Beacon Indonesia Morning Brief

Transcription

1 Asiamoney s 2013 Best Domestic Equity House 22 June 2016 Beacon Indonesia Morning Brief IDX: 4,883 (+0.3%) Turnover: IDR4.8tn (+29.8%) Foreign Net BUY: IDR331.9bn (From Net SELL: IDR912.2bn) TODAY S NEWS POLITICS Budi Gunawan may be new intelligence chief; 2 deputy police chief candidates Bank Indonesia s website hit by cyber crime ECONOMICS Public Works Ministry s expenditure cut gets approval Total government debt increased to IDR3,323.4tn Revised state budget: House agrees to 2.35% of fiscal deficit; GDP target at 5.2% BI: Not concerned about Brexit FIXED INCOME Government bonds auction result INDUSTRY Property Watch: LTV relaxation to not significantly affect property sector Tobacco: Government plans to raise cigarette VAT from 8.7% to 10% Automotive: MPV Sales Increased on Lebaran seasonality Land Transportation: Ministry to issue permit for Bandung-Jakarta railway project Electricity: Sarula geothermal power plant to operate by December 2016 Oil: New ICP formula to boost state income Steel: Government optimistic to raise domestic steel demand by 8% this year CORPORATE GGRM to distribute IDR5tn in dividends ICBP launches new product of Qtela Opak LPPF launches promotions ADHI gains IDR5.3tn of new contracts in 5M16 GIAA: May 2016 passengers carried 3.3mn, +15.6% y-y SOCI declares IDR 52.94bn dividend; considers USD200mn loan KRAS: Allocates capital injection for factories and power plants; PLN proposes additional PMN of IDR13.56tn 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 (%) (5.2) GDP growth (%y-y) P/E (x) Private spending (%) PEG (x) (3.5) 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) 20, (5.7) (22.8) IDX (Indonesia) 4, (2.1) KLCI (Mal.) 1, (3.2) (4.9) KOSPI (Korea) 1, (3.1) Nikkei (Japan) 16, (15.1) (19.9) PCOMP (Phil.) 7, SENSEX (India) 26,827.6 (0.1) 2.7 (1.8) SET (Thailand) 1, (4.1) SHCOMP (China) 2,878.6 (0.4) (18.7) (35.7) SHENZHEN (China) 1,889.7 (1.0) (18.2) (31.1) STI (Singapore) 2,796.2 (0.2) (3.0) (15.3) TWSE (Taiwan) 8, (5.8) VNI (Vietnam) Europe, USA and Ems CAC 40 (France) 4, (5.8) (12.6) DAX (Germany) 10, (6.8) (12.6) Dow Jones (USA) 17, (1.6) FTSE 100 (UK) 6, (0.3) (8.8) IBOV (Brazil) 50, (5.4) MEXBOL (Mexico) 45,705.4 (0.2) NGSEINDX (Nigeria) 29, (11.9) Nasdaq (USA) 4, (3.3) (6.0) RTSI (Russia) (4.3) S&P 500 (USA) 2, (1.6) XU100 (Turkey) 77, (6.0) Source: Bloomberg ETF, ADR & COMMODITIES Last Chg% ytd % y-y % EEM US (USD) (14.8) EIDO US (USD) (2.0) TLK US (IDR) 3, Como Index (USD) (0.68) 9.6 (13.5) Coal (USD/t) 55.0 (2.22) 8.6 (10.2) Corn (USD/mtn) (6.34) Coffee (USD/t) 2,854.3 (0.13) Copper (USD/t) 4, (15.9) Cotton (USD/t) 1,385.6 (2.39) (0.7) (0.7) CPO Rott (USD/t) (0.38) 2.8 (4.0) Gold (USD/oz.) 1,269.9 (1.41) Iron ore (USD/mtn) (22.0) Milk (USD/cwt) 15.1 (1.18) (3.8) (11.1) Nickel (USD/t) 9,180.0 (0.33) 9.2 (23.3) Oil Brent (USD/barrel) 50.6 (0.06) 35.8 (19.7) Rice (IDR/kg) 5, (0.6) 8.5 Rubber (USD/t) (1.72) 10.6 (20.3) Silver (USD/oz) 17.3 (1.12) Soybean oil (USD/t) (0.88) 2.7 (3.7) Steel (USD/t) (0.49) Sugar (USD/t) (0.55) Tins (USD/t) 17, Wheat (USD/t) (3.08) (4.0) (12.7) Source: Bloomberg CURRENCIES & RATES Last Prev. ytd % y-y % AUD/1USD (2.3) 3.6 EUR/1USD (3.4) 0.8 IDR/1USD 13,263 13, JPY/1USD SGD/1USD (0.6) JIBOR (%) (2.9) (1.0) BI rate (%) (1.0) (1.0) TD 1 month (%) (0.6) (0.8) CDS (bps) 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 Budi Gunawan may be new intelligence chief; 2 deputy police chief candidates possible News reports indicate that there may be two deputy police chief candidates, Inspector General Lutfi Lubihanto and Commander General Syafruddin. In addition, Commander General Budi Gunawan, the current Deputy Head of Police is speculated to be considered as the new Intelligence Agency Chief, replacing Sutiyoso. (Detik.com). Bahana comment: This may be the compromise that we have all been waiting for, providing face for Megawati s camp which would like to see Budi Gunawan as the next Police Chief. Bank Indonesia s website hit by cyber crime Bank Indonesia s website was recently hit by massive crime, which also occurred to Bank of Korea. Bank Indonesia has blocked access from 149 countries. (Detik.com) ECONOMICS Public Works Ministry s expenditure cut gets approval The House s Commission V has agreed on the budget cut for the Ministry of Public Works and Public Housing amounting to IDR8.4tn to IDR 97.1tn (previous: IDR104.1tn). (Bisnis Indonesia). Bahana comment: We believe that more cuts would be necessary given the government s huge tax shortfall this year, which we expect to be between IDR tn. We reiterate our NEUTRAL call on construction/infrastructure sector. Total government debt increased to IDR3,323.4tn As of May 2016, total government debt increased to IDR3,323.4tn (April: IDR3,279.3tn), comprising 77.1% government bonds of IDR2,536.3tn, IDR755.6tn foreign debt (April: IDR745.0tn) and IDR4.4tn domestic debt (April: IDR4.3tn). (okezone.com) Revised state budget: House agrees to 2.35% of fiscal deficit; GDP target at 5.2% Lawmakers have agreed to a wider fiscal deficit assumption in the revised version of 2016 state budget, reflecting a grim prospect of lower revenue this year to 2.35% of GDP (government s proposal: 2.48%). Separately, the House also approved the government's 2016 economic growth target at 5.2%, slightly lower than the initial 5.3%. (Jakarta Globe). Bahana comment: The GDP target is slightly higher than our expectation at 5.1% in 2016, while fiscal deficit assumption is lower compared to our estimate at 2.7% of GDP. BI: Not concerned about Brexit BI sees no need for special preparations ahead of a possible Brexit, as prudent policy framework and standard operating procedures are in place, Nanang Hendarsah, head of financial market development department, has said by text message. (Bloomberg) FIXED INCOME Government bonds auction result The government received IDR12.9tn from the recent bond auction, with bid amounts reaching IDR17.5tn. The series auctioned were SPN (reopening), FR0053 (reopening), FR0073 (reopening) and FR0072 (reopening), with respective bid-to-amount ratios of 1.47x, 1.18x, 1.13x and 2.32x. The settlement date will be on 23 June. (kemenkeu.go.id) INDUSTRY Property Watch: LTV relaxation to not significantly affect property sector Indonesia Property Watch (IPW) expects recent Loan-to-Value (LTV) relaxation will not significantly affect property sector as IPW previously proposed 95% LTV relaxation ratio. Thus, IPW doubts BI s 15% mortgage growth target this year. (Koran tempo). Bahana comment: This is in line with our expectation that the property market will remain unexciting, particularly post the payments of tax amnesty fines resulting in lack of liquidity on the ground. Retain sector UNDERWEIGHT on property. PT Bahana Securities Equity Research Bahana Beacon - The Daily 2

3 Tobacco: Government plans to increase cigarette value added tax from 8.7 to 10% The government is planning to increase cigarette value added tax from 8.7% to 10% post The policy was created to allow cigarette s VAT level to be more in line with other South East Asia countries. Previously, the Government had increased cigarette VAT from 8.4% to 8.7% earlier this year. (cnnindonesia.com) Automotive: MPV Sales Increased on Lebaran seasonality PT Toyota Astra Motor (TAM) stated that its Avanza 5M16 sales increased 4% ytd. Meanwhile, Innova sales increased by 39.4% ytd. The other MPV car producers also reported positive sales like PT Nissan Motor Indonesia (NMI) with Grand Livina having sold 683 units in 5M16. The sales were affected by the current Lebaran seasonality. (Kontan) Land Transportation: Ministry to issue permit for Bandung-Jakarta railway project next week The Transportation Ministry is set to allow PT Kereta Cepat Indonesia China (KCIC) to construct the Bandung-Jakarta railway infrastructure next week. Out of a total track length of 142km, 40% or 56.8km of the land are estimated to have met the requirement for development. (Kontan) Electricity: Sarula geothermal power plant to operate by December 2016 Sarula geothermal power plant unit I, with 110MW capacity, plans to begin commercial operations by December The project requires an investment of USD1.5bn to be funded by private participation led by Medco Energi Internasional (MEDC IJ-BUY-IDR1,480) with a consortium of multinational corporations, including Itochu, Kyushu and Ormat. (Bisnis.com) Oil: New ICP formula to boost state income The government is considering changing the formula for calculating local oil price benchmark to include European and US oil price benchmarks to make ICP more relevant to global prices. By doing this, government expects to boost state income as the final figure for oil and gas tax income revenues have been boosted to IDR36.4tn, every USD1/b increase in ICP brings an additional IDR660bn in revenue. In addition, the new ICP formula will also help the government judge global oil prices more accurately. (Petromindo.com) Steel: Government optimistic to increase domestic steel absorption by 8% this year Public work and public housing ministry mentioned that the ministerial projects will use 1.1mn-2mn tons of steel (70% domestic steel products) and is optimistic that the government infrastructure projects will increase the domestic steel absorption by 8%. (Bisnis.com) CORPORATE GGRM to distribute IDR5tn in dividends Gudang Garam (GGRM IJ-BUY-IDR66,250-TP:IDR88,000) plans to distribute IDR5tn in dividends or IDR2,600 per share from net profit of 2015, reflecting around 4% yield. The amount of dividends to be distributed in 2016 is up significantly from IDR800 per share in 2015(+225% y-y). Separately, the management expected the sales volume this year will be flat due to excise tax increase. (Bisnis Indonesia). Bahana comment: This dividend payout is much higher than consensus estimate of just IDR1,000 per share. Looking ahead, we expect GGRM s ROE to rise as we expect higher dividend payout to be sustainable ahead, helped by the company s lower capex cycle. We reiterate our positive view on the stock. ICBP launches new product of Qtela Opak Indofood CBP (ICBP IJ-BUY-IDR17,050-TP:18,300) launches new product of Qtela Opak, a new variant of Qtela, a potato-based snack with traditional concept. This launch is expected to help reaffirm ICBP s position as market leader in the modern snack segment. Based on management survey, Opak is one of Indonesian s favorite snacks. (IQplus) LPPF launches promotions Matahari Department Store (LPPF IJ BUY IDR19,925 TP:IDR21,500) launched promotions on MatahariMall.com in an effort to participate Jakarta Great Online Sale, June (Investor Daily) PT Bahana Securities Equity Research Bahana Beacon - The Daily 3

4 ADHI gains IDR5.3tn of new contracts in 5M16 Adhi Karya (ADHI IJ-BUY-IDR2,820-TP:IDR3,200) gains Rp5.3tn worth of new contract as of 5M16, up 14.5% y-y. This was due mainly due to the construction project of Transmart Srondol in Semarang with an Rp134.3bn investment. The contribution from each business line regarding new contracts is still dominated by construction (89.8%), followed by EPC (6.4%), property (3.7%), and precast (0.1%). (Indonesia Market Quotes, Finansial Bisnis). Bahana comment: Note that the 5M16 contracts represent 19% of our full-year target, which is still relatively in line with expectations. GIAA: May 2016 passengers carried 3.3mn, +15.6% y-y Garuda Indonesia (GIAA IJ-REDUCE-IDR484-TP:IDR400) reported May passengers carried of 3.3mn (+15.6% y-y), bringing 5M16 total passengers to 13.8mn (+5.4% y-y). Revenue passenger kilometers (RPK) was 3.9bn or +16.6% y-y (5M16: 17.4bn or +6.4% y-y) and available seat kilometeres (ASK) was 5.4bn or +19.1% y-y (5M16: 24.7bn or +12.9% y-y), with a total seat load factor of 74.2% in May, increasing from 69.3% in April but slightly down from 75.7% a year earlier. May domestic passengers carried reached 1.8m, up 9.2% y-y, while international passengers carried was up 5.1% y-y to around 375k. As of May, GIAA had a total fleet of 191 aircraft (+16 aircraft y-y), vs 175 aircraft a year earlier. (GIAA). Bahana comment: We expect GIAA to continue to see positive results towards the Lebaran festivities as well as the holiday season in the next 2 months. Note that the 5M16 Pax carried represents 37.1% of our full-year estimate. y-y Ytd (%) May-15 Apr-16 May-16 5M15 5M16 Total Group Pax Carried ASK RPK SLF (%) Domestic Pax Carried ASK RPK (1.9) SLF (%) International Pax Carried 14.4 (0.1) (1.6) ASK (8.2) (2.3) 17.6 RPK SLF (%) Citilink Pax Carried ASK RPK 39.1 (8.5) SLF (%) Source: Company SOCI declares IDR 52.94bn dividend; considers USD200mn loan At its annual general meeting, Soechi Lines (SOCI IJ-BUY-IDR428-TP:IDR630) declared a dividend of IDR52.94bn, equal to IDR7.5 per share, reflecting 1.75% yield. The cum date will be on July 1 and the dividend will be distributed on July 22. Meanwhile, SOCI is considering loans worth USD200mn from domestic and foreign banks to refinance its debt and to fund capital spending. SOCI plans to purchase 3-4 new vessels with each capacity of 50,000 DWT. (IQPlus, Bisnis.com, Kontan, Bisnis Indonesia) PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

5 KRAS: Allocates capital injection for factories and power plants Krakatau Steel (KRAS IJ-REDUCE-IDR675-TP:IDR275) has allocated its received capital injection (PMN) for building the hot strip mill factory and power plants, which require an investment of IDR7.2tn. (Tempo) PLN proposes additional PMN of IDR13.56tn PLN (Persero) has proposed additional state capital injection (PMN) to the government amounting to IDR13.56tn, up from the previous proposal of IDR10tn, in the 2016 national budget. As a result, the company s total PMN is expected to reach IDR23.56tn. (IQplus) PT Bahana Securities Equity Research Bahana Beacon - The Daily 5

6 BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 06/21/ /20/2016 CHANGE (%) Alam Sutera Realty ASRI IJ REDUCE 300 (38.3) Total Bangun Persada TOTL IJ BUY Ramayana Lestari Sentosa RALS IJ BUY 1, Gajah Tunggal GJTL IJ BUY 860 (15.3) 1, Multipolar MLPL IJ BUY Bumi Serpong Damai BSDE IJ BUY 2,020 (3.3) 2,090 1, Pakuwon Jati PWON IJ HOLD 490 (21.0) J Resources PSAB IJ BUY 280 (21.3) Lippo Karawaci LPKR IJ REDUCE 1, , Gudang Garam GGRM IJ BUY 88, ,250 63, Agung Podomoro Land APLN IJ REDUCE 220 (14.1) Adhi Karya ADHI IJ BUY 3, ,820 2, Nippon Indosari Corpindo ROTI IJ BUY 1,450 (2.0) 1,480 1, Bank Negara Indonesia BBNI IJ BUY 5, ,850 4, Summarecon Agung SMRA IJ BUY 1, ,760 1, Wintermar Offshore Marine WINS IJ HOLD 184 (22.0) Bukit Asam PTBA IJ BUY 7,800 (4.9) 8,200 8, Holcim Indonesia SMCB IJ REDUCE 850 (19.8) 1,060 1, Matahari Department Store LPPF IJ BUY 20, ,925 19, Indo Tambangraya Megah ITMG IJ REDUCE 4,000 (54.4) 8,775 8, PP Property PPRO IJ HOLD 210 (47.8) Wijaya Karya WIKA IJ BUY 3, ,950 2, Lippo Cikarang LPCK IJ BUY 8, ,475 7, Surya Citra Media SCMA IJ REDUCE 2,800 (15.9) 3,330 3, Bekasi Fajar Industrial Estates BEST IJ REDUCE Krakatau Steel KRAS IJ REDUCE 275 (59.3) Waskita Karya WSKT IJ BUY 2, ,470 2, Tower Bersama Infrastructure TBIG IJ REDUCE 5,750 (13.5) 6,650 6, Charoen Pokphand Indonesia CPIN IJ BUY 3,500 (9.1) 3,850 3, Puradelta Lestari DMAS IJ BUY Bank Bukopin BBKP IJ REDUCE 540 (1.8) Japfa Comfeed Indonesia JPFA IJ BUY 940 (16.1) 1,120 1, Salim Ivomas Pratama SIMP IJ HOLD 290 (36.1) Ciputra Property CTRP IJ REDUCE 335 (50.0) Bank Rakyat Indonesia BBRI IJ HOLD 11, ,400 10, Express Transindo Utama TAXI IJ BUY Wijaya Karya Beton WTON IJ BUY 1, Telekomunikasi Indonesia TLKM IJ BUY 4, ,870 3, Soechi Lines SOCI IJ BUY Unilever Indonesia UNVR IJ BUY 50, ,800 43, Media Nusantara Citra MNCN IJ BUY 2, ,230 2, AKR Corporindo AKRA IJ BUY 9, ,125 6, Ciputra Development CTRA IJ BUY 1,400 (4.1) 1,460 1, Indonesian Stock Exchange JCI 4,879 4, Mayora Indah MYOR IJ BUY 37,000 (4.1) 38,600 38, Sarana Menara Nusantara TOWR IJ BUY 5, ,150 4, Indocement Tunggal Prakarsa INTP IJ REDUCE 13,950 (13.6) 16,150 16, Garuda Indonesia GIAA IJ REDUCE 400 (17.4) Cardig Aero Services CASS IJ HOLD 1, ,000 1, Astra International ASII IJ REDUCE 5,650 (16.3) 6,750 6, Indomobil Sukses Internasional IMAS IJ HOLD 2, ,400 1, Bank Central Asia BBCA IJ HOLD 14, ,825 12, Bank Danamon Indonesia BDMN IJ HOLD 3,300 (6.3) 3,520 3, Bank Jawa Timur BJTM IJ REDUCE 430 (6.1) Adaro Energy ADRO IJ HOLD 645 (23.7) Hero Supermarket HERO IJ REDUCE 650 (38.1) 1,050 1, Sri Rejeki Isman SRIL IJ BUY Electronic City ECII IJ REDUCE Matahari Putra Prima MPPA IJ BUY 1, ,290 1, Surya Semesta Internusa SSIA IJ BUY Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (44.1) 1,790 1, Tunas Baru Lampung TBLA IJ BUY Malindo Feedmill MAIN IJ BUY 1, ,600 1, Xl Axiata EXCL IJ BUY 4, ,800 3, Tiphone Mobile Indonesia TELE IJ BUY 1, Anabatic Technologies ATIC IJ BUY Adi Sarana Armada ASSA IJ BUY Mitra Adiperkasa MAPI IJ BUY 4, ,150 4,160 (0.24) HM Sampoerna HMSP IJ BUY 4, ,790 3,800 (0.26) Tempo Scan Pacific TSPC IJ BUY 2, ,800 1,805 (0.28) Pelayaran Tempuran Emas TMAS IJ BUY 3, ,475 1,480 (0.34) Dharma Satya Nusantara DSNG IJ BUY (0.40) Astra Agro Lestari AALI IJ REDUCE 13,626 (6.8) 14,625 14,700 (0.51) Merdeka Copper Gold MDKA IJ BUY 2, ,910 1,920 (0.52) Ace Hardware Indonesia ACES IJ BUY (0.57) Kawasan Industri Jababeka KIJA IJ BUY 270 (6.3) (0.69) Indofood Sukses Makmur INDF IJ BUY 6,600 (5.7) 7,000 7,050 (0.71) Indofood CBP Sukses Makmur ICBP IJ BUY 18, ,050 17,175 (0.73) Sampoerna Agro SGRO IJ HOLD 1,800 (7.0) 1,935 1,950 (0.77) Indosat ISAT IJ BUY 7, ,450 6,500 (0.77) Semen Indonesia SMGR IJ HOLD 8,900 (1.7) 9,050 9,125 (0.82) Bank Mandiri BMRI IJ HOLD 9, ,000 9,075 (0.83) Semen Baturaja SMBR IJ REDUCE 400 (29.2) (0.88) Vale Indonesia INCO IJ REDUCE 1,400 (22.9) 1,815 1,835 (1.09) Mitra Keluarga Karyasehat MIKA IJ REDUCE 1,900 (26.1) 2,570 2,600 (1.15) Perusahaan Gas Negara PGAS IJ BUY 3, ,370 2,400 (1.25) Jasa Marga JSMR IJ BUY 6, ,200 5,275 (1.42) Bank Tabungan Negara BBTN IJ HOLD 1, ,635 1,660 (1.51) Pembangunan Perumahan PTPP IJ BUY 4, ,830 3,890 (1.54) London Sumatra Indonesia LSIP IJ BUY 1, ,435 1,460 (1.71) Sido Muncul SIDO IJ BUY (1.94) Aneka Tambang ANTM IJ REDUCE 207 (71.8) (2.00) Timah TINS IJ REDUCE 411 (43.3) (2.03) Kimia Farma KAEF IJ BUY 1, ,195 1,220 (2.05) Blue Bird BIRD IJ REDUCE 3,500 (16.5) 4,190 4,280 (2.10) Harum Energy HRUM IJ REDUCE 500 (39.8) (2.35) Kalbe Farma KLBF IJ BUY 1, ,390 1,425 (2.46) Medco Energi Internasional MEDC IJ BUY 1,300 (12.2) 1,480 1,520 (2.63) United Tractors UNTR IJ BUY 18, ,375 13,800 (3.08) Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,100 (14.3) 2,450 2,530 (3.16) Erajaya Swasembada ERAA IJ BUY (3.17) Bank Jawa Barat dan Banten BJBR IJ HOLD 970 (3.0) 1,000 1,065 (6.10) Siloam International Hospitals SILO IJ BUY 12, ,900 10,900 (9.17) 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 6

7 PT Bahana Securities Equity Research Bahana Beacon - The Daily 7 Stock JCI code 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 AVIATION N ,000 66,614 76,230 1,464 1,969 2,577 1,084 1,724 2,165 na (102.5) (91.9) (81.8) Garuda Indonesia GIAA IJ Equity GIAA IJ* REDUCE ,368 64,708 74,084 1,050 1,474 2, ,582 2,005 na na (125.2) (108.1) (97.2) Cardig Aero Service CASS IJ Equity CASS IJ HOLD 1,000 1, ,632 1,905 2, AUTOMOTIVE AUTOMOTIVE N , , ,650 18,260 20,636 22,738 13,750 19,236 21,338 (28.8) Astra International ASII IJ Equity ASII IJ REDUCE 6,750 5, , , ,145 17,212 19,456 21,392 14,464 19,047 20,610 (24.6) Indomobil Sukses International IMAS IJ Equity IMAS IJ HOLD 1,400 2, ,010 19,770 21, (292) na na na na (5.3) (1.2) (1.6) Gajah Tunggal GJTL IJ Equity GJTL IJ BUY 1, ,833 13,932 15, ,031 1,117 (422) na na na na (7.7) (2.6) (3.6) BANKS BANKS UW , , , , , ,197 81,990 87,193 96, na na na na na na na na na Bank Central Asia BBCA IJ Equity BBCA IJ HOLD 12,825 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 Bank Rakyat Indonesia BBRI IJ Equity BBRI IJ HOLD 10,400 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 Bank Mandiri BMRI IJ Equity BMRI IJ HOLD 9,000 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 Bank Negara Indonesia BBNI IJ Equity BBNI IJ BUY 4,850 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 Bank Danamon BDMN IJ Equity BDMN IJ HOLD 3,520 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 Bank Tabungan Pensiunan Nasional BTPN IJ EQUITY BTPN IJ REDUCE 2,450 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 Bank Tabungan Negara BBTN IJ Equity BBTN IJ HOLD 1,635 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 Bank Jabar Banten BJBR IJ Equity 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 Bank Jatim BJTM IJ Equity 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 Bank Bukopin BBKP IJ Equity 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 CEMENT UW ,446 58,501 62,224 11,584 12,255 12,681 9,408 9,765 10,067 (20.3) Semen Indonesia SMGR IJ Equity SMGR IJ HOLD 9,050 8, ,948 27,634 29,189 5,899 5,924 6,020 4,521 4,688 4,781 (18.7) Indocement INTP IJ Equity INTP IJ REDUCE 16,150 13, ,798 18,320 19,536 5,029 5,219 5,439 4,357 4,516 4,723 (17.7) nc nc nc Holcim Indonesia SMCB IJ Equity SMCB IJ REDUCE 1, ,239 10,919 11, na na na na Semen Baturaja SMBR IJ Equity SMBR IJ REDUCE ,461 1,628 1, (12.5) nc nc nc COAL COAL N , , ,638 18,105 15,930 13,839 12,557 11,309 9, (9.9) (12.6) United Tractors UNTR IJ Equity UNTR IJ BUY 13,375 18, ,968 49,619 51,535 8,357 8,192 8,437 6,847 6,383 6, (6.8) nc nc nc Adaro Energy ADRO IJ Equity ADRO IJ* HOLD ,576 33,558 32,774 4,648 3,584 2,268 2,128 1,764 1, (17.9) (40.0) Indo Tambangraya Megah ITMG IJ Equity ITMG IJ* REDUCE 8,775 4, ,102 19,323 21,830 2,643 1, , (68.6) (17.4) (59.6) nc nc nc Tambang Batubara Bukit AsamPTBA IJ Equity PTBA IJ BUY 8,200 7, ,734 15,832 15,981 2,414 2,774 2,547 2,036 2,198 1, (9.6) nc nc nc Harum Energy HRUM IJ Equity HRUM IJ* REDUCE ,710 3,518 3, (42) 0 (28) (95) (50) (1,000) (92.2) (23.7) (4.4) (5.9) (10.9) (0.7) nc nc nc 0.0 (0.7) (2.4) 0.0 (0.5) (1.8) 0.0 (2.5) (9.7) CONS. & TOLL ROADS CONS. & TOLL ROADS N ,155 90, ,789 8,730 12,016 13,876 4,632 5,847 6, Jasa Marga JSMR IJ Equity JSMR IJ BUY 5,200 6, ,646 8,712 9,598 3,235 3,685 3,753 1,466 1,540 1, (10.9) Wijaya Karya WIKA IJ Equity WIKA IJ BUY 2,950 3, ,150 14,875 17,597 1,297 1,718 2, (9.2) Pembangunan Perumahan PTPP IJ Equity PTPP IJ BUY 3,830 4, ,909 20,378 24,313 1,695 2,223 2, , Waskita Karya WSKT IJ Equity WSKT IJ BUY 2,470 2, ,153 23,984 27,788 1,415 2,438 2,854 1,048 1,401 1, Wijaya Karya Beton WTON IJ Equity WTON IJ BUY 955 1, ,570 4,160 5, (45.5) nc nc Adhi Karya ADHI IJ Equity ADHI IJ BUY 2,820 3, ,390 16,177 21, ,232 1, (17.3) nc Total Bangun Persada TOTL IJ Equity TOTL IJ BUY ,338 2,618 3, nc nc nc CONSUMER - DISCRE. CONSUMER - DISCRE. N ,113 83,338 94,165 8,014 9,758 11,448 5,639 7,298 8,810 (10.2) Surya Citra Media SCMA IJ Equity SCMA IJ REDUCE 3,330 2, ,238 4,573 4,983 2,015 2,199 2,417 1,524 1,663 1, nc nc nc Matahari Department Store LPPF IJ Equity LPPF IJ BUY 19,925 20, ,007 10,383 12,119 2,330 2,702 3,158 1,781 2,170 2, nc nc nc na na na Media Nusantara Citra MNCN IJ Equity MNCN IJ BUY 2,230 2, ,445 6,985 7,645 2,194 2,529 2,840 1,186 1,685 2,007 (32.7) Matahari Putra Prima MPPA IJ Equity MPPA IJ BUY 1,290 1, ,929 15,592 17, (67.0) nc nc nc ACE Hardware ACES IJ Equity ACES IJ BUY ,743 5,137 5, nc nc nc HERO Supermarket HERO IJ Equity 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) Ramayana Lestari Sentosa RALS IJ Equity RALS IJ BUY 970 1, ,786 8,284 8, (5.5) nc nc nc Mitra Adiperkasa MAPI IJ Equity MAPI IJ BUY 4,150 4, ,833 14,254 16, , (52.8) Electronic City ECII IJ Equity ECII IJ REDUCE ,781 1,874 2,106 (5) (74.5) na nc nc nc CONSUMER - STAPLES CONSUMER - STAPLES OW , , ,198 49,832 54,634 62,176 34,038 37,725 43, HM Sampoerna HMSP IJ Equity HMSP IJ BUY 3,790 4, ,069 97, ,853 14,048 14,922 17,446 10,363 11,458 13,458 (2.5) nc nc nc Unilever Indonesia UNVR IJ Equity UNVR IJ BUY 43,800 50, ,484 40,257 45,540 7,944 8,943 10,108 5,852 6,612 7, nc nc Gudang Garam GGRM IJ Equity GGRM IJ BUY 66,250 88, ,366 75,730 83,554 9,906 10,731 11,965 6,436 6,694 7, Kalbe Farma KLBF IJ Equity KLBF IJ BUY 1,390 1, ,887 19,300 20,943 2,647 2,812 3,080 2,004 2,167 2,400 (2.9) nc nc nc Indofood Sukses Makmur INDF IJ Equity INDF IJ BUY 7,000 6, ,062 70,849 78,078 6,877 7,610 8,547 2,968 3,454 4,196 (23.6) Indofood CBP Sukses MakmurICBP IJ Equity ICBP IJ BUY 17,050 18, ,741 35,573 39,811 3,908 4,559 5,173 3,001 3,516 4, nc nc nc Mayora Indah MYOR IJ Equity MYOR IJ BUY 38,600 37, ,819 16,390 18,550 1,862 2,035 2,322 1,219 1,320 1, Tempo Scan Pacific TSPC IJ Equity TSPC IJ BUY 1,800 2, ,220 9,160 10, (0.7) nc nc nc Sido Muncul SIDO IJ Equity SIDO IJ BUY ,268 2,424 2, nc nc nc Nippon Indosari Corpindo ROTI IJ Equity ROTI IJ BUY 1,480 1, ,189 2,693 3, Kimia Farma KAEF IJ Equity KAEF IJ BUY 1,195 1, ,070 5,754 6, Mitra Keluarga Karyasehat MIKA IJ Equity MIKA IJ REDUCE 2,570 1, ,038 2,301 2, nc nc nc Siloam International Hospital SILO IJ Equity SILO IJ BUY 9,900 12, ,116 5,242 6, INDUSTRIAL ESTATES INDUSTRIAL ESTATES N ,515 12,069 13,698 4,443 4,988 5,652 3,407 3,929 4, Puradelta Lestari DMAS IJ Equity DMAS IJ BUY ,286 1,299 1,711 1,859 1,368 1,705 1, nc nc nc Kawasan Industri Jababeka KIJA IJ Equity KIJA IJ BUY ,140 3,223 3, , (18.4) Bekasi Fajar Industrial EstateBEST IJ Equity BEST IJ REDUCE (46.0) (24.9) Surya Semesta Internusa SSIA IJ Equity SSIA IJ BUY ,282 6,065 6, , Lippo Cikarang LPCK IJ Equity LPCK IJ BUY 7,475 8, ,121 2,218 2, ,035 1, , nc nc nc INDUSTRY - Various INDUSTRY - Various ,542 92,424 37,858 (1,286) (22) 2,258 (3,408) (2,201) (1,545) na na na na na na (5.7) (2.0) (1.4) (2.7) (1.1) (0.4) (4.5) (1.5) (0.5) Krakatau Steel KRAS IJ Equity 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) Anabatic Technologies ATIC IJ Equity ATIC IJ BUY ,626 2,964 3, (12.7) Sri Rejeki isman SRIL IJ Equity SRIL IJ BUY ,708 9,674 11,620 1,372 1,568 1, , Multipolar MLPL IJ Equity 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 LAND TRANSPORTATION UW ,835 23,011 15,755 1,641 1,827 1, ,004 (0.7) Blue Bird BIRD IJ Equity BIRD IJ REDUCE 4,190 3, ,472 6,250 6,988 1,173 1,298 1, (2.0) Express Transindo Utama TAXI IJ Equity TAXI IJ BUY ,040 1, (72.7) Adi Sarana Armada ASSA IJ Equity ASSA IJ BUY ,393 1,606 1, (20.4) METALS METALS N ,345 25,401 28,013 1, ,125 (43) (331) 2,064 (101.9) (723.6) (1,333.4) (173.2) 27.8 (371.4) (0.1) (1.0) (1.3) 0.9 Vale Indonesia INCO IJ Equity INCO IJ* REDUCE 1,815 1, ,060 8,036 8,736 1, (67.8) (83.8) nc nc nc Aneka Tambang ANTM IJ Equity ANTM IJ REDUCE ,519 10,632 12,362 (768) (647) 154 (1,209) (882) (157) (76.5) (63.2) (237.9) na na na (1,077.0) (8.6) (5.6) (1.0) (4.8) (3.1) (0.6) (5.9) (3.8) (0.7) Timah TINS IJ Equity TINS IJ REDUCE ,874 6,733 6, (85.9) (14.3) J Resources Asia Pasifik PSAB IJ Equity PSAB IJ* BUY ,892 4,396 5,390 1,274 1,400 2, , Merdeka Copper Gold MDKA IJ Equity MDKA IJ* BUY 1,910 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 OIL & GAS N ,863 66,678 79,368 9,504 12,385 15,768 6,300 7,395 9,557 (35.3) Perusahaan Gas Negara PGAS IJ Equity PGAS IJ* BUY 2,370 3, ,966 38,528 45,052 7,910 8,260 10,766 5,614 5,880 7,952 (39.4) nc nc nc AKR Corporindo AKRA IJ Equity AKRA IJ BUY 6,125 9, ,344 18,832 22,965 1,345 1,837 1,720 1,047 1,338 1, (2.1) Medco Energy MEDC IJ Equity MEDC IJ* BUY 1,480 1, ,553 9,318 11, ,288 3,282 (361) (391.9) (150.9) 0.0 NA (2.9) (3.0) (1.0) (1.4) PLANTATIONS PLANTATIONS N ,272 42,766 45,776 6,078 6,637 7,275 2,109 2,955 3,952 (64.7) Astra Agro Lestari AALI IJ Equity AALI IJ REDUCE 14,625 13, ,059 13,873 15,215 1,853 2,076 2, ,587 (75.3) Salim Ivomas Pratama SIMP IJ Equity SIMP IJ HOLD ,835 14,436 15,599 1,632 1,842 2, (69.1) London Sumatra Indonesia LSIP IJ Equity LSIP IJ BUY 1,435 1, ,190 4,610 