INVESTOR DIGEST HIGHLIGHT SECTOR. Equity Research 24 January 2017

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1 INVESTOR DIGEST Equity Research 24 January 2017 Economic Data Latest 2017F 7-DRRR (%), eop Inflation (YoY %) US$ 1 = Rp, period avg 13,360 13,450 Stock Market Data (23 Jan 2017) HIGHLIGHT Banking: January 2017 Deposit Rate Tracker - Still the Same Property: Potential new land law to discourage land investors Bank Tabungan Negara: 12M16 Results- Results above consensus expectations (BBTN; Rp1,905; Buy; TP:Rp2,350) Market Recap Jan 23 rd 2016; JCI: 5, (-0.06%); USD/IDR: 13,360; Total Value: Rp5.07tn JCI Index 5, % Trading T/O ( Rp bn ) 4,199.0 Market Cap ( Rp tn ) 5, ,930.9 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 80 companies in MS research universe, representing 68.9% of JCI s market capitalization SECTOR Banking: January 2017 Deposit Rate Tracker - Still the Same As we enter into the new year, our deposit rate tracker discovered that most banks have kept their deposit rates unchanged, with the exception of PNBN and NOBU. PNBN cut 1M deposit rates by 25bps while NOBU aggressively cut 1M and 3M deposit rates by 25bps and 50bps, respectively, in the month of January. In a perplexed state After months and months of TD rate cuts followed by a trend reversal in December, banks started off the year with more stable TD rates. Initially, we expected to see TD rates immediately increase as we anticipate other banks to follow BBCA s footsteps (BBCA increased 1M and 3M rates for deposits >Rp2bn by 100bps last month). However, the global economic uncertainty leading up to Trump s inauguration, volatile exchange rate, and OJK s pending deposit rate cap policy have caused most banks to keep their deposit rates unchanged. Approaching the end of 2016, as quoted in Bisnis Indonesia, OJK stated that it would likely maintain its deposit rate cap policy in 2017 to prevent liquidity issues. Stepping into 2017, OJK plans to formulate a new TD rate cap policy in order to tighten the upper limit gap between BUKU III and IV TD rates from 25bps to 10-15bps. In contrary, Investor Daily quoted that even though the Governor of Bank Indonesia Agus Martowardojo welcomed OJK s policy, BI evaluated that it would be more ideal if TD rates were not capped. Hence, the uncertainty has created a wait-and-see situation. Of the 12 banks we surveyed, only PNBN and NOBU showed TD rate movements in January. NOBU remains the most aggressive, cutting TD rates by a total of 200bps since we first started our survey in May-16. Meanwhile, PNBN lowered its 1M TD rates back to 6.75% in January after increasing it to 7.00% in December. In addition, our survey indicates that BBNI has kept its rates unchanged since Jun- 16 while BBRI has kept rates unchanged since Nov-16. The following highlights changes among the 12 banks surveyed, please note that some of these banks may give higher interest rates than stated. Panin Bank o As per Jan 16, 2017, Panin Bank lowered 1M deposit rates for deposits >Rp2bn by 25bps from 7.00% in December to 6.75% in January. Page 1 of 10

