Equity Research 16 January 2017

Transcription

1 INVESTOR DIGEST Equity Research 16 January 2017 Economic Data Latest 2017F 7-DRRR (%), eop Inflation (YoY %) US$ 1 = Rp, period avg 13,330 13,450 HIGHLIGHT Outlook 2017: In Search of Growth Market Recap Jan 13 th 2016; JCI: 5, (-0.37%); USD/IDR: 13,330; Total Value: Rp5.86tn Stock Market Data (13 Jan 2017) JCI Index 5, % Trading T/O ( Rp bn ) 4,986.0 Market Cap ( Rp tn ) 5, ,941.8 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 68.6% of JCI s market capitalization STRATEGY Outlook 2017: In Search of Growth Fiscal stimulus, stable currency, and inflation control are imperative to support Indonesian equity in the absence of monetary loosening. Earnings growth acceleration could support the index, but not without headwinds. We prefer defensives and selected cyclical/construction to outperform the market. Lower fixed income support. In a rising domestic inflation and the U.S. Fed s more hawkish stance, the fixed income support to equity valuation will diminish, while risk premium may stay high amidst the higher external uncertainties. We expect no monetary policy reversal, but inflation control is imperative to reward the yield seekers. Should we fear yield reversal, if any? While yield reversal is a risk, our 15 year observation (page 24-25) suggests that monetary tightening and risk-free rate hikes did not always lead to equity underperformance and PE contraction, unless earnings growth upsets and real government bond yield spread to the U.S. is low. We observed that JCI s PE is more sensitive to the change in real Indonesia- US government bond yield spread than the change in Indonesia yield alone. Relative to the region, JCI s EPS growth still stands out, but fiscal stimulus and stable IDR are imperative to mitigate the risks. We forecast accelerating earnings growth to 15% this year from 12% last year, but not without risks. Earnings growth expectations are high. In the absence of fixed income support, the direction of JCI largely depends on earnings growth. Our 10 year observation (page 10-11) suggests that the correlation of government spending growth and IDR appreciation to JCI net profit growth jumped to 0.96 after the end of the commodity booms. With the lower real minimum wage growth this year, we think the dependency would remain strong. There is risk to MANSEK's/Consensus' 15%/19% EPS growth forecast for 2017 if fiscal spending disappoints and IDR depreciates fiscal spending budget implies growth acceleration to 12% from 3% in 2016, but this could fall to 6% using 95% absorption level. Where to look for growth? Four themes: 1) potential surprise from private investments and Rp600tn SOE capex (+44% YoY increase to reach 29% of 2017 central government spending budget); 2) positive tailwind from strong Page 1 of 9

