Equity Research

Wednesday, August 05, 2015

Danareksa Sekuritas – Equity Research

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

Agriculture Helmy Kristanto helmyk@danareksa.com (62-21) 2955 824 Automotive Helmy Kristanto helmyk@danareksa.com (62-21) 2955 824 Auto Component Joko Sogie jokos@danareksa.com (62-21) 2955 5827 Banking Eka Savitri ekas@danareksa.com (62-21) 2955 5825 Cement Helmy Kristanto helmyk@danareksa.com (62-21) 2955 824 Coal Stefanus Darmagiri stefanus.darmagiri@danareksa.com (62-21) 2955 5831 Construction Joko Sogie jokos@danareksa.com (62-21) 2955 5827 Consumer Jennifer Frederika Yapply jennifer.yapply@danareksa.com (62-21) 2955 5821 Heavy Equipment Stefanus Darmagiri stefanus.darmagiri@danareksa.com (62-21) 2955 5831 Media Lucky Ariesandi, CFA lucky.ariesandi@danareksa.com (62-21) 2955 5823 Metal Mining Stefanus Darmagiri stefanus.darmagiri@danareksa.com (62-21) 2955 5831 Pharmaceutical Armando Marulitua armandom@danareksa.com (62-21) 2955 5817 Property Anindya Saraswati anindyas@danareksa.com (62-21) 2955 5820 Retail Anindya Saraswati anindyas@danareksa.com (62-21) 2955 5820 Strategy Helmy Kristanto helmyk@danareksa.com (62-21) 2955 824 Telecommunication Lucky Ariesandi, CFA lucky.ariesandi@danareksa.com (62-21) 2955 5823 Transportation Joko Sogie jokos@danareksa.com (62-21) 2955 5827 Utilities Lucky Ariesandi, CFA lucky.ariesandi@danareksa.com (62-21) 2955 5823 Research Associate Puti Adani putia@danareksa.com (62-21) 29555 888 ext.3511

Sales team

Ermawati A. Erman ermawatiae@danareksa.com (62 21) 29555 888 ext. 3151 Asfarita Andalusia asfarita@danareksa.com (62 21) 29555 888 ext. 3134 Novrita E. Putrianti novrita@danareksa.com (62 21) 29555 888 ext. 3128 Ehrliech Suhartono ehrliech@danareksa.com (62 21) 29555 888 ext. 3132 Yunita L. Nababan yunita@danareksa.com (62 21) 29555 888 ext. 3145 Bram Taarea bramt@danareksa.com (62 21) 29555 888 ext. 3127 Martin Joshua martinjs@danareksa.com (62 21) 29555 888 ext. 3126 Laksmita Armandani laksmitaa@danareksa.com (62 21) 29555 888 ext. 3125 Muhammad Hardiansyah mhardiansyah@danareksa.com (62 21) 29555 888 ext. 3109 Tuty Sutopo tuty@danareksa.com (62 21) 29555 888 ext. 3121 Upik Yuzarni upik_y@danareksa.com (62 21) 29555 888 ext. 3137

Banking Sector Marketing Feedback: still in cautious mode We recently went on an overseas marketing trip and met with more than 20 investors to pitch Indonesia’s banking sector. Despite the slowing economy at the current time we retain our optimism and believe that the sector will be one of the main beneficiaries from higher government spending in the second half of the year (which should, in turn, help to bolster economic growth). In the meantime, however, most foreign investors we spoke to are taking a less upbeat view on the Indonesian market, instead preferring to stay on the sidelines given the currently high volatility. On a longer term view, optimism remains however, and investors continue to believe in Indonesia’s growth potential. For this reason, they are still keeping a close eye on the latest developments in the Indonesian market, especially government policies taken to spur economic growth. Maintain Overweight.

Still an attractive sector!

