equity house fmcg sector local research house best ...€¦ · equity house alpha southeast asia...

Asiamoney’s

2013

Best Domestic

Equity House

23 February 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.

2014Finance Asia's

Best Equity House

Alpha Southeast Asia

2014 Best Research Call FMCG Sector

Asiamoney's2013

Best DomesticEquity House

2015Institutional

Investors Highest RankedLocal Research

House

2015Global

Banking & FinanceReview

Best ResearchHouse

Beacon Indonesia Morning Brief

IDX: 4,709 (+0.2%) Turnover: IDR3.7tn (-41.7%)

Foreign Net SELL IDR535.1bn (-41.3)

CORPORATE FLASH Kino Indonesia (KINO IJ): More than just sweets Analyst: Renaldy Effendy

Solid track record with 2010-14 earnings CAGR of 40%

Further expansions using IDR869bn from IPO proceeds

Higher gross margin on increased personal care sales mix

TODAY’S NEWS

POLITICS KPK law amendment delayed; Corruption Commission met with Jokowi; KPK

members arrested

The House to announce tax amnesty decision today

Parliament: To require House approval for creation of SOE holding company

Police arrest terrorist linked to Thamrin attack ECONOMICS State budget revisions: To cut spending by IDR290tn; assume new oil prices

Fuel price to go down in March, Pertamina to introduce Solarlite

2015 FDI repatriation reaches USD16.6bn

Govt: To revise up the foreign loan list BOURSE Six SOE plans for corporate actions, one IPO INDUSTRY Cooperatives & SME Minister: Gov’t to reduce KUR rate to 7% in 2017

Dec-15 loan growth: 10.4% y-y; deposit growth: 7.3% y-y

Automotive: Tata Motors interested in building factory in Indonesia

Toyota to launch all-new Toyota Rush on 26 February 2016

Government to expedite licensing process for 4 infrastructure sectors

Shipping: Domestic shipyards gained many orders from Government

Lotte and Salim group to set up e-commerce venture in Indonesia CORPORATE SMGR: 4Q15 net profit of IDR1.3tn (+28.7% q-q, -10.9% y-y)

LPPF 4Q15 results: in line with our and consensus estimates

BMRI to receive additional IDR10tn of capital from bond recap in 2016; to

release 4Q15 results

BBTN: around IDR3tn of mortgage loans from Indonesia Property Expo

TLKM to modernize broadband network with FTTH and MDU

WSKT acquires Pemalang-Batang toll road

TMAS purchases a vessel from China

PPRO to obtain IDR400bn bank loan

SMRA holds its REIT issuance

PGAS to build 1,685km gas pipeline by 2019

INDICES

Asia Last Chg% ytd % y-y %

Hang Seng (HK) 19,464.1 0.9 (11.2) (21.6)

IDX (Indonesia) 4,708.6 0.2 2.5 (12.8)

KLCI (Mal.) 1,674.6 (0.0) (1.1) (7.4)

KOSPI (Korea) 1,916.4 0.0 (2.3) (2.3)

Nikkei (Japan) 16,111.1 0.9 (15.4) (12.1)

PCOMP (Phil.) 6,783.1 (0.1) (2.4) (13.3)

SENSEX (India) 23,789.4 0.3 (8.9) (18.6)

SET (Thailand) 1,320.2 2.0 2.5 (17.7)

SHCOMP (China) 2,927.2 2.3 (17.3) (9.8)

SHENZHEN (China) 1,888.2 2.0 (18.2) 17.2

STI (Singapore) 2,660.7 0.1 (7.7) (22.6)

TWSE (Taiwan) 8,326.7 0.0 (0.1) (12.6)

VNI (Vietnam) 560.7 1.2 (3.2) (4.5)

Europe, USA and Ems

CAC 40 (France) 4,298.7 1.8 (7.3) (11.0)

DAX (Germany) 9,573.6 2.0 (10.9) (13.4)

Dow Jones (USA) 16,620.7 1.4 (4.6) (8.4)

FTSE 100 (UK) 6,037.7 1.5 (3.3) (12.7)

IBOV (Brazil) 43,234.9 4.1 (0.3) (15.6)

MEXBOL (Mexico) 43,546.7 0.4 1.3 (0.0)

NGSEINDX (Nigeria) 24,423.4 (0.0) (14.7) (16.9)

Nasdaq (USA) 4,570.6 1.5 (8.7) (7.8)

RTSI (Russia) 761.5 4.9 0.6 (16.4)

S&P 500 (USA) 1,945.5 1.4 (4.8) (7.8)

XU100 (Turkey) 74,893.9 2.6 4.4 (12.4) Source: Bloomberg

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

EEM US (USD) 31.0 2.5 (3.7) (23.8)

EIDO US (USD) 22.4 1.1 7.2 (19.6)

TLK US (IDR) 3,222 0.0 8.0 7.2

Como Index (USD) 162.6 1.9 (7.7) (27.6)

Coal (USD/t) 50.9 (0.4) 0.5 (24.9)

Corn (USD/mtn) 138.8 0.1 3.7 (4.2)

Coffee (USD/t) 2,443.8 0.4 (5.5) (19.6)

Copper (USD/t) 4,590.0 0.0 (2.4) (19.8)

Cotton (USD/t) 1,272.9 (3.8) (8.8) (10.7)

CPO Rott (USD/t) 630.0 (0.8) (0.8) (8.4)

Gold (USD/oz.) 1,209.0 (1.3) 13.9 0.6

Iron ore (USD/mtn) 45.1 1.3 3.9 (30.2)

Milk (USD/cwt) 13.7 (1.1) (3.6) (16.2)

Nickel (USD/t) 8,340.0 0.0 (3.8) (40.1)

Oil Brent (USD/barrel) 34.7 5.4 (6.9) (42.4)

Rice (IDR/kg) 4,858.0 0.0 (3.9) 4.8

Rubber (USD/t) 111.6 2.2 (1.8) (21.8)

Silver (USD/oz) 15.2 (0.8) 9.7 (7.0)

Soybean oil (USD/t) 694.2 0.3 3.1 0.0

Steel (USD/t) 322.5 2.0 5.5 (18.3)

Sugar (USD/t) 278.9 (1.4) (15.3) (14.2)

Tins (USD/t) 15,950.0 0.0 9.2 (12.3) Wheat (USD/t) 170.5 (0.6) (2.6) (14.4) Source: Bloomberg, CEIC

ECONOMIC INDICATORS MARKET DATA

15F 16F 17F

15F 16F 17F

Cur acc bal (%GDP) (2.0) (2.3) (2.3) Op.prof.gwt.(%) (2.3) 11.4 12.7

Fiscal bal (%GDP) (2.7) (2.7) (2.5) EPS growth (%) (7.5) 13.6 14.3

GDP growth (%y-y) 4.7 5.1 5.2 P/E (x) 19.5 17.0 14.9

Private spending (%) 5.0 5.0 5.1 PEG (x) (3.8) 1.2 1.0

Investment (%y-y) 3.6 5.0 6.6 EV/EBITDA (x) 14.1 13.0 11.4

Total exports (%y-y) 0.3 2.4 1.0 P/BV (x) 10.4 9.1 8.1

Total imports (%y-y) (4.1) 2.4 3.3 P/BV exc. 3.4 3.0 2.7

Inflation (%y-y) 2.9 4.5 5.0 Div. Yield (%) 2.1 2.3 2.5

IDR/USD 13,788 14,500 14,000 Net gearing (%) 20.7 18.8 16.3

BI rate (% p.a.) 7.50 6.75 6.25 ROAE (%) 32.3 29.6 29.6

Brent Oil (Usd/bbl) 52.5 30.0 60.0 ROAA (%) 12.4 12.1 12.6

FX reserve (USDb) 105.9 105.0 110.0 ROIC (%) 27.4 27.4 27.3 Source: Bahana estimates Source: Bahana estimates

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

AUD/1USD 0.723 0.714 0.8 8.0

EUR/1USD 1.103 1.112 (1.5) 2.8

IDR/1USD 13,443 13,499 2.6 (4.5)

JPY/1USD 112.970

112.550

6.4 5.2

SGD/1USD 1.400 1.406 1.3 (2.9)

JIBOR (%) 5.16 5.16 (2.4) (0.5)

BI rate (%) 7.00 7.00 (0.5) (0.5)

TD – 1 month (%) 6.95 7.06 (0.1) (0.3)

CDS (bps) 235.85 239.31 2.6 60.2 Source: Bloomberg

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

2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

POLITICS

KPK law amendment delayed; Corruption Commission met with Jokowi; KPK members arrested

The controversial revision of an anticorruption law was called off yesterday after Jokowi convinced legislative

leaders to reconsider provisions that have been seen as attempts to incapacitate the spearhead of the

country’s graft fighting. Separately, Corruption Eradication Commission (KPK) commissioners met Jokowi on

Monday to lobby the rejection to the revision of the KPK Law, on the back of fears that the revision will

cripple the KPK's power in the fight against corruption. Separately, KPK has confirmed that their three

members have been arrested in the area of Mangga Dua, North Jakarta by the police while doing their duty

yesterday. No further details were disclosed about the duty conducted by the members of KPK. (The Jakarta

Post, viva.co.id)

The House to announce tax amnesty decision today

The parliament is planning to announce the continuation of discussion on tax amnesty following Jokowi’s

official letter submission to the House speaker. The discussion will announce whether they will continue the

tax amnesty bill process or not. The House member stated that the parliament’s decision would be largely

dependent on the political process. (Kontan)

Parliament: To require House approval for creation of SOE holding company The House 6th commission is planning to oblige the government to ask for their approval prior to creating an

SOE holding company. (Bisnis Indonesia). Bahana comment: This is most likely in response to the SOE

minister plan to to form a holding company by merging Bahana and Danareksa and then putting all of the

SOE banks under this new entity.

Police arrest terrorist linked to Thamrin attack The National Police's counterterrorism unit Densus 88 arrested a man suspected to be linked to last month's

Thamrin terrorist attack, in South Tangerang, Banten. Densus 88 officers and Jakarta Police's bomb squad

Gegana arrested the alleged terrorist, DAP, 38, in Cisauk, South Tangerang. (The Jakarta Post)

ECONOMICS

State budget revisions: To cut spending by IDR290tn; assume new oil prices

The 2016 budget revision has been decided at IDR2,095.7tn. However, the economic condition is not

relevant to the state budget, thus the expert staff of Vice President Jusuf Kalla, Sofyan Wanandi stated that

government spending is expected to be cut by IDR290tn. Separately, the government has decided to

postpone a revision of the 2016 state budget from March to May, taking more time to assess the impact of

falling global oil prices on the state's balance sheet. No further amount is disclosed yet. (detik.com, Jakarta

Globe). Bahana comment: This planned cut is even more now that our forecast of IDR250tn in lower

spending. Currently, we are also planning to revise our assumptions for the state budget on the back of

lower-than-expected drop in global oil prices.

Fuel price to go down in March, Pertamina to introduce Solarlite

Directorate General of oil & gas in energy and mineral ministry stated that the government is likely to

announce new decision on fuel price at the middle of March if the average oil price were to fall below

USD30/bbl (average ytd: USD32.6/bbl). Separately, Pertamina indicated their plan to introduce Solarlite

which has speficification above subsidized diesel (cetane: 51) with indication price of IDR7,000 per liter.

(Koran Tempo). Bahana comment: This plan is earlier than our expectation of an April fuel price cut, which

is supportive to our 3.9% inflation target and 6.25% BI rate at the end of the year. Additionally, the lower

fuel price should provide increased purchasing power on the ground.

