INVESTOR DIGEST HIGHLIGHT SECTOR. Equity Research 21 December 2016

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1 INVESTOR DIGEST Equity Research 21 December 2016 Economic Data Latest 2016F 7-DRRR (%), eop Inflation (YoY %) US$ 1 = Rp, period avg 13,426 13,164 HIGHLIGHT Banking: December 2016 Deposit Rate Tracker - A Trend Reversal Market Recap Dec 20 th 2016; JCI: 5, (-0.57%); USD/IDR: 13,426; Total Value: Rp9.2tn SECTOR Stock Market Data (20 Dec 2016) JCI Index 5, % Trading T/O ( Rp bn ) 4,670.0 Market Cap ( Rp tn ) 5,606.2 Market Data Summary* 2016F 2017F 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 69.3% of JCI s market capitalization Banking: December 2016 Deposit Rate Tracker - A Trend Reversal In response to Dec 14 s Fed rate hike, our deposit rate tracker discovered that 3 of the 12 banks we track have increased time deposit rates by bps. Of the three banks, BCA was the most aggressive, increasing 1M and 3M time deposit rates by 100 bps. Anticipating higher TD rates next year The tables have started to turn around post the recent Fed rate hike, rising government bond yield, and volatile USD-IDR exchange rate. After recording continuous declines in TD rates since we first started our survey in May-16, we are now beginning to see a trend reversal; banks are starting to increase TD rates to ensure that funds are kept within the banking system. We believe that consensus view of a 50bps Fed rate hike in 2017 leaves Indonesian banks no more room to cut TD rates. Furthermore, the lower lending rate environment may cause NIMs to decline at a faster rate than initially expected. Of the 12 banks we surveyed, Bank Central Asia, Panin Bank, and Bank Jatim increased deposit rates by bps, while the remaining banks kept their rates unchanged. We would like to highlight that BCA was the most aggressive, increasing 1M and 3M TD rates by 100bps. We understand that BCA plans to increase their loan growth up to 10% in 2017 from mid-single digit in 2016 (+5% y-y in October 2016) and hence they want to prepare the funding first while maintaining liquidity (LDR was 76% as per Oct-16). We expect TD rates to rise in early 2017 as other banks also follow in BCA s footsteps. The following highlights changes among the 12 banks surveyed, please note that some of these banks may give higher interest rates than the ones stated. Page 1 of 9

2 Panin Bank o As of Dec 1, 2016, Panin Bank increased 1M rates for deposits >Rp2bn by 25bps from 6.75% in November to become 7.00% in December. Bank Jatim o 1M deposit rates increased by 25bps from 4.25% in November to become 4.50% in December. Bank Central Asia o As of Dec 15, 2016, BCA increased 1M and 3M rates for deposits >Rp2bn by 100bps. 1M rates are now at 6.00% from 5.00% in November, while 3M rates increased to 6.25% in December from 5.25% in November. DEPOSIT RATE SURVEY Company Name Ticker 1 Month 3 Months Nov-16 Dec-16 Nov-16 Dec-16 Buku 1 and 2 <Rp100mn >Rp100mn <Rp100mn >Rp100mn <Rp100mn >Rp100mn <Rp100mn >Rp100mn Bank Windu Kentjana MCOR 5.50 negotiable 5.50 negotiable 5.50 negotiable 5.50 negotiable Bank Mutiara/ J Trust BCIC 6.00 negotiable 6.00 negotiable 7.00 negotiable 7.00 negotiable <Rp500mn >Rp500mn <Rp500mn >Rp500mn <Rp500mn >Rp500mn <Rp500mn >Rp500mn Bank Nobu NOBU Bank Woori Saudara SDRA Buku 3 and 4 <Rp100mn >Rp100mn <Rp100mn >Rp100mn <Rp100mn >Rp100mn <Rp100mn >Rp100mn Bank Jabar BJBR 5.75 negotiable 5.75 negotiable 6.25 negotiable 6.25 negotiable <Rp200mn >Rp200mn <Rp200mn >Rp200mn <Rp200mn >Rp200mn <Rp200mn >Rp200mn Bank Jatim BJTM <Rp500mn >Rp500mn <Rp500mn >Rp500mn <Rp500mn >Rp500mn <Rp500mn >Rp500mn Bank Mega MEGA <Rp1bn >Rp1bn <Rp1bn >Rp1bn <Rp1bn >Rp1bn <Rp1bn >Rp1bn CIMB Niaga BNGA Mandiri BMRI <Rp2bn >Rp2bn <Rp2bn >Rp2bn <Rp2bn >Rp2bn <Rp2bn >Rp2bn BTPN BTPN Panin PNBN BCA BBCA Source: Company, Mandiri Sekuritas Priscilla Thany ( ) Tjandra Lienandjaja ( ) priscilla.thany@mandirisek.co.id tjandra.lienandjaja@mandirisek.co.id Page 2 of 9

