INVESTOR DIGEST HIGHLIGHT CORPORATE. Equity Research 6 September 2016

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1 INVESTOR DIGEST Equity Research 6 September 2016 Economic Data Latest 2016F BI Rate, eop Inflation (YoY %) US$ 1 = Rp, period avg 13,153 14,150 HIGHLIGHT Bank CIMB Niaga: To Become the Best Digital Bank (BNGA; Rp770; Not rated) Tax amnesty progress: Rp4.8tn revenue as of 5 Sep16 Market Recap Sep 5 th 2016; JCI: 5, (+0.07%); USD/IDR: 13,153; Total Value: Rp6.69tn Stock Market Data (5 Sep 2016) JCI Index 5, % Trading T/O ( Rp bn ) 4,653.0 Market Cap ( Rp tn ) 5, ,016.2 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 75 companies in MS research universe, representing 69.6% of JCI s market capitalization CORPORATE Bank CIMB Niaga: To Become the Best Digital Bank (BNGA; Rp770; Not rated) We met the CFO of Bank CIMB Niaga, Mr. Wan Razly Abdullah, discussing the business plan and the outlook of the bank. Some key takeaways from the meeting: The bank wants to become the best national digital bank in Indonesia noted for its IT development since the late 80 s, the bank is preparing to develop more on its digital banking with the completion slated for the second half of They have already allocated Rp3tr total capex for 2016, including USD100m or Rp1.3tr for the digital banking development. BNGA launched its tap VISA credit card in July with the Rp5m limit (following similar concept in Singapore and Australia) and has also launched virtual credit card for mid- to low income segment who do not have or are not eligible for credit card or who wants the convenience of disposable cards. This, however is only available in Facebook page and the bank will expand it to the internet and mobile banking, to tap in more customers. Given the rising demand on the digital transactions (they have 21 digital lounges they will limit additional brick and mortar office) with 90% of total transactions is now done through digital network vs. 40% four years ago, the bank is putting lots of efforts and money to improve its digital platform. Shifting to consumer and SME loans they target to increase the contribution from the consumer and SME loans to 60% from 50% currently. In terms of consumer lending, this will be in mortgage (rank 5), auto, credit cards (rank 3) and personal & multipurpose loans. The investment in IT is key to achieve this aim, which in return is expected to generate more CASA deposits, currently at 50% of total deposits. In the mortgage market, they plan to launch 7.99% 3-year fixed rate, similar to BCA's offer. NPL level is still high this year - BNGA has been able to bring down the peak NPL of 4.4% in Jun 15 to the current level of 4.0%. In particular, they sold their mining bad debt to the parent company at around 25 cents to a dollar and as a result, NPL in the mining sector has gone down to 2.4% from 43.7% over the same period! Those with high NPL level is in construction (15%), transportation, warehousing & communication (9.7%) manufacturing (5.7%) and business services, specifically for hotel project (5.6%). Their exposure to the Radja Garuda Page 1 of 8

