Equity Research 10 November Banking: 9M15 Results NPL Yet to Peak Excise tax increase details. Banking: 9M15 Results NPL Yet to Peak

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1 INVESTOR DIGEST Equity Research 10 November 2015 Economic Data Latest 2015F BI Rate, eop Inflation (YoY %) US$ 1 = Rp, period avg 13,644 13,333 HIGHLIGHT Banking: 9M15 Results NPL Yet to Peak Excise tax increase details Stock Market Data (9 Nov 2015) JCI Index 4, % Trading T/O ( Rp bn ) 3,109.0 Market Cap ( Rp tn ) 4, ,582.1 Market Data Summary* 2015F 2016F EBITDA growth EPS growth EV/EBITDA (x) P/E (x) P/BV (x) Div. Yield Earnings Yield Net Gearing ROE * Aggregate of 71 companies in MS research universe, representing 54.2% of JCI s market capitalization SECTOR Banking: 9M15 Results NPL Yet to Peak Banks are still recording -1% y-y earnings in 9M15 on rising provisioning charges. While loan growth started to pick up and deposit rates are declining, NIM improved in 3Q15. We anticipate rising NPL, following higher restructured loans of 3.2% of total loans vs. 2.5% NPL level. Maintain Neutral on the sector with BRI as the top pick. Net earnings at -1% y-y. The ten banks we track down recorded -1% y-y net profit (69% of the market s full year expectations) growth in 9M15 vs. -4% y-y back in 1H15. This is because of an improvement seen in business activities, higher net interest margin and cost control. Banks were building up the provisioning to prepare for the rising problem loans in the next few quarters while at the same time also reducing the bad loans through write offs. Loan growth at 10.7% y-y. Adjusted for rupiah depreciation, total loan growth was 8.8% y-y in September. In terms of segment, corporate and consumer lending exposure have been declining due to weak demand and lower purchasing power while SME and micro lending have seen their shares increasing. In terms of economic sector, banks continued to increase their exposure to manufacturing in addition to agriculture, construction and consumer. Total deposits grew 11.1% y-y as the slow economy continues to hit the funding availability. Time deposits continued to record high growth rate despite lower rates. LDR was kept at 87%. NIM increased 23bps to 6.39% in 3Q15. Rising lending activities, rate cut on time deposits and high growth in current account deposits helped support improvement in net interest margin. Average NPL increased at 2.51% in September, up 3bps q-q. Four of the 10 banks reported lower NPL levels in September compared to June 2015: BBRI, BBNI, BBTN and BTPN. On the economic sectors, NPL rose in manufacturing, trading, restaurant & hotel, others and business services. Page 1 of 8

2 Restructured loans are on the rise. Total restructured loans increased to 3.2% of total loans in September from 2.7% in June 2015 and and 2.1% in December In absolute amount, restructured loans increased 59% YTD (80% y-y) in September 2015 versus an increase of 37% during the whole of Of the restructured loans, 62.4% are performing, 24.2% are special mention and 13.4% are NPL. Maintain Neutral call on the sector. We believe the market has already factored in the expected higher NPL. Trading at an average P/BV of 1.8x for 2016 we keep our Neutral call on the sector with BBRI as our top pick with TP of Rp11,500. 