3 TAX AMNESTY MARKET Market Recap Dec 20 th 2016; JCI: 5, (-0.57%); USD/IDR: 13,426; Total Value: Rp9.2tn Reduced volumes ahead of the Christmas holidays tempered buying in Indo market. The already grim situation was further exacerbated with investors spooked after deadly incidents in Germany and Turkey, while regional stocks were mixed following upbeat comments from Federal Reserve Chair Janet Yellen. The JCI started out around flat with tendency to the red zone. The share price of KRAS declined by 4.3% to close at 780 after news report that the completion of its blast furnace project will be deferred to March 2017 (from end of this year) due to changes to the plan and internal problems at the consortium of contractors. And like the previous days, the main gauge deteriorated by afternoon session as all the nine major industry groups within the JCI were under profit taking mode. Then at auction, last minute buying into BBCA (from -0.2% to close +0.3%) and EXCL (from flat to close +0.9%) helped prop the JCI to end off day low (at 5144 level), or closed down 0.6% at 5162 level. Market turnover (excluding US$74mn BJBR; US$50mn KPIG; US$32mn SMRU; US$26mn ANTM; US$20mn IIKP; US$12mn SMBR; US$11mn UNTR; US$10mn SMMA crossing) was steady at US$300mn. Excluding foreign net buy from KPIG crossing, foreign posted a net sell of Rp569.4bn (US$42.4mn) and foreign participants slipped to 15% and came up better seller for 20%. Losers beat gainers by 2 to 1. The dollar index climbed 0.2 percent on Monday after Yellen's upbeat labor market assessment. It was 0.1 percent lower at on Tuesday. The IDR weakened to level. Oil pulled back on Tuesday as traders began to unwind positions in the run-up to the holiday season. US crude slid 0.4% to $51.92 per barrel after closing up 0.4% on Monday. Global benchmark Brent slipped 0.2% to $ TOP TURNOVER: BJBR TLKM BBRI UNVR ASII UNVR BJTM BMRI BBCA TAXI LPKR KAEF LPPF PWON BWPT (30%) ADVANCING SECTOR: telco+0.5%; financial+0.1% Page 3 of 9

4 DECLINING SECTOR: construction-1.3%; plantation-1.1%; mining & cement -0.9%; property-0.8%; auto-0.5%; consumer- 0.3% The yield of 10-year government went down to 7.882% (-0.47%) and Rupiah depreciated to Rp13,426 (+0.30%). Sales Team FROM THE PRESS Government maintains subsidized fuel prices in 1Q17 The Energy and Mineral Resources Ministry, as instructed by President Joko Widodo, announced that premium and diesel prices will remain as they are now in Jan17-Mar17. The considerations are economic and political situations, purchasing power. State oil company Pertamina claimed that it may experience losses if it continues selling subsidized gasoline at current rates when global oil price reaches US$55/barrel (The Jakarta Post) Minister of Finance leads the Team of Tax Reform The government has officially established the Team of Tax Reform on Tuesday 20Dec16, with an objective to support institutional reform in taxation and customs. Sri Mulyani Indrawati, as the Chairman of the team, noted that the team will not necessarily build an