25 October 2016

IDX: 5,421 (+0.2%)

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.

Beacon Indonesia Morning Brief

Market turnover: IDR4.28tn (-6.6%) Foreign Net BUY: IDR1.11tn (+6,182%)

Tax amnesty - Repatriated funds: IDR143.0tn (IDR143.0tn) Declared funds - domestic: ID2,740.0tn (IDR2,736.0tn)

Declared funds - overseas: IDR983.0tn (IDR983.0tn) Penalty funds: IDR93.9tn (IDR93.9tn)

TODAY’S NEWS

POLITICS KPPU to tighten M&A acquisition regulation Ministry of Transportation plans four steps to eradicate extortions

ECONOMICS Govt: Indonesia to impose soft capital controls MoF: Prepared 5 fiscal strategies

Regional funds in banks down to IDR206.8tn in September Lower 2017 ministerial budgets: Public Works IDR101.5tn,

Transportation IDR46tn

FIXED INCOME

Protelindo offers 7.25-8.75% coupon on IDR1.5tn bonds ORI013 did not reach target

BOURSE Lamicitra plans voluntary delisting

INDUSTRY Pharmaceutical companies vying for JKN’s limited spots Govt scraps export duty on CPO for Nov vs USD3/t in Oct Oil & gas: Gas prices can be lowered to USD3.82/mmbtu

CORPORATE

BBRI 3Q16 results: In-line with our estimate BBTN 3Q16 results: Strong net profit growth UNVR spent 65% of budgeted capex SRIL: S&P downgrades its long-term credit rating TBIG: To buyback its shares; 2,000 towers targeted for 2016F ADHI cuts 2016 full-year target

WSKT to work on tower project

Fitch assigns BB- rating to LPKR’s proposed USD notes MDLN booked IDR4.3tn marketing sales in 9M16

INDICES

Asia Last Chg% ytd % y-y %

Hang Seng (HK) 23,604.1 1.0 7.7 2.0 IDX (Indonesia) 5,421.0 0.2 18.0 16.5 KLCI (Mal.) 1,677.8 0.5 (0.9) (1.9) KOSPI (Korea) 2,047.7 0.7 4.4 0.4 Nikkei (Japan) 17,234.4 0.3 (9.5) (8.5) PCOMP (Phil.) 7,609.3 (0.5) 9.5 5.2 SENSEX (India) 28,179.1 0.4 7.9 2.6 SET (Thailand) 1,500.4 - 16.5 5.9 SHCOMP (China) 3,128.2 1.2 (11.6) (8.3) SHENZHEN (China) 2,070.2 0.9 (10.3) 2.7 STI (Singapore) 2,856.7 0.9 (0.9) (6.9) TWSE (Taiwan) 1,367.6 0.2 (11.6) (11.6) VNI (Vietnam) 678.0 (1.0) 17.1 12.7 Europe, USA and Ems

CAC 40 (France) 4,552.6 0.4 (1.8) (7.5) DAX (Germany) 10,761.2 0.5 0.2 (0.3) Dow Jones (USA) 18,223.0 0.4 4.6 3.3 FTSE 100 (UK) 6,986.4 (0.5) 11.9 8.4 IBOV (Brazil) 64,059.9 (0.1) 47.8 34.6 MEXBOL (Mexico) 48,431.3 0.0 12.7 7.6 NGSEINDX (Nigeria) 27,575.0 (0.1) (3.7) (8.1) Nasdaq (USA) 5,309.8 1.0 6.0 5.5 RTSI (Russia) 993.8 0.8 31.3 13.9 S&P 500 (USA) 2,151.3 0.5 5.3 3.7 XU100 (Turkey) 79,932.6 1.4 11.4 (0.2) Source: Bloomberg

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

EEM US (USD) 37.8 0.4 17.3 4.1 EIDO US (USD) 26.4 (0.4) 26.4 20.1 TLK US (IDR) 4,228.2 0.5 38.1 54.2 Como Index (USD) 189.4 0.0 7.5 (2.2) Coal (USD/Mtn) 96.3 (0.6) 90.3 84.0 Corn (USD/Mtn) 348.3 (1.2) (2.9) (8.3) Coffee (USD/lbs) 157.9 1.2 24.6 33.3 Copper (USD/Mtn) 4,638.0 0.1 (1.4) (10.4) Cotton (USD/lbs) 68.8 (0.4) 8.7 9.6 CPO Rott (USD/Mtn) 735.0 3.2 15.7 16.7 Gold (USD/oz.) 1,264.4 (0.2) 19.2 8.6 Iron ore (USD/Mtn) 59.3 - 36.7 10.9 Milk (USD/cwt) 14.7 (0.2) 8.4 (5.1) Nickel (USD/Mtn) 10,105.0 1.5 14.6 (3.9) Oil Brent (USD/bbl) 51.5 (0.6) 38.0 7.2 Rice (USD/Mtn) 326.0 - (9.7) (4.4) Rubber (USD/kg) 147.6 0.8 29.8 18.6 Silver (USD/oz) 17.6 0.3 27.1 11.2 Soybean oil (USD/lbs) 36.0 2.5 17.8 26.0 Steel (USD/Mtn) 432.0 (0.2) 40.7 42.6 Sugar (USD/lbs) 23.2 2.2 52.2 62.5 Tins (USD/Mtn) 19,975.0 0.3 37.2 26.8 Wheat (USD/Mtn) 402.5 (2.9) (14.4) (17.9) Source: Bloomberg

ECONOMIC INDICATORS MARKET DATA

15A 16F 17F

15A 16F 17F

Cur acc bal (%GDP) (2.1) (2.0) (2.1) Op.prof.gwt.(%) (0.2) 7.4 14.4

Fiscal bal (%GDP) (2.6) (2.7) (2.5) EPS growth (%) (6.7) 12.8 17.6

GDP growth (%y-y) 4.8 5.1 5.4 P/E (x) 23.1 20.3 17.2

Private spending (%) 5.0 5.0 5.3 PEG (x) (2.9) 1.5 1.0

Investment (%y-y) 5.0 5.0 6.8 EV/EBITDA (x) 8.6 13.8 11.8

Total exports (%y-y) (2.0) 2.4 1.0 P/BV (x) 10.2 9.0 8.1

Total imports (%y-y) (5.9) 2.4 3.3 P/BV exc. 3.6 3.2 2.8

Inflation (%y-y) 3.3 3.3 3.8 Div. Yield (%) 2.0 2.1 2.5

IDR/USD 13,788 12,800 12,500 Net gearing (%) 23.0 17.7 15.7

7D rev repo (% p.a.) - 4.50 4.50 ROAE (%) 31.5 28.8 29.3

Brent Oil (Usd/bbl) 30.9 42.0 60.0 ROAA (%) 12.0 12.1 12.8

FX reserve (USDb) 105.9 105.0 112.0 ROIC (%) 21.2 21.5 23.5 Source: Bahana estimates Source: Bahana estimates

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

AUD/1USD 0.761 0.761 (4.3) (5.2)

EUR/1USD 1.088 1.088 (0.2) 1.2

IDR/1USD 13,013 13,042 6.0 4.8

JPY/1USD 104.18 103.80 15.4 16.6

SGD/1USD 1.393 1.394 1.8 0.3

JIBOR (%) 4.29 4.32 (3.3) (1.7)

7D rev repo (%) 5.00 5.00 (1.0) (1.0)

TD – 1 month (%) 6.26 6.26 (0.8) (0.9)

CDS (bps) 150.50 151.67 52.77 42.82 Source: Bloomberg

This report uses credit ratings assigned by Fitch, which is not registered with Japan’s Financial Services Agency pursuant to Article 66, Paragraph 27 of the Financial Instruments and

Exchange Act. Investors should read the related attachment for information on ratings assigned by unregistered rating agencies.

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

POLITICS

KPPU to tighten M&A acquisition regulation

The Commission for the Supervision of Business Competition (KPPU) is planning to revise the Anti-Monopoly

act by tightening mergers and acquisitions (M&As) regulation. The new regulation requires corporate to report

to the KPPU prior to implementation of any merger action. The commission’s head, Syarkawi, stated the

regulation aims to prevent losses from stemming from monopolistic-related corporate actions. He also added

that the filing of the report is only mandatory for corporates with assets above IDR2.5tn each or IDR5tn post

acquisitions/mergers. (Koran Tempo)

Ministry of Transportation plans four steps to eradicate extortions

The Ministry of Transportation has formed a Task Force specifically for extortion eradication operations, in

cooperation with the Indonesia Corruption Watch and Indonesian Consumers Foundation. The Task Force will

take four steps to tackle extortion: improving contact centers, supervising sectors that are frequent offenders,

cutting the bureaucracy knot via online services, and taking actions against ministry staff violations. (Tempo)

ECONOMICS

Govt: Indonesia to impose soft capital controls

Indonesia's financial authorities will discuss a possible revision of the free foreign-exchange regime to increase

the country's capital controls and stability of the local currency, IDR. BI’s governor Agus stated that the

government hopes exporters will bring their proceeds to Indonesia after they successfully sell their goods

abroad. There is currently no requirement for them to convert the proceeds into rupiah, nor to keep them in

the country. (The Jakarta Post). Bahana comment: This capital control plan is targeted towards exporters

who usually keep their earnings abroad. If this plan is successful, the domestic FX market liquidity will

improve, supporting our call for new and lower interest rates next year. We support this government action,

and note that even the IMF is also supportive of some forms of selective capital controls.

MoF: Prepared 5 fiscal strategies

MoF Sri Mulyani stated that she has prepared 5 fiscal strategies for the domestic economy: (1) repatriated

funds to be utilized towards financing used for developments, (2) maintenance of performances of SOEs which

obtained capital injections, (3) Provision of micro credits (KURs) for SMEs, (4) Inequality reduction for

regional economic gap, (5) ministerial budgets absorption. (Kontan)

Regional funds in banks down to IDR206.8tn in September

MoF stated that as of September, regional funds idle in banks were lower at IDR206.8tn, less than September

2015’s level of IDR291.5tn. This suggests rapid disbursement by the regional governments. (Kontan, Bahana)

Lower 2017 ministerial budgets: Public Works IDR101.5tn, Transportation IDR46tn

In 2017, the Ministry of Public Works and Public Housing has obtained IDR101.5tn funds, lower compared to

previous level of IDR105.6tn with the Ministry of Transportation having received IDR46.0tn in funds, down

from IDR48.7tn previously. (Investor Daily)

FIXED INCOME

Protelindo offers 7.25-8.75% coupon on IDR1.5tn bonds

Protelindo is offering coupon in the range of 7.25-8.75% on bonds IDR1.5tn, according to Novita Lubis,

director of investment banking at Bahana Securities. (Cogencis)

ORI013 did not reach target

MoF’s Directorate of Funding and Risk stated that ORI013 bonds only raised IDR19.8tn, slightly lower than the

government’s expectation of IDR20tn, attracting 34,331 investors. (Kontan)

BOURSE

Lamicitra plans voluntary delisting

Lamicitra Nusantara (LAMI IJ-NOT RATED-IDR368), a property company based in East Java, plans voluntary

delisting from The Indonesia Stock Exchange (IDX) by buying back 81.7mn shares (7.12% of stake) from the

market. In addition, IDX also counted at least 2 companies planning voluntary delisting. (IQPlus)

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

INDUSTRY

Pharmaceutical companies vying for JKN’s limited spots

As of recently, there were 1,240 registered medicines mentioned in the e-catalogue for National Health

Insurance Plan (JKN), up from 796 in the previous year. Some of the companies that participated in the

tendering process include PT Indofarma, PT Kalbe Farma (KLBF IJ-BUY-IDR1,730-TP:IDR2,050) and PT Kimia

Farma (KAEF IJ-REDUCE-IDR2,340-TP:IDR1,740). According to Eddy Murianto, Kimia Farma’s corporate

secretary, the company will supply up to 100 different types of medicines to JKN if approved. The JKN

program still needs many types of medicines, be it generic or branded, to cater to BPJS. (kontan).

