Equity SNAPSHOT Thursday, November 01, 2018

Transcription

1 Equity SNAPSHOT Thursday, November 01, 2018 FROM EQUITY RESEARCH 9M18 Results Airlines Garuda Maintenance Facility (GMFI): Rising expenses disappointed earnings click here Cements Indocement Tunggal Prakarsa (INTP): A Weak Result click here Coal mining Adaro Energy (ADRO): Kestrel s one-time non-operational costs reduced profits click here Harum Energy (HRUM): Better quarterly profit, but below expectations click here Cigarettes Gudang Garam (GGRM): The sweet taste of recovery click here Consumer Indofood Sukses Makmur (INDF): Disappointing results click here Kino Indonesia (KINO): High margins click here Mayora Indah (MYOR): Solid growth but profits fall short of expectations click here Construction Pembangunan Perumahan (PTPP): Earnings down 12%yoy, below expectation click here Waskita Beton Precast (WSBP): Moderate growth click here Waskita Karya (WSKT): Strong result click here Industrial Estate Puradelta Lestari (DMAS): Skewed in 4Q18 click here Media Media Nusantara (MNCN): Dragged by forex loss click here Pharmaceutical Kimia Farma (KAEF): Still on track click here Property Alam Sutra Realty (ASRI): Below Expectation Due to Forex Losses click here Bumi Serpong Damai (BSDE): 9M18 Result Not Up to Par click here Ciputra Development (CTRA): Expected to Catch Up in 4Q18 click here Summarecon Agung (SMRA): Still Falling Short click here MARKET NEWS Telkom first thoughts on possible market consolidation. Facebook sees video growth as disrupting force. Previous Report Astra Argo Lestari (SGRO): Lifted by Higher Volumes in 3Q18 Click here Indofood CBP Sukses Makmur (ICBP): Impressive set of results Click here Indosat Ooredoo (ISAT): Early signs of improvement in 3Q Click here Kalbe Farma (KLBF): Modest performance Click here Danareksa Sekuritas Equity SNAPSHOT KEY INDEX Close Chg Ytd Vol (%) (%) (US$ m) Asean - 5 Indonesia ,7 (8,2) 471 Thailand ,9 (4,8) Philippines ,8 (16,6) 134 Malaysia ,4 (4,9) 380 Singapore ,8 (11,3) Regional China ,4 (21,3) Hong Kong ,6 (16,5) Japan ,2 (3,7) Korea ,6 (17,2) Taiwan ,9 (7,9) India ,6 1,1 619 NASDAQ ,0 5, Dow Jones ,0 1, CURRENCY AND INTEREST RATE Rate w-w m-m ytd (%) (%) (%) Rupiah Rp/1US$ (0,0) (2,0) (12,2) SBI rate % 5,75-0,3 1,5 10y Gov Indo bond 8,55 (0,1) 0,5 2,2 Unit HARD COMMODITY Price d-d m-m ytd (%) (%) (%) Coal US$/ton 105 (2,1) (7,6) 4,4 Gold US$/toz ,1 2,3 (6,6) Nickel US$/mt.ton (2,3) (8,6) (10,1) Tin US$/mt.ton ,1 1,5 (4,8) Unit SOFT COMMODITY Price d-d m-m ytd (%) (%) (%) Cocoa US$/mt.ton ,0 8,1 16,5 Corn US$/mt.ton 126-4,2 0,6 Oil (WTI) US$/barrel 65 (0,4) (13,6) 7,7 Oil (Brent) US$/barrel 75 (1,2) (9,3) 12,2 Palm oil MYR/mt.ton (0,6) (2,9) (15,5) Rubber USd/kg 124 (0,2) (7,7) (15,7) Pulp US$/tonne N/A 2,8 20,5 Coffee US$/60kgbag 87 0,0 4,2 (7,1) Sugar US$/MT 356 (0,9) 11,0 (9,9) Wheat US$/ton 136 0,2 (1,7) 3,8 Soy Oil US$/lb 28 0,1 (2,3) (15,3) Soy Bean US$/by 839 0,7 (0,8) (11,8) Source: Bloomberg

2 Results Note Thursday,01 November 2018 BUY Last price (IDR) 250 Target Price (IDR) 400 Upside/Downside +60.0% Previous Target Price (IDR) 400 Airlines GMFI IJ No of Shrs (mn) 28,234 Mkt. Cap (IDRbn/USDmn) 7,058/464 Avg. daily T/O (IDRbn/USDmn) 1.1/0.1 Garuda Indonesia 90.0 Estimated Free Float 10.0 EPS Consensus (USDcents) Danareksa Consensus n/a Danareksa/Cons 80.8 (2.1) (2.1) GMFI relative to JCI Index Garuda Maintenance Facility(GMFI IJ) Disappointing earnings on rising expenses Garuda Maintenance Facility (GMFI) reported net profits of USD7mn in 3Q18 (-46% qoq, -60% yoy). The 9M18 net profits declined by 29% yoy to USD38mn. The results are below our expectation with lower-than-expected revenues and higher opex. We expect that the company s continuous expansion through organic and inorganic growth will enhance earnings going forward. BUY with a target price of IDR400 (based on DCF valuation). Higher expenses lowered quarterly profits... Although GMFI managed to increase revenues by 4% qoq helped by the higher repair and overhaul division (+4% qoq), the net profits declined by 46% qoq to USD7mn in 3Q18. This was mainly attributable to: a) higher operating expenses, mainly from material expenses (+27% qoq) and b) rising interest expenses (+79% qoq). Given higher expenses, the operating margin declined to 9.6% in 3Q18 (2Q18: 12.8%). and net profits for 9M18. Cumulatively, while the revenues climbed 8% yoy mainly from repairs and overhaul (+14% yoy) thanks to there being more customers handled by the company, net profits fell by 29% yoy to USD27mn. This owed to: a) the increase in all types of operating expenses, such as material expenses (+27% yoy), subcontract expenses (+20% yoy) and staff expenses (+7% yoy) and b) higher interest expenses (+50% yoy). This resulted in a lower operating margin of 11.1% in 9M18 (9M17: 17.8%). Negative operating cash flow in 9M18. Trade receivables went up by 85% ytd to USD173mn in 9M18 with a higher increase coming from related parties (Garuda group). As such, GMFI booked negative operating cash flow (OCF) of USD26mn in 9M18. Strategic partnerships to enhance capabilities. Recently at the World-Bank and IMF conference in Bali in Oct 2018, GMFI signed a strategic partnership agreement with Air-France-KLM E&M (AFIKLM) worth USD400mn for 10 years. The strategic partnership will develop maintenance capabilities and process improvements in components, engines and airframe maintenance. The alliance will focus on GMFI s maintenance facility in Jakarta. BUY. We believe that the company s continuous expansion through organic and inorganic growth as well as the compelling domestic MRO business will allow the company to enlarge its customer base beyond Garuda group affiliates to enhance earnings going forward. Our target price of IDR400 is based on DCF valuation with WACC of 10.7%. x Stefanus Darmagiri (62-21) stefanus.darmagiri@danareksa.com Year to 31 Dec 2016A 2017A Revenue (USDmn) EBITDA (USDmn) EBITDA Growth (%) 58.8 (17.1) Net profit (USDmn) EPS (USDcents) EPS growth (%) 27.4 (4.7) BVPS (USDcents) DPS (USDcents) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : GMFI, Danareksa Estimates

3 Results Note Thursday,01 November 2018 HOLD Upgrade Last price (IDR) 17,300 Target Price (IDR) 15,700 Upside/Downside -9.2% Previous Target Price (IDR) 15,700 Cement INTP No of Shrs (mn) 3,681 Mkt. Cap (IDRbn/USDmn) 63,685/4,189 Avg. daily T/O (IDRbn/USDmn) 30.4/2.0 Birchwood Omnia Limited 51.0 Mekar Perkasa 13.0 Estimated free float 49.0 Danareksa Consensus Danareksa/Cons (2.7) (18.8) (35.4) INTP relative to JCI Index Indocement Tunggal Prakarsa(INTP IJ) Weak Results INTP posted weak 9M results with earnings down by 56.1%yoy to IDR618bn (9M17: IDR1.4tn). The result is below our full year forecast and the consensus. The weak net profits stemmed from flattish growth in revenues and higher COGS. Revenues grew by only 2.5%yoy on the back of 6.0%yoy growth in cement sales volume. INTP managed to sell 12.87mn tons of cement in 9M18 with a 25.8% share of the domestic cement market. HOLD. INTP s 9M18 earnings down 56.1%yoy to IDR618bn (9M17: IDR1.4tn). The weak net profits owed to flattish growth in revenues and higher COGS. The 9M earnings are 53.4% of our full year target and 51.8% of the consensus. Hence, the result is below the average past two-years historical figure of 78.5%. The 9M18 revenues of IDR10.8tn showed flattish growth of +2.5%yoy (9M17: IDR10.5tn) on the back of +6.0%yoy growth in cement sales volume. Meanwhile, COGS in 9M18 increased 14.6%yoy to IDR7.9tn (9M17: IDR6.4tn). Fuel costs, the main component in the COGS with a contribution of 43.7%, increased by 18.6%yoy. Consequently, the GPM contracted to 26.7% in 9M18 from 34.5% in 9M17. INTP booked total sales volume of 12.87mn tons in 9M18, +6.0%yoy from 12.14mn tons in 9M17. The 9M sales volume included 25,000 tons of export sales. In the domestic market, INTP s sales accounted for 25.8% of the domestic sales that reached 49.76mn tons in 9M18. On a quarterly basis, cement sales in 3Q18 of 5.02mn tons were higher than in previous quarters. The sales in 3Q18 grew by 35.6%qoq (2Q18: 3.70mn tons) and +7.1%yoy (3Q17: 4.69mn tons). HOLD. The management targets sales of 17.06mn tons of cement in 2018, while sales in 9M reached 75.0% of the target. INTP trades at 2019 PE of 51.3x or similar to its -1SD historical average PE. x Maria Renata (62-21) ext.3513 maria.renata@danareksa.com Year to 31 Dec 2016A 2017A Revenue (IDRbn) 15,362 14,431 15,076 16,224 17,563 EBITDA (IDRbn) 4,611 3,106 2,339 2,446 2,484 EBITDA Growth (%) (22.7) (32.6) (24.7) Net profit (IDRbn) 3,870 1,860 1,157 1,212 1,298 EPS (IDR) 1, EPS growth (%) (11.2) (51.9) (37.8) BVPS (IDR) 7, , , , ,787.0 DPS (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : INTP, Danareksa Estimates

