Asiamoney’s

2013

Best Domestic

Equity House

10 September 2015

Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. Investors should consider this report as only a single factor

in making their investment decision.

2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

Beacon Indonesia Morning Brief

IDX: 4,347 (+0.7%) Turnover: IDR4.3tn (+19.5%)

Foreign net SELL: IDR428bn (-40.0%)

ECONOMICS FLASH Indonesia economy: Economic stimulus package Economist: Fakhrul Fulvian, Adi Saputra Supply-side stimulus

CORPORATE FLASH Catur Sentosa Adiprana (CSAP IJ): Yuan depreciation beneficiary

Analyst: Adrian Mahendra Putra Distributor and retailer of building materials:

Distribution, the largest revenue contributor but with lower margins Aggressive Mitra10 expansion plans

TODAY’S NEWS

POLITICS

Former corruption commission chief could end up in prison ECONOMICS BI: Retail sales slowed down in July, edged higher in August BOURSE Waskita Beton to raise IDR4tn through IPO INDUSTRY

Jun-15 loan growth: 10.2% y-y; deposit growth: 12.7% y-y Unofficial August 2W sales reached 646k units, +6% y-y & +47% m-

m

CPO: India’s crop failure to keep imports high; Malaysia: Oil replanting; Indonesia: Bio-lubricant

Retail prices to go up due to weak IDR President urges for quick completion of LRT project

CORPORATE TLKM to discontinue share swap deal with TBIG BMRI sets conservative targets in 2016 Legislators asked BBRI to lower lending rates; Low y-y net profit

growth of just 6% PWON books IDR2.3tn in 8M15 marketing sales, 66.9% of full-year

target

WSKT needs IDR10tn for toll road projects in 2016 Pertamina and WIKA to produce hybrid asphalt RALS: To open 25 SPAR outlets this year

INDICES

Asia Last Chg% ytd % y-y %

Hang Seng (HK) 22,131.3 4.1 (6.2) (12.1)

IDX (Indonesia) 4,347.3 0.7 (16.8) (16.4) KLCI (Mal.) 1,603.4 1.0 (9.0) (14.4)

KOSPI (Korea) 1,934.2 3.0 1.0 (5.6)

Nikkei (Japan) 18,770.5 7.7 7.6 19.2

PCOMP (Phil.) 6,942.5 0.7 (4.0) (4.3)

SENSEX (India) 25,658.9 1.3 (6.7) (5.9)

SET (Thailand) 1,393.8 1.0 (6.9) (12.0)

SHCOMP (China) 3,243.1 2.3 0.3 39.4

SHENZHEN (China) 1,798.8 3.3 27.1 40.6

STI (Singapore) 2,926.4 1.4 (13.0) (12.5)

TWSE (Taiwan) 8,286.9 3.6 (11.0) (12.2)

VNI (Vietnam) 572.3 1.0 4.9 (8.7)

Europe, USA and Ems

CAC 40 (France) 4,664.6 1.4 9.2 4.8

DAX (Germany) 10,303.1 0.3 5.1 6.2

Dow Jones (USA) 16,253.6 (1.4) (8.8) (4.8)

FTSE 100 (UK) 6,229.0 1.3 (5.1) (8.8)

IBOV (Brazil) 46,657.1 (0.2) (6.7) (20.5)

MEXBOL (Mexico) 42,754.7 (0.8) (0.9) (6.8)

NGSEINDX (Nigeria) 29,454.1 (3.0) (15.0) (28.0)

Nasdaq (USA) 4,756.5 (1.2) 0.4 3.7

RTSI (Russia) 796.7 0.3 0.8 (35.7)

S&P 500 (USA) 1,942.0 (1.4) (5.7) (2.7)

XU100 (Turkey) 72,003.3 (0.1) (16.0) (9.5) Source: Bloomberg

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

EEM US (USD) 33.0 (0.5) (16.0) (26.3)

EIDO US (USD) 18.6 (1.7) (32.2) (34.9)

TLK US (IDR) 2,719 (0.6) (15.3) (19.7)

Como Index (USD) 195.8 (1.3) (14.9) (31.0)

Coal (USD/t) 56.8 0.0 (8.9) (13.7)

Corn (USD/mtn) 133.3 0.4 (6.9) 3.8

Coffee (USD/t) 2,517.2 1.3 (22.9) (31.2)

Copper (USD/t) 5,366.0 1.6 (15.6) (22.6)

Cotton (USD/t) 1,396.0 0.0 5.1 (6.6)

CPO (MYR/t) 1,944.0 1.1 (15.4) (5.6)

Gold (USD/oz.) 1,107.7 (1.4) (6.5) (11.4)

Iron ore (USD/mtn) 57.9 0.0 (16.5) (31.6)

Milk (USD/cwt) 16.1 0.0 (2.8) (10.5)

Nickel (USD/t) 10,065.0 2.2 (32.6) (48.0)

Oil Brent (USD/barrel) 47.6 (3.9) (17.0) (52.0)

Rice (IDR/kg) 4,424.0 0.0 0.0 6.7

Rubber (USD/t) 125.5 0.4 (17.2) (18.2)

Silver (USD/oz) 14.6 (1.4) (6.9) (22.9)

Soybean oil (USD/t) 588.2 (0.9) (16.5) (15.6)

Steel (USD/t) 320.8 0.2 (31.4) (35.9)

Sugar (USD/t) 252.0 3.3 (27.1) (37.9)

Tins (USD/t) 15,500.0 0.0 (20.5) (26.5) Wheat (USD/t) 173.5 (0.6) (23.2) (19.2) Source: Bloomberg, CEIC

ECONOMIC INDICATORS MARKET DATA

14A 15F 16F

14A 15F 16F

Cur acc bal (%GDP) (3.0) (2.0) (2.3) Op.prof.gwt.(%) 11.8 2.4 13.6

Fiscal bal (%GDP) (2.3) (2.2) (2.2) EPS growth (%) 9.7 0.4 10.6

GDP growth (%y-y) 5.0 4.7 5.1 P/E (x) 19.0 18.9 16.8

Private spending (%) 5.1 5.0 5.0 PEG (x) 2.0 48.4 1.6

Investment (%y-y) 4.1 3.3 5.3 EV/EBITDA (x) 9.7 8.8 8.3

Total exports (%y-y) 1.0 0.3 2.4 P/BV (x) 12.3 8.5 7.1

Total imports (%y-y) 2.2 -4.1 1.7 P/BV exc. 3.1 2.8 2.4

Inflation (%y-y) 8.4 4.8 5.2 Div. Yield (%) 2.7 2.5 2.8

IDR/USD 12,385 14,000 14,500 Net gearing (%) 19.1 18.3 16.9

BI rate (% p.a.) 7.75 7.50 7.00 ROAE (%) 31.1 32.1 30.0

Brent Oil (Usd/bbl) 57.3 55.0 57.0 ROAA (%) 11.5 10.8 11.0

FX reserve (USDb) 111.9 105.0 110.0 ROIC (%) 23.7 28.0 27.4 Source: Bahana estimates Source: Bahana estimates

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

AUD/1USD 0.696 0.704 17.4 31.5

EUR/1USD 1.122 1.121 7.8 15.1

IDR/1USD 14,263 14,281 (13.2)

(17.5)

JPY/1USD 120.290

120.110

(0.4) (11.2)

SGD/1USD 1.421 1.417 (6.7) (11.1)

JIBOR (%) 5.83 5.77 (0.1) (0.0)

BI rate (%) 7.50 7.50 (0.3) 0.0

TD – 1 month (%) 7.05 7.04 (0.1) (0.1)

CDS (bps) 240.10 246.87 49.8 87.6 Source: Bloomberg

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

2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

POLITICS

Former corruption commission chief could end up in prison

Despite alleged irregularities plaguing his perjury case, former corruption commission commissioner,

Bambang Widjojanto, could end up in prison after the Central Jakarta district court sentenced his colleague,

Zulfahmi Arsyad in the case, in spite of a lack of strong evidence. (The Jakarta Post)

ECONOMICS

BI: Retail sales slowed down in July, edged higher in August

Recent BI retail sales survey indicated that demand grew slower in July as real sales index recorded at

197.4 (+4.8% y-y), lower than +22.3% y-y change in June led by F&B and tobacco sales, even though

Lebaran festivities were in July. However, August data edged higher at 185.4 (+10.6% y-y). The survey also

indicated that people expect price pressure to ease this October as price expectation index dropped to

132.1. (Bank Indonesia)

BOURSE

Waskita Beton to raise IDR4tn through IPO

Waskita Beton Precast, a subsidiary of Waskita Karya (WSKT IJ-BUY-IDR1,655-TP:IDR2,025) engaged in

precast concrete business, plans to raise up to IDR4tn by selling a maximum 35% of its stake through an

IPO in 2016. No further details were disclosed. (Bisnis Indonesia)

INDUSTRY

Jun-15 loan growth: 10.2% y-y; deposit growth: 12.7% y-y

The Financial Services Authority (OJK) reported June 2015 loan growth of 10.2% y-y (Jun-14: 17.1% and

May-15: 10.2%), reaching IDR3,851tn, helped by productive loans (+10.6% y-y), which accounted for

72.4% of 6M15 total loans. The remaining 27.6% were consumer loans. Separately, deposits grew 12.7% y-

y in 6M15 vis-à-vis 13.6% y-y a year earlier, bringing LDR flat to 89.1% in June 2015 from 91.1% in June

2015 and 89.3% in May 2015. (The Central Bank of Indonesia, OJK). Bahana comment: June 2015 loan

growth continued to struggle picking up while gross NPL persistently hovered higher y-y. This re-affirms that

our FY15 loan growth target of around 10.2% remains intact, translating to a flat net profit for the sector.

y-y Ytd

(%) Jun-14 May-15 Jun-15 Jun-14 Jun-15

Loans:

