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17 March 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

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Beacon Indonesia Morning Brief

IDX: 4,861 (+0.2%) Turnover: IDR4.1tn (-11.0%)

Foreign Net SELL: IDR281bn (from foreign Net BUY: IDR26.8bn)

SECTOR FLASH

Indonesia cement: February 2016: Cooling down Analyst: Teguh Hartanto & Bob Setiadi Domestic volumes +3.4% but -14.6% m-m on February leap year Outer Java sales growth greatly outpaces Java growth Outlook: Lower prices required to penetrate new areas

TODAY’S NEWS

POLITICS

Democrats prepare former first lady Ani Yudhoyono to run for president

KPK closes in on Pelindo II corruption probe Counterterrorism chief wants better de-radicalization measures ECONOMICS

BPS: Trade surplus to continue in March The House to discuss tax amnesty in April PLN to repeal electricity subsidy for 18m customers of 900 VA

customers Jokowi wants integrated programs on poverty reduction Govt prepares rules to anticipate LNG imports

BI’s Board of Governor meeting held for 2 days INDUSTRY GrabCar forms cooperative in a bid to legally operate in Indonesia Bapertarum to operate normally before merger

BKPM states the US interest to invest USD16.2bn in Indonesian oil refineries

Government signs an agreement to develop Jakarta-Bandung HSR

project ESDM plan to cut mining license permits from 11 types to only 3

types Malaysian palm oil stocks fall 6.1% m-m in February CORPORATE SMCB 4Q15 results: Below expectations on lower profit from Holcim

Malaysia sales

BBKP 4Q15 earnings: Above consensus Astratel dominates 197km toll road in Java JSMR to hand over JORR S operation to Hutama Karya CTRA to launch its low-class landed houses in Tangerang LMS to provide 30% discount for its Cipali toll-road tariffs in April

HERO sets more than IDR1tn for 2016 capex

INDICES

Asia Last Chg% ytd % y-y %

Hang Seng (HK) 20,257.7 (0.2) (7.6) (15.4)

IDX (Indonesia) 4,861.4 0.2 5.8 (10.6)

KLCI (Mal.) 1,692.0 0.1 (0.0) (5.0)

KOSPI (Korea) 1,974.9 0.3 0.7 (0.6)

Nikkei (Japan) 16,974.5 (0.8) (10.8) (11.8)

PCOMP (Phil.) 7,065.4 (1.2) 1.6 (8.6)

SENSEX (India) 24,495.7 (0.2) (6.2) (13.9)

SET (Thailand) 1,375.4 (0.5) 6.8 (9.2)

SHCOMP (China) 2,870.4 0.2 (18.9) (16.8)

SHENZHEN (China) 1,711.5 (1.0) (25.9) (2.8)

STI (Singapore) 2,839.0 (0.0) (1.5) (15.9)

TWSE (Taiwan) 8,699.1 1.0 4.3 (8.6)

VNI (Vietnam) 577.1 0.5 (0.3) (0.6)

Europe, USA and Ems

CAC 40 (France) 4,463.0 (0.2) (3.8) (11.3)

DAX (Germany) 9,983.4 0.5 (7.1) (16.7)

Dow Jones (USA) 17,325.8 0.4 (0.6) (2.9)

FTSE 100 (UK) 6,175.5 0.6 (1.1) (9.7)

IBOV (Brazil) 47,763.4 1.3 10.2 (2.2)

MEXBOL (Mexico) 44,751.4 1.2 4.1 2.3

NGSEINDX (Nigeria) 25,657.5 (0.3) (10.4) (13.2)

Nasdaq (USA) 4,764.0 0.7 (4.9) (3.5)

RTSI (Russia) 836.0 1.7 10.4 1.6

S&P 500 (USA) 2,027.2 0.6 (0.8) (2.3)

XU100 (Turkey) 79,369.2 0.4 10.7 (0.8) Source: Bloomberg

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

EEM US (USD) 33.1 2.0 2.9 (15.5)

EIDO US (USD) 24.0 1.8 15.1 (10.3)

TLK US (IDR) 3,492 2.4 19.7 20.5

Como Index (USD) 173.8 1.6 (1.4) (16.9)

Coal (USD/t) 51.2 0.1 1.1 (15.1)

Corn (USD/mtn) 139.4 0.0 4.1 (1.3)

Coffee (USD/t) 2,592.2 (0.9) 0.2 (2.4)

Copper (USD/t) 4,945.0 0.5 5.2 (15.5)

Cotton (USD/t) 1,285.7 0.1 (7.8) (3.6)

CPO Rott (USD/t) 647.5 (0.4) 2.0 2.4

Gold (USD/oz.) 1,260.3 2.3 18.7 9.6

Iron ore (USD/mtn) 57.7 0.0 33.0 (4.3)

Milk (USD/cwt) 13.6 1.5 (6.5) (17.6)

Nickel (USD/t) 8,460.0 (0.9) (2.4) (38.7)

Oil Brent (USD/barrel) 40.9 5.5 9.6 (23.6)

Rice (IDR/kg) 4,914.0 0.0 (2.8) 1.8

Rubber (USD/t) 125.9 2.2 10.7 (12.1)

Silver (USD/oz) 15.6 2.2 12.8 0.3

Soybean oil (USD/t) 720.0 0.5 6.9 8.7

Steel (USD/t) 355.7 (2.4) 16.4 (6.4)

Sugar (USD/t) 338.2 (0.4) 2.8 18.5

Tins (USD/t) 16,910.0 0.9 15.8 (2.5) Wheat (USD/t) 173.2 (1.2) (1.0) (14.2) Source: Bloomberg, CEIC

ECONOMIC INDICATORS MARKET DATA

15F 16F 17F

15F 16F 17F

Cur acc bal (%GDP) (2.1) (2.3) (2.3) Op.prof.gwt.(%) (2.3) 11.4 12.7

Fiscal bal (%GDP) (2.6) (2.7) (2.5) EPS growth (%) (7.5) 13.6 14.3

GDP growth (%y-y) 4.8 5.1 5.2 P/E (x) 20.2 17.6 15.4

Private spending (%) 5.0 5.2 5.3 PEG (x) (4.0) 1.2 1.1

Investment (%y-y) 5.0 6.6 5.0 EV/EBITDA (x) 14.0 12.9 11.4

Total exports (%y-y) (2.0) (4.5) (1.8) P/BV (x) 10.3 9.1 8.1

Total imports (%y-y) (5.9) (7.5) (2.6) P/BV exc. 3.5 3.1 2.7

Inflation (%y-y) 3.3 3.9 4.5 Div. Yield (%) 2.0 2.2 2.4

IDR/USD 13,788 14,000 13,500 Net gearing (%) 20.8 18.9 16.4

BI rate (% p.a.) 7.50 6.25 6.00 ROAE (%) 31.9 29.3 29.3

Brent Oil (Usd/bbl) 30.9 35.0 50.0 ROAA (%) 12.2 11.9 12.4

FX reserve (USDb) 105.9 105.0 112.0 ROIC (%) 26.8 26.8 26.7 Source: Bahana estimates Source: Bahana estimates

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

AUD/1USD 0.756 0.746 (3.6) 0.8

EUR/1USD 1.122 1.111 (3.2) (5.5)

IDR/1USD 13,268 13,178 3.9 (0.2)

JPY/1USD 112.790

113.080

6.6 7.6

SGD/1USD 1.366 1.381 3.8 1.6

JIBOR (%) 5.15 5.15 (2.4) (0.5)

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

TD – 1 month (%) 6.82 11.53 (0.3) (0.6)

CDS (bps) 198.30 201.15 (13.7) 25.3 Source: Bloomberg

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

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POLITICS

Democrats prepare former first lady Ani Yudhoyono to run for president

The Democratic Party has started to prepare its ultimate member and founder, former first lady Kristiani

Herrawati, popularly known as Ani Yudhoyono, to run in the 2019 presidential election. Separately, Ani

Yudhoyono stated that she was shocked hearing the question regarding her running for election and she

does not plan to be the president. (The Jakarta Post)

KPK closes in on Pelindo II corruption probe

Corruption Eradication Commission (KPK) investigation has moved closer to scrutinizing the possible role of

Haryadi Budi Kuncoro, the younger brother of former KPK Commissioner Bambang Wiodjojanto, in the

alleged irregularities plaguing the procurement of crane-loading and uploading equipment worth USD20m at

state-owned seaport operator Pelindo II in 2012. (The Jakarta Post) Counterterrorism chief wants better de-radicalization measures

In line with the government’s commitment to promote a soft approach in dealing with terrorists and their

radical ideas, the newly inaugurated chief of the National Counterterrorism Agency (BNPT), Insp. Gen. Tito

Karnavian, is vowing to develop better de-radicalization measures, including better rehabilitation programs

behind bars. (The Jakarta post)

ECONOMICS

BPS: Trade surplus to continue in March

The Central Statistics Agency (BPS) has predicted the trade surplus recorded in the first two months of 2016

is set to continue in March, although slightly decreased as a result of an expected increase in imports due to

the rise in imported goods needs. (The Jakarta Post)

The House to discuss tax amnesty in April

After some delay, the House is planning to discuss a tax amnesty bill in April. (Kontan)

PLN to repeal electricity subsidy for 18m customers of 900 VA customers

PLN, the electricity state-owned company, plans to repeal the subsidy for 18m customers of 900 VA due to

their higher economy classification. PLN’s Business Head Benny Marbun stated that they should pay for

IDR170k/month (1300 VA), nearly 3 times higher than they have paid previously (IDR70k/month).

