Equity SNAPSHOT Monday, January 08, 2018

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1 FROM EQUITY RESEARCH Plantation: Temporary Suspension of Malaysia CPO Export Duty (Neutral) We expect a short-term boost for exports and CPO prices in 1Q17 as a result of Malaysia s decision to temporarily suspend its CPO export duty for 3 months. Further support for prices will come from expectations of lower MoM output in 1Q17. We prefer LSIP to monetize the short-term volatility in CPO prices. Maintain neutral on the sector. To see the full version of this report, please click here Summarecon Agung: Looking forward to a better year (SMRA IJ. IDR 945. BUY. TP IDR 1,100) We reiterate our BUY call on SMRA with a target price of IDR1,100. Thanks to marketing sales recognition from two project launches (Ruby and Topaz Commercial and Kaliyan homes), SMRA recorded stellar marketing sales of IDR531bn in December 2017 (+108.8%yoy). Thus, on a cumulative basis, SMRA recorded marketing sales of IDR3.6tn in 2017 (+18.5%yoy). In 2018, we expect SMRA to record marketing sales of IDR3.8tn, +7.5%yoy, still backed by the launch of Summarecon Makassar. To see the full version of this report, please click here MARKET NEWS Macroeconomy Government seeks higher tax revenues Sector BI Survey: Consumer optimism continues to increase Early tenders for the Ministry of Public Housing has reached 34% Corporate Adhi Karya: Allocates IDR10.2tn for 2018 capex Jasa Marga: Seeks to operate 285km of new toll roads this year Mayora Indah: Utilized IDR553b proceeds from its bonds and sold land to subsidiary Mega Manunggal to add 5ha land bank Summarecon to launch new projects in Summarecon Karawang Surya Semesta allocates IDR800bn capex Three sections of Trans Sumatera toll road to commence operation by this year XL Axiata (EXCL) to allocate Rp7.0tn for FY18 capex KEY INDEX Close Chg Ytd Vol (%) (%) (US$ m) Asean - 5 Indonesia 6, (0.0) 410 Thailand 1, ,705 Philippines 8, Malaysia 1, Singapore 3,489 (0.3) Regional China 3, ,232 Hong Kong 30, ,039 Japan 23, ,687 Korea 2, ,490 Taiwan 10, ,788 India 34, NASDAQ 7, ,852 Dow Jones 25, ,030 CURRENCY AND INTEREST RATE Rate w-w m-m ytd (%) (%) (%) Rupiah Rp/1US$ 13, SBI rate % (1.3) 10y Gov Indo bond 6.14 (0.2) (0.4) (0.2) Unit HARD COMMODITY Price d-d m-m ytd (%) (%) (%) Coal US$/ton Gold US$/toz 1, Nickel US$/mt.ton 12,488 (0.9) 15.6 (1.7) Tin US$/mt.ton 20, (0.4) Unit SOFT COMMODITY Price d-d m-m ytd (%) (%) (%) Cocoa US$/mt.ton 1, (5.4) (0.1) Corn US$/mt.ton Oil (WTI) US$/barrel Oil (Brent) US$/barrel Palm oil MYR/mt.ton 2, Rubber USd/kg (0.5) (0.9) Pulp US$/tonne 1,003 N/A Coffee US$/60kgbag 108 (0.1) (5.7) 0.1 Sugar US$/MT 397 (0.5) Wheat US$/ton 117 (0.7) (0.5) 0.9 Soy Oil US$/lb 34 (0.3) Soy Bean US$/by (4.7) 1.0 Source: Bloomberg

2 Equity Research Plantation Friday,05 January 2018 NEUTRAL AALI relative to JCI Index xxxx LSIP relative to JCI Index xxxx Plantation Temporary Suspension of Malaysia CPO Export Duty We expect a short-term boost for exports and CPO prices in 1Q18 as a result of Malaysia s decision to temporarily suspend its CPO export duty for 3 months. Further support for prices will come from expectations of lower MoM output in 1Q18. We prefer LSIP to monetize the short-term volatility in CPO prices. Maintain neutral on the sector. Malaysia suspends CPO export duty for 3 months. On 5 Jan 2018, the Malaysian government announced that it would suspend duty on the export of palm