INVESTOR DIGEST HIGHLIGHT ECONOMY. Equity Research 29 December 2015

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1 INVESTOR DIGEST Equity Research 29 December 2015 Economic Data Latest 2015F BI Rate, eop Inflation (YoY %) US$ 1 = Rp, period avg 13,651 13,470 Stock Market Data (28 Dec 2015) JCI Index 4, % Trading T/O ( Rp bn ) 2,823.0 Market Cap ( Rp tn ) 4, ,166.8 HIGHLIGHT Dec15 Inflation Preview Bank Panin: 11M15 results - weak results with low loan growth (PNBN; Rp815; Neutral; TP:Rp1,000) Bank Danamon: 11M15 results - still below expectations (BDMN; Rp3,205; Neutral; TP:Rp3,150) Bank Mandiri: 11M15 results - in line with market's expectations (BMRI; Rp9,000; Not rated) Bank Tabungan Pensiunan Nasional: 11M15 results - below consensus but in line with ours (BTPN; Rp,2,400; Neutral; TP:Rp3,000) ECONOMY Market Data Summary* 2014F 2015F EBITDA growth EPS growth EV/EBITDA (x) P/E (x) P/BV (x) Div. Yield Earnings Yield Net Gearing ROE * Aggregate of 74 companies in MS research universe, representing 66 JCI s market capitalization Dec15 Inflation Preview Expect higher monthly inflation in Dec15. We are expecting Dec15 umer Price Index (CPI), to be announced on Monday, 4 Jan16, to post 0.64% MoM increase which translate into 3.03% YoY inflation. No consensus is available as of writing. Raw food prices on the go. We observed that raw food prices are going up and could contribute 0.45ppt to inflation. In descending order of contribution to inflation, the major commodities are: chili, chicken meat, red onion, rice, and egg. Besides raw food, transportation tariff might somewhat contribute to inflation due to long holiday activity. Going forward, we believe that inflationary pressure from raw food should be monitored. Logistics Agency and West Java farmers see that 2016 harvest period could be delayed to April-May from the usual March. Late planting period due to long drought in 2H15 is the main factor. Base year favors annual inflation. Regardless of the above, favorable base year will significantly decelerate annual inflation rate. The effect of Nov14 fuel price adjustment was brought into Dec14 with monthly inflation reaching 2.46% in the latter period, much lower compared to our estimate. Core inflation should be stable. Some indicators point to stable core inflation. The upside from 0.4% MoM average rupiah depreciation in Dec15 is offset by 4.2% fall in gold price in the same period. Another upside would come from slightly higher demand pressure during long holiday period. Overall, we think core inflation would be stable at 4.80% YoY in Dec15. Low inflation supports monetary easing. We reiterate our view that low inflation creates bigger space for Bank Indonesia to cut its BI rate assuming that the rupiah remains stable along 1Q16. That said, we think BI would lower the BI rate by 50bps in the corresponding period. Page 1 of 10