(okezone.com)

Jokowi wants integrated programs on poverty reduction

President Joko ’Jokowi’ Widodo instructed all relevant ministers to consolidate all programs on poverty

reduction to anticipate the growing number of poor people amid the economic slowdown and volatility in

food prices. (The Jakarta Post)

Govt prepares rules to anticipate LNG imports

The government will establish guidelines on the importing of liquefied natural gas (LNG) to ensure that the

country’s anticipated inflow of the natural resource does not hamper domestic players in the industry. (The

Jakarta Post)

BI’s Board of Governor meeting held for 2 days

BI’s Board of Governor meeting was held for 2 days on 16-17 March 2016. The decision will be announced

shortly after a policy meeting of the Federal Reserve, which is widely expected to keep US rates steady.

(The Jakarta Post, Bahana). Bahana comment: We expect a steady 7.0% benchmark rate on March’s BoG

meeting.


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INDUSTRY

GrabCar forms cooperative in a bid to legally operate in Indonesia GrabCar announced that its drivers and car owners have formed the Indonesian Car Rental Cooperative

(PPRI). GrabCar is ready to comply with a series of regulations such as paying taxes, having its cars tested

for road-worthiness and obtaining a Transport Ministry permit in order to legally operate on Indonesian

streets. (JakartaGlobe, InvestorDaily)

Bapertarum to operate normally before merger

The Public Works and Public Housing Ministry stated that the government has sanctioned Housing Savings

Advisory Board for Civil Servants (Bapertarum-PNS) to be allowed to continue support housing for civil

servants for the next two years prior to its anticipated merger with the Public Housing Savings (Tapera)

management body. Under the law, the operation, funding and human resources of the Bapertarum-PNS,

which currently manages an annual IDR800bn housing fund, will be dissolved and merged with a Tapera

management body. (The Jakarta Post) BKPM states the US interest to invest USD16.2bn in Indonesian oil refineries

Investment Coordinating Board (BKPM) states the US has put forward its interest to invest USD16.2bn in

Indonesian oil refineries, which are planned to be built in South Sulawesi. (detik.com)

Government signs an agreement to develop Jakarta-Bandung HSR project

The Ministry of Transportation has decided to give a concession license to Kereta Cepat Indonesia China

(KCIC), a joint venture between Indonesia and Chinese companies, to develop the 142km Jakarta-Bandung

high-speed railway (HSR) project. Total investment costs are estimated to reach USD5.13bn with a total

concession period of 50 years starting on 31 May 2016. KCIC expects to start the HSR project in 1H16 while

the construction was planned to be commenced next week pending approval of business and construction

permit. (Bisnis Indonesia, The Jakarta Post)

ESDM plan to cut mining license permits from 11 types to only 3 types

The Energy and Mineral Resources Ministry (ESDM) plans to cut mining license permits from 11 types to only

3 types. The purpose is to attract foreign and domestic investors to invest in Indonesian mining sector.

(IQPlus)

Malaysian palm oil stocks fall 6.1% m-m in February

According to data released by Malaysian Palm Oil Board, February Malaysia’s palm oil stocks fell by 6.1% m-

m to 2.17mn mt, but +24% y-y. CPO production fell 8% m-m and 15% y-y to 1.04mn mt, while CPO export

dropped 15% m-m to 1.09mn mt. (Platts)


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CORPORATE

SMCB 4Q15 results: Below expectations on lower profit from Holcim Malaysia sales

Holcim Indonesia (SMCB IJ-REDUCE-IDR1,060-TP:IDR825) booked 4Q15 net profit of IDR547bn (+792.3%

y-y), translating to 2015 net profit of IDR175bn (-73.5% y-y) or 86% and 152% of our and consensus

estimates. Note that, in 4Q15, SMCB booked a IDR583bn profit from sales of Holcim Malaysia Bhd while the

company was able to book IDR204bn in forex gains. Meanwhile, SMCB was able to record better-than-

expected 2015 gross margin of 23.2% (2014: 29.3%), while its 2015 net gearing was maintained at 63%

(2014: 60%). (Company, Bahana). Bahana comment: Despite recent IDR strengthening which should be

able to provide some support to SMCB’s bottom-line, we reiterate our cautious approach to SMCB’s

profitability given the company’s aggressive pricing and marketing strategy to expand its market share.

SMCB IJ 4Q15 results summary

y-y 4Q15/

y-y 2015/ 2015/

(USDm) 4Q14 4Q15 (%) 4Q15F 2014 2015 (%) 2015F Cons.

Sales 2,752 2,681 (2.6) 98.3 9,484 9,239 (2.6) 99.5 90.1

Gross profit 828 663 (20.0) 2,776 2,139 (22.9)

Operating expenses 513 566 10.5 1,547 1,815 17.4

Operating profit 315 96 (69.4) (101.9) 1,230 324 (73.6) 243.3 53.0

Net interest income/(expense) (111) (97) (12.9) (307) (422) (37.4)

FX gain (loss) (29) 204 na 17 (132) na

Other income (expense) 2 558 31,093.7 (10) 580 na

Pretax profit 177 761 330.3 929 350 (62.3)

Taxation (95) (203) (114.1) (310) (151) 51.2

Minority Interest 0 0 (100.0) 0 0 na

Discontinued operation (21) (11) 49.7 41 (24) na

Net profit 61 547 792.3 94.9 660 175 (73.5) 85.7 152.3

BS & Ratio analysis 4Q14 4Q15 2014A 2015

A

2015F 2016F 2017F Gross margin (%) 30.1 24.7 29.3 23.2 20.5 22.9 23.8

Operating margin (%) 11.5 3.6 13.0 3.5 1.4 6.3 5.6

Pretax margin (%) 6.4 28.4 9.8 3.8 3.1 1.3 1.5

Net margin (%) 2.2 20.4 7.0 1.9 2.2 0.9 1.0

Inventory Days 29 26 33 30 35 35 35

Receivable Days 33 35 38 42 43 40 40

Payable Days 46 48 53 55 45 45 45

Total cash 215 638 215 638 1,614 704 686

Total debt 5,374 5,962 5,374 5,962 6,452 8,083 7,319

Net gearing (%) 60.1 63.0 58.9 63.0 57.3 87.8 78.8 Source: Company, Bloomberg, Bahana estimates


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BBKP 4Q15 earnings: Above consensus

Bank Bukopin (BBKP IJ-HOLD-IDR575) reported strong 4Q15 net profit of IDR165bn (-42.7% q-q), bringing

2015 net profit to IDR960bn (+43.2% y-y), below our expectation but above consensus, accounting for

approximately 90.0% and 107.0% of full-year 2015 earnings estimates, respectively. (Company). Bahana

comment: The strong performance was due to: 1) higher net interest income (+17.1% y-y), 2) higher non-

interest income (+19.3% y-y), and 3) 2015 debt recovery worth around IDR50bn. On the balance sheet

side, loans grew by 19.5% y-y and 5.2% q-q, due to increases in SME loans, which grew by 27.6% y-y,

followed by commercial loans. BBKP saw improving q-q loan quality for 4Q15 NPL, at 2.8% vs 2.9% in 3Q15

and 2.8% in 4Q14. Meanwhile, deposits grew by 16.5% y-y and 3.6% q-q, supported by increases in time

deposits (+25.0% y-y) and savings (+9.0% y-y) accounts, generating a 4Q15 LDR of 86.7% vs 85.3% in

3Q15 and 84.5% in 4Q14. Management has provided the following 2016 financial guidance: loan growth of

13% y-y (vs. Bahana: 13.6% y-y), deposit growth of 14% (vs. 7.5%), LDR 87% (vs. 90.5%), gross NPL

2.5% (vs. 3.1%) and NIM 3.7% (vs. 4.0%). We maintain our HOLD rating on BBKP. BBKP results summary q-q y-y 4Q15/ y-y 12M15/ 12M15/ (IDRbn) 4Q14 3Q15 4Q15 (%) (%) 4Q15F 12M15 (%) 2015F Cons.

