DAILY UPDATE October 26, 2018

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1 DAILY UPDATE October 26, 2018 MACROECONOMIC NEWS US Economy - Core durable goods and capital goods both were soft for September. Weekly initial claims were right in-line at 215,000. The advance goods trade balance for September was - USD 76.1bn. Pending home sales for September were a bit better at +0.5%. The Fed - Richard Clarida backed further gradual rate hikes while delivering an upbeat assessment of the economy in his maiden speech. The central bank is "as near as it has been in a decade" to meeting its twin goals of full employment and price stability, the Fed vice chairman said. Euro-Area Economy - Mario Draghi and the ECB were in focus ahead of a policy update. Tepid growth and subdued inflation lead to rates being left at ultra-low levels and a dovish tone in commentary although Draghi did reaffirm a plan to wind down QE in December. The euro was pushed lower as the eurozone purchasing-manager index readings came in weaker-thanexpected, notably in Germany where growth hit a three-year low. US Labor - The number of Americans filing applications for new unemployment benefits rose during the first full week workers affected by Hurricane Michael could seek jobless assistance. Initial jobless claims, a proxy for layoffs across the U.S., increased by 5,000 to a seasonally adjusted 215,000 in the week ended Oct. 20, the Labor Department said Thursday. Thursday s report showed the four-week moving average of claims, a steadier measure, was unchanged last week at 211,750. That was just modestly above the average the level recorded for the week ended Sept. 15, which was the lowest since CORPORATE NEWS GIAA PT Garuda Indonesia acquired USD 600 million standby LC facility from BBNI and BBRI. GIAA plans to utilize the SBLC facility to fund plane maintenance. DILD PT Intiland Development sets to market the third tower of Graha Golf condominium in Surabaya by the end of 2018 or no later than early next year after topping off the first and the second tower. HRTA PT Hartadinata Abadi targets 15% revenue growth in Equity Markets Currency Commodities Last Price Chg %Chg Oil NYMEX Oil Brent Coal Newcastle Nickel Tin Gold CPO Rott CPO Malay Indo Gov. Bond Yields Last Closing Closing % Change Dow Jones NASDAQ S&P MSCI excl. Jap Nikkei Shanghai Comp Hang Seng STI JCI Indo ETF (IDX) Indo ETF (EIDO) Last Trade US$ - IDR US$ - Yen Euro - US$ US$ - SG$ Yield Chg %Chg 1 year year year year year year PT. Panin Asset Management JSX Building Tower I, 3rd Floor Jl. Jend. Sudirman Kav , Jakarta T : (021) , F : (021)

