Beacon Indonesia Morning Brief

Asiamoney's 2013 Best Domestic Equity House Alpha Southeast Asia 2014 Best Research Call FMCG Sector 2014 Asiamoney’s Finance 2013 Asia's Best Best ...
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Asiamoney's 2013 Best Domestic Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

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

Beacon

2015 Global Banking & Finance Review Best Research House

27 January 2016

IDX: 4,511 (+0.1%) Turnover: IDR3.2tn (-11.7%) Foreign Net SELL IDR302.1bn (From net buy IDR370.0)

Indonesia Morning Brief

INDICES

SPOTLIGHT Bank Pem. Daerah Jabar & Banten (BJBR IJ): On the move Analyst: Teguh Hartanto  Capital enhancement via lower dividend payout  Dominance of nearly risk-free loans to civil servants  Higher loan quality portfolio by focusing on less risky assets

TODAY’S NEWS POLITICS  Indonesia and Timor Leste to settle border issues ECONOMICS  World Bank: Lowered crude oil price forecast to USD37/bl  Ministry of Manpower: Lower economic growth, higher layoffs  1.8mn people to be newly employed  MoF: Sharia bonds auction results  Tax amnesty act to be part of priority legislation list BOURSE  Ahok wants Bank DKI and Transjakarta to be listed  10 houses show interest in being LQ45 futures brokers INDUSTRY  Transportation Minister to cap HSR concession period to 50 years  Six sea tolls to operate in March  Tobacco industry contributed 90% of 2015 customs revenue  World Bank’s 2016 oil price forecast cut to USD37/bbl; Saudi Arabia and Russia may cut ouput

CORPORATE  BBNI to cooperate with Agung Podomoro in providing credit facility  BMRI doubts Rockit’s credit collection  UNTR to build power plants worth USD4.2bn  PPRO to develop mixed-use areas in Bandung  AKRA formed a new subsidiary, PT Terminal Curah Semarang

ECONOMIC INDICATORS

MARKET DATA

14A 15F 16F Cur acc bal (%GDP) (3.0) (2.0) (2.3) Fiscal bal (%GDP) (2.3) (2.7) (2.7) GDP growth (%y-y) 5.0 4.7 5.1 Private spending (%) 5.1 5.0 5.0 Investment (%y-y) 4.1 3.3 5.3 Total exports (%y-y) 1.0 0.3 2.4 Total imports (%y-y) 2.2 (4.1) 1.7 Inflation (%y-y) 8.4 2.9 4.5 IDR/USD 12,385 14,000 14,500

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

14A 6.0 (4.6) 17.6 4.2 12.8 14.3 3.7 2.4 21.2

15F (2.0) (7.5) 18.5 (3.9) 12.5 8.6 3.3 2.2 14.5

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

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

34.8 14.3 31.0

31.2 12.0 25.8

Source: Bahana estimates

2015 Institutional Investors Highest Ranked Local Research House

7.75 99.5 111.9

7.50 55.0 102.5

6.75 30.0 110.0

Asia Last Chg% Hang Seng (HK) 18,860.8 (2.5) IDX (Indonesia) 4,510.5 0.1 KLCI (Mal.) 1,626.7 0.1 KOSPI (Korea) 1,871.7 (1.1) Nikkei (Japan) 16,708.9 (2.3) PCOMP (Phil.) 6,311.6 (1.9) SENSEX (India) 24,486.0 0.2 SET (Thailand) 1,269.4 0.1 SHCOMP (China) 2,749.8 (6.4) SHENZHEN (China) 1,714.4 (7.1) STI (Singapore) 2,545.6 (1.4) TWSE (Taiwan) 7,828.7 (0.8) VNI (Vietnam) 537.7 (0.9) Europe, USA and Ems CAC 40 (France) 4,356.8 1.1 DAX (Germany) 9,822.8 0.9 Dow Jones (USA) 16,167.2 1.8 FTSE 100 (UK) 5,911.5 0.6 IBOV (Brazil) 37,497.5 (1.4) MEXBOL (Mexico) 41,932.4 1.1 NGSEINDX (Nigeria) 23,832.0 (0.5) Nasdaq (USA) 4,567.7 1.1 RTSI (Russia) 683.1 0.2 S&P 500 (USA) 1,903.6 1.4 XU100 (Turkey) 71,808.9 1.8

ytd % (13.9) (1.8) (3.9) (4.6) (12.2) (9.2) (6.2) (1.4) (22.3) (25.7) (11.7) (6.1) (7.1)

y-y % (24.3) (14.3) (9.8) (3.3) (4.3) (16.8) (16.4) (20.1) (18.7) 10.7 (25.1) (17.4) (7.4)

(6.0) (8.6) (7.2) (5.3) (13.5) (2.4) (16.8) (8.8) (9.8) (6.9) 0.1

(6.8) (9.0) (8.5) (13.7) (23.1) (1.9) (20.0) (4.3) (12.6) (7.5) (21.4)

Source: Bloomberg

ETF, ADR & COMMODITIES Last Chg% ytd % y-y % EEM US (USD) 29.3 1.5 (9.1) (28.3) EIDO US (USD) 21.0 2.2 0.7 (24.2) TLK US (IDR) 3,284 2.8 6.4 5.9 Como Index (USD) 162.7 1.4 (7.6) (24.7) Coal (USD/t) 50.6 3.3 (0.1) (18.3) Corn (USD/mtn) 139.6 (0.3) 4.3 (1.3) Coffee (USD/t) 2,432.6 0.3 (6.0) (23.4) Copper (USD/t) 4,501.0 1.1 (4.3) (18.0) Cotton (USD/t) 1,353.9 (0.3) (3.0) 4.8 CPO Rott (USD/t) 615.0 0.0 (3.2) (6.8) Gold (USD/oz.) 1,119.6 1.0 5.5 (13.4) Iron ore (USD/mtn) 41.4 0.0 (4.6) (37.2) Milk (USD/cwt) 13.7 0.1 (0.1) (15.2) Nickel (USD/t) 8,545.0 (0.1) (1.4) (40.6) Oil Brent (USD/barrel) 31.8 4.3 (14.7) (34.0) Rice (IDR/kg) 4,914.0 0.0 (2.8) 0.0 Rubber (USD/t) 107.2 (2.5) (5.7) (23.2) Silver (USD/oz) 14.5 1.8 4.6 (19.8) Soybean oil (USD/t) 677.7 1.0 0.6 (1.1) Steel (USD/t) 304.4 (0.1) 0.5 (25.2) Sugar (USD/t) 307.1 (1.8) (6.7) (10.0) 13,950.0 1.5 (4.5) (28.5) 16F Tins (USD/t) Wheat (USD/t) 178.1 0.7 3.1 (12.8) 11.7 Source: Bloomberg, CEIC 13.7 CURRENCIES & RATES 16.1 Last Prev. Ytd % y-y % 1.1 AUD/1USD 0.701 0.695 4.0 13.3 11.5 EUR/1USD 1.086 1.085 (0.0) 4.8 7.5 IDR/1USD 13,902 13,873 (0.8) (10.0) 118.40 118.24 2.9 JPY/1USD 1.5 (0.4) 0 0 1.426 1.430 (0.5) (6.1) 2.4 SGD/1USD 5.40 5.42 (2.2) (0.5) 18.6 JIBOR (%) BI rate (%) 7.25 7.25 (0.3) (0.5) 28.5 TD – 1 month (%) 6.94 7.04 (0.1) (0.4) 11.7 CDS (bps) 245.90 252.02 43.0 60.4 25.8 Source: Bloomberg

Source: Bahana estimates

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

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

POLITICS Indonesia and Timor Leste to settle border issues President Joko “Jokowi” Widodo is set to visit Timor Leste on Tuesday to discuss efforts to speed up land and maritime border resolutions, as well as to boost bilateral trade and cooperation on investment, energy and infrastructure, in his first state visit to Dili since he took office. (The Jakarta Post)

ECONOMICS World Bank: Lowered crude oil price forecast to USD37/bl World Bank cut the crude oil price forecast from USD51/bl to only USD37/bl, due to unbalanced supply and demand for crude oil. World Bank stated that Iran, one of the biggest oil exporters is preparing to supply more oil after sanctions relief. (Kontan) Ministry of Manpower: Lower economic growth, higher layoffs According to the Indonesian Ministry of Manpower in 2015, workers laid off reached 48.8k people, citing global economic growth as the culprit. Compared to 2014, this amount was lower than the 77.7k reported. The biggest layoffs in 2015 stemmed from footware and coal sectors, with East Kalimantan showing the biggest cut in employment. (Kontan) 1.8mn people to be newly employed The government estimates that for each 1% economic growth, around 300-350k people could be employed in 2016, thus 1.8mn people would be newly employed. This prediction is higher than 2015 with elasticity of labor uptake reaching 200k people. Rahma Iryanti, National Planning Board’s population and employment Deputy Rahma Iryanti stated that labor intensive programs are likely to increase employment. (Bisnis Indonesia) MoF: Sharia bonds auction results The government through MoF's Funding and Risk Directorate (DJPPR) has held sharia bonds auction for series SPN-S 13072016 (reopening), PBS006 (reopening), PBS009 (reopening), PBS011 (reopening), PBS012 (new issuance) on Tuesday, 26 January 2016. Issuance amounts to IDR13.65tn. Minister of Finance announced that sharia bonds' bid amount was IDR4.06bn. As per the results, bid-to-cover ratio for SPN-S 13072016 is at 4.30%, PBS006 at 2.52%, PBS009 at 3.50%, PBS011 at 3.62%, PBS012 at 1.57%. The settlement date will be 28 January 2016. (djppr.kemenkeu.go.id) Tax amnesty act to be part of priority legislation list The House of Representatives plenary meeting has decided to put Act Plan (RUU), referring to tax amnesty, in the 2016 National Legislation Program Priority list with other 39 Act Plans. The House’s Legislation Agency Firman Subagyo stated that the House has asked the government to send the presidential mandate for reviewing this Act Plan. (Tempo)

