/

DAILY UPDATE October 30, 2015 MACROECONOMIC NEWS Japan Economy – Industrial production rose 1.0% MoM in September, after two successive months of contraction. The result was stronger than expectations, while it was essentially consistent with improvement in real exports for September. The stronger-than-expected print for September industrial production will probably lower somewhat the probability of the BoJ policy board deciding on additional easing at its regular board meeting. Still, industrial production remained below its previous year's level in September (-0.9% YoY). Thailand Economy – The Thai Finance Ministry cut their 2015 GDP estimate to 2.8% from 3% due to weak exports. The new estimate is marginally above the Bank of Thailand’s forecast of 2.7%. Singapore Economy – Singapore’s unemployment rate stood at 2.0% in the third quarter of 2015, less than median estimates of 2.1%, and without any change from the previous quarter. Australia Economy – HIA new home sales declined 4.0% MoM in September, its steepest monthly decline since July 2014, after increasing 2.3% in August. Separately, the import price index climbed 1.4% QoQ in the third quarter of 2015, slightly below median estimated increase of 1.5%. This was unchanged from 2Q15, where it also rose 1.4%. Quarterly export prices remained flat in 3Q15 following a 4.4% drop in the previous quarter. New Zealand Economy – New Zealand’s central bank Governor Graeme Wheeler said that further reductions in the official cash rate seem likely, even as the RBNZ opted to keep the rate on hold at 2.75%, following three straight reductions. “This will continue to depend on the emerging flow of economic data. It is appropriate at present to watch and wait,” he added.

Equity Markets Closing Dow Jones

% Change

17756

-0.1

NASDAQ

5074

-0.4

S&P 500

2089

-0.0

522

-1.2

MSCI excl. Jap Nikkei

18943

0.0

Hang Seng

22786

-0.1

STI

2981

-0.7

JCI

4472

-3.0

Indo ETF (IDX)

18.5

-3.8

Indo ETF (EIDO)

20.3

-3.5

Currency Closing

Last Trade

US$ - IDR

13619

13647.5

US$ - Yen

121.13

120.93

Euro - US$

1.0977

1.0982

US$ - SG$

1.4038

1.4022

Commodities Last

Price Chg %Chg

Oil NYMEX

45.82

-0.03

-0.07

Oil BRENT

48.67

-0.26

-0.53

Coal NYMEX

41.88

Coal Newcastle

53.2

0.30

0.57

Nickel

10375

-220

-2.1

Tin

15005

-195

-1.3

Gold

1147.5

-13.9

-1.2

617.5

-22.5

-3.5

2155.5

18.5

0.9

CPO Rott CPO Malay

Indo Gov. Bond Yields Last

Yield Chg %Chg

1 year

7.70

-0.02

-0.29

3 year

8.66

0.03

0.31

CORPORATE NEWS

5 year

8.71

0.00

0.03

10 year

8.78

0.00

0.01

TPIA – PT Chandra Asri Petrochemical confirms the groundbreaking of its styrene butadiene rubber plant of USD 450 million (IDR 6.14 trillion) to occur in early 2016. The plant is a JV established between TPIA and Michelin, named PT Synthetic Rubber Indonesia. Production will begin in 2018, with capacity of 120,000 tons of synthetic rubber per year.

15 year

9.05

0.01

0.09

30 year

9.30

-0.01

-0.05

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 BMRI – PT Bank Mandiri published its 3Q15 earnings result:

PNBN – PT Bank Pan Indonesia announced its 3Q15 results:

BNGA – PT Bank CIMB Niaga reported its 3Q15 results:

BJBR – PT Bank Pembangunan Daerah Jawa Barat dan Banten plans to raise capital of IDR 1.5 trillion through rights issue in 2016.

CORPORATE NEWS – cont’d INDF – PT Indofood Sukses Makmur reported its 3Q15 results: INDF (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

46,882 12,545 5,253 4,713 3,034 294.0 26.8% 11.2% 6.5%

47,564 12,867 5,083 2,623 1,684 164.0 27.1% 10.7% 3.5%

1.5% 2.6% -3.2% -44.4% -44.5% -44.2% 0.3% -0.5% -2.9%

17,614 4,844 2,014 1,471 861 98.0 27.5% 11.4% 4.9%

14,929 3,915 1,453 54 -47 -33.0 26.2% 9.7% -0.3%

-15.2% -19.2% -27.9% -96.3% -105.5% -133.7% -1.3% -1.7% -5.2%

ICBP – PT Indofood CBP Sukses Makmur announced its 3Q15 results: ICBP (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

