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Asiamoney’s
2013
Best Domestic
Equity House
16 June 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.
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors Highest
Research
Ranked Local
House
Beacon Indonesia Morning Brief
IDX: 4,838 (-2.0%) Turnover: IDR2.9tn (-8.2%)
Foreign net BUY: IDR13.9bn (From net SELL: IDR426.7bn)
SPOTLIGHT PP Properti (PPRO IJ): Small but swift Analyst: Robin Sutanto Long historical track record of 25 years with sufficient land bank Concept-driven development with high plot ratios Beneficiary of SOE status and synergies from PTPP To see the full version of this report, please click here
ECONOMICS FLASH Indonesia May trade updates: May trade figures: Unexciting surplus Analyst: Harry Su & Adi Saputra Exports: Further declined 15.24% y-y and 4.11% m-m Imports: Decelerated to USD12.6bn, signaling weak domestic demand 5M15 trade balance: Surplus up to USD3.86bn
To see the full version of this report, please click here
TODAY’S NEWS POLITICS Police, TNI set sights on KPK leadeship DPRD has not approved Jakarta government’s LRT projects BOURSE
Phapros postpones its IPO plans
Archi revives its IPO plans INDUSTRY Property tax: Revision to PPh22 collection May 2015 monthly auto sales dropped 18.4% y-y Sofyan: BLU CPO fund to be implemented on 1 July 2015 2016 oil lifting target flattish at 830k b/d
CORPORATE BEST commences groundbreaking of hotel project
INDICES
Asia Last Chg% ytd % y-y %
Hang Seng (HK) 26,861.8 (1.5) 13.8 15.2
IDX (Indonesia) 4,837.8 (2.0) (7.4) (1.8)
KLCI (Mal.) 1,722.2 (0.7) (2.2) (8.2)
KOSPI (Korea) 2,042.3 (0.5) 6.6 2.6
Nikkei (Japan) 20,387.8 (0.1) 16.8 35.0
PCOMP (Phil.) 7,456.2 (0.6) 3.1 9.5
SENSEX (India) 26,605.0 0.7 (3.3) 5.5
SET (Thailand) 1,503.1 (0.3) 0.4 3.2
SHCOMP (China) 5,063.0 (2.0) 56.5 144.5
SHENZHEN (China) 3,073.1 (2.2) 117.1 184.7
STI (Singapore) 3,323.1 (0.9) (1.2) 0.9
TWSE (Taiwan) 9,259.5 (0.5) (0.5) 0.7
VNI (Vietnam) 586.5 0.6 7.5 2.1
Europe, USA and Ems
CAC 40 (France) 4,815.4 (1.8) 12.7 6.8
DAX (Germany) 10,985.0 (1.9) 12.0 11.1
Dow Jones (USA) 17,791.2 (0.6) (0.2) 6.0
FTSE 100 (UK) 6,710.5 (1.1) 2.2 (0.7)
IBOV (Brazil) 53,137.5 (0.4) 6.3 (2.7)
MEXBOL (Mexico) 44,395.8 (0.7) 2.9 4.2
NGSEINDX (Nigeria) 33,720.6 0.3 (2.7) (18.6)
Nasdaq (USA) 5,030.0 (0.4) 6.2 16.4
RTSI (Russia) 957.4 0.7 21.1 (29.5)
S&P 500 (USA) 2,084.4 (0.5) 1.2 7.6
XU100 (Turkey) 78,951.4 (2.0) (7.9) 1.7 Source: Bloomberg
ETF, ADR & COMMODITIES Last Chg% ytd % y-y %
EIDO US (USD) 23.2 (1.8) (15.5) (14.8)
TLK US (IDR) 2,780 (1.7) (7.3) 2.0
Aluminum (USD/mtn) 1,717.0 (1.3) (7.3) (6.9)
Coal (USD/t) 59.9 1.0 (3.9) (17.2)
Corn (USD/mtn) 132.1 0.0 (7.7) (24.4)
Coffee (USD/t) 2,760.4 0.8 (15.4) (18.2)
Copper (USD/t) 5,760.5 (2.2) (9.4) (14.2)
Cotton (USD/t) 1,393.5 (1.3) 4.9 (27.3)
CPO (MYR/t) 2,250.0 (1.7) (2.1) (6.4)
Gold (USD/oz.) 1,186.1 0.3 0.1 (6.7)
Iron ore (USD/mtn) 64.8 0.0 (6.5) (27.0)
Milk (USD/cwt) 16.7 (0.1) 6.3 (8.4)
Nickel (USD/t) 12,735.0 (2.5) (14.7) (32.7)
Oil Brent (USD/barrel) 64.0 0.6 11.5 (43.6)
Oil WTI (USD/barrel) 59.6 (0.4) 11.8 (44.3)
Rice (IDR/kg) 8,600.0 0.0 1.2 1.8
Rubber (USD/t) 1,579.0 (0.1) 4.2 (5.7)
Silver (USD/oz) 16.1 0.4 2.4 (18.2)
Soybean oil (USD/t) 720.7 (1.0) 2.3 (17.6)
Steel (USD/t) 378.3 (0.9) (21.3) (30.6)
Sugar (USD/t) 252.6 (2.2) (24.9) (39.3)
Tins (USD/t) 14,430.0 (3.2) (26.0) (36.2)
Wheat (USD/t) 182.0 (2.6) (18.1) (24.7) Source: Bloomberg
ECONOMIC INDICATORS MARKET DATA
14A 15F 16F
14A 15F 16F
Cur acc bal (%GDP) (3.0) (2.3) (2.5) Op.prof.gwt.(%) 10.7 7.4 11.6
Fiscal bal (%GDP) (2.3) (2.2) (2.2) EPS growth (%) 12.3 7.5 9.2
GDP growth (%y-y) 5.0 5.0 5.3 P/E (x) 20.8 18.3 16.6
Private spending (%) 5.1 5.1 5.2 PEG (x) 1.7 2.4 1.8
Investment (%y-y) 4.1 7.4 10.2 EV/EBITDA (x) 10.2 8.8 8.3
Total exports (%y-y) 1.0 0.8 1.3 P/BV (x) 12.4 7.9 6.8
Total imports (%y-y) 2.2 0.5 2.2 P/BV exc. 3.4 3.0 2.7
Inflation (%y-y) 8.4 4.3 5.1 Div. Yield (%) 2.4 2.5 2.7
IDR/USD 12,385 13,000 13,150 Net gearing (%) 20.7 18.6 15.4
BI rate (% p.a.) 7.75 7.25 7.25 ROAE (%) 29.9 32.4 29.8
Brent Oil (Usd/bbl) 57.3 65.0 75.0 ROAA (%) 11.2 11.3 11.4
FX reserve (USDb) 111.9 114.0 120.5 ROIC (%) 23.4 27.0 29.2 Source: Bahana estimates Source: Bahana estimates
CURRENCIES & RATES Last Prev. Ytd % y-y %
AUD/USD 0.776 0.772 5.1 17.5
EUR/USD 1.127 1.123 6.8 16.9
IDR/USD 13,325 13,336 (7.6) (12.7)
JPY/USD 123.450 123.360 (3.1) (21.2)
SGD/USD 1.347 1.346 (1.6) (7.7)
JIBOR (%) 5.67 6.01 (0.2) (0.2)
BI rate (%) 7.50 7.50 (0.3) 0.0
TD – 1 month (%) 7.27 7.30 0.1 0.2
CDS (bps) 177.43 174.47 10.7 20.7 Source: Bloomberg
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 2
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors Highest
Research
Ranked Local
House
POLITICS
Police, TNI set sights on KPK leadeship
The ongoing selection for Indonesia’s new anti-graft leaders may soon turn into a race involving three
powerful state institutions, the National Police, the Attorney General’s Office (AGO) and the Indonesian
Military (TNI) as each has revealed their intention to nominate their own candidate. From the National
Police, they are Papua Police chief, Yotje Mende, the head of the national Police’s legal division, Syahrul
Mamma, and the former director of the police’s National Narcotics Agency (BNN), Benny Mamoto. While,
from the Indonesian Military, TNI Chief, Genr. Moeldoko hoped to convince retired Genr. Hendardji
Soepandji to apply. (Jakarta Globe)
DPRD has not approved Jakarta government’s LRT projects
The Regional People Representatives Assembly (DPRD) stated that they have not endorsed Jakarta
government’s plan to construct 7 routes of light rail transit (LRT) projects despite the fact that construction
would use the Regional State Budget. In reply, the Jakarta governor, Basuki Tjahaja Purnama, stated that
he is ready to explain the projects to DPRD although he plans to go ahead with this project without DPRD’s
approval. (Koran Tempo)
BOURSE
Phapros postpones its IPO plans
Phapros, a subsidiary of the state-owned Rajawali Nusantara Indonesia (RNI) engaged in pharmaceutical
business, has announced IPO plan delay to 1H16 due to un-conducive market condition. Previously, Phapros
planned to seek up to IDR500bn by selling 20% stake to the public in 1H15. (Bisnis Indonesia)
Archi revives its IPO plans
After selling one of its listed subsidiary Eagle High Plantations (BWPT IJ-REDUCE-IDR391-TP:IDR230) to
Felda Global Ventures, Rajawali Group revived the IPO plans of its subsidiary in gold mining, Archi
Indonesia, for 1Q16. Previously, Archi planned to seek up to IDR3.9tn by selling 1.6mn shares at a price
range of IDR1,895-2,445 per share in 2014. (IQPlus)
INDUSTRY
Property tax: Revision to PPh22 collection
According to Finance Minister Bambang Brodjonegoro, revisions are set to be made to the property price
threshold under Tax Regulation PER-19/PJ/2015 regulating collection of sales of luxury goods tax (PPh22).