Our overseas marketing trip took us to Singapore, Kuala Lumpur and Hong Kong, where we met with investors to pitch Indonesia’s banking sector. Over the medium to longer term, we continue to believe that the sector has excellent prospects given: 1) Indonesia’s banking sector is a proxy to the country’s strong growth potential; 2) it has the flexibility to cater to almost all business sectors in the country, and 3) there is a large underserved market for people who do not yet have banking access. Looking at the 1H15 results, we note that the performance of most banks was pretty much on track in terms of margins, loans growth and efficiency. Nonetheless, some banks were notably proactive in allocating higher provisions in order to mitigate the deterioration in assets quality. In our view, this also reflects the more conservative management approach taken by many banks having faced several crises after the turmoil back in 1998.

More concerns on the macro side Most of the foreign investors we met expressed their concerns on the currently weakening macroeconomic conditions in Indonesia – in particular the slowing economic growth but also the persistent IDR depreciation. In general, foreign investors are taking a cautious stance, pointing out that at current levels the Indonesian market risk return proposition is not as attractive as it once was. Investors are still keen to look for good opportunities in the market, however, and they will closely watch macroeconomic developments, especially progress on infrastructure projects and tax collection realization.

Attractive valuations yet with a focus on select names Despite the current headwinds, investors still share our view that the Indonesian banking sector has bright prospects going forward with higher growth in the offing once economic recovery materializes. Furthermore, the valuations of banks already look quite enticing given the industry average PBV for 2015F of around 1.3-1.4x. Among the individual banks, BBCA still looks fairly expensive with its current valuation at 3.6x PBV 2015F despite its good assets quality, sound deposits structure and quality management. As such, BBRI remains our Top Pick in the sector given its more attractive valuation (2.2x PBV for 2015F), premium margins and its extremely compelling ROAE (24.8% for 2015F).

EPS CAGR (%)

2015F 2016F 2015F 2016F 2014-16F

Sector Average OVERWEIGHT

BBCA HOLD 13,300 14,050 3.6 3.0 22.1 21.2 15.2

BMRI BUY 9,525 13,600 1.8 1.6 19.4 18.8 10.9

BBRI BUY 10,400 13,400 2.2 1.8 24.7 22.8 9.7

BBNI BUY 4,795 6,600 1.3 1.1 18.2 17.4 8.3

BBTN BUY 1,170 1,400 0.9 0.8 10.6 10.5 30.7

BTPN BUY 3,150 4,500 1.3 1.1 15.8 15.0 9.4

PBV (x) ROAE (%)Stock Recommendation Current price (IDR) Target price (IDR)

Wednesday, August 5, 2015

OVERWEIGHT

Jakfin relative to JCI Index

Eka Savitri (62-21) 2955 5777 ext 3509 ekas@danareksa.com

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Danareksa research reports are also available at Reuters Multex and First Call Direct and Bloomberg.

Equity Research

Wednesday, August 05, 2015

Danareksa Sekuritas – Equity Research

SILO Growth Remains High (ID)

SILO targets revenue growth between 34-38% with net profit also rose 50% in FY15F, in line with the positive achievements in

1H15. Higher hospitalization rate from 20 hospitals in addition to the government’s social security program (BPJS) have

contribute positively to the company’s performance. Meanwhile, SILO is targeting to establish six new hospitals up until year-

end.

Comment: Siloam has revised its revenues target down to IDR4.5tn this year, from previously IDR4.9tn. We believe this is mainly

due to the delay in its expansion despite a solid performance in its existing hospitals. For new hospitals development, Siloam’s

management remains confidence to open 10 new hospitals consist of 5 regular hospitals and 5 Siloam express in 2H2015. We

believe its plan to open 10 new hospitals is challenging given the difficulty in acquiring licenses. Despite this, we remain positive

on the company and maintain our HOLD call. (Armando)

3 SOE to prepare discount program (ID)

3 state-owned enterprises, namely Bank Mandiri (BMRI), Garuda Indonesia (GIAA), Angkasa Pura II were preparing discount

program to welcome the 70th Independence Day on August 17. Discount program offered by BMRI among others: (i) discounts

for shopping in stores BMRI partners by 17% -25%, (ii) price discount for e-Toll. While the discount program offered GIAA form

of a discount of 17%, 45%, and 70% for the ticket. Angkasa Pura II, on the other hand, will inaugurate Supadio airport in

Pontianak.

