Beacon Indonesia Morning Brief

Transcription

1 Asiamoney s Finance Asia's 31 May 2016 Beacon Indonesia Morning Brief IDX: 4,836 (+0.4%) Turnover: IDR3.9tn (+12.3%) Foreign Net BUY: IDR575,2bn (+58.8%) CORPORATE FLASH United Tractors (UNTR IJ): Dirt cheap Analyst: Leonardo Henry Gavaza, CFA Big cap blue chip on 3.6x 2016F EV/EBITDA with solid balance sheet Bottoming out coal demand due to support from power plants ahead Power plant business to support future growth To see the full version of this report, please click here TODAY S NEWS POLITICS Golkar: Establishment of 3 boards to accommodate seniors Tax amnesty: Govt and the to insert impunity article ECONOMICS Meat and chilly prices up BOURSE MSCI rebalancing takes place today INDUSTRY Banking: BI to revise JIBOR regulation Maritime Minister: Patimban port development to use local materials Government changed the Palapa Ring II East Package scheme Balanced amount of sales and production of motorcycles in ASEAN Retail: Alfa taps into e-commerce battlefield; Lulu hypermarket and department store launching CORPORATE BDMN 4M16: Positive earnings on lower opex BJBR 4M16: Strong earnings on higher loan and NII growth Astratel: Port expansion in Balikpapan; IDR2tn in infrastructure investment MIKA: IDR25/share dividend; 2 new hospitals in 2017 WIKA: IDR12.6tn new contracts in 1H16 BBNI s Bojonegoro Investment day on 28 May 2016 ECONOMIC INDICATORS MARKET DATA 15A 16F 17F 15A 16F 17F Cur acc bal (%GDP) (2.1) (2.3) (2.3) Op.prof.gwt.(%) (0.3) Fiscal bal (%GDP) (2.6) (2.7) (2.5) EPS growth (%) (7.2) GDP growth (%y-y) P/E (x) Private spending (%) PEG (x) (3.5) Investment (%y-y) EV/EBITDA (x) Total exports (%y-y) (2.0) (4.5) (1.8) P/BV (x) Total imports (%y-y) (5.9) (7.5) (2.6) P/BV exc Inflation (%y-y) Div. Yield (%) IDR/USD 13,788 14,000 13,500 Net gearing (%) BI rate (% p.a.) ROAE (%) Brent Oil (Usd/bbl) ROAA (%) FX reserve (USDb) ROIC (%) Source: Bahana estimates Source: Bahana estimates INDICES Asia Last Chg% ytd % y-y % Hang Seng (HK) 20, (5.9) (24.8) IDX (Indonesia) 4, (7.3) KLCI (Mal.) 1,629.9 (0.4) (3.7) (6.7) KOSPI (Korea) 1,967.1 (0.1) 0.3 (7.0) Nikkei (Japan) 17, (10.3) (17.0) PCOMP (Phil.) 7, (1.5) SENSEX (India) 26, (3.9) SET (Thailand) 1, (4.9) SHCOMP (China) 2, (20.3) (38.8) SHENZHEN (China) 1,798.8 (0.5) (22.1) (35.6) STI (Singapore) 2,797.6 (0.2) (3.0) (17.5) TWSE (Taiwan) 8, (12.0) VNI (Vietnam) Europe, USA and Ems CAC 40 (France) 4, (2.3) (9.6) DAX (Germany) 10, (3.8) (9.5) Dow Jones (USA) 17, (0.8) FTSE 100 (UK) 6, (10.2) IBOV (Brazil) 48,964.3 (0.2) 13.0 (7.2) MEXBOL (Mexico) 46,017.2 (0.2) NGSEINDX (Nigeria) 28, (15.8) Nasdaq (USA) 4, (1.5) (2.7) RTSI (Russia) (4.5) S&P 500 (USA) 2, (0.4) XU100 (Turkey) 78, (5.4) Source: Bloomberg ETF, ADR & COMMODITIES Last Chg% ytd % y-y % EEM US (USD) (19.6) EIDO US (USD) (12.7) TLK US (IDR) 3, Como Index (USD) (16.6) Coal (USD/t) (7.6) Corn (USD/mtn) Coffee (USD/t) 2, Copper (USD/t) 4, (15.9) Cotton (USD/t) 1, (0.1) CPO Rott (USD/t) (1.1) Gold (USD/oz.) 1, Iron ore (USD/mtn) (20.5) Milk (USD/cwt) (15.5) (24.0) Nickel (USD/t) 8, (23.3) Oil Brent (USD/barrel) (24.1) Rice (IDR/kg) 5, Rubber (USD/t) (21.0) Silver (USD/oz) 16.0 (0.8) 15.8 (4.4) Soybean oil (USD/t) (0.8) Steel (USD/t) Sugar (USD/t) Tins (USD/t) 16, Wheat (USD/t) (0.4) (10.3) Source: Bloomberg CURRENCIES & RATES Last Prev. Ytd % y-y % AUD/1USD EUR/1USD (2.6) (2.0) IDR/1USD 13,647 13, (3.1) JPY/1USD SGD/1USD (1.6) JIBOR (%) (2.7) (0.7) BI rate (%) (0.8) (0.8) TD 1 month (%) (0.6) (0.8) CDS (bps) Source: Bloomberg Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. should consider this report as only a single factor in making their investment decision.