4 Results Note Thursday,01 November 2018 BUY Last price (IDR) 1,650 Target Price (IDR) 2,500 Upside/Downside +51.5% Previous Target Price (IDR) 2,500 Coal Mining ADRO IJ No of Shrs (mn) 31,986 Mkt. Cap (IDRbn/USDmn) 52,777/3,471 Avg. daily T/O (IDRbn/USDmn) 130.2/8.6 Adaro Strat. Inv Estimated Free Float 42.9 EPS Consensus (USDcents) Danareksa Consensus Danareksa/Cons (2.0) ADRO relative to JCI Index x Stefanus Darmagiri (62-21) stefanus.darmagiri@danareksa.com Adaro Energy (ADRO IJ) Kestrel s one-time non-operational costs reduced profits Adaro Energy (ADRO) reported net profits of USD117mn in 3Q18 (-3.0% qoq, -21.8% yoy). Cumulatively, the net profit declined by 16.0% yoy to USD313mn in 9M18. While the operating profits are within expectations, the net profit is below our forecast owing to a one-time non-operational transaction and transition costs related to Kestrel acquisitions. BUY with a target price of IDR2,500 (based on DCF valuation). One-time non-operational costs lowered yearly profits and... Net profits declined 16.0% yoy to USD313mn in 9M18. This was due to the one-time nonoperational transaction and transition costs related to Kestrel acquisitions in Aug 2018, which resulted from Kestrel booking net losses of USD178mn (at the 100% level) or at USD85.4mn (at a 48% ADRO s stake in Kestrel) in 9M18. On the operational side, despite flat growth in coal sales volume, revenues grew by 9.3% yoy thanks to the solid coal price, which resulted in 8.5% yoy higher coal ASP. Higher costs with a rising stripping ratio of 5.2x in 9M18 (9M17: 4.7x) and higher fuel costs (+19% yoy) resulted in a lower gross margin of 32.9% in 9M18 (9M17: 35.2%). quarterly net profits. The impact from Kestrel acquisitions was reflected in lower net profit by 3.0% qoq to USD117mn in 3Q18 due to: a) net losses in JV of USD78mn in 3Q18 (vs. net profits of USD6.3mn in 2Q18) and b) a higher tax rate of 50.2% in 3Q18 (2Q18: 38.5%). Favorable weather conditions were reflected in solid operational numbers with coal sales volume up by 20.2% qoq and solid ASP up by 4.1% amid the widening gap between the price of Newcastle (NWC) and low-cv coal. Strong operational numbers with the EBITDA up by 46.3% qoq helped to cushion decline in the net profits. ing its coal production target of 54 56mn tonnes for With the management maintaining its coal production target of 54 56mn tonnes for 2018 and the coal production only reaching 39.0mn tonnes in 9M18, we believe the company can maintain solid coal production at 15mn tonnes in 4Q18. As such, we expect the company to continue to book solid earnings in 4Q18 amid the widening gap between NWC and low-coal CV prices which would depress the company s ASP. BUY with a target price of IDR2,500 (based on WACC of 10.2%). We continue to like the company given: a) its undemanding valuation, b) the expectation of sturdy earnings on favorable weather conditions and expected narrowing of the coal price gap when the low CV coal demand revives ahead of winter in China. Our target price implies 12.0x 2019F PE. Year to 31 Dec 2016A 2017A Revenue (USDmn) 2,524 3,258 3,582 3,635 3,720 EBITDA (USDmn) 869 1,293 1,331 1,335 1,338 EBITDA Growth (%) Net profit (USDmn) EPS (USDcents) EPS growth (%) BVPS (USDcents) DPS (USDcents) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : ADRO, Danareksa Estimates

5 Results Note Thursday,01 November 2018 HOLD Last price (IDR) 1,960 Target Price (IDR) U/R Upside/Downside +58.2% Previous Target Price (IDR) 3,100 Coal Mining HRUM IJ No of Shrs (mn) 2,653 Mkt. Cap (IDRbn/USDmn) 5,200/342 Avg. daily T/O (IDRbn/USDmn) 8.5/0.6 Karunia Bara Perkasa 71.0 Estimated Free Float 28.9 EPS Consensus (USDcents) Danareksa Consensus Danareksa/Cons (14.6) (15.9) (10.6) HRUM relative to JCI Index Harum Energy (HRUM IJ) Better quarterly profit, but below expectations Harum Energy (HRUM) reported net profits of USD5.6mn in 3Q18 (+22.2% qoq, but -45.9% yoy). The net profit went down by 30.3% yoy to USD22.7mn in 9M18. The results are below our expectation mainly due to lower-thanexpected coal sales and production volume. To meet the target, HRUM is expected to speed up coal production in the coming quarters to meet the 2018 target of mn tonnes. As we retain concerns on the company s coal reserves with a mining life of around 13 years, we maintain HOLD recommendation while reviewing our target price. 3Q18: Better profit. HRUM reported a 22.2% qoq increase in the net profit to USD5.6mn. This was mainly attributable to strong revenue by 20.4% qoq, which we believe due to higher coal production. This was mainly driven by favorable weather condition, additional heavy equipment on site and release of new working space in advance of the current mine high wall. The impact on higher operating expenses offset from rising interest income and net profit from associates. 9M18: lower profit on rising expenses. The net profit decline by 30.3% yoy to USD22.7mn in 9M18. This was driven by a) lower revenue by 2.3% yoy which we believe due to lower coal production, and b) higher operating expenses (+16.8% qoq). Higher opex was mainly attributable to the provision for DMO transfer quota of USD4.9mn that recorder in the selling expenses, higher salaries & allowances (+40.0% yoy) and taxes and licenses (+11.7% yoy). The impact on rising operating expenses reflected on lower operating margin to 18.1% in 9M18 (9M17: 21.6%). Expect greater coal production in the coming quarters. With favorable weather condition as well as operational improvement at site such as additional heavy equipment to the MSJ site and new working space, we think that HRUM will continue to boost coal production in 4Q18. Going 2019, the management is expecting higher coal production, which mainly will come from the fully operation of new mining areas at KUP. HOLD. Although we expect higher earnings in the coming quarters on greater coal production, the mining life of the company is only 13 years based on the current production rate. HOLD recommendation while reviewing our target price. x Stefanus Darmagiri (62-21) stefanus.darmagiri@danareksa.com Year to 31 Dec 2016A 2017A Revenue (USDmn) EBITDA (USDmn) EBITDA Growth (%) Net profit (USDmn) EPS (USDcents) EPS growth (%) (169.4) BVPS (USDcents) DPS (USDcents) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) (0.3) (0.8) Source : HRUM, Danareksa Estimates

6 3Q18 Result Note Wednesday,31 October 2018 BUY Last price (IDR) 72,400 Target Price (IDR) 84,000 Upside/Downside +16.0% Previous Target Price (IDR) 80,800 CIGARETTE GGRM IJ No of Shrs (mn) 1,924 Mkt. Cap (IDRbn/USDmn) 139,304/9,150 Avg. daily T/O (IDRbn/USDmn) 63.7/4.2 SURYADUTA INVESTAMA 69.3 SURYAMITRA KUSUMA 6.3 Estimated free float 23.8 Danareksa 4, , ,502.7 Consensus 4, , ,378.9 Danareksa/Cons (1.0) (1.0) 2.3 GGRM relative to JCI Index Gudang Garam(GGRM IJ) The sweet taste of recovery GGRM reported solid 9M18 net profits of IDR5.8tn, up by 6.3% yoy, supported by strong revenues. At the top line, GGRM reported 9M18 revenues growth of 13.6% yoy, mostly driven by SKM FF, we believe. The 9M18 earnings are 69% of our full year forecast and 68.6% of consensus estimates, i.e. in line (9M15-17: 64-70% of the FY numbers). Solid 9M18 top line growth of 13.6% yoy. GGRM reported 3Q18 top line growth of 5.4% qoq and 15.5% yoy, which led to solid 9M18 revenues of IDR70tn, +13.6% yoy. The revenues from SKM grew at a brisker pace of 14.3% yoy in 9M18, while SKT only recorded tepid growth of 3% yoy. In our recent meeting with the management, we learnt that the company recorded impressive sales volume growth ytd (mid-sept 2018) following 5% yoy volume growth in 1H18. Soft margins due to the increasing contribution from lower margin products. Despite the strong top line, GGRM reported a lower gross margin in 3Q18, following higher excise tax and the changing product mix skewed more toward lower margin products: Surya 12s (IDR15,500/pack) and Surya Pro 16s (IDR14,500/pack). These products - which are sold at bargain prices - compete against those of its competitors which are sold at higher prices such as LA Bold (12s: IDR13,700/pack and 20s: IDR22,500/pack) and Magnum Mild 16s (IDR15,900/pack). It is also worth noting that GGRM increased its Ytd average ASP by only 6.6% yoy, less than HMSP (+8.9% yoy). Continued efficiencies in opex helped the 9M18 operating profits to grow by 6.2% yoy with a lower margin of 11.7%. Thanks to the solid revenues, the 9M18 earnings booked 6.3% yoy growth to IDR5.8tn, +6.3% yoy. The 9M18 earnings are 69% of our full year forecast and 68.6% of consensus estimates, i.e. in line (9M15-17: 64-70% of the FY numbers). BUY. We maintain our BUY call on the stock with an unchanged TP of IDR84,00. As a proxy to a recovery in purchasing power, GGRM has less exposure to USD-linked raw materials. Higher ASP toward the end of the year should support higher margins going forward. The main downside risk remains the uncertainty surrounding the development of Kediri Airport. x Natalia Sutanto (62-21) ext.3508 natalia.sutanto@danareksa.com Year to 31 Dec 2016A 2017A Revenue (IDRbn) 76,274 83,306 93, , ,130 EBITDA (IDRbn) 12,058 13,363 14,037 15,233 16,999 EBITDA Growth (%) Net profit (IDRbn) 6,677 7,754 8,349 9,283 10,588 EPS (IDR) 3, , , , ,502.7 EPS growth (%) BVPS (IDR) 20, , , , ,388.3 DPS (IDR) 2, , , , ,375.0 PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : GGRM, Danareksa Estimates

