INVESTOR DIGEST HIGHLIGHT CORPORATE. Equity Research 10 January 2017

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1 INVESTOR DIGEST Equity Research 10 January 2017 Economic Data Latest 2017F 7-DRRR (%), eop Inflation (YoY %) US$ 1 = Rp, period avg 13,365 13,450 HIGHLIGHT Bank Jatim: FY2016 Results- In Line with Expectations (BJTM; Rp615; Neutral; TP Rp550) Market Recap Jan 9 th 2016; JCI: 5, (-0.57%); USD/IDR: 13,365; Total Value: Rp5.24tn Stock Market Data (9 Jan 2017) JCI Index 5, % Trading T/O ( Rp bn ) 4,267.0 Market Cap ( Rp tn ) 5, ,909.5 Market Data Summary* 2017F 2018F EBITDA growth (%) EPS growth (%) EV/EBITDA (x) P/E (x) P/BV (x) Div. Yield (%) Earnings Yield (%) Net Gearing (%) ROE (%) * Aggregate of 79 companies in MS research universe, representing 67.3% of JCI s market capitalization CORPORATE Bank Jatim: FY2016 Results- In Line with Expectations (BJTM; Rp615; Neutral; TP Rp550) BJTM reported 2016 net income of Rp1.0tn, +16%yoy, accounting for 100% of consensus and our expectations. The bank booked relatively low loan growth of +4%yoy, meanwhile NPL slightly improved to 4.8% in Dec16 from 4.9% in Sept16. BJTM reported 2016 net income of Rp1.0tn, +16%yoy, accounting for 100% of consensus and Mansek s expectations. Strong net income was mainly driven by decline in provision expenses of -15%yoy. In 4Q16 alone, net income stood at Rp192bn, -30%qoq/+2%yoy. Quarterly decline in net income was mainly due to increasing operating expenses, which grew by +34%qoq, the majority of the growth came from salary expenses. In 4Q16 BJTM focused on recruiting additional employees to prepare for its syariah spin-off and expansion plans in BJTM s full financial statement is not yet available. Loan growth remains quite weak at +4%yoy/flat qoq. Recently, the bank has been more cautious in disbursing loans to prevent further formation of bad debt, particularly in the commercial segment, which posted negative loan growth of -7%yoy (accounting for 18% of total loans). In contrary, SME loans posted relatively flat growth of +1%yoy (15% of total loans), while consumer loans posted loan growth of +9%yoy (67% of total loans). The bank targets moderate loan growth of +8%yoy in 2017, lower than BI's and OJK s expected industry loan growth of 10-12%. Deposit growth -4%yoy/-20%qoq. Decline in deposit growth was mainly driven by decline in demand deposits at -16%yoy and time deposits at -11%yoy. Meanwhile, savings deposits increased by +13%yoy, bringing CASA to 78% in Dec16 from 77% in Dec15. LDR stood at 90% in Dec16 from 83% in Dec15. BJTM managed to slightly lower NPL to 4.77% in Dec16 from 4.92% in Sept16. Improvement was evident in the consumer segment, wherein NPL declined to 0.84% in Dec16 (from 0.89% in Sept16), and in the SME segment to 11.99% (from 12.43%). Meanwhile, the commercial segment shows no sign of improvement as NPL continues to increase to 12.77% in Dec16 (from 11.82% in Sept16). In 2016 the bank wrote off Rp110bn of bad debts. Coverage ratio increased to 93.5% in Dec16 from 84.2% in Sept16. Page 1 of 9