2 POLITICS Golkar: Establishment of 3 boards to accommodate seniors Golkar s Chairman Setya Novanto establishes 3 boards to accommodate senior members in Golkar, such as board of supervisors (Head: Aburizal Bakrie), board of trustees (Head: B.J. Habibie) and board of experts (Head: Agung Laksono). (Bisnis Indonesia) Tax amnesty: Govt and the to insert impunity article The government and the of Representative are inserting an impunity article in the upcoming tax amnesty bill for ministers, vice ministers and MoF employees, who are involved in the tax amnesty process. (cnnindonesia.com) ECONOMICS Meat and chilly prices up Prices of meat and chillies are up by 20-30% in some regions such as Subang, where meat prices have reached IDR120k/kg (previous:idr80k/kg) while chilly prices doubled to IDR18k/kg (previous: IDR9k/kg). Separately, President Jokowi has provided an instruction to reduce meat price to IDR80/kg prior to Ramadhan season. (Koran Tempo) BOURSE MSCI rebalancing takes place today MSCI Investable Market portfolio rebalancing will takes place today. For Indonesia, MSCI Standard Index deletion is Astra Agro Lestari (AALI IJ-REDUCE-IDR:14,925-TP:IDR14,300) to be replaced by Waskita Karya (WSKT IJ-BUY-IDR2,590-TP:IDR2,700). For the MSCI Small Caps Index, deletions are Bekasi Fajar Industrial Estate (BEST IJ-REDUCE-IDR272-TP:IDR300) and Tiphone Mobile Indonesia (TELE IJ-BUY- IDR615-TP:IDR1,180), which are replaced by Garuda Indonesia (GIAA IJ-REDUCE-IDR510-TP:IDR400). (Bahana). Bahana comment: As a result of this, we expect market volumes to be relatively heavy today. INDUSTRY Banking: BI to revise JIBOR regulation Bank Indonesia (BI) plans to issue a new Jakarta Interbank Offered Rate (JIBOR) regulation, No.18/14/DPPK, which will be effective 1 June In the new regulation, BI would increase the window of interbank transactions to 20 minutes (currently: 10 minutes), extend the time period of lending and borrowing of IDR currency funds to a maximum of 3 months (currently: 1 month), as well as increase the transaction limit to IDR20bn (currently: IDR10bn). (Detik) Maritime Minister: Patimban port development to use local materials Following an agreement between President Jokowi and the Japanese government to develop Patimban port, the Maritime Minister, Rizal Ramli stated that the government would use local materials rather than Japanese materials for the development. (Okezone.com). Bahana comment: We believe this agreement will provide a long-term positive catalyst for Surya Semesta Internusa (SSIA IJ-BUY-IDR655-TP:IDR720) going forward as the company is currently acquiring a potential land bank near Patimban port. On the land bank progress in Subang, West Java, SSIA has managed to free up and acquired about 399 hectares in 1Q16. However, SSIA plans to launch the Subang project in Government changed the Palapa Ring II East Package scheme The government decided to change the cooperation scheme and some variable calculations of investment towards the end of the decision on the project winner, which will be announced in the end of 2H16. One of the project bidders, Indosat Ooredoo (ISAT IJ), was disappointed with such a decision and plans to review the changed scheme to fit the company s proposal. Later, the winning bidder plans to pull along the 6,300 km of fiber optic cables to reach the area of East Nusa Tenggara, Maluku, West Papua, to the depth of Papua. (Bisnis Indonesia) PT Bahana Securities Equity Research Bahana Beacon - The Daily

3 Balanced amount of sales and production of motorcycles in ASEAN The Philippines became the only country in ASEAN which is able to balance sales and production of twowheelers. According to the Asean Autofed Federation (AAF), the 2W sales in Philippines increased 62.5% y-y in April, the highest compared to the other ASEAN countries. While in Indonesia, 2W sales in April 2016 reached 538,746 units, a decrease of 7% y-y. For the whole of ASEAN, 2W sales reached 724,000, down 1% y-y. (Bisnis Indonesia) Retail: Alfa taps into e-commerce battlefield; Lulu hypermarket and department store launching Alfaria Trijaya Resources (AMRT IJ-BUY-IDR605) is stepping up efforts to intensify its presence in the e- commerce industry with the re-launch of its e-commerce platform yesterday. Alfacart.com, an online platform that serves as a complementary feature to physical Alfa outlets, was introduced Monday as the new name for the group s Alfaonline.com, which was established in. According to the CEO of Alfacart, Catherine Hindra Sutjahyo, this rebranding strategy is necessary as the company wants to create a fullfledged e-commerce business. Separately, Lulu hypermarket and department store will be launched today in Cakung East Jakarta and will be inaugurated by President Joko Widodo (Jakarta Post, Company) CORPORATE BDMN 4M16: Positive earnings on lower opex Bank Danamon (BDMN IJ-HOLD-IDR3,160-TP:IDR3,300) posted a positive 4M16 earnings growth of 4.9% y- y due to lower operating expenses (+13.1% y-y), despite a higher provisioning charge (+10.2% y-y). 4M16 earnings accounted for 21.3% of our FY 2016 estimate and 20.5% of the market full-year consensus (4M15 earnings accounted for 26.0% of FY15 earnings). On the balance sheet, loans contracted by 7.8% y-y (- 20.7% m-m), while deposits contracted by 8.1% y-y (-1.0% m-m), resulting in an April 2016 LDR of 93.5%. Please note that this is a preliminary monthly report and excludes the impact of subsidiary companies. (Company) Monthly Financial Performance BDMN Profit & Loss Statement 4M15 4M16 y-y (IDRbn) (IDRbn) (%) Net Interest Income 3,315 3,169 (4.4) Operating Income 4,999 4,490 (10.2) Pre-provision operating profit (PPOP) 2,264 2, Provision expense 1,416 1, Operating Profit Net Profit Balance Sheet Apr-15 Apr-16 y-y ytd m-m (IDRbn) (IDRbn) (%) (%) (%) Loan 107,325 98,982 (7.8) (3.8) (20.7) Deposit 115, ,866 (8.1) (6.8) (1.0) LDR (%) Source: Company PT Bahana Securities Equity Research Bahana Beacon - The Daily 3

