FIGURE 1. INDONESIA S 2014 EQUITY OUTLOOK IN MANSEK S VIEW. Dec-11. Apr-12. May-11. Sep-11. Source: Bloomberg, Mandiri Sekuritas

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1 STRATEGY Strategy 17 March 2014 THE BOTTOM LINE Strategy Update 17 March 2014 Mandiri Sekuritas Analyst John Rachmat JCI 4,800! What s next? In early Jan 2014, The Bottom Line published its bullish outlook of Indonesian equities this year; we are particularly confident about appreciation to JCI 4,800 by April. Now that the JCI has reached this target, one month early, the spotlight shifts to Indonesia s economic outlook. OVERWEIGHT Key Forecasts F JCI (year end) 4,274 4,550 Real GDP (% yoy) Inflation (YoY %) BI Rate at Year End (%) US$1 = Rp (year end) 12,171 11,400 US$1 = Rp (average) 9,388 11,800 FIGURE 1. INDONESIA S 2014 EQUITY OUTLOOK IN MANSEK S VIEW 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 Mar-13 4,545 Oct-13 4, Mar-14 4, Apr-14 4,800 4,000 Bull Case 5,550 Base Case 4,550 Bear Case 4,000 Jan-11 May-11 Sep-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Apr-14 Aug-14 Dec-14 JCI JCI Fcast by Mansek Source: Bloomberg, Mandiri Sekuritas JCI 4,800 reached. JCI is the second best performing index in Asia ex-japan with 14.1% appreciation YTD (after 19% in Vietnam but just 8.7% in the Philippines, 6.0% in Thailand, and 3 to 4% in India and China). This is driven by a combination of receding political risks and consistently improving macro economic outlook. Bull or Base Case? With political risks mostly eliminated by the PDIP announcement last Friday, the market direction now depends on Indonesia s economic outlook. Our Bull Case looks to economic growth accelerating to 6% this year (vs 5.8% in 2013). Rising private consumption, exports and investment spending should help push JCI to 5,550 in that case. By contrast our Base Case expects real GDP growth to decelerate to 5.6% instead. If so, we expect the JCI to fall back to 4,550 by the year end. Catalysts. We expect the 1Q14 earnings results, to be released by end Apr, and 1Q14 real GDP growth, to be released in early May, to be the earliest catalysts for either direction. Top Picks we drop consumer names from our Top Buy Portfolio RALS, ICBP, KLBF, LPPF and CPIN. Bank Indonesia said that private consumer spending has been weaker than expected. We add AISA, BBTN, BJBR, BSDE and LPCK for their interest-rate sensitivity and strong earnings growth potential this year. Please see important disclosure at the back of this report

2 Going aggressive in our Top Picks The first potential negative catalyst should not appear until May (1Q14 real GDP growth), in our opinion. Meanwhile JCI s and the rupiah s strong appreciation are likely to attract strong portfolio inflows into Indonesia. This removes most of the upside risks on the benchmark BI rate. Hence we drop consumer stocks for interest-rate sensitive names in our Top Buy Portfolio. The likely JCI movement path The month of April 2014 should deliver a series of positive economic news, in our view. Feb 2014 Trade Balance should show a marked reduction from the USD431mn deficit posted in Jan (to a deficit of c. USD50-100mn in our economists very rough initial calculation), continued decline in March inflation (to 7.3% yoy in headline inflation vs 7.75% yoy in Feb), and gradually improving forex reserves (to over USD103bn at end Mar vs USD102.7bn at end Feb). The FY 2013 earnings results, to be fully released by end of March, should mostly be in line with consensus expectations given that the Street has been busy cutting its forecasts after the disastrous earnings performance in 1Q13, 2Q13 and 3Q13 stages. The 1Q14 earnings results, to be announced by end of April, should in our reckoning show the first uptick in positive surprises. This largely positive development in both the macro economic front as well as in the corporate profitability arena should help enhance Indonesia s attractiveness to foreign portfolio investors. Year-to-date foreign investors had brought USD146mn of net portfolio inflows into Indonesian equities (excluding deal-crossing) this is a relatively small number compared to the USD2,766mn net outflows that Indonesia suffered in 2013 see Figure 2 below. In other words, the cumulative inflows this year had not reached half of the outflows last year indicating that many foreign funds remain underweight on Indonesia. Given the largely positive development in both the political and economic fronts, such underweight stance will progressively become harder to defend in our opinion. Hence we expect the JCI to continue appreciating till the end of April. FIGURE 2. NET FOREIGN FLOWS INTO INDONESIAN EQUITIES EXCL. DEAL CROSSES USD mn 1, (893) (1,780) (453) (895) (37) (108) (274) (67) Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Jan-14 Feb-14 Mar-14-1,000-1,500-2,000 Source: Bloomberg, Mandiri Sekuritas Estimates Please see important disclosure at the back of this report Page 2 of 12

