Beacon Indonesia Morning Brief

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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

Beacon

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

18 May 2016

IDX: 4,729 (-0.1%) Turnover: IDR3.9tn (+0.5%) Foreign Net SELL: IDR86.8bn (+14,713%)

Indonesia Morning Brief

INDICES

TODAY’S NEWS POLITICS  Possible extension on Police Chief's tenure  Golkar: Setya‟s close colleagues to sit on the new management team ECONOMICS  BI: External debt reached USD316bn with higher long-term but lower shortterm debt FIXED INCOME  Govt to remove capital gains tax on sharia and sovereign bonds BOURSE  Cikarang Listrindo‟s IPO: Possible fund raising of IDR4.9tn INDUSTRY  Banking: The maximum interest rate of IDR deposits equals BI rate  Banking: Big Banks begin to lower SME and corporate-lending rates to single digits  Retail: RPX and Indomaret into e-commerce business  Media: Cigarette and government advertising expenditures booked the highest growth 1Q16  Oil: ESDM introduces new „open-bid split‟  Tin: ESDM plans to stop issuing licenses for tin smelters CORPORATE  BBCA‟s credit card account termination increases  CTRA, CTRA and CTRS to distribute bonus dividends  PTPP chosen by Riyadh to build condominium project  PPRO to issue IDR50bn in medium-term notes  BEST to operate its warehouse rental business in July 2016

Asia Last Chg% Hang Seng (HK) 20,118.8 1.2 IDX (Indonesia) 4,729.2 (0.1) KLCI (Mal.) 1,633.4 0.8 KOSPI (Korea) 1,968.1 0.0 Nikkei (Japan) 16,652.8 1.1 PCOMP (Phil.) 7,524.8 0.2 SENSEX (India) 25,816.7 0.6 SET (Thailand) 1,406.7 0.7 SHCOMP (China) 2,843.7 (0.3) SHENZHEN (China) 1,814.7 (0.0) STI (Singapore) 2,781.1 1.6 TWSE (Taiwan) 8,140.5 0.9 VNI (Vietnam) 624.8 1.5 Europe, USA and Ems CAC 40 (France) 4,297.6 1,97 (0.3) DAX (Germany) 9,890.2 2.1 (0.6) Dow Jones (USA) 17,530.0 (1.0) FTSE 100 (UK) 6,167.8 0.3 IBOV (Brazil) 50,839.5 (1.9) MEXBOL (Mexico) 45,872.2 0.1 NGSEINDX (Nigeria) 26,655.5 (0.6) Nasdaq (USA) 4,715.7 (1.3) RTSI (Russia) 931.7 0.3 S&P 500 (USA) 2,047.2 (0.9) XU100 (Turkey) 77,277.2 0.4

ytd % (8.2) 3.0 (3.5) 0.3 (12.5) 8.2 (1.2) 9.2 (19.7) (21.4) (3.5) (2.4) 7.9

y-y % (27.7) (9.5) (9.9) (6.6) (15.6) (4.5) (5.5) (7.0) (34.0) (25.7) (19.7) (15.0) 16.2

1,972. (7.3) 1 (7.9)

(14.3) (14.7) (4.2) (11.5) (11.2) 1.0 (23.4) (7.1) (13.4) (3.9) (12.8)

0.6 (1.2) 17.3 6.7 (6.9) (5.8) 23.1 0.2 7.7

Source: Bloomberg

ETF, ADR & COMMODITIES

ECONOMIC INDICATORS

MARKET DATA

15A 16F 17F Cur acc bal (%GDP) (2.1) (2.3) (2.3) Fiscal bal (%GDP) (2.6) (2.7) (2.5) GDP growth (%y-y) 4.8 5.1 5.2 Private spending (%) 5.0 5.2 5.3 Investment (%y-y) 5.0 6.6 5.0 Total exports (%y-y) (2.0) (4.5) (1.8) Total imports (%y-y) (5.9) (7.5) (2.6) Inflation (%y-y) 3.3 3.9 4.5 IDR/USD 13,788 14,000 13,500

