Equity SNAPSHOT Tuesday, December 12, 2017

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1 FROM EQUITY RESEARCH Bank Rakyat Indonesia: More KUR, No Problem (BBRI IJ. IDR 3,440. BUY. TP IDR 3,900) We reiterate our BUY call on BBRI with a higher TP of IDR3,900 as we believe that the government s KUR program will continue to support micro lending growth, especially following the recent decision by the government to provide a higher interest rate subsidy at 10.55%. This is despite a lower KUR lending rate of 7% (previously 9%). We assume BBRI s KUR loans will grow by 32% leading to a higher contribution of 11% in the bank s loans book by the end of The bank s NIM, meanwhile, is expected to edge down by c.6bps to 7.8% driven by 8bps lower asset yields with a stable blended CoF of 3.6%. BBRI is one of our top picks in our banking universe. To see the full version of this report, please click here Wijaya Karya: Waiting for the high speed train on the book (WIKA IJ. IDR 1,570. BUY. TP IDR 2,100) Despite of delayed on the development of Jakarta Bandung high speed railway (HSR) WIKA managed to book 9M17 earnings growth of 46.7%yoy. We adjust our model with new HSR s timetable since the target of construction completion has been prolonged to end 2019 from end 2018, previously. We also roll over our target price to end 2018 and arrive at a new TP of IDR2,100 (old: IDR2,800) To see the full version of this report, please click here MARKET NEWS Macroeconomy Digital goods will be subject to import duty Moody s: Indonesia s Liquidity Stress Indicator is healthy Corporate Adhi Karya: Looking for foreign creditors Pembangunan Perumahan: Optimistic that operating cash flow will be positive by end-2017 Wika Beton: New contracts in 11M17 reached 71% of the full year target XL Axiata (EXCL) to construct undersea fibre optic cable for USD170mn KEY INDEX Close Chg Ytd Vol (%) (%) (US$ m) Asean - 5 Indonesia 6,027 (0.1) Thailand 1, ,718 Philippines 8, Malaysia 1,719 (0.1) Singapore 3, Regional China 3, ,605 Hong Kong 28, ,034 Japan 22, ,936 Korea 2, ,022 Taiwan 10, ,894 India 33, NASDAQ 6, ,467 Dow Jones 24, ,940 CURRENCY AND INTEREST RATE Rate w-w m-m ytd (%) (%) (%) Rupiah Rp/1US$ 13,552 (0.2) - (0.6) SBI rate % (1.3) 10y Gov Indo bond 6.53 (0.0) (0.1) (1.4) Unit HARD COMMODITY Price d-d m-m ytd (%) (%) (%) Coal US$/ton Gold US$/toz 1, (2.6) 7.9 Nickel US$/mt.ton 10,891 (0.9) (13.9) 9.3 Tin US$/mt.ton 19, (0.2) (7.9) Unit SOFT COMMODITY Price d-d m-m ytd (%) (%) (%) Cocoa US$/mt.ton 1, (12.5) (11.1) Corn US$/mt.ton 124 (1.3) 3.3 (4.3) Oil (WTI) US$/barrel 58 (0.1) Oil (Brent) US$/barrel Palm oil MYR/mt.ton 2,433 (0.7) (11.9) (23.9) Rubber USd/kg (26.0) Pulp US$/tonne 972 N/A Coffee US$/60kgbag 107 (1.6) 1.4 (26.2) Sugar US$/MT 366 (0.4) (7.7) (30.3) Wheat US$/ton 113 (1.3) (7.9) (13.4) Soy Oil US$/lb 33 (0.4) (4.1) (3.0) Soy Bean US$/by 983 (0.7) 0.5 (1.4) Source: Bloomberg Danareksa Sekuritas

2 Equity Research Company Update Tuesday,12 December 2017 BUY Maintain Last price (IDR) 3,440 Target Price (IDR) 3,900 Upside/Downside +13.4% Previous Target Price (IDR) 3,600 Stock Statistics Sector Bloomberg Ticker Banking BBRI IJ No of Shrs (mn) 123,346 Mkt. Cap (IDRbn/USDmn) 424,310/31,310 Avg. daily T/O (IDRbn/USDmn) 297.9/22.0 Major shareholders Government of Indonesia 56.7% Estimated free float (%) 43.3 EPSConsensus(IDR) 2017F 2018F 2019F Danareksa Consensus Danareksa/Cons (2.7) (2.4) 6.2 BBRI relative to JCI Index Bank Rakyat Indonesia(BBRI IJ) More KUR, No Problem We reiterate our BUY call on BBRI with a higher TP of IDR3,900 as we believe that the government s KUR program will continue