2015 FDI repatriation reaches USD16.6bn

The 2015 balance of payment recorded financial transactions on FDI amounting to USD15.5bn (2014:

USD21.8bn) with FDI repatriation having reached USD16.6bn (2014: USD18.01bn). (ift.co.id)


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

Govt: To revise up the foreign loan list

National Planning Agency (Bappenas), is willing to revise the blue book of Indonesian foreign loan list, which

will include Asian Infrastructure Investment Bank as a new creditor. (Koran Tempo)

BOURSE

Six SOE plans for corporate actions, one IPO

The House of Representatives (DPR) reported that six state-owned companies plan to implement corporate

actions in 2016-17. Brantas Abipraya, a state-owned construction company, plans to IPO in 2017 while the

other five plan to conduct corporate actions in 2016. Amongst the five, there are Jasa Marga (JSMR IJ-

HOLD-IDR5,425-TP:IDR6,000), a state-owned toll operator, and Kimia Farma (KAEF IJ-BUY-IDR1,110-

TP:IDR1,350), a state-owned pharmaceutical company, which are planning right issues in 2016. (Koran

Tempo)

INDUSTRY

Cooperatives & SME Minister: Gov’t to reduce KUR rate to 7% in 2017

The Cooperatives and Small and Medium Enterprises Minister, Anak Agung Gde Ngurah Puspayoga, has said

that the government is planning to reduce the subsidized micro loan (KUR) rate to 7% in 2017 (2015: 12%,

2016: 9%). The government hopes that the change would strongly improve business volumes in the MSME

segment, which would result in a lower unemployment rate and reduce the national poverty level. Currently,

the government has a KUR budget of up to IDR100tn at a 9% interest rate, which would be disbursed

through 19 banks across Indonesia. (Kompas)

Dec-15 loan growth: 10.4% y-y; deposit growth: 7.3% y-y

The Financial Services Authority (OJK) reported December 2015 loan growth of 10.4% y-y, at around

IDR4,081tn, helped by productive loans (+11.0% y-y), which accounted for 72.3% of 2015 total loans. The

remaining 27.7% were consumer loans. Separately, deposits grew 7.3% y-y in 2015 vis-à-vis 12.3% y-y a

year earlier, bringing LDR increase to 92.5% in December 2015 from 91.0% in November 2015 and 89.9%

a year earlier. (The Central Bank of Indonesia, OJK). Bahana comment: This is in line with our loan-growth

target of 10.6% in 2015F and easing liquidity at the end of the year.

y-y Ytd

(%) Dec-14 Nov-15 Dec-15 Dec-14 Dec-15

Loans:

Productive loans 11.6 9.7 11.0 11.6 11.0

Investment 13.2 12.6 14.7 13.2 14.7

Working Capital 10.8 8.2 9.0 10.8 9.0

Consumer loans 11.5 10.3 9.1 11.5 9.1

Consumer (excl. Mortgage) 11.0 11.7 9.9 11.0 9.9

Mortgage 12.6 7.2 7.3 12.6 7.3

Total Loans 11.4 9.7 10.4 11.4 10.4

Third party funding:

Demand deposit 5.1 11.1 11.0 5.1 11.0

Saving account 5.9 6.6 8.7 5.9 8.7

Time deposit 20.9 6.7 4.6 20.9 4.6

Total third party funding 12.3 7.7 7.3 12.3 7.3

LDR 89.9 91.0 92.5

Gross NPL (incl. channeling) 2.40 2.88 2.70

Gross NPL (excl. channeling) 2.16 2.66 2.49

Source: OJK


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

Automotive: Tata Motors interested in building factory in Indonesia

This week, the Industry Ministry is planning to discuss with Tata Motors the latter’s plan to invest in

constructing a factory in Indonesia. Tata Motors plans to produce commercial vehicles and also passenger

vehicles at the factory. (cnnindonesia.com)

Toyota to launch all-new Toyota Rush on 26 February 2016

Toyota Astra Motor, Astra International’s (ASII IJ-REDUCE-IDR6,750-TP:IDR5,550) subsidiary, plans to

launch an updated version of Toyota Rush from its L-SUV segment with major changes which will be named

Toyota Rush TRD Sportivo 7 and TRD Sportivo Ultimo on 26 February 2016. The new Toyota Rush will be a

7-seater and is expected to compete with the Honda B-RV. (autocarindonesia.com)

Toyota Rush TRD Sportivo 7 Toyota Rush TRD Sportivo Ultimo

Source: company

Government to expedite licensing process for 4 infrastructure sectors

The Investment Coordinating Board (BKPM) has signed an agreement with four ministries on providing 3

hours licensing process for four infrastructure sectors (energy, transportation, public works and

telecommunication). The new agreement would replace previous regulation which only provides quick

licensing process for the manufacturing sector with minimum capital of IDR100bn and employ 1,000

workers. Separately, President Jokowi has requested Indonesia’s governors to revise regional regulations

that hinder licensing processes. (Koran Tempo, cnnindonesia.com)

Shipping: Domestic shipyards gained many orders from Government

Since the beginning of Jokowi’s Government, domestic shipyards have obtained many vessel orders from the

Transportation Ministry as the Government needs 50 units of navigation ships. (Detik). Bahana comment:

The circumstances provide positive outlook for one stock in our coverage, Soechi Lines (SOCI IJ-BUY-

IDR463-TP:IDR630) through its newly-launched shipyard business unit for shipbuilding and maintenance.

Moreover, SOCI’s total shipbuilding contracts reached around USD98m for 5 tankers with Pertamina and

IDR279bn with Transportation Ministry for 3 vessels.

Lotte and Salim group to set up e-commerce venture in Indonesia

Lotte group, South Korea’s retail conglomerate, plans to form a joint e-commerce venture with Salim group.

The parties signed a memorandum of understanding (MoU) last Friday (19 February) to establish an e-

commerce platform solution JV in 1H16. They aim to officially launch the company in early 2017. The two

groups plan to set up a comprehensive e-commerce platform solution and logistics service that would allow

Lotte’s 41 offline retail stores and one department store operating in Indonesia as well as Salim’s 11,000

offline convenient stores, Indomaret, to sell and deliver products to Indonesian consumers. They will also

introduce some popular products of Lotte Mart and Lotte Department Store in Korea through the new

platform. (pulsenews.com, bloomberg)


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

CORPORATE

SMGR: 4Q15 net profit of IDR1.3tn (+28.7% q-q, -10.9% y-y) Semen Indonesia (SMGR IJ-HOLD-IDR10,125-TP:IDR11,200) posted 4Q15 net profit of IDR1.3tn (+28.7%

q-q, -10.9% y-y), bringing FY15 earnings to IDR4.5tn (-18.7% y-y), below consensus (92.7%) but in line

with our estimate (104.5%). Despite 4Q15 domestic volume growth of 7.2% y-y, revenue grew only 2.6%

y-y on EBIT margin pressure (4Q15: 23.0%; 4Q14: 24.1%), although an improvement from the 3Q14

margin of 20.2%. FY15 revenue contracted 0.1% y-y on lower volumes (-0.7% y-y vs industry’s +0.9% y-

y) to reach 25.9mn tons, representing 43.0% of 2015 total domestic volume (2014: 43.7%). (Company,

Bahana). Bahana comment: We maintain our HOLD rating on expected challenges from existing and new

players. Moreover, we look for domestic demand to be capped by limited property sales. On a more

positive note, margins may be helped by lower fuel and commodity prices.

SMGR IJ 4Q15 result summary q-q y-y 4Q15/

y-y 12M15/ 12M15/

(IDRbn) 4Q14 3Q15 4Q15 (%) (%) 4Q15F 12M15 (%) 2015F cons

Sales 7,638 6,474 7,833 21.0 2.6 108.6 26,948 (0.1) 101.5 99.0

COGS 4,510 3,967 4,700 18.5 4.2 16,302 5.8 100.1

Gross profit 3,128 2,507 3,133 24.9 0.2 10,646 (8.1) 103.8

Operating expense 1,291 1,199 1,333 11.2 3.2 4,747 2.5 102.3

Operating profit 1,837 1,309 1,800 37.6 (2.0) 126.9 5,899 (15.1) 105.1 96.3

Net interest income/(expenses) (59) (70) (49) (30.2) (16.0) (129) 33.1 272.6

Forex gain/(losses) - 28 - - na -

Total other income/(expenses) 54 (5) (51) 1,039.8 (195.7)

(48) (135.4) (110.2)

Pretax profit 1,891 1,304 1,749 34.1 (7.5)

5,851 (17.4) 103.5 94.2

Taxation (415) (290) (432) 47.9 4.1

(1,325) (12.6) 100.4

Minority interest (3) (2) 6 (455.2) (317.0) (4) (49.1) 46.5

Net profit 1,473 1,023 1,313 28.7 (10.9) 120.7 4,521 (18.7) 104.5 92.7

BS & ratio analysis 4Q14 3Q15 4Q15 12M14 12M15 2014 2015F 2016F

Gross margin (%) 41.0 38.7 40.0 43.0 39.5 43.0 38.6 39.0

Operating margin (%) 24.1 20.2 23.0 25.8 21.9 25.8 21.1 21.2

Net margin (%) 19.3 15.8 16.8 20.6 16.8 20.6 16.3 16.8

Inventory days (days) 54.5 65.3 55.1 64.7 64.4 64.7 65 65

Receivable days (days) 36.1 43.2 35.7 32.4 42.1 32.4 32 32

Payable days (days) 55.2 58.8 49.6 65.6 58.0 65.6 66 66

Total cashv(IDRbn) 4,926 2,642 3,964 4,925 3,964 4,926 5,029 5,129

Total debt (IDRbn) 4,100 3,920 4,001 4,100 4,001 4,100 6,409 9,514

Net gearing (%) Nc 5.1 0.1 nc 0.1 Nc 5.4 15.3

Source: Company, Bisnis Indonesia, Bahana estimates

LPPF 4Q15 results: in line with our and consensus estimates

Matahari Department Store (LPPF IJ-BUY-IDR16,525) booked 4Q15 net profit of IDR397bn, -46.1% q-q and

+10.6% y-y, translating to 2015 net profit of IDR1,781bn, +25.5% y-y, in line with our and consensus

estimates. On the top line, LPPF posted 4Q15 sales of IDR2,194bn, -24.1 q-q and +16.3% y-y, slightly

below our expectation resulting to lower y-y gross and EBIT margins due to heavier discounting due to year

end sales. (Company). Bahana comment: We note the company repaid their debt earlier resulting in cash

levels below our expectations for 2015. Meanwhile, heavier discounting which slightly eroded margins have

caused lower than expected inventory days in 4Q15 and 2015, paving the way for improved operating

leverage ahead. Following this set results, we will only fine tune our numbers and retain core assumptions.

LPPF IJ 4Q15 results summary q-q y-y 4Q15/ y-y 2015/ 2015/

(IDRb) 4Q14 3Q15 4Q15 (%) (%) 4Q15F 2015 (%) 2015F Cons.

Sales 1,886 2,892 2,194 (24.1) 16.3 94.3 9,006.

9 13.6 96.4 99.3

Gross profit 1,221 1,812 1,378 (23.9) 12.9 5,671.

3 12.3

Operating expense 738 887 831 (6.3) 12.7 3,341.7 13.8

Operating profit 484 925 547 (40.9) 13.0 92.5 2,329.

5 10.3 94.2 97.6

Net interest income/(expense) (30) (13) (49) 264.7 62.7 (92.8) (60.2)

Forex gain (expenses) - - - - - - -

Other income/(expense) (2) 3 6 123.7 (412.3)

8.1 (130.0)

Pretax profit 452 914 504 (44.9) 11.5

2,244.

8 21.3 92.6 96.1

Taxation (93) (177) (107) (39.7) 14.7

(464.0) 7.5

Net Profit 359 736 397 (46.1) 10.6 97.9 1,780.