4 BJBR 4M16: Strong earnings on higher loan and NII growth Bank Pembangunan Daerah Jawa Barat dan Banten (BJBR IJ-HOLD-IDR945-TP:IDR970) posted a strong +31.8% y-y growth in 4M16 earnings on the back of a higher NII, % y-y, despite a higher provisioning charge. 4M16 earnings accounted for 38.3% of our FY 2016 estimate and 39.0% of the market full-year consensus (4M15 earnings accounted for 32.9% of FY15 earnings). On the balance sheet, loans increased by 12.0% y-y (-7.3% m-m), while deposits contracted by 4.9% y-y (-11.2% m-m), resulting in a Apr-16 LDR of 78.7%. Please note that this is a preliminary monthly report and excludes the impact subsidiary companies. (Company) BJBR Profit & Loss Statement 4M15 4M16 y-y (IDRbn) (IDRbn) (%) Net Interest Income 1,525 1, Operating Income 1,949 2, Pre-provision operating profit (PPOP) 857 1, Provision expense Operating Profit Net Profit Balance Sheet Apr-15 Apr-16 y-y ytd m-m (IDRbn) (IDRbn) (%) (%) (%) Loan 49,895 55, (7.6) (7.3) Deposit 74,635 70,989 (4.9) 5.0 (11.2) LDR (%) Source: Company Monthly Financial Performance Astratel: Port expansion in Balikpapan; IDR2tn in infrastructure investment Astratel Nusantara, one of ASII s subsidiaries (ASII IJ-REDUCE-IDR6,750-TP:IDR5,650), looks forward to triple the size of its Balikpapan Eastkal Port before The company has tasked the port s operator, Pelabuhan Penajam Banua Taka, to extend the port s total area to 95 ha from the current 30 ha. With the extension, the port s handling capacity is expected to triple as well. Currently, the port s loading capacity stands at 2,500 tons per day or 750, ,000 tons per year. Additionally, Astratel plans to invest IDR2tn for infrastructure this year. The funds invested are planned to be used for toll-road projects in Java island. Currently, Astratel is also exploring new infrastructure opportunities, which include airports, ports, industrial estates and toll roads. The company has also partnered with Bumi Serpong Damai (BSDE IJ-BUY-IDR1,820- TP:2,020) and Kompas Gramedia Group to develop the Serpong-Balaraja toll road, which is estimated to be worth IDR5.8tn. Other projects that the company is pursuing include developing the Astra port and a logistics centre for mining, oil and gas and building logistic centers for heavy equipment unit that belongs to Astra Group. (Jakarta Post, Antaranews.com) MIKA: IDR25/share dividend; 2 new hospitals in 2017 Mitra Keluarga Karyasehat (MIKA IJ-REDUCE-IDR2,580-TP:IDR1,900) plans to distribute IDR376.32bn in dividends based on results, translating into IDR25/share (+25% y-y) and a payout ratio of 64%. In addition, MIKA is currently in the process of constructing 2 new hospitals in Bintaro and Pondok Gede at a cost of IDR bn/hospital, which are expected to become operational in (Kontan) WIKA: IDR12.6tn new contracts in 1H16 Currently, Wijaya Karya (WIKA IJ-BUY-IDR2,440-TP:IDR3,100) has already signed IDR8.6tn in new contracts. The company is also in the midst of a tender process with a minimum of IDR4tn new contracts, including the development of Velodrome in Ramawangun, intended to be used for the Asian Games 2018, estimated to be valued at IDR500bn. Hence, WIKA plans to soon score 1H16 new contracts totaling to IDR12.6tn, equivalent to 24.1% of its total target for the year of IDR52.2tn, an increase of 36% y-y. (Kontan.co.id) PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

5 BBNI s Bojonegoro Investment day on 28 May 2016 Background on Bojonegoro: In, under the leadership of Mr Suyoto (local regent), Bojonegoro (East Java) recorded 13.37% economic growth (National: 4.79%) while maintaining its Gini coefficient of around 0.29 compared to Indonesia s This was due to revenue on mining and oil & gas in the Cepu region, which currently generates over 200,000 barrels per day (a quarter of the national production), as well as the agriculture segment with a production capacity of around 850,000 tons annually. In addition, the local government has managed to maintain the inflation level at 2.91% (National: 3.55%). These positive results combined with local government policies that support foreign investments, have prompted interest from local as well as international investors. 