Asiamoney’s

2013

Best Domestic

Equity House

22 June 2016

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.

Beacon Indonesia Morning Brief

IDX: 4,883 (+0.3%) Turnover: IDR4.8tn (+29.8%)

Foreign Net BUY: IDR331.9bn (From Net SELL: IDR912.2bn)

TODAY’S NEWS

POLITICS

Budi Gunawan may be new intelligence chief; 2 deputy police chief candidates

Bank Indonesia’s website hit by cyber crime ECONOMICS

Public Works Ministry’s expenditure cut gets approval

Total government debt increased to IDR3,323.4tn

Revised state budget: House agrees to 2.35% of fiscal deficit; GDP target at 5.2%

BI: Not concerned about Brexit FIXED INCOME

Government bonds auction result INDUSTRY

Property Watch: LTV relaxation to not significantly affect property sector

Tobacco: Government plans to raise cigarette VAT from 8.7% to 10%

Automotive: MPV Sales Increased on Lebaran seasonality

Land Transportation: Ministry to issue permit for Bandung-Jakarta railway project

Electricity: Sarula geothermal power plant to operate by December 2016

Oil: New ICP formula to boost state income

Steel: Government optimistic to raise domestic steel demand by 8% this year CORPORATE

GGRM to distribute IDR5tn in dividends

ICBP launches new product of Qtela Opak

LPPF launches promotions ADHI gains IDR5.3tn of new contracts in 5M16

GIAA: May 2016 passengers carried 3.3mn, +15.6% y-y

SOCI declares IDR 52.94bn dividend; considers USD200mn loan

KRAS: Allocates capital injection for factories and power plants;

PLN proposes additional PMN of IDR13.56tn

INDICES Asia Last Chg% ytd % y-y %

Hang Seng (HK) 20,668.4 0.8 (5.7) (22.8)

IDX (Indonesia) 4,878.7 0.3 6.2 (2.1)

KLCI (Mal.) 1,637.7 0.2 (3.2) (4.9)

KOSPI (Korea) 1,982.7 0.1 1.1 (3.1)

Nikkei (Japan) 16,169.1 1.3 (15.1) (19.9)

PCOMP (Phil.) 7,767.2 1.3 11.7 2.2

SENSEX (India) 26,827.6 (0.1) 2.7 (1.8)

SET (Thailand) 1,430.3 0.5 11.0 (4.1)

SHCOMP (China) 2,878.6 (0.4) (18.7) (35.7)

SHENZHEN (China) 1,889.7 (1.0) (18.2) (31.1)

STI (Singapore) 2,796.2 (0.2) (3.0) (15.3)

TWSE (Taiwan) 8,684.9 0.7 4.2 (5.8)

VNI (Vietnam) 628.0 0.2 8.5 7.4

Europe, USA and Ems 1,972.1

1,972.1

CAC 40 (France) 4,367.2 0.6 (5.8) (12.6)

DAX (Germany) 10,015.5 0.5 (6.8) (12.6)

Dow Jones (USA) 17,829.7 0.1 2.3 (1.6)

FTSE 100 (UK) 6,226.6 0.4 (0.3) (8.8)

IBOV (Brazil) 50,837.8 1.0 17.3 (5.4)

MEXBOL (Mexico) 45,705.4 (0.2) 6.3 1.1

NGSEINDX (Nigeria) 29,422.7 2.3 2.7 (11.9)

Nasdaq (USA) 4,843.8 0.1 (3.3) (6.0)

RTSI (Russia) 937.2 0.2 23.8 (4.3)

S&P 500 (USA) 2,088.9 0.3 2.2 (1.6)

XU100 (Turkey) 77,531.4 0.0 8.1 (6.0) Source: Bloomberg

ETF, ADR & COMMODITIES Last Chg% ytd % y-y %

EEM US (USD) 34.1 0.77 6.0 (14.8)

EIDO US (USD) 23.6 0.58 13.1 (2.0)

TLK US (IDR) 3,909 0.87 33.4 36.7

Como Index (USD) 193.1 (0.68) 9.6 (13.5)

Coal (USD/t) 55.0 (2.22) 8.6 (10.2)

Corn (USD/mtn) 145.5 (6.34) 8.7 8.8

Coffee (USD/t) 2,854.3 (0.13) 10.3 5.5

Copper (USD/t) 4,587.0 0.04 7.3 (15.9)

Cotton (USD/t) 1,385.6 (2.39) (0.7) (0.7)

CPO Rott (USD/t) 652.5 (0.38) 2.8 (4.0)

Gold (USD/oz.) 1,269.9 (1.41) 19.6 7.1

Iron ore (USD/mtn) 49.4 0.00 13.8 (22.0)

Milk (USD/cwt) 15.1 (1.18) (3.8) (11.1)

Nickel (USD/t) 9,180.0 (0.33) 9.2 (23.3)

Oil Brent (USD/barrel) 50.6 (0.06) 35.8 (19.7)

Rice (IDR/kg) 5,026.0 0.00 (0.6) 8.5

Rubber (USD/t) 125.8 (1.72) 10.6 (20.3)

Silver (USD/oz) 17.3 (1.12) 24.7 6.5

Soybean oil (USD/t) 691.4 (0.88) 2.7 (3.7) Steel (USD/t) 381.4 (0.49) 26.1 9.5

Sugar (USD/t) 436.1 (0.55) 32.5 65.7

Tins (USD/t) 17,035.0 0.18 19.3 6.2 Wheat (USD/t) 173.6 (3.08) (4.0) (12.7) Source: Bloomberg

ECONOMIC INDICATORS MARKET DATA

15A 16F 17F

15A 16F 17F

Cur acc bal (%GDP) (2.1) (2.3) (2.3) Op.prof.gwt.(%) (0.3) 9.6 13.3

Fiscal bal (%GDP) (2.6) (2.7) (2.5) EPS growth (%) (5.2) 12.6 15.0

GDP growth (%y-y) 4.8 5.1 5.2 P/E (x) 20.2 17.7 15.4

Private spending (%) 5.0 5.2 5.3 PEG (x) (3.5) 1.3 1.0

Investment (%y-y) 5.0 6.6 5.0 EV/EBITDA (x) 8.6 13.2 11.3

Total exports (%y-y) (2.0) (4.5) (1.8) P/BV (x) 10.6 9.3 8.3

Total imports (%y-y) (5.9) (7.5) (2.6) P/BV exc. 3.6 3.2 2.9

Inflation (%y-y) 3.3 3.9 4.5 Div. Yield (%) 2.1 2.2 2.5

IDR/USD 13,788 14,000 13,500 Net gearing (%) 25.1 20.2 17.7

BI rate (% p.a.) 7.50 6.25 6.00 ROAE (%) 33.2 30.4 30.7

Brent Oil (Usd/bbl) 30.9 35.0 50.0 ROAA (%) 12.7 12.8 13.4

FX reserve (USDb) 105.9 105.0 112.0 ROIC (%) 22.5 22.7 24.9 Source: Bahana estimates Source: Bahana estimates

CURRENCIES & RATES Last Prev. ytd % y-y %

AUD/1USD 0.746 0.746 (2.3) 3.6

EUR/1USD 1.125 1.132 (3.4) 0.8

IDR/1USD 13,263 13,265 4.0 0.4

JPY/1USD 104.810

103.790

14.7 17.7

SGD/1USD 1.343 1.343 5.6 (0.6)

JIBOR (%) 4.64 4.64 (2.9) (1.0)

BI rate (%) 6.50 6.50 (1.0) (1.0)

TD – 1 month (%) 6.44 6.41 (0.6) (0.8)

CDS (bps) 190.00 190.84 21.1 111.5 Source: Bloomberg

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 2

POLITICS

Budi Gunawan may be new intelligence chief; 2 deputy police chief candidates possible

News reports indicate that there may be two deputy police chief candidates, Inspector General Lutfi

Lubihanto and Commander General Syafruddin. In addition, Commander General Budi Gunawan, the current

Deputy Head of Police is speculated to be considered as the new Intelligence Agency Chief, replacing

Sutiyoso. (Detik.com). Bahana comment: This may be the compromise that we have all been waiting for,

providing face for Megawati’s camp which would like to see Budi Gunawan as the next Police Chief.

Bank Indonesia’s website hit by cyber crime

Bank Indonesia’s website was recently hit by massive crime, which also occurred to Bank of Korea. Bank

Indonesia has blocked access from 149 countries. (Detik.com)

ECONOMICS

Public Works Ministry’s expenditure cut gets approval

The House’s Commission V has agreed on the budget cut for the Ministry of Public Works and Public Housing

amounting to IDR8.4tn to IDR 97.1tn (previous: IDR104.1tn). (Bisnis Indonesia). Bahana comment: We

believe that more cuts would be necessary given the government’s huge tax shortfall this year, which we

expect to be between IDR300-500tn. We reiterate our NEUTRAL call on construction/infrastructure sector.

Total government debt increased to IDR3,323.4tn

As of May 2016, total government debt increased to IDR3,323.4tn (April: IDR3,279.3tn), comprising 77.1%

government bonds of IDR2,536.3tn, IDR755.6tn foreign debt (April: IDR745.0tn) and IDR4.4tn domestic

debt (April: IDR4.3tn). (okezone.com)

Revised state budget: House agrees to 2.35% of fiscal deficit; GDP target at 5.2%

Lawmakers have agreed to a wider fiscal deficit assumption in the revised version of 2016 state budget,

reflecting a grim prospect of lower revenue this year to 2.35% of GDP (government’s proposal: 2.48%).

Separately, the House also approved the government's 2016 economic growth target at 5.2%, slightly lower

than the initial 5.3%. (Jakarta Globe). Bahana comment: The GDP target is slightly higher than our

expectation at 5.1% in 2016, while fiscal deficit assumption is lower compared to our estimate at 2.7% of

GDP.

BI: Not concerned about Brexit

BI sees no need for special preparations ahead of a possible Brexit, as prudent policy framework and

standard operating procedures are in place, Nanang Hendarsah, head of financial market development

department, has said by text message. (Bloomberg)

FIXED INCOME

Government bonds auction result

The government received IDR12.9tn from the recent bond auction, with bid amounts reaching IDR17.5tn.

The series auctioned were SPN12170302 (reopening), FR0053 (reopening), FR0073 (reopening) and FR0072

(reopening), with respective bid-to-amount ratios of 1.47x, 1.18x, 1.13x and 2.32x. The settlement date will

be on 23 June. (kemenkeu.go.id)

INDUSTRY

Property Watch: LTV relaxation to not significantly affect property sector

Indonesia Property Watch (IPW) expects recent Loan-to-Value (LTV) relaxation will not significantly affect

property sector as IPW previously proposed 95% LTV relaxation ratio. Thus, IPW doubts BI’s 15% mortgage

growth target this year. (Koran tempo). Bahana comment: This is in line with our expectation that the

property market will remain unexciting, particularly post the payments of tax amnesty fines resulting in lack

of liquidity on the ground. Retain sector UNDERWEIGHT on property.

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 3

Tobacco: Government plans to increase cigarette value added tax from 8.7 to 10%

The government is planning to increase cigarette value added tax from 8.7% to 10% post 2017. The policy

was created to allow cigarette’s VAT level to be more in line with other South East Asia countries.

Previously, the Government had increased cigarette VAT from 8.4% to 8.7% earlier this year.

(cnnindonesia.com)

Automotive: MPV Sales Increased on Lebaran seasonality

PT Toyota Astra Motor (TAM) stated that its Avanza 5M16 sales increased 4% ytd. Meanwhile, Innova sales

increased by 39.4% ytd. The other MPV car producers also reported positive sales like PT Nissan Motor

Indonesia (NMI) with Grand Livina having sold 683 units in 5M16. The sales were affected by the current

Lebaran seasonality. (Kontan)

Land Transportation: Ministry to issue permit for Bandung-Jakarta railway project next week

The Transportation Ministry is set to allow PT Kereta Cepat Indonesia China (KCIC) to construct the

Bandung-Jakarta railway infrastructure next week. Out of a total track length of 142km, 40% or 56.8km of

the land are estimated to have met the requirement for development. (Kontan)

Electricity: Sarula geothermal power plant to operate by December 2016

Sarula geothermal power plant unit I, with 110MW capacity, plans to begin commercial operations by

December 2016. The project requires an investment of USD1.5bn to be funded by private participation led

by Medco Energi Internasional (MEDC IJ-BUY-IDR1,480) with a consortium of multinational corporations,

including Itochu, Kyushu and Ormat. (Bisnis.com)

Oil: New ICP formula to boost state income

The government is considering changing the formula for calculating local oil price benchmark to include

European and US oil price benchmarks to make ICP more relevant to global prices. By doing this,

government expects to boost state income as the final figure for oil and gas tax income revenues have been

boosted to IDR36.4tn, every USD1/b increase in ICP brings an additional IDR660bn in revenue. In addition,

the new ICP formula will also help the government judge global oil prices more accurately.

