 0.6 2.1 3.5 0.7

26.0 16.8 39.5 nc 57.7 nc 53.4 nc nc 70.6

32.4 36.5 40.9 nc 96.6 nc 51.5 nc nc 52.5

19.2 130.2 15.5 25.3 11.2 18.5 31.0 17.8 28.4 21.7

19.6 123.6 16.3 24.3 16.1 18.2 18.7 16.9 43.7 21.4

11.4 42.3 9.4 18.5 3.6 11.4 11.2 12.6 19.5 10.4

11.5 41.4 9.4 18.3 4.6 10.8 6.9 12.0 34.0 9.4

24.4 109.7 12.8 38.1 15.1 31.7 14.8 38.0 48.2 20.4

19.9 109.8 11.7 31.4 8.3 26.5 19.4 31.9 29.6 13.9

3,244 855 883 872 634

3,171 900 551 906 814

2,126 101 744 691 591

2,687 652 651 638 746

0.0 (73.5) 58.1 (2.3) 45.1

0.0 537.9 (37.2) (7.7) 26.4

19.5 52.6 7.4 5.9 9.7

8.7 8.2 11.9 6.3 7.7

6.8 7.8 6.2 3.7 8.5

6.9 7.0 9.8 3.8 6.2

2.1 1.3 2.2 1.7 3.2

1.7 1.1 1.9 1.4 2.2

0.5 0.0 0.4 2.0 0.0

1.4 3.6 0.4 1.9 0.0

12.3 47.2 nc nc nc

9.7 37.2 nc nc nc

27.6 2.5 35.0 35.3 38.8

24.5 14.6 24.1 24.6 34.0

14.8 1.3 26.3 13.0 17.7

13.6 7.4 18.4 10.2 17.3

37.9 7.1 37.6 70.5 44.2

33.3 1.7 38.3 47.2 48.6

28,325 12,690 9,503 6,132

1,770 734 421 615

2,744 2,281 (250) 714

1,330 405 410 515

1,721 1,212 20 489

(54.2) (36.5) (86.3) 19.3

95.0 209.2 (61.0) (5.0)

