INVESTOR DIGEST HIGHLIGHT SECTOR. Equity Research 3 August 2016

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1 INVESTOR DIGEST Equity Research 3 August 2016 Economic Data Latest 2016F BI Rate, eop Inflation (YoY %) US$ 1 = Rp, period avg 13,098 14,150 HIGHLIGHT TV Guide-Jul 16: Let s Start the Race Bank BRI: 6M16 unconsolidated results - in line (BBRI; Rp11,750; Neutral; TP:Rp11,300) Harum Energy: 1H16 Results Above due to Excellent Cost Control (HRUM; Rp1,190; Neutral; TP:Rp1,100) Stock Market Data (2 Aug 2016) JCI Index 5, % Trading T/O ( Rp bn ) 7,106.0 Market Cap ( Rp tn ) 5, ,001.4 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 75 companies in MS research universe, representing 69.2% of JCI s market capitalization SECTOR TV Guide-Jul 16: Let s Start the Race VIVA recorded the largest all-time share growth of 130bps MoM to 18% in Jul 16 with ANTV as the main growth driver. SCMA recorded the steepest all-time share drop of 80bps MoM to 25.3% as Indosiar continues to drag down the Group s performance. MNCN s all-time share remains relatively flat at 38.3% (+10bps MoM). Strong month for VIVA. VIVA recorded the strongest growth in Jul 16 all-time share, recording 130bps MoM growth to 18%. The Group s strong performance was mostly driven by ANTV, which recorded 90bps MoM growth during the month. MNCN recorded a flat all-time share in Jul 16 at 38.3% (+10bps MoM); with Global TV and MNC TV recording 30bps and 20bps MoM growth, respectively, while RCTI recorded a 40bps MoM decline in Jul 16. SCMA however recorded the biggest all-time share drop of 80bps MoM to 25.3% in Jul 16 as SCTV's growth (+30bps MoM) could not cover the share losses made by Indosiar (-110bps MoM). In addition, Trans also dropped by 40bps in its all-time share during the month. MNCN remains the King of primetime. MNCN recorded the strongest primetime growth of 80bps MoM in Jul 16, maintaining its top primetime share as a Group with 45.2% share. RCTI (+110bps MoM) came back strong from its steep drop last month as Anak Jalanan remained strong and Tukang Bubur Naik Haji seemed to get more attention following a recent plot twist. Trans came in second place in terms of primetime share growth during the month with 60bps MoM growth in Jul 16, as Trans TV recorded the strongest growth for a network (+140bps MoM) on the back of its Bioskop Trans TV shows. In addition, VIVA's primetime share remained flat at 15.9%. SCMA dropping the most in primetime. The Group recorded a 100bps MoM drop in primetime share to 21.6% as both SCTV and Indosiar recorded 60bps and 40bps MoM drop, respectively. Indosiar's drop was mostly caused by the gap months without D Academy, while for SCTV we think that its share was eaten by RCTI. It s worth to note that SCTV aired London Love Story, a feature film produced by Screenplay Productions, during Lebaran holidays which gain a pretty good attention from viewers. Page 1 of 10

