INVESTOR DIGEST HIGHLIGHT MARKET FROM THE PRESS. Equity Research 23 February 2015

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1 INVESTOR DIGEST Equity Research 23 February 2015 Economic Data Latest 2015F BI Rate (%), eop Inflation (YoY %) US$ 1 = Rp, period avg 12,840 11,950 Stock Market Data (20 Feb2015) JCI Index 5, % Trading T/O ( Rp bn ) 4,479.0 Market Cap ( Rp tn ) 5, ,110.2 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 70 companies in MS research universe, representing 56.7% of JCI s market capitalization HIGHLIGHT Market Recap Feb 20th 2015; JCI: 5, (+0.18%); USD/IDR: 12,825; Total Value: Rp5.2tn MARKET Market Recap Feb 20th 2015; JCI: 5, (+0.18%); USD/IDR: 12,825; Total Value: Rp5.2tn The JCI hit all-time high in the morning at 5426, before finally closing +0.18% higher at 5,400 level. Rate plays still dominated with banks: BBRI (+2%), BMRI (+1.3%) and property: ASRI (+3.8%), PWON (+2.9%), SMRA (+0.8%), LPCK (+2.4%), BKSL (+3.9%) and APLN (+1.95%). Constructions also lead with WSKT (+1.7%), WIKA (+1.96%) and ADHI (+2.4%). Regular market transactions today was recorded at Rp4.5tn (US$350.88mn) vs this week average of Rp5tn (US$389.86mn). Foreign investors posted a net buy of Rp886.12bn (US$69.09mn) totaling to a net buy of Rp3.8tn (US$296.3mn) for the week. TOP TURNOVER: BBRI BMRI MPPA ASRI WSKT PWON WIKA LPPF KIJA BKSL ERAA ADVANCING SECTOR: finance +0.9%; construction +0.8%; trade +0.4%; infra +0.07% DECLINING SECTOR: misc ind -1%; mining -0.59%; manufacture -0.56%, basic ind -0.12%, agri -0.11% The yield of 10-year government decreased to 7.197% (-0.11%) and Rupiah appreciated to Rp12,825 (+0.055%). Sales Team FROM THE PRESS Government optimistic on 95% capital spending disbursement The government is optimistic that it could disburse 95% of capital spending in 2015, higher than the last several years. This is driven from the presidential instruction No.1/2015 on acceleration of government procurement process. According to the regulation or instruction, the tender for government projects could be started this March, faster than the usual tender in August or September. (Bisnis Indonesia) BTN released unaudited FY2014 result Bank Tabungan Negara (BBTN IJ, Rp1,055, TP Rp1,300) reported an unaudited FY2014 net profit of Rp1.1tr (-29.6%yoy) due to higher interest expense which grew by +41.9%yoy in the same period. Total loans grew by 15.4%yoy while total deposit grew by 9.5%yoy. Conjointly NPL was maintained below 4%. (Investor Daily) Page 1 of 6

2 Confirmed plans for Middle Eastern Investor to construct refinery The signing of the agreement will be executed in the Asia-Africa Conference that will be held later in April. The full details of the refinery has yet to be determined but it will be capable of processing 150,000 barrels per day (bph) of fuel higher than 92 octane level, located in Java, and will start construction in the beginning Construction will take approximately 3 years. (Bisnis Indonesia) Bumi Serpong Damai allocated up to Rp7tn for 2015 projects BSDE has allocated