Beacon Indonesia Morning Brief

Asiamoney's 2013 Best Domestic Equity House 2014 Asiamoney’s Finance 2013 Asia's Best Best Domestic Equity House Equity House Alpha Southeast Asia 2...
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Asiamoney's 2013 Best Domestic Equity House

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

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

Beacon

CORPORATE FLASH

INDICES

Gudang Garam (GGRM IJ): Still smokin’ Analyst: Harry Su Earnings upgrades on strong 3Q15 bottom line jump of 28% y-y Operating margins rebounded on well-contained operating costs Outlook: Gradual px hikes; Stable raw materials prices; No major capex

TODAY’S NEWS POLITICS  Prabowo, allies throw weight behind Setya  Delayed selection to cripple Corruption Commission ECONOMICS  Govt: To delay 7th stimulus package and prepare team for TPP negotiations

 BI: Govt capital expenditure only contributed 0.6% to the economy  Indonesia optimistic on AEC possibilities  FSA: To release shariah asset-backed securities (EBA) provision INDUSTRY  Gaikindo expects 2016 4W sales to reach around 1.05-1.1mn units      

23 November 2015

IDX: 4,561 (+0.9%) Turnover: IDR3.5tn (-5.7%) Foreign net BUY: IDR146bn (-320.7%)

Indonesia Morning Brief

  

2015 Global Banking & Finance Review Best Research House

(5-10% y-y) UBER to start a legal company in Indonesia; License from BKPM expected by early 2016 Indonesian CPO: October production reached 3mn tons, -3% m-m Biodiesel: Pertamina has signed total contracts of IDR11tn; May export diesel next year Lion Air incident to be investigated by the DGCA Foreign ownership in local e-commerce may be capped December gasoline imports to fall below 7mn bbl; RON 88 2016 consumption to drop 11% y-y ESDM state coal mining companies cut their production by 20% in 2015

Asia Last Chg% Hang Seng (HK) 22,754.7 1.1 IDX (Indonesia) 4,561.3 0.9 KLCI (Mal.) 1,661.9 0.1 KOSPI (Korea) 1,989.9 0.0 Nikkei (Japan) 19,879.8 0.1 PCOMP (Phil.) 6,932.8 1.6 SENSEX (India) 25,918.2 0.5 SET (Thailand) 1,394.7 0.7 SHCOMP (China) 3,630.5 0.4 SHENZHEN (China) 2,285.8 1.3 STI (Singapore) 2,914.6 (0.2) TWSE (Taiwan) 8,465.5 (0.1) VNI (Vietnam) 604.5 0.4 Europe, USA and Ems CAC 40 (France) 4,911.0 (0.1) DAX (Germany) 11,119.8 0.3 Dow Jones (USA) 17,823.8 0.5 FTSE 100 (UK) 6,334.6 0.1 IBOV (Brazil) 48,138.9 1.5 MEXBOL (Mexico) 44,895.0 0.6 NGSEINDX (Nigeria) 28,131.3 (0.3) Nasdaq (USA) 5,104.9 0.6 RTSI (Russia) 888.4 0.5 S&P 500 (USA) 2,089.2 0.4 XU100 (Turkey) 80,681.7 0.3

ytd % y-y % (3.6) (2.5) (13.5) (11.3) (5.6) (8.8) 3.9 1.6 13.9 14.9 (4.1) (4.7) (5.5) (7.4) (6.9) (11.1) 12.2 48.0 61.5 70.0 (13.4) (12.1) (9.0) (6.8) 10.8 1.9 14.9 13.4 0.0 (3.5) (3.7) 4.1 (18.8) 7.8 12.3 1.5 (5.9)

13.0 14.3 0.1 (6.2) (14.2) 0.6 (17.1) 8.3 (16.1) 1.2 (3.1)

Source: Bloomberg

ETF, ADR & COMMODITIES

Last Chg% ytd % y-y % EEM US (USD) 35.1 1.0 (10.6) (17.2) EIDO US (USD) 21.3 1.7 (22.3) (24.3) TLK US (IDR) 2,893 2.2 (5.8) (7.8) Como Index (USD) 183.7 (0.2) (20.1) (31.7)  Coal (USD/t) 53.9 0.0 (13.6) (16.7) Corn (USD/mtn) 137.4 (0.3) (4.0) 1.0 CORPORATE Coffee (USD/t) 2,538.0 4.2 (22.2) (31.4)  PTPP cuts 2015 sales target to IDR15.6tn Copper (USD/t) 4,690.0 1.7 (26.2) (29.9)  SoE minister, Rini Soemarno, signals PGAS to take over Pertagas Cotton (USD/t) 1,323.7 (2.5) (0.4) 2.6 CPO Rott (USD/t) 610.0 0.0 (16.7) (19.2) pipelines 1,075.2 (0.7) (9.3) (10.5)  EXCL and ISAT to establish consortium to tender Palapa Ring II Gold (USD/oz.) Iron ore (USD/mtn) 45.3 (2.6) (34.6) (37.5) network procurement Milk (USD/cwt) 14.8 0.1 (9.2) (13.6)  AALI obtained an additional loan of IDR2.8tn Nickel (USD/t) 8,900.0 0.2 (40.4) (45.0)  SMRA sold out its 2 clusters in Bandung Oil Brent (USD/barrel) 44.4 0.5 (22.6) (44.8) Rice (IDR/kg) 5,054.0 0.0 0.0 6.7  Garuda Indonesia opens Bali-Guangzhou route Rubber (USD/t) 115.5 (0.3) (23.8) (24.7) Silver (USD/oz) 14.1 (1.0) (9.9) (14.2) Soybean oil (USD/t) 615.1 1.3 (12.7) (14.6) Steel (USD/t) 286.2 (0.3) (38.8) (39.0) ECONOMIC INDICATORS MARKET DATA Sugar (USD/t) 268.3 0.0 (22.3) (28.7) 14,795.0 1.3 (24.1) (25.2) 14A 15F 16F 14A 15F 16F Tins (USD/t) Wheat (USD/t) 180.0 (0.5) (20.8) (17.4) Cur acc bal (%GDP) (3.0) (2.0) (2.3) Op.prof.gwt.(%) 12.6 9.9 8.2 Source: Bloomberg, CEIC Fiscal bal (%GDP) (2.3) (2.2) (2.2) EPS growth (%) 10.3 (1.1) 10.7 CURRENCIES & RATES GDP growth (%y-y) 5.0 4.7 5.1 P/E (x) 21.9 21.9 20.8 Last Prev. Ytd % y-y % Private spending (%) 5.1 5.0 5.0 PEG (x) 2.1 na 2.0 AUD/1USD 0.723 0.719 13.1 19.3 Investment (%y-y) 4.1 3.3 5.3 EV/EBITDA (x) 12.2 11.6 11.0 EUR/1USD 1.064 1.073 13.7 17.0 Total exports (%y-y) 1.0 0.3 2.4 P/BV (x) 14.0 8.6 7.5 IDR/1USD 13,658 13,775 (9.3) (10.9) 122.87 122.90 Total imports (%y-y) 2.2 -4.1 1.7 P/BV exc. 3.5 3.1 2.7 JPY/1USD (2.6) (3.8) 0 0 1.413 1.414 (6.2) (7.8) Inflation (%y-y) 8.4 4.8 5.2 Div. Yield (%) 2.5 2.4 2.5 SGD/1USD 5.94 5.97 0.0 0.1 IDR/USD 12,385 14,000 14,500 Net gearing (%) 21.3 12.0 15.8 JIBOR (%) BI rate (%) 7.50 7.50 (0.3) 0.0 BI rate (% p.a.) 7.75 7.25 6.75 ROAE (%) 34.9 32.0 29.1 TD – 1 month (%) 7.12 7.07 (0.0) 0.1 Brent Oil (Usd/bbl) 57.3 55.0 57.0 ROAA (%) 14.2 12.3 12.0 CDS (bps) 212.61 213.61 32.6 48.7 FX reserve (USDb) 111.9 105.0 110.0 ROIC (%) 27.4 37.0 36.4 Source: Bloomberg Source: Bahana estimates

