Beacon Indonesia Morning Brief

Transcription

1 Asiamoney s Finance Asia's 30 March 2016 Beacon Indonesia Morning Brief IDX: 4,781 (+0.2%) Turnover: IDR3.8tn (+30.6%) Foreign Net SELL: IDR764.7bn (+56.8%) RESULTS FLASH Indofood CBP Sukses Makmur (ICBP IJ): in group Analyst: Harry Su Margin expansion expected to continue Earnings should remain intact with noodles as growth driver New investments should lead to medium-term growth SPOTLIGHT Indonesia economics: Monthly preview: Another stimulus; S&P announcement Economist: Fakhrul Fulvian & Sarah Hutapea 11th stimulus package Steeper fuel price cut = positive sentiment Inflation edges higher in March, foreign reserves up, BI rate to stay CORPORATE FLASH United Tractors (UNTR IJ): February volumes: Continued weakness Analyst: Leonardo Henry Gavaza, CFA Weak mining contracting performance y-y Declining heavy equipment sales Outlook: Challenging commodity exposure TODAY S NEWS ECONOMICS Jokowi scales back optimism over tax revenues; Preparation on IT-related tax regulation MoF to collect fuel excise tax; Non-subsidized fuel prices cut; Subsidized fuel prices to be cut FIXED INCOME Govt bonds auction results INDUSTRY LPS deposits rate down 25bps Tobacco: Cigarette VAT to remain unchanged in 2017 Automotive: Import restrictions on CKD to be postponed from March to September 2016 Land transportation: Jakarta to suspend 3-in-1 next week; Uber, Grab to obtain required permits World s third biggest palm oil operator is replacing its CEO CORPORATE UNVR 4Q15 results: In line with our and consensus expectations PWON 4Q15 results: Below our and consensus estimates SIDO 4Q15 results: In line with our and consensus estimates CTRA 4Q15 results: In-line with our and consensus estimates CTRP 4Q15 results: Below our and consensus estimates SMRA 4Q15 results: Below our estimate Key take aways from INTP conference call: 2016 outlook ASII commissioners and director resigned MEDC denies market speculations of Arifin Panigoro offered as minister & Newmont acquisition WSKT: New contracts of IDR8tn in March; IDR210bn in dividends EXCL to pay IDR11tn debt this year ITMG: IDR68.1bn final dividend (IDR60.2/share); Pursuing power plant project GJTL: Proving ground to operate in May 2016 ECONOMIC INDICATORS MARKET DATA 15F 16F 17F 15F 16F 17F Cur acc bal (%GDP) (2.1) (2.3) (2.3) Op.prof.gwt.(%) (2.2) Fiscal bal (%GDP) (2.6) (2.7) (2.5) EPS growth (%) (7.5) GDP growth (%y-y) P/E (x) Private spending (%) PEG (x) (4.1) 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, (7.1) (17.0) IDX (Indonesia) 4, (11.4) KLCI (Mal.) 1, (5.4) KOSPI (Korea) 1, (1.2) Nikkei (Japan) 17,103.5 (0.2) (10.1) (11.3) PCOMP (Phil.) 7,274.4 (0.8) 4.6 (7.7) SENSEX (India) 24, (4.4) (9.1) SET (Thailand) 1, (6.8) SHCOMP (China) 2,919.8 (1.3) (17.5) (20.9) SHENZHEN (China) 1,840.5 (1.8) (20.3) (4.9) STI (Singapore) 2,819.1 (0.4) (2.2) (18.3) TWSE (Taiwan) 8,617.4 (0.8) 3.3 (9.3) VNI (Vietnam) (1.3) (1.9) 3.1 Europe, USA and Ems CAC 40 (France) 4, (5.8) (14.1) DAX (Germany) 9, (8.0) (18.2) Dow Jones (USA) 17, (1.9) FTSE 100 (UK) 6,105.9 (0.0) (2.2) (11.4) IBOV (Brazil) 51, MEXBOL (Mexico) 45, NGSEINDX (Nigeria) 25,545.1 (1.4) (10.8) (17.8) Nasdaq (USA) 4, (3.2) (2.0) RTSI (Russia) (1.0) 11.4 (4.0) S&P 500 (USA) 2, (1.5) XU100 (Turkey) 81, (0.5) Source: Bloomberg ETF, ADR & COMMODITIES Last Chg% ytd % y-y % EEM US (USD) (14.0) EIDO US (USD) (14.8) TLK US (IDR) 3, Como Index (USD) (0.7) (2.7) (20.0) Coal (USD/t) (11.8) Corn (USD/mtn) (3.4) Coffee (USD/t) 2,666.0 (1.6) 3.1 (5.8) Copper (USD/t) 4, (19.5) Cotton (USD/t) 1,265.0 (0.7) (9.3) (9.7) CPO Rott (USD/t) Gold (USD/oz.) 1, Iron ore (USD/mtn) (5.0) Milk (USD/cwt) (5.2) (16.7) Nickel (USD/t) 8,575.0 (0.1) (1.0) (38.8) Oil Brent (USD/barrel) 39.1 (2.9) 5.0 (30.6) Rice (IDR/kg) 4, (2.8) 1.5 Rubber (USD/t) (9.5) Silver (USD/oz) (8.1) Soybean oil (USD/t) Steel (USD/t) (0.2) 26.9 (1.0) Sugar (USD/t) (2.7) Tins (USD/t) 17,375.0 (1.4) Wheat (USD/t) (14.3) Source: Bloomberg CURRENCIES & RATES Last Prev. Ytd % y-y % AUD/1USD (4.7) 0.1 EUR/1USD (3.8) (4.1) IDR/1USD 13,400 13, (2.4) JPY/1USD SGD/1USD JIBOR (%) (2.7) (1.5) BI rate (%) (0.8) (0.8) TD 1 month (%) (0.3) (0.5) 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 ECONOMICS Jokowi scales back optimism over tax revenues; Preparation on IT-related tax regulation The tax revenue target in the 2016 state budget is to be revised from the previous target of IDR1,360tn (USD101bn) to a more "optimistic and realistic" figure, President Joko "Jokowi" Widodo has said. The initial tax revenue target has been heavily criticized for being overly ambitious, as it ignores the fact that a proposed tax amnesty bill which is expected to dramatically boost revenues has yet to be passed into law. Separately, the