Alpha Southeast Asia 2014 Best Research Call FMCG Sector

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1 Asiamoney s Finance Asia's 30 October Beacon Indonesia Morning Brief IDX: 4,472 (-3.0%) Turnover: IDR4.6tn (+22.7%) Foreign net SELL: IDR998.8bn (+167.8%) RESULT FLASH Bank Mandiri (BMRI IJ): 3Q15 results: Below consensus on worsening loan quality Analyst: Teguh Hartanto Outlook: Gross NPL expected to peak in 2Q16, at 3.6% Astra International (ASII IJ): 3Q15 results: Poor as expected, on weak auto and plantation segments Analyst: Leonardo Henry Gavaza, CFA Outlook: Weaker market share and margins expected to persist United Tractors (UNTR IJ): 3Q15 results: Better than expected, but REDUCE on earnings prospects Analyst: Leonardo Henry Gavaza, CFA Outlook: Commodity exposure likely to prove challenging Jasa Marga (JSMR IJ): 3Q15 results: Below our and consensus estimates Analyst: Bob Setiadi Outlook: Indirect and direct support from gov t during expansion phase AKR Corporindo (AKRA IJ): 3Q15 results: weak on 8% lower volume and ASP Analyst: Arandi Ariantara Outlook: government spending improvement should provide support Salim Ivomas Pratama (SIMP IJ): 3Q15 results: Margin expansion despite low CPO prices Analyst: Agustinus Reza Kirana Outlook: New mills operating both upstream and downstream lines TODAY S NEWS POLITICS Thousands of people to hold a demonstration today Democratic Party joins chorus of criticism over Indonesia s planned entry into TPP ECONOMICS 9 factions except Gerindra approved 2016 state budget INDUSTRY China Minsheng Investment Corp to build USD5bn industrial park in West Java CORPORATE ICBP 3Q15 results: Operating in line, bottom line below INDF 3Q15 results: Well below our and consensus estimates IMAS: Disappointing net loss of IDR120bn TELE: In-line net profit; higher-than-expected operating profit on solid margin MYOR 3Q15 results: Above our and consensus estimates KAEF 3Q15 results: Above our and consensus estimates TSPC 3Q15 results: In line with our and consensus estimates TINS 3Q15 results: Well below our and consensus estimates ANJT: Disappointing 3Q15 net loss of USD8mn APLN 3Q15: Disappointing BSDE 3Q15: Below expectation on slow handovers, increased G&A expenses LSIP: In-line 3Q15 net profit of IDR161bn, +3.2% q-q but -27% y-y SGRO: Above expectation 3Q15 net profit of IDR96bn, +18% q-q but -23% y-y PWON 3Q15: Underachievement on slower revenue recognition, higher interest costs Wika Gedung to develop property projects worth IDR6tn Semen Indonesia plans to expand its business to Aceh and NTT Bank Bukopin targets 100 agents for launching its branchless banking Mal Alam Sutera bombing an extortion case ECONOMIC INDICATORS MARKET DATA 14A 15F 16F 14A 15F 16F Cur acc bal (%GDP) (3.0) (2.0) (2.3) Op.prof.gwt.(%) Fiscal bal (%GDP) (2.3) (2.2) (2.2) EPS growth (%) GDP growth (%y-y) P/E (x) Private spending (%) PEG (x) 1.8 na 1.6 Investment (%y-y) EV/EBITDA (x) Total exports (%y-y) P/BV (x) Total imports (%y-y) P/BV exc Inflation (%y-y) Div. Yield (%) IDR/USD 12,385 14,000 14,500 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) 22,819.9 (0.6) (3.3) (4.2) IDX (Indonesia) 4,472.0 (3.0) (14.4) (11.9) KLCI (Mal.) 1,667.0 (1.2) (5.4) (9.4) KOSPI (Korea) 2,034.2 (0.4) Nikkei (Japan) 18, PCOMP (Phil.) 7,189.3 (1.4) (0.6) 1.4 SENSEX (India) 26,863.8 (0.7) (2.3) (0.9) SET (Thailand) 1,395.7 (1.0) (6.8) (10.7) SHCOMP (China) 3, SHENZHEN (China) 2, STI (Singapore) 3,001.5 (1.3) (10.8) (6.9) TWSE (Taiwan) 8,571.1 (1.1) (7.9) (3.7) VNI (Vietnam) Europe, USA and Ems CAC 40 (France) 4,885.8 (0.1) DAX (Germany) 10,800.8 (0.3) Dow Jones (USA) 17,755.8 (0.1) (0.4) 3.3 FTSE 100 (UK) 6,395.8 (0.7) (2.6) (1.0) IBOV (Brazil) 45,628.4 (2.4) (8.8) (10.6) MEXBOL (Mexico) 44,634.8 (0.2) NGSEINDX (Nigeria) 29, (15.0) (22.5) Nasdaq (USA) 5,074.3 (0.4) RTSI (Russia) (1.8) 6.2 (23.6) S&P 500 (USA) 2,089.4 (0.0) XU100 (Turkey) 78,536.3 (0.2) (8.4) (1.3) Source: Bloomberg ETF, ADR & COMMODITIES Last Chg% ytd % y-y % EEM US (USD) 34.8 (0.9) (11.4) (16.3) EIDO US (USD) 20.3 (3.5) (26.1) (25.7) TLK US (IDR) 2,723 (0.5) (11.3) (10.3) Como Index (USD) (0.5) (15.6) (28.8) Coal (USD/t) (15.0) (17.8) Corn (USD/mtn) Coffee (USD/t) 2, (22.0) (29.4) Copper (USD/t) 5,161.0 (1.1) (18.8) (24.7) Cotton (USD/t) 1,373.9 (0.6) 3.4 (4.6) CPO Rott (USD/t) (1.6) (16.4) (21.5) Gold (USD/oz.) 1,147.5 (1.0) (3.2) (4.3) Iron ore (USD/mtn) 51.0 (3.2) (26.4) (35.6) Milk (USD/cwt) 15.4 (0.3) (6.9) (11.2) Nickel (USD/t) 10,475.0 (0.1) (29.9) (32.8) Oil Brent (USD/barrel) 48.8 (0.5) (14.9) (44.0) Rice (IDR/kg) 4, Rubber (USD/t) (20.1) (24.6) Silver (USD/oz) 15.6 (1.9) (0.5) (5.3) Soybean oil (USD/t) (0.8) (12.8) (18.4) Steel (USD/t) (0.4) (36.1) (36.0) Sugar (USD/t) (22.3) (29.7) Tins (USD/t) 15,005.0 (3.5) (23.1) (25.5) Wheat (USD/t) (16.2) (12.5) Source: Bloomberg, CEIC CURRENCIES & RATES Last Prev. Ytd % y-y % AUD/1USD EUR/1USD IDR/1USD 13,645 13,483 (9.2) (11.5 JPY/1USD (1.0) (9.8)) SGD/1USD (5.5) (8.9) JIBOR (%) BI rate (%) (0.3) 0.0 TD 1 month (%) (0.0) (0.0) CDS (bps) Source: Bloomberg Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. should consider this report as only a single factor in making their investment decision.