Source: Bahana estimates

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

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

POLITICS Prabowo, allies throw weight behind Setya Members of the opposition Red-and-White Coalition (KMP) convened on Friday evening at the private residence of Gerindra Party patron, Prabowo Subianto, in Bogor, West Java, in support of senior Golkar Party politician and House of Representatives Speaker, Setya Novanto, who has been repoted to the House ethics council for alleged misconduct regarding the Freeport case. (The Jakarta Post) Delayed selection to cripple Corruption Commission The House of Representatives has intentionally called off an important consultation meeting with the nowdefunct Corruption Eradication Commission (KPK) leadership-selection committee. As legislators are aware, the failure to nominate new candidates to replace the outgoing acting KPK commissioners would result in a vaccum of power in the antigraft body. (The Jakarta Post)

ECONOMICS Govt: To delay 7th stimulus package and prepare team for TPP negotiations President Joko Widodo’s administration has dropped plans to introduce a 7 th stimulus package aimed at propping the economy, and instead will review a previous policy package, Economic Affairs Minister, Darmin Nasution, stated. Separately, about the TPP, the government stated that despite strong ongoing opposition to Indonesia’s sudden expression of intent to joining the TPP, the government stated it is proceeding with preparations by establishing a special team to thoroughly review the trade-pact agreement. (The Jakarta Post) BI: Govt capital expenditure only contributed 0.6% to the economy BI stated that contribution of government capital expenditure to boost the economy is still low at 0.6% as 10M15 realization is low at 36% (IDR99.4tn) of its full-year target. (Investor Daily) Indonesia optimistic on AEC possibilities Indonesia is upbeat that it would be able to seize the opportunities offered by the ASEAN single market, as President Joko Widodo stated that Indonesia’s existing scorecard of 94.1% of implementation from the total 506 action lines in the AEC blueprint showed the country’s maximum effort to meet the requirement. (The Jakarta Post) FSA: To release shariah asset-backed securities (EBA) provision FSA released shariah asset-backed securities (EBA) provision, which added on FSA Regulation (POJK) no. 20/ FSA Regulation.04/2015 assigned on 10 November 2015 by Law Minister. (Kontan)

INDUSTRY Gaikindo expects 2016 4W sales to reach around 1.05-1.1mn units (5-10% y-y) Indonesia 4W association (Gaikindo) expects 2016 4W sales to reach 1.05mn (+5% y-y) to 1.1m (+10% yy) units supported by the recovery of the national economy. Gaikindo expects low cost green cars (LCGC) will dominate the automotive market in 2016. (Investor Daily).Bahana comment: We expect 2016 4W sales to reach 1.02mn units, flat y-y on the back of soft and gradual economic recovery. UBER to start a legal company in Indonesia; License from BKPM expected by early 2016 UBER, a transportation mobile-based application, is planning to start a legal company in Indonesia, in the form of a foreign investment firm. The company’s representative stated that the company has submitted a corporate investment license to the Coordinating Investment Board (BKPM), and expects the process would be completed in the beginning of 2016. (Jakarta Post) Indonesian CPO: October production reached 3mn tons, -3% m-m October’s palm-oil production reached 3mn tons, -3% m-m, while exports remains flat at 2.2mn tons, resulting in total September stocks of around 3mn tons, flat m-m. (Reuters)

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

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

Biodiesel: Pertamina has signed total contracts of IDR11tn; May export diesel next year Pertamina has signed some contracts with 11 companies for FAME (Fatty Acid Methyl Ester) production with total volumes around 1.84m kl. According to current MOPS, total contracts have reached around IDR11tn with the value expected to be volatile depending on the daily MOPS movements. In addition, Pertamina may begin exporting monthly diesel fuel next year of around 400k barrels as the company expects an oversupply condition due to biodiesel blending being mandatory. (Kontan, Jakarta Post) Lion Air incident to be investigated by the DGCA Indonesia Transportation Minister, Ignasius Johan stated that, the Directorate General of Civil Aviation (DGCA) will conduct an investigation as soon as possible following Lion Air incident on Saturday (21/11) at Soekarno-Hatta international airport. Note that, due to indefinite flight schedule delayed, Lion Air’s JT 898 passengers with route to Makassar boarded Lion Air’s JT 778 aircraft with the same route that will depart at 08:15 AM. Andy M Saladin, Lion group Public Relation Manager, stated that, the delay was caused by operational problems. Separately, following a chaotic incident in Soekarno-Hatta international airport on Saturday (21/11), Chappy Hakim, TNI Air Chief Marshal (retired), stated that the Transportation Ministry needs to suspend Lion Air’s license and carry out a full company audit investigation to mitigate further passenger endangerment. (Detik). Bahana comment: This incident will likely benefit Garuda Indonesia (GIAA IJ-BUY-IDR307-TP:460) as Lion controls approximately 40% of the domestic budget flights. (Detik) Foreign ownership in local e-commerce may be capped Foreign ownership in local e-commerce players will be capped to around 30-40% max with investments only in later-staged firms, according to to Srie Agustina, General Director of Domestic Trade of Ministerial Trade. This is to ensure the dominance of local players within the online marketplace. However, foreign investors that have invested more than 40% would not be required to reduce their stakes should the ruling be applied. (Kontan) December gasoline imports to fall below 7mn bbl; RON 88 2016 consumption to drop 11% y-y Pertamina is expected to import around 6.8mn barrels of gasoline in December, down from 8m barrels in November. The total comprises around 5.8mn barrels of RON 88 gasoline, 600k barrels of RON 92 finished gasoline and 400k barrels of RON 92 high octane mogas component. In other news, Pertamina expects its RON 88 gasoline/regular gasoline consumption to drop 11% y-y to 25mn kl in 2016. The company is pushing to increase sales of RON 90 Pertalite gasoline to 2.5mn kl (+ 733% y-y) in 2016 (Platts, Jakarta Globe) ESDM state coal mining companies cut their production by 20% in 2015 The Energy and Mineral Resources Ministry (ESDM) stated that Indonesian coal-mining companies had already cut their production by 20% in 2015 due to weak coal prices. In 10M15, coal production only reached 322.5mn mt, down 12.9% y-y and representing 78% of the 2015 production target. (Investor Daily)

CORPORATE PTPP cuts 2015 sales target to IDR15.6tn Pembangunan Perumahan (PTPP IJ-BUY-IDR3,875) has decided to cut its 2015 revenues target from IDR19.2tn to IDR15.6tn (Bahana: IDR17.2tn). PTPP cited that several property projects were put on hold due to weak financial and marketing positions. However, PTPP still maintains its 2015 net earnings target of IDR730bn (Bahana: IDR677bn) as well as 2015 new contracts target of IDR27tn (Bahana: IDR26.2tn). (Bisnis Indonesia) SoE minister, Rini Soemarno, signals PGAS to take over Pertagas pipelines State-owned minister, Rini Soemarno, signalled Perusahaan Gas Negara (PGAS IJ-REDUCE-IDR3,000TP:IDR2,500) would take over the Pertagas pipelines so that it could reduce gas-distribution competition as well support Indonesia’s 35GW power-plant project. (beritasatu.com) EXCL and ISAT to establish consortium to tender Palapa Ring II network procurement XL Axiata (EXCL IJ-BUY-IDR3,820-TP:IDR3,900), Indosat (ISAT IJ-BUY-IDR5,225-TP:IDR6,800) and PT Alita Praya Mita are set to establish a consortium to tender Palapa Ring II’s network procurement of USD230.64m. The winner of the tender will be announced in 1Q16. (Bisnis Indonesia) PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