22,784 6,091 2,528 2,759 2,161 360.0 26.7% 11.1% 9.5%

24,095 7,392 3,124 3,133 2,444 419.0 30.7% 13.0% 10.1%

5.8% 21.4% 23.6% 13.6% 13.1% 16.4% 3.9% 1.9% 0.7%

8,583 2,726 1,163 1,245 941 161.5 31.8% 13.6% 11.0%

7,544 2,315 981 891 706 121.0 30.7% 13.0% 9.4%

-12.1% -15.1% -15.7% -28.4% -25.1% -25.1% -1.1% -0.5% -1.6%

FAST – PT Fast Food Indonesia has just published their financial performance in 9M15: FAST (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

3,121 1,874 125 150 118 59.0 60.0% 4.0% 3.8%

3,284 1,997 57 88 72 36.0 60.8% 1.7% 2.2%

5.2% 6.6% -54.2% -41.0% -38.7% -38.7% 0.8% -2.3% -1.6%

1,082 666 8 20 18 9.0 61.6% 0.7% 1.6%

1,199 718 50 58 46 23.0 59.9% 4.2% 3.8%

10.8% 7.8% 544.1% 185.9% 156.0% 156.0% -1.7% 3.4% 2.2%

MYOR – PT Mayora Indah reported their 9M15 financial results: MYOR (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

10,558 1,746 631 340 250 279.1 16.5% 6.0% 2.4%

10,691 3,058 1,247 1,215 869 972.0 28.6% 11.7% 8.1%

1.3% 75.1% 97.6% 257.6% 248.3% 248.3% 12.1% 5.7% 5.8%

4,083 1,198 541 478 321 359.0 29.3% 13.2% 7.9%

3,151 912 315 370 276 308.0 29.0% 10.0% 8.7%

-22.8% -23.8% -41.7% -22.5% -14.2% -14.2% -0.4% -3.2% 0.9%

CORPORATE NEWS – cont’d TCID – PT Mandom Indonesia announced its 3Q15 results: TCID (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

1,764 666 215 208 152 753.0 37.7% 12.2% 8.6%

1,659 607 124 462 455 2,264.0 36.6% 7.5% 27.4%

-6.0% -8.7% -42.1% 122.5% 200.4% 200.7% -1.1% -4.7% 18.8%

582 202 0 441 444 2,208.0 34.7% 0.0% 76.3%

423 151 23 -66 -51 -253.0 35.8% 5.5% -12.0%

-27.4% -25.0%

1.1% 5.5% -88.3%

TINS – PT Timah announced its 9M15 results: TINS (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

4,360 1,059 612 660 455 61.1 24.3% 14.0% 10.4%

5,143 508 74 56 10 1.4 9.9% 1.4% 0.2%

17.95% -52.05% -87.90% -91.44% -97.70% -97.70% -14.4% -12.6% -10.2%

1,860 117 -61 23 24 3.2 6.3%

3.59% 109.75%

1.3%

1,927 245 133 43 5 0.7 12.7% 6.9% 0.3%

88.58% -77.43% -77.43% 6.4% -1.0%

LSIP – PT PP London Sumatra Indonesia reported its 3Q15 results: LSIP (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

3,524 1,263 948 915 706 104.0 35.8% 26.9% 14.7%

3,076 901 539 614 470 69.0 29.3% 17.5% 14.7%

-12.7% -28.7% -43.1% -32.9% -33.5% -33.7% -6.6% -9.4% 0.0%

1,191 341 210 211 156 22.9 28.6% 17.6% 13.1%

996 298 179 209 161 24.0 29.9% 18.0% 16.1%

-16.3% -12.6% -14.7% -1.1% 3.0% 5.0% 1.3% 0.3% 3.0%

SIMP – PT Salim Ivomas Pratama announced its 3Q15 results: SIMP (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

10,770 2,885 1,769 1,083 568 36.0 26.8% 16.4% 0.3%

10,060 2,273 1,152 219 74 5.0 22.6% 11.5% 0.0%

-6.6% -21.2% -34.9% -79.8% -86.9% -86.1% -4.2% -5.0% -0.3%

4,133 838 415 161 80 5.1 20.3% 10.0% 1.9%

3,268 758 392 -30 -53 -3.0 23.2% 12.0% -1.6%

-20.9% -9.5% -5.5% -118.8% -165.8% -159.9% 2.9% 2.0% -3.5%

CORPORATE NEWS – cont’d AALI – PT Astra Agro Lestari reported its 3Q15 results: AALI (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

