Equity SNAPSHOT Wednesday, June 09, 2021

Danareksa Sekuritas – Equity SNAPSHOT

FROM EQUITY REPORT

Danareksa Research Institute: May 2021: Consumer

Confidence: Relatively Stable Compared to the Previous

Month Danareksa’s Consumer Confidence Index (CCI) was stable at the

level of 80.2 vs 80.1 in the previous month. In particular, consumers were more worried by the Covid-19 outbreak and job termination.

Meanwhile, the Consumer Confidence in the Government Index (CCGI) fell by 2.2% mom to 112.2, dragged down by weaker

sentiment toward the government’s ability to stabilize general prices

and to spur economic growth. To see the full version of this report, please click here

MARKET NEWS MACROECONOMY

▪ The Parliament approves macro assumptions for 2022 budget

CORPORATE ▪ Partnership with SOEs: BMRI expand its mortgage segment

▪ Harum Energy: Targeted nickel smelter to be operated on 1Q22

PREVIOUS REPORTS

▪ Tower Bersama Infrastructure: Result inline despite

non-operating losses TBIG showed satisfactory 1Q21 operational performance with

growing tenancies and revenues, but the result was volatile below the operating income line. TBIG will catch up with our

estimates as revenues from newly acquired towers will kick-in

in 2Q21. Our recommendation is changed to SELL given its over-demanding valuation.

▪ Pakuwon Jati: Slow and steady recovery PWON booked core net profits of IDR295bn in 1Q21 (+138%

q-o-q, -57% y-o-y) on the back of revenues which fell 32% y-

o-y but were 20% higher q-o-q. Despite the tightening of mobility restrictions, PWON’s investment property revenues

rose 7% q-o-q albeit still lower 32% y-o-y. PWON’s 1Q21 net profits are below our FY21F estimate and the consensus.

▪ Coal Mining: Persistent Solid Coal Price ▪ Charoen Pokphand Indonesia: Resilient profitability

amid pandemic year

▪ Media Nusantara Citra: Tad Below earnings, Prepayment Delayed

▪ HM Sampoerna: Value emerges ▪ Gudang Garam: More headwinds ahead

▪ Sarana Menara Nusantara: Positive tractions in P&L

▪ Wijaya Karya Beton: Red signal in operating level ▪ Wijaya Karya: Lower 1Q earnings than last year

▪ Strategy: Monetary and Fiscal Policies Check ▪ Bank Rakyat Indonesia: On a gradual recovery

▪ Alam Sutra Realty: Continuous losses due to low

revenues ▪ United Tractors: A Bargain Buy

▪ Industrial Estate: Cheap and prospective

KEY INDEX

Close

Chg Ytd Vol

(%) (%) (US$ m)

Asean - 5

Indonesia 5,999 (1.2) 0.3 734

Thailand 1,613 0.0 11.3 3,204

Philippines 6,810 0.7 (4.6) 105

Malaysia 1,588 0.6 (2.4) 867

Singapore 3,167 (0.3) 11.4 879

Regional

China 3,580 (0.5) 3.1 80,960

Hong Kong 28,781 (0.0) 5.7 15,809

Japan 28,964 (0.2) 5.5 11,249

Korea 3,248 (0.1) 13.0 17,073

Taiwan 17,076 (0.0) 15.9 12,621

India 52,276 (0.1) 9.5 859

Nasdaq 13,925 0.3 8.0 229,824

Dow Jones 34,600 (0.1) 13.0 13,020

KEY INDEX

Close

Chg Ytd Vol

(%) (%) (US$ m)

Asean - 5

Indonesia 6,134 0.1 (1.0) 318

Thailand 1,568 (0.1) 0.2 1,454

Philippines 7,855 (0.3) 5.2 87

Malaysia 1,562 (0.5) (7.6) 338

Singapore 3,173 (0.5) 3.4 908

Regional

China 2,885 0.3 15.7 28,889

Hong Kong 26,391 (0.2) 2.1 9,093

Japan 23,380 (0.6) 16.8 10,278

Korea 2,068 (0.8) 1.3 3,790

Taiwan 11,532 0.2 18.5 3,534

India 40,675 (0.3) 12.8 495

Nasdaq 8,521 (0.6) 28.4 116,797

Dow Jones 27,503 (1.0) 17.9 11,490

CURRENCY AND INTEREST RATE

Rate

w-w m-m ytd

(%) (%) (%)

Rupiah Rp/1US$ 14,253 0.2 (0.4) (1.4)

