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Equity SNAPSHOT Tuesday, June 13, 2017

Danareksa Sekuritas – Equity SNAPSHOT

MARKET NEWS

Macroeconomy

▪ BI expects 2017 inflation to 4.36%

Sector ▪ Consumer sector: Garuda Food targets 25% sales growth this

year Corporate

▪ Agung Podomoro: records IDR500bn of marketing sales up to June 2017

▪ Ciputra Development: launches four new projects

▪ Jababeka to start designing the Morotai Special Economic Zone ▪ Waskita Karya: Plans to divest a 22% stake in Waskita Toll Road

KEY INDEX

Close

Chg Ytd Vol

(%) (%) (US$ m)

Asean - 5

Indonesia 5,691 0.3 7.5 228

Thailand 1,564 (0.2) 1.4 910

Philippines 7,990 0.4 16.8 153

Malaysia 1,789 0.2 9.0 508

Singapore 3,248 (0.2) 12.8 685

Regional China 3,140 (0.6) 1.2 33,059

Hong Kong 25,708 (1.2) 16.9 11,292

Japan 19,872 (0.2) 4.0 891

Korea 2,369 0.5 16.9 5,118

Taiwan 10,110 (0.9) 9.3 2,976

India 31,096 (0.5) 16.8 509

NASDAQ 6,175 (0.5) 14.7 137,119

Dow Jones 21,236 (0.2) 7.5 12,090

CURRENCY AND INTEREST RATE

Rate

w-w m-m ytd

(%) (%) (%)

Rupiah Rp/1US$ 13,308 (0.2) 0.2 1.2

SBI rate % 5.90 - - (1.3)

10y Gov Indo bond 6.90 (0.0) (0.2) (1.1)

HARD COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Coal US$/ton 79 - 7.9 (10.1)

Gold US$/toz 1,265 (0.1) 3.0 9.8

Nickel US$/mt.ton 8,736 (2.1) (5.8) (12.3)

Tin US$/mt.ton 19,180 1.3 (4.0) (9.5)

SOFT COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Cocoa US$/mt.ton 2,056 2.5 3.2 (4.3)

Corn US$/mt.ton 137 (2.9) 1.3 5.9

Oil (WTI) US$/barrel 46 0.3 (3.4) (14.0)

Oil (Brent) US$/barrel 48 0.2 (4.8) (14.8)

Palm oil MYR/mt.ton 2,694 (1.6) (2.8) (15.8)

Rubber USd/kg 142 1.3 (4.2) (26.4)

Pulp US$/tonne 879 N/A 4.0 8.7

Coffee US$/60kgbag 125 0.3 4.1 (13.7)

Sugar US$/MT 410 (1.6) (7.2) (21.7)

Wheat US$/ton 119 0.7 1.0 0.7

Source: Bloomberg



MACROECONOMY BI expects 2017 inflation to reach 4.36%

Bank Indonesia Governor, Agus Martowardojo, expects inflation in 2017 to reach 4.36% yoy, or higher than the rate at the end of 2016 of 3.02%. Most of the inflation is due to heightened pressures in the administered prices

group. The 2017 inflation forecast of 4.36% made in May is lower than the forecast made in April of 4.6%. The central bank believes that inflationary pressures from administered prices - especially from hikes in most 900 VA

electricity household tariffs - will not be as severe as previously thought. (Kontan)

SECTOR

Consumer sector: Garuda Food targets 25% sales growth this year Garuda Food targets 25% yoy sales growth this year, supported by increasing demand for biscuits and snacks.

The company reported that 1Q17 revenues were up by 18% yoy. Approaching Lebaran, the company expects

sales to increase by 25% yoy. Garuda Food is optimistic that it will meet this year’s target through production improvements in addition to better product quality, product innovation and more effective promotions. Previously,

the Indonesian Association of Food and Beverages (GAPMMI) estimated that the industry would book 8.5% yoy growth, or similar to last year’s growth of 8.4% yoy. (Bisnis Indonesia)

CORPORATE

Agung Podomoro: records IDR500bn of marketing sales up to June 2017

Agung Podomoro (APLN) has obtained marketing sales of IDR500bn up to June 2017. The sales have been supported by several projects, namely Podomoro Golf View, Podomoro Deli Medan, Borneo Bay City, and Orchard Park. The

sales up to June are only 15% of the company’s full year target of IDR3.5tn. Nonetheless, the company is still optimistic that it can achieve this year’s marketing sales target, supported by the sale of mixed-use projects in