BOURSE Ahok wants Bank DKI and Transjakarta to be listed Jakarta Governor, Basuki Tjahaja Purnama (Ahok), stated that Jakarta currently has 3 state owned companies that are worth to be listed: Bank DKI, Transjakarta and Jakpro. Separately, he wants all activities in Jakarta to be able to be reviewed by Jakarta citizens. (cnnindonesia.com) 10 houses show interest in being LQ45 futures brokers The Indonesia Stock Exchange (BEI) has stated that 10 brokers are willing to become LQ45 futures index brokers. BEI is planning to re-launch the futures index in February 2016. The LQ45 futures index will use the LQ45 index as its underlying asset, with a multiplier of IDR500,000 per index point. The LQ45 futures index will have 1-month, 2-months and 3-months futures contracts, with price fractions of 0.05 index points and a T+1 settlement period. BEI also stated that LQ45 futures would help investors hedge their portfolios in a down market. (Investor Daily)

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 Transportation Minister to cap HSR concession period to 50 years Ignasius Jonan, the Minister of Transportation, stated that he would cap concession period for the 142km Jakarta-Bandung high-speed railway (HSR) to 50 years. Additionally, the Transportation Minister would like to receive a guarantee from Kereta Cepat Indonesia China (KCIC) as the project’s owner to restore everything to its initial condition if the railway were not built for whatever reason. Meanwhile, the Ministry of Transportation (MoT) is still waiting for the hydrology study and other missing documents prior to issuing the building permit. (The Jakarta Post, Koran Tempo) Six sea tolls to operate in March Minister of Transportation, Jonan, stated that six sea tolls will be operating in March. Three sea tolls operated by KM Caraka Jaya Niaga III are already in operation back in 2015. Separately, General Director of Sea Transportation, Bobby R, stated there is possibility to develop another 13 sea tolls. The development of sea tolls is to help reduce disparity of staples prices in the Eastern region of Indonesia. (Antara) Tobacco industry contributed 90% of 2015 customs revenue Four companies (HMSP, GGRM, Djarum, PDI Tresno) in the tobacco industry received awards from MoF’s Custom Directorate (DJBC) for their highest contribution to the customs revenue. Customs revenue realization in 2015 reached IDR139.5tn which was 100.3% of 2015 target post the state budget revision. Note that the tobacco industry contributed 90% of total customs revenue in 2015. (kompas.com) World Bank’s 2016 oil price forecast cut to USD37/bbl; Saudi Arabia and Russia may cut ouput World Bank forecast USD37/barrel for 2016 average oil prices, lower than previous estimate of USD51/barrel. The downgrade was due to oil imbalance between supply and demand. The World Bank expects Iran to flood the oil market following the lifting of its sanction, while the US and emerging markets are likely to import less due to weak economic growth. On other news, Iraq’s Oil Minister, Adel Abdul Mahdi state, Saudi Arabia and Russia are willing to cut output in order to stabilize oil prices. (Kontan, Bisnis.com)

CORPORATE BBNI to cooperate with Agung Podomoro in providing credit facility Bank Negara Indonesia (BBNI IJ-BUY-IDR4,930-TP:IDR5,700) has signed a cooperation agreement with Agung Podomoro to provide credit facility in property sector including subsidized micro loans (KURs) and the ownership of business premises (i.e. Kiosks). Through the cooperation, potential IDR3tn will be made available for property financing, including the demand for retail KURs that could reach around IDR75bn. (Investor Daily) BMRI doubts Rockit’s credit collection Bank Mandiri (BMRI IJ-BUY-IDR9,525-TP:IDR9,700) doubts credit collection of PT Rockit Aldeway’s credit account which currently has been included in the debt postponement petition (PKPU). Currently, PT Rocking Aldeway has up to IDR250bn loans outstanding to BMRI, among 20 other creditors accounting for IDR2tn in total outstanding loans. Note that, PT Rockit Aldeway is a rock producer company, engaging in trading of broken stones/rocks split for construction materials. (Bisnis Indonesia) UNTR to build power plants worth USD4.2bn United Tractors (UNTR IJ-HOLD-IDR16,500-TP:IDR16,000) along with Sumitomo Corporation and Kansai Electric Power, on 21 December signed a power purchase agreement (PPA) through PLN, the Indonesian electricity state-owned company, to develop the Tanjung Jati B coal-fired power plant unit 4 & 6 expansion project. The project will build 2 units of ultra-supercritical power plants, each with capacity of 1,000MW, located in Central Java, Indonesia, to supply electricity over a period of 25 years to PLN. This project is worth as much as USD4.2bn (IDR58.75tn) and is targeted to start at the latest in April 2016. UNTR will have a minority ownership in this project. (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

PPRO to develop mixed-use areas in Bandung PP Properti (PPRO IJ-HOLD-IDR181-TP:IDR180) plans to develop mixed-use residential and commercial areas in Bandung on 20ha areas in South Bandung. PPRO’s Business Development Director, Giyoko Surachmat stated that the company targets to start the project through a joint venture in 4Q16. In 2016, PPRO has allocated IDR1.12tn capital expenditure, of which around IDR600bn will be used for JV projects. (Kontan.co.id) AKRA formed a new subsidiary, PT Terminal Curah Semarang AKR Corporindo (AKRA IJ-BUY-IDR7,100) through its subsidiary, PT Andahanesa Abadi with Pelindo 3 subsidiary, PT Berlian Jasa Terminal Indonesia, has formed a new entity of PT Terminal Curah Semarang, domiciled in Semarang, Central Java. The main business activities of this new entity is in bulk liquid and gas terminal. (AKRA, Kontan)

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

Source: Bloomberg, Bahana estimates

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

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

TARGET PRICE 400 4,700 115,000 1,450 550 16,800 650 2,020 875 1,350 65,000 1,520 6,800 14,700 860 1,480 4,300 46,000 630 764 6,250 3,000 19,800 3,750 3,500 1,975 290 1,130 600 1,900

Up/(Downside)(%) 9.6 (21.7) 17.4 16.0 (23.1) 14.3 (40.9) 19.9 8.7 45.2 16.3 10.9 28.3 60.7 72.7 8.0 8.9 27.9 22.3 143.3 8.2 68.5 23.8 16.3 6.1 13.8 42 8.1 100.7 (13.6)

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

1,250 5,550 9,700 2,350 300 700 31,000 630 270 2,200 1,000 1,970 1,400 275 5,000 1,180 850 365 1,820 630 180 22,500 2,750 7,000 1,300 2,000 1,870 500 720 800 6,500 3,100 14,700 411 925 13,000 1,700 850 300 220 2,550 8,300 16,400 940 640 5,700 130 3,400 420 730 10,600 740 550 16,000 2,000 490 6,600 2,000 4,750 3,250 120 2,500 1,100 7,800 500 700 190 2,500 300 4,200 5,200 2,000

13.6 (9.4) 1.8 11.9 5.3 0.0 17.1 26.0 19.5 10.0 (41.2) 9.4 9.4 (5.2) 11.2 67.4 61.9 5.2 24.7 34.6 (0.6) 34.7 69.2 (1.4) 89.8 50.4 43.3 (22.5) 11.6 24.0 16.1 11.1 13.1 (18.6) 1.6 15.0 33.9 1.8 (6.5) (26.9) 4.3 38.3 (14.7) 60.7 15.3 15.6 34.0 0.0 (3.4) 15.9 5.5 55.8 182.1 (3.0) 81.0 12.6 19.5 14.0 28.4 22.4 44.6 4.2 12.2 82.5 77.3 47.1 50.8 81.8 24.5 23.9 3.0 3.4

01/26/2016 365 6,000 97,975 1,250 715 14,700 1,100 1,685 805 930 55,875 1,370 5,300 9,150 498 1,370 3,950 35,975 515 314 5,775 1,780 16,000 3,225 3,300 1,735 204 1,045 299 2,200 4,510 1,100 6,125 9,525 2,100 285 700 26,475 500 226 2,000 1,700 1,800 1,280 290 4,495 705 525 347 1,460 468 181 16,700 1,625 7,100 685 1,330 1,305 645 645 645 5,600 2,790 13,000 505 910 11,300 1,270 835 321 301 2,445 6,000 19,225 585 555 4,930 97 3,400 435 630 10,050 475 195 16,500 1,105 435 5,525 1,755 3,700 2,655 83 2,400 980 4,275 282 476 126 1,375 241 3,390 5,050 1,935

01/25/2016 337 5,600 93,975 1,200 695 14,300 1,075 1,650 790 915 54,975 1,350 5,225 9,025 492 1,355 3,910 35,625 510 311 5,725 1,765 15,900 3,205 3,280 1,725 203 1,040 298 2,195 4,506 1,100 6,125 9,525 2,100 285 700 26,475 500 226 2,000 1,700 1,800 1,280 290 4,495 705 525 348 1,465 470 182 16,800 1,635 7,150 690 1,340 1,315 650 650 650 5,650 2,815 13,125 510 920 11,425 1,285 845 325 305 2,485 6,100 19,550 595 565 5,025 99 3,475 445 645 10,300 487 200 16,925 1,135 447 5,700 1,815 3,830 2,750 86 2,490 1,020 4,470 295 498 132 1,445 254 3,600 5,375 2,100

CHANGE (%) 8.3 7.1 4.3 4.2 2.9 2.8 2.3 2.1 1.9 1.6 1.6 1.5 1.4 1.4 1.2 1.1 1.0 1.0 1.0 1.0 0.9 0.8 0.6 0.6 0.6 0.6 0.5 0.5 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 (0.3) (0.3) (0.4) (0.5) (0.6) (0.6) (0.7) (0.7) (0.7) (0.8) (0.8) (0.8) (0.8) (0.9) (0.9) (1.0) (1.0) (1.1) (1.1) (1.2) (1.2) (1.2) (1.3) (1.6) (1.6) (1.7) (1.7) (1.8) (1.9) (2.0) (2.2) (2.2) (2.3) (2.4) (2.5) (2.5) (2.5) (2.6) (2.7) (3.1) (3.3) (3.4) (3.5) (3.5) (3.6) (3.9) (4.4) (4.4) (4.4) (4.5) (4.8) (5.1) (5.8) (6.0) (7.9)