9M15 RESULTS SUMMARY YE Dec BMRI BBRI BBCA BBNI BDMN PNBN BBTN BTPN BJBR BJTM Average Net profit (Rp bn) 14,583 18,417 13,368 5,998 1,895 1,148 1,222 1, % y-y growth (21.2) (10.0) (43.6) 61.8 (3.0) 20.7 (6.2) (1.0) Loan growth (% y-y) (3.6) Deposit growth (% y-y) (0.2) LDR NIM - YTD NPL Restructured loans Source: Banks, Mandiri Sekuritas Tjandra Lienandjaja ( ) tjandra.lienandjaja@mandirisek.co.id Excise tax increase details The gov t has finally issued the long awaited excise tax increase details (please see table below) with the following key points: Highest excise tax increase for Tier 1 SKM and SPM at c.16% Tier 1 SKT is seeing smaller increase at 10-11%. On average basis, the increase is c.12-13%. We already factored in c.15% excise increase for GG s SKM products and 10% for their SKT broadly in line We however believe that cigarette companies will gradually pass on the excise increase assuming normal competitive environment (except for new product launching) For SKM products, they need to adjust prices by 12-13%, while about 8-9% for SKT products which are reasonable and in line with their historical Asp adjustment. We have a BUY call on GGRM with Rp56k/sh TP, implying 19x 2016 P/E. Excise tax (Rp/stick) Page 2 of 8

3 YoY Increase Merlissa Paramitha Trisno ( ) MARKET Market Recap Nov 9 th 2015; JCI: 4, (-1.47%); USD/DR: 13,644; Total Value: Rp4.19tn Indo market slipped after robust US jobs data bolstered expectations of a Fed interest rate hike in Dec. Data on Friday showed non-farm payrolls increased 271,000 in Oct, the largest gain since last Dec, and the unemployment rate fell to 5%, the lowest since Apr In addition, average hourly earnings rose a respectable 9 cents, the biggest increase since July 2009, and could give the Fed confidence that inflation will gradually move towards its 2% target. The gains also followed disappointing Chinese trade data released on Sunday that showed the world s second largest economy will have to do more to stimulate domestic demand. China recorded its highest trade surplus on record last month as plunging imports highlighted the country s continued struggle to boost domestic demand and prop up sagging growth. Imports fell 18.8% YoY to US$130.77, the 12 th consecutive monthly drop in imports, following a 20.4% decline in Sept. Exports, too, continued their losing streak from July, dropping by 6.9% to US$192.41bn and larger than consensus of 3.2% decline as foreign demand languished. That set the trade surplus at US$61.64bn, a 36% increase compared to the same period in 2014 and highest such figure since at least Accordingly, prospects of the Fed hiking rates for the first time in almost a decade and ending seven years of easy monetary policy, which have pump-primped global markets with flush liquidity, weighed on riskier assets. In recent months, financial markets have been buffeted by uncertainty over the timing of the Fed s rate hike, with some investors worrying that higher borrowing costs in the US could hurt an already shaky global economy. However, the early fall in Indo stock prices were measured, probably reflecting trading on Wall Street, which bounced from a selloff to end little changed on Friday. That said, the JCI hovered around 4497-ish for the majority of today. HMSP (close +2.5%) continued to act as cushion on expectation of MSCI inclusion effective tomorrow after market close. Later, JCI ended down 1.5% at 4499 level in thin volume of US$217mn (excluding US$12.5mn SSMS, US$7.6mn MYRX, US$4.2mn ASMI and US$3.8mn SUGI crossing). Regular market transaction was recorded at Rp3.1tn (US$227.2mn) and excluding foreign net buy from SSMS crossing, foreign posted a net sell of Rp83.22bn (US$6.1mn). Foreign participants rose to 45% and came up slightly better seller. Losers beat gainers by 3 to 1. TOP TURNOVER: ASII HMSP SSMS BMRI BBRI BBCA MIKA PGAS BBNI TLKM ADHI UNTR ANTM GGRM SMRA (40%) ADVANCING SECTOR: telco+0.3% DECLINING SECTOR: cement-3.8%; property-2.8%; financial & plantation-1.8%; auto-1.4%; mining-1%; consumer-0.6%; infra-0.5% The yield of 10-year government went up to 8.69% (+0.614%) and Rupiah slightly depreciated to Rp13,644 (-0.59%). Sales Team Page 3 of 8