BBRI Launches 'Floating Bank' (TJP)

Bank Rakyat Indonesia (BBRI) launched its first 'floating bank' in a bid to provide banking access to people living in coastal areas

and on remote islands. The on-boat banking services, Teras BRI Kapal, will initially serve people in Thousand Islands regency, off

North Jakarta. The boat will be manned by 11 staff and will operate from Monday to Friday, and provide all the essential

services, similar to other BBRI branches.

BBTN to issue securitization amounting IDR3 Trillion (ID)

Bank Tabungan Negara (BBTN) plans to issue securitization worth IDR3 trillion in September 2015. This securitization is an

attempt to obtain financing and maintain its capital adequacy ratio (CAR). Its securitization consists of: (i) Collective Investment

Contract Asset Backed Securities (KIK EBA) worth IDR1.5 trillion, (ii) Participation Letter of Asset Backed Securities (ABS-SP)

worth IDR1.5 trillion.

BMRI to issue KIK EBA (ID)

Bank Mandiri (BMRI) plans to issue Collective Investment Contract Asset Backed Securities (KIK EBA) in 3Q15 amounted to IDR1

trillion. Besides KIK EBA, BMRI also plans to seek IDR denominated loans amounted IDR2-3 Trillion. In issuing KIK EBA, BMRI will

be assisted by Mandiri Securities as arranger, and Sarana Multigriya Finansial as a credit enhancer.

TLKM to Join Tender for Palapa Ring (BI)

Telekomunikasi Indonesia (TLKM) will participate in Palapa Ring tender project, worth of IDR246.74mn, with funding from

capital market. Although, the management has yet to comment on the funding plan.

SSIA Cancels Notes Issuance (BI)

Surya Semesta Internusa (SSIA) has cancelled its plan to issue USD200mn notes, as the market condition is not condusive. That

said, the company is mulling over alternative plans to look for bank loans and/or notes denominated in other currency than USD.

SSIA Cut Industrial Land Target This Year (ID)

Surya Semesta Internusa (SSIA) revise down its industrial land sales target from the initial 60ha to 20ha this year considering the

slowing down economy. In 1H15, SSIA recorded 6.9ha sales industrial land area in Karawang and Purwakarta, West Java.

Meanwhile, the price per sqm has grown by 23.5% from US$127.7/sqm to US$157.7/sqm. Up until June 2015, the company has

successfully acquired 250ha new land bank in Subang, West Java, equivalent to 50% of the total target for this year.

MARKET NEWS

Equity Research

Wednesday, August 05, 2015

Danareksa Sekuritas – Equity Research

PUPR Revise Budget Absorption Target (ID)

Ministry of Public Works and Public Housing (PUPR) revise the budget absorption target for December 2015 to 90%, or below

the initial target of 93%, due to the slow absorption of the budget. Until now, the realization of budget absorption only reached

IDR 26.3tn or 22.19% from the total budget of IDR 118tn, with a target of 30% uptake in August. For September, the absorption

is targeted to reach 40-50%.

WIKA and KRAS Explores US$1.5bn Power Plant (ID)

Wijaya Karya (WIKA) and Krakatau Steel (KRAS) are exploring the development of 2x500 MW power plant in Banten with a

project value of US$1.5bn. KRAS will provide the land bank, while WIKA will become the contractor who builds the power plant.

No detailed timeline for the construction of this project as it’s still under feasibility study.