8 25.5 95.8 97.0

BS & ratio analysis 4Q14 3Q15 4Q15 2014A 2015A 2015F 2016F 2017F

Gross margin (%) 64.7 62.6 62.8 63.7 63.0 63.5 63.2 62.8

Operating margin (%) 25.6 32.0 24.9 26.6 25.9 26.5 26.4 26.4

Net margin (%) 19.0 25.5 18.1 17.9 19.8 19.9 20.4 20.6

Inventory Days 114 77 108 106 107 112 117 118

Receivable Days 2 1 2 4 2 5 5 5

Payable Days 181 75 163 185 162 182 183 183

Total cash 786 660 947 786 947 1,359 2,615 4,589

Total debt 689 696 0 689 0 250 0 0

Net gearing (%) nc 5 nc nc nc nc nc nc

Source: company


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

BMRI to receive additional IDR10tn of capital from bond recap in 2016; to release 4Q15 results

Bank Mandiri (BMRI IJ-BUY-IDR9,400-TP:9,700) is due to receive additional capital of up to IDR10tn from

the recapitalization of bonds due in 2016. Budi Gunawan, Bank Mandiri’s President Director, believes the

additional capital will boost liquidity and strengthen assets. Currently, BMRI has up to IDR79tn of

recapitalization bonds – IDR22tn held to maturity and around IDR55tn available for sale. Separately, the

bank will report 4Q15 earnings later today. (Kontan, Bahana)

BBTN: around IDR3tn of mortgage loans from Indonesia Property Expo

During the Indonesia Property Expo on 13-21 February, Bank Tabungan Negara (BBTN IJ-IDR1,465-

TP:1,700) has booked up to IDR3tn of mortgage loans (target: IDR2tn), of which 55% of the transactions

were categorized for middle-to-upper class housing loans, while the remaining 45% were classified under

the government-backed mortgage scheme (FLPP). During the event, BBTN had offered several attractive

mortgage loans packages including, mortgage loans under government-backed mortgage scheme (FLPP)

with 5% interest rate, 1% advance payment and no administration fee. (Bisnis Indonesia)

TLKM to modernize broadband network with FTTH and MDU

Telekomunikasi Indonesia (TLKM IJ-BUY-IDR3,180-TP:IDR3,750) is currently modernizing the broadband

network in Surabaya by replacing 4 automatic telephone centers (STO) with new infrastructure using Fibre

To The Home (FTTH) and optimizing the Multi Dwelling Unit (MDU) broadband services. TLKM targets to

modernize 71 STO using FTTH technology and MDU this year. This modernization is also in accordance with

the government’s plan to provide broadband access to all corners of the country which is expected to

support the improvement of the local economy. (Bisnis Indonesia)

WSKT acquires Pemalang-Batang toll road

Waskita Karya (WSKT IJ-BUY-IDR1,930-TP:IDR2,250) has announced the acquisition of a 60% ownership in

the 39km Pemalang-Batang toll road with the remaining 40% stake still owned by its previous concession

holder, Sumber Mitra Jaya. Total investment cost is expected to reach IDR4.1tn although the land

acquisition process is still below 5%. Following the acquisition, WSKT owns ownership in 12 toll roads under

concessions (8 as majority) with a total length of 512km. (Bisnis Indonesia)

TMAS purchases a vessel from China

Pelayaran Tempuran Emas (TMAS IJ-BUY-IDR1,880-TP:IDR3,000) has purchased a vessel from China at a

total investment of IDR98bn and is targeting to buy 4 new units, each with capacity of 360 TEUs until June

2016. Moreover, with this additional 1 unit from China, currently TMAS owns 24 vessels with total capacity

of 15,287 TEUs. (Bisnis Indonesia). Bahana comment: In our model, we expect total operating vessels to

reach 29 units with total capacity of 15,700 TEUs.

PPRO to obtain IDR400bn bank loan

PP Properti (PPRO IJ-HOLD-IDR193) is currently finalizing IDR400bn bank loan from ICBC Indonesia to fund

the construction of Grand Kamala Lagoon (GKL) tower II this year. The management plans to sign the loan

agreement on 24 February 2016. (Bisnis Indonesia). Bahana comment: We believe this GKL mid-low class

project development should benefit PPRO as current demand for mid-low cost apartments still remains high.

SMRA holds its REIT issuance

Summarecon Agung (SMRA IJ-BUY-IDR1,560-TP:IDR1,820) is currently holding their plan to issue Real

Estate Investment Trust (REIT) as the management expects the government to reduce the capital gain tax

to 0.1% from 1% previously in order to attract investors. (Bisnis Indonesia). Bahana comment: Currently,

SMRA has IDR4tn assets to be sold in the form of REITs which are mostly located in Kelapa Gading, Serpong

and Bekasi.

PGAS to build 1,685km gas pipeline by 2019

Perusahaan Gas Negara (PGAS IJ-REDUCE-IDR2,600-TP:IDR2,500) plans to build 1,685km gas pipeline by

2019, increasing its gas pipeline length to 8,656km from 6,971km. The addition, from Duri-Dumai-Medan

open access gas pipeline, Muara Bekasi-Semarang open access gas pipeline, and the Batam (Nagoya)-

Pemping gas transmission pipeline, as well as expansion of existing gas pipelines, is expected to increase

gas distribution by 20% y-y to 1,902mmscfd. (republika.co.id)


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 02/22/2016 02/19/2016 CHANGE (%)

Express Transindo Utama TAXI IJ REDUCE 120 (16.7) 144 107 34.6

Bukit Asam PTBA IJ BUY 7,800 46.5 5,325 4,670 14.0

J Resources PSAB IJ BUY 1,400 16.7 1,200 1,060 13.2

Indo Tambangraya Megah ITMG IJ REDUCE 5,200 (7.1) 5,600 5,250 6.7

Vale Indonesia INCO IJ HOLD 1,400 (12.2) 1,595 1,505 6.0

Dharma Satya Nusantara DSNG IJ BUY 535 15.1 465 440 5.7

Bekasi Fajar Industrial Estates BEST IJ REDUCE 300 12.8 266 253 5.1

Ramayana Lestari Sentosa RALS IJ REDUCE 640 (12.3) 730 695 5.0

Media Nusantara Citra MNCN IJ BUY 2,000 25.8 1,590 1,525 4.3

Multipolar MLPL IJ BUY 550 132.1 237 229 3.5

Harum Energy HRUM IJ REDUCE 500 (23.7) 655 635 3.1

Tiphone Mobile Indonesia TELE IJ BUY 1,180 65.0 715 695 2.9

HM Sampoerna HMSP IJ BUY 115,000 6.1 108,375 105,500 2.7

Matahari Department Store LPPF IJ BUY 19,800 19.8 16,525 16,100 2.6

Sampoerna Agro SGRO IJ HOLD 1,800 (5.5) 1,905 1,860 2.4

Holcim Indonesia SMCB IJ REDUCE 825 (14.9) 970 950 2.1

Gudang Garam GGRM IJ BUY 65,000 (0.6) 65,400 64,125 2.0

Indofood CBP Sukses Makmur ICBP IJ BUY 16,800 9.1 15,400 15,100 2.0

Timah TINS IJ REDUCE 411 (28.5) 575 565 1.8

Adaro Energy ADRO IJ BUY 700 17.6 595 585 1.7

Pelayaran Tempuran Emas TMAS IJ BUY 3,000 59.6 1,880 1,850 1.6

Indofood Sukses Makmur INDF IJ BUY 6,600 (3.3) 6,825 6,725 1.5

Unilever Indonesia UNVR IJ BUY 46,000 6.1 43,375 42,750 1.5

Indosat ISAT IJ BUY 6,800 29.5 5,250 5,175 1.4

Puradelta Lestari DMAS IJ BUY 290 34 217 214 1.4

Blue Bird BIRD IJ REDUCE 4,700 (19.0) 5,800 5,725 1.3

Japfa Comfeed Indonesia JPFA IJ BUY 880 12.8 780 770 1.3

Tempo Scan Pacific TSPC IJ BUY 2,000 13.0 1,770 1,750 1.1

Bank Jawa Barat dan Banten BJBR IJ BUY 1,020 9.7 930 920 1.1

Bank Mandiri BMRI IJ BUY 9,700 3.2 9,400 9,300 1.1

Mayora Indah MYOR IJ BUY 31,000 14.8 27,000 26,725 1.0

Adi Sarana Armada ASSA IJ BUY 130 30.0 100 99 1.0

Bank Central Asia BBCA IJ BUY 14,700 11.6 13,175 13,050 1.0

Wintermar Offshore Marine WINS IJ HOLD 190 74.3 109 108 0.9

Indocement Tunggal Prakarsa INTP IJ REDUCE 17,600 (9.9) 19,525 19,350 0.9

Perusahaan Gas Negara PGAS IJ REDUCE 2,500 (3.8) 2,600 2,585 0.6

Alam Sutera Realty ASRI IJ REDUCE 300 (15.7) 356 354 0.6

Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,350 12.7 2,085 2,075 0.5

Indomobil Sukses Internasional IMAS IJ HOLD 2,000 (4.3) 2,090 2,080 0.5

Jasa Marga JSMR IJ BUY 6,250 15.2 5,425 5,400 0.5

Astra Agro Lestari AALI IJ REDUCE 14,300 (19.8) 17,825 17,750 0.4

Kalbe Farma KLBF IJ HOLD 1,480 16.5 1,270 1,265 0.4

Adhi Karya ADHI IJ BUY 2,550 (1.9) 2,600 2,590 0.4

Waskita Karya WSKT IJ BUY 2,250 16.6 1,930 1,925 0.3

Indonesian Stock Exchange JCI 4,709 4,698 0.2

Cardig Aero Services CASS IJ HOLD 1,250 0.0 1,250 1,250 0.0

Gajah Tunggal GJTL IJ BUY 860 76.2 488 488 0.0

Semen Baturaja SMBR IJ HOLD 315 (0.6) 317 317 0.0

Wijaya Karya Beton WTON IJ BUY 1,100 12.2 980 980 0.0

Total Bangun Persada TOTL IJ BUY 940 64.9 570 570 0.0

Electronic City ECII IJ REDUCE 700 (2.1) 715 715 0.0

Matahari Putra Prima MPPA IJ BUY 2,750 54.1 1,785 1,785 0.0

Sido Muncul SIDO IJ HOLD 480 (5.0) 505 505 0.0

Aneka Tambang ANTM IJ REDUCE 207 (43.9) 369 369 0.0

Merdeka Copper Gold MDKA IJ BUY 2,200 15.8 1,900 1,900 0.0

Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (41.2) 1,700 1,700 0.0

Tunas Baru Lampung TBLA IJ BUY 570 14.0 500 500 0.0

Bumi Serpong Damai BSDE IJ BUY 2,020 16.8 1,730 1,730 0.0

Lippo Karawaci LPKR IJ REDUCE 1,130 9.7 1,030 1,030 0.0

Ciputra Development CTRA IJ BUY 1,400 6.9 1,310 1,310 0.0

PP Property PPRO IJ HOLD 180 (6.7) 193 193 0.0

Krakatau Steel KRAS IJ REDUCE 275 (24.2) 363 363 0.0

Xl Axiata EXCL IJ BUY 4,400 12.8 3,900 3,900 0.0

Anabatic Technologies ATIC IJ BUY 800 49.5 535 535 0.0

Bank Jawa Timur BJTM IJ REDUCE 420 0.0 420 421 (0.2)

Summarecon Agung SMRA IJ BUY 1,820 16.7 1,560 1,565 (0.3)

London Sumatra Indonesia LSIP IJ BUY 1,500 3.4 1,450 1,455 (0.3)

Malindo Feedmill MAIN IJ BUY 1,700 27.8 1,330 1,335 (0.4)

Kawasan Industri Jababeka KIJA IJ BUY 270 14.4 236 237 (0.4)

Telekomunikasi Indonesia TLKM IJ BUY 3,750 17.9 3,180 3,195 (0.5)

Mitra Adiperkasa MAPI IJ BUY 4,750 14.3 4,155 4,175 (0.5)

Semen Indonesia SMGR IJ HOLD 11,200 10.6 10,125 10,175 (0.5)

Medco Energi Internasional MEDC IJ BUY 1,300 56.6 830 835 (0.6)

Agung Podomoro Land APLN IJ REDUCE 220 (33.3) 330 332 (0.6)

Nippon Indosari Corpindo ROTI IJ BUY 1,450 4.3 1,390 1,400 (0.7)

Pakuwon Jati PWON IJ HOLD 490 6.3 461 465 (0.9)

Siloam International Hospitals SILO IJ BUY 14,700 74.5 8,425 8,500 (0.9)

Bank Bukopin BBKP IJ HOLD 730 31.5 555 560 (0.9)

Pembangunan Perumahan PTPP IJ BUY 4,300 13.5 3,790 3,825 (0.9)

AKR Corporindo AKRA IJ BUY 9,000 18.0 7,625 7,700 (1.0)

Ciputra Property CTRP IJ REDUCE 365 (5.2) 385 389 (1.0)

Mitra Keluarga Karyasehat MIKA IJ SELL 1,900 (6.4) 2,030 2,055 (1.2)

Surya Citra Media SCMA IJ REDUCE 2,800 (0.2) 2,805 2,840 (1.2)

United Tractors UNTR IJ HOLD 16,000 1.7 15,725 15,925 (1.3)

Tower Bersama Infrastructure TBIG IJ HOLD 6,500 10.6 5,875 5,950 (1.3)

Wijaya Karya WIKA IJ BUY 3,100 17.0 2,650 2,685 (1.3)

Kimia Farma KAEF IJ BUY 1,350 21.6 1,110 1,125 (1.3)