(Petromindo.com)

Steel: Government optimistic to increase domestic steel absorption by 8% this year

Public work and public housing ministry mentioned that the ministerial projects will use 1.1mn-2mn tons of

steel (70% domestic steel products) and is optimistic that the government infrastructure projects will

increase the domestic steel absorption by 8%. (Bisnis.com)

CORPORATE

GGRM to distribute IDR5tn in dividends

Gudang Garam (GGRM IJ-BUY-IDR66,250-TP:IDR88,000) plans to distribute IDR5tn in dividends or

IDR2,600 per share from net profit of 2015, reflecting around 4% yield. The amount of dividends to be

distributed in 2016 is up significantly from IDR800 per share in 2015(+225% y-y). Separately, the

management expected the sales volume this year will be flat due to excise tax increase. (Bisnis Indonesia).

Bahana comment: This dividend payout is much higher than consensus’ estimate of just IDR1,000 per

share. Looking ahead, we expect GGRM’s ROE to rise as we expect higher dividend payout to be sustainable

ahead, helped by the company’s lower capex cycle. We reiterate our positive view on the stock.

ICBP launches new product of Qtela Opak

Indofood CBP (ICBP IJ-BUY-IDR17,050-TP:18,300) launches new product of Qtela Opak, a new variant of

Qtela, a potato-based snack with traditional concept. This launch is expected to help reaffirm ICBP’s position

as market leader in the modern snack segment. Based on management survey, Opak is one of Indonesian’s

favorite snacks. (IQplus)

LPPF launches promotions

Matahari Department Store (LPPF IJ – BUY – IDR19,925 – TP:IDR21,500) launched promotions on

MatahariMall.com in an effort to participate Jakarta Great Online Sale, 20-26 June 2016. (Investor Daily)

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 4

ADHI gains IDR5.3tn of new contracts in 5M16 Adhi Karya (ADHI IJ-BUY-IDR2,820-TP:IDR3,200) gains Rp5.3tn worth of new contract as of 5M16, up

14.5% y-y. This was due mainly due to the construction project of Transmart Srondol in Semarang with an

Rp134.3bn investment. The contribution from each business line regarding new contracts is still dominated

by construction (89.8%), followed by EPC (6.4%), property (3.7%), and precast (0.1%). (Indonesia Market

Quotes, Finansial Bisnis). Bahana comment: Note that the 5M16 contracts represent 19% of our full-year

target, which is still relatively in line with expectations.

GIAA: May 2016 passengers carried 3.3mn, +15.6% y-y

Garuda Indonesia (GIAA IJ-REDUCE-IDR484-TP:IDR400) reported May passengers carried of 3.3mn

(+15.6% y-y), bringing 5M16 total passengers to 13.8mn (+5.4% y-y). Revenue passenger kilometers

(RPK) was 3.9bn or +16.6% y-y (5M16: 17.4bn or +6.4% y-y) and available seat kilometeres (ASK) was

5.4bn or +19.1% y-y (5M16: 24.7bn or +12.9% y-y), with a total seat load factor of 74.2% in May,

increasing from 69.3% in April but slightly down from 75.7% a year earlier. May domestic passengers

carried reached 1.8m, up 9.2% y-y, while international passengers carried was up 5.1% y-y to around 375k.

As of May, GIAA had a total fleet of 191 aircraft (+16 aircraft y-y), vs 175 aircraft a year earlier. (GIAA).

Bahana comment: We expect GIAA to continue to see positive results towards the Lebaran festivities as

well as the holiday season in the next 2 months. Note that the 5M16 Pax carried represents 37.1% of our

full-year estimate.

y-y Ytd

(%) May-15 Apr-16 May-16 5M15 5M16

Total Group

Pax Carried 23.6 4.7 15.6 20.9 5.4

ASK 6.8 14.4 19.1 8.6 12.9

RPK 19.5 7.7 16.6 20.4 6.4

SLF (%) 75.7 69.3 74.2 75.0 70.6

Domestic

Pax Carried 19.9 2.8 9.2 16.9 0.3

ASK 14.5 1.3 2.3 15.4 2.2

RPK 20.2 1.2 7.7 20.6 (1.9)

SLF (%) 77.0 73.4 81.0 74.5 71.5

International

Pax Carried 14.4 (0.1) 5.1 15.9 (1.6)

ASK (8.2) 22.9 31.6 (2.3) 17.6

RPK 11.5 14.1 18.3 15.4 9.5

SLF (%) 72.5 65.9 65.2 73.6 68.5

Citilink

Pax Carried 37.5 11.3 33.9 33.9 20.1

ASK 36.9 26.6 31.1 27.1 28.4

RPK 39.1 (8.5) 34.3 34.1 19.2

SLF (%) 80.3 69.5 82.2 80.1 74.3 Source: Company

SOCI declares IDR 52.94bn dividend; considers USD200mn loan

At its annual general meeting, Soechi Lines (SOCI IJ-BUY-IDR428-TP:IDR630) declared a dividend of

IDR52.94bn, equal to IDR7.5 per share, reflecting 1.75% yield. The cum date will be on July 1 and the

dividend will be distributed on July 22. Meanwhile, SOCI is considering loans worth USD200mn from

domestic and foreign banks to refinance its debt and to fund capital spending. SOCI plans to purchase 3-4

new vessels with each capacity of 50,000 DWT. (IQPlus, Bisnis.com, Kontan, Bisnis Indonesia)

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 5

KRAS: Allocates capital injection for factories and power plants Krakatau Steel (KRAS IJ-REDUCE-IDR675-TP:IDR275) has allocated its received capital injection (PMN) for

building the hot strip mill factory and power plants, which require an investment of IDR7.2tn. (Tempo)

PLN proposes additional PMN of IDR13.56tn

PLN (Persero) has proposed additional state capital injection (PMN) to the government amounting to

IDR13.56tn, up from the previous proposal of IDR10tn, in the 2016 national budget. As a result, the

company’s total PMN is expected to reach IDR23.56tn. (IQplus)

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 6

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 06/21/2016 06/20/2016 CHANGE (%)

Alam Sutera Realty ASRI IJ REDUCE 300 (38.3) 486 418 16.27

Total Bangun Persada TOTL IJ BUY 940 27.9 735 665 10.53 Ramayana Lestari Sentosa RALS IJ BUY 1,080 11.3 970 900 7.78 Gajah Tunggal GJTL IJ BUY 860 (15.3) 1,015 945 7.41 Multipolar MLPL IJ BUY 550 45.5 378 356 6.18 Bumi Serpong Damai BSDE IJ BUY 2,020 (3.3) 2,090 1,970 6.09 Pakuwon Jati PWON IJ HOLD 490 (21.0) 620 585 5.98 J Resources PSAB IJ BUY 280 (21.3) 356 336 5.95 Lippo Karawaci LPKR IJ REDUCE 1,130 10.2 1,025 980 4.59 Gudang Garam GGRM IJ BUY 88,000 32.8 66,250 63,400 4.50 Agung Podomoro Land APLN IJ REDUCE 220 (14.1) 256 246 4.07 Adhi Karya ADHI IJ BUY 3,200 13.5 2,820 2,730 3.30 Nippon Indosari Corpindo ROTI IJ BUY 1,450 (2.0) 1,480 1,435 3.14 Bank Negara Indonesia BBNI IJ BUY 5,200 7.2 4,850 4,720 2.75 Summarecon Agung SMRA IJ BUY 1,820 3.4 1,760 1,715 2.62 Wintermar Offshore Marine WINS IJ HOLD 184 (22.0) 236 230 2.61 Bukit Asam PTBA IJ BUY 7,800 (4.9) 8,200 8,000 2.50 Holcim Indonesia SMCB IJ REDUCE 850 (19.8) 1,060 1,035 2.42 Matahari Department Store LPPF IJ BUY 20,500 2.9 19,925 19,525 2.05 Indo Tambangraya Megah ITMG IJ REDUCE 4,000 (54.4) 8,775 8,600 2.03 PP Property PPRO IJ HOLD 210 (47.8) 402 394 2.03 Wijaya Karya WIKA IJ BUY 3,100 5.1 2,950 2,900 1.72 Lippo Cikarang LPCK IJ BUY 8,300 11.0 7,475 7,350 1.70 Surya Citra Media SCMA IJ REDUCE 2,800 (15.9) 3,330 3,280 1.52 Bekasi Fajar Industrial Estates BEST IJ REDUCE 300 11.1 270 266 1.50 Krakatau Steel KRAS IJ REDUCE 275 (59.3) 675 665 1.50 Waskita Karya WSKT IJ BUY 2,700 9.3 2,470 2,440 1.23 Tower Bersama Infrastructure TBIG IJ REDUCE 5,750 (13.5) 6,650 6,575 1.14 Charoen Pokphand Indonesia CPIN IJ BUY 3,500 (9.1) 3,850 3,810 1.05 Puradelta Lestari DMAS IJ BUY 290 39.4 208 206 0.97

Bank Bukopin BBKP IJ REDUCE 540 (1.8) 550 545 0.92 Japfa Comfeed Indonesia JPFA IJ BUY 940 (16.1) 1,120 1,110 0.90 Salim Ivomas Pratama SIMP IJ HOLD 290 (36.1) 454 450 0.89 Ciputra Property CTRP IJ REDUCE 335 (50.0) 670 665 0.75 Bank Rakyat Indonesia BBRI IJ HOLD 11,000 5.8 10,400 10,325 0.73 Express Transindo Utama TAXI IJ BUY 208 29.2 161 160 0.63 Wijaya Karya Beton WTON IJ BUY 1,100 15.2 955 950 0.53 Telekomunikasi Indonesia TLKM IJ BUY 4,500 16.3 3,870 3,850 0.52 Soechi Lines SOCI IJ BUY 630 47.2 428 426 0.47 Unilever Indonesia UNVR IJ BUY 50,500 15.3 43,800 43,600 0.46 Media Nusantara Citra MNCN IJ BUY 2,500 12.1 2,230 2,220 0.45 AKR Corporindo AKRA IJ BUY 9,000 46.9 6,125 6,100 0.41 Ciputra Development CTRA IJ BUY 1,400 (4.1) 1,460 1,455 0.34 Indonesian Stock Exchange JCI 4,879 4,864 0.31 Mayora Indah MYOR IJ BUY 37,000 (4.1) 38,600 38,500 0.26 Sarana Menara Nusantara TOWR IJ BUY 5,000 20.5 4,150 4,140 0.24 Indocement Tunggal Prakarsa INTP IJ REDUCE 13,950 (13.6) 16,150 16,125 0.16 Garuda Indonesia GIAA IJ REDUCE 400 (17.4) 484 484 0.00 Cardig Aero Services CASS IJ HOLD 1,250 25.0 1,000 1,000 0.00 Astra International ASII IJ REDUCE 5,650 (16.3) 6,750 6,750 0.00 Indomobil Sukses Internasional IMAS IJ HOLD 2,000 42.9 1,400 1,400 0.00 Bank Central Asia BBCA IJ HOLD 14,000 9.2 12,825 12,825 0.00 Bank Danamon Indonesia BDMN IJ HOLD 3,300 (6.3) 3,520 3,520 0.00 Bank Jawa Timur BJTM IJ REDUCE 430 (6.1) 458 458 0.00 Adaro Energy ADRO IJ HOLD 645 (23.7) 845 845 0.00 Hero Supermarket HERO IJ REDUCE 650 (38.1) 1,050 1,050 0.00 Sri Rejeki Isman SRIL IJ BUY 400 53.8 260 260 0.00 Electronic City ECII IJ REDUCE 700 45.2 482 482 0.00 Matahari Putra Prima MPPA IJ BUY 1,850 43.4 1,290 1,290 0.00 Surya Semesta Internusa SSIA IJ BUY 720 11.6 645 645 0.00 Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (44.1) 1,790 1,790 0.00 Tunas Baru Lampung TBLA IJ BUY 570 0.9 565 565 0.00 Malindo Feedmill MAIN IJ BUY 1,700 6.3 1,600 1,600 0.00 Xl Axiata EXCL IJ BUY 4,340 14.2 3,800 3,800 0.00 Tiphone Mobile Indonesia TELE IJ BUY 1,180 68.6 700 700 0.00 Anabatic Technologies ATIC IJ BUY 800 24.0 645 645 0.00 Adi Sarana Armada ASSA IJ BUY 130 14.0 114 114 0.00 Mitra Adiperkasa MAPI IJ BUY 4,750 14 4,150 4,160 (0.24) HM Sampoerna HMSP IJ BUY 4,600 21.4 3,790 3,800 (0.26) Tempo Scan Pacific TSPC IJ BUY 2,000 11.1 1,800 1,805 (0.28) Pelayaran Tempuran Emas TMAS IJ BUY 3,000 103.4 1,475 1,480 (0.34) Dharma Satya Nusantara DSNG IJ BUY 535 7.4 498 500 (0.40) Astra Agro Lestari AALI IJ REDUCE 13,626 (6.8) 14,625 14,700 (0.51) Merdeka Copper Gold MDKA IJ BUY 2,200 15.2 1,910 1,920 (0.52) Ace Hardware Indonesia ACES IJ BUY 975 11.4 875 880 (0.57) Kawasan Industri Jababeka KIJA IJ BUY 270 (6.3) 288 290 (0.69) Indofood Sukses Makmur INDF IJ BUY 6,600 (5.7) 7,000 7,050 (0.71) Indofood CBP Sukses Makmur ICBP IJ BUY 18,300 7.3 17,050 17,175 (0.73) Sampoerna Agro SGRO IJ HOLD 1,800 (7.0) 1,935 1,950 (0.77) Indosat ISAT IJ BUY 7,300 13.2 6,450 6,500 (0.77) Semen Indonesia SMGR IJ HOLD 8,900 (1.7) 9,050 9,125 (0.82) Bank Mandiri BMRI IJ HOLD 9,300 3.3 9,000 9,075 (0.83) Semen Baturaja SMBR IJ REDUCE 400 (29.2) 565 570 (0.88) Vale Indonesia INCO IJ REDUCE 1,400 (22.9) 1,815 1,835 (1.09) Mitra Keluarga Karyasehat MIKA IJ REDUCE 1,900 (26.1) 2,570 2,600 (1.15) Perusahaan Gas Negara PGAS IJ BUY 3,200 35.0 2,370 2,400 (1.25) Jasa Marga JSMR IJ BUY 6,000 15.4 5,200 5,275 (1.42) Bank Tabungan Negara BBTN IJ HOLD 1,700 4.0 1,635 1,660 (1.51) Pembangunan Perumahan PTPP IJ BUY 4,300 12.3 3,830 3,890 (1.54) London Sumatra Indonesia LSIP IJ BUY 1,780 24.0 1,435 1,460 (1.71) Sido Muncul SIDO IJ BUY 630 24.8 505 515 (1.94) Aneka Tambang ANTM IJ REDUCE 207 (71.8) 735 750 (2.00) Timah TINS IJ REDUCE 411 (43.3) 725 740 (2.03) Kimia Farma KAEF IJ BUY 1,430 19.7 1,195 1,220 (2.05) Blue Bird BIRD IJ REDUCE 3,500 (16.5) 4,190 4,280 (2.10) Harum Energy HRUM IJ REDUCE 500 (39.8) 830 850 (2.35) Kalbe Farma KLBF IJ BUY 1,480 6.5 1,390 1,425 (2.46) Medco Energi Internasional MEDC IJ BUY 1,300 (12.2) 1,480 1,520 (2.63) United Tractors UNTR IJ BUY 18,300 37 13,375 13,800 (3.08) Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,100 (14.3) 2,450 2,530 (3.16) Erajaya Swasembada ERAA IJ BUY 850 39.3 610 630 (3.17) Bank Jawa Barat dan Banten BJBR IJ HOLD 970 (3.0) 1,000 1,065 (6.10) Siloam International Hospitals SILO IJ BUY 12,400 25.3 9,900 10,900 (9.17)

