Asiamoney's 2013 Best Domestic Equity House

Beacon

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

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

CORPORATE FLASH

TODAY’S NEWS POLITICS  The House suggests election delay  Jokowi pushes ministers to spend more ECONOMICS  Bank Indonesia: June consumer confidence dropped to 111.3  Bank Indonesia: 2015 CAD predicted at 2.5% of GDP  Layoffs: BNGA and CIMB completed Mutual Separation Scheme for 3,599 individuals BOURSE  Garansindo plans IPO in 2H16 INDUSTRY  PLN: Electricity tariff hike in July  Growth cuts for staples and discretionary sectors  Port: Government to limit maximum operating margin at 25%  Telecommunication: Local content regulations to be released today  Oil and Gas investment target revised down  Jakarta governor approves ADHI’s LRT proposal  Land clearing budget realization reached IDR1tn in 1H15  Coal: Australian government estimates 2015 coal exports to rise to 201.7mn mt CORPORATE  Freeport officially sets to build smelter in Petrokimia Gresik industrial area  INDF: CMZ divestment to be delayed  ASII targets IDR10tn in projects over the next 4-5 years

ECONOMIC INDICATORS

MARKET DATA

14A 15F 16F Cur acc bal (%GDP) (3.0) (2.3) (2.5) Fiscal bal (%GDP) (2.3) (2.2) (2.2) GDP growth (%y-y) 5.0 5.0 5.3 Private spending (%) 5.1 5.1 5.2 Investment (%y-y) 4.1 7.4 10.2 Total exports (%y-y) 1.0 0.8 1.3 Total imports (%y-y) 2.2 0.5 2.2 Inflation (%y-y) 8.4 4.3 5.1 IDR/USD 12,385 13,000 13,150

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

14A 10.7 12.3 20.9 16.5 1.7 10.2 12.2 3.5 2.4

15F 5.5 5.6 18.7 15.0 3.3 8.8 7.7 3.1 2.4

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

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

20.4 29.6 11.1

18.0 31.8 11.1

Source: Bahana estimates

3 July 2015

INDICES

Ciputra Development (CTRA IJ): Saved by backlog Analyst: Robin Sutanto  Support from Surabaya office, asset sale & backlog  Outlook: Beneficiary of relaxed policies, backlog to support earnings  Recommendation: Upgrade to BUY on recent underperformance To see the full version of this report, please click here

7.50 65.0 114.0

2015 Global Banking & Finance Review Best Research House

IDX: 4,945 (+0.8%) Turnover: IDR4.35tn (+43.4%) Foreign net BUY: IDR197.4bn (from net SELL: IDR-211.4bn)

Indonesia Morning Brief

7.75 57.3 111.9

2015 Institutional Investors Highest Ranked Local Research House

7.25 75.0 120.5

Source: Bahana estimates

Asia Last Chg% Hang Seng (HK) 26,282.3 0.1 IDX (Indonesia) 4,944.8 0.8 KLCI (Mal.) 1,733.9 0.3 KOSPI (Korea) 2,107.3 0.4 Nikkei (Japan) 20,522.5 1.0 PCOMP (Phil.) 7,578.3 0.0 SENSEX (India) 27,989.2 (0.1) SET (Thailand) 1,495.0 (0.6) SHCOMP (China) 3,912.8 (3.5) SHENZHEN (China) 2,215.8 (5.6) STI (Singapore) 3,332.6 0.0 TWSE (Taiwan) 9,379.2 0.0 VNI (Vietnam) 605.7 2.4 Europe, USA and Ems CAC 40 (France) 4,835.6 (1.0) DAX (Germany) 11,099.4 (0.7) Dow Jones (USA) 17,730.1 (0.2) FTSE 100 (UK) 6,630.5 0.3 IBOV (Brazil) 53,106.2 0.7 MEXBOL (Mexico) 45,175.6 0.5 NGSEINDX (Nigeria) 32,739.1 (0.4) Nasdaq (USA) 5,009.2 (0.1) RTSI (Russia) 932.0 0.1 S&P 500 (USA) 2,076.8 (0.0) XU100 (Turkey) 81,880.0 0.2

ytd % 11.3 (5.4) (1.6) 10.0 17.6 4.8 1.8 (0.2) 21.0 56.6 (1.0) 0.8 11.0

y-y % 13.3 0.7 (8.1) 4.6 33.5 10.6 8.3 0.6 90.0 100.2 2.1 (1.1) 4.6

13.2 13.2 (0.5) 1.0 6.2 4.7 (5.5) 5.8 17.9 0.9 (4.5)

7.7 10.7 3.9 (3.4) 0.1 3.5 (23.3) 11.7 (33.0) 4.6 5.6

Source: Bloomberg

ETF, ADR & COMMODITIES

Last Chg% ytd % y-y % EIDO US (USD) 23.7 2.0 (13.5) (11.7) TLK US (IDR) 2,915 0.7 (2.8) 4.3 Aluminum (USD/mtn) 1,724.0 (0.2) (6.9) (10.3) Coal (USD/t) 59.3 (0.1) (4.8) (15.8) Corn (USD/mtn) 154.3 1.6 7.8 (4.4) Coffee (USD/t) 2,674.9 (2.7) (18.0) (19.6) Copper (USD/t) 5,761.0 0.1 (9.4) (19.1) Cotton (USD/t) 1,489.7 0.4 12.1 (6.5) CPO (MYR/t) 2,246.5 0.1 (2.2) (7.4) Gold (USD/oz.) 1,166.3 (0.2) (1.6) (11.6) Iron ore (USD/mtn) 60.8 (1.1) (12.3) (32.2) Milk (USD/cwt) 16.1 (0.6) (0.7) (11.2) Nickel (USD/t) 12,060.0 1.3 (19.3) (39.1) Oil Brent (USD/barrel) 62.1 0.1 8.3 (44.2) Oil WTI (USD/barrel) 56.6 (0.6) 6.3 (45.6) Rice (IDR/kg)* 9,600.0 0.0 1.1 9.1 Rubber (USD/t) 1,520.0 0.1 0.3 (13.1) Silver (USD/oz) 15.7 0.7 (0.2) (25.8) Soybean oil (USD/t) 738.1 1.1 4.7 (13.4) Steel (USD/t) 351.2 (2.1) (27.0) (35.5) Sugar (USD/t) 270.7 (0.0) (19.5) (36.4) 16F Tins (USD/t) 14,545.0 2.0 (25.4) (36.3) 10.5 Wheat (USD/t) 216.9 0.3 (2.4) (10.8) 8.4 Source: Bloomberg, CEIC *Weekly update 16.8 CURRENCIES & RATES 13.4 Last Prev. Ytd % y-y % 2.0 AUD/USD 0.764 0.764 6.6 18.3 8.3 EUR/USD 1.109 1.104 8.4 18.5 13,336 13,325 (7.7) (11.9) 6.6 IDR/USD 123.03 123.350 (2.7) (20.4) 2.7 JPY/USD 0 1.349 1.353 (1.8) (8.2) 2.6 SGD/USD JIBOR (%) 5.65 5.65 (0.3) (0.2) 14.9 BI rate (%) 7.50 7.50 (0.3) 0.0 29.1 TD – 1 month (%) 7.15 7.22 (0.0) 0.1 167.83 171.69 4.7 9.7 11.2 CDS (bps) Source: Bloomberg

