Thursday July 30 2015

Morning Brief

Daily IHSG (Jakarta Composite Index)

July 29 4721.12 Chg +6.37 pts (+0.14%) Volume (bn shares) 5.19 Value (IDR tn) 4.81 Adv 162 Dec 303 Unc 92 Untr 185

Foreign Transaction Buy Sell Net Buy (Sell) Top Buy BBRI BBNI BMRI TLKM JSMR

NB Val. 55.4 33.3 31.5 23.9 19.6

LQ-45 Index Gainers UNTR SILO KLBF BSDE ADHI

% 3.9% 3.3% 2.7% 2.4% 1.7%

(IDR bn)

Top Sell BBCA PTPP SSMS SRIL SMRA

2,249 1,882 367 NS Val. 52.3 20.8 16.0 15.1 13.6

Top Gainers & Losers Losers % CTRA -7.4% INDF -4.2% WSKT -3.8% INCO -3.6% PTBA -2.7%

Government Bond Yield & FX Tenor: 10 year USD/IDR KRW/IDR

Last

Chg.

8.5885% 13,456.00 11.61

2.48% -0.07% 0.45%

Global Indexes Index

Indonesian Market Daily

JCI - Intraday

Source: Bloomberg

JCI - daily charts

Today’s Outlook: Normal reaction to the Fed For today we estimate JCI to move flat within support range 4694-4699 and resistance range 4745-4747. After two-days the Fed meeting resulting no increase for interest rate and any timing clues given, it seems that bearish period is halted throughout global market. This is supported by normalized situation in China’s market and recovery in oil prices. However, it must take into consideration that government yield rose significantly yesterday. In addition, earning for each company must be considered appropriately.

Global Market United States US market closed higher last night after the Federal Reserve kept rates unchanged in its July statement amid continued oil prices rebound. Europe European market finished higher yesterday in the middle of massive earnings announcement while investors waiting for the Fed’s decision. Asia Asian market was on rebound yesterday after stimulus in China regulator to stabilize its capital market.

Last

Chg.

%

Dow Jones

17,751.39

121.12

0.69%

S&P 500

2,108.57

15.32

0.73%

Daily Recommendation (details on the next page)

Nasdaq

5,111.73

22.53

0.44%

Trading Buy: APLN, BSDE, SMRA

FTSE 100

6,631.00

75.72

1.16%

CAC 40

5,017.44

40.12

0.81%

Daily Company News

DAX

11,211.85

37.94

0.34%

Nikkei

20,302.91

(25.98)

-0.13%

Hang Seng

24,619.45

115.51

0.47%

GIAA PTBA WTON BBRI

S&P/ASX 200

5,624.16

39.47

0.71%

Local and Global News

CSI 300

3,930.38

119.29

3.13%

KOSPI

2,037.62

(1.48)

-0.07%

Non-discretion fund is 19 percent of total 2016’s state budget Fed leaves interest rate unchanged

: Books profit in 1H : Net profit drops 30.85 percent : Secures IDR 1.35 trillion of new contract in 1H : Opens branch in Singapore

Indonesia Economic Data

Commodity Price Commodity

Source: Bloomberg

Indonesian Market Recap JCI was on rebound from its lowest since March 2014 yesterday after new palm oil export tax rates regulation in the middle of mixed earning reports. Top gainers: Trade (+1.44%), Misc Ind (+0.99%), Agri (+0.98%).

Monthly Indicator

Prev.

Quarterly Indicator

Last

Prev.

7.50%

7.50%

Real GDP

4.71%

5.01%

FX Reserve (USD bn)

108.03

110.77

Current Acc (USD bn)

(3.85)

(5.67)

1.70%

Trd Balance (USD bn)

0.48

1.08

Govt Spending Yoy

2.21%

2.83%

(76.0)

-0.67%

Exports Yoy

-12.78%

-14.39%

FDI (USD bn)

3.73

5.15

10.0

0.06%

96.30

104.07

111.30

116.90

Last

Chg.

%

Gold (USD /troy oz.)