Interest income 1,873 2,131 2,183 2.4 16.5 8,304 17.1 102.1 Interest expense 1,213 1,343 1,411 5.0 16.3 5,407 17.0 102.5

Net interest income 660 788 771 (2.0) 16.8 2,897 17.1 101.2

Non-interest income 265 342 347 1.4 30.8 1,296 19.3 93.7 Total operating income 926 1,130 1,118 (1.0) 20.8 95.4 4,193 17.8 98.7 108.2

Operating expense 715 690 648 (6.1) (9.5) 2,561 6.9 103.0

Impairment of fin. assets 154 102 268 162.3 74.5 460 57.9 116.7

Operating profit 56 337 202 (40.0) 259.4 51.1 1,173 34.5 85.8 99.5

Pretax profit 37 349 201 (42.4) 437.5 1,179 31.1 84.3

Net profit (4) 288 165 (42.7) na 60.7 960 43.2 90.0 107.0

Balance sheet & ratio analysis 4Q14 3Q15 4Q15 12M14 12M15 2013 2014 2015F 2016F Gross loans (IDRbn) 55,232 62,743 66,012 55,232 66,012 48,461 55,263 63,071 71,655

Third party funding (IDRbn) 65,391 73,537 76,164 65,391 76,164 55,822 65,391 73,686 79,203

Key ratios Net interest margin (%) 3.6 3.9 3.6 3.7 3.6 3.8 3.7 3.9 4.0

Cost efficiency (%) 77.3 61.1 57.9 67.3 61.1 61.8 67.3 58.5 60.6

Cost to income (%) 97.4 86.4 92.0 89.3 87.8 83.2 89.3 85.6 85.3

Loan/deposit (%) 84.5 85.3 86.7 84.5 86.7 86.8 84.5 85.6 90.5

Loan/funding (%) 77.6 79.9 77.2 77.6 77.2 79.7 77.6 80.7 85.2

Capital adequacy (%) 14.2 14.2 13.6 14.2 13.6 14.5 14.2 15.1 14.3

Gross NPL (%) 2.8 2.9 2.8 2.8 2.8 2.3 2.8 3.2 3.1

LLP/NPL (%) 59.8 57.5 63.2 59.8 63.2 72.9 59.8 59.4 65.4

ROAE (%) 10.3 15.3 13.4 10.3 13.4 16.6 10.3 14.8 14.8 Source: Company, Bloomberg, Bahana estimates

Astratel dominates 197km toll road in Java

Astratel Nusantara, Astra International (ASII IJ-REDUCE-IDR7,200-TP:IDR5,550) subsidiary, has a dominant

position in the roughly 197km toll road in Java, having invested in 4 toll-road contractor companies. Astratel

has 25% ownership in Trans Marga, Central Java, the concession holder of the Trans Java toll road project

totaling 73km (Semarang-Solo). Astratel also has 72.45% ownership of Marga Mandalasakti, a toll road

contractor project totaling 72.45km which is now fully operational (Tangerang-Merak). The third toll road

company which is majority-controlled by Astratel is Marga Harjaya Infrastruktur (95% stake), a 40.5km toll-

road project (Jombang-Mojokerto). Astratel also controls around 40% of Marga Trans Nusantara, a toll-road

project totaling 11.25km (Serpong-Kunciran), resulting in total toll roads owned of 197.2km among 4

companies. (cnnindonesia.com)

JSMR to hand over JORR S operation to Hutama Karya

The Supreme Court (MA) and the Ministry of Public Works and Public Housing has decided to hand over the

operation of the Jakarta Outer Ring Road South (JORR S) Pondok Pinang-Jagorawi to Hutama Karya.

Previously, the operation of JORR S was temporarily managed by Jasa Marga (JSMR IJ-BUY-IDR5,575-

TP:IDR6,000) since 2001. JSMR has also submitted a IDR1.1tn account from operational income of JORR S

to the Supreme Court. (Bisnis Indonesia)


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CTRA to launch its low-class landed houses in Tangerang

Ciputra Development (CTRA IJ-BUY-IDR1,330-TP:1,400) through its subsidiary Ciputra Residence plans to

launch its new cluster named Villagio in CitraRaya project on 19 March. The project consists of 1,153 units

landed houses on 25ha areas with the price starting from IDR495-603mn/unit. (Bisnis.com, Infonitas.com).

Bahana comment: We believe this will provide diversified market segment for CTRA going forward given

the current slow property demand on the ground, especially for the mid-high property segment. This should

also support CTRA achieve its IDR10tn marketing sales target this year (Bahana 2016F: IDR9.2tn).

LMS to provide 30% discount for its Cipali toll-road tariffs in April Lintas Marga Sedaya, Cikampek-Palimanan (Cipali) toll-road operator is planning to provide a 30% discount

for its Cipali toll-road tariffs for class II-V vehicles next month in order to increase the number of logistic

vehicles. (Investor Daily)

HERO sets more than IDR1tn for 2016 capex

Hero Supermarket (HERO IJ-REDUCE-IDR1,000) allocates more than IDR1tn of capex this year, with the

proceeds used mostly for Giant Extra openings following the company’s effort to focus more on its

hypermarkets business. The management cited that they will open new stores in Malang, Surabaya and

Bandung with invested capital per outlet of IDR200-300bn without declaring specific numbers. Furthermore,

HERO is also preparing for one more IKEA store this year. (Bisnis Indonesia). Bahana comment: With the

closure of its all Starmart stores operation by this October, we expect the company to start booking profit in

2016, although margin pressure would remain as HERO is still doing several rationalizations and

refurbishments for some of their supermarkets and specialty stores.


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BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 03/16/2016 03/15/2016 CHANGE (%)

