INVESTOR DIGEST HIGHLIGHT SECTOR. Equity Research 6 December 2016

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1 INVESTOR DIGEST Equity Research 6 December 2016 Economic Data Latest 2016F 7-DRRR (%), eop Inflation (YoY %) US$ 1 = Rp, period avg 13,430 13,164 HIGHLIGHT TV Guide Nov 16: D Academy Asia Strikes Back Wijaya Karya: Into the Next Growth Chapter (WIKA; Rp2,460; Buy; TP:Rp3,000) Market Recap Dec 5 th 2016; JCI: 5, (+0.426%); USD/IDR: 13,430; Total Value: Rp5.7tn Stock Market Data (5 Dec 2016) JCI Index 5, % Trading T/O ( Rp bn ) 4,524.0 Market Cap ( Rp tn ) 5, ,778.5 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 79 companies in MS research universe, representing 66.2% of JCI s market capitalization SECTOR TV Guide Nov 16: D Academy Asia Strikes Back In Nov 16, MNCN held its top place in prime time audience share with 39.9% of audience share (-450bps MoM). SCMA improved to 25.7% (+100bps MoM) in prime time audience share and VIVA kept climbing up to 18.5% (+130bps MoM). Our top pick is still SCMA followed by MNCN. We currently do not have call rating for VIVA. MNCN remained on top on both prime time and all time despite losing some share. On prime time, the group posted a -450bps MoM decline to 39.9% as RCTI fell by -310bps MoM. In addition, both MNC TV and Global TV recorded declining audience shares of -10bps MoM and -130bps MoM, respectively. For all time audience shares, MNCN posted a decline of -150bps MoM to 35.0% in Nov 16 as RCTI slid by -150bps MoM, while MNCTV and Global TV remained flattish. Despite posting declining audience shares in Nov 16, MNCN still remained at the top for prime time and all time audience shares. SCMA managed to grow its shares in prime time. Prime time audience share grew by +100bps MoM to 25.7% in Nov 16 due to Indosiar s gain of +120bps MoM despite SCTV s decline of -20bps MoM. We think Indosiar s gain was mainly driven by D Academy Asia Season 2 that went well since its premiere in late Oct 16. On all time audience share performance, SCMA slid by -30bps MoM to 24.1% as gain in Indosiar (+30bps MoM) could not offset SCTV s decline of -60bps MoM. VIVA kept growing. In Nov 16, VIVA s prime time audience share was at 18.5% (+130bps MoM). ANTV recorded another gain for the group with +90bps MoM, followed TVONE s +40bps MoM increase. The strong growth in ANTV s prime time share performance was mainly driven by Mohabbatein and Lonceng Cinta, as both programs were included in the Top 10 Daily TV Rating. In terms of all time audience share performance, VIVA sat at the third place with 21.7% (+40bps MoM), as ANTV posted +40bps MoM increase, while TVONE remained flat. Trans Group bounced back. Trans Group s prime time audience share managed to improve by +130bps MoM to 12.0% as TransTV recorded the biggest gain in the group by posting +80bps MoM improvement vs. Trans7 at +50bps MoM Page 1 of 10

2 increase. In all time audience share performance, Trans Group was at the bottom of the rank with 15.0% (+60bps MoM) due to +60bps MoM increase from TransTV. Stay positive on media. We have Buy calls for both SCMA and MNCN. Our top pick is still SCMA followed by MNCN. We favor SCMA the most on undemanding valuation and believe current low audience share footing provides an attractive entry point given the company s strong in-house track record and management s commitment. We still like MNCN on the back of recent