daily update november 1, 2012 · daily update november 1, 2012 macroeconomic news ... annual...

DAILY UPDATE November 1, 2012

MACROECONOMIC NEWS

The Fed – Banks in the US reported stronger demand for auto

loans and commercial and residential mortgages during the

third quarter. The report provides further evidence that sales of

cars and homes, bolstered by record-low interest rates from the

central bank, are helping to fuel the economic recovery.

China Economy – China’s October PMI came in at 50.2, the first

expansion in three months. The PMI output improved from

49.8 in September. The report provides hope for a pickup in

economic activities after industrial production, exports, and

retail sales accelerated in September.

South Korea – South Korean exports unexpectedly rose in

October, the first time in four months. Overseas shipment

increased 1.2% from a revised 2% decline in September.

Industrial production also rose for the first time in four months,

suggesting that the slowdown may have hit the bottom.

Meanwhile, October inflation hit four months high of 2.1% YoY

following government’s earlier rate cut. The level remains

within the government target of 2.3% this year and thus, giving

further room for potential rate cut should the economic

condition worsen.

CORPORATE NEWS

SMCB – PT Holcim Indonesia plans to boost capacity to 12

million tons a year by 2015 from 8.3 million tons as housing

construction increases and the government works on more

infrastructure projects. SMCB will add a plant in Tuban in

addition to one already under construction. SMCB is spending

$450 million to build the first Tuban plant, which will have an

annual capacity of 1.7 million tons when it begins operation

next year. SMCB predicted EBITDA margin of 30% to 35% over

the next 5 years as better efficiency from the facility in Tuban

helps lower the operating costs and reduces transportation

costs to areas in East Java.

PT. Panin Asset Management JSX Building Tower I, 3rd Floor Jl. Jend. Sudirman Kav. 52-53 , Jakarta 12190 T : (021) 515-0595 , F : (021) 515-0601

Equity Markets Closing % Change

Dow Jones 13096 -0.1

NASDAQ 2977 -0.4

MSCI excl. Jap 517 0.6

Nikkei 8905 -0.3

Hang Seng 21642 1.0

STI 3022 -0.5

JCI 4350 -0.3

Indo ETF (IDX) 29.1 -0.1

Indo ETF (EIDO) 30.5 -0.4

Currency

Closing Last Trade

US$ - IDR 9624 9623

US$ - Yen 79.77 79.91

Euro - US$ 1.296 1.2955

US$ - SG$ 1.2201 1.2207

Commodities

Last Price Chg %Chg

Oil NYMEX 86.1 0.29 0.3

Coal NYMEX 59.6 0.05 0.1

Coal Newcastle 78.9

Nickel 16195 145 0.9

Tin 19925 160 0.8

Gold 1720 7.0 0.4

CPO Rott 840 -2.5 -0.3

CPO Malay 2329 -4 -0.2

Indo Gov. Bond Yields

Last Yield Chg %Chg

1 year 4.90 0.03 0.6

3 year 5.31 -0.01 -0.2

5 year 5.44 0.00 0.0

10 year 5.72 0.00 0.1

15 year 6.21 0.00 0.0

30 year 6.60 0.00 0.0

CORPORATE NEWS - cont’d

TOWR – PT Sarana Menara Nusantara acquires some telecommunication towers through its subsidiary, PT

Profesional Telekomunikasi Indonesia (Protelindo), from Royal KPN NV, a leading telecommunication company in

Dutch. KPN will receive a sum of IDR 922 billion through the sale of towers, which it will rent back from Protelindo.

A share purchase agreement has been signed by Protelindo to buy shares from KPN which will allow ownership on

assets of the towers to Protelindo.

BNII – PT Bank Internasional Indonesia released its 9m 2012 financial result:

BNII (IDR bio) 9m 2011 9m 2012 YoY

Q2 2012 Q3 2012 QoQ

Net Interest Income

3,086.40 3,944.22 27.8%

1,409.07 1,367.72 -2.9% Non Interest Income

2,185.18 1,997.06 -8.6%

664.95 532.35 -19.9%

Other Operating Expense

4,608.06 4,857.43 5.4%

1,692.51 1,526.50 -9.8% Operating Profit

663.52 1,083.85 63.3%

381.51 373.57 -2.1%

Net Income Before Tax

790.43 1,282.20 62.2%

444.04 458.67 3.3% Net Income

555.29 921.82 66.0%

307.68 347.52 12.9%

EPS (diluted)

9.87 16.38 66.0%

5.20 5.87 12.9%

Sep '11 Sep '12 YoY

Jun '12 Sep '12 QoQ

CAR (after Market Risk)

12.33% 12.33% 0.0%

12.56% 12.33% -1.8% NIM

5.53% 5.88% 6.3%

5.89% 5.88% -0.2%

ROE

10.08% 16.20% 60.7%

15.72% 16.20% 3.1% ROA

1.25% 1.69% 35.2%

1.66% 1.69% 1.8%

NPL (Gross)

2.54% 2.08% -18.1%

2.11% 2.08% -1.4% NPL (Net)

1.37% 0.87% -36.5%

0.98% 0.87% -11.2%

LDR

92.64% 94.26% 1.7%

95.39% 94.26% -1.2%

BNBR – PT Bakrie & Brothers reported 9m12 financial reports:

BNBR (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

10,075 13,846 37.42%

4,335 2,465 -43.15%

Gross Profit

2,684 2,031 -24.35%

1,220 381 -68.80%

Operating Profit

226 1,606 610.43%

1,080 242 -77.61%

Pretax Earnings

(770) 397

225 56 -75.29%

Net Income

(464) 36

56 (25)

EPS

(4.947) 0.385

0.596 (0.268)

Gross Profit Margin

26.6% 14.7% -12.0%

28.1% 15.4% -12.7%

Operating Profit Margin

2.2% 11.6% 9.4%

24.9% 9.8% -15.1%

Net Profit Margin

0.3%

1.3%

ANTM – PT Aneka Tambang reported 9m12 financial reports:

ANTM (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

7,817 7,134 -8.74%

2,028 2,642 30.30%

Gross Profit

2,580 1,412 -45.27%

315 540 71.74%

Operating Profit

1,933 626 -67.61%

49 224 353.47%

Pretax Earnings

2,110 837 -60.34%

153 196 27.59%

Net Income

1,558 628 -59.71%

97 152 56.83%

EPS

163 66 -59.71%

10 16 56.83%

Gross Profit Margin

33.0% 19.8% -13.2%

15.5% 20.4% 4.9%


24.7% 8.8% -15.9%

2.4% 8.5% 6.0%

Net Profit Margin

19.9% 8.8% -11.1%

4.8% 5.7% 1.0%


ADRO – PT Adaro Energy reported 9m12 financial reports:

ADRO (USD mio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

2,925 2,755 -5.81%

1,015 823 -18.92%

Gross Profit

1,020 863 -15.45%

336 229 -31.78%

Operating Profit

911 746 -18.09%

295 190 -35.65%

Pretax Earnings

664 632 -4.88%

260 146 -43.94%

Net Income

375 348 -7.28%

139 88 -36.54%

EPS

0.0117 0.0109 -7.28%

0.0043 0.0027 -36.54%

Gross Profit Margin

34.9% 31.3% -3.6%

33.1% 27.8% -5.2%


31.1% 27.1% -4.1%

29.0% 23.0% -6.0%

Net Profit Margin

12.8% 12.6% -0.2%

13.6% 10.7% -3.0%

ADRO (mio ton) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Production

35.28 33.87 -4.00%

12.05 10.87 -9.79%

Sales

38.33 34.68 -9.52%

12.44 10.99 -11.66%

KRAS – PT Krakatau Steel reported 9m12 financial reports:

KRAS (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

12,654 15,878 25.48%

5,305 4,855 -8.48%

Gross Profit

1,210 1,150 -5.02%

380 289 -23.79%

Operating Profit

250 172 -31.11%

48 (40)

Pretax Earnings

1,156 (9)

78 (154)

Net Income

1,046 8 -99.26%

48 (99)

EPS

66.295 0.492 -99.26%

3 (6)

Gross Profit Margin

9.6% 7.2% -2.3%

7.2% 6.0% -1.2%


2.0% 1.1% -0.9%

0.9%

Net Profit Margin

8.3% 0.0% -8.2%

0.9%

BRAU – PT Berau Coal reported 9m12 financial reports:

BRAU (USD mio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

1,207 1,122 -7.07%

402 351 -12.61%

Gross Profit

499 358 -28.26%

130 103 -21.30%

Operating Profit

414 250 -39.63%

88 68 -22.73%

Pretax Earnings

318 100 -68.64%

(10) 50

Net Income

112 (33)

(58) 13

EPS

0.0032 (0.0009)

(0.0017) 0.0004

Gross Profit Margin

41.3% 31.9% -9.4%

32.4% 29.2% -3.2%


34.3% 22.3% -12.0%

21.9% 19.3% -2.5%

Net Profit Margin

9.2% 3.7%

HRUM – PT Harum Energy reported 9m12 financial reports:

HRUM (USD mio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

586 835 42.43%

288 252 -12.43%

Gross Profit

243 270 11.02%

94 80 -15.25%

Operating Profit

188 189 0.29%

66 54 -17.40%

Pretax Earnings

195 198 1.66%

68 56 -16.45%

Net Income

124 125 0.75%

43 36 -16.92%

EPS

0.0460 0.0464 0.75%

0.0159 0.0132 -16.92%

Gross Profit Margin

41.4% 32.3% -9.1%

32.7% 31.6% -1.1%


32.1% 22.6% -9.5%

22.8% 21.5% -1.3%

Net Profit Margin

21.2% 15.0% -6.2%

14.9% 14.2% -0.8%


DOID – PT Delta Dunia Makmur reported 9m12 financial reports:

DOID (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

4,979 5,872 17.92%

1,925 2,206 14.61%

Gross Profit

780 735 -5.87%

219 316 44.10%

Operating Profit

483 459 -4.91%

141 205 45.68%

Pretax Earnings

94 (380)

(258) (19)

Net Income

(12) (353)

(225) (32)

EPS

(1) (43)

(28) (4)

Gross Profit Margin

15.7% 12.5% -3.2%

11.4% 14.3% 2.9%


9.7% 7.8% -1.9%

7.3% 9.3% 2.0%

Net Profit Margin

INKP – PT Indah Kiat Pulp & Paper reported 9m12 financial reports:

INKP (USD mio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

1,967 1,923 -2.25%

671 634 -5.50%

Gross Profit

290 252 -12.95%

93 101 8.74%

Operating Profit

99 56 -43.25%

18 34 89.79%

Pretax Earnings

13 8 -42.51%

7 (5)

Net Income

(14) 22

11 6 -45.67%

EPS

(0.000) 0.000

0.0001 0.0001 -45.67%

Gross Profit Margin

14.7% 13.1% -1.6%

13.8% 15.9% 2.1%


5.0% 2.9% -2.1%

2.7% 5.4% 2.7%

Net Profit Margin

1.1%

1.6% 0.9% -0.7%

TKIM – PT Pabrik Kertas Tjiwi Kimia reported 9m12 financial reports:

TKIM (USD mio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

1,045 1,018 -2.56%

373 308 -17.53%

Gross Profit

186 171 -8.20%

65 49 -24.63%

Operating Profit

90 73 -18.81%

30 13 -55.47%

Pretax Earnings

73 47 -36.44%

24 (2)

Net Income

55 37 -32.87%

19 2 -87.81%

EPS

0.041 0.028 -32.87%

0.0140 0.0017 -87.81%

Gross Profit Margin

17.8% 16.8% -1.0%

17.4% 15.9% -1.5%


8.7% 7.2% -1.4%

8.1% 4.3% -3.7%

Net Profit Margin

5.3% 3.7% -1.6%

5.0% 0.7% -4.3%

JAWA – PT Jaya Agra Wattie reported its 9m 2012 result.

JAWA (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

502 517 2.99%

193 152 -21.40%

Gross Profit

236 200 -15.41%

88 42 -51.77%

Operating Profit

207 165 -20.25%

76 33 -56.91%

Pretax Earnings

196 156 -20.04%

68 30 -55.26%

Net Income

152 118 -22.84%

49 25 -49.45%

EPS

40 31 -22.84%

13 7 -49.45%

Gross Profit Margin

47.0% 38.6% -8.4%

45.4% 27.9% -17.6%


41.3% 32.0% -9.3%

39.5% 21.7% -17.8%

Net Profit Margin

30.4% 22.7% -7.6%

25.5% 16.4% -9.1%


LTLS – PT Lautan Luas reported its 9m 2012 result.

LTLS (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

3,952 4,743 20.02%

1,653 1,461 -11.65%

Gross Profit

480 639 33.20%

228 207 -9.28%

Operating Profit

177 191 8.07%

53 50 -6.25%

Pretax Earnings

109 95 -12.83%

26 15 -41.22%

Net Income

73 54 -26.27%

15 2 -86.23%

EPS

94 69 -26.27%

19 3 -86.23%

Gross Profit Margin

12.1% 13.5% 1.3%

13.8% 14.2% 0.4%


4.5% 4.0% -0.4%

3.2% 3.4% 0.2%

Net Profit Margin

1.9% 1.1% -0.7%

0.9% 0.1% -0.8%

INAF – PT Indofarma reported 9m12 financial reports:

INAF (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

695 702 0.92%

236 297 25.82%

Gross Profit

248 261 5.25%

89 101 13.30%

Operating Profit

46 51 9.47%

15 29 98.21%

Pretax Earnings

23 30 31.87%

9 20 127.92%

Net Income

16 20 24.44%

6 14 131.61%

EPS

5 6 24.44%

2 4 131.61%

Gross Profit Margin

35.7% 37.2% 1.5%

37.9% 34.1% -3.8%


6.7% 7.2% 0.6%

6.3% 9.9% 3.6%

Net Profit Margin

2.3% 2.9% 0.5%

2.5% 4.7% 2.1%

MAPI – PT Mitra Adiperkasa reported its 9m 2012 result.

MAPI (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

4,212 5,441 29.19%

1,822 1,980 8.71%

Gross Profit

2,167 2,744 26.65%

926 1,006 8.66%

Operating Profit

418 509 21.86%

192 204 6.01%

Pretax Earnings

313 394 25.88%

158 157 -0.53%

Net Income

227 282 24.43%

108 116 8.06%

EPS

137 170 24.09%

65 70 7.69%

Gross Profit Margin

51.4% 50.4% -1.0%

50.8% 50.8% 0.0%


9.9% 9.4% -0.6%

10.6% 10.3% -0.3%

Net Profit Margin

5.4% 5.2% -0.2%

5.9% 5.9% 0.0%

ASII – PT Astra International reported its 9m 2012 result.

ASII (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

119,530 143,138 19.75%

49,566 47,219 -4.74%

Gross Profit

23,822 27,286 14.54%

9,483 9,371 -1.18%

Operating Profit

13,310 15,244 14.53%

5,332 5,252 -1.50%

Pretax Earnings

19,399 21,098 8.76%

7,276 7,217 -0.81%

Net Income

13,441 14,671 9.15%

5,031 4,993 -0.76%

EPS

332 362 9.04%

124 123 -0.97%

Gross Profit Margin

19.9% 19.1% -0.9%

19.1% 19.8% 0.7%


11.1% 10.6% -0.5%

10.8% 11.1% 0.4%

Net Profit Margin

11.2% 10.2% -1.0%

10.2% 10.6% 0.4%


MASA – PT Multistrada Arah Sarana reported its 9m 2012 result.