Wijaya Karya WIKA IJ BUY 3,100 16.3 2,665 2,545 4.7

Sri Rejeki Isman SRIL IJ BUY 400 35.6 295 282 4.6

Adaro Energy ADRO IJ BUY 700 (4.1) 730 700 4.3

Multipolar MLPL IJ BUY 550 69.2 325 312 4.2

Wijaya Karya Beton WTON IJ BUY 1,100 10.0 1,000 965 3.6

Bukit Asam PTBA IJ BUY 7,800 22.8 6,350 6,150 3.3

Kimia Farma KAEF IJ BUY 1,350 4.7 1,290 1,255 2.8

Tunas Baru Lampung TBLA IJ BUY 570 (0.9) 575 560 2.7

Wintermar Offshore Marine WINS IJ HOLD 190 (18.5) 233 227 2.6

Total Bangun Persada TOTL IJ BUY 940 58.0 595 580 2.6

London Sumatra Indonesia LSIP IJ BUY 1,780 5.0 1,695 1,655 2.4

Semen Baturaja SMBR IJ HOLD 315 (21.1) 399 390 2.3

Bumi Serpong Damai BSDE IJ BUY 2,020 11.3 1,815 1,775 2.3

Tempo Scan Pacific TSPC IJ BUY 2,000 4.4 1,915 1,875 2.1

Krakatau Steel KRAS IJ REDUCE 275 (37.8) 442 433 2.1

Bank Jawa Timur BJTM IJ REDUCE 420 (6.5) 449 440 2.0

Blue Bird BIRD IJ REDUCE 4,700 (26.8) 6,425 6,300 2.0

Telekomunikasi Indonesia TLKM IJ BUY 4,000 16.3 3,440 3,380 1.8

Lippo Cikarang LPCK IJ BUY 8,300 14.9 7,225 7,100 1.8

Astra Agro Lestari AALI IJ REDUCE 14,300 (19.7) 17,800 17,500 1.7

Tower Bersama Infrastructure TBIG IJ HOLD 6,500 8.8 5,975 5,875 1.7

Astra International ASII IJ REDUCE 5,550 (22.9) 7,200 7,100 1.4

Jasa Marga JSMR IJ BUY 6,000 7.6 5,575 5,500 1.4

Timah TINS IJ REDUCE 411 (45.2) 750 740 1.4

United Tractors UNTR IJ HOLD 16,000 4.6 15,300 15,100 1.3

Aneka Tambang ANTM IJ REDUCE 207 (54.9) 459 453 1.3

Charoen Pokphand Indonesia CPIN IJ BUY 3,500 0.9 3,470 3,425 1.3

Mitra Keluarga Karyasehat MIKA IJ SELL 1,900 (21.8) 2,430 2,400 1.3

Semen Indonesia SMGR IJ HOLD 11,200 5.7 10,600 10,475 1.2

HM Sampoerna HMSP IJ BUY 115,000 10.0 104,525 103,475 1.0

Dharma Satya Nusantara DSNG IJ BUY 535 3.9 515 510 1.0

Sido Muncul SIDO IJ HOLD 480 (9.4) 530 525 1.0

Summarecon Agung SMRA IJ BUY 1,820 10.0 1,655 1,640 0.9

Mayora Indah MYOR IJ BUY 31,000 0.8 30,750 30,475 0.9

Adi Sarana Armada ASSA IJ BUY 130 13.0 115 114 0.9

Waskita Karya WSKT IJ BUY 2,250 16.0 1,940 1,925 0.8

Indo Tambangraya Megah ITMG IJ REDUCE 4,000 (38.9) 6,550 6,500 0.8

Indocement Tunggal Prakarsa INTP IJ REDUCE 17,600 (15.1) 20,725 20,575 0.7

Surya Semesta Internusa SSIA IJ BUY 720 1.4 710 705 0.7

Mitra Adiperkasa MAPI IJ BUY 4,750 (3.1) 4,900 4,870 0.6

Harum Energy HRUM IJ REDUCE 500 (40.5) 840 835 0.6

Medco Energi Internasional MEDC IJ BUY 1,300 39.8 930 925 0.5

Alam Sutera Realty ASRI IJ REDUCE 300 (21.9) 384 382 0.5

Indosat ISAT IJ BUY 6,800 13.3 6,000 5,975 0.4

Kawasan Industri Jababeka KIJA IJ BUY 270 6.7 253 252 0.4

Perusahaan Gas Negara PGAS IJ REDUCE 2,500 (4.8) 2,625 2,615 0.4

Ciputra Development CTRA IJ BUY 1,400 5.3 1,330 1,325 0.4

Merdeka Copper Gold MDKA IJ BUY 2,200 29.0 1,705 1,700 0.3

Bank Tabungan Negara BBTN IJ BUY 1,700 (3.1) 1,755 1,750 0.3

Sampoerna Agro SGRO IJ HOLD 1,800 (5.5) 1,905 1,900 0.3

Indonesian Stock Exchange JCI 4,861 4,850 0.2

Bank Central Asia BBCA IJ BUY 14,700 8.1 13,600 13,575 0.2

Adhi Karya ADHI IJ BUY 3,000 9.5 2,740 2,735 0.2

Cardig Aero Services CASS IJ HOLD 1,250 11.6 1,120 1,120 0.0

Indomobil Sukses Internasional IMAS IJ HOLD 2,000 (4.3) 2,090 2,090 0.0

Gajah Tunggal GJTL IJ BUY 860 28.4 670 670 0.0

Bank Mandiri BMRI IJ HOLD 9,700 (4.7) 10,175 10,175 0.0

Bank Negara Indonesia BBNI IJ BUY 5,700 6.5 5,350 5,350 0.0

Bank Jawa Barat dan Banten BJBR IJ BUY 1,020 10.3 925 925 0.0

Bank Bukopin BBKP IJ HOLD 730 27.0 575 575 0.0

Holcim Indonesia SMCB IJ REDUCE 825 (22.2) 1,060 1,060 0.0

Ramayana Lestari Sentosa RALS IJ REDUCE 640 (15.8) 760 760 0.0

Unilever Indonesia UNVR IJ BUY 50,500 14.6 44,050 44,050 0.0

J Resources PSAB IJ BUY 1,400 25.6 1,115 1,115 0.0

Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (45.9) 1,850 1,850 0.0

Japfa Comfeed Indonesia JPFA IJ BUY 880 11.4 790 790 0.0

Lippo Karawaci LPKR IJ REDUCE 1,130 2.3 1,105 1,105 0.0

Ciputra Property CTRP IJ REDUCE 365 (13.1) 420 420 0.0

PP Property PPRO IJ HOLD 180 (21.1) 228 228 0.0

Soechi Lines SOCI IJ BUY 630 26.0 500 500 0.0

Sarana Menara Nusantara TOWR IJ BUY 5,000 25.0 4,000 4,000 0.0

Erajaya Swasembada ERAA IJ BUY 850 17.2 725 725 0.0

Anabatic Technologies ATIC IJ BUY 800 33.3 600 600 0.0

Express Transindo Utama TAXI IJ REDUCE 120 (46.4) 224 224 0.0

Bank Danamon Indonesia BDMN IJ HOLD 3,400 (12.1) 3,870 3,875 (0.1)

Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,350 (15.9) 2,795 2,800 (0.2)

Bank Rakyat Indonesia BBRI IJ BUY 13,000 17.6 11,050 11,075 (0.2)

Pembangunan Perumahan PTPP IJ BUY 4,300 11.0 3,875 3,885 (0.3)

Pelayaran Tempuran Emas TMAS IJ BUY 3,000 58.7 1,890 1,895 (0.3)

Matahari Department Store LPPF IJ BUY 20,500 15.2 17,800 17,850 (0.3)

Siloam International Hospitals SILO IJ BUY 12,400 57.5 7,875 7,900 (0.3)

Surya Citra Media SCMA IJ REDUCE 2,800 (5.2) 2,955 2,965 (0.3)

Puradelta Lestari DMAS IJ BUY 290 41 206 207 (0.5)

Agung Podomoro Land APLN IJ REDUCE 220 (27.9) 305 307 (0.7)

Tiphone Mobile Indonesia TELE IJ BUY 1,180 65.0 715 720 (0.7)

Pakuwon Jati PWON IJ HOLD 490 (4.9) 515 520 (1.0)

Ace Hardware Indonesia ACES IJ HOLD 875 4.2 840 850 (1.2)

Bekasi Fajar Industrial Estates BEST IJ REDUCE 300 4.9 286 290 (1.4)

Indofood CBP Sukses Makmur ICBP IJ BUY 18,300 18.8 15,400 15,625 (1.4)

Salim Ivomas Pratama SIMP IJ HOLD 290 (28.0) 403 409 (1.5)

Malindo Feedmill MAIN IJ BUY 1,700 29.8 1,310 1,330 (1.5)

Nippon Indosari Corpindo ROTI IJ BUY 1,450 18.4 1,225 1,245 (1.6)

Matahari Putra Prima MPPA IJ BUY 2,750 64.7 1,670 1,700 (1.8)

Xl Axiata EXCL IJ BUY 4,400 9.5 4,020 4,100 (2.0)

Garuda Indonesia GIAA IJ BUY 400 (8.9) 439 448 (2.0)

Vale Indonesia INCO IJ HOLD 1,400 (23.7) 1,835 1,875 (2.1)

Kalbe Farma KLBF IJ HOLD 1,480 16.1 1,275 1,305 (2.3)

Indofood Sukses Makmur INDF IJ BUY 6,600 (8.7) 7,225 7,425 (2.7)

AKR Corporindo AKRA IJ BUY 9,000 21.2 7,425 7,650 (2.9)

Hero Supermarket HERO IJ REDUCE 650 (35.0) 1,000 1,040 (3.8)

Gudang Garam GGRM IJ BUY 88,000 39.7 63,000 65,600 (4.0)

Media Nusantara Citra MNCN IJ BUY 2,000 0.0 2,000 2,095 (4.5)

Electronic City ECII IJ REDUCE 700 0.0 700 770 (9.1) Source: Bloomberg, Bahana estimates

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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 13,694 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 12.6 7.9 6.3 7.1 5.7 5.1 0.9 0.7 0.6 0.2 0.3 0.3 (103.3) (88.7) (78.8) 11.4 13.9 13.6 3.6 4.6 4.9 7.7 8.7 8.6

GIAA IJ* BUY 439 400 25,869 14.9 11,356 11.2 57,368 64,708 74,084 1,050 1,474 2,005 966 1,582 2,005 na 63.8 26.7 11.9 7.2 na 7.5 6.0 5.4 0.1 0.1 0.0 0.0 0.0 0.0 (125.2) (108.1) (97.2) 7.6 11.1 11.2 2.2 3.3 3.6 3.9 5.1 5.5

