INVESTOR DIGEST HIGHLIGHT ECONOMY. Equity Research 5 September 2016

Transcription

1 INVESTOR DIGEST Equity Research 5 September 2016 Economic Data Latest 2016F BI Rate, eop Inflation (YoY %) US$ 1 = Rp, period avg 13,270 14,150 HIGHLIGHT Tax amnesty progress Property: Wait-And-See Mood Siloam: Revitalizing Balance Sheet (SILO; Rp10,400; Neutral; TP:Rp10,400) Mandiri Weekly Recap; JCI ; -1.57% WoW; % YTD Stock Market Data (2 Sep 2016) JCI Index 5, % Trading T/O ( Rp bn ) 6,279.0 Market Cap ( Rp tn ) 5,798.7 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 ECONOMY Tax amnesty progress Latest cumulative tax amnesty revenue was Rp4.4tn (2.6% of target) as of 2 Sep16, increasing from around Rp3tn at the end of Aug16. As displayed in the dashboard below, most of the revenue came from non-sme individuals (Rp3.6tn), followed by non-sme entity (Rp497bn), SME individuals (Rp250bn), and SME entity (Rp10.1bn). Meanwhile, the asset was composed of Rp12.7tn repatriation, Rp30.9tn offshore declaration, and Rp162tn domestic declaration. Wave of entrepreneurs are about to join the tax amnesty program, medias reported. Investor Daily wrote that Bakrie and Tahir groups will join the wagon for both declaration and repatriation after James Riady from Lippo Group. Overall, we believe that significant tax amnesty revenue increase would take place in the second and third weeks of Sep16 considering completely issued implementing regulations. Participants should also already had sufficient time to fill the amnesty forms. Keep in mind that Sep16 is the last month for participants to join tax amnesty with the smallest penalty rate. We reiterate our view that the whole tax amnesty revenue would be at Rp80tn with about Rp50tn-Rp60tn collected this year only. This compares with the government s full target of Rp165tn. * Aggregate of 75 companies in MS research universe, representing 71.0% of JCI s market capitalization Page 1 of 10

2 SECTOR Property: Wait-And-See Mood We surveyed 20 agents to check on whether or not demand has been improving. The survey indicates that queries are improving post tax amnesty announcement. They expect transaction to improve in 4Q16. However, most agents believe that price increase will be muted despite potential tax amnesty. Level of queries improving. We surveyed several housing markets in multiple locations across Greater Jakarta area and found a relatively positive vibe in housing market attitudes with the lion's share of respondents (~80% respondents in both primary and secondary markets) acknowledging improvement in queries as soon as the tax amnesty bill has been passed. Expecting transaction to improve in 4Q16. Around 50% of the agents we surveyed stated that transaction has not been improving. They expect that transaction would significantly increase post tax amnesty program (in 4Q16). Around 50% said that transaction had been better compared to previous quarters. Most are not too confident on ASP hike post tax amnesty. Most of the agents are not too confident that there would be a huge ASP hike post tax amnesty. They mention that the price hike would not be as good as in They guide 5-15% ASP increase. There are two areas where agents expect more than 20% ASP increase: Jakarta Garden City and Bekasi. In Jakarta Garden City, the agents are more aggressive in guiding ASP increase due to the opening of AEON