Beacon Indonesia Morning Brief

Transcription

1 Asiamoney s Finance Asia's 16 March 2016 Beacon Indonesia Morning Brief IDX: 4,850 (+0.6%) Turnover: IDR4.5tn (+4.6%) Foreign Net BUY: IDR8.6bn (from foreign Net SELL: IDR26.8bn) ECONOMIC FLASH February trade figures: non-oil and gas support Analyst: Fakhrul Fulvian & Sarah Hutapea Exports: -7.18% y-y (BS: %; Cons: %) Imports: % y-y (BS: %, Cons: %) SECTOR FLASH Indonesia Automotive: February wholesale auto sales: Flattish Analyst: Leonardo Henry Gavaza, CFA Outlook: Margins likely to remain unexciting on intense competition CORPORATE FLASH Adaro Energy (ADRO IJ): earnings fall 15% y-y; lower to HOLD on flat 2016F sales Analyst: Arandi Ariantara Outlook: Low oil price should provide cushion in 2016 TODAY S NEWS POLITICS Government wants swift revision of Pilkada law ECONOMICS IMF and World Bank cut growth forecast to 4.9% and 5.1% 2016 state budget revision without tax amnesty assumption Fuel prices cut IDR200/liter FIXED INCOME Govt bonds auction result INDUSTRY Jokowi launches 11 new Bonded Logistics Centre Uber and GrabCar to receive special regulation Removal of taxi quotas in Jakarta Malaysia to increase palm-oil export tax to 5% in April 2016 CORPORATE KLBF to finish 2 plants constructions in 2016 LPKR to develop mixed-use areas in Surabaya Fitch upgrades ISAT s local currency IDR to BBB+ ; Affirms BBB foreign currency IDR; ISAT appoints new commissioners through an extraordinary general meeting of shareholders TELE scheduled to begin operations at new factory in April 2016 TAXI denies any acquisition plans by Spain investor RALS booked +2.0% Feb-16 ytd SSSG This report uses credit ratings assigned by Fitch, which is not registered with Japan s Financial Services Agency pursuant to Article 66, Paragraph 27 of the Financial Instruments and Exchange Act. should read the related attachment for information on ratings assigned by unregistered rating agencies. ECONOMIC INDICATORS MARKET DATA 15F 16F 17F 15F 16F 17F Cur acc bal (%GDP) (2.1) (2.3) (2.3) Op.prof.gwt.(%) (2.3) Fiscal bal (%GDP) (2.6) (2.7) (2.5) EPS growth (%) (7.5) GDP growth (%y-y) P/E (x) Private spending (%) PEG (x) (4.0) 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) 20,288.8 (0.7) (7.4) (14.8) IDX (Indonesia) 4,849.8 (0.6) 5.6 (10.6) KLCI (Mal.) 1,690.9 (0.6) (0.1) (5.1) KOSPI (Korea) 1,970.0 (0.1) 0.4 (0.8) Nikkei (Japan) 17,117.1 (0.7) (10.1) (11.1) PCOMP (Phil.) 7, (8.5) SENSEX (India) 24,555.2 (1.0) (6.0) (13.9) SET (Thailand) 1,381.9 (0.9) 7.3 (10.4) SHCOMP (China) 2, (19.1) (15.1) SHENZHEN (China) 1,729.1 (0.9) (25.1) 1.2 STI (Singapore) 2,839.4 (0.3) (1.5) (15.6) TWSE (Taiwan) 8,611.2 (1.6) 3.3 (10.1) VNI (Vietnam) (0.7) (0.9) (2.1) Europe, USA and Ems CAC 40 (France) 4,472.6 (0.8) (3.5) (11.6) DAX (Germany) 9,933.9 (0.6) (7.5) (18.4) Dow Jones (USA) 17, (1.0) (4.0) FTSE 100 (UK) 6,140.0 (0.6) (1.6) (9.8) IBOV (Brazil) 47,130.0 (3.6) 8.7 (3.0) MEXBOL (Mexico) 44,210.4 (1.1) NGSEINDX (Nigeria) 25,745.1 (0.4) (10.1) (14.0) Nasdaq (USA) 4,728.7 (0.5) (5.6) (4.1) RTSI (Russia) (1.1) S&P 500 (USA) 2,015.9 (0.2) (1.4) (3.1) XU100 (Turkey) 79,031.1 (1.3) Source: Bloomberg ETF, ADR & COMMODITIES Last Chg% ytd % y-y % EEM US (USD) 32.5 (1.4) 0.9 (15.2) EIDO US (USD) 23.6 (1.3) 13.0 (10.5) TLK US (IDR) 3,411 (1.5) Como