FOCUS Pakuwon Jati Transfer of Coverage 02 September 2016

Transcription

1 FOCUS XXX Company Update XX XXXXX 2013 Mandiri Sekuritas Analyst Kevin Halim Liliana S Bambang liliana.bambang@mandirisek.co.id Sector : Property BUY Current Price Rp570 Price Target Rp720 (+26.3%) Prev. TP:Rp wk range Rp690 - Rp328 Stock Data Bloomberg Code PWON IJ Mkt.Cap (Rp bn/us$ mn) 27,451 / 2,066 Issued Shares (mn) 48,160 Avg. Daily T/O (Rp bn/us$ mn) 38.9/2.9 Major shareholder Burgami Investment Ltd 20.9% PT Pakuwon Arthaniaga 16.8% Others 62.4% EPS consensus Mansek Cons Diff 2016F F F Share price performance 3m 6m 12m Absolute (%) Relative to JCI (%) (9.3) The Crown Jewel Being the biggest beneficiary of the tax amnesty is a given for PWON, as its portfolio consists of mid-to-high end properties; it also has enough pipeline projects to capture demand pickup. Strong recurring income supports earnings and cash flow to be more stable compared to peers. Maintain Buy with a higher TP of Rp720. Best out of the bunch. With most projects focused on the mid-to-high end market, we think PWON should be the biggest beneficiary of the recent tax amnesty announcement. Projects located in the heart of CBD with ASP >Rp25mn/sqm such as Kota Kasablanka, Tunjungan City, and Pakuwon Indah would be in-demand once repatriated funds enter. On top of it, the Company s strong recurring income will also continue to support earnings and cash flow stability as PWON targets to maintain recurring income contribution to total revenue at 50%. Marketing sales outlook. We expect PWON to record Rp2.7tn of marketing sales in FY16F, 13% lower than Company s target, as it has only managed to record c. Rp1.4tn of marketing sales in 8M16. We think marketing sales achievement should start improving in 4Q16 at the earliest once people have settled their tax amnesty reporting and fund flow starts to come in. Hence, we forecast PWON s FY17F marketing sales to jump to Rp3.5tn (+29% YoY) as the pick-up in demand should be supported by new launchings as well. Plenty on its pipeline. PWON has just softlaunched 2 office towers in Tunjungan City and Kota Kasablanka; while they are also planning to release another apartment in Pakuwon City and Pakuwon Indah by 2H16. The Company still has ample of projects lining up to be launched in Pakuwon City, Pakuwon Indah, and TB Simatupang. We expect these not-yet-launched high rise residential projects to contribute c. Rp8.6tn of marketing sales in the future (if fully sold). On top of that, we are also expecting c. Rp4.3tn of marketing sales from PWON s existing unsold high-rise projects; without taking into account the potential of landed housing and strata office sales. Hence, it is safe to say that PWON s marketing sales are most likely to be secured in the next 2 years. Maintain Buy with a higher TP of Rp720 as we roll forward our assumption to FY17F; representing 40% discount to NAV and 14.2x FY17F PE. We like PWON as it provides the best tax amnesty play with plenty of pipeline projects, while strong recurring income continues to provide stability. The stock is currently trading at 11.3x FY17F PE, representing 53% discount to FY17F NAV. FINANCIAL SUMMARY YE Dec (Rp Bn) 2014A 2015A 2016F 2017F 2018F EBITDA 2,103 2,558 3,168 3,819 4,613 Net Profit 2,515 1,262 1,934 2,435 3,096 Fully-diluted EPS (Rp) Fully-diluted EPS growth (%) (49.8) P/E Ratio (x) EV/EBITDA (x) P/B Ratio (x) Dividend Yield (%) ROAE (%) Source: Company ( ), Mandiri Sekuritas ( ) Please see important disclosure at the back of this report Page 1 of 14