Source: Bloomberg, Bahana estimates

JCI >5.0% 0.1% -0.1% -5%

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 7

Stock JCI code Ticker Rating Price TP 3M avg to

(IDR) (IDR) (IDRb) 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F

PX_LAST

AVIATION AVIATION N 26.5 59,000 66,614 76,230 1,464 1,969 2,577 1,084 1,724 2,165 na 37.4 19.2 13.5 8.5 6.7 7.5 5.9 5.3 0.7 0.6 0.4 0.3 0.2 0.3 (102.5) (91.9) (81.8) 10.7 13.5 13.2 3.4 4.5 4.8 6.5 7.8 8.1

Garuda Indonesia GIAA IJ Equity GIAA IJ* REDUCE 484 400 26.4 57,368 64,708 74,084 1,050 1,474 2,005 966 1,582 2,005 na 63.8 26.7 13.1 8.0 na 7.9 6.2 5.6 0.1 0.1 0.0 0.0 0.0 0.0 (125.2) (108.1) (97.2) 7.6 11.1 11.2 2.2 3.3 3.6 3.9 5.1 5.5

Cardig Aero Service CASS IJ Equity CASS IJ HOLD 1,000 1,250 0.1 1,632 1,905 2,146 414 496 571 118 142 160 6.2 20.1 12.5 17.7 14.7 13.1 5.3 3.9 3.4 4.7 3.7 3.0 2.1 1.7 1.9 34.0 5.5 11.0 28.9 27.9 25.4 10.9 12.0 11.6 22.1 23.7 23.4

AUTOMOTIVE AUTOMOTIVE N 222.1 215,039 236,696 258,650 18,260 20,636 22,738 13,750 19,236 21,338 (28.8) 39.9 10.9 20.4 14.6 13.2 11.4 11.9 10.9 2.6 2.4 2.1 2.6 3.1 3.4 46.7 41.7 37.2 14.1 17.2 16.9 5.8 7.3 7.4 9.6 12.3 12.5

Astra International ASII IJ Equity ASII IJ REDUCE 6,750 5,650 211.4 184,196 202,994 222,145 17,212 19,456 21,392 14,464 19,047 20,610 (24.6) 31.7 8.2 18.9 14.3 13.3 11.3 11.7 10.7 2.7 2.4 2.2 2.6 3.1 3.4 42.7 37.0 32.1 14.6 17.6 17.2 6.0 7.5 7.6 10.0 12.6 12.8

Indomobil Sukses InternationalIMAS IJ Equity IMAS IJ HOLD 1,400 2,000 0.0 18,010 19,770 21,414 98 149 229 (292) 126 292 na na na na 30.6 13.3 27.5 29.8 28.4 0.7 0.7 0.7 0.0 0.8 1.9 251.2 297.2 316.2 (5.3) 2.3 5.2 (1.2) 0.5 1.0 (1.6) 0.6 1.2

Gajah Tunggal GJTL IJ Equity GJTL IJ BUY 1,015 860 10.7 12,833 13,932 15,091 950 1,031 1,117 (422) 62 436 na na na na 57.1 8.1 5.1 4.7 5.7 0.7 0.7 0.7 0.0 0.4 3.1 130.5 129.3 130.3 (7.7) 1.3 8.4 (2.6) 0.4 2.4 (3.6) 0.5 3.4

BANKS BANKS UW 844.0 274,550 295,363 323,022 103,617 109,290 121,197 81,990 87,193 96,558 0.7 6.3 10.7 11.7 11.0 9.9 na na na 2.4 2.1 1.8 2.4 2.2 2.3 na na na 20.1 18.5 17.7 2.7 2.6 2.6 na na na

Bank Central Asia BBCA IJ Equity BBCA IJ HOLD 12,825 14,000 185.4 51,413 54,667 58,922 22,657 25,089 27,636 18,019 20,051 22,086 9.3 11.3 10.1 17.5 15.8 14.3 na na na 3.5 3.0 2.6 1.2 1.3 1.4 na na na 21.9 20.6 19.3 3.1 3.2 3.2 na na na

Bank Rakyat Indonesia BBRI IJ Equity BBRI IJ HOLD 10,400 11,000 288.0 70,688 75,366 81,584 30,511 31,895 34,882 25,398 26,831 29,275 4.9 5.6 9.1 10.1 9.6 8.8 na na na 2.3 1.9 1.7 3.0 3.1 3.4 na na na 24.1 21.9 20.5 3.0 2.9 2.9 na na na

Bank Mandiri BMRI IJ Equity BMRI IJ HOLD 9,000 9,300 187.4 67,316 71,421 78,060 26,339 26,240 29,089 20,335 20,058 22,172 2.3 (1.4) 10.5 10.3 10.5 9.5 na na na 1.8 1.6 1.4 2.9 1.9 1.8 na na na 18.5 16.2 15.9 2.3 2.1 2.1 na na na

Bank Negara Indonesia BBNI IJ Equity BBNI IJ BUY 4,850 5,200 137.6 35,298 38,934 43,381 11,057 11,912 13,663 9,067 9,805 11,230 (15.9) 8.1 14.5 10.0 9.2 8.1 na na na 1.2 1.1 1.0 2.5 2.2 2.2 na na na 13.8 12.6 13.0 2.0 1.8 1.9 na na na

Bank Danamon BDMN IJ Equity BDMN IJ HOLD 3,520 3,300 9.1 18,638 20,359 21,691 3,944 4,327 4,825 2,393 3,068 3,397 (8.1) 28.2 10.7 14.1 11.0 9.9 na na na 1.0 0.9 0.9 2.1 2.5 2.5 na na na 7.2 8.7 9.0 1.2 1.5 1.3 na na na

Bank Tabungan Pensiunan NasionalBTPN IJ EQUITY BTPN IJ REDUCE 2,450 2,100 1.5 8,460 9,056 10,343 2,460 2,204 2,438 1,702 1,572 1,804 (8.9) (7.6) 10.5 8.4 9.1 8.2 na na na 1.1 0.9 0.8 0.0 0.0 1.8 na na na 13.5 10.9 11.3 2.2 1.8 1.8 na na na

Bank Tabungan Negara BBTN IJ Equity BBTN IJ HOLD 1,635 1,700 22.0 7,998 9,210 10,904 2,534 2,897 3,305 1,851 2,179 2,484 61.6 17.7 14.0 9.3 7.9 7.0 na na na 1.2 1.1 1.0 2.1 2.2 2.2 na na na 14.2 14.8 14.9 1.2 1.1 1.0 na na na

Bank Jabar Banten BJBR IJ Equity BJBR IJ HOLD 1,000 970 9.6 6,987 7,568 8,164 1,736 1,989 2,221 1,381 1,565 1,746 24.8 13.7 11.6 7.0 6.2 5.6 na na na 1.3 1.1 1.0 8.5 8.9 9.9 na na na 18.7 19.4 19.6 1.7 1.7 1.6 na na na

Bank Jatim BJTM IJ Equity BJTM IJ REDUCE 458 430 1.6 3,558 4,136 4,800 1,208 1,385 1,637 885 1,027 1,213 (5.8) 16.1 18.1 7.7 6.7 5.6 na na na 1.1 1.0 0.9 9.4 8.6 9.3 na na na 14.3 15.8 17.3 2.2 2.2 2.3 na na na

Bank Bukopin BBKP IJ Equity BBKP IJ REDUCE 550 540 1.8 4,193 4,646 5,174 1,173 1,353 1,502 960 1,037 1,151 43.2 7.9 11.1 5.2 4.8 4.3 na na na 0.7 0.6 0.5 3.8 4.1 4.6 na na na 13.4 13.1 13.0 1.1 1.0 1.0 na na na

CEMENT CEMENT UW 131.0 55,446 58,501 62,224 11,584 12,255 12,681 9,408 9,765 10,067 (20.3) 3.8 3.1 13.5 13.0 12.6 6.9 8.0 7.6 2.2 2.1 1.9 4.3 4.5 4.7 4.4 7.8 5.6 16.7 16.6 16.1 13.1 12.8 12.3 23.3 21.0 19.7

Semen Indonesia SMGR IJ Equity SMGR IJ HOLD 9,050 8,900 59.6 26,948 27,634 29,189 5,899 5,924 6,020 4,521 4,688 4,781 (18.7) 3.7 2.0 11.9 11.4 11.2 3.1 6.9 6.3 2.0 1.8 1.6 2.5 2.6 2.7 0.9 7.6 2.3 17.9 16.9 15.5 12.5 11.3 10.3 18.1 16.2 14.8

Indocement INTP IJ Equity INTP IJ REDUCE 16,150 13,950 46.9 17,798 18,320 19,536 5,029 5,219 5,439 4,357 4,516 4,723 (17.7) 3.6 4.6 13.6 13.2 12.6 8.6 8.6 8.2 2.5 2.4 2.4 6.6 6.8 7.2 nc nc nc 18.0 18.7 19.1 15.4 16.0 16.0 30.4 28.3 27.5

Holcim Indonesia SMCB IJ Equity SMCB IJ REDUCE 1,060 850 0.8 9,239 10,919 11,621 324 735 792 175 170 221 na na na na 47.9 36.8 16.9 9.1 8.6 1.0 1.0 1.0 1.6 1.6 2.0 63.0 72.4 72.7 2.1 2.0 2.6 1.0 0.9 1.1 1.3 1.2 1.5

Semen Baturaja SMBR IJ Equity SMBR IJ REDUCE 565 400 23.6 1,461 1,628 1,878 331 377 430 354 391 342 5.4 10.4 (12.5) 15.7 14.2 16.2 10.2 10.9 11.1 1.9 1.7 1.6 1.6 1.8 1.5 nc nc nc 12.6 12.5 10.0 11.4 11.3 7.9 30.4 17.8 9.9

