INVESTOR DIGEST HIGHLIGHT CORPORATE. Equity Research 30 September 2016

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1 INVESTOR DIGEST Equity Research 30 September 2016 Economic Data Latest 2016F 7-DRRR, eop Inflation (YoY %) US$ 1 = Rp, period avg 12,979 13,348 HIGHLIGHT Ciputra Development: Weak 1H16 Result (CTRA; Rp1,680; under review) Ciputra Surya: 1H16 - Below expectation (CTRS; Rp2,750; Buy; TP: Rp4,000) Tax Amnesty Progress: Rp93.5tn (56.7% of Target) Market Recap Sep 29 th 2016; JCI (+0.12%); Mkt Cap $450bn, USD/IDR 12,979; Total Value:$469mn Stock Market Data (29 Sep 2016) JCI Index 5, % Trading T/O ( Rp bn ) 6,230.0 Market Cap ( Rp tn ) 5, ,016.2 Market Data Summary* EBITDA growth EPS growth EV/EBITDA (x) P/E (x) P/BV (x) Div. Yield Earnings Yield Net Gearing ROE * Aggregate of 75 companies in MS research universe, representing 68.4% of JCI s market capitalization CORPORATE Ciputra Development: Weak 1H16 Result (CTRA; Rp1,680; under review) Weak 1H16 result. CTRA just announced its 1H16 result, as they audited the result in preparation for the merger of CTRA, CTRS, and CTRP. CTRA result in 1H16 is weak, comprising of only 16-18% of ours and consensus number. The company booked NPAT of Rp238bn in 1H16, down by 53% YoY. Weak result is driven by decline in gross margin (down by 400bps) coupled with sharp increase in its G&A cost (up by 17% YoY). Hence, the company s operating profit was down by 34% YoY. Revenue recognition is also quite slow, down by 7% YoY to Rp2.9tn. Its subsidiaries, Ciputra Residence (NPAT down by 39% YoY) and Ciputra Surya (NPAT down by 52% YoY) also reported weak 1H16. Balance sheet still healthy. CTRA is standing at net debt of Rp2.8tn and net gearing of 33% in 1H16. The company has outstanding debt of Rp5.7tn and cash of Rp2.9tn. Operating cashflow is still weak, at only Rp46bn in 1H16, but we expect this to improve in the coming year. CTRA s customer advances stands at Rp6tn in 1H6, up from Rp5.7tn in 1H15. Market might ignore the result. We think that market would ignore the weak result for now, as they await the extraordinary shareholder meeting in the coming month. Also, we think that weak FY16F is already in the price by the market. Currently, the driver for the sector would be the FY17F marketing sales number, as tax amnesty data has been better than expectations. The company has yet to publish/budget its FY17F marketing sales number. CTRA is currently trading at 36% disc to NAV and FY17F P/E of 17.8x. We see downside risk on our number and consensus. Page 1 of 8

2 CTRA 1H16 results Rpbn 1H16 1H15 %yoy 2Q16 1Q16 %qoq 2Q15 %yoy Revenue 2,879 3, ,574 1, , Gross profit 1,410 1, Operating profit Pretax profit Net profit % of ours % of cons. Gross margin Operating margin Pretax margin Net margin Liliana S Bambang ( ) liliana.bambang@mandirisek.co.id Ciputra Surya: 1H16 - Below expectation (CTRS; Rp2,750; Buy; TP: Rp4,000) 1H16 NPAT is weak. The company 1H16 is 30% of our FY16F expectation, below our expectation and consensus. The company s 1H16 is down by 50% YoY to Rp150bn. Weak result is driven mostly by pressure in its gross margin (down from 54% in 1H16 to 46%) coupled with sharp rise in its selling expenses. The company s selling expense is up by 59% YoY to Rp70bn. However, we think that the