Indonesia market update

Transcription

1 Asiamoney s Asia's Equity Southeast Asia Research Call FMCG Sector Market Flash 24 July Indonesia market update Harry Su harry.su@bahana.co.id Phone: Prone to disappointment Market correction likely on softer-than-expected 2Q15 earnings season Next week, the market should see several 2Q15 corporate earnings announcements. Despite our expectations of an earnings contraction of 5.1% y-y in 2Q15 operating profit and a 4.2% y-y reduction at the bottom-line level for the overall market (exhibit 2), our latest channel checks suggest that our profit estimates may still be too aggressive. Of particular interest would be the banking sector (some 26% of total market capitalization of the index), which is likely to report disappointing performance due to slow loan growth, higher NPLs, soft economic growth, subdued government spending and a weak IDR. Note that the big-cap SOE banks could report significantly lower earnings than our current expectations (exhibit 16). Other sectors that are likely to report weak earnings can be seen in exhibits 4 and 5. Cutting our index target to 5,000 Given the current depressed corporate earnings and lower EPS growth in our stock universe, we further reduce our index target to IDR5,000 from 5,150. In 2016, we expect the index to rise to 5,450, in line with our market EPS growth forecast of nearly 9% y-y (exhibit 1). Foreign investors cautious on policy risks Our recent roadshows to Singapore and Hong Kong indicate that foreign investors remain wary of the government s decisions to intervene in the marketplace through the implementation of various policies (exhibit 19). With this as the most-asked question by foreign investors, policy risks from the government are likely to remain a drag on market sentiment. This, coupled with the government s aggressive taxation drive, could continue to dampen economic growth and put off investor sentiment. IDR weakness negative for market growth On the currency front, the IDR has depreciated nearly 9% ytd, making it one of the worst-performing currencies in the region (exhibit 6). Based on our sensitivity analysis (exhibit 7), we estimate that for every 1% IDR depreciation against the USD, our market EPS growth would fall by 0.8%. If the IDR continues to head south, our index is likely to follow suit (exhibit 8). Downward earnings revisions likely; Preference for defensives remains At this stage of the market cycle, we believe it is still too early for investors to look forward to 3Q-4Q15 s improved prospects until investors adjust for slower overall market growth stemming from disappointments in the 2Q15 corporate results. Note that the Bloomberg consensus still forecasts y-y market EPS growth of 12%, compared to our forecast of just 4.7% (exhibit 1), suggesting that future downward earnings revisions from the street are likely. The main sectoral differences between our expectations and the street s (i.e., banks, cement, infrastructure and consumer) can be seen in exhibit 9. With that said, we continue to adopt a defensive stance on our stock preferences (exhibit 10) while underweighting the discretionary sector, including automotive, media and retail, on policy risks and a worse-than-expected GDP growth outlook. Exhibit 1. Market data F 2016F Op.prof.gwt. (y-y%) EPS growth (y-y%) P/E (x) P/E* (x) PEG (x) EV/EBITDA (x) P/BV (x) P/BV exc Div. Yield (%) Net gearing (%) ROAE (%) ROAA (%) ROIC (%) Source: Bahana estimates *Excluding UNVR Exhibit 2. Market performance Operating profit Net profit 2Q14 2Q15F 2Q14 2Q15F y-y growth (%) y-y growth (%) Bahana cover (5.1) 2.9 (4.2) Source: Companies, Bahana Note that the figures calculated by excluding BUMI and ISAT Exhibit 3. The Good Operating profit Net profit 2Q14 2Q15F 2Q14 2Q15F y-y growth (%) y-y growth (%) Telco-related* (26.5) 26.9 Poultry (6.7) 10.0 (26.7) 21.3 Consumer: 14.2 (0.4) Discretionary 8.9 (7.0) (3.0) (7.8) Staples Infra-related Banks Source: Companies, Bahana *excluding ISAT Exhibit 4. The Bad Operating profit Net profit 2Q14 2Q15F 2Q14 2Q15F y-y growth (%) y-y growth (%) Property (30.0) Source: Companies, Bahana Exhibit 5. The Ugly Operating profit Net profit 2Q14 2Q15 2Q14 2Q15 y-y growth (%) y-y growth (%) Cement (3.8) (10.4) 3.1 (12.2) Automotive 17.8 (26.4) (2.6) (16.2) Coal-related* (14.4) (22.3) (20.9) (24.8) Metals (47.8) (28.9) Oil-related 41.6 (33.1) 18.4 (29.7) Plantations (43.4) (30.4) Source: Companies, Bahana *excluding BUMI Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. should consider this report as only a single factor in making their investment decision. Please see the important disclaimer information on the back of this report *Based on consensus recent changes (up), (down), (unchanged)