mall. Surprisingly, property agents in Bekasi are guiding aggressive growth in ASP. In almost all areas secondary pricing is lower than primary. In almost all areas we checked (Kemayoran, Serpong, Bekasi, CBD areas), the pricing of secondary market is lower than primary's. We notice that the price difference is around 10-20%. Hence, we think that there is risk that ASP increase going forward would be muted due to supply. We also noted during our survey that there are plenty of units available for sale on the market. There is risk that the primary launch would compete against secondary market post tax amnesty. However, we think that this issue could be avoided if the developers are innovative in their project launches. Most secondary market buyers prefer to use 1 st mortgage. We also explored on the recent changes on 2 nd mortgage ruling. According to the secondary market agents, most transactions still use 1 st mortgage. We note on certain areas, such as BSD City's secondary market, inquiry about 2 nd mortgage has started to pick up. 1Q17 for real recovery. With plenty of people busy completing their tax amnesty return, we believe that marketing sales recovery would happen in 1Q17 instead of 4Q16. We think it is difficult to expect fast ASP increase, as secondary market pricing is still below primary pricing. We think that property developers would need to be innovative in order to book strong sales next year. Liliana S Bambang ( ) Kevin Halim ( ) liliana.bambang@mandirisek.co.id kevin.halim@mandirisek.co.id CORPORATE Siloam: Revitalizing Balance Sheet (SILO; Rp10,400; Neutral; TP:Rp10,400) SILO announced a Rp 2.2tn equity deal in which CVC Capital Partners (CVC) will acquire a 15% interest in SILO s shares through share purchases from Lippo Karawaci and Ciptadana, and its participation in a preemptive rights issue by SILO. While awaiting shareholder and regulatory approval for the rights issue, the company expects the entire transaction to be completed by December Page 2 of 10

3 Deal in two parts. LPKR will first sell 9% of SILO s shares to CVC for Rp1.2tn, implying a placement price of ~Rp11,530 per share. Part of the proceeds will be used by LPKR to subscribe to SILO rights issue. In the second part, CVC will participate in SILO rights issue to bring its total stake in SILO to 15%. The proceeds from the rights issue of 145m new shares (8 shares for 1 new share) with a total value of Rp1.3tn at ~Rp9,000 per share will be used by SILO to fund capex for hospital expansion, general working capital and shareholder s loan repayment. By our calculation, the TERP after both placement and rights issue is ~Rp10,340 or ~0.6% discount to last close. Recapitalizing balance sheet. As previously noted, we see the need for further funding given SILO s aggressive expansion target. Management has previously guided that internal cash flow will be short of capex by US$70 80m over the next two years. Upon shareholder and regulatory approval, the equity deal will revitalize SILO s balance sheet and lowers execution risk. CVC involvement. The announcement forms the third deal between CVC and LPKR, with previous two are Matahari (LPPF) and Link Net (LINK). Given CVC s past track record, we are positive with their involvement. Hospital delivery so far. SILO is targeting 7 hospital openings, of which 2 are currently operational (Labuan and Buton). We