Beacon Indonesia Morning Brief

Transcription

1 Asiamoney s 2013 Best Domestic Equity House 13 July 2016 Beacon Indonesia Morning Brief IDX: 5,099 (+0.6%) Turnover: IDR7.0tn (-12.1%) Foreign Net BUY: IDR1.6tn (+4.2%) TODAY S NEWS POLITICS Police Chief: Tito to be inaugurated today ECONOMICS OJK: Asks BEI to appoint securities firms for tax amnesty BI: Consumer confidence up to in June (May: 111.6) Beef prices: Government issues wider import licenses in a bid to reduce prices INDUSTRY Tax amnesty: Bank Persepsi ; Govt to form a special task force; Collection regulation this week 4 State-owned companies to implement IDR14tn rights issues Land transportation: Palembang LRT construction of Musi track start in August Oil & Gas: Pertamina s USD2bn for Mahakam block; Masela block rejected; Decision on Natuna Oil: June s ICP flat at USD44.50/bbl from USD44.68/bbl in May Electricity: Mega electricity program to still rely on fossil fuels Sugar: Production to decrease 20% y-y Road toll projects include tax-amnesty funding target Sea transportation: Patimban port project construction to be delayed Oil and Gas: New formula for ICP CPO: Prices drop 14% due to higher inventories CORPORATE BBRI to increase ownership of PT BTMU-BRI Finance; to issue IDR10tn in bonds in 2H16 UNVR to make board change TINS spends IDR52bn on exploration costs; Optimistic for 3Q16 performance APLN to launch new apartment tower in Cimanggis ECONOMIC INDICATORS MARKET DATA 15A 16F 17F 15A 16F 17F Cur acc bal (%GDP) (2.1) (2.3) (2.3) Op.prof.gwt.(%) (0.3) Fiscal bal (%GDP) (2.6) (2.7) (2.5) EPS growth (%) (6.9) GDP growth (%y-y) P/E (x) Private spending (%) PEG (x) (3.7) Investment (%y-y) EV/EBITDA (x) Total exports (%y-y) (2.0) (4.5) (1.8) P/BV (x) Total imports (%y-y) (5.9) (7.5) (2.6) P/BV exc Inflation (%y-y) Div. Yield (%) IDR/USD 13,788 14,000 13,500 Net gearing (%) BI rate (% p.a.) ROAE (%) Brent Oil (Usd/bbl) ROAA (%) FX reserve (USDb) ROIC (%) Source: Bahana estimates Source: Bahana estimates INDICES Asia Last Chg% ytd % y-y % Hang Seng (HK) 21, (3.1) (15.9) IDX (Indonesia) 5, KLCI (Mal.) 1, (2.3) (3.6) KOSPI (Korea) 1, (3.4) Nikkei (Japan) 16, (15.4) (19.9) PCOMP (Phil.) 7, SENSEX (India) 27, (0.5) SET (Thailand) 1, (1.1) SHCOMP (China) 3, (13.8) (23.2) SHENZHEN (China) 2, (12.3) (4.5) STI (Singapore) 2, (12.4) TWSE (Taiwan) 8, (2.1) VNI (Vietnam) Europe, USA and Ems CAC 40 (France) 4, (6.6) (13.3) DAX (Germany) 9, (7.3) (13.2) Dow Jones (USA) 18, FTSE 100 (UK) 6,680.7 (0.0) 7.0 (0.8) IBOV (Brazil) 54, MEXBOL (Mexico) 46, NGSEINDX (Nigeria) 28, (8.8) Nasdaq (USA) 5, (1.0) RTSI (Russia) S&P 500 (USA) 2, XU100 (Turkey) 81, (2.7) Source: Bloomberg ETF, ADR & COMMODITIES Last Chg% ytd % y-y % EEM US (USD) (8.1) EIDO US (USD) TLK US (IDR) 4, Como Index (USD) (12.9) Coal (USD/t) Corn (USD/mtn) (3.7) (18.2) Coffee (USD/t) 2, Copper (USD/t) 4, (15.9) Cotton (USD/t) 1, CPO Rott (USD/t) (1.6) (7.4) Gold (USD/oz.) 1,334.0 (1.5) Iron ore (USD/mtn) Milk (USD/cwt) (2.8) (8.6) Nickel (USD/t) 10, (23.3) Oil Brent (USD/barrel) (17.5) Rice (IDR/kg) 4, (3.1) 5.7 Rubber (USD/t) (12.4) Silver (USD/oz) 20.2 (0.7) Soybean oil (USD/t) (5.0) Steel (USD/t) Sugar (USD/t) Tins (USD/t) 17, Wheat (USD/t) (10.9) (26.6) Source: Bloomberg CURRENCIES & RATES Last Prev. ytd % y-y % AUD/1USD (4.3) (2.7) EUR/1USD (1.9) (0.6) IDR/1USD 13,120 13, JPY/1USD SGD/1USD JIBOR (%) (2.9) (1.4) BI rate (%) (1.0) (1.0) TD 1 month (%) (0.7) (0.9) CDS (bps) (3.3) Source: Bloomberg Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. Investors should consider this report as only a single factor in making their investment decision.