2 commodity prices to consumption and banks NPL; 3) tax reforms; and 4) low-base factor from poor harvests. We centralized our growth-stock picks on these themes. A tale of two halves. We project JCI to end 2017 at 5,800, with the entire gain made up of EPS growth. Our base scenario expects slight de-rating in forward PE to 14.8x. Our optimistic scenario suggests JCI could end the year at 6,100, but could fall to 4,925 if fiscal spending upsets and U.S. yield rises more than expected could be a tale of two halves, with tailwind from commodity prices and tax amnesty benefitting 1H, while fiscal and external risks weighing 2H. What to own? We prefer the big caps, advising defensives (GGRM, INDF, TLKM) that exhibit low earnings volatility, and selected construction, cyclical and bank (PTPP, WIKA, MAPI, SCMA, BBTN) to get the growth exposures. MANSEK TOP PICKS Stocks Price PT Mkt cap (USD m) PE (x) PBV (x) EV/EBITDA (x) EPS growth Rel. performance to JCI 17F 18F 17F 18F 17F 18F 17F 18F 1M 3M 6M GGRM 63,050 75,500 9, % 8.9% -5.3% -0.4% -14.3% INDF 7,875 11,050 5, % 11.5% -1.6% -8.4% 5.8% TLKM 3,950 4,700 29, % 14.9% 0.7% -3.8% -7.4% MAPI 5,325 6, % 35.5% 5.6% 13.5% 26.7% SCMA 2,790 3,500 3, % 13.6% 9.5% 7.6% -15.4% PTPP 3,650 4,700 1, % 22.7% -4.8% -6.2% -2.0% WIKA 2,490 3,000 1, % 11.9% -1.9% -0.2% -9.5% BBTN 1,900 2,350 1, N.A. N.A. 17.0% 18.6% 10.4% -0.2% 2.7% Simple average % 17.2% 1.6% 0.2% -1.7% Source: Bloomberg, Mandiri Sekuritas estimates Adrian Joezer ( ) adrian.joezer@mandirisek.co.id TAX AMNESTY Page 2 of 9

3 MARKET Market Recap Jan 13 th 2016; JCI: 5, (-0.37%); USD/IDR: 13,330; Total Value: Rp5.86tn Indo shares dipped on Friday while the rupiah was poised for a winning week given President-elect Donald Trump s policy outlook uncertainty. Nevertheless, many investors remained hopeful that markets will get a lift from a wave of financial deregulation that could follow Trump's inauguration, including a rollback of some of the Dodd-Frank financial reform that Congress enacted after the financial crisis and bank bailouts. The share price of INCO dropped as much as 15.9%, its biggest intraday retreat since Aug15, after Indo revamped its mineral export rules, rattling mining companies from Canada to Japan and sending copper prices to the highest in a month. Southeast Asia s biggest economy said it will allow some exports of nickel ore and bauxite, easing a ban on unprocessed ore shipments in place since The regulation is negative for INCO as nickel price will be under pressure. On the other hand, ANTM should benefit from the current development as nickel ore export will improve cash flow and its share price rose by 6.4%. Besides mining, investors actively chased smaller caps than big caps, notably BNLI which surged 22.9% in heavy volume (4.5x average five-week volume). In the end, the JCI lost 0.4% to close at 5272, thanks to last minute selling into UNVR (from +0.13% to close -0.9%), after spending the entire time around flat position. Market turnover was better at US$374mn (excluding US$7.6mn BJBR; US$6.5mn CPRO crossing). Foreign posted a net sell of Rp364.6bn (US$27.35mn) totaling to a net sell of Rp794.8bn (US$59.6mn) for the week (YTD net sell US$86.77mn). Foreign participants rose to 30% and came up better seller for 12%. Losers beat gainers by 3 to 2. The dollar wallowed around five week lows against a currency basket, even as the dollar index