oil for 3 months in the period from 8 Jan to 7 Apr 2018 in a bid to prevent further declines in the CPO price. Note, however, that: 1) the export duty exemption only applies to palm oil companies with export licenses and 2) the exemption will be lifted earlier if Malaysia s palm oil inventory falls to 1.60mn tons, a level deemed appropriate to stabilize prices but sufficient to fulfill the requirements of the domestic refining industry. This short-term scheme is aimed at managing CPO prices and the incomes of smallholders as well as keeping Malaysia s palm oil industry competitive. Malaysia imposes progressive CPO export duty between 4.5% to 8.5% which kicks in when CPO prices exceed MYR2,250/ton. A reference price is calculated to determine the CPO export duty rate for each month. The reference price for Jan 2018 was fixed at MYR2,623.31/ton, effectively imposing a 5.5% tax rate. Source : Bloomberg Short-term positive for the CPO price. We think this move will be a short-term positive for the CPO price as the duty exemption is likely to boost Malaysia s CPO exports in 1Q18. We also believe that the momentum will be supported by the seasonally low production period, which will put pressure on CPO stockpiles in 1Q18. Based on our calculation, the duty exemption is expected to generate savings equivalent to the 5.5% tax rate amounting to MYR144.28/ton (~USD36/ton) for Malaysia s CPO exporters. In addition, this will temporarily cause Malaysia s CPO exports to be more competitive than those from Indonesia. Presently, Indonesia imposes a USD50/ton export levy on CPO, regardless of the price, with a progressive export tax starting to be imposed if the CPO price exceeds USD750/ton. x Yudha Gautama (62-21) ext 3509 yudha.gautama@danareksa.com Maintain neutral; LSIP as our top pick. We remain neutral on the plantation sector with LSIP as our top pick. We expect short-term increases in the CPO price in 1Q18 on Malaysia s suspension of CPO export duty coupled with the downtrend in MoM output. We think LSIP will be the best play to monetize short-term volatility in CPO prices given its: 1) cheap valuation, 2) debt-free balance sheet, 3) good stock liquidity and 4) higher earnings sensitivity to CPO price movements. Target Price Market Cap. P/E (x) P/BV (x) ROE (%) Company Ticker Rec (Rp) (RpBn) 2017F 2018F 2017F 2018F 2018F Astra Agro Lestari AALI IJ HOLD 14,300 24, London Sumatra LSIP IJ BUY 1,770 9, Sampoerna Agro SGRO IJ SELL 2,240 4, See important disclosure at the back of this report

3 Equity Research Company Update Monday,08 January 2018 BUY Maintain Last price (IDR) 945 Target Price (IDR) 1,100 Upside/Downside +16.4% Previous Target Price (IDR) 1,100 Stock Statistics Sector Bloomberg Ticker Property SMRA IJ No of Shrs (mn) 14,427 Mkt. Cap (IDRbn/USDmn) 13,633/1,006 Avg. daily T/O (IDRbn/USDmn) 30.8/2.3 Major shareholders Semarop Agung 25.4% Sinarmegah Jayasentosa 6.6% Estimated free float (%) 62.1 EPS Consensus(IDR) 2017F 2018F 2019F Danareksa Consensus Danareksa/Cons (7.2) (20.9) (36.2) SMRA relative to JCI Index Summarecon Agung(SMRA IJ) Looking forward to a better year We reiterate our BUY call on SMRA with a target price of IDR1,100. Thanks to marketing sales recognition from two project launches (Ruby and Topaz Commercial and Kaliyan homes), SMRA recorded stellar marketing sales of IDR531bn in December 2017 (+108.8%yoy). Thus, on a cumulative basis, SMRA recorded marketing sales of IDR3.6tn in 