Equity House FMCG Sector Best Domestic Research …#/10'; 5 2013 Best Domestic Equity House 31 March 2015 Disclosure: Bahana Securities does and seeks to do business with companies

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31 March 2015

Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. Investors should consider this report as only a single factor

in making their investment decision.

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Alpha Southeast Asia

2014 Best Research Call FMCG Sector

Beacon Indonesia Morning Brief

IDX: 5,439 (+0.8%) Turnover: ID5.2tn (+17.3%)

Foreign net SELL: IDR177.9bn (-69.5%)

RESULT FLASH Bank Bukopin (BBKP IJ): Poor 4Q14 earnings Analyst: Teguh Hartanto

TODAY’S NEWS POLITICS Agung camp takes over faction office in House Jusuf Kalla asks Puan to surrender her party’s job ECONOMICS

DGT: 1Q15 tax revenue realization only reached 10%

BI: Tight monetary policy to push down imports BI: Fuel price hike to contribute 0.3% additional inflation in March

2015 BOURSE Pertamina: Tugu Pratama to go public INDUSTRY

Indonesia CPO export tax to remain 0% in April 2015 CORPORATE GGRM 4Q14 results: In line with estimates CPIN: Earnings well below our and consensus’ estimates SMRA: Well above our and consensus’ estimates CTRA: In line with ours but higher than consensus’ ACES 4Q14 results: Above our estimates but in line with consensus

TSPC: Earnings below our forecast, but in line with consensus’

estimates MAPI 4Q14 results: Way below estimates TELE: Disappointing on weak operating margin KIJA: Earnings below expectations on higher taxation RALS 4Q14 results: Way below estimates SSIA: Earnings slightly above expectation

GJTL: Disappointing on forex CTRP: Way above our and consensus’ estimates PSAB: In line on improved production ERAA: Disappointing on weak operating margin CASS: In-lined 4Q14 net profit growth of 7.8% y-y TAXI: Well below; Hurt by interest expense from IDR1tn bond

issuance

ECII 4Q14 results: Disappointing ASSA: Disappointing 4Q14 net profit of IDR7bn, down 19% q-q and

78% y-y CTRA: 2015 marketing sales target upgrade; 2M15 achievement at

10% of target ISAT to allocate around IDR7.5tn capex in 2015

Hutama Karya signed Medan-Binjai toll-road’s concession

INDICES

Asia Last Chg% ytd % y-y %

Hang Seng (HK) 24,855.1 1.5 5.3 12.6

IDX (Indonesia) 5,438.7 0.8 4.1 14.1

KLCI (Mal.) 1,821.8 0.5 3.4 (1.6)

KOSPI (Korea) 2,030.0 0.5 6.0 2.5

Nikkei (Japan) 19,411.4 0.7 11.2 32.1

PCOMP (Phil.) 7,899.4 0.3 9.3 24.2

SENSEX (India) 27,923.7 1.7 1.5 25.0

SET (Thailand) 1,500.1 0.3 0.2 9.6

SHCOMP (China) 3,786.6 2.6 17.1 85.5

SHENZHEN (China) 1,948.1 0.6 37.7 86.6

STI (Singapore) 3,454.3 0.1 2.6 8.9

TWSE (Taiwan) 9,521.9 0.2 2.3 8.5

VNI (Vietnam) 545.2 (1.1) (0.1) (8.3)

Europe, USA and Ems

CAC 40 (France) 5,083.5 1.0 19.0 15.8

DAX (Germany) 12,086.0 1.8 23.3 26.5

Dow Jones (USA) 17,976.3 1.5 0.9 9.2

FTSE 100 (UK) 6,891.4 0.5 5.0 4.4

IBOV (Brazil) 51,243.5 2.3 2.5 1.6

MEXBOL (Mexico) 43,922.8 0.7 1.8 8.6

NGSEINDX (Nigeria) 31,090.8 1.7 (10.3) (19.8)

Nasdaq (USA) 4,947.4 1.1 4.5 17.8

RTSI (Russia) 878.9 2.6 11.2 (28.3)

S&P 500 (USA) 2,086.2 1.2 1.3 11.4

XU100 (Turkey) 82,184.0 1.6 (4.1) 17.8 Source: Bloomberg

ETF, ADRS & COMMODITIES Last Chg% ytd % y-y %

EIDO US (USD) 27.6 2.4 0.7 0.5

TLK US (IDR) 2,867 1.8 (3.1) 12.5

Aluminum (USD/mtn) 1,797.5 0.9 (3.0) 2.2

Coal (USD/t) 57.2 (1.5) (8.2) (23.1)

Corn (USD/mtn) 147.8 0.8 3.3 (21.5)

Coffee (USD/t) 2,830.5 (1.4) (13.2) (18.6)

Copper (USD/t) 6,110.0 (0.6) (3.9) (8.4)

Cotton (USD/t) 1,378.3 (1.6) 3.7 (33.3)

CPO (USD/t-Rottdm) 645.0 0.0 (12.0) (28.3)

Gold (USD/oz.) 1,186.3 (0.9) 0.1 (7.6)

Iron ore (USD/mtn) 56.6 (1.2) (18.3) (46.2)

Milk (USD/t) 2,261.1 (0.5) 18.6 (31.7)

Nickel (USD/t) 13,045.0 (1.6) (12.7) (17.3)

Oil Brent (USD/barrel) 56.3 0.4 (1.8) (47.9)

Oil WTI (USD/barrel) 48.6 0.5 (8.8) (52.2)

Rice (IDR/kg) 8,600.0 0.0 1.2 1.8

Rubber (USD/t) 1,436.0 (0.4) (5.2) (24.7)

Silver (USD/oz) 16.7 (1.2) 6.5 (15.4)

Soybean oil (USD/t) 672.2 (0.4) (4.6) (24.7)

Steel (USD/t) 411.4 0.0 (14.4) (23.0)

Sugar (USD/t) 373.8 (0.8) (8.9) (19.1)

Tins (USD/t) 17,100.0 (1.2) (12.3) (25.8)

Wheat (USD/t) 194.8 4.4 (10.8) (26.5) Source: Bloomberg

ECONOMIC INDICATORS MARKET DATA

14A 15F 16F

14F 15F 16F

Cur acc bal (%GDP) (3.0) (2.8) (2.9) Op.prof.gwt.(%) 11.5 11.0 11.8

Fiscal bal (%GDP) (2.3) (2.2) (2.2) EPS growth (%) 12.1 10.9 11.0

GDP growth (%y-y) 5.0 5.5 5.8 P/E (x) 21.8 19.3 16.9

Private spending (%) 5.1 5.3 5.4 PEG (x) 1.8 1.8 1.5

Investment (%y-y) 4.1 7.4 10.2 EV/EBITDA (x) 11.5 9.3 8.2

Total exports (%y-y) 1.0 0.8 1.3 P/BV (x) 10.7 7.9 7.0

Total imports (%y-y) 2.2 0.5 2.2 P/BV exc. 3.8 3.2 2.8

Inflation (%y-y) 8.4 5.0 5.3 Div. Yield (%) 2.2 2.3 2.5

IDR/USD 12,385 12,850 12,600 Net gearing (%) 19.2 17.9 15.2

BI rate (% p.a.) 7.75 7.25 7.25 ROAE (%) 29.1 31.6 30.2

Brent Oil (Usd/bbl) 57.3 65.0 75.0 ROAA (%) 10.9 10.9 10.9

FX reserve (USDb) 111.9 114.0 120.5 ROIC (%) 21.8 25.2 25.7 Source: Bahana estimates, Source: Bahana estimates

CURRENCIES & RATES Last Prev. Ytd % y-y %

AUD/USD 0.766 0.770 6.4 17.4

EUR/USD 1.083 1.062 10.5 21.4

IDR/USD 13,076 13,183 (5.6) (15.1)

JPY/USD 120.050 121.330 (0.2) (16.3)

SGD/USD 1.376 1.381 (3.8) (9.4)

JIBOR (%) 6.71 6.45 0.8 0.8

BI rate (%) 7.50 7.50 (0.3) 0.0

TD – 1 month (%) 7.39 7.33 0.2 0.4

CDS (bps) 156.17 157.51 (0.5) (10.9) Source: Bloomberg

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 2

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POLITICS

Agung camp takes over faction office in House

The government-approved camp of the Golkar led by Agung Laksono took over the party faction office at the

House of Representative post hours of resistance from the rival camp led by Bakrie. On Monday night,

Golkar Deputy Chairman, Yorrys Raweyai and Agus Kartasasmita finally broke into the office and held a

closed meeting with the rival group. (The Jakarta Post)

Jusuf Kalla asks Puan to surrender her party’s job

The Vice President, Jusuf Kalla, asks Puan Maharani (Megawati’s daughter) to surrender her PDI-P’s jobs and

be more active in managing her Human Development and Culture Ministry. (Koran Tempo) Bahana

comment: This suggests continued high tension between PDI-P and Jokowi’s inner circle.

ECONOMICS

DGT: 1Q15 tax revenue realization only reached 10%

The Directorate General of Taxes (DGT) reported 1Q15 tax revenue realization has reached IDR170tn or

only 10% of 2015 full-year target of IDT1,761.6tn (1Q14: 19.20%). (Koran Tempo, Indonesia Finance

Today). Bahana comment: This could result in aggressive taxation drive going forward, which could slow

the economy and put investors off, in our view. However, failure to collect tax revenues would mean delays

in infrastructure-related project funding.

BI: Tight monetary policy to push down imports Senior Deputy Governor, Mirza Adityaswara, stated that the current IDR weakness is the result of a foreign

exchange usage to improve the Current Account Deficit. Thus, BI is still on its tight monetary stance to push

down imports while at the same time the government is trying to improve its fiscal condition by removing

the fuel subsidy. (okezone.co.id)

BI: Fuel price hike to contribute 0.3% additional inflation in March 2015

Bank Indonesia estimates that the recent fuel price hike would contribute 0.3% additional inflation in March

2015. Furthermore, this fuel price hike would only contribute 0.04% additional inflation in April 2015 and BI

remains optimistic that 2015 inflation will range from 4-5%. Separately, Suahasil Nazara, the Chairman of

Fiscal Agency Policy (BKF), stated that fuel price hike could contribute 0.7% additional inflation next month.

(Indonesia Finance Today, Koran Tempo)

BOURSE

Pertamina: Tugu Pratama to go public

Tugu Pratama, Pertamina’s subsidiary that engages in insurance business, plans to go public. This move is

intended to reduce the Pertamina’s debt of around IDR200tn. No further details are disclosed in this news.

(Kontan)

INDUSTRY

Indonesia CPO export tax to remain 0% in April 2015

Trade Ministry announce CPO export reference price of USD627/ton, up 0.5% m-m, resulting in a 0% export

tax rate for April 2015. (www.antaranews.com)


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CORPORATE

GGRM 4Q14 results: In line with estimates

Gudang Garam (GGRM IJ-BUY-IDR49,500-TP:IDR70,000) reported 4Q14 results which were in line with our

and consensus estimates with net profit of IDR1.3tn, down 0.3% q-q but up 21.3% y-y. This brought full-

year net profit to nearly IDR5.4tn, up 24% y-y, accounting for 100.2% of our full-year estimate and 102.9%

of consensus’ projection.

GGRM IJ 4Q14 Result summary q-q y-y 4Q14/ y-y 2014/ 2014/ (IDRb) 4Q13 3Q14 4Q14 (%) (%) 4Q14F 2014 (%) 2014F Cons.

Sales 15,420 15,522 16,996 9.5 10.2 120.4 65,185.9 17.6 105.4 100.0

Gross profit 2,947 3,228 3,678 14.0 24.8 13,379.6 23.0 106.0

Operating expenses 1,115 1,124 1,330 18.4 19.3 4,854.7 14.9 115.4

Operating profit 1,832 2,104 2,348 11.6 28.2 101.5 8,524.9 28.2 101.2 101.5

Interest income (expense) (265) (339) (425) 25.5 60.7 (1,304.0) 88.0 120.3

Forex gain (expenses) 1 40 (141) (451.1) (18,110.9) 16.7 (228.8) (98.7)

Other (2) (25) (4) (82.8) 94.3 (31.7) 340.9 382.2

Pretax profit 1,566 1,780 1,777 (0.1) 13.5 7,205.8 21.4 98.5 101.9

Taxation (459) (447) (450) 0.5 (2.1) (1,810.6) 16.6 95.2

Minority interest (14) (3) (2) (26.1) (85.7) (26.7) (51.6) 51.0

Net profit 1,093 1,330 1,326 (0.3) 21.3 98.7 5,368.6 24.0 100.2 102.9

BS & Ratio analysis 4Q13 3Q14 4Q14 2013 2014 2014F 2015F 2016F Gross margin (%) 19.1 20.8 21.6 19.6 20.5 20.4 20.7 20.6

Operating margin (%) 11.9 13.6 13.8 12.0 13.1 13.6 13.6 13.6

Pretax margin (%) 10.2 11.5 10.5 10.7 11.1 11.8 11.9 11.9

Net margin (%) 7.1 8.6 7.8 7.8 8.2 8.7 8.7 8.8

Inventory Days 205 227 56 233 229 252 247 237

Receivable Days 10 9 3 12 10 14 14 14

Payable Days 13 12 2 5 6 43 43 43

Total cash 1,404 1,404 1,588 1,404 1,588 1,244 1,317 1,781

Total debt 12,979 15,421 18,147 12,979 18,147 16,029 17,231 18,006

Net gearing (%) 39.6 44.1 50.0 39.6 50.0 36.1 43.5 39.6 Source: Company, Bloomberg, Bahana estimates

CPIN: Earnings well below our and consensus’ estimates

Charoen Pokphand Indonesia (CPIN IJ-BUY-IDR3,490-TP:IDR4,500) booked 4Q14 net profit of IDR34bn,

down 92.7% q-q and 89.5% y-y, resulting in 2014 net profit of IDR1,747bn, down 30.8% y-y. This 2014 set

of results is below our forecast (88.9%), but in line with consensus’ estimates (71.5%). We will revisit our

2015-16F numbers following the earnings call.

CPIN IJ 4Q14 Result summary q-q y-y 4Q14/ y-y 2014/ 2014 (IDRb) 4Q13 3Q14 4Q14 (%) (%) 4Q14F 2014 (%) 2014F Cons.

Sales 6,979 7,358 7,367 0.1 5.6 97.9 29,150 13.6 99.5 100.2 Gross profit 1,132 952 745 (21.7) (34.2) 83.9 4,134 (19.7) 96.7

Operating expense 445 362 498 37.5 11.9 - 1,506 20.9 105.2

Operating profit 687 590 247 (58.1) (64.0) 53.2 2,628 (32.7) 92.4 83.8

Net interest income/(expense) 190 (76) (63) (16.9) (133.1) - (261) 105.3 94.8

Associates earnings (353) (77) 139 (280.3) (139.4) - 0 (100.0) 0.0

Other income/(expense) 48 27 (322) (1,290.2

) (772.3) - (260) (260.3) (243.6)

Pretax profit 573 464 2 (99.6) (99.7) - 2,107 (38.9) 77.9

Taxation (251) (2) 32 (1,631.3)

(112.7) - (360) (61.0) 49.9

Minority interest (0) (0) (0) (80.7) 42.2 - 0 (106.8) (0.8)

Net profit 322 462 34 (92.7) (89.5) 13.4 1,747 (30.8) 88.9 71.5

BS & ratio analysis 4Q13 3Q14 4Q14 2013 2014 2014F 2015F 2016F Gross margin (%) 16.2 12.9 10.1 20.1 14.2 14.6 17.3 19.3


Pretax margin (%) 8.2 6.3 0.0 13.4 7.2 9.2 11.9 14.1

Net margin (%) 4.6 6.3 0.5 9.8 6.0 6.7 8.7 10.2

Inventory Days 57 58 57 66 61 65 68 69

Receivable Days 28 31 35 31 35 33 33 33

Payable Days 19 16 21 22 22 23 23 23

Total cash 1,147 766 885 1,147 885 781 551 523

Total debt 2,890 5,233 6,597 2,890 6,597 4,294 3,731 3,582

Net gearing (%) 17.5 40.9 52.2 17.5 52.2 31.5 23.7 18.7

Source: Company


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SMRA: Well above our and consensus’ estimates

Summarecon Agung (SMRA IJ-HOLD-IDR1,695-TP:IDR1,600) booked IDR1,688bn in 4Q14 revenue, up

1.1% q-q and 60.3% y-y, translating to IDR515bn in 4Q14 net profit, up 48.2% q-q and 131.5% y-y. This

resulted in full-year net profit of IDR1,225bn (+26.9% y-y), accounting for 114.1% of our full-year estimate

and 120.2% of consensus’. We will revisit our numbers for SMRA following this set of results.

