Equity SNAPSHOT Monday, October 15, 2018

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1 FROM EQUITY RESEARCH Property: 9M18 Marketing Sales Check In Line (Neutral) Overall, the 9M18 marketing sales are in-line (71% of the FY18 cumulative target). Among the individual companies, ASRI s marketing sales beat expectations whereas SMRA s are continuing to lag. While the 9M18 performance of PWON and CTRA was in-line, we see the risk that their sales may not catch up, especially given the heightened macro uncertainty. Maintain neutral on the sector. To see the full version of this report, please click here Sido Muncul: Initiation Healthy growth prospects (SIDO IJ. IDR 810. BUY. TP IDR 1,000) Sido Muncul is on track to book solid earnings growth in FY18-20F given: (1) additional production capacity and (2) the full commercialization of its expanded extraction plant which will support higher margins. The plan to improve distribution and penetrate export markets will also drive growth. We initiate coverage on the stock with a BUY recommendation. To see the full version of this report, please click here MARKET NEWS Macroeconomics Bank Indonesia: Survey of business activities shows slowdown in 3Q2018 Sector Automotive: Retail car sales are up 10.9% yoy in 9M18 Cement: Domestic cement sales up 4.3% yoy in 9M18 Coal Mining: Indonesia coal production reached 319mn tonnes in 9M18 Corporate BCA s mortgages grew 10% in 9M18 TLKM foresees double-digit growth in FY18 PREVIOUS REPORT Adaro Energy: Looking to bridge the gap Click here Plantation: Sep 18 Inventory Climbed to an 8-Month High Click here Panca Budi: Market leader in a booming industry Click here Smartfren: Strong contender in 4G LTE Click here Property: 3Q18 Mortgage Rate Survey: Higher rates on the Card Click here Bank Tabungan Pensiunan Nasional: A momentum play Click here Delta Dunia Makmur: Leveraging on high coal prices Click here Danareksa Research Institute: Money Developments Still in a Downward Trend Click here Banking: Holding up for now Click here Gudang Garam: Stronger growth momentum Click here KEY INDEX Close Chg Ytd Vol (%) (%) (US$ m) Asean - 5 Indonesia 5, (9.4) 358 Thailand 1, (3.3) 1,222 Philippines 7, (18.2) 89 Malaysia 1, (3.7) 892 Singapore 3, (9.8) 971 Regional China 2, (21.2) 27,298 Hong Kong 25, (13.8) 14,203 Japan 22, (0.3) 19,735 Korea 2, (12.4) 7,368 Taiwan 10, (5.6) 4,658 India 34, NASDAQ 7, ,607 Dow Jones 25, ,570 CURRENCY AND INTEREST RATE Rate w-w m-m ytd (%) (%) (%) Rupiah Rp/1US$ 15,197 (0.1) (2.5) (12.1) BI7DRRR % y Gov Indo bond Unit HARD COMMODITY Price d-d m-m ytd (%) (%) (%) Coal US$/ton (5.1) 8.3 Gold US$/toz 1, (6.4) Nickel US$/mt.ton 12,579 (0.2) 0.3 (1.0) Tin US$/mt.ton 19,113 (0.8) 0.2 (4.9) Unit SOFT COMMODITY Price d-d m-m ytd (%) (%) (%) Cocoa US$/mt.ton 2, (5.7) 10.9 Corn US$/mt.ton Oil (WTI) US$/barrel Oil (Brent) US$/barrel Palm oil MYR/mt.ton 2,066 (1.1) (6.6) (13.6) Rubber USd/kg (9.5) Pulp US$/tonne 1,205 N/A Coffee US$/60kgbag 85 (0.1) 2.0 (7.9) Sugar US$/MT (7.9) Wheat US$/ton Soy Oil US$/lb (11.2) Soy Bean US$/by (8.9) Source: Bloomberg