2017 (+18.5%yoy). In 2018, we expect SMRA to record marketing sales of IDR3.8tn, +7.5%yoy, still backed by the launch of Summarecon Makassar. Beating our marketing sales target. SMRA recorded marketing sales of IDR3.6tn in 2017, up by 18.5%yoy. This figure is 101.7% of the management s target (IDR3.5tn) and 107.4% of our target (IDR3.3tn). On a monthly basis, SMRA recorded additional marketing sales of IDR531bn in December 2017, %yoy. This stellar performance was supported by marketing sales recognition from two project launches, Ruby and Topaz Commercial in Summarecon Bandung (87 units available for sale, 83.9% take-up rate, and IDR200bn of proceeds) and Kalista Homes in Summarecon Karawang (268 units available for sale, 96.3% take-up rate, and IDR131bn of proceeds). Aiming for IDR4tn of marketing sales in 2018 With the 2017 marketing sales above expectations, the company targets marketing sales of IDR4tn in 2018, up by 12.3%yoy. Marketing sales will be supported by the launch of new projects, including Summarecon Makassar (with expected marketing sales proceeds of IDR250bn) and a new JV project with Sumitomo Forestry in Summarecon Bekasi (with expected marketing sales proceeds of IDR bn). although we take a more conservative view. While we remain upbeat on demand in Sulawesi, we are cautious on sales at the JV project in Summarecon Bekasi considering the high prices offered (IDR bn/unit), implying a land price of IDR15mn/sqm (39.0% higher than the offered price in the Burgundy area and 47.0% than in the secondary market). We only expect SMRA to record marketing sales of IDR3.8tn in 2018 (implying 7.5%yoy growth). Reiterate BUY. We reiterate our BUY call on SMRA with an unchanged target price of IDR1,100 (SOTP based valuation with WACC of 11.6%, Terminal Growth of 4.0%, and 65% target discount to NAV). Our target discount to NAV is near to its historical +1SD discount of 67.7%. SMRA currently trades at a 70.5% discount to NAV, near to its +1.5SD discount of 72.3%. Source : Bloomberg x Antonia Febe Hartono, CFA (62-21) ext.3504 antonia.hartono@danareksa.com x Natalia Sutanto (62-21) ext.3508 natalia.sutanto@danareksa.com Key Financials Year to 31 Dec 2015A 2016A 2017F 2018F 2019F Revenue, (IDRbn) 5,624 5,398 5,322 5,631 5,617 EBITDA, (IDRbn) 2,009 1,678 1,566 1,663 1,653 EBITDA Growth, (%) (12.1) (16.5) (6.7) 6.2 (0.6) Net profit (IDRbn) EPS (IDR) EPS growth (%) (38.3) (63.6) (8.9) 28.3 (3.6) BVPS, (IDR) DPS, (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : SMRA, Danareksa Estimates See important disclosure at the back of this report 1

4 MARKET NEWS MACROECONOMY Government seeks higher tax revenues According to the Directorate General of Tax, the government will use extra efforts to boost tax revenues. The contribution from these extra efforts is expected to amount to 15% of tax revenues. Although this approach is deemed to have a negative impact on taxpayers, this approach will be used again in The government also plans to utilize automatic exchange of information (AEoI) more extensively. AEoI is believed to have a psychological impact on taxpayers which consequently boosts tax realization. The 2018 tax revenues target is set at IDR1,423.9tn or 24% higher than 2017 s tax revenues realization. (Bisnis Indonesia, Kontan) SECTOR BI Survey: Consumer optimism continues to increase The consumer survey of Bank Indonesia indicates continued improvement in consumer optimism in December This is reflected