Beacon Indonesia Morning Brief

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

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

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

Beacon

CORPORATE FLASH

INDICES

Tambang Bukit Asam: Electrifying Analyst: Arandi Ariantara  Sales volume +10% q-q and +14% y-y...  ... on +5% y-y PLN demand, supporting +8% y-y electricity sales  Outlook: 2,500MW coal-fired power plants by 2020

TODAY’S NEWS POLITICS Minister of Political Affairs named in Panama Papers Golkar congress date changed to suit Jokowi’s schedule

ECONOMICS

 

Regional state budget realization at 0.58% of 2016 target SME’s final income tax drops to 0.25-0.50%

FIXED INCOME



Govt conducted IDR472bn debt switch

BOURSE



Megapower Makmur planning IPO in June 2016

INDUSTRY

  

BI cuts 2016 loan growth forecast to 11-14% Jalan Sudirman free of motorcycles Government to create a level playing field for conventional and applicationbased taxi operators

CORPORATE

    

Asia Last Chg% Hang Seng (HK) 21,467.0 (0.7) IDX (Indonesia) 4,914.7 0.2 KLCI (Mal.) 1,718.0 (0.2) KOSPI (Korea) 2,015.5 (0.3) Nikkei (Japan) 17,572.5 1.2 PCOMP (Phil.) 7,255.4 (0.0) SENSEX (India) 25,838.1 (0.2) SET (Thailand) 1,410.8 (0.9) SHCOMP (China) 2,959.2 0.2 SHENZHEN (China) 1,867.6 1.0 STI (Singapore) 2,940.4 (0.7) TWSE (Taiwan) 8,535.8 (0.4) VNI (Vietnam) 592.5 2.9 Europe, USA and Ems CAC 40 (France) 4,569.7 1,97 (0.3) DAX (Germany) 10,373.5 2.1 (0.6) Dow Jones (USA) 18,003.8 0.1 FTSE 100 (UK) 6,310.4 (1.1) IBOV (Brazil) 52,907.9 (1.3) MEXBOL (Mexico) 45,613.2 0.1 NGSEINDX (Nigeria) 24,850.1 (0.2) Nasdaq (USA) 4,906.2 (0.8) RTSI (Russia) 931.5 0.5 S&P 500 (USA) 2,091.6 0.0 XU100 (Turkey) 85,828.7 0.2

ytd % (2.0) 7.0 1.5 2.8 (7.7) 4.4 (1.1) 9.5 (16.4) (19.1) 2.0 2.4 2.3

y-y % (23.5) (9.6) (7.8) (6.7) (12.2) (8.7) (5.8) (9.3) (32.6) (17.2) (16.3) (13.9) 4.7

1,972. (1.5) 1 (3.4)

(12.1) (12.2) (0.4) (10.8) (6.5) (0.3) (27.9) (3.6) (10.2) (1.2) 0.3

3.3 1.1 22.0 6.1 (13.2) (2.0) 23.0 2.3 19.7

Source: Bloomberg

PPRO 1Q16 results: In-line with our estimate TLKM 1Q16 Result BBNI to provide working capital loans to SMGR RALS products to be available at Go-Mart The House proposes government to buyback PGAS’ public shares

ETF, ADR & COMMODITIES

ECONOMIC INDICATORS

MARKET DATA

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

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

15A (0.3) (7.4) 20.5 (3.5) 9.1 11.2 3.5 2.1 23.8

16F 9.4 12.6 18.0 1.3 13.4 9.6 3.1 2.2 19.0

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

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

33.3 12.7 22.8

30.3 12.4 23.8

Source: Bahana estimates

25 April 2016

IDX: 4,915 (+0.5%) Turnover: IDR4.6tn (-6.9%) Foreign Net BUY: IDR339.6bn (-12.8%)

Indonesia Morning Brief

 

2015 Global Banking & Finance Review Best Research House

7.50 30.9 105.9

6.25 35.0 105.0

6.00 50.0 112.0

Source: Bahana estimates

Last Chg% ytd % y-y % EEM US (USD) 34.5 (0.6) 7.3 (21.2) EIDO US (USD) 23.8 (0.0) 13.9 (13.3) TLK US (IDR) 3,711 2.9 26.6 26.0 Como Index (USD) 179.7 (0.1) 2.0 (19.8) Coal (USD/t) 51.7 0.4 2.1 (13.5) Corn (USD/mtn) 138.8 (3.6) 3.7 (1.7) Coffee (USD/t) 2,617.3 (1.9) 1.2 (9.4) Copper (USD/t) 5,015.5 (0.2) 6.7 (16.4) Cotton (USD/t) 1,390.7 (0.6) (0.3) 0.9 CPO Rott (USD/t) 730.0 (2.0) 15.0 7.8 Gold (USD/oz.) 1,232.2 (1.4) 16.1 4.5 Iron ore (USD/mtn) 69.7 19.3 60.6 33.8 Milk (USD/cwt) 13.3 (0.7) (10.8) (20.2) Nickel (USD/t) 9,130.0 (3.2) 5.4 (26.0) Oil Brent (USD/barrel) 45.1 1.3 20.5 (31.2) Rice (IDR/kg) 5,194.0 0.0 2.8 10.0 Rubber (USD/t) 154.7 (3.4) 36.1 10.0 Silver (USD/oz) 17.0 (0.3) 22.7 3.6 Soybean oil (USD/t) 749.4 (0.6) 11.3 7.7 Steel (USD/t) 497.9 (0.0) 62.3 32.4 348.6 0.0 5.9 25.9 17F Sugar (USD/t) 17,350.0 (0.7) 18.8 5.8 13.3 Tins (USD/t) Wheat (USD/t) 174.1 (5.9) (1.9) (13.7) 14.8 Source: Bloomberg 15.7 CURRENCIES & RATES 1.1 Last Prev. Ytd % y-y % 11.5 AUD/1USD 0.771 0.775 (5.5) 2.0 8.5 EUR/1USD 1.123 1.129 (3.3) (3.0) 2.8 IDR/1USD 13,200 13,155 4.5 (2.3) 111.49 109.47 7.8 6.8 2.5 JPY/1USD 0 0 1.355 1.349 4.7 (2.0) 16.8 SGD/1USD JIBOR (%) 4.89 4.89 (2.7) (1.0) 30.1 BI rate (%) 6.75 6.75 (0.8) (0.8) 12.6 TD – 1 month (%) 6.57 6.61 (0.5) (0.7) 27.0 CDS (bps) 190.78 191.60 21.6 19.2 Source: Bloomberg

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

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

POLITICS Minister of Political Affairs named in Panama Papers The Panama Papers mentioned Minister of Political Affairs, Luhut Panjaitan, as a director in Mayfair International Ltd in Seychelles. Separately, President Joko Widodo will lead a cabinet meeting regarding the Panama Papers issue. (Tempo) Golkar’s congress date changed to suit Jokowi’s schedule Golkar’s extraordinary congress schedule is changed to 23 May to accommodate President Joko Widodo’s schedule. Aburizal Bakrie, Golkar Speaker, wants Jokowi to open Golkar’s congress ceremony. (Tempo)

ECONOMICS Regional state budget realization at 0.58% of 2016 target The 2016 provincial, regional and city capital expenditure only achieved 0.58% of 2016 target or IDR1.15tn as regional governments are hesitant to spend the budget as they want to avoid the potential legal case on the spending. (Bisnis Indonesia) Bahana comment: Please note that out of IDR79.4tn infrastructure spending plan (26.2% of 2016 target), +93.7% y-y are regional government related program. SME’s final income tax drops to 0.25-0.50% Govt will cut final income tax for SME from 1.00% to progressive layered rate of 0.25-0.50%. SMEs with below IDR300mn annual turnover will pay 0.25% of final income tax while SMEs with above IDR300mn but below IDR4.8bn annual turnover will pay 0.50% final income tax rate. (Kontan)

FIXED INCOME Govt conducted IDR472bn debt switch The government has held government bonds auction by debt switch. Auction participants offered 9 government bonds and the government offered 9 bonds. The nominal offer from the participants reached IDR1.83tn, while the government obtain IDR472bn. (MoF)

BOURSE Megapower Makmur planning IPO in June 2016 Megapower Makmur, a hydro powerplant company and a subsidiary of Malaysian Bina Puri Holdings Bhd, plans an IPO in June 2016. The company owns a hydro powerplant in Bantaeng, South Sulawesi. (cnnindonesia.com)

INDUSTRY BI cuts 2016 loan growth forecast to 11-14% Bank Indonesia’ (BI) Governor, Agus Martowardojo stated that, following a steady decline in the commodity sector, current loan growth should hover around 10% level. Thus, the BI cut its lower limit of 2016’ loan growth estimation to 11-14% (previous: 12-14%). However, BI still expects 2H16 loan growth to increase above 10%, due to improvement in the national economy contributed by the ongoing government and private projects. (Kontan). Bahana comment: This is in line with our 2016 loan growth estimation of around 12.7% y-y. Jalan Sudirman free of motorcycles The government is currently discussing about the potential ban of motorcycles along Sudirman and Senayan area which are two of Jakarta’s main thoroughfares. The social media is filled with speculation that the regulation will come into effect as of May 1. But, the head of Department of Transportation, Andri Yansyah argued that there is still no definite decision on the date when the regulation will become effective. (Beritasatu.com, Tempo)

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

Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

2015 Institutional Investors Highest Ranked Local Research House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Global Banking & Finance Review Best Research House

Government to create a level playing field for conventional and application-based taxi operators The government has decided that they will raise the tariff for application-based taxi operators to create healthy competition in the taxi industry. In addition, application-based taxi operators would also face the same regulations as conventional taxi operators (e.g. having their vehicles tested for a roadworthiness test). (Kontan)