2 Equity Research Property Monday,15 October 2018 NEUTRAL ASRI relative to JCI Index xxxx BSDE relative to JCI Index xxxx Source : Bloomberg Property 9M18 Marketing Sales Check In Line Overall, the 9M18 marketing sales are in-line (71% of the FY18 cumulative target). Among the individual companies, ASRI s marketing sales beat expectations whereas SMRA s are continuing to lag. While the 9M18 performance of PWON and CTRA was in-line, we see the risk that their sales may not catch up, especially given the heightened macro uncertainty. Maintain neutral on the sector. 9M18 marketing sales summary in line. On an aggregate basis, the 9M18 marketing sales of the property companies under our coverage reached Rp18.1tn (+20% YoY), or 71% of our FY18 cumulative target of Rp25.4tn, basically in-line. Both ASRI and BSDE posted good presales performance. For BSDE, presales rose to Rp5.4tn (+12% YoY) boosted by higher residential sales of Rp2.7tn (+49% YoY) and land plot sales of Rp1.4tn (+26% YoY). ASRI s 9M18 presales, by comparison, jumped to Rp3.6tn (+187% YoY) lifted by Rp1.3tn of land sales to CFLD (close to 60 Ha), commercial sales of Rp744bn (+125% YoY), of which Rp495bn were land plot sales (2.5 Ha), and Rp871bn of high-rise sales (+958% YoY), mostly sales of the Llyod low-rise project. Most property names are on-track but PWON and CTRA may be at risk. Overall, we think the 9M18 presales of BSDE, PWON and CTRA are still on-track at 67-75% of their FY18 presales targets. However, ASRI s 9M18 presales exceeded expectations, reaching 91% of its FY18 target. By contrast, we think the presales of PWON and CTRA may be at risk of not catching up given the heightened uncertainty due to tougher macro conditions and the pre-election period. SMRA is still the laggard. SMRA s 9M18 presales continued to lag, reaching only 56% of its FY18 target. The presales for both the Serpong and Bekasi projects were in-line at 77% and 69% of their projections, but for other projects the presales lagged behind. Assuming that SMRA records monthly presales of ~Rp350bn in 3Q18, SMRA would only achieve FY18 presales of Rp3.3tn, below the company s target of Rp4.0tn. x Yudha Gautama (62-21) ext 3509 yudha.gautama@danareksa.com The 4Q18 projects pipeline. Based on our checks, most property companies will still rely on new product launches to meet their targets, except for PWON which will rely on the sales of its existing projects, including the latest launch of La Viz apartment in Pakuwon Mall. ASRI will launch Cluster Eldora in Suvarna Sutra in 4Q18 and anticipates ~40 Ha of land plot sales to CFLD. BSDE, meanwhile, will push commercial land plot sales and be more selective in new launches since it foresees tougher conditions ahead. As for CTRA, its pipeline includes Newton 2 Apartment, residential clusters in Citraland Gama City Medan, CitraRata Tangerang, Citra Maja and Citra Sentul Raya. Meanwhile, SMRA plans to launch Sevanti Homes in Karawang, residential clusters in Makassar and Cluster Dayana in Bandung. Maintain neutral. We maintain our neutral stance on the property sector with PWON as our top pick. We think the sector will remain under pressure amid challenging macro conditions and heightened uncertainty ahead of next year s presidential elections. The sector is currently trading at a 78% discount to NAV. Target Price Market Cap. P/E (x) P/BV (x) ROE (%) Company Ticker Rec (Rp) (RpBn) 2018F 2019F 2018F 2019F 2019F Alam Sutra ASRI IJ HOLD 340 5, Bumi Serpong Damai BSDE IJ BUY 1,930 21, Ciputra Development CTRA IJ BUY 1,220 13, Pakuwon Jati PWON IJ BUY , Summarecon Agung SMRA IJ BUY 1,000 8, See important disclosure at the back of this report

