equity house fmcg sector research call best domestic 7 · pdf file5+#/10'; 5 2013 best...

Asiamoney’s

2013

Best Domestic

Equity House

7 May 2015

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

in making their investment decision.

2014Finance Asia's

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Best DomesticEquity House

Alpha Southeast Asia

2014 Best Research Call FMCG Sector

Beacon Indonesia Morning Brief

IDX: 5,185 (+0.5%) Turnover: IDR4.8tn (-2.6%)

Foreign net SELL: IDR827bn (From net BUY: IDR454.9bn)

RESULTS FLASH XL Axiata (EXCL IJ): Strategy risk Analyst: Leonardo Henry Gavaza, CFA New strategy poses significant risk Strong data growth might not offset declining voice and SMS Outlook: Losing ground

Vale Indonesia (INCO IJ): 1Q15 results: Way above expectations Analyst: Arandi Nugraha

Retain earnings; Biggest beneficiary of nickel price recovery Production volumes -15% q-q, maintain target of 80,000mt Recommendation: Maintain BUY with unchanged IDR4k TP To see the full version of this report, please click here

TODAY’S NEWS POLITICS Chairmen of the coalition parties, including PDI-P leaders met with

Jokowi KPK to recruit military investigator ECONOMICS Government to spur growth;2015 capex absorption of the budget to

reach 90% BOURSE PP Properti IPO priced at IDR185/share

INDUSTRY Government considering removing luxury taxes on certain goods,

including property Government cancels plan to raise tax revenue from shipping Public Works Ministry completes restructuring Deregulation of 1m housing-program project to be done in 2 months OJK authorized new BBNI and BBRI Directors

India’s April coal imports down 6% m-m to 18m mt New chief at Oil and Gas Ministry IEA: Investment in upstream oil production down 20% y-y in 2015 EIA petroleum status report CORPORATE KAEF in search of new partner in Malaysia

BSDE to require up to IDR20-25tn in construction capex

INDICES

Asia Last Chg% ytd % y-y %

Hang Seng (HK) 27,640.9 (0.4) 17.1 25.8

IDX (Indonesia) 5,185.0 0.5 (0.8) 7.2

KLCI (Mal.) 1,821.0 (0.4) 3.4 (2.1)

KOSPI (Korea) 2,104.6 (1.3) 9.9 7.4

Nikkei (Japan) 19,531.6 0.1 11.9 35.1

PCOMP (Phil.) 7,873.6 (0.6) 8.9 16.4

SENSEX (India) 26,764.6 (2.5) (2.7) 18.9

SET (Thailand) 1,517.3 (0.6) 1.3 7.2

SHCOMP (China) 4,229.3 (1.6) 30.7 108.5

SHENZHEN (China) 2,206.7 (0.5) 55.9 111.3

STI (Singapore) 3,459.3 (0.3) 2.8 6.6

TWSE (Taiwan) 9,818.2 (0.0) 5.5 10.2

VNI (Vietnam) 549.3 (0.6) 0.7 (1.0)

Europe, USA and Ems

CAC 40 (France) 4,981.6 0.2 16.6 12.0

DAX (Germany) 11,350.2 0.2 15.8 19.2

Dow Jones (USA) 17,842.0 (0.5) 0.1 8.0

FTSE 100 (UK) 6,933.7 0.1 5.6 2.0

IBOV (Brazil) 57,103.1 (1.6) 14.2 5.6

MEXBOL (Mexico) 44,853.3 (0.5) 4.0 7.3

NGSEINDX (Nigeria) 34,427.0 (0.5) (0.7) (10.8)

Nasdaq (USA) 4,919.6 (0.4) 3.9 20.9

RTSI (Russia) 1,066.2 (0.6) 34.8 (13.2)

S&P 500 (USA) 2,080.2 (0.4) 1.0 10.8

XU100 (Turkey) 82,441.4 (1.1) (3.8) 10.0 Source: Bloomberg

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

EIDO US (USD) 25.4 0.3 (7.3) (7.9)

TLK US (IDR) 2,758 0.3 (5.9) 4.3

Aluminum (USD/mtn) 1,921.0 (2.9) 3.7 7.7

Coal (USD/t) 59.7 (0.6) (4.3) (18.8)

Corn (USD/mtn) 138.0 1.0 (3.6) (30.6)

Coffee (USD/t) 2,850.8 0.0 (12.6) (26.7)

Copper (USD/t) 6,400.5 (0.1) 0.7 (4.3)

Cotton (USD/t) 1,452.0 (1.3) 9.3 (29.9)

CPO (MYR/t) 2,148.5 3.2 (6.5) (18.8)

Gold (USD/oz.) 1,190.2 (0.4) 0.5 (7.7)

Iron ore (USD/mtn) 58.5 1.2 (15.6) (42.8)

Milk (USD/cwt) 16.9 1.4 7.2 (5.2)

Nickel (USD/t) 14,415.0 2.0 (3.5) (25.7)

Oil Brent (USD/barrel) 67.8 0.4 18.2 (36.7)

Oil WTI (USD/barrel) 60.4 (0.6) 13.3 (40.1)

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

Rubber (USD/t) 1,556.0 (0.2) 2.7 (6.5)

Silver (USD/oz) 16.5 (0.5) 5.1 (14.5)

Soybean oil (USD/t) 725.8 (0.4) 3.0 (19.9)

Steel (USD/t) 407.7 0.2 (15.3) (25.9)

Sugar (USD/t) 379.7 (0.6) (5.9) (21.5)

Tins (USD/t) 16,020.0 0.1 (17.8) (31.1)

Wheat (USD/t) 176.1 2.7 (19.8) (36.8) Source: Bloomberg

ECONOMIC INDICATORS MARKET DATA

14A 15F 16F

14A 15F 16F

Cur acc bal (%GDP) (3.0) (2.3) (2.5) Op.prof.gwt.(%) 10.9 10.5 11.7

Fiscal bal (%GDP) (2.3) (2.2) (2.2) EPS growth (%) 12.4 10.2 9.4

GDP growth (%y-y) 5.0 5.0 5.3 P/E (x) 21.8 21.0 17.5

Private spending (%) 5.1 5.1 5.2 PEG (x) 1.8 2.0 1.9

Investment (%y-y) 4.1 7.4 10.2 EV/EBITDA (x) 11.8 9.5 8.7

Total exports (%y-y) 1.0 0.8 1.3 P/BV (x) 13.5 8.7 7.5

Total imports (%y-y) 2.2 0.5 2.2 P/BV exc. 3.5 3.1 2.7

Inflation (%y-y) 8.4 4.3 5.1 Div. Yield (%) 2.2 2.3 2.5

IDR/USD 12,385 13,000 13,150 Net gearing (%) 19.5 18.0 14.7

BI rate (% p.a.) 7.75 7.25 7.25 ROAE (%) 30.2 33.2 30.5

Brent Oil (Usd/bbl) 57.3 65.0 75.0 ROAA (%) 11.2 11.6 11.6

FX reserve (USDb) 111.9 114.0 120.5 ROIC (%) 23.4 27.0 29.8 Source: Bahana estimates, Source: Bahana estimates

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

AUD/USD 0.795 0.793 2.7 14.7

EUR/USD 1.134 1.118 6.3 18.5

IDR/USD 13,035 13,048 (5.2) (13.2)

JPY/USD 119.380

119.940

0.3 (17.2)

SGD/USD 1.324 1.332 0.1 (6.0)

JIBOR (%) 5.68 5.70 (0.2) (0.2)

BI rate (%) 7.50 7.50 (0.3) 0.0

TD – 1 month (%) 7.32 7.23 0.2 0.5

CDS (bps) 162.72 163.31 1.5 (2.5) Source: Bloomberg

http://asiaresearch.daiwacm.com/eg/cgi-bin/files/20150506id_ValeIndonesia.pdf#page=1

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POLITICS

Chairmen of the coalition parties, including PDI-P leaders met with Jokowi

According to the chairman of the party of justice and the unity of Indonesia, Sutiyoso, all coalition parties’

chairmen supporting the government have met with the president to discuss the cabinet reshuffle. In the

meeting, the chairmen agreed and asked the president to conduct a cabinet reshuffle. Additionally, leaders

of 33 provincial executive board of PDI-P arrived at the State Palace on Wednesday and met with Jokowi

amid growing speculation that the President might reshuffle his Cabinet in the near future. (Tempo, Jakarta

Post)

KPK to recruit military investigator

Corruption Eradication Commission (KPK) plans to recruit Indonesian military officials (TNI) as investigators.