in the December 2017 Consumer Confidence Index (CCI) of 126.4, higher than the CCI in November 2017 of and December 2016 of Higher consumer confidence has been driven by: 1) improving consumer perceptions of current economic conditions as well as 2) consumer expectations of future economic conditions. Stronger consumer optimism on current economic conditions has been seen in all income groups in line with the stronger job market. In the meantime, improvements in expectations on future economic conditions have mainly been supported by rising expectations on future employment, business conditions, and income. (Kontan) Early tenders for the Ministry of Public Housing has reached 34% Up to 3 January 2018, the Ministry of Public Housing had conducted early tenders for 2,233 construction packages worth IDR13.73tn from 6,554 construction packages worth IDR49.85tn (equivalent to 34%) as follows: (i) 1,014 packages from the Directorate General of Water Resources worth IDR3.56tn from 2,433 packages worth IDR9.70tn (ii) 923 packages from the Directorate Bina Marga worth IDR9.04tn from 2,134 packages worth IDR31.42tn (iii) 279 packages from the Directorate Cipta Karya worth IDR1.14tn from 1,383 packages worth IDR6,08tn (iv) 9 packages from the Directorate Public Housing worth IDR26bn From the early tenders, the Ministry expects 50-60% of contracts from the early tender packages to be signed by January Compared to the early tenders conducted in 2017, the early tenders in 2018 are less. This is due to changes in the procurement system in the Ministry (particularly in the procurement service unit and mechanism on the proposing working group). (Bisnis Indonesia) CORPORATE Adhi Karya: Allocates IDR10.2tn for 2018 capex Adhi Karya (ADHI) has allocated 2018 capex of IDR10.2tn of which IDR4.2tn is allocated for the Jakarta LRT project. ADHI plans to issue self-registration bonds stage II amounting to IDR2.0tn this year. This is part of self-registration bonds of IDR5.0tn of which IDR3.0tn was issued in Furthermore, as the source of funding, ADHI is looking for IDR2.8tn of syndication loans from the banks consortium. Previously, KAI as the project owner of the Jakarta LRT secured IDR19.25tn of loans from 12 financial institutions to finance the project. ADHI plans to use internal cash for repayment of IDR125bn of bonds due this year. As of Sep 17, ADHI s cash stood at IDR3.8tn. Meanwhile, ADHI targets to spin-off the TOD division this year and to conduct the IPO of the new subsidiary by offering up to a 35% stake to the public. (Investor Daily) Jasa Marga: Seeks to operate 285km of new toll roads this year Jasa Marga (JSMR) seeks to operate new toll roads with a total length of 285km in This includes 143km delayed from The toll roads which had been expected to be operation last year are: Solo Ngawi Mantingan (87.2km), Ngawi Kertosono section 1-3 (52.6km) and Batang Semarang section I (3.2km). And the toll roads targeted to start operation this year are: Medan Kualanamu Tebing Tinggi section I and VII, Batang Semarang, Gempol Pasuruan section II and Bogor Ring Road section IIB. (Investor Daily)