Productive loan 19.0 10.7 10.6 5.2 4.2

Investment 22.5 11.1 10.1 7.5 4.6

Working Capital 17.3 10.4 10.8 4.1 4.0

Consumer loans 12.7 9.7 9.9 5.6 4.1

Consumer (excl. Mortgage) 10.4 10.8 11.4 4.1 4.4

Mortgage 18.0 7.3 6.7 8.9 3.2

Total Loans 17.1 10.2 10.2 5.3 4.1

Third party funding:

Demand deposit 10.2 10.0 15.9 7.7 18.8

Saving account 9.5 3.8 4.5 (3.8) (5.0)

Time deposit 18.5 19.5 16.4 9.4 5.3

Total third party funding 13.6 12.5 12.7 4.7 5.0

LDR 91.1 89.3 89.1

Gross NPL (incl. channeling) 2.29 2.82 2.79

Gross NPL (excl. channeling) 2.16 2.58 2.56

Source: OJK

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

2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

Unofficial August 2W sales reached 646k units, +6% y-y & +47% m-m

Based on unofficial sales figures released by AISI (2W association), August 2W sales reached 646k units,

+6% y-y and +47% m-m, but 8M15 2W sales were down 19% y-y. Furthermore, Astra International’s (ASII

IJ-HOLD-IDR6,100-TP:IDR6,075) Honda monthly sales reached 433k units, +12% y-y and +54.5% m-m,

but 8M15 Honda sales reached 2.8mn, still down 14.7% y-y (Bahana 2015 full-year estimate: 4mn units,

down 20% y-y. (Kontan)

CPO: India’s crop failure to keep imports high; Malaysia: Oil replanting; Indonesia: Bio-lubricant

According to the Oil World, India will keep importing vegetable oils near a record next season due to dry

weather causing oilseed crops to fail for a second year. However, to support local farmers, Solvent

Extractors’ Association of India (SEA) expects the Government to increase import duties on vegetable oils

from 7.5% to 25%. Separately, Malaysia plans to encourage plantation companies to replant crop areas and

expects CPO stocks to decline as a result, allowing for higher CPO prices going forward. Finally, Indonesia’s

plantation owners plan to propose the production of bio-lubricant to increase local palm oil absorption. (Oil

World, SEA, Livemint, Tempo, Daily Express)

Retail prices to go up due to weak IDR

According to the Chairman of the Indonesia Retailers Association (Aprindo), staples products’ prices will

increase by 5%, while electronics to rise around 10-12% next month on the back of continued IDR

weakness. He targets total 2015 retail sales to reach IDR175tn due to the anticipated price increases,

compared to the previous sales projection for the year of IDR152tn and last year’s amount of IDR168tn.

(Jakarta Globe)

President urges for quick completion of LRT project

In a bid to alleviate the capital’s traffic problems, President Joko Widodo has instructed provincial and

municipal governments in the Greater Jakarta area to allocate land in order to expedite the construction of

Indonesia’s Light Rail Transit system. (Jakarta Globe)

CORPORATE

TLKM to discontinue share swap deal with TBIG

Telekomunikasi Indonesia (TLKM IJ-BUY-IDR2,730-TP:IDR3,675) has officially announced that it is

discontinuing a share swap deal with Tower Bersama Infrastructure (TBIG IJ-NR-IDR6,500) due to the

commissioners’ request. (Jakarta Post)

BMRI sets conservative targets in 2016 Bank Mandiri (BMRI IJ-BUY-IDR8,700-TP:IDR10,700) has set conservative targets in 2016: loan growth of

14-16%, third party funding of 14-16%, net interest income 15-18%, fee based income of 15-18%, NPLs of

3% and net profit of 3-5%. In addition, BMRI plans to conduct a rights issue amounting to IDR20-25tn in

2018. (Bisnis Indonesia) Bahana comment: Note that the 2016 net profit target is below Bahana’s

estimate of 9% and consensus’ forecast of nearly 14%.

Legislators asked BBRI to lower lending rates; Low y-y net profit growth of just 6% Bank Rakyat Indonesia (BBRI IJ-BUY-IDR9,925-TP:IDR12,500) has been asked by legislators to lower

lending rates for subsidized micro loans (KUR) to 9% in 2016, note that the government will subsidize BBRI

in 2016 amounting to IDR10.5tn to implement this scheme. In addition, BBRI targets y-y net profit growth

of 6% (Bahana: 12.3%; Consensus: 12.5%) with stable NPL outlook in 2016. (Bisnis Indonesia, Kontan)

PWON books IDR2.3tn in 8M15 marketing sales, 66.9% of full-year target

Pakuwon Jati (PWON IJ-REDUCE-IDR365) has booked IDR2.3tn in 8M15 marketing sales, translating to

66.9% of its internal full-year target of IDR3.48tn. (Bisnis Indonesia). Bahana comment: PWON’s 8M15

achievement is faster than our expectation at 82.5% of our full-year target of IDR2.8tn. We might revisit

our numbers.

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

2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

WSKT needs IDR10tn for toll road projects in 2016

Waskita Karya (WSKT IJ-BUY-IDR1,665-TP:IDR2,025) announced that it needs IDR10tn next year for the

development of several toll roads with total length of 500km. The funds will be obtained by issuing IDR1.5tn

in bonds this year and listing one of its subsidiaries, Waskita Beton, in the stock market. WSKT also expects

state-capital injections to be a source of funds. (The Jakarta Post)

Pertamina and WIKA to produce hybrid asphalt

State energy company, Pertamina, has agreed to team up with Wijaya Karya (WIKA IJ-BUY-IDR2,760-

TP:IDR3,200) to develop and produce high-grade hybrid asphalt in order to help fill domestic demand and

reduce imports. The two companies have signed an MoU on Wednesday, concluding plans to construct a

hybrid asphalt production factory in Cilacap, West Java with a total capacity of 300,000 tons per annum.

(The Jakarta Post)

RALS: To open 25 SPAR outlets this year

Ramayana Lestari Sentosa (RALS IJ-REDUCE-IDR595), is planning to open 25 SPAR stores this year by

converting another 17 Robinson’s outlets instead of acquiring new land due to economic slowdown,

according to company’s director Setyadi Surya. (Kontan). Bahana comment: Thus far, RALS has converted

7 Robinson’s stores into SPAR outlets and opened one new SPAR.

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

2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 9/8/2015 9/7/2015 CHANGE (%)