2 24 July Exhibit 6. Currency comparison Asia ex Japan Currencies Currency Ytd Other currencies Ytd TWD (Taiwan) 0.7 (6.2) RUB (Russia) 4.1 (84.8) HKD (Hong Kong) 0.1 (0.0) GBP (UK) (0.6) (6.3) CNY (China) (0.1) (2.5) JPY (Japan) (3.5) (13.7) INR (India) (1.4) (2.0) ARS (Argentina) (8.3) (29.8) PHP (Philippines) (1.8) (0.7) MXN (Mexico) (10.1) (13.2) VND (Vietnam) (2.0) (1.4) EUR (EU) (10.5) (13.6) SGD (Singapore) (3.5) (4.9) AUD (Australia) (12.1) (9.1) THB (Thailand) (6.2) (0.6) CAD (Canada) (12.2) (9.4) KRW (Korea) (7.0) (3.9) TRY (Turkey) (17.1) (8.7) IDR (Indonesia) (8.6) (1.8) NZD (New Zealand) (18.6) (5.4) MYR (Malaysia) (8.9) (6.8) BRL (Brazil) (23.6) (12.5) The IDR has been one of the worstperforming currencies in the region Source: Bloomberg as closing price of 24 July Exhibit 7. IDR Depreciation: Sensitivity analysis USD 1Q15 Sensitivity USD 1Q15 Sensitivity Net to net profit Net to net profit Sales Cost Cash Debt Sales Cost Cash Debt Ticker gearing on 1% IDR Ticker gearing on 1% IDR (%) (USDm) (%) Depreciation (%) (%) (USDm) (%) Depreciation (%) SIMP CTRA (0.4) BWPT TLKM (0.4) SGRO ERAA (0.6) LSIP nc 3.1 GGRM (0.6) CASS INTP nc (0.6) UNTR nc 2.6 MYOR (0.7) AALI TAXI (0.7) TBLA JCI 6,915 24, (0.8) (ex. ISAT) MLPL ADHI (0.8) SSIA SMGR nc (0.8) AKRA WTON nc (0.8) PTBA nc 0.8 PTPP (0.9) SOCI WSKT (0.9) BEST BIRD (1.2) CTRP WIKA (1.2) APLN GJTL ,6 (1.2) ASII , SMBR nc (1.4) BSDE nc 0.3 TSPC nc (1.4) LPCK nc 0.3 TELE (1.5) LPKR IMAS (1.6) SRIL UNVR nc (1.7) SMRA INDF (2.1) WINS* n/a KLBF nc (2.1) PSAB* n/a KIJA (2.2) ADRO* , n/a TOTL nc (2.2) ANJT* n/a RALS nc (2.4) BUMI* (3Q14) ,092 nc n/a TINS (2.6) GIAA* , n/a LPPF nc (2.7) HRUM* nc n/a EXCL , (3.0) INCO* nc n/a MPPA nc (3.2) ITMG* nc n/a ASRI (4.0) KRAS* , n/a ACES nc (4.1) MEDC* n/a ROTI (4.2) PGAS* , n/a ICBP nc (4.4) SCMA nc 0.0 HERO (4.5) CMNP nc (0.1) CPIN (4.7) JSMR (0.1) SMCB (4.8) PWON (0.1) MAIN (7.2) MNCN (0.2) KAEF nc (8.7) SIDO nc (0.2) JPFA (11.9) TOWR (0.2) MAPI (13.3) ANTM (0.3) RANC (21.5) ASSA (0.3) ISAT (584.7) Source: IDX, companies, Bahana *USD reporting Every 1% IDR depreciation would lead to 0.8% drop in market EPS growth, on our estimates

3 24 July Exhibit 8. JCI vs IDR (JCI) 5,500 5,400 5,300 5,200 5,100 5,000 4,900 4,800 11,700 11,900 12,100 12,300 12,500 12,700 12,900 13,100 13,300 4,700 13, Dec 24-Jan 24-Feb 24-Mar 24-Apr 24-May 24-Jun 24-Jul Source: Bloomberg as of 24 July JCI index Some convergence between equity and currency markets USDIDR (IDR) Continued IDR weakness could apply pressure on market performance Exhibit 9. Sectoral rating summary, F Rating Operating growth (%) EPS growth (y-y %) PER (x) OW N UW Bahana Cons. Bahana Cons. Bahana Cons. Automotive (9.7) (3.3) (4.4) Aviation na na na na Banks Cement (7.4) (0.2) (10.0) (3.0) Coal mining (25.2) (16.6) Const. & infra Consumer Industrial estates Metal mining (19.8) 20.0 (20.0) (3.7) Oil and gas (10.2) (2.0) (8.7) (4.5) Plantations (13.3) (24.7) (13.9) (17.9) Poultry Property (23.9) (20.3) Shipping 14.1 na 2.5 (29.2) Telcos Transportation (0.4) Source: Bahana estimates Our earnings estimates are lower than consensus for most sectors, such as Auto, Banks, Cement, Consumer, Const/Infra, Telcos

4 24 July Exhibit 10. Favored stocks (10 Stocks), stocks to avoid (5 stocks), F Stock Mkt cap. Price TP Upside EPS growth PER PBV Yield ROE Ytd perf. (USDm) (IDR) (IDR) (%) (y-y%) (x) (x) (%) (%) (%) UNVR 22,684 39,975 48, TLKM 21,403 2,855 3, (0.2) GGRM 7,298 51,000 55,000 8 (7.9) (11.6) KLBF 5,822 1,670 2, (6.8) ICBP 5,388 12,425 18, (4.8) MYOR 1,808 27,175 32, ISAT 1,748 4,325 5, na KAEF 440 1,065 1, (25.6) ROTI 420 1,115 1, (17.0) ERAA (46.3) ASII 20,022 6,650 5,900 (11) (2.6) (7.4) UNTR 5,125 18,475 17,500 (5) SCMA 3,202 2,945 2,500 (15) (14.3) BIRD 1,461 7,850 7,400 (6) (0.0) (15.1) IMAS 720 3,500 2,500 (29) na (12.5) Source: Bloomberg, Bahana estimates; PER, PBV, yield and ROE are F; Stock prices as of 24 July When a report covers six or more subject companies please access important disclosures for Daiwa Capital Markets Hong Kong Limited at or contact your investment representative or Daiwa Capital Markets Hong Kong Limited at Level 26, One Pacific Place, 88 Queensway, Hong Kong. Exhibit 11. 2Q15F operating profit gainers & losers Target Price Operating profit y-y growth (%) Companies Ticker Rating (IDR) 2Q14 3Q14 4Q14 1Q15 2Q15F Semen Baturaja SMBR IJ HOLD 300 (86.8) 4.2 (10.7) (9.9) Bekasi Fajar Industrial Estate BEST IJ BUY 520 (52.5) (32.1) (52.7) Malindo Feedmill MAIN IJ BUY 2,000 (44.3) na na (92.8) Bank Jabar Banten BJBR IJ BUY 1,080 (54.3) (25.8) Bank Tabungan Negara BBTN IJ BUY 1,300 (40.1) (39.6) (30.1) Adi Sarana Armada ASSA IJ BUY 150 (28.2) (11.9) (15.3) Mayora Indah MYOR IJ BUY 32,500 (18.0) (98.4) (22.6) AKR Corporindo AKRA IJ BUY 6, Erajaya Swasembada ERAA IJ HOLD 940 (0.7) (14.2) (39.5) Agung Podomoro Land APLN IJ REDUCE 380 (48.8) (50.8) 48.2 Bumi Serpong Damai BSDE IJ HOLD 2, Waskita Karya WSKT IJ BUY 2,025 (9.9) Pelayaran Tempuran Emas TMAS IJ BUY 3, (10.8) 38.8 Pembangunan Perumahan PTPP IJ BUY 4,500 (6.7) Nippon Indosari Corpindo ROTI IJ BUY 1, BW Plantation BWPT IJ REDUCE (15.4) (31.4) (34.8) 32.3 Indosat ISAT IJ BUY 5,150 (11.6) ,867.2 (13.2) 21.2 Tempo Scan Pacific TSPC IJ BUY 2,400 (22.8) (12.8) 47.4 (16.3) 20.8 Cardig Aero Service CASS IJ HOLD 1,150 (11.3) Sido Muncul SIDO IJ HOLD 700 (12.8) (45.3) (14.4) Matahari Department Store LPPF IJ BUY 17, (2.7) 14.6 Sarana Menara Nusanatara TOWR IJ BUY 5, Total Bangun Persada TOTL IJ BUY 1,100 (41.9) (26.5) (26.6) Indofood CBP ICBP IJ BUY 18, Tunas Baru Lampung TBLA IJ BUY Summarecon Agung SMRA IJ HOLD 1, Unilever Indonesia UNVR IJ BUY 48, (3.3) Lippo Cikarang LPCK IJ BUY 14, (6.0) Charoen Pokphand Indonesia CPIN IJ BUY 4,000 (8.9) (52.4) (64.0) Tiphone Mobile Indonesia TELE IJ BUY 1, (8.4) Bank Central Asia BBCA IJ BUY 15, Matahari Putra Prima MPPA IJ BUY 4, Surya Semesta Internusa SSIA IJ BUY 1,375 (8.2) (59.8) (10.0) Pakuwon Jati PWON IJ REDUCE Telekomunikasi Indonesia TLKM IJ BUY 3, (3.0) Kalbe Farma KLBF IJ BUY 2, Electronic City ECII IJ REDUCE 1,040 (60.4) 3.0 (51.0) (52.4) 4.5 Bank Mandiri BMRI IJ BUY 11, Alam Sutera Realty ASRI IJ BUY Jasa Marga JSMR IJ BUY 7, (9.7) Bank Jatim BJTM IJ HOLD (18.0) 80.0 (23.4) 0.9 Blue Bird BIRD IJ REDUCE 7,400 na na na na na Soechi Lines* SOCI IJ BUY 800 na na na na na PP Properti PPRO IJ BUY 250 na na na na na Aneka Tambang ANTM IJ BUY 910 (11.6) (71.9) (15.4) na na Harum Energy* HRUM IJ REDUCE 950 (70.8) (97.8) (72.5) (64.0) na Garuda Indonesia* GIAA IJ BUY 560 na (11.4) na na Bumi Resources* BUMI IJ REDUCE na na na na Sritex* SRIL IJ BUY na na na Lippo Karawaci LPKR IJ REDUCE 1, (2.7) Bank Negara Indonesia BBNI IJ BUY 6, (3.6) Bank Danamon BDMN IJ HOLD 4,000 (37.1) (37.6) (22.5) (22.0) (4.4) Kimia Farma KAEF IJ BUY 1, (4.5) Japfa Comfeed Indonesia JPFA IJ BUY (65.6) (22.2) (4.6) Indocement Tunggal Prakarsa INTP IJ REDUCE 18,500 (8.8) (2.4) 10.3 (0.5) (4.9) Market JCI Index (2.2) (5.1) Source: Companies, Bloomberg *USD reporting

5 24 July Exhibit 12. 2Q15F operating profit gainers & losers (continued) Target Price Operating profit y-y growth (%) Companies Ticker Rating (IDR) 2Q14 3Q14 4Q14 1Q15 2Q15F Adhi Karya ADHI IJ BUY 3,900 (7.2) (41.9) (21.2) (7.1) (5.6) Media Nusantara Citra MNCN IJ REDUCE 2, (13.1) 1.4 (6.2) United Tractors UNTR IJ REDUCE 17, (12.8) (6.2) Gudang Garam GGRM IJ BUY (3.4) (7.7) Ramayana Lestari Sentosa RALS IJ REDUCE 640 (32.6) (16.3) (1,435.7) na (8.4) J Resources* PSAB IJ BUY 1, na na 62.9 (8.8) Bank Rakyat Indonesia BBRI IJ BUY 12, (1.9) 7.8 (10.1) ACE Hardware Indonesia ACES IJ REDUCE (10.9) (10.9) Multipolar MLPL IJ BUY 860 na na 83.7 (11.8) Mitra Adiperkasa MAPI IJ BUY 6,250 (10.1) 2.6 (17.4) (3.7) (12.4) Semen Indonesia SMGR IJ HOLD 12, (9.2) (4.3) (9.6) (13.3) Supra Boga Lestari RANC IJ REDUCE 230 (66.3) (75.9) na (27.8) (13.3) Indofood Sukses Makmur INDF IJ BUY 7, (22.0) (19.5) (13.4) Supermarket HERO HERO IJ REDUCE 570 na na na na (15.1) Wijaya Karya WIKA IJ REDUCE 2, (4.9) 31.4 (45.6) (16.1) Bank Tabungan Pensiunan Negara BTPN IJ HOLD 3,900 (9.8) (24.9) (4.2) (2.1) (18.3) Express Transindo TAXI IJ REDUCE (19.6) Ciputra Development CTRA IJ BUY (20.1) Gajah Tunggal GJTL IJ REDUCE 900 (30.2) (19.0) 41.1 (31.5) (25.0) Astra International ASII IJ REDUCE 5, (10.4) (26.3) (25.6) Bank Bukopin BBKP IJ HOLD 670 (4.8) (40.8) (47.5) (17.5) (25.9) Surya Citra Media SCMA IJ REDUCE 2, (8.9) 5.3 (7.1) (28.3) Wijaya Karya Beton WTON IJ REDUCE (27.9) 96.3 (85.8) (29.3) Holcim Indonesia SMCB IJ REDUCE 900 (23.4) (29.9) (51.0) (56.1) (29.7) Ciputra Property CTRP IJ BUY (11.7) (30.0) Indo Tambangraya Megah* ITMG IJ REDUCE (15.9) (46.1) (50.0) (31.9) (30.6) Kawasan Industri Jababeka KIJA IJ BUY (25.8) (30.8) Adaro Energy* ADRO IJ REDUCE 800 (61.6) na (52.1) (32.0) Austindo Nusantara Jaya ANJT IJ REDUCE 1, (66.6) (20.7) (38.3) Perusahaan Gas Negara* PGAS IJ HOLD 4, (9.9) (34.8) (41.7) London Sumatra Indonesia LSIP IJ REDUCE 1, (38.6) (57.5) (42.3) Astra Agro Lestari AALI IJ REDUCE 21, (35.6) (51.5) (50.3) Salim Ivomas Pratama SIMP IJ REDUCE (30.2) (51.6) Timah TINS IJ REDUCE 780 (27.3) na na (98.9) (57.5) Bukit Asam PTBA IJ HOLD 10, (31.6) (46.2) (59.8) Indomobil Sukses International IMAS IJ REDUCE 2,500 (38.8) (99.5) na (28.6) (62.8) Medco Energi* MEDC IJ REDUCE 2,300 (16.7) (54.2) (65.7) (70.8) (65.2) Vale Indonesia* INCO IJ BUY 4, (71.2) Sampoerna Agro SGRO IJ HOLD 1, (57.6) (65.2) (74.2) XL Axiata EXCL IJ HOLD 4,500 (53.3) (77.5) (17.4) (86.7) (75.2) Wintermar Offshore Marines* WINS IJ HOLD (38.4) (44.7) (81.7) (76.9) Krakatau Steel* KRAS IJ REDUCE 350 na 6.9 (35.2) (69.4) (93.1) Source: Companies, Bloomberg *USD reporting