7 3Q18 Result Note Wednesday,31 October 2018 BUY MAINTAIN Last price (IDR) 5,700 Target Price (IDR) 8,200 Upside/Downside +43.9% Previous Target Price (IDR) 8,000 CONSUMER INDF IJ No of Shrs (mn) 8,780 Mkt. Cap (IDRbn/USDmn) 50,048/3,287 Avg. daily T/O (IDRbn/USDmn) 45.4/3.0 FIRST PACIFIC COMPANY LIMITED 50.1 VANGUARD GROUP 1.6 Estimated free float 49.9 Danareksa Consensus Danareksa/Cons INDF relative to JCI Index Indofood Sukses Makmur(INDF IJ) Disappointing results INDF reported 3Q18 earnings of IDR864bn, down 15% yoy but increased 12.6% qoq, which led to 9M18 net profits of IDR2.8tn, -13.6% yoy. The 9M18 net profit is 62.5% of our full year forecast and 67% of consensus estimates, i.e. below. 3Q18 top line growth supported by ICBP and Bogasari. INDF reported 3Q18 revenues of IDR18.7tn, +2% qoq and 7.3% yoy, which led to a 9M18 top line of IDR54.7tn, +3% yoy. By division, Bogasari reported the strongest 9M18 revenues growth of 9.4%, followed by Indofood CBP (+8.2% yoy) and Distribution (+3.8% yoy). On the flip side, the agribusiness division booked lower 9M18 revenues of -17% yoy on the back of lower ASP, we believe. Lower 9M18 net profits on lower margins and forex losses. In 3Q18, INDF reported a gross margin of 28.3% (2Q18: 26.4%), supported by strong ICBP and Bogasari performance, we believe. However, lower gross margins in the previous quarters led to a slightly lower 9M18 gross margin of 28.3% (9M17: 28.8%). Higher opex to revenues (17.5% vs 9M17:16.7%) led to a lower operating margin of 10.7% in 9M18. By division, ICBP maintained its 1H18 operating margin at 14.9% on the back of increasing promotions to support new products, we believe. Meanwhile, Bogasari and Agribusiness recorded lower operating margins at 5% (9M17: 6.4%) and 6% (9M17: 10.9%), respectively. The distribution business reported a lower operating margin of 2.8% (9M17:4.6%). With forex losses, INDF reported lower 9M18 net profits of IDR2.8tn (down 13% yoy) with a net margin of 5.2%. The 9M18 net profit is 62.5% of our full year forecast and 67% of consensus estimates, i.e. below. BUY with an unchanged TP of Rp8,000. We will revisit our forecast following the release of the 9M18 results. At the current share price, INDF trades at FY18F PE of 11.1x, or much lower than the valuations of its consumer peers. At this juncture, we believe that INDF remains as the cheaper consumer proxy, as most of its revenues are contributed by ICBP. BUY. x Natalia Sutanto (62-21) ext.3508 natalia.sutanto@danareksa.com Year to 31 Dec 2016A 2017A Revenue (IDRbn) 66,659 70,187 74,050 79,884 86,088 EBITDA (IDRbn) 10,377 10,696 11,433 12,511 13,368 EBITDA Growth (%) Net profit (IDRbn) 4,145 4,168 4,511 4,988 5,356 EPS (IDR) EPS growth (%) BVPS (IDR) 3, , , , ,476.2 DPS (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : INDF, Danareksa Estimates

8 3Q18 Result Note Thursday,1 November 2018 BUY MAINTAIN Last price (IDR) 2,040 Target Price (IDR) 2,100 Upside/Downside +2.9% Previous Target Price (IDR) 2,100 CONSUMER KINO IJ No of Shrs (mn) 1,429 Mkt. Cap (IDRbn/USDmn) 2,914/192 Avg. daily T/O (IDRbn/USDmn) 0.4/0.0 PT KINO INVESTINDO 69.5 DBSSG S/A NUSANTARA FMCG LIMITED 10.7 Estimated free float 9.2 KINO relative to JCI Index Kino Indonesia(KINO IJ) High margins KINO reported lower 3Q18 earnings of IDR33bn (down 25% yoy and 18% qoq) on a soft top line and higher opex/revenues. In 9M18, personal care and beverages reported 21% and 20% yoy revenues growth, respectively. The 9M18 net profit figure is 88% of our full year forecast, i.e. above. 9M18 top line growth 10.8% yoy, supported by both PC and Beverages. KINO reported 3Q18 revenues of IDR893bn, +2.5% qoq but down 3.1% yoy. By division, personal care and beverages booked 11% yoy growth in 3Q18 while the food division reported declining 3Q18 revenues (down 83% yoy). Up to the end of September 2018, Personal care and Beverages continued their strong growth of 21% and 20% yoy, respectively, from a low base in the previous year. The 9M18 top line is in line to achieve our full year forecast (73%). Higher gross margins supported earnings. In 3Q18, KINO reported a higher gross margin of 46.8% (2Q18: 44.7% and 3Q17: 43.3%) on the back of product reformulation using locally sourced raw materials and production efficiencies. By division, personal care and beverages reported improved 9M18 gross margins of 58% (9M17: 57%) and 39.1% (9M17: 38.4%), respectively. However, higher 3Q18 opex especially in transportation and salaries curbed the operating margin expansion in 3Q18. Thanks to the strong performance in the previous quarters, the 9M18 operating margin still improved to 6.6% (9M17: 5.6%). As a result, KINO reported a 9M18 bottom line of IDR105bn, +54% yoy. The 9M18 earnings are 88% of our full year forecast, i.e. above. Higher inventory days. Early this year, the company revamped the structure of its distribution division, resulting in slightly higher activity ratios. However, better performance is expected in 2Q18 and onward. Nonetheless, the 9M18 inventory days increased to 95 days with lower receivable days of 95 days as well. As a result, the 9M18 cash conversion cycle increased to 102 days (9M17: 69 days). BUY. We will revisit our model following the release of the 3Q18 result. In our view, the company s ability to conduct product innovation coupled with the revamping of its distribution and better efficiencies should translate into solid earnings growth in the future. Nonetheless, sustainable improvements remain to be seen in relation to the activity ratios/working capital management. x Natalia Sutanto (62-21) ext.3508 natalia.sutanto@danareksa.com Year to 31 Dec 2016A 2017A Revenue (IDRbn) 3,493 3,161 3,537 4,009 4,552 EBITDA (IDRbn) EBITDA Growth (%) (41.6) (21.4) Net profit (IDRbn) EPS (IDR) EPS growth (%) (90.8) (38.9) BVPS (IDR) 1, , , , ,651.3 DPS (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : KINO, Danareksa Estimates

9 3Q18 Result Note Wednesday,31 October 2018 HOLD MAINTAIN Last price (IDR) 2,550 Target Price (IDR) 2,790 Upside/Downside +9.4% Previous Target Price (IDR) 1,960 CONSUMER MYOR IJ No of Shrs (mn) 22,359 Mkt. Cap (IDRbn/USDmn) 57,015/3,750 Avg. daily T/O (IDRbn/USDmn) 3.7/0.2 UNITA BRANINDO PT 32.9 MAYORA DHANA UTAMA PT 26.1 Estimated free float 15.7 Danareksa Consensus Danareksa/Cons (2.6) (10.6) (4.6) MYOR relative to JCI Index Mayora Indah(MYOR IJ) Solid growth but profits fall short of expectations MYOR reported 3Q18 net profits of IDR261bn, down 21% yoy but + 17% qoq, leading to 9M18 net profits of IDR1.1tn, +19% yoy, mainly supported by solid revenues (9M18 +21%yoy) with a continued high gross margin and forex gains despite continued high opex. The 9M18 net profit is 62% of our FY18F and 63% of consensus estimates, i.e. below. 9M18 top line growth of 21% yoy. MYOR reported solid 3Q18 revenues of IDR6.5tn, +33% yoy, as both food processing and coffee/chocolate booked robust growth of 31% and 37% yoy, respectively. This led to 9M18 revenues of IDR17.3tn, +21% yoy. By division, coffee/chocolate booked higher growth of 26% yoy in 9M18, while food processing booked 18% yoy growth. In 9M18, domestic revenues provided a contribution of 55% to the top line, while the remaining 45% stemmed from exports. Higher opex partially offset by forex gains. In 3Q18, the company maintained its high gross margin at 26.3%. This helped the 9M18 gross margin to reach 25.9%. However, the company continued to report higher opex in 3Q18 on the back of continued new product launches, we believe. As a result, the 9M18 operating margin slipped to 8.6% (9M17: 10.3%). However, thanks to IDR294bn of forex gains in 9M18 and other income, MYOR reported only a slightly lower pretax margin of 8.7% (9M17: 8.9%). MYOR reported 9M18 net profits of IDR1.1tn, +18.6% yoy. The 9M18 earnings are 62% of our FY18F and 63% of consensus estimates, i.e. below. HOLD. We continue to like MYOR for its solid business model with continued product innovation that has met with a positive response from the market. Amidst the volatility in the rupiah and raw material prices, the company is aware of the potential threat of higher packaging costs in the future on the back of higher oil prices. However, continued high opex to sustain promotional activities amidst intense competition may result in lower earnings for the company. At the current share price, MYOR trades at FY18F PE of 32.6x. We maintain our HOLD recommendation. x Natalia Sutanto (62-21) ext.3508 natalia.sutanto@danareksa.com Year to 31 Dec 2016A 2017A Revenue (IDRbn) 18,350 20,817 23,639 27,375 31,331 EBITDA (IDRbn) 2,830 3,000 3,334 3,684 4,270 EBITDA Growth (%) Net profit (IDRbn) 1,355 1,594 1,747 1,892 2,263 EPS (IDR) EPS growth (%) BVPS (IDR) DPS (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : MYOR, Danareksa Estimates

