INVESTOR DIGEST HIGHLIGHT CORPORATE. Equity Research 23 January 2017

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1 INVESTOR DIGEST Equity Research 23 January 2017 Economic Data Latest 2017F 7-DRRR (%), eop Inflation (YoY %) US$ 1 = Rp, period avg 13,410 13,450 HIGHLIGHT Bank Negara Indonesia - FY16 earnings indication of Rp11.4tr (BBNI; Rp5,450; Buy; TP Rp6,300) Mandiri Weekly Recap; JCI ; -0.35% WoW; -0.80% YTD; AVG DAILY T/O: US$331mn; Equity: Foreign net sell of US$32.66mn this week, YTD net sell US$119mn Stock Market Data (20 Jan 2017) JCI Index 5, % Trading T/O ( Rp bn ) 4,813.0 Market Cap ( Rp tn ) 5, ,930.9 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 80 companies in MS research universe, representing 68.3% of JCI s market capitalization CORPORATE Bank Negara Indonesia - FY16 earnings indication of Rp11.4tr (BBNI; Rp5,450; Buy; TP Rp6,300) BNI will conduct the FY16 analyst meeting on 26 Jan They indicated net profit of Rp11.4tr for the year under review, up around 25% y-y, vs the market expectations of Rp10.6tr and Mansek s Rp10.8tr. However, they is still risk of additional provisioning charges they have to book. Total restructured loans increased to Rp31tr in Dec 16 from Rp25.9tr in Sep 16 or + 20% q-q as the authority did not approve the some of the restructured loans which was planned to be taken out from the category. Write off is estimated at Rp3tr (ca. Rp600bn in 4Q16), up from Rp2.4tr with cost of credit of 2% vs. 2.5% in Operating expectations for The bank expects to see 20% loan growth and 23% deposit growth for This we believe will be a challenge for the bank given the economic condition. This is one of the highest target in the industry and we do not expect the bank to achieve this. Loan growth will be concentrated in the government infrastructure projects, such as toll roads, ports, power plants and smelters. Maintain Buy with TP Rp6,300. While the indicated net earnings are likely to be lowered, they are likely to be within the market expectations. We maintain our Buy call for the counter, which is trading at 1.1x P/BV 2017F. Concerns on their high business growth expectations and potential asset quality deterioration are the main reasons for the counter s low valuation. Tjandra Lienandjaja ( ) tjandra.lienandjaja@mandirisek.co.id Page 1 of 8

2 TAX AMNESTY MARKET Mandiri Weekly Recap; JCI ; -0.35% WoW; -0.80% YTD; AVG DAILY T/O: US$331mn; Equity: Foreign net sell of US$32.66mn this week, YTD net sell US$119mn Weekly Sector Performance: CPO PLAYS: THE SURE THING CPO plays maintained upper hand as wet weather disrupted production and stockpiles were at four-month low. The price of palm-oil has surged 25% since last year, its biggest rally since 2010, as the lingering effects of El Nino curbed production in Indo and Malaysia. At the same time, news report that Indonesia s Felda will get federal govt loan to fund its acquisition of 37% in BWPT helped prop BWPT s share price. For the week, BWPT rose 7%, followed by GZCO +34% SSMS+7.2% SIMP+5% JAWA+1.7% LSIP-0.6% AALI-3.6%. Page 2 of 8

