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2013

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11 February 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

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Beacon Indonesia Morning Brief

IDX: 4,733 (-0.8%) Turnover: IDR3.6tn (+8.9%)

Foreign Net SELL IDR133.2bn (from Net BUY IDR337.4bn)

RESULT FLASH

Waskita Karya: 4Q15 results: Above our and consensus estimates Analyst: Bob Setiadi Better-than-expected 2015 net earnings on one-off gains Raising sales on better budget disbursement and high orderbook Outlook: Margin enhancement to continue on toll-road involvement

SPOTLIGHT

2016 Indonesian Banking Update: Policy risk: Lower lending rates

Analyst: Teguh Hartanto

Government intervention to force lending rates to single digit levels Constraints from short-term higher risk profiles and operating costs Beneficiaries: Competitive funding cost and sticky lending rates Indonesia economics weekly: IDR outperforms peers

Economist: Fakhrul Fulvian Foreign investors continue to add Indonesia government bonds Foreign reserves edge down on government bond payments Possible dovish Fed drives IDR appreciation TODAY’S NEWS

POLITICS Government tells Air Force to evaluate aircraft following fatal crash

ECONOMICS

The House: Delay on tax amnesty could cut tax revenue realization ESDM: Non-tax revenue from mining only achieved 56% of 2015

target Govt: To revise all negative investment lists BI: Retail sales up 10.4% y-y in December

BOURSE Mahaka Radio Integra to list today INDUSTRY ASI: Cement volumes up 4.4% y-y in January 2016

Automotive: “IG” to become the cheapest car in Indonesia Automotive: Japanese motorcycle producers to focus on India market Tobacco: nearly 35% of Indonesian smokers choose Phillip Morris

brands Government to prioritize 30 infrastructure projects worth IDR819tn Plantation: Malaysia production down 19% m-m in January Government finalized the e-commerce road map CORPORATE PPRO to issue IDR600bn bonds PGAS plans to build 60 new gas stations by 2019 SOE Ministry to appoint independent consultant to review PGAS-

Pertagas business synergies

INDICES

Asia Last Chg% ytd % y-y %

Hang Seng (HK) 19,288.2 0.5 (12.0) (21.8)

IDX (Indonesia) 4,732.5 (0.8)

3.0 (11.1)

KLCI (Mal.) 1,644.4 (1.1) (2.8) (9.3)

KOSPI (Korea) 1,917.8 0.1 (2.2) (1.9)

Nikkei (Japan) 15,713.4 (2.3) (17.4) (11.0)

PCOMP (Phil.) 6,637.5 0.0 (4.5) (14.1)

SENSEX (India) 23,748.7 (1.1) (9.1) (16.2)

SET (Thailand) 1,304.7 0.1 1.3 (18.2)

SHCOMP (China) 2,763.5 (0.6) (21.9) (10.2)

SHENZHEN (China) 1,750.7 (1.1) (24.2) 17.1

STI (Singapore) 2,582.1 (1.6) (10.4) (24.7)

TWSE (Taiwan) 8,063.0 (0.8) (3.3) (15.3)

VNI (Vietnam) 544.8 0.5 (5.9) (5.1)

Europe, USA and Ems

CAC 40 (France) 4,061.2 1.6 (12.4) (13.5)

DAX (Germany) 9,017.3 1.6 (16.1) (16.1)

Dow Jones (USA) 15,914.7 (0.6) (8.7) (10.9)

FTSE 100 (UK) 5,672.3 0.7 (9.1) (16.9)

IBOV (Brazil) 40,376.6 (0.5) (6.9) (17.2)

MEXBOL (Mexico) 42,535.7 0.3 (1.0) (0.2)

NGSEINDX (Nigeria) 24,135.4 0.6 (15.7) (17.1)

Nasdaq (USA) 4,283.6 0.3 (14.5) (10.5)

RTSI (Russia) 696.6 0.9 (8.0) (15.7)

S&P 500 (USA) 1,851.9 (0.0) (9.4) (10.5)

XU100 (Turkey) 71,614.2 0.3 (0.2) (13.8) Source: Bloomberg

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

EEM US (USD) 29.3 0.4 (8.9) (26.1)

EIDO US (USD) 22.4 0.6 7.1 (17.5)

TLK US (IDR) 3,408 1.5 14.0 13.9

Como Index (USD) 156.4 (0.1) (11.2) (30.1)

Coal (USD/t) 51.0 (0.3) 0.7 (25.2)

Corn (USD/mtn) 135.8 (0.7) 1.5 (6.8)

Coffee (USD/t) 2,441.6 (0.5) (5.6) (25.3)

Copper (USD/t) 4,507.0 (0.5) (4.1) (19.4)

Cotton (USD/t) 1,298.1 0.4 (7.0) (5.8)

CPO Rott (USD/t) 642.5 (0.4) 1.2 (3.4)

Gold (USD/oz.) 1,199.0 0.7 12.9 (1.7)

Iron ore (USD/mtn) 41.9 0.0 (3.5) (34.3)

Milk (USD/cwt) 14.0 0.1 (1.5) (14.5)

Nickel (USD/t) 8,040.0 (0.7) (7.2) (45.9)

Oil Brent (USD/barrel) 30.8 1.7 (17.3) (45.3)

Rice (IDR/kg) 4,914.0 0.0 (2.8) 4.5

Rubber (USD/t) 106.6 (2.2) (6.2) (25.2)

Silver (USD/oz) 15.3 0.3 10.5 (9.0)

Soybean oil (USD/t) 683.7 1.0 1.5 (1.4)

Steel (USD/t) 305.6 0.0 0.8 (22.6)

Sugar (USD/t) 294.3 0.0 (10.6) (10.1)

Tins (USD/t) 15,855.0 0.5 8.6 (13.0) Wheat (USD/t) 169.5 0.8 (1.9) (17.0) Source: Bloomberg, CEIC

ECONOMIC INDICATORS MARKET DATA

15F 16F 17F

15F 16F 17F

Cur acc bal (%GDP) (2.0) (2.3) (2.3) Op.prof.gwt.(%) (2.3) 11.4 12.7

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

GDP growth (%y-y) 4.7 5.1 5.2 P/E (x) 19.7 17.1 15.0

Private spending (%) 5.0 5.0 5.1 PEG (x) (3.9) 1.2 1.1

Investment (%y-y) 3.6 5.0 6.6 EV/EBITDA (x) 13.7 12.6 11.1

Total exports (%y-y) 0.3 2.4 1.0 P/BV (x) 9.7 8.6 7.7

Total imports (%y-y) (4.1) 2.4 3.3 P/BV exc. 3.5 3.1 2.7

Inflation (%y-y) 2.9 4.5 5.0 Div. Yield (%) 2.0 2.2 2.5

IDR/USD 13,788 14,500 14,000 Net gearing (%) 20.8 18.9 16.3

BI rate (% p.a.) 7.50 6.75 6.25 ROAE (%) 31.7 29.1 29.1

Brent Oil (Usd/bbl) 52.5 30.0 60.0 ROAA (%) 12.2 11.9 12.4

FX reserve (USDb) 105.9 105.0 110.0 ROIC (%) 26.6 26.6 26.6 Source: Bahana estimates Source: Bahana estimates

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

AUD/1USD 0.711 0.707 2.5 8.6

EUR/1USD 1.128 1.129 (3.7) 0.5

IDR/1USD 13,463 13,608 2.4 (5.9)

JPY/1USD 113.340

115.150

6.1 6.3

SGD/1USD 1.391 1.397 2.0 (2.1)

JIBOR (%) 5.40 5.40 (2.2) (0.4)

BI rate (%) 7.25 7.25 (0.3) (0.5)

TD – 1 month (%) 7.02 7.08 (0.1) (0.3)

CDS (bps) 251.49 243.50 46.2 61.4 Source: Bloomberg

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

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POLITICS

Government tells Air Force to evaluate aircraft following fatal crash

The government is ordering the Indonesian Air Force to evaluate its aircraft following the fatal crash of a

Brazilian-made Super Tucano aircraft in Malang, East Java on Wednesday morning that killed three people.