to support micro lending growth, especially following the recent decision by the government to provide a higher interest rate subsidy at 10.55%. This is despite a lower KUR lending rate of 7% (previously 9%). We assume BBRI s KUR loans will grow by 32% leading to a higher contribution of 11% in the bank s loans book by the end of The bank s NIM, meanwhile, is expected to edge down by c.6bps to 7.8% driven by 8bps lower asset yields with a stable blended CoF of 3.6%. BBRI is one of our top picks in our banking universe. Biggest micro lender. We view that the higher government target for the KUR program of a total IDR120trn next year should benefit BBRI over the long term. This is because the KUR program will provide the bank with good quality borrowers for its commercial micro loans product called Kupedes. Note that the ticket size of KUR micro is limited to only IDR25mn with a maximum of four cycles. Thus, if a borrower needs a larger loan, BBRI can offer its Kupedes product. With expected growth in KUR loans of 32%, they will account for 32% of the bank s micro loans by the end of next year (September 2017: 26.1%). Slight decline in the NIM. The government s recent unofficial announcement of a higher interest rate subsidy for the KUR program should benefit BBRI despite a lower KUR lending rate of 7%. Nonetheless, in an environment of low rates, we already assume that asset yields will fall by c.8bps to 11.1% in FY18F. On the funding side, meanwhile, we conservatively project a stable blended CoF at 3.6% due to a 60.4% CASA deposits contribution to total customer deposits by the end of next year. All in all, we expect the NIM to slip 6bps to 7.8% in FY18F. BUY maintained, new TP of IDR3,900. We upgrade our GGM-derived TP to IDR3,900 (implying 2.6x 2018F P/BV multiple) as we raise our ROAE assumption from 19% to 19.4%, while maintaining our assumptions of 9.25% CoE and 3% long-term growth. Source : Bloomberg The risks to our call are: 1) higher-than-expected exposure to the KUR program, 2) higher-than-expected credit costs that might dampen earnings growth, and 3) government intervention risk on potential policy changes. Eka Savitri (62-21) ext 3506 eka.savitri@danareksa.co.id Key Financials Year to 31 Dec 2015A 2016A 2017F 2018F 2019F PPOP, (IDRbn) 39,413 47,755 53,245 59,107 67,654 Net profit (IDRbn) 25,398 26,196 27,521 31,563 38,343 EPS (IDR) EPS growth (%) BVPS, (IDR) , , , ,689.3 PER (x) PBV (x) Dividend yield (%) ROAE (%) See important disclosure at the back of this report 1 Source : BBRI, Danareksa Estimates

3 Equity Research Company Update Tuesday, 12 December 2017 BUY Maintain Last price (IDR) 1,570 Target Price (IDR) 2,100 Upside/Downside +33.8% Previous Target Price (IDR) 2,800 Stock Statistics Sector Bloomberg Ticker Construction WIKA IJ No of Shrs (mn) 8,970 Mkt. Cap (IDR bn/usdmn) 14,083/1,039 Avg. daily T/O (IDR bn/usdmn) 34.5/2.5 Major shareholders Govt. Indonesia 65.1% Public 35.0% Estimated free float (%) EPS Consensus(IDR) n/a 2017F 2018F 2019F Danareksa Consensus Danareksa/Cons (10.5) (11.8) (4.9) WIKA relative to JCI Index Wijaya Karya (WIKA IJ) Still waiting for the train We adjust our model on WIKA to reflect the development delays in the Jakarta Bandung high speed railway (HSR) with construction completion now targeted at the end of 2019 from the end of 2018 previously. Despite this development, we are encouraged by WIKA s strong earnings growth in 9M17 (+46.7%yoy). We roll over our target price to end-2018 and arrive at a new TP of IDR2,100 (old: IDR2,800). First revenues recognition from HSR to be booked in Based on the HSR project s current contract