Equity Research 17 January 2017

Transcription

1 INVESTOR DIGEST Economic Data Latest 2017F 7-DRRR (%), eop Inflation (YoY %) US$ 1 = Rp, period avg 13,368 13,450 HIGHLIGHT Closing 2016 with Enlarged Surplus Market Recap Jan 16 th 2016; JCI: 5, (-0.06%); USD/IDR: 13,368; Total Value: Rp5.14tn Stock Market Data (16 Jan 2017) JCI Index 5, % Trading T/O ( Rp bn ) 4,288.0 Market Cap ( Rp tn ) 5, ,929.8 Market Data Summary* EBITDA growth (%) EPS growth (%) EV/EBITDA (x) P/E (x) P/BV (x) Div. Yield (%) Earnings Yield (%) Net Gearing (%) ROE (%) * Aggregate of 80 companies in MS research universe, representing 68.6% of JCI s market capitalization ECONOMY Closing 2016 with Enlarged Surplus Trade surplus enlarged. Dec16 trade surplus increased US$158mn to US$992mn and came broadly in line with consensus expectation. Hence, 2016 recorded a straight 12 months of surpluses, the longest since Aug10-Mar12. Both export and import growths decelerated to 15.6% YoY and 5.8% YoY from 21.4% YoY and 10.0% YoY in Nov16, respectively. In general volume for both measures dropped but price upside provided some compensation. In FY16, the trade surplus accumulates to US$8.8bn, up 14.5% from FY15, while export and import each contracted 4.0% YoY and 5.0% YoY. Price backboned export. Continued and sizeable commodity price gain backboned export more than overseas demand. Particularly, export price growth went up to 10.3% YoY and otherwise for volume to 4.8% YoY (vs. 12.8% YoY). Contributing most to the annual growth of export were rubber (1.1ppt) and iron & steel (1.0ppt) (exhibit 2). China contributed a whooping 5.3ppt to the annual export growth, eclipsing even the second biggest which was Netherlands (2.1ppt). And import, too. Slowing import coincided with deteriorating frequent indicators such as government capital spending (-21.1% YoY from -9.31% YoY) and manufacturing PMI (49.0 from 49.7). Similarly to export, price outpaced import volume growth, each at 13.6% YoY (vs. 6.5% YoY) and -6.9% YoY (vs. 3.3% YoY). Major import contributors to yoy changes in the month were precious stone (1.8ppt), electrical machinery (0.7ppt), and meat (0.8ppt) (exhibit 2). Raw materials made up the bulk of import (4.3ppt) (6.0% YoY) while capital items, as reflected by capital spending, remained lackluster (-0.1ppt) (-0.8% YoY) in a no sign of strong investment. Set for a healthier CAD and solid BoP in 4Q16. Dec16 s excess paved fourth quarter trade surplus of US$3.1bn, 42.6% larger than seen in 3Q16 and nearly sevenfold of 4Q15 s. Hence, we continue expecting narrower CAD to GDP of 1.7% in the period (FY16F: -2.0%). Furthermore, the whole 4Q16 balance of payment, due in Feb17, is set to print large surplus provided US$3.5bn government global bond issuance in Dec16 and tax amnesty offshore asset repatriation. Both will be recorded on the financial account balance. Temporary data for realized repatriation as of 31 Dec16 is approximately Rp112.2tn Page 1 of 8

