Asiamoney’s 2013 Best Domestic Equity House

Beacon

4 June 2014

IDX: 4,942.2 (+0.6%) Turnover: IDR4.7tn (+5.2%) Foreign net SELL: IDR251bn (from net BUY:IDR836bn)

Indonesia Morning Brief

INDICES

SECTOR FLASH Indonesian coal update: Postcard No.2 from Bali: Still no light at the end of the tunnel Analyst: Jennifer Frederika Yapply  Retain UNDERWEIGHT on continued weak fundamentals To see the full version of this report, please click here

CORPORATE FLASH Bank Negara Indonesia (BBNI IJ): Key takeaways: USA and Canada investor meetings Analyst: Teguh Hartanto  Reiterating BUY, TP raised to ID6,650 (2015 P/BV of 1.9x) To see the full version of this report, please click here

TODAY’S NEWS POLITICS  PKS irked by Hashim statement  TV stations warned for unbalanced presidential race coverage ECONOMICS  HSBC-PMI Indonesia’s manufacturing index rose to a record high of 52.4  Government to raise electricity tariffs for six customer groups  BI: IDR remains under control INDUSTRY  OJK: Stricter stance on micro and SMEs  Gapki requests for moratorium revocation  The government to limit boron steel imports  USD5bn industrial park to be built in Bantaeng CORPORATE  Bank Panin divested 23.5% stake in its sharia unit  Ciputra Group to distribute 30% dividend payout  SMGR: Bangladesh expansion plan  LPKR to develop 50 new hotels by 2020  PTPP, WSKT and ADHI: New contracts in 5M14  JPFA to allocate IDR1.9tn in capex  BUMI to extend bond maturity  ECII to distribute IDR37.2bn in dividends ECONOMIC INDICATORS

MARKET DATA

13A 14F 15F Cur acc bal (%GDP) (3.6) (2.6) (1.9) Fiscal bal (%GDP) (2.2) (2.0) (2.0) GDP growth (%y-y) 5.7 5.3 5.7 Private spending (%) 5.3 5.3 5.4 Investment (%y-y) 4.7 5.4 7.3 Total exports (%y-y) 5.3 6.0 6.9 Total imports (%y-y) 1.2 5.0 5.7 Inflation (%y-y) 8.4 5.9 6.0 IDR/USD 12,170 11,300 11,200 BI rate (% p.a.) 7.5 7.5 7.5 Brent Oil (Usd/bbl) 110.5 110.0 105.0 FX reserve (USDb) 99.4 103.5 106.0

Op.prof.gwt.(%) EPS growth (%) P/E (x) PEG (x) EV/EBITDA (x) P/BV (x) P/BV exc. UNVR&LPPF Div. Yield (%) Net gearing (%) ROAE (%) ROAA (%) ROIC (%)

Source: Bahana estimates

Source: Bahana estimates

13A 8.5 2.7 22.0 8.1 10.1 6.4 3.7 2.2 19.4 28.9 11.4 14.2

14F 12.1 15.7 17.5 1.1 9.1 6.2 3.2 2.5 19.2 28.6 11.6 21.5

Asia Last Chg% ytd % Hang Seng (HK) 23,291.0 0.9 (0.1) IDX (Indonesia) 4,942.2 0.6 14.9 KLCI (Malaysia) 1,872.6 0.4 0.3 KOSPI (Korea) 2,008.6 0.3 (0.1) Nikkei (Japan) 15,034.3 0.7 (7.7) PCOMP (Phil.) 6,800.8 1.3 15.5 SENSEX (India) 24,787.0 0.4 17.1 SET (Thailand) 1,453.6 0.9 11.9 SHCOMP (China) 2,038.3 (0.0) (3.7) Shenzhen (China) 1,052.9 (0.1) (0.5) STI (Singapore) 3,296.4 (0.2) 4.1 TWSE (Taiwan) 9,123.5 0.5 5.9 VNI (Vietnam) 558.8 0.4 10.7 Europe, USA and EMs CAC 40 (France) 4,503.7 (0.3) 4.8 DAX (Germany) 9,919.7 (0.3) 3.8 Dow Jones (USA) 16,722.3 (0.1) 0.9 FTSE 100 (UK) 6,836.3 (0.4) 1.3 IBOV (Brazil) 52,032.4 0.8 1.0 MEXBOL (Mexico) 42,126.1 0.5 (1.4) NGSEINDX (Nigeria) 41,397.7 (0.3) 0.2 Nasdaq (USA) 4,234.1 (0.1) 1.4 RTSI (Russia) 1,324.0 0.1 (8.2) S&P 500 (USA) 1,924.2 (0.0) 4.1 XU100 (Turkey) 78,818.3 0.2 16.2

y-y % 4.0 (3.1) 6.0 1.0 13.4 0.6 26.4 (5.6) (11.4) 1.6 0.2 10.5 8.1 14.9 19.7 9.6 4.8 (3.5) 2.5 9.5 22.2 0.4 17.3 2.4

ETF, ADRS & COMMODITIES

Last Chg% ytd % y-y % EIDO US (USD) 27.8 1.6 21.7 (18.4) TLK US (IDR) 2,534 (0.1) 21.1 (5.3) Aluminum (USD/mtn) 1,846.0 (0.2) 2.5 (4.1) Coal (USD/t) 72.8 0.3 (16.6) (15.2) Corn (USD/mtn) 181.5 (0.4) 13.7 (33.1) Coffee (USD/t) 3,355.4 (1.9) 41.7 25.5 Copper (USD/t) 6,930.0 (1.0) (6.3) (5.5) Cotton (USD/t) 1,926.0 1.0 3.2 6.1 CPO (USD/t-Rottdm) 832.5 (1.8) (8.5) (1.5) Gold (USD/oz.) 1,245.4 0.1 3.3 (11.0) Iron ore (USD/mtn) 92.5 0.4 (31.1) (17.3) Milk (USD/t) 462.2 (7.3) 18.2 22.6 Nickel (USD/t) 19,005.0 (2.1) 36.0 26.4 Oil (USD/barrel) 102.8 0.4 4.5 10.2 Rice (IDR/kg) 8,600.0 0.0 1.2 1.8 Rubber (USD/t) 1,660.0 (0.4) (26.9) (30.9) Silver (USD/oz) 18.8 0.1 (3.4) (16.5) Soybean oil (USD/t) 845.5 0.1 (1.2) (21.2) Steel (USD/t) 540.9 (0.1) (2.7) (1.8) Sugar (USD/t) 500.0 (1.3) 7.3 (0.6) 23,325.0 (0.4) 3.4 11.1 15F Tins (USD/t) 225.0 (1.3) (0.7) (19.9) 12.3 Wheat (USD/t) Source: Bloomberg 11.6 16.6 CURRENCIES & RATES 1.4 Last Prev. Ytd % y-y % 0.926 0.924 (3.9) 4.0 8.3 AUD/USD 1.362 1.359 0.9 (4.1) 5.1 USD/EUR 11,784 11,765 (3.2) 20.2 2.7 IDR/USD JPY/USD 102.560 102.430 (2.6) (2.5) 2.7 SGD/USD 1.257 1.257 0.5 (0.4) 9.3 JIBOR (%) 5.85 5.85 (0.2) 1.7 29.2 BI rate (%) 7.50 7.50 0.0 1.8 11.6 TD – 1 month (%) 7.01 6.96 0.3 1.6 145.50 141.50 (37.6) (22.1) 19.8 CDS (bps) Source: Bloomberg

Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. Investors should consider this report as only a single factor in making their investment decision. THIS RESEARCH REPORT IS NOT TO BE DISTRIBUTED TO ANY INVESTORS OR OTHER PERSONS IN THE UNITED STATES. IF ANY INVESTOR OR OTHER PERSON IN THE UNITED STATES MISTAKENLY RECEIVES OR OTHERWISE COMES INTO POSSESSION OF THIS RESEARCH REPORT, NONE OF DAIWA SECURITIES CO. LTD., PT. BAHANA SECURIITES OR ANY OF THEIR AFFIILIATES SHALL HAVE ANY RESPONSIBILITY FOR THE CONTENTS HEREOF OR FOR ANY SUBSEQUENT TRANSACTIONS EXECUTED IN RELIANCE HEREON.

Asiamoney’s 2013 Best Domestic Equity House

POLITICS PKS irked by Hashim statement The Prosperous Justice Party (PKS) has found itself in a politically awkward situation and will demand clarification after finding out that the younger brother of the presidential candidate Prabowo is accusing PKS of carrying out anti-Christian policies. Hashim said: “At the Agriculture Ministry, which is controlled by PKS, 73 civil servants have been fired in the past nine years. In fact, there are currently no Christian officials at the Agriculture Ministry”. (Jakarta Post) TV stations warned for unbalanced presidential race coverage The Indonesian Broadcasting Commission (KPI) has again warned TV stations for unbalanced coverage on the campaigns of the presidential candidates. It has earlier stated that sanctions would be imposed on stations guilty of unbalanced coverage. As campaign coverage by TV stations tends to be partisan, reflecting the political preferences of the stations’ owners, KPI reckons that monitoring is necessary to prevent political abuses and exploitations through media broadcasts. The 5 stations warned were Metro TV (owned by Surya Paloh of Nasdem), TV One (owned by Aburizal Bakrie of Golkar), and the stations of the MNC Group (owned by Hary Tanoesoedibjo, currently in the Prabowo-Hatta coalition): Global TV, MNC TV and RCTI. (Jakarta Post)

ECONOMICS HSBC-PMI Indonesia’s manufacturing index rose to a record high of 52.4 In May, Indonesia’s HSBC manufacturing index improved to a record high, reaching 52.4 from prior month’s level of 51.1 on the back of increased new orders, higher domestic demand and greater job creation. (Reuters) Government to raise electricity tariffs for six customer groups To reduce energy subsidy in the 2014 revised state budget, the government plans to raise electricity tariff by an average 8.75% for six customer groups starting from July. This tariff increases would be implemented gradually every two months. The government also stated that this move could save the state budget around IDR6.69tn. However, this plan is being discussed in the parliament. Details are as follows: Groups I-3 (>200 kVA) R-1 (1,300 VA) R-1 (2,200 VA) R-2 (3,500 – 5,500 VA) P-2 (>200 kVA) P-3

Category Non listed companies Households Households Households Government offices Public street light

Incremental 3.86% every 2 3.79% every 2 3.48% every 2 1.90% every 2 1.79% every 2 3.56% every 2

months, months, months, months, months, months,

total total total total total total

11.57% 11.36% 10.43% 5.70% 5.36% 10.69%

Source: Investor Daily, Bloomberg

Bahana comment: We expect inflationary pressure to remain manageable. If the government were to implement the new electricity tariffs starting July, 2014, CPI would increase by 0.15% (total impact) to 6.05% y-y from our base case level of 5.90%. BI: IDR remains under control Agus Martowardojo, Governor of Bank Indonesia, stated that the current level of IDR has remained under tolerable level despite deterioration in April’s trade balance which has weakened the IDR by 1.1% to around IDR11,806/USD from end of May’s level at 11,675/USD. Agus added that trade balance was always under pressure in 2Q on higher domestic demand caused by seasonal effects. However, he is optimistic that the average of 2014 IDR’s exchange rate to the USD should reach between IDR11,600-IDR,11,800 (Kontan, Kompas) Bahana comment: We believe that imports will ease in 4Q14 due to slowing business expansion, coupled with expected higher manufacturing exports. We reiterate our view that 2014 full-year trade balance is likely to show a slight surplus of USD1.6bn. At this stage, we reiterate our view that the IDR would strengthen to 11,300/USD by end-2014.