3 INDUSTRIAL ESTATE: BEAUTIFUL SURPRISE When news report that Saratoga group sold its 22.5% stake on Cipali toll road for IDR2.56ZTN to Astra group, both SSIA and NRCA jumped 17.6% and 5.1% WoW, respectively, in strong volume. SSIA controls 60% of NRCA. Other industrial estate players including BEST and DMAS also followed suit and rose 20.1% and flat, respectively. PROPERTY SECTOR: RETURN TO RADAR CTRA led the return of investors interest into property sector in its first trade after units consolidate and its share price rose 3.5% WoW. Other players also followed suit including ASRI+6.9% SMRA+1.5% BSDE+6.6% MDLN+3.1% PWON-1.7%. PTPP: BETTER FUTURE Although the company targets 20% growth in 2017 new contracts and expects revenue to increase more than 50% this year from an estimated IDR17TN to IDR19TN, the share price fell by 2% this week as the overall sentiment to the construction sector was weak toward the end of the week. BNLI: THE UNDERDOG The share price of BNLI extended last week s superior performance by 6.2% after local newspaper Kontan reported that Mayapada Group has been buying shares of BNLI since Nov and considering to negotiate with Standard Chartered to buy its stake in the bank. Though later, the news was refuted; yet the interest stayed intact. AKRA: INTERESTING DEVELOPMENT AKRA rose by 6.2% WoW on increased probability for Freeport to construct a copper smelter and acquire land from AKRA after Freeport say it is open to meeting a govt requirement for a license. Sales Team FROM THE PRESS BI projects betterment in CAD Bank Indonesia projects the 2016 current account deficit (CAD) to be under US$17bn or 1.8% of GDP. Consequently, our BoP is projected to record surplus by US$11bn in (Note: the 2015 CAD was US$17.8bn or 2.06% of GDP, while BoP was under deficit by US$1.1bn). This year, Bank Indonesia is expecting a wider CAD to GDP of 2.4% on increasing investment and raw/capital goods imports (Kontan) Darmin encourages Rp110tr KUR to be distributed more evenly this year Coordinating Minister of Economic Affairs Darmin Nasution hopes that KUR will be distributed more evenly to the agriculture industry. Darmin states that they have decided to increase distribution of KUR to productive sectors such as the agriculture and fishery to 40% in 2017 vs. realization of 22% in The portion of KUR distributed will be based on the following scheme: 81% for micro KUR, 18% retail KUR, and 1% worker s KUR (TKI) of the total Rp110tr planned for Meanwhile, subsidized interest rates for micro KUR is kept at 9.0% with additional 10% given to the banks. (Bisnis Indonesia, CNN, Tempo) Comment: the expected interest rates of 7% pa is not taken given more inflationary pressure this year while operating costs for this micro kredit remains high (up to 8-10% of the loans). We are not sure if banks are able to improve the distribution of the subsidized credit to more productive sectors but the same interest rates should lead to our maintained NIM on the participating banks. DJP to establish partnership with OECD on tax information exchange The Directorate General of Taxation (DJP) will create partnership with the Organization for Economic Co-operation and Development (OECD) on tax information exchange. With this partnership, DJP is able to compare the transfer pricing documents (TP Doc) of affiliated multinational companies in other countries to diminish the room for tax evasion. The partnership is called the Multilateral Competent Authority Agreement (MCAA) and the agreement will be signed on 26Jan17 in Paris, France. (Kontan) Page 3 of 8