2 (US$8.4bn), most of which was likely cash and cash equivalent. Facing 2017, we are looking at a slightly wider CAD to GDP of -2.2% provided crawling up economic growth to 5.1% (FY16F: 5.0%). All said, we believe that Bank Indonesia would keep existing 4.75% benchmark rate throughout 2017 especially considering rupiah volatility from capital & financial account balance in addition to rising inflationary pressure and its expectation. TRADE SUMMARY Nov-16 Dec-16 MS Forecast Market Consensus Actual Exports (% YoY) Imports (% YoY) Trade balance (US$ mn) Sources: Bloomberg, Mandiri Sekuritas Estimate Leo Rinaldy( ) Wisnu Trihatmojo ( ) leo.rinaldy@mandirisek.co.id wisnu.trihatmojo@mandirisek.co.id TAX AMNESTY Page 2 of 8

3 MARKET Market Recap Jan 16 th 2016; JCI: 5, (-0.06%); USD/IDR: 13,368; Total Value: Rp5.14tn Since the beginning of the year, Indo market always performed better in the opening than in closing auction. Heavyweight consumer names including HMSP (close +1.3%) and UNVR (close +0.1%) usually acted as the point determination for the JCI. And since the past week, both second and third liners were more active than the big caps, notably BNLI. The share price of BNLI extended its gain by 15.5% to close at 745 after local newspaper Kontan reported that Mayapada Group has been buying shares of BNLI since Nov16 and considering to negotiate with Standard Chartered to buy its stake in the bank. The rest of the market stayed lukewarm and trading pace was quieter after the announcement of in line trade balance data (surplus of US$992mn). In the end, the JCI closed around flat negative at 5270 level. Turnover fell 16% d/d to US$314mn (excluding US$7.5mn DILD; US$6mn MYRX; US$5mn SRIL; US$3.7mn ASMI crossing). Foreign posted a net sell of Rp162.4bn (US$12.15mn) and foreign participants at 30% came up better seller for 4%. Losers beat gainers by slim margin of 11 to 10. TOP TURNOVER: BBRI BMRI BNLI BBCA TLKM INCO UNVR BBNI ASII ANTM LPPF WSBP WIKA PTPP HMSP PGAS LSIP ICBP (35%) ADVANCING SECTOR: consumer+0.5%; mining+0.2%; plantation & telco+0.1% DECLINING SECTOR: auto-1.3%; property-0.6%; cement-0.5%; construction & financial-0.3%; The yield of 10-year government went down to 7.5% (-1.56%) and Rupiah depreciated to Rp13,368 (-0.29%). Sales Team FROM THE PRESS Bankers are confident loan growth will be in the double digit range Based on BI s survey, bankers are confident that loan growth will be in the double digit range in The survey shows that bankers expect loan growth of approximately 13.1% this year, higher than 2016 s projected loan growth of 9%. Bankers expect loan growth to recover post 1Q17, meanwhile bankers expect deposit growth to increase since 1Q17. (Kontan) Energy and Mineral Resource Ministry to soon implement gross split scheme for oil & gas production contract The government expects that the gross split scheme would encourage companies to use a more efficient cost formula. For the initial phase, the government would receive pre-tax portion of 70% and 65% for oil and gas development respectively. The new scheme would be implemented for Offshore North West Java (ONWJ) contract which is managed by Pertamina Hulu Energi. (Bisnis Indonesia) Foreign debt decelerated to US$316.0bn in Nov16 Indonesia s foreign debt decelerated