CORPORATE PPRO 1Q16 results: In-line with our estimate PP Properti (PPRO IJ-HOLD-IDR306) booked 1Q16 revenue of IDR534bn, up 6.5% q-q and 37.6% y-y, bringing its 1Q16 bottom line to IDR91bn (+12.9% y-y), accounting for 103.6% of our estimate. We believe the solid results were mainly due to faster-than-expected revenue recognition from its mega project (Grand Kamala Lagoon) and improved macro condition in 4Q15 and 1Q16 as well as lower BI rate. Moreover, the 1Q16 net profit was 28% of our and 33% consensus’ full-year estimates. However, going forward, we expect PPRO’s margins to remain depressed in 2016-17F given PPRO’s ample low-cost and JV projects (1Q16 net margin: -1.9% q-q, -3.7% y-y). (Bisnis Indonesia, Bahana) PPRO IJ 1Q16 Result summary (IDRb) Sales Gross profit Operating expense Operating profit Net interest income/(expense) Forex gain (expenses) Other income/(expense) Pretax profit Taxation Minority interest Net profit BS & Ratio analysis Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Receivable Days Payable Days Total cash Total debt Net gearing (%)

1Q15 388 118 9 109 (9) 0 (9) 100 (19) 0 80 1Q15 30.3 28.0 25.7 20.7 na na 222 154 nc

4Q15 501 156 32 125 (10) 0 (6) 118 (23) (0) 95 4Q15 31.2 24.9 23.6 18.9 137 108 357 192 nc

1Q16 534 144 17 127 (11) 0 (10) 116 (26) (0) 91 1Q16 27.0 23.7 21.8 17.0 199 192 262 647 14.8

q-q

y-y

1Q16/

(%) 6.5 (7.7) (44.7) 1.7 4.3 63.1 (1.6) 9.5 na (4.4)

(%) 37.6 22.5 89.3 16.8 15.9 15.3 16.9 33.8 na 12.9

1Q16F 129.7

115.4

103.6

3M16 534 144 17 127 (11) 0 (10) 116 (26) (0) 91 2014 25.7 23.1 23.6 19.1 210 85 229 307 0.9

y-y

3M16/

3M16/

(%) 37.6 22.5 89.3 16.8 15.9 15.3 16.9 33.8 na 12.9 2015 29.8 25.6 24.7 19.9 185 143 357 192 nc

2016F 29.8

Cons. 29.8

29.4

31.7

28.0 2016F 27.7 24.1 23.1 18.1 300 300 409 1,478 38.4

33.0 2017F 27.6 24.3 23.7 18.7 300 250 412 1,278 28.4

Source: Company, Bloomberg, Bahana estimates

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

TLKM 1Q16 Result On the back of strong revenue growth and improved cost management, TLKM (TLKM IJ-IDR3,685-BUYTP:IDR4,000) booked a higher-than-expected 1Q16 net profit of IDR4.8tn, +23% q-q and +27% y-y. This represents 28% of our and 27% of consensus’ full-year estimates. At the top line, solid data revenue growth helped TLKM to book 1Q16 revenue of IDR27.5tn, +3% q-q and +17% y-y, representing 24% of our and 25% of consensus full-year estimates. TLKM booked positive growth in all voice, SMS and data revenue segments. On the cost front, TLKM managed to lower its depreciation, interconnection and G&A expenses, resulting in well-maintained EBITDA margin of 53% (1Q15: 52%; 4Q15: 53%), higher than our full-year forecast of 50%. Furthermore, TLKM booked 1Q16 EBITDA of IDR14.7tn, +2% q-q and +19% y-y, representing 26% of our and consensus full-year estimates. TLKM IJ 1Q16 result summary (IDRb) Sales Operating expense Operating profit EBITDA Net int. income/(expense) Forex gain/(loss) Other income/(expense) Pretax profit Taxation Minority interest Net profit Ratio analysis EBITDA margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Inventory days Receivable days Payable Days Total cash (IDRb) Total debt (IDRb) Net gearing (%)

1Q15 23,616 (16,352) 7,264 12,362 (129) (12) 196 7,319 (1,810) (1,694) 3,815 1Q15 52.3 30.8 31.0 16.2 4 29 29. 61 60.5 20,282 53,526 46.4

4Q15 26,751 (17,440) 9,311 14,341 (396) (123) (762) 8,030 (2,042) (2,036) 3,952 4Q15 53.6 34.8 30.0 14.8 3 2.7 28 28.1 65 64.9 28,117 52,169 32.0

1Q16 27,542 (17,292) 10,250 14,655 (271) (114) (564) 9,301 (2,423) (2,036) 4,842 1Q16 53.2 37.2 33.8 17.6 3 2.8 30 67 66.9 35,737 53,526 22.3

q-q (%) 3.0 (0.8) 10.1 6.0% (31.6) (7.3) (26.0) 15.8 18.7 0.0 22.5

y-y (%) 16.6 5.7 41.1 15.9% 110.1 850.0 (387.8) 27.1 33.9 20.2 26.9

1Q16/ 1Q16F 105.4 121.4

114.6 3M15 52.3 30.8 31.0 16.2 4 29 61 20,282 53,526 46.4

3M16 27,542 (17,292) 10,250 14,655 (271) (114) (564) 9,301 (2,423) (2,036) 4,842 3M16 53.2 37.2 33.8 17.6 3 30 67 35,737 53,526 22.3

y-y (%) 16.6 5.7 41.1 15.9% 110.1 850.0 (387.8) 27.1 33.9 20.2 26.9 2015 50.2 32.1 30.6 15.1 3 26 69 28,117 52,169 32.0

3M16/ 2016F 24.2

3M16/ Cons 24.6

27.9

28.0

26.4

25.8

27.5 2016F 49.5 32.3 31.0 15.5 3 30 67 29,778 49,432 23.4

26.7 2017F 49.8 33.4 32.4 16.2 3 30 64 33,950 49,426 16.7

Source: Company, Bisnis Indonesia, Bahana estimates

BBNI to provide working capital loans to SMGR Bank Negara Indonesia (BBNI IJ-HOLD-IDR4,895-TP:IDR4,900) will disburse around IDR1tn of working capital loans to Semen Indonesia (SMGR IJ-HOLD-IDR10,525-TP:11,700) which would be used as additional funding for the completion of the construction of 2 cement plants in Rembang, East Java, and Padang, West Sumatra, each with a volume capacity of 3mnt per year. (Bisnis Indonesia) RALS products to be available at Go-Mart Ramayana Lestari Sentosa (RALS IJ-BUY-IDR698-TP:IDR850) will make its products available at Go-Mart, an e-commerce platform for online groceries shopping from Gojek, starting in May this year. (Company). Bahana comment: Although we expect the effect on the company's top-line would be still insignificant in the near-term, this move would provide leverage for RALS' new supermarket business (SPAR) in cities experiencing bigger e-commerce penetration and help to improve its supermarkets profitability faster. Additionally, we believe it would make RALS products to be available for a wider target market creating less dependencies of RALS' sales during Lebaran and holiday season in long-term. (Kontan) The House proposes government to buyback PGAS’ public shares The House of Representatives proposed government to buyback Perusahaan Gas Negara’s (PGAS IJ-BUYIDR2,665-TP:IDR3,200) public shares (43.04% of total outstanding shares) in order to strengthen Indonesian gas infrastructure development. (metrotvnews.com). Bahana comment: Based on closing price at 22 April 2016, government will need to allocate IDR64.6tn, equivalent to USD4.91bn (IDR/USD13,157) to buy PGAS’ public shares. To compare, it is higher than Freeport Indonesia’s 10% share divestment of USD1.8bn and Newmont Indonesia’s estimate acquisition of USD2bn.

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

Source: Bloomberg, Bahana estimates

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

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

TARGET PRICE 1,250 120 3,200 650 2,000 290 88,000 37,000 400 10,800 400 570 570 1,400 4,000 8,300 2,020 50,500 9,000 300 400 1,850 490 3,100 1,000 275 800 1,430 7,300 850 210 1,700 2,100 5,000 300 1,400 220 6,600 115,000

Up/(Downside)(%) 11.6 (36.5) 20.1 (45.4) 2.6 40 31.3 11.5 (19.8) (0.9) 34.7 (5.8) (10.9) 4.5 8.5 10.7 4.4 7.4 (9.8) (2.6) (24.5) 16.4 (7.5) 13.3 (14.2) (54.5) 30.1 12.6 12.7 12.6 (31.4) (1.7) (21.5) 24.1 (26.8) 15.2 (14.1) (9.3) 20.4

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

14,000 18,300 20,500 2,000 420 11,700 2,700 4,750 480 1,900 270 2,200 290 1,000 1,800 1,700 3,000 130 3,200 18,000 1,820 2,800 1,450 9,000 2,000 14,300 1,100 975 411 4,000 645 940 1,180 720 207 4,900 850 700 630 4,300 535 550 365 3,400 16,000 6,500 860 1,480 190 970 1,780 6,000 1,300 3,500 1,400 12,400 1,130 5,550 4,400 940 500 7,800 4,700

6.7 21.6 15.5 2.6 (7.5) 11.2 18.4 13.4 (4.0) (24.3) 1.9 34.6 (42.6) (43.0) (10.2) 12.2 62.6 10.2 12.3 (9.8) 10.6 (12.5) 9.0 35.8 (9.1) (10.5) 11.1 15.4 (51.1) (46.7) (13.4) 28.8 62.8 0.7 (71.0) 0.1 22.3 12.0 31.3 14.1 0.0 33.5 (29.1) (4.8) (4.3) 14.0 23.7 6.5 1.1 4.9 7.9 13.7 (16.4) (4.1) (28.0) 44.6 7.1 (24.5) 17.0 (4.6) (46.8) 4.0 8.4

04/22/2016 1,120 189 2,665 1,190 1,950 207 67,000 33,175 499 10,900 297 605 640 1,340 3,685 7,500 1,935 47,000 9,975 308 530 1,590 530 2,735 1,165 605 615 1,270 6,475 755 306 1,730 2,675 4,030 410 1,215 256 7,275 95,500 4,915 13,125 15,050 17,750 1,950 454 10,525 2,280 4,190 500 2,510 265 1,635 505 1,755 2,005 1,515 1,845 118 2,850 19,950 1,645 3,200 1,330 6,625 2,200 15,975 990 845 840 7,500 745 730 725 715 715 4,895 695 625 480 3,770 535 412 515 3,570 16,725 5,700 695 1,390 188 925 1,650 5,275 1,555 3,650 1,945 8,575 1,055 7,350 3,760 985 940 7,500 4,335