SMRA IJ 4Q14 Result summary

q-q y-y 4Q14/

y-y 2014/ 2014/

(IDRbn) 4Q13 3Q14 4Q14 (%) (%) 4Q14F 2014 (%) 2014F cons

Sales 1,053 1,669 1,688 1.1 60.3 152.1 5,334 30.3 112.2 119.0

Gross profit 520 837 964 15.2 85.4

2,788 29.6

Operating expenses 208 354 300 (15.4) 44.4 948 17.2

Operating profit 312 481 664 38.0 112.7 167.5 1,840 37.2 117.0 109.5

Net interest inc. /(expenses) (26) (48) (83) 74.3 218.5 (174) (221.9)

Forex gain (expenses) 0 0 0 - -

0 -

Other income/(expenses) (8) (3) 20 (757.1) (355.2)

18 256.0

Pretax profit 278 430 601 39.7 116.0

1,684 27.6

Taxation (57) (94) (90) (4.4) 56.3

(297) 32.7

Minority interest 1 11 3 (71.0) 120.3 11 71.4

Net profit 222 347 515 48.2 131.5 150.4 1,398 26.9 114.1 120.2

BS & ratio analysis 4Q13 3Q14 4Q14

2012 2013 2014 2015F 2016F

Gross margin (%) 49.4 50.1 57.1 46.0 52.5 52.3 48.2 46.5


Pretax margin (%) 26.4 25.8 35.6 28.5 32.2 31.6 28.2 28.5

Net margin (%) 21.1 20.8 30.5

23.0 26.9 26.2 23.2 23.5

Receivable Days 12 8 6

5 14 20 13 13

Payable Days 21 5 3

31 19 52 22 22

Total cash 2,545 1,436 1,695

2,428 2,545 1,695 1,855 1,047

Total debt 2,501 3,296 4,093

1,122 2,501 4,093 3,321 3,073

Net gearing (%) nc 33.9 40.0

nc nc 40.0 23.6 27.1 Source: Company, Bloomberg, Bahana estimates

CTRA: In line with ours but higher than consensus’

Ciputra Development (CTRA IJ-REDUCE-IDR1,435-TP:IDR1,400) booked IDR2,117bn in 4Q14 revenue, up


resulted in full-year net profit of IDR1,325bn (+35.7% y-y), accounting for 102.3% of our full-year estimate

and 112.4% of consensus’. We note that while full-year top line was slightly below our forecast, operating

and net level earnings were broadly in line due to slightly better-than-expected margins.

CTRA IJ 4Q14 Result summary

q-q y-y 4Q14/

y-y 2014/ 2014/


Sales 1,215 1,419 2,117 49.2 74.3 105.4 6,344 25.0 94.0 6,737

Gross profit 698 728 1,141 56.7 63.6

3,334 30.9

Operating expenses 272 239 380 59.1 39.6 1,130 13.7

Operating profit 425 489 761 55.6 79.0 99.6 2,204 41.9 99.9 106.8

Net interest inc. /(expenses) 13 (32) (49) 51.6 (475.5) (104) (297.3) Forex gain (expenses) 15 2 4 137.4 (73.7)

0 (100.0)

Other income/(expenses) 19 8 19 128.9 (0.8)

48 (15.2)

Pretax profit 473 467 736 57.4 55.6

2,147 25.6

Taxation (89) (78) (128) 63.5 43.9

(353) 19.3

Minority interest (110) (107) (165) 53.7 49.4 (469) 7.4

Net profit 273 282 443 57.2 61.9 107.2 1,325 35.7 102.3 112.4


2012 2013 2014 2015F 2016F

Gross margin (%) 57.4 51.3 53.9 50.2 50.2 52.5 51.5 51.5


Pretax margin (%) 38.9 32.9 34.7 31.0 33.7 33.8 30.4 29.1

Net margin (%) 22.5 19.8 20.9

17.7 19.2 20.9 18.4 17.4


44 35 36 40 40

Payable Days 103 83 66

74 86 87 85 85

Total cash 3,463 2,899 2,888

2,708 3,463 2,888 2,928 2,653

Total debt 2,728 3,822 3,616

1,471 2,728 3,616 3,837 3,871

Net gearing (%) nc 8.7 6.4

nc nc 6.4 10.6 12.6 Source: Company, Bloomberg, Bahana estimates


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ACES 4Q14 results: Above our estimates but in line with consensus

Ace Hardware Indonesia (ACES IJ-REDUCE-IDR725-TP:IDR690) booked 4Q14 net profit of IDR179bn, up

37.7% q-q but down -6% y-y, bringing 2014 net profit of IDR555bn, up 9% y-y, broadly in line with

consensus’ estimate of IDR556bn and above our expectation of IDR519bn. The slightly above our FY2014

estimates by 6.9% was mainly due to lower-than-expected operating expenses in lower salaries, rental and

utilities costs.

ACES IJ 4Q14 Result summary q-q y-y 4Q14/ y-y 2014/ 2014 (IDRb) 4Q13 3Q14 4Q14 (%) (%) 4Q14F 2014 (%) 2014F Cons.

Sales 1,107 1,180 1,188 0.7 7.4 95.0 4,541 16.6 98.6 96.9 Gross profit 566 563 573 1.9 1.2 2,194 13.4 98.8

Operating expenses 364 412 367 (11.0) 0.7

Operating profit 202 150 206 37.3 2.1 144.5 651 15.2 110.8 100.7

Net interest income/(expense) (8) (9) (8) (7.0) 4.7 (34) 22.1 94.2

Forex gain (expenses) 26 0 1 203.8 (95.3) - na

Other income/(expense) 13 18 21 18.4 62.9

31 3.4 77.6

Pretax profit 233 160 220 38.0 (5.6)

682 9.5 107.4

Taxation (44) (31) (43) 41.6 (1.1)

(133) 10.8 (108.7)

Minority interest 1 1 2 93.7 103.4

6 0.1 (98.2)

Net profit 191 130 179 37.7 (6.0) 125.1 555 9.0 106.9 99.7



Pretax margin (%) 21.1 13.5 18.5 16.0 15.0 13.8 12.9 13.5

Net margin (%) 17.2 11.0 15.1 13.1 12.2 11.3 10.6 11.1

Inventory Days 156 156 194 161 194 194 214 194

Receivable Days 1 1 2 3 2 2 3 2

Payable Days 17 17 29 23 29 29 29 29

Total cash 162 207 391 162 163 172 373 698

Total debt 35 33 20 35 35 0 0 0

Net gearing (%) nc nc nc nc nc nc nc nc Source: Company, Bahana estimates

TSPC: Earnings below our forecast, but in line with consensus’ estimates

Tempo Scan Pacific (TSPC IJ-BUY-IDR2,310-TP:IDR3,325) booked 4Q14 net profit of IDR32bn, down 76.1%

q-q and 7.8% y-y, resulting in 2014 net profit of IDR579bn, down 8.7% y-y. This 2014 set of results is

below our forecast (85.8%), but in line with consensus’ estimates (96.5%). We will revisit our 2015-16F numbers.

TSPC IJ 4Q14 Result summary q-q y-y 4Q14/ y-y 2014/ 2014 (IDRb) 4Q13 3Q14 4Q14 (%) (%) 4Q14F 2014 (%) 2014F Cons.

Sales 1,835 1,859 2,032 9.3 10.8 99.7 7,512 9.6 99.9 101.2 Gross profit 716 739 798 7.9 11.3 2,940 8.1 99.3

Operating expense 668 625 726 16.2 8.7 2,304 11.2 101.5

Operating profit 49 115 72 (37.5) 47.4 56.6 636 (1.8) 92.0 89.7

Net interest income/(expense) 19 19 16 (16.1) (17.4) 78 6.6 94.0

Associates earnings (4) (12) (2) (85) (59) (14) 1,327.8 0 0

Other income/(expense) 60 9 3 (63.0) (71.1)

42 (61.7) 48.7

Pretax profit 124 143 91 (36.1) (26.6)

743 (10.5) 86.3 96.4

Taxation (64) (8) (59) 675.0 (8.0)

(158) (17.2) 87.7

Minority interest (0) (1) (0) (86.3) 862.0 (5) 25.6 109.2

Net profit 60 134 32 (76.1) (7.8) 24.9 579 (8.7) 85.8 96.5



Pretax margin (%) 6.8 7.7 4.5 12.1 9.9 11.4 12.1 12.5

Net margin (%) 3.3 7.2 1.6 9.3 7.7 9.0 9.5 9.8

Inventory Days 71 80 75 78 82 81 86 89

Receivable Days 38 39 37 41 40 43 44 46

Payable Days 55 60 57 61 62 63 66 70

Total cash 1,792 1,290 1,181 1,792 1,460 1,778 1,726 1,743

Total debt 188 93 71 188 377 94 77 62

Net gearing (%) nc nc nc nc nc nc nc nc Source: Company, Bahana estimates


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MAPI 4Q14 results: Way below estimates

Mitra Adiperkasa (MAPI IJ-HOLD-IDR4485-TP:IDR5750) reported 4Q14 results which were way below our

and consensus estimates with net loss of IDR32bn, down 397.1% q-q and 130.1% y-y, on higher net

interest expense and other charges. This brought full-year net profit to nearly IDR79bn, down 76.4% y-y,

accounting for 31.4% of our full-year estimate and 46.9% of consensus’ estimate.

MAPI IJ 4Q14 Result summary q-q y-y 4Q14/ y-y 2014/ 2014/ (IDRb) 4Q13 3Q14 4Q14 (%) (%) 4Q14F 2014 (%) 2014F Cons.

Sales 2,816 3,162 3,158 (0.1) 12.2 95.1 11,822.

1

21.4 99.0 100.1

Gross profit 1,431 1,359 1,503 10.6 5.0 5,469.6 12.8 96.4

Selling expense 983 1,103 1,086 (1.6) 10.4 4,153.7 19.3 97.5

G&A expense 213 191 250 30.8 17.5 791.2 28.5 110.5

Operating profit 235 64 167 160.3 (29.0) 85.9 524.8 (30.1) 75.5 97.8

Net interest income (expense) (78) (91) (114) 25.0 46.1 (376.1) 61.2 106.2

Forex gain (expenses) (2) (2) 5 (332.0) (401.6) 15.4 (125.6) 208.8

Other 18 46 (16) (135.3) (189.3) 33.5 (1.5) 317.5

Pretax profit 173 16 42 158.2 (75.8) 197.5 (59.8) 55.0 89.2

Taxation (66) (5) (74) 1,264.9 11.7 (118.5) (24.7) 110.0

Net profit 107 11 (32) (397.1) (130.1) (59.9) 79.0 (76.4) 31.4 46.9



Pretax margin (%) 6.2 0.5 1.3 5.1 1.7 3.0 3.6 4.3

Net margin (%) 3.8 0.3 (1.0) 3.4 0.7 2.1 2.5 3.0

Inventory Days 158 148 44 182 177 200 190 180

Receivable Days 8 9 3 10 10 14 14 14

Payable Days 65 57 17 75 68 70 70 70

Total cash 369 237 513 369 513 414 245 270

Total debt 2,708 3,553 3,373 2,708 3,373 3,463 3,393 3,370

Net gearing (%) 96.3 132.2 112.6 96 113 108.9 106.9 92.1 Source: Company, Bloomberg, Bahana estimates

TELE: Disappointing on weak operating margin

On the back of weak operating margin, Tiphone Mobile Indonesia (TELE IJ-BUY-IDR930-TP:IDR1,160)

reported a disappointing 4Q14 net profit of IDR64bn, down 27% q-q and 30% y-y, resulting in 2014

earnings of IDR305bn, up 3% y-y. This 2014 results is below our (90%) and consensus (81%) full-year

forecasts. Despite strong 4Q14 revenue of IDR4.4tn, up 14% q-q and 26% y-y, TELE booked weak 4Q14

operating margin of 3.2% (4Q13: 3.8%; 3Q14: 3.7%). We will adjust our forecast on TELE on the back of

this disappointing set of results.

TELE IJ 4Q14 Result summary q-q y-y 4Q14/ y-y 2014/ 2014/ (IDRb) 4Q13 3Q14 4Q14 (%) (%) 4Q14F 2014 (%) 2014F Cons

Sales 3.504 3.871 4.405 13,8 25,7 105,8 14.590 39,2 101,7 101,2 Gross profit 190 227 235 3,5 24,1 819 30,3 100,7 Operating expense (55) (83) (96) 16,0 74,8 (287) 59,1 107,6 Operating profit 135 144 139 (3,7) 3,3 90,4 533 18,8 97,3 91,5

Net int. income/(expense) (17) (28) (48) 68,8 184,5 (121) 119,4 128,1

Other income/(expense) - - - - -

- - -

Pretax profit 118 116 91 (21,4) (22,5) 412 4,7 90,9 87,3

Taxation (27) (28) (27) (4,7) 1,2 (107) 8,8 94,5

Minority interest - - - - - - - -

Net profit 91 88 64 (26,8) (29,5) 64,8 305 3,3 89,7 81,3

Ratio analysis 4Q13 3Q14 4Q14 2013 2014 2014F 2015F 2016F Gross margin (%) 5,4 5,9 5,3

6,0 5,6 5,7 5,7 5,7

Operating margin (%) 3,8 3,7 3,2

4,3 3,7 3,8 3,8 3,8

Pretax margin (%) 3,4 3,0 2,1

3,8 2,8 3,2 3,0 3,2

Net margin (%) 2,6 2,3 1,5 2,8 2,1 2,4 2,3 2,4

Inventory days 18 21 17 30 21 10 11 12

Receivable days 39 27 36 62 44 37 33 32

Payable Days 55 25 29 50 36 23 21 21

Total cash (IDRb) 493 652 638 493 638 225 417 504

Total debt (IDRb) 1.476 1.934 1.748 1.476 1.748 1.540 1.738 1.638

Net gearing (%) 70,9 52,7 44,4 70,9 44,4 58,6 51,4 38,5 Source: Company, Bloomberg, Bahana estimates


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KIJA: Earnings below expectations on higher taxation

Kawasan Industri Jababeka (KIJA IJ-BUY-IDR331-TP:IDR450) booked 4Q14 net profit of IDR8bn, down

34.3% y-y, leading to 2014 net profit of IDR400bn, up 296.5% y-y, below consensus’ estimate of IDR

IDR511bn. However, the company’s bottom line is below our expectation of IDR442bn (91%), mainly due to

higher-than-expected taxation.