CASS IJ HOLD 1,120 1,250 2,087 56.6 2,337 0.0 1,680 1,905 2,146 418 496 571 124 142 160 12.2 14.6 12.5 18.9 16.5 14.7 5.1 4.3 3.8 5.1 4.1 3.4 1.3 1.5 1.7 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 299,596 275.9 215,860 227,222 247,701 18,472 19,678 21,842 16,030 17,779 20,271 (17.0) 10.9 14.0 18.7 16.9 14.8 13.9 13.3 12.2 2.8 2.5 2.3 2.5 2.7 3.0 50.9 49.6 46.4 16.2 15.8 16.1 6.8 6.8 7.1 11.0 10.9 11.2

ASII IJ REDUCE 7,200 5,550 40,484 49.8 291,482 275.0 184,851 193,520 211,196 17,427 18,498 20,496 16,764 17,591 19,543 (12.6) 4.9 11.1 17.4 16.6 14.9 13.6 13.0 11.8 2.8 2.6 2.3 2.6 2.7 3.0 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 670 860 3,485 39.8 2,335 0.8 12,833 13,932 15,091 950 1,031 1,117 (422) 62 436 na na na na 37.7 5.4 5.1 4.7 5.7 0.5 0.5 0.4 0.0 0.7 4.7 130.5 129.3 130.3 (7.7) 1.3 8.4 (2.6) 0.4 2.4 (3.6) 0.5 3.4

BANKS N 1,037,980 842.7 266,270 291,640 323,366 99,194 109,580 121,941 80,313 88,704 98,536 0.7 10.4 11.1 12.9 11.7 10.5 na na na 2.5 2.2 1.9 1.7 1.8 1.8 na na na 19.7 18.5 17.7 2.6 2.6 2.5 na na na

BBCA IJ BUY 13,600 14,700 24,655 50.8 335,308 185.4 48,667 52,850 58,014 22,474 24,585 26,964 18,176 19,883 21,806 10.3 9.4 9.7 18.4 16.9 15.4 na na na 3.7 3.2 2.7 1.2 1.2 1.3 na na na 22.0 20.3 19.0 3.1 3.1 3.0 na na na

BBRI IJ BUY 11,050 13,000 24,669 43.2 272,594 288.0 66,953 73,440 81,052 28,314 31,205 34,621 24,426 26,815 29,624 0.8 9.8 10.5 11.2 10.2 9.2 na na na 2.4 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 HOLD 10,175 9,700 23,333 40.0 237,417 187.4 62,897 69,286 77,120 26,068 26,665 30,171 20,004 20,330 22,958 0.7 1.6 12.9 11.9 11.7 10.3 na na na 2.0 1.8 1.6 1.9 1.7 1.7 na na na 18.2 16.3 16.1 2.2 2.1 2.1 na na na

BBNI IJ BUY 5,350 5,700 18,649 40.0 99,770 137.6 37,239 40,951 45,725 9,966 13,232 14,595 8,372 11,022 12,153 (22.4) 31.7 10.3 11.9 9.1 8.2 na na na 1.6 1.4 1.2 1.9 2.2 2.1 na na na 14.0 16.4 15.8 1.9 2.2 2.2 na na na

BDMN IJ HOLD 3,870 3,400 9,585 32.5 37,093 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 14.2 12.4 10.7 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 2,795 2,350 5,840 50.8 16,324 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 9.0 8.2 7.8 na na na 1.2 1.1 1.0 1.7 1.8 1.9 na na na 14.3 13.7 12.9 2.3 2.2 2.1 na na na

BBTN IJ BUY 1,755 1,700 10,588 39.9 18,582 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 11.2 8.9 7.7 na na na 1.4 1.2 1.1 1.8 2.0 2.0 na na na 12.9 14.3 14.7 1.0 1.1 1.0 na na na

BJBR IJ BUY 925 1,020 9,696 25.0 8,969 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 7.3 6.6 5.9 na na na 1.2 1.1 1.0 7.5 7.6 7.7 na na na 16.8 17.3 17.6 1.5 1.5 1.5 na na na

BJTM IJ REDUCE 449 420 14,918 20.0 6,698 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 7.1 6.5 5.8 na na na 1.1 1.0 0.9 8.9 8.8 9.0 na na na 15.2 15.6 16.3 2.3 2.2 2.2 na na na

BBKP IJ HOLD 575 730 9,087 40.5 5,225 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 4.9 4.4 4.0 na na na 0.7 0.6 0.5 4.1 4.6 5.1 na na na 14.8 14.8 14.5 1.3 1.2 1.2 na na na

CEMENT UW 151,216 109.7 54,849 56,706 59,100 11,007 11,320 11,840 8,832 9,245 9,667 (25.4) 4.7 4.6 17.1 16.4 15.6 10.8 10.4 9.8 2.7 2.6 2.4 3.5 3.6 3.8 4.7 7.3 5.4 16.4 16.2 16.0 12.7 12.1 11.6 22.4 19.2 18.5

SMGR IJ HOLD 10,600 11,200 5,932 49.0 62,874 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 14.4 14.0 13.3 9.1 9.0 8.2 2.5 2.2 2.0 2.1 2.1 2.3 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 20,725 17,600 3,681 36.0 76,294 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 17.6 17.5 16.7 12.2 11.8 11.2 3.2 3.1 3.0 5.1 5.1 5.4 nc nc nc 17.7 17.9 18.3 15.0 14.7 14.3 28.3 24.4 24.4

SMCB IJ REDUCE 1,060 825 7,663 19.4 8,123 0.8 9,352 9,619 9,904 287 566 538 (225) 89 129 na na na na 91.4 63.1 13.2 9.6 9.0 1.0 1.0 1.0 0.0 0.8 1.2 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 399 315 9,838 23.8 3,925 2.4 1,479 1,528 1,633 340 325 345 364 300 252 10.9 (17.5) (16.0) 10.8 13.1 15.6 5.8 8.1 10.2 1.3 1.2 1.2 2.3 1.9 1.6 nc nc nc 12.8 9.7 7.6 11.9 9.0 6.1 33.1 13.7 7.1

COAL UW 104,724 122.2 130,282 127,128 131,490 19,416 17,610 15,141 13,545 12,401 10,797 12.1 (8.4) (12.9) 7.7 8.4 9.7 3.3 3.1 2.9 1.2 1.1 1.0 5.8 5.1 5.2 5.8 2.9 0.4 15.7 13.3 11.3 9.1 7.8 6.8 18.5 16.9 15.2

UNTR IJ HOLD 15,300 16,000 3,730 40.5 57,071 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 8.3 8.9 8.9 3.5 3.4 3.0 1.4 1.3 1.2 4.8 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 730 700 31,986 43.0 23,350 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) 7.8 7.9 12.0 3.3 3.0 2.8 0.6 0.5 0.5 3.8 3.8 2.5 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 6,550 4,000 1,130 34.8 7,401 7.3 23,102 19,323 21,830 2,643 1,351 629 1,546 992 546 (44.9) (35.9) (44.9) 4.8 7.5 13.6 0.9 1.2 1.5 0.6 0.6 0.6 16.7 10.7 10.0 nc nc nc 13.4 8.2 4.6 8.8 5.4 2.9 19.2 12.8 7.5

PTBA IJ BUY 6,350 7,800 2,304 28.7 14,631 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) 6.7 6.7 7.3 4.5 4.5 5.1 1.6 1.4 1.3 8.2 8.3 7.5 nc nc nc 24.4 22.6 18.7 14.0 12.8 10.6 29.6 25.6 19.7

HRUM IJ* REDUCE 840 500 2,704 28.8 2,271 0.5 3,710 3,518 3,518 42 28 (42) 0 (28) (95) (50) (1,000) 289 840.0 (93.3) (24.0) (4.2) (5.6) (10.5) 0.6 0.6 0.6 0.1 0.0 (0.7) nc nc nc 0.0 (0.7) (2.4) 0.0 (0.5) (1.8) 0.0 (2.5) (9.7)

CONS. & TOLL ROADS N 119,894 239.0 64,550 85,995 104,429 8,556 11,084 12,947 4,146 5,374 6,099 5.9 25.0 9.1 28.9 22.3 19.7 13.8 11.9 10.7 3.5 3.1 2.8 1.0 1.3 1.4 54.9 74.2 84.4 14.3 14.5 14.6 4.1 4.4 4.2 11.0 10.3 9.7