Medan. The construction progress of this project has now reached the topping-off stage. (Kontan, Bisnis Indonesia)

Ciputra Development: launches four new projects

Ciputra Development (CTRA) is set to launch four new projects in 2H17, namely the Newton 2 (23,000sqm), the Suites Apartment (1,300sqm), Citra Plaza Batam (70,000sqm) and Sadana Ciputra Beach Resort in Bali. (Bisnis

Indonesia)

Jababeka to start designing the Morotai Special Economic Zone

Jababeka (KIJA), through its subsidiary Morotai Jababeka, has started to design the Morotai Special Economic Zone. According to KIJA’s management, the company has acquired 60% of the land or around 1,250ha. The investment

needed to develop this economic zone is expected to reach IDR6.8tn. To develop the project, KIJA is seeking a strategic partner. In the first phase of the development, KIJA will build 10,000 mid-class residential units and 10,000

hotel rooms. (Bisnis Indonesia)

Waskita Karya: Plans to divest a 22% stake in Waskita Toll Road

Waskita Karya (WSKT) plans to conduct a tender offer for the divestment of a 22% stake in Waskita Toll Road (WTR) and several toll road assets. The tender will open on 15 Aug 17. So far, at least 14 investors have

expressed an interest in participating in the tender offer. WSKT hopes to raise IDR7.0-8.0tr from the sale of a

22% stake in WTR and the sale of 4 toll roads. The toll roads, which will be offered through private placement, are: Kanci – Pejagan, Pejagan – Pemalang, Pemalang – Bantang, and Probolinggo – Pasuruan. WSKT currently

has a 70.9% stake in WTR with a 16.8% stake owned by Taspen and a 12.4% stake held by SMI. (Investor Daily)

MARKET NEWS


DANAREKSA VALUATION GUIDE

Rating Price (Rp) Price Mkt Cap

Target Rp Bn 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2017 2018

Danareksa Universe 3,481,237 186,408 213,487 285.3 326.7 16.2% 14.5% 18.7 16.3 20.9 18.7 2.8 2.5 15.7 16.2

Auto 353,219 18,975 22,003 381.6 442.5 25.2% 16.0% 18.6 16.1 13.4 11.3 2.3 2.0 12.8 13.4

Astra International HOLD 8,725 8,400 353,219 18,975 22,003 469 544 449 531 25.2% 16.0% 18.6 16.1 13.4 11.3 2.3 2.0 22.4 12.8 13.4

Banks 1,231,163 88,057 103,310 864.2 1,013.9 18.1% 17.3% 14.0 11.9 2.1 1.9 16.0 16.6

BCA BUY 17,750 18,300 437,626 22,682 25,017 920 1,015 920 1,015 10.1% 10.3% 19.3 17.5 N/A N/A 3.4 3.0 N/A 18.8 18.0

BNI HOLD 6,450 6,700 120,284 14,049 16,825 753 902 753 902 23.9% 19.8% 8.6 7.1 N/A N/A 1.2 1.0 N/A 15.0 15.6

BRI BUY 14,625 15,000 360,786 30,046 33,756 1,218 1,368 1,218 1,368 14.7% 12.3% 12.0 10.7 N/A N/A 2.1 1.9 N/A 19.1 18.8

Bank Tabungan Negara BUY 2,570 2,400 27,216 2,941 3,120 278 295 278 295 12.3% 6.1% 9.3 8.7 N/A N/A 1.3 1.2 N/A 14.6 14.0

Bank Mandiri HOLD 12,225 11,500 285,250 18,340 24,591 786 1,054 786 1,054 32.8% 34.1% 15.6 11.6 N/A N/A 1.7 1.6 N/A 11.7 14.2

Cement 152,406 5,871 5,904 301 303 -32.1% 0.6% 26.0 25.8 13.6 13.4 2.5 2.4 9.9 9.5

Indocement SELL 17,950 13,000 66,078 2,514 2,484 683 675 677 669 -35.1% -1.2% 26.3 26.6 14.3 14.4 2.4 2.4 net cash 9.5 9.1

Semen Indonesia HOLD 9,650 8,600 57,239 3,169 3,238 534 546 508 518 -29.9% 2.2% 18.1 17.7 9.5 9.3 1.9 1.8 7.4 10.7 10.3

Semen Baturaja SELL 2,940 390 29,089 188 182 19 19 19 18 -27.3% -3.3% 153.5 158.8 62.6 59.6 8.9 8.6 17.9 5.9 5.5