2 POLITICS Police Chief: Tito to be inaugurated today New Police Chief Tito Karnavian will be inaugurated today, 13 July at 1.30pm at the State Palace, with position handover taking place tomorrow morning, 14 July. Prior to the inauguration, there will be a presentation marking the transfer from old Police Chief to Tito. (Bisnis Indonesia, Kompas) ECONOMICS OJK: Asks BEI to appoint securities firms for tax amnesty Indonesia Financial Service Authority (FSA) is asking the Indonesia Stock Exchange (BEI) to offer guidelines governing the securities and asset-management firms appointed to collect tax amnesty funds. (IQ Plus) BI: Consumer confidence up to in June (May: 111.6) The BI indicated that consumer optimism was higher in June as the overall consumer confidence index reached (May: 111.6). The survey also expects muted price increase pressure in September as the price expectation index dropped 14.9 points to 156.4, with the steepest fall occurring in staple prices. (Bank Indonesia). Bahana comment: We see this condition as an impact of continued stimulus from Bank Indonesia. Muted inflation should also support BI to continue its monetary loosening. Recently, we cut our 2016 year end 7-D reverse-repo rate expectations to 4.5% (from: 5.00%). Beef prices: Government issues wider import licenses in a bid to reduce prices The government has recently decided to allow private importers to import secondary cuts of beef and offal (jeroan) in an attempt to stabilize beef prices. Previously, lower grade secondary cuts of beef and offal were allowed to be imported only by state-owned enterprises, while the private sector was allowed to import lower grade beef only for hotels restaurants and cafes. With the change in regulation, secondary beef can be distributed by private firms to households. (Jakarta Post). Bahana comment: This is positive to ease inflationary pressure on the ground. At this stage, we continue to reiterate our 2016 inflation target of 3.9%, which should be supportive of our call for a further 75bps reduction in BI s policy rate. INDUSTRY Tax amnesty: Bank Persepsi ; Govt to form a special task force; Collection regulation this week Jokowi is reported to have requested for the formation of a special task force to pave the way for a smooth tax amnesty program while MoF will issue ministerial regulation (PMK) on repatriation and procedures within this week. Finance Minister Bambang Brodjonegoro stated the PMK would be appointing banks ( bank persepsi ) to act as entry points for repatriating funds so that the process can be more efficient. (Kata Data, Tribunnews, Okezone.com). Bahana comment: We note that as bank persepsi, banks can offer various products including their own deposit schmes (e.g. MTNs, bonds, time deposits, etc.). So far the 7 banks included as bank persepsi are BMRI, BBRI, BBNI, BBTN, BBCA, BTPN and BDMN. Therefore, we believe this will benefit most banks with weak deposit franchise such as BTPN, BDMN and BBTN. 4 State-owned companies to implement IDR14tn rights issues A total of four State Owned Enterprises (SOEs) are to implement IDR14tn rights issue following the approval of State Capital Injection (PMN) of IDR9tn this year. Breakdown of the rights issues are as follows: Wijaya Karya (WIKA IJ-BUY-IDR2,860-TP:IDR3,100) IDR6.1tn, PTPP (PTPP IJ-BUY-IDR3,900-TP:IDR4,300) IDR4.4tn, Jasa Marga (JSMR IJ-BUY-IDR5,3750-TP:IDR6,000) IDR1.8tn and Krakatau Steel (KRAS IJ- REDUCE-IDR640-TP:IDR275). (Detik.com) Land transportation: Palembang LRT to start construction of Musi track in August The Palembang LRT project will enter the construction phase for the Musi river track in August. According to Ahmad Waidi, secretary of the project management unit of the acceleration of the implementation of South Sulawesi LRT, the construction is targeted to be finished in April (Bisnis Indonesia) PT Bahana Securities Equity Research Bahana Beacon - The Daily 2

3 Oil & Gas: Pertamina s USD2bn for Mahakam block; Masela block rejected; Decision on Natuna Pertamina is preparing USD2bn for the takeover of the Mahakam block. Additionally, Pertamina stated that Inpex corporation (one of Masela block s operators) is rejecting the offer of Pertamina to form 20% of the Masela block. Separately, Pertamina will soon decide the fate of the East Natuna block, the largest gas reserve in Asia. Pertamina president director stated the evaluation carried out in the East Natuna oil and gas block would be conducted after the company completed a memorandum of understanding (MoU) with the National Iranian Oil Co (NIOC) this month. (Okezone.com, The Jakarta Post) Oil: June s ICP flat at USD44.50/bbl from USD44.68/bbl in May June s Indonesia Crude Price (ICP) was flat at USD44.50/bbl, from USD44.68/bbl in May The