tax office chief, Ken Dwijugiasteadi, stated that the ministry is preparing a new IT (Information Technology) related tax regulation in the form of value added tax and income tax. (The Jakarta Post, Kompas) MoF to collect fuel excise tax; Non-subsidized fuel prices cut; Subsidized fuel prices to be cut Ministry of Finance plans to collect excise tax (environment tax) on fuel due to the environmental impact. As a result, Pertamina, the state-owned oil company, sees the likelihood of higher fuel prices in the future. Separately, Pertamina has cut non-subsidized fuel prices by IDR200 per liter on Pertamax (RON-92), Pertamax Plus (RON-95), Pertamina Dex (Diesel) and Pertalite (RON-90) today at am (please see table below for details). Additionally, Pertamina marketing director, Ahmad Bambang, stated that the cut on regular gasoline price would be around IDR per liter only as Pertamina still needs to patch the deficit if the benchmark petroleum price were to rise in the future. (okezone.com, sindonews.com, Bisnis Indonesia). Bahana comment: This smaller than expected fuel price cut is likely to spur negative sentiment on economic recovery as it could delay the recovery in people s purchasing power. Exhibit 1. Current fuel prices No Type 16 Mar Mar 2016 Changes (%) (IDR/lt) 1 Pertamax (RON-92) 7,750 7, Pertamax Plus (RON-95) 8,650 8, Pertalite (RON-90) 7,300 7, Pertamina Dex (Diesel) 8,600 8, Solar (Non-subsidized diesel) 7,150 6, Premium (RON-88) 7,050 7, Pertamax Racing Pail (RON-100) 54,500 54, Pertamax Racing Pail (RON-100) 36,000 36, Source: okezone.com, Bahana FIXED INCOME Govt bonds auction results The government held government bonds auction yesterday on series SPN (reopening), FR0056 (reopening), FR0073 (reopening) and FR0072 (reopening) with yield 6.4%, 7.9%, 8.3% and 8.3% with the bid offering of IDR16.0tn and the amount issued of IDR10.0tn. The settlement date will be on 31 March (Ministry of Finance) INDUSTRY LPS deposits rate down 25bps The Deposit Insurance Corporation (LPS) has lowered the deposits rate by 25bps effective on 31 March 2016 until 14 Mei In details, IDR deposit interest rate set at 7.25% (before: 7.50%), while FX deposits at 1.00% (before: 1.25%), and for secondary banks (BPR) at 9.75% (before: 10.00%). Easing monetary policy by the Financial Services Authority (FSA) and Bank Indonesia (BI) as well as the acceleration of government spending have prompted improvement of liquidity as seen from the decline in Indonesia s benchmark rate and interbank lending rates. (Bisnis Indonesia) PT Bahana Securities Equity Research Bahana Beacon - The Daily

3 Tobacco: Cigarette VAT to remain unchanged in 2017 The taxation directorate has stated that the cigarette VAT would remain unchanged until In, the government increased the cigarette effective VAT from 8.4% to 8.7%, effective 1 January Previously, the taxation directorate s public relations manager, Mekar Satria, had stated that the cigarette effective VAT would increase to 9.7% in 2018, equal to a 10% normal VAT. (Kontan). Bahana comment: This statement of no VAT hike in 2016 should help to improve sentiment on the cigarette sector in our view. Retain our sector OVERWEIGHT on Tobacco. Automotive: Import restrictions on CKD to be postponed from March to September 2016 The Ministry of Industry has postponed the implementation of restrictions on the imports of CKD (Completely Knocked-Down) vehicles by 10k units per annum according to the regulation No.34/ as there are still some assembling car companies that have not discussed the issue with their principals abroad. If this policy is enforced in March, it is feared that many import contracts would be disrupted and be detrimental to the producers. Therefore, the implementation has now been delayed to September (cnnindonesia.com) Land transportation: Jakarta to suspend 3-in-1 next week; Uber, Grab to obtain required permits After a meeting at the State Palace, Jakarta s Governer, Basuki Tjahaja Purnama, said that starting next Monday, the city will halt the implementation of Jakarta s 3-in-1 carpool system for one or two weeks, amid questions about its effectiveness and the rampant exploitation of children it inadvertently created. Separately, the two ride-hailing apps: Uber and Grab have expressed their readiness to fulfill all government requirements by 31 May so that they can continue their businesses within the two-month transition period as previously decided by relevant ministries. (Jakarta Globe, Jakarta Post). Bahana comment: The scrapping of the 3-in-1 rule, which taxis currently do not have to comply, would adversely impact appetite for the use of cabs in the capital. On the flip side, this would undoubtedly benefit UBER and Grab. Additionally, this