MORNING HIGHLIGHT. Equity Research Thursday, July 02, 2015 FROM EQUITY RESEARCH

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1 MORNING HIGHLIGHT FROM EQUITY RESEARCH Tower Bersama Infrastructure: Slight Hiccup (TBIG IJ. Rp 8,850. HOLD. TP Rp 8,600) Telkom and Tower Bersama (TBIG) agreed to extend the agreement related to Mitratel s divestment by nine months to end of March 2016 after the parties failed to meet closing conditions by the initial deadline on 30 June We have previously incorporated Mitratel s performance into our projection starting 2H15, but due to the new agreement, we now assume that TBIG will only consolidate Mitratel in 2Q16. This result in a 13% and 9% reduction in our FY15F and FY16F EBITDA respectively for TBIG. We lower our TP on TBIG to IDR8,600 from IDR8,750 previously based on a combination of DCF, EV/tower, and EV/revenue. Maintain HOLD. Previous Reports: PP Properti: Building a future on high-rise project-snapshot Weekly Report: Risk Off-Snapshot UT: Komatsu sales stay subdued in May 2015-Snapshot Construction: Government tracking: May 2015-Snapshot MARKET NEWS *Analysts comment inside BI rate is expected to be maintain at 7.5% (ID&BI) CTRA may postpone projects (TJP) Development plant of Jakarta-Cikampek Toll Road II is expected to be established this year (ID) EXCL Reviewing a Partnership with ISAT for LINK (BI) Obligations to Use Rupiah, Fully Enforced (ID) PGAS to Start Exploration in East Kalimantan in 2016 (BI) SSIA Offer to Acquire META (ID) UNVR to Maintain ASPs (BI) IDX ANNOUNCEMENT Cash Announcement Code Ex-Date Date Payable Amount (Rp) RICY 23-Jun Jul-15 4 ASJT 23-Jun Jul AMAG 23-Jun Jul ASDM 23-Jun Jul DGIK 23-Jun Jul Source: KSEI Key Index Close Chg Ytd Vol (%) (%) (US$ m) Asean - 5 Indonesia 4,904 (0.1) (6.2) 228 Thailand 1,505 (0.4) 0.5 1,330 Philippines 7, Malaysia 1, (1.9) 601 Singapore 3, (1.0) 680 Regional China 4,054 (5.2) Hong Kong 26, ,320 Japan 20, ,979 Korea 2, ,059 Taiwan 9, ,774 India 28, NASDAQ 5, ,013 Dow Jones 17, (0.4) 7,310 Currency and Interest Rate Rate w-w m-m ytd (%) (%) (%) Rupiah (Rp/1US$) 13,325 (0.2) (0.8) (7.6) SBI rate (%) 6.67 (0.3) (0.3) (0.6) 10y Gov Indo bond 8.31 (0.0) Unit Hard Commodities Price d-d m-m ytd (%) (%) (%) Coal US$/ton 60 n/a 3.5 (15.8) Gold US$/toz 1, (2.0) (1.3) Nickel US$/mt.ton 11, (7.5) (20.5) Tin US$/mt.ton 14, (5.2) (25.2) Unit Soft Commodities Price d-d m-m ytd (%) (%) (%) Cocoa US$/mt.ton 3,316 (1.4) Corn US$/mt.ton Crude Oil US$/barrel 62 (2.5) (4.4) 8.2 Palm oil MYR/mt.ton 2,244 (0.4) 3.2 (2.3) Rubber USd/kg (8.7) (0.5) Pulp US$/tonne 853 n/a 0.0 (8.5) Coffee US$/60kgbag 94 (0.2) Sugar US$/MT 370 (0.1) 4.7 (5.4) Wheat US$/mt.ton 216 (4.4) 18.0 (2.7) Source: Bloomberg Danareksa Sekuritas

2 PT Danareksa Sekuritas Jl. Medan Merdeka Selatan No. 14 Jakarta Indonesia Tel (62 21) Fax (62 21) Team Agriculture Helmy Kristanto (62-21) Automotive Helmy Kristanto (62-21) Auto Component Joko Sogie (62-21) Banking Eka Savitri (62-21) Cement Helmy Kristanto (62-21) Coal Stefanus Darmagiri (62-21) Construction Joko Sogie (62-21) Consumer Jennifer Frederika Yapply (62-21) Heavy Equipment Stefanus Darmagiri (62-21) Media Lucky Ariesandi, CFA (62-21) Metal Mining Stefanus Darmagiri (62-21) Pharmaceutical Armando Marulitua (62-21) Property Anindya Saraswati (62-21) Retail Anindya Saraswati (62-21) Strategy Helmy Kristanto (62-21) Telecommunication Lucky Ariesandi, CFA (62-21) Transportation Joko Sogie (62-21) Utilities Lucky Ariesandi, CFA (62-21) Research Associate Puti Adani (62-21) ext.3511 Sales team Ermawati A. Erman (62 21) ext Asfarita Andalusia (62 21) ext Novrita E. Putrianti (62 21) ext Ehrliech Suhartono (62 21) ext Yunita L. Nababan (62 21) ext Bram Taarea (62 21) ext Martin Joshua (62 21) ext Laksmita Armandani (62 21) ext Muhammad Hardiansyah (62 21) ext Tuty Sutopo (62 21) ext Upik Yuzarni (62 21) ext Danareksa Sekuritas