3

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

AALI obtained an additional loan of IDR2.8tn Based on 9M15 financial results, Astra Agro Lestari (AALI IJ-REDUCE-IDR18,350-TP:IDR15,700) has obtained additional loan of IDR2.8tn, mainly to be allocated for operational funding, investment, salaries and fertilizer purchases. (Bisnis Indonesia) SMRA sold out its 2 clusters in Bandung Summarecon Agung’s (SMRA IJ-HOLD-IDR1,565) has sold out its 2 clusters in Summarecon Bandung, which contains 400 houses with around IDR800bn in marketing sales to be booked this year. (Investor Daily). Bahana comment: In 9M15, SMRA booked IDR3.0tn in marketing sales. Thus, we still maintain our marketing sales target of IDR4.3tn, 5% lower than management’s target of IDR4.5tn for this year. Garuda Indonesia opens Bali-Guangzhou route Starting 22 November 2015, Garuda Indonesia (GIAA IJ-BUY-IDR307-TP:460) will fly the DenpasarGuangzhou route three times a week. Syamsudddin Jusuf Souib, Garuda Indonesia’s (GIAA IJ-BUY-IDR307TP:460) General Manager of the Bali branch, stated that the route will provide easier access for Chinese tourists coming to Bali. Note that, according to data from Bali Central Statistic Agency (BPS), in September 2015 Chinese tourists accounted for 14.4 percent of 389,060 foreign tourist arrivals to Bali. (Jakarta Post)

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

4

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY

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

Source: Bloomberg, Bahana estimates

STOCK CODE

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

RATING

TARGET PRICE

Up/(Downside)(%)

11/20/2015

11/19/2015

CHANGE (%)

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

350 4,250 2,550 6,800 5,800 290 480 1,290 1,000 940 55,000 900 720 3,750 550 1,180 1,900 2,950 965 3,900 130 1,385 1,950 1,975 3,200 16,800 1,500 2,550 460

(6.7) 11.4 (17.1) 30.1 (16.5) 41 15.7 (17.6) (22.8) 52.8 7.3 (16.7) 109.9 28.6 70.8 58.4 39.7 (13.2) 2.7 2.1 18.2 7.8 14.0 13.8 10.2 30.2 25.5 11.4 49.8

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

585 450 2,300 700 14,900 2,020 46,000 18,200 610 500 17,200 800 1,450 1,480 152 2,900 680 750 5,550 3,710 1,100 220 3,600 108,000 1,060 8,000 300 560 12,500 5,100 1,150 2,000 860 6,100 850 740 9,800 6,250 6,600 2,200 6,200 1,450 540 275 120 16,400 1,300 700 630 300 15,700 800 420 800 17,500 3,000 795 10,000 1,500 7,800 8,200 270 776 3,000 2,500 700 2,000 500 2,500 28,800 764

5.4 0.7 102.6 282.5 13.3 20.6 23.5 13.9 (17.0) (33.3) 80.1 (0.6) 19.3 8.8 (21.6) 8.4 11.5 50.3 (11.9) (4.3) 69.2 (18.8) 22.4 16.1 10.4 7.7 (9.9) 42.1 13.6 21.1 (14.2) (23.2) 47.0 17.3 15.6 9.6 (14.0) 24.4 16.8 10.8 2.5 16.0 (66.5) (11.9) (11.8) (21.9) (7.8) (45.9) 58.7 (19.6) (14.0) 8.1 (2.8) 16.8 2.5 49.6 40.7 15.3 22.4 29.5 5.1 23.3 68.7 62.2 (16.7) 19.7 20.1 (6.5) 40.8 13.6 120.3

375 3,815 3,075 5,225 6,950 205 415 1,565 1,295 615 51,250 1,080 343 2,915 322 745 1,360 3,400 940 3,820 110 1,285 1,710 1,735 2,905 12,900 1,195 2,290 307 4,561 555 447 1,135 183 13,150 1,675 37,250 15,975 735 750 9,550 805 1,215 1,360 194 2,675 610 499 6,300 3,875 650 271 2,940 93,000 960 7,425 333 394 11,000 4,210 1,340 2,605 585 5,200 735 675 11,400 5,025 5,650 1,985 6,050 1,250 1,610 312 136 21,000 1,410 1,295 397 373 18,250 740 432 685 17,075 2,005 565 8,675 1,225 6,025 7,800 219 460 1,850 3,000 585 1,665 535 1,775 25,350 347

338 3,575 2,890 4,925 6,600 195 395 1,490 1,235 590 49,325 1,040 331 2,815 311 720 1,315 3,290 910 3,700 107 1,250 1,665 1,690 2,835 12,625 1,170 2,245 301 4,473 545 439 1,115 180 12,950 1,650 36,700 15,750 725 740 9,425 795 1,200 1,345 192 2,650 605 495 6,250 3,845 645 269 2,920 92,375 955 7,400 332 393 10,975 4,205 1,340 2,605 585 5,200 735 675 11,400 5,025 5,650 1,985 6,050 1,250 1,610 312 136 21,025 1,415 1,300 399 375 18,350 745 435 690 17,200 2,020 570 8,775 1,240 6,100 7,900 222 468 1,890 3,075 600 1,710 550 1,835 26,475 372

10.9 6.7 6.4 6.1 5.3 5.1 5.1 5.0 4.9 4.2 3.9 3.8 3.6 3.6 3.5 3.5 3.4 3.3 3.3 3.2 2.8 2.8 2.7 2.7 2.5 2.2 2.1 2.0 2.0 2.0 1.8 1.8 1.8 1.7 1.5 1.5 1.5 1.4 1.4 1.4 1.3 1.3 1.3 1.1 1.0 0.9 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.5 0.3 0.3 0.3 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.1) (0.4) (0.4) (0.5) (0.5) (0.5) (0.7) (0.7) (0.7) (0.7) (0.7) (0.9) (1.1) (1.2) (1.2) (1.3) (1.4) (1.7) (2.1) (2.4) (2.5) (2.6) (2.7) (3.3) (4.2) (6.7)

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

5

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Weekly) COMPANY

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

Source: Bloomberg, Bahana estimates

STOCK CODE

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

RATING

TARGET PRICE

Up/(Downside)(%)

11/20/2015

11/13/2015

CHANGE (%)

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

1,300 350 6,200 1,975 1,000 6,800 46,000 5,100 18,200 1,150 3,710 152 17,500 540 28,800 3,750 14,900 1,500 2,950 16,800 800 2,200 1,385 850 12,500 500 290 1,290 740 420 1,450 5,550 610

(11.0) 5.7 0.8 17.6 (14.9) 38.6 26.5 15.9 15.6 (14.2) (2.1) (20.8) (0.3) (66.7) 5.5 33.2 13.5 25.5 (10.6) 33.3 16.8 10.8 4.9 18.1 14.7 (33.3) 48.0 (10.4) 8.8 (3.4) 22.9 (12.3) (11.6)

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

585 3,000 2,020 16,400 300 450 6,100 1,180 55,000 700 10,000 680 3,200 3,900 8,200 15,700 270 2,550 1,480 130 2,550 220 6,600 800 965 17,200 9,800 6,250 1,060 4,250 2,000 1,450 750 2,900 2,000 630 275 1,900 5,800 1,950 3,000 1,100 720 3,600 776 1,500 560 700 795 940 2,500 300 8,000 7,800 460 500 900 800 860 2,500 480 764 550 2,300 700 120

11.4 59.6 22.8 (20.3) (5.4) 4.9 22.0 57.3 7.5 (45.9) 15.9 9.7 13.7 5.4 0.6 (14.4) 23.9 16.2 9.6 20.4 (8.1) (16.3) 25.1 8.1 4.9 80.1 (11.7) 28.7 9.8 24.5 (23.2) 14.2 53.1 10.9 17.3 49.3 (10.1) 46.2 (5.7) 18.9 55.8 67.9 114.9 33.1 62.0 26.6 41.8 26.1 34.7 63.5 34.4 (20.8) 11.1 31.6 52.8 (7.4) (10.0) 2.6 44.5 (4.2) 22.8 145.8 98.6 109.1 300.0 (11.8)