Index (USD) (0.8) (2.9) (18.6) Coal (USD/t) 51.1 (0.9) 1.0 (16.8) Corn (USD/mtn) (0.3) 4.1 (1.5) Coffee (USD/t) 2, (1.5) Copper (USD/t) 4,920.0 (1.5) 4.6 (16.0) Cotton (USD/t) 1,284.0 (0.1) (8.0) (3.7) CPO Rott (USD/t) Gold (USD/oz.) 1,234.0 (0.1) Iron ore (USD/mtn) (4.3) Milk (USD/cwt) 13.4 (0.6) (7.8) (18.8) Nickel (USD/t) 8,535.0 (2.0) (1.5) (38.4) Oil Brent (USD/barrel) 38.7 (2.0) 3.9 (29.1) Rice (IDR/kg) 4, (2.8) 1.5 Rubber (USD/t) (0.7) 8.4 (14.1) Silver (USD/oz) 15.3 (0.5) 10.4 (2.3) Soybean oil (USD/t) Steel (USD/t) (1.7) 19.1 (3.9) Sugar (USD/t) Tins (USD/t) 16,755.0 (2.4) 14.8 (3.7) Wheat (USD/t) (0.3) 0.2 (12.4) Source: Bloomberg, CEIC CURRENCIES & RATES Last Prev. Ytd % y-y % AUD/1USD (2.4) 2.4 EUR/1USD (2.2) (4.9) IDR/1USD 13,178 13, JPY/1USD SGD/1USD JIBOR (%) (2.4) (0.5) BI rate (%) (0.5) (0.5) TD 1 month (%) CDS (bps) (12.5) 28.6 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 Government wants swift revision of Pilkada law President Joko Widodo wants the upcoming simultaneous regional elections (Pilkada) to run better than the previous batch as he will soon send a letter allowing the to start deliberating revisions of the Regional Election Law. Separately, Minister of Domestic Affairs Tjahjo Kumolo ensured that the terms for independent candidates will not change in the Election Law. (The Jakarta Post, Tempo) ECONOMICS IMF and World Bank cut Indonesia s 2016 GDP growth forecast to 4.9% and 5.1% The International Monetary Fund (IMF) cut its forecast on Indonesia s 2016 GDP growth to 4.9% y-y (prev: 5.5% y-y in Article) due to China s economic slowdown, very low commodity prices and the beginning of US monetary policy normalization. Meanwhile, the World Bank (WB) announced in its report that it had cut down its 2016 GDP growth forecast to 5.1% y-y (prev: 5.3% in December ). (Jakarta Post) 2016 state budget revision without tax amnesty assumption The government is planning to conduct a state budget revision without tax amnesty assumption as the has not announced any decision yet. (Koran Tempo). Bahana comment: In our forecast, we already assume no tax amnesty. Moreover, without significant improvement in tax collection, assuming a fiscal deficit of 2.7% of GDP, we would expect around IDR500tn in state spending shortfall this year. Fuel prices cut IDR200/liter Pertamina, oil state-owned company, cut its fuels prices as of 15 March (Pertamina) Exhibit 1. Current fuel prices No Type Previous Mar-16 Changes (IDR/lt) (%) 1 Pertamax (RON-92) 7,950 7, Pertamax Plus (RON-95) 8,850 8, Pertalite (RON-90) 7,500 7, Pertamina Dex (Diesel) 8,800 8, Premium (RON-88) 7,050 7, Solar (Diesel) 7,150 7, Pertamax Racing Pail (RON-100) 54,500 54, Pertamax Racing Bulk (RON-100) 36,000 36, Source: Pertamina FIXED INCOME Govt bonds auction result The government has held government bonds auction on series SPN (reopening), FR0053 (reopening), FR0073 (reopening), FR0072 (reopening) and FR0067 (reopening) with yield 6.3%, 7.3%, 8.2%, 8.2%, 8.6%, with the bid offering of IDR22.1tn and the amount issued of IDR16.2tn, higher than the indicative target of IDR12tn. The settlement date will be on 17 March (Kemenkeu) INDUSTRY Jokowi launches 11 new Bonded Logistics Centre The new Bonded Logistics Centre will help reduce logistics cost in Indonesia by storing more foreign and domestic goods. Ganny Zheng, the Finance Director for PT Pelayaran Tempuran Mas Tbk predicts that the volume for cargo shipment services would increase. (Bisnis Indonesia) PT Bahana Securities Equity Research Bahana Beacon - The Daily