4 FROM THE PRESS Bank Indonesia expects increased deficit in 3Q15 balance of payment Bank Indonesia, as reported by The Jakarta Post today, is expecting the 3Q15 balance of payment to record US$4.6bn deficit on sluggish foreign fund inflows, low commodity prices, and China slowdown. The figure increases from US$2.9bn deficit in the 2Q15. The data is scheduled to be announced Friday. The Post also wrote BI governor comment that near-term cut in interest rate is unlikely. Some consideration factors are the current condition of the country s balance of payment and growing risk resulting from the possible rate hike in the US (The Jakarta Post) Telkom to take 3 of its subsidiaries for IPO TLKM is expressing intent to take 3 of its subsidiaries for IPO, namely Telkomsigma, Dayamitra Telekomunikasi (Mitratel) and Administrasi Medika (Admedika). The management stated that the data center, tower and information technology businesses have better value as compared to telecommunication business. (Kontan) United Tractors to prepare FY16 capex of USD mn UNTR is allocating FY16 capex of USD mn, which will mainly be used for expansion and development of its construction machinery, mining contractor, coal mining and industrial construction businesses. Source of funding will come from internal cash. (Kontan) Lippo Karawaci to sell Rp2.2tn worth of assets to REIT LPKR is planning to sell three of its assets worth Rp2.2tn to REIT in Singapore in order to meet its FY15 marketing sales target of Rp5.5tn. Two of its assets, namely hotels in Bali and Yogyakarta, will be sold to LMIRT Trust Management Ltd for Rp1.5tn. (Kontan) Wijaya Karya (WIKA) makes an alternative scheme of a private placement and bond issuance. These options are in case the government equity injection is cancelled in The new shares issued in the private placement is capped at around 1bn new shares which would dilute the government ownership to around 55% from currently 65.5%. Total bond issuance is targeted to be Rp6tn within the next five years with the first issuance to be around Rp1.4tn. (Bisnis Indonesia) PBRX to form JV in Vietnam, Cambodia and Bangladesh As of 9M15, exports represent 98.5% of PBRX s revenue, while Asia represent 48% of the total exports. Hence, to fulfill the 10%-20% increase in FY16 revenue target the Company plans to build a JV with local companies in Asian countries such as Vietnam, Cambodia and Bangladesh. PBRX also target to build 3 new factories in 2Q16 that will increase production capcity to 96mn pieces per-annum; with investment amounted to US$25.7mn. (Kontan) SIDO preparing a new product launch in Jan 16 SIDO is preparing a new product launch that is expected to be launched in Jan 16, in the hopes of increasing sales revenue. The company has released 3 new products throughout FY15, which are Tolak Linu, Tolak Angin Care & Kuku Bima Ready to Drink. (Kontan) Page 4 of 8