Nevertheless, TNI officers are currently only permitted to assume certain civilian posts, such as with the

Ministry of Defense, the Search and Rescue Agency (Basarnas) and the State Intelligence Agency (BIN).

(Jakarta Globe)

ECONOMICS

Government to spur growth;2015 capex absorption of the budget to reach 90%

The Government is optimistic that the absorption of capital expenditure budget revenue and expenditure

changes in 2015 will be around 90% of the ceiling, even though the new realization would just begin in May.

According to economic minister, Sofyan Djalil, the government will seek to accelerate economic growth in

the next quarters by accelerating the absorption of the construction budget, which would increase

investment realization. He also stated that President Jokowi paid specific attention to the Public Works and

Public Housing Ministry, which is responsible for most government infrastructure projects, as it had been

ordered to cut bureaucratic red tape and quickly finalize project tenders. (Indonesia Finance Today, Jakarta

Post)

BOURSE

PP Properti IPO priced at IDR185/share

PP Properti’s IPO price has been set at IDR185/share, reflecting 8.6x 2015F PE, based on our estimate. This

is at the bottom end of its initial IPO price range of IDR185-320/share. The company will raise IDR908.8bn

and the listing will take place on 19 May 2015. (Bahana)

INDUSTRY

Government considering removing luxury taxes on certain goods, including property

In a bid to boost economic growth, the government is considering removing luxury taxes on certain types of

high-end goods, including property, according to Sofyan Djalil, Minister of Coordinating Economic Affairs.

However, specific details have not been disclosed. (Kontan) Bahana comment: It is as yet unclear which

property segment may experience luxury tax removal. If confirmed, this would provide positive sentiment

for the property sector.

Government cancels plan to raise tax revenue from shipping

The government has revoked its plan to increase tax revenue from the shipping sector as this policy is

against President Jokowi’s maritime program. In separate news, Indonesia National Shipowners Association

is pushing the government to consider the recent increment on non-tax incomes as these expenses burden

shipping companies. (Inilah.com, Investor Daily). Bahana comment: This should increase positive

sentiment on shipping companies within our coverage like Soechi Lines (SOCI IJ-BUY-IDR570-IDR800) and

Wintermar Offshore Marine (WINS IJ-HOLD-IDR436).


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Public Works Ministry completes restructuring

Following the appointment of several important posts within his ministry, Basuki Hadimoeljono, the Minister

of Public Works and Public Housing, has finally completed ministerial restructuring and can now fully focus

on disbursing the massive 2015 budget. Among important posts which were appointed on Monday are:

Mudjiadi as the Director General of Water Resources, Hediyanto Husaini as the new Director General of Bina

Marga and Andreas Suhono as the new Director General of Cipta Karya. (beritasatu.com). Bahana

comment: Going forward, we expect tenders award acceleration as most of multi-years and big projects are

still waiting to be signed, pending the completion of this Public Works Ministry restructuring.

Deregulation of 1m housing-program project to be done in 2 months The Minister of Public Works and Public Housing, Syarief Burhanuddin, stated that the government aims to

finish the deregulation (10 regulations) regarding the 1m housing-program project within 2 months. This

includes the value-added tax (PPN) which will be imposed on houses of at least IDR250-300mn (previously

IDR140mn). (Bisnis Indonesia)

OJK authorized new BBNI and BBRI Directors

The Financial Services Authority (OJK) stated that Bank Rakyat Indonesia (BBRI IJ-BUY-IDR11,750-

TP:IDR14,200) and Bank Negara Indonesia (BBNI IJ-BUY-IDR6,550-TP:IDR7,700) directors have passed fit

and proper tests, including Asmawi Syam from BBRI and Achmad Baiquni from BBNI as President Director

and Sunarso from BBRI and Suprajarto from BBNI as Vice President Director. (Bisnis Indonesia)

India’s April coal imports down 6% m-m to 18m mt

In April, India, through 25 major ports, imported around 18m mt of coal, down 6% m-m, comprised of

14.5m mt steam coal, which were down 5% m-m and 3.5m mt of coking coal, that were down 10% m-m.

The coal was mainly imported from Australia, Indonesia, South Africa and the US. (Platts)

New chief at Oil and Gas Ministry

The Energy and Mineral Resources Minister, Sudirman Said, announced on Tuesday that I Gusti Nyoman

Wiratmaja, currently acting Director General at the Ministry’s Oil and Gas office, would be appointed

permanently as the Oil and Gas Ministry’s Director General. (The Jakarta Post)

IEA: Investment in upstream oil production down 20% y-y in 2015

International Energy Agency’s chief economist states that global investment in upstream oil production this

year is down around USD100bn, almost 20% y-y. The biggest portion of this is in the US, Canada and

Brazil. In its latest monthly oil report, IEA raised its forecast for global oil-demand growth in 2015 by

90,000b/d, due to a steady improving global economic landscape. IEA also lowered US oil production growth

in 2015 by 50,000b/d to 710,000b/d this year. (Platts)

EIA petroleum status report

Based on Energy Information Administration (EIA) report, for the first time since the beginning of this year, weekly oil inventories fell 3.9m barrels on 1 May 2015 to 487m barrels. (Bloomberg)

CORPORATE

KAEF in search of new partner in Malaysia

Kimia Farma (KAEF IJ-BUY-IDR1,215-TP:IDR1,600) plans to open two pharmacies in Malaysia with its

current partner Averroes Pharmaceutical. However, with the search of a new partner, KAEF is expected to

open more pharmacies in Malaysia this year. In 2H15, KAEF targets to open 100 clinics and pharmacies

using capex of IDR590bn. (Bisnis Indonesia)

BSDE to require up to IDR20-25tn in construction capex

Bumi Serpong Damai (BSDE IJ-REDUCE-IDR1,905-TP:IDR1,890) estimates requiring up to IDR20-25tn

construction capex over the next 5 years as it ramps up its ex-Java mixed-use developments. (Bisnis

Indonesia, Investor Daily)


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BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily)

COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)

Potential (%) 5/6/2015 5/5/2015 CHANGE (%)

