Beacon Indonesia Morning Brief

Transcription

1 Asiamoney s Finance Asia's 13 June 2016 Beacon Indonesia Morning Brief IDX: 4,848.1 (-0.6%) Turnover: IDR3.6tn (-16.2%) From Foreign Net BUY: IDR94.8bn(-76.9%) TODAY S NEWS POLITICS Jokowi to decide Police Chief candidates prior to Lebaran Ahok gains Golkar support in election bid; should now have backing of 24 party seats ECONOMICS 5M16 tax realization ex customs and duties of IDR364tn, 27.6% of target, down 3% y-y 4 ministers to form staples controller team BI: Indonesia April retail sales grow 10.4% y-y; 1st week inflation at 0.59% m-m BPS: Change in diesel price insignificantly impacts inflation Gov t scrambles for solution as prices stay high Pertalite and Pertamax consumption up in the last five months BI: Tax amnesty could increase IDR to IDR13,000/USD1 FIXED INCOME Samurai bond to be issued INDUSTRY Electricity: Japanese investors place interest to invest in electricity and gas projects CPO: Malaysian Palm Oil reserves fall to 5 year low Automotive: Wuling to launch 2 MPVs in Indonesia Infrastructure: Ahok promises availability of LRT route to Kemayoran on the 53rd JFK Infrastructure: Japanese express interest in IDR365bn sea-toll project Infrastructure: Padang-Bukittinggi toll road worth IDR1.2tn is offered to China investor Infrastructure: Government processes loan agreement from China Banking: BI to prohibit cash withdrawal transactions using credit cards Land Transportation: Jakpro begins to build LRT in September Aviation: 4 airlines to add extra flights during Lebaran festivities Electricity: Jokowi groundbreaking for PLTU-Lontar extension Retail: Negative impact on increasing mall service charge CORPORATE SSIA to benefit from establishment of Patimban Port as a national strategic project BSDE to start Serpong-Balaraja toll-road construction at end-2016 ADRO claims to have reached agreement on contract renegotiations with ESDM 5M16 marketing sales: CTRA: IDR2.7tn; CTRP: IDR313bn ADHI: offers 35% stake in Adhi Persada Properti; optimistic on LRT project WSKT to issue IDR2tn bonds President Commissioner of BWPT resigns Sungai Budi Group reduces capex targets KAEF to have new source of earnings from hospitals ERAA: 2016 revenue guidance BJBR: Banten Province to acquire Bank Pundi ECONOMIC INDICATORS MARKET DATA 15A 16F 17F 15A 16F 17F Cur acc bal (%GDP) (2.1) (2.3) (2.3) Op.prof.gwt.(%) (0.3) Fiscal bal (%GDP) (2.6) (2.7) (2.5) EPS growth (%) (7.2) GDP growth (%y-y) P/E (x) Private spending (%) PEG (x) (3.5) Investment (%y-y) EV/EBITDA (x) Total exports (%y-y) (2.0) (4.5) (1.8) P/BV (x) Total imports (%y-y) (5.9) (7.5) (2.6) P/BV exc Inflation (%y-y) Div. Yield (%) IDR/USD 13,788 14,000 13,500 Net gearing (%) BI rate (% p.a.) ROAE (%) Brent Oil (Usd/bbl) ROAA (%) FX reserve (USDb) ROIC (%) Source: Bahana estimates Source: Bahana estimates INDICES Asia Last Chg% ytd % y-y % Hang Seng (HK) 21,042.6 (1.2) (4.0) (22.0) IDX (Indonesia) 4,848.1 ( (1.7) KLCI (Mal.) 1,641.2 (0.6) (3.0) (5.4) KOSPI (Korea) 2,017.6 (0.3) 2.9 (1.6) Nikkei (Japan) 16,601.4 (0.4) (12.8) (17.2) PCOMP (Phil.) 7,509.9 (0.4) SENSEX (India) 26,635.8 (0.5) 2.0 (0.8) SET (Thailand) 1,429.2 (0.4) 11.0 (5.0) SHCOMP (China) 2,927.2 (0.3) (17.3) (42.8) SHENZHEN (China) 1,918.6 (0.3) (16.9) (35.9) STI (Singapore) 2,823.0 (0.7) (2.1) (15.1) TWSE (Taiwan) 8, (5.2) VNI (Vietnam) (0.2) Europe, USA and Ems CAC 40 (France) 4,306.7 (2.2) (7.1) (12.1) DAX (Germany) 9,834.6 (2.5) (8.5) (12.2) Dow Jones (USA) 17,865.3 (0.7) 2.5 (0.2) FTSE 100 (UK) 6,115.8 (1.9) (2.0) (9.9) IBOV (Brazil) 49,422.2 (3.3) 14.0 (7.4) MEXBOL (Mexico) 45,177.5 (1.1) NGSEINDX (Nigeria) 27,232.6 (0.2) (4.9) (19.0) Nasdaq (USA) 4,894.5 (1.3) (2.3) (3.1) RTSI (Russia) (2.8) 22.1 (2.7) S&P 500 (USA) 2,096.1 (0.9) XU100 (Turkey) 76,887.3 (1.1) 7.2 (4.5) Source: Bloomberg ETF, ADR & COMMODITIES Last Chg% ytd % y-y % EEM US (USD) 33.5 (2.5) 4.2 (16.7) EIDO US (USD) 22.9 (2.1) 9.8 (2.9) TLK US (IDR) 3,760 (1.1) Como Index (USD) (1.1) 9.5 (13.7) Coal (USD/t) 52.1 (2.0) 3.0 (9.6) Corn (USD/mtn) (0.9) Coffee (USD/t) 2,803.6 (2.3) 8.4 (0.5) Copper (USD/t) 4,504.0 (0.9) 7.3 (15.9) Cotton (USD/t) 1,427.5 (0.3) 2.3 (0.2) CPO Rott (USD/t) (1.1) Gold (USD/oz.) 1, Iron ore (USD/mtn) (22.0) Milk (USD/cwt) 14.7 (2.8) (6.1) (12.9) Nickel (USD/t) 8, (23.3) Oil Brent (USD/barrel) 50.2 (3.2) 34.6 (21.4) Rice (IDR/kg) 5, Rubber (USD/t) (0.3) 8.7 (23.0) Silver (USD/oz) Soybean oil (USD/t) (0.8) 7.2 (3.3) Steel (USD/t) Sugar (USD/t) Tins (USD/t) 17,225.0 (0.4) Wheat (USD/t) (2.8) 2.4 (11.9) Source: Bloomberg CURRENCIES & RATES Last Prev. Ytd % y-y % AUD/1USD (1.2) 5.3 EUR/1USD (3.4) 0.4 IDR/1USD 13,290 13, JPY/1USD SGD/1USD (1.1) JIBOR (%) (2.6) (0.7) BI rate (%) (0.8) (0.8) TD 1 month (%) (0.6) (0.7) CDS (bps) Source: Bloomberg Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. should consider this report as only a single factor in making their investment decision.