2 BJTM has set an aggressive target to lower NPL to 3.10% by year end. Aside from setting up a team to focus on bad debt recoveries, the bank plans to lower NPL by using Rp bn of the bank s pension funds to purchase collateral of problematic loans. This roughly accounts for 14-18% of the bank s outstanding NPL as per FY16. NIM increased to 6.94% in 12M16 from 6.41% in 12M15 (this is based on the bank s calculation). Currently, the maximum TD rate offered by BJTM is 7.5%, while the average blended TD rate is at 4-5% indicated DPS to be 5% above last year s nominal DPS. The management has indicated that this year s nominal DPS would be 5% higher than last year s, which amounted to Rp43 per share. Hence, we estimate a payout ratio of 66% in The bank will hold a General Shareholder Meeting on January 31, 2017, and will distribute dividends in February. Maintain Neutral with TP of Rp550. The counter is currently trading at 1.2x 2017 P/BV. Income Statement (Rp bn) 12M15 12M16 % YoY 4Q15 3Q16 4Q16 % YoY % QoQ FY16F % Net interest income 3,124 3, , Non interest income , Operating income 3,463 3, , , , Provision expense (599) (510) (15) (56) (144) (130) 133 (10) (530) 96 Operating expense (1,667) (1,933) 16 (447) (437) (584) (1,840) 105 Operating profit 1,197 1, (8) 1, , PPOP 1,796 1, (8) 1, Pre-tax profit 1,261 1, (14) 1, , Net profit 885 1, (30) 1, , FY16 Cons % Balance Sheet (Rp bn) Dec-15 Sep-16 Dec-16 % YoY % QoQ Gross loan 28,412 29,625 29, Demand deposit 13,494 16,720 11,289 (16) (32) Saving deposit 12,753 12,242 14, Time deposit 8,016 12,203 7,148 (11) (41) Total deposit 34,264 41,166 32,799 (4) (20) CASA to deposits (%) Ratio (%) 12M15 12M16 4Q15 3Q16 4Q16 CAR LDR NIM 7.5 * n/a ROE NPL, cat Loan loss coverage Cost to Income Source: Company, Mandiri Sekuritas (* based on bank s calculation NIM is 6.94% in 2016 vs. 6.41% in 2015, our calculation shows slightly higher NIMs) Priscilla Thany ( ) Tjandra Lienandjaja ( ) priscilla.thany@mandirisek.co.id tjandra.lienandjaja@mandirisek.co.id Page 2 of 9

3 TAX AMNESTY MARKET Market Recap Jan 9 th 2016; JCI: 5, (-0.57%); USD/IDR: 13,365; Total Value: Rp5.24tn Asia market started the week with mixed results, while Indo market closed in the negative at 5316 level (-0.6%). Plantation and mining names were the darling of the day as the stocks rises: BWPT (+7.4%), AALI (+1.9%), SIMP (+0.4%), ADRO (+1.5%), and Bakrie stock: BUMI (+5.6%). On the other hand, banks and other big cap stocks dragged the index down: BBCA (-1.6%), BBRI (-2.9%), BMRI (-0.9%), ASII (-0.3%), UNVR (-1.1%) and HMSP (-0.75%). Regular market transaction was recorded at Rp4.3tn (US$321.7mn) and foreign posted a net buy of Rp30.95bn (US$2.3mn). TOP TURNOVER: BUMI BBRI BBCA TLKM LPPF ASII BMRI UNVR UNTR PGAS GGRM HMSP WIKA ICBP INDF ADHI ADVANCING SECTOR: agri +1.7%; infra flat; mining flat; DECLINING SECTOR: finance -1.05%; basic industry -0.8%; constructions -0.8%; trade -0.7%; manufacture -0.6%; consumers -0.6%; misc industry -0.4%; The yield of 10-year government went up to 7.791% (+0.55%) and Rupiah was flat at Rp13,365. Sales Team Page 3 of 9