The incident was the second crash of an Air Force aircraft in recent weeks. A T50i Golden Eagle fighter jet

crashed in Dec. 20, 2015 during an acrobatic airshow in Yogyakarta, killing the two pilots on board. (Jakarta

Post)

ECONOMICS

The House: Delay on tax amnesty could cut tax revenue realization

The House, through Chief of Financial Commission, Achmadi Noor Supit, stated that without tax amnesty,

low tax revenue realization could happen again in 2016. Separately, Fiscal Chief, Suahazil Nazara, stated

that he is waiting for the tax amnesty discussion before finalizing the 2016 revised state budget. (Koran

Tempo)

ESDM: Non-tax revenue from mining only achieved 56% of 2015 target

The Energy and Mineral Resources Ministry (ESDM) stated that non-tax revenue from the mining sector only

achieved 56% of total 2015 target of IDR52.2tn. The components of IDR29.6tn non-tax revenue include

fixed fee of IDR5.2tn, royalties IDR14.9tn and mining sales of IDR9.5tn. Coal sector contributed 80% of the

revenue realization while production only achieved 91% of 2015 target. (Investor Daily)

Govt: To revise all negative investment lists

Economic Affairs Minister, Darmin Nasution, stated that the government has already completed discussions

on the negative investment lists with major changes in many sectors which will allow higher foreign

ownership in many sectors. No further details have been provided. (Bisnis Indonesia)

BI: Retail sales up 10.4% y-y in December

BI’s December 2015 retail sales index was up 10.4% y-y (November: 9.7% y-y) supported by vehicle fuel

and household equipment, in line with increasing demand during Christmas and leading up to the new year

holiday. Meanwhile, BI predicts that retail sales in January 2016 would grow at 11.7% y-y due to

improvements in telecommunication and information sectors. (Bank Indonesia)

BOURSE

Mahaka Radio Integra to list today

Mahaka Radio Integra (MARI IJ-NOT RATED), a subsidiary company of Mahaka Media (ABBA IJ-NOT RATED-

IDR50) in radio business, will list 105mn shares (20% of stake) today. Pricing was done at IDR750 per

share translating to a fund raising of IDR78.7bn. Mahaka Radio will be the third company to list in 2016.

(Bahana)

INDUSTRY

ASI: Cement volumes up 4.4% y-y in January 2016

Widodo Santoso, the Chairman of Indonesia Cement Association (ASI), stated that January 2016 domestic

cement volumes increased 4.4% y-y to 5.14mnt (Bahana’s full-year 2016: 3.8% y-y) on the back of high

cement demand in Indonesia’s main islands, which are supported by infrastructure development. Widodo

also stated that the highest growth occurred in Sulawesi (+19% y-y) followed by Sumatra (+15.8% y-y)

and Java (+5.3% y-y). In 2016, ASI sees domestic cement consumption increasing by 4-6% to around

65mnt (Bahana: 62.7mnt) supported by government projects such as the one-million housing program as

well as improved government budget disbursement. In separate news, Semen Baturaja (SMBR IJ-HOLD-

IDR318-TP:IDR300) stated that it booked January 2016 cement sales volumes of 104.6kt or up 15% y-y

(Bahana full-year 2016: 6.5%). (Investor Daily, Bisnis Indonesia)


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Automotive: “IG” to become the cheapest car in Indonesia

Currently, the Indonesian public is waiting for Geely, the Chinese car manufacturer, to market its good-

quality cheap car named Intelligent Geely (IG) in Indonesia. In China, this car was released at a price of

RMB10k or approximately IDR13mn. If IG successfully enters Indonesia in the near future, its price will

certainly be under IDR25mn, according to the President Director of Geely Mobil Indonesia (GMI).

(sindonews.com). Bahana comment: This is a direct threat to the sales of motorcycles and LCGC cars. We

await more info regarding this, but if this news is true, it will be potentially negative for Astra International

(ASII IJ-REDUCE-IDR6,800-TP:IDR5,550) and Indomobil Sukses International (IMAS IJ-HOLD-IDR2,080-

TP:IDR2,000).

Automotive: Japanese motorcycle producers to focus on India market

Four Japanese motorcycle producers - Honda Motor, Yamaha Motor, Suzuki Motor, and Kawasaki - are

planning to focus on the India market due to falling sales in Indonesia. In the fiscal year of April 2015 to

March 2016, the four Japanese motorcycle producers cut their total sales forecast by 10% to 21mn units. In

order to penetrate the India market, Honda just launched a new scooter product and targets 5mn units for

its India annual scooter sales. At the same time, Yamaha plans to expand total number of Indian dealers by

60% to 2.5 outlets in 2018. (beritasatu.com)

Tobacco: nearly 35% of Indonesian smokers choose Phillip Morris brands

Based on market data put forth by Phillip Morris Indonesia, hand-rolled kretek cigarettes lost 1% market

share to machine-rolled kretek cigarattes. Machine-rolled kretek has 75.2% market share, followed by hand-

rolled cigarette with 18.6% and white filter tobacco 6.2%. On Hanjaya Mandala Sampoerna (HMSP IJ-BUY-

IDR107,000-TP115,000), the company has 34.3% cigarette market share in Indonesia through brands

including Sampoerna A, Dji Sam Soe, U Mild and other smaller labels. (idnfinancials.com)

Government to prioritize 30 infrastructure projects worth IDR819tn

The Indonesian government has added 8 new projects to the existing 22 infrastructure projects which were

added to the priority list in 2015. Total investment for those projects is estimated to reach IDR819tn which

would be funded by government and private investors. Additionally, the government would closely monitor

and ensure that the 30 priority projects are completed within the next 4 years. (The Jakarta Post, Bisnis

Indonesia)

Exhibit 1. The government’s 30 priority projects

No Project No Project

1 Balikpapan Toll Road 16 National Capital Integrated Coastal

Development – Phase A

2 Manado-Bitung Toll Road 17 Jakarta Waste Management System

3 Panimbang – Serang Toll Road 18 SPAM – West Semarang

4 Trans Sumatra Toll Road 19 High Voltage Direct Current (HVDC)

5 SHIA Express Train 20 Sumatera Transmission

6 MRT Jakarta-South-North Route 21 Cenetra-West Java Transmission Line 500

KV

7 Makassar-Parepare Railway 22 Central Java Power Plant (CJPP/PLTU

Batang)

8 International Kuala Tanjung Port 23 Indramayu Coal Fired Power Plant

9 International Bitung NCICD Port 24 Sumatra Selatan Mine Mouth Power Plant

10 Karang Kates IV & V (2X50 MW) Hydro

Power Plant 25 Bontang Oil Refinery

11 Kesamben (37 MW) Hydro Power Plant 26 Oil Refinery Revitalization (Balipapan,

Cilacap, Balongan, Dumai, Plaju)

12 Ledoyo (10 MW) Hydro Power Plant 27 Sea Port in Northern Part of West Java

13 Inland Waterways/Cikarang-Bekasi-Laut

(CBL) 28 Tuban Oil Refinery

14 Light Rail Transit (LRT) in South

Sumatera 29 Palapa Ring Broadband

15 Integrated Light Rail Transit (LRT) in

Jakarta, Bogor, Depok, Bekasi 30 East Kalimantan Railway

Source: Jakarata Post


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Plantation: Malaysia production down 19% m-m in January

Based on the MPOB survey, January Malaysia CPO production has reached 1.1mn tons, -19% m-m, the

lowest level since February 2015. Meanwhile, palm oil exports also declined to 1.3mn tons, -14% m-m,

resulting in Malaysian stocks of around 2.3mn tons, -12% from December 2015’s level. (Nasdaq)

Government finalized the e-commerce road map

The government has finalized a national electronic commerce road map in coordination meetings (rakor) led

by the Coordinating Minister for Economic Affairs, Mr Nasution. Three things were discussed in the meeting:

1. The establishment of a road map for national e-commerce (e-commerce road map); 2. The establishment

of the Steering Committee, Executive Team and the Project Management Office (PMO) e-commerce (The

PMO will consist of professionals to oversee and monitor the implementation of e-commerce); and 3. The

drafting of government regulation for e-commerce road map. Broadly speaking, 7 strategic issues were

examined within the roadmap including logistics, funding, consumer protection, communication

infrastructure, taxation, human resource and cyber security. (okezone.com)

CORPORATE

PPRO to issue IDR600bn bonds

PP Properti (PPRO IJ-HOLD-IDR194-TP:IDR180) plans to issue IDR600bn bonds with 3-5 year tenor in June

2016. According to PPRO’s Finance Director and Corporate Secretary, Indaryanto, the fund will be used for

land acquisition, existing projects and debt refinancing. (Bisnis Indonesia)

PGAS plans to build 60 new gas stations by 2019

Perusahaan Gas Negara (PGAS IJ-REDUCE-IDR2,440) plans to build 60 new gas stations by 2019. It will be

located in Jakarta, East Java, West Java, Banten, Batam, Lampung, Riau and North Sumatera. Currently

PGAS has 5 gas stations. Bahana comment: Based on 9M15, PGAS’ Commercial & SME and Households

business segment served around 99,600 customers but only represented 3.1% of the company’s total

volume distribution and 1.9% of total revenues. Thus, we believe this plan is more for national rather than

business interest. (detik.com)

SOE Ministry to appoint independent consultant to review PGAS-Pertagas business synergies

State-owned Enterprise Ministry will appoint independent consultants to review Perusahaan Gas Negara

(PGAS IJ-REDUCE-IDR2,440) and Pertagas business synergies which would become the basis to establish a

gas aggregator, entrusted with responsibility of managing Indonesian gas selling prices going forward.