3 Uber and GrabCar to receive special regulation The government will change some of its regulation in order to end the conflict between online-based transportation services (GrabCar and Uber) and existing transportation companies. The Ministry of Information and Communication stated that there will be modifications to the regulations so as to adapt to the current technological development. In addition, GrabCar and Uber have been asked to comply with the existing regulations and register as transportation companies in Indonesia. (Tempo) Removal of taxi quotas in Jakarta The government of Jakarta is no longer restricting the number of transportation companies along with the number of its vehicles operating in Jakarta in a bid to create a healthy competition as well as improving transportation services. (Kompas) Malaysia to increase palm-oil export tax to 5% in April 2016 Malaysia plans to increase the CPO-export tax to 5% in April, from 0% since May. (Kontan) CORPORATE KLBF to finish 2 plants constructions in 2016 Kalbe Farma (KLBF IJ-BUY-IDR1,305-TP-IDR1,480) plans to finish the construction of 2 plants in Sukabumi and Cikampek. The plant in Sukabumi is intended to produce liquid milk while the plant in Cikampek will produce milk powder. The operational of 2 plants will double KLBF s milk production to 24k ton-25k ton from average 12k ton per year. Separately, KLBF will build a biosimilar plant in Cikarang that is targeted to be operational in The total capex needed to build the 3 plants would be around IDR800bn- 900bn. (Kontan) LPKR to develop mixed-use areas in Surabaya Lippo Karawaci (LPKR IJ-HOLD-IDR1,105-TP:IDR1,100) plans to develop mixed-use residential, hospital and commercial areas in Surabaya in cooperation with PT Saputra Karya, according to LPKR s Director, Jenny Kuistono. (Kontan.co.id). Bahana comment: We believe this should help provide a diversified market segment and increase LPKR s market share given the current slow property demand on the ground, especially in the Greater Jakarta area. Fitch upgrades ISAT s ratings; ISAT appoints new commissioners Fitch Ratings has upgraded the long-term local-currency issuer default rating (LC IDR) for Indosat (ISAT IJ- BUY-IDR5,975-TP:IDR6,800) to BBB+ from BBB. The agency has also affirmed ISAT s long-term foreigncurrency IDR (FC IDR) and its foreign-currency senior unsecured rating at BBB. Fitch has also affirmed the national long-term rating at AAA (idn) with a stable outlook. Separately, through an extraordinary general meeting of shareholders, ISAT has appointed Waleed Ebrahim Mohamed Alsayed as a new president commissioner, replacing Nasser Mohammed Merafih. ISAT has also appointed Ajah Bahri, Hans Anthony Kuropatwa and Ian Charles Dench as new commissioners, replacing Ahmed Yousef Ebrahim Al-Derbesti, Khalid Ibrahim A Al-Mahmoud and Cynthia Alison Gordon. (fitchratings.com, ekozone.com) TELE scheduled to begin operations at new factory in April 2016 Tiphone Indonesia (TELE IJ-BUY-IDR720-TP:IDR1,180) has said it is ready to begin