KIJA IJ 4Q14 Result summary q-q y-y 4Q14/

y-y 2014/ 2014/


Sales 728 614 742 20.9 1.9 100.2 2,799 2.2 100.1 96.6

Gross profit 313 229 316 38.3 1.1

1,251 6.8 108.4

Operating expense 106 109 103 (5.8) (3.5) 365 15.3 108.3


Net interest inc. /(expenses) (71) (69) (170) 145.6 138.3

(381) 46.6 146.2

Forex gain/(expenses) (107) (35) 1 (102.9) (100.9) 0 (100.0) 0.0

Other income/(expenses) 19 (47) 63 (234.4) 230.2

54 81.5 176.5

Pretax profit 47 (31) 108 (446.6) 128.5

559 173.8 100.3 88.3

Taxation (35) (6) (103) 1,544.4 195.0

(166) 66.3 148.2 Minority interest (0) 3 3 5.8 (1,177) 7 (293.2) -

Net profit 12 (35) 8 (123.0) (34.3) 16.2 400 296.5 90.6 78.3


2013 2014 2014F 2015F 2016F

Gross margin (%) 43.0 37.3 42.6 42.8 44.7 41.2 39.5 40.8


Pretax margin (%) 6.5 (5.1) 14.6 7.5 20.0 19.9 20.0 26.2

Net margin (%) 1.7 (5.7) 1.1 3.7 14.3 15.8 15.8 22.1


28 37 23 23 23


27 41 24 24 24

Total cash 595 996 595

595 595 920 1,006 1,015

Total debt 2,566 3,154 2,705

2,566 2,705 2,800 2,808 2,461

Net gearing (%) 49.7 47.2 45.3

49.7 45.3 41.7 37.1 26.4

Source: Company, Bahana estimates, Bloomberg

RALS 4Q14 results: Way below estimates

Ramayana Lestari Sentosa (RALS IJ-SELL-IDR765-TP:IDR720) reported 4Q14 results which were way below

our and consensus estimates with net profit of just IDR15bn, down 93.5% q-q and 66.6% y-y. This brought

full-year net profit to nearly IDR355tn, down 9.1% y-y, accounting for 87.7% of our full-year estimate and

93.5% of consensus’ projection.

RALS IJ 4Q14 Result summary q-q y-y 4Q14/ y-y 2014/ 2014/ (IDRb) 4Q13 3Q14 4Q14 (%) (%) 4Q14F 2014 (%) 2014F Cons.

Gross Sales 1,709 2,807 1,663 (40.8) (2.7) 93.6 7,941.7 (0.3) 93.8 123.5

Net Sales 1,301 1,972 1,234 (37.4) (5.1) 5,861.3 (2.3) 90.4 96.2

Gross profit 434 753 388 (48.4) (10.5) 2,047.8 (4.3) 89.1

Operating expenses 436 495 426 (14.1) (2.4) 1,754.3 0.7 91.8

Operating profit (2) 257 (37) (114.6) 1,435.7 460.3 293.5 (26.4) 75.7 81.9

Interest income (expense) 18 30 25 (14.8) 45.2 89.7 64.0 133.5

Forex gain (expenses) 0 0 0 0 0 0 0

0

Other 8 3 3 34.3 (58.4) 4.9 14.7 89.9

Pretax profit 23 290 (9) (103.0) (136.5) 388.1 (15.2) 84.3 87.9

Taxation (22) 53 (24) (145.0) 6.5 33.0 (50.8) 59.9

Net profit 46 237 15 (93.5) (66.6) 48.9 355.1 (9.1) 87.7 93.5


Operating margin (%) (0.2) 13.0 (3.0) 6.6 5.0 6.0 5.4 5.6

Pretax margin (%) 1.8 14.7 (0.7) 7.6 6.6 7.1 6.5 6.4

Net margin (%) 3.5 12.0 1.2 6.5 6.1 6.2 5.7 5.6

Inventory Days 180 56 20 151.7 80 77 75 74

Receivable Days 0 2 0 0.1 0 0 0 0

Payable Days 176 52 21 148.1 84 76 73 73

Total cash 869 1,012 625 869.0 625 1,215 1,173 1,046

Total debt 0 0 0 0 0 0 0 0

Net gearing (%) nc nc nc nc nc nc nc nc Source: Company, Bloomberg, Bahana estimates


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SSIA: Earnings slightly above expectation

Surya Semesta Internusa (SSIA IJ-HOLD-IDR1,115-TP:IDR1,040) booked 4Q14 net profit of IDR187bn, up

388% q-q and down 9% y-y, leading to 2014 net profit of IDR415bn, down 40% y-y, above our and

consensus’ estimate on higher-than-expected financial expense, reaching IDR130bn.

SSIA IJ 4Q14 Result summary q-q y-y 4Q14/

y-y 2014/ 2014/


Sales 1,233 1,074 1,210 12.7 (1.8) 105.3 4,464 (2.6) 101.4 101.4

Gross profit 281 223 290 30.0 3.1

1,054 (20.1) 94.9 Operating expense 125 136 149 9.2 19.6 519 15.9 103.0

Operating profit 156 86 141 63.0 (10.0) 66.3 535 (38.7) 88.2 99.7

Net interest inc. /(expenses) (9) (31) (36) 16.3 281.8

(130) (1,002.6) 212.0

Forex gain/(expenses) 87 (15) 15 (200.0) (82.8) - (100.0) -

Other income/(expenses) 21 57 141 146.1 563.9

266 (693.2) -

Pretax profit 255 98 261 166.9 2.2

671 (26.0) 105.7 125.7

Taxation (39) (37) (49) 32.0 25.6

(158) (1.6) 102.4

Minority interest 11 22 25 12.2 127.6 98 77.5 97.4

Net profit 205 38 187 387.6 (9.0) 123.0 415 (39.9) 109.2 130.9


2013 2014 2014F 2015F 2016F

Gross margin (%) 22.8 20.8 23.9 28.8 23.6 25.2 27.1 28.8


Pretax margin (%) 20.7 9.1 21.5 19.8 15.0 14.4 15.6 16.5

Net margin (%) 16.6 3.6 15.4 15.1 9.3 8.6 9.8 10.6

Receivable Days 36 43.1 43.4

38.3 47.8 45.5 34.7 26.1

Payable Days 28 40.1 34.3

41.7 46.2 50.7 62.7 67.3

Total cash 1,692 1,308 1,173

1,692 1,173 1,550 714 631

Total debt 1,279 1,296 1,276

1,279 1,276 1,301 1,493 1,713

Net gearing (%) nc nc 3.4

nc 3.4 nc 26.4 31.7

Source: Company, Bahana estimates, Bloomberg

GJTL: Disappointing on forex

On the back of IDR133bn forex loss, Gajah Tunggal (GJTL IJ-HOLD-IDR4,265-TP:IDR5,150) reported

disappointing 4Q14 net profit of IDR45bn, resulting in 2014 net profit of IDR270bn. This 2014 set of results

is below our (65%) and consensus (66%) expectations. However, GJTL booked improved 4Q14 operating

margin of 10.5% (4Q13: 7.8%; 3Q14: 8.9%).

GJTL IJ 4Q14 Result summary q-q y-y 4Q14/ y-y 2014/ 2014/ (IDRb) 4Q13 3Q14 4Q14 (%) (%) 4Q14F 2014 (%) 2014F Cons

Sales 3,244 3,121 3,388 8.6 4.4 104.3 13,071 5.8 101 98 Gross Profit 458 613 734 19.6 60.3 2,445 7.6 Operating expense 241 (205) (241) 12.1 (284.1) (794) 12.1 Operating profit 253 278 357 28.6 41.1 178.6 1,154 (15.5) 116 105

Net int. income/(expense) (142) (138) 421 (404.2) (395.8) 0 (100.0)

Forex gain/(loss) (182) (144) (133) (7.2) (26.9) (179) (79.8)

Other income/(expense) 15 15 12 (20.8) (100.0)

65 (68.6)

Pretax profit (85) 0 58 na na 394 136.7

Taxation (0) (4) (13) 272.0 3,169.5 (124) 169.1

Net profit (85) (3) 45 na na 23.6 270 124.3 65 66

BS & Ratio analysis 4Q13 3Q14 4Q14 2013 2014 2014F 2015F 2016F Gross margin (%) 14.1 19.7 21.6

18.4 18.7 17.5 17.7 17.8

Operating margin (%) 7.8 8.9 10.5

11.1 8.8 7.7 7.9 8.0

Pretax margin (%) (2.6) 0.0 1.7

1.3 3.0 4.3 4.4 4.5

Net margin (%) (2.6) (0.1) 1.3 1.0 2.1 3.2 3.3 3.4

Inventory days 53 68 73 72 70 70 70 70

Receivable days 46 67 54 72 65 41 41 41

Payable Days 39 42 49 52 50 60 60 60

Total cash (IDRb) 1,999 741 957 2,236 957 784 428 259

Total debt (IDRb) 5,961 6,253 6,370 6,662 6,370 5,961 5,961 5,961

Net gearing (%) 58.9 93.1 90.5 77.3 90.5 94.5 94.8 93.8 Source: Company, Bloomberg, Bahana estimate


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CTRP: Way above our and consensus’ estimates

Ciputra Property (CTRP IJ-REDUCE-IDR725-TP:IDR700) booked robust IDR567bn in 4Q14 revenue, up


resulted in full-year net profit of IDR394bn (-6.6% y-y), accounting for 136.9% of our full-year estimate and

163.1% of consensus’. We will revisit our numbers following the company’s set of results.

CTRP IJ 4Q14 Result summary

q-q y-y 4Q14/

y-y 2014/ 2014/


Sales 346 407 567 39.3 63.6 119.5 1,662.5 14.8 115.8 151.0

Gross profit 204 235 351 49.5 71.8

956.6 24.1

Operating expenses 85 62 107 72.6 25.8 290 13.8


Net interest inc. /(expenses) (22) (48) (54) 12.8 152.7 (176.6) 570.2

Forex gain (expenses) 10 1 0 (27.1) (95.5)

(3.4) (110.2)

Other income/(expenses) 6 5 7 36.7 9.8

21.0 98.2

Pretax profit 114 130 197 51.2 73.3

508 (4.9)

Taxation (31) (27) (35) 26.1 11.8

(109.2) 19.1

Minority interest (5) (2) 3 (268.3) (162.9) (4.7) (76.9)

Net profit 78 101 166 63.9 112.9 168.6 394 (6.6) 136.9 163.1


2012 2013 2014 2015F 2016F

Gross margin (%) 59.0 57.7 61.9 63.4 53.2 57.5 53.0 52.4


Pretax margin (%) 32.9 32.1 34.8 45.5 36.9 30.5 22.7 22.8

Net margin (%) 22.5 24.9 29.3

36.3 29.1 23.7 15.4 15.5


44 35 42 35 35


73 48 62 50 50


979 659 568 1,112 1,124

Total debt 2,655 2,655 2,611

932 2,655 2,611 4,446 5,629

Net gearing (%) 49.3 42.5 41.8

nc 49.3 41.8 76.0 97.1 Source: Company, Bloomberg, Bahana estimates

PSAB: In line on improved production

On the back of improved production, J Resources (PSAB IJ-BUY-IDR620-TP:IDR1,400) reported an in lined

4Q14 net profit of USD11mn, up 48% y-y, resulting in 2014 earnings of USD23mn, in line (97%) with our

full-year forecast. PSAB booked solid 4Q14 revenue of USD78mn, up 12% q-q and 514% y-y, resulting in

2014 revenue of USD280mn (107% of our expectation), up 260% y-y. On the margin front, PSAB booked

improved 4Q14 gross margin of 51.1% (4Q13: 26.8%; 3Q14: 37.6%). PSAB IJ 4Q14 Result summary q-q y-y 4Q14/ y-y 2014/ 2014/ (USDm) 4Q13 3Q14 4Q14 (%) (%) 4Q14F 2014 (%) 2014F Cons

Sales 13 69 78 12.4 514.4 129.4 280 259.8 106.7 na Gross profit 3 26 40 52.8 1,072.1 129 3,870.2 100.0 Operating expense (17) (10) (21) 103.8 22.7 (60) 27.5 100.5 Operating profit (14) 16 18 18.4 na 98.0 69 na 99.5 na

Net int. income/(expense) (11) (9) (8) (12.9) (28.7) (28) 10.5 93.9

Other income/(expense) 27 2 3 59.2 (88.8)

4 (86.0) 85.1

Pretax profit 2 9 14 57.9 561.8 46 na 101.5 na

Taxation 5 (16) (3) (82.5) (157.9) (20) na 112.8

Minority interest 0 (3) (0) (94.2) (138.2) (3) na 75.4

Net profit 7 (10) 11 (208.2) 47.6 94.7 23 na 97.4 na

Ratio analysis 4Q13 3Q14 4Q14 2013 2014 2014F 2015F 2016F Gross margin (%) 26.8 37.6 51.1

4.2 46.2 49.3 41.4 45.3

Operating margin (%) (110.8) 22.4 23.6

(56.6) 24.7 34.4 32.5 37.0

Pretax margin (%) 16.5 12.7 17.8

(50.0) 16.3 16.5 15.3 23.3

Net margin (%) 58.1 (14.5) 14.0 (31.1) 8.2 7.0 8.4 12.7

Inventory days 0 74 102 146 77 122 122 122

Receivable days 18 22 5 6 2 9 9 9

Payable Days 324 121 92 121 69 124 35 30

Total cash (IDRb) 27 4 11 27 11 22 24 25

Total debt (IDRb) 293 306 261 293 261 408 378 328

Net gearing (%) 118.9 128.1 101.0 118.9 101.0 159.7 133.6 98.5 Source: Company, Bloomberg, Bahana estimates


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ERAA: Disappointing on weak operating margin

Due to significantly weaker than expected operating margin, Erajaya Swasembada (ERAA IJ-REDUCE-

IDR910) reported a disappointing 4Q14 net profit of IDR32bn, down 54% q-q and 58% y-y, resulting in

2014 earnings of IDR214bn, down 39% y-y. forecasts. Despite strong 4Q14 revenue of IDR4.1tn, up 14%

q-q and 30% y-y, ERAA booked weak 4Q14 operating margin of 1.8% (4Q13: 3.9%; 3Q14: 3.7%), due to

weak margin from Samsung brand sales in our view. We will lower our forecast on ERAA on the back of this

disappointing set of results. ERAA IJ 4Q14 Result summary q-q y-y 4Q14/ y-y 2014/ 2014/ (IDRb) 4Q13 3Q14 4Q14 (%) (%) 4Q14F 2014 (%) 2014F Cons

Sales 3,168 3,611 4,107 13.7 29.6 111.6 14,451 13.5 103.0 104.1 Gross Profit 279 356 329 (7.5) 18.1 1,289 10.3 102.1 Operating expense (156) (222) (255) 14.9 63.7 (880) 29.7 106.8 Operating profit 123 134 74 (44.4) (39.5) 72.0 409 (16.6) 93.4 81.7

Net int. income/(expense) (31) (43) (52) 22.5 67.9 (181) 102.8 107.9

Other income/(expense) 1 3 26 (81.2) 4.2

68 237.8 104.4

Pretax profit 92 94 48 (49.0) (48.2) 296 (35.2) 89.8

Taxation (17) (25) (16) (34.9) (5.6) (82) (24.5) 99.1

Net profit 75 69 32 (54.1) (57.9) 49.1 214 (38.5) 86.7 80.6


9.2 8.9 9.0 9.0 9.0


3.9 2.8 3.1 3.1 3.1

Pretax margin (%) 2.9 2.6 1.2

3.6 2.0 2.4 2.3 2.1

Net margin (%) 2.4 1.9 0.8 2.7 1.5 1.8 1.6 1.3

Inventory days 57 58 46 26 13 23 23 23

Receivable days 34 30 30 23 9 26 26 26

Payable Days 28 28 28 26 8 28 28 28

Total cash (IDRb) 80 73 170 80 170 87 68 60

Total debt (IDRb) 7 1,540 1,571 1,173 1,571 1,410 1,560 1,752

Net gearing (%) nc 50.0 46.5 39.8 46.5 30.0 31.4 32.8 Source: Company, Bloomberg, Bahana estimate

CASS: In-lined 4Q14 net profit growth of 7.8% y-y

Cardig Aero Services (CASS IJ-HOLD-IDR1,150-TP:IDR1,220) reported 4Q14 net profit of IDR36bn

(+35.4% q-q and +7.8% y-y), translating into FY14 earnings of IDR110bn (+0.6% y-y). This was in-line

with our expectation, accounting for approximately 102.1%. (Company)

CASS IJ 4Q14 Result summary

q-q y-y 4Q14/ y-y 12M14/ 12M14/

(IDRbn) 4Q13 3Q14 4Q14 (%) (%) 4Q14F 12M14 (%) 2014F cons

Sales 355 375 410 9.2 15.3 107.7 1,520 15.2 102.0 -

Operating expense 272 296 304 3.0 11.9

1,175 18.3

Operating profit 83 79 105 32.7 26.2 80.3 345 5.9 93.0 -

Net interest inc. /(expenses) (0) (3) 2 (152.9) (559.3)

(3) 74.7

Forex gain (expenses) 5 8 (5) (156.1) (199.3)

(2) (107.7)

Other income/(expenses) 3 (0) 35 (7,370.9) 1,002.2

34 (774.6)

Pretax profit 91 84 137 62.4 50.4

375 9.2

-

Taxation 20 22 42 91.2 106.6

105 12.7

Minority interest 38 36 60 64.6 57.8 159 13.6

Net profit 33 26 36 35.4 7.8 107.0 110 0.6 102.1 -


12M13 12M14 2013 2014F 2015F 2016F

Operating margin (%) 23.5 21.2 25.7 24.7 22.7 24.7 19.9 20.0 19.6

Pretax margin (%) 25.6 22.5 33.4 26.0 24.6 26.0 20.5 20.0 20.2

Net margin (%) 9.3 7.0 8.7 8.3 7.3 8.3 4.5 4.4 4.8

Inventory Days 22 8 7

6.1 5.7 6.1 6.1 6.1 6.1


53 61 53 60 60 60


25 22 24 26 28 28


121 152 121 183 146 258

Total debt 192 213 244

192 244 192 221 248 272

Net gearing (%) 23.5 14.7 24.7

23.5 24.7 23.5 10.9 25.1 2.9


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TAXI: Well below; Hurt by interest expense from IDR1tn bond issuance

Express Transindo Utama (TAXI IJ-REDUCE-IDR870) booked a disappointing 4Q14 result with net profit of

IDR9bn, down 70% q-q and 76% y-y, mainly caused by high interest expense stemming from July’s IDR1tn

bond issuance (interest rate: 12.25%) resulting in 2014 earnings of IDR118bn, down 11% y-y, accounting

for 85% of our estimate and 88% of consensus. Following this sets of result we will revise down our 2015

earnings expectation.

TAXI IJ 4Q14 Result summary q-q y-y 4Q14/ y-y 2014/ 2014/ (IDRb) 4Q13 3Q14 4Q14 (%) (%) 4Q14F 2014 (%) 2014F Cons

Sales 181 231 250 8.0 38.2 120 890 29.5 105 102 Gross Profit 52 39 223 476.2 329.4 398 80.3 174 Operating expense 19 18 60 228.1 207.8 115 36.6 161 Operating profit 32 20 163 698.1 402.4 95 283 107.2 97

Net int. income/(expense) 1 20 (156) na na (133) na 122

Forex gain/(loss) 22 (1) (0) (98.1) (100.0) (0) (100.0) na

Other income/(expense) (2) 1 0 (64.8) (118.5)

3 (77.6) 61

Pretax profit 53 41 8 (81.5) (85.6) 153 (12.3) 82 89

Taxation 15 11 (1) (113.0) (109.3) 34 (17.1) 72

Net profit 37 30 9 (70.1) (75.9) 30 118 (10.8) 85 88


32.1 44.7 27.0 24.8 24.8


19.9 31.8 34.4 30.9 27.2

Pretax margin (%) 29.2 17.8 3.0

25.3 17.1 22.1 32.4 28.3

Net margin (%) 20.7 13.0 3.6 19.3 13.3 16.4 28.2 24.3

Inventory days 3 6 46 10 10 10 10 10

Receivable days 19 83 70 58 79 133 133 133

Payable Days 46 16 613 133 136 60 60 60

Total cash (IDRb) 316 298 216 316 216 629 231 158

Total debt (IDRb) 998 1,687 1,747 998 1,747 1,562 1,218 1,079


ECII 4Q14 results: Disappointing

ECII (ECII IJ-BUY-IDR1,270-TP:IDR1,360) booked 4Q14 net profit of IDR36bn, up 8.7% q-q but down

67.6% y-y, bringing 2014 net profit of IDR129bn, down 37.4% y-y, way below our expectation of

IDR181bn. The disappointing result was due to higher operating expenses stemming from previous

aggressive expansion.

ECII IJ 4Q14 Result summary q-q y-y 4Q14/ y-y 2014/ 2014 (IDRb) 4Q13 3Q14 4Q14 (%) (%) 4Q14F 2014 (%) 2014F Cons.

Sales 655 514 706 37.2 7.7 98.7 2,226.

8

10.6 99.6 Na Gross profit 145 97 135 39.1 (6.8) 428.6 5.6 96.2 Operating expenses (67) (77) (97) 24.8 44.9 (330) 48.7 132

Operating profit 78 20 38 96.0 (51.0) 28.1 99 (46.3) 50 Na

Net interest income/(expense) 8 16 (20) na na 20 78.9 154

Forex gain (expenses) - - - - - 0 1.0 2

Other income/(expense) 43 0 34 na na

38 (14.3) na

Pretax profit 130 36 52 44.9 (60.2)

156 (34.7) 74

Taxation (18) (3) (16) 515.0 (15.3)

(27) (17.0) 95

Minority interest 0 0 0 0 0

0 - 0

Net profit 111 33 36 8.7 (67.6) 40.9 129 (37.4) 71 na



Pretax margin (%) 19.8 6.9 7.3 11.9 7.0 9.4 9.4 9.6

Net margin (%) 17.0 6.4 5.1 10.3 5.8 8.1 8.2 8.3

Inventory Days 54 108 108 69 91 91 81 72

Receivable Days 1 1 1 1 1 1 1 1

Payable Days 32 30 38 41 32 32 17 17

Total cash 742 643 444 742 671 671 638 606

Total debt 43 34 31 43 35 35 40 43

Net gearing (%) na na na nc nc nc nc nc Source: Investor Daily, Company, Bahana estimates, Bloomberg


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ASSA: Disappointing 4Q14 net profit of IDR7bn, down 19% q-q and 78% y-y

Adi Sarana Armada (ASSA IJ-REDUCE-IDR164-IDR150) booked a disappointing 4Q14 net profit of IDR7bn,

down 19% q-q and 78% y-y, mainly caused by lower used cars than last year’s, resulting in 2014 earnings

of IDR43bn, down 53% y-y , accounting for 88% of our and 78% of consensus full year forecast.

ASSA IJ 4Q14 Result summary q-q y-y 4Q14/ y-y 2014/ 2014/ (IDRb) 4Q13 3Q14 4Q14 (%) (%) 4Q14F 2014 (%) 2014F Cons

Sales 267 298 311 4.6 16.8 109.7 1,140 11.9 102.5 103.1 Gross Profit 96 90 91 0.6 (5.4) 349 1.0 100.0 Operating expense (41) (45) (44) (2.8) 8.1 (165) 24.0 105.8 Operating profit 55 45 47 4.1 (15.3) 83.9 184 (13.3) 95.4 92.6

Net int. income/(expense) (31) (37) (39) 3.6 25.0 (139) 23.9 104.8

Forex gain/(loss) (0) 0 (0) (172.0) (35.6) 0 (207.4) na

Other income/(expense) 1 4 3 (21.1) 142.9

11 81.7 na

Pretax profit 25 11 11 (2.8) (56.9) 56 (47.1) 92.8

Taxation 7 (2) (4) 55.9 (157.7) (13) (7.0) 110.2

Net profit 32 9 7 (18.7) (77.5) 56.2 43 (53.4) 88.4 77.8


33.2 30.6 31.4 31.2 29.9


20.9 16.2 17.4 17.3 17.0

Pretax margin (%) 9.6 3.8 3.5

10.8 4.9 6.3 5.2 5.2

Net margin (%) 12.0 3.0 2.3 8.0 3.8 5.0 4.2 4.1

Receivable days - 39 39 41 11 39 47 51

Payable Days - 22 35 26 8 28 24 23

Total cash (IDRb) 26 26 22 21 22 15 24 31

Total debt (IDRb) 1,161 1,485 1,456 1,170 1,456 1,412 1,474 1,622


CTRA: 2015 marketing sales target upgrade; 2M15 achievement at 10% of target

Ciputra Development (CTRA IJ-REDUCE-IDR1,435-TP:IDR1,400) announced a 3% upward marketing sales

target revision to IDR10,963bn from initially IDR10,640bn, mainly caused by IDR191bn upward revision by

Ciputra Property (CTRP IJ-REDUCE-IDR725-TP:IDR700) from IDR2,415bn to IDR2,606bn due to its plans to

launch a second Ciputra International office tower. In related news, CTRA booked IDR1,145bn in 2M15

marketing sales, 10.4% of its revised full-year target. IDR203.7bn was from Ciputra Surya’s (CTRS IJ-NOT

RATED-IDR2,905) projects, IDR82.6bn from CTRP’s and IDR858bn from CTRA’s own and JV projects.

(Company). Bahana comment: CTRP’s 2M15 marketing sales achievement is at 3.5% of our target of

IDR2,333bn, and CTRA’s consolidated 2M15 marketing sales achievement is at 12.6% of our target of

IDR9,053bn. At this stage of the cycle, we think the upgrades in marketing sales targets are aggressive,

particularly given the current tax overhang. Thus, we maintain our targets: CTRP at 10.5% below the

company’s forecast and 17.4% below for CTRA.

ISAT to allocate around IDR7.5tn capex in 2015

Indosat (ISAT IJ-BUY-IDR4,265-TP:IDR5,150) plans to allocate 2015 capex of IDR7.5tn, up 17.2% y-y from

IDR6.4tn. ISAT’s Investor Relation, Andromeda Tristanto, stated that most of the capex funds will come

from internal cash. Around 80% of the total capex will be used for the development of data business

services. (Investor Daily)

Hutama Karya signed Medan-Binjai toll-road’s concession

Hutama Karya, a non-listed SOE construction company, announced the signing of a toll-road concession

agreement (PPJT) of the 16.8km Medan-Binjai toll-road although have commenced the construction last

January. Hutama Karya plans to utilize IDR1tn capital injection from the government to complete the toll-

road projects while awaits for IDR480bn additional funding from Sarana Multi Infrastructure. Separately,

Hutama Karya also anticipates revision of the Presidential Decree No.100/2014 in regards to Trans-Sumatra

toll-roads assignment prior to collaborate with another SOE companies to construct two Trans-Sumatra toll-

road sections, the 135km Pekanbaru-Kandis Dumai and 150km Bakauheni-Tebanggi Besar. (Investor Daily,

Indonesia Finance Today)


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PTBA: expansion to Myanmar & Vietnam; 35% div. payout; to purchase Ignite Energy Resources

Tambang Bukit Asam Tbk (PTBA IJ-HOLD-IDR10,700-TP:IDR10,000) plans to expand into electricity

business in Myanmar and Vietnam with total investment of USD600mn. New loans amounted to USD420m

will be issued under the project financing scheme to cover the funding requirement. In separate news, PTBA

announced dividend payout of IDR706bn of 35% of its net profit. Additionally, PTBA plans to purchase 20-

30% stake in Victoria (Australia) – based Ignite Energy Resources Ltd in 2Q15. This is to gain technology

development and possible mine development in lignite’s coal resources amounting to 16.4mn tons. (Kontan)


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BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily)

COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)

Potential (%) 3/30/2015 3/27/2015 CHANGE (%)

