Asiamoney’s

2013

Best Domestic

Equity House

15 March 2016

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 Ranked

Local Research

House

2015

Global

Banking & Finance

Review

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Beacon Indonesia Morning Brief

IDX: 4,878 (+1.3%) Turnover: IDR4.5tn (+4.6%)

Foreign Net BUY: IDR8.6bn (from foreign Net SELL: IDR26.8bn)

CORPORATE FLASH

Multi Indocitra (MICE IJ): Baby blues Analyst: Renaldy Effendy & Gilang Purnama Top-line CAGR of 6% in 2010-14 Sector’s highest A&P as a % of sales negatively affected margins Growth drivers from toiletries and new products in skincare

TODAY’S NEWS

POLITICS

Newly appointed regent head named suspect for drug possession Judge sentences ex North Sumatra Governor and his wife ECONOMICS Corporate income tax to be lower Diesel subsidy may be repealed

FIXED INCOME Govt bonds auction to be held today BOURSE OJK & BEI to form a margin transaction financing body INDUSTRY Unofficial February 4W sales: 88k units, -1% y-y & +4% m-m

March 2016, KUR disbursement up to IDR20.6tn Shipping: Government claims dwelling time decreases to 3.6 days in

Priok Online transportation application must be registered as public

transportation CORPORATE AKRA: Below consensus’ estimates

ADRO: Below expectations on lower sales volumes (-7% y-y) and ASP (-14% y-y)

Pefindo affirms idAAA rating for TLKM ACES posted 2.7% Feb-16 SSSG; opened a new store in Semarang PPRO to launch its CBD project in Bandung this year PTPP: 2M16 new contract reached IDR1.65tn ADHI to acquire 25% stake in Kanci-Pejagan toll road

ISAT optimistic about winning eastern package tender; ISAT launches “Dompetku+”

ROTI: 2016 revenue to grow 20% y-y Shinhan Bank to merge with CNB in 2016

INDICES

Asia Last Chg% ytd % y-y %

Hang Seng (HK) 20,435.3 1.2 (6.7) (14.2)

IDX (Indonesia) 4,877.5 1.3 6.2 (10.1)

KLCI (Mal.) 1,700.3 0.2 0.5 (4.6)

KOSPI (Korea) 1,972.3 0.0 0.6 (0.7)

Nikkei (Japan) 17,233.8 1.7 (9.5) (10.5)

PCOMP (Phil.) 7,112.9 0.2 2.3 (8.9)

SENSEX (India) 24,828.1 0.4 (4.9) (12.9)

SET (Thailand) 1,394.8 0.1 8.3 (9.5)

SHCOMP (China) 2,859.5 1.8 (19.2) (15.2)

SHENZHEN (China) 1,745.3 3.6 (24.4) 2.2

STI (Singapore) 2,847.1 0.6 (1.2) (15.3)

TWSE (Taiwan) 8,747.9 0.5 4.9 (8.7)

VNI (Vietnam) 578.0 0.1 (0.2) (1.4)

Europe, USA and Ems

CAC 40 (France) 4,506.6 0.3 (2.8) (10.1)

DAX (Germany) 9,990.3 1.6 (7.0) (16.1)

Dow Jones (USA) 17,229.1 0.1 (1.1) (2.9)

FTSE 100 (UK) 6,174.6 0.6 (1.1) (8.4)

IBOV (Brazil) 48,867.3 (1.6) 12.7 0.6

MEXBOL (Mexico) 44,691.8 (0.1) 4.0 1.6

NGSEINDX (Nigeria) 25,853.6 (0.5) (9.7) (15.8)

Nasdaq (USA) 4,750.3 0.0 (5.1) (2.5)

RTSI (Russia) 830.5 (1.8) 9.7 (0.4)

S&P 500 (USA) 2,019.6 (0.1) (1.2) (1.6)

XU100 (Turkey) 80,110.9 0.9 11.7 4.5 Source: Bloomberg

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

EEM US (USD) 32.9 (0.6) 2.3 (14.0)

EIDO US (USD) 23.9 0.3 14.5 (9.4)

TLK US (IDR) 3,465 0.7 19.5 20.4

Como Index (USD) 172.4 (0.7) (2.1) (18.2)

Coal (USD/t) 51.6 (0.3) 1.9 (16.0)

Corn (USD/mtn) 139.8 1.4 4.4 (1.3)

Coffee (USD/t) 2,574.6 2.1 (0.5) (5.7)

Copper (USD/t) 4,994.0 1.1 6.2 (14.8)

Cotton (USD/t) 1,285.1 2.0 (7.9) (3.7)

CPO Rott (USD/t) 650.0 (1.5) 2.4 0.4

Gold (USD/oz.) 1,235.8 (1.4) 16.4 6.7

Iron ore (USD/mtn) 57.7 (10.3) 33.0 (4.3)

Milk (USD/cwt) 13.5 (1.3) (7.3) (18.3)

Nickel (USD/t) 8,705.0 (0.7) 0.5 (37.1)

Oil Brent (USD/barrel) 39.5 (2.0) 6.3 (27.5)

Rice (IDR/kg) 4,914.0 0.0 (2.8) 1.5

Rubber (USD/t) 124.1 (0.7) 9.1 (13.5)

Silver (USD/oz) 15.4 (0.9) 11.0 (1.8)

Soybean oil (USD/t) 715.4 1.0 6.0 6.2

Steel (USD/t) 370.6 (2.2) 20.8 (2.5)

Sugar (USD/t) 333.8 1.9 1.4 12.7

Tins (USD/t) 17,175.0 0.6 17.6 (1.3) Wheat (USD/t) 175.9 0.6 0.3 (12.3) Source: Bloomberg, CEIC

ECONOMIC INDICATORS MARKET DATA

15F 16F 17F

15F 16F 17F

Cur acc bal (%GDP) (2.1) (2.3) (2.3) Op.prof.gwt.(%) (2.3) 11.4 12.7

Fiscal bal (%GDP) (2.6) (2.7) (2.5) EPS growth (%) (7.5) 13.6 14.3

GDP growth (%y-y) 4.8 5.1 5.2 P/E (x) 20.0 17.4 15.2

Private spending (%) 5.0 5.2 5.3 PEG (x) (3.9) 1.2 1.1

Investment (%y-y) 5.0 6.6 5.0 EV/EBITDA (x) 13.7 12.6 11.1

Total exports (%y-y) (2.0) (4.5) (1.8) P/BV (x) 10.1 8.8 7.8

Total imports (%y-y) (5.9) (7.5) (2.6) P/BV exc. 3.5 3.1 2.7

Inflation (%y-y) 3.3 3.9 4.5 Div. Yield (%) 2.0 2.2 2.4

IDR/USD 13,788 14,000 13,500 Net gearing (%) 20.8 18.9 16.4

BI rate (% p.a.) 7.50 6.25 6.00 ROAE (%) 31.8 29.2 29.1

Brent Oil (Usd/bbl) 30.9 35.0 50.0 ROAA (%) 12.2 11.9 12.3

FX reserve (USDb) 105.9 105.0 112.0 ROIC (%) 26.6 26.5 26.5 Source: Bahana estimates Source: Bahana estimates

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

AUD/1USD 0.752 0.757 (3.1) 1.6

EUR/1USD 1.110 1.116 (2.1) (4.8)

IDR/1USD 13,062 13,072 5.6 1.4

JPY/1USD 113.810

113.770

5.6 6.6

SGD/1USD 1.377 1.374 3.0 1.0

JIBOR (%) 5.15 5.14 (2.4) (0.5)

BI rate (%) 7.00 7.00 (0.5) (0.5)

TD – 1 month (%) 6.85 6.85 (0.2) (0.5)

CDS (bps) 192.49 196.71 (16.3) 23.1 Source: Bloomberg

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

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Alpha

Southeast Asia

2014 Best

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2015

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POLITICS

Newly appointed regent head named suspect for drug possession

The National Narcotics Agency (BNN) has arrested newly appointed Ogan Ilir Regent Ahmad Wazir Nofiadi,

for alleged possession of drugs at his private house in Karanganyar, Ogan Ilir, South Sumatra. (The Jakarta

Post)

Judge sentences ex North Sumatra Governor and his wife

Judge panel of Corruption Court has respectively sentenced the non-active North Sumatra Governor Gatot

Pujo Nugroho and his wife Evy Susanti to 3 years and 2.5 years jail term and IDR150mn sanction or

additional 3-months jail term. (Bisnis Indonesia)

ECONOMICS

Corporate income tax to be lower

The government plans to lower corporate income tax (PPh) from the current rate of 25%. The taxation

Director II John Hutagaol stated that the lower rate should comply with other countries, which continue to

drop their corporate income tax levels in order to provide fiscal incentives to investors. Currently,

Indonesia’s corporate income tax is still higher than Singapore’s 17% and Thailand’s 23%.

(cnnindonesia.com)

Diesel subsidy may be repealed

The government plans to discuss about diesel subsidy repeal with The House’s Commission VII. According to

the Ministry of Energy and Mineral Resources, diesel subsidy of IDR1,000/liter may be repealed without

raising the market price for diesel. (Kompas)

FIXED INCOME

Govt bonds auction to be held today

The government will hold government bonds auction on series SPN12170302 (reopening), FR0053

(reopening), FR0073 (reopening), FR0072 (reopening) and FR0067 (reopening) with indicative target of

IDR12tn and maximum target of IDR18tn with settlement date on 17 March 2016. (Kemenkeu)

BOURSE

OJK & BEI to form a margin transaction financing body

The Financial Services Authority (OJK) and The Indonesia Stock Exchange (BEI) plans to form a financing

body to support margin transaction activities and increase daily transaction liquidity. Specifically, this new

body will help securities houses' capital structure to meet margin transaction regulations. (IQPlus)

INDUSTRY

Unofficial February 4W sales: 88k units, -1% y-y & +4% m-m

Based on unofficial sales figures released by Gaikindo (4W association), February 4W sales reached 88k

units, -1% y-y and +4% m-m, resulting in 2M15 4W sales of 173k units, -5% y-y from 183k units

previously. 2M15 4W sales were mostly dominated by Toyota with total sales of 50k units, representing

market share of 29.1%. (Investor Daily)

March 2016, KUR disbursement up to IDR20.6tn

As of 9 March 2016, subsidized micro loans (KUR) disbursement has reached IDR20.6tn with 826,741

debtors. From the total, Bank Rakyat Indonesia (BBRI IJ-BUY-IDR11,175-TP:13,000) had disbursed around

IDR16.8tn to 779,449 debtors, followed by Bank Mandiri (BMRI IJ-HOLD-IDR10,175-TP:9,700) of around

IDR2.1tn to 49,994 debtors. Note that in 2016, the government has allocated around IDR100-120tn of KUR

budget that would be disbursed with the help of 19 selected banks across Indonesia. (Investor Daily)

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 3

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Alpha

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2014 Best

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2015

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Shipping: Government claims dwelling time decreases to 3.6 days in Priok

The dwelling time at Tanjong Priok port in Jakarta has reportedly fallen to 3.6 days from 7-8 days. However,

further improvements have to be done to reach President Jokowi’s target of 2-3 days. (Investor Daily)

Online transportation application must be registered as public transportation

Following the strike of around 2,000 public transportation drivers, the Ministry of Transportation has stated

that he expects online transportation apps (UBER, Grab) to register their vehicles as public transportation

and pay taxes. A similar statement also came from Jakarta’s Governor of allowing mobile based

transportation companies to continue their operations following their compliance to rules and regulations.

Moreover, the Transportation Ministry has sent to the Communications Ministry a letter to block UBER’s and

Grab’s operations. (Kompas). Bahana comment: Following President Jokowi’s command to allow mobile

based transportation 3 months ago, we see minimal possibility for the Government to permanently block

UBER or Grab’s operations, particularly as demand from citizens remain high on inadequate public transport

system. Thus, we maintain our REDUCE calls on Express Transindo Utama (TAXI IJ-REDUCE-IDR208-

TP:IDR120) and Blue Bird (BIRD IJ-REDUCE-IDR6,125-TP:IDR4,700).

CORPORATE

AKRA: Below consensus’ estimates

AKR Corporindo (AKRA IJ-BUY-IDR7,770-TP:IDR9,000) booked 4Q15 net profit of IDR188bn, down 21.5%

q-q and 18.6% y-y, bringing full-year earnings to rise 27.6% y-y to IDR1,034bn, in line with our

expectations, but 4.7% below consensus. Despite the 46.1% y-y plunge in oil prices, AKRA’s gross margin

improved to 11.2% (2014: 7.7%) with operating margin at 6.8% (2014: 4.7%) and net margin of 5.2%

(2014: 3.6%).

q-q y-y 4Q15/ y-y 2015/ 2015/ (IDRb) 4Q14 3Q15 4Q15 (%) (%) 4Q15F FY15 (%) 2015F Cons.

