DAILY UPDATE May 4, 2015

Transcription

1 / DAILY UPDATE May 4, 2015 MACROECONOMIC NEWS US Economy The pace of US manufacturing growth held at its slowest in almost two years in April, as a rebound in new orders was offset by employment shrinking to its lowest level in more than five years. The ISM said its index of national factory activity was 51.5 in April, matching the March reading, which had been the lowest since May US construction spending fell in March to a six-month low as outlays on private residential construction spending declined sharply, which could add to concerns about the economy's ability to rebound strongly from the first-quarter's soft patch. Construction spending slipped 0.6% to an annual rate of USD billion, the lowest level since September. UK Economy UK manufacturing slowdown deals blow to Conservatives. The headline reading of 51.9 showed growth dropped to a seven-month low and was down sharply from March when the index was The data also showed mortgage approvals eased back, rising by 61,341 in March, after a 61,523 increase in February. Lending to business was up by GBP 2.72 billion, the largest monthly rise since records began in mid CORPORATE NEWS AUTO PT Astra Otoparts has realized IDR 1.16 trillion of capital expenditure in 1Q15, which accounts for 25% of total capex of the year (IDR 4.5 trillion). The capex was used to increase AUTO s factory capacity. TURI PT Tunas Ridean plans to allocate IDR 477 billion to add 1,412 units of rental vehicles this year. About 80% of the investment is funded by bank loans and remaining by internal cash of the company. AISA PT Tiga Pilar Sejahtera plans to add 4 new machine lines for its Taro snack with estimated investment of USD 4.17 million. SSIA PT Surya Semesta Internusa plans to raise IDR 3 trillion, through IDR 555 billion of non-preemptive right issue, as well as issuing USD 200 million worth of global bonds. The proceed will be used for refinancing existing debt, as well as capital expenditure. Equity Markets Closing % Change Dow Jones NASDAQ S&P MSCI excl. Jap Nikkei Hang Seng STI JCI Indo ETF (IDX) Indo ETF (EIDO) Currency Commodities Closing Last Price Chg %Chg Oil NYMEX Oil BRENT Coal NYMEX Coal Newcastle Nickel Tin Gold CPO Rott CPO Malay Indo Gov. Bond Yields Last Last Trade US$ - IDR US$ - Yen Euro - US$ US$ - SG$ Yield Chg %Chg 1 year year year year year year PT. Panin Asset Management JSX Building Tower I, 3rd Floor Jl. Jend. Sudirman Kav , Jakarta T : (021) , F : (021)

2 PANS PT Panin Sekuritas disclosed its 1Q15 results: PANS (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Operating Profit Margin 72.0% 57.6% -14.4% 61.5% 57.6% -3.9% Net Profit Margin 70.6% 56.6% -14.0% 51.8% 56.6% 4.8% GGRM PT Gudang Garam announced its 1Q15 results: GGRM (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 15,670 15, % 16,996 15, % Gross Profit 3,255 3, % 3,678 3, % Operating Profit 2,151 2, % 2,348 2, % Pretax Earnings 1,914 1, % 1,777 1, % Net Income 1,417 1, % 1,326 1, % EPS (IDR) % % Gross Profit Margin 20.8% 20.8% 0.1% 21.6% 20.8% -0.8% Operating Profit Margin 13.7% 13.0% -0.7% 13.8% 13.0% -0.8% Net Profit Margin 9.0% 8.0% -1.0% 7.8% 8.0% 0.2% AMRT PT Sumber Alfaria Trijaya reports its 3M15 financial results: AMRT (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 9,144 10, % 11,247 10, % Gross Profit 1,650 1, % 2,201 1, % Operating Profit % % Pretax Earnings Net Income EPS (IDR) Gross Profit Margin 18.0% 19.2% 1.2% 19.6% 19.2% -0.3% Operating Profit Margin 0.6% 0.3% -0.3% 3.1% 0.3% -2.8% Net Profit Margin 0.1% 2.2% MIDI PT Midi Utama Indonesia announced its 1Q15 results: MIDI (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 1,279 1, % 1,675 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 22.3% 24.9% 2.6% 27.1% 24.9% -2.2% Operating Profit Margin 1.6% 1.9% 0.2% 7.7% 1.9% -5.8% Net Profit Margin 0.6% 0.6% 0.0% 5.2% 0.6% -4.6%

