Equity Research 3 April 2014 HIGHLIGHT CORPORATE. Poultry Sector: Waiting for the egg to hatch

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1 INVESTOR DIGEST Equity Research 3 April 2014 Economic Data Latest 2014F BI Rate (%), eop Inflation (YoY %) US$ 1 = Rp, period avg 11,295 11,825 HIGHLIGHT Poultry Sector: Waiting for the egg to hatch PTPP: signed Rp3.55tn new contract as of 3rd week of March 2014 (PTPP; Rp1,915; Buy; TP:Rp2,100) Alam Sutera Realty: Growth constraint (ASRI; Rp625; Neutral; TP:Rp680) Stock Market Data (2 Apr 2014) JCI Index 4, % Trading T/O ( Rp bn ) 5,879.6 Market Cap ( Rp tn ) 4,814.1 Market Data Summary* 2014F 2015F EBITDA growth (%) EPS growth (%) Core EPS growth (%) EV/EBITDA (x) P/E (x) P/BV (x) Div. Yield (%) Earnings Yield (%) Net Gearing (%) ROE (%) * Aggregate of 69 companies in MS research universe, representing 60.8% of JCI s market capitalization CORPORATE Poultry Sector: Waiting for the egg to hatch Most poultry stocks reported below-than-expected FY13 results mainly driven by forex loss and margin compression following higher production cost. Currently, we view the oversupply is more on short-term risk rather than structural. We believe the negatives are not fully in the prices yet and expecting to come off by 3Q14. Mostly 4Q13 results were hit. All poultry companies under our coverage reported weaker 4Q13 results, dropping by %QoQ mostly driven by combination of weaker DOC prices, higher production cost following feed price hike and forex loss driven by further IDR depreciation. JPFA recorded the biggest net loss of Rp172bn in 4Q13 while MAIN was about at the border line. While CPIN still recorded 4Q13 NPAT of Rp321bn (+47%YoY, -52.7%QoQ) supported by its growing processed chicken business with relatively stable margin. MAIN witnessed the fastest top line growth to gain market share. Among peers, MAIN has witnessed the strongest and fastest top line growth both in the poultry feed and DOC segment in FY2013 of 29.7%YoY and 30.0%YoY respectively. Followed by JPFA in the 2 nd position with feed and DOC segment witnessing 18.6%YoY and 27.9%YoY vs CPIN of 16.4%YoY and 24.4%YoY respectively. It suggests that MAIN continues to grab more market share in both segments. Expecting the negatives to come off by 3Q14, prefer pure play afterward. Based on our latest discussion with one of the biggest global chicken feed player, the oversupply in broiler and DOC market (partly due to aggressive commercial farming expansion from JPFA), especially in East and Central Java, may take around 6 months until the chick culling activities stop before entering new equilibrium with improving purchasing power. Despite West Java still dominates the market over 50%, weaker prices in other region could affect the overall feed and DOC sales across the industry due to chain reaction effect. Once the negatives come off, MAIN as the pure poultry play would benefit the most given its higher operating leverage with the fastest top line growth. Page 1 of 7

