November 26, DIVA (IPO) Digital business converter and accelerator

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1 Investment Information To subscribe to our Daily Focus, please contact us at Market Index Last Trade Chg (%) MoM YoY JCI MSCI Indonesia MSCI EM HANG SENG 25, KOSPI 2, FTSE 6, DJIA 24, NASDAQ 6, 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 14, USD/KRW 1, USD/JPY USD/CNY Commodities Last Trade Chg (%) MoM YoY WTI Gold 1, Coal Palm Oil 1, Rubber Nickel 10, Copper 6, Tin 18, DIVA (IPO) Digital business converter and accelerator DIVA is a B2B2C digital company that can solve customer problems by building a platform on which customers can do various tasks, such as charging telecommunications pulses, paying monthly bills, and buying package trips. These services will continue to grow depending on demand and partnerships. Contact with customers is done through DVIA s Smart Outlet and Intelligent Instant Messaging on WhatsApp and other instant messaging applications to ensure optimal coverage at an efficient cost. Business activities and prospects As a dealer for telecommunication products, DIVA is also developing a sales platform tailored to the needs of MSME business players and their customers, namely DIVA s Smart Outlet and Intelligent Instant Messaging. - DIVA s Smart Outlet can be simplified integrating, for instance, inventory systems, cashier functions, and sales tools in one machine that is compact, economical, safe, and easy to carry.a service advantage of 3%. - DIVA s Intelligent Instant Messaging (IM)DIVA s Intelligent IM has the ability to help MSMEs determine sold products, pricing strategies, and sales predictions based on historical data parameters, customer habits (shopping profiles), and other parameters supported by artificial intelligence (AI) algorithms. Financial statement DIVA recorded assets of IDR230.60bn as of May 2018, up 57.35% from end (IDR146.55bn). DIVA's 5M18 revenue was IDR432.27bn, down 52.4% from 5M17 (IDR910bn). Gross profit came in at IDR21.13bn in 5M18, up 45% from 5M17 (IDR14.55bn) Business risks The main risk concerns technology, while material business risks that can affect the company's business and financial results both directly and indirectly include labor, business competition, suppliers, and investment. More general risks to policies are, among others, permits, demands or lawsuits as well as policies and economic conditions. Smart oulets and intelligent messaging JCI Index VS MSCI Emerging Markets (pt) JCI MSCI EM (pt) 7,000 1,550 6,500 1,300 6,000 1,050 5, , /17 06/17 11/17 04/18 09/18 Source: Company data,

2 Local flash PTRO: Petrosea's net profit jumped % in the third quarter of The company recorded profit for the period which was attributable to the parent entity amounting to USD million, up % from the third quarter 2017 net income of USD 7.79 million. "The achievement of operational performance is obtained through increasing productivity, optimizing the use of assets, developing various continuous improvement initiatives, and supported conducive weather conditions in the third quarter of 2018," said PTRO President Director, Hanifa Indradjaya. 95% of PT Kuala Pelabuhan Indonesia's shares in June. The company expects this acquisition to increase the company's revenue and further strengthen PTRO's position in the engineering industry with business activities in the area of operations, transportation and port contractors that specifically support the business activities of PT Freeporot Indonesia in Amamapare, Papua. (Kontan) ENRG: Energi Mega Persada (ENRG) will issue 15 billion new shares. PT Energi Mega Persada Tbk (ENRG) has not set prices for the issuance of new shares or rights issues. The plan, Energi will issue as many as 15 billion new shares in a maximum period of time until September Edoardus A Finance Director Windoe revealed, the rights issue plan has received the blessing of shareholders at the General Meeting of Shareholders (GMS) last September. (Kontan) WIKA: Wijaya Karya (WIKA) has released 82% of the fast train lines. PT Wijaya Karya Tbk (WIKA) has released 82% of the land for the China Indonesia Fast Train (KCIC) project that connects Jakarta-Bandung. WIKA's President Director Tumiyana explained, the land that had been released could now be used to accelerate the KCIC project. At the end of the year, WIKA targets physical development to reach up to 5%. Currently, KCIC's physical development progress is only 3.7%. (Kontan) TCID: Mandom expects a modest increase in sales ahead of the end of the year. The end of the year accompanied by holidays is believed to be growing consumption in the community. But not for cosmetics and personal care producers like PT Mandom Indonesia Tbk (TCID). Alia Dewi, Corporate Secretary of TCID, assessed that the surge in demand was not too high ahead of Christmas and New Year this time. "It seems that consumers focus more on leisure expenses for holidays such as traveling and more. Rather than hoping in the peak season this time, Mandom is more positive that purchasing power can be tightened by holding general elections. TCID is optimistic that the cosmetics sector will gain significant profits next year. the growth of purchasing power. "The hope is this, because usually more money is circulated so consumers are expected to have more money to spend (Kontan) POOL: Pool Advista Finance still holds consumer loan interest rates. Bank Indonesia (BI) will again raise the 7-Day Reverse Repo Rate (7DRRR) to keep the rupiah exchange rate stable against the US dollar. This month BI again raised its benchmark interest rate to continue to maintain the stability of the rupiah exchange rate against the US dollar to 6%. With the increase in interest rates, financing issuers, Advista Finance POOL claimed not to be affected. (Kontan) RALS: Collaboration with e-wallet will boost Ramayana (RALS) revenue in Q4. PT Ramayana Lestari Sentosa Tbk (RALS) multiplies the non-cash payment channels at its outlets, in addition to accepting payments using credit and debit cards, the company also cooperates with the e-wallet Dana platform as a payment tool in all of its outlets. Setyadi Surya, Corporate Secretary of RALS said that collaboration with Dana in the 11:11 event then recorded satisfactory results. This has the potential to boost RALS revenue in the fourth quarter (Kontan) 2