BI7DRRR % 3.50 - - (0.3)

10y Gov Indo bond 6.41 (0.0) (0.0) 0.5

CURRENCY AND INTEREST RATE

Rate

w-w m-m ytd

(%) (%) (%)

Rupiah Rp/1US$ 14,115 (0.2) (0.7) 1.9

BI7DRRR % 5.00 - (0.3) (1.0)

10y Gov Indo bond 7.16 0.1 0.2 (0.9)

HARD COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Coal US$/ton 123 0.9 27.7 52.5

Gold US$/toz 1,894 0.0 3.4 (0.2)

Nickel US$/mt.ton 17,913 0.3 (0.8) 8.2

Tin US$/mt.ton 32,908 3.5 0.6 60.2

SOFT COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Cocoa US$/mt.ton 272 0.1 (9.1) 46.9

Corn US$/mt.ton 70 - 7.9 44.4

Oil (WTI) US$/barrel 72 1.0 5.8 39.4

Oil (Brent) US$/barrel 4,241 - (11.0) 11.9

Palm oil MYR/mt.ton 165 0.1 (4.1) 10.0

Rubber USd/kg 1,205 N/A 2.8 20.5

Pulp US$/tonne 466 1.3 0.2 10.6

Coffee US$/60kgbag 186 0.7 (10.1) 9.0

Sugar US$/MT 72 1.8 8.6 66.4

Wheat US$/ton 1,580 1.3 (2.5) 20.1

Soy Oil US$/lb 272 0.1 (9.1) 46.9

SoyBean US$/by 70 - 7.9 44.4

Source: Bloomberg

HARD COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Coal US$/ton 67 (0.3) 0.2 (34.0)

Gold US$/toz 1,478 (0.0) (2.1) 15.2

Nickel US$/mt.ton 13,315 (2.5) (20.7) 25.6

Tin US$/mt.ton 16,771 1.5 1.7 (14.1)

SOFT COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Cocoa US$/mt.ton 2,476 (1.0) 1.3 4.7

Corn US$/mt.ton 141 1.7 (2.5) 5.6

Oil (WTI) US$/barrel 56 0.6 (0.2) 24.3

Oil (Brent) US$/barrel 61 (0.2) (1.4) 13.0

Palm oil MYR/mt.ton 2,632 (1.3) 11.4 34.8

Rubber USd/kg 142 0.9 6.9 13.6

Pulp US$/tonne 1,205 N/A 2.8 20.5

Coffee US$/60kgbag 72 0.3 7.9 3.5

Sugar US$/MT 345 0.7 1.3 3.6

Wheat US$/ton 143 (1.9) 0.7 (5.1)

Soy Oil US$/lb 30 0.1 (3.4) 8.9

Soy Bean US$/by 871 0.1 (5.8) (1.3)

Source: Bloomberg

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Equity SNAPSHOT Wednesday, June 09, 2021

Danareksa Sekuritas – Equity SNAPSHOT

MACROECONOMY The Parliament approves macro assumptions for 2022 budget The Parliament together with the govt approves some macro assumptions for 2022 budget. Economic growth is targeted in range of 5.2-5.8%, inflation rate at 2-4%, IDR/USD in range of 13,900-15,000, and the govt bond yield in range of 6.32-7.27%. For the govt budget, tax ratio is targeted in range of 8.37-8.42%. (Investor Daily)

CORPORATE

Partnership with SOEs: BMRI expand its mortgage segment PT Bank Mandiri (Persero) Tbk. is strengthening the strategy to expand mortgage through partnership with other

SOEs. Currently BMRI is offering mortgage on the apartment in Adhi City Sentul of of Adhi Commuter Properti, subsidiary of PT Adhi Karya (Persero) Tbk. The high-rise apartment is located in one of Transit Oriented Development

(TOD) of LRT Jabodetabek. As of April 2021 BMRI had IDR43.5tn of mortgage book. (Bisnis Indonesia) Harum Energy: Targeted nickel smelter to be operated on 1Q22 Harum Energy (HRUM) targeted nickel smelter to be operated on 1Q22. The smelter has started the construction since end of 2020 and the company has spent investment of around USD69mn for this smelter through the acquisition 24.5% stakes of Infei Metal Indistry. The management of HRUM targeted contribution from nickel business to be comparable with company’s existing business in coal by 2023. (Investor Daily)