10 Results Note Thursday,01 November 2018 BUY Last price (IDR) 1,330 Target Price (IDR) 2,800 Upside/Downside % Previous Target Price (IDR) 2,800 Construction PTPP IJ No of Shrs (mn) 6,200 Mkt. Cap (IDRbn/USDmn) 8,246/542 Avg. daily T/O (IDRbn/USDmn) 27.9/1.8 Government 51.0 Estimated free float 48.9 Danareksa Consensus Danareksa/Cons (2.6) (7.3) (6.9) PTPP relative to JCI Index Pembangunan Perumahan(PTPP IJ) Earnings down 12%yoy, below expectation PTPP posted 9M18 earnings of IDR875bn down by 11.6%yoy (9M17: IDR990bn). The negative earnings growth came on the back of moderate revenues growth of +7.5%yoy and higher finance costs. The result is below our forecast and the consensus. The order book as of Sep18 reached IDR91.2tn, including IDR58.7tn of carry over contracts. We have a BUY call on PTPP. Net income as of Sep18 reached IDR875bn, down by 11.6%yoy (9M17: IDR990bn). The negative earnings growth came on the back of moderate revenues growth of 7.5%yoy and higher finance costs. The 9M earnings are 52.3% of our FY forecast and 49.6% of consensus estimates. This is lower than the average two-years past achievement of 61.8%. Revenues in 9M18 reached IDR14.8tn, +7.5%yoy (9M17: IDR13.8tn). The 9M revenues reflect only 16.2% of the order book. The three main businesses are: construction services with a contribution of 64.9% of the revenues, followed by EPC (19.7%), and Property (12.5%). The order book reached IDR 91.2tn as of Sep18. This includes IDR58.7tn of carry over contracts. PTPP managed to secure IDR32.5tn of new contracts in 9M18, reaching 66.1% of the management s full year target of IDR49.1tn. Around 81.7% of the new contracts were booked by PTPP, while the remaining 18.3% were booked by the subsidiaries. Some of the main new contracts booked are: Kulon Progo Airport worth IDR5.6tn, Makassar new port stage 1B and 1C worth 2.5tn, Nipa tank terminal phase 2 worth IDR1.5tn, and the apron extension in Ngurah Rai airport Bali worth IDR1.4tn. Margins, debts, and cash flow. The GPM slightly improved to 15.1% in 9M18 vs. 14.5% in 9M17. However, PTPP booked higher finance costs which almost doubled to IDR464bn in 9M18 vs. IDR238bn in 9M17 on the back of higher debts. Total debts reached IDR12.7tn as of Sep18 vs. IDR8.9tn in Dec17. Consequently, the DER increased to 0.83x as of Sep18 from 0.63x in Dec17. Operating cash flow (OCF) was negative at IDR1.8tn, better than in Jun18 of negative IDR2.5tn. Valuation. PTPP trades at an attractive valuation of 2019 PE of 4.2x, close to its -2SD average historical PE of 3.7x. BUY on the stock. x Maria Renata (62-21) ext.3513 maria.renata@danareksa.com Year to 31 Dec 2016A 2017A Revenue (IDRbn) 16,459 21,502 27,384 32,630 41,265 EBITDA (IDRbn) 2,010 2,592 3,077 3,665 4,357 EBITDA Growth (%) Net profit (IDRbn) 1,020 1,495 1,672 1,949 2,513 EPS (IDR) EPS growth (%) BVPS (IDR) 1, , , , ,783.0 DPS (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : PTPP, Danareksa Estimates

11 Results Note Thursday,01 November 2018 BUY Last price (IDR) 318 Target Price (IDR) 500 Upside/Downside +57.2% Previous Target Price (IDR) 500 Construction WSBP IJ No of Shrs (mn) 24,516 Mkt. Cap (IDRbn/USDmn) 7,796/513 Avg. daily T/O (IDRbn/USDmn) 18.9/1.2 Waskita Karya 60.0 Public 40.0 Estimated free float 40.0 Danareksa Consensus Danareksa/Cons (7.7) (11.8) 7.8 WSBP relative to JCI Index Waskita Beton Precast(WSBP IJ) Moderate growth WSBP posted 9M18 moderate result with earnings grew by +7.2%yoy to IDR885bn (9M17: IDR825bn). This is supported by +8.5%yoy growth in revenues (9M18: IDR5.4tn vs. 9M17: IDR5.0tn). The earning is in-line with consensus (72.2%) target, but above our expectation (84.9%). Order book reached IDR15.0tn as of Sep18. 9M18 earnings reached IDR885bn, grew by +7.2%yoy from IDR825bn in 9M17. The earnings performance was supported by +8.5%yoy growth in revenues. However, the earning is in-line with consensus (72.2%) target, but above our expectation (84.9%). The past two-years average figure is 72.1%. Revenues as of Sep18 reached IDR5.4tn, increased +8.5%yoy from IDR5.0tn booked in 9M17. The 9M revenues representing 30.2% of the order book in Sep18. Based on customers, revenues from related parties accounted for 96.3% of the revenues, with the main works were coming from its parent, Waskita Karya (WSKT) with contribution reached 73.3%. Order book reached IDR15.0tn as of Sep18, including IDR10.7tn of carry over contracts. The 9M new contracts of IDR4.3tn are 52.1% of the management s full year target of IDR8.3tn. The new contracts target has been revised down by 28.0% from IDR11.5tn set at the beginning of the year in the back of lower new contracts target set by its parents, Waskita Karya (WSKT). WSBP targets new contracts growth of 20.0%yoy in 2019 to become IDR10.0tn. WSBP allocates 2018 capex of IDR1.1tn, of which the realization reached 64% or IDR705bn as of Sep18. Margins, debts, and cash flow. GPM in 9M18 reached 28.7%, higher than 26.9% in 9M17. However, WSBP booked other expenses of IDR44bn vs. other income of IDR11bn in 9M17. Meanwhile, finance cost decreased by -7.7%yoy to IDR239bn (9M17: IDR259bn) in the back of lower interest rate. Total debts as of Sep18 reached IDR5.6tn, higher than IDR5.0tn in Dec17. Consequently, DER as of Sep18 stood at 0.75x vs. 06.8x as of Dec17. Valuation. WSBP is trading at an attractive valuation of 6.8x 2019 PE, close to its -2SD historical average PE of 6.3x. We maintain our BUY call on WSBP. x Maria Renata (62-21) ext.3513 maria.renata@danareksa.com Year to 31 Dec 2016A 2017A Revenue (IDRbn) 4,717 7,104 7,404 8,456 9,577 EBITDA (IDRbn) 1,130 1,530 1,641 1,871 2,138 EBITDA Growth (%) Net profit (IDRbn) 635 1,000 1,043 1,149 1,348 EPS (IDR) EPS growth (%) BVPS (IDR) DPS (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : WSBP, Danareksa Estimates