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

5

2014 Finance Asia's Best Equity House

Asiamoney's 2013 Best Domestic Equity House

Ticker

Rating N BUY HOLD

365 1,100

400 1,250

25,869 2,087

14.9 56.6

Mkt cap (IDRb) 11,738 9,442 2,296

3M avg to (IDRb) 8.3 8.3 0.0

2014 50,237 48,717 1,520

AUTOMOTIVE ASII IJ IMAS IJ GJTL IJ

UW REDUC E HOLD BUY

6,125 1,935 498

5,550 2,000 860

40,484 2,765 3,485

49.8 10.5 39.8

255,048 247,962 5,351 1,735

241.5 240.6 0.1 0.8

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

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

13,000 11,300 9,525 4,930 3,400 2,100 1,370 835 435 630

14,700 13,000 9,700 5,700 3,400 2,350 1,520 850 420 730

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

50.8 43.2 40.0 40.0 32.5 50.8 39.9 25.0 20.0 40.5

993,125 320,515 278,762 222,250 91,938 32,588 12,265 14,498 8,096 6,489 5,725

CEMENT SMGR IJ INTP IJ SMC B IJ SMBR IJ

UW HOLD REDUC E REDUC E HOLD

10,050 19,225 910 285

10,600 16,400 925 300

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

49.0 36.0 19.4 23.8

COAL UNTR IJ ADRO IJ* ITMG IJ* PTBA IJ HRUM IJ*

UW HOLD BUY REDUC E BUY REDUC E

16,500 476 5,050 4,275 645

16,000 700 5,200 7,800 500

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

5,775 2,790 3,950 1,735 980 2,445 585

6,250 3,100 4,300 1,975 1,100 2,550 940

AVIATION GIAA IJ* C ASS IJ

Price (IDR)

TP (IDR)

Shares (m)

Free float (%)

2015 Institutional Investors Highest Ranked Local Research House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

Revenue (IDRb) 2015F 2016F 59,049 68,925 57,368 67,019 1,680 1,905

2017F 76,230 74,084 2,146

Opt. profit (IDRb) 2015F 2016F 2017F 1,468 2,022 2,577 1,050 1,526 2,005 418 496 571

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

215,860 184,851 18,176 12,833

227,222 193,520 19,770 13,932

247,701 211,196 21,414 15,091

18,472 17,427 96 950

19,678 18,498 149 1,031

21,842 20,496 229 1,117

842.6 185.4 288.0 187.4 137.6 9.1 0.1 22.0 9.6 1.6 1.8

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

266,270 48,667 66,953 62,897 37,239 20,353 8,452 7,439 6,392 3,633 4,247

291,640 52,850 73,440 69,286 40,951 21,026 9,489 8,816 6,898 4,052 4,832

323,366 58,014 81,052 77,120 45,725 23,106 10,678 10,234 7,494 4,518 5,423

99,194 22,474 28,314 26,068 9,966 3,623 2,444 2,215 1,432 1,290 1,366

109,580 24,585 31,205 26,665 13,232 4,017 2,665 2,686 1,599 1,398 1,528

121,941 26,964 34,621 30,171 14,595 4,681 2,817 3,039 1,790 1,575 1,687

140,160 59,612 70,772 6,973 2,804

109.8 59.6 46.9 0.7 2.6

58,727 26,987 19,996 10,529 1,215

54,849 26,545 17,473 9,352 1,479

56,706 27,486 18,073 9,619 1,528

59,100 28,611 18,951 9,904 1,633

11,007 5,612 4,768 287 340

11,320 5,594 4,834 566 325

11,840 5,873 5,084 538 345

40.5 43.0 34.8 28.7 28.8

94,073 61,547 15,225 5,706 9,850 1,744

126.7 63.8 19.3 7.3 35.9 0.5

137,216 53,142 41,186 24,064 13,078 5,747

130,282 49,968 39,074 23,102 14,428 3,710

129,331 49,619 40,223 20,013 15,832 3,644

131,490 51,535 38,626 21,830 15,981 3,518

19,416 8,357 5,712 2,643 2,661 42

17,847 8,192 5,452 1,400 2,774 29

15,141 8,437 3,570 629 2,547 (42)

6,800 6,149 4,842 13,572 8,715 3,561 3,410

30.0 34.9 49.0 34.0 28.1 74.2 33.7

118,345 39,270 17,156 19,128 23,548 8,541 8,706 1,995

230.3 38.1 26.7 21.4 48.0 18.0 74.6 3.5

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

64,550 7,592 12,150 14,909 15,174 2,570 9,817 2,338

85,995 8,703 14,875 20,378 20,580 4,160 14,680 2,618

104,429 9,631 17,597 24,313 24,605 5,824 19,059 3,400

8,556 2,870 1,297 1,695 1,434 258 784 218

11,084 3,351 1,718 2,223 1,918 454 1,155 266

12,947 3,669 2,050 2,659 2,148 620 1,483 317 11,515 2,408 3,346 2,936 839 787 72 282 778 67

Net profit (IDRb) 2015F 2016F 2017F 1,090 1,781 2,165 966 1,639 2,005 124 142 160

2015F

2015 Global Banking & Finance Review Best Research House

EPS growth (%) 2016F 2017F 33.5 19.2 63.8 26.7 14.6 12.5

na na 12.2

2015F 10.8 9.9 18.5

PER (x) 2016F 6.6 6.0 16.2

2017F 5.4 na 14.4

EV/EBITDA (x) 2015F 2016F 6.6 5.3 7.0 5.5 5.0 4.2

2017F 4.8 5.1 3.8

2015F 1.0 0.1 5.0

P/BV (x) 2016F 0.8 0.0 4.0

2017F 0.7 0.0 3.3

2015F 0.3 0.0 1.4

Yield (%) 2016F 0.3 0.0 1.6

2017F 0.3 0.0 1.8

Net gearing (%) 2015F 2016F 2017F (100.1) (85.9) (76.1) (125.2) (108.1) (97.2) 3.1 5.5 11.0

ROAE (%) 2016F 14.3 11.1 27.5

2017F 14.0 11.2 25.4

16.2 16.8 (5.6) (7.7)

15.8 16.2 2.3 1.3

16.1 16.3 5.2 8.4

2015F 11.9 7.6 29.7

2.6 3.1 2.9 2.1 2.2 1.3 2.2 1.1 1.5 2.2 1.2

2.6 3.0 2.8 2.1 2.2 1.2 2.1 1.0 1.5 2.2 1.2

12.1 10.7 14.7 0.5 9.0

11.7 10.0 14.3 0.8 6.1

10.9 4.9 na na

14.0 11.1 na na

15.9 14.8 na na

14.3 14.1 42.3 28.0

12.6 12.7 18.3 4.0

12.3 11.9 32.5 5.1

11.7 11.3 32.0 4.7

10.7 10.3 30.3 5.7

2.3 2.4 1.0 0.4

2.1 2.2 1.0 0.3

1.9 2.0 0.9 0.3

3.0 3.0 0.0 0.0

3.1 3.2 0.6 0.9

3.5 3.5 1.4 6.3

51.2 45.9 269.4 130.5

50.0 44.1 297.2 129.3

46.8 40.4 316.2 130.3

80,313 18,176 24,426 20,004 8,372 2,613 1,822 1,663 1,227 942 1,067

88,704 19,883 26,815 20,330 11,022 2,998 1,987 2,084 1,368 1,023 1,194

98,536 21,806 29,624 22,958 12,153 3,475 2,099 2,419 1,529 1,153 1,320

0.7 10.3 0.8 0.7 (22.4) 0.3 (1.7) 49.1 9.5 0.3 47.3

10.4 9.4 9.8 1.6 31.7 14.8 9.0 25.3 11.5 8.6 11.9

11.1 9.7 10.5 12.9 10.3 15.9 5.7 16.1 11.7 12.7 10.6

12.4 17.6 11.4 11.1 11.0 12.5 6.7 8.7 6.6 6.9 5.4

11.2 16.1 10.4 10.9 8.3 10.9 6.2 7.0 5.9 6.3 4.8

10.1 14.7 9.4 9.7 7.6 9.4 5.8 6.0 5.3 5.6 4.3

na na na na na na na na na na na

na na na na na na na na na na na

na na na na na na na na na na na

2.5 3.6 2.4 1.9 1.5 0.9 0.9 1.1 1.1 1.0 0.8

2.1 3.0 2.0 1.7 1.3 0.9 0.8 0.9 1.0 1.0 0.7

1.8 2.6 1.7 1.5 1.1 0.8 0.7 0.8 0.9 0.9 0.6

1.8 1.2 1.8 2.0 2.0 2.4 2.2 2.3 8.3 9.1 3.7

1.9 1.3 1.9 1.8 2.4 2.5 2.4 2.5 8.4 9.1 4.2

1.9 1.4 1.9 1.8 2.3 2.7 2.6 2.5 8.5 9.3 4.6

na na na na na na na na na na na

na na na na na na na na na na na

na na na na na na na na na na na

19.8 22.0 22.9 18.2 14.0 7.8 14.3 12.9 16.8 15.2 14.8

18.7 20.3 21.2 16.3 16.4 8.4 13.7 14.3 17.3 15.6 14.8

17.8 19.0 19.8 16.1 15.8 9.1 12.9 14.7 17.6 16.3 14.5

2.6 3.1 2.9 2.2 1.9 1.3 2.3 1.0 1.5 2.3 1.3

9,245 4,503 4,353 89 300

9,667 4,727 4,558 129 252

(25.4) (21.8) (17.7) na 10.9

4.7 3.5 0.3 na (17.5)