increase in selling expense is warranted, given that CTRS 1H16 marketing sales is up by 4% YoY, while others reported decline in its marketing sales. Balance sheet remains solid. CTRS booked net cash of Rp723bn as of 1H16. Cash flow from operations in 1H16 is at positive Rp151bn vs. Rp57bn in 1H15. Advances from customers were up by 3% YoY to Rp2.3tn. Maintain Buy with TP of Rp4,000. We still like the company as the stock provides an attractive valuation with FY17F P/E of 10.5x and 31% below replacement cost. Stock is trading at sharp discount compared to its peers. Key risk is uncertainty over merger scenario coupled with poor liquidity. CTRS 1H16 results Rpbn 1H16 1H15 %yoy 2Q16 1Q16 %qoq 2Q15 %yoy Revenue Gross profit Operating profit Pretax profit Net profit % of ours % of cons. Gross margin Operating margin Pretax margin Net margin Liliana S Bambang ( ) liliana.bambang@mandirisek.co.id Page 2 of 8

3 TAX AMNESTY Tax Amnesty Progress: Rp93.5tn (56.7% of Target) The revenue raised yesterday was Rp8.9tn. Total declaration and repatriation reported according to the asset statement letter (SPH) has reached Rp3,198tn. As a follow up to tax amnesty program, the government will map assets reported to execute tax reform and enlarge tax basis. Finance Minister Sri Mulyani Indrawati will hold tax amnesty press briefing today (Ministry of Finance, Kontan, Bloomberg) Wisnu Trihatmojo ( ) wisnu.trihatmojo@mandirisek.co.id MARKET Market Recap Sep 29 th 2016; JCI (+0.12%); Mkt Cap $450bn, USD/IDR 12,979; Total Value:$469mn TOP TURNOVER: TLKM BMRI PPRO ANTM BBCA BBRI ASII ELSA LPPF SMGR EXCL ADRO PGAS PWON INDF GGRM (40%) ADVANCING SECTOR: telco+3.3%; mining+2%; construction & financial+1%; auto+0.5%; property+0.3%; plantation+0.2% DECLINING SECTOR: consumer-1.5%; cement-0.9% Anything related to oil took a center stage today after OPEC agreed to cut oil output in the first such deal since 2008, boosting oil prices. The OPEC said it would reduce output to a range of mn bpd, a reduction of % from OPEC estimates of its current output at 33.24mn bpd. That lifted oil prices with intl benchmark Brent futures posting their biggest gains in 2 ½ months to a three-week high of $48.96 per barrel. Still, a jump in oil prices boosted risk assets and undermined the yen, which is often seen as a safe haven at times of economic stress. Commodity-linked currencies held firm, with the Norwegian crown as a clear winner. The IDR was little changed at level. Indo market extended gain to 3 rd day in a row, with the JCI up 0.1% at 5431 level. Actually, the main index has been performed better than the closing level, it hovered around (+0.4%) throughout the day. But after the govt announced plan to raise tobacco excise rates next year, both HMSP (cls-4.7%) and GGRM (cls-1.7%) dropped as much as 4.7% and 2.5%, respectively, dragging the JCI lower. Rising oil prices proved beneficial to oil drilling companies and coal plays: ELSA+11.8% PTRO+2.8% ADRO+6.7% ITMG+5.9% KKGI+4.8% ANTM+4.4% PTBA+3.4%. While, EXCL (cls+6.6%) has been on the technical rebound for the past two days, thanks to foreign inflows. Market turnover stay good at $469MN (excluding $62.5MN INDF; $31MN MNCN; $8.4MN GGRM; and$6.3mn MYRX crossing). Foreign participants declined to 30% and came up better buyer for 24%. Gainers beat losers by 3 to 2. Sales Team Page 3 of 8