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

Asiamoney’s 2013 Best Domestic Equity House

INDUSTRY OJK: Stricter stance on micro and SMEs The Indonesian Financial Services Authority holds a stricter stance on micro and SMEs by requiring all banks to provide “action plans” in order to improve NPLs on the segment. The action plan consists of improvement in 1) loan distribution, 2) micro and SMEs risk management, 3) loan restructuring, 4) bad credit collection. If a bank has undergone the aforementioned action plan and shows no improvement, OJK will demand the bank to write-off the bad loan and limit loan disbursement on those specific segments. Note that banks that fall under category II currently shows the highest micro and SME NPLs at 5.71% level and banks that fall under category IV show micro and SME NPL at 3.44%. (Kontan) Gapki requests for moratorium revocation Gabungan Perusahaan Kelapa Sawit Indonesia (Gapki) has requested the government to be prudent in land area management and to revoke the moratorium as it will not solve problems. Gapki evaluates that land area planted with palm will reduce carbon emission according to Joko Supriono, secretary general of Gapki. (Bisnis Indonesia) The government to limit boron steel imports The government will limit boron steel imports to protect the domestic steel industry. The imported boron steel creates disruption in the domestic steel carbon production. (Bisnis Indonesia) USD5bn industrial park to be built in Bantaeng In light of Indonesia’s export ban on unprocessed minerals, an integrated iron and steel industrial park, is set to be built in Bantaeng, South Sulawesi, to house iron and nickel smelters. Several Chinese firms are reported to invest a total of USD5bn building smelters in the park, with 4 firms reported to commence construction by 2H14 and operations in 2015. Several other Chinese firms will also be involved in building infrastructure in the area. According to the director general for manufacturing-based-industries, the site is expected to contribute 80% to the region’s GDP and raise local per capita income to USD2,000 from the current level of USD1,500. (Investor Daily, Jakarta Post)

CORPORATE Bank Panin divested 23.5% stake in its sharia unit On 21 and 22 of May Bank Pan Indonesia (PNBN IJ-NOT RATED-IDR900) divested 23.5% of its ownership in Bank Panin Syariah (PNBS IJ-NOT RATED-IDR137) worth IDR252bn. PNBN divested 975mn shares on 21st of May at 103 per share (1.0x P/BV) and the remaining 1,316mn shares on the 22nd of May at 115 per share (1.1x P/BV) leaving PNBN’s ownership in PNBS at 64.0%. (Kontan) Ciputra Group to distribute 30% dividend payout In its Annual Shareholder Meeting, the Ciputra Group announced that Ciputra Development (CTRA IJ-HOLDIDR1,090-TP:IDR1,130), Ciputra Property (CTRP IJ -HOLD-IDR735-TP:IDR750) and Ciputra Surya (CTRSNOT RATED-IDR2,455) will allocate 30% dividend payout from their respective 2013 net profits. CTRA will distribute total dividend of IDR288bn, translating to IDR19/share or 1.7% dividend yield. Meanwhile, CTRP will distribute total dividend of IDR125bn (IDR21/share; 2.8% yield) and CTRS will pay total dividend of IDR119bn (IDR60/share; 2.4% yield). (Company, Kontan) Bahana comment: CTRA and CTRP’s dividend payouts are in line with our expectations. SMGR: Bangladesh expansion plan According to Semen Indonesia’s (SMGRIJ-HOLD-IDR15,050-TP:IDR14,300) Director of Finance, Ahyanizzaman, the company plans to expand its business to Bangladesh in order to widen its target markets. The firm sees Bangladesh as a potential market as the country currently has high dependency on cement imports. SMGR also has allocated 10-20% of its total capex (IDR4-6tn) for the expansion. (Investor Daily)

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

3

Asiamoney’s 2013 Best Domestic Equity House

LPKR to develop 50 new hotels by 2020 Lippo Karawaci (LPKR-HOLD-IDR1,025-TP:IDR1,200) plans to invest USD350mn to develop 50 new hotels across Indonesia by 2020. Around 10 new hotels will be aimed for the upper consumer segment through its Aryaduta brand with the remaining 40 hotels to be directed for the middle class under a new brand that will be announced by the end of this year. (Bisnis Indonesia) PTPP, WSKT and ADHI: New contracts in 5M14 In 5M14, PTPP (PTPP IJ-HOLD-IDR1,840-TP:IDR1,790) received new contracts amounting to IDR6.6tn, or 27.6% of the company’s FY14 target of IDR24tn. In the same period, Waskita Karya (WSKT IJ-HOLDIDR685-TP:IDR710) received new contracts of IDR5.0tn (26.5% of FY14 target of IDR18.7tn) while Adhi Karya (ADHI IJ-BUY-IDR3,055-TP:IDR3,300) booked new contracts of IDR3tn or 14.2% of FY14 target of IDR21.1tn. (Bisnis Indonesia) Bahana comment: We expect FY14 new contracts for PTPP of IDR22.0tn, WSKT of IDR14.4tn and ADHI of IDR18.0tn. JPFA to allocate IDR1.9tn in capex In a bid to increase its production to 3.1mn tons from 2.6mn in 2013, Japfa Comfeed (JPFA IJ-BUYIDR1,290-TP:IDR1,710) plans to set aside IDR1.9tn in capex for 2014, an increase of 21.8% y-y from its 2013 capex of IDR1.56tn. Funding of the planned capex is yet to be revealed, although JPFA still has USD90mn remaining from its notes issued in 2013. (Jakarta Post, Kontan) BUMI to extend bond maturity Bumi Resources (BUMI IJ-REDUCE-IDR202-TP:IDR180) seeks to extend repayment of its USD375mn, 9.25% convertible bonds, issued by its subsidiary Enercoal Resources in 2009 and due in August 2014. The company has cited bumpy coal conditions as a cause for seeking extension. In May, BUMI has also delayed a coupon payment on its USD300mn notes due on 12 May 2014. (Jakarta Globe) ECII to distribute IDR37.2bn dividends Electronic City (ECII IJ-NOT RATED-IDR1,965) will distribute IDR27.7/share dividend, translating to 18% payout ratio and dividend yield of 1.4%. Separately, ECII has 30-50% y-y revenue growth target, supported by ytd store openings of 10 stores with the company targeting to open another 10 stores by end of this year. (Kontan)

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

4

Asiamoney’s 2013 Best Domestic Equity House

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

STOCK CODE

RATING

TARGET PRICE

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

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

930 870 1,770 850 310 62,750 3,400 1,130 6,650 2,250 8,700 445 10,000 3,800 920 1,550 * 6,450 4,150 14,300 2,900 20,500 7,950 2,550 2,000 1,216 31,500 1,100 500 11,500 23,450 2,300 500 18,000 600 750

Up/(Downside) Potential (%) 14.8 (33.8) (46.7) (33.1) 49.0 17.3 (21.1) 3.7 35.6 (6.1) 6.1 14.4 (11.3) 37.2 (23.3) 16.1 * 8.4 (4.8) (5.0) 13.7 (11.4) 14.4 9.2 (29.8) (14.9) 4.8 6.8 16.0 2.2 (21.8) (6.9) (20.0) (19.5) (7.7) 2.0

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

700 4,700 5,750 1,200 11,100 1,270 1,200 2,050 1,800 330 4,350 2,700 760 1,170 7,300 10,300 970 14,700 660 1,470 3,700 8,300 17,000 1,050 850 2,200 860 1,620 400 4,800 35,000 4,000 3,900 2,300 3,300 3,800 * 5,400 1,000 1,675 1,790 1,650 5,500 1,710 410 280 3,600 710 300 465 1,195 180 4,400 1,325

(15.7) 19.1 13.3 17.1 7.2 20.4 (5.9) (23.2) 30.0 12.6 14.2 16.9 53.8 21.9 1.0 1.0 26.8 5.8 (26.7) (45.1) 19.4 (17.6) (40.9) 25.7 19.7 (30.7) (27.4) 4.5 (15.3) 20.0 30.4 (16.5) (7.5) 31.8 8.0 27.9 * 3.3 16.3 8.4 (2.7) 4.4 5.8 32.6 (2.4) 14.3 3.2 3.6 11.5 (5.1) (1.2) (10.9) 15.8 3.1

6/3/2014 810 1,315 3,320 1,270 208 53,500 4,310 1,090 4,905 2,395 8,200 389 11,275 2,770 1,200 1,335 830 5,950 4,360 15,050 2,550 23,150 6,950 2,335 2,850 1,430 30,050 1,030 431 11,250 30,000 2,470 625 22,350 650 735 4,942 830 3,945 5,075 1,025 10,350 1,055 1,275 2,670 1,385 293 3,810 2,310 494 960 7,225 10,200 765 13,900 900 2,680 3,100 10,075 28,750 835 710 3,175 1,185 1,550 472 4,000 26,850 4,790 4,215 1,745 3,055 2,970 439 5,225 860 1,545 1,840 1,580 5,200 1,290 420 245 3,490 685 269 490 1,210 202 3,800 1,285