MARKET NEWS

Danareksa Sekuritas – Equity SNAPSHOT

Rating Price (Rp) Price Mkt Cap

Target Rp Bn 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021

Danareksa Universe 3,819,673 169,959 225,307 132 175 -27.5% 32.6% 22.5 17.0 12.8 11.1 2.3 2.1 10.2 12.9

Auto 213,551 16,164 17,169 399 424 -25.5% 6.2% 13.2 12.4 8.6 7.3 1.4 1.3 10.7 10.9

Astra International ASII BUY 5,275 7,500 213,551 16,164 17,169 399 424 266 368 -25.5% 6.2% 13.2 12.4 8.6 7.3 1.4 1.3 10.7 10.9

Banks 1,249,776 53,429 66,496 407 506 -30.6% 24.5% 23.4 18.8 2.3 2.1 9.5 11.7

BCA BBCA HOLD 32,150 34,000 792,659 27,131 29,901 1,100 1,213 1,100 1,213 -5.0% 10.2% 29.2 26.5 N/A N/A 4.3 4.0 15.1 15.6

BNI BBNI BUY 5,525 8,000 103,034 3,280 7,083 176 380 176 380 -78.7% 115.9% 31.4 14.5 N/A N/A 0.9 0.9 2.8 6.3

Bank Tabungan Negara BBTN BUY 1,600 2,200 16,944 1,602 1,826 151 172 151 172 666.5% 14.0% 10.6 9.3 N/A N/A 0.9 0.8 7.5 9.0

Bank Mandiri BMRI BUY 6,000 8,000 280,000 17,119 21,964 367 471 367 471 -37.7% 28.3% 16.4 12.7 N/A N/A 1.5 1.4 8.7 11.4

BTPN BTPN HOLD 2,860 3,200 23,306 1,953 2,995 240 368 240 368 -24.1% 53.4% 11.9 7.8 N/A N/A 0.7 0.7 6.4 9.3

BTPS BTPS BUY 2,930 4,200 22,572 855 1,456 111 189 111 189 -38.9% 70.3% 26.4 15.5 N/A N/A 3.8 3.3 15.2 22.8

BPD Jatim BJTM HOLD 750 850 11,262 1,489 1,271 99 85 99 85 8.1% -14.6% 7.6 8.9 N/A N/A 1.1 1.1 15.5 12.3

Cement 104,160 4,740 5,576 493 580 2.4% 17.6% 22.0 18.7 10.5 9.3 1.8 1.8 8.4 9.7

Indocement INTP BUY 11,900 18,100 43,807 1,487 1,727 404 469 404 469 -19.0% 16.1% 29.5 25.4 18.7 16.6 1.9 1.9 6.5 7.6

Semen Indonesia SMGR BUY 10,175 15,700 60,353 3,253 3,849 548 649 357 397 16.5% 18.3% 18.6 15.7 7.9 6.9 1.8 1.7 9.8 11.0

Cigarettes 207,196 17,150 16,375 145 138 -30.3% -4.5% 12.1 12.7 7.3 7.6 2.3 2.2 19.4 17.8

Gudang Garam GGRM HOLD 33,025 42,100 63,543 7,632 7,867 3,967 4,089 4,260 4,057 -29.9% 3.1% 8.3 8.1 4.8 4.7 1.1 1.0 13.9 12.9

HM Sampoerna HMSP SELL 1,235 1,100 143,653 9,518 8,508 82 73 82 73 -30.6% -10.6% 15.1 16.9 10.0 11.0 4.6 4.7 28.4 27.6

Construction 72,045 5,127- 4,067 (69) 54 -161.5% -179.3% (14.1) 17.7 22.61 11.24 0.9 0.9 6.3- 5.0

Wijaya Karya WIKA BUY 1,275 2,700 11,437 146 788 16 88 16 88 -93.6% 438.3% 78.1 14.5 18.4 7.1 0.7 0.7 0.9 4.8

Pembangunan Perumahan PTPP BUY 1,115 2,500 6,913 74 439 12 71 36 74 -92.1% 493.4% 93.5 15.8 11.3 7.8 0.5 0.4 0.5 3.0

Adhi Karya ADHI BUY 980 2,500 3,490 36 422 10 119 (11) 132 -94.5% 1059.2% 95.7 8.3 10.4 8.2 0.5 0.5 0.5 6.0

Waskita Karya WSKT BUY 1,065 2,000 14,456 (4,141) 489 (305) 36 (314) 25 -541.4% -111.8% (3.5) 29.6 374.1 18.0 1.1 1.0 (26.2) 3.5

