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DAILY UPDATE July 28, 2016 MACROECONOMIC NEWS The Fed – Federal Reserve decided to keep its federal funds rate in a range between 0.25% and 0.5%, saying in a release that while "near-term risks to the economic outlook have diminished" and the job market is "improving" things still aren't good enough, in the bank's view, to remove stimulus. The Fed's decision was not unanimous, however, as only nine of the Fed's 10 board members voted to stand pat. One voted to raise the rate but was outnumbered. China Economy – China’s central bank boosted the supply of cash in the financial system, helping push the benchmark money-market rate down from a 3-month high. The PBOC sold CNY 180 billion (USD 27 billion) of 7-day reverse-repurchase agreements, which inject funds into the banking system. That’s the biggest single-day offering of the contracts since June 29. This comes after the 7-day repurchase rate rose for six straight days, the longest run since August 2015, amid demand for tax payments and speculation that intervention to support the yuan was causing a shortage of the currency. Turkey Economy – After cutting borrowing costs at every meeting since March, Turkish policy makers have dragged the cost of liquidity from the central bank to below 8% for the first time in more than a year. The bank has slashed its overnight lending rate by a total of 200 bps, bringing the weighted average cost of funding for lenders down by more than a 100 bps from a February peak to the lowest since April 2015.

CORPORATE NEWS

Equity Markets Closing Dow Jones

18472

-0.0

NASDAQ

5140

0.6

S&P 500

2167

-0.1

MSCI excl. Jap

530

0.3

16468

-1.2

2980

-0.4

22113

-0.5

STI

2916

-0.9

JCI

5274

1.0

Indo ETF (IDX)

22.96

1.5

Indo ETF (EIDO)

25.83

1.5

Nikkei Shanghai Comp Hang Seng

Currency Closing US$ - IDR

VIVA – PT Visi Media Asia plans to pay its debt of USD 160.8 million earlier. VIVA may seek new loan and divest 15% stake in PT Intermedia Capital to pay up that debt.

Last Trade

13137

13112

US$ - Yen

105.4

105.07

Euro - US$

1.1058

1.1062

US$ - SG$

1.3535

1.351

Commodities Last

Price Chg %Chg

Oil NYMEX

42.04

-0.76

-1.78

Oil BRENT

43.57

-1.21

-2.70

0.15

0.25

Coal NYMEX

39.5

Coal Newcastle

61.2

Nickel

10355

5

0.0

Tin

17700

25

0.1

Gold

1338.1

19.20

1.46

630

5.0

0.80

2336.5

-2.5

-0.11

CPO Rott CPO Malay

WIKA – PT Wijaya Karya may book new contract of IDR 18.3 trillion (34.7% of 2016 target), up 109% yoy as of July 2016.

% Change

Indo Gov. Bond Yields Last

Yield Chg %Chg

1 year

6.60

0.00

0.03

3 year

6.79

-0.01

-0.19

5 year

6.87

-0.01

-0.12

10 year

7.00

-0.02

-0.23

15 year

7.29

-0.00

-0.06

30 year

7.72

0.01

0.09

PT. Panin Asset Management JSX Building Tower I, 3rd Floor Jl. Jend. Sudirman Kav. 52-53 , Jakarta 12190 T : (021) 515-0595 , F : (021) 515-0601

CORPORATE NEWS – cont’d BJBR – PT BPD Jawa Barat dan Banten announced its 6M16 results: BJBR (IDR bn)

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

Net Interest Income Non Interest Income Other Operating Expense Operating Profit Net Income Before Tax Net Income EPS (diluted)

2,332 750 2,314 769 744 580 60

2,916 1,750 3,542 1,124 1,091 855 88

25.0% 133.2% 53.1% 46.2% 46.7% 47.3% 47.3%

1,410 543 1,362 591 572 446 46

1,506 1,207 2,180 533 520 409 42

6.8% 122.3% 60.1% -9.9% -9.1% -8.4% -8.4%

CAR (after Market Risk) NIM ROE ROA NPL (Gross) NPL (Net) LDR

Jun '15 15.8% 6.0% 19.6% 1.8% 3.7% 0.8% 65.1%

Jun '16 17.7% 7.2% 27.9% 2.6% 2.0% 0.8% 84.2%

YoY 11.4% 19.4% 42.4% 48.0% -44.7% 1.2% 29.5%

Mar '16 14.9% 6.9% 26.8% 2.6% 2.8% 1.0% 74.1%

Jun '16 17.7% 7.2% 27.9% 2.6% 2.0% 0.8% 84.2%

QoQ 18.2% 3.9% 4.2% 2.7% -28.9% -17.0% 13.7%

NISP – PT Bank OCBC NISP announced its 6M16 results: NISP (IDR bn)