strong audience share performance, which would still provide higher bargaining power for rate card hike in FY17F. SCMA is trading at 20.2x FY17F P/E and MNCN is trading at 13.7x FY17F P/E. ALL-TIME AUDIENCE SHARES PER NETWORK All-time Audience Shares November 2016 TVONE METRO TVRI1 4.2% 1.8% 1.3% TRANS 6.3% ANTV 17.5% TRANS7 8.7% IVM 12.5% RCTI 18.7% SCTV 11.6% TPI/MNCT V 10.6% GTV 5.7% SCTV RCTI IVM TRANS TPI/MNCTV ANTV TRANS7 TVONE GTV METRO TVRI1 Source: Nielsen Ferdy Wan ( ) ferdy.wan@mandirisek.co.id CORPORATE Wijaya Karya: Into the Next Growth Chapter (WIKA; Rp2,460; Buy; TP:Rp3,000) Completion of Rp6.1tn rights issue should provide much needed cash for future investments while also enlarge Wijaya Karya s (WIKA) working capital capacity. The signing of two mass-transport projects worth Rp20tn would push WIKA s new contracts closer to management s 2016FY guidance. BUY with TP of Rp3,000. Successful rights issue process. WIKA s Rp6.1tn rights issue has been fully supported by its existing shareholders, as shown from high subscription rate. WIKA has issued 2.8bn of new shares at Rp2,180 per share, wherein the proceeds would be used to invest on the basket of infrastructure projects (e.g. toll roads, power plants, and water pipeline network). By becoming minority owner (14-30% stake) of the projects, WIKA expects to secure construction contracts (around Rp14-15tn of contracts remaining to be signed) while also being able to receive a steady stream of income in the long run. The wait is almost over. After a long delay, WIKA expects to soon sign contracts for Jakarta-Bandung High Speed Railways (HSR) project with total value of Rp15.8tn. Along with around Rp5tn of contracts from the Inner Jakarta Light Rail Transit (LRT) project, we expect WIKA should be able to sign Rp49.5tn of new contracts in 2016 (+96% y-y, 2016FY management target: Rp52tn). This high new contracts achievement should translate to robust 57% y-y sales growth to Rp26tn in 2017F, of which we expect Rp4tn of sales from HSR project (15% of total 2017F sales). Note that we have not considered potential property projects from transit oriented development (TOD) in Walini, Karawang, Halim, and Tegalluar. Page 2 of 10

3 Rising working capital capacity. As the nature of construction companies demands high working capital needs, the additional Rp6.1tn equity should give confidence for WIKA to partake in a higher number of projects. Post rights issue, WIKA would greatly improve total order books to equity ratio to 7x (2015: 11x). Going forward, we expect WIKA would be more assertive in executing current projects, translating to improvement in F revenues recognition (excluding JO and HSR projects) to 43-45%. Reiterate BUY call. After considering rights issue dilution as well as rolling over valuation to 2017F number, we retain our TP of Rp3,000. This is based on 22x of 2017F PER, in-line to WIKA s mean PER in the past 3 years. The main risk to our call is construction delay in HSR. FORECAST CHANGES OLD NEW Changes In Rpbn 2016F 2017F 2018F 2016F 2017F 2018F 2016F 2017F 2018F Revenue 18,970 28,959 37,930 16,409 25,682 32,458 (13.5) (11.3) (14.4) Gross profit 2,135 3,038 3,820 1,905 2,976 3,726 (10.8) (2.0) (2.5) Operating profit 1,550 2,147 2,652 1,400 2,251 2,860 (9.7) EBITDA 1,425 1,975 2,378 1,421 2,184 2,550 (0.3) Net profit , ,239 1, Source: Mandiri Sekuritas estimates Bob Setiadi ( ) bob.setiadi@mandirisek.co.id TAX AMNESTY Page 3 of 10