2 PWON - At a Glance FIGURE 1. SALES BREAKDOWN, 2016F FIGURE 2. GROSS PROFIT BREAKDOWN, 2016F Landed residential sales 18% Retail and office rental 39% Landed residential sales 20% Retail and office rental 38% Apartment and office sales 32% Hotel 10% Apartment and office sales 34% Hotel 8% FIGURE 3. MARKETING SALES FORECAST Rp bn 4,500 4,000 3,487 3,500 3,062 3,000 2,705 2,500 3,923 FIGURE 4. MARKETING SALES BREAKDOWN, 2016F Pakuwon Indah 15.9% Kota Kasablanka 23.1% 2,000 1,500 1, Grand Pakuwon 26.4% Tunjungan City 15.2% A 2016F 2017F 2018F Pakuwon City 19.4% Source: Company, Mandiri Sekuritas estimates FIGURE 5. EPS GROWTH TREND FIGURE 6. LEVERAGE TREND % % % % 53% 27% 16-50% 2012A 2013A 2014A 2015A 2016F 2017F 2018F Fully Diluted EPS (LHS) Fully Diluted EPS Growth (RHS) 140% 120% 100% 80% 60% 40% 20% 0% -20% -40% -60% 40% 35% 30% 25% 20% 15% 10% 5% 0% 36% 30% 30% 27 22% 19% % 11 9% A 2013A 2014A 2015F 2016F 2017F 2018F Net gearing (LHS) Interest coverage (RHS) Source: Company, Mandiri Sekuritas estimates Source: Company, Mandiri Sekuritas estimates Please see important disclosure at the back of this report Page 2 of 14

3 Valuation and Forecast Maintain Buy, with TP of Rp720. We continue to like PWON as the company provides the best tax amnesty play with its focus on mid-to-high end projects while it has ample projects on its planned pipeline as well that can cater to the demand pickup once property industry is on the rise again. The availability of landbank around its current estates also means lower infrastructure cost with better buyer awareness. On top of that, PWON s earnings and cash flow are also more stable compared to its peers on the back of its strong recurring income. We maintain our Buy call on PWON with a higher TP of Rp720, representing 40% discount to FY17F NAV and 14.2x to FY17F PE, roughly in-line with its 6 year historical PE of 14x. We increase our TP as we roll forward our NAV and DCF assumption to FY17F; while at the same time the Company also continues to increase its landbank in both existing areas as well as new ones. Key risks to our call include: 1) Weaker than expected demand from tax amnesty; 2)Lower than expected sweet spot price after tax amnesty; 3) Continuing oversupply of office and hospitality industry; 4) Weakening retail market that can affect occupancy rate and rental rates in shopping malls; and last but not least 5) Disappointing report of tax amnesty numbers. Key upsides include: 1) Faster than expected launch of projects on the pipeline; 2) Better than expected marketing sales achievement; and 3) New favorable Government regulations. FIGURE 7. HISTORICAL SHARE PRICE AND DISCOUNT TO NAV 0% 700 Premium (discount) to NAV -10% -20% -30% -40% -50% -60% -70% Discount to forward NAV PWON share price - RHS PWON share price -80% - Source: Bloomberg, Mandiri Sekuritas estimates FIGURE 8. NEW DCF ASSUMPTION FIGURE MONTH FORWARD P/E BAND Risk-free rate 6.5% Risk premium 5.0% Beta 1.5 Cost of equity 14.2% Effective debt rate 10.0% Tax rate 25.0% Cost of debt 7.5% WACC 12.4% Terminal Growth 5% PE (x) Jan-10 Jul-10 Feb-11 Aug-11 Mar-12 Oct-12 PWON Apr-13 Nov-13 May-14 Dec-14 Jul-15 Jan-16 Aug StDev +1 StDev Mean -1 StDev -2 StDev Source: Bloomberg Please see important disclosure at the back of this report Page 3 of 14