3 If our expectation above were proven right, then the risk of Bank Indonesia s tightening money supply further and raising the benchmark BI rate higher would practically dissipate. Hence we have decided to add interest-rate sensitive stocks to our Top Buy Portfolio (primarily banks and property counters). However, come May and we shall have critical new data on the economic front in particular, the real GDP growth. Should Indonesian economy loses its momentum, and the 1Q14 real GDP growth come out slower than the FY 2013 rate of 5.8% yoy growth then we are likely to see significant correction in Indonesian equity values. On the other hand, if the economic momentum continues, then we can expect steady appreciation in the Jakarta Composite Index. In a surprise announcement last Friday, Bank Indonesia lowered its economic growth projection for 2014 from the previous range of % to % yoy. The main reason given is that its internal data show that private consumption spending has not been as strong as expected. We find this revelation quite difficult to comprehend, given the extra spending emanating from the election campaigns. However, giving credit to Bank Indonesia s superior information, we drop consumer names from our Top Buy Portfolio KLBF, LPPF, ICBP, RALS and CPIN. With the exception of ICBP, all these consumer names have made double-digit contribution to our Top Buy Portfolio. We also add Tiga Pilar Sejahtera Food (AISA) to our Top Buy Portfolio for its strong business model, aggressive top line expansion and potential corporate action. We continue to maintain the plantation counters as our case for sharply higher CPO price this year continues to be born out by development in the field. Semen Indonesia to us is a good proxy for a Jokowi play i.e. infrastructure-related business whose valuation has yet to reach unreasonable level. FIGURE 3. MANSEK TOP BUY PORTFOLIO Ticker Company's Name Stock Price 17-Mar-14 Starting Stock Price Changes PER 2014F (x) 2014 EPS Growth Fcast Target Price AALI Astra Agro Lestari 26,150 21, % % 25,000 BWPT BW Plantations 1,310 1, % % 1,750 LSIP London Sumatra Plantations 2,300 1, % % 2,200 SMGR Semen Indonesia 16,500 17, % % 16,600 ICBP Indofood Consumer B.P. (dropped) 11,150 11, % % 10,700 CPIN Charoen Pokphand (dropped) 4,350 3, % % 4,300 KLBF Kalbe Farma (dropped) 1,490 1, % % 1,275 LPPF Matahari Department Store (dropped) 13,450 10, % % 15,600 RALS Ramayana Lestari Sentosa (dropped) 1,380 1, % % 1,850 AISA Tiga Pilar Sejahtera Food (addition) 2, % 2,700 BBTN Bank Tabungan Negara (addition) 1, % 1,500 BJBR BPD Jawa Barat dan Banten (addition) 1, % 1,300 BSDE Bumi Serpong Damai (addition) 1, % 2,000 LPCK Lippo Cikarang (addition) 7, % 9,850 MANSEK TOP BUY PORTFOLIO 1, , % Jakarta Composite Index 4, , % Source: Mandiri Sekuritas Estimates Please see important disclosure at the back of this report Page 3 of 12