6 24 July Exhibit 13. 2Q15F net profit gainers & losers Target Price Net profit y-y growth (%) Companies Ticker Rating (IDR) 2Q14 3Q14 4Q14 1Q15 2Q15F Malindo Feedmill MAIN IJ BUY 2,000 (70.5) na (9,913.9) na Adi Sarana Armada ASSA IJ BUY 150 (72.7) (47.6) (77.5) (2.0) Agung Podomoro Land APLN IJ REDUCE 380 (70.7) (65.9) BW Plantation BWPT IJ REDUCE 230 (18.6) (18.8) (59.2) (92.9) Bank Jabar Banten BJBR IJ BUY 1,080 (59.6) (32.5) Erajaya Swasembada ERAA IJ HOLD 940 (12.1) (26.2) (57.9) (12.3) Bekasi Fajar Industrial Estate BEST IJ BUY 520 (60.9) (29.6) (57.3) (16.4) Indosat ISAT IJ BUY 5,150 (675.3) (157.0) 89.4 Aneka Tambang ANTM IJ BUY 910 (976.5) na na Bank Tabungan Negara BBTN IJ BUY 1,300 (41.8) (43.5) (28.7) Waskita Karya WSKT IJ BUY 2, Mayora Indah MYOR IJ BUY 32,500 (20.3) na (44.8) Alam Sutera Realty ASRI IJ BUY 720 (40.1) ,954.2 (9.7) 57.5 XL Axiata EXCL IJ HOLD 4,500 na na (91.2) (300.0) 54.4 Pembangunan Perumahan PTPP IJ BUY 4,500 (15.5) Semen Baturaja SMBR IJ HOLD 300 (36.3) 23.3 (1.8) (2.5) 37.2 Sarana Menara Nusanatara TOWR IJ BUY 5,100 (20.7) na na (62.4) 35.8 Krakatau Steel* KRAS IJ REDUCE 350 na (39.1) (729.2) Pelayaran Tempuran Emas TMAS IJ BUY 3, Tunas Baru Lampung TBLA IJ BUY na (31.1) 32.6 Lippo Cikarang LPCK IJ BUY 14, (2.3) Nippon Indosari Corpindo ROTI IJ BUY 1, (5.7) (15.3) Supra Boga Lestari RANC IJ REDUCE 230 (74.6) (36.6) (74.1) (22.3) 27.9 Matahari Department Store LPPF IJ BUY 17, Gajah Tunggal GJTL IJ REDUCE 900 na 98.7 na (186.5) 25.8 Charoen Pokphand Indonesia CPIN IJ BUY 4,000 (27.4) (31.5) (89.5) (34.9) 25.7 AKR Corporindo AKRA IJ BUY 6, Matahari Putra Prima MPPA IJ BUY 4,150 (4.2) Cardig Aero Service CASS IJ HOLD 1,150 (3.1) Total Bangun Persada TOTL IJ BUY 1,100 (25.9) (24.8) Indofood CBP ICBP IJ BUY 18, Unilever Indonesia UNVR IJ BUY 48, (5.2) Tempo Scan Pacific TSPC IJ BUY 2,400 (16.6) (7.8) (46.8) (8.0) 8.2 Kalbe Farma KLBF IJ BUY 2, Telekomunikasi Indonesia TLKM IJ BUY 3, Bank Central Asia BBCA IJ BUY 15, Lippo Karawaci LPKR IJ REDUCE 1, Bank Rakyat Indonesia BBRI IJ BUY 12, Bank Jatim BJTM IJ HOLD (20.9) 37.0 (17.5) 3.2 Pakuwon Jati PWON IJ REDUCE (59.9) 1.6 Tiphone Mobile Indonesia TELE IJ BUY 1, (40.6) Blue Bird BIRD IJ REDUCE 7,400 na na na na na Soechi Lines* SOCI IJ BUY 800 na na na na na PP Properti PPRO IJ BUY 250 na na na na na Indomobil Sukses International IMAS IJ REDUCE 2,500 na na na (80.8) na Wintermar Offshore Marines* WINS IJ HOLD 700 (4.8) (31.9) (58.2) (99.0) na Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 na (82.0) (78.2) na Multipolar MLPL IJ BUY 860 (78.3) (83.3) na (2,377.6) na Harum Energy* HRUM IJ REDUCE 950 (51.3) (92.4) na (81.5) na Garuda Indonesia* GIAA IJ BUY 560 na 31.4 na na Bumi Resources* BUMI IJ REDUCE na na na na Sritex* SRIL IJ BUY 350 (66.1) na na na Source: Companies, Bloomberg *USD reporting ** Due to USD accounting switch

7 24 July Exhibit 14. 2Q15F net profit gainers & losers (continued) Target Price Net profit y-y growth (%) Companies Ticker Rating (IDR) 2Q14 3Q14 4Q14 1Q15 2Q15F Summarecon Agung SMRA IJ HOLD 1,600 (10.3) (13.5) (1.0) Indofood Sukses Makmur INDF IJ BUY 7,600 (4.8) (35.8) (2.0) Sido Muncul SIDO IJ HOLD (41.6) (2.4) 1.8 (2.1) Bank Negara Indonesia BBNI IJ BUY 6, (3.4) Bank Danamon BDMN IJ HOLD 4,000 (37.3) (39.6) (51.9) (21.5) (3.4) Market JCI index (0.1) (8.8) (4.2) United Tractors UNTR IJ REDUCE 17, (59.1) 6.5 (6.2) Electronic City ECII IJ REDUCE 1,040 (27.5) 83.4 (67.6) (27.0) (6.8) Media Nusantara Citra MNCN IJ REDUCE 2, (11.4) (26.8) (7.8) Bank Mandiri BMRI IJ BUY 11, (8.4) Gudang Garam GGRM IJ BUY 55, (9.5) (8.5) Jasa Marga JSMR IJ BUY 7,000 (0.8) 25.1 (15.6) (12.4) (9.4) Semen Indonesia SMGR IJ HOLD 12, (4.2) 0.9 (8.7) (9.9) ACE Hardware Indonesia ACES IJ REDUCE (2.2) (6.0) (7.8) (10.0) Kimia Farma KAEF IJ BUY 1, (6.9) (2.5) 87.9 (10.2) Bank Tabungan Pensiunan Negara BTPN IJ HOLD 3,900 (22.0) (31.0) 32.3 (2.6) (11.5) Japfa Comfeed Indonesia JPFA IJ BUY 725 (10.3) (97.9) na na (12.2) Wijaya Karya WIKA IJ REDUCE 2,500 (6.8) (63.3) (12.6) Indocement Tunggal Prakarsa INTP IJ REDUCE 18, (14.8) Astra International ASII IJ REDUCE 5, (24.2) (18.6) (17.2) Adaro Energy* ADRO IJ REDUCE 800 (83.6) na 48.8 (53.9) (17.4) Adhi Karya ADHI IJ BUY 3, (62.9) (1.5) (34.4) (17.7) Ciputra Property CTRP IJ BUY (20.2) (18.7) Surya