(Bisnis Indonesia)


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BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 02/10/2016 02/09/2016 CHANGE (%)

Garuda Indonesia GIAA IJ BUY 400 (13.0) 460 429 7.2

Waskita Karya WSKT IJ BUY 1,975 6.5 1,855 1,770 4.8

Erajaya Swasembada ERAA IJ BUY 850 51.8 560 535 4.7

PP Property PPRO IJ HOLD 180 (7.2) 194 186 4.3

Matahari Putra Prima MPPA IJ BUY 2,750 46.7 1,875 1,810 3.6

Hero Supermarket HERO IJ REDUCE 650 (38.7) 1,060 1,030 2.9

Wijaya Karya Beton WTON IJ BUY 1,100 11.1 990 965 2.6

Krakatau Steel KRAS IJ REDUCE 275 (25.5) 369 360 2.5

Indomobil Sukses Internasional IMAS IJ HOLD 2,000 (1.5) 2,030 1,985 2.3

Summarecon Agung SMRA IJ BUY 1,820 19.7 1,520 1,490 2.0

Kawasan Industri Jababeka KIJA IJ BUY 270 15.9 233 229 1.7

Gudang Garam GGRM IJ BUY 65,000 5.7 61,500 60,600 1.5

Gajah Tunggal GJTL IJ BUY 860 75.5 490 483 1.4

Japfa Comfeed Indonesia JPFA IJ BUY 880 13.5 775 765 1.3

Blue Bird BIRD IJ REDUCE 4,700 (21.0) 5,950 5,875 1.3

Salim Ivomas Pratama SIMP IJ HOLD 290 (14.5) 339 335 1.2

Adhi Karya ADHI IJ BUY 2,550 (2.3) 2,610 2,580 1.2

Wijaya Karya WIKA IJ BUY 3,100 15.9 2,675 2,645 1.1

Indofood Sukses Makmur INDF IJ BUY 6,600 (2.6) 6,775 6,700 1.1

Ciputra Property CTRP IJ REDUCE 365 (1.9) 372 368 1.1

Media Nusantara Citra MNCN IJ BUY 2,000 32.9 1,505 1,490 1.0

Puradelta Lestari DMAS IJ BUY 290 39 209 207 1.0

Bank Tabungan Negara BBTN IJ BUY 1,520 7.4 1,415 1,405 0.7

Alam Sutera Realty ASRI IJ REDUCE 300 (9.1) 330 328 0.6

Ace Hardware Indonesia ACES IJ HOLD 875 2.9 850 845 0.6

Bank Negara Indonesia BBNI IJ BUY 5,700 7.0 5,325 5,300 0.5

Semen Indonesia SMGR IJ HOLD 10,600 (1.4) 10,750 10,700 0.5

Pakuwon Jati PWON IJ HOLD 490 7.2 457 455 0.4

Astra International ASII IJ REDUCE 5,550 (18.4) 6,800 6,775 0.4

Semen Baturaja SMBR IJ HOLD 300 (5.7) 318 317 0.3

Indo Tambangraya Megah ITMG IJ REDUCE 5,200 8.3 4,800 4,785 0.3

Telekomunikasi Indonesia TLKM IJ BUY 3,750 10.8 3,385 3,375 0.3

Sido Muncul SIDO IJ HOLD 480 (4.0) 500 499 0.2

Cardig Aero Services CASS IJ HOLD 1,250 0.0 1,250 1,250 0.0

Bank Jawa Timur BJTM IJ REDUCE 420 1.0 416 416 0.0

Holcim Indonesia SMCB IJ REDUCE 925 2.2 905 905 0.0

Electronic City ECII IJ REDUCE 700 0.0 700 700 0.0

Unilever Indonesia UNVR IJ BUY 46,000 12.6 40,850 40,850 0.0

Mitra Keluarga Karyasehat MIKA IJ SELL 1,900 (11.6) 2,150 2,150 0.0

Siloam International Hospitals SILO IJ BUY 14,700 64.2 8,950 8,950 0.0

Aneka Tambang ANTM IJ REDUCE 207 (39.8) 344 344 0.0

Timah TINS IJ REDUCE 411 (24.6) 545 545 0.0

Merdeka Copper Gold MDKA IJ BUY 2,200 15.8 1,900 1,900 0.0

Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (41.2) 1,700 1,700 0.0

Sampoerna Agro SGRO IJ HOLD 1,800 (2.7) 1,850 1,850 0.0

Tunas Baru Lampung TBLA IJ BUY 570 16.1 491 491 0.0

Bumi Serpong Damai BSDE IJ BUY 2,020 16.4 1,735 1,735 0.0

Ciputra Development CTRA IJ BUY 1,400 10.7 1,265 1,265 0.0

Pelayaran Tempuran Emas TMAS IJ BUY 3,000 60.0 1,875 1,875 0.0

Tower Bersama Infrastructure TBIG IJ HOLD 6,500 6.1 6,125 6,125 0.0

Anabatic Technologies ATIC IJ BUY 800 30.1 615 615 0.0

Express Transindo Utama TAXI IJ REDUCE 120 31.9 91 91 0.0

Bank Central Asia BBCA IJ BUY 14,700 10.7 13,275 13,300 (0.2)

Sarana Menara Nusantara TOWR IJ BUY 5,000 13.9 4,390 4,400 (0.2)

Pembangunan Perumahan PTPP IJ BUY 4,300 10.5 3,890 3,900 (0.3)

Tempo Scan Pacific TSPC IJ BUY 2,000 13.6 1,760 1,765 (0.3)

Kalbe Farma KLBF IJ HOLD 1,480 11.7 1,325 1,330 (0.4)

Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,350 12.7 2,085 2,095 (0.5)

Lippo Karawaci LPKR IJ REDUCE 1,130 14.1 990 995 (0.5)

Bank Jawa Barat dan Banten BJBR IJ BUY 1,020 10.9 920 925 (0.5)

Xl Axiata EXCL IJ BUY 4,400 10.7 3,975 4,000 (0.6)

Agung Podomoro Land APLN IJ REDUCE 220 (27.9) 305 307 (0.7)

Medco Energi Internasional MEDC IJ BUY 1,300 88.4 690 695 (0.7)

Indonesian Stock Exchange JCI 4,732 4,769 (0.8)

Sri Rejeki Isman SRIL IJ BUY 500 92.3 260 262 (0.8)

Perusahaan Gas Negara PGAS IJ REDUCE 2,500 2.5 2,440 2,460 (0.8)

Harum Energy HRUM IJ REDUCE 500 (17.4) 605 610 (0.8)

Mitra Adiperkasa MAPI IJ BUY 4,750 32.9 3,575 3,605 (0.8)

Total Bangun Persada TOTL IJ BUY 940 66.4 565 570 (0.9)

Wintermar Offshore Marine WINS IJ HOLD 190 69.6 112 113 (0.9)

Indosat ISAT IJ BUY 6,800 23.1 5,525 5,575 (0.9)

Indocement Tunggal Prakarsa INTP IJ REDUCE 16,400 (14.7) 19,225 19,425 (1.0)

Astra Agro Lestari AALI IJ REDUCE 14,300 (13.5) 16,525 16,700 (1.0)

Bukit Asam PTBA IJ BUY 7,800 77.9 4,385 4,440 (1.2)

Jasa Marga JSMR IJ BUY 6,250 6.4 5,875 5,950 (1.3)

Mayora Indah MYOR IJ BUY 31,000 18.8 26,100 26,475 (1.4)

Vale Indonesia INCO IJ HOLD 1,400 0.7 1,390 1,410 (1.4)

Tiphone Mobile Indonesia TELE IJ BUY 1,180 77.4 665 675 (1.5)

Bekasi Fajar Industrial Estates BEST IJ REDUCE 300 52.3 197 200 (1.5)

Bank Rakyat Indonesia BBRI IJ BUY 13,000 10.4 11,775 11,975 (1.7)

Kimia Farma KAEF IJ BUY 1,350 25.0 1,080 1,100 (1.8)

Malindo Feedmill MAIN IJ BUY 1,700 27.8 1,330 1,355 (1.8)