1,096.85

1.37

0.13%

BI Rate

Crude Oil (USD /bbl)

48.79

0.81

1.69%

Gas (USD /mmbtu)

2.86

0.05

Nickel LME (USD /MT)

11,202

Tin LME (USD /MT)

16,330

CPO (MYR/Ton)

2,111

(20.00) -0.94%

Last

Imports Yoy

-17.42%

-21.37%

Business Confidence

Inflation Yoy

7.26%

7.15%

Cons. Confidence

PT NH Korindo Securities Indonesia — Daily Morning Brief | www.nhsec.co.id

Page 11

Stocks Recommendation APLN

Last = 355

Analysis

Long white candlestick after two consecutive spinning candlesticks indicating confirmed bullish reversal. Stochastic indicator has formed golden cross. Momentum indicator is on rebound.

Range

353-365

Action

Trading buy as price above 353 Source: Bloomberg

BSDE

Last = 1715

Analysis

Long-shadowed inverted hammer candlestick indicating bullish reversal possibility. Momentum is on rebound as it is keeping uptrend. William's %R indicator is on rebound from oversold area.

Range

1680-1850

Action

Trading buy as price above 1680 Source: Bloomberg

SMRA

Last = 1710

Analysis

Long-shadowed morning doji star indicating bullish reversal possibility. Price is on rebound around its middle bollinger line. Price near its MA200 day line.

Range

1700-1790

Action

Trading buy as price above 1700 Source: Bloomberg

Daily Company News GIAA : Books profit in 1H PT Garuda Indonesia, Tbk reported profit of USD 27.7 million in first semester compared to loss of USD 203.02 million in previous year. Efficiency after applying hedging policy for aviation fuel gave significant impact to company. The management stated that it has saved USD 315 million in first semester from hedging. (Kontan)

PTBA : Net profit drops 30.85 percent PT Bukit Asam, Tbk reported its net profit dropped by 30.85 percent in first semester from IDR 1.15 trillion to IDR 795.16 billion. Average selling prices declined by 3 percent is major factor for this bad result. Gross profit fell significantly from IDR 2.11 trillion to IDR 1.71 trillion. (Kontan)

WTON : Secures IDR 1.35 trillion of new contract in 1H PT Wijaya Karya Beton, Tbk only secured IDR 1.35 trillion of new contract in first semester. This result is only 33.7 percent of this year target at IDR 4 trillion. The management now is considering to reduce this year target. Significant contracts secured by company are such as oleo chemical project in Riau, non-toll road in Jakarta, and apartment in Sidoarjo. (Kontan)

BBRI : Opens branch in Singapore PT Bank Rakyat Indonesia opened branch in Singapore to increase its image in Asia. The company viewed that Singapore is most important market in Asia as its status bridging Asian economy and the world. In this country the company is aiming trade finance business and remittance. The company is targeting this branch to have asset of USD 200 million by the end of 2017. (Kontan)