Semesta Internusa SSIA IJ BUY 1,375 (2.1) (63.2) (9.0) 1,535.6 (19.9) Ciputra Development CTRA IJ BUY 1, (21.4) Ramayana Lestari Sentosa RALS IJ REDUCE 640 (4.8) (0.2) (82.8) (85.2) (21.5) Wijaya Karya Beton WTON IJ REDUCE (11.6) (78.8) (22.4) Mitra Adiperkasa MAPI IJ BUY 6,250 (34.4) 18.9 (49.8) (74.0) (22.5) J Resources* PSAB IJ BUY 1, (8.3) (26.0) Astra Agro Lestari AALI IJ REDUCE 21, (30.3) (80.1) (29.7) Surya Citra Media SCMA IJ REDUCE 2, (14.3) (30.3) Holcim Indonesia SMCB IJ REDUCE 900 (55.7) (5.5) (72.9) (89.9) (30.9) Bank Bukopin BBKP IJ HOLD 670 (2.9) (31.5) (74.7) (19.4) (31.5) London Sumatra Indonesia LSIP IJ REDUCE 1, (13.5) (33.2) (37.2) (37.7) Kawasan Industri Jababeka KIJA IJ BUY 441 (8.5) 85.8 (34.3) (73.5) (38.1) Perusahaan Gas Negara* PGAS IJ HOLD 4, (19.5) (38.1) (38.7) Indo Tambangraya Megah* ITMG IJ REDUCE 13, (58.0) (36.7) (60.6) (50.4) Express Transindo TAXI IJ REDUCE (12.7) (75.9) (30.6) (58.1) Bukit Asam PTBA IJ HOLD 10, (25.4) (41.2) (60.0) Sampoerna Agro SGRO IJ HOLD 1,750 2, ,057.0 (66.7) (70.1) (62.0) Salim Ivomas Pratama SIMP IJ REDUCE 540 3,693.3 (5.6) (19.2) (75.8) (64.4) Timah TINS IJ REDUCE ,025.0 na na (69.5) Vale Indonesia* INCO IJ BUY 4, ,966.7 na 38.9 (70.2) Bumi Serpong Damai BSDE IJ HOLD 2, (70.9) Medco Energi* MEDC IJ REDUCE 2, (80.0) (66.7) (140.6) (86.3) Supermarket HERO HERO IJ REDUCE 570 (40.2) na na na (95.1) Source: Companies, Bloomberg *USD reporting

8 24 July Exhibit 15. Market performance Operating profit y-y growth (%) Net profit y-y growth (%) 2Q14 3Q14 4Q14 1Q15 2Q15F 2Q14 3Q14 4Q14 1Q15 2Q15F Bahana coverage* (2.2) (5.1) (0.1) (8.8) (4.2) Source: Companies, Bahana estimates *excluding BUMI and ISAT Exhibit 16. The Good: Breakdown by market cap Operating profit y-y growth (%) Net profit y-y growth (%) 2Q14 3Q14 4Q14 1Q15 2Q15F 2Q14 3Q14 4Q14 1Q15 2Q15F Telco-related (6)** 1.1 (5.3) 35.1 (0.2) 3.2 (26.5) (0.0) (7.2) (26.8) 26.9 Telekomunikasi Indonesia 4.4 (3.0) Sarana Menara Nusanatara (20.7) na na (62.4) 35.8 XL Axiata (53.3) (77.5) (17.4) (86.7) (75.2) na na (91.2) (300.0) 54.4 Indosat (11.6) ,867.2 (13.2) 21.2 (675.3) (157.0) 89.4 Tiphone Mobile Indonesia (8.4) (40.6) Erajaya Swasembada (0.7) (14.2) (39.5) (12.1) (26.2) (57.9) (12.3) Poultry (3) (6.7) (62.4) (51.1) (26.7) (60.8) na (80.7) 21.3 Charoen Pokphand Indonesia (8.9) (52.4) (64.0) (27.4) (31.5) (89.5) (34.9) 25.7 Japfa Comfeed Indonesia 7.4 (65.6) (22.2) (4.6) (10.3) (97.9) na na (12.2) Malindo Feedmill (44.3) na na (92.8) (70.5) na (9,913.9) na Consumer (22) (0.4) (6.4) 3.9 Unilever Indonesia 6.1 (3.3) (5.2) Gudang Garam (3.4) (7.7) (9.5) (8.5) Kalbe Farma Indofood CBP Indofood Sukses Makmur (22.0) (19.5) (13.4) (4.8) (35.8) (2.0) Matahari Department Store (2.7) Surya Citra Media 43.6 (8.9) 5.3 (7.1) (28.3) 46.1 (14.3) (30.3) Media Nusantara Citra (13.1) 1.4 (6.2) (11.4) (26.8) (7.8) Mayora Indah (18.0) (98.4) (22.6) (20.3) na (44.8) Matahari Putra Prima (4.2) ACE Hardware Indonesia (10.9) (10.9) 17.6 (2.2) (6.0) (7.8) (10.0) Mitra Adiperkasa (10.1) 2.6 (17.4) (3.7) (12.4) (34.4) 18.9 (49.8) (74.0) (22.5) Tempo Scan Pacific (22.8) (12.8) 47.4 (16.3) 20.8 (16.6) (7.8) (46.8) (8.0) 8.2 Sido Muncul (12.8) (45.3) (14.4) (41.6) (2.4) 1.8 (2.1) Supermarket HERO na na na na (15.1) (40.2) na na na (95.1) Multipolar na na 83.7 (11.8) (78.3) (83.3) na (2,377.6) na Nippon Indosari Corpindo (5.7) (15.3) Sritex* na na na (66.1) na na na Kimia Farma (4.5) (6.9) (2.5) 87.9 (10.2) Ramayana Lestari Sentosa (32.6) (16.3) (1,435.7 na (8.4) (4.8) (0.2) (82.8) (85.2) (21.5) Electronic City (60.4) 3.0 (51.0)) (52.4) 4.5 (27.5) 83.4 (67.6) (27.0) (6.8) Supra Boga Lestari (66.3) (75.9) na (27.8) (13.3) (74.6) (36.6) (74.1) (22.3) 27.9 Infra-related (7) (9.3) (22.7) 0.2 Jasa Marga (9.7) (0.8) 25.1 (15.6) (12.4) (9.4) Pembangunan Perumahan (6.7) (15.5) Wijaya Karya 21.8 (4.9) 31.4 (45.6) (16.1) (6.8) (63.3) (12.6) Waskita Karya (9.9) Wijaya Karya Beton 21.2 (27.9) 96.3 (85.8) (29.3) 47.0 (11.6) (78.8) (22.4) Adhi Karya (7.2) (41.9) (21.2) (7.1) (5.6) (62.9) (1.5) (34.4) (17.7) Total Bangun Persada (41.9) (26.5) (26.6) (25.9) (24.8) Banks (10) Bank Central Asia Bank Rakyat Indonesia (1.9) 7.8 (10.1) (8.4) Bank Mandiri Bank Negara Indonesia (3.6) (3.4) Bank Danamon (37.1) (37.6) (22.5) (22.0) (4.4) (37.3) (39.6) (51.9) (21.5) (3.4) Bank Tabungan Pensiunan (9.8) (24.9) (4.2) (2.1) (18.3) (22.0) (31.0) 32.3 (2.6) (11.5) Negara Bank Tabungan Negara (40.1) (39.6) (30.1) (41.8) (43.5) (28.7) Bank Jabar Banten (54.3) (25.8) (59.6) (32.5) Bank Jatim 11.5 (18.0) 80.0 (23.4) (20.9) 37.0 (17.5) 3.2 Bank Bukopin (4.8) (40.8) (47.5) (17.5) (25.9) (2.9) (31.5) (74.7) (19.4) (31.5) Source: Companies, Bahana estimates *USD reporting **Calculation computed by excluding ISAT