04/21/2016 1,050 182 2,570 1,150 1,900 202 65,500 32,500 489 10,700 292 595 630 1,320 3,630 7,400 1,910 46,500 9,875 305 525 1,575 525 2,710 1,155 600 610 1,260 6,425 750 304 1,720 2,660 4,010 408 1,210 255 7,250 95,250 4,903 13,100 15,025 17,725 1,950 454 10,525 2,280 4,190 500 2,510 265 1,635 505 1,755 2,005 1,515 1,845 118 2,855 20,000 1,650 3,210 1,335 6,650 2,210 16,050 995 850 845 7,550 750 735 730 720 720 4,930 700 630 484 3,805 540 416 520 3,605 16,900 5,775 705 1,410 191 940 1,680 5,375 1,585 3,725 1,990 8,775 1,080 7,525 3,855 1,010 965 7,700 4,460

CHANGE (%) 6.7 3.8 3.7 3.5 2.6 2.5 2.3 2.1 2.0 1.9 1.7 1.7 1.6 1.5 1.5 1.4 1.3 1.1 1.0 1.0 1.0 1.0 1.0 0.9 0.9 0.8 0.8 0.8 0.8 0.7 0.7 0.6 0.6 0.5 0.5 0.4 0.4 0.3 0.3 0.2 0.2 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 (0.2) (0.2) (0.3) (0.3) (0.4) (0.4) (0.5) (0.5) (0.5) (0.6) (0.6) (0.7) (0.7) (0.7) (0.7) (0.7) (0.7) (0.7) (0.7) (0.8) (0.8) (0.9) (0.9) (1.0) (1.0) (1.0) (1.0) (1.3) (1.4) (1.4) (1.6) (1.6) (1.8) (1.9) (1.9) (2.0) (2.3) (2.3) (2.3) (2.3) (2.5) (2.5) (2.6) (2.6) (2.8)

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BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Weekly) PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

5

Asiamoney's 2013 Best Domestic Equity House

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

Source: Bloomberg, Bahana estimates

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

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

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

TARGET PRICE 365 650 300 1,820 8,300 300 764 190 13,000 9,700 3,100 550 2,000 120 46,000 700 1,450 1,400 800 2,020 1,975 1,300 3,750 7,800 2,000 1,700 2,500 490 3,250 6,800 5,200 2,550 16,800 411 31,000 270 290 65,000 16,000 940 130 275 570 2,000 640 6,600 1,520 290 300

Up/(Downside)(%) (29.1) (45.4) (2.6) 10.6 10.7 (26.8) 6.9 1.1 19.3 (2.8) 13.3 (44.2) 64.6 (36.5) (2.1) (6.0) 9.0 4.5 30.1 4.4 (13.4) (16.4) 1.8 4.0 (9.1) 12.2 28.5 (7.5) 1.6 5.0 (30.7) (10.5) 11.6 (51.1) (6.6) 1.9 40.1 (3.0) (4.3) 28.8 10.2 (54.5) (10.9) 0.3 (7.9) (9.3) (12.1) (42.6) (43.4)

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

10,600 730 2,000 5,700 1,020 1,100 1,130 535 925 1,900 720 4,300 850 180 875 500 1,800 480 14,700 2,500 500 3,000 1,180 6,250 420 1,250 2,350 16,400 220 2,750 1,350 3,500 19,800 1,480 6,500 700 4,750 1,500 5,000 7,000 115,000 400 14,300 860 4,400 630 3,400 5,550 14,700 550 1,000 4,700 2,200

0.7 20.7 2.6 16.4 10.3 11.1 7.1 0.0 (20.6) (24.3) 0.7 14.1 12.6 (41.2) 3.6 68.4 (10.2) (4.0) 12.0 (6.2) (46.8) 62.6 62.8 18.5 (7.5) 11.6 (12.1) (17.8) (14.1) 73.0 6.3 (4.1) 11.5 6.5 14.0 7.7 13.4 (9.1) 24.1 5.7 20.4 (19.8) (10.5) 23.7 17.0 31.3 (4.8) (24.5) 71.4 33.5 (43.0) 8.4 34.6

04/22/2016 515 1,190 308 1,645 7,500 410 715 188 10,900 9,975 2,735 985 1,215 189 47,000 745 1,330 1,340 615 1,935 2,280 1,555 3,685 7,500 2,200 1,515 1,945 530 3,200 6,475 7,500 2,850 15,050 840 33,175 265 207 67,000 16,725 730 118 605 640 1,995 695 7,275 1,730 505 530 4,915 10,525 605 1,950 4,895 925 990 1,055 535 1,165 2,510 715 3,770 755 306 845 297 2,005 500 13,125 2,665 940 1,845 725 5,275 454 1,120 2,675 19,950 256 1,590 1,270 3,650 17,750 1,390 5,700 650 4,190 1,650 4,030 6,625 95,500 499 15,975 695 3,760 480 3,570 7,350 8,575 412 1,755 4,335 1,635

04/15/2016 462 1,070 278 1,485 6,825 375 655 173 10,050 9,250 2,540 915 1,130 176 43,800 700 1,250 1,260 580 1,830 2,160 1,475 3,500 7,125 2,090 1,440 1,850 505 3,050 6,200 7,200 2,740 14,500 810 32,000 256 200 65,000 16,250 710 115 590 625 1,950 680 7,125 1,695 495 520 4,824 10,350 595 1,925 4,840 915 980 1,045 530 1,155 2,490 710 3,745 750 304 840 296 2,000 499 13,100 2,660 940 1,845 725 5,300 457 1,130 2,700 20,150 260 1,615 1,290 3,715 18,100 1,420 5,825 665 4,295 1,695 4,140 6,825 98,500 515 16,500 720 3,900 498 3,710 7,675 9,025 434 1,850 4,930 1,990

CHANGE (%) 11.5 11.2 10.8 10.8 9.9 9.3 9.2 8.7 8.5 7.8 7.7 7.7 7.5 7.4 7.3 6.4 6.4 6.3 6.0 5.7 5.6 5.4 5.3 5.3 5.3 5.2 5.1 5.0 4.9 4.4 4.2 4.0 3.8 3.7 3.7 3.5 3.5 3.1 2.9 2.8 2.6 2.5 2.4 2.3 2.2 2.1 2.1 2.0 1.9 1.9 1.7 1.7 1.3 1.1 1.1 1.0 1.0 0.9 0.9 0.8 0.7 0.7 0.7 0.7 0.6 0.3 0.2 0.2 0.2 0.2 0.0 0.0 0.0 (0.5) (0.7) (0.9) (0.9) (1.0) (1.5) (1.5) (1.6) (1.7) (1.9) (2.1) (2.1) (2.3) (2.4) (2.7) (2.7) (2.9) (3.0) (3.1) (3.2) (3.5) (3.6) (3.6) (3.8) (4.2) (5.0) (5.1) (5.1) (12.1) (17.8)

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

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

6

Ticker

Rating N BUY HOLD

499 1,120

400 1,250

25,869 2,087

14.9 56.6

Mkt cap (IDRb) 15,246 12,909 2,337

15,246 12,909 2,337

3M avg to (IDRb) 17.9 17.7 0.2

AUTOMOTIVE ASII IJ IMAS IJ GJTL IJ

UW REDUC E HOLD BUY

7,350 1,950 695

5,550 2,000 860

40,484 2,765 3,485

49.8 10.5 39.8

305,368 297,554 5,392 2,422

305,368 297,554 5,392 2,422

279.8 277.2 0.0 2.6

215,039 184,196 18,010 12,833

236,696 202,994 19,770 13,932

258,650 222,145 21,414 15,091

18,260 17,212 98 950

20,636 19,456 149 1,031

22,738 21,392 229 1,117

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

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

13,125 10,900 9,975 4,895 3,570 2,675 1,730 925 454 605

14,000 10,800 9,000 4,900 3,400 2,100 1,700 970 420 570

24,655 24,669 23,333 18,649 9,585 5,840 10,590 9,696 14,918 9,087

50.8 43.2 40.0 40.0 32.5 51.0 39.9 25.0 20.0 40.6

1,005,926 323,597 268,894 232,750 91,285 34,217 15,623 18,321 8,969 6,773 5,497

1,005,926 323,597 268,894 232,750 91,285 34,217 15,623 18,321 8,969 6,773 5,497

846.0 185.4 288.0 187.4 137.6 9.1 3.5 22.0 9.6 1.6 1.8

274,550 51,413 70,688 67,316 35,298 18,638 8,460 7,998 6,987 3,558 4,193

295,363 54,667 75,366 71,421 38,934 20,359 9,056 9,210 7,568 4,136 4,646

323,022 58,922 81,584 78,060 43,381 21,691 10,343 10,904 8,164 4,800 5,174

103,617 22,657 30,511 26,339 11,057 3,944 2,460 2,534 1,736 1,208 1,173

109,290 25,089 31,895 26,240 11,912 4,327 2,204 2,897 1,989 1,385 1,353

CEMENT SMGR IJ INTP IJ SMC B IJ SMBR IJ

UW HOLD REDUC E REDUC E REDUC E

10,525 19,950 1,165 530

11,700 18,000 1,000 400

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

49.0 36.0 19.4 23.8

150,011 62,429 73,441 8,927 5,214

150,011 62,429 73,441 8,927 5,214

123.4 59.6 46.9 1.0 15.9

55,446 26,948 17,798 9,239 1,461

58,501 27,634 18,320 10,919 1,628

62,224 29,189 19,536 11,621 1,878

11,584 5,899 5,029 324 331

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

UW HOLD HOLD REDUC E BUY REDUC E

16,725 745 7,500 7,500 940

16,000 645 4,000 7,800 500

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

40.5 42.9 34.8 28.7 28.8

114,513 62,387 23,830 8,474 17,281 2,541

114,513 62,387 23,830 8,474 17,281 2,541

157.9 63.8 38.6 18.9 35.5 1.1

128,090 49,968 37,576 23,102 13,734 3,710

121,850 49,619 33,558 19,323 15,832 3,518

125,638 51,535 32,774 21,830 15,981 3,518

5,275 2,735 3,770 2,280 990 2,850 730

6,000 3,100 4,300 2,700 1,100 3,200 940

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

30.0 34.9 45.7 34.0 28.1 74.2 33.7

123,155 35,870 16,818 18,256 30,945 8,628 10,148 2,489

123,155 35,870 16,818 18,256 30,945 8,628 10,148 2,489

231.2 39.0 26.7 21.4 48.0 18.0 74.6 3.5

63,155 7,646 12,150 14,909 14,153 2,570 9,390 2,338

90,905 8,712 14,875 20,378 23,984 4,160 16,177 2,618

109,789 9,598 17,597 24,313 27,788 5,824 21,268 3,400

AVIATION GIAA IJ* C ASS IJ

Price (IDR)