PT NH Korindo Securities Indonesia — Daily Morning Brief | www.nhsec.co.ide 2

Page 22

Technical Indicators Support

Ticker S3 IHSG

S2

Resistance S1

R1

R2

R3

SMA 5

MACD

STOCHASTIC

RSI

LOWER MIDDLE UPPER BOLLINGER BAND BOLLINGER BAND BOLLINGER BAND

4,659

4,690

4,705

4,750

4,781

4,795 NEGATIVE NEGATIVE

OVERSOLD

NEAR OVERBOUGHT

4,741

4,874

5,007

AALI

19,363

19,969

20,238

21,113

21,719

21,988 NEGATIVE NEGATIVE

OVERSOLD

OVERSOLD

20,619

24,055

27,491

LSIP

1,253

1,289

1,318

1,383

1,419

1,448 NEGATIVE NEGATIVE

OVERSOLD

OVERSOLD

1,380

1,547

1,714

ADRO

535

555

575

615

635

POSITIVE NEGATIVE

OVERSOLD

NEAR OVERBOUGHT

502

661

820

HRUM

978

986

993

1,008

1,016

1,023 NEGATIVE NEGATIVE

OVERSOLD

OVERSOLD

987

1,068

1,150

ITMG

9,588

9,781

9,938

10,288

10,481

10,638 NEGATIVE NEGATIVE

OVERSOLD

OVERSOLD

9,231

11,684

14,137

INCO

1,970

2,045

2,100

2,230

2,305

2,360 NEGATIVE NEGATIVE

OVERSOLD

OVERSOLD

2,141

2,518

2,894

TINS

553

569

583

613

629

557

647

736

CPIN

2,373

2,411

2,448

2,523

2,561

2,598 NEGATIVE NEGATIVE

OVERSOLD

NEAR OVERBOUGHT

2,521

2,726

2,932

MAIN

1,190

1,233

1,270

1,350

1,393

1,430 NEGATIVE NEGATIVE

OVERSOLD

OVERSOLD

1,268

1,582

1,895

JPFA

407

426

445

483

502

521 NEGATIVE NEGATIVE

OVERSOLD

OVERSOLD

476

524

571

INTP

19,625

20,025

20,350

21,075

21,475

21,800 NEGATIVE NEGATIVE

OVERSOLD

NEAR OVERBOUGHT

20,346

21,305

22,264

SMCB

1,473

1,476

1,483

1,493

1,496

1,503 NEGATIVE NEGATIVE

OVERSOLD

NEAR OVERBOUGHT

1,464

1,508

1,551

SMGR

9,938

10,019

10,163

10,388

10,469

10,613 NEGATIVE NEGATIVE

OVERSOLD

OVERSOLD

10,229

11,480

12,731

WTON

983

1,001

1,013

1,043

1,061

1,073 NEGATIVE NEGATIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

973

1,071

1,169

6,238

6,319

6,363

6,488

6,569

6,613 NEGATIVE NEGATIVE

6,369

6,798

7,226

Agriculture

Mining 655

643

POSITIVE

POSITIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

Basic Industries

Misc. Industries ASII

OVERSOLD

NEAR OVERBOUGHT

Consumer AISA

2,000

2,010

2,015

2,030

2,040

1,841

2,014

2,187

ICBP

11,588

11,781

11,913

12,238

12,431

12,563 NEGATIVE POSITIVE

OVERSOLD

NEAR OVERBOUGHT

11,798

12,334

12,870

INDF

5,463

5,619

5,763

6,063

6,219

6,363 NEGATIVE NEGATIVE

OVERSOLD

OVERSOLD

6,885

ROTI

953

1,011

1,063

1,173

1,231

1,283

44,025

45,513

46,375

48,725

50,213

GGRM

2,045 NEGATIVE NEGATIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

5,880

6,383

POSITIVE NEGATIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

1,093

1,147

1,201

51,075 NEGATIVE POSITIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

42,482

47,573

52,663

KLBF

1,603

1,629

1,653

1,703

1,729

1,625

1,672

1,718

UNVR

39,138

39,344

39,613

40,088

40,294

40,563 NEGATIVE POSITIVE

1,753

POSITIVE

POSITIVE NEAR OVERBOUGHT NEAR OVERBOUGHT OVERSOLD

NEAR OVERBOUGHT

39,336

40,138

40,939

ASRI

490

498

505

520

528

535 NEGATIVE NEGATIVE

OVERSOLD

NEAR OVERBOUGHT

500

551

602

BEST

375

380

383

391

396

399 NEGATIVE NEGATIVE

OVERSOLD

NEAR OVERBOUGHT

381

416

452

BSDE

1,628

1,664

1,683

1,738

1,774

1,793 NEGATIVE NEGATIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

1,616

1,757

1,897

CTRA

950

1,010

1,065

1,180

1,240

1,295 NEGATIVE NEGATIVE

1,140

1,243

1,345

CTRP

478

489

503

528

539

505

547

589

LPKR

1,013

1,059

1,083

1,153

1,199

1,123

1,183