JSMR IJ BUY 5,575 6,000 6,800 30.0 37,910 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 29.7 26.2 25.6 13.3 12.3 11.8 3.6 3.3 3.0 1.0 1.1 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 2,665 3,100 6,149 34.9 16,388 26.7 12,150 14,875 17,597 1,297 1,718 2,050 559 785 957 (9.2) 40.6 21.8 29.3 20.8 17.1 12.0 9.3 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 3,875 4,300 4,842 45.7 18,764 21.4 14,909 20,378 24,313 1,695 2,223 2,659 704 914 1,066 32.4 29.8 16.6 26.6 20.5 17.6 11.4 9.1 7.9 4.5 3.9 3.3 1.1 1.5 1.7 35.0 44.9 55.3 21.7 20.4 20.4 4.3 4.5 4.3 16.5 14.5 13.5

WSKT IJ BUY 1,940 2,250 13,572 34.0 26,331 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 27.3 23.3 22.1 15.4 15.1 14.5 3.0 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 1,000 1,100 8,715 28.1 8,715 18.0 2,570 4,160 5,824 258 454 620 195 349 475 (45.5) 79.5 36.1 44.8 25.0 18.3 24.6 15.2 11.5 3.9 3.5 3.1 0.7 1.2 1.6 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 2,740 3,000 3,561 74.2 9,757 74.6 9,817 14,680 19,059 784 1,155 1,483 395 534 690 0.9 (17.4) 29.2 15.1 18.3 14.1 11.1 10.1 7.4 2.0 1.8 1.7 1.3 1.1 1.4 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 595 940 3,410 33.7 2,029 3.5 2,338 2,618 3,400 218 266 317 197 230 255 20.4 16.7 10.9 10.3 8.8 7.9 6.3 5.1 4.3 2.3 2.0 1.8 5.0 5.8 6.8 nc nc nc 23.3 24.3 24.0 7.6 8.3 8.4 73.8 62.6 53.5

CONSUMER - DISCRE. N 164,559 118.1 76,680 84,783 95,235 8,650 9,998 11,515 6,000 7,422 8,820 (7.1) 25.1 20.3 27.4 22.2 18.7 17.3 14.7 12.5 16.0 9.8 7.3 1.8 2.1 2.5 8.9 7.4 5.7 88.9 51.1 41.0 27.1 26.4 24.9 23.0 24.8 26.3

SCMA IJ REDUCE 2,955 2,800 14,622 38.2 43,207 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 28.5 25.8 23.4 20.7 18.8 17.0 13.6 11.9 10.5 2.6 2.9 3.2 nc nc nc 46.1 49.7 48.0 33.1 35.7 35.5 64.4 67.6 70.6

LPPF IJ BUY 17,800 20,500 2,918 79.5 51,939 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 27.9 23.4 19.8 18.4 15.4 12.6 35.4 17.6 11.1 1.4 1.7 2.0 nc nc nc 225.8 100.6 68.8 46.7 41.1 35.5 na na na

MNCN IJ BUY 2,000 2,000 14,276 36.4 28,552 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 22.3 17.3 14.3 11.4 10.7 9.7 2.9 2.6 2.4 2.2 2.9 3.5 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 1,670 2,750 5,378 23.7 8,981 12.3 14,286 16,331 18,267 567 738 839 451 587 666 (18.6) 30.3 13.4 19.9 15.3 13.5 9.4 7.4 6.1 2.9 2.6 2.3 2.0 2.6 3.0 nc nc nc 15.1 17.8 18.1 7.3 8.5 8.7 20.6 24.4 24.9

ACES IJ REDUCE 840 650 17,150 40.0 14,406 7.3 4,698 5,086 5,647 648 704 787 559 608 674 1.4 8.9 10.9 25.8 23.7 21.4 18.9 16.9 14.7 5.1 4.3 3.7 0.8 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 1,000 650 4,184 13.4 4,184 0.0 15,118 16,906 19,439 (215) (113) 72 (29) 57 191 na na na na 72.8 22.0 48.2 21.1 11.4 0.8 0.7 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 760 640 7,096 40.5 5,393 0.9 7,774 8,038 8,534 218 246 282 311 333 369 (12.3) 6.8 11.1 17.3 16.2 14.6 7.5 6.7 5.9 1.6 1.5 1.4 2.9 3.1 3.4 nc nc nc 9.1 9.3 9.8 6.7 7.0 7.4 18.9 20.4 21.4

MAPI IJ BUY 4,900 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 57.4 237.3 33.6 21.4 10.6 8.1 6.7 2.8 2.6 2.3 0.0 0.4 0.7 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 700 700 1,334 25.0 934 0.0 1,776 1,917 2,121 (17) 31 67 15 54 82 (88.0) 245.5 52.6 60.3 17.4 11.4 na 12.2 6.2 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 1,258,543 420.6 346,896 380,892 424,517 48,566 52,638 59,726 32,189 36,512 41,690 3.5 12.6 13.9 39.1 34.5 30.2 29.2 27.5 24.1 25.4 22.9 20.6 1.8 2.0 2.3 6.4 7.3 6.7 55.9 52.1 53.4 24.6 23.3 24.5 67.1 66.5 65.2

HMSP IJ BUY 104,525 115,000 4,653 7.5 486,326 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 46.5 43.7 38.1 32.1 31.6 27.1 14.1 14.2 14.2 2.2 2.3 2.6 nc nc nc 43.6 32.6 37.5 26.7 22.5 25.7 61.6 61.7 63.2

UNVR IJ BUY 44,050 50,500 7,630 15.0 336,102 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 57.1 50.8 44.9 40.7 36.7 32.5 68.5 59.3 51.3 1.6 1.8 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 63,000 88,000 1,924 23.5 121,218 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 22.3 20.4 18.2 12.6 11.7 10.6 3.3 3.0 2.7 1.3 2.1 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 1,275 1,480 46,875 43.3 59,766 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 30.7 27.6 24.9 19.1 16.6 15.1 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 7,225 6,600 8,780 49.9 63,439 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 30.4 18.4 15.1 8.4 7.2 6.3 2.5 2.3 2.1 1.6 2.6 3.2 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 18,300 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 30,750 31,000 894 66.9 27,501 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 23.7 24.5 22.6 13.8 13.0 11.9 5.4 4.6 4.0 0.8 0.8 0.9 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 1,915 2,000 4,500 21.9 8,618 0.2 8,220 9,160 10,888 640 713 785 575 622 672 (0.7) 8.1 7.8 15.0 13.9 12.9 8.9 8.0 7.2 1.9 1.8 1.6 3.0 3.3 3.5 nc nc nc 13.4 13.4 13.1 9.7 9.8 9.6 21.2 19.8 18.3

SIDO IJ HOLD 530 480 15,000 19.0 7,950 1.8 2,268 2,424 2,719 495 530 598 424 455 517 1.4 7.1 13.3 18.9 17.7 15.6 12.1 11.0 9.5 2.7 2.4 2.1 1.0 1.2 1.1 nc nc nc 15.1 14.4 14.5 14.1 13.5 13.6 23.0 22.0 21.5

ROTI IJ BUY 1,225 1,450 5,062 29.3 6,201 1.8 2,189 2,693 3,343 389 458 575 265 322 416 40.3 21.6 29.2 23.4 19.3 14.9 12.6 10.6 8.8 5.4 4.4 3.6 1.1 1.3 1.7 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 1,290 1,350 5,554 10.0 7,165 5.1 5,070 5,754 6,599 342 422 524 279 327 367 19.1 17.1 12.1 25.6 21.9 19.5 20.1 16.7 16.5 3.6 3.2 2.9 1.0 1.1 1.3 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 2,430 1,900 14,551 18.0 35,358 0.0 2,038 2,301 2,645 560 622 704 558 636 699 4.3 10.3 9.3 62.3 56.5 51.7 45.7 47.6 42.5 11.1 11.0 10.3 1.4 1.3 1.3 nc nc nc 23.3 20.4 21.0 19.7 17.5 18.0 65.2 61.2 54.8

SILO IJ BUY 7,875 12,400 1,156 29.2 9,104 39.3 4,116 5,242 6,675 215 276 350 94 142 197 49.7 63.0 28.8 97.2 59.7 46.3 15.5 12.2 9.4 5.3 4.9 4.5 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 26,285 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 7.3 6.5 5.5 6.5 6.0 5.1 1.2 1.1 0.9 2.6 3.0 3.4 16.2 16.7 15.4 18.8 17.9 17.7 13.0 12.7 12.7 20.2 19.0 18.3

DMAS IJ BUY 206 290 48,198 10.0 9,929 2.1 2,175 1,375 1,711 1,859 1,520 1,705 1,799 57.7 12.2 5.5 6.5 5.8 5.5 6.2 5.0 4.3 1.3 1.1 1.0 4.6 5.2 5.4 nc nc nc 22.0 21.2 19.4 18.9 19.3 18.5 26.0 25.6 23.6