Surya Semesta Internusa SSIA IJ BUY 720 9.9 655 665 (1.5)

Lippo Cikarang LPCK IJ BUY 8,300 37.8 6,025 6,125 (1.6)

Soechi Lines SOCI IJ BUY 630 36.1 463 472 (1.9)

Bank Negara Indonesia BBNI IJ BUY 5,700 14.0 5,000 5,100 (2.0)

Astra International ASII IJ REDUCE 5,550 (17.8) 6,750 6,900 (2.2)

Ace Hardware Indonesia ACES IJ HOLD 875 (1.7) 890 910 (2.2)

Charoen Pokphand Indonesia CPIN IJ BUY 3,500 4.0 3,365 3,445 (2.3)

Hero Supermarket HERO IJ REDUCE 650 (36.6) 1,025 1,050 (2.4)

Erajaya Swasembada ERAA IJ BUY 850 51.8 560 575 (2.6)

Bank Tabungan Negara BBTN IJ BUY 1,700 16.0 1,465 1,505 (2.7)

Sri Rejeki Isman SRIL IJ BUY 400 58.1 253 260 (2.7)

Bank Danamon Indonesia BDMN IJ HOLD 3,400 (13.0) 3,910 4,045 (3.3)

Garuda Indonesia GIAA IJ BUY 400 (2.0) 408 423 (3.5)

Bank Rakyat Indonesia BBRI IJ BUY 13,000 18.5 10,975 11,450 (4.1)

Salim Ivomas Pratama SIMP IJ HOLD 290 (25.1) 387 404 (4.2)

Sarana Menara Nusantara TOWR IJ BUY 5,000 24.8 4,005 4,200 (4.6) Source: Bloomberg, Bahana estimates

When a report covers six or more subject companies please access important disclosures for Daiwa Capital Markets Hong Kong Limited at http://www.daiwacm.com/hk/research_disclaimer.html or contact your investment representative or Daiwa

Capital Markets Hong Kong Limited at Level 26, One Pacific Place, 88 Queensway, Hong Kong. 8Hong Kong

http://www.daiwacm.com/hk/research_disclaimer.html


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

Source: Bloomberg, Bahana estimates

Ticker Rating Price TP Shares Free float Mkt cap 3M avg to

(IDR) (IDR) (m) (%) (IDRb) (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

AVIATION N 13,163 11.2 59,049 66,614 76,230 1,468 1,969 2,577 1,090 1,724 2,165 na 33.5 19.2 12.1 7.6 6.1 7.0 5.6 5.1 1.2 0.9 0.8 0.2 0.3 0.3 (99.8) (85.6) (75.8) 12.0 14.3 14.0 3.9 4.8 5.1 8.3 9.3 9.1

GIAA IJ* BUY 408 400 25,869 14.9 10,555 11.2 57,368 64,708 74,084 1,050 1,474 2,005 966 1,582 2,005 na 63.8 26.7 11.0 6.7 na 7.3 5.8 5.2 0.1 0.0 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

CASS IJ HOLD 1,250 1,250 2,087 56.6 2,609 0.0 1,680 1,905 2,146 418 496 571 124 142 160 12.2 14.6 12.5 21.1 18.4 16.4 5.6 4.8 4.3 5.6 4.6 3.8 1.2 1.4 1.5 3.1 5.5 11.0 29.7 27.5 25.4 10.7 10.9 11.2 26.2 26.3 23.4

AUTOMOTIVE UW 280,744 275.9 215,860 227,222 247,701 18,472 19,678 21,842 16,030 17,779 20,271 (17.0) 10.9 14.0 17.5 15.8 13.8 13.3 12.6 11.6 2.6 2.4 2.1 2.7 2.8 3.2 51.0 49.8 46.6 16.2 15.8 16.1 6.8 6.8 7.1 11.0 10.9 11.2

ASII IJ REDUCE 6,750 5,550 40,484 49.8 273,264 275.0 184,851 193,520 211,196 17,427 18,498 20,496 16,764 17,591 19,543 (12.6) 4.9 11.1 16.3 15.5 14.0 12.9 12.3 11.2 2.6 2.4 2.2 2.8 2.9 3.2 45.9 44.1 40.4 16.8 16.2 16.3 7.0 7.0 7.2 11.3 11.2 11.5

IMAS IJ HOLD 2,090 2,000 2,765 10.5 5,779 0.1 18,176 19,770 21,414 96 149 229 (312) 126 292 na na na na 45.7 19.8 33.2 32.7 30.9 1.1 1.0 1.0 0.0 0.5 1.3 269.4 297.2 316.2 (5.6) 2.3 5.2 (1.3) 0.5 1.0 (1.6) 0.6 1.2

GJTL IJ BUY 488 860 3,485 39.8 1,701 0.8 12,833 13,932 15,091 950 1,031 1,117 (422) 62 436 na na na na 27.4 3.9 5.1 4.7 5.7 0.3 0.3 0.3 0.0 0.9 6.4 130.5 129.3 130.3 (7.7) 1.3 8.4 (2.6) 0.4 2.4 (3.6) 0.5 3.4

BANKS N 993,634 842.7 266,270 291,640 323,366 99,194 109,580 121,941 80,313 88,704 98,536 0.7 10.4 11.1 12.4 11.2 10.1 na na na 2.5 2.1 1.8 1.8 1.9 1.9 na na na 19.8 18.6 17.7 2.6 2.6 2.5 na na na

BBCA IJ BUY 13,175 14,700 24,655 50.8 324,830 185.4 48,667 52,850 58,014 22,474 24,585 26,964 18,176 19,883 21,806 10.3 9.4 9.7 17.9 16.3 14.9 na na na 3.6 3.1 2.6 1.2 1.3 1.4 na na na 22.0 20.3 19.0 3.1 3.1 3.0 na na na

BBRI IJ BUY 10,975 13,000 24,669 43.2 270,744 288.0 66,953 73,440 81,052 28,314 31,205 34,621 24,426 26,815 29,624 0.8 9.8 10.5 11.1 10.1 9.1 na na na 2.3 2.0 1.7 1.8 2.0 1.9 na na na 22.9 21.2 19.8 2.9 2.9 2.8 na na na

BMRI IJ BUY 9,400 9,700 23,333 40.0 219,333 187.4 62,897 69,286 77,120 26,068 26,665 30,171 20,004 20,330 22,958 0.7 1.6 12.9 11.0 10.8 9.6 na na na 1.9 1.7 1.4 2.1 1.9 1.8 na na na 18.2 16.3 16.1 2.2 2.1 2.1 na na na

BBNI IJ BUY 5,000 5,700 18,649 40.0 93,243 137.6 37,239 40,951 45,725 9,966 13,232 14,595 8,372 11,022 12,153 (22.4) 31.7 10.3 11.1 8.5 7.7 na na na 1.5 1.3 1.1 2.0 2.4 2.3 na na na 14.0 16.4 15.8 1.9 2.2 2.2 na na na

BDMN IJ HOLD 3,910 3,400 9,585 32.5 37,476 9.1 20,353 21,026 23,106 3,623 4,017 4,681 2,613 2,998 3,475 0.3 14.8 15.9 14.3 12.5 10.8 na na na 1.1 1.0 0.9 2.1 2.2 2.3 na na na 7.8 8.4 9.1 1.3 1.3 1.2 na na na

BTPN IJ REDUCE 2,085 2,350 5,840 50.8 12,177 0.2 8,452 9,489 10,678 2,444 2,665 2,817 1,822 1,987 2,099 (1.7) 9.0 5.7 6.7 6.1 5.8 na na na 0.9 0.8 0.7 2.2 2.4 2.6 na na na 14.3 13.7 12.9 2.3 2.2 2.1 na na na

BBTN IJ BUY 1,465 1,700 10,584 39.9 15,505 22.0 7,439 8,816 10,234 2,215 2,686 3,039 1,663 2,084 2,419 49.1 25.3 16.1 9.3 7.4 6.4 na na na 1.1 1.0 0.9 2.1 2.4 2.3 na na na 12.9 14.3 14.7 1.0 1.1 1.0 na na na

BJBR IJ BUY 930 1,020 9,696 25.0 9,018 9.6 6,392 6,898 7,494 1,432 1,599 1,790 1,227 1,368 1,529 9.5 11.5 11.7 7.4 6.6 5.9 na na na 1.2 1.1 1.0 7.5 7.6 7.6 na na na 16.8 17.3 17.6 1.5 1.5 1.5 na na na

BJTM IJ REDUCE 420 420 14,918 20.0 6,265 1.6 3,633 4,052 4,518 1,290 1,398 1,575 942 1,023 1,153 0.3 8.6 12.7 6.6 6.1 5.4 na na na 1.0 0.9 0.9 9.5 9.4 9.7 na na na 15.2 15.6 16.3 2.3 2.2 2.2 na na na

BBKP IJ HOLD 555 730 9,087 40.5 5,043 1.8 4,247 4,832 5,423 1,366 1,528 1,687 1,067 1,194 1,320 47.3 11.9 10.6 4.7 4.2 3.8 na na na 0.7 0.6 0.5 4.2 4.7 5.2 na na na 14.8 14.8 14.5 1.3 1.2 1.2 na na na

CEMENT UW 142,484 109.7 54,849 56,706 59,100 11,007 11,320 11,840 8,832 9,245 9,667 (25.4) 4.7 4.6 16.1 15.4 14.7 10.1 9.8 9.2 2.6 2.4 2.3 3.7 3.8 4.0 4.6 7.3 5.4 16.5 16.3 16.0 12.8 12.1 11.6 22.3 19.2 18.6

SMGR IJ HOLD 10,125 11,200 5,932 49.0 60,057 59.6 26,545 27,486 28,611 5,612 5,594 5,873 4,352 4,503 4,727 (21.8) 3.5 5.0 13.8 13.3 12.7 8.7 8.6 7.8 2.4 2.1 1.9 2.2 2.2 2.4 2.6 9.6 6.3 17.6 16.6 15.5 11.8 10.7 10.0 17.6 15.6 14.4

INTP IJ REDUCE 19,525 17,600 3,681 36.0 71,876 46.9 17,473 18,073 18,951 4,768 4,834 5,084 4,340 4,353 4,558 (17.7) 0.3 4.7 16.6 16.5 15.8 11.4 11.1 10.5 3.0 2.9 2.8 5.4 5.5 5.7 nc nc nc 17.7 17.9 18.3 15.0 14.7 14.3 28.3 24.4 24.4

SMCB IJ REDUCE 970 825 7,663 19.4 7,433 0.8 9,352 9,619 9,904 287 566 538 (225) 89 129 na na na na 83.7 57.7 12.5 9.1 8.5 0.9 0.9 0.9 0.0 0.9 1.3 66.6 61.7 51.5 (2.7) 1.1 1.6 (1.3) 0.5 0.8 (1.7) 0.7 1.0

SMBR IJ HOLD 317 315 9,838 23.8 3,119 2.4 1,479 1,528 1,633 340 325 345 364 300 252 10.9 (17.5) (16.0) 8.6 10.4 12.4 3.9 6.3 8.5 1.0 1.0 0.9 2.9 2.4 2.0 nc nc nc 12.8 9.7 7.6 11.9 9.0 6.1 33.1 13.7 7.1

COAL UW 98,056 122.2 130,282 127,128 131,490 19,416 17,610 15,141 13,545 12,401 10,797 12.1 (8.4) (12.9) 7.2 7.9 9.1 3.1 2.9 2.6 1.1 1.1 1.0 6.2 5.5 5.6 5.0 2.6 0.3 15.9 13.5 11.6 9.3 7.9 7.0 18.9 17.4 15.8

UNTR IJ HOLD 15,725 16,000 3,730 40.5 58,656 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 8.6 9.2 9.2 3.7 3.5 3.1 1.4 1.3 1.2 4.7 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

ADRO IJ* BUY 595 700 31,986 43.0 19,032 21.2 39,074 38,836 38,626 5,712 5,264 3,570 2,982 2,856 1,960 40.9 (1.1) (33.7) 6.4 6.5 9.8 2.9 2.6 2.3 0.5 0.4 0.4 4.7 4.7 3.0 26.0 13.2 1.7 7.9 6.8 4.5 3.6 3.3 2.3 5.9 5.7 4.2