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

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

POLITICS The House suggests election delay Several lawmakers at the House of Representatives (DPR) have recommended postponement of several regional elections on the basis of the National Police’s lack of funding to implement security measures. (The Jakarta Post) Jokowi pushes ministers to spend more At yesterday’s meeting with his cabinet members, President Jokowi summoned his ministers and ordered them to accelerate their spending to drive up economic growth. As of 1H15, the ministries and government only spent 33% of the allocated IDR1,319tn (USD97.8bn) classified in central government spending. (The Jakarta Post)

ECONOMICS Bank Indonesia: June consumer confidence dropped to 111.3 Based on a Bank Indonesia (BI) survey, consumer confidence in June fell 1.5 points to 111.3. The index measuring perceptions about current economic conditions dropped 2.3 points to 100.3, while consumer expectations slid 0.5 points to 122.4. The highest drop in consumer confidence was in the lower-income segment (IDR1-2 million in monthly spending). On the income side, disposable consumer income growth is expected to moderate in the next 6 months, resulting in lower savings rates at the consumer level. BI also reported expected lower pricing pressure this September, as many consumers have delayed durable goods purchases even though the Lebaran holiday is approaching. On a 6-month perspective, consumers still appear cautious about higher prices based on the belief that the government could raise prices of electricity and fuel ahead. (Bank Indonesia) Bank Indonesia: 2015 CAD predicted at 2.5% of GDP The Central Bank predicts FY15 CAD will be at USD21bn or equal to 2.5% of GDP, lower than last year’s figure of USD24bn or equal to 2.95% of GDP. (Indonesia Finance Today) Layoffs: BNGA and CIMB completed Mutual Separation Scheme for 3,599 individuals CIMB Niaga (BNGA-NOT RATED-IDR685) and CIMB Group Holdings have completed a Mutual Separation Scheme (MSS) worth RM443.3mn for 3,599 individuals, of whom 1,891 were from the Malaysian operations and the other 1,708 employees from Indonesia. The group said that the job cuts involved 11.1% of its workforce in Malaysia and could save RM291.6mn per annum. (www.thestar.com.my)

BOURSE Garansindo plans IPO in 2H16 Garansindo Global Corpora, a premium automotive distributor, plans to sell up to 30% of its stake through an IPO in 2H16. The IPO funds will be used to build a manufacturing plant. No further details have been disclosed. (Kontan)

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

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

INDUSTRY PLN: Electricity tariff hike in July PLN, the state-owned electricity company, announces non-subsidized electricity tariff hikes in July. Please see table below for details. (Kontan) Type Household (R1) Household (R1) Business (B2) Business (B3) Industry (I3) Industry (I4) Government (P1) Government (P2)

Capacity 3,500VA – 5,000VA >5,600VA 6,600VA – 200,000VA >200,000VA >200,000VA 30,000,000VA 6,600VA - 200,000VA >200,000VA

Jun-15

Jul-15 (IDR/kWh) 1,524.24 1,524.24 1,524.24 1,200.65 1,200.65 1,070.42 1,524.24 1,200.65

Changes 1,547.94 1,547.94 1,547.94 1,219.31 1,219.31 1,087.07 1,547.94 1,219.31

1.55% 1.55% 1.55% 1.55% 1.55% 1.56% 1.55% 1.55%

Growth cuts for staples and discretionary sectors The Indonesian Food & Beverage Association (Gapmmi) revised down staples sector’s 2015F growth to 56% y-y from previously 8% on the back of 1Q15 disappointing results due to continued IDR depreciation and higher fuel prices on the ground. In addition, the Indonesian Retailers Association (Aprindo) also expects 2015F growth to only reach 10% y-y at best (2014: 13-15%). (Bisnis Indonesia) Port: Government to limit maximum operating margin at 25% On the back of Government’s plan to increase tax revenues from the shipping industry, Transportation Ministry plans to allow operating margin for the port business to reach 25%, higher that INSA’s (Indonesia National Ship-owners Association) proposal at 15%. (Investor Daily). Bahana comment: This should provide positive news for Pelayaran Tempuran Emas (TMAS IJ-BUY-IDR1,700-TP:IDR3,000), which has around 20% operating margin for its stevedoring (port-related activities) business. Telecommunication: Local content regulations to be released today Government is set to release regulations on local content for 4G smartphones (30%) and base transceiver stations (40%) by today. The government expects this regulation may decrease the deficit on smartphone imports which has increased significantly in April 2015 amounting to USD332.2m, up 60% y-y. (Bisnis Indonesia) Oil and Gas investment target revised down The Upstream Oil and Gas Regulatory Special Task Force (SKK Migas) has revised down 2015 Oil and Gas investment target from USD23.6bn to USD20.2bn due to low world oil prices and lack of domestic explorations and production activities. (Investor Daily) Jakarta governor approves ADHI’s LRT proposal Following a meeting with the Ministry of State-Owned Enterprises, Basuki Tjahaja Purnama (Ahok), Jakarta’s governor, has decided to approve Adhi Karya’s (ADHI IJ-BUY-IDR2,195-TP:IDR3,900) plan to construct light rail transit from Cibubur to Grogol. However, on Jakarta-Bandung fast train project, Ahok could not agree with the terms submitted by the SOE Ministry as the Jakarta government is required to provide land in Halim Perdanakusuma, East Jakarta, which involves displacing around 1,200 households. (Koran Tempo) Land clearing budget realization reached IDR1tn in 1H15 The Public Works and Public Housing Ministry stated that it has spent around IDR1tn for land acquisition in 1H15, from its total 2015 budget of IDR4tn. Separately, the Public Works Ministry also stated that the current land clearing progress for the 99.2km Balikpapan-Samarinda toll road has reached 85% while also targets the land acquisition of the 140km Bakauheni-Tebanggi Besar toll road to reach 30% by the end of 2015. In separate news, the Public Works Ministry has proposed 2016 land clearing budget of IDR12.6tn in order to achieve its 2015-19 strategic goals. (Indonesia Finance Today) Coal: Australian government estimates 2015 coal exports to rise to 201.7mn mt The Australian government estimates 2015 thermal coal exports to rise 0.4% y-y to 201.7mn mt, although they have lowered the 2015 average thermal coal price to USD68/ton, down USD2/ton from their previous estimate. (Reuters) 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