Sales 5,479 4,761 4,731 (0.6) (13.7) 109.8 19,765 (12.0) 102.2 98.0 Gross profit 501 490 576 17.6 15.1 2,216 28.0

General expense 200 192 314 63.6 56.9 867 29.6

Operating profit 300 298 262 (12.1) (12.7) 101.6 1,349 26.9 100.3 91.0

Net interest income/(expense) (6) 1 (18) na 227.7 (25) (63.8)

Other income/(expense) (9) 0 (9) na 7.9

(7) 688.9

Pretax profit 286 300 235 (21.6) (18.0)

1,317 32.6 98.3 95.3

Taxation (58) (56) (50) (11.6) (13.6)

(258) 27.4

Minority interest 3 (3) 3 (199.7) 19.6 (25) (228.6)

Net profit 231 240 188 (21.5) (18.6) 93.4 1,034 27.6 98.7 95.3

BS & ratio analysis 4Q14 3Q15 4Q15 2014A 2015A 2016F Gross margin (%) 9.1 10.3 12.2 7.7 11.2 8.4

Operating margin (%) 5.5 6.3 5.5 4.7 6.8 5.3

Net margin (%) 4.2 5.0 4.0 3.6 5.2 3.6

Inventory days 25 26 20 24 19 19

Receivable days 71 88 70 70 79 71

Payable days 69 85 80 67 72 62

Total cash 897 1,446 1,290 897 1,290 871

Total debt 4,126 4,023 3,856 4,126 3,856 4,314

Net gearing (%) 54.1 43.2 35.2 54.1 35.2 47.2 Source: Company, Investor Daily, Bahana

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ADRO: Below expectations on lower sales volumes (-7% y-y) and ASP (-14% y-y)

Adaro Energy (ADRO IJ-BUY-IDR740) booked 4Q15 net loss of USD28mn leading to FY15 earnings to drop

14.5% y-y to USD152mn (71.6% of our expectations and 76.7% of consensus), dragged down by 7% y-y

lower sales volumes of 53.1mn mt. However, coal cash cost decreased 18% y-y to USD27.98/mt on slimmer

stripping ratio of 5.19x and cheaper fuel costs. ADRO’s gross margin shrank to 20.2% (2014: 21.7%), and

operating margin to 12.4% (2014: 14.7%), but net margin was slightly better at 5.7% (2014: 5.2%).

q-q y-y 4Q15/ y-y 2015/ 2015/ (USDmn) 4Q14 3Q15 4Q15 (%) (%) 4Q15F FY15 (%) 2015F Cons.

Sales 818 713 572 (20) (30) 84.3 2,684 (19.3) 96.2 96.9 Gross profit 134 138 107 (23) (21) 543 (24.5)

General expense 112 (40) (95) 140 na

(137.1) 211 (8.0)

Operating profit 22 98 11 (88) (47) 13.1 332 (32.3) 81.3 78.2

Net interest income/(expense) (67) (12) (16) (29) 77 (49) (70.3)

Other income/(expense) (1) (1) 1 na na

(3) (19.6)

Pretax profit (46) 85 (3) na 92.8

280 (13.1) 78.4 79.9

Taxation 6 (23) (26) (13.2) na

(129) (6.8)

Minority interest (1) (1) 2 na na 1 na

Net profit (41) 61 (28) na 33 na 152 (14.5) 71.6 76.7

BS & ratio analysis 4Q14 3Q15 4Q15 2014A 2015A 2016F Gross margin (%) 16.4 19.3 18.6 21.7 20.2 18.9

Operating margin (%) 2.6 13.8 2.0 14.7 12.4 13.6

Net margin (%) (5.1) 8.5 (4.8) 5.4 5.7 7.4

Inventory days 13 14 16 14 15 14.0

Receivable days 33 41 38 32 34 31.5

Payable days 45 47 53 47 54 50.9

Total cash 745 785 702 745 702 931

Total debt 1,881 1,676 1,567 1,881 1,567 1,416

Net gearing (%) 34.8 26.2 25.8 34.8 29.9 16.4 Source: Company, Investor Daily, Bahana

Pefindo affirms idAAA rating for TLKM Pefindo has affirmed idAAA rating for Telekomunikasi Indonesia (TLKM IJ-BUY-IDR3,470-TP:IDR3,750) and

bond II/2015, which reflects TLKM’s superior business position with a diversified business and extensive

network, strong profitability margins, and strong cash flow protection supported by a conservative capital

structure. (iqplus)

ACES posted 2.7% Feb-16 SSSG; opened a new store in Semarang Ace Hardware’s (ACES IJ-HOLD-IDR870-TP:IDR875) February sales reached IDR348bn, translating to 2M16

gross sales of IDR757bn, accounting for 15% of our 2016 estimate. February total SSSG reached +2.7%,

with Java ex. Jakarta has the highest SSSG of +4.1%, followed by outer islands with SSSG of +3.4% while

Jakarta booked the lowest SSSG of +0.5%. This translates to 2M16 total SSSG of +4.0%, slightly down

from +5.1% in the previous month, with Java ex. Jakarta maintaining a solid recovery with SSSG of +3.7%

(improved slightly from +3.3% in Jan-16). Meanwhile, the outer islands booked a +5.4% Feb-16 SSSG and

Jakarta posted +3.2% SSSG. On store openings, ACES opened a new Ace Hardware outlet in Semarang,

Central Java last Saturday with a space area of 1,600sqm. This would be the second store opening this year

and the third store in Semarang. As a result, ACES now has 118 stores, following the closure of one store in

Binjai. (Company). Bahana comment: Going forward, we expect the new opening to support the

company’s top-line, which benefits from higher-than-national-average 5-yr annual GDP growth in Central

Java of 10.2%, but without sacrificing SSSG given that Semarang is still a less saturated market for ACES.

We note that currently ACES is undergoing its seasonal “Boom” sale until mid-April 2016, which can be used

by the company to reduce excess inventories.

PPRO to launch its CBD project in Bandung this year

PP Properti (PPRO IJ-HOLD-IDR227) plans to launch its CBD project at the end of 2016 following the

establishment of a joint venture (JV) company with local developer in Bandung. The project will be built on

20ha area. However, no further details have been disclosed including PPRO’s partner and the amount of

investment. (Bisnis Indonesia). Bahana comment: If the project materializes, we believe this should

provide a more diversified market segment for PPRO going forward given current slow property demand on

the ground especially in the Greater Jakarta area.

PTPP: 2M16 new contract reached IDR1.65tn

Pembangunan Perumahan (PTPP IJ-BUY-IDR3,900-TP:IDR4,300) stated that 2M16 new contracts have

reached IDR1.65tn (2M15: IDR1.3tn). Several new projects which were signed in February 2016 include the

Tangerang water treatment plant and mobile power plant 500MW GE. (Kontan)

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ADHI to acquire 25% stake in Kanci-Pejagan toll road

Adhi Karya (ADHI IJ-BUY-IDR2,755-TP:IDR3,000) plans to acquire 25% stake in Semesta Marga Raya

(SMR), concession holder of the 35km Kanci-Pejagan toll road, from its current owner, Waskita Toll Road, a

subsidiary of Waskita Karya (WSKT IJ-BUY-IDR1,930-TP:IDR2,250). Total acquisition cost would amount to

IDR699bn, and ADHI expects to spend IDR515bn to repair the toll road. (Bisnis Indonesia)

ISAT optimistic about winning eastern package tender; ISAT launches “Dompetku+”

Indosat (ISAT IJ-BUY-IDR6,000-TP:IDR6,800) is optimistic it can win the Palapa Ring II project tender for

the eastern package with two other consortiums, XL Axiata (EXCL IJ-BUY-IDR4,205-TP:IDR4,400) and Alita

Praya Mitra. The tender will be announced in early 3Q16 or 4Q16. The Palapa Ring East Package covers an

area of East Nusa Tenggara, Maluku, West Papua (up to hinterlands) with fiber optic cables along 6,300kms.

Separately, ISAT has launched a mobile banking service named “Dompetku+” for ISAT’s customers to buy

mobile phone credit, pay electricity bills issued by PLN, perform customer-to-customer money transfers.

Utilization of emails as the identity of the account makes Dompetku+ to be used irrespective of a particular

telco operator. (indotelko.com, iqplus)

ROTI: 2016 revenue to grow 20% y-y

Nippon Indosari (ROTI IJ-BUY-IDR1,235-TP:IDR1,450) expects top line to reach IDR2.6tn (Bahana:

IDR2.7tn) or up 20% y-y in 2016. The growth will be driven by volumes instead of price since the company

does not plan to increase ASP this year. (Investor Daily)

Shinhan Bank to merge with CNB in 2016

Shinhan Bank is planning to merge with PT Centratama Nasional Bank (CNB) in 2016. Note that Shinhan

Bank acquired around 75% of CNB stake in September 2015. Previously, Shinhan Bank had also acquired

40% stake of PT Bank Metro Express for total transaction of IDR700bn with Shinhan Bank having

continuously increased its stake in Bank Metro Express to 98% by the end of 2015. Following, Financial

Services Authority (FSA) regulation of foreign ownership on local banks, Shinhan Bank is planning to merge

the 2 local banks under the name of Bank Shinhan Indonesia. (Investor Daily)

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BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 03/11/2016 03/10/2016 CHANGE (%)