COAL COAL N 158.7 128,090 121,850 125,638 18,105 15,930 13,839 12,557 11,309 9,887 4.0 (9.9) (12.6) 8.6 9.5 10.9 3.7 3.5 3.4 1.2 1.1 1.0 4.9 4.1 4.0 7.6 5.5 3.0 14.8 12.6 10.6 8.5 7.3 6.3 17.5 16.0 14.0

United Tractors UNTR IJ Equity UNTR IJ BUY 13,375 18,300 63.8 49,968 49,619 51,535 8,357 8,192 8,437 6,847 6,383 6,395 27.5 (6.8) 0.2 7.3 7.8 7.8 3.0 2.8 2.4 1.2 1.1 1.0 5.5 4.3 5.3 nc nc nc 17.5 14.7 13.6 10.5 8.9 8.5 21.5 20.6 20.5

Adaro Energy ADRO IJ Equity ADRO IJ* HOLD 845 645 45.1 37,576 33,558 32,774 4,648 3,584 2,268 2,128 1,764 1,050 1.5 (17.9) (40.0) 12.6 15.4 25.6 4.3 4.5 4.5 0.7 0.7 0.7 4.1 3.7 3.0 30.2 22.0 11.9 5.7 4.4 2.6 2.6 2.0 1.2 4.2 3.5 2.2

Indo Tambangraya Megah ITMG IJ Equity ITMG IJ* REDUCE 8,775 4,000 13.5 23,102 19,323 21,830 2,643 1,351 629 1,546 992 546 (68.6) (17.4) (59.6) 11.2 13.6 33.6 1.9 2.3 2.8 0.8 0.8 0.9 7.1 5.5 2.2 nc nc nc 13.4 8.2 4.6 8.8 5.4 2.9 18.7 12.4 7.5

Tambang Batubara Bukit AsamPTBA IJ Equity PTBA IJ BUY 8,200 7,800 35.3 13,734 15,832 15,981 2,414 2,774 2,547 2,036 2,198 1,990 9.4 7.9 (9.6) 9.3 8.6 9.5 6.7 5.9 6.6 2.1 1.9 1.7 3.7 4.1 3.3 nc nc nc 23.0 22.7 18.9 12.8 12.5 10.4 27.5 25.6 20.1

Harum Energy HRUM IJ Equity HRUM IJ* REDUCE 830 500 0.9 3,710 3,518 3,518 42 28 (42) 0 (28) (95) (50) (1,000) 289 830.0 (92.2) (23.7) (4.4) (5.9) (10.9) 0.6 0.6 0.6 0.1 0.0 (0.7) nc nc nc 0.0 (0.7) (2.4) 0.0 (0.5) (1.8) 0.0 (2.5) (9.7)

CONS. & TOLL ROADS CONS. & TOLL ROADS N 211.3 63,155 90,905 109,789 8,730 12,016 13,876 4,632 5,847 6,391 23.2 21.8 3.9 27.3 21.6 19.8 14.9 12.1 11.3 3.6 3.2 2.8 1.2 1.4 1.5 54.2 84.4 107.5 15.8 15.3 14.9 4.4 4.4 4.0 12.2 10.8 9.6

Jasa Marga JSMR IJ Equity JSMR IJ BUY 5,200 6,000 19.1 7,646 8,712 9,598 3,235 3,685 3,753 1,466 1,540 1,372 3.1 5.0 (10.9) 24.1 23.0 25.8 12.1 12.6 12.9 3.4 3.1 2.9 1.7 1.7 1.6 120.9 180.6 217.4 14.8 14.2 11.7 4.3 3.6 2.6 6.9 5.6 3.9

Wijaya Karya WIKA IJ Equity WIKA IJ BUY 2,950 3,100 26.7 12,150 14,875 17,597 1,297 1,718 2,050 559 785 957 (9.2) 40.6 21.8 32.4 23.0 18.9 13.1 10.1 8.5 4.0 3.5 3.0 0.9 1.3 1.6 51.7 49.7 44.7 13.2 16.2 16.9 3.4 4.3 4.5 9.7 10.8 11.5

Pembangunan Perumahan PTPP IJ Equity PTPP IJ BUY 3,830 4,300 21.4 14,909 20,378 24,313 1,695 2,223 2,659 704 914 1,066 32.4 29.8 16.6 26.3 20.3 17.4 11.3 9.0 7.8 4.5 3.8 3.3 1.1 1.5 1.7 35.0 44.9 55.3 21.7 20.4 20.4 4.3 4.5 4.3 16.5 14.5 13.5

Waskita Karya WSKT IJ Equity WSKT IJ BUY 2,470 2,700 48.0 14,153 23,984 27,788 1,415 2,438 2,854 1,048 1,401 1,488 73.1 14.9 6.2 27.1 23.6 22.2 19.3 15.2 15.0 3.5 3.1 2.8 0.6 0.8 0.9 29.1 70.5 120.1 17.0 13.9 13.2 4.9 4.1 3.5 12.6 9.2 6.7

Wijaya Karya Beton WTON IJ Equity WTON IJ BUY 955 1,100 18.0 2,570 4,160 5,824 258 454 620 195 349 475 (45.5) 79.5 36.1 42.8 23.8 17.5 23.5 14.6 11.0 3.7 3.4 3.0 0.7 1.3 1.7 1.6 nc nc 8.9 14.9 18.0 5.2 8.2 8.9 9.8 14.1 16.7

Adhi Karya ADHI IJ Equity ADHI IJ BUY 2,820 3,200 74.6 9,390 16,177 21,268 611 1,232 1,622 464 627 777 16.6 (17.3) 23.9 13.2 16.0 12.9 13.8 8.7 6.2 1.9 1.8 1.6 1.5 1.2 1.5 nc 18.5 3.9 13.6 11.6 12.9 3.4 3.3 3.4 13.1 11.7 11.6

Total Bangun Persada TOTL IJ Equity TOTL IJ BUY 735 940 3.5 2,338 2,618 3,400 218 266 317 197 230 255 20.4 16.7 10.9 12.7 10.9 9.8 8.3 6.8 5.8 2.8 2.5 2.2 4.1 4.7 5.5 nc nc nc 23.3 24.3 24.0 7.6 8.3 8.4 73.8 62.6 53.5

CONSUMER - DISCRE. CONSUMER - DISCRE. N 146.2 75,113 83,338 94,165 8,014 9,758 11,448 5,639 7,298 8,810 (10.2) 27.8 20.1 31.8 24.6 20.4 22.1 16.7 14.4 22.2 13.9 10.3 2.0 2.4 2.8 10.8 8.3 7.1 108.7 64.6 52.4 28.2 29.4 28.3 22.2 23.9 26.4

Surya Citra Media SCMA IJ Equity SCMA IJ REDUCE 3,330 2,800 19.1 4,238 4,573 4,983 2,015 2,199 2,417 1,524 1,663 1,840 4.7 9.2 10.6 32.0 29.3 26.5 23.7 21.1 19.1 14.3 12.7 11.2 2.3 2.6 2.8 nc nc nc 46.2 49.6 48.3 32.7 34.7 34.7 61.9 63.2 67.4

Matahari Department Store LPPF IJ Equity LPPF IJ BUY 19,925 20,500 85.1 9,007 10,383 12,119 2,330 2,702 3,158 1,781 2,170 2,545 25.5 21.8 17.3 32.6 26.8 22.8 22.3 18.8 15.7 52.6 28.7 19.0 2.1 2.6 3.1 nc nc nc 281.5 138.4 100.1 48.8 48.8 44.3 na na na

Media Nusantara Citra MNCN IJ Equity MNCN IJ BUY 2,230 2,500 12.1 6,445 6,985 7,645 2,194 2,529 2,840 1,186 1,685 2,007 (32.7) 42.1 19.1 26.9 18.9 15.9 14.7 12.6 11.1 3.3 3.0 2.7 1.9 2.6 3.2 37.9 29.4 24.1 13.3 17.7 18.9 8.4 11.2 12.4 10.2 13.3 14.9

Matahari Putra Prima MPPA IJ Equity MPPA IJ BUY 1,290 1,850 12.9 13,929 15,592 17,616 282 500 628 183 362 488 (67.0) 98.0 34.8 37.9 19.1 14.2 12.2 7.8 6.1 2.5 2.3 2.1 3.3 2.1 2.8 nc nc nc 6.5 12.6 15.6 3.0 5.6 7.1 7.2 12.5 17.3

ACE Hardware ACES IJ Equity ACES IJ BUY 875 975 7.3 4,743 5,137 5,715 688 753 847 588 642 723 4.7 9.1 12.6 25.5 23.4 20.8 18.8 16.7 14.6 5.7 5.0 4.4 1.9 2.1 2.3 nc nc nc 23.8 22.8 22.5 18.9 18.3 18.0 29.5 32.6 37.1

HERO Supermarket HERO IJ Equity HERO IJ REDUCE 1,050 650 0.0 14,353 16,257 18,590 (246) (43) 98 (29) 57 191 na na na na 32.6 17.8 115.6 13.6 8.7 0.8 0.8 0.8 0.0 0.0 0.0 (0.9) (16.3) (11.1) (0.5) 1.1 3.4 (0.4) 0.6 1.9 (0.5) 1.2 4.0

Ramayana Lestari Sentosa RALS IJ Equity RALS IJ BUY 970 1,080 6.4 7,786 8,284 8,944 234 299 361 336 371 430 (5.5) 10.3 16.1 20.5 18.6 16.0 13.3 8.4 7.0 2.1 1.9 1.8 2.4 2.7 3.1 nc nc nc 10.1 10.8 11.8 7.4 7.9 8.7 21.1 26.1 33.0

Mitra Adiperkasa MAPI IJ Equity MAPI IJ BUY 4,150 4,750 3.3 12,833 14,254 16,448 523 770 1,020 37 266 462 (52.8) 611.7 73.7 184.5 25.9 14.9 11.0 7.7 6.2 2.3 2.1 1.9 0.0 0.6 1.0 105.9 90.5 81.1 1.4 8.6 13.5 0.4 2.7 4.2 0.6 4.3 7.3

Electronic City ECII IJ Equity ECII IJ REDUCE 482 700 0.0 1,781 1,874 2,106 (5) 50 81 33 82 124 (74.5) 149.2 51.0 19.5 7.8 5.2 na 2.5 1.3 0.4 0.3 0.3 0.5 1.3 1.9 nc nc nc 1.8 4.5 6.4 1.7 4.1 5.8 2.4 6.0 8.7

CONSUMER - STAPLES CONSUMER - STAPLES OW 414.2 348,330 383,212 428,198 49,832 54,634 62,176 34,038 37,725 43,492 8.1 11.4 15.2 36.5 32.9 28.6 28.3 26.2 22.9 25.5 22.8 20.9 2.0 2.0 2.4 16.0 7.9 7.0 56.6 53.8 56.3 25.8 25.5 27.2 52.8 52.8 58.5

HM Sampoerna HMSP IJ Equity HMSP IJ BUY 3,790 4,600 70.5 89,069 97,539 108,853 14,048 14,922 17,446 10,363 11,458 13,458 (2.5) 9.8 17.4 42.2 38.5 32.8 29.8 28.2 24.2 13.7 14.5 15.6 2.8 2.3 3.0 nc nc nc 45.5 36.8 45.9 31.2 29.5 33.5 44.5 38.3 47.2

Unilever Indonesia UNVR IJ Equity UNVR IJ BUY 43,800 50,500 69.1 36,484 40,257 45,540 7,944 8,943 10,108 5,852 6,612 7,489 2.0 13.0 13.3 57.1 50.5 44.6 40.3 36.5 32.3 69.2 59.0 51.0 1.6 1.9 2.1 22.2 nc nc 124.2 126.0 122.6 39.0 40.3 40.9 107.5 116.2 126.1

Gudang Garam GGRM IJ Equity GGRM IJ BUY 66,250 88,000 78.8 70,366 75,730 83,554 9,906 10,731 11,965 6,436 6,694 7,540 19.9 4.0 12.6 19.8 19.0 16.9 12.5 11.7 10.5 3.4 3.1 2.8 1.5 2.2 2.5 47.0 48.1 44.8 18.1 16.8 17.2 10.6 10.1 10.5 12.2 11.4 11.7

Kalbe Farma KLBF IJ Equity KLBF IJ BUY 1,390 1,480 68.5 17,887 19,300 20,943 2,647 2,812 3,080 2,004 2,167 2,400 (2.9) 8.1 10.7 32.5 30.1 27.2 20.7 18.1 16.5 6.2 5.6 5.0 1.5 1.7 1.8 nc nc nc 20.2 19.6 19.6 15.3 15.1 15.1 25.2 25.0 25.0

Indofood Sukses Makmur INDF IJ Equity INDF IJ BUY 7,000 6,600 49.2 64,062 70,849 78,078 6,877 7,610 8,547 2,968 3,454 4,196 (23.6) 16.4 21.5 20.7 17.8 14.6 9.4 7.0 6.1 2.3 2.2 2.0 2.3 2.7 3.3 75.4 38.7 27.2 11.2 12.5 14.3 3.3 3.8 4.4 6.6 8.0 10.7