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

Net Interest Income Non Interest Income Other Operating Expense Operating Profit Net Income EPS (diluted)

1,949 525 1,494 980 735 64

2,646 753 2,190 1,208 914 80

35.8% 43.3% 46.6% 23.3% 24.4% 24.4%

1,423 274 1,099 598 457 40

1,223 479 1,092 610 458 40

-14.1% 75.2% -0.6% 2.0% 0.2% 0.2%

CAR (after Market Risk) NIM ROE ROA NPL (Gross) NPL (Net) LDR

Jun '15 18.7% 3.7% 9.6% 1.7% 1.3% 0.8% 87.3%

Jun '16 19.0% 4.7% 10.6% 2.0% 1.4% 0.6% 92.9%

YoY 1.5% 26.7% 10.0% 16.5% 6.3% -18.7% 6.3%

Mar '16 18.0% 5.2% 11.0% 2.1% 1.4% 0.8% 94.7%

Jun '16 19.0% 4.7% 10.6% 2.0% 1.4% 0.6% 92.9%

QoQ 5.3% -10.1% -3.8% -3.4% -3.5% -19.7% -2.0%

IGAR – PT Champion Pacific Indonesia reported 1H16 financial results: IGAR (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

369 56 40 37 17 17.3 15.0% 11.0% 4.6%

391 75 57 58 27 27.8 19.1% 14.6% 6.9%

6.0% 34.5% 41.0% 56.0% 60.4% 60.4% 4.0% 3.6% 2.3%

182 32 25 26 11 11.8 17.7% 13.8% 6.3%

209 42 32 33 16 16.0 20.3% 15.3% 7.4%

14.9% 31.2% 26.8% 27.7% 35.2% 35.2% 2.5% 1.4% 1.1%

CORPORATE NEWS – cont’d TLKM – PT Telekomunikasi Indonesia announced its Q2 2016 financial results: TLKM (IDR bn) Revenue Operating Profit Pretax Earnings Net Income EPS (IDR) Operating Profit Margin Net Profit Margin

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

48,840 15,123 14,720 7,513 77.0 31.0% 15.4%

56,454 19,887 19,498 9,849 100.0 35.2% 17.4%

15.6% 31.5% 32.5% 31.1% 31.1% 4.3% 2.1%

27,542 10,250 9,316 4,587 46.7 37.2% 16.7%

28,912 9,637 10,182 5,262 53.6 33.3% 18.2%

5.0% -6.0% 9.3% 14.7% 14.7% -3.9% 1.5%

Q1 2016 720 148 48 28 14 8 20.6% 6.7% 1.9%

Q2 2016 356 -12 -92 -132 -98 -54 -3.5% -25.7% -27.6%

QoQ -50.5% -108.4% -288.9% -564.7% -800.8% -775.0% -24.1% -32.4% -29.5%

SGRO – PT Sampoerna Agro announced its 6m 2016 result: SGRO (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

6m 2015 1,317 376 195 154 98 52 28.5% 14.8% 7.5%

6m 2016 1,076 136 -43 -104 -84 -46 12.6% -4.0% -7.8%

YoY -18.3% -63.8% -122.1% -167.3% -185.5% -188.5% -15.9% -18.8% -15.3%

ASGR – PT Astra Graphia announced its Q2 2016 financial results: ASGR (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

957 320 117 128 97 72.3 33.5% 12.2% 10.2%

1,213 341 127 128 95 70.7 28.1% 10.4% 7.9%

26.8% 6.5% 8.6% 0.5% -2.2% -2.2% -5.3% -1.7% -2.3%

620 163 55 59 44 32.3 26.4% 8.8% 7.0%

593 178 72 70 52 38.4 29.9% 12.2% 8.7%

-4.3% 8.7% 31.8% 18.6% 18.9% 18.9% 3.6% 3.3% 1.7%

MIKA – PT Mitra Keluarga announced its Q2 2016 financial results: MIKA (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

