INVESTOR DIGEST HIGHLIGHT SECTOR. Equity Research 19 September Equity Research 19 September 2014

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1 INVESTOR DIGEST Equity Research 19 September 2014 Equity Research 19 September 2014 Economic Data Latest 2014F BI Rate (%), eop Inflation (YoY %) US$ 1 = Rp, period avg 11,983 11,740 Stock Market Data (18 Sep 2014) HIGHLIGHT 2014 Indonesia Int l Motor Show: Highly competitive market Tiga Pilar: 2Q14 results, below expectation (AISA, Rp2,420, Buy, TP: Rp3,000) Unilever: Increase 5%ASP as of September 2014 (UNVR, Rp31,975, Buy, TP: Rp34,500) Media Nusantara Citra: RCTI won digital TV tender for Greater Jakarta area (MNCN, Rp3,090, Buy, TP: Rp3,800) JCI Index 5, % Trading T/O ( Rp bn ) 3,897.0 Market Cap ( Rp tn ) 5,179.7 SECTOR 2014 Indonesia Int l Motor Show: Highly competitive market Market Data Summary* 2014F 2015F EBITDA growth (%) EPS growth (%) EV/EBITDA (x) P/E (x) P/BV (x) Div. Yield (%) Earnings Yield (%) Net Gearing (%) ROE (%) * Aggregate of 75 companies in MS research universe, representing 64.5% of JCI s market capitalization We visited the 22 nd IIMS 2014, the largest car show in South East Asia (SEA) taking place in Jakarta. Among the top brands, Honda once again stole the spotlight with its well-designed HRV model, which was first launched in SEA region. Tailing after is Nissan with the All New X-Trail. Not too many new products for Astra s brands for next year. Why IIMS matters? Being the largest in SEA, it exhibits 36 car brands and 286 supporting components. It has been the best time for car principals to introduce, launch and exhibit their new and concept models. Low car penetration has attracted strong investment into the sector. During his opening speech, Mr. Muhammad Lutfi, the Trade Minister, estimates that Indonesia 4W sales may be tripled in the next ten years on the back of still low 4W penetration (37 cars/1,000 peoples vs. Thailand of 179 cars/1,000 peoples). Please see Figure X for KTA from his speech. What s interesting? Most of the main car brands are taking advantage of the event to showcase new models and concept cars. 1. Similar to last year's highly successful launch of Honda Mobilio, now Honda is introducing Honda HRV (5-seater SUV). Booking for the car (priced at Rp mn) has been opened with expected delivery early next year. 2. Nissan team was very excited to introduce the All New X-Trail (5+2- seater SUV), which was priced at Rp mn. Datsun, on the other hand, introduced Go Panca (5-seater edition of its previous LCGC model). 3. For Astra brands, Toyota launched RAV4 that will focus on high-end SUV. Daihatsu showed Ultra Function Compact 3 (UFC-3) concept, a 7- seater MPV, which may replace the current Xenia model. Page 1 of 10

2 4W SALES TREND (IN UNITS) AND 8M14 MARKET SHARE 1,400,000 1,200,000 1,000, ,000 Suzuki, 12.8% Others, 9.5% Daihatsu, 15.3% 600, , , F Source: Gaikindo; 2014F is Gaikindo forecast Mitsubishi, 11.7% Honda, 13.4% Nissan, 3.0% Toyota, 34.3% HONDA HRV Source: Mandiri Sekuritas research THE NISSAN ALL NEW X-TRAIL Source: Mandiri Sekuritas research UFC 3 CONCEPT Source: Mandiri Sekuritas research Page 2 of 10