4 Tiga Pilar: Grist to the mill (AISA; BUY; TP: Rp2,700; CP: Rp2,000) Stock Data Bloomberg Code AISA IJ Mkt.Cap (Rpbn/US$mn) 6,000 / 531 Issued Shares (Mn) 3, Avg. Daily T/O (Rpbn/US$mn) 9.5 / 0.84 Major shareholder Primanex Pte 15.9% Tiga Pilar Corp 14.4% PT Permata Handrawir 9.1% EPS consensus (Rp) Mansek Cons Diff 2013F (6.60) 2014F (2.75) 2015F Share price performance 3m 6m 12m Absolute (%) Relative to JCI (%) Fast growing company. AISA, under the TPS Group, witnessed robust revenue and NPAT growth of 72.7% CAGR and 82.5% CAGR in , through successful acquisitions including basic foods, consumer foods and rice milling business. AISA offers the highest revenue and NPAT growth of 36% CAGR in 2013F-15F in our consumer universe, mainly driven by its rice business expansion and turnaround on food manufacturing business post Taro acquisition supported by strong distribution networks with 266 distributors (vs 175 distributors in ) and 154,912 outlets nationwide (vs previously only 62,625 outlets in ). Rice segment: means for future growth. AISA has modern rice mills and rice-trading operations. AISA would double its rice mill capacity up to 480,000 tpa this year and continue aggressively to expand capacity over 70% CAGR in FY13F-15F to gain more market share. AISA would also deepen market penetration and secure the source of supply through satellite silos. Rice business offers lucrative ROE of 50-60% vs consumer food of 20-25%, given its high leverage, fast turnover and short cash cycle. Move up to higher segment: Taro is the new darling. Owning Taro brands on consumer segment, enables AISA to move up into high-end segment with higher margin which improved AISA s food manufacturing significantly. Under AISA, Taro witnessed strong sales growth up to 35% CAGR in vs modest growth of 10-15% under UNVR. In FY13, Taro sales are estimated to grow by over 50%YoY up to Rp450bn and is targeted to grow 54%YoY up to Rp694bn in FY14F. AISA has successfully improved the productivity of Taro s factory by running at 15 tonnes/day vs 11 tonnes/day before the acquisition. This results Taro s EBIT margin improved significantly from 15.9% in 2011 up to 28.6% as of 9M13. Post Taro acquisition, the snack extrusion sales contribution should increase significantly from 7% in 2012 up to 27-28% in 2013F-14F. Valuation still attractive. Our TP of Rp2,700 implies 35% upside potential. Currently AISA is trading at 15.4x -11.4x P/E14F-15F and still attractive at 35-40% discount to Indonesia consumer s valuation given its higher NPAT growth potential of 36% CAGR in 2013F-2015F vs the average growth of 15-20% CAGR in consumer sector. Additional upside may come from the rice trading expansion in order to secure the channel distribution anticipating future rice mills expansion and successful execution on Dairy business plan which KKR partnership is believed to bring synergy. Key risks includes: 1.) Supply & demand imbalance, 2.) M&A execution risk, 3.) Competition risk, 4.) Weather risk, and 6.) Regulatory risk. FIGURE 4. AISA OFFERS THE HIGHEST NPAT GROWTH IN INDUSTRY OF 36.3% CAGR IN FY13F-15F SouSource: Company, Mandiri Sekuritas Please see important disclosure at the back of this report Page 4 of 12

5 FIGURE 5. INDONESIA RETAIL RICE PRICES CONTINUE TO SURGE, WITNESSED 11%CAGR GROWTH IN ,000 Rupiah/kg 10,000 8,000 6,000 4,000 2,000 0 SouSource: Company, Mandiri Sekuritas Nov 06 Jul 07 Nov 07 Jul 08 Nov 08 Jul 09 Nov 09 Jul 10 Nov 10 Jul 11 Nov 11 Jul 12 Nov 12 Jul 13 Please see important disclosure at the back of this report Page 5 of 12