2 Nobu Bank o 1M and 3M rates for deposits <Rp500mn declined by 25bps to 5.75% and 5.50% from 6.00% and 5.75%, respectively. o 1M and 3M rates for deposits >Rp500mn declined by 50bps to 6.00% and 5.75% from 6.50% and 6.25%, respectively. DEPOSIT RATE SURVEY Company Name Ticker 1 Month 3 Months Dec-16 Jan-17 Dec-16 Jan-17 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 ( ) priscilla.thany@mandirisek.co.id Property: Potential new land law to discourage land investors A potential new land law to discourage land investors. The Head of National Land Agency, Sofyan Djalil, is planning to introduce a law to provide progressive taxes for land that is not utilized. The purpose of Indonesia government is to reduce speculation for land and discourage land investors. The Ministry of Finance, Sri Mulyani, is also quoted on the newspaper that the ministries are working together to introduce progressive taxes for land that is not utilized. Costs of land banking could potentially go up. Introducing such progressive taxes would be negative for Indonesian developers, as their business model is mostly land banking. Depending on the amount of tax, the costs of land banking could significantly go up. Also, there is a possibility that the law is only valid if there is no activity on the whole development license. If property companies have partially developed the land on that location, the land would not be considered as unutilized. However, we think that property companies could use the land for other uses if it is not being used for property development, such as for agrarian land. Maintain Overweight. Although marketing sales target is conservative, we maintain our overweight on the sector as we think valuation is attractive. We have BSDE as our top pick, as we think that the company's marketing sales and earnings for this year is well-secured. Risk is that the sector could remain sideways until there is more clarity on the potential law for unutilized land. Liliana S Bambang ( ) liliana.bambang@mandirisek.co.id Page 2 of 10

3 CORPORATE Bank Tabungan Negara: 12M16 Results- Results above consensus expectations (BBTN; Rp1,905; Buy; TP:Rp2,350) BBTN reported unaudited net income of Rp2.48tn, +37% yoy, in FY16. This accounts for 107% of FY16 consensus and 102% of our expectations. While the market still expects 25% income tax rate, BTN has used 23.4% tax rate (20% if they all expenses are tax deductable). Strong income was used to put more provisioning to write off bad debts. At the PPOP level, profit grew 17% yoy while net income was Rp378bn in Dec, +50% yoy. Loan growth +18% yoy, deposit growth +25% yoy. Deposit growth was mainly driven by demand deposits and time deposits at +46% yoy and +22% yoy while savings deposits grew +12% yoy bringing CASA ratio to 49% in Dec16, up from 48% Dec15. Given the strong deposit growth LDR declined to 103% in Dec16 from 109% in Dec15. NIM declined to 4.5% in FY16 from 4.6% in FY15 despite reduction in cost of funds. This is because BTN had to use their own funds for the new subsidized housing loans as the government had not placed their funds in the bank. However, we record that NIM jumped to 6.2% in Dec16 alone from 4.5% in Nov16 due to rising asset yield and reduction in cost of funds. We have yet to clarify on the rising asset yield here, but this may likely due to the payment of interest rate subsidy for the 2015 FLPP. Cost to income ratio declined slightly to 56.6% in 12M16 from 57.4% in 12M15. On a monthly basis, cost to income ratio declined to 40.7% in Dec16 from 61.4% in Nov16. Provision expenses declined by 14% yoy to Rp719bn in 12M16, while