2 Potential further earnings downgrade risk across the board. Based on our updated and revisited earnings forecasts, we found that JPFA would face the highest potential earnings downgrade from the street as our FY14F-15F NPAT forecasts is around 25-28% below consensus. For MAIN, our FY14F-15F NPAT forecasts is around 10-15% below consensus. While for CPIN our FY14F-15F NPAT forecasts is about 8-10% below consensus. Maintain Neutral, MAIN is our top pick. At this juncture, we maintain our Neutral rating on the sector as industry valuation about priced in. We like CPIN for its earnings stability and quality yet its valuation is not cheap. We pick MAIN as our top pick as it offers the most attractive potential upside as a pure poultry play and the most laggard in the industry with the most undemanding valuation. Key risks: 1) Economic slowdown, 2) Raw material prices volatility, 3) IDR currency volatility, 4.) Bird flu virus, 5) weather risk and 6.) Regulatory risk. Company name Ticker Rating Mar.cap Target Upside P/E(x) EV/EBITDA(x) ROE (%) EPS growth (%) US$mn Price % FY14F FY15F FY14F FY15F FY14F FY15F FY14F FY15F Charoen Pokphand CPIN IJ Neutral 67,498 4, Japfa Comfeed JPFA IJ Neutral 14,962 1, Malindo Feedmill MAIN IJ Buy 5,560 4, Herman Koeswanto, CFA ( ) herman.koeswanto@mandirisek.co.id CORPORATE PTPP: signed Rp3.55tn new contract as of 3rd week of March 2014 (PTPP; Rp1,915; Buy; TP:Rp2,100) Key snapshots from PTPP CEO, Bambang Triwibowo, from Bisnis Indonesia: As of third week of March, PTPP has secured Rp3.55tn worth of new contract (or 14% of company FY2014 new contract target). Few of the largest new contracts are Mall Sawangan, Depok (Rp896bn), Kutai Coal Terminal, East Kalimantan (Rp776bn) and Wang Residence Citicon, Jakarta (Rp400bn). PTPP is planning to float its property business in early In the next couple months, the company will soon launch its largest property project Grand Kamala Langoon (24Ha mixed use in Bekasi). It will also expand its business by setting up new precast concrete plants and penetrating into eastern part of Indonesia. PTPP achievement is below WIKA (Rp4.8tn or 19% of its FY2014 new contract target), but in line with WSKT (Rp2.8tn or 15% of its FY2014 new contract target). WIKA and PTPP are our top pick in the sector. Despite the recent rally, we believe that PTPP (18x 2014PE and 3.9x 2014PBV) is attractively valued compare to the valuation leader, WIKA (22.8x 2014PE and 4.1x 2014PBV) on the back of its similar order book outlook. In addition, we think that PTPP 2014 management guidance is more towards the conservative side. Consensus net profit number is 6% below management on PTPP, but 5% higher on WIKA. Handoko Wijoyo ( ) handoko. wijoyo@mandirisek.co.id Page 2 of 7

3 Alam Sutera Realty: Growth constraint (ASRI; Rp625; Neutral; TP:Rp680) We think that there s risk to consensus earnings numbers, as we expect margin to contract further in FY15-16F. Also, we are cautious on the company s marketing sales target for this year. Hence, maintain Neutral with new TP of Rp680. Margin contraction going forward. We are worried that pressure on ASRI s margin (due to lower-margin Pasar Kemis) to come much faster than expectations. We currently project lower gross margin (of 57% versus consensus at 60%) and as we take into account bond purchase expense. We expect margin to contract in FY15F and FY16F to 51-52% due to increase contribution of Pasar Kemis coupled with rising contribution of high-rise apartment and office. We project margin of Pasar Kemis to be around 45%. The tower is sold on retail basis. Our channel check to marketing agent indicates that the Tower, its high-rise office in CBD area, is already sold to retail versus bulk. Opening price