Electronic City ECII IJ REDUCE 1,040 (21.8) 1,330 1,130 17.7

Wintermar Offshore Marine WINS IJ HOLD 700 60.6 436 380 14.7

Vale Indonesia INCO IJ BUY 4,000 29.0 3,100 2,760 12.3

Wijaya Karya Beton WTON IJ REDUCE 920 (16.4) 1,100 1,000 10.0

Japfa Comfeed Indonesia JPFA IJ BUY 725 22.9 590 550 7.3

Soechi Lines SOCI IJ BUY 800 40.4 570 535 6.5

Timah TINS IJ REDUCE 780 (4.9) 820 770 6.5

Nippon Indosari Corpindo ROTI IJ BUY 1,750 49.6 1,170 1,110 5.4

Waskita Karya WSKT IJ HOLD 1,900 7.0 1,775 1,690 5.0

AKR Corporindo AKRA IJ REDUCE 3,700 (29.9) 5,275 5,025 5.0

Bw Plantation BWPT IJ REDUCE 230 (12.2) 262 250 4.8

Aneka Tambang ANTM IJ REDUCE 720 (11.1) 810 775 4.5

Adhi Karya ADHI IJ BUY 3,900 39.3 2,800 2,685 4.3

London Sumatra Indonesia LSIP IJ REDUCE 1,400 (4.1) 1,460 1,405 3.9

Tempo Scan Pacific TSPC IJ BUY 3,325 57.6 2,110 2,035 3.7

Ace Hardware Indonesia ACES IJ REDUCE 690 0.7 685 665 3.0

Adi Sarana Armada ASSA IJ REDUCE 150 4.2 144 140 2.9

Astra Agro Lestari AALI IJ REDUCE 17,500 (16.6) 20,975 20,400 2.8

Wijaya Karya WIKA IJ REDUCE 2,500 (15.8) 2,970 2,890 2.8

Pembangunan Perumahan PTPP IJ BUY 4,500 14.9 3,915 3,810 2.8

Salim Ivomas Pratama SIMP IJ REDUCE 600 (7.0) 645 630 2.4

Alam Sutera Realty ASRI IJ REDUCE 560 (15.8) 665 650 2.3

Unilever Indonesia UNVR IJ BUY 48,500 7.4 45,175 44,175 2.3

Perusahaan Gas Negara PGAS IJ HOLD 5,800 45.0 4,000 3,915 2.2

Sri Rejeki Isman SRIL IJ BUY 350 15.5 303 297 2.0

Sampoerna Agro SGRO IJ REDUCE 1,650 (10.3) 1,840 1,805 1.9

Bank Mandiri BMRI IJ BUY 12,800 12.3 11,400 11,225 1.6

Ciputra Property CTRP IJ REDUCE 700 0.7 695 685 1.5

Kawasan Industri Jababeka KIJA IJ BUY 450 59.0 283 280 1.1

Astra International ASII IJ REDUCE 6,600 (10.2) 7,350 7,275 1.0

Pakuwon Jati PWON IJ REDUCE 425 (1.2) 430 426 0.9

Bank Tabungan Negara BBTN IJ BUY 1,250 12.1 1,115 1,105 0.9

Indosat ISAT IJ BUY 5,150 31.2 3,925 3,895 0.8

Bank Negara Indonesia BBNI IJ BUY 7,700 17.6 6,550 6,500 0.8

Semen Indonesia SMGR IJ HOLD 15,000 14.5 13,100 13,000 0.8

Telekomunikasi Indonesia TLKM IJ BUY 3,350 20.9 2,770 2,750 0.7

Bank Bukopin BBKP IJ HOLD 700 (0.7) 705 700 0.7

Krakatau Steel KRAS IJ REDUCE 350 3.9 337 335 0.6

Adaro Energy ADRO IJ REDUCE 900 2.9 875 870 0.6

Indonesian Stock Exchange JCI 5,185 5,160 0.5

Mitra Adiperkasa MAPI IJ BUY 6,250 15.7 5,400 5,375 0.5

Bank Rakyat Indonesia BBRI IJ BUY 14,200 20.9 11,750 11,700 0.4

Cardig Aero Services CASS IJ HOLD 1,150 (4.6) 1,205 1,200 0.4

Lippo Cikarang LPCK IJ BUY 14,000 21.7 11,500 11,475 0.2

Bank Jawa Timur BJTM IJ HOLD 520 10.4 471 470 0.2

Surya Citra Media SCMA IJ REDUCE 2,650 (16.5) 3,175 3,170 0.2

Bank Danamon Indonesia BDMN IJ HOLD 4,500 12.2 4,010 4,010 0.0

Bank Tabungan Pensiunan Nasional BTPN IJ HOLD 4,200 5.0 4,000 4,000 0.0

Bank Jawa Barat dan Banten BJBR IJ BUY 1,020 17.2 870 870 0.0

Total Bangun Persada TOTL IJ BUY 1,100 23.6 890 890 0.0

Hero Supermarket HERO IJ REDUCE 570 (70.8) 1,955 1,955 0.0

Ramayana Lestari Sentosa RALS IJ REDUCE 720 (7.1) 775 775 0.0

Supra Boga Lestari RANC IJ REDUCE 230 (35.8) 358 358 0.0

J Resources PSAB IJ BUY 1,400 104.4 685 685 0.0

Austindo Nusantara Jaya ANJT IJ REDUCE 1,025 2.5 1,000 1,000 0.0

Tunas Baru Lampung TBLA IJ HOLD 600 7.1 560 560 0.0

Ciputra Development CTRA IJ REDUCE 1,400 0.4 1,395 1,395 0.0

Tiphone Mobile Indonesia TELE IJ BUY 1,060 11.6 950 950 0.0

Mayora Indah MYOR IJ BUY 32,500 25.6 25,875 25,900 (0.1)

Kalbe Farma KLBF IJ BUY 2,000 9.9 1,820 1,825 (0.3)

United Tractors UNTR IJ REDUCE 17,500 (17.6) 21,225 21,300 (0.4)

Indofood CBP Sukses Makmur ICBP IJ BUY 18,200 33.1 13,675 13,725 (0.4)

Sarana Menara Nusantara TOWR IJ BUY 5,100 29.1 3,950 3,965 (0.4)

Jasa Marga JSMR IJ BUY 7,500 19.0 6,300 6,325 (0.4)

Media Nusantara Citra MNCN IJ REDUCE 2,190 (5.0) 2,305 2,315 (0.4)

Surya Semesta Internusa SSIA IJ HOLD 1,040 (8.4) 1,135 1,140 (0.4)

Express Transindo Utama TAXI IJ REDUCE 820 (24.1) 1,080 1,085 (0.5)

Agung Podomoro Land APLN IJ REDUCE 380 (6.9) 408 410 (0.5)

Charoen Pokphand Indonesia CPIN IJ BUY 4,000 39.6 2,865 2,880 (0.5)

Bukit Asam PTBA IJ HOLD 10,400 11.2 9,350 9,400 (0.5)

Erajaya Swasembada ERAA IJ HOLD 940 16.8 805 810 (0.6)

Semen Baturaja SMBR IJ REDUCE 350 10.4 317 319 (0.6)

Multipolar MLPL IJ BUY 1,400 77.2 790 795 (0.6)

Gudang Garam GGRM IJ BUY 55,000 14.2 48,175 48,500 (0.7)

Matahari Department Store LPPF IJ BUY 17,500 2.9 17,000 17,125 (0.7)

Sido Muncul SIDO IJ HOLD 700 44.0 486 490 (0.8)

Summarecon Agung SMRA IJ REDUCE 1,600 (11.4) 1,805 1,820 (0.8)

Medco Energi Internasional MEDC IJ REDUCE 2,800 (7.0) 3,010 3,040 (1.0)

Malindo Feedmill MAIN IJ BUY 2,000 39.4 1,435 1,450 (1.0)

Bank Central Asia BBCA IJ BUY 15,500 13.1 13,700 13,850 (1.1)

Indofood Sukses Makmur INDF IJ BUY 8,300 22.1 6,800 6,875 (1.1)

Xl Axiata EXCL IJ BUY 5,000 20.5 4,150 4,200 (1.2)

Indomobil Sukses Internasional IMAS IJ REDUCE 2,500 (39.7) 4,145 4,195 (1.2)

Harum Energy HRUM IJ REDUCE 950 (19.8) 1,185 1,200 (1.3)

Holcim Indonesia SMCB IJ REDUCE 1,430 (5.6) 1,515 1,535 (1.3)

Lippo Karawaci LPKR IJ REDUCE 1,000 (22.8) 1,295 1,315 (1.5)

Bumi Serpong Damai BSDE IJ REDUCE 1,890 (0.8) 1,905 1,935 (1.6)

Kimia Farma KAEF IJ BUY 1,750 44.0 1,215 1,235 (1.6)

Indo Tambangraya Megah ITMG IJ REDUCE 14,000 5.9 13,225 13,450 (1.7) Indocement Tunggal Prakarsa INTP IJ REDUCE 22,000 (0.1) 22,025 22,400 (1.7)

Garuda Indonesia GIAA IJ BUY 620 6.9 580 590 (1.7)