2 POLITICS Thousands of people to hold a demonstration today Tens of thousands of people plan to hold a demonstration in front of the palace today including the executive body of the entire Indonesian university students (BEM SI) and workers. The national police have prepared hundreds of personnel to ensure security within the city. The demonstration is against the government regulation (PP) No. 78 on wage adjustments. (Kompas). Bahana comment: With the new wage formula (i.e. GDP growth + inflation), Indonesia may see single digit minimum wage growth next year. Note that in the past five years, average minimum wage hike has been more than 13%, the highest in the region. Democratic Party joins chorus of criticism over Indonesia s planned entry into TPP The Democratic Party belonging to former President SBY stated that Indonesia is not yet ready to face the competition by joining TPP, citing inadequate infrastructure and low public awareness about the TPP and its cost and benefits. (Jakarta Globe) ECONOMICS 9 factions except Gerindra approved 2016 state budget The has approved the 2016 state budget of IDR2,096tn despite Gerindra s concern on capital injections for SOEs, tax revenues, the special allocation fund and tax amnesty. (Detik.com). Bahana comment: This should provide some positive sentiment for the market as investors were concerned yesterday that the 2016 state budget may not be approved. INDUSTRY China Minsheng Investment Corp to build USD5bn industrial park in West Java China Minsheng Investment Corp. (CMI), an international private financial investment group, will build USD5bn industrial park in West Java as part of the One Belt, One Road (OBOR) strategy of the Chinese government to boost connectivity and commerce between Asia and Europe. (The Jakarta Post) CORPORATE ICBP 3Q15 results: Operating in line, bottom line below Indofood Consumer Branded Products (ICBP IJ-BUY-IDR13,325-TP:IDR15,650) booked slightly lower than expected net profit of IDR706bn, down 25% q-q and 4.7% y-y, on soft sales and higher financing charges. We will be revisiting our numbers following the release of this set of results. ICBP IJ 3Q15 Result summary (IDRb) 3Q14 2Q15 3Q15 (%) (%) 3Q15F 9M15 (%) F Cons. Sales 7,262 8,584 7,545 (12.1) , Gross profit 2,112 2,726 2,315 (15.1) 9.6 7, Selling expenses 944 1,169 1,021 (12.7) 8.2 3, General and adm. expenses (20.2) (0.5) 1, Operating profit 853 1, (15.7) , Net interest income/(expense) (71) (219.8) (161.7) 21.6 (86.6) Forex gain (loss) Na Na 0.0 Na Others (18) (183.9) (183.6) (12.4) (117.6) Pretax profit 991 1, (28.4) (10.0) 3, Taxation (260) (279) (236) (15.3) (9.0) (806.5) 12.1 Net profit (25.1) (4.7) , BS & Ratio analysis 3Q14 2Q15 3Q15 9M14 9M15 F 2016F 2017F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Inventory Days Receivable Days Payable Days Total cash 6,272 6,235 6,126 6,272 6,126 7,980 8,043 7,944 Total debt 3,099 2,912 2,959 3,099 2,959 4,485 5,008 5,037 Net gearing (%) nc nc nc nc nc nc nc nc PT Bahana Securities Equity Research Bahana Beacon - The Daily

3 INDF 3Q15 results: Well below our and consensus estimates Indofood Sukses Makmur (INDF IJ-BUY-IDR5,650-TP:IDR5,800) booked a disappointing set of results with top to bottom line coming off on a q-q as well as y-y basis. The company s recorded a net loss of IDR47bn in 3Q15, mainly due to higher forex and interest costs coming from its agribusiness division. We will revisit our numbers following this result release. INDF IJ 3Q15 Result summary (IDRb) 3Q14 2Q15 3Q15 (%) (%) 3Q15F 9M15 (%) F Cons. Sales 15,398 17,614 14,929 (15.2) (3.0) , Gross profit 4,034 4,844 3,915 (19.2) (3.0) 12, Selling expenses 1,531 1,905 1,616 (15.2) 5.6 5, General and adm. expenses (8.6) (11.0) 2,581.2 (7.9) Operating profit 1,553 2,014 1,453 (27.9) (6.4) ,082.5 (3.2) Finance income/(expense) (229) (917) (1,411) (2,518.2) Others 17 (34) 12 (134.4) (30.7) 58.5 (23.3) Pretax profit 1,279 1, (96.3) (95.8) 2,622.8 (44.4) Taxation (374) (519) (97) (81.3) (74.1) (937.4) (25.8) Net profit (47) (105.5) (106.3) (6.2) 1,683.6 (45.2) BS & Ratio analysis 3Q14 2Q15 3Q15 9M14 9M15 F 2016F 2017F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) (0.3) Inventory Days Receivable Days Payable Days Total cash 13,765 12,404 11,584 13,765 11,584 12,342 12,787 11,972 Total debt 32,263 24,695 25,450 32,263 25,450 33,416 30,860 29,222 Net gearing (%) IMAS: Disappointing net loss of IDR120bn On weak margins, Indomobil Sukses Internasional (IMAS IJ-REDUCE-IDR2,710-TP:IDR2,000) reported a disappointing 3Q15 net loss of IDR120bn, resulting in a 9M15 net loss of IDR189bn. IMAS booked 3Q15 revenue of IDR4tn (94% of our 3Q15F), -7% q-q and -18% y-y on weak sales volume. Due to huge operating costs and weak revenue, IMAS booked a disappointing operating loss of IDR20bn. IMAS IJ 3Q15 Results summary (IDRb) 3Q14 2Q15 3Q15 (%) (%) 3Q15F 9M15 (%) F Cons Sales 4,944 4,340 4,041 (6.9) (18.3) ,428 (5.3) Gross Profit (9.6) 2.1 2, Operating expense (631) (645) (665) (1,935) 11.7 Operating profit 0 69 (20) (128.9) na (28.9) 77 (51.8) Net int. income/(expense) (183) (171) (170) (0.6) (6.8) (495) (1.0) Other income/(expense) (28) (75.5) Pretax profit (211) 9 (105) na (50.3) (38) (72.3) (53.7) (14.9) Taxation 4 (81) (12) (85.4) (396.5) (121) Minority Interest (22) (12) (3) (73.1) (86.0) (30) 35.8 Net profit (229) (84) (120) 43.1 (47.7) na (189) 5.0 na (75.0) BS & Ratio analysis 3Q14 2Q15 3Q15 9M14 9M15 F 2016F 2017F Gross margin (%) Operating margin (%) (0.5) Pretax margin (%) (4.3) 0.2 (2.6) (1.0) (0.3) Net margin (%) (4.6) (1.9) (3.0) (1.3) (1.4) (0.8) (0.2) 0.2 Inventory days Receivable days Payable Days Total cash (IDRb) 1, , ,134 1,310 1,347 Total debt (IDRb) 12,902 14,496 14,496 12,902 14,496 13,496 15,466 16,766 Net gearing (%) 1, PT Bahana Securities Equity Research Bahana Beacon - The Daily 3