Nippon Indosari Corpindo ROTI IJ BUY 1,750 42.9 1,225 1,165 5.2

Agung Podomoro Land APLN IJ REDUCE 380 (13.6) 440 419 5.0

Bumi Serpong Damai BSDE IJ REDUCE 1,890 (10.0) 2,100 2,005 4.7

Summarecon Agung SMRA IJ REDUCE 1,600 (5.6) 1,695 1,625 4.3

Medco Energi Internasional MEDC IJ BUY 4,452 42.9 3,115 3,000 3.8

Sido Muncul SIDO IJ HOLD 700 23.9 565 545 3.7

Ciputra Development CTRA IJ REDUCE 1,400 (2.4) 1,435 1,385 3.6

Timah TINS IJ HOLD 1,300 35.4 960 930 3.2

Tiphone Mobile Indonesia TELE IJ BUY 1,160 19.6 970 940 3.2

Adi Sarana Armada ASSA IJ REDUCE 150 (8.5) 164 159 3.1

Bw Plantation BWPT IJ REDUCE 320 (7.0) 344 334 3.0

Indomobil Sukses Internasional IMAS IJ REDUCE 2,500 (36.9) 3,965 3,850 3.0

Kawasan Industri Jababeka KIJA IJ BUY 450 36.0 331 322 2.8

Alam Sutera Realty ASRI IJ REDUCE 560 0.9 555 540 2.8

Surya Semesta Internusa SSIA IJ HOLD 1,040 (6.7) 1,115 1,085 2.8

Bekasi Fajar Industrial Estates BEST IJ BUY 910 56.9 580 565 2.7

Pakuwon Jati PWON IJ REDUCE 425 (16.7) 510 497 2.6

Charoen Pokphand Indonesia CPIN IJ HOLD 4,500 28.9 3,490 3,410 2.3

Indo Tambangraya Megah ITMG IJ REDUCE 14,000 (20.2) 17,550 17,150 2.3

Garuda Indonesia GIAA IJ HOLD 620 25.0 496 485 2.3

Lippo Cikarang LPCK IJ BUY 14,000 21.7 11,500 11,250 2.2

Salim Ivomas Pratama SIMP IJ HOLD 790 14.5 690 675 2.2

Astra International ASII IJ REDUCE 6,600 (21.2) 8,375 8,200 2.1

Wijaya Karya Beton WTON IJ HOLD 1,335 9.0 1,225 1,200 2.1

Media Nusantara Citra MNCN IJ REDUCE 2,300 (18.0) 2,805 2,750 2.0

Gajah Tunggal GJTL IJ HOLD 1,270 (1.2) 1,285 1,260 2.0

Telekomunikasi Indonesia TLKM IJ BUY 3,350 16.9 2,865 2,810 2.0

Bank Jawa Timur BJTM IJ HOLD 550 2.8 535 525 1.9

Bukit Asam PTBA IJ REDUCE 10,000 (6.5) 10,700 10,500 1.9

Perusahaan Gas Negara PGAS IJ HOLD 5,800 20.7 4,805 4,720 1.8

Sarana Menara Nusantara TOWR IJ BUY 5,100 26.9 4,020 3,950 1.8

Express Transindo Utama TAXI IJ REDUCE 1,100 26.4 870 855 1.8

Waskita Karya WSKT IJ HOLD 1,900 8.6 1,750 1,720 1.7

Cardig Aero Services CASS IJ HOLD 1,150 (5.7) 1,220 1,200 1.7

Wijaya Karya WIKA IJ BUY 4,200 23.2 3,410 3,355 1.6

Pembangunan Perumahan PTPP IJ BUY 4,660 23.9 3,760 3,700 1.6

Multipolar MLPL IJ BUY 1,400 47.4 950 935 1.6

Lippo Karawaci LPKR IJ REDUCE 1,000 (23.4) 1,305 1,285 1.6

Matahari Putra Prima MPPA IJ HOLD 4,150 2.1 4,065 4,005 1.5

Semen Baturaja SMBR IJ REDUCE 350 (0.3) 351 346 1.4

Bank Bukopin BBKP IJ HOLD 800 12.7 710 700 1.4

Unilever Indonesia UNVR IJ BUY 37,500 (5.4) 39,650 39,100 1.4

Ace Hardware Indonesia ACES IJ REDUCE 690 (4.8) 725 715 1.4

Bank Tabungan Pensiunan Nasional BTPN IJ BUY 4,650 8.4 4,290 4,235 1.3

Bank Mandiri BMRI IJ HOLD 12,800 5.8 12,100 11,950 1.3

Matahari Department Store LPPF IJ BUY 17,500 (6.9) 18,800 18,600 1.1

Adaro Energy ADRO IJ REDUCE 900 (6.3) 960 950 1.1

Adhi Karya ADHI IJ BUY 3,900 28.3 3,040 3,015 0.8

J Resources PSAB IJ BUY 1,400 124.0 625 620 0.8

Indonesian Stock Exchange JCI 5,439 5,397 0.8

Blue Bird BIRD IJ REDUCE 8,700 (13.0) 10,000 9,925 0.8

Semen Indonesia SMGR IJ HOLD 15,000 10.7 13,550 13,450 0.7

Indofood CBP Sukses Makmur ICBP IJ BUY 18,200 28.2 14,200 14,100 0.7

United Tractors UNTR IJ REDUCE 17,500 (18.8) 21,550 21,400 0.7

Mayora Indah MYOR IJ BUY 32,500 12.4 28,925 28,725 0.7

Ciputra Property CTRP IJ REDUCE 700 (3.4) 725 720 0.7

Indofood Sukses Makmur INDF IJ BUY 8,300 11.0 7,475 7,425 0.7

Harum Energy HRUM IJ REDUCE 950 (36.7) 1,500 1,490 0.7

Ramayana Lestari Sentosa RALS IJ REDUCE 720 (5.9) 765 760 0.7

Japfa Comfeed Indonesia JPFA IJ BUY 1,200 54.8 775 770 0.6

Astra Agro Lestari AALI IJ BUY 27,700 16.4 23,800 23,650 0.6

Aneka Tambang ANTM IJ REDUCE 720 (16.3) 860 855 0.6

Surya Citra Media SCMA IJ REDUCE 2,360 (30.5) 3,395 3,380 0.4

Bank Tabungan Negara BBTN IJ BUY 1,200 (2.0) 1,225 1,220 0.4

Bank Central Asia BBCA IJ HOLD 15,500 6.9 14,500 14,450 0.3

Holcim Indonesia SMCB IJ REDUCE 1,430 (3.7) 1,485 1,480 0.3

Malindo Feedmill MAIN IJ BUY 2,500 53.4 1,630 1,625 0.3

London Sumatra Indonesia LSIP IJ HOLD 2,000 15.9 1,725 1,720 0.3

Kalbe Farma KLBF IJ BUY 2,000 8.4 1,845 1,840 0.3

Indocement Tunggal Prakarsa INTP IJ REDUCE 22,000 2.6 21,450 21,400 0.2

Tempo Scan Pacific TSPC IJ BUY 3,325 43.9 2,310 2,305 0.2

AKR Corporindo AKRA IJ REDUCE 3,700 (26.0) 5,000 4,995 0.1

Jasa Marga JSMR IJ BUY 8,000 11.9 7,150 7,150 0.0

Hero Supermarket HERO IJ REDUCE 570 (70.0) 1,900 1,900 0.0

Kimia Farma KAEF IJ BUY 1,600 21.2 1,320 1,320 0.0

Vale Indonesia INCO IJ BUY 4,000 21.6 3,290 3,290 0.0

Wintermar Offshore Marine WINS IJ HOLD 700 29.6 540 540 0.0

Austindo Nusantara Jaya ANJT IJ REDUCE 900 (23.1) 1,170 1,170 0.0

Indosat ISAT IJ BUY 5,150 20.8 4,265 4,265 0.0

Sampoerna Agro SGRO IJ HOLD 2,150 14.4 1,880 1,885 (0.3)

Bank Rakyat Indonesia BBRI IJ BUY 13,800 6.0 13,025 13,075 (0.4)

Krakatau Steel KRAS IJ REDUCE 370 (13.1) 426 428 (0.5)

Gudang Garam GGRM IJ BUY 70,000 41.4 49,500 49,750 (0.5)

Bank Jawa Barat dan Banten BJBR IJ HOLD 900 (6.3) 960 965 (0.5)

Supra Boga Lestari RANC IJ HOLD 440 15.8 380 382 (0.5)

Electronic City ECII IJ BUY 1,380 8.7 1,270 1,280 (0.8)

Erajaya Swasembada ERAA IJ REDUCE 1,060 16.5 910 920 (1.1)

Bank Negara Indonesia BBNI IJ BUY 7,600 8.6 7,000 7,100 (1.4)

Bank Danamon Indonesia BDMN IJ HOLD 4,100 (18.0) 5,000 5,075 (1.5) Tunas Baru Lampung TBLA IJ HOLD 830 28.7 645 655 (1.5)

Xl Axiata EXCL IJ BUY 5,000 17.5 4,255 4,325 (1.6)

Total Bangun Persada TOTL IJ BUY 1,100 9.5 1,005 1,025 (2.0)

Bumi Resources BUMI IJ REDUCE 120 48.1 81 83 (2.4)

Mitra Adiperkasa MAPI IJ HOLD 5,750 28.2 4,485 4,610 (2.7)

Sri Rejeki Isman SRIL IJ BUY 350 57.7 222 236 (5.9)

Source: Bloomberg, Bahana estimates

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Source: Bloomberg, Bahana estimates

Ticker Rating Price TP Shares Free float Mkt cap 3M avg to(IDR) (IDR) (m) (%) (IDRb) (IDRb) 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015

AVIATION N 15,377 7 49,880 54,260 (1,136) 2,672 (1,500) 1,170 (166.6) (203.3) (3.9) 16.0 30.1 5.3 2.0 1.8 0.2 0.3 57.2 66.3 (4.9) 11.6 (1.7) 4.1 4.6 (3.0)

GIAA IJ* HOLD 496 620 25,869 13.5 12,831 6 48,390 52,584 (1,467) 2,301 (1,608) 1,049 na na (9.3) 15.0 34.7 5.2 1.1 1.1 0.0 0.0 68.6 79.4 (12.2) 8.1 (4.3) 2.7 0.8 (7.7)

CASS IJ HOLD 1,220 1,150 2,087 56.6 2,546 0 1,491 1,676 331 371 108 121 (1.3) 11.3 23.5 21.1 6.6 6.0 6.8 5.6 1.5 1.7 nc nc 32.1 29.3 11.3 11.1 23.7 21.0

AUTOMOTIVE UW 354,492 274 232,058 242,980 21,579 22,815 20,479 21,487 2.3 4.3 17.0 17.5 14.2 13.3 3.5 3.1 2.6 2.7 50.8 44.1 21.5 19.9 8.7 8.6 15.2 14.4

ASII IJ REDUCE 8,375 6,600 40,484 49.8 339,050 264 200,166 207,952 20,302 21,169 20,096 20,832 3.5 3.7 16.9 16.3 13.8 13.1 3.6 3.2 2.7 2.8 44.6 37.1 22.4 20.6 9.1 8.9 15.7 15.0

IMAS IJ REDUCE 3,965 2,500 2,765 10.5 10,964 1 18,949 20,862 279 533 (33) 191 (106.8) (684.5) 23.0 57.5 31.4 24.5 1.9 1.8 (0.1) 0.4 224.7 238.2 (0.6) 3.2 (0.1) 0.8 3.2 (0.2)

GJTL IJ HOLD 1,285 1,270 3,485 40.3 4,478 10 12,943 14,166 997 1,113 416 464 245.6 11.5 10.8 9.7 6.0 5.5 0.8 0.8 2.3 2.6 94.6 94.8 7.4 8.2 2.7 3.1 1.3 4.1

BANKS N 1,201,352 967 242,173 273,359 101,465 114,934 81,267 92,048 11.9 13.1 15.7 13.9 na na 3.3 2.8 1.9 2.1 na na 22.9 21.8 3.0 3.0 na na

BBCA IJ HOLD 14,500 15,500 24,655 50.8 357,498 166 45,142 50,909 20,566 23,048 16,545 18,559 16.1 12.2 21.6 19.3 na na 4.6 3.9 0.9 1.0 na na 23.4 21.8 3.2 3.1 na na

BBRI IJ BUY 13,025 13,800 24,669 43.2 321,316 314 59,582 68,018 28,372 32,154 24,003 27,081 12.5 12.8 13.4 11.9 na na 3.4 2.8 2.2 2.3 na na 27.6 25.8 3.6 3.6 na na

BMRI IJ HOLD 12,100 12,800 23,333 40.0 282,333 232 57,004 64,467 26,275 29,536 20,513 23,057 12.7 12.4 13.8 12.2 na na 2.8 2.4 2.2 2.2 na na 21.7 21.0 2.6 2.6 na na

BBNI IJ BUY 7,000 7,600 18,649 39.8 130,541 153 32,902 37,324 13,025 14,752 10,676 12,112 17.9 13.5 12.2 10.8 na na 2.3 2.0 2.5 2.6 na na 20.7 20.2 2.6 2.6 na na

BDMN IJ HOLD 5,000 4,100 9,585 32.4 47,923 14 19,580 21,211 4,150 5,090 2,892 3,556 (27.0) 28.7 16.2 12.6 na na 1.5 1.3 2.2 2.8 na na 9.0 10.4 1.5 1.7 na na

BTPN IJ BUY 4,290 4,650 5,840 32.3 25,055 1 7,894 8,905 2,843 3,246 2,266 2,588 6.3 14.2 11.1 9.7 na na 2.1 1.7 0.0 1.5 na na 20.5 19.2 3.1 3.0 na na

BBTN IJ BUY 1,225 1,200 10,568 38.9 12,945 62 6,699 7,605 2,006 2,288 1,235 1,409 (20.9) 13.7 10.5 9.2 na na 1.0 0.9 3.4 3.5 na na 10.2 10.7 0.9 0.8 na na

BJBR IJ HOLD 960 900 9,696 25.0 9,308 15 6,247 6,822 1,502 1,725 1,038 1,303 (24.6) 25.2 9.0 7.2 na na 1.3 1.2 8.6 8.8 na na 15.1 17.8 1.4 1.5 na na

BJTM IJ HOLD 535 550 14,918 25.7 7,981 7 3,337 3,757 1,400 1,600 1,025 1,171 24.4 14.2 7.8 6.8 na na 1.3 1.2 8.3 9.2 na na 17.3 18.3 2.9 2.9 na na

BBKP IJ HOLD 710 800 9,087 40.4 6,452 4 3,786 4,341 1,325 1,496 1,073 1,212 2.4 12.9 6.0 5.3 na na 0.9 0.8 3.7 3.8 na na 16.2 16.2 1.4 1.3 na na

CEMENT UW 174,167 212 60,927 63,670 15,012 14,622 11,698 11,293 0.6 (5.9) 14.9 15.7 9.7 10.2 3.2 2.8 2.7 2.5 (11.4) 3.2 22.0 14.7 16.5 13.8 37.7 145.5

SMGR IJ REDUCE 13,550 15,000 5,932 49.0 80,372 124.5 27,177 27,552 7,221 6,582 5,513 5,127 3.0 (7.0) 14.6 15.7 9.6 10.6 3.4 3.0 2.1 1.9 3.1 nc 25.0 18.4 16.7 13.4 27.2 24.4

INTP IJ REDUCE 21,450 22,000 3,681 302.6 78,962 79.4 21,743.9 22,628.9 5,956.5 5,723.2 5,026.3 4,751.9 0.2 (5.5) 15.7 16.6 10.3 10.7 3.2 2.9 3.2 3.0 (36.6) nc 21.1 11.5 18.1 15.6 51.6 293.4

SMCB IJ REDUCE 1,485 1,430 7,663 19.4 11,379 5.9 10,771 12,051 1,586 1,990 851 1,077 (10.6) 26.4 13.4 10.6 7.0 5.9 1.3 1.2 3.7 3.3 57.5 56.8 9.6 11.5 5.3 6.0 8.8 6.5

SMBR IJ REDUCE 351 350 9,838 23.8 3,453 2.5 1,235 1,438 248 326 307 338 (11.3) 10.1 11.2 10.2 5.1 6.2 1.3 1.2 2.2 2.4 nc (27.1) 11.9 12.0 10.8 10.9 62.6 41.4

COAL & MINING CONTRACTING UW 162,598 190 185,481 185,147 15,520 15,010 12,478 14,385 19.8 (4.7) 11.3 12.0 5.9 2.8 1.9 1.8 4.4 4.0 7.7 5.0 17.5 15.9 10.4 9.7 22.7 21.7

UNTR IJ REDUCE 21,550 17,500 3,730 40.4 80,384 60 54,361 55,747 8,193 7,623 6,369 6,154 31.8 (3.4) 12.6 13.1 6.1 na 2.2 2.0 3.2 3.1 nc na 18.3 16.1 10.8 9.9 15.6 20.5

ADRO IJ* REDUCE 960 900 31,986 41.0 30,707 55 40,593 37,548 6,148 4,175 3,062 2,519 8.4 (14.9) 10.2 12.0 4.1 4.7 0.9 0.9 3.2 2.7 41.0 26.4 9.0 7.2 3.8 3.2 5.9 6.1

ITMG IJ* REDUCE 17,550 14,000 1,130 34.9 19,830 26 24,895 22,425 3,317 2,565 5,561 5,562 (2.8) (16.4) 8.1 9.7 3.3 4.4 1.8 1.8 11.6 10.3 nc nc 22.4 18.5 15.0 12.3 44.4 35.1

PTBA IJ REDUCE 10,700 10,000 2,304 29.3 24,654 26 13,475 15,784 2,370 2,706 1,991 2,234 9.0 12.3 12.4 11.0 8.6 7.5 2.9 2.6 4.4 4.1 nc nc 25.1 24.8 16.5 17.0 53.7 40.0

HRUM IJ* REDUCE 1,500 950 2,704 29.3 4,055 2 5,638 5,267 255 230 255 207 (36.5) (13.0) 16.3 18.8 6.5 8.0 1.9 1.8 5.4 3.1 nc nc 8.5 9.5 5.2 5.3 29.5 19.9

BUMI IJ* REDUCE 81 120 36,627 62.3 2,967 20 46,519 48,377 (4,763) (2,289) (4,760) (2,290) (26.2) 0.0 (0.5) (0.5) 6.1 4.1 (1.3) (0.4) 0.0 0.0 na na nm 19.7 (5.6) (2.8) (26.9) (21.4)

3.4

CONS. & TOLL ROADS N 124,399 375 59,285 71,727 7,523 9,166 3,757 4,600 9.8 16.8 33.3 27.4 16.4 14.0 5.3 4.5 1.0 1.2 41.2 57.1 17.7 18.2 4.8 5.1 25.0 15.9

JSMR IJ BUY 7,150 8,000 6,800 30.0 48,620 43 7,242 8,195 2,861 3,180 1,553 1,672 16.2 7.7 31.3 29.1 16.6 15.3 4.7 4.3 1.3 1.4 112.8 118.3 15.8 15.4 5.1 4.8 8.2 7.8

WIKA IJ BUY 3,410 4,200 6,149 34.9 20,969 64 13,097 16,018 1,347 1,652 590 778 3.5 31.9 35.5 26.9 13.3 10.7 4.8 4.0 0.8 1.1 (17.5) (11.9) 16.1 16.3 4.2 4.7 22.4 18.5

PTPP IJ BUY 3,760 4,660 4,842 49.0 18,208 55 13,569 16,987 1,320 1,710 512 745 21.7 45.7 35.5 24.4 13.8 11.1 7.7 6.1 0.8 1.2 nc nc 23.5 27.9 3.8 4.7 27.1 27.8