Soechi Lines SOCI IJ BUY 630 49.3 422 430 (1.9)

Adi Sarana Armada ASSA IJ BUY 130 27.5 102 104 (1.9)

London Sumatra Indonesia LSIP IJ BUY 1,500 2.0 1,470 1,500 (2.0)

Bank Mandiri BMRI IJ BUY 9,700 (1.3) 9,825 10,050 (2.2)

Dharma Satya Nusantara DSNG IJ BUY 535 13.8 470 481 (2.3)

Ramayana Lestari Sentosa RALS IJ REDUCE 640 4.1 615 630 (2.4)

Surya Semesta Internusa SSIA IJ BUY 720 21.0 595 610 (2.5)

Charoen Pokphand Indonesia CPIN IJ BUY 3,500 (4.1) 3,650 3,745 (2.5)

Adaro Energy ADRO IJ BUY 700 21.7 575 590 (2.5)

Nippon Indosari Corpindo ROTI IJ BUY 1,450 8.2 1,340 1,375 (2.5)

Multipolar MLPL IJ BUY 550 170.9 203 209 (2.9)

United Tractors UNTR IJ HOLD 16,000 (3.0) 16,500 17,000 (2.9)

Bank Danamon Indonesia BDMN IJ BUY 3,400 (10.5) 3,800 3,920 (3.1)

Indofood CBP Sukses Makmur ICBP IJ BUY 16,800 9.4 15,350 15,850 (3.2)

Surya Citra Media SCMA IJ HOLD 3,250 16.7 2,785 2,880 (3.3)

AKR Corporindo AKRA IJ BUY 7,000 (11.4) 7,900 8,175 (3.4)

Matahari Department Store LPPF IJ BUY 19,800 17.2 16,900 17,500 (3.4)

J Resources PSAB IJ BUY 1,400 54.7 905 940 (3.7)

HM Sampoerna HMSP IJ BUY 115,000 7.5 107,000 111,175 (3.8)

Lippo Cikarang LPCK IJ BUY 8,300 48.9 5,575 5,825 (4.3)

Bank Bukopin BBKP IJ HOLD 730 39.0 525 550 (4.5) Source: Bloomberg, Bahana estimates

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2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

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 14,508 9.8 59,049 66,614 76,230 1,468 1,969 2,577 1,090 1,724 2,165 na 33.5 19.2 13.3 8.4 6.7 7.3 5.9 5.3 1.1 0.9 0.7 0.2 0.2 0.3 (102.1) (87.7) (77.8) 11.6 14.0 13.8 3.7 4.6 5.0 7.9 8.9 8.8

GIAA IJ* BUY 460 400 25,869 14.9 11,900 9.8 57,368 64,708 74,084 1,050 1,474 2,005 966 1,582 2,005 na 63.8 26.7 12.4 7.6 na 7.7 6.1 5.5 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 1,250 1,250 2,087 56.6 2,609 0.0 1,680 1,905 2,146 418 496 571 124 142 160 12.2 14.6 12.5 21.1 18.4 16.4 5.6 4.8 4.3 5.6 4.6 3.8 1.2 1.4 1.5 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 282,609 248.1 215,860 227,222 247,701 18,472 19,678 21,842 16,030 17,779 20,271 (17.0) 10.9 14.0 17.6 15.9 13.9 13.3 12.7 11.6 2.6 2.4 2.2 2.7 2.8 3.2 50.8 49.6 46.4 16.2 15.8 16.1 6.8 6.8 7.1 11.0 10.9 11.2

ASII IJ REDUCE 6,800 5,550 40,484 49.8 275,288 247.2 184,851 193,520 211,196 17,427 18,498 20,496 16,764 17,591 19,543 (12.6) 4.9 11.1 16.4 15.6 14.1 13.0 12.4 11.3 2.7 2.4 2.2 2.7 2.9 3.2 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 2,030 2,000 2,765 10.5 5,614 0.1 18,176 19,770 21,414 96 149 229 (312) 126 292 na na na na 44.4 19.2 32.9 32.4 30.7 1.0 1.0 1.0 0.0 0.6 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 490 860 3,485 39.8 1,708 0.8 12,833 13,932 15,091 950 1,031 1,117 (422) 62 436 na na na na 27.5 3.9 5.1 4.7 5.7 0.3 0.3 0.3 0.0 0.9 6.4 130.5 129.3 130.3 (7.7) 1.3 8.4 (2.6) 0.4 2.4 (3.6) 0.5 3.4

BANKS N 1,029,798 842.6 266,270 291,640 323,366 99,194 109,580 121,941 80,313 88,704 98,536 0.7 10.4 11.1 12.8 11.6 10.5 na na na 2.5 2.2 1.9 1.8 1.8 1.8 na na na 19.8 18.6 17.8 2.6 2.6 2.6 na na na

BBCA IJ BUY 13,275 14,700 24,655 50.8 327,295 185.4 48,667 52,850 58,014 22,474 24,585 26,964 18,176 19,883 21,806 10.3 9.4 9.7 18.0 16.5 15.0 na na na 3.6 3.1 2.6 1.2 1.3 1.3 na na na 22.0 20.3 19.0 3.1 3.1 3.0 na na na

BBRI IJ BUY 11,775 13,000 24,669 43.2 290,479 288.0 66,953 73,440 81,052 28,314 31,205 34,621 24,426 26,815 29,624 0.8 9.8 10.5 11.9 10.8 9.8 na na na 2.5 2.1 1.8 1.7 1.8 1.8 na na na 22.9 21.2 19.8 2.9 2.9 2.8 na na na

BMRI IJ BUY 9,825 9,700 23,333 40.0 229,250 187.4 62,897 69,286 77,120 26,068 26,665 30,171 20,004 20,330 22,958 0.7 1.6 12.9 11.5 11.3 10.0 na na na 2.0 1.7 1.5 2.0 1.8 1.8 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 BUY 3,800 3,400 9,585 32.5 36,422 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 13.9 12.1 10.5 na na na 1.1 1.0 0.9 2.2 2.3 2.4 na na na 7.8 8.4 9.1 1.3 1.3 1.2 na na na

BTPN IJ REDUCE 2,085 2,350 5,840 50.8 12,177 0.1 8,452 9,489 10,678 2,444 2,665 2,817 1,822 1,987 2,099 (1.7) 9.0 5.7 6.7 6.1 5.8 na na na 0.9 0.8 0.7 2.2 2.4 2.6 na na na 14.3 13.7 12.9 2.3 2.2 2.1 na na na

BBTN IJ BUY 1,415 1,520 10,582 39.9 14,974 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 9.0 7.2 6.2 na na na 1.1 1.0 0.9 2.2 2.4 2.4 na na na 12.9 14.3 14.7 1.0 1.1 1.0 na na na

BJBR IJ BUY 920 1,020 9,696 25.0 8,921 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 7.3 6.5 5.8 na na na 1.2 1.1 1.0 7.6 7.7 7.7 na na na 16.8 17.3 17.6 1.5 1.5 1.5 na na na

BJTM IJ REDUCE 416 420 14,918 20.0 6,206 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 6.6 6.1 5.4 na na na 1.0 0.9 0.8 9.6 9.5 9.8 na na na 15.2 15.6 16.3 2.3 2.2 2.2 na na na

BBKP IJ HOLD 525 730 9,087 40.5 4,770 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 4.5 4.0 3.6 na na na 0.6 0.6 0.5 4.5 5.0 5.5 na na na 14.8 14.8 14.5 1.3 1.2 1.2 na na na

CEMENT UW 144,599 110.1 54,849 56,706 59,100 11,007 11,320 11,840 8,832 9,245 9,667 (25.4) 4.7 4.6 16.4 15.6 15.0 10.2 9.9 9.3 2.6 2.4 2.3 3.7 3.7 3.9 4.4 7.2 5.3 16.6 16.3 16.0 12.8 12.1 11.6 22.2 19.2 18.5

SMGR IJ HOLD 10,750 10,600 5,932 49.0 63,764 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 14.7 14.2 13.5 9.2 9.1 8.3 2.5 2.2 2.0 2.0 2.1 2.2 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 19,225 16,400 3,681 36.0 70,772 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 16.3 16.3 15.5 11.2 10.9 10.3 2.9 2.9 2.8 5.5 5.5 5.8 nc nc nc 17.7 17.9 18.3 15.0 14.7 14.3 28.3 24.4 24.4