Waskita Beton WSBP BUY 181 370 4,771 (1,574) 353 (60) 13 (34) 13 -295.2% -122.4% (3.0) 13.5 46.1- 9.2 0.9 0.8 (23.4) 6.4

Wika Beton WTON BUY 290 610 2,527 87 322 10 37 10 37 -83.0% 270.5% 29.1 7.8 8.7 5.4 0.7 0.7 2.5 9.1

Jasa Marga JSMR BUY 3,920 5,900 28,451 244 1,254 34 173 83 228 -88.9% 413.8% 116.6 22.7 14.2 11.8 1.5 1.4 1.3 6.4

Consumer 420,911 20,816 22,664 253 275 4.9% 8.9% 20.2 18.6 13.5 12.1 4.7 4.3 24.6 24.4

Indofood CBP ICBP BUY 8,175 13,000 95,336 5,962 7,081 511 607 557 607 18.3% 18.8% 16.0 13.5 15.2 12.2 3.3 3.0 22.2 23.4

Indofood INDF BUY 6,375 8,100 55,975 5,249 5,735 598 653 696 653 6.9% 9.3% 10.7 9.8 6.8 6.1 1.4 1.3 13.4 13.6

Unilever UNVR HOLD 5,475 7,500 208,871 7,250 7,548 190 198 190 198 -1.9% 4.1% 28.8 27.7 20.4 19.7 37.0 34.7 132.7 129.4

Kino Indonesia KINO SELL 2,130 2,500 3,043 212 198 148 138 148 138 -59.3% -6.7% 14.4 15.4 10.9 9.9 1.1 1.1 8.0 7.1

Mayora Indah MYOR BUY 2,580 3,100 57,685 2,143 2,102 96 94 84 94 7.8% -1.9% 26.9 27.4 17.1 15.8 5.1 4.6 20.5 17.6

Pharmaceutical 104,510 3,642 3,956 44 48 10.3% 8.6% 28.7 26.4 19.5 17.8 3.7 3.5 13.5 13.7

Sido Muncul SIDO HOLD 770 850 23,100 934 1,029 31 34 30 33 15.6% 10.2% 24.7 22.4 21.6 19.8 7.3 7.1 30.0 32.2

Kalbe Farma KLBF BUY 1,450 1,900 67,969 2,652 2,828 57 60 57 60 5.8% 6.7% 25.6 24.0 16.8 15.7 3.9 3.5 15.9 15.4

Kimia Farma KAEF SELL 2,420 1,500 13,441 56 99 10 18 10 18 -543.5% 75.7% 238.3 135.6 32.4 25.1 1.8 1.8 0.8 1.3

Heavy Equipment 87,378 6,003 9,229 1,609 2,474 -46.9% 53.7% 14.6 9.5 5.2 3.8 1.4 1.3 10.0 14.3

United Tractors UNTR BUY 23,425 31,000 87,378 6,003 9,229 1,609 2,474 1,922 2,648 -46.9% 53.7% 14.6 9.5 5.2 3.8 1.4 1.3 10.0 14.3

Industrial Estate 14,014 905 1,159 14 19 -49.9% 28.1% 15.5 12.1 10.2 8.0 0.9 0.9 6.1 7.7

Puradelta Lestari DMAS HOLD 218 250 10,507 858 925 18 19 18 19 -35.7% 7.8% 12.2 11.4 11.0 9.2 1.6 1.6 13.2 14.1

Bekasi Fajar BEST BUY 144 200 1,389 145 310 15 32 11 27 -61.8% 114.1% 9.6 4.5 7.7 4.8 0.3 0.3 3.2 6.7

Surya Semesta SSIA BUY 450 800 2,117 (98) (77) (21) (16) (21) (16) -206.6% -22.2% (21.5) (27.7) 10.3 9.2 0.6 0.6 (2.5) (2.0)

Media 39,286 3,134 3,974 105 133 -5.7% 26.8% 12.5 9.9 7.6 6.4 2.3 2.0 18.5 21.3

Media Nusantara Citra MNCN BUY 995 1,700 14,975 1,951 2,710 130 180 130 180 -13.5% 38.9% 7.7 5.5 4.8 3.6 1.1 0.9 15.1 18.0

Surya Citra Media SCMA HOLD 1,645 1,950 24,312 1,183 1,264 80 85 79 85 10.6% 6.8% 20.5 19.2 13.4 12.5 7.9 6.0 29.7 35.5