2 Mas Group is only left Rp2bn as they had sold them off. Given the high problem loans, credit costs which normally at 1% will be around 2.8% this year, after reaching 3% in Loan growth - will be lower than industry this year as they are not involved in lending for the infrastructure projects. Priority loans will be for the SME and consumer loans with average collaterals value of 120%. They posted -2% ytd loan growth up to July ROE target of 15% - currently is still at mid-single digit. BNGA used to contribute around 30% to the parent's income and this has been reduced to ca. 15%. There is a plan to pay cash dividend next year but they want to keep their CAR at 17-18% (currently 17.6%). We do not have forecast nor recommendation on the counter, which is trading at 0.6x P/BV Jun 16. The owners of the parent company, CIMB Group Holdings Bhd, were given dividend-in-specie in the form of BNGA's shares (1.37bn shares owned by parent co.), increasing the free float to 7.5%, the minimum set by the stock exchange. The share is Rp504 and given the price, investors have been realizing their gains. Tjandra Lienandjaja ( ) tjandra.lienandjaja@mandirisek.co.id TAX AMNESTY Tax amnesty progress: Rp4.8tn revenue as of 5 Sep16 The Directorate General of Taxation recorded Rp4.8tn (2.9% of target) tax amnesty revenue as of 5 Sep16. The amount was up Rp420bn in a daily basis. Asset declaration is now at Rp224tn (Ministry of Finance) Wisnu Trihatmojo ( ) wisnu.trihatmojo@mandirisek.co.id Page 2 of 8

3 MARKET Market Recap Sep 5 th 2016; JCI: 5, (+0.07%); USD/IDR: 13,153; Total Value: Rp6.69tn Indo market alongside its Asian peers rose on Monday, getting a tailwind from gains on Wall Street after a weaker-thanexpected US jobs report prompted markets to trim expectations that the Fed would hike interest rates as early as this month. Yet, the trading activity was uninspired today as lack of fresh catalysts and definite guidance from regional central bankers continued to overshadow trading activities. Despite strong opening at 5395 level (+0.8%), the JCI ended flat at 5356 level. Investors were reluctant to take major positions. Consumer goods including UNVR (-1.3%), HMSP (-2%) and KLBF (-2.3%) continued to drag the market down, while nickel: INCO (+5.6%) and coal plays: ADRO (+4.3%) maintained upper hand. Market turnover (excluding US$31mn KAEF; US$18mn IIKP; US$15mn SMBR; US$9.2mn KREN; US$5.1mn TPMA; US$4.3mn MYRX; US$4.2mn BALI; US$2.7mn BUVA; US$2.5mn AUTO; and US$2.2mn SAME crossing) was thin at US$357mn. Regular market transaction was recorded at Rp4.7tn (US$357.33mn) and foreign posted a net buy of Rp435.83bn (US$5.7mn). Foreign participants fell to 20% and came up better buyer for 20%. Gainers beat losers by 12 to 10. Markets priced in a 21% chance of a Fed interest rate increase this month on Friday, down from 24% the previous day, according to CME Group's FedWatch program. But the odds for a Dec hike edged up to 54.2% from 53.6% on Thursday. Markets were also keeping a watch on the two-day summit of leaders from G20 nations, in Hangzhou, China. Chinese President Xi Jinping said at the open of the summit on Sunday that global economy is being threatened by rising protectionism and risks from highly leveraged financial markets. TOP TURNOVER: BBRI ASII BBCA TLKM INDF PPRO KAEF BMRI BSDE PGAS SMGR BBNI ADRO BNGA PWON EXCL JSMR (35%) ADVANCING SECTOR: mining+2.7%; cement+1.6%; auto+1%; plantation+0.8%; property+0.7%; financial+0.2% DECLINING SECTOR: consumer-1.3%; telco-0.7%; construction-0.2% The yield of 10-year government went down to 6.896% (-0.81%) and Rupiah strengthened to Rp13,153 (+0.71%). Sales Team FROM THE PRESS Consumers were less confident in Aug16 Bank Indonesia s gauge of consumer confidence declined 0.9ppt to 113.3, implying that optimism remained intact though lesser. Confidence was dragged by perception