4.6 5.0 4.7 na (16.0)

15.9 13.7 16.3 na 7.7

15.2 13.2 16.3 78.5 9.3

14.5 12.6 15.5 54.1 11.1

10.0 8.6 11.2 12.1 3.1

9.7 8.5 10.9 8.8 5.6

9.1 7.8 10.3 8.2 7.8

2.5 2.3 2.9 0.9 0.9

2.4 2.1 2.9 0.9 0.9

2.3 1.9 2.8 0.9 0.8

3.8 2.2 5.5 0.0 3.2

3.9 2.3 5.5 1.0 2.7

4.1 2.4 5.8 1.4 2.2

4.4 2.6 nc 66.6 nc

7.2 9.6 nc 61.7 nc

5.3 6.3 nc 51.5 nc

16.5 17.6 17.7 (2.7) 12.8

16.3 16.6 17.9 1.1 9.7

16.1 15.5 18.3 1.6 7.6

12.8 11.8 15.0 (1.3) 11.9

12,537 6,383 2,958 1,027 2,198 (29)

10,797 6,395 1,960 546 1,990 (95)

12.1 27.5 40.9 (44.9) 7.7 (50)

(7.4) (6.8) (1.1) (35.9) 1.3 (1,000)

(13.9) 0.2 (33.7) (44.9) (9.4) 289

6.9 9.0 5.1 3.7 4.5 645.0

7.5 9.6 5.2 5.8 4.5 (71.7)

8.7 9.6 7.8 10.4 4.9 (18.4)

2.9 3.7 2.1 0.5 2.9 (10.3)

2.6 3.4 1.9 0.6 3.4 (18.1)

1.2 1.5 0.4 0.5 1.1 0.5

1.1 1.4 0.3 0.5 1.0 0.5

1.0 1.3 0.3 0.5 0.9 0.5

6.5 4.4 5.9 21.7 12.1 0.2

5.9 4.3 5.9 13.9 12.3 0.0

6.0 5.3 3.8 13.0 11.1 (0.9)

4.2 nc 26.0 nc nc nc

2.1 nc 13.2 nc nc nc

0.3 nc 1.7 nc nc nc

16.1 17.5 7.9 13.4 24.4 0.0

13.6 14.7 6.9 8.4 22.6 (0.7)

11.8 13.6 4.4 4.5 18.7 (2.3)

9.5 10.5 3.6 8.8 14.0 0.0

8.1 8.9 3.4 5.5 12.8 (0.5)

4,146 1,278 559 704 818 195 395 197

5,374 1,445 785 914 1,116 349 534 230

6,099 1,481 957 1,066 1,174 475 690 255

4.7 (9.0) (9.2) 32.4 37.9 (45.5) 0.9 20.4

24.6 13.1 40.6 29.8 17.3 79.5 (17.4) 16.7

9.1 2.5 21.8 16.6 5.2 36.1 29.2 10.9

28.5 30.7 30.6 27.2 24.4 43.9 13.5 10.1

22.0 27.2 21.8 20.9 20.8 24.5 16.3 8.7

19.4 26.5 17.9 17.9 19.8 18.0 12.6 7.8

13.6 13.6 12.5 11.6 13.9 24.1 9.9 6.1

11.6 12.6 9.6 9.2 13.7 14.9 9.2 5.0

10.5 12.1 8.1 8.1 13.3 11.3 6.7 4.2

3.5 3.7 3.8 4.6 2.6 3.8 1.8 2.2

3.1 3.4 3.3 4.0 2.4 3.5 1.7 2.0

2.8 3.1 2.8 3.4 2.2 3.0 1.5 1.8

1.0 1.0 1.0 1.1 0.7 0.7 1.5 5.1

1.3 1.1 1.4 1.4 1.0 1.2 1.2 5.9

1.4 1.1 1.7 1.7 1.0 1.7 1.6 6.9

57.0 120.4 51.7 35.0 19.1 1.6 nc nc

75.8 147.1 49.7 44.9 47.5 nc 41.6 nc

86.0 164.0 44.7 55.3 71.6 nc 25.4 nc

14.3 12.5 13.2 21.7 14.1 8.9 12.0 23.3

14.6 13.0 16.2 20.4 12.1 14.9 10.6 24.3

14.7 12.2 16.9 20.4 11.6 18.0 12.4 24.0

4.0 3.7 3.4 4.3 4.4 5.2 3.2 7.6

6,000 1,519 1,859 1,280 451 559 (29) 311 34 15

7,422 1,674 2,219 1,648 587 608 57 333 242 54

8,820 1,848 2,620 1,990 666 674 191 369 380 82

(7.1) 4.4 31.0 (27.3) (18.6) 1.4 na (12.3) (53.7) (88.0)

25.5 10.2 19.3 28.7 30.3 8.9 na 6.8 605.4 245.5

19.9 10.4 18.1 20.7 13.4 10.9 na 11.1 57.4 52.6

23.9 25.6 25.1 14.8 19.4 24.7 na 12.6 179.2 60.3

19.3 23.2 21.0 11.5 14.9 22.7 80.1 11.8 25.4 17.4

16.3 21.0 17.8 9.5 13.1 20.5 24.2 10.7 16.1 11.4

16.1 18.6 16.5 7.9 9.1 18.1 52.6 4.4 10.6 na

13.3 16.8 13.7 7.4 7.1 16.1 23.0 3.8 8.1 12.2

11.2 15.2 11.2 6.6 5.9 14.0 12.4 3.3 6.7 6.2

14.7 12.2 31.8 1.9 2.8 4.9 0.8 1.1 2.1 0.5

9.0 10.7 15.9 1.7 2.5 4.2 0.8 1.1 1.9 0.5

6.6 9.4 10.0 1.6 2.3 3.6 0.8 1.0 1.8 0.5

2.1 2.9 1.6 3.4 2.1 0.8 0.0 4.0 0.0 0.2

2.5 3.2 1.9 4.3 2.7 0.9 0.0 4.2 0.6 0.6

2.8 3.6 2.2 5.2 3.0 1.0 0.0 4.7 0.9 0.9

8.2 nc nc 30.7 nc nc 7.1 nc 80.7 nc

6.8 nc nc 24.8 nc nc 7.7 nc 67.2 nc

5.5 nc nc 16.7 nc nc 13.2 nc 59.3 nc

91.1 46.1 225.8 14.1 15.1 21.6 (0.5) 9.1 1.3 0.9

52.1 49.7 100.6 16.8 17.8 19.9 1.0 9.3 7.9 3.0

41.7 48.0 68.8 18.3 18.1 18.9 3.3 9.8 11.4 4.4

7.0 nc nc 42.7 nc 38.7 nc 37.2 nc nc 17.6 15.4 nc 32.8

6.4 nc nc 40.8 nc 27.2 nc 27.5 nc nc 18.2 79.6 nc 34.5

53.8 43.6 123.8 15.6 19.7 8.1 20.6 25.9 13.4 15.1 25.0 14.8 23.3 5.5

49.8 32.6 125.1 15.4 19.7 12.8 21.1 20.8 13.4 14.4 25.2 15.4 20.4 7.9

8,832 4,352 4,340 (225) 364 13,545 6,847 2,982 1,546 2,170 0

3.1 3.9 2.5 0.4 2.9 (7.9)

17.8 20.6 5.8 13.0 25.6 (2.6)

4.4 3.7 4.3 4.5 4.1 8.2 3.3 8.3

4.2 3.3 4.5 4.3 3.7 8.9 3.7 8.4

11.0 5.9 9.7 16.5 11.0 9.8 10.8 73.8

10.3 5.5 10.8 14.5 9.0 14.1 9.2 62.6

27.7 33.1 46.7 9.0 7.3 17.4 (0.3) 6.7 0.4 0.8

26.9 35.7 41.1 10.7 8.5 16.2 0.6 7.0 2.5 2.7

25.2 35.5 35.5 12.0 8.7 15.5 2.0 7.4 3.7 3.9

23.3 64.4 na 11.1 20.6 27.2 (0.5) 18.9 0.6 1.2

25.1 67.6 na 13.2 24.4 28.5 1.0 20.4 4.6 4.0

51.3 37.5 122.6 15.8 19.6 14.3 21.4 19.2 13.1 14.5 26.7 15.4 21.0 10.1

24.2 26.7 40.0 8.8 15.0 2.4 11.7 10.7 9.7 14.1 11.1 9.0 19.7 3.2

22.8 22.5 41.0 8.7 15.1 3.8 12.1 9.7 9.8 13.5 11.4 9.4 17.5 4.5

24.2 25.7 40.9 9.0 15.1 4.4 12.4 9.9 9.6 13.6 12.7 7.6 18.0 5.4

65.2 61.6 135.4 10.5 24.0 5.0 28.6 15.5 21.2 23.0 16.3 15.1 65.2 4.7

64.6 61.7 132.7 10.7 24.6 8.7 27.9 14.6 19.8 22.0 19.7 13.8 61.2 6.3

13.2 18.9 3.1 5.4 8.8 18.7

13.0 19.3 4.3 3.2 8.2 16.8

13.0 18.5 5.4 5.9 8.5 15.7

20.3 26.0 4.1 6.6 18.6 33.9

19.2 25.6 5.8 3.9 16.5 29.7

143,477 38,820 46,687 18,987 8,739 13,806 4,602 3,938 6,964 934

114.1 19.1 56.2 12.1 14.9 7.3 0.0 1.1 3.3 0.1

60,970 4,056 7,926 6,666 2,227 4,541 13,564 7,942 11,822 2,227

76,680 4,253 9,340 6,675 14,286 4,698 15,118 7,774 12,760 1,776

84,783 4,573 10,872 7,006 16,331 5,086 16,906 8,038 14,054 1,917

95,235 4,983 12,699 7,519 18,267 5,647 19,439 8,534 16,027 2,121

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

OW BUY BUY BUY HOLD BUY BUY BUY BUY BUY BUY BUY SELL BUY

97,975 35,975 55,875 1,370 5,525 14,700 26,475 1,755 500 1,250 930 2,200 9,150

115,000 46,000 65,000 1,480 6,600 16,800 31,000 2,000 630 1,450 1,350 1,900 14,700