to US$316.0bn (3.6% yoy) in Nov16 from US$323.2bn (6.5% yoy) in Oct16 as both public and private foreign debts slowed down. Public and private foreign debts in Nov16 stood at US$154.5bn (12.1% yoy vs. 17.0% yoy in Oct16) and US$161.5bn (-3.4% yoy vs. -2.0% yoy in Oct16), respectively. (Investor Daily) Government emphasize its plan to reduce gas price for ceramic and glass industries This is part of the government s effort to cut gas to USD6/mmbtu for 8 main industries. Previously, the government has been able to cut gas price for 8 state-owned companies in petrochemical, fertilizer and steel industry. (Investor Daily) Mansek comment: In 9M16, both industries are accounted to 15% (ceramic: 10.4%, glass: 4.6%) of total gas distribution of Perusahaan Gas Negara (PGAS). Page 3 of 8

4 Japan to disburse US$1.7bn loan in Jun 17 The disbursement date went slightly off the initial projected schedule of May 17 as revisions on national spatial planning and territory documents have not been finalized yet. In addition, Japan will still require Indonesia to complete environmental impact analysis (EIA) before loan disbursement for the Patimban project. (Investor Daily) Portion of MSME loans to be 15% in 2017 In 2017, banks are required to increase their portion of MSME loans to 15% of their total loan portfolio and to 20% by (Kontan) Astratel Nusantara expressed their interest in acquiring Cipali toll road Subsidiary of Astra International (ASII) is reportedly interested in acquiring stakes in Lintas Marga Sedaya (LMS), operator of Cikopo and Palimanan toll road from Surya Semesta Internusa (SSIA). However, further talk over stake in LMS between Astratel and SSIA has not started yet. (Investor Daily) Bank Dinar and Bank Andara to merge The listed Bank Dinar will become the surviving entity post the merger. Prior to the merger, Bank Dinar will acquire Bank Andara post the extraordinary general shareholders meeting, scheduled for 6 February Both banks are under Bank BUKU IV, with core capital of <Rp1tr each. Post the merger, they will become BUKU III with core capital of between Rp1-5tr. (Investor Daily). Bank Permata (BNLI s) shareholders to maintain ownership In response to Mayapada Group s purchase of BNLI s shares, Standard Chartered Bank, one of BNLI s main shareholders, has stated that they will maintain their portion of ownership in BNLI. BNLI s Independent Commissioner Tony A. Prasetiantono states that BNLI has not received any information regarding Standard Chartered Bank s plans to sell their stake in BNLI, he also states that Standard Chartered Bank has committed to keep their ownership in BNLI. (Bisnis Indonesia) Bank Tabungan Negara (BBTN) to prioritize digital banking This year BBTN will prioritize its digital banking transformation in order to support its core business, the One Million Housing Program. BBTN hopes that this strategy will help them improve accelerate and improve their customer service. (Investor Daily) KFC to open 30 new stores this year Most of the stores will be in stand-alone format. Besides this, they will open 20 KFC Box and renovating 45 old