ITMG IJ* REDUCE 5,600 5,200 1,130 34.8 6,328 7.3 23,102 19,323 21,830 2,643 1,351 629 1,546 992 546 (44.9) (35.9) (44.9) 4.1 6.4 11.6 0.6 0.8 0.9 0.5 0.5 0.5 19.6 12.5 11.7 nc nc nc 13.4 8.2 4.6 8.8 5.4 2.9 19.2 12.8 7.5

PTBA IJ BUY 5,325 7,800 2,304 28.7 12,270 29.5 14,428 15,832 15,981 2,661 2,774 2,547 2,170 2,198 1,990 7.7 1.3 (9.4) 5.7 5.6 6.2 3.7 3.7 4.3 1.3 1.2 1.1 9.7 9.9 8.9 nc nc nc 24.4 22.6 18.7 14.0 12.8 10.6 29.6 25.6 19.7

HRUM IJ* REDUCE 655 500 2,704 28.8 1,771 0.5 3,710 3,518 3,518 42 28 (42) 0 (28) (95) (50) (1,000) 289 655.0 (72.8) (18.7) (7.8) (9.6) (17.7) 0.5 0.5 0.5 0.2 0.0 (0.9) nc nc nc 0.0 (0.7) (2.4) 0.0 (0.5) (1.8) 0.0 (2.5) (9.7)

CONS. & TOLL ROADS N 117,476 239.0 64,550 85,995 104,429 8,556 11,084 12,947 4,146 5,374 6,099 6.0 25.1 9.1 28.3 21.9 19.3 13.6 11.7 10.6 3.4 3.0 2.7 1.0 1.3 1.5 54.8 74.0 84.3 14.3 14.5 14.6 4.1 4.4 4.2 11.0 10.3 9.6

JSMR IJ BUY 5,425 6,250 6,800 30.0 36,890 46.8 7,592 8,703 9,631 2,870 3,351 3,669 1,278 1,445 1,481 (9.0) 13.1 2.5 28.9 25.5 24.9 13.0 12.1 11.6 3.5 3.2 2.9 1.0 1.2 1.2 120.4 147.1 164.0 12.5 13.0 12.2 3.7 3.7 3.3 5.9 5.5 4.8

WIKA IJ BUY 2,650 3,100 6,149 34.9 16,295 26.7 12,150 14,875 17,597 1,297 1,718 2,050 559 785 957 (9.2) 40.6 21.8 29.1 20.7 17.0 11.9 9.2 7.8 3.6 3.1 2.7 1.0 1.4 1.8 51.7 49.7 44.7 13.2 16.2 16.9 3.4 4.3 4.5 9.7 10.8 11.5

PTPP IJ BUY 3,790 4,300 4,842 45.7 18,353 21.4 14,909 20,378 24,313 1,695 2,223 2,659 704 914 1,066 32.4 29.8 16.6 26.1 20.1 17.2 11.2 8.9 7.8 4.4 3.8 3.3 1.2 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

WSKT IJ BUY 1,930 2,250 13,572 34.0 26,195 48.0 15,174 20,580 24,605 1,434 1,918 2,148 818 1,116 1,174 37.9 17.3 5.2 27.1 23.1 22.0 15.4 15.0 14.5 2.9 2.7 2.4 0.6 0.9 0.9 19.1 47.5 71.6 14.1 12.1 11.6 4.4 4.1 3.7 11.0 9.0 7.2

WTON IJ BUY 980 1,100 8,715 28.1 8,541 18.0 2,570 4,160 5,824 258 454 620 195 349 475 (45.5) 79.5 36.1 43.9 24.5 18.0 24.1 14.9 11.3 3.8 3.5 3.0 0.7 1.2 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 IJ BUY 2,600 2,550 3,561 74.2 9,258 74.6 9,817 14,680 19,059 784 1,155 1,483 395 534 690 0.9 (17.4) 29.2 14.3 17.3 13.4 10.5 9.6 7.1 1.9 1.8 1.6 1.4 1.2 1.5 nc 41.6 25.4 12.0 10.6 12.4 3.2 3.3 3.7 10.8 9.2 9.3

TOTL IJ BUY 570 940 3,410 33.7 1,944 3.5 2,338 2,618 3,400 218 266 317 197 230 255 20.4 16.7 10.9 9.9 8.4 7.6 5.9 4.8 4.1 2.2 1.9 1.7 5.3 6.1 7.1 nc nc nc 23.3 24.3 24.0 7.6 8.3 8.4 73.8 62.6 53.5

CONSUMER - DISCRE. N 154,180 118.1 76,680 84,783 95,235 8,650 9,998 11,515 6,000 7,422 8,820 (7.1) 25.1 20.3 25.7 20.8 17.5 16.6 14.0 11.9 15.0 9.2 6.8 1.9 2.3 2.6 8.4 6.9 5.5 88.4 50.9 40.9 27.1 26.4 24.9 23.4 25.2 26.7

SCMA IJ REDUCE 2,805 2,800 14,622 38.2 41,014 19.1 4,253 4,573 4,983 1,997 2,192 2,408 1,519 1,674 1,848 4.4 10.2 10.4 27.0 24.5 22.2 19.7 17.8 16.1 12.9 11.3 9.9 2.8 3.1 3.4 nc nc nc 46.1 49.7 48.0 33.1 35.7 35.5 64.4 67.6 70.6

LPPF IJ BUY 16,525 19,800 2,918 79.5 48,219 62.8 9,340 10,872 12,699 2,474 2,868 3,346 1,859 2,219 2,620 31.0 19.3 18.1 25.9 21.7 18.4 17.1 14.2 11.6 32.8 16.4 10.3 1.5 1.8 2.2 nc nc nc 225.8 100.6 68.8 46.7 41.1 35.5 na na na

MNCN IJ BUY 1,590 2,000 14,276 36.4 22,699 12.1 6,675 7,006 7,519 2,580 2,724 2,936 1,280 1,648 1,990 (27.3) 28.7 20.7 17.7 13.8 11.4 9.3 8.7 7.8 2.3 2.1 1.9 2.8 3.6 4.4 30.7 24.8 16.7 14.1 16.8 18.3 9.0 10.7 12.0 11.1 13.2 15.2

MPPA IJ BUY 1,785 2,750 5,378 23.7 9,600 12.3 14,286 16,331 18,267 567 738 839 451 587 666 (18.6) 30.3 13.4 21.3 16.3 14.4 10.1 7.9 6.6 3.1 2.8 2.5 1.9 2.4 2.8 nc nc nc 15.1 17.8 18.1 7.3 8.5 8.7 20.6 24.4 24.9

ACES IJ REDUCE 890 650 17,150 40.0 15,264 7.3 4,698 5,086 5,647 648 704 787 559 608 674 1.4 8.9 10.9 27.3 25.1 22.6 20.1 18.0 15.7 5.4 4.6 3.9 0.7 0.8 0.9 nc nc nc 21.6 19.9 18.9 17.4 16.2 15.5 27.2 28.5 30.5

HERO IJ REDUCE 1,025 650 4,184 13.4 4,288 0.0 15,118 16,906 19,439 (215) (113) 72 (29) 57 191 na na na na 74.7 22.5 49.3 21.6 11.7 0.8 0.8 0.7 0.0 0.0 0.0 7.1 7.7 13.2 (0.5) 1.0 3.3 (0.3) 0.6 2.0 (0.5) 1.0 3.0

RALS IJ REDUCE 730 640 7,096 40.5 5,180 0.9 7,774 8,038 8,534 218 246 282 311 333 369 (12.3) 6.8 11.1 16.6 15.6 14.0 7.1 6.3 5.5 1.5 1.4 1.3 3.0 3.2 3.6 nc nc nc 9.1 9.3 9.8 6.7 7.0 7.4 18.9 20.4 21.4

MAPI IJ BUY 4,155 4,750 1,660 44.0 6,964 3.5 12,760 14,054 16,027 399 608 778 34 242 380 (53.7) 605.4 57.4 201.3 28.5 18.1 10.6 8.1 6.7 2.3 2.2 2.0 0.0 0.5 0.8 80.7 67.2 59.3 1.3 7.9 11.4 0.4 2.5 3.7 0.6 4.6 7.0

ECII IJ REDUCE 715 700 1,334 25.0 954 0.0 1,776 1,917 2,121 (17) 31 67 15 54 82 (88.0) 245.5 52.6 61.6 17.8 11.7 na 12.7 6.5 0.5 0.5 0.5 0.2 0.6 0.9 nc nc nc 0.9 3.0 4.4 0.8 2.7 3.9 1.2 4.0 5.7

CONSUMER - STAPLES OW 1,262,446 420.6 346,896 380,892 424,517 48,566 52,638 59,726 32,189 36,512 41,690 3.1 12.4 14.0 39.2 34.6 30.3 29.5 27.6 24.1 25.1 22.6 20.4 1.8 2.0 2.3 6.4 7.2 6.6 55.7 51.7 53.1 24.6 23.3 24.6 66.9 66.3 65.1

HMSP IJ BUY 108,375 115,000 4,653 7.5 504,239 68.4 88,712 97,119 107,376 14,004 14,253 16,717 10,389 11,161 12,806 (2.3) 6.5 14.5 48.2 45.3 39.5 33.3 32.8 28.1 14.6 14.7 14.7 2.1 2.2 2.5 nc nc nc 43.6 32.6 37.5 26.7 22.5 25.7 61.6 61.7 63.2

UNVR IJ BUY 43,375 46,000 7,630 15.0 330,951 77.3 36,115 40,257 45,540 7,976 8,943 10,108 5,885 6,612 7,489 2.5 12.4 13.3 56.2 50.1 44.2 40.1 36.2 32.0 67.4 58.4 50.6 1.7 1.9 2.1 (8.6) nc nc 123.8 125.1 122.6 40.0 41.0 40.9 135.4 132.7 126.1

GGRM IJ BUY 65,400 65,000 1,924 23.5 125,835 60.5 69,029 73,916 81,379 8,963 9,718 10,751 5,445 5,950 6,674 1.4 9.3 12.2 23.1 21.1 18.9 13.1 12.1 11.0 3.4 3.1 2.8 1.3 2.0 2.3 45.2 42.7 40.8 15.6 15.4 15.8 8.8 8.7 9.0 10.5 10.7 11.1

KLBF IJ HOLD 1,270 1,480 46,875 43.3 59,531 75.1 17,786 19,300 20,943 2,549 2,812 3,080 1,949 2,167 2,400 (5.6) 11.2 10.7 30.5 27.5 24.8 19.0 16.5 15.0 5.7 5.1 4.6 1.6 1.8 2.0 nc nc nc 19.7 19.7 19.6 15.0 15.1 15.1 24.0 24.6 25.0

INDF IJ BUY 6,825 6,600 8,780 49.9 59,926 53.3 64,352 70,849 78,078 6,801 7,610 8,547 2,084 3,454 4,196 (46.4) 65.7 21.5 28.8 17.4 14.3 8.0 6.9 6.0 2.3 2.1 2.0 1.7 2.8 3.4 58.1 38.7 27.2 8.1 12.8 14.3 2.4 3.8 4.4 5.0 8.7 10.7

ICBP IJ BUY 15,400 16,800 5,831 19.5 89,797 37.1 32,115 35,481 39,775 3,936 4,507 5,071 3,082 3,543 4,039 18.4 15.0 14.0 29.1 25.3 22.2 19.5 17.2 15.1 5.7 5.1 4.5 1.5 1.7 2.0 nc nc nc 20.6 21.1 21.4 11.7 12.1 12.4 28.6 27.9 26.7

MYOR IJ BUY 27,000 31,000 894 66.9 24,147 0.7 14,886 16,395 18,557 1,697 1,773 1,917 1,161 1,122 1,218 187.6 (3.4) 8.6 20.8 21.5 19.8 12.3 11.5 10.6 4.8 4.0 3.5 1.0 0.9 1.0 48.7 37.2 27.5 25.9 20.8 19.2 10.7 9.7 9.9 15.5 14.6 14.6

TSPC IJ BUY 1,770 2,000 4,500 21.9 7,965 0.2 8,220 9,160 10,888 640 713 785 575 622 672 (0.7) 8.1 7.8 13.8 12.8 11.9 8.1 7.3 6.6 1.8 1.7 1.5 3.3 3.5 3.8 nc nc nc 13.4 13.4 13.1 9.7 9.8 9.6 21.2 19.8 18.3

SIDO IJ HOLD 505 480 15,000 19.0 7,575 1.8 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