6/2/2014 765 1,250 3,200 1,230 202 52,000 4,190 1,060 4,780 2,335 8,000 380 11,025 2,710 1,175 1,310 815 5,850 4,300 14,850 2,520 22,900 6,875 2,310 2,820 1,415 29,750 1,020 427 11,150 29,750 2,450 620 22,175 645 730 4,912 825 3,925 5,050 1,020 10,300 1,050 1,270 2,660 1,380 292 3,800 2,305 493 960 7,225 10,200 765 13,900 900 2,680 3,100 10,075 28,750 835 710 3,175 1,185 1,550 472 4,000 26,875 4,800 4,225 1,750 3,065 2,980 441 5,250 865 1,555 1,855 1,595 5,250 1,305 425 248 3,540 695 273 498 1,235 207 3,900 1,325

CHANGE (%) 5.9 5.2 3.8 3.3 3.0 2.9 2.9 2.8 2.6 2.6 2.5 2.4 2.3 2.2 2.1 1.9 1.8 1.7 1.4 1.3 1.2 1.1 1.1 1.1 1.1 1.1 1.0 1.0 0.9 0.9 0.8 0.8 0.8 0.8 0.8 0.7 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.3 0.3 0.2 0.2 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) (0.2) (0.3) (0.3) (0.3) (0.5) (0.5) (0.6) (0.6) (0.8) (0.9) (1.0) (1.1) (1.2) (1.2) (1.4) (1.4) (1.5) (1.6) (2.0) (2.4) (2.6) (3.0)

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

5

Asiamoney’s 2013 Best Domestic Equity House

Ticker AVIATION GIAA IJ* C ASS IJ

Rating N BUY BUY

Price (IDR) 439 960

TP (IDR) 615 1,170

Shares (m) 25,869 2,087

F ree float (%) 39.5 36.6

Mkt cap (IDRb) 13,360 11,356 2,003

3M av g to (IDRb) 2 2 0

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

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

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

EPS growth (%) 2013 2014 (72.4) 218.4 (87.7) 526.6 25.3 25.3

PER (x) 2013 2014 66.9 12.4 75.5 12.0 18.3 14.6

EV/EBITDA (x) 2013 2014 8.6 4.3 9.2 4.4 5.3 4.2

P/BV (x) 2013 2014 1.7 1.5 0.8 0.8 6.6 5.1

Yield (%) 2013 2014 0.3 0.4 0.0 0.0 1.9 2.4

Net gearing (%) 2013 2014 40.3 33.6 47.4 39.5 nc nc

ROAE (%) 2013 2014 6.9 11.6 1.0 6.6 40.4 39.6

ROAA (%) 2013 2014 2.3 4.4 0.4 2.7 12.8 13.9

ROIC (%) 2013 2014 13.2 5.9 9.4 0.8 34.5 34.9

AUTOMOTIVE ASII IJ IMAS IJ GJTL IJ

N HOLD REDUC E HOLD

7,225 4,790 1,745

7,300 4,000 2,300

40,484 2,765 3,485

49.8 10.5 40.2

311,820 292,494 13,246 6,081

361 351 1 9

227,122 193,880 20,095 13,147

254,122 217,265 22,076 14,781

20,137 18,603 369 1,165

22,496 20,882 506 1,108

20,188 19,417 532 238

23,832 22,503 551 778

(2.0) (0.0) (33.5) (79.0)

16.3 15.9 3.5 226.3

15.7 15.1 24.9 25.5

13.3 13.0 23.0 7.8

14.5 13.7 34.9 5.6

12.4 11.8 27.8 5.9

3.4 3.5 2.3 1.1

2.9 3.0 2.1 1.0

2.9 3.0 1.0 0.3

3.3 3.5 1.0 0.9

61.0 54.8 194.8 67.8

50.7 44.4 182.5 68.7

24.0 25.0 9.6 4.4

23.9 24.8 9.1 13.5

9.3 9.8 2.8 1.8

9.6 10.0 2.5 5.5

18.2 18.6 7.8 24.5

15.0 15.7 3.6 2.7

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

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

11,250 10,350 10,200 4,905 4,310 4,215 1,055 860 431 1,290

11,500 11,100 10,300 6,650 3,400 3,900 1,270 1,000 500 600

24,655 24,669 23,333 18,649 9,585 5,840 10,565 9,696 14,918 9,525

50.8 43.2 40.0 39.8 32.4 57.2 34.6 25.0 18.0 15.7

966,295 277,369 255,326 238,000 91,472 41,310 24,617 11,146 8,339 6,430 12,287

1,097 179 335 311 145 17 2 69 24 9 6

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

241,708 42,963 59,319 56,532 32,446 22,471 7,734 6,815 6,483 3,136 3,810

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

101,532 19,245 28,525 25,662 12,649 5,695 2,879 2,262 1,954 1,360 1,300

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

82,367 16,007 24,123 20,283 10,171 4,241 2,267 1,653 1,544 1,025 1,053

17.6 21.6 14.3 17.4 28.5 0.7 6.9 14.5 15.4 2.4 10.6

11.7 12.3 13.0 11.4 12.3 4.9 6.4 5.8 12.2 24.3 0.5

14.0 19.5 12.0 13.1 10.1 10.2 11.6 7.1 6.1 7.8 11.2

12.5 17.3 10.6 11.7 9.0 9.7 10.9 6.7 5.4 6.3 11.1

na na na na na na na na na na na

na na na na na na na na na na na

3.1 4.3 3.2 2.7 1.9 1.3 2.5 1.0 1.2 1.1 1.9

2.6 3.6 2.7 2.3 1.7 1.2 2.0 0.9 1.1 1.0 1.7

2.1 1.1 2.5 2.3 3.0 2.4 0.0 4.2 9.1 9.4 2.0

2.3 1.3 2.4 2.3 3.1 3.1 1.8 3.7 9.8 10.4 2.0

na na na na na na na na na na na

na na na na na na na na na na na

24.2 24.6 29.7 22.5 19.9 13.5 24.2 14.3 21.7 14.7 16.6

22.7 22.8 27.6 21.5 19.8 12.9 20.5 13.6 21.8 17.3 15.9

3.0 3.0 3.6 2.7 2.5 2.4 3.3 1.3 1.9 2.7 1.4

2.9 3.0 3.6 2.6 2.5 2.2 3.1 1.2 2.1 2.9 1.4

na na na na na na na na na na na

na na na na na na na na na na na

CEMENT SMGR IJ INTP IJ SMC B IJ SMBR IJ

UW HOLD HOLD REDUC E REDUC E

15,050 23,150 2,670 420

14,300 20,500 2,050 410

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

49.0 36.0 19.4 23.8

199,082 89,269 85,221 20,460 4,132

275 173.3 89.2 6.2 6.3

53,919 24,503 18,546 9,686 1,184

60,279 27,003 21,106 10,751 1,420

15,529 7,071 6,085 2,033 341

16,338 7,417 6,485 2,045 391

11,695 5,427 5,016 952 300

12,768 5,817 5,371 1,224 356

4.3 12.0 5.4 (29.5) (14.9)

9.3 7.2 7.1 28.5 5.6

17.1 16.5 17.0 21.5 12.4

15.6 15.3 15.9 16.7 11.7

10.5 10.9 10.7 8.9 5.8

10.1 10.6 10.0 8.9 8.0

3.9 4.4 3.7 2.3 1.6

3.3 3.8 3.2 2.1 1.5

2.2 2.4 2.0 1.6 1.5

2.3 2.4 2.2 2.1 1.7

10.2 14.2 nc 37.1 nc

13.0 18.1 nc 47.7 nc

24.7 28.9 23.8 11.1 17.0

22.9 26.5 21.9 13.3 13.1

18.5 19.5 20.4 7.0 14.8

17.2 18.1 18.7 7.6 11.3

40.1 31.0 52.9 15.5 97.6

35.0 26.3 49.6 8.8 50.2

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

UW REDUC E HOLD REDUC E HOLD HOLD REDUC E

22,350 1,275 30,000 11,275 2,470 202

18,000 1,200 23,450 10,000 2,300 180

3,730 31,986 1,130 2,304 2,704 20,773

40.4 40.9 35.0 29.3 29.5 70.8

194,902 83,369 40,782 33,898 25,979 6,678 4,196

205 70 1 39 45 22 28

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

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

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

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

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

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

(28.2) (16.5) (23.2) (37.4) (37.0) (68.2) (28.0)

16.4 29.3 71.2 0.5 (3.1) (14.8) (26.2)

15.3 17.3 14.7 13.4 14.2 17.0 (0.9)

7.6 7.7 6.2 6.4 11.6 4.8 6.5

6.6 6.0 4.6 5.7 12.2 5.3 5.8

2.2 2.5 1.6 3.1 2.8 2.0 (6.7)

2.1 2.3 1.2 3.0 2.8 1.9 (3.2)

3.2 2.3 2.1 6.3 4.1 3.3 0.0

3.8 3.0 3.8 6.0 4.3 3.0 0.0

11.9 nc 56.9 nc nc nc na

10.5 nc 50.3 nc nc nc na

15.7 15.4 8.8 23.4 20.5 12.6 na

18.1 18.0 15.0 25.3 18.9 11.4 nm

9.9 9.0 3.8 17.9 15.0 9.2 (6.5)

10.9 10.7 6.1 16.8 14.7 6.9 (4.0)

48.3 20.8 9.3 88.0 148.2 78.2 (16.6)

21.6 15.6 5.9 41.8 42.8 29.5 (14.5)

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

N BUY BUY BUY HOLD HOLD BUY BUY REDUC E

5,950 2,310 3,490 1,840 685 765 3,055 830

6,450 2,700 3,600 1,790 710 970 3,300 700

6,800 6,142 2,200 4,842 9,644 8,715 1,801 3,410

30.0 34.7 65.6 42.8 32.1 100.0 49.0 33.8

92,843 40,460 14,189 7,678 8,910 6,606 6,667 5,503 2,830

405 49 104 2 39 52 45 98 16

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

62,551 7,658 14,393 1,099 12,325 10,981 3,114 11,045 1,935

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

8,743 3,063 1,369 583 1,432 761 370 999 168

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

4,587 1,665 691 470 488 417 283 430 143

(4.6) (16.6) 22.2 (6.3) 35.9 0.5 34.1 91.3 10.6

20.3 24.6 21.3 16.8 15.9 13.3 (2.3) 5.8 (26.2)

