DAILY UPDATE October 29, 2018

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1 DAILY UPDATE October 29, 2018 MACROECONOMIC NEWS US Jobs - The number of Americans filing applications for new unemployment benefits rose during the first full week workers affected by Hurricane Michael could seek jobless assistance. Initial jobless claims, proxy for layoffs, increased by 5,000 to a seasonally adjusted 215,000 in the week ended Oct. 20. US Economy - A stark pickup in US government spending, particularly in defense, has helped fuel a broad acceleration in U.S. economic growth in the past year and a half. The U.S. economy has expanded at a 2.9% annual rate since April of That growth rate is faster than the 2.2% annual growth rate between mid-2009, when the expansion started, and April The Commerce Department reported that the U.S. economy grew 3.5% in the third quarter, beating forecaster estimates of 3.4%, but moderating from the large prior quarter reading. Second-quarter growth held at 4.2%. Consumer spending, which accounts for more than two-thirds of economic activity, surged by 4% in the third quarter, the fastest since the fourth quarter of The gov also said PCE index, a key measure of inflation, increased by 1.6 percent last quarter. US Economy - American households became slightly less confident about the economy in late October, but their overall outlook remained elevated despite rising financial and political uncertainty. The University of Michigan on Friday said its consumer sentiment index was 98.6 in Oct, down from an initial 99.0 reading published earlier this month. Consumers view of current conditions and expectations for the future darkened in Oct. Stock market volatility, rising interest rates & harsh political climate are some of the driving factors. Households appear to believe the economy will continue to churn out jobs like it has in recent years, despite sluggish wage growth. The unemployment rate fell to the lowest level since 1969 in September, while average hourly earnings rose 2.8% from a year earlier. China Economy - Profit growth in Chinese industrial enterprises slowed for a fifth month. Industrial profits rose 4.1% in September from a year earlier, versus a 9.2% increase in August. Total profits for the month were billion yuan (USD 78.6 billion), the National Bureau of Statistics said. The offshore yuan s three-month risk reversal, a gauge reflecting traders bearishness on the currency in the options market, surged to the highest level since January Equity Markets Currency Commodities Last Price Chg %Chg Oil NYMEX Oil Brent Coal Newcastle 108 Nickel Tin Gold CPO Rott CPO Malay Indo Gov. Bond Yields Last Closing Closing % Change Dow Jones NASDAQ S&P MSCI excl. Jap Nikkei Shanghai Comp Hang Seng STI JCI Indo ETF (IDX) Indo ETF (EIDO) Last Trade US$ - IDR US$ - Yen Euro - US$ US$ - SG$ 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 UNTR PT United Tractors reported 9M18 results: UNTR (IDR bn) 9M17 9M18 YoY Q Q QoQ Revenue 46,258 61, % 19,934 22, % Gross Profit 10,439 15, % 4,809 5, % Operating Profit 7,970 12, % 3,914 4, % Pretax Earnings 7,871 12, % 4,141 4, % Net Income 5,638 9, % 2,948 3, % EPS (IDR) 1,512 2, % % Gross Profit Margin 22.6% 24.7% 2.1% 24.1% 26.2% 2.1% Operating Profit Margin 17.2% 20.2% 3.0% 19.6% 22.0% 2.4% Net Profit Margin 12.2% 14.8% 2.7% 14.8% 16.2% 1.4% AUTO PT Astra Otoparts reported 9M18 results: AUTO (IDR bn) 9M17 9M18 YoY Q Q QoQ Revenue 9,975 11, % 3,580 4, % Gross Profit 1,266 1, % % Operating Profit % JV Income (net of tax) % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 12.7% 11.9% -0.8% 10.1% 12.3% 2.3% Operating Profit Margin 2.0% 2.1% 0.1% -0.3% 3.0% 3.3% Net Profit Margin 3.7% 3.6% -0.1% 1.7% 5.1% 3.4% HMSP PT HM Sampoerna announced its 9M2018 results: HMSP (IDR bn) 9m m 2018 YoY Q Q Q YoY QoQ Revenue 72,294 77, % 25,704 26,021 28, % 9.1% Gross Profit 17,591 18, % 6,195 5,933 6, % 15.9% Operating Profit 11,849 12, % 4,210 3,765 4, % 21.4% Pretax Earnings 12,393 12, % 4,376 4,086 4, % 16.8% Net Income 9,338 9, % 3,288 3,080 3, % 16.1% EPS (IDR) % % 11.1% Gross Profit Margin 24.3% 23.6% -0.7% 24.1% 22.8% 24.2% 0.1% 1.4% Operating Profit Margin 16.4% 15.6% -0.8% 16.4% 14.5% 16.1% -0.3% 1.6% Net Profit Margin 12.9% 12.5% -0.4% 12.8% 11.8% 12.6% -0.2% 0.8% SRIL PT Sri Rejeki Isman reported 9M18 results: SRIL (USD mn) 9M M 2018 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS % % Gross Profit Margin 21.5% 18.3% -3.2% 17.9% 18.9% 1.0% Operating Profit Margin 17.2% 13.4% -3.8% 13.3% 13.1% -0.2% Net Profit Margin 8.2% 9.2% 1.0% 5.4% 6.4% 1.0%