5 Mayora Indah: Utilized IDR553bn of proceeds from its bonds and sold land to subsidiary MYOR had fully utilized the proceeds of its Phase 1 Shelf registration bond of IDR500bn for sukuk refinancing (IDR250bn) and the remaining IDR249bn for working capital. For the phase II Shelf registration bond of IDR550bn, the company has only utilized IDR53bn for working capital. Based on previous disclosure, MYOR also offered 69,195sqm of land to its subsidiary Torabika Eka Semesta (TES) worth IDR83bn. TES plans to utilize the land to expand the instant coffee production capacity given increasing demand for the product. (IDX, Investor Daily) Mega Manunggal to add 5ha of land bank Mega Manunggal Properti (MMLP) plans to develop 5ha of land bank near to the airport by At the moment, the company has 8ha of land bank near to the airport. The company is optimistic with the demand for the warehouses near to the airport. At the moment, the company has NLA of 195,000sqm. This year the company eyes an additional 106,332sqm NLA from three warehouses that will commence operation this year. This year, the company targets EBITDA of IDR200bn, up by 54% compared to IDR130bn in Furthermore, the company claimed that it is currently holding discussions with 2-3 logistic and FMCG companies that plan to rent their warehouses. (Bisnis Indonesia) Summarecon to launch new projects in Summarecon Karawang Summarecon Agung (SMRA) plans to launch new projects in Summarecon Emerald Karawang. The company is optimistic with its Karawang project considering the large number of workers in the industrial estates. Nonetheless, the company has not disclosed any details regarding the projects launched. (Kontan) Surya Semesta allocates IDR800bn of capex Surya Semesta Internusa has allocated IDR800bn of capex for this year, of which IDR600bn will be allocated for land acquisition and development of Subang Industrial estate and the remainder will be allocated for routine capex as well as licensing progress of offices and hotels in the HR Rasuna Said area. This year, the company aims to acquire 200ha of land bank. By early December 2017, the company had acquired 850ha of land bank. The company plans to develop Subang Industrial Estate as not only an industrial estate area (60%), but also residential area (15%) and commercial area (25%). The total investment value for Subang Industrial Estate is expected to reach IDR4tn (IDR1.5tn for land acquisition and IDR2.5tn for the infrastructure). (Bisnis Indonesia) Three sections of the Trans Sumatera toll road to commence operation this year Hutama Karya expects three sections of the Trans Sumatera toll road to commence operation this year, including: (i) Medan Binjai covering 16.32km (construction progress has reached 71.77%), (ii) Palembang Indralaya covering 21.93km (construction progress has reached 75.25%), and (iii) Bakauheni Terbanggi Besar. From km, the construction of the Trans Sumatera toll road had reached 62.41% by 22 December XL Axiata (EXCL) to allocate Rp7.0tn for FY18 capex EXCL is allocating Rp7.0tn for FY18 capex, similar to the budgeted capex in FY17, which was mostly used for the construction of Base Transreceiver Station (BTS). The source of funds may be from the combination of internal cash and external financing. The company is targeting to construct approx. 17,000 BTS units in FY18, with a focus outside Java. (Kontan)