24.7 30.3 24.9 19.1 21.2 17.9 21.2 13.5 14.6

12.3 13.4 8.6 13.3 14.7 20.0 (1.2) 1.0 20.9 24.3 20.5 16.3 18.3 15.8 21.7 12.8 19.7

12.8 16.4 10.9 10.5 5.5 10.3 16.6 6.6 8.7

11.2 13.9 10.4 9.2 5.0 9.1 13.5 4.6 13.2

4.3 4.3 4.8 2.4 4.5 2.8 7.0 3.6 3.8

3.5 3.9 4.1 2.1 3.8 2.5 3.2 2.8 3.6

1.5 1.3 1.2 1.2 1.4 1.9 1.3 2.2 3.4

1.7 1.6 1.5 1.3 1.6 1.9 1.3 2.3 2.5

43.7 109.7 nc nc (51.8) nc nc 15.0 nc

58.6 129.9 34.3 nc (16.1) nc nc (28.9) nc

19.4 14.9 20.6 14.3 23.1 16.8 36.1 30.0 27.5

18.6 16.9 21.5 14.0 22.5 16.4 20.0 24.5 18.7

5.6 5.0 4.8 9.4 4.0 4.3 8.7 4.6 9.1

5.5 5.3 5.0 9.7 3.8 4.5 7.4 4.3 6.6

18.2 11.9 26.4 17.3 17.1 17.0 71.3 21.1 (55.1)

21.4 7.9 22.4 17.8 27.1 15.9 49.1 27.6 138.3

CONSUMER - DISCRETIONARY SC MA IJ LPPF IJ MNC N IJ MPPA IJ AC ES IJ HERO IJ RALS IJ MAPI IJ MLPL IJ SRIL IJ RANC IJ

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

3,320 13,900 2,850 3,100 900 2,680 1,270 5,075 810 208 625

1,770 14,700 2,000 3,700 660 1,470 850 5,750 930 310 500

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

25.5 53.9 33.8 17.4 40.0 16.5 40.5 44.0 68.0 43.9 20.0

203,270 48,544 40,559 40,414 16,672 15,435 11,212 9,012 8,425 8,152 3,867 978

284 25 53 27 109 18 0 3 17 19 12 1

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

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

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

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

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

8,367 1,407 1,598 1,810 408 519 366 450 429 884 467 30

26.6 12.8 49.2 2.1 101.7 (3.3) 93.1 2.4 (24.3) 4,841.7 20.5 (11.8)

21.9 6.6 38.9 7.1 (8.3) 22.7 (49.0) 3.7 30.9 (37.5) 18.1 (14.4)

29.9 36.8 35.3 23.5 38.9 36.5 15.6 20.8 25.7 5.8 9.8 27.9

27.5 34.5 25.4 22.0 42.4 29.8 30.7 20.0 19.6 9.2 8.3 32.6

19.8 25.7 20.8 14.8 26.4 25.8 15.5 13.5 9.4 9.9 6.8 16.9

17.2 23.9 16.3 14.9 21.7 21.1 12.0 11.7 7.6 6.9 6.1 12.9

(4.1) 15.0 (51.9) 4.7 8.4 7.7 2.0 2.8 3.5 1.2 1.1 2.7

15.3 12.7 49.7 4.2 7.3 6.5 2.0 2.6 3.0 1.1 1.1 2.5

1.0 1.4 0.0 1.9 0.5 1.1 0.0 2.4 1.1 0.1 0.0 0.7

1.5 1.4 1.6 2.0 0.6 1.3 0.0 2.7 0.8 2.6 0.0 0.6

4.9 (24.7) nc nc nc nc nc nc 99.1 nc 42.6 nc

(5.9) (34.4) nc nc nc nc nc nc 54.7 (28.1) 59.6 9.2

22.0 47.6 na 21.5 12.5 23.6 19.1 13.9 14.3 23.5 16.1 9.3

18.9 40.6 na 20.1 11.9 24.1 6.6 13.4 16.4 12.0 14.5 7.4

22.7 32.0 39.2 17.8 6.0 19.7 10.3 10.3 4.8 8.2 8.1 5.5

23.0 29.7 46.7 17.0 6.0 20.0 4.4 9.9 5.4 4.2 8.3 4.3

(171.1) 61.8 (985.3) 24.3 4.0 37.0 14.4 25.8 14.5 0.5 8.7 13.7

26.1 59.5 na 24.5 13.3 27.7 20.5 23.7 7.8 27.0 9.6 10.1

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

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

30,050 53,500 1,580 6,950 10,075 28,750 2,770 835 1,315

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

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

15.0 23.5 43.3 49.9 19.5 66.9 22.7 10.0 29.3

583,412 229,282 102,939 74,063 61,024 58,747 25,713 12,465 12,525 6,656

363 53 75 79 88 44 3 3 15 3

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

240,673 35,313 60,305 18,388 68,463 30,116 15,798 7,506 2,909 1,876

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

32,230 8,090 7,596 3,017 7,531 3,120 1,293 745 568 270

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

21,829 6,045 5,022 2,227 3,953 2,420 776 703 500 183

8.8 10.6 7.8 19.9 (23.2) 2.1 41.1 1.1 4.6 5.9

12.4 12.9 16.0 16.0 57.9 8.8 (35.3) 10.7 11.0 15.9

33.6 42.8 23.8 38.6 24.4 26.4 21.4 19.6 27.8 42.1

29.6 37.9 20.5 33.2 15.4 24.3 33.1 17.7 25.1 36.3

22.5 30.4 14.8 26.1 9.4 18.2 16.7 14.6 22.9 26.4

20.0 27.5 13.0 22.0 8.3 16.2 16.9 11.5 19.5 20.2

24.3 53.9 3.5 9.1 2.6 4.7 5.6 3.3 7.3 8.5

19.0 41.5 3.2 7.3 2.4 4.2 4.8 2.9 7.6 7.2

1.9 2.2 1.8 1.4 2.1 1.8 0.9 2.1 1.3 0.6

2.2 2.5 2.1 1.7 3.3 1.8 0.6 2.3 3.3 0.7

22.8 16.8 39.5 nc 57.7 nc 53.4 nc (0.0) 70.6

34.0 36.5 40.9 nc 96.6 nc 51.5 nc (24.1) 52.5

62.8 130.2 15.5 25.3 11.2 18.5 31.0 17.8 28.4 21.7

60.2 123.6 16.3 24.3 16.1 18.2 18.7 17.4 31.1 21.4

23.4 42.3 9.4 18.5 3.6 11.4 11.2 12.6 19.5 10.4

23.0 41.4 9.4 18.3 4.6 10.8 6.9 12.5 24.1 9.4

57.7 109.7 12.8 38.1 15.1 31.7 14.8 38.0 48.2 20.4

55.1 109.8 11.7 31.4 8.3 26.5 19.4 31.9 29.6 13.9

INDUSTRIAL ESTATES KIJA IJ BEST IJ SSIA IJ LPC K IJ

N HOLD REDUC E HOLD HOLD

245 490 710 8,200

280 465 850 8,700

20,121 9,667 4,705 696

80.0 38.5 72.2 57.8

18,696 4,930 4,718 3,341 5,707

83 21 24 25 14

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

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

3,244 855 883 872 634

3,171 900 551 906 814

2,126 101 744 691 591

2,503 652 467 638 746

0.0 (73.5) 58.1 (2.3) 45.1

0.0 537.9 (37.2) (7.7) 26.4

18.1 48.2 6.3 4.8 9.7

7.8 7.6 10.1 5.2 7.6

6.4 7.3 5.3 3.0 8.4

6.3 6.6 8.4 3.1 6.2

2.0 1.2 1.9 1.4 3.1

1.6 1.0 1.6 1.2 2.2

0.6 0.0 0.5 2.5 0.0

1.6 4.0 0.5 2.3 0.0

12.4 47.2 (0.2) nc nc

9.8 37.2 nc nc nc

27.6 2.5 35.0 35.3 38.8

23.0 14.6 17.3 24.6 34.0

14.7 1.3 26.3 13.0 17.7

12.4 7.4 13.2 10.2 17.3

37.5 7.1 37.6 70.5 44.2

33.4 1.7 38.3 47.2 48.6

METALS INC O IJ* ANTM IJ TINS IJ

N BUY REDUC E BUY

3,945 1,200 1,430

4,700 920 1,216

9,936 9,538 7,448

20.5 35.0 35.0

61,295 39,199 11,446 10,650

158 72 55 32

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

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

1,770 734 421 615

2,744 2,281 (250) 714

1,330 405 410 515

1,721 1,212 20 489

(54.6) (36.5) (86.3) 19.3

89.9 209.2 (95.1) (5.0)

68.3 94.9 27.9 14.0

127.8 30.7 566.3 14.7

16.4 18.7 13.3 11.3

24.7 10.5 87.6 9.4

1.8 2.1 0.9 1.5

1.6 1.9 0.9 1.4

1.3 0.8 0.5 3.9

2.2 2.4 0.0 3.4

5.9 0.1 31.2 nc

10.5 3.7 33.7 10.9

3.9 2.3 3.2 10.9

5.8 6.3 0.2 9.8

2.7 1.7 2.0 7.4

4.1 4.7 0.1 6.3

9.4 4.1 27.5 9.9

3.8 2.3 2.7 10.5

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

N BUY REDUC E REDUC E BUY

5,225 4,360 3,175 1,185

5,400 4,150 2,200 860

24,242 3,903 3,332 3,997

43.0 41.0 49.1 35.3

158,998 126,662 17,019 10,581 4,737

166 122 37 5 2

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

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

15,760 11,363 837 2,991 569

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

11,603 10,473 648 153 329

11,271 10,003 752 146 370

24.9 26.4 (0.2) 1.8 74.0

(3.1) (4.3) 16.0 10.5 14.4

17.7 11.7 26.1 77.7 13.2

17.2 12.2 22.5 70.4 11.6

9.8 9.3 17.5 5.0 7.8

8.5 8.0 14.6 5.9 6.8

1.9 1.8 3.5 1.1 2.0

1.4 1.2 3.2 1.0 1.7

4.4 5.1 2.6 0.3 1.2

4.2 4.9 1.8 0.3 1.4

17.1 nc 90.0 86.1 59.3

16.0 nc 67.2 112.7 44.4

31.1 36.3 14.7 1.5 16.1

33.8 39.7 15.0 1.5 16.3

17.2 20.8 4.9 0.5 2.3

17.1 20.7 5.1 0.5 2.3

46.9 56.3 15.7 0.8 9.5

40.7 49.3 9.1 0.8 11.4

26,850 1,030 2,335 1,335 1,550 2,395

35,000 1,100 2,550 1,550 1,620 2,250

1,575 15,816 6,823 4,471 3,333 1,890

20.3 21.6 40.5 37.1 10.0 33.0

90,166 42,282 16,291 15,931 5,969 5,167 4,527

174 42 17 82 31 0 2

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

46,673 19,760 15,831 4,693 1,700 1,689 2,999

6,135 3,005 1,586 818 326 268 133

9,995 4,793 2,533 1,239 620 413 397

3,629 1,801 524 769 182 266 88

6,715 3,606 1,114 1,060 354 374 208

(26.9) (25.3) (54.7) (31.1) (32.5) (49.9) (73.4)