maintain our forecast of 4 hospital openings this year. Maintain NEUTRAL. While we are positive about the CVC deal, we think it is still too early to say. We maintain our Neutral rating at a target price of Rp10,400. We like the stock for its growth potential, but see near-term risk around execution and operational efficiency. FINANCIAL SUMMARY YE Dec (Rp Bn) 2014A 2015A 2016F 2017F 2018F EBITDA ,063 Net Profit Fully-diluted EPS (Rp) Fully-diluted EPS growth 44.1 (2.0) P/E Ratio (x) EV/EBITDA (x) P/B Ratio (x) Dividend Yield 0.0 (0.1) ROAE Source: Company ( ), Mandiri Sekuritas ( ) Francis Lim ( ) francis.lim@mandirisek.co.id MARKET Mandiri Weekly Recap; JCI ; -1.57% WoW; % YTD Avg Regular daily T/O: Rp5.06tn (US$382.17mn) Equity: Foreign net sell of US$97mn this week, YTD net buy US$2.61bn Bond: Foreign net sell of USD413.6mn Weekly Sector Performance Page 3 of 10

4 Indo market was corrected as foreign was selling on the back of Fed s hint of US interest rate increase remains on the cards for this year COMMODITY: THE CORE OF THE UNIVERSE Despite erosion on international crude oil prices (due to persistent worries over supply glut), both coal and CPO plays stayed on top of investors radar. These two sectors run side by side and were responsible for keeping the JCI at small loss for the first three days: UNTR+7.9% ADRO+8.3% ITMG+2.5% PTBA+0.3% AALI-1.4% SIMP+2.8% LSIP-3.4% BWPT-0.9% TBLA+3.3% BISI+2.9%. PROPERTY & CONSTRUCTION: PROFIT TAKING BUT TAX AMNESTY HYPE STILL THERE Both sectors were the hardest hit on profit taking, despite tax amnesty hype. The leader of the pack is MDLN which lost 9.2% WoW after $11MN private placement at 350 on Wednesday. Yet, on the last day of the week, some names stood to benefit from tax amnesty including PWON recovered its weekly loss and its share price only lost 2.4% for the week (vs -9% previously). PPRO together with CTRS and CTRA also followed suit and ended flat for the week. Cement was also corrected: INTP -7.8%; SMGR -4.7%; SMCB -9.2% with exception SMBR that +3.3% PGAS: DISAPPOINTMENT TO THE MAX After reporting lower-than-expected 2Q16 earnings at $60MN (-41% QoQ/-52% YoY), due to lower ASP and higher gas cost, many analysts have downgraded their calls, citing continued pressure on margin and govt intervention risk. Its share price lost 14.6% WoW afterward. INDF & ICBP: SURPRISE FACTOR The sudden trading half of China Minzhong Food Corp Ltd at Singapore bourse led to speculation of corporate action. China Minzhong-INDF MOU will expire on this Oct 14th in which the MOU outlays that China Minzhong agreed to buy 52.94% stake from INDF for SGD416MN. First payment was made Dec 30 th, 2015 for a sum of SGD40MN. If this suspension lead to China Minzhong fully settle the remaining payment, INDF will be left out with 29.94% stake but will be able to deleverage since it used SGD400MN banks loans to acquire Minzhong back in 2013 for about SGD1.09/share. Both INDF and ICBP share price rose 1.3% and 3.7% WoW, respectively. Sales Team Page 4 of 10