could pave the way for the implementation of the ERP (Electronic Road Pricing) scheme, which would apply to all vehicles including taxis. World s third biggest palm oil operator is replacing its CEO The CEO of Malaysia s Felda Ventures Holdings Bhd, Mohd Emir Mavani Abdullah, will be replaced by the head of its downstream operator, Zakaria Arshad ater a failed controversial deal to buy 37% of Indonesia s Rajawali Group palm oil plantation firm, PT Eagle High Plantations. The deal fell apart due to critics from politicians and investors regarding the expensive $680 million price tag, which is seen as a benefit to Rajawali Group owner, Peter Sondakh, who has a close relationship with Malaysian Prime Minister Najib Razak. (Reuters) PT Bahana Securities Equity Research Bahana Beacon - The Daily 3

4 CORPORATE UNVR 4Q15 results: In line with our and consensus expectations Unilever Indonesia (UNVR IJ-BUY-IDR42,975-TP:ID50,500) reported 4Q15 profit of IDR1.7tn, up 33.2% q-q, bringing profit to IDR5.8tn (: profit of IDR5.7tn), in line with our (99%) and consensus (100%) estimates. On the top line, UNVR booked solid 4Q15 revenue of IDR8.9tn, +2.2% q-q and +6.1% y-y, resulting in revenue of IDR36.5tn, +5.7% y-y, also in line with our and consensus forecasts. On the cost side, 20 th of October 1.7% fuel price hike resulted in 4Q15 gross margin expansion to 52.4%. Of the 5.7% top line growth in, 50% comprised of volume growth with the remaining being price growth. At operating level, UNVR booked 4Q15 operating profit of IDR2.3tn, +32.6% q-q but -0.6% y-y, resulting in operating profit of IDR7.9tn, +2.1% y-y, in line with our and consensus projections. UNVR IJ 4Q15 results summary q-q y-y 4Q15/ y-y / / (IDRbn) 4Q14 3Q15 4Q15 (%) (%) 4Q15F (%) F Cons. Sales 8,422 8,745 8, , Gross profit 4,368 4,435 4, , Selling expense 1,435 1,846 1,622 (12.1) , Operating expenses (9.8) , Operating profit 2,291 1,716 2, (0.6) , Finance income/(expense) (94) 37 (119) na (25.8) (110) (28.4) Other income/(expenses) (13) (13) 11 na na (4) 73.6 Pretax profit 2,256 1,678 2, (1.1) 7, Taxation (567) (425) (562) (32.2) 0.8 (1,978) (2.0) Net profit 1,690 1,253 1, (1.2) , BS & Ratio analysis 4Q14 3Q15 4Q15 F 2016F 2017F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Inventory Days Receivable Days Payable Days Total cash ,113 Total debt 1,250 1,450 1,700 1,250 1,700 1,125 1, Net gearing (%) nc Source: Company, Bloomberg, Bahana estimates PWON 4Q15 results: Below our and consensus estimates Pakuwon Jati (PWON IJ-HOLD-IDR505) booked 4Q15 revenue of IDR1.1tn, down 6.6% q-q and 8.1% y-y, bringing 4Q15 bottom line to just IDR94bn (-92.2% y-y) due to penalty charges on obligation payment (IDR105bn) and quite sizeable FX loss (IDR277bn) given q-q IDR appreciation in 4Q15 as the company has huge USD cash portion, way below our estimate. Nevertheless, the revenue and EBIT was 96% and 94% in-line with our estimate but below consensus full-year estimates. Thus net profit was relatively in-line with our estimate reaching IDR1.3tn (Bahana: 91.4%; Consensus: 71.2%). (Company, Bahana) PWON IJ 4Q15 Result summary q-q y-y 4Q15/ y-y / / (IDRb) 4Q14 3Q15 4Q15 (%) (%) 4Q15F (%) F Cons. Sales 1,156 1,137 1,062 (6.6) (8.1) , Gross profit (12.5) 8.1 2, Operating expense Operating profit (25.2) (4.4) , Net interest income/(expense) (46) (71) 107 (250.7) (335.0) (74) (14.3) Forex gain (expenses) (46) 55 (137) (347.8) (277) Other income/(expense) 995 (43) (168) (116.8) (172) (115.7) Pretax profit 1, (55.3) (83.1) 1,741 (39.1) Taxation (87) (74) (89) (341) 31.0 Minority interest (62) (21) (46) (26.5) (139) 65.8 Net profit 1, (77.3) (92.2) ,262 (49.8) BS & Ratio analysis 4Q14 3Q15 4Q15 F 2016F 2017F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Receivable Days Payable Days Total cash 2,809 2,650 2,071 2,809 2,071 2,192 2,169 2,072 Total debt 4,596 5,095 4,908 4,596 4,908 4,596 4,746 5,228 Net gearing (%) 21.6 Source: Company, Bloomberg, Bahana estimates PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

5 SIDO 4Q15 results: In line with our and consensus estimates Sido Muncul (SIDO IJ-HOLD-IDR505-TP:IDR480) reported in line 4Q15 results with net profit of IDR111bn, up 8% y-y and jumped 40% q-q, slightly above our quarterly estimate, which brought full-year bottom line to IDR437bn (+5% y-y), in line with ours and consensus forecasts. On the top line, 4Q15 revenues reached IDR568bn, up 12% q-q but down 6% y-y, bringing sales to IDR2.2tn (+1% y-y). SIDO IJ 4Q15 result summary q-q y-y 4Q15/ y-y / / (IDRb) 4Q14 3Q15 4Q15 (%) (%) 4Q15F (%) F Cons. Sales (5.9) , Gross profit (13.5) Operating expense (153) (106) (124) 17.8 (18.9) (405) 0.5 Operating profit (6.9) Net interest income (expense) (32.1) Forex gain (expense) (1) (2) 2 na na 0 