4 FROM THE PRESS Bank Indonesia expects US$151bn foreign exchange in 2017 Factors affecting the expectation are weak global economy amid improvement in domestic situation that pushes capital inflow into Indonesia and tax amnesty fund. The central bank sees it at US$114.9bn at the end of 2016 (Kontan) Cigarette excise might rise 10% next year The government will today announce raise in cigarette excise tax which, according to Kontan, will come out at 10%. Its revenue realization per 27 Sep16 was Rp72.6tn (-0.5% YoY) (Kontan) Bank Negara Indonesia (BBNI) appointed as lead arranger of syndicate loans Palapa Timur Telematika has appointed BBNI as a mandated lead arranged for syndicate loans totaling to Rp4.3tn. Vice President of BBNI Suprajarto states that BMRI will also help fund Palapa Ring Timur s syndicate loans, however the amount has not been determined. (Bisnis Indonesia) Bumi Serpong Damai (BSDE) offers to Buy Back US$225mn Bonds BSDE released a statement in IDX that they are planning to buy back its US$225mn bonds, with 6.75% interest rate, that will mature in 2020 through a tender offer. They are planning to buy back these notes using a newly release USD nominated bonds, with a planned amount of US$300mn, that will have a maturity date in The planned date for the tender offer finalization and new bonds finalization is on 18 Oct 16. (Company & Kontan) Jasa Marga (JSMR) to divest its subsidiaries in 2017 The company s CFO, Anggiasari Hindratmo stated that the company is planning to divest minority portions in some of its operating subsidiaries. The company currently has 21 subsidiaries, of which 10 are in operation whhile 11 are still in the development phase. Anggiasari also added that the divestment may be conducted through IPO or private placement. (Bisnis Indonesia) Panin Group to sell Asuransi Multi Artha Guna (AMAG) worth USD225mn Panin Group has agreed to sell 80% of its share in Asuransi Multi Artha Guna, totaling to USD225mn to Fairfax Asia Limited. The company is waiting for shareholders approval on October 5, Panin Group owns AMAG through a number of companies, Paninvest owns 55.61% of AMAG s shares, Panin Financial 16.12%, and the rest owned through Panin Bank s employee pension fund. According to Bisnis Indonesia, Panin Group will still own 15% of AMAG s shares through Panin Bank 7.76% and the remaining through Panin Pension Fund Foundation. The group will use the proceeds earned for business expansion purposes. (Bisnis Indonesia) Pembangunan Perumahan (PTPP) to select 15 energy companies The company is considering to acquire energy companies to expand its energy business line. These assets will be managed under PT PP Energi, which will serve as both contractor and investor for energy infrastructures. PTPP currently has 2 power plants, Talang Duku 65MW gas-powered plant and Lampung 2x7MW coal-fired power plant. Going forward, PTPP aims to take part in Meulaboh 2x200MW steam powered plant as well as two gas-powered plant (PLTG) in Riau (250 MW) and Java III (500MW) with total investment costs of Rp21tn. (Bisnis Indonesia) Page 4 of 8