provisioning expense in the month of Dec increased sharply to Rp193bn from Rp19bn in Nov. BTN used the good results to build up provisioning and then wrote off ca. Rp475bn of bad debts in 12M16 (Rp205bn in Dec16) vs. Rp379bn in 12M15 (Rp102bn in Dec15). Provisioning to total loans declined to 1.3% in Dec16 from 1.4% in Nov16. Maintain BUY with TP of Rp2,350 for the counter which is trading at 1.1x P/BV 2017F. Income Statement (Rp bn) Dec-15 Nov-16 Dec-16 % MoM % YoY 12M15 12M16 % YoY FY16F Net interest income ,868 7, , Non interest income (6) 1,121 1, , Operating income , ,989 9, , , Provision expenses (54) (19) (193) (839) (719) (14) (708) 102 Operating expenses (441) (489) (469) (4) 6 (4,584) (5,195) 13 (5,263) 99 Operating profit ,567 3, , , PPOP ,405 3, , Pre-tax profit ,575 3, , , Net profit ,814 2, , , % of FY16F FY16 Cons % of FY16F Cons Balance Sheet (Rp bn) Dec-15 Nov-16 Dec-16 % MoM % YoY Gross loans 138, , , Demand deposits 30,856 40,678 44, Saving deposits 29,872 29,060 33, Time deposits 66,992 78,681 81, Total deposits 127, , , CASA to deposits (%) Ratio (%) Dec-15 Nov-16 Dec-16 12M15 12M16 LDR NIM ROE Cost to income Tjandra Lienandjaja ( ) tjandra.lienandjaja@mandirisek.co.id Page 3 of 10

4 TAX AMNESTY MARKET Market Recap Jan 23 rd 2016; JCI: 5, (-0.06%); USD/IDR: 13,360; Total Value: Rp5.07tn Indo shares were on the defensive on Monday as worries about President Donald Trump s protectionist policies outweighed optimism that he will follow through on promises of tax cuts and other stimulus. The JCI lost 0.5% at 5229 in just one hour after opening. At the opening, the main gauge rose 0.1% at The culprit lies with foreign selling pressure into heavy-weight names including TLKM (-0.8% at that time), HMSP (-0.3%) and ASII (-0.63%). So when those said names recovered to positive territory: TLKM (close +0.3%), HMSP (close +0.8%) and ASII (close +0.3%), the JCI flirted around flat, in and out of small positive and small negative. In the end, the JCI ended flat at 5250 in stable volume of US$314mn (excluding US$9.7mn MYRX; US$3.8mn ESSA; US$3.1mn ASMI; US$2.6mn BUVA crossing). Foreign posted a net sell of Rp81bn (US$6.06mn) and foreign participants at 25% came up better seller for 8%. Losers beat gainers by 7 to 4. In his inaugural address, Trump pledged to end what he called an "American carnage" of rusted factories and vowed to put "America first". Trump also said on Sunday he plans talks soon with the leaders of Canada and Mexico to begin renegotiating the NAFTA. Prior to that, his administration said on his first day in the office that its trade strategy to protect American jobs would start with withdrawal from the 12-nation TPP trade pact. TOP TURNOVER: BUMI TLKM ENRG SSMS BBRI BBNI ANTM INCO BWPT ASII BBCA UNTR BJBR ELSA BMRI PTPP LPPF INDF (40%) ADVANCING SECTOR: consumer +0.5%; mining +0.2%; plantation +0.1% DECLINING SECTOR: cement -1.1%; construction -1%; financial & property -0.2%; telco -0.1%; auto flat The yield of 10-year government went down to 7.53% (-0.57%) and Rupiah appreciated to Rp13,360 (+0.37%). Sales Team Page 4 of 10