12 Results Update Thursday,01 November 2018 BUY Last price (IDR) 1,440 Target Price (IDR) 2,300 Upside/Downside +59.7% Previous Target Price (IDR) 2,300 Construction WSKT IJ No of Shrs (mn) 13,574 Mkt. Cap (IDRbn/USDmn) 19,546/1,286 Avg. daily T/O (IDRbn/USDmn) 67.9/4.5 Govt. Indonesia 66.0 Public 34.0 Estimated free float 34.0 Danareksa Consensus Danareksa/Cons (5.5) (24.3) (10.7) WSKT relative to JCI Index x Maria Renata (62-21) ext.3513 maria.renata@danareksa.com Waskita Karya(WSKT IJ) Solid results WSKT booked strong 9M18 results, above our forecast and the consensus. The 9M earnings reached IDR3.7tn (+44.9%yoy, 9M17: IDR2.6tn). The strong net profits growth was supported by 27.0%yoy growth in revenues and strong other income. WSKT booked IDR1.8tn of other income which, we believe, came from the issuance of RDPT in Apr18. We have a BUY call on WSKT. WSKT trades at below its -2SD average historical PE. WSKT booked strong 9M18 results with net income as of Sep18 up by +44.9%yoy at IDR3.7tn (9M17: IDR2.6tn). The strong earnings growth was supported by 27.0%yoy growth in the top-line and strong other income. The 9M result is 86.9% of our full year target and 82.8% of the consensus. As the average rate in the past two-years is 60.4%, the result is therefore higher than our estimate and the consensus. Revenues reached IDR36.2tn, up 27.0%yoy from IDR28.5tn in 9M17, supported by a strong order book. The 9M revenues are 35.5% of the order book as of Sep18. The main customer of WSKT is Hutama Karya with a contribution of 19.8% of revenues. Based on the type of business, construction services were still the main contributor with a contribution of 95.8%, followed by precast (3.6%), and other business. The order book as of Sep18 reached IDR102.0tn, consisting of new contracts of IDR11.7tn and carry over contracts of IDR90.3tn. The 9M new contracts are 21.2% of the management s full year target of IDR55.0tn. Margins, debts, and cash flow. The GPM was relatively stable at 19.5% (9M17: 19.8%). Meanwhile, interest expenses reached IDR1.9tn, up 39.3%yoy (9M17: IDR1.4tn) on the back of higher debts. Total debts reached IDR61.7tn, up 40.6%ytd from IDR43.9tn as of Dec17. Consequently, the DER in Sep18 reached 2.28x (Dec17: 1.93x). WSKT booked lower negative operating cash flow (OCF) at IDR1.5tn compared to negative IDR3.0tn in Jun18. Strong other income. WSKT booked around IDR1.8tn of other income which, we believe, came from the issuance of the RDPT in Apr18. Through the RDPT, the company managed to raise IDR5.0tn of fresh funds by divesting a 70% stake in three toll roads: Kanci Pejagan, Pejagan Pemalang, and Pasuruan Probolinggo. Furthermore, WSKT booked interest income of IDR1.1tn in Sep18, more than triple the amount in 9M17 of IDR327bn. Cash as of Sep18 stood at IDR6.8tn, lower than in Jun18 of IDR7.6tn, but higher than as of Dec17 of IDR6.1tn. However, the 9M18 core net profits of IDR2.5tn only grew by 5.8%yoy (9M17: IDR2.4tn). Valuation. WSKT is trading at an attractive valuation of 5.7x 2019 PE, below its -2SD average historical PE of 6.1x. Year to 31 Dec 2016A 2017A Revenue (IDRbn) 23,788 45,213 50,338 53,828 57,949 EBITDA (IDRbn) 2,974 7,034 8,153 8,988 9,547 EBITDA Growth (%) Net profit (IDRbn) 1,713 3,882 4,290 3,412 3,905 EPS (IDR) EPS growth (%) (5.4) (20.5) 14.5 BVPS (IDR) , , , ,722.1 DPS (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : WSKT, Danareksa Estimates

13 Result Note Thursday,01 November 2018 BUY Last price (IDR) 130 Target Price (IDR) 220 Upside/Downside +69.2% Previous Target Price (IDR) 240 Industrial Estate DMAS IJ No of Shrs (mn) 48,198 Mkt. Cap (IDRbn/USDmn) 6,266/412 Avg. daily T/O (IDRbn/USDmn) 3.0/0.2 Sumber Arusmulia 57.3 Sojitz Corporation 25.0 Estimated free float 17.7 Danareksa Consensus Danareksa/Cons 6.3 (14.7) (29.6) DMAS relative to JCI Index x Yudha Gautama (62-21) ext 3509 yudha.gautama@danareksa.com Puradelta Lestari(DMAS IJ) Skewed in 4Q18 DMAS booked 3Q18 net profit of Rp81bn (-39.5% YoY, -11.1% QoQ), bringing 9M18 net profit to Rp175bn (-19.8% YoY), accounting for 28.4% of ours and 29.5% of consensus below expectation. This is mainly due to slower than expected revenue recognition (-19.8% YoY), dragged by much lower recognition from industrial (-27% YoY). We expect DMAS revenue to be skewed in 4Q18 with the company confirming recognition of 20 Ha of industrial revenue, estimating 4Q18 top-line to be at least Rp340bn. BUY. Below expectation 9M18 result. DMAS posted 9M18 net profit of Rp175bn (- 31.4% YoY), accounting for 28.4% of ours and 29.5% of consensus. Weak result was mainly due to slower than expected revenue recognition (-19.8% YoY). 9M18 revenue was below at Rp396bn (-19.8% YoY), only accounting for 32.0% of ours and 33.5% of consensus, dragged by much lower recognition from industrial (-27% YoY). 9M18 gross margin was reported at 60.8% (vs. 63.3% in 9M17). Sluggish 3Q18 net profit. DMAS posted 3Q18 net profit of Rp81bn (-39.5% YoY, -11.1% QoQ), dragged by lower revenue recognition in 3Q18. 3Q18 revenue was reported at Rp149bn (-42.8% YoY, -36.3% QoQ), dragged by lower industrial land revenue (-66% YoY, -62% QoQ). In 3Q18, DMAS managed to recognize 5 Ha of industrial land, reaping sales of Rp86bn, which implied industrial land ASP of Rp1.7mn/sqm. 3Q18 gross margin stood at 71.9% (vs. 57.8% in 3Q17 and 52.4% in 2Q18). Variation in margin was mainly due to higher proportion of revenue recognition from commercial which yield higher margin. Clean balance sheet. As of 9M18, DMAS balance sheet remains debt-free with net cash position at Rp391bn as compared to net cash position of Rp223bn in 1H18. In 9M18, the company posted negative operating cash flow at Rp72.8bn as compared to positive operating cash flow of Rp41.6bn in 9M18. BUY. At this juncture, we maintain our BUY call on DMAS with TP Rp220. As of 9M18, DMAS has industrial backlog of 23.5Ha, residential backlog of 10 Ha and commercial backlog of 1 Ha. Our check with the company indicate that earnings will be skewed in 4Q18 and they still maintain FY18 revenue target of Rp tn (vs. ours at Rp1.2tn). The company confirmed that it has recognized 20 Ha of industrial land in 4Q18 (Kohler). Assuming land ASP of Rp1.7mn/sqm, they will book at least Rp340bn from industrial in 4Q18. Year to 31 Dec 2016A 2017A Revenue (IDRbn) 1,594 1,336 1,239 1,200 1,141 EBITDA (IDRbn) EBITDA Growth (%) (38.6) (14.8) (4.2) (1.9) (5.5) Net profit (IDRbn) EPS (IDR) EPS growth (%) (44.6) (13.2) (6.4) (6.1) (10.1) BVPS (IDR) DPS (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : DMAS, Danareksa Estimates

14 9M18 Result Thursday,01 November 2018 BUY Last price (IDR) 780 Target Price (IDR) 1,450 Upside/Downside +85.9% Previous Target Price (IDR) 1,450 Media MNCN IJ No of Shrs (mn) 14,276 Mkt. Cap (IDRbn/USDmn) 11,135/732 Avg. daily T/O (IDRbn/USDmn) 18.0/1.2 Global Mediacom 63.8 Estimated free float 43.1 Danareksa Consensus Danareksa/Cons (9.3) MNCN relative to JCI Index Media Nusantara(MNCN IJ) Dragged by forex loss MNCN has booked in-line top and bottom line 9m18 results with lower net profit due to forex loss. 9M18 results also indicate lower margins compared to previous year. On the quarterly basis, it also posted lower results than previous quarter due to occurrence of Ramadhan in the 2Q18. However, the 3Q18 margins are also slightly squeezed but resulting higher net profit margin compared to previous quarter. MNCN is currently trading at 8.6x P/E 2018F. BUY at unchanged TP of IDR 1,450 In-line 9m18 revenues and profit. The 9M18 net profits have reached Rp989bn, -11.8%yoy and -2.8%qoq or 71.4% of our full year forecast, i.e. in-line, and 65.8% of the consensus. At the topline, MNCN booked revenues of Rp5,5 Tn, +2.8yoy and -11.8%qoq, or 77.6% of our forecast and 74.7% of the consensus. Lower 3Q18 results and margin. On quarterly basis, MNCN has posted lower revenue of IDR 1.8tn declined by 11.8%qoq. We think that the decline is caused by seasonality that occurred in 2Q18 due to Ramadhan. On the positive note, the net profit margin is improving to 19.1% in 3Q18 compared to 2Q18 (17.4%) Negative yearly net income growth. On the operational basis, MNCN has booked revenue of IDR 5.5tn growing by 2.8%yoy. The gross profit and operating profit are also showing flat growth of 1.1%yoy and 1.5%yoy respectively. However, on the net income side, it declined by 11.8%yoy due to forex loss of IDR 376.3bn which coming from the USD loan. BUY with a TP of IDR 1,450. Post the release of the 9M18 results, we maintain our BUY call on SCMA with an unchanged TP of Rp1,450, implying 8.6x P/E 2018F, slightly below -1sd of 10.0x. We remain bullish on the industry as we see tightening consumer competition which drives possible improvement on ad expense and startups ad expense. However, we also noticed the possible weaken macroeconomic indicators in 2019 that may affect the clients of media industry which may affect ad expense later on. x Ignatius Teguh Prayoga (62-21) ext 3511 ignatius.prayoga@danareksa.co.id Year to 31 Dec 2016A 2017A Revenue (IDRbn) 6,730 7,053 7,123 7,408 7,853 EBITDA (IDRbn) 2,603 3,124 3,134 3,260 3,455 EBITDA Growth (%) Net profit (IDRbn) 1,369 1,453 1,384 1,906 2,071 EPS (IDR) EPS growth (%) (4.7) BVPS (IDR) DPS (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : MNCN, Danareksa Estimates