1,460 331 6,150 1,680 1,175 4,905 36,375 4,400 15,750 1,340 3,790 192 17,550 1,620 27,300 2,815 13,125 1,195 3,300 12,600 685 1,985 1,320 720 10,900 750 196 1,440 680 435 1,180 6,325 690 4,501 525 1,880 1,645 20,575 317 429 5,000 750 51,175 1,295 8,625 620 2,815 3,700 8,150 18,350 218 2,195 1,350 108 2,775 263 5,275 740 920 9,550 11,100 4,855 965 3,415 2,605 1,270 490 2,615 1,705 422 306 1,300 6,150 1,640 1,925 655 335 2,705 479 1,185 395 555 590 575 1,860 379 7,200 5,925 301 540 1,000 780 595 2,610 391 311 277 1,100 175 136

560 160 4,550 1,360 1,000 4,225 32,475 3,980 14,350 1,250 3,540 185 16,950 1,590 27,000 2,800 13,100 1,195 3,300 12,850 700 2,030 1,350 760 11,525 800 210 1,565 740 475 1,305 7,050 790 5,169 605 2,170 1,900 24,225 378 515 6,025 915 62,450 1,600 10,725 777 3,555 4,735 10,525 24,300 289 2,936 1,810 145 3,750 359 7,375 1,035 1,295 13,600 15,925 7,000 1,405 4,985 3,825 1,900 735 3,985 2,605 645 472 2,030 9,675 2,585 3,035 1,085 555 4,550 806 2,005 700 1,010 1,090 1,070 3,520 725 14,575 12,075 635 1,170 2,175 1,720 1,320 5,800 930 861 795 3,550 735 1,160

160.7 106.9 35.2 23.5 17.5 16.1 12.0 10.6 9.8 7.2 7.1 3.8 3.5 1.9 1.1 0.5 0.2 0.0 0.0 (1.9) (2.1) (2.2) (2.2) (5.3) (5.4) (6.3) (6.7) (8.0) (8.1) (8.4) (9.6) (10.3) (12.7) (12.9) (13.2) (13.4) (13.4) (15.1) (16.1) (16.7) (17.0) (18.0) (18.1) (19.1) (19.6) (20.2) (20.8) (21.9) (22.6) (24.5) (24.6) (25.2) (25.4) (25.5) (26.0) (26.7) (28.5) (28.5) (29.0) (29.8) (30.3) (30.6) (31.3) (31.5) (31.9) (33.2) (33.3) (34.4) (34.5) (34.6) (35.2) (36.0) (36.4) (36.6) (36.6) (39.6) (39.6) (40.5) (40.6) (40.9) (43.6) (45.0) (45.9) (46.3) (47.2) (47.7) (50.6) (50.9) (52.6) (53.8) (54.0) (54.7) (54.9) (55.0) (58.0) (63.9) (65.2) (69.0) (76.2) (88.3)

When a report covers six or more subject companies please access important disclosures for Daiwa Capital Markets Hong Kong Limited at http://www.daiwacm.com/hk/research_disclaimer.html or contact your investment representative or Daiwa Capital Markets Hong Kong Limited at Level 26, One Pacific Place, 88 Queensway, Hong Kong. 8Hong Kong

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

6

Asiamoney's 2013 Best Domestic Equity House

Ticker

Rating

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

Price (IDR)

TP (IDR)

Shares (m)

F ree float (%)

Mkt cap (IDRb)

Rev enue (IDRb) 2015F 2016F

2015 Institutional Investors Highest Ranked Local Research House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2014 Finance Asia's Best Equity House

Opt. profit (IDRb) 2015F 2016F

N BUY HOLD

307 1,340

460 1,150

25,869 2,087

14.9 56.6

10,738 7,942 2,797

59,049 57,368 1,680

68,925 67,019 1,905

1,468 1,050 418

2,022 1,526 496

UW REDUC E REDUC E BUY

6,300 2,605 585

5,550 2,000 860

40,484 2,765 3,485

49.8 10.5 40.3

264,289 255,046 7,204 2,039

214,474 182,293 19,852 12,330

223,517 189,408 20,874 13,234

18,301 17,183 239 879

19,123 17,938 242 943

Net profit (IDRb) 2015F 2016F 1,090 966 124

1,781 1,639 142

16,664 17,227 (132) (431)

18,062 18,075 (31) 18

2015 Global Banking & Finance Review Best Research House EPS growth (%) 2015F 2016F na na 12.2 (14.5) (10.2) (10.4) (259.6)

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

N BUY BUY HOLD BUY HOLD HOLD BUY BUY HOLD HOLD

13,150 11,000 8,675 5,200 2,940 2,675 1,225 735 432 675

14,900 12,500 10,000 6,100 3,600 2,900 1,500 850 420 740

24,655 24,669 23,333 18,649 9,585 5,840 10,582 9,696 14,918 9,087

50.8 43.2 40.0 40.0 32.5 50.8 39.9 25.0 25.7 40.4

971,433 324,213 271,361 202,417 96,973 28,179 15,623 12,963 7,127 6,444 6,133

266,571 48,666.7 66,953 62,897 37,239 20,653.2 8,452 7,439 6,392 3,632.8 4,247

292,604 52,849.7 73,440 69,286 41,101 21,840.5 9,489 8,816 6,898 4,051.7 4,832

100,369 22,474.4 28,314 26,068 11,142 3,623.3 2,444 2,215 1,432 1,290.1 1,366

110,373 25,116.4 31,205 26,665 13,411 4,016.6 2,665 2,686 1,599 1,480.7 1,528

81,253 18,176.4 24,426 20,004 9,313 2,612.6 1,822 1,663 1,227 942.2 1,067

89,331 20,308.1 26,815 20,330 11,165 2,998.2 1,987 2,084 1,368 1,081.5 1,194

1.9 10.2 0.8 0.7 (13.6) 0.3 (1.7) 49.1 9.5 0.3 47.3

CEMENT SMGR IJ INTP IJ SMC B IJ SMBR IJ

UW HOLD REDUC E REDUC E REDUC E

11,400 21,000 1,080 333

9,800 16,400 900 300

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

49.0 36.0 19.4 23.8

156,477 67,619 77,306 8,276 3,276

55,798 26,544.5 17,473 10,397 1,383

57,902 27,485.9 18,073 10,919 1,424

11,729 5,611.7 4,768 1,043 306

11,856 5,594.2 4,834 1,148 280

9,461 4,352.2 4,340 414 355

9,604 4,503.0 4,351 472 279

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

UW REDUC E BUY REDUC E BUY REDUC E

17,075 585 7,425 6,025 805

17,500 700 8,000 7,800 800

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

40.5 43.0 34.8 29.3 29.3

106,852 63,692 18,712 8,390 13,882 2,176

135,550 50,923.3 40,264 24,892 13,773 5,698.0

138,557 51,550.7 40,861 25,926 14,158 6,061.0

16,088 8,134.3 3,682 2,254 1,948 70.0

14,824 8,197.9 3,205 1,914 1,537 (29.0)

15,448 6,552.9 1,666 5,562 1,653 14.0

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

N BUY BUY BUY BUY REDUC E BUY BUY

5,025 2,905 3,875 1,735 940 2,290 650

6,250 3,200 3,710 1,975 965 2,550 1,100

6,800 6,149 4,842 13,570 8,715 3,561 3,410

30.0 34.9 49.0 33.9 38.0 74.2 33.7

112,905 34,170 17,863 18,764 23,544 8,193 8,154 2,217

67,118 7,883.4 12,150 17,338 15,138 2,526.6 9,744 2,337.8

81,445 9,135.6 14,875 20,420 19,354 3,347.0 11,695 2,618.1

8,855 3,019.3 1,297 1,816 1,328 291.8 877 225.6

10,810 3,535.5 1,718 2,157 1,593 403.3 1,132 273.0

4,248 1,431.2 559 677 806 217.8 364 194.2

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 EC II IJ

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

3,400 15,975 1,710 2,005 750 1,295 735 3,815 322 375 740

2,950 18,200 1,950 3,000 500 700 610 4,250 550 350 800

14,622 2,918 14,276 5,378 17,150 4,184 7,096 1,660 10,065 18,593 1,334

38.2 79.5 36.5 23.7 40.0 13.4 40.5 44.0 68.0 43.9 25.0

172,551 49,713 46,614 24,412 10,783 12,863 5,418 5,216 6,333 3,241 6,972 987

105,889 4,253 9,340 6,675 14,643 4,646 15,315 7,631 13,115 19,928 8,342 2,002

116,376 4,467 10,872 7,006 16,994 5,004 17,271 7,567 14,547 22,444 10,204 16,994

CONSUMER - STAPLES

12,140 2,111 2,868 2,744 809 631 (41) 148 618 (328) 1,769 809

6,964 1,518 1,859 1,456 560 516 16 211 122 (69) 708 65

12.0 4.9 (76.6) (104.1)