11,760 3,682 2,798 2,804 1,883 1,196.0 31.3% 23.8% 10.2%

10,347 2,288 1,361 409 200 92.1 22.1% 13.1% 0.9%

-12.0% -37.9% -51.4% -85.4% -89.4% -92.3% -9.2% -10.6% -9.3%

3,996 877 555 454 288 183.0 21.9% 13.9% 7.2%

3,118 647 354 -269 -244 -190.0 20.7% 11.3% -7.8%

-22.0% -26.3% -36.3% -159.3% -184.6% -203.8% -1.2% -2.6% -15.0%

UNTR – PT United Tractors reported financial results 9M15: UNTR (IDR bn)

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

40,810 8,634 6,246 6,429 4,778 1,280.8 21.2% 15.3% 11.7%

38,295 8,931 6,748 7,601 5,572 1,493.9 23.3% 17.6% 14.6%

-6.16% 3.44% 8.04% 18.23% 16.64% 16.64% 2.2% 2.3% 2.8%

12,301 3,085 2,353 2,322 1,770 474.4 25.1% 19.1% 14.4%

13,345 3,273 2,548 3,059 2,166 580.7 24.5% 19.1% 16.2%

8.49% 6.09% 8.31% 31.75% 22.40% 22.40% -0.6% 0.0% 1.8%

Q2 2015 790 246 160 128 82 43 31.2% 20.2% 10.4%

Q3 2015 825 252 165 132 96 51 30.5% 20.1% 11.7%

QoQ 4.4% 2.2% 3.6% 3.2% 17.8% 18.6% -0.7% -0.2% 1.3%

SGRO – PT Sampoerna Agro announced its 9m 2015 result: SGRO (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014 2,483 704 485 439 311 164 28.4% 19.5% 12.5%

9m 2015 2,142 628 360 286 195 103 29.3% 16.8% 9.1%

YoY -13.7% -10.9% -25.7% -34.9% -37.3% -37.2% 0.9% -2.7% -3.4%

JSMR – PT Jasa Marga published its 9M15 results: JSMR (IDR bn) Revenue Operating Profit Pretax Earnings Net Income EPS (IDR) Operating Profit Margin Net Profit Margin

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

6,673 2,238 1,366 1,060 156.0 33.5% 15.9%

6,259 2,265 1,228 961 141.0 36.2% 15.4%

-6.2% 1.2% -10.1% -9.4% -9.4% 2.6% -0.5%

2,123 759 423 340 50.0 35.7% 16.0%

2,165 744 374 291 43.0 34.4% 13.4%

1.9% -1.9% -11.6% -14.5% -14.5% -1.3% -2.6%

CORPORATE NEWS – cont’d SMGR – PT Semen Indonesia estimates the sales volume for 2016 to reach 30 million tons, up 5% from this year’s estimated figure of 28.6 million tons. On a separate note, the company may spend USD 360 – 720 million to open new plants in Aceh and Kupang. Moreover, SMGR announced its 3Q15 results: SMGR (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

19,349 8,451 5,110 5,193 4,077 687.4 43.7% 26.4% 21.1%

19,115 7,513 4,099 4,102 3,198 539.2 39.3% 21.4% 16.7%

-1.2% -11.1% -19.8% -21.0% -21.6% -21.6% -4.4% -5.0% -4.3%

6,300 2,446 1,309 1,297 995 167.7 38.8% 20.8% 15.8%

6,474 2,507 1,309 1,304 1,013 170.8 38.7% 20.2% 15.6%

2.8% 2.5% 0.0% 0.6% 1.8% 1.8% -0.1% -0.6% -0.1%

Q2 2015 5,472 566 375 401 310 78.8 10.3% 6.8% 5.7%

Q3 2015 4,761 490 324 300 240 61.0 10.3% 6.8% 5.0%

QoQ -13.0% -13.3% -13.6% -25.3% -22.6% -22.6% 0.0% -0.1% -0.6%

AKRA – PT AKR Corporindo published its 9M 2015 financial results: AKRA (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014 16,989 1,231 763 707 579 147.1 7.2% 4.5% 3.4%

9m 2015 15,034 1,640 1,102 1,082 845 214.9 10.9% 7.3% 5.6%

YoY -11.5% 33.2% 44.4% 53.1% 46.1% 46.1% 3.7% 2.8% 2.2%

APLN – PT Agung Podomoro Land announced its 3Q15 results: APLN (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