is at Rp45-47mn per sqm. However, with ample pipeline of office launches in the CBD areas, we think that there is a risk to the company s marketing sales target of Rp1tn for the Tower. We currently project marketing sales of Rp4.5tn for ASRI (if we include Rp1tn land sale to BEST, it is down by 7% YoY), vs management target of Rp5tn. We think that there is a risk to our number if office sale is much slower than expectation. Additionally, we view that there is competition on commercial land sale in Serpong. BSDE was able to sold around 9 ha in 1Q14 at price of Rp4-9mn per sqm. Balance sheet position show little room to leverage further. We project ASRI to stand at 67% net gearing for end of FY14F. We think that there is only a little room for ASRI to raise its leverage. Hence, we think the company would likely focus on its own project instead of inorganic growth. Maintain Neutral with TP of Rp680/sh. Our PT is based on 60% discount to its NAV of Rp1,694. Our PT implies FY14F P/E of 9.8x and FY15F P/E of 8.3x. ASRI is currently trading at 63% discount to NAV. We think it is a bit difficult for ASRI to narrow its discount to NAV as company currently has a high net gearing. Additionally, as the company likely to focus on inorganic growth, there is little room for aggressive NAV increases. Liliana S Bambang ( ) liliana.bambang@mandirisek.co.id MARKET Market Recap April 2nd 2014; JCI: 4, (-0.08%); USD/IDR: 11,295; Total Value: Rp7tn Indo market registered the bulk of its gain during opening hours as the advance continued a recent trend of investors using positive macro data as buying opportunities. JCI traded 0.5% higher at 4,898 level (just shy of 4,900 level) at opening and the advancers once again were banks, cement, and property names. After that, the market swung between gain and losses for the remainder of morning session as lack of major corporate earnings or market-affecting-data kept trading directionless. The situation worsened a bit by afternoon, with the major index flirted around flat-to-red zone. It finally closed around flat position at 4,870 level. Volume stayed strong at USD625mn, though not as strong as yesterday and regular market transaction was recorded at Rp5.9tn (USD522.36mn). Foreign participants calmed to 35%, but still came up very strong better buyer for 35%. Excluding foreign net buy from BMTR s crossing, foreign investors still posted another net buy of Rp914.64bn (USD80.98mn). Losers beat gainers by 3 to 2. TOP TURNOVER: BMRI, BBRI, ASII, BBCA, BBNI, TLKM, WIKA, GGRM, PGAS, ADHI, ASRI, SMGR, LSIP, INTP, INDF, BJBR (40%) ADVANCING SECTOR: auto (+0.8%), cement (+0.4%), financial (+0.3%), property (+0.1%) DECLINING SECTOR: infra (-0.9%), telco (-0.6%), plantation (-0.5%), mining (-0.3%), consumer (-0.2%) The yield of 10-year government bond decreased to 7.849% (-0.25%) and Rupiah appreciated to Rp11,295 (+0.16%). Sales Team Page 3 of 7

