tri banyan tirta, tbk -...

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Contact: Equity & Index Valuation Division Phone: (6221) 7884 0200 [email protected]

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integral part of this report”

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Tri Banyan Tirta, Tbk Primary Report

Equity Valuation

April 5, 2016

Target Price

Low High 478 699

Food And Beverages

Stock Performance

Source: Bloomberg, PEFINDO Research and Consulting Equity

& Index Valuation Division

Stock Information IDR

Ticker code ALTO

Market price as of April 4, 2016 324.0 Market price – 52 week high 350.0 Market price – 52 week low 317.0 Market cap – 52 week high (bn) 765.3 Market cap – 52 week low (bn) 693.1

Market Value Added & Market Risk

Source: Bloomberg, PEFINDO Research and Consulting Equity

& Index Valuation Division

Shareholders* (%)

PT. Fikasa Bintang Cemerlang 53.5

PT. Tirtamas Anggada 27.5

Public (each below 5%) 19.0 *as of September 30, 2015

Approaching the future growth

PT Tri Banyan Tirta Tbk ("ALTO" or "the Company") is an Indonesian

company producing and marketing ready to drinks (RTD) products. The company already developed some brand names that reflecting its categories, including TOTAL 8+ (premium alkaline water), 7Gusto

(modern coffee drink), ALTO (mineral water) and TOTAL (mineral water). In term of manufacturing, the company operates through its eight factories which are spread in a number of locations throughout Java. The company also developed a strategic production partnership with DANONE group as a commitment to the quality. Cost Leadership and differentiation are the strategy of the company, which is implemented by keeping its investment in the newest technology for producing the best quality of RTD efficiently and launch a variety of new products. To support distribution channels, the company joined a partnership with several major distributors and retailers in Indonesia, covering more than 100,000 outlets.

“Disclaimer statement in the last page

is an integral part of this report”


Tri Banyan Tirta, Tbk

April 5, 2016

The industry offers a plenty room for growth

We believe an increasing urban population will encourage future demand of ready-to-

drink (“RTD”) products given its higher per capita consumption characteristic. Percentage of urban population is projected to account for 63,4% of total population in 2030. Currently, per capita consumption of bottled water in Indonesia is relatively low(around 91.04 liters vs. Thailand’s 225.61 liters and China’s 118.1 liters), thus offering

a plenty room for growth.

The industry saw a positive growth at CAGR 7.53% during 2010-2015. In 2015, the sales volume reached 25.24 billion liters with an estimated market size of IDR23.1 trillion. Within RTD segment, bottled water has been dominating, accounting for about 85% of the total consumption or around 21.5 billion liters.

Nonetheless, tight competition in the market

With so many players in the industry, competition has become increasingly fierce. There are 367 of medium-to-large scale players (the number of workers> 20 labors) competing in this market. The management believes ALTO with its two major brands hold 5% market share of bottled water and 53% in Premium Alkaline Water. Minimum barrier-to-entry (relatively low capital and technology requirements) and the growing demand across market segments have been luring players into the industry. The management believes, with its two major brands, the company will be a competitive players in the domestic market.

Less pressure from fuel cost hikeEnergy prices persisted at a low level. This prompted the government to lower the

retail prices of fuel and liquefied petroleum gas. As a result, inflationary pressure from this variable has been maintained at a relatively low level. This condition should be a catalyst for the beverage company since transportation cost is a major contributor to the total operating costs. In addition, we also believe that relatively low fuel prices will drive only moderate adjustment to the wage component. In 2016, we expect the fuel prices will not move far from the current level as the crude oil prices will not change much in 2016.

New production facilities as foundation for future growthALTO has invested in its production facilities in a bid to improve production efficiency. For the past three years, ALTO spent IDR174.03 billion to add production capacity, acquire PT Tirtamas Lestari, and rejuvenate production machine. In addition, the

Company has extended its distribution channel through a number of partnerships wit major distributors and retailers covering 100,000 outlets, to expand its sales.

On the other hand, another source for its future growth is its forray into beverage segment, by launching TOTAL 8+ and 7 Gusto brands in 2015. The positive market responses to TOTAL 8+ have encouraged the management to expand its production capacity in Sukabumi. ALTO’s main strategy for both beverages is to penetrate the urban market in Java Island.