5 Indices Currencies and ADRs Major Commodities Last YTD Currency Last YTD Last YTD JCI 5, Rp/US$ 13, Oil spot (US$/bl) Dow Jones 18, US$/EUR Nickel spot (US$/mt) 10, Nikkei 16, YEN/US$ Gold spot (US$/oz) 1, SET 1, SGD/US$ Tin 3-month (US$/mt) 20, Hang Seng 23, CPO futures (Ringgit/ton) 2, STI 2, ADR Stocks Soybean oil (US$/100gallons) S&P 500 2, TLK in Rp 21, 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 16F 17F 16F 17F BSDE Buy 42,535 2,210 2,350-56% 5,038 43% 1, % 11.6% PWON Buy 33, % 1,207 64% % 24.7% SMRA Neutral 25,316 1,755 1,600-56% 3, % % 14.7% CTRA Buy 25,479 1,680 1,600-36% 2, % % 14.0% JRPT Buy 11, ,300-75% 3,242 19% % 20.4% ASRI Neutral 8, % 1, % % 6.3% LPCK Buy 4,246 6,100 10,000-75% 24,683 30% 4, % 14.6% MDLN Buy 4, % 1,165 32% % 6.6% CTRS Buy 5,442 2,750 4,000-79% 13,390-32% 4, % 13.9% Simple Average -61% % 14.1% 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 16F 17F 16F 17F DMAS Buy 11, % % % 12.5% BEST Buy 2, % % % 9.0% SSIA Neutral 2, % 1,701-36% % 8.1% LPCK Buy 4,246 6,100 10,000-75% 24,683 30% 4, % 14.6% MDLN Buy 4, % 1,165 32% % 6.6% Simple Average -68% % 10.2% Page 5 of 8

6 Equity Valuation Price Price % of Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield Code Rating (Rp) Target PT (Rp Bn) Mandiri Universe 5,432 5,450 4,180, , , % 15.5% % 1.8% Banking 926,285 64,688 78, % 21.6% N.A. N.A % 2.1% BBCA Neutral 15,725 13,000 (17.3) 387,700 18,174 21, % 17.7% N.A. N.A % 1.4% BBNI Neutral 5,600 6, ,432 9,953 13, % 32.4% N.A. N.A % 2.9% BBRI Neutral 12,225 11,300 (7.6) 301,581 24,832 28, % 16.4% N.A. N.A % 2.9% BBTN Buy 1,965 2, ,809 2,439 2, % 21.0% N.A. N.A % 2.3% BDMN Sell 4,050 3,500 (13.6) 38,818 3,375 3, % 9.5% N.A. N.A % 1.8% BJBR Neutral 1,655 1,500 (9.4) 16,047 1,772 2, % 15.6% N.A. N.A % 4.4% BJTM Sell (5.3) 8,503 1,047 1, % 10.0% N.A. N.A % 8.2% BNLI Buy , ,069 N/M N/M N.A. N.A % 0.0% BTPN Sell 2,490 2,200 (11.6) 14,542 1,648 1, % 10.4% N.A. N.A % 0.0% PNBN Buy 835 1, ,113 2,129 2, % 11.3% N.A. N.A % 0.0% Building Materials 141,806 9,374 10, % 7.0% % 3.6% INTP Neutral 18,150 20, ,814 4,368 4, % 5.3% % 5.2% SMCB Sell 1, (13.9) 8, N/M 10.1% % 1.5% SMGR Neutral 10,575 11, ,726 4,501 4, % 5.4% % 2.2% ARNA Buy , % 147.5% % 1.6% Constructions 89,666 4,132 5, % 21.8% % 0.6% ADHI Buy 2,400 3, , % 32.0% % 1.3% PTPP Buy 4,190 5, , , % 19.2% % 0.9% WIKA Buy 2,790 3, , % 23.9% % -1.3% WSKT Buy 2,690 3, ,995 1,634 1, % 12.7% % 1.0% WTON Buy 895 1, , % 54.2% % 1.2% Toll road 32,028 1,612 1, % -6.2% % 1.0% JSMR Neutral 4,710 5, ,028 1,612 1, % -6.2% % 1.0% Rice Mill 6, % 16.9% % 0.5% AISA U/R 2,050 U/R U/R 6, % 16.9% % 0.5% Consumer 1,179,569 33,682 37, % 10.7% % 1.0% ICBP Neutral 9,725 9,050 (6.9) 113,412 3,464 3, % 8.2% % 1.4% INDF Buy 9,150 10, ,346 3,801 3, % 2.2% % 2.5% MYOR Neutral 1,500 1, ,539 1,346 1, % 7.2% % 1.6% ULTJ U/R 4,340 U/R U/R 12, % 19.6% % 0.0% UNVR Neutral 45,700 41,400 (9.4) 348,691 6,358 7, % 13.5% % -1.8% GGRM Buy 62,500 72, ,256 5,902 7, % 21.7% % 1.6% HMSP Neutral 4,040 3,750 (7.2) 469,925 12,021 12, % 7.2% % 2.5% WIIM U/R 412 U/R U/R n/a % 0.0% n/a n/a n/a n/a n/a n/a 0.0% 0.0% Healthcare 99,812 3,281 3, % 11.7% % 1.4% KLBF Neutral 1,745 1,500 (14.0) 81,797 2,156 2, % 11.2% % 1.1% SIDO Neutral , % 12.9% % 3.0% TSPC Neutral 2,170 2,100 (3.2) 9, % 12.1% % 2.6% Hospital 53, % 12.2% % 0.6% MIKA Buy 2,850 3, , % 11.1% % 0.7% SILO Neutral 10,400 10, , % 17.7% % 0.0% Retail 103,385 3,980 4, % 21.6% % 2.7% ACES Neutral , % 10.4% % 1.8% ERAA Neutral (12.4) 1, % 49.7% % 4.0% LPPF Buy 19,025 22, ,513 2,082 2, % 14.3% % 3.4% MAPI Buy 4,690 5, , % 194.2% % 0.0% MPPA Neutral 1,820 1, , % 49.9% % 0.6% RALS Neutral 1,140 1, , % 6.5% % 3.1% TELE Buy 670 1, , % 18.6% % 4.3% Automotive 354,969 16,763 18, % 10.0% % 2.1% ASII Neutral 8,675 8,200 (5.5) 351,195 16,492 18, % 9.5% % 2.1% IMAS U/R 1,365 U/R U/R 3, N/M 53.7% % 1.3% Page 6 of 8

