Exhibit 1 : Financial Highlights. Source : TINS, Ciptadana Estimates

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1 BUY TP: Rp910 (+18.2%) Timah Strong 2Q18 performance on higher volume Sector Bloomberg Ticker Share Price Performance Metals TINS IJ Last price (Rp) 770 Avg. daily T/O (Rpbn/USDmn) 14.6/1.0 3m 6m 12m Absolute (%) Relative to JCI (%) w High/Low price (Rp) 1,240/750 1,400 1,200 1, Outstanding shrs (mn) 5,033 Mkt. Cap (Rpbn/USDmn) 3,875/262 Estimated free float (%) 12.4 Major shareholders RI 65.0% Dimensional Fund 0.0% JP Morgan 0.0% EPS Consensus Sep-17 Oct-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 TINS Ciptadana Cons. % Diff 2018F F Christian Saortua ext. 739 saortuachristian@ciptadana.com 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% 1yr Rel. to JCI (RHS) 1H18 net profit grew 13.6% YoY Timah (TINS) posted revenue of Rp4,377 bn in 1H18, inched up by 1.8% YoY and formed 48.1% of our full-year target. The company reported higher ASP of 4.7% YoY to USD 21,389/ton which led to better gross margin as it rose 80 bps to 15.4% in 1H18 and brings gross profit to Rp675 bn (+7.1%). However, a 39.8% jump in general expenses curbed the operating profit lower by 18.2% YoY to Rp269 bn. Meanwhile, a gain from revaluation of investment properties and a higher other incomes buoyed the net profit to grow by 13.6% YoY to Rp175 bn, forming only 31.6% of our full-year target. On quarterly basis, the company posted a better performance in 2Q18 with revenue up by 15.1% QoQ to Rp 2,342 bn on the back of better refined tin sales volume. Meanwhile gross profit jumps 37.3% QoQ to Rp 284 bn which led to a 114.8% QoQ net profit increase to Rp116 bn in 2Q18 even though ASP slide to USD 21,325/ton (-0.7% QoQ). Improving 2 nd quarter performance as production recovered After having a contraction in 1Q18, TINS production volume recovered in 2Q18. Tin concentrate production jumps 72.2% QoQ to 9,567 ton in 2Q18 as weather become more favorable. This led to a higher refined tin sales volume of 19.6% QoQ to 6,940 ton in 2Q18 (see exhb. 3). Apart from bad weather, change in regulation also played part to the company s poor performance in the early year. However, TINS manage to overcome those obstacles and also rejuvenate their production capacity. We expect the company to be able to catch up the production target in the second half. Furthermore, TINS expanding its business to diversify its tin product. Tin chemical production grew 12.2% YoY to 2,971 ton in 1H18 while tin solder production jumps 59.1% to 627 ton. The company posted a 43% YoY growth of revenue to Rp275 bn from tin chemical in 1H18. Its contribute 6.28% to total revenue in 1H18 and we expect it will grow in the future. Maintain BUY with lower TP of Rp910/sh Despite a better performance in 2Q18, 1H18 results were broadly below our expectations on sluggish 1Q18 numbers. Hence we adjust our financial forecasts to accommodate higher cost and slower asp growth. We keep our ASP target for 2018 but revised it down by 2.9% in 2019 to USD 22,440/ton (see exhb. 4). However we upgrade our refined tin sales volume by 1.3% and 6.7% for 2018 and 2019 to 30,516 ton and 32,327 ton. Our new projections resulted in higher revenue target for by % to Rp ,4 tn, but we slashed the bottom line by 7.1% and 32.6% to Rp bn for F. We still like TINS as it s the second largest tin producer in the world. We maintain our BUY call on TINS as we rollover our DCF valuation base to 2019 and come up with lower target price of Rp910 (Previously Rp1,050/sh). Our target price still offers 18.2% potential upside and represents PER which is below 21.1x of 5- years average historical forward PE. Exhibit 1 : Financial Highlights Year to 31 Dec 2016A 2017A 2018F 2019F 2020F Revenue (Rpbn) 6,968 9,217 10,150 11,416 12,791 Operating profit (Rpbn) ,136 1,441 Net profit (Rpbn) EPS (Rp) EPS growth (%) EV/EBITDA (x) PER (x) PBV (x) Dividend yield (%) ROE (%) Source : TINS, Ciptadana Estimates Please see analyst certification and other important disclosures at the back of this report 2