4,653 7,630 1,924 46,875 8,780 5,831 894 4,500 15,000 5,062 5,554 14,551 1,156

7.5 15.0 23.5 43.3 49.9 19.5 66.9 21.9 19.0 29.3 10.0 18.0 29.2

1,129,452 455,851 274,489 107,508 64,219 48,512 85,715 23,678 7,898 7,500 6,327 5,165 32,012 10,578

415.1 107.5 61.4 59.1 68.4 45.8 27.0 0.5 0.5 2.5 1.4 3.5 0.0 37.6

246,250 34,512 65,186 17,369 63,594 30,022 14,169 7,512 2,198 1,880 4,521 1,946 3,341

346,896 88,712 36,115 69,029 17,786 64,352 32,115 14,886 8,220 2,268 2,189 5,070 2,038 4,116

380,892 97,119 40,257 73,916 19,300 70,849 35,481 16,395 9,160 2,424 2,693 5,754 2,301 5,242

424,517 107,376 45,540 81,379 20,943 78,078 39,775 18,557 10,888 2,719 3,343 6,599 2,645 6,675

48,566 14,004 7,976 8,963 2,549 6,801 3,936 1,697 640 495 389 342 560 215

52,638 14,253 8,943 9,718 2,812 7,610 4,507 1,773 713 530 458 422 622 276

59,726 16,717 10,108 10,751 3,080 8,547 5,071 1,917 785 598 575 524 704 350

32,189 10,389 5,885 5,445 1,949 2,084 3,082 1,161 575 424 265 279 558 94

36,512 11,161 6,612 5,950 2,167 3,454 3,543 1,122 622 455 322 327 636 142

41,690 12,806 7,489 6,674 2,400 4,196 4,039 1,218 672 517 416 367 699 197

3.8 (2.3) 2.5 1.4 (5.6) (46.4) 18.4 187.6 (0.7) 1.4 40.3 19.1 4.3 49.7

12.2 6.5 12.4 9.3 11.2 65.7 15.0 (3.4) 8.1 7.1 21.6 17.1 10.3 63.0

13.9 14.5 13.3 12.2 10.7 21.5 14.0 8.6 7.8 13.3 29.2 12.1 9.3 28.8

35.1 43.6 46.6 19.7 32.9 23.3 27.8 20.4 13.7 17.9 23.9 18.5 56.4 113.0

30.9 40.9 41.5 18.1 29.6 14.0 24.2 21.1 12.7 16.7 19.7 15.8 51.2 69.3

27.1 35.7 36.6 16.1 26.8 11.6 21.2 19.4 11.8 14.7 15.2 14.1 46.8 53.8

26.1 30.0 33.3 11.4 20.5 6.8 18.6 12.1 8.0 11.3 12.9 14.6 45.7 17.9

24.5 29.5 30.0 10.5 17.9 5.8 16.4 11.3 7.2 10.3 10.8 12.3 42.8 14.1

21.4 25.3 26.6 9.6 16.3 5.0 14.4 10.4 6.5 8.9 8.9 12.9 38.2 10.8

20.6 13.2 55.9 2.9 6.2 1.9 5.4 4.7 1.8 2.5 5.5 2.6 10.1 6.1

18.6 13.3 48.5 2.7 5.5 1.7 4.8 4.0 1.6 2.2 4.5 2.3 10.0 5.7

16.9 13.3 41.9 2.4 5.0 1.6 4.3 3.4 1.4 2.0 3.7 2.1 9.3 5.2

2.0 2.3 2.0 1.5 1.5 2.1 1.6 1.0 3.3 1.1 1.0 1.4 1.5 0.1

2.3 2.4 2.3 2.4 1.7 3.4 1.8 0.9 3.5 1.3 1.3 1.6 1.5 0.2

2.6 2.8 2.6 2.6 1.9 4.2 2.1 1.0 3.8 1.2 1.6 1.8 1.5 0.3

(14.1) (50.3) (8.6) 45.2 nc 58.1 nc 48.7 nc nc 39.2 7.7 nc 20.6

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

N BUY BUY REDUC E BUY BUY

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

10.0 68.9 41.8 68.6 57.8

44.7 2.1 11.8 10.5 14.2 6.1

11,434 1,538 2,799 840 4,464 1,792

12,775 2,175 2,810 681 5,282 1,828

13,561

290 270 300 720 8,300

24,038 9,832 4,670 2,325 3,035 4,176

11,841

204 226 241 645 6,000

3,031 563 6,065 2,183

3,291 743 6,939 2,589

4,286 1,375 756 411 845 900

4,883 1,711 851 321 937 1,063

5,636 1,859 952 444 1,095 1,284

3,576 1,520 283 225 579 970

4,065 1,705 431 159 618 1,152

4,776 1,799 600 326 716 1,334

18.6 57.7 (31.1) (42.5) 39.4 15.0

13.7 12.2 52.6 (29.3) 6.8 18.7

17.5 5.5 39.1 104.9 15.9 15.8

6.7 6.5 16.5 10.3 5.2 4.3

5.9 5.8 10.8 14.6 4.9 3.6

5.0 5.5 7.8 7.1 4.2 3.1

6.0 6.2 8.4 7.3 3.4 4.2

5.5 4.9 7.4 10.8 3.2 3.6

4.7 4.3 6.5 8.2 2.8 2.9

1.1 1.3 1.0 0.8 1.0 1.1

1.0 1.1 1.0 0.7 0.8 0.9

0.8 1.0 0.9 0.7 0.7 0.7

2.9 4.6 1.8 1.3 3.8 0.0

3.3 5.2 2.8 1.0 4.1 0.0

3.8 5.5 3.9 1.7 4.7 0.0

15.7 nc 62.2 23.9 10.3 nc

16.1 nc 56.5 39.5 10.0 nc

14.8 nc 48.4 43.3 9.5 nc

18.8 22.0 6.4 7.6 20.0 30.8

18.0 21.2 9.2 5.1 18.2 27.4

17.7 19.4 11.7 9.7 18.2 24.5

INDUSTRY - Various KRAS IJ* ATIC IJ SRIL IJ MLPL IJ

REDUC E BUY BUY BUY

290 645 282 195

275 800 500 550

15,775 1,875 18,593 10,065

20.0 1.5 43.9 68.0

12,990 4,575 1,209 5,243 1,963

28.4 1.3 0.0 25.3 1.8

23,146 2,570 6,869 17,074

49,489 19,341 2,626 8,388 19,134

97,435 21,695 2,964 9,860 22,097

39,757 0 3,375 11,073 25,298

(1,061) (2,555) 178 1,596 (280)

77 (1,693) 217 1,877 (324)

2,047 0 263 2,156 (373)

(2,367) (3,047) 60 696 (75)

(1,701) (2,730) 110 963 (43)

1,315 0 146 1,176 (7)

na na (12.7) 25.6 na

na na 65.0 32.3 na

na na 18.1 7.1 na

na na 11.0 5.4 na

na na 8.3 5.4 na

3.8 na 7.0 5.9 5.0

3.6 na 6.0 4.8 7.2

3.3 na 5.1 4.0 7.8

0.8 0.2 1.6 1.3 0.2

0.7 0.2 1.5 1.0 0.2

0.7 0.2 1.3 1.0 0.2

2.9 0.0 1.6 1.4 14.6

0.9 0.0 1.3 1.9 0.0

1.0 0.0 2.3 1.9 0.0

90.0 83.6 52.4 138.1 nc

86.6 112.8 50.7 104.2 1.1

37.9 0.0 47.1 80.9 6.1

3.2 (16.9) 12.4 20.1 (0.9)

5.7 (11.8) 14.8 21.1 (0.5)

5.8 (12.7) 17.1 21.4 (0.1)

LAND TRANSPORTATION BIRD IJ TAXI IJ ASSA IJ

UW REDUC E REDUC E BUY

6,000 83 97

4,700 120 130

2,502 2,146 3,398

15.0 49.0 37.4

15,520 15,013 178 330

6.1 0.7 5.3 0.0

6,789 4,759 890 1,140

7,845 5,552 953 1,340

22,802 6,250 1,009 1,552

15,612 6,988 1,074 1,779

1,621 1,197 200 224

1,802 1,298 238 266

1,918 1,354 255 308

902 840 6 55

21.6 22.2 0.7 6.4

19.8 20.2 2.2 7.6

17.8 18.2 2.4 8.6

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

N BUY BUY REDUC E BUY BUY

1,375 314 505 1,105 2,000

2,500 764 411 2,000 2,200

9,936 24,031 7,448 5,292 3,570

20.5 74.2 35.0 7.4 35.8

37,956 13,662 7,546 3,761 5,848 7,139

103.5 12.8 51.8 1.9 2.4 34.5

33,119 12,857 9,421 7,371 3,470 -

31,900 10,486 11,890 5,632 3,892 0

30,216 11,310 13,290 5,616 4,959 0

32,767 12,230 14,812 5,725 5,628 868

2,684 1,442 (8) 60 1,274 (84)

4,195 2,175 281 28 1,856 (145)

6,925 2,891 826 29 2,717 462

897 980 (449) 16 448 (98)