Business ProspectsWe believe the bottled water and beverage industry will continue to grow in the

medium- to long-term. The products have become more commoditized and therefore increasing the competition. Hence, brand strength, promotion, as well as extensive and control over distribution channel are key success factors for players in the industry. The brands that have been developed by ALTO are fairly sound and positioned in the market. To strengthen its market position going forward, ALTO has launched a number of initiatives to enhance the production facilities, extend distribution channel, and diversify the business into RTD segment. We believe ALTO is on the right path toward a more sustainable growth in the medium term and capture market potential.

Table 1: Performance Summary

2012 2013 2014 2015P 2016P

Revenue [IDR bn] 498 487 332 326 669

Pre-tax profit [IDR bn] 41 24 (10) (6) 72

Net profit [IDR bn] 16 12 (10) (7) 54

EPS [IDR] 7.5 5.5 (4.7) (3.2) 24.7

EPS growth [%] 259.8 (26.7) (184.4) (30.4) 863.3

P/E [x] 38.9 103.3 na na 13.2*

PBV [x] 1.9 2.3 1.4 1.4* 1.2*

Source: PT Tri Banyan Tirta Tbk, PEFINDO Equity & Index Valuation Division Estimates

* based on share price as of April 04, 2016 – IDR324/share

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INVESTMENT PARAMETER





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More urban, more attractive demand We view that the bottled water and beverage businesses remain attractive. The share of urban population will continue to increase in Indonesia. Based on the projection by the Central Bureau of Statistics, the percentage of urban population will reach 63,4%

of total population in 2030, an increase from its level of 49.8% in 2010. Continued economic growth in primary cities will draw the population in rural areas to migrate to urban areas. A larger number of urban population is positively correlate to a higher per capita income, and thus, per capita consumption, particularly for processed food and beverages. Historically, per capita consumption for processed food and beverages of urban population reached IDR145,416 per month in 2015, an increase from IDR52,116 per month in 2007 or at CAGR 13.7%. It’s neary double the per capita consumption of rural areas which is around IDR73,906 per month in 2015.

Figure 1: Per Capita Consumption for Processed Food and Beverages

Source: Statistic Central Bureau, PEFINDO Research and Consulting Equity & Index Valuation Division

In terms of bottled water, per capita consumption in Indonesia is still lower than those of other countries. Indonesians consume 91.04 liters per capita per year in 2015, less

than China’s (118.1 liters) or Thailand’s (225.61 liters). Meanwhile, other high per capita consumption figures are shown in Mexico (254.76 liters), Germany (143.45 liters), and the United States (121.13 liters).

Figure 2: Per Capita Consumption of Bottled Water

Source: Aspadin, PEFINDO Research and Consulting Equity & Index Valuation Division

Demand for RTD continue to increase We see that the demand for RTD products in Indonesia continued to grow. In 2015, the sales grew by 7.00% YoY to reach 25.24 billion liters. Meanwhile, its CAGR during 2010-2015 is 7.53%. In total, the market size of RTD products is believed to have reached IDR23.1 trillion in 2014. Assumed to grow at the rate its sales volume grew last year, the value could reach IDR24.8 trillion in 2015.

MACROECONOMY & BUSINESS INFORMATION





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By volume, the consumption of bottled water accounted for about 85% of the total RTD consumption with total sales around 21.5 billion liters. Next, there are the bottled tea

beverages (8.7% or around 2.2 billion liters) and carbonated RTD (3.0% or around 0.8 billion liters).

Figure 3: Sales of RTD Products

Source: Aspadin, PEFINDO Research and Consulting Equity & Index Valuation Division

The market is fragmented and very competitive Based on a survey by the Central Bureau of Statistics, the four-firm concentration ratio (CR-4) for Soft drink and Mineral Water is about 35% and 24%, which indicates that the market operates under a perfect-oligopoly competition. There are 367 medium-to-large scale producers (defined as having workers >20 labors) competing in the market.

In view of great RTD market potential, a number of deep-pocket or multinational companies has entered the market for the past decade. Large-amount investment has been made by these players to penetrate the market and quickly gain market share either by way of acquisitions or developing their own businesses. To name a few,

Danone, Coca Cola, Asahi are among multinational companies that have entered the market. From the domestic camp, large consumer product companies such as Wings, Garuda Food, Indofood, Mayora, have as well developed their own businesses in the RTD space. Less pressure from costs hike Administered prices inflation recorded a low level at 0.39% YoY in 2015, as a result of the downward adjustment for fuel price and 12-kg LPG as well as the adjustment of electricity tariffs, amid the recent soft global crude oil and natural gas prices. Our view is that global crude oil price will remain soft throughout 2016, taking away some of costs hike pressure on manufacturing business, including beverage business. In terms

of fuel, electricity and gas costs, for example, around 10% of input costs consist of energy costs. We also believe the current low fuel prices will pressure more moderately to wages hike.