PER (x) 2015F 2016F 12.2 8.5 22.6

9.0 5.2 19.7

12.8 8.2 14.8 14.1 (54.5) (232.6) (4.7) 114.2

EV/EBITDA (x) 2015F 2016F

P/BV (x) 2015F 2016F

Yield (%) 2015F 2016F

Net gearing (%) 2015F 2016F

ROAE (%) 2015F 2016F

1.7 0.5 4.9

0.3 0.0 1.1

0.3 0.0 1.3

0.0 nc nc

79.9 108.1 nc

13.7 8.1 29.7

15.5 11.2 27.5

4.4 2.2 10.7

5.3 3.3 10.9

(9.8) (22.6) 26.5

9.7 3.9 26.2

12.6 12.2 27.3 5.1

12.1 11.8 27.5 4.9

2.4 2.4 1.3 0.4

2.2 2.2 1.3 0.4

2.9 3.0 0.0 0.0

3.1 3.2 0.0 0.2

50.6 44.6 242.5 119.5

48.7 42.2 256.1 124.7

16.5 17.2 (2.3) (7.9)

15.9 16.5 (0.6) 0.4

6.9 7.2 (0.5) (2.7)

6.9 7.2 (0.1) 0.1

13.5 14.0 (0.8) 2.6

11.2 11.7 (0.7) (3.9)

na na na na na na na na na na na

na na na na na na na na na na na

20.0 22.0 22.9 18.2 15.5 7.8 14.3 12.9 16.8 15.2 14.8

18.8 20.7 21.2 16.3 16.4 8.4 13.7 14.3 17.3 16.4 14.8

2.7 3.1 2.9 2.2 2.1 1.3 2.3 1.0 1.5 2.3 1.3

2.6 3.1 2.9 2.1 2.2 1.3 2.2 1.1 1.5 2.3 1.2

na na na na na na na na na na na

na na na na na na na na na na na

12.9 11.8 15.0 2.3 11.6

12.1 10.7 14.5 2.5 7.8

157.2 25.1 293.4 5.2 52.6

153.8 17.6 294.4 2.8 30.9

11.7 16.0 10.1 10.0 8.7 9.4 7.9 6.2 5.2 6.0 5.1

na na na na na na na na na na na

na na na na na na na na na na na

2.4 3.6 2.4 1.7 1.5 0.8 1.1 0.9 0.9 1.0 0.8

2.1 3.0 2.0 1.5 1.3 0.8 1.0 0.8 0.9 0.9 0.7

1.9 1.2 1.8 2.2 2.2 2.8 1.7 2.6 9.5 9.2 3.5

2.0 1.3 2.0 2.0 2.3 2.9 1.9 2.8 9.6 9.6 3.9

(19.2) (21.8) (17.7) (38.1) 8.2

1.4 3.5 0.2 14.1 (21.6)

16.8 15.5 17.8 20.0 9.2

16.4 15.0 17.8 17.5 11.7

10.8 9.7 12.4 8.1 4.9

10.6 9.6 11.9 7.1 8.6

2.8 2.6 3.2 0.9 1.1

2.6 2.4 3.1 0.9 1.0

3.2 1.9 4.5 2.5 2.2

3.3 2.0 4.5 2.9 1.7

3.8 nc nc 72.3 nc

3.5 nc nc 64.2 2.9

10.5 17.7 4.7 4.7 12.4

10.7 17.7 5.3 5.3 9.0

15,038 6,784.3 1,450 5,562 1,314 (72.5)

9.7 22.0 (27.7) (31.5) (18.1) 250.0

(0.3) 3.5 (16.7) (17.1) (20.5) (428.6)

1.3 1.6 0.5 0.8 1.6 1.0

1.2 1.4 0.5 0.8 1.5 0.9

6.1 4.1 3.6 24.2 8.0 5.7

5.7 4.3 3.8 19.4 6.6 5.0

5.2 na 29.4 nc nc nc

3.1 na 17.9 nc nc nc

14.5 16.9 4.5 15.4 19.1 0.4

12.8 15.7 3.5 12.5 14.7 (1.8)

5,315 1,608.2 785 805 1,083 317.5 487 228.7

8.5 1.9 (9.2) 27.2 35.9 (38.9) 12.3 18.6

19.4 12.4 40.6 18.9 15.4 45.8 33.8 17.8

25.8 23.9 31.9 27.7 24.8 37.6 11.3 11.4

21.0 21.2 22.7 23.3 21.4 25.8 8.5 9.7

13.3 11.9 12.9 10.9 15.7 20.9 11.9 7.3

11.5 10.9 10.0 9.5 14.6 15.7 9.8 6.3

3.5 3.2 4.0 5.9 2.6 3.7 2.0 na

3.1 2.9 3.4 4.9 2.4 3.3 1.7 na

1.1 1.3 0.9 1.1 0.7 0.8 1.3 4.6

1.4 1.4 1.3 1.3 0.9 1.2 1.8 5.5

45.7 124.1 51.7 nc nc nc nc nc

51.2 139.3 49.7 nc 5.7 nc nc nc

15.8 13.9 13.2 24.5 13.9 9.9 19.1 23.0

20.0 7.4 19.1 19.0 14.7 8.9 456.4 9.2 213.3 (31.4) 25.8 50.7

34.2 32.7 25.1 16.8 19.2 24.9 328.8 24.8 51.8 (47.0) 10.6 15.1

21.5 30.5 21.1 14.1 16.8 22.9 59.1 22.7 16.5 (68.5) 8.4 10.0

16.9 23.6 16.6 9.7 9.8 18.2 35.0 8.8 8.8 10.4 7.1 13.6

14.8 22.0 13.9 9.2 8.4 16.3 19.9 8.3 6.5 11.9 5.9 7.5

15.4 12.5 39.3 2.4 3.4 4.9 1.0 1.5 2.4 0.4 1.9 0.5

9.7 10.9 20.4 2.2 3.0 4.3 0.9 1.5 2.2 0.4 1.5 0.5

2.4 2.1 2.4 3.6 2.1 2.1 0.0 4.1 0.0 8.8 1.0 1.3

2.2 2.1 2.8 2.7 2.4 1.6 0.0 4.1 0.0 (0.3) 1.2 1.5

11.1 nc nc 26.1 nc nc 14.0 nc 51.9 nc 124.8 nc

9.4 nc nc 23.4 nc nc 12.7 nc 38.9 1.6 103.8 nc

91.7 41.1 272.8 15.8 18.6 20.8 0.3 6.3 4.8 (0.8) 20.4 3.6

8,459 1,631 2,214 1,732 643 562 92 230 383 (47) 922 98

15.7 4.4 31.0 (17.3) 1.2 (6.3) (62.3) (40.7) 64.9 (103.6) 12.9 (49.5)

4.0 4.2 3.7 1.6 6.1 (3.2)

3.8 3.7 3.3 1.6 7.4 (5.9)

8.9 10.6 2.0 10.3 11.2 0.3

8.2 10.3 1.7 8.4 9.0 (1.2)