na Other income (expense) Pretax profit (3.1) Taxation (42) (23) (29) 26.0 (30.8) (123) (6.3) Net profit BS & Ratio analysis 4Q14 3Q15 4Q15 F 2016F 2017F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Inventory Days Receivable Days Payable Days Total cash Total debt Net gearing (%) Source: Company, Bisnis Indonesia nc nc nc nc nc nc nc nc CTRA 4Q15 results: In-line with our and consensus estimates Ciputra Development (CTRA IJ-BUY-IDR1,270-TP:1,400) booked 4Q15 revenue of IDR2.1tn, down 6.3% q-q but up 1.1% y-y, bringing its 4Q15 bottom line to IDR348bn (-21.5% y-y), 99% of our forecast. Nevertheless, the net profit was also in-line with our and consensus full-year estimates, reaching IDR1.3tn (Bahana: 100.1%; Consensus: 97.1%). CTRA IJ 4Q15 Result summary q-q y-y 4Q15/ y-y / / (IDRb) 4Q14 3Q15 4Q15 (%) (%) 4Q15F (%) F Cons. Sales 2,117 2,284 2,140 (6.3) , Gross profit 1, , , Operating expense (1.1) 1, Operating profit , Net interest income/(expense) (49) (79) 3 (103.4) (105.6) (199) 91.4 Forex gain (expenses) Other income/(expense) (38) (258.2) (298.1) 11 (77.3) Pretax profit , Taxation (128) (4) (414) 9, (425) 20.4 Minority interest (165) (145) (108) (25.3) (34.5) (457) (2.7) Net profit (23.8) (21.5) ,283 (3.2) BS & Ratio analysis 4Q14 3Q15 4Q15 F 2016F 2017F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Receivable Days Payable Days Total cash 2,888 3,197 3,034 2,888 3,034 2,914 2,653 2,526 Total debt 3,616 5,045 4,660 3,616 4,660 4,489 4,693 4,637 Net gearing (%) Source: Company, Bloomberg, Bahana estimates PT Bahana Securities Equity Research Bahana Beacon - The Daily 5

6 CTRP 4Q15 results: Below our and consensus estimates Ciputra Property (CTRP IJ-REDUCE-IDR408-TP:335) booked higher-than-expected 4Q15 revenue of IDR610bn, +8% y-y. However, CTRP booked disappointing 4Q15 net profit of only IDR63bn (-62% y-y) on the back of sizeable tax charges and FX loss. In, CTRP booked revenue of IDR2.5tn, +48% y-y, resulting in IDR327bn bottom line (-27% y-y) below our (80%) estimate but above consensus (118%) expectation. CTRP IJ 4Q15 Result summary q-q y-y 4Q15/ y-y / / (IDRb) 4Q14 3Q15 4Q15 (%) (%) 4Q15F (%) F Cons. Sales 567 1, (48.2) , Gross profit (45.2) (21.0) 1, Operating expense (27.2) (18.4) Operating profit (50.8) (22.2) Net interest income/(expense) (54) (75) (49) (35.6) (10.9) (244) 38.2 Forex gain (expenses) 0 8 (9) (224.6) (2, (160.9) Other income/(expense) 7 5 (8) (272.7) (218.1) (5) (124.0) Pretax profit (61.7) (37.3) 507 (0.2) Taxation (35) (61) (52) (15.8) 49.8 (157) 44.1 Minority interest 3 (18) (9) (49.0) (385.2) (22) Net profit (74.2) (62.0) (16.9) BS & Ratio analysis 4Q14 3Q15 4Q15 F 2016F 2017F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Receivable Days Payable Days Total cash 568 1, Total debt 2,611 3,169 2,557 2,611 2,557 3,820 4,489 4,712 Net gearing (%) Source: Company, Bloomberg, Bahana estimates SMRA 4Q15 results: Below our estimate Summarecon Agung (SMRA IJ-BUY-IDR1,690-TP:IDR1,820) booked below expected 4Q15 net profit of IDR48bn on higher-than-expected interest expense. For the full-year, revenues reached IDR5.6tn, down 2.3% y-y, bringing its bottom line to IDR855bn (-38.3% y-y), below our and consensus projections of 68% and 66%, due to slow revenue recognition, mostly from its landed housing projects such as Serpong and Gading. SMRA IJ 4Q15 Result summary q-q y-y 4Q15/ y-y / / (IDRb) 4Q14 3Q15 4Q15 (%) (%) 4Q15F (%) F Cons. Sales 2,111 1,900 1,127 (40.7) (46.6) ,624 (2.3) Gross profit 1, (37.4) (52.7) 2,907 (4.9) Selling expense (127) (44) (92) (27.5) (258) (3.0) G&A expense (204) (219) (220) (881) 23.5 Operating profit (59.4) (69.9) ,768 (14.9) Net interest income/(expense) (68) (121) (122) (409) Forex gain (expenses) Other income/(expense) 20 (14) 16 (218.3) (17.8) Pretax profit (69.0) (80.7) 1,382 (28.6) Taxation (112) (103) (72) (29.6) (35.3) (318) (0.2) Minority interest (240) (168) (45) (73.4) (81.4) (209) (10.1) Net profit (81.7) (90.4) (38.3) BS & Ratio analysis 4Q14 3Q15 4Q15 F 2016F 2017F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Receivable Days Payable Days Total cash 1, ,504 1,695 1,504 1,488 1,286 1,306 Total debt 4,382 5,346 6,198 4,382 6,198 5,161 5,578 5,878 Net gearing (%) 41.9 Source: Company, Bloomberg, Bahana estimates PT Bahana Securities Equity Research Bahana Beacon - The Daily 6