Figure 4: Low Trend of Inflation

Source: Statistic Central Bureau, PEFINDO Research and Consulting Equity & Index Valuation Division





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Overview Established in 1997, PT Tri Banyan Tirta Tbk (“ALTO” or “the company”) initially run a bottled drinking water (bottled water) business. The Company produce bottled drinking

water under the ALTO and TOTAL brands, which are offered to both regular and premium market segments (through Total 8+ and Alto Pure 8). The products comes in various packaging sizes and forms, 240 milliliter, 330 milliliter, 600 milliliter, 1,500 milliliter, and 19 liter, in cups, bottles, and gallons.

Figure 5: ALTO Group Structure

Source: PT Tri Banyan Tirta Tbk, PEFINDO Research and Consulting Equity & Index Valuation Division

Despite its reliance on the bottled water business, today, ALTO has expanded its

business into health-based and flavored drinks, through TOTAL8 + and 7Gusto brands. In addition to producing its own brands, the Company has also been awarded contracts to facilitate production of other brands, such as “VIT” with PT Tirta Investama and “Panther” with Kino Group.

Most of the Company's products are marketed in Java and Bali with Jakarta and West Java averagely representing 60% of the total revenue in 2013-9M15. The remaining 25% was contributed by East Java and Bali and 10% by Central Java.

Figure 6: Revenue Segment By Geographics*

* based on average of revenue during 2013-9M15

Source: PT Tri Banyan Tirta Tbk, , PEFINDO Research & Consulting - Equity & Index Valuation Division

Additional new facilities to support future growth In 2016, ALTO have started its 8th production facility in Mojokerto, operated by its subsidiary, PT. Delapan Bintang Baswara (DBB). Overall, the production facilities are





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spread across Java island. In total, the production capacity in 2015 stood at 1.2 billion liters, an increase of 31.7% YoY compared to 720 million liters in 2014.

Strengthening the distribution channel Today, with its larger production capacity, expanding the distribution channel will be crucial to ensure a greater absorption capacity of ALTO’s products in the market. Historically, the Company distributed its products to modern and general trade outlets. Since Agustus 2015, ALTO has expanded its distribution network by working with PT

ATRI Distribusindo (“ATRI”), a leading distributor in Indonesia. The market coverage under the cooperation with ATRI comprises ± 80% of ALTO’s total distribution network.

The cooperation is for 5 years with annual review. The Company has also developed a partnership with modern and general retailers such as Alfamart, Alfamidi, Lawson, Carrefour, Giant, Lotte, Superindo, FoodHall, Ranch Market, Farmers Market, Circle K, which cover ± 100,000 outlets.

Expanding and diversifying The Company's expansion strategy into beverages market will support its future growth as the market potential in this segment is huge. To support this strategic move, ALTO has invested in the aseptic filling lines, which allows the Company to produce different types of beverages at a competitive cost level.

The Company has launched TOTAL 8+, as a healthy drinking water with pH balance of 8+, produced by PT. Tirtamas Lestari. Previously produced only out of the factory in Pandaan, TOTAL 8+ is now produced in the Sukabumi factory as well. The Company also made a strategic partnership with KINO Group to produce an energy drink under the brand "Panther".

In addition to the healthy drink, the Company launched 7 Gusto, a coffee-flavored drink, produced by PT. Eight Stars Baswara. The combined sales of the healthy and flavored drinks reached IDR71.0 billion in 2015.

Limited revenue growth in 2015 In 2015, Company’s revenue declined due to less favorable business environment, a combination of fiercer competition and weakening purchasing power. The Company reported a IDR201.7 billion of revenue in 9M15, down by 58.6% YoY. Thus, we projected that the revenue potentially decreased by a small margin in 2015 to about

IDR326.1 billion (+1.8% YoY).