4 FROM THE PRESS Surya Semesta allocates 53% of capex for industrial estate This year, SSIA is allocating 53% of its total Rp1.4tn capex for its industrial estate business. The company will use the Rp742bn to finance its Bekasi and Karawang expansion. (Kontan) Lippo Karawaci trimmed down its FY14 capex LPKR announced that they are cutting down in 2014 capex from USD mn to USD450mn due to difficulties in acquiring licenses for two of its planned hospitals. The two hospital in Kupang and Ambon will be delayed to next year. (Bisnis Indonesia) Indo Tambang to pay Rp975/share dividend Indo Tambangraya Megah (ITMG) has received shareholders approval to pay US$96mn or Rp975/share final dividend, yielding 3.9%. This bring total dividend for 2013 to US$195mn or 85% payout ratio. Cum date is on 24 April 2014 with payment date on 14 May 2014.(Kontan) BRI is accused of unfair business practise on insurance products The Commission for the Supervision of Business Competition (KPPU) declared that BBRI, together with Asuransi Jiwa Bringin Jiwa Sejahtera (life insurance) and Heksa Eka Life Insurance (general insurance) have been entering exclusive agreements for the bank s mortgage customers, which lead to unhealthy competition. BBRI has been accused for not providing other insurance alternatives for their customers. The agreement among the three companies has been going on since 2003, which according to Heksa Eka Life Insurance management is based on tender. Bring Jiwa was set up in 1987 by BRI Pension Funds and Heksa Eka Life Insurance is owned by the Armed Forces and Police s veterans cooperative. (Bisnis Indonesia). Page 4 of 7

5 Equity Valuation Outstanding Shares Price Mkt Cap Net Profit EPS Growth PER (x) EV / EBITDA (x) P/BV (x) Div.Yield JCI Code Rating (Mn) Price (Rp) Target (Rp Bn) Mandiri Universe 2,940, , , % 18.0% % 2.7% Banking 730,499 61,230 73, % 19.9% N.A. N.A % 2.1% BCA BBCA Neutral 24,655 10,900 10, ,740 15,729 18, % 19.0% N.A. N.A % 1.5% BNI BBNI Neutral 18,649 5,150 4,750 96,041 9,323 11, % 19.5% N.A. N.A % 2.4% BRI BBRI Buy 24,660 10,000 10, ,692 22,861 27, % 19.2% N.A. N.A % 2.3% BTN BBTN Buy 8,836 1,310 1,500 13,567 1,749 1, % 13.0% N.A. N.A % 3.2% Danamon BDMN Neutral 9,585 4,525 4,300 43,370 4,353 5, % 21.8% N.A. N.A % 3.0% Bank BJB BJBR Buy 9,696 1,130 1,300 10,957 1,505 1, % 13.4% N.A. N.A % 6.2% Bank Jatim BJTM Buy 14, , , % 35.4% N.A. N.A % 8.2% BTPN BTPN Buy 5,840 4,425 5,275 25,843 2,417 3, % 27.9% N.A. N.A % 0.0% Panin PNBN Buy 24, ,186 2,323 2, % 24.4% N.A. N.A % 2.6% Infrastructure 287,577 16,198 18, % 14.1% % 2.2% Holcim SMCB Neutral 7,663 2,860 2,700 21,919 1,344 1, % 17.7% % 1.8% Indocement INTP Buy 3,681 23,900 24,000 87,981 5,437 6, % 11.7% % 2.0% Semen Indonesia SMGR Buy 5,932 16,600 16,600 98,463 5,900 6, % 12.9% % 3.0% Adhi Karya ADHI Buy 1,801 3,145 2,500 5, % 31.3% % 2.0% Pembangunan Perumahan PTPP Buy 4,842 1,915 2,100 9, % 20.2% % 1.7% Wijaya Karya WIKA Buy 6,106 2,495 2,300 15, % 18.2% % 1.3% Waskita Karya WSKT IJ Neutral 9, , % 38.6% % 1.5% Jasa Marga JSMR Buy 6,800 6,100 6,200 41,480 1,578 1, % 9.7% % 1.5% Consumer 556,365 20,900 24, % 17.7% % 2.4% Tiga Pilar AISA Buy 3,000 2,080 2,700 6, % 35.7% % 0.0% Gudang Garam GGRM Neutral 1,924 51,475 39,200 99,042 4,715 5, % 16.0% % 2.4% Indofood CBP ICBP Neutral 5,831 10,000 10,700 58,310 2,292 2, % 11.4% % 2.0% Indofood INDF Buy 8,780 7,400 8,200 64,972 4,048 5, % 29.1% % 3.1% Mayora MYOR Sell ,000 22,000 26, % 6.6% % 1.0% Unilever UNVR Buy 7,630 29,925 34, ,328 6,153 6, % 12.2% % 2.7% Wismilak WIIM Buy 2, , % -20.4% % 2.4% Kalbe Farma KLBF Neutral 46,875 1,495 1,275 70,078 2,137 2, % 25.3% % 1.8% Dyandra DYAN Buy 4, , % 37.6% % 0.0% Retail 87,661 4,169 5, % 23.7% % 1.5% Ace Hardware Indonesia ACES Neutral 1, , % 20.9% % 0.9% ERAA ERAA Buy 2,025 1,525 1,730 4, % 24.9% % 1.9% Matahari Department Store