TP (IDR)

Shares (m)

Free float (%)

Revenue (IDRb) 2015F 2016F 2017F 59,000 66,614 76,230 57,368 64,708 74,084 1,632 1,905 2,146

2015 Institutional Investors Highest Ranked Local Research House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2014 Finance Asia's Best Equity House

Asiamoney's 2013 Best Domestic Equity House

Opt. profit (IDRb) 2015F 2016F 2017F 1,464 1,969 2,577 1,050 1,474 2,005 414 496 571

Net profit (IDRb) 2015F 2016F 2017F 1,084 1,724 2,165 966 1,582 2,005 118 142 160

2015F

2015 Global Banking & Finance Review Best Research House

EPS growth (%) 2016F 2017F 37.4 19.2 63.8 26.7 20.1 12.5

na na 6.2

2015F 14.1 13.5 19.8

PER (x) 2016F 8.8 8.2 16.5

2017F 7.0 na 14.7

EV/EBITDA (x) 2015F 2016F 7.7 6.0 8.0 6.3 5.9 4.3

2017F 5.4 5.7 3.8

2015F 0.9 0.1 5.2

P/BV (x) 2016F 0.7 0.1 4.1

2017F 0.5 0.0 3.4

2015F 0.3 0.0 1.9

Yield (%) 2016F 0.2 0.0 1.5

2017F 0.3 0.0 1.7

Net gearing (%) 2015F 2016F 2017F (100.8) (90.7) (80.6) (125.2) (108.1) (97.2) 34.0 5.5 11.0

ROAE (%) 2016F 13.7 11.1 27.9

2017F 13.4 11.2 25.4

14.1 14.6 (5.3) (7.7)

17.2 17.6 2.3 1.3

16.9 17.2 5.2 8.4

2015F 10.9 7.6 28.9

ROAA (%) 2016F 4.6 3.3 12.0

2017F 4.8 3.6 11.6

5.8 6.0 (1.2) (2.6)

7.3 7.5 0.5 0.4

7.4 7.6 1.0 2.4

9.7 10.0 (1.6) (3.6)

2015F 3.5 2.2 10.9

2015F 6.7 3.9 22.1

ROIC (%) 2016F 8.0 5.1 23.7

2017F 8.3 5.5 23.4

12.3 12.6 0.6 0.5

12.5 12.8 1.2 3.4

13,750 14,464 (292) (422)

19,236 19,047 126 62

21,338 20,610 292 436

(28.8) (24.6) na na

39.9 31.7 na na

10.9 8.2 na na

22.2 20.6 na na

15.9 15.6 42.7 39.1

14.3 14.4 18.5 5.6

12.4 12.1 29.9 5.1

12.9 12.6 32.1 4.7

11.8 11.5 30.4 5.7

2.9 2.9 1.0 0.5

2.6 2.6 1.0 0.5

2.3 2.4 0.9 0.4

2.3 2.4 0.0 0.0

2.8 2.9 0.6 0.6

3.1 3.1 1.4 4.5

47.1 42.7 251.2 130.5

42.3 37.0 297.2 129.3

37.9 32.1 316.2 130.3

121,197 27,636 34,882 29,089 13,663 4,825 2,438 3,305 2,221 1,637 1,502

81,990 18,019 25,398 20,335 9,067 2,393 1,702 1,851 1,381 885 960

87,193 20,051 26,831 20,058 9,805 3,068 1,572 2,179 1,565 1,027 1,037

96,558 22,086 29,275 22,172 11,230 3,397 1,804 2,484 1,746 1,213 1,151

0.7 9.3 4.9 2.3 (15.9) (8.1) (8.9) 61.6 24.8 (5.8) 43.2

6.3 11.3 5.6 (1.4) 8.1 28.2 (7.6) 17.7 13.7 16.1 7.9

10.7 10.1 9.1 10.5 14.5 10.7 10.5 14.0 11.6 18.1 11.1

12.3 18.0 10.6 11.4 10.1 14.3 9.2 9.9 6.5 7.7 5.7

11.5 16.1 10.0 11.6 9.3 11.2 9.9 8.4 5.7 6.6 5.3

10.4 14.7 9.2 10.5 8.1 10.1 9.0 7.4 5.1 5.6 4.8

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 2.0 1.2 1.0 1.2 1.3 1.2 1.1 0.7

2.1 3.1 2.0 1.8 1.1 0.9 1.0 1.2 1.1 1.0 0.7

1.8 2.6 1.8 1.6 1.0 0.9 0.9 1.0 1.0 0.9 0.6

2.3 1.2 2.9 2.6 2.5 2.1 0.0 2.0 9.2 9.5 3.5

2.1 1.3 3.0 1.7 2.1 2.5 0.0 2.1 9.6 8.7 3.8

2.2 1.4 3.3 1.7 2.2 2.5 1.7 2.0 10.7 9.4 4.2

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

20.1 21.9 24.1 18.5 13.8 7.2 13.5 14.2 18.7 14.3 13.4

18.5 20.6 21.9 16.2 12.6 8.7 10.9 14.8 19.4 15.8 13.1

17.7 19.3 20.5 15.9 13.0 9.0 11.3 14.9 19.6 17.3 13.0

2.7 3.1 3.0 2.3 2.0 1.2 2.2 1.2 1.7 2.2 1.1

2.6 3.2 2.9 2.1 1.8 1.5 1.8 1.1 1.7 2.2 1.0

2.6 3.2 2.9 2.1 1.9 1.3 1.8 1.0 1.6 2.3 1.0

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

12,255 5,924 5,219 735 377

12,681 6,020 5,439 792 430

9,408 4,521 4,357 175 354

9,765 4,688 4,516 170 391

10,067 4,781 4,723 221 342

(20.3) (18.7) (17.7) na 5.4

3.8 3.7 3.6 na 10.4

3.1 2.0 4.6 na (12.5)

15.9 13.8 16.9 na 14.7

15.4 13.3 16.3 52.6 13.3

14.9 13.1 15.5 40.4 15.2

8.3 3.6 11.0 18.0 9.4

9.6 8.0 10.9 9.6 10.1

9.1 7.4 10.5 9.0 10.5

2.6 2.4 3.1 1.1 1.8

2.5 2.1 3.0 1.1 1.6

2.3 1.9 2.9 1.0 1.5

3.7 2.2 5.3 1.5 1.7

3.8 2.3 5.5 1.4 1.9

4.0 2.3 5.8 1.9 1.6

4.1 0.9 nc 63.0 nc

7.4 7.6 nc 72.4 nc

5.3 2.3 nc 72.7 nc

16.8 17.9 18.0 2.1 12.6

16.7 16.9 18.7 2.0 12.5

16.3 15.5 19.1 2.6 10.0

13.2 12.5 15.4 1.0 11.4

13.0 11.3 16.0 0.9 11.3

12.5 10.3 16.0 1.1 7.9

23.6 18.1 30.4 1.3 30.4

21.3 16.2 28.3 1.2 17.8

20.0 14.8 27.5 1.5 9.9

18,105 8,357 4,648 2,643 2,414 42

15,930 8,192 3,584 1,351 2,774 28

13,839 8,437 2,268 629 2,547 (42)

3.9 4.0 3.9 1.4 6.1 (2.2)

3.8 3.8 4.1 1.7 5.3 (3.5)

3.6 3.4 4.0 2.1 6.0 (6.6)

1.3 1.5 0.6 0.7 1.9 0.7

1.2 1.4 0.6 0.7 1.7 0.7

1.1 1.3 0.6 0.7 1.6 0.7

4.6 4.4 4.7 8.3 4.1 0.1

4.4 4.3 4.2 6.4 4.5 0.0

4.3 5.3 3.4 2.6 3.7 (0.6)

6.3 nc 30.2 nc nc nc

4.6 nc 22.0 nc nc nc

2.5 nc 11.9 nc nc nc

15.2 17.5 5.7 13.4 23.0 0.0

13.0 14.7 4.4 8.2 22.7 (0.7)

11.1 13.6 2.6 4.6 18.9 (2.4)

8.8 10.5 2.6 8.8 12.8 0.0

7.6 8.9 2.0 5.4 12.5 (0.5)

6.6 8.5 1.2 2.9 10.4 (1.8)

18.1 21.5 4.2 18.7 27.5 0.0

16.7 20.6 3.5 12.4 25.6 (2.5)

15.0 20.5 2.2 7.5 20.1 (9.7)

8,730 3,235 1,297 1,695 1,415 258 611 218

12,016 3,685 1,718 2,223 2,438 454 1,232 266

13,876 3,753 2,050 2,659 2,854 620 1,622 317

15.8 14.8 13.2 21.7 17.0 8.9 13.6 23.3

15.3 14.2 16.2 20.4 13.9 14.9 11.6 24.3

14.9 11.7 16.9 20.4 13.2 18.0 12.9 24.0

4.4 4.3 3.4 4.3 4.9 5.2 3.4 7.6

4.4 3.6 4.3 4.5 4.1 8.2 3.3 8.3

4.0 2.6 4.5 4.3 3.5 8.9 3.4 8.4

12.2 6.9 9.7 16.5 12.6 9.8 13.1 73.8

10.8 5.6 10.8 14.5 9.2 14.1 11.7 62.6

9.6 3.9 11.5 13.5 6.7 16.7 11.6 53.5

11,448 2,417 3,158 2,840 628 847 98 361 1,020 81

12,557 6,847 2,128 1,546 2,036 0

11,309 6,383 1,764 992 2,198 (28)