operations at its new factory in Delta Silicon, Cikarang, West Java next month. For the initial stage, TELE will operate two production lines with total production of k units of mobile phones, with the cost of the first phase of investment at USD10mn. For the first line, TELE is providing production lines for the manufacture of phones made by other phone vendors. LG Electronics Indonesia will use one production line to assemble LG phones, while the other production line will be used by TELE to produce its own phone. In addition, TELE targets 2016 revenue of IDR26tn. TELE expects the revenue to be dominated by voucher sales of IDR20tn and mobile phone sales of IDR6tn. (Kontan) Bahana comment: We believe that the handset production business will not be included in TELE s listed company business as it will be managed through TELE s group unlisted business due to uncertain profitability prospect. TAXI denies any acquisition plans by Spain investor PT Express Transindo Utama Tbk (TAXI IJ-REDUCE-IDR224-TP:IDR120) stated that they do not have any knowledge of any acquisition plans by foreign investor from Spain. (IQPlus) PT Bahana Securities Equity Research Bahana Beacon - The Daily 3

4 RALS booked +2.0% Feb-16 ytd SSSG Ramayana Lestari Sentosa (RALS IJ-REDUCE-IDR760) booked Feb-16 gross sales of IDR453.4bn, -17.3% m-m and -2.1% y-y, translating to total national SSSG February ytd of +2.0% (lower than Jan-16 SSSG of +5.5%), with Jakarta area still posted the strongest SSSG of +6.4%, while rest of Java become the worst performer with -0.5% SSSG. Meanwhile, outer island booked a relatively flat SSSG of +0.4%. (Company). Bahana comment: We already expected the weaker Feb-16 performance compared to the previous month, which is due to less trading days and heavier rain falls in February, causing less shopping frequencies, particularly given that many RALS stores are located within traditional markets. Meanwhile, strong performance in Jakarta was still helped by the disbursement of KJP. PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

5 BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 03/11/ /10/2016 CHANGE (%) Wintermar Offshore Marine WINS IJ HOLD 190 (16.3) Express Transindo Utama TAXI IJ REDUCE 120 (46.4) Sri Rejeki Isman SRIL IJ BUY Lippo Cikarang LPCK IJ BUY 8, ,100 6, Soechi Lines SOCI IJ BUY Ramayana Lestari Sentosa RALS IJ REDUCE 640 (15.8) Bank Tabungan Negara BBTN IJ BUY 1,700 (2.9) 1,750 1, Garuda Indonesia GIAA IJ BUY 400 (10.7) Media Nusantara Citra MNCN IJ BUY 2,000 (4.5) 2,095 2, Surya Semesta Internusa SSIA IJ BUY Kawasan Industri Jababeka KIJA IJ BUY Blue Bird BIRD IJ REDUCE 4,700 (25.4) 6,300 6, Lippo Karawaci LPKR IJ REDUCE 1, ,105 1, Bekasi Fajar Industrial Estates BEST IJ REDUCE Sido Muncul SIDO IJ HOLD 480 (8.6) Astra Agro Lestari AALI IJ REDUCE 14,300 (18.3) 17,500 17, Mayora Indah MYOR IJ BUY 31, ,475 30, Summarecon Agung SMRA IJ BUY 1, ,640 1, Tempo Scan Pacific TSPC IJ BUY 2, ,875 1, Surya Citra Media SCMA IJ REDUCE 2,800 (5.6) 2,965 2, Wijaya Karya Beton WTON IJ BUY 1, Nippon Indosari Corpindo ROTI IJ BUY 1, ,245 1, Krakatau Steel KRAS IJ REDUCE 275 (36.5) Bank Danamon Indonesia BDMN IJ HOLD 3,400 (12.3) 3,875 3, Puradelta Lestari DMAS IJ BUY Bank Negara Indonesia BBNI IJ BUY 5, ,350 5, PP Property PPRO IJ HOLD 