6 investment-friendly policies to support the development of Bojonegoro Bojonegoro s regent has issued 6 investment-friendly policies to boost investment and further development of the region: (1) tax allowance on foreign investments, (2) infrastructure development, (3) facilitation of land acquisition and warehousing, (4) easier licensing, (5) investment data support, and (6) provision of skills as required by investors. In addition, the government implemented a lower minimum wage of IDR1,005,000 per worker (current: IDR1,700,000), for industrial investments located in remote areas with a minimum of 200 workers. Acceleration of economic development in Bojonegoro In 2017, the investment projects that would commence in Bojonegoro account for a total of IDR576.1bn, with 36% allocated for building construction, 25% for transportation-related projects, and 7% for irrigation projects, while the remaining 32% divided to diversified projects. Furthermore, the expansion of the industrial area, establishment of the dry port, acceleration on gas exploitation, as well as the manufacturing of power plants in the region bode well for the prospects ahead. Lastly, the government has committed to expand its tourism, hospitality, and creative economic industries to optimize the region s natural and labor resources (exhibit 1). During the event, we visited Realfood, one of the creative economic companies (exhibit 2), which is involved in the development of healthy drinks (exhibit 3) using the swallow bird s nest (Bojonegoro s main export commodity), that is produced with its advanced technology (exhibit 4). Exhibit 1. Optimizing local work force Exhibit 2. Realfood headquarters Source: Bahana Exhibit 3. Real food products Source: Bahana Exhibit 4. Wastewater sterilization process Source: Bahana Source: Bahana PT Bahana Securities Equity Research Bahana Beacon - The Daily 5

6 BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 05/30/ /27/2016 CHANGE (%) Holcim Indonesia SMCB IJ REDUCE 850 (22.4) 1,095 1, Krakatau Steel KRAS IJ REDUCE 275 (51.8) Garuda Indonesia GIAA IJ REDUCE 400 (21.6) Pembangunan Perumahan PTPP IJ BUY 4, ,690 3, Indomobil Sukses Internasional IMAS IJ HOLD 2, ,675 1, AKR Corporindo AKRA IJ BUY 9, ,300 6, Ramayana Lestari Sentosa RALS IJ BUY Bank Danamon Indonesia BDMN IJ HOLD 3, ,160 3, Ciputra Development CTRA IJ BUY 1,400 (2.1) 1,430 1, United Tractors UNTR IJ HOLD 14,000 (2.3) 14,325 13, J Resources PSAB IJ BUY 1, ,185 1, Multipolar MLPL IJ BUY Cardig Aero Services CASS IJ HOLD 1, , Bank Mandiri BMRI IJ HOLD 9, ,275 9, Erajaya Swasembada ERAA IJ BUY Kawasan Industri Jababeka KIJA IJ BUY Bank Rakyat Indonesia BBRI IJ HOLD 11, ,625 10, Bank Negara Indonesia BBNI IJ BUY 5, ,720 4, Lippo Cikarang LPCK IJ BUY 8, ,125 7, Matahari Putra Prima MPPA IJ BUY 1, ,300 1, Bank Central Asia BBCA IJ HOLD 14, ,200 13, Tower Bersama Infrastructure TBIG IJ HOLD 6,500 (4.4) 6,800 6, Sri Rejeki Isman SRIL IJ BUY Total Bangun Persada TOTL IJ BUY Sarana Menara Nusantara TOWR IJ BUY 5, ,050 4, Wijaya Karya Beton WTON IJ BUY 1, Kalbe Farma KLBF IJ BUY 1, ,415 1, Bank Jawa Barat dan Banten BJBR IJ HOLD PP Property PPRO IJ HOLD 210 (44.7) Sido Muncul SIDO IJ BUY Bank Jawa Timur BJTM IJ REDUCE 430 (5.7) Bank Tabungan Negara BBTN IJ HOLD 1,700 (0.9) 1,715 1, Siloam International Hospitals SILO IJ BUY 12, ,450 9, Anabatic Technologies ATIC IJ BUY Tempo Scan Pacific TSPC IJ BUY 2, ,925 1, Adhi Karya ADHI IJ BUY 3, ,580 2, Astra International ASII IJ REDUCE 5,650 (16.3) 6,750 6, HM Sampoerna HMSP IJ BUY 115, ,000 95, Indocement Tunggal Prakarsa INTP IJ REDUCE 13,950 (16.2) 16,650 16, Lippo Karawaci LPKR IJ REDUCE 1, Blue Bird BIRD IJ REDUCE 3,500 (14.0) 4,070 4, Soechi Lines SOCI IJ BUY Indonesian Stock Exchange JCI 4,836 4, Kimia Farma KAEF IJ BUY 1, ,200 1, Salim Ivomas Pratama SIMP IJ HOLD 290 (40.1) Mitra Keluarga Karyasehat MIKA IJ REDUCE 1,900 (26.4) 2,580 2, Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,100 (19.2) 2,600 2, Malindo Feedmill MAIN IJ BUY 1, ,470 1, Indo Tambangraya Megah ITMG IJ REDUCE 4,000 (54.7) 8,825 8, Bumi Serpong Damai BSDE IJ BUY 2, ,820 1, Semen Indonesia SMGR IJ HOLD 8,900 (2.5) 9,125 9, Adaro Energy ADRO IJ HOLD 645 (7.2) Bukit Asam PTBA IJ BUY 7, ,675 6, Harum Energy HRUM IJ REDUCE 500 (37.9) Jasa Marga JSMR IJ BUY 6, ,300 5, Wijaya Karya WIKA IJ BUY 3, ,440 2, Ace Hardware Indonesia ACES IJ BUY Hero Supermarket HERO IJ REDUCE 650 (43.7) 1,155 1, Electronic City ECII IJ REDUCE Mayora Indah MYOR IJ BUY 37,000 (3.9) 38,500 38, Aneka Tambang ANTM IJ REDUCE 207 (69.1) Merdeka Copper Gold MDKA IJ BUY 2, ,900 1, Perusahaan Gas Negara PGAS IJ BUY 3, ,480 2, Dharma Satya Nusantara DSNG IJ BUY Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (44.1) 1,790 1, Pakuwon Jati PWON IJ HOLD 490 (9.3) Indosat ISAT IJ BUY 7, ,600 6, Adi Sarana Armada ASSA IJ BUY Xl Axiata EXCL IJ BUY 4, ,470 3,480 (0.3) Waskita Karya WSKT IJ BUY 2, ,590 2,600 (0.4) Astra Agro Lestari AALI IJ REDUCE 14,300 (4.2) 14,925 15,000 (0.5) Sampoerna Agro SGRO IJ HOLD 1,800 (7.2) 1,940 1,950 (0.5) Express Transindo Utama TAXI IJ BUY (0.5) Pelayaran Tempuran Emas TMAS IJ BUY 3, ,710 1,720 (0.6) Unilever Indonesia UNVR IJ BUY 50, ,725 44,000 (0.6) Timah TINS IJ REDUCE 411 (38.7) (0.7) Surya Semesta Internusa SSIA IJ BUY (0.8) Agung Podomoro Land APLN IJ REDUCE 220 (13.4) (0.8) Matahari Department Store LPPF IJ BUY 20, ,650 18,800 (0.8) Tiphone Mobile Indonesia TELE IJ BUY 1, (0.8) Vale Indonesia INCO IJ REDUCE 1,400 (16.4) 1,675 1,690 (0.9) Bank Bukopin BBKP IJ REDUCE 540 (2.7) (0.9) Wintermar Offshore Marine WINS IJ HOLD 184 (15.6) (0.9) Summarecon Agung SMRA IJ BUY 1, ,585 1,600 (0.9) Semen Baturaja SMBR IJ REDUCE 400 (23.8) (0.9) Puradelta Lestari DMAS IJ BUY (1.0) Ciputra Property CTRP IJ REDUCE 335 (33.0) (1.0) London Sumatra Indonesia LSIP IJ BUY 1, ,485 1,500 (1.0) Mitra Adiperkasa MAPI IJ BUY 4, ,840 3,880 (1.0) Indofood Sukses Makmur INDF IJ BUY 6,600 (5.7) 7,000 7,075 (1.1) Charoen Pokphand Indonesia CPIN IJ BUY 3,500 (0.3) 3,510 3,560 (1.4) Bekasi Fajar Industrial Estates BEST IJ REDUCE (1.4) Alam Sutera Realty ASRI IJ REDUCE 300 (23.9) (1.5) Japfa Comfeed Indonesia JPFA IJ BUY 940 (1.6) (1.5) Telekomunikasi Indonesia TLKM IJ BUY 4, ,700 3,760 (1.6) Tunas Baru Lampung TBLA IJ BUY 570 (3.4) (1.7) Surya Citra Media SCMA IJ REDUCE 2,800 (17.2) 3,380 3,440 (1.7) Medco Energi Internasional MEDC IJ BUY 1,300 (7.5) 1,405 1,430 (1.7) Media Nusantara Citra MNCN IJ BUY 2, ,150 2,190 (1.8) Gudang Garam GGRM IJ BUY 88, ,000 71,325 (1.9) Nippon Indosari Corpindo ROTI IJ BUY 1, ,425 1,455 (2.1) Indofood CBP Sukses Makmur ICBP IJ BUY 18, ,925 16,300 (2.3) Gajah Tunggal GJTL IJ BUY (3.3) 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 6

7 PT Bahana Securities Equity Research Bahana Beacon - The Daily 7 Asiamoney's Source: Bloomberg, Bahana estimates Ticker Rating Price TP 3M avg to (IDR) (IDR) (IDRb) F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F PX_LAST AVIATION N ,000 66,614 76,230 1,464 1,969 2,577 1,084 1,724 2,165 na (103.5) (92.6) (82.5) GIAA IJ* REDUCE ,368 64,708 74,084 1,050 1,474 2, ,582 2,005 na na (125.2) (108.1) (97.2) CASS IJ HOLD 1,000 1, ,632 1,905 2, AUTOMOTIVE UW , , ,650 18,260 20,636 22,738 13,750 19,236 21,338 (28.8) ASII IJ REDUCE 6,750 5, , , ,145 17,212 19,456 21,392 14,464 19,047 20,610 (24.6) IMAS IJ HOLD 1,675 2, ,010 19,770 21, (292) na na na na (5.3) (1.2) (1.6) GJTL IJ BUY ,833 13,932 15, ,031 1,117 (422) na na na na (7.7) (2.6) (3.6) BANKS UW , , , , , ,197 81,990 87,193 96, na na na na na na na na na BBCA IJ HOLD 13,200 14, ,413 54,667 58,922 22,657 25,089 27,636 18,019 20,051 22, na na na na na na na na na BBRI IJ HOLD 10,625 11, ,688 75,366 81,584 30,511 31,895 34,882 25,398 26,831 29, na na na na na na na na na BMRI IJ HOLD 9,275 9, ,316 71,421 78,060 26,339 26,240 29,089 20,335 20,058 22, (1.4) na na na na na na na na na BBNI IJ BUY 4,720 5, ,298 38,934 43,381 11,057 11,912 13,663 9,067 9,805 11,230 (15.9) na na na na na na na na na BDMN IJ HOLD 3,160 3, ,638 20,359 21,691 3,944 4,327 4,825 2,393 3,068 3,397 (8.1) na na na na na na na na na BTPN IJ REDUCE 2,600 2, ,460 9,056 10,343 2,460 2,204 2,438 1,702 1,572 1,804 (8.9) (7.6) na na na na na na na na na BBTN IJ HOLD 1,715 1, ,998 9,210 10,904 2,534 2,897 3,305 1,851 2,179 2, na na na na na na na na na BJBR IJ HOLD ,987 7,568 8,164 1,736 1,989 2,221 1,381 1,565 1, na na na na na na na na na BJTM IJ REDUCE ,558 4,136 4,800 1,208 1,385 1, ,027 1,213 (5.8) na na na na na na na na na BBKP IJ REDUCE ,193 4,646 5,174 1,173 1,353 1, ,037 1, na na na na na na na na na CEMENT UW ,446 58,501 62,224 11,584 12,255 12,681 9,408 9,765 10,067 (20.3) SMGR IJ HOLD 9,125 8, ,948 27,634 29,189 5,899 5,924 6,020 4,521 4,688 4,781 (18.7) INTP IJ REDUCE 16,650 13, ,798 18,320 19,536 5,029 5,219 5,439 4,357 4,516 4,723 (17.7) nc nc nc SMCB IJ REDUCE 1, ,239 10,919 11, na na na na SMBR IJ REDUCE ,461 1,628 1, (12.5) nc nc nc COAL UW , , ,638 18,105 15,930 13,839 12,557 11,309 9, (9.9) (12.6) UNTR IJ HOLD 14,325 14, ,968 49,619 51,535 8,357 8,192 8,437 6,847 6,383 6, (6.8) nc nc nc ADRO IJ* HOLD ,576 33,558 32,774 4,648 3,584 2,268 2,128 1,764 1, (17.9) (40.0) ITMG IJ* REDUCE 8,825 4, ,102 19,323 21,830 2,643 1, , (68.6) (17.4) (59.6) nc nc nc PTBA IJ BUY 6,675 7, ,734 15,832 15,981 2,414 2,774 2,547 2,036 2,198 1, (9.6) nc nc nc HRUM IJ* REDUCE ,710 3,518 3, (42) 0 (28) (95) (50) (1,000) (89.4) (23.0) (4.9) (6.4) (11.9) (0.7) nc nc nc 0.0 (0.7) (2.4) 0.0 (0.5) (1.8) 0.0 (2.5) (9.7) CONS. & TOLL ROADS N ,155 90, ,789 8,730 12,016 13,876 4,632 5,847 6, JSMR IJ BUY 5,300 6, ,646 8,712 9,598 3,235 3,685 3,753 1,466 1,540 1, (10.9) WIKA IJ BUY 2,440 3, ,150 14,875 17,597 1,297 1,718 2, (9.2) PTPP IJ BUY 3,690 4, ,909 20,378 24,313 1,695 2,223 2, , WSKT IJ BUY 2,590 2, ,153 23,984 27,788 1,415 2,438 2,854 1,048 1,401 1, WTON IJ BUY 930 1, ,570 4,160 5, (45.5) nc nc ADHI IJ BUY 2,580 3, ,390 16,177 21, ,232 1, (17.3) nc TOTL IJ BUY ,338 2,618 3, nc nc nc CONSUMER - DISCRE. N ,113 83,338 94,165 8,014 9,758 11,448 5,639 7,298 8,810 (10.2) SCMA IJ REDUCE 3,380 2, ,238 4,573 4,983 2,015 2,199 2,417 1,524 1,663 1, nc nc nc LPPF IJ BUY 18,650 20, ,007 10,383 12,119 2,330 2,702 3,158 1,781 2,170 2, nc nc nc na na na MNCN IJ BUY 2,150 2, ,445 6,985 7,645 2,194 2,529 2,840 1,186 1,685 2,007 (32.7) MPPA IJ BUY 1,300 1, ,929 15,592 17, (67.0) nc nc nc ACES IJ REDUCE ,743 5,137 5, nc nc nc HERO IJ REDUCE 1, ,353 16,257 18,590 (246) (43) 98 (29) na na na na (0.9) (16.3) (11.1) (0.5) (0.4) (0.5) RALS IJ BUY ,786 8,284 8, (5.5) nc nc nc MAPI IJ BUY 3,840 4, ,833 14,254 16, , (52.8) ECII IJ REDUCE ,781 1,874 2,106 (5) (74.5) na nc nc nc CONSUMER - STAPLES OW , , ,720 49,832 53,965 61,447 34,038 37,427 42, HMSP IJ BUY 96, , ,069 97, ,376 14,048 14,253 16,717 10,363 11,161 