5 FROM THE PRESS Ministry of Transportation reviews taking funds for Jabodebek LRT from Bank Mandiri (BMRI) Ministry of Transportation is reviewing plans to work with BMRI to fund the Jakarta, Bogor, Depok, and Bekasi (Jabodebek) LRT totaling to Rp20tn. This is part of the Ministry of Transport s strategy to provide Adhi Karya (ADHI) assurance of payment as a contractor. (Investor Daily) SOE banks to review taking on loans from foreign banks SOE banks are reviewing the opportunity to take on loans from foreign banks to fund infrastructure projects. Deputy of Financial Services, Survey Services, and Consulting Services of the Ministry of SOE Gatot Trihargo states that there is a mismatch between the tenor of the funding currently received and the loans disbursed, therefore he is reviewing plans to take loans from other countries to solve this issue. (Investor Daily) Switching company of SOE banks to be formed in February Ministry of SOE is optimistic that their switching company named PT Jalin Pembayaran Nusantara will be formed in February The switching company will support SOE bank s payment system. The switching company s position will be directly below the holding company, Danareksa. (Investor Daily) Bank Mandiri (BMRI) needs USD1bn BMRI is looking for an additional USD1bn or equivalent to Rp1.3tn of funding in 2017 to be used for disbursement of long term loans. BMRI plans to conduct bond issuance, NCD issuance, and to take on bilateral loans from other countries to meet their funding needs. This year BMRI plans to issue bonds totaling to Rp5tn, this is part of the sustainable bond issuance totaling to Rp14tn. The funds will be used for long term infrastructure projects. (Bisnis Indonesia) Bank Permata (BNLI) to issue subdebt BNLI is reviewing plans to issue subordinate debts totaling to Rp1.5tn in The bank is alsp planning to conduct a rights issue totaling to Rp1.5-2tn this year. OJK s Deputy Commissioner of Banking Supervision Irwan Lubis states that OJK has approved BNLI s plans. (Investor Daily) Bank Rakyat Indonesia (BBRI) ready to sign syndicate loans for LRT BBRI states that they are ready to sign two syndicate loans agreements to fund the South Sumatera LRT project, in which Waskita Karya (WSKT) will be the main contractor, and also the Jakarta LRT project, in which Adhi Karya (ADHI) will be the main contractor. The nominal amount needed for each project has not been disclosed. (Bisnis Indonesia) RALS will still focus on store conversion The company is targeting to convert 25 supermarkets to SPAR this year. Currently they already have 23 SPAR. Capex for this year is budgeted at Rp400bn, besides for store conversion, this capex will also be spent to open 6new stores this year. 4 stores will be located in Greater Jakarta area, and the other 2 will be located in West Java and Banten. The company is eyeing for 10% revenue growth, 8% coming from SSSG and 2% from new stores contribution. (Kontan) SMI and Taspen to acquire 29% stake in Waskita Toll Road Sarana Multi Infrastruktur (SMI) is set to own 16% stake while Taspen to purchase the remaining 13% ownership in Waskita Toll Road, a toll road subsidiary of Waskita Karya (WSKT). Total transaction reached Rp3.5tn which is also allow WSKT to delays IPO plan of Waskita Toll Road to the next few years. (Bloomberg, Bisnis Indonesia) Comment: Waskita Toll Road is currently own stakes in 15 toll road projects (9 as majority owner) which we forecast has current total value of Rp7.6tn. The deal with SMI and Taspen would value WTR at Rp12tn which translate to x PBV. We believe that the valuation is quite fair as most of the toll road projects are still under development and would require additional capital injection. Page 5 of 10