4 MARKET Market Recap Dec 5 th 2016; JCI: 5, (+0.426%); USD/IDR: 13,430; Total Value: Rp5.7tn Regular market trading today is thinner at Rp 4.5tn (USD335mn) vs last week average at Rp 6.3tn. Despite that market was inching up, foreign posted a hefty net sell of Rp bn (USD58mn) with considerable amount on UNVR of Rp 138bn; BMRI Rp80bn; BBRI Rp62bn; BBNI Rp16bn, BBCA Rp85bn. PTBA gained 9.5% as Indonesian Coal Reference Price was recorded at USD101.7/tons (+19.9% Mom) and the company was looking to revise its contract with SOE Electricity company. The positive sentiment, combined with upcoming winter, drove the other coal miners and mining contractors stocks higher: ADRO (+3.9%); HRUM (+9.9%); UNTR (+2.3%). TOP TURNOVER: BUMI TLKM BBRI BBCA ADRO UNTR PTBA JSMR BMRI ADVANCING SECTOR: mining +2.3%; Infra +0.95%; consumer goods +0.77% DECLINING SECTOR: finance -0.16% and construction -0.1% The yield of 10-year government went down to 8.073% (-0.16%) and Rupiah appreciated to Rp13,430 (+0.66%). Sales Team FROM THE PRESS Custom and excise revenues expected to fall short of FY16 target The projection is Rp178tn (FY16 target: Rp184tn), according to Directorate of Custom and Excise Director of Revenue Sugeng Aprianto. At Rp6tn, the shortfall is greater than Rp3tn previously anticipated, Kontan reported. In breakdown, he is expecting lower excise revenue of Rp tn (FY16 target: Rp148.1tn) on cigarette production decline (0.8%-1.4% YoY) and delay in plastic excise implementation (expected revenue: Rp1tn). Import custom may come at Rp31.4tn (FY16 target: 33.4tn) on 17% lower import while the export counterpart could reach Rp2.9tn (FY16 target: Rp2.5tn) supported by commodity prices upside. The government has collected Rp133.5tn custom and excise revenue (72.6% of target, -3.6% YoY) in Nov16 (Kontan) Four SOE banks to issue bonds totaling to Rp22.75tn in 2017 BBRI plans to issue bonds totaling to Rp8tn in 2017 and Rp7tn in The bonds will be issued at the end of 1Q17 or end of 2Q17, the bank also plans to issue MTNs in 2Q17. Meanwhile, BBNI plans to raise wholesale funding through issuance of bonds or bilateral loans. If the USDIDR exchange rate is at Rp13,500, BBNI plans to issue bonds totaling to USD500mn or equivalent to Rp6.75tn in April BMRI plans to issue bonds totaling to Rp5tn in 2017 as part of its sustainable public offering I which totals to Rp14tn. BBTN plans to issue bonds totaling to Rp3tn in (Bisnis Indonesia) Global bond worth US$3.5bn will be issued for prefunding An internal source from the MoF stated that the government will issue global bond worth US$3.5bn in Dec16, with settlement to be conducted on Thursday, 8Dec16. This US$3.5bn global bond will be issued under three tenors: 5 years, 10 years, and 30 years. (Kontan) Note: In 2015 prefunding, the government issued two types of global bond: 10 years (US$2.25bn) and 30 years (US$1.25bn). For information, the global bond issuance for pre-funding purpose is needed to finance government s early spending in 2017, especially tax revenue realization this year is expected to be lower than target. The government needs Rp116tn to finance for payrolls, General Allocation Fund transfers (including the postponed distribution), and other responsibilities in early 2017 according to one media. Meanwhile, the short term implication of the US$3.5bn global bond issuance is it will have positive effect to the Rupiah and the market due to higher FX reserve. Assuming that BI intervened the FX market by US$2bn - US$3bn in Nov16, the international reserve could increase to US$116bn in YE16. The FX reserve figure could be higher if it is followed by an amount of repatriation due to the tax amnesty program (Bank Indonesia stated that Rp50tn out of Rp143tn repatriation commitment has entered the Indonesian market). Page 4 of 10