Express Transindo Utama TAXI IJ REDUCE 120 (42.3) 208 161 29.2

Wintermar Offshore Marine WINS IJ HOLD 190 (4.5) 199 155 28.4

Electronic City ECII IJ REDUCE 700 (10.3) 780 710 9.9

Alam Sutera Realty ASRI IJ REDUCE 300 (24.1) 395 363 8.8

Media Nusantara Citra MNCN IJ BUY 2,000 (1.5) 2,030 1,900 6.8

Charoen Pokphand Indonesia CPIN IJ BUY 3,500 (0.4) 3,515 3,320 5.9

Indosat ISAT IJ BUY 6,800 13.3 6,000 5,675 5.7

Semen Baturaja SMBR IJ HOLD 315 (19.4) 391 370 5.7

Timah TINS IJ REDUCE 411 (45.2) 750 710 5.6

Gajah Tunggal GJTL IJ BUY 860 25.5 685 650 5.4

Pakuwon Jati PWON IJ HOLD 490 (6.7) 525 500 5.0

Jasa Marga JSMR IJ BUY 6,000 7.6 5,575 5,325 4.7

Lippo Cikarang LPCK IJ BUY 8,300 22.1 6,800 6,500 4.6

Japfa Comfeed Indonesia JPFA IJ BUY 880 8.0 815 780 4.5

Bumi Serpong Damai BSDE IJ BUY 2,020 13.8 1,775 1,705 4.1

Bekasi Fajar Industrial Estates BEST IJ REDUCE 300 5.6 284 273 4.0

Ciputra Property CTRP IJ REDUCE 365 (13.1) 420 407 3.2

Xl Axiata EXCL IJ BUY 4,400 4.6 4,205 4,090 2.8

Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (45.9) 1,850 1,800 2.8

Aneka Tambang ANTM IJ REDUCE 207 (54.7) 457 445 2.7

Unilever Indonesia UNVR IJ BUY 50,500 14.4 44,150 43,000 2.7

Vale Indonesia INCO IJ HOLD 1,400 (27.1) 1,920 1,870 2.7

Telekomunikasi Indonesia TLKM IJ BUY 4,000 15.3 3,470 3,380 2.7

Krakatau Steel KRAS IJ REDUCE 275 (36.0) 430 419 2.6

Anabatic Technologies ATIC IJ BUY 800 31.1 610 595 2.5

Lippo Karawaci LPKR IJ REDUCE 1,130 4.6 1,080 1,055 2.4

Sri Rejeki Isman SRIL IJ BUY 400 50.4 266 260 2.3

HM Sampoerna HMSP IJ BUY 115,000 10.8 103,800 101,500 2.3

Tempo Scan Pacific TSPC IJ BUY 2,000 8.1 1,850 1,810 2.2

Astra International ASII IJ REDUCE 5,550 (22.9) 7,200 7,050 2.1

Matahari Department Store LPPF IJ BUY 20,500 11.9 18,325 17,950 2.1

Kawasan Industri Jababeka KIJA IJ BUY 270 10.2 245 240 2.1

Adaro Energy ADRO IJ BUY 700 (5.4) 740 725 2.1

Erajaya Swasembada ERAA IJ BUY 850 14.9 740 725 2.1

Indofood Sukses Makmur INDF IJ BUY 6,600 (11.4) 7,450 7,300 2.1

Sido Muncul SIDO IJ HOLD 480 (6.8) 515 505 2.0

Multipolar MLPL IJ BUY 550 74.6 315 309 1.9

Ciputra Development CTRA IJ BUY 1,400 5.3 1,330 1,305 1.9

Tunas Baru Lampung TBLA IJ BUY 570 1.8 560 550 1.8

Indofood CBP Sukses Makmur ICBP IJ BUY 18,300 16.7 15,675 15,400 1.8

Bank Bukopin BBKP IJ HOLD 730 25.9 580 570 1.8

Adhi Karya ADHI IJ BUY 3,000 8.9 2,755 2,710 1.7

Mitra Adiperkasa MAPI IJ BUY 4,750 (4.6) 4,980 4,900 1.6

Bukit Asam PTBA IJ BUY 7,800 21.9 6,400 6,300 1.6

Puradelta Lestari DMAS IJ BUY 290 41 206 203 1.5

Gudang Garam GGRM IJ BUY 88,000 33.5 65,900 65,000 1.4

Indonesian Stock Exchange JCI 4,878 4,814 1.3

Bank Danamon Indonesia BDMN IJ HOLD 3,400 (11.7) 3,850 3,800 1.3

Summarecon Agung SMRA IJ BUY 1,820 12.7 1,615 1,595 1.3

Surya Citra Media SCMA IJ REDUCE 2,800 (4.4) 2,930 2,900 1.0

Indocement Tunggal Prakarsa INTP IJ REDUCE 17,600 (15.0) 20,700 20,500 1.0

Dharma Satya Nusantara DSNG IJ BUY 535 2.9 520 515 1.0

Perusahaan Gas Negara PGAS IJ REDUCE 2,500 (4.9) 2,630 2,605 1.0

Bank Jawa Timur BJTM IJ REDUCE 420 (5.4) 444 440 0.9

PP Property PPRO IJ HOLD 180 (20.7) 227 225 0.9

Astra Agro Lestari AALI IJ REDUCE 14,300 (16.9) 17,200 17,050 0.9

Adi Sarana Armada ASSA IJ BUY 130 13.0 115 114 0.9

Total Bangun Persada TOTL IJ BUY 940 62.1 580 575 0.9

Tower Bersama Infrastructure TBIG IJ HOLD 6,500 8.3 6,000 5,950 0.8

Indo Tambangraya Megah ITMG IJ REDUCE 4,000 (40.7) 6,750 6,700 0.7

Surya Semesta Internusa SSIA IJ BUY 720 5.1 685 680 0.7

Salim Ivomas Pratama SIMP IJ HOLD 290 (30.1) 415 412 0.7

Garuda Indonesia GIAA IJ BUY 400 (7.8) 434 431 0.7

Mayora Indah MYOR IJ BUY 31,000 3.3 30,000 29,800 0.7

United Tractors UNTR IJ HOLD 16,000 3.9 15,400 15,300 0.7

Bank Central Asia BBCA IJ BUY 14,700 8.7 13,525 13,450 0.6

Sampoerna Agro SGRO IJ HOLD 1,800 (5.3) 1,900 1,890 0.5

Pelayaran Tempuran Emas TMAS IJ BUY 3,000 57.9 1,900 1,890 0.5

Bank Rakyat Indonesia BBRI IJ BUY 13,000 16.3 11,175 11,125 0.4

Mitra Keluarga Karyasehat MIKA IJ SELL 1,900 (22.1) 2,440 2,430 0.4

Malindo Feedmill MAIN IJ BUY 1,700 28.3 1,325 1,320 0.4

Agung Podomoro Land APLN IJ REDUCE 220 (29.0) 310 309 0.3

Bank Mandiri BMRI IJ HOLD 9,700 (4.7) 10,175 10,150 0.2

Semen Indonesia SMGR IJ HOLD 11,200 5.9 10,575 10,550 0.2

Indomobil Sukses Internasional IMAS IJ HOLD 2,000 (4.5) 2,095 2,095 0.0

Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,350 (16.1) 2,800 2,800 0.0

Bank Jawa Barat dan Banten BJBR IJ BUY 1,020 9.1 935 935 0.0

Harum Energy HRUM IJ REDUCE 500 (40.5) 840 840 0.0

Wijaya Karya WIKA IJ BUY 3,100 21.6 2,550 2,550 0.0

Waskita Karya WSKT IJ BUY 2,250 16.6 1,930 1,930 0.0

Ace Hardware Indonesia ACES IJ HOLD 875 0.6 870 870 0.0

Hero Supermarket HERO IJ REDUCE 650 (39.3) 1,070 1,070 0.0

Kalbe Farma KLBF IJ HOLD 1,480 13.8 1,300 1,300 0.0

Nippon Indosari Corpindo ROTI IJ BUY 1,450 17.4 1,235 1,235 0.0

J Resources PSAB IJ BUY 1,400 21.7 1,150 1,150 0.0

Sarana Menara Nusantara TOWR IJ BUY 5,000 25.2 3,995 3,995 0.0

Blue Bird BIRD IJ REDUCE 4,700 (23.3) 6,125 6,125 0.0

Soechi Lines SOCI IJ BUY 630 31.3 480 481 (0.2)

Bank Tabungan Negara BBTN IJ BUY 1,700 0.3 1,695 1,700 (0.3)

Cardig Aero Services CASS IJ HOLD 1,250 11.6 1,120 1,125 (0.4)

Bank Negara Indonesia BBNI IJ BUY 5,700 7.0 5,325 5,350 (0.5)

Siloam International Hospitals SILO IJ BUY 12,400 56.0 7,950 8,000 (0.6)

Ramayana Lestari Sentosa RALS IJ REDUCE 640 (12.9) 735 740 (0.7)

Tiphone Mobile Indonesia TELE IJ BUY 1,180 61.6 730 735 (0.7)

London Sumatra Indonesia LSIP IJ BUY 1,780 5.0 1,695 1,710 (0.9)

Pembangunan Perumahan PTPP IJ BUY 4,300 10.3 3,900 3,935 (0.9)

Wijaya Karya Beton WTON IJ BUY 1,100 15.2 955 965 (1.0)

Kimia Farma KAEF IJ BUY 1,350 5.5 1,280 1,295 (1.2)

Holcim Indonesia SMCB IJ REDUCE 825 (23.6) 1,080 1,095 (1.4)

Medco Energi Internasional MEDC IJ BUY 1,300 35.4 960 975 (1.5)

AKR Corporindo AKRA IJ BUY 9,000 16.9 7,700 7,850 (1.9)

Matahari Putra Prima MPPA IJ BUY 2,750 59.4 1,725 1,760 (2.0)

Merdeka Copper Gold MDKA IJ BUY 2,200 27.5 1,725 1,850 (6.8) 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 Capital Markets Hong Kong Limited at Level 26, One Pacific Place, 88 Queensway, Hong Kong. 8Hong Kong

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 7

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 Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

Source: Bloomberg, Bahana estimates

Ticker Rating Price TP Shares Free float Mkt cap 3M avg to

(IDR) (IDR) (m) (%) (IDRb) (IDRb) 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F

AVIATION N 13,564 11.2 59,049 66,614 76,230 1,468 1,969 2,577 1,090 1,724 2,165 na 33.5 19.2 12.4 7.9 6.3 7.1 5.7 5.1 0.9 0.8 0.6 0.2 0.3 0.3 (103.1) (88.5) (78.6) 11.4 13.9 13.7 3.6 4.6 4.9 7.7 8.8 8.6

GIAA IJ* BUY 434 400 25,869 14.9 11,227 11.2 57,368 64,708 74,084 1,050 1,474 2,005 966 1,582 2,005 na 63.8 26.7 11.7 7.2 na 7.5 6.0 5.4 0.1 0.1 0.0 0.0 0.0 0.0 (125.2) (108.1) (97.2) 7.6 11.1 11.2 2.2 3.3 3.6 3.9 5.1 5.5

CASS IJ HOLD 1,120 1,250 2,087 56.6 2,337 0.0 1,680 1,905 2,146 418 496 571 124 142 160 12.2 14.6 12.5 18.9 16.5 14.7 5.1 4.3 3.8 5.1 4.1 3.4 1.3 1.5 1.7 3.1 5.5 11.0 29.7 27.5 25.4 10.7 10.9 11.2 26.2 26.3 23.4

AUTOMOTIVE UW 299,662 275.9 215,860 227,222 247,701 18,472 19,678 21,842 16,030 17,779 20,271 (17.0) 10.9 14.0 18.7 16.9 14.8 13.9 13.3 12.2 2.8 2.5 2.3 2.5 2.7 3.0 50.9 49.6 46.5 16.2 15.8 16.1 6.8 6.8 7.1 11.0 10.9 11.2

ASII IJ REDUCE 7,200 5,550 40,484 49.8 291,482 275.0 184,851 193,520 211,196 17,427 18,498 20,496 16,764 17,591 19,543 (12.6) 4.9 11.1 17.4 16.6 14.9 13.6 13.0 11.8 2.8 2.6 2.3 2.6 2.7 3.0 45.9 44.1 40.4 16.8 16.2 16.3 7.0 7.0 7.2 11.3 11.2 11.5

IMAS IJ HOLD 2,095 2,000 2,765 10.5 5,793 0.1 18,176 19,770 21,414 96 149 229 (312) 126 292 na na na na 45.8 19.9 33.2 32.7 30.9 1.1 1.0 1.0 0.0 0.5 1.3 269.4 297.2 316.2 (5.6) 2.3 5.2 (1.3) 0.5 1.0 (1.6) 0.6 1.2

GJTL IJ BUY 685 860 3,485 39.8 2,387 0.8 12,833 13,932 15,091 950 1,031 1,117 (422) 62 436 na na na na 38.5 5.5 5.1 4.7 5.7 0.5 0.5 0.4 0.0 0.6 4.6 130.5 129.3 130.3 (7.7) 1.3 8.4 (2.6) 0.4 2.4 (3.6) 0.5 3.4

BANKS N 1,038,015 842.7 266,270 291,640 323,366 99,194 109,580 121,941 80,313 88,704 98,536 0.7 10.4 11.1 12.9 11.7 10.5 na na na 2.5 2.2 1.9 1.7 1.8 1.8 na na na 19.7 18.5 17.7 2.6 2.6 2.5 na na na

BBCA IJ BUY 13,525 14,700 24,655 50.8 333,459 185.4 48,667 52,850 58,014 22,474 24,585 26,964 18,176 19,883 21,806 10.3 9.4 9.7 18.3 16.8 15.3 na na na 3.7 3.1 2.7 1.2 1.2 1.3 na na na 22.0 20.3 19.0 3.1 3.1 3.0 na na na

BBRI IJ BUY 11,175 13,000 24,669 43.2 275,678 288.0 66,953 73,440 81,052 28,314 31,205 34,621 24,426 26,815 29,624 0.8 9.8 10.5 11.3 10.3 9.3 na na na 2.4 2.0 1.7 1.8 1.9 1.9 na na na 22.9 21.2 19.8 2.9 2.9 2.8 na na na

BMRI IJ HOLD 10,175 9,700 23,333 40.0 237,417 187.4 62,897 69,286 77,120 26,068 26,665 30,171 20,004 20,330 22,958 0.7 1.6 12.9 11.9 11.7 10.3 na na na 2.0 1.8 1.6 1.9 1.7 1.7 na na na 18.2 16.3 16.1 2.2 2.1 2.1 na na na

BBNI IJ BUY 5,325 5,700 18,649 40.0 99,304 137.6 37,239 40,951 45,725 9,966 13,232 14,595 8,372 11,022 12,153 (22.4) 31.7 10.3 11.9 9.0 8.2 na na na 1.6 1.4 1.2 1.9 2.2 2.1 na na na 14.0 16.4 15.8 1.9 2.2 2.2 na na na

BDMN IJ HOLD 3,850 3,400 9,585 32.5 36,901 9.1 20,353 21,026 23,106 3,623 4,017 4,681 2,613 2,998 3,475 0.3 14.8 15.9 14.1 12.3 10.6 na na na 1.1 1.0 0.9 2.1 2.2 2.4 na na na 7.8 8.4 9.1 1.3 1.3 1.2 na na na

BTPN IJ REDUCE 2,800 2,350 5,840 50.8 16,353 0.2 8,452 9,489 10,678 2,444 2,665 2,817 1,822 1,987 2,099 (1.7) 9.0 5.7 9.0 8.2 7.8 na na na 1.2 1.1 1.0 1.7 1.8 1.9 na na na 14.3 13.7 12.9 2.3 2.2 2.1 na na na