Govt scraps export duty on CPO for Nov vs USD3/t in Oct

The government has scrapped the export duty on crude palm oil for November, according to a trade ministry

official. (Cogencis)

Oil & gas: Gas prices can be lowered to USD3.82/mmbtu

According to Energy and Minerals Minister, gas prices can drop to USD3.82/mmbtu if the government chooses

not to take the non-tax state revenue payments and income taxes from commercial gas. However, Indonesia

will lose an income of around USD1.26bn/annum. (Kontan)

CORPORATE

BBRI 3Q16 results: In-line with our estimate Bank Rakyat Indonesia (BBRI IJ-BUY-IDR12,000-TP:IDR14,900) reported a 3Q16 net profit of IDR6.8tn

(+4.7% y-y, +14.7% q-q), bringing 9M16 net profit to around IDR18.9tn +2.9% y-y, accounting for 74.3% of

the full-year consensus estimate and 74.1% of our full-year estimate. On the balance sheet side, loans grew

16.6% y-y. Meanwhile, deposits grew 9.3% y-y and 1.6% q-q, supported by strong growth in savings

(+14.7% y-y) leading to CASA improvement of 55.3% in 3Q16 (2Q16: 54.7% 3Q16: 54.1%) and generating

3Q16 LDR of 90.7% vs 90% in 2Q16 and 85% in 3Q15. (Company)

BBRI IJ 3Q16 results summary q-q y-y 3Q16/ y-y 9M16/ 9M16/ (IDRbn) 3Q15 2Q16 3Q16 (%) (%) 3Q16F 9M16 (%) 2016F Cons.

Interest income 21,729 23,997 23,828 (0.7) 9.7 70,577 11.5 75.5 Interest expense 6,647 6,857 6,754 (1.5) 1.6 20,520 0.4 75.8

Net interest income 15,082 17,140 17,074 (0.4) 13.2 50,057 16.8 75.3

Non-interest income 2,750 4,504 3,553 (21.1) 29.2 11,560 35.9 83.3

Total operating income 17,832 21,644 20,627 (4.7) 15.7 95.1 61,616 19.9 76.7 78.1

Operating expense 7,498 10,104 9,286 (8.1) 23.9 27,968 22.2 77.9

Impairment of fin. Assets 3,098 3,920 3,892 (0.7) 25.6 11,423 61.0 83.9

Operating profit 7,236 7,620 7,449 (2.2) 2.9 97.8 22,226 3.9 72.2 72.4

Pretax profit 7,819 7,838 7,739 (1.3) (1.0) 23,317 3.1 71.1

Net profit 6,471 5,931 6,775 14.2 4.7 96.8 18,951 2.9 74.1 74.3

Balance sheet & ratio analysis 3Q15 2Q16 3Q16 9M15 9M16 2015 2016 2017F 2018F Gross loans (IDRbn) 540,664 615,172 630,442 540,664 630,442 580,753 662,903 757,952 867,947

Third party funding (IDRbn) 635,948 683,739 694,843 635,948 694,843 668,995 752,512 848,156 958,922

Key ratios

Net interest margin (%) 8.5 8.8 8.4 8.1 8.4 8.1 8.1 7.7 7.5

Cost efficiency (%) 42.0 46.7 45.0 44.5 45.4 44.3 44.7 45.8 46.4

Cost to income (%) 70.4 73.3 72.8 70.2 72.9 68.8 71.3 70.5 69.2

Loan/deposit (%) 85.0 90.0 90.7 85.0 90.7 86.8 88.1 89.4 90.5

Loan/funding (%) 79.8 90.0 90.7 79.8 90.7 81.1 82.6 84.0 85.3

Capital adequacy (%) 20.6 22.1 21.9 20.6 21.9 20.4 14.9 13.5 12.3

Gross NPL (%) 2.2 2.3 2.2 2.2 2.2 2.0 2.6 2.5 2.1

LLP/NPL (%) 145.3 119.8 160.8 145.3 160.8 146.3 148.0 171.7 209.2

ROAE (%) 24.7 20.7 20.4 24.7 20.4 24.1 21.0 20.3 20.4 Source: Company, Bloomberg, Bahana estimates

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

BBTN 3Q16 results: Strong net profit growth

Bank Tabungan Negara (BBTN IJ-HOLD-IDR1,940-TP:IDR1,800) reported 3Q16 net profit of IDR579bn (5% q-

q, 47.9% y-y), which brought 9M16 net profit to around IDR1.6tn (+32.6% y-y), accounting for 71.8% of full-

year consensus estimate and 74.4% of our full-year estimate. BBTN’s loans grew 16.9% y-y helped by strong

subsidized mortgages loans of 30.39% y-y. On the deposits side, third-party funding increased 18.5% y-y,

generating 3Q16 LDR of 104.3% vs 105.71% in 3Q15. CASA ratio was down to 45.6% in 3Q16 vs 46.54% in

3Q16. (Company)

BBTN IJ 3Q16 results summary q-q y-y 3Q16/ y-y 9M16/ 9M16/ (IDRbn) 3Q15 2Q16 3Q16 (%) (%) 3Q16F 9M16 (%) 2016F Cons.

Interest income 4,008 4,291 4,335 1.0 8.2 12,817 12.8 77.1 Interest expense 2,236 2,382 2,433 2.1 8.8 7,219 12.7 82.4

Net interest income 1,771 1,908 1,902 (0.3) 7.4 5,598 12.9 71.1 Non-interest income 259 302 308 1.9 18.9 892 13.6 66.5

Total operating income 2,030 2,210 2,210 (0.0) 8.9 95.9 6,490 13.0 70.5 71.8

Operating expense 1,072 1,344 1,225 (8.9) 14.2 3,813 13.3 70.2

Impairment of fin. Assets 388 170 173 1.5 (55.5) 480 (27.1) 54.6

Operating profit 569 696 812 16.7 42.7 116.8 2,197 27.7 75.8 72.8

Pretax profit 572 695 808 16.1 41.2 2,190 26.2 75.4

Net profit 391 551 579 5.0 47.9 108.4 1,621 32.6 74.4 70.3

Balance sheet & ratio analysis 3Q15 2Q16 3Q16 9M15 9M16 2015 2016 2017F 2018F Gross loans (IDRbn) 131,580 149,316 153,814 131,580 153,814 138,957 168,844 203,830 240,116

Third party funding (IDRbn) 124,470 134,555 147,480 124,470 147,480 127,746 148,723 171,917 198,888 Key ratios

Net interest margin (%) 4.9 4.7 4.5 4.8 4.6 4.9 4.4 4.2 3.8

Cost efficiency (%) 52.8 60.8 55.4 58.6 58.8 57.1 59.0 59.7 60.3

Cost to income (%) 86.7 84.9 82.5 85.8 84.0 84.8 83.9 83.2 82.9

Loan/deposit (%) 105.7 111.0 104.3 105.7 104.3 108.8 113.5 118.6 120.7

Loan/funding (%) 93.6 90.1 85.6 93.6 85.6 91.5 95.2 99.2 101.0

Capital adequacy (%) 15.8 22.1 20.6 15.8 20.6 17.0 16.3 15.7 15.2

Gross NPL (%) 4.5 3.4 3.6 4.5 3.6 3.4 2.8 2.7 2.6

LLP/NPL (%) 32.9 40.8 37.5 32.9 37.5 43.1 51.7 51.2 51.8

ROAE (%) 13.0 13.8 21.1 13.0 21.1 14.2 14.8 14.9 14.9 Source: Company, Bloomberg, Bahana estimates

UNVR spent 65% of budgeted capex

PT Unilever Indonesia Tbk (UNVR IJ-BUY-IDR44,275-TP:50,500) had spent about 65% of its annual planned

capex of IDR 2tn in the first 9 months of 2016. According to the company’s secretary, Sancoyo Antarikso, the

capex was used to increase the capacity in its 9 factories, located in BSD, that manufacture household and

home personal care products. The increased capacity will accommodate stronger demand for such products

which grew +8% y-y. (kontan)

SRIL: S&P downgrades its long-term credit rating

Standard and Poor's has downgraded the long-term credit rating of Sri Rejeki Isman (SRIL IJ-BUY-IDR252-TP:

IDR400) to B + from BB- with a stable outlook. (IQPlus)

TBIG: To buyback its shares; 2,000 towers targeted for 2016F

Tower Bersama (TBIG IJ-REDUCE-IDR6,150-TP:IDR5,750) has set up a IDR1.5tn fund to buyback 236 mn

shares, equivalent to 5% ownership. In accordance with FSA rules, these shares can be repurchased during

the 18 months from 25 October 2016 to 25 April 2018. In separate news, the company has also set a target

to build 2,000 towers in 2016F (1H16: 1,222 units, 2015: 1,400 units). (Kontan, Investor Daily)

ADHI cuts 2016 full-year target

Adhi Karya (ADHI IJ-BUY-IDR2,300-TP:IDR3,200) is cutting its 2016 full-year target due to lower new

contract of light rail transit (LRT) project amounting to IDR18tn, lower than the expected IDR25tn. This lower

new contract has made ADHI revise its sales target down to IDR12.3tn from IDR20tn (Bahana: IDR16.1tn).