6 Bank Tabungan Negara: Back on the Right Track (BBTN; BUY; TP:Rp1,500; CP: Rp1,295) Stock Data Bloomberg Code BBTN IJ Mkt.Cap (Rpbn/US$mn) 11,442 / 1,013 Issued Shares (Mn) 8, Avg. Daily T/O (Rpbn/US$mn) 27.3 / 2.42 Major shareholder Gov of Indonesia 60.2% Public 39.9% EPS consensus (Rp) Mansek Cons Diff 2014F F (1.33) 2016F Share price performance 3m 6m 12m Absolute (%) Relative to JCI (%) Moving towards the non-subsidized mortgage loans. BTN s has been increasing the non-subsidized mortgage loans, which now account for 39.4% of total loans, compared to 29.0% two years ago while reducing its exposure on subsidized mortgage loans to 28.3% vs. 40.3% over the same period. Problem loans in non-subsidized mortgage (2.6% in December 2013) is lower than the subsidized ones (5.2%) given the latter s limited earnings to withstand the rising lending rates. The new management team is in place. The bank has appointed the full set of management team, four of whom need to pass the tests from the Financial Services Authority (OJK) before they can perform fully. While it takes some time for the management to be in full service, we view this is as a positive development for the bank s performance improvement in the future. The most important task is on how to lower the problem loans, which is still hovering at 4.0% level in December 2013, well above the industry average of 1.8%. The consolidation is still far away. Several state banks, BMRI and BBRI, have indicated their interest to acquire BTN, which we believe will not take place in the near term. This is because the government needs the parliament s approval for the corporate action. The new parliament will only be formed in July at the earliest while the new government may have different strategy on what they are going to do with the bank. If it is acquired, BTN can get the benefit on low-cost funding and potential new customer base from the acquiring bank. Maintain our Buy call with TP of Rp1,500, based on 1.2x P/BV 2014F. The stock is still trading at 1STD below the 1.4x P/BV mean valuation since its listing. Risks include weaker economic growth and failures of the management members to pass the OJK tests. FIGURE 6. LOAN BREAKDOWN BASED ON SEGMENT 100% 80% 60% 40% 20% 0% Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Subsidized mortgages Non-subsidized mortgages Other housing Construction loan Consumer loans Commercial loans Source: Company, Mandiri Sekuritas estimates Please see important disclosure at the back of this report Page 6 of 12

7 FIGURE 7. NPL BASED ON SEGMENT 8 (%) Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Subsidized mortgages Non-subsidized mortgages Other housing Construction loans Consumer loans Commercial loans (incl. KUR) Source: Company, Mandiri Sekuritas estimates Sep-13 Please see important disclosure at the back of this report Page 7 of 12

8 Bank bjb: Tackling its Problem Loans (BJBR; BUY, TP Rp1,300 (under review); CP Rp1,040) Stock Data Bloomberg Code BJBR IJ Mkt.Cap (Rpbn/US$mn) 10,084 / 893 Issued Shares (Mn) 9, Avg. Daily T/O (Rpbn/US$mn) 9.1 / 0.81 Major shareholder West Java province 38.3% Bandung regency 7.1% Banten province 5.4% EPS consensus (Rp) Mansek Cons Diff 2013F (5.98) 2014F (3.03) 2015F (2.56) Share price performance 3m 6m 12m Absolute (%) Relative to JCI (%) Upside from conservative loan growth estimate. We estimate gross loan growth to be 20.5%YoY in 2014F, slightly above the industry expectation of 17-18%, in anticipation of slower economy growth. This number is below management guidance of maximum 25% YoY growth with concentration on consumer and mortgage segments. We believe that above 20% yoy growth is achievable with considerations of resilient strong demand in West Java, increment in teachers salary and growing number of retirees. Nevertheless, the bank aims to keep LDR at 90% level. As of December 2013, Bank bjb reported loan growth of 28% yoy. Higher interest margin. NIM is expected to improve further from 7.3% in FY2013 after taking into consideration the company s plan to further re-price the lending rates across the segments and to focus on CASA deposits in order to maintain cost of funds below 5%. Previously we estimated NIM trend to decline under assumption of increasing time deposit rate amidst tight liquidity competition. Improving credit quality. Bank bjb will limit the loan growth in both micro and commercial loans in anticipation of higher NPL records (currently at 11.3% and 7.4%, respectively). Several strategies to lower the NPL area: improving the human capital on the micro segment by upgrading the outsource to permanent staffs, improving loan approval system, improving the collection system (adding EDCs) and converting the Warung bjb into cash office so that customers can open savings accounts (currently many of the micro customers do not have accounts in bjb and hence facing difficulty for on-time loan payment). Nevertheless, NPL in micro lending is expected to deteriorate further in 1H14 before seeing improvement in the second half. Consolidated NPL is 2.8% in December 2013, up from 2.1% in December Maintain BUY but forecasts are under review. We keep our positive stance on the counter, which is trading at 1.4x P/BV 2014, with TP of Rp1,300 based on 1.7x P/BV We are reviewing our forecast post the 2013 results but believe the bank is on the right track to see operating improvement this year. FIGURE 8. DEPOSITS BREAKDOWN 100% 80% 60% 40% 20% 0% Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Demand Deposits Savings Time Deposits Source: Company, Mandiri Sekuritas estimates Please see important disclosure at the back of this report Page 8 of 12