KIJA IJ BUY 253 270 20,662 68.9 5,228 11.8 2,810 3,031 3,291 756 851 952 283 431 600 (31.1) 52.6 39.1 18.5 12.1 8.7 9.0 8.0 7.0 1.2 1.1 1.0 1.6 2.5 3.4 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 286 300 9,647 41.8 2,759 10.5 681 563 743 411 321 444 225 159 326 (42.5) (29.3) 104.9 12.3 17.4 8.5 8.3 12.1 9.1 0.9 0.9 0.8 1.1 0.9 1.4 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 710 720 4,705 68.6 3,341 14.2 5,282 6,065 6,939 845 937 1,095 579 618 716 39.4 6.8 15.9 5.8 5.4 4.7 3.7 3.4 3.0 1.1 0.9 0.8 3.5 3.7 4.3 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 7,225 8,300 696 57.8 5,029 6.1 1,828 2,183 2,589 900 1,063 1,284 970 1,152 1,334 15.0 18.7 15.8 5.2 4.4 3.8 5.2 4.4 3.6 1.4 1.1 0.8 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 16,853 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 4.3 4.3 4.0 0.7 0.7 0.7 2.3 0.7 0.8 83.0 84.1 30.6 0.2 2.8 3.0 (0.5) 0.7 1.3 (0.7) 1.2 2.1

KRAS IJ* REDUCE 442 275 15,775 20.0 6,973 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 0.4 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 600 800 1,875 1.5 1,125 0.0 2,626 2,964 3,375 178 217 263 60 110 146 (12.7) 65.0 32.1 16.8 10.2 7.7 6.7 5.7 4.9 1.4 1.4 1.2 1.7 1.4 2.5 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 295 400 18,593 43.9 5,485 37.4 8,388 9,520 11,073 1,596 1,812 2,156 696 930 1,176 25.6 32.3 0.0 7.5 5.7 5.7 6.0 5.0 4.1 1.4 1.1 1.1 1.4 1.8 1.8 138.1 104.2 80.9 20.1 20.8 21.8 6.9 7.8 9.0 8.4 9.5 11.4

MLPL IJ BUY 325 550 10,065 68.0 3,271 2.4 19,134 22,097 25,298 (280) (324) (373) (75) (43) (7) na na na na na na 10.1 11.8 11.9 0.4 0.4 0.4 8.7 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 16,947 6.2 7,845 22,802 15,612 1,621 1,802 1,918 902 958 982 0.6 6.3 2.4 18.8 17.7 17.3 9.1 8.4 8.0 3.8 3.4 3.0 2.1 2.2 2.2 50.7 57.2 64.3 21.2 19.4 17.5 11.2 10.8 9.3 15.7 13.5 11.6

BIRD IJ REDUCE 6,425 4,700 2,502 15.0 16,076 1.4 5,552 6,250 6,988 1,197 1,298 1,354 840 870 877 (0.0) 3.6 0.7 19.1 18.5 18.3 9.3 8.6 8.2 4.0 3.5 3.2 2.1 2.2 2.2 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 224 120 2,146 49.0 481 4.7 953 1,009 1,074 200 238 255 6 19 22 (95.0) 228.6 14.9 82.2 25.0 21.8 4.7 4.3 4.2 0.5 0.5 0.5 0.2 0.7 0.8 197.5 214.0 239.7 0.7 2.2 2.4 0.2 0.6 0.6 0.2 0.7 0.7

ASSA IJ BUY 115 130 3,398 37.4 391 0.1 1,340 1,552 1,779 224 266 308 55 69 83 29.0 24.0 20.5 7.1 5.7 4.7 3.8 3.8 3.6 0.4 0.4 0.4 4.3 5.3 6.4 186.8 206.4 214.4 6.4 7.6 8.6 2.1 2.4 2.6 2.3 2.5 2.8

METALS N 46,836 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 52.2 24.1 11.3 12.0 8.8 6.3 0.8 0.8 0.8 1.5 2.3 2.3 27.8 26.3 24.4 2.6 4.4 7.4 1.4 2.9 4.9 1.7 3.2 4.9

INCO IJ* HOLD 1,835 1,400 9,936 20.5 18,233 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 18.7 11.8 8.6 5.2 4.0 3.2 0.7 0.7 0.7 3.2 5.1 4.9 nc nc nc 4.2 6.0 8.1 3.1 4.7 6.6 4.5 6.4 8.9

ANTM IJ REDUCE 459 207 24,031 74.2 11,030 36.2 11,890 13,290 14,812 (8) 281 826 (449) (172) 228 (76.5) (63.2) (237.9) na na na 23.9 16.0 9.4 0.6 0.6 0.6 0.0 0.0 0.4 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 750 411 7,448 35.0 5,586 2.1 5,632 5,616 5,725 60 28 29 16 14 (31) (97.9) (13.2) (319.9) 358.0 412.4 (187.5) 17.0 15.2 14.1 1.1 1.1 1.1 0.1 0.1 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 1,115 1,400 5,292 7.4 5,901 1.3 3,892 4,788 5,628 1,274 1,792 2,717 448 812 1,597 59.8 83.6 96.3 15.3 8.3 4.2 5.8 4.2 2.6 1.3 1.0 1.0 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 1,705 2,200 3,570 36.2 6,086 45.5 0 0 868 (84) (140) 462 (98) (210) 238 58.3 na na na na na na na na 3.4 3.8 3.4 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 96,055 150.1 66,063 74,087 84,807 9,896 12,465 14,902 6,507 7,732 9,248 (34.2) 18.8 19.6 14.8 12.4 10.4 10.5 8.4 7.5 2.4 2.1 1.9 3.4 3.9 4.7 16.0 16.5 12.4 14.8 15.1 15.5 6.5 7.1 7.6 10.7 10.9 11.7

PGAS IJ* REDUCE 2,625 2,500 24,242 43.0 63,634 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 11.7 11.3 9.2 6.6 6.3 5.1 1.5 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 7,425 9,000 3,949 40.1 29,322 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 27.9 19.6 19.0 19.1 13.4 13.0 4.8 4.0 3.5 1.4 2.0 2.1 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 930 1,300 3,332 49.0 3,099 1.9 6,553 9,318 11,351 249 2,288 3,282 (361) 177 295 (391.9) (150.9) 0.0 NA 16.9 16.9 8.9 4.4 4.1 0.2 0.2 0.2 (4.7) 2.4 2.3 108.5 124.5 156.0 (3.0) 1.4 2.2 (1.0) 0.4 0.7 (1.4) 0.6 0.9

PLANTATIONS N 63,770 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 31.1 24.0 16.7 12.3 11.2 9.4 1.9 1.8 1.7 1.3 1.7 2.3 52.0 57.9 56.3 5.4 7.2 9.7 3.2 3.9 5.2 4.2 4.9 6.3

AALI IJ REDUCE 17,800 14,300 1,575 20.3 28,030 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 17.0 14.0 12.6 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 403 290 15,816 21.6 6,374 1.5 13,243 13,632 13,840 1,470 1,534 1,484 235 267 380 (72.1) 13.8 42.3 27.2 23.9 16.8 4.9 4.8 4.9 0.5 0.4 0.4 1.1 1.3 1.8 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 1,695 1,780 6,823 40.4 11,565 22.4 3,988 4,117 4,384 622 659 726 548 573 617 (40.2) 4.6 7.6 21.1 20.2 18.7 12.5 11.8 10.9 1.6 1.5 1.4 1.9 2.0 2.1 nc nc nc 7.5 7.6 7.8 6.2 6.3 6.5 8.9 8.6 8.6

DSNG IJ BUY 515 535 10,599 34.1 5,458 0.4 4,366 4,783 4,941 431 536 592 171 247 306 (73.7) 44.2 24.0 31.9 22.1 17.9 15.6 13.6 12.8 2.3 2.1 1.9 0.8 1.1 1.4 132.3 136.0 134.1 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 575 570 5,342 45.6 3,072 0.1 5,251 5,237 6,526 557 562 745 189 227 427 (59.8) 20.3 88.0 16.3 13.5 7.2 7.5 7.3 6.1 1.2 1.1 1.0 1.2 1.5 2.8 147.0 148.6 138.7 7.6 8.6 14.6 2.5 2.8 4.8 3.3 3.5 6.0