OIL & GAS PGAS IJ* AKRA IJ MEDC IJ*

N REDUC E BUY BUY

2,400 7,100 685

2,500 7,000 1,300

24,242 3,949 3,332

43.0 40.1 49.0

88,500 58,180 28,038 2,283

140.6 70.1 68.8 1.8

73,990 42,220 22,468 9,301

66,063 40,166 19,344 6,553

75,903 43,022 23,231 9,651

84,807 46,380 27,077 11,351

9,896 8,302 1,345 249

12,837 8,425 2,043 2,369

14,902 9,606 2,014 3,282

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

N BUY BUY BUY BUY REDUC E BUY BUY

16,700 299 1,305 475 1,700 1,800 515

22,500 600 1,870 740 1,000 1,970 630

1,575 15,816 6,823 10,599 3,336 1,890 5,342

20.3 21.6 40.4 34.1 10.1 33.0 45.6

56,789 26,298 4,729 8,904 5,034 5,670 3,402 2,751

52.1 23.7 1.2 24.7 0.4 0.1 2.0 0.2

52,434 16,306 14,963 4,727 4,898 1,961 3,242 6,338

39,836 13,566 13,243 3,988 4,366 1,746 2,928 5,251

41,439 13,873 13,632 4,117 4,783 1,930 3,105 5,237

41,634 15,215 13,840 4,384 4,941 0 3,255 6,526

5,264 1,569 1,470 622 431 175 441 557

5,822 1,804 1,534 659 536 223 504 562

N BUY BUY BUY

3,300 715 1,270

3,500 550 1,700

16,398 10,661 2,239

44.5 42.5 58.7

64,579 54,113 7,622 2,843

27.4 22.5 3.3 1.6

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

68,492 32,909 30,705 4,878

77,643 38,526 33,937 5,181

87,631 44,678 37,146 5,807

4,809 3,416 1,198 195

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

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

1,685 1,045 435 1,460 1,280 321 301 347 181

2,020 1,130 490 1,820 1,400 300 220 365 180

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

35.4 94.7 47.8 67.7 69.5 48.5 27.1 44.7 35.0

135,374 32,431 24,116 20,949 21,063 19,623 6,307 6,171 2,171 2,542

270.4 26.7 88.9 27.6 50.1 15.8 38.8 3.3 1.8 17.4

44,346 5,572 11,655 3,872 5,757 6,344 3,631 5,297 1,662 555

47,048 6,609 9,156 4,909 6,150 7,232 3,491 5,594 2,360 1,545

52,448 7,856 11,116 5,535 6,724 8,141 3,667 5,769 1,934 1,707

57,334 8,978 10,785 6,483 7,485 9,403 3,952 6,132 2,205 1,913

SHIPPING SOC I IJ TMAS IJ WINS IJ

N BUY BUY HOLD

468 1,780 126

630 3,000 190

7,059 1,141 4,038

15.0 13.5 42.3

5,632 3,092 2,031 509

8.3 7.7 0.5 0.1

1,992 127 1,687 177

1,931 134 1,700 97

2,083 163 1,810 111

3,225 3,390 5,600 4,495 5,300 705 525

3,750 4,200 6,500 5,000 6,800 1,180 850

100,800 8,541 4,797 10,203 5,434 7,123 2,900

48.8 33.6 47.8 67.3 20.7 23.0 39.7

226.8 173,695 198,093 223,225 189.7 89,696 102,143 113,031 8.9 23,460 22,754 23,798 9.0 3,307 3,437 3,801 1.9 4,106 4,415 4,845 3.6 24,085 26,249 28,395 9.0 14,590 20,524 29,578 4.7 14,451 18,569 19,777 2,968 1,543,477 1,688,418 1,863,094

0.6 (0.0) (95.0) 29.0

6.3 3.6 228.6 24.0

2.4 0.7 14.9 20.5

17.2 17.9 30.5 5.9

16.2 17.2 9.3 4.8

15.8 17.1 8.1 4.0

8.6 8.8 4.0 3.7

8.0 8.1 3.7 3.7

7.6 7.8 3.7 3.5

3.6 3.7 0.2 0.4

3.2 3.3 0.2 0.4

2.9 3.0 0.2 0.3

2.3 2.2 0.6 5.0

2.4 2.3 1.9 6.3

2.4 2.3 2.2 7.5

47.8 43.0 197.5 186.8

54.1 48.9 214.0 206.4

60.9 55.4 239.7 214.4

9.1 6.5 na (126.3) 4.2 na

9.0 3.8 19.2 12.9 5.8 na

6.6 2.8 13.1 11.6 4.1 na

4.7 2.3 7.7 10.8 2.6 na

0.7 0.6 0.4 0.7 1.3 4.0

0.6 0.5 0.4 0.7 1.0 4.5

0.6 0.5 0.4 0.7 1.0 4.0

1.9 4.3 0.0 0.2 0.0 0.0

3.1 6.8 0.0 0.2 0.0 0.0

3.1 6.6 0.6 0.0 0.0 1.0

29.9 nc 38.7 39.4 82.5 7.7

27.1 nc 46.7 39.3 57.4 75.0

24.1 nc 49.5 41.9 36.4 53.5

2,017 1,552 (172) 14 841 (218)

4,149 2,117 228 (31) 1,597 238

(60.1) (53.6) (76.5) (97.9) 59.8 58.3

124.9 59.2 (63.2) (13.2) 83.6 na

105.7 36.6 (237.9) (319.9) 96.3 na

42.3 14.0 na 241.1 15.1 na

18.8 8.8 na 277.7 8.2 na

3.2 4.2 (3.1) 0.3 10.8 (9.0)

5.1 6.1 (1.0) 0.3 13.8 (10.4)

6,507 5,821 1,047 (361)

7,955 6,277 1,495 183

9,248 7,419 1,535 295

(34.2) (42.5) 28.1 (391.9)

22.3 4.1 42.8 (150.9)

16.3 22.4 2.7 0.0

13.6 10.7 26.7 NA

11.1 10.3 18.7 12.5

9.6 8.4 18.2 12.5

10.1 6.2 18.3 8.5

7.9 5.7 12.9 4.2

7.2 4.7 12.5 4.0

2.3 1.3 4.6 0.2

2.0 1.3 3.8 0.2

1.8 1.2 3.3 0.2

3.7 5.1 1.5 (6.3)

4.3 5.3 2.1 3.2

5.1 6.5 2.2 3.1

15.7 nc 40.9 108.5

16.2 nc 40.9 124.5

11.7 nc 24.1 156.0

14.9 14.1 18.2 (3.0)

15.5 12.7 22.3 1.4

6,202 2,087 1,484 726 592 0 568 745

2,051 638 235 548 171 18 252 189

2,659 978 267 573 247 85 282 227

3,691 1,645 380 617 306 0 316 427

(65.3) (74.5) (72.1) (40.2) (73.7) na (25.8) (59.8)

29.7 53.4 13.8 4.6 44.2 na 11.8 20.3

38.8 68.3 42.3 7.6 24.0 na 11.8 88.0

27.7 41.2 20.2 16.2 29.4 na 13.5 14.6

21.4 26.9 17.7 15.5 20.4 67.5 12.0 12.1

15.4 16.0 12.4 14.4 16.5 43.3 10.8 6.4

11.4 13.3 4.3 9.4 14.8 11.1 7.6 7.2

10.4 12.1 4.2 8.9 13.0 9.8 7.0 7.0

8.5 10.8 4.3 8.2 12.2 0.0 6.5 5.9

1.8 2.4 0.3 1.2 2.1 1.6 1.1 1.1

1.7 2.2 0.3 1.2 2.0 1.6 1.0 1.0

1.6 2.0 0.3 1.1 1.8 1.5 1.0 0.9

1.5 1.1 1.5 2.5 0.8 1.1 3.7 1.4

1.9 1.7 1.7 2.6 1.2 1.5 4.1 1.7

2.6 2.8 2.4 2.8 1.5 1.5 4.6 3.1

53.7 65.4 44.9 nc 132.3 14.6 64.6 147.0

59.8 74.7 50.7 nc 136.0 17.0 71.7 148.6

57.9 73.9 53.9 nc 134.1 0.0 76.0 138.7

5.4 5.7 1.7 7.5 7.4 0.4 8.3 7.6

6,368 4,268 1,742 357

7,750 5,341 1,953 456

2,434 1,885 519 29

3,697 2,810 653 234

4,953 3,746 901 306

22.0 7.9 na na

51.9 49.1 na 553.5

34.0 33.3 na 31.0

26.5 28.7 na 79.6

17.5 19.3 11.7 12.2

13.0 14.4 8.5 9.3

14.3 15.2 8.7 12.6

11.6 12.5 6.8 8.4

9.4 10.0 6.2 7.0

3.9 4.4 1.4 2.0

3.3 3.7 1.3 1.7

2.8 3.1 1.1 1.5

0.8 0.9 0.0 0.3

1.1 1.0 1.5 1.6

1.6 1.5 2.1 2.2

53.5 39.1 138.9 99.2

48.7 34.4 133.8 91.9

39.6 25.9 121.6 81.8

16,222 3,226 2,237 2,499 1,948 2,119 1,782 1,349 643 419

17,929 3,701 2,841 2,820 2,146 2,301 1,790 1,351 519 460

19,870 4,248 2,900 3,283 2,384 2,523 1,938 1,469 592 532

10,251 2,545 1,257 1,693 1,259 1,285 899 609 412 293

11,752 2,876 1,894 1,946 1,382 1,390 1,004 649 301 309

13,515 3,386 2,081 2,360 1,540 1,523 1,206 683 353 383

(27.0) (36.4) (50.7) (32.7) (9.1) (3.0) (18.1) (28.8) 2.8 79.7

14.6 13.0 50.7 14.9 9.7 8.2 11.8 6.7 (27.0) 5.5

15.0 17.7 9.9 21.3 11.4 9.6 20.0 5.2 17.4 23.8

13.2 12.7 19.2 12.4 16.7 15.3 7.0 10.1 5.3 8.7

11.5 11.3 12.7 10.8 15.2 14.1 6.3 9.5 7.2 8.2

10.0 9.6 11.6 8.9 13.7 12.9 5.2 9.0 6.1 6.6

9.8 10.4 12.2 8.3 11.3 9.0 6.7 5.6 7.1 7.2

8.9 9.2 10.2 7.4 10.5 8.4 6.7 6.3 9.3 7.3

8.1 8.0 9.8 6.4 9.5 7.9 6.2 5.7 8.7 6.0

2.0 1.8 1.5 2.7 2.8 2.3 0.9 0.9 0.5 1.2

1.7 1.6 1.3 2.2 2.4 2.0 0.8 0.8 0.4 1.0

1.5 1.4 1.2 1.8 2.1 1.8 0.7 0.8 0.4 0.9

1.3 0.8 1.3 1.0 1.3 1.0 2.8 2.0 5.7 3.5

1.5 0.9 2.0 1.2 1.4 1.1 3.5 2.1 4.2 3.6

1.7 1.0 2.2 1.4 1.5 1.2 4.4 2.2 4.9 4.5

38.6 21.3 49.9 33.0 56.9 18.3 88.6 46.6 70.2 30.3

40.3 24.1 51.2 31.2 55.6 20.9 82.3 64.2 80.4 42.8

2,347 170 2,056 120

423 42 378 2

593 56 520 17

738 59 659 20

366 38 332 (4)