decrease occurred amid the rise in crude prices in international markets. (Petromindo.com) Electricity: Mega electricity program to still rely on fossil fuels The newest electricity procurement business plan (RUPTL) has revealed that the ambitious 35,000 MW program will remain overly reliant on coal and gas despite Indonesia s commitment to decreasing carbon emissions. (The Jakarta Post) Sugar: Production to decrease 20% y-y The Director General of The Agriculture Ministry has predicted a decline in edible sugar production by 20% y-y with yields falling from 8% to 7% y-y on the back of the La Nina. Earlier estimates of 2.6mn tons of production for the year have now been revised to 2.4mn tons, down 7.6%. However, this may not lead to a rise in sugar prices as the government plans to import raw sugar. (Kontan) Road toll projects include tax-amnesty funding target The Ministry of Public Works and Housing (PU-Pera) has proposed a number of highway projects to be financed with investment funds from the tax-amnesty participants. The projects that will receive funding are the Samarinda-Balikpapan toll road, Cileunyi-Sumedang-Dawuan toll road and Manado-Bitung toll road. (Kontan) Sea transportation: Patimban port project construction to be delayed According to Sofyan A. Djalil, the chief of National Development Planning Board, the Patimban port project evaluation has not been finished yet. The signing of the project agreement could potentially be put off until next year, therefore delaying the commencement of the project construction. (Bisnis Indonesia) Oil and Gas: New formula for ICP The Energy and Mineral Resources Ministry (ESDM) has introduced a new formula for ICP calculation. The formula is to follow Brent oil prices plus alpha. (Bisnis Indonesia) CPO: Prices drop 14% due to higher inventories CPO prices fell 14% from their May 2016 level of RM2,620, to RM2,241 on 8 July 2016 on the back of higher inventory levels and lower prices of soya bean oil. (bareksa.com) CORPORATE BBRI to increase ownership of PT BTMU-BRI Finance; to issue IDR10tn in bonds in 2H16 Bank Rakyat Indonesia (BBRI-HOLD-IDR11,500-TP:IDR11,000) has increased its ownership in PT BTMU-BRI Finance by acquiring a 55% stake from Bank of Tokyo-Mitsubishi UFJ. Hence, BBRI s ownership in the multifinance company increased to 99% (previously: 44%), while the remaining 1% belongs to Yayasan Kesejahteraan Pekerja BRI. Total transaction cost was for around IDR500bn (USD38.8mn) at x PBV. In addition, BBRI also plans to issue debt obligation (bonds) of up to IDR10tn in 2H16 and another IDR10tn in 1H17. (Okezone, Bisnis Indonesia) UNVR to make board change UNVR is replacing a board member following the resignation of Ainul Yaqin, Director of the Home Care & Food Division, effective 1 September Ainul will occupy a new position at a UNVR overseas affiliate. The company has proposed Vikas Gupta and Hernie Raharja as a replacement, and the change is to be discussed at the General Meeting of Shareholders. (Kontan). Bahana comment: We believe this will have minimal changes on the company s overall operations. PT Bahana Securities Equity Research Bahana Beacon - The Daily 3

4 TINS spends IDR52bn on exploration costs; Optimistic for 3Q16 performance Timah (TINS IJ-REDUCE-IDR780-TP:IDR411) has spent IDR51.65bn for land and sea exploration in the Bangka and Belitung as of June Additionally, management stated that higher tin prices as of June 2016 could lead to higher revenue in 3Q16. (IQPlus, Kontan) APLN to launch new apartment tower in Cimanggis In 4Q16, Agung Podomoro Land (APLN IJ-REDUCE-IDR258-TP:IDR220) plans to launch a new residential tower in Park View, Cimanggis worth IDR300bn. However, no further details have been disclosed including the unit prices. (Kontan). Bahana comment: This is expected to boost APLN s marketing sales going forward since the low-class segment demand is still quite stable at the moment. This should help to achieve our 2016 marketing sales target of IDR3.5tn, which is also in line with management s estimate. PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