1,243

Property

PWON

553

OVERSOLD

OVERSOLD

POSITIVE NEGATIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

1,223 NEGATIVE NEGATIVE

OVERSOLD

NEAR OVERBOUGHT

388

397

401

414

423

398

421

444

ADHI

2,538

2,571

2,598

2,658

2,691

2,718

427 NEGATIVE NEGATIVE NEAR OVERBOUGHT NEAR OVERBOUGHT NEAR OVERBOUGHT

1,897

2,382

2,867

PTPP

3,725

3,790

3,850

3,975

4,040

4,100 NEGATIVE POSITIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

4,287

TOTL

753

776

803

853

876

WIKA

2,675

2,738

2,785

2,895

WSKT

1,450

1,533

1,625

EXCL

2,643

2,711

TLKM

2,823

2,834

PGAS

3,745

JSMR

POSITIVE

POSITIVE

OVERBOUGHT

3,429

3,858

NEAR OVERBOUGHT

814

854

895

2,958

3,005 NEGATIVE NEGATIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

2,495

2,903

3,311

1,800

1,883

1,975 NEGATIVE NEGATIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

1,498

1,722

1,946

2,758

2,873

2,941

2,988 NEGATIVE NEGATIVE

2,792

3,298

3,804

2,848

2,873

2,884

2,898

2,813

2,884

2,956

3,823

3,865

3,985

4,063

4,105 NEGATIVE NEGATIVE

NEAR OVERBOUGHT

3,881

4,159

4,436

5,388

5,469

5,513

5,638

5,719

5,763 NEGATIVE POSITIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

5,359

5,719

6,079

BBCA

12,175

12,413

12,675

13,175

13,413

13,675 NEGATIVE NEGATIVE

OVERSOLD

NEAR OVERBOUGHT

12,997

13,444

13,891

BBNI

4,405

4,513

4,615

4,825

4,933

5,035 NEGATIVE NEGATIVE

OVERSOLD

OVERSOLD

4,712

5,244

5,776

BBRI

9,288

9,369

9,438

9,588

9,669

9,738 NEGATIVE NEGATIVE

OVERSOLD

NEAR OVERBOUGHT

9,561

10,290

11,019

BBTN

1,135

1,158

1,175

1,215

1,238

1,255 NEGATIVE POSITIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

1,155

1,184

1,212

BMRI

9,213

9,294

9,388

9,563

9,644

9,738 NEGATIVE NEGATIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

9,502

9,973

10,443

903 NEGATIVE NEGATIVE

OVERSOLD

Infrastructure OVERSOLD

OVERSOLD

POSITIVE NEGATIVE NEAR OVERBOUGHT NEAR OVERBOUGHT OVERSOLD

Finance

Trade AKRA

5,663

5,781

5,863

6,063

6,181

UNTR

16,963

17,544

17,938

18,913

19,494

ACES

603

611

618

633

641

648 NEGATIVE NEGATIVE

OVERSOLD

ERAA

513

516

523

533

536

543 NEGATIVE POSITIVE

OVERSOLD

LPPF

15,850

16,250

16,450

17,050

MPPA

2,798

2,836

2,858

943

944

948

2,723

2,776

2,843

TELE SCMA BHIT BMTR

5,188

5,686

6,185

17,755

19,083

20,410

NEAR OVERBOUGHT

605

643

681

NEAR OVERBOUGHT

518

564

609

17,450

17,650 NEGATIVE NEGATIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

16,124

17,146

18,168

2,918

2,956

2,978 NEGATIVE POSITIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

2,786

3,000

3,215

953

954

958 NEGATIVE POSITIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

936

959

981

2,963

3,016

3,083 NEGATIVE NEGATIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

2,782

2,943

3,103

274

278

283

292

296

1,103

1,124

1,143

1,183

1,204

6,263 NEGATIVE POSITIVE NEAR OVERBOUGHT NEAR OVERBOUGHT 19,888

POSITIVE NEGATIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

301 NEGATIVE POSITIVE NEAR OVERBOUGHT NEAR OVERBOUGHT 1,223

POSITIVE

POSITIVE NEAR OVERBOUGHT NEAR OVERBOUGHT

PT NH Korindo Securities Indonesia — Daily Morning Brief | www.nhsec.co.ide 3

248

272

296

1,097

1,139

1,181

Page 33

Fundamental Ratios Ticker

12 Month Consensus Target Price

IHSG

Return Potential

Market Cap (trillion IDR)

PE (x)

PBV (x)

ROE (%)

52 Week High

DER

52 Week Low

YTD Return (%)

