DAILY UPDATE April 30, 2018

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1 DAILY UPDATE April 30, 2018 MACROECONOMIC NEWS US Housing - Initial jobless claims fell by 24,000 to 209,000 in the week ended April 21, the government said. Jobless claims continue to fall, though the latest decline may have been exaggerated by the timing of the Easter holiday and spring break. In New York, for example, claims soared in mid-april and fell sharply a week later. Some school employees such as bus drivers and cafeteria workers can collect benefits for the week the miss when school is closed. Continuing claims dropped by 29,000 to million. US Economy - Durable goods orders jumped 2.6% in March, riding a big increase in contracts for Boeing planes. However, Durable goods ex transport was flat and Cap goods orders nondefense ex aircraft fell for the third time in four months. The Kansas City Fed manufacturing activity index came in higherthan-expected 26 versus 17 expected. The ECB announced its monetary policy decision last night which saw them leave interest rates unchanged, amid signs of an apparent softening in the euro zone s growth outlook. Mario Draghi said underlying strength in the euro zone s economy continued to underpin the banks confidence despite signs of moderation in recent weeks. He added an ample degree of monetary stimulus remained necessary over the coming months. CORPORATE NEWS ADRO PT Adaro Energy Tbk aims to be in the global top five coking coal producers. ADRO will increase the operation quality of Coaltrade Service International Plt Ltd (CTI) and will increase coal exports, especially coking coal. ADRO is in the process of acquiring 49% ownership of Kestrel Resources, one of Rio Tinto s companies in Australia that produces coking coal valued at USD 2.25 billion. BSDE PT Bumi Serpong Damai issues senior notes through its subsidiary, Global Prime Capital Pte Ltd (GPC) valued at USD 250 million with coupon rate of 7.25% per annum and will mature in The bonds was issued at 26 April Equity Markets Closing % Change Dow Jones NASDAQ S&P MSCI excl. Jap Nikkei Shanghai Comp Hang Seng STI JCI Indo ETF (IDX) Indo ETF (EIDO) Currency Closing Last Trade US$ - IDR US$ - Yen Euro - US$ US$ - SG$ Commodities Last Price Chg %Chg Oil NYMEX Oil Brent Coal Newcastle Nickel Tin Gold CPO Rott CPO Malay Indo Gov. Bond Yields Last Yield Chg %Chg 1 year year year year year year PT. Panin Asset Management JSX Building Tower I, 3rd Floor Jl. Jend. Sudirman Kav , Jakarta T : (021) , F : (021)

2 TBIG PT Tower Bersama Infrastructure will issue USD 850 million bond. In addition, the company obtained shareholders approval for buyback plan of 204 million shares. The company has allocated IDR 1.2 trillion for the corporate action. BFIN PT BFI Finance Indonesia Tbk reports IDR 351 billion 1Q18 net income, up % yoy from IDR 254 billion as revenue increases by +30% yoy. In addition, BFIN will distribute IDR 240 billion FY17 final cash dividend with dividend payout ratio of 20% at IDR 16 per share. PTPP PT PP Tbk to distribute IDR billion FY17 cash dividend with dividend payout ratio of 20% at IDR per share. Cum dividend date is at 4 May LPPF PT Matahari Deparment Store will distribute IDR 1.33 trillion dividend or IDR per share. The dividend payout ratio is 70% of FY17 s net income. HMSP PT Hanjaya Mandala Sampoerna obtained shareholders approval for the distribution of IDR 12.5 trillion dividend or IDR per share. The cum dividend date is 7 May SSMS PT Sawit Sumbermas Sarana Tbk to distribute IDR billion FY17 cash dividend with dividend payout ratio of 30% at IDR per share. Cum dividend date is at 9 May LINK PT Link Net Tbk reports IDR 266 billion net income throughout 1Q18, up +12.8% yoy as revenue increases by +12.1% yoy to IDR 907 billion. BNII PT Bank Maybank Indonesia reports 1Q18 net income of IDR billion throughout 1Q18 as revenue increases by +7.6% yoy to IDR 682 billion. In addition, BNII will conduct right issue at maximum of 12.8 billion shares series D at IDR per share. JSMR PT Jasa Marga reported 3M18 results: JSMR (IDR bn) 3M2017 3M2018 YoY Q Q QoQ Revenue 4,996 9, % 12,020 9, % Toll Revenue 2,140 2, % 2,139 2, % Operating Profit 1,014 1, % 1,149 1, % Pretax Earnings % % Net Income % % EPS (IDR) % % Operating Profit Margin (toll) 47.4% 53.2% 5.8% 53.7% 53.2% -0.5% Net Profit Margin (toll) 25.6% 24.5% -1.1% 13.9% 24.5% 10.5% PGAS PT Perusahaan Gas Negara reported 3M18 results: PGAS (USD mn) 3M2017 3M2018 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (USD) % % Gross Profit Margin 29.7% 26.2% -3.5% 29.5% 26.2% -3.3% Operating Profit Margin 20.2% 16.7% -3.5% 10.9% 16.7% 5.8% Net Profit Margin 13.0% 10.1% -2.9% 5.6% 10.1% 4.5%