5 BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 07/13/ /12/2016 CHANGE (%) Vale Indonesia INCO IJ REDUCE 1,400 (36.7) 2,210 1, Semen Baturaja SMBR IJ REDUCE 400 (41.2) Indo Tambangraya Megah ITMG IJ REDUCE 4,000 (60.5) 10,125 9, Matahari Putra Prima MPPA IJ BUY 1, ,600 1, Harum Energy HRUM IJ REDUCE 500 (44.4) Wintermar Offshore Marine WINS IJ HOLD 184 (22.7) Bank Tabungan Negara BBTN IJ HOLD 1,700 (6.1) 1,810 1, Perusahaan Gas Negara PGAS IJ BUY 3, ,520 2, Erajaya Swasembada ERAA IJ BUY Bank Mandiri BMRI IJ HOLD 9,300 (8.6) 10,175 9, Adaro Energy ADRO IJ HOLD 645 (33.5) Sarana Menara Nusantara TOWR IJ BUY 5, ,170 4, Bukit Asam PTBA IJ BUY 7,800 (9.6) 8,625 8, Timah TINS IJ REDUCE 411 (47.3) Pakuwon Jati PWON IJ HOLD 490 (25.8) London Sumatra Indonesia LSIP IJ BUY 1, ,400 1, Anabatic Technologies ATIC IJ BUY Nippon Indosari Corpindo ROTI IJ BUY 1,450 (11.0) 1,630 1, Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,100 (17.3) 2,540 2, J Resources PSAB IJ BUY Sri Rejeki Isman SRIL IJ BUY United Tractors UNTR IJ BUY 18, ,500 15, Aneka Tambang ANTM IJ HOLD 680 (10.5) Bank Negara Indonesia BBNI IJ BUY 5,200 (4.1) 5,425 5, Cardig Aero Services CASS IJ HOLD 1, Garuda Indonesia GIAA IJ REDUCE 400 (16.7) Gajah Tunggal GJTL IJ BUY 860 (18.1) 1,050 1, Express Transindo Utama TAXI IJ BUY Bank Danamon Indonesia BDMN IJ HOLD 3,300 (10.6) 3,690 3, Puradelta Lestari DMAS IJ BUY Bank Central Asia BBCA IJ HOLD 14, ,750 13, Adi Sarana Armada ASSA IJ BUY Bank Bukopin BBKP IJ REDUCE 540 (10.0) Japfa Comfeed Indonesia JPFA IJ BUY 940 (21.7) 1,200 1, Krakatau Steel KRAS IJ REDUCE 275 (57.0) Semen Indonesia SMGR IJ HOLD 8,900 (9.4) 9,825 9, Holcim Indonesia SMCB IJ REDUCE 850 (23.4) 1,110 1, Summarecon Agung SMRA IJ BUY 1,820 (3.2) 1,880 1, Bank Rakyat Indonesia BBRI IJ HOLD 11,000 (4.3) 11,500 11, Tempo Scan Pacific TSPC IJ BUY 2, ,780 1, Astra Agro Lestari AALI IJ REDUCE 13,626 (4.4) 14,250 14, Pelayaran Tempuran Emas TMAS IJ BUY 3, ,495 1, Salim Ivomas Pratama SIMP IJ HOLD 290 (36.4) Agung Podomoro Land APLN IJ REDUCE 220 (14.7) Bekasi Fajar Industrial Estates BEST IJ REDUCE Telekomunikasi Indonesia TLKM IJ BUY 4, ,100 4, Indonesian Stock Exchange JCI 5,100 5, Xl Axiata EXCL IJ BUY 4, ,600 3, Mayora Indah MYOR IJ BUY 37,000 (3.6) 38,400 38, Sampoerna Agro SGRO IJ HOLD 1,800 (9.8) 1,995 1, Wijaya Karya WIKA IJ BUY 3, ,860 2, Surya Citra Media SCMA IJ REDUCE 2,800 (14.9) 3,290 3, Malindo Feedmill MAIN IJ BUY 1, ,650 1, Mitra Adiperkasa MAPI IJ BUY 4, ,070 4, Matahari Department Store LPPF IJ BUY 20,500 (1.4) 20,800 20, Astra International ASII IJ REDUCE 5,650 (22.1) 7,250 7, Indomobil Sukses Internasional IMAS IJ HOLD 2, ,475 1, Jasa Marga JSMR IJ BUY 6, ,375 5, Pembangunan Perumahan PTPP IJ BUY 4, ,900 3, Wijaya Karya Beton WTON IJ BUY 1, Hero Supermarket HERO IJ REDUCE 650 (39.5) 1,075 1, Multipolar MLPL IJ BUY Indofood Sukses Makmur INDF IJ BUY 6,600 (8.3) 7,200 7, Kimia Farma KAEF IJ BUY 1, ,165 1, Surya Semesta Internusa SSIA IJ BUY Lippo Cikarang LPCK IJ BUY 8, ,350 7, Merdeka Copper Gold MDKA IJ BUY 2, ,960 1, Dharma Satya Nusantara DSNG IJ BUY Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (44.1) 1,790 1, Tunas Baru Lampung TBLA IJ BUY 570 (0.9) Charoen Pokphand Indonesia CPIN IJ BUY 3,500 (7.7) 3,790 3, Lippo Karawaci LPKR IJ REDUCE 1,130 (3.4) 1,170 1, Tower Bersama Infrastructure TBIG IJ REDUCE 5,750 (12.9) 6,600 6, Blue Bird BIRD IJ REDUCE 3,500 (12.3) 3,990 3, Ciputra Development CTRA IJ BUY 1,400 (3.4) 1,450 1,451 (0.1) Indofood CBP Sukses Makmur ICBP IJ BUY 18, ,400 17,425 (0.1) Adhi Karya ADHI IJ BUY 3, ,780 2,790 (0.4) Indosat ISAT IJ BUY 7, ,600 6,625 (0.4) Electronic City ECII IJ REDUCE (0.4) Alam Sutera Realty ASRI IJ REDUCE 300 (38.3) (0.4) Kawasan Industri Jababeka KIJA IJ BUY 270 (6.3) (0.7) Waskita Karya WSKT IJ BUY 2, ,550 2,570 (0.8) Sido Muncul SIDO IJ BUY (0.8) Bank Jawa Barat dan Banten BJBR IJ HOLD 970 (14.5) 1,135 1,145 (0.9) Soechi Lines SOCI IJ BUY (1.0) AKR Corporindo AKRA IJ BUY 8, ,650 6,725 (1.1) Kalbe Farma KLBF IJ BUY 1,480 (6.6) 1,585 1,605 (1.2) Total Bangun Persada TOTL IJ BUY (1.3) HM Sampoerna HMSP IJ BUY 4, ,720 3,770 (1.3) Bumi Serpong Damai BSDE IJ BUY 2,020 (4.3) 2,110 2,140 (1.4) Unilever Indonesia UNVR IJ BUY 50, ,325 45,000 (1.5) Tiphone Mobile Indonesia TELE IJ BUY 1, (1.5) Ace Hardware Indonesia ACES IJ BUY (2.0) Media Nusantara Citra MNCN IJ BUY 2, ,200 2,250 (2.2) Siloam International Hospitals SILO IJ BUY 12, ,000 11,250 (2.2) Gudang Garam GGRM IJ BUY 88, ,225 72,000 (2.5) Bank Jawa Timur BJTM IJ REDUCE 430 (17.3) (2.8) Ramayana Lestari Sentosa RALS IJ BUY 1, ,010 1,040 (2.9) PP Property PPRO IJ HOLD 210 (58.0) (2.9) Medco Energi Internasional MEDC IJ BUY 1,300 (29.0) 1,830 1,895 (3.4) Indocement Tunggal Prakarsa INTP IJ REDUCE 13,950 (15.5) 16,500 17,100 (3.5) Ciputra Property CTRP IJ REDUCE 335 (41.2) (4.1) Mitra Keluarga Karyasehat MIKA IJ REDUCE 1,900 (28.0) 2,640 2,760 (4.3) Source: Bloomberg, Bahana estimates JCI >5.0% <5%,>0.1% <0.1%,>-0.1% <-0.1%,>-5% <-5.0% PT Bahana Securities Equity Research Bahana Beacon - The Daily 5