4 FROM THE PRESS Rp100tn of repatriated funds have entered the banking system OJK s Chief of Banking Supervisor Nelson Tampubolon states that as per early January 2017, more than Rp100tn of the total committed Rp143tn repatriated funds has entered the national banking system. He states that there may be another Rp43tn coming into the banking system in the near future. The majority of repatriated funds are in the form of deposits. (Bisnis Indonesia) Dec16 foreign exchange reserve increased US$4.9bn The amount of US$116.4bn is sufficient for 8.4 months of imports and government external debt payment. Affecting the rise are global bond issuance (US$3.5bn), adequate rupiah and much less FX needed to stabilize the rupiah relative to post-us election shock period in Nov16, and trade surplus (Kompas) Government to finalize Patimban Port project Budi Karya, the Minister of Transportation, stated that the government plan to finalize Patimban Port blueprint prior to a visit from Shinzo Abe, Japanese Prime Minister, to Indonesia this weekend. The government plans to involve Pelindo II to develop Patimban Port which is expected would cost around USD3.1bn (~Rp42tn). (Kontan, Investor Daily) Investment in cement sector reached Rp15tn last year Total investment in cement sector reached Rp15tn in FY16, coming from local and foreign players despite plagued by 25% overcapacity since FY15. (Bisnis Indonesia) Investment in 2016 absorbed 1.25 million labors The Chairman of Indonesia Investment Coordinating Board (BKPM) Thomas Lembong is confident that investment realization in 2016 could reach Rp594.8tn (vs. Rp600tn target). From the estimated realization, he also predicted around 1.25 million new labors were absorbed. (Note: accumulated Q316 investment realization is Rp453.4tn with 958,000 jobs created) (Kontan) Pharmaceuticals industry is expected to grow by 5% YoY in 2017, according to associations Slow economy recovery and bottlenecks in the JKN scheme may continue to hinder growths this year. The industry may just have grown by 4% YoY in 2016 due to the same problems, on top of supply issues, i.e. drug stock-out. Associations see no catalyst until JKN scheme is sorted out and Government health budget improves again. (Bisnis Indonesia) Regional banks to set up electronic money BI s relaxation of the electronic money policy has allowed BUKU III banks and regional development banks to start entering the electronic money business. Currently, there are a number of regional development banks that have submitted permits, including BJBR. BJBR s Director of Consumer Banking Fermiyanti states that BJBR plans to issue their own electronic money in 1H17. Meanwhile, BJTM is still reviewing plans to issue electronic money. (Kontan) Arwana Citramulia (ARNA) inaugurated new plant worth Rp300bn The company has recently inaugurated their fifth plant in Mojokerto, East Java worth Rp300bn of investment. The fifth plant, however, has already started its operational activity since Aug 16 with capacity addition of 8mn sqm per year, bringing ARNA s total production capacity to around 57mn sqm per year. (Investor Daily) Hutama Karya targets to complete three toll road projects in 2017 Up to end of 2016, Hutama Karya has constructed 47km length Trans Sumatra toll roads. For 2017, Hutama Karya plans to complete Medan-Binjai, Palembang-Indralaya and Pekanbaru-Dumai toll road sections. Hutama Karya plans to raise funding through bond issuance and loan from Sarana Multi Infrastruktur (SMI) and Asian Infrastructure Investment Bank (AIIB). (Bisnis Indonesia) Page 4 of 9

5 Ramayana Lestari Sentosa (RALS) is targeting to open six new stores this year The company has set Rp400bn capex, part of it to finance the stores opening. Revenue growth for this year is targeted to be 10% YoY from 8% in SSSG and 2% from the new stores contribution. (Kontan) Waskita Karya (WSKT) appointed as contractor for Salatiga-Solo toll road section Solo Ngawi Jaya, the concession owner of Solo-Ngawi toll road, has awarded Rp2.7tn contract to WSKT to develop 33km Salatiga-Solo toll road section. Solo Ngawi Jaya is currently owned by Jasa Marga (JSMR 60%) and Waskita Karya (WSKT 40%). (Bisnis Indonesia) Wijaya Karya (WIKA) postponed IPO of Wika Gedung to 2H17 The postponement was caused as WIKA increased IPO proceeds targets from Rp2tn to Rp3tn. Previously, WIKA plans to offer 30-40% stake in Wika Gedung in the IPO. Meanwhile, WIKA also reiterate plan to conduct IPO of its property subsidiary, Wika Realty, after completion of Wika Gedung s IPO. (Kontan) Page 5 of 9

6 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$/mt) 21, Hang Seng 22, CPO futures (Ringgit/ton) 3, STI 2, ADR Stocks Soybean oil (US$/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 34,837 1,810 2,570-61% 4,673 17% 1, % 10.5% PWON Buy 28, % 1,207 42% % 25.5% SMRA Neutral 19,329 1,340 1,575-66% 3,933 97% % 17.2% CTRA Buy 19,867 1,310 1,600-57% 3,073 68% % 14.0% JRPT Buy 12, ,300-73% 3,242 26% % 18.7% ASRI Neutral 7, % 1,161 64% % 5.3% LPCK Buy 3,602 5,175 10,000-79% 24,683 10% 4, % 11.9% MDLN Buy 4, % 1,165 21% % 7.9% CTRS Buy 5,383 2,720 4,000-80% 13,390-32% 4, % 12.2% Simple Average -67% % 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, % 1,701-49% % 10.3% LPCK Buy 3,602 5,175 10,000-79% 24,683 10% 4, % 11.9% MDLN Buy 4, % 1,165 21% % 7.9% Simple Average -72% % 10.4% Page 6 of 9

