DAILY UPDATE March 29, 2018

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1 DAILY UPDATE March 29, 2018 MACROECONOMIC NEWS US Economy - The Conference Board said its measure of U.S. consumer confidence decreased to in March from an 18- year high of in February. This month, the present situation index fell to from in February; the expectations index dropped to in March from last month. The Conference Board survey ran through March 15, so it captured financial market volatility earlier this month. U.S. equity markets fell in early March, as investors worried that U.S. tariffs on steel and aluminum could hurt firms that use the metals to manufacture goods. Stock prices have recently risen as trade fears ease. The Richmond Fed manufacturing index decreased to +15 in March, versus the unrevised 28 reading seen in February. Overall, downward pressure stemmed from new orders (17, from 27), shipments (15, from 31), the number of employees (11, from 25), the average workweek (12, from 28) and wages (22, from 23). US Housing - The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 6.2% annual gain in January, down from 6.3% in the previous month. The 20-City Composite posted a 6.4% yearover-year gain, up from 6.3% in the previous month. CORPORATE NEWS ANTM PT Aneka Tambang explores nickel laterite ore battery production business line. ANTM acquired 3.9 tons low grade nickel export quota up to October 2018 and is currently in the process to propose 2.7 tons export quota for GGRM PT Gudang Garam reports IDR trillion revenue and IDR 7.75 trillion net profit in 2017, growing by 9.22% and 16.07% yoy. ARNA PT Arwana Citramulia will increase its factory capacity by 6 million/m2 per year from 2019 to ARNA allocates IDR 150 billion to increase factory capacity by 6 million/m2 in South Sumatra starting from 2018 and IDR 600 billion to increase capacity in Mojokerto in 2020 and ARNA targets IDR operating profit in 2018, growing 19.9% yoy. In addition, ARNA will distribute dividend at IDR 12/share. Equity Markets Currency Commodities Last Price Chg %Chg Oil NYMEX Oil Brent Coal Newcastle Nickel Tin Gold CPO Rott CPO Malay Indo Gov. Bond Yields Last Closing Closing % Change Dow Jones NASDAQ S&P MSCI excl. Jap Nikkei Shanghai Comp Hang Seng STI JCI Indo ETF (IDX) Indo ETF (EIDO) Last Trade US$ - IDR US$ - Yen Euro - US$ US$ - SG$ Yield Chg %Chg 1 year year year year year year PT. Panin Asset Management JSX Building Tower I, 3rd Floor Jl. Jend. Sudirman Kav , Jakarta T : (021) , F : (021)

2 BISI PT BISI International reported 2017 results: BISI (IDR bn) YoY Q Q QoQ Revenue 1,852 2, % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 43.4% 38.1% -5.3% 42.6% 43.6% 1.0% Operating Profit Margin 24.2% 21.2% -3.0% 25.5% 28.0% 2.5% Net Profit Margin 18.1% 17.5% -0.7% 21.7% 21.6% 0.0% CPIN PT Charoen Pokphand Indonesia reported 2017 results: CPIN (IDR bn) YoY Q Q QoQ Revenue 38,257 49, % 12,543 11, % Gross Profit 6,514 6, % 1,293 1, % Operating Profit 4,459 3, % % Pretax Earnings 3,984 3, % % Net Income 2,221 2, % % EPS (IDR) % % Gross Profit Margin 17.0% 12.7% -4.4% 10.3% 14.4% 4.1% Operating Profit Margin 11.7% 7.5% -4.2% 5.5% 7.6% 2.1% Net Profit Margin 5.8% 5.1% -0.7% 3.3% 4.7% 1.5% TOTO PT Surya Toto Indonesia reported 2017 results: TOTO (IDR bn) YoY Q Q QoQ Revenue 2,069 2, % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 21.4% 25.1% 3.6% 27.8% 26.1% -1.7% Operating Profit Margin 13.9% 17.2% 3.4% 20.8% 18.2% -2.5% Net Profit Margin 8.1% 12.8% 4.7% 13.8% 15.9% 2.0% SSIA PT Surya Semesta Internusa reported 2017 results: SSIA (IDR bn) YoY Q Q QoQ Revenue 3,797 3, % % Gross Profit 1, % % Operating Profit % % Pretax Earnings 93 1, % % Net Income 62 1, % EPS (IDR) % Gross Profit Margin 28.2% 26.4% -1.8% 29.8% 23.0% -6.8% Operating Profit Margin 11.4% 7.2% -4.2% 9.7% 5.8% -3.9% Net Profit Margin 1.6% 36.0% 34.3% -0.7% -5.6%