12,806 (2.5) nc nc nc UNVR IJ BUY 43,725 50, ,484 40,257 45,540 7,944 8,943 10,108 5,852 6,612 7, nc nc GGRM IJ BUY 70,000 88, ,366 75,730 83,554 9,906 10,731 11,965 6,436 6,694 7, KLBF IJ BUY 1,415 1, ,887 19,300 20,943 2,647 2,812 3,080 2,004 2,167 2,400 (2.9) nc nc nc INDF IJ BUY 7,000 6, ,062 70,849 78,078 6,877 7,610 8,547 2,968 3,454 4,196 (23.6) ICBP IJ BUY 15,925 18, ,741 35,573 39,811 3,908 4,559 5,173 3,001 3,516 4, nc nc nc MYOR IJ BUY 38,500 37, ,819 16,390 18,550 1,862 2,035 2,322 1,219 1,320 1, TSPC IJ BUY 1,925 2, ,220 9,160 10, (0.7) nc nc nc SIDO IJ BUY ,268 2,424 2, nc nc nc ROTI IJ BUY 1,425 1, ,189 2,693 3, KAEF IJ BUY 1,200 1, ,070 5,754 6, MIKA IJ REDUCE 2,580 1, ,038 2,301 2, nc nc nc SILO IJ BUY 9,450 12, ,116 5,242 6, INDUSTRIAL ESTATES N ,515 12,069 13,698 4,443 4,988 5,652 3,407 3,929 4, DMAS IJ BUY ,286 1,299 1,711 1,859 1,368 1,705 1, nc nc nc KIJA IJ BUY ,140 3,223 3, , (18.4) BEST IJ REDUCE (46.0) (24.9) SSIA IJ BUY ,282 6,065 6, , LPCK IJ BUY 7,125 8, ,121 2,218 2, ,035 1, , nc nc nc INDUSTRY - Various ,542 92,424 37,858 (1,286) (22) 2,258 (3,408) (2,201) (1,545) na na na na na na (3.8) (0.4) 0.0 (2.0) (0.5) 0.1 (3.4) (0.7) 0.3 KRAS IJ* REDUCE ,341 20,947 0 (2,555) (1,635) 0 (3,047) (2,636) (2,513) na na na na na na na na na (16.9) (11.8) (12.7) (7.0) (5.1) (4.7) (8.9) (6.0) (5.6) ATIC IJ BUY ,626 2,964 3, (12.7) SRIL IJ BUY ,708 9,674 11,620 1,372 1,568 1, , MLPL IJ BUY ,867 19,695 22,203 (281) (172) 91 (1,205) (543) (242) na na na na na na nc (15.4) (7.8) (3.7) (5.3) (2.4) (1.0) (12.7) (6.0) (2.9) LAND TRANSPORTATION UW ,835 23,011 15,755 1,641 1,827 1, ,004 (0.7) BIRD IJ REDUCE 4,070 3, ,472 6,250 6,988 1,173 1,298 1, (2.0) TAXI IJ BUY ,040 1, (72.7) ASSA IJ BUY ,393 1,606 1, (20.4) METALS N ,345 25,401 28,013 1, ,125 (43) (331) 2,064 (101.9) (723.6) (1,181.1) (153.4) 24.6 (364.7) (0.3) (0.2) 2.1 (0.9) (1.3) 1.0 INCO IJ* REDUCE 1,675 1, ,060 8,036 8,736 1, (67.8) (83.8) nc nc nc ANTM IJ REDUCE ,519 10,632 12,362 (768) (647) 154 (1,209) (882) (157) (76.5) (63.2) (237.9) na na na (1,009.1) (8.6) (5.6) (1.0) (4.8) (3.1) (0.6) (5.9) (3.8) (0.7) TINS IJ REDUCE ,874 6,733 6, (85.9) (14.3) PSAB IJ* BUY 1,185 1, ,892 4,396 5,390 1,274 1,400 2, , MDKA IJ* BUY 1,900 2, (84) (140) 462 (98) (210) na na na na na na na na (9.0) (10.2) 11.4 (4.6) (6.9) 6.5 OIL & GAS N ,863 66,678 79,368 9,504 12,385 15,768 6,300 7,395 9,557 (35.3) PGAS IJ* BUY 2,480 3, ,966 38,528 45,052 7,910 8,260 10,766 5,614 5,880 7,952 (39.4) nc nc nc AKRA IJ BUY 6,300 9, ,344 18,832 22,965 1,345 1,837 1,720 1,047 1,338 1, (2.1) MEDC IJ* BUY 1,405 1, ,553 9,318 11, ,288 3,282 (361) (391.9) (150.9) 0.0 NA (3.1) (3.0) (1.0) (1.4) PLANTATIONS N ,272 42,766 45,776 6,078 6,637 7,275 2,109 2,955 3,952 (64.7) AALI IJ REDUCE 14,925 14, ,059 13,873 15,215 1,853 2,076 2, ,587 (75.3) SIMP IJ HOLD ,835 14,436 15,599 1,632 1,842 2, (69.1) LSIP IJ BUY 1,485 1, ,190 4,610 4, , (33.1) 19.8 (19.3) nc nc nc DSNG IJ BUY ,425 4,783 4, (59.0) (8.0) ANJT IJ* REDUCE 1,700 1, ,764 1,862 2, (112) na na na na (2.2) (1.8) SGRO IJ HOLD 1,940 1, ,999 3,202 3, (27.2) TBLA IJ BUY ,331 5,237 6, (58.0) (18.9) POULTRY N ,906 65,122 73,881 5,377 5,988 7,326 2,242 2,841 4, CPIN IJ BUY 3,510 3, ,108 32,462 37,351 3,443 3,798 4,773 1,837 2,119 3, JPFA IJ BUY ,023 27,555 30,809 1,728 1,950 2, ,075 na na na na MAIN IJ BUY 1,470 1, ,775 5,105 5, (63) na (180.0) (42.0) (4.8) (1.7) (2.2) PROPERTY UW ,468 49,958 54,565 15,347 16,910 18,324 8,105 10,789 12,060 (42.3) BSDE IJ BUY 1,820 2, ,210 7,523 8,403 2,901 3,457 3,804 2,139 2,694 3,023 (46.5) LPKR IJ REDUCE 990 1, ,910 10,055 10,615 1,727 2,542 2, ,654 1,857 (79.0) PWON IJ HOLD ,625 5,373 6,220 2,265 2,656 3,035 1,262 1,790 2,118 (49.8) SMRA IJ BUY 1,585 1, ,624 6,339 6,879 1,768 1,999 2, ,127 1,230 (38.3) CTRA IJ BUY 1,430 1, ,514 8,154 9,335 2,353 2,288 2,511 1,284 1,380 1,517 (3.1) ASRI IJ REDUCE ,784 3,039 3,061 1,628 1,674 1, (45.6) APLN IJ REDUCE ,972 5,769 5,934 1,688 1,351 1, (5.0) (19.7) CTRP IJ REDUCE ,325 1,917 2, (19.2) (8.9) PPRO IJ HOLD ,505 1,789 1, SHIPPING N ,106 5,638 6,072 1,029 1,414 1, ,072 1,277 (15.1) SOCI IJ BUY ,986 2,277 2, (3.8) 12.9 (1.2) TMAS IJ BUY 1,710 3, ,721 1,858 2, WINS IJ HOLD ,399 1,503 1, (80) (100.0) #DIV/0! #DIV/0! (2.7) (1.2) (1.7) TELCOS OW , , ,003 43,990 49,395 57,037 18,749 23,078 28,886 (2.6) TLKM IJ BUY 3,700 4, , , ,693 32,881 36,717 41,992 15,489 17,604 20, (2.5) EXCL IJ BUY 3,470 4, ,876 24,242 25,852 1,258 1,563 2,062 (25) 440 1,183 na na na na na na (0.2) (0.0) (0.1) TBIG IJ HOLD 6,800 6, ,437 3,801 4,229 2,637 2,915 3,243 1,056 1,289 1,593 (18.8) TOWR IJ BUY 4,050 5, ,470 4,845 5,315 3,386 2,866 3,274 2,958 1,591 2, (46.2) ISAT IJ BUY 6,600 7, ,769 29,107 31,660 2,704 4,015 4,926 (1,310) 1,440 2, NA (10.0) (2.4) (4.0) TELE IJ BUY 615 1, ,040 29,578 34, , ERAA IJ BUY ,569 19,777 21, (0.6) Market N 3,234 1,692,664 1,851,698 2,042, , , , , , ,457 (7.2) Note: *USD reporting OW: Overweight, N: Neutral, UW: Underweight ROIC (%) ROAA (%) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%) Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) PER (x)