Indofood CBP Sukses MakmurICBP IJ Equity ICBP IJ BUY 17,050 18,300 35.1 31,741 35,573 39,811 3,908 4,559 5,173 3,001 3,516 4,042 15.2 17.2 15.0 33.1 28.3 24.6 21.6 19.0 16.6 6.3 5.6 5.0 1.3 1.6 1.8 nc nc nc 20.1 21.0 21.5 11.7 12.3 12.6 28.5 27.3 25.3

Mayora Indah MYOR IJ Equity MYOR IJ BUY 38,600 37,000 0.9 14,819 16,390 18,550 1,862 2,035 2,322 1,219 1,320 1,500 202.2 8.3 13.6 28.3 26.2 23.0 15.6 14.0 12.2 6.6 5.5 4.6 0.4 0.8 0.9 37.0 18.4 6.3 26.9 23.5 22.3 11.3 11.1 11.5 16.7 18.6 19.9

Tempo Scan Pacific TSPC IJ Equity TSPC IJ BUY 1,800 2,000 0.4 8,220 9,160 10,888 640 713 785 575 622 672 (0.7) 8.1 7.8 14.1 13.0 12.1 8.3 7.5 6.7 1.8 1.7 1.5 3.2 3.5 3.7 nc nc nc 13.4 13.4 13.1 9.7 9.8 9.6 21.2 19.8 18.3

Sido Muncul SIDO IJ Equity SIDO IJ BUY 505 630 2.1 2,268 2,424 2,719 495 530 598 424 455 517 1.4 7.1 13.3 18.0 16.8 14.9 11.5 10.4 9.0 2.6 2.3 2.0 1.1 1.2 1.2 nc nc nc 15.1 14.4 14.5 14.1 13.5 13.6 23.0 22.0 21.5

Nippon Indosari Corpindo ROTI IJ Equity ROTI IJ BUY 1,480 1,450 3.2 2,189 2,693 3,343 389 458 575 265 322 416 40.3 21.6 29.2 28.3 23.3 18.0 15.1 12.7 10.5 6.5 5.4 4.4 0.9 1.1 1.4 39.2 17.6 18.2 25.0 25.2 26.7 11.1 11.4 12.7 16.3 19.7 22.6

Kimia Farma KAEF IJ Equity KAEF IJ BUY 1,195 1,430 4.5 5,070 5,754 6,599 342 422 524 279 327 367 19.1 17.1 12.1 23.8 20.3 18.1 18.6 15.6 15.6 3.3 3.0 2.6 1.1 1.2 1.4 7.7 15.4 79.6 14.8 15.4 15.4 9.0 9.4 7.6 15.1 13.8 10.3

Mitra Keluarga Karyasehat MIKA IJ Equity MIKA IJ REDUCE 2,570 1,900 0.0 2,038 2,301 2,645 560 622 704 558 636 699 4.3 10.3 9.3 65.9 59.8 54.7 45.7 50.5 45.1 11.8 11.6 10.9 1.3 1.3 1.2 nc nc nc 23.3 20.4 21.0 19.7 17.5 18.0 65.2 61.2 54.8

Siloam International Hospital SILO IJ Equity SILO IJ BUY 9,900 12,400 32.0 4,116 5,242 6,675 215 276 350 94 142 197 49.7 63.0 28.8 122.2 75.0 58.2 19.4 15.2 11.7 6.6 6.2 5.6 0.1 0.2 0.3 20.6 32.8 34.5 5.5 7.9 10.1 3.2 4.5 5.4 4.7 6.3 7.6

INDUSTRIAL ESTATES INDUSTRIAL ESTATES N 44.7 13,515 12,069 13,698 4,443 4,988 5,652 3,407 3,929 4,584 12.8 15.3 16.7 7.9 6.8 5.8 6.5 5.9 5.1 1.3 1.1 0.9 2.2 2.6 2.8 16.3 16.9 15.1 17.8 17.4 17.0 12.4 12.9 12.8 19.0 18.6 17.9

Puradelta Lestari DMAS IJ Equity DMAS IJ BUY 208 290 2.1 2,286 1,299 1,711 1,859 1,368 1,705 1,799 41.9 24.6 5.5 7.3 5.9 5.6 6.8 5.0 4.4 1.4 1.2 1.0 4.1 5.1 5.4 nc nc nc 20.2 21.6 19.4 17.5 19.8 18.5 23.6 25.8 23.6

Kawasan Industri Jababeka KIJA IJ Equity KIJA IJ BUY 288 270 11.8 3,140 3,223 3,463 910 984 1,078 339 450 584 (18.4) 33.0 29.8 17.6 13.2 10.2 8.3 7.6 6.8 1.3 1.2 1.1 0.4 0.5 0.7 57.3 54.0 44.4 7.5 9.2 10.8 3.7 4.4 5.2 4.9 5.9 7.3

Bekasi Fajar Industrial EstateBEST IJ Equity BEST IJ REDUCE 270 300 10.5 687 563 743 396 321 444 212 159 326 (46.0) (24.9) 104.9 12.3 16.4 8.0 8.4 11.7 8.8 0.9 0.8 0.7 1.2 0.9 1.5 25.4 39.5 43.3 7.2 5.1 9.7 5.1 3.2 5.9 6.2 3.8 6.9

Surya Semesta Internusa SSIA IJ Equity SSIA IJ BUY 645 720 14.2 5,282 6,065 6,939 845 937 1,095 579 618 716 39.4 6.8 15.9 5.2 4.9 4.2 3.4 3.2 2.8 1.0 0.8 0.7 3.8 4.1 4.7 10.3 10.0 9.5 20.0 18.2 18.2 8.8 8.2 8.5 18.6 16.5 16.6

Lippo Cikarang LPCK IJ Equity LPCK IJ BUY 7,475 8,300 6.1 2,121 2,218 2,553 993 1,035 1,175 911 997 1,158 7.7 9.4 16.2 5.7 5.2 4.5 4.7 4.4 3.9 1.4 1.1 0.9 0.0 0.0 0.0 nc nc nc 28.9 24.3 22.5 18.5 16.7 16.3 32.9 27.9 25.3

INDUSTRY - Various INDUSTRY - Various 63.2 48,542 92,424 37,858 (1,286) (22) 2,258 (3,408) (2,201) (1,545) na na na na na na 6.6 4.0 2.8 0.7 0.7 0.7 1.1 0.7 0.9 78.1 93.8 32.5 (5.7) (2.0) (1.4) (2.7) (1.1) (0.4) (4.5) (1.5) (0.5)

Krakatau Steel KRAS IJ Equity KRAS IJ* REDUCE 675 275 17.4 19,341 20,947 0 (2,555) (1,635) 0 (3,047) (2,636) (2,513) na na na na na na na na na 0.5 0.5 0.6 0.0 0.0 0.0 83.6 112.8 0.0 (16.9) (11.8) (12.7) (7.0) (5.1) (4.7) (8.9) (6.0) (5.6)

Anabatic Technologies ATIC IJ Equity ATIC IJ BUY 645 800 0.0 2,626 2,964 3,375 178 217 263 60 110 146 (12.7) 65.0 32.1 18.1 11.0 8.3 7.0 6.0 5.1 1.6 1.5 1.3 1.6 1.3 2.3 52.4 50.7 47.1 12.4 14.8 17.1 2.8 4.4 5.2 6.4 9.8 11.5

Sri Rejeki isman SRIL IJ Equity SRIL IJ BUY 260 400 31.4 8,708 9,674 11,620 1,372 1,568 1,904 784 868 1,064 10.5 14.3 22.9 6.2 5.4 4.4 6.1 5.6 4.8 1.3 1.0 0.9 2.3 2.7 3.1 134.1 118.8 102.2 22.0 20.0 20.4 7.6 7.3 7.9 9.2 8.9 9.7

Multipolar MLPL IJ Equity MLPL IJ BUY 378 550 14.4 17,867 19,695 22,203 (281) (172) 91 (1,205) (543) (242) na na na na na na 25.5 12.5 7.6 0.5 0.6 0.6 2.5 0.0 0.0 nc 22.4 30.4 (15.4) (7.8) (3.7) (5.3) (2.4) (1.0) (12.7) (6.0) (2.9)

LAND TRANSPORTATION LAND TRANSPORTATION UW 18.0 7,835 23,011 15,755 1,641 1,827 1,945 895 982 1,004 (0.7) 9.7 2.3 12.5 11.4 11.2 6.3 5.7 5.5 2.3 2.1 1.9 3.1 3.4 3.5 49.4 50.2 57.1 20.1 18.7 16.8 10.9 10.6 9.1 15.2 13.6 11.9

Blue Bird BIRD IJ Equity BIRD IJ REDUCE 4,190 3,500 6.0 5,472 6,250 6,988 1,173 1,298 1,354 829 885 889 (2.0) 6.8 0.5 12.7 11.8 11.8 6.4 5.9 5.7 2.5 2.2 2.0 3.1 3.4 3.4 39.9 40.1 47.0 21.3 19.6 17.6 11.6 11.3 9.6 15.7 14.0 12.2

Express Transindo Utama TAXI IJ Equity TAXI IJ BUY 161 208 11.4 970 1,040 1,114 240 243 264 32 36 42 (72.7) 12.4 14.7 10.7 9.5 8.3 3.6 3.8 3.7 0.4 0.4 0.4 1.7 1.9 2.2 162.7 174.5 188.8 3.6 3.9 4.3 1.1 1.2 1.2 1.3 1.4 1.5

Adi Sarana Armada ASSA IJ Equity ASSA IJ BUY 114 130 0.5 1,393 1,606 1,850 228 286 326 34 60 73 (20.4) 125.8 19.3 11.3 5.0 4.2 4.0 3.5 3.3 0.5 0.4 0.4 2.6 6.0 7.1 205.7 212.2 213.6 4.0 6.8 7.7 1.3 2.0 2.3 1.4 2.2 2.5

METALS METALS N 145.0 32,345 25,401 28,013 1,623 982 4,125 (43) (331) 2,064 (101.9) 669.8 (723.6) (1,333.4) (173.2) 27.8 (371.4) 40.9 10.5 0.8 0.8 0.8 0.9 0.2 0.8 43.0 41.3 36.3 0.8 1.0 5.5 (0.1) 0.0 2.5 (1.0) (1.3) 0.9

Vale Indonesia INCO IJ Equity INCO IJ* REDUCE 1,815 1,400 17.1 11,060 8,036 8,736 1,120 238 854 714 98 588 (67.8) (83.8) 527.3 26.7 165.0 26.3 6.2 7.5 5.6 0.7 0.7 0.7 2.4 0.3 2.1 nc nc nc 3.0 0.4 2.2 2.2 0.3 1.8 3.1 0.4 2.4

Aneka Tambang ANTM IJ Equity ANTM IJ REDUCE 735 207 86.8 10,519 10,632 12,362 (768) (647) 154 (1,209) (882) (157) (76.5) (63.2) (237.9) na na na (1,077.0) 102.2 19.0 1.0 1.0 1.0 0.0 0.0 0.3 43.8 52.8 59.8 (8.6) (5.6) (1.0) (4.8) (3.1) (0.6) (5.9) (3.8) (0.7)

Timah TINS IJ Equity TINS IJ REDUCE 725 411 11.5 6,874 6,733 6,915 81 131 135 102 89 93 (85.9) (14.3) 0.0 51.8 60.4 60.4 14.0 10.9 10.1 1.0 1.0 1.0 0.7 0.7 0.0 30.1 22.1 24.3 2.1 1.7 1.8 1.1 1.0 1.0 1.5 1.3 1.4

J Resources Asia Pasifik PSAB IJ Equity PSAB IJ* BUY 356 280 4.7 3,892 4,396 5,390 1,274 1,400 2,520 448 574 1,302 59.8 28.8 126.8 4.9 3.8 1.7 8.1 7.1 4.3 0.6 0.5 0.4 0.0 0.0 0.0 131.0 109.7 68.5 13.2 14.2 26.1 3.8 4.7 10.3 5.4 6.5 14.0

Merdeka Copper Gold MDKA IJ Equity MDKA IJ* BUY 1,910 2,200 25.0 0 0 868 (84) (140) 462 (98) (210) 238 58.3 na na na na na na na na 3.9 4.3 3.8 0.0 0.0 1.0 7.7 75.0 53.5 (9.0) (10.2) 11.4 (4.6) (6.9) 6.5

OIL & GAS OIL & GAS N 165.3 68,863 66,678 79,368 9,504 12,385 15,768 6,300 7,395 9,557 (35.3) 17.4 29.2 13.8 11.7 9.1 8.9 8.1 6.8 2.0 1.8 1.6 2.7 3.0 3.2 17.7 15.2 13.5 13.8 13.8 15.9 6.3 6.6 7.6 9.8 9.7 11.8

