DAILY UPDATE February 28, 2014

/ DAILY UPDATE February 28, 2014 MACROECONOMIC NEWS US Economy – Orders for US durable goods excluding the volatile transportation category unexpecte...
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DAILY UPDATE February 28, 2014 MACROECONOMIC NEWS US Economy – Orders for US durable goods excluding the volatile transportation category unexpectedly climbed in January by the most in eight months, a sign manufacturing is emerging from a slump induced by harsh weather. The 1.1% increase was the biggest gain since May and followed a 1.9% drop in December that was larger than previously estimated. Other reports showed more Americans than expected filed claims for jobless benefits last week, and consumer confidence improved to a two-month high. The consumer confidence gauge climbed to a seven-week high of minus 28.6 in the period ended Feb. 23 from minus 30.6. Japan Economy – Japan’s industrial output grew the most since 2011, indicating the economy is strengthening as a looming sales-tax bump stimulates demand, while inflation matched the highest level in more than five years. Output rose 4% in January from the previous month. Consumer prices excluding fresh food climbed 1.3% yoy. Brazil Economy – Brazil’s economy grew in the fourth quarter more than economists forecast as an increase in investment offset a drop in industrial production. Brazil’s GDP rose 0.7% in the fourth quarter from the prior three months after contracting 0.5% in the third quarter. Brazil’s GDP expanded 2.3% in 2013. The central bank’s board voted yesterday unanimously to raise the benchmark Selic rate by a quarterpoint to 10.75% from 10.50%, bringing the increase since last April to 350 bps. The bank, which had lifted the key rate by half a percentage point in the previous six meetings, signaled that the tightening cycle is close to an end. While inflation slowed to 5.59% in January, the lowest rate in 14 months, it has remained above the 4.5% target since August 2010. Economists polled weekly by the central bank forecast inflation will accelerate to 6% in December and the Selic will be lifted to 11.25%.

Equity Markets Closing Dow Jones

% Change

16273

0.5

4319

0.6

539

0.8

Nikkei

14914

-0.1

Hang Seng

NASDAQ MSCI excl. Jap

22828

1.7

STI

3099

0.1

JCI

4569

0.8

Indo ETF (IDX)

23.4

3.1

Indo ETF (EIDO)

25.7

2.7

Currency Closing

Last Trade

US$ - IDR

11668

11640

US$ - Yen

102.13

101.84

Euro - US$

1.371

1.371

US$ - SG$

1.2641

1.265

Commodities Last

Price Chg %Chg

Oil NYMEX

102.1

-0.20

-0.2

Oil BRENT

109.0

-0.34

-0.3

63.7

-0.07

-0.1

Coal NYMEX Coal Newcastle

76.4

Nickel

14445

230

1.6

Tin

23575

0

0.0

1333

3.4

0.3

915

-7.5

-0.8

2787

7

0.3

Gold CPO Rott CPO Malay

Indo Gov. Bond Yields Last

Yield Chg %Chg

1 year

7.17

-0.01

-0.1

3 year

7.91

-0.01

-0.1

5 year

7.92

-0.01

-0.1

CORPORATE NEWS

10 year

8.41

-0.00

-0.0

15 year

8.99

0.00

0.0

BMRI – PT Bank Mandiri will distribute 2013 dividend of IDR 234 per share (30% payout ratio).

30 year

9.31

-0.01

-0.1

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CORPORATE NEWS – cont’d ASII – PT Astra International plans to distribute final dividend 2013 of IDR 152 per share, previously ASII distributed 2013 interim dividend of IDR 64 per share. ASII reported 2013 financial results: ASII (IDR bio) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS Gross Profit Margin Operating Profit Margin Net Profit Margin