Cigarettes 595,096 20,433 21,966 173 186 5.1% 7.5% 29.1 27.1 19.8 18.4 7.5 6.9 26.6 26.4

Gudang Garam HOLD 77,750 72,900 149,598 7,303 7,787 3,796 4,047 3,796 4,047 9.4% 6.6% 20.5 19.2 12.7 11.8 3.3 3.0 34.0 17.3 16.3

HM Sampoerna HOLD 3,830 3,850 445,498 13,130 14,180 113 122 112 120 2.9% 8.0% 33.9 31.4 25.1 23.1 12.8 12.4 net cash 38.1 40.0

Construction 132,640 8,734 11,125 117 149 27.3% 27.4% 15.2 11.9 8.8 7.0 2.1 1.8 14.7 16.3

Wijaya Karya BUY 2,210 2,800 19,824 1,225 1,783 137 199 137 199 21.0% 45.5% 16.2 11.1 5.9 4.2 1.6 1.4 net cash 10.4 13.7

Pembangunan Perumahan BUY 3,090 5,700 19,158 1,295 1,570 209 253 233 283 33.9% 21.2% 14.8 12.2 7.3 6.0 3.0 2.5 net cash 22.5 22.6

Adhi Karya BUY 2,200 3,500 7,834 986 1,292 292 382 303 404 40.2% 31.1% 7.5 5.8 4.4 3.5 1.0 0.8 8.4 13.7 14.1

Waskita Karya BUY 2,210 3,700 29,998 2,344 3,501 173 258 173 258 38.9% 49.3% 12.8 8.6 9.2 5.9 2.3 1.9 16.3 19.5 24.1

Waskita Beton BUY 480 770 12,653 788 954 30 36 30 36 44.1% 21.1% 16.1 13.3 10.4 7.6 1.7 1.5 net cash 10.7 11.9

Wika Beton BUY 665 1,100 5,796 349 420 42 50 42 50 28.3% 20.2% 15.9 13.2 10.1 8.5 2.2 1.9 17.1 13.7 14.8

Jasa Marga BUY 5,150 6,300 37,378 1,747 1,606 257 236 261 240 4.4% -8.1% 20.0 21.8 12.2 11.2 2.8 2.6 162.3 14.0 11.6

Consumer 583,914 17,509 19,958 338 385 11.7% 14.0% 33.3 29.3 22.5 19.9 8.7 7.8 27.5 28.0

Indofood CBP BUY 8,475 9,800 98,835 4,002 4,502 343 386 343 386 11.2% 12.5% 24.7 22.0 15.3 14.0 4.8 4.3 net cash 20.4 20.5

Indofood HOLD 8,475 8,650 74,414 4,506 5,098 517 580 512 569 9.2% 12.2% 16.4 14.6 13.3 11.8 2.4 2.2 47.2 14.9 15.5

Unilever HOLD 47,200 47,000 360,136 7,278 8,392 954 1,100 954 1,100 13.9% 15.3% 49.5 42.9 34.7 30.3 64.4 53.7 27.1 141.4 136.5

Kino Indonesia SELL 2,190 2,800 3,129 191 212 134 149 134 149 5.4% 11.2% 16.4 14.7 9.9 9.1 1.5 1.4 12.2 9.5 9.8

Mayora Indah HOLD 2,120 2,100 47,400 1,532 1,755 69 78 69 82 13.1% 14.5% 30.9 27.0 16.2 14.4 6.5 5.4 24.4 22.8 21.8

Healthcare 87,893 2,796 3,137 106 119 8.6% 12.4% 31.4 28.0 25.1 22.1 5.5 4.9 18.7 18.6

Kalbe Farma BUY 1,535 1,750 71,953 2,507 2,811 53 60 53 60 9.0% 12.1% 28.7 25.6 23.7 21.0 5.4 4.7 net cash 19.8 19.7

Kimia Farma SELL 2,870 1,510 15,940 289 326 52 59 52 59 8.1% 12.7% 55.1 48.9 33.1 28.5 6.5 5.8 24.6 12.4 12.6

Heavy Equipment 100,993 6,468 7,242 1,734 1,941 29.3% 12.0% 15.6 13.9 6.4 5.3 2.3 2.1 15.8 15.9

United Tractors HOLD 27,075 23,500 100,993 6,468 7,242 1,734 1,941 1,734 1,941 29.3% 12.0% 15.6 13.9 6.4 5.3 2.3 2.1 net cash 15.8 15.9