2 POLITICS Jokowi to decide Police Chief candidates prior to Lebaran President Joko Widodo ensured that he would decide new police chief candidates prior to Lebaran. (detik.com). Bahana comment: This is in line with our expectation of a June decision on the Police Chief nomination, which remains critical to Jokowi s fight against corruption on the ground. Note that Jokowi s inner circle (i.e. ministers) have warned that they would resign if Budi Gunawan becomes the next Police Chief. Currently, Budi Waseso ( Buwas ), Budi Gunawan s in-law, is reportedly the front runner to be Indonesia s next police chief, which could provide the necessary amicable political solution for this contentious issue. Ahok gains Golkar support in election bid; should now have backing of 24 party seats The Golkar political party has signaled its support for Jakarta Governor Basuki Purnama s (Ahok) gubernatorial bid. Golkar is the third political party (9 seats in Regional ) supporting Ahok, following NasDem (5 seats) and Hanura (10 seats). (kompas.com). Bahana comment: As Ahok has run as an independent, this provides an interesting political development, reflecting an important litmus test for Jokowi s presidential bid in 2019, whether he would be able to run independently at that time. ECONOMICS 5M16 tax realization, ex customs and duties of IDR364tn, 27.6% of target, down 3% y-y Tax revenue realization ex customs and duties in 5M16 has reached IDR364.1tn (5M15: IDR377tn, +0.6% y-y, 32.8% of full-year target), down 3.4% y-y and accounting for just 27.6% of 2016 state budget target of IDR1,320tn (newly proposed), excluding customs and duties. (Kontan) 4 ministers to form staples controller team The Minister of Agriculture (Amran Sulaiman), Minister of Trade (Thomas Lembong), Minister of Industry (Saleh Husin) and Minister of Cooperatives and SMEs (A.A. Gede Ngurah Puspayoga) have agreed to form a staples controller team. (IQ Plus) BI: Indonesia April retail sales grow 10.4% y-y; 1 st week inflation at 0.59% m-m Indonesia's retail sales in April grew 10.4% y-y (March: 11.1% y-y) mainly due to weaker clothing sales. The survey of 700 retailers in 10 major cities indicates slightly higher May growth of 11.3% y-y, mainly due to stronger sales growth in information and communications equipment, followed by other household equipment. Separately, in its report, BI stated that as of the first week of June, the inflation rate was 0.59% m-m due to Ramadhan and the school season. (BI, Jakarta Globe, bisnis.com) Bahana comment: We projects June inflation of 0.8% m-m or 3.6% y-y. BPS: Change in diesel price insignificantly impacts inflation Statistics Agency (BPS) stated that a possible hike in diesel price would not significantly impact inflation as it only contributes 3.28% of inflation. (Bisnis Indonesia) Gov t scrambles for solution as prices stay high Less than a week since the start of Ramadhan, the government challenges are mounting, with the prices of staple food commodities showing no sign of descending from their current high levels. (The Jakarta Post) Pertalite and Pertamax consumption up in the last five months In the last five months, average Pertalite rose to 12.2k kl/day (January: 3.1k kl/day) while Pertamax (RON- 92) consumption increased to 13.6k kl/day (January: 7k kl/day). (Detik.com, Bisnis Indonesia) BI: Tax amnesty could increase IDR to IDR13,000/USD1 BI predicts that the IDR could strengthen and approach IDR13,000/1USD due to the tax amnesty (previous: IDR13,500-13,800). (Kontan). Bahana comment: We currently still maintain our projection at IDR14,000/USD1 as we expect some pick up in imports in 2H16 on increased infrastructure projects. PT Bahana Securities Equity Research Bahana Beacon - The Daily 2

3 FIXED INCOME Samurai bond to be issued The government is ready to issue JPY-denominated bonds (Samurai bonds) in June, which is expected to attract investors amid Japan s negative interest rates. (Kontan) INDUSTRY Banking: BI to prohibit cash withdrawal transactions using credit cards Bank Indonesia (BI) has urged regulators to phase out the practice of cash withdrawal transactions using credit cards (gestun), as it violates the terms and conditions of the use of credit cards as well as potentially increasing NPLs for issuing banks. Note that gestun transactions have been prohibited by Bank Indonesia, which was included in PBI No.11/11/PBI/2009 as amended by Regulation 14/2/2012 concerning Organization Card Payment Instruments (APMK). (Detik) Infrastructure: Government processes loan agreement from China The government is in the midst of processing a loan agreement from China that is needed to fund the Manado-Bitung and Cileunyi-Sumedang-Dawuan toll roads that previously had been postponed. Herry Trisaputra Zuna, the head of the toll road agency board, is coordinating with the finance minister to withdraw the funds. (bisnis.com) Infrastructure: Padang-Bukittinggi toll road worth IDR1.2tn is offered to China investor The West Sumatera administration has offered the construction of the Padang-Bukittinggi toll road to the China Harbour Engineering Company (CHEC) for an investment of IDR 1.2tn. Hutama Karya previously had planned to work on the project, but the company now believes the project will be too costly. (Bisnis.com) Infrastructure: Japanese express interest in IDR365bn sea-toll project The Investment Coordinating Board has identified interested Japanese investors for the sea-toll project for logistics from Surabaya to the eastern region of Indonesia, including Papua. In addition, two other Japanese companies have expressed interest in investing in Indonesia in the sanitary napkin and automotive parts industries. (IQPlus) Infrastructure: Ahok promises availability of LRT route to Kemayoran on the 53 rd JFK During the 49th Jakarta Fair Kemayoran (JFK), which took place on 10 June 2016 in Kemayoran, the Governor of Jakarta, Ahok, has revealed his plans to develop the Soekarno Hatta airport-kemayoran LRT route by the 53 rd JFK or in Currently, the provincial government is focusing on the Kelapa-Gading- Velodrome Ramawangun route, which is planned to be completed by 2018 to support the Asian Games event that will take place. (kompas.co.id) Automotive: Wuling to launch 2 MPVs in Indonesia SAIC-GM-Wuling Automobile Motor Indonesia (SGMW), should raise the MPV competition in the country by launching 2 