Figure 7: Revenue By Segments*

Source: PT Tri Banyan Tirta Tbk, PEFINDO Research & Consulting - Equity & Index Valuation Division

Nevertheless, we expect the revenue growth will be better this year. The improvement in economic conditions as reflected by a faster growth in the last quarter of 2015 (4Q15: 5.04% vs. 3Q15: 4.73%) is expected to continue into 2016. Thus, this will provide a more conducive environment for the Company to accelerate its revenue growth. The expansion of production facilities, launch of new products and extension of distribution netwrok will work to the benefit of ALTO’s growth in a medium-term.

FINANCE





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Profitability weakened due to the increase in operating expenses Although ALTO maintained its gross profit margin at a relatively high level, 36.7% for

9M15 or similar level to that of the previous year (37.0%), the profitability of the Company was exposed to the increasing SG&A expenses, particularly from sales expense which increases by 30.3% YoY in 9M15. As the result, operating profit fell from IDR36.72 billion for 9M14 to only IDR11.25 billion for 9M15. However, operating profit margin declined from 14.1% for 9M14 to 5.6% for 9M15. Overall, the Company recorded a net loss of IDR24.28 billion for 9M15 after posting a net profit of IDR2.63 billion for 9M14. In 2014, the Company’s bottom line came in at deficit IDR10.2 billion.

Figure 8: Gross Margin and Operating

Profit Margin

Figure 9: Trend of Net Income

Source: PT Tri Banyan Tirta Tbk, PEFINDO Research & Consulting - Equity & Index Valuation Division

Improving leverage We like ALTO for its ability to keep its gearing level relatively low, lower than its historical average, which is good for the current challenging business environment. The

debt-to-equity ratio decreased from 1.38x in 2013 to 1.06x and 1.11x for 2014 and 9M15, respectively. The Company has also been succesfull in debt re-profiling, by increasing the proportion of longer tenor debt. In 2013, around of 62.0% of its total debt was short-term debt. Then, the percentage decreased to around 19.6% and 9.4% in 2014 and 9M15, respectively. As of September 30, 2015, ALTO carried IDR53.5 billion of short-term debt and IDR513.0 billion of long-term debt in its book.

Figure 10: Debt Composition and Debt Equity Ratio

Source: PT Tri Banyan Tirta Tbk, PEFINDO Equity & Index Valuation Division





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Table 2: SWOT Analysis

Strength Weakness Larger production capacity as a

foundation for future growth Stronger distribution network

following cooperation with ATRI Recognizable brands of ALTO and

TOTAL

ALTO’s relatively limited cash position

Recent high pressure on operating

profit margin

Opportunity Threat Relatively low per capita

consumption of bottled water in Indonesia

Higher share of urban population that could lead to higher income per capita

Less costs hike pressure due to soft energy prices

Competition is not going to be easier in beverages industry

Competition comes also from foreign players

Source: PEFINDO Research and Consulting Equity & Index Valuation Division

SWOT ANALYSIS





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Table 3: Performance Summary of ALTO vs Peers as of 9M15 ALTO ADES DLTA ULTJ

Revenue [IDR bn] 201.7 479.5 465.5 3,274.9

Gross profit [IDR bn] 73.9 231.1 307.5 1,023.5

Operating profit [IDR bn] 11.3 18.7 137.3 483.0

Net profit [IDR bn] (24.3) 17.0 120.1 393.6

Total assets [IDR bn] 1,188.8 613.5 952.1 3,387.8

Total liabilities [IDR bn] 680.4 300.7 169.6 721.7

Total equity [IDR bn] 508.5 312.8 782.5 2,666.1

Growth YoY

Revenue [%] (58.6) 15.9 (24.1) 13.6

Gross profit [%] (47.2) 5.9 (29.4) 52.8

Net profit [%] (301.1) (33.1) (36.7) 90.9

Profitability

Gross profit margin [%] 36.7 48.2 66.1 31.3

Pre-tax margin [%] (12.0) 4.7 4.9 0.7

Net Margin [%] (12.0) 3.5 25.8 12.0

Leverage

DER [x] 1.1 0.5 0.0 0.0

Source: IDX, PEFINDO Research and Consulting Equity & Index Valuation Division

INDUSTRY COMPARISON





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Valuation

Methodology We applied the Discounted Cash Flow (DCF) method as the main valuation approach considering that income growth is the value driver in ALTO instead of asset growth. Furthermore, we applied the Guideline Company Method (GCM) as a comparison method.

This valuation is based on 100% share price as of April 04, 2016, using ALTO’s financial report as of September 30, 2015, for our fundamental analysis.