3 Thursday, 02 July 2015 HOLD Target Price, IDR 8,600 Downside 2.9% TBIG IJ/TBIG.JK Last Price, IDR 8,850 No. of shares (bn) 4.8 Market Cap, IDR bn 42,449 (USD mn) 3,186 3M T/O, USD mn 2.32 Last Recommendation 26-May-15 HOLD IDR 8, Apr-15 HOLD IDR 9, Mar-15 HOLD IDR 9,625 TBIG relative to JCI Market Recommendation Danareksa vs. Consensus Our Cons % Diff Target Price, IDR9 8,750 9,040-3 EPS 2015F, IDR PE 2015F, x Lucky Ariesandi (62-21) lucky.ariesandi@danareksa.com Danareksa research reports are also available at Reuters Multex and First Call Direct and Bloomberg. TELECOMMUNICATION/COMPANY UPDATE Tower Bersama Infrastructure Slight Hiccup Telkom and Tower Bersama (TBIG) agreed to extend the agreement related to Mitratel s divestment by nine months to end of March 2016 after the parties failed to meet closing conditions by the initial deadline on 30 June We have previously incorporated Mitratel s performance into our projection starting 2H15, but due to the new agreement, we now assume that TBIG will only consolidate Mitratel in 2Q16. This result in a 13% and 9% reduction in our FY15F and FY16F EBITDA respectively for TBIG. We lower our TP on TBIG to IDR8,600 from IDR8,750 previously based on a combination of DCF, EV/tower, and EV/revenue. Maintain HOLD. Awaiting blessing from the Board of Commissioners The share swap could not go through since Telkom has not received the green light from its Board of Commissioners, although the Ministry of SOE has said that it will not interfere with the deal, which has passed due diligence process. The BoC blessing for the transaction itself is awaiting two political processes, one related to a review from the anti-graft commission, KPK, and one related to a hearing with the House of Rep. We learn that KPK has completed its review on the deal but its recommendation is not publicized. However, KPK s acting vice chairman, Indriyanto Seno Adji, was quoted by ICT magazine saying that the share swap has the potential to cause financial loss for the state. Meanwhile, the hearing with the House of Rep will likely happen only in mid- August at the soonest, given that the chamber will soon enter another recess period from 3 July until 13 August. Delay a speed bump for TBIG Telkom is relatively unaffected by the delay given the relatively small portion of Mitratel to its consolidated performance. However, TBIG is majorly impacted given its stretched balance sheet with net debt to LQA EBITDA of 5.1x as of March Acquiring Mitratel in an all-share deal would lower this ratio given Mitratel s net debt to EBITDA of around 2.3x in December 2014, thus giving TBIG more leeway to leverage. Admittedly, TBIG still has room to borrow as it has successfully negotiated an increase in the debt to LQA EBITDA ratio to 6.25x from 5.0x through refinancing, which translate into the ability to borrow around IDR3.63tn using our FY15F EBITDA, or enough to finance around 4k more towers. But we believe that the company risks a downgrade on its credit rating if it increases its debt level near the limit given the negative outlook TBIG has on its unsecured debt. Impact to valuation not significant We lower