BBTN IJ BUY 1,695 1,700 10,587 39.9 17,944 22.0 7,439 8,816 10,234 2,215 2,686 3,039 1,663 2,084 2,419 49.1 25.3 16.1 10.8 8.6 7.4 na na na 1.3 1.2 1.0 1.9 2.0 2.0 na na na 12.9 14.3 14.7 1.0 1.1 1.0 na na na

BJBR IJ BUY 935 1,020 9,696 25.0 9,066 9.6 6,392 6,898 7,494 1,432 1,599 1,790 1,227 1,368 1,529 9.5 11.5 11.7 7.4 6.6 5.9 na na na 1.2 1.1 1.0 7.4 7.5 7.6 na na na 16.8 17.3 17.6 1.5 1.5 1.5 na na na

BJTM IJ REDUCE 444 420 14,918 20.0 6,623 1.6 3,633 4,052 4,518 1,290 1,398 1,575 942 1,023 1,153 0.3 8.6 12.7 7.0 6.5 5.7 na na na 1.0 1.0 0.9 9.0 8.9 9.1 na na na 15.2 15.6 16.3 2.3 2.2 2.2 na na na

BBKP IJ HOLD 580 730 9,087 40.5 5,270 1.8 4,247 4,832 5,423 1,366 1,528 1,687 1,067 1,194 1,320 47.3 11.9 10.6 4.9 4.4 4.0 na na na 0.7 0.6 0.5 4.0 4.5 5.0 na na na 14.8 14.8 14.5 1.3 1.2 1.2 na na na

CEMENT UW 151,050 109.7 54,849 56,706 59,100 11,007 11,320 11,840 8,832 9,245 9,667 (25.4) 4.7 4.6 17.1 16.3 15.6 10.8 10.4 9.8 2.7 2.6 2.4 3.5 3.6 3.8 4.7 7.4 5.4 16.4 16.2 16.0 12.7 12.1 11.6 22.3 19.2 18.5

SMGR IJ HOLD 10,575 11,200 5,932 49.0 62,726 59.6 26,545 27,486 28,611 5,612 5,594 5,873 4,352 4,503 4,727 (21.8) 3.5 5.0 14.4 13.9 13.3 9.0 9.0 8.2 2.5 2.2 2.0 2.1 2.2 2.3 2.6 9.6 6.3 17.6 16.6 15.5 11.8 10.7 10.0 17.6 15.6 14.4

INTP IJ REDUCE 20,700 17,600 3,681 36.0 76,202 46.9 17,473 18,073 18,951 4,768 4,834 5,084 4,340 4,353 4,558 (17.7) 0.3 4.7 17.6 17.5 16.7 12.2 11.8 11.1 3.2 3.1 3.0 5.1 5.1 5.4 nc nc nc 17.7 17.9 18.3 15.0 14.7 14.3 28.3 24.4 24.4

SMCB IJ REDUCE 1,080 825 7,663 19.4 8,276 0.8 9,352 9,619 9,904 287 566 538 (225) 89 129 na na na na 93.2 64.3 13.3 9.8 9.1 1.0 1.0 1.0 0.0 0.8 1.2 66.6 61.7 51.5 (2.7) 1.1 1.6 (1.3) 0.5 0.8 (1.7) 0.7 1.0

SMBR IJ HOLD 391 315 9,838 23.8 3,847 2.4 1,479 1,528 1,633 340 325 345 364 300 252 10.9 (17.5) (16.0) 10.6 12.8 15.2 5.6 8.0 10.0 1.3 1.2 1.1 2.4 2.0 1.6 nc nc nc 12.8 9.7 7.6 11.9 9.0 6.1 33.1 13.7 7.1

COAL UW 105,758 122.2 130,282 127,128 131,490 19,416 17,610 15,141 13,545 12,401 10,797 12.1 (8.4) (12.9) 7.8 8.5 9.8 3.3 3.1 2.9 1.2 1.1 1.0 5.7 5.1 5.1 5.8 3.0 0.4 15.7 13.2 11.3 9.1 7.7 6.8 18.5 16.9 15.1

UNTR IJ HOLD 15,400 16,000 3,730 40.5 57,444 63.8 49,968 49,619 51,535 8,357 8,192 8,437 6,847 6,383 6,395 27.5 (6.8) 0.2 8.4 9.0 9.0 3.6 3.4 3.0 1.4 1.3 1.2 4.8 4.3 5.3 nc nc nc 17.5 14.7 13.6 10.5 8.9 8.5 21.5 20.6 20.5

ADRO IJ* BUY 740 700 31,986 43.0 23,670 21.2 39,074 38,836 38,626 5,712 5,264 3,570 2,982 2,856 1,960 40.9 (1.1) (33.7) 8.0 8.0 12.1 3.4 3.0 2.8 0.6 0.5 0.5 3.8 3.8 2.4 26.0 13.2 1.7 7.9 6.8 4.5 3.6 3.3 2.3 5.9 5.7 4.2

ITMG IJ* REDUCE 6,750 4,000 1,130 34.8 7,627 7.3 23,102 19,323 21,830 2,643 1,351 629 1,546 992 546 (44.9) (35.9) (44.9) 4.9 7.7 14.0 1.0 1.3 1.6 0.6 0.6 0.7 16.2 10.4 9.7 nc nc nc 13.4 8.2 4.6 8.8 5.4 2.9 19.2 12.8 7.5

PTBA IJ BUY 6,400 7,800 2,304 28.7 14,746 29.5 14,428 15,832 15,981 2,661 2,774 2,547 2,170 2,198 1,990 7.7 1.3 (9.4) 6.8 6.7 7.4 4.6 4.5 5.1 1.6 1.4 1.3 8.1 8.2 7.4 nc nc nc 24.4 22.6 18.7 14.0 12.8 10.6 29.6 25.6 19.7

HRUM IJ* REDUCE 840 500 2,704 28.8 2,271 0.5 3,710 3,518 3,518 42 28 (42) 0 (28) (95) (50) (1,000) 289 840.0 (93.3) (24.0) (4.2) (5.6) (10.5) 0.6 0.6 0.6 0.1 0.0 (0.7) nc nc nc 0.0 (0.7) (2.4) 0.0 (0.5) (1.8) 0.0 (2.5) (9.7)

CONS. & TOLL ROADS N 118,782 239.0 64,550 85,995 104,429 8,556 11,084 12,947 4,146 5,374 6,099 6.0 24.9 9.1 28.7 22.1 19.5 13.7 11.8 10.7 3.4 3.1 2.7 1.0 1.3 1.4 55.1 74.6 84.9 14.3 14.5 14.6 4.1 4.3 4.2 11.0 10.3 9.6

JSMR IJ BUY 5,575 6,000 6,800 30.0 37,910 46.8 7,592 8,703 9,631 2,870 3,351 3,669 1,278 1,445 1,481 (9.0) 13.1 2.5 29.7 26.2 25.6 13.3 12.3 11.8 3.6 3.3 3.0 1.0 1.1 1.2 120.4 147.1 164.0 12.5 13.0 12.2 3.7 3.7 3.3 5.9 5.5 4.8

WIKA IJ BUY 2,550 3,100 6,149 34.9 15,681 26.7 12,150 14,875 17,597 1,297 1,718 2,050 559 785 957 (9.2) 40.6 21.8 28.0 19.9 16.3 11.5 8.9 7.5 3.5 3.0 2.6 1.1 1.5 1.8 51.7 49.7 44.7 13.2 16.2 16.9 3.4 4.3 4.5 9.7 10.8 11.5

PTPP IJ BUY 3,900 4,300 4,842 45.7 18,886 21.4 14,909 20,378 24,313 1,695 2,223 2,659 704 914 1,066 32.4 29.8 16.6 26.8 20.7 17.7 11.5 9.1 8.0 4.6 3.9 3.4 1.1 1.5 1.7 35.0 44.9 55.3 21.7 20.4 20.4 4.3 4.5 4.3 16.5 14.5 13.5

WSKT IJ BUY 1,930 2,250 13,572 34.0 26,195 48.0 15,174 20,580 24,605 1,434 1,918 2,148 818 1,116 1,174 37.9 17.3 5.2 27.1 23.1 22.0 15.4 15.0 14.5 2.9 2.7 2.4 0.6 0.9 0.9 19.1 47.5 71.6 14.1 12.1 11.6 4.4 4.1 3.7 11.0 9.0 7.2

WTON IJ BUY 955 1,100 8,715 28.1 8,323 18.0 2,570 4,160 5,824 258 454 620 195 349 475 (45.5) 79.5 36.1 42.8 23.8 17.5 23.5 14.6 11.0 3.7 3.4 3.0 0.7 1.3 1.7 1.6 nc nc 8.9 14.9 18.0 5.2 8.2 8.9 9.8 14.1 16.7

ADHI IJ BUY 2,755 3,000 3,561 74.2 9,810 74.6 9,817 14,680 19,059 784 1,155 1,483 395 534 690 0.9 (17.4) 29.2 15.2 18.4 14.2 11.2 10.1 7.4 2.0 1.9 1.7 1.3 1.1 1.4 nc 41.6 25.4 12.0 10.6 12.4 3.2 3.3 3.7 10.8 9.2 9.3

TOTL IJ BUY 580 940 3,410 33.7 1,978 3.5 2,338 2,618 3,400 218 266 317 197 230 255 20.4 16.7 10.9 10.0 8.6 7.7 6.0 5.0 4.2 2.2 2.0 1.8 5.2 6.0 7.0 nc nc nc 23.3 24.3 24.0 7.6 8.3 8.4 73.8 62.6 53.5

CONSUMER - DISCRE. N 167,187 118.1 76,680 84,783 95,235 8,650 9,998 11,515 6,000 7,422 8,820 (7.1) 25.1 20.3 27.9 22.5 19.0 17.7 14.9 12.7 16.4 10.0 7.4 1.8 2.1 2.4 8.9 7.3 5.7 89.6 51.2 41.0 27.2 26.4 24.8 22.6 24.4 25.9

SCMA IJ REDUCE 2,930 2,800 14,622 38.2 42,841 19.1 4,253 4,573 4,983 1,997 2,192 2,408 1,519 1,674 1,848 4.4 10.2 10.4 28.2 25.6 23.2 20.5 18.6 16.8 13.5 11.8 10.4 2.7 2.9 3.2 nc nc nc 46.1 49.7 48.0 33.1 35.7 35.5 64.4 67.6 70.6

LPPF IJ BUY 18,325 20,500 2,918 79.5 53,471 62.8 9,340 10,872 12,699 2,474 2,868 3,346 1,859 2,219 2,620 31.0 19.3 18.1 28.8 24.1 20.4 19.0 15.9 13.0 36.4 18.2 11.4 1.4 1.7 2.0 nc nc nc 225.8 100.6 68.8 46.7 41.1 35.5 na na na

MNCN IJ BUY 2,030 2,000 14,276 36.4 28,980 12.1 6,675 7,006 7,519 2,580 2,724 2,936 1,280 1,648 1,990 (27.3) 28.7 20.7 22.6 17.6 14.6 11.5 10.8 9.8 2.9 2.7 2.4 2.2 2.8 3.4 30.7 24.8 16.7 14.1 16.8 18.3 9.0 10.7 12.0 11.1 13.2 15.2

MPPA IJ BUY 1,725 2,750 5,378 23.7 9,277 12.3 14,286 16,331 18,267 567 738 839 451 587 666 (18.6) 30.3 13.4 20.6 15.8 13.9 9.8 7.6 6.3 3.0 2.7 2.4 1.9 2.5 2.9 nc nc nc 15.1 17.8 18.1 7.3 8.5 8.7 20.6 24.4 24.9

ACES IJ REDUCE 870 650 17,150 40.0 14,921 7.3 4,698 5,086 5,647 648 704 787 559 608 674 1.4 8.9 10.9 26.7 24.5 22.1 19.6 17.5 15.3 5.3 4.5 3.8 0.8 0.8 0.9 nc nc nc 21.6 19.9 18.9 17.4 16.2 15.5 27.2 28.5 30.5

HERO IJ REDUCE 1,070 650 4,184 13.4 4,476 0.0 15,118 16,906 19,439 (215) (113) 72 (29) 57 191 na na na na 77.9 23.5 51.3 22.5 12.1 0.8 0.8 0.8 0.0 0.0 0.0 7.1 7.7 13.2 (0.5) 1.0 3.3 (0.3) 0.6 2.0 (0.5) 1.0 3.0

RALS IJ REDUCE 735 640 7,096 40.5 5,216 0.9 7,774 8,038 8,534 218 246 282 311 333 369 (12.3) 6.8 11.1 16.7 15.7 14.1 7.1 6.4 5.6 1.5 1.4 1.4 3.0 3.2 3.5 nc nc nc 9.1 9.3 9.8 6.7 7.0 7.4 18.9 20.4 21.4