3 GJTL PT Gajah Tunggal reported 2017 results: GJTL (IDR bn) YoY Q Q QoQ Revenue 13,634 14, % 3,558 3, % Gross Profit 3,195 2, % % Operating Profit 1, % % Pretax Earnings % Net Income % EPS (IDR) % Gross Profit Margin 23.4% 17.4% -6.0% 15.5% 19.4% 3.8% Operating Profit Margin 11.5% 7.0% -4.5% 4.2% 10.3% 6.1% Net Profit Margin 4.6% 0.3% -4.3% -2.8% 5.6% LTLS PT Lautan Luas reported 2017 results: LTLS (IDR bn) YoY Q Q QoQ Revenue 6,438 6, % 1,486 1, % Gross Profit 1,153 1, % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 17.9% 18.3% 0.4% 20.1% 19.5% -0.5% Operating Profit Margin 5.7% 5.3% -0.4% 5.4% 4.9% -0.5% Net Profit Margin 0.9% 2.3% 1.3% 1.4% 2.6% 1.2% ACES PT Ace Hardware Indonesia reported 2017 results: ACES (IDR bn) YoY Q Q QoQ Revenue 4,936 5, % 1,463 1, % Gross Profit 2,352 2, % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 47.6% 47.7% 0.1% 48.6% 46.7% -1.9% Operating Profit Margin 14.8% 14.6% -0.2% 15.2% 15.9% 0.7% Net Profit Margin 14.4% 13.1% -1.3% 13.6% 14.6% 1.1% BBKP PT Bank Bukopin targets consumer credit distribution to grow by IDR 2 trillion in BBKP total credit distribution reached IDR 70 trillion in 2017, 20% or IDR 14.5 trillion comes from consumer credit. JSKY PT Sky Energy Indonesia targets to boost its contribution to export to 50% this year.

4 SMRA PT Summarecon Agung announced its FY 2017 financial result: SMRA (IDR bn) YoY Q Q QoQ Revenue 5,398 5, % 1,309 1, % Gross Profit 2,601 2, % % Operating Profit 1,409 1, % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 48.2% 45.5% -2.7% 43.4% 51.2% 7.8% Operating Profit Margin 26.1% 23.7% -2.4% 22.4% 30.6% 8.2% Net Profit Margin 5.8% 6.4% 0.6% 5.4% 14.7% 9.3% CTRA PT Ciputra Development announced its FY 2017 financial result: CTRA (IDR bn) YoY Q Q QoQ Revenue 6,739 6, % 1,522 2, % Gross Profit 3,290 3, % % Operating Profit 1,806 1, % % Pretax Earnings 1,501 1, % % Net Income 1, % % EPS (IDR) % % Gross Profit Margin 48.8% 46.9% -1.9% 44.5% 44.8% 0.3% Operating Profit Margin 26.8% 24.2% -2.6% 24.8% 28.3% 3.5% Net Profit Margin 15.2% 13.9% -1.3% 14.9% 15.7% 0.8% KLBF PT Kalbe Farma announced its FY 2017 result: KLBF (IDR bn) YoY Q Q QoQ Revenue 19,374 20, % 5,024 5, % Gross Profit 9,488 9, % 2,439 2, % Operating Profit 3,248 3, % 764 1, % Pretax Earnings 3,091 3, % % Net Income 2,300 2, % % EPS (IDR) % % Gross Profit Margin 49.0% 48.6% -0.4% 48.6% 48.1% -0.5% Operating Profit Margin 16.8% 17.1% 0.3% 15.2% 21.6% 6.4% Net Profit Margin 11.9% 11.9% 0.0% 11.2% 12.3% 1.0%

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