6 DANAREKSA VALUATION GUIDE Equity Valuation Rating Price (Rp) Price Mkt Cap Net profit, Rp bn EPS (Rp) Core EPS (Rp) EPS Growth PER (x) EV / EBITDA (x) PBV (x) ROE Target Rp Bn Danareksa Universe 4,231, , , % 11.5% Auto 336,013 18,895 20, % 11.0% Astra International BUY 8,300 9, ,013 18,895 20, % 11.0% Banks 1,591,922 86, , % 16.1% BCA HOLD 22,250 21, ,574 23,620 27, , , % 14.6% N/A N/A BNI BUY 9,300 8, ,433 13,089 14, % 14.6% N/A N/A BRI BUY 3,590 3, ,811 27,521 31, % 14.7% N/A N/A Bank Tabungan Negara BUY 3,440 4,000 36,430 3,135 3, % 16.7% N/A N/A Bank Mandiri HOLD 7,825 7, ,167 19,555 23, % 20.6% N/A N/A BTPN BUY 2,560 2,800 14,951 1,273 1, % 27.8% N/A N/A BPD Jatim BUY ,557 1,282 1, % 3.0% N/A N/A Cement 181,810 4,206 4, % 4.0% Indocement SELL 23,225 14,700 85,497 1,887 1, % 2.7% Semen Indonesia HOLD 10,900 9,100 64,654 2,150 2, % 6.4% Semen Baturaja SELL 3, , % -11.0% Cigarettes 727,257 20,595 22, % 10.7% Gudang Garam BUY 84,775 83, ,115 7,498 8,487 3,897 4,411 3,897 4, % 13.2% HM Sampoerna BUY 4,850 4, ,143 13,097 14, % 9.2% Construction 131,325 8,554 10, % 21.0% Wijaya Karya BUY 1,580 2,800 14,173 1,225 1, % 45.5% Pembangunan Perumahan BUY 2,680 3,900 16,616 1,295 1, % 21.2% Adhi Karya BUY 1,895 2,800 6, % 37.3% Waskita Karya BUY 2,300 2,700 31,220 2,383 3, % 27.4% Waskita Beton BUY ,861 1,104 1, % 19.5% Wika Beton BUY , % 20.2% Jasa Marga BUY 6,500 7,800 47,176 1,747 1, % -8.1% Consumer 638,659 16,992 19, % 12.0% Indofood CBP BUY 9,275 9, ,164 3,894 4, % 10.3% Indofood BUY 7,675 9,100 67,390 4,381 4, % 10.6% Unilever HOLD 54,000 52, ,020 7,324 8, , , % 13.7% Kino Indonesia HOLD 2,110 2,100 3, % 25.8% Mayora Indah HOLD 2,150 1,960 48,071 1,277 1, % 10.4% Healthcare 96,496 2,700 2, % 11.5% Kalbe Farma HOLD 1,760 1,700 82,500 2,411 2, % 10.3% Kimia Farma SELL 2,520 1,940 13, % 12.7% Heavy Equipment 132,140 7,463 8,439 2,001 2, % 13.1% United Tractors BUY 35,425 38, ,140 7,463 8,439 2,001 2,262 2,001 2, % 13.1% Industrial Estate 12,905 2,415 1, % -46.5% Puradelta Lestari BUY , % 6.7% Bekasi Fajar BUY , % 11.3% Surya Semesta HOLD ,376 1,130 (101) 241 (11) 240 (22) % % 2.1 (47.1) (2.9) Media 55,969 2,965 3, % 13.5% Media Nusantara Citra BUY 2,500 2,800 36,554 1,491 1, % 7.6% Surya Citra Media BUY 1,360 1,750 19,415 1,474 1, % 19.5% Mining 177,372 13,615 13, % -3.8% Adaro Energy BUY 1,990 2,200 63,652 6,489 5, % -8.6% Timah BUY 835 1,100 6, % 3.0% Vale Indonesia HOLD 3,170 3,100 31,498 (74) 233 (7) 23 (7) % % (425.3) (0.3) 1.0 Aneka Tambang HOLD ,740 (264) (68) (11) (3) (11) (3) % -74.4% (59.6) (232.8) (1.4) (0.4) Bukit Asam BUY 2,610 2,900 30,069 3,332 3, % -0.5% Indo Tambangraya Megah HOLD 21,075 17,000 23,813 3,183 2,717 2,817 2,404 2,936 2, % -14.6% Harum Energy HOLD 2,360 2,200 6, % 2.1% Plantation 39,008 3,010 2, % -0.8% Astra Agro Lestari HOLD 12,950 15,000 24,925 1,908 1, % -3.0% Sampoerna Agro HOLD 2,560 2,320 4, % 6.4% PP London Sumatra BUY 1,355 1,830 9, % 1.7% Poultry 76,550 4,078 5, % 29.8% Charoen Pokphand HOLD 3,600 3,100 59,033 2,576 3, % 32.2% Japfa Comfeed BUY 1,390 1,650 15,861 1,463 1, % 23.8% Malindo Feedmill HOLD , % 91.5% Property 108,818 8,495 8, % -4.7% Alam Sutera HOLD ,034 1,436 1, % -26.4% Bumi Serpong Damai BUY 1,695 2,000 32,623 3,923 2, % -29.0% Ciputra Development BUY 1,130 1,350 20, , % 60.6% Pakuw on Jati BUY ,193 1,913 2, % 24.0% Summarecon BUY 970 1,100 13, % 31.6% Retail 77,493 3,402 3, % 12.4% Mitra Adi Perkasa BUY 6,225 8,100 10, % 46.8% Ramayana BUY 1,095 1,130 7, % 4.9% Matahari Department Store BUY 11,500 10,500 33,556 1,928 2, % 5.3% Matahari Putra Prima SELL , % 2.7% Ace Hardw are BUY 1,250 1,300 21, % 9.3% Erajaya Sw asembada BUY 700 1,100 2, % 11.8%