LPPF Buy 2,918 14,600 15,600 42,602 1,597 2, % 28.0% % 1.5% Mitra Adiperkasa MAPI Neutral 1,660 6,350 5,700 10, % 27.2% % 0.7% Ramayana RALS Buy 7,096 1,400 1,850 9, % 21.2% % 2.9% Supra Boga RANC Buy 1, , % 25.0% % 1.3% Tiphone Mobile Indonesia TELE Buy 5, , % 9.2% % 2.0% Automotive 326,838 20,930 23, % 11.7% % 2.6% Astra International ASII Sell 40,484 7,725 5, ,735 19,723 21, % 10.8% % 2.6% IMAS IMAS Buy 2,765 5,100 6,550 14,103 1,207 1, % 27.2% % 1.7% Heavy Equipment 81,422 5,736 6, % 8.7% % 2.8% Hexindo Adiperkasa HEXA Buy 840 3,900 5,450 3, % 38.2% % 2.2% United Tractors UNTR Sell 3,730 20,950 17,000 78,146 5,427 6, % 13.3% % 2.9% Plantation 65,866 4,067 4, % 21.9% % 2.4% Astra Agro Lestari AALI Buy 1,575 25,800 25,000 40,628 2,538 3, % 25.2% % 2.6% BW Plantation BWPT Buy 4,457 1,315 1,750 5, % 27.4% % 1.3% London Sumatera Plantations LSIP Buy 6,823 2,250 2,200 15, , % 9.1% % 2.5% Sampoerna Agro SGRO Neutral 1,890 2,130 1,650 4, % 30.7% % 1.9% Property 126,323 12,189 13, % 13.2% % 1.5% Agung Podomoro Land APLN Buy 20, ,986 1,001 1, % 4.4% % 3.3% Alam Sutera Realty ASRI Neutral 17, ,164 1,354 1, % 17.8% % 4.2% Sentul City BKSL Buy 31, , % 55.3% % 0.0% Bumi Serpong Damai BSDE Buy 17,497 1,670 2,000 29,220 2,155 2, % 17.7% % 1.8% Ciputra Development CTRA Neutral 15,166 1, ,820 1,209 1, % 25.7% % 1.4% Jaya Real Property JRPT Buy 13, ,000 11, % 32.0% % 1.0% Lippo Cikarang LPCK Buy 696 7,825 9,850 5, % 8.7% % 0.0% Modernland MDLN Neutral 12, ,627 1, % -46.3% % 0.0% Pakuwon Jati PWON Buy 48, ,012 1,495 2, % 41.4% % 1.9% Summarecon Agung SMRA Buy 14,425 1,095 1,260 15,795 1,208 1, % 16.6% % 0.0% Poultry 88,019 4,258 5, % 22.2% % 1.4% Charoen Pokphand CPIN Neutral 16,423 4,110 4,100 67,498 2,994 3, % 20.1% % 1.2% Japfa Comfeed JPFA Neutral 10,499 1,425 1,580 14, , % 23.1% % 1.9% Malindo Feedmill MAIN Buy 1,695 3,280 4,000 5, % 36.7% % 1.3% Energy 230,026 15,750 21, % 30.9% % 5.0% Adaro ADRO Neutral 31, ,050 31,346 2,681 3, % 22.2% % 4.2% Bumi BUMI Neutral 20, ,359 (2,376) (522) 44.7% 78.0% % 0.0% Harum Energy HRUM Neutral 2,699 2,170 3,200 5, , % 31.7% % 10.2% Indo Tambangraya Megah ITMG Neutral 1,130 24,850 29,150 28,079 2,655 3, % 16.5% % 8.8% Bukit Asam PTBA Neutral 2,304 9,450 12,100 21,778 2,140 2, % 32.6% % 6.5% Energi Mega Persada *) ENRG U/R 44, U/R 4, % 0.0% n/a n/a 0.0% 0.0% Medco *) MEDC U/R 3,332 2,685 U/R 8, % 184.6% % 3.2% PGN *) PGAS U/R 24,242 5,125 U/R 124,238 9,226 9, % 5.4% % 4.3% Metal 44,622 2,303 2, % 41.5% % 2.4% Antam *) ANTM U/R 9,538 1,140 U/R 10, % 0.3% % 2.2% Bumi Resources Minerals *) BRMS U/R 25, U/R 5, n/a 0.0% 0.0% n/a n/a n/a n/a n/a n/a 0.0% 0.0% PT Inco *) INCO U/R 9,936 2,820 U/R 28,020 1,266 2, % 72.7% % 3.0% Telecommunication 315,385 19,974 22, % 12.4% % 4.5% EXCEL *) EXCL U/R 8,534 4,400 U/R 37,552 1,979 2, % 31.7% % 3.0% Indosat *) ISAT U/R 5,434 3,985 U/R 21, , % 54.9% % 2.8% TBI *) TBIG U/R 4,797 6,125 U/R 29,379 1,479 1, % 18.1% % 1.6% Telkom *) TLKM U/R 100,800 2,250 U/R 226,800 15,731 16, % 7.5% % 5.3% Note : - *) means Company Data is using Bloomberg Data - U/R means Under Review - n/a means Not Available - N.A. means Not Applicable Page 5 of 7