1 Year Return

5,693

20.59%

4,520.9

23.7

2.3

10.92%

0.69

5,524

4,711

-9.68%

-7.23%

AALI

22,778

10.04%

32.6

20.6

2.9

14.47%

0.37

27,525

19,250

-14.64%

-22.47%

LSIP

1,771

31.67%

9.2

10.9

1.3

12.10%

-

2,150

1,325

-28.84%

-35.95%

ADRO

933

58.10%

18.9

12.8

0.5

3.85%

0.58

1,390

550

-43.27%

-50.21%

ITMG

15,822

58.62%

11.3

6.1

1.0

15.27%

-

29,500

9,825

-35.12%

-61.85%

INCO

3,096

46.06%

21.1

8.5

0.9

10.13%

0.10

4,575

2,120

-41.52%

-47.33%

TINS

683

12.02%

4.5

9.3

0.8

10.39%

0.42

1,475

575

-50.41%

-57.04%

CPIN

3,522

41.43%

40.8

26.8

3.6

13.77%

0.60

4,345

2,450

-34.13%

-36.96%

JPFA

625

40.45%

4.7

#N/A N/A

1.1

-5.59%

1.37

1,400

445

-53.16%

-64.68%

INTP

21,763

6.55%

75.2

14.2

2.9

21.27%

0.01

25,725

20,425

-18.30%

-18.14%

SMCB

1,492

0.15%

11.4

30.4

1.3

4.23%

0.62

3,030

1,425

-31.81%

-50.83%

SMGR

13,724

33.56%

60.9

11.2

2.4

24.20%

0.16

16,900

10,025

-36.57%

-38.01%

7,233

12.58%

260.1

14.1

2.6

19.50%

0.58

8,575

6,325

-13.47%

-16.83% -14.95%

Agriculture

Mining

Basic Industries

Misc. Industries ASII Consumer AISA

2,200

8.91%

6.5

17.5

1.9

13.54%

0.75

2,565

1,660

-3.58%

ICBP

15,473

28.68%

70.1

25.8

4.8

19.55%

0.22

16,050

10,100

-8.21%

15.07%

INDF

8,420

45.80%

50.7

20.9

1.9

13.42%

0.67

7,725

5,775

-14.44%

-18.37%

ROTI

1,345

15.45%

5.9

30.3

5.7

20.73%

0.87

1,455

1,045

-15.88%

-11.07%

58,167

23.76%

90.4

17.3

2.6

16.09%

0.55

64,250

42,000

-22.57%

-13.28%

KLBF

1,860

9.39%

79.7

38.2

8.0

22.69%

0.03

1,915

1,580

-7.10%

-1.73%

UNVR

36,580

-7.86%

302.9

50.7

47.8

99.87%

0.27

46,000

29,500

22.91%

29.11%

ASRI

730

43.13%

10.0

9.4

1.6

18.65%

1.04

700

430

-8.93%

-2.86%

BEST

510

31.18%

3.8

10.0

1.3

13.70%

0.16

770

369

-46.71%

-34.07%

BSDE

2,259

31.72%

33.0

7.7

1.9

28.78%

0.23

2,230

1,420

-4.99%

8.20%

CTRA

1,448

35.31%

16.2

12.2

2.1

18.61%

0.35

1,585

940

-14.40%

-7.36%

CTRP

690

32.69%

3.2

7.7

0.7

9.37%

0.53

900

493

-38.46%

-31.58%

LPKR

1,309

18.47%

25.5

9.6

1.4

16.95%

0.57

1,460

885

8.33%

0.45%

570

40.49%

19.6

8.0

3.0

45.61%

0.47

565

372

-21.17%

-2.17%

ADHI

3,658

38.84%

4.7

14.9

2.8

20.39%

1.15

3,870

1,910

-24.28%

-15.27%

PTPP

4,712

21.60%

18.8

33.4

7.6

24.91%

1.01

4,245

2,100

8.39%

71.46%

TOTL

1,116

37.78%

2.8

15.5

3.2

21.72%

-

1,210

780

-27.68%

1.25%

WIKA

3,282

17.20%

17.2

33.8

4.3

14.38%

0.61

3,895

2,420

-23.91%

5.66%

WSKT

1,922

15.07%

23.4

32.8

5.8

19.72%

1.11

1,900

765

16.55%

111.51%

TLKM

3,198

12.03%

287.8

18.9

3.9

21.82%

0.26

3,004

2,576

0.18%

8.31%

PGAS

4,480

14.87%

94.5

10.6

2.3

24.92%

0.64

6,225