9 24 July Exhibit 17. The Bad: Breakdown by market cap Operating profit y-y growth (%) Net profit y-y growth (%) 2Q14 3Q14 4Q14 1Q15 2Q15F 2Q14 3Q14 4Q14 1Q15 2Q15F Property (13) (3.9) (30.0) Bumi Serpong Damai (70.9) Lippo Karawaci (2.7) Summarecon Agung (10.3) (13.5) (1.0) Ciputra Development (20.1) (21.4) Pakuwon Jati (59.9) 1.6 Alam Sutera Realty (40.1) ,954.2 (9.7) 57.5 Agung Podomoro Land (48.8) (50.8) 48.2 (70.7) (65.9) Lippo Cikarang (6.0) (2.3) Surya Semesta Internusa (8.2) (59.8) (10.0) (2.1) (63.2) (9.0) 1,535.6 (19.9) Kawasan Industri Jababeka (25.8) (30.8) (8.5) 85.8 (34.3) (73.5) (38.1) Bekasi Fajar Industrial Estate (52.5) (32.1) (52.7) (60.9) (29.6) (57.3) (16.4) Ciputra Property (11.7) (30.0) (20.2) (18.7) PP Properti na na na na na na na na na na Source: Companies, Bahana estimates *USD reporting

10 24 July Exhibit 18. The Ugly: Breakdown by market cap Operating profit y-y growth (%) Net profit y-y growth (%) 2Q14 3Q14 4Q14 1Q15 2Q15F 2Q14 3Q14 4Q14 1Q15 2Q15F Cement (4) (3.8) (8.5) (6.6) (11.0) (10.4) 3.1 (0.9) (2.8) (13.8) (12.2) Indocement Tunggal Prakarsa (8.8) (2.4) 10.3 (0.5) (4.9) (14.8) Semen Indonesia 10.4 (9.2) (4.3) (9.6) (13.3) 12.6 (4.2) 0.9 (8.7) (9.9) Holcim Indonesia (23.4) (29.9) (51.0) (56.1) (29.7) (55.7) (5.5) (72.9) (89.9) (30.9) Semen Baturaja (86.8) 4.2 (10.7) (9.9) (36.3) 23.3 (1.8) (2.5) 37.2 Automotive (3) (7.1) (26.6) (26.4) (2.6) (3.2) (21.4) (30.1) (16.2) Astra International (10.4) (26.3) (25.6) (24.2) (18.6) (17.2) Indomobil Sukses (38.8) (99.5) na (28.6) (62.8) na na na (80.8) na Gajah Tunggal (30.2) (19.0) 41.1 (31.5) (25.0) na 98.7 na (186.5) 25.8 Coal-related (6)** (14.4) (33.8) (22.3) (20.9) (61.4) (33.7) (24.8) United Tractors (12.8) (6.2) (59.1) 6.5 (6.2) Adaro Energy* (61.6) na (52.1) (32.0) (83.6) na 48.8 (53.9) (17.4) Bukit Asam (31.6) (46.2) (59.8) (25.4) (41.2) (60.0) Indo Tambangraya Megah* (15.9) (46.1) (50.0) (31.9) (30.6) 4.0 (58.0) (36.7) (60.6) (50.4) Harum Energy* (70.8) (97.8) (72.5) (64.0) na (51.3) (92.4) na (81.5) na Bumi Resources* 38.3 na na na na 2.4 na na na na Metals (4) (34.2) 45.0 (47.8) na (72.3) 17.2 (28.9) Vale Indonesia* (71.2) ,966.7 na 38.9 (70.2) Aneka Tambang (11.6) (71.9) (15.4) na na (976.5) na na Timah (27.3) na na (98.9) (57.5) ,025.0 na na (69.5) J Resources na na 62.9 (8.8) (8.3) (26.0) Oil-related (4) (14.8) (32.3) (33.1) (11.6) (30.0) (29.7) Perusahaan Gas Negara* (9.9) (34.8) (41.7) (19.5) (38.1) (38.7) AKR Corporindo Medco Energi* (16.7) (54.2) (65.7) (70.8) (65.2) (80.0) (66.7) (140.6) (86.3) Wintermar Offshore Marines* 23.4 (38.4) (44.7) (81.7) (76.9) (4.8) (31.9) (58.2) (99.0) na Plantations (7) (25.4) (41.0) (43.4) (28.7) (69.1) (30.4) Astra Agro Lestari (35.6) (51.5) (50.3) (30.3) (80.1) (29.7) BW Plantation 3.6 (15.4) (31.4) (34.8) 32.3 (18.6) (18.8) (59.2) (92.9) London Sumatra Indonesia (38.6) (57.5) (42.3) (13.5) (33.2) (37.2) (37.7) Salim Ivomas Pratama (30.2) (51.6) 3,693.3 (5.6) (19.2) (75.8) (64.4) Austindo Nusantara Jaya (66.6) (20.7) (38.3) na (82.0) (78.2) na Sampoerna Agro (57.6) (65.2) (74.2) 2, ,057.0 (66.7) (70.1) (62.0) Tunas Baru Lampung na (31.1) 32.6 Source: Companies, Bahana estimates *USD reporting **Calculation computed by excluding BUMI

11 24 July Exhibit 19. Government and central bank policies: Impact on sectors No. Automotive Status Impact 1 Higher taxes on motor vehicles Plan Negative for ASII and IMAS 2 ERP policy (Jakarta) Plan Negative for ASII, IMAS, TAXI and BIRD 3 2W cartel allegation Plan Negative for ASII 4 Possible lower tariffs Plan Negative for BIRD 5 Relaxation of LTV regulations Signed Positive for ASII and IMAS 6 Flexible pricing on regular gasoline Signed Positive/negative for ASII and IMAS 7 Motorcycle ban in several main roads (Jakarta) Signed Negative for ASII and IMAS 8 Progressive tax on cars Signed Negative for auto and consumer sector No. Aviation Status Impact 1 Higher ticket price ceiling Plan Positive for GIAA 2 No new airline establishment Signed Positive for GIAA No. Banking Status Impact 1 Capping on RTGS tariff Plan Affecting fee based income for some banks 2 Regulation on banks taxable income provisions Plan Negative for industry 2 Leeway on ceiling LDR ratio Plan Most positive for BBRI 3 Government plans to cap subsidized mortgage rates from 7.25% Plan Negative for BBTN since it is one of the major to 5% subsidized mortgage lender 4 Foreign ownership capping to 40% Plan Negative for BDMN 5 OJK to set a cap on small business loan rates Plan Negative for banks 6 Implementation of Basel III Plan Requires higher capital 7 Foreign ownership cap to 85% for finance companies Signed Negative