8 FULL YEAR EARNINGS RELEASE (ESTIMATED) Ticker Corporate Date Time BBRI IJ Bank Rakyat Indonesia 1/26/ BBNI IJ Bank Negara Indonesia 1/29/ BDMN IJ Bank Danamon 1/29/ BJTM IJ Bank Pembangunan Daerah Jawa Timur 1/29/ JSMR IJ Jasa Marga 2/5/ EXCL IJ XL Axiata 2/5/ BMRI IJ Bank Mandiri 2/9/ :00 ITMG IJ Indo Tambangraya Megah 2/16/ :00 LPPF IJ Matahari Department Store 2/17/ AALI IJ Astra Agro Lestari 2/23/ :00 BBTN IJ Bank Tabungan Negara 2/24/ :00 ASII IJ Astra International 2/24/ UNTR IJ United Tractors 2/24/ INCO IJ Vale Indonesia 2/24/ LSIP IJ PP London Sumatera Indonesia 2/25/ WSKT IJ Waskita Karya 2/25/ ADHI IJ Adhi Karya 2/25/ ANJT IJ Austindo Nusantara Jaya 2/25/ HERO IJ Hero Supermarket 2/26/ JPFA IJ Japfa 2/26/ IMAS IJ Indomobil Sukses International 2/26/ SMBR IJ Semen Baturaja 2/26/ SIMP IJ Salim Invomas Pratama 2/26/ SMGR IJ Semen Indonesia 2/29/ ANTM IJ Aneka Tambang 2/29/ PTBA IJ Tambang Batubara Bukit Asam 3/1/ :00 ANTM IJ Aneka Tambang 3/1/ TBIG IJ Tower Bersama Infrastructure 3/2/ BBCA IJ Bank Central Asia 3/3/ PTPP IJ PP Persero 3/3/ PGAS IJ Perusahaan Gas Negara 3/3/ :00 BTPN IJ Bank Tabungan Pensiunan Nasional 3/3/ TLKM IJ Telekomunikasi Indonesia 3/4/ MPPA IJ Matahari Putra Prima 3/4/ TINS IJ Timah Persero 3/4/ KAEF IJ Kimia Farma 3/4/ SMCB IJ Holcim Indonesia 3/7/ :00 ADRO IJ Adaro Energy 3/8/ :00 BJBR IJ Bank Pembangunan Daerah Jawa Barat 3/8/ WTON IJ Wijaya Karta Beton 3/10/ KRAS IJ Krakatau Steel 3/11/ WINS IJ Wintermar Offshore 3/11/ INTP IJ Indocement Tunggal Perkasa 3/16/ :00 TOTL IJ Total Bangun Persada 3/16/ WIKA IJ Wijaya Karya 3/17/ BSDE IJ Bumi Serpong Damai 3/17/ HMSP IJ H M Sampoerna 3/17/ :00 INDF IJ Indofood Sukses Makmur 3/18/ AKRA IJ AKR Corporindo 3/18/ GIAA IJ Garuda Indonesia 3/21/ SRIL IJ Sri Rejeki Isman 3/23/ PWON IJ Pakuwon Jati 3/24/ LPCK IJ Lippo Cikarang 3/24/ TBLA IJ Tunas Baru Lampung 3/24/ MDLN IJ Modernland Realty 3/24/ LPKR IJ Lippo Karawaci 3/24/ SCMA IJ Surya Citra Media 3/24/ TOWR IJ Sarana Menara Nusantara 3/24/ ROTI IJ Nippon Indosari Corpindo 3/24/ SIDO IJ Industri Jamu dan Farmasi Sido Muncul 3/24/ SILO IJ Siloam International Hospitals 3/24/ BIRD IJ Blue Bird 3/24/ KLBF IJ Kalbe Farma 3/28/ GGRM IJ Gudang Garam 3/29/ CPIN IJ Charoen Pokphand Indonesia 3/30/ PT Bahana Securities Equity Research Bahana Beacon - The Daily 8

9 FULL YEAR EARNINGS RELEASE (ESTIMATED) Ticker Corporate Date Time GJTL IJ Gajah Tunggal 3/30/ MYOR IJ Mayora Indah 3/30/ SMRA IJ Summarecon Agung 3/30/ UNVR IJ Unilever Indonesia 3/30/ KIJA IJ Kawasan Industri Jababeka 3/30/ ISAT IJ Indosat 3/30/ MEDC IJ Medco Energi International 3/30/ CTRA IJ Ciputra Development 3/30/ SSIA IJ Surya Semesta Internusa 3/30/ PSAB IJ J Resources Asia Pasifik 3/30/ TMAS IJ Pelayaran Tempuran Emas 3/30/ MNCN IJ Media Nusantara Citra 3/30/ MAIN IJ Malindo Feedmill 3/30/ ASRI IJ Alam Sutera 3/30/ HRUM IJ Harum Energy 3/30/ CASS IJ Cardig Aero Service 3/30/ ERAA IJ Erajaya Swasembada 3/30/ TELE IJ Tiphone Mobile Indonesia 3/30/ TAXI IJ Express Transindo Utama 3/30/ ASSA IJ Adi Sarana Armada 3/30/ SOCI IJ Soechi Lines 3/30/ PPRO IJ PP Properti 3/31/ DMAS IJ Puradelta Lestari 3/31/ MIKA IJ Mitra Keluarga Karyasehat 3/31/ MDKA IJ Merdeka Copper Gold 3/31/ ATIC IJ Anabatic Technologies 3/31/ Source: Bloomberg, Bahana PT Bahana Securities Equity Research Bahana Beacon - The Daily 9

10 AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time AEGM KREN IJ Kresna Graha Sekurindo 6/15/ 14:00 AEGM ASDM IJ Asuransi Dayin Mitra 6/15/ 08:00 AEGM GSMF IJ Equity Development Investment 6/15/ 10:30 AEGM SRAJ IJ Sejahteraraya Anugrahjaya 6/15/ 10:00 AEGM PTSP IJ Pioneerindo Gourmet International 6/15/ 10:00 AEGM CLPI IJ Colorpak Indonesia 6/15/ 10:00 AEGM UNSP IJ Bakrie Sumatera Plantations 6/15/ 10:00 AEGM DGIK IJ Nusa Konstruksi Enjiniring 6/15/ 09:00 AEGM INTD IJ Inter Delta 6/15/ 10:00 AEGM APII IJ Arita Prima Indonesia 6/15/ 09:00 AGM ARGO IJ Argo Pantes 6/15/ 10:00 AEGM MGNA IJ Magna Finance 6/15/ 14:00 AGM RICY IJ Ricky Putra indo 6/15/ 09:30 AGM JPRS IJ Jaya Pari Steel 6/16/ 10:00 AGM SRSN IJ Indo Acidatama 6/16/ 14:00 AGM KONI IJ Perdana Bangun Pusaka 6/16/ 09:00 AEGM AISA IJ Tiga Pilar Sejahtera Food 6/16/ 10:00 AGM GDST IJ Gunawan Dianjaya Steel 6/16/ 09:00 AEGM MBTO IJ Martina Berto 6/16/ 10:00 AEGM ADMG IJ Polychem Indonesia 6/16/ 14:00 AGM BTON IJ Betonjaya Manunggal 6/16/ 09:30 AEGM OKAS IJ Ancora Indonesia Resources 6/16/ 10:00 AGM POOL IJ Pool Advista Indonesia 6/16/ 11:00 AEGM POLY IJ Asia Pacific Fibers 6/16/ 10:30 AGM ALDO IJ Alkindo Naratama 6/16/ 13:30 AEGM RIMO IJ Rimo Catur Lestari 6/17/ 14:00 AEGM RANC IJ Supra Boga Lestari 6/17/ 14:00 AEGM ALTO IJ Tri Banyan Tirta 6/17/ 11:30 Source: Bloomberg PT Bahana Securities Equity Research Bahana Beacon - The Daily 10