2 IDPR PT Indonesia Pondasi Raya reported its 9m2018 results: IDPR (IDR bn) 9m m 2018 YoY Q Q Q YoY QoQ Revenue % % 78.8% Gross Profit % % 33.9% Operating Profit % % 563.5% Pretax Earnings % % 579.1% Net Income % % % EPS (IDR) % % % Gross Profit Margin 23.8% 21.2% -2.6% 16.3% 23.6% 17.7% 1.4% -5.9% Operating Profit Margin 12.2% 6.5% -5.7% 6.2% 2.0% 7.3% 1.1% 5.3% Net Profit Margin 10.0% 4.8% -5.1% 3.8% 0.7% 5.4% 1.6% 4.6% BBNI PT Bank Negara Indonesia announced its m results: BBNI (IDR bn) 9m m 2018 YoY Q Q Q YoY QoQ Net Interest Income 23,511 26, % 8,107 8,949 8, % -4.3% Non Interest Income 8,345 8, % 2,711 2,701 3, % 15.0% Other Op. Expense 20,298 22, % 6,663 7,561 7, % 3.1% Operating Profit 12,751 13, % 4,575 4,455 4, % 11.2% PPOP 18,307 19, % 6,389 6,721 6, % -3.1% Net Income 10,157 11, % 3,744 3,791 4, % 5.5% EPS (IDR) (diluted) % % 4.9% CAR 19.0% 17.8% -1.2% 19.0% 17.5% 17.8% -1.2% 0.3% NIM 5.5% 5.3% -0.2% 5.5% 5.5% 5.3% -0.2% -0.2% ROE 15.9% 16.8% 0.9% 15.9% 16.5% 16.8% 0.9% 0.3% ROA 2.8% 2.8% 0.0% 2.8% 2.7% 2.8% 0.0% 0.1% NPL (Gross) 2.8% 2.0% -0.8% 2.8% 2.1% 2.0% -0.8% -0.1% NPL (Net) 0.8% 0.8% 0.0% 0.8% 0.9% 0.8% 0.0% -0.1% LDR 87.9% 89.0% 1.1% 87.9% 87.3% 89.0% 1.1% 1.7% BBCA PT Bank Central Asia announced its m results: BBCA (IDR bn) 9m m 2018 YoY Q Q Q YoY QoQ Net Interest Income 30,972 33, % 10,600 11,002 11, % 5.2% Non Interest Income 13,784 18, % 4,476 6,097 6, % 9.7% Other Op. Expense 23,649 28, % 7,207 9,662 9, % -4.0% Operating Profit 21,107 23, % 7,869 8,819 8, % 1.9% PPOP 22,936 25, % 8,762 8,075 9, % 22.7% Net Income 16,842 18, % 6,307 5,913 7, % 19.9% EPS (IDR) (diluted) % % 20.9% CAR 23.6% 23.2% -0.4% 23.6% 22.8% 23.2% -0.4% 0.4% NIM 6.2% 6.1% -0.1% 6.2% 6.1% 6.1% -0.1% 0.0% ROE 19.1% 18.4% -0.6% 19.1% 17.3% 18.4% -0.6% 1.2% ROA 3.8% 3.9% 0.0% 3.8% 3.6% 3.9% 0.0% 0.3% NPL (Gross) 1.5% 1.4% -0.1% 1.5% 1.4% 1.4% -0.1% 0.0% NPL (Net) 0.4% 0.4% 0.0% 0.4% 0.4% 0.4% 0.0% 0.0% LDR 74.7% 80.9% 6.1% 74.7% 77.0% 80.9% 6.1% 3.9%

3 ADRO PT Adaro Energy reported 9M18 production volume of million ton, down 1% yoy and sales volume of million ton, down 0.4% yoy. PNBN PT Panin Bank announced its m results: PNBN (IDR bn) 9m m 2018 YoY Q Q Q YoY QoQ Net Interest Income 6,427 6, % 2,216 2,270 2, % 1.8% Non Interest Income 1,307 1, % % 100.4% Other Op. Expense 4,914 5, % 1,588 1,701 1, % 10.3% Operating Profit 2,820 2, % 1, % 16.5% PPOP 4,243 4, % 1,460 1,369 1, % 15.6% Net Income 2,098 2, % % 35.8% EPS (IDR) (diluted) % % 35.8% CAR 23.4% 23.2% -0.2% 23.4% 22.1% 23.2% -0.2% 1.1% NIM 4.7% 4.8% 0.1% 4.7% 4.7% 4.8% 0.1% 0.1% ROE 8.7% 8.5% -0.2% 8.7% 7.7% 8.5% -0.2% 0.8% ROA 1.8% 1.8% 0.0% 1.8% 1.6% 1.8% 0.0% 0.2% NPL (Gross) 2.9% 3.1% 0.2% 2.9% 3.0% 3.1% 0.2% 0.1% NPL (Net) 0.7% 1.0% 0.3% 0.7% 0.9% 1.0% 0.3% 0.1% LDR 91.2% 109.1% 17.9% 91.2% 105.8% 109.1% 17.9% 3.3% BBTN PT Bank Tabungan Negara announce its m results: BBTN (IDR bn) 9m m 2018 YoY Q Q Q YoY QoQ Net Interest Income 6,547 7, % 2,329 2,398 2, % 16.1% Non Interest Income 1,209 1, % % -19.8% Other Op. Expense 5,169 6, % 1,801 2,030 2, % 10.1% Operating Profit 2,587 2, % , % 6.8% PPOP 3,192 3, % 1,176 1,151 1, % 25.9% Net Income 2,005 2, % % 9.7% EPS (IDR) (diluted) % % 10.0% CAR 17.0% 18.0% 1.0% 17.0% 17.4% 18.0% 1.0% 0.6% NIM 4.5% 4.4% -0.1% 4.5% 4.2% 4.4% -0.1% 0.2% ROE 13.0% 16.1% 3.1% 13.0% 15.4% 16.1% 3.1% 0.7% ROA 1.3% 1.5% 0.2% 1.3% 1.4% 1.5% 0.2% 0.1% NPL (Gross) 3.1% 2.7% -0.4% 3.1% 2.8% 2.7% -0.4% -0.1% NPL (Net) 2.1% 1.8% -0.3% 2.1% 1.8% 1.8% -0.3% 0.0% LDR 109.8% 112.8% 3.0% 109.8% 111.5% 112.8% 3.0% 1.3%