4 FIGURE 10. PWON S SOTP VALUATION TABLE PAKUWON JATI (PWON IJ) Net Allotable 2017F Total Value Effective to PWON Attributable Value Net Asset Valuation Area (in ha) Price/Sqm (Rpbn) to PWON (Rpbn) PAKUWON CITY - EAST SURABAYA (Assuming 65% plot ratio) Residential ,625,037 14, % 14,655 Commercial ,117,548 8, % 8,352 Land inventory ,017,088 2, % 2,672 East Coast Retail Mall & Apartment % 121 SUBTOTAL ,800 GRAND PAKUWON - WEST SURABAYA (Assuming 65% plot ratio) Residential ,352,000 5, % 5,368 Commercial ,262,600 3, % 3,102 Land inventory ,025,000 1, % 1,731 SUBTOTAL ,201 MIXED USED SUPERBLOCKS Tunjungan City - Central Surabaya 7, % 7,478 Gandaria City - South Jakarta 4, % 3,914 Kota Kasablanka - South Jakarta 6, % 6,046 Pakuwon Indah - West Surabaya 5, % 3,581 SUBTOTAL 21,020 Royal Plaza Mall - South Surabaya % 312 Blok M Plaza - South Jakarta % 209 Somerset Berlian - South Jakarta % 73 SUBTOTAL 595 SUPERBLOCK LANDBANK FOR EXPANSION (Replacement Cost) Tunjungan City - Central Surabaya ,000, % 380 Gandaria City - South Jakarta ,000, % 383 Kota Kasablanka - South Jakarta ,000,000 1, % 1,100 Pakuwon Indah - West Surabaya ,000, % 60 TB Simatupang Land ,555, % 490 Daan Mogot Land 8.0 8,000, % 640 Bekasi Land , % 9 SUBTOTAL 3,063 TOTAL ESTIMATED ASSET VALUE (Rpbn) 60,678 Add: Cash end FY17F 1,696 Less: Debt end FY17F (4,230) NET ASSET VALUE (Rpbn) 58,144 # of outs shares (bn) 48.2 NAV/Share (Rp/share) 1,207 Discount to NAV 40% Target Price 720 Please see important disclosure at the back of this report Page 4 of 14

5 Slight changes in forecast. We made some slight changes on our forecast as we convey the recent final tax regulation change that saw final tax dropping from 5% to 2.5% starting Sep 16. The adjustment made our net margin assumption increase by 60bps and 70bps for FY16F and FY17F, respectively. We also tone down our operating margin expectation, as we are forecasting a higher opex on the back of 50% YoY jump in opex during FY15. It is worth noting that the impact of final tax change into PWON s margin is not as large as people imagined it would be because c. 50% of PWON s revenue came from recurring income, hence not affected by changes in final tax regulation. We adjust down our marketing sales assumption in FY16F from Rp3.1tn to Rp2.7tn as we think that the tax amnesty effect will only start to kick in by 4Q16 with most people currently busy learning and reporting their tax amnesty to the tax office. In addition, fund inflow to the country is also expected to come in 4Q16 as the Government allows actual repatriation of assets to be performed before Dec 16 without any extra penalties even though the asset has been reported during phase 1 (Jul 16 Sep 16) of the tax amnesty. We think that FY17F will be the actual recovery year for marketing sales, hence we are expecting a 29% YoY growth in FY17F marketing sales for PWON to Rp3.5tn. We continue to like PWON as it has plenty of projects in its pipeline that can capture incoming demand, while its stable recurring income properties will help to provide stability to its margin and cash flow. In addition, we expect PWON s safe and sound sales advance level to continue supporting sustainable future earnings. PWON has hedged most of its forex denominated bonds, hence forex risk should be minimal. FIGURE 11. CHANGES IN FORECAST Old New % Change 2016F 2017F 2016F 2017F 2016F 2017F Marketing Sales 3,140 3,408 2,705 3, % 2.3% Revenue 5,919 6,998 5,744 6, % -2.6% Gross Profit 3,374 4,003 3,270 3, % -2.9% % Margin 57.0% 57.2% 56.9% 57.0% Operating Profit 2,963 3,518 2,768 3, % -6.4% % Margin 50.1% 50.3% 48.2% 48.3% Net Profit 1,958 2,453 1,934 2, % -0.7% % Margin 33.1% 35.1% 33.7% 35.7% Net Gearing 23.8% 12.0% 30.2% 19.4% FIGURE 12. MARKETING SALES BREAKDOWN, 2016F 2017F Rpbn 4,000 3, , , , , , F 2017F 2018F Pakuwon Indah Grand Pakuwon Educity Condominium Pakuwon City Tunjungan City Gandaria City Kota Kasablanka Please see important disclosure at the back of this report Page 5 of 14