4 OJK encourages loan growth in the food industry to grow by 15% minimum OJK encourages banks to distribute loans to the food industry and targets a minimum loan growth of 15%. The increase in loan growth is needed to help farmers and increase labor in the food sector. (Investor Daily) Public Works Ministry propose additional Rp15tn for land clearing budget in State Asset Management Agency (BLU LMAN) Basuki Hadimuljono, the Minister of Public Works and Public Housing, stated that total land clearing funds required for toll road projects in 2017 is forecasted to reach Rp28.3tn, compare to 2017 BLU LMAN s toll road budget of Rp13.2tn (total BLU LMAN 2017 budget: Rp20tn). Basuki also stated that land clearing budget would be prioritized to clear land bank for Trans- Java (i.e. Pemalang-Batang, Batang-Semarang, Pejagan Pemalang) and Trans Sumatra (Bakauheni-Terbanggi Besar, Medan- Binjai, Pekanbaru-Dumai).(Bisnis Indonesia) Adhi Karya (ADHI) to raise Rp3.5tn from bond in 2017 The construction SOE revised up its bond target from Rp2.5tn to Rp3.5tn for refinancing purpose, capital injection to subsidiaries, and working capital for its Light Rail Transit (LRT) project. Note that ADHI aims to book Rp44tn new contracts in 2017, of which Rp23tn (52%) would be sourced from LRT project. The company also plans to book Rp14.5tn revenue and Rp505bn net profit in (Bisnis Indonesia) Ciputra Development (CTRA) booked the strongest quarter in 4Q16 CTRA booked marketing sales of Rp7.2tn In FY16, down by 22% YoY from last year s achievement of Rp9.2tn. However, in 4Q16, the company booked Rp2.9tn of marketing sales. Hence, 4Q16 is the strongest quarter, booking 40% of CTRA s marketing sales. The strong sales in 4Q16 is driven by CTRS Citraland Surabaya coupled with CTRP s Newton apartment (mainly studio-sized apartment in Ciputra World areas). For FY17F, the company likely to aim for 10% YoY marketing sales growth, however the number is not finalized yet. Ciputra Development (CTRA) targets Rp8.5tn of marketing sales The company aims to rake in marketing sales amounting to Rp8.5tn in FY17F, 18% increase to FY16 marketing sales achievement of Rp7.2tn. CTRA has only achieved 77% of marketing sales target last year. Meanwhile, the company has allocated around Rp1.5-2tn of capex this year with around 30% will be used for land acquisition. (Investor Daily) Jasa Marga (JSMR) to divest stake in four toll road subsidiaries After previously disclose its strategy to divest ownership in Trans Marga Jateng (Semarang-Solo) and Jakarta Lingkar Barat (JORR W1), JSMR plans to reduce its stake in two other toll roads. However, JSMR has not disclosed the identity of the aforementioned toll roads. (Bisnis Indonesia) Waskita Karya (WSKT) transferred ownership in Waskita Sangir Energi (WSE) to Waskita Karya Energi (WKE) WSKT conducted the affiliated transaction to combine power plant business under Waskita Karya Energi (WKE) brand. Total transaction is equivalent to Rp54.5bn, or 0.34% of WSKT s 9M16 equity of Rp16.2tn. Waskita Sangir Energi (WSE) is currently developing mini-hydro power plant in Sangir with capacity of 2x5MW. (Kontan) Wijaya Karya (WIKA) to book Rp138bn new contracts from West Nusa Tenggara (NTB) project The company was granted road construction and coastal development project worth Rp138bn in Lombok, NTB with estimated completion date on Jan-18. Note that WIKA aims to book Rp43tn new contracts in 2017 with Rp26tn revenue target. (Kontan) Page 4 of 8