5 FROM THE PRESS Excise and customs revenue realization at 46% of FY16 target in Aug16 The nominal amount was Rp85.9tn (-14.4% YoY), Rp63.9tn (-17.6% YoY) of which came from excise. Customs-wise, the portion for export was at Rp1.7tn (-37.3% YoY) while import at Rp20.4tn (0.8% YoY) (Kontan) Government to decide on industrial gas price At the current stage, the Ministry of Energy and Mineral Resources (ESDM) refers to Presidential Regulation No.40/2006 in setting industrial gas price at US$6/MMBtu, while the Ministry of Industry hoped that industrial gas price could be cut to US$4/MMBtu in order to support manufacturing industries. The government is calculating the impact of planned discount up to USD2/MMBtu for fertilizer, petrochemical, oleo chemical, steel, ceramic, and rubber glove manufacturers. LPEM FEUI calculates that lowering gas price to USD3.8/MMBtu would translate to a reduction in government s revenues from oil and gas by Rp49tn but an increase in government s tax revenues by Rp78tn. (Bisnis Indonesia) BI targets national payment gateway (NPG) to be complete by 2021 BI targets to complete formation of the national payment gateway (NPG) by As part of the first phase, BI will issue a regulation on NPG in December (Bisnis Indonesia) Limit of electronic money increased to Rp10mn BI has decided to increase the maximum balance of registered electronic money to become Rp10mn from previously Rp5mn. The maximum balance for unregistered electronic money still remains the same at Rp1mn. Deputy Governor of BI Ronald Waas states that BI has increased the maximum balance outstanding in order to support financial digital services and e- commerce transactions. (Bisnis Indonesia) Honda Prospect Motor (HPM) to adjust production HPM will make production adjustments to the Honda Jazz and Freed due to shift in demand on consumers to SUVs, such as the BR-V, HR-V, and CR-V. Honda has chosen to stop production of Freed and adjust production volume of Jazz. (Bisnis Indonesia) Bank Bukopin (BBKP) to auction Hotel Panghegar s assets BBKP will auction Panghegar Hotel and Panghegar Kana Properti s main assets this month. BBKP holds rights to Panghegar s collateral and will use its executor rights on September 20, The collateral provided for BBKP is the Grand Royal Panghegar Hotel located at Jalan Merdeka, Bandung. The bank has appraised the company s main collateral, estimated to be worth Rp500bn. (Bisnis Indonesia) PP Properti (PPRO) to launch 2 new projects The company plans to launch projects in Semarang and Surabaya to meet FY16 marketing sales of Rp2.6tn. According to Indaryanto, PPRO Finance Director, PPRO hopes to finalize land acquisition process on 1.3ha of land in Tembalang, Semarang, of which will be utilized to develop student apartments, by end of Sep 16. Meanwhile, in Surabaya, the company is currently evaluating land acquisition of 0.35ha of land on Jalan Pemuda, Surabayaims for development of premium apartments. (Bisnis Indonesia) Some developers to maintain marketing sales target Some developers namely Summarecon Agung (SMRA) and Agung Podomoro (APLN) are still optimist to meet FY16 marketing sales target on the back of housing credit relaxation, lower tax on building and transfer fee as well as permit easing. In addition, they also expect tax amnesty program to boost marketing sales in property sector. (Bisnis Indonesia) Page 5 of 10