6 Best of the Bunch Improving outlook on marketing sales. Our channel check found that inquiries and transactions for PWON s high-end products (i.e. Kota Kasablanka and Tunjungan City) have picked up in the past 2 months since tax amnesty was announced. In addition, the Company has soft-launched 2 office towers in Kota Kasablanka and Tunjungan City, while it is also planning to launch other high rise apartments in Pakuwon City and Pakuwon Indah by 2H16 hoping to boost its marketing sales achievement. As of 8M16 PWON claimed marketing sales have reached c. Rp1.4tn, representing 45% of the Company s target and 52% of our target. The Company claimed that they are confident to reach the Rp3.1tn target this year; however we would like to stay conservative on our Rp2.7tn marketing sales forecast for FY16F as we think that tax amnesty impact to real sector can only be felt during the end of 4Q16, at the earliest. Plenty of potentials. We expect the Company to push its existing projects (i.e. Angelo, Bella, Chianti, One Icon, The Ritz, The Peak, and others) to absorb the incoming investments expected from tax amnesty. Based on our calculation, PWON s potential marketing sales from its still available and existing high-rise residential projects are up to Rp4.3tn in 1H16 (assuming 100% take up rate). Hence, we are optimistic that PWON could record 29% YoY growth in FY17F marketing sales to Rp3.5tn once demand picks up. FIGURE 13. POTENTIAL MARKETING SALES FROM EXISTING PROJECTS AS OF 1H16 Project Name Area Definition Status Potential Marketing Sales (Rpbn)* % to our FY16F Marketing Sales Target The Peak Tunjungan City Mid-to-High end apartments Launched 153 One Icon Tunjungan City Mid-to-High end apartments Launched 659 Angelo Tower Kota Kasablanka Mid-to-High end apartments Launched 531 Bella Tower Kota Kasablanka Mid-to-High end apartments Launched 620 Chianti Tower Kota Kasablanka Mid-to-High end apartments Launched 1,588 The Ritz Pakuwon Indah Mid-to-High end apartments Launched 379 Anderson Pakuwon Indah Mid-to-High end apartments Launched 387 4, % *Assuming 100% take up rate with FY16F ASP Pipeline projects to support future growth. On top of its current projects, PWON still has a lot of ammos under its sleeve; future projects in the pipeline include the high-rise residential projects in Supermal Pakuwon Indah, TB Simatupang, and Pakuwon City. We forecast those high rise projects to contribute around Rp8.6tn to future marketing sales (assuming 100% take-up rate). In addition, PWON still has 2 of the most sought after townships in Surabaya with Pakuwon City (East Surabaya) and Grand Pakuwon (West Surabaya) that keep delivering good marketing sales; while we also have not included the possibility of projects from its Daan Mogot land that might provide additional pipeline potentials. The availability of landbanks around its current projects means that PWON has the ability to expand its development properties with fewer risks as infrastructure cost will be less and demand for the area has been proven. Please see important disclosure at the back of this report Page 6 of 14