Mining 207,167 9,189 14,993 104 169 -25.6% 63.2% 22.5 13.8 6.7 5.9 1.4 1.4 6.4 10.0

Adaro Energy ADRO BUY 1,210 1,800 38,703 3,493 5,368 109 168 190 182 -39.5% 53.7% 11.1 7.2 2.6 2.5 0.7 0.6 6.1 9.0

Timah TINS HOLD 1,550 1,600 11,544 (168) 394 (23) 53 (39) 59 -72.6% -334.9% (68.7) 29.3 18.4 9.5 2.2 2.1 (3.2) 7.4

Vale Indonesia INCO BUY 4,600 6,800 45,707 1,179 2,158 119 217 127 153 44.6% 83.1% 38.8 21.2 11.2 9.9 1.6 1.5 4.2 7.4

Aneka Tambang ANTM BUY 2,350 3,000 56,472 1,283 1,807 53 75 38 49 561.8% 40.8% 44.0 31.3 22.1 19.0 3.0 2.8 6.9 9.3

Bukit Asam PTBA BUY 2,190 3,600 25,230 2,451 3,618 213 314 213 314 -39.6% 47.6% 10.3 7.0 7.0 4.4 1.4 1.3 13.6 19.5

Indo Tambangraya Megah ITMG BUY 14,225 14,500 16,073 554 1,349 490 1,194 1,531 1,483 -70.0% 143.6% 29.0 11.9 3.6 3.5 1.3 1.3 4.3 10.5

Harum Energy HRUM SELL 4,970 2,500 13,437 398 298 147 110 116 126 46.3% -25.0% 33.8 45.1 13.8 12.6 3.0 2.9 9.0 6.5

Petrochemical 217,457 2,229 4,416 20 40 19.0% 98.1% 97.5 49.2 17.1 16.6 5.0 4.8 5.2 10.0

Barito Pacif ic BRPT HOLD 855 1,100 80,139 1,747 2,499 19 27 14 12 13.1% 43.1% 45.9 32.1 11.0 10.3 4.7 4.6 10.2 14.5

Chandra Asri Petrochemical TPIA HOLD 7,700 8,900 137,318 483 1,917 27 107 94 105 46.8% 297.1% 284.4 71.6 30.1 29.5 5.2 5.0 1.8 7.1

Plantation 39,263 2,523 3,629 87 126 284.2% 43.8% 15.6 10.8 5.9 5.1 1.1 1.0 7.1 9.7

Astra Agro Lestari AALI BUY 8,875 17,500 17,082 833 1,329 433 691 518 618 294.6% 59.5% 20.5 12.9 6.4 5.4 0.9 0.8 4.4 6.7

Dharma Satya DSNG BUY 505 900 5,353 477 826 45 78 24 44 165.1% 73.2% 11.2 6.5 3.6 3.1 1.3 1.2 12.5 19.9

Saw it Sumbermas SSMS BUY 900 1,450 8,573 517 690 54 72 62 71 4323.8% 33.5% 16.6 12.4 6.1 5.8 2.0 1.8 12.4 15.1

PP London Sumatra LSIP BUY 1,210 1,850 8,256 696 784 102 115 61 68 174.1% 12.6% 11.9 10.5 7.7 6.8 0.9 0.9 8.0 8.7

Poultry 144,276 4,126 5,211 136 172 -25.5% 26.3% 35.0 27.7 18.9 15.0 4.1 3.7 14.1 14.1

Charoen Pokphand CPIN HOLD 7,200 6,500 118,066 3,067 3,665 187 224 188 224 -15.6% 19.5% 38.5 32.2 22.1 19.0 5.2 4.7 14.1 15.4

Japfa Comfeed JPFA HOLD 2,070 1,700 24,274 1,136 1,419 97 121 38 93 -35.6% 24.9% 21.4 17.1 12.9 9.2 2.3 2.1 10.6 12.6

Malindo Feedmill MAIN BUY 865 1,400 1,937 (77) 127 (35) 57 (60) 35 -156.9% -264.0% (25.0) 15.2 12.4 7.4 1.0 0.9 (3.9) 6.4

Property 81,516 3,354 5,361 27 44 -59.1% 59.8% 24.3 15.2 11.1 8.6 1.0 1.0 4.5 6.5

Alam Sutera ASRI HOLD 184 220 3,615 (23) 407 (1) 21 20 22 -102.3% -1869.6% (157.2) 8.9 7.6 6.1 0.3 0.3 (0.2) 3.8