Perusahaan Gas Negara PGAS IJ Equity PGAS IJ* BUY 2,370 3,200 105.5 42,966 38,528 45,052 7,910 8,260 10,766 5,614 5,880 7,952 (39.4) 4.7 35.0 10.2 9.8 7.2 5.7 6.4 4.7 1.4 1.2 1.1 3.7 3.6 3.8 nc nc nc 13.3 12.1 16.5 6.6 6.3 8.2 9.7 8.3 11.7

AKR Corporindo AKRA IJ Equity AKRA IJ BUY 6,125 9,000 50.5 19,344 18,832 22,965 1,345 1,837 1,720 1,047 1,338 1,310 28.1 27.8 (2.1) 23.0 18.0 18.4 16.2 12.7 12.2 4.0 3.4 3.0 1.4 1.7 2.2 40.9 28.8 16.4 18.2 20.2 17.3 7.1 8.4 7.5 12.1 15.0 14.1

Medco Energy MEDC IJ Equity MEDC IJ* BUY 1,480 1,300 9.3 6,553 9,318 11,351 249 2,288 3,282 (361) 177 295 (391.9) (150.9) 0.0 NA 26.9 26.9 9.9 4.9 4.5 0.4 0.4 0.4 (2.9) 1.5 1.4 108.5 124.5 156.0 (3.0) 1.4 2.2 (1.0) 0.4 0.7 (1.4) 0.6 0.9

PLANTATIONS PLANTATIONS N 67.6 40,272 42,766 45,776 6,078 6,637 7,275 2,109 2,955 3,952 (64.7) 40.1 33.7 29.8 21.2 15.9 11.9 9.5 8.4 1.7 1.6 1.5 1.3 1.9 2.6 54.3 56.5 56.3 5.5 7.5 9.6 3.3 4.2 5.1 4.2 5.2 6.1

Astra Agro Lestari AALI IJ Equity AALI IJ REDUCE 14,625 13,626 38.4 13,059 13,873 15,215 1,853 2,076 2,439 619 990 1,587 (75.3) 60.1 60.3 37.2 23.3 14.5 13.0 11.2 10.6 2.0 1.9 1.8 1.4 2.2 3.6 65.9 69.6 74.4 5.5 8.5 12.7 3.1 4.4 6.4 3.6 5.1 7.4

Salim Ivomas Pratama SIMP IJ Equity SIMP IJ HOLD 454 290 4.3 13,835 14,436 15,599 1,632 1,842 2,031 264 466 694 (69.1) 70.6 51.7 26.7 15.7 10.3 5.4 5.0 4.6 0.5 0.5 0.5 0.4 0.9 1.3 54.5 59.6 58.0 1.9 3.3 4.7 0.8 1.5 2.1 1.3 2.1 3.0

London Sumatra Indonesia LSIP IJ Equity LSIP IJ BUY 1,435 1,780 22.4 4,190 4,610 4,472 836 1,015 833 623 745 600 (33.1) 19.8 (19.3) 15.8 13.2 16.3 8.6 7.3 8.7 1.3 1.2 1.2 2.6 3.1 2.4 nc nc nc 8.7 9.8 7.5 7.1 8.0 6.1 10.2 10.7 7.9

Dharma Satya Nusantara DSNG IJ Equity DSNG IJ BUY 498 535 0.5 4,425 4,783 4,941 560 536 592 270 249 306 (59.0) (8.0) 26.1 19.9 21.7 17.2 12.1 13.2 12.4 2.2 1.9 1.7 1.2 1.2 1.4 119.7 121.8 121.3 11.4 9.6 10.6 3.6 3.0 3.5 5.4 4.3 4.8

Austindo Nusantara Jaya ANJT IJ Equity ANJT IJ* REDUCE 1,700 1,000 0.1 1,764 1,862 2,058 126 210 266 (112) 56 140 na na na na 106.3 42.5 22.9 9.0 0.0 1.7 1.7 1.6 0.0 0.4 1.1 23.2 22.4 0.0 (2.2) 1.2 2.8 0.3 1.1 1.8 (1.8) 0.9 2.3

Sampoerna Agro SGRO IJ Equity SGRO IJ HOLD 1,935 1,800 0.5 2,999 3,202 3,491 467 515 593 248 286 337 (27.2) 15.3 17.9 14.8 12.8 10.9 8.1 6.6 6.1 1.2 1.1 1.0 1.0 1.1 1.3 64.6 59.9 59.2 8.1 8.7 9.5 3.9 4.0 4.8 5.2 5.4 5.9

Tunas Baru Lampung TBLA IJ Equity TBLA IJ BUY 565 570 1.5 5,331 5,237 6,526 604 443 521 197 163 288 (58.0) (18.9) 80.0 15.3 18.8 10.5 8.6 7.1 6.8 1.1 1.0 0.9 1.2 1.1 1.9 153.8 124.5 115.2 7.4 5.6 9.3 2.4 1.8 3.3 3.1 2.3 4.2

POULTRY POULTRY N 28.1 59,906 65,122 73,881 5,377 5,988 7,326 2,242 2,841 4,562 12.1 26.7 60.6 35.1 27.7 17.2 16.1 14.4 11.5 4.5 3.9 3.3 0.6 0.7 1.0 60.9 52.2 40.1 13.7 14.6 19.8 6.8 7.5 11.4 8.8 9.6 14.0

Charoen Pokphand IndonesiaCPIN IJ Equity CPIN IJ BUY 3,850 3,500 19.3 30,108 32,462 37,351 3,443 3,798 4,773 1,837 2,119 3,277 5.7 15.2 55.0 34.4 29.8 19.3 17.9 15.9 12.7 5.0 4.4 3.7 0.5 0.6 0.7 51.2 42.3 29.7 15.6 15.8 20.8 8.1 8.5 12.7 10.3 10.8 15.4

Japfa Comfeed Indonesia JPFA IJ Equity JPFA IJ BUY 1,120 940 8.1 25,023 27,555 30,809 1,728 1,950 2,201 468 660 1,075 na na na na 18.1 11.1 7.8 7.0 6.2 2.1 2.0 1.8 1.3 1.7 2.9 102.0 93.3 81.1 9.0 11.3 16.7 2.8 3.9 6.2 4.2 5.7 8.9

Malindo Feedmill MAIN IJ Equity MAIN IJ BUY 1,600 1,700 0.7 4,775 5,105 5,721 206 240 352 (63) 62 210 na (180.0) 235.7 (45.7) 57.1 17.0 13.4 12.1 9.4 2.3 2.2 2.0 0.0 0.4 1.2 93.9 88.6 85.9 (4.8) 3.9 12.2 (1.7) 1.6 5.1 (2.2) 2.0 6.5

PROPERTY PROPERTY UW 270.4 45,468 49,958 54,565 15,347 16,910 18,324 8,105 10,789 12,060 (42.3) 33.1 11.8 20.5 15.4 13.8 12.8 11.2 10.4 2.5 2.2 1.9 0.8 1.1 1.3 41.4 46.1 44.5 13.0 15.0 14.7 5.2 5.9 5.9 10.0 10.9 10.5

Bumi Serpong Damai BSDE IJ Equity BSDE IJ BUY 2,090 2,020 26.7 6,210 7,523 8,403 2,901 3,457 3,804 2,139 2,694 3,023 (46.5) 25.9 12.2 18.8 14.9 13.3 13.5 12.1 11.0 2.1 2.0 1.8 0.5 0.7 0.8 8.2 29.4 29.5 12.5 13.9 14.2 6.7 7.1 7.2 11.5 11.7 11.0

Lippo Karawaci LPKR IJ Equity LPKR IJ REDUCE 1,025 1,130 88.9 8,910 10,055 10,615 1,727 2,542 2,698 535 1,654 1,857 (79.0) 209.0 12.2 44.2 14.3 12.7 15.6 11.2 10.6 1.4 1.3 1.2 0.3 1.7 2.0 64.2 59.9 56.1 3.3 9.6 9.9 1.4 3.8 3.9 2.2 5.9 6.3

Pakuwon Jati PWON IJ Equity PWON IJ HOLD 620 490 27.6 4,625 5,373 6,220 2,265 2,656 3,035 1,262 1,790 2,118 (49.8) 41.8 18.3 23.7 16.7 14.1 12.5 10.8 9.6 4.1 3.3 2.7 0.7 0.8 0.9 23.9 33.6 29.0 18.8 21.9 21.1 7.0 8.6 8.7 14.9 17.0 16.1

Summarecon Agung SMRA IJ Equity SMRA IJ BUY 1,760 1,820 50.1 5,624 6,339 6,879 1,768 1,999 2,160 855 1,127 1,230 (38.3) 31.8 9.2 29.7 22.5 20.6 15.1 13.3 12.6 3.4 2.9 2.6 0.7 0.9 1.0 78.1 70.6 74.1 15.0 17.4 16.5 4.9 5.5 5.2 9.1 10.0 9.6

Ciputra Development CTRA IJ Equity CTRA IJ BUY 1,460 1,400 15.8 7,514 8,154 9,335 2,353 2,288 2,511 1,284 1,380 1,517 (3.1) 7.5 10.0 17.4 16.2 14.8 9.6 9.5 8.6 2.7 2.3 2.0 0.4 1.0 1.1 26.7 20.9 19.1 16.0 15.2 14.6 5.2 4.9 4.8 13.2 12.3 12.2

Alam Sutera ASRI IJ Equity ASRI IJ REDUCE 486 300 38.8 2,784 3,039 3,061 1,628 1,674 1,649 597 877 954 (45.6) 47.0 8.8 16.0 10.9 10.0 9.4 9.3 9.6 1.5 1.3 1.2 1.2 2.0 2.4 99.4 93.7 90.1 9.4 12.5 12.1 3.4 4.6 4.7 4.8 6.4 6.3

Agung Podomoro Land APLN IJ Equity APLN IJ REDUCE 256 220 3.3 5,972 5,769 5,934 1,688 1,351 1,415 809 649 660 (5.0) (19.7) 1.7 6.5 8.1 8.0 4.2 5.7 5.5 0.8 0.7 0.7 3.1 2.5 2.5 50.2 64.2 64.2 12.2 9.2 8.7 3.4 2.4 2.0 8.6 5.8 5.3

Ciputra Property CTRP IJ Equity CTRP IJ REDUCE 670 335 1.8 2,325 1,917 2,162 632 513 576 324 295 338 (19.2) (8.9) 14.5 12.9 14.2 12.4 9.8 12.5 11.7 0.9 0.9 0.8 2.3 2.1 2.4 71.3 80.4 81.8 7.3 6.3 6.8 3.3 2.6 2.8 4.6 3.6 3.8

PP Property PPRO IJ Equity PPRO IJ HOLD 402 210 17.4 1,505 1,789 1,954 385 431 475 300 323 364 84.0 7.7 12.6 18.8 17.5 15.5 16.0 14.6 12.7 2.2 2.1 1.9 1.6 1.7 1.9 38.6 40.0 29.8 16.9 12.3 12.6 7.5 5.7 5.6 13.1 8.8 9.4

SHIPPING SHIPPING N 18.1 5,106 5,638 6,072 1,029 1,414 1,645 825 1,072 1,277 (15.1) 30.0 19.1 6.9 5.3 4.5 6.1 4.9 4.3 1.1 0.9 0.7 1.4 1.9 2.7 72.4 58.4 42.8 21.2 21.1 27.3 7.4 8.8 13.0 13.4 9.3 10.0

Soechi Lines SOCI IJ Equity SOCI IJ BUY 428 630 17.1 1,986 2,277 2,379 610 733 771 573 625 639 (3.8) 12.9 (1.2) 5.3 4.7 4.7 7.0 6.0 5.7 0.8 0.7 0.6 0.0 0.0 0.0 63.9 57.8 50.5 12.4 14.2 26.1 3.8 4.7 10.3 13.1 8.8 9.4

Pelayaran Tempuran Emas TMAS IJ Equity TMAS IJ BUY 1,475 3,000 0.3 1,721 1,858 2,146 378 520 659 332 425 571 63.7 28.2 34.3 5.1 4.0 2.9 4.5 3.3 2.5 2.2 1.5 1.1 4.9 6.3 8.5 99.5 64.6 35.5 50.7 45.4 43.6 18.8 21.0 24.8 23.4 25.3 29.5

Wintermar Offshore Marine WINS IJ Equity WINS IJ HOLD 236 184 0.7 1,399 1,503 1,546 41 162 215 (80) 22 67 (100.0) na 200.9 na 42.8 14.2 5.9 4.1 2.9 0.3 0.3 0.3 0.0 0.4 1.1 52.3 49.0 30.7 (2.7) 0.8 2.5 (1.2) 0.4 1.1 (1.7) 0.5 1.8

TELCOS TELCOS OW 226.8 200,631 224,995 249,003 43,990 49,395 57,037 18,749 23,078 28,886 (2.6) 37.7 48.3 29.2 23.7 18.9 10.6 9.5 8.4 5.1 4.6 4.0 1.7 2.0 2.8 74.3 51.9 36.7 20.5 20.7 22.3 8.5 8.6 9.8 15.9 16.8 19.1