MAPI IJ BUY 4,980 4,750 1,660 44.0 6,964 3.5 12,760 14,054 16,027 399 608 778 34 242 380 (53.7) 605.4 57.4 241.2 34.2 21.7 10.6 8.1 6.7 2.8 2.6 2.4 0.0 0.4 0.7 80.7 67.2 59.3 1.3 7.9 11.4 0.4 2.5 3.7 0.6 4.6 7.0

ECII IJ REDUCE 780 700 1,334 25.0 1,041 0.0 1,776 1,917 2,121 (17) 31 67 15 54 82 (88.0) 245.5 52.6 67.2 19.4 12.7 na 14.8 7.6 0.6 0.6 0.5 0.1 0.5 0.8 nc nc nc 0.9 3.0 4.4 0.8 2.7 3.9 1.2 4.0 5.7

CONSUMER - STAPLES OW 1,265,302 420.6 346,896 380,892 424,517 48,566 52,638 59,726 32,189 36,512 41,690 3.4 12.7 13.9 39.3 34.7 30.4 29.1 27.4 24.0 25.3 22.8 20.5 1.8 2.0 2.3 6.7 7.5 6.9 55.6 51.9 53.2 24.5 23.2 24.4 66.7 66.1 64.8

HMSP IJ BUY 103,800 115,000 4,653 7.5 482,953 68.4 88,712 97,119 107,376 14,004 14,253 16,717 10,389 11,161 12,806 (2.3) 6.5 14.5 46.2 43.4 37.9 31.8 31.3 26.9 14.0 14.1 14.1 2.2 2.3 2.6 nc nc nc 43.6 32.6 37.5 26.7 22.5 25.7 61.6 61.7 63.2

UNVR IJ BUY 44,150 50,500 7,630 15.0 336,865 77.3 36,115 40,257 45,540 7,976 8,943 10,108 5,885 6,612 7,489 2.5 12.4 13.3 57.2 50.9 45.0 40.8 36.8 32.6 68.6 59.5 51.5 1.6 1.8 2.1 (8.6) nc nc 123.8 125.1 122.6 40.0 41.0 40.9 135.4 132.7 126.1

GGRM IJ BUY 65,900 88,000 1,924 23.5 126,797 60.5 69,029 73,916 81,379 8,963 9,718 10,751 5,445 5,950 6,674 1.4 9.3 12.2 23.3 21.3 19.0 13.2 12.1 11.1 3.4 3.1 2.9 1.3 2.0 2.2 45.2 42.7 40.8 15.6 15.4 15.8 8.8 8.7 9.0 10.5 10.7 11.1

KLBF IJ HOLD 1,300 1,480 46,875 43.3 60,938 75.1 17,786 19,300 20,943 2,549 2,812 3,080 1,949 2,167 2,400 (5.6) 11.2 10.7 31.3 28.1 25.4 19.5 16.9 15.4 5.8 5.2 4.7 1.6 1.8 2.0 nc nc nc 19.7 19.7 19.6 15.0 15.1 15.1 24.0 24.6 25.0

INDF IJ BUY 7,450 6,600 8,780 49.9 65,414 53.3 64,352 70,849 78,078 6,801 7,610 8,547 2,084 3,454 4,196 (46.4) 65.7 21.5 31.4 18.9 15.6 8.6 7.4 6.5 2.6 2.3 2.1 1.5 2.6 3.1 58.1 38.7 27.2 8.1 12.8 14.3 2.4 3.8 4.4 5.0 8.7 10.7

ICBP IJ BUY 15,675 18,300 5,831 19.5 91,400 37.1 32,115 35,481 39,775 3,936 4,507 5,071 3,082 3,543 4,039 18.4 15.0 14.0 29.7 25.8 22.6 19.9 17.5 15.4 5.8 5.1 4.6 1.5 1.7 1.9 nc nc nc 20.6 21.1 21.4 11.7 12.1 12.4 28.6 27.9 26.7

MYOR IJ BUY 30,000 31,000 894 66.9 26,830 0.7 14,886 16,395 18,557 1,697 1,773 1,917 1,161 1,122 1,218 187.6 (3.4) 8.6 23.1 23.9 22.0 13.5 12.7 11.6 5.3 4.5 3.9 0.9 0.8 0.9 48.7 37.2 27.5 25.9 20.8 19.2 10.7 9.7 9.9 15.5 14.6 14.6

TSPC IJ BUY 1,850 2,000 4,500 21.9 8,325 0.2 8,220 9,160 10,888 640 713 785 575 622 672 (0.7) 8.1 7.8 14.5 13.4 12.4 8.6 7.7 6.9 1.9 1.7 1.5 3.1 3.4 3.6 nc nc nc 13.4 13.4 13.1 9.7 9.8 9.6 21.2 19.8 18.3

SIDO IJ HOLD 515 480 15,000 19.0 7,725 1.8 2,268 2,424 2,719 495 530 598 424 455 517 1.4 7.1 13.3 18.4 17.2 15.1 11.7 10.6 9.2 2.6 2.3 2.1 1.1 1.2 1.2 nc nc nc 15.1 14.4 14.5 14.1 13.5 13.6 23.0 22.0 21.5

ROTI IJ BUY 1,235 1,450 5,062 29.3 6,251 1.8 2,189 2,693 3,343 389 458 575 265 322 416 40.3 21.6 29.2 23.6 19.4 15.0 12.7 10.7 8.8 5.4 4.5 3.7 1.1 1.3 1.7 39.2 17.6 18.2 25.0 25.2 26.7 11.1 11.4 12.7 16.3 19.7 22.6

KAEF IJ BUY 1,280 1,350 5,554 10.0 7,109 5.1 5,070 5,754 6,599 342 422 524 279 327 367 19.1 17.1 12.1 25.4 21.7 19.4 19.9 16.6 16.4 3.6 3.2 2.8 1.0 1.2 1.3 7.7 15.4 79.6 14.8 15.4 15.4 9.0 9.4 7.6 15.1 13.8 10.3

MIKA IJ SELL 2,440 1,900 14,551 18.0 35,504 0.0 2,038 2,301 2,645 560 622 704 558 636 699 4.3 10.3 9.3 62.6 56.7 51.9 45.7 47.8 42.7 11.2 11.0 10.3 1.4 1.3 1.3 nc nc nc 23.3 20.4 21.0 19.7 17.5 18.0 65.2 61.2 54.8

SILO IJ BUY 7,950 12,400 1,156 29.2 9,191 39.3 4,116 5,242 6,675 215 276 350 94 142 197 49.7 63.0 28.8 98.2 60.2 46.8 15.7 12.3 9.5 5.3 5.0 4.5 0.1 0.2 0.3 20.6 32.8 34.5 5.5 7.9 10.1 3.2 4.5 5.4 4.7 6.3 7.6

INDUSTRIAL ESTATES N 25,687 44.7 12,775 11,841 13,561 4,286 4,883 5,636 3,576 4,065 4,776 18.6 13.7 17.5 7.2 6.3 5.3 6.4 5.9 5.0 1.2 1.0 0.9 2.7 3.1 3.5 16.1 16.6 15.3 18.7 17.9 17.6 13.0 12.8 12.8 20.1 19.0 18.3

DMAS IJ BUY 206 290 48,198 10.0 9,929 2.1 2,175 1,375 1,711 1,859 1,520 1,705 1,799 57.7 12.2 5.5 6.5 5.8 5.5 6.2 5.0 4.3 1.3 1.1 1.0 4.6 5.2 5.4 nc nc nc 22.0 21.2 19.4 18.9 19.3 18.5 26.0 25.6 23.6

KIJA IJ BUY 245 270 20,662 68.9 5,062 11.8 2,810 3,031 3,291 756 851 952 283 431 600 (31.1) 52.6 39.1 17.9 11.7 8.4 8.8 7.8 6.9 1.1 1.0 0.9 1.7 2.6 3.6 62.2 56.5 48.4 6.4 9.2 11.7 3.1 4.3 5.4 4.1 5.8 7.7

BEST IJ REDUCE 284 300 9,647 41.8 2,740 10.5 681 563 743 411 321 444 225 159 326 (42.5) (29.3) 104.9 12.2 17.2 8.4 8.3 12.1 9.1 0.9 0.9 0.8 1.1 0.9 1.4 23.9 39.5 43.3 7.6 5.1 9.7 5.4 3.2 5.9 6.6 3.9 6.9

SSIA IJ BUY 685 720 4,705 68.6 3,223 14.2 5,282 6,065 6,939 845 937 1,095 579 618 716 39.4 6.8 15.9 5.6 5.2 4.5 3.6 3.3 2.9 1.0 0.9 0.8 3.6 3.8 4.4 10.3 10.0 9.5 20.0 18.2 18.2 8.8 8.2 8.5 18.6 16.5 16.6

LPCK IJ BUY 6,800 8,300 696 57.8 4,733 6.1 1,828 2,183 2,589 900 1,063 1,284 970 1,152 1,334 15.0 18.7 15.8 4.9 4.1 3.5 4.8 4.1 3.3 1.3 1.0 0.8 0.0 0.0 0.0 nc nc nc 30.8 27.4 24.5 18.7 16.8 15.7 33.9 29.7 26.2

INDUSTRY - Various 16,043 41.4 49,489 96,347 39,757 (1,061) 70 2,047 (2,367) (1,640) (1,198) na na na na na na 4.1 4.1 3.8 0.7 0.6 0.6 2.4 0.7 0.8 81.6 83.6 29.5 (0.2) 2.4 2.6 (0.7) 0.5 1.2 (0.9) 1.0 1.9

KRAS IJ* REDUCE 430 275 15,775 20.0 6,783 1.7 19,341 20,947 0 (2,555) (1,635) 0 (3,047) (2,636) (2,513) na na na na na na na na na 0.3 0.3 0.4 0.0 0.0 0.0 83.6 112.8 0.0 (16.9) (11.8) (12.7) (7.0) (5.1) (4.7) (8.9) (6.0) (5.6)

ATIC IJ BUY 610 800 1,875 1.5 1,144 0.0 2,626 2,964 3,375 178 217 263 60 110 146 (12.7) 65.0 32.1 17.1 10.4 7.9 6.7 5.8 4.9 1.5 1.4 1.3 1.7 1.4 2.4 52.4 50.7 47.1 12.4 14.8 17.1 2.8 4.4 5.2 6.4 9.8 11.5

SRIL IJ BUY 266 400 18,593 43.9 4,946 37.4 8,388 9,520 11,073 1,596 1,812 2,156 696 930 1,176 25.6 32.3 0.0 6.7 5.1 5.1 5.7 4.8 3.9 1.2 1.0 1.0 1.5 2.0 2.0 138.1 104.2 80.9 20.1 20.8 21.8 6.9 7.8 9.0 8.4 9.5 11.4

MLPL IJ BUY 315 550 10,065 68.0 3,170 2.4 19,134 22,097 25,298 (280) (324) (373) (75) (43) (7) na na na na na na 9.7 11.4 11.6 0.4 0.4 0.4 9.0 0.0 0.0 nc 1.1 6.1 (0.9) (0.5) (0.1) (0.3) (0.2) (0.0) (0.9) (0.6) (0.1)

LAND TRANSPORTATION UW 16,162 6.2 7,845 22,802 15,612 1,621 1,802 1,918 902 958 982 0.6 6.3 2.4 17.9 16.9 16.5 8.7 8.1 7.7 3.6 3.2 2.9 2.2 2.3 2.3 50.7 57.2 64.3 21.2 19.4 17.5 11.2 10.8 9.3 15.7 13.5 11.6

BIRD IJ REDUCE 6,125 4,700 2,502 15.0 15,325 1.4 5,552 6,250 6,988 1,197 1,298 1,354 840 870 877 (0.0) 3.6 0.7 18.2 17.6 17.5 8.9 8.3 7.9 3.8 3.4 3.0 2.2 2.3 2.3 43.0 48.9 55.4 22.2 20.2 18.2 11.7 11.3 9.7 16.1 13.9 11.9

TAXI IJ REDUCE 208 120 2,146 49.0 446 4.7 953 1,009 1,074 200 238 255 6 19 22 (95.0) 228.6 14.9 76.3 23.2 20.2 4.6 4.2 4.2 0.5 0.5 0.5 0.2 0.8 0.9 197.5 214.0 239.7 0.7 2.2 2.4 0.2 0.6 0.6 0.2 0.7 0.7

ASSA IJ BUY 115 130 3,398 37.4 391 0.1 1,340 1,552 1,779 224 266 308 55 69 83 29.0 24.0 20.5 7.1 5.7 4.7 3.8 3.8 3.6 0.4 0.4 0.4 4.3 5.3 6.4 186.8 206.4 214.4 6.4 7.6 8.6 2.1 2.4 2.6 2.3 2.5 2.8