MASA (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

2,077 2,308 11.10%

814 700 -14.03%

Gross Profit

385 421 9.26%

152 115 -24.22%

Operating Profit

227 191 -16.14%

89 40 -55.69%

Pretax Earnings

178 22 -87.80%

-9 7

Net Income

136 11 -91.53%

-11 5

EPS

22 1 -94.17%

-1 0

Gross Profit Margin

18.5% 18.2% -0.3%

18.6% 16.4% -2.2%


10.9% 8.3% -2.7%

11.0% 5.7% -5.3%

Net Profit Margin

6.5% 0.5% -6.0%

-1.4% 0.8% 2.2%

RANC – PT Supra Boga Lestari reported its 9m 2012 result.

RANC (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

657 791 20.37%

506 284 -43.84%

Gross Profit

169 207 22.42%

131 76 -41.82%

Operating Profit

24 27 13.81%

20 8 -61.17%

Pretax Earnings

21 35 70.25%

25 11 -55.94%

Net Income

17 28 60.58%

19 8 -56.35%

EPS

11 18 60.58%

12 5 -56.35%

Gross Profit Margin

25.7% 26.1% 0.4%

25.8% 26.7% 0.9%


3.7% 3.5% -0.2%

3.9% 2.7% -1.2%

Net Profit Margin

2.6% 3.5% 0.9%

3.8% 3.0% -0.8%

RALS – PT Ramayana Lestari Sentosa reported its 9m 2012 result.

RALS (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

4,044 4,528 11.97%

1,319 2,130 61.45%

Gross Profit

1,432 1,584 10.61%

416 820 97.30%

Operating Profit

379 447 17.75%

62 357 479.97%

Pretax Earnings

422 483 14.59%

73 368 407.36%

Net Income

343 386 12.52%

63 284 350.60%

EPS

48 54 12.53%

9 40 348.15%

Gross Profit Margin

35.4% 35.0% -0.4%

31.5% 38.5% 7.0%


9.4% 9.9% 0.5%

4.7% 16.8% 12.1%

Net Profit Margin

8.5% 8.5% 0.0%

4.8% 13.3% 8.5%

DLTA – PT Delta Djakarta reported its 9m 2012 result.

DLTA (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

987 1,231 24.69%

402 381 -5.35%

Gross Profit

282 366 29.96%

122 116 -4.86%

Operating Profit

135 192 41.68%

63 59 -6.39%

Pretax Earnings

146 202 38.46%

67 62 -7.51%

Net Income

99 147 49.31%

49 44 -10.32%

EPS

6,158 9,195 49.32%

3,081 2,763 -10.32%

Gross Profit Margin

28.6% 29.8% 1.2%

30.4% 30.5% 0.2%


13.7% 15.6% 1.9%

15.6% 15.4% -0.2%

Net Profit Margin

10.0% 12.0% 2.0%

12.3% 11.6% -0.6%


FAST – PT Fast Food Indonesia reported its 9m 2012 result.

FAST (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

2,335 2,611 11.83%

799 955 19.58%

Gross Profit

1,376 1,518 10.31%

493 549 11.32%

Operating Profit

190 144 -24.20%

70 42 -39.33%

Pretax Earnings

230 182 -20.88%

52 81 54.76%

Net Income

175 140 -20.34%

40 62 53.25%

EPS

381 304 -20.21%

87 135 54.88%

Gross Profit Margin

58.9% 58.1% -0.8%

61.8% 57.5% -4.3%


8.2% 5.5% -2.6%

8.7% 4.4% -4.3%

Net Profit Margin

7.5% 5.4% -2.2%

5.0% 6.5% 1.4%

ISAT – PT Indosat published its 9M12 financial results:

ISAT (IDR bio) 9M 2011 9M 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

15,349 16,509 7.6%

5,400 6,132 13.6%

Cellular

12,576 13,651 8.5%

4,447 5,124 15.2%

Data, Internet, VAS

1,837 2,101 14.4%

699 730 4.4%

Fixed Telco

936 757 -19.1%

254 278 9.2%

Operating Profit

2,421 1,877 -22.5%

814 429 -47.3%

Pretax Earnings

1,530 1,791 17.1%

(12) 1,788

Net Income

1,047 1,628 55.5%

(149) 1,760

EPS

183 300 64.1%

(27) 324


15.8% 11.4% -4.4%

15.1% 7.0% -53.6%

Net Profit Margin

6.8% 9.9% 3.0%

28.7%

PT Indosat net income rose in third quarter as the company realized the gain from the 2,500 towers to PT Tower

Bersama (TBIG) in August. In addition, PT Indosat has made a revision toward the useful life of its

telecommunication equipment, resulting in higher depreciation expenses and thus hurts operating profit.