65.8 91.4 26.5 13.6

33.9 29.6 68.1 14.3

15.9 18.2 12.8 11.1

23.7 10.2 84.5 9.2

1.7 2.1 0.8 1.4

1.6 1.8 0.9 1.4

1.3 0.8 0.6 4.0

2.2 2.5 0.0 3.5

5.8 0.1 31.2 nc

10.5 3.7 33.7 10.9

3.9 2.3 3.2 10.9

5.8 6.3 0.2 9.8

2.7 1.7 2.0 7.4

4.1 4.7 0.1 6.3

9.4 4.1 27.5 9.9

3.8 2.3 2.7 10.5

71,957 36,528 22,338 10,818.5 2,272

77,715 37,850 27,758 10,026.8 2,080

15,760 11,363 837 2,991 569

16,316 12,101 1,046 2,577 592

11,603 10,473 648 153 329

11,271 10,003 752 146 370

24.9 26.4 (0.2) 1.8 74.0

(3.2) (4.3) 16.0 10.5 14.4

19.9 13.2 28.2 88.7 14.9

19.3 13.8 24.3 80.3 13.0

11.0 10.6 18.6 5.4 8.7

9.6 9.2 15.6 6.3 7.5

2.1 2.0 3.8 1.3 2.2

1.6 1.4 3.5 1.2 1.9

3.9 4.6 2.4 0.3 1.0

3.7 4.4 1.6 0.3 1.3

16.8 nc 90.0 86.1 59.3

15.8 nc 67.2 112.7 44.4

31.1 36.3 14.7 1.5 16.1

33.9 39.7 15.0 1.5 16.3

17.2 20.8 4.9 0.5 2.3

17.2 20.7 5.1 0.5 2.3

47.0 56.3 15.7 0.8 9.5

40.8 49.3 9.1 0.8 11.4

(12.0) 2.7 (42.5) 47.7 nc

3.2 nc nc nc nc nc nc nc 54.7 nc 59.6 9.2

PLANTATIONS AALI IJ SIMP IJ LSIP IJ BWPT IJ ANJT IJ* SGRO IJ

N BUY BUY BUY BUY BUY BUY

26,075 900 2,130 1,140 1,305 2,150

35,000 1,200 2,700 1,800 1,650 2,600

1,575 15,816 6,823 4,504 3,333 1,890

20.3 21.6 40.5 30.8 10.0 33.0

83,376 41,061 14,235 14,533 5,134 4,350 4,064

161 41 15 74 29 0 2

35,276 12,675 13,280 4,134 1,144 1,685 2,359

46,776 20,247 15,602 4,549 1,664 1,653 3,060

6,203 3,005 1,586 818 326 268 201

9,222 4,240 2,409 1,117 625 383 448

3,661 1,801 524 769 182 266 119

6,050 3,097 1,018 961 366 349 259

(26.6) (25.3) (54.7) (31.1) (32.5) (49.9) (63.8)

70.6 71.9 94.4 25.0 93.4 30.7 117.1

23.3 22.8 27.2 18.9 27.1 15.9 34.1

13.8 13.3 14.0 15.1 14.0 12.2 15.7

11.8 12.1 8.0 13.2 18.1 8.7 12.8

8.4 8.6 5.9 9.8 10.3 7.6 8.2

2.9 4.1 1.0 2.2 2.3 1.1 1.5

2.4 3.4 1.0 2.0 2.0 1.2 1.5

1.8 2.0 1.5 1.6 0.6 3.1 2.1

2.9 3.4 2.9 2.0 1.1 4.1 3.2

29.2 20.4 42.2 nc 160.2 nc 42.6

25.6 11.8 41.3 nc 149.3 nc 72.6

13.2 19.0 3.8 11.9 9.4 6.3 4.5

19.3 28.1 7.2 13.8 15.6 8.3 9.5

9.2 13.2 1.9 9.9 3.3 5.5 2.8

12.9 18.8 3.5 11.6 5.4 7.3 5.2

21.6 28.2 7.3 27.0 6.9 14.0 11.2

12.3 16.6 2.9 15.9 3.6 8.4 3.3

POULTRY C PIN IJ JPFA IJ MAIN IJ

OW BUY BUY BUY

4,055 1,285 3,000

4,350 1,710 3,800

16,398 10,661 1,791

44.5 42.5 44.1

85,566 66,494 13,699 5,373

61 37 11 13

51,268 25,663 21,412 4,193

58,395 29,454 24,109 4,832

6,189 3,904 1,803 483

7,066 4,451 2,053 562

3,368 2,531 595 242

6,779 5,332 1,057 390

(10.1) (5.7) (40.0) (20.2)

27.9 21.7 77.7 61.3

25.4 26.3 23.0 21.0

19.7 21.6 13.0 13.0

14.8 16.2 9.1 10.9

13.3 14.6 7.9 9.5

5.9 6.7 2.6 4.2

4.7 5.4 2.2 3.2

1.2 1.2 1.4 1.0

1.1 1.1 0.9 1.7

38.0 17.5 111.8 103.1

31.4 16.0 89.6 73.2

25.7 28.0 12.4 31.2

42.4 47.7 18.3 37.8

15.5 18.0 4.6 12.0

26.8 31.8 6.7 16.3

30.8 34.7 14.0 25.8

20.8 24.3 6.2 15.2

N HOLD HOLD BUY BUY HOLD BUY HOLD HOLD

1,660 1,170 416 1,315 1,260 530 349 790

1,675 1,200 445 1,195 1,130 585 300 750

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

49.6 82.1 43.5 67.8 61.2 49.7 38.0 43.7

138,040 30,497 27,001 20,034 18,971 19,109 10,414 7,155 4,859

287 45 89 23 27 30 53 13 7

34,509 5,741 6,519 3,030 4,094 5,077 3,684 4,916 1,448

40,320 5,560 7,895 3,669 4,423 7,519 3,504 6,078 1,671

12,134 2,910 1,504 1,512 1,342 1,553 1,533 1,264 516

14,225 2,626 1,826 1,811 1,347 2,176 1,654 2,186 597

9,160 2,691 1,220 1,133 1,102 977 877 739 422

10,217 1,997 1,324 1,498 978 1,194 1,401 1,419 405

47.1 109.3 15.1 51.4 32.9 65.8 (27.1) (8.9) 40.5

11.3 (25.8) 8.5 32.3 (11.3) 22.3 59.8 92.0 (3.8)