3 GGRM PT Gudang Garam announce its m result: GGRM (IDR bn) 3m m 2018 YoY Q Q QoQ Revenue 19,970 21, % 21,783 21, % Gross Profit 4,397 4, % 5,103 4, % Operating Profit 2,753 2, % 3,396 2, % Pretax Earnings 2,534 2, % 3,162 2, % Net Income 1,890 1, % 2,336 1, % EPS (IDR) % 1, % Gross Profit Margin 22.0% 20.1% -1.9% 23.4% 20.1% -3.4% Operating Profit Margin 13.8% 12.2% -1.6% 15.6% 12.2% -3.4% Net Profit Margin 9.5% 8.6% -0.9% 10.7% 8.6% -2.1% ADHI PT Adhi Karya announced its m results: ADHI (IDR bn) 3M M2018 YoY Q Q QoQ Revenue 2,249 3, % 6,442 3, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 10.6% 13.8% 3.2% 14.4% 13.8% -0.6% Operating Profit Margin 11.7% 9.9% -1.9% 11.1% 9.9% -1.2% Net Profit Margin 0.8% 2.3% 1.5% 4.8% 2.3% -2.5% DMAS PT Puradelta Lestari announced its 1Q18 results: DMAS (IDR bn) 3m m 2018 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 68.5% 86.1% 17.6% 59.6% 86.1% 26.5% Operating Profit Margin 53.8% 51.1% Net Profit Margin 55.4% 23.3% -32.1% 47.7% 23.3% -24.4% ICBP PT Indofood CBP Sukses Makmur announced its 1Q18 preliminary result: *Revenue : IDR 9.9 trillion (+4.5% YoY) *Operating profit : IDR 1.7 trillion (+13.1% YoY) *Net income : IDR 1.3 trillion (+12.3% YoY)

4 INDF PT Indofood Sukses Makmur announced its 1Q18 preliminary result: *Revenue : IDR 17.6 trillion (-1.1% YoY) *Operating profit : IDR 2.5 trillion (0.0% YoY) *Net income : IDR 1.2 trillion (+1.1% YoY) MAIN PT Malindo Feedmill announced its 1Q18 results: MAIN (IDR bn) 3m m 2018 YoY Q Q QoQ Revenue 1,266 1, % 1,384 1, % Gross Profit % % Operating Profit % % Pretax Earnings % Net Income % % EPS (IDR) % % Gross Profit Margin 12.6% 13.4% 0.8% 7.0% 13.4% 6.4% Operating Profit Margin 5.4% 6.3% 1.0% 1.8% 6.3% 4.6% Net Profit Margin 1.9% 3.4% 1.5% 3.3% 3.4% 0.1%

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