6 PT Bahana Securities Equity Research Bahana Beacon - The Daily 6 Ticker Rating Price TP 3M avg to (IDR) (IDR) (IDRb) 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F PX_LAST AVIATION N ,000 66,614 76,230 1,464 1,969 2,577 1,084 1,724 2,165 na (104.3) (93.2) (83.0) GIAA IJ* REDUCE ,368 64,708 74,084 1,050 1,474 2, ,582 2,005 na na (125.2) (108.1) (97.2) CASS IJ HOLD 900 1, ,632 1,905 2, AUTOMOTIVE N , , ,650 18,260 20,636 22,738 13,750 19,236 21,338 (28.8) ASII IJ REDUCE 7,250 5, , , ,145 17,212 19,456 21,392 14,464 19,047 20,610 (24.6) IMAS IJ HOLD 1,475 2, ,010 19,770 21, (292) na na na na (5.3) (1.2) (1.6) GJTL IJ BUY 1, ,833 13,932 15, ,031 1,117 (422) na na na na (7.7) (2.6) (3.6) BANKS UW , , , , , ,197 81,990 87,193 96, na na na na na na na na na BBCA IJ HOLD 13,750 14, ,413 54,667 58,922 22,657 25,089 27,636 18,019 20,051 22, na na na na na na na na na BBRI IJ HOLD 11,500 11, ,688 75,366 81,584 30,511 31,895 34,882 25,398 26,831 29, na na na na na na na na na BMRI IJ HOLD 10,175 9, ,316 71,421 78,060 26,339 26,240 29,089 20,335 20,058 22, (1.4) na na na na na na na na na BBNI IJ BUY 5,425 5, ,298 38,934 43,381 11,057 11,912 13,663 9,067 9,805 11,230 (15.9) na na na na na na na na na BDMN IJ HOLD 3,690 3, ,638 20,359 21,691 3,944 4,327 4,825 2,393 3,068 3,397 (8.1) na na na na na na na na na BTPN IJ REDUCE 2,540 2, ,460 9,056 10,343 2,460 2,204 2,438 1,702 1,572 1,804 (8.9) (7.6) na na na na na na na na na BBTN IJ HOLD 1,810 1, ,998 9,210 10,904 2,534 2,897 3,305 1,851 2,179 2, na na na na na na na na na BJBR IJ HOLD 1, ,987 7,568 8,164 1,736 1,989 2,221 1,381 1,565 1, na na na na na na na na na BJTM IJ REDUCE ,558 4,136 4,800 1,208 1,385 1, ,027 1,213 (5.8) na na na na na na na na na BBKP IJ REDUCE ,193 4,646 5,174 1,173 1,353 1, ,037 1, na na na na na na na na na CEMENT UW ,446 58,501 62,224 11,584 12,255 12,681 9,408 9,765 10,067 (20.3) SMGR IJ HOLD 9,825 8, ,948 27,634 29,189 5,899 5,924 6,020 4,521 4,688 4,781 (18.7) INTP IJ REDUCE 16,500 13, ,798 18,320 19,536 5,029 5,219 5,439 4,357 4,516 4,723 (17.7) nc nc nc SMCB IJ REDUCE 1, ,239 10,919 11, na na na na SMBR IJ REDUCE ,461 1,628 1, (12.5) nc nc nc COAL N , , ,638 18,105 15,930 13,839 12,557 11,309 9, (9.9) (12.6) UNTR IJ BUY 15,500 18, ,968 49,619 51,535 8,357 8,192 8,437 6,847 6,383 6, (6.8) nc nc nc ADRO IJ* HOLD ,576 33,558 32,774 4,648 3,584 2,268 2,128 1,764 1, (17.9) (40.0) ITMG IJ* REDUCE 10,125 4, ,102 19,323 21,830 2,643 1, , (68.6) (17.4) (59.6) nc nc nc PTBA IJ BUY 8,625 7, ,734 15,832 15,981 2,414 2,774 2,547 2,036 2,198 1, (9.6) nc nc nc HRUM IJ* REDUCE ,710 3,518 3, (42) 0 (28) (95) (50) (1,000) (100.0) (25.7) (3.0) (4.4) (8.1) (0.6) nc nc nc 0.0 (0.7) (2.4) 0.0 (0.5) (1.8) 0.0 (2.5) (9.7) CONS. & TOLL ROADS N ,155 90, ,789 8,730 12,016 13,876 4,632 5,847 6, JSMR IJ BUY 5,375 6, ,646 8,712 9,598 3,235 3,685 3,753 1,466 1,540 1, (10.9) WIKA IJ BUY 2,860 3, ,150 14,875 17,597 1,297 1,718 2, (9.2) PTPP IJ BUY 3,900 4, ,909 20,378 24,313 1,695 2,223 2, , WSKT IJ BUY 2,550 2, ,153 23,984 27,788 1,415 2,438 2,854 1,048 1,401 1, WTON IJ BUY 945 1, ,570 4,160 5, (45.5) nc nc ADHI IJ BUY 2,780 3, ,390 16,177 21, ,232 1, (17.3) nc TOTL IJ BUY ,338 2,618 3, nc nc nc CONSUMER - DISCRE. N ,113 83,338 94,165 8,014 9,758 11,448 5,639 7,298 8,810 (10.2) SCMA IJ REDUCE 3,290 2, ,238 4,573 4,983 2,015 2,199 2,417 1,524 1,663 1, nc nc nc LPPF IJ BUY 20,800 20, ,007 10,383 12,119 2,330 2,702 3,158 1,781 2,170 2, nc nc nc na na na MNCN IJ BUY 2,200 2, ,445 6,985 7,645 2,194 2,529 2,840 1,186 1,685 2,007 (32.7) MPPA IJ BUY 1,600 1, ,929 15,592 17, (67.0) nc nc nc ACES IJ BUY ,743 5,137 5, nc nc nc HERO IJ REDUCE 1, ,353 16,257 18,590 (246) (43) 98 (29) na na na na (0.9) (16.3) (11.1) (0.5) (0.4) (0.5) RALS IJ BUY 1,010 1, ,786 8,284 8, (5.5) nc nc nc MAPI IJ BUY 4,070 4, ,833 14,254 16, , (52.8) ECII IJ REDUCE ,781 1,874 2,106 (5) (74.5) na nc nc nc CONSUMER - STAPLES OW , , ,198 49,832 54,634 62,176 34,038 37,725 43, HMSP IJ BUY 3,720 4, ,069 97, ,853 14,048 14,922 17,446 10,363 11,458 13,458 (2.5) nc nc nc UNVR IJ BUY 44,325 50, ,484 40,257 45,540 7,944 8,943 10,108 5,852 6,612 7, nc nc GGRM IJ BUY 70,225 88, ,366 75,730 83,554 9,906 10,731 11,965 6,436 6,694 7, KLBF IJ BUY 1,585 1, ,887 19,300 20,943 2,647 2,812 3,080 2,004 2,167 2,400 (2.9) nc nc nc INDF IJ BUY 7,200 6, ,062 70,849 78,078 6,877 7,610 8,547 2,968 3,454 4,196 (23.6) ICBP IJ BUY 17,400 18, ,741 35,573 39,811 3,908 4,559 5,173 3,001 3,516 4, nc nc nc MYOR IJ BUY 38,400 37, ,819 16,390 18,550 1,862 2,035 2,322 1,219 1,320 1, TSPC IJ BUY 1,780 2, ,220 9,160 10, (0.7) nc nc nc SIDO IJ BUY ,268 2,424 2, nc nc nc ROTI IJ BUY 1,630 1, ,189 2,693 3, KAEF IJ BUY 1,165 1, ,070 5,754 6, MIKA IJ REDUCE 2,640 1, ,038 2,301 2, nc nc nc SILO IJ BUY 11,000 12, ,116 5,242 6, INDUSTRIAL ESTATES N ,515 12,069 13,698 4,443 4,988 5,652 3,407 3,929 4, DMAS IJ BUY ,286 1,299 1,711 1,859 1,368 1,705 1, nc nc nc KIJA IJ BUY ,140 3,223 3, , (18.4) BEST IJ REDUCE (46.0) (24.9) SSIA IJ BUY ,282 6,065 6, , LPCK IJ BUY 7,350 8, ,121 2,218 2, ,035 1, , nc nc nc INDUSTRY - Various ,542 92,424 37,858 (1,286) (22) 2,258 (3,408) (2,201) (1,545) na