9,887 6,395 1,050 546 1,990 (95)

4.0 27.5 1.5 (68.6) 9.4 (50)

(9.9) (6.8) (17.9) (17.4) 7.9 (1,000)

(12.6) 0.2 (40.0) (59.6) (9.6) 289

9.1 9.1 11.1 9.6 8.5 940.0

10.1 9.8 13.5 11.6 7.9 (104.4)

11.6 9.8 22.6 28.7 8.7 (26.9)

4,632 1,466 559 704 1,048 195 464 197

5,847 1,540 785 914 1,401 349 627 230

6,391 1,372 957 1,066 1,488 475 777 255

22.1 3.1 (9.2) 32.4 73.1 (45.5) 16.6 20.4

21.3 5.0 40.6 29.8 14.9 79.5 (17.3) 16.7

3.6 (10.9) 21.8 16.6 6.2 36.1 23.9 10.9

26.6 24.5 30.0 25.9 25.0 44.4 13.4 12.6

21.1 23.3 21.4 20.0 21.8 24.7 16.2 10.8

19.3 26.1 17.5 17.1 20.5 18.2 13.1 9.8

14.4 12.3 12.2 11.2 17.9 24.4 13.9 8.3

11.8 12.7 9.5 8.8 14.3 15.1 8.8 6.8

11.0 13.0 8.0 7.7 14.2 11.4 6.2 5.7

3.5 3.4 3.7 4.4 3.2 3.9 2.0 2.8

3.1 3.2 3.2 3.8 2.9 3.5 1.8 2.5

2.8 3.0 2.8 3.2 2.6 3.1 1.6 2.2

1.2 1.6 1.0 1.2 0.7 0.7 1.5 4.1

1.4 1.7 1.4 1.5 0.9 1.2 1.2 4.8

1.5 1.5 1.7 1.8 1.0 1.7 1.5 5.5

54.9 120.9 51.7 35.0 29.1 1.6 nc nc

85.3 180.6 49.7 44.9 70.5 nc 18.5 nc

108.1 217.4 44.7 55.3 120.1 nc 3.9 nc

5,639 1,524 1,781 1,186 183 588 (29) 336 37 33

7,298 1,663 2,170 1,685 362 642 57 371 266 82

8,810 1,840 2,545 2,007 488 723 191 430 462 124

(10.2) 4.7 25.5 (32.7) (67.0) 4.7 na (5.5) (52.8) (74.5)

27.8 9.2 21.8 42.1 98.0 9.1 na 10.3 611.7 149.2

20.1 10.6 17.3 19.1 34.8 12.6 na 16.1 73.7 51.0

30.3 30.7 29.1 26.5 46.7 24.6 na 14.7 186.3 25.2

23.4 28.1 23.9 18.6 23.6 22.6 37.0 13.3 26.2 10.1

19.4 25.4 20.3 15.7 17.5 20.0 20.2 11.5 15.1 6.7

21.7 22.8 19.8 14.5 14.9 18.2 131.2 8.2 11.0 na

15.7 20.3 16.7 12.4 9.7 16.1 15.9 4.9 7.7 5.7

13.5 18.4 13.9 11.0 7.6 14.1 10.1 3.9 6.2 3.3

19.4 13.7 46.8 3.3 3.1 5.5 1.0 1.5 2.3 0.5

12.3 12.2 25.5 2.9 2.9 4.8 0.9 1.4 2.2 0.4

9.2 10.8 16.9 2.6 2.6 4.2 0.9 1.3 1.9 0.4

2.1 2.4 2.4 1.9 2.7 2.0 0.0 3.4 0.0 0.4

2.5 2.7 2.9 2.7 1.7 2.1 0.0 3.8 0.6 1.0

2.9 2.9 3.4 3.2 2.3 2.4 0.0 4.4 1.0 1.5

11.3 nc nc 37.9 nc nc (0.9) nc 105.9 nc

8.6 nc nc 29.4 nc nc (16.3) nc 90.5 nc

7.4 nc nc 24.1 nc nc (11.1) nc 81.1 nc

103.2 46.2 281.5 13.3 6.5 23.8 (0.5) 10.1 1.4 1.8

62.1 49.6 138.4 17.7 12.6 22.8 1.1 10.8 8.6 4.5

50.8 48.3 100.1 18.9 15.6 22.5 3.4 11.8 13.5 6.4

27.3 32.7 48.8 8.4 3.0 18.9 (0.4) 7.4 0.4 1.7

28.6 34.7 48.8 11.2 5.6 18.3 0.6 7.9 2.7 4.1

27.6 34.7 44.3 12.4 7.1 18.0 1.9 8.7 4.2 5.8

22.3 61.9 na 10.2 7.2 29.5 (0.5) 21.1 0.6 2.4

24.1 63.2 na 13.3 12.5 32.6 1.2 26.1 4.3 6.0

26.6 67.4 na 14.9 17.3 37.1 4.0 33.0 7.3 8.7

7.8 nc nc 48.1 nc 38.7 nc 18.4 nc nc 17.6 15.4 nc 32.8

7.0 nc nc 44.8 nc 27.2 nc 6.3 nc nc 18.2 79.6 nc 34.5

58.3 45.5 124.2 18.1 20.2 11.2 20.1 26.9 13.4 15.1 25.0 14.8 23.3 5.5

54.4 33.7 126.0 16.8 19.6 12.5 21.0 23.5 13.4 14.4 25.2 15.4 20.4 7.9

54.9 37.5 122.6 17.2 19.6 14.3 21.5 22.3 13.1 14.5 26.7 15.4 21.0 10.1

26.2 31.2 39.0 10.6 15.3 3.3 11.7 11.3 9.7 14.1 11.1 9.0 19.7 3.2

24.5 25.5 40.3 10.1 15.1 3.8 12.3 11.1 9.8 13.5 11.4 9.4 17.5 4.5

24.8 25.7 40.9 10.5 15.1 4.4 12.6 11.5 9.6 13.6 12.7 7.6 18.0 5.4

54.2 44.5 107.5 12.2 25.2 6.6 28.5 16.7 21.2 23.0 16.3 15.1 65.2 4.7

56.7 45.1 116.2 11.4 25.0 8.0 27.3 18.6 19.8 22.0 19.7 13.8 61.2 6.3

65.8 63.2 126.1 11.7 25.0 10.7 25.3 19.9 18.3 21.5 22.6 10.3 54.8 7.6

12.7 18.5 5.2 5.9 8.5 16.3

19.1 23.6 4.9 6.2 18.6 32.9

18.6 25.8 5.9 3.8 16.5 27.9

17.9 23.6 7.3 6.9 16.6 25.3

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

N BUY BUY BUY BUY BUY BUY BUY

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

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

3,200 17,750 2,200 1,590 845 1,190 695 4,190 625

2,800 20,500 2,000 1,850 975 650 850 4,750 700

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

38.2 79.5 36.4 23.7 40.0 13.4 40.5 44.0 25.0

170,740 46,789 51,793 31,407 8,551 14,492 4,979 4,932 6,964 834

170,740 46,789.1 51,793.0 31,407.4 8,551.0 14,491.8 4,978.5 4,931.7 6,963.7 834.0

143.1 19.1 82.7 12.1 15.2 7.3 0.1 3.6 3.1 0.1

75,113 4,238 9,007 6,445 13,929 4,743 14,353 7,786 12,833 1,781

83,338 4,573 10,383 6,985 15,592 5,137 16,257 8,284 14,254 1,874

94,165 4,983 12,119 7,645 17,616 5,715 18,590 8,944 16,448 2,106

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 BUY BUY BUY BUY BUY HOLD BUY BUY SELL BUY

95,500 47,000 67,000 1,390 7,275 15,050 33,175 1,950 500 1,330 1,270 2,510 8,575

115,000 50,500 88,000 1,480 6,600 18,300 37,000 2,000 480 1,450 1,430 1,900 12,400

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

1,254,816 444,335 358,610 128,914 65,156 63,878 87,756 29,670 8,775 7,500 6,732 7,054 36,522 9,914

1,254,816 444,335.0 358,610.0 128,913.9 65,156.4 63,877.6 87,755.9 29,670.0 8,775.0 7,500.0 6,732.2 7,053.6 36,522.4 9,913.6

501.8 81.5 96.8 77.3 82.3 67.2 46.4 0.9 0.1 1.4 4.6 8.8 0.0 34.7

348,330 89,069 36,484 70,366 17,887 64,062 31,741 14,819 8,220 2,268 2,189 5,070 2,038 4,116

382,793 97,119 40,257 75,730 19,300 70,849 35,573 16,390 9,160 2,424 2,693 5,754 2,301 5,242

426,720 107,376 45,540 83,554 20,943 78,078 39,811 18,550 10,888 2,719 3,343 6,599 2,645 6,675