WSKT IJ HOLD 1,750 1,900 9,728 25.9 17,023 90 10,897 13,763 798 1,094 438 542 18.9 23.8 38.5 31.1 22.0 17.7 6.2 5.5 0.8 1.0 nc 105.2 17.2 18.8 4.6 4.5 15.9 12.4

WTON IJ HOLD 1,225 1,335 8,715 27.8 10,676 29 3,161 4,122 393 523 295 398 1.7 24.5 33.4 26.8 21.0 16.5 5.2 4.6 0.8 1.1 nc nc 21.5 18.1 8.0 8.8 46.6 24.5

ADHI IJ BUY 3,040 3,900 1,801 49.0 5,476 88 9,295 10,113 627 801 226 295 (44.4) 30.5 24.2 18.6 10.2 8.7 3.3 2.8 0.8 1.1 nc nc 14.0 16.3 2.3 2.9 32.7 11.0

TOTL IJ BUY 1,005 1,100 3,410 33.7 3,427 5 2,024 2,528 177 207 144 170 (26.0) 18.6 23.8 20.1 15.2 12.8 4.2 na 2.1 2.5 nc (54.9) 18.3 19.5 6.5 7.2 234.1 51.0

CONSUMER - DISCRETIONARY N 215,637 395 100,092 134,198 9,936 11,329 7,252 8,362 19.1 19.0 38.9 32.0 20.6 17.8 47.5 12.8 1.4 1.4 6.2 6.0 18.9 67.4 26.0 24.9 24.3 26.2

SCMA IJ REDUCE 3,395 2,360 14,622 33.2 49,640 40 4,199 4,739 1,991 2,224 1,476 1,645 15.4 11.9 33.6 30.0 23.0 20.3 13.7 11.0 1.3 1.5 nc nc 46.8 40.8 33.3 30.6 58.9 80.8

LPPF IJ BUY 18,800 17,500 2,918 65.3 54,857 65 8,079 9,622 2,140 2,584 1,574 1,984 36.9 26.0 34.8 27.7 22.8 18.4 164.7 32.5 1.1 1.4 nc nc na 196.4 50.2 50.0 na na

MNCN IJ REDUCE 2,805 2,300 14,276 33.3 40,044 41 7,114 7,665 2,738 2,780 1,804 1,811 6.0 0.4 22.1 22.0 14.2 14.1 4.6 4.1 2.1 2.1 nc nc 22.8 20.2 16.8 14.9 23.2 22.5

MPPA IJ HOLD 4,065 4,150 5,378 19.0 21,861 159 14,371 17,276 431 539 433 449 (2.7) 3.8 50.5 48.7 29.8 23.8 6.2 5.7 0.8 0.8 nc nc 12.6 12.2 6.4 6.2 13.3

ACES IJ REDUCE 725 690 17,150 40.0 12,434 15 4,604 5,184 587 619 519 547 1.9 5.5 24.0 22.7 17.9 16.7 5.3 4.6 0.8 1.5 nc nc 24.6 21.9 19.1 17.3 32.4 26.4

HERO IJ REDUCE 1,900 570 4,184 16.5 7,949 0 13,564 15,314 (196) (85) 44 81 (93.9) 85.0 181.7 98.2 42.2 37.0 1.5 1.4 0.0 0.0 nc nc 0.8 1.5 0.5 0.9 20.5 0.9

RALS IJ REDUCE 765 720 7,096 40.5 5,428 12 8,471 8,870 388 371 405 390 (6.7) (3.7) 13.4 13.9 6.7 6.6 1.6 1.5 4.1 4.0 nc nc 12.1 11.0 9.0 8.1 23.7 19.3

MAPI IJ HOLD 4,485 5,750 1,660 44.0 7,445 9 11,937 13,993 695 839 251 353 (23.3) 40.6 29.6 21.1 9.0 7.8 2.8 2.5 1.0 0.7 115.5 106.9 9.9 12.7 3.0 3.9 7.8 4.8

MLPL IJ BUY 950 1,400 10,065 68.0 9,562 19 17,456 20,730 24 85 136 165 (91.0) 21.0 70.2 58.0 10.4 9.2 1.4 1.3 2.2 0.2 nc nc 1.9 2.3 0.7 0.8 27.0 19.3

SRIL IJ BUY 222 350 18,593 43.9 4,128 33 6,403 7,582 901 1,065 398 568 12.4 42.7 10.4 7.3 6.4 5.8 1.5 1.3 1.0 1.4 111.3 116.3 15.9 19.4 5.8 6.9 7.7 7.7

RANC IJ HOLD 380 440 1,564 27.3 595 0 1,659 20,730 39 85 31 165 (12.8) 1.9 19.4 19.1 7.8 6.8 1.5 1.4 0.0 0.0 8.4 12.2 7.5 7.2 4.4 4.3 10.1 7.1

ECII IJ BUY 1,270 1,380 1,334 25.0 1,695 2 2,236 2,494 197 225 181 204 (18.5) 12.3 9.3 8.3 3.5 3.0 0.9 0.8 1.9 2.2 (34.8) (29.9) 10.3 10.6 8.9 9.5 35.0 16.7

CONSUMER - STAPLES OW 683,629 329 241,125 271,607 32,763 38,476 21,499 25,415 11.3 19.0 40.8 33.1 27.1 22.4 32.3 28.3 1.9 2.2 26.9 20.8 66.0 72.3 23.1 24.7 59.8 57.0

UNVR IJ BUY 39,650 37,500 7,630 15.0 302,530 57 35,313 40,577 7,408 9,068 5,517 6,740 3.1 22.2 54.8 44.9 39.6 32.4 66.5 58.3 1.8 2.2 19.9 14.7 125.4 138.4 38.6 41.5 109.8 105.9

GGRM IJ BUY 49,500 70,000 1,924 23.5 95,242 53 61,842 70,014 8,421 9,550 5,358 6,095 23.8 13.7 17.8 15.6 11.3 10.0 2.9 2.6 2.4 2.7 45.1 43.5 17.3 17.6 9.8 9.9 11.7 12.1

KLBF IJ BUY 1,845 2,000 46,875 43.3 86,485 74 18,035 20,555 2,841 3,279 2,122 2,449 10.6 15.4 40.7 35.3 27.0 23.4 9.2 7.9 1.1 1.3 nc nc 24.2 24.1 17.4 17.5 30.3 27.3

INDF IJ BUY 7,475 8,300 8,780 49.9 65,634 91 68,383 75,163 8,169 9,203 4,246 4,825 69.6 13.6 15.5 13.6 8.2 6.6 2.5 2.3 3.3 3.8 94.7 63.4 17.2 17.8 4.9 4.9 8.3 9.7

ICBP IJ BUY 14,200 18,200 5,831 19.5 82,800 41 30,616 34,517 3,415 4,091 2,621 3,110 17.8 18.7 31.6 26.6 21.2 17.8 5.9 5.2 1.4 1.7 nc nc 19.7 20.8 11.6 12.4 26.5 23.6

MYOR IJ BUY 28,925 32,500 894 66.9 25,869 2 15,343 17,742 1,153 1,635 343 715 (65.6) 108.9 75.5 36.2 18.1 13.3 5.9 5.0 0.4 0.7 59.6 46.2 8.4 15.2 3.2 5.8 18.9 5.5

TSPC IJ BUY 2,310 3,325 4,500 22.6 10,395 3 7,518 8,271 691 847 675 786 6.4 16.3 15.4 13.2 10.6 8.7 2.5 2.2 3.2 3.8 nc nc 16.8 17.6 12.1 13.0 31.9 28.3

SIDO IJ HOLD 565 700 15,000 19.0 8,475 3 2,175 2,485 411 494 409 437 (8.8) 6.7 20.7 19.4 16.7 13.9 4.7 3.9 6.1 1.0 nc nc 18.4 21.8 16.0 19.5 32.9 32.1

ROTI IJ BUY 1,225 1,750 5,062 29.3 6,201 4 1,901 2,283 254 309 206 258 30.6 25.2 30.0 24.0 19.9 16.5 6.6 5.5 0.8 1.0 55.6 44.0 23.9 24.9 10.8 12.1 13.9 14.7

KAEF IJ BUY 1,320 1,600 5,554 10.0 7,331 4 5,093 6,024 245 350 208 274 (3.3) 32.1 35.3 26.7 28.4 21.5 4.1 3.7 0.6 0.7 nc nc 12.3 14.6 7.5 7.9 17.9 12.5

INDUSTRIAL ESTATES N 25,543 35 9,700 10,580 2,791 3,205 2,124 2,544 0.0 3.3 12.2 10.1 9.0 8.2 2.2 1.8 1.2 1.1 11.3 20.1 21.1 19.9 11.0 10.7 33.8 22.8

KIJA IJ BUY 331 450 20,235 80.0 6,698 1 2,819 2,977 808 853 506 601 394.8 18.8 13.2 11.1 9.3 8.6 1.5 1.3 2.3 2.7 43.1 36.5 11.5 12.5 5.8 6.1 1.7 8.0

BEST IJ BUY 580 910 9,646 42.0 5,595 15 803 1,004 515 669 443 611 (40.4) 37.9 12.6 9.2 11.0 9.3 1.9 1.6 0.4 0.5 nc 23.3 16.5 19.2 12.2 13.5 38.3 15.7

SSIA IJ HOLD 1,115 1,040 4,705 68.4 5,246 11 4,403 4,725 606 740 380 463 (45.0) 21.7 13.8 11.3 7.1 7.0 2.0 1.8 2.6 1.4 nc 26.4 15.6 16.8 6.3 6.9 47.2 18.0

LPCK IJ BUY 11,500 14,000 696 57.8 8,004 9 1,675 1,874 861 943 794 869 34.5 9.4 10.1 9.2 8.7 7.9 3.1 2.3 0.0 0.0 nc nc 35.8 28.5 17.6 15.0 48.6 43.2

METALS N 51,351 48 30,952 26,057 4,155 2,331 2,119 1,508 71.5 (15.3) 16.3 15.8 73.8 17.5 1.4 1.4 4.0 3.1 22.6 18.0 7.0 5.7 4.7 3.9 3.1 6.2

INCO IJ* BUY 3,290 4,000 9,936 20.5 32,691 23 13,925 11,276 2,603 1,830 1,789 1,250 209.2 (21.8) 25.6 32.7 7.7 8.7 1.6 1.6 4.0 2.9 3.4 0.6 8.5 5.9 6.4 4.7 2.5 8.3

ANTM IJ REDUCE 860 720 9,538 35.0 8,203 14 7,957 8,764 (397) (164) (638) (169) (255.7) (73.6) (12.8) (48.6) 415.3 67.2 0.7 0.7 0.0 0.0 44.4 59.2 (5.1) (1.4) (3.0) (0.8) 2.7 (3.7)

TINS IJ HOLD 960 1,300 7,448 35.0 7,150 10 5,881 6,017 783 665 484 426 (26.7) (24.0) 12.8 16.8 7.1 6.7 1.4 1.4 3.3 3.0 32.0 13.8 9.7 8.2 5.9 5.1 10.5 7.8

PSAB IJ* BUY 625 1,400 5,292 7.4 3,308 1 3,189 3,306 1,166 1,220 485 526 209.2 (21.8) 4.9 6.2 24.7 4.4 1.0 0.9 15.4 12.1 138.3 97.1 16.4 15.6 4.8 5.3 (5.3) 6.5

OIL & GAS N 148,606 215 75,199 83,548 15,243 17,356 10,739 11,651 (7.1) 12.5 18.4 13.3 8.5 8.2 3.3 2.9 3.3 3.8 19.2 20.6 24.7 23.4 12.6 11.8 40.0 25.4

PGAS IJ* HOLD 4,805 5,800 24,242 43.0 116,480 162 41,589 45,126 11,968 12,213 9,538 9,729 (8.8) 7.8 12.9 12.0 7.3 7.6 3.4 3.0 3.9 4.2 nc nc 28.6 26.2 15.1 13.8 49.3 30.9

AKRA IJ REDUCE 5,000 3,700 3,914 40.8 19,568 45 22,455 25,904 1,039 1,148 755 881 16.7 16.4 25.6 22.0 16.2 13.9 3.7 3.4 1.6 1.8 59.5 50.5 15.1 16.0 5.3 6.1 9.1 8.7

MEDC IJ* BUY 3,115 4,452 3,332 49.0 10,381 4 9,027.5 10,580.0 1,665 3,462 158 759 11.0 412.0 68.7 13.4 8.1 5.5 1.1 1.2 0.6 3.0 148.8 188.9 1.6 8.5 0.5 2.3 0.8 0.7

WINS IJ* HOLD 540 700 4,031 42.3 2,177 5 2,128 1,938 571 534 288 282 (16.9) 3.2 7.2 7.0 4.1 4.1 0.9 0.8 2.1 1.9 63.3 47.9 12.3 10.8 1.8 1.6 2.0 2.2

PLANTATIONS UW 81,907 102 49,102 48,888 9,865 10,107 5,539 5,942 38.6 15.0 13.3 13.3 9.7 8.1 2.0 1.9 2.7 3.0 33.9 20.9 15.6 15.4 9.9 10.2 11.4 12.8

AALI IJ BUY 23,800 27,700 1,575 20.3 37,479 30 16,306 17,843 3,722 3,945 2,504 2,907 39.0 16.1 15.0 12.9 9.3 8.2 3.3 2.8 3.0 3.5 33.4 21.1 23.5 23.5 14.9 15.2 16.6 18.4

SIMP IJ HOLD 690 790 15,816 21.6 10,913 5 14,963 16,402 2,563 2,810 842 872 60.8 3.5 13.0 12.5 4.8 4.4 0.8 0.7 2.3 2.4 43.7 44.0 6.0 6.0 2.9 2.7 2.9 4.2

LSIP IJ HOLD 1,725 2,000 6,823 40.5 11,769 43 4,727 5,014 1,192 1,206 917 956 19.3 4.3 12.8 12.3 7.6 7.4 1.6 1.5 3.1 3.2 nc nc 13.3 12.7 11.0 10.7 15.9 16.6

BWPT IJ REDUCE 344 320 31,525 94.0 10,845 20 1,742 4,418 559 1,258 216 647 (20.8) (35.8) 10.8 16.8 22.3 12.3 0.2 0.8 0.3 0.9 53.7 13.1 2.9 5.0 1.6 3.0 3.6 1.7

ANJT IJ* REDUCE 1,170 900 3,335 10.0 3,902 0 1,924 1,894 431 346 224 226 (7.1) 6.9 16.6 15.5 5.2 9.3 1.1 1.0 3.0 3.2 nc 13.1 5.0 4.9 4.4 4.1 8.3 5.3

SGRO IJ HOLD 1,880 2,150 1,890 33.0 3,553 2 3,398 3,317 607 542 391 334 228.1 (14.5) 9.1 10.6 5.8 6.2 1.2 1.2 5.5 4.7 45.7 49.2 14.1 11.3 8.3 6.5 3.3 9.8

TBLA IJ HOLD 645 830 5,342 45.6 3,446 1 6,043 6,730 791 770 446 470 427.9 5.6 7.2 6.8 5.3 5.2 1.3 1.1 2.8 3.0 87.2 76.2 20.8 17.5 6.8 6.6 2.2 10.0

POULTRY N 68,410 40 59,256 67,114 4,118 6,513 2,384 4,034 (25.6) 54.6 29.5 18.2 18.4 12.5 4.6 3.8 1.3 1.0 53.1 45.3 16.8 22.7 10.0 13.4 21.8 13.0

CPIN IJ HOLD 3,490 4,500 16,398 44.5 57,229 30 29,307 33,374 2,845 4,149 1,965 2,887 (22.4) 46.9 29.1 19.8 19.8 13.5 5.1 4.3 1.3 1.0 31.5 23.7 18.6 23.5 11.5 14.8 24.3 14.9