value of IDR15.8tn, we expect a 40% realization rate in the first year of the construction and the remaining 60% in the second year. The rates are similar to those in our previous model. Although there has been no construction progress so far, we expect the project to start making a contribution to revenues in 2018 (with a contribution of IDR6.3tn). Note that this project is included under the JV scheme. We expect the NPM of this project to reach 4.5%. The project s financial closing is expected this year. The IPO of Wika Bangunan Gedung (WEGE). WEGE was listed on the IDX on 30 Nov 17. Proceeds from the IPO reached IDR833bn through the sale of a 30% stake to the public. WEGE targets 2017 earnings of IDR286bn, increasing to IDR390bn in 2018 (+36%yoy). These targets are supported by an order book of IDR12.9tn as of Oct 17 and IDR16.0tn (estimated) in We adjust our model based on WEGE management s targets and a 30% minority interest in WIKA s book. We expect WEGE to contribute 18.4% and 20.6% of WIKA s revenues and net income in targets. We expect WIKA s 2018 revenues to reach IDR27.1tn (+21.0%yoy) with net income of IDR1.3tn (+21.4%yoy). The 2018 order book is targeted to reach IDR129.2tn, 22.4%yoy higher than the IDR105.5tn targeted in This is supported by 20%yoy growth in new contracts to IDR51.1tn and IDR78.1tn of carry over contracts. Valuation. We roll over our forecast to 2018 and arrive at a new TP of IDR2,100 (old: IDR2,800). WIKA is trading at 10.9x 2018 PE or slightly above its -2SD of 9.9x. Our new TP is based on: 1) 14.0x 2018 PE. This is the median between -1SD PE and -2SD PE. The old TP was based on 20.0x which implied 2017 PE. 2) 2018 EPS of IDR148 (old: 2017 EPS of IDR137). Source : Bloomberg Maria Renata (62-21) ext.3513 maria.renata@danareksa.com Key Financials Year to 31 Dec 2015A 2016A 2017F 2018F 2019F Revenue, (IDRbn) 13,620 15,669 22,409 27,116 34,215 EBITDA, (IDRbn) 1,374 1,888 2,044 2,680 3,487 EBITDA Growth, (%) Net profit (IDRbn) 625 1,012 1,091 1,325 1,658 EPS (IDR) EPS growth (%) BVPS, (IDR) , , , ,609.5 DPS, (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : WIKA, Danareksa Estimates See important disclosure at the back of this report 1

4 MARKET NEWS MACROECONOMY Digital goods will be subject to import duty The Government of Indonesia will impose tax on digital goods since the WTO moratorium regarding import duty on digital goods will expire at the end of This means that countries are free to regulate taxation on digital products such as electronic books, software, music and movies. The business owner will be taxed as the first step in imposing this tax. According to the Coordinating Ministry for the Economy, the government is still looking at how to impose this tax. The Sub Directorate General of Taxation stated that it would wait for a Minister of Finance Regulation (PMK) as the basis for the imposition of this import duty. Moody s: Indonesia s Liquidity Stress Indicator is healthy According to a series of tests, Moody s Liquidity Stress Indicator (LSI) has declined from 27.6% to 26.4%. This decline indicates an improvement in the liquidity management of Indonesian companies. The Coordinating Ministry for the Economy said that the government would take measures to ensure the economy would not grow too rapidly (overheat), thereby ensuring sustainability of growth over the long term. In Asia, the overall LSI declined from 27.6% to 26.4%. (Kontan) CORPORATE Adhi Karya: Looking for foreign creditors Adhi Karya (ADHI) is looking to raise IDR3.0tn - 4.0tn from overseas creditors. The company has appointed Moore Stephens and Brother as its