49,832 14,048 7,944 9,906 2,647 6,877 3,908 1,862 640 495 389 342 560 215

53,965 14,253 8,943 10,731 2,812 7,610 4,559 2,035 713 530 458 422 622 276

61,447 16,717 10,108 11,965 3,080 8,547 5,173 2,322 785 598 575 524 704 350

34,038 10,363 5,852 6,436 2,004 2,968 3,001 1,219 575 424 265 279 558 94

37,427 11,161 6,612 6,694 2,167 3,454 3,516 1,320 622 455 322 327 636 142

42,840 12,806 7,489 7,540 2,400 4,196 4,042 1,500 672 517 416 367 699 197

7.1 (2.5) 2.0 19.9 (2.9) (23.6) 15.2 202.2 (0.7) 1.4 40.3 19.1 4.3 49.7

10.3 6.7 13.0 4.0 8.1 16.4 17.2 8.3 8.1 7.1 21.6 17.1 10.3 63.0

14.1 14.5 13.3 12.6 10.7 21.5 15.0 13.6 7.8 13.3 29.2 12.1 9.3 28.8

36.9 42.6 61.3 20.0 32.5 21.5 29.2 24.3 15.3 17.9 25.4 25.2 64.4 105.9

33.5 39.9 54.2 19.3 30.1 18.5 25.0 22.5 14.1 16.7 20.9 21.6 58.4 65.0

29.3 34.8 47.9 17.1 27.2 15.2 21.7 19.8 13.1 14.7 16.2 19.2 53.4 50.4

29.3 30.1 43.3 12.6 20.7 9.7 18.9 13.6 9.1 11.3 13.6 19.8 45.7 16.8

27.2 28.7 39.2 11.8 18.1 7.3 16.7 12.1 8.2 10.3 11.5 16.5 49.3 13.2

23.8 24.7 34.7 10.6 16.5 6.3 14.6 10.5 7.4 8.9 9.5 16.3 44.0 10.2

27.9 13.8 74.3 3.4 6.2 2.3 5.6 5.7 2.0 2.5 5.8 3.5 11.5 5.7

24.3 13.0 63.3 3.1 5.6 2.3 5.0 4.7 1.8 2.2 4.8 3.1 11.4 5.4

21.7 13.0 54.8 2.8 5.0 2.1 4.4 3.9 1.6 2.0 3.9 2.8 10.6 4.9

2.0 2.8 1.5 1.5 1.5 2.2 1.5 0.5 3.0 1.1 1.0 1.0 1.3 0.1

2.1 2.5 1.7 2.2 1.7 2.6 1.8 0.9 3.2 1.3 1.2 1.2 1.3 0.2

2.3 2.9 2.0 2.5 1.8 3.2 2.0 1.0 3.4 1.2 1.5 1.3 1.3 0.3

16.3 nc 22.2 47.0 nc 75.4 nc 37.0 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

26,815 9,784.2 5,475.5 2,971.4 3,364.3 5,220.0

44.7 2.1 11.8 10.5 14.2 6.1

13,515 2,286 3,140 687 5,282 2,121

13,698

290 270 300 720 8,300

27,008 9,977 5,475 2,971 3,364 5,220

12,069

207 265 308 715 7,500

3,223 563 6,065 2,218

3,463 743 6,939 2,553

4,443 1,299 910 396 845 993

4,988 1,711 984 321 937 1,035

5,652 1,859 1,078 444 1,095 1,175

3,407 1,368 339 212 579 911

3,929 1,705 450 159 618 997

4,584 1,799 584 326 716 1,158

12.8 41.9 (18.4) (46.0) 39.4 7.7

15.3 24.6 33.0 (24.9) 6.8 9.4

16.7 5.5 29.8 104.9 15.9 16.2

7.9 7.3 16.2 14.0 5.8 5.7

6.9 5.9 12.2 18.7 5.4 5.2

5.9 5.5 9.4 9.1 4.7 4.5

6.5 6.8 7.9 9.3 3.8 4.7

6.0 5.0 7.2 12.8 3.5 4.4

5.1 4.4 6.4 9.6 3.0 3.9

1.3 1.4 1.2 1.0 1.1 1.4

1.1 1.2 1.1 0.9 0.9 1.1

0.9 1.0 1.0 0.8 0.8 0.9

2.1 4.1 0.4 1.0 3.4 0.0

2.6 5.1 0.6 0.8 3.7 0.0

2.8 5.4 0.7 1.3 4.3 0.0

15.7 nc 57.3 25.4 10.3 nc

16.5 nc 54.0 39.5 10.0 nc

14.9 nc 44.4 43.3 9.5 nc

17.8 20.2 7.5 7.2 20.0 28.9

17.4 21.6 9.2 5.1 18.2 24.3

17.0 19.4 10.8 9.7 18.2 22.5

12.5 17.5 3.7 5.1 8.8 18.5

12.8 19.8 4.4 3.2 8.2 16.7

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

REDUC E BUY BUY BUY

605 615 297 412

275 800 400 550

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

20.0 1.5 43.9 68.0

20,366 9,544 1,153 5,522 4,147

20,366 9,544 1,153 5,522 4,147

62.1 11.8 0.0 42.6 7.8

48,542 19,341 2,626 8,708 17,867

92,424 20,947 2,964 9,674 19,695

37,858 0 3,375 11,620 22,203

(1,286) (2,555) 178 1,372 (281)

(22) (1,635) 217 1,568 (172)

2,258 0 263 1,904 91

(3,408) (3,047) 60 784 (1,205)

(2,201) (2,636) 110 868 (543)

(1,545) (2,513) 146 1,064 (242)

na na (12.7) 10.5 na

na na 65.0 14.3 na

na na 17.3 7.1 na

na na 10.5 6.2 na

na na 7.9 5.0 na

7.6 na 6.8 6.5 26.9

4.7 na 5.8 6.0 13.3

3.3 na 4.9 5.1 8.1

0.8 0.4 1.5 1.4 0.6

0.7 0.4 1.5 1.1 0.6

0.7 0.5 1.3 1.0 0.6

1.1 0.0 1.7 2.0 2.3

0.7 0.0 1.3 2.4 0.0

0.9 0.0 2.4 2.7 0.0

78.5 83.6 52.4 134.1 nc

92.5 112.8 50.7 118.8 22.4

36.6 0.0 47.1 102.2 30.4

(4.4) (16.9) 12.4 22.0 (15.4)

(0.8) (11.8) 14.8 20.0 (7.8)

(0.2) (12.7) 17.1 20.4 (3.7)

(2.2) (7.0) 2.8 7.6 (5.3)

(0.6) (5.1) 4.4 7.3 (2.4)

0.0 (4.7) 5.2 7.9 (1.0)

(3.9) (8.9) 6.4 9.2 (12.7)

(1.1) (6.0) 9.8 8.9 (6.0)

LAND TRANSPORTATION BIRD IJ TAXI IJ ASSA IJ

UW REDUC E REDUC E BUY

4,335 189 118

4,700 120 130

2,502 2,146 3,398

15.0 49.0 37.4

11,653 10,847 406 401

11,653 10,846.6 405.5 400.9

20.9 5.4 14.5 1.0

7,835 5,472 970 1,393

23,011 6,250 1,040 1,606

15,755 6,988 1,114 1,850

1,641 1,173 240 228

1,827 1,298 243 286

1,945 1,354 264 326

982 885 36 60

1,004 889 42 73

(0.7) (2.0) (72.7) (20.4)

6.4 6.6 3.7 4.0

5.9 6.0 3.9 3.5

5.7 5.8 3.8 3.3

2.4 2.5 0.4 0.5

2.1 2.3 0.4 0.4

1.9 2.0 0.4 0.4

3.0 3.0 1.4 2.6

3.3 3.3 1.6 5.8

3.4 3.3 1.8 6.9

49.9 39.9 162.7 205.7

50.7 40.1 174.5 212.2

57.7 47.0 188.8 213.6

20.1 21.3 3.6 4.0

18.6 19.6 3.9 6.8

16.8 17.6 4.3 7.7

10.9 11.6 1.1 1.3

10.6 11.3 1.2 2.0

9.0 9.6 1.2 2.3

15.1 15.7 1.3 1.4

13.5 14.0 1.4 2.2

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

N HOLD REDUC E REDUC E BUY BUY

1,945 715 840 1,215 1,635

1,400 207 411 1,400 2,200

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

20.5 74.2 35.0 7.4 36.2

55,030 19,326 17,182 6,256 6,430 5,836

55,030 19,326.2 17,182.0 6,256.1 6,429.8 5,836.3

137.9 23.1 71.6 10.6 2.3 30.3

32,345 11,060 10,519 6,874 3,892 0

25,401 8,036 10,632 6,733 4,396 0

28,013 8,736 12,362 6,915 5,390 868

1,623 1,120 (768) 81 1,274 (84)

(331) 98 (882) 89 574 (210)

2,064 588 (157) 93 1,302 238

(101.9) (67.8) (76.5) (85.9) 59.8 58.3

669.8 (83.8) (63.2) (14.3) 28.8 na

(723.6) 527.3 (237.9) 0.0 126.8 na

(1,279.8) 28.6 na 60.0 16.6 na

40.5 8.1 100.3 12.3 5.6 na

10.8 6.1 18.6 11.3 3.3 na

1.1 0.8 1.0 1.2 2.0 3.3

1.0 0.7 1.0 1.2 1.7 3.7

0.9 0.7 1.0 1.2 1.3 3.3

1.0 2.3 0.0 0.6 0.0 0.0

0.2 0.3 0.0 0.6 0.0 0.0

0.9 1.9 0.3 0.0 0.0 1.0

36.3 nc 43.8 30.1 131.0 7.7

35.6 nc 52.8 22.1 109.7 75.0

32.9 nc 59.8 24.3 68.5 53.5

(0.2) 2.2 (4.8) 1.1 3.8 (4.6)

(0.2) 0.3 (3.1) 1.0 4.7 (6.9)

2.0 1.8 (0.6) 1.0 10.3 6.5

(0.7) 3.1 (5.9) 1.5 5.4

(1.1) 0.4 (3.8) 1.3 6.5

N BUY BUY BUY

2,665 6,625 1,555

3,200 9,000 1,300

24,242 3,990 3,332

43.0 40.7 49.0

96,221 64,604 26,435 5,182

96,221 64,603.6 26,435.3 5,182.0

181.6 119.5 55.3 6.8

68,863 42,966 19,344 6,553

66,678 38,528 18,832 9,318

79,368 45,052 22,965 11,351

9,504 7,910 1,345 249

15,975 505 1,650 535 1,700 2,005 640

14,300 290 1,780 535 1,000 1,800 570

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

62,951 25,157 7,987 11,258 5,671 5,670 3,789 3,419

62,951 25,156.6 7,987.2 11,257.7 5,670.5 5,670.4 3,789.5 3,418.9

59.9 33.0 3.4 21.2 0.6 0.1 0.7 1.0

40,272 13,059 13,835 4,190 4,425 1,764 2,999 5,331

42,766 13,873 14,436 4,610 4,783 1,862 3,202 5,237

45,776 15,215 15,599 4,472 4,941 2,058 3,491 6,526

N BUY BUY BUY

3,650 985 1,515

3,500 940 1,700

16,398 10,661 2,239

44.5 42.5 58.7

73,745 59,853 10,501 3,392

73,745 59,852.7 10,500.6 3,391.7

31.5 23.9 6.9 0.7

59,906 30,108 25,023 4,775

65,122 32,462 27,555 5,105

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

1,935 1,055 530 1,645 1,340 410 256 515 306

2,020 1,130 490 1,820 1,400 300 220 365 210

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

152,213 37,242 24,347 25,525 23,732 20,543 8,056 5,248 3,222 4,298

152,213 37,242.4 24,347.0 25,524.6 23,732.1 20,543.1 8,056.3 5,248.2 3,222.0 4,297.6