JPFA IJ BUY 775 1,200 10,661 42.5 8,262 6 25,329 28,238 1,119 1,944 368 907 (38.1) 146.4 22.4 9.1 10.2 6.9 1.7 1.4 1.4 0.9 170.5 161.8 7.6 16.7 2.3 5.0 6.3 3.1

MAIN IJ BUY 1,630 2,500 1,791 44.1 2,919 4 4,620 5,503 153 420 51 239 (79.8) 365.3 56.7 12.2 15.6 7.9 2.6 2.6 0.4 1.6 142.8 139.5 5.7 23.8 2.0 8.1 15.2 2.5

PROPERTY N 163,860 434 43,374 46,523 15,684 16,167 13,026 11,624 43.8 (20.9) 13.6 15.4 11.1 10.9 3.0 2.5 1.8 1.7 18.2 23.6 25.2 19.1 10.2 7.7 23.2 23.2

BSDE IJ REDUCE 2,100 1,890 18,372 35.1 38,581 77 5,602 6,128 2,742 2,909 4,007 2,505 41.8 (37.5) 9.6 15.4 13.0 12.2 2.8 2.5 2.1 1.3 nc nc 33.5 17.2 16.3 9.0 35.7 34.1

LPKR IJ REDUCE 1,305 1,000 23,078 100.0 30,116 115 11,847 9,365 3,708 2,280 2,542 1,510 106.9 (40.6) 11.8 19.9 9.4 14.1 2.0 1.9 2.1 1.3 52.4 49.4 18.3 9.8 7.3 3.8 7.7 12.2

PWON IJ REDUCE 510 425 48,160 42.4 24,561 72 3,696 5,110 1,847 2,525 1,681 2,158 48.4 28.4 14.6 11.4 11.7 8.6 4.6 3.4 1.4 1.8 nc nc 36.5 34.5 15.0 14.9 27.7 37.2

SMRA IJ REDUCE 1,695 1,600 14,427 67.7 24,453 51 4,735 5,338 1,563 1,730 1,193 1,203 8.3 0.8 20.5 20.3 14.7 13.5 4.3 3.7 1.4 1.5 nc 35.8 24.5 21.0 7.8 6.5 32.8 20.9

CTRA IJ REDUCE 1,435 1,400 15,166 69.2 21,763 22 6,929 8,309 2,229 2,530 1,305 1,476 33.6 13.1 16.7 14.7 8.7 7.8 2.9 2.6 1.8 2.0 nc nc 19.0 18.6 6.0 6.0 19.5 21.0

ASRI IJ REDUCE 555 560 19,649 48.3 10,905 69 4,146 5,062 1,818 2,156 1,262 1,578 44.0 25.0 8.6 6.9 8.3 7.7 1.7 1.4 2.3 2.9 76.4 84.6 22.1 22.7 7.9 8.4 12.6 12.7

APLN IJ REDUCE 440 380 20,501 29.9 9,020 21 4,989 5,507 1,253 1,394 728 813 (14.4) 11.6 12.4 11.1 7.7 6.8 1.4 1.3 1.6 1.8 46.4 40.6 12.1 12.3 3.5 3.4 11.1 8.5

CTRP IJ REDUCE 725 700 6,150 43.7 4,459 5 1,431 1,704 524 643 308 381 (27.0) 23.9 14.5 11.7 9.7 8.9 1.1 1.0 2.1 2.6 35.8 46.8 7.4 8.7 3.9 4.3 9.6 5.7

STEEL UW 6,720 1 25,114 25,323 (401) (633) (401) (380) na (4.0) (17.0) (17.8) 37.9 62.7 0.6 0.6 0.0 0.0 107.8 134.2 (3.2) (3.3) (1.7) (1.5) (0.9) (1.7)

KRAS IJ* REDUCE 426 370 15,775 20.0 6,720 1 25,114 25,323 (401) (633) (401) (380) na (4.0) (17.0) (17.8) 37.9 62.7 0.6 0.6 0.0 0.0 107.8 134.2 (3.2) (3.3) (1.7) (1.5) (0.9) (1.7)

TELCOS OW 362,528 277 171,106 188,653 36,475 42,109 18,367 21,333 56.8 17.1 17.7 17.2 7.3 6.5 4.4 3.8 2.8 3.0 45.0 36.6 22.0 22.1 9.6 9.9 17.0 17.7

TLKM IJ BUY 2,865 3,350 100,800 48.8 288,792 233 90,444 98,555 29,191 32,603 15,368 17,398 7.5 13.2 18.8 16.6 6.4 5.8 4.4 3.9 3.5 3.9 11.9 9.5 24.3 25.0 11.4 11.9 22.9 22.0

EXCL IJ BUY 4,255 5,000 8,534 33.5 36,314 22 23,643 26,490 1,749 3,207 2,783 1,611 169.5 (42.1) 13.0 22.5 7.6 6.2 2.1 1.9 2.3 1.3 135.3 122.3 16.9 8.8 5.6 2.7 3.4 7.6

TOWR IJ BUY 4,020 5,100 10,203 61.2 41,016 1 4,290 4,909 2,422 2,836 1,286 1,540 663.4 19.7 31.9 26.6 13.6 11.8 8.4 6.5 0.0 0.0 148.0 95.2 30.2 27.4 7.8 8.6 1.5 10.9

ISAT IJ BUY 4,265 5,150 5,434 20.7 23,176 2 23,909 24,671 2,100 2,258 (1,660) 63 na (103.8) (14.0) 368.7. 4.1 4.0 1.6 1.6 0.0 0.0 131.7 132.9 (11.0) 0.4 (3.2) 0.1 (7.5) (4.7)

TELE IJ BUY 970 1,160 7,119 17.8 6,906 5 14,335 18,113 538 680 333 412 13.0 23.7 20.5 16.6 14.5 12.2 3.0 2.7 1.2 1.5 53.8 44.5 18.4 17.2 8.2 8.5 18.1 11.5

ERAA IJ REDUCE 910 1,060 2,900 39.7 2,639 13 14,485 15,914 476 526 257 309 (26.2) 20.2 10.3 8.5 7.9 7.2 0.9 0.8 3.9 4.7 50.0 48.1 8.9 9.9 4.7 5.1 10.3 6.2

TRANSPORTATION N 27,445 51 6,817 8,180 1,593 1,828 1,033 1,186 (41.7) 3.7 24.7 23.9 14.8 12.7 5.2 5.3 2.3 2.0 41.3 45.2 31.7 22.9 13.3 12.7 24.6 18.7

TAXI IJ REDUCE 870 1,100 2,146 49.0 1,867 13 848 958 292 296 139 128 5.1 (8.4) 13.4 14.6 5.2 4.8 2.1 1.9 2.0 1.8 103.7 99.7 16.4 13.5 5.5 4.6 9.5 8.6

ASSA IJ REDUCE 164 150 3,398 37.7 557 32 1,113 1,305 193 225 49 54 (47.3) 12.1 11.5 10.2 4.1 3.8 0.7 0.6 2.2 2.9 164.4 163.7 5.8 6.3 2.1 2.2 5.1 2.3

BIRD IJ REDUCE 10,000 8,700 2,502 15.0 25,021 6 4,856 5,918 1,108 1,306 845 1,003 (42.0) 3.8 25.9 24.9 15.7 13.5 5.6 5.6 2.3 2.0 33.9 38.5 33.4 24.0 14.1 13.5 26.1 19.8

Market N 3,868,021 3,953 1,641,640 1,801,816 292,184 328,008 211,860 238,201 12.1 10.9 21.8 19.3 11.5 9.3 10.7 7.9 2.2 2.3 19.2 17.9 29.1 31.6 10.9 10.9 21.8 25.2

Note: *USD reporting

OW: Overweight, N: Neutral, UW: Underweight

ROIC (%)PER (x)Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%) ROAA (%)


2014Finance Asia's

Best Equity House

Asiamoney's2013




AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time

AGM ITMG IJ Indo Tambangraya Megah 03/31/15 08:30

AGM ANTM IJ Aneka Tambang 03/31/15 09:00

AGM SMBR IJ Semen Baturaja 03/31/15 14:00

AGM INCO IJ Vale Indonesia 03/31/15 -

EGM BJBR IJ Bank Pem. Daerah Jabar dan Banten 03/31/15 09:00

EGM ITTG IJ Leo Investments 04/01/15 14:00

AGM WTON IJ Wijaya Karya Beton 04/01/15 10:00

AEGM EXCL IJ XL Axiata 04/01/15 09:00

EGM ADES IJ Akasha Wira International 04/01/15 10:00

EGM SDPC IJ Millennium Pharmacon International 04/02/15 10:00

AGM BDMN IJ Bank Danamon Indonesia 04/07/15 09:00

AGM ACST IJ Acset Indonusa 04/08/15 14:00

AGM BJTM IJ Bank Pem. Daerah Jawa Timur 04/08/15 10:00

AGM KAEF IJ Kimia Farma 04/08/15 14:00

AGM INAF IJ Indofarma 04/08/15 10:00

EGM DSSA IJ Dian Swastatika Sentosa 04/08/15 11:00

AGM PLIN IJ Plaza Indonesia Realty 04/08/15 14:00

AEGM BBCA IJ Bank Central Asia 04/09/15 10:00

AGM NISP IJ Bank OCBC Nisp 04/09/15 10:30

AGM AALI IJ Astra Agro Lestari 04/14/15 14:00

AGM JPFA IJ JAPFA Comfeed Indonesia 04/14/15 10:00 Source: Bloomberg


2014Finance Asia's

Best Equity House

Asiamoney's2013




Actual and upcoming IPOs, 2013-2015

No Code Date Company name Industry Amount Public (IDRbn) (%)

1 BBRM 01/08/13 Pelayaran Nasional Bina Buana Shipping 138 13.2

2 HOTL 01/10/13 Saraswati Griya Lestari Hotel 102 15.5

3 SAME 01/11/13 Sarana Meditama Metropolitan Hospital Management 72 13.6

4 MAGP 01/16/13 Multi Agro Gemilang Plantations 440 66.7

5 TPMA 02/20/13 Trans Power Marine Transportation 91 9.0

6 ISSP 02/22/13 Steel Pipe Industry of Indonesia Pipes manufacturer 856 29.6 7 DYAN 03/25/13 Dyandra Media International Entertainment 449 22.4

8 ANJT 05/08/13 Austindo Nusantara Jaya Plantation 400 10.0

9 NOBU 05/20/13 Bank Nationalnobu Banking 808 52.5

10 MPMX 05/29/13 Mitra Pinasthika Mustika Automotive 1,455 21.7

11 DSNG 06/14/13 Dharma Satya Nusantara Plantations 509 13.0

12 SRIL 06/17/13 Sri Rejeki Isman (Sritex) Textile 1,344 30.1 13 ACST 06/24/13 Acset Indonesia Construction 375 31.0

14 SRTG 06/26/13 Saratoga Investa Sedaya Finance 1,492 10.0

15 NRCA 06/27/13 Nusa Raya Cipta Construction 260 12.3

16 SMBR 06/28/13 Semen Baturaja Cement 1,309 23.8

17 ECII 07/03/13 Electronic City Indonesia Retail 1,350 25.0

18 BBMD 07/08/13 Bank Mestika Dharma Banking 593 20.0 19 MLPT 07/08/13 Multipolar Technology IT 180 18.0

20 VICO 07/08/13 Victoria Investama Finance 150 16.3

21 CPGT 07/09/13 Cipaganti group Transportation 69 10.0

22 NAGA 07/09/13 Bank Mitraniaga Banking 80 27.3

23 BMAS 07/11/13 Bank Maspion Banking 246 20.0 24 SILO 09/12/13 Siloam Hospital Hospital 1,405 13.5

25 APII 10/29/13 Arita Prima Indonesia Pipe Manufacture 61 25.6

26 KRAH 11/08/13 Grand Kartech Manufacturing 45 16.9

27 IMJS 12/10/13 Indomobil Multi Jasa Auto finance 225 10.4

28 LEAD 12/11/13 Logindo Samudramakmur Marine services 357 19.8

29 SSMS 12/12/13 Sawit Sumbermas Sarana Plantations 1,005 15.8 30 SIDO 12/18/13 Sido Muncul Pharmaceutical 870 10.0

2013 total 16,735

31 PNBS 01/15/14 Bank Panin Syariah Banking 475 49.3

32 ASMI 01/16/14 Mitra Maparya Insurance 109 29.0

33 CANI 01/16/14 Capitol Nusantara Transporation 42 25.0

34 BINA 01/16/14 Bank INA Banking 125 24.8

35 BALI 03/13/14 Bali Towerindo Sentra Construction 35 14.7

36 WTON 04/08/14 Wika Beton Construction material 1,207 30.0 37 BLTZ 04/10/14 Graha Layar Prima Entertainment 223 31.3

38 MDIA 04/11/14 Intermedia Capital Entertainment 541 15.0

39 LRNA 04/15/14 Eka Sari Lorena Transport Transportation 135 20.0

40 DAJK 05/14/14 Dwi Aneka Jaya Kemasindo Paper manufacture 470 40.0

41 LINK 02/06/14 Link Net Telecommunication 487 10.0

42 CINT 06/27/14 Chitose Internasional Manufacture 99 34.0 43 MGNA 07/07/14 Magna Finance Finance 74 70.0

44 BPII 07/08/14 Batavia Prosperindo Internasional Finance 75 100.0

45 MBAP 07/10/14 Mitrabara Adiperdana Coal 319 22.0

46 TARA 07/11/14 Sitara Propertindo Property 424 40.0

47 DNAR 07/11/14 Bank Dinar Bank 55 22.2

48 BIRD 11/05/14 Blue Bird Transportation 2,438 100.0 49 SOCI 12/03/14 Soechi Lines Shipping 582 15.0

50 IMPC 12/17/14 Impack Pratama Industri Packaging 570 31.0

51 IBFN 12/22/14 Intan Baruprana Finance Finance 192 21.0

52 AGRS 12/22/14 Bank Agris Banking 99 100.0

53 GOLL 12/23/14 Golden Plantation Plantation 230 21.8

2014 total 9,016

54 Airasia Indonesia Airlines 1,800 20.0

55 Andira Agro Plantations 56 Asia Mangan Group Mining 458 55.0

57 Bank DKI Banking

58 Bank Kesejahteraan Ekonomi Banking

59 Bank Muamalat Banking

60 Bank Sumatera Utara Banking 800

61 Bank Syariah Mandiri Banking 62 Daya Mitra Telekomunikasi Telecommunication 49.0

63 Daya Mandiri Resources Indonesia Coal mining

64 GMF Aero Asia Target Aero services

65 Indoprima Gemilang Auto-parts

66 Infomedia Nusantara Services

67 Intan Baruprana Finance Multi-finance 68 Kawasan Berikat Nusantara Industrial estates

69 Krakatau Wijatama Steel manufacture

70 Pacific Agro Sentosa Plantations 1,000

71 Pegadaian Indonesia Finance

72 Pelita Cengkareng Paper Packaging manufacture

73 Perkebunan Nusantara III, IV and VII Plantations 74 Pertamina Drilling Services Indonesia Oil-related

75 Pertamina Hulu Energi Oil-related

76 Pertamina Gas Gas distribution

77 Pertamina Geothermal Energy Electricity

78 PLN Batam Electricity

79 Pos Indonesia Logistics 80 Pos Logistik Logistics

81 Puradelta Lestari Property 2,760

82 Semen Batam Cement

83 Siba Surya Logistics 500

84 Sriboga Raturaya Restaurant 500

2015 total 7,818

Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today)


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Actual and upcoming rights issues, 2011-2013 No Code Ex-rights date Company name Industry Amount (IDRbn)