6 Wika Realty to launch new apartment project in Bandung Wika Realty, a property subsidiary of Wijaya Karya (WIKA), also plans to launch several projects in Jakarta in 2H17 while also developing transit oriented development (TOD) property through Tegalluar City Development. In 2017, Wika Realty targets to book pre-marketing sales of Rp2.25tn (2016A: Rp2.05tn) with total 2017 capex to reach Rp2.4tn. Currently, Wika Realty owns 200ha land bank (32ha under development) across Indonesia and plans to conduct IPO in 2H17 with total target proceeds of Rp3tn. (Bisnis Indonesia) 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$/mt) 9, Nikkei 18, YEN/US$ Gold spot (US$/oz) 1, SET 1, SGD/US$ Tin 3-month (US$/mt) 20, Hang Seng 22, CPO futures (Ringgit/ton) 3, STI 3, ADR Stocks Soybean oil (US$/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 34,740 1,805 2,570-61% 4,673 17% 1, % 10.5% PWON Buy 28, % 1,207 39% % 25.5% SMRA Neutral 19,401 1,345 1,575-66% 3,933 98% % 17.2% CTRA Buy 19,412 1,280 1,600-58% 3,073 64% % 14.0% JRPT Buy 12, ,300-73% 3,242 26% % 18.7% ASRI Neutral 7, % 1,161 71% % 5.3% LPCK Buy 3,584 5,150 10,000-79% 24,683 10% 4, % 11.9% MDLN Buy 4, % 1,165 19% % 7.9% CTRS Buy 5,363 2,710 4,000-80% 13,390-33% 4, % 12.2% Simple Average -68% % 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 3, % % % 9.9% SSIA Buy 2, % 1,701-29% % 5.6% LPCK Buy 3,584 5,150 10,000-79% 24,683 10% 4, % 11.9% MDLN Buy 4, % 1,165 19% % 7.9% Simple Average -69% % 9.4% 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) MANSEK universe 5,251 5,550 3,978, , , % 13.1% % 2.0% Banking 930,527 81,172 95, % 17.5% N.A. N.A % 2.0% BBCA Neutral 15,050 15, ,058 21,729 24, % 11.2% N.A. N.A % 1.3% BBNI Buy 5,525 6, ,034 12,995 15, % 17.9% N.A. N.A % 3.8% BBRI Buy 11,800 13, ,096 28,258 34, % 22.2% N.A. N.A % 2.4% BBTN Buy 1,895 2, ,068 2,843 3, % 18.6% N.A. N.A % 2.8% BDMN Neutral 4,070 3,575 (12.2) 39,009 4,060 4, % 13.2% N.A. N.A % 1.8% BJBR Sell 2,400 1,600 (33.3) 23,271 1,780 1, % 10.5% N.A. N.A % 3.1% BJTM Neutral (9.8) 9,100 1,107 1, % 12.2% N.A. N.A % 7.5% BNGA Buy 965 1, ,252 3,290 3, % 21.2% N.A. N.A % 0.0% BNLI Buy , ,434 N/M 75.7% N.A. N.A % 0.5% BTPN Neutral 2,640 2,635 (0.2) 15,418 1,730 1, % 10.5% N.A. N.A % 0.0% PNBN Buy 790 1, ,029 2,565 2, % 11.8% N.A. N.A % 0.0% Building Materials 116,001 6,308 7, % 11.0% % 1.8% INTP Neutral 14,775 14,400 (2.5) 54,390 3,252 3, % 10.4% % 1.9% SMCB Sell (12.1) 6, % 14.2% % 0.0% SMGR Neutral 8,600 8, ,011 3,207 3, % 8.4% % 1.9% ARNA Neutral , % 21.6% % 1.9% Constructions 110,134 6,339 7, % 15.2% % 1.4% ADHI Neutral 2,110 2,020 (4.3) 7, % 35.2% % 1.4% PTPP Buy 3,520 4, ,824 1,323 1, % 22.7% % 1.2% WIKA Buy 2,450 3, ,952 1,239 1, % 11.9% % 1.1% WSKT Buy 2,530 3, ,854 1,842 2, % 10.2% % 1.2% WTON Buy 825 1, , % 13.8% % 1.4% WSBP Buy , % 7.8% % 1.6% TOTL Buy 775 1, , % 14.1% % 5.3% Toll road 30,120 1,805 1, % 4.6% % 1.8% JSMR Buy 4,150 5, ,120 1,805 1, % 4.6% % 1.8% Rice Mill 6, % 27.9% % 0.7% AISA U/R 2,040 U/R U/R 6, % 27.9% % 0.7% Consumer 1,108,249 37,839 41, % 10.8% % 1.1% ICBP Neutral 8,450 9, ,543 3,904 4, % 14.0% % 1.8% INDF Buy 8,100 11, ,134 4,221 4, % 11.5% % 3.1% MYOR Neutral 1,765 1,550 (12.2) 39,464 1,443 1, % 19.7% % 1.5% ULTJ U/R 4,400 U/R U/R 12, % 