19.4 17.8 4.4 35.5 36.9 20.1

18.1 21.5 3.3 22.8 22.0 1.3

16.1 14.2 16.2 23.1 11.7 13.5 21.4 24.3

4.3 4.1 3.4 4.1 4.8 5.7 3.4 7.8

4.6 4.0 4.3 4.0 4.8 8.0 3.9 8.8

16.6 7.5 15.5 27.1 13.9 26.3 14.4 77.3

12.0 6.5 9.7 17.2 14.4 10.7 9.4 61.1

52.4 38.6 127.6 17.3 19.0 20.2 1.6 6.7 13.9 (0.6) 20.3 19.0

28.1 30.4 48.4 10.5 48.4 16.6 0.2 4.6 1.4 (0.3) 7.5 3.2

27.0 29.4 44.9 11.7 44.9 16.2 1.0 5.0 4.1 (0.2) 8.3 4.7

171.3 71.8 na 19.2 2,308.5 29.2 0.9 19.4 1.4 19.4 9.5 11.0

170.7 64.4 na 12.7 2,356.7 25.0 0.3 12.5 2.6 12.5 8.8 25.3

1,065,121

345,906

383,154

47,887

52,369

31,545

36,212

13.5

37.5

33.4

24.8

23.0

21.3

19.1

2.1

2.4

(7.8)

7.9

57.3

53.1

25.1

23.7

59.9

60.9

BUY BUY BUY HOLD BUY BUY BUY BUY BUY BUY BUY BUY

93,000 37,250 51,250 1,360 5,650 12,900 25,350 1,665 555 1,215 960 9,550

108,000 46,000 55,000 1,480 6,600 16,800 28,800 2,000 585 1,450 1,060 17,200

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

8 15.0 23.5 43.3 49.9 19.5 66.9 22.3 19.0 29.3 10.0 29.2

432,703 284,218 98,610 63,750 49,609 75,219 22,672 7,493 8,325 6,150 5,332 11,041

88,712 38,088 67,334 18,509 64,352 32,115 14,666 8,220 2,301 2,151 5,190 4,269

97,119 42,825 73,721 20,518 70,849 35,481 16,825 9,160 2,579 2,632 5,953 5,493

14,004 8,393 8,068 2,993 6,801 3,936 1,598 640 499 360 350 245

14,253 9,486 8,933 3,397 7,610 4,507 1,722 704 560 449 413 335

10,389 6,198 4,945 2,255 2,084 3,082 933 575 453 241 286 104

11,161 7,028 5,483 2,559 3,454 3,543 1,040 615 519 308 329 174

(2) 8.0 (7.9) 9.2 (46.4) 18.4 131.1 (0.7) 9.0 27.6 22.0 66.2

6 13.4 10.9 13.5 65.8 14.9 11.5 6.8 14.6 27.8 15.0 67.5

41 45.9 19.9 28.3 23.8 24.4 24.3 13.0 18.4 25.5 18.6 106.2

39 40.4 18.0 24.9 14.4 21.2 21.8 12.2 16.1 20.0 16.2 63.4

29 32.9 12.0 18.4 6.8 16.2 12.3 7.5 12.5 14.1 14.7 18.1

28 29.0 10.7 16.2 5.6 14.3 11.3 6.9 10.9 11.1 12.4 14.0

13 55.9 2.8 5.9 1.9 4.8 4.7 1.7 2.8 5.3 2.6 6.3

13 48.1 2.5 5.2 1.8 4.2 4.0 1.6 2.4 4.4 2.3 5.8

2 2.0 2.1 1.8 2.0 1.8 0.8 3.5 1.0 0.4 1.1 0.1

3 2.3 2.4 2.0 3.4 2.1 0.9 3.7 1.1 0.3 1.2 0.2

(45) 3.2 56.0 nc 53.6 nc 58.1 nc nc 77.3 7.9 26.8

nc nc 52.4 nc 27.9 nc 46.6 nc nc 59.2 6.3 35.0

44 128.0 14.4 22.4 8.1 20.6 21.3 13.4 16.1 22.8 15.0 6.1

33 127.8 14.6 22.4 12.8 21.1 20.1 13.3 16.1 24.1 15.3 9.6

27 41.4 8.1 17.1 2.4 11.7 8.8 9.7 15.6 10.0 9.2 3.4

23 42.0 8.2 17.2 3.7 12.1 8.9 9.6 16.2 10.8 9.6 5.0

58 115.2 11.9 27.4 9.7 26.4 6.1 24.6 27.2 12.7 16.7 3.7

57 121.1 9.4 27.6 5.1 28.6 12.3 21.2 25.7 13.1 15.4 5.1

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

N BUY BUY HOLD BUY BUY

290 270 300 795 8,200

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

10.0 80.0 42.0 68.7 57.8

42,302 9,881 4,525 3,598 2,658 5,429

12,382 1,905 2,956.4 842 4,940 1,739

11,303

205 219 373 565 7,800

3,187.5 765 5,535 1,816

15,203 1,203 779.6 528 768 859

2,987 1,375 785.1 467 844 891

3,427 1,340 334.5 344 476 933

3,554 1,391 384.7 301 507 971

10.6 39.0 (18.4) (12.0) 14.6 10.5

(3.5) 3.8 15.0 (12.5) 6.6 4.1

8.4 7.4 13.5 10.5 5.6 5.8

8.1 7.1 11.8 12.0 5.2 5.6

6.8 7.2 7.8 8.0 3.7 5.9

6.6 6.2 7.8 9.9 3.4 5.8

1.2 1.3 1.0 1.1 0.9 1.5

1.1 1.2 0.9 1.0 0.8 1.2

2.3 4.1 2.2 0.5 3.1 0.0

2.5 4.2 2.6 0.7 3.6 0.0

15.3 nc 57.2 21.1 23.8 nc

16.1 nc 54.9 33.3 19.8 nc

18.1 19.5 7.2 11.4 16.7 29.8

15.9 17.8 8.0 9.1 15.6 23.8

12.7 16.9 3.7 8.3 7.3 18.2

11.3 16.1 3.8 6.1 6.9 14.6

20.4 17.5 6.2 14.3 17.8 42.9

19.1 22.7 4.7 10.1 14.6 32.7

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

N BUY BUY REDUC E BUY

1,775 347 535 1,410

2,500 764 500 1,300

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

20.5 74.2 35.0 7.4

44,508 17,637 8,339 3,985 7,462

33,028 12,230.4 10,540 6,259 3,998

31,723 12,791.6 11,789 7,142 4,959

18,655 2,455.5 143 208 15,848

24,651 2,829.5 362 243 21,217

2,230 1,739.2 (139) 125 504

3,137 2,042.6 159 172 763

(10.4) (22.8) (81.5) (83.0) 79.8

28.1 13.4 (213.3) 37.1 46.2

11.9 10.9 na 31.8 17.0

13.9 9.6 20.4 23.2 11.6

8.1 3.8 17.5 10.4 6.9

6.5 3.3 13.2 9.0 5.4

0.9 0.8 0.3 0.7 2.2

0.8 0.7 0.3 0.7 1.8

4.8 7.6 0.0 1.6 5.3

4.1 5.5 0.0 2.2 6.4

42.9 nc 61.2 43.9 123.5

35.0 nc 60.2 42.6 85.4

OIL & GAS PGAS IJ* AKRA IJ MEDC IJ*

UW REDUC E BUY REDUC E

3,000 6,050 1,135

2,500 6,200 2,300

24,242 3,949 3,332

43.0 40.1 49.0

100,398 72,725 23,892 3,782

77,110 47,852 19,108 10,150.0

89,735 54,999 22,092 12,644.0

14,681 11,592 877 2,212

16,966 12,731 871 3,364

9,938 9,226 600 112

10,774 10,005 566 203

(10.1) (8.7) (25.9) 182.4

4.6 4.8 (5.6) 63.8

15.8 8.5 39.4 7.5

15.9 8.1 41.7 4.6

8.6 4.1 22.9 4.7

8.4 3.7 23.4 3.4

2.4 1.9 4.2 0.3

2.2 1.7 4.0 0.3

5.3 6.7 1.8 1.9

5.8 7.2 1.4 5.3

27.2 nc 93.4 132.0

25.4 nc 86.8 126.7

19.6 23.5 10.9 1.1

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

N REDUC E BUY HOLD BUY REDUC E BUY BUY

18,250 394 1,250 610 1,610 1,360 499

15,700 560 1,450 680 540 1,900 750

1,575 15,816 6,823 10,599 3,335 1,890 5,342

20.3 21.6 40.4 34.1 10.0 33.0 45.6

60,570 28,739 6,232 8,529 6,465 5,369 2,570 2,666

44,315 15,637 14,580 4,337 4,661 1,943 3,156 6,248

48,019 16,317 15,887 4,660 5,309 2,165 3,682 6,540

6,828 2,215 1,596 843 677 253 449 795

7,716 2,336 1,826 935 854 338 564 863

3,169 1,142 246 731 356 128 245 322

3,945 1,396 414 794 435 174 313 420

(53.1) (54.4) (70.8) (20.3) (45.2) (50.5) (28.0) (31.5)