7 Price Price % of Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield Code Rating (Rp) Target PT (Rp Bn) Heavy Equipment 72,376 4,686 4, % 2.9% % 1.9% HEXA* U/R 4,010 U/R U/R 3, % 50.0% n/a n/a 0.0% 0.0% UNTR Sell 18,500 11,000 (40.5) 69,008 4,554 4, % 1.8% % 2.0% Plantation 40,245 2,145 3, % 40.5% % 1.7% AALI Buy 15,000 16, ,159 1,519 2, % 19.8% % 1.8% LSIP Buy 1,525 1, , % 85.0% % 1.4% SGRO U/R 1,950 U/R U/R 3, % 28.6% % 1.7% Property 166,717 11,167 11, % 6.1% % 0.6% APLN U/R 292 U/R U/R 5, , % 24.7% % 2.8% ASRI Neutral (26.5) 8,503 1, % -59.0% % 1.5% BSDE Buy 2,210 2, ,535 2,143 2, % 17.6% % 0.8% CTRA Buy 1,680 1,600 (4.8) 25,479 1,474 1, % -3.1% % -1.2% CTRS Buy 2,750 4, , % 1.8% % 2.1% JRPT Buy 825 1, , , % 11.6% % 1.0% LPCK Buy 6,100 10, , % -15.9% % 0.0% MDLN Buy , % -2.2% % 0.0% PWON Buy ,230 1,934 2, % 25.9% % 1.3% SMRA Neutral 1,755 1,600 (8.8) 25, , % 40.0% % 0.0% Industrial Estate 17,502 1,394 1, % 11.5% % 1.9% DMAS Buy , % 8.4% % 2.3% BEST Buy , % 18.8% % 0.4% SSIA Neutral , % 15.5% % 1.7% Poultry 80,866 3,547 4, % 22.2% % 1.2% CPIN U/R 3,660 U/R U/R 60,017 2,671 3, % 20.2% % 1.3% JPFA U/R 1,625 U/R U/R 17, % 25.8% % 0.9% MAIN U/R 1,575 U/R U/R 3, N/M 36.3% % 1.2% Coal 79,591 5,259 5, % 11.5% % 3.7% ADRO* Neutral 1,280 1,100 (14.1) 40, % 14.2% % 2.8% HRUM* Neutral 1,050 1, , N/M 43.3% % 3.2% ITMG* Neutral 11,250 7,600 (32.4) 12, % 8.0% % 6.7% PTBA Neutral 10,025 9,200 (8.2) 23,103 1,542 1, % 12.7% % 3.8% Oil & Gas 69,088 7,044 7, % 8.0% % 5.2% PGAS* Sell 2,850 3, , % 10.5% % 5.2% Shipping 2, % 8.5% % 4.8% SOCI* Buy , % 11.0% % 4.8% Metal 37, N/M N/M % 0.4% ANTM Neutral (39.8) 7, % N/M % 0.1% INCO* U/R 2,950 U/R U/R 29, % 33.3% % 0.4% Telco 481,165 20,500 23, % 16.7% % 3.0% EXCL Neutral 2,750 3, , ,179 N/M 172.1% % 0.8% ISAT U/R 6,000 U/R U/R 32,604 1,013 1,908 N/M 76.0% % 2.3% TLKM Buy 4,290 3,800 (11.4) 421,174 19,083 20, % 9.5% % 3.2% Tower 69,884 3,540 4, % 26.3% % 0.0% TBIG Neutral 6,125 6,000 (2.0) 29,379 1,120 1, % 39.1% % 0.0% TOWR Buy 3,970 5, ,506 2,420 2, % 20.4% % 0.0% Media 71,223 3,175 3, % 16.0% % 2.5% SCMA Buy 2,850 3, ,672 1,599 1, % 16.9% % 2.7% MNCN Buy 2,070 2, ,552 1,576 1, % 15.0% % 2.1% Textile 4, % 19.2% % 0.0% SRIL* Buy , % 22.0% % 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 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 Adrian Joezer Consumer 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 Health Care, Hospital francis.lim@mandirisek.co.id Yudha Gautama Mining, Plantation yudha.gautama@mandirisek.co.id Kevin Halim Media, Property, Industrial Estate kevin.halim@mandirisek.co.id Laura Taslim Retail laura.taslim@mandirisek.co.id Priscilla Thany Banking priscilla.thany@mandirisek.co.id Ferdy Wan Building Material 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 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 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.