consultant for the proposed fund raising. The funds will be used for the development of the Jakarta LRT. The company targets financial closing for the debts in Mar 18. Recently, the government reaffirmed that the investor scheme for the project would still follow the previous scheme which is set under Presidential Regulation (Perpres) No. 49/2017. Under the regulation, KAI acts as the main investor of the project, while ADHI has been asked to participate in the investment of depots and TOD with value of IDR4.0tn. Earlier in 2015 ADHI received a IDR1.4tn capital injection from the government. (Kontan) Comment: ADHI s DER stood at 1.41x as of Sep 17, consisting of IDR7.9tn of debts and IDR5.6tn. At the maximum level stipulated in its covenant of 3.0x, ADHI still has room to draw down up to IDR8.8tn of additional debts. We have a BUY call on ADHI with a TP of 2,800 (Maria Renata). Pembangunan Perumahan: Optimistic that operating cash flow will be positive by end-2017 Pembangunan Perumahan (PTPP) is optimistic that it can book positive operating cash flow (OCF) by the end of this year. Up until Sep 17, the company booked negative OCF of IDR1.5tn. However, this represents an improvement from its level as of Jun 17 when the OCF was negative IDR2.1tn. The management is not concerned by the negative OCF in the interim result as most of the disbursement of the government s budget for government projects occurs in 4Q17. PTPP seeks to book positive OCF of IDR1.7tn in Dec 17. This is higher than the IDR986bn booked in Dec 16. PTPP has managed to maintain its healthy balance sheet with a DER as of Sep 17 of 0.6x, consisting of IDR8.2tn of debts and IDR12.5tn of equity. (Kontan) Wika Beton: New contracts in 11M17 reached 71% of the full year target Wika Beton (WTON) booked IDR5.0tn of new contracts as of Nov 17. This is 71.4% of the management s full year target of IDR7.0tn. The new contracts are 24%yoy higher than the previous year s IDR4.03tn. Hence, the order book in 11M17 reached IDR9.0tn, including IDR4.0tn of carry over contracts. The company still maintains its FY17F new contracts target since it is waiting for the announcement of the winner of several contracts before the end of the year. For 2018, the management targets 20%yoy growth in new contracts. (Kontan) Comment: We have a more conservative new contracts growth target of 10%yoy for Meanwhile, for 2017, we target new contracts of IDR6.6tn or 6% lower than the management s target. We have a BUY call on WTON with a TP of IDR800. (Maria Renata) Danareksa Sekuritas

5 XL Axiata (EXCL) to construct undersea fibre optic cable for USD170mn XL Axiata (EXCL) is planning to work together with Vocus Group to construct an undersea fibre optic cable Australia Indonesia Singapore amounting to USD170mn, aimed at improving capacity and efficiency of EXCL data service. The 4,600km fibre optic is targeted to be operational in FY18. With the cable, EXCL is expected to serve up to 30 TB (Terrabyte) for the Jakarta Singapore route and 20 TB (Terrabyte) for the Jakarta Perth route. (Bisnis Indonesia) Danareksa Sekuritas