CORPORATE Freeport officially sets to build smelter in Petrokimia Gresik industrial area In order to have concentrated export permits for the next 6 months, Freeport has signed a land rental agreement for 20 years with Petrokimia Gresik worth USD150mn for the 80ha of land. This is to build production capacity for 2mn tons of metal concentrate per annum with Freeport allocating USD2.3bn in capex. (Kontan). Bahana comment: This is contrary to AKR Corporindo (AKRA IJ-REDUCE-IDR5,700TP:IDR3,700) expectations that Freeport would be one of its anchor tenants in its East Java industrial estate development (JIIPE). However, according to the AKRA, negotiations with Freeport is still ongoing. INDF: CMZ divestment to be delayed The divestment transaction of China Minzhong Food Corporation’s (CMZ) shares between Indofood Sukses Makmur (INDF IJ-BUY-IDR6,500-TP:IDR7,600) and China Minzhong Holdings (CMZ BVI) is expected to be delayed from previous schedule. According to CMZ’s CEO Lin Guo Rong, both parties between INDF and CMZ BVI have not arrived to an agreement. Note that the transaction was firstly announced in January 2015 and was scheduled to be completed by June 2015. After the divestment, INDF’s ownership on CMZ’s shares would be reduced to 29.94% from 82.88%. (Bisnis Indonesia). Bahana comment: We will have to reduce our interest income assumption stemming from this IDR4tn transaction, although this would be offset by earnings from CMZ, which reached IDR745bn in 2014. ASII targets IDR10tn in projects over the next 4-5 years Astra International (ASII IJ-REDUCE-IDR7,075-TP:IDR5,900) targets IDR10tn in toll-road projects in the next 4-5 years with a length of around 150km. In this regard, ASII has allocated around IDR960bn (8% of 2015 capex) for infrastructure development. (Bisnis Indonesia)

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

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

STOCK CODE

RATING

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

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

TARGET PRICE

2,500 17,500 3,900 4,500 920 520 7,000 1,974 21,000 7,000 120 1,100 18,500 55,000 350 2,020 1,000 13,300 3,000 12,800 380 1,080 230 1,000 2,650 250 300 930 1,600 720 540 700 820 350 150 425 1,750 1,500 1,400 1,375 1,750 4,000 1,300

Up/(Downside)(%)

(13.6) 2.6 77.7 22.0 (14.8) 22.1 19.7 19.6 (16.0) 25.6 93.5 26.4 (15.1) 17.4 9.7 17.8 (20.6) 22.3 76.5 3.6 (1.3) 27.8 (47.7) (15.3) (7.3) 29.5 (4.8) 73.8 (2.4) 26.3 (12.2) 107.7 (19.6) 1.7 8.7 0.2 50.9 (5.4) 10.7 41.0 75.9 42.9 8.3

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

48,500 13,000 11,800 910 15,500 5,900 800 7,400 4,150 620 450 3,350 2,400 4,200 950 2,190 570 640 2,000 7,600 18,200 32,500 780 800 5,100 5,150 1,060 940 2,500 4,000 500 1,750 900 1,150 900 10,400 4,000 680 860 700 790 725 230 690 14,000 17,500 6,250 1,400 3,700 4,000 1,040 2,000 4,500 2,800

20.3 0.4 17.1 34.8 14.0 (16.6) 5.3 (7.5) 33.2 37.2 73.1 14.3 20.3 (0.7) (14.0) 15.0 (68.3) (6.6) 21.2 16.9 47.4 25.4 12.2 41.6 27.5 27.2 9.3 62.1 (34.1) 48.4 4.2 2.3 (40.0) (7.6) 5.9 26.1 17.6 4.6 37.6 25.0 41.1 35.5 (38.7) 8.7 58.2 (11.1) 17.9 81.8 (35.1) (3.7) (10.3) 15.9 31.6 11.1

7/2/2015

2,895 17,050 2,195 3,690 1,080 426 5,850 1,650 25,000 5,575 62 870 21,800 46,850 319 1,715 1,260 10,875 1,700 12,350 385 845 440 1,180 2,860 193 315 535 1,640 570 615 337 1,020 344 138 424 1,160 1,585 1,265 975 995 2,800 1,200 4,945 40,325 12,950 10,075 675 13,600 7,075 760 8,000 3,115 452 260 2,930 1,995 4,230 1,105 1,905 1,800 685 1,650 6,500 12,350 25,925 695 565 4,000 4,050 970 580 3,795 2,695 480 1,710 1,500 1,245 850 8,250 3,400 650 625 560 560 535 375 635 8,850 19,675 5,300 770 5,700 4,155 1,160 1,725 3,420 2,520

7/1/2015

2,570 15,800 2,040 3,440 1,010 399 5,500 1,565 23,750 5,300 59 830 20,950 45,025 308 1,660 1,220 10,550 1,650 12,000 375 825 430 1,155 2,800 189 309 525 1,610 560 605 332 1,005 339 136 418 1,145 1,565 1,250 965 985 2,775 1,190 4,904 40,000 12,850 10,000 670 13,500 7,025 755 7,950 3,100 450 259 2,920 1,990 4,225 1,105 1,905 1,800 685 1,650 6,500 12,350 25,925 695 565 4,000 4,050 970 580 3,800 2,700 481 1,715 1,505 1,250 855 8,300 3,425 655 630 565 565 540 380 645 9,000 20,025 5,400 785 5,825 4,280 1,195 1,785 3,595 2,650

CHANGE (%)

12.6 7.9 7.6 7.3 6.9 6.8 6.4 5.4 5.3 5.2 5.1 4.8 4.1 4.1 3.6 3.3 3.3 3.1 3.0 2.9 2.7 2.4 2.3 2.2 2.1 2.1 1.9 1.9 1.9 1.8 1.7 1.5 1.5 1.5 1.5 1.4 1.3 1.3 1.2 1.0 1.0 0.9 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.6 0.5 0.4 0.4 0.3 0.3 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 (0.1) (0.2) (0.2) (0.3) (0.3) (0.4) (0.6) (0.6) (0.7) (0.8) (0.8) (0.9) (0.9) (0.9) (1.3) (1.6) (1.7) (1.7) (1.9) (1.9) (2.1) (2.9) (2.9) (3.4) (4.9) (4.9)

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

5

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 (%)

2014 Finance Asia's Best Equity House

Rev enue (IDRb) 2014 2015 50,191 59,442 48,723 57,733 1,469 1,709

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

N BUY HOLD

452 1,245

620 1,150

25,869 2,087

13.5 56.6

Mkt cap (IDRb) 14,291 11,693 2,598

3M av g to (IDRb) 6 5 0

Opt. profit (IDRb) 2014 2015 (4,127) 3,553 (4,472) 3,166 345 387

UW REDUC E REDUC E REDUC E

7,075 3,795 850

5,900 2,500 900

40,484 2,765 3,485

49.8 10.5 40.3

299,877 286,421 10,494 2,962

278 270 1 7

234,230 201,701 19,458 13,071

223,333 189,328 20,715 13,289

21,541 20,163 224 1,154

19,456 17,881 561 1,014

2015 Institutional Investors Highest Ranked Local Research House

Net profit (IDRb) 2014 2015 (4,497) 1,273 (4,607) 1,149 110 124

2015 Global Banking & Finance Review Best Research House EPS growth (%) 2014 2015 (163.2) na na na 0.6 12.4

PER (x) 2014 2015 (2.6) 15.0 (8.5) 13.7 23.6 21.0

EV/EBITDA (x) 2014 2015 1.1 1.0 (0.1) (0.1) 6.0 5.8

P/BV (x) 2014 2015 2.1 1.8 1.0 1.0 7.0 5.7

Yield (%) 2014 2015 0.3 0.3 0.0 0.0 1.5 1.6

Net gearing (%) 2014 2015 72.1 82.3 88.1 100.6 nc nc

19,303 19,181 (147) 270

18,924 18,688 196 40

22.8 (1.2) na 124.2

(4.5) (2.6) na (85.3)