For 9M16, ADHI has already booked IDR11tn in new contracts, +9% y-y. (Bisnis.com)

WSKT to work on tower project

Waskita Karya (WSKT IJ-BUY-IDR2,590-TP:IDR3,500) plans to start installing 500kV electricity transmission

tower in Sumatera, totalling IDR6.7tn in contract value. WSKT is cooperating with Bukaka Teknik Utama as

the main supplier of transmission tower subcontractor. Looking at the 1,000 points toward tower installation,

WSKT has achieved 400 points with land acquisition. (Bisnis Indonesia)

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

Fitch assigns BB- rating to LPKR’s proposed USD notes

Fitch Ratings has assigned BB- rating for Lippo Karawaci’s (LPKR IJ-HOLD-IDR905) proposed USD senior

unsecured notes due 2023. The notes will be issued by LPKR’s subsidiary, Theta Capital Pte Ltd and

guaranteed by LPKR and certain subsidiaries. The notes will mostly be used to swap LPKR’s existing

USD403.3mn notes maturing in 2020. (iqplus.info)

MDLN booked IDR4.3tn marketing sales in 9M16

In 9M16, Modernland Realty (MDLN IJ-NOT RATED-IDR394) managed to book IDR4.3tn marketing sales,

above management’s full-year target of IDR4.2tn. The marketing sales achievement was mostly contributed

by its JV on Astra Land project (79% of total). (Beritasatu.com)

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 6

ECONOMIC CALENDAR

Country Event Date Period Forecast Actual Prior

Indonesia Indonesia Trade Balance 10/17/2016 SEP - - 293.6

Indonesia Indonesia Money Supply M2 Y-Y 10/31/2016 SEP - - 7.7

Indonesia Indonesia Money Supply M1 Y-Y 10/31/2016 SEP - - 10.6

Indonesia Indonesia CPI YoY 11/1/2016 OCT - - 3.1

Indonesia Nikkei Indonesia Manufacturing 11/1/2016 OCT - - 50.9

Indonesia Bank Indonesia Consumer Confidence Index

11/4/2016 OCT - - 110.0

Indonesia Indonesia GDP Constant 2010 11/5/2016 3Q - - 5.2

China China Trade Balance CNY 10/13/2016 SEP 364.5 - 346.0

China China CPI Y-Y 10/14/2016 SEP 1.6 - 1.3

China China PPI Y-Y 10/14/2016 SEP (0.3) - (0.8)

China China Manufacturing PMI SA 11/1/2016 OCT - - 50.4

China Caixin China Manufacturing PMI 11/1/2016 OCT - - 50.1

Singapore Singapore Retail Sales Current 10/14/2016 AUG 0.7 - 2.8

India India Wholesale Price Index 10/14/2016 SEP 3.9 - 3.7

South Korea South Korea PPI Y-Y 2010=100 10/19/2016 SEP - - (1.7)

Malaysia Malaysia CPI Y-Y 2010=100 10/19/2016 SEP - - 1.5

Thailand Thailand BOP Current Account Balance 10/31/2016 SEP - - 3,805.0

Major

United States US Initial Jobless Claims SA 10/13/2016 OCT 8 253.0 - 249.0

United States University of Michigan Consumer Sentiment Index

10/14/2016 OCT 92.0 - 91.2

United States Markit US Manufacturing PMI SA 10/24/2016 OCT - - 51.5

United States US Personal Consumption Expenditure 10/31/2016 SEP - - -

United States US Personal Income MoM SA 10/31/2016 SEP - - 0.2

United States US Trade Balance of Goods and Services 11/4/2016 SEP - - (40.7)

Japan Japan Balance of Payments 10/11/2016 AUG 1,502.7 2,000.8 1,938.2

Japan Nikkei Japan Manufacturing PMI 10/24/2016 OCT - - 50.4

France France CPI Y-Y 2015=100 10/12/2016 SEP 0.4 - 0.4

Germany Germany CPI All Items Y-Y 10/13/2016 SEP 0.7 - 0.7

Canada RBC Canadian Manufacturing PMI 11/1/2016

- - 50.3

Australia Australia Trade Balance Goods and

Services 11/3/2016 SEP - - (2,010.0)

Source: Bloomberg, Bahana

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 7

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily)

COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 10/24/2016 10/21/2016 CHANGE (%)

Ciputra Property CTRP IJ REDUCE 500 (36.7) 790 700 12.9 Semen Baturaja SMBR IJ REDUCE 400 (80.9) 2,090 1,935 8.0 Hero Supermarket HERO IJ REDUCE 650 (47.6) 1,240 1,165 6.4 Perusahaan Gas Negara PGAS IJ BUY 3,000 16.7 2,570 2,440 5.3 Astra Agro Lestari AALI IJ BUY 18,100 18.1 15,325 14,600 5.0 Lippo Cikarang LPCK IJ BUY 8,300 29.2 6,425 6,150 4.5 AKR Corporindo AKRA IJ BUY 8,000 17.6 6,800 6,525 4.2 Agung Podomoro Land APLN IJ REDUCE 220 (26.7) 300 288 4.2 London Sumatra Indonesia LSIP IJ BUY 1,750 14.4 1,530 1,475 3.7 Wintermar Offshore Marine WINS IJ HOLD 184 (22.7) 238 230 3.5 Timah TINS IJ REDUCE 411 (48.0) 790 765 3.3 Mitra Adiperkasa MAPI IJ REDUCE 3,975 (20.5) 5,000 4,850 3.1 Pakuwon Jati PWON IJ BUY 700 (5.4) 740 720 2.8 Gajah Tunggal GJTL IJ BUY 1,700 29.8 1,310 1,275 2.7 Salim Ivomas Pratama SIMP IJ HOLD 510 1.0 505 492 2.6 Merdeka Copper Gold MDKA IJ BUY 2,200 12.2 1,960 1,910 2.6 Aneka Tambang ANTM IJ HOLD 680 (19.0) 840 820 2.4 Express Transindo Utama TAXI IJ BUY 208 17.5 177 173 2.3 Jasa Marga JSMR IJ BUY 6,000 30.2 4,610 4,510 2.2 PP Property PPRO IJ BUY 600 (57.1) 1,400 1,370 2.2 Charoen Pokphand Indonesia CPIN IJ HOLD 3,400 (6.8) 3,650 3,580 2.0 J Resources PSAB IJ BUY 413 26.7 326 320 1.9 Bank Jawa Timur BJTM IJ REDUCE 470 (15.3) 555 545 1.8 Sido Muncul SIDO IJ BUY 650 16.1 560 550 1.8 Matahari Putra Prima MPPA IJ BUY 2,250 11.9 2,010 1,975 1.8 Total Bangun Persada TOTL IJ BUY 940 6.8 880 865 1.7 Adaro Energy ADRO IJ HOLD 645 (57.7) 1,525 1,500 1.7 Bank Tabungan Negara BBTN IJ HOLD 1,800 (7.2) 1,940 1,910 1.6 Bukit Asam PTBA IJ BUY 12,670 4.1 12,175 12,000 1.5 Tiphone Mobile Indonesia TELE IJ BUY 1,180 68.6 700 690 1.4 Krakatau Steel KRAS IJ BUY 1,020 44.7 705 695 1.4 Indocement Tunggal Prakarsa INTP IJ REDUCE 13,950 (16.2) 16,650 16,425 1.4 Malindo Feedmill MAIN IJ BUY 2,300 53.3 1,500 1,480 1.4 Alam Sutera Realty ASRI IJ HOLD 500 7.3 466 460 1.3 Summarecon Agung SMRA IJ BUY 2,150 26.5 1,700 1,680 1.2 Wijaya Karya WIKA IJ BUY 3,400 29.3 2,630 2,600 1.2 Pelayaran Tempuran Emas TMAS IJ BUY 3,000 70.5 1,760 1,740 1.1 Surya Citra Media SCMA IJ REDUCE 2,800 4.5 2,680 2,650 1.1 Dharma Satya Nusantara DSNG IJ HOLD 490 21.3 404 400 1.0 Tunas Baru Lampung TBLA IJ BUY 1,470 36.7 1,075 1,065 0.9 Bank Bukopin BBKP IJ HOLD 640 (3.0) 660 655 0.8 Bank Danamon Indonesia BDMN IJ HOLD 3,400 (14.6) 3,980 3,950 0.8 United Tractors UNTR IJ BUY 23,000 13.2 20,325 20,200 0.6 Gudang Garam GGRM IJ BUY 72,300 9.8 65,875 65,475 0.6 Kalbe Farma KLBF IJ BUY 2,050 18.5 1,730 1,720 0.6 Unilever Indonesia UNVR IJ BUY 50,500 13.7 44,400 44,150 0.6 Lippo Karawaci LPKR IJ HOLD 1,100 21.5 905 900 0.6 Soechi Lines SOCI IJ BUY 630 50.7 418 416 0.5 Bank Negara Indonesia BBNI IJ HOLD 6,000 10.1 5,450 5,425 0.5 Bumi Serpong Damai BSDE IJ BUY 2,350 6.8 2,200 2,190 0.5 Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,100 (21.6) 2,680 2,670 0.4 Harum Energy HRUM IJ BUY 1,260 (23.4) 1,645 1,640 0.3 Telekomunikasi Indonesia TLKM IJ BUY 5,000 18.5 4,220 4,210 0.2 Indonesian Stock Exchange JCI 5,421 5,409 0.2 Garuda Indonesia GIAA IJ REDUCE 400 2.6 390 390 0.0 Holcim Indonesia SMCB IJ REDUCE 850 (13.7) 985 985 0.0 Adhi Karya ADHI IJ BUY 3,200 39.1 2,300 2,300 0.0 Media Nusantara Citra MNCN IJ BUY 2,500 18.5 2,110 2,110 0.0 Electronic City ECII IJ BUY 760 52.0 500 500 0.0

Indofood Sukses Makmur INDF IJ BUY 9,650 10.6 8,725 8,725 0.0 Mayora Indah MYOR IJ BUY 2,200 44.7 1,520 1,520 0.0 Kawasan Industri Jababeka KIJA IJ BUY 320 6.0 302 302 0.0 Austindo Nusantara Jaya ANJT IJ REDUCE 565 (71.6) 1,990 1,990 0.0 Ciputra Development CTRA IJ BUY 1,700 9.0 1,560 1,560 0.0 Tower Bersama Infrastructure TBIG IJ REDUCE 5,750 (6.5) 6,150 6,150 0.0 Indosat ISAT IJ BUY 8,500 32.8 6,400 6,400 0.0 Anabatic Technologies ATIC IJ BUY 800 14.3 700 700 0.0 Bank Rakyat Indonesia BBRI IJ BUY 14,900 22.1 12,200 12,225 (0.2) Bank Mandiri BMRI IJ BUY 13,650 21.9 11,200 11,225 (0.2) Semen Indonesia SMGR IJ HOLD 8,900 (10.8) 9,975 10,000 (0.2) Indomobil Sukses Internasional IMAS IJ BUY 2,000 52.1 1,315 1,320 (0.4) Ramayana Lestari Sentosa RALS IJ BUY 1,875 45.9 1,285 1,290 (0.4) Adi Sarana Armada ASSA IJ BUY 220 14.6 192 193 (0.5) Ace Hardware Indonesia ACES IJ HOLD 975 11.4 875 880 (0.6) Waskita Karya WSKT IJ BUY 3,500 35.1 2,590 2,610 (0.8) Puradelta Lestari DMAS IJ BUY 290 12 258 260 (0.8) Sampoerna Agro SGRO IJ BUY 2,500 30.9 1,910 1,925 (0.8) Indofood CBP Sukses Makmur ICBP IJ BUY 10,500 10.5 9,500 9,575 (0.8) Sri Rejeki Isman SRIL IJ BUY 400 58.7 252 254 (0.8) Bank Central Asia BBCA IJ HOLD 15,100 (3.7) 15,675 15,800 (0.8) Xl Axiata EXCL IJ BUY 3,000 21.0 2,480 2,500 (0.8) Kimia Farma KAEF IJ REDUCE 1,740 (25.6) 2,340 2,360 (0.8) Astra International ASII IJ BUY 10,000 20.5 8,300 8,375 (0.9) Tempo Scan Pacific TSPC IJ BUY 2,000 (6.5) 2,140 2,160 (0.9) Indo Tambangraya Megah ITMG IJ REDUCE 4,000 (69.4) 13,075 13,200 (0.9) Wijaya Karya Beton WTON IJ BUY 1,100 22.9 895 905 (1.1) Vale Indonesia INCO IJ BUY 3,000 12.4 2,670 2,700 (1.1) Matahari Department Store LPPF IJ BUY 21,800 14.7 19,000 19,250 (1.3)