3,855

-35.00%

-33.90%

JSMR

7,529

35.05%

37.9

27.9

4.1

14.70%

1.17

7,250

5,275

-20.92%

-13.23% 10.78%

GGRM

Property

PWON

Infrastructure

Finance BBCA

13,766

7.13%

316.8

18.4

4.0

22.87%

0.12

15,600

10,950

-2.10%

BBNI

6,985

50.55%

86.5

7.7

1.4

20.20%

0.38

7,275

4,620

-23.93%

-9.02%

BBRI

12,951

36.33%

234.4

9.6

2.4

27.97%

0.59

13,450

9,400

-18.45%

-15.18%

BBTN

1,325

11.79%

12.5

8.9

1.0

11.55%

1.68

1,270

980

-1.66%

9.72%

BMRI

12,179

28.20%

221.7

11.0

2.1

21.07%

0.51

12,550

9,275

-11.83%

-7.32%

Trade AKRA

6,358

7.75%

23.2

22.2

3.9

18.73%

0.69

6,225

3,950

43.20%

34.09%

UNTR

21,275

14.08%

69.6

12.8

1.8

14.90%

0.07

24,500

16,425

7.49%

-18.56%

ACES

755

20.85%

10.7

19.6

4.3

24.05%

0.01

1,025

600

-20.38%

-32.43%

ERAA

836

59.24%

1.5

7.6

0.5

6.90%

0.52

1,295

510

-51.83%

-53.74%

MPPA

4,334

49.45%

15.6

26.8

5.4

18.71%

-

4,500

2,650

-4.92%

-1.53%

TELE

1,133

19.30%

6.8

18.4

2.6

16.17%

0.70

1,050

785

2.15%

20.25%

SCMA

3,437

17.71%

42.7

29.2

11.3

42.77%

0.00

4,200

2,710

-16.57%

-23.16%

BMTR

1,643

41.06%

16.5

33.2

1.4

4.50%

0.45

2,125

1,045

-18.25%

-39.32%

PT NH Korindo Securities Indonesia — Daily Morning Brief | www.nhsec.co.ide 4

Page 44

Global Economic Calendar Monday 27- Jul

EUR GER GER GER USA USA

Hour Jakarta 15:00 15:00 15:00 15:00 19:30 19:30

Tuesday 28 - Jul

UK UK USA USA USA USA

15:30 15:30 20:45 20:45 21:00 21:00

GDP YoY GDP QoQ Markit US Composite PMI Markit US Services PMI Richmond Fed Manufact. Index Consumer Confidence Index

Wednesday 29 - Jul

JPN GER UK USA USA

06:50 13:00 15:30 18:00 21:00

Retail Trade YoY GfK Consumer Confidence Mortgage Approvals MBA Mortgage Applications Pending Home Sales MoM

Jun Aug Jun 7/24/2015 Jun

0.90% 10.1 66.6K 0.80% -1.78%

1.10% 10.1 66.3K -1.10%

3.00% 10.1 64.4K 0.10% 0.90%

Thursday 30 - Jul

USA JPN GER GER EUR GER GER USA USA USA

01:00 06:50 14:55 14:55 16:00 19:00 19:00 19:30 19:30 19:30

FOMC Rate Decision (Upper Bound) Industrial Production MoM Unemployment Claims Rate SA Unemployment Change (000's) Consumer Confidence CPI EU Harmonized MoM CPI MoM GDP Price Index GDP Annualized QoQ Initial Jobless Claims

7/29/2015 Jun P Jul Jul Jul F Jul P Jul P 2Q A 2Q A 7/25/2015

0.25% 0.80%

0.25% 0.30% 6.40% -5K -0.30% 0.20% 1.50% 2.50% --

0.25% -2.10% 6.40% -1K -7.1 -0.20% -0.10% 0.00% -0.20% 255K

Friday 31 - Jul

JPN JPN JPN JPN JPN JPN EUR EUR USA USA USA

06:30 06:30 06:30 06:30 06:30 06:30 16:00 16:00 19:30 20:45 21:00

Tokyo CPI YoY Natl CPI Ex Fresh Food YoY Natl CPI YoY Job-To-Applicant Ratio Tokyo CPI Ex-Fresh Food YoY Jobless Rate Unemployment Rate CPI Estimate YoY Employment Cost Index Chicago Purchasing Manager U. of Mich. Sentiment