Currently, the IDR5bn threshold (for both houses and apartments) is inclusive of luxury goods VAT (PPNBM)
and the Finance Minister is planning to revise the regulation to exclude PPNBM. (Bisnis Indonesia). Bahana
comment: Such a revision would make the current regulation in line with the previous regulation on PPh22.
This would effectively nullify previous speculation that the PPNBM threshold would be set at IDR3.8bn as
previously circulated in the news media.
May 2015 monthly auto sales dropped 18.4% y-y
Automotive Industry Association (Gaikindo) shows monthly auto sales in May 2015 dropped 18.4% y-y and
2.9% m-m. Total auto sales only reached 79,236 units, with the market leaders being Toyota, Daihatsu and
Honda. (IQ Plus)
Sofyan: BLU CPO fund to be implemented on 1 July 2015
The Government plans to ensure that the sustainable palm oil development program and BLU CPO fund will
be operational on 1 July 2015. This would be marked by a levy on exports of upstream palm oil products
and its derivatives. (Investor Daily)
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 3
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors Highest
Research
Ranked Local
House
2016 oil lifting target flattish at 830k b/d
The House and government agreed to set a 2016 oil lifting target at 800k-830k b/d, which is flat compared
with the 2015 target of 825k b/d.
Joint partnership Lifting target (b/d)
Chevron Pacific Indonesia 247,900
Mobil Cepu Ltd 161,000
PT Pertamina EP 104,4000
Total E&P Indonesia 55,700
Pertamina Hulu Energy ONWJ 40,500
CNOOC SES 30,800
PC Ketapang II 19,100
Chevron Indonesia Company 17,600
Conocophillips Indonesia 17,000
Petrochina International Jabung 12,600
PHE WMO 12,300
BOB Pertamina Bumi Siak Pusako 11,400
Vico 10,500
PT Medco E&P Rimau 8,100
Conocophillips (Grissik) 6,400
Other 66 contracts 74,400
Total 830,000 Source: Bisnis Indonesia
CORPORATE
BEST commences groundbreaking of hotel project
Bekasi Fajar Industrial Estate (BEST IJ-BUY-IDR376-TP:IDR890) has commenced groundbreaking of Enso,
its hotel project in Cibitung, Bekasi. This hotel will have a 200-room capacity and is expected to become
operational in 2H16. (Gatranews)
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 4
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors Highest
Research
Ranked Local
House
BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 6/15/2015 6/12/2015 CHANGE (%)
Indosat ISAT IJ BUY 5,150 29.7 3,970 3,890 2.1
Bekasi Fajar Industrial Estates BEST IJ BUY 890 136.7 376 372 1.1
Xl Axiata EXCL IJ HOLD 4,500 10.2 4,085 4,055 0.7
Bank Central Asia BBCA IJ BUY 15,500 16.5 13,300 13,250 0.4
Indomobil Sukses Internasional IMAS IJ REDUCE 2,500 (33.2) 3,745 3,745 0.0
Indocement Tunggal Prakarsa INTP IJ HOLD 21,500 2.9 20,900 20,900 0.0
Holcim Indonesia SMCB IJ REDUCE 960 (33.8) 1,450 1,450 0.0
Indo Tambangraya Megah ITMG IJ REDUCE 13,000 (0.8) 13,100 13,100 0.0
Hero Supermarket HERO IJ REDUCE 570 (70.0) 1,900 1,900 0.0
Electronic City ECII IJ REDUCE 1,040 (19.7) 1,295 1,295 0.0
Pelayaran Tempuran Emas TMAS IJ BUY 3,000 76.5 1,700 1,700 0.0
Sarana Menara Nusantara TOWR IJ BUY 5,100 27.5 4,000 4,000 0.0
Tiphone Mobile Indonesia TELE IJ BUY 1,060 6.5 995 995 0.0
Blue Bird BIRD IJ REDUCE 7,400 (7.5) 8,000 8,000 0.0
Express Transindo Utama TAXI IJ REDUCE 820 (18.8) 1,010 1,010 0.0
Sampoerna Agro SGRO IJ HOLD 1,750 (2.5) 1,795 1,800 (0.3)
Supra Boga Lestari RANC IJ REDUCE 230 (33.1) 344 345 (0.3)
Bank Tabungan Pensiunan Nasional BTPN IJ HOLD 4,200 7.0 3,925 3,945 (0.5)
Bank Jawa Barat dan Banten BJBR IJ BUY 1,020 14.0 895 900 (0.6)
Bank Bukopin BBKP IJ HOLD 700 3.7 675 680 (0.7)
Ace Hardware Indonesia ACES IJ REDUCE 690 7.8 640 645 (0.8)
Bukit Asam PTBA IJ HOLD 10,400 14.6 9,075 9,150 (0.8)
Harum Energy HRUM IJ REDUCE 950 (17.4) 1,150 1,160 (0.9)
Garuda Indonesia GIAA IJ BUY 620 40.0 443 447 (0.9)
Perusahaan Gas Negara PGAS IJ HOLD 4,000 (3.7) 4,155 4,200 (1.1)
Gudang Garam GGRM IJ BUY 55,000 26.4 43,500 44,000 (1.1)
J Resources PSAB IJ BUY 1,400 94.4 720 730 (1.4)
Telekomunikasi Indonesia TLKM IJ BUY 3,350 19.2 2,810 2,850 (1.4)
United Tractors UNTR IJ REDUCE 17,500 (13.4) 20,200 20,500 (1.5)
Tempo Scan Pacific TSPC IJ BUY 2,400 21.8 1,970 2,000 (1.5)
Indofood Sukses Makmur INDF IJ BUY 7,600 16.9 6,500 6,600 (1.5)
Japfa Comfeed Indonesia JPFA IJ BUY 725 23.9 585 595 (1.7)
Soechi Lines SOCI IJ BUY 800 36.8 585 595 (1.7)
Krakatau Steel KRAS IJ REDUCE 350 1.2 346 352 (1.7)
Ciputra Property CTRP IJ BUY 790 38.6 570 580 (1.7)
Mitra Adiperkasa MAPI IJ BUY 6,250 11.6 5,600 5,700 (1.8)
Semen Indonesia SMGR IJ HOLD 14,500 17.9 12,300 12,525 (1.8)
Mayora Indah MYOR IJ BUY 32,500 27.5 25,500 26,000 (1.9)
Semen Baturaja SMBR IJ HOLD 325 6.6 305 311 (1.9)
Indonesian Stock Exchange JCI 4,838 4,936 (2.0)
Medco Energi Internasional MEDC IJ REDUCE 2,800 3.9 2,695 2,750 (2.0)
Kimia Farma KAEF IJ BUY 1,750 81.3 965 985 (2.0)
Vale Indonesia INCO IJ BUY 4,000 38.6 2,885 2,945 (2.0)
Bank Rakyat Indonesia BBRI IJ BUY 14,200 39.9 10,150 10,375 (2.2)
Multipolar MLPL IJ BUY 860 28.4 670 685 (2.2)
Ramayana Lestari Sentosa RALS IJ REDUCE 640 (3.8) 665 680 (2.2)
AKR Corporindo AKRA IJ REDUCE 3,700 (32.7) 5,500 5,625 (2.2)
Unilever Indonesia UNVR IJ BUY 48,500 20.3 40,300 41,225 (2.2)
Agung Podomoro Land APLN IJ REDUCE 380 13.1 336 344 (2.3)
Salim Ivomas Pratama SIMP IJ REDUCE 540 (12.2) 615 630 (2.4)
Timah TINS IJ REDUCE 780 4.7 745 765 (2.6)
Lippo Karawaci LPKR IJ REDUCE 1,000 (10.3) 1,115 1,145 (2.6)
Bank Jawa Timur BJTM IJ HOLD 520 9.9 473 486 (2.7)
Aneka Tambang ANTM IJ BUY 910 25.5 725 745 (2.7)
London Sumatra Indonesia LSIP IJ REDUCE 1,500 (6.8) 1,610 1,655 (2.7)
Sido Muncul SIDO IJ HOLD 700 33.3 525 540 (2.8)
Adi Sarana Armada ASSA IJ REDUCE 150 10.3 136 140 (2.9)
Total Bangun Persada TOTL IJ BUY 1,100 31.0 840 865 (2.9)
Nippon Indosari Corpindo ROTI IJ BUY 1,750 50.2 1,165 1,200 (2.9)
Wijaya Karya Beton WTON IJ REDUCE 920 (5.6) 975 1,005 (3.0)
Matahari Putra Prima MPPA IJ BUY 4,150 25.9 3,295 3,400 (3.1)
Bank Tabungan Negara BBTN IJ BUY 1,300 19.3 1,090 1,125 (3.1)