4 BJBR PT Bank BJB announced its m results: BJBR (IDR bn) 9m m 2018 YoY Q Q Q YoY QoQ Net Interest Income 4,658 4, % 1,600 1,647 1, % 1.9% Non Interest Income 1,677 1, % % 4.3% Other Op. Expense 4,910 4, % 1,729 1,569 1, % 1.2% Operating Profit 1,425 1, % % 5.9% PPOP 3,025 2, % , % 5.8% Net Income 1,071 1, % % -0.7% EPS (IDR) (diluted) % % -0.7% CAR 16.4% 17.5% 1.2% 16.4% 17.4% 17.5% 1.2% 0.1% NIM 6.7% 6.5% -0.2% 6.7% 6.3% 6.5% -0.2% 0.2% ROE 22.1% 21.5% -0.6% 22.1% 21.7% 21.5% -0.6% -0.2% ROA 2.2% 2.1% -0.1% 2.2% 2.1% 2.1% -0.1% 0.0% NPL (Gross) 1.5% 1.6% 0.1% 1.5% 1.6% 1.6% 0.1% 0.0% NPL (Net) 0.9% 1.1% 0.2% 0.9% 1.0% 1.1% 0.2% 0.0% LDR 81.5% 88.3% 6.8% 81.5% 86.5% 88.3% 6.8% 1.8% BNLI PT Bank Permata announced its m results: BNLI (IDR bn) 9m m 2018 YoY Q Q Q YoY QoQ Net Interest Income 4,059 4, % 1,386 1,387 1, % 2.0% Non Interest Income 2,658 1, % % 22.5% Other Op. Expense 5,941 5, % 1,960 1,932 1, % -9.2% Operating Profit % % % PPOP 3,216 2, % % 26.0% Net Income % % 64.0% EPS (IDR) (diluted) % % 64.0% CAR 18.8% 19.2% 0.4% 18.8% 19.6% 19.2% 0.4% -0.4% NIM 3.9% 4.0% 0.1% 3.9% 4.0% 4.0% 0.1% 0.1% ROE 6.2% 3.7% -2.5% 6.2% 3.3% 3.7% -2.5% 0.4% ROA 0.8% 0.6% -0.2% 0.8% 0.5% 0.6% -0.2% 0.1% NPL (Gross) 4.7% 4.8% 0.1% 4.7% 4.3% 4.8% 0.1% 0.5% NPL (Net) 1.8% 1.7% -0.1% 1.8% 1.5% 1.7% -0.1% 0.2% LDR 82.8% 90.6% 7.8% 82.8% 86.1% 90.6% 7.8% 4.5%

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