4 TELE: In-line net profit; higher-than-expected operating profit on solid margin Tiphone Mobile Indonesia (TELE IJ-BUY-IDR700-TP:IDR1,180) reported in-line 3Q15 net profit of IDR107bn (104% of our 3Q15F), +10% q-q and -36% y-y, resulting in 9M15 earnings of IDR290bn, +20% y-y, representing 70% of our and 77% of consensus full-year estimates. TELE booked higher-than-expected revenue of IDR5.7tn, +14% q-q and 48% y- y, on higher revenue from the voucher business. On the operating front, TELE booked solid 3Q15 operating profit of IDR267bn (177% of our 3Q15F), +43% q-q and 74% y-y, on a strong operating margin of 4.7% (2Q15: 3.7%; 3Q14: 4.0%). However, TELE booked stronger-than-expected 3Q15 interest expense of IDR104bn,+82% q-q and 208% y-y. We maintain our positive view on TELE on solid voucher segment growth. TELE IJ 3Q15 Results summary (IDRb) 3Q14 2Q15 3Q15 (%) (%) 3Q15F 9M15 (%) F Cons. Sales 3,871 5,014 5, , Operating expenses (74) (93) (98) (294) 54.5 Operating profit Net int. income/(expense) (28) (54) (101) (202) Forex gain (expenses) Other income/(expense) (9) (3) 13 (554.8) (243.0) Pretax profit Taxation 52 (33) (37) 13.5 (171.7) (100) 24.2 Net profit (36.2) BS & Ratio analysis 3Q14 2Q15 3Q15 9M14 9M15 F 2016F 2017F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Inventory days Receivable days Payable Days Total cash (IDRb) , , Total debt (IDRb) 1,934 3,143 2,991 1,934 2,991 1,738 1,438 1,864.0 Net gearing (%) MYOR 3Q15 results: Above our and consensus estimates On huge forex gains, Mayora Indah (MYOR IJ-BUY-IDR27,300-TP:IDR28,800) booked 3Q15 net profit of IDR275bn, down 14.4% q-q, above our and consensus estimates. This translated into 9M15 net profit of IDR869bn, up 250% y-y. On a soft commodities price recovery, the 3Q15 GPM slightly corrected to 29% from 29.3% in 2Q15. Following the high gross margins this year, MYOR has spent much more on A&P (11.6% of sales vs 5.9% in 9M14). 9M15 export sales increased to 46.8% of total sales, compared to 36.8% in 9M14, due to a domestic sales contraction in 9M15. (Company) Bahana comment: We expect the weak trend to continue in 4Q15. The growth driver should still come from the company s move to high-margin BPJS medical equipment, which should commence in MYOR IJ 3Q15 results summary q-q y-y 3Q15 y-y 9M15 9M15 9M14 9M13 (IDRb) 3Q14 2Q15 3Q15 (%) (%) 3Q15 9M15 (%) F Cons. Sales 3,140 4,083 3,151 (22.8) , Gross profit 338 1, (23.8) , Operating expense (9.2) , Operating profit (41.7) 6, , Net interest income/(expense) (84) (85) (90) (272) Forex gain (expenses) , (804.0 (1, Other income/(expense) (3) (12) (3) (73.4) 7.96 (21) 85.5 ) ) Pretax profit (75) (22.5) (596. 1, Taxation 19 (149) (87) (41.8) ( ) (323) Minority interest 1 (7) (8) 19.4 (1,038) (23) Net Profit (55) (14.4) (598..4) BS & ratio analysis 3Q14 2Q15 3Q15 5) 9M14 9M15 F F 2016F 2017F Gross margin (%) Operating margin (%) Pretax margin (%) (2.4) Net margin (%) (1.8) Inventory Days Receivable Days Payable Days Total cash 1,162 1,300 1,878 1,105 1,162 1, ,341 3,832 4,390 Total debt 3,778 3,976 4,088 3,611 3,778 4,088 4,603 6,758 7,394 7,749 Net gearing (%) Source: Bahana estimates, company PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

5 KAEF 3Q15 results: Above our and consensus estimates Kimia Farma (KAEF IJ-BUY-IDR870-TP:IDR1,060) booked 3Q15 net profit of IDR86bn, up 156% q-q and 17.5% y-y, above our estimates, but below the consensus figure. This translated into 9M15 net profit of IDR164bn, up 13.7% y-y. Despite continued IDR depreciation, the GPM rose to 30.9% in 9M15, versus 29.2% in 9M14, due to improved operating efficiencies and higher ASP. (Company) Bahana comment: We expect 4Q15 performance to remain strong on a higher e-catalogue tender of around IDR500bn, up around 20% y-y, which should be booked in 4Q15. KAEF IJ 3Q15 results summary q-q y-y 3Q15 y-y 9M15 9M15 9M14 9M13 (IDRb) 3Q14 2Q15 3Q15 (%) (%) 3Q15 9M15 (%) F Cons. Sales 1,178 1,094 1, , Gross profit , Operating expense Operating profit Net interest income/(expense) (1) (4) (8) (15) Forex gain (expenses) (5) (0) 0 (137.0 (102.3 (0) (71.3) (1.9) (10.5) (542.4 Other income/(expense) (46.7) (33.4) 32 (1.5) Pretax profit Taxation (34) (12) (28) (17.1) (59) Minority interest (0) (1) (1) (21.2) (3) Net Profit BS & ratio analysis 3Q14 2Q15 3Q15 9M14 9M15 F F 2016F 2017F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Inventory Days Receivable Days Payable Days Total