2012 188,053 36,200 19,870 27,898 19,421 480 19.2% 10.6% 10.3%

2013 193,880 35,311 18,603 27,523 19,417 480 18.2% 9.6% 10.0%

YoY 3.10% -2.46% -6.38% -1.34% -0.02% -0.02% -1.0% -1.0% -0.3%

Q3 2013 47,561 8,805 4,564 6,507 4,645 115 18.5% 9.6% 9.8%

Q4 2013 52,040 9,938 6,144 8,762 5,953 147 19.1% 11.8% 11.4%

QoQ 9.42% 12.87% 34.62% 34.65% 28.16% 28.16% 0.6% 2.2% 1.7%

UNTR – PT United Tractors reported 2013 financial results: UNTR (IDR bio) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS Gross Profit Margin Operating Profit Margin Net Profit Margin

2012 55,954 10,521 7,566 7,447 5,780 1,549 18.8% 13.5% 10.3%

2013 51,012 9,517 6,741 6,587 4,834 1,296 18.7% 13.2% 9.5%

YoY -8.83% -9.54% -10.91% -11.54% -16.37% -16.37% -0.1% -0.3% -0.9%

Q3 2013 12,404 2,495 1,756 1,493 1,069 287 20.1% 14.2% 8.6%

Q4 2013 13,707 2,726 2,039 2,043 1,455 390 19.9% 14.9% 10.6%

QoQ 10.50% 9.24% 16.07% 36.87% 36.01% 36.01% -0.2% 0.7% 2.0%

BLTA – PT Berlian Laju Tanker reported its 6m 2013 financial results: BLTA (‘000 USD) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS Gross Profit Margin Operating Profit Margin Net Profit Margin

6m 2012

6m 2013

YoY

Q1 2013

Q2 2013

QoQ

240,019 -5,801 -73,916 -401,139 -399,716 -0.0346 -2.4% -30.8% -166.5%

181,047 23,440 -27,376 1,571 723 0.0001 12.9% -15.1% 0.4%

-24.57%

93,317 13,520 -9,561 4,230 1,110 0.00010 14.49% -10.25% 1.19%

87,730 9,920 -17,815 -2,659 -387 -0.00004 11.31% -20.31% -0.44%

-5.99% -26.63%

-3.2%

SMCB – PT Holcim Indonesia announced its FY13 financial results: SMCB (IDR bio) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS Gross Profit Margin Operating Profit Margin Net Profit Margin

2012 9,011 3,286 2,079 1,873 1,350 176 36.5% 23.1% 15.0%

2013 9,686 3,355 2,033 1,337 952 124 34.6% 21.0% 9.8%

YoY 7.49% 2.12% -2.24% -28.63% -29.49% -29.49% -1.8% -2.1% -5.2%

Q3 2013 2,391 701 532 174 132 17 29.3% 22.2% 5.5%

Q4 2013 2,813 1,085 711 495 353 46 38.6% 25.3% 12.5%

QoQ 17.66% 54.81% 33.81% 184.60% 167.17% 167.17% 9.3% 3.1% 7.0%

INDF – PT Indofood Sukses Makmur’s subsidiary, PT Bogasari Flour Mills, targets sales volume for the year to grow 5.5% YoY to reach 2.85-2.9 million tons, at the back of increasing demand.

CORPORATE NEWS – cont’d ULTJ – PT Ultrajaya Milk Industry & Trading Company plans to increase capital expenditure for the year to IDR 410 billion, from last year’s amount of IDR 100 billion. The capex will be allocated to acquiring land, new factory construction, and automatic storage purchase. On a separate note, ULTJ targets 25% YoY growth for revenue in 2014, to IDR 4 trillion. KAEF – PT Kimia Farma reported its 2013 financial results: KAEF (IDR bio) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS Gross Profit Margin Operating Profit Margin Net Profit Margin

2012 3,734 1,175 263 278 205 37 31.5% 7.0% 5.5%

2013 4,348 1,292 250 284 215 39 29.7% 5.7% 4.9%

YoY 16.44% 9.95% -4.96% 2.10% 4.59% 4.59% -1.8% -1.3% -0.6%

Q3 2013 1,075 364 102 108 79 14 33.8% 9.5% 7.3%

Q4 2013 1,532 431 102 118 93 17 28.1% 6.6% 6.1%

QoQ 42.49% 18.54% -0.55% 8.73% 18.33% 18.33% -5.7% -2.9% -1.2%

INAF – PT Indofarma publishes its 2013 financial reports: INAF (IDR bio) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS Gross Profit Margin Operating Profit Margin Net Profit Margin