Astra Agro Lestari AALI IJ REDUCE 21,000 (6.6) 22,475 23,200 (3.1)
Astra International ASII IJ REDUCE 5,900 (13.9) 6,850 7,075 (3.2)
Media Nusantara Citra MNCN IJ REDUCE 2,190 18.7 1,845 1,910 (3.4)
Gajah Tunggal GJTL IJ REDUCE 900 (5.3) 950 985 (3.6)
Summarecon Agung SMRA IJ HOLD 1,600 (1.2) 1,620 1,680 (3.6)
Kawasan Industri Jababeka KIJA IJ BUY 450 89.9 237 246 (3.7)
Waskita Karya WSKT IJ BUY 2,025 28.6 1,575 1,635 (3.7)
Lippo Cikarang LPCK IJ BUY 14,000 53.4 9,125 9,500 (3.9)
Bank Danamon Indonesia BDMN IJ HOLD 4,500 15.7 3,890 4,050 (4.0)
Matahari Department Store LPPF IJ BUY 17,500 7.2 16,325 17,000 (4.0)
Jasa Marga JSMR IJ BUY 7,500 25.0 6,000 6,250 (4.0)
Wijaya Karya WIKA IJ REDUCE 2,500 (2.0) 2,550 2,660 (4.1)
Surya Citra Media SCMA IJ REDUCE 2,650 (3.6) 2,750 2,870 (4.2)
Bank Negara Indonesia BBNI IJ BUY 7,700 43.3 5,375 5,625 (4.4)
Malindo Feedmill MAIN IJ BUY 2,000 17.3 1,705 1,785 (4.5)
Bumi Resources BUMI IJ REDUCE 120 93.5 62 65 (4.6)
Tunas Baru Lampung TBLA IJ BUY 930 80.6 515 540 (4.6)
Alam Sutera Realty ASRI IJ BUY 720 42.6 505 530 (4.7)
Bank Mandiri BMRI IJ BUY 12,800 35.8 9,425 9,900 (4.8)
Indofood CBP Sukses Makmur ICBP IJ BUY 18,200 43.3 12,700 13,350 (4.9)
Adhi Karya ADHI IJ BUY 3,900 101.0 1,940 2,040 (4.9)
Pakuwon Jati PWON IJ REDUCE 425 9.3 389 410 (5.1)
Wintermar Offshore Marine WINS IJ HOLD 700 94.4 360 380 (5.3)
Kalbe Farma KLBF IJ BUY 2,000 25.0 1,600 1,690 (5.3)
Charoen Pokphand Indonesia CPIN IJ BUY 4,000 44.4 2,770 2,935 (5.6)
Bumi Serpong Damai BSDE IJ HOLD 2,020 25.1 1,615 1,715 (5.8)
Erajaya Swasembada ERAA IJ HOLD 940 77.4 530 565 (6.2)
Cardig Aero Services CASS IJ HOLD 1,150 (4.2) 1,200 1,280 (6.3)
Pembangunan Perumahan PTPP IJ BUY 4,500 37.6 3,270 3,490 (6.3)
Surya Semesta Internusa SSIA IJ BUY 1,375 33.5 1,030 1,100 (6.4)
Ciputra Development CTRA IJ REDUCE 1,400 16.2 1,205 1,290 (6.6)
Adaro Energy ADRO IJ REDUCE 800 4.6 765 830 (7.8)
Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (8.7) 1,095 1,190 (8.0)
PP Property PPRO IJ BUY 250 60.3 156 170 (8.2)
Sri Rejeki Isman SRIL IJ BUY 350 24.1 282 311 (9.3)
Bw Plantation BWPT IJ REDUCE 230 (41.2) 391 450 (13.1) Source: Bloomberg, Bahana estimates
When a report covers six or more subject companies please access important disclosures for Daiwa Capital Markets Hong Kong Limited at http://www.daiwacm.com/hk/research_disclaimer.html or contact your investment representative or Daiwa
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PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 5
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors Highest
Research
Ranked Local
House
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 13,964 6 50,191 59,442 (4,127) 3,553 (4,497) 1,273 (163.7) (210.0) (2.7) 14.6 1.0 0.9 2.0 1.8 0.3 0.3 72.3 82.6 (24.3) 13.2 (8.0) 4.4 15.8 (81.7)
GIAA IJ* BUY 443 620 25,869 13.5 11,460 5 48,723 57,733 (4,472) 3,166 (4,607) 1,149 na na (8.3) 13.4 (0.0) (0.1) 1.0 0.9 0.0 0.0 88.1 100.6 (36.8) 9.5 (12.3) 2.7 8.8 (108.9)
CASS IJ HOLD 1,200 1,150 2,087 56.6 2,504 0 1,469 1,709 345 387 110 124 0.6 12.4 22.7 20.2 5.8 5.6 6.8 5.5 1.5 1.7 nc nc 32.8 30.2 11.6 11.9 47.9 42.7
AUTOMOTIVE UW 290,979 278 234,230 223,333 21,541 19,456 19,303 18,924 22.2 (4.8) 14.7 17.0 12.8 13.1 2.8 2.6 3.0 2.9 57.7 52.3 20.3 17.8 8.1 7.4 15.1 13.3
ASII IJ REDUCE 6,850 5,900 40,484 49.8 277,312 270 201,701 189,328 20,163 17,881 19,181 18,688 (1.2) (2.6) 14.5 14.8 11.8 12.8 2.9 2.6 3.1 3.0 51.4 44.3 21.4 18.6 8.5 7.7 15.7 14.0
IMAS IJ REDUCE 3,745 2,500 2,765 10.5 10,356 1 19,458 20,715 224 561 (147) 196 na na 23.0 52.9 41.4 23.5 1.8 1.7 (0.4) 0.5 216.5 248.6 (2.6) 3.4 (0.6) 0.8 3.2 (0.8)
GJTL IJ REDUCE 950 900 3,485 40.3 3,311 7 13,071 13,289 1,154 1,014 270 40 124.2 (85.3) 12.3 83.4 4.9 5.6 0.6 0.6 2.0 0.3 86.3 112.0 4.6 0.7 1.7 0.2 1.3 2.6
BANKS N 992,051 1,052 243,469 271,709 99,545 110,548 79,754 89,525 10.3 11.7 13.7 12.2 na na 2.8 2.4 2.1 2.2 na na 22.5 21.1 2.9 2.8 na na
BBCA IJ BUY 13,300 15,500 24,655 50.8 327,912 228 44,047 49,051 20,505 22,793 16,486 18,431 15.7 11.8 19.9 17.8 na na 4.2 3.5 1.1 1.2 na na 23.3 21.7 3.1 3.2 na na
BBRI IJ BUY 10,150 14,200 24,669 43.2 250,392 319 60,789 68,288 28,364 31,722 24,242 27,118 13.6 11.9 10.3 9.2 na na 2.6 2.1 2.9 2.2 na na 27.4 25.2 3.4 3.2 na na
BMRI IJ BUY 9,425 12,800 23,333 40.0 219,917 261 56,941 63,985 25,978 28,620 19,872 22,045 9.2 10.9 11.1 10.0 na na 2.1 1.8 2.3 2.5 na na 20.9 19.9 2.5 2.4 na na
BBNI IJ BUY 5,375 7,700 18,649 39.8 100,237 160 35,246 39,636 12,967 14,429 10,783 12,047 19.1 11.7 9.3 8.3 na na 1.8 1.5 2.7 2.7 na na 20.6 19.6 2.7 2.7 na na
BDMN IJ HOLD 3,890 4,500 9,585 32.4 37,284 12 19,452 20,903 4,063 4,143 2,604 2,944 (35.6) 13.1 14.3 12.7 na na 1.1 1.1 2.1 3.9 na na 8.1 8.7 1.4 1.4 na na
BTPN IJ HOLD 3,925 4,200 5,840 32.3 22,923 0 7,804 8,815 2,535 2,650 1,869 2,108 (13.0) 13.8 12.4 10.9 na na 1.9 1.6 0.0 1.4 na na 17.2 16.4 2.6 2.6 na na
BBTN IJ BUY 1,090 1,300 10,568 38.9 11,519 44 6,406 7,058 1,546 2,073 1,116 1,557 (28.6) 39.5 10.3 7.4 na na 0.9 0.9 1.9 3.7 na na 9.4 12.1 0.8 1.0 na na
BJBR IJ BUY 895 1,020 9,696 25.0 8,678 17 5,969 6,531 1,291 1,662 1,120 1,396 (18.6) 24.6 7.7 6.2 na na 1.2 1.1 8.0 10.1 na na 16.3 18.9 1.5 1.7 na na
BJTM IJ HOLD 473 520 14,918 25.7 7,056 8 3,254 3,657 1,351 1,447 939 1,047 13.9 11.5 7.5 6.7 na na 1.2 1.1 8.8 9.4 na na 16.0 16.7 2.6 2.6 na na
BBKP IJ HOLD 675 700 9,087 40.4 6,133 3 3,560 3,784 944 1,010 724 830 (30.8) 14.6 8.5 7.4 na na 0.9 0.8 4.5 2.7 na na 11.1 11.7 1.0 1.0 na na
CEMENT UW 164,007 162 58,727 59,844 14,360 14,236 11,833 11,345 2.0 (3.7) 14.0 14.7 8.4 9.5 2.9 2.8 4.6 4.0 4.0 3.4 22.2 12.5 17.0 15.0 38.0 150.1
SMGR IJ HOLD 12,300 14,500 5,932 49.0 72,958 80.7 26,987 27,591 6,954 6,809 5,566 5,487 4.0 (1.4) 13.1 13.3 8.8 8.9 3.0 2.7 3.1 2.3 nc nc 24.8 20.5 17.1 14.7 27.2 25.1
INTP IJ HOLD 20,900 21,500 3,681 302.6 76,938 73.8 19,996.3 20,220.6 5,853.9 5,938.6 5,270.9 5,004.6 5.0 (5.1) 14.6 15.4 8.3 10.3 3.1 3.1 6.5 6.1 nc nc 22.2 5.9 19.0 17.2 51.6 293.4