Telekomunikasi Indonesia TLKM IJ Equity TLKM IJ BUY 3,870 4,500 189.7 102,470 113,645 125,693 32,881 36,717 41,992 15,489 17,604 20,371 5.8 13.7 15.7 25.2 22.2 19.2 10.7 9.7 8.3 5.2 4.6 4.2 2.3 2.6 3.4 8.6 3.4 (2.5) 21.7 22.1 23.0 10.1 10.3 11.2 20.0 20.9 23.0

XL Axiata EXCL IJ Equity EXCL IJ BUY 3,800 4,340 8.9 22,876 24,242 25,852 1,258 1,563 2,062 (25) 440 1,183 na na na na na na 7.7 6.6 5.9 2.3 2.3 2.1 0.0 0.4 1.1 167.8 132.7 116.6 (0.2) 3.1 8.0 (0.0) 0.8 2.0 (0.1) 1.3 3.6

Tower Bersama InfrastructureTBIG IJ Equity TBIG IJ REDUCE 6,650 5,750 9.0 3,437 3,801 4,229 2,637 2,915 3,243 1,056 1,289 1,593 (18.8) 22.0 23.0 30.2 24.7 20.0 17.4 15.2 16.2 11.0 7.9 5.9 0.7 0.8 1.0 647.2 481.2 365.6 30.7 37.3 33.9 4.5 5.1 5.8 4.9 5.5 6.4

Sarana Menara Nusantara TOWR IJ Equity TOWR IJ BUY 4,150 5,000 1.9 4,470 4,845 5,315 3,386 2,866 3,274 2,958 1,591 2,133 251.9 (46.2) 34.1 14.3 26.6 19.9 13.0 11.6 10.0 5.5 5.9 4.6 0.0 0.0 0.0 90.0 64.3 25.4 47.9 21.5 26.2 15.3 7.9 11.2 20.3 13.6 18.5

Indosat ISAT IJ Equity ISAT IJ BUY 6,450 7,300 3.6 26,769 29,107 31,660 2,704 4,015 4,926 (1,310) 1,440 2,715 34.1 23.4 54.2 NA 24.3 12.9 4.8 4.0 3.3 2.8 2.4 2.0 0.0 1.2 2.3 160.0 90.1 90.1 (10.0) 10.7 16.9 (2.4) 2.6 5.0 (4.0) 4.6 9.3

Tiphone Mobile Indonesia TELE IJ Equity TELE IJ BUY 700 1,180 9.0 22,040 29,578 34,851 749 905 1,074 370 462 592 21.5 24.6 28.3 13.3 10.7 8.3 10.1 8.5 9.5 1.7 1.5 1.3 1.9 2.3 3.0 64.1 74.4 74.4 13.9 15.4 17.4 6.1 6.3 7.6 6.1 7.0 5.9

Erajaya Swasembada ERAA IJ Equity ERAA IJ BUY 610 850 4.7 18,569 19,777 21,403 375 412 466 210 252 299 (0.6) 19.8 18.7 8.4 7.0 5.9 6.6 6.0 5.1 0.6 0.5 0.5 4.8 5.7 6.8 33.4 31.2 26.8 7.0 7.9 8.9 3.3 3.8 4.3 5.1 5.9 6.8

Market Market N 3,138 1,692,664 1,852,117 2,044,045 307,352 336,993 381,885 202,278 230,605 265,108 (5.2) 21.3 15.0 20.2 17.7 15.4 8.6 13.2 11.3 10.6 9.3 8.3 2.1 2.2 2.5 25.1 20.2 17.7 33.2 30.4 30.7 12.7 12.8 13.4 22.5 22.7 24.9

Note: *USD reporting

OW: Overweight, N: Neutral, UW: Underweight

Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) PER (x) ROIC (%)ROAA (%)EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%)

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 8

FULL-YEAR 2015 EARNINGS RELEASES (ESTIMATED) Ticker Company Date Time

BBRI IJ Bank Rakyat Indonesia 1/26/2016 -

BBNI IJ Bank Negara Indonesia 1/29/2016 -

BDMN IJ Bank Danamon 1/29/2016 -

BJTM IJ Bank Pembangunan Daerah Jawa Timur 1/29/2016 -

JSMR IJ Jasa Marga 2/5/2016 -

EXCL IJ XL Axiata 2/5/2016 -

BMRI IJ Bank Mandiri 2/9/2016 16:00

ITMG IJ Indo Tambangraya Megah 2/16/2016 16:00

LPPF IJ Matahari Department Store 2/17/2016 -

AALI IJ Astra Agro Lestari 2/23/2016 16:00

BBTN IJ Bank Tabungan Negara 2/24/2016 16:00

ASII IJ Astra International 2/24/2016 -

UNTR IJ United Tractors 2/24/2016 -

INCO IJ Vale Indonesia 2/24/2016 -

LSIP IJ PP London Sumatera Indonesia 2/25/2016 -

WSKT IJ Waskita Karya 2/25/2016 -

ADHI IJ Adhi Karya 2/25/2016 -

ANJT IJ Austindo Nusantara Jaya 2/25/2016 -

HERO IJ Hero Supermarket 2/26/2016 -

JPFA IJ Japfa 2/26/2016 -

IMAS IJ Indomobil Sukses International 2/26/2016 -

SMBR IJ Semen Baturaja 2/26/2016 -

SIMP IJ Salim Invomas Pratama 2/26/2016 -

SMGR IJ Semen Indonesia 2/29/2016 -

ANTM IJ Aneka Tambang 2/29/2016 -

PTBA IJ Tambang Batubara Bukit Asam 3/1/2016 09:00

ANTM IJ Aneka Tambang 3/1/2016 -

TBIG IJ Tower Bersama Infrastructure 3/2/2016 -

BBCA IJ Bank Central Asia 3/3/2016 -

PTPP IJ PP Persero 3/3/2016 -

PGAS IJ Perusahaan Gas Negara 3/3/2016 16:00

BTPN IJ Bank Tabungan Pensiunan Nasional 3/3/2016 -

TLKM IJ Telekomunikasi Indonesia 3/4/2016 -

MPPA IJ Matahari Putra Prima 3/4/2016 -

TINS IJ Timah Persero 3/4/2016 -

KAEF IJ Kimia Farma 3/4/2016 -

SMCB IJ Holcim Indonesia 3/7/2016 16:00

ADRO IJ Adaro Energy 3/8/2016 16:00

BJBR IJ Bank Pembangunan Daerah Jawa Barat 3/8/2016 -

WTON IJ Wijaya Karta Beton 3/10/2016 -

KRAS IJ Krakatau Steel 3/11/2016 -

WINS IJ Wintermar Offshore 3/11/2016 -

INTP IJ Indocement Tunggal Perkasa 3/16/2016 16:00

TOTL IJ Total Bangun Persada 3/16/2016 -

WIKA IJ Wijaya Karya 3/17/2016 -

BSDE IJ Bumi Serpong Damai 3/17/2016 -

HMSP IJ H M Sampoerna 3/17/2016 16:00

INDF IJ Indofood Sukses Makmur 3/18/2016 -

AKRA IJ AKR Corporindo 3/18/2016 -

GIAA IJ Garuda Indonesia 3/21/2016 -

SRIL IJ Sri Rejeki Isman 3/23/2016 -

PWON IJ Pakuwon Jati 3/24/2016 -

LPCK IJ Lippo Cikarang 3/24/2016 -

TBLA IJ Tunas Baru Lampung 3/24/2016 -

MDLN IJ Modernland Realty 3/24/2016 -

LPKR IJ Lippo Karawaci 3/24/2016 -

SCMA IJ Surya Citra Media 3/24/2016 -

TOWR IJ Sarana Menara Nusantara 3/24/2016 -

ROTI IJ Nippon Indosari Corpindo 3/24/2016 -

SIDO IJ Industri Jamu dan Farmasi Sido Muncul 3/24/2016 -

SILO IJ Siloam International Hospitals 3/24/2016 -

BIRD IJ Blue Bird 3/24/2016 -

KLBF IJ Kalbe Farma 3/28/2016 -

GGRM IJ Gudang Garam 3/29/2016 -

CPIN IJ Charoen Pokphand Indonesia 3/30/2016 -

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 9

FULL-YEAR 2015 EARNINGS RELEASES (ESTIMATED)

Ticker Company Date Time

GJTL IJ Gajah Tunggal 3/30/2016 -

MYOR IJ Mayora Indah 3/30/2016 -

SMRA IJ Summarecon Agung 3/30/2016 -

UNVR IJ Unilever Indonesia 3/30/2016 -

KIJA IJ Kawasan Industri Jababeka 3/30/2016 -

ISAT IJ Indosat 3/30/2016 -

MEDC IJ Medco Energi International 3/30/2016 -

CTRA IJ Ciputra Development 3/30/2016 -

SSIA IJ Surya Semesta Internusa 3/30/2016 -

PSAB IJ J Resources Asia Pasifik 3/30/2016 -

TMAS IJ Pelayaran Tempuran Emas 3/30/2016 -

MNCN IJ Media Nusantara Citra 3/30/2016 -

MAIN IJ Malindo Feedmill 3/30/2016 -

ASRI IJ Alam Sutera 3/30/2016 -

HRUM IJ Harum Energy 3/30/2016 -

CASS IJ Cardig Aero Service 3/30/2016 -

ERAA IJ Erajaya Swasembada 3/30/2016 -

TELE IJ Tiphone Mobile Indonesia 3/30/2016 -

TAXI IJ Express Transindo Utama 3/30/2016 -

ASSA IJ Adi Sarana Armada 3/30/2016 -

SOCI IJ Soechi Lines 3/30/2016 -

PPRO IJ PP Properti 3/31/2016 -

DMAS IJ Puradelta Lestari 3/31/2016 -

MIKA IJ Mitra Keluarga Karyasehat 3/31/2016 -

MDKA IJ Merdeka Copper Gold 3/31/2016 -

ATIC IJ Anabatic Technologies 3/31/2016 - Source: Bloomberg, Bahana

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 10

AGM & EGM SCHEDULE Corporate Action Ticker Company Date Time

AEGM KREN IJ Kresna Graha Sekurindo 6/15/2015 14:00

AEGM ASDM IJ Asuransi Dayin Mitra 6/15/2015 08:00

AEGM GSMF IJ Equity Development Investment 6/15/2015 10:30

AEGM SRAJ IJ Sejahteraraya Anugrahjaya 6/15/2015 10:00

AEGM PTSP IJ Pioneerindo Gourmet International 6/15/2015 10:00

AEGM CLPI IJ Colorpak Indonesia 6/15/2015 10:00

AEGM UNSP IJ Bakrie Sumatera Plantations 6/15/2015 10:00

AEGM DGIK IJ Nusa Konstruksi Enjiniring 6/15/2015 09:00

AEGM INTD IJ Inter Delta 6/15/2015 10:00

AEGM APII IJ Arita Prima Indonesia 6/15/2015 09:00

AGM ARGO IJ Argo Pantes 6/15/2015 10:00

AEGM MGNA IJ Magna Finance 6/15/2015 14:00

AGM RICY IJ Ricky Putra Globalindo 6/15/2015 09:30

AGM JPRS IJ Jaya Pari Steel 6/16/2015 10:00

AGM SRSN IJ Indo Acidatama 6/16/2015 14:00

AGM KONI IJ Perdana Bangun Pusaka 6/16/2015 09:00

AEGM AISA IJ Tiga Pilar Sejahtera Food 6/16/2015 10:00

AGM GDST IJ Gunawan Dianjaya Steel 6/16/2015 09:00

AEGM MBTO IJ Martina Berto 6/16/2015 10:00

AEGM ADMG IJ Polychem Indonesia 6/16/2015 14:00

AGM BTON IJ Betonjaya Manunggal 6/16/2015 09:30

AEGM OKAS IJ Ancora Indonesia Resources 6/16/2015 10:00

AGM POOL IJ Pool Advista Indonesia 6/16/2015 11:00

AEGM POLY IJ Asia Pacific Fibers 6/16/2015 10:30

AGM ALDO IJ Alkindo Naratama 6/16/2015 13:30

AEGM RIMO IJ Rimo Catur Lestari 6/17/2015 14:00

AEGM RANC IJ Supra Boga Lestari 6/17/2015 14:00

AEGM ALTO IJ Tri Banyan Tirta 6/17/2015 11:30 Source: Bloomberg

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 11

Actual and upcoming IPOs, 2013-2015 No Code Date Company Industry Amount Public (IDRbn) (%)