7 Key take aways from INTP conference call: 2016 outlook In 2016, INTP expects lower margins (: 33.8%) and slightly lower market share (:27.6%) due to further tightening in competition arising from additional new players (e.g. Semen Bima), with market growth expected at 3-5% level, in line with the expected overall cement industry performance. On the cost side, INTP would improve their cost management, by reducing their fixed costs (shutting down P-1 & P-2 and allocating productivity to the new P-14), lowering their capital expenditure from IDR2.6tn in to IDR2.3tn in 2016, as well as managing unnecessary logistic costs. INTP expansion plans in 2016: *INTP will start operating their new P-14 plant in 1Q16 (total investment around IDR5.5-6tn), which will increase their volume capacity by 4.4mt. *By 3Q16, cost improvements to arise from the fully running new Gas Turbine in Citeureup, which provide cheaper power supply compared to the current PLN s supply. *Establishment of new cement and packing terminal in Pontianak that will boost bag cement supplies in West Kalimantan (2Q16). *2 Greenfield projects (one Central Java and one ex Java) with capacity of 2.5mt each. ASII commissioners and director resigned Astra International s (ASII IJ-REDUCE-IDR7,075-TP:IDR5,550) Kyoichi Tanada, Independent Commissioner and Chiew Sin Cheok, Commissioner as well as Simon Collier Dixon, Director, have submitted resignation letters on 24 March 2016, which will be decided on 27 April 2016 through an AGM. (Company) MEDC denies market speculations of Arifin Panigoro offered as minister & Newmont acquisition Medco Energy (MEDC IJ-BUY-IDR1,350) through its investor relation, has denied market speculations of Arifin Panigoro being offered position as minister by Jokowi following their meeting on the Newmont acquisition plan which took place among: Jokowi, Arifin Panigoro, Hilmi Panigoro, and M. Luthfi (ex Trade Minister). (Bisnis.com). Bahana comment: In the meeting, Arifin Panigoro and Hilmi Panigoro represented oil and gas private company alongside with Pertamina and Perusahaan Gas Negara (PGAS IJ-REDUCE- IDR2,605-TP:IDR2,500) following invitation to invest on Iran s 29 oil and gas blocks. WSKT: New contracts of IDR8tn in March; IDR210bn in dividends Waskita Karya (WSKT IJ-BUY-IDR2,000-TP:IDR2,250) booked new contracts of IDR8tn in March, or 12% of total new contracts year-to-date (IDR63tn). In 2016, WSKT targets sales of IDR27tn, almost double that of IDR14tn in, on new contracts. Separately, at the shareholder s annual general meeting, WSKT announced it would distribute IDR210bn in dividends, representing 20% of net profit (IDR1.04tn) and equivalent to IDR15.44 per share. WSKT also plans to issue obligations worth IDR5tn: IDR2tn in 2016 and IDR3tn in In 2016, IDR1tn would be allocated for toll-road investments. Furthermore, WSKT plans to divest around 30-40% ownership stake on its subsidiary, Waskita Beton Precast with a total fund target of IDR3.5-4tn. In addition, WSKT is planning to secure loans of IDR6tn to fund its expansion this year. (Kontan, Investor Daily, Infobanksnews.com, IQplus) EXCL to pay IDR11tn debt this year XL Axiata (EXCL IJ-BUY-IDR3,890-TP:IDR4,400) targets to pay its IDR11tn debt this year from a total of IDR27tn borrowings. The funding will come from rights issue and towers sales. (iqplus) ITMG: IDR68.1bn final dividend (IDR60.2/share); Pursuing power plant project Indotambang Megahraya (ITMG IJ-REDUCE-IDR6,575-TP:IDR4,000) will allocate IDR68.1bn for dividends or around IDR60.2/share, representing 0.9% dividend yield. The total dividend allocation is equivalent to 99.9% of company s earnings. Cum dividend and ex dividend dates are set on 4-5 April In other news, the company is pursuing another power plant project after losing the tender for 2k MW power plant project. (britama.com, bisnis.com) GJTL: Proving ground to operate in May 2016 Gajah Tunggal (GJTL IJ-BUY-IDR700-TP:IDR860) has completed construction of the first phase of its proving ground in Karawang, West Java with total investment of USD100mn which is ready for operation in May this year. The proving ground, to be inaugurated on 19 May 2016, is expected to help research in producing new tires. (Bisnis Indonesia) PT Bahana Securities Equity Research Bahana Beacon - The Daily 7

8 BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 03/29/ /28/2016 CHANGE (%) Merdeka Copper Gold MDKA IJ BUY 2, ,950 1, Medco Energi Internasional MEDC IJ BUY 1,300 (3.7) 1,350 1, Wintermar Offshore Marine WINS IJ HOLD 190 (1.0) Express Transindo Utama TAXI IJ REDUCE 120 (41.5) Ace Hardware Indonesia ACES IJ BUY Salim Ivomas Pratama SIMP IJ HOLD 290 (34.1) PP Property PPRO IJ HOLD 210 (6.7) Mitra Adiperkasa MAPI IJ BUY 4, ,655 4, Charoen Pokphand Indonesia CPIN IJ BUY 3,500 (4.6) 3,670 3, Surya Semesta Internusa SSIA IJ BUY 720 (2.0) Semen Baturaja SMBR IJ HOLD 315 (22.2) Harum Energy HRUM IJ REDUCE 500 (43.5) Total Bangun Persada TOTL IJ BUY Dharma Satya Nusantara DSNG IJ BUY Gudang Garam GGRM IJ BUY 88, ,000 59, Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,350 (16.1) 2,800 2, Krakatau Steel KRAS IJ REDUCE 275 (42.0) Unilever Indonesia UNVR