9 FIGURE 9. LOAN BREAKDOWN 100% 80% 60% 40% 20% 0% Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Commercial Consumer Mortgage Micro Source: Company, Mandiri Sekuritas estimates Please see important disclosure at the back of this report Page 9 of 12

10 Bumi Serpong Damai: Shifting Focus (BSDE; BUY; TP: Rp2,000; CP: Rp1,710) Stock Data Bloomberg Code BSDE IJ Mkt.Cap (Rpbn/US$mn) 29,920 / 2,649 Issued Shares (Mn) 17, Avg. Daily T/O (Rpbn/US$mn) 35.6 / 3.15 Major shareholder Paraga Artamida 25.0% Ekacentra Usahamaju 25.0% Others 50.0% EPS consensus (Rp) Mansek Cons Diff 2013F F F Share price performance 3m 6m 12m Absolute (%) Relative to JCI (%) Aiming for Rp6tr target. The company targets Rp6tr marketing sales in FY14F, around 11% growth from FY13 marketing sales of Rp5.4tr (excluding Rp2tr land sale to JVs). The company would introduce two new landed projects in Manado and Balikpapan. BSDE also plan to introduce new apartment project in Rasuna Epicentrum. We think Rp6tr is achievable, considering new projects and that the company would pursue more commercial land sale and introduce cheaper units in Serpong. The company already pegged in 32% YoY decline of residential marketing sales in BSD City (Serpong), which would be compensated by 63% YoY increase in commercial. Tying deals for commercial lands. The company plan to have around 50:50 ratio between commercial and residential for FY14F. We estimate that in 1Q14 the company accomplished around Rp1-1.2tn out of its Rp6tn marketing sales target, in-line with its peers. In 1Q14, the company able to lock in two deals, one with Astra and one with Prasetya Mulya University. The company sold around 6ha to Astra at Rp500bn (around Rp8-9mn per sqm). The company also sold around 3ha to Prasetya Mulya University at Rp130bn (Rp4mn per sqm). We think at the right price, there would be sufficient demand coming from commercials. The company is currently negotiating potential 5ha land sale. Maintain Buy with PT of Rp2,000. We maintain our Buy rating for BSDE with PT of Rp2,000 (based on 50% discount to our NAV estimate of Rp4,000). Stock has underperformed the peers despite of the flow of good news coming from the marketing sales. We think market is too worried on the company s Serpong project. BSDE, in our view, has few strategies on its sleeve to attract new market for its Serpong area. FIGURE 10. MARKETING SALES GROWTH FORECAST Rp bn 8,000 7,000 6,000 1,944 5,000 4,000 3,000 2,000 4,280 5,404 5,472 6,508 1, A 2013A 2014F 2015F Marketing Sales JV Sales Source: Company, Mandiri Sekuritas estimates Please see important disclosure at the back of this report Page 10 of 12