over the present economic condition in terms of job availability, income, and durable goods purchase. On the other hand, consumer outlook in the upcoming six months was improving (Kontan) Economic growth revision to impact tax revenue Chief of Fiscal Policy Office Suahasil Nazara commented that economic growth revision would impact tax revenue. The 2016 revised budget sensitivity analysis shows that tax revenue would decrease by about 1%-1.6% from target for each 0.1% decline in economic growth. The figure is expected to be announced by the minister of finance, who expects 5.1% real GDP increase this year compared with 2016 revised budget s assumption of 5.2% considering Rp137.7tn fiscal saving (Kontan) Bank Indonesia sees one FFR raise in 2016 and two/three in 2017 In his lecture in Indonesia Banking Development Institute (LPPI) yesterday, Bank Indonesia deputy governor Perry Warjiyo delivered the central bank s expectation for the Federal Reserve s policy path. It is expected to raise interest rate 25bps this year in Nov16/Dec16 and by another 50bps-75bps next year (Investor Daily) Page 3 of 8

4 Aug16 4W sales approximately 90k units Chairman of Gaikindo, Jongkie D Sugiarto, states that the association is still collecting data from their members, however Gaikindo approximates Aug16 4W sales to reach 90k units. The significant mom increase was due to more working days in August compared to July (Bisnis Indonesia) Distribution of KUR reached Rp64.7tn As per August 29, 2016, distribution of KUR reached Rp64.7tn to 2.98mn debtors. The largest distribution of KUR was from BBRI totaling to Rp48.72tn, followed by BBNI totaling to Rp8.14tn, and BMRI totaling to Rp7.76tn. The remaining amount was distributed by Bank Sinarmas, BPD NTT, Bank Kalbar, Bank DIY, BPD Bali, BPD Sumut, and BTPN. (Investor Daily) Bank Negara Indonesia (BBNI) to collect interest from Bhineka Karya Manunggal BBNI has asked Bhineka Karya Mangunggal to pay interest on loans totaling to Rp565bn, which is currently being restructured. BBNI s attorney, Duma Hutapea, states that Bhineka Karya Manunggal has refused to pay interest on their loans since 2015 as they state that BBNI did not specify payment of interest in their loan extension agreement. (Bisnis Indonesia) Bank Negara Indonesia (BBNI) targets syndicate loans of Rp70tn BBNI targets to distribute syndicate loans up to Rp70tn in 2016, mainly dominated by infrastructure projects. As per 1H16, BBNI has distributed Rp45tn of syndicate loans and targets to distribute another Rp25-39tn in 2H16. Projects that will receive syndicate loans from BBNI includes Pejagan-Pemalang toll road totaling to Rp4.8tn, Pemalang-Batang toll road totaling to Rp3.5tn, Serpong-Balaraja toll road totaling to Rp4.1tn, Palembang LRT totaling to Rp4.3tn, and a fiber optic project totaling to Rp5tn. (Investor Daily) Pekanbaru Dumai toll road to commence construction The government has commenced land clearing process for the 135km Pekanbaru-Dumai toll road despite loan uncertainties from Asian Infrastructure Investment Bank (AIIB). The Ministry of Public Work and Public Housing claimed that approximately 22% of total land has been cleared to date. Total investment costs for the toll road is expected to reach Rp17.4tn with Hutama Karya to provide Rp5.2tn in equity while the remaining would be covered from AIIB loans. (Bisnis Indonesia) Surya Semesta Internusa (SSIA) raised Rp900bn via bonds SSIA raised Rp900bn from initial target of Rp1tn amid oversubscription on the shorter 3-year tenor. SSIA decided to absorb most of the subscriptions from the longer 5-year tenor instead of the shorter 3-year tenor, as most of the proceeds will be used for land acquisition in Subang. (Bisnis Indonesia) Page 4 of 8