stores. Budgeted capex for this year is Rp350bn. KFC will focus on expanding their distribution channel, increase the transportation fleet, and renovate old stores. (Kontan) Mayora Indah (MYOR) to issue Rp500bn bonds Proceeds would be used to pay up Sukuk Mudharabah II (Rp250bn) that is due in May 17, while the rest is for MYOR s working capital. (Bisnis Indonesia) Toyota Astra Manufacturing (TAM) introduced Innova Venturer and New Corolla Altis The 4W manufacturer introduced a flagship variant of Toyota Innova and a facelift variant of Toyota Corolla Altis, namely Toyota Innova Venturer and New Corolla Altis on January 16 th, Innova Venturer would be available in 2.0L (Gasoline, A/T, M/T) and 2.4L (Diesel, A/T, M/T) engines, media source stated that there would be no material changes in the new model, other than safety and entertainment features & exterior and interior designs. Media source stated that Innova Venturer would be priced from Rp386.3mn to Rp445.6mn, while New Corolla Altis would be priced between Rp422.1mn-Rp456.6mn. (Bisnis Indonesia, Kompas) Page 4 of 8

5 Indices Currencies and ADRs Major Commodities Last Chg (%) YTD Chg (%) Currency Last Chg (%) YTD Chg (%) Last Chg (%) YTD Chg (%) JCI 5, Rp/US$ 13, Oil spot (US$/bl) Dow Jones 19, US$/EUR Nickel spot (US$/mt) 10, Nikkei 19, YEN/US$ Gold spot (US$/oz) 1, SET 1, SGD/US$ Tin 3-month (US$/mt) 21, Hang Seng 22, CPO futures (Ringgit/ton) 3, STI 3, ADR Stocks Soybean oil (US$/100gallons) S&P 500 2, TLK in Rp 9, Rubber forward (US /kg) Coal (US$/ton) Ishares indo Baltic Dry Index Property Valuation JCI Code Rec. Market Cap (Rp bn) Share price Target Price Discount to NAV RNAV per share (Rp) Premium (discount) to replacement cost Replacement cost per share (Rp) PE (x) ROE 17F 18F 17F 18F BSDE Buy 33,297 1,730 2,570-63% 4,673 12% 1, % 10.5% PWON Buy 28, % 1,207 42% % 25.5% SMRA Neutral 18,680 1,295 1,575-67% 3,933 90% % 17.2% CTRA Buy 18,958 1,250 1,600-59% 3,073 60% % 14.0% JRPT Buy 12, ,300-73% 3,242 26% % 18.7% ASRI Neutral 7, % 1,161 63% % 5.3% LPCK Buy 3,550 5,100 10,000-79% 24,683 9% 4, % 11.9% MDLN Buy 4, % 1,165 14% % 7.9% CTRS Buy 5,363 2,710 4,000-80% 13,390-33% 4, % 12.2% Simple Average -68% % 13.7% Industrial Estate Valuation JCI Code Rec. Market Cap (Rp bn) Share price Target Price Discount to NAV RNAV per share (Rp) Premium (discount) to replacement cost Replacement cost per share (Rp) PE (x) ROE 17F 18F 17F 18F DMAS Buy 10, % % % 11.8% BEST Buy 2, % % % 9.9% SSIA Neutral 2, % 1,701-40% % 10.3% LPCK Buy 3,550 5,100 10,000-79% 24,683 9% 4, % 11.9% MDLN Buy 4, % 1,165 14% % 7.9% Simple Average -71% % 10.4% Page 5 of 8

6 Equity Valuation Price Price % of Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield Code Rating (Rp) Target PT (Rp Bn) MANSEK universe 5,270 5,550 3,991, , , % 13.7% % 2.0% Banking 930,426 81,172 95, % 17.5% N.A. N.A % 2.0% BBCA Neutral 15,175 15,150 (0.2) 374,140 21,729 24, % 11.2% N.A. N.A % 1.3% BBNI Buy 5,475 6, ,101 12,995 15, % 17.9% N.A. N.A % 3.8% BBRI Buy 11,900 13, ,563 28,258 34, % 22.2% N.A. N.A % 2.4% BBTN Buy 1,880 2, ,909 2,843 3, % 18.6% N.A. N.A % 2.9% BDMN Neutral 3,680 