7 FIGURE 14. POTENTIAL MARKETING SALES FROM FUTURE PROJECTS Project Name Area Definition Potential Marketing Sales (Rpbn) Tower B Pakuwon Indah Mid-to-High end apartments 710 Tower C Pakuwon Indah Mid-to-High end apartments 780 East Coast Apt Pakuwon City Mid-class apartments Educity Towers Pakuwon City Mid-class apartments 6,681 TB Simatupang (5 apartment towers) Mid-to-High end apartments 2,700 8,632 Recurring income king. On top of its earnings from development properties; PWON is also strong on its recurring income from investment properties. We expect recurring income revenue to post a CAGR growth of 20% in FY15-FY18F. PWON also has a very good track record of delivering high occupancy rates in its shopping malls and office buildings. The Company has 2 new office buildings for lease (Tunjungan City and Kota Kasablanka) and 2 shopping mall extensions (Tunjungan Plaza 6 and Supermal Pakuwon Indah extensions) in its pipeline. Recurring income is one of the major things that we like about PWON, as the Company s earnings will be more stable compared to its peers and hence cash flow is more stable as well. We expect investment properties' margin at 52.6% in FY16F and to keep growing in the future as the Company's new investment properties matured. FIGURE 15. RECURRING INCOME REVENUE & GROSS MARGIN Rpbn 4,500 56% 55% 4,000 55% 3,500 54% 54% 54% 3,000 53% 2,500 53% 2,000 51% 4,042 52% 3,515 1,500 2,849 2,317 51% 1,000 1, % 49% 2014A 2015A 2016F 2017F 2018F FIGURE 16. OCCUPANCY RATES FOR PWON S MALLS, FY16F 110% 99% 97% 99% 100% 95% 97% 92% 89% 91% 90% 80% 70% 60% 50% Revenue Gross Margin Source: Company, Mandiri Sekuritas estimates Please see important disclosure at the back of this report Page 7 of 14

8 Surabaya Visit Jun 16 No hold up in constructions. Our visit to Surabaya in Jun 16 has seen that constructions for PWON s current projects in the province have continued progressing at a good pace; hence we expect revenue recognition to continue smoothly as well. We found that One Icon (at Level 45), The Ritz (at Level 40), Supermal Pakuwon Indah extension, TP6 office tower/mall, Grand Pakuwon clusters, and several of the Company's other projects are on track to be delivered on time. PWON s strong cash flow from its recurring income (on top of pre-sales cash flow) means that it also has enough buffers to support the constructions of its development properties if demand for property weakens. The famous Pakuwon name continues to deliver. The Pakuwon brand name is proven to be one of the main deciding factors for potential buyers. According to several property agents, Pakuwon s name is highly sought after by buyers in Surabaya, as the Company has good track record of providing good products with decent infrastructures that are delivered as promised. PWON has limited competitors in the province, as most of its competitors are more focused on volume rather than brand equity. This can be reflected in its Grand Pakuwon township project in West Surabaya that is able to charge a premium price compared to its competitors in the area. FIGURE 17. ONE ICON & TP6 OFFICE/MALL FIGURE 18. THE RITZ & SUPERMAL PAKUWON INDAH EXT. Experience in developing crowd pulling properties. The other thing that we note during our trip to Surabaya was that PWON has the experience and ability to create crowd pulling properties (i.e. education, groceries, restaurants, etc.) inside its development properties that will be able to improve living standards. One particular example is the Food Junction in Grand Pakuwon that is able to perform as a crowd puller for the township project that is located around warehousing areas. Due to its success, PWON is considering to expand the Food Junction area to attract even more traffic into the Grand Pakuwon township. Please see important disclosure at the back of this report Page 8 of 14