cash Total debt Net gearing (%) nc nc nc nc Source: Bahana estimates, company TSPC 3Q15 results: In line with our and consensus estimates Tempo Scan Pacific (TSPC IJ-BUY-IDR1,700-TP:IDR2,000) booked 3Q15 net profit of IDR146bn, up 3.5% q- q and 9.3% y-y, in line with our and consensus estimates. This translated into 9M15 net profit of IDR520bn, down 5.1% y-y. On continued IDR depreciation and pricing competition, TSPC s 9M15 GPM corrected 20bps to 38.9%. Additionally, due to much higher salaries and rental expense in 9M15, the operating margin dropped 1.2pp to 9.1%. The top line remained weak in 9M15, at 9.7% y-y growth, on a lack of new product launches. (Company) Bahana comment: We expect the weak trend to continue in 4Q15. The growth driver should still come from the company s move to high-margin BPJS medical equipment, which should commence in TSPC IJ 3Q15 results summary 9M14/ (IDRb) 3Q14 2Q15 3Q15 (%) (%) 3Q15F 9M15 (%) F Cons. Sales 1,859 2,066 2,005 (3.0) , Gross profit , Operating expense , Operating profit (15.0) (3.2) Net interest income/(expense) (46.5) (41.3) 52 (16.5) Forex gain (expenses) (12) 3 (10) (431) (17) (10) (20.2) na 1,252 Other income/(expense) (63.0) (71.1) 29 (42.6) Pretax profit (18.4) (5.2) Taxation (8) (51) (12) (75.8) 63.5 (96) (3.8) Minority interest (1) (2) 0 (106.5) (110.8) (2) (48.5) Net Profit (5.1) BS & ratio analysis 3Q14 2Q15 3Q15 9M14 9M15 F F 2016F 2017F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Inventory Days Receivable Days Payable Days Total cash 1,290 1,789 1,408 1,290 1,408 1,460 1,609 1,498 1,514 Total debt Net gearing (%) nc nc nc nc nc nc nc nc nc Source: Bahana estimates, company PT Bahana Securities Equity Research Bahana Beacon - The Daily 5

6 TINS 3Q15 results: Well below our and consensus estimates Timah (TINS IJ-REDUCE-IDR635-TP:IDR500) booked 3Q15 net profit of IDR5bn, down by 78% q-q despite a gross profit increase of 110% q-q on 4% lower COGS growth. Sales volume slipped 2% q-q while the ASP was up 1% q-q to USD16,039/mt. In 9M15, ASP fell by 27% y-y due to declining demand on the economic downturn in China, but the 45% y-y sales volume rise supported 18% y-y 9M15 sales growth. The 9M15 net profit fell by 98% y-y to IDR10bn and was below our expectation and far from consensus, representing 32% of our estimate and only 2% of consensus. TINS IJ 3Q15 Results summary (IDRbn) 3Q14 2Q15 3Q15 (%) (%) 3Q15F 9M15 (%) F Cons. Sales 1,610 1,860 1, , Gross profit (40) 508 (52) Operating expense (37) (28) 434 (3) Operating profit 251 (61) 133 na (47) na 74 (88) Net interest income/(exp) (26) (31) (31) 1 22 (91) 54 Other income/(expenses) (47) (139) (410) 86 (19) Pretax profit (82) 56 (91) Taxation (103) 4 (28) (736) (72) 31 (84) Discontinued operations (17) (3) (9) 202 (49) (15) (12) Net profit (78) (96) (98) 32 2 Sales data & ratio analysis 3Q14 2Q15 3Q15 9M14 9M15 A F 2016F Sales volume (mt) 6,001 8,792 8,658 (2) 44 15,664 22,754 26,907 22,440 24,720 ASP (USD/mt) 21,849 15,868 16,039 1 (27) 22,668 16,516 21,686 22,000 23,000 Gross margin (%) Operating margin (%) 15.6 (3.3) Net margin (%) Total Cash (USDm) Total Debt (USDm) 2,077 2,448 2, ,310 2,334 2,342 2,385 Net gearing (%) Source: Bahana estimates, company ANJT: Disappointing 3Q15 net loss of USD8mn On the back of the delayed project development in Papua which resulted in early deal terminations with contractors (-USD8mn) and forex losses (-USD2mn), Austindo Nusantara Jaya (ANJT IJ-REDUCE-IDR1,610- TP:IDR540) booked a much higher net loss of USD8mn in 3Q15, following a 2Q15 net loss of USD676k. This resulted in a 9M15 net loss of USD7.7mn, which is way below our full-year forecast. ANJT IJ 3Q15 Results summary (USDmn) 3Q14 2Q15 3Q15 (%) (%) 3Q15F 9M15 (%) F Cons. Sales (22.2) (31.3) (18.8) 69.5 na Gross profit (42.9) 31 (40.8) Operating expense (5) (7) (7) (6.6) 40.4 (21) 5.4 Operating profit (67.4) (68.3) 58.0 na Net interest income/(expense) 0 (0) 0 (112.4) 25.7 (0) (541.6) Forex gain/(loss) (1) (1) (2) (33.5) (69.6) Other income/(expense) 3 0 (11) (524.2) (377.4) (11) Pretax profit 18 2 (5) (357.7) (129.6) (0) (101.0) Taxation (5) (3) (2) (11.3) (52.7) (8) (38.0) Minority interest Net profit 13 (1) (8) 1,062.5 (159.3) (246.1) (8) (145.2) (84.3) na BS & ratio analysis 3Q14 2Q15 3Q15 9M14 9M15 F 2016F 2017F Gross margin (%) Operating margin (%) Pretax margin (%) (19.6) 24.5 (0.3) Net margin (%) 32.6 (1.9) (28.1) 14.3 (8.0) Inventory days Receivable days Payable Days Total cash Total debt Net gearing (%) nc nc PT Bahana Securities Equity Research Bahana Beacon - The Daily 6