5 Indices Currencies and ADRs Major Commodities Last YTD Currency Last YTD Last YTD JCI 4, Rp/US$ 13, Oil spot (US$/bl) Dow Jones 17, US$/EUR Nickel spot (US$/mt) 9, Nikkei 19, YEN/US$ Gold spot (US$/oz) 1, SET 1, SGD/US$ Tin 3-month (US$/mt) 14, Hang Seng 22, CPO futures (Ringgit/ton) 2, STI 2, ADR Stocks Soybean oil (US$/100gallons) S&P 500 2, TLK in Rp 13, Rubber forward (US /kg) Coal (US$/ton) Ishares indo Baltic Dry Index Property Valuation JCI Code Rec. Market Cap (Rp bn) Share price Target Price Discount to NAV RNAV per share (Rp) Premium (discount) to replacement cost Replacement cost per share (Rp) P/E 15F P/E 16F ROE 15F ROE 16F BSDE Buy 30,222 1,645 2,400-65% 4,725 6% 1, % 15.5% PWON Buy 20, % 1,033 21% % 27.5% SMRA Buy 19,906 1,380 2,000-65% 3, % % 19.2% CTRA Neutral 18,048 1,190 1,350-47% 2,234 52% % 17.0% JRPT Buy 11, ,350-76% 3,380 2% % 25.9% ASRI Buy 6, % 1,538-15% % 23.3% APLN Buy 5, % % % 15.9% LPCK Buy 5,655 8,125 13,500-67% 24,683 73% 4, % 19.9% MDLN Buy 6, % 1,712-15% % 15.5% CTRS Buy 4,947 2,500 3,600-69% 8,077-10% 2, % 14.8% Simple Average -66% % 19.4% Industrial Valuation JCI Code Rec. Market Cap (Rp bn) Share price Target Price Discount to NAV RNAV per share (Rp) Premium (discount) to replacement cost Replacement cost per share (Rp) P/E 15F P/E 16F ROE 15F ROE 16F DMAS Buy 10, % % % 14.1% BEST Neutral 3, % 1,047-28% % 7.1% SSIA Buy 2, ,100-78% 2,750-56% 1, % 14.9% LPCK Buy 5,655 8,125 13,500-67% 24,683 73% 4, % 19.9% MDLN Buy 6, % 1,712-15% % 15.5% Simple Average -68% % 14.3% Plantation Valuation Ticker Rec. Market Cap (Rp bn) Share price Target Price planted (US$) EV/ha PER EV/EBITDA ROE Mature (US$) FY15F FY16F FY15F FY16F FY15F FY16F AALI Buy 30,432 19,325 30, , % 25.1% LSIP Buy 9,313 1,365 2,700 4,809 5, % 17.5% SGRO Buy 2,429 1,285 3,050 1,461 2, % 16.7% Weighted average 2,065 2, % 22.9% Page 5 of 8

6 Equity Valuation Price Price Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield Code Rating (Rp) Target (Rp Bn) Mandiri Universe 4,500 5,450 2,896, , , % 16.3% % 2.6% Banking 766,351 59,809 71, % 19.5% N.A. N.A % 2.0% BBCA Neutral 13,125 12, ,597 17,796 20, % 12.6% N.A. N.A % 1.5% BBNI Buy 4,875 5,100 90,912 7,728 12, % 56.0% N.A. N.A % 2.6% BBRI Buy 10,575 11, ,876 24,023 26, % 11.6% N.A. N.A % 2.3% BBTN Buy 1,110 1,500 11,730 1,891 2, % 29.6% N.A. N.A % 3.2% BDMN Neutral 2,870 3,150 27,508 2,589 3, % 36.2% N.A. N.A % 2.8% BJBR Buy 760 1,100 7,369 1,257 1, % 20.9% N.A. N.A % 10.2% BJTM Neutral ,808 1,015 1, % 13.6% N.A. N.A % 8.9% BTPN Neutral 2,800 3,000 16,353 1,755 1, % 10.8% N.A. N.A % 0.0% PNBN Neutral 880 1,000 21,197 1,755 1, % 13.0% N.A. N.A % 0.0% Building Materials 136,855 10,435 11, % 5.5% % 4.1% SMCB Sell 1,050 1,350 8, % 35.4% % 2.2% INTP Neutral 18,475 21,600 68,011 4,972 5, % 3.2% % 5.8% SMGR Neutral 10,250 12,100 60,798 4,880 5, % 4.2% % 2.4% Constructions 68,931 2,784 3, % 24.5% % 0.3% ADHI Buy 2,165 2,880 7, % -26.7% % 1.6% PTPP Buy 3,680 4,200 17, , % 45.3% % 0.0% WIKA Buy 2,730 4,000 16, , % 38.8% % 0.0% WSKT Buy 1,660 1,900 18, % 8.3% % 0.0% WTON Neutral , % 51.2% % 0.8% Toll road 33,864 1,569 2, % 30.2% % 1.9% JSMR Buy 4,980 8,650 33,864 1,569 2, % 30.2% % 1.9% Rice Mill 5, % 29.3% % 0.0% AISA Neutral 1,620 2,500 5, % 29.3% % 0.0% Consumer 528,025 19,076 20, % 8.3% % 2.1% ICBP Neutral 12,900 14,000 75,219 3,086 3, % 6.9% % 2.0% INDF Neutral 5,550 6,000 48,734 3,272 4, % 27.1% % 3.3% MYOR Sell 26,850 24,500 20,583 1, % -29.0% % 1.1% ULTJ Buy 3,900 5,100 11, % 27.0% % 0.5% UNVR Neutral 36,700 41, ,021 5,808 6, % 4.2% % 2.1% GGRM Buy 47,475 56,000 91,346 5,256 5, % 7.8% % 2.0% WIIM Buy % 31.5% % 6.9% Healthcare 82,598 3,028 3, % 8.3% % 1.5% KLBF Neutral 1,440 1,500 67,500 2,004 2, % 7.6% % 1.2% SIDO Neutral , % 11.4% % 2.9% TSPC Neutral 1,695 2,100 7, % 8.6% % 3.1% Retail 84,987 3,887 4, % 17.3% % 2.1% ACES Buy , % 18.6% % 1.8% ERAA Buy , % -2.0% % 4.1% LPPF Neutral 15,300 17,600 44,630 1,808 2, % 12.6% % 2.3% MAPI Sell 3,500 2,700 