DAILY UPDATE May 3, 2018

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1 DAILY UPDATE May 3, 2018 MACROECONOMIC NEWS The Fed - Fed holds rates steady but points to higher inflation. The Federal Open Market Committee held the funds rate at a target of 1.5% to 1.75%, as expected. The committee noted that "overall inflation and inflation for items other than food and energy have moved close to 2%." The Fed also noted some improvements in the economy, saying, "business fixed investment continued to grow strongly. The Federal Reserve kept its benchmark interest rate unchanged but acknowledged that inflation is beginning to creep higher. US Economy - The ISM said its index of national manufacturing activity dropped to a reading of 57.3 last month from 59.3 in March. The survey's prices index increased 1.2 points to 79.3, the highest reading since April Last month, price increases occurred across 17 of 18 industry sectors. The ISM's measure of employment dropped from 57.3 in March to 54.2 this month and the ISM said there were indications that labor and skill shortages were affecting production output. The new orders index was slightly down to 61.2 this month. US Housing - Construction spending tumbled 1.7% in March. Spending on private construction projects declined 2.1%. That was the largest fall since January 2011 and followed a 1.2% increase in February. Outlays on private residential projects plunged 3.5%, the biggest drop since April 2009, after advancing 1.2% in February. US Tariff - President Donald Trump s decision to extend tariff waivers on steel and aluminum imports for certain countries keeps a negotiating window open but does not eliminate the risk of a trade war between America and its biggest economic partner, the European Union. The tariffs of 25% on steel and 10% aluminum, already in effect against China, Russia, Japan and others, were slated to come into effect on May 1, but have now been pushed back to June 1. UK Economy - The UK manufacturing PMI came in at 53.9 which was below expectations of This saw the pound drift to a 15 week low. The softer number narrows the chances of the Bank of England raising rates. 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 CORPORATE NEWS SMMA PT Sinarmas Mas Multiartha Tbk plans to increase capital through share issuance (non-preemptive) amounting to 10% of shares outstanding at IDR 100 per share. DMAS PT Puradelta Lestari Tbk reports IDR 332 billion marketing sales throughout 1Q18, around 27% of FY18 target of IDR 1.25 trillion. In addition, DMAS will distribute IDR billion FY17 cash dividend with dividend payout ratio of 47% at 6.5 per share. TPIA PT Chandra Astri Petrochemical Tbk through its subsidiary, PT Chandra Astri Perksa (CAP 2) has signed 6 license agreements and technical designs with world class license holders to invest in high tech equipment in petrochemical sectors. MLPT PT Multipolar Technology Tbk to distribute IDR 56.2 billion FY17 cash dividend with dividend payout ratio of 50% at IDR 30 per share. Cum dividend date is at 7 May RAJA PT Rukun Raharja Tbk to distribute IDR billion FY17 cash dividend at IDR 4.98 per share. Cum dividend date is at 7 May MARK PT Mark Dynamics Indonesia will distribute IDR 11.4 billion cash dividend or IDR 15 per share. The dividend payout ratio is 24.2% of FY17 s net income and the cum dividend date is 8 May GMFI PT Garuda Maintenance Facility Aero Asia will distribute USD million cash dividend or USD per share. The dividend payout ratio is 20% of FY17 s net income and the cum dividend date is 8 May ZINC PT Kapuas Prima Coal reports IDR billion net income in 1Q 2018, up by 221% yoy. ZINC targets IDR 280 billion net income in 2018, up by % yoy. In addition, ZINC allocates USD 20 million capex budget to increase factory production capacity. MABA PT Marga Abhinaya Abadi plans to conduct private placement with target proceed of IDR 2 trillion. SMGR PT Semen Indonesia will distribute IDR billion cash dividend or IDR per share. The dividend payout ratio is 40% of FY17 s net income and the cum dividend date is 8 May SMGR announced its 1Q2018 results: SMGR (IDR bn) 3m m 2018 YoY Q Q QoQ Revenue 6,399 6, % 7,262 6, % Gross Profit 1,943 1, % 1,911 1, % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 30.4% 25.9% -4.4% 26.3% 25.9% -0.4% Operating Profit Margin 14.0% 10.6% -3.4% 11.1% 10.6% -0.5% Net Profit Margin 11.7% 6.2% -5.4% 7.6% 6.2% -1.4% SHIP PT Sillo Maritime Perdana targets USD million revenue in 2018, up by 35% yoy.