15.2 14.9 23.0 11.0

17.3 15.3 53.6 74.6

13.1 12.2 41.7 4.7

13.4 13.1 23.7 5.3

2.9 3.0 1.8 0.5

2.7 2.7 1.8 0.6

2.9 3.0 (0.4) 2.3

2.8 2.9 0.5 0.3

57.5 51.4 216.5 86.3

52.1 44.3 248.6 112.0 na na na na na na na na na na na

2014

ROAE (%)

ROAA (%) 2014 2015 (8.0) 4.4 (12.3) 2.7 11.6 11.9

2015 13.3 9.5 30.2

20.4 21.4 (2.6) 4.6

17.9 18.6 3.4 0.7

8.1 8.5 (0.6) 1.7

7.4 7.7 0.8 0.2

15.2 15.7 3.2 1.3

22.5 23.3 27.4 20.9 20.6 8.1 17.2 9.4 16.3 16.0 11.1

20.5 21.4 24.4 18.8 19.0 8.1 15.7 11.9 20.1 16.2 11.3

2.9 3.1 3.4 2.5 2.7 1.4 2.6 0.8 1.5 2.6 1.0

2.8 3.2 3.1 2.3 2.6 1.3 2.5 1.0 1.9 2.5 1.0

na na na na na na na na na na na

na na na na na na na na na na na

17.0 17.1 19.0 4.2 11.6

14.4 14.0 16.6 2.3 9.5

38.2 27.2 51.6 8.8 62.6

152.3 25.1 293.4 5.2 52.6

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 BUY BUY HOLD HOLD BUY BUY HOLD HOLD

13,600 10,875 10,075 5,575 4,230 3,400 1,200 845 480 650

15,500 13,300 11,800 7,000 4,200 4,000 1,300 1,080 500 680

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

50.8 43.2 40.0 39.8 32.4 32.3 38.9 25.0 25.7 40.4

1,036,976 335,308 268,277 235,083 103,966 40,543 19,857 12,681 8,193 7,160 5,906

1,052 228 319 261 160 12 0 44 17 8 3

243,469 44,047 60,789 56,941 35,246 19,452 7,804 6,406 5,969 3,254 3,560

269,488 48,713 67,424 63,408 39,903 20,653 8,675 6,955 6,428 3,654 3,674

99,545 20,505 28,364 25,978 12,967 4,063 2,535 1,546 1,291 1,351 944

106,629 22,534 30,567 27,014 14,020 3,776 2,529 2,030 1,798 1,395 966

79,754 16,486 24,242 19,872 10,783 2,604 1,869 1,116 1,120 939 724

86,419 18,224 26,207 20,761 11,660 2,727 2,012 1,524 1,499 1,011 795

10.3 15.7 13.6 9.2 19.1 (35.6) (13.0) (28.6) (18.6) 13.9 (30.8)

7.9 10.5 8.1 4.5 8.1 4.7 8.6 36.6 33.9 7.6 9.8

14.2 20.3 11.1 11.8 9.6 15.6 10.7 11.4 7.3 7.6 8.2

13.1 18.4 10.2 11.3 8.9 14.9 9.9 8.3 5.5 7.1 7.4

na na na na na na na na na na na

na na na na na na na na na na na

2.9 4.3 2.7 2.3 1.8 1.2 1.7 1.0 1.2 1.2 0.9

2.5 3.6 2.3 2.0 1.6 1.2 1.4 0.9 1.0 1.1 0.8

2.0 1.1 2.7 2.1 2.6 1.9 0.0 1.8 8.5 8.7 4.7

2.0 1.2 2.0 2.2 2.5 3.4 1.5 3.3 11.4 8.9 2.7

na na na na na na na na na na na

CEMENT SMGR IJ INTP IJ SMC B IJ SMBR IJ

UW HOLD REDUC E REDUC E HOLD

12,350 21,800 1,500 315

12,800 18,500 900 300

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

49.0 302.6 19.4 23.8

168,098 73,254 80,251 11,494 3,099

162 80.7 73.8 5.2 2.3

58,727 26,987 19,996.3 10,529 1,215

58,303 27,262 19,348.6 10,397 1,296

14,360 6,954 5,853.9 1,316 236

13,304 6,449 5,588.9 1,043 223

11,833 5,566 5,270.9 668 328

10,715 5,216 4,794.7 414 290

2.0 4.0 5.0 (29.8) (5.2)

(8.2) (6.3) (9.0) (38.1) (11.6)

14.4 13.2 15.2 17.2 9.4

16.2 14.0 16.7 27.8 10.7

8.7 8.8 8.8 8.3 3.4

10.3 9.4 11.4 9.9 5.8

3.0 3.0 3.3 1.3 1.1

2.9 2.8 3.3 1.3 1.1

4.6 3.0 6.2 4.4 2.6

3.8 2.1 5.6 1.8 1.9

4.0 nc nc 58.9 nc

4.1 nc nc 72.3 (44.8)

22.2 24.8 22.2 7.6 12.7

11.3 19.7 4.7 4.7 10.2

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

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

19,675 760 12,950 8,250 1,105 62

17,500 800 13,000 10,400 950 120

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

40.4 41.0 34.9 29.3 29.3 62.3

136,600 73,390 24,309 14,633 19,009 2,988 2,271

175 75 40 27 21 1 11

185,953 53,142 41,186 25,382 13,078 5,747 47,419

185,176 50,923 37,388 23,114 13,773 5,291 54,687

24,173 8,866 6,116 3,381 2,310 260 3,240

22,559 8,134 3,419 2,093 1,948 65 6,899

10,565 5,369 2,210 5,561 2,016 260 (4,852)

12,739 6,553 1,547 5,562 1,653 13 (2,589)

9.3 11.1 (23.5) (2.8) 10.4 (98.6) (9.5)

6.3 22.0 (27.7) (31.5) (18.1) 250.0 (49.2)

23.3 13.7 11.4 6.0 9.4 552.5 (0.3)

15.1 11.2 15.8 8.7 11.5 157.9 (0.6)

4.6 4.6 3.7 2.1 7.0 3.8 6.0

1.7 2.0 0.7 1.3 2.2 1.4 (0.1)

1.6 1.8 0.7 1.4 2.2 1.3 (0.1)

4.8 2.9 3.4 15.8 5.3 7.3 0.0

4.8 3.6 2.8 13.9 5.8 4.2 0.0

7.4 nc 41.6 nc nc nc na

5.2 na 29.4 nc nc nc na

15.5 15.4 6.5 22.4 25.2 8.5 nm

14.4 16.9 4.3 14.8 19.1 0.4 20.7

9.1 9.1 2.7 15.1 15.2 5.3 (5.7)

8.6 10.6 1.9 9.9 11.2 0.3 (2.9)