Mining 141,158 9,432 11,138 119 140 43.6% 18.1% 15.0 12.7 5.5 4.9 1.2 1.2 8.1 9.3

Adaro Energy BUY 1,540 1,900 49,258 4,282 4,588 134 143 134 143 18.4% 7.2% 11.5 10.7 4.0 3.5 1.2 1.2 1.5 10.3 10.8

Timah BUY 775 1,250 5,772 371 384 50 52 50 52 109.5% 3.5% 15.6 15.0 6.9 6.2 1.0 0.9 27.0 6.4 6.3

Vale Indonesia HOLD 1,890 2,800 18,780 380 540 38 54 38 54 1412.0% 42.0% 49.4 34.8 6.3 6.0 0.8 0.8 net cash 1.6 2.3

Aneka Tambang HOLD 705 900 16,942 (147) 207 (6) 9 (6) 9 -52.0% -240.6% (115.0) 81.8 20.3 18.1 0.9 0.9 27.0 (0.8) 1.2

Bukit Asam BUY 11,050 14,500 25,461 2,498 3,004 1,149 1,382 1,149 1,382 72.7% 20.3% 9.6 8.0 6.5 5.5 2.1 1.8 net cash 22.9 23.2

Indo Tambangraya Megah HOLD 17,100 15,800 19,322 1,661 1,913 1,470 1,693 1,470 1,693 21.8% 15.2% 11.6 10.1 4.4 4.1 1.6 1.6 net cash 14.1 15.9

Harum Energy SELL 2,080 2,000 5,624 388 501 144 185 144 185 55.8% 29.1% 14.5 11.2 4.1 3.1 1.4 1.4 net cash 9.9 12.3

Property 107,750 7,238 6,909 60 58 40.6% -4.6% 14.9 15.6 10.5 11.0 1.7 1.6 12.3 10.6

Alam Sutera HOLD 318 380 6,249 1,129 1,026 57 52 56 59 121.9% -9.2% 5.5 6.1 7.9 8.7 0.8 0.7 74.5 14.9 12.1

Bumi Serpong Damai BUY 1,765 2,200 33,970 3,115 1,947 162 101 203 137 73.4% -37.5% 10.9 17.4 8.6 12.1 1.4 1.4 14.3 14.1 8.0

Ciputra Development BUY 1,110 1,530 20,602 965 1,385 52 75 39 63 -6.9% 43.5% 21.3 14.9 11.8 9.8 1.5 1.4 24.5 7.3 9.6

Pakuw on Jati BUY 600 700 28,896 1,707 2,146 35 45 37 44 2.2% 25.7% 16.9 13.5 11.8 10.1 2.9 2.4 34.6 18.2 19.5

Summarecon HOLD 1,250 1,300 18,033 322 405 22 28 35 34 3.2% 26.0% 56.1 44.5 14.2 14.2 2.8 2.6 82.5 5.0 6.0

Retail 82,898 3,691 3,930 108 115 9.0% 6.5% 22.5 21.1 12.3 11.4 5.4 4.9 25.4 24.5

Mitra Adi Perkasa HOLD 6,300 5,800 10,458 332 354 201 214 201 214 59.3% 6.7% 31.4 29.4 7.9 7.4 3.2 3.2 80.0 10.3 10.9

Ramayana BUY 1,310 1,580 9,296 453 475 67 70 67 70 10.9% 4.9% 19.7 18.8 14.5 13.3 2.6 2.4 net cash 13.2 12.8

Matahari Department Store SELL 14,575 12,000 42,529 2,098 2,265 719 777 719 777 4.0% 7.9% 20.3 18.8 13.9 12.6 16.8 12.7 net cash 95.6 77.1

Matahari Putra Prima SELL 740 990 3,980 109 112 17 17 17 17 183.4% 2.7% 44.3 43.1 6.4 6.3 1.6 1.6 net cash 4.4 4.5

Ace Hardw are HOLD 970 850 16,636 699 724 41 42 41 42 -1.7% 3.6% 23.7 22.8 17.6 16.8 4.9 4.4 net cash 21.6 20.1

Erajaya Sw asembada BUY 670 1,100 1,943 303 339 105 117 105 117 14.9% 11.8% 6.4 5.7 3.3 2.6 0.5 0.5 1.0 8.6 9.0

PER (x)

Equity

Valuation Net profit, Rp bn EPS (Rp) Core EPS (Rp) EPS Growth ROE EV / EBITDA (x) PBV (x) Net Gearing