our FY15F and FY16F EBITDA forecast by 13% and 9% as a result of the delay. However, we only lower our TP by 2% to IDR8,600 as we also expect the 290mn new shares issuance to be delayed to 2016, resulting in higher value per share. Also, we based our TP partially on EV/tower adjusted for tenancy ratio (TR), and the delay in acquiring Mitratel means TBIG s TR is not dragged down by Mitratel s very low TR of 1.1x. We now assume TBIG to close the year with TR of 1.65x instead of 1.53x previously. All in, we are only slightly negative on the delay F 2016F 2017F Revenue, IDRbn 2,691 3,307 3,702 5,186 6,322 EBITDA, IDRbn 2,205 2,717 3,127 4,002 4,743 EBITDA growth, % Net profit, IDRbn 1,248 1,302 1,450 2,206 2,750 Core profit, IDRbn 1, ,450 2,206 2,750 EPS, IDR EPS growth, % Core EPS, IDR Core EPS growth, % 84.5 (32.1) Net gearing, % PER, x Core PER, x Yield, % EV/EBITDA, x

4 2 July 2015 Tower Bersama Infrastructure Exhibit 3. Profit and Loss F 2015F 2016F 2017F Revenue 2,691 3,307 3,702 5,186 6,322 Depreciation (153) (212) (224) (352) (393) Other operating expenses (485) (590) (574) (1,184) (1,578) Operating income 2,052 2,505 2,904 3,649 4,351 EBITDA 2,205 2,717 3,127 4,002 4,743 Others Net interest (839) (1,404) (967) (1,065) (1,091) Forex (799) (192) Revaluation of investment properties Others (18) (129) (22) (23) (27) Pre tax income 1,177 1,431 1,915 2,561 3,233 Income tax (104) (71) (350) (150) (160) Minorities (104) (71) (350) (150) (160) Net profit 1,248 1,302 1,450 2,206 2,750 Source: Danareksa Sekuritas Exhibit 4. Balance Sheet F 2015F 2016F 2017F Cash and equivalent ,004 1,636 2,367 Receivable ,076 Inventory Other current assets 1,020 1, ,171 1,188 Total current assets 2,599 3,152 3,817 4,125 5,232 Fixed assets - net Investment properties 12,965 15,041 16,518 22,294 23,503 LT site rentals 908 1,344 1,429 1,902 2,203 Other LT assets 2,028 2,023 3,015 3,165 3,278 Total non current assets 16,121 18,882 21,510 27,971 29,645 TOTAL ASSETS 18,719 22,034 25,327 32,096 34,877 ST loans Payables Unearned revenue Current portion of LT loans 2,331 7,314 2,518 2,328 5,486 Other current liabilities 1,028 1,079 1,419 2,512 3,225 Total current liabilities 3,931 9,124 4,828 6,004 10,233 LT loans 10,650 8,748 11,166 12,095 8,579 Other LT liabilities Total non current liabilities 10,674 8,779 11,200 12,143 8,638 TOTAL LIABILITIES 14,605 17,903 16,028 18,147 18,871 Equity 1,819 1,264 1,293 7,343 7,343 Retained earnings 2,662 3,676 4,713 6,371 8,377 Others (367) (809) 3, TOTAL EQUITY 4,114 4,131 9,299 13,949 16,007 TOTAL LIABILITIES and EQUITY 18,719 22,034 25,327 32,096 34,877 Source: Danareksa Sekuritas 2

5 2 July 2015 Tower Bersama Infrastructure Exhibit 5. Cash Flow F 2015F 2016F 2017F Pre tax income 1,177 1,431 1,915 2,561 3,233 Depreciation Income tax 174 (58) (115) (205) (323) Others 81 (88) Cash flow from operation 1,586 1,496 2,395 3,113 3,735 Capex (1,848) (1,712) (1,774) (6,190) (1,652) Disposal of fixed assets Others (743) (543) (2,409) (474) (302) Cash flow from investing (2,591) (2,255) (4,182) (6,664) (1,954) Change in loans 1,245 (9,100) 9, (359) Change in equity (577) (555) 29 6,050 0 Dividend (288) (483) (413) (548) (743) Others ,560 (3,058) 52 Cash flow from financing 881 (10,076) 13,979 3,183 (1,050) Change in cash (124) (10,835) 12,192 (368) 731 Source: Danareksa Sekuritas Exhibit 6. Ratios F 2015F 2016F 2017F Profitability (%) Gross profit margin 85.3% 84.6% 85.4% 77.5% 75.8% Operating margin 76.3% 75.8% 78.4% 70.4% 68.8% EBITDA margin 82.0% 82.2% 84.5% 77.2% 75.0% Net profit margin 46.4% 39.4% 39.2% 42.5% 43.5% ROAA 7.6% 6.4% 6.1% 7.7% 8.2% ROAE 29.9% 31.6% 21.6% 19.0% 18.4% Liquidity Current ratio, x Quick ratio, x Activity Receivable turnover, days Payable turnover, days Working capital cycle, days Leverage Net gearing 300% 367% 126% 92% 73% Interest coverage Net debt to EBITDA Source: Danareksa Sekuritas 3