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

N BUY REDUC E BUY BUY REDUC E BUY BUY

5,850 2,895 3,690 1,650 1,080 2,195 870

7,000 2,500 4,500 1,974 920 3,900 1,100

6,800 6,149 4,842 13,992 8,715 1,801 3,410

30.0 34.9 49.0 48.5 27.8 49.0 33.7

114,871 39,780 17,802 17,869 23,087 9,413 3,954 2,967

261 46 49 49 49 26 39 3

56,469 7,254 12,463 12,427 10,287 3,277 8,654 2,106

66,455 7,883 12,678 15,687 15,138 2,903 9,744 2,422

7,622 2,777 1,401 1,328 875 409 655 177

8,878 3,019 1,421 1,668 1,328 345 877 220

3,869 1,403 615 532 502 329 324 164

4,388 1,431 559 748 806 286 364 194

25.5 36.7 8.0 26.4 35.0 13.4 (20.3) (15.7)

9.6 1.9 (9.1) 40.8 35.9 (19.8) 12.3 18.4

29.0 28.3 28.9 33.6 32.0 26.4 12.2 18.1

26.5 27.8 31.7 23.9 23.5 32.9 10.9 15.3

16.0 13.9 11.7 12.1 26.9 18.1 8.6 13.0

13.3 13.3 11.4 11.2 15.4 20.1 7.2 8.7

4.9 4.0 4.5 7.5 5.6 4.3 2.3 3.7

3.7 3.7 3.9 6.0 2.5 4.1 1.9 na

1.1 1.4 1.0 0.9 0.6 1.0 1.2 4.0

1.0 1.1 0.9 1.3 0.7 0.9 1.4 2.2

37.9 101.3 18.3 nc nc nc nc nc

40.8 124.1 30.0 nc (21.7) nc nc (96.1)

18.7 14.9 17.7 24.3 19.2 23.1 19.7 21.1

16.3 13.9 13.1 27.9 13.9 12.8 19.1 22.5

4.9 4.7 4.3 3.9 4.7 9.8 3.2 7.0

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 EC II IJ

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

2,860 17,050 1,905 3,115 635 1,800 685 5,300 625 319 375 1,160

2,650 17,500 2,190 4,150 690 570 640 6,250 860 350 230 1,040

14,622 2,918 14,276 5,378 17,150 4,184 7,096 1,660 10,065 18,593 1,564 1,334

33.2 65.3 33.3 19.0 40.0 16.5 40.5 44.0 68.0 43.9 27.3 25.0

181,952 41,818 49,751 27,196 16,752 10,890 7,531 4,861 8,798 6,290 5,931 587 1,548

322 31 73 30 64 11 0 11 12 12 77 0 0

98,323 4,056 7,926 7,109 13,590 4,541 13,564 7,942 11,822 17,074 6,869 1,603 2,227

132,149 4,450 9,503 7,660 16,160 4,969 15,298 8,870 13,562 20,730 7,746 20,730 2,472

11,454 2,083 2,547 2,775 794 613 (110) 371 748 85 1,348 85 116

8,853 1,454 1,419 1,801 554 555 44 355 74 1,895 554 19 129

8,503 1,611 1,905 1,808 655 529 62 390 415 165 657 165 143

8.5 13.6 23.4 5.9 24.5 9.0 (93.9) (6.7) (77.4) 9.7 65.0 (46.7) (41.8)

29.0 10.8 34.2 0.8 18.2 (4.7) 40.9 (3.7) 460.0 (90.1) 12.9 6.4 10.6

36.5 28.8 35.1 15.0 30.2 19.6 172.1 12.0 118.8 3.8 10.2 31.4 12.0

27.3 26.0 26.1 14.9 25.6 20.6 122.1 12.5 21.2 38.2 9.0 29.5 10.8

16.2 20.7 21.2 9.7 17.6 14.4 40.0 8.9 12.1 (34.9) 7.5 9.8 8.1

15.4 18.4 17.3 9.6 14.6 14.6 39.5 5.7 8.0 5.9 6.8 14.4 8.2

81.7 12.0 280.1 3.1 5.9 4.6 1.4 1.4 3.5 0.9 2.0 1.5 0.9

14.9 9.9 40.4 2.8 5.2 4.2 1.3 1.3 3.0 0.9 1.6 1.4 0.8

1.8 1.8 1.7 3.0 1.3 0.9 0.0 4.6 0.0 3.4 0.9 0.0 1.5

2.0 2.1 2.3 3.0 1.6 2.5 0.0 4.4 0.0 0.3 1.0 0.0 1.7

10.4 nc nc nc nc nc nc nc 114.6 nc 143.5 19.1 (23.0)

6.1 nc nc nc nc nc nc nc 38.2 nc 124.8 35.2 (15.4)