Sarana Menara Nusantara TOWR IJ BUY 5,600 47.4 3,800 3,850 (1.3) Medco Energi Internasional MEDC IJ BUY 1,300 (4.8) 1,365 1,385 (1.4) Erajaya Swasembada ERAA IJ BUY 850 31.8 645 655 (1.5) Nippon Indosari Corpindo ROTI IJ BUY 1,450 (7.9) 1,575 1,600 (1.6) Japfa Comfeed Indonesia JPFA IJ BUY 2,000 14.0 1,755 1,785 (1.7) Mitra Keluarga Karyasehat MIKA IJ HOLD 2,550 (8.9) 2,800 2,850 (1.8) Bekasi Fajar Industrial Estates BEST IJ REDUCE 300 (10.2) 334 340 (1.8) Pembangunan Perumahan PTPP IJ BUY 4,300 2.1 4,210 4,300 (2.1) HM Sampoerna HMSP IJ BUY 4,800 17.6 4,080 4,170 (2.2) Blue Bird BIRD IJ REDUCE 3,500 12.9 3,100 3,180 (2.5) Surya Semesta Internusa SSIA IJ BUY 750 31.6 570 585 (2.6) Bank Jawa Barat dan Banten BJBR IJ HOLD 1,200 (28.4) 1,675 1,730 (3.2) Siloam International Hospitals SILO IJ BUY 13,700 32.7 10,325 10,700 (3.5) Cardig Aero Services CASS IJ HOLD 1,250 35.9 920 960 (4.2) Multipolar MLPL IJ BUY 550 41.8 388 418 (7.2)

Source: Bloomberg, Bahana estimates JCI >5.0% <5%,>0.1% <0.1%,>-0.1% <-0.1%,>-5% <-5.0%

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 8

Stock JCI code Ticker Rating Price TP 3M avg to

(IDR) (IDR) (IDRb) 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F

PX_LAST

AVIATION AVIATION N 12.4 59,000 66,614 76,230 1,464 1,969 2,577 1,084 1,724 2,165 na 37.4 19.2 11.1 7.0 5.5 6.8 5.4 4.8 0.7 0.6 0.4 0.4 0.3 0.3 (99.7) (89.9) (79.9) 11.0 13.8 13.5 3.5 4.7 4.9 6.8 8.1 8.4

Garuda Indonesia GIAA IJ Equity GIAA IJ* REDUCE 390 400 12.3 57,368 64,708 74,084 1,050 1,474 2,005 966 1,582 2,005 na 63.8 26.7 10.5 6.4 na 7.2 5.7 5.2 0.1 0.0 0.0 0.0 0.0 0.0 (125.2) (108.1) (97.2) 7.6 11.1 11.2 2.2 3.3 3.6 3.9 5.1 5.5

Cardig Aero Service CASS IJ Equity CASS IJ HOLD 920 1,250 0.1 1,632 1,905 2,146 414 496 571 118 142 160 6.2 20.1 12.5 16.3 13.5 12.0 4.9 3.6 3.2 4.3 3.4 2.8 2.3 1.9 2.1 34.0 5.5 11.0 28.9 27.9 25.4 10.9 12.0 11.6 22.1 23.7 23.4

AUTOMOTIVE AUTOMOTIVE N 332.2 215,176 216,424 237,512 18,423 17,958 20,338 13,859 17,358 20,833 (28.2) 25.3 20.0 24.8 19.8 16.5 13.5 15.9 14.4 3.2 3.0 2.7 2.1 2.2 2.7 46.0 40.7 36.0 14.2 15.3 16.6 5.8 6.5 7.3 9.7 10.9 12.3

Astra International ASII IJ Equity ASII IJ BUY 8,300 10,000 311.1 184,196 182,963 201,617 17,212 16,187 18,321 14,464 16,493 19,745 (24.6) 14.0 19.7 23.2 20.4 17.0 13.5 15.9 14.4 3.3 3.0 2.7 2.1 2.2 2.6 42.7 36.8 31.7 14.6 15.5 16.8 6.0 6.6 7.4 10.0 11.1 12.5

Indomobil Sukses InternationalIMAS IJ Equity IMAS IJ BUY 1,315 2,000 0.1 18,010 19,770 21,414 98 149 229 (292) 126 292 na na na na 28.8 12.5 27.1 29.5 28.1 0.7 0.7 0.6 0.0 0.9 2.0 251.2 297.2 316.2 (5.3) 2.3 5.2 (1.2) 0.5 1.0 (1.6) 0.6 1.2

Gajah Tunggal GJTL IJ Equity GJTL IJ BUY 1,310 1,700 21.0 12,970 13,691 14,481 1,112 1,622 1,788 (313) 739 797 na na na na 6.2 5.7 5.1 4.7 5.7 0.8 0.8 0.7 0.0 4.0 4.4 130.5 129.3 130.3 (5.5) 13.2 13.1 (1.9) 4.1 4.3 (2.5) 5.6 5.9

BANKS BANKS N 843.9 274,550 295,363 323,022 103,617 104,054 120,619 81,990 83,004 96,096 0.7 1.2 15.8 14.1 13.9 12.0 na na na 2.9 2.5 2.2 2.0 1.8 1.9 na na na 20.1 17.8 17.8 2.7 2.5 2.6 na na na

Bank Central Asia BBCA IJ Equity BBCA IJ HOLD 15,675 15,100 185.4 51,413 54,667 58,922 22,657 25,089 27,636 18,019 20,051 22,086 9.3 11.3 10.1 21.4 19.3 17.5 na na na 4.3 3.7 3.1 1.0 1.1 1.1 na na na 21.9 20.6 19.3 3.1 3.2 3.2 na na na

Bank Rakyat Indonesia BBRI IJ Equity BBRI IJ BUY 12,200 14,900 288.0 70,688 75,366 81,584 30,511 31,895 34,882 25,398 26,831 29,275 4.9 5.6 9.1 11.8 11.2 10.3 na na na 2.7 2.3 2.0 2.6 2.7 2.9 na na na 24.1 21.9 20.5 3.0 2.9 2.9 na na na

Bank Mandiri BMRI IJ Equity BMRI IJ BUY 11,200 13,650 187.4 67,316 71,421 78,060 26,339 21,003 28,511 20,335 15,869 21,709 2.3 (22.0) 36.8 12.9 16.5 12.0 na na na 2.2 2.1 1.8 2.3 1.2 1.5 na na na 18.5 13.0 16.0 2.3 1.7 2.1 na na na

Bank Negara Indonesia BBNI IJ Equity BBNI IJ HOLD 5,450 6,000 137.6 35,298 38,934 43,381 11,057 11,912 13,663 9,067 9,805 11,230 (15.9) 8.1 14.5 11.2 10.4 9.1 na na na 1.4 1.2 1.1 2.2 1.9 1.9 na na na 13.8 12.6 13.0 2.0 1.8 1.9 na na na

Bank Danamon BDMN IJ Equity BDMN IJ HOLD 3,980 3,400 9.1 18,638 20,359 21,691 3,944 4,327 4,825 2,393 3,068 3,397 (8.1) 28.2 10.7 15.9 12.4 11.2 na na na 1.1 1.1 1.0 1.9 2.2 2.2 na na na 7.2 8.7 9.0 1.2 1.5 1.3 na na na

Bank Tabungan Pensiunan NasionalBTPN IJ EQUITY BTPN IJ REDUCE 2,680 2,100 1.4 8,460 9,056 10,343 2,460 2,204 2,438 1,702 1,572 1,804 (8.9) (7.6) 10.5 9.2 10.0 9.0 na na na 1.2 1.0 0.9 0.0 0.0 1.7 na na na 13.5 10.9 11.3 2.2 1.8 1.8 na na na

Bank Tabungan Negara BBTN IJ Equity BBTN IJ HOLD 1,940 1,800 22.0 7,998 9,210 10,904 2,534 2,897 3,305 1,851 2,179 2,484 61.6 17.7 14.0 11.1 9.4 8.3 na na na 1.5 1.3 1.2 1.8 1.9 1.8 na na na 14.2 14.8 14.9 1.2 1.1 1.0 na na na

Bank Jabar Banten BJBR IJ Equity BJBR IJ HOLD 1,675 1,200 9.6 6,987 7,568 8,164 1,736 1,989 2,221 1,381 1,565 1,746 24.8 13.7 11.6 11.8 10.4 9.3 na na na 2.1 1.9 1.7 5.1 5.3 5.9 na na na 18.7 19.4 19.6 1.7 1.7 1.6 na na na

Bank Jatim BJTM IJ Equity BJTM IJ REDUCE 555 470 1.6 3,558 4,136 4,800 1,208 1,385 1,637 885 1,027 1,213 (5.8) 16.1 18.1 9.4 8.1 6.8 na na na 1.3 1.2 1.1 7.7 7.1 7.7 na na na 14.3 15.8 17.3 2.2 2.2 2.3 na na na

Bank Bukopin BBKP IJ Equity BBKP IJ HOLD 660 640 1.8 4,193 4,646 5,174 1,173 1,353 1,502 960 1,037 1,151 43.2 7.9 11.1 6.2 5.8 5.2 na na na 0.8 0.7 0.6 3.2 3.5 3.8 na na na 13.4 13.1 13.0 1.1 1.0 1.0 na na na

CEMENT CEMENT UW 169.0 55,446 58,501 62,224 11,584 12,255 12,681 9,408 9,765 10,067 (20.3) 3.8 3.1 15.8 15.2 14.8 12.2 13.2 12.0 3.0 2.8 2.6 3.7 3.8 4.0 3.6 6.7 4.6 16.4 16.3 15.5 13.0 12.7 11.8 24.0 20.6 18.7

Semen Indonesia SMGR IJ Equity SMGR IJ HOLD 9,975 8,900 59.6 26,948 27,634 29,189 5,899 5,924 6,020 4,521 4,688 4,781 (18.7) 3.7 2.0 13.1 12.6 12.4 3.4 7.6 7.0 2.2 2.0 1.8 2.3 2.4 2.4 0.9 7.6 2.3 17.9 16.9 15.5 12.5 11.3 10.3 18.1 16.2 14.8