Astra Agro Lestari AALI IJ REDUCE 12,700 (26.6) 17,300 15,400 12.3

London Sumatra Indonesia LSIP IJ BUY 1,450 21.8 1,190 1,065 11.7

Indo Tambangraya Megah ITMG IJ REDUCE 13,000 45.3 8,950 8,225 8.8

Vale Indonesia INCO IJ BUY 4,000 166.7 1,500 1,380 8.7

Anabatic Technologies ATIC IJ BUY 800 19.4 670 630 6.3

Matahari Putra Prima MPPA IJ BUY 2,650 11.6 2,375 2,245 5.8

J Resources PSAB IJ BUY 1,300 87.1 695 660 5.3

Timah TINS IJ REDUCE 500 (17.4) 605 575 5.2

Semen Indonesia SMGR IJ HOLD 10,600 14.6 9,250 8,800 5.1

Multipolar MLPL IJ BUY 550 48.6 370 353 4.8

Salim Ivomas Pratama SIMP IJ REDUCE 325 (31.4) 474 453 4.6

Pakuwon Jati PWON IJ REDUCE 425 16.4 365 350 4.3

Jasa Marga JSMR IJ BUY 7,000 38.6 5,050 4,860 3.9

Astra International ASII IJ HOLD 6,075 (0.4) 6,100 5,875 3.8

Alam Sutera Realty ASRI IJ BUY 720 105.7 350 339 3.2

Tunas Baru Lampung TBLA IJ BUY 750 63.4 459 445 3.1

Lippo Cikarang LPCK IJ BUY 14,000 105.9 6,800 6,600 3.0

Waskita Karya WSKT IJ BUY 2,025 21.6 1,665 1,620 2.8

Lippo Karawaci LPKR IJ REDUCE 1,000 (11.1) 1,125 1,095 2.7

Ciputra Property CTRP IJ BUY 790 106.8 382 372 2.7

Ramayana Lestari Sentosa RALS IJ REDUCE 470 (21.0) 595 580 2.6

Tiphone Mobile Indonesia TELE IJ BUY 1,060 33.3 795 775 2.6

Bekasi Fajar Industrial Estates BEST IJ BUY 520 84.4 282 275 2.5

Semen Baturaja SMBR IJ HOLD 300 10.3 272 266 2.3

AKR Corporindo AKRA IJ BUY 6,500 12.1 5,800 5,675 2.2

Kimia Farma KAEF IJ BUY 1,060 50.4 705 690 2.2

Pelayaran Tempuran Emas TMAS IJ BUY 3,000 108.3 1,440 1,410 2.1

Aneka Tambang ANTM IJ BUY 910 84.6 493 483 2.1

Surya Semesta Internusa SSIA IJ BUY 795 7.4 740 725 2.1

Erajaya Swasembada ERAA IJ HOLD 940 102.6 464 455 2.0

Gajah Tunggal GJTL IJ BUY 740 56.4 473 464 1.9

Wijaya Karya WIKA IJ BUY 3,200 15.9 2,760 2,710 1.8

Adhi Karya ADHI IJ BUY 3,900 71.8 2,270 2,230 1.8

Bw Plantation BWPT IJ REDUCE 230 (20.1) 288 283 1.8

Adaro Energy ADRO IJ REDUCE 800 37.9 580 570 1.8

Ciputra Development CTRA IJ BUY 1,400 60.9 870 855 1.8

Surya Citra Media SCMA IJ HOLD 2,500 (2.0) 2,550 2,510 1.6

Total Bangun Persada TOTL IJ BUY 1,100 63.0 675 665 1.5

Bank Danamon Indonesia BDMN IJ HOLD 3,500 (1.0) 3,535 3,485 1.4

PP Property PPRO IJ BUY 250 70.1 147 145 1.4

Indofood Sukses Makmur INDF IJ BUY 5,800 16.8 4,965 4,900 1.3

Sri Rejeki Isman SRIL IJ BUY 350 5.1 333 329 1.2

Wintermar Offshore Marine WINS IJ HOLD 700 314.2 169 167 1.2

Japfa Comfeed Indonesia JPFA IJ BUY 480 39.1 345 341 1.2

Charoen Pokphand Indonesia CPIN IJ BUY 2,550 39.0 1,835 1,815 1.1

Bank Central Asia BBCA IJ BUY 14,500 21.6 11,925 11,800 1.1

Kawasan Industri Jababeka KIJA IJ BUY 441 128.3 193 191 1.0

Pembangunan Perumahan PTPP IJ BUY 3,710 5.2 3,525 3,490 1.0

Holcim Indonesia SMCB IJ REDUCE 900 (17.1) 1,085 1,075 0.9

Agung Podomoro Land APLN IJ REDUCE 380 16.6 326 323 0.9

Malindo Feedmill MAIN IJ BUY 1,500 26.1 1,190 1,180 0.8

Medco Energi Internasional MEDC IJ REDUCE 2,300 71.0 1,345 1,335 0.7

Unilever Indonesia UNVR IJ BUY 46,000 21.1 38,000 37,750 0.7

Bank Tabungan Negara BBTN IJ BUY 1,260 21.7 1,035 1,030 0.5

Nippon Indosari Corpindo ROTI IJ BUY 1,420 27.9 1,110 1,105 0.5

Soechi Lines SOCI IJ BUY 630 39.1 453 451 0.4

Tempo Scan Pacific TSPC IJ BUY 2,000 25.0 1,600 1,595 0.3

Xl Axiata EXCL IJ BUY 3,900 55.7 2,505 2,500 0.2

Cardig Aero Services CASS IJ HOLD 1,150 (3.8) 1,195 1,195 0.0

Indomobil Sukses Internasional IMAS IJ REDUCE 2,000 (28.7) 2,805 2,805 0.0

Bank Rakyat Indonesia BBRI IJ BUY 12,500 25.9 9,925 9,925 0.0

Bank Tabungan Pensiunan Nasional BTPN IJ HOLD 3,250 10.2 2,950 2,950 0.0

Bank Jawa Barat dan Banten BJBR IJ BUY 850 20.6 705 705 0.0

Harum Energy HRUM IJ REDUCE 950 3.3 920 920 0.0

Bumi Resources BUMI IJ REDUCE 120 140.0 50 50 0.0

Wijaya Karya Beton WTON IJ REDUCE 965 3.8 930 930 0.0

Ace Hardware Indonesia ACES IJ REDUCE 500 (10.7) 560 560 0.0

Hero Supermarket HERO IJ REDUCE 700 (53.3) 1,500 1,500 0.0

Mitra Adiperkasa MAPI IJ BUY 4,625 42.3 3,250 3,250 0.0

Indofood CBP Sukses Makmur ICBP IJ BUY 15,650 29.1 12,125 12,125 0.0

Mayora Indah MYOR IJ BUY 28,800 8.7 26,500 26,500 0.0

Merdeka Copper Gold MDKA IJ BUY 2,200 10.0 2,000 2,000 0.0

Krakatau Steel KRAS IJ REDUCE 350 14.0 307 307 0.0

Telekomunikasi Indonesia TLKM IJ BUY 3,675 34.6 2,730 2,730 0.0

Sarana Menara Nusantara TOWR IJ BUY 5,100 26.2 4,040 4,040 0.0

Indosat ISAT IJ BUY 6,000 62.2 3,700 3,700 0.0

Blue Bird BIRD IJ REDUCE 5,500 (15.4) 6,500 6,500 0.0

Bank Jawa Timur BJTM IJ HOLD 420 10.8 379 380 (0.3)

Austindo Nusantara Jaya ANJT IJ REDUCE 540 (66.4) 1,605 1,610 (0.3)

Matahari Department Store LPPF IJ BUY 17,800 16.5 15,275 15,325 (0.3)

Garuda Indonesia GIAA IJ BUY 560 85.4 302 303 (0.3)

Siloam International Hospitals SILO IJ BUY 17,200 15.4 14,900 14,950 (0.3)

Sampoerna Agro SGRO IJ BUY 1,900 37.2 1,385 1,390 (0.4)

Summarecon Agung SMRA IJ HOLD 1,600 20.3 1,330 1,335 (0.4)

Bukit Asam PTBA IJ BUY 7,325 26.3 5,800 5,825 (0.4)

Kalbe Farma KLBF IJ BUY 2,000 30.7 1,530 1,540 (0.6)

Indocement Tunggal Prakarsa INTP IJ REDUCE 17,000 (5.8) 18,050 18,175 (0.7)

Bank Bukopin BBKP IJ HOLD 670 (4.3) 700 705 (0.7)

Sido Muncul SIDO IJ BUY 585 19.4 490 494 (0.8)

Gudang Garam GGRM IJ BUY 55,000 32.5 41,500 41,875 (0.9)

Bank Negara Indonesia BBNI IJ BUY 5,900 26.5 4,665 4,715 (1.1)

Bank Mandiri BMRI IJ BUY 10,700 23.0 8,700 8,800 (1.1)

Perusahaan Gas Negara PGAS IJ REDUCE 2,500 1.8 2,455 2,490 (1.4)

Bumi Serpong Damai BSDE IJ HOLD 2,020 37.9 1,465 1,495 (2.0)

Media Nusantara Citra MNCN IJ BUY 1,950 24.2 1,570 1,610 (2.5)

United Tractors UNTR IJ REDUCE 17,500 (2.8) 18,000 18,500 (2.7)

Supra Boga Lestari RANC IJ REDUCE 230 (20.7) 290 300 (3.3)

Adi Sarana Armada ASSA IJ BUY 140 26.1 111 115 (3.5) Source: Bloomberg, Bahana estimates

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Source: Bloomberg, Bahana estimates

Stock JCI code Ticker Rating Price TP Shares Free float Mkt cap 3M avg to(IDR) (IDR) (m) (%) (IDRb) (IDRb) 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015

AVIATION AVIATION N 10,306 2 50,191 63,883 (4,127) 3,797 (4,497) 1,362 (841.6) na 5.5 11.2 0.6 2.7 2.1 1.8 0.4 0.4 (20.0) 14.8 (6.5) 4.9 14.2 (4.5)

Garuda Indonesia GIAA IJ Equity GIAA IJ* BUY 302 560 25,869 13.5 7,812 2 48,723 62,174 (4,472) 3,410 (4,607) 1,238 na na na 8.3 (1.1) 1.9 0.7 0.7 0.0 0.0 (36.8) 9.9 (12.3) 2.7 3.4 (19.6)

Cardig Aero Service CASS IJ Equity CASS IJ HOLD 1,195 1,150 2,087 56.6 2,494 0 1,469 1,709 345 387 110 124 0.6 12.4 22.6 20.1 5.8 5.6 6.7 5.5 1.5 1.7 32.8 30.2 11.6 11.9 47.9 42.7

AUTOMOTIVE AUTOMOTIVE UW 256,355 157 234,230 210,877 21,541 17,895 19,303 16,743 (17.6) (14.4) 13.1 13.7 11.2 12.5 2.5 2.3 3.4 3.0 20.5 16.6 8.2 6.9 15.3 13.4

Astra International ASII IJ Equity ASII IJ HOLD 6,100 6,075 40,484 45.1 246,950 156 201,701 180,396 20,163 16,810 19,181 17,351 (1.2) (9.5) 12.9 14.2 10.7 12.1 2.6 2.4 3.5 3.2 21.4 17.4 8.5 7.2 15.7 14.0

Indomobil Sukses InternationalIMAS IJ Equity IMAS IJ REDUCE 2,805 2,000 2,765 10.5 7,757 0 19,458 18,151 224 205 (147) (176) na (19.6) 23.0 na 28.8 28.8 1.4 1.4 (0.5) (0.6) (2.6) (3.1) (0.6) (0.7) 3.6 (0.8)

Gajah Tunggal GJTL IJ Equity GJTL IJ BUY 473 740 3,485 40.3 1,648 1 13,071 12,330 1,154 879 270 (431) 124.2 (259.6) 6.1 na 4.0 4.9 0.3 0.3 4.1 (6.5) 4.6 (7.9) 1.7 (2.7) 1.3 2.6

BANKS BANKS N 909,762 1,011 243,469 265,783 99,550 98,328 79,743 79,755 10.4 0.0 12.5 12.2 na na 2.6 2.2 2.3 2.0 22.7 19.5 2.9 2.6 na na

Bank Central Asia BBCA IJ Equity BBCA IJ BUY 11,925 14,500 24,655 50.8 294,011 185.6 44,046.6 48,713.3 20,509.3 21,560.6 16,490.4 17,445.4 15.7 5.8 17.8 16.9 na na 3.9 3.3 1.2 1.3 23.7 21.2 3.1 3.0 na na

Bank Rakyat Indonesia BBRI IJ Equity BBRI IJ BUY 9,925 12,500 24,669 43.2 244,841 321.2 60,789 66,953 28,364 28,314 24,242 24,426 13.6 0.8 10.1 10.0 na na 2.5 2.1 3.0 2.0 27.4 22.9 3.4 2.9 na na

Bank Mandiri BMRI IJ Equity BMRI IJ BUY 8,700 10,700 23,333 40.0 203,000 268.7 56,941 63,340 25,978 26,416 19,872 20,282 9.2 2.1 10.2 10.0 na na 2.0 1.7 2.4 2.2 20.9 18.4 2.5 2.3 na na

Bank Negara Indonesia BBNI IJ Equity BBNI IJ BUY 4,665 5,900 18,649 39.8 86,996 194.7 35,246 36,633 12,967 10,117 10,783 8,493 19.1 (21.2) 8.1 10.2 na na 1.5 1.4 3.1 2.2 20.6 14.2 2.7 1.9 na na

