INVESTOR DIGEST HIGHLIGHT ECONOMY. Equity Research 27 Jun Equity Research 27 Jun 2014

Transcription

1 INVESTOR DIGEST Equity Research 27 Jun 2014 Economic Data Latest 2014F BI Rate (%), eop Inflation (YoY %) US$ 1 = Rp, period avg 12,099 11,825 HIGHLIGHT Jun14 inflation and May14 trade previews Pakuwon Jati: First launching of the year at Kota Kasablanka s Bella Tower (PWON, Rp346, Buy, TP: Rp430) Catur Sentosa Adiprana: Tools of The Trade (CSAP; Rp419; not rated) Stock Market Data (26 Jun 2014) JCI Index 4, % Trading T/O ( Rp bn ) 5,879.6 Market Cap ( Rp tn ) 4,834.5 Market Data Summary* 2014F 2015F EBITDA growth (%) EPS growth (%) EV/EBITDA (x) P/E (x) P/BV (x) Div. Yield (%) Earnings Yield (%) Net Gearing (%) ROE (%) * Aggregate of 74 companies in MS research universe, representing 60.8% of JCI s market capitalization ECONOMY Jun14 inflation and May14 trade previews Jun14 inflation: year on year inflation dropped to below 7%. We estimate Jun14 CPI to register 0.50% mom inflation, yet the annual inflation is expected to ease to 6.77% from 7.32% in the previous month. This is because Jun13 inflation reached 1.02% mom triggered by the increase in subsidized fuel price. No consensus estimate is available when the report is written. Into details, after recording price decline in the last 3 months, food prices rose along Jun14 due to the preparation of fasting. Commodities such as garlic, onion, and chicken meat were likely the main drivers of food inflation, based on our observation. The other contribution is expected to come from the first round effect of the electricity tariff increase which would likely have a marginal impact of 0.03ppt to inflation. Core inflation, on the other side, is estimated to creep up to 4.85% yoy in Jun14 from 4.82% yoy in the previous month owing to the weakening of the rupiah by 3% mom in Jun14. May14 trade balance: likely to record a small surplus. The Statistics Indonesia (BPS) will also announce May14 trade balance next week (1/7). We forecast it to record a small surplus of US$85mn from a deficit of US$2bn in Apr14. The surplus is possibly driven from CPO export performance and coal that may have offset solid import in May14. Based on the CPO Association (Gapki), CPO export volume rose 23% to 1.70mn ton from 1.38mn ton in Apr13 amid lower CPO price. The increase came from high demand from India, Bangladesh and Pakistan, likely due to religious festive seasonality. Meanwhile, coal export will benefit from its 1.2% mom price increase in the corresponding period. That said, we expect oil imports to increase on the back of seasonal demand entering the fasting and religious festive. Overall, we expect export and import to increase 5.6% mom (-6.4% yoy) and -7.6% mom (-9.9% yoy), respectively. Market and policy implications. If indeed trade and inflation numbers are in line with our projection, we think they will bring temporary relief for the rupiah asset until there is more certainty in the presidential election. At this juncture, we see BI to keep BI rate unchanged at 7.5% in the next board meeting (10/7) as it is confirming the data trend in the coming months. Page 1 of 7