edged up 0.2% to It was down 0.7% for the week. The dollar index scaled 14-year peaks this month, on speculation that Trump's policies would spur growth and inflation, and prompt the Fed to raise interest rates at a faster pace than previously expected. Crude oil prices extended gains, bolstered by the weaker dollar as well as news that Saudi Arabia has cut oil output to its lowest in almost two years and plans further reductions. Brent crude was trading 1.8% at $56.11 a barrel, while U.S. crude was up slightly at $ TOP TURNOVER: INCO TLKM ASII BBRI ANTM BBCA BMRI BNLI UNVR UNTR WSKT LPPF BBNI KAEF BWPT HMSP DMAS (40%) ADVANCING SECTOR: auto & telco +0.1% DECLINING SECTOR: cement -1.5%; mining -1.2%; consumer -0.6%; financial -0.5%; construction -0.4%; plantation -0.2%; property -0.1% The yield of 10-year government went down to 7.619% (-0.4%) and Rupiah depreciated to Rp13,330 (-0.3%). Sales Team FROM THE PRESS As of Nov16, debt rises to Rp3,485tn The government debt rose by Rp45.6tn to Rp3,485tn in Nov16 from Rp3,439.8tn in Oct16. (Kontan) ATM mergers within state banks is done The state banks association (Himbara) stated that they just finalized the merger of 10,000 ATMs (of total 59,500 units) within the four banks plus 10,000 EDCs (of total 626,624 units). The launching of such products is pending the Ministry of State owned enterprises. Bank Indonesia approval for the merged services by PT Jalin Pembayaran Nasional (JPN, subsidiary of Telkom) is slated for end January while tariff for the use of other bank s ATMs has yet to be decided. Page 3 of 9

4 Compliance rate for the submission the Annual Declaration Letter (SPT) this year is targeted at 75% Director of Services and Public Relations of the Directorate General of Taxation Hestu Yoga Saksama, hopes that the ratio of SPT submission this year could rise to 75%. The number is the ratio of taxpayers that submit SPT to the number of taxpayers who are required to submit SPT. In the previous years, the compliance rate are as follows: 2016 (63.2%), 2015 (60.4%), and 2014 (59.2%). (Kontan) Government prepares to subsidize Light Rail Transit (LRT) operation through public service obligation (PSO) The Ministry of Transportation currently calculates total amount of public service obligation (PSO) which is required to subsidize the Jakarta and Palembang LRT operations. The Ministry expects LRT tariffs of Rp10,000-15,000 per passenger, compare to commercial tariff of LRT which could reach Rp50,000 for Jakarta LRT and Rp25,000-30,000 for Palembang LRT. (Bisnis Indonesia, Kontan) Indonesia eyes Japan for infrastructure boost Indonesian government aims to get further support for various strategic projects such as Jakarta s MRT system, Patimban deep-sea port, a semi high-speed railway connecting Jakarta-Surabaya, and the development of the gas-rich Masela block. However, no deals had been signed during the bilateral meeting. (Jakarta Post) Ministry of Transportation targets to develop 1,027km rail-tracks in With total investment costs of Rp51.35tn, the government expects more contribution from foreign and domestic investors