Bank Danamon BDMN IJ Equity BDMN IJ HOLD 3,535 3,500 9,585 32.4 33,882 6.8 19,452.0 20,653.2 4,063.4 3,477.0 2,604.0 2,502.9 (35.6) (3.9) 13.0 13.5 na na 1.0 1.0 2.3 2.2 8.1 7.4 1.4 1.2 na na

Bank Tabungan Pensiunan NasionalBTPN IJ EQUITY BTPN IJ HOLD 2,950 3,250 5,840 32.3 17,229 0.1 7,804 8,113 2,535 2,286 1,853 1,817 (13.0) (1.9) 9.3 9.5 na na 1.5 1.3 0.0 1.6 17.1 14.3 2.6 2.3 na na

Bank Tabungan Negara BBTN IJ Equity BBTN IJ BUY 1,035 1,260 10,582 39.0 10,953 20.6 6,406 7,278 1,546 2,191 1,116 1,645 (28.7) 47.5 9.8 6.7 na na 0.9 0.8 2.0 3.0 9.4 12.7 0.8 1.0 na na

Bank Jabar Banten BJBR IJ Equity BJBR IJ BUY 705 850 9,696 25.0 6,836 6.2 5,969 6,392 1,291 1,432 1,120 1,227 (18.6) 9.5 6.1 5.6 na na 1.0 0.9 10.2 9.9 16.3 16.8 1.5 1.5 na na

Bank Jatim BJTM IJ Equity BJTM IJ HOLD 379 420 14,918 25.7 5,654 1.2 3,253.8 3,632.8 1,351.3 1,378.2 939.1 1,004.8 13.9 7.0 6.0 5.6 na na 0.9 0.9 11.0 11.2 16.0 16.1 2.6 2.5 na na

Bank Bukopin BBKP IJ Equity BBKP IJ HOLD 700 670 9,087 40.4 6,361 5.4 3,560 4,075 944 1,156 724 912 (30.8) 25.9 8.8 7.0 na na 0.9 0.9 4.4 2.9 11.1 12.8 1.0 1.1 na na

CEMENT CEMENT UW 132,303 97 58,727 58,116 14,360 13,045 11,833 10,403 2.2 (10.2) 11.4 13.1 6.6 8.4 2.4 2.3 5.9 3.5 22.1 11.0 17.1 14.1 39.0 159.1

Semen Indonesia SMGR IJ Equity SMGR IJ HOLD 9,250 10,600 5,932 49.0 54,867 54.2 26,987.0 26,987.7 6,953.7 6,107.2 5,565.9 4,780.4 4.0 (14.1) 9.9 11.5 6.6 7.6 2.3 2.1 4.1 2.6 24.8 19.6 17.1 12.9 27.2 25.1

Indocement INTP IJ Equity INTP IJ REDUCE 18,050 17,000 3,681 36.0 66,446 39.0 19,996 19,349 5,854 5,589 5,271 4,853 5.0 (7.9) 12.6 13.7 6.7 9.2 2.7 2.7 7.5 4.4 22.1 4.7 19.0 16.6 51.6 293.4

Holcim Indonesia SMCB IJ Equity SMCB IJ REDUCE 1,085 900 7,663 19.4 8,314 1.7 10,529 10,397 1,316 1,043 668 414 (29.8) (38.1) 12.4 20.1 6.7 8.1 0.9 0.9 6.0 2.5 7.6 4.7 4.2 2.3 8.8 5.2

Semen Baturaja SMBR IJ Equity SMBR IJ HOLD 272 300 9,838 23.8 2,676 2.0 1,215 1,383 236 306 328 355 (5.2) 8.2 8.1 7.5 2.0 3.4 1.0 0.9 3.1 2.7 12.7 12.4 11.6 11.6 62.6 52.6

COAL COAL & MINING CONTRACTING UW 113,490 108 185,953 194,444 20,933 16,088 15,417 15,448 9.8 9.1 9.9 9.7 3.8 1.5 1.5 1.3 5.7 5.8 15.3 14.7 9.0 8.8 20.7 18.9

United Tractors UNTR IJ Equity UNTR IJ REDUCE 18,000 17,500 3,730 40.4 67,142 43.7 53,141.6 50,923.3 8,865.8 8,134.3 5,369.5 6,552.9 11.1 22.0 12.5 10.2 4.2 na 1.8 1.6 3.2 3.9 15.4 16.9 9.1 10.6 15.6 17.8

Adaro Energy ADRO IJ Equity ADRO IJ* REDUCE 580 800 31,986 41.0 18,552 29.9 41,186 40,264 6,116 3,682 2,210 1,666 (23.5) (27.7) 8.7 12.1 3.0 3.7 0.6 0.5 4.4 3.6 6.5 4.5 2.7 2.0 5.9 4.4

Indo Tambangraya Megah* ITMG IJ Equity ITMG IJ* REDUCE 8,950 13,000 1,130 34.9 10,113 13.0 25,382 24,892 3,381 2,254 5,561 5,562 (2.8) (31.5) 4.1 6.0 1.0 2.1 0.9 0.9 22.8 20.1 22.4 15.4 15.1 10.3 44.4 35.5

Tambang Batubara Bukit AsamPTBA IJ Equity PTBA IJ BUY 5,800 7,325 2,304 29.3 13,364 16.9 13,078 13,773 2,310 1,948 2,016 1,653 10.4 (18.1) 6.6 8.1 4.7 5.8 1.6 1.5 7.5 8.3 25.2 19.1 15.2 11.2 53.7 36.9

Harum Energy HRUM IJ Equity HRUM IJ* REDUCE 920 950 2,704 29.3 2,487 0.8 5,746.6 5,698.0 260.1 70.0 260.1 14.0 (98.6) 250.0 na na 2.2 (1.8) 1.2 1.1 8.8 5.0 8.5 0.4 5.3 0.3 29.5 20.1

Bumi resources* BUMI IJ Equity BUMI IJ* REDUCE 50 120 36,627 62.3 1,831 3.4 47,419 58,894 3,240 7,430 (4,852) (2,788) (9.5) (49.2) na na 5.9 3.9 (0.1) (0.1) 0.0 0.0 nm 21.3 (5.7) (3.0) (26.9) (21.5)

CONS. & TOLL ROADS CONS. & TOLL ROADS N 106,174 232 56,469 67,118 7,622 8,855 3,869 4,248 24.8 8.1 27.1 25.4 15.4 12.9 4.7 3.4 1.2 1.1 18.8 15.6 4.9 4.3 23.1 16.5

Jasa Marga JSMR IJ Equity JSMR IJ BUY 5,050 7,000 6,800 30.0 34,340 32.8 7,254.3 7,883.4 2,776.8 3,019.3 1,403.4 1,431.2 36.7 1.9 24.5 24.0 12.3 12.0 3.5 3.2 1.6 1.3 14.9 13.9 4.7 4.1 6.4 7.5

Wijaya Karya WIKA IJ Equity WIKA IJ BUY 2,760 3,200 6,149 34.9 16,972 42.3 12,463 12,150 1,401 1,297 615 559 8.0 (9.2) 27.5 30.3 11.1 12.3 4.2 3.8 1.1 1.0 17.7 13.2 4.3 3.4 20.5 15.5

Pembangunan Perumahan PTPP IJ Equity PTPP IJ BUY 3,525 3,710 4,842 49.0 17,070 36.6 12,427 17,338 1,328 1,816 532 677 26.4 27.2 32.1 25.2 12.0 10.0 7.3 5.4 0.9 1.2 24.6 24.5 3.9 4.1 27.1 27.1

Waskita Karya WSKT IJ Equity WSKT IJ BUY 1,665 2,025 13,992 48.5 23,297 48.4 10,287 15,138 875 1,328 502 806 35.0 35.9 32.3 23.8 27.2 15.5 5.7 2.5 0.6 0.7 19.2 13.9 4.7 4.8 15.9 13.9

Wijaya Karya Beton WTON IJ Equity WTON IJ REDUCE 930 965 8,715 27.8 8,105 17.4 3,277.2 2,526.6 409.1 291.8 328.7 217.8 13.4 (38.9) 22.7 37.2 15.5 20.7 3.7 3.6 1.2 0.8 23.1 9.9 9.8 5.7 46.6 26.3

Adhi Karya ADHI IJ Equity ADHI IJ BUY 2,270 3,900 1,801 49.0 4,089 52.7 8,654 9,744 655 877 324 364 (20.3) 12.3 12.6 11.2 8.8 7.3 2.3 2.0 1.2 1.3 19.7 19.1 3.2 3.4 32.7 14.4

Total Bangun Persada TOTL IJ Equity TOTL IJ BUY 675 1,100 3,410 33.7 2,302 1.6 2,106.3 2,337.8 176.7 225.6 163.7 194.2 (15.7) 18.6 14.1 11.9 9.4 7.7 2.9 na 5.2 4.4 21.1 23.0 7.0 7.8 234.1 77.3

CONSUMER - DISCRE. CONSUMER - DISCRETIONARY N 154,236 250 97,880 127,316 9,555 9,952 8,792 6,984 9.5 17.1 21.2 36.4 16.3 14.8 77.0 14.1 1.9 2.7 19.7 95.2 26.2 25.3 28.1 23.7

Surya Citra Media SCMA IJ Equity SCMA IJ HOLD 2,550 2,500 14,622 33.2 37,285 20 4,056 4,154 1,917 1,910 1,454 1,478 13.6 1.7 25.6 25.2 18.4 18.2 10.7 9.5 2.0 2.7 47.0 40.2 33.3 29.8 77.1 71.8

Matahari Department Store LPPF IJ Equity LPPF IJ BUY 15,275 17,800 2,918 65.3 44,571 68 7,926 9,474 2,111 2,517 1,419 1,893 23.4 33.4 31.4 23.6 19.0 15.6 251.0 36.6 1.9 2.5 na 271.1 44.7 48.8 na na