SMCB IJ REDUCE 905 925 7,663 19.4 6,935 0.7 9,352 9,619 9,904 287 566 538 (225) 89 129 na na na na 78.1 53.9 12.0 8.8 8.2 0.9 0.9 0.9 0.0 1.0 1.4 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 318 300 9,838 23.8 3,128 2.9 1,479 1,528 1,633 340 325 345 364 300 252 10.9 (17.5) (16.0) 8.6 10.4 12.4 3.9 6.3 8.5 1.0 1.0 0.9 2.9 2.4 2.0 nc nc nc 12.8 9.7 7.6 11.9 9.0 6.1 33.1 13.7 7.1

COAL UW 97,102 125.1 130,282 127,128 131,490 19,416 17,610 15,141 13,545 12,401 10,797 12.1 (8.4) (12.9) 7.2 7.8 9.0 3.2 3.0 2.6 1.2 1.1 1.0 6.2 5.7 5.8 4.9 2.5 0.3 15.9 13.4 11.6 9.3 7.9 7.0 18.9 17.5 16.1

UNTR IJ HOLD 16,500 16,000 3,730 40.5 61,547 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 9.0 9.6 9.6 3.9 3.7 3.4 1.5 1.4 1.3 4.4 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 575 700 31,986 43.0 18,392 18.7 39,074 38,836 38,626 5,712 5,264 3,570 2,982 2,856 1,960 40.9 (1.1) (33.7) 6.2 6.3 9.4 2.9 2.5 2.2 0.4 0.4 0.4 4.9 4.9 3.1 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 4,800 5,200 1,130 34.8 5,424 7.4 23,102 19,323 21,830 2,643 1,351 629 1,546 992 546 (44.9) (35.9) (44.9) 3.5 5.5 9.9 0.4 0.4 0.4 0.4 0.5 0.5 22.8 14.6 13.7 nc nc nc 13.4 8.2 4.6 8.8 5.4 2.9 19.2 12.8 7.5

PTBA IJ BUY 4,385 7,800 2,304 28.7 10,104 34.7 14,428 15,832 15,981 2,661 2,774 2,547 2,170 2,198 1,990 7.7 1.3 (9.4) 4.7 4.6 5.1 3.0 3.0 3.5 1.1 1.0 0.9 11.8 12.0 10.8 nc nc nc 24.4 22.6 18.7 14.0 12.8 10.6 29.6 25.6 19.7

HRUM IJ* REDUCE 605 500 2,704 28.8 1,636 0.5 3,710 3,518 3,518 42 28 (42) 0 (28) (95) (50) (1,000) 289 605.0 (67.2) (17.3) (8.7) (10.7) (19.7) 0.4 0.4 0.4 0.2 0.0 (1.0) 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 120,262 228.3 64,550 85,995 104,429 8,556 11,084 12,947 4,146 5,374 6,099 5.1 24.6 9.0 29.0 22.4 19.7 13.8 11.9 10.7 3.5 3.1 2.8 1.0 1.2 1.4 56.7 75.9 86.2 14.2 14.5 14.6 4.0 4.3 4.2 10.9 10.2 9.6

JSMR IJ BUY 5,875 6,250 6,800 30.0 39,950 36.1 7,592 8,703 9,631 2,870 3,351 3,669 1,278 1,445 1,481 (9.0) 13.1 2.5 31.3 27.6 27.0 13.8 12.8 12.2 3.8 3.4 3.1 1.0 1.1 1.1 120.4 147.1 164.0 12.5 13.0 12.2 3.7 3.7 3.3 5.9 5.5 4.8

WIKA IJ BUY 2,675 3,100 6,149 34.9 16,449 26.7 12,150 14,875 17,597 1,297 1,718 2,050 559 785 957 (9.2) 40.6 21.8 29.4 20.9 17.1 12.0 9.3 7.8 3.7 3.1 2.7 1.0 1.4 1.7 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 3,890 4,300 4,842 45.7 18,837 21.4 14,909 20,378 24,313 1,695 2,223 2,659 704 914 1,066 32.4 29.8 16.6 26.7 20.6 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 1,855 1,975 13,572 34.0 25,177 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 26.1 22.2 21.1 14.8 14.5 14.0 2.8 2.6 2.3 0.7 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 990 1,100 8,715 28.1 8,628 18.0 2,570 4,160 5,824 258 454 620 195 349 475 (45.5) 79.5 36.1 44.4 24.7 18.2 24.4 15.1 11.4 3.9 3.5 3.1 0.7 1.2 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 2,610 2,550 3,561 74.2 9,294 74.6 9,817 14,680 19,059 784 1,155 1,483 395 534 690 0.9 (17.4) 29.2 14.4 17.4 13.5 10.6 9.7 7.1 1.9 1.8 1.6 1.4 1.1 1.5 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 565 940 3,410 33.7 1,927 3.5 2,338 2,618 3,400 218 266 317 197 230 255 20.4 16.7 10.9 9.8 8.4 7.5 5.8 4.8 4.0 2.2 1.9 1.7 5.3 6.1 7.2 nc nc nc 23.3 24.3 24.0 7.6 8.3 8.4 73.8 62.6 53.5

CONSUMER - DISCRE. N 152,877 113.7 76,680 84,783 95,235 8,650 9,998 11,515 6,000 7,422 8,820 (7.1) 25.1 20.3 25.5 20.6 17.3 16.7 14.0 11.8 15.4 9.4 6.9 1.9 2.3 2.7 8.2 6.8 5.4 90.5 51.8 41.4 27.5 26.7 25.1 23.2 25.0 26.5

SCMA IJ HOLD 2,785 3,250 14,622 38.2 40,721 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 26.8 24.3 22.0 19.5 17.6 15.9 12.8 11.2 9.9 2.8 3.1 3.4 nc nc nc 46.1 49.7 48.0 33.1 35.7 35.5 64.4 67.6 70.6

LPPF IJ BUY 16,900 19,800 2,918 79.5 49,313 57.9 9,340 10,872 12,699 2,474 2,868 3,346 1,859 2,219 2,620 31.0 19.3 18.1 26.5 22.2 18.8 17.5 14.5 11.9 33.6 16.7 10.5 1.5 1.8 2.1 nc nc nc 225.8 100.6 68.8 46.7 41.1 35.5 na na na

MNCN IJ BUY 1,505 2,000 14,276 36.4 21,486 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 16.8 13.0 10.8 8.8 8.2 7.4 2.2 2.0 1.8 3.0 3.8 4.6 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 1,875 2,750 5,378 23.7 10,084 12.9 14,286 16,331 18,267 567 738 839 451 587 666 (18.6) 30.3 13.4 22.4 17.2 15.1 10.7 8.4 6.9 3.2 2.9 2.6 1.8 2.3 2.6 nc nc nc 15.1 17.8 18.1 7.3 8.5 8.7 20.6 24.4 24.9

ACES IJ REDUCE 850 650 17,150 40.0 14,578 7.3 4,698 5,086 5,647 648 704 787 559 608 674 1.4 8.9 10.9 26.1 24.0 21.6 19.1 17.1 14.9 5.2 4.4 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 1,060 650 4,184 13.4 4,435 0.0 15,118 16,906 19,439 (215) (113) 72 (29) 57 191 na na na na 77.2 23.3 50.8 22.3 12.0 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 615 640 7,096 40.5 4,364 1.1 7,774 8,038 8,534 218 246 282 311 333 369 (12.3) 6.8 11.1 14.0 13.1 11.8 5.3 4.7 4.1 1.3 1.2 1.1 3.6 3.8 4.2 nc nc nc 9.1 9.3 9.8 6.7 7.0 7.4 18.9 20.4 21.4

MAPI IJ BUY 3,575 4,750 1,660 44.0 6,964 3.2 12,760 14,054 16,027 399 608 778 34 242 380 (53.7) 605.4 57.4 173.2 24.5 15.6 10.6 8.1 6.7 2.0 1.9 1.7 0.0 0.6 1.0 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 700 700 1,334 25.0 934 0.0 1,776 1,917 2,121 (17) 31 67 15 54 82 (88.0) 245.5 52.6 60.3 17.4 11.4 na 12.2 6.2 0.5 0.5 0.5 0.2 0.6 0.9 nc nc nc 0.9 3.0 4.4 0.8 2.7 3.9 1.2 4.0 5.7

CONSUMER - STAPLES OW 1,232,135 424.7 346,896 380,892 424,517 48,566 52,638 59,726 32,189 36,512 41,690 3.1 12.5 14.0 38.3 33.7 29.6 28.6 26.9 23.5 23.5 21.3 19.2 1.8 2.1 2.4 6.3 7.1 6.5 54.8 50.8 52.3 24.5 23.1 24.4 66.1 65.5 64.4