types of MPV cars, the Wuling Hongguang and Baojun 730, in the next two months when GIIAS 2016 is scheduled to be held. (Detik) CPO: Malaysian Palm Oil reserves fall to 5 year low Palm Oil reserves in Malaysia fell 8.8% m-m to 1.65mn metric tons in May as demand for CPO surged ahead of the Holy month of Ramadhan and exports jumped 9.3% m-m to 1.28mn tons. The drop in inventories occurred even though production increased 4.6% m-m to 1.36mn tons in May. (Bloomberg) Electricity: Japanese investors place interest to invest in electricity and gas projects The Investment Coordinating Board (BKPM) has identified some Japanese investors interested to invest in Indonesia s electricity and gas projects that are spread across the country. Gas-steam power plant (PLTGU) 1 East Java with capacity 1,600MW has received the most attention among all the projects. PLTGU 1 currently is in tender phase and expected to announce a winner at the end of Aside from Japanese investors, Adaro Energy (ADRO IJ-HOLD-IDR890-TP:IDR645) along with Sembawang Corp, is one of the bidders on the project. In 2Q16, BKPM reported that Japan s investment realization has reached USD1.58bn, consisting of 427 projects and absorbing 28,377 new employees. (detik.com, Kontan) PT Bahana Securities Equity Research Bahana Beacon - The Daily 3

4 Land Transportation: Jakpro begins to build LRT in September Jakarta Propertindo (Jakpro) has scheduled the construction process of LRT to begin in September Jakpro will conduct the groundbreaking on 22 June, to coincide with the anniversary of Jakarta. The company targets to finish the construction of phase I in 2 years. (Kontan) Aviation: 4 airlines to add extra flights during Lebaran festivities Based on the Transportation Ministry data, 4 airlines have requested additional flights to optimize the potential increase in revenue during Lebaran festivities. Garuda Indonesia (GIAA IJ-REDUCE-IDR505- TP:IDR400), Indonesia Airasia, Indonesia Airasia Extra, and Batik air have requested 52 extra flights for 21 flight routes. Batik Air should contribute around 32 extra flights, for around additional 6,000 seats. (Kompas). Bahana comment: This should provide negative sentiment for GIAA, especially concerning its low-cost carrier s (Citilink) market share. Electricity: Jokowi groundbreaking for PLTU-Lontar extension President Jokowi held a groundbreaking ceremony for the coal-fired power plant (PLTU) Lontar expansion project (1x315MW). The expansion is expected to take 42 months to complete. (okezone.com) Retail: Negative impact on increasing mall service charge According to the Chief Executive Officer of Marco Group, Budiardjo Iduansjah, the mall-service charge increased earlier this year, which could reduce expansions. Based on Colliers International, 1Q16 service charge in Jakarta increased 11.6% y-y and up 6.3% in the rest of Java while 1Q16 rental costs rose 4.7% y- y in Jakarta and rose 9% y-y in the rest of Java. (Kontan) CORPORATE SSIA to benefit from establishment of Patimban Port as a national strategic project President Jokowi has established Patimban port development as a national strategic project as stipulated in the Presidential Regulation (Perpres) No.47/2016. Currently the government is speeding up all national strategic projects. The value for the construction of the port is estimated to reach about IDR40tn. Japan reportedly has prepared to provide IDR34.5tn loan to build the port. (Okezone.com, Kontan). Bahana comment: We believe the government s focus on Patimban port development will provide long-term positive catalysts for Surya Semesta Internusa (SSIA IJ-BUY-IDR655-TP:IDR720) as the company is currently acquiring a potential land bank near Patimban port. On the land bank progress in Subang, West Java, SSIA has managed to free up and acquire about 399 hectares in 1Q16. However, SSIA plans to launch the Subang project in BSDE to start Serpong-Balaraja toll-road construction at end-2016 Bumi Serpong Damai (BSDE IJ-BUY-IDR1,780-TP:IDR2,020) plans to start construction on the IDR6tn Serpong-Balaraja toll-road project at the end of BSDE is currently finalizing the administration and toll road design. Separately, BSDE is currently seeking a IDR4.2tn bank loan from a SOE bank. However, no further details have been disclosed. (Okezone.com). Bahana comment: The project should lead to business expansion opportunities given current weak property demand on the ground. ADRO claims to have reached agreement on contract renegotiations with ESDM Adaro Energy (ADRO IJ-HOLD-IDR890) said it has reached an agreement on contract renegotiations with the Energy and Mineral Resources Ministry (ESDM). The contract amendment consists of area reductions, mining sustainability with changes to the IUP license, royalty payments and taxes, value-added obligations, divestment plans and an increased domestic component level. (bareksa.com) 5M16 marketing sales: CTRA: IDR2.7tn; CTRP: IDR313bn According to Ciputra Development s (CTRA IJ-BUY-IDR1,300-TP:IDR1,520) Corporate Finance, Meiyi Suparman, the company has managed to book IDR2.7tn presales mostly from its Surabaya project, for around 36% of its 5M16 achievement. Ciputra Property (CTRP IJ-REDUCE-IDR565) managed to book IDR313bn of marketing sales or 29% of its full-year target (IDR1.1tn), but 38% of ours (IDR800bn). For 2016, the management is targeting IDR1.1tn in marketing sales, up 11% y-y from realization. This year s marketing sales are mostly to be driven by its residential and commercial projects named Ciputra World. (Company, Bahana). Bahana comment: CTRA s 5M16 presales achievement was 30% of our fullyear target (IDR9tn) and 29% of CTRA management s 2016 target (IDR9.3tn). PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