2 May-14 Inflation MS Forecast Jun-14 Market Consensus Headline inflation (% yoy) Headline inflation (% mom) Headline inflation (% ytd) Core inflation (% yoy) Apr-14 Trade MS Forecast May-14 Market Consensus Exports (% yoy) Imports (% yoy) Trade balance (US$ bn) Aldian Taloputra ( ) Leo Rinaldy( ) aldian.taloputra@mandirisek.co.id leo.rinaldy@mandirisek.co.id CORPORATE Pakuwon Jati: First launching of the year at Kota Kasablanka s Bella Tower (PWON, Rp346, Buy, TP: Rp430) PWON has started pre-launching its new Bella Tower at Kota Kasablanka s phase 2 Casa Grande apartment. The ASP is set the same as the current Angelo Tower which was launched in November The 2 bedroom units are selling at Rp3.4bn/unit. The whole Bella Tower should contribute c. Rp960bn marketing sales for PWON. Up till now, 45 units out of 300 are sold at the new tower during the pre-sales period which is about 15% of the tower marketing sales, based on our channel check. In our estimation, we assumed 25% take up rate from the new Bella Tower for the year. Meanwhile, the Angelo Tower is already 60% sold by May We will closely monitor the launching progress. The Bella Tower is PWON s first project launching of the year. The company is planning to launch the second office tower at Kota Kasablanka and the Grand Pakuwon Township in 2H14. Re-iterate BUY on the counter at TP Rp430. Rizky Hidayat ( ) rizky.hidayat@mandirisek.co.id Catur Sentosa Adiprana: Tools of The Trade (CSAP; Rp419; not rated) Catur Sentosa Adiprana (CSAP) is one of Indonesia's major distribution companies focusing in building materials, chemicals, and consumer goods distribution. The company s distribution segment contributes 76% of total revenue while the remaining 24% originates from its retail business. Major building material distributor. Building material distribution is 80% of CSAP's distribution sales and 57% of its total sales. The company has over 30 major principals with an average relationship of over 20 years including Arwana (ARNA IJ), Mowilex Indonesia, and Mulia Industrindo (MLIA IJ). The building material distribution business offers a GPM of 10.8% as of FY13. CSAP strategically chooses to distribute home improvement goods which is more defensive in sales in comparison to cement which is building material goods. Expanding the consumer goods distribution. CSAP is now giving more focus in growing its consumer goods distributions which is 14% of CSAP's distribution sales and 10% of its total sales. The company's largest consumer goods principal is P&G group which supplies 50% of the consumer goods distributed. Consumer goods distribution business offers CSAP gross margin of 6.8% in FY13. Chemical distribution is very small and is 6% of CSAP's distribution sales and 4% of its total sales. The business line offers a GPM of 12.6%. Page 2 of 7