3 MPPA PT Matahari Putra Prima published its 3m15 reports: MPPA (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 3,126 3, % 3,529 3, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 16.9% 17.8% 0.9% 17.9% 17.8% -0.1% Operating Profit Margin 2.6% 3.1% 0.4% 7.4% 3.1% -4.3% Net Profit Margin 1.6% 2.4% 0.8% 5.7% 2.4% -3.2% RALS PT Ramayana Lestari Sentosa has reported its 1Q15 financial results: RALS (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 1,185 1, % 1,234 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 34.5% 31.9% -2.7% 31.5% 31.9% 0.4% Operating Profit Margin 2.7% -2.9% -5.7% -3.0% -2.9% 0.1% Net Profit Margin 3.4% 0.5% -2.9% 1.2% 0.5% -0.7% MLBI PT Multi Bintang Indonesia published its 1Q15 financial report: MLBI (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 58.0% 54.2% -3.8% 63.5% 54.2% -9.2% Operating Profit Margin 37.3% 26.6% -10.7% 43.2% 26.6% -16.6% Net Profit Margin 25.0% 18.9% -6.1% 29.8% 18.9% -10.9% ULTJ PT Ultrrajaya Milk Industry & Trading Company has reported its 3m15 financial results: ULTJ (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 902 1, % 1,035 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 22.8% 32.5% 9.6% 25.8% 32.5% 6.7% Operating Profit Margin 10.3% 17.8% 7.5% 8.9% 17.8% 8.9% Net Profit Margin 9.9% 14.4% 4.5% 8.2% 14.4% 6.1%

4 RMBA PT Bentoel Internasional Investama announced its 1Q15 results: RMBA (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 3,268 3, % 3,702 3, % Gross Profit % % Operating Profit Pretax Earnings Net Income , EPS (IDR) Gross Profit Margin 6.2% 10.0% 3.8% 13.7% 10.0% -3.8% Operating Profit Margin Net Profit Margin MAPI PT Mitra Adiperkasa reported its 1Q15 results: MAPI (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 2,675 2, % 3,158 2, % Gross Profit 1,245 1, % 1,503 1, % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 46.5% 45.1% -1.4% 47.6% 45.1% -2.5% Operating Profit Margin 4.6% 4.0% -0.7% 5.3% 4.0% -1.3% Net Profit Margin 1.8% 0.4% -1.3% -1.2% 0.4% 1.6% KAEF PT Kimia Farma has recorded its 1Q15 financial results: KAEF (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 867 1, % 1,443 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 27.8% 29.7% 1.9% 30.9% 29.7% -1.1% Operating Profit Margin 1.1% 4.2% 3.1% 7.5% 4.2% -3.3% Net Profit Margin 2.7% 4.3% 1.6% 6.4% 4.3% -2.1% INAF PT Indofarma reported its financial results for 3M15: INAF (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit Pretax Earnings Net Income EPS (IDR) Gross Profit Margin 32.7% 27.8% -4.9% 17.4% 27.8% 10.4% Operating Profit Margin 9.0% Net Profit Margin 6.3%

5 KLBF PT Kalbe Farma revised its revenue and net income growth target in 2015 to 7-9% and 9-11%, respectively, from initial target of 11-13% and 14-16%. The revision takes into account the macro economy slowdown that is deemed to affect the business. On a separate note, KLBF announced its 3m 2015 result: KLBF (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 4,067 4, % 4,607 4, % Gross Profit 1,945 2, % 2,343 2, % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 47.8% 49.5% 1.7% 50.9% 49.5% -1.4% Operating Profit Margin 15.8% 16.1% 0.3% 16.4% 16.1% -0.3% Net Profit Margin 12.1% 12.4% 0.3% 12.2% 12.4% 0.2% ACES PT Ace Hardware Indonesia disclosed its 1Q15 financial results: ACES (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 1,075 1, % 1,188 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 49.3% 47.7% -1.6% 48.2% 47.7% -0.5% Operating Profit Margin 15.0% 13.0% -2.1% 17.4% 13.0% -4.4% Net Profit Margin 12.7% 11.4% -1.3% 15.1% 11.4% -3.7% ECII PT Electronic City Indonesia reported its 1Q15 results: ECII (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 19.1% 19.0% 0.0% 19.1% 19.0% -0.1% Operating Profit Margin 4.6% 2.1% -2.5% 5.4% 2.1% -3.3% Net Profit Margin 5.6% 3.8% -1.8% 5.1% 3.8% -1.3% RANC PT Supra Boga Lestari announced its 1Q15 results: RANC (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % -2 2 Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 25.6% 27.1% 1.4% 25.6% 27.1% 1.5% Operating Profit Margin 0.8% 0.5% -0.3% 0.5% Net Profit Margin 1.6% 1.0% -0.6% 0.5% 1.0% 0.5%