7 APLN 3Q15: Disappointing Agung Podomoro Land (APLN IJ-REDUCE-IDR280) booked IDR1.1tn in 3Q15 revenue, down 35.8% q-q and 5.9% y-y, making up just 84% of our 3Q15 forecast. This brings 9M15 revenue to IDR3.9tn, just 69.1% of our full-year expectation and 44% of the consensus. While margins were broadly in line with our expectations, the increased JV projects resulted in minority interest jumping threefold y-y in 9M15, and a dismal earnings performance. We are reviewing our numbers and will publish a note shortly after speaking to APLN s management. APLN IJ 3Q15 Result summary (IDRbn) 3Q14 2Q15 3Q15 (%) (%) 3Q15F 9M15 (%) F Cons. Sales 1,215 1,781 1,144 (35.8) (5.9) , Gross profit (40.2) (18.9) 1, Operating expense (1.6) 1, Operating profit (70.2) (42.0) Net interest inc. (expenses) (135) (147) (131) (11.4) (3.1) (343) 11.5 Forex gain (expenses) Other income/(expenses) (33.3) Pretax profit (75.9) (58.5) Taxation (64) (90) (56) (38.1) (13.0) (199) 7.1 Minority interest (44) (113) (37) (67.0) (15.7) (200) Net profit (94.0) (90.3) (28.9) Sales data & ratio analysis 3Q14 2Q15 3Q15 9M14 9M15 F 2016F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Receivable Days Payable Days Total cash 3,775 3,541 3,288 3,775 3,288 4,336 3,514 3,756 Total debt 6,164 6,448 6,379 6,164 6,379 6,474 7,697 9,396 Net gearing (%) BSDE 3Q15: Below expectation on slow handovers, increased G&A expenses Bumi Serpong Damai (BSDE IJ-HOLD-IDR1,615-TP:IDR2,020) booked IDR1.3tn in 3Q15 revenue, down 27.3% q-q and 14.6% y-y, slightly below our expectation at 91.2% of our 3Q15F revenue. Its 9M15 revenue of IDR4.6tn is also slightly below our and consensus expectations, at 70.1% and 67.1% of our respective full-year estimates. A significant increase in G&A expenses (+23.8% y-y in 9M15), however, caused operating profit to reach just 67.2% of our expectation and 69.3% of the consensus, thereby leading to the disappointing net profit. BSDE IJ 3Q15 Result summary (IDRbn) 3Q14 2Q15 3Q15 (%) (%) 3Q15F 9M15 (%) F Cons. Sales 1,483 1,743 1,266 (27.3) (14.6) , Gross profit 1,166 1, (22.9) (18.7) 3, Selling expense (1.1) G&A expense Operating profit (40.4) (37.3) , Net interest inc. (expenses) (20) (25) (24) (5) (113) (72.7) (93.3) ,704 (199) Forex gain (expenses) Other income/(expenses) (4) (3) 18 (652.0) (558.9) 37 (60.8) Income from associates 29 (3) (0) (86.8) (101.6) 0 (100.0) Pretax profit (42.5) (41.2) 2,155 (39.3) Taxation (84) (98) (74) (24.3) (11.7) (262) 16.7 Minority interest (32) (57) (58) (164) 35.7 Net profit (49.4) (51.1) ,729 (46.1) Sales data & ratio analysis 3Q14 2Q15 3Q15 9M14 9M15 F 2016F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Receivable Days Payable Days Total cash 3,444 6,889 6,747 3,444 6,747 2,967 3,597 1,857 Total debt 4,233 7,574 7,785 4,233 7,785 4,307 7,380 7,500 Net gearing (%) PT Bahana Securities Equity Research Bahana Beacon - The Daily 7

8 LSIP: In-line 3Q15 net profit of IDR161bn, +3.2% q-q but -27% y-y London Sumatra (LSIP IJ-HOLD-IDR1,560-TP:IDR1,450) reported an in-line 3Q15 net profit of IDR161bn (96% of our 3Q15 estimate), +3.2% q-q but -27% y-y, resulting in 9M15 earnings of IDR470bn, -33% y-y. These 9M15 earnings account for 64% of our and 65% of consensus full-year forecasts. 3Q15 revenue reached IDR997bn, -16% q-q and 14% y-y, on the back of low CPO sales volumes and prices. LSIP IJ 3Q15 Result summary (IDRb) 3Q14 2Q15 3Q15 (%) (%) 3Q15F 9M15 (%) F Cons. Sales 1,152 1, (16.3) (13.5) ,076.4 (12.7) Gross profit (12.6) (27.0) (28.7) Operating expense (121) (131) (119) (9.0) (1.5) (362.0) 11.4 Operating profit (14.8) (37.7) (42.6) Net interest income/(expense) (81.3) (78.1) 38.1 (7.1) Other income/(expense) (19) (15) 26 (278) (237) 36 (148) Pretax profit (1.4) (26.1) (32.3) Taxation (62) (55) (47) (14.4) (23.3) (143.3) (30.6) Net profit (26.9) (32.8) BS & ratio analysis 3Q14 2Q15 3Q15 9M14 9M15 F 2016F 2017F CPO sales volumes (k tons) Average selling price (IDR/kg) 7,833 7,378 6,614 8,438 7,219 7,535 8,429 8,610 Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Inventory days Receivable days Payable days Total cash (IDRb) 1, , ,142 1,117 1,230 Total debt (IDRb) Net gearing (%) nc nc nc nc nc nc nc nc SGRO: Above expectation 3Q15 net profit of IDR96bn, +18% q-q but -23% y-y On the back of stronger sales volumes, Sampoerna Agro (SGRO IJ-BUY-IDR1,100-TP:IDR1,900) booked an in-line 3Q15 revenue of IDR825bn (105% of our forecast), +4% q-q but -20% y-y. 3Q15 net profit reached IDR96bn, +18% q-q but -23% y-y, resulting in 3Q15 net margin of 11.4% (2Q15:10.4%) and 9M15 net profit of IDR195bn, -37% y-y. This above expectation 9M15 set of results represent 80% of our and 77% of consensus full year forecasts (9M14 vs : 91%). Bahana comment: Given this above-than-expected results and its 61% share price drop since June, we retain our BUY rating on SGRO with some 70% upside. SGRO IJ 3Q15 Result summary (IDRb) 3Q14 2Q15 3Q15 (%) (%) 3Q15F 9M15 (%) F Cons. Sales 1, (19.7) ,142 (13.7) Gross profit (1.6) 628 (10.9) Operating expenses (78) (85) (86) (267) 21.8 Operating profit (7.2) (25.7) Net interest inc. (expense) (24) (33) (45) (103) 56.3 Other income (expenses) (12) (33) (33) (74) 63.5 Pretax profit (20.5) 286 (34.9) Taxation (39) (44) (33) (23.1) (13.9) (86) (28.4) Minority interest (2) (3) (2) (17.5) (4.4) (6) (37.6) Net profit (22.9) (37.3) BS & Ratio analysis 3Q14 2Q15 3Q15 9M14 9M15 F 2016F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Inventory Days Receivable Days Payable Days Total cash (IDRb) Total debt (IDRb) 1,448 2,209 2,395 1,448 2,395 1,690 2,111 2,244 Net gearing (%) PT Bahana Securities Equity Research Bahana Beacon - The Daily 8