Value estimation

We used a Cost of Capital of 11.2% and Cost of Equity of 11.9% based on the following assumptions:

Table 4: Assumption

Risk free rate [%]* 7.6

Risk premium [%]* 6.5

Beta [x]** 0.7

Cost of Equity [%] 11.9

Marginal tax rate [%] 25.0

WACC [%] 11.2

Source: Bloomberg, PEFINDO Research and Consulting Equity & Index Valuation Division Estimates Notes: *As of April 04, 2016 ** PEFINDO BETA Saham as of March 31, 2016

Target price for 12 months based on the valuation as of April 4, 2016, is

as follows:

Using the DCF method with a discount rate assumption of 11.2% is IDR532 – IDR615 per share.

Using the GCM method (P/EBITDA 13.4x and P/BV 3.9x) is IDR351 – IDR895 per share.

In order to obtain a value that represents both value indications, we have weighted both DCF and GCM methods by 70%:30%. Based on the above calculation, the target price of ALTO for 12 months is IDR478 – IDR699 per share.

Table 5: Summary of DCF Method Valuation

Indicators Conservative Moderate Aggressive

PV of Free Cash Flows [IDR Bn] 36.3 38.2 40.2

PV Terminal Value [IDR Bn] 1,685.1 1,773.8 1,862.5

Non-Operating Assets- [IDR Bn] 7.9 7.9 7.9

Net Debt [IDR Bn] 566.3 566.3 566.3

Number of Share [million share] 2,187 2,187 2,187

Fair Value per Share [IDR] 532 573 615

Source: PEFINDO Research and Consulting Equity & Index Valuation Division Estimates

TARGET PRICE





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Table 6: GCM Comparison

ADES DLTA ULTJ Average

P/EBITDA [x] 10.3 15.7 14.4 13.4

P/BV [x] 2.0 5.5 4.0 3.9

Source: Bloomberg, PEFINDO Research and Consulting Equity & Index Valuation Division

Table 7: Summary of GCM Method Valuation

Multiple [x] Est.

EBITDA/share

[IDR]

Est. BV/share [Rp] Value [IDR]

P/EBITDA [x] 13.4 26.1 - 351

P/BV 3.9 - 232.5 895

Source: Bloomberg, PEFINDO Research and Consulting Equity & Index Valuation Division Estimates

Table 8: Fair Value Reconciliation

Fair Value per Share [IDR]

DCF GCM Average

Upper limit 615 895 699

Bottom limit 532 351 478

Weight 70% 30%

Source: PEFINDO Research and Consulting Equity & Index Valuation Division Estimates





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Table 9: Consolidated Statement of Comprehensive Income

(IDR bn)

2012 2013 2014 2015P 2016P

Revenue 498.1 487.2 332.4 326.1 669.0

COGS (367.0) (347.3) (209.6) (238.0) (462.0)

Gross profit 131.1 139.9 122.8 88.1 207.0

Operating expense (55.9) (78.7) (89.7) (85.9) (104.0)

Operating profit 75.2 61.3 33.1 2.2 103.0

Pre-tax profit 40.7 23.9 (10.1) (5.7) 72.2

Tax (10.7) (7.1) (0.0) (1.4) (18.1)

Net profit 16.4 12.1 (10.2) (7.1) 54.1

Source: : PT Tri Banyan Tirta Tbk, PEFINDO Research and Consulting - Equity &

Index Valuation Division Estimates Table 10: Consolidated Statement of Financial Position

(IDR bn)