3 A home improvement retailer. CSAP has 20 Mitra10 home improvement retailers (40,525sqm selling space) and 10 Atria home furnishing showrooms (13,385sqm selling space) in the Greater Jakarta area and East Java. 88% of the products sold are local products where 7% is exclusively distributed by CSAP. As of 3M14, Mitra10 and Atria has an SSSG of 22% and 34% respectively. Mitra10 is still the major contributor of revenue from the retail business, contributing 93% of total retail revenue. CSAP targets 2 new store openings per year with total capex of Rp30-40bn per store. Growing with gradually increasing margin. CSAP witnessed sales and NPAT growth of 21.8%CAGR and 58.6%CAGR respectively from FY The company has also experienced constant steady growth in its gross margin from 12.3% in FY10 to 13.2% in FY13. GPM for its distribution and retail segments are 10.7% and 20.9% respectively in FY13. Trading at 11.9x FY14 PE. For FY14, CSAP is targeting net revenue of Rp7.9tn and NPAT of Rp92bn. CSAP is expecting margin improvement from product mix and wider distribution coverage. Balance sheet wise, CSAP bears net gearing of 1.27x as of 3M14 vs. 1.23x in FY13. The company's cash conversion cycle is at 45 days. CSAP is allocating Rp120bn capex for FY14 to purchase vehicles and equipments as well as store renovations. Using the company's target, we calculated CSAP's FY14F PE of 11.9x. Rizky Hidayat ( ) rizky.hidayat@mandirisek.co.id MARKET JCI POINTS pts (+0.69%), VALUED $321MN, MKT CAP $370BN, IDR TOP TURNOVER: BMRI BBRI TLKM BBCA ASII BBNU SMGR ADRO UNVR PGAS LSIP INTP INDF SSMS (45%) ADVANCING SECTOR: cement+1.4%, infra & mining +1%, financial+0.9%, plantation & telco +0.7%, consumer+0.5%, auto+0.4%, property+0.3% DECLINING SECTOR: NONE Major Asian markets swung higher as weak US growth seemed to further delay the day when interest rates might rise, prompting investors to plow funds into riskier assets in a desperate search for returns. A shockingly poor reading on the US economy for 1Q14 also pressured the USD while giving a lift to most commodities and resources-related currencies. Globally, the longer term bond prices rose as investors sought out the back end of the yield curve for better returns. The prospect that US Fed would keep rates low for longer encouraged equity investors, though some were cautious in case a key measure of US inflation due later tonight surprised on the high side. The price index for personal consumption expenditures is the US Fed favored measure of inflation and looks likely to have reached its highest since late 2012 in May. For now, all regional markets were in black, with the JCI up 0.7% at 4872 level, as investors managed to put a positive spin on data showing the US economy shrank at an annualized 2.9% pace in 1Q14, far below already-pessimistic estimate, and blamed the weakness to one-off factors including extreme winters; and a string of good economic data showing a market rebound was likely this quarter. The dollar index.dxy fell as far as , a low not seen since May 22nd; thus, investors put behind worry over IDR recent weaknesses. In return, this fueled buying interest into rate plays and infra-related names. All sectors were on green zone with cement, infra, and banks leading the way. Commodityrelated stocks also doing well. Volume was better $321MN. Foreign participants at 40% came up better seller for 10%. Gainers beat losers by 2 to 1. Sales Team Page 3 of 7