19.5 47.0 na 22.8 18.0 26.0 0.8 10.8 3.0 19.7 21.3 4.7 7.5

92.5 42.2 270.5 20.1 21.5 21.3 1.1 11.2 15.3 1.9 19.8 4.8 7.8

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

OW BUY BUY BUY BUY BUY BUY BUY HOLD BUY BUY

40,325 46,850 1,650 6,500 12,350 25,925 1,995 560 1,160 995

48,500 55,000 2,000 7,600 18,200 32,500 2,400 700 1,750 1,750

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

15.0 23.5 43.3 49.9 19.5 66.9 22.6 19.0 29.3 10.0

656,214 307,680 90,144 77,344 57,073 72,012 23,186 8,978 8,400 5,872 5,526

697,408 76 66 80 78 50 1 2 3 7 2

240,972 34,512 65,186 17,369 63,594 30,022 14,169 7,512 2,198 1,889 4,521

259,686 38,457 67,334 18,509 67,993 33,279 15,765 8,220 2,485 2,395 5,249

31,525 7,779 8,525 2,761 6,874 3,063 891 636 438 271 286

144,669 9,532 8,068 2,993 7,482 3,796 1,521 724 494 385 363

21,487 5,739 5,369 2,065 3,885 2,604 404 579 415 193 235

23,836 7,054 4,945 2,255 3,978 3,124 833 643 437 284 283

12.8 7.2 24.0 7.6 55.2 17.0 (59.5) 6.4 (8.8) 21.8 9.4

9.3 22.9 (7.9) 9.2 2.4 20.0 106.3 16.3 6.7 47.7 20.8

39.1 53.6 16.8 37.5 14.7 27.7 57.4 13.3 20.5 30.5 23.6

32.5 43.6 18.2 34.3 14.3 23.0 27.9 11.4 19.2 20.6 19.5

27.1 38.9 10.7 24.4 8.0 22.2 20.8 9.6 16.5 17.9 17.3

22.5 31.4 11.2 22.5 7.6 18.1 13.3 8.4 13.8 12.8 13.8

34.0 66.9 2.7 8.2 2.2 5.1 5.7 15.5 4.6 6.3 3.1

27.1 52.8 2.5 7.2 2.1 4.6 4.8 14.0 3.9 5.1 2.7

2.0 1.8 2.5 1.1 3.5 1.6 0.9 2.9 6.2 0.8 0.8

2.1 2.2 2.3 1.5 3.6 1.9 0.7 3.2 1.0 1.2 1.0

20.3 8.5 50.0 nc 65.9 nc 90.8 nc nc 57.6 nc

12.8 (7.4) 56.0 nc 68.8 nc 65.5 nc nc 32.7 nc

70.5 129.6 17.2 23.6 15.7 19.5 10.3 14.6 15.8 22.4 13.7

INDUSTRIAL ESTATES KIJA IJ BEST IJ SSIA IJ LPC K IJ

N BUY BUY BUY BUY

260 426 975 8,850

450 520 1,375 14,000

20,235 9,647 4,705 696

80.0 42.0 68.4 57.8

20,118 5,261 4,110 4,588 6,160

40 2 16 10 12

9,895 2,799 840 4,464 1,792

10,583 2,987 1,009 4,844 1,743

2,808 887 472 535 914

3,119 798 653 804 864

2,051 401 391 415 844

2,413 463 513 508 929

0.0 292.0 (47.4) (39.9) 42.9

3.7 14.9 31.2 22.3 10.1

10.3 13.1 10.5 11.0 7.3

8.7 11.4 8.0 9.0 6.6

7.7 7.4 8.9 9.0 6.4

7.0 8.1 7.5 5.7 6.7

1.7 1.1 1.4 1.7 2.3

1.4 1.1 1.2 1.5 1.7

1.4 2.3 0.5 3.1 0.0

1.2 2.6 0.6 1.8 0.0

11.8 45.3 nc nc nc

23.4 47.4 27.7 23.3 nc

20.7 9.1 14.7 16.7 37.6

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

N BUY BUY REDUC E BUY

2,695 675 695 770

4,000 910 780 1,400

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

20.5 35.0 35.0 7.4

42,468 26,778 6,438 5,176 4,075

42 25 6 9 2

32,900 12,857 9,421 7,371 3,251

84,335 12,168 10,540 6,935 3,738

5,024 3,089 (179) 925 1,189

4,578 2,819 143 238 1,379

2,491 2,134 (775) 638 495

6,513 2,019 (139) 160 595

13.4 21.0 (8.3) 7.0 6.0

14.8 26.8 (45.0) 32.3 7.7

9.0 5.1 21.0 5.4 20.5

7.4 5.4 15.3 10.4 4.8

1.1 1.3 0.5 0.9 1.3

1.1 1.3 0.5 1.0 1.1

5.3 4.9 1.5 6.2 12.5

3.4 3.6 0.0 1.5 9.8

20.2 (6.7) 45.2 35.4 138.3

18.4 (8.2) 61.2 41.1 97.1

OIL & GAS PGAS IJ* AKRA IJ MEDC IJ*

UW HOLD REDUC E REDUC E

4,155 5,700 2,520

4,000 3,700 2,800

24,242 3,940 3,332

43.0 41.2 49.0

131,578 100,723 22,456 8,398

207 163 42 2

74,163 42,394 22,468 9,301.1

72,967 44,434 19,108 9,425.0

15,256 12,199 1,063 1,994

13,695 10,764 877 2,054

10,656 9,722 810 124

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

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

25,000 615 1,585 440 1,260 1,710 535

21,000 540 1,500 230 1,000 1,750 930

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

20.3 21.6 40.5 29.4 10.0 33.0 45.6

84,073 39,369 9,727 10,814 13,871 4,202 3,232 2,858

102 34 5 46 13 1 1 1

49,800 16,306 14,963 4,727 2,264 1,961 3,242 6,338

42,193 15,463 13,867 4,294 3,484 2,028 3,058 6,178

9,608 3,722 2,563 1,192 354 440 542 795

7,633 3,087 2,065 832 862 371 416 961

N BUY BUY BUY

2,800 535 1,725

4,000 725 2,000

16,398 10,661 1,791

44.5 42.5 44.1

54,707 45,914 5,703 3,089

31 23 6 2

58,111 29,150 24,459 4,502

66,188 34,294 26,700 5,195

3,919 2,628 1,276 15

6,214 4,284 1,518 412

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 REDUC E HOLD REDUC E BUY REDUC E BUY BUY

1,715 1,180 424 1,640 1,265 570 385 560 193

2,020 1,000 425 1,600 1,400 720 380 790 250

19,247 23,078 48,160 14,427 15,166 19,649 20,501 6,150 14,044

38.1 100.0 42.4 67.7 69.2 48.3 29.9 43.7 100.0

148,752 33,008 27,232 20,420 23,660 19,185 11,200 7,893 3,444 2,711

445 65 83 63 79 20 61 9 5 61

43,922 5,572 11,655 3,872 5,334 6,344 3,631 5,297 1,662 555

48,192 6,609 9,160 5,398 5,835 7,627 4,551 5,673 1,794 1,545

15,906 2,632 3,277 1,890 1,772 2,204 1,908 1,430 667 128

17,015 3,226 2,205 2,630 1,726 2,603 2,337 1,352 515 419

SHIPPING SOC I IJ TMAS IJ WINS IJ

N BUY BUY HOLD

565 1,700 337

800 3,000 700

7,059 1,141 4,038

15.0 11.8 42.4

7,289 3,988 1,940 1,361

13 10 1 3

5,499 1,621 1,687 2,191

6,212 2,274 1,819 2,119

1,358 474 324 560

1,550 622 395 532

POULTRY C PIN IJ JPFA IJ MAIN IJ

STEEL KRAS IJ*

UW REDUC E

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

OW BUY HOLD BUY BUY BUY HOLD

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

UW REDUC E REDUC E BUY N

9,699 1,917 2,111 2,733 647 651 (196) 294 525 (268) 1,176 11 99

2.5 na 4.6 3.8 8.4 1.5 4.0

ROIC (%) 2014 2015 15.9 (81.3) 8.8 (108.9) 47.9 42.7

(24.2) (36.8) 32.8

21.9 15.6 5.9 44.4 53.7 29.5 (26.9)

19.4 17.8 4.4 35.5 36.9 20.1 (21.5)