3 CORPORATE NEWS cont d BEST PT Bekasi Fajar Industrial Estate announced its 1Q18 results: BEST (IDR bn) 3m m 2018 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 69.2% 69.9% 0.7% 75.8% 69.9% -5.9% Operating Profit Margin 55.6% 59.4% 3.9% 66.5% 59.4% -7.1% Net Profit Margin 45.0% 44.3% -0.7% 54.5% 44.3% -10.2% JRPT PT Jaya Real Property announced its 1Q18 results: JRPT (IDR bn) 3m m 2018 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 62.4% 58.5% -3.9% 61.6% 58.5% -3.1% Operating Profit Margin 46.8% 42.5% -4.3% 46.6% 42.5% -4.0% Net Profit Margin 46.6% 43.1% -3.5% 49.5% 43.1% -6.4% KIJA PT Kawasan Industri Jababeka announced its 1Q18 results: KIJA (IDR bn) 3m m 2018 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % Net Income % EPS (IDR) % Gross Profit Margin 34.8% 58.2% 23.4% 42.0% 58.2% 16.2% Operating Profit Margin 18.7% 34.4% 15.7% 20.0% 34.4% 14.5% Net Profit Margin 7.7% 3.1% -4.6% 3.1% LPCK PT Lippo Cikarang announced its 1Q18 results: LPCK (IDR bn) 3m m 2018 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % Pretax Earnings % Net Income % EPS (IDR) % Gross Profit Margin 47.6% 47.3% -0.3% 38.6% 47.3% 8.7% Operating Profit Margin 39.3% 26.7% -12.6% 26.7% Net Profit Margin 41.3% 25.3% -16.0% 25.3%

4 CORPORATE NEWS cont d SMBR PT Semen Baturaja announced its 1Q18 results: SMBR (IDR bn) 3m m 2018 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 27.9% 28.2% 0.3% 25.6% 28.2% 2.6% Operating Profit Margin 11.5% 10.6% -0.9% 8.0% 10.6% 2.6% Net Profit Margin 9.8% 3.2% -6.6% 7.1% 3.2% -3.9% INKP PT Indah Kiat Pulp and Paper reported 3M18 results: INKP (USD mn) 3M2017 3M2018 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (USD) % % Gross Profit Margin 26.2% 35.9% 9.7% 32.5% 35.9% 3.4% Operating Profit Margin 17.4% 28.4% 11.0% 22.4% 28.4% 6.0% Net Profit Margin 11.5% 18.4% 6.9% 14.5% 18.4% 3.9% MTLA PT Metropolitan Land announced its 1Q18 results: MTLA (IDR bn) 3m m 2018 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 60.3% 57.0% -3.3% 72.0% 57.0% -15.0% Operating Profit Margin 34.9% 35.9% 1.0% 58.3% 35.9% -22.3% Net Profit Margin 28.1% 27.8% -0.3% 56.6% 27.8% -28.8% PPRO PT PP Properti announced its 1Q18 results: PPRO (IDR bn) 3m m 2018 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 24.8% 24.9% 0.2% 23.5% 24.9% 1.5% Operating Profit Margin 21.3% 19.9% -1.5% 22.1% 19.9% -2.2% Net Profit Margin 16.2% 14.8% -1.3% 18.5% 14.8% -3.7%

5 CORPORATE NEWS cont d SMRA PT Summarecon Agung announced its 1Q18 results: SMRA (IDR bn) 3m m 2018 YoY Q Q QoQ Revenue 1,230 1, % 1,647 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 46.3% 44.9% -1.4% 51.2% 44.9% -6.3% Operating Profit Margin 24.3% 24.2% -0.1% 30.6% 24.2% -6.4% Net Profit Margin 5.8% 3.5% -2.4% 14.7% 3.5% -11.2% SSIA PT Surya Semesta Internusa announced its 1Q18 results: SSIA (IDR bn) 3m m 2018 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income EPS (IDR) Gross Profit Margin 29.6% 20.3% -9.3% 23.0% 20.3% -2.7% Operating Profit Margin 12.1% 4.2% -7.9% 5.8% 4.2% -1.6% Net Profit Margin 0.4% DSNG PT Dharma Satya Nusantara Tbk announced its 1Q18 results:

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