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

15A (0.3) (7.2) 19.5 (3.4) 8.8 10.7 3.6 2.2 25.0

16F 9.4 12.6 17.1 1.2 13.2 9.1 3.2 2.3 20.0

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

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

33.6 13.0 22.9

30.4 12.6 23.9

Source: Bahana estimates

7.50 30.9 105.9

6.25 35.0 105.0

6.00 50.0 112.0

Source: Bahana estimates

Last Chg% ytd % y-y % EEM US (USD) 32.5 (0.6) 1.0 (24.7) EIDO US (USD) 22.0 (1.3) 5.5 (15.6) TLK US (IDR) 3,701 (1.4) 25.9 29.5 Como Index (USD) 185.9 0.7 5.5 (19.4) Coal (USD/t) 51.5 0.1 1.7 (11.9) Corn (USD/mtn) 148.4 1.6 10.9 9.3 Coffee (USD/t) 2,788.2 2.2 7.8 (0.9) Copper (USD/t) 4,634.0 (0.1) 7.3 (15.9) Cotton (USD/t) 1,371.3 2.0 (1.7) (6.9) CPO Rott (USD/t) 685.0 0.0 7.9 0.7 Gold (USD/oz.) 1,279.8 0.4 20.6 4.4 Iron ore (USD/mtn) 53.9 0.0 24.2 (10.9) Milk (USD/cwt) 12.4 (0.4) (18.8) (26.7) Nickel (USD/t) 8,630.0 (0.1) 9.2 (23.3) Oil Brent (USD/barrel) 49.3 0.6 32.2 (26.2) Rice (IDR/kg) 5,110.0 0.0 1.1 8.6 Rubber (USD/t) 138.7 0.5 22.0 (8.8) Silver (USD/oz) 17.3 0.3 24.6 (2.6) Soybean oil (USD/t) 722.7 (0.0) 7.3 (0.9) Steel (USD/t) 408.3 0.9 33.5 8.5 378.8 0.8 15.1 27.5 17F Sugar (USD/t) 16,975.0 0.4 19.3 6.2 13.3 Tins (USD/t) Wheat (USD/t) 177.0 1.5 (0.3) (14.2) 14.8 Source: Bloomberg 14.9 CURRENCIES & RATES 1.0 Last Prev. Ytd % y-y % 11.3 AUD/1USD 0.731 0.729 (0.4) 9.3 8.1 EUR/1USD 1.131 1.131 (4.0) 0.0 13,298 13,308 3.7 (1.2) 2.8 IDR/1USD 108.94 109.08 10.4 10.1 2.6 JPY/1USD 0 0 1.371 1.370 3.5 (3.1) 17.6 SGD/1USD JIBOR (%) 4.92 4.94 (2.7) (0.7) 30.1 BI rate (%) 6.75 6.75 (0.8) (0.8) 12.8 TD – 1 month (%) 6.43 6.49 (0.6) (0.8) 27.2 CDS (bps) 187.51 187.84 19.5 114.1 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 Possible extension on Police Chief's tenure We attended a gathering of parliament members yesterday, and we heard that Jokowi plans to extend Badrodi Haiti's police chief term for 1 year, effectively preventing Budi Gunawan as deputy police chief from becoming Head in July 2016. Basically, based on Act no.2/ 2002 article 30 regarding National Police, Police Chief‟s tenure could be extended for two years until 60 years of age, assuming the existence for required special skills. Urgent matters such as to maintain national safety stability could also extend the Police leadership as well. However, some house members in the gathering stated that Jokowi has no basis for tenure extension as Indonesia's current national safety condition is stable. Furthermore, some parliament members also hold the view that the Police needs to go through a regeneration process and find a new Police Chief. According to Police Speaker Boy Rafli Amar, Haiti is ready for his retirement, although he is also prepared to stay on if Jokowi were to ask him to complete other tasks. Note that the appointment of the right police chief remains pivotal towards Jokowi‟s corruption reform efforts. (Bahana) Golkar: Setya’s close colleagues to sit on the new management team Setya Novanto, a new Golkar‟s Chairman, has placed his close colleagues to sit in his new managerial team, such as Idrus Marham as general secretary, Robert Kardinal as treasurer and Nurdin Halid as daily leader. (Tempo)