9 PWON 3Q15: Underachievement on slower revenue recognition, higher interest costs On the back slower revenue recognition across its projects, Pakuwon Jati (PWON-BUY-IDR26-TP:IDR450) booked slower than expected 9M15 revenue of IDR3.6tn, below expectations at 65.6% of our full-year forecast and 69.5% of consensus. In addition, despite booking higher-than-expected gross and operating margins, its interest expense for the period was higher-than-expected at IDR319bn, % y-y, on the back of the company having obtained IDR579bn in additional bank loans. We are in the midst of revising our numbers. PWON IJ 3Q15 Result summary (IDRbn) 3Q14 2Q15 3Q15 (%) (%) 3Q15F 9M15 (%) F Cons. Sales 836 1,258 1,137 (9.6) , Gross profit (12.0) , Operating expense (5.2) Operating profit (12.9) , Net interest inc. (expenses) (35) (59) (71) (182) Forex gain (expenses) (3) (48) 55 (214.8) (1,750.5 (140) (2,457.9 Other income/(expenses) (43) (316.3) (144.2) (4) (104.2) Pretax profit (9.8) 8.6 1, Taxation (56) (96) (74) (22.6) 33.6 (252) 45.5 Minority interest (5) (43) (21) (50.7) (93) Net profit (2.8) ,168 (11.2) Sales data & ratio analysis 3Q14 2Q15 3Q15 9M14 9M15 F 2016F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Receivable Days Payable Days Total cash 4,503 2,644 2,650 4,503 2,650 2,809 2,504 2,349 Total debt 4,630 4,279 5,095 4,630 5,095 4,596 4,596 4,746 Net gearing (%) Wika Gedung to develop property projects worth IDR6tn Wijaya Karya s (WIKA IJ-BUY-IDR2,930-TP:IDR3,200) property subsidiary, Wika Gedung, plans to develop 6 property projects with a total investment of IDR6tn which comprise of mixed use, hotel and tourism development. Those projects include Tamansari Tera (IDR250bn), Tamansari Propera (IDR600bn), Tamansari Urbano (IDR720bn), Hotel Sarinah (IDR70bn) and Belitung (IDR4tn). Wika Gedung stated that it has sold 70% of Tamansari Tera Apartment in Bandung (West Java) which is expected to be completed by (Investor Daily) Semen Indonesia plans to expand its business to Aceh and NTT Semen Indonesia (SMGR IJ-HOLD-IDR:9,800-TP:IDR10,600) plans to enter the Aceh and NTT market through establishing a new factory in Pidie and Kupang. The investment value is around USD mn. Rizkan Chandra, Semen Indonesia s (SMGR IJ-HOLD-IDR:9,800-TP:IDR10,600) Director of Business Development and Strategy stated that, both factories will be built under a Joint Venture (JV) scheme with the local company in both regions. (Investor Daily) Bank Bukopin targets 100 agents for launching its branchless banking Bank Bukopin (BBKP IJ-HOLD-IDR:685-TP:IDR670) will launch its branchless banking program in November. Adhi Brahmantya, Bank Bukopin s Director of Business Development and Information Technology stated that, the company targets to recruit up to 100 agents until the end of. Through this program, Bank Bukopin attempts to increase its current account saving account (CASA) in the long-run. (Bisnis Indonesia) Mal Alam Sutera bombing an extortion case Police have confirmed that the bombing which occurred at Mal Alam Sutera 2 days ago was done out of extortion motives instead of terrorism. The suspect demanded IDR350mn from the company but only received IDR750k. (The Jakarta Post) PT Bahana Securities Equity Research Bahana Beacon - The Daily 9

10 BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 10/29/ 10/28/ CHANGE (%) Blue Bird BIRD IJ REDUCE 5, ,350 5, Semen Baturaja SMBR IJ HOLD 300 (1.6) Xl Axiata EXCL IJ BUY 3, ,250 3, J Resources PSAB IJ BUY 1,300 (13.3) 1,500 1, Indosat ISAT IJ BUY 6, ,050 4, Wintermar Offshore Marine WINS IJ HOLD Sampoerna Agro SGRO IJ BUY 1, ,100 1, Salim Ivomas Pratama SIMP IJ REDUCE 325 (30.4) Tunas Baru Lampung TBLA IJ BUY London Sumatra Indonesia LSIP IJ HOLD 1,450 (6.8) 1,555 1, Electronic City ECII IJ REDUCE 800 (22.3) 1,030 1, Merdeka Copper Gold MDKA IJ BUY 2, ,000 2, Austindo Nusantara Jaya ANJT IJ REDUCE 540 (66.5) 1,610 1, Tiphone Mobile Indonesia TELE IJ BUY 1, Adi Sarana Armada ASSA IJ BUY Indofood CBP Sukses Makmur ICBP IJ BUY 15, ,325 13,350 (0.2) Tempo Scan Pacific TSPC IJ BUY 2, ,695 1,700 (0.3) Hero Supermarket HERO IJ REDUCE 700 (53.3) 1,500 1,505 (0.3) Cardig Aero Services CASS IJ HOLD 1,150 (3.8) 1,195 1,200 (0.4) Medco Energi Internasional MEDC IJ REDUCE 2, ,090 1,095 (0.5) Mayora Indah MYOR IJ BUY 28, ,300 27,450 (0.5) Ciputra Property CTRP IJ BUY (0.9) Bukit Asam PTBA IJ BUY 7, ,275 7,350 (1.0) Sido Muncul SIDO IJ BUY (1.2) Soechi Lines SOCI IJ BUY (1.3) Total Bangun Persada TOTL IJ BUY 1, (1.4) Pelayaran Tempuran Emas TMAS IJ BUY 3, ,770 1,795 (1.4) Bank Bukopin BBKP IJ HOLD 670 (2.2) (1.4) Astra Agro Lestari AALI IJ REDUCE 15,700 (18.7) 19,300 19,600 (1.5) Sarana Menara Nusantara TOWR IJ BUY 5, ,980 4,050 (1.7) AKR Corporindo AKRA IJ BUY 6, ,625 5,725 (1.7) Puradelta Lestari DMAS IJ BUY (2) PP Property PPRO IJ HOLD 152 (2.6) (1.9) Vale Indonesia INCO IJ BUY 2, ,300 2,345 (1.9) Wijaya Karya Beton WTON IJ REDUCE 965 (0.5) (2.0) Kalbe Farma KLBF IJ BUY 2, ,435 1,465 (2.0) Ace Hardware Indonesia ACES IJ REDUCE 500 (22.5) (2.3) Timah TINS IJ REDUCE 500 (21.3) (2.3) Telekomunikasi Indonesia TLKM IJ BUY 3, ,730 2,795 (2.3) Bank Jawa Timur BJTM IJ HOLD 420 (4.1) (2.4) Indonesian Stock Exchange