January 15, Seasonal JCI trends. Table 1. JCI QoQ trends: Up in 1Q for the past six years (%)

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1 Darmawan Halim To subscribe to our Daily Focus, please contact us at Market Index Last Trade Chg (%) MoM YoY JCI 6, MSCI Indonesia MSCI EM 1, HANG SENG 31, KOSPI 2, FTSE 7, DJIA 25, NASDAQ 7, Valuation 2018F P/E (x) P/B (x) ROE (%) JCI Key Rates Last Trade Chg (bps) MoM YoY BI 7-Day RR yr yr FX Last Trade Chg (%) MoM YoY USD/IDR 13, USD/KRW 1, USD/JPY USD/CNY Commodities Last Trade Chg (%) MoM YoY WTI Gold 1, Coal Palm Oil 2, Rubber Nickel 12, Copper 7, Tin 20, JCI Index VS MSCI Emerging Markets (pt) 6,500 6,000 5,500 5,000 JCI MSCI EM 4,500 12/16 03/17 06/17 09/17 12/17 (pt) 1,250 1, Seasonal JCI trends Is there such thing as a January effect? Market increases occurring at the beginning of the year have often been attributed to a January effect, supposedly due to rebalancing in December and/or reinvestment of year-end bonuses. Based on our observation, during the period (18 years), the JCI rose 11 times in January, translating to a 61% probability. Despite the relatively high percentage, however, we cannot really conclude that a January effect exists. After all, six other months February, March, April, June, July, and December have more frequently been associated with market increases during the period (occurrence probability ranging from 67% to 94%). Window dressing in December? The JCI has risen in December for 17 consecutive years (since 2001) i.e., in 94% of our 18 observations. We attribute this to portfolio managers window dressing activities during the holiday season, when market performance can more easily be pushed around due to typically lighter transaction volume. Sell in August While sell in May is a more popular seasonal trend, we do not see evidence of this happening in Indonesia; in 11 out of the 18 years (61%) from 2000 to 2017, the JCI was actually up in May. On the other hand, Indonesia appears to have a sell in August seasonal trend, given that the JCI was down in August in 11 out of the 18 years (61%), making it the worst month of the year. We think this may result from portfolio rebalancing after summer holidays in the US and Europe. JCI has risen during the first quarter for six consecutive years Meanwhile, the JCI was up in the first quarter for the past six years and, in particular, has increased in the month of March for the past nine years. We think this is mainly due to the anticipation of good earnings results, as the deadline for companies to release full-year financial statements is in March. All in all, please note that this trend mapping is just one way to gauge market direction using historical performance data, and should not be used as a chief deciding factor in making investment decisions. Table 1. JCI QoQ trends: Up in 1Q for the past six years (%) Q1 Q2 Q3 Q (4.0) (2.5) (10.4) (1.0) (11.0) (14.0) (1.3) Source: Bloomberg, Mirae Asset Sekuritas (pt) JCI MSCI EM (pt) 1,100 5, ,500