Media Nusantara Citra MNCN IJ Equity MNCN IJ BUY 1,570 1,950 14,276 33.3 22,413 17 6,666 6,675 2,604 2,607 1,762 1,456 2.9 (17.3) 12.7 15.4 8.8 8.9 2.4 2.2 2.2 3.9 21.6 15.8 15.2 10.5 23.2 19.2

Matahari Putra Prima MPPA IJ Equity MPPA IJ BUY 2,375 2,650 5,378 19.0 12,773 11 13,590 15,654 647 748 554 579 24.5 4.5 23.1 22.1 13.2 11.5 4.5 4.0 1.5 1.8 18.0 19.2 8.9 8.4 13.3

ACE Hardware ACES IJ Equity ACES IJ REDUCE 560 500 17,150 40.0 9,604 5 4,541 4,646 647 576 551 516 8.3 (6.3) 17.4 18.6 12.7 13.4 4.1 3.7 1.1 2.9 25.9 20.8 20.3 16.6 32.4 29.2

HERO Supermarket HERO IJ Equity HERO IJ REDUCE 1,500 700 4,184 16.5 6,275 0 13,564 15,315 (196) (143) 44 16 (93.9) (62.3) na 380.9 33.4 39.9 1.2 1.1 0.0 0.0 0.8 0.3 0.5 0.2 20.5 0.9

Ramayana Lestari Sentosa RALS IJ Equity RALS IJ REDUCE 595 470 7,096 40.5 4,222 3 7,942 7,906 294 154 355 213 (18.2) (39.9) 11.9 19.8 5.2 6.5 1.3 1.2 5.0 5.0 10.8 6.3 7.9 4.7 23.7 19.4

Mitra Adiperkasa MAPI IJ Equity MAPI IJ BUY 3,250 4,625 1,660 44.0 5,395 4 11,822 13,169 525 398 74 125 (77.4) 68.4 na 43.2 8.6 7.6 2.1 2.1 0.6 0.0 3.0 4.9 0.9 1.4 7.8 1.4

Multipolar MLPL IJ Equity MLPL IJ BUY 370 550 10,065 68.0 3,724 3 17,074 19,928 (268) (288) 1,895 (69) 25.2 (103.6) 2.0 na 39.3 12.3 0.4 0.5 5.7 7.7 24.4 (0.8) 8.8 (0.3) 27.0 19.4

Sri Rejeki isman SRIL IJ Equity SRIL IJ BUY 333 350 18,593 43.9 6,191 119 6,869 8,342 1,176 1,452 554 708 65.0 12.9 10.6 9.4 7.7 6.7 2.0 1.6 0.9 1.1 21.3 20.4 7.8 7.5 7.7 9.5

Supra Boga Lestari RANC IJ Equity RANC IJ REDUCE 290 230 1,564 27.3 454 0 1,603 19,928 11 (288) 19 (69) (46.7) 6.4 24.3 22.8 7.8 11.8 1.1 1.1 0.0 0.0 4.7 4.8 2.5 2.2 10.2 4.3

Electronic City ECII IJ Equity ECII IJ REDUCE 995 800 1,334 25.0 1,328 0 2,227 2,124 99 21 129 68 (41.8) (47.4) 10.3 19.5 6.5 21.1 0.7 0.7 2.8 1.0 7.5 3.8 6.4 3.3 35.0 11.0

CONSUMER - STAPLES CONSUMER - STAPLES OW 620,814 702,896 244,304 260,866 31,685 33,959 21,546 22,859 11.8 4.0 37.4 33.5 25.9 23.4 32.6 29.4 2.1 2.1 71.8 71.0 25.6 25.4 63.2 65.1

Unilever Indonesia UNVR IJ Equity UNVR IJ BUY 38,000 46,000 7,630 15.0 289,940 66 34,512 38,088 7,779 8,393 5,739 6,198 7.2 8.0 50.5 46.8 36.6 33.5 63.0 57.0 2.0 2.0 129.6 128.0 41.5 41.4 109.8 115.2

Gudang Garam GGRM IJ Equity GGRM IJ BUY 41,500 55,000 1,924 23.5 79,850 35 65,186 67,334 8,525 8,068 5,369 4,945 24.0 (7.9) 14.9 16.1 9.6 10.1 2.4 2.2 2.9 2.6 17.2 14.4 9.9 8.1 11.7 11.9

Kalbe Farma KLBF IJ Equity KLBF IJ BUY 1,530 2,000 46,875 43.3 71,719 56 17,369 18,509 2,761 2,993 2,065 2,255 7.6 9.2 34.7 31.8 22.6 20.8 7.6 6.7 1.2 1.6 23.6 22.4 17.4 17.1 30.3 27.4

Indofood Sukses Makmur INDF IJ Equity INDF IJ BUY 4,965 5,800 8,780 49.9 43,595 51 63,594 66,860 6,874 7,018 3,885 3,745 55.2 (3.6) 11.2 11.6 6.6 6.8 1.7 1.6 4.4 4.2 15.7 14.1 4.7 4.1 8.3 9.7

Indofood CBP Sukses MakmurICBP IJ Equity ICBP IJ BUY 12,125 15,650 5,831 19.5 70,700 23 30,022 33,279 3,063 3,796 2,604 3,124 17.0 20.0 27.1 22.6 21.8 17.7 5.0 4.5 1.6 1.9 19.5 20.9 11.3 11.6 26.5 26.4

Mayora Indah MYOR IJ Equity MYOR IJ BUY 26,500 28,800 894 66.9 23,700 1 14,169 14,666 891 1,598 404 933 (59.5) 131.1 58.7 25.4 21.2 12.8 5.8 4.9 0.9 0.8 10.3 21.3 4.0 8.8 18.9 6.1

Tempo Scan Pacific TSPC IJ Equity TSPC IJ BUY 1,600 2,000 4,500 22.6 7,200 1 7,512 8,220 636 640 579 575 (8.7) (0.7) 12.4 12.5 7.3 7.1 1.7 1.6 3.6 3.6 14.6 13.4 10.4 9.7 31.9 24.6

Sido Muncul SIDO IJ Equity SIDO IJ BUY 490 585 15,000 19.0 7,350 3 2,198 2,301 438 499 415 453 (8.0) 9.0 17.7 16.3 13.1 10.7 2.8 2.4 5.5 1.1 15.8 16.1 14.4 15.6 21.4 27.2

Nippon Indosari Corpindo ROTI IJ Equity ROTI IJ BUY 1,110 1,420 5,062 29.3 5,619 3 1,880 2,151 263 360 189 241 19.3 27.6 29.8 23.3 17.5 13.1 5.9 4.9 0.5 0.4 21.6 22.8 9.5 10.0 13.9 12.7

Kimia Farma KAEF IJ Equity KAEF IJ BUY 705 1,060 5,554 10.0 3,916 2 4,521 5,190 286 350 235 286 9.4 22.0 16.7 13.7 12.0 10.9 2.2 1.9 1.2 1.5 13.8 15.0 8.6 9.2 17.9 16.7

Siloam International Hospital SILO IJ Equity SILO IJ BUY 14,900 17,200 1,156 21.1 17,226 60 3,341 4,269 168 245 63 104 8.5 66.2 275.3 165.6 35.9 27.9 10.5 9.9 0.0 0.1 3.8 6.1 2.3 3.4 4.0 3.7

INDUSTRIAL ESTATES INDUSTRIAL ESTATES N 14,923 20 9,895 10,763 2,808 3,011 2,051 2,185 0.0 2.8 7.6 7.4 5.5 5.7 1.3 1.1 1.9 1.4 20.9 18.0 11.5 10.2 33.9 22.0

Kawasan Industri Jababeka KIJA IJ Equity KIJA IJ BUY 193 441 20,662 80.0 3,988 1.3 2,799.1 2,968.2 887.3 778.7 401.0 365.5 292.0 (9.3) 9.7 10.7 6.1 7.0 0.8 0.8 3.1 2.8 9.1 7.8 4.8 4.0 1.7 6.2

Bekasi Fajar Industrial EstateBEST IJ Equity BEST IJ BUY 282 520 9,647 42.0 2,721 9.1 840 839 472 526 391 364 (47.4) (6.8) 7.0 7.5 6.0 7.2 1.0 0.9 0.8 0.7 14.7 12.1 11.1 8.4 38.3 14.3

Surya Semesta Internusa SSIA IJ Equity SSIA IJ BUY 740 795 4,705 68.4 3,482 3.2 4,464 5,219 535 847 415 527 (39.9) 27.0 8.4 6.6 5.4 4.2 1.3 1.2 4.0 2.4 16.7 18.6 7.0 8.0 47.2 17.8

Lippo Cikarang LPCK IJ Equity LPCK IJ BUY 6,800 14,000 696 57.8 4,733 6.1 1,792 1,736 914 860 844 928 42.9 10.0 5.6 5.1 4.9 5.0 1.8 1.3 0.0 0.0 37.6 29.6 20.7 18.1 48.6 42.9

METALS METALS N 34,930 32 33,119 33,028 14,435 18,655 2,277 2,230 82.8 (19.5) 6.6 11.9 5.9 6.3 0.7 0.7 7.7 6.5 7.5 6.0 4.9 3.5 2.8 6.8

Vale Indonesia INCO IJ Equity INCO IJ* BUY 1,500 4,000 9,936 20.5 14,905 16.3 12,856.6 12,230.4 3,089.4 2,455.5 2,133.6 1,739.2 406.7 (22.8) 7.1 9.2 2.5 3.0 0.7 0.6 8.2 9.0 9.8 7.3 7.5 5.3 2.5 10.3

Aneka Tambang ANTM IJ Equity ANTM IJ BUY 493 910 9,538 35.0 4,702 8.9 9,421 10,540 (179) 143 (775) (139) (288.5) (81.5) na na 17.9 13.4 0.4 0.4 2.0 0.0 (6.3) (1.2) (3.5) (0.6) 2.7 (4.5)