Bumi Serpong Damai BSDE BUY 1,085 1,500 22,971 1,387 2,394 66 113 67 123 -50.3% 72.6% 16.6 9.6 10.0 5.9 0.8 0.7 5.6 7.5

Ciputra Development CTRA BUY 1,030 1,400 19,117 796 845 43 46 43 46 -31.3% 6.2% 24.0 22.6 12.9 11.1 1.2 1.1 5.1 5.1

Pakuw on Jati PWON HOLD 480 530 23,117 1,047 1,524 22 32 26 33 -61.5% 45.6% 22.1 15.2 11.1 9.0 1.5 1.4 6.8 9.3

Summarecon SMRA BUY 880 1,100 12,696 147 191 10 13 6 12 -71.4% 29.7% 86.3 66.6 14.9 14.8 1.7 1.6 2.0 2.5

Utility 27,272 1,605 2,386 66 98 65.0% 48.7% 17.0 11.4 3.9 3.5 0.7 0.6 4.0 5.8

PGN PGAS BUY 1,125 2,900 27,272 1,605 2,386 66 98 167 163 65.0% 48.7% 17.0 11.4 3.9 3.5 0.7 0.6 4.0 5.8

Retail 47,037 971- 2,227 (22) 51 -124.4% -329.2% (48.4) 21.1 12.6 5.8 3.1 2.7 6.1- 13.6

Mitra Adi Perkasa MAPI BUY 750 1,050 12,450 (698) 619 (42) 37 (36) 37 -174.8% -188.6% (17.8) 20.1 7.6 3.3 2.4 2.1 (12.3) 11.0

Ramayana RALS BUY 675 1,050 4,790 (200) 324 (28) 46 (28) 43 -130.8% -262.3% (24.0) 14.8 26.7 5.8 1.3 1.2 (5.1) 8.4

Matahari Department Store LPPF SELL 1,910 1,100 5,016 (873) 323 (332) 123 (232) 187 -163.9% -137.0% (5.7) 15.5 7.6 2.5 5.0 3.3 (63.3) 25.5

Ace Hardw are ACES BUY 1,445 1,800 24,782 799 961 47 56 47 60 -22.4% 20.2% 31.0 25.8 22.8 18.1 4.6 4.3 15.9 17.1

Telco 540,433 24,973 33,190 132 176 5.1% 32.9% 21.6 16.3 6.0 5.6 3.5 3.4 16.7 21.1

Telekomunikasi Indonesia TLKM BUY 3,500 4,600 346,718 20,659 24,510 209 247 232 260 10.7% 18.6% 16.8 14.1 5.4 5.1 3.3 3.2 20.3 23.3

Indosat ISAT BUY 6,375 7,000 34,641 (717) 1,761 (132) 324 (197) (3) 145.7% 345.6% (48.3) 19.7 4.2 3.8 2.9 2.9 (5.8) 14.6

XL Axiata EXCL BUY 2,430 3,300 26,061 1,042 1,971 97 184 98 157 180.1% 89.2% 25.0 13.2 3.0 2.7 1.2 1.2 5.1 9.0

Tow er Bersama TBIG HOLD 3,090 1,950 70,010 1,108 1,897 49 84 49 84 35.2% 71.3% 63.2 36.9 21.1 17.0 11.0 9.4 19.6 27.5

Sarana Menara Nusantara TOWR BUY 1,235 1,400 63,003 2,881 3,051 56 60 56 60 23.0% 5.9% 21.9 20.7 14.4 14.4 6.1 5.5 30.1 28.0

Transportation 2,425 1,059 2,026 149 285 108.6% 91.3% 2.3 1.2 7.9 4.8 1.1 1.0 47.6 86.6

Indonesia Kendaraan Terminal IPCC BUY 520 600 946 17 55 9 30 9 30 -87.4% 224.6% 55.5 17.1 11.2 3.5 0.8 0.8 1.5 4.7

Jasa Armada Indonesia IPCM BUY 280 425 1,480 1,042 1,971 197 373 17 18 180.1% 89.2% 1.4 0.8 6.9 5.9 1.3 1.2 94.0 169.0

Trade 13,008 1,017 1,203 253 300 42.0% 18.3% 12.8 10.8 7.6 6.7 1.5 1.4 11.9 13.3

AKR Corporindo AKRA BUY 3,240 3,700 13,008 1,017 1,203 253 300 253 300 42.0% 18.3% 12.8 10.8 7.6 6.7 1.5 1.4 11.9 13.3