SMCB IJ REDUCE 1,450 960 7,663 19.4 11,111 5.2 10,529 10,737 1,316 1,238 668 534 (29.8) (20.2) 16.6 20.8 8.1 8.4 1.3 1.2 2.4 1.4 58.9 63.4 7.6 5.9 4.2 3.0 8.8 5.2
SMBR IJ HOLD 305 325 9,838 23.8 3,000 2.3 1,215 1,296 236 251 328 319 (5.2) (2.8) 9.1 9.4 3.0 4.8 1.1 1.0 2.7 1.6 nc (47.5) 12.7 11.2 11.6 10.4 62.6 52.6
COAL & MINING CONTRACTING UW 140,910 175 185,953 185,176 24,173 22,559 10,565 12,739 9.3 6.3 24.3 15.6 4.8 2.7 1.8 1.6 4.6 4.7 7.2 5.1 15.6 14.5 9.2 8.6 22.2 19.6
UNTR IJ REDUCE 20,200 17,500 3,730 40.4 75,349 75 53,142 50,923 8,866 8,134 5,369 6,553 11.1 22.0 14.0 11.5 4.7 na 2.1 1.8 2.9 3.5 nc na 15.4 16.9 9.1 10.6 15.6 17.8
ADRO IJ* REDUCE 765 800 31,986 41.0 24,469 40 41,186 37,388 6,116 3,419 2,210 1,547 (23.5) (27.7) 11.5 15.9 3.7 4.6 0.7 0.7 3.4 2.7 41.6 29.4 6.5 4.3 2.7 1.9 5.9 4.4
ITMG IJ* REDUCE 13,100 13,000 1,130 34.9 14,802 27 25,382 23,114 3,381 2,093 5,561 5,562 (2.8) (31.5) 6.0 8.8 2.1 3.8 1.3 1.4 15.6 13.7 nc nc 22.4 14.8 15.1 9.9 44.4 35.5
PTBA IJ HOLD 9,075 10,400 2,304 29.3 20,910 21 13,078 13,773 2,310 1,948 2,016 1,653 10.4 (18.1) 10.4 12.7 7.8 9.2 2.4 2.4 4.8 5.3 nc nc 25.2 19.1 15.2 11.2 53.7 36.9
HRUM IJ* REDUCE 1,150 950 2,704 29.3 3,109 1 5,747 5,291 260 65 260 13 (98.6) 250.0 575.0 164.3 4.1 2.1 1.4 1.4 7.0 4.0 nc nc 8.5 0.4 5.3 0.3 29.5 20.1
BUMI IJ* REDUCE 62 120 36,627 62.3 2,271 11 47,419 54,687 3,240 6,899 (4,852) (2,589) (9.5) (49.2) (0.3) (0.6) 6.0 4.0 (0.1) (0.1) 0.0 0.0 na na nm 20.7 (5.7) (2.9) (26.9) (21.5)
CONS. & TOLL ROADS N 102,786 261 56,469 65,768 7,622 8,859 3,869 4,278 24.6 8.3 28.7 27.1 13.6 12.4 4.7 4.1 1.2 1.1 43.0 59.0 18.4 17.5 5.0 4.6 23.8 16.9
JSMR IJ BUY 6,000 7,500 6,800 30.0 40,800 46 7,254 8,053 2,777 3,084 1,403 1,462 36.7 4.1 29.1 27.9 14.1 13.1 4.1 3.8 1.2 1.1 101.3 111.8 14.9 14.1 4.7 4.2 6.4 7.5
WIKA IJ REDUCE 2,550 2,500 6,149 34.9 15,681 49 12,463 12,678 1,401 1,421 615 559 8.0 (9.1) 25.4 28.0 10.3 10.1 3.9 3.4 1.2 1.1 18.3 30.0 17.7 13.1 4.3 3.4 20.5 15.5
PTPP IJ BUY 3,270 4,500 4,842 49.0 15,835 49 12,427 15,687 1,328 1,668 532 748 26.4 40.8 29.8 21.1 10.7 10.0 6.6 5.3 1.0 1.4 nc nc 24.3 27.9 3.9 4.6 27.1 30.1
WSKT IJ BUY 1,575 2,025 9,914 27.3 15,615 49 10,287 14,281 875 1,244 502 665 7.1 10.8 38.5 34.7 18.6 14.2 6.3 5.8 0.7 0.9 nc 83.4 19.2 21.4 4.7 4.7 15.9 13.9
WTON IJ REDUCE 975 920 8,715 27.8 8,498 26 3,277 2,903 409 345 329 286 13.4 (19.8) 23.8 29.7 16.2 18.1 3.9 3.7 1.2 1.0 nc nc 23.1 12.8 9.8 7.7 46.6 26.3
ADHI IJ BUY 1,940 3,900 1,801 49.0 3,495 39 8,654 9,744 655 877 324 364 (20.3) 12.3 10.8 9.6 7.8 6.7 2.0 1.7 1.4 1.6 nc nc 19.7 19.1 3.2 3.4 32.7 14.4
TOTL IJ BUY 840 1,100 3,410 33.7 2,864 3 2,106 2,422 177 220 164 194 (15.7) 18.4 17.5 14.8 12.4 8.3 3.6 na 4.2 2.3 nc (96.1) 21.1 22.5 7.0 7.3 234.1 77.3
CONSUMER - DISCRETIONARY N 179,097 322 98,385 132,364 9,636 11,460 8,817 8,522 7.5 29.5 37.5 27.6 15.8 15.2 76.4 14.1 1.8 2.0 10.3 5.8 19.2 90.5 25.0 25.3 27.2 22.6
SCMA IJ REDUCE 2,750 2,650 14,622 33.2 40,209 31 4,056 4,450 1,917 2,083 1,454 1,611 13.6 10.8 27.7 25.0 19.9 17.7 11.6 9.5 1.9 2.2 nc nc 47.0 42.2 33.3 31.4 77.1 71.8
LPPF IJ BUY 16,325 17,500 2,918 65.3 47,635 73 7,926 9,503 2,111 2,547 1,419 1,905 23.4 34.2 33.6 25.0 20.3 16.6 268.2 38.7 1.8 2.4 nc nc na 270.5 44.7 49.1 na na
MNCN IJ REDUCE 1,845 2,190 14,276 33.3 26,339 30 7,109 7,660 2,733 2,775 1,801 1,808 5.9 0.8 14.5 14.4 9.4 9.3 3.0 2.7 3.1 3.1 nc nc 22.8 20.1 16.7 14.9 23.2 22.5
MPPA IJ BUY 3,295 4,150 5,378 19.0 17,720 64 13,590 16,160 647 794 554 655 24.5 18.2 32.0 27.1 18.7 15.4 6.2 5.5 1.3 1.5 nc nc 18.0 21.5 8.9 10.4 13.3
ACES IJ REDUCE 640 690 17,150 40.0 10,976 11 4,604 5,184 587 619 519 547 1.9 5.5 21.2 20.1 15.7 14.7 4.7 4.0 0.9 1.7 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 15,298 (196) (110) 44 62 (93.9) 40.9 181.7 128.9 42.2 41.5 1.5 1.4 0.0 0.0 nc nc 0.8 1.1 0.5 0.7 20.5 0.9
RALS IJ REDUCE 665 640 7,096 40.5 4,719 11 7,942 8,870 294 371 355 390 (6.7) (3.7) 11.7 12.1 8.6 5.5 1.4 1.3 4.7 4.5 nc nc 10.8 11.2 7.9 8.1 23.7 15.2
MAPI IJ BUY 5,600 6,250 1,660 44.0 9,296 12 11,822 13,562 525 748 74 415 (77.4) 460.0 125.5 22.4 12.6 8.4 3.7 3.2 0.0 0.0 114.6 38.2 3.0 15.3 0.9 4.6 7.8 1.4
MLPL IJ BUY 670 860 10,065 68.0 6,743 12 17,074 20,730 (268) 85 1,895 165 9.7 (90.1) 4.1 40.9 (37.1) 6.3 1.0 0.9 3.2 0.3 nc nc 19.7 1.9 9.2 0.8 19.5 15.2
SRIL IJ BUY 282 350 18,593 43.9 5,243 77 6,869 7,746 1,176 1,348 554 657 65.0 12.9 9.0 7.9 7.0 6.3 1.7 1.4 1.1 1.2 143.5 124.8 21.3 19.8 7.8 7.2 7.7 9.5
RANC IJ REDUCE 344 230 1,564 27.3 538 0 1,603 20,730 11 85 19 165 (46.7) 6.4 28.8 27.1 9.1 13.4 1.4 1.3 0.0 0.0 19.1 35.2 4.7 4.8 2.5 2.2 10.2 4.3
ECII IJ REDUCE 1,295 1,040 1,334 25.0 1,728 0 2,227 2,472 99 116 129 143 (41.8) 10.6 13.3 12.1 9.3 9.4 1.0 0.9 1.3 1.5 (23.0) (15.4) 7.5 7.8 6.4 7.0 35.0 11.0
CONSUMER - STAPLES OW 648,115 697,408 240,972 259,686 31,525 144,669 21,487 23,836 12.5 9.9 39.0 32.4 27.1 22.5 34.3 27.3 2.0 2.2 20.0 12.4 71.1 73.8 25.3 27.5 62.6 64.4
UNVR IJ BUY 40,300 48,500 7,630 15.0 307,489 76 34,512 38,457 7,779 9,532 5,739 7,054 7.2 22.9 53.6 43.6 38.9 31.3 66.9 52.8 1.8 2.2 8.5 (7.4) 129.6 135.3 41.5 46.2 109.8 115.2
GGRM IJ BUY 43,500 55,000 1,924 23.5 83,698 66 65,186 67,334 8,525 8,068 5,369 4,945 24.0 (7.9) 15.6 16.9 10.0 10.5 2.5 2.3 2.7 2.5 50.0 56.0 17.2 14.4 9.9 8.1 11.7 11.9
KLBF IJ BUY 1,600 2,000 46,875 43.3 75,000 80 17,369 18,509 2,761 2,993 2,065 2,255 7.6 9.2 36.3 33.3 23.7 21.8 8.0 7.0 1.2 1.5 nc nc 23.6 22.4 17.4 17.1 30.3 27.4
INDF IJ BUY 6,500 7,600 8,780 49.9 57,073 78 63,594 67,993 6,874 7,482 3,885 3,978 55.2 2.4 14.7 14.3 8.0 7.6 2.2 2.1 3.5 3.6 65.9 68.8 15.7 15.0 4.7 4.4 8.3 9.7
ICBP IJ BUY 12,700 18,200 5,831 19.5 74,053 50 30,022 33,279 3,063 3,796 2,604 3,124 17.0 20.0 28.4 23.7 22.9 18.6 5.3 4.7 1.5 1.9 nc nc 19.5 20.9 11.3 11.6 26.5 26.4
MYOR IJ BUY 25,500 32,500 894 66.9 22,806 1 14,169 15,765 891 1,521 404 833 (59.5) 106.3 56.5 27.4 20.5 13.1 5.6 4.8 0.9 0.7 90.8 65.5 10.3 19.2 4.0 7.5 18.9 6.1
TSPC IJ BUY 1,970 2,400 4,500 22.6 8,865 2 7,512 8,220 636 724 579 643 6.4 16.3 13.1 11.3 9.4 8.3 15.3 13.8 2.9 3.3 nc nc 14.6 14.8 10.4 10.8 31.9 24.6