6 MARKET NEWS BI rate is expected to be maintain at 7.5% (ID & BI) To support economic growth and maintaining Rupiah at the same time, Bank Indonesia is expected to maintain the BI rate at 7.5%. The inflation rate in June was below market expectations of only 0.54% (vs 0.67% market consensus), or relatively lower compared to the previous fasting month periods. Weaker inflation can be seen in processed food and transportation. Foodstuff inflation was 1.6%, contributed 0.33% to June inflation. Meanwhile, processed food inflation was 0.55%, contributed about 0.09% to the June inflation. Currently, BI still believes that the inflation target of 4% plus minus 1% can be achieved. Along with lower inflation, government operation market can be considered to be quite successful. CTRA may postpone projects (TJP) Ciputra Development (CTRA) saw their marketing sales below their mid-year target. As of May, CTRA achieved 29% of its target sales amounting IDR10.96 trillion (USD million), while its subsidiaries, Ciputra Property (CTRP) and Ciputra Surya (CTRS) achieved 37% and 46% of its pre-sales target of IDR2.6 trillion and IDR2.8 trillion, respectively. Initially, CTRA planned to launch 12 projects this year, 5 will be under CTRA, 4 under CTRS, while the rest will be under CTRP. Currently, they have already acquired the land needed, did market study, and processed the necessary permit. Should the market remain weak, they would have to postpone the launching projects. Development plant of Jakarta-Cikampek Toll Road II is expected to be established this year (ID) Jasa Marga (JSMR) expects the government to establish development plans for Jakarta-Cikampek toll road II with an investment of about IDR 9 trillion this year. According to Director of Jasa Marga, Adityawarman, it takes at least 3-4 years to build this highway. The urgency to build the toll road is also propelled with increasing density of current Jakarta-Cikampek toll road. EXCL Reviewing a Partnership with ISAT for LINK (BI) XL Axiata (EXCL) is opening the possibility to partner up with Indosat (ISAT) to acquire Link Net (LINK). First Media (KBLV), is planning to divest some 33.82% of its ownership in LINK, which is reportedly valued at USD500mn. Obligations to Use Rupiah, Fully Enforced (ID) Bank Indonesia Regulations (PBI) No 17/3/PBI/ 2015 dated March 31, 2015 which regulates the obligation to use the rupiah in Indonesia, yesterday fully enforced. Aims to uphold the sovereignty of rupiah while supporting macroeconomic stability, this regulation provides an exception to transactions which done to implement the state budget, international trade, international financing with one of the parties is domiciled abroad, banks business activity in foreign currency that in accordance with banking regulation, transactions of Government securities denominated in foreign currency both in primary and secondary market, as well as other transactions conducted in accordance with constituent. BI is authorized to approve the use of foreign exchange which strategically related with infrastructure projects and projects with specific characteristics that require the use of foreign