Gajah Tunggal GJTL IJ HOLD 1,270 22.7 1,035 1,055 (1.9)

Blue Bird BIRD IJ REDUCE 8,700 8.7 8,000 8,200 (2.4)

Bekasi Fajar Industrial Estates BEST IJ BUY 890 61.8 550 570 (3.5)

Bumi Resources BUMI IJ REDUCE 120 48.1 81 84 (3.6)

Matahari Putra Prima MPPA IJ HOLD 4,150 6.3 3,905 4,085 (4.4)

Source: Bloomberg, Bahana estimates

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Source: Bloomberg, Bahana estimates

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

AVIATION N 17,519 6 50,191 58,110 (4,127) 3,480 (4,497) 1,247 (170.6) (196.6) (6.0) 17.9 0.6 1.0 2.0 1.9 0.2 0.2 75.5 86.2 (26.8) 12.4 (8.9) 4.0 14.4 (87.1)

GIAA IJ* BUY 580 620 25,869 13.5 15,004 6 48,723 56,401 (4,472) 3,093 (4,607) 1,123 na na (10.9) 17.5 (0.2) 0.2 1.3 1.2 0.0 0.0 88.1 100.6 (36.8) 9.4 (12.3) 2.7 8.8 (108.9)

CASS IJ HOLD 1,205 1,150 2,087 56.6 2,515 0 1,469 1,709 345 387 110 124 0.6 12.4 22.8 20.3 5.8 5.6 6.8 5.6 1.5 1.7 nc nc 32.8 30.2 11.6 11.9 47.9 42.7

AUTOMOTIVE UW 312,623 275 234,230 238,321 21,541 22,394 19,303 21,367 1.2 8.2 15.8 15.9 13.6 12.7 3.0 2.7 2.8 3.0 57.9 52.6 20.3 19.6 8.1 8.1 15.1 13.3

ASII IJ REDUCE 7,350 6,600 40,484 49.8 297,554 264 201,701 203,018 20,163 20,502 19,181 20,738 (1.2) 8.1 15.5 14.3 12.6 12.3 3.1 2.8 2.9 3.1 51.4 44.6 21.4 20.4 8.5 8.5 15.7 14.0

IMAS IJ REDUCE 4,145 2,500 2,765 10.5 11,462 1 19,458 20,715 224 561 (147) 196 na na 23.0 58.6 43.4 24.6 2.0 1.9 (0.3) 0.4 216.5 248.6 (2.6) 3.4 (0.6) 0.8 3.2 (0.8)

GJTL IJ HOLD 1,035 1,270 3,485 40.3 3,607 10 13,071 14,588 1,154 1,330 270 434 124.2 60.6 13.4 8.3 5.1 4.6 0.6 0.6 1.9 3.0 86.3 96.2 4.6 7.4 1.7 2.7 1.3 2.6

BANKS N 1,111,232 967 243,469 273,696 99,545 112,799 79,911 91,496 10.8 12.7 14.8 13.1 na na 3.1 2.6 1.9 2.0 na na 22.6 21.4 2.9 2.9 na na

BBCA IJ BUY 13,700 15,500 24,655 50.8 337,774 166 44,047 49,165 20,505 22,857 16,486 18,483 15.7 12.1 20.5 18.3 na na 4.3 3.7 1.1 1.2 na na 23.3 21.7 3.1 3.2 na na

BBRI IJ BUY 11,750 14,200 24,669 43.2 289,863 314 60,789 68,497 28,364 31,862 24,242 27,229 13.6 12.3 12.0 10.6 na na 3.0 2.5 2.5 1.9 na na 27.4 25.3 3.4 3.2 na na

BMRI IJ BUY 11,400 12,800 23,333 40.0 266,000 232 56,941 64,261 25,978 28,822 20,029 22,382 10.0 11.8 13.3 11.9 na na 2.6 2.2 1.9 2.1 na na 21.1 20.2 2.5 2.5 na na

BBNI IJ BUY 6,550 7,700 18,649 39.8 122,149 153 35,246 39,793 12,967 14,489 10,783 12,095 19.1 12.2 11.3 10.1 na na 2.1 1.8 2.2 2.2 na na 20.6 19.7 2.7 2.7 na na

BDMN IJ HOLD 4,010 4,500 9,585 32.4 38,434 14 19,452 20,903 4,063 4,143 2,604 2,944 (35.6) 13.1 14.8 13.1 na na 1.2 1.1 2.0 3.8 na na 8.1 8.7 1.4 1.4 na na

BTPN IJ HOLD 4,000 4,200 5,840 32.3 23,361 1 7,804 9,408 2,535 3,738 1,869 2,979 (13.0) 60.8 12.6 7.8 na na 2.0 1.6 0.0 1.9 na na 17.2 22.4 2.6 3.7 na na

BBTN IJ BUY 1,115 1,250 10,568 38.9 11,783 62 6,406 7,058 1,546 2,073 1,116 1,557 (28.6) 39.5 10.6 7.6 na na 1.0 0.9 1.9 3.6 na na 9.4 12.1 0.8 1.0 na na

BJBR IJ BUY 870 1,020 9,696 25.0 8,436 15 5,969 7,132 1,291 2,282 1,120 1,894 (18.9) 69.7 7.6 4.5 na na 1.2 1.0 8.2 14.0 na na 16.3 24.8 1.5 2.3 na na

BJTM IJ HOLD 471 520 14,918 25.7 7,026 7 3,254 3,696 1,351 1,523 939 1,101 13.9 17.3 7.5 6.4 na na 1.2 1.1 8.9 9.9 na na 16.0 17.5 2.6 2.7 na na

BBKP IJ HOLD 705 700 9,087 40.4 6,406 4 3,560 3,784 944 1,010 724 830 (30.8) 14.6 8.8 7.7 na na 0.9 0.9 4.4 2.6 na na 11.1 11.7 1.0 1.0 na na

CEMENT UW 173,510 212 58,727 63,354 14,360 16,030 11,833 12,860 2.1 8.8 14.8 13.5 9.0 8.7 3.1 2.7 2.4 2.2 3.9 3.0 22.2 14.6 17.0 16.0 38.0 149.6

SMGR IJ HOLD 13,100 15,000 5,932 49.0 77,703 124.5 26,987 28,557 6,954 7,302 5,566 5,974 4.0 7.3 14.0 13.0 9.4 8.7 3.2 2.8 2.9 2.3 nc nc 24.8 21.8 17.1 15.4 27.2 25.1

INTP IJ REDUCE 22,025 22,000 3,681 302.6 81,079 79.4 19,996.3 22,509.3 5,853.9 6,934.8 5,270.9 5,776.5 5.0 9.6 15.4 14.0 8.9 9.0 3.3 2.8 2.0 2.1 nc nc 22.2 8.7 19.0 18.5 51.6 293.4

SMCB IJ REDUCE 1,515 1,430 7,663 19.4 11,609 5.7 10,529 10,992 1,316 1,540 668 788 (29.8) 18.0 17.4 14.7 8.1 7.1 1.3 1.2 2.3 2.0 58.9 57.5 7.6 8.7 4.2 4.4 8.8 5.2

SMBR IJ REDUCE 317 350 9,838 23.8 3,119 2.5 1,215 1,296 236 254 328 321 (5.2) (2.2) 9.5 9.7 3.4 5.2 1.1 1.0 2.6 1.5 nc (47.4) 12.7 11.3 11.6 10.5 62.6 52.6

0.0442

COAL & MINING CONTRACTING UW 149,817 190 185,953 188,290 24,173 25,241 10,565 14,111 7.4 11.4 12.6 11.3 5.1 2.3 1.8 1.7 4.3 4.4 7.8 5.3 15.4 15.8 9.0 9.3 21.6 19.1

UNTR IJ REDUCE 21,225 17,500 3,730 40.4 79,172 60 53,142 50,923 8,866 8,134 5,369 6,553 11.1 22.0 14.7 12.1 5.0 na 2.2 1.9 2.7 3.3 nc na 15.4 16.9 9.1 10.6 15.6 17.8