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 3,959, , , % 13.0% Auto 340,062 18,975 22, % 16.0% Astra International BUY 8,400 9, ,062 18,975 22, % 16.0% Banks 1,510,149 86, , % 16.1% BCA HOLD 21,075 21, ,604 23,620 27, , , % 14.6% N/A N/A BNI BUY 8,900 8, ,973 13,089 14, % 14.6% N/A N/A BRI BUY 3,440 3, ,310 27,521 31, % 14.7% N/A N/A Bank Tabungan Negara BUY 3,450 3,600 36,536 3,135 3, % 16.7% N/A N/A Bank Mandiri BUY 7,475 7, ,833 19,555 23, % 20.6% N/A N/A BTPN BUY 2,550 2,800 14,893 1,273 1, % 27.8% N/A N/A Cement 150,916 4,206 4, % 4.0% Indocement SELL 19,150 14,700 70,496 1,887 1, % 2.7% Semen Indonesia HOLD 9,375 9,100 55,608 2,150 2, % 6.4% Semen Baturaja SELL 2, , % -11.0% Cigarettes 665,438 20,595 22, % 10.7% Gudang Garam BUY 79,850 83, ,638 7,498 8,487 3,897 4,411 3,897 4, % 13.2% HM Sampoerna BUY 4,400 4, ,800 13,097 14, % 9.2% Construction 122,063 8,554 10, % 21.0% Wijaya Karya BUY 1,570 2,800 14,083 1,225 1, % 45.5% Pembangunan Perumahan BUY 2,390 3,900 14,818 1,295 1, % 21.2% Adhi Karya BUY 1,790 2,800 6, % 37.3% Waskita Karya BUY 1,945 2,700 26,401 2,383 3, % 27.4% Waskita Beton BUY ,701 1,104 1, % 19.5% Wika Beton BUY , % 20.2% Jasa Marga BUY 6,400 7,800 46,450 1,747 1, % -8.1% Consumer 605,155 16,992 19, % 12.0% Indofood CBP BUY 8,700 9, ,459 3,894 4, % 10.3% Indofood BUY 7,375 9,100 64,756 4,381 4, % 10.6% Unilever HOLD 51,000 52, ,130 7,324 8, , , % 13.7% Kino Indonesia HOLD 2,000 2,100 2, % 25.8% Mayora Indah HOLD 2,100 1,960 46,953 1,277 1, % 10.4% Healthcare 90,871 2,700 2, % 11.5% Kalbe Farma HOLD 1,640 1,700 76,875 2,411 2, % 10.3% Kimia Farma SELL 2,520 1,940 13, % 12.7% Heavy Equipment 121,043 6,873 7,645 1,843 2, % 11.2% United Tractors BUY 32,450 35, ,043 6,873 7,645 1,843 2,049 1,843 2, % 11.2% Industrial Estate 12,777 2,415 1, % -46.5% Puradelta Lestari BUY , % 6.7% Bekasi Fajar BUY , % 11.3% Surya Semesta HOLD ,268 1,130 (101) 241 (11) 240 (22) % % 2.0 (44.9) (2.9) Mining 154,893 11,073 12, % 12.0% Adaro Energy BUY 1,710 2,000 54,696 4,963 5, % 4.1% Timah BUY 765 1,100 5, % 6.7% Vale Indonesia HOLD 2,610 2,600 25, % 42.0% Aneka Tambang HOLD ,539 (147) 207 (6) 9 (6) % % (98.7) (0.8) 1.2 Bukit Asam BUY 10,925 14,500 25,173 2,498 3,004 1,149 1,382 1,149 1, % 20.3% Indo Tambangraya Megah HOLD 20,775 17,000 23,474 2,536 2,534 2,244 2,243 2,323 2, % -0.1% Harum Energy HOLD 1,990 2,200 5, % 16.3% Plantation 38,284 3,010 2, % -0.8% Astra Agro Lestari HOLD 12,775 15,000 24,588 1,908 1, % -3.0% Sampoerna Agro HOLD 2,590 2,320 4, % 6.4% PP London Sumatra BUY 1,290 1,830 8, % 1.7% Poultry 63,973 4,078 5, % 29.8% Charoen Pokphand HOLD 2,950 3,100 48,374 2,576 3, % 32.2% Japfa Comfeed BUY 1,215 1,650 13,864 1,463 1, % 23.8% Malindo Feedmill HOLD , % 91.5% Property 101,897 8,495 8, % -4.7% Alam Sutera HOLD ,642 1,436 1, % -26.4% Bumi Serpong Damai BUY 1,585 2,000 30,506 3,923 2, % -29.0% Ciputra Development BUY 1,175 1,350 21, , % 60.6% Pakuw on Jati BUY ,822 1,913 2, % 24.0% Summarecon BUY 840 1,100 12, % 31.6% Retail 72,466 3,402 3, % 12.4% Mitra Adi Perkasa BUY 6,475 8,100 10, % 46.8% Ramayana BUY 1,025 1,130 7, % 4.9% Matahari Department Store BUY 9,850 10,500 28,741 1,928 2, % 5.3% Matahari Putra Prima SELL , % 2.7% Ace Hardw are BUY 1,240 1,300 21, % 9.3% Erajaya Sw asembada BUY 740 1,100 2, % 11.8% Danareksa Sekuritas

7 COVERAGE PERFORMANCE LEADERS Price as on Code 11-Dec Dec-17 Chg, % w-w, % m-m, % YTD, % Rating Adhi Karya ADHI 1,790 1, (6.3) (19.4) (13.9) BUY Ace Hardware ACES 1,240 1, (1.2) 48.5 BUY Matahari Putra Prima MPPA (28.4) (71.2) SELL Semen Indonesia SMGR 9,375 9, (2.3) (6.3) 2.2 HOLD Bank Rakyat Indonesia BBRI 3,440 3, BUY Astra International ASII 8,400 8, BUY HM Sampoerna HMSP 4,400 4, BUY Ramayana RALS 1,025 1, (14.2) BUY Mayora Indah MYOR 2,100 2, HOLD Puradelta Lestari DMAS (0.6) (6.1) (27.0) BUY Sources: Bloomberg LAGGARDS Price as on Code 11-Dec Dec-17 Chg, % w-w, % m-m, % YTD, % Rating Kimia Farma KAEF 2,520 2,670 (5.6) 12.0 (5.6) (8.4) SELL Semen Baturaja SMBR 2,500 2,630 (4.9) 9.6 (10.1) (10.4) SELL Kino Indonesia KINO 2,000 2,100 (4.8) (7.8) (18.0) (34.0) HOLD Aneka Tambang ANTM (3.2) (6.9) (14.2) (32.4) HOLD Timah TINS (3.2) (7.3) (15.5) (28.8) BUY Vale Indonesia INCO 2,610 2,690 (3.0) (6.5) (16.3) (7.4) HOLD Summarecon Agung SMRA (2.9) (5.1) (14.7) (36.6) BUY Surya Semesta SSIA (2.8) (7.3) (16.2) 11.1 HOLD Bumi Serpong Damai BSDE 1,585 1,630 (2.8) (2.8) (6.2) (9.7) BUY Bank Tabungan Negara BBTN 3,450 3,540 (2.5) BUY Sources: Bloomberg Danareksa Sekuritas