currency, such as; systems adjustment, accounting, business strategy, evaluation of business processes and corporate finance. Contracts and written agreements with foreign exchange made before the July 1, 2015 can still be applied. For sanctions, it will be provided gradually by starting with a reprimand at the first stage and subject to a fine if it does not respond. PGAS to Start Exploration in East Kalimantan in 2016 (BI) On the back of its recent discovery of 500bcf of natural gas reserve at offshore of East Kalimantan, Perusahaan Gas Negara (PGAS) targets to start exploration by The South Sesulu block in East Kalimantan is 100% owned by PT Saka Energi Indonesia, PGAS' subsidiary in downstream gas business. Danareksa Sekuritas

7 SSIA Offer to Acquire META (ID) Surya Internusa (SSIA) intends to acquire PT Nusantara Infrastructure (META) by encouraging PT Lintas Marga Sedaya (LMS) to acquire 40% stake in META. To recall, LMS is a joint venture between Plus Expressways Berhad (55%) and PT Baskhara Utama Sedaya (45%). Baskhara Utama is a consortium consists of SSIA, Saratoga, and Bukaka Group. Thus, SSIA effective ownership in LMS is only around 20.5%. Currently, SSIA including four other companies are proposing in META ownership which are expected to be materialized in 3Q15F. UNVR to Maintain ASPs (BI) Unilever Indonesia has decided not to increase its ASP further in 1H15, post the hike of circa 1% in March Sancoyo Antarikso, UNVR's Corporate Secretary and Director, mentioned that the company will focus on maintaining its margins and maximize its product portfolio for this year. Danareksa Sekuritas

8 Equity Outstanding Valuation Rating Shares Price Mkt Cap Net profit, Rp bn EPS (Rp) EPS Growth PER (x) EV / EBITDA (x) PBV (x) Net Gearing ROE Price (Rp) (Mn) Target Rp Bn Danareksa Universe 672,824 2,930, , , % 14% Auto 54, ,596 24,660 29, % 18% Astra International HOLD 40,484 7,025 8, ,397 23,976 28, % 17% Gajah Tunggal BUY 3, ,500 2, % 139% Selamat Sempurna BUY 1,440 4,650 5,300 6, % 4% net cash 32.3 Banks 107, ,852 84,332 96, % 14% BCA HOLD 24,655 13,500 14, ,843 19,127 21, % 15% NA NA NA NA 22.4 BNI BUY 18,649 5,300 7,450 98,838 12,142 13, % 15% NA NA NA NA 19.1 BRI BUY 24,669 10,550 13, ,260 27,391 31,497 1,110 1,277 13% 15% NA NA NA NA 25.2 Bank Tabungan Negara BUY 10,568 1,190 1,400 12,576 1,357 1, % 19% NA NA NA NA 10.6 Bank Mandiri BUY 23,333 10,000 13, ,333 22,087 24, ,069 11% 13% NA NA NA NA 19.8 Bank Tabungan Pensiunan BUY 5,840 3,425 5,450 20,003 2,228 2, % 14% NA NA NA NA 17.2 Cement 17, ,833 12,525 15, % 23% Holcim HOLD 7,663 1,505 2,300 11, , % 31% Indocement BUY 3,681 20,950 28,300 77,122 5,741 6,595 1,559 1,792 8% 15% net cash net cash 21.2 Semen Indonesia BUY 5,932 12,000 18,800 71,178 5,861 7, ,276 5% 29% Construction 42, ,236 4,693 5, % 25% Jasa Marga BUY 6,800 5,500 8,200 37,400 1,600 1, % 30% Wijaya Karya BUY 6,149 2,570 4,000 15, , % 19% Pembangunan Perumahan BUY 4,842 3,440 4,600 16, % 23% Adhi Karya BUY 1,801 2,040 3,700 3, % 33% Waskita Karya BUY 13,992 1,565 2,150 21, , % 48% Wika Beton HOLD 8,715 1,010 1,350 8, % 24% net cash net cash 17.1 Consumer 79, ,877 16,177 18, % 13% Indofood CBP HOLD 5,831 12,350 13,800 72,012 3,033 3, % 9% net cash net cash 20.3 Indofood BUY 8,780 6,500 8,050 57,073 3,811 4, % 12% Kalbe Farma HOLD 46,875 1,650 1,800 77,344 2,233 2, % 10% net cash net cash 22.4 Kimia Farma BUY 5, ,500 5, % 19% net cash Unilever SELL 7,630 40,000 30, ,200 6,365 7, % 15% net cash net cash Nippon Indosari Corpindo HOLD 5,062 