97.9 100.2 112.5 37.9 94.9 57.3 137.4

25.9 23.5 31.1 20.7 31.7 18.9 49.2

13.6 11.7 14.6 15.0 16.3 12.0 20.7

12.7 12.4 8.8 14.6 19.8 10.5 16.0

8.3 7.9 6.2 9.9 11.8 8.5 8.9

3.0 4.3 1.2 2.4 2.6 1.3 1.6

2.4 3.3 1.1 2.1 2.3 1.3 1.5

1.6 1.9 1.3 1.4 0.5 2.6 0.6

3.0 3.8 2.7 2.0 0.9 4.2 1.4

29.7 20.4 42.2 nc 160.2 nc 37.8

23.6 7.4 40.4 nc 157.6 nc 46.4

12.9 19.0 3.8 11.9 9.4 6.3 3.3

20.9 31.9 7.9 15.1 15.1 8.8 7.5

8.9 13.2 1.9 9.9 3.3 5.5 2.1

14.1 21.6 3.9 12.7 5.3 7.8 4.6

21.1 28.2 7.3 27.0 6.9 14.0 11.2

12.0 16.6 2.9 15.9 3.6 8.4 2.5

OW BUY BUY BUY

3,810 1,290 2,970

4,350 1,710 3,800

16,398 10,661 1,791

44.5 42.5 44.1

81,548 62,476 13,752 5,319

62 39 10 13

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

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

6,189 3,904 1,803 483

7,066 4,451 2,053 562

3,368 2,531 595 242

4,862 3,226 1,212 423

(10.3) (5.7) (40.0) (20.2)

36.0 27.5 103.7 75.2

24.2 24.7 23.1 20.8

17.5 19.4 11.3 11.9

14.0 15.3 9.1 10.8

12.5 13.8 8.0 9.4

5.5 6.3 2.6 4.2

4.4 5.0 2.2 3.1

1.3 1.3 1.4 1.0

1.2 1.2 0.9 1.7

39.0 17.5 111.8 103.1

32.1 16.0 89.6 73.2

25.6 28.0 12.4 31.2

28.3 28.9 20.9 41.1

15.4 18.0 4.6 12.0

17.2 19.3 7.7 17.7

30.6 34.7 14.0 25.8

20.7 24.3 6.2 15.2

N HOLD HOLD BUY BUY HOLD BUY HOLD HOLD

1,545 1,025 389 1,210 1,090 494 269 735

1,675 1,200 445 1,195 1,130 760 300 750

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

49.6 82.1 43.5 67.8 61.2 49.7 38.0 43.7

124,502 28,385 23,655 18,734 17,456 16,531 9,707 5,515 4,520

311 48 99 23 27 32 59 13 8

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

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

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

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

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

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

47.8 109.3 15.1 51.4 32.9 65.8 (27.1) (8.9) 40.5

10.6 (25.8) 8.5 32.3 (11.3) 22.3 59.8 92.0 (3.8)

14.5 10.0 19.4 16.5 15.8 16.9 11.1 7.5 10.7

13.8 13.5 17.9 12.5 17.8 13.8 6.9 3.9 11.1

10.8 9.3 15.6 10.8 11.7 9.3 8.0 5.7 9.6

9.7 9.6 13.5 8.9 12.1 6.5 7.4 4.1 8.8

2.8 2.6 1.8 4.8 3.9 2.6 1.9 1.0 1.1

2.4 2.3 1.7 3.6 3.5 2.3 1.5 0.8 1.0

1.8 2.0 1.3 1.2 2.2 1.8 2.3 2.7 2.8

2.0 1.5 1.4 1.6 2.0 2.2 3.6 5.1 2.7

13.3 nc 26.4 nc nc nc 63.0 55.2 26.7

14.6 nc 33.8 nc nc nc 50.4 68.2 34.8

22.2 29.7 10.3 33.4 27.3 16.3 18.0 13.9 10.8

19.5 18.2 9.8 33.2 20.7 17.5 24.4 22.7 9.7

8.9 13.7 4.3 13.4 9.0 5.6 6.9 4.3 6.2

7.8 8.6 3.9 14.3 6.9 5.5 9.6 7.0 5.1

22.0 28.2 8.9 22.2 35.9 14.5 34.4 12.3 9.2

23.5 35.7 8.2 32.2 32.8 19.5 13.3 9.2 9.6

PLANTATIONS AALI IJ SIMP IJ LSIP IJ BWPT IJ ANJT IJ* SGRO IJ POULTRY C PIN IJ JPFA IJ MAIN IJ PROPERTY BSDE IJ LPKR IJ PWON IJ SMRA IJ C TRA IJ ASRI IJ APLN IJ C TRP IJ

N BUY BUY BUY BUY HOLD BUY

STEEL KRAS IJ*

UW REDUC E

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

OW BUY HOLD BUY BUY BUY HOLD

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

472

400

15,775

20.0

2,550 5,200 3,800 4,000 830 1,285

2,900 5,500 4,400 4,800 800 1,325

100,800 8,534 10,203 5,434 5,891 2,900

48.8 33.5 60.5 20.7 32.1 39.7

1,385 293

1,800 330

2,146 3,398

49.0 40.0

7,446 7,446

2 2

25,368 25,368

25,104 25,104

261 261

(170) (170)

188 188

326,163 257,040 38,771 21,736 4,890 3,727

333 283 13 0 4 9 23

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

170,628 88,882 23,901 3,798 25,333 13,781 14,933

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

(485) (485)

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

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

18,609 15,583 474 1,258 486 405 403

3,967 2,972 995 3,437,766

24 24 1 4,306

1,681 687 994 1,486,081

2,077 865 1,213 1,650,473

439 221 218 275,424

552 293 260 312,494

217 133 85 191,431

260 161 99 226,266

na na

38.0 38.0

65.3 65.3

17.8 17.8

0.6 0.6

0.6 0.6

0.0 0.0

0.0 0.0

79.1 79.1

106.1 106.1

(1.3) (1.3)

1.6 1.6

(0.8) (0.8)

0.8 0.8

(1.2) (1.2)

(0.9) (0.9)

(27.3) 10.5 (62.6) (51.4) na 29.2 (19.5)

13.8 13.8

77.8 9.7 (54.1) 646.3 na 23.7 15.6

na na

41.5 18.1 42.9 230.0 (7.8) 16.9 10.7

20.5 16.5 93.4 30.8 53.0 13.7 9.3

7.6 6.2 1.9 17.6 4.2 13.0 9.2

6.6 5.6 2.2 14.9 3.8 9.4 7.6

4.8 4.2 2.9 10.6 1.4 3.3 1.4

4.0 3.7 2.9 8.0 1.4 3.5 1.2

2.2 3.3 1.0 0.0 (6.4) 1.7 3.7

2.5 3.0 0.5 0.0 0.9 2.3 4.3

41.0 6.4 107.9 213.8 136.3 70.9 39.8

32.9 5.2 136.2 164.2 117.6 74.1 35.1

20.0 25.3 6.7 4.8 (16.0) 23.6 13.1

23.1 23.9 3.1 29.6 2.9 27.4 14.0

9.4 11.9 2.7 1.2 (5.1) 12.3 7.8

10.5 11.8 1.1 7.9 0.9 12.0 7.7

19.6 23.4 10.7 4.1 1.0 24.4 15.8

18.7 23.6 3.4 1.5 (7.5) 18.1 10.3

68.8 67.1 82.1 2.7

20.9 21.5 16.6 15.7

19.7 22.4 11.7 22.1

16.3 18.4 10.1 17.5

7.7 8.7 4.7 10.2

6.5 7.2 4.3 9.1

3.1 3.7 1.2 6.5

2.7 3.2 1.1 6.2

0.9 1.2 0.0 2.2

1.1 1.5 0.0 2.5

92.5 74.7 145.5 19.4

109.2 90.5 165.1 19.3

16.1 17.9 10.9 29.0

16.9 18.8 11.4 28.6

6.7 7.6 4.0 11.6

6.0 7.3 2.0 14.2

8.3 9.5 4.7 21.5

6.3 7.0 3.9 11.4

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

Source: Bloomberg, Bahana estimates

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

6

Asiamoney’s 2013 Best Domestic Equity House

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

Ticker UNVR ASRI GEMA WINS KDSI

Corporate Unilever Indonesia Alam Sutera Realty Gema Grahasarana Wintermar Offshore Marine Kedawung Setia Industrial

Date 06/04/14 06/05/14 06/05/14 06/05/14 06/06/14

Time 10:30 10:00 13:30 10:00 14:00

DIVIDEND SCHEDULE Corporate Nusa raya cipta Sidomulyo selaras Astra otoparts Astra international Tunas ridean Bekasi fajar industrial estate Adaro energy Mnc kapital indonesia Sawit sumbermas sarana Medco energi internasional Adi sarana armada Bank mestika dharma Bank danamon indonesia Tunas alfin Holcim indonesia Plaza indonesia realty Mitrabahtera segara sejati Tower bersama infrastructure Hm sampoerna Metrodata electronic Elnusa Akr corporindo Multi bintang indonesia Delta djakarta Surya semesta internusa Samindo resources Arwana citramulia Goodyear indonesia Matahari department store PP london sumatra indonesia Dharma satya nusantara Indocement tunggal prakarsa Salim ivomas pratama Agung podomoro land Indofood cbp sukses makmur Source: Bloomberg