180 (21.1) Kalbe Farma KLBF IJ HOLD 1, ,305 1, Malindo Feedmill MAIN IJ BUY 1, ,330 1, Bank Central Asia BBCA IJ BUY 14, ,575 13, Sarana Menara Nusantara TOWR IJ BUY 5, ,000 3, Cardig Aero Services CASS IJ HOLD 1, ,120 1, Bank Mandiri BMRI IJ HOLD 9,700 (4.7) 10,175 10, Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,350 (16.1) 2,800 2, Total Bangun Persada TOTL IJ BUY Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (45.9) 1,850 1, Sampoerna Agro SGRO IJ HOLD 1,800 (5.3) 1,900 1, Tunas Baru Lampung TBLA IJ BUY Bumi Serpong Damai BSDE IJ BUY 2, ,775 1, Ciputra Property CTRP IJ REDUCE 365 (13.1) Wijaya Karya WIKA IJ BUY 3, ,545 2,550 (0.2) Unilever Indonesia UNVR IJ BUY 50, ,050 44,150 (0.2) Indomobil Sukses Internasional IMAS IJ HOLD 2,000 (4.3) 2,090 2,095 (0.2) Semen Baturaja SMBR IJ HOLD 315 (19.2) (0.3) Waskita Karya WSKT IJ BUY 2, ,925 1,930 (0.3) Pelayaran Tempuran Emas TMAS IJ BUY 3, ,895 1,900 (0.3) HM Sampoerna HMSP IJ BUY 115, , ,800 (0.3) Indofood CBP Sukses Makmur ICBP IJ BUY 18, ,625 15,675 (0.3) Indofood Sukses Makmur INDF IJ BUY 6,600 (11.1) 7,425 7,450 (0.3) Ciputra Development CTRA IJ BUY 1, ,325 1,330 (0.4) Pembangunan Perumahan PTPP IJ BUY 4, ,885 3,900 (0.4) Indosat ISAT IJ BUY 6, ,975 6,000 (0.4) Gudang Garam GGRM IJ BUY 88, ,600 65,900 (0.5) Indonesian Stock Exchange JCI 4,850 4,878 (0.6) Perusahaan Gas Negara PGAS IJ REDUCE 2,500 (4.4) 2,615 2,630 (0.6) Harum Energy HRUM IJ REDUCE 500 (40.1) (0.6) Indocement Tunggal Prakarsa INTP IJ REDUCE 17,600 (14.5) 20,575 20,700 (0.6) Siloam International Hospitals SILO IJ BUY 12, ,900 7,950 (0.6) AKR Corporindo AKRA IJ BUY 9, ,650 7,700 (0.6) Adhi Karya ADHI IJ BUY 3, ,735 2,755 (0.7) Bank Bukopin BBKP IJ HOLD (0.9) Adi Sarana Armada ASSA IJ BUY (0.9) Aneka Tambang ANTM IJ REDUCE 207 (54.3) (0.9) Bank Rakyat Indonesia BBRI IJ BUY 13, ,075 11,175 (0.9) Bank Jawa Timur BJTM IJ REDUCE 420 (4.5) (0.9) Semen Indonesia SMGR IJ HOLD 11, ,475 10,575 (0.9) Multipolar MLPL IJ BUY (1.0) Pakuwon Jati PWON IJ HOLD 490 (5.8) (1.0) Agung Podomoro Land APLN IJ REDUCE 220 (28.3) (1.0) Bank Jawa Barat dan Banten BJBR IJ BUY 1, (1.1) Electronic City ECII IJ REDUCE 700 (9.1) (1.3) Timah TINS IJ REDUCE 411 (44.5) (1.3) Jasa Marga JSMR IJ BUY 6, ,500 5,575 (1.3) Tiphone Mobile Indonesia TELE IJ BUY 1, (1.4) Astra International ASII IJ REDUCE 5,550 (21.8) 7,100 7,200 (1.4) Salim Ivomas Pratama SIMP IJ HOLD 290 (29.1) (1.4) Matahari Putra Prima MPPA IJ BUY 2, ,700 1,725 (1.4) Merdeka Copper Gold MDKA IJ BUY 2, ,700 1,725 (1.4) Mitra Keluarga Karyasehat MIKA IJ SELL 1,900 (20.8) 2,400 2,440 (1.6) Anabatic Technologies ATIC IJ BUY (1.6) Holcim Indonesia SMCB IJ REDUCE 825 (22.2) 1,060 1,080 (1.9) Dharma Satya Nusantara DSNG IJ BUY (1.9) United Tractors UNTR IJ HOLD 16, ,100 15,400 (1.9) Kimia Farma KAEF IJ BUY 1, ,255 1,280 (2.0) Erajaya Swasembada ERAA IJ BUY (2.0) Tower Bersama Infrastructure TBIG IJ HOLD 6, ,875 6,000 (2.1) Gajah Tunggal GJTL IJ BUY (2.2) Mitra Adiperkasa MAPI IJ BUY 4,750 (2.5) 4,870 4,980 (2.2) Ace Hardware Indonesia ACES IJ HOLD (2.3) Vale Indonesia INCO IJ HOLD 1,400 (25.3) 1,875 1,920 (2.3) London Sumatra Indonesia LSIP IJ BUY 1, ,655 1,695 (2.4) Xl Axiata EXCL IJ BUY 4, ,100 4,205 (2.5) Charoen Pokphand Indonesia CPIN IJ BUY 3, ,425 3,515 (2.6) Matahari Department Store