9 FIGURE 19. FOOD JUNCTION IN GRAND PAKUWON FIGURE 20. ATTRACTIONS AT FOOD JUNCTION Strong demand despite a hold-up in execution. Based on discussion with local property agents, demand in Surabaya has continued to be resilient despite hold-ups in execution. There have been a lot of offers coming in from potential buyers for both the landed and high-rise residential properties in Surabaya; however buyers are holding their purchase on negotiation stage as they are wary in regards to tax issues. The property agents are positive that tax amnesty will bring positive impacts to real estate sales, as buyers will be less wary on tax purposes once tax amnesty is in place. In addition to that we also found that the sweet spot for property in Surabaya is around >Rp1.5bn/unit, showing that Surabaya market s purchasing power is still strong. Please see important disclosure at the back of this report Page 9 of 14

10 FIGURE 21. GRAND PAKUWON TOWNSHIP IN WEST SURABAYA CONSTRUCTION PROGRESS (FEB 15 AND JUN 16) FEB 15: JUN 16: FIGURE 22. FOOD JUNCTION IN GRAND PAKUWON Please see important disclosure at the back of this report Page 10 of 14

11 FIGURE 23. SUPERMAL PAKUWON INDAH PHASE 3 OPEN TO PUBLIC BY NOV 16 FIGURE 24. NEW 4 STARS HOTEL IN TUNJUNGAN CITY FOUR POINTS BY SHERATON. RATE PER NIGHT STARTS AT RP600K/NIGHT FIGURE 25. THE PEAK APARTMENT IN TUNJUNGAN CITY (TP5) ASP AT RP30MN/SQM Please see important disclosure at the back of this report Page 11 of 14

12 FIGURE 26. PAKUWON CITY TOWNSHIP IN EAST SURABAYA Please see important disclosure at the back of this report Page 12 of 14

13 Pakuwon Jati Profit & Loss YE Dec (Rp Bn) 2014A 2015A 2016F 2017F 2018F Revenue 3,872 4,625 5,744 6,815 8,152 Gross Profit 2,158 2,669 3,270 3,886 4,722 Oper. Profit 1,889 2,265 2,768 3,291 4,010 EBITDA 2,103 2,558 3,168 3,819 4,613 Net Interest (77) (74) (149) (107) 9 Interest Expense (293) (251) (287) (237) (169) Interest Income Forex Losses/Gains (40) (277) Net Other 1,086 (172) (93) (93) (93) Pre-Tax Profit 2,859 1,741 2,526 3,091 3,925 Income Tax (260) (341) (412) (434) (514) Others Minority Interests (84) (139) (181) (222) (316) Net Profit 2,515 1,262 1,934 2,435 3,096 Profit & Loss YE Dec (Rp Bn) 2014A 2015A 2016F 2017F 2018F Operating Profit 1,889 2,265 2,768 3,291 4,010 Net Interest (77) (74) (149) (107) 9 Depr & Amort Other expenses/income 98 (172) (93) (93) (93) Other Gain / Loss 905 (139) (181) (222) (316) Tax (260) (341) (412) (434) (514) Chg in Working Capital (51) (129) (1,400) Other Oper. Cash Flow Oper. Cash Flow 2,719 1, ,201 3,822 Capital Expenditure (4,958) (1,517) (1,627) (1,978) (2,255) FCF (OPCF after Capex) (2,240) 186 (694) 1,223 1,567 Other Investing CF (931) (882) (181) (74) (78) CF From Investing (5,890) (2,399) (1,808) (2,052) (2,333) Net Chg in Debts 2, (773) (292) Equity Funds Raised (9) Dividend (217) (217) (290) (445) (560) Other Financing CF 1, CF From Financing 3, (1,218) (852) Non-Recur. Inc (Exp) (40) (277) Extraord. Inc(Exp) Net Change in Cash 682 (738) (306) (69) 637 Cash at beginning 2,126 2,809 2,071 1,765 1,696 Cash at End 2,808 2,071 1,765 1,696 2,334 Cash Flow YE Dec 2014A 2015A 2016F 2017F 2018F PER (x) EV/EBITDA (x) P/BV (x) P/CF (x) Dividend Yield (%) Valuation YE Dec (Rp Bn) 2014A 2015A 2016F 2017F 2018F Cash & ST Investment 2,809 2,071 1,765 1,696 2,334 Acct. Receivable Inventory 1,672 2,254 2,627 2,994 3,103 Others ,024 1,213 1,432 Current Assets 5,507 5,409 5,748 6,299 7,341 Investments Fixed Assets 9,120 10,344 11,571 13,021 14,673 Others 2,122 3,007 3,188 3,263 3,341 Total Assets 16,771 18,778 20,526 22,601 25,373 Curr. Liabilities 3,913 4,424 3,669 4,526 5,055 Acct. Payable ST Borrowings Others 3,265 3,689 3,418 4,230 4,707 Long-Term Liabilities Long-Term Payable 4,108 4,396 5,120 4,230 3,810 Others Total Liabilities 8,494 9,323 9,426 9,510 9,747 Shareholder s Equity 8,277 9,455 11,100 13,090 15,626 Balance Sheet YE Dec 2014A 2015A 2016F 2017F 2018F Growth (% YoY) Sales EBIT EBITDA Net Profit (49.8) Profitability (%) Gross Profit Margin Oper. Margin EBITDA Margin Net Margin ROAA ROAE Leverage Net Debt / Equity (%) EBITDA/Gross Int. (x) Per Share Data (Rp) EPS CFPS BVPS DPS Source: Company, Mandiri Sekuritas estimates Please see important disclosure at the back of this report Page 13 of 14