JCI 4,472 4,585 (2.5) Bank Tabungan Pensiunan Nasional BTPN IJ HOLD 3, ,825 2,900 (2.6) Unilever Indonesia UNVR IJ BUY 46, ,200 38,200 (2.6) Anabatic Technologies ATIC IJ BUY (2.8) Krakatau Steel KRAS IJ REDUCE 275 (11.3) (2.8) Harum Energy HRUM IJ REDUCE 800 (7.0) (2.8) Bank Tabungan Negara BBTN IJ BUY 1, ,180 1,215 (2.9) Erajaya Swasembada ERAA IJ HOLD (3.0) Agung Podomoro Land APLN IJ REDUCE (3.1) Sri Rejeki Isman SRIL IJ BUY 350 (5.9) (3.1) Bank Central Asia BBCA IJ BUY 14, ,150 13,575 (3.1) Bank Rakyat Indonesia BBRI IJ BUY 12, ,750 11,100 (3.2) Pembangunan Perumahan PTPP IJ BUY 3, ,675 3,795 (3.2) Pakuwon Jati PWON IJ BUY (3.2) Indomobil Sukses Internasional IMAS IJ REDUCE 2,000 (26.2) 2,710 2,800 (3.2) Bank Jawa Barat dan Banten BJBR IJ BUY (3.2) Gajah Tunggal GJTL IJ BUY (3.3) Malindo Feedmill MAIN IJ BUY 1, ,130 1,170 (3.4) Bumi Serpong Damai BSDE IJ HOLD 2, ,615 1,675 (3.6) Mitra Adiperkasa MAPI IJ BUY 4, ,435 3,565 (3.6) Ramayana Lestari Sentosa RALS IJ REDUCE 450 (31.3) (3.7) Dharma Satya Nusantara DSNG IJ BUY (3.7) Matahari Department Store LPPF IJ BUY 18, ,350 17,000 (3.8) Ciputra Development CTRA IJ BUY 1, ,125 1,170 (3.8) Lippo Karawaci LPKR IJ REDUCE 1,000 (19.4) 1,240 1,290 (3.9) Matahari Putra Prima MPPA IJ BUY 3, ,300 2,395 (4.0) Holcim Indonesia SMCB IJ REDUCE 925 (11.9) 1,050 1,095 (4.1) Bank Negara Indonesia BBNI IJ BUY 6, ,815 5,025 (4.2) Bekasi Fajar Industrial Estates BEST IJ HOLD 300 (21.7) (4.3) Aneka Tambang ANTM IJ BUY (4.3) Lippo Cikarang LPCK IJ BUY 8, ,725 8,075 (4.3) Astra International ASII IJ REDUCE 5,450 (6.0) 5,800 6,075 (4.5) Kawasan Industri Jababeka KIJA IJ BUY (4.5) Kimia Farma KAEF IJ BUY 1, (4.6) Gudang Garam GGRM IJ BUY 55, ,900 45,000 (4.7) Waskita Karya WSKT IJ BUY 1, ,625 1,705 (4.7) Charoen Pokphand Indonesia CPIN IJ BUY 2, ,410 2,530 (4.7) Bank Mandiri BMRI IJ BUY 10, ,000 9,450 (4.8) Perusahaan Gas Negara PGAS IJ REDUCE 2,500 (13.8) 2,900 3,045 (4.8) Indo Tambangraya Megah ITMG IJ REDUCE 8,000 (5.0) 8,425 8,850 (4.8) Wijaya Karya WIKA IJ BUY 3, ,930 3,080 (4.9) Siloam International Hospitals SILO IJ BUY 17, ,200 11,775 (4.9) Nippon Indosari Corpindo ROTI IJ BUY 1, ,150 1,210 (5.0) Semen Indonesia SMGR IJ HOLD 10, ,800 10,325 (5.1) Garuda Indonesia GIAA IJ BUY (5.2) Media Nusantara Citra MNCN IJ BUY 1, ,780 1,880 (5.3) Adaro Energy ADRO IJ HOLD 600 (2.4) (5.4) Alam Sutera Realty ASRI IJ BUY (5.7) Surya Semesta Internusa SSIA IJ BUY (6.2) Adhi Karya ADHI IJ BUY 3, ,185 2,330 (6.2) Multipolar MLPL IJ BUY (6.5) Summarecon Agung SMRA IJ HOLD 1,290 (9.2) 1,420 1,525 (6.9) Jasa Marga JSMR IJ BUY 7, ,885 5,250 (7.0) Indofood Sukses Makmur INDF IJ BUY 5, ,650 6,075 (7.0) United Tractors UNTR IJ REDUCE 17,500 (4.8) 18,375 19,825 (7.3) Surya Citra Media SCMA IJ HOLD 2, ,790 3,030 (7.9) Japfa Comfeed Indonesia JPFA IJ BUY (8.0) Bank Danamon Indonesia BDMN IJ HOLD 3, ,815 3,075 (8.5) Indocement Tunggal Prakarsa INTP IJ REDUCE 17,000 (7.4) 18,350 20,100 (8.7) Express Transindo Utama TAXI IJ BUY (9.4) 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 10

11 Ticker Rating Price TP Shares Free float Mkt cap 3M avg to Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) PER (x) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%) ROIC (%) F 2016F F 2016F F 2016F F 2016F F 2016F F 2016F F 2016F F 2016F F 2016F F 2016F F 2016F (IDR) (IDR) (m) (%) (IDRb) (IDRb) 10,901 59,077 68,954 1,437 2,038 1,090 1, (6.4) 9.9 AVIATION N 6 na GIAA IJ* BUY , , ,368 67,019 1,050 1, ,639 na nc (20.9) 3.9 CASS IJ HOLD 1,195 1,150 2, , ,709 1, nc nc AUTOMOTIVE UW 244, , ,517 18,301 19,123 16,664 18,062 (14.4) ASII IJ REDUCE 5,800 5,450 40, , , ,408 17,183 17,938 17,227 18,075 (10.2) IMAS IJ REDUCE 2,710 2,000 2, , ,852 20, (132) (31) (10.4) (76.6) (56.7) (242.0) (2.3) (0.6) (0.8) (0.7) GJTL IJ BUY , , ,330 13, (431) 18 (259.6) (104.1) (4.7) (7.9) (3.9) BANKS N 965, , ,447 99, ,398 80,582 89, na na na na na na BBCA IJ BUY 13,150 14,500 24, , , , , , , , na na na na na na BBRI IJ BUY 10,750 12,500 24, , ,953 73,440 28,314 31,205 24,426 26, na na na na na na BMRI IJ BUY 9,000 10,700 23, , ,340 69,335 26,416 28,904 20,282 22, na na na na na na BBNI IJ BUY 4,815 6,100 18, , ,239 41,101 11,142 13,411 9,313 11,165 (13.6) na na na na na na BDMN IJ HOLD 2,815 3,600 9, , , , , , , ,752.4 (3.9) na na na na na na BTPN IJ HOLD 2,825 3,250 5, , ,285 9,198 2,447 2,703 1,824 2,015 (1.6) na na na na na na BBTN IJ BUY 1,180 1,330 10, , ,278 8,271 2,191 2,444 1,645 1, na na na na na na BJBR IJ BUY , , ,392 6,898 1,432 1,599 1,227 1, na na na na na na BJTM IJ HOLD , , , , , , , , na na na na na na BBKP IJ HOLD , , ,075 4,417 1,156 1, na na na na na na CEMENT UW 136, ,116 60,570 13,045 13,288 10,403 10,432 (10.3) (0.7) SMGR IJ HOLD 9,800 10,600 5, , , , , , , ,991.4 (14.1) nc nc INTP IJ REDUCE 18,350 17,000 3, , ,349 20,148 5,589 5,671 4,853 4,690 (7.9) (3.4) nc nc SMCB IJ REDUCE 1, , , ,397 10,919 1,043 1, (38.1) SMBR IJ HOLD , , ,383 1, (21.6) nc COAL & MINING CONTRACTING UW 116, , ,557 16,088 14,824 15,448 15, (0.6) UNTR IJ REDUCE 18,375 17,500 3, , , , , , , , na na ADRO IJ* HOLD , , ,264 40,861 3,682 3,205 1,666 1,450 (27.7) (16.7) ITMG