6 CSAP PT Catur Sentosa Adiprana has published its 3M15 financial report: CSAP (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 1,604 1, % 1,993 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 14.9% 14.6% -0.4% 11.5% 14.6% 3.0% Operating Profit Margin 2.6% 2.1% -0.5% 1.2% 2.1% 0.9% Net Profit Margin 1.2% 1.2% 0.0% 1.7% 1.2% -0.6% MYOR PT Mayora Indah announced its 3m 2015 result: MYOR (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 3,498 3, % 3,612 3, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 20.1% 27.4% 7.3% 21.8% 27.4% 5.6% Operating Profit Margin 10.1% 11.3% 1.2% 7.2% 11.3% 4.1% Net Profit Margin 3.4% 7.9% 4.5% 4.3% 7.9% 3.6% SIDO PT Industri Jamu dan Farmasi Sido Muncul reported its 1Q15 financial results: SIDO (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 37.7% 38.2% 0.5% 46.0% 38.2% -7.8% Operating Profit Margin 23.0% 27.2% 4.2% 20.9% 27.2% 6.3% Net Profit Margin 22.3% 23.2% 0.9% 16.2% 23.2% 6.9% PGAS PT Perusahaan Gas Negara published its Q financial results: PGAS (USD mn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (USD) % % Gross Profit Margin 36.9% 32.1% -4.8% 40.6% 32.1% -8.5% Operating Profit Margin 26.3% 21.3% -5.0% 21.0% 21.3% 0.3% Net Profit Margin 22.0% 15.7% -6.3% 14.6% 15.7% 1.1%

7 SMCB PT Holcim Indonesia reported its 1Q15 results: SMCB (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 2,356 2, % 3,025 2, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 29.2% 23.7% -5.6% 29.7% 23.7% -6.0% Operating Profit Margin 14.5% 6.7% -7.8% 11.5% 6.7% -4.9% Net Profit Margin 13.7% 1.5% -12.3% 3.3% 1.5% -1.8% INTP PT Indocement Tunggal Perkasa announced its 1Q15 results: INTP (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 4,500 4, % 5,829 4, % Gross Profit 1,974 1, % 2,739 1, % Operating Profit 1,245 1, % 1,795 1, % Pretax Earnings 1,443 1, % 2,025 1, % Net Income 1,134 1, % 1,555 1, % EPS (IDR) % % Gross Profit Margin 43.9% 44.5% 0.7% 47.0% 44.5% -2.4% Operating Profit Margin 27.7% 28.5% 0.8% 30.8% 28.5% -2.3% Net Profit Margin 25.2% 26.5% 1.3% 26.7% 26.5% -0.2% APLN PT Aung Podomoro Land reported its 1Q15 results: APLN (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 1, % 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 53.9% 54.2% 0.3% 50.3% 54.2% 3.8% Operating Profit Margin 34.3% 19.8% -14.5% 31.4% 19.8% -11.5% Net Profit Margin 25.4% 10.2% -15.2% 19.5% 10.2% -9.3% ASRI PT Alam Sutera Realty announced its 1Q15 results: ASRI (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 47.7% 77.3% 29.6% 74.5% 77.3% 2.8% Operating Profit Margin 38.4% 66.1% 27.8% 61.2% 66.1% 5.0% Net Profit Margin 35.6% 28.3% -7.3% 34.5% 28.3% -6.2%