2 Local flash IGAR: Champion Pacific sets conservative plastic business targets in Plastic packaging manufacturers such as PT Champion Pacific Indonesia Tbk (IGAR) have not set a high level of business in Because, in 2017 and then, business growth is predicted slightly down compared to the previous year. In 2016, said Antonius Muhartoyo, President Director of PT Champion Pacific Tbk, the growth of packaging business (packaging) grows extraordinary. Unfortunately, in 2017 that period can not happen again. But Antonius remains optimistic the market of this business is still growing in the year "If the prospect I see remains good," he said on Sunday (14/1). (Kontan) AGII: AGII consider refinancing debt through PUB. PT Aneka Gas Industries Tbk (AGII) is considering plans for debt refinancing this year. The reason is, this issuer still has a sustainable public offering space (PUB) in the form of bond issuance and sukuk ijara. Rachmat Harsono, Vice President Director of AGII stated that it is possible that AGII will issue bonds and sukuk ijarah again. "Possibly (issuing) There are still outstanding PUB I," Rachmat said this week. (Kontan) GOLD: This year Telecommunication Vision targets cellular macro towers. PT Visi Telekomunikasi Infrastruktur Tbk (GOLD) through its subsidiary PT Permata Karya Perdana (PKP) this year will build a Macro Cellular tower. Previously, PKP was a specialist in the development of micro cellular towers. Gilang Pramono Seto, President Director of PT Permata Karya Perdana, said that this year, the company is getting orders to manufacture 300 units of new towers. (Kontan) CSIS: Cahayasakti Investindo pocket construction project IDR 130 billion. PT Cahayasakti Investindo Sukses Tbk earlier this year has pocketed a construction project worth IDR 130 billion. Novita, Corporate Secretary of Cahayasakti Investindo, said the projects include the construction of a 2.3 hectare (ha) Pine Garden landed house, infrastructure development and a 1.5 ha warehouse development in Sukabumi. Not only that, this year the company also plans to do the exploitation of land which is estimated to reach 2 ha. (Kontan) ACST: Actual viewfinder of new contract of IDR 10 trillion in PT Acset Indonusa Tbk (ACST) is quite optimistic in facing It is reflected from the new contract target set by this company in 2018 which amounted to IDR 10 trillion. The target of this new contract ACST grew 33.3% compared to last year's target of IDR 7.5 trillion. The realization of the contract of this new construction company in 2017 is able to exceed the target by posting IDR 7.8 trillion. That way, the target in 2018 grew 28.2% compared to last year's achievement. (Kontan) PTPP: 2018 revenue shoot reaches IDR 28 trillion. PT Pembangunan Perumahan Tbk (PTPP) is targeting 2018 revenues of IDR 28 trillion. This target is 12% higher than last year's target of IDR 25 trillion. The state-owned company is optimistic that it will reach its projected target, including a targeted net profit of IDR 1.7 trillion. "It's still being audited, but the principle is achieved a little more," said PTPP President Director Tumiyana, in Jakarta, Wednesday (10/1). (Kontan) 2

3 Summary Technical analysis Tasrul Jakarta Composite Index (JCI) Test Resistance at 6,404 Item Data Item Data Close (Jan 12, 2018) 6,370.1 (-0.255%)Trading range 6,356-6,404 Average index performance (%) Target Period Daily 6,404 r-squared Weekly 6,458 Volatility (+/-, %) / Monthly 6,514 Volatility (+/-, point) / Stop loss 6,351 Source: Research Figure 1. Daily trend Uptrend ^JKSE [ ^JKSE ] - Daily - 1/12/2018 Open: 6,391 High: 6,409 Low: 6,360 Close: 6,370 Vol. 8,947,328,000 Prev. Av g. Price: 6,379.7 R-Squared: Period: 281 Std.Dev : 1.95 Volatility (+) : Volatility (-) : V-Ratio : 1.00 Chg.: % 6, , , , , , , , , Optimization Trading System ^JKSE - Volume = 8,947,328,000.00, EMA(Volume,10) = 7,653,560, Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2018 Source: Research 8,947,328,000 7,653,560,832 3

4 Figure 2. Daily MFI optimized,rsi optimized, Stochastic %D optimized & Bollinger Band optimized ^JKSE - MFI Smoothed = ^JKSE - RSI Smoothed = ^JKSE - Stochastic %D = 66.75, MA = ^JKSE - Daily 1/11/2018 Open , Hi , Lo , Close (0.2%) BBTop(Av erage,9,1.95) = 6,423.73, BBBot(Av erage,9,1.95) = 6,263.50, SMA 6, , ^JKSE [ ^JKSE ] - Daily - 1/11/2018 Open: 6,375 High: 6,386 Low: 6,344 Close: 6,386 Chg. 0.2% Vol. 11,810,767,872 Prev. Av g. Price: 6,372.2 R-Squared: Period: 280 Std.: 1.95 Volatility (+) : Volatility (-) : V-Ratio : 1.06 Optimization Trading System Powered by AMTA 6, , , , ^JKSE - Volume = 11,810,767,872.00, EMA(Volume,9) = 7,507,444, ,810,767,872 7,507,444,224 Aug Sep Oct Nov Dec 2018 Source: Research 4