1 BBRM 01/08/13 Pelayaran Nasional Bina Buana Shipping 138 13.2

2 HOTL 01/10/13 Saraswati Griya Lestari Hotel 102 15.5

3 SAME 01/11/13 Sarana Meditama Metropolitan Hospital Management 72 13.6

4 MAGP 01/16/13 Multi Agro Gemilang Plantations 440 66.7

5 TPMA 02/20/13 Trans Power Marine Transportation 91 9.0

6 ISSP 02/22/13 Steel Pipe Industry of Indonesia Pipes manufacturer 856 29.6 7 DYAN 03/25/13 Dyandra Media International Entertainment 449 22.4

8 ANJT 05/08/13 Austindo Nusantara Jaya Plantation 400 10.0

9 NOBU 05/20/13 Bank Nationalnobu Banking 808 52.5

10 MPMX 05/29/13 Mitra Pinasthika Mustika Automotive 1,455 21.7

11 DSNG 06/14/13 Dharma Satya Nusantara Plantations 509 13.0

12 SRIL 06/17/13 Sri Rejeki Isman (Sritex) Textile 1,344 30.1 13 ACST 06/24/13 Acset Indonesia Construction 375 31.0

14 SRTG 06/26/13 Saratoga Investa Sedaya Finance 1,492 10.0

15 NRCA 06/27/13 Nusa Raya Cipta Construction 260 12.3

16 SMBR 06/28/13 Semen Baturaja Cement 1,309 23.8

17 ECII 07/03/13 Electronic City Indonesia Retail 1,350 25.0

18 BBMD 07/08/13 Bank Mestika Dharma Banking 593 20.0 19 MLPT 07/08/13 Multipolar Technology IT 180 18.0

20 VICO 07/08/13 Victoria Investama Finance 150 16.3

21 CPGT 07/09/13 Cipaganti group Transportation 69 10.0

22 NAGA 07/09/13 Bank Mitraniaga Banking 80 27.3

23 BMAS 07/11/13 Bank Maspion Banking 246 20.0 24 SILO 09/12/13 Siloam Hospital Hospital 1,405 13.5

25 APII 10/29/13 Arita Prima Indonesia Pipe Manufacture 61 25.6

26 KRAH 11/08/13 Grand Kartech Manufacturing 45 16.9

27 IMJS 12/10/13 Indomobil Multi Jasa Auto finance 225 10.4

28 LEAD 12/11/13 Logindo Samudramakmur Marine services 357 19.8

29 SSMS 12/12/13 Sawit Sumbermas Sarana Plantations 1,005 15.8 30 SIDO 12/18/13 Sido Muncul Pharmaceutical 870 10.0

2013 total 16,735

31 PNBS 01/15/14 Bank Panin Syariah Banking 475 49.3

32 ASMI 01/16/14 Mitra Maparya Insurance 109 29.0

33 CANI 01/16/14 Capitol Nusantara Transporation 42 25.0

34 BINA 01/16/14 Bank INA Banking 125 24.8

35 BALI 03/13/14 Bali Towerindo Sentra Construction 35 14.7

36 WTON 04/08/14 Wika Beton Construction material 1,207 30.0 37 BLTZ 04/10/14 Graha Layar Prima Entertainment 223 31.3

38 MDIA 04/11/14 Intermedia Capital Entertainment 541 15.0

39 LRNA 04/15/14 Eka Sari Lorena Transport Transportation 135 20.0

40 DAJK 05/14/14 Dwi Aneka Jaya Kemasindo Paper manufacture 470 40.0

41 LINK 02/06/14 Link Net Telecommunication 487 10.0

42 CINT 06/27/14 Chitose Internasional Manufacture 99 34.0 43 MGNA 07/07/14 Magna Finance Finance 74 70.0

44 BPII 07/08/14 Batavia Prosperindo Internasional Finance 75 100.0

45 MBAP 07/10/14 Mitrabara Adiperdana Coal 319 22.0

46 TARA 07/11/14 Sitara Propertindo Property 424 40.0

47 DNAR 07/11/14 Bank Dinar Bank 55 22.2

48 BIRD 11/05/14 Blue Bird Transportation 2,438 100.0 49 SOCI 12/03/14 Soechi Lines Shipping 582 15.0

50 IMPC 12/17/14 Impack Pratama Industri Packaging 570 31.0

51 IBFN 12/22/14 Intan Baruprana Finance Finance 192 21.0

52 AGRS 12/22/14 Bank Agris Banking 99 100.0

53 GOLL 12/23/14 Golden Plantation Plantation 230 21.8

2014 total 9,016 54 Airasia Indonesia Airlines 1,800 20.0

55 Andira Agro Plantations 56 Asia Mangan Group Mining 458 55.0

57 Bank DKI Banking

58 Bank Kesejahteraan Ekonomi Banking

59 Bank Muamalat Banking

60 Bank Sumatera Utara Banking 800

61 Bank Syariah Mandiri Banking 62 Daya Mitra Telekomunikasi Telecommunication 49.0

63 Daya Mandiri Resources Indonesia Coal mining

64 GMF Aero Asia Target Aero services

65 Indoprima Gemilang Auto-parts

66 Infomedia Nusantara Services

67 Intan Baruprana Finance Multi-finance 68 Kawasan Berikat Nusantara Industrial estates

69 Krakatau Wijatama Steel manufacture

70 Pacific Agro Sentosa Plantations 1,000

71 Pegadaian Indonesia Finance

72 Pelita Cengkareng Paper Packaging manufacture

73 Perkebunan Nusantara III, IV and VII Plantations 74 Pertamina Drilling Services Indonesia Oil-related

75 Pertamina Hulu Energi Oil-related

76 Pertamina Gas Gas distribution

77 Pertamina Geothermal Energy Electricity

78 PLN Batam Electricity

79 Pos Indonesia Logistics 80 Pos Logistik Logistics

81 Puradelta Lestari Property 2,760

82 Semen Batam Cement

83 Siba Surya Logistics 500

84 Sriboga Raturaya Restaurant 500

2015 total 7,818

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 12

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PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 13

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Neither Daiwa Securities Group Inc. nor any of its affiliates is licensed to undertake any business within the Republic of Indonesia. Any display of any trade name or logo of the Daiwa Securities Group Inc. on this publication shall not be deemed to be an undertaking of any business within the Republic of Indonesia.

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 market making activities, 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.

Ownership of Securities

For “Ownership of Securities” information, please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action.

Investment Banking Relationship

For “Investment Banking Relationship”, please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action.

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: econtext Asia Ltd (1390 HK); Mirae Asset Life Insurance Co Ltd (085620 KS); China Reinsurance Group Corporation (1508 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: Merdeka Copper Gold Tbk PT (MDKA IJ); Anabatic Technologies Tbk PT (ATIC IJ); Aneka Tambang Persero Tbk PT (ANTM IJ).

Hong Kong

This research is distributed in Hong Kong by Daiwa Capital Markets Hong Kong Limited (大和資本市場香港有限公司) (“DHK”) which is regulated by the Hong Kong Securities and Futures Commission. Recipients of this research in Hong Kong may contact DHK in respect of any matter arising from or in connection with this research.

Relevant Relationship (DHK)

DHK may from time to time have an individual employed by or associated with it serves as an officer of any of the companies under its research coverage.

Singapore

This research is distributed in Singapore by Daiwa Capital Markets Singapore Limited and it may only be distributed in Singapore to accredited investors, expert investors and institutional investors as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. By virtue of distribution to these category of investors, Daiwa Capital Markets Singapore Limited and its representatives are not required to comply with Section 36 of the Financial Advisers Act (Chapter 110) (Section 36 relates to disclosure of Daiwa Capital Markets Singapore Limited’s interest and/or its representative’s interest in securities). Recipients of this research in Singapore may contact Daiwa Capital Markets Singapore Limited in respect of any matter arising from or in connection with the research.

Australia

This research is distributed in Australia by Daiwa Capital Markets Australia Limited and it may only be distributed in Australia to wholesale investors within the meaning of the Corporations Act. Recipients of this research in Australia may contact Daiwa Capital Markets Stockbroking Limited in respect of any matter arising from or in connection with the research.

India

This research is distributed in India to Institutional Clients only by Daiwa Capital Markets India Private Limited (Daiwa India) which is an intermediary registered with Securities & Exchange Board of India as a Stock Broker, Merchant Bank and Research Analyst. Daiwa India, its Research Analyst and their family members and its associates do not have any financial interest save as disclosed or other undisclosed material conflict of interest in the securities or derivatives of any companies under coverage. Daiwa India and its associates may have received compensation for any products other than Investment Banking (as disclosed) or brokerage services from the subject company in this report during the past 12 months. Unless otherwise stated in BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action, Daiwa India and its associates do not hold more than 1% of any companies covered in this research report.

There is no material disciplinary action against Daiwa India by any regulatory authority impacting equity research analysis activities as of the date of this report.

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PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 14

Taiwan

This research is distributed in Taiwan by Daiwa-Cathay Capital Markets Co., Ltd and it may only be distributed in Taiwan to institutional investors or specific investors who have signed recommendation contracts with Daiwa-Cathay Capital Markets Co., Ltd in accordance with the Operational Regulations Governing Securities Firms Recommending Trades in Securities to Customers. Recipients of this research in Taiwan may contact Daiwa-Cathay Capital Markets Co., Ltd in respect of any matter arising from or in connection with the research.

Philippines

This research is distributed in the Philippines by DBP-Daiwa Capital Markets Philippines, Inc. which is regulated by the Philippines Securities and Exchange Commission and the Philippines Stock Exchange, Inc. Recipients of this research in the Philippines may contact DBP-Daiwa Capital Markets Philippines, Inc.

in respect of any matter arising from or in connection with the research. DBP-Daiwa Capital Markets Philippines, Inc. recommends that investors

independently assess, with a professional advisor, the specific financial risks as well as the legal, regulatory, tax, accounting, and other consequences of a

proposed transaction. DBP-Daiwa Capital Markets Philippines, Inc. may have positions or may be materially interested in the securities in any of the markets

mentioned in the publication or may have performed other services for the issuers of such securities.

For relevant securities and trading rules please visit SEC and PSE link at http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf and

http://www.pse.com.ph/ respectively.

United Kingdom

This research report is produced by Daiwa Securities Co. Ltd. and/or its affiliates and is distributed in the European Union, Iceland, Liechtenstein, Norway and Switzerland. Daiwa Capital Markets Europe Limited is authorised and regulated by The Financial Conduct Authority (“FCA”) and is a member of the London Stock Exchange and Eurex. 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.

Germany

This document is distributed in Germany by Daiwa Capital Markets Europe Limited, Niederlassung Frankfurt which is regulated by BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) for the conduct of business in Germany.

Bahrain

This research material is distributed by Daiwa Capital Markets Europe Limited, Bahrain Branch, regulated by The Central Bank of Bahrain and holds Investment Business Firm – Category 2 license and having its official place of business at the Bahrain World Trade Centre, South Tower, 7th floor, P.O. Box 30069, Manama, Kingdom of Bahrain. Tel No. +973 17534452 Fax No. +973 535113

This material is provided as a reference for making investment decisions and is not intended to be a solicitation for investment. Investment decisions should be made at your own discretion and risk. Accordingly, no representation or warranty, express or implied, is made as to and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this document, Content herein is based on information available at the time the research material was prepared and may be amended or otherwise changed in the future without notice. All information is intended for the private use of the person to whom it is provided without any liability whatsoever on the part of Daiwa Capital Markets Europe Limited, Bahrain Branch, any associated company or the employees thereof. If you are in doubt about the suitability of the product or the research material itself, please consult your own financial adviser. Daiwa Capital Markets Europe Limited, Bahrain Branch retains all rights related to the content of this material, which may not be redistributed or otherwise transmitted without prior consent.

United States This report is distributed in the U.S. by Daiwa Capital Markets America Inc. (DCMA). It may not be accurate or complete and should not be relied upon

as such. It reflects the preparer’s views at the time of its preparation, but may not reflect events occurring after its preparation; nor does it reflect

PT.Bahana Securities’ or DCMA’s views at any time. Neither PT.Bahana Securities, DCMA nor the preparer has any obligation to update this report

or to continue to prepare research on this subject. This report is not an offer to sell or the solicitation of any offer to buy securities. Unless this report

says otherwise, any recommendation it makes is risky and appropriate only for sophisticated speculative investors able to incur significant losses.

Readers should consult their financial advisors to determine whether any such recommendation is consistent with their own investment objectives,

financial situation and needs. 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 (Tel no. 212-612-7000).

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 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:

http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf%20and%20http:/www.pse.com.ph/http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf%20and%20http:/www.pse.com.ph/http://www.uk.daiwacm.com/about-us/corporate-governance-regulatoryhttps://daiwa3.bluematrix.com/sellside/Disclosures.actionhttps://daiwa3.bluematrix.com/sellside/Disclosures.actionhttps://daiwa3.bluematrix.com/sellside/Disclosures.actionhttps://daiwa3.bluematrix.com/sellside/Disclosures.actionhttps://daiwa3.bluematrix.com/sellside/Disclosures.action

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Stock ratings are based on absolute upside or downside, which is the difference between the t