4.6 4.1 3.4 4.6 4.8 7.7 3.4 7.3

23.8 6.4 20.5 27.1 15.9 46.6 32.7 234.1

17.1 7.5 15.5 30.1 13.9 26.3 14.4 77.3

25.5 33.3 44.7 16.7 8.9 20.4 0.5 7.9 0.9 9.2 7.8 2.5 6.4

25.8 31.4 49.1 14.9 10.4 17.0 0.7 8.1 4.6 0.8 7.2 2.2 7.0

27.4 77.1 na 23.2 13.3 32.4 20.5 23.7 7.8 19.5 7.7 10.2 35.0

23.2 71.8 na 22.5

73.1 135.3 14.4 22.4 15.0 20.9 19.2 14.8 18.1 27.4 14.8

25.2 41.5 9.9 17.4 4.7 11.3 4.0 10.4 16.3 10.1 8.6

27.3 46.2 8.1 17.1 4.4 11.6 7.5 10.8 19.5 13.5 8.9

62.1 109.8 11.7 30.3 8.3 26.5 18.9 31.9 32.9 13.9 17.9

63.8 115.2 11.9 27.4 9.7 26.4 6.1 24.6 24.7 13.7 16.5

19.1 9.8 16.6 17.9 29.7

11.5 4.8 11.1 7.0 20.7

11.3 5.2 11.9 7.8 18.6

33.9 1.7 38.3 47.2 48.6

21.7 6.2 14.3 17.8 42.9

(21.3) (21.8) (81.5) (78.3) 20.2

9,271 8,567 600 104

(2.0) (4.7) 24.2 30.6

(8.6) (8.7) (25.9) 182.4

15.9 10.7 27.5 47.2

16.4 11.7 37.1 16.7

8.3 6.2 18.4 5.9

8.9 6.2 21.8 6.2

3.0 3.0 4.1 0.7

2.7 2.6 4.0 0.7

3.8 4.5 1.9 0.6

4.1 4.8 1.9 0.8

16.4 nc 59.9 97.2

24.4 nc 93.4 132.0

24.7 28.6 15.9 1.1

19.3 22.7 10.9 1.0

12.6 15.1 5.5 0.4

8.9 10.7 3.9 0.3

39.4 49.3 9.1 0.8

25.5 31.2 9.2 0.6

5,454 2,504 842 917 189 228 340 433

4,380 2,162 602 733 430 206 247 450

39.2 39.0 60.8 19.3 (1,210.4) (6.4) 185.7 375.2

(13.9) (13.7) (28.6) (20.1) 127.0 (14.0) (27.3) 3.8

23.8 15.7 11.5 11.8 73.2 17.7 9.5 6.6

19.4 18.2 16.2 14.8 32.2 20.6 13.1 6.4

13.1 9.7 4.5 6.9 39.2 5.5 6.2 5.4

10.7 10.8 4.9 9.2 17.1 9.2 7.5 4.8

2.4 3.4 0.7 1.5 2.0 1.1 1.1 1.2

2.2 3.1 0.7 1.4 1.9 1.1 1.0 1.0

2.4 2.9 2.6 3.4 0.0 2.8 0.9 3.0

2.1 2.5 1.9 2.7 0.0 2.4 3.8 3.1

43.9 33.4 43.7 nc 104.9 nc 50.2 117.7

26.2 32.4 39.4 nc 15.1 15.1 59.8 122.3

15.5 23.5 6.0 13.3 4.2 5.0 12.1 20.5

11.9 18.0 4.2 9.9 4.3 6.1 8.1 17.1

9.7 14.9 2.9 11.0 1.6 4.4 6.8 6.4

7.5 11.2 1.9 8.3 2.6 3.3 4.4 6.1

10.7 16.6 2.9 15.9 (0.4) 8.3 3.3 2.2

12.6 18.4 4.2 16.6 2.0 5.3 8.2 9.1

1,994 1,747 332 (85)

3,408 2,683 514 211

(31.5) (31.0) (44.2) na

53.6 53.6 54.6 na

21.8 26.3 17.2 (35.9)

16.3 17.1 11.1 14.4

16.7 16.8 6.9 33.1

10.2 10.8 6.1 8.5

3.8 4.2 1.2 2.4

3.2 3.5 1.1 2.4

1.5 1.7 1.2 0.0

1.2 1.1 1.8 1.4

65.4 52.3 127.3 146.1

57.3 43.2 130.7 132.0

14.3 16.7 6.9 (8.7)

20.8 22.3 10.1 17.8

8.1 9.5 2.2 (3.0)

10.9 12.2 3.2 5.9

21.9 24.3 6.3 15.2

10.5 12.3 3.1 (3.8)

14,054 3,821 2,547 2,516 1,394 1,325 1,097 855 394 106

11,774 2,627 1,530 2,208 1,181 1,568 1,294 737 327 301

57.4 35.2 110.2 122.1 26.4 35.7 25.2 0.4 (6.6) 115.4

(14.8) (34.1) (39.9) (12.2) (15.2) 18.3 18.2 (13.8) (17.2) 84.6

11.2 8.2 10.5 8.1 17.0 14.5 10.2 9.2 8.7 16.6

13.7 12.5 17.6 9.2 20.0 12.2 8.6 10.7 10.6 9.0

10.5 12.4 9.2 10.0 13.3 8.5 8.6 5.9 7.2 20.7

10.2 10.5 13.7 7.1 13.6 7.2 7.2 7.1 9.9 7.2

2.4 2.0 1.7 3.3 3.9 2.6 1.8 1.2 0.8 1.7

2.1 1.9 1.6 2.6 3.5 2.2 1.6 1.1 0.8 1.1

1.9 1.2 2.3 2.5 1.4 2.1 2.0 2.2 3.4 0.0

1.9 1.6 1.4 2.2 1.8 2.5 2.3 1.9 2.9 1.2

17.6 nc 41.4 nc nc nc 93.6 33.3 47.3 7.5

28.9 nc 51.3 nc 49.6 nc 88.0 60.1 64.2 20.2

26.3 29.8 17.9 50.1 28.1 19.2 19.5 14.0 9.4 10.8

17.8 15.9 9.5 31.4 20.1 19.6 19.4 11.0 7.4 16.8

10.6 15.1 7.4 19.3 9.6 6.1 7.0 3.9 4.8 5.1

7.1 8.4 3.9 12.4 7.1 6.3 7.2 2.8 3.4 7.9

22.7 35.7 7.7 27.7 32.8 19.5 12.6 11.1 9.6 5.5

22.0 28.8 12.5 41.5 22.2 18.7 10.6 10.3 6.9 10.6

883 411 203 269

1,020 519 258 243

16.9 (19.7) 187.7 (20.6)

2.7 (17.1) 27.5 (13.8)

7.0 6.4 9.6 4.9

7.3 7.7 7.5 5.7

7.0 8.9 5.7 3.3

5.7 6.9 4.9 3.4

2.3 0.9 6.3 0.5

1.4 1.1 2.7 0.4

2.1 2.8 0.0 3.0

2.7 2.5 3.3 2.6

79.1 56.3 141.1 57.8

74.0 59.0 119.0 54.0

23.5 16.5 46.8 10.9

20.4 14.4 41.2 8.4

8.6 8.2 12.3 4.5

9.4 8.9 14.4 3.9

10.1 11.9 5.8 10.9

10.5 9.1 16.0 6.8

344

350

15,775

20.0

5,427 5,427

2 2

23,146 23,146

21,243 21,243

(1,340) (1,340)

(1,176) (1,176)

(1,855) (1,855)

(1,445) (1,445)

3,350 4,500 5,100 5,150 1,060 940

100,800 8,541 10,203 5,434 7,120 2,900

48.8 33.6 61.2 20.7 17.8 39.7

366,752 295,344 29,212 40,812 22,007 6,906 1,682

290 253 18 1 2 3 13

170,388 89,696 23,460 4,106 24,085 14,590 14,451

185,152 97,141 24,143 4,700 25,659 18,113 15,395

35,579 28,713 1,782 2,335 1,833 507 409

39,847 31,915 1,453 2,725 2,726 573 455

13,233 14,638 (775) 841 (1,987) 305 212

18,847 16,868 (280) 1,502 132 366 260

8,000 1,020 138

7,400 820 150

2,502 2,146 3,398

15.0 49.0 37.7

22,674 20,017 2,189 469 3,492,716

18 3 14 0 700,854

6,789 4,759 890 1,140 1,642,949

7,874 5,581 964 1,329 1,798,971

1,520 1,053 283 184 293,978

1,627 1,161 254 212 424,604

896 735 118 43 201,025

985 840 90 55 223,964

na na

(38.3) (38.3)