2 VIVA winning big time in non-primetime. VIVA was the only Group that records positive growth in non-primetime, with 180bps MoM growth to 18.9% share in Jul 16. ANTV recorded the biggest growth for a network (+140bps MoM) as it introduces a new Indian drama series called Thapki Pyar Ki. MNCN's non-primetime share dropped by 40bps MoM, as it saw a big shift in RCTI's share (-150bps MoM) due to the EURO Cup being concluded. SCMA also saw a 50bps drop in Jul 16 non-primetime share to 27.1%, with Indosiar posting a steep drop of 150bps MoM, while SCTV continues to post an encouraging growth of 90bps MoM in Jul 16. Finally, Trans recorded the biggest non-primetime share decrease of 80bps in Jul 16, as Trans7's performance weakens. Sprint battle starts now. Media players are gearing themselves up for a sprint battle towards the end of FY16, with many of them introducing new programs during the past 2 months. We expect MNCN to continue delivering its strong audience share on top of its outstanding choice of drama series. The same thing goes to SCMA on the back of stronger SCTV, while Indosiar s share should stop declining as the drag from D Academy should have been fully reflected by Jul 16. Kevin Halim ( ) kevin.halim@mandirisek.co.id CORPORATE Bank BRI: 6M16 unconsolidated results - in line (BBRI; Rp11,750; Neutral; TP:Rp11,300) While 1H16 data is still being audited, BBRI has already reported their unaudited unconsolidated 1H16 results, which is in line with expectations: BBRI recorded Rp12.0tr net profit in 1H16, +1% y-y, accounting for 46% of FY16 consensus and 48% of our consolidated expectations. On the monthly basis, net profit increased 67% m-m (+3% y-y) to Rp2.9tr in Jun 16. PPOP grew by +20% yoy in 1H16, supported by net interest income growth of +19%yoy. However, high provisioning charges which grew by +72%y-y limited profit growth. Loan growth strong at +17% y-y, deposit growth +14% y-y. Deposit growth was supported by demand deposits at +23% y-y and savings at +19% y-y while time deposits grew +8% y-y bringing CASA to 57% in Jun 16 from 54% in Jun 15. LDR stood at 90% in Jun 16 vs. 88% in Jun15. NIM improved to 8.3% in 1H16 vs. 7.6% in 1H15 due to continued reduction in cost of funds (time deposit rate cut) which stood at 3.7% in 1H16 compared to 4.1% in 1H15 while asset yield rose to 11.7% in 1H16 from 11.4% over the last year. Meanwhile, on a monthly basis, NIM declined to 8.5% in Jun-16 from 9.3% in May-16 as we believe the May number is extraordinary. Provisioning expenses increased by +72% y-y to Rp6.7tn in 1H16. BBRI recovered Rp704bn in the month of June. We estimate total write-offs of Rp3.4tn in 1H16 (Rp726bn in Jun 16 and Rp3.0tr in 1H15 bank only). Provisioning to total loans declined to 3.4% in Jun-16 from 3.7% in May-16 indicating that asset quality remains under control (around 2.9% in May 16). At the current level, cost of credit is running at 2.3% on the annualized basis. Cost to income ratio was at 44% in 1H16 vs. 45% in 1H15. On a monthly basis, cost to income ratio improved to 43% in Jun-16 from 45% in May-16. Maintain Neutral, the counter is trading at 2.2x FY16E P/BV. Page 2 of 10

3 Income Statement (Rp bn) Jun-15 May-16 Jun-16 % MoM % YoY 6M15 6M16 % YoY FY16F % of FY16F Net interest income 4,338 5,893 5,468 (7) 26 26,889 32, , Non interest income 1, , (21) 5,673 6, , Operating income 5,728 6,863 6,571 (4) 15 32,562 38, , , Provision expenses (242) (1,908) 704 (137) (391) (3,868) (6,668) 72 (13,013) 51 Operating expenses (2,376) (3,118) (2,835) (9) 19 (14,664) (16,823) 15 (34,650) 49 Operating profit 3,110 1,838 4, ,030 14, , , PPOP 3,352 3,745 3,736 (0) 11 17,898 21, , Pre-tax profit 3,307 1,951 4, ,672 15, , , Net profit 2,765 1,710 2, ,861 11, , , FY16 Cons % of FY16F Cons Balance Sheet (Rp bn) Jun-15 May-16 Jun-16 % MoM % YoY Gross loans 