ADRO IJ* REDUCE 875 900 31,986 41.0 27,988 55 41,186 39,306 6,116 5,024 2,210 2,411 (23.5) 11.8 13.2 11.8 4.1 4.0 0.9 0.8 2.9 2.4 41.6 28.5 6.5 6.8 2.7 3.0 5.9 4.4

ITMG IJ* REDUCE 13,225 14,000 1,130 34.9 14,943 26 25,382 24,760 3,381 2,832 5,561 5,562 (2.8) (16.4) 6.1 7.3 2.2 2.6 1.4 1.4 15.4 13.6 nc nc 22.4 19.3 15.1 12.8 44.4 35.5

PTBA IJ HOLD 9,350 10,400 2,304 29.3 21,544 26 13,078 14,059 2,310 2,257 2,016 1,886 10.4 (6.5) 10.7 11.4 8.0 7.8 2.5 2.4 4.7 5.1 nc nc 25.2 21.6 15.2 12.6 53.7 36.9

HRUM IJ* REDUCE 1,185 950 2,704 29.3 3,204 2 5,747 5,817 260 254 260 229 (36.5) (13.0) 12.9 14.8 4.5 4.6 1.5 1.4 6.8 3.9 nc nc 8.5 9.9 5.3 5.5 29.5 20.1

BUMI IJ* REDUCE 81 120 36,627 62.3 2,967 20 47,419 53,425 3,240 6,740 (4,852) (2,530) (9.5) (49.2) (0.4) (0.8) 6.1 4.0 (0.2) (0.1) 0.0 0.0 na na nm 20.5 (5.7) (2.9) (26.9) (21.5)

CONS. & TOLL ROADS N 114,993 372 56,469 65,768 7,622 8,859 3,869 4,278 23.2 8.7 31.9 30.0 14.9 13.5 5.3 4.6 1.1 1.0 40.6 56.4 18.6 17.7 4.9 4.6 24.0 17.2

JSMR IJ BUY 6,300 7,500 6,800 30.0 42,840 43 7,254 8,053 2,777 3,084 1,403 1,462 36.7 4.1 30.5 29.3 14.7 13.6 4.3 4.0 1.1 1.0 101.3 111.8 14.9 14.1 4.7 4.2 6.4 7.5

WIKA IJ REDUCE 2,970 2,500 6,149 34.9 18,263 64 12,463 12,678 1,401 1,421 615 559 8.0 (9.1) 29.6 32.6 12.0 11.7 4.6 4.0 1.0 0.9 18.3 30.0 17.7 13.1 4.3 3.4 20.5 15.5

PTPP IJ BUY 3,915 4,500 4,842 49.0 18,958 55 12,427 15,687 1,328 1,668 532 748 26.4 40.8 35.6 25.3 12.8 11.8 7.9 6.4 0.8 1.2 nc nc 24.3 27.9 3.9 4.6 27.1 30.1

WSKT IJ HOLD 1,775 1,900 9,728 25.9 17,266 88 10,287 14,281 875 1,244 502 665 7.1 10.8 43.4 39.1 20.4 15.5 7.1 6.5 0.6 0.8 nc 83.4 19.2 21.4 4.7 4.7 15.9 13.9

WTON IJ REDUCE 1,100 920 8,715 27.8 9,587 28 3,277 2,903 409 345 329 286 13.4 (19.8) 26.9 33.5 18.5 20.5 4.4 4.2 1.0 0.9 nc nc 23.1 12.8 9.8 7.7 46.6 26.3

ADHI IJ BUY 2,800 3,900 1,801 49.0 5,044 88 8,654 9,744 655 877 324 364 (20.3) 12.3 15.6 13.9 10.3 8.4 2.9 2.4 1.0 1.1 nc nc 19.7 19.1 3.2 3.4 32.7 14.4

TOTL IJ BUY 890 1,100 3,410 33.7 3,035 5 2,106 2,422 177 220 164 194 (15.7) 18.4 18.5 15.7 13.3 9.0 3.8 na 3.9 2.2 nc (96.1) 21.1 22.5 7.0 7.3 234.1 77.3

CONSUMER - DISCRETIONARY N 200,245 408 98,385 132,185 9,636 11,429 8,817 8,506 7.9 27.8 38.7 30.0 17.1 16.8 75.0 14.5 2.0 2.2 9.3 5.4 20.0 86.1 24.7 24.9 28.1 23.5

SCMA IJ REDUCE 3,175 2,650 14,622 33.2 46,424 42 4,056 4,450 1,917 2,083 1,454 1,611 13.6 10.8 31.9 28.8 23.0 20.5 13.3 11.0 1.6 1.9 nc nc 47.0 42.2 33.3 31.4 77.1 71.8

LPPF IJ BUY 17,000 17,500 2,918 65.3 49,605 69 7,926 9,503 2,111 2,547 1,419 1,905 23.4 34.2 35.0 26.0 21.2 17.3 279.3 40.3 1.7 2.3 nc nc na 270.5 44.7 49.1 na na

MNCN IJ REDUCE 2,305 2,190 14,276 33.3 32,906 41 7,109 7,660 2,733 2,775 1,801 1,808 5.9 0.8 18.1 18.0 11.7 11.6 3.8 3.3 2.5 2.5 nc nc 22.8 20.1 16.7 14.9 23.2 22.5

MPPA IJ HOLD 3,905 4,150 5,378 19.0 21,001 157 13,590 16,160 647 794 554 655 24.5 18.2 37.9 32.1 22.3 18.4 7.4 6.5 1.1 1.2 nc nc 18.0 21.5 8.9 10.4 13.3

ACES IJ REDUCE 685 690 17,150 40.0 11,748 15 4,604 5,184 587 619 519 547 1.9 5.5 22.6 21.5 16.9 15.8 5.0 4.3 0.9 1.5 nc nc 24.6 21.9 19.1 17.3 32.4 26.4

HERO IJ REDUCE 1,955 570 4,184 16.5 8,179 0 13,564 15,298 (196) (110) 44 62 (93.9) 40.9 186.9 132.6 43.4 42.6 1.5 1.5 0.0 0.0 nc nc 0.8 1.1 0.5 0.7 20.5 0.9

RALS IJ REDUCE 775 720 7,096 40.5 5,499 12 7,942 8,870 294 371 355 390 (6.7) (3.7) 13.6 14.1 10.2 6.7 1.6 1.5 4.0 3.9 nc nc 10.8 11.2 7.9 8.1 23.7 15.2

MAPI IJ BUY 5,400 6,250 1,660 44.0 8,964 9 11,822 13,562 525 748 74 415 (77.4) 460.0 121.0 21.6 12.2 8.2 3.5 3.1 0.0 0.0 114.6 38.2 3.0 15.3 0.9 4.6 7.8 1.4

MLPL IJ BUY 790 1,400 10,065 68.0 7,951 19 17,074 20,730 (268) 85 1,895 165 9.7 (90.1) 4.8 48.3 (43.2) 7.6 1.1 1.1 2.7 0.3 nc nc 19.7 1.9 9.2 0.8 19.5 15.2

SRIL IJ BUY 303 350 18,593 43.9 5,634 41 6,869 7,567 1,176 1,317 554 642 65.0 12.9 9.6 8.5 7.2 6.4 1.9 1.5 12.8 14.9 143.5 124.8 21.5 20.9 7.9 7.6 7.7 9.6

RANC IJ REDUCE 358 230 1,564 27.3 560 0 1,603 20,730 11 85 19 165 (46.7) 6.4 30.0 28.2 9.4 13.9 1.4 1.3 0.0 0.0 19.1 35.2 4.7 4.8 2.5 2.2 10.2 4.3