6 Visi Media (VIVA) to divest 15% stake in Intermedia Capital (MDIA) VIVA is planning to divest 15% stake in its subsidiary, MDIA (owner of ANTV), with an estimated proceeds of Rp1.8tn (based current Rp1.2tn market cap). Currently VIVA owns 89.99% stake in MDIA; while the proceeds from divestment will be used by the Company to payout its US$161mn loan to Credit Suisse AG that will mature in FY17. Anindya Bakrie, VIVA s President Director, said that he prefer to sell the stake to institutional investors or big investment managers rather than selling it to its peers from free-to-air TV industry. (Investor Daily) Wijaya Karya (WIKA) aims to develop industrial estate in Makassar WIKA s property subsidiary, Wika Realty, would soon decide strategic partner to develop the 81ha industrial estate project. Currently, Wika Realty owns total landbank of 227ha which majority located in outside Greater Jakarta area. In addition, WIKA would participate in development of Kuala Tanjung Industrial Estate while planning to acquire 51% stake in Bendungan Hilir market. In September 2016, WIKA plans to inject Rp500bn to Wika Realty for business expansion ahead of planned IPO next year. (Kontan) Page 6 of 10

7 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$/mt) 10, Nikkei 17, YEN/US$ Gold spot (US$/oz) 1, SET 1, SGD/US$ Tin 3-month (US$/mt) 19, Hang Seng 23, CPO futures (Ringgit/ton) 2, STI 2, ADR Stocks Soybean oil (US$/100gallons) S&P 500 2, TLK in Rp 20, 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 40,803 2,120 2,200-53% 4,475 37% 1, % 12.0% PWON Buy 29, % 1,207 45% % 24.7% SMRA Neutral 25,171 1,745 1,600-56% 3, % % 14.7% CTRA Buy 23,962 1,580 1,600-40% 2, % % 14.0% JRPT Buy 11, ,300-74% 3,242 21% % 20.4% ASRI Neutral 8, % 1, % % 6.3% LPCK Buy 4,454 6,400 10,000-74% 24,683 36% 4, % 14.6% MDLN Buy 4, % 1,165 34% % 6.6% CTRS Buy 5,224 2,640 4,000-80% 13,390-34% 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 12, % % % 12.5% BEST Buy 3, % % % 9.0% SSIA Neutral 2, % 1,701-30% % 8.1% LPCK Buy 4,454 6,400 10,000-74% 24,683 36% 4, % 14.6% MDLN Buy 4, % 1,165 34% % 6.6% Simple Average -66% % 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 5,353 5,450 4,080, , , % 14.3% % 2.2% Banking 886,039 65,368 77, % 18.6% N.A. N.A % 2.2% BBCA Neutral 15,000 13,000 (13.3) 369,825 18,174 21, % 17.7% N.A. N.A % 1.5% BBNI Neutral 5,825 6, ,628 9,953 13, % 32.4% N.A. N.A % 2.7% BBRI Neutral 11,625 11,300 (2.8) 286,779 24,832 28, % 16.4% N.A. N.A % 3.0% BBTN Buy 1,985 2, ,021 2,439 2, % 21.0% N.A. N.A % 2.3% BDMN Sell 3,960 3,500 (11.6) 37,955 3,375 3, % 9.5% N.A. N.A % 1.9% BJBR Neutral 1,595 1,500 (6.0) 15,466 1,772 2, % 15.6% N.A. N.A % 4.6% BJTM Sell (7.7) 8,727 1,047 1, % 10.0% N.A. N.A % 8.0% BTPN Sell 2,650 2,200 (17.0) 15,477 1,648 1, % 10.4% N.A. N.A % 0.0% PNBN Buy 920 1, ,161 2,129 2, % 11.3% N.A. N.A % 0.0% Building Materials 131,514 9,279 9, % 5.6% % 3.8% SMCB Sell 1, (20.7) 8, N/M 10.1% % 1.4% INTP Neutral 17,250 20, ,501 4,368 4, % 5.3% % 5.5% SMGR Neutral 10,000 11, ,315 4,501 4, % 5.4% % 2.3% Constructions 95,373 4,132 5, % 21.8% % 0.6% ADHI Buy 2,680 3, , % 32.0% % 1.1% PTPP Buy 4,310 5, , , % 19.2% % 0.9% WIKA Buy 3,270 3,000 (8.3) 19, % 23.9% % -1.1% WSKT Buy 2,760 3, ,932 1,634 1, % 12.7% % 1.0% WTON Buy 925 1, , % 54.2% % 1.1% Toll road 32,844 1,612 1, % -6.2% % 1.0% JSMR Neutral 4,830 5, ,844 1,612 1, % -6.2% % 1.0% Rice Mill 6, % 16.9% % 0.5% AISA U/R 2,150 U/R U/R 6, % 16.9% % 0.5% Consumer 1,160,982 32,460 36, % 12.6% % 2.0% ICBP Neutral 9,700 7,000 (27.8) 113,121 3,298 3, % 10.7% % 1.5% INDF Neutral 8,000 6,000 (25.0) 70,248 4,160 4, % 13.5% % 2.9% MYOR Sell 1, (36.4) 29, % 19.8% % 0.5% ULTJ U/R 4,510 U/R U/R 13, % 19.6% % 0.0% UNVR Neutral 45,650 