8 PREVIOUS REPORTS Astra International: Upside despite stiffer competition SnapShot Cement: At a turning point but challenged by lofty valuations, Surya Semesta Internusa: Lingering concerns SnapShot Kino Indonesia: Earnings downgrade as higher opex bite, Ramayana Lestari Sentosa: Innovating more and limiting supermarket losses SnapShot Media Sector (Initiation): More bullish on FTA TV ad spending in 2018, Media Nusantara (Initiation): Maintaining no. 1 Audience share, cheap valuation, Surya Citra Media (Initiation): Content cost efficiencies and clean balance sheet SnapShot Ace Hardware Indonesia: Attractive entry point, Mayora Indah: Limited upside SnapShot Bekasi Fajar Industrial Estate: Beating expectations, Plantation: In a Temporary Corrective Phase, Wijaya Karya: Strong revenues growth SnapShot Adhi Karya: Heightened uncertainty over LRT project investors, Wijaya Karya Beton: Strong revenues on the back of a solid order book SnapShot Bumi Serpong Damai: Minimal impact from the deal, Indofood Sukses Makmur: Enticing valuation, Poultry Sector: New regulation to have a muted impact SnapShot Jasa Marga: There is always a way, Kalbe Farma: Brighter prospects on consumption recovery, United Tractors: Mining sector sustained Komatsu sales SnapShot Puradelta Lestari: Value remains SnapShot Danareksa Sekuritas

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.com (62-21) ext Head of Research, Strategy stefanus.darmagiri@danareksa.com (62-21) ext Auto, Coal, Heavy Equip, Metal, Cement natalia.sutanto@danareksa.com (62-21) ext.3508 Consumer, Tobacco, Property Maria Renata maria.renata@danareksa.com (62-21) ext.3513 Construction Eka Savitri Eka.savitri@danareksa.com (62-21) ext.3511 Banking Yudha Gautama Yudha.gautama@danareksa.com (62-21) ext.3509 Plantation Adeline Solaiman adeline.solaiman@danareksa.com (62-21) ext Retail, Poultry Antonia Febe Hartono, CFA antonia.hartono@danareksa.com (62-21) ext.3504 Cement, Property, Industrial Estate Ignatius Teguh Prayoga ignatius.prayoga@danareksa.com (62-21) ext.3511 Research Associate Lucky Bayu Purnomo lucky.purnomo@danareksa.com (62-21) ext.3512 Technical Analyst Sales team Novrita E. Putrianti novrita@danareksa.com (62-21) ext Tuty Sutopo tuty@danareksa.com (62-21) ext Ehrliech Suhartono ehrliech@danareksa.com (62-21) ext Upik Yuzarni upik_y@danareksa.com (62-21) ext Laksmita Armandani laksmitaa@danareksa.com (62-21) ext Kevin Giarto kevin.giarto@danareksa.com (62-21) ext Rendy Ben Philips rendy.philips@danareksa.com (62-21) ext Danareksa Sekuritas

10 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. We expressly disclaim any responsibility or liability (express or implied) of P.T. Danareksa Sekuritas, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither P.T. Danareksa Sekuritas, its affiliated companies or their respective employees or agents accepts liability for any errors, omissions or misstatements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission there from which might otherwise arise is hereby expresses disclaimed. The information contained in this report is not be taken as any recommendation made by P.T. Danareksa Sekuritas or any other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regards to the specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice. Danareksa Sekuritas