1,102 506 333 402 310 21.0 45.9% 30.2% 28.1%

1,261 613 396 481 372 26.0 48.6% 31.4% 29.5%

14.5% 21.2% 18.9% 19.6% 20.2% 20.2% 2.7% 1.2% 1.4%

625 296 195 239 184 13.0 47.4% 31.2% 29.4%

636 317 201 242 188 13.0 49.8% 31.6% 29.6%

1.8% 7.0% 3.0% 1.2% 2.3% 2.3% 2.4% 0.4% 0.1%

CORPORATE NEWS – cont’d HERO – PT Hero Supermarket has released its results for 2Q16: HERO (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

7,238 1,640 -109 -24 -32 -7.6 22.7% -1.5% -0.4%

7,201 1,747 -74 19 20 4.8 24.3% -1.0% 0.3%

-0.5% 6.5% -32.1% -180.4% -163.0% -163.0% 1.6% 0.5% 0.7%

3,368 806 -82 -37 -35 -8.0 23.9% -2.4% -1.1%

3,833 941 8 56 55 13.0 24.6% 0.2% 1.4%

13.8% 16.8% -110.0% -252.7% -256.2% -256.2% 0.6% 2.6% 2.5%

KINO – PT Kino Indonesia has reported its 6M16 financial results: KINO (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

1,747 738 231 187 141 99.0 42.3% 13.2% 8.1%

1,939 819 246 227 184 129.0 42.2% 12.7% 9.5%

11.0% 10.9% 6.3% 21.7% 30.0% 30.0% 0.0% -0.6% 1.4%

861 350 95 85 72 50.0 40.7% 11.0% 8.3%

1,078 469 151 142 112 78.0 43.5% 14.0% 10.4%

25.3% 33.7% 59.0% 67.2% 56.2% 56.2% 2.7% 3.0% 2.1%

SMBR – PT Semen Baturaja announced its Q2 2016 financial results: SMBR (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

635 209 129 204 168 17.0 33.0% 20.4% 26.4%

652 194 128 139 103 10.4 29.8% 19.7% 15.7%

2.6% -7.2% -0.9% -31.8% -38.8% -38.8% -3.2% -0.7% -10.7%

297 76 39 40 28 2.9 25.5% 13.2% 9.5%

355 119 89 99 74 7.5 33.4% 25.1% 20.9%

19.2% 56.7% 125.5% 143.5% 162.0% 162.0% 8.0% 11.8% 11.4%

DMAS – PT Puradelta Lestari announced its 6M16 results: DMAS (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

1,279 809 735 841 772 16.0 63.2% 57.4% 60.4%

977 588 539 545 486 10.1 60.2% 55.2% 49.8%

-23.6% -27.3% -26.7% -35.2% -37.0% -37.0% -3.0% -2.3% -10.6%

588 338 325 304 271 5.6 57.4% 55.2% 46.1%

388 250 214 240 215 4.5 64.3% 55.1% 55.3%

-34.0% -26.1% -34.2% -21.0% -20.9% -20.9% 6.9% -0.1% 9.2%

CORPORATE NEWS – cont’d LPCK – PT Lippo Cikarang announced its 6M16 results: LPCK (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

996 591 501 490 478 686.6 59.4% 50.4% 48.0%

869 454 374 363 355 509.5 52.2% 43.0% 40.8%

-12.7% -23.2% -25.4% -25.9% -25.8% -25.8% -7.2% -7.4% -7.2%

546 280 240 244 223 320.5 51.3% 43.9% 40.9%

323 174 134 119 132 189.0 53.9% 41.5% 40.7%

-40.8% -37.8% -44.0% -51.1% -41.0% -41.0% 2.6% -2.3% -0.2%

PWON – PT Pakuwon Jati reported its 6M16 results: PWON (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

2,426 1,434 1,269 1,005 755 15.7 59.1% 52.3% 31.1%

2,441 1,366 1,154 1,143 896 18.6 56.0% 47.3% 36.7%

0.6% -4.8% -9.1% 13.8% 18.6% 18.6% -3.2% -5.1% 5.6%

1,246 749 652 693 543 11.3 60.1% 52.3% 43.6%

1,195 617 502 451 353 7.3 51.6% 42.0% 29.5%

-4.1% -17.7% -23.1% -34.9% -35.1% -35.1% -8.5% -10.4% -14.1%

SMRA – PT Summarecon Agung announced its Q2 2016 financial results: SMRA (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