ECII IJ REDUCE 1,330 1,040 1,334 25.0 1,775 2 2,227 2,472 99 116 129 143 (41.8) 10.6 13.7 12.4 9.7 9.7 1.0 0.9 1.3 1.5 (23.0) (15.4) 7.5 7.8 6.4 7.0 35.0 11.0

CONSUMER - STAPLES OW 714,733 697,377 240,972 262,980 31,525 146,104 21,487 24,560 12.7 10.3 43.6 35.8 30.4 25.0 38.8 30.8 1.8 2.0 18.1 11.7 72.1 75.1 25.6 28.0 63.4 65.1

UNVR IJ BUY 45,175 48,500 7,630 15.0 344,685 57 34,512 38,457 7,779 9,532 5,739 7,054 7.2 22.9 60.1 48.9 43.6 35.1 75.0 59.2 1.6 1.9 8.5 (7.4) 129.6 135.3 41.5 46.2 109.8 115.2

GGRM IJ BUY 48,175 55,000 1,924 23.5 92,693 56 65,186 67,334 8,525 8,068 5,369 4,945 24.0 (7.9) 17.3 18.7 10.9 11.4 2.8 2.6 2.5 2.3 50.0 56.0 17.2 14.4 9.9 8.1 11.7 11.9

KLBF IJ BUY 1,820 2,000 46,875 43.3 85,313 74 17,369 19,301 2,761 3,279 2,065 2,459 7.6 19.1 41.3 34.7 27.1 23.1 9.1 7.9 1.2 1.3 nc nc 23.6 24.4 17.4 18.5 30.3 26.6

INDF IJ BUY 6,800 8,300 8,780 49.9 59,707 91 63,594 70,444 6,874 7,958 3,886 4,356 55.2 12.1 15.4 13.7 7.8 7.5 2.3 2.1 3.3 3.8 49.6 67.5 15.7 16.3 4.7 4.8 8.3 10.3

ICBP IJ BUY 13,675 18,200 5,831 19.5 79,738 41 30,022 33,279 3,063 3,796 2,604 3,124 17.0 20.0 30.6 25.5 24.7 20.1 5.7 5.0 1.4 1.7 nc nc 19.5 20.9 11.3 11.6 26.5 26.4

MYOR IJ BUY 25,875 32,500 894 66.9 23,141 2 14,169 15,765 891 1,521 404 833 (59.5) 106.3 57.3 27.8 20.7 13.3 5.6 4.8 0.9 0.7 90.8 65.5 10.3 19.2 4.0 7.5 18.9 6.1

TSPC IJ BUY 2,110 3,325 4,500 22.6 9,495 3 7,512 8,271 636 847 579 786 6.4 16.3 14.1 12.1 9.5 7.8 2.2 2.0 3.6 4.1 nc nc 14.6 17.8 10.4 13.0 31.9 24.8

SIDO IJ HOLD 486 700 15,000 19.0 7,290 3 2,198 2,485 438 494 415 437 (8.8) 6.7 17.8 16.7 14.2 11.9 4.0 3.3 7.1 1.1 nc nc 15.8 18.1 16.3 19.5 32.9 24.7

ROTI IJ BUY 1,170 1,750 5,062 29.3 5,922 4 1,889 2,395 271 385 193 284 21.8 47.7 30.8 20.8 18.0 12.9 6.4 5.2 0.8 1.2 57.6 32.7 22.4 27.4 10.1 13.5 13.9 13.7

KAEF IJ BUY 1,215 1,750 5,554 10.0 6,748 3 4,521 5,249 286 363 235 283 9.4 20.8 28.8 23.8 21.2 17.0 3.8 3.3 0.7 0.8 nc nc 13.7 14.8 8.6 8.9 17.9 16.5

INDUSTRIAL ESTATES N 24,377 36 9,895 10,583 2,808 3,119 2,051 2,413 0.0 3.7 12.2 10.3 9.4 8.3 2.1 1.7 1.2 1.0 10.6 22.3 21.3 19.6 11.9 11.6 35.0 22.5

KIJA IJ BUY 283 450 20,235 80.0 5,727 1 2,799 2,987 887 798 401 463 292.0 14.9 14.2 12.4 7.8 8.6 1.2 1.2 2.1 2.4 45.3 47.4 9.1 9.8 4.8 5.2 1.7 6.2

BEST IJ BUY 550 890 9,647 42.0 5,306 15 840 1,009 472 653 391 513 (47.4) 31.2 13.6 10.3 11.4 9.2 1.9 1.6 0.4 0.5 nc 27.7 14.7 16.6 11.1 11.9 38.3 14.3

SSIA IJ HOLD 1,135 1,040 4,705 68.4 5,340 11 4,464 4,844 535 804 415 508 (39.9) 22.3 12.9 10.5 10.4 6.5 2.0 1.8 2.6 1.6 nc 23.3 16.7 17.9 7.0 7.8 47.2 17.8

LPCK IJ BUY 11,500 14,000 696 57.8 8,004 9 1,792 1,743 914 864 844 929 42.9 10.1 9.5 8.6 8.4 8.8 3.0 2.2 0.0 0.0 nc nc 37.6 29.7 20.7 18.6 48.6 42.9

METALS N 48,261 48 31,436 83,940 4,725 3,786 2,578 6,017 86.6 (23.4) 14.9 17.7 70.5 16.3 1.3 1.3 4.4 3.0 17.7 16.7 8.2 6.6 5.6 4.7 2.9 7.6

INCO IJ* BUY 3,100 4,000 9,936 20.5 30,803 23 12,857 11,887 3,031 2,493 2,093 1,786 209.2 (21.8) 24.1 30.8 6.0 6.4 1.5 1.5 4.3 3.1 (6.7) (8.2) 9.8 8.3 7.5 6.6 2.5 10.2

ANTM IJ REDUCE 810 720 9,538 35.0 7,726 14 7,957 8,764 (397) (164) (638) (169) (255.7) (73.6) (12.1) (45.8) 400.7 65.1 0.6 0.6 0.0 0.0 44.4 59.2 (5.1) (1.4) (3.0) (0.8) 2.7 (3.7)

TINS IJ REDUCE 820 780 7,448 35.0 6,107 10 7,371 6,935 925 238 638 160 (3.2) (78.3) 8.3 38.1 6.2 11.7 1.1 1.1 5.2 1.3 35.4 41.1 12.2 2.9 7.2 1.7 10.5 9.6

PSAB IJ* BUY 685 1,400 5,292 7.4 3,625 1 3,251 3,651 1,166 1,220 485 526 209.2 8.4 5.3 6.8 23.5 4.6 1.1 1.0 14.1 11.0 138.3 97.1 16.4 15.6 4.8 5.3 (5.3) 6.5

OIL & GAS N 129,539 215 76,354 80,221 15,816 16,891 10,925 11,683 (5.9) 6.5 16.6 14.6 7.9 8.5 2.8 2.5 3.9 4.2 17.9 25.9 24.2 22.3 12.3 11.0 38.6 24.9

PGAS IJ* HOLD 4,000 5,800 24,242 43.0 96,966 162 42,394 49,835 12,199 13,487 9,722 10,744 (8.8) 7.8 10.8 10.0 6.1 6.2 2.9 2.5 4.7 5.0 nc nc 28.6 27.2 15.1 13.8 49.3 31.2

AKRA IJ REDUCE 5,275 3,700 3,940 41.2 20,782 45 22,468 19,108 1,063 877 810 600 24.2 (25.9) 25.4 34.3 17.2 20.4 3.8 3.7 2.0 2.0 59.9 93.4 15.9 10.9 5.5 3.9 9.1 9.2

MEDC IJ* REDUCE 3,010 2,800 3,332 49.0 10,031 4 9,301.1 9,207.5 1,994 2,007 124 102 30.6 182.4 56.4 20.0 6.4 6.8 0.9 0.9 0.5 0.7 97.2 132.0 1.1 1.0 0.4 0.3 0.8 0.6