2 Nov-15 Dec-15 MS Forecast Market ensus Headline inflation (% yoy) Headline inflation (% mom) Headline inflation (% ytd) Core inflation (% yoy) Leo Rinaldy( ) Wisnu Trihatmojo( ) leo.rinaldy@mandirisek.co.id wisnu.trihatmojo@mandirisek.co.id CORPORATE Bank Panin: 11M15 results - weak results with low loan growth (PNBN; Rp815; Neutral; TP:Rp1,000) Weak results continued. Panin still posted low earnings of Rp1.25tr in 11M15 with November earnings of Rp78bn (+10% y-y. +12% m-m) was not enough to lift the earnings towards the market s expectations. As a results, they only achieved 59 the market s and 71 our full year expectations. NIM improved to 4.7% in November. Total gross loans, which declined 1% m-m in October, started to see improvement in November, +3% y-y or +1% m-m, with concentration in the SME segment. Total deposits still decline 2% y-y with LDR rising LDR to 96% in November. NIM improved to 4.7% in November from 4.6% in October and on the cumulative basis it went up to 4.2% in 11M15 from 3.6% in 11M14, still below the industry average of 5.3% (6.4% in our bank universe). Provisioning charges remained high. As the bank anticipates rising NPL in the next few quarters they continued to build up the provisioning which reached 2.2 total loans in November 2015, up from 1.8% at end We estimate the bank to have written off around Rp414bn of bad debts in 11M15. Operating expenses rose to 64 income in November. This is a typical cycle for Bank Panin, which has been showing rising opex in the last quarter. Expect higher expenses again in December and hence cost to income ratio will not be much different from the 59% recorded in 11M15. Trading at 0.8x P/BV 2016F, we keep our Neutral call with TP of Rp1,000 Income Statement (Rp bn) Nov-14 Oct-15 Nov-15 % MoM % YoY 11M14 11M15 % YoY FY15F FY15F FY15 FY15F Net interest income ,741 5, , Non interest income , (42) 1, Operating income ,377 6, , , Provision expenses (20) (138) (139) (350) (1,038) 197 (689) 151 Operating expenses (442) (360) (447) 24 1 (3,466) (3,884) 12 (4,598) 84 Operating profit (26) (8) 2,560 1,671 (35) 2, , PPOP (13) 77 2,911 2,710 (7) 3, Pre-tax profit (8) 2,663 1,677 (37) 2, , Net profit ,967 1,250 (36) 1, , Balance Sheet (Rp bn) Nov-14 Oct-15 Nov-15 % MoM % YoY Gross loans 111, , , Demand deposits 16,467 9,347 9,620 3 (42) Saving deposits 57,610 39,237 39,953 2 (31) Time deposits 47,147 71,033 69,458 (2) 47 Total deposits 121, , ,032 (0) (2) CASA to deposits Page 2 of 10

3 Ratio Nov-14 Oct-15 Nov-15 11M14 11M15 LDR NIM ROE Cost to income Tjandra Lienandjaja ( ) Bank Danamon: 11M15 results - still below expectations (BDMN; Rp3,205; Neutral; TP:Rp3,150) Bank Danamon posted 53% y-y unconsolidated earnings decline to Rp1.9tr in 11M15, accounting for the market and our full year consolidated expectations. More provisioning charges were charged in November, leading to a mere Rp43bn net earnings for the month. Loan growth contracted 3% y-y (-1% m-m). This is the lowest growth rate for the year under review, due to their concentration on the business consolidation with the focus more on the SME segment than the micro segment in the future. On the liability side, total deposits still increased 1% y-y (+2% m-m) in November. As most deposit growth was in time deposits, the bank saw their NIM contracted again to 6.7% in November from 6.8% in October and on