IJ BUY 50, ,975 42, Indocement Tunggal Prakarsa INTP IJ REDUCE 17,600 (10.7) 19,700 19, Surya Citra Media SCMA IJ REDUCE 2,800 (13.8) 3,250 3, HM Sampoerna HMSP IJ BUY 115, ,500 97, Astra Agro Lestari AALI IJ REDUCE 14,300 (17.8) 17,400 17, Adi Sarana Armada ASSA IJ BUY United Tractors UNTR IJ HOLD 16, ,250 15, Bekasi Fajar Industrial Estates BEST IJ REDUCE Puradelta Lestari DMAS IJ BUY Adhi Karya ADHI IJ BUY 3, ,695 2, Sri Rejeki Isman SRIL IJ BUY Japfa Comfeed Indonesia JPFA IJ BUY Bank Mandiri BMRI IJ HOLD 9,700 (4.9) 10,200 10, Ciputra Property CTRP IJ REDUCE 365 (10.5) Kalbe Farma KLBF IJ HOLD 1, ,290 1, Xl Axiata EXCL IJ BUY 4, ,890 3, Waskita Karya WSKT IJ BUY 2, ,000 1, Indofood Sukses Makmur INDF IJ BUY 6,600 (4.7) 6,925 6, Ramayana Lestari Sentosa RALS IJ REDUCE 640 (9.2) Garuda Indonesia GIAA IJ BUY 400 (9.3) Bank Jawa Barat dan Banten BJBR IJ BUY 1, Kawasan Industri Jababeka KIJA IJ BUY Ciputra Development CTRA IJ BUY 1, ,270 1, Kimia Farma KAEF IJ BUY 1, ,275 1, Perusahaan Gas Negara PGAS IJ REDUCE 2,500 (4.0) 2,605 2, Malindo Feedmill MAIN IJ BUY 1, ,305 1, AKR Corporindo AKRA IJ BUY 9, ,875 6, Sampoerna Agro SGRO IJ HOLD 1,800 (6.5) 1,925 1, Indonesian Stock Exchange JCI 4,781 4, Cardig Aero Services CASS IJ HOLD 1, ,140 1, Bank Bukopin BBKP IJ HOLD Holcim Indonesia SMCB IJ REDUCE 825 (22.9) 1,070 1, Pembangunan Perumahan PTPP IJ BUY 4, ,875 3, Wijaya Karya Beton WTON IJ BUY 1, Hero Supermarket HERO IJ REDUCE 650 (39.3) 1,070 1, Electronic City ECII IJ REDUCE Tempo Scan Pacific TSPC IJ BUY 2, ,875 1, Sido Muncul SIDO IJ HOLD 480 (5.0) J Resources PSAB IJ BUY 1, ,080 1, London Sumatra Indonesia LSIP IJ BUY 1, ,740 1, Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (43.0) 1,755 1, Tunas Baru Lampung TBLA IJ BUY 570 (1.7) Bumi Serpong Damai BSDE IJ BUY 2, ,825 1, Alam Sutera Realty ASRI IJ REDUCE 300 (20.4) Agung Podomoro Land APLN IJ REDUCE 220 (25.7) Sarana Menara Nusantara TOWR IJ BUY 5, ,085 4, Tiphone Mobile Indonesia TELE IJ BUY 1, Telekomunikasi Indonesia TLKM IJ BUY 4, ,300 3,305 (0.2) Mitra Keluarga Karyasehat MIKA IJ SELL 1,900 (19.8) 2,370 2,375 (0.2) Mayora Indah MYOR IJ BUY 31, ,700 30,775 (0.2) Soechi Lines SOCI IJ BUY (0.4) Tower Bersama Infrastructure TBIG IJ HOLD 6, ,900 5,925 (0.4) Jasa Marga JSMR IJ BUY 6, ,575 5,600 (0.4) Indofood CBP Sukses Makmur ICBP IJ BUY 18, ,025 15,100 (0.5) Pelayaran Tempuran Emas TMAS IJ BUY 3, ,940 1,950 (0.5) Wijaya Karya WIKA IJ BUY 3, ,585 2,600 (0.6) Aneka Tambang ANTM IJ REDUCE 207 (54.6) (0.7) Timah TINS IJ REDUCE 411 (43.7) (0.7) Gajah Tunggal GJTL IJ BUY (0.7) Bank Central Asia BBCA IJ BUY 14, ,075 13,175 (0.8) Anabatic Technologies ATIC IJ BUY (0.8) Bank Negara Indonesia BBNI IJ BUY 5, ,050 5,100 (1.0) Pakuwon Jati PWON IJ HOLD 490 (3.0) (1.0) Bank Rakyat Indonesia BBRI IJ BUY 13, ,975 11,100 (1.1) Bank Danamon Indonesia BDMN IJ HOLD 3,400 (12.1) 3,870 3,915 (1.1) Media Nusantara Citra MNCN IJ BUY 2,000 (3.1) 2,065 2,090 (1.2) Nippon Indosari Corpindo ROTI IJ BUY 1, ,220 1,235 (1.2) Bank Jawa Timur BJTM IJ REDUCE 420 (10.6) (1.3) Vale Indonesia INCO IJ HOLD 1,400 (19.8) 1,745 1,770 (1.4) Lippo Cikarang LPCK IJ BUY 8, ,925 7,025 (1.4) Summarecon Agung SMRA IJ BUY 1, ,690 1,715 (1.5) Erajaya Swasembada ERAA IJ BUY (1.5) Matahari Putra Prima MPPA IJ BUY 2, ,615 1,640 (1.5) Matahari Department Store LPPF IJ BUY 20, ,225 17,500 (1.6) Indosat ISAT IJ BUY 7, ,275 6,400 (2.0) Multipolar MLPL IJ BUY (2.1) Indo Tambangraya Megah ITMG IJ REDUCE 4,000 (39.2) 6,575 6,725 (2.2) Astra International ASII IJ REDUCE 5,550 (21.6) 7,075 7,250 (2.4) Indomobil Sukses Internasional IMAS IJ HOLD 2, ,950 2,000 (2.5) Bank Tabungan Negara BBTN IJ BUY 1, ,700 1,745 (2.6) Bukit Asam PTBA IJ BUY 7, ,375 6,550 (2.7) Siloam International Hospitals SILO IJ BUY 12, ,375 7,600 (3.0) Adaro Energy ADRO IJ HOLD 645 (0.8) (3.0) Blue Bird BIRD IJ REDUCE 4,700 (23.0) 6,100 6,300 (3.2) Semen Indonesia SMGR IJ HOLD 11, ,250 10,600 (3.3) Lippo Karawaci LPKR IJ REDUCE 1, ,085 1,150 (5.7) 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 8

9 PT Bahana Securities Equity Research Bahana Beacon - The Daily 9 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 13,787 13, ,049 66,614 76,230 1,468 1,969 2,577 1,090 1,724 2,165 na (103.1) (88.5) (78.6) GIAA IJ* BUY , ,408 11, ,368 64,708 74,084 1,050 1,474 2, ,582 2,005 na na (125.2) (108.1) (97.2) CASS IJ HOLD 1,140 1,250 2, ,379 2, ,680 1,905 2, AUTOMOTIVE UW 294, , , , ,701 18,472 19,678 21,842 16,030 17,779 20,271 (17.0) ASII IJ REDUCE 7,075 5,550 40, , , , , ,196 17,427 18,498 20,496 16,764 17,591 19,543 (12.6) IMAS IJ HOLD 1,950 2,000 2, ,392 5, ,176 19,770 21, (312) na na na na (5.6) (1.3) (1.6) GJTL IJ BUY , ,439 2, ,833 13,932 15, ,031 1,117 (422) na na na na (7.7) (2.6) (3.6) BANKS N 1,018,316 