3 TOYOTA RAV-4 Source: Mandiri Sekuritas research Handoko Wijoyo ( ) handoko. CORPORATE Tiga Pilar: 2Q14 results, below expectation (AISA, Rp2,420, Buy, TP: Rp3,000) 1H14 results: below expectation. AISA reported 1H14 NPAT of Rp173bn (+29%YoY), about 10% below our expectation, accounting 42% and 43% of FY14F consensus and our forecasts respectively. However, top line growth remains solid at 37%YoY and 39%YoY for 1H14 and 2Q14 respectively, vs 35%YoY in 1Q14. Margin compression in 2Q14. We view the main drag factor is higher than expected opex which up 43%YoY in 2Q14 resulting EBIT margin down to 13.7% vs 15.2% in 1Q14. Detail of the audited report has not been released yet. However, we expect margin compression mostly coming from the food manufacturing business side. Subject to potential earnings downgrade. Long form detail audited report yet to be announced end of today. Given weaker than expected 1H14 results we may expect potential earnings downgrade for AISA as we expect rice business to slow down in 3Q14 before picking up in 4Q14 seasonally. We will review and revisit our forecasts accordingly. We view that the execution of 10% NPRI subscription by KKR, declining raw material costs and potential IDR appreciation in 4Q14 onwards will remain the key catalyst for the stock. Short term correction will offer a good buying opportunity. Based on our current forecast, AISA is trading at x P/E14F-15F. AISA 2Q14 Results Rp bn 1H14 1H13 %YoY 2Q14 2Q13 %YoY 1Q14 %QoQ FY14 Cons. % of Cons. FY14F Mansek % of Mansek Revenue 2,448 1,784 37% 1, % 1, % 5,288 46% 5,383 45% COGS (1,923) (1,380) 39% (1,027) (707) 45% (896) 14.6% (4,155) 46% (4,218) 46% Gross profit % % % 1,133 46% 1,165 45% Opex (173) (123) 41% (91) (64) 43% (82) 11.7% (325) 53% (368) 47% EBIT % % % % % NPAT % % % % % Gross margin 21.5% 22.6% 20.8% 23.9% 22.3% 21.4% 21.6% EBIT margin 14.4% 15.8% 13.7% 17.0% 15.2% 15.3% 14.8% Net margin 7.1% 7.5% 5.8% 7.4% 8.5% 7.9% 7.5% Source: Company, Mandiri Sekuritas estimates Herman Koeswanto, CFA ( ) herman.koeswanto@mandirisek.co.id Page 3 of 10

4 Unilever: Increase 5%ASP as of September 2014 (UNVR, Rp31,975, Buy, TP: Rp34,500) UNVR has officially announced its another 4-5%ASP hike as of September 15th, 2014, across segments in order to maintain its profitability especially to address IDR depreciation which led raw material cost hike rather than the higher royalty rate. Overall, YTD UNVR has increased its ASP by 9-10%. UNVR views that the ASP increase is manageable and aligns with its product innovation We view this positively and it s in-line with our view as we have highlighted in our previous report we do expect that UNVR likely to regain its double digit NPAT growth by 4Q14 along with its margin recovery with EBIT margin potentially normalize back to level 23-24% vs 21-22% in 1Q14, despite we expect that 3Q14 sales and earnings remain under pressure and slow down post election effect and Ramadhan season. UNVR now is trading at 35.3x P/E15F and our TP implies 8% upside potential. Herman Koeswanto, CFA ( ) herman.koeswanto@mandirisek.co.id Media Nusantara Citra: RCTI won digital TV tender for Greater Jakarta area (MNCN, Rp3,090, Buy, TP: Rp3,800) MNCN won all 7 digital TV zones tendered. Based on the news from Kontan, the Ministry of Communication and Informatics (Kominfo) has added two more winners of the digital TV multiplexing tender for the Greater Jakarta area (Zone 4), namely Rajawali s RTV and MNCN s RCTI. Originally, there were 5 winners for zone 4 s tender which include