the cumulative basis, it went down to 6.6% in 11M15 from 6.7% in 11M14. Higher provisioning charges, lower operating expenses. Total provisioning charges was up 129% y-y in November or +26% m-m and we estimate the bank wrote off Rp3.73tr of bad debts in 11M15 but managed to recover Rp1.1tr of those previously written off. Provisioning level improved to 3.1 total loans in November from 3.0% in October. With the weak results while the impact on the new business strategy is still remote, we maintain our Neutral call on the counter with TP of Rp3,150. It is trading at 0.8x P/BV Income Statement (Rp bn) Nov-14 Oct-15 Nov-15 % MoM % YoY 11M14 11M15 % YoY FY15F FY15F Net interest income (2) (2) 8,778 9, , Non interest income (36) (7) 4,755 2,573 (46) 4, Operating income 1,012 1, (10) (3) 13,533 11,621 (14) 18, , Provision expenses (184) (334) (421) (2,111) (3,106) 47 (4,710) 66 Operating expenses (638) (574) (500) (13) (22) (6,598) (6,084) (8) (10,132) 60 Operating profit (68) (68) 4,824 2,431 (50) 3, , PPOP (8) 29 6,936 5,537 (20) 8, Pre-tax profit (4) (68) nm 4,604 2,426 (47) 3, , Net profit (17) (69) nm 4,106 1,918 (53) 2, , FY15 FY15F Balance Sheet (Rp bn) Nov-14 Oct-15 Nov-15 % MoM % YoY Gross loans 106, , ,087 (1) (3) Demand deposits 21,109 18,703 17,757 (5) (16) Saving deposits 30,321 31,059 31, Time deposits 61,993 63,500 65, Total deposits 113, , , CASA to deposits Ratio Nov-14 Oct-15 Nov-15 11M14 11M15 LDR NIM ROE (0.7) Cost to income Tjandra Lienandjaja ( ) tjandra.lienandjaja@mandirisek.co.id Page 3 of 10

4 Bank Mandiri: 11M15 results - in line with market's expectations (BMRI; Rp9,000; Not rated) Bank Mandiri recorded Rp17.88tr unconsolidated net earnings in 11M15, +6% y-y. This accounted for 91 the market s full year expectations while there is not much different between consolidated and unconsolidated earnings, which represented 99 the total consolidated earnings in 9M15. Loan growth slowed down to 11% y-y or +1% m-m. The new loans of Rp7tr in the month of November was the second highest this year after September new loans increase. Among the deposits, demand deposits showed the strongest growth at 21% y-y and this helped support improvement in NIM to 6.1% in November from 6.0% in October. On the cumulative basis, NIM was stable at 5.5% in 11M15. Provisioning charges was cut in half in November from October. The cumulative provisioning charges increased 129% y-y to Rp9.3tr and we estimate Bank Mandiri has written off Rp4.8tr of bad debt in the first 11 months while provisioning level was at 4.0 total loans. Cost efficiency. Cost-income ratio increased to 42% in November from 36% in October 2015 but at the cumulative basis, the ratio remained low at 40% in 11M15, down from 42% in 11M14. Income Statement (Rp bn) Nov-14 Oct-15 Nov-15 % MoM % YoY 11M14 11M15 % YoY Net interest income 2,921 3,604 3,541 (2) 21 31,082 35, Non interest income 1,125 1,522 1,381 (9) 23 12,292 15, Operating income 4,046 5,127 4,922 (4) 22 43,374 51, , Provision expenses (541) (1,199) (625) (48) 15 (4,050) (9,257) 129 Operating expenses (1,562) (1,869) (2,086) (18,250) (20,460) 12 Operating