Asiamoney’s 2013 Best Domestic Equity House

21 July 2014

Beacon

IDX: 5,087 (+0.3%) Turnover: IDR3.9tn (-18.4%) Foreign net BUY: IDR472.8bn (-10.8%)

Indonesia Morning Brief

INDICES

CORPORATE FLASH Indo Tambangraya Megah: No positive catalyst yet Analyst: Jennifer Frederika Yapply  Outlook: Unexciting coal prices, challenges remain To see the full version of this report, please click here

TODAY’S NEWS POLITICS  KPU: Jokowi-JK leading by 6%  Prabowo seeks delay in KPU announcement ECONOMICS  Five companies plan to issue IDR4.4tn bond  JK: Jokowi’s gov’t would cut fuel subsidy  Asian central banks to doubled reserves against market volatilities INDUSTRY  OJK plans to change foreign banks definition  Heavy equipment selling decrease 24.5% in 1H14 CORPORATE  PTBA: 2Q14 net profit of IDR620bn; above our and consensus’ estimates  BTPN: 2Q14 net profit of IDR502bn, -11.1% y-y  TLKM’s revenue increases 8% in 1H14  UNTR’s sales decrease 10.2% in 1H14  JSMR to inaugurate JORR W2 North  WIKA to offer subsidiary’s shares through IPO  WSKT acquired IDR300bn Pejagan-Pemalang toll road  ANTM realized 56% of capex on 1H14  LPKR commences Holland Village project  CTRA’s 2Q14 marketing sales 33.7% of 2014 target  APLN implicated in bribery case, books 1H14 marketing sales of IDR2.46tn  MPPA launched a new e-commerce mobile app  MLPL teams up with Mitsui for data center  SCMA not to pay IDR1tn of tax fines  KAEF to build 3 hotels

ECONOMIC INDICATORS

MARKET DATA

13A 14F 15F Cur acc bal (%GDP) (3.2) (2.4) (1.5) Fiscal bal (%GDP) (2.4) (2.5) (2.5) GDP growth (%y-y) 5.8 5.2 5.5 Private spending (%) 5.3 5.2 5.1 Investment (%y-y) 4.7 5.4 6.6 Total exports (%y-y) 5.3 6.0 7.0 Total imports (%y-y) 1.2 5.0 5.4 Inflation (%y-y) 8.4 5.9 6.0 IDR/USD 12,170 11,900 11,950 BI rate (% p.a.) 7.5 7.8 7.8 Brent Oil (Usd/bbl) 110.8 110.0 105.0 FX reserve (USDb) 99.4 103.5 106.0

13A 14F Op.prof.gwt.(%) 8.5 12.8 EPS growth (%) 3.0 15.0 P/E (x) 21.5 18.0 PEG (x) 7.2 1.2 EV/EBITDA (x) 9.1 8.1 P/BV (x) 3.2 3.9 P/BV exc. UNVR&LPPF 3.9 3.4 Div. Yield (%) 2.1 2.4 Net gearing (%) 17.2 16.7 ROAE (%) 22.0 22.5 ROAA (%) 9.3 9.9 ROIC (%) 7.3 15.5

Source: Bahana estimates

Source: Bahana estimates

Asia Last Chg% ytd % Hang Seng (HK) 23,454.8 (0.3) 0.6 IDX (Indonesia) 5,087.0 0.3 19.0 KLCI (Malaysia) 1,873.0 (0.5) 0.3 KOSPI (Korea) 2,019.4 (0.1) 0.4 Nikkei (Japan) 15,215.7 (1.0) (6.6) PCOMP (Phil.) 6,853.1 (0.2) 16.4 SENSEX (India) 25,663.0 0.4 21.2 SET (Thailand) 1,534.4 (0.1) 18.2 SHCOMP (China) 2,059.1 0.2 (2.7) Shenzhen (China) 1,101.3 0.2 4.1 STI (Singapore) 3,310.0 0.1 4.5 TWSE (Taiwan) 9,401.0 (0.1) 9.2 VNI (Vietnam) 596.3 1.0 18.2 Europe, USA and EMs CAC 40 (France) 4,335.3 0.4 0.9 DAX (Germany) 9,720.0 (0.3) 1.8 Dow Jones (USA) 17,100.2 0.7 3.2 FTSE 100 (UK) 6,749.5 0.2 0.0 IBOV (Brazil) 57,012.9 2.5 10.7 MEXBOL (Mexico) 44,278.9 0.8 3.6 NGSEINDX (Nigeria) 42,891.9 (0.1) 3.8 Nasdaq (USA) 4,432.1 1.6 6.1 RTSI (Russia) 1,276.3 (1.8) (11.5) S&P 500 (USA) 1,978.2 1.0 7.0 XU100 (Turkey) 82,314.5 0.6 21.4

y-y % 9.9 7.8 4.5 7.7 2.7 3.1 27.5 3.2 1.8 15.6 2.9 14.7 20.0 10.4 16.7 10.0 1.8 20.3 11.0 11.9 23.5 (7.7) 16.9 8.5

ETF, ADRS & COMMODITIES Last

Chg%

ytd %

EIDO US (USD) 28.9 2.4 26.4 TLK US (IDR) 2,651 2.1 28.6 Aluminum (USD/mtn) 1,981.0 (0.4) 10.0 Coal (USD/t) 67.4 (0.4) (22.8) Corn (USD/mtn) 144.7 (2.4) (9.4) Coffee (USD/t) 3,241.2 0.7 36.8 Copper (USD/t) 7,026.5 (0.1) (5.0) Cotton (USD/t) 1,513.0 0.3 (18.9) CPO (USD/t-Rottdm) 827.5 0.0 (9.1) Gold (USD/oz.) 1,310.8 (0.6) 8.7 Iron ore (USD/mtn) 96.6 (0.9) (28.0) Milk (USD/t) 474.3 0.0 22.5 Nickel (USD/t) 18,505.0 (3.0) 32.5 Oil (USD/barrel) 102.9 (0.9) 4.5 Rice (IDR/kg) 8,600.0 0.0 1.2 Rubber (USD/t) 1,695.0 (0.5) (25.3) Silver (USD/oz) 20.9 (1.4) 7.2 Soybean oil (USD/t) 806.2 0.5 (5.8) Steel (USD/t) 541.6 (0.1) (3.3) Sugar (USD/t) 498.7 (0.5) 8.9 Tins (USD/t) 22,080.0 0.0 (2.1) 15F Wheat (USD/t) 195.5 (3.4) (15.0) 11.9 Source: Bloomberg 12.8 15.6 CURRENCIES & RATES 1.2 Last Prev. Ytd % 0.940 0.935 (5.4) 7.4 AUD/USD 1.353 1.352 1.5 3.1 USD/EUR 11,615 11,685 (4.6) 2.9 IDR/USD JPY/USD 101.370 101.200 (3.7) 2.6 SGD/USD 1.242 1.244 1.7 15.6 JIBOR (%) 5.85 5.85 (0.2) 23.4 BI rate (%) 7.50 7.50 0.0 9.8 TD – 1 month (%) 7.11 7.21 0.4 147.83 150.00 (36.6) 22.3 CDS (bps)

y-y %

(4.2) 2.1 9.8 (12.1) (46.0) 19.5 2.5 (19.2) 3.8 1.1 (26.8) 23.1 33.3 (4.8) 1.8 (24.5) 1.6 (19.7) (6.8) 0.6 14.1 (23.6)

y-y % (1.3) (4.0) 17.0 (3.7) 2.6 1.0 1.5 1.7 (24.2)

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

POLITICS KPU: Jokowi-JK leading by 6% Based on data from Indonesian Election Commission (KPU) as of Sunday July 21, 2014, Jokowi is in the lead with 53.18% while his rival Prabowo-Hatta had 46.82% of votes. Jokowi leads the tally by 6.36% or equivalent of 8.494.893. Jokowi-JK, temporary, lead in 23 provinces while Prabowo in 10 provinces. The official announcement will be held tomorrow July 22, 2014 by KPU. (Investor Daily) Prabowo seeks delay in KPU announcement Prabowo’s campaign team has sought for a delay in General Elections Commission’s (KPU) official vote announcement scheduled for 22 July 2014, claiming the many alleged election violations have not been addressed. This is despite many members of his coalition having yielded victory to Jokowi following temporary result review by KPU indicating a Jokowi victory and the Elections Supervisory Agency (Bawaslu) having stated that they have not found violations in the elections. KPU has confirmed that the announcement will take place as scheduled. (The Jakarta Post, detik.com, Kompas)

ECONOMICS Five companies plan to issue IDR4.4tn bond There are five companies with plans to issue bonds amounting to IDR4.4tn, including Indonesia Eximbank, BMRI, BBTN, Adhi persada and BPD Sulawesi Utara. Pefindo’s CEO, Ronald Andi Kasim, stated that several companies canceled plans to issue bonds this year due to presidential election result and high interest rate at 7.5%. (Investor Daily) JK: Jokowi’s gov’t would cut fuel subsidy Jusuf Kalla (JK), Jokowi’s Vice Presidential candidate, stated that their government would cut fuel subsidy in the first 100 days in office. JK stated he was keenly aware of how politically sensitive it was to cut fuel subsidy after hiking prices three times when he served as Vice President in the first term of President Susilo Bambang Yudhoyono. (Jakarta Globe) Asian central banks to double reserves against market volatilities Bank Indonesia (BI) and other Asian central banks have agreed to double their reserves to USD240bn in order to provide the region with a stronger buffer against global financial shocks. Additionally, Indonesia contributed USD9.1bn and is allowed to tap a maximum of USD22.8bn should BI were to require extra buffer. (The Jakarta Post)