na na na na na (5.1) (1.5) (0.9) (2.4) (0.9) (0.2) (4.2) (1.3) (0.3) KRAS IJ* REDUCE ,341 20,947 0 (2,555) (1,635) 0 (3,047) (2,636) (2,513) na na na na na na na na na (16.9) (11.8) (12.7) (7.0) (5.1) (4.7) (8.9) (6.0) (5.6) ATIC IJ BUY ,626 2,964 3, (12.7) SRIL IJ BUY ,708 9,674 11,620 1,372 1,568 1, , MLPL IJ BUY ,867 19,695 22,203 (281) (172) 91 (1,205) (543) (242) na na na na na na nc (15.4) (7.8) (3.7) (5.3) (2.4) (1.0) (12.7) (6.0) (2.9) LAND TRANSPORTATION UW ,835 23,011 15,755 1,641 1,827 1, ,004 (0.7) BIRD IJ REDUCE 3,990 3, ,472 6,250 6,988 1,173 1,298 1, (2.0) TAXI IJ BUY ,040 1, (72.7) ASSA IJ BUY ,393 1,606 1, (20.4) METALS N ,345 25,401 28,013 1, ,125 (43) (331) 2,064 (101.9) (723.6) (1,475.7) (191.7) 30.7 (350.8) (0.7) (1.1) 1.1 INCO IJ* REDUCE 2,210 1, ,060 8,036 8,736 1, (67.8) (83.8) nc nc nc ANTM IJ HOLD ,519 10,632 12,362 (768) (647) 154 (1,209) (882) (157) (76.5) (63.2) (237.9) na na na (1,103.1) (8.6) (5.6) (1.0) (4.8) (3.1) (0.6) (5.9) (3.8) (0.7) TINS IJ REDUCE ,874 6,733 6, (85.9) (14.3) PSAB IJ* BUY ,892 4,396 5,390 1,274 1,400 2, , MDKA IJ* BUY 1,960 2, (84) (140) 462 (98) (210) na na na na na na na na (9.0) (10.2) 11.4 (4.6) (6.9) 6.5 OIL & GAS N ,863 66,678 79,368 9,504 12,385 15,768 6,300 7,395 9,557 (35.3) PGAS IJ* BUY 2,520 3, ,966 38,528 45,052 7,910 8,260 10,766 5,614 5,880 7,952 (39.4) nc nc nc AKRA IJ BUY 6,650 8, ,344 18,832 22,965 1,345 1,837 1,720 1,047 1,338 1, (2.1) MEDC IJ* BUY 1,830 1, ,553 9,318 11, ,288 3,282 (361) (391.9) (150.9) 0.0 NA (2.4) (3.0) (1.0) (1.4) PLANTATIONS N ,272 42,766 45,776 6,078 6,637 7,275 2,109 2,955 3,952 (64.7) AALI IJ REDUCE 14,250 13, ,059 13,873 15,215 1,853 2,076 2, ,587 (75.3) SIMP IJ HOLD ,835 14,436 15,599 1,632 1,842 2, (69.1) LSIP IJ BUY 1,400 1, ,190 4,610 4, , (33.1) 19.8 (19.3) nc nc nc DSNG IJ BUY ,425 4,783 4, (59.0) (8.0) ANJT IJ* REDUCE 1,700 1, ,764 1,862 2, (112) na na na na (2.2) (1.8) SGRO IJ HOLD 1,995 1, ,999 3,202 3, (27.2) TBLA IJ BUY ,331 5,237 6, (58.0) (18.9) POULTRY N ,906 65,122 73,881 5,377 5,988 7,326 2,242 2,841 4, CPIN IJ BUY 3,790 3, ,108 32,462 37,351 3,443 3,798 4,773 1,837 2,119 3, JPFA IJ BUY 1, ,023 27,555 30,809 1,728 1,950 2, ,075 na na na na MAIN IJ BUY 1,650 1, ,775 5,105 5, (63) na (180.0) (47.1) (4.8) (1.7) (2.2) PROPERTY UW ,468 49,958 54,565 15,347 16,910 18,324 8,105 10,789 12,060 (42.3) BSDE IJ BUY 2,110 2, ,210 7,523 8,403 2,901 3,457 3,804 2,139 2,694 3,023 (46.5) LPKR IJ REDUCE 1,170 1, ,910 10,055 10,615 1,727 2,542 2, ,654 1,857 (79.0) PWON IJ HOLD ,625 5,373 6,220 2,265 2,656 3,035 1,262 1,790 2,118 (49.8) SMRA IJ BUY 1,880 1, ,624 6,339 6,879 1,768 1,999 2, ,127 1,230 (38.3) CTRA IJ BUY 1,450 1, ,514 8,154 9,335 2,353 2,288 2,511 1,284 1,380 1,517 (3.1) ASRI IJ REDUCE ,784 3,039 3,061 1,628 1,674 1, (45.6) APLN IJ REDUCE ,972 5,769 5,934 1,688 1,351 1, (5.0) (19.7) CTRP IJ REDUCE ,325 1,917 2, (19.2) (8.9) PPRO IJ HOLD ,505 1,789 1, SHIPPING N ,106 5,638 6,072 1,029 1,414 1, ,072 1,277 (15.1) SOCI IJ BUY ,986 2,277 2, (3.8) 12.9 (1.2) TMAS IJ BUY 1,495 3, ,721 1,858 2, WINS IJ HOLD ,399 1,503 1, (80) (100.0) na na (2.7) (1.2) (1.7) TELCOS OW , , ,003 43,990 49,395 57,037 18,749 23,078 28,886 (2.6) TLKM IJ BUY 4,100 4, , , ,693 32,881 36,717 41,992 15,489 17,604 20, (2.5) EXCL IJ BUY 3,600 4, ,876 24,242 25,852 1,258 1,563 2,062 (25) 440 1,183 na na na na na na (0.2) (0.0) (0.1) TBIG IJ REDUCE 6,600 5, ,437 3,801 4,229 2,637 2,915 3,243 1,056 1,289 1,593 (18.8) TOWR IJ BUY 4,170 5, ,470 4,845 5,315 3,386 2,866 3,274 2,958 1,591 2, (46.2) ISAT IJ BUY 6,600 7, ,769 29,107 31,660 2,704 4,015 4,926 (1,310) 1,440 2, NA (10.0) (2.4) (4.0) TELE IJ BUY 650 1, ,040 29,578 34, , ERAA IJ BUY ,569 19,777 21, (0.6) Market N 3,151 1,692,664 1,852,117 2,044, , , , , , ,108 (6.9) Note: *USD reporting OW: Overweight, N: Neutral, UW: Underweight ROIC (%) ROAA (%) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%) Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) PER (x)

7 FULL-YEAR 2015 EARNINGS RELEASES (ESTIMATED) Ticker Company Date Time BBRI IJ Bank Rakyat Indonesia 1/26/ BBNI IJ Bank Negara Indonesia 1/29/ BDMN IJ Bank Danamon 1/29/ BJTM IJ Bank Pembangunan Daerah Jawa Timur 1/29/ JSMR IJ Jasa Marga 2/5/ EXCL IJ XL Axiata 2/5/ BMRI IJ Bank Mandiri 2/9/ :00 ITMG IJ Indo Tambangraya Megah 2/16/ :00 LPPF IJ Matahari Department Store 2/17/ AALI IJ Astra Agro Lestari 2/23/ :00 BBTN IJ Bank Tabungan Negara 2/24/ :00 ASII IJ Astra International 2/24/ UNTR IJ United Tractors 2/24/ INCO IJ Vale Indonesia 2/24/ LSIP IJ PP London Sumatera Indonesia 2/25/ WSKT IJ Waskita Karya 2/25/ ADHI IJ Adhi Karya 2/25/ ANJT IJ Austindo Nusantara Jaya 2/25/ HERO IJ Hero Supermarket 2/26/ JPFA IJ Japfa 2/26/ IMAS IJ Indomobil Sukses International 2/26/ SMBR IJ Semen Baturaja 2/26/ SIMP IJ Salim Invomas Pratama 2/26/ SMGR IJ Semen Indonesia 2/29/ ANTM IJ Aneka Tambang 2/29/ PTBA IJ Tambang Batubara Bukit Asam 3/1/ :00 ANTM IJ Aneka Tambang 3/1/ TBIG IJ Tower Bersama Infrastructure 3/2/ BBCA IJ Bank Central Asia 3/3/ PTPP IJ PP Persero 3/3/ PGAS IJ Perusahaan Gas Negara 3/3/ :00 BTPN IJ Bank Tabungan Pensiunan Nasional 3/3/ TLKM IJ Telekomunikasi Indonesia 3/4/ MPPA IJ Matahari Putra Prima 3/4/ TINS IJ Timah Persero 3/4/ KAEF IJ Kimia Farma 3/4/ SMCB IJ Holcim Indonesia 3/7/ :00 ADRO IJ Adaro Energy 3/8/ :00 BJBR IJ Bank Pembangunan Daerah Jawa Barat 3/8/ WTON IJ Wijaya Karta Beton 3/10/ KRAS IJ Krakatau Steel 3/11/ WINS IJ Wintermar Offshore 3/11/ INTP IJ Indocement Tunggal Perkasa 3/16/ :00 TOTL IJ Total Bangun Persada 3/16/ WIKA IJ Wijaya Karya 3/17/ BSDE IJ Bumi Serpong Damai 3/17/ HMSP IJ H M Sampoerna 3/17/ :00 INDF IJ Indofood Sukses Makmur 3/18/ AKRA IJ AKR Corporindo 3/18/ GIAA IJ Garuda Indonesia 3/21/ SRIL IJ Sri Rejeki Isman 3/23/ PWON IJ Pakuwon Jati 3/24/ LPCK IJ Lippo Cikarang 3/24/ TBLA IJ Tunas Baru Lampung 3/24/ MDLN IJ Modernland Realty 3/24/ LPKR IJ Lippo Karawaci 3/24/ SCMA IJ Surya Citra Media 3/24/ TOWR IJ Sarana Menara Nusantara 3/24/ ROTI IJ Nippon Indosari Corpindo 3/24/ SIDO IJ Industri Jamu dan Farmasi Sido Muncul 3/24/ SILO IJ Siloam International Hospitals 3/24/ BIRD IJ Blue Bird 3/24/ KLBF IJ Kalbe Farma 3/28/ GGRM IJ Gudang Garam 3/29/ CPIN IJ Charoen Pokphand Indonesia 3/30/ PT Bahana Securities Equity Research Bahana Beacon - The Daily 7

8 FULL-YEAR 2015 EARNINGS RELEASES (ESTIMATED) Ticker Company Date Time GJTL IJ Gajah Tunggal 3/30/ MYOR IJ Mayora Indah 3/30/ SMRA IJ Summarecon Agung 3/30/ UNVR IJ Unilever Indonesia 3/30/ KIJA IJ Kawasan Industri Jababeka 3/30/ ISAT IJ Indosat 3/30/ MEDC IJ Medco Energi International 3/30/ CTRA IJ Ciputra Development 3/30/ SSIA IJ Surya Semesta Internusa 3/30/ PSAB IJ J Resources Asia Pasifik 3/30/ TMAS IJ Pelayaran Tempuran Emas 3/30/ MNCN IJ Media Nusantara Citra 3/30/ MAIN IJ Malindo Feedmill 3/30/ ASRI IJ Alam Sutera 3/30/ HRUM IJ Harum Energy 3/30/ CASS IJ Cardig Aero Service 3/30/ ERAA IJ Erajaya Swasembada 3/30/ TELE IJ Tiphone Mobile Indonesia 3/30/ TAXI IJ Express Transindo Utama 3/30/ ASSA IJ Adi Sarana Armada 3/30/ SOCI IJ Soechi Lines 3/30/ PPRO IJ PP Properti 3/31/ DMAS IJ Puradelta Lestari 3/31/ MIKA IJ Mitra Keluarga Karyasehat 3/31/ MDKA IJ Merdeka Copper Gold 3/31/ ATIC IJ Anabatic Technologies 3/31/ Source: Bloomberg, Bahana PT Bahana Securities Equity Research Bahana Beacon - The Daily 8

9 AGM & EGM SCHEDULE Corporate Action Ticker Company Date Time AEGM KREN IJ Kresna Graha Sekurindo 6/15/ :00 AEGM ASDM IJ Asuransi Dayin Mitra 6/15/ :00 AEGM GSMF IJ Equity Development Investment 6/15/ :30 AEGM SRAJ IJ Sejahteraraya Anugrahjaya 6/15/ :00 AEGM PTSP IJ Pioneerindo Gourmet International 6/15/ :00 AEGM CLPI IJ Colorpak Indonesia 6/15/ :00 AEGM UNSP IJ Bakrie Sumatera Plantations 6/15/ :00 AEGM DGIK IJ Nusa Konstruksi Enjiniring 6/15/ :00 AEGM INTD IJ Inter Delta 6/15/ :00 AEGM APII IJ Arita Prima Indonesia 6/15/ :00 AGM ARGO IJ Argo Pantes 6/15/ :00 AEGM MGNA IJ Magna Finance 6/15/ :00 AGM RICY IJ Ricky Putra Globalindo 6/15/ :30 AGM JPRS IJ Jaya Pari Steel 6/16/ :00 AGM SRSN IJ Indo Acidatama 6/16/ :00 AGM KONI IJ Perdana Bangun Pusaka 6/16/ :00 AEGM AISA IJ Tiga Pilar Sejahtera Food 6/16/ :00 AGM GDST IJ Gunawan Dianjaya Steel 6/16/ :00 AEGM MBTO IJ Martina Berto 6/16/ :00 AEGM ADMG IJ Polychem Indonesia 6/16/ :00 AGM BTON IJ Betonjaya Manunggal 6/16/ :30 AEGM OKAS IJ Ancora Indonesia Resources 6/16/ :00 AGM POOL IJ Pool Advista Indonesia 6/16/ :00 AEGM POLY IJ Asia Pacific Fibers 6/16/ :30 AGM ALDO IJ Alkindo Naratama 6/16/ :30 AEGM RIMO IJ Rimo Catur Lestari 6/17/ :00 AEGM RANC IJ Supra Boga Lestari 6/17/ :00 AEGM ALTO IJ Tri Banyan Tirta 6/17/ :30 Source: Bloomberg PT Bahana Securities Equity Research Bahana Beacon - The Daily 9

10 Actual and upcoming IPOs, No Code Date Company Industry Amount Public IDRbn) (%) 1 BBRM 01/08/13 Pelayaran Nasional Bina Buana Shipping HOTL 01/10/13 Saraswati Griya Lestari Hotel SAME 01/11/13 Sarana Meditama Metropolitan Hospital Management MAGP 01/16/13 Multi Agro Gemilang Plantations TPMA 02/20/13 Trans Power Marine Transportation ISSP 02/22/13 Steel Pipe Industry of Indonesia Pipes manufacturer DYAN 03/25/13 Dyandra Media International Entertainment ANJT 05/08/13 Austindo Nusantara Jaya Plantation NOBU 05/20/13 Bank Nationalnobu Banking MPMX 05/29/13 Mitra Pinasthika Mustika Automotive 1, DSNG 06/14/13 Dharma Satya Nusantara Plantations SRIL 06/17/13 Sri Rejeki Isman (Sritex) Textile 1, ACST 06/24/13 Acset Indonesia Construction SRTG 06/26/13 Saratoga Investa Sedaya Finance 1, NRCA 06/27/13 Nusa Raya Cipta Construction SMBR 06/28/13 Semen Baturaja Cement 