5 ADHI: offers 35% stake in Adhi Persada Properti; optimistic on LRT project Adhi Karya (ADHI IJ-BUY-IDR2,730-TP:IDR3,200) plans to offer a 30-35% stake in its subsidiary, Adhi Persada Properti, in order to raise funds to support the property business of the company. To this day, ADHI is in the due diligence phase of the IPO process, which has been planned to take place by the end of Though more information is required in regards to its targeted amount of funds to be raised, Harris, ADHI s Director of Finance, has mentioned that it will highly depend on conditions of the market in the near future. In addition, given that the Transport Minister and Governor of DKI have resolved their issues pertaining to the thickness of rails used in the LRT project, ADHI is optimistic that it would soon sign the development contract of the LRT project and fulfil its commitment as per schedule. However, the LRT project is considered as a one-time occurrence and thus would not be accounted for in its IDR25.1tn targeted new contracts. (Kontan.co.id) WSKT to issue IDR2tn bonds Waskita Karya (WSKT IJ-BUY-IDR2,410-TP:IDR2,700) plans to issue bonds phase I amounting to IDR2tn. The terms of the bonds will include a 9-10% coupon rate and 3-year maturity. The first coupon will be paid on 10 September 2016, while the last coupon payment will take place on 10 June (Waskita.co.id) President Commissioner of BWPT resigns Darjoto Setyawan, the president commissioner of Eagle High Plantations (BWPT IJ-NON RATED-IDR236) has resigned from his post last week with the decision being effective on 16 June 2016, following the EGM. (IQPlus) Sungai Budi Group reduces capex targets The Sungai Budi Group aims for a capex of IDR1.48tn this year (down 11.4% y-y) from IDR1.67tn in. 88% or IDR1.3tn is set aside for Tunas Baru Lampung (TBLA IJ-HOLD-IDR575-TP:IDR570) to complete the construction of a new sugar mill, which is undergoing test runs by this year and should be operational next year. The management has estimated an additional IDR1.4tn of revenue per annum from the sugar mill. TBLA also plans to acquire more CPO plantations adding to their current plantations located at Sumatra and Kalimantan. The remaining IDR180bn of capex would be used to fund Budi Starch and Sweetener to acquire tapioca plants in East Java. (Jakarta Globe) KAEF to have new source of earnings from hospitals Kimia Farma (KAEF IJ-BUY-IDR1,265-TP:IDR1,430) has signed a BOT agreement with Brawijaya Investama to construct a hospital located at Jl. Dr Saharjo on a land area of 4,520m 2. The hospital which will be completed in 2019, would have 8 floors and a capacity of 82 rooms with facilities of Polyclinic, High Care Unit, Neonatal Intensive Care Unit, Pediatric Intensive Unit, Intensive Care Unit, Radiology, Clinical Laboratory and Pharmacy. This is done in the context of optimizing KAEF s assets without losing the core business of the company. (Kontan) ERAA: 2016 revenue guidance Erajaya Swasembada (ERAA IJ-BUY-IDR635-TP:IDR860) is targeting revenue to increase by 10% y-y to IDR22tn (FY15: IDR20tn). As of, ERAA has 556 outlets Erafone, ibox and Switch and has a strategic partnership for an additional 33,000 outlets. For the overseas market, ERAA has a strategic partnership with M1 Singapore and has 26 Switch outlets. (IQ Plus) BJBR: Banten Province to acquire Bank Pundi The annual shareholders meeting (RUPS) of Bank Pundi has decided that Banten province would become the majority shareholders of Bank Pundi and it would change its name to Regional Development (BPD) Bank of Banten. The management also decided that the bank would increase the bank s core capital from IDR2tn to IDR5tn through right issue. Furthermore, the acquisition process would commence on 11 July (Kontan). Bahana comment: Through this acquisition, we expect Banten province would divest their shares in Bank Pembangunan Daerah Jawa Barat and Banten (BJBR IJ-HOLD-IDR995-TP:IDR970), in which it currently holds around 5.9% of total shares. PT Bahana Securities Equity Research Bahana Beacon - The Daily 5

6 BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 05/10/ /09/2016 CHANGE (%) Semen Baturaja SMBR IJ REDUCE 400 (36.5) Krakatau Steel KRAS IJ REDUCE 275 (58.6) Garuda Indonesia GIAA IJ REDUCE 400 (20.8) Siloam International Hospitals SILO IJ BUY 12, ,750 10, Media Nusantara Citra MNCN IJ BUY 2, ,290 2, Multipolar MLPL IJ BUY Lippo Cikarang LPCK IJ BUY 8, ,200 7, Ace Hardware Indonesia ACES IJ BUY PP Property PPRO IJ HOLD 210 (45.6) Mayora Indah MYOR IJ BUY 37,000 (6.3) 39,500 38, Tunas Baru Lampung TBLA IJ BUY 570 (0.9) Perusahaan Gas Negara PGAS IJ BUY 3, ,520 2, Kawasan Industri Jababeka KIJA IJ BUY 270 (4.3) Nippon Indosari Corpindo ROTI IJ BUY 1, ,440 1, Indofood Sukses Makmur INDF IJ BUY 6,600 (9.6) 7,300 7, Matahari Department Store LPPF IJ BUY 20, ,125 18, Ramayana Lestari Sentosa RALS IJ BUY 1, Puradelta Lestari DMAS IJ BUY Pakuwon Jati PWON IJ HOLD 490 (9.3) Holcim Indonesia SMCB IJ REDUCE 850 (22.0) 1,090 1, Adi Sarana Armada ASSA IJ BUY Agung Podomoro Land APLN IJ REDUCE 220 (11.3) Erajaya Swasembada ERAA IJ BUY Tower Bersama Infrastructure TBIG IJ REDUCE 5,750 (13.2) 6,625 6, Bank Tabungan Negara BBTN IJ HOLD 1, ,670 1, Gajah Tunggal GJTL IJ BUY 860 (2.8) Hero Supermarket HERO IJ REDUCE 650 (40.1) 1,085 1, Bank Jawa Timur BJTM IJ REDUCE 430 (7.7) Electronic City ECII IJ REDUCE Bumi Serpong Damai BSDE IJ BUY 2, ,855 1, Tempo Scan Pacific TSPC IJ BUY 2, ,890 1, Cardig Aero Services CASS IJ HOLD 1, ,000 1, Bank Mandiri BMRI IJ HOLD 9, ,275 9, Surya Citra Media SCMA IJ REDUCE 2,800 (13.3) 3,230 3, Mitra Adiperkasa MAPI IJ BUY 4, ,200 4, Sido Muncul SIDO IJ BUY J Resources PSAB IJ BUY 1,400 (6.4) 1,495 1, Merdeka Copper Gold MDKA IJ BUY 2, ,000 2, Astra Agro Lestari AALI IJ REDUCE 13,626 (12.4) 15,550 15, Dharma Satya Nusantara DSNG IJ BUY Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (44.1) 1,790 1, Sampoerna Agro SGRO IJ HOLD 1,800 (7.7) 1,950 1, Sarana Menara Nusantara TOWR IJ BUY 5, ,250 4, Tiphone Mobile Indonesia TELE IJ BUY 1, Indocement Tunggal Prakarsa INTP IJ REDUCE 13,950 (14.8) 16,375 16,400 (0.2) Bank Negara Indonesia BBNI IJ BUY 5, ,760 4,770 (0.2) Pembangunan Perumahan PTPP IJ BUY 4, ,810 3,820 (0.3) Indo Tambangraya Megah ITMG IJ REDUCE 4,000 (54.5) 8,800 8,825 (0.3) London Sumatra Indonesia LSIP IJ BUY 1, ,545 1,550 (0.3) Matahari Putra Prima MPPA IJ BUY 1, ,280 1,285 (0.4) AKR Corporindo AKRA IJ BUY 9, ,050 6,075 (0.4) Salim Ivomas Pratama SIMP IJ HOLD 290 (39.6) (0.4) Indofood CBP Sukses Makmur ICBP IJ BUY 18, ,325 16,400 (0.5) Blue Bird BIRD IJ REDUCE 3,500 (16.1) 4,170 4,190 (0.5) Bank Rakyat Indonesia BBRI IJ HOLD 11, ,325 10,375 (0.5) Telekomunikasi Indonesia TLKM IJ BUY 4, ,750 3,770 (0.5) Harum Energy HRUM IJ REDUCE 500 (43.8) (0.6) Bank Central Asia BBCA IJ HOLD 14, ,925 13,000 (0.6) Unilever Indonesia UNVR IJ BUY 50, ,000 43,250 (0.6) Indonesian Stock Exchange JCI 4,848 4,877 (0.6) Kalbe Farma KLBF IJ BUY 1, ,420 1,430 (0.7) Surya Semesta Internusa SSIA IJ BUY (0.8) Kimia Farma