HMSP IJ BUY 107,000 115,000 4,653 7.5 497,841 107.9 88,712 97,119 107,376 14,004 14,253 16,717 10,389 11,161 12,806 (2.3) 6.5 14.5 47.6 44.7 39.0 32.9 32.3 27.7 14.5 14.6 14.6 2.1 2.2 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 40,850 46,000 7,630 15.0 311,686 62.9 36,115 40,257 45,540 7,976 8,943 10,108 5,885 6,612 7,489 2.5 12.4 13.3 53.0 47.1 41.6 37.8 34.1 30.2 63.5 55.0 47.6 1.8 2.0 2.3 (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 61,500 65,000 1,924 23.5 118,331 58.0 69,029 73,916 81,379 8,963 9,718 10,751 5,445 5,950 6,674 1.4 9.3 12.2 21.7 19.9 17.7 12.4 11.4 10.4 3.2 2.9 2.7 1.4 2.1 2.4 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 1,325 1,480 46,875 43.3 62,110 69.2 17,786 19,300 20,943 2,549 2,812 3,080 1,949 2,167 2,400 (5.6) 11.2 10.7 31.9 28.7 25.9 19.8 17.3 15.7 6.0 5.3 4.8 1.6 1.7 1.9 nc nc nc 19.7 19.7 19.6 15.0 15.1 15.1 24.0 24.6 25.0

INDF IJ BUY 6,775 6,600 8,780 49.9 59,487 48.2 64,352 70,849 78,078 6,801 7,610 8,547 2,084 3,454 4,196 (46.4) 65.7 21.5 28.5 17.2 14.2 8.0 6.8 6.0 2.3 2.1 1.9 1.7 2.8 3.4 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 15,350 16,800 5,831 19.5 89,505 28.2 32,115 35,481 39,775 3,936 4,507 5,071 3,082 3,543 4,039 18.4 15.0 14.0 29.0 25.3 22.2 19.4 17.1 15.1 5.7 5.0 4.5 1.5 1.7 2.0 nc nc nc 20.6 21.1 21.4 11.7 12.1 12.4 28.6 27.9 26.7

MYOR IJ BUY 26,100 31,000 894 66.9 23,342 0.6 14,886 16,395 18,557 1,697 1,773 1,917 1,161 1,122 1,218 187.6 (3.4) 8.6 20.1 20.8 19.2 11.9 11.2 10.2 4.6 3.9 3.4 1.0 1.0 1.0 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 1,760 2,000 4,500 21.9 7,920 0.3 8,220 9,160 10,888 640 713 785 575 622 672 (0.7) 8.1 7.8 13.8 12.7 11.8 8.1 7.3 6.5 1.8 1.7 1.4 3.3 3.5 3.8 nc nc nc 13.4 13.4 13.1 9.7 9.8 9.6 21.2 19.8 18.3

SIDO IJ HOLD 500 480 15,000 19.0 7,500 2.3 2,268 2,424 2,719 495 530 598 424 455 517 1.4 7.1 13.3 17.9 16.7 14.7 11.3 10.3 8.9 2.5 2.2 2.0 1.1 1.3 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 1,340 1,450 5,062 29.3 6,783 1.7 2,189 2,693 3,343 389 458 575 265 322 416 40.3 21.6 29.2 25.6 21.1 16.3 13.7 11.6 9.6 5.9 4.8 4.0 1.0 1.2 1.5 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 1,080 1,350 5,554 10.0 5,998 4.8 5,070 5,754 6,599 342 422 524 279 327 367 19.1 17.1 12.1 21.5 18.3 16.4 16.9 14.1 14.4 3.0 2.7 2.4 1.2 1.4 1.6 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 2,150 1,900 14,551 18.0 31,284 0.0 2,038 2,301 2,645 560 622 704 558 636 699 4.3 10.3 9.3 55.1 50.0 45.7 45.7 41.8 37.3 9.9 9.7 9.1 1.6 1.5 1.5 nc nc nc 23.3 20.4 21.0 19.7 17.5 18.0 65.2 61.2 54.8

SILO IJ BUY 8,950 14,700 1,156 29.2 10,347 40.5 4,116 5,242 6,675 215 276 350 94 142 197 49.7 63.0 28.8 110.5 67.8 52.6 17.6 13.8 10.6 6.0 5.6 5.1 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 23,468 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 6.6 5.8 4.9 6.0 5.4 4.6 1.1 1.0 0.8 2.9 3.4 3.8 15.9 16.0 14.6 18.8 18.1 17.7 13.3 13.2 13.1 20.3 19.4 18.6

DMAS IJ BUY 209 290 48,198 10.0 10,073 2.1 2,175 1,375 1,711 1,859 1,520 1,705 1,799 57.7 12.2 5.5 6.6 5.9 5.6 6.3 5.0 4.4 1.4 1.2 1.0 4.5 5.1 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 233 270 20,662 68.9 4,814 11.8 2,810 3,031 3,291 756 851 952 283 431 600 (31.1) 52.6 39.1 17.0 11.2 8.0 8.5 7.6 6.7 1.1 1.0 0.9 1.8 2.7 3.7 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 197 300 9,647 41.8 1,901 10.5 681 563 743 411 321 444 225 159 326 (42.5) (29.3) 104.9 8.5 12.0 5.8 6.3 9.5 7.3 0.6 0.6 0.5 1.6 1.3 2.0 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 595 720 4,705 68.6 2,800 14.2 5,282 6,065 6,939 845 937 1,095 579 618 716 39.4 6.8 15.9 4.8 4.5 3.9 3.2 2.9 2.6 0.9 0.8 0.7 4.1 4.4 5.1 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 5,575 8,300 696 57.8 3,880 6.1 1,828 2,183 2,589 900 1,063 1,284 970 1,152 1,334 15.0 18.7 15.8 4.0 3.4 2.9 3.9 3.3 2.7 1.1 0.8 0.6 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 13,851 37.5 49,489 96,347 39,757 (1,061) 70 2,047 (2,367) (1,640) (1,198) na na na na na na 3.3 3.2 2.9 0.7 0.6 0.6 2.7 0.8 0.9 87.7 88.1 33.0 0.8 3.5 3.7 (0.3) 0.9 1.6 (0.4) 1.5 2.6

KRAS IJ* REDUCE 369 275 15,775 20.0 5,821 1.4 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 0.3 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 615 800 1,875 1.5 1,153 0.0 2,626 2,964 3,375 178 217 263 60 110 146 (12.7) 65.0 32.1 17.3 10.5 7.9 6.8 5.8 4.9 1.5 1.5 1.3 1.7 1.3 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 260 500 18,593 43.9 4,834 34.0 8,388 9,520 11,073 1,596 1,812 2,156 696 930 1,176 25.6 32.3 0.0 6.6 5.0 5.0 5.6 4.7 3.9 1.2 0.9 0.9 1.6 2.1 2.1 138.1 104.2 80.9 20.1 20.8 21.8 6.9 7.8 9.0 8.4 9.5 11.4

MLPL IJ BUY 203 550 10,065 68.0 2,043 2.1 19,134 22,097 25,298 (280) (324) (373) (75) (43) (7) na na na na na na 5.3 7.5 8.0 0.3 0.3 0.3 14.0 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 15,429 4.9 7,845 22,802 15,612 1,621 1,802 1,918 902 958 982 0.6 6.3 2.4 17.1 16.1 15.7 8.5 7.9 7.6 3.6 3.2 2.8 2.3 2.4 2.5 48.1 54.5 61.3 21.6 19.7 17.8 11.4 10.9 9.5 15.9 13.7 11.8

BIRD IJ REDUCE 5,950 4,700 2,502 15.0 14,887 0.8 5,552 6,250 6,988 1,197 1,298 1,354 840 870 877 (0.0) 3.6 0.7 17.7 17.1 17.0 8.7 8.1 7.7 3.7 3.3 2.9 2.3 2.3 2.4 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 91 120 2,146 49.0 195 4.0 953 1,009 1,074 200 238 255 6 19 22 (95.0) 228.6 14.9 33.4 10.2 8.8 4.1 3.8 3.8 0.2 0.2 0.2 0.5 1.8 2.0 197.5 214.0 239.7 0.7 2.2 2.4 0.2 0.6 0.6 0.2 0.7 0.7

ASSA IJ BUY 102 130 3,398 37.4 347 0.1 1,340 1,552 1,779 224 266 308 55 69 83 29.0 24.0 20.5 6.3 5.0 4.2 3.7 3.7 3.5 0.4 0.4 0.3 4.8 5.9 7.2 186.8 206.4 214.4 6.4 7.6 8.6 2.1 2.4 2.6 2.3 2.5 2.8