EV / EBITDA (x) PBV (x) ROE

Equity

Valuation Net profit, Rp bn EPS (Rp) Core EPS (Rp) EPS Growth PER (x)

Equity SNAPSHOT Wednesday, June 09, 2021

Danareksa Sekuritas – Equity SNAPSHOT

LEADERS Price as on

Code 08-June-21 07-June-21 Chg, % w-w, % m-m, % YTD, % Rating

Tower Bersama TBIG 3,090 2,950 4.7 19.3 22.1 89.6 HOLD

Indo Tambangraya Megah ITMG 14,225 13,750 3.5 10.1 16.8 2.7 BUY

Matahari Department Store LPPF 1,910 1,865 2.4 10.1 12.0 49.8 SELL

Surya Semesta SSIA 450 440 2.3 3.7 (2.2) (21.7) BUY

United Tractors UNTR 23,425 22,975 2.0 3.9 7.7 (11.9) BUY

Ramayana RALS 675 665 1.5 3.8 (6.3) (12.9) BUY

Charoen Pokphand CPIN 7,200 7,100 1.4 6.7 9.1 10.3 HOLD

Ciputra Development CTRA 1,030 1,025 0.5 (4.2) (7.2) 4.6 BUY

Astra International ASII 5,275 5,250 0.5 0.5 (0.9) (12.4) BUY

Adaro Energy ADRO 1,210 1,205 0.4 1.7 2.1 (15.4) BUY

Sources: Bloomberg

LAGGARDS Price as on Code 08-June-21 07-June-21 Chg, % w-w, % m-m, % YTD, % Rating

HM Sampoerna HMSP 1,235 1,325 (6.8) (2.8) (4.3) (17.9) SELL

XL Axiata EXCL 2,430 2,590 (6.2) (1.2) 19.7 (11.0) BUY

Indosat ISAT 6,375 6,700 (4.9) 0.4 2.8 26.2 BUY

Kino Indonesia KINO 2,130 2,230 (4.5) (3.6) (11.6) (21.7) SELL

Malindo Feedmill MAIN 865 905 (4.4) - (5.5) 16.9 BUY

Media Nusantara Citra MNCN 995 1,040 (4.3) 7.6 9.9 (12.7) BUY

Indonesia Kendaraan Terminal IPCC 520 540 (3.7) (8.0) (1.0) (1.9) BUY

Waskita Karya WSKT 1,065 1,105 (3.6) 2.9 (0.5) (26.0) BUY

Adhi Karya ADHI 980 1,015 (3.4) 0.5 (15.9) (36.2) BUY

Barito Pacific BRPT 855 885 (3.4) (5.0) (8.1) (22.3) HOLD

Sources: Bloomberg

COVERAGE PERFORMANCE

Equity SNAPSHOT Wednesday, June 09, 2021

Danareksa Sekuritas – Equity SNAPSHOT

PREVIOUS REPORTS

▪ Tower Bersama Infrastructure: Result inline despite non-operating losses

▪ Pakuwon Jati: Slow and steady recovery ▪ Coal Mining: Persistent Solid Coal Price

▪ Charoen Pokphand Indonesia: Resilient profitability amid pandemic year ▪ Media Nusantara Citra: Tad Below earnings, Prepayment Delayed

▪ HM Sampoerna: Value emerges

▪ Gudang Garam: More headwinds ahead ▪ Sarana Menara Nusantara: Positive tractions in P&L

▪ Wijaya Karya Beton: Red signal in operating level ▪ Wijaya Karya: Lower 1Q earnings than last year

▪ Strategy: Monetary and Fiscal Policies Check

▪ Bank Rakyat Indonesia: On a gradual recovery ▪ Alam Sutra Realty: Continuous losses due to low revenues

▪ United Tractors: A Bargain Buy ▪ Industrial Estate: Cheap and prospective

▪ Media: Bouncing with Great Aplomb

▪ Telco: Depressed valuations, worth their uplift ▪ Tower: Sustainable valuations, with room to grow

▪ Automotive: Attractive Valuation ▪ Consumer: Value emerges

▪ Indosat Ooredo: Convincing FY21F net profit, dividend at bay ▪ Banking: Enticing Valuations

▪ Construction: Still attractive

▪ Ace Hardware: Expected Double-Digit Apr 21 SSSG ▪ Mayora Indah: Strong growth momentum