KAEF IJ BUY 1, ,265 1,275 (0.8) Anabatic Technologies ATIC IJ BUY (0.8) Gudang Garam GGRM IJ BUY 88, ,575 68,125 (0.8) Xl Axiata EXCL IJ BUY 4, ,680 3,710 (0.8) United Tractors UNTR IJ BUY 18, ,025 14,150 (0.9) Bank Bukopin BBKP IJ REDUCE 540 (2.7) (0.9) Malindo Feedmill MAIN IJ BUY 1, ,610 1,625 (0.9) Indomobil Sukses Internasional IMAS IJ HOLD 2, ,545 1,560 (1.0) Alam Sutera Realty ASRI IJ REDUCE 300 (23.9) (1.0) Wijaya Karya Beton WTON IJ BUY 1, (1.1) Mitra Keluarga Karyasehat MIKA IJ REDUCE 1,900 (26.9) 2,600 2,630 (1.1) Timah TINS IJ REDUCE 411 (44.1) (1.3) Aneka Tambang ANTM IJ REDUCE 207 (71.3) (1.4) Charoen Pokphand Indonesia CPIN IJ BUY 3,500 (2.2) 3,580 3,630 (1.4) Semen Indonesia SMGR IJ HOLD 8, ,875 9,000 (1.4) Jasa Marga JSMR IJ BUY 6, ,275 5,350 (1.4) Adhi Karya ADHI IJ BUY 3, ,730 2,770 (1.4) Bekasi Fajar Industrial Estates BEST IJ REDUCE (1.5) Sri Rejeki Isman SRIL IJ BUY (1.5) Bank Jawa Barat dan Banten BJBR IJ HOLD 970 (2.5) 995 1,010 (1.5) Total Bangun Persada TOTL IJ BUY (1.5) Ciputra Development CTRA IJ BUY 1, ,300 1,320 (1.5) Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,100 (17.6) 2,550 2,590 (1.5) Waskita Karya WSKT IJ BUY 2, ,440 2,480 (1.6) Vale Indonesia INCO IJ REDUCE 1,400 (22.9) 1,815 1,845 (1.6) Ciputra Property CTRP IJ REDUCE 335 (40.7) (1.7) Wijaya Karya WIKA IJ BUY 3, ,650 2,700 (1.9) Indosat ISAT IJ BUY 7, ,475 6,600 (1.9) Lippo Karawaci LPKR IJ REDUCE 1, ,010 (2.0) Bukit Asam PTBA IJ BUY 7, ,800 7,975 (2.2) HM Sampoerna HMSP IJ BUY 115, ,625 97,850 (2.3) Pelayaran Tempuran Emas TMAS IJ BUY 3, ,510 1,550 (2.6) Soechi Lines SOCI IJ BUY (2.7) Summarecon Agung SMRA IJ BUY 1, ,580 1,625 (2.8) Express Transindo Utama TAXI IJ BUY (2.8) Japfa Comfeed Indonesia JPFA IJ BUY 940 (8.3) 1,025 1,055 (2.8) Wintermar Offshore Marine WINS IJ HOLD 184 (20.7) (3.3) Astra International ASII IJ REDUCE 5,650 (14.7) 6,625 6,875 (3.6) Adaro Energy ADRO IJ HOLD 645 (27.5) (3.8) Bank Danamon Indonesia BDMN IJ HOLD 3,300 (1.5) 3,350 3,500 (4.3) Medco Energi Internasional MEDC IJ BUY 1,300 (2.3) 1,330 1,390 (4.3) Source: Bloomberg, Bahana estimates JCI >5.0% <5%,>0.1% <0.1%,>-0.1% <-0.1%,>-5% <-5.0% PT Bahana Securities Equity Research Bahana Beacon - The Daily 6

7 PT Bahana Securities Equity Research Bahana Beacon - The Daily 7 Asiamoney's Source: Bloomberg, Bahana estimates Stock JCI code Ticker Rating Price TP 3M avg to (IDR) (IDR) (IDRb) F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F PX_LAST AVIATION AVIATION N ,000 66,614 76,230 1,464 1,969 2,577 1,084 1,724 2,165 na (103.3) (92.4) (82.3) Garuda Indonesia GIAA IJ Equity GIAA IJ* REDUCE ,368 64,708 74,084 1,050 1,474 2, ,582 2,005 na na (125.2) (108.1) (97.2) Cardig Aero Service CASS IJ Equity CASS IJ HOLD 1,000 1, ,632 1,905 2, AUTOMOTIVE AUTOMOTIVE UW , , ,650 18,260 20,636 22,738 13,750 19,236 21,338 (28.8) Astra International ASII IJ Equity ASII IJ REDUCE 6,625 5, , , ,145 17,212 19,456 21,392 14,464 19,047 20,610 (24.6) Indomobil Sukses InternationIMAS IJ Equity IMAS IJ HOLD 1,545 2, ,010 19,770 21, (292) na na na na (5.3) (1.2) (1.6) Gajah Tunggal GJTL IJ Equity GJTL IJ BUY ,833 13,932 15, ,031 1,117 (422) na na na na (7.7) (2.6) (3.6) BANKS BANKS UW , , , , , ,197 81,990 87,193 96, na na na na na na na na na Bank Central Asia BBCA IJ Equity BBCA IJ HOLD 12,925 14, ,413 54,667 58,922 22,657 25,089 27,636 18,019 20,051 22, na na na na na na na na na Bank Rakyat Indonesia BBRI IJ Equity BBRI IJ HOLD 10,325 11, ,688 75,366 81,584 30,511 31,895 34,882 25,398 26,831 29, na na na na na na na na na Bank Mandiri BMRI IJ Equity BMRI IJ HOLD 9,275 9, ,316 71,421 78,060 26,339 26,240 29,089 20,335 20,058 22, (1.4) na na na na na na na na na Bank Negara Indonesia BBNI IJ Equity BBNI IJ BUY 4,760 5, ,298 38,934 43,381 11,057 11,912 13,663 9,067 9,805 11,230 (15.9) na na na na na na na na na Bank Danamon BDMN IJ Equity BDMN IJ HOLD 3,350 3, ,638 20,359 21,691 3,944 4,327 4,825 2,393 3,068 3,397 (8.1) na na na na na na na na na Bank Tabungan Pensiunan NaBTPN IJ EQUITY BTPN IJ REDUCE 2,550 2, ,460 9,056 10,343 2,460 2,204 2,438 1,702 1,572 1,804 (8.9) (7.6) na na na na na na na na na Bank Tabungan Negara BBTN IJ Equity BBTN IJ HOLD 1,670 1, ,998 9,210 10,904 2,534 2,897 3,305 1,851 2,179 2, na na na na na na na na na Bank Jabar Banten BJBR IJ Equity BJBR IJ HOLD ,987 7,568 8,164 1,736 1,989 2,221 1,381 1,565 1, na na na na na na na na na Bank Jatim BJTM IJ Equity BJTM IJ REDUCE ,558 4,136 4,800 1,208 1,385 1, ,027 1,213 (5.8) na na na na na na na na na Bank Bukopin BBKP IJ Equity BBKP IJ REDUCE ,193 4,646 5,174 1,173 1,353 1, ,037 1, na na na na na na na na na CEMENT CEMENT UW ,446 58,501 62,224 11,584 12,255 12,681 9,408 9,765 10,067 (20.3) Semen Indonesia SMGR IJ Equity SMGR IJ HOLD 8,875 8, ,948 27,634 29,189 5,899 5,924 6,020 4,521 4,688 4,781 (18.7) Indocement INTP IJ Equity INTP IJ REDUCE 16,375 13, ,798 18,320 19,536 5,029 5,219 5,439 4,357 4,516 4,723 (17.7) nc nc nc Holcim Indonesia SMCB IJ Equity SMCB IJ REDUCE 1, ,239 10,919 11, na na na na Semen Baturaja SMBR IJ Equity SMBR IJ REDUCE ,461 1,628 1, (12.5) nc nc nc COAL COAL N , , ,638 18,105 15,930 13,839 12,557 11,309 9, (9.9) (12.6) United Tractors UNTR IJ Equity UNTR IJ BUY 14,025 18, ,968 49,619 51,535 8,357 8,192 8,437 6,847 6,383 6, (6.8) nc nc nc Adaro Energy ADRO IJ Equity ADRO IJ* HOLD ,576 33,558 32,774 4,648 3,584 2,268 2,128 1,764 1, (17.9) (40.0) Indo Tambangraya Megah ITMG IJ Equity ITMG IJ* REDUCE 8,800 4, ,102 19,323 21,830 2,643 1, , (68.6) (17.4) (59.6) nc nc nc Tambang Batubara Bukit Asa PTBA IJ Equity PTBA IJ BUY 7,800 7, ,734 15,832 15,981 2,414 2,774 2,547 2,036 2,198 1, (9.6) nc nc nc Harum Energy HRUM IJ Equity HRUM IJ* REDUCE ,710 3,518 3, (42) 0 (28) (95) (50) (1,000) (98.9) (25.4) (3.2) (4.6) (8.5) (0.6) nc nc nc 0.0 (0.7) (2.4) 0.0 (0.5) (1.8) 0.0 (2.5) (9.7) CONS. & TOLL ROADS CONS. & TOLL ROADS N ,155 90, ,789 8,730 12,016 13,876 4,632 5,847 6, Jasa Marga JSMR IJ Equity JSMR IJ BUY 5,275 6, ,646 8,712 9,598 3,235 3,685 3,753 1,466 1,540 1, (10.9) Wijaya Karya WIKA IJ Equity WIKA IJ BUY 2,650 3, ,150 14,875 17,597 1,297 1,718 2, (9.2) Pembangunan Perumahan PTPP IJ Equity PTPP IJ BUY 3,810 4, ,909 20,378 24,313 1,695 2,223 2, , Waskita Karya WSKT IJ Equity WSKT IJ BUY 2,440 2, ,153 23,984 27,788 1,415 2,438 2,854 1,048 1,401 1, Wijaya Karya Beton WTON IJ Equity WTON IJ BUY 925 1, ,570 4,160 5, (45.5) nc nc Adhi Karya ADHI IJ Equity