15 3Q18 Result Note Thursday,01 November 2018 HOLD Last price (IDR) 2,450 Target Price (IDR) 2,170 Upside/Downside -11.4% Previous Target Price (IDR) 1,910 Pharmaceutical KAEF IJ No of Shrs (mn) 5,554 Mkt. Cap (IDRbn/USDmn) 13,607/895 Avg. daily T/O (IDRbn/USDmn) 1.3/0.1 REPUBLIC OF INDONESIA 90.0 Estimated free float 10.0 KAEF relative to JCI Index Kimia Farma(KAEF IJ) Still on track Kimia Farma reported 3Q18 earnings growth of 6.4% yoy and 21.8% qoq, leading to 9M18 net profits of IDR225bn (+17.2% yoy), on the back of solid revenues with continued high gross and operating margins. The 9M18 result is in line to achieve our FY18 earnings forecast (59% of FY18F). Solid 9M18 top line growth of 23.4% yoy. KAEF reported 3Q18 revenues of IDR1.9tn, +14% yoy, leading to 9M18 revenues of IDR5.3tn, +23.4% yoy. Ethical and licensed products which provided the biggest contribution of 43% to 9M18 revenues, recorded 5% yoy growth. By comparison, generic and OTC products continued to report robust growth of 31% and 37% yoy, respectively. These two divisions accounted for 41% of the 9M18 total revenues. The 9M18 top line is 73% of our FY18F, i.e. in line. Strong 9M18 earnings. In 3Q18, Kimia Farma reported a high gross margin of 37.9% (2Q18: 36.9%), giving rise to a high 9M18 gross margin of 36.6%. The management stated that increasing production volume helped the company to secure longer-term raw materials supply, supporting margins. On the operating front, the company reported continued high opex/revenues of 28.3% (3Q17: 26.1%), following the preparation to commence new plants as well as the opening of more pharmacies and clinics this year. Higher interest expenses were partially offset by higher other income, allowing the company to book an improved 3Q18 net margin of 5.4%. In 9M18, KAEF reported a bottom line of IDR225bn, +17.2% yoy. The 9M18 net profit is 59% of our FY18F, i.e. in line. HOLD with a TP of IDR2,170. The government s support for the National Health Program should translate into more budget spending ahead, benefiting Kimia Farma (around 40% of its revenues come from government programs). It is also worth noting that the upstream-to-downstream expansion will help pave the way for more efficiencies in the future. At the current share price, KAEF is trading at FY18F PE of 35.7x. HOLD. x Natalia Sutanto (62-21) ext.3508 natalia.sutanto@danareksa.com Year to 31 Dec 2016A 2017A Revenue (IDRbn) 5,811 6,127 7,301 9,052 10,709 EBITDA (IDRbn) EBITDA Growth (%) Net profit (IDRbn) EPS (IDR) EPS growth (%) BVPS (IDR) DPS (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : KAEF, Danareksa Estimates

16 Result Note Wednesday,31 October 2018 HOLD Last price (IDR) 278 Target Price (IDR) 260 Upside/Downside -6.5% Previous Target Price (IDR) 340 Property ASRI IJ No of Shrs (mn) 19,649 Mkt. Cap (IDRbn/USDmn) 5,463/359 Avg. daily T/O (IDRbn/USDmn) 2.9/0.2 Tangerang Fajar Industrial Estate 25.2 Manunggal Prime Development 18.7 Estimated free float 56.1 Danareksa Consensus Danareksa/Cons ASRI relative to JCI Index Alam Sutra Realty(ASRI IJ) Below Expectation Due to Forex Losses ASRI booked 9M18 net profits of Rp639bn (-42.8% YoY), accounting for 39.8% of our full year forecast and 59.5% of the consensus - below expectation, despite a strong top-line and operating profits. This mainly reflects forex losses of Rp517bn. The 3Q18 net profit was lower at Rp122bn (-70.3% YoY, % QoQ) dragged down by lower land, residential and apartment sales as well as forex losses. ASRI remains our least preferred property stock due to its combination of high leverage & forex exposure and low recurring income. HOLD. Lower-than-expected 9M18 results. ASRI posted 9M18 net profits of Rp639bn (-42.8% YoY), accounting for 39.8% of our full year forecast and 59.5% of the consensus. The lower-than-expected bottom-line was mainly due to forex losses of Rp517bn (vs. Rp14bn of forex losses in 9M17). Both the 9M18 revenues and operating profits were solid (in-line with our estimates, but above the consensus) at Rp3.2tn (+1.0% YoY) and Rp1.67tn (+7.4% YoY). Top-line growth was mostly driven by land lot sales (+31% YoY). The 9M18 gross margin was higher at 63.2% (vs. 57.9% in 9M17), likely due to a higher mix of highmargin land lot sales. Lower 3Q18 net profits. ASRI s 3Q18 net profits were lower at Rp122bn (-70.3% YoY, -44.1% QoQ), dragged down by lower 3Q18 revenues of Rp1.01tn (-32.2% YoY, -14.9% QoQ). Lower 3Q18 revenues reflect lower recognition of land sales, residential property and apartments. In addition, the company also booked forex losses of Rp231bn in 3Q18. The 3Q18 gross margin was 64.7% (vs. 47.8% in 3Q17 and 62.6% in 2Q18). x Yudha Gautama (62-21) ext 3509 yudha.gautama@danareksa.com Net gearing remains high. As of 9M18, ASRI s net gearing was high at 81.1% vs. 78.6% in 1H18. The 9M18 operating cash flow was steady at Rp1.27tn (+5.0% YoY). HOLD. We maintain our HOLD call on ASRI with a TP of Rp260. Among the developers under our coverage, ASRI remains our least preferred due to its combination of high leverage & forex exposure and low recurring income; hence we think it will be the least resilient in overcoming the unfavourable macro conditions. The counter is currently trading at an 81% discount to NAV vs. the sector s 77%. Year to 31 Dec 2016A 2017A Revenue (IDRbn) 2,716 3,917 4,310 4,138 4,132 EBITDA (IDRbn) 1,177 2,070 2,265 2,215 2,176 EBITDA Growth (%) (31.0) (2.2) (1.7) Net profit (IDRbn) 509 1,380 1,605 1,576 1,655 EPS (IDR) EPS growth (%) (14.7) (1.8) 5.0 BVPS (IDR) DPS (IDR) 0.0 (1.5) (10.5) (12.3) (12.0) PER (x) PBV (x) Dividend yield (%) 0.0 (0.4) (2.8) (3.2) (3.2) EV/EBITDA (x) Source : ASRI, Danareksa Estimates

17 Result Note Wednesday,31 October 2018 BUY Last price (IDR) 1,080 Target Price (IDR) 1,450 Upside/Downside +34.3% Previous Target Price (IDR) 1,930 Property BSDE IJ No of Shrs (mn) 19,247 Mkt. Cap (IDRbn/USDmn) 20,786/1,365 Avg. daily T/O (IDRbn/USDmn) 22.2/1.5 Paraga Artamida 26.6 Ekacentra Usahamaju 25.0 Estimated free float 39.0 Danareksa Consensus Danareksa/Cons (3.5) (34.7) (22.7) BSDE relative to JCI Index Bumi Serpong Damai(BSDE IJ) 9M18 Result Not Up to Par BSDE posted 3Q18 net profits of Rp190bn (-35.0% YoY, +9,255% QoQ), resulting in 9M18 net profits of Rp599bn (-74.0% YoY), or reaching 24.4% of our full year forecast and 22.9% of the consensus. The weak result stemmed from slower revenues recognition (-18.9% YoY), higher opex (+10.1% YoY), forex losses of Rp405bn, higher interest expenses (+60.2% YoY) and minority interest (+76.8% YoY). Going forward, the downside risk to earnings is lowerthan-expected revenues recognition and forex risk, but BSDE is already trading at an 82% discount to NAV vs. the sector s 77%. BUY. Weaker-than-expected 9M18 results. BSDE posted 9M18 net profits of Rp599bn (-74.0% YoY), reaching 24.4% of our full year forecast and 22.9% of the consensus. The weaker-than-expected result mainly owes to a lag in revenues recognition (-18.9% YoY), higher opex (+10.1% YoY), forex losses of Rp405bn, higher interest expenses (+60.2% YoY) and higher minority interest (+76.8% YoY). The 9M18 revenues were below expectations at Rp4.79tn (- 18.9% YoY), reaching 60-61% of our full year forecast and consensus estimates, reined in by lower development revenues (-25.5% YoY). The 9M18 gross margin was 73.3% (vs. 72.7% in 9M17). Better QoQ 3Q18 net profits. In 3Q18, BSDE s net profits reached Rp190bn (- 35.0% YoY, +9,255% QoQ). On a QoQ basis, the 3Q18 net profit was boosted by higher 3Q18 sales recognition at Rp1.67tn (+4.3% YoY, +17.6% QoQ) and higher interest income (+119% YoY, +46% QoQ). However, on a YoY basis, the net profit was lower due to higher interest expenses (+97% YoY, -7% QoQ), higher forex losses of Rp168bn vs Rp35bn of forex losses in 3Q17 and minority interest (+167% YoY, +38% QoQ). The 3Q18 gross margin stood at 76.2% (vs. 75.9% in 2Q18 and 72.0% in 3Q17). x Yudha Gautama (62-21) ext 3509 yudha.gautama@danareksa.com Balance sheet. As of 9M18, BSDE s balance sheet was still healthy with net gearing of 18.9%, or up from 17.5% in 1H18. However, the company s total nominal interest-bearing loans totalled Rp14.26tn, of which 68% are USDdenominated and unhedged. The 9M18 operating cash flow fell to Rp854.8bn (-58% YoY). BUY. We maintain our BUY call on BSDE with a TP of Rp1,450. Downside risk to earnings will be lower-than-expected revenues recognition and continued forex risk if the IDR depreciates further. However, the counter is now already trading at an 82% discount to NAV, below the property sector s 77%. Year to 31 Dec 2016A 2017A Revenue (IDRbn) 6,603 10,347 7,904 6,965 7,502 EBITDA (IDRbn) 3,035 5,783 3,912 3,248 3,584 EBITDA Growth (%) (2.2) 90.5 (32.4) (17.0) 10.3 Net profit (IDRbn) 1,796 4,920 2,457 1,820 2,051 EPS (IDR) EPS growth (%) (16.0) (50.1) (25.9) 12.7 BVPS (IDR) 1, , , , ,619.8 DPS (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : BSDE, Danareksa Estimates