5 Indices Currencies and ADRs Major Commodities Last YTD Currency Last YTD Last YTD JCI 5, Rp/US$ 13, Oil spot (US$/bl) Dow Jones 18, US$/EUR Nickel spot (US$/mt) 10, Nikkei 17, YEN/US$ Gold spot (US$/oz) 1, SET 1, SGD/US$ Tin 3-month (US$/mt) 19, Hang Seng 23, CPO futures (Ringgit/ton) 2, STI 2, ADR Stocks Soybean oil (US$/100gallons) S&P 500 2, TLK in Rp 20, 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 16F 17F 16F 17F BSDE Buy 41,380 2,150 2,200-52% 4,475 39% 1, % 12.0% PWON Buy 29, % 1,207 46% % 24.7% SMRA Neutral 25,316 1,755 1,600-56% 3, % % 14.7% CTRA Buy 24,417 1,610 1,600-39% 2, % % 14.0% JRPT Buy 11, ,300-74% 3,242 21% % 20.4% ASRI Neutral 8, % 1, % % 6.3% LPCK Buy 4,367 6,275 10,000-75% 24,683 34% 4, % 14.6% MDLN Buy 4, % 1,165 36% % 6.6% CTRS Buy 5,284 2,670 4,000-80% 13,390-34% 4, % 13.9% Simple Average -61% % 14.1% 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 16F 17F 16F 17F DMAS Buy 12, % % % 12.5% BEST Buy 3, % % % 9.0% SSIA Neutral 2, % 1,701-32% % 8.1% LPCK Buy 4,367 6,275 10,000-75% 24,683 34% 4, % 14.6% MDLN Buy 4, % 1,165 36% % 6.6% Simple Average -66% % 10.2% 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) Mandiri Universe 5,357 5,450 4,079, , , % 14.5% % 2.2% Banking 889,878 65,368 77, % 18.6% N.A. N.A % 2.2% BBCA Neutral 15,000 13,000 (13.3) 369,825 18,174 21, % 17.7% N.A. N.A % 1.5% BBNI Neutral 5,825 6, ,628 9,953 13, % 32.4% N.A. N.A % 2.7% BBRI Neutral 11,800 11,300 (4.2) 291,096 24,832 28, % 16.4% N.A. N.A % 3.0% BBTN Buy 1,965 2, ,809 2,439 2, % 21.0% N.A. N.A % 2.3% BDMN Sell 3,950 3,500 (11.4) 37,859 3,375 3, % 9.5% N.A. N.A % 1.9% BJBR Neutral 1,610 1,500 (6.8) 15,611 1,772 2, % 15.6% N.A. N.A % 4.5% BJTM Sell (6.9) 8,652 1,047 1, % 10.0% N.A. N.A % 8.1% BTPN Sell 2,650 2,200 (17.0) 15,477 1,648 1, % 10.4% N.A. N.A % 0.0% PNBN Buy 910 1, ,920 2,129 2, % 11.3% N.A. N.A % 0.0% Building Materials 133,362 9,279 9, % 5.6% % 3.7% SMCB Sell 1, (21.1) 8, N/M 10.1% % 1.4% INTP Neutral 17,500 20, ,422 4,368 4, % 5.3% % 5.4% SMGR Neutral 10,150 11, ,205 4,501 4, % 5.4% % 2.2% Constructions 95,935 4,132 5, % 21.8% % 0.6% ADHI Buy 2,700 3, , % 32.0% % 1.1% PTPP Buy 4,430 5, , , % 19.2% % 0.9% WIKA Buy 3,270 3,000 (8.3) 19, % 23.9% % -1.1% WSKT Buy 2,750 3, ,798 1,634 1, % 12.7% % 1.0% WTON Buy 930 1, , % 54.2% % 1.1% Toll road 32,980 1,612 1, % -6.2% % 1.0% JSMR Neutral 4,850 5, ,980 1,612 1, % -6.2% % 1.0% Rice Mill 6, % 16.9% % 0.5% AISA U/R 2,120 U/R U/R 6, % 16.9% % 0.5% Consumer 1,146,502 32,460 36, % 12.6% % 2.0% ICBP Neutral 9,450 7,000 (25.9) 110,205 3,298 3, % 10.7% % 1.5% INDF Neutral 8,125 6,000 (26.2) 71,345 4,160 4, % 13.5% % 2.9% MYOR Sell 1, (35.7) 29, % 19.8% % 0.6% ULTJ U/R 4,500 U/R U/R 12, % 19.6% % 0.0% UNVR Neutral 45,075 41,000 (9.0) 343,922 6,051 7, % 18.4% % 1.8% GGRM Buy 64,000 56,000 (12.5) 123,142 5,665 6, % 11.7% % 1.6% HMSP Neutral 3,910 4, ,804 11,712 12, % 9.3% % 2.5% WIIM U/R 410 U/R U/R n/a % 0.0% n/a n/a n/a n/a n/a n/a 0.0% 0.0% Healthcare 98,340 3,281 3, % 11.7% % 1.4% KLBF Neutral 1,720 1,500 (12.8) 80,625 2,156 2, % 11.2% % 1.1% SIDO Neutral , % 12.9% % 3.0% TSPC Neutral 2,120 2,100 (0.9) 9, % 12.1% % 2.7% Hospital 53, % 17.3% % 0.6% MIKA Buy 2,820 3, , % 11.1% % 0.7% SILO Neutral 10,700 10,400 (2.8) 12, % 