503, , , Demand deposits 88,803 96, , Saving deposits 221, , , Time deposits 262, , , Total deposits 573, , , CASA to deposits Ratio Jun-15 May-16 Jun-16 6M15 6M16 LDR NIM ROE Cost to income Tjandra Lienandjaja ( ) tjandra.lienandjaja@mandirisek.co.id Harum Energy: 1H16 Results Above due to Excellent Cost Control (HRUM; Rp1,190; Neutral; TP:Rp1,100) HRUM booked 2Q16 net profit of USD3.1mn, putting 1H16 net profit at USD4.4mn, above ours and consensus estimates. Due to better than expected cost control, we raise our FY16/17 net profit to USD9mn (from net loss of USD6mn) and USD13mn (from USD3mn). Maintain neutral, with new TP of Rp1,100. Better than expected 1H16 results. HRUM posted 2Q16 net profit of USD3.1mn, putting 1H16 net profit at USD4.4mn (+56% YoY), above ours (FY16 net loss target of USD5.6mn) and consensus (FY16 net loss target of USD0.9mn) estimates. This is mainly due to excellent cost efficiency measures undertaken by the company as well as forex gain of USD1.3mn in 1H16 (vs USD2.0mn forex loss in 1H15) related to a portion of company s cash position held in IDR. In-line gross profit. 1H16 revenue was reported at USD80.3mn (-47% YoY) due to lower coal ASP at USD47.4/ton (-12.4% YoY) and lower sales volume at 1.6mn tons (-40.3% YoY). Despite booking lower than expected revenue, 1H16 gross profit was in-line with ours and above consensus at USD21.6mn (-29% YoY), mainly due to lower overburden (-70% YoY) and transportation (-52% YoY) expense, supported by lower average fuel price (-38% YoY). Cash cost reported was USD30.2/ton (-24.7% YoY) in 1H16 while SR ratio stood at 5.7x (vs 7.3x in 1H15). Keeping the cost in check. Going into 2H16, the company aims to maintain focus on lowering cost as such; they indicate that coal tonnage delivery in 3Q16 will be at similar operating levels as those in 1Q and 2Q16. In addition, blasting ratios, overburden waste hauling distance, coal loading and hauling tonnage will be kept at 2Q16 levels. Due to this, we lower our FY16 SR ratio assumption from 7.0x to 5.8x. Page 3 of 10

4 Revising up our FY16/17 forecast. On lower sales realization, we lower our FY16/17 sales volume target by 20%/22% to 3.2mn tons and 3.5mn tons respectively. However, we also lower our FY16/17 cash cost assumptions to USD30.4/ton (-23%) and USD31.4/ton (-20%) mainly on mining-related cost. Hence, we raise our FY16/17 net profit to USD9mn (from net loss of USD6mn) and USD13mn (from USD3mn). Maintain neutral, but raise TP to Rp1,100. We maintain neutral on HRUM with new TP of Rp1,100 (from Rp910), based on 0.8x FY16 P/BV (-1 SD). Given the recent share price rally, but still sluggish coal demand outlook, in our view, we see downside risk to the current share price, particularly for HRUM, due to its exposure to spot price and its low reserve count. 1H16 HRUM RESULTS SUMMARY in US$mn 2Q16 2Q15 %YoY 1Q16 %QoQ 6M16 6M15 %YoY % ours % to cons. Revenue % % % 35% 37% COGS (25.4) (61.6) -59% (33.3) -24% (58.7) (120.8) -51% 32% 32% Gross profit % % % 49% 59% Operating expenses (5.6) (12.5) -55% (9.3) -39% (14.9) (24.0) -38% 39% 38% Operating profit (loss) % % % 121% N/A Net profit (loss) % % % N/A N/A Gross margin 30.2% 19.4% 24.1% 26.9% 20.0% Operating margin 14.7% 3.0% 3.0% 8.3% 4.1% Net margin 8.4% 1.4% 3.0% 5.4% 1.9% Coal production (Mt) % % Coal sales (Mt) % % ASP (US$/t) % % Cash cost - Ex Royalty (US$/t) % % SR (x) % % Source: Mandiri Sekuritas Estimate FORECAST CHANGE HRUM 2016F 2017F 2018 In US$mn New Old %change New Old %change New Old %change Profit & Loss Revenue % % % COGS % % % Gross profit % % % Operating profit % % % Net profit 9 (6) N/A % % Gross margin 27.0% 19.2% 27.9% 22.2% 28.5% 23.3% Operating margin 6.8% 2.4% 9.0% 6.2% 10.9% 8.1% Net margin 5.2% -2.4% 6.5% 1.0% 7.7% 2.7% Sales volume (Mt) % % % ASP (US$/t) % % % Cash Cost - Ex Royalty (US$/t) % % % Source: Mandiri Sekuritas Estimate Yudha Gautama ( ) yudha.gautama@mandirisek.co.id Page 4 of 10

5 MARKET Market Recap Aug 2 nd 2016; JCI: 5, (+0.22%); USD/IDR: 13,098; Total Value: Rp10.76tn Most Asian shares slipped, taking their cues from a modestly lower day on Wall Street. Trading in Hong Kong stocks was suspended as the city braced for Typhoon Nida, shutting down most of the financial hub. Unlike its Asian peers, Indo market stayed in positive territory. The JCI was mostly range-bound in tight range of 5260 and The cement sector has been the backbone of today s trade. Interestingly, despite cautious outlook on cement sector, the share prices kept getting higher for no apparent reasons. Today is SMCB and SMBR turn which rose 13.4% and 25% (max price of the day), respectively. The JCI ended 0.2% up at 5373 level in consistently strong volume of US$528mn (excluding US$160mn INTP; US$31mn TBIG; US$14mn TBIG; US$10mn TLKM; US$8.4mn ASII; US$8.1mn PADI; US$1.8mn BCIP; US$1.7mn PLAS crossing). Regular market transaction was recorded at Rp7.1tn (US$542.1mn) and foreign posted a net buy of Rp2.9tn (US$223mn) - including foreign Net buy in INTP for Rp2.1tn. Foreign participants at 30% came up better buyer for 22%. Losers and gainers almost even out. TOP TURNOVER: BMRI BBCA TLKM ASII BBRI PGAS UNTR SMGR BJBR ANTM LPPF GGRM ADRO BJTM BBNI SMRA WSKT (35%) ADVANCING SECTOR: cement+4.3%; consumer+1.5%; mining+1.2%; financial+0.5%; auto+0.2% DECLINING SECTOR: construction-2.4%; telco-1.7%; property-1.2%; plantation flat The yield of 10-year government continues to go down to its 52-week low at 6.851% (-0.75%) and Rupiah depreciated 0.21% to Rp13,098. Sales Team FROM THE PRESS PNPB from minerals and coal reaches 40.8% The realization of non-tax revenue from minerals and coal sector as of 18 July only reached 40.8% of this year's target of Rp30.1T. Last year, non-tax revenue from the sector was Rp29.63T. The revenue is under pressure from the decline in coal price, with this year's average coal price at US$52,01/ton compared to last year at US$60.13/ton. (Bisnis Indonesia) Production cost for mine-mouth power plant to be determined through independent consultant The Ministry of Energy and Minerals (ESDM) suggested a revision on ESDM regulation No.9/2016 on coal pricing mechanism for mine-mouth power plant. The committee chief recommended that the production cost calculation should be determined by an independent consultant approved by the Ministry and State-owned Electricity Company (PLN). For small-scale power plants (7-25 MW), the margin is set at 15-25% with the mining cost calculation set by the consultant. For large-scale power plants (100-1,000 MW), the sale of coal depends on agreement by the company and PLN. (Bisnis Indonesia) Retail hampered by impending regulation developments These regulations are crucial in retailers expansions. Impending developments include whether Rancangan Tata