LPPF IJ BUY 20, ,850 18,325 (2.6) Telekomunikasi Indonesia TLKM IJ BUY 4, ,380 3,470 (2.6) Hero Supermarket HERO IJ REDUCE 650 (37.5) 1,040 1,070 (2.8) J Resources PSAB IJ BUY 1, ,115 1,150 (3.0) Japfa Comfeed Indonesia JPFA IJ BUY (3.1) Alam Sutera Realty ASRI IJ REDUCE 300 (21.5) (3.3) Medco Energi Internasional MEDC IJ BUY 1, (3.6) Indo Tambangraya Megah ITMG IJ REDUCE 4,000 (38.5) 6,500 6,750 (3.7) Bukit Asam PTBA IJ BUY 7, ,150 6,400 (3.9) Adaro Energy ADRO IJ BUY (5.4) 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 5

6 PT Bahana Securities Equity Research Bahana Beacon - The Daily 6 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 (103.7) (89.0) (79.1) 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 1,120 1,250 2, , ,680 1,905 2, AUTOMOTIVE UW 295, , , ,701 18,472 19,678 21,842 16,030 17,779 20,271 (17.0) ASII IJ REDUCE 7,100 5,550 40, , , , ,196 17,427 18,498 20,496 16,764 17,591 19,543 (12.6) IMAS IJ HOLD 2,090 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 1,037, , , ,366 99, , ,941 80,313 88,704 98, na na na na na na na na na BBCA IJ BUY 13,575 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 11,075 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 10,175 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 5,350 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 3,875 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 2,800 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 1,750 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 925 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 149, ,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 20,575 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 1, , , ,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 102, , , ,490 19,416 17,610 15,141 13,545 12,401 10, (8.4) (12.9) UNTR IJ HOLD 15,100 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 6,500 4,000 1, , ,102 19,323 21,830 2,643 1, , (44.9) (35.9) (44.9) nc nc nc PTBA IJ BUY 6,150 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) (92.8) (23.9) (4.3) (5.7) (10.7) (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 118, ,550 85, ,429 8,556 11,084 12,947 4,146 5,374 6, JSMR IJ BUY 5,500 6,000 6, , ,592 8,703 9,631 2,870 3,351 3,669 1,278 1,445 1,481 (9.0) WIKA IJ BUY 2,545 3,100 6, , ,150 14,875 17,597 1,297 1,718 2, (9.2) PTPP IJ BUY 3,885 4,300 4, , ,909 20,378 24,313 1,695 2,223 2, , WSKT IJ BUY 1,925 2,250 13, , ,174 20,580 24,605 1,434 1,918 2, ,116 1, WTON IJ BUY 965 1,100 8, , ,570 4,160 5, (45.5) nc nc ADHI IJ BUY 2,735 3,000 3, , ,817 14,680 19, ,155 1, (17.4) nc TOTL IJ BUY , , ,338 2,618 3, nc nc nc CONSUMER - DISCRE. N 166, ,680 84,783 95,235 8,650 9,998 11,515 6,000 7,422 8,820 (7.1) SCMA IJ REDUCE 2,965 2,800 14, , ,253 4,573 4,983 1,997 2,192 2,408 1,519 1,674 1, nc nc nc LPPF IJ BUY 17,850 20,500 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 2,095 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 1,700 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 4,870 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 1,262, , , ,517 48,566 52,638 59,726 32,189 36,512 41, HMSP IJ BUY 103, ,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 44,050 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 65,600 88,000 1, , ,029 73,916 