Timah TINS IJ Equity TINS IJ REDUCE 605 500 7,448 35.0 4,506 4.8 7,371 6,259 925 208 638 125 (3.2) (83.0) 6.1 35.9 4.9 11.2 0.8 0.8 7.1 1.4 12.2 2.3 7.2 1.3 10.5 9.6

J Resources Asia Pasifik PSAB IJ Equity PSAB IJ* BUY 695 1,300 5,292 7.4 3,678 1.3 3,470 3,998 10,599 15,848 280 504 (193.5) 79.8 13.3 8.4 5.7 4.7 1.2 1.1 13.9 10.8 9.6 14.4 2.7 4.2 (5.3) 3.7

OIL & GAS OIL & GAS UW 86,845 126 74,163 77,110 15,256 14,681 10,656 9,938 (0.5) (10.0) 13.0 15.1 7.5 8.3 2.3 2.1 5.7 6.2 23.9 19.0 11.8 8.4 36.3 23.8

Perusahaan Gas Negara PGAS IJ Equity PGAS IJ* REDUCE 2,455 2,500 24,242 43.0 59,513 85 42,394 47,852 12,199 11,592 9,722 9,226 (4.7) (8.7) 6.3 6.9 3.4 3.3 1.8 1.5 7.6 8.2 28.6 23.5 15.1 10.7 49.3 31.2

AKR Corporindo AKRA IJ Equity AKRA IJ BUY 5,800 6,500 3,940 41.2 22,850 39 22,468 19,108 1,063 877 810 600 24.2 (25.9) 27.9 37.7 18.7 22.1 4.2 4.0 1.9 1.9 15.9 10.9 5.5 3.9 9.1 9.2

Medco Energy MEDC IJ Equity MEDC IJ* REDUCE 1,345 2,300 3,332 49.0 4,482 2 9,301.1 10,150.0 1,994 2,212 124 112 30.6 182.4 25.2 8.9 4.6 4.9 0.4 0.4 1.2 1.6 1.1 1.1 0.4 0.3 0.8 0.6

PLANTATIONS PLANTATIONS N 62,361 93 49,800 43,137 9,608 7,012 5,454 3,244 38.7 (53.2) 16.3 23.0 9.6 9.9 1.6 1.6 3.2 1.8 15.1 7.4 9.5 4.6 10.5 12.3

Astra Agro Lestari AALI IJ Equity AALI IJ REDUCE 17,300 12,700 1,575 20.3 27,243 21 16,306 15,637 3,722 2,215 2,504 1,142 39.0 (54.4) 10.9 23.9 7.0 10.5 2.4 2.3 4.1 1.9 23.5 9.9 14.9 5.8 16.6 18.4

Salim Ivomas Pratama SIMP IJ Equity SIMP IJ REDUCE 474 325 15,816 21.6 7,497 1 14,963 14,580 2,563 1,596 842 246 60.8 (70.8) 8.9 30.5 3.9 5.1 0.5 0.5 3.4 1.0 6.0 1.7 2.9 0.8 2.9 4.2

London Sumatra Indonesia LSIP IJ Equity LSIP IJ BUY 1,190 1,450 6,823 40.5 8,119 19 4,727 4,337 1,192 843 917 731 19.3 (20.3) 8.9 11.1 4.9 6.5 1.1 1.1 4.5 3.6 13.3 9.9 11.0 8.3 15.9 16.6

BW Plantation BWPT IJ Equity BWPT IJ REDUCE 288 230 31,525 29.4 9,079 50 2,264 3,484 354 862 189 430 (1,210.4) 127.0 47.9 21.1 30.3 13.3 1.3 1.3 0.0 0.0 4.2 2.6 1.6 2.6 (0.4) 2.0

Austindo Nusantara Jaya ANJT IJ Equity ANJT IJ* REDUCE 1,605 540 3,335 10.0 5,353 1 1,961 1,943 440 253 228 128 (15.5) (50.5) 21.0 42.3 7.0 14.3 1.5 1.5 2.2 1.2 5.0 6.1 4.4 1.9 8.3 5.3

Sampoerna Agro SGRO IJ Equity SGRO IJ BUY 1,385 1,900 1,890 33.0 2,618 1 3,242 3,156 542 449 340 245 185.7 (28.0) 7.7 10.7 5.4 6.5 0.9 0.8 1.1 4.7 12.1 8.1 6.8 4.3 3.3 8.2

Tunas Baru Lampung TBLA IJ Equity TBLA IJ BUY 459 750 5,342 45.6 2,452 0 6,338 6,248 795 795 433 322 456.5 (31.5) 5.2 7.6 5.0 5.0 1.0 0.9 3.5 3.5 20.5 12.5 6.4 4.4 2.2 9.1

POULTRY POULTRY N 35,899 16 58,111 63,427 3,919 4,672 1,994 1,975 (37.6) 13.4 15.6 26.5 11.9 9.1 2.5 2.2 2.3 1.5 14.2 14.4 8.1 7.9 21.9 10.4

Charoen Pokphand IndonesiaCPIN IJ Equity CPIN IJ BUY 1,835 2,550 16,398 44.5 30,090 15 29,150 32,909 2,628 3,416 1,747 1,987 (31.0) 13.7 17.2 15.1 11.7 9.3 2.8 2.4 2.5 1.7 16.7 17.2 9.5 9.4 24.3 12.3

Japfa Comfeed Indonesia JPFA IJ Equity JPFA IJ BUY 345 480 10,661 42.5 3,678 1 24,459 25,640 1,276 1,061 332 (21) (44.2) (106.2) 11.1 na 5.8 6.6 0.8 0.8 1.8 0.0 6.9 (0.4) 2.2 (0.1) 6.3 3.1

Malindo Feedmill MAIN IJ Equity MAIN IJ BUY 1,190 1,500 1,791 44.1 2,131 0 4,502.1 4,878.0 15 195 (85) 9 na na na 231.9 26.3 11.4 1.9 1.9 0.0 0.1 (8.7) 0.8 (3.0) 0.3 15.2 (3.8)

PROPERTY PROPERTY UW 122,093 228 43,922 48,134 15,906 16,867 14,054 11,707 60.4 (17.7) 9.1 11.7 9.0 9.1 2.0 1.8 2.0 2.1 26.6 17.5 10.8 7.1 22.7 22.2

Bumi Serpong Damai BSDE IJ Equity BSDE IJ HOLD 1,465 2,020 19,247 38.1 28,196 28 5,572 6,609 2,632 3,226 3,821 2,627 35.2 (34.1) 7.0 10.7 10.6 9.2 1.7 1.6 1.4 1.8 29.8 15.9 15.1 8.4 35.7 28.8

Lippo Karawaci LPKR IJ Equity LPKR IJ REDUCE 1,125 1,000 23,078 100.0 25,962 65 11,655 9,160 3,277 2,205 2,547 1,530 110.2 (39.9) 10.1 16.7 8.8 13.2 1.6 1.6 2.4 1.5 17.9 9.5 7.4 3.9 7.7 12.5

Pakuwon Jati PWON IJ Equity PWON IJ REDUCE 365 425 48,160 42.4 17,578 38 3,872 5,398 1,890 2,630 2,516 2,208 122.1 (12.2) 7.0 8.0 8.7 6.2 2.8 2.2 2.9 2.5 50.1 31.4 19.3 12.4 27.7 41.5

Summarecon Agung SMRA IJ Equity SMRA IJ HOLD 1,330 1,600 14,427 67.7 19,188 35 5,334 5,835 1,772 1,726 1,394 1,181 26.4 (15.2) 13.8 16.2 11.1 11.3 3.2 2.8 1.7 2.2 28.1 20.1 9.6 7.1 32.8 22.2

Ciputra Development CTRA IJ Equity CTRA IJ BUY 870 1,400 15,166 69.2 13,194 13 6,344 7,570 2,204 2,456 1,325 1,500 35.7 13.2 10.0 8.8 6.0 5.4 1.8 1.5 0.9 1.8 19.2 18.5 6.1 6.0 19.5 18.7

Alam Sutera ASRI IJ Equity ASRI IJ BUY 350 720 19,649 48.3 6,877 36 3,631 4,551 1,908 2,337 1,097 1,294 25.2 18.2 6.3 5.3 6.4 5.5 1.1 1.0 3.2 3.7 19.5 19.4 7.0 7.2 12.6 10.6

Agung Podomoro Land APLN IJ Equity APLN IJ REDUCE 326 380 20,501 29.9 6,683 5 5,297 5,673 1,430 1,352 855 737 0.4 (13.8) 7.8 9.1 5.2 6.4 1.0 1.0 2.6 2.2 14.0 11.0 3.9 2.8 11.1 10.3

Ciputra Property CTRP IJ Equity CTRP IJ BUY 382 790 6,150 43.7 2,349 1 1,662 1,794 667 515 394 327 (6.6) (17.2) 6.0 7.2 5.7 8.2 0.5 0.5 5.0 4.2 9.4 7.4 4.8 3.4 9.6 6.9

PP Property PPRO IJ Equity PPRO IJ BUY 147 250 14,044 100.0 2,065 8 555 1,545 128 419 106 301 115.4 84.6 12.7 6.9 15.9 5.8 1.3 0.8 0.0 1.5 10.8 16.8 5.1 7.9 5.5 10.6

SHIPPING SHIPPING N 5,523 3 5,457 6,200 1,436 1,638 883 1,092 25.5 4.3 5.5 5.5 6.1 5.2 2.0 1.2 0.7 4.3 25.6 23.2 9.0 10.2 10.0 11.1

Soechi Lines SOCI IJ Equity SOCI IJ BUY 453 630 7,059 15.0 3,198 2 1,579 2,099 553 669 411 572 (13.5) (15.1) 4.8 5.6 7.3 6.2 0.7 0.9 0.0 4.4 17.8 17.1 8.2 9.4 11.9 9.5