16.2 10.8 22.1 17.7 17.2 19.6 11.9 9.7 11.5

15.3 14.5 20.4 13.4 19.4 16.0 7.4 5.0 12.0

11.9 10.0 17.5 11.6 12.7 10.8 8.5 6.8 10.2

10.6 10.3 15.1 9.5 13.1 7.5 7.8 4.7 9.3

3.0 2.8 2.1 5.2 4.3 3.0 2.0 1.3 1.2

2.6 2.5 1.9 3.9 3.8 2.6 1.6 1.0 1.1

1.6 1.9 1.1 1.1 2.0 1.5 2.1 2.1 2.6

1.8 1.4 1.2 1.5 1.8 1.9 3.4 4.0 2.5

13.7 nc 26.4 nc nc nc 63.0 55.2 26.7

15.2 nc 33.8 nc nc nc 50.4 68.2 34.8

21.9 29.7 10.3 33.4 27.3 16.3 18.0 13.9 10.8

19.4 18.2 9.8 33.2 20.7 17.5 24.4 22.7 9.7

8.8 13.7 4.3 13.4 9.0 5.6 6.9 4.3 6.2

7.7 8.6 3.9 14.3 6.9 5.5 9.6 7.0 5.1

21.7 28.2 8.9 22.2 35.9 14.5 34.4 12.3 9.2

23.2 35.7 8.2 32.2 32.8 19.5 13.3 9.2 9.6

450

400

15,775

20.0

PROPERTY BSDE IJ LPKR IJ PWON IJ SMRA IJ C TRA IJ ASRI IJ APLN IJ C TRP IJ STEEL KRAS IJ*

UW REDUC E

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

OW * HOLD BUY BUY BUY HOLD

TRANSPORTATION N TAXI IJ BUY ASSA IJ BUY Market N Note: *USD reporting **Post rights issue

2,650 5,425 4,000 3,795 810 1,320

* 5,500 4,400 4,800 800 1,325

100,800 8,534 10,203 5,434 6,381 2,900

48.8 33.5 61.0 20.7 45.2 39.7

1,200 259

1,800 313

2,146 3,398

49.0 40.0

7,099 7,099

2 2

25,368 25,368

25,104 25,104

261 261

(170) (170)

188 188

337,550 267,120 40,812 20,622 5,169 3,828

342 292 15 0 4 9 21

154,496 82,967 21,265 3,197 23,855 10,485 12,727

235,609 88,882 88,882 3,798 25,333 13,781 14,933

32,966 25,996 2,901 1,724 1,418 437 490

(485) (485)

36,970 29,946 1,751 2,084 1,976 622 591

13,268 14,205 1,033 169 (2,782) 295 349

17,986 15,583 242 1,258 96 405 403

3,455 2,575 880 3,362,435

22 22 0 4,201

1,681 687 994 1,485,415

2,077 865 1,213 1,712,110

439 221 218 275,450

552 293 260 312,973

217 133 85 191,283

260 161 99 227,424

na na

36.2 36.2

64.2 64.2

17.6 17.6

0.6 0.6

0.6 0.6

0.0 0.0

0.0 0.0

79.1 79.1

106.1 106.1

(1.3) (1.3)

1.6 1.6

(0.8) (0.8)

0.8 0.8

(1.2) (1.2)

(0.9) (0.9)

(24.3) 10.5 (62.6) (51.4) na 29.2 (19.5)