3,510 1,755 873 744 511 24.9 50.0% 24.9% 14.6%

3,920 1,982 920 768 368 18.0 50.6% 23.5% 9.4%

11.7% 12.9% 5.4% 3.2% -27.9% -27.9% 0.6% -1.4% -5.2%

1,781 903 557 454 250 12.2 50.7% 31.3% 14.0%

1,144 540 166 110 17 0.8 47.2% 14.5% 1.5%

-35.8% -40.2% -70.2% -75.8% -93.2% -93.2% -3.5% -16.8% -12.5%

BSDE – PT Bumi Serpong Damai announced its 9M15 results: BSDE (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

3,937 2,984 1,905 3,567 3,219 167.2 75.8% 48.4% 81.8%

4,633 3,459 2,169 2,155 1,729 89.8 74.7% 46.8% 37.3%

17.7% 15.9% 13.9% -39.6% -46.3% -46.3% -1.1% -1.6% -44.4%

1,743 1,230 780 775 620 32.2 70.6% 44.7% 35.6%

1,266 948 465 445 314 16.3 74.9% 36.7% 24.8%

-27.3% -22.9% -40.4% -42.5% -49.4% -49.4% 4.3% -8.0% -10.8%

CORPORATE NEWS – cont’d PWON – PT Pakuwon Jati reported its 3Q15 results: PWON (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

2,717 1,625 1,444 1,510 1,316 27.3 59.8% 53.2% 48.4%

3,563 2,093 1,839 1,513 1,168 24.2 58.7% 51.6% 32.8%

31.2% 28.7% 27.3% 0.2% -11.2% -11.2% -1.1% -1.6% -15.7%

1,258 748 654 565 427 8.9 59.4% 52.0% 33.9%

1,137 658 569 508 413 8.6 57.9% 50.0% 36.3%

-9.6% -12.0% -12.9% -10.2% -3.3% -3.3% -1.6% -1.9% 2.4%

TOTO – PT Surya Toto Indonesia announced its 9m 2015 result. TOTO (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014

9m 2015

YoY

Q2 2015

Q3 2015

QoQ

1,491 432 327 329 247 249 29.0% 21.9% 16.5%

1,674 409 284 276 207 209 24.4% 16.9% 12.4%

12.3% -5.5% -13.3% -16.2% -16.2% -16.2% -4.6% -5.0% -4.2%

596 144 104 97 127 129 24.2% 17.4% 21.4%

493 109 66 57 -12 -12 22.1% 13.4% -2.4%

-17.2% -24.4% -36.0% -40.7% -109.2% -109.2% -2.1% -4.0% -23.8%

Q2 2015 548 65 35 31 24 5.9 11.9% 6.5% 4.3%

Q3 2015 624 56 29 29 22 5.6 8.9% 4.6% 3.6%

QoQ 13.9% -14.7% -19.2% -6.0% -5.7% -5.7% -3.0% -1.9% -0.7%

Q2 2015 2,762 148 -2 54 52 9.3 5.4% -0.1% 1.9%

Q3 2015 2,282 183 40 84 73 13.0 8.0% 1.7% 3.2%

QoQ -17.4% 23.6% -2088.6% 56.3% 39.9% 39.9% 2.7% 1.8% 1.3%

KBLI – PT KMI Wire and Cable published its 9M 2015 financial results KBLI (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014 1,640 153 85 64 45 11.3 9.3% 5.2% 2.8%

9m 2015 1,805 173 94 87 66 16.4 9.6% 5.2% 3.7%

YoY 10.1% 13.1% 9.5% 36.5% 45.6% 45.6% 0.3% 0.0% 0.9%

TURI – PT Tunas Ridean published its 9M 2015 financial results TURI (IDR bn) Revenue Gross Profit Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin Operating Profit Margin Net Profit Margin

9m 2014 8,364 486 53 218 187 33.5 5.8% 0.6% 2.2%

9m 2015 7,523 519 81.8 225 199 35.6 6.9% 1.1% 2.6%

YoY -10.1% 6.7% 54.9% 3.2% 6.4% 6.4% 1.1% 0.5% 0.4%

PANR – PT Panorama Sentrawisata acquired PT Gajah Mas (GM) for IDR 130 billion. GM owns a hotel in Yogyakarta.

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.

WE STRONGLY ADVISE INVESTORS TO CONSULT THEIR FINANCIAL ADVISOR BEFORE MAKING THEIR INVESTMENT DECISION. ALL INVESTMENT OPPORTUNITIES PRESENT SOME SORT OF RISK. INVESTORS SHOULD ASSESS THEIR RISK SENSITIVITY IN ORDER TO DETERMINE SUITABILITY OF AN INVESTMENT OPPORTUNITY ACCORDING TO THEIR RISK PROFILE.