8 BEST PT Bekasi Fajar announced its 1Q15 financial results: BEST (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 66.9% 73.0% 6.1% 61.3% 73.0% 11.7% Operating Profit Margin 55.4% 61.6% 6.2% 45.4% 61.6% 16.2% Net Profit Margin 57.3% 42.3% -15.0% 32.6% 42.3% 9.7% CTRA PT Ciputra Development disclosed its 1Q15 results: CTRA (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 1,202 1, % 2,117 1, % Gross Profit % 1, % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 48.1% 47.2% -0.9% 53.9% 47.2% -6.7% Operating Profit Margin 26.7% 26.9% 0.3% 36.0% 26.9% -9.0% Net Profit Margin 18.9% 16.0% -2.9% 20.9% 16.0% -4.9% CTRP PT Ciputra Property announced its 1Q15 results: CTRP (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 54.2% 49.1% -5.0% 61.9% 49.1% -12.8% Operating Profit Margin 31.0% 25.5% -5.5% 43.1% 25.5% -17.6% Net Profit Margin 12.0% 9.4% -2.6% 29.3% 9.4% -19.9% CTRS PT Ciputra Surya announced its 1Q15 results: CTRS (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 49.7% 46.9% -2.8% 48.6% 46.9% -1.7% Operating Profit Margin 33.5% 29.4% -4.0% 31.1% 29.4% -1.7% Net Profit Margin 37.7% 30.8% -6.9% 23.0% 30.8% 7.8%

9 DILD PT Intiland Development disclosed its 1Q15 results: DILD (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 52.1% 39.1% -13.0% 57.0% 39.1% -17.9% Operating Profit Margin 36.4% 25.5% -10.9% 30.4% 25.5% -5.0% Net Profit Margin 26.8% 20.0% -6.8% 24.2% 20.0% -4.2% GWSA PT Greenwood Sejahtera announced its 1Q15 results: GWSA (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 80.8% 85.8% 5.0% 34.0% 85.8% 51.8% Operating Profit Margin 70.7% -14.3% -2.4% 11.9% Net Profit Margin 103.6% 358.1% 254.5% 92.2% 358.1% 265.9% LPKR PT Lippo Karawaci reported its 1Q15 results: LPKR (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 1,998 2, % 5,534 2, % Gross Profit 988 1, % 2,530 1, % Operating Profit % 1, % Pretax Earnings % 2, % Net Income % 1, % EPS (IDR) % % Gross Profit Margin 49.5% 49.1% -0.4% 45.7% 49.1% 3.3% Operating Profit Margin 25.7% 25.6% 0.0% 33.3% 25.6% -7.7% Net Profit Margin 17.0% 17.1% 0.1% 27.0% 17.1% -9.9% LPCK PT Lippo Cikarang disclosed its 1Q15 results: LPCK (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 59.5% 58.1% -1.4% 49.3% 58.1% 8.8% Operating Profit Margin 53.5% 50.7% -2.8% 38.5% 50.7% 12.2% Net Profit Margin 48.1% 53.1% 4.9% 34.7% 53.1% 18.4%

10 MKPI PT Metropolitan Kentjana disclosed its 1Q15 results: MKPI (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 56.7% 58.4% 1.7% 57.0% 58.4% 1.4% Operating Profit Margin 50.8% 51.6% 0.8% 46.0% 51.6% 5.6% Net Profit Margin 36.5% 48.6% 12.1% 42.2% 48.6% 6.4% PLIN PT Plaza Indonesia Realty reported its 1Q15 results: PLIN (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 63.7% 63.1% -0.5% 59.1% 63.1% 4.0% Operating Profit Margin 35.5% 35.8% 0.3% 32.2% 35.8% 3.5% Net Profit Margin 41.5% 15.0% -26.5% 18.4% 15.0% -3.4% PJAA PT Pembangunan Jaya Ancol announced its 1Q15 results: PJAA (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 37.4% 37.7% 0.3% 52.8% 37.7% -15.1% Operating Profit Margin 17.1% 21.8% 4.7% 28.5% 21.8% -6.7% Net Profit Margin 9.2% 3.7% -5.4% 38.7% 3.7% -35.0% PWON PT Pakuwon Jati has prepared standby loan of IDR 1 trillion from its syndicated bank loans to fund its capital expenditure this year. The total capex for the year is IDR 2.4 trillion, which will be used to fund projects development. On a separate note, PWON announced its 1Q15 results: PWON (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 825 1, % 1,156 1, % Gross Profit % % Operating Profit % % Pretax Earnings % 1, % Net Income % 1, % EPS (IDR) % % Gross Profit Margin 57.9% 58.8% 0.9% 46.1% 58.8% 12.7% Operating Profit Margin 51.7% 52.7% 1.1% 38.5% 52.7% 14.2% Net Profit Margin 47.2% 28.1% -19.1% 103.8% 28.1% -75.7%