11 Actual and upcoming IPOs, - No Code Date Company name Industry Amount Public (IDRbn) (%) 1 BBRM 01/08/13 Pelayaran Nasional Bina Buana Shipping HOTL 01/10/13 Saraswati Griya Lestari Hotel SAME 01/11/13 Sarana Meditama Metropolitan Hospital Management MAGP 01/16/13 Multi Agro Gemilang Plantations TPMA 02/20/13 Trans Power Marine Transportation ISSP 02/22/13 Steel Pipe Industry of Indonesia Pipes manufacturer DYAN 03/25/13 Dyandra Media International Entertainment ANJT 05/08/13 Austindo Nusantara Jaya Plantation NOBU 05/20/13 Bank Nationalnobu Banking MPMX 05/29/13 Mitra Pinasthika Mustika Automotive 1, DSNG 06/14/13 Dharma Satya Nusantara Plantations SRIL 06/17/13 Sri Rejeki Isman (Sritex) Textile 1, ACST 06/24/13 Acset Indonesia Construction SRTG 06/26/13 Saratoga Investa Sedaya Finance 1, NRCA 06/27/13 Nusa Raya Cipta Construction SMBR 06/28/13 Semen Baturaja Cement 1, ECII 07/03/13 Electronic City Indonesia Retail 1, BBMD 07/08/13 Bank Mestika Dharma Banking MLPT 07/08/13 Multipolar Technology IT VICO 07/08/13 Victoria Investama Finance CPGT 07/09/13 Cipaganti group Transportation NAGA 07/09/13 Bank Mitraniaga Banking BMAS 07/11/13 Bank Maspion Banking SILO 09/12/13 Siloam Hospital Hospital 1, APII 10/29/13 Arita Prima Indonesia Pipe Manufacture KRAH 11/08/13 Grand Kartech Manufacturing IMJS 12/10/13 Indomobil Multi Jasa Auto finance LEAD 12/11/13 Logindo Samudramakmur Marine services SSMS 12/12/13 Sawit Sumbermas Sarana Plantations 1, SIDO 12/18/13 Sido Muncul Pharmaceutical total 16, PNBS 01/15/14 Bank Panin Syariah Banking ASMI 01/16/14 Mitra Maparya Insurance CANI 01/16/14 Capitol Nusantara Transporation BINA 01/16/14 Bank INA Banking BALI 03/13/14 Bali Towerindo Sentra Construction WTON 04/08/14 Wika Beton Construction material 1, BLTZ 04/10/14 Graha Layar Prima Entertainment MDIA 04/11/14 Intermedia Capital Entertainment LRNA 04/15/14 Eka Sari Lorena Transport Transportation DAJK 05/14/14 Dwi Aneka Jaya Kemasindo Paper manufacture LINK 02/06/14 Link Net Telecommunication CINT 06/27/14 Chitose Internasional Manufacture MGNA 07/07/14 Magna Finance Finance BPII 07/08/14 Batavia Prosperindo Internasional Finance MBAP 07/10/14 Mitrabara Adiperdana Coal TARA 07/11/14 Sitara Propertindo Property DNAR 07/11/14 Bank Dinar Bank BIRD 11/05/14 Blue Bird Transportation 2, SOCI 12/03/14 Soechi Lines Shipping IMPC 12/17/14 Impack Pratama Industri Packaging IBFN 12/22/14 Intan Baruprana Finance Finance AGRS 12/22/14 Bank Agris Banking GOLL 12/23/14 Golden Plantation Plantation total 9, Airasia Indonesia Airlines 1, Andira Agro Plantations 56 Asia Mangan Group Mining Bank DKI Banking 58 Bank Kesejahteraan Ekonomi Banking 59 Bank Muamalat Banking 60 Bank Sumatera Utara Banking Bank Syariah Mandiri Banking 62 Daya Mitra Telekomunikasi Telecommunication Daya Mandiri Resources Indonesia Coal mining 64 GMF Aero Asia Target Aero services 65 Indoprima Gemilang Auto-parts 66 Infomedia Nusantara Services 67 Intan Baruprana Finance Multi-finance 68 Kawasan Berikat Nusantara Industrial estates 69 Krakatau Wijatama Steel manufacture 70 Pacific Agro Sentosa Plantations 1, Pegadaian Indonesia Finance 72 Pelita Cengkareng Paper Packaging manufacture 73 Perkebunan Nusantara III, IV and VII Plantations 74 Pertamina Drilling Services Indonesia Oil-related 75 Pertamina Hulu Energi Oil-related 76 Pertamina Gas Gas distribution 77 Pertamina Geothermal Energy Electricity 78 PLN Batam Electricity 79 Pos Indonesia Logistics 80 Pos Logistik Logistics 81 Puradelta Lestari Property 2, Semen Batam Cement 83 Siba Surya Logistics Sriboga Raturaya Restaurant 500 total 7,818 Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today) PT Bahana Securities Equity Research Bahana Beacon - The Daily 11

12 Research: Harry Su Senior Associate Director Head of Corporate Strategy & Research Consumer, Strategy ext 3600 Teguh Hartanto Associate Director Deputy Head of Research Banks, Cement, Aviation ext 3610 Leonardo Henry Gavaza, CFA Senior Research Manager Auto, Infrastructure, Telco Toll roads ext 3608 Arandi Ariantara Coal, Metals, Oil & Gas ext 3619 Fakhrul Fulvian Economist ext 3602 Bagus Adi Yoga Prawira Consumer, Media ext 3604 Sanni Satrio Dwi Utomo Industrial Estate, Property ext 3611 Renaldy Effendy Consumer, Healthcare ext 3606 Muhammad Wafi Technical Analyst ext 3609 Yudi Tandi Anugrah Transportation, Shipping ext 3613 Steven Santoso Plantation, Poultry ext 3616 Adeline Solaiman Auto, Telco ext 3620 Mardy Oramahi Alhusnah ext 3621 Amanda Christine Liu Auto, Construction, Telco ext 3605 Nyoman Widita Prabawa Research Associate ext 3622 Sarah Jessica Hutapea Research Associate ext 3693 Gilang Purnama Research Associate ext 3601 Made Ayu Wijayati Research Executive ext 3607 Zefanya Halim CA Manager ext 3612 Novianty Permata Sari CA ext 3618 Dealing Room: (Foreign ) (Domestic ) (Surabaya Branch) Natalia Surjadiputra natalia@bahana.co.id Director of Sales & Client Relationship Management ext 2500 Kartika Sutandi, CFA kartika.sutandi@bahana.co.id Head of Equity Sales ext 2590 Ashish Agrawal ashish@bahana.co.id Vice President Equity Sales ext 2550 / 2553 Yohanes Adhi Handoko yohanes@bahana.co.id Manager, Surabaya Branch ext 7250 Amelia Husada amelia@bahana.co.id Vice President Equity Sales ext 2552 John M. Dasaad dasaad@bahana.co.id Equity Sales ext 2549 Suwardi Widjaja Suwardi@bahana.co.id Equity Sales ext 2548 Bram Taarea bram@bahana.co.id Equity Sales ext 2524 Alvin Gunawan alvin.gunawan@bahana.co.id Equity Sales ext 2591 Ari Santosa ari.santosa@bahana.co.id Sales Trader ext 2554 Hanna Marionda hanna@bahana.co.id Sales Trader ext 2525 Adriana Kosasih adri@bahana.co.id Sales Executive ext 2541 Head Office Surabaya Branch Graha Niaga, 19th Floor Wisma BII, Ground Floor Jl. Jend. Sudirman Kav. 58 Jl. Pemuda Jakarta Surabaya Indonesia Indonesia Tel Tel Fax Fax PT Bahana Securities Equity Research Bahana Beacon - The Daily 12