4 FROM THE PRESS Coordinating Minister for Economic Affairs visit to Tanjung Priok port The Investor Daily reported that a coordinating meeting between Chairul Tanjung (Coordinating Minister for Economic Affairs), Chatib Basri (Finance Minister), M Lutfi (Trade Minister), Bambang Susantono (Vice Transportation Minister), Mahendra Siregar (BKPM Head), RJ Lino (Pelindo II CEO) and Agung Kuswandono (Directorate General for Custom) yesterday came up with several key points on Tanjung Priok seaport improvement: 1. Dwelling time in Tanjung Priok seaport is currently at 6.2 days (compare to 8-10 days last year). Target by end of this year will be 4 days. Port related cost is expected to be cut by 36%. 2. All seaport transaction will be settled in Rupiah currency. Pelindo will do socialization for this in the next three months. 3. Lower the minimum stacking period from 60 days to 30 days. 4. Speeding up the development of Tanjung Priok s supporting infrastructure (Cilincing Tanjung Priok and connecting railway to the port). BUMI to conduct Rp8.04tr rights issue Bumi Resources (BUMI) plans to raise Rp8.04tr from issuing 32.1bn new shares at Rp250/share. Around Rp1.72tr (US$150mn) will be used to pay syndicated bank loan, US$150mn for convertible bonds (from a total of US$375mn), US$48mn for Gallo Oil expansion (block 13 and Block R2), US$32.6 for feasibility study at Gorontalo Minerals, with the remaining balance to pay loan to Country Forest Ltd (CFL), a subsidiary of China Investment Corporation (CIC) and loan to Castleford Investment. If its largest shareholders Long Haul Holdings, 23% stake through Credit Suisse and 6.09% stake through Raiffeisen Bank, decided not to execute the rights, CIC and Castleford have the rights to take 6.9bn new shares each or equals to 37.68% stake (18.84% each). As such Long Haul Holding ownership through Credit Suisse will be diluted to 13.1% stake and through Raiffeisen Bank to 3.45% stake. Post rights issue, public stakes will be diluted to 40.18% from 70.82%. (Investor Daily) Page 4 of 7

5 Indices Currencies and ADRs Major Commodities Last (pts) Chg (%) Currency Last (pts) (%) Last (pts) Chg (%) JCI 4, Rp/US$ 12, Oil spot (US$/bl) Dow Jones 16, EUR/US$ Nickel spot (US$/mt) 18, Nikkei 15, YEN/US$ Gold spot (US$/oz) 1, SET 1, SGD/US$ Tin 3-month (US$/mt) 22, Hang Seng 23, CPO futures (Ringgit/ton) 2, STI 3, ADR Stocks Soybean oil (US$/100gallons) S&P 500 1, TLK in Rp 12, Rubber forward (US /kg) IIT in Rp 3, Coal (US$/ton)* Ishares indo Coal (US$/ton) * weekly price 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 14F P/E 15F ROE 14F ROE 15F BSDE Buy 25, ,470 2,000-63% 4,002-5% 1, % 20.0% PWON Buy 16, % 717 8% % 35.3% SMRA Buy 15, ,095 1,550-65% 3,106 61% % 20.7% CTRA Neutral 14, % 1,647 21% % 19.0% JRPT Buy 12, ,130-67% 2,817 72% % 26.4% ASRI Neutral 7, % 1,538 2% % 23.2% APLN Buy 5, % % % 15.4% LPCK Buy 4, ,925 9,850-64% 19,300 47% 4, % 28.6% MDLN Neutral 5, % 1,201-23% % 13.4% CTRS Buy 4, ,155 4,000-73% 8,077-22% 2, % 23.4% BKSL Neutral 2, % 1,010-58% % 10.8% Simple average -63% % 20.5% Plantation Valuation Ticker Rec. Market Cap (Rp bn) Share price Target Price planted (US$) EV/ha PER EV/EBITDA ROE Mature (US$) FY14F FY15F FY14F FY15F FY14F FY15F AALI Buy 46,140 29,300 33,200 17,412 20, % 27.3% BWPT Buy 5,660 1,270 1,750 11,849 18, % 22.5% LSIP Buy 16,375 2,400 3,200 10,445 12, % 18.0% SGRO Buy 4,460 2,360 3,000 6,685 9, % 14.4% Weighted average 13,389 16, % 22.5% SIMP* Not Rated 16,528 1,045 7,652 10, % 7.0% SSMS* Not Rated 11,906 1,250 29,828 31, % 33.8% *) Consensus numbers Page 5 of 7