1,145 1,200 5, % 42% Mandom BUY ,800 19,300 3, ,045 1,126 8% 8% Heavy Equipment 4,570 76,960 5,764 6,341 1,261 1,387 4% 10% Hexindo Adiperkasa HOLD 840 2,695 3,650 2, % 18% net cash net cash 8.0 United Tractors HOLD 3,730 20,025 22,200 74,696 5,544 6,081 1,486 1,630 3% 10% net cash net cash 14.5 Mining 65,046 99,176 7,974 9, % 16% Adaro Energy BUY 31, ,150 24,149 2,095 2, % 5% Timah BUY 7, ,400 5, % 18% Vale Indonesia BUY 9,936 2,700 3,700 26,828 1,386 1, % 29% net cash net cash 6.2 Aneka Tambang HOLD 9, ,100 6, % 106% Bukit Asam BUY 2,304 8,300 13,500 19,124 1,746 1, % 11% net cash net cash 19.7 Indo Tambangraya Megah HOLD 1,130 12,850 16,000 14,520 1,782 1,982 1,577 1,755-15% 11% net cash net cash 18.0 Harum Energy HOLD 2,704 1,105 1,750 2, % 69% net cash net cash 3.1 Plantation 26,104 60,888 5,510 5, % 8% Astra Agro Lestari BUY 1,575 23,750 27,100 37,400 2,770 2,832 1,759 1,798 4% 2% net cash 24.5 Sampoerna Agro BUY 1,890 1,715 2,600 3, % 19% PP London Sumatra HOLD 6,823 1,565 2,090 10,678 1,055 1, % 7% net cash net cash 13.9 Salim Ivomas Pratama BUY 15, ,569 1,221 1, % 17% Property 88,303 79,782 7,569 8, % 14% Alam Sutera BUY 19, ,004 1,254 1, % 21% Bumi Serpong Damai BUY 19,247 1,660 2,100 31,950 2,369 2, % 10% net cash net cash 16.6 Metropolitan Land BUY 7, , % 11% Surya Semesta Internusa HOLD 4, ,040 4, % -11% net cash net cash 16.9 Lippo Karawaci BUY 23,078 1,155 1,200 26,655 1,565 1, % 13% PP Properti BUY 14, ,654 1,626 1, % 27% Telco & Infrastructure 136, ,494 19,430 22, % 16% XL Axiata BUY 8,541 3,595 4,710 30, % 91% Indosat BUY 5,434 4,050 4,200 22, % 89% Telkom HOLD 100,800 2,920 3, ,336 15,554 16, % 6% net cash 22.1 Sarana Menara Nusantara BUY 10,203 4,000 4,525 40,812 1,702 2, % 25% Tower Bersama HOLD 4,797 8,850 8,725 42,449 1,528 2, % 43% MNC Sky Vision HOLD 7,064 1,300 1,230 9,183 (22) 375 (3) 53-86% -1776% (410.9) Tranportation 2,502 19,892 1,253 1, % 24% Blue Bird BUY 2,502 7,950 12,200 19,892 1,253 1, % 24% Utility 24, ,754 11,088 10, % -7% PGN BUY 24,242 4,280 6, ,754 11,088 10, % -7% net cash net cash 28.7 Retail 25,906 24,887 1,091 1, % 27% Mitra Adi Perkasa BUY 1,660 5,400 6,525 8, % 72% Ramayana SELL 7, , % 5% net cash net cash 7.2 Ace Hardware BUY 17, , % 12% net cash net cash 21.7

9 COVERAGE PERFORMANCE LEADERS Price as on Code 1-Jul Jun-2015 Chg, % w-w, % m-m, % YTD, % Rating Astra Agro Lestari AALI 23,750 22, (5.3) (2.1) BUY Waskita Karya WSKT 1,565 1, (3.7) (8.0) 9.2 BUY Wijaya Karya WIKA 2,570 2, (4.8) (15.7) (30.2) BUY Bank Rakyat Indonesia BBRI 10,550 10, (10.0) (9.4) BUY Unilever UNVR 40,000 39, (3.4) (7.4) 23.8 SELL Indosat ISAT 4,050 4, BUY Wika Beton WTON 1,010 1, (1.0) (8.2) (22.3) HOLD Adhi Karya ADHI 2,040 2, (5.1) (16.6) (41.4) BUY Salim Ivomas Pratama SIMP (2.4) (5.5) (14.2) BUY Selamat Sempurna SMSM 4,650 4, (5.1) (2.1) BUY Sources: Bloomberg LAGGARDS Price as on Code 1-Jul Jun-2015 Chg, % w-w, % m-m, % YTD, % Rating MNC Sky Vision MSKY 1,300 1,450 (10.3) (18.8) HOLD Tower Bersama TBIG 8,850 9,225 (4.1) (3.5) (4.8) (8.8) HOLD Alam Sutera ASRI (2.6) (1.8) (6.7) - BUY XL Axiata EXCL 3,595 3,685 (2.4) (6.6) (19.2) (26.1) BUY Mitra Adi Perkasa MAPI 5,400 5,525 (2.3) (1.8) (6.1) 6.4 BUY Lippo Karawaci LPKR 1,155 1,180 (2.1) (2.1) (10.8) 13.2 BUY Timah TINS (2.1) (6.7) (18.2) (43.5) BUY United Tractors UNTR 20,025 20,375 (1.7) (1.0) (2.4) 15.4 HOLD Kalbe Farma KLBF 1,650 1,675 (1.5) (2.7) (7.8) (9.8) HOLD Aneka Tambang ANTM (1.5) (6.3) (13.5) (37.1) HOLD Sources: Bloomberg 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