INDUSTRY OJK plans to change foreign banks definition Financial Service Authority (OJK) plans to re-categorize foreign banks in the Indonesian banking industry in order to deal with the upcoming ASEAN Banking Integration Framework (ABIF). Furthermore, the foreign bank classification will be on reciprocal approach. For example, if 50% of bank ownership is foreign, OJK plans to categorize that bank as a foreign bank and also this will help OJK in implementing ABIF. (Indonesia Finance Today) Heavy equipment selling decrease 24.5% in 1H14 Total sales of heavy equipment were 2,550 units, down 24.5% y-y. This decline is caused by low growth in some sectors such as coal, construction, and infrastructure. Also, there are many companies still holding their expansion awaiting the results of president election. (Indonesia Finance Today)

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

Asiamoney’s 2013 Best Domestic Equity House

CORPORATE PTBA: 2Q14 net profit of IDR620bn; above our and consensus’ estimates Bukit Asam (PTBA IJ-REDUCE-IDR10,575-TP:IDR10,000) booked 2Q14 net profit of IDR620bn, +15.6% q-q and 66.4% y-y, 18% above our 2Q14F expectations and represents 66% of our FY2014 forecast and 63% of consensus’ estimate. We note that margins continued to expand in 2Q14, with 1H14 margins higher than that of 1H13, despite much lower coal prices. PTBA IJ 2Q14 Result summary 2Q13 2,656 817

1Q14 3,094 998

2Q14 3,334 1,122

q-q (%) 7.8 12.4

y-y (%) 25.5 37.3

Operating expenses Operating profit

403 414

373 625

416 706

11.7 12.9

3.3 70.4

Net interest inc. (expense) Forex gain (expenses) Other income (expenses) Pretax profit

57 55 526

64 42 731

56 96 857

(12.4) 128.1 17.3

(1.1) 74.5 63.1

(143) (10) 372 2Q13 30.8 15.6 19.8 14.0 44 48 23 3,302 58 nc

(189) (5) 536 1Q14 32.3 20.2 23.6 17.3 30 35 47 3,573 nc

(233) (4) 620 2Q14 33.7 21.2 25.7 18.6 34 43 13 3,223 150 nc

23.2 15.6

63.4 (59.2) 66.4

(IDRb) Sales Gross profit

Taxation Minority interest Net profit BS & Ratio analysis Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Inventory Days Receivable Days Payable Days Total cash (IDRb) Total debt (IDRb) Net gearing (%)

2Q14/ 2Q14F 100.5

151.6

118.4 1H13 32.6 18.0 21.9 16.0 89 102 45 3,302 58 nc

1H14 6,427 2,120

y-y (%) 18.3 19.7

1H14/ 2014F 50.4 56.1

789 1,331

(0.4) 36.0

38.4 77.2

120 137 1,588 29.5 (423)

(9.4) 33.3 27.0 36.1

84.5 27.0 66.9 30.5 70.5

(10) 1,156 1H14 33.0 20.7 24.7 18.0 38 43 19 3,223 150 nc

(7.3) 32.9 2014F 29.6 13.5 18.6 13.7 41 44 45 2,918 10 nc

32.1 66.3 2015F 29.5 13.4 18.6 13.7 42 47 69 3,957 10 nc

1H14/ Cons. 47.8

57.6

66.9

62.6 2016F 26.8 11.4 16.7 12.3 41 47 67 4,053 10 nc

Source: Company, Bloomberg, Bahana estimates

BTPN: 2Q14 net profit of IDR502bn, -11.1% y-y Bank Tabungan Pensiunan Nasional (BTPN IJ-REDUCE-IDR4,160-TP:IDR3,900) reported 11.1% y-y contraction in net profit to IDR502bn for 2Q14, slightly below our and consensus’ estimates. This weak earnings was due mainly to the lower y-y 2Q14 NIM of 11.8%, from 13.0% in 2Q13 and high provisioning coming from the increase of NPL to 0.9% from 0.7% in 2Q13 and 0.7% in 1Q14. On balance sheet, loan grew 14.6% y-y and 6.3% q-q, bringing ytd growth to 8.5% to reach IDR50tn. Meanwhile, deposits grew 10.4% y-y and 7.0% q-q, translating into ytd growth of 1.0% and bringing LDR to 94.9% from 95.5% in 1Q14 and 91.4% a year earlier. BTPN IJ 2Q14 Result summary 2Q13 2,698 920 1,777

1Q14 2,993 1,259 1,734

2Q14 3,100 1,300 1,799

q-q (%) 3.6 3.2 3.8

y-y (%) 14.9 41.3 1.2

Non-interest income Total operating income

104 1,882

143 1,876

185 1,984

29.7 5.8

77.5 5.5

Operating expense Impairment of fin. assets Operating profit

996 125 760

1,033 172 671

1,098 201 686

6.2 16.8 2.2

760 565 2Q13 43,629 47,748

668 493 1Q14 47,037 49,263

681 502 2Q14 50,013 52,696

1.9 1.9

13.0 52.9 72.9 91.4 80.9 22.7 0.7 146.4 28.2

11.7 55.1 78.6 95.5 84.4 24.0 0.7 141.9 21.1

11.8 55.3 79.1 94.9 84.8 22.3 0.9 124.7 20.1

(IDRbn) Interest Income Interest expense Net interest income

Pretax profit Net profit BS & ratio analysis Gross loans (IDRbn) Third party funding (IDRbn) Key ratios Net interest margin (%) Cost efficiency (%) Cost to income (%) Loan/deposit (%) Loan/funding (%) Capital adequacy (%) Gross NPL (%) LLP/NPL (%) ROAE (%)

2Q14/ 2Q14F

0.0

6M14 6,093 2,560 3,533

y-y (%) 16.1 41.7 2.6

6M14/ 2014F 48.7 48.8 48.6

6M14/ cons

106.5

327 3,860

97.9 7.0

71.4 49.9

46.3

10.2 60.4 (9.8)

99.2

2,131 373 1,357

14.0 45.3 (8.4)

50.8 56.7 47.1

44.0

(10.4) (11.1) 6M13 43,629 47,748

92.3 6M14 50,013 52,696

1,349 996 2013 46,105 52,196

(8.8) (9.6) 2014F 53,331 59,671

47.0 43.9 2015F 62,106 70,844

45.2 44.4 2016F 72,603 80,865

12.8 51.8 72.6 91.4 80.9 22.7 0.7 146.4 28.2

11.7 55.2 78.9 94.9 84.8 22.3 0.9 124.7 20.1

12.7 53.4 74.6 88.3 78.7 23.1 0.7 157.5 24.2

11.5 54.3 77.8 89.4 80.5 21.5 0.8 157.5 20.5

11.4 55.3 78.4 87.7 80.4 20.1 0.9 159.9 19.0

11.1 56.6 79.0 89.8 83.1 19.1 0.9 159.4 18.2

Source: Company, Bloomberg, Bahana estimates

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

3

Asiamoney’s 2013 Best Domestic Equity House

TLKM’s revenue increases 8% in 1H14 PT Telekomunikasi Indonesia (TLKM IJ-BUY-IDR2,680-TP:IDR2,900) has achieved a total revenue of IDR43tn, up 8% y-y and a total profit of IDR22tn in 1H14. However, TLKM has set a target to increase revenue by 10% y-y in 2014. (Kontan). Bahana Comment: We expect total sales to grow by 7.1% y-y in 2014. UNTR’s sales decrease 10.2% in 1H14 PT United Tractors Tbk (UNTR IJ-REDUCE-IDR22,725-TP:IDR18,000) achieved total sales of 2,200 units, down 10.2% y-y in 1H14. However, UNTR expects total growth of 7.14% in 2014. (Indonesia Finance Today) JSMR to inaugurate JORR W2 North On 21 July 2014, Jasa Marga (JSMR IJ-BUY-IDR6,350-TP:IDR6,850) will inaugurate Jakarta Outer Ring Road (JORR) W2 North (2.14km length), connecting Ciledug – Ulujami. JSMR will commence the new toll road’s operation on 22 July 2014. (Detik Finance) WIKA to offer subsidiary’s shares through IPO PT Wijaya Karya (WIKA IJ-BUY-IDR2,650-TP:2,700) is planning to offer 30% of its subsidiary’s shares, PT Wika Realty through IPO. WIKA’s CEO, Bintang Perbowo, stated that this plan is targeted to be achieved in the next two years. Additionally, Wika Realty has land bank of 210ha, consisting of 120ha-130ha self-owned land, while the rest is shared-owned with partners. Separately, WIKA has injected IDR150bn as an additional capital to Wika Realty. This intended to fund Wika Realty’s working capital and also to search new areas for property construction project. Additionally, with this addition of working capital, Wika Realty’s equity will be values around IDR600bn. (Bisnis Indonesia, Detik Finance) WSKT acquired IDR300bn Pejagan-Pemalang toll road Waskita Karya (WSKT IJ-HOLD-IDR815-TP:IDR710) acquired IDR300bn PT Pejagan Pemalang Toll Road from PT Global Selaras Dunia and PT Rekatunggal Abadi, through its subsidiary, PT Waskita Toll Road. (Investor Daily) ANTM realized 56% of capex on 1H14 Aneka Tambang (ANTM IJ-REDUCE-IDR:1,115-TP:IDR720) has realized 56% of 2014 capex amounting to USD140mn. Djaja M Tambunan, ANTM’s finance director, stated that the company plans to allocate USD150mn for 2015 capex, lower than 2014 capex of USD250mn. (Indonesia Finance Today) LPKR commences Holland Village project Lippo Karawaci (LPKR IJ-HOLD-IDR1,140-TP:IDR1,200) has commenced construction of its Holland Village project, a mixed use property. The project is expected to require capex of IDR5tn. Funding for the project or its expected completion date was announced. (Investor Daily) CTRA’s 2Q14 marketing sales 33.7% of 2014 target According to Indonesia Finance Today, Ciputra Development (CTRA IJ-HOLD-IDR1,225-TP:IDR1,130) booked IDR3.4tn in marketing sales in 2Q14, translating to 33.7% of its 2014 target of IDR9.95tn. It is also preparing 10 projects to commence in 2H14, most of which will be outside Jakarta. (Indonesia Finance Today) APLN implicated in bribery case, books 1H14 marketing sales of IDR2.46tn The Corruption Eradication Commission (KPK) has caught 5 people red handed in an act of bribery. One of the 5 is alleged to be tied to Agung Podomoro Land (APLN IJ-HOLD-IDR315-TP:IDR300). The bribes are linked to housing development permits for plots of land in Karawang, West Java. In other news, APLN has booked IDR2.46tn in marketing sales 1H14, translating to 37.9% of its 2014 target. (tribunnews.com, Indonesia Finance Today) MPPA launched a new e-commerce mobile app Matahari Putra Prima (MPPA IJ-BUY-IDR2,895-TP:IDR3,700) has launched Hicard mobile, an e-commerce mobile application which is also integrated with PowaTag, a tool that allows brands to make direct sales without the hassle of using a retailer. On separate news, MPPA has 3.2mn active Hicard members that account for 60% of sales. Combined with PowaTag, the company is targeting 10mn members in the next 3-4 years. (Jakarta Globe, Kontan) PT Bahana Securities – Equity Research – Bahana Beacon - The Daily