5 Government set gas price formula for five state-owned companies in three industries Based on Energy and Mineral Resources (ESDM) Ministry Regulation No.40/2016, the government has set gas price discount to five state-owned companies while providing lower toll fee for two companies. In doing so, the government plans to amend the gas purchase agreement (PJBG) with 10 gas producers as well as reduce the government s revenues from oil and gas. Additionally, gas transmission companies would be required to cut toll fee. (Bisnis Indonesia, Kontan) Company Pupuk Kujang Pupuk Sriwidjaja Pupuk Iskandar Muda Industry Fertilizer Fertilizer Fertilizer Gas demand (MMscfd) Old Price (USD/MMbtu) New Price (USD/MMbtu) Gas supplier Pertamina EP PHE ONWJ Pertamina EP Pertamina EP OOB PHE-Talisman Ogan Komering JOB PHE NSB JOB PHE NSO 55 Petrokimia Gresik Petrochemical Kangean Energy Indonesia Krakatau Steel Steel Pertamina EP Industry Company Formula (in USD/mmbtu) Petrochemical Kaltim Parna Industri x ((NH3-51)/375) x (ICP/100) x ((NH3-275)/33 Fertilizer Pupuk Kujang Cikampek x (Amonia-320)/ x (Urea-320)/32.29 Pupuk Sriwidjaja Palembang 4.94 Steel Krakatau Steel x (HRC-557)/31 Ministry of Public Work and Public Housing (PUPR) urged Jasa Marga (JSMR) and Waskita Toll Road (WTR) to commence toll road sections construction The Minister of PUPR, Basuki Hadimoeljono, urged these two toll road business entities to commence the construction of Jakarta Cikampek Elevated (36.4km; JSMR) and Krian Legundi Bunder Manyar (38.3km; WTR) toll road sections at the earliest, without having to wait for the groundbreaking ceremony. These two toll road sections would be the first initiated sections to receive government guarantee from Indonesia Infrastructure Guarantee Fund (PII). Note that these sections would cross-subsidy Terbanggi Besar Kayu Agung toll road section, JSMR and WSKT would contribute 12km and 25km respectively. In addition, JSMR plans to use Contractor Pre-finance (CPF) scheme for Jakarta Cikampek Elevated section. (Bisnis Indonesia) Presidential regulation on bailout fund has finally been promulgated Minister of Public Work and Public Housing (PUPR), Basoeki Hadimoeljono, stated that this regulation would provide guarantee for toll road business entity (BUJT) to reimburse the disbursed land acquisition fund. However, Ministry of Finance (Kemenkeu) Regulation on the disbursement has yet been promulgated. Note that the Public Service Agency (BLU) would disburse the Rp16tn bailout fund with first in first out scheme. To date, billed land acquisition bailout fund has reached Rp9.9tn, while BUJT has disbursed Rp8.5tn land acquisition fund (Bisnis Indonesia) Ministry of Transportation targets to sign LRT contracts in December 2016 The Ministry of Transportation (MoT) is currently reviewing specification and contracts value for the Greater Jakarta Light Rail Transit (LRT) projects which have been submitted by Adhi Karya (ADHI). Previously, ADHI