10.2% n/a 0.5% 0.6% UNVR Neutral 41,200 41, ,356 7,274 8, % 11.1% % -2.3% GGRM Buy 63,475 75, ,131 7,272 7, % 8.9% % 1.6% HMSP Neutral 3,860 3,850 (0.3) 448,988 12,996 14, % 9.7% % 2.8% WIIM U/R 440 U/R U/R 924 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 85,549 3,779 4, % 11.9% % 2.5% KLBF U/R 1,470 U/R U/R 68,906 2,569 2, % 11.2% % 2.0% SIDO Buy , % 15.0% % 5.2% TSPC U/R 1,865 U/R U/R 8, % 12.4% % 3.8% Hospital 49, , % 21.7% % 0.7% MIKA Buy 2,440 3, , % 16.1% % 1.0% SILO Neutral 12,100 10,820 (10.6) 13, % 49.4% % 0.0% Retail 88,662 4,637 5, % 17.9% % 3.4% ACES Neutral , % 15.3% % 2.5% ERAA U/R 620 U/R U/R 1, % 25.2% n/a n/a 5.6% 6.8% LPPF Buy 14,875 19, ,404 2,355 2, % 17.0% % 4.9% MAPI Buy 5,200 6, , % 35.5% % 0.6% MPPA Sell 1, (35.5) 7, % 55.4% % 0.3% RALS Neutral 1,235 1,180 (4.5) 8, % 6.5% % 3.1% TELE U/R 860 U/R U/R 6, % 14.2% % 2.2% Automotive 328,503 18,303 19, % 6.0% % 2.5% 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) ASII Neutral 8,025 8, ,881 18,054 18, % 4.5% % 2.5% IMAS U/R 1,310 U/R U/R 3, % 267.7% % 0.2% Heavy Equipment 84,784 5,799 5, % -0.3% % 2.1% HEXA* U/R 3,350 U/R U/R 2, % 0.0% % 3.9% UNTR Neutral 21,975 21,000 (4.4) 81,970 5,623 5, % -0.4% % 2.1% Plantation 46,068 3,099 3, % 14.0% % 2.4% AALI Buy 16,100 16, ,987 2,008 2, % 14.0% % 2.3% LSIP Buy 1,675 1, , % 7.5% % 2.8% SGRO U/R 1,935 U/R U/R 3, % 31.4% % 2.0% Property 139,228 11,477 12, % 9.8% % 0.8% APLN U/R 226 U/R U/R 4, % -12.6% % 2.8% ASRI Neutral , % -46.1% % 1.5% BSDE Buy 1,805 2, ,740 2,648 2, % -6.4% % 1.0% CTRA Buy 1,280 1, ,412 1,429 1, % 11.4% % -1.5% CTRS Buy 2,710 4, , % -3.1% % 2.2% JRPT Buy 875 1, ,031 1,074 1, % 9.4% % 0.9% LPCK Buy 5,150 10, , % -7.1% % 0.0% MDLN Buy , % 29.5% % 0.0% PWON Buy ,173 2,435 3, % 27.1% % 2.0% SMRA Neutral 1,345 1, , , % 148.5% % 0.0% Industrial Estate 17,028 2,814 1, % -41.9% % 3.6% DMAS Buy , , % 2.8% % 2.7% BEST Buy , % 20.4% % 0.5% SSIA Buy ,894 1, % -83.7% % 10.5% Poultry 71,776 5,544 6, % 18.8% % 2.4% CPIN U/R 3,100 U/R U/R 50,834 3,525 4, % 17.6% % 2.4% JPFA U/R 1,595 U/R U/R 18,200 1,688 2, % 22.2% % 2.4% MAIN U/R 1,225 U/R U/R 2, % 12.8% % 2.7% Coal 104,602 8,370 8, % 3.4% % 4.0% ADRO* Sell 1,725 1,200 (30.4) 55, % 2.9% % 2.6% HRUM* Sell 1,990 1,600 (19.6) 5, % 7.3% % 5.1% ITMG* Sell 15,125 12,250 (19.0) 17, % -9.3% % 7.3% PTBA Sell 11,700 9,500 (18.8) 26,963 2,256 2, % 12.4% % 4.7% Oil & Gas 62,543 5,529 5, % 5.9% % 4.6% PGAS* U/R 2,580 U/R U/R 62, % 5.9% % 4.6% Shipping 2, % N/A % 0.0% SOCI* U/R 316 U/R U/R 2, n/a 0.0% % 4.8 n/a 6.9 n/a n/a n/a 0.0% 0.0% Metal 30, % N/M ### % 1.1% ANTM Neutral (42.2) 8, % -13.3% % -3.6% INCO* U/R 2,270 U/R U/R 22, % 125.0% % 2.9% Telco 438,622 23,840 27, % 17.6% % 3.9% EXCL Neutral 2,630 2,400 (8.7) 28, % 37.7% % 0.5% ISAT U/R 6,150 U/R U/R 33,419 1,871 2, % 43.5% % 3.4% TLKM Buy 3,840 4, ,136 21,439 24, % 14.9% % 4.2% Tower 59,591 4,471 5, % 16.1% % 0.0% TBIG Neutral 5,000 6, ,983 1,558 1, % 25.6% % 0.0% TOWR Buy 3,490 5, ,608 2,913 3, % 11.0% % 0.0% Media 62,792 3,681 4, % 14.8% % 3.2% SCMA Buy 2,620 3, ,309 1,870 2, % 13.6% % 3.4% MNCN Buy 1,715 2, ,484 1,812 2, % 16.0% % 3.0% Textile 4, % N/A % 0.0% SRIL* U/R 248 U/R U/R 4, n/a 33.3% % 4.7 n/a 5.7 n/a 0.9 n/a 5.3% 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 (15% or higher), Neutral (-15% to15%) and Sell (-15% 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.