independent tax body, yet it would focus more on creating a betterment on the tax institution itself. (Kontan) Cigarette VAT to be applied to all chains in 2 years The plan will also be followed with higher VAT rate from 8.7% to 9.1%, but this is yet to be approved by the Minister of Finance. This differs from the current practice where VAT is only applied at the producer level. Head of Fiscal Policy Agency (BKF) states that by concept, 10% VAT should be applied to each transaction. On top of earning higher tax revenue, this attempts to enlarge the taxpayer base and enforce compliance. (Kontan) Comment: 1) The plan to raise from 8.7% to 9.1% is not new, but has not been decided. Our modeling is still based on 8.7% rate.2) The plan to impose the additional VAT layer at distributor level has been mentioned before in September this year. So this is not new. The sentiment to stock price at that time was negative as the market thought that the additional VAT would immediately give another 10% rise to end-prices. We think this is very unlikely as distributor only earn about 10% margin. So, a more likely scenario is that the VAT is applied to the additional value-add within the supply chains. We will reconfirm for more clarity. Ministry of Public Work and Public Housing (PUPR) to open Samarinda Bontang toll road tender This planned toll road section would connect Balikpapan Samarinda toll road with New Samarinda Airport (BSB) and Bontang. PUPR ministry estimates Rp3tn investment cost (exc. Land clearing cost) for Samarinda Seberang BSB and Rp15tn investment cost for BSB Bontang. This whole section is estimated to span 94km, of which 16.4km would cut across Bontang protected forest. (Bisnis Indonesia) Bank BRI (BBRI) to issue bonds in 2Q17 BBRI plans to issue bonds totaling to Rp7-8tn in 2Q17. The bond issuance is part of BBRI s sustainable bond offering II with a total target of Rp20tn. Funds from the bond issuance will be used for expansion purposes. (Kontan) Maybank (BNII) to conduct a rights issue totaling to Rp2tn BNII plans to conduct a rights issue totaling to Rp1.5-2tn in 2H16. Director of BNII Thillagavaty Nadason states that the rights issue will strengthen the bank s tier-1 capital and will enable BNII to fulfill basel III requirements. Post the rights issue, BNII expects CAR to improve 17-18% in (Bisnis Indonesia) Page 4 of 9

5 Kalbe Farma (KLBF) to start producing biological drugs KLBF targets Rp1 tn sales per molecule from biological drugs, while planning on having 10 molecules in 10 years with Rp2 tn investment. Management expects certification (CPOB) to be received by early 2017, and will be commercially circulating the drugs in 2018 including exports and JKN purchases. Until now, KLBF has been selling imported biological drugs for market testing. (Bisnis Indonesia) Kino Indonesia (KINO) allocated Rp80 bn for 2017 capex This is a 68% YoY drop from this year s capex of Rp 250 bn. According to the management, lower capex next year is due to ample idle capacity, with average utilization rate at 60%. (Kontan) Lazada plans to start selling groceries products in 2H17 Lazada will execute the plan in one of the capitals of the three countries, Malaysia, Indonesia and Thailand. Currently Lazada operates in six countries, supported by 12 warehouses and 92 distribution channels. The company estimates Indonesia s consumer spending for groceries products is around US$200mn a year, or around 60% of consumer total spending in retail stores. (Bisnis