to compliment ministerial budget. The Transportation Ministry has earmarked Rp16tn budget to support its 2017 program such as development of Light Rail Transit in Jakarta and Palembang, Trans Sumatra railways system and Double-double track Manggarai-Cikarang. Note that realization of railroad construction has reached 85km in 2015 and 115km in (Investor Daily, Bisnis Indonesia) OJK will set new capping for deposit rates As they expect banks to intensify deposit taking, OJK will likely lower the capping between bank BUKU 3 and 4 to 15bps from 25bps currently. Capping on BUKU 4 is set at 12-M BI rate plus 75bps and for BUKU 3 will either be 12-M BI rate plus 80bps, 85bps or 90bps. Adhi Karya (ADHI) to raise Rp5tn from bond issuance in the next couple of years In 2017, the company would issue Rp2.5tn for loan refinancing, capital injection to subsidiaries and capex for the Greater Jakarta Light Rail Transit (LRT) project. In 2017, ADHI expects to book Rp44tn in new contracts (Mansek estimate: Rp41.3tn) as well as total revenues of Rp14.5tn (Mansek estimate: Rp15.6tn) and net profit of Rp505bn (Mansek estimate: Rp513bn). (Bisnis Indonesia) Agung Podomoro (APLN) to launch 11 th cluster of Vimala Hills Take up rate for Vimala Hills Villa & Resort in Simpang Gadong, Ciawi, West Java has reached 80%. After successful with 10 clusters, APLN plans to release the 11 th cluster in Vimala Hills. Currently, tag price per unit in Vimala View stands from Rp1-2bn per unit while tag price in Vimala Hills stands higher from Rp2.5-7bn per unit. (Bisnis Indonesia) Ciputra Residence to open new development area in Citra Raya Tangerang The company aims to open new development area of 100ha near Citra II Esa Unggul University and the new Ciputra Mall in Citra Raya Tangerang this year, targeting a 4Q17 launch for the first phase. (Bisnis Indonesia) Page 4 of 9

5 Mayapada Group is reported to be interested in taking over Bank Permata (BNLI). The chairman, Dato Sri Tahir, is cited to have accumulated the shares since November and they plan to talk to Standard Chartered Bank (which owns 44.6%) to buy more shares from them. Mayapada Group controls 26.4% of Bank Mayapada (the largest shareholder is Cathay Life Insurance of Taiwan at 40%) which maybe later merged with Bank Permata. Bank Permata is trading at 0.6x P/BV 2017F. Pembangunan Perumahan (PTPP) booked Rp32.6tn new contracts in 2016 The 2016 new contracts of Rp32.6tn translate to 20% y-y increase with 2016 total order books reached Rp71.5tn. PTPP s construction business booked Rp27.3tn new contracts in 2016 followed by PP Properti (Rp2.4tn), PP Pracetak (Rp2.1tn) and PP Peralatan (Rp739bn). For 2017, PTPP target total new contracts to grow by 14% y-y to Rp37.1tn, meanwhile revenues and net profit are expected to grow by 50% and 40-50% respectively. Nevertheless, PTPP expects to only book Rp17-19tn sales in 2016 (Mansek estimate: Rp18.6tn), lower than company s initial guidance of Rp21.1tn. (Bisnis Indonesia) Page 5 of 9