profit 1,942 2,058 2, ,074 21, , PPOP 2,483 3,257 2,836 (13) 14 25,124 31, Pre-tax profit 1,939 2,058 2, ,094 21, , Net profit 1,533 1,633 1, ,865 17, , FY15 FY15F Balance Sheet (Rp bn) Nov-14 Oct-15 Nov-15 % MoM % YoY Gross loans 455, , , Demand deposits 129, , , Saving deposits 212, , , Time deposits 206, , ,448 (0) (4) Total deposits 548, , , CASA to deposits Ratio Nov-14 Oct-15 Nov-15 11M14 11M15 LDR NIM ROE Cost to income Tjandra Lienandjaja ( ) tjandra.lienandjaja@mandirisek.co.id Bank Tabungan Pensiunan Nasional: 11M15 results - below consensus but in line with ours (BTPN; Rp,2,400; Neutral; TP:Rp3,000) BTPN posted an 8% y-y earnings decline to Rp1.56tr in 11M15, accounting for 79 the market s but 89 our full year consolidated expectations. Earnings for November declined 15% y-y but improved 5% m-m to Rp137bn. Page 4 of 10

5 The bank saw 12% y-y loan growth in November or +1% m-m while it recorded a slight m-m decline in deposits, especially on demand deposits. Lower time deposits rates, however, helped the bank to book improvement in NIM at 9.7% in November from 9.5% in October while the cumulative NIM still contracted to 9.7% in 11M15 from 10.7% in 11M14. Provisioning charges declined 5% y-y in 11M15, indicating the management s confidence on its asset quality. Provisioning level now account for 0.9 total loans and we estimate total write off of Rp639bn in 11M15 with the NPL level of <1%. We maintain our Neutral call with TP of Rp3,000. Income Statement (Rp bn) Nov-14 Oct-15 Nov-15 % MoM % YoY 11M14 11M15 % YoY FY15F FY15F Net interest income ,051 5,844 (3) 7, Non interest income (8) (9) (4) Operating income ,717 6,483 (3) 8, , Provision expenses (49) (48) (44) (8) (10) (684) (649) (5) (824) 79 Operating expenses (328) (371) (372) 0 14 (3,741) (3,726) (0) (5,237) 71 Operating profit (15) 2,293 2,108 (8) 2, , PPOP (14) 2,976 2,757 (7) 3, Pre-tax profit (18) 2,287 2,110 (8) 2, , Net profit (15) 1,694 1,563 (8) 1, , FY15 FY15F Balance Sheet (Rp bn) Nov-14 Oct-15 Nov-15 % MoM % YoY Gross loans 48,463 54,156 54, Demand deposits (46) 69 Saving deposits 6,769 6,681 6, Time deposits 40,887 48,481 48, Total deposits 47,927 56,010 55,822 (0) 16 CASA to deposits Ratio Nov-14 Oct-15 Nov-15 11M14 11M15 LDR NIM ROE Cost to income Tjandra Lienandjaja ( ) tjandra.lienandjaja@mandirisek.co.id MARKET Market Recap Dec 28rd 2015; JCI: 4, (+0.77%); USD/IDR: 13,647; Total Value: Rp5.91tn Investors across asset markets were without some of the usual leads as most global markets were closed on Friday for Christmas. Indo market recovered from small dip at opening and the JCI received tremendous support from buying across the abroad by pm session. While major Asian markets including China, Hong Kong, South Korea, and Japan registered a loss of between 1% and 2%, following weak Chinese industrial output data, Japanese soft domestic production and retail data. Financial sector led by BBRI+2.7% BBCA+1.1% BBNI+2.5% BJBR+3.4% is clearly the winner of the day as it led the gain from early on. While both plantation and property surged toward the end offsetting profit taking in cigarette makers (GGRM-0.5% HMSP-0.03%). The JCI ended 0.8% higher at 4557 level in better volume of $207MN (excluding $41MN TARA; $38MN IIKP; $19MN MYRX; $14MN LCGP; and $10MN TRIO crossing). Regular market transactions were recorded at Rp2.8TN (USD205.17mn), foreign investors posted a net buy of Rp 77.81bn(USD 5.7mn) Page 5 of 10