11 Lippo Cikarang: NAV boosters (LPCK; BUY; TP: Rp9,850; CP: Rp7,800) Stock Data Bloomberg Code LPCK IJ Mkt.Cap (Rpbn/US$mn) 5,429 / 481 Issued Shares (Mn) Avg. Daily T/O (Rpbn/US$mn) 11.5 / 1.02 Major shareholder PT Kemuning Satiatama 42.2% FIL Ltd 1.4% Others 56.4% EPS consensus (Rp) Mansek Cons Diff 2013F (14.59) 2014F 1,157 1, F 1,257 1,269 (0.94) Share price performance 3m 6m 12m Absolute (%) Relative to JCI (%) NAV boosters. LPCK has rallied by 60% since our initiation in end Nov. However, we think that there continue to be NAV boosters to LPCK with its recent JV projects of 227ha. The company also plan to convert a part of industrial to residential, as LPCK see more value in residential and commercial. Maintain Buy with PT of Rp9,850. Based on NAV number of Rp19,700, LPCK is trading at 60% discount to NAV. At current share price, it is trading at FY14F P/E of 6.7x (vs. residential peers at 12x). Stock also cheap compared to industrial peers at 40% discount to NAV and 9x FY14F P/E (consensus). There is potential NAV addition, if LPCK further tied up with other players behind its land-bank. JV projects add value. LPCK recently do a JV for 227ha, with an independent third party (Delta Silicon 8). Our channel check with agent indicates that there is already 10 ha of bookings of industrial estate with price per sqm of Rp2.2mn. Buyers are Japanese SME s for automotive support and electronic industries. Due to buoyant queries, management thinks that they could potentially sell 70-75ha of industrial land instead of initial expectation of 15ha. Potential JV could be up to 2,000ha. As LPCK provide infrastructure and toll road access, there are incentives for third party owners to do JV with LPCK. NAV addition via opening of toll access. Project pipeline in 1Q14 rather weak as the company waits for the opening of its new toll access, but we think it should accelerate in the next few quarters. Opening of new toll access could potentially increase ASP by 15-30%. The company s recent project is Trivium apartment with ASP of Rp13-15mn per sqm. Including Delta Silicon 8, we estimate the company accomplished 15-18% of its FY14F target of Rp2tn in 1Q14. This is broadly in-line with peers. The company plans to introduce another 2 tower of serviced apartments in its Cikarang CBD. FIGURE 11. MARKETING SALES GROWTH FORECAST Marketing sales (Rp bn) 2,500 2,000 1,500 1, , ,150 1,117 1, F 2015F Residential* Commercial Industrial Source: Company, Mandiri Sekuritas estimates Please see important disclosure at the back of this report Page 11 of 12

12 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 Research), (Equity Sales) RESEARCH John Rachmat Head of Equity Research, Strategy john.rachmat@mandirisek.co.id Tjandra Lienandjaja Banking tjandra.lienandjaja@mandirisek.co.id Handoko Wijoyo Construction, Toll Road handoko.wijoyo@mandirisek.co.id Hariyanto Wijaya, CFA, CFP, CA, CPA Plantation, Heavy eq., Energy hariyanto.wijaya@mandirisek.co.id Herman Koeswanto, CFA Consumer, Poultry herman.koeswanto@mandirisek.co.id Liliana S Bambang Property, Building Material liliana.bambang@mandirisek.co.id Ariyanto Kurniawan Telecom, Coal & Metal Mining ariyanto.kurniawan@mandirisek.co.id Aldian Taloputra Economist aldian.taloputra@mandirisek.co.id Leo Putra Rinaldy Economist leo.rinaldy@mandirisek.co.id Rizky Hidayat Research Assistant rizky.hidayat@mandirisek.co.id Vanessa Ariati Tanuwijaya Research Assistant vanessa.tanuwijaya@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 Andrew Handaya Institutional Sales andrew.handaya@mandirisek.co.id Cindy Amelia P. Kalangie Institutional Sales cindy.amelia@mandirisek.co.id Jane Theodoven Sukardi Institutional Sales jane.sukardi@mandirisek.co.id Janefer Amanda Soelaiman Institutional Sales janefer.soelaiman@mandirisek.co.id Karmia Tandjung-Nasution Institutional Sales karmia.tandjung@mandirisek.co.id Mirna Santikara Salim Institutional Sales santikara.salim@mandirisek.co.id Oos Rosadi Institutional Sales oos.rosadi@mandirisek.co.id Vera Ongyono Institutional Sales vera.ongyono@mandirisek.co.id Yohan Setio, CFA Institutional Sales yohan.setio@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 RETAIL SALES Ridwan Pranata Head Retail Equities ridwan.pranata@mandirisek.co.id Boy Triyono Jakarta Branch boy.triyono@mandirisek.co.id Yohanes Triyanto Kelapa Gading Branch yohanes.triyanto@mandirisek.co.id Hendra Riady Mangga Dua Branch hendra.riady@mandirisek.co.id Umar Abdullah Pondok Indah Branch umar.abdullah@mandirisek.co.id Indra Mas ari Bandung Branch indra.mas ari@mandirisek.co.id Yuri Ariadi Pontianak Branch yuri.ariadi@mandirisek.co.id Ruwie Medan Branch ruwie@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 the last 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). 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.