Indocement INTP IJ Equity INTP IJ REDUCE 16,650 13,950 46.9 17,798 18,320 19,536 5,029 5,219 5,439 4,357 4,516 4,723 (17.7) 3.6 4.6 14.1 13.6 13.0 9.0 8.9 8.5 2.6 2.5 2.4 6.4 6.6 6.9 nc nc nc 18.0 18.7 19.1 15.4 16.0 16.0 30.4 28.3 27.5

Holcim Indonesia SMCB IJ Equity SMCB IJ REDUCE 985 850 4.3 9,239 10,919 11,621 324 735 792 175 170 221 na na na na 44.5 34.2 16.2 8.7 8.2 0.9 0.9 0.9 1.7 1.7 2.2 63.0 72.4 72.7 2.1 2.0 2.6 1.0 0.9 1.1 1.3 1.2 1.5

Semen Baturaja SMBR IJ Equity SMBR IJ REDUCE 2,090 400 58.2 1,461 1,628 1,878 331 377 430 354 391 342 5.4 10.4 (12.5) 58.0 52.6 60.1 45.8 43.8 37.9 7.0 6.2 5.8 0.4 0.5 0.4 nc nc nc 12.6 12.5 10.0 11.4 11.3 7.9 30.4 17.8 9.9

COAL COAL N 198.5 127,470 116,682 123,473 18,334 13,792 11,977 9,564 9,505 8,532 (20.8) (0.6) (10.2) 18.0 18.1 20.1 6.3 6.9 7.2 1.9 1.8 1.7 3.0 3.2 3.3 8.6 6.2 3.4 11.1 10.8 9.5 6.4 6.4 5.8 13.3 13.9 12.7

United Tractors UNTR IJ Equity UNTR IJ BUY 20,325 23,000 63.8 49,347 44,451 49,369 8,586 6,055 6,575 3,853 4,579 5,040 (28.2) 18.8 10.1 19.7 16.6 15.0 5.0 6.1 5.6 2.0 1.9 1.8 3.4 4.3 5.3 nc nc nc 10.3 11.8 12.1 6.3 7.5 8.0 13.6 17.6 19.0

Adaro Energy ADRO IJ Equity ADRO IJ* HOLD 1,525 645 61.2 37,576 33,558 32,774 4,648 3,584 2,268 2,128 1,764 1,050 1.5 (17.9) (40.0) 22.8 27.7 46.2 6.6 7.2 7.5 1.2 1.2 1.2 2.3 2.0 1.6 30.2 22.0 11.9 5.7 4.4 2.6 2.6 2.0 1.2 4.2 3.5 2.2

Indo Tambangraya Megah ITMG IJ Equity ITMG IJ* REDUCE 13,075 4,000 15.2 23,102 19,323 21,830 2,643 1,351 629 1,546 992 546 (68.6) (17.4) (59.6) 16.7 20.2 50.1 3.3 4.2 5.5 1.3 1.3 1.3 4.8 3.7 1.5 nc nc nc 13.4 8.2 4.6 8.8 5.4 2.9 18.7 12.4 7.5

Tambang Batubara Bukit AsamPTBA IJ Equity PTBA IJ BUY 12,175 12,670 39.4 13,734 15,832 15,981 2,414 2,774 2,547 2,036 2,198 1,990 9.4 7.9 (9.6) 13.8 12.8 14.1 10.2 8.9 9.8 3.1 2.8 2.6 2.5 2.8 2.3 nc nc nc 23.0 22.7 18.9 12.8 12.5 10.4 27.5 25.6 20.1

Harum Energy HRUM IJ Equity HRUM IJ* BUY 1,645 1,260 18.9 3,710 3,518 3,518 42 28 (42) 0 (28) (95) (50) (1,000) 289 1,645.0 (182.8) (47.0) 11.4 11.6 21.0 1.2 1.2 1.2 0.1 0.0 (0.4) nc nc nc 0.0 (0.7) (2.4) 0.0 (0.5) (1.8) 0.0 (2.5) (9.7)

CONS. & TOLL ROADS CONS. & TOLL ROADS N 238.1 64,625 97,415 122,993 8,947 12,600 15,040 4,699 6,266 7,247 27.0 32.2 11.2 26.0 19.5 16.8 14.4 11.0 10.3 3.5 2.9 2.6 1.2 1.5 1.6 48.3 70.1 98.4 16.4 15.7 15.4 4.4 4.5 4.2 13.1 12.1 10.6

Jasa Marga JSMR IJ Equity JSMR IJ BUY 4,610 6,000 45.9 7,646 8,712 9,598 3,235 3,685 3,753 1,466 1,540 1,372 3.1 5.0 (10.9) 21.4 20.4 22.8 11.1 11.7 12.1 3.0 2.8 2.6 1.9 2.0 1.8 120.9 180.6 217.4 14.8 14.2 11.7 4.3 3.6 2.6 6.9 5.6 3.9

Wijaya Karya WIKA IJ Equity WIKA IJ BUY 2,630 3,400 26.7 13,620 19,500 26,400 1,514 1,988 2,689 625 916 1,331 1.5 35.6 18.5 25.8 19.1 16.1 9.8 5.7 6.1 3.7 1.6 1.8 0.6 1.6 1.9 21.7 (29.3) 18.5 14.9 11.8 11.4 3.5 3.7 4.0 12.4 13.9 12.0

Pembangunan Perumahan PTPP IJ Equity PTPP IJ BUY 4,210 4,300 21.4 14,909 20,378 24,313 1,695 2,223 2,659 704 914 1,066 32.4 29.8 16.6 28.9 22.3 19.1 12.4 9.8 8.5 4.9 4.2 3.6 1.0 1.3 1.6 35.0 44.9 55.3 21.7 20.4 20.4 4.3 4.5 4.3 16.5 14.5 13.5

Waskita Karya WSKT IJ Equity WSKT IJ BUY 2,590 3,500 48.0 14,153 25,870 32,189 1,415 2,752 3,380 1,048 1,690 1,971 73.1 38.6 16.6 28.4 20.5 17.6 20.2 14.0 13.1 3.6 3.2 2.8 0.6 1.0 1.1 29.1 65.4 106.3 17.0 16.5 16.9 4.9 4.9 4.4 12.6 11.1 9.0

Wijaya Karya Beton WTON IJ Equity WTON IJ BUY 895 1,100 18.0 2,570 4,160 5,824 258 454 620 195 349 475 (45.5) 79.5 36.1 40.1 22.3 16.4 22.0 13.7 10.3 3.5 3.2 2.8 0.7 1.3 1.8 1.6 nc nc 8.9 14.9 18.0 5.2 8.2 8.9 9.8 14.1 16.7

Adhi Karya ADHI IJ Equity ADHI IJ BUY 2,300 3,200 74.6 9,390 16,177 21,268 611 1,232 1,622 464 627 777 16.6 (17.3) 23.9 10.8 13.1 10.5 10.9 7.3 5.1 1.6 1.4 1.3 1.8 1.5 1.9 nc 18.5 3.9 13.6 11.6 12.9 3.4 3.3 3.4 13.1 11.7 11.6

Total Bangun Persada TOTL IJ Equity TOTL IJ BUY 880 940 3.5 2,338 2,618 3,400 218 266 317 197 230 255 20.4 16.7 10.9 15.2 13.0 11.8 10.5 8.6 7.3 3.4 3.0 2.7 3.4 3.9 4.6 nc nc nc 23.3 24.3 24.0 7.6 8.3 8.4 73.8 62.6 53.5

CONSUMER - DISCRE. CONSUMER - DISCRE. N 168.8 75,113 83,397 94,108 8,014 9,842 11,563 5,639 7,380 8,910 (10.2) 28.9 20.1 30.6 23.4 19.4 22.0 15.3 13.1 20.3 12.5 9.2 2.1 2.5 2.9 10.9 8.3 7.1 106.3 62.7 50.8 26.8 28.1 27.1 20.0 22.1 24.5

Surya Citra Media SCMA IJ Equity SCMA IJ REDUCE 2,680 2,800 19.1 4,238 4,573 4,983 2,015 2,199 2,417 1,524 1,663 1,840 4.7 9.2 10.6 25.7 23.6 21.3 19.0 16.9 15.3 11.5 10.2 9.1 2.9 3.2 3.5 nc nc nc 46.2 49.6 48.3 32.7 34.7 34.7 61.9 63.2 67.4

Matahari Department Store LPPF IJ Equity LPPF IJ BUY 19,000 25,200 98.8 9,007 10,383 12,119 2,330 2,702 3,158 1,781 2,170 2,545 25.5 21.8 17.3 31.1 25.6 21.8 21.2 17.9 14.9 50.1 27.3 18.1 2.2 2.7 3.2 nc nc nc 281.5 138.4 100.1 48.8 48.8 44.3 na na na

Media Nusantara Citra MNCN IJ Equity MNCN IJ BUY 2,110 2,500 12.1 6,445 6,985 7,645 2,194 2,529 2,840 1,186 1,685 2,007 (32.7) 42.1 19.1 25.4 17.9 15.0 14.0 12.0 10.6 3.1 2.8 2.5 2.0 2.8 3.3 37.9 29.4 24.1 13.3 17.7 18.9 8.4 11.2 12.4 10.2 13.3 14.9

Matahari Putra Prima MPPA IJ Equity MPPA IJ BUY 2,010 2,275 8.8 13,929 15,592 17,616 282 500 628 183 362 488 (67.0) 98.0 34.8 59.1 29.8 22.1 18.7 12.3 9.8 3.9 3.6 3.3 2.1 1.3 1.8 nc nc nc 6.5 12.6 15.6 3.0 5.6 7.1 7.2 12.5 17.3

ACE Hardware ACES IJ Equity ACES IJ HOLD 875 975 7.3 4,743 5,137 5,715 688 753 847 588 642 723 4.7 9.1 12.6 25.5 23.4 20.8 18.8 16.7 14.6 5.7 5.0 4.4 1.9 2.1 2.3 nc nc nc 23.8 22.8 22.5 18.9 18.3 18.0 29.5 32.6 37.1

HERO Supermarket HERO IJ Equity HERO IJ REDUCE 1,240 650 0.0 14,353 16,257 18,590 (246) (43) 98 (29) 57 191 na na na na 38.5 21.1 136.7 16.7 10.5 1.0 1.0 0.9 0.0 0.0 0.0 (0.9) (16.3) (11.1) (0.5) 1.1 3.4 (0.4) 0.6 1.9 (0.5) 1.2 4.0

Ramayana Lestari Sentosa RALS IJ Equity RALS IJ BUY 1,285 1,875 15.1 7,786 8,343 8,887 234 382 476 336 452 530 (5.5) 35.1 17.2 27.1 20.1 17.1 19.2 11.0 9.0 2.7 2.5 2.3 1.8 2.5 2.9 nc nc nc 10.1 13.0 14.1 7.4 9.6 10.5 21.1 30.0 34.4