3,575 (2.9) 35,271 4,060 4, % 13.2% N.A. N.A % 2.0% BJBR Sell 2,480 1,600 (35.5) 24,047 1,780 1, % 10.5% N.A. N.A % 3.0% BJTM Neutral (9.1) 9,025 1,107 1, % 12.2% N.A. N.A % 7.6% BNGA Buy 875 1, ,990 3,290 3, % 21.2% N.A. N.A % 0.0% BNLI Buy (7.4) 16, ,434 N/M 75.7% N.A. N.A % 0.5% BTPN Neutral 2,580 2, ,068 1,730 1, % 10.5% N.A. N.A % 0.0% PNBN Buy 775 1, ,668 2,565 2, % 11.8% N.A. N.A % 0.0% Building Materials 116,993 6,356 7, % 10.9% % 1.8% INTP Neutral 14,900 14,400 (3.4) 54,850 3,252 3, % 10.4% % 1.9% SMCB Sell (11.1) 6, % 14.2% % 0.0% SMGR Neutral 8,700 8,600 (1.1) 51,604 3,207 3, % 8.4% % 1.9% ARNA Buy , % 18.2% % 2.3% Constructions 112,978 6,339 7, % 15.2% % 1.3% ADHI Neutral 2,170 2,020 (6.9) 7, % 35.2% % 1.3% PTPP Buy 3,580 4, ,196 1,323 1, % 22.7% % 1.2% WIKA Buy 2,510 3, ,490 1,239 1, % 11.9% % 1.1% WSKT Buy 2,630 3, ,192 1,842 2, % 10.2% % 1.2% WTON Buy 825 1, , % 13.8% % 1.4% WSBP Buy , % 7.8% % 1.6% TOTL Buy 810 1, , % 14.1% % 5.1% Toll road 30,701 1,805 1, % 4.6% % 1.8% JSMR Buy 4,230 5, ,701 1,805 1, % 4.6% % 1.8% Rice Mill 6, % 27.9% % 0.7% AISA U/R 2,000 U/R U/R 6, % 27.9% % 0.7% Consumer 1,103,375 37,839 41, % 10.8% % 1.1% ICBP Neutral 8,450 9, ,543 3,904 4, % 14.0% % 1.8% INDF Buy 7,800 11, ,499 4,221 4, % 11.5% % 3.2% MYOR Neutral 1,755 1,550 (11.7) 39,240 1,443 1, % 19.7% % 1.5% ULTJ U/R 4,420 U/R U/R 12, % 10.2% n/a 0.5% 0.6% UNVR Neutral 39,625 41, ,339 7,274 8, % 11.1% % -2.4% GGRM Buy 63,200 75, ,602 7,272 7, % 8.9% % 1.6% HMSP Neutral 3,950 3,850 (2.5) 459,456 12,996 14, % 9.7% % 2.8% WIIM U/R 442 U/R U/R 928 n/a n/a 0.0% 0.0% n/a n/a n/a n/a n/a n/a 0.0% 0.0% Healthcare 87,310 3,779 4, % 11.9% % 2.5% KLBF U/R 1,505 U/R U/R 70,547 2,569 2, % 11.2% % 2.0% SIDO Buy , % 15.0% % 5.2% TSPC U/R 1,925 U/R U/R 8, % 12.4% % 3.7% Hospital 49, , % 21.7% % 0.7% MIKA Buy 2,470 3, , % 16.1% % 1.0% SILO Neutral 11,875 10,820 (8.9) 13, % 49.4% % 0.0% Retail 89,177 4,846 5, % 17.9% % 3.5% ACES Neutral , % 15.3% % 2.4% ERAA U/R 615 U/R U/R 1, % 25.2% n/a n/a 5.7% 6.8% LPPF Buy 14,925 19, ,550 2,355 2, % 17.0% % 4.9% MAPI Buy 5,200 6, , % 35.5% % 0.6% MPPA Neutral 1,400 1, , % 25.1% % 1.1% RALS Neutral 1,245 1,180 (5.2) 8, % 6.5% % 3.1% TELE U/R 840 U/R U/R 5, % 14.2% % 2.2% Automotive 326,396 18,303 19, % 6.0% % 2.5% Page 6 of 8

7 Price Price % of Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield Code Rating (Rp) Target PT (Rp Bn) ASII Neutral 7,975 8, ,856 18,054 18, % 4.5% % 2.5% IMAS U/R 1,280 U/R U/R 3, % 267.7% % 0.2% Heavy Equipment 82,997 5,799 5, % -0.3% % 2.2% HEXA* U/R 3,110 U/R U/R 2, % 0.0% % 4.2% UNTR Neutral 21,550 21,000 (2.6) 80,384 5,623 5, % -0.4% % 2.1% Plantation 46,817 3,099 3, % 14.0% % 2.3% AALI Buy 16,625 16,500 (0.7) 31,998 2,008 2, % 14.0% % 2.2% LSIP Buy 1,645 1, , % 7.5% % 2.8% SGRO U/R 1,905 U/R U/R 3, % 31.4% % 2.1% Property 136,485 11,477 12, % 9.8% % 0.8% APLN U/R 224 U/R U/R 4, % -12.6% % 2.8% ASRI Neutral , % -46.1% % 1.5% BSDE Buy 1,730 2, ,297 2,648 2, % -6.4% % 1.0% CTRA Buy 1,250 1, ,958 1,429 1, % 11.4% % -1.5% CTRS Buy 2,710 4, , % -3.1% % 2.2% JRPT Buy 875 1, ,031 1,074 1, % 9.4% % 0.9% LPCK Buy 5,100 10, , % -7.1% % 