Pelayaran Tempuran Emas TMAS IJ Equity TMAS IJ BUY 1,440 3,000 1,141 11.8 1,643 0 1,687 1,819 324 395 203 258 187.7 27.5 8.1 6.4 5.1 4.4 5.3 2.3 0.0 3.9 46.8 41.2 12.3 14.4 5.8 16.0

Wintermar Offshore Marine WINS IJ Equity WINS IJ HOLD 169 700 4,038 42.4 682 0 2,191 2,282 560 573 269 262 (20.6) (13.8) 2.5 2.9 2.6 2.6 0.3 0.2 5.9 5.2 10.9 8.7 4.5 4.0 10.9 6.8

STEEL STEEL UW 4,843 2 23,146 22,877 (1,340) (1,267) (1,855) (1,556) na (22.7) na na (36.5) (163.4) 0.5 0.5 0.0 0.0 (15.7) (14.4) (8.2) (6.4) (0.9) (7.9)

Krakatau Steel KRAS IJ Equity KRAS IJ* REDUCE 307 350 15,775 20.0 4,843 2 23,146 22,877 (1,340) (1,267) (1,855) (1,556) na (22.7) na na (36.5) (163.4) 0.5 0.5 0.0 0.0 (15.7) (14.4) (8.2) (6.4) (0.9) (7.9)

TELCOS TELCOS OW 343,516 229 170,388 188,901 35,708 38,701 13,295 16,678 53.7 17.2 20.0 16.0 7.0 6.5 4.3 3.7 2.5 3.0 18.8 19.8 8.6 9.3 17.7 16.4

Telekomunikasi Indonesia TLKM IJ Equity TLKM IJ BUY 2,730 3,675 100,800 48.8 275,184 202 89,696 98,258 28,713 31,143 14,638 16,382 3.0 11.9 18.8 16.8 6.1 5.8 4.1 3.6 3.2 3.9 22.9 22.9 10.8 11.1 23.1 21.1

XL Axiata EXCL IJ Equity EXCL IJ BUY 2,505 3,900 8,541 33.6 21,396 10 23,460 23,488 1,782 974 (775) (1,042) na (34.5) na na 5.1 5.4 1.5 1.6 0.0 0.0 (5.3) (7.7) (1.5) (1.7) 3.4 (2.3)

Sarana Menara Nusantara TOWR IJ Equity TOWR IJ BUY 4,040 5,100 10,203 61.2 41,220 1 4,106.2 4,699.5 2,335 2,725 841 1,502 398.9 78.7 49.0 27.4 14.2 12.3 8.8 6.7 0.0 0.0 20.2 27.9 5.1 8.7 1.5 7.2

Indosat ISAT IJ Equity ISAT IJ BUY 3,700 6,000 5,434 20.7 20,106 1.3 24,085.1 28,095.3 1,833.2 2,615.8 (1,987.2) (900.3) 29.7 54.7 na na 4.0 3.4 1.5 1.6 0.0 0.5 (13.3) (6.8) (3.7) (1.7) (7.6) (5.6)

Tiphone Mobile Indonesia TELE IJ Equity TELE IJ BUY 795 1,060 7,121 17.8 5,661 3 14,590 18,964 507 587 305 372 3.4 22.1 18.3 15.0 12.8 12.2 2.2 2.0 1.4 1.7 15.7 14.1 7.2 7.1 18.1 10.2

Erajaya Swasembada ERAA IJ Equity ERAA IJ HOLD 464 940 2,900 39.7 1,346 12 14,451 15,395 409 455 212 260 (39.3) 22.7 6.4 5.2 6.1 5.4 0.5 0.4 6.3 7.7 7.4 8.5 3.8 4.1 10.3 5.2

Anabatic Technologies ATIC IJ Equity ATIC IJ BUY 670 800 1,875 100.0 1,256 0 2,570 3,028 129 201 61 104 60.4 39.2 16.4 11.8 12.3 6.8 3.8 1.6 0.0 1.5 25.8 20.5 3.2 4.5 7.2 7.9

TRANSPORTATION TRANSPORTATION UW 18,164 5 6,789 7,874 1,520 1,627 896 985 (49.2) (0.4) 18.6 18.9 9.7 8.6 3.8 3.7 4.2 2.0 29.4 20.8 11.2 10.6 24.3 17.2

Blue Bird BIRD IJ Equity BIRD IJ REDUCE 6,500 5,500 2,502 15.0 16,264 1 4,759 5,581 1,053 1,161 735 840 (49.6) (0.0) 19.3 19.4 10.2 9.1 4.0 4.0 4.5 2.1 31.5 22.2 12.1 11.5 26.1 18.6

Express Transindo Utama TAXI IJ Equity TAXI IJ REDUCE 710 520 2,146 49.0 1,523 3 890 964 283 254 118 90 (10.9) (23.9) 12.9 16.9 5.9 5.4 1.7 1.6 1.4 1.1 14.0 9.7 4.6 2.9 9.5 6.2

Adi Sarana Armada ASSA IJ Equity ASSA IJ BUY 111 140 3,398 37.7 377 0 1,140 1,329 184 212 43 55 (53.4) 28.7 8.8 6.8 3.8 3.3 0.5 0.4 2.8 4.4 5.2 6.4 1.8 2.1 5.1 2.0

Market Market N 3,032,538 705,505 1,646,014 1,749,855 300,376 307,515 205,710 206,280 9.8 0.2 19.1 19.0 9.8 8.9 12.3 8.5 2.7 2.5 31.0 32.0 11.4 10.8 23.7 27.9

Note: *USD reporting

OW: Overweight, N: Neutral, UW: Underweight

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

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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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Actual and upcoming rights issues, 2011-2013 No Code Ex-rights date Company name Industry Amount (IDRbn)

1 BMRI

01/26/11 Bank Mandiri Banks 11,684 2 AMRT 01/24/11 Sumber Alfaria Trijaya Retail 1,039

3 BBKP 01/20/11 Bank Bukopin Banks 1,066

4 PBRX 01/24/11 Pan Brothers Textile 433

5 EPMT 02/01/11 Enseval Putra Megatrading Pharmacy distribution 300

6 ABDA 04/28/11 Asuransi Bina Dana Arta Insurance 144

7 INDS 05/16/11 Indospring Automotive components 188

8 UNTR 06/03/11 United Tractors Heavy equipment 6,100

9 DOID 06/27/11 Delta Dunia Makmur Mining contracting 1,200

10 BVIC 06/27/11 Bank Victoria Banks 199

11 IMAS 07/01/11 Indomobil Sukses Internasional Automotive 2,770

12 KREN 07/08/11 Kresna Graha Securindo Financial 106

13 APIC 07/05/11 Pasific Strategic Financial Financial 286

14 LPPS 07/06/11 Lippo Securities Finance 206

15 BDMN 09/28/11 Bank Danamon Banks 4,998

16 AISA 10/02/11 Tiga Pilar Sejahtera Food Consumer 702

17 AMAG 10/04/11 Asuransi Multi Artha Guna Insurance 215

18 KIJA 10/14/11 Kawasan Industri Jababeka Construction 1,509

19 BEKS 10/21/11 Bank Pundi Indonesia Banks 500

20 CFIN 10/24/11 Clipan Finance Financing 469

21 PNLF 11/03/11 Panin Financial Financial 499

22 DKFT 12/02/11 Central Omega Resources Mining 984

23 PWON 12/09/11 Pakuwon Jati Property 1,304

24 PSAB 12/23/11 J Resources Asia Pasifik Trading 1,444

25 MDLN 12/23/11 Moderland Realty Property 802

26 MASA 12/28/11 Multistrada Arah Sarana Automotive components 1,500

2011 total 40,647 27 FREN 02/16/12 Smartfren Telecom Telecommunication 1,336

28 BSIM 06/25/12 Bank Sinarmas Banks 305

29 AMRT 03/12/12 Sumber Alfaria Trijaya Retail 1,030

30 KIAS 02/24/12 Keramika Indonesia Asosiasi Ceramics, Glass, Porcelain 863

31 RAJA 05/08/12 Rukun Raharja Energy 230

32 SUGI 05/11/12 Sugih Energy Energy 2,427

33 NISP 05/30/12 Bank OCBC NISP Banks 1,507

34 TRIO 06/26/12 Trikomsel Oke Retail 267

35 SMMT 06/26/12 Golden Eagle Energy Energy 410

36 ITTG 07/05/12 Leo Investments Financial 102

37 MCOR 07/06/12 Bank Windu Kentjana International Banks 105

38 SUPR 08/16/12 Solusi Tunas Pratama Towers 648

39 BEKS 09/07/12 Bank Pundi Indonesia Banks 300

40 MDRN 10/29/12 Modern International Retail 528

41 BBNT 11/19/12 Bank Tabungan Negara Banks 1,868

42 COWL 11/20/12 Cowell Development Construction 906

43 BNLI 11/30/12 Bank Permata Banks 1,996

44 INPC 11/30/12 Bank Arta Graha International Banks 501

45 MYOH 12/18/12 MYOH Technology Telecommunication 610

46 BIPP 12/10/12 Bhuwanatala Indah Permai Property 171

47 HOME 12/11/12 Hotel Mandarine Regency Property 103

48 CNKO 12/14/12 Exploitasi Energi Indonesia Coal 2,355

49 SRAJ 12/19/12 Sejahteraraya Anugrahjaya Shipping 1,439

50 INCF Amstelco Indonesia Financial 5,091

2012 total 25,098 51 CENT 02/01/13 Centrin Online Retail 685

52 TKGA 03/08/13 Toko Gunung Agung Retail 480

53 TRIM 04/08/13 Trimegah Securities Finance 276

54 AUTO 04/25/13 Astra Otoparts Misc. Industry 2,988

55 BBNP 05/13/13 Bank Nusantara Parahyangan Banking 296

56 DNET 06/03/13 Dyviacom Intrabumi Trade 7,000

57 BKSW 06/04/13 Bank QNB Kesawan Banking 649

58 KPIG 06/11/13 MNC Land Construction 2,443

59 HERO 06/14/13 Hero Supermarket Retail 2,980

60 INDS 07/01/13 Indospring Trade 357

61 JKON 07/02/13 Jaya Konstruksi Manggala Pratama Construction 457

62 AGRO 07/04/13 Bank Rakyat Indonesia Agroniaga Banking 450

63 BNII 07/05/13 Bank International Indonesia Banking 1,501

64 WEHA 07/08/13 Panorama Transportasi Infrastructure 75

65 INDX 07/08/13 Tanah Laut Infrastructure 69

66 BACA 08/07/13 Bank Capital Indonesia Banking 204

2013 total 20,910

Grand total 86,655 Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today)