POULTRY N 68,256 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 28.0 18.5 13.8 15.0 12.1 9.8 4.1 3.5 2.9 0.7 1.0 1.5 54.0 49.2 40.1 14.9 19.5 21.9 7.8 10.7 12.7 9.9 13.7 16.1

CPIN IJ BUY 3,470 3,500 16,398 44.5 56,901 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 30.2 20.2 15.2 15.9 13.1 10.4 4.6 3.9 3.2 0.9 0.9 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 790 880 10,661 42.5 8,422 5.7 30,705 33,937 37,146 1,198 1,742 1,953 519 653 901 na na na na 12.9 9.3 9.2 7.1 6.5 1.6 1.4 1.3 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 1,310 1,700 2,239 58.7 2,933 1.6 4,878 5,181 5,807 195 357 456 29 234 306 na 553.5 31.0 82.1 12.6 9.6 12.8 8.6 7.1 2.0 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 149,130 270.4 46,269 51,109 54,838 15,769 17,253 18,587 9,724 11,183 12,448 (30.8) 15.0 11.3 15.3 13.3 12.0 11.0 10.0 9.3 2.3 2.0 1.7 1.1 1.3 1.5 40.8 43.2 40.1 15.6 15.4 15.0 6.1 6.1 6.0 11.6 11.1 10.9

BSDE IJ BUY 1,815 2,020 19,247 35.4 34,933 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 15.2 13.0 11.6 12.3 10.7 9.8 2.0 1.8 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 1,105 1,130 23,078 94.7 25,501 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 20.6 13.7 12.5 12.9 10.8 10.4 1.5 1.4 1.3 1.2 1.8 2.0 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 515 490 48,160 47.8 24,802 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 15.6 13.9 11.7 10.0 9.2 8.1 3.3 2.7 2.3 0.9 0.9 1.1 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 1,655 1,820 14,427 67.7 23,876 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 19.0 17.6 16.4 12.6 11.9 11.1 3.2 2.7 2.4 1.1 1.2 1.3 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 1,330 1,400 15,331 69.5 20,390 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 15.9 14.8 13.4 9.3 8.7 7.9 2.4 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 384 300 19,649 48.5 7,545 38.8 3,107 3,039 3,061 1,770 1,674 1,649 774 877 954 (29.5) 13.2 8.8 9.7 8.6 7.9 7.5 8.2 8.5 1.1 1.0 0.9 2.1 2.6 3.0 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 305 220 20,501 27.1 6,253 3.3 5,594 5,769 5,934 1,349 1,351 1,415 609 649 660 (28.8) 6.7 1.7 10.3 9.6 9.5 5.6 6.3 6.1 0.9 0.8 0.8 1.9 2.1 2.1 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 420 365 6,256 44.7 2,628 1.8 2,360 1,917 2,162 643 513 576 412 295 338 2.8 (28.4) 14.5 6.4 8.9 7.8 7.7 10.1 9.5 0.6 0.5 0.5 4.7 3.4 3.9 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 228 180 14,044 35.0 3,202 17.4 1,489 1,671 1,852 363 412 462 262 281 337 60.4 7.5 19.7 12.2 11.4 9.5 9.8 9.6 8.2 1.5 1.3 1.2 2.5 2.6 3.2 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 6,189 10.2 3,198 3,523 3,911 455 815 996 312 516 709 (38.1) 65.1 37.4 19.8 12.0 8.7 31.9 24.9 23.2 1.5 1.2 0.9 3.2 4.1 5.2 78.3 63.0 48.2 22.5 22.9 27.6 8.2 10.5 15.0 13.7 9.5 10.2

SOCI IJ BUY 500 630 7,059 15.0 3,092 9.8 134 163 170 42 56 59 38 45 45 (20.4) 21.6 (4.1) 6.6 5.4 5.6 58.0 46.0 43.3 0.9 0.8 0.7 4.0 4.6 5.3 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 1,890 3,000 1,141 13.5 2,157 0.2 1,700 1,810 2,056 378 520 659 332 425 571 63.7 28.2 34.3 6.5 5.1 3.8 5.3 4.0 3.1 2.8 2.0 1.4 3.8 4.9 6.6 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 233 190 4,038 42.3 941 0.1 1,364 1,551 1,685 34 240 278 (58) 46 93 (118.9) (182.5) 96.4 (16.3) 19.8 10.1 6.6 3.9 3.1 0.4 0.3 0.3 (0.9) 0.8 1.5 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 490,358 226.8 198,093 223,225 246,852 42,543 48,548 55,773 17,097 23,051 28,654 (0.5) 34.5 47.3 28.7 21.3 17.1 9.8 8.8 7.7 4.8 4.2 3.7 2.2 2.5 3.0 75.0 52.2 36.9 18.5 21.3 22.6 8.0 8.9 10.0 15.2 17.1 19.5

TLKM IJ BUY 3,440 4,000 100,800 48.8 346,752 189.7 102,143 113,031 124,788 32,141 36,256 41,388 15,778 17,773 20,468 7.8 12.6 15.2 22.0 19.5 16.9 9.8 8.7 7.4 4.6 4.2 3.8 3.0 3.3 3.8 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 4,020 4,400 8,541 33.6 34,336 8.9 22,754 23,798 25,507 1,186 1,393 1,691 (128) 351 1,024 na na na na na na 7.0 6.2 5.6 2.5 2.4 2.3 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 5,975 6,500 4,797 47.8 28,659 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 27.1 22.2 18.0 16.3 15.2 16.2 9.9 7.1 5.3 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 4,000 5,000 10,203 67.3 40,812 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 19.1 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 6,000 6,800 5,434 20.7 32,604 3.6 26,249 28,395 30,758 2,953 3,799 4,637 (1,187) 1,334 2,545 40.3 21.8 50.4 NA 24.4 12.8 4.4 3.7 3.0 2.6 2.3 1.9 0.0 1.2 2.3 138.9 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 725 850 2,900 39.7 2,103 4.7 18,569 19,777 21,403 375 412 466 210 252 299 (0.6) 19.8 18.7 10.0 8.4 7.0 7.4 6.7 5.8 0.7 0.6 0.6 4.0 4.8 5.7 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 4,114,031 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 20.2 17.6 15.4 14.0 12.9 11.4 10.3 9.1 8.1 2.0 2.2 2.4 20.8 18.9 16.4 31.9 29.3 29.3 12.2 11.9 12.4 26.8 26.8 26.7

Note: *USD reporting

OW: Overweight, N: Neutral, UW: Underweight

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


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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 -


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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


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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


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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)


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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

Yudi Tandi Anugrah

[email protected] Analyst

Transportation, Shippingext 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

Muhammad Wafi


ext 3609

Inca [email protected]

Senior Equity Institutional Salesext 2545

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


2014Finance Asia's

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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.

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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

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• Daiwa Capital Markets India Private Limited

• Daiwa-Cathay Capital Markets Co., Ltd.

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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).

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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.

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

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

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Taiwan

This research is distributed in Taiwan by Daiwa-Cathay Capital Markets Co., Ltd and it may only be distributed in Taiwan to corporate 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







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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

(Fitch Ratings)

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: Fitch Ratings ("Fitch")

The name and registration number of the Registered Credit Rating Agency in the group:

Fitch Ratings Japan Limited (FSA commissioner (Rating) No.7)

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 “Outline of Rating Policies” in the section of “Regulatory Affairs” on the website of Fitch Ratings Japan Limited

(http://www.fitchratings.co.jp)

Assumptions, Significance and Limitations of Credit Ratings

Ratings assigned by Fitch are opinions based on established criteria and methodologies. Ratings are not facts, and therefore cannot be described as being

"accurate" or "inaccurate". Credit ratings do not directly address any risk other than credit risk. Credit ratings do not comment on the adequacy of market

price or market liquidity for rated instruments. Ratings are relative measures of risk; as a result, the assignment of ratings in the same category to entities and obligations may not fully reflect small differences in the degrees of risk. Credit ratings, as opinions on relative ranking of vulnerability to default, do not

imply or convey a specific statistical probability of default.

In issuing and maintaining its ratings, Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be

credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains

reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction.

The assignment of a rating to any issuer or any security should not be viewed as a guarantee of the accuracy, completeness, or timeliness of the information

relied on in connection with the rating or the results obtained from the use of such information. If any such information should turn out to contain

misrepresentations or to be otherwise misleading, the rating associated with that information may not be appropriate. Despite any verification of current

facts, ratings can be affected by future events or conditions that were not anticipated at the time a rating was issued or affirmed.

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.



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

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

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Type II Financial Instruments Firms Association

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