14 Mandiri Sekuritas A subsidiary of PT Bank Mandiri (Persero) Tbk Plaza Mandiri 28 th Floor, Jl. Jend. Gatot Subroto Kav , Jakarta 12190, Indonesia General: , Fax : (Equity Sales) RESEARCH John Rachmat Head of Equity Research, Strategy john.rachmat@mandirisek.co.id Tjandra Lienandjaja Banking tjandra.lienandjaja@mandirisek.co.id Liliana S Bambang Property, Building Material liliana.bambang@mandirisek.co.id Adrian Joezer Consumer adrian.joezer@mandirisek.co.id Ariyanto Kurniawan Telecom, Coal, Metal, Automotive ariyanto.kurniawan@mandirisek.co.id Bob Setiadi Construction, Toll Road bob.setiadi@mandirisek.co.id Francis Lim Health Care, Hospital francis.lim@mandirisek.co.id Yudha Gautama Mining, Plantation yudha.gautama@mandirisek.co.id Kevin Halim Media, Property, Industrial Estate kevin.halim@mandirisek.co.id Laura Taslim Retail laura.taslim@mandirisek.co.id Priscilla Thany Banking priscilla.thany@mandirisek.co.id Ferdy Wan Research Assistant ferdy.wan@mandirisek.co.id Lakshmi Rowter Research Assistant lakshmi.rowter@mandirisek.co.id Gerry Harlan Research Assistant gerry.harlan@mandirisek.co.id Leo Putera Rinaldy Economist leo.rinaldy@mandirisek.co.id Wisnu Trihatmojo Research Assistant wisnu.trihatmojo@mandirisek.co.id INSTITUTIONAL SALES Lokman Lie Co-Head Institutional Equities lokman.lie@mandirisek.co.id Silva Halim Co-Head Institutional Equities silva.halim@mandirisek.co.id Aditya Sastrawinata Institutional Sales aditya.sastrawinata@mandirisek.co.id Andrew Handaya Institutional Sales andrew.handaya@mandirisek.co.id Cindy Amelia P. Kalangie Institutional Sales cindy.amelia@mandirisek.co.id Feliciana Ramonda Institutional Sales feliciana.ramonda@mandirisek.co.id Mirna Santikara Salim Institutional Sales santikara.salim@mandirisek.co.id Oos Rosadi Institutional Sales oos.rosadi@mandirisek.co.id Zahra Aldila Niode Institutional Sales zahra.niode@mandirisek.co.id Kusnadi Widjaja Equity Dealing kusnadi.widjaja@mandirisek.co.id Edwin Pradana Setiadi Equity Dealing edwin.setiadi@mandirisek.co.id Jane Theodoven Sukardi Equity Dealing jane.sukardi@mandirisek.co.id Michael Taarea Equity Dealing michael.taarea@mandirisek.co.id RETAIL SALES Andreas M. Gunawidjaja Head Retail Equities andreas@mandirisek.co.id Boy Triyono Plaza Mandiri boy.triyono@mandirisek.co.id A. A. Damargumilang Pondok Indah Office Tower damar.gumilang@mandirisek.co.id Herianto Pondok Indah Prioritas herianto@mandirisek.co.id Hendra Riady Mangga Dua hendra.riady@mandirisek.co.id Indra Mas'ari Bandung indra.mas ari@mandirisek.co.id Yogiswara P. Yogyakarta yogiswara.perdana@mandirisek.co.id Widodo Solo widodo@mandirisek.co.id Linawati Surabaya Linawati@mandirisek.co.id Bambang Suwanto Malang bambang.suwanto@mandirisek.co.id Ruwie Medan ruwie@mandirisek.co.id Aidil Idham Palembang aidil.idham@mandirisek.co.id Yuri Ariadi Pontianak yuri.ariadi@mandirisek.co.id INVESTMENT RATINGS: Indicators of expected total return (price appreciation