270.4 26.7 88.9 27.6 50.1 15.8 38.8 3.3 1.8 17.4

45,468 6,210 8,910 4,625 5,624 7,514 2,784 5,972 2,325 1,505

SHIPPING SOC I IJ TMAS IJ WINS IJ

N BUY BUY HOLD

480 1,845 188

630 3,000 190

7,059 1,141 4,038

15.0 13.5 42.3

5,956 3,092 2,105 759

5,956 3,091.8 2,105.2 759.1

14.5 13.4 0.2 0.9

5,106 1,986 1,721 1,399

3,685 3,760 5,700 4,030 6,475 725 755

4,000 4,400 6,500 5,000 7,300 1,180 850

100,800 8,550 4,797 10,203 5,434 7,123 2,900

48.8 33.6 47.8 67.3 20.7 23.0 39.7

514,594 371,448 32,149 27,340 41,118 35,185 5,164 2,190 4,139,146

514,594 371,448.0 32,149.4 27,340.2 41,117.8 35,184.7 5,164.3 2,189.5 4,138,954

OIL & GAS PGAS IJ* AKRA IJ MEDC IJ* PLANTATIONS AALI IJ SIMP IJ LSIP IJ DSNG IJ ANJT IJ* SGRO IJ TBLA IJ POULTRY C PIN IJ JPFA IJ MAIN IJ

N REDUC E HOLD BUY BUY REDUC E HOLD BUY

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

8,014 2,015 2,330 2,194 282 688 (246) 234 523 (5)

9,758 2,199 2,702 2,529 500 753 (43) 299 770 50

982 238 (647) 131 1,400 (140)

895 829 32 34

9.7 6.8 12.4 125.8

na na 32.1 22.9 na 2.3 0.5 14.7 19.3

13.0 13.1 12.6 11.7

11.9 12.3 11.2 5.2

4,125 854 154 135 2,520 462

(43) 714 (1,209) 102 448 (98)

12,385 8,260 1,837 2,288

15,768 10,766 1,720 3,282

6,300 5,614 1,047 (361)

7,395 5,880 1,338 177

9,557 7,952 1,310 295

(35.3) (39.4) 28.1 (391.9)

17.4 4.7 27.8 (150.9)

29.2 35.0 (2.1) 0.0

15.3 11.5 24.9 NA

13.0 11.0 19.5 28.3

10.1 8.1 19.9 28.3

9.5 6.2 17.4 10.0

8.7 6.9 13.7 4.9

7.3 5.2 13.1 4.5

2.2 1.5 4.3 0.4

2.0 1.4 3.7 0.4

1.8 1.2 3.3 0.4

2.4 3.3 1.3 (2.8)

2.7 3.2 1.6 1.4

2.9 3.3 2.1 1.4

17.1 nc 40.9 108.5

14.6 nc 28.8 124.5

6,078 1,853 1,632 836 560 126 467 604

6,637 2,076 1,842 1,015 536 210 515 443

7,275 2,439 2,031 833 592 266 593 521

2,109 619 264 623 270 (112) 248 197

2,955 990 466 745 249 56 286 163

3,952 1,587 694 600 306 140 337 288

(64.7) (75.3) (69.1) (33.1) (59.0) na (27.2) (58.0)

40.1 60.1 70.6 19.8 (8.0) na 15.3 (18.9)

33.7 60.3 51.7 (19.3) 26.1 na 17.9 80.0

29.8 40.6 29.7 18.1 21.4 na 15.3 17.3

21.3 25.4 17.4 15.1 23.3 106.3 13.3 21.3

15.9 15.8 11.5 18.8 18.4 42.5 11.3 11.9

11.6 11.9 5.6 9.9 12.6 22.8 8.3 9.1

9.3 10.3 5.3 8.4 13.8 9.0 6.8 7.5

8.3 9.8 4.8 10.0 12.9 0.0 6.3 7.2

1.8 2.2 0.6 1.5 2.3 1.7 1.2 1.2

1.7 2.1 0.6 1.4 2.0 1.7 1.1 1.1

1.5 1.9 0.5 1.4 1.9 1.6 1.0 1.1

1.2 1.3 0.4 2.2 1.1 0.0 0.9 1.1

1.7 2.1 0.8 2.7 1.1 0.4 1.0 0.9

2.3 3.3 1.2 2.1 1.3 1.1 1.2 1.7

52.9 65.9 54.5 nc 119.7 23.2 64.6 153.8

73,881 37,351 30,809 5,721

5,377 3,443 1,728 206

5,988 3,798 1,950 240

7,326 4,773 2,201 352

2,242 1,837 468 (63)

2,841 2,119 660 62

4,562 3,277 1,075 210

12.1 5.7 na na

26.7 15.2 na (180.0)

60.6 55.0 na 235.7

32.9 32.6 na (43.3)

26.0 28.3 15.9 54.1

16.2 18.3 9.8 16.1

15.4 17.0 7.1 12.9

13.7 15.1 6.4 11.7

11.0 12.0 5.7 9.0

4.2 4.8 1.9 2.2

3.7 4.2 1.7 2.1

3.1 3.5 1.5 1.9

0.6 0.5 1.5 0.0

0.8 0.6 1.9 0.4

1.1 0.7 3.2 1.3

49,958 7,523 10,055 5,373 6,339 8,154 3,039 5,769 1,917 1,789

54,565 8,403 10,615 6,220 6,879 9,335 3,061 5,934 2,162 1,954

15,347 2,901 1,727 2,265 1,768 2,353 1,628 1,688 632 385

16,910 3,457 2,542 2,656 1,999 2,288 1,674 1,351 513 431

18,324 3,804 2,698 3,035 2,160 2,511 1,649 1,415 576 475

10,789 2,694 1,654 1,790 1,127 1,380 877 649 295 323

12,060 3,023 1,857 2,118 1,230 1,517 954 660 338 364

(42.3) (46.5) (79.0) (49.8) (38.3) (3.1) (45.6) (5.0) (19.2) 84.0

33.1 25.9 209.0 41.8 31.8 7.5 47.0 (19.7) (8.9) 7.7

11.8 12.2 12.2 18.3 9.2 10.0 8.8 1.7 14.5 12.6

18.8 17.4 45.5 20.2 27.8 16.0 13.5 6.5 10.0 14.3

14.1 13.8 14.7 14.3 21.1 14.9 9.2 8.1 10.9 13.3

12.6 12.3 13.1 12.1 19.3 13.5 8.4 8.0 9.5 11.8

12.0 12.5 15.9 10.7 14.3 8.8 8.6 4.2 8.5 12.7

10.5 11.3 11.4 9.4 12.6 8.8 8.5 5.7 11.0 11.6

9.7 10.3 10.8 8.3 12.0 8.0 8.8 5.5 10.3 10.1

2.3 2.0 1.5 3.5 3.2 2.4 1.2 0.8 0.7 1.7

2.0 1.9 1.4 2.8 2.8 2.1 1.1 0.7 0.7 1.6

1.8 1.6 1.3 2.3 2.4 1.9 1.0 0.7 0.6 1.4

0.8 0.6 0.3 0.8 0.8 0.5 1.5 3.1 3.0 2.1

1.2 0.7 1.7 0.9 1.0 1.1 2.4 2.5 2.7 2.3

5,638 2,277 1,858 1,503

6,072 2,379 2,146 1,546

1,029 610 378 41

1,414 733 520 162

1,645 771 659 215

825 573 332 (80)

1,072 625 425 22

1,277 639 571 67

(15.1) (3.8) 63.7 (100.0)

30.0 12.9 28.2 #DIV/0!

19.1 (1.2) 34.3 200.9

7.2 5.9 6.3 #DIV/0!

5.6 5.2 5.0 34.1

4.7 5.3 3.7 11.3

6.2 7.0 5.2 5.5

5.0 6.0 3.9 3.7

4.3 5.7 3.0 2.6

1.4 0.9 2.7 0.3

1.1 0.7 1.9 0.3

0.9 0.7 1.4 0.3

1.4 0.0 3.9 0.0

226.8 200,631 224,995 189.7 102,470 113,645 8.9 22,876 24,242 9.0 3,437 3,801 1.9 4,470 4,845 3.6 26,769 29,107 9.0 22,040 29,578 4.7 18,569 19,777 3,289 1,692,664 1,851,698

249,003 125,693 25,852 4,229 5,315 31,660 34,851 21,403 2,042,568

43,990 32,881 1,258 2,637 3,386 2,704 749 375 307,352

49,395 36,717 1,563 2,915 2,866 4,015 905 412 336,324

57,037 41,992 2,062 3,243 3,274 4,926 1,074 466 381,156

18,749 15,489 (25) 1,056 2,958 (1,310) 370 210 202,278

23,078 17,604 440 1,289 1,591 1,440 462 252 230,307

28,886 20,371 1,183 1,593 2,133 2,715 592 299 264,457

(2.6) 5.8 na (18.8) 251.9 34.1 21.5 (0.6) (7.4)