Price Mkt Cap

Target Rp Bn 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2015

Danareksa Universe 2,755,898 197,167 223,353 310.6 351.8 10% 13% 14.0 12.3 12.1 11.0 2.5 2.2 18.8

Auto 280,044 24,706 29,222 452.6 535.3 15% 18% 11.3 9.6 9.2 8.0 2.0 1.7 18.6

Astra International HOLD 6,625 8,300 268,204 23,976 28,096 592 694 497 567 16% 17% 11.2 9.5 9.4 8.1 2.0 1.7 33.5 19.1

Gajah Tunggal BUY 725 1,500 2,526 266 633 76 182 140 127 -1% 138% 9.5 4.0 4.6 4.5 0.4 0.4 95.0 4.4

Selamat Sempurna BUY 4,690 5,300 6,752 465 493 323 342 332 352 19% 6% 14.5 13.7 8.8 8.1 4.7 3.9 net cash 36.0

Banks 926,902 82,338 92,048 764.4 854.6 11% 12% 11.3 10.1 2.2 1.9 21.0

BCA HOLD 13,300 14,050 327,912 19,127 21,921 767 879 767 879 15% 15% 17.3 15.1 NA NA 3.5 2.9 NA 22.4

BNI BUY 4,795 6,600 89,420 11,522 12,657 618 679 618 679 7% 10% 7.8 7.1 NA NA 1.3 1.1 NA 18.2

BRI BUY 10,400 13,400 256,559 26,451 29,202 1,072 1,184 1,072 1,184 9% 10% 9.7 8.8 NA NA 2.2 1.8 NA 24.8

Bank Tabungan Negara BUY 1,170 1,400 12,364 1,357 1,609 129 153 129 153 22% 19% 9.0 7.6 NA NA 0.9 0.8 NA 10.6

Bank Mandiri BUY 9,525 13,600 222,250 21,856 24,422 937 1,047 937 1,047 10% 12% 10.2 9.1 NA NA 1.8 1.6 NA 19.6

Bank Tabungan Pensiunan BUY 3,150 4,500 18,397 2,026 2,237 347 383 347 383 8% 10% 9.1 8.2 NA NA 1.3 1.1 NA 15.8

Cement 143,141 12,525 15,375 725 890 7% 23% 11.4 9.3 6.9 6.0 2.2 1.9 20.0

Holcim HOLD 1,370 2,300 10,498 923 1,213 120 158 118 152 12% 31% 11.4 8.7 6.2 4.8 1.0 0.9 30.0 9.1

Indocement BUY 20,000 28,300 73,625 5,741 6,595 1,559 1,792 1,555 1,788 8% 15% 12.8 11.2 7.4 6.1 2.6 2.3 net cash 21.2

Semen Indonesia BUY 9,950 14,500 59,019 5,861 7,567 988 1,276 988 1,276 5% 29% 10.1 7.8 6.6 6.2 2.2 1.9 12.3 23.2

Construction 111,255 4,586 5,716 108 135 25% 25% 24.3 19.5 11.4 9.8 3.2 2.8 15.2

Jasa Marga BUY 5,600 8,000 38,080 1,531 1,779 480 614 513 657 19% 28% 11.7 9.1 13.0 11.5 3.1 2.8 95.8 12.8

Wijaya Karya BUY 2,650 4,000 16,295 843 1,004 137 164 152 179 37% 19% 19.3 16.2 8.0 6.7 2.8 2.3 8.9 15.4

Pembangunan Perumahan BUY 3,795 4,600 18,377 694 856 143 177 150 185 30% 23% 26.5 21.5 10.7 9.0 6.2 5.0 39.2 25.8

Adhi Karya BUY 2,250 3,700 4,053 399 531 221 295 244 322 23% 33% 10.2 7.6 5.5 4.8 1.9 1.6 66.6 20.8

Waskita Karya BUY 1,780 2,000 24,906 725 1,054 53 78 53 78 4% 46% 33.3 22.9 16.6 13.8 2.8 2.6 net cash 12.5

Wika Beton HOLD 1,095 1,350 9,543 396 491 45 56 46 57 32% 24% 24.1 19.4 12.9 10.4 3.8 3.3 net cash 17.1