1,018, , , ,366 99, , ,941 80,313 88,704 98, na na na na na na na na na BBCA IJ BUY 13,075 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 10,975 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 HOLD 10,200 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 5,050 5,700 18, ,176 94, ,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 3,870 3,400 9, ,093 37, ,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 2,800 2,350 5, ,353 16, ,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 1,700 1,700 10, ,003 18, ,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 950 1,020 9, ,211 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 , ,011 7, ,633 4,052 4,518 1,290 1,398 1, ,023 1, na na na na na na na na na BBKP IJ HOLD , ,361 5, ,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 145, , ,849 56,706 59,100 11,007 11,320 11,840 8,832 9,245 9,667 (25.4) SMGR IJ HOLD 10,250 11,200 5, ,798 60, ,545 27,486 28,611 5,612 5,594 5,873 4,352 4,503 4,727 (21.8) INTP IJ REDUCE 19,700 17,600 3, ,520 72, ,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 1, , ,199 8, ,352 9,619 9, (225) na na na na (2.7) (1.3) (1.7) SMBR IJ HOLD , ,984 3, ,479 1,528 1, (17.5) (16.0) nc nc nc COAL UW 102, , , , ,490 19,416 17,610 15,141 13,545 12,401 10, (8.4) (12.9) UNTR IJ HOLD 15,250 16,000 3, ,885 56, ,968 49,619 51,535 8,357 8,192 8,437 6,847 6,383 6, (6.8) nc nc nc ADRO IJ* HOLD , ,791 20, ,074 38,836 38,626 5,712 5,264 3,570 2,982 2,856 1, (1.1) (33.7) ITMG IJ* REDUCE 6,575 4,000 1, ,429 7, ,102 19,323 21,830 2,643 1, , (44.9) (35.9) (44.9) nc nc nc PTBA IJ BUY 6,375 7,800 2, ,689 14, ,428 15,832 15,981 2,661 2,774 2,547 2,170 2,198 1, (9.4) nc nc nc HRUM IJ* REDUCE , ,393 2, ,710 3,518 3, (42) 0 (28) (95) (50) (1,000) (98.3) (25.3) (3.3) (4.7) (8.7) (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 N 120, , ,155 90, ,789 8,730 12,016 13,876 4,632 5,847 6, JSMR IJ BUY 5,575 6,000 6, ,910 37, ,646 8,712 9,598 3,235 3,685 3,753 1,466 1,540 1, (10.9) WIKA IJ BUY 2,585 3,100 6, ,896 15, ,150 14,875 17,597 1,297 1,718 2, (9.2) PTPP IJ BUY 3,875 4,300 4, ,764 18, ,909 20,378 24,313 1,695 2,223 2, , WSKT IJ BUY 2,000 2,250 13, ,145 27, ,153 23,984 27,788 1,415 2,438 2,854 1,048 1,401 1, WTON IJ BUY 995 1,100 8, ,672 8, ,570 4,160 5, (45.5) nc nc ADHI IJ BUY 2,695 3,000 3, ,596 9, ,390 16,177 21, ,232 1, (17.3) nc TOTL IJ BUY , ,370 2, ,338 2,618 3, nc nc nc CONSUMER - DISCRE. N 168, , ,680 84,783 95,235 8,650 9,998 11,515 6,000 7,422 8,820 (7.1) SCMA IJ REDUCE 3,250 2,800 14, ,520 47, ,253 4,573 4,983 1,997 2,192 2,408 1,519 1,674 1, nc nc nc LPPF IJ BUY 17,225 20,500 2, ,261 50, ,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 2,065 2,000 14, ,480 29, ,675 7,006 7,519 2,580 2,724 2,936 1,280 1,648 1,990 (27.3) MPPA IJ BUY 1,615 2,750 5, ,685 8, ,286 16,331 18, (18.6) nc nc nc ACES IJ REDUCE , ,749 14, ,698 5,086 5, nc nc nc HERO IJ REDUCE 1, , ,476 4, ,118 16,906 19,439 (215) (113) 72 (29) na na na na (0.5) (0.3) (0.5) RALS IJ REDUCE , ,003 5, ,774 8,038 8, (12.3) nc nc nc MAPI IJ BUY 4,655 4,750 1, ,964 6, ,760 14,054 16, (53.7) ECII IJ REDUCE , ,776 1,917 2,121 (17) (88.0) na nc nc nc CONSUMER - STAPLES OW 1,216,835 1,216, , , ,517 48,566 52,638 59,726 32,189 36,512 41, HMSP IJ BUY 99, ,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 42,975 50,500 7, , , ,115 40,257 45,540 7,976 8,943 10,108 5,885 6,612 7, (8.6) nc nc GGRM IJ BUY 61,000 88,000 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, ,469 60, ,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 6,925 6,600 8, ,804 60, ,352 70,849 78,078 6,801 7,610 8,547 2,084 3,454 4,196 (46.4) ICBP IJ BUY 15,025 18,300 5, ,610 87, ,115 35,481 39,775 3,936 4,507 5,071 3,082 3,543 4, nc nc nc MYOR IJ BUY 30,700 31, ,456 27, ,886 16,395 18,557 1,697 1,773 1,917 1,161 1,122 1, (3.4) TSPC IJ BUY 1,875 2,000 4, ,438 8, ,220 9,160 10, (0.7) nc nc nc SIDO IJ HOLD , ,575 7, ,268 2,424 2, nc nc nc ROTI IJ BUY 1,220 1,450 5, ,175 6, ,189 2,693 3, KAEF IJ BUY 1,275 1,430 5, ,081 7, ,070 5,754 6, MIKA IJ SELL 2,370 1,900 14, ,485 34, ,038 2,301 2, nc nc nc SILO IJ BUY 7,375 12,400 1, ,526 8, ,116 5,242 6, INDUSTRIAL ESTATES N 26,214 25, ,775 11,841 13,561 4,286 4,883 5,636 3,576 4,065 4, DMAS IJ BUY , ,025 9, ,175 1,375 1,711 1,859 1,520 1,705 1, nc nc nc KIJA IJ BUY , ,248 5, ,810 3,031 3, (31.1) BEST IJ REDUCE , ,663 2, (42.5) (29.3) SSIA IJ BUY , ,458 3, ,282 6,065 6, , LPCK IJ BUY 6,925 8, ,820 4, ,828 2,183 2, ,063 1, ,152 1, nc nc nc INDUSTRY - Various 17,652 17, ,489 96,347 39,757 (1,061) 70 2,047 (2,367) (1,640) (1,198) na na na na na na (0.6) (0.8) KRAS IJ* REDUCE , ,477 7, ,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 , ,097 1, ,626 2,964 3, (12.7) SRIL IJ BUY , ,857 5, ,388 9,520 11,073 1,596 1,812 