Ruang (RTR) would actually replace Rencana Detail Tata Ruang (RDTR); whether regulations that ban alcohol sales would be lifted; and whether Daftar Negatif Investasi (DNI) that allows foreign ownership on department stores (up to 67%) would be applied amid retailers recovery. (Bisnis Indonesia) Statistic Agency sees moderate Aug16 inflation The Deputy of Distribution and Services Statistic Sasmito Hadi Wibowo said that the prices of basic needs are declining and would result in moderate Aug16 inflation. Foodstuff downside might be facilitated by the gadung harvest in Jul16-Aug16 before planting period comes. Meanwhile, the upside could be university fee that is paid in Aug16 (Bisnis Indonesia) Page 5 of 10

6 Astra (ASII) targets revenue of Rp200tn ASII is optimistic that they can book revenue of Rp tn in 2016, +8.5%yoy compared to FY15 at Rp184.19tn. ASII plans to strengthen its financial division by making Bank Permata (BNLI) as the main entity of ASII s financial conglomerate. (Investor Daily) Bank Pundi (BEKS) officially changes its name to BPD Banten BEKS has officially changed its name to BPD Banten starting early this August after receiving approval from OJK. (Kontan) Bank Tabungan Negara (BBTN) to form three subsidiaries This year BBTN has allocated Rp700bn to form three subsidiaries which consist of an investment management company, multi finance company, and an insurance company. BBTN has shown interest in acquiring both a management investment company and a multi finance company, meanwhile, BBTN will work together with Asuransi Jasa Indonesia (Jasindo) to form an insurance company. Currently, BBTN has allocated Rp150bn for the formation of its insurance company. (Investor Daily) Honda s 7M16 sales reached 119k units Honda Prospect Motor (HPM) recorded 7M16 4W sales of 119k units, +32%yoy compared to 7M15 at 90k units. Increase in sales was due to Honda s main products such as the BR-V, HR-V, and the Mobilio. HPM s Marketing and After Sales Service Director Jonfis Fandy states that BR-V sales contributed to 25% of total sales in 7M16, followed by the HR-V which contributed to 24% of total sales, Mobilio 21% of total sales, Brio Satya 12% of total sales, and Jazz 9% of total sales. (Investor Daily) Lippo Cikarang (LPCK) targets Rp2.4tn of marketing sales The company aims to rake in Rp2.4tn of marketing sales in total for FY16 on the back of several property launches including Newport Park smart apartment and affordable housing as well as industrial land sales. LPCK, together with Mitsubishi Corporation, a Japanese company, is developing the sixth apartment in Orange County, launching in 2H16, with approximately 500 units and expected marketing sales target amounting to Rp500bn. Implied ASP/unit therefore stands around Rp1bn/unit. For affordable housing, LPCK plans to market around 1,500 units on its first phase with marketing sales target of Rp750bn, implying ASP/unit of Rp500mn/unit. Meanwhile, LPCK aims to record Rp500bn of marketing sales from 25ha of industrial land sales, implying ASP/sqm at Rp2mn/sqm. The remaining Rp650bn of marketing sales is expected to come from company s landed house segment. (Company, Investor Daily) Semen Baturaja (SMBR) to expand to new market Following success as the market leader in South Sumatera region with 50-55% of market share, the company aims to expand to new markets beyond