6 (after excluding crossing from TARA and MYRX). Foreign participants stayed at 25% and came up better buyer for 9%. Gainers beat losers by 2 to 1. TOP TURNOVER: BBRI SSMS ASII BBCA TLKM BMRI SMGR AALI UNVR HMSP BBNI LPPF KLBF BSDE SMRA INDF PGAS (30%) ADVANCING SECTOR: plantation+2.7%; property+1.6%; financial+1.4%; mining+0.9%; telco+0.4%; consumer+0.3%; infra+0.1%; auto flat DECLINING SECTOR: cement-1% The yield of 10-year government went up to 8.76%(+0.34%) and Rupiah slightly appreciated to Rp13,647 (+0.02%). Sales Team FROM THE PRESS Beverage industry sales to grow by 9% in FY16 Packed beverage industry players (Aspadin) projects that beverages sales will grow by 9% in FY16. The projection is higher compared to the projection made by Ministry of Industry and Trade, that predicts the food and beverages industry to grow around 7.4% - 7.8% in FY16. The industry players are positive that growth will be supported by investments being placed by local and international players (i.e. New plants being built by Indofood Asahi and Danone Aqua). (Kontan) BPJS Health s strategy in minimizing deficits As of 11M15, BPJS Health received Rp48.9tn from members, while they need to disbursed Rp51.4tn, making a deficit of Rp2.5tn. BPJS Health projects that until year end FY15, the deficit will come down to Rp1.5tn, in which the total deficit will be covered by the central government. The strategy to make sure members pay their dues is by giving more payment points around Indonesia through the payment point online banking (PPOB) that has been spread around Indonesia, with outlets countrywide. (Kontan) Page 6 of 10

7 Indices Currencies and ADRs Major Commodities Last YTD Currency Last YTD Last YTD JCI 4, Rp/US$ 13, Oil spot (US$/bl) Dow Jones 17, US$/EUR Nickel spot (US$/mt) N.A Nikkei 18, YEN/US$ Gold spot (US$/oz) 1, SET 1, SGD/US$ Tin 3-month (US$/mt) N.A Hang Seng 21, CPO futures (Ringgit/ton) 2, STI 2, ADR Stocks Soybean oil (US$/100gallons) S&P 500 2, TLK in Rp 15, 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) P/E 15F P/E 16F ROE 15F ROE 16F BSDE Buy 33,069 1,800 2,400-62% 4,725 16% 1, % 15.5% PWON Buy 23, % 1,033 39% % 27.5% SMRA Neutral 23,512 1,630 1,600-59% 3, % % 15.7% CTRA Neutral 21,991 1,450 1,350-35% 2,234 86% % 17.0% JRPT Buy 10, ,350-78% 3,380-7% % 25.9% ASRI Buy 6, % 1,538-19% % 23.3% APLN Buy 6, % 721-4% % 15.9% LPCK Buy 4,942 7,100 13,500-71% 24,683 51% 4, % 19.9% MDLN Buy 6, % 1,712-16% % 15.5% CTRS Buy 4,225 2,135 3,600-74% 8,077-23% 2, % 14.8% Simple average -64% % 19.1% Industrial 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) P/E 15F P/E 16F ROE 15F ROE 16F DMAS Buy 9, % % % 14.1% BEST Neutral 3, % 1,047-42% % 7.1% SSIA Buy 3, ,100-73% 2,750-45% 1, % 14.9% LPCK Buy 4,942 7,100 13,500-71% 24,683 51% 4, % 19.9% MDLN Buy 6, % 1,712-16% % 15.5% Simple average -70% % 14.3% Page 7 of 10