473 45 425 3

622 45 571 7

42.1 (20.4) 63.7 (118.9)

29.4 21.6 28.2 (182.5)

31.4 (4.1) 34.3 96.4

15.4 6.2 6.1 (8.8)

11.9 5.1 4.8 10.7

9.1 5.3 3.6 5.4

35.6 58.0 5.1 21.1

27.8 46.0 3.8 13.4

25.9 43.3 2.9 11.8

1.4 0.9 2.6 0.2

1.1 0.8 1.9 0.2

0.9 0.7 1.3 0.2

3.6 4.2 4.1 (1.7)

4.7 4.9 5.2 1.4

5.9 5.7 7.0 2.8

78.3 65.5 99.5 71.5

246,852 124,788 25,507 4,229 5,315 30,758 34,851 21,403 2,044,613

42,543 32,141 1,186 2,637 2,493 2,953 758 375 302,016

48,548 36,256 1,393 2,915 2,866 3,799 905 412 337,220

55,773 41,388 1,691 3,243 3,274 4,637 1,074 466 379,287

17,097 15,778 (128) 1,056 986 (1,187) 382 210 203,859

23,051 17,773 351 1,289 1,591 1,334 462 252 234,283

28,654 20,468 1,024 1,593 2,133 2,545 592 299 269,948

17.6 7.8 na (18.8) 17.3 40.3 25.2 (0.6) (7.5)

34.8 12.6 na 22.0 61.3 19.2 21.0 19.8 13.7

24.3 15.2 na 23.0 34.1 44.5 28.3 18.7 15.2

27.0 20.6 na 25.4 46.5 NA 13.0 7.2 18.5

20.0 18.3 na 20.8 28.8 21.6 10.7 6.0 16.1

16.1 15.9 na 16.9 21.5 11.3 8.4 5.1 14.0

9.5 9.2 6.3 15.7 14.1 4.1 9.2 6.1 12.5

8.5 8.2 5.6 15.2 12.4 3.4 8.5 5.5 11.5

7.5 7.0 5.1 16.2 10.8 2.7 9.5 4.7 10.1

4.7 4.3 2.1 9.3 8.2 2.3 1.8 0.5 8.6

4.1 3.9 2.0 6.7 6.4 2.0 1.6 0.5 7.5

3.5 3.6 1.9 5.0 5.0 1.6 1.4 0.4 6.7

2.3 3.2 0.0 0.8 0.0 0.0 1.9 5.5 2.2

2.7 3.6 0.0 1.0 0.0 1.4 2.3 6.6 2.4

3.2 4.1 0.0 1.2 0.0 2.6 3.0 7.8 2.6

74.8 8.4 168.7 647.2 112.9 138.9 64.1 33.4 14.5

8.3 8.0 1.3 (0.6) 23.5 11.3

0.5 (7.0) 2.8 6.9 (0.3) 11.4 11.7 0.2 2.1

1.8 (5.1) 4.4 7.9 (0.2) 10.9 11.3 0.6 2.4

2.4 (4.7) 5.2 8.8 (0.0) 9.5 9.7 0.6 2.6

0.7 (8.9) 6.4 8.4 (0.9) 16.0 16.1 0.2 2.3

2.6 (6.1) 9.8 9.6 (0.6) 13.7 13.9 0.7 2.5

1.6 3.1 (1.8) 0.2 3.6 (4.6)

3.1 4.7 (0.6) 0.2 6.2 (6.9)

5.4 6.6 0.8 (0.3) 12.2 6.5

1.8 4.5 (2.2) 0.2 5.1

15.5 14.1 19.6 2.2

6.5 6.6 7.1 (1.0)

7.1 6.4 9.1 0.4

7.6 7.6 8.3 0.7

10.8 10.7 12.1 (1.4)

7.2 8.5 1.9 7.6 10.0 1.6 8.9 8.6

9.6 13.3 2.6 7.8 11.4 0.0 9.5 14.6

3.1 3.2 0.8 6.2 2.3 (0.7) 4.4 2.5

3.9 4.3 0.8 6.3 3.1 0.6 4.6 2.8

5.0 6.6 1.2 6.5 3.5 0.0 4.8 4.8

4.1 3.8 1.1 8.9 3.4 0.3 5.3 3.3

4.9 5.0 1.3 8.6 4.3 1.4 5.3 3.5

14.9 16.2 10.1 2.3

19.5 20.9 11.6 15.1

22.0 23.3 14.3 17.4

7.8 8.8 3.3 0.8

10.7 11.9 3.9 6.0

12.8 14.1 5.1 7.6

9.9 11.2 4.3 1.1

13.7 15.3 4.9 7.8

36.5 20.6 45.5 24.6 50.2 25.4 73.5 61.5 81.7 32.2

16.1 15.4 7.8 24.5 21.2 16.1 13.8 9.2 9.2 18.1

15.8 15.2 11.0 22.9 19.7 15.2 13.8 9.2 6.3 13.4

15.7 15.5 11.0 22.7 18.8 14.6 14.7 8.9 7.1 14.9

6.4 8.1 3.2 9.3 7.3 5.2 5.1 2.4 4.2 8.0

6.3 7.8 4.3 9.2 6.9 5.0 5.2 2.3 2.7 6.0

6.5 8.2 4.3 9.7 6.7 4.9 5.8 2.1 2.9 6.1

12.2 13.4 5.4 18.7 13.9 13.8 7.2 6.5 5.8 14.7

11.6 12.4 7.3 17.3 12.6 12.7 7.4 5.9 3.6 9.8

63.2 62.9 64.6 59.6

48.8 58.4 35.5 44.3

23.7 10.3 50.7 (2.0)

24.0 13.6 45.4 1.7

29.1 23.9 43.6 3.4

8.7 3.6 18.8 (0.8)

11.0 6.2 21.0 0.7

15.8 12.2 24.8 1.4

14.8 14.7 23.4 (1.2)

10.0 9.8 25.3 1.0

51.7 3.4 134.3 481.2 64.3 90.1 74.4 31.2 18.6

36.0 (2.5) 118.9 365.6 25.4 90.1 74.4 26.8 16.0

18.8 22.1 (0.9) 30.7 19.2 (9.1) 14.4 7.0 31.2

21.5 22.6 2.5 37.3 25.0 10.0 15.4 7.9 28.5

22.8 23.6 7.0 33.9 26.2 16.1 17.4 8.9 28.5

8.1 10.4 (0.2) 4.5 5.4 (2.2) 6.5 3.3 12.0

8.9 10.7 0.6 5.1 8.4 2.5 6.5 3.8 11.7

10.1 11.5 1.8 5.8 11.2 4.9 7.6 4.3 12.2

15.3 20.4 (0.3) 4.9 8.3 (3.8) 6.1 5.1 25.8

17.2 21.4 1.1 5.5 13.6 4.7 7.0 5.9 25.8

Source: Bloomberg, Bahana estimates

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

na na na na na na na na na na na

19.3 21.5 5.9 19.2 29.6 0.0

38.2 79.5 36.4 23.7 40.0 13.4 40.5 44.0 25.0

982 877 22 83

na na na na na na na na na na na

10.9 11.2 0.6 0.5

7.2 8.5 2.3 2.9 10.6 (1.8)

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

958 870 19 69

11.0 11.3 (1.6) (3.6)

19.3 15.6 24.4 0.7 13.7

3,250 19,800 2,000 2,750 650 650 640 4,750 700

na na 32.1 0.0 na

ROIC (%) 2015F 2016F 8.2 9.3 3.9 5.2 26.2 26.3

22.4 17.6 28.3 (1.7) 33.1

2,655 16,000 1,330 1,625 805 1,100 555 3,700 700

462,102 325,080 28,955 26,861 45,862 28,800 5,022 1,523 3,775,907

7.1 7.2 1.0 2.4

(17.0) (12.6) na na

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

TELCOS OW TLKM IJ BUY EXC L IJ BUY TBIG IJ HOLD TOWR IJ BUY ISAT IJ BUY TELE IJ BUY ERAA IJ BUY Market N Note: *USD reporting OW: Overweight, N: Neutral, UW: Underweight

6.8 7.0 0.5 0.4

20,271 19,543 292 436

CONSUMER - DISCRE. SC MA IJ LPPF IJ MNC N IJ MPPA IJ AC ES IJ HERO IJ RALS IJ MAPI IJ EC II IJ

POULTRY C PIN IJ JPFA IJ MAIN IJ

6.8 7.0 (1.3) (2.6)

17,779 17,591 126 62

N BUY BUY BUY BUY BUY BUY BUY

9,998 2,192 2,868 2,724 738 704 (113) 246 608 31

2017F 5.1 3.6 11.2

16,030 16,764 (312) (422)