Jambi, Bengkulu, South Sumatera, and Lampung. Recently, SMBR has inked an agreement on loan disbursement for development of Baturaja II plant, an investment worth Rp3.3tn, with 1.85mn MT capacity per year and expected commissioning date in 1H17. (Investor Daily) Sentul City (BKSL) revises FY16 marketing sales target In spite of company s positive 1H16 earning results, BKSL still takes conservative measure by revising down company s FY16 marketing sales target from Rp1.5tn to Rp1.2tn. (Kontan) Toyota-Daihatsu invests Rp1.1tn Toyota and Daihatsu has collaborated to produce a 7-seater MPV (multi purpose vehicle) LCGC, the Astra Toyota Calya and the Astra Daihatsu Sigra. The investment totals to Rp1.1tn. Toyota targets Calya sales to reach 8k units per month or 96k units per year while Daihatsu targets sales of the Sigra to reach 2-3k units per month or 24-36k units per year. The price of a Calya starts at Rp mn while the price of a Sigra starts at Rp mn. (Investor Daily) 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$/mt) 10, Nikkei 16, YEN/US$ Gold spot (US$/oz) 1, SET 1, SGD/US$ Tin 3-month (US$/mt) 17, Hang Seng 22, CPO futures (Ringgit/ton) 2, STI 2, ADR Stocks Soybean oil (US$/100gallons) S&P 500 2, TLK in Rp 22, 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 39,648 2,060 2,200-54% 4,475 33% 1, % 12.0% PWON Buy 31, % % % 24.8% SMRA Neutral 25,099 1,740 1,600-56% 3, % % 14.7% CTRA Buy 22,142 1,460 1,600-44% 2,628 87% % 14.0% JRPT Buy 11, ,300-74% 3,242 20% % 20.4% ASRI Neutral 9, % 1, % % 6.3% LPCK Buy 5,150 7,400 13,500-70% 24,683 57% 4, % 16.5% MDLN Buy 5, % 1,165 46% % 6.6% CTRS Buy 5,343 2,700 4,000-80% 13,390-33% 4, % 13.9% Simple Average -59% % 14.4% 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, % % % 11.5% BEST Buy 3, % % % 9.0% SSIA Neutral 3, % 1,701-20% % 8.1% LPCK Buy 5,150 7,400 13,500-70% 24,683 57% 4, % 16.5% MDLN Buy 5, % 1,165 46% % 6.6% Simple Average -63% % 10.3% 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 5,373 5,000 4,067, , , % 13.2% % 2.2% Banking 875,036 66,186 76, % 15.7% N.A. N.A % 2.3% BBCA Neutral 15,000 13,000 (13.3) 369,825 18,174 21, % 17.7% N.A. N.A % 1.5% BBNI Buy 5,475 6, ,101 11,032 12, % 13.8% N.A. N.A % 3.2% BBRI Neutral 11,750 11,300 (3.8) 289,863 24,832 28, % 16.4% N.A. N.A % 3.0% BBTN Buy 2,030 2, ,498 2,439 2, % 21.0% N.A. N.A % 2.3% BDMN Sell 3,520 3,500 (0.6) 33,738 3,375 3, % 9.5% N.A. N.A % 2.1% BJBR Buy 1,670 1,300 (22.2) 16,193 1,625 1, % 12.1% N.A. N.A % 4.0% BJTM Neutral (17.9) 9, , % 10.1% N.A. N.A % 7.3% BTPN Sell 2,290 2,200 (3.9) 13,374 1,648 1, % 10.4% N.A. N.A % 0.0% PNBN Buy 800 1, ,270 2,067 2, % 12.7% N.A. N.A % 0.0% Building Materials 134,624 9,279 9, % 5.6% % 3.7% SMCB Sell 1, (29.1) 9, N/M 10.1% % 1.3% INTP Neutral 17,975 20, ,170 4,368 4, % 5.3% % 5.3% SMGR Neutral 9,900 11, ,722 4,501 4, % 5.4% % 2.3% Constructions 92,818 4,006 4, % 21.8% % 0.2% ADHI Neutral 2,780 2, , % 32.0% % 1.1% PTPP Buy 3,820 4, , , % 13.5% % -1.0% WIKA Buy 2,980 3, , % 23.9% % -1.2% WSKT Buy 2,800 2,600 (7.1) 37,467 1,516 1, % 15.5% % 0.9% WTON Buy 1,005 1, , % 54.2% % 1.1% Toll road 37,400 1,612 1, % -6.2% % 0.9% JSMR Neutral 5,500 5,300 (3.6) 37,400 1,612 1, % -6.2% % 0.9% Rice Mill 6, % 16.9% % 0.5% AISA U/R 2,000 U/R U/R 6, % 16.9% % 0.5% Consumer 1,123,020 32,460 36, % 12.6% % 2.1% ICBP Neutral 8,800 14, ,312 3,298 3, % 10.7% % 3.2% INDF Neutral 8,325 6,000 (27.9) 