expects total contracts value to reach Rp22tn which the MoT would fund through State Budget. (Bisnis Indonesia) Bank Central Asia (BBCA) receives Rp10tn of repatriated funds As of beginning of Dec16 BBCA received more than Rp10tn of repatriated funds. The bank approximates that the amount of repatriated funds will continue to increase up until the end of the second phase. President Director of BBCA Jahja Setiaatmadja states that the full amount may not fully end up in deposits as a portion of the funds have been allocated to marketable securities, stock market, mutual funds, and etc. (Kontan) Page 5 of 10

6 Toba Sejahtera to divest 61.79% stake in Toba Bara Sejahtera (TOBA) Toba Sejahtera is announced to divest 61.79% stake in TOBA to Highland Strategic Holding, a Singapore-based company. According to the information from the stock exchange, the transaction is carried out on 9 Nov-16 via the signing of conditional share purchase agreement. No further detail is disclosed. However, TOBA s share price is currently trading at Rp1,000/share vs IPO price of Rp1,900. (Kontan) Page 6 of 10

7 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$/mt) 11, Nikkei 18, YEN/US$ 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 1, 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 35,606 1,850 2,570-60% 4,673 20% 1, % 12.3% PWON Buy 32, % 1,207 58% % 24.7% SMRA Neutral 20,844 1,445 1,575-63% 3, % % 7.9% CTRA Buy 20,626 1,360 1,600-56% 3,073 74% % 14.0% JRPT Buy 11, ,300-74% 3,242 23% % 20.4% ASRI Neutral 7, % 1,161 65% % 10.3% LPCK Buy 3,706 5,325 10,000-78% 24,683 13% 4, % 14.6% MDLN Buy 4, % 1,165 25% % 6.6% CTRS Buy 5,343 2,700 4,000-80% 13,390-33% 4, % 13.9% Simple Average -66% % 13.9% 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 10, % % % 12.5% BEST Buy 2, % % % 9.0% SSIA Neutral 2, % 1,701-42% % 8.1% LPCK Buy 3,706 5,325 10,000-78% 24,683 13% 4, % 14.6% MDLN Buy 4, % 1,165 25% % 6.6% Simple Average -71% % 10.2% Page 7 of 10

8 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 5,268 5,550 3,997, , , % 16.5% % 1.9% Banking 878,745 68,568 83, % 22.4% N.A. N.A % 1.9% BBCA Neutral 14,650 15, ,196 19,326 21, % 12.4% N.A. N.A % 1.4% BBNI Buy 5,325 6, ,304 10,783 12, % 20.5% N.A. N.A % 3.3% BBRI Buy 11,125 14, ,444 25,817 30, % 19.1% N.A. N.A % 2.3% BBTN Buy 1,660 2, ,579 2,439 2, % 21.0% N.A. N.A % 2.8% BDMN Neutral 3,400 3, ,588 3,097 4, % 31.1% N.A. N.A % 2.2% BJBR Neutral 1,890 1,600 (15.3) 18,326 1,522 1, % 16.9% N.A. N.A % 3.3% BJTM Neutral ,205 1,032 1, % 7.2% N.A. N.A % 8.4% BNGA Buy 805 1, ,231 1,670 3, % 97.0% N.A. N.A % 0.0% BNLI Buy ,399-1, N/M N/M N.A. N.A % 0.0% BTPN Neutral 2,830 2,635 (6.9) 16,528 1,756 1, % -1.5% N.A. N.A % 0.0% PNBN Buy 745 1, ,945 2,260 2, % 13.5% N.A. N.A % 0.0% Building Materials 124,370 8,261 6, % -23.1% % 2.2% INTP Neutral 15,950 14,400 (9.7) 58,716 4,234 3, % -23.2% % 2.5% SMCB Sell (11.6) 6, % % % 0.0% SMGR Neutral 9,225 8,600 (6.8) 54,718 4,044 3, % -20.7% % 2.2% ARNA Buy , % 147.5% % 1.7% Constructions 103,557 4,491 5, % 23.6% % 1.0% ADHI Neutral 1,895 2, , % 77.0% % 0.9% PTPP Buy 3,900 5, , , % 19.2% % 1.0% WIKA Buy 2,460 3, , , % 17.4% % 0.7% WSKT Buy 2,480 3, ,185 1,634 1, % 12.7% % 1.1% WTON Buy , % 33.8% % 1.0% WSBP Buy , % 41.1% % 1.2% Toll road 31,644 1,730 1, % -1.7% % 1.1% JSMR Buy 4,360 5, ,644 1,730 1, % -1.7% % 1.1% Rice Mill 6, % 22.9% % 0.5% AISA U/R 1,910 U/R U/R 6, % 22.9% % 0.5% Consumer 