11 SMRA PT Summarecon Agung reported its 1Q15 results: SMRA (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 53.2% 61.5% 8.3% 57.1% 61.5% 4.4% Operating Profit Margin 37.6% 41.1% 3.4% 39.3% 41.1% 1.7% Net Profit Margin 29.3% 26.2% -3.1% 30.5% 26.2% -4.2% WIKA PT Wijaya Karya announced its 1Q15 results: WIKA (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 2,792 2, % 3,858 2, % Gross Profit % % Gross Profit incl. JV % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 11.3% 9.2% -2.1% 12.6% 9.2% -3.4% Operating Profit Margin 10.0% 7.6% -2.4% 14.9% 7.6% -7.4% Net Profit Margin 6.0% 3.1% -2.9% 5.6% 3.1% -2.5% WTON PT Wijaya Karya Beton reported its 1Q15 results: WTON (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 15.7% 8.0% -7.8% 15.7% 8.0% -7.7% Operating Profit Margin 14.0% 3.8% -10.2% 13.1% 3.8% -9.3% Net Profit Margin 9.8% 4.0% -5.9% 11.0% 4.0% -7.0% WSKT PT Waskita Karya announced its 1Q15 results: WSKT (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 1,035 1, % 5,006 1, % Gross Profit % % Gross Profit incl. JV % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 10.7% 11.2% 0.5% 12.2% 11.2% -0.9% Operating Profit Margin 6.7% 7.0% 0.3% 10.8% 7.0% -3.8% Net Profit Margin 0.7% 0.9% 0.2% 7.4% 0.9% -6.6%

12 WSKT PT Waskita Karya will issue 4.07 billion new shares series B (29.1% of total issue and paid up capital) in June The proceeds will be used to fund the electricity transmission development in Sumatra and Java Island toll. TOTO PT Surya Toto Indonesia disclosed its 1Q15 results: TOTO (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 28.9% 26.6% -2.2% 17.6% 26.6% 9.1% Operating Profit Margin 22.5% 19.5% -3.0% 10.9% 19.5% 8.5% Net Profit Margin 17.1% 15.6% -1.5% 8.4% 15.6% 7.2% SAME PT Sarana Meditama Metropolitan started the development of its new hospital, located in Cikarang. The company estimated that the new hospital will cost circa USD 30 million, and to be completed in the second quarter of On a separate note, SAME has reported its 3M15 results: SAME (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 48.8% 50.3% 1.5% 50.0% 50.3% 0.4% Operating Profit Margin 21.0% 24.4% 3.4% 20.9% 24.4% 3.5% Net Profit Margin 13.1% 11.9% -1.2% 14.1% 11.9% -2.2% INKP PT Indah Kiat Pulp & Paper announced its 1Q15 results: INKP (USD mn) 3m m 2015 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (USD) % % Gross Profit Margin 17.5% 20.3% 2.9% 18.5% 20.3% 1.8% Operating Profit Margin 8.2% 10.4% 2.2% 8.8% 10.4% 1.6% Net Profit Margin 3.5% 8.7% 5.2% 5.3% 8.7% 3.4%

13 CPIN PT Charoen Pokphand Indonesia disclosed its 1Q15 results: CPIN (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 6,720 7, % 7,367 7, % Gross Profit 1,130 1, % 745 1, % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 16.8% 17.3% 0.4% 10.1% 17.3% 7.2% Operating Profit Margin 12.3% 12.3% 0.0% 3.4% 12.3% 8.9% Net Profit Margin 9.8% 5.7% -4.1% 0.5% 5.7% 5.3% JPFA PT Japfa Comfeed Indonesia disclosed its 1Q15 results: JPFA (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 5,675 5, % 5,765 5, % Gross Profit % % Operating Profit % % Pretax Earnings Net Income EPS (IDR) Gross Profit Margin 13.1% 11.4% -1.7% 14.0% 11.4% -2.6% Operating Profit Margin 2.5% 1.9% -0.6% 4.7% 1.9% -2.9% Net Profit Margin 0.9% 0.1% MAIN PT Malindo Feedmill announced its 1Q15 results: MAIN (IDR bn) 3m m 2015 YoY Q Q QoQ Revenue 1,084 1, % 1,106 1, % Gross Profit % Operating Profit % Pretax Earnings Net Income EPS (IDR) Gross Profit Margin 12.0% 6.7% -5.3% 6.7% Operating Profit Margin 6.0% 0.4% -5.6% 0.4% Net Profit Margin 5.4%

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