4

Asiamoney’s 2013 Best Domestic Equity House

MLPL teams up with Mitsui for data center Multipolar (MLPL IJ-BUY-IDR715-TP:IDR930), through its subsidiary, Multipolar Technology (MLPT IJ-NOT RATED-IDR1,000), signed a JV on Friday with Mitsui & Co. Ltd. (10% stake) and its subsidiary Mitsui Knowledge Industry Co. Ltd. (25%) to form a JV, PT Graha Teknologi Nusantara (GTN) to operate a data center business with a total investment of some IDR300bn. These dubbed Tier-4 data center will be located between Jakarta and Bandung and to start operating in the 2H15. (The Jakarta Post) SCMA not to pay IDR1tn of tax fines On 16 July 2014, tax court judges have made a decision that Surya Citra Media (SCMA IJ-REDUCEIDR3,660-TP:IDR3,000) to only pay tax on PT Indosiar Karya Media’s acquisition based on its book value, instead of market value. All the charges have been dropped. (Kontan) KAEF to build 3 hotels Kimia Farma (KAEF IJ-NOT RATED-IDR1,160) to convert its unproductive assets into three 3-or-4-star hotels which will be located in Senen (Jakarta), Matraman (Jakarta), and Dago (Bandung). (Kontan)

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

5

Asiamoney’s 2013 Best Domestic Equity House

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

STOCK CODE

RATING

TARGET PRICE

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

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

3,700 4,800 3,800 280 1,195 1,130 3,600 465 720 180 2,700 3,150 710 850 520 1,790 375 7,950 26,000 2,900 13,100 700 660 1,870 4,700 5,750 6,650 35,000 585 5,500 1,675 8,700 18,400 23,450 1,800 3,900 2,300 1,350 62,750 600 2,700 10,000 2,500 7,050 750 1,050 2,600 1,000 5,400

Up/(Downside) Potential (%) 27.8 20.2 20.4 5.7 (9.8) (7.8) 0.0 (18.4) (37.7) 13.2 1.9 (3.1) (12.9) 2.4 20.4 (22.2) (8.8) 12.4 0.0 8.2 13.2 (17.2) (26.3) 38.5 24.0 12.7 29.8 33.8 9.3 1.9 2.4 5.1 10.2 (7.4) 57.9 (6.3) 21.7 3.1 16.3 (11.8) 28.6 (5.4) (16.7) (7.8) (2.0) 34.6 23.2 (10.3) (8.5)

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

3,000 3,800 31,500 12,700 10,300 900 6,850 970 17,000 1,710 1,200 1,800 2,300 8,300 445 4,350 1,325 850 615 1,200 800 14,700 4,000 18,000 313 1,650 1,320 4,150 500 400 930 1,170 870 1,470 2,400 2,400 4,400 3,400 230 1,650 300

(18.0) 31.5 1.9 9.0 (3.1) 3.4 7.9 18.3 (42.5) 36.3 5.3 50.6 8.5 (20.8) 8.5 9.6 2.3 (23.1) 41.7 34.8 0.6 1.4 (12.4) (20.8) 22.3 (4.1) 15.8 (8.0) (6.5) (9.7) 30.1 10.4 (34.6) (49.4) (7.3) (31.4) 12.2 (15.5) 37.7 36.4 (4.8)

7/18/2014 2,895 3,995 3,155 265 1,325 1,225 3,600 570 1,155 159 2,650 3,250 815 830 432 2,300 411 7,075 26,000 2,680 11,575 845 895 1,350 3,790 5,100 5,125 26,150 535 5,400 1,635 8,275 16,700 25,325 1,140 4,160 1,890 1,310 53,950 680 2,100 10,575 3,000 7,650 765 780 2,110 1,115 5,900 5,087 3,660 2,890 30,925 11,650 10,625 870 6,350 820 29,575 1,255 1,140 1,195 2,120 10,475 410 3,970 1,295 1,105 434 890 795 14,500 4,565 22,725 256 1,720 1,140 4,510 535 443 715 1,060 1,330 2,905 2,590 3,500 3,920 4,025 167 1,210 315

7/17/2014 2,675 3,800 3,020 257 1,285 1,190 3,505 555 1,125 155 2,595 3,190 800 815 425 2,265 405 6,975 25,650 2,645 11,425 835 885 1,335 3,750 5,050 5,075 25,900 530 5,350 1,620 8,200 16,550 25,100 1,130 4,125 1,875 1,300 53,550 675 2,085 10,500 2,980 7,600 760 775 2,100 1,110 5,875 5,071 3,650 2,885 30,900 11,650 10,625 870 6,350 820 29,575 1,255 1,140 1,195 2,125 10,500 411 3,980 1,300 1,110 436 895 800 14,600 4,600 22,900 258 1,735 1,150 4,550 540 448 725 1,075 1,350 2,950 2,640 3,570 4,000 4,165 174 1,270 336

CHANGE (%) 8.2 5.1 4.5 3.1 3.1 2.9 2.7 2.7 2.7 2.6 2.1 1.9 1.9 1.8 1.6 1.5 1.5 1.4 1.4 1.3 1.3 1.2 1.1 1.1 1.1 1.0 1.0 1.0 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.5 0.5 0.4 0.3 0.3 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.2) (0.2) (0.2) (0.3) (0.4) (0.5) (0.5) (0.6) (0.6) (0.7) (0.8) (0.8) (0.8) (0.9) (0.9) (0.9) (0.9) (1.1) (1.4) (1.4) (1.5) (1.5) (1.9) (2.0) (2.0) (3.4) (4.0) (4.7) (6.3)

When a report covers six or more subject companies please access important disclosures for Daiwa Capital Markets Hong Kong Li mited 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.

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

6

Asiamoney’s 2013 Best Domestic Equity House

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

STOCK CODE

RATING

TARGET PRICE

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

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

3,800 1,790 280 300 8,700 2,500 1,325 2,700 585 700 1,195 710 1,130 465 4,700 4,800 1,675 1,470 5,400 440 3,150 2,900 8,300 600 900 750 3,600 4,350 720 12,700 3,900 930 1,710 62,750 970 31,500 2,300 6,650 445 7,050 7,050 10,300 3,000

Up/(Downside) Potential (%) 20.4 (22.2) 5.7 (4.8) 5.1 (16.7) 2.3 1.9 9.3 (17.2) (9.8) (12.9) (7.8) (18.4) 24.0 20.2 2.4 (49.4) (8.5) 1.9 (3.1) 8.2 (20.8) (11.8) 3.4 (2.0) 0.0 9.6 (37.7) 9.0 (6.3) 30.1 36.3 16.3 18.3 1.9 21.7 29.8 8.5 (7.8) (7.8) (3.1) (18.0)

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

26,000 5,500 1,200 6,850 14,700 13,100 800 18,400 615 3,800 17,000 375 1,050 870 4,400 1,800 313 2,400 7,950 660 1,650 500 35,000 1,000 1,170 1,350 10,000 1,200 3,700 2,400 400 180 2,600 1,320 23,450 4,000 850 4,150 1,870 18,000 5,750 2,300 1,800 230 3,400 2,700 1,650

0.0 1.9 5.3 7.9 1.4 13.2 0.6 10.2 41.7 31.5 (42.5) (8.8) 34.6 (34.6) 12.2 50.6 22.3 (31.4) 12.4 (26.3) (4.1) (6.5) 33.8 (10.3) 10.4 3.1 (5.4) 34.8 27.8 (7.3) (9.7) 13.2 23.2 15.8 (7.4) (12.4) (23.1) (8.0) 38.5 (20.8) 12.7 8.5 57.9 37.7 (15.5) 28.6 36.4

7/18/2014 3,155 2,300 265 315 8,275 3,000 1,295 2,650 535 845 1,325 815 1,225 570 3,790 3,995 1,635 2,905 5,900 432 3,250 2,680 10,475 680 870 765 3,600 3,970 1,155 11,650 4,160 715 1,255 53,950 820 30,925 1,890 5,125 410 7,650 7,650 10,625 3,660 5,087 26,000 5,400 1,140 6,350 14,500 11,575 795 16,700 434 2,890 29,575 411 780 1,330 3,920 1,195 256 3,500 7,075 895 1,720 535 26,150 1,115 1,060 1,310 10,575 890 2,895 2,590 443 159 2,110 1,140 25,325 4,565 1,105 4,510 1,350 22,725 5,100 2,120 1,140 167 4,025 2,100 1,210