3 Technical analysis Tasrul Jakarta Composite Index (JCI) Consolidation Summary Item Data Item Data Close (Nov 23, 2018) (+0.521%)Trading range 5,968 6,027 Average index performance (%) 3.75 Target Period Daily 6,027 r-squared Weekly 6,054 Volatility (+/-, %) +0.47/ Monthly 6,088 Volatility (+/-, point) / Stop loss 5,892 ource: Research Figure 1. Daily, Long term trend Uptrend ^JKSE [ ^JKSE ] - Daily - 11/23/2018 Open: 5,998 High: 6,017 Low: 5,972 Close: 6,006 Vol. 6,333,997,568 Prev. Av g. Price: 5,998.5 R-Squared: Period: 798 Std.Dev : 1.32 Volatility (+) : Volatility (-) : V-Ratio : 0.94 Chg.: 0.26% 7, , , , , , , , , , , , , , Optimization Trading System ^JKSE - Volume = 6,333,997,568.00, EMA(Volume,11) = 6,490,372, ,490,372,608 6,333,997,568 Dec 2018 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Source: Research 3

4 Figure 2. Daily, Long term trend, MFI optimized & RSI optimized ^JKSE - MFI Smoothed = ^JKSE - RSI Smoothed = ^JKSE [ ^JKSE ] - Daily - 11/23/2018 Open: 5,998 High: 6,017 Low: 5,972 Close: 6,006 Vol. 6,333,997,568 Prev. Av g. Price: 5,998.5 R-Squared: ,600 Period: 798 Std.Dev : ,400 Volatility (+) : Volatility (-) : ,200 V-Ratio : , Chg.: 0.26% 6, , ,000 5, , ,800 Optimization Trading System ,600 ^JKSE - Volume = 6,333,997,568.00, MA(Volume,11) = 6,511,586, ,511,586,304 6,333,997,568 Nov Dec 2018 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Source: Research 4

5 Figure 3. Weekly Trend Uptrend, MFI optimized & Stochastic %D optimized ^JKSE - MFI Smoothed = ^JKSE - RSI Smoothed = ^JKSE - Stochastic %D = 65.62, MA = ^JKSE [ ^JKSE ] - Weekly - 11/23/2018 Open: 6,028 High: 6,037 Low: 5,908 Close: 6,006 Vol. 26,253,019,136 Prev. Av g. Price: 5,983.7 R-Squared: Period: 170 Std.Dev : 1.34 Volatility (+) : Volatility (-) : V-Ratio : 0.97 Chg.: -0.10% Optimization Trading System ^JKSE - Volume = 26,253,019,136.00, EMA(Volume,33) = 31,312,218, , , , , ,000 6, ,500 6,000 5, ,500 5,000 4,500 4,000 31,312,218,112 26,253,019,136 Oct 2016 Apr Jul Oct 2017 Apr Jul Oct 2018 Apr Jul Oct Source: Research Figure 4. Daily : 5,968 6,027 Figure 5. Weekly : 5,899 6,054 Figure 6. Monthly : 5,757 6,088 ^JKSE [ ^JKSE ] - Daily - 11/23/2018 Open: Prev. Av g. Price: 5,998.5 x ^JKSE [ ^JKSE ] - Weekly - 11/23/2018 Open: Prev. Av g. Price: 5,983.7 x x` ^JKSE [ ^JKSE ] - Monthly - 11/23/2018 Open: Prev. Av g. Price: 5,937.5 R-Squared: R-Squared: R-Squared: Period: 798 Period: 170 Period: 40 Std.Dev : 1.32 Std.Dev : 1.34 Std.Dev : 1.34 Volatility (+) : Volatility (-) : Volatility (+) : Volatility (-) : ,053.9 Volatility (+) : Volatility (-) : V-Ratio : 0.94 V-Ratio : 0.83 V-Ratio : 0.83 Chg.: 0.26% 6,026.9 Chg.: -0.10% Chg.: 2.99% 5, , , , , , ,756.6 ^JKSE - Volume = 6,333,997, ^JKSE - Volume = 26,253,019, ^JKSE - Volume = 102,134,792, ,333,997,568 26,253,019, ,134,792, Sep Oct Nov Apr 2018 Oct Source: Research Source: Research Source: Research 5