BSTV, TV One, Metro TV, SCTV, and Trans TV. With RCTI winning the tender for zone 4, that makes MNCN the third group who won all 7 zones, which are has been tendered, after SCMA and the Trans Group. Winners have options to lease some of its channels. Each of the tender winners will be able to air 9 channels in High Definition (HD) or 12 channels in Standard Definition (SD). Some of the tender winners have the option to lease some of the channels or sell their rights to their competitors. For example, Rajawali s RTV is already planning to lease some of its channels and expects a margin of 30%. Positive for MNCN. We view this as positive for MNCN as originally the company would need to lease some channels from its competitors to broadcast digital TV in the Greater Jakarta area. Thus, by winning the tender for zone 4, it should reduce the company s recurring cost in the future to broadcast digital TV. MNCN has already started the preparation for the digital TV transition with investments on the infrastructure, digital transmitter, and set up box. As a comparison, SCMA who won 7 zones has already invested USD12mn for the digital TV infrastructure. We have a BUY call on MNCN with TP Rp3,800. The counter is currently trading at x FY14-15F PE. Rizky Hidayat ( ) rizky.hidayat@mandirisek.co.id MARKET Market Recap Sep 18th 2014; JCI: 5, (+0.38%); USD/IDR: 11,983; Total Value: Rp6.29tn Indo market edged higher in volatile trading on Thursday following positive sentiment enjoyed across the world after the US Federal Reserve renewed its pledge to keep interest rates near zero for a considerable time and repeated concerns over slack in labor market. This further boosted already positive sentiment from $82BN mini stimulus by China s Central Bank into the country s top five banks via standard lending facility in the forms of three-month loans introduced the day before. The JCI traded in wider range of -0.01% to +0.5% and finally closed 0.4% higher at 5208 level. Financial continued to be the leader of the pack, while property succumbed to profit taking. With the rest of major sectors stayed lukewarm today, volume fell 15% d/d to $324MN. Regular market transaction was recorded at Rp3.9tn (USD325mn) and excluding crossing of TELE and VIVA, foreign investors posted a net buy of Rp bn (USD16.56mn). Foreign participants at 35% came up very small better buyer. Losers beat gainers 9 to 5. Page 4 of 10

5 TOP TURNOVER: BBRI TLKM BBNI BBCA ASII BMRI PGAS LSIP AALI SMGR BBTN WSKT TBIG PWON (30% of T/O) ADVANCING SECTOR: financial+1.4%; auto & telco+0.7%; infra+0.6%; plantation+0.2%; consumer flat DECLINING SECTOR: property-0.9%; auto-0.7%; mining-0.7% The yield of 10-year government slightly decreased to 8.272% (-0.08%) and Rupiah depreciated to Rp.11,983 (-0.11%). Sales Team FROM THE PRESS Tax revenue realization rate improves Tax revenue has been realized by as much as Rp653tn or 65% of APBN-2014 target as of 15 Sep14. The realization rate is better than 59% in the same period last year. External debt growth stable in Jul14 The amount of external debt was Rp290.6bn in the end of Jul14, growing 10.0% yoy relative to 10.4% yoy in Jun14. Slowing growth in the external debt of manufacturing industry, mining, and utilities influenced the inching down in the overall external debt growth (Bank Indonesia) Bank Indonesia to extend the tenor of foreign exchange swap hedging To increase onshore US Dollar supply, starting 17 Sep14 Bank Indonesia will extend the tenor of foreign exchange swap hedging. Previously, the activity can only be done in the period of 3 months, 6 months, and 12 months. Now, participants can adjust the tenor according to the remaining contract period. For example, if a contract requires three years of hedging, the swap period can be gradually extended for three years with 3 months being the minimum and 12 months being the maximum extension. This is intended to accommodate long term investors with long term project (Kontan) Fuel consumption is expected to surpass the quota by end-2014 Pertamina projected that fuel subsidy could surpassed the 46mn kilo liter quota by 1.62mn kilo liter by the end of this year. Specifically, Pertamina expects an over quota of RON 88 fuel, diesel subsidy, and kerosene by 0.52mn kilo liter, 1.1mn kilo liter, and 21.3 thousand kilo liter, respectively in the corresponding period. In this stage, there a two short term solutions to solve the over quota problem. First, the government changes the APBN-P 2014 law of fuel subsidy quota limitation. Second, the government leaves the condition as it is which implies forcing consumers to use non-subsidized fuel (Kompas). Newmont obtained export quota up to 350,000 tons up to 2016 Ministry of Energy and Mineral Resources has decided to allow Newmont to export only up to 350,000 tons up to 2016, despite its production capacity of 600, ,000 tons per year. This is because Newmont has not agreed to build its own smelter. (Kontan) RCTI and RTV to become additional Digital TV organizers in Jabodetabek area Ministry of Communication and Information Technology (Kominfo) has decided to add RCTI and RTV as additional Digital TV organizers in jabodetabek. The two companies have agreed to build digital transmitter system and provide residents with free set top box. (Kontan) Telstra Australia to join Telkom consortium Telstra Australia has agreed to join Telkom consortium in the SEA-US underwater cable project USD250mn, bringing total operator to 8. (Bisnis Indonesia) China to curb coal import China s Ministry of Energy and Mineral Resources has issued new regulation to curb coal import. They will only allow coal import with sulphur content below 1.5% and ash content below 30%. (Bisnis Indonesia) Page 5 of 10

6 Adaro signed MoU containing Coal Contracts of Work renegotiation ADRO has signed MoU to renegotiate Coal Contracts of Work. Six renegotiation points have to be followed by the company such as divestment requirement and reducing mine concession from 34,940 ha to 15,000 ha. (Bisnis Indonesia) Lippo Cikarang commence the operation of Axia South Cikarang Axia South Cikarang is 170 units of serviced apartment which is catering to Japanese expatriates. Axia South Lippo Cikarang is a JV project with Tokyu Land Group. The size of the apartment unit is between 39-42sqm, with few big-sized units. The rental rate is between US$2,700 to US$3,500 per month. Page 6 of 10