7/11/2014 2,790 2,080 242 290 7,625 2,775 1,200 2,465 498 790 1,250 770 1,160 540 3,595 3,795 1,555 2,780 5,650 414 3,120 2,575 10,075 655 840 740 3,485 3,845 1,120 11,300 4,040 695 1,220 52,475 805 30,400 1,860 5,050 404 7,550 7,550 10,500 3,620 5,033 25,725 5,350 1,130 6,300 14,400 11,500 790 16,650 433 2,885 29,550 411 780 1,330 3,920 1,195 256 3,510 7,100 900 1,735 540 26,500 1,130 1,075 1,330 10,750 905 2,945 2,635 451 162 2,150 1,170 26,000 4,695 1,140 4,655 1,395 23,500 5,275 2,215 1,195 177 4,310 2,250 1,500

CHANGE (%) 13.1 10.6 9.5 8.6 8.5 8.1 7.9 7.5 7.4 7.0 6.0 5.8 5.6 5.6 5.4 5.3 5.1 4.5 4.4 4.3 4.2 4.1 4.0 3.8 3.6 3.4 3.3 3.3 3.1 3.1 3.0 2.9 2.9 2.8 1.9 1.7 1.6 1.5 1.5 1.3 1.3 1.2 1.1 1.1 1.1 0.9 0.9 0.8 0.7 0.7 0.6 0.3 0.2 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 (0.3) (0.4) (0.6) (0.9) (0.9) (1.3) (1.3) (1.4) (1.5) (1.6) (1.7) (1.7) (1.7) (1.8) (1.9) (1.9) (2.6) (2.6) (2.8) (3.1) (3.1) (3.2) (3.3) (3.3) (4.3) (4.6) (5.6) (6.6) (6.7) (19.3)

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.

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

7

Asiamoney’s 2013 Best Domestic Equity House

Stock

JCI code

Ticker

1,170

25,869 2,087

39.5 36.6

Mkt cap (IDRb) 13,439 11,227 2,212

3M avg to (IDRb) 2 2 0

7,050 4,000 2,300

40,484 2,765 3,485

45.1 10.5 40.2

328,909 309,699 12,623 6,586

365 352 1 12

226,328 193,880 20,095 12,353

250,023 213,166 22,076 14,781

20,337 18,603 369 1,365

23,831 21,711 506 1,614

20,070 19,417 532 120

23,754 21,923 551 1,280

(2.1) (0.0) (33.5) (89.4)

11,650 11,575 10,625 5,125 4,025 4,160 1,140 870 432 680

12,700 13,100 10,300 6,650 3,400 3,900 1,320 900 520 600

24,655 24,669 23,333 18,649 9,585 5,840 10,565 9,696 14,918 9,087

50.8 43.2 40.0 39.8 32.4 57.2 34.6 25.0 18.0 46.9

1,012,245 287,231 285,546 247,917 95,574 38,578 24,296 12,044 8,436 6,444 6,179

1,099 175 336 322 143 17 2 65 25 9 6

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

240,815 42,343 59,319 56,532 32,513 22,471 7,734 6,815 6,142 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

101,419 19,349 28,525 25,662 12,715 5,695 2,879 2,262 1,671 1,360 1,300

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

82,263 16,090 24,123 20,283 10,224 4,241 2,267 1,653 1,304 1,025 1,053

17.7 21.6 14.3 17.4 28.5 0.7 6.9 14.5 15.4 2.4 10.6

UW BUY BUY HOLD REDUC E

16,700 26,000 3,000 411

18,400 26,000 2,500 375

5,932 3,681.2 7,663 9,838

49.0 302.6 19.4 23.8

221,800 99,056 95,712.0 22,989 4,043

182 170.8 0.0 5.5 5.7

54,047 24,501 18,691.3 9,686 1,169

62,695 28,385 22,318.5 10,751 1,240

15,287 6,952 5,975.0 2,033 327

16,543 7,673 6,558.4 2,045 267

11,633 5,350 5,018.5 952 312

12,872 5,854 5,488.8 1,224 305

COAL COAL & MINING CONTRACTING United TractorsUNTR IJ Equity UNTR IJ Adaro Energy ADRO IJ EquityADRO IJ* Indo Tambangraya ITMGMegah* IJ Equity ITMG IJ* Tambang Batubara PTBABukit IJ Equity Asam PTBA IJ Harum Energy HRUM IJ EquityHRUM IJ* Bumi resources* BUMI IJ Equity BUMI IJ*

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

22,725 1,115 25,325 10,575 2,120 159

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

3,730 31,986 1,130 2,304 2,704 52,972

40.4 40.9 35.0 29.3 29.5 88.6

187,567 84,767 35,664 28,615 24,366 5,732 8,423

280 71 73 38 46 23 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)

CONS. & TOLL ROADS CONS. & TOLL ROADS Jasa Marga JSMR IJ Equity JSMR IJ Wijaya Karya WIKA IJ Equity WIKA IJ C itra Marga Nusapala C MNP IJ EquityC MNP IJ Pembangunan Perumahan PTPP IJ Equity PTPP IJ Waskita Karya WSKT IJ EquityWSKT IJ Wijaya Karya Beton WTON IJ EquityWTON IJ Adhi Karya ADHI IJ Equity ADHI IJ Total Bangun Persada TOTL IJ Equity TOTL IJ

N BUY BUY BUY HOLD HOLD * BUY REDUC E

6,350 2,650 3,600 2,300 815 820 3,250 845

6,850 2,700 3,600 1,790 710 3,150 700

6,800 6,149 2,200 4,842 9,666 8,715 1,801 3,410

30.0 34.7 65.6 42.8 32.2 100.0 49.0 33.8

102,294 43,180 16,295 7,920 11,138 7,878 7,147 5,854 2,881

344 35 78 1 36 47 40 91 16

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

61,757 6,864 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

8,586 2,941 1,369 583 1,432 761 370 965 168

CONSUMER - DISCRE. CONSUMER - DISCRETIONARY Surya C itra Media SC MA IJ EquitySC MA IJ Matahari Department LPPF IJStore Equity LPPF IJ Media Nusantara MNC C itra N IJ EquityMNC N IJ Matahari Putra MPPA Prima IJ Equity MPPA IJ AC E Hardware AC ES IJ Equity AC ES IJ HERO Supermarket HERO IJ Equity HERO IJ Ramayana Lestari RALS Sentosa IJ Equity RALS IJ Mitra Adiperkasa MAPI IJ Equity MAPI IJ Multipolar MLPL IJ Equity MLPL IJ Sri Rejeki isman S RIL IJ Equity SRIL IJ Supra Boga Lestari RANC IJ EquityRANC IJ

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

3,660 14,500 2,590 2,895 895 2,905 1,105 5,100 715 167 535

3,000 14,700 2,400 3,700 660 1,470 850 5,750 930 230 500

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

203,069 53,515 42,310 36,727 15,569 15,349 12,153 7,841 8,466 7,196 3,105 837

289 25 48 28 115 18 0 3 18 21 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

CONSUMER - STAPLES CONSUMER - STAPLES Unilever Indonesia UNVR IJ Equity UNVR IJ Gudang GaramGGRM IJ EquityGGRM IJ Kalbe Farma KLBF IJ Equity KLBF IJ Indofood Sukses INDF Makmur IJ Equity INDF IJ Indofood C BP Sukses IC BP IJMakmur Equity IC BP IJ Mayora Indah MYOR IJ EquityMYOR IJ Tempo Scan Pacific TSPC IJ Equity TSPC IJ Sido Muncul SIDO IJ Equity SIDO IJ Nippon IndosariROTI C orpindo IJ Equity ROTI IJ

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

365,518 30,925 53,950 1,720 7,075 10,475 29,575 2,890 780 1,330

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 19.0 29.3

103,805 80,625 62,122 61,079 26,450 13,005 11,700 6,732

360 54 75 81 84 45 3 3 13 3

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

240,598 35,313 60,305 18,388 68,463 30,116 15,798 7,431 2,909 1,876

INDUSTRIAL ESTATES Kawasan Industri KIJA Jababeka IJ Equity Bekasi Fajar Industrial BEST IJ Estate Equity Surya SemestaSSIA Internusa IJ Equity Lippo C ikarangLPC K IJ Equity

N HOLD REDUC E HOLD HOLD

265 570 830 8,275

280 465 850 8,700

20,235 9,667 4,705 696

80.0 38.5 72.2 57.8

20,516 5,362 5,489 3,905 5,759

81 21 22 24 13

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

METALS METALS Vale Indonesia INC O IJ Equity INC O IJ* Aneka Tambang A NTM IJ Equity ANTM IJ Timah TINS IJ Equity TINS IJ

N BUY REDUC E BUY

3,790 1,155 1,350

4,700 720 1,870

9,936 9,538 7,448

20.5 35.0 35.0

58,730 37,659 11,017 10,054

150 71 50 30

OIL & GAS OIL & GAS Perusahaan Gas PGAS Negara IJ Equity PGAS IJ* AKR C orporindo AKRA IJ Equity AKRA IJ Medco Energy MEDC IJ EquityMEDC IJ* Wintermar Offshore WINSMarine IJ Equity WINS IJ*

N BUY REDUC E REDUC E BUY

5,900 4,510 3,500 1,310

5,400 4,150 2,400 1,350

24,242 3,903 3,332 4,024

43.0 41.0 49.1 35.3

177,564 143,025 17,605 11,664 5,271

AVIATION AVIATION Garuda Indonesia GIAA IJ Equity GIAA IJ* C ardig Aero Service C ASS IJ EquityC ASS IJ