METALS N 47,889 97.7 31,900 29,826 32,767 2,684 4,061 6,925 897 1,942 4,149 (60.1) 116.5 113.7 53.4 24.7 11.5 11.9 8.8 6.3 0.9 0.8 0.8 1.4 2.3 2.3 27.5 25.9 23.9 2.7 4.5 7.5 1.5 2.9 4.9 1.8 3.3 5.0

INCO IJ* HOLD 1,920 1,400 9,936 20.5 19,078 12.6 10,486 10,920 12,230 1,442 2,100 2,891 980 1,498 2,117 (53.6) 59.2 36.6 19.6 12.3 9.0 5.4 4.2 3.4 0.8 0.7 0.7 3.1 4.9 4.7 nc nc nc 4.2 6.0 8.1 3.1 4.7 6.6 4.5 6.4 8.9

ANTM IJ REDUCE 457 207 24,031 74.2 10,982 36.2 11,890 13,290 14,812 (8) 281 826 (449) (172) 228 (76.5) (63.2) (237.9) na na na 23.8 16.0 9.3 0.6 0.6 0.6 0.0 0.0 0.4 38.7 46.7 49.5 (3.1) (1.0) 1.3 (1.8) (0.6) 0.8 (2.2) (0.7) 0.9

TINS IJ REDUCE 750 411 7,448 35.0 5,586 2.1 5,632 5,616 5,725 60 28 29 16 14 (31) (97.9) (13.2) (319.9) 358.0 412.4 (187.5) 17.0 15.2 14.1 1.1 1.1 1.1 0.1 0.1 0.0 39.4 39.3 41.9 0.3 0.3 (0.6) 0.2 0.2 (0.3) 0.2 0.2 (0.4)

PSAB IJ* BUY 1,150 1,400 5,292 7.4 6,086 1.3 3,892 4,788 5,628 1,274 1,792 2,717 448 812 1,597 59.8 83.6 96.3 15.8 8.6 4.4 5.9 4.3 2.6 1.3 1.1 1.0 0.0 0.0 0.0 82.5 57.4 36.4 10.8 13.6 23.9 3.6 6.2 12.2 5.1 8.1 16.3

MDKA IJ* BUY 1,725 2,200 3,570 36.2 6,158 45.5 0 0 868 (84) (140) 462 (98) (210) 238 58.3 na na na na na na na na 3.5 3.9 3.5 0.0 0.0 1.0 7.7 75.0 53.5 (9.0) (10.2) 11.4 (4.6) (6.9) 6.5

OIL & GAS N 97,362 150.1 66,063 74,087 84,807 9,896 12,465 14,902 6,507 7,732 9,248 (34.2) 18.8 19.6 15.0 12.6 10.5 10.8 8.6 7.7 2.5 2.2 2.0 3.3 3.9 4.6 16.3 16.9 12.7 14.8 15.2 15.5 6.5 7.1 7.6 10.8 10.9 11.7

PGAS IJ* REDUCE 2,630 2,500 24,242 43.0 63,755 80.8 40,166 41,538 46,380 8,302 8,134 9,606 5,821 6,060 7,419 (42.5) 4.1 22.4 11.8 11.3 9.2 6.6 6.3 5.1 1.5 1.4 1.3 4.7 4.9 6.0 nc nc nc 14.1 12.5 14.3 6.6 6.4 7.6 10.7 9.1 10.8

AKRA IJ BUY 7,700 9,000 3,949 40.1 30,408 67.4 19,344 23,231 27,077 1,345 2,043 2,014 1,047 1,495 1,535 28.1 42.8 2.7 29.0 20.3 19.7 19.8 13.9 13.5 4.9 4.2 3.6 1.4 2.0 2.0 40.9 40.9 24.1 18.2 22.3 19.6 7.1 9.1 8.3 12.1 15.8 14.8

MEDC IJ* BUY 960 1,300 3,332 49.0 3,199 1.9 6,553 9,318 11,351 249 2,288 3,282 (361) 177 295 (391.9) (150.9) 0.0 NA 17.5 17.5 9.0 4.5 4.2 0.2 0.2 0.2 (4.5) 2.3 2.2 108.5 124.5 156.0 (3.0) 1.4 2.2 (1.0) 0.4 0.7 (1.4) 0.6 0.9

PLANTATIONS N 62,978 52.2 39,836 41,373 43,698 5,264 5,814 6,469 2,051 2,656 3,824 (65.3) 29.5 43.9 30.7 23.7 16.5 12.1 11.0 9.2 1.9 1.8 1.7 1.3 1.7 2.4 51.9 57.7 56.1 5.4 7.1 9.6 3.2 3.9 5.1 4.2 4.9 6.3

AALI IJ REDUCE 17,200 14,300 1,575 20.3 27,086 26.5 13,566 13,873 15,215 1,569 1,804 2,087 638 978 1,645 (74.5) 53.4 68.3 42.5 27.7 16.5 13.7 12.3 11.0 2.4 2.3 2.1 1.1 1.6 2.7 65.4 74.7 73.9 5.7 8.5 13.3 3.2 4.3 6.6 3.8 5.0 7.6

SIMP IJ HOLD 415 290 15,816 21.6 6,564 1.5 13,243 13,632 13,840 1,470 1,534 1,484 235 267 380 (72.1) 13.8 42.3 28.0 24.6 17.3 5.0 4.9 4.9 0.5 0.5 0.4 1.1 1.2 1.7 44.9 50.7 53.9 1.7 1.9 2.6 0.8 0.8 1.2 1.1 1.3 1.7

LSIP IJ BUY 1,695 1,780 6,823 40.4 11,565 22.4 3,988 4,117 4,384 622 659 726 548 573 617 (40.2) 4.6 7.6 21.1 20.2 18.7 12.5 11.8 10.9 1.6 1.5 1.4 1.9 2.0 2.1 nc nc nc 7.5 7.6 7.8 6.2 6.3 6.5 8.9 8.6 8.6

DSNG IJ BUY 520 535 10,599 34.1 5,511 0.4 4,366 4,783 4,941 431 536 592 171 247 306 (73.7) 44.2 24.0 32.2 22.4 18.0 15.7 13.7 12.8 2.3 2.1 2.0 0.8 1.1 1.4 132.3 136.0 134.1 7.4 10.0 11.4 2.3 3.1 3.5 3.4 4.3 4.8

ANJT IJ* REDUCE 1,700 1,000 3,336 10.1 5,670 0.1 1,746 1,864 2,063 175 215 267 18 82 132 na na na na 67.5 43.3 11.1 10.1 0.0 1.6 1.6 1.5 1.1 1.5 1.5 14.6 17.0 0.0 0.4 1.6 2.5 0.3 1.1 1.8 0.3 1.4 2.1

SGRO IJ HOLD 1,900 1,800 1,890 33.0 3,591 1.3 2,928 3,105 3,255 441 504 568 252 282 316 (25.8) 11.8 11.8 14.2 12.7 11.4 7.9 7.3 6.7 1.2 1.1 1.1 3.5 3.9 4.4 64.6 71.7 76.0 8.3 8.9 9.5 4.4 4.6 4.8 5.3 5.3 5.5

TBLA IJ BUY 560 570 5,342 45.6 2,992 0.1 5,251 5,237 6,526 557 562 745 189 227 427 (59.8) 20.3 88.0 15.8 13.2 7.0 7.4 7.2 6.0 1.2 1.1 1.0 1.3 1.5 2.9 147.0 148.6 138.7 7.6 8.6 14.6 2.5 2.8 4.8 3.3 3.5 6.0

POULTRY N 69,294 34.2 68,492 77,643 87,631 4,809 6,368 7,750 2,434 3,697 4,953 22.0 51.9 34.0 28.5 18.7 14.0 15.1 12.3 9.9 4.2 3.5 3.0 0.7 1.0 1.5 54.2 49.3 40.3 14.9 19.5 21.9 7.7 10.7 12.7 9.9 13.7 16.1

CPIN IJ BUY 3,515 3,500 16,398 44.5 57,639 26.9 32,909 38,526 44,678 3,416 4,268 5,341 1,885 2,810 3,746 7.9 49.1 33.3 30.6 20.5 15.4 16.1 13.2 10.6 4.7 3.9 3.3 0.8 0.9 1.4 39.1 34.4 25.9 16.2 20.9 23.3 8.8 11.9 14.1 11.2 15.3 17.9

JPFA IJ BUY 815 880 10,661 42.5 8,688 5.7 30,705 33,937 37,146 1,198 1,742 1,953 519 653 901 na na na na 13.3 9.6 9.3 7.2 6.6 1.6 1.5 1.3 0.0 1.3 1.8 138.9 133.8 121.6 10.1 11.6 14.3 3.3 3.9 5.1 4.3 4.9 6.3

MAIN IJ BUY 1,325 1,700 2,239 58.7 2,966 1.6 4,878 5,181 5,807 195 357 456 29 234 306 na 553.5 31.0 83.0 12.7 9.7 12.9 8.6 7.2 2.0 1.8 1.6 0.2 1.6 2.1 99.2 91.9 81.8 2.3 15.1 17.4 0.8 6.0 7.6 1.1 7.8 9.3

PROPERTY UW 147,992 270.4 46,269 51,109 54,838 15,769 17,253 18,587 9,724 11,183 12,448 (30.8) 15.0 11.3 15.2 13.2 11.9 10.9 9.9 9.2 2.2 2.0 1.7 1.2 1.3 1.5 40.8 43.2 40.2 15.6 15.4 15.0 6.1 6.1 6.0 11.7 11.1 10.9

BSDE IJ BUY 1,775 2,020 19,247 35.4 34,163 26.7 6,389 7,523 8,403 2,957 3,457 3,804 2,299 2,694 3,023 (42.5) 17.2 12.2 14.9 12.7 11.3 12.1 10.5 9.6 2.0 1.7 1.5 0.7 0.8 0.9 27.3 29.4 29.5 14.0 14.5 14.2 7.3 7.3 7.2 11.9 11.3 11.0

LPKR IJ REDUCE 1,080 1,130 23,078 94.7 24,924 88.9 9,111 11,042 10,731 2,215 2,801 2,861 1,240 1,860 2,046 (51.3) 50.0 10.0 20.1 13.4 12.2 12.6 10.6 10.2 1.5 1.4 1.3 1.2 1.9 2.1 50.0 52.2 46.6 7.7 10.8 10.9 3.1 4.2 4.3 5.3 7.1 7.3

PWON IJ HOLD 525 490 48,160 47.8 25,284 27.6 4,837 5,373 6,220 2,411 2,656 3,035 1,588 1,790 2,118 (36.9) 12.7 18.3 15.9 14.1 11.9 10.1 9.3 8.2 3.3 2.8 2.3 0.9 0.9 1.1 33.8 33.6 29.0 23.1 21.5 21.1 8.8 8.5 8.7 17.6 16.1 16.1

SMRA IJ BUY 1,615 1,820 14,427 67.7 23,299 50.1 6,150 6,622 7,140 1,948 2,101 2,273 1,259 1,357 1,456 (9.1) 7.8 7.3 18.5 17.2 16.0 12.4 11.7 10.9 3.1 2.7 2.3 1.1 1.2 1.3 56.9 56.9 52.4 21.2 19.4 17.9 7.3 6.8 6.4 13.9 12.4 11.6

CTRA IJ BUY 1,330 1,400 15,331 69.5 20,390 15.8 7,232 8,154 9,335 2,114 2,288 2,511 1,281 1,380 1,517 (3.3) 7.7 10.0 15.9 14.8 13.4 9.3 8.7 7.9 2.4 2.1 1.8 1.0 1.1 1.2 18.4 20.9 19.1 16.0 15.1 14.6 5.1 4.9 4.8 13.7 12.6 12.2

ASRI IJ REDUCE 395 300 19,649 48.5 7,762 38.8 3,107 3,039 3,061 1,770 1,674 1,649 774 877 954 (29.5) 13.2 8.8 10.0 8.9 8.1 7.6 8.3 8.6 1.1 1.0 0.9 2.0 2.5 3.0 93.9 93.7 90.1 12.0 12.3 12.1 4.4 4.6 4.7 6.2 6.4 6.3

APLN IJ REDUCE 310 220 20,501 27.1 6,355 3.3 5,594 5,769 5,934 1,349 1,351 1,415 609 649 660 (28.8) 6.7 1.7 10.4 9.8 9.6 5.7 6.4 6.1 0.9 0.9 0.8 1.9 2.0 2.1 46.6 64.2 64.2 9.2 9.2 8.7 2.4 2.3 2.0 6.5 5.9 5.3