ECONOMICS BI: External debt reached USD316bn with higher long-term but lower short-term debt Indonesia‟s external debt reached USD316bn in 1Q16 or up 5.7% y-y, relatively stable compared to 4Q15‟s growth. Based on original maturity, long-term external debt increased to USD277.9bn which grew 7.9% y-y (4Q15: 9.2% y-y), while short-term external debt fell to USD38.1bn, down 8.4% y-y (4Q15: 13.7% y-y). With this development, the ability of reserve assets to cover short-term liabilities improved, as reflected in the ratio of short-term debt over reserves that fell from 36.7% in 4Q15 to 35.5% in 1Q16. In terms of group of borrowers, public sector external debt soared to USD151.3bn or increased 14% y-y (4Q15: 10.0% y-y), while private sector external debt declined 1.0% y-y (4Q15: 2.3% y-y). With this development, the ratio of external debt to GDP in 1Q16 reached 36.5% (4Q15: 36.0%). (Bank Indonesia). Bahana comment: This is in-line with our low economic growth expectations of 5.1% in 2016.

FIXED INCOME Govt to remove capital gains tax on sharia and sovereign bonds The government is planning to provide tax incentives by removing capital gains tax on sharia bonds and sovereign bonds to bring down cost of financing. Suahasil Nazara, MoF‟s Head of Fiscal Office, stated that the removal of the tax will be included in a revision of the Income Tax Law no. 36/ 2008, which the government will propose early next year at the latest. MoF‟s officials have previously stated that the revision will include moves to cut corporate income tax as well as individual income tax. (Jakarta Globe, Bisnis Indonesia)

BOURSE Cikarang Listrindo’s IPO: Possible fund raising of IDR4.9tn Cikarang Listrindo, a power-plant company owned by Brasali Group, plans to IPO on 14 June, selling 2.5bn shares (15% stake) at a price between IDR1,430 to IDR1,970 per share, aiming for total fund raising of IDR4.9tn, to be used for power-plant capacity expansion. Matthews International Capital Management LLC is reportedly the anchor tenant of this IPO. (Bloomberg)

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 Banking: The maximum interest rate of IDR deposits equals BI rate According to the provision in the Finance Ministry regulation No. 77 /PMK.05/2016 on State Funds Placement On Commercial Banks, it is stated that there would be a remuneration in the form of interest that will be given on state funds placed with commercial banks (BUMPUN). The interest on IDR deposits will be given in the range of between 70% and 100% of the BI Rate, while for FX deposits, it would be at a minimum of 70% of the home-currency rate. The regulation was effective on 3 May 2016. (Bisnis Indonesia). Bahana comment: This should provide support for FX deposits on the ground. On the flip side, we expect pressure on deposits due to competition with government bonds. Banking: Big Banks begin to lower SME and corporate-lending rates to single digits To support the government targets to achieve single digit lending rates by the end of 2016, several big banks have lowered their lending rates across business segments, including SME and Corporate loans. Thus far this year, lending rates have come down ranging between 25-50bps. (Kontan).