Rating

Price (IDR)

N * BUY

434 1,060

AUTOMOTIVE AUTOMOTIVE Astra International ASII IJ Equity ASII IJ Indomobil Sukses IMAS International IJ Equity IMAS IJ Gajah Tunggal GJTL IJ Equity GJTL IJ

UW REDUC E REDUC E BUY

7,650 4,565 1,890

BANKS BANKS Bank C entral Asia BBC A IJ EquityBBC A IJ Bank Rakyat Indonesia BBRI IJ Equity BBRI IJ Bank Mandiri BMRI IJ Equity BMRI IJ Bank Negara Indonesia BBNI IJ Equity BBNI IJ Bank DanamonBDMN IJ EquityBDMN IJ Bank TabunganBTPN Pensiunan IJ EQUITY Nasional BTPN IJ Bank TabunganBBTN Negara IJ Equity BBTN IJ Bank Jabar Banten BJBR IJ Equity BJBR IJ Bank Jatim BJTM IJ Equity BJTM IJ Bank Bukopin BBKP IJ Equity BBKP IJ**

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

CEMENT CEMENT Semen Gresik SMGR IJ EquitySMGR IJ Indocement INTP IJ Equity INTP IJ Holcim Indonesia SMC B IJ EquitySMC B IJ Semen Baturaja S MBR IJ EquitySMBR IJ

INDUSTRIAL ESTATES KIJA IJ BEST IJ SSIA IJ LPC K IJ

TP (IDR) *

*

Shares (m)

Free float (%)

Revenue (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 (70.9) 205.5 (87.7) 526.6 25.3 25.3 14.2 12.9 3.5 963.8

PER (x) 2013 2014 65.7 12.6 74.6 11.9 20.2 16.1

EV/EBITDA (x) 2013 2014 8.6 4.4 9.2 4.4 5.8 4.6

P/BV (x) 2013 2014 1.9 1.6 0.8 0.8 7.3 5.7

Yield (%) 2013 2014 0.3 0.4 0.0 0.0 1.7 2.2

Net gearing (%) 2013 2014 39.6 33.0 47.4 39.5 nc nc

ROAE (%) 2013 2014 7.5 12.1 1.0 6.6 40.4 39.6

ROAA (%) 2013 2014 2.4 4.5 0.4 2.7 12.8 13.9

ROIC (%) 2013 2014 13.5 6.4 9.4 0.8 34.5 34.9

17.0 15.9 23.7 54.7

14.3 14.1 23.0 5.1

15.0 14.4 34.0 5.7

12.5 12.1 27.1 4.4

3.6 3.7 2.2 1.2

3.1 3.2 2.0 1.0

2.7 2.8 1.1 0.1

3.1 3.2 1.1 1.4

60.4 54.8 194.8 69.2

50.0 44.4 182.5 57.3

24.0 25.0 9.6 2.1

23.6 24.2 9.1 21.2

9.3 9.8 2.7 0.9

9.5 9.8 2.4 8.2

18.1 18.6 7.8 13.9

15.0 15.7 3.6 1.3

11.9 12.9 13.0 11.4 12.9 4.9 6.4 5.8 (5.2) 24.3 0.5

14.7 20.2 13.4 13.6 10.6 9.5 11.4 7.7 6.1 7.8 5.9

13.1 17.9 11.8 12.2 9.3 9.1 10.7 7.3 6.5 6.3 5.9

na na na na na na na na na na na

na na na na na na na na na na na

3.3 4.5 3.6 2.8 2.0 1.2 2.5 1.0 1.3 1.1 1.0

2.8 3.7 3.0 2.4 1.7 1.1 2.0 0.9 1.2 1.0 0.9

2.0 1.0 2.2 2.2 2.8 2.6 0.0 3.9 9.0 9.4 3.8

2.2 1.2 2.1 2.2 2.9 3.3 1.9 3.4 9.3 10.3 3.8

na na na na na na na na na na na

na na na na na na na na na na na

24.4 24.6 29.7 22.5 19.9 13.5 24.2 14.3 21.7 14.7 16.6

22.9 22.9 27.6 21.5 19.9 12.9 20.5 13.6 18.7 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

3.0 3.1 3.6 2.6 2.5 2.2 3.1 1.2 1.8 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

3.6 10.4 5.2 (29.5) (11.5)

11.0 9.4 9.4 28.5 (12.0)

19.2 18.5 19.1 24.1 11.7

17.3 16.9 17.4 18.8 13.3

12.0 12.4 12.3 9.8 5.5

11.1 11.2 11.5 9.8 7.5

4.2 4.7 4.2 2.6 1.6

3.8 4.2 3.8 2.4 1.5

2.8 2.4 3.5 1.4 1.9

2.6 2.5 2.9 1.9 1.9

(19.3) 0.9 (54.5) 37.1 nc

24.2 28.0 23.7 11.1 18.3

23.2 26.4 22.8 13.3 11.8

18.1 18.7 20.3 7.0 16.0

17.3 17.7 19.6 7.6 10.7

40.1 31.0 53.0 15.5 97.6

36.5 27.2 51.6 8.8 62.6

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

(27.3) (16.5) (23.2) (37.4) (37.0) (68.2) (28.0)

17.7 29.3 71.2 0.5 (3.1) (14.8) (26.2)

14.3 17.6 12.9 11.3 13.3 14.6 (0.7)

7.3 7.8 5.7 5.4 10.8 3.8 7.2

6.3 6.1 4.2 4.8 11.3 4.2 6.4

2.0 2.6 1.4 2.6 2.6 1.7 (5.3)

1.9 2.3 1.0 2.5 2.6 1.6 (2.5)

3.3 2.3 2.4 7.5 4.4 3.8 0.0

3.9 2.9 4.3 7.1 4.6 3.5 0.0

10.8 nc 56.9 nc nc nc na

9.6 nc 50.3 nc nc nc na

15.2 15.4 8.8 23.4 20.5 12.6 na

17.6 18.0 15.0 25.3 18.9 11.4 nm

9.4 9.0 3.8 17.9 15.0 9.2 (6.5)

10.5 10.7 6.1 16.8 14.7 6.9 (4.0)

45.5 20.8 9.3 88.0 148.2 78.2 (16.6)

20.4 15.6 5.9 41.8 42.8 29.5 (14.5)

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

4,421 1,568 691 470 470 417 283 379 143

(4.1) (16.6) 22.2 (6.3) 35.9 0.5 34.1 91.3 10.6

14.9 17.3 22.8 16.8 15.9 13.3 (2.3) (6.8) (26.2)

27.1 32.3 28.5 19.7 26.5 21.3 22.7 14.4 14.8

11.4 13.6 7.5 11.2 13.8 17.2 (1.0) 1.6 23.6 27.5 23.2 16.9 22.8 18.8 23.3 15.4 20.1

13.4 16.6 12.6 10.9 7.0 12.1 17.9 6.4 8.9

12.2 14.9 11.9 9.5 6.3 10.7 14.5 6.1 13.5

4.7 4.6 5.5 2.5 5.6 3.3 7.5 3.8 3.8

3.9 4.2 4.7 2.2 4.7 2.9 3.4 3.1 3.7

1.3 1.2 1.1 1.1 1.1 1.6 1.2 1.4 3.4

1.4 1.5 1.3 1.3 1.3 1.6 1.2 1.3 2.5

38.1 92.4 nc nc nc nc nc (16.4) nc

54.6 116.5 34.3 nc nc nc nc nc nc

19.5 14.9 20.6 14.3 23.1 16.8 36.1 30.0 27.5

18.1 16.0 21.5 14.0 21.7 16.4 20.0 21.9 18.7

5.5 5.0 4.8 9.4 4.0 4.3 8.7 4.6 9.1

5.3 5.0 5.0 9.7 3.6 4.5 7.4 3.8 6.6

18.2 11.9 26.4 17.3 17.1 17.0 71.3 18.5 (55.1)

21.8 8.2 22.4 17.8 27.1 15.9 49.1 33.0 138.3

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

8,771 1,810 1,598 1,810 408 519 366 450 429 884 467 30

27.5 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)