2012 1,156 368 89 62 42 14 31.8% 7.7% 3.7%

2013 1,337 338 (15) (63) (54) (17) 25.2% -1.1% -4.1%

YoY 15.70% -8.24%

-6.6%

Q3 2013 295 70 (43) (68) (52) (17) 23.7% -14.5% -17.6%

Q4 2013 697 144 36 16 7 2 20.6% 5.1% 1.0%

QoQ 136.41% 105.99%

-3.0%

AALI – PT Astra Agro Lestari reported its FY13 results: AALI (IDR bio) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS Gross Profit Margin Operating Profit Margin Net Profit Margin

2012 11,564 4,357 3,454 3,524 2,520 1530.6 37.7% 29.9% 21.8%

2013 12,675 4,082 3,004 2,605 1,903 1143.9 32.2% 23.7% 15.0%

YoY 9.60% -6.32% -13.03% -26.08% -24.48% -25.26% -5.5% -6.2% -6.8%

Q3 2013 2,828 860 615 319 194 123 30.4% 21.8% 6.9%

Q4 2013 4,351 1,764 1,435 1,340 992 566 40.5% 33.0% 22.8%

QoQ 53.84% 104.97% 133.18% 320.09% 411.66% 360.11% 10.1% 11.2% 15.9%

LSIP – PT London Sumatra Indonesia announced its FY13 results: LSIP (IDR bio) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS Gross Profit Margin Operating Profit Margin Net Profit Margin

2012 4,212 1,681 1,276 1,372 1,116 164.0 39.9% 30.3% 26.5%

2013 4,134 1,253 818 997 769 113.0 30.3% 19.8% 18.6%

YoY -1.85% -25.44% -35.87% -27.34% -31.10% -31.10% -9.6% -10.5% -7.9%

Q3 2013 966 312 209 336 264 39 32.3% 21.6% 27.3%

Q4 2013 1,240 517 412 424 326 48 41.7% 33.2% 26.3%

QoQ 28.37% 66.04% 97.08% 25.90% 23.52% 23.08% 9.5% 11.6% -1.0%

CORPORATE NEWS – cont’d SIMP – PT Salim Ivomas Pratama reported its FY13 results: SIMP (IDR bio) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS Gross Profit Margin Operating Profit Margin Net Profit Margin

2012 13,845 3,894 2,603 2,012 1,516 73.0 28.1% 18.8% 11.0%

2013 13,280 2,947 1,586 934 635 33.0 22.2% 11.9% 4.8%

YoY -4.08% -24.33% -39.05% -53.56% -58.10% -54.79% -5.9% -6.9% -6.2%

Q3 2013 3,076 765 416 159 88 5 24.9% 13.5% 2.9%

Q4 2013 3,749 1,148 805 617 439 21 30.6% 21.5% 11.7%

QoQ 21.87% 50.04% 93.55% 288.28% 399.18% 320.00% 5.7% 8.0% 8.9%

TOTL – PT Total Bangun Persada booked new contracts of IDR 600 billion as per 2M14. TOTL targets total new contract value of IDR 2.4 trillion for 2014. TURI – PT Tunas Ridean published its FY 2013 financial results: TURI (IDR bio) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS Gross Profit Margin Operating Profit Margin Net Profit Margin

12M 2012 9,963 845 390 546 420 75 8.5% 3.9% 4.2%

12M 2013 11,014 709 176 389 307 55 6.4% 1.6% 2.8%

YoY 10.5% -16.0% -55.1% -28.8% -26.9% -26.7% -2.0% -2.3% -1.4%

Q3 2013 2,715 158 17 77 63 11 5.8% 0.6% 2.3%

Q4 2013 2,563 201 55 112 84 15 7.8% 2.1% 3.3%

QoQ -5.6% 27.3% 232.6% 44.7% 33.2% 36.4% 2.0% 1.5% 1.0%

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