Price (IDR) 845 466 3,710 7,500 660 482 1,300 1,015 1,235 2,870 297 1,585 4,315 480 2,655 2,650 1,020 6,950 69,000 345 482 4,380 1,125,000 375,000 700 580 945 18,000 14,000 2,215 3,290 23,000 960 270 9,975

Cash (IDR) 28 3 62 152 10 2 0 3 5 0 9 20 127 3 53 43 0 60 927 13 16 15 46,076 10,500 30 26 16 300 158 46 20 900 10 6 190

Yield (%) 3.3% 0.6% 1.7% 2.0% 1.5% 0.5% 0.0% 0.3% 0.4% 0.0% 3.0% 1.2% 2.9% 0.5% 2.0% 1.6% 0.0% 0.9% 1.3% 3.6% 3.4% 0.3% 4.1% 2.8% 4.3% 4.5% 1.7% 1.7% 1.1% 2.1% 0.6% 3.9% 1.0% 2.2% 1.9%

Ex date

Record date

Payment date

Ticker

5/21/2014 5/21/2014 5/22/2014 5/23/2014 5/23/2014 5/23/2014 5/28/2014 5/28/2014 5/28/2014 5/28/2014 5/30/2014 6/2/2014 6/2/2014 6/2/2014 6/2/2014 6/3/2014 6/3/2014 6/4/2014 6/4/2014 6/4/2014 6/6/2014 6/6/2014 6/6/2014 6/6/2014 6/10/2014 6/10/2014 6/10/2014 6/11/2014 6/12/2014 6/17/2014 6/18/2014 6/20/2014 6/30/2014 7/4/2014 7/11/2014

5/23/2014 5/23/2014 5/26/2014 5/28/2014 5/28/2014 5/28/2014 6/2/2014 6/2/2014 6/2/2014 6/2/2014 6/3/2014 6/4/2014 6/4/2014 6/4/2014 6/4/2014 6/5/2014 6/5/2014 6/6/2014 6/6/2014 6/6/2014 6/10/2014 6/10/2014 6/10/2014 6/10/2014 6/12/2014 6/12/2014 6/12/2014 6/13/2014 6/16/2014 6/19/2014 6/20/2014 6/24/2014 7/2/2014 7/8/2014 7/15/2014

6/10/2014 6/10/2014 6/11/2014 6/12/2014 6/12/2014 6/9/2014 6/12/2014 6/16/2014 6/16/2014 6/16/2014 6/17/2014 6/18/2014 6/18/2014 6/18/2014 6/18/2014 6/19/2014 6/19/2014 6/20/2014 6/20/2014 6/20/2014 6/24/2014 6/24/2014 6/24/2014 6/24/2014 6/26/2014 6/26/2014 6/26/2014 6/27/2014 6/30/2014 7/3/2014 7/4/2014 7/8/2014 7/16/2014 7/22/2014 8/5/2014

NRCA IJ SDMU IJ AUTO IJ ASII IJ TURI IJ BEST IJ ADRO IJ BCAP IJ SSMS IJ MEDC IJ ASSA IJ BBMD IJ BDMN IJ TALF IJ SMCB IJ PLIN IJ MBSS IJ TBIG IJ HMSP IJ MTDL IJ ELSA IJ AKRA IJ MLBI IJ DLTA IJ SSIA IJ MYOH IJ ARNA IJ GDYR IJ LPPF IJ LSIP IJ DSNG IJ INTP IJ SIMP IJ APLN IJ ICBP IJ

*Interim Dividend

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

7

Asiamoney’s 2013 Best Domestic Equity House

Actual and upcoming IPOs, 2013-2014 No

Code

1 BBRM 2 HOTL 3 SAME 4 MAGP 5 TPMA 6 ISSP 7 DYAN 8 ANJT 9 NOBU 10 MPMX 11 DSNG 12 SRIL 13 ACST 14 SRTG 15 NRCA 16 SMBR 17 ECII 18 BBMD 19 MLPT 20 VICO 21 CPGT 22 NAGA 23 BMAS 24 SILO 25 APII 26 KRAH 27 IMJS 28 LEAD 29 SSMS 30 SIDO 2013 total 31 PNBS 32 ASMI 33 CANI 34 BINA 35 BALI 36 WTON 37 BLTZ 38 MDIA 39 LRNA 40 DAJK 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 2014 total

Date

Company name

01/08/13 01/10/13 01/11/13 01/16/13 02/20/13 02/22/13 03/25/13 05/08/13 05/20/13 05/29/13 06/14/13 06/17/13 06/24/13 06/26/13 06/27/13 06/28/13 07/03/13 07/08/13 07/08/13 07/08/13 07/09/13 07/09/13 07/11/13 09/12/13 10/29/13 11/08/13 12/10/13 12/11/13 12/12/13 12/18/13

Pelayaran Nasional Bina Buana Saraswati Griya Lestari Sarana Meditama Metropolitan Multi Agro Gemilang Trans Power Marine Steel Pipe Industry of Indonesia Dyandra Media International Austindo Nusantara Jaya Bank Nationalnobu Mitra Pinasthika Mustika Dharma Satya Nusantara Sri Rejeki Isman (Sritex) Acset Indonesia Saratoga Investa Sedaya Nusa Raya Cipta Semen Baturaja Electronic City Indonesia Bank Mestika Dharma Multipolar Technology Victoria Investama Cipaganti group Bank Mitraniaga Bank Maspion Siloam Hospital Arita Prima Indonesia Grand Kartech Indomobil Multi Jasa Logindo Samudramakmur Sawit Sumbermas Sarana Sido Muncul

01/15/14 01/16/14 01/16/14 01/16/14 03/13/14 04/08/14 04/10/14 04/11/14 04/15/14 14/05/14

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 Airasia Indonesia Andira Agro Asia Mangan Group Bank Dinar Bank DKI Bank Kesejahteraan Ekonomi Bank Muamalat Bank Sumatera Utara Bank Syariah Mandiri Blue Bird Group Daya Mitra Telekomunikasi Daya Mandiri Resources Indonesia Dutapalma Nusantara GMF Aero Asia Target Indoprima Gemilang Infomedia Nusantara Intan Baruprana Finance Kawasan Berikat Nusantara Krakatau Wijatama Link Net Pacific Agro Sentosa Pegadaian Indonesia Pelita Cengkareng Paper Perkebunan Nusantara III, IV and VII Pertamina Drilling Services Indonesia Pertamina Hulu Energi Pertamina Gas Pertamina Geothermal Energy PLN Batam Pos Indonesia Pos Logistik Puradelta Lestari Semen Batam Siba Surya Soechi Lines Sriboga Raturaya

Industry Shipping Hotel Hospital Management Plantations Transportation Pipes manufacturer Entertainment Plantation Banking Automotive Plantations Textile Construction Finance Construction Cement Retail Banking IT Finance Transportation Banking Banking Hospital Pipe Manufacture Manufacturing Auto finance Marine services Plantations Pharmaceutical Banking Insurance Transporation Banking Construction Construction material Entertainment Entertainment Transportation Paper manufacture Airlines Plantations Mining Banking Banking Banking Banking Banking Banking Transportation Telecommunication Coal mining Plantations Aero services Auto-parts Services Multi-finance Industrial estates Steel manufacture Telecommunication Plantations Trading Packaging manufacture Plantations Oil-related Oil-related Gas distribution Electricity Electricity Logistics Logistics Property Cement Logistics Trading Restaurant

Amount (IDRbn) 138 102 72 440 91 856 449 400 808 1,455 509 1,344 375 1,492 260 1,309 1,350 593 180 150 69 80 246 1,405 61 45 225 357 1,005 870 16,735 475 109 42 125 35 1,207 223 541 135 470 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

458 300

55.0

49.3 29.0 25.0 24.8 14.7 30.0 31.3 15.0 20.0 40.0 20.0

800 2,438

20.0 49.0

487 1,000

2,760 500 500 29,426

Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today)

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

8

Asiamoney’s 2013 Best Domestic Equity House

Actual and upcoming rights issues, 2011-2013 No Code 1 BMRI 2 AMRT 3 BBKP 4 PBRX 5 EPMT 6 ABDA 7 INDS 8 UNTR 9 DOID 10 BVIC 11 IMAS 12 KREN 13 APIC 14 LPPS 15 BDMN 16 AISA 17 AMAG 18 KIJA 19 BEKS 20 CFIN 21 PNLF 22 DKFT 23 PWON 24 PSAB 25 MDLN 26 MASA 2011 total 27 FREN 28 BSIM 29 AMRT 30 KIAS 31 RAJA 32 SUGI 33 NISP 34 TRIO 35 SMMT 36 ITTG 37 MCOR 38 SUPR 39 BEKS 40 MDRN 41 BBNT 42 COWL 43 BNLI 44 INPC 45 MYOH 46 BIPP 47 HOME 48 CNKO 49 SRAJ 50 INCF 2012 total 51 CENT 52 TKGA 53 TRIM 54 AUTO 55 BBNP 56 DNET 57 BKSW 58 KPIG 59 HERO 60 INDS 61 JKON 62 AGRO 63 BNII 64 WEHA 65 INDX 66 BACA 2013 total Grand total

Ex-rights date 01/26/11 01/24/11 01/20/11 01/24/11 02/01/11 04/28/11 05/16/11 06/03/11 06/27/11 06/27/11 07/01/11 07/08/11 07/05/11 07/06/11 09/28/11 10/02/11 10/04/11 10/14/11 10/21/11 10/24/11 11/03/11 12/02/11 12/09/11 12/23/11 12/23/11 12/28/11

Company name Bank Mandiri Sumber Alfaria Trijaya Bank Bukopin Pan Brothers Enseval Putra Megatrading Asuransi Bina Dana Arta Indospring United Tractors Delta Dunia Makmur Bank Victoria Indomobil Sukses Internasional Kresna Graha Securindo Pasific Strategic Financial Lippo Securities Bank Danamon Tiga Pilar Sejahtera Food Asuransi Multi Artha Guna Kawasan Industri Jababeka Bank Pundi Indonesia Clipan Finance Panin Financial Central Omega Resources Pakuwon Jati J Resources Asia Pasifik Moderland Realty Multistrada Arah Sarana

Industry Banks Retail Banks Textile Pharmacy distribution Insurance Automotive components Heavy equipment Mining contracting Banks Automotive Financial Financial Finance Banks Consumer Insurance Construction Banks Financing Financial Mining Property Trading Property Automotive components