5, % 431.2% % 0.1% MPPA Neutral 2,120 4,170 11, % 22.8% % 1.7% RALS Sell , % -15.2% % 2.2% TELE Neutral , % 24.5% % 3.2% Automotive 267,711 18,146 20, % 11.9% % 3.3% ASII U/R 6,425 U/R 260,107 17,717 20, % 11.0% % 3.4% IMAS U/R 2,750 U/R 7, N/M 47.0% % 1.5% Heavy Equipment 68,239 4,882 5, % 7.3% % 2.7% HEXA* Buy 1,750 4,250 1, % 61.1% % 9.0% UNTR Sell 17,900 13,950 66,769 4,329 4, % 6.0% % 2.4% Plantation 42,174 5,063 5, % 12.5% % 5.7% AALI Buy 19,325 30,800 30,432 3,181 3, % 12.4% % 5.6% LSIP Buy 1,365 2,700 9,313 1,378 1, % 10.8% % 5.9% Page 6 of 8

7 Price Price Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield Code Rating (Rp) Target (Rp Bn) Mandiri Universe 4,500 5,450 2,896, , , % 16.3% % 2.6% SGRO Buy 1,285 3,050 2, % 17.2% % 6.3% Property 128,163 12,245 14, % 20.7% % 1.8% APLN Buy ,330 1,031 1, % 19.8% % 3.9% ASRI Buy ,484 1,240 1, % 46.0% % 8.1% BSDE Buy 1,645 2,400 30,222 2,499 3, % 23.0% % 2.1% CTRA Neutral 1,190 1,350 18,048 1,436 1, % 8.4% % 1.6% CTRS Buy 2,500 3,600 4, % -23.8% % 3.0% JRPT Buy 800 1,350 11, , % 27.3% % 1.0% LPCK Buy 8,125 13,500 5, % -10.0% % 0.0% MDLN Buy , % 63.3% % 0.0% PWON Buy ,468 1,714 2, % 32.2% % 1.9% SMRA Buy 1,380 2,000 19,906 1,332 1, % 9.1% % -0.2% Industrial 17,002 1,700 1, % 12.8% % 2.8% DMAS Buy ,459 1,016 1, % 20.2% % 3.5% BEST Neutral , % 5.4% % 0.3% SSIA Buy 595 1,100 2, % 0.3% % 3.4% Poultry 49,933 4,336 5, % 34.8% % 2.5% CPIN Buy 2,630 6,000 43,192 3,548 4, % 24.7% % 2.3% JPFA Buy 458 1,600 4, , % 77.0% % 4.3% MAIN Sell 1,140 2,100 1, % 89.8% % 2.0% Coal 48,336 6,230 7, % 12.4% % 7.7% ADRO* Neutral , % 10.3% % 6.2% HRUM* Neutral , N/M 59.2% % 0.0% ITMG* Neutral 8,125 17,650 9, % 11.8% % 15.6% PTBA Buy 7,500 10,000 17,284 1,938 2, % 10.5% % 6.2% Oil & Gas 68,119 7,021 7, % 2.6% % 5.4% PGAS* Sell 2,810 3,400 68, % 1.1% % 5.4% Shipping 3, % 12.2% % 4.1% SOCI* Buy , % 10.5% % 4.1% Metal 24, , % 97.4% % 4.4% ANTM Neutral , % 67.8% % 0.0% INCO* U/R 2,160 U/R 21, % 30.8% % 5.1% Telco 317,329 16,435 19, % 21.4% % 3.8% EXCL Buy 3,035 4,000 25, , % N/M % 0.9% ISAT U/R 4,550 U/R 24, ,147 N/M 237.1% % 1.8% TLKM Neutral 2,730 2, ,709 16,510 17, % 6.1% % 4.3% Tower 76,879 2,535 2, % 14.9% % 0.0% TBIG Neutral 6,775 8,000 32,496 1,101 1, % 5.9% % 0.0% TOWR Buy 4,350 5,000 44,383 1,434 1, % 21.9% % 0.0% Media 70,728 3,037 3, % 23.6% % 2.3% SCMA Neutral 3,110 3,000 45,473 1,534 1, % 15.3% % 2.3% MNCN Buy 1,715 2,200 25,255 1,503 1, % 32.0% % 2.4% Textile 6, % 17.7% % 0.0% SRIL* Buy , % 16.0% % 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 Research), (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 Ariyanto Kurniawan Telecom, Coal & Metal Mining ariyanto.kurniawan@mandirisek.co.id Merlissa Paramitha Trisno Consumer, Health Care merlissa.trisno@mandirisek.co.id Matthew Wibowo Retail, Textile matthew.wibowo@mandirisek.co.id Rizky Hidayat Property, Industrial, Media rizky.hidayat@mandirisek.co.id Aditya Sastrawinata Shipping, Construction aditya.sastrawinata@mandirisek.co.id Aldian Taloputra Economist aldian.taloputra@mandirisek.co.id Leo Putra Rinaldy Economist leo.rinaldy@mandirisek.co.id Wisnu Trihatmojo Research Assistant wisnu.trihatmojo@mandirisek.co.id Yudha Gautama Research Assistant yudha.gautama@mandirisek.co.id Kevin Halim Research Assistant kevin.halim@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 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 Yohanes Triyanto Kelapa Gading yohanes.triyanto@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 (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 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.