3 Equity Research Initiation report Monday,15 October 2018 BUY Initiation Last price (IDR) 810 Target Price (IDR) 1,000 Upside/Downside +23.5% Previous Target Price (IDR) Stock Statistics Sector Bloomberg Ticker NA CONSUMER SIDO IJ No of Shrs (mn) 14,884 Mkt. Cap (IDRbn/USDmn) 12,056/793 Avg. daily T/O (IDRbn/USDmn) 3.5/0.2 Major shareholders (%) Hotel Candi Baru 81.6 Estimated free float 18.4 EPS Consensus (IDR) 2018F 2019F 2020F Danareksa Consensus Danareksa/Cons SIDO relative to JCI Index Source : Bloomberg x Natalia Sutanto (62-21) ext.3508 natalia.sutanto@danareksa.com SIDO MUNCUL (SIDO IJ) Healthy growth prospects Sido Muncul is on track to book solid earnings growth in FY18-20F given: (1) additional production capacity and (2) the full commercialization of its expanded extraction plant which will support higher margins. The plan to improve distribution and penetrate export markets will also drive growth. We initiate coverage on the stock with a BUY recommendation. Additional capacity, paving the way for higher growth. Sido Muncul is establishing a new factory in Semarang which will provide additional capacity of 100mn sachets/month, raising total capacity to around 180mn sachets/month. Combined with its expanded extraction plant which commenced operations in 4Q17, the company is optimistic it can record solid earnings growth in We view favorably the company s shift from its F&B product Kuku Bima to its herbal product Tolak Angin, noting the latter s higher margins which should underpin earnings growth going forward. Revamping its distribution, penetrating export markets. Additional capacity paves the way for higher revenues growth, supported by continued improvements to its sales force with a greater focus on Modern Trade (around 70% of revenues are still from General Trade). Continued product innovation should also help to mitigate the declining trend in powder energy drink sales. Furthermore, the company also encouragingly stated that it is getting positive feedback on several of its products launched in recent years (i.e. Tolak Linu, Kuku Bima with vitamin C). In export markets, meanwhile, the company has developed a subsidiary in Nigeria and a branch office in the Philippines. The company will continue to export Kuku Bima Energy Drink to Nigeria, currently the no.2 top brand in the country. In the Philippines, sales of SIDO s herbal products will be supported by that country s familiarity with herbal drinks. Solid growth potential and an attractive valuation - BUY. We estimate FY18-20F earnings CAGR of 19.6% with additional capacity supporting seasonally strong sales in the second half of the year. At the current share price, SIDO is trading at FY19F PE of 15x, below its consumer peers average of 19.8x. We initiate coverage on SIDO with a BUY call and target price of IDR1,000, based on DCF valuation (WACC 10.5%, TG 4%). The key risks to our recommendation include delays in adding capacity next year, obstacles to export sales of energy drinks, intense competition in the herbal market, and deteriorating macroeconomic conditions. Key Financials Year to 31 Dec 2016A 2017A 2018F 2019F 2020F Revenue (IDRmn) 2,561,806 2,573,840 2,810,520 3,230,021 3,733,452 EBITDA (IDRmn) 506, , , ,238 1,023,760 EBITDA Growth (%) Net profit (IDRmn) 480, , , , ,525 EPS (IDR) EPS growth (%) BVPS (IDR) DPS (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : SIDO, Danareksa Estimates See important disclosure at the back of this report 1

4 MARKET NEWS MACROECONOMY Bank Indonesia: Survey of business activities shows a slowdown in 3Q18 Bank Indonesia has released the results of its survey of business activities (SKDU) which indicates a slowdown in overall business activity in 3Q18. The industries which according to the survey experienced a slowdown are: manufacturing (3.96% (2Q18) to 3.85%) and agriculture, plantations and forestry (2.81% (2Q18) to 0.54%). In part at least, this may reflect the impact of the harvesting season in 2Q18, followed by the long dry season in 3Q18. For manufacturing, the