2 Exhibit 2: Financial Result (Rp bn) 1H18 1H17 YoY 2Q18 1Q18 QoQ FY18F 1H/18F Revenue 4,377 4, % 2,342 2, % 9, % Cost of sales -3,702-3, % -1,951-1, % Gross Profit % % Gross Margin 15.4% 14.6% 0.8% 16.7% 14.0% 2.7% Marketing Expenses % % G&A Expenses % % Operating Expenses % % Operating Profit % % 1, % Operating Margin 6.1% 7.6% -1.5% 6.6% 5.6% 1.0% Interest Income % % Interest Expenses % % Other Income (Expenses) n/m % Total Other Inc.(Exp.) % 5-28 n/m Pre-tax Profit % % Tax % % Profit Before MI % % Minority Interest % % Net Profit % % % Net Margin 4.0% 3.6% 0.4% 5.1% 2.7% 2.4% Exhibit 3: Operational Result Operational 1H18 1H17 YoY 2Q18 1Q18 QoQ Tin concentrate production (Mt) 15,122 16, % 9,567 5, % Refined tin production (MT) 12,366 14, % 7,005 5, % Refined tin sales (MT) 12,741 14, % 6,940 5, % Average selling price (USD/MT) 21,389 20, % 21,325 21, % Source: TINS Exhibit 4: Change of Assumption Assumption 2018F 2019F Old New Chg Old New Chg ASP (USD/ton) 21,420 21, % 23,100 22, % Sales Volume (mn tons) 30,128 30, % 30,299 32, % Revenue (Rp bn) 9,093 10, % 9,998 11, % Operating Profit (Rp bn) 1, % 1,626 1, % Operating Margin (%) Net Profit (Rp bn) % % Net Margin (%) Source: Ciptadana Estimates Please see analyst certification and other important disclosures at the back of this report 3

3 Exhibit 5: Tin Concentrate and Refined Tin Production ton 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - Tin Concentrate Refined Tin 35,740 33,327 31,178 31,460 34,667 32,327 24,121 30,249 30,516 23, F 2019F 2020F Exhibit 6: ASP (LHS) and Refined Tin Sales (RHS) USD/ton 30,000 27,500 25,000 22,500 20,000 17,500 15,000 12,500 10,000 Refinden Tin Sales ASP ton 40,000 34,667 32,327 35,000 29,914 30,516 26,677 30,000 25,000 23,460 22,440 21,420 20,000 20,200 15,000 18,181 10,000 5, F 2019F 2020F Exhibit 7: Forward PE Band 5,000 4,000 3,000 2,000 1,000 0 Jan 13 Oct 13 Jul 14 Apr 15 Jan 16 Oct 16 Jul 17 Apr 18-1, x 36.5x 21.1x 5.7x -9.7x -2,000 Please see analyst certification and other important disclosures at the back of this report 4

4 TINS - Result Update - 04 September 2018 Exhibit 8 - Income Statement Year to 31 Dec (Rpbn) 2016A 2017A 2018F 2019F 2020F Revenue 6,968 9,217 10,150 11,416 12,791 COGS -5,873-7,692-8,358-9,373-10,380 Gross profit 1,095 1,526 1,793 2,043 2,411 Oper. expenses Oper. profit ,136 1,441 EBITDA ,423 1,678 2,143 Interest income Interest expense Other income (exp.) Pre-tax profit ,039 1,342 Income tax Minority interest Net profit Exhibit 9 - Balance Sheet Year to 31 Dec (Rpbn) 2016A 2017A 2018F 2019F 2020F Cash & cash equivalent 570 1,359 1,198 1, Acct, receivables 821 1,478 1,251 1,251 1,297 Inventory 2,309 2,509 2,633 2,568 2,844 Other curr, asset 1,538 1,650 1,684 1,805 1,937 Total current asset 5,238 6,997 6,767 6,718 6,956 Fixed assets - net 2,221 2,462 2,738 3,234 3,541 Other non-curr.asset 2,090 2,417 2,444 2,479 2,540 Total asset 9,549 11,876 11,949 12,431 13,037 ST debt + curr. maturity 1,733 2,192 1,945 1,935 1,925 Acct, payable Advances received Other curr. liab Long term debt 0 1,500 1,500 1,500 1,500 Other non-curr, liab, Total liabilities 3,895 5,815 5,628 5,739 5,849 Shareholder equity 5,653 6,061 6,321 6,692 7,188 Minority interest Total liab + SHE 9,549 11,876 11,949 12,431 13,037 Exhibit 10 - Per Share Data (Rp) 2016A 2017A 2018F 2019F 2020F EPS BVPS DPS FCF per share Source : TINS, Ciptadana Estimates Please see analyst certification and other important disclosures at the back of this report 5