30.9 40.5 36.8 21.4 36.3 36.3 17.0 18.1 25.8 5.1 7.9 23.9

28.4 38.0 26.5 20.0 39.6 29.6 33.2 17.4 19.7 8.1 6.7 27.9

20.6 28.4 21.7 13.4 24.5 25.6 16.9 11.5 9.5 8.5 5.8 14.5

17.9 26.4 17.0 13.4 20.1 21.0 13.1 9.9 7.6 5.8 5.3 11.1

(4.6) 16.5 (54.1) 4.3 7.9 7.7 2.1 2.4 3.5 1.0 0.9 2.3

16.6 14.1 51.8 3.8 6.8 6.5 2.1 2.2 3.0 0.9 0.9 2.1

1.0 1.2 0.0 2.1 0.5 1.1 0.0 2.8 1.1 0.1 0.0 0.8

1.5 1.3 1.5 2.3 0.7 1.4 0.0 3.2 0.8 3.0 0.0 0.7

4.8 nc nc nc nc nc nc nc 99.1 nc 42.6 nc

22.6 47.6 na 21.5 12.5 23.6 19.1 13.9 14.3 23.5 16.1 9.3

22.4 52.2 na 20.1 11.9 24.1 6.6 13.4 16.4 12.0 14.5 7.4

23.4 32.0 39.2 17.8 6.0 19.7 10.3 10.3 4.8 8.2 8.1 5.5

26.0 38.2 46.7 17.0 6.0 20.0 4.4 9.9 5.4 4.2 8.3 4.3

(178.8) 61.8 (985.3) 24.3 4.0 37.0 14.4 25.8 14.5 0.5 8.7 13.7

26.8 59.5 na 24.5 13.3 27.7 20.5 23.7 7.8 27.0 9.6 10.1

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

32,211 8,090 7,596 3,017 7,531 3,120 1,293 726 568 270

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

22,013 6,045 5,022 2,227 3,953 2,420 776 683 703 183

7.9 10.6 7.8 19.9 (23.2) 2.1 41.1 1.1 4.6 5.9

12.0 12.9 16.0 16.0 57.9 8.8 (35.3) 7.7 11.0 15.9

28.8 44.1 24.0 42.0 24.8 27.4 22.0 20.5 26.0 42.6

25.3 39.0 20.7 36.2 15.7 25.2 34.1 19.0 23.4 36.7

18.3 0.1 14.9 28.4 9.5 19.0 17.2 15.3 21.4 26.7

15.9 0.0 13.1 24.0 8.4 16.8 17.4 13.2 18.1 20.4

5.4 55.5 3.5 9.9 2.6 4.9 5.8 3.4 6.8 8.5

4.6 42.7 3.2 7.9 2.4 4.4 5.0 3.1 7.1 7.3

1.6 2.1 1.8 1.3 2.1 1.8 0.9 2.0 1.4 0.6

2.0 2.4 2.1 1.5 3.3 1.7 0.6 2.2 3.5 0.7

26.2 16.8 39.5 nc 57.7 nc 53.4 nc nc 70.6

32.7 36.5 40.9 nc 96.6 nc 51.5 nc nc 52.5

19.2 130.2 15.5 25.3 11.2 18.5 31.0 17.8 28.4 21.7

19.5 123.6 16.3 24.3 16.1 18.2 18.7 16.9 43.7 21.4

11.3 42.3 9.4 18.5 3.6 11.4 11.2 12.6 19.5 10.4

11.5 41.4 9.4 18.3 4.6 10.8 6.9 12.0 34.0 9.4

24.2 109.7 12.8 38.1 15.1 31.7 14.8 38.0 48.2 20.4

19.8 109.8 11.7 31.4 8.3 26.5 19.4 31.9 29.6 13.9

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

2,687 652 651 638 746

0.0 (73.5) 58.1 (2.3) 45.1

0.0 537.9 (37.2) (7.7) 26.4

19.4 52.2 7.4 5.7 9.8

8.6 8.2 11.7 6.1 7.7

6.7 7.7 6.2 3.5 8.5

6.9 7.0 9.7 3.7 6.3

2.1 1.3 2.2 1.7 3.2

1.7 1.1 1.9 1.4 2.2

0.5 0.0 0.4 2.1 0.0

1.4 3.7 0.4 2.0 0.0

12.3 47.2 nc nc nc

9.7 37.2 nc nc nc

27.6 2.5 35.0 35.3 38.8

24.5 14.6 24.1 24.6 34.0

14.8 1.3 26.3 13.0 17.7

13.7 7.4 18.4 10.2 17.3

37.8 7.1 37.6 70.5 44.2

33.3 1.7 38.3 47.2 48.6

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

(54.8) (36.5) (86.3) 19.3

95.7 209.2 (61.0) (5.0)

65.8 91.2 26.9 13.2

34.1 29.5 69.0 13.9

15.9 18.1 12.9 10.7

24.1 10.2 85.3 8.9

1.7 2.1 0.9 1.4

1.6 1.8 0.9 1.3

1.3 0.8 0.6 4.2

2.3 2.5 0.0 3.6

5.9 0.1 31.2 nc

10.6 3.7 33.7 10.9

3.9 2.3 3.2 10.9

5.7 6.3 0.2 9.8

2.7 1.7 2.0 7.4

4.1 4.7 0.1 6.3

9.5 4.1 27.5 9.9

3.8 2.3 2.7 10.5

174 126 40 5 3

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

25.0 26.4 (0.2) 1.8 74.0

(3.2) (4.3) 16.0 10.5 14.4

19.4 13.2 27.0 85.7 14.6

18.9 13.8 23.3 77.6 12.8

10.9 10.6 17.9 5.3 8.5

9.5 9.2 15.0 6.2 7.4

2.1 2.0 3.7 1.2 2.2

1.6 1.4 3.4 1.1 1.9

4.0 4.6 2.5 0.3 1.0

3.7 4.4 1.7 0.3 1.3

16.3 nc 90.0 86.1 59.3

15.4 nc 67.2 112.7 44.4

31.3 36.3 14.7 1.5 16.1

34.0 39.7 15.0 1.5 16.3

17.3 20.8 4.9 0.5 2.3

17.3 20.7 5.1 0.5 2.3

47.2 56.3 15.7 0.8 9.5

41.0 49.3 9.1 0.8 11.4

(12.2) 2.7 (42.5) 47.7 nc

3.2 nc nc nc nc nc nc nc 54.7 nc 59.6 9.2

PLANTATIONS PLANTATIONS Astra Agro Lestari AALI IJ Equity AALI IJ Salim Ivomas Pratama SIMP IJ Equity SIMP IJ London Sumatra LSIP Indonesia IJ Equity LSIP IJ BW Plantation BWPT IJ EquityBWPT IJ Austindo Nusantara ANJT Jaya IJ Equity ANJT IJ* Sampoerna Agro SGRO IJ EquitySGRO IJ

N BUY BUY BUY BUY BUY BUY

26,150 890 2,100 1,140 1,210 2,110

35,000 1,200 2,700 1,800 1,650 2,600

1,575 15,816 6,823 4,504 3,333 1,890

20.3 21.6 40.5 30.8 10.0 33.0

82,739 41,180 14,077 14,328 5,134 4,033 3,988

161 41 15 74 29 0 2

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

46,776 20,247 15,602 4,549 1,664 1,653 3,060

6,203 3,005 1,586 818 326 268 201

9,222 4,240 2,409 1,117 625 383 448

3,661 1,801 524 769 182 266 119

6,050 3,097 1,018 961 366 349 259

(26.6) (25.3) (54.7) (31.1) (32.5) (49.9) (63.8)

70.7 71.9 94.4 25.0 93.4 30.7 117.1

23.2 22.9 26.9 18.6 27.1 14.7 33.5

13.7 13.3 13.8 14.9 14.0 11.3 15.4

11.7 12.1 7.9 13.0 18.1 8.0 12.6

8.3 8.6 5.8 9.7 10.3 7.0 8.1

2.9 4.2 1.0 2.2 2.3 1.1 1.5

2.4 3.4 1.0 2.0 2.0 1.1 1.4

1.8 2.0 1.5 1.6 0.6 3.4 2.1

3.0 3.4 2.9 2.0 1.1 4.4 3.2

29.3 20.4 42.2 nc 160.2 nc 42.6

25.7 11.8 41.3 nc 149.3 nc 72.6

13.3 19.0 3.8 11.9 9.4 6.3 4.5

19.4 28.1 7.2 13.8 15.6 8.3 9.5

9.2 13.2 1.9 9.9 3.3 5.5 2.8

12.9 18.8 3.5 11.6 5.4 7.3 5.2

21.6 28.2 7.3 27.0 6.9 14.0 11.2

12.3 16.6 2.9 15.9 3.6 8.4 3.3

POULTRY C haroen Pokphand C PINIndonesia IJ Equity Japfa C omfeed JPFA Indonesia IJ Equity Malindo Feedmill MAIN IJ Equity

OW BUY BUY BUY

3,970 1,255 3,155

4,350 1,710 3,800

16,398 10,661 1,791

44.5 42.5 44.1

84,130 65,100 13,379 5,651

61 37 11 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

6,779 5,332 1,057 390

(10.1) (5.7) (40.0) (20.2)

28.1 21.7 77.7 61.3

25.0 25.7 22.5 22.1

19.3 21.1 12.7 13.7

14.5 15.9 8.9 11.4

13.0 14.4 7.8 9.9

5.8 6.6 2.6 4.5

4.6 5.2 2.1 3.3

1.3 1.2 1.5 0.9

1.2 1.2 0.9 1.6

38.3 17.5 111.8 103.1

31.6 16.0 89.6 73.2

25.7 28.0 12.4 31.2

42.4 47.7 18.3 37.8

15.5 18.0 4.6 12.0

26.8 31.8 6.7 16.3

30.8 34.7 14.0 25.8

20.8 24.3 6.2 15.2

N HOLD HOLD BUY BUY HOLD BUY HOLD HOLD

1,635 1,140 410 1,325 1,225 535 315 765

1,675 1,200 445 1,195 1,130 585 300 750

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

135,461 30,038 26,309 19,745 19,115 18,578 10,512 6,458 4,705

287 45 89 23 27 30 53 13 7

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

47.2 109.3 15.1 51.4 32.9 65.8 (27.1) (8.9) 40.5

11.0 (25.8) 8.5 32.3 (11.3) 22.3 59.8 92.0 (3.8)