Consumer 431,662 13,660 15,575 497 566 8% 14% 31.6 27.7 18.8 16.9 8.3 7.5 27.8

Indofood CBP BUY 12,600 13,800 73,470 3,033 3,308 520 567 520 567 16% 9% 24.2 22.2 16.7 15.7 4.6 4.2 net cash 20.3

Indofood BUY 6,125 8,050 53,780 3,811 4,287 434 488 580 650 -2% 12% 14.1 12.5 6.7 6.2 1.9 1.8 19.2 14.1

Unilever SELL 38,600 30,475 294,518 6,365 7,332 834 961 834 961 11% 15% 46.3 40.2 32.3 28.3 54.7 48.9 net cash 129.7

Nippon Indosari Corpindo BUY 1,180 1,680 5,973 266 377 53 75 53 75 41% 42% 22.4 15.8 12.9 9.1 5.1 4.0 63.0 25.0

Mandom BUY 19,500 21,170 3,921 184 271 916 1,346 915 1,345 6% 47% 21.3 14.5 9.1 7.7 2.9 2.5 9.4 14.1

Healthcare 140,962 3,169 3,497 588 686 19% 17% 44.5 40.3 28.0 23.7 8.0 7.1 19.6

Kalbe Farma HOLD 1,680 1,925 78,750 2,219 2,375 47 51 47 52 8% 7% 35.5 33.2 23.2 20.4 7.5 6.7 net cash 22.2

Kimia Farma BUY 955 1,500 5,304 258 313 47 56 41 50 12% 19% 20.3 17.1 13.8 11.1 2.6 2.3 2.2 13.5

Siloam Hospital HOLD 16,500 15,750 19,076 102 133 89 115 92 119 64% 30% 186.3 143.6 32.4 23.9 10.9 10.1 64.2 6.0

Mitra Keluarga HOLD 26,000 27,400 37,832 589 676 405 464 397 454 14% 15% 64.2 56.0 58.0 49.3 11.4 10.2 net cash 22.9

Heavy Equipment 77,044 5,973 6,297 1,307 1,378 7% 5% 12.9 12.2 5.8 4.9 1.8 1.7 14.6

Hexindo Adiperkasa HOLD 2,240 3,650 1,882 220 260 262 309 238 273 13% 18% 8.6 7.2 4.0 3.0 0.7 0.6 net cash 8.0

United Tractors HOLD 20,150 19,800 75,162 5,753 6,037 1,542 1,619 1,542 1,619 7% 5% 13.1 12.4 5.9 5.0 1.9 1.7 net cash 15.1

Mining 79,068 7,480 8,752 115 135 -15% 17% 10.6 9.0 4.5 4.0 0.8 0.8 7.7

Adaro Energy BUY 590 1,150 18,872 2,095 2,202 66 69 66 69 2% 5% 9.0 8.6 3.6 3.1 0.5 0.5 33.0 6.2

Timah BUY 685 850 5,102 157 237 21 32 21 32 -75% 51% 32.4 21.5 7.6 7.1 0.9 0.9 24.9 2.9

Vale Indonesia BUY 2,105 3,700 20,916 1,386 1,790 140 180 140 180 -36% 29% 15.1 11.7 5.0 4.2 0.9 0.9 net cash 6.2

Aneka Tambang HOLD 595 1,100 5,675 194 400 20 42 20 42 -148% 106% 29.2 14.2 12.6 9.5 0.5 0.4 62.8 1.6

Bukit Asam BUY 6,250 13,500 14,401 1,746 1,939 803 892 803 892 -13% 11% 7.8 7.0 5.4 4.8 1.6 1.4 net cash 19.7

Indo Tambangraya Megah HOLD 10,100 16,000 11,412 1,782 1,982 1,577 1,755 1,577 1,755 -15% 11% 6.4 5.8 2.7 2.4 1.1 1.1 net cash 18.0

Harum Energy HOLD 995 1,750 2,690 119 202 44 75 44 75 -53% 69% 22.6 13.3 0.7 0.4 0.7 0.7 net cash 3.1