6 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$/mt) 10, Nikkei 19, YEN/US$ Gold spot (US$/oz) 1, SET 1, SGD/US$ Tin 3-month (US$/mt) 21, Hang Seng 22, CPO futures (Ringgit/ton) 3, STI 3, ADR Stocks Soybean oil (US$/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 Premium (discount) to replacement cost Replacement cost per share PE (x) ROE 17F 18F 17F 18F BSDE Buy 33,297 1,730 2,570-63% 4,673 12% 1, % 10.5% PWON Buy 28, % 1,207 42% % 25.5% SMRA Neutral 19,257 1,335 1,575-66% 3,933 96% % 17.2% CTRA Buy 19,261 1,270 1,600-59% 3,073 63% % 14.0% JRPT Buy 12, ,300-73% 3,242 26% % 18.7% ASRI Neutral 7, % 1,161 63% % 5.3% LPCK Buy 3,584 5,150 10,000-79% 24,683 10% 4, % 11.9% MDLN Buy 4, % 1,165 16% % 7.9% CTRS Buy 5,363 2,710 4,000-80% 13,390-33% 4, % 12.2% Simple Average -68% % 13.7% Industrial Estate Valuation JCI Code Rec. Market Cap (Rp bn) Share price Target Price Discount to NAV RNAV per share Premium (discount) to replacement cost Replacement cost per share PE (x) ROE 17F 18F 17F 18F DMAS Buy 11, % % % 11.8% BEST Buy 2, % % % 9.9% SSIA Neutral 2, % 1,701-41% % 10.3% LPCK Buy 3,584 5,150 10,000-79% 24,683 10% 4, % 11.9% MDLN Buy 4, % 1,165 16% % 7.9% Simple Average -71% % 10.4% Page 6 of 9

7 Equity Valuation Price Price % of Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield Code Rating Target PT (Rp Bn) MANSEK universe 5,273 5,550 3,998, , , % 13.7% % 2.0% Banking 933,225 81,172 95, % 17.5% N.A. N.A % 2.0% BBCA Neutral 15,275 15,150 (0.8) 376,605 21,729 24, % 11.2% N.A. N.A % 1.3% BBNI Buy 5,475 6, ,101 12,995 15, % 17.9% N.A. N.A % 3.8% BBRI Buy 11,950 13, ,797 28,258 34, % 22.2% N.A. N.A % 2.4% BBTN Buy 1,900 2, ,121 2,843 3, % 18.6% N.A. N.A % 2.8% BDMN Neutral 3,650 3,575 (2.1) 34,984 4,060 4, % 13.2% N.A. N.A % 2.1% BJBR Sell 2,600 1,600 (38.5) 25,210 1,780 1, % 10.5% N.A. N.A % 2.8% BJTM Neutral (9.1) 9,025 1,107 1, % 12.2% N.A. N.A % 7.6% BNGA Buy 880 1, ,116 3,290 3, % 21.2% N.A. N.A % 0.0% BNLI Buy , ,434 N/M 75.7% N.A. N.A % 0.6% BTPN Neutral 2,580 2, ,068 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 117,636 6,356 7, % 10.9% % 1.8% INTP Neutral 14,950 14,400 (3.7) 55,034 3,252 3, % 10.4% % 1.9% SMCB Sell (11.1) 6, % 14.2% % 0.0% SMGR Neutral 8,775 8,600 (2.0) 52,049 3,207 3, % 8.4% % 1.8% ARNA Buy , % 18.2% % 2.3% Constructions 113,252 6,339 7, % 15.2% % 1.3% ADHI Neutral 2,170 2,020 (6.9) 7, % 35.2% % 1.3% PTPP Buy 3,650 4, ,630 1,323 1, % 22.7% % 1.2% WIKA Buy 2,490 3, ,311 1,239 1, % 11.9% % 1.1% WSKT Buy 2,640 3, ,326 1,842 2, % 10.2% % 1.1% WTON Buy 825 1, , % 13.8% % 1.4% WSBP Buy , % 7.8% % 1.6% TOTL Buy 815 1, , % 14.1% % 5.1% Toll road 30,846 1,805 1, % 4.6% % 1.8% JSMR Buy 4,250 5, ,846 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 1,098,427 37,839 41, % 10.8% % 1.1% ICBP Neutral 8,525 9, ,418 3,904 4, % 14.0% % 1.8% INDF Buy 7,875 11, ,158 4,221 4, % 11.5% % 3.2% MYOR Neutral 1,755 1,550 (11.7) 39,240 1,443 1, % 19.7% % 1.5% ULTJ U/R 4,350 U/R U/R 12, % 10.2% n/a 0.6% 0.6% UNVR Neutral 39,600 41, ,148 7,274 8, % 11.1% % -2.4% GGRM Buy 63,050 75, ,314 7,272 7, % 8.9% % 1.6% HMSP Neutral 3,900 3,850 (1.3) 453,640 12,996 14, % 9.7% % 2.8% WIIM U/R 450 U/R U/R 945 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 87,891 