Indonesia) MNC Group to rearrange media assets The group plans to unite their pay-tv company, MNC Sky Vision (MSKY), and their fiber optic based broadband company, MNC Kabel Mediacom, under Sky Vision Network (SVN). The Group seeks to offer 10-30% of SVN s stake in IPO and use the proceeds for Play Media s expansion, an optical fiber cable Internet brand under MNC Kabel Mediacom. (Bisnis Indonesia) Media Nusantara Citra (MNCN) plans to refinance USD-denominated loan The company plans to pay a portion of their US$250mn loan due in Sep 17 and refinance the remaining portion. Annual interest for the syndicated loan is 3.5% +3-month LIBOR. Meanwhile, the MNC group has repaid US$60mn of MNC Sky Vision (MSKY) s loan amounting to US$243mn due this year while refinanced the remaining portion with the similar terms and conditions for the next three years. (Bisnis Indonesia) Waskita Karya (WSKT) gained full ownership of Trans Jabar Toll Road The construction SOE bought Jasa Sarana s (8.2%) and Bukaka Mega Investama s (10.4%) ownerships in Trans Jabar Toll Road through its subsidiary, Waskita Toll Road. Note that Trans Jabar Toll Road manages Ciawi Sukabumi (54km) toll road, as of 9M16 Trans Jabar Toll Road reported Rp1.6tn assets and Rp92.7bn net loss. In addition, WSKT also plans to provide Rp65.5bn loan to the toll road company for operational purposes. (Bisnis Indonesia) 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$/mt) 20, Hang Seng 21, CPO futures (Ringgit/ton) 3, STI 2, ADR Stocks Soybean oil (US$/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 16F 17F 16F 17F BSDE Buy 33,585 1,745 2,570-63% 4,673 13% 1, % 12.3% PWON Buy 26, % 1,207 31% % 24.7% SMRA Neutral 19,473 1,350 1,575-66% 3,933 98% % 7.9% CTRA Buy 20,171 1,330 1,600-57% 3,073 70% % 14.0% JRPT Buy 11, ,300-73% 3,242 24% % 20.4% ASRI Neutral 6, % 1,161 55% % 10.3% LPCK Buy 3,567 5,125 10,000-79% 24,683 9% 4, % 14.6% MDLN Buy 4, % 1,165 21% % 6.6% CTRS Buy 5,284 2,670 4,000-80% 13,390-34% 4, % 13.9% Simple Average -68% % 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, % 1,701-45% % 8.1% LPCK Buy 3,567 5,125 10,000-79% 24,683 9% 4, % 14.6% MDLN Buy 4, % 1,165 21% % 6.6% Simple Average -72% % 10.2% 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 5,162 5,550 3,890, , , % 16.6% % 1.9% Banking 894,843 68,015 83, % 23.5% N.A. N.A % 1.9% BBCA Neutral 14,775 15, ,278 19,326 21, % 12.4% N.A. N.A % 1.4% BBNI Buy 5,400 6, ,703 10,783 12, % 20.5% N.A. N.A % 3.2% BBRI Buy 11,225 14, ,911 25,817 30, % 19.1% N.A. N.A % 2.3% BBTN Buy 1,655 2, ,526 2,439 2, % 21.0% N.A. N.A % 2.8% BDMN Neutral 3,380 3, ,396 3,097 4, % 31.1% N.A. N.A % 2.2% BJBR Neutral 3,010 1,600 (46.8) 29,186 1,522 1, % 16.9% N.A. N.A % 2.1% BJTM Neutral (7.6) 8,876 1,032 1, % 7.2% N.A. N.A % 7.8% BNGA Buy 790 1, ,854 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 2,570 2, ,010 1,756 1, % -1.5% N.A. N.A % 0.0% PNBN Buy 735 1, ,704 2,260 2, % 13.5% N.A. N.A % 0.0% Building Materials 120,691 8,261 6, % -23.1% % 2.3% INTP Neutral 15,525 14,400 (7.2) 57,151 4,234 3, % -23.2% % 2.6% SMCB Sell (10.1) 6, % % % 0.0% SMGR Neutral 8,925 8,600 (3.6) 52,939 4,044 3, % -20.7% % 2.3% ARNA Buy , % 147.5% % 1.9% Constructions 100,977 4,491 5, % 23.6% % 1.0% ADHI Neutral 2,030 2,020 (0.5) 7, % 77.0% % 0.8% PTPP Buy 3,680 5, , , % 19.2% % 1.0% WIKA Buy 2,410 3, , , % 17.4% % 0.7% WSKT Buy 2,430 3, ,516 1,634 1, % 12.7% % 1.1% WTON Buy 855 1, , % 33.8% % 1.0% WSBP Buy , % 41.1% % 1.2% Toll road 31,427 1,730 1, % -1.7% % 1.1% JSMR Buy 