73.1% % 0.0% Retail 107,002 4,229 5, % 21.7% % 2.2% ACES Neutral (25.8) 16, % 14.4% % 1.3% ERAA Neutral (28.6) 2, % 49.7% % 3.2% LPPF Buy 19,700 21, ,465 2,154 2, % 15.1% % 2.6% MAPI Buy 4,490 5, , % 194.2% % 0.0% MPPA Neutral 1,880 2, , % 24.2% % 1.1% RALS Neutral 1, (43.3) 8, % 8.3% % 2.2% TELE Buy 625 1, , % 18.6% % 4.6% Automotive 339,218 16,273 17, % 8.3% % 2.1% ASII Buy 8,275 7,200 (13.0) 335,001 16,001 17, % 7.8% % 2.1% IMAS U/R 1,525 U/R U/R 4, N/M 53.7% % 1.2% Heavy Equipment 71,243 4,686 4, % 2.9% % 2.0% HEXA* U/R 2,550 U/R U/R 2, % 50.0% n/a n/a 0.0% 0.0% 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) UNTR Sell 18,525 11,000 (40.6) 69,101 4,554 4, % 1.8% % 2.0% Plantation 43,119 2,145 3, % 40.5% % 1.6% AALI Buy 16,400 16, ,601 1,519 2, % 19.8% % 1.7% LSIP Buy 1,580 1, , % 85.0% % 1.3% SGRO U/R 1,980 U/R U/R 3, % 28.6% % 1.7% Property 161,643 11,618 11, % 3.3% % 0.6% APLN U/R 294 U/R U/R 6, , % 24.7% % 2.8% ASRI Neutral (29.7) 8,896 1, % -59.0% % 1.4% BSDE Buy 2,150 2, ,380 2,594 2, % 3.0% % 0.9% CTRA Buy 1,610 1,600 (0.6) 24,417 1,474 1, % -3.1% % -1.2% CTRS Buy 2,670 4, , % 1.8% % 2.2% JRPT Buy 840 1, , , % 11.6% % 0.9% LPCK Buy 6,275 10, , % -15.9% % 0.0% MDLN Buy , % -2.2% % 0.0% PWON Buy ,618 1,934 2, % 25.9% % 1.5% SMRA Neutral 1,755 1,600 (8.8) 25, , % 40.0% % 0.0% Industrial Estate 18,264 1,394 1, % 11.5% % 1.8% DMAS Buy , % 8.4% % 2.2% BEST Buy , % 18.8% % 0.4% SSIA Neutral , % 15.5% % 1.6% Poultry 81,290 3,547 4, % 22.2% % 1.2% CPIN U/R 3,610 U/R U/R 59,197 2,671 3, % 20.2% % 1.4% JPFA U/R 1,685 U/R U/R 17, % 25.8% % 0.9% MAIN U/R 1,845 U/R U/R 4, N/M 36.3% % 1.0% Coal 77,771 5,259 5, % 11.5% % 3.8% ADRO* Neutral 1,220 1,100 (9.8) 39, % 14.2% % 3.0% HRUM* Neutral 1,045 1, , N/M 43.3% % 3.2% ITMG* Neutral 11,400 7,600 (33.3) 12, % 8.0% % 6.6% PTBA Neutral 10,000 9,200 (8.0) 23,045 1,542 1, % 12.7% % 3.8% Oil & Gas 68,846 7,044 7, % 8.0% % 5.2% PGAS* Sell 2,840 3, , % 10.5% % 5.2% Shipping 2, % 8.5% % 4.7% SOCI* Buy , % 11.0% % 4.7% Metal 34, N/M N/M % 0.4% ANTM Neutral (29.1) 6, % N/M % 0.1% INCO* U/R 2,810 U/R U/R 27, % 33.3% % 0.5% Telco 472,003 20,500 23, % 16.7% % 3.1% EXCL Neutral 2,840 3, , ,179 N/M 172.1% % 0.8% ISAT U/R 5,775 U/R U/R 31,381 1,013 1,908 N/M 76.0% % 2.4% TLKM Buy 4,200 3,800 (9.5) 412,339 19,083 20, % 9.5% % 3.3% Tower 67,450 3,540 4, % 26.3% % 0.0% TBIG Neutral 5,575 6, ,741 1,120 1, % 39.1% % 0.0% TOWR Buy 3,990 5, ,710 2,420 2, % 20.4% % 0.0% Media 72,274 3,353 3, % 15.9% % 2.6% SCMA Neutral 3,000 3, ,865 1,674 1, % 13.9% % 2.7% MNCN Neutral 1,990 2, ,409 1,680 1, % 17.9% % 2.4% Textile 4, % 19.2% % 0.0% SRIL* Buy , % 22.0% % 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 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 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 Adrian Joezer Consumer 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 Health Care, Hospital francis.lim@mandirisek.co.id Yudha Gautama Mining, Plantation yudha.gautama@mandirisek.co.id Kevin Halim Media, Property, Industrial Estate kevin.halim@mandirisek.co.id Laura Taslim Retail laura.taslim@mandirisek.co.id Priscilla Thany Banking priscilla.thany@mandirisek.co.id Ferdy Wan Research Assistant 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 Economist leo.rinaldy@mandirisek.co.id Wisnu Trihatmojo Research Assistant wisnu.trihatmojo@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 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 (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.