6 Equity Valuation Outstanding Shares Price Mkt Cap Net Profit EPS Growth PER (x) EV / EBITDA (x) P/BV (x) Div.Yield JCI Code Rating (Mn) Price (Rp) Target (Rp Bn) Mandiri Universe 2,996, , , % 19.0% % 2.6% Banking 718,988 59,574 72, % 22.1% N.A. N.A % 2.3% BCA BBCA Neutral 24,655 11,000 10, ,205 15,729 18, % 19.0% N.A. N.A % 1.5% BNI BBNI Neutral 18,649 4,790 4,750 89,327 9,323 11, % 19.5% N.A. N.A % 2.6% BRI BBRI Buy 24,660 10,050 12, ,925 22,266 27, % 25.3% N.A. N.A % 2.7% BTN BBTN Buy 8,836 1,035 1,500 10,719 1,601 1, % 21.2% N.A. N.A % 4.5% Danamon BDMN Neutral 9,585 4,195 4,200 40,207 3,936 4, % 26.7% N.A. N.A % 2.9% Bank BJB BJBR Sell 9, ,951 1,086 1, % 10.1% N.A. N.A % 6.1% Bank Jatim BJTM Neutral 14, , , % 21.5% N.A. N.A % 10.1% BTPN BTPN Buy 5,840 4,245 5,000 24,792 2,303 2, % 25.5% N.A. N.A % 0.0% Panin PNBN Buy 24, ,000 20,836 2,366 2, % 17.8% N.A. N.A % 2.3% Infrastructure 273,562 16,581 18, % 14.1% % 2.4% Holcim SMCB Neutral 7,663 2,610 2,700 20,003 1,288 1, % 12.9% % 1.9% Indocement INTP Buy 3,681 22,600 24,000 83,196 5,582 6, % 11.7% % 2.1% Semen Indonesia SMGR Buy 5,932 15,100 16,600 89,566 5,900 6, % 12.9% % 3.3% Adhi Karya ADHI Buy 1,801 2,725 2,500 4, % 40.9% % 2.3% Pembangunan Perumahan PTPP Buy 4,842 1,805 2,100 8, % 20.2% % 1.8% Wijaya Karya WIKA Buy 6,106 2,180 2,300 13, % 18.2% % 1.5% Waskita Karya WSKT Neutral 9, , % 34.8% % 1.8% Wijaya Karya Beton WTON Buy 8, , % 25.5% % 1.6% Jasa Marga JSMR Neutral 6,800 6,000 6,200 40,800 1,566 1, % 10.5% % 1.5% Consumer 482,973 19,255 22, % 18.3% % 2.4% Tiga Pilar AISA Buy 3,000 2,360 3,000 7, % 31.5% % 0.0% Gudang Garam GGRM Buy 1,924 52,975 68, ,929 5,571 6, % 15.0% % 2.1% Indofood CBP ICBP Neutral 5,831 10,000 10,700 58,310 2,292 2, % 11.4% % 2.0% Indofood INDF Buy 8,780 6,825 8,200 59,923 4,048 5, % 29.1% % 3.4% Mayora MYOR Neutral ,325 27,200 26, % 16.4% % 0.9% Unilever UNVR Buy 7,630 29,800 34, ,374 5,907 6, % 16.9% % 2.6% Wismilak WIIM Neutral 2, , % -30.6% % 2.3% Dyandra DYAN Buy 4, % 41.8% % 0.0% Healthcare 89,756 2,748 3, % 22.9% % 1.2% Kalbe Farma KLBF Buy 46,875 1,670 1,880 78,281 2,287 2, % 24.3% % 1.2% Sido Muncul SIDO Neutral 15, , % 15.7% % 1.6% Transportation 2, % 26.2% % 1.8% Express Transindo TAXI Buy 2,146 1,230 1,600 2, % 26.2% % 1.8% Retail 80,208 3,829 4, % 23.8% % 1.9% Ace Hardware Indonesia *) ACES U/R 17, U/R 15, % 18.2% % 0.8% Erajaya *) ERAA U/R 2,900 1,090 U/R 3, % 12.5% % 4.4% Matahari Department Store *) LPPF U/R 2,918 13,725 U/R 40,048 1,611 2, % 28.7% % 2.0% Mitra Adiperkasa *) MAPI U/R 1,660 4,720 U/R 7, % 36.1% % 0.9% Ramayana *) RALS U/R 7,096 1,185 U/R 8, % 14.0% % 3.0% Supra Boga *) RANC U/R 1, U/R % 19.4% % 1.3% Tiphone Mobile Indonesia *) TELE U/R 5, U/R 4, % 22.3% n/a n/a 2.6% 2.9% Automotive 305,767 21,719 24, % 14.1% % 3.5% Astra International *) ASII U/R 40,484 7,225 U/R 292,494 20,862 23, % 13.6% % 3.6% IMAS *) IMAS U/R 2,765 4,800 U/R 13, , % 26.5% % 1.4% Heavy Equipment 89,151 6,523 6, % 3.9% % 2.7% Hexindo Adiperkasa HEXA Buy 840 3,665 5,450 3, % 38.2% % 2.3% United Tractors UNTR Neutral 3,730 23,075 