Banks BBCA BBRI BMRI

SME 11.8% 9.8% 9.95%

Corporate 10.5% 9.0% 10.00%

Source: Kontan

Retail: RPX and Indomaret into e-commerce business RPX and Indomarco Prismatama (Indomaret) have launched an e-commerce platform business called I-Drop which is used in 10,650 convenient stores, mainly in Java and Bali. I-Drop allows customers, both buyers and sellers, to send packages with a maximum weight of 5 kilograms which can be delivered to the nearest outlets. (Tribune News) Media: Cigarette and government advertising expenditures booked the highest growth 1Q16 Nielsen Advertising stated that in 1Q16, television advertising and print-media expenditures were up 24% yy with cigarette booked the highest growth of 76% y-y amounting to about IDR1.9tn, along with the Government‟s spending of IDR1.8tn, also up 76% y-y. (Tempo) Oil: ESDM introduces new ‘open-bid split’ The Energy and Mineral Resources (ESDM) plans to introduce a new „open-bid split‟ in the conventional oil and gas working areas in a bid to attract investors. Under the new policy, investors can freely decide the size of revenue split and signature bonus in their bid to ensure the economic feasibility of the project. The government would then select the best offer. (Petromindo) Bahana comment: If the government were to realize the plan and successfully attract oil and gas investors to join the tender, a name to watch would be Elnusa (ELSA IJ-NOT RATED-IDR515) as there would be more potential oil and gas contracts for exploration. Tin: ESDM plans to stop issuing licenses for tin smelters The Energy and Mineral Resources Ministry (ESDM) plans to stop issuing the IUP Mining license of Special Production Operation for tin smelters as the existing smelters are considered to have large idle capacities. Based on audits for 2015, the utilization rate of refining facilities in Bangka Belitung and Riau Archipelago stood at 20.82% of total installed refining capacity of 339,186mt/annum. The audit was conducted on 47 smelter owners, of the total 29 smelters or 61.7% are still active, while the remaining 18 have stopped operation. (Petromindo)

CORPORATE BBCA’s credit card account termination increases Following the Directory Taxation regulation, which forces credit card providers to submit their customer data, Bank Central Asia (BBCA IJ-HOLD-IDR13,000-TP:IDR14,000) has seen increasing demand for creditcard account terminations, which jumped 2-3 times, compared to normal conditions prior to the issuance of the regulation. In addition, the bank also saw a slowdown in the number of credit-card transactions of around 10% on monthly basis from IDR4.6tn to IDR4.1-4.2tn. (Investor Daily) 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

CTRA, CTRA and CTRS to distribute bonus dividends Ciputra Development (CTRA IJ-BUY-IDR1,275-TP:1,400) and its subsidiaries Ciputra Property (CTRP IJREDUCE-IDR464-335) and Ciputra Surya (CTRS IJ-NOT RATED-IDR2,050) are planning to distribute 2015 bonus dividends. CTRA will distribute around IDR128.37bn bonus dividend while CTRP will distribute IDR32.75bn. CTRS is also planning to distribute IDR59.7bn bonus dividend. The companies will announce the dividends distribution officially at Annual General Meeting of Shareholders that will be held on June 2016. (Bisnis Indonesia) PTPP chosen by Riyadh to build condominium project Through its subsidiary, PT Lima Putra Realti, Riyadh Group Indonesia has appointed PT Pembangunan Perumahan Tbk (PTPP IJ-BUY-IDR3,550-TP:4,300) to be its lead contractor for their Setiabudi Condominium project in Medan. This contract is valued at IDR296bn by the President Director of PT Lima Putra Realti, Bally Saputra. (Bisnis Indonesia) PPRO to issue IDR50bn in medium-term notes PP Properti (PPRO IJ-HOLD-IDR318) plans to issue the 4th Series-A MTN of IDR50bn Medium Term Notes (MTN) with maturity due in 2 years. No further details have been disclosed. (Bisnis.com). Bahana comment: We believe most of the proceeds from the MTN will be used for land expansion. BEST to operate its warehouse rental business in July 2016 Bekasi Fajar Industrial Estate (BEST IJ-REDUCE-IDR250) plans to operate its 25,000sqm warehouse rent business in July 2016 to increase the company‟s recurring income portion going forward, according to BEST‟s Investor Relation Head, Asa Siahaan. (Bisnis Indonesia). Bahana comment: As a pure industrial estate player with less than 10% recurring income portion, BEST‟s warehouse rent business should provide new business opportunities given current soft industrial land demand.

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

4

Asiamoney's 2013 Best Domestic Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2014 Finance Asia's Best Equity House

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

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

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

RATING

TARGET PRICE

Up/(Downside)(%)

05/16/2016

05/13/2016

CHANGE (%)

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

490 975 300 3,300 7,800 18,300 550 335 9,000 88,000 1,400 3,200 207 6,000 1,450 2,800 645 860 14,300 1,900 2,100 208 3,500 1,300 1,400 130 12,400 220 1,430 720 1,820 3,500 210 400 400 1,780 2,020 115,000 50,500 1,250 2,000 4,000 2,700 1,100 940 2,500 650 850 1,850 1,480 6,600 630 270 535 1,000 1,800 570 940 1,700 1,130 300 184 275 4,000 6,500 7,300 1,180