7 Indices Currencies and ADRs Major Commodities Last Chg. (pts) Chg (%) Currency Last Chg. (pts) Chg. (%) Last Chg. (pts) Chg (%) JCI 5, Rp/US$ 11, Oil spot (US$/bl) Dow Jones 17, EUR/US$ Nickel spot (US$/mt) 17, Nikkei 16, YEN/US$ Gold spot (US$/oz) 1, SET 1, SGD/US$ Tin 3-month (US$/mt) 21, Hang Seng 24, CPO futures (Ringgit/ton) 2, STI 3, ADR Stocks Soybean oil (US$/100gallons) S&P 500 2, TLK in Rp 14, Rubber forward (US /kg) IIT in Rp 3, Coal (US$/ton)* Ishares indo Coal (US$/ton) * weekly price Baltic Dry Index 1, 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 BSDE Buy 27, ,595 2,000-60% 4,002 3% 1, % 22.5% PWON Buy 19, % % % 32.2% SMRA Buy 18, ,270 1,550-59% 3,106 86% % 20.7% CTRA Neutral 16, , % 1,647 40% % 19.0% JRPT Buy 13, ,000 1,130-65% 2,817 87% % 27.0% ASRI Neutral 8, % 1,538 13% % 23.2% APLN Buy 7, % 721 6% % 16.1% LPCK Buy 5, ,850 9,850-59% 19,300 67% 4, % 27.6% MDLN Neutral 6, % 1,270 6% % 12.9% CTRS Buy 4, ,160 4,000-73% 8,077-22% 2, % 23.4% BKSL Neutral 3, % 1,010-49% % 10.8% Simple average -61% % 20.8% 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 37,558 23,850 33,200 14,340 16, % 27.3% LSIP Buy 12,998 1,905 3,200 8,137 9, % 18.0% SGRO Buy 4,035 2,135 3,000 6,229 8, % 14.4% Weighted average 10,711 13, % 22.5% SIMP* Not Rated 13, ,690 8, % 7.0% SSMS* Not Rated 13,287 1,395 33,222 34, % 33.8% *) Consensus numbers Page 7 of 10

8 Equity Valuation Shares Price Price Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield Code Rating (Mn) (Rp) Target (Rp Bn) Mandiri Universe 3,331, , , % 18.0% % 2.3% Banking 786,747 60,324 72, % 20.2% N.A. N.A % 2.0% BBCA Neutral 24,655 12,550 11, ,421 15,573 18, % 18.9% N.A. N.A % 1.3% BBNI Neutral 18,649 5,825 5, ,628 9,285 10, % 17.9% N.A. N.A % 2.6% BBRI Buy 24,660 10,500 13, ,026 23,215 28, % 21.3% N.A. N.A % 2.2% BBTN Buy 8,836 1,120 1,500 11,599 1,601 1, % 21.2% N.A. N.A % 4.1% BDMN Neutral 9,585 3,800 4,500 36,421 3,936 4, % 26.7% N.A. N.A % 3.2% BJBR Neutral 9, ,951 1,080 1, % 11.1% N.A. N.A % 6.1% BJTM Neutral 14, , , % 12.2% N.A. N.A % 9.3% BTPN Buy 5,840 4,525 5,000 26,427 2,303 2, % 25.5% N.A. N.A % 0.0% PNBN Buy 24, ,000 20,715 2,366 2, % 17.8% N.A. N.A % 2.3% Infrastructure 301,394 16,613 18, % 13.6% % 2.1% SMCB Neutral 7,663 2,695 2,700 20,654 1,288 1, % 12.9% % 1.9% INTP Buy 3,681 23,625 24,000 86,969 5,582 6, % 11.7% % 2.1% SMGR Buy 5,932 16,425 18,300 97,425 5,901 6, % 12.9% % 3.0% ADHI Buy 1,801 2,965 2,500 5, % 40.9% % 2.1% PTPP Buy 4,842 2,395 2,100 11, % 20.2% % 1.3% WIKA Buy 6,106 2,840 2,300 17, % 18.2% % 1.2% WSKT Neutral 9, , % 20.3% % 1.5% WTON Neutral 8,715 1, , % 18.5% % 1.0% JSMR Neutral 6,800 6,375 6,200 43,350 1,566 1, % 10.5% % 1.4% Consumer 515,659 19,255 22, % 18.3% % 1.8% AISA Buy 3,000 2,420 3,000 7, % 31.5% % 0.0% GGRM Buy 1,924 56,550 68, ,807 5,571 6, % 15.0% % 2.0% ICBP Neutral 5,831 11,225 10,700 65,453 2,292 2, % 11.4% % 1.8% INDF Buy 8,780 7,100 8,200 62,338 4,048 5, % 29.1% % 0.0% MYOR Neutral ,050 27,200 25, % 16.4% % 0.9% UNVR Buy 7,630 31,975 34, ,969 5,907 6, % 16.9% % 2.4% WIIM Neutral 2, , % -30.6% % 2.6% DYAN Buy 4, % 41.8% % 0.0% Healthcare 88,631 2,625 3, % 25.4% % 1.2% KLBF Buy 46,875 1,670 1,820 78,281 2,156 2, % 27.5% % 1.1% SIDO IJ Buy 15, , % 16.0% % 1.8% Transportation 3, % 26.2% % 1.5% TAXI Buy 2,146 1,450 1,600 3, % 26.2% % 1.5% Retail 92,309 3,783 4, % 23.8% % 1.7% ACES U/R 17, U/R 16, % 18.1% % 0.8% ERAA U/R 2,900 1,195 U/R 3, % 10.1% % 3.9% LPPF U/R 2,918 16,700 U/R 48,729 1,610 2, % 28.8% % 1.6% MAPI U/R 1,660 5,950 U/R 9, % 38.9% % 0.6% RALS U/R 7, U/R 6, % 14.7% % 3.7% RANC U/R 1, U/R % 16.2% % 0.9% TELE U/R 6, U/R 6, % 22.3% n/a n/a 2.1% 2.4% Automotive 