slowdown reflects weak demand, low access to credit, and lower investment realization. Meanwhile, services (1.82% (2Q18) to 2.08%) and utilities (0.21% (2Q18) to 0.33%) saw brisker growth. (Kontan) SECTOR Automotive: Retail car sales are up 10.9% yoy in 9M18 Domestic retail car sales rose by 10.9% yoy to 851,430 units in 9M18. This mainly reflects: a) sturdy commodity prices for coal and CPO, and b) the launch of new models in the popular segments. The growth came from Mitsubishi (+79.6% yoy), Daihatsu (+7.8% yoy), Suzuki (+14.1% yoy), Hino (+36.6% yoy) and Isuzu (+27.2% yoy). Meanwhile, the retail sales of Toyota and Honda declined by 3.8% yoy and 6.7% yoy, respectively. (Bisnis Indonesia) Comment: The 9M18 number is within our expectations as it is 75.8% of our full year forecast. We expect domestic car sales to increase by 4% yoy to 1.1mn units in In 2019, we expect a slowdown in domestic car sales growth to 3% yoy owing to: a) weakening of the IDR relative to the USD and b) rising interest rates. Cement: Domestic cement sales up 4.3% yoy in 9M18 According to the Indonesia Cement Association (ASI), domestic cement sales rose by 4.3%yoy to 49.7mn tons in 9M18. The association expects domestic cement sales growth of 4-5% in Meanwhile, domestic demand for cement is expected to reach 69.3mn tons in 2018, while production capacity is expected to reach 107mn tons. This indicates idle capacity of 37mn tons. Hence, cement producers are trying to boost their export sales to countries such as Australia, Bangladesh, Sri Lanka, and Africa countries. Cement sales in Sep 18 reached 6.77mn tons, up 7.4%yoy (Sep17: 6.3mn tons) and up 3.7%mom (Aug18: 6.53mn tons). The strong growth in Sep 18 was underpinned by infrastructure development across Indonesia and the development of strategic government projects, especially in Sumatra, Java, and Kalimantan. Exhibit 1. Domestic cement sales volume growth Exhibit 2. Domestic monthly cement sales volume Source: ASII Source: ASII

5 Coal Mining: Indonesia coal production reached 319mn tonnes in 9M18 The Ministry of Energy and Mineral Resources (MEMR) stated that coal production reached 319mn tonnes in 9M18. This figure is 65% of the government s initial full year coal production target of 485mn tonnes. With the government granting an additional quota for coal production of 21.9mn tonnes, Indonesia s coal production is expected to reach 506.9mn tonnes in (Investor Daily) CORPORATE BCA s mortgages grew 10% in 9M18 PT Bank Central Asia Tbk (BBCA IJ, Hold, TP IDR22,700) posted 10% yoy growth in mortgages in 9M18. For the full year, BBCA targets growth of 10-12% yoy. Mortgages outstanding reached IDR86tn with a 1.3% gross NPLs ratio as of Sep 18. To further boost the growth of consumer loans (mortgages, auto loans, credit cards, etc), the bank held an expo on October BBCA plans to offer several marketing gimmicks during this event such as a fixed two-year rate of 3.99% for auto loans and a fixed two-year rate of 4.24% for mortgages. (Investor Daily) TLKM foresees double-digit growth in FY18 Telkom has earmarked a capex budget for 2019 of Rp35.3 tn. The capex spending is expected to reach around 22-25% of its yearly revenues of an estimated Rp140 tn. According to the group s corporate communications official, 50% of the capex will be spent on the mobile business, 30% on fixed broadband and 20% on other businesses (such as digital and carrier services). This year s capex budget is Rp30 tn of which Rp14 tn has already been spent. In addition, the company also stated that Indihome subscribers were expected to reach around 5 mn by the end of FY18 pushing 2-play and 3-play packages. Comment: The cellular business is under transition from voice/sms to data and we are conservative on this year s growth outlook. TLKM expects double-digit growth in FY18 above our estimate and the consensus (we foresee growth in revenues of less than 5% to Rp133 tn). We believe that given the dynamics of the data, fixed broadband and enterprise segment, there is a potential for a surprise on the upside. Maintain BUY with a TP of Rp4,300. (Niko)