ROTI IJ BUY 1,390 1,450 5,062 29.3 7,036 1.8 2,189 2,693 3,343 389 458 575 265 322 416 40.3 21.6 29.2 26.6 21.9 16.9 14.2 12.0 9.9 6.1 5.0 4.1 0.9 1.1 1.5 39.2 17.6 18.2 25.0 25.2 26.7 11.1 11.4 12.7 16.3 19.7 22.6

KAEF IJ BUY 1,110 1,350 5,554 10.0 6,165 5.1 5,070 5,754 6,599 342 422 524 279 327 367 19.1 17.1 12.1 22.1 18.8 16.8 17.3 14.5 14.7 3.1 2.7 2.5 1.1 1.3 1.5 7.7 15.4 79.6 14.8 15.4 15.4 9.0 9.4 7.6 15.1 13.8 10.3

MIKA IJ SELL 2,030 1,900 14,551 18.0 29,538 0.0 2,038 2,301 2,645 560 622 704 558 636 699 4.3 10.3 9.3 52.1 47.2 43.2 45.7 39.3 35.1 9.3 9.2 8.6 1.7 1.6 1.6 nc nc nc 23.3 20.4 21.0 19.7 17.5 18.0 65.2 61.2 54.8

SILO IJ BUY 8,425 14,700 1,156 29.2 9,740 39.3 4,116 5,242 6,675 215 276 350 94 142 197 49.7 63.0 28.8 104.0 63.8 49.6 16.6 13.0 10.0 5.6 5.3 4.8 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 N 25,177 44.7 12,775 11,841 13,561 4,286 4,883 5,636 3,576 4,065 4,776 18.6 13.7 17.5 7.0 6.2 5.1 6.3 5.8 4.9 1.2 1.0 0.9 2.7 3.1 3.6 15.7 16.2 14.9 18.7 17.9 17.6 13.2 13.0 13.0 20.2 19.1 18.4

DMAS IJ BUY 217 290 48,198 10.0 10,459 2.1 2,175 1,375 1,711 1,859 1,520 1,705 1,799 57.7 12.2 5.5 6.9 6.1 5.8 6.6 5.3 4.6 1.4 1.2 1.1 4.4 4.9 5.2 nc nc nc 22.0 21.2 19.4 18.9 19.3 18.5 26.0 25.6 23.6

KIJA IJ BUY 236 270 20,662 68.9 4,876 11.8 2,810 3,031 3,291 756 851 952 283 431 600 (31.1) 52.6 39.1 17.3 11.3 8.1 8.6 7.6 6.7 1.1 1.0 0.9 1.7 2.7 3.7 62.2 56.5 48.4 6.4 9.2 11.7 3.1 4.3 5.4 4.1 5.8 7.7

BEST IJ REDUCE 266 300 9,647 41.8 2,566 10.5 681 563 743 411 321 444 225 159 326 (42.5) (29.3) 104.9 11.4 16.1 7.9 7.9 11.5 8.7 0.8 0.8 0.7 1.2 0.9 1.5 23.9 39.5 43.3 7.6 5.1 9.7 5.4 3.2 5.9 6.6 3.9 6.9

SSIA IJ BUY 655 720 4,705 68.6 3,082 14.2 5,282 6,065 6,939 845 937 1,095 579 618 716 39.4 6.8 15.9 5.3 5.0 4.3 3.5 3.2 2.8 1.0 0.8 0.7 3.8 4.0 4.6 10.3 10.0 9.5 20.0 18.2 18.2 8.8 8.2 8.5 18.6 16.5 16.6

LPCK IJ BUY 6,025 8,300 696 57.8 4,193 6.1 1,828 2,183 2,589 900 1,063 1,284 970 1,152 1,334 15.0 18.7 15.8 4.3 3.6 3.1 4.2 3.6 2.9 1.2 0.9 0.7 0.0 0.0 0.0 nc nc nc 30.8 27.4 24.5 18.7 16.8 15.7 33.9 29.7 26.2

INDUSTRY - Various 13,819 41.4 49,489 96,347 39,757 (1,061) 70 2,047 (2,367) (1,640) (1,198) na na na na na na 3.5 3.5 3.2 0.6 0.6 0.6 2.8 0.8 0.9 85.4 86.0 32.0 0.6 3.2 3.4 (0.4) 0.8 1.5 (0.5) 1.4 2.4

KRAS IJ* REDUCE 363 275 15,775 20.0 5,726 1.7 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 0.3 0.3 0.3 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)

ATIC IJ BUY 535 800 1,875 1.5 1,003 0.0 2,626 2,964 3,375 178 217 263 60 110 146 (12.7) 65.0 32.1 15.0 9.1 6.9 6.1 5.2 4.5 1.3 1.3 1.1 1.9 1.5 2.7 52.4 50.7 47.1 12.4 14.8 17.1 2.8 4.4 5.2 6.4 9.8 11.5

SRIL IJ BUY 253 400 18,593 43.9 4,704 37.4 8,388 9,520 11,073 1,596 1,812 2,156 696 930 1,176 25.6 32.3 0.0 6.4 4.8 4.8 5.6 4.6 3.8 1.2 0.9 0.9 1.6 2.1 2.1 138.1 104.2 80.9 20.1 20.8 21.8 6.9 7.8 9.0 8.4 9.5 11.4

MLPL IJ BUY 237 550 10,065 68.0 2,385 2.4 19,134 22,097 25,298 (280) (324) (373) (75) (43) (7) na na na na na na 6.6 8.7 9.1 0.3 0.3 0.3 12.0 0.0 0.0 nc 1.1 6.1 (0.9) (0.5) (0.1) (0.3) (0.2) (0.0) (0.9) (0.6) (0.1)

LAND TRANSPORTATION UW 15,161 6.2 7,845 22,802 15,612 1,621 1,802 1,918 902 958 982 0.6 6.3 2.4 16.8 15.8 15.4 8.3 7.7 7.4 3.5 3.1 2.7 2.3 2.5 2.5 49.3 55.8 62.7 21.4 19.6 17.6 11.3 10.8 9.4 15.8 13.6 11.7

BIRD IJ REDUCE 5,800 4,700 2,502 15.0 14,512 1.4 5,552 6,250 6,988 1,197 1,298 1,354 840 870 877 (0.0) 3.6 0.7 17.3 16.7 16.6 8.5 7.9 7.6 3.6 3.2 2.9 2.3 2.4 2.4 43.0 48.9 55.4 22.2 20.2 18.2 11.7 11.3 9.7 16.1 13.9 11.9

TAXI IJ REDUCE 144 120 2,146 49.0 309 4.7 953 1,009 1,074 200 238 255 6 19 22 (95.0) 228.6 14.9 52.8 16.1 14.0 4.3 4.0 3.9 0.4 0.3 0.3 0.3 1.1 1.3 197.5 214.0 239.7 0.7 2.2 2.4 0.2 0.6 0.6 0.2 0.7 0.7

ASSA IJ BUY 100 130 3,398 37.4 340 0.1 1,340 1,552 1,779 224 266 308 55 69 83 29.0 24.0 20.5 6.1 4.9 4.1 3.7 3.7 3.5 0.4 0.4 0.3 4.9 6.1 7.3 186.8 206.4 214.4 6.4 7.6 8.6 2.1 2.4 2.6 2.3 2.5 2.8

METALS N 42,131 97.7 31,900 29,826 32,767 2,684 4,061 6,925 897 1,942 4,149 (60.1) 116.5 113.7 47.0 21.7 10.2 10.0 7.4 5.2 0.8 0.7 0.7 1.7 2.7 2.7 29.3 26.8 24.0 3.1 4.9 8.2 1.6 3.1 5.3 1.8 3.3 5.1

INCO IJ* HOLD 1,595 1,400 9,936 20.5 15,848 12.6 10,486 10,920 12,230 1,442 2,100 2,891 980 1,498 2,117 (53.6) 59.2 36.6 16.3 10.2 7.5 4.4 3.4 2.7 0.6 0.6 0.6 3.7 5.9 5.7 nc nc nc 4.2 6.0 8.1 3.1 4.7 6.6 4.5 6.4 8.9

ANTM IJ REDUCE 369 207 24,031 74.2 8,867 36.2 11,890 13,290 14,812 (8) 281 826 (449) (172) 228 (76.5) (63.2) (237.9) na na na 21.0 14.2 8.3 0.5 0.5 0.5 0.0 0.0 0.5 38.7 46.7 49.5 (3.1) (1.0) 1.3 (1.8) (0.6) 0.8 (2.2) (0.7) 0.9

TINS IJ REDUCE 575 411 7,448 35.0 4,282 2.1 5,632 5,616 5,725 60 28 29 16 14 (31) (97.9) (13.2) (319.9) 274.5 316.2 (143.8) 14.1 12.6 11.7 0.8 0.8 0.8 0.2 0.2 0.0 39.4 39.3 41.9 0.3 0.3 (0.6) 0.2 0.2 (0.3) 0.2 0.2 (0.4)

PSAB IJ* BUY 1,200 1,400 5,292 7.4 6,350 1.3 3,892 4,788 5,628 1,274 1,792 2,717 448 812 1,597 59.8 83.6 96.3 16.4 9.0 4.6 6.1 4.4 2.7 1.4 1.1 1.1 0.0 0.0 0.0 82.5 57.4 36.4 10.8 13.6 23.9 3.6 6.2 12.2 5.1 8.1 16.3

MDKA IJ* BUY 1,900 2,200 3,570 36.2 6,782 45.5 0 0 868 (84) (140) 462 (98) (210) 238 58.3 na na na na na na na na 3.8 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 N 95,905 150.1 66,063 74,087 84,807 9,896 12,465 14,902 6,507 7,732 9,248 (34.2) 18.8 19.6 14.7 12.4 10.4 10.7 8.5 7.6 2.5 2.2 2.0 3.4 3.9 4.7 16.0 16.4 12.1 14.9 15.3 15.6 6.5 7.1 7.6 10.8 11.0 11.8

PGAS IJ* REDUCE 2,600 2,500 24,242 43.0 63,028 80.8 40,166 41,538 46,380 8,302 8,134 9,606 5,821 6,060 7,419 (42.5) 4.1 22.4 11.6 11.2 9.1 6.6 6.2 5.1 1.4 1.4 1.3 4.7 4.9 6.0 nc nc nc 14.1 12.5 14.3 6.6 6.4 7.6 10.7 9.1 10.8

AKRA IJ BUY 7,625 9,000 3,949 40.1 30,111 67.4 19,344 23,231 27,077 1,345 2,043 2,014 1,047 1,495 1,535 28.1 42.8 2.7 28.7 20.1 19.6 19.6 13.7 13.3 4.9 4.1 3.6 1.4 2.0 2.0 40.9 40.9 24.1 18.2 22.3 19.6 7.1 9.1 8.3 12.1 15.8 14.8

MEDC IJ* BUY 830 1,300 3,332 49.0 2,766 1.9 6,553 9,318 11,351 249 2,288 3,282 (361) 177 295 (391.9) (150.9) 0.0 NA 15.1 15.1 8.7 4.4 4.1 0.2 0.2 0.2 (5.2) 2.6 2.6 108.5 124.5 156.0 (3.0) 1.4 2.2 (1.0) 0.4 0.7 (1.4) 0.6 0.9

PLANTATIONS N 60,954 52.2 39,836 41,373 43,698 5,264 5,814 6,469 2,051 2,656 3,824 (65.3) 29.5 43.9 29.7 22.9 15.9 11.9 10.8 8.9 1.9 1.8 1.7 1.4 1.8 2.4 52.8 58.9 57.3 5.4 7.1 9.8 3.2 3.9 5.2 4.1 4.8 6.3

AALI IJ REDUCE 17,825 14,300 1,575 20.3 28,070 26.5 13,566 13,873 15,215 1,569 1,804 2,087 638 978 1,645 (74.5) 53.4 68.3 44.0 28.7 17.1 14.0 12.7 11.3 2.5 2.4 2.2 1.0 1.6 2.6 65.4 74.7 73.9 5.7 8.5 13.3 3.2 4.3 6.6 3.8 5.0 7.6

SIMP IJ HOLD 387 290 15,816 21.6 6,121 1.5 13,243 13,632 13,840 1,470 1,534 1,484 235 267 380 (72.1) 13.8 42.3 26.1 22.9 16.1 4.8 4.7 4.8 0.4 0.4 0.4 1.1 1.3 1.9 44.9 50.7 53.9 1.7 1.9 2.6 0.8 0.8 1.2 1.1 1.3 1.7