310,733 21,517 24, % 13.6% % 3.4% ASII U/R 40,484 7,375 U/R 298,566 20,671 23, % 13.1% % 3.4% IMAS U/R 2,765 4,400 U/R 12, , % 26.6% % 1.5% Heavy Equipment 80,610 6,505 6, % 4.3% % 3.0% HEXA Buy 840 3,710 4,250 3, % 26.4% % 2.7% UNTR Neutral 3,730 20,775 23,000 77,494 6,214 6, % 2.2% % 3.0% Plantation 54,590 4,263 5, % 25.3% % 3.8% AALI Buy 1,575 23,850 33,200 37,558 2,848 3, % 22.4% % 4.1% LSIP Buy 6,823 1,905 3,200 12,998 1,101 1, % 28.6% % 3.4% SGRO Buy 1,890 2,135 3,000 4, % 40.4% % 2.8% Property 132,376 13,127 15, % 15.0% % 1.8% APLN Buy 20, , , % 22.6% % 2.4% ASRI Neutral 17, ,610 1,354 1, % 17.8% % 5.4% BKSL Neutral 31, , % 35.7% % 0.0% BSDE Buy 17,497 1,595 2,000 27,908 2,942 3, % 20.4% % 3.3% CTRA Neutral 15,166 1, ,607 1,209 1, % 25.7% % 1.5% CTRS Buy 1,979 2,160 4,000 4, % 30.3% % 2.8% JRPT Buy 13,750 1,000 1,130 13, % 30.4% % 0.8% LPCK Buy 696 7,850 9,850 5, % 5.2% % 0.0% MDLN Neutral 12, ,768 1, % -43.5% % 0.0% PWON Buy 48, ,697 1,523 1, % 26.0% % 1.8% SMRA Buy 14,425 1,270 1,550 18,319 1,134 1, % 24.2% % 0.0% Poultry 88,220 3,236 4, % 51.7% % 1.0% CPIN Buy 16,423 4,180 6,000 68,647 2,424 3, % 46.4% % 1.0% JPFA Buy 10,499 1,325 1,860 13, % 61.2% % 1.4% MAIN Buy 1,695 3,340 4,500 5, % 85.4% % 0.7% Page 8 of 10

9 Shares Price Price Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield Code Rating (Mn) (Rp) Target (Rp Bn) Energy 278,991 15,869 18,523 N/M 4.1% % 3.7% ADRO Buy 31,986 1,290 1,450 41,262 3,253 3, % 5.3% % 3.2% BUMI U/R 52, U/R 10,012-1, % -50.0% % 5.8% HRUM Neutral 2,699 2,100 2,400 5, % 8.6% % 5.1% ITMG Neutral 1,130 26,775 25,750 30,254 2,423 2, % 7.9% % 6.7% PTBA Neutral 2,304 12,975 9,700 29,901 1,717 2, % 25.8% % 3.6% ENRG U/R 44, U/R 4, % 0.0% n/a n/a n/a n/a n/a n/a 0.0% 0.0% MEDC U/R 3,332 3,480 U/R 11, % 243% % 1.3% PGAS Buy 24,240 6,025 6, ,055 9,319 9, % 8.6% % 3.3% Metal 62,540 1,405 3,043 N/M 154% % 1.7% ANTM U/R 9,538 1,145 U/R 10, % 95.3% , % 1.0% BRMS U/R 25, U/R 10, % 75.0% n/a n/a 0.0% 0.0% INCO U/R 9,936 4,145 U/R 41,186 1,802 2, % 29.4% % 2.4% Telecommunication 435,354 18,296 21, % 18.4% % 2.6% EXCL Buy 8,524 6,500 6,700 55, N/M N/M % 0.3% ISAT U/R 5,434 3,950 U/R 21, ,115 N/M 92.8% % 2.2% TBIG Buy 4,657 8,250 7,200 39,571 1,474 1, % 32.0% % 0.0% TOWR Neutral 10,203 4,100 3,750 41,832 1,110 1, % 22.1% % 0.0% TLKM Buy 96,010 2,875 2, ,027 15,343 16, % 7.1% % 3.9% Media 100,592 3,919 4, % 22.9% % 2.1% SCMA Buy 14,622 3,900 4,700 57,024 1,760 2, % 23.4% % 1.7% MNCN Buy 14,099 3,090 3,800 43,567 2,159 2, % 22.6% % 2.5% Note: - *) means Company Data is using Bloomberg Data - U/R means Under Review - n/a means Not Available - N/M means Not Meaningful - N.A means Not Applicable Page 9 of 10

10 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, 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 Matthew Wibowo Retail matthew.wibowo@mandirisek.co.id Rizky Hidayat Property, Media rizky.hidayat@mandirisek.co.id Vanessa Ariati Tanuwijaya Banking, Health Care vanessa.tanuwijaya@mandirisek.co.id Aldian Taloputra Economist aldian.taloputra@mandirisek.co.id Leo Putra Rinaldy Economist leo.rinaldy@mandirisek.co.id Aditya Sastrawinata Research Assistant aditya.sastrawinata@mandirisek.co.id Wisnu Trihatmojo Research Assistant wisnu.trihatmojo@mandirisek.co.id Yudha Gautama Research Assistant yudha.gautama@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.