▪ Tech: Ride-hailing & Ecommerce: The dawn of the SuperApp cycle; context ▪ Ciputra Development: Higher revenues recognition and opex efficiencies

▪ Automotive: Slowdown in wholesales volume – as expected

▪ Indo Tambangraya: Indicating better coal production ▪ Mitra Adiperkasa: Back to Black 1Q21

▪ Harum Energy: Core earnings improvement – above expectations ▪ Indocement Tunggal Prakarsa: Strong yearly sales in Apr21

▪ Kino Indonesia: Facing a challenging period ▪ Danareksa Research Institute: Consumer Confidence May 2021

▪ Timah: Earnings recovery, but below expectations

▪ Ace Hardware Indonesia: Better Expected SSSG on the Base Effect ▪ Strategy: The Phasing Out

▪ Indocement Tunggal Prakarsa: Hit by other items ▪ Danareksa Research Institute: GDP Outlook 1Q21: Sluggish Recovery Continues

▪ Semen Indonesia: Flattish net profits on a lower top line

▪ Adhi Karya: The latest major project is doing well ▪ United Tractors: Komatsu 2021 sales target revised up

▪ Aneka Tambang: Better earnings from the gold and nickel division ▪ Surya Semesta Internusa: Positive turnaround from undeveloped land sales

▪ Surya Citra Media: Officially Back To Green

▪ Malindo Feedmill Indonesia: Higher revenues but lower margins ▪ Ramayana Lestari Sentosa: Still Negative, More Waiting

▪ Sarana Menara Nusantara: Balancing efficiently repricing of towers, solid BUY ▪ Perusahaan Gas Negara: Despite all, PGN is buoyant for growth

Equity SNAPSHOT Wednesday, June 09, 2021

Danareksa Sekuritas – Equity SNAPSHOT

PT BRI Danareksa Sekuritas

Gedung BRI II Lt.23, Jl. Jenderal Sudirman Kav.44-46 Bendungan Hilir, Tanah Abang – Jakarta Pusat 10210 Indonesia Indonesia Tel (62 21) 50914100 Fax (62 21) 2520990

Equity Research Team S

Sales team

Maria Renata

maria.renata@danareksa.co.id (62-21) 50914100 ext.3513 Construction, Toll Road, Cement

Stefanus Darmagiri

stefanus.darmagiri@danareksa.co.id (62-21) 50914100 ext. 3530 Auto, Coal, Heavy Equip, Metal

Natalia Sutanto

natalia.sutanto@danareksa.com (62-21) 50914100 ext.3508 Consumer, Tobacco, Pharmacy

Niko Margaronis

niko.margaronis@danareksa.co.id (62-21) 50914100 ext.3512 Telco, Tower, Utilities

Helmy Kristanto

helmy.kristanto@danareksa.co.id (62-21) 50914100 ext. 3500 Head of Research, Strategy

Eka Savitri

Eka.savitri@danareksa.co.id (62-21) 50914100 ext.3506 Banking

Victor Stefano

victor.stefano@danareksa.co.id (62-21) 50914100 ext.3503 Poultry, Property, Industrial Estate

Ehrliech Suhartono

ehrliech@danareksa.co.id

(62-21) 50914100 ext. 3132

Yunita L. Nababan

yunita@danareksa.co.id

(62-21) 50914100 ext. 3145

Vera Ongyono

vera.ongyono@danareksa.co.id (62-21) 50914100 ext. 3120

Wisnu Budhiargo

Wisnu.budhiargo@danareksa.co.id

(62-21) 50914100 ext. 3117

Kharim Syamsuddin

kharim.syamsuddin@danareksa.co.id (62-21) 50914100 ext. 3507 Research Associate

Adeline Solaiman

adeline.solaiman@danareksa.co.id

(62-21) 50914100 ext. 3503

Ignatius Teguh Prayoga

ignatius.prayoga@danareksa.co.id (62-21) 50914100 ext.3511 Basic Industries, Port

Andreas Kenny

andreas.kenny@danareksa.co.id (62-21) 50914100 ext.3509 Retail, Media, Plantation

Thalia Kadharusman

thalia.kadharusman@danareksa.co.id (62-21) 50914100 ext. 3124

Muhammad Naufal Yunas

muhammad.yunas@danareksa.co.id (62-21) 50914100 ext.3507 Healthcare

Equity SNAPSHOT Wednesday, June 09, 2021

Danareksa Sekuritas – Equity SNAPSHOT

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