METALS N 37,709 98.4 31,900 29,826 32,767 2,684 4,061 6,925 897 1,942 4,149 (60.1) 116.5 113.7 42.0 19.4 9.1 9.7 7.1 5.0 0.6 0.6 0.6 1.9 3.0 3.1 28.3 26.5 24.4 2.8 4.6 7.6 1.5 2.9 5.0 1.7 3.2 4.9

INCO IJ* HOLD 1,390 1,400 9,936 20.5 13,812 11.9 10,486 10,920 12,230 1,442 2,100 2,891 980 1,498 2,117 (53.6) 59.2 36.6 14.2 8.9 6.5 3.8 2.9 2.3 0.6 0.5 0.5 4.2 6.8 6.5 nc nc nc 4.2 6.0 8.1 3.1 4.7 6.6 4.5 6.4 8.9

ANTM IJ REDUCE 344 207 24,031 74.2 8,267 43.3 11,890 13,290 14,812 (8) 281 826 (449) (172) 228 (76.5) (63.2) (237.9) na na na 20.1 13.7 8.0 0.5 0.5 0.5 0.0 0.0 0.6 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 545 411 7,448 35.0 4,059 2.0 5,632 5,616 5,725 60 28 29 16 14 (31) (97.9) (13.2) (319.9) 260.2 299.7 (136.3) 13.6 12.2 11.3 0.8 0.8 0.8 0.2 0.2 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 905 1,400 5,292 7.4 4,789 1.2 3,892 4,788 5,628 1,274 1,792 2,717 448 812 1,597 59.8 83.6 96.3 12.4 6.8 3.4 5.2 3.7 2.2 1.0 0.8 0.8 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 1,900 2,200 3,570 36.2 6,782 40.0 0 0 868 (84) (140) 462 (98) (210) 238 58.3 na na na na na na na na 3.8 4.3 3.8 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 92,646 141.2 66,063 74,087 84,807 9,896 12,465 14,902 6,507 7,732 9,248 (34.2) 18.8 19.6 14.2 12.0 10.0 11.0 8.7 7.8 2.6 2.3 2.0 3.5 4.1 4.8 16.5 16.9 12.0 15.0 15.5 15.8 6.5 7.2 7.7 10.9 11.2 11.9

PGAS IJ* REDUCE 2,440 2,500 24,242 43.0 59,149 71.4 40,166 41,538 46,380 8,302 8,134 9,606 5,821 6,060 7,419 (42.5) 4.1 22.4 10.9 10.5 8.6 6.3 5.9 4.8 1.3 1.3 1.2 5.0 5.2 6.4 nc nc nc 14.1 12.5 14.3 6.6 6.4 7.6 10.7 9.1 10.8

AKRA IJ BUY 7,900 7,000 3,949 40.1 31,197 68.1 19,344 23,231 27,077 1,345 2,043 2,014 1,047 1,495 1,535 28.1 42.8 2.7 29.7 20.8 20.3 20.2 14.2 13.8 5.1 4.3 3.7 1.4 1.9 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 690 1,300 3,332 49.0 2,299 1.7 6,553 9,318 11,351 249 2,288 3,282 (361) 177 295 (391.9) (150.9) 0.0 NA 12.5 12.5 8.5 4.3 4.0 0.2 0.2 0.2 (6.3) 3.2 3.1 108.5 124.5 156.0 (3.0) 1.4 2.2 (1.0) 0.4 0.7 (1.4) 0.6 0.9

PLANTATIONS N 58,185 50.1 39,836 41,373 43,698 5,264 5,814 6,469 2,051 2,656 3,824 (65.3) 29.5 43.9 28.4 21.9 15.2 11.5 10.5 8.6 1.8 1.7 1.6 1.5 1.9 2.6 52.4 58.3 56.6 5.4 7.2 9.7 3.2 3.9 5.2 4.2 4.9 6.3

AALI IJ REDUCE 16,525 14,300 1,575 20.3 26,023 22.7 13,566 13,873 15,215 1,569 1,804 2,087 638 978 1,645 (74.5) 53.4 68.3 40.8 26.6 15.8 13.2 12.0 10.7 2.3 2.2 2.0 1.1 1.7 2.8 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 339 290 15,816 21.6 5,362 1.3 13,243 13,632 13,840 1,470 1,534 1,484 235 267 380 (72.1) 13.8 42.3 22.9 20.1 14.1 4.5 4.5 4.5 0.4 0.4 0.4 1.3 1.5 2.1 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 1,470 1,500 6,823 40.4 10,030 23.8 3,988 4,117 4,384 622 659 726 548 573 617 (40.2) 4.6 7.6 18.3 17.5 16.2 10.7 10.1 9.4 1.4 1.3 1.2 2.2 2.3 2.5 nc nc nc 7.5 7.6 7.8 6.2 6.3 6.5 8.9 8.6 8.6

DSNG IJ BUY 470 535 10,599 34.1 4,981 0.3 4,366 4,783 4,941 431 536 592 171 247 306 (73.7) 44.2 24.0 29.1 20.2 16.3 14.8 12.9 12.1 2.1 1.9 1.8 0.9 1.2 1.5 132.3 136.0 134.1 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 1,850 1,800 1,890 33.0 3,497 1.7 2,928 3,105 3,255 441 504 568 252 282 316 (25.8) 11.8 11.8 13.9 12.4 11.1 7.8 7.2 6.6 1.1 1.1 1.0 3.6 4.0 4.5 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 491 570 5,342 45.6 2,623 0.1 5,251 5,237 6,526 557 562 745 189 227 427 (59.8) 20.3 88.0 13.9 11.5 6.1 7.0 6.9 5.7 1.0 1.0 0.8 1.4 1.7 3.3 147.0 148.6 138.7 7.6 8.6 14.6 2.5 2.8 4.8 3.3 3.5 6.0

POULTRY N 71,092 33.0 68,492 77,643 87,631 4,809 6,368 7,750 2,434 3,697 4,953 22.0 51.9 34.0 29.2 19.2 14.4 15.7 12.7 10.3 4.4 3.7 3.1 0.7 1.0 1.4 53.2 48.4 39.3 14.9 19.6 22.0 7.8 10.8 12.8 9.9 13.8 16.2

CPIN IJ BUY 3,650 3,500 16,398 44.5 59,853 26.4 32,909 38,526 44,678 3,416 4,268 5,341 1,885 2,810 3,746 7.9 49.1 33.3 31.7 21.3 16.0 16.7 13.7 10.9 4.9 4.1 3.4 0.8 0.9 1.3 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 775 880 10,661 42.5 8,262 4.9 30,705 33,937 37,146 1,198 1,742 1,953 519 653 901 na na na na 12.6 9.2 9.1 7.0 6.4 1.5 1.4 1.2 0.0 1.4 1.9 138.9 133.8 121.6 10.1 11.6 14.3 3.3 3.9 5.1 4.3 4.9 6.3

MAIN IJ BUY 1,330 1,700 2,239 58.7 2,978 1.7 4,878 5,181 5,807 195 357 456 29 234 306 na 553.5 31.0 83.3 12.8 9.7 13.0 8.6 7.2 2.1 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 137,360 270.4 46,269 51,109 54,838 15,769 17,253 18,587 9,724 11,183 12,448 (30.8) 15.0 11.3 14.1 12.3 11.0 10.3 9.4 8.7 2.1 1.8 1.6 1.2 1.4 1.6 40.4 42.9 39.9 15.5 15.3 14.9 6.1 6.1 6.0 11.7 11.1 10.8

BSDE IJ BUY 1,735 2,020 19,247 35.4 33,393 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 14.5 12.4 11.0 11.8 10.3 9.4 1.9 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 990 1,130 23,078 94.7 22,847 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 18.4 12.3 11.2 11.9 9.9 9.6 1.4 1.3 1.2 1.4 2.0 2.2 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 457 490 48,160 47.8 22,009 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 13.9 12.3 10.4 8.9 8.2 7.3 2.9 2.4 2.0 1.0 1.0 1.2 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 1,520 1,820 14,427 67.7 21,929 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 17.4 16.2 15.1 11.7 11.1 10.3 2.9 2.5 2.2 1.2 1.3 1.4 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 1,265 1,400 15,331 69.5 19,393 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 15.1 14.1 12.8 8.9 8.3 7.6 2.3 2.0 1.8 1.1 1.1 1.3 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 330 300 19,649 48.5 6,484 38.8 3,107 3,039 3,061 1,770 1,674 1,649 774 877 954 (29.5) 13.2 8.8 8.4 7.4 6.8 6.9 7.6 7.9 1.0 0.9 0.8 2.4 3.0 3.5 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 305 220 20,501 27.1 6,253 3.3 5,594 5,769 5,934 1,349 1,351 1,415 609 649 660 (28.8) 6.7 1.7 10.3 9.6 9.5 5.6 6.3 6.1 0.9 0.8 0.8 1.9 2.1 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 372 365 6,256 44.7 2,327 1.8 2,360 1,917 2,162 643 513 576 412 295 338 2.8 (28.4) 14.5 5.6 7.9 6.9 7.3 9.7 9.1 0.5 0.5 0.5 5.3 3.8 4.4 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 194 180 14,044 35.0 2,725 17.4 1,489 1,671 1,852 363 412 462 262 281 337 60.4 7.5 19.7 10.4 9.7 8.1 8.5 8.5 7.2 1.3 1.1 1.0 2.9 3.1 3.7 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 5,684 8.8 3,198 3,523 3,911 455 815 996 312 516 709 (38.1) 65.1 37.4 18.2 11.0 8.0 34.0 26.7 24.9 1.5 1.1 0.9 3.9 4.9 6.2 78.8 63.3 48.6 24.5 24.6 29.7 9.0 11.3 16.1 13.5 9.2 9.9