1 BMRI 01/26/11 Bank Mandiri Banks 11,684 2 AMRT 01/24/11 Sumber Alfaria Trijaya Retail 1,039

3 BBKP 01/20/11 Bank Bukopin Banks 1,066

4 PBRX 01/24/11 Pan Brothers Textile 433

5 EPMT 02/01/11 Enseval Putra Megatrading Pharmacy distribution 300

6 ABDA 04/28/11 Asuransi Bina Dana Arta Insurance 144

7 INDS 05/16/11 Indospring Automotive components 188

8 UNTR 06/03/11 United Tractors Heavy equipment 6,100

9 DOID 06/27/11 Delta Dunia Makmur Mining contracting 1,200

10 BVIC 06/27/11 Bank Victoria Banks 199

11 IMAS 07/01/11 Indomobil Sukses Internasional Automotive 2,770

12 KREN 07/08/11 Kresna Graha Securindo Financial 106

13 APIC 07/05/11 Pasific Strategic Financial Financial 286

14 LPPS 07/06/11 Lippo Securities Finance 206

15 BDMN 09/28/11 Bank Danamon Banks 4,998

16 AISA 10/02/11 Tiga Pilar Sejahtera Food Consumer 702

17 AMAG 10/04/11 Asuransi Multi Artha Guna Insurance 215

18 KIJA 10/14/11 Kawasan Industri Jababeka Construction 1,509

19 BEKS 10/21/11 Bank Pundi Indonesia Banks 500

20 CFIN 10/24/11 Clipan Finance Financing 469

21 PNLF 11/03/11 Panin Financial Financial 499

22 DKFT 12/02/11 Central Omega Resources Mining 984

23 PWON 12/09/11 Pakuwon Jati Property 1,304

24 PSAB 12/23/11 J Resources Asia Pasifik Trading 1,444

25 MDLN 12/23/11 Moderland Realty Property 802

26 MASA 12/28/11 Multistrada Arah Sarana Automotive components 1,500

2011 total 40,647 27 FREN 02/16/12 Smartfren Telecom Telecommunication 1,336

28 BSIM 06/25/12 Bank Sinarmas Banks 305

29 AMRT 03/12/12 Sumber Alfaria Trijaya Retail 1,030

30 KIAS 02/24/12 Keramika Indonesia Asosiasi Ceramics, Glass, Porcelain 863

31 RAJA 05/08/12 Rukun Raharja Energy 230

32 SUGI 05/11/12 Sugih Energy Energy 2,427

33 NISP 05/30/12 Bank OCBC NISP Banks 1,507

34 TRIO 06/26/12 Trikomsel Oke Retail 267

35 SMMT 06/26/12 Golden Eagle Energy Energy 410

36 ITTG 07/05/12 Leo Investments Financial 102

37 MCOR 07/06/12 Bank Windu Kentjana International Banks 105

38 SUPR 08/16/12 Solusi Tunas Pratama Towers 648

39 BEKS 09/07/12 Bank Pundi Indonesia Banks 300

40 MDRN 10/29/12 Modern International Retail 528

41 BBNT 11/19/12 Bank Tabungan Negara Banks 1,868

42 COWL 11/20/12 Cowell Development Construction 906

43 BNLI 11/30/12 Bank Permata Banks 1,996

44 INPC 11/30/12 Bank Arta Graha International Banks 501

45 MYOH 12/18/12 MYOH Technology Telecommunication 610

46 BIPP 12/10/12 Bhuwanatala Indah Permai Property 171

47 HOME 12/11/12 Hotel Mandarine Regency Property 103

48 CNKO 12/14/12 Exploitasi Energi Indonesia Coal 2,355

49 SRAJ 12/19/12 Sejahteraraya Anugrahjaya Shipping 1,439

50 INCF Amstelco Indonesia Financial 5,091

2012 total 25,098 51 CENT 02/01/13 Centrin Online Retail 685

52 TKGA 03/08/13 Toko Gunung Agung Retail 480

53 TRIM 04/08/13 Trimegah Securities Finance 276

54 AUTO 04/25/13 Astra Otoparts Misc. Industry 2,988

55 BBNP 05/13/13 Bank Nusantara Parahyangan Banking 296

56 DNET 06/03/13 Dyviacom Intrabumi Trade 7,000

57 BKSW 06/04/13 Bank QNB Kesawan Banking 649

58 KPIG 06/11/13 MNC Land Construction 2,443

59 HERO 06/14/13 Hero Supermarket Retail 2,980

60 INDS 07/01/13 Indospring Trade 357

61 JKON 07/02/13 Jaya Konstruksi Manggala Pratama Construction 457

62 AGRO 07/04/13 Bank Rakyat Indonesia Agroniaga Banking 450

63 BNII 07/05/13 Bank International Indonesia Banking 1,501

64 WEHA 07/08/13 Panorama Transportasi Infrastructure 75

65 INDX 07/08/13 Tanah Laut Infrastructure 69

66 BACA 08/07/13 Bank Capital Indonesia Banking 204

2013 total 20,910

Grand total 86,655 Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today)


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1H14 Results Round-ups to consensus Operating profit (IDRbn) Net profit (IDRbn)

No Company Ticker Actual Consensus (%) Comment Actual Consensus (%) Comment

1 ACE Hardware Indonesia ACES IJ 294 676 43.5 In Line 246 576 42.6 In Line 2 Adhi Karya ADHI IJ 129 1,043 12.3 Below 60 451 13.3 Below 3 Adi Sarana Armada ASSA IJ 96 na na Below 27 98 27.5 Below 4 Agung Podomoro Land APLN IJ 583 1,619 36.0 Below 355 959 37.0 Below 5 AKR Corporindo AKRA IJ 481 1,208 39.8 In Line 375 820 45.8 In Line

6 Alam Sutera Realty ASRI IJ 897 1,921 46.7 Below 515 1337 38.5 In Line

7 Astra Agro Lestari AALI IJ 1,924 4,084 47.1 In Line 1369 2852 48.0 Below 8 Astra International ASII IJ 9,920 20,620 48.1 Above 9638 20822 46.3 In Line 9 Austindo Nusantara Jaya* ANJT IJ 17 na na Above 6 na na Below 10 Bank Bukopin BBKP IJ 637 1,326 48.0 In Line 516 955 54.0 Above 11 Bank Central Asia BBCA IJ 9,777 19,366 50.5 In Line 7852 16176 48.5 In Line

12 Bank Danamon BDMN IJ 2,071 4,868 42.5 Below 1489 3526 42.2 Below

13 Bank Jabar Banten BJBR IJ 630 1,637 38.5 Below 478 1267 37.7 Below 14 Bank Jatim BJTM IJ 748 1,390 53.8 In Line 543 1043 52.1 Below 15 Bank Mandiri BMRI IJ 12,552 26,660 47.1 In Line 9585 20271 47.3 In Line 16 Bank Negara Indonesia BBNI IJ 6,058 12,426 48.8 In Line 4936 9923 49.7 In Line 17 Bank Rakyat Indonesia BBRI IJ 13,728 29,457 46.6 In Line 11744 23995 48.9 In Line

18 Bank Tabungan Negara BBTN IJ 743 2,030 36.6 Below 539 1499 36.0 Below

19 Bank Tabungan Pensiunan Negara BTPN IJ 1,357 3,002 45.2 In Line 996 2188 45.5 Below 20 Bekasi Fajar Industrial Estate BEST IJ 136 618 22.0 Below 125 620 20.2 Below 21 Bukit Asam PTBA IJ 1,331 2,278 58.4 Above 1156 1882 61.5 Above 22 Bumi Resources* BUMI IJ 111 230 48.2 Below (101) (146) 69.3 Below 23 Bumi Serpong Damai BSDE IJ 1,145 2,616 43.8 In Line 2565 2260 113.5 Above

24 Cardig Aero Service CASS IJ 161 369 43.7 Below 49 127 38.2 In Line

25 Charoen Pokphand Indonesia CPIN IJ 1,772 4,406 40.2 Below 1251 3204 39.0 Below 26 Ciputra Development CTRA IJ 953 2,083 45.7 Below 601 1193 50.3 Below 27 Ciputra Property CTRP IJ 250 416 60.0 Below 127 352 36.0 Below 28 Citra Marga Nusaphala Persada CMNP IJ 247 na na Below 205 464 44.3 Below 29 Erajaya Swasembada ERAA IJ 200 572 35.0 Below 126 361 34.8 Below

30 Express Transindo TAXI IJ 99 278 35.8 In Line 79 139 56.9 In Line

31 Gajah Tunggal GJTL IJ 519 1,410 36.8 Below 228 931 24.5 Below 32 Garuda Indonesia* GIAA IJ (390) 35 (1,123.9) Below (376) (27) 1388.0 Below 33 Gudang Garam GGRM IJ 4,073 8,518 47.8 Below 2713 5359 50.6 In Line 34 Harum Energy* HRUM IJ 18 55 33.4 Below 18 36 48.6 Below 35 Holcim Indonesia SMCB IJ 701 1,938 36.2 Below 449 1201 37.4 Below

36 Indocement Tunggal Prakarsa INTP IJ 2,701 6,697 40.3 Below 2509 5447 46.1 In Line

37 Indofood CBP ICBP IJ 1,647 3,165 52.0 In Line 1348 2496 54.0 In Line 38 Indofood Sukses Makmur INDF IJ 4,254 8,781 48.4 In Line 2137 4148 51.5 In Line 39 Indomobil Sukses International IMAS IJ 160 609 26.4 In Line 49 709 6.9 Below 40 Jasa Marga JSMR IJ 1,586 2,986 53.1 Above 812 1613 50.3 Above 41 Kalbe Farma KLBF IJ 1,328 2,995 44.4 Below 993 2239 44.3 Below

42 Lippo Cikarang LPCK IJ 447 800 56.0 In Line 403 734 54.9 In Line

43 Lippo Karawaci LPKR IJ 1,034 1,943 53.2 Above 673 1627 41.4 In Line 44 London Sumatra Indonesia LSIP IJ 641 1,341 47.8 In Line 471 1075 43.8 In Line 45 Malindo Feedmill MAIN IJ 147 507 29.0 Below 87 346 25.2 Below 46 Matahari Department Store LPPF IJ 707 2,172 32.6 In Line 362 1607 22.5 In Line 47 Mayora Indah MYOR IJ 626 1,400 44.8 In Line 304 813 37.4 In Line

48 Medco Energi* MEDC IJ 111 246 45.0 Below 9 21 41.0 Above

49 Media Nusantara Citra MNCN IJ 1,334 2,914 45.8 In Line 973 2097 46.4 In Line 50 Mitra Adiperkasa MAPI IJ 293 780 37.6 Below 100 334 30.0 Below 51 Nippon Indosari Corpindo ROTI IJ 134 307 43.7 Below 127 206 61.7 Above 52 Pakuwon Jati PWON IJ 1,032 1,941 53.2 Above 906 1503 60.3 Above 53 Pembangunan Perumahan PTPP IJ 373 1,388 26.8 Below 146 535 27.4 Below

54 Ramayana Lestari Sentosa RALS IJ 74 448 16.6 Below 103 443 23.2 Below

55 Salim Ivomas Pratama SIMP IJ 1,262 2,595 48.6 Above 498 1088 45.7 In Line 56 Sampoerna Agro SGRO IJ 302 540 55.9 Above 186 320 58.1 Above 57 Semen Baturaja SMBR IJ 66 360 18.2 Below 88 368 23.9 In Line 58 Semen Indonesia SMGR IJ 3,563 7,760 45.9 In Line 2740 5873 46.6 Above 59 Sido Muncul SIDO IJ 242 589 41.1 Below 353 461 76.7 In Line

60 Summarecon Agung SMRA IJ 695 1,491 46.6 In Line 542 1143 47.4 In Line

61 Supermarket HERO HERO IJ 5 na na Below 95 na na Below 62 Supra Boga Lestari RANC IJ 6 25 23.1 Below 10 42 22.6 Below 63 Surya Citra Media SCMA IJ 1,074 2,268 47.4 In Line 813 1718 47.3 In Line 64 Surya Semesta Internusa SSIA IJ 308 770 40.0 Below 190 594 32.0 Below 65 Telekomunikasi Indonesia TLKM IJ 14,165 29,104 48.7 In Line 7403 15528 47.7 In Line

66 Tempo Scan Pacific TSPC IJ 449 na na Below 414 688 60.2 Below

67 Timah TINS IJ 360 944 38.1 In Line 203 671 30.2 In Line 68 Total Bangun Persada TOTL IJ 90 191 47.1 Below 78 177 43.9 Above 69 Unilever Indonesia UNVR IJ 3,841 7,867 48.8 Below 2848 5824 48.9 Below 70 United Tractors UNTR IJ 4,287 7,847 54.6 In Line 3324 5793 57.4 In Line 71 Vale Indonesia* INCO IJ 118 241 49.0 Above 68 176 38.5 In Line

72 Waskita Karya WSKT IJ 181 779 23.2 Below 61 421 14.4 In Line

73 Wijaya Karya WIKA IJ 584 1,344 43.5 In Line 283 695 40.6 Below 74 Wijaya Karya Beton WTON IJ 221 422 52.4 Above 172 302 57.0 Above

Source: Bloomberg, Company, Bahana estimates *In USDm


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Andre Natala [email protected] Associate

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CAext 3612

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Head Office Surabaya Branch

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Tel. 62 21 250 5081 Tel. 62 31 535 2788

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says otherwise, any recommendation it makes is risky and appropriate only for sophisticated speculative investors able to incur significant losses.

Readers should consult their financial advisors to determine whether any such recommendation is consistent with their own investment objectives,

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Research Analyst Conflicts

For updates on “Research Analyst Conflicts” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. The

principal research analysts who prepared this report have no financial interest in securities of the issuers covered in the report, are not (nor are any

members of their household) an officer, director or advisory board member of the issuer(s) covered in the report, and are not aware of any material

relevant conflict of interest involving the analyst or DCMA, and did not receive any compensation from the issuer during the past 12 months except as

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producing the report if no individual analysts[s] is named on the report); and no part of the compensation of such analyst(s) (or no part of the

compensation of the firm if no individual analyst[s)] is named on the report) was, is, or will be directly or indirectly related to the specific

recommendations or views contained in this Research Report.

For stocks and sectors in Indonesia covered by Bahana Securities, the following rating system is in effect:

Stock ratings are based on absolute upside or downside, which is the difference between the target price and the current market price. Unless otherwise specified, these ratings are set with a 12-month horizon. It is possible that future price volatility may cause a temporary mismatch between upside/downside for a stock based on the market price and the formal rating. "Buy": the price of the security is expected to increase by 10% or more. "Hold": the price of the security is expected to range from an increase of less than 10% to a decline of less than 5%. "Reduce": the price of the security is expected to decline by 5% or more.

Sector ratings are based on fundamentals for the sector as a whole. Hence, a sector may be rated “Overweight” even though its constituent stocks are all rated “Reduce”; and a sector may be rated “Underweight” even though its constituent stocks are all rated “Buy”. “Overweight”: positive fundamentals for the sector. “Neutral”: neither positive nor negative fundamentals for the sector. “Underweight”: negative fundamentals for the sector.

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each transaction.

In some cases, we may also charge a maximum of ¥ 2 million (including tax) per year as a standing proxy fee for our deposit of your securities, if you are

a non-resident of Japan.

For derivative and margin transactions etc., we may require collateral or margin requirements in accordance with an agreement made beforehand with

you. Ordinarily in such cases, the amount of the transaction will be in excess of the required collateral or margin requirements.

There is a risk that you will incur losses on your transactions due to changes in the market price of financial instruments based on fluctuations in interest

rates, exchange rates, stock prices, real estate prices, commodity prices, and others. In addition, depending on the content of the transaction, the loss could exceed the amount of the collateral or margin requirements.

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Before engaging in any trading, please thoroughly confirm accounting and tax treatments regarding your trading in financial instruments with such experts

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