5 Indices Currencies and ADRs Major Commodities Last Chg (%) YTD Chg (%) Currency Last Chg (%) YTD Chg (%) Last Chg (%) YTD Chg (%) JCI 5, Rp/US$ 13, Oil spot (US$/bl) Dow Jones 19, US$/EUR Nickel spot (US$/mt) 9, Nikkei 19, YEN/US$ Gold spot (US$/oz) 1, SET 1, SGD/US$ Tin 3-month (US$/mt) 20, Hang Seng 22, CPO futures (Ringgit/ton) 3, STI 3, ADR Stocks Soybean oil (US$/100gallons) S&P 500 2, TLK in Rp 9, 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 17F 18F 17F 18F BSDE Buy 35,510 1,845 2,570-61% 4,673 19% 1, % 10.5% PWON Buy 28, % 1,207 39% % 25.5% SMRA Neutral 19,546 1,355 1,575-66% 3,933 99% % 17.2% CTRA Buy 19,943 1,315 1,600-57% 3,073 68% % 14.0% JRPT Buy 12, ,300-73% 3,242 26% % 18.7% ASRI Neutral 7, % 1,161 75% % 5.3% LPCK Buy 3,567 5,125 10,000-79% 24,683 9% 4, % 11.9% MDLN Buy 4, % 1,165 19% % 7.9% CTRS Buy 5,363 2,710 4,000-80% 13,390-33% 4, % 12.2% Simple Average -67% % 13.7% 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 17F 18F 17F 18F DMAS Buy 11, % % % 11.8% BEST Buy 3, % % % 9.9% SSIA Buy 2, % 1,701-31% % 5.6% LPCK Buy 3,567 5,125 10,000-79% 24,683 9% 4, % 11.9% MDLN Buy 4, % 1,165 19% % 7.9% Simple Average -69% % 9.4% Page 5 of 8

6 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) MANSEK universe 5,254 5,550 3,977, , , % 13.1% % 2.1% Banking 932,859 81,172 95, % 17.5% N.A. N.A % 2.0% BBCA Neutral 15,250 15,150 (0.7) 375,989 21,729 24, % 11.2% N.A. N.A % 1.3% BBNI Buy 5,450 6, ,635 12,995 15, % 17.9% N.A. N.A % 3.8% BBRI Buy 11,800 13, ,096 28,258 34, % 22.2% N.A. N.A % 2.4% BBTN Buy 1,890 2, ,015 2,843 3, % 18.6% N.A. N.A % 2.8% BDMN Neutral 4,100 3,575 (12.8) 39,297 4,060 4, % 13.2% N.A. N.A % 1.8% BJBR Sell 2,330 1,600 (31.3) 22,592 1,780 1, % 10.5% N.A. N.A % 3.2% BJTM Neutral (9.1) 9,025 1,107 1, % 12.2% N.A. N.A % 7.6% BNGA Buy 950 1, ,875 3,290 3, % 21.2% N.A. N.A % 0.0% BNLI Buy , ,434 N/M 75.7% N.A. N.A % 0.5% BTPN Neutral 2,610 2, ,243 1,730 1, % 10.5% N.A. N.A % 0.0% PNBN Buy 780 1, ,788 2,565 2, % 11.8% N.A. N.A % 0.0% Building Materials 115,482 6,356 7, % 10.9% % 1.8% INTP Neutral 14,625 14,400 (1.5) 53,838 3,252 3, % 10.4% % 1.9% SMCB Sell (10.6) 6, % 14.2% % 0.0% SMGR Neutral 8,625 8,600 (0.3) 51,159 3,207 3, % 8.4% % 1.9% ARNA Buy , % 18.2% % 2.3% Constructions 112,347 6,339 7, % 15.2% % 1.3% ADHI Neutral 2,140 2,020 (5.6) 7, % 35.2% % 1.3% PTPP Buy 3,580 4, ,196 1,323 1, % 22.7% % 1.2% WIKA Buy 2,480 3, ,221 1,239 1, % 11.9% % 1.1% WSKT Buy 2,620 3, ,058 1,842 2, % 10.2% % 1.2% WTON Buy 830 1, , % 13.8% % 1.4% WSBP Buy , % 7.8% % 1.6% TOTL Buy 800 1, , % 14.1% % 5.2% Toll road 30,265 1,805 1, % 4.6% % 1.8% JSMR Buy 4,170 5, ,265 1,805 1, % 4.6% % 1.8% Rice Mill 6, % 27.9% % 0.7% AISA U/R 2,000 U/R U/R 6, % 27.9% % 0.7% Consumer 1,097,686 37,839 41, % 10.8% % 1.1% ICBP Neutral 8,500 9, ,126 3,904 4, % 14.0% % 1.8% INDF Buy 8,050 11, ,695 4,221 4, % 11.5% % 3.1% MYOR Neutral 1,765 1,550 (12.2) 39,464 1,443 1, % 19.7% % 1.5% ULTJ U/R 4,400 U/R U/R 12, % 10.2% n/a 0.5% 0.6% UNVR Neutral 40,500 41, ,015 7,274 8, % 11.1% % -2.4% GGRM Buy 62,500 75, ,256 7,272 7, % 8.9% % 1.6% HMSP Neutral 3,830 3, ,498 12,996 14, % 9.7% % 2.9% WIIM U/R 440 U/R U/R 924 n/a n/a 0.0% 0.0% n/a n/a n/a n/a n/a n/a 0.0% 0.0% Healthcare 86,918 3,779 4, % 11.9% % 2.5% KLBF U/R 1,500 U/R U/R 70,313 2,569 2, % 11.2% % 2.0% SIDO Buy , % 15.0% % 5.2% TSPC U/R 1,890 U/R U/R 8, % 12.4% % 3.8% Hospital 50, , % 21.7% % 0.7% MIKA Buy 2,500 3, , % 16.1% % 0.9% SILO Neutral 12,100 10,820 (10.6) 13, % 49.4% % 0.0% Retail 88,909 4,846 5, % 17.9% % 3.5% ACES Neutral , % 15.3% % 2.4% ERAA U/R 640 U/R U/R 1, % 25.2% n/a n/a 5.5% 6.6% LPPF Buy 14,875 19, ,404 2,355 2, % 17.0% % 4.9% MAPI Buy 5,200 6, , % 35.5% % 0.6% MPPA Neutral 1,405 1, , % 25.1% % 1.1% RALS Neutral 1,230 1,180 (4.1) 8, % 6.5% % 3.1% TELE U/R 860 U/R U/R 6, % 14.2% % 2.2% Automotive 327,505 18,303 19, % 6.0% % 2.5% Page 6 of 8