6 Property Valuation JCI Code Rec. Market Cap (Rp bn) Share price Target Price Discount to NAV RNAV per share (Rp) Premium (discount) to replacement cost Replacement cost per share (Rp) P/E 14F P/E 15F ROE 14F ROE 15F APLN Buy 5, % % % 14.9% ASRI Neutral 11, % 1,538 46% % 23.2% CTRA Neutral 17, , % 1,647 50% % 19.0% SMRA Buy 15, ,095 1,260-57% 2,553 61% % 20.6% BSDE Buy 29, ,670 2,000-58% 4,002 8% 1, % 20.0% MDLN Neutral 5, % 997-2% % 13.4% BKSL Buy 5, % 1,010-15% % 13.0% LPCK Buy 5, ,825 9,850-59% 19,300 66% 4, % 28.7% PWON Buy 18, % % % 35.3% JRPT Buy 11, ,000-67% 2,495 53% % 27.1% Simple average -55% % 20.5% Plantation Valuation Ticker Rec. Market Cap (Rp bn) Share price Target Price planted (US$) EV/ha PER EV/EBITDA ROE Mature (US$) FY14F FY15F FY14F FY15F FY14F FY15F AALI Buy 40,628 25,800 25,000 16,132 18, % 25.6% BWPT Buy 5,861 1,315 1,750 11,821 15, % 18.2% LSIP Buy 15,351 2,250 2,200 10,843 12, % 13.8% SGRO Neutral 4,026 2,130 1,650 6,099 8, % 8.7% Weighted average 12,761 15, % 19.4% SIMP* Not Rated 1, ,937 9, % 7.0% SSMS* Not Rated 837 1,045 25,263 26, % 33.8% *) Consensus numbers Page 6 of 7

7 Mandiri Sekuritas A subsidiary of PT Bank Mandiri (Persero) Tbk Plaza Mandiri 28 th Floor, Jl. Jend. Gatot Subroto Kav , Jakarta 12190, Indonesia General: , Fax : (Equity Research), (Equity Sales) RESEARCH John Rachmat Head of Equity Research, Strategy john.rachmat@mandirisek.co.id Tjandra Lienandjaja Banking tjandra.lienandjaja@mandirisek.co.id Handoko Wijoyo Construction, Toll Road handoko.wijoyo@mandirisek.co.id Hariyanto Wijaya, CFA, CFP, CA, CPA Plantation, Heavy eq., Energy hariyanto.wijaya@mandirisek.co.id Herman Koeswanto, CFA Consumer, Poultry herman.koeswanto@mandirisek.co.id Liliana S Bambang Property, Building Material liliana.bambang@mandirisek.co.id Ariyanto Kurniawan Telecom, Coal & Metal Mining ariyanto.kurniawan@mandirisek.co.id Aldian Taloputra Economist aldian.taloputra@mandirisek.co.id Leo Putra Rinaldy Economist leo.rinaldy@mandirisek.co.id Rizky Hidayat Research Assistant rizky.hidayat@mandirisek.co.id Vanessa Ariati Tanuwijaya Research Assistant vanessa.tanuwijaya@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 Andrew Handaya Institutional Sales andrew.handaya@mandirisek.co.id Cindy Amelia P. Kalangie Institutional Sales cindy.amelia@mandirisek.co.id Jane Theodoven Sukardi Institutional Sales jane.sukardi@mandirisek.co.id Janefer Amanda Soelaiman Institutional Sales janefer.soelaiman@mandirisek.co.id Karmia Tandjung-Nasution Institutional Sales karmia.tandjung@mandirisek.co.id Mirna Santikara Salim Institutional Sales santikara.salim@mandirisek.co.id Oos Rosadi Institutional Sales oos.rosadi@mandirisek.co.id Vera Ongyono Institutional Sales vera.ongyono@mandirisek.co.id Yohan Setio, CFA Institutional Sales yohan.setio@mandirisek.co.id Zahra Aldila Niode Institutional Sales zahra.niode@mandirisek.co.id Kusnadi Widjaja Equity Dealing kusnadi.widjaja@mandirisek.co.id Edwin Pradana Setiadi Equity Dealing edwin.setiadi@mandirisek.co.id RETAIL SALES Ridwan Pranata Head Retail Equities ridwan.pranata@mandirisek.co.id Boy Triyono Jakarta Branch boy.triyono@mandirisek.co.id Yohanes Triyanto Kelapa Gading Branch yohanes.triyanto@mandirisek.co.id Hendra Riady Mangga Dua Branch hendra.riady@mandirisek.co.id Umar Abdullah Pondok Indah Branch umar.abdullah@mandirisek.co.id Indra Mas ari Bandung Branch indra.mas ari@mandirisek.co.id Yuri Ariadi Pontianak Branch yuri.ariadi@mandirisek.co.id Ruwie Medan Branch ruwie@mandirisek.co.id 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). 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.