up to Rp7tn for investment in four new projects in Rp2tn will be used for mixed-use Aerium development at Taman Permata Buana in West Jakarta. Another Rp2tn will be for the Elemen Rasuna apartments. The remaining Rp3tn is allocated for mixed-use building in Tanjung Barat, South Jakarta and residential project Grand City Samarinda in East Kalimantan. Source of funding will mainly come from previous marketing sales and bank loans. (Jakarta Post) Ministry of Energy and Natural Resources proposed up to 2% reduction in royalty for underground coal miners Ministry of Energy and Natural Resources (ESDM) is planning to provide incentives for underground coal miners reduction of up to 2% in royalty payment. The plan has been proposed to the Ministry of Finance together with the proposal to increase royalties for mining license holders (IUP). (Investor Daily) BNI s new president director candidates Gatot M Suwondo, current BNI s president director, expects the BOD term succession candidates will come from the bank s internal in order to ensure continuity of ongoing programs. At the same time, Financial Services Authority (OJK) has imposed a new regulation of which the bank has to released a public announcement on candidates profiles one month before the scheduled EGM. (Investor Daily) Bank Indonesia to release regulations on SME incentives Central Bank of Indonesia to speed up the issuance of incentive rules for SME s lending rates in 1H15 in order to meet the rules of liability enthusiastic banking portion of SME loans amounting to 20 % of total loans at the end of Based on PBI No. 14/22 / PBI / 2012 on the provision of credit or financing by commercial banks and technical assistance for the development of SMEs requires banks to meet the credit portion of SMEs gradually from 5% of total loans in 2015, 10% in 2016, 15% in 2017 and 20% in (Kontan, Investor Daily) Page 2 of 6

3 Indices Currencies and ADRs Major Commodities Last (pts) Chg (%) Currency Last (pts) (%) Last (pts) Chg (%) JCI 5, Rp/US$ 12, Oil spot (US$/bl) Dow Jones 18, EUR/US$ Nickel spot (US$/mt) 13, Nikkei 18, YEN/US$ Gold spot (US$/oz) 1, SET 1, SGD/US$ Tin 3-month (US$/mt) 17, Hang Seng 24, CPO futures (Ringgit/ton) 2, STI 3, ADR Stocks Soybean oil (US$/100gallons) S&P 500 2, TLK in Rp 14, Rubber forward (US /kg) Coal (US$/ton) Ishares indo Baltic Dry Index Property Valuation JCI Code Rec. Market Cap (Rp bn) Share price Target Price Discount to NAV RNAV per share (Rp) Premium (discount) to replacement cost Replacement cost per share (Rp) P/E 15F P/E 16F ROE 15F ROE 16F BSDE Buy 38, ,120 2,400-47% 4,002 37% 1, % 15.5% PWON Buy 25, % 1,033 15% % 30.8% SMRA Buy 26, ,830 1,550-41% 3, % % 18.5% CTRA Neutral 22, ,500 1,350-9% 1,647 92% % 17.0% JRPT Buy 16, ,215 1,130-57% 2, % % 27.6% ASRI Neutral 12, % 1,538 61% % 18.9% APLN Buy 9, % % % 15.9% LPCK Buy 8, ,750 12,300-52% 24, % 4, % 19.5% MDLN Neutral 6, % 1,270 7% % 10.3% CTRS Buy 5, ,900 3,600-64% 8,077 5% 2, % 15.2% BKSL Neutral 4, % 1,010-39% % 12.4% Simple Average -50% % 18.0% Plantation Valuation Ticker Rec. Market Cap (Rp bn) Share price Target Price planted (US$) EV/ha PER EV/EBITDA ROE Mature (US$) FY15F FY16F FY15F FY16F FY15F FY16F AALI Buy 39,329 24,975 30,800 14,887 17, % 25.4% LSIP Buy 12,793 1,875 2,700 7,912 9, % 17.5% SGRO Buy 3,837 2,030 3,050 5,945 8, % 16.7% Weighted average 11,419 13, % 21.6% Page 3 of 6