18 Result Note Wednesday,31 October 2018 BUY Last price (IDR) 820 Target Price (IDR) 990 Upside/Downside +20.7% Previous Target Price (IDR) 1,220 Property CTRA IJ No of Shrs (mn) 15,425 Mkt. Cap (IDRbn/USDmn) 12,649/831 Avg. daily T/O (IDRbn/USDmn) 13.3/0.9 Founder 30.6 Credit Suisse AG, Singapore 7.9 Estimated free float 49.0 Danareksa Consensus Danareksa/Cons CTRA relative to JCI Index Ciputra Development(CTRA IJ) Expected to Catch Up in 4Q18 CTRA booked 3Q18 net profits of Rp398bn (+76.9% YoY, % QoQ), resulting in 9M18 net profits of Rp580bn (+2.4% YoY) below expectation, mainly due to slower revenues recognition (+7.9% YoY) and higher interest expenses (+42.5% YoY). The company remains confident on achieving its FY18 revenues target of Rp7.7tn (vs. our target of Rp7.4tn), with a Rp675bn boost likely in 4Q18 from the sale of apartment units to The Ascott. BUY. Lower-than-expected 9M18 results. CTRA posted 9M18 net profits of Rp580bn (+2.4% YoY), reaching 49.5% of our full year forecast and 54.4% of the consensus. The weaker-than-expected result was mainly driven by slower revenues recognition (+7.9% YoY) and higher interest expenses (+42.5% YoY) as capitalized interest from CW2 was expensed. The 9M18 revenues were still behind expectations at Rp4.69tn (+7.9% YoY), reaching 63.7% of our full year forecast and 62.1% of the consensus. Growth was mostly driven by recognition of apartment sales (+28% YoY), for which the partial recognition of sales of Newton 1 serviced apartments to Diener Syz started and from sales of office towers (+32% YoY), mostly from CitraTower Kemayoran and Tokopedia Care Tower. The 9M18 gross margin was 48.8% (vs. 47.9% in 9M17). Better 3Q18 net profit. In 3Q18, CTRA s net profit improved to Rp398bn (+76.9% YoY, % QoQ) mostly boosted by higher 3Q18 revenues of Rp1.88tn (+23.9% YoY, +30.3% QoQ). The 3Q18 operating profit was also strong at Rp623bn (+19.3% YoY, -24.8% QoQ) helped by lower opex, for which opex to sales were 18% compared to 18.7% in 3Q17 and 31.3% in 2Q18. The 3Q18 gross margin was 51.1% (vs. 44.5% in 3Q17 and 48.1% in 2Q18). Net gearing rose slightly. As of 9M18, CTRA s net gearing rose slightly to 34.4% from 32.6% in 1H18. The 9M18 operating cash flow was stable at Rp347.2bn (+4.0% YoY). BUY. We maintain our BUY call on CTRA with a TP of Rp990. The company remains confident that it is on track to achieve its FY18 revenues target of Rp7.7tn (vs. our target of Rp7.4tn). The recognition of Rp675bn of revenues from the sale of apartment units to The Ascott expected in 4Q18 are likely to provide a big boost. The counter is currently trading at a 77% discount to NAV, at par with the property sector. x Yudha Gautama (62-21) ext 3509 yudha.gautama@danareksa.com Year to 31 Dec 2016A 2017A Revenue (IDRbn) 6,739 6,443 7,363 7,678 8,805 EBITDA (IDRbn) 2,048 1,822 2,147 2,311 2,532 EBITDA Growth (%) (20.5) (11.1) Net profit (IDRbn) 1, ,171 1,216 1,412 EPS (IDR) EPS growth (%) (38.3) (27.2) BVPS (IDR) DPS (IDR) (7.9) (4.7) (4.2) (5.4) (5.6) PER (x) PBV (x) Dividend yield (%) (0.7) (0.4) (0.3) (0.4) (0.5) EV/EBITDA (x) Source : CTRA, Danareksa Estimates

19 Result Note Thursday,01 October 2018 HOLD Last price (IDR) 600 Target Price (IDR) 660 Upside/Downside +10.0% Previous Target Price (IDR) 1,000 Property SMRA IJ No of Shrs (mn) 14,427 Mkt. Cap (IDRbn/USDmn) 8,656/569 Avg. daily T/O (IDRbn/USDmn) 10.2/0.7 Semarop Agung 25.4 Sinarmegah Jayasentosa 6.6 Estimated free float 67.8 Danareksa Consensus Danareksa/Cons 3.9 (20.0) 5.2 SMRA relative to JCI Index Summarecon Agung(SMRA IJ) Still Falling Short SMRA booked 3Q18 net profits of Rp125bn (+111.9% YoY, % QoQ), resulting in 9M18 net profits of Rp203bn (+70.2% YoY), accounting for 53.1% of our full year forecast and 53.6% of the consensus below expectation. This mainly reflects slow revenues recognition (+0.7% YoY) and higher-thanexpected minority interests (+58% YoY). The 3Q18 net profit improved supported by lower COGS (-8.5% YoY, -10.1% QoQ) and lower opex (-0.4% YoY, -28.5% QoQ). Despite its sizeable recurring income, we remain cautious on SMRA s high gearing and sluggish marketing sales performance. HOLD. Lower-than-expected 9M18 results. SMRA booked 9M18 net profits of Rp203bn (+70.2% YoY), accounting for 53.1% of our full year forecast and 53.6% of the consensus. The weak result mainly reflects slow revenues recognition (+0.7% YoY) and higher-than-expected minority interests (+58% YoY). 9M18 revenues were slightly below forecast at Rp4.02tn (+0.7% YoY), making up 67.1% of our full year estimate and 69.0% of the consensus. The slightly higher revenues were supported by strong recurring income (+9.5% YoY), offsetting lower development revenues (-4.3% YoY). The 9M18 gross margin was higher at 47.5% (vs. 42.9% in 9M17) due to changes in the product mix. Improved 3Q18 net profits. SMRA s 3Q18 net profits climbed to Rp125bn (+111.9% YoY, % QoQ) supported by lower COGS (-8.5% YoY, -10.1% QoQ) and lower opex (-0.4% YoY, -28.5% QoQ). 3Q18 revenues were Rp1.36tn (+4.8% YoY, -7.6% QoQ). The 3Q18 gross margin was 49.4% (vs. 42.0% in 3Q17 and 48.0% in 2Q18). Net gearing remains high. As of 9M18, SMRA s balance sheet remains leveraged with net gearing of 80%, or stable compared to 80.1% in 1H18. The 9M18 operating cash flow increased to Rp471.1bn (+352% YoY). x Yudha Gautama (62-21) ext 3509 yudha.gautama@danareksa.com HOLD. We maintain our HOLD call on SMRA with a TP of Rp600. Despite enjoying sizeable recurring income, we are worried by SMRA s relatively high gearing and lagging marketing sales performance, which would translate into lower development revenues in the next couple of years. The counter is currently trading at an 81% discount to NAV vs. the sector s 77%. Year to 31 Dec 2016A 2017A Revenue (IDRbn) 5,398 5,641 5,996 5,788 6,411 EBITDA (IDRbn) 1,678 1,674 1,771 1,794 2,048 EBITDA Growth (%) (16.5) (0.2) Net profit (IDRbn) EPS (IDR) EPS growth (%) (63.6) (10.5) 40.0 BVPS (IDR) DPS (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : SMRA, Danareksa Estimates

20 Equity SNAPSHOT Thursday, November 01, 2018 MARKET NEWS SECTOR Facebook sees video growth as disrupting force Zuckerberg reiterated that video is one of Facebook s key priorities. Video has grown a lot for Facebook, but it grows in Feeds and Facebook and Instagram, displacing some social interactions making the experience less valuable even though they re spending more time on it. The company s solution to this has been to build separate video experiences with the launch of Facebook Watch and Instagram s IGTV a strategy that seem to be paying off, even though these services still trails Youtube. Facebook said it now estimates that more than 2.6 billion people use Facebook, WhatsApp, Instagram, or Messenger each month, and more than 2 billion people use at least one of its family of services every day on average. (Digital TV Europe). Telkom first thoughts on possible market consolidation. In principle, Telkom is glad as this has potential because industry will become healthier. Telkomsel itself does not have the appetite for mergers because it already has an extensive network, as well as sales channels and M&A will create redundancies for them. For other players the key motive would be the spectrum frequency spectrum which is very valuable for everyone. Based on current interpretation of regulations spectrum is not transferable/cannot be traded. Ministerial Regulation on M&A has long been awaited by market participants since 2015, but yet to come up with transparent solutions. (Indotelco). Danareksa Sekuritas Equity SNAPSHOT