41,000 (10.2) 348,310 6,051 7, % 18.4% % 1.7% GGRM Buy 63,300 56,000 (11.5) 121,795 5,665 6, % 11.7% % 1.7% HMSP Neutral 3,990 4, ,109 11,712 12, % 9.3% % 2.5% WIIM U/R 410 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 100,650 3,281 3, % 11.7% % 1.4% KLBF Neutral 1,760 1,500 (14.8) 82,500 2,156 2, % 11.2% % 1.0% SIDO Neutral , % 12.9% % 3.0% TSPC Neutral 2,200 2,100 (4.5) 9, % 12.1% % 2.6% Hospital 54, % 17.3% % 0.5% MIKA Buy 2,950 3, , % 11.1% % 0.7% SILO Neutral 10,400 10, , % 73.1% % 0.0% Retail 105,245 4,229 5, % 21.7% % 2.2% ACES Neutral (24.2) 16, % 14.4% % 1.3% ERAA Neutral (25.5) 2, % 49.7% % 3.4% LPPF Buy 19,225 21, ,079 2,154 2, % 15.1% % 2.7% MAPI Buy 4,600 5, , % 194.2% % 0.0% MPPA Neutral 1,840 2, , % 24.2% % 1.1% RALS Neutral 1, (43.8) 8, % 8.3% % 2.2% TELE Buy 630 1, , % 18.6% % 4.6% Automotive 332,134 16,273 17, % 8.3% % 2.2% ASII Buy 8,100 7,200 (11.1) 327,917 16,001 17, % 7.8% % 2.2% IMAS U/R 1,525 U/R U/R 4, N/M 53.7% % 1.2% Heavy Equipment 73,346 4,695 4, % 2.9% % 1.9% HEXA* U/R 2,500 U/R U/R 2, % 50.0% n/a n/a 0.0% 0.0% 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) UNTR Sell 19,100 11,000 (42.4) 71,246 4,554 4, % 1.8% % 2.0% Plantation 42,836 2,145 3, % 40.5% % 1.6% AALI Buy 16,325 16, ,470 1,519 2, % 19.8% % 1.7% LSIP Buy 1,555 1, , % 85.0% % 1.4% SGRO U/R 1,990 U/R U/R 3, % 28.6% % 1.7% Property 160,082 11,618 11, % 3.3% % 0.6% APLN U/R 294 U/R U/R 6, , % 24.7% % 2.8% ASRI Neutral (29.1) 8,824 1, % -59.0% % 1.4% BSDE Buy 2,120 2, ,803 2,594 2, % 3.0% % 0.9% CTRA Buy 1,580 1, ,962 1,474 1, % -3.1% % -1.2% CTRS Buy 2,640 4, , % 1.8% % 2.2% JRPT Buy 840 1, , , % 11.6% % 0.9% LPCK Buy 6,400 10, , % -15.9% % 0.0% MDLN Buy , % -2.2% % 0.0% PWON Buy ,377 1,934 2, % 25.9% % 1.5% SMRA Neutral 1,745 1,600 (8.3) 25, , % 40.0% % 0.0% Industrial Estate 18,176 1,394 1, % 11.5% % 1.8% DMAS Buy , % 8.4% % 2.2% BEST Buy , % 18.8% % 0.4% SSIA Neutral , % 15.5% % 1.6% Poultry 82,154 3,547 4, % 22.2% % 1.2% CPIN U/R 3,630 U/R U/R 59,525 2,671 3, % 20.2% % 1.4% JPFA U/R 1,730 U/R U/R 18, % 25.8% % 0.8% MAIN U/R 1,870 U/R U/R 4, N/M 36.3% % 1.0% Coal 75,228 5,509 6, % 9.9% % 4.1% ADRO* Neutral 1,170 1,100 (6.0) 37, % 14.2% % 3.2% HRUM* Neutral 1,025 1, , N/M 43.3% % 3.4% ITMG* Neutral 11,225 7,600 (32.3) 12, % 8.0% % 7.0% PTBA Neutral 9,700 9,200 (5.2) 22,354 1,542 1, % 12.7% % 3.9% Oil & Gas 69,331 7,517 7, % 5.9% % 5.4% PGAS* Sell 2,860 3, , % 10.5% % 5.4% Shipping 2, % 6.3% % 4.9% SOCI* Buy , % 11.0% % 4.9% Metal 33, N/M #### % 0.4% ANTM Neutral (28.6) 6, % N/M % 0.1% INCO* U/R 2,660 U/R U/R 26, % 33.3% % 0.5% Telco 472,836 20,500 23, % 16.7% % 3.1% EXCL Neutral 2,910 3, , ,179 N/M 172.1% % 0.8% ISAT U/R 5,800 U/R U/R 31,517 1,013 1,908 N/M 76.0% % 2.3% TLKM Buy 4,200 3,800 (9.5) 412,339 19,083 20, % 9.5% % 3.3% Tower 67,486 3,540 4, % 26.3% % 0.0% TBIG Neutral 5,625 6, ,980 1,120 1, % 39.1% % 0.0% TOWR Buy 3,970 5, ,506 2,420 2, % 20.4% % 0.0% Media 70,976 3,353 3, % 15.9% % 2.6% SCMA Neutral 2,960 3, ,280 1,674 1, % 13.9% % 2.7% MNCN Neutral 1,940 2, ,696 1,680 1, % 17.9% % 2.4% Textile 4, % 16.8% % 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 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 Research Assistant 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 Economist leo.rinaldy@mandirisek.co.id Wisnu Trihatmojo Research Assistant 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.