for foreign-owned finance firms 8 OJK set a cap for special time deposit rates (>IDR2bn) Signed Positive for all banks 9 OJK set policy for banks conglomeration Signed Positive for banks 10 Controlling shareholder to own more than one bank by Signed Negative for BDMN merger/forming a holding co. - applied retroactively 11 Scope of business allowed based on Tier-I capital Signed Positive for BBCA, BMRI, BBRI, BBNI 12 Stricter LTV on property loans (22-70 sq m: 60-70%; >70 sq m: Signed Slower growth of mortgages 50-60%; shophouses: 60-70%) 13 Ownership limitation (family-owned: 20%; financial: 40%; nonfinancial: Signed Negative for BDMN 30%) 14 Minimum CAR based on risk profile Signed Positive for BBCA, BMRI, BBRI, BBNI 15 Higher RR: current: 10.5%; primary: 8%; 2 nd : 2.5% Signed Slower growth of mortgages No. Cement Status Impact 1 Price cut by IDR3,000 per 50kg bag Signed Negative for all cement players No. Coal Status Impact 1. 2 China lifted 6% import tariffs on Australian coal All transactions must use L/Cs Plan Plan Positive for prices, negative for Indo coal volumes Lower illegal mining; Positive for price 3 Export ban on coal with CV < 5,700kcal/kg adb Plan Negative for low-cv coal producers (ADRO) 4 Allowance of greater production to ensure sufficient domestic Plan This means further price pressure on coal coal supply to cater to electricity demand 5 Europe decarbonisation Plan Negative for Industry 6 Export tax for coal Plan Negative for covered stocks 7 Limited approved export ports Plan Negative on higher transportation costs 8 China s coal ban on high sulfur and ash usage Signed Negative for Industry 9 Requirement as registered exporters Signed Short-term neg. on longer shipment time; Longterm pos. in cutting illegal mining 10 Increased royalties on coal sales Delayed Negative impact on IUP holders 11 Gradual divestment post 5-year production with maximum ownership of 49% after 10 years Signed As the policy is not retroactive, there is likely no impact on stocks in our coverage No. Consumer Status Impact 1 Possible ban on sugar imports Plan Negative for MYOR 2 Possible higher VAT on tobacco Plan Negative for GGRM 3 TV and radio cigarette advertisement ban in Indonesia Plan Negative for GGRM 4 Blended 8% excise tax hike Signed Negative for GGRM 5 Pictorial health warnings on cigarette packaging Signed Negative for GGRM 6 Outdoor cigarette advertisement ban in Indonesia Signed Negative for GGRM No. Currency related Status Impact 1 For stocks, possible FX settlements to book USD in same day Signed Negative for IDR volatility 2 All local payments/ transactions must utilize IDR Signed Negative for property rentals, AKRA, etc 3 25% hedge for net short-term foreign liabilities Signed Negative due to higher hedging costs No. Health-care Status Impact 1 Private hospitals to accept BPJS patients Plan Negative due to lower expected margins No. Infrastructure Status Impact 1 IDR290tn infra spending in the State Budget Signed Positive for the construction sector No. Media Status Impact 1 2 TV and radio cigarette advertisement ban in Indonesia 1 broadcasting right owned by 1 person/ entity Plan Signed Negative for SCMA and MNCN on lower ad spend Negative for media companies No. Metal Status Impact 1 Increase royalty on mineral sales Plan Negative for all miners 2 Standardized tin content & packaging (non-ingots) Plan TINS: limited impact; reducing illegal mining 3 Limitation on tin production to 40k tons in Plan Lower volumes for TINS, but higher prices 4 Export ban of ores in /Possible relaxation Signed/plan Negative for ANTM/Positive for ANTM 5 Foreign ownership divestment: Up to 51% for unintegrated Signed Negative for INCO miners; <51% for integrated miners; no divestment for smelters/refineries 6 Local trading and higher tin content for tin exports Signed Lower volumes for TINS, but higher prices 7 20% ore export tax Signed Negative for ANTM 8 Subsidized fuel prohibition Signed Limited impact for covered stocks No. Oil & gas Status Impact 1 Possible reduction on gas selling price Plan Negative on PGAS Permits simplification Reduction of oil & gas blocks up for biddings Work contracts from production- to revenue-based Plan Plan Plan Positive for sector s investment landscape Less exploration and lower production Negative for MEDC 5 Gas agregator establishment Plan Positive impact for PGAS 6 Open access for gas pipelines Signed Limited impact for PGAS for now No. Plantations Status Impact 1 Revocation of peat land planting ban Plan Positive for all planters under coverage 2 CPO Supporting Fund: export levies Plan Negative for all planters under coverage; delayed 3 B15 biodiesel mandatory program