37.7 13.7 na 22.0 (46.2) 23.5 24.6 19.8 12.6

48.3 15.7 na 23.0 34.1 54.4 28.3 18.7 14.8

27.4 24.0 na 25.9 13.9 NA 13.8 10.4 20.5

22.3 21.1 na 21.2 25.8 24.4 11.0 8.7 18.0

17.8 18.2 na 17.2 19.3 13.0 8.6 7.3 15.7

10.1 10.2 6.6 15.9 12.7 4.8 10.3 7.6 9.1

9.1 9.2 5.7 15.2 11.3 4.0 8.5 6.9 13.4

8.0 7.9 5.1 16.2 9.8 3.3 9.5 6.0 11.5

4.9 4.9 2.3 9.4 5.4 2.8 1.8 0.7 11.2

4.3 4.4 2.2 6.8 5.8 2.5 1.6 0.7 9.6

3.8 4.0 2.1 5.1 4.5 2.0 1.4 0.6 8.5

1.8 2.4 0.0 0.8 0.0 0.0 1.8 3.8 2.1

8,105 2,139 535 1,262 855 1,284 597 809 324 300

(166.3) 176.8 na 70.0 12.9 na

11.6 12.2 9.8 4.4 26.7 28.2 na 70.0 5.7 na

(363.4) 6.6 (1,056.1) 15.7 6.4 na

4.1 2.2 (1.0) 1.8 26.1 11.4

11.9 12.2 1.5 2.5

0.2 3.0 (8.6) 2.1 13.2 (9.0)

0.3 0.4 (5.6) 1.7 14.2 (10.2)

12.9 nc 16.4 156.0

13.8 13.3 18.2 (3.0)

13.7 12.1 20.2 1.4

15.9 16.5 17.3 2.2

6.3 6.6 7.1 (1.0)

6.6 6.3 8.4 0.4

7.6 8.2 7.5 0.7

9.8 9.7 12.1 (1.4)

9.7 8.3 15.0 0.6

11.8 11.7 14.1 0.9

54.9 69.6 59.6 nc 121.8 22.4 59.9 124.5

54.5 74.4 58.0 nc 121.3 0.0 59.2 115.2

5.6 5.5 1.9 8.7 11.4 (2.2) 8.1 7.4

7.5 8.5 3.3 9.8 9.6 1.2 8.7 5.6

9.3 12.7 4.7 7.5 10.6 2.8 9.5 9.3

3.4 3.1 0.8 7.1 3.6 0.3 3.9 2.4

4.2 4.4 1.5 8.0 3.0 1.1 4.0 1.8

5.0 6.4 2.1 6.1 3.5 1.8 4.8 3.3

4.3 3.6 1.3 10.2 5.4 (1.8) 5.2 3.1

5.3 5.1 2.1 10.7 4.3 0.9 5.4 2.3

6.1 7.4 3.0 7.9 4.8 2.3 5.9 4.2

60.4 51.2 102.0 93.9

51.7 42.3 93.3 88.6

39.6 29.7 81.1 85.9

13.7 15.6 9.0 (4.8)

14.6 15.8 11.3 3.9

19.9 20.8 16.7 12.2

6.9 8.1 2.8 (1.7)

7.6 8.5 3.9 1.6

11.4 12.7 6.2 5.1

8.9 10.3 4.2 (2.2)

9.7 10.8 5.7 2.0

14.1 15.4 8.9 6.5

1.4 0.8 1.9 1.1 1.1 1.2 2.9 2.5 3.1 2.5

41.7 8.2 64.2 23.9 78.1 26.7 99.4 50.2 71.3 38.6

46.3 29.4 59.9 33.6 70.6 20.9 93.7 64.2 80.4 40.0

44.8 29.5 56.1 29.0 74.1 19.1 90.1 64.2 81.8 29.8

12.8 12.5 3.3 18.8 15.0 16.0 9.4 12.2 7.3 16.9

14.8 13.9 9.6 21.9 17.4 15.2 12.5 9.2 6.3 12.3

14.6 14.2 9.9 21.1 16.5 14.6 12.1 8.7 6.8 12.6

5.1 6.7 1.4 7.0 4.9 5.2 3.4 3.4 3.3 7.5

5.9 7.1 3.8 8.6 5.5 4.9 4.6 2.4 2.6 5.7

5.8 7.2 3.9 8.7 5.2 4.8 4.7 2.0 2.8 5.6

9.8 11.5 2.2 14.9 9.1 13.2 4.8 8.6 4.6 13.1

10.8 11.7 5.9 17.0 10.0 12.3 6.4 5.8 3.6 8.8

10.4 11.0 6.3 16.1 9.6 12.2 6.3 5.3 3.8 9.4

1.8 0.0 5.0 0.5

2.6 0.0 6.8 1.3

75.0 63.9 99.5 52.3

59.1 57.8 64.6 49.0

42.7 50.5 35.5 30.7

24.0 12.4 50.7 (2.7)

23.5 14.2 45.4 0.8

29.3 26.1 43.6 2.5

8.5 3.8 18.8 (1.2)

9.9 4.7 21.0 0.4

14.3 10.3 24.8 1.1

13.4 13.1 23.4 (1.7)

9.4 8.8 25.3 0.5

10.1 9.4 29.5 1.8

2.2 2.7 0.4 0.9 0.0 1.2 2.3 4.6 2.2

2.9 3.6 1.1 1.2 0.0 2.3 2.9 5.5 2.5

70.0 8.6 167.8 647.2 90.0 160.0 64.1 33.4 23.8

48.5 3.4 132.7 481.2 64.3 90.1 74.4 31.2 19.0

33.9 (2.5) 116.6 365.6 25.4 90.1 74.4 26.8 16.8

20.6 21.7 (0.2) 30.7 47.9 (10.0) 13.9 7.0 33.3

20.8 22.1 3.1 37.3 21.5 10.7 15.4 7.9 30.3

22.4 23.0 8.0 33.9 26.2 16.9 17.4 8.9 30.1

8.6 10.1 (0.0) 4.5 15.3 (2.4) 6.1 3.3 12.7

8.7 10.3 0.8 5.1 7.9 2.6 6.3 3.8 12.4

9.9 11.2 2.0 5.8 11.2 5.0 7.6 4.3 12.6

16.1 20.0 (0.1) 4.9 20.3 (4.0) 6.1 5.1 22.8

17.0 20.9 1.3 5.5 13.6 4.6 7.0 5.9 23.8

19.3 23.0 3.6 6.4 18.5 9.3 5.9 6.8 27.0

Source: Bloomberg, Bahana estimates

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

0.1 (5.6) 11.5 9.7 (2.9)

7

1.0 2.4 (0.7) 1.4 14.0

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 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 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

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

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

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

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 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

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

Fakhrul Fulvian [email protected] Economist ext 3602

Muhammad Wafi [email protected] Technical Analyst ext 3609

Nyoman Widita Prabawa [email protected] Research Associate ext 3622

Zefanya Halim [email protected] CA Manager ext 3612

Dealing Room: +62 21 527 0808 (Foreign Institutional) Natalia Surjadiputra [email protected]

Director of Sales & Client Relationship Management ext 2500

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

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

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

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

Yudi Tandi Anugrah [email protected] Research Analyst Transportation, Shipping ext 3613

Sarah Jessica Hutapea [email protected] Research Associate ext 3693

Steven Santoso [email protected] Research Analyst Plantation, Poultry ext 3616

Gilang Purnama [email protected] Research Associate ext 3601

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

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

Adeline Solaiman [email protected] Research Analyst Auto, Telco ext 3620

Made Ayu Wijayati [email protected] Research Executive ext 3607

Novianty Permata Sari [email protected] CA ext 3618

+62 21 250 5508 (Domestic Institutional) Inca Aditya [email protected]

Senior Equity Institutional Sales ext 2545

+62 31 535 2788 (Surabaya Branch) Ashish Agrawal [email protected] Vice President Institutional Equity Sales ext 2550 / 2553

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

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

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

Reynard Poernawan [email protected] Institutional Equity Sales ext 2528

Suwardi Widjaja [email protected] Institutional Equity Sales ext 2548

Bram Taarea [email protected] Institutional Equity Sales ext 2524

Nurul Farida [email protected] Institutional Equity Sales ext 2547

Ari Santosa [email protected] Sales Trader ext 2554

Hanna Marionda [email protected] Sales Trader ext 2525

Adriana Kosasih [email protected] Sales Executive ext 2541

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

http://www.bahanasecurities.id

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Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

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2014 Finance Asia's Best Equity House

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2015 Institutional Investors Highest Ranked Local Research House

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Asiamoney's 2013 Best Domestic Equity House

2014 Finance Asia's Best Equity House

Alpha Southeast Asia 2014 Best Research Call FMCG Sector

2015 Institutional Investors Highest Ranked Local Research House

2015 Global Banking & Finance Review Best Research House

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. Explanatory Document of Unregistered Credit Ratings (Fitch Ratings) In order to ensure the fairness and transparency in the markets, Credit Rating Agencies became subject to the Credit Rating Agencies’ registration system based on the Financial Instruments and Exchange Act. In accordance with this Act, in soliciting customers, Financial Instruments Business Operators, etc. shall not use the credit ratings provided by unregistered Credit Rating Agencies without informing customers of the fact that those Credit Rating Agencies are not registered, and shall also inform customers of the significance and limitations of credit ratings, etc. The Significance of Registration Registered Credit Rating Agencies are subject to the following regulations: 1) 2) 3) 4)

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Asiamoney's 2013 Best Domestic Equity House

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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

 There is a risk that you will incur losses on your transactions due to changes in the market price of financial instruments based on fluctuations in interest rates, exchange rates, stock prices, real estate prices, commodity prices, and others. In addition, depending on the content of the transaction, the loss could exceed the amount of the collateral or margin requirements.  There may be a difference between bid price etc. and ask price etc. of OTC derivatives handled by us.  Before engaging in any trading, please thoroughly confirm accounting and tax treatments regarding your trading in financial instruments with such experts as certified public accountants. *The amount of the trading commission cannot be stated here in advance because it will be determined between our company and you based on current market conditions and the content of each transaction etc. When making an actual transaction, please be sure to carefully read the materials presented to you prior to the execution of agreement, and to take responsibility for your own decisions regarding the signing of the agreement with us. Corporate Name: Daiwa Securities Co. Ltd. Financial instruments firm: chief of Kanto Local Finance Bureau (Kin-sho) No.108 Memberships: Japan Securities Dealers Association, Financial Futures Association of Japan Japan Securities Investment Advisers Association Type II Financial Instruments Firms Association

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