DAILY UPDATE April 2, 2018

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1 DAILY UPDATE April 2, 2018 MACROECONOMIC NEWS Japan Economy - Confidence among Japan s large manufacturers slipped a little from the highest level in more than a decade during the first quarter as a strengthening currency clouded the profit outlook. Sentiment among large manufacturers fell to 24 from three months ago, according to the quarterly Tankan survey released by the Bank of Japan. The outlook among large manufacturers fell to 20. Large nonmanufacturers sentiment fell to 23. Large companies across all industries say they plan to raise fixed investment by 2.3% in the year through March Vietnam Economy - Vietnam s economy continued to post stellar growth in the first quarter, fueled by an export boom. GDP rose 7.38% YoY in the first quarter, the General Statistics Office said in Hanoi. Vietnam has outperformed most of its Southeast Asian peers as export growth remained resilient on the back of a global trade recovery last year. And even though the trade outlook has turned more gloomy this year amid rising tensions between the U.S. and China, the world s two largest economies, Vietnam expects to sustain growth of about 7%. China Economy - China will change its tariff treatment for over 100 types of U.S. imported goods, primarily certain fruits and pork products on Monday, in a previously-announced response to U.S. tariffs on steel and aluminum imports. China s Customs Tariffs Commission, in a statement posted on the website of the Ministry of Finance, said it took the decision with the approval of the State Council. China said previously it planned to seek compensation for trade lost to the U.S. metals actions. President Donald Trump in March announced tariffs on imported aluminum and steel on national security grounds that Beijing says violate World Trade Organization rules. The U.S. has since announced some exceptions for allies, including Canada and Australia. China said the metals tariffs caused serious damage to its interests. CORPORATE NEWS BTPN PT Bank Tabungan Pensiunan Nasional distributes IDR billion dividend or IDR 100 per share. The dividend payout is 47.87% of FY17 s revenue. Equity Markets Currency Commodities Last Price Chg %Chg Oil NYMEX Oil Brent Coal Newcastle Nickel Tin Gold CPO Rott CPO Malay Indo Gov. Bond Yields Last Closing Closing % Change Dow Jones NASDAQ S&P MSCI excl. Jap Nikkei Shanghai Comp Hang Seng STI JCI Indo ETF (IDX) Indo ETF (EIDO) 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 CORPORATE NEWS PTBA PT Bukit Asam reports IDR trillion revenue and IDR 4.47 trillion net profit in 2017, growing 38% and 223% yoy respectively. PTBA targets million tons coal production in 2018, up by 17% yoy. ISAT PT Indosat reports IDR 1.1 trillion net profit in 2017 (+2.8% yoy). ISAT reports IDR 14.5 trillion revenue from cellular data service (+40.2% yoy). ISAT may spend 2018 capex of IDR 8 trillion. SILO PT Siloam International Hospitals reports IDR 5.48 trillion revenue and IDR operating profit in 2017, up by 13.15% yoy and down by 1.08% yoy respectively. In addition, SILO allocates IDR 1 trillion capex budget in KBLI PT KMI Wire and Cable announced its FY 2017 result: KBLI (IDR bn) YoY Q Q QoQ Revenue 2,812 3, % 858 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 19.0% 16.2% -2.8% 15.8% 14.4% -1.4% Operating Profit Margin 14.1% 10.6% -3.5% 9.8% 10.3% 0.5% Net Profit Margin 11.9% 11.3% -0.5% 7.3% 7.4% 0.0% SMSM PT Selamat Sempurna announced its FY 2017 result: SMSM (IDR bn) YoY Q Q QoQ Revenue 2,880 3, % % Gross Profit 934 1, % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 32.4% 30.1% -2.3% 28.9% 32.5% 3.6% Operating Profit Margin 21.8% 20.2% -1.6% 20.8% 20.7% -0.1% Net Profit Margin 15.7% 15.0% -0.8% 15.1% 16.0% 0.9% ULTJ PT Ultrajaya Milk Industry announced its FY 2017 result: ULTJ (IDR bn) YoY Q Q QoQ Revenue 4,686 4, % 1,258 1, % Gross Profit 1,633 1, % % Operating Profit % % Pretax Earnings 932 1, % % Net Income % % EPS (IDR) % % Gross Profit Margin 34.8% 37.4% 2.5% 38.1% 37.3% -0.8% Operating Profit Margin 19.0% 19.7% 0.7% 26.7% 14.7% -12.0% Net Profit Margin 15.0% 14.4% -0.6% 20.8% 4.8% -16.0%