Mitra Adiperkasa MAPI IJ Equity MAPI IJ REDUCE 5,000 3,975 7.5 12,833 14,254 16,448 523 770 1,020 37 266 462 (52.8) 611.7 73.7 222.3 31.2 18.0 11.0 7.7 6.2 2.8 2.6 2.3 0.0 0.5 0.8 105.9 90.5 81.1 1.4 8.6 13.5 0.4 2.7 4.2 0.6 4.3 7.3

Electronic City ECII IJ Equity ECII IJ BUY 500 760 0.1 1,781 1,874 2,106 (5) 50 81 33 82 124 (74.5) 149.2 51.0 20.2 8.1 5.4 na 2.9 1.5 0.4 0.4 0.3 0.5 1.2 1.9 nc nc nc 1.8 4.5 6.4 1.7 4.1 5.8 2.4 6.0 8.7

CONSUMER - STAPLES CONSUMER - STAPLES OW 502.2 348,280 383,374 428,487 49,815 54,672 62,246 34,051 37,755 43,531 7.4 11.5 15.2 39.2 35.3 30.7 29.8 27.6 24.2 24.9 22.5 20.7 2.2 2.5 2.9 15.9 7.8 7.2 54.9 52.1 54.7 25.3 25.0 26.7 51.5 51.4 56.9

HM Sampoerna HMSP IJ Equity HMSP IJ BUY 4,080 4,800 62.6 89,069 97,539 108,853 14,048 14,922 17,446 10,363 11,458 13,458 (2.5) 9.8 17.4 45.5 41.4 35.3 32.1 30.3 26.0 14.7 15.7 16.8 2.6 2.2 2.8 nc nc nc 45.5 36.8 45.9 31.2 29.5 33.5 44.5 38.3 47.2

Unilever Indonesia UNVR IJ Equity UNVR IJ BUY 44,400 50,500 83.9 36,484 40,257 45,540 7,944 8,943 10,108 5,852 6,612 7,489 2.0 13.0 13.3 57.9 51.2 45.2 40.9 37.0 32.8 70.2 59.8 51.7 1.6 1.8 2.1 22.2 nc nc 124.2 126.0 122.6 39.0 40.3 40.9 107.5 116.2 126.1

Gudang Garam GGRM IJ Equity GGRM IJ BUY 65,875 72,300 95.0 70,366 75,730 83,554 9,906 10,731 11,965 6,436 6,694 7,540 19.9 4.0 12.6 19.7 18.9 16.8 12.4 11.6 10.5 3.3 3.0 2.7 1.5 2.2 2.5 47.0 48.1 44.8 18.1 16.8 17.2 10.6 10.1 10.5 12.2 11.4 11.7

Kalbe Farma KLBF IJ Equity KLBF IJ BUY 1,730 2,050 52.5 17,887 19,300 20,943 2,647 2,812 3,080 2,004 2,167 2,400 (2.9) 8.1 10.7 40.5 37.4 33.8 25.9 22.7 20.8 7.7 7.0 6.3 1.2 1.3 1.5 nc nc nc 20.2 19.6 19.6 15.3 15.1 15.1 25.2 25.0 25.0

Indofood Sukses Makmur INDF IJ Equity INDF IJ BUY 8,725 9,650 93.5 64,062 70,849 78,078 6,877 7,610 8,547 2,968 3,454 4,196 (23.6) 16.4 21.5 25.8 22.2 18.3 11.1 8.5 7.5 2.8 2.7 2.5 1.9 2.2 2.6 75.4 38.7 27.2 11.2 12.5 14.3 3.3 3.8 4.4 6.6 8.0 10.7

Indofood CBP Sukses MakmurICBP IJ Equity ICBP IJ BUY 9,500 10,500 48.0 31,741 35,573 39,811 3,908 4,559 5,173 3,001 3,516 4,042 15.2 17.2 15.0 18.5 15.8 13.7 24.2 21.2 18.6 3.5 3.1 2.8 2.4 2.8 3.2 nc nc nc 20.1 21.0 21.5 11.7 12.3 12.6 28.5 27.3 25.3

Mayora Indah MYOR IJ Equity MYOR IJ BUY 1,520 2,200 2.8 14,819 16,390 18,550 1,862 2,035 2,322 1,219 1,320 1,500 202.2 8.3 13.6 1.1 1.0 0.9 15.4 13.8 12.0 0.3 0.2 0.2 11.0 19.4 22.0 37.0 18.4 6.3 26.9 23.5 22.3 11.3 11.1 11.5 16.7 18.6 19.9

Tempo Scan Pacific TSPC IJ Equity TSPC IJ BUY 2,140 2,000 0.6 8,220 9,160 10,888 640 713 785 575 622 672 (0.7) 8.1 7.8 16.7 15.5 14.4 10.2 9.2 8.3 2.2 2.0 1.8 2.7 2.9 3.1 nc nc nc 13.4 13.4 13.1 9.7 9.8 9.6 21.2 19.8 18.3

Sido Muncul SIDO IJ Equity SIDO IJ BUY 560 630 5.0 2,219 2,585 3,008 478 568 668 437 485 556 4.8 10.9 14.5 19.2 17.3 15.1 15.3 13.0 11.1 3.2 3.0 2.9 4.3 4.8 5.4 nc nc nc 16.8 18.0 19.6 15.6 16.7 18.1 16.8 18.0 19.6

Nippon Indosari Corpindo ROTI IJ Equity ROTI IJ BUY 1,575 1,450 4.0 2,189 2,693 3,343 389 458 575 265 322 416 40.3 21.6 29.2 30.1 24.8 19.2 16.0 13.5 11.2 6.9 5.7 4.7 0.8 1.0 1.3 39.2 17.6 18.2 25.0 25.2 26.7 11.1 11.4 12.7 16.3 19.7 22.6

Kimia Farma KAEF IJ Equity KAEF IJ REDUCE 2,340 1,740 41.1 5,070 5,754 6,599 342 422 524 279 327 367 19.1 17.1 12.1 46.5 39.7 35.5 36.0 29.7 27.1 6.5 5.8 5.2 0.5 0.6 0.7 7.7 15.4 79.6 14.8 15.4 15.4 9.0 9.4 7.6 15.1 13.8 10.3

Mitra Keluarga Karyasehat MIKA IJ Equity MIKA IJ REDUCE 2,800 2,200 0.0 2,038 2,301 2,645 560 622 704 558 636 699 4.3 10.3 9.3 71.8 65.1 59.6 45.7 55.3 49.4 12.8 12.7 11.9 1.2 1.1 1.1 nc nc nc 23.3 20.4 21.0 19.7 17.5 18.0 65.2 61.2 54.8

Siloam International Hospital SILO IJ Equity SILO IJ BUY 10,325 13,700 13.3 4,116 5,242 6,675 215 276 350 94 142 197 49.7 63.0 28.8 127.5 78.2 60.7 20.2 15.8 12.1 6.9 6.4 5.9 0.1 0.2 0.3 20.6 32.8 34.5 5.5 7.9 10.1 3.2 4.5 5.4 4.7 6.3 7.6

INDUSTRIAL ESTATES INDUSTRIAL ESTATES N 44.7 13,101 10,656 11,757 4,155 4,595 5,163 3,162 3,566 4,141 4.6 12.8 16.1 9.2 8.1 6.4 7.7 7.0 6.0 1.4 1.2 1.1 1.8 2.1 2.4 16.6 18.4 17.6 16.6 16.3 16.0 12.2 12.7 12.5 17.9 17.7 16.9

Puradelta Lestari DMAS IJ Equity DMAS IJ BUY 258 290 2.1 2,286 1,299 1,711 1,859 1,368 1,705 1,799 41.9 24.6 5.5 9.1 7.3 6.9 8.6 6.4 5.7 1.7 1.4 1.3 3.3 4.1 4.3 nc nc nc 20.2 21.6 19.4 17.5 19.8 18.5 23.6 25.8 23.6

Kawasan Industri Jababeka KIJA IJ Equity KIJA IJ BUY 302 320 11.8 3,140 3,223 3,463 910 984 1,078 339 450 584 (18.4) 33.0 29.8 18.4 13.9 10.7 8.6 7.9 7.0 1.3 1.2 1.1 0.4 0.5 0.7 57.3 54.0 44.4 7.5 9.2 10.8 3.7 4.4 5.2 4.9 5.9 7.3

Bekasi Fajar Industrial EstateBEST IJ Equity BEST IJ REDUCE 334 300 10.5 687 563 743 396 321 444 212 159 326 (46.0) (24.9) 104.9 15.2 20.3 9.9 9.9 13.5 10.1 1.1 1.0 0.9 0.9 0.7 1.2 25.4 39.5 43.3 7.2 5.1 9.7 5.1 3.2 5.9 6.2 3.8 6.9

Surya Semesta Internusa SSIA IJ Equity SSIA IJ BUY 570 750 14.2 4,868 4,651 4,998 558 544 607 334 255 274 (19.6) (23.6) 7.4 8.0 10.5 9.8 4.5 5.1 5.1 0.9 0.9 0.8 2.5 1.9 2.4 15.6 26.1 35.1 12.1 8.5 8.5 5.4 3.6 3.4 11.0 7.0 6.5

Lippo Cikarang LPCK IJ Equity LPCK IJ BUY 6,425 8,300 6.1 2,121 2,218 2,553 993 1,035 1,175 911 997 1,158 7.7 9.4 16.2 4.9 4.5 3.9 4.0 3.7 3.3 1.2 1.0 0.8 0.0 0.0 0.0 nc nc nc 28.9 24.3 22.5 18.5 16.7 16.3 32.9 27.9 25.3

INDUSTRY - Various INDUSTRY - Various 91.6 47,706 92,215 37,836 (1,308) 2,182 2,258 (4,841) (854) 574 na na na na na na 6.6 4.0 2.8 0.7 0.7 0.7 1.1 0.7 0.8 77.2 80.8 31.4 (9.9) 1.2 4.1 (4.5) 0.2 1.5 (6.7) 0.0 1.9

Krakatau Steel KRAS IJ Equity KRAS IJ* BUY 705 1,020 38.2 18,506 20,739 0 (2,577) 570 0 (4,480) (1,290) (394) na na na na na na na na na 0.5 0.6 0.6 0.0 0.0 0.0 83.2 88.8 0.0 (24.1) (5.1) (1.5) (10.2) (2.4) (0.7) (12.8) (2.7) (0.8)

Anabatic Technologies ATIC IJ Equity ATIC IJ BUY 700 800 0.0 2,626 2,964 3,375 178 217 263 60 110 146 (12.7) 65.0 32.1 19.6 11.9 9.0 7.5 6.4 5.4 1.7 1.7 1.4 1.5 1.2 2.1 52.4 50.7 47.1 12.4 14.8 17.1 2.8 4.4 5.2 6.4 9.8 11.5

Sri Rejeki isman SRIL IJ Equity SRIL IJ BUY 252 400 39.5 8,708 9,674 11,620 1,372 1,568 1,904 784 868 1,064 10.5 14.3 22.9 6.0 5.3 4.3 6.0 5.6 4.7 1.2 1.0 0.8 2.4 2.8 3.2 134.1 118.8 102.2 22.0 20.0 20.4 7.6 7.3 7.9 9.2 8.9 9.7