7 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) Mandiri Universe 5,326 5,550 4,056, , , % 13.1% % 2.2% Banking 946,840 83,783 96, % 15.7% N.A. N.A % 2.0% BBCA Neutral 15,675 15,150 (3.3) 386,467 21,729 24, % 11.2% N.A. N.A % 1.3% BBNI Buy 5,625 6, ,899 12,995 15, % 17.9% N.A. N.A % 3.7% BBRI Buy 12,100 14, ,497 30,760 35, % 16.4% N.A. N.A % 2.5% BBTN Buy 1,770 2, ,744 2,951 3, % 24.0% N.A. N.A % 3.1% BDMN Neutral 3,730 3,575 (4.2) 35,751 4,060 4, % 13.2% N.A. N.A % 2.0% BJBR Sell 2,850 1,600 (43.9) 27,634 1,780 1, % 10.5% N.A. N.A % 2.6% BJTM Neutral (9.1) 9,025 1,107 1, % 12.2% N.A. N.A % 7.6% BNGA Buy 835 1, ,985 3,290 3, % 21.2% N.A. N.A % 0.0% BNLI Buy , ,434 N/M 75.7% N.A. N.A % 0.7% BTPN Neutral 2,620 2, ,302 1,730 1, % 10.5% N.A. N.A % 0.0% PNBN Buy 730 1, ,584 2,565 2, % 11.8% N.A. N.A % 0.0% Building Materials 125,802 6,356 7, % 10.9% % 1.7% INTP Neutral 16,000 14,400 (10.0) 58,900 3,252 3, % 10.4% % 1.8% SMCB Sell (11.1) 6, % 14.2% % 0.0% SMGR Neutral 9,500 8,600 (9.5) 56,349 3,207 3, % 8.4% % 1.7% ARNA Buy , % 18.2% % 2.3% Constructions 108,004 6,092 7, % 15.2% % 1.3% ADHI Neutral 2,120 2,020 (4.7) 7, % 35.2% % 1.4% PTPP Buy 3,690 4, ,878 1,323 1, % 22.7% % 1.2% WIKA Buy 2,400 3, ,504 1,239 1, % 11.9% % 1.2% WSKT Buy 2,550 3, ,122 1,842 2, % 10.2% % 1.2% WTON Buy 840 1, , % 13.8% % 1.4% WSBP Buy , % 7.8% % 1.7% Toll road 31,427 1,805 1, % 4.6% % 1.7% JSMR Buy 4,330 5, ,427 1,805 1, % 4.6% % 1.7% Rice Mill 6, % 27.9% % 0.7% AISA U/R 2,000 U/R U/R 6, % 27.9% % 0.7% Consumer 1,121,993 37,839 41, % 10.8% % 1.1% ICBP Neutral 8,575 9, ,001 3,904 4, % 14.0% % 1.8% INDF Buy 8,000 11, ,256 4,221 4, % 11.5% % 3.2% MYOR Neutral 1,750 1,550 (11.4) 39,128 1,443 1, % 19.7% % 1.5% ULTJ U/R 4,530 U/R U/R 13, % 10.2% n/a 0.5% 0.6% UNVR Neutral 40,550 41, ,397 7,274 8, % 11.1% % -2.4% GGRM Buy 65,600 75, ,220 7,272 7, % 8.9% % 1.5% HMSP Neutral 3,980 3,850 (3.3) 462,946 12,996 14, % 9.7% % 2.8% WIIM U/R 458 U/R U/R 962 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 89,725 3,780 4, % 12.4% % 10.7% KLBF U/R 1,565 U/R U/R 73,360 2,569 2, % 11.2% % 1.9% SIDO U/R 515 U/R U/R 7, % 18.7% % 102.3% TSPC U/R 1,920 U/R U/R 8, % 12.4% % 3.7% Hospital 49, , % 21.7% % 0.7% MIKA Buy 2,510 3, , % 16.1% % 0.9% SILO Neutral 11,325 10,820 (4.5) 13, % 49.4% % 0.0% Retail 91,538 4,846 5, % 17.9% % 3.4% ACES Neutral , % 15.3% % 2.3% ERAA U/R 625 U/R U/R 1, % 25.2% n/a n/a 5.6% 6.7% LPPF Buy 15,525 19, ,301 2,355 2, % 17.0% % 4.7% MAPI Buy 5,175 6, , % 35.5% % 0.6% MPPA Neutral 1,425 1, , % 25.1% % 1.1% RALS Neutral 1,195 1,180 (1.3) 8, % 6.5% % 3.2% TELE U/R 850 U/R U/R 6, % 14.2% % 2.2% Automotive 332,551 18,303 19, % 6.0% % 2.4% ASII Neutral 8,125 8, ,929 18,054 18, % 4.5% % 2.5% IMAS U/R 1,310 U/R U/R 3, % 267.7% % 0.2% Heavy Equipment 84,523 5,799 5, % -0.3% % 2.1% HEXA* U/R 3,040 U/R U/R 2, % 0.0% % 4.3% UNTR Neutral 21,975 21,000 (4.4) 81,970 5,623 5, % -0.4% % 2.1% Plantation 46,449 3,099 3, % 14.0% % 2.4% AALI Buy 16,350 16, ,469 2,008 2, % 14.0% % 2.2% Page 7 of 9