IJ* REDUCE 8,425 8,000 1, , ,892 25,926 2,254 1,914 5,562 5,562 (31.5) (17.1) nc nc PTBA IJ BUY 7,275 7,800 2, , ,773 14,158 1,948 1,537 1,653 1,314 (18.1) (20.5) nc nc HRUM IJ* REDUCE , , , , (29.0) 14.0 (72.5) (428.6) na na (2.5) (4.9) nc nc 0.4 (1.8) CONS. & TOLL ROADS N 109, ,118 81,445 8,855 10,810 4,248 5, JSMR IJ BUY 4,885 7,000 6, , , , , , , , WIKA IJ BUY 2,930 3,200 6, , ,150 14,875 1,297 1, (9.2) PTPP IJ BUY 3,675 3,710 4, , ,338 20,420 1,816 2, nc nc WSKT IJ BUY 1,625 1,975 13, , ,138 19,354 1,328 1, , nc WTON IJ REDUCE , , , , (38.9) nc nc ADHI IJ BUY 2,185 3,309 3, , ,744 11, , nc nc TOTL IJ BUY 720 1,100 3, , , , na na nc nc CONSUMER - DISCRETIONARY N 165, , ,376 9,938 12,140 6,964 8, SCMA IJ HOLD 2,790 2,950 14, , ,253 4,467 1,990 2,111 1,518 1, nc nc LPPF IJ BUY 16,350 18,200 2, , ,340 10,872 2,474 2,868 1,859 2, nc nc na na MNCN IJ BUY 1,780 1,950 14, , ,675 7,006 2,607 2,744 1,456 1,732 (17.3) MPPA IJ BUY 2,300 3,000 5, , ,643 16, nc nc , ,356.7 ACES IJ REDUCE , , ,646 5, (6.3) nc nc HERO IJ REDUCE 1, , , ,315 17,271 (143) (41) (62.3) RALS IJ REDUCE , , ,631 7, (40.7) nc nc MAPI IJ BUY 3,435 4,250 1, , ,115 14, MLPL IJ BUY , , ,928 22,444 (288) (328) (69) (47) (103.6) (31.4) (48.6) (70.8) (0.3) nc 1.6 (0.8) (0.6) SRIL IJ BUY , , ,342 10,204 1,452 1, ECII IJ REDUCE 1, , , ,002 16, (49.5) nc nc CONSUMER - STAPLES OW 623, , , ,243 33,959 38,694 22,859 25, UNVR IJ BUY 37,200 46,000 7, , ,088 42,825 8,393 9,486 6,198 7, nc GGRM IJ BUY 42,900 55,000 1, , ,334 73,721 8,068 8,933 4,945 5,483 (7.9) KLBF IJ BUY 1,435 2,000 46, , ,509 20,518 2,993 3,397 2,255 2, nc nc INDF IJ BUY 5,650 5,800 8, , ,860 73,055 7,018 8,167 3,745 4,266 (3.6) ICBP IJ BUY 13,325 15,650 5, , ,279 36,929 3,796 4,528 3,124 3, nc nc MYOR IJ BUY 27,300 28, , ,666 16,825 1,598 1, , TSPC IJ BUY 1,695 2,000 4, , ,220 9, (0.7) nc nc SIDO IJ BUY , , ,301 2, nc nc ROTI IJ BUY 1,150 1,450 5, , ,151 2, KAEF IJ BUY 830 1,060 5, , ,190 5, SILO IJ BUY 11,200 17,200 1, , ,269 5, INDUSTRIAL ESTATES N 43, ,362 11,303 15,171 2,987 3,287 3, (3.4) DMAS IJ BUY 10, ,885 1,222 1,324 1,200 1, nc nc , KIJA IJ BUY , , , , (18.4) BEST IJ HOLD , , (12.0) (12.5) SSIA IJ BUY , , ,940 5, LPCK IJ BUY 7,725 8, , ,739 1, nc nc METALS N 51, ,028 31,723 18,655 24,651 2,230 3,137 (13.0) INCO IJ* BUY 2,300 2,500 9, , , , , , , ,042.6 (22.8) nc nc ANTM IJ BUY , , ,540 11, (139) 159 (81.5) (213.3) na (1.2) 1.3 (4.5) (0.8) TINS IJ REDUCE , , ,259 7, (83.0) PSAB IJ* BUY 1,500 1,300 5, , ,998 4,959 15,848 21, OIL & GAS UW 96, ,110 89,735 14,681 16,966 9,938 10,774 (10.1) PGAS IJ* REDUCE 2,900 2,500 24, , ,852 54,999 11,592 12,731 9,226 10,005 (8.7) nc nc AKRA IJ BUY 5,625 6,500 3, , ,108 22, (25.9) (5.6) MEDC IJ* REDUCE 1,090 2,300 3, , , , ,212 3, PLANTATIONS N 65, ,315 48,019 6,828 7,716 3,169 3,945 (53.0) AALI IJ REDUCE 19,300 15,700 1, , ,637 16,317 2,215 2,336 1,142 1,396 (54.4) SIMP IJ REDUCE , , ,580 15,887 1,596 1, (70.8) LSIP IJ HOLD 1,555 1,450 6, , ,337 4, (20.3) nc nc DSNG IJ BUY , , ,661 5, (45.2) ANJT IJ* REDUCE 1, , , ,943 2, (50.5) SGRO IJ BUY 1,100 1,900 1, , ,156 3, (28.0) TBLA IJ BUY , , ,248 6, (31.5) POULTRY N 45, ,427 73,211 4,672 6,339 1,975 3, CPIN IJ BUY 2,410 2,550 16, , ,909 38,526 3,416 4,268 1,987 2, JPFA IJ BUY , , ,640 29,069 1,061 1,597 (21) 521 (106.2) (2,630.7) na (0.4) (0.2) MAIN IJ BUY 1,130 1,500 1, , , , na 2, (3.8) 0.3 PROPERTY UW 136, ,771 57,134 16,674 19,961 11,540 14,027 (18.0) BSDE IJ HOLD 1,615 2,020 19, , ,609 8,216 3,226 3,981 2,627 3,144 (34.1) nc nc LPKR IJ REDUCE 1,240 1,000 23, , ,160 11,033 2,205 2,726 1,530 1,860 (39.9) PWON IJ BUY , , ,398 6,215 2,630 3,031 2,208 2,545 (12.2) nc nc SMRA IJ HOLD 1,420 1,290 14, , ,835 7,453 1,726 2,281 1,181 1,593 (15.2) CTRA IJ BUY 1,125 1,385 15, , ,570 9,279 2,456 3,055 1,500 1, nc nc ASRI IJ BUY , , ,188 4,654 2,144 2,237 1,135 1, APLN IJ REDUCE , , ,673 6,380 1,352 1, (13.8) CTRP IJ BUY , , ,794 2, (17.2) PPRO IJ BUY , , ,545 1, SHIPPING N 6, ,200 4,813 1,638 1,952 1,092 1, SOCI IJ BUY , , ,099 2, (15.1) TMAS IJ BUY 1,770 3,000 1, , ,819 2, WINS IJ HOLD , ,282 2, (13.8) % STEEL UW 4, ,877 26,076 (1,267) (1,161) (1,556) (1,403) (22.7) (12.2) na na (163.8) (14.4) (13.7) (7.9) (5.6) KRAS IJ* REDUCE , , ,877 26,076 (1,267) (1,161) (1,556) (1,403) (22.7) (12.2) (3.5) (3.9) (163.8) (14.4) (13.7) (7.9) (5.6) TELCOS OW 344, , ,619 38,716 44,466 16,688 22, TLKM IJ BUY 2,730 3, , , , ,731 31,143 35,305 16,382 18, EXCL IJ BUY 3,250 3,900 8, , ,488 24, ,055 (1,042) 180 (34.5) na na (7.7) 1.4 (2.3) (2.9) TOWR IJ BUY 3,980 5,100 10, , , , ,725 3,203 1,502 1, ISAT IJ BUY 4,050 6,000 5, , , , , ,411.7 (900.3) na na (6.8) 6.8 (5.6) (2.8) TELE IJ BUY 700 1,180 7, , ,465 25, ERAA IJ HOLD , , ,395 16, ATIC IJ BUY , , ,028 3, TRANSPORTATION UW 14, ,915 7,581 1,598 1, ,026 (0.4) BIRD IJ REDUCE 5,350 5,500 2, , ,581 6,480 1,161 1, (0.0) TAXI IJ BUY , ,005 1, (67.3) (5.6) ASSA IJ BUY , ,329 1, Market N 3,181, ,601 1,672,059 1,818, , , , , Note: *USD reporting OW: Overweight, N: Neutral, UW: Underweight Source: Bloomberg, Bahana estimates PT Bahana Securities Equity Research Bahana Beacon - 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