SIDO IJ HOLD 525 700 15,000 19.0 7,875 3 2,198 2,485 438 494 415 437 (8.8) 6.7 19.2 18.0 15.4 12.9 4.3 3.6 6.6 1.0 nc nc 15.8 18.1 16.3 19.5 32.9 24.7
ROTI IJ BUY 1,165 1,750 5,062 29.3 5,897 7 1,889 2,395 271 385 193 284 21.8 47.7 30.6 20.7 18.0 12.9 6.3 5.2 0.8 1.2 57.6 32.7 22.4 27.4 10.1 13.5 13.9 13.7
KAEF IJ BUY 965 1,750 5,554 10.0 5,360 2 4,521 5,249 286 363 235 283 9.4 20.8 22.8 18.9 16.7 13.4 3.0 2.7 0.9 1.1 nc nc 13.7 14.8 8.6 8.9 17.9 16.5
INDUSTRIAL ESTATES N 19,621 40 9,895 10,583 2,808 3,119 2,051 2,413 0.0 3.7 9.9 8.4 7.6 6.8 1.7 1.4 1.4 1.3 11.1 22.5 21.2 19.5 11.7 11.4 34.9 22.4
KIJA IJ BUY 237 450 20,235 80.0 4,796 2 2,799 2,987 887 798 401 463 292.0 14.9 11.9 10.4 6.9 7.6 1.0 1.0 2.5 2.9 45.3 47.4 9.1 9.8 4.8 5.2 1.7 6.2
BEST IJ BUY 376 890 9,647 42.0 3,627 16 840 1,009 472 653 391 513 (47.4) 31.2 9.3 7.1 7.9 6.7 1.3 1.1 0.6 0.7 nc 27.7 14.7 16.6 11.1 11.9 38.3 14.3
SSIA IJ BUY 1,030 1,375 4,705 68.4 4,846 10 4,464 4,844 535 804 415 508 (39.9) 22.3 11.7 9.5 9.5 6.0 1.8 1.6 2.9 1.7 nc 23.3 16.7 17.9 7.0 7.8 47.2 17.8
LPCK IJ BUY 9,125 14,000 696 57.8 6,351 12 1,792 1,743 914 864 844 929 42.9 10.1 7.5 6.8 6.6 6.9 2.4 1.8 0.0 0.0 nc nc 37.6 29.7 20.7 18.6 48.6 42.9
METALS N 44,941 42 31,436 80,430 4,806 4,271 2,628 6,784 89.6 (23.5) 14.1 16.9 63.9 14.9 1.2 1.2 4.8 3.2 18.7 17.2 8.4 7.1 5.6 4.8 2.8 7.7
INCO IJ* BUY 2,885 4,000 9,936 20.5 28,666 25 12,857 12,168 3,089 2,819 2,134 2,019 209.2 (21.8) 22.4 28.7 5.5 5.8 1.4 1.4 4.6 3.3 (6.7) (8.2) 9.8 8.8 7.5 6.6 2.5 10.3
ANTM IJ BUY 725 910 9,538 35.0 6,915 6 7,957 8,764 (397) (164) (638) (169) (255.7) (73.6) (10.8) (41.0) 375.9 61.6 0.6 0.6 0.0 0.0 44.4 59.2 (5.1) (1.4) (3.0) (0.8) 2.7 (3.7)
TINS IJ REDUCE 745 780 7,448 35.0 5,549 9 7,371 6,935 925 238 638 160 (3.2) (78.3) 7.5 34.7 5.7 10.9 1.0 1.0 5.7 1.4 35.4 41.1 12.2 2.9 7.2 1.7 10.5 9.6
PSAB IJ* BUY 720 1,400 5,292 7.4 3,810 2 3,251 3,738 1,189 1,379 495 595 209.2 20.2 5.6 7.2 21.7 4.6 1.2 1.0 13.4 10.5 138.3 97.1 16.4 16.3 4.8 5.3 (5.3) 6.5
OIL & GAS UW 131,373 207 74,163 72,967 15,256 13,695 10,656 9,271 (2.1) (8.4) 16.0 16.1 8.1 8.7 3.0 2.7 3.8 4.1 16.5 24.4 24.7 19.2 12.5 8.9 39.4 25.4
PGAS IJ* HOLD 4,155 4,000 24,242 43.0 100,723 163 42,394 44,434 12,199 10,764 9,722 8,567 (4.7) (8.7) 10.7 11.7 6.2 6.2 3.0 2.6 4.5 4.8 nc nc 28.6 22.7 15.1 10.7 49.3 31.2
AKRA IJ REDUCE 5,500 3,700 3,940 41.2 21,668 42 22,468 19,108 1,063 877 810 600 24.2 (25.9) 26.5 35.8 17.8 21.1 4.0 3.8 2.0 2.0 59.9 93.4 15.9 10.9 5.5 3.9 9.1 9.2
MEDC IJ* REDUCE 2,695 2,800 3,332 49.0 8,981 2 9,301.1 9,425.0 1,994 2,054 124 104 30.6 182.4 50.5 17.9 6.0 6.4 0.8 0.8 0.6 0.8 97.2 132.0 1.1 1.0 0.4 0.3 0.8 0.6
PLANTATIONS N 78,226 102 49,800 42,193 9,608 7,633 5,454 4,380 39.2 (13.9) 21.1 17.7 11.9 9.9 2.1 2.0 2.5 2.2 43.4 26.2 15.4 11.8 9.6 7.5 10.6 12.6
AALI IJ REDUCE 22,475 21,000 1,575 20.3 35,392 34 16,306 15,463 3,722 3,087 2,504 2,162 39.0 (13.7) 14.1 16.4 8.8 9.8 3.1 2.8 3.2 2.7 33.4 32.4 23.5 18.0 14.9 11.2 16.6 18.4
SIMP IJ REDUCE 615 540 15,816 21.6 9,727 5 14,963 13,867 2,563 2,065 842 602 60.8 (28.6) 11.5 16.2 4.5 4.9 0.7 0.7 2.6 1.9 43.7 39.4 6.0 4.2 2.9 1.9 2.9 4.2
LSIP IJ REDUCE 1,610 1,500 6,823 40.5 10,985 46 4,727 4,294 1,192 832 917 733 19.3 (20.1) 12.0 15.0 7.0 9.4 1.5 1.5 3.3 2.7 nc nc 13.3 9.9 11.0 8.3 15.9 16.6
BWPT IJ REDUCE 391 230 31,525 29.4 12,326 13 2,264 3,484 354 862 189 430 (1,210.4) 127.0 65.1 28.7 36.3 15.9 1.8 1.7 0.0 0.0 104.9 15.1 4.2 4.3 1.6 2.6 (0.4) 2.0
ANJT IJ* REDUCE 1,095 1,000 3,335 10.0 3,652 1 1,961 2,028 440 371 228 206 (6.4) (14.0) 15.4 17.9 4.8 8.1 1.0 1.0 3.2 2.8 nc 15.1 5.0 6.1 4.4 3.3 8.3 5.3
SGRO IJ HOLD 1,795 1,750 1,890 33.0 3,393 1 3,242 3,058 542 416 340 247 185.7 (27.3) 10.0 13.7 6.4 7.7 1.1 1.1 0.8 3.6 50.2 59.8 12.1 8.1 6.8 4.4 3.3 8.2
TBLA IJ BUY 515 930 5,342 45.6 2,751 1 6,338 6,178 795 961 433 450 375.2 3.8 6.3 6.1 5.3 4.7 1.1 1.0 3.2 3.3 117.7 122.3 20.5 17.1 6.4 6.1 2.2 9.1
POULTRY N 54,713 31 58,111 66,188 3,919 6,214 1,994 3,408 (31.6) 53.6 21.7 16.2 16.5 10.1 3.7 3.1 1.5 1.2 66.1 58.1 14.2 20.7 8.0 10.8 21.8 10.4
CPIN IJ BUY 2,770 4,000 16,398 44.5 45,422 23 29,150 34,294 2,628 4,284 1,747 2,683 (31.0) 53.6 26.0 16.9 16.7 10.7 4.2 3.5 1.7 1.2 52.3 43.2 16.7 22.3 9.5 12.2 24.3 12.3
JPFA IJ BUY 585 725 10,661 42.5 6,236 6 24,459 26,700 1,276 1,518 332 514 (44.2) 54.6 18.8 12.1 7.2 6.3 1.3 1.2 1.1 1.6 127.3 130.7 6.9 10.1 2.2 3.2 6.3 3.1
MAIN IJ BUY 1,705 2,000 1,791 44.1 3,054 2 4,502 5,195 15 412 (85) 211 na na (35.5) 14.2 32.8 8.5 2.3 2.3 0.0 1.4 146.1 132.0 (8.7) 17.8 (3.0) 5.9 15.2 (3.8)
PROPERTY UW 139,703 445 43,922 48,192 15,906 17,015 14,054 11,774 57.0 (15.2) 10.6 13.0 10.0 9.8 2.3 2.0 2.0 2.0 17.2 28.9 26.3 17.8 10.6 7.1 22.9 22.0
BSDE IJ HOLD 1,615 2,020 19,247 38.1 31,083 65 5,572 6,609 2,632 3,226 3,821 2,627 35.2 (34.1) 7.8 11.8 11.7 10.0 1.9 1.8 1.3 1.7 nc nc 29.8 15.9 15.1 8.4 35.7 28.8
LPKR IJ REDUCE 1,115 1,000 23,078 100.0 25,732 83 11,655 9,160 3,277 2,205 2,547 1,530 110.2 (39.9) 10.0 16.6 8.8 13.1 1.6 1.5 2.5 1.5 41.4 51.3 17.9 9.5 7.4 3.9 7.7 12.5
PWON IJ REDUCE 389 425 48,160 42.4 18,734 63 3,872 5,398 1,890 2,630 2,516 2,208 122.1 (12.2) 7.4 8.5 9.3 6.6 3.0 2.4 2.7 2.4 nc nc 50.1 31.4 19.3 12.4 27.7 41.5
SMRA IJ HOLD 1,620 1,600 14,427 67.7 23,371 79 5,334 5,835 1,772 1,726 1,394 1,181 26.4 (15.2) 16.8 19.8 13.2 13.4 3.9 3.4 1.4 1.8 nc 49.6 28.1 20.1 9.6 7.1 32.8 22.2
CTRA IJ REDUCE 1,205 1,400 15,166 69.2 18,275 20 6,344 7,627 2,204 2,603 1,325 1,568 35.7 18.3 13.8 11.7 8.1 6.9 2.5 2.1 2.2 2.6 nc nc 19.2 19.6 6.1 6.3 19.5 18.7
ASRI IJ BUY 505 720 19,649 48.3 9,923 61 3,631 4,551 1,908 2,337 1,097 1,294 25.2 18.2 9.0 7.7 7.9 6.7 1.6 1.4 2.2 2.6 93.6 88.0 19.5 19.4 7.0 7.2 12.6 10.6
APLN IJ REDUCE 336 380 20,501 29.9 6,888 9 5,297 5,673 1,430 1,352 855 737 0.4 (13.8) 8.1 9.3 5.3 6.5 1.1 1.0 2.5 2.1 33.3 60.1 14.0 11.0 3.9 2.8 11.1 10.3
CTRP IJ BUY 570 790 6,150 43.7 3,506 5 1,662 1,794 667 515 394 327 (6.6) (17.2) 8.9 10.8 7.2 10.0 0.8 0.8 3.4 2.8 47.3 64.2 9.4 7.4 4.8 3.4 9.6 6.9
PPRO IJ BUY 156 250 14,044 100.0 2,191 61 555 1,545 128 419 106 301 115.4 84.6 13.4 7.3 16.8 6.0 1.4 0.9 0.0 1.5 7.5 20.2 10.8 16.8 5.1 7.9 5.5 10.6