81,379 8,963 9,718 10,751 5,445 5,950 6, KLBF IJ HOLD 1,305 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 7,425 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 15,625 18,300 5, , ,115 35,481 39,775 3,936 4,507 5,071 3,082 3,543 4, nc nc nc MYOR IJ BUY 30,475 31, , ,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, , ,220 9,160 10, (0.7) nc nc nc SIDO IJ HOLD , , ,268 2,424 2, nc nc nc ROTI IJ BUY 1,245 1,450 5, , ,189 2,693 3, KAEF IJ BUY 1,255 1,350 5, , ,070 5,754 6, MIKA IJ SELL 2,400 1,900 14, , ,038 2,301 2, nc nc nc SILO IJ BUY 7,900 12,400 1, , ,116 5,242 6, INDUSTRIAL ESTATES N 26, ,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 7,100 8, , ,828 2,183 2, ,063 1, ,152 1, nc nc nc INDUSTRY - Various 16, ,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 , , ,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 16, ,845 22,802 15,612 1,621 1,802 1, BIRD IJ REDUCE 6,300 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 46, ,900 29,826 32,767 2,684 4,061 6, ,942 4,149 (60.1) INCO IJ* HOLD 1,875 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) (185.0) (0.6) (0.3) (0.4) PSAB IJ* BUY 1,115 1,400 5, , ,892 4,788 5,628 1,274 1,792 2, , MDKA IJ* BUY 1,700 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 96, ,063 74,087 84,807 9,896 12,465 14,902 6,507 7,732 9,248 (34.2) PGAS IJ* REDUCE 2,615 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 7,650 9,000 3, , ,344 23,231 27,077 1,345 2,043 2,014 1,047 1,495 1, MEDC IJ* BUY 925 1,300 3, , ,553 9,318 11, ,288 3,282 (361) (391.9) (150.9) 0.0 NA (4.7) (3.0) (1.0) (1.4) PLANTATIONS N 62, ,836 41,373 43,698 5,264 5,814 6,469 2,051 2,656 3,824 (65.3) AALI IJ REDUCE 17,500 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 1,655 1,780 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 1,900 1,800 1, , ,928 3,105 3, (25.8) TBLA IJ BUY , , ,251 5,237 6, (59.8) POULTRY N 67, ,492 77,643 87,631 4,809 6,368 7,750 2,434 3,697 4, CPIN IJ BUY 3,425 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 1,330 1,700 2, , ,878 5,181 5, na PROPERTY UW 148, ,269 51,109 54,838 15,769 17,253 18,587 9,724 11,183 12,448 (30.8) BSDE IJ BUY 1,775 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 1,105 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 1,640 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 1,325 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 6, ,198 3,523 3, (38.1) SOCI IJ BUY , , (20.4) 21.6 (4.1) TMAS IJ BUY 1,895 3,000 1, , ,700 1,810 2, WINS IJ HOLD , ,364 1,551 1, (58) (118.9) (182.5) 96.4 (15.9) (0.9) (2.0) (0.8) (1.3) TELCOS OW 484, , , ,852 42,543 48,548 55,773 17,097 23,051 28,654 (0.5) TLKM IJ BUY 3,380 4, , , , , ,788 32,141 36,256 41,388 15,778 17,773 20, (2.5) EXCL IJ BUY 4,100 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 5,875 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 4,000 5,000 10, , ,415 4,845 5,315 2,493 2,866 3, ,591 2, ISAT IJ BUY 5,975 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 720 1,180 7, , ,524 29,578 34, , ERAA IJ BUY , , ,569 19,777 21, (0.6) Market N 4,102,700 3,032 1,688,906 1,856,409 2,045, , , , , , ,587 (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)

7 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 7

8 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 8