LEADERS Price as on Code 12-Jun-17 9-Jun-17 Chg, % w-w, % m-m, % YTD, % Rating

Gudang Garam GGRM 77,750 75,500 3.0 4.6 5.2 21.7 HOLD

Semen Indonesia SMGR 9,650 9,375 2.9 3.8 9.0 5.2 HOLD

Matahari Putra Prima MPPA 740 720 2.8 (3.9) (10.3) (50.0) SELL

United Tractors UNTR 27,075 26,500 2.2 2.0 11.1 27.4 HOLD

Kino Indonesia KINO 2,190 2,150 1.9 (0.5) (1.4) (27.7) SELL

Ciputra Development CTRA 1,110 1,090 1.8 (5.1) (5.5) (16.9) BUY

Bank Rakyat Indonesia BBRI 14,625 14,375 1.7 (2.7) 4.3 25.3 BUY

Summarecon Agung SMRA 1,250 1,235 1.2 (6.4) (7.1) (5.7) HOLD

Vale Indonesia INCO 1,890 1,870 1.1 1.3 0.3 (33.0) HOLD

Adhi Karya ADHI 2,200 2,180 0.9 (3.5) 0.9 5.8 BUY

Sources: Bloomberg

LAGGARDS Price as on Code 12-Jun-17 9-Jun-17 Chg, % w-w, % m-m, % YTD, % Rating

Ace Hardware ACES 970 1,000 (3.0) (3.0) (2.0) 16.2 HOLD

Bumi Serpong Damai BSDE 1,765 1,800 (1.9) (2.5) (2.5) 0.6 BUY

Bukit Asam PTBA 11,050 11,250 (1.8) 2.1 0.7 (11.6) BUY

Aneka Tambang ANTM 705 715 (1.4) (2.8) 13.7 (21.2) HOLD

Semen Baturaja SMBR 2,940 2,980 (1.3) (7.3) (13.0) 5.4 SELL

Alam Sutera ASRI 318 322 (1.2) (1.9) (3.6) (9.7) HOLD

Kalbe Farma KLBF 1,535 1,550 (1.0) (1.3) - 1.3 BUY

Adaro Energy ADRO 1,540 1,555 (1.0) (0.3) 4.1 (9.1) BUY

Harum Energy HRUM 2,080 2,100 (1.0) (1.9) 4.0 (2.8) SELL

Pakuwon Jati PWON 600 605 (0.8) (5.5) (2.4) 6.2 BUY

Sources: Bloomberg

COVERAGE PERFORMANCE



PREVIOUS REPORTS

▪ Adaro Energi: Higher coal production to enhance earnings in 2Q17, Mayora Indah: Running ahead of its fundemantals Snapshot20170612

▪ Waskita Beton: Cheaper than the IPO valuation Snapshot20170609

▪ Bank Mandiri: Improvements on track Snapshot20170606 ▪ Unilever Indonesia: Fully valued Snapshot20170531

▪ United Tractors: The mining sector supported Komatsu sales Snapshot20170526 ▪ Indo Tambangraya: Flat coal production, Mitra Adiperkasa : Supported by resilient growth and

better efficiency Snapshot20170523

▪ Market Outlook: Investment grade! Snapshot20170522 ▪ Automotive Sector: April 2017: Weak monthly car sales volume Snapshot20170518

http://dmia.danareksaonline.com/Upload/Morning%20pack%2020170609.pdf









Adeline Solaiman

[email protected] (62-21) 2955 888 ext. 3503 Retail

PT Danareksa Sekuritas

Jl. Medan Merdeka Selatan No. 14 Jakarta 10110 Indonesia Tel (62 21) 29 555 888 Fax (62 21) 350 1709

Equity Research Team

Sales team

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Novrita E. Putrianti Ehrliech Suhartono


Maria Renata

[email protected] (62-21) 29555 888 ext.3513 Construction


Yunita L. Nababan

[email protected] (62-21) 29555 888 ext.3512 Technical Analyst

Lucky Bayu Purnomo

Laksmita Armandani


Antonia Febe Hartono

[email protected] (62-21) 29555 888 ext.3504 Cement, Property

Muhammad Hardiansyah



Tuty Sutopo


Upik Yuzarni


Kevin Giarto

[email protected] (62-21) 2955 888 ext. 3530 Auto, Coal, Heavy Equip., Metal, Cement

Stefanus Darmagiri

[email protected] (62-21) 29555 888 ext.3508 Consumer, Tobacco, Property

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