3,779 4, % 11.9% % 2.5% KLBF U/R 1,515 U/R U/R 71,016 2,569 2, % 11.2% % 2.0% SIDO Buy , % 15.0% % 5.2% TSPC U/R 1,950 U/R U/R 8, % 12.4% % 3.6% Hospital 49, , % 21.7% % 0.7% MIKA Buy 2,470 3, , % 16.1% % 1.0% SILO Neutral 11,550 10,820 (6.3) 13, % 49.4% % 0.0% Retail 90,039 4,846 5, % 17.9% % 3.4% ACES Neutral , % 15.3% % 2.4% ERAA U/R 615 U/R U/R 1, % 25.2% n/a n/a 5.7% 6.8% LPPF Buy 15,150 19, ,206 2,355 2, % 17.0% % 4.8% MAPI Buy 5,325 6, , % 35.5% % 0.6% MPPA Neutral 1,410 1, , % 25.1% % 1.1% RALS Neutral 1,230 1,180 (4.1) 8, % 6.5% % 3.1% TELE U/R 835 U/R U/R 5, % 14.2% % 2.2% Automotive 327,491 18,303 19, % 6.0% % 2.5% Page 7 of 9

8 Price Price % of Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield Code Rating Target PT (Rp Bn) ASII Neutral 8,000 8, ,868 18,054 18, % 4.5% % 2.5% IMAS U/R 1,310 U/R U/R 3, % 267.7% % 0.2% Heavy Equipment 84,396 5,799 5, % -0.3% % 2.1% HEXA* U/R 3,110 U/R U/R 2, % 0.0% % 4.2% UNTR Neutral 21,925 21,000 (4.2) 81,783 5,623 5, % -0.4% % 2.1% Plantation 47,349 3,099 3, % 14.0% % 2.3% AALI Buy 16,800 16,500 (1.8) 32,335 2,008 2, % 14.0% % 2.2% LSIP Buy 1,675 1, , % 7.5% % 2.8% SGRO U/R 1,900 U/R U/R 3, % 31.4% % 2.1% Property 137,573 11,477 12, % 9.8% % 0.8% APLN U/R 230 U/R U/R 4, % -12.6% % 2.8% ASRI Neutral , % -46.1% % 1.5% BSDE Buy 1,730 2, ,297 2,648 2, % -6.4% % 1.0% CTRA Buy 1,270 1, ,261 1,429 1, % 11.4% % -1.5% CTRS Buy 2,710 4, , % -3.1% % 2.2% JRPT Buy 875 1, ,031 1,074 1, % 9.4% % 0.9% LPCK Buy 5,150 10, , % -7.1% % 0.0% MDLN Buy , % 29.5% % 0.0% PWON Buy ,655 2,435 3, % 27.1% % 2.0% SMRA Neutral 1,335 1, , , % 148.5% % 0.0% Industrial Estate 16,090 1,554 1, % 12.0% % 2.3% DMAS Buy , , % 2.8% % 2.7% BEST Buy , % 20.4% % 0.6% SSIA Neutral , % 37.1% % 2.1% Poultry 72,176 5,544 6, % 18.8% % 2.4% CPIN U/R 3,130 U/R U/R 51,326 3,525 4, % 17.6% % 2.4% JPFA U/R 1,585 U/R U/R 18,086 1,688 2, % 22.2% % 2.4% MAIN U/R 1,235 U/R U/R 2, % 12.8% % 2.6% Coal 106,193 8,370 8, % 3.4% % 4.0% ADRO* Sell 1,700 1,200 (29.4) 54, % 2.9% % 2.6% HRUM* Sell 2,050 1,600 (21.9) 5, % 7.3% % 5.0% ITMG* Sell 15,925 12,250 (23.1) 17, % -9.3% % 7.0% PTBA Sell 12,275 9,500 (22.6) 28,288 2,256 2, % 12.4% % 4.5% Oil & Gas 66,907 5,529 5, % 5.9% % 4.3% PGAS* U/R 2,760 U/R U/R 66, % 5.9% % 4.3% Shipping 2, % N/A % 0.0% SOCI* U/R 324 U/R U/R 2, n/a 0.0% % 4.9 n/a 6.9 n/a n/a n/a 0.0% 0.0% Metal 33, % N/M ### % 1.1% ANTM Neutral (45.7) 8, % -13.3% % -3.4% INCO* U/R 2,480 U/R U/R 24, % 125.0% % 2.6% Telco 451,056 23,840 27, % 17.6% % 3.8% EXCL Neutral 2,770 2,400 (13.4) 29, % 37.7% % 0.5% ISAT U/R 6,175 U/R U/R 33,555 1,871 2, % 43.5% % 3.4% TLKM Buy 3,950 4, ,939 21,439 24, % 14.9% % 4.1% Tower 56,752 4,471 5, % 16.1% % 0.0% TBIG Neutral 5,025 6, ,103 1,558 1, % 25.6% % 0.0% TOWR Buy 3,200 5, ,649 2,913 3, % 11.0% % 0.0% Media 65,992 3,681 4, % 14.8% % 3.1% SCMA Buy 2,790 3, ,794 1,870 2, % 13.6% % 3.2% MNCN Buy 1,765 2, ,197 1,812 2, % 16.0% % 2.9% Textile 4, % N/A % 0.0% SRIL* U/R 230 U/R U/R 4, n/a 33.3% % 4.4 n/a 5.5 n/a 0.8 n/a 5.7% 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 8 of 9

9 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.