2012 2013 2014 2015P 2016P

Assets Cash and cash equivalents

33.3 72.8 105.4 108.7 80.7

Receivables 159.9 659.5 157.4 168.8 311.6

Inventories 105.0 82.4 110.3 134.0 183.3

Other assets 151.2 241.8 360.4 281.4 438.1

Total Current Assets 449.3 1,056.5 733.5 693.0 1,013.7

Fixed asset - net 439.9 438.2 502.5 526.0 557.0

Other assets 2.2 7.9 3.1 3.0 3.0

Total assets 891.4 1,502.5 1,239.1 1,222.0 1,573.7

Liabilities

Trade Payables 100.8 465.3 110.7 135.6 167.9

Short-term debts 77.8 96.1 68.9 71.5 146.6

Other liabilities 118.8 14.1 58.8 59.0 148.5

Total current liabilities 297.3 575.4 238.5 266.0 463.1

Long-term debts 198.4 281.4 455.5 417.4 517.5

Other liabilities 57.6 103.3 12.5 13.0 13.5

Total liabilities 256.1 384.8 467.9 430.4 530.9

Total equity 338.0 542.3 532.7 525.5 579.7

Source: : : PT Tri Banyan Tirta Tbk, PEFINDO Research and Consulting - Equity &

Index Valuation Division Estimates

Figure 11: P/EBITDA and P/BV

Source: Bloomberg, PEFINDO Equity & Index Valuation Division

Figure 12: ROA, ROE and Assets Turnover

Source: : PT Tri Banyan Tirta Tbk, PEFINDO Equity & Index Valuation Division

Table 11: Key Ratios

2012 2013 2014 2015P 2016P

Growth [%]

Net sales 284.6 (2.2) (31.8) (1.9) 105.2

Operating profit 573.2 (18.6) (46.0) (93.4) 4,635.0

Net profit 407.2 (0.3) (1.8) 0.3 8.6

Profitability [%]

Gross margin 26.3 28.7 37.0 27.0 30.9

Operating margin 8.6 15.1 12.6 10.0 0.7

Net margin 3.3 2.5 (3.1) (2.2) 8.1

ROA 2.2 1.0 (0.7) (0.6) 3.9

ROE 6.2 2.7 (1.9) (1.3) 9.8

Solvability [x]

Debt to equity 0.9 1.4 1.1 1.1 1.2

Debt to assets 0.3 0.5 0.5 0.5 0.4

Source: PT Tri Banyan Tirta Tbk, PEFINDO Research and Consulting - Equity & Index Valuation Division Estimates





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DISCLAIMER

This report was prepared based on trusted and reliable sources. Nevertheless, we do not guarantee its completeness, accuracy and adequacy. Therefore, we are not responsible for any investment decisions made based on this report. All assumptions, opinions and predictions were solely our internal judgments as of the reporting date, and those judgments are subject to change without further notice. We are not responsible for any mistakes or negligence that occurs by using this report. Recent performance cannot always be used as a reference for future outcome. This report does not offer a recommendation to purchase or hold particular shares. This report might not be suitable for some investors. All opinions in this report have been presented fairly as of the issuing date with good intentions; however, they could change at any time without further notice. The price, value or income of each share of the Company stated in this report might be lower than investor expectations, and investors may obtain returns lower than the invested amount. Investment is defined as the probable income that will be received in the future; nonetheless such returns may fluctuate. As for companies whose shares are denominated in a currency other than Rupiah, foreign exchange fluctuation may reduce their share value, price or the returns for investors. This report does not contain any information for tax considerations in investment decision-making. The share price target in this report is a fundamental value, not a fair market value or a transaction price reference required by regulations. The share price target report issued by the PT PEFINDO Riset Konsultasi (“PRK”) or “PEFINDO Research and Consulting” is not a recommendation to buy, sell or hold particular shares. It should not be considered as investment advice from the PRK and its scope of service to some parties, including listed companies, financial advisors, brokers, investment banks, financial institutions and intermediaries, does not correlate with receiving rewards or any other benefits from such parties. This report is not intended for any particular investor and cannot be used as part of an objective investment analysis of particular shares, an investment recommendation, or an investment strategy. We strongly recommend investors to consider the suitability of the situation and conditions before making a decision in relation with the figures in this report. If necessary, consult with your financial advisor. PEFINDO keeps the activities of the Equity Valuation Division separate from its Ratings Division to preserve the independence and objectivity of its analytical processes and products. PEFINDO has established policies and procedures to maintain the confidentiality of non-public information received in connection with each analytical process. The entire process, methodology and the database used in the preparation of the Reference Share Price Target Report as a whole are different from the processes, methodologies and databases used by PEFINDO in issuing ratings. This report was prepared and composed by PRK with the objective of enhancing the transparency of share prices of listed companies in the Indonesia Stock Exchange (IDX). This report is also free of influence from any other party, including pressure or force either from IDX or the listed company reviewed. PRK earns a

reward from IDX and the reviewed company for issuing this report twice a year. For further information, please visit our website at http://www.pefindo-consulting.co.id This report was prepared and composed by the PEFINDO Research & Consulting - Equity & Index Valuation Division. In Indonesia, this report is published in our website and in the IDX website.

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