21 Equity SNAPSHOT Thursday, November 01, 2018 DANAREKSA VALUATION GUIDE Equity Valuation Rating Price (Rp) Price Mkt Cap Net profit, Rp bn EPS (Rp) Core EPS (Rp) EPS Growth PER (x) EV / EBITDA (x) PBV (x) ROE Target Rp Bn Danareksa Universe ,7 248,2 11,9% 12,0% 16,3 14,5 17,5 16,2 2,6 2,4 17,1 17,2 Auto ,7 432,7 4,5% 9,1% 16,2 14,9 12,0 11,0 2,4 2,2 15,3 15,4 Astra International BUY ,5% 9,1% 16,2 14,9 12,0 11,0 2,4 2,2 15,3 15,4 Banks ,6 530,3 14,6% 15,6% 14,5 12,6 2,3 2,0 16,5 16,9 BCA HOLD ,6% 14,1% 22,2 19,5 N/A N/A 3,8 3,3 18,5 18,0 BNI BUY ,2% 15,8% 8,8 7,6 N/A N/A 1,2 1,1 14,8 15,2 BRI BUY ,5% 17,6% 11,8 10,0 N/A N/A 2,1 1,8 18,6 19,3 Bank Tabungan Negara BUY ,4% 8,5% 6,4 5,9 N/A N/A 0,9 0,8 15,1 14,6 Bank Mandiri BUY ,5% 15,6% 13,1 11,3 N/A N/A 1,8 1,6 14,1 14,8 BTPN HOLD ,1% 16,7% 12,2 10,5 N/A N/A 1,2 1,1 10,1 10,9 BTPS BUY ,6% 29,7% 14,5 11,2 N/A N/A 3,4 2,8 29,4 27,3 BPD Jatim BUY ,6% 6,7% 7,2 6,8 N/A N/A 1,1 1,0 15,5 15,5 Cigarettes ,0% 9,5% 26,7 24,4 18,3 16,9 6,9 6,3 26,9 26,9 Gudang Garam BUY ,8% 10,3% 16,8 15,2 10,9 9,9 2,9 2,5 18,3 17,7 HM Sampoerna HOLD ,0% 9,0% 32,9 30,2 24,3 22,2 12,5 12,0 38,2 40,4 Construction ,5% 17,9% 6,9 5,9 6,6 5,99 1,0 0,9 16,1 16,5 Wijaya Karya BUY ,0% 32,7% 6,2 4,7 2,6 2,1 0,7 0,6 11,9 14,2 Pembangunan Perumahan BUY ,8% 22,9% 4,7 3,9 2,7 2,2 0,6 0,5 14,2 15,2 Adhi Karya BUY ,1% 22,2% 5,3 4,4 5,0 4,4 0,6 0,5 11,6 11,6 Waskita Karya BUY ,3% 15,3% 4,5 3,9 7,0 6,2 1,1 0,9 27,6 25,5 Waskita Beton BUY ,5% 17,0% 6,0 5,1 5,4 4,8 1,1 1,0 17,2 18,4 Wika Beton BUY ,5% 16,6% 5,9 5,1 4,0 3,6 0,9 0,8 14,5 15,2 Jasa Marga BUY ,8% 4,8% 17,3 16,5 12,5 12,9 1,9 1,7 11,1 10,8 Consumer ,9% 9,6% 30,4 27,7 17,1 15,7 7,7 7,0 26,4 26,4 Indofood CBP BUY ,8% 6,3% 26,2 24,6 15,4 14,4 4,8 4,4 19,3 18,6 Indofood BUY ,8% 10,6% 11,7 10,6 5,5 5,1 1,6 1,4 13,9 14,2 Unilever HOLD ,5% 10,6% 43,0 38,9 30,1 27,2 59,3 54,9 143,0 146,8 Kino Indonesia BUY ,1% 53,3% 31,5 20,5 13,2 9,9 1,4 1,3 4,5 6,6 Mayora Indah HOLD ,5% 8,3% 32,6 30,1 17,8 16,3 6,8 5,9 22,4 21,0 Healthcare ,0% 18,5% 27,7 25,2 17,6 15,8 4,4 4,0 16,8 16,6 Kalbe Farma BUY ,6% 7,7% 25,3 23,5 15,9 14,8 4,3 3,9 18,0 17,4 Kimia Farma HOLD ,0% 30,8% 50,8 38,8 29,8 21,2 5,0 4,5 10,2 12,2 Heavy Equipment ,6% 10,6% 14,2 12,9 6,2 5,4 2,5 2,3 18,9 18,6 United Tractors BUY ,6% 10,6% 14,2 12,9 6,2 5,4 2,5 2,3 18,9 18,6 Industrial Estate ,6% 17,6% 9,3 7,9 6,2 5,6 0,6 0,6 7,0 7,9 Puradelta Lestari BUY ,8% -7,9% 9,7 10,5 7,9 8,3 0,9 0,8 9,1 8,1 Bekasi Fajar BUY ,0% 16,6% 2,7 2,3 3,7 3,3 0,3 0,3 12,2 12,7 Surya Semesta HOLD (91) 62 (19) 13 (19) ,7% 168,5% (24,1) 35,2 7,9 5,6 0,6 0,6 (2,4) 1,7 Media ,5% 10,4% 9,6 8,7 6,3 5,6 2,3 2,0 25,5 24,5 Media Nusantara Citra BUY ,9% 10,1% 5,7 5,2 4,0 3,6 1,1 1,0 20,3 19,7 Surya Citra Media BUY ,5% 10,7% 14,6 13,2 9,7 8,5 5,0 4,2 37,4 35,0 Mining ,1% 1,5% 9,8 9,7 4,3 4,3 1,4 1,3 14,7 14,1 Adaro Energy BUY ,4% -7,7% 7,2 7,8 2,8 2,7 1,1 1,1 16,0 14,2 Timah BUY ,9% 14,4% 8,0 7,0 4,4 3,9 0,7 0,7 9,6 10,2 Vale Indonesia BUY ,5% 53,0% 26,0 17,0 8,1 6,3 1,2 1,2 4,7 7,1 Aneka Tambang HOLD ,7% 17,0% 38,2 32,6 10,3 10,2 0,9 0,9 2,3 2,6 Bukit Asam BUY ,8% 6,2% 9,8 9,2 6,4 6,2 2,9 2,4 31,2 27,2 Indo Tambangraya Megah BUY ,3% -6,0% 7,2 7,7 3,4 3,8 2,0 1,8 28,9 24,9 Harum Energy HOLD ,7% 6,9% 8,0 7,5 1,1 0,6 1,2 1,2 15,8 16,1 Plantation ,2% 10,1% 13,0 11,8 6,8 5,4 1,1 1,1 9,1 9,4 Astra Agro Lestari BUY ,5% 14,3% 14,1 12,3 7,0 6,1 1,2 1,1 8,8 9,5 Sampoerna Agro BUY ,4% 17,1% 12,5 10,7 7,1 4,0 1,1 1,0 8,7 9,4 PP London Sumatra BUY ,2% -1,4% 10,6 10,8 6,0 4,5 1,0 1,0 9,9 9,2 Poultry ,0% 15,0% 20,0 17,4 11,9 10,5 3,8 3,3 20,3 20,3 Charoen Pokphand HOLD ,2% 36,1% 26,5 19,5 14,1 12,4 4,9 4,2 23,3 23,1 Japfa Comfeed BUY ,4% 12,0% 13,3 11,9 8,2 7,2 2,2 2,0 17,6 17,3 Malindo Feedmill HOLD ,7% 14,7% 22,9 20,0 9,0 8,3 1,5 1,5 6,9 7,5 Property ,7% -5,0% 8,8 9,3 6,9 6,9 1,0 0,9 12,3 10,5 Alam Sutera HOLD ,3% -1,8% 3,4 3,5 5,2 5,3 0,6 0,5 17,5 15,0 Bumi Serpong Damai BUY ,2% -25,2% 7,4 10,0 5,9 7,0 0,8 0,7 10,7 7,4 Ciputra Development BUY ,9% 3,9% 13,0 12,5 9,4 8,7 1,1 1,0 8,4 8,1 Pakuw on Jati BUY ,2% 14,0% 9,9 8,7 6,8 5,7 1,9 1,6 20,5 19,5 Summarecon BUY ,8% -10,5% 22,6 25,3 8,5 8,6 1,3 1,2 5,7 4,9 Retail ,9% 22,0% 18,5 15,2 10,5 8,3 4,2 3,7 23,3 25,8 Mitra Adi Perkasa BUY ,0% -5,7% 1,5 1,6 7,3 6,2 3,0 2,6 20,0 17,1 Ramayana HOLD ,2% 9,9% 17,9 16,3 12,4 11,3 2,3 2,1 12,5 12,8 Matahari Department Store BUY ,8% 5,6% 6,9 6,6 4,1 3,7 4,7 3,7 75,9 63,0 Matahari Putra Prima SELL (760) (188) (141) (35) (141) (35) -38,9% 75,3% (1,1) (4,3) - 5,1 11,8 2,7 5,0 (95,7) (58,7) Ace Hardw are BUY ,5% 10,6% 24,5 22,2 19,1 16,9 5,8 5,1 25,1 24,1 Erajaya Sw asembada BUY ,7% 12,1% 7,8 6,9 4,4 4,1 1,3 1,1 15,9 15,6 Telco ,8% 18,5% 20,2 17,1 5,6 5,0 3,2 3,0 16,0 18,1 Telekomunikasi Indonesia BUY ,2% 13,7% 18,7 16,4 6,1 5,5 3,9 3,6 21,9 23,4 Indosat HOLD (360) 73 (66) 13 (67) ,7% 120,2% (36,4) 180,1 3,0 2,5 1,0 1,0 (2,7) 0,6 XL Axiata BUY ,8% 129,3% 62,3 27,2 4,7 4,2 1,3 1,2 2,1 4,6 Danareksa Sekuritas Equity SNAPSHOT