13.8 13.8

67.0 9.7 (76.1) 646.3 na 23.7 15.6

na na

44.1 18.8 44.8 242.1 (7.4) 16.5 11.0

30.7 17.1 187.1 32.4 210.8 13.4 9.5

7.9 6.5 1.9 18.3 4.1 13.6 9.4

6.9 5.8 2.2 15.5 3.7 9.8 7.7

5.0 4.4 3.0 11.2 1.3 3.2 1.4

4.2 3.8 3.0 8.4 1.4 3.5 1.3

2.1 3.1 1.0 0.0 (6.7) 1.7 3.6

2.5 2.9 0.5 0.0 1.0 2.3 4.2

40.8 6.4 107.9 213.8 136.3 70.9 39.8

32.6 5.2 136.2 164.2 117.6 74.1 35.1

20.2 25.3 6.7 4.8 (16.0) 23.6 13.1

23.1 23.9 1.6 29.6 0.6 27.4 14.0

9.5 11.9 2.7 1.2 (5.1) 12.3 7.8

10.5 11.8 0.6 7.9 0.2 12.0 7.7

19.7 23.4 10.7 4.1 1.0 24.4 15.8

18.8 23.6 3.4 1.5 (7.5) 18.1 10.3

68.8 67.1 82.1 3.0

20.9 21.5 16.6 14.9

17.1 19.4 10.4 21.8

14.2 16.0 8.9 18.1

6.9 7.8 4.4 9.3

5.9 6.5 4.1 8.2

2.7 3.2 1.1 3.2

2.3 2.8 1.0 4.0

1.0 1.4 0.0 2.1

1.3 1.7 0.0 2.4

92.7 74.7 145.5 17.2

109.5 90.5 165.1 16.7

16.1 17.9 10.9 22.0

16.9 18.8 11.4 22.5

6.2 7.0 3.9 9.3

6.7 7.6 4.0 10.0

6.0 7.3 2.0 6.7

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

Source: Bloomberg, Bahana estimates

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

5

8.3 9.5 4.7 15.6

Asiamoney’s 2013 Best Domestic Equity House

AGM & EGM SCHEDULE Corporate Actions AEGM EGM EGM AGM

Ticker HITS IJ BWPT IJ MERK IJ OMRE IJ

Corporate Humpuss Intermoda Transportasi BW Plantation Merck Indonesia Prima Property

Date 07/23/14 07/23/14 07/23/14 07/26/14

Time 15:00 10:00 14:00 14:00

Source: Bloomberg

DIVIDEND SCHEDULE Corporate Dyandra Media International Mandala Multifinance Tbk Pt Indofood Sukses Makmur Tbk P Fastfood Indonesia Pt Bank Nusantara Parahyangan Pakuwon Jati Tbk Pt Colorpak Indonesia Tbk Pt Alkindo Naratama Tbk Pt Perdana Gapuraprima Tbk Pt Fortune Indonesia Tbk Pt Bali Towerindo Sentra Tbk Pt Pool Advista Indonesia Tbk Ultrajaya Milk Ind & Trading Asuransi Dayin Mitra Tbk Pt Tifa Finance Tbk Pt Sepatu Bata Pt Citra Marga Nusaphala Per Pt Indomobil Sukses Internasion Indomobil Multi Jasa Tbk Pt Panca Global Securities Tbk Asuransi Bintang Pt Bfi Finance Indonesia Tbk Pt Tempo Scan Pacific Tbk Pt Multistrada Arah Sarana Tbk Modern Internasional Tbk Pt Gema Grahasarana Tbk Pt Duta Pertiwi Nusantara Pt Eterindo Wahanatama Tbk Pt Panorama Sentrawisata Tbk Pt Express Transindo Utama Tbk Lionmesh Prima Tbk Pt Lion Metal Works Pt Duta Anggada Realty Tbk Pt Gudang Garam Tbk Pt Trans Power Marine Pt Tbk Source: Bloomberg

Price* (IDR) 194 785 7,100 2,330 1,480 404 655 685 207 1,130 2,315 1,950 3,950 815 206 955 3,485 4,695 735 205 530 2,330 2,885 304 660 379 404 300 493 1,195 7,100 12,000 610 52,475 340

Cash (IDR) 3 19.5 142 30 16 4.5 0.0018 1.5 2 10 35 10 12 57 9 13.47 10 19 5.6 10 25 122.21 75 1 2 7 20 1.62 8.18 12 200 400 28 800 11