ADHI IJ BUY 2,730 3, ,390 16,177 21, ,232 1, (17.3) nc Total Bangun Persada TOTL IJ Equity TOTL IJ BUY ,338 2,618 3, nc nc nc CONSUMER - DISCRE. CONSUMER - DISCRE. N ,113 83,338 94,165 8,014 9,758 11,448 5,639 7,298 8,810 (10.2) Surya Citra Media SCMA IJ Equity SCMA IJ REDUCE 3,230 2, ,238 4,573 4,983 2,015 2,199 2,417 1,524 1,663 1, nc nc nc Matahari Department Store LPPF IJ Equity LPPF IJ BUY 19,125 20, ,007 10,383 12,119 2,330 2,702 3,158 1,781 2,170 2, nc nc nc na na na Media Nusantara Citra MNCN IJ Equity MNCN IJ BUY 2,290 2, ,445 6,985 7,645 2,194 2,529 2,840 1,186 1,685 2,007 (32.7) Matahari Putra Prima MPPA IJ Equity MPPA IJ BUY 1,280 1, ,929 15,592 17, (67.0) nc nc nc ACE Hardware ACES IJ Equity ACES IJ REDUCE ,743 5,137 5, nc nc nc HERO Supermarket HERO IJ Equity HERO IJ REDUCE 1, ,353 16,257 18,590 (246) (43) 98 (29) na na na na (0.9) (16.3) (11.1) (0.5) (0.4) (0.5) Ramayana Lestari Sentosa RALS IJ Equity RALS IJ BUY 915 1, ,786 8,284 8, (5.5) nc nc nc Mitra Adiperkasa MAPI IJ Equity MAPI IJ BUY 4,200 4, ,833 14,254 16, , (52.8) Electronic City ECII IJ Equity ECII IJ REDUCE ,781 1,874 2,106 (5) (74.5) na nc nc nc CONSUMER - STAPLES CONSUMER - STAPLES OW , , ,720 49,832 53,965 61,447 34,038 37,427 42, HM Sampoerna HMSP IJ Equity HMSP IJ BUY 95, , ,069 97, ,376 14,048 14,253 16,717 10,363 11,161 12,806 (2.5) nc nc nc Unilever Indonesia UNVR IJ Equity UNVR IJ BUY 43,000 50, ,484 40,257 45,540 7,944 8,943 10,108 5,852 6,612 7, nc nc Gudang Garam GGRM IJ Equity GGRM IJ BUY 67,575 88, ,366 75,730 83,554 9,906 10,731 11,965 6,436 6,694 7, Kalbe Farma KLBF IJ Equity KLBF IJ BUY 1,420 1, ,887 19,300 20,943 2,647 2,812 3,080 2,004 2,167 2,400 (2.9) nc nc nc Indofood Sukses Makmur INDF IJ Equity INDF IJ BUY 7,300 6, ,062 70,849 78,078 6,877 7,610 8,547 2,968 3,454 4,196 (23.6) Indofood CBP Sukses MakmuICBP IJ Equity ICBP IJ BUY 16,325 18, ,741 35,573 39,811 3,908 4,559 5,173 3,001 3,516 4, nc nc nc Mayora Indah MYOR IJ Equity MYOR IJ BUY 39,500 37, ,819 16,390 18,550 1,862 2,035 2,322 1,219 1,320 1, Tempo Scan Pacific TSPC IJ Equity TSPC IJ BUY 1,890 2, ,220 9,160 10, (0.7) nc nc nc Sido Muncul SIDO IJ Equity SIDO IJ BUY ,268 2,424 2, nc nc nc Nippon Indosari Corpindo ROTI IJ Equity ROTI IJ BUY 1,440 1, ,189 2,693 3, Kimia Farma KAEF IJ Equity KAEF IJ BUY 1,265 1, ,070 5,754 6, Mitra Keluarga Karyasehat MIKA IJ Equity MIKA IJ REDUCE 2,600 1, ,038 2,301 2, nc nc nc Siloam International Hospital SILO IJ Equity SILO IJ BUY 10,750 12, ,116 5,242 6, INDUSTRIAL ESTATES INDUSTRIAL ESTATES N ,515 12,069 13,698 4,443 4,988 5,652 3,407 3,929 4, Puradelta Lestari DMAS IJ Equity DMAS IJ BUY ,286 1,299 1,711 1,859 1,368 1,705 1, nc nc nc Kawasan Industri Jababeka KIJA IJ Equity KIJA IJ BUY ,140 3,223 3, , (18.4) Bekasi Fajar Industrial EstateBEST IJ Equity BEST IJ REDUCE (46.0) (24.9) Surya Semesta Internusa SSIA IJ Equity SSIA IJ BUY ,282 6,065 6, , Lippo Cikarang LPCK IJ Equity LPCK IJ BUY 7,200 8, ,121 2,218 2, ,035 1, , nc nc nc INDUSTRY - Various INDUSTRY - Various ,542 92,424 37,858 (1,286) (22) 2,258 (3,408) (2,201) (1,545) na na na na na na (5.3) (1.6) (1.2) (2.5) (1.0) (0.4) (4.2) (1.4) (0.3) Krakatau Steel KRAS IJ Equity KRAS IJ* REDUCE ,341 20,947 0 (2,555) (1,635) 0 (3,047) (2,636) (2,513) na na na na na na na na na (16.9) (11.8) (12.7) (7.0) (5.1) (4.7) (8.9) (6.0) (5.6) Anabatic Technologies ATIC IJ Equity ATIC IJ BUY ,626 2,964 3, (12.7) Sri Rejeki isman SRIL IJ Equity SRIL IJ BUY ,708 9,674 11,620 1,372 1,568 1, , Multipolar MLPL IJ Equity MLPL IJ BUY ,867 19,695 22,203 (281) (172) 91 (1,205) (543) (242) na na na na na na nc (15.4) (7.8) (3.7) (5.3) (2.4) (1.0) (12.7) (6.0) (2.9) LAND TRANSPORTATION LAND TRANSPORTATION UW ,835 23,011 15,755 1,641 1,827 1, ,004 (0.7) Blue Bird BIRD IJ Equity BIRD IJ REDUCE 4,170 3, ,472 6,250 6,988 1,173 1,298 1, (2.0) Express Transindo Utama TAXI IJ Equity TAXI IJ BUY ,040 1, (72.7) Adi Sarana Armada ASSA IJ Equity ASSA IJ BUY ,393 1,606 1, (20.4) METALS METALS N ,345 25,401 28,013 1, ,125 (43) (331) 2,064 (101.9) (723.6) (1,299.1) (168.8) 27.1 (371.9) (0.2) (0.1) 2.3 (0.9) (1.2) 1.0 Vale Indonesia INCO IJ Equity INCO IJ* REDUCE 1,815 1, ,060 8,036 8,736 1, (67.8) (83.8) nc nc nc Aneka Tambang ANTM IJ Equity ANTM IJ REDUCE ,519 10,632 12,362 (768) (647) 154 (1,209) (882) (157) (76.5) (63.2) (237.9) na na na (1,061.4) (8.6) (5.6) (1.0) (4.8) (3.1) (0.6) (5.9) (3.8) (0.7) Timah TINS IJ Equity TINS IJ REDUCE ,874 6,733 6, (85.9) (14.3) J Resources Asia Pasifik PSAB IJ Equity PSAB IJ* BUY 1,495 1, ,892 4,396 5,390 1,274 1,400 2, , Merdeka Copper Gold MDKA IJ Equity MDKA IJ* BUY 2,000 2, (84) (140) 462 (98) (210) na na na na na na na na (9.0) (10.2) 11.4 (4.6) (6.9) 6.5 OIL & GAS OIL & GAS N ,863 66,678 79,368 9,504 12,385 15,768 6,300 7,395 9,557 (35.3) Perusahaan Gas Negara PGAS IJ Equity PGAS IJ* BUY 2,520 3, ,966 38,528 45,052 7,910 8,260 10,766 5,614 5,880 7,952 (39.4) nc nc nc AKR Corporindo AKRA IJ Equity AKRA IJ BUY 6,050 9, ,344 18,832 22,965 1,345 1,837 1,720 1,047 1,338 1, (2.1) Medco Energy MEDC IJ Equity MEDC IJ* BUY 1,330 1, ,553 9,318 11, ,288 3,282 (361) (391.9) (150.9) 0.0 NA (3.3) (3.0) (1.0) (1.4) PLANTATIONS PLANTATIONS N ,272 42,766 45,776 6,078 6,637 7,275 2,109 2,955 3,952 (64.7) Astra Agro Lestari AALI IJ Equity AALI IJ REDUCE 15,550 13, ,059 13,873 15,215 1,853 2,076 2, ,587 (75.3) Salim Ivomas Pratama SIMP IJ Equity SIMP IJ HOLD ,835 14,436 15,599 1,632 1,842 2, (69.1) London Sumatra Indonesia LSIP IJ Equity LSIP IJ BUY 1,545 1, ,190 4,610 4, , (33.1) 19.8 (19.3) nc nc nc Dharma Satya Nusantara DSNG IJ Equity DSNG IJ BUY ,425 4,783 4, (59.0) (8.0) Austindo Nusantara Jaya ANJT IJ Equity ANJT IJ* REDUCE 1,700 1, ,764 1,862 2, (112) na na na na (2.2) (1.8) Sampoerna Agro SGRO IJ Equity SGRO IJ HOLD 1,950 1, ,999 3,202 3, (27.2) Tunas Baru Lampung TBLA IJ Equity TBLA IJ BUY ,331 5,237 6, (58.0) (18.9) POULTRY POULTRY N ,906 65,122 73,881 5,377 5,988 7,326 2,242 2,841 4, Charoen Pokphand IndonesiaCPIN IJ Equity CPIN IJ BUY 3,580 3, ,108 32,462 37,351 3,443 3,798 4,773 1,837 2,119 3, Japfa Comfeed Indonesia JPFA IJ Equity JPFA IJ BUY 1, ,023 27,555 30,809 1,728 1,950 2, ,075 na na na na Malindo Feedmill MAIN IJ Equity MAIN IJ BUY 1,610 1, ,775 5,105 5, (63) na (180.0) (46.0) (4.8) (1.7) (2.2) PROPERTY PROPERTY UW ,468 49,958 54,565 15,347 16,910 18,324 8,105 10,789 12,060 (42.3) Bumi Serpong Damai BSDE IJ Equity BSDE IJ BUY 1,855 2, ,210 