8 Equity Valuation Price Price Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield Code Rating (Rp) Target (Rp Bn) Mandiri Universe 4,557 4,700 3,462, , , % 14.9% % 2.5% Banking 795,107 61,053 71, % 17.0% N.A. N.A % 1.9% BBCA Neutral 13,325 12, ,528 17,796 20, % 12.6% N.A. N.A % 1.5% BBNI Buy 5,000 5,900 93,243 8,971 11, % 33.5% N.A. N.A % 1.9% BBRI Buy 11,400 11, ,228 24,023 26, % 11.6% N.A. N.A % 2.1% BBTN Buy 1,310 1,500 13,844 1,891 2, % 29.6% N.A. N.A % 2.7% BDMN Neutral 3,205 3,150 30,719 2,589 3, % 36.2% N.A. N.A % 2.5% BJBR Buy 760 1,100 7,369 1,257 1, % 20.9% N.A. N.A % 10.2% BJTM Neutral ,528 1,015 1, % 13.6% N.A. N.A % 9.3% BTPN Neutral 2,400 3,000 14,017 1,755 1, % 10.8% N.A. N.A % 0.0% PNBN Neutral 815 1,000 19,631 1,755 1, % 13.0% N.A. N.A % 0.0% Building Materials 155,697 9,823 10, % 8.2% % 3.5% SMCB Sell , N/M N/M % -0.1% INTP Neutral 22,450 21,600 82,644 4,972 5, % 3.2% % 4.8% SMGR Neutral 11,050 12,100 65,543 4,880 5, % 4.2% % 2.2% tructions 67,571 2,624 3, % 20.7% % 0.5% ADHI Buy 2,135 2,880 7, % -26.7% % 1.6% PTPP Buy 3,810 4,200 18, , % 45.3% % 0.0% WIKA Neutral 2,625 3,000 16, % 25.2% % 1.1% WSKT Buy 1,635 1,900 18, % 8.3% % 0.0% WTON Neutral , % 49.9% % 0.8% Toll road 35,360 1,569 2, % 30.2% % 1.8% JSMR Buy 5,200 8,650 35,360 1,569 2, % 30.2% % 1.8% Rice Mill 3, % 29.3% % 0.0% AISA Neutral 1,235 2,500 3, % 29.3% % 0.0% umer 989,531 29,560 32, % 9.7% % 2.2% ICBP Neutral 13,000 14,000 75,802 3,086 3, % 6.9% % 2.0% INDF Neutral 5,150 6,000 45,222 3,272 4, % 27.1% % 3.6% MYOR Sell 27,050 24,500 20,736 1, % -29.0% % 1.1% ULTJ Buy 3,900 5,100 11, % 27.0% % 0.5% UNVR Neutral 37,025 41, ,501 5,808 6, % 4.2% % 2.1% GGRM Buy 53,900 56, ,708 5,256 5, % 7.8% % 1.8% HMSP Buy 96, , ,451 10,484 11, % 12.1% % 2.3% WIIM Buy % 31.5% % 7.0% Healthcare 74,833 3,028 3, % 8.3% % 1.7% KLBF Neutral 1,255 1,500 58,828 2,004 2, % 7.6% % 1.4% SIDO Neutral , % 11.4% % 2.7% TSPC Neutral 1,740 2,100 7, % 8.6% % 3.0% Hospital 45, % 32.4% % 0.7% MIKA Buy 2,350 3,400 34, % 29.7% % 0.9% SILO Buy 9,700 11,000 11, % 49.1% % 0.1% Retail 91,377 3,569 4, % 17.2% % 1.9% ACES Neutral , % 16.3% % 1.3% ERAA Neutral , % -11.1% % 3.2% LPPF Neutral 17,600 17,600 51,339 1,808 2, % 12.6% % 2.0% MAPI Sell 3,760 2,700 6, % 431.2% % 0.1% MPPA Neutral 1,575 2,175 8, % 14.0% % 1.1% RALS Neutral , % 0.9% % 3.9% TELE Buy 715 1,040 5, % 35.3% % 3.4% Automotive 249,261 18,146 20, % 11.9% % 3.6% ASII U/R 6,000 U/R 242,901 17,717 20, % 11.0% % 3.6% IMAS U/R 2,300 U/R 6, N/M 47.0% % 1.8% Heavy Equipment 61,114 8,021 6, % #### % 3.0% HEXA* Buy 1,260 4,250 1, % 61.1% % 12.6% UNTR Sell 16,100 13,250 60,055 7,469 5, % -26.9% % 2.7% Plantation 37,258 5,063 5, % 12.5% % 6.5% AALI Buy 16,025 30,800 25,235 3,181 3, % 12.4% % 6.8% LSIP Buy 1,305 2,700 8,904 1,378 1, % 10.8% % 6.2% SGRO Buy 1,650 3,050 3, % 17.2% % 4.9% Property 140,269 12,096 14, % 19.5% % 1.5% APLN Buy ,745 1,031 1, % 19.8% % 3.1% Page 8 of 10