Multipolar MLPL IJ Equity MLPL IJ BUY 388 550 13.9 17,867 19,695 22,203 (281) (172) 91 (1,205) (543) (242) na na na na na na 25.9 12.7 7.7 0.5 0.6 0.6 2.4 0.0 0.0 nc 22.4 30.4 (15.4) (7.8) (3.7) (5.3) (2.4) (1.0) (12.7) (6.0) (2.9)

LAND TRANSPORTATION LAND TRANSPORTATION UW 11.6 7,835 23,011 15,755 1,641 1,827 1,945 895 982 1,004 (0.7) 9.7 2.3 9.8 9.0 8.8 4.9 4.5 4.4 1.7 1.5 1.4 3.9 4.4 4.4 57.5 58.7 65.5 19.2 17.9 16.3 10.4 10.1 8.7 15.0 13.4 11.7

Blue Bird BIRD IJ Equity BIRD IJ REDUCE 3,100 3,500 4.5 5,472 6,250 6,988 1,173 1,298 1,354 829 885 889 (2.0) 6.8 0.5 9.4 8.8 8.7 5.0 4.6 4.5 1.8 1.6 1.5 4.2 4.6 4.6 39.9 40.1 47.0 21.3 19.6 17.6 11.6 11.3 9.6 15.7 14.0 12.2

Express Transindo Utama TAXI IJ Equity TAXI IJ BUY 177 208 4.9 970 1,040 1,114 240 243 264 32 36 42 (72.7) 12.4 14.7 11.8 10.5 9.1 3.6 3.9 3.8 0.4 0.4 0.4 1.5 1.7 2.0 162.7 174.5 188.8 3.6 3.9 4.3 1.1 1.2 1.2 1.3 1.4 1.5

Adi Sarana Armada ASSA IJ Equity ASSA IJ BUY 192 220 2.2 1,393 1,606 1,850 228 286 326 34 60 73 (20.4) 125.8 19.3 19.1 8.5 7.1 4.5 3.9 3.7 0.8 0.7 0.7 1.6 3.5 4.2 205.7 212.2 213.6 4.0 6.8 7.7 1.3 2.0 2.3 1.4 2.2 2.5

METALS METALS N 164.7 32,345 25,401 28,013 1,623 982 4,125 (43) (331) 2,064 (101.9) 669.8 (723.6) (1,586.6) (206.1) 33.1 (384.8) 44.0 12.1 1.0 1.0 1.0 0.8 0.2 0.7 35.8 35.0 31.7 0.5 0.5 4.5 (0.0) (0.1) 2.2 (0.5) (1.1) 1.1

Vale Indonesia INCO IJ Equity INCO IJ* BUY 2,670 3,000 38.7 11,060 8,036 8,736 1,120 238 854 714 98 588 (67.8) (83.8) 527.3 39.3 242.7 38.7 9.2 11.4 8.5 1.1 1.0 1.0 1.6 0.2 1.4 nc nc nc 3.0 0.4 2.2 2.2 0.3 1.8 3.1 0.4 2.4

Aneka Tambang ANTM IJ Equity ANTM IJ HOLD 840 680 86.7 10,519 10,632 12,362 (768) (647) 154 (1,209) (882) (157) (76.5) (63.2) (237.9) na na na (1,186.7) 112.2 20.8 1.2 1.2 1.2 0.0 0.0 0.2 43.8 52.8 59.8 (8.6) (5.6) (1.0) (4.8) (3.1) (0.6) (5.9) (3.8) (0.7)

Timah TINS IJ Equity TINS IJ REDUCE 790 411 14.4 6,874 6,733 6,915 81 131 135 102 89 93 (85.9) (14.3) 0.0 56.4 65.8 65.8 14.9 11.7 10.8 1.1 1.1 1.1 0.6 0.6 0.0 30.1 22.1 24.3 2.1 1.7 1.8 1.1 1.0 1.0 1.5 1.3 1.4

J Resources Asia Pasifik PSAB IJ Equity PSAB IJ* BUY 326 413 5.3 3,892 4,396 5,390 1,274 1,400 2,520 448 574 1,302 59.8 28.8 126.8 4.5 3.5 1.5 7.7 6.7 4.0 0.5 0.5 0.4 0.0 0.0 0.0 131.0 109.7 68.5 13.2 14.2 26.1 3.8 4.7 10.3 5.4 6.5 14.0

Merdeka Copper Gold MDKA IJ Equity MDKA IJ* BUY 1,960 2,200 19.6 0 0 868 (84) (140) 462 (98) (210) 238 58.3 na na na na na na na na 4.0 4.4 3.9 0.0 0.0 1.0 7.7 75.0 53.5 (9.0) (10.2) 11.4 (4.6) (6.9) 6.5

OIL & GAS OIL & GAS N 212.2 68,863 66,678 79,368 9,504 12,385 15,768 6,300 7,395 9,557 (35.3) 17.4 29.2 14.9 12.7 9.8 9.6 8.8 7.4 2.3 2.0 1.8 2.5 2.7 2.9 17.1 14.3 12.3 13.9 13.9 16.0 6.4 6.7 7.6 9.9 9.8 11.9

Perusahaan Gas Negara PGAS IJ Equity PGAS IJ* BUY 2,570 3,000 176.1 42,966 38,528 45,052 7,910 8,260 10,766 5,614 5,880 7,952 (39.4) 4.7 35.0 11.1 10.6 7.8 6.0 6.8 5.0 1.5 1.4 1.2 3.4 3.3 3.5 nc nc nc 13.3 12.1 16.5 6.6 6.3 8.2 9.7 8.3 11.7

AKR Corporindo AKRA IJ Equity AKRA IJ BUY 6,800 8,000 31.3 19,344 18,832 22,965 1,345 1,837 1,720 1,047 1,338 1,310 28.1 27.8 (2.1) 25.6 20.0 20.5 17.8 14.0 13.5 4.4 3.8 3.4 1.2 1.6 2.0 40.9 28.8 16.4 18.2 20.2 17.3 7.1 8.4 7.5 12.1 15.0 14.1

Medco Energy MEDC IJ Equity MEDC IJ* BUY 1,365 1,300 4.8 6,553 9,318 11,351 249 2,288 3,282 (361) 177 295 (391.9) (150.9) 0.0 NA 24.8 24.8 9.7 4.8 4.4 0.4 0.3 0.3 (3.2) 1.6 1.6 108.5 124.5 156.0 (3.0) 1.4 2.2 (1.0) 0.4 0.7 (1.4) 0.6 0.9

PLANTATIONS PLANTATIONS N 98.4 40,272 42,766 45,776 6,078 6,637 7,275 2,109 2,955 3,952 (64.7) 40.1 33.7 31.9 22.8 17.0 12.1 9.6 8.6 1.7 1.6 1.5 1.3 1.8 2.5 53.0 55.2 55.1 5.4 7.5 9.5 3.3 4.2 5.1 4.1 5.2 6.2

Astra Agro Lestari AALI IJ Equity AALI IJ BUY 15,325 18,100 40.8 13,059 13,873 15,215 1,853 2,076 2,439 619 990 1,587 (75.3) 60.1 60.3 39.0 24.4 15.2 13.5 11.6 11.0 2.1 2.0 1.9 1.3 2.1 3.4 65.9 69.6 74.4 5.5 8.5 12.7 3.1 4.4 6.4 3.6 5.1 7.4

Salim Ivomas Pratama SIMP IJ Equity SIMP IJ HOLD 505 510 6.8 13,835 14,436 15,599 1,632 1,842 2,031 264 466 694 (69.1) 70.6 51.7 29.7 17.4 11.5 5.6 5.3 4.8 0.6 0.6 0.5 0.4 0.8 1.2 54.5 59.6 58.0 1.9 3.3 4.7 0.8 1.5 2.1 1.3 2.1 3.0

London Sumatra Indonesia LSIP IJ Equity LSIP IJ BUY 1,530 1,750 44.2 4,190 4,610 4,472 836 1,015 833 623 745 600 (33.1) 19.8 (19.3) 16.8 14.0 17.4 9.2 7.8 9.3 1.4 1.3 1.3 2.4 2.9 2.3 nc nc nc 8.7 9.8 7.5 7.1 8.0 6.1 10.2 10.7 7.9

Dharma Satya Nusantara DSNG IJ Equity DSNG IJ HOLD 404 490 0.3 4,425 4,783 4,941 560 536 592 270 249 306 (59.0) (8.0) 26.1 16.2 17.6 13.9 10.6 11.7 11.0 1.8 1.5 1.4 1.5 1.5 1.7 119.7 121.8 121.3 11.4 9.6 10.6 3.6 3.0 3.5 5.4 4.3 4.8

Austindo Nusantara Jaya ANJT IJ Equity ANJT IJ* REDUCE 1,700 565 0.1 1,764 1,862 2,058 126 210 266 (112) 56 140 na na na na 106.3 42.5 22.9 9.0 0.0 1.7 1.7 1.6 0.0 0.4 1.1 23.2 22.4 0.0 (2.2) 1.2 2.8 0.3 1.1 1.8 (1.8) 0.9 2.3

Sampoerna Agro SGRO IJ Equity SGRO IJ BUY 1,910 2,500 0.3 2,999 3,202 3,491 467 515 593 248 286 337 (27.2) 15.3 17.9 14.6 12.6 10.7 8.1 6.5 6.1 1.2 1.1 1.0 1.0 1.1 1.3 64.6 59.9 59.2 8.1 8.7 9.5 3.9 4.0 4.8 5.2 5.4 5.9

Tunas Baru Lampung TBLA IJ Equity TBLA IJ BUY 1,075 1,180 5.9 5,331 5,237 6,526 604 443 521 197 163 288 (58.0) (18.9) 80.0 29.1 35.8 19.9 11.7 10.0 9.6 2.0 1.9 1.8 0.7 0.6 1.0 153.8 124.5 115.2 7.4 5.6 9.3 2.4 1.8 3.3 3.1 2.3 4.2

POULTRY POULTRY N 35.3 59,906 68,871 75,163 5,377 7,320 7,731 2,242 5,037 5,141 12.1 124.6 2.1 37.1 16.5 16.2 15.1 11.8 11.0 4.3 3.5 3.1 0.4 0.9 1.8 72.2 52.7 45.3 13.2 22.8 19.6 6.4 11.2 10.4 8.2 14.5 13.4

Charoen Pokphand IndonesiaCPIN IJ Equity CPIN IJ BUY 3,650 3,500 19.2 30,108 36,230 39,506 3,443 4,165 4,440 1,837 3,203 3,264 5.2 74.4 1.9 32.6 18.7 18.3 16.2 13.3 12.4 4.8 3.9 3.4 0.5 1.0 1.7 52.5 41.0 34.1 15.6 23.1 20.0 8.1 12.2 11.4 10.3 15.8 14.5