SOCI IJ BUY 422 630 7,059 15.0 3,092 8.4 134 163 170 42 56 59 38 45 45 (20.4) 21.6 (4.1) 5.6 4.6 4.8 58.0 46.0 43.3 0.8 0.7 0.6 4.7 5.4 6.3 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 1,875 3,000 1,141 13.5 2,139 0.2 1,700 1,810 2,056 378 520 659 332 425 571 63.7 28.2 34.3 6.4 5.0 3.7 5.3 4.0 3.0 2.8 2.0 1.4 3.9 5.0 6.7 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 112 190 4,038 42.3 452 0.1 1,364 1,551 1,685 34 240 278 (58) 46 93 (118.9) (182.5) 96.4 (7.8) 9.5 4.8 5.5 3.2 2.4 0.2 0.2 0.2 (1.9) 1.6 3.1 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 485,713 226.8 198,093 223,225 246,852 42,543 48,548 55,773 17,097 23,051 28,654 17.6 34.8 24.3 28.4 21.1 17.0 9.9 8.8 7.8 4.9 4.2 3.7 2.2 2.6 3.0 76.6 53.2 37.4 18.7 21.4 22.7 8.0 8.9 10.0 15.2 17.1 19.5

TLKM IJ BUY 3,385 3,750 100,800 48.8 341,208 189.7 102,143 113,031 124,788 32,141 36,256 41,388 15,778 17,773 20,468 7.8 12.6 15.2 21.6 19.2 16.7 9.6 8.6 7.3 4.6 4.1 3.7 3.0 3.4 3.9 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 3,975 4,400 8,541 33.6 33,952 8.9 22,754 23,798 25,507 1,186 1,393 1,691 (128) 351 1,024 na na na na na na 6.9 6.1 5.6 2.4 2.4 2.3 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 6,125 6,500 4,797 47.8 29,379 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 27.8 22.8 18.4 16.6 15.2 16.2 10.1 7.3 5.5 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 4,390 5,000 10,203 67.3 44,791 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 45.4 28.2 21.0 13.8 12.2 10.6 8.0 6.3 4.9 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 5,525 6,800 5,434 20.7 30,022 3.6 26,249 28,395 30,758 2,953 3,799 4,637 (1,187) 1,334 2,545 40.3 20.0 46.4 NA 22.5 11.8 4.2 3.5 2.8 2.4 2.1 1.7 0.0 1.3 2.5 138.9 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 665 1,180 7,123 23.0 4,737 9.0 20,524 29,578 34,851 758 905 1,074 382 462 592 25.2 21.0 28.3 12.3 10.1 7.9 8.9 8.5 9.5 1.7 1.5 1.3 2.0 2.5 3.2 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 560 850 2,900 39.7 1,624 4.7 18,569 19,777 21,403 375 412 466 210 252 299 (0.6) 19.8 18.7 7.7 6.5 5.4 6.3 5.7 4.9 0.5 0.5 0.5 5.2 6.2 7.4 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 4,001,176 2,981 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 19.7 17.1 15.0 13.7 12.6 11.1 9.7 8.6 7.7 2.0 2.2 2.5 20.8 18.9 16.3 31.7 29.1 29.1 12.2 11.9 12.4 26.6 26.6 26.6

Note: *USD reporting

OW: Overweight, N: Neutral, UW: Underweight

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


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

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 -


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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


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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


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Actual and upcoming IPOs, 2013-2015

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2013 total 16,735

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2014 total 9,016

54 Airasia Indonesia Airlines 1,800 20.0

55 Andira Agro Plantations 56 Asia Mangan Group Mining 458 55.0

57 Bank DKI Banking

58 Bank Kesejahteraan Ekonomi Banking

59 Bank Muamalat Banking

60 Bank Sumatera Utara Banking 800

61 Bank Syariah Mandiri Banking 62 Daya Mitra Telekomunikasi Telecommunication 49.0

63 Daya Mandiri Resources Indonesia Coal mining

64 GMF Aero Asia Target Aero services

65 Indoprima Gemilang Auto-parts

66 Infomedia Nusantara Services

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

69 Krakatau Wijatama Steel manufacture

70 Pacific Agro Sentosa Plantations 1,000

71 Pegadaian Indonesia Finance

72 Pelita Cengkareng Paper Packaging manufacture

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

75 Pertamina Hulu Energi Oil-related

76 Pertamina Gas Gas distribution

77 Pertamina Geothermal Energy Electricity

78 PLN Batam Electricity

79 Pos Indonesia Logistics 80 Pos Logistik Logistics

81 Puradelta Lestari Property 2,760

82 Semen Batam Cement

83 Siba Surya Logistics 500

84 Sriboga Raturaya Restaurant 500

2015 total 7,818

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


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Head Office Surabaya Branch

Graha Niaga, 19th Floor Wisma BII, Ground Floor

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

Jakarta 12190 Surabaya 60271

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

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

Research: +62 21 250 5081

+62 21 250 5508 (Domestic Institutional)

Harry [email protected]

Senior Associate DirectorHead of Corporate Strategy & Research

Consumer, Strategy

ext 3600direct: +62 21 250 5735

Teguh Hartanto

[email protected] Director

Deputy Head of Research

Banks, Cement, Aviationext 3610

Leonardo Henry Gavaza, [email protected]

Senior Research ManagerAuto, Heavy equipment, Telco

ext 3608

Bob [email protected]

Research AnalystCement, Infratructure,Toll roads

ext 3605

Agustinus Reza Kirana

[email protected] Analyst

Plantations, Shipping, Transportationext 3616

Arandi [email protected]

Research AnalystCoal, Metals, Oil & Gas

ext 3619

Made Ayu Wijayati

[email protected] Executive

ext 3607

Bagus Adi Yoga Prawira

[email protected] AnalystConsumer, Media

ext 3604

Zefanya Halim

[email protected] Manager

ext 3612

Novianty Permata Sari

[email protected]

ext 3618

Ashish Agrawal

[email protected] President

Institutional Equity Salesext 2550 / 2553

Reynard Poernawan

[email protected] Equity Sales

ext 2528

John M. Dasaad


ext 2549

Yohanes Adhi Handoko

[email protected], Surabaya Branch

ext 7250

Suwardi Widjaja


ext 2548

Amelia Husada

[email protected] President

Institutional Equity Salesext 2552

Nurul Farida


ext 2547

+62 31 535 2788 (Surabaya Branch)

Fakhrul [email protected]

Economistext 3602

Melvin Mikha Reminov

[email protected] Associate

ext 3621

Sanni Satrio Dwi Utomo


Industrial Estate, Propertyext 3611

Natalia [email protected] of Sales &

Client Relationship Management ext 2500

Sarah Jessica Hutapea


ext 3693

Nyoman Widita Prabawa


ext 3623

Renaldy Effendy


Consumer, Healthcareext 3606

Gilang Purnama


ext 3601

Adriana Kosasih

[email protected] Executive

ext 2541

Hanna Marionda

[email protected] Trader

ext 2525

Ari Santosa

[email protected] Trader

ext 2554

Bram Taarea


ext 2524

Jozabad Jonathan


Poultryext 3620

Muhammad Wafi


ext 3609

Inca [email protected]

Senior Equity Institutional Salesext 2545

http://www.bahana.co.id/


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

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

recommendations or views contained in this Research Report.

http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf%20and%20http:/www.pse.com.ph/

http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf%20and%20http:/www.pse.com.ph/

http://www.uk.daiwacm.com/about-us/corporate-governance-regulatory







2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

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.



http://www.moodys.co.jp/


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

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

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