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

8,650 1,997 2,474 2,580 567 648 (215) 218 399 (17)

ROAA (%) 2016F 4.8 3.3 10.9

2015F 3.8 2.2 10.7

6

3.4 6.6 (0.7) 0.2 8.2

11.1 9.3 15.8 0.6

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2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

FULL YEAR 2015 EARNINGS RELEASE (ESTIMATED) Ticker BBRI IJ BBNI IJ BDMN IJ BJTM IJ JSMR IJ EXCL IJ BMRI IJ ITMG IJ LPPF IJ AALI IJ BBTN IJ ASII IJ UNTR IJ INCO IJ LSIP IJ WSKT IJ ADHI IJ ANJT IJ HERO IJ JPFA IJ IMAS IJ SMBR IJ SIMP IJ SMGR IJ ANTM IJ PTBA IJ ANTM IJ TBIG IJ BBCA IJ PTPP IJ PGAS IJ BTPN IJ TLKM IJ MPPA IJ TINS IJ KAEF IJ SMCB IJ ADRO IJ BJBR IJ WTON IJ KRAS IJ WINS IJ INTP IJ TOTL IJ WIKA IJ BSDE IJ HMSP IJ INDF IJ AKRA IJ GIAA IJ SRIL IJ PWON IJ LPCK IJ TBLA IJ MDLN IJ LPKR IJ SCMA IJ TOWR IJ ROTI IJ SIDO IJ SILO IJ BIRD IJ KLBF IJ GGRM IJ CPIN IJ

Corporate Bank Rakyat Indonesia Bank Negara Indonesia Bank Danamon Bank Pembangunan Daerah Jawa Timur Jasa Marga XL Axiata Bank Mandiri Indo Tambangraya Megah Matahari Department Store Astra Agro Lestari Bank Tabungan Negara Astra International United Tractors Vale Indonesia PP London Sumatera Indonesia Waskita Karya Adhi Karya Austindo Nusantara Jaya Hero Supermarket Japfa Indomobil Sukses International Semen Baturaja Salim Invomas Pratama Semen Indonesia Aneka Tambang Tambang Batubara Bukit Asam Aneka Tambang Tower Bersama Infrastructure Bank Central Asia PP Persero Perusahaan Gas Negara Bank Tabungan Pensiunan Nasional Telekomunikasi Indonesia Matahari Putra Prima Timah Persero Kimia Farma Holcim Indonesia Adaro Energy Bank Pembangunan Daerah Jawa Barat Wijaya Karta Beton Krakatau Steel Wintermar Offshore Indocement Tunggal Perkasa Total Bangun Persada Wijaya Karya Bumi Serpong Damai H M Sampoerna Indofood Sukses Makmur AKR Corporindo Garuda Indonesia Sri Rejeki Isman Pakuwon Jati Lippo Cikarang Tunas Baru Lampung Modernland Realty Lippo Karawaci Surya Citra Media Sarana Menara Nusantara Nippon Indosari Corpindo Industri Jamu dan Farmasi Sido Muncul Siloam International Hospitals Blue Bird Kalbe Farma Gudang Garam Charoen Pokphand Indonesia

Date 1/26/2016 1/29/2016 1/29/2016 1/29/2016 2/5/2016 2/5/2016 2/9/2016 2/16/2016 2/17/2016 2/23/2016 2/24/2016 2/24/2016 2/24/2016 2/24/2016 2/25/2016 2/25/2016 2/25/2016 2/25/2016 2/26/2016 2/26/2016 2/26/2016 2/26/2016 2/26/2016 2/29/2016 2/29/2016 3/1/2016 3/1/2016 3/2/2016 3/3/2016 3/3/2016 3/3/2016 3/3/2016 3/4/2016 3/4/2016 3/4/2016 3/4/2016 3/7/2016 3/8/2016 3/8/2016 3/10/2016 3/11/2016 3/11/2016 3/16/2016 3/16/2016 3/17/2016 3/17/2016 3/17/2016 3/18/2016 3/18/2016 3/21/2016 3/23/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/24/2016 3/28/2016 3/29/2016 3/30/2016

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

Time 16:00 16:00 16:00 16:00 09:00 16:00 16:00 16:00 16:00 16:00 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

FULL YEAR 2015 EARNINGS RELEASE (ESTIMATED) Ticker GJTL IJ MYOR IJ SMRA IJ UNVR IJ KIJA IJ ISAT IJ MEDC IJ CTRA IJ SSIA IJ PSAB IJ TMAS IJ MNCN IJ MAIN IJ ASRI IJ HRUM IJ CASS IJ ERAA IJ TELE IJ TAXI IJ ASSA IJ SOCI IJ PPRO IJ DMAS IJ MIKA IJ MDKA IJ ATIC IJ

Corporate Gajah Tunggal Mayora Indah Summarecon Agung Unilever Indonesia Kawasan Industri Jababeka Indosat Medco Energi International Ciputra Development Surya Semesta Internusa J Resources Asia Pasifik Pelayaran Tempuran Emas Media Nusantara Citra Malindo Feedmill Alam Sutera Harum Energy Cardig Aero Service Erajaya Swasembada Tiphone Mobile Indonesia Express Transindo Utama Adi Sarana Armada Soechi Lines PP Properti Puradelta Lestari Mitra Keluarga Karyasehat Merdeka Copper Gold Anabatic Technologies

Date 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/30/2016 3/31/2016 3/31/2016 3/31/2016 3/31/2016 3/31/2016

Time -

Source: Bloomberg, Bahana

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

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

9

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

Actual and upcoming 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

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

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

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

Research: +62 21 250 5081 Harry Su [email protected] Senior Associate Director Head of Corporate Strategy & Research Consumer, Strategy ext 3600 direct: +62 21 250 5735

Fakhrul Fulvian [email protected] Economist ext 3602

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

Muhammad Wafi [email protected] Technical Analyst ext 3609

Made Ayu Wijayati [email protected] Research Executive ext 3607

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

Natalia Surjadiputra [email protected]

Director of Sales & Client Relationship Management ext 2500

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

Bram Taarea [email protected] Institutional Equity Sales ext 2524

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

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

Renaldy Effendy [email protected] Research Analyst Consumer, Healthcare ext 3606

Nyoman Widita Prabawa [email protected] Research Associate ext 3623

Zefanya Halim [email protected] CA Manager ext 3612

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

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

Jozabad Jonathan [email protected] Research Analyst Poultry ext 3620

Sarah Jessica Hutapea [email protected] Research Associate ext 3693

Senior Equity Institutional Sales ext 2545

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

Nurul Farida [email protected] Institutional Equity Sales ext 2547

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

Melvin Mikha Reminov [email protected] Research Associate ext 3621

Gilang Purnama [email protected] Research Associate ext 3601

Novianty Permata Sari [email protected] CA ext 3618

+62 21 250 5508 (Domestic Institutional)

Inca Aditya [email protected]

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

+62 31 535 2788 (Surabaya Branch)

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

Reynard Poernawan [email protected] Institutional Equity Sales ext 2528

Ari Santosa [email protected] Sales Trader ext 2554

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

Suwardi Widjaja [email protected] Institutional Equity Sales ext 2548

Hanna Marionda [email protected] Sales Trader ext 2525

Adriana Kosasih [email protected] Sales Executive ext 2541

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

http://www.bahana.co.id

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

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

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

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

13

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

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The principal research analysts who prepared this report have no financial interest in securities of the issuers covered in the report, are not (nor are any members of their household) an officer, director or advisory board member of the issuer(s) covered in the report, and are not aware of any material relevant conflict of interest involving the analyst or DCMA, and did not receive any compensation from the issuer during the past 12 months except as noted: no exceptions. Research Analyst Certification For updates on “Research Analyst Certification” and “Rating System” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. The views about any and all of the subject securities and issuers expressed in this Research Report accurately reflect the personal views of the research analyst(s) primarily responsible for this report (or the views of the firm producing the report if no individual analysts[s] is named on the report); and no part of the compensation of such analyst(s) (or no part of the compensation of the firm if no individual analyst[s)] is named on the report) was, is, or will be directly or indirectly related to the specific recommendations or views contained in this Research Report.

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Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

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 companies under its research coverage. Bahana Securities market making Bahana Securities may from time to time make a market in securities covered by this research. The Name of the Credit Rating Agency group, etc The name of the Credit Rating Agency group: Fitch Ratings ("Fitch") The name and registration number of the Registered Credit Rating Agency in the group: Fitch Ratings Japan Limited (FSA commissioner (Rating) No.7) How to acquire information related to an outline of the rating policies and methods adopted by the person who determines Credit Ratings The information is posted under “Outline of Rating Policies” in the section of “Regulatory Affairs” on the website of Fitch R atings Japan Limited (http://www.fitchratings.co.jp) Assumptions, Significance and Limitations of Credit Ratings Ratings assigned by Fitch are opinions based on established criteria and methodologies. Ratings are not facts, and therefore cannot be described as being "accurate" or "inaccurate". Credit ratings do not directly address any risk other than credit risk. Credit ratings do not com ment on the adequacy of market price or market liquidity for rated instruments. Ratings are relative measures of risk; as a result, the assignment of ratings in the same category to entities and obligations may not fully reflect small differences in the degrees of risk. Credit ratings, as opinions on relative ranking of vulnerability to default, do not imply or convey a specific statistical probability of default. In issuing and maintaining its ratings, Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The assignment of a rating to any issuer or any security should not be viewed as a guarantee of the accuracy, completeness, or timeliness of the information relied on in connection with the rating or the results obtained from the use of such information. If any such information should turn out to contain misrepresentations or to be otherwise misleading, the rating associated with that information may not be appropriate. Despite any verification of current facts, ratings can be affected by future events or conditions that were not anticipated at the time a rating was issued or affirmed.

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

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