9 Price Price Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield Code Rating (Rp) Target (Rp Bn) ASRI Buy ,181 1,240 1, % 46.0% % 8.5% BSDE Buy 1,800 2,400 33,069 2,499 3, % 23.0% % 1.9% CTRA Neutral 1,450 1,350 21,991 1,436 1, % 8.4% % 1.3% CTRS Buy 2,135 3,600 4, % -23.8% % 3.5% JRPT Buy 730 1,350 10, , % 27.3% % 1.1% LPCK Buy 7,100 13,500 4, % -10.0% % 0.0% MDLN Buy , % 63.3% % 0.0% PWON Buy ,502 1,714 2, % 32.2% % 1.7% SMRA Neutral 1,630 1,600 23,512 1,183 1, % -3.9% % -1.1% Industrial 16,386 1,700 1, % 12.8% % 2.9% DMAS Buy ,881 1,016 1, % 20.2% % 3.7% BEST Neutral , % 5.4% % 0.4% SSIA Buy 745 1,100 3, % 0.3% % 2.7% Poultry 53,850 4,336 5, % 34.8% % 2.3% CPIN Buy 2,745 6,000 45,081 3,548 4, % 24.7% % 2.2% JPFA Buy 610 1,600 6, , % 77.0% % 3.2% MAIN Sell 1,395 2,100 2, % 89.8% % 1.7% Coal 35,226 6,178 6, % 12.1% % 10.4% ADRO* Neutral , % 10.3% % 7.5% HRUM* Neutral , N/M 59.2% % 0.0% ITMG* Neutral 5,825 8,300 6, % 10.4% % 20.8% PTBA Buy 4,560 10,000 10,509 1,938 2, % 10.5% % 10.2% Oil & Gas 66,543 7,021 7, % 2.6% % 5.5% PGAS* Sell 2,745 3,400 66, % 1.1% % 5.5% Shipping 3, % 12.2% % 4.3% SOCI* Buy , % 10.5% % 4.3% Metal 17, , % 97.4% % 6.1% ANTM Neutral , % 67.8% % 0.0% INCO* U/R 1,510 U/R 15, % 30.8% % 7.3% Telco 367,854 15,872 20, % 31.9% % 3.5% EXCL Buy 3,695 4,000 31, , % N/M % 0.7% ISAT U/R 5,800 U/R 31, ,147 N/M 237.1% % 1.4% TLKM Buy 3,120 3, ,811 15,947 18, % 16.1% % 3.9% Tower 77,003 2,535 2, % 14.9% % 0.0% TBIG Neutral 5,950 8,000 28,539 1,101 1, % 5.9% % 0.0% TOWR Buy 4,750 5,000 48,464 1,434 1, % 21.9% % 0.0% Media 70,808 3,037 3, % 23.6% % 2.3% SCMA Neutral 3,050 3,000 44,596 1,534 1, % 15.3% % 2.4% MNCN Buy 1,780 2,200 26,212 1,503 1, % 32.0% % 2.3% Textile 7, % 17.7% % 0.0% SRIL* Buy , % 16.0% % 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 Research), (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 Ariyanto Kurniawan Telecom, Coal & Metal Mining ariyanto.kurniawan@mandirisek.co.id Matthew Wibowo Retail, Textile, Hospital matthew.wibowo@mandirisek.co.id Rizky Hidayat Property, Industrial, Media rizky.hidayat@mandirisek.co.id Aditya Sastrawinata Shipping, truction aditya.sastrawinata@mandirisek.co.id Leo Putera Rinaldy Economist leo.rinaldy@mandirisek.co.id Wisnu Trihatmojo Research Assistant wisnu.trihatmojo@mandirisek.co.id Yudha Gautama Research Assistant yudha.gautama@mandirisek.co.id Kevin Halim Research Assistant kevin.halim@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 Andrew Handaya Institutional Sales andrew.handaya@mandirisek.co.id Cindy Amelia P. Kalangie Institutional Sales cindy.amelia@mandirisek.co.id Jane Theodoven Sukardi Institutional Sales jane.sukardi@mandirisek.co.id Janefer Amanda Soelaiman Institutional Sales janefer.soelaiman@mandirisek.co.id Karmia Tandjung-Nasution Institutional Sales karmia.tandjung@mandirisek.co.id Mirna Santikara Salim Institutional Sales santikara.salim@mandirisek.co.id Oos Rosadi Institutional Sales oos.rosadi@mandirisek.co.id Vera Ongyono Institutional Sales vera.ongyono@mandirisek.co.id Yohan Setio, CFA Institutional Sales yohan.setio@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 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 Yohanes Triyanto Kelapa Gading yohanes.triyanto@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.