LSIP IJ BUY 1,450 1,500 6,823 40.4 9,893 22.4 3,988 4,117 4,384 622 659 726 548 573 617 (40.2) 4.6 7.6 18.0 17.3 16.0 10.5 10.0 9.2 1.3 1.3 1.2 2.2 2.3 2.5 nc nc nc 7.5 7.6 7.8 6.2 6.3 6.5 8.9 8.6 8.6

DSNG IJ BUY 465 535 10,599 34.1 4,928 0.4 4,366 4,783 4,941 431 536 592 171 247 306 (73.7) 44.2 24.0 28.8 20.0 16.1 14.7 12.8 12.0 2.1 1.9 1.8 0.9 1.3 1.6 132.3 136.0 134.1 7.4 10.0 11.4 2.3 3.1 3.5 3.4 4.3 4.8

ANJT IJ* REDUCE 1,700 1,000 3,336 10.1 5,670 0.1 1,746 1,864 2,063 175 215 267 18 82 132 na na na na 67.5 43.3 11.1 10.1 0.0 1.6 1.6 1.5 1.1 1.5 1.5 14.6 17.0 0.0 0.4 1.6 2.5 0.3 1.1 1.8 0.3 1.4 2.1

SGRO IJ HOLD 1,905 1,800 1,890 33.0 3,600 1.3 2,928 3,105 3,255 441 504 568 252 282 316 (25.8) 11.8 11.8 14.3 12.8 11.4 7.9 7.3 6.8 1.2 1.1 1.1 3.5 3.9 4.4 64.6 71.7 76.0 8.3 8.9 9.5 4.4 4.6 4.8 5.3 5.3 5.5

TBLA IJ BUY 500 570 5,342 45.6 2,671 0.1 5,251 5,237 6,526 557 562 745 189 227 427 (59.8) 20.3 88.0 14.1 11.7 6.2 7.1 6.9 5.8 1.0 1.0 0.9 1.4 1.7 3.2 147.0 148.6 138.7 7.6 8.6 14.6 2.5 2.8 4.8 3.3 3.5 6.0

POULTRY N 66,472 34.2 68,492 77,643 87,631 4,809 6,368 7,750 2,434 3,697 4,953 22.0 51.9 34.0 27.3 18.0 13.4 14.6 11.8 9.6 4.0 3.4 2.8 0.7 1.0 1.5 54.3 49.4 40.4 14.8 19.5 21.9 7.7 10.7 12.7 9.9 13.6 16.1

CPIN IJ BUY 3,365 3,500 16,398 44.5 55,179 26.9 32,909 38,526 44,678 3,416 4,268 5,341 1,885 2,810 3,746 7.9 49.1 33.3 29.3 19.6 14.7 15.5 12.7 10.2 4.5 3.8 3.1 0.9 1.0 1.4 39.1 34.4 25.9 16.2 20.9 23.3 8.8 11.9 14.1 11.2 15.3 17.9

JPFA IJ BUY 780 880 10,661 42.5 8,315 5.7 30,705 33,937 37,146 1,198 1,742 1,953 519 653 901 na na na na 12.7 9.2 9.1 7.1 6.5 1.5 1.4 1.2 0.0 1.4 1.9 138.9 133.8 121.6 10.1 11.6 14.3 3.3 3.9 5.1 4.3 4.9 6.3

MAIN IJ BUY 1,330 1,700 2,239 58.7 2,978 1.6 4,878 5,181 5,807 195 357 456 29 234 306 na 553.5 31.0 83.3 12.8 9.7 13.0 8.6 7.2 2.1 1.8 1.6 0.2 1.6 2.1 99.2 91.9 81.8 2.3 15.1 17.4 0.8 6.0 7.6 1.1 7.8 9.3

PROPERTY UW 140,737 270.4 46,269 51,109 54,838 15,769 17,253 18,587 9,724 11,183 12,448 (30.8) 15.0 11.3 14.5 12.6 11.3 10.4 9.6 8.9 2.1 1.8 1.6 1.2 1.4 1.6 40.7 43.2 40.2 15.5 15.3 14.9 6.1 6.1 6.0 11.6 11.0 10.8

BSDE IJ BUY 1,730 2,020 19,247 35.4 33,297 26.7 6,389 7,523 8,403 2,957 3,457 3,804 2,299 2,694 3,023 (42.5) 17.2 12.2 14.5 12.4 11.0 11.8 10.3 9.4 1.9 1.7 1.5 0.7 0.8 0.9 27.3 29.4 29.5 14.0 14.5 14.2 7.3 7.3 7.2 11.9 11.3 11.0

LPKR IJ REDUCE 1,030 1,130 23,078 94.7 23,770 88.9 9,111 11,042 10,731 2,215 2,801 2,861 1,240 1,860 2,046 (51.3) 50.0 10.0 19.2 12.8 11.6 12.2 10.2 9.8 1.4 1.3 1.2 1.3 2.0 2.2 50.0 52.2 46.6 7.7 10.8 10.9 3.1 4.2 4.3 5.3 7.1 7.3

PWON IJ HOLD 461 490 48,160 47.8 22,202 27.6 4,837 5,373 6,220 2,411 2,656 3,035 1,588 1,790 2,118 (36.9) 12.7 18.3 14.0 12.4 10.5 9.0 8.3 7.3 2.9 2.4 2.0 1.0 1.0 1.2 33.8 33.6 29.0 23.1 21.5 21.1 8.8 8.5 8.7 17.6 16.1 16.1

SMRA IJ BUY 1,560 1,820 14,427 67.7 22,506 50.1 6,150 6,622 7,140 1,948 2,101 2,273 1,259 1,357 1,456 (9.1) 7.8 7.3 17.9 16.6 15.5 12.0 11.3 10.5 3.0 2.6 2.2 1.2 1.3 1.4 56.9 56.9 52.4 21.2 19.4 17.9 7.3 6.8 6.4 13.9 12.4 11.6

CTRA IJ BUY 1,310 1,400 15,331 69.5 20,083 15.8 7,232 8,154 9,335 2,114 2,288 2,511 1,281 1,380 1,517 (3.3) 7.7 10.0 15.7 14.6 13.2 9.2 8.6 7.8 2.3 2.1 1.8 1.0 1.1 1.2 18.4 20.9 19.1 16.0 15.1 14.6 5.1 4.9 4.8 13.7 12.6 12.2

ASRI IJ REDUCE 356 300 19,649 48.5 6,995 38.8 3,107 3,039 3,061 1,770 1,674 1,649 774 877 954 (29.5) 13.2 8.8 9.0 8.0 7.3 7.2 7.9 8.2 1.0 0.9 0.8 2.2 2.8 3.3 93.9 93.7 90.1 12.0 12.3 12.1 4.4 4.6 4.7 6.2 6.4 6.3

APLN IJ REDUCE 330 220 20,501 27.1 6,765 3.3 5,594 5,769 5,934 1,349 1,351 1,415 609 649 660 (28.8) 6.7 1.7 11.1 10.4 10.2 5.9 6.6 6.3 1.0 0.9 0.9 1.8 1.9 2.0 46.6 64.2 64.2 9.2 9.2 8.7 2.4 2.3 2.0 6.5 5.9 5.3

CTRP IJ REDUCE 385 365 6,256 44.7 2,409 1.8 2,360 1,917 2,162 643 513 576 412 295 338 2.8 (28.4) 14.5 5.8 8.2 7.1 7.4 9.8 9.2 0.5 0.5 0.5 5.1 3.7 4.2 70.2 80.4 81.8 9.2 6.2 6.8 4.2 2.6 2.8 5.8 3.5 3.8

PPRO IJ HOLD 193 180 14,044 35.0 2,711 17.4 1,489 1,671 1,852 363 412 462 262 281 337 60.4 7.5 19.7 10.4 9.6 8.0 8.5 8.5 7.2 1.2 1.1 1.0 2.9 3.1 3.7 29.0 45.3 34.4 16.3 12.4 13.5 7.1 5.5 5.5 13.4 9.0 9.7

SHIPPING N 5,677 10.2 3,198 3,523 3,911 455 815 996 312 516 709 (38.1) 65.1 37.4 18.2 11.0 8.0 34.0 26.8 24.9 1.5 1.2 0.9 3.6 4.7 5.9 78.8 63.3 48.6 24.6 24.7 29.7 9.0 11.3 16.1 13.6 9.4 10.1

SOCI IJ BUY 463 630 7,059 15.0 3,092 9.8 134 163 170 42 56 59 38 45 45 (20.4) 21.6 (4.1) 6.1 5.0 5.2 58.0 46.0 43.3 0.9 0.8 0.7 4.3 4.9 5.8 65.5 62.9 58.4 10.3 13.6 23.9 3.6 6.2 12.2 13.4 9.0 9.7

TMAS IJ BUY 1,880 3,000 1,141 13.5 2,145 0.2 1,700 1,810 2,056 378 520 659 332 425 571 63.7 28.2 34.3 6.5 5.0 3.8 5.3 4.0 3.0 2.8 2.0 1.4 3.9 5.0 6.7 99.5 64.6 35.5 50.7 45.4 43.6 18.8 21.0 24.8 23.4 25.3 29.5

WINS IJ HOLD 109 190 4,038 42.3 440 0.1 1,364 1,551 1,685 34 240 278 (58) 46 93 (118.9) (182.5) 96.4 (7.6) 9.3 4.7 5.5 3.2 2.4 0.2 0.2 0.2 (2.0) 1.6 3.2 71.5 59.6 44.3 (2.0) 1.7 3.4 (0.8) 0.7 1.4 (1.3) 1.0 2.2

TELCOS OW 458,143 226.8 198,093 223,225 246,852 42,543 48,548 55,773 17,097 23,051 28,654 (0.5) 34.5 47.3 26.8 19.9 16.0 9.3 8.3 7.4 4.6 4.0 3.5 2.3 2.7 3.2 77.5 54.0 38.2 18.6 21.4 22.7 8.0 8.8 9.9 15.1 17.0 19.4

TLKM IJ BUY 3,180 3,750 100,800 48.8 320,544 189.7 102,143 113,031 124,788 32,141 36,256 41,388 15,778 17,773 20,468 7.8 12.6 15.2 20.3 18.0 15.7 9.0 8.1 6.9 4.3 3.9 3.5 3.2 3.6 4.2 8.4 3.4 (2.5) 22.1 22.6 23.6 10.4 10.7 11.5 20.4 21.4 23.5

EXCL IJ BUY 3,900 4,400 8,541 33.6 33,311 8.9 22,754 23,798 25,507 1,186 1,393 1,691 (128) 351 1,024 na na na na na na 6.9 6.1 5.5 2.4 2.3 2.2 0.0 0.0 0.0 168.7 134.3 118.9 (0.9) 2.5 7.0 (0.2) 0.6 1.8 (0.3) 1.1 3.1

TBIG IJ HOLD 5,875 6,500 4,797 47.8 28,180 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 26.7 21.9 17.7 16.2 15.2 16.2 9.7 7.0 5.2 0.7 0.9 1.1 647.2 481.2 365.6 30.7 37.3 33.9 4.5 5.1 5.8 4.9 5.5 6.4

TOWR IJ BUY 4,005 5,000 10,203 67.3 40,863 1.9 4,415 4,845 5,315 2,493 2,866 3,274 986 1,591 2,133 17.3 61.3 34.1 41.4 25.7 19.2 12.7 11.2 9.7 7.3 5.7 4.4 0.0 0.0 0.0 112.9 64.3 25.4 19.2 25.0 26.2 5.4 8.4 11.2 8.3 13.6 18.5

ISAT IJ BUY 5,250 6,800 5,434 20.7 28,528 3.6 26,249 28,395 30,758 2,953 3,799 4,637 (1,187) 1,334 2,545 40.3 19.0 44.1 NA 21.4 11.2 4.0 3.4 2.7 2.3 2.0 1.6 0.0 1.4 2.6 138.9 90.1 90.1 (9.1) 10.0 16.1 (2.2) 2.5 4.9 (3.8) 4.7 9.8