0.0% MDLN Buy , % 29.5% % 0.0% PWON Buy ,655 2,435 3, % 27.1% % 2.0% SMRA Neutral 1,295 1, , , % 148.5% % 0.0% Industrial Estate 15,968 1,554 1, % 12.0% % 2.3% DMAS Buy , , % 2.8% % 2.7% BEST Buy , % 20.4% % 0.6% SSIA Neutral , % 37.1% % 2.1% Poultry 71,938 5,544 6, % 18.8% % 2.4% CPIN U/R 3,130 U/R U/R 51,326 3,525 4, % 17.6% % 2.4% JPFA U/R 1,570 U/R U/R 17,915 1,688 2, % 22.2% % 2.4% MAIN U/R 1,205 U/R U/R 2, % 12.8% % 2.7% Coal 105,676 8,370 8, % 3.4% % 4.0% ADRO* Sell 1,700 1,200 (29.4) 54, % 2.9% % 2.6% HRUM* Sell 1,975 1,600 (19.0) 5, % 7.3% % 5.2% ITMG* Sell 15,800 12,250 (22.5) 17, % -9.3% % 7.0% PTBA Sell 12,200 9,500 (22.1) 28,115 2,256 2, % 12.4% % 4.5% Oil & Gas 65,452 5,529 5, % 5.9% % 4.4% PGAS* U/R 2,700 U/R U/R 65, % 5.9% % 4.4% Shipping 2, % N/A % 0.0% SOCI* U/R 324 U/R U/R 2, n/a 0.0% % 4.9 n/a 6.9 n/a n/a n/a 0.0% 0.0% Metal 33, % N/M % 1.1% ANTM Neutral (44.8) 8, % -13.3% % -3.5% INCO* U/R 2,510 U/R U/R 24, % 125.0% % 2.6% Telco 451,163 23,840 27, % 17.6% % 3.8% EXCL Neutral 2,780 2,400 (13.7) 29, % 37.7% % 0.5% ISAT U/R 6,175 U/R U/R 33,555 1,871 2, % 43.5% % 3.4% TLKM Buy 3,950 4, ,939 21,439 24, % 14.9% % 4.1% Tower 57,454 4,471 5, % 16.1% % 0.0% TBIG Neutral 4,980 6, ,887 1,558 1, % 25.6% % 0.0% TOWR Buy 3,290 5, ,568 2,913 3, % 11.0% % 0.0% Media 64,339 3,681 4, % 14.8% % 3.2% SCMA Buy 2,760 3, ,356 1,870 2, % 13.6% % 3.2% MNCN Buy 1,680 2, ,984 1,812 2, % 16.0% % 3.0% Textile 4, % N/A % 0.0% SRIL* U/R 230 U/R U/R 4, n/a 33.3% % 4.4 n/a 5.5 n/a 0.8 n/a 5.7% 0.0% Note: - *) net profit in USD mn - U/R means Under Review - n/a means Not Available - N/M means Not Meaningful - N.A means Not Applicable Page 7 of 8

8 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 Tjandra Lienandjaja Deputy Head of Equity Research, Banking tjandra.lienandjaja@mandirisek.co.id Liliana S Bambang Property, Building Material liliana.bambang@mandirisek.co.id Adrian Joezer Consumer, Strategy 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 Quant, Health Care, Hospital francis.lim@mandirisek.co.id Yudha Gautama Mining, Plantation yudha.gautama@mandirisek.co.id Laura Taslim Retail laura.taslim@mandirisek.co.id Priscilla Thany Banking priscilla.thany@mandirisek.co.id Ferdy Wan Building Material, Industrial Est., Media 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 Chief Economist leo.rinaldy@mandirisek.co.id Wisnu Trihatmojo Economist wisnu.trihatmojo@mandirisek.co.id Aziza Nabila Amani Research Assistant aziza.amani@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 Kevin Halim Institutional Sales kevin.halim@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 published report, are: Buy (15% or higher), Neutral (-15% to15%) and Sell (-15% 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 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 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 seek investment banking or other business relationships with the companies in this report. For further information please contact our number or fax 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 influenced by any part or all of his or her compensation.