6 Chart 7. JCI Vs. USD/IDR Chart 8. JCI performance (absolute vs. relative) (pt) JCI (L) USD/IDR (R) 6,600 (IDR) 15,400 (%, %p) 16 Absolute Relative ,200 5,800 15,000 14,600 14, ,400 8/27 9/24 10/22 11/19 13, D 1W 1M 1Y Source: Bloomberg, Note: Relative to MSCI EM Index Source: Bloomberg, Chart 9. Foreigner s net purchase (EM) (USDmn) Note: The latest figure for India are Nov 20 th, 2018 Source: Bloomberg, 1 Day 5 Days Korea Taiwan Indonesia Thailand Philippines India -124 Chart 10. Energy price (D-3M=) 120 CPO WTI Coal /27 9/24 10/22 11/19 Source: Bloomberg, Chart 11. Non-ferrous metal price (D-3M=) Copper Nickel Tin /18 09/18 10/18 11/18 Source: Bloomberg, Chart 12. Precious metal price (D-3M=) Silver Gold Platinum /18 09/18 10/18 11/18 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 6,006 6,818, FINANCIALS Bank Central Asia BBCA 25, 618, Bank Mandiri Persero BMRI 7, , Bank Rakyat Indonesia Persero BBRI 3, , Bank Negara Indonesia Persero BBNI 8, , Bank Tabungan Negara Persero BBTN 2,530 26, CONSUMER HM Sampoerna HMSP 3, , Gudang Garam GGRM 80, , Indofood CBP Sukses Makmur ICBP 8, , Indofood Sukses Makmur INDF 6,250 54, Kalbe Farma KLBF 1,565 73, Unilever Indonesia UNVR 42, , AGRICULTURAL Astra Agro Lestari AALI 11,000 21, PP London Sumatera Indonesia LSIP 1,120 7, Sawit Sumbermas Sarana SSMS 1,205 11, INFRASTRUCTURE XL Axiata EXCL 2,220 23, Jasa Marga JSMR 3,990 28, Perusahaan Gas Negara PGAS 1,975 47, Tower Bersama Infrastructure TBIG 3,970 17, Telekomunikasi Indonesia TLKM 3, , Soechi Lines SOCI N/A N/A N/A N/A N/A N/A Garuda Indonesia GIAA 212 5, N/A N/A BASIC-INDUSTRIES Semen Indonesia SMGR 11,525 68, Charoen Pokphand Indonesia CPIN 5,450 89, Indocement Tunggal Prakarsa INTP 20,325 74, Japfa Comfeed Indonesia JPFA 1,915 22, MINING Indo Tambangraya Megah ITMG 20,025 22, Adaro Energy ADRO 1,295 41, Aneka Tambang ANTM , Vale Indonesia INCO 2,890 28, Tambang Batubara Bukit Asam PTBA 4,310 49, TRADE United Tractors UNTR 31, , AKR Corporindo AKRA 3,980 15, Global Mediacom BMTR 324 4, N/A N/A N/A N/A N/A N/A Matahari Department Store LPPF 4,460 13, Media Nusantara Citra MNCN , Matahari Putra Prima MPPA 176 1, N/A N/A N/A N/A N/A N/A Surya Citra Media SCMA 1,845 26, Siloam International Hospital SILO 2,790 4, PROPERTY Bumi Serpong Damai BSDE 1,310 25, Adhi Karya ADHI 1,425 5, Alam Sutera Relaty ASRI 316 6, Ciputra Development CTRA , Lippo Karawaci LPKR 274 6, Pembangunan Perumahan PTPP 1,645 10, Pakuwon Jati PWON , Summarecon Agung SMRA , Wijaya Karya WIKA 1,375 12, Waskita Karya WSKT 1,625 22, 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, RMBA IJ , Mining 1, INKP IJ , Basic-Industry DUTI IJ , Miscellaneous Industry 1, BSSR IJ , Consumer Goods 2, LSIP IJ , Property & Construction TKIM IJ , Infrastructure 1, ABMM IJ , Finance 1, LPPF IJ , Trade AALI IJ 10 21, Composite 0.3 CPIN IJ , Source: Bloomberg Top 5 leading movers Top 5 lagging movers Name Chg (%) Close Name Chg (%) Close HMSP IJ 2.3 3,520 BBRI IJ ,480 UNVR IJ ,150 SMMA IJ ,500 INKP IJ ,300 SMGR IJ ,525 CPIN IJ 3.3 5,450 ASII IJ ,400 RMBA IJ PWON IJ Source: Bloomberg Economic Calendar Time Currency Detail Forecast Previous 4:00am EUR German Ifo Business Climate :30am GBP High Street Lending 38.9K 38.5K 9:00am CNY CB Leading Index m/m 1.2% 9:00am EUR ECB President Draghi Speaks 1:30pm GBP BOE Gov Carney Speaks 4:45pm NZD Trade Balance -850M -1560M 6:50pm JPY SPPI y/y 1.2% 1.2% 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