0.20% 0.00% 0.30% 1.20 0.00% 3.30% 11.10% 0.20% 0.60% 50.5 94.0

0.30% 0.10% 0.50% 1.19 0.10% 3.30% 11.10% 0.20% 0.70% 49.4 93.3

Date

Country

Event

Period

Actual

Consensus

Prev

Jun Jul Jul Jul Jun Jun

5.00% 113.9 102.4 108.0 0.80% 3.40%

5.10% 113.0 102.0 107.5 0.40% 3.00%

5.00% 113.1 102.0 107.4 0.00% -2.20%

2Q A 2Q A Jul P Jul P Jul Jul

2.60% 0.70% 55.2 55.2 13 90.91

2.60% 0.70% -55.0 6 100.0

2.90% 0.40% 54.6 54.8 6 101.4

M3 Money Supply YoY IFO Current Assessment IFO Expectations IFO Business Climate Durables Ex Transportation Durable Goods Orders

Jul Jun Jun Jun Jul Jun Jun Jul 2Q Jul Jul F

Local Economic Calendar Date 29 - 31 Jul

Hour Jakarta Tentative Money Supply M2 YoY Tentative Money Supply M1 YoY

Event

Period Jun Jun

Actual

Consensus

Prev

13.20% 8.20%

7.50% 5.50%

Source: Bloomberg PT NH Korindo Securities Indonesia — Daily Morning Brief | www.nhsec.co.ide 5

Page 55

Local & Global News Non-discretion fund is 19 percent of total 2016’s state budget Vice President, Jusuf Kalla stated that non-discretion fund in 2016 proposed stated budget is IDR 398 trillion or about 19 percent from total budget of IDR 2,095 trillion. About 81 percent of the budget is tied to constitution such budget for education, healthy, and regular expense. Non-discretion fund will be used to several strategic projects including infrastructure development. (Bisnis) Fed leaves interest rate unchanged The US Federal Reserve declined to raise interest rates or provide any clues about when a hike is on the way in its two-day meeting concluded last night. Previously, there had been some anticipation that the Fed would provide at least few code words indicating that it was ready to move, but there was no evidence in the post-meeting statement. Market reaction was generally positive though not decisively so. (CNBC)

Corporate Calendar Date Monday 27 - Jul

Event

Company

Extraordinary Shareholder Meeting BHIT, BMTR, MNCN, MSKY

Extraordinary Shareholder Meeting MERK Tuesday 28 - Jul

Stock Buyback

BHIT (10% of shares), MSKY (10% of shares)

Earnings Release Q2 2015

BDMN (EPS estimate: 68.85)

Annual Shareholder Meeting OCAP Wednesday Extraordinary Shareholder Meeting PPRO 29 - Jul Earnings Release Q2 2015 BBCA (EPS estimate: 176.76), GIAA

Thursday 30 - Jul

Friday 31 - Jul

Annual & Extraordinary Shrhldr M

SIPD

Earnings Release Q2 2015

BMRI (EPS estimate: 221.87), BBNI (EPS estimate: 149.25), LPPF (EPS estimate: 137.81

Cum Stock Split Date

CEKA (2 for 1)

Earnings Release Q2 2015

BBRI (EPS estimate: 251.96) Source: Bloomberg

PT NH Korindo Securities Indonesia — Daily Morning Brief | www.nhsec.co.ide 6

Page 66

Disclaimer & Contacts

Research Team: Reza Priyambada

Bagus Permadi

[email protected]

[email protected]

Raphon Prima [email protected]

DISCLAIMER This report, and any electronic access to it, is restricted to and intended only for clients of PT NH Korindo Securities Indonesia or a related entity to PT NH Korindo Securities Indonesia. This document is for information only and for the use of the recipient. It is not to be reproduced or copied or made available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommendation contained in this report may not to be suitable for all investors. Moreover, although the information contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. We expressly disclaim any responsibility or liability (express or implied) of P.T. NH Korindo Securities Indonesia, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither PT NH Korindo Securities Indonesia, its affiliated companies or their respective employees or agents accepts liability for any errors, omissions or misstatements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission therefrom which might otherwise arise is hereby expresses disclaimed. All rights reserved by PT NH Korindo Securities Indonesia

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