Yield* (%) 1.5 2.5 2.0 1.3 1.1 1.1 0.0 0.2 1.0 0.9 1.5 0.5 0.3 7.0 4.4 1.4 0.3 0.4 0.8 4.9 4.7 5.2 2.6 0.3 0.3 1.8 5.0 0.5 1.7 1.0 2.8 3.3 4.6 1.5 3.2

Ex date

Record date

Payment date

Ticker

07/15/14 07/15/14 07/16/14 07/16/14 07/16/14 07/18/14 07/18/14 07/18/14 07/18/14 07/18/14 07/18/14 07/18/14 07/21/14 07/21/14 07/21/14 07/21/14 07/21/14 07/21/14 07/21/14 07/23/14 07/24/14 07/25/14 07/25/14 08/04/14 08/05/14 08/05/14 08/05/14 08/05/14 08/05/14 08/06/14 08/07/14 08/07/14 08/07/14 08/07/14 08/08/14

07/17/14 07/17/14 07/18/14 07/18/14 07/18/14 07/22/14 07/22/14 07/22/14 07/22/14 07/22/14 07/22/14 07/22/14 07/23/14 07/23/14 07/23/14 07/23/14 07/23/14 07/23/14 07/23/14 07/25/14 08/04/14 08/05/14 08/05/14 08/06/14 08/07/14 08/07/14 08/07/14 08/07/14 08/07/14 08/08/14 08/11/14 08/11/14 08/11/14 08/11/14 08/12/14

08/06/14 08/07/14 08/08/14 08/05/14 08/08/14 08/12/14 08/12/14 08/12/14 08/12/14 08/12/14 08/12/14 08/12/14 08/11/14 08/12/14 08/13/14 08/13/14 08/13/14 08/08/14 08/07/14 08/15/14 08/18/14 08/19/14 08/19/14 08/20/14 08/21/14 08/21/14 08/21/14 08/21/14 08/21/14 08/22/14 08/25/14 08/25/14 08/25/14 08/25/14 08/26/14

DYAN IJ MFIN IJ INDF IJ FAST IJ BBNP IJ PWON IJ CLPI IJ ALDO IJ GPRA IJ FORU IJ BALI IJ POOL IJ ULTJ IJ ASDM IJ TIFA IJ BATA IJ CMNP IJ IMAS IJ IMJS IJ PEGE IJ ASBI IJ BFIN IJ TSPC IJ MASA IJ MDRN IJ GEMA IJ DPNS IJ ETWA IJ PANR IJ TAXI IJ LMSH IJ LION IJ DART IJ GGRM IJ TPMA IJ

*as per closing price 11 July 2014

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

6

Asiamoney’s 2013 Best Domestic Equity House

Actual and upcoming IPOs, 2013-2014 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 49 50 51 52 53 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 2014 total

Date

Company name

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

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

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 Airasia Indonesia Andira Agro Asia Mangan Group Bank DKI Bank Kesejahteraan Ekonomi Bank Muamalat Bank Sumatera Utara Bank Syariah Mandiri Blue Bird Group Daya Mitra Telekomunikasi Daya Mandiri Resources Indonesia Dutapalma Nusantara 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 Soechi Lines Sriboga Raturaya

Industry 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 Banking Insurance Transporation Banking Construction Construction material Entertainment Entertainment Transportation Paper manufacture Telecommunication Manufacture Finance Finance Coal Property Bank Airlines Plantations Mining Banking Banking Banking Banking Banking Transportation Telecommunication Coal mining Plantations 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 Trading 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 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