3 CORPORATE NEWS cont d ACST PT Acset Indonusa announced its 9M2018 results: ACST (IDR bn) 9m m 2018 YoY Q Q Q YoY QoQ Revenue 1,945 2, % , % 16.1% Gross Profit % % 9.9% Operating Profit % % 13.2% Pretax Earnings % % -45.3% Net Income % % -48.4% EPS (IDR) % % -49.0% Gross Profit Margin 16.4% 19.3% 2.9% 16.1% 19.7% 18.6% 2.5% -1.1% Operating Profit Margin 11.1% 14.3% 3.2% 4.5% 14.9% 14.6% 10.0% -0.4% Net Profit Margin 5.7% 3.3% -2.4% 5.1% 3.7% 1.7% -3.5% -2.1% BIRD PT Bluebird announced its 9M2018 results: BIRD (IDR bn) 9m m 2018 YoY Q Q Q YoY QoQ Revenue 3,131 3, % 1, , % 13.9% Gross Profit % % 28.4% Operating Profit % % 57.6% Pretax Earnings % % 58.9% Net Income % % 57.6% EPS (IDR) % % 52.6% Gross Profit Margin 27.2% 27.4% 0.1% 26.7% 25.9% 29.3% 2.6% 3.3% Operating Profit Margin 13.3% 13.1% -0.2% 12.8% 11.2% 15.5% 2.7% 4.3% Net Profit Margin 9.6% 10.8% 1.1% 10.4% 9.2% 12.7% 2.3% 3.5% PWON PT Pakuwon Jati announced its 9M2018 results: PWON (IDR bn) 9m m 2018 YoY Q Q Q YoY QoQ Revenue 4,394 5, % 1,443 1,730 1, % 7.0% Gross Profit 2,507 3, % 836 1,018 1, % 8.9% Operating Profit 2,136 2, % % 8.8% Pretax Earnings 1,559 2, % % 12.6% Net Income 1,422 1, % % 14.9% EPS (IDR) % % 15.0% Gross Profit Margin 57.1% 58.6% 1.6% 57.9% 58.9% 59.9% 1.9% 1.0% Operating Profit Margin 48.6% 50.9% 2.3% 48.8% 51.1% 51.9% 3.1% 0.9% Net Profit Margin 32.4% 34.1% 1.7% 36.1% 32.7% 35.2% -0.9% 2.4% AALI PT Astra Agro Lestari announced its 9M2018 results: AALI (IDR Bn) 9M2017 9M2018 YoY Q Q Q YoY QoQ Revenue 12,493 13, % 3,947 4,575 4, % 3.6% Gross Profit 2,904 2, % % 9.6% Operating Profit 2,077 1, % % 10.2% Pretax Earnings 1,977 1, % % -6.1% Net Income 1,374 1, % % -20.6% EPS (IDR) % % -20.6% Gross Profit Margin 23.2% 19.2% -4.0% 21.4% 19.8% 20.9% -0.4% 1.1% Operating Profit Margin 16.6% 12.9% -3.8% 14.1% 13.6% 14.4% 0.3% 0.9% Net Profit Margin 11.0% 8.2% -2.8% 8.9% 9.4% 7.2% -1.7% -2.2%

4 CORPORATE NEWS cont d TCPI PT Transcoal Pacific acquires PT Kanz Gemilang Utama (KGU). The transaction amounts to IDR 240 billion. MCAS PT Distribusi Voucher Nusantara, subsidiary of PT M Cash Integrasi, seeks IDR 600 billion 800 billion proceed from its plan to IPO. SCMA PT Surya Citra Media plans to conduct shares buyback of maximum 1.46 billion shares (10% of paid up capital). WEGE PT Wijaya Karya Bangunan Gedung has built and developed Hotel de Braga in Bandung with investment value amounting to IDR 103 billion. Further, WEGE plans to develop modular products for site offices, houses and for high-rise buildings. SIDO PT Industri Jamu dan Farmasi Sido Muncul will distribute IDR 15 per share interim cash dividend. The cum dividend date is on 1 November KRAS PT Krakatau Steel reports increasing hot rolled coil sales volume by +26.6% YoY to 913 thousand tonnes and increasing steel rod products sales volume by % YoY to thousand tonnes up to 9M18. SGRO PT Sampoerna Agro announced its 9M2018 results: SGRO (IDR Bn) 9M2017 9M2018 YoY Q Q Q YoY QoQ Revenue 2,540 2, % % 43.0% Gross Profit % % 71.1% Operating Profit % % 120.8% Pretax Earnings % % 13.1% Net Income % % 9.9% EPS (IDR) % % 9.9% Gross Profit Margin 27.6% 26.3% -1.2% 25.7% 24.7% 29.5% 3.8% 4.8% Operating Profit Margin 18.3% 15.5% -2.8% 18.2% 13.5% 20.9% 2.7% 7.4% Net Profit Margin 8.0% 7.4% -0.6% 6.0% 11.0% 8.4% 2.5% -2.5% Increasing sales volume offset decreasing average selling price

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