(3.9) 9.6 20.0 13.0 18.6 15.1 83.3 (27.8) 52.5 20.5 9.8 25.0 (70.2) (5.1) (2.4) (15.7) (7.2) 21.1 (3.5) (26.4) (21.6) 16.2 (22.6) (18.2) 28.4 15.0 40.5 (7.6) 16.7 17.1 31.4 15.5 (34.0) (13.0) (13.4) 13.7 17.4 17.3 17.2 28.2 22.0 (51.5) 4.7 24.3 50.4 8.7 (43.0) 25.0 40.2 13.8 (6.0) 22.3 8.0 3.9 (44.1) (6.7) (5.8) 3.3 20.1 20.9 (17.1) (12.4) (49.1) 7.5 (3.3) 9.0 88.8

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

14,000 18,000 37,000 5,000 11,700 4,300 4,750 400 290 540 2,200 1,000 970 8,300 500 430 850 3,200 20,500 630 290 5,200 6,000 411 11,000 3,100 4,340 14,000 2,000 9,300 1,700 3,000 800 1,400 700

7.7 8.8 (5.1) 25.0 29.3 21.1 18.8 58.7 34 0.9 8.4 (0.5) 3.7 28.7 (39.0) (5.3) 32.8 38.5 9.0 56.7 (42.0) 20.6 13.2 (34.2) 13.4 33.6 31.1 9.4 4.7 6.3 (0.3) 73.4 31.1 (6.7) 37.3

510 890 250 2,920 6,575 15,900 300 464 5,900 73,000 1,275 2,560 695 6,325 1,485 3,320 695 710 14,825 2,580 2,680 179 4,520 1,590 1,090 113 8,825 238 1,225 615 1,385 3,030 318 460 462 1,565 1,720 98,000 43,075 975 1,640 8,250 2,580 885 625 2,300 1,140 680 1,320 1,300 7,025 515 250 515 1,790 1,930 605 910 1,415 935 362 210 540 3,720 6,725 6,700 625 4,729 13,000 16,550 38,975 4,000 9,050 3,550 4,000 252 216 535 2,030 1,005 935 6,450 820 454 640 2,310 18,800 402 500 4,310 5,300 625 9,700 2,320 3,310 12,800 1,910 8,750 1,705 1,730 610 1,500 510

488 855 242 2,830 6,375 15,475 292 452 5,750 71,200 1,245 2,500 680 6,200 1,460 3,270 685 700 14,650 2,550 2,650 177 4,470 1,575 1,080 112 8,750 236 1,215 610 1,375 3,010 316 458 460 1,560 1,715 97,825 43,050 975 1,640 8,250 2,580 885 625 2,300 1,140 680 1,320 1,300 7,025 515 250 515 1,790 1,930 605 910 1,415 935 362 210 540 3,720 6,725 6,700 625 4,732 13,025 16,600 39,100 4,020 9,100 3,570 4,030 254 218 540 2,050 1,015 945 6,525 830 460 650 2,350 19,150 410 510 4,410 5,425 640 9,950 2,380 3,400 13,150 1,965 9,025 1,765 1,800 635 1,580 540

4.5 4.1 3.3 3.2 3.1 2.7 2.7 2.7 2.6 2.5 2.4 2.4 2.2 2.0 1.7 1.5 1.5 1.4 1.2 1.2 1.1 1.1 1.1 1.0 0.9 0.9 0.9 0.8 0.8 0.8 0.7 0.7 0.6 0.4 0.4 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 0.0 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) (0.3) (0.3) (0.5) (0.5) (0.6) (0.7) (0.8) (0.9) (0.9) (1.0) (1.0) (1.1) (1.1) (1.2) (1.3) (1.5) (1.7) (1.8) (2.0) (2.0) (2.3) (2.3) (2.3) (2.5) (2.5) (2.6) (2.7) (2.8) (3.0) (3.4) (3.9) (3.9) (5.1) (5.6)

Source: Bloomberg, Bahana estimates

JCI

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

>5.0%

0.1%

-0.1%

-5%