Signed Positive for all planters under coverage No. Poultry Status Impact 1 GPS (Grand Parent Stock) import quota Plan Positive for all poultry players covered No. Property Status Impact 1 Tax revisions: lower thresholds for luxury properties, including houses and apartments Signed/Plan PPh22 revisions signed (effective by 30 May )/PPNBM pending 2 Leeway for foreigners to own luxury apartments Plan Positive, to benefit CTRP most 3 Relaxation of LTV regulation Signed Positive for all property developers 4 Higher LTV regulation: 70% for 1 st home buyers; 60% for 2 nd Signed Negative for property companies; weaker marketing home buyers; 50% for 3 rd home buyers sales in 5 Mortgages based on % completion for 2 nd homes Signed Neg. for high apt. exposures like APLN/CTRP 6 Licensing limitation on high-end apartments Signed Negative for the likes of APLN & LPKR 7 Moratorium on malls in Jakarta Signed Positive for PWON No. Retail Status Impact 1 Possible higher sales tax for watches, bags & shoes Plan Negative for MAPI 2 One zone one minimarket Plan Most negative for MDRN and AMRT 3 Imported goods must be less than 20% of inventory Signed Most negative for RANC 4 Max 150 privately owned outlets the rest franchised Signed Most negative for MDRN and AMRT 5 Minimarkets not to sell category A alcoholic bev. Signed Most negative for MDRN and AMRT No Shipping Status Impact 1 Possible higher tax on revenues (current: 1.2%) Cancelled Positive for all shipping companies No SOE Status Impact 1 Government to increase ownerships in SOEs Plan Negative for BBRI (57%), PGAS (57%), ADHI (51%), PTPP (51%), SMGR (51%) and TLKM (53%) No. Telco Status Impact 1 Additional 20% luxury goods tax for mobile phones Plan Negative for ERAA and TELE 2 Obligation to build local factory for cellular makers Signed Negative for ERAA and TELE No. Toll roads Status Impact 1 10% VAT hike on 15 toll roads for private vehicles Plan Negative for JSMR 2 Lower toll-road tariffs around Lebaran period Signed Negative for JSMR

12 Research: Harry Su Senior Associate Director Head of Research Strategy, Consumer ext 3600 direct: Teguh Hartanto Associate Director Deputy Head of Research Banks, Cement, Aviation ext 3610 Leonardo Henry Gavaza, CFA Senior Research Manager Auto, Heavy equipment, Telco ext 3608 Fakhrul Fulvian Economist ext 3602 Arandi Nugraha Research Analyst Coal, Metals, Oil & Gas ext 3619 Muhammad Wafi Technical Analyst ext 3609 Michael W Setjoadi michael@bahana.co.id Research Analyst Consumer, Poultry ext 3613 Robin Sutanto robin@bahana.co.id Research Analyst Property ext 3620 Wendy Chandra wendy.chandra@bahana.co.id Research Analyst Consumer, Media ext 3606 Adrian Mahendra Putra adrian@bahana.co.id Research Analyst Industrial Estate ext 3614 Bob Setiadi bob.setiadi@bahana.co.id Research Analyst Cement, Infratructure,Toll roads ext 3605 Agustinus Reza Kirana agustinus.reza@bahana.co.id Research Analyst Plantations, Shipping, Transportation ext 3616 Adi Saputra adi.saputra@bahana.co.id Research Associate ext 3693 Andre Natala Susanto andre@bahana.co.id Research Associate ext 3601 Sanni Chandra Satrio Widjanarka Dwi Utomo chandra.widjanarka@bahana.co.id sanni@bahana.co.id Research Technical Associate Analyst ext ext Bagus Andre Chandra Adi Natala Yoga Widjanarka Susanto Prawira chandra.widjanarka@bahana.co.id yoga.prawira@bahana.co.id andre@bahana.co.id Research Research Technical Associate Associate Analyst ext ext Melvin Mikha Reminov melvin@bahana.co.id Research Associate ext 3621 Made Ayu Wijayati made.ayu@bahana.co.id Research Executive ext 3607 Zefanya Halim zefanya@bahana.co.id CA Manager ext 3612 Novianty Permata Sari novianty@bahana.co.id CA ext 3618 Dealing Room: (Foreign ) (Domestic ) (Surabaya Branch) Edy Sujoso edy.sujoso@bahana.co.id Head of Equity Sales & Trading Equity Sales ext 2545 Ashish Agrawal ashish@bahana.co.id Vice President Equity Sales ext 2550 / 2553 Amelia Husada amelia@bahana.co.id Vice President Equity Sales ext 2552 Yohanes Adhi Handoko yohanes@bahana.co.id Manager, Surabaya Branch ext 7250 John M. Dasaad dasaad@bahana.co.id Equity Sales ext 2549 Reynard Poernawan reynard@bahana.co.id Equity Sales ext 2528 Suwardi Widjaja Suwardi@bahana.co.id Equity Sales ext 2548 Nurul Farida nurul@bahana.co.id Equity Sales ext 2543 Ari Santosa ari.santosa@bahana.co.id Sales Trader ext 2554 Hanna Marionda hanna@bahana.co.id Sales Trader ext 2525 Adriana Kosasih adri@bahana.co.id Sales Executive ext 2541 Head Office Surabaya Branch Graha Niaga, 19th Floor Wisma BII, Ground Floor Jl. Jend. Sudirman Kav. 58 Jl. Pemuda Jakarta Surabaya Indonesia Indonesia Tel Tel Fax Fax

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