6 DANAREKSA VALUATION GUIDE Equity Valuation Rating Price (Rp) Price Mkt Cap Net profit, Rp bn EPS (Rp) Core EPS (Rp) EPS Growth PER (x) EV / EBITDA (x) PBV (x) ROE Target Rp Bn Danareksa Universe 3,542, , , % 12.0% Auto 277,312 19,727 21, % 9.1% Astra International BUY 6,850 8, ,312 19,727 21, % 9.1% Banks 1,433, , , % 15.6% BCA HOLD 23,250 22, ,229 26,257 29,958 1,065 1,215 1,065 1, % 14.1% N/A N/A BNI BUY 6,925 10, ,142 15,553 18, % 15.8% N/A N/A BRI BUY 2,950 4, ,870 32,924 38, % 17.6% N/A N/A Bank Tabungan Negara BUY 2,340 3,600 24,781 3,490 3, % 8.5% N/A N/A Bank Mandiri BUY 6,400 8, ,667 24,463 28, % 15.6% N/A N/A BTPN HOLD 3,810 3,900 22,293 1,723 2, % 16.7% N/A N/A BTPS BUY 1,595 2,100 12, , % 29.7% N/A N/A BPD Jatim BUY ,586 1,259 1, % 6.7% N/A N/A Cigarettes 580,268 21,454 23, % 9.5% Gudang Garam BUY 74,275 80, ,912 8,282 9,133 4,304 4,747 4,304 4, % 10.3% HM Sampoerna HOLD 3,760 3, ,356 13,173 14, % 9.0% Construction 91,770 11,919 14, % 17.9% Wijaya Karya BUY 1,290 2,200 11,571 1,588 2, % 32.7% Pembangunan Perumahan BUY 1,600 2,800 9,920 1,741 2, % 22.9% Adhi Karya BUY 1,290 2,150 4, % 22.2% Waskita Karya BUY 1,615 2,300 21,922 4,369 5, % 15.3% Waskita Beton BUY ,174 1,302 1, % 17.0% Wika Beton BUY , % 16.6% Jasa Marga BUY 4,360 5,300 31,644 1,742 1, % 4.8% Consumer 549,847 17,984 19, % 9.6% Indofood CBP BUY 8,725 9, ,750 3,979 4, % 6.3% Indofood BUY 5,575 8,000 48,951 4,493 4, % 10.6% Unilever HOLD 44,300 48, ,009 7,673 8,484 1,006 1,112 1,006 1, % 10.6% Kino Indonesia BUY 1,790 2,100 2, % 53.3% Mayora Indah HOLD 2,620 2,790 58,580 1,747 1, % 8.3% Healthcare 73,416 2,806 3, % 18.5% Kalbe Farma BUY 1,270 1,500 59,531 2,538 2, % 7.7% Kimia Farma HOLD 2,500 2,170 13, % 30.8% Heavy Equipment 118,152 8,783 9,714 2,355 2, % 10.6% United Tractors BUY 31,675 39, ,152 8,783 9,714 2,355 2,604 2,355 2, % 10.6% Industrial Estate 10,242 1,052 1, % 17.6% Puradelta Lestari BUY , % -7.9% Bekasi Fajar BUY , % 16.6% Surya Semesta HOLD ,249 (91) 62 (19) 13 (19) % 168.5% (24.7) (2.4) 1.7 Media 36,732 3,551 3, % 10.4% Media Nusantara Citra BUY 755 1,450 10,778 1,960 2, % 10.1% Surya Citra Media BUY 1,775 2,700 25,953 1,591 1, % 10.7% Mining 198,928 18,825 19, % 1.5% Adaro Energy BUY 1,710 2,800 54,696 7,376 6, % -7.7% Timah BUY 695 1,400 5, % 14.4% Vale Indonesia BUY 3,360 5,900 33,386 1,117 1, % 53.0% Aneka Tambang HOLD 795 1,000 19, % 17.0% Bukit Asam BUY 4,560 5,000 52,534 4,735 5, % 6.2% Indo Tambangraya Megah BUY 24,950 33,200 28,192 3,903 3,669 3,455 3,247 3,455 3, % -6.0% Harum Energy HOLD 2,160 3,100 5, % 6.9% Plantation 34,733 2,811 3, % 10.1% Astra Agro Lestari BUY 11,575 16,500 22,278 1,639 1, % 14.3% Sampoerna Agro BUY 2,330 3,000 4, % 17.1% PP London Sumatra BUY 1,180 2,000 8, % -1.4% Poultry 106,904 5,847 6, % 15.0% Charoen Pokphand HOLD 4,990 4,700 81,826 3,987 4, % 36.1% Japfa Comfeed BUY 1,920 2,600 22,515 1,739 1, % 12.0% Malindo Feedmill HOLD 1,145 1,150 2, % 14.7% Property 69,114 8,327 7, % -5.0% Alam Sutera HOLD ,345 1,605 1, % -1.8% Bumi Serpong Damai BUY 990 1,930 19,054 2,842 2, % -25.2% Ciputra Development BUY 805 1,220 14,941 