20.0

800 2,438

20.0 49.0

1,000

2,760 500 500 31,886

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

7

Asiamoney’s 2013 Best Domestic Equity House

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

8

Asiamoney’s 2013 Best Domestic Equity House

1Q14 Results Round-ups to consensus No Company 1 Ace Hardware Indonesia 2 Adaro Energy 3 Adhi Karya 4 Agung Podomoro Land 5 AKR Corporindo 6 Alam Sutera 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 Mandiri 15 Bank Negara Indonesia 16 Bank Pem. Daerah Jabar & Banten 17 Bank Pem. Daerah Jawa Timur 18 Bank Rakyat Indonesia 19 Bank Tabungan Negara 20 Bank Tabungan Pensiunan Nasional 21 Bekasi Fajar Industrial Estate 22 Bukit Asam 23 Bumi Serpong Damai 24 Cardig Aero Services 25 Charoen Pokphand Indonesia 26 Ciputra Development 27 Ciputra Property 28 Citra Marga Nusapala 29 Ekspress Transindo Utama 30 Erajaya Swasembada 31 Gajah Tunggal 32 Garuda Indonesia 33 Gudang Garam 34 Harum Energy 35 Hero Supermarket 36 Holcim Indonesia 37 Indocement 38 Indofood CBP Sukses Makmur 39 Indofood Sukses Makmur 40 Indomobil Sukses International 41 Jasa Marga 42 Kalbe Farma 43 Kawasan Industri Jababeka 44 Krakatau Steel 45 Lippo Cikarang 46 Lippo Karawaci 47 Malindo Feedmill 48 Matahari Department Store 49 Medco Energy 50 Media Nusantara Citra 51 Mitra Adiperkasa 52 Nippon Indosari Corpindo 53 Pembangunan Perumahan 54 PP London Sumatra Indonesia 55 Ramayana Lestari Sentosa 56 Salim Ivomas Pratama 57 Sampoerna Agro 58 Semen Gresik 59 Sido Muncul 60 Sri Rejeki Isman 61 Summarecon Agung 62 Supra Boga Lestari 63 Surya Citra Media 64 Surya Semesta Internusa 65 Tambang Batubara Bukit Asam 66 Telekomunikasi Indonesia 67 Tempo Scan Pacific 68 Total Bangun Persada 69 United Tractors 70 Vale Indonesia 71 Waskita Karya 72 Wijaya Karya 73 Wijaya Karya Beton 74 Wintermar Offshore Marine Source: Bloomberg, Company, Bahana estimates

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

Actual 161.6 211 70 400 222 334 930 4874 7 317 11554 5377 413 12777 8159 1463 833 14264 1655 1876 87 625 612 78 826 380 95 144 36 119 269 -168 2151 11.1 51 342 1240 845 2007 40 689 643 265 -19 253 513 65 263 61 515 122 75 139 352 32 493 106 1639 119.5 204 353 3 423 96 625 7043 278 46 2118 33 69 279 114 13.8

Operating profit (IDRbn) Consensus (%) 641 25.2 577 36.6 1,111 6.3 1,619 24.7 1,240 17.9 1,336 25 3,720 25 20,058 24.3 na na 1,174 27 39,299 29.4 20,841 25.8 1,665 24.8 57,040 22.4 31,747 25.7 5,584 26.2 2,882 28.9 60,186 23.7 7,259 22.8 8,450 22.2 829 10.5 2,358 26.5 2,419 25.3 na na 4,489 18.4 2,184 17.4 646 14.7 na Na 277 13 589 20.2 1,546 17.4 89 (189.4) 7,655 28.1 74 15 na Na 1,943 17.6 6,596 18.8 3,327 25.4 8,651 23.2 909 4.4 3,076 22.4 3,062 21 957 27.7 na na 781 32.4 2,466 20.8 607 10.7 2,174 12.1 210 29 2,877 17.9 891 13.7 269 27.9 1,376 10.1 1,107 31.8 492 6.5 2,153 22.9 558 19 7,484 21.9 na na 810 25.2 1,459 24.2 59 5.1 2,180 19.4 1,043 9.2 2,358 26.5 29,469 23.9 na na 288 16 6,832 31 220 15 793 8.7 1,368 20.4 440 25.9 52 26.4

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

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

Actual 137 128 16 296 179 310 785 4727 4 246 3665 875 326 4925 2393 326 312 5935 341 493 90 536 489 22 661 228 30 118 29 80 335 -164 1416 10.8 55 324 1129 689 1373 75 376 493 303 -46 228 339 58 123 4 389 46 61 61 224 41 193 55 1303 115.9 115 275 6 318 12 536 3649 252 38 1576 18 7 168 80 8.3