WINS IJ* HOLD 436 700 4,038 42.4 1,761 5 2,191 2,070 560 520 269 238 (24.0) (13.8) 6.4 7.4 3.7 3.8 0.7 0.6 2.4 2.0 57.8 54.0 10.8 8.3 1.7 1.3 10.9 6.8

PLANTATIONS UW 71,257 102 49,800 44,434 9,608 7,143 5,454 3,885 38.1 (30.6) 15.9 17.4 7.6 9.5 1.9 1.8 2.8 2.1 41.3 29.3 15.8 10.3 9.9 6.4 11.4 12.9

AALI IJ REDUCE 20,975 17,500 1,575 20.3 33,030 30 16,306 15,804 3,722 2,551 2,504 1,730 39.0 (30.9) 13.2 19.1 8.3 10.7 2.9 2.7 3.4 2.4 33.4 37.3 23.5 14.7 14.9 9.0 16.6 18.4

SIMP IJ REDUCE 645 600 15,816 21.6 10,202 5 14,963 15,306 2,563 2,252 842 626 60.8 (25.7) 12.1 16.3 4.6 5.0 0.7 0.7 2.5 1.8 43.7 46.2 6.0 4.4 2.9 2.0 2.9 4.2

LSIP IJ REDUCE 1,460 1,400 6,823 40.5 9,961 43 4,727 4,589 1,192 802 917 634 19.3 (30.8) 10.9 15.7 6.3 9.0 1.4 1.3 3.7 2.5 nc nc 13.3 8.6 11.0 7.3 15.9 16.6

BWPT IJ REDUCE 262 230 31,525 95.0 8,260 20 2,264 3,887 354 781 189 423 (85.1) 123.2 43.6 19.5 12.9 12.2 1.2 1.1 0.0 0.0 104.9 7.6 4.2 5.1 1.7 2.6 3.6 1.9

ANJT IJ* REDUCE 1,000 1,025 3,335 10.0 3,335 0 1,961 1,761 440 324 228 244 (6.4) 4.1 14.1 13.5 4.4 7.7 0.9 0.9 3.6 3.7 nc 7.6 5.0 6.0 4.4 4.0 8.3 5.3

SGRO IJ REDUCE 1,840 1,650 1,890 33.0 3,478 2 3,242 3,086 542 433 340 228 185.7 (32.9) 10.2 15.2 6.5 7.7 1.2 1.1 0.8 3.3 50.2 60.5 12.1 7.5 6.8 4.0 3.3 8.2

TBLA IJ HOLD 560 600 5,342 45.6 2,992 1 6,338 6,207 795 627 433 307 384.2 (30.4) 6.8 9.7 5.5 5.8 1.2 1.1 3.0 2.1 117.7 99.1 20.5 12.0 6.4 4.1 2.2 9.1

POULTRY N 55,840 40 58,111 66,188 3,919 6,214 1,994 3,408 (31.6) 53.6 23.4 16.7 16.6 10.4 3.9 3.2 1.5 1.2 65.0 57.2 14.5 20.8 8.1 10.9 21.9 10.5

CPIN IJ BUY 2,865 4,000 16,398 44.5 46,980 30 29,150 34,294 2,628 4,284 1,747 2,683 (31.0) 53.6 26.9 17.5 17.2 11.1 4.3 3.6 1.6 1.1 52.3 43.2 16.7 22.3 9.5 12.2 24.3 12.3

JPFA IJ BUY 590 725 10,661 42.5 6,290 6 24,459 26,700 1,276 1,518 332 514 (44.2) 54.6 18.9 12.2 7.3 6.4 1.3 1.2 1.1 1.6 127.3 130.7 6.9 10.1 2.2 3.2 6.3 3.1

MAIN IJ BUY 1,435 2,000 1,791 44.1 2,570 4 4,502 5,195 15 412 (85) 211 na na (29.8) 12.0 29.4 7.6 2.0 2.0 0.0 1.7 146.1 132.0 (8.7) 17.8 (3.0) 5.9 15.2 (3.8)

PROPERTY N 160,161 435 43,367 46,953 15,778 16,372 13,948 11,283 55.3 (24.0) 12.2 15.2 11.2 11.2 2.7 2.3 1.7 1.7 18.4 31.7 26.3 17.4 10.6 6.9 23.0 21.9

BSDE IJ REDUCE 1,905 1,890 19,247 38.1 36,665 77 5,572 6,324 2,632 3,011 3,821 2,425 35.2 (36.5) 9.2 14.4 13.7 11.6 2.3 2.0 1.1 1.4 nc nc 29.8 14.7 15.1 8.2 35.7 28.8

LPKR IJ REDUCE 1,295 1,000 23,078 100.0 29,886 115 11,655 9,160 3,277 2,205 2,547 1,530 110.2 (39.9) 11.6 19.3 9.9 14.7 1.9 1.8 2.1 1.3 41.4 51.3 17.9 9.5 7.4 3.9 7.7 12.5

PWON IJ REDUCE 430 425 48,160 42.4 20,709 74 3,872 5,398 1,890 2,630 2,516 2,208 122.1 (12.2) 8.2 9.4 10.2 7.2 3.4 2.6 2.4 2.1 nc nc 50.1 31.4 19.3 12.4 27.7 41.5

SMRA IJ REDUCE 1,805 1,600 14,427 67.7 26,040 51 5,334 5,835 1,772 1,726 1,394 1,181 26.4 (15.2) 18.7 22.0 14.5 14.8 4.3 3.8 1.3 1.6 nc 49.6 28.1 20.1 9.6 7.1 32.8 22.2

CTRA IJ REDUCE 1,395 1,400 15,166 69.2 21,156 22 6,344 7,627 2,204 2,603 1,325 1,568 35.7 18.3 16.0 13.5 9.3 7.9 2.9 2.5 1.9 2.2 nc nc 19.2 19.6 6.1 6.3 19.5 18.7

ASRI IJ REDUCE 665 560 19,649 48.3 13,067 69 3,631 4,723 1,908 1,940 1,097 1,112 25.2 1.4 11.9 11.7 9.5 10.4 2.1 1.9 1.7 1.7 93.6 112.8 19.5 16.9 7.0 6.0 12.6 10.6

APLN IJ REDUCE 408 380 20,501 29.9 8,364 21 5,297 6,043 1,430 1,525 855 871 0.4 1.8 9.8 9.6 6.2 6.8 1.3 1.2 2.0 2.1 33.3 59.6 14.0 12.9 3.9 3.3 11.1 10.3

CTRP IJ REDUCE 695 700 6,150 43.7 4,274 5 1,662 1,842 667 730 394 388 (6.6) (1.6) 10.9 11.0 8.2 8.2 1.0 0.9 2.8 2.7 47.3 64.9 9.4 8.7 4.8 3.9 9.6 6.9

STEEL UW 5,316 1 23,146 20,753 (1,340) (1,149) (1,855) (1,411) na (22.7) (2.9) (3.8) (38.3) (170.0) 0.5 0.5 0.0 0.0 125.6 192.1 (15.7) (13.7) (8.2) (5.8) (0.9) (7.9)

KRAS IJ* REDUCE 337 350 15,775 20.0 5,316 1 23,146 20,753 (1,340) (1,149) (1,855) (1,411) na (22.7) (2.9) (3.8) (38.3) (170.0) 0.5 0.5 0.0 0.0 125.6 192.1 (15.7) (13.7) (8.2) (5.8) (0.9) (7.9)

TELCOS OW 349,943 278 170,388 186,325 35,463 40,223 13,117 19,754 52.8 20.0 15.0 29.3 7.1 6.4 4.3 3.7 2.5 3.0 46.7 38.1 17.7 20.8 8.2 9.5 17.1 15.6

TLKM IJ BUY 2,770 3,350 100,800 48.8 279,216 233 89,696 97,141 28,713 31,915 14,638 16,868 2.4 15.2 19.1 16.6 6.2 5.6 4.1 3.7 3.4 3.9 8.5 5.6 22.8 23.6 10.9 11.5 22.9 21.0