EXCL – PT XL Axiata published its 9M12 financial results:

EXCL (IDR bio) 9M 2011 9M 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

13,401 15,695 17.1%

5,278 5,525 4.7%

Voice Cellular

5,831 6,257 7.3%

2,100 2,125 1.2%

SMS Cellular

2,958 3,581 21.1%

1,164 1,271 9.2%

Data/VAS Cellular

2,028 2,719 34.0%

955 907 -5.1%

Interconnection

1,321 1,870 41.5%

623 821 31.6%

Leased Towers

668 770 15.2%

255 272 6.5%

Operating Profit

7,521 9,083 20.8%

3,057 3,169 3.7%

Pretax Earnings

2,969 2,965 -0.1%

1,055 992 -6.0%

Net Income

2,184 2,195 0.5%

794 734 -7.5%

EPS

257 258 0.4%

93 87 -6.5%


56.1% 57.9% 1.7%

57.9% 57.4% -1.0%

Net Profit Margin

16.3% 14.0% -2.3%

15.0% 13.3% -11.6%


FREN – PT Smartfren Telecom published 9M12 financial results:

SMART FREN (IDR bio) 9M 2011 9M 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

689 1,110 61.1%

358 439 22.7%

Operating Profit

(1,599) (1,185)

(408) (350)

Pretax Earnings

(1,814) (1,314)

(257) (475)

Net Income

(1,557) (1,015)

(141) (340)

EPS

(214) (48)

18 (10) -156.3%


Net Profit Margin

BTEL – PT Bakrie Telecom published 9M12 financial results:

BTEL (IDR bio) 9M 2011 9M 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

1,971 1,779 -9.7%

592 661 11.5%

Operating Profit

(122) (330)

(117) (42)

Pretax Earnings

(632) (1,220)

(484) (300)

Net Income

(498) (988)

(394) (239)

EPS

(18) (34)

(14) (8)


Net Profit Margin

META – PT Nusantara Infrastructure announced its 3Q12 results:

META (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

165 200 21.13%

67 67 0.89%

Operating Profit

60 76 26.22%

27 23 -17.50%

Pretax Earnings

(28) 32

14 10 -32.83%

Net Income

(24) 24

12 7 -39.55%

EPS

(2) 2

1 1 -39.60%


36.3% 37.9% 1.5%

41.0% 33.5% -7.5%

Net Profit Margin

-14.4% 11.9% 26.2%

17.5% 10.5% -7.0%

INDR – PT Indorama Synthetics reported its 9m 2012 result:

INDR (USD mio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

594 573 -3.58%

195 176 -9.80%

Gross Profit

44 37 -16.06%

12 13 7.07%

Operating Profit

19 9 -50.55%

3 4 38.23%

Pretax Earnings

24 3 -85.77%

(1) 1

Net Income

19 2 -88.78%

(2) 1

EPS

0.0285 0.0032 -88.78%

(0.003) 0.001

Gross Profit Margin

7.4% 6.4% -1.0%

6.4% 7.6% 1.2%


3.2% 1.6% -1.5%

1.5% 2.2% 0.8%

Net Profit Margin

3.1% 0.4% -2.8%

-1.0% 0.4% 1.4%


CPIN – PT Charoen Pokphand Indonesia announced its 9m12 results:

CPIN (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

13,609 15,911 16.92%

5346 5671 6.07%

Gross Profit

2,987 3,854 29.03%

1426 1176 -17.54%

Operating Profit

2459 3213 30.66%

1171 1007 -14.01%

Pretax Earnings

2455 3146 28.16%

1144 982 -14.19%

Net Income

1931 2465 27.71%

906 776 -14.35%

EPS

117.7 150.3 27.71%

55.2 47.3 -14.35%

Gross Profit Margin

21.9% 24.2% 2.3%

26.7% 20.7% -5.9%


18.1% 20.2% 2.1%

21.9% 17.8% -4.1%

Net Profit Margin

14.2% 15.5% 1.3%

16.9% 13.7% -3.3%

JPFA – PT Japfa Comfeed Indonesia announced its 3Q12 results:

JPFA (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

11,871 12,761 7.50%

4432 4297 -3.05%

Gross Profit

1,968 2,288 16.28%

933 593 -36.41%

Operating Profit

883 1333 50.97%

561 411 -26.72%

Pretax Earnings

734 1182 61.06%

482 415 -13.90%

Net Income

541 925 71.03%

395 344 -12.94%

EPS

261.0 446.3 71.03%

190.8 166.1 -12.94%

Gross Profit Margin

16.6% 17.9% 1.4%

21.1% 13.8% -7.2%


7.4% 10.4% 3.0%

12.6% 9.6% -3.1%

Net Profit Margin

4.6% 7.2% 2.7%

8.9% 8.0% -0.9%

SIPD – PT Sierad Produce reported its 9m12 financials:

SIPD (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

3,072 3,071 -0.02%

1070 1074 0.45%

Gross Profit

280 369 31.64%

138 120 -13.09%

Operating Profit

85 114 33.55%

49 21 -56.71%

Pretax Earnings

30 25 -14.63%

16 -5 -130.56%

Net Income

22 15 -30.36%

10 -3 -129.64%

EPS

2.3 1.6 -30.36%

1.0 -0.3 -129.64%

Gross Profit Margin

9.1% 12.0% 2.9%

12.9% 11.2% -1.7%


2.8% 3.7% 0.9%

4.6% 2.0% -2.6%

Net Profit Margin

0.7% 0.5% -0.2%

0.9% -0.3% -1.2%


CTRA – PT Ciputra Development reported its 3Q12 financials:

CTRA (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

1,527 2,237 46.50%

767 918 19.75%

Gross Profit

711 1,102 55.07%

368 454 23.21%

Operating Profit

394 635 61.14%

166 311 86.96%

Pretax Earnings

465 661 42.07%

175 322 83.69%

Net Income

230 361 57.22%

91 187 104.50%

EPS

15.2 23.8 57.22%

6.0 12.3 104.50%

Gross Profit Margin

46.5% 49.2% 2.7%

48.0% 49.4% 1.4%


25.8% 28.4% 2.6%

21.7% 33.8% 12.2%

Net Profit Margin

15.1% 16.2% 1.1%

11.9% 20.3% 8.4%

CTRP – PT Ciputra Property announced its 3Q12 results:

CTRP (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

325 441 35.76%

130 132 1.34%

Gross Profit

192 272 42.11%

81 80 -1.06%

Operating Profit

105 160 51.84%

34 47 35.63%

Pretax Earnings

154 187 21.27%

42 55 31.78%

Net Income

119 142 20.05%

28 42 50.03%

EPS

19.3 23.2 20.05%

4.5 6.8 50.03%

Gross Profit Margin

59.1% 61.8% 2.8%

62.2% 60.8% -1.5%


32.4% 36.2% 3.8%

26.4% 35.3% 8.9%

Net Profit Margin

36.6% 32.3% -4.2%

21.5% 31.8% 10.3%

CTRS – PT Ciputra Surya reported its 9m12 financial results:

CTRS (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

625 879 40.67%

289 379 31.36%

Gross Profit

298 443 48.96%

146 196 34.46%

Operating Profit

209 321 54.13%

97 148 52.02%

Pretax Earnings

216 301 39.31%

90 146 61.57%

Net Income

154 254 65.19%

74 128 73.26%

EPS

77.8 128.4 65.19%

37.3 64.6 73.26%

Gross Profit Margin

47.6% 50.4% 2.8%

50.5% 51.7% 1.2%


33.4% 36.6% 3.2%

33.7% 39.0% 5.3%

Net Profit Margin

24.6% 28.9% 4.3%

25.6% 33.7% 8.2%


SMRA – PT Summarecon Agung announced its 9m12 financial results:

SMRA (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

1,587 2,199 38.58%

700 685 -2.21%

Gross Profit

741 1,117 50.73%

397 361 -8.97%

Operating Profit

383 614 60.34%

209 194 -7.29%

Pretax Earnings

360 583 61.98%

196 189 -3.18%

Net Income

258 462 78.76%

161 151 -5.97%

EPS

37.6 67.2 78.76%

23.4 22.0 -5.97%

Gross Profit Margin

46.7% 50.8% 4.1%

56.7% 52.8% -3.9%


24.1% 27.9% 3.8%

29.9% 28.3% -1.6%

Net Profit Margin

16.3% 21.0% 4.7%

23.0% 22.1% -0.9%

LPCK – PT Lippo Cikarang reported its 9m12 results:

LPCK (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

611 745 21.88%

238 253 6.38%

Gross Profit

241 375 55.29%

124 128 2.76%

Operating Profit

182 311 70.76%

103 106 3.35%

Pretax Earnings

179 323 81.10%

106 115 8.88%

Net Income

148 286 93.51%

95 102 7.44%

EPS

212.7 411.6 93.51%

136.2 146.3 7.44%

Gross Profit Margin

39.5% 50.3% 10.8%

52.3% 50.5% -1.8%


29.8% 41.8% 12.0%

43.2% 42.0% -1.2%

Net Profit Margin

24.2% 38.5% 14.2%

39.8% 40.2% 0.4%

ASRI – PT Alam Sutera Realty announced its 3Q12 results:

ASRI (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

1,024 1,719 67.82%

441 603 36.97%

Gross Profit

585 1,077 83.99%

288 375 30.39%

Operating Profit

493 915 85.51%

242 301 24.65%

Pretax Earnings

471 838 77.94%

201 259 28.72%

Net Income

415 739 77.85%

181 213 17.82%

EPS

21.1 37.6 77.85%

9.2 10.8 17.82%

Gross Profit Margin

57.1% 62.7% 5.5%

65.3% 62.2% -3.1%


48.2% 53.2% 5.1%

54.9% 50.0% -4.9%

Net Profit Margin

40.6% 43.0% 2.4%

41.0% 35.3% -5.7%


BSDE – PT Bumi Serpong Damai reported its 3Q12 results:

BSDE (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

2,076 2,631 26.75%

803 1028 27.99%

Gross Profit

1,327 1,714 29.22%

508 707 39.05%

Operating Profit

710 1005 41.45%

307 438 42.81%

Pretax Earnings

844 1195 41.53%

336 518 54.11%

Net Income

687 902 31.25%

242 395 63.51%

EPS

39.3 51.5 31.25%

13.8 22.6 63.51%

Gross Profit Margin

63.9% 65.2% 1.2%

63.3% 68.8% 5.5%


34.2% 38.2% 4.0%

38.2% 42.6% 4.4%

Net Profit Margin

33.1% 34.3% 1.2%

30.1% 38.4% 8.3%

KIJA – PT Kawasan Industri Jababeka announced its 9m12 results:

KIJA (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

616 1,035 68.00%

477 305 -36.10%

Gross Profit

324 626 93.02%

291 210 -27.62%

Operating Profit

205 463 125.80%

240 136 -43.25%

Pretax Earnings

157 347 121.21%

205 82 -60.02%

Net Income

124 281 126.14%

153 75 -50.94%

EPS

6.3 14.2 126.14%

7.7 3.8 -50.94%

Gross Profit Margin

52.6% 60.5% 7.8%

60.9% 69.0% 8.1%


33.3% 44.7% 11.4%

50.2% 44.6% -5.6%

Net Profit Margin

20.2% 27.2% 7.0%

32.1% 24.6% -7.5%

SSIA – PT Surya Semesta Internusa announced its 3Q12 financial report:

SSIA (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

2,172 2,658 22.41%

884 892 0.88%

Gross Profit

578 967 67.29%

287 330 14.96%

Operating Profit

333 682 104.78%

189 220 16.43%

Pretax Earnings

300 668 122.59%

181 225 24.45%

Net Income

188 551 192.45%

149 179 19.80%

EPS

40.0 117.0 192.45%

31.7 38.0 19.80%

Gross Profit Margin

26.6% 36.4% 9.8%

32.5% 37.0% 4.5%


15.3% 25.7% 10.3%

21.4% 24.7% 3.3%

Net Profit Margin

8.7% 20.7% 12.0%

16.9% 20.1% 3.2%


DILD – PT Intiland Development announced its 3Q12 results:

DILD (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

632 852 34.82%

252 322 27.58%

Gross Profit

270 378 40.22%

118 153 29.67%

Operating Profit

166 250 50.22%

76 107 41.45%

Pretax Earnings

148 208 40.58%

65 81 23.47%

Net Income

105 142 34.43%

40 61 52.71%

EPS

10.2 13.7 34.43%

3.9 5.9 52.71%

Gross Profit Margin

42.6% 44.4% 1.7%

46.8% 47.6% 0.8%


26.3% 29.3% 3.0%

30.1% 33.4% 3.3%

Net Profit Margin

16.7% 16.6% 0.0%

15.9% 19.0% 3.1%

MTLA – PT Metropolitan Land announced its 3Q12 results:

MTLA (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

384 483 25.55%

164 166 1.33%

Gross Profit

206 254 23.49%

86 88 2.94%

Operating Profit

136 156 14.79%

45 60 33.24%

Pretax Earnings

128 159 24.24%

56 60 7.56%

Net Income

106 131 24.18%

38 50 31.91%

EPS

13.9 17.3 24.18%

5.0 6.6 31.91%

Gross Profit Margin

53.6% 52.7% -0.9%

52.3% 53.1% 0.8%


35.2% 32.2% -3.0%

27.2% 35.8% 8.6%

Net Profit Margin

27.5% 27.2% -0.3%

23.2% 30.2% 7.0%

ELTY – PT Bakrieland Development reported its 3Q12 financials:

ELTY (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

1,450 1,319 -9.00%

562 356 -36.61%

Gross Profit

597 607 1.66%

268 153 -42.71%

Operating Profit

202 109 -46.25%

104 -17 -115.85%

Pretax Earnings

196 -168 -185.51%

27 -128 -583.14%

Net Income

129 -133 -202.92%

15 -98 -744.05%

EPS

3.0 -3.1 -202.92%

0.4 -2.3 -744.05%

Gross Profit Margin

41.2% 46.0% 4.8%

47.6% 43.0% -4.6%


14.0% 8.2% -5.7%

18.5%

Net Profit Margin

8.9%

2.7%


JRPT – PT Jaya Real Property reported its 9m12 financials:

JRPT (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

613 727 18.70%

251 241 -4.15%

Gross Profit

324 407 25.67%

147 145 -1.38%

Operating Profit

212 279 31.28%

102 104 1.23%

Pretax Earnings

254 329 29.34%

117 123 4.97%

Net Income

221 287 29.77%

101 108 6.24%

EPS

80.3 104.2 29.77%

36.9 39.2 6.24%

Gross Profit Margin

52.8% 55.9% 3.1%

58.3% 60.0% 1.7%


34.7% 38.3% 3.7%

40.7% 43.0% 2.3%

Net Profit Margin

36.0% 39.4% 3.4%

40.3% 44.7% 4.4%

PJAA – PT Pembangunan Jaya Ancol announced its 3Q12 results:

PJAA (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

650 717 10.35%

251 265 5.68%

Gross Profit

303 297 -2.14%

91 114 25.45%

Operating Profit

143 148 3.04%

41 56 37.19%

Pretax Earnings

146 149 2.53%

45 53 17.59%

Net Income

102 105 3.55%

34 35 1.56%

EPS

63.5 65.7 3.55%

21.4 21.8 1.56%

Gross Profit Margin

46.7% 41.4% -5.3%

36.4% 43.2% 6.8%


22.0% 20.6% -1.5%

16.3% 21.1% 4.8%

Net Profit Margin

15.6% 14.7% -1.0%

13.7% 13.1% -0.5%

JIHD – PT Jakarta International Hotels & Development announced its 3Q12 financial results:

JIHD (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

718 723 0.75%

237 252 6.35%

Gross Profit

517 531 2.80%

164 200 21.89%

Operating Profit

71 83 17.37%

22 34 52.64%

Pretax Earnings

116 85 -26.93%

23 43 88.65%

Net Income

36 19 -45.77%

-1 19

EPS

15.3 8.3 -45.77%

-0.5 8.1

Gross Profit Margin

72.0% 73.4% 1.5%

69.4% 79.6% 10.1%


9.8% 11.5% 1.6%

9.4% 13.5% 4.1%

Net Profit Margin

5.0% 2.7% -2.3%

-0.5% 7.5% 8.0%


TOTL – PT Total Bangun Persada reported its 3Q12 financials:

TOTL (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

1,106 1,369 23.77%

512 513 0.16%

Gross Profit

172 257 49.14%

98 102 4.78%

Gross Profit (incl. JV/JO) 173 258 49.52%

98 103 5.00%

Operating Profit

98 146 48.63%

61 58 -4.18%

Pretax Earnings

116 184 58.34%

73 70 -3.44%

Net Income

83 135 61.54%

52 51 -1.95%

EPS

24.5 39.5 61.54%

15.2 14.9 -1.95%

Gross Profit Margin

15.6% 18.8% 3.2%

19.2% 20.1% 0.9%


8.9% 10.6% 1.8%

11.8% 11.3% -0.5%

Net Profit Margin

7.5% 9.8% 2.3%

10.1% 9.9% -0.2%

PNLF – PT Panin Financial reported its 9m 2012 result.

PNLF (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

1,560 1,768 13.37%

376 603 60.42%

Gross Profit

92 152 64.62%

51 54 5.75%

Operating Profit

52 103 100.37%

38 41 9.95%

Pretax Earnings

679 851 25.24%

306 258 -15.56%

Net Income

679 851 25.24%

278 258 -7.10%

EPS

24 30 25.24%

10 9 -7.10%

Gross Profit Margin

5.9% 8.6% 2.7%

13.6% 9.0% -4.6%


3.3% 5.8% 2.5%

10.0% 6.9% -3.1%

Net Profit Margin

43.5% 48.1% 4.6%

73.9% 42.8% -31.1%

SMSM – PT Selamat Sempurna announced its 9m12 financial report:

SMSM (IDR bio) 9m 2011 9m 2012 YoY Q2 2012 Q3 2012 QoQ

Revenue

1,306 1,359 4.05%

469 466 -0.61%

Gross Profit

323 344 6.65%

124 111 -10.61%

Operating Profit

220 225 2.17%

85 68 -20.42%

Pretax Earnings

205 220 7.09%

87 65 -24.69%

Net Income

148 157 6.53%

64 45 -29.99%

EPS

102.6 109.3 6.53%

44.6 31.2 -29.99%

Gross Profit Margin

24.7% 25.3% 0.6%

26.5% 23.8% -2.7%


16.9% 16.6% -0.3%

18.2% 14.6% -3.6%

Net Profit Margin

11.3% 11.6% 0.3%

13.7% 9.6% -4.0%


TOBA – PT Toba Bara Sejahtera announced its 3Q12 financial results:

TOBA (USD mio) 9m2011 9m2012 YoY

Revenue

353 283 -19.68%

Gross Profit

150 46 -69.12%

Operating Profit

123 19 -84.52%

Pretax Earnings

123 24 -80.13%

Net Income

49 8 -83.51%

EPS

0.0244 0.0040 -83.51%

Gross Profit Margin

42.6% 16.4% -26.2%


34.9% 6.7% -28.2%

Net Profit Margin

13.9% 2.9% -11.0%

Disclaimer

The analyst(s) whose work appears in this report certifies that his or her remuneration is not correlated to his or her judgment(s) on the performance of the company(ies).

The information and/or opinions contained in this report has been assembled by Panin Asset Management from sources which we deem to be reliable and in good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. This report may not be reproduced, distributed or published by any recipient for any purpose. Any recommendations contained herein are based on a consideration of the securities alone, and as such are conditional and must not be relied upon as a solitary basis for investment decisions. Under no circumstances is this report to be used or considered as an offer to sell, or a solicitation of an offer buy.

All opinions and estimates herein reflect the author’s judgment on the date of this report and are subject to change without notice. Panin Asset Management, its related companies, their officers, employees, representatives and agents expressly advice that they shall not be liable in any way whatsoever for any loss or damage, whether direct, indirect, consequential or othe wise howsoever arising (whether in negligence or otherwise) out of or in connection with the contents of and/or any omi sions from this communication.

Any investments referred to herein may involve significant risk, are not necessarily available in all jurisdictions, may be illiquid and may not be suitable for all investors. Investors should make their own independent assessment and seek professional financial advice before they make their investment decisions.

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The analyst(s) named in this report certifies that all of the views expressed by the analyst(s) in this report reflect the personal views of the analyst(s) with regard to any and all of the content of this report relating to the subject securities and issuers covered by the analyst(s) and no part of the compensation of the analyst(s) was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst(s) in this report.

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