15.9 10.6 21.6 17.4 17.3 19.0 12.0 8.7 11.2

15.1 14.3 19.9 13.2 19.5 15.6 7.5 4.6 11.6

11.7 9.8 17.1 11.4 12.8 10.5 8.5 6.3 10.0

10.5 10.2 14.8 9.4 13.2 7.3 7.9 4.5 9.1

3.0 2.8 2.0 5.1 4.3 2.9 2.0 1.2 1.2

2.6 2.4 1.9 3.8 3.8 2.6 1.7 0.9 1.1

1.7 1.9 1.2 1.1 2.0 1.6 2.1 2.3 2.7

1.9 1.4 1.3 1.5 1.8 1.9 3.4 4.4 2.6

13.6 nc 26.4 nc nc nc 63.0 55.2 26.7

14.9 nc 33.8 nc nc nc 50.4 68.2 34.8

22.0 29.7 10.3 33.4 27.3 16.3 18.0 13.9 10.8

19.4 18.2 9.8 33.2 20.7 17.5 24.4 22.7 9.7

8.8 13.7 4.3 13.4 9.0 5.6 6.9 4.3 6.2

7.7 8.6 3.9 14.3 6.9 5.5 9.6 7.0 5.1

21.8 28.2 8.9 22.2 35.9 14.5 34.4 12.3 9.2

23.3 35.7 8.2 32.2 32.8 19.5 13.3 9.2 9.6

400

15,775

20.0

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

100,800 8,534 10,203 5,434 6,381 2,900

48.8 33.5 61.0 20.7 45.2 39.7

1,800 313

2,146 3,398

49.0 40.0

POULTRY C PIN IJ JPFA IJ MAIN IJ

PROPERTY PROPERTY Bumi Serpong Damai BSDE IJ Equity BSDE IJ Lippo KarawaciLPKR IJ Equity LPKR IJ Pakuwon Jati PWON IJ EquityPWON IJ Summarecon Agung SMRA IJ EquitySMRA IJ C iputra Development C TRA IJ Equity C TRA IJ Alam Sutera ASRI IJ Equity ASRI IJ Agung Podomoro APLN Land IJ Equity APLN IJ C iputra Property C TRP IJ Equity C TRP IJ STEEL STEEL Krakatau Steel KRAS IJ Equity KRAS IJ*

UW REDUC E

TELCOS TELCOS TelekomunikasiTLKM Indonesia IJ Equity TLKM IJ XL Axiata EXC L IJ Equity EXC L IJ Sarana MenaraTOWR Nusantara IJ EquityTOWR IJ Indosat ISAT IJ Equity ISAT IJ Tiphone Mobile TELE Indonesia IJ Equity TELE IJ Erajaya Swasembada ERAA IJ Equity ERAA IJ

OW * HOLD BUY BUY BUY HOLD

TRANSPORTATION TRANSPORTATION N Ekspress Transindo TAXI Utama IJ Equity TAXI IJ BUY Adi Sarana Armada ASSA IJ Equity ASSA IJ BUY Market Market N Note: *USD reporting **Post rights issue

443

2,680 5,400 3,920 3,995 795 1,295

*

1,195 256

6,988 6,988

2 2

25,368 25,368

25,104 25,104

261 261

(170) (170)

188 188

340,677 270,144 39,995 21,709 5,073 3,756

342 292 15 0 4 9 21

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

235,609 88,882 88,882 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

17,986 15,583 242 1,258 96 405 403

3,434 2,564 870 3,345,080

22 22 0 4,201

1,681 687 994 1,485,415

2,077 865 1,213 1,712,110

439 221 218 275,450

552 293 260 312,973

217 133 85 191,283

260 161 99 227,424

na na

35.6 35.6

63.8 63.8

17.5 17.5

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)

(25.6) 10.5 (62.6) (51.4) na 29.2 (19.5)

13.8 13.8

69.2 9.7 (76.1) 646.3 na 23.7 15.6

na na

42.8 19.0 44.6 237.3 (7.8) 16.2 10.8

31.9 17.3 186.2 31.8 221.9 13.1 9.3

7.9 6.6 1.9 18.0 4.2 13.4 9.3

6.9 5.8 2.2 15.3 3.8 9.7 7.6

5.0 4.5 3.0 11.0 1.4 3.1 1.4

4.2 3.9 3.0 8.3 1.4 3.4 1.2

2.1 3.1 1.0 0.0 (6.4) 1.7 3.7

2.4 2.9 0.5 0.0 0.9 2.4 4.3

40.3 6.4 107.9 213.8 136.3 70.9 39.8

32.3 5.2 136.2 164.2 117.6 74.1 35.1

20.1 25.3 6.7 4.8 (16.0) 23.6 13.1

23.0 23.9 1.6 29.6 0.6 27.4 14.0

9.5 11.9 2.7 1.2 (5.1) 12.3 7.8

10.5 11.8 0.6 7.9 0.2 12.0 7.7

19.7 23.4 10.7 4.1 1.0 24.4 15.8

18.8 23.6 3.4 1.5 (7.5) 18.1 10.3

68.8 67.1 82.1 3.0

20.9 21.5 16.6 15.0

17.0 19.3 10.3 21.5

14.1 15.9 8.8 18.0

6.9 7.7 4.4 9.1

5.9 6.5 4.1 8.1

2.7 3.2 1.1 3.2

2.3 2.8 0.9 3.9

1.0 1.4 0.0 2.1

1.3 1.7 0.0 2.4

92.6 74.7 145.5 17.2

109.4 90.5 165.1 16.7

16.1 17.9 10.9 22.0

16.9 18.8 11.4 22.5

6.2 7.0 3.9 9.3

6.7 7.6 4.0 9.9

6.0 7.3 2.0 7.3

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

Source: Bloomberg, Bahana estimates

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

8

8.3 9.5 4.7 15.5

Asiamoney’s 2013 Best Domestic Equity House

AGM & EGM SCHEDULE Corporate Actions AEGM EGM EGM AGM

Ticker HITS IJ BWPT IJ MERK IJ OMRE IJ

Corporate Humpuss Intermoda Transportasi BW Plantation Merck Indonesia Prima Property

Date 07/23/14 07/23/14 07/23/14 07/26/14

Time 15:00 10:00 14:00 14:00

Source: Bloomberg

DIVIDEND SCHEDULE Corporate Indofood Sukses Makmur Tbk P Fastfood Indonesia Pt Bank Nusantara Parahyangan Pakuwon Jati Tbk Pt Colorpak Indonesia Tbk Pt Alkindo Naratama Tbk Pt Perdana Gapuraprima Tbk Pt Fortune Indonesia Tbk Pt Bali Towerindo Sentra Tbk Pt Pool Advista Indonesia Tbk Ultrajaya Milk Ind & Trading Asuransi Dayin Mitra Tbk Pt Tifa Finance Tbk Pt Sepatu Bata Pt Citra Marga Nusaphala Per Pt Indomobil Sukses Internasion Indomobil Multi Jasa Tbk Pt Panca Global Securities Tbk Asuransi Bintang Pt Bfi Finance Indonesia Tbk Pt Tempo Scan Pacific Tbk Pt Multistrada Arah Sarana Tbk Modern Internasional Tbk Pt Gema Grahasarana Tbk Pt Duta Pertiwi Nusantara Pt Eterindo Wahanatama Tbk Pt Panorama Sentrawisata Tbk Pt Express Transindo Utama Tbk Lionmesh Prima Tbk Pt Lion Metal Works Pt Duta Anggada Realty Tbk Pt Gudang Garam Tbk Pt Trans Power Marine Pt Tbk Source: Bloomberg

Price* (IDR) 7,075 2,460 1,480 410 630 705 303 985 2,200 1,950 3,950 820 209 985 3,600 4,565 705 210 590 2,330 2,890 304 680 372 404 300 500 1,195 7,100 12,000 625 53,950 345

Cash (IDR) 142 30 16 4.5 0.0018 1.5 2 10 35 10 12 57 9 13.47 10 19 5.6 10 25 122.21 75 1 2 7 20 1.62 8.18 12 200 400 28 800 11

Yield* (%) 2.0 1.2 1.1 1.1 0.0 0.2 0.7 1.0 1.6 0.5 0.3 7.0 4.3 1.4 0.3 0.4 0.8 4.8 4.2 5.2 2.6 0.3 0.3 1.9 5.0 0.5 1.6 1.0 2.8 3.3 4.5 1.5 3.2

Ex date

Record date

Payment date

Ticker

07/16/14 07/16/14 07/16/14 07/18/14 07/18/14 07/18/14 07/18/14 07/18/14 07/18/14 07/18/14 07/21/14 07/21/14 07/21/14 07/21/14 07/21/14 07/21/14 07/21/14 07/23/14 07/24/14 07/25/14 07/25/14 08/04/14 08/05/14 08/05/14 08/05/14 08/05/14 08/05/14 08/06/14 08/07/14 08/07/14 08/07/14 08/07/14 08/08/14

07/18/14 07/18/14 07/18/14 07/22/14 07/22/14 07/22/14 07/22/14 07/22/14 07/22/14 07/22/14 07/23/14 07/23/14 07/23/14 07/23/14 07/23/14 07/23/14 07/23/14 07/25/14 08/04/14 08/05/14 08/05/14 08/06/14 08/07/14 08/07/14 08/07/14 08/07/14 08/07/14 08/08/14 08/11/14 08/11/14 08/11/14 08/11/14 08/12/14

08/08/14 08/05/14 08/08/14 08/12/14 08/12/14 08/12/14 08/12/14 08/12/14 08/12/14 08/12/14 08/11/14 08/12/14 08/13/14 08/13/14 08/13/14 08/08/14 08/07/14 08/15/14 08/18/14 08/19/14 08/19/14 08/20/14 08/21/14 08/21/14 08/21/14 08/21/14 08/21/14 08/22/14 08/25/14 08/25/14 08/25/14 08/25/14 08/26/14

INDF IJ FAST IJ BBNP IJ PWON IJ CLPI IJ ALDO IJ GPRA IJ FORU IJ BALI IJ POOL IJ ULTJ IJ ASDM IJ TIFA IJ BATA IJ CMNP IJ IMAS IJ IMJS IJ PEGE IJ ASBI IJ BFIN IJ TSPC IJ MASA IJ MDRN IJ GEMA IJ DPNS IJ ETWA IJ PANR IJ TAXI IJ LMSH IJ LION IJ DART IJ GGRM IJ TPMA IJ

*as per closing price 18 July 2014

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

9

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 LINK 42 CINT 43 MGNA 44 BPII 45 MBAP 46 TARA 47 DNAR 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 77 78 79 80 81 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 05/14/14 02/06/14 06/27/14 07/07/14 07/08/14 07/10/14 07/11/14 07/11/14