5 Figure 3. Weekly Trend Uptrend, MFI optimized,w%r optimized, Stochastic %D & Bollinger Band optimized ^JKSE - MFI Smoothed = ^JKSE - Will%R Smoothed = ^JKSE - Stochastic %D = 81.59, MA = ^JKSE - Weekly 1/12/2018 Open , Hi , Lo , Close (0.3%) BBTop(Av erage,8,1.98) = 6,454.53, BBBot(Av erage,8,1.98) = 5,884.33, SMA 6, ^JKSE [ ^JKSE ] - Weekly - 1/12/2018 Open: 6,354 High: 6,412 Low: 6,344 Close: 6,370 Vol. 41,486,143,488 Prev. Av g. Price: 6,375.4 R-Squared: Period: 124 Std.Dev : 1.98 Volatility (+) : Volatility (-) : V-Ratio : 1.16 Chg.: Optimization 0.26% Trading System ^JKSE - Volume = 41,486,143,488.00, EMA(Volume,8) = 29,206,319, , , , , , ,486,143,488 29,206,319, Apr Jul Oct 2017 Apr Jul Oct 2018 Source: Research Figure 4. Daily : 6,356 6,404 Figure 5. Weekly : 6,305-6,458 Figure 6. Monthly : 6,192 6,514 ^JKSE [ ^JKSE ] - Daily - 1/12/2018 Open: 6,391 Prev. Av g. Price: 6,379.7 ^JKSE [ ^JKSE ] - Weekly - 1/12/2018 Open: Prev. Av g. Price: 6,375.4 x ^JKSE [ ^JKSE ] - Monthly - 1/12/2018 Open: Prev. Av g. Price: 6,345.6 x R-Squared: R-Squared: R-Squared: Period: 281 Period: 124 Period: 30 Std.Dev : 1.95 Std.Dev : 1.98 Std.Dev : 2.05 Volatility (+) : Volatility (-) : Volatility (+) : ,457.7 Volatility (-) : Volatility (+) : ,514.3 Volatility (-) : V-Ratio : 1.00 V-Ratio : 1.16 V-Ratio : 1.10 Chg.: -0.25% Chg.: 0.257% Chg.: 0.227% 6, , , , , , ,355.5 ^JKSE - Volume = 8,947,328, ^JKSE - Volume = 41,486,143, ,486,143,488 ^JKSE - Volume = 65,082,085, ,947,328, Dec 2018 Apr Jul Oct ,082,085,376 Source: Research Source: Research Source: Research 5

6 Chart 7. JCI Vs. USD/IDR (pt) JCI (L) USD/IDR (R) 6,500 6,400 6,300 6,200 6,100 6,000 5,900 5,800 5,700 5,600 10/16 11/13 12/11 1/8 Source: Bloomberg, (IDR) 13,800 13,700 13,600 13,500 13,400 13,300 13,200 13,100 Chart 8. JCI performance (absolute vs. relative) (%, %p) Note: Relative to MSCI EM Index Source: Bloomberg, 4.1 Absolute -3.9 Relative D 1W 1M 1Y Chart 9. Foreigner s net purchase (EM) Chart 10. Energy price (USDmn) Note: The latest figure for India are January 11 th, 2018 Source: Bloomberg, 74 1 Day 5 Days Korea Taiwan Indonesia Thailand Philippines India 88 (D-3M=100) 125 CPO WTI Coal /16 11/13 12/11 1/8 Source: Bloomberg, Chart 11. Non-ferrous metal price Chart 12. Precious metal price (D-3M=100) Copper Nickel Tin (D-3M=100) Silver Gold Platinum 80 10/17 11/17 12/17 01/18 Source: Bloomberg, 85 10/16 11/13 12/11 1/8 Source: Bloomberg, 6