Japfa Comfeed Indonesia JPFA IJ Equity JPFA IJ BUY 1,755 1,750 13.3 25,023 27,181 29,631 1,728 2,602 2,684 468 1,506 1,531 na na na na 12.8 13.1 12.0 8.1 7.6 3.3 2.5 2.4 0.0 0.7 2.3 121.7 77.7 69.7 9.0 22.7 19.1 2.8 8.5 8.1 3.8 11.6 11.0

Malindo Feedmill MAIN IJ Equity MAIN IJ BUY 1,500 2,400 2.7 4,775 5,460 6,026 206 553 608 (63) 328 346 na (540.0) 5.2 (45.0) 10.2 9.7 14.6 7.5 6.8 1.8 1.8 1.5 0.0 0.0 1.5 127.7 112.9 100.7 (4.8) 19.1 17.0 (1.7) 7.8 7.4 (1.9) 8.7 8.3

PROPERTY PROPERTY N 270.4 45,603 49,971 54,175 15,469 16,729 18,160 8,109 9,770 11,090 (42.3) 20.5 13.5 23.1 19.2 16.9 17.0 11.8 10.9 3.3 2.4 2.1 0.7 0.9 1.0 42.4 40.2 38.0 13.6 13.9 14.2 5.5 5.5 5.6 10.1 10.3 10.8

Bumi Serpong Damai BSDE IJ Equity BSDE IJ BUY 2,200 2,350 26.7 6,210 6,873 7,497 2,901 3,182 3,430 2,139 2,244 2,458 (46.5) 4.9 9.5 19.8 18.9 17.2 14.2 12.8 11.9 2.2 2.0 1.8 0.5 0.5 0.6 8.2 8.3 11.4 12.5 11.3 11.2 6.7 5.9 5.8 11.5 10.4 10.1

Lippo Karawaci LPKR IJ Equity LPKR IJ HOLD 905 1,100 88.9 8,910 10,310 10,313 1,727 2,089 2,072 535 1,246 1,317 (79.0) 132.6 5.7 39.0 16.8 15.9 14.3 12.2 12.1 1.3 1.2 1.1 0.4 1.5 1.6 64.2 64.0 60.4 3.3 7.3 7.3 1.4 2.9 2.8 2.2 4.5 4.5

Pakuwon Jati PWON IJ Equity PWON IJ BUY 740 700 27.6 4,625 5,326 6,333 2,265 2,630 3,094 1,262 1,658 2,167 (49.8) 31.4 30.7 28.2 21.5 16.4 15.2 12.7 10.9 4.9 4.1 3.4 0.6 0.6 0.8 39.3 28.2 21.8 18.9 20.9 22.5 7.1 8.2 9.2 14.0 15.7 18.1

Summarecon Agung SMRA IJ Equity SMRA IJ BUY 1,700 2,150 50.1 5,624 6,346 6,903 1,768 2,003 2,173 855 1,053 1,161 (38.3) 23.1 10.3 28.7 23.3 21.1 14.7 13.0 12.1 3.3 2.9 2.5 0.7 0.9 1.0 78.1 76.0 71.6 15.0 16.3 15.8 4.9 5.1 4.8 9.1 9.2 9.1

Ciputra Development CTRA IJ Equity CTRA IJ BUY 1,560 1,900 15.8 7,514 8,302 9,497 2,353 2,423 2,670 1,284 1,399 1,570 (3.1) 9.0 12.2 18.6 17.1 15.2 10.2 9.9 9.1 2.8 2.5 2.2 0.4 0.8 0.9 26.7 19.9 17.1 16.0 15.5 15.2 5.2 5.0 5.0 13.2 12.6 12.8

Alam Sutera ASRI IJ Equity ASRI IJ HOLD 466 500 38.8 2,784 3,072 3,341 1,628 1,590 1,735 597 805 978 (45.6) 35.0 21.4 15.4 11.4 9.4 9.3 9.8 9.1 1.4 1.3 1.2 1.3 2.0 2.6 104.3 102.0 95.0 9.5 11.9 13.0 3.3 4.1 4.6 4.8 5.8 6.5

Agung Podomoro Land APLN IJ Equity APLN IJ REDUCE 300 220 3.3 5,972 6,097 6,258 1,688 1,731 1,777 809 821 812 (5.0) 1.5 (1.2) 7.6 7.5 7.6 4.7 4.8 4.9 0.9 0.8 0.8 2.6 2.7 2.6 50.2 53.6 59.1 12.2 11.7 10.7 3.4 3.1 2.7 8.6 7.7 6.8

Ciputra Property CTRP IJ Equity CTRP IJ REDUCE 790 500 1.8 2,460 1,850 2,059 754 604 665 327 217 259 (18.3) (33.7) 19.4 15.1 22.8 19.1 8.6 11.7 10.9 1.1 1.0 1.0 2.0 1.3 1.6 54.0 89.8 90.1 7.3 4.7 5.4 3.5 2.0 2.1 4.9 2.7 2.8

PP Property PPRO IJ Equity PPRO IJ BUY 1,400 600 17.4 1,505 1,796 1,973 385 478 544 300 327 368 84.0 8.9 12.7 65.5 60.1 53.4 49.8 40.6 35.4 7.8 7.3 7.1 0.3 0.5 0.6 38.6 39.7 38.1 16.9 12.6 13.5 7.5 5.8 5.8 13.1 9.0 9.7

SHIPPING SHIPPING N 6.7 5,106 5,638 6,072 1,029 1,414 1,645 825 1,072 1,277 (15.1) 30.0 19.1 7.3 5.7 4.7 6.2 5.0 4.3 1.3 1.0 0.8 1.4 1.8 2.5 73.9 58.7 42.4 22.7 22.4 28.2 8.0 9.4 13.7 13.5 9.8 10.6

Soechi Lines SOCI IJ Equity SOCI IJ BUY 418 630 3.5 1,986 2,277 2,379 610 733 771 573 625 639 (3.8) 12.9 (1.2) 5.2 4.6 4.6 7.0 6.0 5.7 0.8 0.7 0.6 0.0 0.0 0.0 63.9 57.8 50.5 12.4 14.2 26.1 3.8 4.7 10.3 13.1 9.0 9.7

Pelayaran Tempuran Emas TMAS IJ Equity TMAS IJ BUY 1,760 3,000 2.9 1,721 1,858 2,146 378 520 659 332 425 571 63.7 28.2 34.3 6.1 4.7 3.5 5.1 3.8 2.9 2.6 1.8 1.3 4.1 5.3 7.1 99.5 64.6 35.5 50.7 45.4 43.6 18.8 21.0 24.8 23.4 25.3 29.5

Wintermar Offshore Marine WINS IJ Equity WINS IJ HOLD 238 184 0.3 1,399 1,503 1,546 41 162 215 (80) 22 67 (100.0) na 200.9 na 43.2 14.4 5.9 4.1 2.9 0.3 0.3 0.4 0.0 0.4 1.0 52.3 49.0 30.7 (2.7) 0.8 2.5 (1.2) 0.4 1.1 (1.7) 0.5 1.8

TELCOS TELCOS OW 226.8 200,631 224,995 249,003 43,990 49,395 57,037 18,749 23,078 28,886 (2.6) 37.7 48.3 30.0 24.3 19.4 11.2 10.1 8.8 5.4 4.8 4.2 1.6 2.0 2.7 65.2 44.9 30.9 20.8 21.2 22.6 8.8 8.9 10.1 16.6 17.5 19.8

Telekomunikasi Indonesia TLKM IJ Equity TLKM IJ BUY 4,220 5,000 189.7 102,470 113,645 125,693 32,881 36,717 41,992 15,489 17,604 20,371 5.8 13.7 15.7 27.5 24.2 20.9 11.6 10.6 9.0 5.7 5.1 4.6 2.1 2.4 3.1 8.6 3.4 (2.5) 21.7 22.1 23.0 10.1 10.3 11.2 20.0 20.9 23.0

XL Axiata EXCL IJ Equity EXCL IJ REDUCE 2,480 3,000 8.9 22,876 24,242 25,852 1,258 1,563 2,062 (25) 440 1,183 na na na na na na 6.0 5.0 4.5 1.5 1.5 1.4 0.0 0.6 1.7 167.8 132.7 116.6 (0.2) 3.1 8.0 (0.0) 0.8 2.0 (0.1) 1.3 3.6

Tower Bersama InfrastructureTBIG IJ Equity TBIG IJ REDUCE 6,150 5,750 9.0 3,437 3,801 4,229 2,637 2,915 3,243 1,056 1,289 1,593 (18.8) 22.0 23.0 27.9 22.9 18.5 16.6 15.2 16.2 10.2 7.3 5.5 0.7 0.9 1.1 647.2 481.2 365.6 30.7 37.3 33.9 4.5 5.1 5.8 4.9 5.5 6.4

Sarana Menara Nusantara TOWR IJ Equity TOWR IJ BUY 3,800 5,600 1.9 4,470 4,845 5,315 3,386 2,866 3,274 2,958 1,591 2,133 251.9 (46.2) 34.1 13.1 24.4 18.2 12.1 10.7 9.2 5.0 5.4 4.2 0.0 0.0 0.0 90.0 64.3 25.4 47.9 21.5 26.2 15.3 7.9 11.2 20.3 13.6 18.5

Indosat ISAT IJ Equity ISAT IJ BUY 6,400 8,500 3.6 26,769 29,107 31,660 2,704 4,015 4,926 (1,310) 1,440 2,715 34.1 23.2 53.7 NA 24.1 12.8 4.8 4.0 3.3 2.8 2.4 1.9 0.0 1.2 2.3 160.0 90.1 90.1 (10.0) 10.7 16.9 (2.4) 2.6 5.0 (4.0) 4.6 9.3

Tiphone Mobile Indonesia TELE IJ Equity TELE IJ BUY 700 1,180 9.0 22,040 29,578 34,851 749 905 1,074 370 462 592 21.5 24.6 28.3 13.3 10.7 8.3 10.1 8.5 9.5 1.7 1.5 1.3 1.9 2.3 3.0 64.1 74.4 74.4 13.9 15.4 17.4 6.1 6.3 7.6 6.1 7.0 5.9

Erajaya Swasembada ERAA IJ Equity ERAA IJ BUY 645 850 4.7 18,569 19,777 21,403 375 412 466 210 252 299 (0.6) 19.8 18.7 8.9 7.4 6.3 6.9 6.2 5.3 0.6 0.6 0.5 4.5 5.4 6.4 33.4 31.2 26.8 7.0 7.9 8.9 3.3 3.8 4.3 5.1 5.9 6.8

Market Market N 3,536 1,693,322 1,835,755 2,033,129 307,756 330,609 378,148 197,800 225,426 265,067 (6.7) 12.8 17.6 23.1 20.3 17.2 8.6 13.8 11.8 10.2 9.0 8.1 2.0 2.1 2.5 23.0 17.7 15.7 31.5 28.8 29.3 12.0 12.1 12.8 21.2 21.5 23.5

Note: *USD reporting

OW: Overweight, N: Neutral, UW: Underweight

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

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 9

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

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

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