Plantation 51,399 5,510 5,938 211 227 11% 8% 9.3 8.7 5.1 4.6 1.3 1.2 14.9

Astra Agro Lestari BUY 19,900 27,100 31,337 2,770 2,832 1,759 1,798 1,759 1,798 4% 2% 11.3 11.1 6.8 6.3 2.7 2.5 net cash 24.5

Sampoerna Agro BUY 1,665 2,600 3,147 464 550 245 291 253 299 18% 19% 6.8 5.7 4.5 3.9 0.9 0.8 31.8 14.5

PP London Sumatra HOLD 1,320 2,090 9,006 1,055 1,133 155 166 155 166 8% 7% 8.5 7.9 4.1 3.4 1.1 1.0 net cash 13.9

Salim Ivomas Pratama BUY 500 850 7,908 1,221 1,423 77 90 87 98 33% 17% 6.5 5.6 3.7 3.3 0.5 0.5 37.6 8.2

Property 106,345 8,896 10,205 87 99 -10% 15% 12.0 10.4 10.5 9.1 2.1 1.9 18.8

Alam Sutera BUY 505 700 9,923 1,254 1,516 64 77 73 85 15% 21% 7.9 6.5 7.9 6.7 1.4 1.2 75.3 18.9

Bumi Serpong Damai BUY 1,820 2,100 35,029 2,369 2,617 135 150 140 156 -36% 10% 13.4 12.2 11.8 10.4 2.3 2.0 net cash 16.6

Metropolitan Land BUY 349 620 2,645 290 322 38 43 38 43 14% 11% 9.1 8.2 6.4 5.9 1.2 1.1 27.7 14.2

Surya Semesta Internusa HOLD 795 1,040 3,741 464 415 99 88 103 93 32% -11% 8.1 9.0 3.4 3.5 1.3 1.1 net cash 16.9

Lippo Karawaci BUY 1,150 1,200 26,539 1,565 1,763 72 82 58 64 -38% 13% 15.9 14.1 12.0 10.3 1.7 1.5 27.3 10.1

PP Properti BUY 178 242 2,500 1,626 1,963 21 26 22 28 172% 27% 8.7 6.8 6.0 5.7 1.1 1.0 8.8 100.6

Summarecon BUY 1,800 2,045 25,968 1,327 1,609 92 111 92 111 -5% 21% 19.6 16.1 14.2 11.7 5.3 4.2 57.1 29.6

Telco & Infrastructure 428,315 19,313 22,528 141 165 28% 17% 22.2 19.0 6.4 5.8 3.5 3.2 17.0

XL Axiata BUY 3,025 4,710 25,838 356 680 42 80 42 80 -140% 91% 72.4 38.0 5.3 4.7 1.8 1.7 120.7 2.5

Indosat BUY 4,350 4,200 23,638 312 588 57 108 38 89 -152% 89% 75.8 40.2 4.0 3.6 1.5 1.4 132.4 2.0

Telkom HOLD 2,875 3,050 289,800 15,554 16,458 158 168 158 168 6% 6% 18.1 17.2 5.8 5.4 4.0 3.7 net cash 22.1

Sarana Menara Nusantara BUY 3,985 4,600 40,659 1,585 2,040 155 200 158 202 89% 29% 25.7 19.9 12.4 10.4 6.6 5.2 108.8 29.2

Tower Bersama HOLD 8,025 8,725 38,492 1,528 2,387 300 429 300 429 9% 43% 26.7 18.7 14.9 11.9 3.3 2.7 129.0 19.3

MNC Sky Vision HOLD 1,400 1,230 9,889 (22) 375 (3) 53 (2) 1 -86% -1776% (442.5) 26.4 9.9 8.6 6.1 5.0 162.0 -1.4

Tranportation 19,266 1,253 1,554 501 621 62% 24% 15.4 12.4 8.6 7.0 4.4 3.4 32.4

Blue Bird BUY 7,700 12,200 19,266 1,253 1,554 501 621 488 608 62% 24% 15.4 12.4 8.6 7.0 4.4 3.4 43.9 32.4