23,000 86,073 6,214 6, % 2.2% % 2.7% Plantation 72,636 4,608 5, % 29.2% % 3.0% Astra Agro Lestari AALI Buy 1,575 29,300 33,200 46,140 2,848 3, % 22.4% % 3.3% BW Plantation BWPT Buy 4,457 1,270 1,750 5, % 77.6% % 1.2% London Sumatera Plantations LSIP Buy 6,823 2,400 3,200 16,375 1,101 1, % 28.6% % 2.7% Sampoerna Agro SGRO Buy 1,890 2,360 3,000 4, % 40.4% % 2.6% Property 115,850 12,507 14, % 14.5% % 1.7% Agung Podomoro Land APLN Buy 20, , , % 16.6% % 3.2% Alam Sutera Realty ASRI Neutral 17, ,806 1,354 1, % 17.8% % 5.9% Sentul City BKSL Neutral 31, , % 35.7% % 0.0% Bumi Serpong Damai BSDE Buy 17,497 1,470 2,000 25,721 2,155 2, % 17.7% % 2.1% Ciputra Development CTRA Neutral 15, ,332 1,209 1, % 25.7% % 1.7% Ciputra Surya CTRS Buy 1,979 2,155 4,000 4, % 30.3% % 2.8% Jaya Real Property JRPT Buy 13, ,130 12, % 30.4% % 0.9% Lippo Cikarang LPCK Buy 696 6,925 9,850 4, % 8.7% % 0.0% Modernland MDLN Neutral 12, ,139 1, % -46.3% % 0.0% Pakuwon Jati PWON Buy 48, ,663 1,495 2, % 41.4% % 2.1% Summarecon Agung SMRA Buy 14,425 1,095 1,550 15,795 1,134 1, % 24.2% % 0.0% Poultry 80,121 3,127 3, % 26.9% % 1.1% Charoen Pokphand CPIN Neutral 16,423 3,860 4,100 63,392 2,429 3, % 26.6% % 1.1% Japfa Comfeed JPFA Sell 10,499 1,155 1,000 12, % 25.2% % 1.2% Malindo Feedmill MAIN Neutral 1,695 2,715 3,000 4, % 33.0% % 1.0% Energy 252,184 15,211 18, % 23.8% % 3.8% Adaro ADRO Buy 31,986 1,200 1,450 38,383 3,253 3, % 5.3% % 3.4% Bumi *) BUMI U/R 20, U/R 3,116 (1,879) (91) 70.0% N/M -1.5 n/a % 7.3% Harum Energy HRUM Neutral 2,699 2,330 2,400 6, % 8.6% % 4.6% Indo Tambangraya Megah ITMG Neutral 1,130 27,400 25,750 30,960 2,057 2, % 7.9% % 5.7% Bukit Asam PTBA Neutral 2,304 10,550 9,700 24,312 1,717 2, % 25.8% % 4.4% Energi Mega Persada *) ENRG U/R 44, U/R 4, % 0.0% n/a n/a 0.0% 0.0% Medco *) MEDC U/R 3,332 3,480 U/R 11, % 300.0% % 0.3% PGN *) PGAS Buy 24,240 5,500 6, ,328 9,319 9, % 8.6% % 3.7% Metal 51,852 1,584 2,680 N/M 60.8% % 2.1% Antam *) ANTM U/R 9,538 1,090 U/R 10, % 200.6% % 1.1% Bumi Resources Minerals *) BRMS U/R 25, U/R 5, % 0.0% n/a n/a 0.0% 0.0% PT Inco *) INCO U/R 9,936 3,575 U/R 35,522 1,747 2, % 40.0% % 2.8% Telecommunication 380,872 19,244 22, % 15.8% % 3.1% EXCEL *) EXCL U/R 8,534 5,125 U/R 43, , % 99.0% % 1.5% Indosat *) ISAT U/R 5,434 3,765 U/R 20, ,092 N/M 90.4% % 2.2% Tower Bersama TBIG Buy 4,657 8,100 7,200 38,852 1,474 1, % 32.0% % 0.0% Sarana Menara TOWR Neutral 10,203 3,950 3,750 40,302 1,110 1, % 22.1% % 0.0% Telkom *) TLKM Buy 96,010 2,465 2, ,521 15,343 16, % 7.1% % 4.5% Note : - *) means Company Data is using Bloomberg Data - U/R means Under Review - n/a means Not Available - N/M means Not Meaningful - N.A. means Not Applicable Page 6 of 7

7 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, 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 Rizky Hidayat Property, Media rizky.hidayat@mandirisek.co.id Vanessa Ariati Tanuwijaya Banking, Health Care vanessa.tanuwijaya@mandirisek.co.id Aldian Taloputra Economist aldian.taloputra@mandirisek.co.id Leo Putra Rinaldy Economist leo.rinaldy@mandirisek.co.id Aditya Sastrawinata Research Assistant aditya.sastrawinata@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 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.