SHIPPING N 7,523 13 5,499 6,212 1,358 1,550 883 1,020 15.7 2.3 7.1 7.5 7.1 5.8 2.2 1.4 2.0 2.6 78.4 73.5 23.2 20.2 8.5 9.4 10.2 10.5
SOCI IJ BUY 585 800 7,059 15.0 4,130 10 1,621 2,274 474 622 411 519 (19.7) (17.1) 6.6 8.0 9.1 7.1 0.9 1.2 2.7 2.4 56.3 59.0 16.5 14.4 8.2 8.9 11.9 9.1
TMAS IJ BUY 1,700 3,000 1,141 11.8 1,940 1 1,687 1,819 324 395 203 258 187.7 27.5 9.6 7.5 5.7 4.9 6.3 2.7 0.0 3.3 141.1 119.0 46.8 41.2 12.3 14.4 5.8 16.0
WINS IJ HOLD 360 700 4,038 42.4 1,454 3 2,191 2,119 560 532 269 243 (20.6) (13.8) 5.3 6.1 3.4 3.5 0.5 0.5 2.8 2.5 57.8 54.0 10.9 8.4 4.5 3.9 10.9 6.8
STEEL UW 5,458 2 23,146 21,243 (1,340) (1,176) (1,855) (1,445) na (22.7) (3.0) (3.9) (38.3) (170.1) 0.5 0.6 0.0 0.0 125.6 192.1 (15.7) (13.8) (8.2) (6.0) (0.9) (7.9)
KRAS IJ* REDUCE 346 350 15,775 20.0 5,458 2 23,146 21,243 (1,340) (1,176) (1,855) (1,445) na (22.7) (3.0) (3.9) (38.3) (170.1) 0.5 0.6 0.0 0.0 125.6 192.1 (15.7) (13.8) (8.2) (6.0) (0.9) (7.9)
TELCOS OW 354,254 290 170,388 185,152 35,579 39,847 13,233 18,847 53.0 20.0 15.0 13.4 7.2 6.5 4.3 3.8 2.5 2.9 46.2 38.6 17.8 20.3 8.3 9.4 17.1 15.7
TLKM IJ BUY 2,810 3,350 100,800 48.8 283,248 253 89,696 97,141 28,713 31,915 14,638 16,868 2.4 15.2 19.4 16.8 6.3 5.7 4.2 3.8 3.4 3.9 8.5 5.6 22.8 23.6 10.9 11.5 22.9 21.0
EXCL IJ HOLD 4,085 4,500 8,541 33.6 34,892 18 23,460 24,143 1,782 1,453 (775) (280) na na (45.0) (124.4) 6.7 6.6 2.5 2.5 0.0 0.0 161.4 163.8 (5.3) (2.0) (1.5) (0.5) 3.4 (2.3)
TOWR IJ BUY 4,000 5,100 10,203 61.2 40,812 1 4,106 4,700 2,335 2,725 841 1,502 398.9 78.7 48.5 27.2 14.1 12.2 8.7 6.7 0.0 0.0 157.0 108.4 20.2 27.9 5.1 8.7 1.5 7.2
ISAT IJ BUY 3,970 5,150 5,434 20.7 21,573 2 24,085 25,659 1,833 2,726 (1,987) 132 na na (10.9) 163.6 4.1 3.7 1.6 1.6 0.0 0.5 145.6 137.0 (13.5) 1.0 (3.7) 0.2 (7.6) (5.6)
TELE IJ BUY 995 1,060 7,120 17.8 7,084 3 14,590 18,113 507 573 305 366 3.4 20.2 23.0 19.1 15.5 14.9 2.8 2.5 1.1 1.3 44.6 40.4 15.7 13.9 7.2 7.1 18.1 10.2
ERAA IJ HOLD 530 940 2,900 39.7 1,537 13 14,451 15,395 409 455 212 260 (39.3) 22.7 7.3 5.9 6.5 5.8 0.5 0.5 5.5 6.8 47.0 43.7 7.4 8.5 3.8 4.1 10.3 5.2
TRANSPORTATION UW 22,646 18 6,789 7,854 1,520 1,601 896 966 (49.2) (0.5) 23.0 23.6 11.7 10.4 4.6 4.6 3.4 1.6 47.4 52.9 29.3 20.6 11.1 10.5 24.1 17.0
BIRD IJ REDUCE 8,000 7,400 2,502 15.0 20,017 3 4,759 5,581 1,053 1,161 735 840 (49.6) (0.0) 23.8 23.8 12.4 11.0 5.0 5.0 3.7 1.7 31.1 39.9 31.5 22.2 12.1 11.5 26.1 18.6
TAXI IJ REDUCE 1,010 820 2,146 49.0 2,167 14 890 964 283 254 118 90 (10.9) (23.9) 18.3 24.1 7.1 6.5 2.4 2.3 1.0 0.7 171.7 146.2 14.0 9.7 4.6 2.9 9.5 6.2
ASSA IJ REDUCE 136 150 3,398 37.7 462 0 1,140 1,309 184 186 43 36 (53.3) (16.4) 10.8 12.9 4.0 3.7 0.6 0.5 2.3 2.3 171.3 177.9 5.2 4.2 1.8 1.4 5.1 2.0
Market N 3,390,366 700,855 1,641,547 1,798,337 293,697 429,108 201,126 227,859 12.3 7.5 20.8 18.3 10.2 8.8 12.4 7.9 2.4 2.5 20.7 18.6 29.9 32.4 11.2 11.3 23.4 27.0
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 (%)
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 6
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
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2015
Institutional
Investors Highest
Research
Ranked Local
House
AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time
AEGM KREN IJ Kresna Graha Sekurindo 6/15/2015 14:00
AEGM ASDM IJ Asuransi Dayin Mitra 6/15/2015 08:00
AEGM GSMF IJ Equity Development Investment 6/15/2015 10:30
AEGM SRAJ IJ Sejahteraraya Anugrahjaya 6/15/2015 10:00
AEGM PTSP IJ Pioneerindo Gourmet International 6/15/2015 10:00
AEGM CLPI IJ Colorpak Indonesia 6/15/2015 10:00
AEGM UNSP IJ Bakrie Sumatera Plantations 6/15/2015 10:00
AEGM DGIK IJ Nusa Konstruksi Enjiniring 6/15/2015 09:00
AEGM INTD IJ Inter Delta 6/15/2015 10:00
AEGM APII IJ Arita Prima Indonesia 6/15/2015 09:00
AGM ARGO IJ Argo Pantes 6/15/2015 10:00
AEGM MGNA IJ Magna Finance 6/15/2015 14:00
AGM RICY IJ Ricky Putra Globalindo 6/15/2015 09:30
AGM JPRS IJ Jaya Pari Steel 6/16/2015 10:00
AGM SRSN IJ Indo Acidatama 6/16/2015 14:00
AGM KONI IJ Perdana Bangun Pusaka 6/16/2015 09:00
AEGM AISA IJ Tiga Pilar Sejahtera Food 6/16/2015 10:00
AGM GDST IJ Gunawan Dianjaya Steel 6/16/2015 09:00
AEGM MBTO IJ Martina Berto 6/16/2015 10:00
AEGM ADMG IJ Polychem Indonesia 6/16/2015 14:00
AGM BTON IJ Betonjaya Manunggal 6/16/2015 09:30
AEGM OKAS IJ Ancora Indonesia Resources 6/16/2015 10:00
AGM POOL IJ Pool Advista Indonesia 6/16/2015 11:00
AEGM POLY IJ Asia Pacific Fibers 6/16/2015 10:30
AGM ALDO IJ Alkindo Naratama 6/16/2015 13:30
AEGM RIMO IJ Rimo Catur Lestari 6/17/2015 14:00
AEGM RANC IJ Supra Boga Lestari 6/17/2015 14:00
AEGM ALTO IJ Tri Banyan Tirta 6/17/2015 11:30 Source: Bloomberg
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 7
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Finance Asia's
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Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors Highest
Research
Ranked Local
House
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)
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 8
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors Highest
Research
Ranked Local
House
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)
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 9
2014
Finance Asia's
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Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
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2015
Institutional
Investors Highest
Research
Ranked Local
House
Research: +62 21 250 5081
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PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 10
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Finance Asia's
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Research Call
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Asiamoney's
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2015
Institutional