02/16/12 06/25/12 03/12/12 02/24/12 05/08/12 05/11/12 05/30/12 06/26/12 06/26/12 07/05/12 07/06/12 08/16/12 09/07/12 10/29/12 11/19/12 11/20/12 11/30/12 11/30/12 12/18/12 12/10/12 12/11/12 12/14/12 12/19/12

Smartfren Telecom Bank Sinarmas Sumber Alfaria Trijaya Keramika Indonesia Asosiasi Rukun Raharja Sugih Energy Bank OCBC NISP Trikomsel Oke Golden Eagle Energy Leo Investments Bank Windu Kentjana International Solusi Tunas Pratama Bank Pundi Indonesia Modern International Bank Tabungan Negara Cowell Development Bank Permata Bank Arta Graha International MYOH Technology Bhuwanatala Indah Permai Hotel Mandarine Regency Exploitasi Energi Indonesia Sejahteraraya Anugrahjaya Amstelco Indonesia

Telecommunication Banks Retail Ceramics, Glass, Porcelain Energy Energy Banks Retail Energy Financial Banks Towers Banks Retail Banks Construction Banks Banks Telecommunication Property Property Coal Shipping Financial

02/01/13 03/08/13 04/08/13 04/25/13 05/13/13 06/03/13 06/04/13 06/11/13 06/14/13 07/01/13 07/02/13 07/04/13 07/05/13 07/08/13 07/08/13 08/07/13

Centrin Online Toko Gunung Agung Trimegah Securities Astra Otoparts Bank Nusantara Parahyangan Dyviacom Intrabumi Bank QNB Kesawan MNC Land Hero Supermarket Indospring Jaya Konstruksi Manggala Pratama Bank Rakyat Indonesia Agroniaga Bank International Indonesia Panorama Transportasi Tanah Laut Bank Capital Indonesia

Retail Retail Finance Misc. Industry Banking Trade Banking Construction Retail Trade Construction Banking Banking Infrastructure Infrastructure Banking

Amount (IDRbn) 11,684 1,039 1,066 433 300 144 188 6,100 1,200 199 2,770 106 286 206 4,998 702 215 1,509 500 469 499 984 1,304 1,444 802 1,500 40,647 1,336 305 1,030 863 230 2,427 1,507 267 410 102 105 648 300 528 1,868 906 1,996 501 610 171 103 2,355 1,439 5,091 25,098 685 480 276 2,988 296 7,000 649 2,443 2,980 357 457 450 1,501 75 69 204 20,910 86,655

Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today)

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

9

Asiamoney’s 2013 Best Domestic Equity House

1Q14 Results Round-ups to consensus No Company 1 Ace Hardware Indonesia 2 Adaro Energy 3 Adhi Karya 4 Agung Podomoro Land 5 AKR Corporindo 6 Alam Sutera 7 Astra Agro Lestari 8 Astra International 9 Austindo Nusantara Jaya 10 Bank Bukopin 11 Bank Central Asia 12 Bank Danamon 13 Bank Jabar Banten 14 Bank Mandiri 15 Bank Negara Indonesia 16 Bank Pem. Daerah Jabar & Banten 17 Bank Pem. Daerah Jawa Timur 18 Bank Rakyat Indonesia 19 Bank Tabungan Negara 20 Bank Tabungan Pensiunan Nasional 21 Bekasi Fajar Industrial Estate 22 Bukit Asam 23 Bumi Serpong Damai 24 Cardig Aero Services 25 Charoen Pokphand Indonesia 26 Ciputra Development 27 Ciputra Property 28 Citra Marga Nusapala 29 Ekspress Transindo Utama 30 Erajaya Swasembada 31 Gajah Tunggal 32 Garuda Indonesia 33 Gudang Garam 34 Harum Energy 35 Hero Supermarket 36 Holcim Indonesia 37 Indocement 38 Indofood CBP Sukses Makmur 39 Indofood Sukses Makmur 40 Indomobil Sukses International 41 Jasa Marga 42 Kalbe Farma 43 Kawasan Industri Jababeka 44 Krakatau Steel 45 Lippo Cikarang 46 Lippo Karawaci 47 Malindo Feedmill 48 Matahari Department Store 49 Medco Energy 50 Media Nusantara Citra 51 Mitra Adiperkasa 52 Nippon Indosari Corpindo 53 Pembangunan Perumahan 54 PP London Sumatra Indonesia 55 Ramayana Lestari Sentosa 56 Salim Ivomas Pratama 57 Sampoerna Agro 58 Semen Gresik 59 Sido Muncul 60 Sri Rejeki Isman 61 Summarecon Agung 62 Supra Boga Lestari 63 Surya Citra Media 64 Surya Semesta Internusa 65 Tambang Batubara Bukit Asam 66 Telekomunikasi Indonesia 67 Tempo Scan Pacific 68 Total Bangun Persada 69 United Tractors 70 Vale Indonesia 71 Waskita Karya 72 Wijaya Karya 73 Wijaya Karya Beton 74 Wintermar Offshore Marine Source: Bloomberg, Company, Bahana estimates

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

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

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

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

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

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

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

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

10

Asiamoney’s 2013 Best Domestic Equity House

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

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

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

Arga Samudro [email protected] Economist ext 3602

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

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

Maxi Liesyaputra [email protected] Research Analyst Construction, Toll Roads, Precast, Steel ext 3615

Michael W Setjoadi [email protected] Research Analyst Consumer staples and retail, media and consumer discretionary ext 3613

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

Laurensius Teiseran [email protected] Research Associate ext 3601

Yunus Arie Wiratama [email protected] Research Associate ext 3616

William Tong [email protected] Research Associate ext 3604

Robin Sutanto [email protected] Research Associate ext 3620

Adrian Mahendra Putra [email protected] Research Associate ext 3614

Made Ayu Wijayati [email protected] Research Executive ext 3607

Nuriah Sari [email protected] Research Executive ext 3001

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

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

+62 21 250 5508 (Domestic Institutional)

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

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

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

Ricardo Silaen, CFA [email protected] Vice President Institutional Equity Sales ext 2524

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

Suwardi Widjaja [email protected] Equity Sales ext 2548

Reynard Poernawan [email protected] Institutional Equity Sales ext 2528

Nurul Farida [email protected] Equity Sales ext 2543

Hanna Marionda [email protected] Sales Trader ext 2525

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

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Asiamoney’s 2013 Best Domestic Equity House

Disclaimer This publication is prepared by PT.Bahana Securities and reviewed by Daiwa Securities Group Inc. and/or its non-U.S. affiliates, and distributed outside Indonesia by Daiwa Securities Group Inc. and/or its non-U.S. affiliates, except to the extent expressly provided herein. Certain copies of this publication may be distributed inside and outside of Indonesia by PT. Bahana Securities in accordance with relevant laws and regulations. This publication and the contents hereof are intended for information purposes only, and may be subject to change without further notice. Any use, disclosure, distribution, dissemination, copying, printing or reliance on this publication for any other purpose without our prior consent or approval is strictly prohibited. Neither Daiwa Securities Group Inc. nor any of its respective parent, holding, subsidiaries or affiliates, nor any of its respective directors, officers, servants and employees, represent nor warrant the accuracy or completeness of the information contained herein or as to the existence of other facts which might be significant, and will not accept any responsibility or liability whatsoever for any use of or reliance upon this publication or any of the contents hereof. Neither this publication, nor any content hereof, constitute, or are to be construed as, an offer or solicitation of an offer to buy or sell any of the securities or investments mentioned herein in any country or jurisdiction nor, unless expressly provided, any recommendation or investment opinion or advice. Any view, recommendation, opinion or advice expressed in this publication constitutes the views of the analyst(s) named herein and does not necessarily reflect those of Daiwa Securities Group Inc. and/or its affiliates nor any of its respective directors, officers, servants and employees except where the publication states otherwise. This research report is not to be relied upon by any person in making any investment decision or otherwise advising with respect to, or dealing in, the securities mentioned, as it does not take into account the specific investment objectives, financial situation and particular needs of any person. Neither Daiwa Securities Group Inc. nor any of its affiliates is licensed to undertake any business within the Republic of Indonesia. Any display of any trade name or logo of the Daiwa Securities Group Inc. on this publication shall not be deemed to be an undertaking of any business within the Republic of Indonesia. Daiwa Securities Group Inc., its subsidiaries or affiliates, or its or their respective directors, officers and employees from time to time have trades as principals, or have positions in, or have other interests in the securities of the company under research including derivatives in respect of such securities or may have also performed investment banking and other services for the issuer of such securities. The following are additional disclosures. Japan Daiwa Securities Co. Ltd. and Daiwa Securities Group Inc. Daiwa Securities Co. Ltd. is a subsidiary of Daiwa Securities Group Inc. Investment Banking Relationship Within the preceding 12 months, The subsidiaries and/or affiliates of Daiwa Securities Group Inc. * has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: Blackgold International Holdings Ltd (BGG AU); Tosei Corporation (8923 JP); Modern Land (China) Co. Ltd (1107 HK); China Everbright Bank Company Limited (6818 HK); econtext Asia Ltd (1390 HK); Lotte Shopping Co (023530 KS). *Subsidiaries of Daiwa Securities Group Inc. for the purposes of this section shall mean any one or more of: • Daiwa Capital Markets Hong Kong Limited (大和資本市場香港有限公司) • Daiwa Capital Markets Singapore Limited • Daiwa Capital Markets Australia Limited • Daiwa Capital Markets India Private Limited • Daiwa-Cathay Capital Markets Co., Ltd. • Daiwa Securities Capital Markets Korea Co., Ltd Disclosure of Interest of Bahana Securities Investment Banking Relationship Within the preceding 12 months, Bahana Securities has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: Sri Rejeki Isman (SRIL IJ); Semen Baturaja (Persero) (SMBR IJ); Tiphone Mobile Indonesia (TELE IJ); Austindo Nusantara Jaya (ANJT IJ); Telekomunikasi Indonesia (Persero) (TLKM IJ); Garuda Indonesia (Persero) (GIAA IJ); Wijaya Karya Beton (WTON IJ). Hong Kong This research is distributed in Hong Kong by Daiwa Capital Markets Hong Kong Limited (大和資本市場香港有限公司) (“DHK”) which is regulated by the Hong Kong Securities and Futures Commission. Recipients of this research in Hong Kong may contact DHK in respect of any matter arising from or in connection with this research. Ownership of Securities For “Ownership of Securities” information, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. Investment Banking Relationship For “Investment Banking Relationship”, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. Relevant Relationship (DHK) DHK may from time to time have an individual employed by or associated with it serves as an officer of any of the companies under its research coverage. DHK market making DHK may from time to time make a market in the securities covered by this research. Singapore This research is distributed in Singapore by Daiwa Capital Markets Singapore Limited and it may only be distributed in Singapore to accredited investors, expert investors and institutional investors as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. By virtue of distribution to these category of investors, Daiwa Capital Markets Singapore Limited and its representatives are not required to comply with Section 36 of the Financial Advisers Act (Chapter 110) (Section 36 relates to disclosure of Daiwa Capital Markets Singapore Limited’s interest and/or its representative’s interest in securities). Recipients of this research in Singapore may contact Daiwa Capital Markets Singapore Limited in respect of any matter arising from or in connection with the research. Australia This research is distributed in Australia by Daiwa Capital Markets Stockbroking Limited and it may only be distributed in Australia to wholesale investors within the meaning of the Corporations Act. Recipients of this research in Australia may contact Daiwa Capital Markets Stockbroking Limited in respect of any matter arising from or in connection with the research. Ownership of Securities For “Ownership of Securities” information, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. India This research is distributed by Daiwa Capital Markets India Private Limited (DAIWA) which is an intermediary registered with Securities & Exchange Board of India. This report is not to be considered as an offer or solicitation for any dealings in securities. While the information in this report has been compiled by DAIWA in good faith from sources believed to be reliable, no representation or warranty, express of implied, is made or given as to its accuracy, completeness or correctness. DAIWA its officers, employees, representatives and agents accept no liability whatsoever for any loss or damage whether direct, indirect, consequential or otherwise howsoever arising (whether in negligence or otherwise) out of or in connection with or from any use of or reliance on the contents of and/or omissions from this document. Consequently DAIWA expressly disclaims any and all liability for, or based on or relating to any such