21.2 25.2 25.4 11.7 3.6 42.4 10.5 8.3

16.6 20.6 15.1 10.7 3.0 32.2 8.2 6.3

9.9 11.0 4.6 6.9 11.4 14.4 6.5 5.1

8.8 10.5 4.3 6.3 9.9 9.4 5.7 4.7

1.7 2.5 0.4 1.1 0.5 1.5 0.8 1.0

1.6 2.3 0.4 1.1 0.4 1.4 0.8 0.9

3.2 1.8 1.2 3.4 12.6 1.2 4.8 3.3

3.0 2.2 2.0 3.7 6.9 1.6 6.1 2.4

36.7 51.4 44.7 nc 16.9 16.9 65.9 119.6

41.5 58.3 48.9 nc 19.8 19.8 73.8 105.9

N BUY BUY BUY

3,075 415 1,195

2,550 480 1,500

16,398 10,661 2,239

44.5 42.5 58.7

57,523 50,424 4,424 2,675

63,427 32,909 25,640 4,878.0

73,211 38,526 29,069 5,616.8

4,672 3,416 1,061 195

6,339 4,268 1,597 473

1,975 1,987 (21) 9

3,561 2,767 521 272

13.6 13.7 (106.2) na

33.1 25.4 na 232.9

17.0 18.2 8.5 7.7

13.9 14.5 7.1 13.0

11.2 12.0 5.5 7.2

3.7 4.1 0.9 1.9

3.2 3.5 0.8 1.6

0.9 1.0 0.0 0.1

1.3 1.2 2.4 2.6

59.4 47.0 141.9 155.5

55.5 43.1 141.7 145.5

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

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

1,675 1,295 447 1,565 1,285 343 271 460 194

2,020 1,000 450 1,290 1,385 720 220 776 152

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

35.4 94.7 47.8 67.7 38.7 48.5 27.1 43.7 35.0

143,827 32,238 29,886 21,527 22,578 19,700 6,740 5,556 2,878 2,725

47,771 6,609 9,160 5,398 5,835 7,570 4,188 5,673 1,794 1,545

57,134 8,216 11,033 6,215 7,453 9,279 4,654 6,380 2,197 1,707

16,674 3,226 2,205 2,630 1,726 2,456 2,144 1,352 515 419

19,961 3,981 2,726 3,031 2,281 3,055 2,237 1,573 617 460

11,540 2,627 1,530 2,208 1,181 1,500 1,135 737 327 293

14,027 3,144 1,860 2,545 1,593 1,895 1,432 856 393 309

(17.4) (34.1) (39.9) (12.2) (15.2) 13.2 3.8 (13.8) (17.2) 84.6

22.4 19.0 21.5 15.2 34.8 26.3 25.9 16.1 20.8 2.5

13.9 12.2 19.3 9.7 19.1 13.0 5.9 7.5 8.7 9.0

11.3 10.3 15.9 8.5 14.2 10.3 4.7 6.5 7.2 8.8

10.4 10.3 14.7 7.5 13.0 7.8 5.8 5.8 9.0 7.5

8.7 8.6 12.2 6.6 10.0 6.4 5.8 6.1 9.1 7.7

2.1 1.8 1.8 2.7 3.3 2.2 0.9 0.8 0.6 1.2

1.8 1.6 1.6 2.2 2.8 1.9 0.8 0.7 0.6 1.1

1.8 1.6 1.3 2.1 1.9 1.2 3.5 2.7 3.5 1.2

2.2 2.0 1.6 2.6 1.6 1.9 4.7 3.1 4.1 3.3

26.7 nc 51.3 nc 49.6 nc 87.6 60.1 64.2 29.4

SHIPPING SOC I IJ TMAS IJ WINS IJ

N BUY BUY HOLD

397 1,850 183

630 3,000 700

7,059 1,141 4,038

15.0 11.8 42.4

5,652 2,802 2,111 739

6,200 2,099 1,819 2,282

7,661 2,610 2,203 2,847

1,638 669 395 573

1,092 572 258 262

1,297 654 305 338

8.0 (15.1) 27.5 (13.8)

24.5 10.4 18.2 24.5

5.9 4.9 8.2 3.1

4.4 4.4 6.9 2.5

5.2 5.8 5.2 2.6

4.3 4.8 4.6 2.0

1.5 0.7 2.9 0.2

1.2 0.7 2.2 0.2

4.2 5.0 3.1 4.8

5.2 6.1 3.6 6.0

STEEL KRAS IJ*

UW REDUC E

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

OW BUY BUY BUY BUY BUY HOLD BUY

TRANSPORTATION BIRD IJ TAXI IJ ASSA IJ Market Note: *USD reporting

UW REDUC E REDUC E BUY N

312

275

15,775

20.0

4,922 4,922

22,877 22,877

26,076 26,076

(1,267) (1,267)

1,952 817 455 680 -8.3% (1,161) (1,161)

2,915 3,820 4,210 5,225 745 615 685

3,750 3,900 5,100 6,800 1,180 940 800

100,800 8,541 10,203 5,434 7,121 2,900 1,875

48.8 33.6 67.3 20.7 17.8 39.7 1.5

372,267 293,832 32,628 42,954 28,392 5,305 1,784 1,284

189,401 98,258 23,488 4,699.5 28,095.3 19,465 15,395 3,028

209,619 107,731 24,625 5,290.4 30,342.5 25,223 16,407 3,706

38,716 31,143 974 2,725 2,615.8 602 455 201

44,466 35,305 1,055 3,203 3,411.7 732 483 277

6,950 136 110

5,800 120 130

2,502 2,146 3,398

15.0 49.0 37.4

7,915 5,581 1,005 1,329 1,754,781

7,581 6,480 1,101 1,516 1,924,540

1,598 1,161 225 212 332,033

1,731 1,251 240 239 359,126

79

18,055 17,390 292 374 3,710,392 3,005,418

98

61.6%

OW: Overweight, N: Neutral, UW: Underweight

4.0

ROIC (%) 2015F 2016F

2.1 0.6 6.0

12.9 17.8 11.1 10.1 10.4 10.8 8.6 7.8 5.8 6.8 5.7

10.0 9.4 14.6 6.0 10.6 na

2016F

5.2 5.2 5.2

9.5 11.7 9.8 1.6 19.9 14.8 9.0 25.3 11.5 14.8 11.9

9.4 9.7 12.2 5.0 8.4 na

ROAA (%) 2015F

6.5 6.6 6.1

HMSP IJ UNVR IJ GGRM IJ KLBF IJ INDF IJ IC BP IJ MYOR IJ TSPC IJ SIDO IJ ROTI IJ KAEF IJ SILO IJ

POULTRY C PIN IJ JPFA IJ MAIN IJ

OW

9,938 1,990 2,474 2,607 711 576 (143) 148 391 (288) 1,452 20

45.7 79.2 14.6

22.1 22.3 68.2 8.6 22.3 31.8 27.5 30.5 49.5 39.3 (2,630.7) 2,908.5

(164.0) (164.0)