7 COVERAGE PERFORMANCE LEADERS Price as on Code 05-Jan Jan-18 Chg, % w-w, % m-m, % YTD, % Rating Harum Energy HRUM 2,360 2, HOLD Bukit Asam PTBA 2,610 2, BUY Indo Tambangraya Megah ITMG 21,075 20, (0.1) 1.8 HOLD United Tractors UNTR 35,425 34, BUY Wika Beton WTON BUY Adaro Energy ADRO 1,990 1, BUY Matahari Department Store LPPF 11,500 11, BUY HM Sampoerna HMSP 4,850 4, BUY Summarecon Agung SMRA BUY Ramayana RALS 1,095 1, (8.8) BUY Sources: Bloomberg LAGGARDS Price as on Code 05-Jan Jan-18 Chg, % w-w, % m-m, % YTD, % Rating Matahari Putra Prima MPPA (1.3) (3.5) 6.3 (2.7) SELL Mitra Adi Perkasa MAPI 6,225 6,300 (1.2) 0.4 (5.0) 0.4 BUY Bank Negara Indonesia BBNI 9,300 9,400 (1.1) (6.3) 5.1 (6.1) BUY Semen Baturaja SMBR 3,190 3,220 (0.9) (8.1) 21.3 (16.1) SELL Semen Indonesia SMGR 10,900 11,000 (0.9) HOLD Bumi Serpong Damai BSDE 1,695 1,710 (0.9) (0.3) BUY PP London Sumatra LSIP 1,355 1,365 (0.7) (4.6) BUY BPD Jatim BJTM (0.7) - (1.4) (0.7) BUY Indofood INDF 7,675 7,725 (0.6) (0.3) BUY Bank Tabungan Negara BBTN 3,440 3,460 (0.6) (2.3) (2.8) (3.6) BUY Sources: Bloomberg

8 PREVIOUS REPORTS 2018 Danareksa Compendium: A Sanguine Proposition SnapShot Media: December 2017: Better all time audience shares SnapShot Bank Negara Indonesia: Running Ahead of Its Fundamental SnapShot Pembangunan Perumahan: Set to grow further SnapShot Bank Tabungan Negara: A Mortgage-driven Bank, Cigarette: Benefiting from a more level playing field SnapShot

9 PT Danareksa Sekuritas Jl. Medan Merdeka Selatan No. 14 Jakarta Indonesia Tel (62 21) Fax (62 21) Equity Research Team Helmy Kristanto Stefanus Darmagiri Natalia Sutanto S helmy.kristanto@danareksa.com (62-21) ext Head of Research, Strategy stefanus.darmagiri@danareksa.com (62-21) ext Auto, Coal, Heavy Equip, Metal, Cement natalia.sutanto@danareksa.com (62-21) ext.3508 Consumer, Tobacco, Property Maria Renata maria.renata@danareksa.com (62-21) ext.3513 Construction Eka Savitri Eka.savitri@danareksa.com (62-21) ext.3506 Banking Yudha Gautama Yudha.gautama@danareksa.com (62-21) ext.3509 Plantation Adeline Solaiman adeline.solaiman@danareksa.com (62-21) ext Retail, Poultry Antonia Febe Hartono, CFA antonia.hartono@danareksa.com (62-21) ext.3504 Cement, Property, Industrial Estate Ignatius Teguh Prayoga ignatius.prayoga@danareksa.com (62-21) ext.3511 Research Associate Lucky Bayu Purnomo lucky.purnomo@danareksa.com (62-21) ext.3512 Technical Analyst Sales team Novrita E. Putrianti novrita@danareksa.com (62-21) ext Tuty Sutopo tuty@danareksa.com (62-21) ext Ehrliech Suhartono ehrliech@danareksa.com (62-21) ext Upik Yuzarni upik_y@danareksa.com (62-21) ext Laksmita Armandani laksmitaa@danareksa.com (62-21) ext Kevin Giarto kevin.giarto@danareksa.com (62-21) ext Rendy Ben Philips rendy.philips@danareksa.com (62-21) ext. 3148

10 Disclaimer The information contained in this report has been taken from sources which we deem reliable. However, none of P.T. Danareksa Sekuritas and/or its affiliated companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied) of P.T. Danareksa Sekuritas, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither P.T. Danareksa Sekuritas, its affiliated companies or their respective employees or agents accepts liability for any errors, omissions or misstatements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission there from which might otherwise arise is hereby expresses disclaimed. The information contained in this report is not be taken as any recommendation made by P.T. Danareksa Sekuritas or any other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regards to the specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice.