Beacon Indonesia Morning Brief

Transcription

1 Asiamoney s Finance Asia's 19 February 2016 Beacon Indonesia Morning Brief IDX: 4,779 (+0.3%) Turnover: IDR5.9tn (+29.1%) Foreign Net BUY IDR367.2bn (-35.6%) SPOTLIGHT Oil & Gas: Highlights from forum Analyst: Arandi Ariantara Each USD1/b drop, government revenue down by USD330mn CORPORATE FLASH United Tractor (UNTR IJ): December volumes: Weak as expected Analyst: Leonardo Henry Gavaza, CFA Weak mining contracting performance; in line with our expectation ECONOMICS FLASH Interest rate update: Totally dovish Analyst: Fakhrul Fulvian Bank Indonesia has finally cut the benchmark rate to 7.00%: TODAY S NEWS POLITICS KPK wants PKS governor to get 4.5 years jail term ECONOMICS Jokowi pledges more steps to open the economy Govt to pursue March implementation for tax amnesty BI: 2016 GDP growth at 5.4% S&P: Indonesia rating upgrade may be delayed due to coal-price slump BOURSE Mitratel plans IPO in 2017 Bank Ganesha plans IPO in March 2016 INDUSTRY Govt to lower banking interest rates and increase liquidity through lower RR FSA to limit banks NIM to a maximum of 4% Industry Ministry provides 2 different tax allowances for investors Industrial Estates Association: Industrial land sales to grow 10% y-y in 2016 Indonesia CPO: January inventory reached 2mn tons, -17% m-m Government plans to revise mining regulation with lifetime validity permits Automotive: Toyota recalls 2.9mn vehicles worldwide over seatbelt defect CORPORATE TLKM seals agreement with US-based Plug and Play ISAT cooperates with Google to launch GIG EXCL to launch video streaming application Tribe and to develop 4G connection ADHI plans to invest in LRT facilities China property developer to invest IDR2tn in Serpong ITMG: 4Q15 net loss of USD20mn; FY15 net profit down 69% y-y to USD63mn INCO s nickel production rose 3% y-y to 81,177 mt, highest ever annual production volume The Attorney General assessing BKSL s case ECONOMIC INDICATORS MARKET DATA 15F 16F 17F 15F 16F 17F Cur acc bal (%GDP) (2.0) (2.3) (2.3) Op.prof.gwt.(%) (2.3) Fiscal bal (%GDP) (2.7) (2.7) (2.5) EPS growth (%) (7.5) GDP growth (%y-y) P/E (x) Private spending (%) PEG (x) (3.9) Investment (%y-y) EV/EBITDA (x) Total exports (%y-y) P/BV (x) Total imports (%y-y) (4.1) P/BV exc Inflation (%y-y) Div. Yield (%) IDR/USD 13,788 14,500 14,000 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) 19, (11.6) (22.0) IDX (Indonesia) 4, (11.3) KLCI (Mal.) 1, (0.7) (7.1) KOSPI (Korea) 1, (2.7) (2.7) Nikkei (Japan) 16, (14.9) (11.0) PCOMP (Phil.) 6, (1.5) (12.2) SENSEX (India) 23, (9.8) (19.6) SET (Thailand) 1, (19.6) SHCOMP (China) 2,862.9 (0.2) (19.1) (11.8) SHENZHEN (China) 1,841.4 (0.3) (20.2) 14.3 STI (Singapore) 2, (7.8) (22.7) TWSE (Taiwan) 8, (0.3) (12.7) VNI (Vietnam) (4.6) (5.9) Europe, USA and Ems CAC 40 (France) 4, (8.6) (11.7) DAX (Germany) 9, (11.9) (13.7) Dow Jones (USA) 16,413.4 (0.2) (5.8) (9.0) FTSE 100 (UK) 5,972.0 (1.0) (4.3) (13.4) IBOV (Brazil) 41,477.6 (0.4) (4.3) (19.1) MEXBOL (Mexico) 43,516.7 (0.2) NGSEINDX (Nigeria) 24, (15.3) (16.8) Nasdaq (USA) 4,487.5 (1.0) (10.4) (8.5) RTSI (Russia) (0.5) (19.0) S&P 500 (USA) 1,917.8 (0.5) (6.2) (8.7) XU100 (Turkey) 73, (14.0) Source: Bloomberg ETF, ADR & COMMODITIES Last Chg% ytd % y-y % EEM US (USD) 30.4 (0.6) (5.6) (25.1) EIDO US (USD) 22.8 (1.4) 9.2 (17.4) TLK US (IDR) 3,359 (1.2) Como Index (USD) (0.4) (8.1) (28.8) Coal (USD/t) (24.7) Corn (USD/mtn) (0.4) 3.4 (3.8) Coffee (USD/t) 2,446.7 (0.5) (5.4) (21.9) Copper (USD/t) 4, (2.7) (19.6) Cotton (USD/t) 1, (5.3) (7.3) CPO Rott (USD/t) (0.8) 0.4 (7.6) Gold (USD/oz.) 1, Iron ore (USD/mtn) (31.1) Milk (USD/cwt) 13.8 (0.4) (2.5) (15.7) Nickel (USD/t) 8, (4.2) (41.2) Oil Brent (USD/barrel) 34.3 (0.6) (8.0) (43.4) Rice (IDR/kg) 4, (2.8) 4.5 Rubber (USD/t) (4.4) (23.9) Silver (USD/oz) (5.9) Soybean oil (USD/t) (0.5) 4.2 (0.6) Steel (USD/t) (21.3) Sugar (USD/t) (0.5) (12.0) (13.3) Tins (USD/t) 15,840.0 (0.1) 8.5 (12.1) Wheat (USD/t) (1.3) (1.7) (15.8) Source: Bloomberg, CEIC CURRENCIES & RATES Last Prev. Ytd % y-y % AUD/1USD EUR/1USD (2.2) 2.3 IDR/1USD 13,503 13, (4.9) JPY/1USD SGD/1USD (3.2) JIBOR (%) (2.2) (0.3) BI rate (%) (0.5) (0.5) TD 1 month (%) (0.1) (0.3) CDS (bps) Source: Bloomberg Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. should consider this report as only a single factor in making their investment decision.

2 POLITICS KPK wants PKS governor to get 4.5 years jail term The Corruption Eradication Commission s (KPK) team of prosecutors demanded a panel of judges at the Jakarta Corruption Court to sentence North Sumatra Governor Gatot Pujo Nugroho, a Prosperous Justice Party politician, and his second wife Evi Susanti to four-and-a-half years and four years in prison, respectively, for their roles in a bribery scheme. (The Jakarta Post) ECONOMICS Jokowi pledges more steps to open the economy President Jokowi and Vietnamese Prime Minister Nguyen Tan Dung have agreed to step up bilateral economic cooperation to realize a trade target of USD10bn by 2018, almost doubling it from the level of USD5.3bn. (Jakarta Globe) Govt to pursue March implementation for tax amnesty Vice President s special staff, Sofjan Wanandi, stated that government is pursuing implementation of tax amnesty by March as The is likely to start the discussion on 21 February. (Koran Tempo) BI: 2016 GDP growth at 5.4% BI Deputy Governor Perry Warjiyo stated that Indonesia s economic growth may reach 5.4% this year, accelerating from 4.8% in, after the BI cut its policy rate by a total of 50bps in the first two months of (Jakarta Globe) S&P: Indonesia rating upgrade may be delayed due to coal-price slump Coal price slump has affected Indonesia s economic growth over the past year and may delay a rating upgrade, Kim Eng Tan, head of Asia-Pacific sovereign ratings at Standard and Poor s said. (Bloomberg) BOURSE Mitratel plans IPO in 2017 Dayamitra Telekomunikasi (Mitratel), a tower subsidiary of state-owned Telekomunikasi Indonesia (TLKM IJ- BUY-IDR:3,315-TP:IDR3,750), plans to sell its shares through an IPO in 2017 after the share-swap plan with Tower Bersama Infrastructure (TBIG IJ-HOLD-IDR:6,275-TP:IDR6,500) failed to materialize. No further details were provided. (britama.com) Bank Ganesha plans IPO in March 2016 Bank Ganesha plans to sell 6.1bn shares (63.44% stake) at a price of IDR per share through IPO in March 2016, aiming to raise up to IDR640.5bn. IPO fund proceeds will be used to strengthen the bank s Capital Adequacy Ratio (CAR) to Book II, and for credit expansion. Currently, the bank has 18 branches located in Java Island. (ift.co.id) INDUSTRY Govt to lower banking interest rates and increase liquidity through lower RR The Coordinating Economic Minister, Darmin Nasution, stated that he would coordinate the efforts with the Financial Services Authority (FSA), the Indonesian Central Bank (BI) and the Ministry of Finance to accelerate the process of lowering interest rates towards single digits in order to boost economic development. Separately, the Central Bank (BI) has decided to cut the BI rate to 7.00% (25bps) and Primary Reserve Requirement (RR) to 6.50% (100bps). Agus Martowardojo, Bank Indonesia Governor, stated that the lower RR would increase liquidity in the banking sector by up to IDR37tn and increase the 2016 loan growth projection to 14% from 12.5% previously. (Republika, Detik) PT Bahana Securities Equity Research Bahana Beacon - The Daily

3 FSA to limit banks NIM to a maximum of 4% Financial Services Authority (FSA) will issue a regulation to set the maximum limit to Net Interest Margin (NIM) in the banking sector to around 4%. FSA thinks that currently the Indonesian banking sector has the highest NIMs in the ASEAN region (average of 3-4%). FSA hopes that the lower margins would help increase banks competitiveness in the region. Moreover, FSA would encourage the banking industry to lower their lending rates, as it may boost credit disbursement volume and result in greater loan growth. (Detik). Bahana comment: Please refer to the table below from our Indonesia Banking Update spotlight report dated 11 February Banking sector sensitivity table comparison, 2016F Banking sector BBCA BBRI 2016F 2016F 2016F NII (IDRbn) 301,631 NII (IDRbn) 38,710 NII (IDRbn) 61,062 Net profit (IDRbn) 103,686 Net profit (IDRbn) 19,883 Net profit (IDRbn) 26,815 Equity (IDRbn) 768,113 Equity (IDRbn) 102,150 Equity (IDRbn) 132,307 NIM (%) 5.3 NIM (%) 6.0 NIM (%) 7.6 ROE (%) 13.5 ROE (%) 19.5 ROE (%) 20.3 Sensitivity, NIM NII Net profit Changes ROE NII Net profit Changes ROE NII Net profit Changes ROE Sensitivity, NIM Sensitivity, NIM (IDRbn) (IDRbn) (%) (%) (IDRbn) (IDRbn) (%) (%) (IDRbn) (IDRbn) (%) (%) -100bps 245,224 61,381 (40.8) bps 32,287 15,066 (24.2) bps 53,038 20,797 (22.4) bps 188,817 19,075 (81.6) bps 25,865 10,249 (48.5) bps 45,014 14,779 (44.9) bps 132,409 (23,230) (122.4) bps 19,442 5,432 (72.7) bps 36,990 8,761 (67.3) 6.6 BMRI BBNI BDMN 2016F 2016F 2016F NII (IDRbn) 46,651 NII (IDRbn) 28,923 NII (IDRbn) 14,845 Net profit (IDRbn) 20,330 Net profit (IDRbn) 11,022 Net profit (IDRbn) 2,998 Equity (IDRbn) 127,861 Equity (IDRbn) 68,878 Equity (IDRbn) 29,608 NIM (%) 5.5 NIM (%) 6.1 NIM (%) 7.0 ROE (%) 15.9 ROE (%) 16.0 ROE (%) 10.1 Sensitivity, NIM NII Net profit Changes ROE NII Net profit Change ROE NII Net profit Changes ROE Sensitivity, NIM Sensitivity, NIM (IDRbn) (IDRbn) (%) (%) (IDRbn) (IDRbn) (%) (%) (IDRbn) (IDRbn) (%) (%) -100bps 38,230 14,015 (31.1) bps 24,212 7,489 (32.1) bps 12,712 1,399 (53.4) bps 29,809 7,699 (62.1) bps 19,502 3,956 (64.1) bps 10,579 (201) (106.7) bps 21,389 1,384 (93.2) bps 14, (96.2) bps 8,446 (1,801) (160.1) -6.1 BTPN BBTN BJBR 2016F 2016F 2016F NII (IDRbn) 8,509 NII (IDRbn) 7,440 NII (IDRbn) 5,598 Net profit (IDRbn) 1,987 Net profit (IDRbn) 2,084 Net profit (IDRbn) 1,472 Equity (IDRbn) 14,897 Equity (IDRbn) 14,398 Equity (IDRbn) 8,038 NIM (%) 11.4 NIM (%) 4.5 NIM (%) 5.9 ROE (%) 13.3 ROE (%) 14.5 ROE (%) 18.3 Sensitivity, NIM NII Net profit Change ROE NII Net profit Change ROE NII Net profit Change ROE Sensitivity, NIM Sensitivity, NIM (IDRbn) (IDRbn) (%) (%) (IDRbn) (IDRbn) (%) (%) (IDRbn) (IDRbn) (%) (%) -100bps 7,760 1,425 (28.3) bps 5, (60) bps 4, (90.6) bps 7, (56.6) bps 4,111 (413) (120) bps 3, (99.4) bps 6, (84.8) bps 2,447 (1,661) (180) bps 2,742 (670) (108.3) -8.3 BJTM 2016F 2016F NII (IDRbn) 3,494 NII (IDRbn) 3,350 Net profit (IDRbn) 1,023 Net profit (IDRbn) 1,194 Equity (IDRbn) 6,451 Equity (IDRbn) 8,071 NIM (%) 6.2 NIM (%) 4.0 ROE (%) 15.9 ROE (%) 14.8 Sensitivity, NIM NII Net profit Change ROE NII Net profit Change ROE Sensitivity, NIM (IDRbn) (IDRbn) (%) (%) (IDRbn) (IDRbn) (%) (%) -100bps 2, (41.5) bps 2, (52.3) bps 2, (82.9) bps 1,686 (54) (104.5) bps 1,797 (249) (124.4) bps 854 (678) (156.8) -8.4 Source: OJK, Company, Bahana BBKP PT Bahana Securities Equity Research Bahana Beacon - The Daily 3

4 Industry Ministry provides 2 different tax allowances for investors The Government has provided 2 different tax allowances for investors to invest in industrial estates areas as the tax allowance in PP No. 18/ is more general compared to PP No. 142/ relating to industrial tax incentives including tax holidays and tax allowances. PP No. 142/ new rule will regulate standardization of industrial areas, government initiatives to develop industrial areas, obligation of local governments to build supporting facilities and exemptions or reductions of local taxes. The regulation will also allow industrial area developers to build and manage their own electricity sources. However, both of the regulations will be provided based on industrial areas. (Cnnindonesia.com, Bisnis Indonesia). Bahana comment: We believe the new regulation will boost FDI this year, paving the way for increased industrial estate demand. This also cements our 5% y-y 2016 marketing sales growth for the sector. Industrial Estates Association: Industrial land sales to grow 10% y-y in 2016 In 2016, the Industrial Estates Association (AKI) predicts industrial land sales in Greater Jakarta area to grow 10% y-y given government support including new regulations and policies for the sector. According to Colliers International Indonesia s Associate Director, industrial land sales in Greater Jakarta Area reached 347.5ha in. (Investor Daily). Bahana comment: The Association s target is above our 2016F sector s marketing sales target of only around 5% y-y growth this year as we expect the government incentives will benefit the sector over the medium to long term. Indonesia CPO: January inventory reached 2mn tons, -17% m-m Based on Reuters survey, January palm oil production reached 2.4mn tons, -1% m-m, while exports declined to 2mn tons, -25% m-m but +21% y-y, resulting in total January stock of around 2mn tons, -17% from December level (Reuters). Bahana comment: Based on our analysis, the domestic consumption in January increased to 2.5mn tons, +12% m-m but -12% y-y, which we believe was due to higher demand from biodiesel program. We expect this to provide some support to the CPO price going forward, as the inventory has declined to the lowest level since. Government plans to revise mining regulation with lifetime validity permits Government plans to revise mining regulation with lifetime validity permits to provide business assurance for investors. However, the government could review the mining companies operations once in 5 years. (britama.com) Automotive: Toyota recalls 2.9mn vehicles worldwide over seatbelt defect Toyota on Thursday said that it was recalling 2.87mn vehicles globally due to the possibility that their rear seatbelt could come apart in a crash and cause injuries. The recall involves Toyota s RAV4 sports utility vehicle made between July 2005 and August and between October 2005 and January The announcement also includes its Vanguard SUV produced between October 2005 and January 2016; 1.3mn vehicles in North America, as well as 625k in Europe, 434k in China, 177k in Japan and 307k in other regions. (Koran Tempo) CORPORATE TLKM seals agreement with US-based Plug and Play Telekomunikasi Indonesia (TLKM IJ-BUY-IDR3,315-TP:IDR3,750) has signed an agreement with US-based business accelerator Plug and Play during President Joko Widodo s visit to Silicion Valley yesterday (17 Feb), marking the start of a collaboration for a startup-coaching program to support start-up ecosystems in Indonesia by building bridges between Indonesia and the Silicon Valley. This collaboration is part of the government s aim to create at least 1k technopreneurs by 2020 and to grow the digital economy in the country. (Jakarta Globe) ISAT cooperates with Google to launch GIG Indosat (ISAT IJ-BUY-IDR5,400-TP:IDR6,800) and Google are planning to launch GIG, a home internet service with speeds that can range from 15MBps to 1Gbps. This service is part of ISAT s plan to develop the first fiber internet network for residential areas. (Investor Daily) PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

5 EXCL to launch video streaming application Tribe and to develop 4G connection XL Axiata (EXCL IJ-BUY-IDR3,935-TP:IDR4,400) is currently preparing a video streaming application named Tribe through the mobile application that resembles Netflix which would bring video content from South Korea and Asia within genres like comedy, horror, sports, etc. Interestingly, the users that access videos of the Tribe can use their phone credit to make payments. No further details were disclosed. Separately, EXCL is planning to expand its 4G connection to 50 cities this year. (Investor Daily, cnnindonesia.com) ADHI plans to invest in LRT facilities Adhi Karya (ADHI IJ-BUY-IDR2,685) has submitted a proposal to cooperate with Kereta Api Indonesia (KAI) to invest in light-rail-transit facilities (i.e. rolling stocks, signaling and system management). ADHI plans to allocate IDR9tn for the investment and would wait for the government s approval on the company s request. Separately, ADHI is currently finalizing the environmental study (Amdal) and is also in discussions with the Transportation Ministry to adjust LRT track which coincides with Jakarta-Bandung fast train project. (Koran Tempo) China property developer to invest IDR2tn in Serpong China based property developer Kingland Group in cooperation with local players, Alfa Land and Growth Steel Group plans to build 4 mid-to-low class apartment towers worth IDR2tn in Serpong, Tangerang. They expect an increase in demand going forward given the large population in Indonesia. (Kompas.com). Bahana comment: If the project materializes, it could lower existing developers market share in and around the area like Bumi Serpong Damai (BSDE IJ-BUY-IDR1,770-TP:IDR2,020), Alam Sutera Realty (ASRI IJ-REDUCE-IDR365) and Summarecon Agung (SMRA IJ-BUY-IDR1,600-TP:IDR1,820). Additionally, note that based on our survey this week, Serpong recorded only 3% y-y ASP growth in. Thus, we expect weak ASPs to persist given Serpong s high average selling period of months (normally 12M). ITMG: 4Q15 net loss of USD20mn; FY15 net profit down 69% y-y to USD63mn Indo Tambangraya Megah (ITMG IJ-REDUCE-IDR5,250-TP:IDR5,200) booked a net loss in 4Q15 of USD20mn, bringing full-year net profit plunge of 69% y-y to USD63mn. However, full-year sales revenue, of which 88% are exported, was inline with our expectation but loss on derivative transaction of USD23mn dragged down company s net profit. Details are as follows: q-q y-y 4Q15/ y-y FY15/ FY15/ (USDmn) 4Q14 3Q15 4Q15 (%) (%) 4Q15F FY15 (%) F Cons. Sales (15.9) ,589 (18.2) Gross profit (2.8) 350 (14.4) Operating expense (12.9) 157 (9.0) Operating profit (4.4) (18.2) Other income/(expenses) (13) (11) (39) (266.3) (54) (307.5) Pretax profit (78.5) (73.4) 139 (46.9) Taxation (1) (3,172) Net profit (20) (179.6) (161.7) (73.3) 63 (68.6) Ratio analysis 4Q14 3Q15 4Q15 A A 2016F Gross margin (%) Operating margin (%) Net margin (%) Inventory days Receivable days Payable days Total Cash (USDm) Total Debt (USDm) Net gearing (%) nc nc nc nc nc nc Source: Company, Bahana estimates INCO s nickel production rose 3% y-y to 81,177 mt, highest ever annual production volume Vale Indonesia (INCO IJ-HOLD-IDR1,535-TP:IDR1,400) reported that its nickel production rose 3% y- y to 81,177mt, its highest ever annual production volume. Its 4Q15 production volume reached 22,302mt, up 8% y-y and 0.7% q-q while the further details will be released on Thursday, 25 February (after market closes) along with its 4Q15 financial performance report. The company maintains its 2016 full-year production target of around 80k mt. (Company) PT Bahana Securities Equity Research Bahana Beacon - The Daily 5

6 The Attorney General assessing BKSL s case The Attorney General Office (Kejagung) is currently assessing Sentul City s (BKSL-NOT RATED-IDR61) case over an alleged corruption related to Bogor s residential permit, to determine the appropriateness of the case prior to entering the investigation stage. (Merdeka.com) PT Bahana Securities Equity Research Bahana Beacon - The Daily 6

7 BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 02/18/ /17/2016 CHANGE (%) Medco Energi Internasional MEDC IJ BUY 1, Perusahaan Gas Negara PGAS IJ REDUCE 2,500 (7.4) 2,700 2, Indo Tambangraya Megah ITMG IJ REDUCE 5,200 (1.0) 5,250 4, Vale Indonesia INCO IJ HOLD 1,400 (8.8) 1,535 1, Harum Energy HRUM IJ REDUCE 500 (21.3) Bukit Asam PTBA IJ BUY 7, ,585 4, Mitra Adiperkasa MAPI IJ BUY 4, ,285 4, Erajaya Swasembada ERAA IJ BUY Indofood Sukses Makmur INDF IJ BUY 6,600 (3.3) 6,825 6, Bank Jawa Barat dan Banten BJBR IJ BUY 1, PP Property PPRO IJ HOLD 180 (7.7) Express Transindo Utama TAXI IJ REDUCE Nippon Indosari Corpindo ROTI IJ BUY 1, ,370 1, Blue Bird BIRD IJ REDUCE 4,700 (17.2) 5,675 5, Multipolar MLPL IJ BUY Gajah Tunggal GJTL IJ BUY Indomobil Sukses Internasional IMAS IJ HOLD 2,000 (4.1) 2,085 2, Indocement Tunggal Prakarsa INTP IJ REDUCE 17,600 (12.7) 20,150 19, Media Nusantara Citra MNCN IJ BUY 2, ,580 1, Mayora Indah MYOR IJ BUY 31, ,450 26, Bank Jawa Timur BJTM IJ REDUCE 420 (0.2) J Resources PSAB IJ BUY 1, ,060 1, Jasa Marga JSMR IJ BUY 6, ,600 5, Japfa Comfeed Indonesia JPFA IJ BUY United Tractors UNTR IJ HOLD 16,000 (0.8) 16,125 15, Semen Baturaja SMBR IJ HOLD 315 (2.5) Kalbe Farma KLBF IJ HOLD 1, ,290 1, Holcim Indonesia SMCB IJ REDUCE 825 (13.2) AKR Corporindo AKRA IJ BUY 7,000 (9.7) 7,750 7, Charoen Pokphand Indonesia CPIN IJ BUY 3,500 (3.7) 3,635 3, Aneka Tambang ANTM IJ REDUCE 207 (43.4) Unilever Indonesia UNVR IJ BUY 46, ,675 41, Tiphone Mobile Indonesia TELE IJ BUY 1, Bank Danamon Indonesia BDMN IJ HOLD 3,400 (19.0) 4,200 4, Astra International ASII IJ REDUCE 5,550 (21.3) 7,050 7, HM Sampoerna HMSP IJ BUY 115, , , Matahari Department Store LPPF IJ BUY 19, ,600 16, Krakatau Steel KRAS IJ REDUCE 275 (24.9) Waskita Karya WSKT IJ BUY 2, ,950 1, Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2, ,090 2, Bank Rakyat Indonesia BBRI IJ BUY 13, ,000 11, Kawasan Industri Jababeka KIJA IJ BUY Tower Bersama Infrastructure TBIG IJ HOLD 6, ,275 6, Agung Podomoro Land APLN IJ REDUCE 220 (33.7) Indonesian Stock Exchange JCI 4,779 4, Sampoerna Agro SGRO IJ HOLD 1, ,800 1, Bank Mandiri BMRI IJ BUY 9,700 (0.3) 9,725 9, Pembangunan Perumahan PTPP IJ BUY 4, ,910 3, Gudang Garam GGRM IJ BUY 65, ,500 63, Cardig Aero Services CASS IJ HOLD 1, ,250 1, Bank Central Asia BBCA IJ BUY 14, ,400 13, Wijaya Karya WIKA IJ BUY 3, ,715 2, Wijaya Karya Beton WTON IJ BUY 1, ,010 1, Ace Hardware Indonesia ACES IJ HOLD 875 (2.8) Hero Supermarket HERO IJ REDUCE 650 (35.0) 1,000 1, Electronic City ECII IJ REDUCE Matahari Putra Prima MPPA IJ BUY 2, ,830 1, Sido Muncul SIDO IJ HOLD 480 (5.9) Puradelta Lestari DMAS IJ BUY Timah TINS IJ REDUCE 411 (29.1) Merdeka Copper Gold MDKA IJ BUY 2, ,900 1, Salim Ivomas Pratama SIMP IJ HOLD 290 (31.3) Dharma Satya Nusantara DSNG IJ BUY Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (41.2) 1,700 1, Tunas Baru Lampung TBLA IJ BUY Wintermar Offshore Marine WINS IJ HOLD Sarana Menara Nusantara TOWR IJ BUY 5, ,100 4, Indosat ISAT IJ BUY 6, ,400 5, Adi Sarana Armada ASSA IJ BUY Xl Axiata EXCL IJ BUY 4, ,935 3,940 (0.1) London Sumatra Indonesia LSIP IJ BUY 1, ,485 1,490 (0.3) Kimia Farma KAEF IJ BUY 1, ,145 1,150 (0.4) Bank Negara Indonesia BBNI IJ BUY 5, ,450 5,475 (0.5) Lippo Karawaci LPKR IJ REDUCE 1, ,050 1,055 (0.5) Telekomunikasi Indonesia TLKM IJ BUY 3, ,315 3,335 (0.6) Malindo Feedmill MAIN IJ BUY 1, ,350 1,360 (0.7) Adhi Karya ADHI IJ BUY 2,550 (5.0) 2,685 2,705 (0.7) Soechi Lines SOCI IJ BUY (0.8) Tempo Scan Pacific TSPC IJ BUY 2, ,750 1,765 (0.8) Siloam International Hospitals SILO IJ BUY 14, ,675 8,750 (0.9) Bank Bukopin BBKP IJ HOLD (0.9) Semen Indonesia SMGR IJ HOLD 11, ,475 10,575 (0.9) Ciputra Development CTRA IJ BUY 1, ,380 1,395 (1.1) Mitra Keluarga Karyasehat MIKA IJ SELL 1,900 (9.5) 2,100 2,130 (1.4) Surya Semesta Internusa SSIA IJ BUY (1.4) Pelayaran Tempuran Emas TMAS IJ BUY 3, ,850 1,880 (1.6) Bumi Serpong Damai BSDE IJ BUY 2, ,770 1,800 (1.7) Total Bangun Persada TOTL IJ BUY (1.7) Indofood CBP Sukses Makmur ICBP IJ BUY 16, ,250 15,525 (1.8) Alam Sutera Realty ASRI IJ REDUCE 300 (17.8) (1.9) Ciputra Property CTRP IJ REDUCE 365 (8.1) (2.0) Pakuwon Jati PWON IJ HOLD (2.0) Bank Tabungan Negara BBTN IJ BUY 1, ,530 1,565 (2.2) Adaro Energy ADRO IJ BUY (2.4) Surya Citra Media SCMA IJ HOLD 3, ,940 3,015 (2.5) Garuda Indonesia GIAA IJ BUY 400 (7.6) (2.7) Lippo Cikarang LPCK IJ BUY 8, ,250 6,450 (3.1) Anabatic Technologies ATIC IJ BUY (3.5) Summarecon Agung SMRA IJ BUY 1, ,600 1,660 (3.6) Bekasi Fajar Industrial Estates BEST IJ REDUCE (3.7) Sri Rejeki Isman SRIL IJ BUY (3.9) Ramayana Lestari Sentosa RALS IJ REDUCE 640 (9.9) (4.1) Astra Agro Lestari AALI IJ REDUCE 14,300 (19.3) 17,725 18,550 (4.4) Source: Bloomberg, Bahana estimates When a report covers six or more subject companies please access important disclosures for Daiwa Capital Markets Hong Kong Limited at or contact your investment representative or Daiwa Capital Markets Hong Kong Limited at Level 26, One Pacific Place, 88 Queensway, Hong Kong. 8Hong Kong PT Bahana Securities Equity Research Bahana Beacon - The Daily 7

8 PT Bahana Securities Equity Research Bahana Beacon - The Daily 8 Asiamoney's Source: Bloomberg, Bahana estimates Ticker Rating Price TP Shares Free float Mkt cap 3M avg to (IDR) (IDR) (m) (%) (IDRb) (IDRb) F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F F 2016F 2017F AVIATION N 13, ,049 66,614 76,230 1,468 1,969 2,577 1,090 1,724 2,165 na (101.0) (86.6) (76.8) GIAA IJ* BUY , , ,368 64,708 74,084 1,050 1,474 2, ,582 2,005 na na (125.2) (108.1) (97.2) CASS IJ HOLD 1,250 1,250 2, , ,680 1,905 2, AUTOMOTIVE UW 292, , , ,701 18,472 19,678 21,842 16,030 17,779 20,271 (17.0) ASII IJ REDUCE 7,050 5,550 40, , , , ,196 17,427 18,498 20,496 16,764 17,591 19,543 (12.6) IMAS IJ HOLD 2,085 2,000 2, , ,176 19,770 21, (312) na na na na (5.6) (1.3) (1.6) GJTL IJ BUY , , ,833 13,932 15, ,031 1,117 (422) na na na na (7.7) (2.6) (3.6) BANKS N 1,044, , , ,366 99, , ,941 80,313 88,704 98, na na na na na na na na na BBCA IJ BUY 13,400 14,700 24, , ,667 52,850 58,014 22,474 24,585 26,964 18,176 19,883 21, na na na na na na na na na BBRI IJ BUY 12,000 13,000 24, , ,953 73,440 81,052 28,314 31,205 34,621 24,426 26,815 29, na na na na na na na na na BMRI IJ BUY 9,725 9,700 23, , ,897 69,286 77,120 26,068 26,665 30,171 20,004 20,330 22, na na na na na na na na na BBNI IJ BUY 5,450 5,700 18, , ,239 40,951 45,725 9,966 13,232 14,595 8,372 11,022 12,153 (22.4) na na na na na na na na na BDMN IJ HOLD 4,200 3,400 9, , ,353 21,026 23,106 3,623 4,017 4,681 2,613 2,998 3, na na na na na na na na na BTPN IJ REDUCE 2,090 2,350 5, , ,452 9,489 10,678 2,444 2,665 2,817 1,822 1,987 2,099 (1.7) na na na na na na na na na BBTN IJ BUY 1,530 1,700 10, , ,439 8,816 10,234 2,215 2,686 3,039 1,663 2,084 2, na na na na na na na na na BJBR IJ BUY 970 1,020 9, , ,392 6,898 7,494 1,432 1,599 1,790 1,227 1,368 1, na na na na na na na na na BJTM IJ REDUCE , , ,633 4,052 4,518 1,290 1,398 1, ,023 1, na na na na na na na na na BBKP IJ HOLD , , ,247 4,832 5,423 1,366 1,528 1,687 1,067 1,194 1, na na na na na na na na na CEMENT UW 146, ,849 56,706 59,100 11,007 11,320 11,840 8,832 9,245 9,667 (25.4) SMGR IJ HOLD 10,475 11,200 5, , ,545 27,486 28,611 5,612 5,594 5,873 4,352 4,503 4,727 (21.8) INTP IJ REDUCE 20,150 17,600 3, , ,473 18,073 18,951 4,768 4,834 5,084 4,340 4,353 4,558 (17.7) nc nc nc SMCB IJ REDUCE , , ,352 9,619 9, (225) na na na na (2.7) (1.3) (1.7) SMBR IJ HOLD , , ,479 1,528 1, (17.5) (16.0) nc nc nc COAL UW 97, , , ,490 19,416 17,610 15,141 13,545 12,401 10, (8.4) (12.9) UNTR IJ HOLD 16,125 16,000 3, , ,968 49,619 51,535 8,357 8,192 8,437 6,847 6,383 6, (6.8) nc nc nc ADRO IJ* BUY , , ,074 38,836 38,626 5,712 5,264 3,570 2,982 2,856 1, (1.1) (33.7) ITMG IJ* REDUCE 5,250 5,200 1, , ,102 19,323 21,830 2,643 1, , (44.9) (35.9) (44.9) nc nc nc PTBA IJ BUY 4,585 7,800 2, , ,428 15,832 15,981 2,661 2,774 2,547 2,170 2,198 1, (9.4) nc nc nc HRUM IJ* REDUCE , , ,710 3,518 3, (42) 0 (28) (95) (50) (1,000) (70.6) (18.2) (8.1) (10.0) (18.5) (0.9) 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 120, ,550 85, ,429 8,556 11,084 12,947 4,146 5,374 6, JSMR IJ BUY 5,600 6,250 6, , ,592 8,703 9,631 2,870 3,351 3,669 1,278 1,445 1,481 (9.0) WIKA IJ BUY 2,715 3,100 6, , ,150 14,875 17,597 1,297 1,718 2, (9.2) PTPP IJ BUY 3,910 4,300 4, , ,909 20,378 24,313 1,695 2,223 2, , WSKT IJ BUY 1,950 2,250 13, , ,174 20,580 24,605 1,434 1,918 2, ,116 1, WTON IJ BUY 1,010 1,100 8, , ,570 4,160 5, (45.5) nc nc ADHI IJ BUY 2,685 2,550 3, , ,817 14,680 19, ,155 1, (17.4) nc TOTL IJ BUY , , ,338 2,618 3, nc nc nc CONSUMER - DISCRE. N 156, ,680 84,783 95,235 8,650 9,998 11,515 6,000 7,422 8,820 (7.1) SCMA IJ HOLD 2,940 3,250 14, , ,253 4,573 4,983 1,997 2,192 2,408 1,519 1,674 1, nc nc nc LPPF IJ BUY 16,600 19,800 2, , ,340 10,872 12,699 2,474 2,868 3,346 1,859 2,219 2, nc nc nc na na na MNCN IJ BUY 1,580 2,000 14, , ,675 7,006 7,519 2,580 2,724 2,936 1,280 1,648 1,990 (27.3) MPPA IJ BUY 1,830 2,750 5, , ,286 16,331 18, (18.6) nc nc nc ACES IJ REDUCE , , ,698 5,086 5, nc nc nc HERO IJ REDUCE 1, , , ,118 16,906 19,439 (215) (113) 72 (29) na na na na (0.5) (0.3) (0.5) RALS IJ REDUCE , , ,774 8,038 8, (12.3) nc nc nc MAPI IJ BUY 4,285 4,750 1, , ,760 14,054 16, (53.7) ECII IJ REDUCE , ,776 1,917 2,121 (17) (88.0) na nc nc nc CONSUMER - STAPLES OW 1,238, , , ,517 48,566 52,638 59,726 32,189 36,512 41, HMSP IJ BUY 106, ,000 4, , ,712 97, ,376 14,004 14,253 16,717 10,389 11,161 12,806 (2.3) nc nc nc UNVR IJ BUY 41,675 46,000 7, , ,115 40,257 45,540 7,976 8,943 10,108 5,885 6,612 7, (8.6) nc nc GGRM IJ BUY 63,500 65,000 1, , ,029 73,916 81,379 8,963 9,718 10,751 5,445 5,950 6, KLBF IJ HOLD 1,290 1,480 46, , ,786 19,300 20,943 2,549 2,812 3,080 1,949 2,167 2,400 (5.6) nc nc nc INDF IJ BUY 6,825 6,600 8, , ,352 70,849 78,078 6,801 7,610 8,547 2,084 3,454 4,196 (46.4) ICBP IJ BUY 15,250 16,800 5, , ,115 35,481 39,775 3,936 4,507 5,071 3,082 3,543 4, nc nc nc MYOR IJ BUY 26,450 31, , ,886 16,395 18,557 1,697 1,773 1,917 1,161 1,122 1, (3.4) TSPC IJ BUY 1,750 2,000 4, , ,220 9,160 10, (0.7) nc nc nc SIDO IJ HOLD , , ,268 2,424 2, nc nc nc ROTI IJ BUY 1,370 1,450 5, , ,189 2,693 3, KAEF IJ BUY 1,145 1,350 5, , ,070 5,754 6, MIKA IJ SELL 2,100 1,900 14, , ,038 2,301 2, nc nc nc SILO IJ BUY 8,675 14,700 1, , ,116 5,242 6, INDUSTRIAL ESTATES N 25, ,775 11,841 13,561 4,286 4,883 5,636 3,576 4,065 4, DMAS IJ BUY , , ,175 1,375 1,711 1,859 1,520 1,705 1, nc nc nc KIJA IJ BUY , , ,810 3,031 3, (31.1) BEST IJ REDUCE , , (42.5) (29.3) SSIA IJ BUY , , ,282 6,065 6, , LPCK IJ BUY 6,250 8, , ,828 2,183 2, ,063 1, ,152 1, nc nc nc INDUSTRY - Various 14, ,489 96,347 39,757 (1,061) 70 2,047 (2,367) (1,640) (1,198) na na na na na na (0.2) (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 , , ,388 9,520 11,073 1,596 1,812 2, , MLPL IJ BUY , , ,134 22,097 25,298 (280) (324) (373) (75) (43) (7) na na na na na na nc (0.9) (0.5) (0.1) (0.3) (0.2) (0.0) (0.9) (0.6) (0.1) LAND TRANSPORTATION UW 14, ,845 22,802 15,612 1,621 1,802 1, BIRD IJ REDUCE 5,675 4,700 2, , ,552 6,250 6,988 1,197 1,298 1, (0.0) TAXI IJ REDUCE , ,009 1, (95.0) ASSA IJ BUY , ,340 1,552 1, METALS N 40, ,900 29,826 32,767 2,684 4,061 6, ,942 4,149 (60.1) INCO IJ* HOLD 1,535 1,400 9, , ,486 10,920 12,230 1,442 2,100 2, ,498 2,117 (53.6) nc nc nc ANTM IJ REDUCE , , ,890 13,290 14,812 (8) (449) (172) 228 (76.5) (63.2) (237.9) na na na (3.1) (1.0) 1.3 (1.8) (0.6) 0.8 (2.2) (0.7) 0.9 TINS IJ REDUCE , , ,632 5,616 5, (31) (97.9) (13.2) (319.9) (145.0) (0.6) (0.3) (0.4) PSAB IJ* BUY 1,060 1,400 5, , ,892 4,788 5,628 1,274 1,792 2, , MDKA IJ* BUY 1,900 2,200 3, , (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 98, ,063 74,087 84,807 9,896 12,465 14,902 6,507 7,732 9,248 (34.2) PGAS IJ* REDUCE 2,700 2,500 24, , ,166 41,538 46,380 8,302 8,134 9,606 5,821 6,060 7,419 (42.5) nc nc nc AKRA IJ BUY 7,750 7,000 3, , ,344 23,231 27,077 1,345 2,043 2,014 1,047 1,495 1, MEDC IJ* BUY 820 1,300 3, , ,553 9,318 11, ,288 3,282 (361) (391.9) (150.9) 0.0 NA (5.3) (3.0) (1.0) (1.4) PLANTATIONS N 61, ,836 41,373 43,698 5,264 5,814 6,469 2,051 2,656 3,824 (65.3) AALI IJ REDUCE 17,725 14,300 1, , ,566 13,873 15,215 1,569 1,804 2, ,645 (74.5) SIMP IJ HOLD , , ,243 13,632 13,840 1,470 1,534 1, (72.1) LSIP IJ BUY 1,485 1,500 6, , ,988 4,117 4, (40.2) nc nc nc DSNG IJ BUY , , ,366 4,783 4, (73.7) ANJT IJ* REDUCE 1,700 1,000 3, , ,746 1,864 2, na na na na SGRO IJ HOLD 1,800 1,800 1, , ,928 3,105 3, (25.8) TBLA IJ BUY , , ,251 5,237 6, (59.8) POULTRY N 70, ,492 77,643 87,631 4,809 6,368 7,750 2,434 3,697 4, CPIN IJ BUY 3,635 3,500 16, , ,909 38,526 44,678 3,416 4,268 5,341 1,885 2,810 3, JPFA IJ BUY , , ,705 33,937 37,146 1,198 1,742 1, na na na na MAIN IJ BUY 1,350 1,700 2, , ,878 5,181 5, na PROPERTY UW 144, ,269 51,109 54,838 15,769 17,253 18,587 9,724 11,183 12,448 (30.8) BSDE IJ BUY 1,770 2,020 19, , ,389 7,523 8,403 2,957 3,457 3,804 2,299 2,694 3,023 (42.5) LPKR IJ REDUCE 1,050 1,130 23, , ,111 11,042 10,731 2,215 2,801 2,861 1,240 1,860 2,046 (51.3) PWON IJ HOLD , , ,837 5,373 6,220 2,411 2,656 3,035 1,588 1,790 2,118 (36.9) SMRA IJ BUY 1,600 1,820 14, , ,150 6,622 7,140 1,948 2,101 2,273 1,259 1,357 1,456 (9.1) CTRA IJ BUY 1,380 1,400 15, , ,232 8,154 9,335 2,114 2,288 2,511 1,281 1,380 1,517 (3.3) ASRI IJ REDUCE , , ,107 3,039 3,061 1,770 1,674 1, (29.5) APLN IJ REDUCE , , ,594 5,769 5,934 1,349 1,351 1, (28.8) CTRP IJ REDUCE , , ,360 1,917 2, (28.4) PPRO IJ HOLD , , ,489 1,671 1, SHIPPING N 5, ,198 3,523 3, (38.1) SOCI IJ BUY , , (20.4) 21.6 (4.1) TMAS IJ BUY 1,850 3,000 1, , ,700 1,810 2, WINS IJ HOLD , ,364 1,551 1, (58) (118.9) (182.5) 96.4 (7.8) (1.9) (2.0) (0.8) (1.3) TELCOS OW 475, , , ,852 42,543 48,548 55,773 17,097 23,051 28,654 (0.5) TLKM IJ BUY 3,315 3, , , , , ,788 32,141 36,256 41,388 15,778 17,773 20, (2.5) EXCL IJ BUY 3,935 4,400 8, , ,754 23,798 25,507 1,186 1,393 1,691 (128) 351 1,024 na na na na na na (0.9) (0.2) (0.3) TBIG IJ HOLD 6,275 6,500 4, , ,437 3,801 4,229 2,637 2,915 3,243 1,056 1,289 1,593 (18.8) TOWR IJ BUY 4,100 5,000 10, , ,415 4,845 5,315 2,493 2,866 3, ,591 2, ISAT IJ BUY 5,400 6,800 5, , ,249 28,395 30,758 2,953 3,799 4,637 (1,187) 1,334 2, NA (9.1) (2.2) (3.8) TELE IJ BUY 690 1,180 7, , ,524 29,578 34, , ERAA IJ BUY , , ,569 19,777 21, (0.6) Market N 4,049,750 3,003 1,688,906 1,856,409 2,045, , , , , , ,587 (7.5) Note: *USD reporting OW: Overweight, N: Neutral, UW: Underweight Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) PER (x) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%) ROIC (%) ROAA (%)

9 FULL YEAR EARNINGS RELEASE (ESTIMATED) Ticker Corporate 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 9

10 FULL YEAR EARNINGS RELEASE (ESTIMATED) Ticker Corporate 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 10

11 AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time AEGM KREN IJ Kresna Graha Sekurindo 6/15/ 14:00 AEGM ASDM IJ Asuransi Dayin Mitra 6/15/ 08:00 AEGM GSMF IJ Equity Development Investment 6/15/ 10:30 AEGM SRAJ IJ Sejahteraraya Anugrahjaya 6/15/ 10:00 AEGM PTSP IJ Pioneerindo Gourmet International 6/15/ 10:00 AEGM CLPI IJ Colorpak Indonesia 6/15/ 10:00 AEGM UNSP IJ Bakrie Sumatera Plantations 6/15/ 10:00 AEGM DGIK IJ Nusa Konstruksi Enjiniring 6/15/ 09:00 AEGM INTD IJ Inter Delta 6/15/ 10:00 AEGM APII IJ Arita Prima Indonesia 6/15/ 09:00 AGM ARGO IJ Argo Pantes 6/15/ 10:00 AEGM MGNA IJ Magna Finance 6/15/ 14:00 AGM RICY IJ Ricky Putra indo 6/15/ 09:30 AGM JPRS IJ Jaya Pari Steel 6/16/ 10:00 AGM SRSN IJ Indo Acidatama 6/16/ 14:00 AGM KONI IJ Perdana Bangun Pusaka 6/16/ 09:00 AEGM AISA IJ Tiga Pilar Sejahtera Food 6/16/ 10:00 AGM GDST IJ Gunawan Dianjaya Steel 6/16/ 09:00 AEGM MBTO IJ Martina Berto 6/16/ 10:00 AEGM ADMG IJ Polychem Indonesia 6/16/ 14:00 AGM BTON IJ Betonjaya Manunggal 6/16/ 09:30 AEGM OKAS IJ Ancora Indonesia Resources 6/16/ 10:00 AGM POOL IJ Pool Advista Indonesia 6/16/ 11:00 AEGM POLY IJ Asia Pacific Fibers 6/16/ 10:30 AGM ALDO IJ Alkindo Naratama 6/16/ 13:30 AEGM RIMO IJ Rimo Catur Lestari 6/17/ 14:00 AEGM RANC IJ Supra Boga Lestari 6/17/ 14:00 AEGM ALTO IJ Tri Banyan Tirta 6/17/ 11:30 Source: Bloomberg PT Bahana Securities Equity Research Bahana Beacon - The Daily 11

12 Actual and upcoming IPOs, - No Code Date Company name 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 500 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 12

13 Research: Harry Su Senior Associate Director Head of Corporate Strategy & Research Consumer, Strategy ext 3600 direct: Teguh Hartanto Associate Director Deputy Head of Research Banks, Cement, Aviation ext 3610 Leonardo Henry Gavaza, CFA Senior Research Manager Auto, Heavy equipment, Telco ext 3608 Arandi Ariantara Research Analyst Coal, Metals, Oil & Gas ext 3619 Fakhrul Fulvian Economist ext 3602 Bob Setiadi Research Analyst Cement, Infratructure,Toll roads ext 3605 Agustinus Reza Kirana Research Analyst Plantations, Shipping, Transportation ext 3616 Bagus Adi Yoga Prawira Research Analyst Consumer, Media ext 3604 Sanni Satrio Dwi Utomo Research Analyst Industrial Estate, Property ext 3611 Renaldy Effendy Research Analyst Consumer, Healthcare ext 3606 Jozabad Jonathan Research Analyst Poultry ext 3620 Melvin Mikha Reminov Research Associate ext 3621 Muhammad Wafi Technical Analyst ext 3609 Nyoman Widita Prabawa Research Associate ext 3623 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 ) (Domestic ) (Surabaya Branch) Natalia Surjadiputra natalia@bahana.co.id Director of Sales & Client Relationship Management ext 2500 Inca Aditya inca@bahana.co.id Senior Equity Sales ext 2545 Ashish Agrawal ashish@bahana.co.id Vice President 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 Equity Sales ext 2552 John M. Dasaad dasaad@bahana.co.id Equity Sales ext 2549 Reynard Poernawan reynard@bahana.co.id Equity Sales ext 2528 Suwardi Widjaja Suwardi@bahana.co.id Equity Sales ext 2548 Bram Taarea bram@bahana.co.id Equity Sales ext 2524 Nurul Farida nurul@bahana.co.id Equity Sales ext 2547 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 13