Net profit (IDRbn) Consensus (%) 535 25.6 218 58.8 421 3.8 958 30.9 869 20.6 1,123 27.6 2,532 31 20,642 22.9 na na 932 26.4 16,075 22.8 4,127 21.2 1,417 23 20,020 24.6 9,572 25 1,417 23 948 32.9 23,458 25.3 1,731 19.7 2,336 21.1 720 12.5 1,842 29.1 2,038 24 na na 3,355 19.7 1,213 18.8 500 6 na na 158 18.3 388 20.6 1,077 31.1 50 -331 4,986 28.4 42 25.5 na na 1,153 28.1 5,155 21.9 2,610 26.4 4,136 33.2 915 8.2 1,686 22.3 2,315 21.3 662 45.8 na na 792 28.8 1,584 21.4 426 13.6 1,618 7.6 18 22.7 2,149 18.1 442 10.4 214 28.5 492 12.4 900 24.9 477 8.6 894 21.6 322 17.1 5,869 22.2 na na 437 26.3 1,155 23.8 50 11.9 1,665 19.1 750 1.6 1,842 29.1 15,332 23.8 na na 228 16.7 4,776 33 316 5.7 412 1.7 709 23.7 307 26.1 32 26.1

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

9

Asiamoney’s 2013 Best Domestic Equity House

Research: +62 21 250 5081

Harry Su [email protected] Senior Associate Director Head of Equities & 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

Salman Fajari Alamsyah [email protected] Research Analyst Property, Industrial estate, Cement ext 3605

Jennifer Frederika Yapply [email protected] Research Analyst Coal, Metals, Poultry, Shipping ext 3606

Maxi Liesyaputra [email protected] Research Analyst Construction, Toll Roads, Steel, Oil and Gas ext 3615

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

Chandra Widjanarka [email protected] Technical Analyst, Transportation ext 3609

Laurensius Teiseran [email protected] Research Associate ext 3601

William Tong [email protected] Research Associate ext 3604

Robin Sutanto [email protected] Research Associate ext 3620

Adi Saputra [email protected] Research Associate ext 3693

AdiAyu Saputra Made Wijayati [email protected] [email protected] Research Associate Executive ext ext 3693 3607

Arga Samudro [email protected] Economist ext 3602

Adrian Mahendra Putra [email protected] Research Associate ext 3614

Nuriah Sari [email protected] Research Executive ext 3001

Zefanya Angeline Halim [email protected] Corporate Access & Client Relations ext 3612

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

+62 21 250 5508 (Domestic Institutional)

+62 31 535 2788 (Surabaya Branch)

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

Suwardi Widjaja [email protected] Equity Sales ext 2548

Reynard Poernawan [email protected] Institutional Equity Sales ext 2528

Nurul Farida [email protected] Equity Sales ext 2543

Hanna Marionda [email protected] Sales Trader ext 2525

Ari Santosa [email protected] Sales Trader ext 2554

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

10

Asiamoney’s 2013 Best Domestic Equity House

Disclaimer This publication is prepared by PT.Bahana Securities and reviewed by Daiwa Securities Group Inc. and/or its affiliates, and distributed outside Indonesia by Daiwa Securities Group Inc. and/or its affiliates, except to the extent expressly provided herein. Certain copies of this pu blication may be distributed inside and outside of Indonesia by PT. Bahana Securities in accordance with relevant laws and regulations. This publication and the contents hereof are intended for information purposes only, and may be subject to change without further notice. Any use, disclosure, distribution, dissemination, copying, printing or reliance on this publication for any other purpose without our prior consent or approval is strictly prohibited. Any review does not constitute a full verification of the publication and merely provides a minimum check. 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Daiwa Securities Group Inc., its subsidiaries or affiliates, or its or their respective directors, officers and employees from time to time may have trades as principals, or have positions in, or have other interests in the securities of the company under research including derivatives in respect of such securities or may have also performed investment banking and other services for the issuer of such securities. The following are additional disclosures. Japan Daiwa Securities Co. Ltd. and Daiwa Securities Group Inc. Daiwa Securities Co. Ltd. is a subsidiary of Daiwa Securities Group Inc. 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: Tosei Corporation (8923 JP); Modern Land (China) Co. Ltd (1107 HK); China Everbright Bank Company Limited (6818 HK); econtext Asia Ltd (1390 HK); Lotte Shopping Co (023530 KS); Rexlot Holdings Ltd (555 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: PT Telekomunikasi Indonesia (Persero) Tbk (TLKM IJ); Garuda Indonesia (Persero) (GIAA IJ); Wijaya Karya Beton Tbk PT (WTON 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. Ownership of Securities For “Ownership of Securities” information, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. Investment Banking Relationship For “Investment Banking Relationship”, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. 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. DHK market making DHK may from time to time make a market in the securities covered by this research. 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 Stockbroking 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. Ownership of Securities For “Ownership of Securities” information, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. India This research is distributed by Daiwa Capital Markets India Private Limited (DAIWA) which is an intermediary registered with Securities & Exchange Board of India. This report is not to be considered as an offer or solicitation for any dealings in securities. While the information in this report has been compiled by DAIWA in good faith from sources believed to be reliable, no representation or warranty, express of implied, is made or given as to its accuracy, completeness or correctness. DAIWA its officers, employees, representatives and agents accept no liability whatsoever for any loss or damage whether direct, indirect, consequential or otherwise howsoever arising (whether in negligence or otherwise) out of or in connection with or from any use of or reliance on the contents of and/or omissions from this document. Consequently DAIWA expressly disclaims any and all liability for, or based on or relating to any such