3 CORPORATE NEWS cont d BULL PT Buana Lintas Lautan reported 2017 results: BULL (USD mn) YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % EPS (USD) % Gross Profit Margin 29.8% 43.4% 13.6% 56.3% 38.0% -18.4% Operating Profit Margin 16.5% 32.2% 15.7% 46.3% 24.2% -22.1% Net Profit Margin 0.9% 13.1% 12.2% 31.5% -1.5% PSAB PT J Resources Asia Pacifik reported 2017 results: PSAB (USD mn) YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (USD) % % Gross Profit Margin 59.0% 57.3% -1.7% 57.2% 68.9% 11.6% Operating Profit Margin 35.8% 29.9% -5.9% 33.1% 26.5% -6.6% Net Profit Margin 8.2% 6.6% -1.6% 4.7% 7.1% 2.4% INKP PT Indah Kiat announced its FY 2017 result: INKP (USD mn) YoY Q Q QoQ Revenue 2,720 3, % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (USD) % % Gross Profit Margin 21.4% 28.9% 7.5% 28.9% 32.5% 3.6% Operating Profit Margin 10.6% 19.3% 8.7% 19.1% 22.4% 3.3% Net Profit Margin 7.5% 13.2% 5.7% 14.4% 14.5% 0.1% TKIM PT Tjiwi Kimia announce its FY 2017 result: TKIM (USD mn) YoY Q Q QoQ Revenue 997 1, % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (USD) % % Gross Profit Margin 11.0% 10.8% -0.3% 10.6% 11.7% 1.0% Operating Profit Margin 1.1% 2.6% 1.5% 1.7% 1.6% -0.1% Net Profit Margin 0.8% 2.7% 1.9% 7.1% 2.1% -5.0%

4 CORPORATE NEWS cont d DLTA PT Delta Djakarta announce its FY 2017 result: DLTA (IDR bn) YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) 15,850 17, % 4,000 5, % Gross Profit Margin 69.8% 73.9% 4.1% 73.3% 75.3% 2.0% Operating Profit Margin 37.9% 42.7% 4.7% 42.8% 52.0% 9.1% Net Profit Margin 32.7% 36.0% 3.2% 35.0% 39.2% 4.1% JECC PT Jembo Cable Company announced its FY 2017 financial result: JECC (IDR bn) YoY Q Q QoQ Revenue 2,038 2, % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 17.1% 14.0% -3.1% 13.8% 12.6% -1.2% Operating Profit Margin 11.7% 7.8% -3.9% 8.6% 4.5% -4.2% Net Profit Margin 6.5% 3.8% -2.7% 4.5% 0.7% -3.8% IMAS PT Indomobil Sukses Internasional announced its FY 2017 financial result: IMAS (IDR bn) YoY Q Q QoQ Revenue 15,050 15, % 3,864 3, % Gross Profit 2,666 3, % % Operating Profit % % Pretax Earnings Net Income EPS (IDR) Gross Profit Margin 17.7% 20.0% 2.3% 18.8% 21.2% 2.3% Operating Profit Margin 0.7% 2.6% 1.9% 1.7% 3.6% 1.9% Net Profit Margin ISAT PT Indosat reported 2017 results: ISAT (IDR bn) YoY Q Q QoQ Revenue 29,185 29, % 7,453 7, % Operating Profit 3,891 3, % 1, % EBITDA 12,913 12, % 3,213 2, % Pretax Earnings 1,795 1, % % Net Income 1,105 1, % % EPS (IDR) % % Operating Profit Margin 13.3% 13.1% -0.3% 13.6% 8.9% -4.7% EBITDA Margin 44.2% 42.9% -1.3% 43.1% 40.1% -3.1% Net Profit Margin 3.8% 3.8% 0.0% 4.1% 0.6% -3.5%

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