7.8 7.8 1.3 3.1 17.3

3.4 5.3 (0.6) 1.3 4.2

4.4 6.1 0.7 1.8 6.2

18.4 22.1 9.9 2.2

8.7 10.7 3.9 0.3

7.8 9.7 3.4 0.5

24.8 31.2 9.2 0.6

19.7 25.1 6.2 0.5

8.6 9.9 1.7 9.9 2.6 14.6 8.1 12.5

9.8 11.6 2.9 10.2 3.2 15.8 9.8 14.7

5.1 5.8 0.8 8.3 4.8 1.9 4.3 4.4

5.6 6.3 1.3 8.4 5.5 2.3 5.0 5.6

14.5 18.4 4.2 16.6 14.7 5.3 8.2 9.1

6.6 7.0 1.2 11.9 6.9 2.4 5.1 5.7

15.0 17.2 (0.4) 0.8

19.9 20.7 10.3 22.0

8.2 9.4 (0.1) 0.3

26.0 nc 48.6 nc 41.8 nc 75.0 86.4 81.0 42.9

17.7 15.9 9.5 31.4 20.1 18.5 17.2 11.0 7.4 18.1

18.3 16.5 10.8 28.5 23.2 19.7 18.6 11.7 8.4 13.4

7.1 8.4 3.9 12.4 7.1 6.0 6.3 2.8 3.4 8.0

83.8 65.1 119.0 54.0

69.7 58.5 95.3 38.8

25.0 17.1 41.2 8.7

22.8 16.0 36.5 9.1

10.6 9.4 14.4 4.0

11.1 12.0 3.2 7.0

5.6 10.3 (4.5) 9.6 3.7

4.7 7.9 (0.8) 1.6 6.0

10.9 12.3 3.1 (3.8)

10.1 11.5 (0.2) 0.3

7.5 8.6 4.3 12.5 8.1 6.6 7.2 2.8 3.6 6.1

22.5 28.8 12.5 41.5 22.2 18.7 10.6 10.3 6.9 10.6

13.9 13.8 6.5 26.9 13.5 16.0 9.0 7.5 4.7 14.8

10.5 9.2 14.3 4.7

11.6 9.5 16.0 6.8

14.9 14.8 18.1 5.6

(1,556) (1,556)

(1,403) (1,403)

(22.7) (22.7)

(12.2) (12.2)

na (3.5)

95.5 95.5

0.5 0.5

0.6 0.6

0.0 0.0

0.0 0.0

192.1 192.1

254.5 254.5

(14.4) (14.4)

(13.7) (13.7)

(6.4) (6.4)

(4.2) (4.2)

(7.9) (7.9)

(5.6) (5.6)

16,688 16,382 (1,042) 1,502 (900.3) 382 260 104

22,753 18,810 180 1,934 910.2 479 289 151

17.1 11.9 (34.5) 78.7 54.7 25.4 22.7 39.2

16.5 14.8 na 28.8 19.0 25.4 11.2 23.7

14.0 17.9 na 28.6 (31.5) 13.7 6.9 12.1

30.6 15.6 181.5 22.2 31.2 10.9 6.2 9.7

8.8 8.8 6.8 12.8 4.2 11.3 6.3 6.9

7.7 7.7 6.1 11.0 3.6 9.4 5.8 5.5

4.0 3.9 2.5 7.0 2.2 1.9 0.6 1.7

3.5 3.5 2.5 5.4 2.0 1.6 0.5 1.7

2.7 3.6 0.0 0.0 0.3 1.8 5.8 1.5

3.2 4.2 0.2 0.0 1.1 2.3 8.1 2.1

42.2 8.5 176.8 108.4 136.2 45.9 43.7 57.8

30.9 4.0 164.8 62.5 104.9 43.5 39.2 62.0

18.7 22.9 (7.7) 27.9 (6.8) 14.4 8.5 20.5

20.9 23.7 1.4 27.5 6.8 16.0 8.9 18.8

8.9 11.1 (1.7) 8.7 (1.7) 7.3 4.1 4.5

10.1 11.9 0.3 11.0 1.8 8.2 4.4 5.3

15.6 21.1 (2.3) 7.2 (5.6) 10.2 5.2 7.9

16.3 21.1 (2.9) 12.1 (2.8) 9.9 5.9 10.4

1,026 921 36 69 246,473

(0.2) (0.0) (67.3) 28.7 (1.1)

9.6 9.6 (5.6) 24.6 10.7

20.2 20.7 7.5 6.8 21.9

18.4 18.9 8.0 5.4 20.8

9.4 9.6 3.5 3.3 11.6

8.5 8.7 3.5 3.2 11.0

4.2 4.3 0.3 0.4 8.6

3.7 3.8 0.3 0.4 7.5

2.0 1.9 2.4 4.4 2.4

2.2 2.1 2.3 5.5 2.5

44.6 39.9 164.5 171.7 12.0

54.8 50.0 176.6 182.3 15.8

21.6 22.2 4.3 6.4 32.0

20.8 21.3 4.0 7.6 29.1

11.0 11.3 1.1 2.4 12.0

18.0 18.6 6.2 2.0 37.0

16.1 16.3 1.6 2.4 36.4

934 840 39 55 216,110

na (4.0)

6.3 7.3 (1.2) 2.3 14.4

11.1 11.5 1.2 2.1 12.3

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

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2015 Institutional Investors Highest Ranked Local Research House

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

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

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

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

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

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

8

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

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

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research 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

10

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

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

Fakhrul Fulvian [email protected] Economist ext 3602

Muhammad Wafi [email protected] Technical Analyst ext 3609

Renaldy Effendy [email protected] Research Associate ext 3606

Sarah Jessica Hutapea [email protected] Research Associate ext 3693

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

Natalia Surjadiputra [email protected]

Head of Sales and Client Relationship Management ext 2500

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

Ari Santosa [email protected] Sales Trader ext 2554

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

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

Bob Setiadi [email protected] Research Analyst Cement ext 3605

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

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

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

Andre Natala Susanto [email protected] Research Associate ext 3601

Melvin Mikha Reminov [email protected] Research Associate ext 3621

Made Ayu Wijayati [email protected] Research Executive ext 3607

Zefanya Halim [email protected] CA Manager ext 3612

+62 21 250 5508 (Domestic Institutional)

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

Reynard Poernawan [email protected] Institutional Equity Sales ext 2528

Hanna Marionda [email protected] Sales Trader ext 2525

http://www.bahana.co.id

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

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

Robin Sutanto [email protected] Research Analyst Property ext 3620

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

Nyoman Widita Prabawa [email protected] Research Associate ext 3622

Novianty Permata Sari [email protected] CA ext 3618

+62 31 535 2788 (Surabaya Branch)

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

Suwardi Widjaja [email protected] Equity Sales ext 2548

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

Nurul Farida [email protected] Equity Sales ext 2543

Adriana Kosasih [email protected] Sales Executive ext 2541

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

11

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

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Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

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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:

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13

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

Stock ratings are based on absolute upside or downside, which is the difference between the target price and the current market price. Unless otherwise specified, these ratings are set with a 12-month horizon. It is possible that future price volatility may cause a temporary mismatch between upside/downside for a stock based on the market price and the formal rating. "Buy": the price of the security is expected to increase by 10% or more. "Hold": the price of the security is expected to range from an increase of less than 10% to a decline of less than 5%. "Reduce": the price of the security is expected to decline by 5% or more. Sector ratings are based on fundamentals for the sector as a whole. Hence, a sector may be rated “Overweight” even though its constituent stocks are all rated “Reduce”; and a sector may be rated “Underweight” even though its constituent stocks are all rated “Buy”. “Overweight”: positive fundamentals for the sector. “Neutral”: neither positive nor negative fundamentals for the sector. “Underweight”: negative fundamentals for the sector. Ownership of Securities For “Ownership of Securities” information, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action . Investment Banking Relationships For “Investment Banking Relationship”, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action . Relevant Relationships (Bahana Securities) Bahana Securities may from time to time have an individual employed by or associated with it serves as an officer of any of the companies under its research coverage. Bahana Securities market making Bahana Securities may from time to time make a market in securities covered by this research. 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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