4, , (33.1) 19.8 (19.3) nc nc nc Dharma Satya Nusantara DSNG IJ Equity DSNG IJ BUY ,425 4,783 4, (59.0) (8.0) Austindo Nusantara Jaya ANJT IJ Equity ANJT IJ* REDUCE 1,700 1, ,764 1,862 2, (112) na na na na (2.2) (1.8) Sampoerna Agro SGRO IJ Equity SGRO IJ HOLD 1,935 1, ,999 3,202 3, (27.2) Tunas Baru Lampung TBLA IJ Equity TBLA IJ BUY ,331 5,237 6, (58.0) (18.9) POULTRY POULTRY N ,906 65,122 73,881 5,377 5,988 7,326 2,242 2,841 4, Charoen Pokphand IndonesiaCPIN IJ Equity CPIN IJ BUY 3,850 3, ,108 32,462 37,351 3,443 3,798 4,773 1,837 2,119 3, Japfa Comfeed Indonesia JPFA IJ Equity JPFA IJ BUY 1, ,023 27,555 30,809 1,728 1,950 2, ,075 na na na na Malindo Feedmill MAIN IJ Equity MAIN IJ BUY 1,600 1, ,775 5,105 5, (63) na (180.0) (45.7) (4.8) (1.7) (2.2) PROPERTY PROPERTY UW ,468 49,958 54,565 15,347 16,910 18,324 8,105 10,789 12,060 (42.3) Bumi Serpong Damai BSDE IJ Equity BSDE IJ BUY 2,090 2, ,210 7,523 8,403 2,901 3,457 3,804 2,139 2,694 3,023 (46.5) Lippo Karawaci LPKR IJ Equity LPKR IJ REDUCE 1,025 1, ,910 10,055 10,615 1,727 2,542 2, ,654 1,857 (79.0) Pakuwon Jati PWON IJ Equity PWON IJ HOLD ,625 5,373 6,220 2,265 2,656 3,035 1,262 1,790 2,118 (49.8) Summarecon Agung SMRA IJ Equity SMRA IJ BUY 1,760 1, ,624 6,339 6,879 1,768 1,999 2, ,127 1,230 (38.3) Ciputra Development CTRA IJ Equity CTRA IJ BUY 1,460 1, ,514 8,154 9,335 2,353 2,288 2,511 1,284 1,380 1,517 (3.1) Alam Sutera ASRI IJ Equity ASRI IJ REDUCE ,784 3,039 3,061 1,628 1,674 1, (45.6) Agung Podomoro Land APLN IJ Equity APLN IJ REDUCE ,972 5,769 5,934 1,688 1,351 1, (5.0) (19.7) Ciputra Property CTRP IJ Equity CTRP IJ REDUCE ,325 1,917 2, (19.2) (8.9) PP Property PPRO IJ Equity PPRO IJ HOLD ,505 1,789 1, SHIPPING SHIPPING N ,106 5,638 6,072 1,029 1,414 1, ,072 1,277 (15.1) Soechi Lines SOCI IJ Equity SOCI IJ BUY ,986 2,277 2, (3.8) 12.9 (1.2) Pelayaran Tempuran Emas TMAS IJ Equity TMAS IJ BUY 1,475 3, ,721 1,858 2, Wintermar Offshore Marine WINS IJ Equity WINS IJ HOLD ,399 1,503 1, (80) (100.0) na na (2.7) (1.2) (1.7) TELCOS TELCOS OW , , ,003 43,990 49,395 57,037 18,749 23,078 28,886 (2.6) Telekomunikasi Indonesia TLKM IJ Equity TLKM IJ BUY 3,870 4, , , ,693 32,881 36,717 41,992 15,489 17,604 20, (2.5) XL Axiata EXCL IJ Equity EXCL IJ BUY 3,800 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) Tower Bersama InfrastructureTBIG IJ Equity TBIG IJ REDUCE 6,650 5, ,437 3,801 4,229 2,637 2,915 3,243 1,056 1,289 1,593 (18.8) Sarana Menara Nusantara TOWR IJ Equity TOWR IJ BUY 4,150 5, ,470 4,845 5,315 3,386 2,866 3,274 2,958 1,591 2, (46.2) Indosat ISAT IJ Equity ISAT IJ BUY 6,450 7, ,769 29,107 31,660 2,704 4,015 4,926 (1,310) 1,440 2, NA (10.0) (2.4) (4.0) Tiphone Mobile Indonesia TELE IJ Equity TELE IJ BUY 700 1, ,040 29,578 34, , Erajaya Swasembada ERAA IJ Equity ERAA IJ BUY ,569 19,777 21, (0.6) Market Market N 3,138 1,692,664 1,852,117 2,044, , , , , , ,108 (5.2) Note: *USD reporting OW: Overweight, N: Neutral, UW: Underweight Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) PER (x) ROIC (%) ROAA (%) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%)

8 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 8

9 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 9

10 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 10

11 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 11

12 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 Coal, Metals, Oil & Gas ext 3619 Fakhrul Fulvian Economist ext 3602 Sanni Satrio Dwi Utomo Industrial Estates, Property ext 3611 Renaldy Effendy Consumer, Healthcare ext 3606 Adeline Solaiman Consumer ext 3620 Muhammad Wafi Technical Analyst ext 3609 Amanda Christine Liu Media, Retail ext 3605 Nyoman Widita Prabawa Cement ext 3622 Gregorius Gary gregorius. Transportation, Plantations ext 3604 Mardy Oramahi Alhusnah Small Caps ext 3621 Sarah Jessica Hutapea Research Associate ext 3693 Gilang Purnama Research Associate ext 3601 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 12