7,523 8,403 2,901 3,457 3,804 2,139 2,694 3,023 (46.5) Lippo Karawaci LPKR IJ Equity LPKR IJ REDUCE 990 1, ,910 10,055 10,615 1,727 2,542 2, ,654 1,857 (79.0) Pakuwon Jati PWON IJ Equity PWON IJ HOLD ,625 5,373 6,220 2,265 2,656 3,035 1,262 1,790 2,118 (49.8) Summarecon Agung SMRA IJ Equity SMRA IJ BUY 1,580 1, ,624 6,339 6,879 1,768 1,999 2, ,127 1,230 (38.3) Ciputra Development CTRA IJ Equity CTRA IJ BUY 1,300 1, ,514 8,154 9,335 2,353 2,288 2,511 1,284 1,380 1,517 (3.1) Alam Sutera ASRI IJ Equity ASRI IJ REDUCE ,784 3,039 3,061 1,628 1,674 1, (45.6) Agung Podomoro Land APLN IJ Equity APLN IJ REDUCE ,972 5,769 5,934 1,688 1,351 1, (5.0) (19.7) Ciputra Property CTRP IJ Equity CTRP IJ REDUCE ,325 1,917 2, (19.2) (8.9) PP Property PPRO IJ Equity PPRO IJ HOLD ,505 1,789 1, SHIPPING SHIPPING N ,106 5,638 6,072 1,029 1,414 1, ,072 1,277 (15.1) Soechi Lines SOCI IJ Equity SOCI IJ BUY ,986 2,277 2, (3.8) 12.9 (1.2) Pelayaran Tempuran Emas TMAS IJ Equity TMAS IJ BUY 1,510 3, ,721 1,858 2, Wintermar Offshore Marine WINS IJ Equity WINS IJ HOLD ,399 1,503 1, (80) (100.0) na na (2.7) (1.2) (1.7) TELCOS TELCOS OW , , ,003 43,990 49,395 57,037 18,749 23,078 28,886 (2.6) Telekomunikasi Indonesia TLKM IJ Equity TLKM IJ BUY 3,750 4, , , ,693 32,881 36,717 41,992 15,489 17,604 20, (2.5) XL Axiata EXCL IJ Equity EXCL IJ BUY 3,680 4, ,876 24,242 25,852 1,258 1,563 2,062 (25) 440 1,183 na na na na na na (0.2) (0.0) (0.1) Tower Bersama InfrastructureTBIG IJ Equity TBIG IJ REDUCE 6,625 5, ,437 3,801 4,229 2,637 2,915 3,243 1,056 1,289 1,593 (18.8) Sarana Menara Nusantara TOWR IJ Equity TOWR IJ BUY 4,250 5, ,470 4,845 5,315 3,386 2,866 3,274 2,958 1,591 2, (46.2) Indosat ISAT IJ Equity ISAT IJ BUY 6,475 7, ,769 29,107 31,660 2,704 4,015 4,926 (1,310) 1,440 2, NA (10.0) (2.4) (4.0) Tiphone Mobile Indonesia TELE IJ Equity TELE IJ BUY 710 1, ,040 29,578 34, , Erajaya Swasembada ERAA IJ Equity ERAA IJ BUY ,569 19,777 21, (0.6) Market Market N 3,209 1,692,664 1,851,698 2,042, , , , , , ,457 (7.2) Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) PER (x) ROIC (%) ROAA (%) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%)

8 FULL-YEAR EARNINGS RELEASES (ESTIMATED) Ticker Company Name Date Time BBRI IJ Bank Rakyat Indonesia 1/26/ BBNI IJ Bank Negara Indonesia 1/29/ BDMN IJ Bank Danamon 1/29/ BJTM IJ Bank Pembangunan Daerah Jawa Timur 1/29/ JSMR IJ Jasa Marga 2/5/ EXCL IJ XL Axiata 2/5/ BMRI IJ Bank Mandiri 2/9/ :00 ITMG IJ Indo Tambangraya Megah 2/16/ :00 LPPF IJ Matahari Department Store 2/17/ AALI IJ Astra Agro Lestari 2/23/ :00 BBTN IJ Bank Tabungan Negara 2/24/ :00 ASII IJ Astra International 2/24/ UNTR IJ United Tractors 2/24/ INCO IJ Vale Indonesia 2/24/ LSIP IJ PP London Sumatera Indonesia 2/25/ WSKT IJ Waskita Karya 2/25/ ADHI IJ Adhi Karya 2/25/ ANJT IJ Austindo Nusantara Jaya 2/25/ HERO IJ Hero Supermarket 2/26/ JPFA IJ Japfa 2/26/ IMAS IJ Indomobil Sukses International 2/26/ SMBR IJ Semen Baturaja 2/26/ SIMP IJ Salim Invomas Pratama 2/26/ SMGR IJ Semen Indonesia 2/29/ ANTM IJ Aneka Tambang 2/29/ PTBA IJ Tambang Batubara Bukit Asam 3/1/ :00 ANTM IJ Aneka Tambang 3/1/ TBIG IJ Tower Bersama Infrastructure 3/2/ BBCA IJ Bank Central Asia 3/3/ PTPP IJ PP Persero 3/3/ PGAS IJ Perusahaan Gas Negara 3/3/ :00 BTPN IJ Bank Tabungan Pensiunan Nasional 3/3/ TLKM IJ Telekomunikasi Indonesia 3/4/ MPPA IJ Matahari Putra Prima 3/4/ TINS IJ Timah Persero 3/4/ KAEF IJ Kimia Farma 3/4/ SMCB IJ Holcim Indonesia 3/7/ :00 ADRO IJ Adaro Energy 3/8/ :00 BJBR IJ Bank Pembangunan Daerah Jawa Barat 3/8/ WTON IJ Wijaya Karta Beton 3/10/ KRAS IJ Krakatau Steel 3/11/ WINS IJ Wintermar Offshore 3/11/ INTP IJ Indocement Tunggal Perkasa 3/16/ :00 TOTL IJ Total Bangun Persada 3/16/ WIKA IJ Wijaya Karya 3/17/ BSDE IJ Bumi Serpong Damai 3/17/ HMSP IJ H M Sampoerna 3/17/ :00 INDF IJ Indofood Sukses Makmur 3/18/ AKRA IJ AKR Corporindo 3/18/ GIAA IJ Garuda Indonesia 3/21/ SRIL IJ Sri Rejeki Isman 3/23/ PWON IJ Pakuwon Jati 3/24/ LPCK IJ Lippo Cikarang 3/24/ TBLA IJ Tunas Baru Lampung 3/24/ MDLN IJ Modernland Realty 3/24/ LPKR IJ Lippo Karawaci 3/24/ SCMA IJ Surya Citra Media 3/24/ TOWR IJ Sarana Menara Nusantara 3/24/ ROTI IJ Nippon Indosari Corpindo 3/24/ SIDO IJ Industri Jamu dan Farmasi Sido Muncul 3/24/ SILO IJ Siloam International Hospitals 3/24/ BIRD IJ Blue Bird 3/24/ KLBF IJ Kalbe Farma 3/28/ GGRM IJ Gudang Garam 3/29/ CPIN IJ Charoen Pokphand Indonesia 3/30/ PT Bahana Securities Equity Research Bahana Beacon - The Daily 8

9 FULL-YEAR EARNINGS RELEASES (ESTIMATED) Ticker Company Name Date Time GJTL IJ Gajah Tunggal 3/30/ MYOR IJ Mayora Indah 3/30/ SMRA IJ Summarecon Agung 3/30/ UNVR IJ Unilever Indonesia 3/30/ KIJA IJ Kawasan Industri Jababeka 3/30/ ISAT IJ Indosat 3/30/ MEDC IJ Medco Energi International 3/30/ CTRA IJ Ciputra Development 3/30/ SSIA IJ Surya Semesta Internusa 3/30/ PSAB IJ J Resources Asia Pasifik 3/30/ TMAS IJ Pelayaran Tempuran Emas 3/30/ MNCN IJ Media Nusantara Citra 3/30/ MAIN IJ Malindo Feedmill 3/30/ ASRI IJ Alam Sutera 3/30/ HRUM IJ Harum Energy 3/30/ CASS IJ Cardig Aero Service 3/30/ ERAA IJ Erajaya Swasembada 3/30/ TELE IJ Tiphone Mobile Indonesia 3/30/ TAXI IJ Express Transindo Utama 3/30/ ASSA IJ Adi Sarana Armada 3/30/ SOCI IJ Soechi Lines 3/30/ PPRO IJ PP Properti 3/31/ DMAS IJ Puradelta Lestari 3/31/ MIKA IJ Mitra Keluarga Karyasehat 3/31/ MDKA IJ Merdeka Copper Gold 3/31/ ATIC IJ Anabatic Technologies 3/31/ Source: Bloomberg, Bahana PT Bahana Securities Equity Research Bahana Beacon - The Daily 9

10 AGM & EGM SCHEDULE Corporate Action Ticker Company Name Date Time AEGM KREN IJ Kresna Graha Sekurindo 6/15/ 14:00 AEGM ASDM IJ Asuransi Dayin Mitra 6/15/ 08:00 AEGM GSMF IJ Equity Development Investment 6/15/ 10:30 AEGM SRAJ IJ Sejahteraraya Anugrahjaya 6/15/ 10:00 AEGM PTSP IJ Pioneerindo Gourmet International 6/15/ 10:00 AEGM CLPI IJ Colorpak Indonesia 6/15/ 10:00 AEGM UNSP IJ Bakrie Sumatera Plantations 6/15/ 10:00 AEGM DGIK IJ Nusa Konstruksi Enjiniring 6/15/ 09:00 AEGM INTD IJ Inter Delta 6/15/ 10:00 AEGM APII IJ Arita Prima Indonesia 6/15/ 09:00 AGM ARGO IJ Argo Pantes 6/15/ 10:00 AEGM MGNA IJ Magna Finance 6/15/ 14:00 AGM RICY IJ Ricky Putra indo 6/15/ 09:30 AGM JPRS IJ Jaya Pari Steel 6/16/ 10:00 AGM SRSN IJ Indo Acidatama 6/16/ 14:00 AGM KONI IJ Perdana Bangun Pusaka 6/16/ 09:00 AEGM AISA IJ Tiga Pilar Sejahtera Food 6/16/ 10:00 AGM GDST IJ Gunawan Dianjaya Steel 6/16/ 09:00 AEGM MBTO IJ Martina Berto 6/16/ 10:00 AEGM ADMG IJ Polychem Indonesia 6/16/ 14:00 AGM BTON IJ Betonjaya Manunggal 6/16/ 09:30 AEGM OKAS IJ Ancora Indonesia Resources 6/16/ 10:00 AGM POOL IJ Pool Advista Indonesia 6/16/ 11:00 AEGM POLY IJ Asia Pacific Fibers 6/16/ 10:30 AGM ALDO IJ Alkindo Naratama 6/16/ 13:30 AEGM RIMO IJ Rimo Catur Lestari 6/17/ 14:00 AEGM RANC IJ Supra Boga Lestari 6/17/ 14:00 AEGM ALTO IJ Tri Banyan Tirta 6/17/ 11:30 Source: Bloomberg PT Bahana Securities Equity Research Bahana Beacon - The Daily 10