TELE IJ BUY 715 1,180 7,123 23.0 5,093 9.0 20,524 29,578 34,851 758 905 1,074 382 462 592 25.2 21.0 28.3 13.2 10.9 8.5 9.3 8.5 9.5 1.8 1.6 1.4 1.9 2.3 2.9 64.1 74.4 74.4 14.4 15.4 17.4 6.5 6.5 7.6 6.1 7.0 5.9

ERAA IJ BUY 560 850 2,900 39.7 1,624 4.7 18,569 19,777 21,403 375 412 466 210 252 299 (0.6) 19.8 18.7 7.7 6.5 5.4 6.3 5.7 4.9 0.5 0.5 0.5 5.2 6.2 7.4 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 N 3,972,542 3,032 1,688,906 1,856,409 2,045,745 301,595 335,956 378,529 203,278 233,323 266,587 (7.5) 13.6 14.3 19.5 17.0 14.9 14.1 13.0 11.4 10.4 9.1 8.1 2.1 2.3 2.5 20.7 18.8 16.3 32.3 29.6 29.6 12.4 12.1 12.6 27.4 27.4 27.3

Note: *USD reporting

OW: Overweight, N: Neutral, UW: Underweight

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


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

FULL YEAR 2015 EARNINGS RELEASE (ESTIMATED) Ticker Corporate 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 -


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

FULL YEAR 2015 EARNINGS RELEASE (ESTIMATED) Ticker Corporate 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


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

AGM & EGM SCHEDULE Corporate Actions Ticker Corporate 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


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

Actual and upcoming IPOs, 2013-2015

No Code Date Company name 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)


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

Head Office Surabaya Branch

Graha Niaga, 19th Floor Wisma BII, Ground Floor

Jl. Jend. Sudirman Kav. 58 Jl. Pemuda 60-70

Jakarta 12190 Surabaya 60271

Indonesia Indonesia

Tel. 62 21 250 5081 Tel. 62 31 535 2788

Fax. 62 21 522 6049 http://www.bahana.co.id Fax. 62 31 546 1157

Dealing Room: +62 21 527 0808 (Foreign Institutional)

Research: +62 21 250 5081

+62 21 250 5508 (Domestic Institutional)

Harry [email protected]

Senior Associate DirectorHead of Corporate Strategy & Research

Consumer, Strategy

ext 3600direct: +62 21 250 5735

Teguh Hartanto

[email protected] Director

Deputy Head of Research

Banks, Cement, Aviationext 3610

Leonardo Henry Gavaza, [email protected]

Senior Research ManagerAuto, Heavy equipment, Telco

ext 3608

Bob [email protected]

Research AnalystCement, Infratructure,Toll roads

ext 3605

Agustinus Reza Kirana

[email protected] Analyst

Plantations, Shipping, Transportationext 3616

Arandi [email protected]

Research AnalystCoal, Metals, Oil & Gas

ext 3619

Made Ayu Wijayati

[email protected] Executive

ext 3607

Bagus Adi Yoga Prawira

[email protected] AnalystConsumer, Media

ext 3604

Zefanya Halim

[email protected] Manager

ext 3612

Novianty Permata Sari

[email protected]

ext 3618

Ashish Agrawal

[email protected] President

Institutional Equity Salesext 2550 / 2553

Reynard Poernawan

[email protected] Equity Sales

ext 2528

John M. Dasaad


ext 2549

Yohanes Adhi Handoko

[email protected], Surabaya Branch

ext 7250

Suwardi Widjaja


ext 2548

Amelia Husada

[email protected] President

Institutional Equity Salesext 2552

Nurul Farida


ext 2547

+62 31 535 2788 (Surabaya Branch)

Fakhrul [email protected]

Economistext 3602

Melvin Mikha Reminov

[email protected] Associate

ext 3621

Sanni Satrio Dwi Utomo


Industrial Estate, Propertyext 3611

Natalia [email protected] of Sales &

Client Relationship Management ext 2500

Sarah Jessica Hutapea


ext 3693

Nyoman Widita Prabawa


ext 3623

Renaldy Effendy


Consumer, Healthcareext 3606

Gilang Purnama


ext 3601

Adriana Kosasih

[email protected] Executive

ext 2541

Hanna Marionda

[email protected] Trader

ext 2525

Ari Santosa

[email protected] Trader

ext 2554

Bram Taarea


ext 2524

Jozabad Jonathan


Poultryext 3620

Muhammad Wafi


ext 3609

Inca [email protected]

Senior Equity Institutional Salesext 2545

http://www.bahana.co.id/


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

Important Disclosures and Disclaimer This publication is prepared by PT.Bahana Securities and reviewed by Daiwa Securities Group Inc. and/or its affiliates, and distributed outside Indonesia by Daiwa Securities Group Inc. and/or its affiliates, except to the extent expressly provided herein. Certain copies of this publication may be distributed inside and outside of Indonesia by PT. Bahana Securities in accordance with relevant laws and regulations. This publication and the contents hereof are intended for information purposes only, and may be subject to change without further notice. Any use, disclosure, distribution, dissemination, copying, printing or reliance on this publication for any other purpose without our prior consent or approval is strictly prohibited. Any review does not constitute a full verification of the publication and merely provides a minimum check. Neither Daiwa Securities Group Inc. nor any of its respective parent, holding, subsidiaries or affiliates, nor any of its respective directors, officers, servants and employees, represent nor warrant the accuracy or completeness of the information contained herein or as to the existence of other facts which might be significant, and will not accept any responsibility or liability whatsoever for any use of or reliance upon this publication or any of the contents hereof. Neither this publication, nor any content hereof, constitute, or are to be construed as, an offer or solicitation of an offer to buy or sell any of the securities or investments mentioned herein in any country or jurisdiction nor, unless expressly provided, any recommendation or investment opinion or advice. Any view, recommendation, opinion or advice expressed in this publication constitutes the views of the analyst(s) named herein and does not necessarily reflect those of Daiwa Securities Group Inc. and/or its affiliates nor any of its respective directors, officers, servants and employees except where the publication states otherwise. This research report is not to be relied upon by any person in making any investment decision or otherwise advising with respect to, or dealing in, the securities mentioned, as it does not take into account the specific investment objectives, financial situation and particular needs of any person.

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.


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: Modern Land (China) Co. Ltd (1107 HK); econtext Asia Ltd (1390 HK); GF Securities Co Ltd (1776 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


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: Waskita Karya Persero Tbk PT (WSKT IJ); Adhi Karya Persero Tbk PT (ADHI IJ); PP Properti Tbk PT (PPRO IJ); 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.

https://daiwa3.bluematrix.com/sellside/Disclosures.action



2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

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 K ingdom 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.

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-regulatory







2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

For stocks and sectors in Indonesia covered by Bahana Securities, the following rating system is in effect:

Stock ratings are based on absolute upside or downside, which is the difference between the target price and the current market price. Unless otherwise specified, these ratings are set with a 12-month horizon. It is possible that future price volatility may cause a temporary mismatch between upside/downside for a stock based on the market price and the formal rating. "Buy": the price of the security is expected to increase by 10% or more. "Hold": the price of the security is expected to range from an increase of less than 10% to a decline of less than 5%. "Reduce": the price of the security is expected to decline by 5% or more.

Sector ratings are based on fundamentals for the sector as a whole. Hence, a sector may be rated “Overweight” even though its constituent stocks are all rated “Reduce”; and a sector may be rated “Underweight” even though its constituent stocks are all rated “Buy”. “Overweight”: positive fundamentals for the sector. “Neutral”: neither positive nor negative fundamentals for the sector. “Underweight”: negative fundamentals for the sector.

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 Relationship”, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action . Relevant Relationships (Bahana Securities) Bahana Securities 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.

Bahana Securities market making Bahana Securities may from time to time make a market in securities covered by this research.

Explanatory Document of Unregistered Credit Ratings

(Moody’s Investors Service, Inc.)

In order to ensure the fairness and transparency in the markets, Credit Rating Agencies became subject to the Credit Rating Agencies’ registration system

based on the Financial Instruments and Exchange Act.

In accordance with this Act, in soliciting customers, Financial Instruments Business Operators, etc. shall not use the credit ratings provided by unregistered

Credit Rating Agencies without informing customers of the fact that those Credit Rating Agencies are not registered, and shall also inform customers of the

significance and limitations of credit ratings, etc.

The Significance of Registration

Registered Credit Rating Agencies are subject to the following regulations:

1) Duty of good faith.

2) Establishment of control systems (fairness of the rating process, and prevention of conflict of interest, etc.). 3) Prohibition of the ratings in cases where Credit Rating Agencies have a close relationship with the issuers of the financial instruments to be rated, etc.

4) Duty to disclose information (preparation and publication of rating policies, etc. and public disclosure of explanatory documents).

In addition to the above, Registered Credit Rating Agencies are subject to the supervision of the Financial Services Agency (“FSA”), and as such may be

ordered to produce reports, be subject to on-site inspection, and be ordered to improve business operations, whereas unregistered Credit Rating Agencies

are free from such regulations and supervision.

The Name of the Credit Rating Agency Group, etc

The name of the Credit Rating Agency group: Moody’s Investors Service, Inc. ("MIS")

The name and registration number of the Registered Credit Rating Agency in the group: Moody’s Japan K.K. (FSA commissioner (Rating) No.2)

How to acquire information related to an outline of the rating policies and methods adopted by the person who determines Credit Ratings

The information is posted under “Unregistered Rating explanation” in the section on “The use of Ratings of Unregistered Agenc ies” on the website of Moody’s

Japan K.K. (The website can be viewed after clicking on “Credit Rating Business” on the Japanese version of Moody’s website (http://www.moodys.co.jp)

Assumptions, Significance and Limitations of Credit Ratings

Credit ratings are Moody’s Investors Service, Inc.’s ("MIS") current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-

like securities. MIS defines credit risk as the risk that an entity may not meet its contractual, financial obligations as they come due and any estimated financial loss in the event of default. Credit ratings do not address any other risk, including but not limited to: liquidity risk, market value risk, or price

volatility. Credit ratings do not constitute investment or financial advice, and credit ratings are not recommendations to purchase, sell, or hold particular

securities. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such

rating or other opinion or information is given or made by MIS in any form or manner whatsoever.

Based on the information received from issuers or from public sources, the credit risks of the issuers or obligations are assessed. MIS adopts all necessary

measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MIS considers to be reliable. However, MIS is not

an auditor and cannot in every instance independently verify or validate information received in the rating process.

Additional information may be available upon request.

Japan - additional notification items pursuant to Article 37 of the Financial Instruments and Exchange Law

(This Notification is only applicable where report is distributed by Daiwa Securities Co. Ltd.)

If you decide to enter into a business arrangement with us based on the information described in materials presented along with this document, we ask you to pay close attention to the following items.

In addition to the purchase price of a financial instrument, we will collect a trading commission* for each transaction as agreed beforehand with you. Since

commissions may be included in the purchase price or may not be charged for certain transactions, we recommend that you confirm the commission for

each transaction.

In some cases, we may also charge a maximum of ¥ 2 million (including tax) per year as a standing proxy fee for our deposit of your securities, if you are

a non-resident of Japan.

For derivative and margin transactions etc., we may require collateral or margin requirements in accordance with an agreement made beforehand with

you. Ordinarily in such cases, the amount of the transaction will be in excess of the required collateral or margin requirements.

There is a risk that you will incur losses on your transactions due to changes in the market price of financial instruments based on fluctuations in interest

rates, exchange rates, stock prices, real estate prices, commodity prices, and others. In addition, depending on the content of the transaction, the loss could exceed the amount of the collateral or margin requirements.

There may be a difference between bid price etc. and ask price etc. of OTC derivatives handled by us.



http://www.moodys.co.jp/


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

Before engaging in any trading, please thoroughly confirm accounting and tax treatments regarding your trading in financial instruments with such experts

as certified public accountants.

*The amount of the trading commission cannot be stated here in advance because it will be determined between our company and you based on current

market conditions and the content of each transaction etc.

When making an actual transaction, please be sure to carefully read the materials presented to you prior to the execution of agreement, and to take responsibility for your own decisions regarding the signing of the agreement with us.

Corporate Name: Daiwa Securities Co. Ltd.

Financial instruments firm: chief of Kanto Local Finance Bureau (Kin-sho) No.108

Memberships: Japan Securities Dealers Association, Financial Futures Association of Japan

Japan Securities Investment Advisers Association

Type II Financial Instruments Firms Association

equity house fmcg sector local research house best ...€¦ · equity house alpha southeast asia...

Documents