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 Airasia Indonesia Andira Agro Asia Mangan Group 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 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 Telecommunication Manufacture Finance Finance Coal Property Bank Airlines Plantations Mining Banking Banking Banking Banking Banking Transportation Telecommunication Coal mining Plantations 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 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 1,207 223 541 135 470 487 99 74 75 319 424 55 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

20.0

800 2,438

20.0 49.0

1,000

2,760 500 500 31,886

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

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

10

Asiamoney’s 2013 Best Domestic Equity House

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

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

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

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

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

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

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

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

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

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

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

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

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

11

Asiamoney’s 2013 Best Domestic Equity House

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

12

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, Aviation ext 3610

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

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

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

Maxi Liesyaputra [email protected] Research Analyst Construction, Toll Roads, Steel, Oil and Gas ext 3615

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

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

Laurensius Teiseran [email protected] Research Associate ext 3601

William Tong [email protected] Research Associate ext 3604

Robin Sutanto [email protected] Research Associate ext 3620

Adi Saputra [email protected] Research Associate ext 3693

AdiAyu Saputra Made Wijayati [email protected] [email protected] Research Associate Executive ext ext 3693 3607

Arga Samudro [email protected] Economist ext 3602

Adrian Mahendra Putra [email protected] Research Associate ext 3614

Nuriah Sari [email protected] Research Executive ext 3001

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

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

+62 21 250 5508 (Domestic Institutional)

+62 31 535 2788 (Surabaya Branch)

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

Ari Santosa [email protected] Sales Trader ext 2554

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

13

Asiamoney’s 2013 Best Domestic Equity House

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Daiwa Securities Group Inc., its subsidiaries or affiliates, or its or their respective directors, officers and employees from time to time may have trades as principals, or have positions in, or have other interests in the securities of the company under research including derivatives in respect of such securities or may have also performed investment banking and other services for the issuer of such securities. The following are additional disclosures. Japan Daiwa Securities Co. Ltd. and Daiwa Securities Group Inc. Daiwa Securities Co. Ltd. is a subsidiary of Daiwa Securities Group Inc. Investment Banking Relationship Within the preceding 12 months, the subsidiaries and/or affiliates of Daiwa Securities Group Inc. * has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: 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); Rexlot Holdings Ltd (555 HK). *Subsidiaries of Daiwa Securities Group Inc. for the purposes of this section shall mean any one or more of: • Daiwa Capital Markets Hong Kong Limited (大和資本市場香港有限公司) • Daiwa Capital Markets Singapore Limited • Daiwa Capital Markets Australia Limited • Daiwa Capital Markets India Private Limited • Daiwa-Cathay Capital Markets Co., Ltd. • Daiwa Securities Capital Markets Korea Co., Ltd Disclosure of Interest of Bahana Securities Investment Banking Relationship Within the preceding 12 months, Bahana Securities has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: PT Telekomunikasi Indonesia (Persero) Tbk (TLKM IJ); Garuda Indonesia (Persero) (GIAA IJ); Wijaya Karya Beton Tbk PT (WTON IJ). 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Asiamoney’s 2013 Best Domestic Equity House

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Daiwa Capital Markets Europe Limited and/or its affiliates may, from time to time, to the extent permitted by law, participate or invest in other financing transactions with the issuers of the securities referred to herein (the “Securities”), perform services for or solicit business from such issuers, and/or have a position or effect transactions in the Securities or options thereof and/or may have acted as an underwriter during the past twelve months for the issuer of such securities. In addition, employees of Daiwa Capital Markets Europe Limited and/or its affiliates may have positions and effect transactions in such securities or options and may serve as Directors of such issuers. Daiwa Capital Mar kets Europe Limited may, to the extent permitted by applicable UK law and other applicable law or regulation, effect transactions in the Securities before this material is published to recipients. This publication is intended for investors who are not Retail Clients in the United Kingdom within the meaning of the Rules of the FCA and should not therefore be distributed to such Retail Clients in the United Kingdom. Should you enter into investment business with Daiwa Capital Markets Europe’s affiliates outside the United Kingdom, we are obliged to advise that the protection afforded by the United Kingdom regulatory system may not apply; in particular, the benefits of the Financial Services Compensation Scheme may not be available. Daiwa Capital Markets Europe Limited has in place organisational arrangements for the prevention and avoidance of conflicts of interest. Our conflict management policy is available at http://www.uk.daiwacm.com/about-us/corporate-governance-regulatory. Regulatory disclosures of investment banking relationships are available at https://daiwa3.bluematrix.com/sellside/Disclosures.action. 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This report does not recommend to U.S. recipients the use of any of PT.Bahana Securities’ or DCMA’s non-U.S. affiliates to effect trades in any security and is not supplied with any understanding that U.S. recipients of this report will direct commission business to such non-U.S. entities. Unless applicable law permits otherwise, non-U.S. customers wishing to effect a transaction in any securities referenced in this material should contact a Daiwa entity in their local jurisdiction. Most countries throughout the world have their own laws regulating the types of securities and other investment products which may be offered to their residents, as well as a process for doing so. As a result, the securities discussed in this report may not be eligible for sales in some jurisdictions. Customers wishing to obtain further information about this report should contact DCMA: Daiwa Capital Markets America Inc., Financial Square, 32 Old Slip, New York, New York 10005 (telephone 212-612-7000). Ownership of Securities For “Ownership of Securities” information please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .

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Asiamoney’s 2013 Best Domestic Equity House

Investment Banking Relationships For “Investment Banking Relationships” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action . DCMA Market Making For “DCMA Market Making” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action . Research Analyst Conflicts For updates on “Research Analyst Conflicts” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. The principal research analysts who prepared this report have no financial interest in securities of the issuers covered in the report, are not (nor are any members of their household) an officer, director or advisory board member of the issuer(s) covered in the report, and are not aware of any material relevant conflict of interest involving the analyst or DCMA, and did not receive any compensation from the issuer during the past 12 months except as noted: no exceptions. Research Analyst Certification For updates on “Research Analyst Certification” and “Rating System” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action . The views about any and all of the subject securities and issuers expressed in this Research Report accurately reflect the personal views of the research analyst(s) primarily responsible for this report (or the views of the firm producing the report if no individual analysts[s] is named on the report); and no part of the compensation of such analyst(s) (or no part of the compensation of the firm if no individual analyst[s)] is named on the report) was, is, or will be directly or indirectly related to the specific recommendations or views contained in this Research Report. For stocks and sectors in Indonesia covered by Bahana Securities, the following rating system is in effect: Stock ratings are based on absolute upside or downside, which is the difference between the target price and the current market price. Unless otherwise specified, these ratings are set with a 12-month horizon. It is possible that future price volatility may cause a temporary mismatch between upside/downside for a stock based on the market price and the formal rating. "Buy": the price of the security is expected to increase by 10% or more. "Hold": the price of the security is expected to range from an increase of less than 10% to a decline of less than 5%. "Reduce": the price of the security is expected to decline by 5% or more. Sector ratings are based on fundamentals for the sector as a whole. Hence, a sector may be rated “Overweight” even though its constituent stocks are all rated “Reduce”; and a sector may be rated “Underweight” even though its constituent stocks are all rated “Buy”. “Overweight”: positive fundamentals for the sector. “Neutral”: neither positive nor negative fundamentals for the sector. “Underweight”: negative fundamentals for the sector. Ownership of Securities For “Ownership of Securities” information, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action . Investment Banking Relationships For “Investment Banking Relationship”, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action . Relevant Relationships (Bahana Securities) Bahana Securities may from time to time have an individual employed by or associated with it serves as an officer of any of the co mpanies under its research coverage. Bahana Securities market making Bahana Securities may from time to time make a market in securities covered by this research. Additional information may be available upon request. Japan - additional notification items pursuant to Article 37 of the Financial Instruments and Exchange Law (This Notification is only applicable where report is distributed by Daiwa Securities Co. Ltd.) If you decide to enter into a business arrangement with us based on the information described in materials presented along with this document, we ask you to pay close attention to the following items.  In addition to the purchase price of a financial instrument, we will collect a trading commission* for each transaction as agreed beforehand with you. Since commissions may be included in the purchase price or may not be charged for certain transactions, we recommend that you confirm the commission for each transaction.  In some cases, we may also charge a maximum of ¥ 2 million (including tax) per year as a standing proxy fee for our deposit of your securities, if you are a non-resident of Japan.  For derivative and margin transactions etc., we may require collateral or margin requirements in accordance with an agreement made beforehand with you. Ordinarily in such cases, the amount of the transaction will be in excess of the required collateral or margin requirements.  There is a risk that you will incur losses on your transactions due to changes in the market price of financial instruments based on fluctuations in interest rates, exchange rates, stock prices, real estate prices, commodity prices, and others. In addition, depending on the content of the transaction, the loss could exceed the amount of the collateral or margin requirements.  There may be a difference between bid price etc. and ask price etc. of OTC derivatives handled by us.  Before engaging in any trading, please thoroughly confirm accounting and tax treatments regarding your trading in financial instruments with such experts as certified public accountants. *The amount of the trading commission cannot be stated here in advance because it will be determined between our company and you based on current market conditions and the content of each transaction etc. When making an actual transaction, please be sure to carefully read the materials presented to you prior to the execution of agreement, and to take responsibility for your own decisions regarding the signing of the agreement with us. Corporate Name: Daiwa Securities Co. Ltd. Financial instruments firm: chief of Kanto Local Finance Bureau (Kin-sho) No.108 Memberships: Japan Securities Dealers Association, Financial Futures Association of Japan Japan Securities Investment Advisers Association Type II Financial Instruments Firms Association

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