11 Actual and upcoming IPOs, - No Code Date Company name Industry Amount Public (IDRbn) (%) 1 BBRM 01/08/13 Pelayaran Nasional Bina Buana Shipping HOTL 01/10/13 Saraswati Griya Lestari Hotel SAME 01/11/13 Sarana Meditama Metropolitan Hospital Management MAGP 01/16/13 Multi Agro Gemilang Plantations TPMA 02/20/13 Trans Power Marine Transportation ISSP 02/22/13 Steel Pipe Industry of Indonesia Pipes manufacturer DYAN 03/25/13 Dyandra Media International Entertainment ANJT 05/08/13 Austindo Nusantara Jaya Plantation NOBU 05/20/13 Bank Nationalnobu Banking MPMX 05/29/13 Mitra Pinasthika Mustika Automotive 1, DSNG 06/14/13 Dharma Satya Nusantara Plantations SRIL 06/17/13 Sri Rejeki Isman (Sritex) Textile 1, ACST 06/24/13 Acset Indonesia Construction SRTG 06/26/13 Saratoga Investa Sedaya Finance 1, NRCA 06/27/13 Nusa Raya Cipta Construction SMBR 06/28/13 Semen Baturaja Cement 1, ECII 07/03/13 Electronic City Indonesia Retail 1, BBMD 07/08/13 Bank Mestika Dharma Banking MLPT 07/08/13 Multipolar Technology IT VICO 07/08/13 Victoria Investama Finance CPGT 07/09/13 Cipaganti group Transportation NAGA 07/09/13 Bank Mitraniaga Banking BMAS 07/11/13 Bank Maspion Banking SILO 09/12/13 Siloam Hospital Hospital 1, APII 10/29/13 Arita Prima Indonesia Pipe Manufacture KRAH 11/08/13 Grand Kartech Manufacturing IMJS 12/10/13 Indomobil Multi Jasa Auto finance LEAD 12/11/13 Logindo Samudramakmur Marine services SSMS 12/12/13 Sawit Sumbermas Sarana Plantations 1, SIDO 12/18/13 Sido Muncul Pharmaceutical total 16, PNBS 01/15/14 Bank Panin Syariah Banking ASMI 01/16/14 Mitra Maparya Insurance CANI 01/16/14 Capitol Nusantara Transporation BINA 01/16/14 Bank INA Banking BALI 03/13/14 Bali Towerindo Sentra Construction WTON 04/08/14 Wika Beton Construction material 1, BLTZ 04/10/14 Graha Layar Prima Entertainment MDIA 04/11/14 Intermedia Capital Entertainment LRNA 04/15/14 Eka Sari Lorena Transport Transportation DAJK 05/14/14 Dwi Aneka Jaya Kemasindo Paper manufacture LINK 02/06/14 Link Net Telecommunication CINT 06/27/14 Chitose Internasional Manufacture MGNA 07/07/14 Magna Finance Finance BPII 07/08/14 Batavia Prosperindo Internasional Finance MBAP 07/10/14 Mitrabara Adiperdana Coal TARA 07/11/14 Sitara Propertindo Property DNAR 07/11/14 Bank Dinar Bank BIRD 11/05/14 Blue Bird Transportation 2, SOCI 12/03/14 Soechi Lines Shipping IMPC 12/17/14 Impack Pratama Industri Packaging IBFN 12/22/14 Intan Baruprana Finance Finance AGRS 12/22/14 Bank Agris Banking GOLL 12/23/14 Golden Plantation Plantation total 9, Airasia Indonesia Airlines 1, Andira Agro Plantations 56 Asia Mangan Group Mining Bank DKI Banking 58 Bank Kesejahteraan Ekonomi Banking 59 Bank Muamalat Banking 60 Bank Sumatera Utara Banking Bank Syariah Mandiri Banking 62 Daya Mitra Telekomunikasi Telecommunication Daya Mandiri Resources Indonesia Coal mining 64 GMF Aero Asia Target Aero services 65 Indoprima Gemilang Auto-parts 66 Infomedia Nusantara Services 67 Intan Baruprana Finance Multi-finance 68 Kawasan Berikat Nusantara Industrial estates 69 Krakatau Wijatama Steel manufacture 70 Pacific Agro Sentosa Plantations 1, Pegadaian Indonesia Finance 72 Pelita Cengkareng Paper Packaging manufacture 73 Perkebunan Nusantara III, IV and VII Plantations 74 Pertamina Drilling Services Indonesia Oil-related 75 Pertamina Hulu Energi Oil-related 76 Pertamina Gas Gas distribution 77 Pertamina Geothermal Energy Electricity 78 PLN Batam Electricity 79 Pos Indonesia Logistics 80 Pos Logistik Logistics 81 Puradelta Lestari Property 2, Semen Batam Cement 83 Siba Surya Logistics Sriboga Raturaya Restaurant 500 total 7,818 Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today) PT Bahana Securities Equity Research Bahana Beacon - The Daily 11

12 Research: Harry Su Senior Associate Director Head of Corporate Strategy & Research Consumer, Strategy ext 3600 Teguh Hartanto Associate Director Deputy Head of Research Banks, Cement, Aviation ext 3610 Leonardo Henry Gavaza, CFA Senior Research Manager Auto, Infrastructure, Telco Toll roads ext 3608 Arandi Ariantara Coal, Metals, Oil & Gas ext 3619 Fakhrul Fulvian Economist ext 3602 Bagus Adi Yoga Prawira Consumer, Media ext 3604 Sanni Satrio Dwi Utomo Industrial Estate, Property ext 3611 Renaldy Effendy Consumer, Healthcare ext 3606 Muhammad Wafi Technical Analyst ext 3609 Yudi Tandi Anugrah Transportation, Shipping ext 3613 Steven Santoso Plantation, Poultry ext 3616 Adeline Solaiman Auto, Telco ext 3620 Mardy Oramahi Alhusnah ext 3621 Amanda Christine Liu Auto, Construction, Telco ext 3605 Nyoman Widita Prabawa Research Associate ext 3622 Sarah Jessica Hutapea Research Associate ext 3693 Gilang Purnama Research Associate ext 3601 Made Ayu Wijayati Research Executive ext 3607 Zefanya Halim CA Manager ext 3612 Novianty Permata Sari CA ext 3618 Dealing Room: (Foreign ) (Domestic ) (Surabaya Branch) Natalia Surjadiputra natalia@bahana.co.id Director of Sales & Client Relationship Management ext 2500 Kartika Sutandi, CFA kartika.sutandi@bahana.co.id Head of Equity Sales ext 2590 Ashish Agrawal ashish@bahana.co.id Vice President Equity Sales ext 2550 / 2553 Yohanes Adhi Handoko yohanes@bahana.co.id Manager, Surabaya Branch ext 7250 Amelia Husada amelia@bahana.co.id Vice President Equity Sales ext 2552 John M. Dasaad dasaad@bahana.co.id Equity Sales ext 2549 Suwardi Widjaja Suwardi@bahana.co.id Equity Sales ext 2548 Bram Taarea bram@bahana.co.id Equity Sales ext 2524 Alvin Gunawan alvin.gunawan@bahana.co.id Equity Sales ext 2591 Ari Santosa ari.santosa@bahana.co.id Sales Trader ext 2554 Hanna Marionda hanna@bahana.co.id Sales Trader ext 2525 Adriana Kosasih adri@bahana.co.id Sales Executive ext 2541 Head Office Surabaya Branch Graha Niaga, 19th Floor Wisma BII, Ground Floor Jl. Jend. Sudirman Kav. 58 Jl. Pemuda Jakarta Surabaya Indonesia Indonesia Tel Tel Fax Fax PT Bahana Securities Equity Research Bahana Beacon - The Daily 12