5 Exhibit 11 - Cash Flow Year to 31 Dec (Rpbn) 2016A 2017A 2018F 2019F 2020F Net income Depreciation Chg in working cap Other CF-Oper activities 1, ,113 1,230 1,174 Capital expenditure ,039-1,036 Others CF-Investing activities ,073-1,071 Net change in debt , Net change in equity Dividend payment Other financing CF-Financing activities , Net cash flow Cash - begin of the year ,357 1,192 1,087 Cash - end of the year 564 1,358 1,192 1, Exhibit 12 - Key Ratios Year to 31 Dec 2016A 2017A 2018F 2019F 2020F Growth Revenue (%) Operating profit (%) Net profit (%) Profitability Ratios Gross margin (%) Operating margin (%) EBITDA margin (%) Net margin (%) ROA (%) ROE (%) Liquidity Ratios Current ratio (x) Quick ratio (x) Cash conversion cycle (days) Activity Ratio Inventory turnover (days) Receivable turnover (days) Payable turnover (days) Solvency Ratio Interest cover (x) Debt to equity ratio (x) Net debt to equity (x) Source : TINS, Ciptadana Estimates Please see analyst certification and other important disclosures at the back of this report 6

6 HEAD OF RESEARCH ANALYST ANALYST Arief Budiman Erni Marsella Siahaan, CFA Yasmin Soulisa Strategy, Automotive, Heavy Equipment, Banking Property, Plantations Construction, Oil & Gas T ext 919 T ext 799 T ext 819 E siahaanerni@ciptadana.com E soulisayasmin@ciptadana.com E budimanarief@ciptadana.com ECONOMIST ANALYST ANALYST Imanuel Reinaldo Fahressi Fahalmesta Stella Amelinda T ext 820 Cement, Toll Road, Poultry Consumer E reinaldoimanuel@ciptadana.com T ext 735 T ext 740 E fahalmestafahressi@ciptadana.com E amelindastella@ciptadana.com ANALYST ANALYST TECHNICAL ANALYST Christian Saortua Robert Sebastian Trevor Gasman Coal, Metal mining Retail T ext 934 T ext 739 T ext 760 E gasmantrevor@ciptadana.com E saortuachristian@ciptadana.com E sebastianrobert@ciptadana.com RESEARCH ASSISTANT Sumarni T ext 920 E sumarni@ciptadana.com EQUITY SALES Co HEAD OF INSTITUTIONAL SALES Dadang Mulyana Plaza ASIA Office Park unit 2 Plaza ASIA Office Park unit 2 Jl. Jend. Sudirman Kav. 59 Jl. Jend. Sudirman Kav. 59 Jakarta Jakarta T ext 838 T ext 807 Co HEAD OF INSTITUTIONAL SALES The Fei Ming F F E mulyanadadang@ciptadana.com E thefeiming@ciptadana.com BRANCH OFFICES JAKARTA - MANGGA DUA JAKARTA - PURI KENCANA SURABAYA Komplek Harco Mangga Dua Perkantoran Puri Niaga III Intiland Tower Surabaya Rukan Blok C No.10 Jl. Puri Kencana Blok M8 No.2E Ground Floor Suite 5 & 6 Jl. Mangga Dua Raya Kembangan Jl. Panglima Sudirman Jakarta Jakarta Surabaya T T T F F F SEMARANG Gedung Menara Suara Merdeka 6th Floor Unit 02 Jl. Pandanaran No.30 Semarang T F Please see analyst certification and other important disclosures at the back of this report 7

7 Analyst Certification Each contributor to this report hereby certifies that all the views expressed accurately reflect his or her personal views about the companies, securities and all pertinent variables. It is also certified that the views and recommendations contained in this report are not and will not be influenced by any part or all of his or her compensation. Disclaimer This report does not constitute an offer to buy or sell any security/instrument, invitation to offer or recommendation to enter into any transaction. Nor are we acting in any other capacity as a fiduciary to you. When making and investment decision, you should determine, without reliance upon us or our affiliates, the economic risks and merits (and independently determine that you are able to assume these risks) as well as the legal, tax and accounting characterizations and consequences of any such transaction. In this regard, by accepting this report, you acknowledge that (a) we are not in the business of providing (and you are not relying on us for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any transaction, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) you should apprise senior management in your organization as to such legal, tax and accounting advice (and any risks associated with any transaction and our disclaimer as to these matters. The information contained in this report is based on material we believe to be reliable; however, we do not represent that it is accurate, current, complete, or error free. Assumptions, estimates and opinions contained in this report constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results. PT CIPTADANA SECURITIES AND ITS AFFILIATES SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS REPORT OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR TIMELINESS THEREOF. Disclaimer: This document is not intended to be an offer, or a solicitation of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by PT CIPTADANA SECURITIES or any other member of the Ciptadana Capital, including any other member of the Ciptadana Group of Companies from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and there can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates. The information in this document is subject to change without notice; its accuracy is not guaranteed; and it may be incomplete or condensed. Please see analyst certification and other important disclosures at the back of this report 8