plus dividend yield) within the 12-month period from the date of the last INVESTMENT RATINGS: Indicators of expected total return (price appreciation plus dividend yield) within the 12-month period from the date of the last published report, are: Buy (10% or higher), Neutral (-10% to10%) and Sell (-10% or lower). published report, are: Buy (10% or higher), Neutral (-10% to10%) and Sell (-10% or lower). DISCLAIMER: This report is issued by PT. Mandiri Sekuritas, a member of the Indonesia Stock Exchanges (IDX) and Mandiri Sekuritas is registered and DISCLAIMER: This report is issued by PT. Mandiri Sekuritas, member of the Indonesia Stock Exchanges (IDX) and Mandiri Sekuritas is registered and supervised by the Financial Services Authority (OJK). Although the contents of this document may represent the opinion of PT. Mandiri Sekuritas, deriving its supervised by the Financial Services Authority (OJK). Although the contents of this document may represent the opinion of PT. Mandiri Sekuritas, deriving its judgement from materials and sources believed to be reliable, PT. Mandiri Sekuritas or any other company in the Mandiri Group cannot guarantee its judgement from materials and sources believed to be reliable, PT. Mandiri Sekuritas or any other company in the Mandiri Group cannot guarantee its accuracy and completeness. PT. Mandiri Sekuritas or any other company in the Mandiri Group may be involved in transactions contrary to any opinion herein accuracy and completeness. PT. Mandiri Sekuritas or any other company in the Mandiri Group may be involved in transactions contrary to any opinion herein to make markets, or have positions in the securities recommended herein. PT. Mandiri Sekuritas or any other company in the Mandiri Group may seek or will to make markets, or have positions in the securities recommended herein. PT. Mandiri Sekuritas or any other company in the Mandiri Group may seek or will seek investment banking or other business relationships with the companies in this report. For further information please contact our number seek investment banking or other business relationships with the companies in this report. For further information please contact our number or fax or fax ANALYSTS CERTIFICATION: Each contributor to this report hereby certifies that all the views expressed accurately reflect his or her views about the ANALYSTS CERTIFICATION: Each contributor to this report hereby certifies that all the views expressed accurately reflect his or her views about the companies, securities and all pertinent variables. It is also certified that the views and recommendations contained in this report are not and will not be companies, securities and all pertinent variables. It is also certified that the views and recommendations contained in this report are not and will not be influenced by any part or all of his or her compensation. influenced by any part or all of his or her compensation.