4,330 5, ,427 1,730 1, % -1.7% % 1.1% Rice Mill 6, % 23.9% % 0.5% AISA U/R 1,935 U/R U/R 6, % 23.9% % 0.5% Consumer 1,093,407 34,261 37, % 11.1% % 1.1% ICBP Neutral 8,175 9, ,336 3,662 3, % 6.6% % 1.7% INDF Buy 7,625 11, ,955 3,999 4, % 5.5% % 3.1% MYOR Neutral 1,615 1,550 (4.0) 36,110 1,346 1, % 7.2% % 1.5% ULTJ U/R 4,590 U/R U/R 13, % 19.8% % 0.5% UNVR Neutral 39,650 41, ,530 6,414 7, % 13.4% % -2.1% GGRM Buy 62,975 75, ,169 6,018 7, % 20.8% % 1.6% HMSP Neutral 3,930 3,850 (2.0) 457,130 12,021 12, % 8.1% % 2.6% WIIM U/R 438 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 85,435 3,357 3, % 13.0% % 2.2% KLBF U/R 1,465 U/R U/R 68,672 2,289 2, % 12.3% % 1.7% SIDO U/R 540 U/R U/R 8, % 12.5% % 4.9% TSPC U/R 1,925 U/R U/R 8, % 16.4% % 3.5% Hospital 47, % 12.2% % 0.6% MIKA Buy 2,500 3, , % 11.1% % 0.8% SILO Neutral 10,000 10, , % 17.7% % 0.0% Retail 88,098 4,101 4, % 17.8% % 2.6% ACES Neutral , % 10.4% % 2.0% ERAA U/R 620 U/R U/R 1, % 17.4% n/a n/a 4.8% 5.6% LPPF Buy 14,475 19, ,237 2,082 2, % 13.1% % 3.5% MAPI Buy 5,050 6, , % 84.0% % 0.0% MPPA Neutral 1,490 1, , % 49.9% % 0.7% RALS Neutral 1,135 1, , % 6.5% % 3.2% TELE U/R 815 U/R U/R 5, % 18.6% % 1.9% Automotive 309,522 16,738 18, % 10.1% % 2.4% ASII Neutral 7,550 8, ,651 16,492 18, % 9.5% % 2.4% 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) IMAS U/R 1,400 U/R U/R 3, N/M % % 0.0% Heavy Equipment 80,154 4,652 5, % 25.3% % 3.9% HEXA* U/R 3,500 U/R U/R 2, % 100.0% % 48.7% UNTR Neutral 20,700 21, ,214 4,554 5, % 23.5% % 2.2% Plantation 44,893 2,204 3, % 38.7% % 1.7% AALI Buy 16,800 16,500 (1.8) 29,299 1,519 2, % 19.8% % 1.6% LSIP Buy 1,760 1, , % 62.5% % 1.6% SGRO U/R 1,900 U/R U/R 3, % 30.5% % 1.9% Property 136,053 10,223 11, % 12.2% % 0.8% APLN U/R 216 U/R U/R 4, % 5.5% % 4.0% ASRI Neutral ,995 1, % -33.4% % 3.2% BSDE Buy 1,745 2, ,585 1,721 2, % 53.8% % 1.1% CTRA Buy 1,330 1, ,171 1,474 1, % -3.1% % -1.5% CTRS Buy 2,670 4, , % 1.8% % 2.2% JRPT Buy 860 1, , , % 11.6% % 0.9% LPCK Buy 5,125 10, , % -15.9% % 0.0% MDLN Buy , % -2.2% % 0.0% PWON Buy ,488 1,934 2, % 25.9% % 1.7% SMRA Neutral 1,350 1, , % 78.2% % 0.0% Industrial Estate 15,361 1,394 1, % 11.5% % 2.2% DMAS Buy , % 8.4% % 2.6% BEST Buy , % 18.8% % 0.5% SSIA Neutral , % 15.5% % 2.0% Poultry 72,742 4,986 5, % 12.6% % 2.1% CPIN U/R 3,170 U/R U/R 51,982 3,027 3, % 16.0% % 1.8% JPFA U/R 1,580 U/R U/R 18,029 1,672 1, % 6.5% % 2.7% MAIN U/R 1,220 U/R U/R 2, N/M 14.0% % 2.2% Coal 107,037 6,403 8, % 31.0% % 3.9% ADRO* Sell 1,700 1,200 (29.4) 54, % 19.6% % 2.5% HRUM* Sell 2,240 1,600 (28.6) 6, N/M 153.7% % 4.3% ITMG* Sell 16,575 12,250 (26.1) 18, % 23.3% % 7.4% PTBA Sell 12,100 9,500 (21.5) 27,884 1,541 2, % 46.4% % 4.0% Oil & Gas 63,998 5,097 5, % 6.3% % 4.0% PGAS* U/R 2,640 U/R U/R 63, % 6.3% % 4.0% Shipping 2, % 0.0% % 0.0% SOCI* U/R 350 U/R U/R 2, % 0.0% n/a n/a 0.0% 0.0% Metal 36, % #### ### % 0.0% ANTM Neutral (42.2) 8, % 10.3% % -3.2% INCO* U/R 2,880 U/R U/R 28, % 0.0% n/a % 0.9% Telco 423,426 20,546 23, % 15.9% % 3.5% EXCL Neutral 2,350 2, , N/M 81.6% % 0.4% ISAT U/R 6,200 U/R U/R 33, ,871 N/M 84.3% % 2.3% TLKM Buy 3,730 4, ,332 19,278 21, % 11.2% % 3.8% Tower 62,573 3,540 4, % 26.3% % 0.0% TBIG Neutral 5,175 6, ,822 1,120 1, % 39.1% % 0.0% TOWR Buy 3,700 5, ,751 2,420 2, % 20.4% % 0.0% Media 62,187 3,175 3, % 16.0% % 2.8% SCMA Buy 2,520 3, ,846 1,599 1, % 16.9% % 3.0% MNCN Buy 1,775 2, ,340 1,576 1, % 15.0% % 2.5% Textile 4, % 33.3% % 5.8% SRIL* U/R 224 U/R U/R 4, % 33.3% % 5.8% 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.