7 Table. Key valuation metrics Company Name Ticker Price Market Cap Price Performance (%) P/E(X)* P/B(X)* ROE(%)* (IDR) (IDRbn) 1D 1W 1M 1Y FY18 FY19 FY18 FY19 FY18 FY19 Jakarta Composite Index JCI 6,370 7,115, FINANCIALS Bank Central Asia BBCA 22, , Bank Mandiri Persero BMRI 8, , Bank Rakyat Indonesia Persero BBRI 3, , Bank Negara Indonesia Persero BBNI 9, , Bank Tabungan Negara Persero BBTN 3,630 38, CONSUMER HM Sampoerna HMSP 4, , Gudang Garam GGRM 83, , Indofood CBP Sukses Makmur ICBP 8, , Indofood Sukses Makmur INDF 7,850 68, Kalbe Farma KLBF 1,695 79, Unilever Indonesia UNVR 54, , AGRICULTURAL Astra Agro Lestari AALI 13,325 25, PP London Sumatera Indonesia LSIP 1,390 9, Sawit Sumbermas Sarana SSMS 1,425 13, INFRASTRUCTURE XL Axiata EXCL 3,200 34, Jasa Marga JSMR 6,225 45, Perusahaan Gas Negara PGAS 1,780 43, Tower Bersama Infrastructure TBIG 6,150 27, Telekomunikasi Indonesia TLKM 4, , Soechi Lines SOCI 250 1, N/A N/A Garuda Indonesia GIAA 302 7, BASIC-INDUSTRIES Semen Indonesia SMGR 10,575 62, Charoen Pokphand Indonesia CPIN 3,210 52, Indocement Tunggal Prakarsa INTP 22,700 83, Japfa Comfeed Indonesia JPFA 1,360 15, MINING Indo Tambangraya Megah ITMG 23,750 26, Adaro Energy ADRO 2,230 71, Aneka Tambang ANTM , Vale Indonesia INCO 3,180 31, Tambang Batubara Bukit Asam PTBA 2,890 33, TRADE United Tractors UNTR 37, , AKR Corporindo AKRA 6,275 25, Global Mediacom BMTR 630 8, N/A N/A N/A N/A N/A N/A Matahari Department Store LPPF 10,625 31, Media Nusantara Citra MNCN 1,350 19, Matahari Putra Prima MPPA 430 2, N/A Surya Citra Media SCMA 2,370 34, Siloam International Hospital SILO 8,975 14, PROPERTY Bumi Serpong Damai BSDE 1,685 32, Adhi Karya ADHI 2,030 7, Alam Sutera Realty ASRI 378 7, Ciputra Development CTRA 1,175 21, Lippo Karawaci LPKR , Pembangunan Perumahan PTPP 2,960 18, Pakuwon Jati PWON , Summarecon Agung SMRA 1,020 14, Wijaya Karya WIKA 1,780 15, Waskita Karya WSKT 2,560 34, MISCELLANEOUS Astra International ASII 8, , Source: Bloomberg, *Note: Valuation metrics based on Bloomberg consensus estimates 7

8 Sector performance Top 10 market cap performance Name Index Chg (%) Ticker Price Market Cap (IDRbn) Chg (%) Agricultural 1, TINS IJ 885 6, Mining 1, TRAM IJ , Basic-Industry SUPR IJ , Miscellaneous Industry 1, BSSR IJ , Consumer Goods 2, MAPI IJ , Property & Construction PTBA IJ , Infrastructure 1, BTEK IJ 132 6, Finance 1, INKP IJ , Trade ADMF IJ , Composite 6, ANTM IJ , Source: Bloomberg Top 5 leading movers Top 5 lagging movers Name Chg (%) Close Name Chg (%) Close HMSP IJ 1.2 4,920 BBCA IJ ,425 ADRO IJ 2.3 2,230 TLKM IJ ,130 ICBP IJ 1.4 8,850 ASII IJ ,175 BDMN IJ 2.2 7,050 KLBF IJ ,695 BMRI IJ 0.3 8,100 CASA IJ Source: Bloomberg Economic Calendar Time Currency Detail Forecast Previous 4:45am NZD FPI m/m -0.4% 6:50am JPY M2 Money Stock y/y 4.0% 7:00am AUD MI Inflation Gauge m/m 0.2% 5:00pm EUR Trade Balance 19.0B All Day USD Bank Holiday Tentative USD IBD/TIPP Economic Optimism Note: Time is based on Indonesian local time Source: Forex Factory Disclaimers This report is prepared strictly for private circulation only to clients of PT. It is purposed only to person having professional experience in matters relating to investments. The information contained in this report has been taken from sources which we deem reliable. No warranty (express or implied) is made to the accuracy or completeness of the information. All opinions and estimates included in this report constitute our judgments as of this date, without regards to its fairness, and are subject to change without notice. However, none of 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, 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 Mirae Asset Sekuritas Indonesia, 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. This document is not an offer to sell or a solicitation to buy any securities. This firms and its affiliates and their officers and employees may have a position, make markets, act as principal or engage in transaction in securities or related investments of any company mentioned herein, may perform services for or solicit business from any company mentioned herein, and may have acted upon or used any of the recommendations herein before they have been provided to you. PT