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This research is distributed by Daiwa Capital Markets India Private Limited (DAIWA) which is an intermediary registered with Securities & Exchange Board of India. This report is not to be considered as an offer or solicitation for any dealings in securities. While the information in this report has been compiled by DAIWA in good faith from sources believed to be reliable, no representation or warranty, express of implied, is made or given as to its accuracy, completeness or correctness. DAIWA its officers, employees, representatives and agents accept no liability whatsoever for any loss or damage whether direct, indirect, consequential or otherwise howsoever arising (whether in negligence or otherwise) out of or in connection with or from any use of or reliance on the contents of and/or omissions from this document. Consequently DAIWA expressly disclaims any and all liability for, or based on or relating to any such information contained in or errors in or omissions in this report. Accordingly, you are recommended to seek your own legal, tax or other advice and should
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 11
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors Highest
Research
Ranked Local
House
rely solely on your own judgment, review and analysis, in evaluating the information in this document. The data contained in this document is subject to change without any prior notice DAIWA reserves its right to modify this report as maybe required from time to time. DAIWA is committed to providing independent recommendations to its Clients and would be happy to provide any information in response to any query from its Clients. This report is strictly confidential and is being furnished to you solely for your information. The information contained in this document should not be reproduced (in whole or in part) or redistributed in any form to any other person. We and our group companies, affiliates, officers, directors and employees may from time to time, have long or short positions, in and buy sell the securities thereof, of company(ies) mentioned herein or be engaged in any other transactions involving such securities and earn brokerage or other compensation or act as advisor or have the potential conflict of interest with respect to any recommendation and related information or opinion. DAIWA prohibits its analyst and their family members from maintaining a financial interest in the securities or derivatives of any companies that the analyst cover. This report is not intended or directed for distribution to ,or use by any person, citizen or entity which is resident or located in any state or country or jurisdiction where such publication, distribution or use would be contrary to any statutory legislation, or regulation which would require DAIWA and its affiliates/ group companies to any registration or licensing requirements. The views expressed in the report accurately reflect the analyst’s personal views about the securities and issuers that are subject of the Report, and that no part of the analyst’s compensation was, is or will be directly or indirectly, related to the recommendations or views expressed in the Report. This report does not recommend to US recipients the use of Daiwa Capital Markets India Private Limited or any of its non – US affiliates to effect trades in any securities and is not supplied with any understanding that US recipients will direct commission business to Daiwa Capital Markets India Private Limited.
Taiwan
This research is distributed in Taiwan by Daiwa-Cathay Capital Markets Co., Ltd and it may only be distributed in Taiwan to institutional investors or specific investors who have signed recommendation contracts with Daiwa-Cathay Capital Markets Co., Ltd in accordance with the Operational Regulations Governing Securities Firms Recommending Trades in Securities to Customers. Recipients of this research in Taiwan may contact Daiwa-Cathay Capital Markets Co., Ltd in respect of any matter arising from or in connection with the research.
Philippines
This research is distributed in the Philippines by DBP-Daiwa Capital Markets Philippines, Inc. which is regulated by the Philippines Securities and Exchange Commission and the Philippines Stock Exchange, Inc. Recipients of this research in the Philippines may contact DBP-Daiwa Capital Markets Philippines, Inc.
in respect of any matter arising from or in connection with the research. DBP-Daiwa Capital Markets Philippines, Inc. recommends that investors
independently assess, with a professional advisor, the specific financial risks as well as the legal, regulatory, tax, accounting, and other consequences of a
proposed transaction. DBP-Daiwa Capital Markets Philippines, Inc. may have positions or may be materially interested in the securities in any of the markets
mentioned in the publication or may have performed other services for the issuers of such securities.
For relevant securities and trading rules please visit SEC and PSE Link at http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf and
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United Kingdom
This research report is produced by Daiwa Capital Markets Europe Limited and/or its affiliates and is distributed in the European Union, Iceland, Liechtenstein, Norway and Switzerland. Daiwa Capital Markets Europe Limited is authorised and regulated by The Financial Conduct Authority (“FCA”) and is a member of the London Stock Exchange, Eurex and NYSE Liffe. Daiwa Capital Markets Europe Limited and/or its affiliates may, from time to time, to the extent permitted by law, participate or invest in other financing transactions with the issuers of the securities referred to herein (the “Securities”), perform services for or solicit business from such issuers, and/or have a position or effect transactions in the Securities or options thereof and/or may have acted as an underwriter during the past twelve months for the issuer of such securities. In addition, employees of Daiwa Capital Markets Europe Limited and/or its affiliates may have positions and effect transactions in such securities or options and may serve as Directors of such issuers. Daiwa Capital Markets Europe Limited may, to the extent permitted by applicable UK law and other applicable law or regulation, effect transactions in the Securities before this material is published to recipients.