7 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) ASII Neutral 8,000 8, ,868 18,054 18, % 4.5% % 2.5% IMAS U/R 1,315 U/R U/R 3, % 267.7% % 0.2% Heavy Equipment 84,818 5,799 5, % -0.3% % 2.1% HEXA* U/R 3,280 U/R U/R 2, % 0.0% % 4.0% UNTR Neutral 22,000 21,000 (4.5) 82,063 5,623 5, % -0.4% % 2.0% Plantation 46,173 3,099 3, % 14.0% % 2.4% AALI Buy 16,200 16, ,180 2,008 2, % 14.0% % 2.3% LSIP Buy 1,665 1, , % 7.5% % 2.8% SGRO U/R 1,925 U/R U/R 3, % 31.4% % 2.0% Property 140,812 11,477 12, % 9.8% % 0.8% APLN U/R 226 U/R U/R 4, % -12.6% % 2.8% ASRI Neutral , % -46.1% % 1.4% BSDE Buy 1,845 2, ,510 2,648 2, % -6.4% % 0.9% CTRA Buy 1,315 1, ,943 1,429 1, % 11.4% % -1.4% CTRS Buy 2,710 4, , % -3.1% % 2.2% JRPT Buy 875 1, ,031 1,074 1, % 9.4% % 0.9% LPCK Buy 5,125 10, , % -7.1% % 0.0% MDLN Buy , % 29.5% % 0.0% PWON Buy ,173 2,435 3, % 27.1% % 2.0% SMRA Neutral 1,355 1, , , % 148.5% % 0.0% Industrial Estate 17,054 2,814 1, % -41.9% % 3.6% DMAS Buy , , % 2.8% % 2.7% BEST Buy , % 20.4% % 0.5% SSIA Buy ,823 1, % -83.7% % 10.7% Poultry 73,130 5,544 6, % 18.8% % 2.4% CPIN U/R 3,170 U/R U/R 51,982 3,525 4, % 17.6% % 2.4% JPFA U/R 1,615 U/R U/R 18,428 1,688 2, % 22.2% % 2.4% MAIN U/R 1,215 U/R U/R 2, % 12.8% % 2.7% Coal 104,991 8,370 8, % 3.4% % 4.0% ADRO* Sell 1,730 1,200 (30.6) 55, % 2.9% % 2.6% HRUM* Sell 2,000 1,600 (20.0) 5, % 7.3% % 5.1% ITMG* Sell 15,100 12,250 (18.9) 17, % -9.3% % 7.3% PTBA Sell 11,800 9,500 (19.5) 27,193 2,256 2, % 12.4% % 4.7% Oil & Gas 63,028 5,529 5, % 5.9% % 4.5% PGAS* U/R 2,600 U/R U/R 63, % 5.9% % 4.5% Shipping 2, % N/A % 0.0% SOCI* U/R 314 U/R U/R 2, n/a 0.0% % 4.8 n/a 6.8 n/a n/a n/a 0.0% 0.0% Metal 31, % N/M ### % 1.1% ANTM Neutral (43.5) 8, % -13.3% % -3.5% INCO* U/R 2,300 U/R U/R 22, % 125.0% % 2.8% Telco 437,825 23,840 27, % 17.6% % 4.0% EXCL Neutral 2,660 2,400 (9.8) 28, % 37.7% % 0.5% ISAT U/R 6,125 U/R U/R 33,283 1,871 2, % 43.5% % 3.4% TLKM Buy 3,830 4, ,154 21,439 24, % 14.9% % 4.3% Tower 59,591 4,471 5, % 16.1% % 0.0% TBIG Neutral 5,000 6, ,983 1,558 1, % 25.6% % 0.0% TOWR Buy 3,490 5, ,608 2,913 3, % 11.0% % 0.0% Media 63,520 3,681 4, % 14.8% % 3.2% SCMA Buy 2,660 3, ,893 1,870 2, % 13.6% % 3.4% MNCN Buy 1,725 2, ,626 1,812 2, % 16.0% % 2.9% Textile 4, % N/A % 0.0% SRIL* U/R 250 U/R U/R 4, n/a 33.3% % 4.8 n/a 5.7 n/a 0.9 n/a 5.2% 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 7 of 8

8 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 Tjandra Lienandjaja Deputy Head of Equity Research, Banking tjandra.lienandjaja@mandirisek.co.id Liliana S Bambang Property, Building Material liliana.bambang@mandirisek.co.id Adrian Joezer Consumer, Strategy 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 Quant, Health Care, Hospital francis.lim@mandirisek.co.id Yudha Gautama Mining, Plantation yudha.gautama@mandirisek.co.id Laura Taslim Retail laura.taslim@mandirisek.co.id Priscilla Thany Banking priscilla.thany@mandirisek.co.id Ferdy Wan Building Material, Industrial Est., Media 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 Chief Economist leo.rinaldy@mandirisek.co.id Wisnu Trihatmojo Economist wisnu.trihatmojo@mandirisek.co.id Aziza Nabila Amani Research Assistant aziza.amani@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 Kevin Halim Institutional Sales kevin.halim@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 (15% or higher), Neutral (-15% to15%) and Sell (-15% 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.