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Fakhrul Fulvian

fakhrul.fulvian@bahana.co.idEconomistext 3602

Melvin Mikha Reminov

melvin@bahana.co.idResearch Associate

ext 3621

Research: +62 21 250 5081

Harry Suharry.su@bahana.co.id

Senior Associate DirectorHead of Research

Strategy, Consumer

ext 3600direct: +62 21 250 5735

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

Teguh Hartanto

teguh.hartanto@bahana.co.idAssociate Director

Deputy Head of Research

Banks, Cement, Aviationext 3610

Leonardo Henry Gavaza, CFAleonardo@bahana.co.id

Senior Research ManagerAuto, Heavy equipment, Telco

ext 3608

Chandra Widjanarka

chandra.widjanarka@bahana.co.idTechnical Analyst

ext 1252

+62 21 250 5508 (Domestic Institutional)

Ashish Agrawal

ashish@bahana.co.idVice President

Institutional Equity Salesext 2550 / 2553

Reynard Poernawan

reynard@bahana.co.idInstitutional Equity Sales

ext 2528

John M. Dasaad

dasaad@bahana.co.idEquity Sales

ext 2549

Yohanes Adhi Handoko

yohanes@bahana.co.idManager, Surabaya Branch

ext 7250

Suwardi Widjaja

Suwardi@bahana.co.idEquity Sales

ext 2548

Amelia Husada

amelia@bahana.co.idVice President

Institutional Equity Salesext 2552

Michael W Setjoadi michael@bahana.co.id

Research AnalystConsumer, Healthcare, Poultry

ext 3613

Nurul Farida

nurul@bahana.co.idEquity Sales

ext 2543

Adrian Mahendra Putra

adrian@bahana.co.idResearch AnalystIndustrial Estate

ext 3614

Hanna Marionda

hanna@bahana.co.idSales Trader

ext 2525

Adriana Kosasih

adri@bahana.co.idSales Executive

ext 2541

Ari Santosa

ari.santosa@bahana.co.idSales Trader

ext 2554

Adi Saputra

adi.saputra@bahana.co.idMacro & Fixed Income Associate

ext 3693

Robin Sutanto

robin@bahana.co.idResearch Analyst

Propertyext 3620

Agustinus Reza Kirana

agustinus.reza@bahana.co.idResearch Analyst

Plantations, Shipping, Transportationext 3616

Bob Setiadibob.setiadi@bahana.co.id

Research AnalystCement, Infratructure,Toll roads

ext 3605

Muhammad Wafi

wafi@bahana.co.idTechnical Analyst

ext 3609

+62 31 535 2788 (Surabaya Branch)

Arandi Ariantaraarandi@bahana.co.id

Research AnalystCoal, Metals, Oil & Gas

ext 3619

Edy Sujosoedy.sujoso@bahana.co.id

Head of Equity Sales & TradingInstitutional Equity Sales

ext 2545

Made Ayu Wijayati

made.ayu@bahana.co.idResearch Executive

ext 3607

Sanni Satrio Dwi Utomo

sanni@bahana.co.idResearch Associate

ext 3611

Andre Natala Susanto

andre@bahana.co.idResearch Associate

ext 3601

Bagus Adi Yoga Prawira

yoga.prawira@bahana.co.idResearch AnalystConsumer, Media

ext 3604

Zefanya Halim

zefanya@bahana.co.idCA Manager

ext 3612

Novianty Permata Sari

novianty@bahana.co.idCA

ext 3618

Renaldy Effendy

renaldy@bahana.co.idResearch Associate

ext 3606

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

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

2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

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

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

Daiwa Securities Group Inc., its subsidiaries or affiliates, or its or their respective directors, officers and employees from time to time may have trades as principals, or have positions in, or have other interests in the securities of the company under research including market making activities, derivatives in respect of such securities or may have also performed investment banking and other services for the issuer of such securities. The following are additional disclosures.

Ownership of Securities

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

Investment Banking Relationship

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

Japan

Daiwa Securities Co. Ltd. and Daiwa Securities Group Inc.

Daiwa Securities Co. Ltd. is a subsidiary of Daiwa Securities Group Inc.

Investment Banking Relationship

Within the preceding 12 months, The subsidiaries and/or affiliates of Daiwa Securities Group Inc. * has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: Modern Land (China) Co. Ltd (1107 HK); econtext Asia Ltd (1390 HK); Accordia Golf Trust (AGT SP); Hua Hong Semiconductor Ltd (1347 HK); GF Securities Co Ltd (1776 HK); Mirae Asset Life Insurance Co Ltd (085620 KS).

*Subsidiaries of Daiwa Securities Group Inc. for the purposes of this section shall mean any one or more of:

• Daiwa Capital Markets Hong Kong Limited (大和資本市場香港有限公司)

• Daiwa Capital Markets Singapore Limited

• Daiwa Capital Markets Australia Limited

• Daiwa Capital Markets India Private Limited

• Daiwa-Cathay Capital Markets Co., Ltd.

• Daiwa Securities Capital Markets Korea Co., Ltd

Disclosure of Interest of Bahana Securities

Investment Banking Relationship

Within the preceding 12 months, Bahana Securities has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: J Resources Asia Pasific Tbk PT (PSAB IJ); 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).

Hong Kong

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

Relevant Relationship (DHK)

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

Singapore

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

Australia

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

India

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

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

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 12

2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

Taiwan

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

Philippines

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

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

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

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

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

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

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

United Kingdom

This research report is produced by Daiwa Capital Markets Europe Limited 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, Eurex and NYSE Liffe.

This publication is intended for investors who are not Retail Clients in the United Kingdom within the meaning of the Rules of the FCA and should not therefore be distributed to such Retail Clients in the United Kingdom. Should you enter into investment business with Daiwa Capital Markets Europe’s affiliates outside the United Kingdom, we are obliged to advise that the protection afforded by the United Kingdom regulatory system may not apply; in particular, the benefits of the Financial Services Compensation Scheme may not be available.

Daiwa Capital Markets Europe Limited has in place organisational arrangements for the prevention and avoidance of conflicts of interest. Our conflict management policy is available at http://www.uk.daiwacm.com/about-us/corporate-governance-regulatory.

Germany

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

Bahrain

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

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

United States

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

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

PT.Bahana Securities’ or DCMA’s views at any time. Neither PT.Bahana Securities, DCMA nor the preparer has any obligation to update this report or to continue to prepare research on this subject. This report is not an offer to sell or the solicitation of any offer to buy securities. Unless this report

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

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

financial situation and needs. This report does not recommend to U.S. recipients the use of any of PT.Bahana Securities’ or DCMA’s non-U.S.

affiliates to effect trades in any security and is not supplied with any understanding that U.S. recipients of this report will direct commission business to

such non-U.S. entities. Unless applicable law permits otherwise, non-U.S. customers wishing to effect a transaction in any securities referenced in this

material should contact a Daiwa entity in their local jurisdiction. Most countries throughout the world have their own laws regulating the types of

securities and other investment products which may be offered to their residents, as well as a process for doing so. As a result, the securities

discussed in this report may not be eligible for sales in some jurisdictions. Customers wishing to obtain further information about this report should

contact DCMA: Daiwa Capital Markets America Inc., Financial Square, 32 Old Slip, New York, New York 10005 (Tel no. 212-612-7000).

Ownership of Securities

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

Investment Banking Relationships

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

DCMA Market Making

For “DCMA Market Making” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action.

Research Analyst Conflicts

For updates on “Research Analyst Conflicts” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. The

principal research analysts who prepared this report have no financial interest in securities of the issuers covered in the report, are not (nor are any

members of their household) an officer, director or advisory board member of the issuer(s) covered in the report, and are not aware of any material

relevant conflict of interest involving the analyst or DCMA, and did not receive any compensation from the issuer during the past 12 months except as

noted: no exceptions.

Research Analyst Certification

For updates on “Research Analyst Certification” and “Rating System” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. The views about any and all of the subject securities and issuers expressed in this

Research Report accurately reflect the personal views of the research analyst(s) primarily responsible for this report (or the views of the firm

producing the report if no individual analysts[s] is named on the report); and no part of the compensation of such analyst(s) (or no part of the

compensation of the firm if no individual analyst[s)] is named on the report) was, is, or will be directly or indirectly related to the specific

recommendations or views contained in this Research Report.

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

2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

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.

Additional information may be available upon request.

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

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

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

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

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

each transaction.

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

a non-resident of Japan.

For derivative and margin transactions etc., we may require collateral or margin requirements in accordance with an agreement made beforehand with you. Ordinarily in such cases, the amount of the transaction will be in excess of the required collateral or margin requirements.

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

rates, exchange rates, stock prices, real estate prices, commodity prices, and others. In addition, depending on the content of the transaction, the loss

could exceed the amount of the collateral or margin requirements.

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

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

as certified public accountants.

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

market conditions and the content of each transaction etc.

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

Corporate Name: Daiwa Securities Co. Ltd.

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

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

Japan Securities Investment Advisers Association

Type II Financial Instruments Firms Association