CTRP IJ REDUCE 420 365 6,256 44.7 2,628 1.8 2,360 1,917 2,162 643 513 576 412 295 338 2.8 (28.4) 14.5 6.4 8.9 7.8 7.7 10.1 9.5 0.6 0.5 0.5 4.7 3.4 3.9 70.2 80.4 81.8 9.2 6.2 6.8 4.2 2.6 2.8 5.8 3.5 3.8

PPRO IJ HOLD 227 180 14,044 35.0 3,188 17.4 1,489 1,671 1,852 363 412 462 262 281 337 60.4 7.5 19.7 12.2 11.3 9.5 9.7 9.6 8.1 1.5 1.3 1.2 2.5 2.6 3.2 29.0 45.3 34.4 16.3 12.4 13.5 7.1 5.5 5.5 13.4 9.0 9.7

SHIPPING N 6,063 10.2 3,198 3,523 3,911 455 815 996 312 516 709 (38.1) 65.1 37.4 19.4 11.8 8.6 32.4 25.4 23.6 1.5 1.2 0.9 3.3 4.3 5.4 78.5 63.1 48.3 23.1 23.4 28.2 8.5 10.7 15.3 13.7 9.5 10.2

SOCI IJ BUY 480 630 7,059 15.0 3,092 9.8 134 163 170 42 56 59 38 45 45 (20.4) 21.6 (4.1) 6.3 5.2 5.4 58.0 46.0 43.3 0.9 0.8 0.7 4.1 4.7 5.6 65.5 62.9 58.4 10.3 13.6 23.9 3.6 6.2 12.2 13.4 9.0 9.7

TMAS IJ BUY 1,900 3,000 1,141 13.5 2,168 0.2 1,700 1,810 2,056 378 520 659 332 425 571 63.7 28.2 34.3 6.5 5.1 3.8 5.4 4.0 3.1 2.8 2.0 1.4 3.8 4.9 6.6 99.5 64.6 35.5 50.7 45.4 43.6 18.8 21.0 24.8 23.4 25.3 29.5

WINS IJ HOLD 199 190 4,038 42.3 804 0.1 1,364 1,551 1,685 34 240 278 (58) 46 93 (118.9) (182.5) 96.4 (13.9) 16.9 8.6 6.3 3.7 2.9 0.3 0.3 0.3 (1.1) 0.9 1.7 71.5 59.6 44.3 (2.0) 1.7 3.4 (0.8) 0.7 1.4 (1.3) 1.0 2.2

TELCOS OW 495,182 226.8 198,093 223,225 246,852 42,543 48,548 55,773 17,097 23,051 28,654 (0.5) 34.5 47.3 29.0 21.5 17.3 9.9 8.8 7.8 4.9 4.2 3.7 2.2 2.5 3.0 75.0 52.3 37.0 18.5 21.2 22.6 8.0 8.8 9.9 15.2 17.0 19.5

TLKM IJ BUY 3,470 4,000 100,800 48.8 349,776 189.7 102,143 113,031 124,788 32,141 36,256 41,388 15,778 17,773 20,468 7.8 12.6 15.2 22.2 19.7 17.1 9.8 8.8 7.5 4.7 4.2 3.8 2.9 3.3 3.8 8.4 3.4 (2.5) 22.1 22.6 23.6 10.4 10.7 11.5 20.4 21.4 23.5

EXCL IJ BUY 4,205 4,400 8,541 33.6 35,917 8.9 22,754 23,798 25,507 1,186 1,393 1,691 (128) 351 1,024 na na na na na na 7.2 6.4 5.8 2.6 2.5 2.4 0.0 0.0 0.0 168.7 134.3 118.9 (0.9) 2.5 7.0 (0.2) 0.6 1.8 (0.3) 1.1 3.1

TBIG IJ HOLD 6,000 6,500 4,797 47.8 28,779 9.0 3,437 3,801 4,229 2,637 2,915 3,243 1,056 1,289 1,593 (18.8) 22.0 23.0 27.2 22.3 18.1 16.4 15.2 16.2 9.9 7.2 5.3 0.7 0.9 1.1 647.2 481.2 365.6 30.7 37.3 33.9 4.5 5.1 5.8 4.9 5.5 6.4

TOWR IJ BUY 3,995 5,000 10,203 67.3 40,761 1.9 4,415 4,845 5,315 2,493 2,866 3,274 986 1,591 2,133 17.3 61.3 34.1 41.3 25.6 19.1 12.7 11.2 9.7 7.3 5.7 4.4 0.0 0.0 0.0 112.9 64.3 25.4 19.2 25.0 26.2 5.4 8.4 11.2 8.3 13.6 18.5

ISAT IJ BUY 6,000 6,800 5,434 20.7 32,604 3.6 26,249 28,395 30,758 2,953 3,799 4,637 (1,187) 1,334 2,545 40.3 21.8 50.4 NA 24.4 12.8 4.4 3.7 3.0 2.6 2.3 1.9 0.0 1.2 2.3 138.9 90.1 90.1 (9.1) 10.0 16.1 (2.2) 2.5 4.9 (3.8) 4.7 9.8

TELE IJ BUY 730 1,180 7,123 23.0 5,200 9.0 20,524 29,578 34,851 758 905 1,074 382 462 592 25.2 21.0 28.3 13.5 11.1 8.7 9.5 8.5 9.5 1.8 1.6 1.4 1.9 2.2 2.9 64.1 74.4 74.4 14.4 15.4 17.4 6.5 6.5 7.6 6.1 7.0 5.9

ERAA IJ BUY 740 850 2,900 39.7 2,146 4.7 18,569 19,777 21,403 375 412 466 210 252 299 (0.6) 19.8 18.7 10.2 8.5 7.2 7.5 6.8 5.9 0.7 0.7 0.6 3.9 4.7 5.6 33.4 31.2 26.8 7.0 7.9 8.9 3.3 3.8 4.3 5.1 5.9 6.8

Market N 4,127,930 3,032 1,688,906 1,856,409 2,045,745 301,595 335,956 378,529 203,278 233,323 266,587 (7.5) 13.6 14.3 20.3 17.7 15.5 14.0 12.9 11.4 10.3 9.1 8.1 2.0 2.2 2.4 20.9 19.0 16.5 31.9 29.3 29.3 12.2 11.9 12.4 26.7 26.7 26.6

Note: *USD reporting

OW: Overweight, N: Neutral, UW: Underweight

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

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 8

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Southeast Asia

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Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

FULL YEAR 2015 EARNINGS RELEASE (ESTIMATED) Ticker Corporate Date Time

BBRI IJ Bank Rakyat Indonesia 1/26/2016 -

BBNI IJ Bank Negara Indonesia 1/29/2016 -

BDMN IJ Bank Danamon 1/29/2016 -

BJTM IJ Bank Pembangunan Daerah Jawa Timur 1/29/2016 -

JSMR IJ Jasa Marga 2/5/2016 -

EXCL IJ XL Axiata 2/5/2016 -

BMRI IJ Bank Mandiri 2/9/2016 16:00

ITMG IJ Indo Tambangraya Megah 2/16/2016 16:00

LPPF IJ Matahari Department Store 2/17/2016 -

AALI IJ Astra Agro Lestari 2/23/2016 16:00

BBTN IJ Bank Tabungan Negara 2/24/2016 16:00

ASII IJ Astra International 2/24/2016 -

UNTR IJ United Tractors 2/24/2016 -

INCO IJ Vale Indonesia 2/24/2016 -

LSIP IJ PP London Sumatera Indonesia 2/25/2016 -

WSKT IJ Waskita Karya 2/25/2016 -

ADHI IJ Adhi Karya 2/25/2016 -

ANJT IJ Austindo Nusantara Jaya 2/25/2016 -

HERO IJ Hero Supermarket 2/26/2016 -

JPFA IJ Japfa 2/26/2016 -

IMAS IJ Indomobil Sukses International 2/26/2016 -

SMBR IJ Semen Baturaja 2/26/2016 -

SIMP IJ Salim Invomas Pratama 2/26/2016 -

SMGR IJ Semen Indonesia 2/29/2016 -

ANTM IJ Aneka Tambang 2/29/2016 -

PTBA IJ Tambang Batubara Bukit Asam 3/1/2016 09:00

ANTM IJ Aneka Tambang 3/1/2016 -

TBIG IJ Tower Bersama Infrastructure 3/2/2016 -

BBCA IJ Bank Central Asia 3/3/2016 -

PTPP IJ PP Persero 3/3/2016 -

PGAS IJ Perusahaan Gas Negara 3/3/2016 16:00

BTPN IJ Bank Tabungan Pensiunan Nasional 3/3/2016 -

TLKM IJ Telekomunikasi Indonesia 3/4/2016 -

MPPA IJ Matahari Putra Prima 3/4/2016 -

TINS IJ Timah Persero 3/4/2016 -

KAEF IJ Kimia Farma 3/4/2016 -

SMCB IJ Holcim Indonesia 3/7/2016 16:00

ADRO IJ Adaro Energy 3/8/2016 16:00

BJBR IJ Bank Pembangunan Daerah Jawa Barat 3/8/2016 -

WTON IJ Wijaya Karta Beton 3/10/2016 -

KRAS IJ Krakatau Steel 3/11/2016 -

WINS IJ Wintermar Offshore 3/11/2016 -

INTP IJ Indocement Tunggal Perkasa 3/16/2016 16:00

TOTL IJ Total Bangun Persada 3/16/2016 -

WIKA IJ Wijaya Karya 3/17/2016 -

BSDE IJ Bumi Serpong Damai 3/17/2016 -

HMSP IJ H M Sampoerna 3/17/2016 16:00

INDF IJ Indofood Sukses Makmur 3/18/2016 -

AKRA IJ AKR Corporindo 3/18/2016 -

GIAA IJ Garuda Indonesia 3/21/2016 -

SRIL IJ Sri Rejeki Isman 3/23/2016 -

PWON IJ Pakuwon Jati 3/24/2016 -

LPCK IJ Lippo Cikarang 3/24/2016 -

TBLA IJ Tunas Baru Lampung 3/24/2016 -

MDLN IJ Modernland Realty 3/24/2016 -

LPKR IJ Lippo Karawaci 3/24/2016 -

SCMA IJ Surya Citra Media 3/24/2016 -

TOWR IJ Sarana Menara Nusantara 3/24/2016 -

ROTI IJ Nippon Indosari Corpindo 3/24/2016 -

SIDO IJ Industri Jamu dan Farmasi Sido Muncul 3/24/2016 -

SILO IJ Siloam International Hospitals 3/24/2016 -

BIRD IJ Blue Bird 3/24/2016 -

KLBF IJ Kalbe Farma 3/28/2016 -

GGRM IJ Gudang Garam 3/29/2016 -

CPIN IJ Charoen Pokphand Indonesia 3/30/2016 -

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 9

2014

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Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

FULL YEAR 2015 EARNINGS RELEASE (ESTIMATED) Ticker Corporate Date Time

GJTL IJ Gajah Tunggal 3/30/2016 -

MYOR IJ Mayora Indah 3/30/2016 -

SMRA IJ Summarecon Agung 3/30/2016 -

UNVR IJ Unilever Indonesia 3/30/2016 -

KIJA IJ Kawasan Industri Jababeka 3/30/2016 -

ISAT IJ Indosat 3/30/2016 -

MEDC IJ Medco Energi International 3/30/2016 -

CTRA IJ Ciputra Development 3/30/2016 -

SSIA IJ Surya Semesta Internusa 3/30/2016 -

PSAB IJ J Resources Asia Pasifik 3/30/2016 -

TMAS IJ Pelayaran Tempuran Emas 3/30/2016 -

MNCN IJ Media Nusantara Citra 3/30/2016 -

MAIN IJ Malindo Feedmill 3/30/2016 -

ASRI IJ Alam Sutera 3/30/2016 -

HRUM IJ Harum Energy 3/30/2016 -

CASS IJ Cardig Aero Service 3/30/2016 -

ERAA IJ Erajaya Swasembada 3/30/2016 -

TELE IJ Tiphone Mobile Indonesia 3/30/2016 -

TAXI IJ Express Transindo Utama 3/30/2016 -

ASSA IJ Adi Sarana Armada 3/30/2016 -

SOCI IJ Soechi Lines 3/30/2016 -

PPRO IJ PP Properti 3/31/2016 -

DMAS IJ Puradelta Lestari 3/31/2016 -

MIKA IJ Mitra Keluarga Karyasehat 3/31/2016 -

MDKA IJ Merdeka Copper Gold 3/31/2016 -

ATIC IJ Anabatic Technologies 3/31/2016 -

Source: Bloomberg, Bahana

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 10

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 Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