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

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Asiamoney’s 2013 Best Domestic Equity House

information contained in or errors in or omissions in this report. Accordingly, you are recommended to seek your own legal, tax or other advice and should rely solely on your own judgment, review and analysis, in evaluating the information in this document. The data contained in this document is subject to change without any prior notice DAIWA reserves its right to modify this report as maybe required from time to time. DAIWA is committed to providing independent recommendations to its Clients and would be happy to provide any information in response to any query from its Clients. This report is strictly confidential and is being furnished to you solely for your information. The information contained in this document should not be reproduced (in whole or in part) or redistributed in any form to any other person. We and our group companies, affiliates, officers, directors and employees may from time to time, have long or short positions, in and buy sell the securities thereof, of company(ies) mentioned herein or be engaged in any other transactions involving such securities and earn brokerage or other compensation or act as advisor or have the potential conflict of interest with respect to any recommendation and related information or opinion. DAIWA prohibits its analyst and their family members from maintaining a financial interest in the securities or derivatives of any companies that the analyst cover. This report is not intended or directed for distribution to ,or use by any person, citizen or entity which is resident or located in any state or country or jurisdiction where such publication, distribution or use would be contrary to any statutory legislation, or regulation which would require DAIWA and its affiliates/ group companies to any registration or licensing requirements. The views expressed in the report accurately reflect the analyst’s personal views about the securities and issuers that are subject of the Report, and that no part of the analyst’s compensation was, is or will be directly or indirectly, related to the recommendations or views expressed in the Report. This report does not recommend to US recipients the use of Daiwa Capital Markets India Private Limited or any of its non – US affiliates to effect trades in any securities and is not supplied with any understanding that US recipients will direct commission business to Daiwa Capital Markets India Private Limited. Taiwan This research is distributed in Taiwan by Daiwa-Cathay Capital Markets Co., Ltd and it may only be distributed in Taiwan to institutional investors or specific investors who have signed recommendation contracts with Daiwa-Cathay Capital Markets Co., Ltd in accordance with the Operational Regulations Governing Securities Firms Recommending Trades in Securities to Customers. Recipients of this research in Taiwan may contact Daiwa-Cathay Capital Markets Co., Ltd in respect of any matter arising from or in connection with the research. Philippines This research is distributed in the Philippines by DBP-Daiwa Capital Markets Philippines, Inc. which is regulated by the Philippines Securities and Exchange Commission and the Philippines Stock Exchange, Inc. Recipients of this research in the Philippines may contact DBP-Daiwa Capital Markets Philippines, Inc. in respect of any matter arising from or in connection with the research. DBP-Daiwa Capital Markets Philippines, Inc. recommends that investors independently assess, with a professional advisor, the specific financial risks as well as the legal, regulatory, tax, accounting, and other consequences of a proposed transaction. DBP-Daiwa Capital Markets Philippines, Inc. may have positions or may be materially interested in the securities in any of the markets mentioned in the publication or may have performed other services for the issuers of such securities. For relevant securities and trading rules please visit SEC and PSE Link at http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf and http://www.pse.com.ph/ respectively. United Kingdom This research report is produced by Daiwa Capital Markets Europe Limited and/or its affiliates and is distributed in the European Union, Iceland, Liechtenstein, Norway and Switzerland. Daiwa Capital Markets Europe Limited is authorised and regulated by The Financial Conduct Authority (“FCA”) and is a member of the London Stock Exchange, Eurex and NYSE Liffe. Daiwa Capital Markets Europe Limited and/or its affiliates may, from time to time, to the extent permitted by law, participate or invest in other financing transactions with the issuers of the securities referred to herein (the “Securities”), perform services for or solicit business from such issuers, and/or have a position or effect transactions in the Securities or options thereof and/or may have acted as an underwriter during the past twelve months for the issuer of such securities. In addition, employees of Daiwa Capital Markets Europe Limited and/or its affiliates may have positions and effect transactions in such securities or options and may serve as Directors of such issuers. Daiwa Capital Markets Europe Limited may, to the extent permitted by applicable UK law and other applicable law or regulation, effect transactions in the Securities before this material is published to recipients. This publication is intended for investors who are not Retail Clients in the United Kingdom within the meaning of the Rules of the FCA and should not therefore be distributed to such Retail Clients in the United Kingdom. Should you enter into investment business with Daiwa Capital Markets Europe’s affiliates outside the United Kingdom, we are obliged to advise that the protection afforded by the United Kingdom regulatory system may not apply; in particular, the benefits of the Financial Services Compensation Scheme may not be available. Daiwa Capital Markets Europe Limited has in place organisational arrangements for the prevention and avoidance of conflicts of interest. Our conflict management policy is available at http://www.uk.daiwacm.com/about-us/corporate-governance-regulatory. Regulatory disclosures of investment banking relationships are available at https://daiwa3.bluematrix.com/sellside/Disclosures.action. Germany This document has been approved by Daiwa Capital Markets Europe Limited and is distributed in Germany by Daiwa Capital Markets Europe Limited, Niederlassung Frankfurt which is regulated by BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) for the conduct of business in Germany. Bahrain This research material is issued/compiled by Daiwa Capital Markets Europe Limited, Bahrain Branch, regulated by The Central Bank of Bahrain and holds Investment Business Firm – Category 2 license and having its official place of business at the Bahrain World Trade Centre, South Tower, 7th floor, P.O. Box 30069, Manama, Kingdom of Bahrain. Tel No. +973 17534452 Fax No. +973 535113 This material is provided as a reference for making investment decisions and is not intended to be a solicitation for investment. Investment decisions should be made at your own discretion and risk. Accordingly, no representation or warranty, express or implied, is made as to and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this document, Content herein is based on information available at the time the research material was prepared and may be amended or otherwise changed in the future without notice. All information is intended for the private use of the person to whom it is provided without any liability whatsoever on the part of Daiwa Capital Markets Europe Limited, Bahrain Branch, any associated company or the employees thereof. If you are in doubt about the suitability of the product or the research material itself, please consult your own financial adviser. Daiwa Capital Markets Europe Limited, Bahrain Branch retains all rights related to the content of this material, which may not be redistributed or otherwise transmitted without prior consent. 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 .

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Asiamoney’s 2013 Best Domestic Equity House

Relevant Relationships (Bahana Securities) Bahana Securities may from time to time have an individual employed by or associated with it serves as an officer of any of the companies under its research coverage. Bahana Securities market making Bahana Securities may from time to time make a market in securities covered by this research. Additional information may be available upon request. Japan - additional notification items pursuant to Article 37 of the Financial Instruments and Exchange Law (This Notification is only applicable where report is distributed by Daiwa Securities Co. Ltd.) If you decide to enter into a business arrangement with us based on the information described in materials presented along with this document, we ask you to pay close attention to the following items. • In addition to the purchase price of a financial instrument, we will collect a trading commission* for each transaction as agreed beforehand with you. Since commissions may be included in the purchase price or may not be charged for certain transactions, we recommend that you confirm the commission for each transaction. • In some cases, we may also charge a maximum of ¥ 2 million (including tax) per year as a standing proxy fee for our deposit of your securities, if you are a non-resident of Japan. • For derivative and margin transactions etc., we may require collateral or margin requirements in accordance with an agreement made beforehand with you. Ordinarily in such cases, the amount of the transaction will be in excess of the required collateral or margin requirements. • There is a risk that you will incur losses on your transactions due to changes in the market price of financial instruments based on fluctuations in interest rates, exchange rates, stock prices, real estate prices, commodity prices, and others. In addition, depending on the content of the transaction, the loss could exceed the amount of the collateral or margin requirements. • There may be a difference between bid price etc. and ask price etc. of OTC derivatives handled by us. • Before engaging in any trading, please thoroughly confirm accounting and tax treatments regarding your trading in financial instruments with such experts as certified public accountants. *The amount of the trading commission cannot be stated here in advance because it will be determined between our company and you based on current market conditions and the content of each transaction etc. When making an actual transaction, please be sure to carefully read the materials presented to you prior to the execution of agreement, and to take responsibility for your own decisions regarding the signing of the agreement with us. Corporate Name: Daiwa Securities Co. Ltd. Financial instruments firm: chief of Kanto Local Finance Bureau (Kin-sho) No.108 Memberships: Japan Securities Dealers Association, Financial Futures Association of Japan Japan Securities Investment Advisers Association Type II Financial Instruments Firms Association

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

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