4 Equity Valuation Shares Price Price Mkt Cap EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield Code Rating (Mn) (Rp) Target (Rp Bn) Mandiri Universe 3,503, % 15.5% % 2.4% Banking 912, % 16.9% N.A. N.A % 1.9% BBCA Neutral 24,655 14,050 14, , % 13.5% N.A. N.A % 1.4% BBNI Neutral 18,649 6,900 6, , % 12.8% N.A. N.A % 1.9% BBRI Buy 24,660 12,725 13, , % 20.3% N.A. N.A % 2.0% BBTN Buy 10,565 1,055 1,300 11, % 12.1% N.A. N.A % 3.7% BDMN Neutral 9,585 4,650 4,600 44, % 21.5% N.A. N.A % 1.9% BJBR Neutral 9, , % 26.7% N.A. N.A % 7.4% BJTM Buy 14, , % 15.5% N.A. N.A % 7.8% BTPN Buy 5,840 4,315 4,600 25, % 22.6% N.A. N.A % 2.5% PNBN Buy 24,088 1,030 1,200 24, % 11.9% N.A. N.A % 2.5% Infrastructure 316, % 12.3% % 2.1% SMCB Neutral 7,663 1,970 2,700 15, % 10.1% % 2.9% INTP Buy 3,681 23,650 24,000 87, % 2.7% % 2.3% SMGR Buy 5,932 14,750 18,300 87, % 6.4% % 3.8% ADHI Neutral 1,801 3,490 3,300 6, % 30.7% % 0.0% PTPP Buy 4,842 3,965 4,200 19, % 45.3% % 0.0% WIKA Buy 6,106 3,635 4,000 22, % 38.8% % 0.0% WSKT Neutral 9,632 1,825 1,400 17, % 39.4% % 0.0% WTON Buy 8,715 1,410 1,600 12, % 44.4% % 1.0% JSMR Buy 6,800 7,200 8,650 48, % 30.2% % 1.3% Consumer 564, % 14.9% % 1.9% AISA Neutral 3,000 2,120 2,500 6, % 29.3% % 0.0% GGRM Buy 1,924 55,000 68, , % 11.7% % 2.3% ICBP Buy 5,831 14,200 13,500 82, % 11.6% % 1.9% INDF Buy 8,780 7,350 8,200 64, % 17.3% % 0.0% MYOR Neutral ,500 26,500 21, % 12.8% % 1.1% ULTJ Buy 2,890 3,950 5,100 11, % 27.0% % 0.4% UNVR Neutral 7,630 35,325 38, , % 15.2% % 2.4% WIIM Buy 2, , % 31.5% % 5.1% DYAN Buy 4, % 49.5% % 0.0% Healthcare 104, % 19.5% % 1.6% KLBF Neutral 46,875 1,790 1,820 83, % 20.8% % 1.3% SIDO Buy 15, , % 11.0% % 1.1% TSPC Buy 4,500 2,580 4,000 11, % 20.2% % 3.8% Transportation 2, % 25.0% % 2.8% TAXI Buy 2, ,600 2, % 25.0% % 2.8% Retail 112, % 25.7% % 2.0% ACES Buy 17, , % 23.2% % 1.7% ERAA Buy 2,900 1,100 1,440 3, % 18.1% % 3.9% LPPF Neutral 2,917 17,450 17,072 50, % 21.3% % 2.3% MAPI Sell 1,660 5,300 4,000 8, % 73.7% % 0.6% MPPA Neutral 5,378 4,470 3,000 24, % 26.6% % 0.7% RALS Neutral 7, , % 15.8% % 4.9% RANC Sell 1, % 55.6% % 0.0% TELE Buy 5, ,050 6, % 29.5% % 3.3% Automotive 328, % 9.0% % 3.2% ASII U/R 40,484 7,850 U/R 317, % 8.9% % 3.3% IMAS U/R 2,765 3,850 U/R 10, % 12.0% % 1.4% Heavy Equipment 74, % 7.0% % 2.4% HEXA Buy 840 3,715 4,250 3, % 61.1% % 3.3% UNTR Sell 3,730 19,150 13,950 71, % 6.0% % 2.3% Plantation 55, % 12.6% % 4.4% AALI Buy 1,575 24,975 30,800 39, % 12.6% % 4.4% LSIP Buy 6,823 1,875 2,700 12, % 10.8% % 4.3% SGRO Buy 1,890 2,030 3,050 3, % 17.2% % 4.0% Property 177, % 11.6% % 1.3% APLN Buy 20, , % 19.8% % 2.1% ASRI Neutral 17, , % 15.3% % 3.3% BKSL Neutral 31, , % 28.3% % 0.0% BSDE Buy 18,372 2,120 2,400 38, % 10.1% % 1.6% CTRA Neutral 15,166 1,500 1,350 22, % 8.4% % 1.3% Page 4 of 6