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 11

2014

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Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

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 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 Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

Dealing Room: +62 21 527 0808 (Foreign Institutional)

Research: +62 21 250 5081

+62 21 250 5508 (Domestic Institutional)

Harry Suharry.su@bahana.co.id

Senior Associate DirectorHead of Corporate Strategy & Research

Consumer, Strategy

ext 3600

Teguh Hartanto

teguh.hartanto@bahana.co.idAssociate Director

Deputy Head of Research

Banks, Cement, Aviationext 3610

Leonardo Henry Gavaza, CFAleonardo@bahana.co.id

Senior Research ManagerAuto, Heavy equipment, Telco

ext 3608

Bob Setiadibob.setiadi@bahana.co.id

Research AnalystCement, Infratructure,Toll roads

ext 3605

Agustinus Reza Kirana

agustinus.reza@bahana.co.idResearch Analyst

Plantations, Shipping, Transportationext 3616

Arandi Ariantaraarandi@bahana.co.id

Research AnalystCoal, Metals, Oil & Gas

ext 3619

Made Ayu Wijayati

made.ayu@bahana.co.idResearch Executive

ext 3607

Bagus Adi Yoga Prawira

yoga.prawira@bahana.co.idResearch AnalystConsumer, Media

ext 3604

Zefanya Halim

zefanya@bahana.co.idCA Manager

ext 3612

Novianty Permata Sari

novianty@bahana.co.idCA

ext 3618

Ashish Agrawal

ashish@bahana.co.idVice President

Institutional Equity Salesext 2550 / 2553

Reynard Poernawan

reynard@bahana.co.idInstitutional Equity Sales

ext 2528

John M. Dasaad

dasaad@bahana.co.idInstitutional Equity Sales

ext 2549

Yohanes Adhi Handoko

yohanes@bahana.co.idManager, Surabaya Branch

ext 7250

Suwardi Widjaja

Suwardi@bahana.co.idInstitutional Equity Sales

ext 2548

Amelia Husada

amelia@bahana.co.idVice President

Institutional Equity Salesext 2552

Nurul Farida

nurul@bahana.co.idInstitutional Equity Sales

ext 2547

+62 31 535 2788 (Surabaya Branch)

Fakhrul Fulvianfakhrul.fulvian@bahana.co.id

Economistext 3602

Melvin Mikha Reminov

melvin@bahana.co.idResearch Associate

ext 3621

Sanni Satrio Dwi Utomo

sanni@bahana.co.idResearch Analyst

Industrial Estate, Propertyext 3611

Natalia Surjadiputranatalia@bahana.co.idDirector of Sales &

Client Relationship Management ext 2500

Sarah Jessica Hutapea

sarah.jessica@bahana.co.idResearch Associate

ext 3693

Nyoman Widita Prabawa

nyoman@bahana.co.idResearch Associate

ext 3623

Renaldy Effendy

renaldy@bahana.co.idResearch Analyst

Consumer, Healthcareext 3606

Gilang Purnama

gilang.purnama@bahana.co.idResearch Associate

ext 3601

Adriana Kosasih

adri@bahana.co.idSales Executive

ext 2541

Hanna Marionda

hanna@bahana.co.idSales Trader

ext 2525

Ari Santosa

ari.santosa@bahana.co.idSales Trader

ext 2554

Bram Taarea

bram@bahana.co.idInstitutional Equity Sales

ext 2524

Muhammad Wafi

wafi@bahana.co.idTechnical Analyst

ext 3609

Inca Adityainca@bahana.co.id

Senior Equity Institutional Salesext 2545

Head Office Surabaya Branch

Graha Niaga, 19th Floor Wisma BII, Ground Floor

Jl. Jend. Sudirman Kav. 58 Jl. Pemuda 60-70

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Indonesia Indonesia

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

Fax. 62 21 522 6049 http://www.bahana.co.id Fax. 62 31 546 1157

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 13

2014

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Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

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For “Ownership of Securities” information, please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action.

Investment Banking Relationship

For “Investment Banking Relationship”, please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action.

Japan

Daiwa Securities Co. Ltd. and Daiwa Securities Group Inc.

Daiwa Securities Co. Ltd. is a subsidiary of Daiwa Securities Group Inc.

Investment Banking Relationship

Within the preceding 12 months, The subsidiaries and/or affiliates of Daiwa Securities Group Inc. * has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: Modern Land (China) Co. Ltd (1107 HK); econtext Asia Ltd (1390 HK); GF Securities Co Ltd (1776 HK); Mirae Asset Life Insurance Co Ltd (085620 KS); China Reinsurance Group Corporation (1508 HK).

*Subsidiaries of Daiwa Securities Group Inc. for the purposes of this section shall mean any one or more of:

• Daiwa Capital Markets Hong Kong Limited (大和資本市場香港有限公司)

• Daiwa Capital Markets Singapore Limited

• Daiwa Capital Markets Australia Limited

• Daiwa Capital Markets India Private Limited

• Daiwa-Cathay Capital Markets Co., Ltd.

• Daiwa Securities Capital Markets Korea Co., Ltd

Disclosure of Interest of Bahana Securities

Investment Banking Relationship

Within the preceding 12 months, Bahana Securities has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: Waskita Karya Persero Tbk PT (WSKT IJ); Adhi Karya Persero Tbk PT (ADHI IJ); PP Properti Tbk PT (PPRO IJ); Merdeka Copper Gold Tbk PT (MDKA IJ); Anabatic Technologies Tbk PT (ATIC IJ); Aneka Tambang Persero Tbk PT (ANTM IJ).

Hong Kong

This research is distributed in Hong Kong by Daiwa Capital Markets Hong Kong Limited (大和資本市場香港有限公司) (“DHK”) which is regulated by the Hong Kong Securities and Futures Commission. Recipients of this research in Hong Kong may contact DHK in respect of any matter arising from or in connection with this research.

Relevant Relationship (DHK)

DHK 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.

Singapore

This research is distributed in Singapore by Daiwa Capital Markets Singapore Limited and it may only be distributed in Singapore to accredited investors, expert investors and corporate investors as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. By virtue of distribution to these category of investors, Daiwa Capital Markets Singapore Limited and its representatives are not required to comply with Section 36 of the Financial Advisers Act (Chapter 110) (Section 36 relates to disclosure of Daiwa Capital Markets Singapore Limited’s interest and/or its representative’s interest in securities). Recipients of this research in Singapore may contact Daiwa Capital Markets Singapore Limited in respect of any matter arising from or in connection with the research.

Australia

This research is distributed in Australia by Daiwa Capital Markets Australia Limited and it may only be distributed in Australia to wholesale investors within the meaning of the Corporations Act. Recipients of this research in Australia may contact Daiwa Capital Markets Stockbroking Limited in respect of any matter arising from or in connection with the research.

India

This research is distributed in India to Corporate Clients only by Daiwa Capital Markets India Private Limited (Daiwa India) which is an intermediary registered with Securities & Exchange Board of India as a Stock Broker, Merchant Bank and Research Analyst. Daiwa India, its Research Analyst and their family members and its associates do not have any financial interest save as disclosed or other undisclosed material conflict of interest in the securities or derivatives of any companies under coverage. Daiwa India and its associates may have received compensation for any products other than Investment Banking (as disclosed) or brokerage services from the subject company in this report during the past 12 months. Unless otherwise stated in BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action, Daiwa India and its associates do not hold more than 1% of any companies covered in this research report.

There is no material disciplinary action against Daiwa India by any regulatory authority impacting equity research analysis activities as of the date of this report.

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Taiwan

This research is distributed in Taiwan by Daiwa-Cathay Capital Markets Co., Ltd and it may only be distributed in Taiwan to corporate 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

http://www.pse.com.ph/ respectively.

United Kingdom

This research report is produced by Daiwa Securities Co. Ltd. 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 and Eurex. 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.

Germany

This document is distributed in Germany by Daiwa Capital Markets Europe Limited, Niederlassung Frankfurt which is regulated by BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) for the conduct of business in Germany.

Bahrain

This research material is distributed by Daiwa Capital Markets Europe Limited, Bahrain Branch, regulated by The Central Bank of Bahrain and holds Investment Business Firm – Category 2 license and having its official place of business at the Bahrain World Trade Centre, South Tower, 7th floor, P.O. Box 30069, Manama, Kingdom of Bahrain. Tel No. +973 17534452 Fax No. +973 535113

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.

United States This report is distributed in the U.S. by Daiwa Capital Markets America Inc. (DCMA). It may not be accurate or complete and should not be relied upon

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

such non-U.S. entities. Unless applicable law permits otherwise, non-U.S. customers wishing to effect a transaction in any securities referenced in this

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

contact DCMA: Daiwa Capital Markets America Inc., Financial Square, 32 Old Slip, New York, New York 10005 (Tel no. 212-612-7000).

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 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.

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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.

Explanatory Document of Unregistered Credit Ratings

(Moody’s Investors Service, Inc.)

In order to ensure the fairness and transparency in the markets, Credit Rating Agencies became subject to the Credit Rating Agencies’ registration system

based on the Financial Instruments and Exchange Act.

In accordance with this Act, in soliciting customers, Financial Instruments Business Operators, etc. shall not use the credit ratings provided by unregistered

Credit Rating Agencies without informing customers of the fact that those Credit Rating Agencies are not registered, and shall also inform customers of the

significance and limitations of credit ratings, etc.

The Significance of Registration

Registered Credit Rating Agencies are subject to the following regulations:

1) Duty of good faith.

2) Establishment of control systems (fairness of the rating process, and prevention of conflict of interest, etc.). 3) Prohibition of the ratings in cases where Credit Rating Agencies have a close relationship with the issuers of the financial instruments to be rated, etc.

4) Duty to disclose information (preparation and publication of rating policies, etc. and public disclosure of explanatory documents).

In addition to the above, Registered Credit Rating Agencies are subject to the supervision of the Financial Services Agency (“FSA”), and as such may be

ordered to produce reports, be subject to on-site inspection, and be ordered to improve business operations, whereas unregistered Credit Rating Agencies

are free from such regulations and supervision.

The Name of the Credit Rating Agency Group, etc

The name of the Credit Rating Agency group: Moody’s Investors Service, Inc. ("MIS")

The name and registration number of the Registered Credit Rating Agency in the group: Moody’s Japan K.K. (FSA commissioner (Rating) No.2)

How to acquire information related to an outline of the rating policies and methods adopted by the person who determines Credit Ratings

The information is posted under “Unregistered Rating explanation” in the section on “The use of Ratings of Unregistered Agencies” on the website of Moody’s

Japan K.K. (The website can be viewed after clicking on “Credit Rating Business” on the Japanese version of Moody’s website (http://www.moodys.co.jp)

Assumptions, Significance and Limitations of Credit Ratings

Credit ratings are Moody’s Investors Service, Inc.’s ("MIS") current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-

like securities. MIS defines credit risk as the risk that an entity may not meet its contractual, financial obligations as they come due and any estimated financial loss in the event of default. Credit ratings do not address any other risk, including but not limited to: liquidity risk, market value risk, or price

volatility. Credit ratings do not constitute investment or financial advice, and credit ratings are not recommendations to purchase, sell, or hold particular

securities. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such

rating or other opinion or information is given or made by MIS in any form or manner whatsoever.

Based on the information received from issuers or from public sources, the credit risks of the issuers or obligations are assessed. MIS adopts all necessary

measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MIS considers to be reliable. However, MIS is not

an auditor and cannot in every instance independently verify or validate information received in the rating process.

Additional information may be available upon request.

Japan - additional notification items pursuant to Article 37 of the Financial Instruments and Exchange Law

(This Notification is only applicable where report is distributed by Daiwa Securities Co. Ltd.)

If you decide to enter into a business arrangement with us based on the information described in materials presented along with this document, we ask you to pay close attention to the following items.

In addition to the purchase price of a financial instrument, we will collect a trading commission* for each transaction as agreed beforehand with you. Since

commissions may be included in the purchase price or may not be charged for certain transactions, we recommend that you confirm the commission for

each transaction.

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

a non-resident of Japan.

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

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

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

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

There may be a difference between bid price etc. and ask price etc. of OTC derivatives handled by us.

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Investors

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Local Research

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House

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

as certified public accountants.

*The amount of the trading commission cannot be stated here in advance because it will be determined between our company and you based on current

market conditions and the content of each transaction etc.

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.

Corporate Name: Daiwa Securities Co. Ltd.

Financial instruments firm: chief of Kanto Local Finance Bureau (Kin-sho) No.108

Memberships: Japan Securities Dealers Association, Financial Futures Association of Japan

Japan Securities Investment Advisers Association

Type II Financial Instruments Firms Association