1,171 1, % 3.9% Pakuw on Jati BUY ,190 2,327 2, % 14.0% Summarecon BUY 595 1,000 8, % -10.5% Retail 70,912 3,556 4, % 22.0% Mitra Adi Perkasa BUY 790 1,050 13, % -5.7% Ramayana HOLD 1,190 1,800 8, % 9.9% Matahari Department Store BUY 5,975 1,100 17,435 2,037 2, % 5.6% Matahari Putra Prima SELL ,318 (760) (188) (141) (35) (141) (35) -38.9% 75.3% (1.2) (5.0) (95.7) (58.7) Ace Hardw are BUY 1,390 1,600 23, , % 10.6% Erajaya Sw asembada BUY 2,120 4,000 6, % 12.1% Telco 409,113 20,893 24, % 18.5% Telekomunikasi Indonesia BUY 3,680 4, ,549 20,783 23, % 13.7% Indosat HOLD 2,750 3,300 14,943 (360) 73 (66) 13 (67) % 120.2% (41.5) (2.7) 0.6 XL Axiata BUY 2,770 3,800 29, , % 129.3%

7 COVERAGE PERFORMANCE LEADERS Price as on Code 12-Oct Oct-18 Chg, % w-w, % m-m, % YTD, % Rating Bank Negara Indonesia BBNI 6,925 6, (8.0) (30.1) BUY Kino Indonesia KINO 1,790 1, (15.6) BUY Surya Citra Media SCMA 1,775 1, (5.3) (28.4) BUY Bumi Serpong Damai BSDE (1.5) (14.3) (41.8) BUY Indocement INTP 16,900 16, (0.7) (23.0) SELL Waskita Karya WSKT 1,615 1, (1.8) (7.4) (26.9) BUY Bank Central Asia BBCA 23,250 22, (3.0) 6.2 HOLD Alam Sutera ASRI (6.8) (23.6) HOLD Media Nusantara Citra MNCN (3.8) (10.1) (41.2) BUY Bukit Asam PTBA 4,560 4, (3.8) BUY Sources: Bloomberg LAGGARDS Price as on Code 12-Oct Oct-18 Chg, % w-w, % m-m, % YTD, % Rating HM Sampoerna HMSP 3,760 3,870 (2.8) 0.5 (3.1) (20.5) HOLD Ciputra Development CTRA (1.8) (32.1) BUY BTPS BTPS 1,595 1,615 (1.2) (3.6) (3.3) N/A BUY Puradelta Lestari DMAS (0.7) (21.6) BUY Gudang Garam GGRM 74,275 74,725 (0.6) 3.5 (1.9) (11.4) BUY Adaro Energy ADRO 1,710 1,720 (0.6) (5.5) (1.7) (8.1) BUY Semen Baturaja SMBR 2,210 2,220 (0.5) (7.9) (14.3) (41.8) SELL Ramayana RALS 1,190 1,195 (0.4) (4.0) (11.2) (0.8) HOLD Matahari Department Store LPPF 5,975 6,000 (0.4) (7.7) (7.7) (40.3) BUY Astra Agro Lestari AALI 11,575 11,600 (0.2) (2.3) (11.0) (12.0) BUY Sources: Bloomberg

8 PREVIOUS REPORTS Adaro Energy: Looking to bridge the gap SnapShot Plantation: Sep 18 Inventory Climbed to an 8-Month High SnapShot Waskita Beton : Lending a helping hand SnapShot Panca Budi: Market leader in a booming industry SnapShot Smartfren: Strong contender in 4G LTE SnapShot

9 PT Danareksa Sekuritas Jl. Medan Merdeka Selatan No. 14 Jakarta Indonesia Tel (62 21) Fax (62 21) Equity Research Team Helmy Kristanto Stefanus Darmagiri Natalia Sutanto S helmy.kristanto@danareksa.co.id (62-21) ext Head of Research, Strategy stefanus.darmagiri@danareksa.co.id (62-21) ext Auto, Coal, Heavy Equip, Metal natalia.sutanto@danareksa.com (62-21) ext.3508 Consumer, Tobacco, Property Maria Renata maria.renata@danareksa.co.id (62-21) ext.3513 Construction Eka Savitri Eka.savitri@danareksa.co.id (62-21) ext.3506 Banking Niko Margaronis niko.margaronis@danareksa.co.id (62-21) ext.3512 Telco, Tower Yudha Gautama yudha.gautama@danareksa.co.id (62-21) ext.3509 Plantation, Property Ignatius Teguh Prayoga ignatius.prayoga@danareksa.co.id (62-21) ext.3511 Research Associate Sales team Vera Ongyono vera.ongyono@danareksa.co.id (62-21) ext Novrita E. Putrianti novrita@danareksa.co.id (62-21) ext Ehrliech Suhartono ehrliech@danareksa.co.id (62-21) ext Laksmita Armandani laksmitaa@danareksa.co.id (62-21) ext Tuty Sutopo tuty@danareksa.co.id (62-21) ext Upik Yuzarni upik_y@danareksa.co.id (62-21) ext Giovan Sitepu giovanp@danareksa.co.id (62-21) ext Rendy Ben Philips rendy.philips@danareksa.co.id (62-21) ext Adeline Solaiman adeline.solaiman@danareksa.co.id (62-21) ext Thalia Kadharusman thalia.kadharusman@danareksa.co.id (62-21) ext. 3124

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