5 Shares Price Price Mkt Cap EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield Code Rating (Mn) (Rp) Target (Rp Bn) Mandiri Universe 3,503, % 15.5% % 2.4% CTRS Buy 1,979 2,900 3,600 5, % -21.6% % 2.6% JRPT Buy 13,750 1,215 1,130 16, % 33.9% % 0.7% LPCK Buy ,750 12,300 8, % -13.7% % 0.0% MDLN Neutral 12, , % -16.5% % 0.0% PWON Buy 48, , % 28.8% % 1.9% SMRA Buy 14,425 1,830 1,550 26, % 8.6% % 0.4% Poultry 74, % 35.2% % 1.7% CPIN Buy 16,423 3,785 6,000 62, % 24.7% % 1.6% JPFA Buy 10, ,600 8, % 68.1% % 3.0% MAIN Sell 1,695 2,105 2,100 3, % 89.8% % 1.1% Energy 215, % 17.6% % 5.2% ADRO Buy 31, ,450 31, % 35.1% % 5.3% HRUM Neutral 2,699 1,690 2,400 4, % 34.5% % 8.6% ITMG Neutral 1,130 18,200 25,750 20, % 22.9% % 11.7% PTBA Neutral 2,304 10,600 9,700 24, % 27.6% % 5.6% PGAS Buy 24,240 5,375 6, , % 8.3% % 3.9% SOCI Buy 7, , % 27.5% % 4.3% Metal 43, % 41.2% % 4.6% ANTM U/R 9,538 1,030 U/R 9,825 N/M 157.8% % 2.7% INCO U/R 9,936 3,435 U/R 34, % 23.1% % 5.2% Telecommunication 423, % 11.3% % 2.9% EXCL Buy 8,524 4,825 6,400 41,168 N/M 88.0% % 0.7% ISAT U/R 5,434 3,895 U/R 21,165 N/M 36.9% % 2.8% TBIG Buy 4,657 8,650 10,800 43, % 8.8% % 0.0% TOWR Buy 10,203 3,795 5,000 38, % 21.8% % 0.0% TLKM Neutral 96,010 2,890 2, , % 5.9% % 4.1% Media 97, % 21.8% % 2.5% SCMA Buy 14,622 3,710 4,000 54, % 18.3% % 2.3% MNCN Buy 14,099 3,075 3,500 43, % 25.0% % 2.7% Note: - *) means Company Data is using Bloomberg Data - U/R means Under Review - n/a means Not Available - N/M means Not Meaningful - N.A means Not Applicable Page 5 of 6

6 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 Handoko Wijoyo Construction, Toll Road handoko.wijoyo@mandirisek.co.id Hariyanto Wijaya, CFA, CFP, CPA Plantation, Heavy eq., Energy hariyanto.wijaya@mandirisek.co.id Herman Koeswanto, CFA Consumer, Poultry herman.koeswanto@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 matthew.wibowo@mandirisek.co.id Rizky Hidayat Property, Media rizky.hidayat@mandirisek.co.id Vanessa Ariati Tanuwijaya Banking, Health Care vanessa.tanuwijaya@mandirisek.co.id Aldian Taloputra Economist aldian.taloputra@mandirisek.co.id Leo Putra Rinaldy Economist leo.rinaldy@mandirisek.co.id Aditya Sastrawinata Research Assistant aditya.sastrawinata@mandirisek.co.id Wisnu Trihatmojo Research Assistant wisnu.trihatmojo@mandirisek.co.id Yudha Gautama Research Assistant yudha.gautama@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 Ridwan Pranata Head Retail Equities ridwan.pranata@mandirisek.co.id Boy Triyono Jakarta Branch boy.triyono@mandirisek.co.id Yohanes Triyanto Kelapa Gading Branch yohanes.triyanto@mandirisek.co.id Hendra Riady Mangga Dua Branch hendra.riady@mandirisek.co.id Umar Abdullah Pondok Indah Branch umar.abdullah@mandirisek.co.id Indra Mas ari Bandung Branch indra.mas ari@mandirisek.co.id Yuri Ariadi Pontianak Branch yuri.ariadi@mandirisek.co.id Ruwie Medan Branch ruwie@mandirisek.co.id Yogiswara Perdana Yogyakarta Branch yogiswara.perdana@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.