Utility 96,966 11,088 10,313 457 425 3% -7% 8.7 9.4 5.9 6.4 2.4 2.2 28.7

PGN BUY 4,000 6,650 96,966 11,088 10,313 457 425 5,775 5,313 3% -7% 8.7 9.4 5.9 6.4 2.4 2.2 net cash 28.7

Retail 23,757 1,091 1,385 42 53 11% 27% 21.8 17.2 10.1 8.4 2.6 2.4 12.6

Mitra Adi Perkasa BUY 4,780 6,525 7,935 287 492 173 296 183 306 284% 72% 27.7 16.1 8.6 6.7 2.8 2.4 111.8 10.7

Ramayana SELL 695 660 4,932 243 255 34 36 34 36 -31% 5% 20.3 19.4 9.8 8.9 1.5 1.4 net cash 7.2

Ace Hardware BUY 635 780 10,890 561 638 33 37 32 37 2% 12% 19.2 17.2 12.8 10.9 3.9 3.3 net cash 21.7

Core EPS (Rp)Equity

Valuation Rating Price (Rp)

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

Equity Research

Wednesday, August 05, 2015

Danareksa Sekuritas – Equity Research

LEADERS Price as on

Code 4-Aug-2015 3-Aug-2015 Chg, % w-w, % m-m, % YTD, % Rating

Aneka Tambang ANTM 595 479 24.2 12.3 (11.9) (44.1) HOLD

Timah TINS 685 615 11.4 19.1 (0.7) (44.3) BUY

Vale Indonesia INCO 2,105 1,925 9.4 (4.3) (21.9) (41.9) BUY

Bukit Asam PTBA 6,250 5,950 5.0 (2.7) (24.5) (50.0) BUY

Sarana Menara Nusantara TOWR 3,985 3,800 4.9 0.1 (0.4) (4.0) BUY

Indo Tambangraya Megah ITMG 10,100 9,725 3.9 (0.5) (23.2) (34.3) HOLD

Adaro Energy ADRO 590 570 3.5 (1.7) (22.4) (43.3) BUY

Indofood INDF 6,125 6,000 2.1 1.7 (8.9) (9.3) BUY

United Tractors UNTR 20,150 19,900 1.3 12.3 1.5 16.1 HOLD

Indosat ISAT 4,350 4,300 1.2 1.2 8.7 7.4 BUY

Sources: Bloomberg

LAGGARDS Price as on

Code 4-Aug-2015 3-Aug-2015 Chg, % w-w, % m-m, % YTD, % Rating

Blue Bird BIRD 7,700 8,000 (3.8) 1.7 (3.8) (18.3) BUY

Tower Bersama TBIG 8,025 8,300 (3.3) (4.5) (10.6) (17.3) HOLD

Hexindo Adiperkasa HEXA 2,240 2,310 (3.0) (7.6) (17.0) (36.1) HOLD

Salim Ivomas Pratama SIMP 500 515 (2.9) (9.1) (19.4) (29.1) BUY

Gajah Tunggal GJTL 725 745 (2.7) (3.3) (14.7) (49.1) BUY

Holcim SMCB 1,370 1,400 (2.1) (7.7) (8.7) (37.3) HOLD

Selamat Sempurna SMSM 4,690 4,785 (2.0) (2.2) 0.5 (1.3) BUY

Bank Mandiri BMRI 9,525 9,700 (1.8) 1.6 (6.4) (11.6) BUY

XL Axiata EXCL 3,025 3,080 (1.8) 8.6 (8.9) (37.8) BUY

Kalbe Farma KLBF 1,680 1,710 (1.8) 1.5 (0.3) (8.2) HOLD

Sources: Bloomberg

COVERAGE PERFORMANCE

Equity Research

Wednesday, August 05, 2015

Danareksa Sekuritas – Equity Research

Disclaimer

The information contained in this report has been taken from sources which we deem reliable. However, none of P.T. Danareksa Sekuritas and/or its affiliated

companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof.

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