2,597 1,393 829 668 529 36.7 53.7% 31.9% 20.4%

2,318 1,060 524 264 25 1.7 45.8% 22.6% 1.1%

-10.7% -23.9% -36.7% -60.5% -95.4% -95.4% -7.9% -9.3% -19.3%

1,047 477 259 143 28 2.0 45.5% 24.8% 2.7%

1,271 584 265 121 -4 -0.3 45.9% 20.8%

21.4% 22.5% 2.1% -15.7%

0.4% -3.9%

WSKT – PT Waskita Karya announced its Q2 2016 financial results: WSKT (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

3,984 529 368 254 172 12.6 13.3% 9.2% 4.3%

8,085 1,482 1,238 923 586 43.2 18.3% 15.3% 7.3%

102.9% 179.8% 236.0% 262.7% 241.7% 241.7% 5.0% 6.1% 2.9%

3,324 484 384 259 127 9.4 14.6% 11.6% 3.8%

4,761 998 854 664 459 33.8 21.0% 17.9% 9.6%

43.2% 106.1% 122.3% 156.2% 261.6% 261.6% 6.4% 6.4% 5.8%

CORPORATE NEWS – cont’d TMAS – PT Pelayaran Tempuran Emas reported 1H16 financial results: TMAS (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

832 214 174 148 134 117.0 25.7% 21.0% 16.1%

870 198 141 118 104 91.0 22.7% 16.2% 11.9%

4.5% -7.7% -19.2% -20.4% -22.6% -22.6% -3.0% -4.8% -4.2%

408 90 67 57 55 48.0 22.1% 16.5% 13.4%

462 108 73 60 49 43.0 23.3% 15.9% 10.5%

13.2% 19.5% 8.8% 5.0% -11.3% -11.3% 1.2% -0.6% -2.9%

WINS – PT Wintermar Offshore Marine reported 1H16 financial results: WINS (USD mn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (USD) Gross Profit Margin Operating Profit Margin Net Profit Margin

6m 2015

6m 2016

YoY

Q1 2016

Q2 2016

QoQ

54 9 3 -2 -1 0.00016 16.3% 6.0%

49 10 6 0 -1 0.00016 21.5% 12.6%

-9.9% 19.1% 88.7%

23 5 3 -1 -1 -0.00035 19.7% 11.1%

25 6 4 1 1 0.00020 23.2% 13.9% 3.1%

8.6% 28.3% 35.0%

5.2% 6.6%

3.6% 2.7%

Disclaimer The analyst(s) whose work appears in this report certifies that his or her remuneration is not correlated to his or her judgment(s) on the performance of the company(ies). The information and/or opinions contained in this report has been assembled by Panin Asset Management from sources which we deem to be reliable and in good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. This report may not be reproduced, distributed or published by any recipient for any purpose. Any recommendations contained herein are based on a consideration of the securities alone, and as such are conditional and must not be relied upon as a solitary basis for investment decisions. Under no circumstances is this report to be used or considered as an offer to sell, or a solicitation of an offer buy. All opinions and estimates herein reflect the author’s judgment on the date of this report and are subject to change without notice. Panin Asset Management, its related companies, their officers, employees, representatives and agents expressly advice that they shall not be liable in any way whatsoever for any loss or damage, whether direct, indirect, consequential or othe wise howsoever arising (whether in negligence or otherwise) out of or in connection with the contents of and/or any omi sions from this communication. Any investments referred to herein may involve significant risk, are not necessarily available in all jurisdictions, may be illiquid and may not be suitable for all investors. Investors should make their own independent assessment and seek professional financial advice before they make their investment decisions. Due to its nature as an asset management firm, it is very much possible that Panin Asset Management and/or persons connected with it may, to the extent permitted by law, have long or short positions or may otherwise be interested in any transactions or investments (including derivatives) referred to in this publication. In addition, Panin Asset Management and/or its parent, Panin Sekuritas, and/or its affiliated companies may provide services for or solicit business from any company referred to in this publication. The analyst(s) named in this report certifies that all of the views expressed by the analyst(s) in this report reflect the personal views of the analyst(s) with regard to any and all of the content of this report relating to the subject securities and issuers covered by the analyst(s) and no part of the compensation of the analyst(s) was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst(s) in this report.

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