1,130,655 34,261 37, % 11.1% % 1.0% ICBP Neutral 8,875 9, ,499 3,662 3, % 6.6% % 1.6% INDF Buy 7,525 11, ,077 3,999 4, % 5.5% % 3.2% MYOR Neutral 1,575 1,550 (1.6) 35,215 1,346 1, % 7.2% % 1.5% ULTJ U/R 4,600 U/R U/R 13, % 19.8% % 0.5% UNVR Neutral 42,225 41,900 (0.8) 322,177 6,414 7, % 13.4% % -2.0% GGRM Buy 67,575 75, ,020 6,018 7, % 20.8% % 1.5% HMSP Neutral 3,950 3,850 (2.5) 459,456 12,021 12, % 8.1% % 2.6% WIIM U/R 440 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 88,810 3,281 3, % 11.7% % 1.5% KLBF Neutral 1,525 1,500 (1.6) 71,485 2,156 2, % 11.2% % 1.2% SIDO Neutral (0.9) 8, % 12.9% % 2.9% TSPC Neutral 2,000 2, , % 12.1% % 2.8% Hospital 49, % 12.2% % 0.6% MIKA Buy 2,520 3, , % 11.1% % 0.8% SILO Neutral 10,750 10, , % 17.7% % 0.0% Retail 90,418 4,054 4, % 19.2% % 2.6% ACES Neutral , % 10.4% % 1.8% ERAA Neutral (3.2) 1, % 49.7% % 4.4% LPPF Buy 14,450 19, ,164 2,082 2, % 13.1% % 3.5% MAPI Buy 5,100 6, , % 84.0% % 0.0% MPPA Neutral 1,700 1, , % 49.9% % 0.6% RALS Neutral 1,150 1, , % 6.5% % 3.1% TELE Buy 785 1, , % 18.6% % 3.7% Automotive 322,679 16,738 18, % 10.1% % 2.3% ASII Neutral 7,875 8, ,808 16,492 18, % 9.5% % 2.3% Page 8 of 10

9 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) IMAS U/R 1,400 U/R U/R 3, N/M % % 0.0% Heavy Equipment 90,523 4,652 5, % 25.3% % 3.4% HEXA* U/R 3,410 U/R U/R 2, % 100.0% % 49.9% UNTR Neutral 23,500 21,000 (10.6) 87,658 4,554 5, % 23.5% % 1.9% Plantation 47,004 2,248 3, % 37.3% % 1.6% AALI Buy 17,600 16,500 (6.2) 30,694 1,519 2, % 19.8% % 1.6% LSIP Buy 1,865 1, , % 62.5% % 1.5% SGRO U/R 1,900 U/R U/R 3, % 18.8% % 1.9% Property 146,642 10,223 11, % 12.2% % 0.8% APLN U/R 240 U/R U/R 4, % 5.5% % 3.6% ASRI Neutral ,427 1, % -33.4% % 3.0% BSDE Buy 1,850 2, ,606 1,721 2, % 53.8% % 1.0% CTRA Buy 1,360 1, ,626 1,474 1, % -3.1% % -1.4% CTRS Buy 2,700 4, , % 1.8% % 2.2% JRPT Buy 855 1, , , % 11.6% % 0.9% LPCK Buy 5,325 10, , % -15.9% % 0.0% MDLN Buy , % -2.2% % 0.0% PWON Buy ,026 1,934 2, % 25.9% % 1.4% SMRA Neutral 1,445 1, , % 78.2% % 0.0% Industrial Estate 15,812 1,394 1, % 11.5% % 2.1% DMAS Buy , % 8.4% % 2.5% BEST Buy , % 18.8% % 0.5% SSIA Neutral , % 15.5% % 1.9% Poultry 72,009 4,795 5, % 14.9% % 2.1% CPIN U/R 3,120 U/R U/R 51,162 2,961 3, % 17.9% % 1.8% JPFA U/R 1,570 U/R U/R 17,915 1,553 1, % 10.3% % 2.7% MAIN U/R 1,310 U/R U/R 2, N/M 12.2% % 2.2% Coal 112,440 6,403 8, % 31.0% % 3.7% ADRO* Sell 1,730 1,200 (30.6) 55, % 19.6% % 2.5% HRUM* Sell 2,440 1,600 (34.4) 6, N/M 153.7% % 3.9% ITMG* Sell 17,225 12,250 (28.9) 19, % 23.3% % 7.1% PTBA Sell 13,475 9,500 (29.5) 31,053 1,541 2, % 46.4% % 3.6% Oil & Gas 66,664 6,887 7, % 10.5% % 5.4% PGAS* Sell 2,750 3, , % 10.5% % 5.4% Shipping 2, % 11.0% % 5.0% SOCI* Buy , % 11.0% % 5.0% Metal 43, N/M N/M ### % 0.6% ANTM Neutral (48.2) 9, % N/M % 0.1% INCO* U/R 3,430 U/R U/R 34, N/M N/M % 0.8% Telco 445,762 20,483 23, % 16.4% % 3.3% EXCL Neutral 2,270 2, , N/M 81.6% % 0.4% ISAT U/R 6,300 U/R U/R 34, ,896 N/M 95.6% % 2.3% TLKM Buy 3,960 4, ,921 19,278 21, % 11.2% % 3.6% Tower 62,218 3,540 4, % 26.3% % 0.0% TBIG Neutral 5,250 6, ,182 1,120 1, % 39.1% % 0.0% TOWR Buy 3,630 5, ,037 2,420 2, % 20.4% % 0.0% Media 61,680 3,175 3, % 16.0% % 2.8% SCMA Buy 2,500 3, ,554 1,599 1, % 16.9% % 3.1% MNCN Buy 1,760 2, ,126 1,576 1, % 15.0% % 2.5% Textile 4, % 22.0% % 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 9 of 10

10 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.