(169.9) (169.9)

7.3 8.8 (1.2) 2.9 16.3

5.5 7.5 (3.5) 7.2 4.8

4.8 6.6 (0.6) 1.7 5.3

2.7 2.5 2.7 10.5 (5.3)

7.6 10.3 (4.5) 9.6 6.5

(22.7) (22.7)

(3.0) (3.0)

(3.8) (3.8)

0.5 0.5

0.6 0.6

0.0 0.0

0.0 0.0

125.6 125.6

192.1 192.1

(15.7) (15.7)

(13.8) (13.8)

(8.2) (8.2)

(6.0) (6.0)

(0.9) (0.9)

(7.9) (7.9)

52.6 2.4 na 398.9 na 3.4 (39.3)

19.9 15.2 na 78.7 na 20.2 22.7

17.1 20.2 (37.7) 48.5 (11.1) 22.4 8.0

17.8 17.5 (104.1) 27.2 166.9 18.6 6.5

7.3 6.6 6.0 14.1 4.1 15.2 6.9

6.6 5.9 5.9 12.2 3.8 14.5 6.1

4.4 4.4 2.1 8.7 1.6 2.7 0.6

3.9 3.9 2.1 6.7 1.6 2.4 0.5

2.4 3.2 0.0 0.0 0.0 1.1 5.0

2.8 3.7 0.0 0.0 0.5 1.3 6.2

43.5 8.5 161.4 157.0 145.6 44.6 47.0

35.9 5.6 163.8 108.4 137.0 40.4 43.7

18.3 22.8 (5.3) 20.2 (13.5) 15.7 7.4

20.7 23.6 (2.0) 27.9 1.0 13.9 8.5

8.5 10.9 (1.5) 5.1 (3.7) 7.2 3.8

9.6 11.5 (0.5) 8.7 0.2 7.1 4.1

17.5 22.9 3.4 1.5 (7.6) 18.1 10.3

16.1 21.0 (2.3) 7.2 (5.6) 10.2 5.2

(49.2) (49.6) (10.9) (53.4) 12.3

(0.4) (0.0) (23.9) 28.7 5.5

23.0 23.8 18.5 10.9 21.2

23.6 23.8 24.3 8.5 19.1

11.7 12.4 7.1 4.0 10.3

10.4 11.0 6.6 3.5 8.9

4.6 5.0 2.5 0.6 12.5

4.6 5.0 2.3 0.5 7.8

3.4 3.7 1.0 2.3 2.4

1.6 1.7 0.7 3.5 2.4

47.6 31.1 171.7 171.3 20.3

52.9 39.9 146.2 171.7 17.8

29.2 31.5 14.0 5.2 29.7

20.7 22.2 9.7 6.4 32.0

24.1 26.1 9.5 5.1 23.1

17.0 18.6 6.2 2.0 26.8

11.1 12.1 4.6 1.8 11.1

10.5 11.5 2.9 2.1 11.2

OW: Overweight, N: Neutral, UW: Underweight

Source: Bloomberg, Bahana estimates

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

29.4 0.9 15.2 1.4 15.2 9.5 4.3 11.0

86.4 209.2 (288.5) (3.2) 209.2

2,930 3,420 4,000 4,050 970 580

8.3 9.8 (6.3) 12.2 16.4

13.3 14.0 (0.8) 2.6

6

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

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

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

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

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

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

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

7

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

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

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 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

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

Research: +62 21 250 5081

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

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

Muhammad Wafi [email protected] Technical Analyst ext 3609

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

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

Adi Saputra [email protected] Research Associate ext 3693

Made Ayu Wijayati [email protected] Research Executive ext 3607

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

Robin Sutanto [email protected] Research Analyst Property ext 3620

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

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

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

Fakhrul Fulvian [email protected] Economist ext 3602

Andre Natala Susanto [email protected] Research Associate ext 3601

Chandra Widjanarka Sanni Satrio Dwi Utomo [email protected] [email protected] TechnicalAssociate Analyst Research ext 3611 1252 ext

Andre Natala Susanto Chandra Widjanarka Bagus Adi Yoga Prawira [email protected] [email protected] [email protected] Research Associate TechnicalAssociate Analyst Research ext3604 3601 ext 1252 ext

Zefanya Halim [email protected] CA Manager ext 3612

Novianty Permata Sari [email protected] CA ext 3618

+62 31 535 2788 (Surabaya Branch)

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

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

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

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

Reynard Poernawan [email protected] Institutional Equity Sales ext 2528

Suwardi Widjaja [email protected] Equity Sales ext 2548

Ari Santosa [email protected] Sales Trader ext 2554

Hanna Marionda [email protected] Sales Trader ext 2525

Adriana Kosasih [email protected] Sales Executive ext 2541

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

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

http://www.bahana.co.id

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

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

Nurul Farida [email protected] Equity Sales ext 2543

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

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

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 constit ute a full verification of the publication and merely provides a minimum check. Neither Daiwa Securities Group Inc. nor any of its respective parent, holding, subsidiaries or affiliates, nor any of its respective directors, officers, servants and employees, represent nor warrant the accuracy or comp leteness of the information contained herein or as to the existence of other facts which might be significant, and will not accept any responsibility or liability whatsoever for any use of or reliance upon this publication or any of the contents hereof. Neither this publication, nor any content hereof, constitute, or are to be construed as, an offer or solicitation of an offer to buy or sell any of the securities or investments mentioned herein in any country or jurisdiction nor, unless expressly provided, any recommendation or investment opinion or advice. Any view, recommendation, opinion or advice expressed in this publication constitutes the views of the analyst(s) named herein and does not necessarily reflect those of Daiwa Securities Group Inc. and/or its affiliates nor any of its respective directors, officers, servants and employees except where the publication states otherwise. This research report is not to be relied upon by any person in making any investment decision or otherwise advising with respect to, or dealing in, the securities mentioned, as it does not take into account the specific investment objectives, financial situation and particular needs of any person. Neither Daiwa Securities Group Inc. nor any of its affiliates is licensed to undertake any business within the Republic of Indonesia. Any display of any trade name or logo of the Daiwa Securities Group Inc. on this publication shall not be deemed to be an undertaking of any business within the Republic of Indonesia. 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: Modern Land (China) Co. Ltd (1107 HK); econtext Asia Ltd (1390 HK); Neo Solar Power Corp (3576 TT); Accordia Golf Trust (AGT SP); Hua Hong Semiconductor Ltd (1347 HK); GF Securities Co Ltd (1776 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); J Resources Asia Pasific Tbk PT (PSAB 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 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

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

11

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

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 .

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

12

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

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

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

13