2, , MLPL IJ BUY , ,221 3, ,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 16,097 16, ,845 22,802 15,612 1,621 1,802 1, BIRD IJ REDUCE 6,100 4,700 2, ,263 15, ,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 46,410 46, ,900 29,826 32,767 2,684 4,061 6, ,942 4,149 (60.1) INCO IJ* HOLD 1,745 1,400 9, ,339 17, ,486 10,920 12,230 1,442 2,100 2, ,498 2,117 (53.6) nc nc nc ANTM IJ REDUCE , ,958 10, ,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 , ,437 5, ,632 5,616 5, (31) (97.9) (13.2) (319.9) (182.5) (0.6) (0.3) (0.4) PSAB IJ* BUY 1,080 1,400 5, ,715 5, ,892 4,788 5,628 1,274 1,792 2, , MDKA IJ* BUY 1,950 2,200 3, ,961 6, (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 94,798 94, ,063 74,087 84,807 9,896 12,465 14,902 6,507 7,732 9,248 (34.2) PGAS IJ* REDUCE 2,605 2,500 24, ,149 63, ,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 6,875 9,000 3, ,150 27, ,344 23,231 27,077 1,345 2,043 2,014 1,047 1,495 1, MEDC IJ* BUY 1,350 1,300 3, ,499 4, ,553 9,318 11, ,288 3,282 (361) (391.9) (150.9) 0.0 NA (3.2) (3.0) (1.0) (1.4) PLANTATIONS N 64,256 64, ,836 41,373 43,698 5,264 5,814 6,469 2,051 2,656 3,824 (65.3) AALI IJ REDUCE 17,400 14,300 1, ,401 27, ,566 13,873 15,215 1,569 1,804 2, ,645 (74.5) SIMP IJ HOLD , ,959 6, ,243 13,632 13,840 1,470 1,534 1, (72.1) LSIP IJ BUY 1,740 1,780 6, ,872 11, ,988 4,117 4, (40.2) nc nc nc DSNG IJ BUY , ,617 5, ,366 4,783 4, (73.7) ANJT IJ* REDUCE 1,700 1,000 3, ,670 5, ,746 1,864 2, na na na na SGRO IJ HOLD 1,925 1,800 1, ,638 3, ,928 3,105 3, (25.8) TBLA IJ BUY , ,098 3, ,251 5,237 6, (59.8) POULTRY N 71,577 71, ,492 77,643 87,631 4,809 6,368 7,750 2,434 3,697 4, CPIN IJ BUY 3,670 3,500 16, ,181 60, ,909 38,526 44,678 3,416 4,268 5,341 1,885 2,810 3, JPFA IJ BUY , ,475 8, ,705 33,937 37,146 1,198 1,742 1, na na na na MAIN IJ BUY 1,305 1,700 2, ,922 2, ,878 5,181 5, na PROPERTY UW 147, , ,269 51,109 54,838 15,769 17,253 18,587 9,724 11,183 12,448 (30.8) BSDE IJ BUY 1,825 2,020 19, ,125 35, ,389 7,523 8,403 2,957 3,457 3,804 2,299 2,694 3,023 (42.5) LPKR IJ REDUCE 1,085 1,130 23, ,039 25, ,111 11,042 10,731 2,215 2,801 2,861 1,240 1,860 2,046 (51.3) PWON IJ HOLD , ,321 24, ,837 5,373 6,220 2,411 2,656 3,035 1,588 1,790 2,118 (36.9) SMRA IJ BUY 1,690 1,820 14, ,381 24, ,150 6,622 7,140 1,948 2,101 2,273 1,259 1,357 1,456 (9.1) CTRA IJ BUY 1,270 1,400 15, ,470 19, ,232 8,154 9,335 2,114 2,288 2,511 1,281 1,380 1,517 (3.3) ASRI IJ REDUCE , ,408 7, ,107 3,039 3,061 1,770 1,674 1, (29.5) APLN IJ REDUCE , ,068 6, ,594 5,769 5,934 1,349 1,351 1, (28.8) CTRP IJ REDUCE , ,553 2, ,360 1,917 2, (28.4) PPRO IJ HOLD , ,160 3, ,489 1,671 1, SHIPPING N 6,081 6, ,198 3,523 3, (38.1) SOCI IJ BUY , ,092 3, (20.4) 21.6 (4.1) TMAS IJ BUY 1,940 3,000 1, ,214 2, ,700 1,810 2, WINS IJ HOLD , ,364 1,551 1, (58) (118.9) (182.5) 96.4 (13.4) (1.1) (2.0) (0.8) (1.3) TELCOS OW 477, , , , ,852 42,543 48,548 55,773 17,097 23,051 28,654 (0.5) TLKM IJ BUY 3,300 4, , , , , , ,788 32,141 36,256 41,388 15,778 17,773 20, (2.5) EXCL IJ BUY 3,890 4,400 8, ,226 33, ,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 5,900 6,500 4, ,300 28, ,437 3,801 4,229 2,637 2,915 3,243 1,056 1,289 1,593 (18.8) TOWR IJ BUY 4,085 5,000 10, ,679 41, ,415 4,845 5,315 2,493 2,866 3, ,591 2, ISAT IJ BUY 6,275 7,300 5, ,098 34, ,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 745 1,180 7, ,307 5, ,524 29,578 34, , ERAA IJ BUY , ,885 1, ,569 19,777 21, (0.6) Market N 4,029,337 4,029,096 3,152 1,687,511 1,861,319 2,051, , , , , , ,879 (7.5) Note: *USD reporting OW: Overweight, N: Neutral, UW: Underweight ROIC (%) ROAA (%) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%) Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) PER (x)

10 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 10

11 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 11

12 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 12

13 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 13

14 Research: Harry Su Senior Associate Director Head of Corporate Strategy & Research Consumer, Strategy ext 3600 Teguh Hartanto Associate Director Deputy Head of Research Banks, Cement, Aviation ext 3610 Leonardo Henry Gavaza, CFA Senior Research Manager Auto, Heavy equipment, Infrastructure, Telco, Toll roads ext 3608 Arandi Ariantara Research Analyst Coal, Metals, Oil & Gas ext 3619 Fakhrul Fulvian Economist ext 3602 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 Muhammad Wafi Technical Analyst ext 3609 Yudi Tandi Anugrah Research Analyst Transportation, Shipping ext 3613 Steven Santoso Research Analyst Plantation, Poultry ext 3616 Melvin Mikha Reminov Research Associate ext 3621 Nyoman Widita Prabawa Research Associate ext 3622 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 14