This publication is intended for investors who are not Retail Clients in the United Kingdom within the meaning of the Rules of the FCA and should not therefore be distributed to such Retail Clients in the United Kingdom. Should you enter into investment business with Daiwa Capital Markets Europe’s affiliates outside the United Kingdom, we are obliged to advise that the protection afforded by the United Kingdom regulatory system may not apply; in particular, the benefits of the Financial Services Compensation Scheme may not be available.
Daiwa Capital Markets Europe Limited has in place organisational arrangements for the prevention and avoidance of conflicts of interest. Our conflict management policy is available at http://www.uk.daiwacm.com/about-us/corporate-governance-regulatory. Regulatory disclosures of investment banking relationships are available at https://daiwa3.bluematrix.com/sellside/Disclosures.action.
Germany
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This material is provided as a reference for making investment decisions and is not intended to be a solicitation for investment. Investment decisions should be made at your own discretion and risk. Accordingly, no representation or warranty, express or implied, is made as to and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this document, Content herein is based on information available at the time the research material was prepared and may be amended or otherwise changed in the future without notice. All information is intended for the private use of the person to whom it is provided without any liability whatsoever on the part of Daiwa Capital Markets Europe Limited, Bahrain Branch, any associated company or the employees thereof. If you are in doubt about the suitability of the product or the research material itself, please consult your own financial adviser. Daiwa Capital Markets Europe Limited, Bahrain Branch retains all rights related to the content of this material, which may not be redistributed or otherwise transmitted without prior consent.
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as such. It reflects the preparer’s views at the time of its preparation, but may not reflect events occurring after its preparation; nor does it reflect
PT.Bahana Securities’ or DCMA’s views at any time. Neither PT.Bahana Securities, DCMA nor the preparer has any obligation to update this report
or to continue to prepare research on this subject. This report is not an offer to sell or the solicitation of any offer to buy securities. Unless this report
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,
financial situation and needs. This report does not recommend to U.S. recipients the use of any of PT.Bahana Securities’ or DCMA’s non-U.S.
affiliates to effect trades in any security and is not supplied with any understanding that U.S. recipients of this report will direct commission business to
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material should contact a Daiwa entity in their local jurisdiction. Most countries throughout the world have their own laws regulating the types of securities and other investment products which may be offered to their residents, as well as a process for doing so. As a result, the securities
discussed in this report may not be eligible for sales in some jurisdictions. Customers wishing to obtain further information about this report should
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Ownership of Securities
For “Ownership of Securities” information please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 12
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors Highest
Research
Ranked Local
House
Investment Banking Relationships
For “Investment Banking Relationships” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .
DCMA Market Making
For “DCMA Market Making” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .
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
noted: no exceptions.
Research Analyst Certification
For updates on “Research Analyst Certification” and “Rating System” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action . The views about any and all of the subject securities and issuers expressed in this
Research Report accurately reflect the personal views of the research analyst(s) primarily responsible for this report (or the views of the firm
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.
Ownership of Securities For “Ownership of Securities” information, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .
Investment Banking Relationships For “Investment Banking Relationship”, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action . Relevant Relationships (Bahana Securities) Bahana Securities may from time to time have an individual employed by or associated with it serves as an officer of any of the companies under its research coverage.
Bahana Securities market making Bahana Securities may from time to time make a market in securities covered by this research.
Additional information may be available upon request.
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For derivative and margin transactions etc., we may require collateral or margin requirements in accordance with an agreement made beforehand with
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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
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When making an actual transaction, please be sure to carefully read the materials presented to you prior to the execution of agreement, and to take responsibility for your own decisions regarding the signing of the agreement with us.
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