1, ECII 07/03/13 Electronic City Indonesia Retail 1, BBMD 07/08/13 Bank Mestika Dharma Banking MLPT 07/08/13 Multipolar Technology IT VICO 07/08/13 Victoria Investama Finance CPGT 07/09/13 Cipaganti group Transportation NAGA 07/09/13 Bank Mitraniaga Banking BMAS 07/11/13 Bank Maspion Banking SILO 09/12/13 Siloam Hospital Hospital 1, APII 10/29/13 Arita Prima Indonesia Pipe Manufacture KRAH 11/08/13 Grand Kartech Manufacturing IMJS 12/10/13 Indomobil Multi Jasa Auto finance LEAD 12/11/13 Logindo Samudramakmur Marine services SSMS 12/12/13 Sawit Sumbermas Sarana Plantations 1, SIDO 12/18/13 Sido Muncul Pharmaceutical total 16, PNBS 01/15/14 Bank Panin Syariah Banking ASMI 01/16/14 Mitra Maparya Insurance CANI 01/16/14 Capitol Nusantara Transporation BINA 01/16/14 Bank INA Banking BALI 03/13/14 Bali Towerindo Sentra Construction WTON 04/08/14 Wika Beton Construction material 1, BLTZ 04/10/14 Graha Layar Prima Entertainment MDIA 04/11/14 Intermedia Capital Entertainment LRNA 04/15/14 Eka Sari Lorena Transport Transportation DAJK 05/14/14 Dwi Aneka Jaya Kemasindo Paper manufacture LINK 02/06/14 Link Net Telecommunication CINT 06/27/14 Chitose Internasional Manufacture MGNA 07/07/14 Magna Finance Finance BPII 07/08/14 Batavia Prosperindo Internasional Finance MBAP 07/10/14 Mitrabara Adiperdana Coal TARA 07/11/14 Sitara Propertindo Property DNAR 07/11/14 Bank Dinar Bank BIRD 11/05/14 Blue Bird Transportation 2, SOCI 12/03/14 Soechi Lines Shipping IMPC 12/17/14 Impack Pratama Industri Packaging IBFN 12/22/14 Intan Baruprana Finance Finance AGRS 12/22/14 Bank Agris Banking GOLL 12/23/14 Golden Plantation Plantation total 9, Airasia Indonesia Airlines 1, Andira Agro Plantations 56 Asia Mangan Group Mining Bank DKI Banking 58 Bank Kesejahteraan Ekonomi Banking 59 Bank Muamalat Banking 60 Bank Sumatera Utara Banking Bank Syariah Mandiri Banking 62 Daya Mitra Telekomunikasi Telecommunication Daya Mandiri Resources Indonesia Coal mining 64 GMF Aero Asia Target Aero services 65 Indoprima Gemilang Auto-parts 66 Infomedia Nusantara Services 67 Intan Baruprana Finance Multi-finance 68 Kawasan Berikat Nusantara Industrial estates 69 Krakatau Wijatama Steel manufacture 70 Pacific Agro Sentosa Plantations 1, Pegadaian Indonesia Finance 72 Pelita Cengkareng Paper Packaging manufacture 73 Perkebunan Nusantara III, IV and VII Plantations 74 Pertamina Drilling Services Indonesia Oil-related 75 Pertamina Hulu Energi Oil-related 76 Pertamina Gas Gas distribution 77 Pertamina Geothermal Energy Electricity 78 PLN Batam Electricity 79 Pos Indonesia Logistics 80 Pos Logistik Logistics 81 Puradelta Lestari Property 2, Semen Batam Cement 83 Siba Surya Logistics Sriboga Raturaya Restaurant total 7,818 Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today) PT Bahana Securities Equity Research Bahana Beacon - The Daily 10

11 Research: Harry Su Senior Associate Director Head of Corporate Strategy & Research Strategy, Consumer ext 3600 Teguh Hartanto Associate Director Deputy Head of Research Banks ext 3610 Leonardo Henry Gavaza, CFA Senior Research Manager Auto, Telco, Infrastructure ext 3608 Arandi Ariantara Research Analyst Coal, Metals, Oil & Gas ext 3619 Fakhrul Fulvian Economist ext 3602 Sanni Satrio Dwi Utomo Research Analyst Industrial Estates, Property ext 3611 Renaldy Effendy Research Analyst Consumer, Healthcare ext 3606 Amanda Christine Liu Research Analyst Media, Retail ext 3605 Muhammad Wafi Technical Analyst ext 3609 Nyoman Widita Prabawa Research Analyst Cement ext 3622 Gregorius Gary Research Analyst Transportation, Plantations ext 3604 Mardy Oramahi Alhusnah Research Analyst Small Caps ext 3621 Sarah Jessica Hutapea Research Associate ext 3693 Gilang Purnama Research Associate ext 3601 Fikri Dzikrian Amrullah Research Associate ext 3623 Made Ayu Wijayati Research Executive ext 3607 Zefanya Halim CA Manager ext 3612 Novianty Permata Sari CA ext 3618 Dealing Room: (Foreign Institutional) (Domestic Institutional) (Surabaya Branch) Natalia Surjadiputra Director of Sales & Client Relationship Management ext 2500 Kartika Sutandi, CFA Head of Equity Institutional Sales ext 2590 Ashish Agrawal Vice President Institutional Equity Sales ext 2550 / 2553 Yohanes Adhi Handoko yohanes@bahana.co.id Manager, Surabaya Branch ext 7250 Amelia Husada amelia@bahana.co.id Vice President Institutional Equity Sales ext 2552 Alvin Gunawan alvin.gunawan@bahana.co.id Institutional Equity Sales ext 2591 Bram Taarea bram@bahana.co.id Institutional Equity Sales ext 2524 Suwardi Widjaja Suwardi@bahana.co.id Institutional Equity Sales ext 2548 John M. Dasaad dasaad@bahana.co.id Institutional Equity Sales ext 2549 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 PT Bahana Securities Equity Research Bahana Beacon - The Daily 11