73,101 4,160 4, % 13.5% % 2.8% MYOR Sell 41,000 24,500 (40.2) 31, % 19.8% % 0.5% ULTJ U/R 4,170 U/R U/R 12, % 19.6% % 0.0% UNVR Neutral 45,400 41,000 (9.7) 346,402 6,051 7, % 18.4% % 1.7% GGRM Buy 69,275 56,000 (19.2) 133,291 5,665 6, % 11.7% % 1.5% HMSP Neutral 4,080 4, ,578 11,712 12, % 9.3% % 2.4% 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 97,135 3,281 3, % 11.7% % 1.4% KLBF Neutral 1,685 1,500 (11.0) 78,985 2,156 2, % 11.2% % 1.1% SIDO Neutral (5.2) 8, % 12.9% % 2.8% TSPC Neutral 2,100 2, , % 12.1% % 2.7% Hospital 52, % 17.3% % 0.6% MIKA Buy 2,750 3, , % 11.1% % 0.7% SILO Neutral 10,375 10, , % 73.1% % 0.0% Retail 112,174 4,300 5, % 18.8% % 2.1% ACES Neutral (24.2) 16, % 14.4% % 1.3% ERAA Neutral (31.8) 2, % 49.7% % 3.1% LPPF Buy 21,300 21,250 (0.2) 62,132 2,154 2, % 15.1% % 2.4% MAPI Sell 4,770 2,700 (43.4) 7, % 56.1% % 0.5% MPPA Neutral 1,845 2, , % 24.2% % 1.1% RALS Neutral 1, (42.6) 8, % 8.3% % 2.3% TELE Buy 705 1, , % 18.6% % 4.1% Automotive 326,866 16,273 17, % 8.3% % 2.2% ASII Buy 7,975 7,200 (9.7) 322,856 16,001 17, % 7.8% % 2.2% IMAS U/R 1,450 U/R U/R 4, N/M 53.7% % 1.2% Heavy Equipment 62,689 4,695 4, % 2.9% % 2.2% HEXA* U/R 2,470 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 16,250 11,000 (32.3) 60,615 4,554 4, % 1.8% % 2.3% Plantation 38,923 2,390 3, % 33.9% % 2.0% AALI Buy 14,600 16, ,462 1,519 2, % 19.8% % 1.9% LSIP Buy 1,425 1, , % 40.6% % 2.5% SGRO U/R 1,980 U/R U/R 3, % 28.6% % 1.7% Property 160,986 11,669 12, % 3.9% % 0.6% APLN U/R 300 U/R U/R 6, , % 24.7% % 2.7% ASRI Neutral (32.7) 9,289 1, % -59.0% % 1.4% BSDE Buy 2,060 2, ,648 2,594 2, % 3.0% % 0.9% CTRA Buy 1,460 1, ,142 1,474 1, % -3.1% % -1.3% CTRS Buy 2,700 4, , % 1.8% % 2.2% JRPT Buy 835 1, , , % 11.6% % 0.9% LPCK Buy 7,400 13, , % -5.7% % 0.0% MDLN Buy , % -2.2% % 0.0% PWON Buy (11.5) 31,545 1,965 2, % 24.9% % 1.4% SMRA Neutral 1,740 1,600 (8.0) 25, , % 40.0% % 0.0% Industrial 19,294 1,383 1, % 7.0% % 2.2% DMAS Buy , % 1.6% % 2.9% BEST Buy , % 18.8% % 0.4% SSIA Neutral , % 15.5% % 1.4% Poultry 84,357 3,547 4, % 22.2% % 1.2% CPIN U/R 3,900 U/R U/R 63,952 2,671 3, % 20.2% % 1.3% JPFA U/R 1,515 U/R U/R 16, % 25.8% % 0.9% MAIN U/R 1,900 U/R U/R 4, N/M 36.3% % 1.0% Coal 75,783 4,767 5, % 9.6% % 3.7% ADRO* Neutral 1, (37.6) 35, % 13.4% % 2.6% HRUM* Neutral 1,190 1,100 (7.6) 3, N/M 43.3% % 3.0% ITMG* Neutral 12,550 7,600 (39.4) 14, % 8.0% % 6.3% PTBA Neutral 10,000 9,200 (8.0) 23,045 1,542 1, % 12.7% % 3.8% Oil & Gas 81,209 7,517 7, % 5.9% % 4.6% PGAS* Sell 3,350 3, , % 10.5% % 4.6% Shipping 2, % 6.3% % 5.0% SOCI* Buy , % 11.0% % 5.0% Metal 33, N/M #### % 0.4% ANTM Neutral (39.0) 7, % N/M % 0.1% INCO* U/R 2,630 U/R U/R 26, % 33.3% % 0.5% Telco 496,493 21,249 24, % 15.3% % 3.0% EXCL Buy 3,640 4, ,057 1,153 1,754 N/M 52.1% % 1.1% ISAT U/R 6,700 U/R U/R 36,407 1,013 1,908 N/M 76.0% % 2.0% TLKM Buy 4,370 3,800 (13.0) 429,028 19,083 20, % 9.5% % 3.2% Tower 69,081 3,540 4, % 26.3% % 0.0% TBIG Neutral 6,000 6,000 (0.0) 28,779 1,120 1, % 39.1% % 0.0% TOWR Buy 3,950 5, ,302 2,420 2, % 20.4% % 0.0% Media 79,659 3,353 3, % 15.9% % 2.3% SCMA Neutral 3,300 3,000 (9.1) 48,251 1,674 1, % 13.9% % 2.4% MNCN Neutral 2,200 2, ,407 1,680 1, % 17.9% % 2.1% Textile 5, % 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 Research Assistant 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 Economist 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.