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Asiamoney’s 2013 Best Domestic Equity House

information contained in or errors in or omissions in this report. Accordingly, you are recommended to seek your own legal, tax or other advice and should rely solely on your own judgment, review and analysis, in evaluating the information in this document. The data contained in this document is subject to change without any prior notice DAIWA reserves its right to modify this report as maybe required from time to time. DAIWA is committed to providing independent recommendations to its Clients and would be happy to provide any information in response to any query from its Clients. This report is strictly confidential and is being furnished to you solely for your information. The information contained in this document should not be reproduced (in whole or in part) or redistributed in any form to any other person. We and our group companies, affiliates, officers, directors and emplo yees may from time to time, have long or short positions, in and buy sell the securities thereof, of company(ies) mentioned herein or be engaged in any other transactions involving such securities and earn brokerage or other compensation or act as advisor or have the potential conflict of interest with respect to any recommendation and related information or opinion. DAIWA prohibits its analyst and their family members from maintaining a financial interest in the securities or derivatives of any companies that the analyst cover. This report is not intended or directed for distribution to ,or use by any person, citizen or entity which is resident or located in any state or country or jurisdiction where such publication, distribution or use would be contrary to any statutory legislation, or regulation which would require DAIWA and its affiliates/ group companies to any registration or licensing requirements. The views expressed in the report accurately reflect the analyst’s personal views about the securities and issuers that are subject of the Report, and that no part of the analyst’s compensation was, is or will be directly or indirectly, related to the recommendations or views expressed in the Report. This report does not recommend to US recipients the use of Daiwa Capital Markets India Private Limited or any of its non – US affiliates to effect trades in any securities and is not supplied with any understanding that US recipients will direct commission business to Daiwa Capital Markets India Private Limited. 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 Capital Markets Europe Limited 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, Eurex and NYSE Liffe. Daiwa Capital Markets Europe Limited and/or its affiliates may, from time to time, to the extent permitted by law, participate or invest in other financing transactions with the issuers of the securities referred to herein (the “Securities”), perform services for or solicit business from such issuers, and/or have a position or effect transactions in the Securities or options thereof and/or may have acted as an underwriter during the past twelve months for the issuer of such securities. In addition, employees of Daiwa Capital Markets Europe Limited and/or its affiliates may have positions and effect transactions in such securities or options and may serve as Directors of such issuers. Daiwa Capital Mar kets Europe Limited may, to the extent permitted by applicable UK law and other applicable law or regulation, effect transactions in the Securities before this material is published to recipients. 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. Regulatory disclosures of investment banking relationships are available at https://daiwa3.bluematrix.com/sellside/Disclosures.action. 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 (telephone 212-612-7000). Ownership of Securities For “Ownership of Securities” information please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .

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Asiamoney’s 2013 Best Domestic Equity House

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. 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 co mpanies under its research coverage. Bahana Securities market making Bahana Securities may from time to time make a market in securities covered by this research. 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.  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

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