8 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) LSIP Buy 1,670 1, , % 7.5% % 2.8% SGRO U/R 1,900 U/R U/R 3, % 31.4% % 2.1% Property 139,904 11,477 12, % 9.8% % 0.8% APLN U/R 222 U/R U/R 4, % -12.6% % 2.9% ASRI Neutral , % -46.1% % 1.5% BSDE Buy 1,810 2, ,837 2,648 2, % -6.4% % 1.0% CTRA Buy 1,310 1, ,867 1,429 1, % 11.4% % -1.4% CTRS Buy 2,720 4, , % -3.1% % 2.2% JRPT Buy 875 1, ,031 1,074 1, % 9.4% % 0.9% LPCK Buy 5,175 10, , % -7.1% % 0.0% MDLN Buy , % 29.5% % 0.0% PWON Buy ,655 2,435 3, % 27.1% % 2.0% SMRA Neutral 1,340 1, , , % 148.5% % 0.0% Industrial Estate 14,883 1,554 1, % 12.0% % 2.4% DMAS Buy , , % 2.8% % 2.9% BEST Buy , % 20.4% % 0.6% SSIA Neutral , % 37.1% % 2.5% Poultry 73,098 5,544 6, % 18.8% % 2.4% CPIN U/R 3,260 U/R U/R 53,457 3,525 4, % 17.6% % 2.3% JPFA U/R 1,475 U/R U/R 16,831 1,688 2, % 22.2% % 2.6% MAIN U/R 1,255 U/R U/R 2, % 12.8% % 2.6% Coal 105,282 8,370 8, % 3.4% % 4.0% ADRO* Sell 1,665 1,200 (27.9) 53, % 2.9% % 2.7% HRUM* Sell 2,110 1,600 (24.2) 5, % 7.3% % 4.9% ITMG* Sell 16,425 12,250 (25.4) 18, % -9.3% % 6.8% PTBA Sell 12,050 9,500 (21.2) 27,769 2,256 2, % 12.4% % 4.6% Oil & Gas 69,331 5,529 5, % 5.9% % 4.1% PGAS* U/R 2,860 U/R U/R 69, % 5.9% % 4.1% Shipping 2, % N/A % 0.0% SOCI* U/R 336 U/R U/R 2, n/a 0.0% % 5.1 n/a 7.0 n/a n/a n/a 0.0% 0.0% Metal 36, % N/M ### % 1.0% ANTM Neutral (42.5) 8, % -13.3% % -3.6% INCO* U/R 2,840 U/R U/R 28, % 125.0% % 2.3% Telco 447,864 23,840 27, % 17.6% % 3.9% EXCL Neutral 2,560 2,400 (6.2) 27, % 37.7% % 0.5% ISAT U/R 6,000 U/R U/R 32,604 1,871 2, % 43.5% % 3.5% TLKM Buy 3,950 4, ,939 21,439 24, % 14.9% % 4.1% Tower 59,897 4,471 5, % 16.1% % 0.0% TBIG Neutral 5,000 6, ,983 1,558 1, % 25.6% % 0.0% TOWR Buy 3,520 5, ,914 2,913 3, % 11.0% % 0.0% Media 67,743 3,681 4, % 14.8% % 3.0% SCMA Buy 2,900 3, ,403 1,870 2, % 13.6% % 3.1% MNCN Buy 1,775 2, ,340 1,812 2, % 16.0% % 2.9% Textile 4, % N/A % 0.0% SRIL* U/R 232 U/R U/R 4, n/a 33.3% % 4.4 n/a 5.6 n/a 0.8 n/a 5.6% 0.0% * net profit in USD mn 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 8 of 9

9 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 (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.