EXCL IJ BUY 4,150 5,000 8,541 33.6 35,447 22 23,460 25,316 1,666 1,829 (891) 626 na na (39.7) 56.6 6.7 6.0 2.5 2.5 0.0 0.5 162.4 154.1 (6.1) 4.4 (1.7) 1.0 3.4 (2.6)

TOWR IJ BUY 3,950 5,100 10,203 61.2 40,302 0 4,106 4,700 2,335 2,725 841 1,502 398.9 78.7 47.9 26.8 13.9 12.1 8.6 6.6 0.0 0.0 157.0 108.4 20.2 27.9 5.1 8.7 1.5 7.2

ISAT IJ BUY 3,925 5,150 5,434 20.7 21,328 2 24,085 25,659 1,833 2,726 (1,987) 132 na na (10.7) 161.7 4.1 3.7 1.6 1.6 0.0 0.5 145.6 137.0 (13.5) 1.0 (3.7) 0.2 (7.6) (5.6)

TELE IJ BUY 950 1,060 7,119 17.8 6,763 5 14,590 18,113 507 573 305 366 3.4 20.2 21.9 18.2 14.9 14.3 2.7 2.4 1.1 1.4 44.6 40.4 15.7 13.9 7.2 7.1 18.1 10.2

ERAA IJ HOLD 805 940 2,900 39.7 2,335 15 14,451 15,395 409 455 212 260 (39.3) 22.7 11.0 9.0 8.3 7.4 0.8 0.7 3.6 4.4 47.0 43.7 7.4 8.5 3.8 4.1 10.3 5.2

TRANSPORTATION N 26,847 67 8,410 10,412 1,994 2,206 1,270 1,511 (48.3) 3.1 20.7 20.6 11.3 10.2 4.0 4.6 8.1 8.4 48.5 71.8 26.7 21.5 10.9 11.0 22.2 15.6

TAXI IJ REDUCE 1,080 820 2,146 49.0 2,317 14 890 964 283 254 118 90 (10.9) (23.9) 19.6 25.8 7.4 6.8 2.6 2.4 0.9 0.7 171.7 146.2 14.0 9.7 4.6 2.9 9.5 6.2

ASSA IJ REDUCE 144 150 3,398 37.7 489 32 1,140 1,309 184 186 43 36 (53.3) (16.4) 11.4 13.6 4.1 3.7 0.6 0.6 2.2 2.2 171.3 177.9 5.2 4.2 1.8 1.4 5.1 2.0

BIRD IJ REDUCE 8,000 8,700 2,502 15.0 20,017 6 4,759 5,918 1,053 1,158 737 878 (49.4) 4.2 23.7 22.8 12.4 11.3 4.9 5.7 3.7 4.9 30.5 61.4 31.1 24.7 12.1 12.2 26.1 18.5

SOCI IJ BUY 570 800 7,059 15.0 4,024 14 1,621 2,221 474 608 371 507 (27.5) (8.1) 7.2 7.8 8.7 7.5 0.8 1.0 34.8 31.2 52.3 67.9 14.9 14.3 9.4 10.5 11.9 8.4

Market OW 3,666,214 701,030 1,639,304 1,832,513 293,047 441,142 200,770 236,967 12.4 10.2 21.8 21.0 11.8 9.5 13.5 8.7 2.2 2.3 19.5 18.0 30.2 33.2 11.2 11.6 23.4 27.0

Note: *USD reporting

OW: Overweight, N: Neutral, UW: Underweight

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


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AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time

AGM PNSE IJ Pudjiadi & Sons Estate 05/07/15 10:00

AGM MEGA IJ Bank Mega 05/07/15 14:00

AGM WINS IJ Wintermar Offshore Marine 05/07/15 09:00

AEGM BCAP IJ MNC Kapital Indonesia 05/08/15 14:00 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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Actual and upcoming rights issues, 2011-2013 No Code Ex-rights date Company name Industry Amount (IDRbn)

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

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

4 PBRX 01/24/11 Pan Brothers Textile 433

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

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

7 INDS 05/16/11 Indospring Automotive components 188

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

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

10 BVIC 06/27/11 Bank Victoria Banks 199

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

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

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

14 LPPS 07/06/11 Lippo Securities Finance 206

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

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

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

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

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

20 CFIN 10/24/11 Clipan Finance Financing 469

21 PNLF 11/03/11 Panin Financial Financial 499

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

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

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

25 MDLN 12/23/11 Moderland Realty Property 802

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

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

28 BSIM 06/25/12 Bank Sinarmas Banks 305

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

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

31 RAJA 05/08/12 Rukun Raharja Energy 230

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

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

34 TRIO 06/26/12 Trikomsel Oke Retail 267

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

36 ITTG 07/05/12 Leo Investments Financial 102

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

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

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

40 MDRN 10/29/12 Modern International Retail 528

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

42 COWL 11/20/12 Cowell Development Construction 906

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

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

45 MYOH 12/18/12 MYOH Technology Telecommunication 610

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

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

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

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

50 INCF Amstelco Indonesia Financial 5,091

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

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

53 TRIM 04/08/13 Trimegah Securities Finance 276

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

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

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

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

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

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

60 INDS 07/01/13 Indospring Trade 357

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

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

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

64 WEHA 07/08/13 Panorama Transportasi Infrastructure 75

65 INDX 07/08/13 Tanah Laut Infrastructure 69

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

2013 total 20,910

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: Bloomberg, Company, Bahana estimates *In USDm


2014Finance Asia's

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Research: +62 21 250 5081

Andre Natala Susanto

[email protected] Associate

ext 3601

Chandra Widjanarka

[email protected] Analyst

ext 1252

Harry [email protected]

Senior Associate DirectorHead of Research

Strategy, Consumer

ext 3600direct: +62 21 250 5735

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

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

Chandra Widjanarka


ext 1252

+62 21 250 5508 (Domestic Institutional)

Ashish Agrawal

[email protected] President

Institutional Equity Salesext 2550 / 2553

Reynard Poernawan

[email protected] Equity Sales

ext 2528

John M. Dasaad

[email protected] Sales

ext 2549

Yohanes Adhi Handoko

[email protected], Surabaya Branch

ext 7250

Suwardi Widjaja


ext 2548

Amelia Husada

[email protected] President

Institutional Equity Salesext 2552

Michael W Setjoadi [email protected]

Research AnalystConsumer, Poultry

ext 3613

Nurul Farida


ext 2543

Adrian Mahendra Putra

[email protected] AnalystIndustrial Estate

ext 3614

Hanna Marionda

[email protected] Trader

ext 2525

Adriana Kosasih

[email protected] Executive

ext 2541

Ari Santosa

[email protected] Trader

ext 2554

Adi Saputra


ext 3693

Robin Sutanto


Propertyext 3620

Agustinus Reza Kirana

[email protected] AnalystTransportation

ext 3616

Wendy [email protected]

Research AnalystConsumer, Media

ext 3606

Bob [email protected]

Research AnalystCement, Infratructure,Toll roads

ext 3605

Muhammad Wafi


ext 3609

+62 31 535 2788 (Surabaya Branch)

Arandi [email protected]

Research AnalystCoal, Metals, Oil & Gas

ext 3619

Edy [email protected]

Head of Equity Sales & TradingInstitutional Equity Sales

ext 2545

Made Ayu Wijayati

[email protected] Executive

ext 3607

Sanni Satrio Dwi Utomo


ext 3611

Andre Natala Susanto


ext 3601

Zefanya Halim

[email protected] Manager

ext 3612

Novianty Permata Sari

[email protected]

ext 3618

Bagus Adi Yoga Prawira


ext 3604

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

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


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Disclaimer This publication is prepared by PT.Bahana Securities and reviewed by Daiwa Securities Group Inc. and/or its affiliates, and distributed outside Indonesia by Daiwa Securities Group Inc. and/or its affiliates, except to the extent expressly provided herein. Certain copies of this publication may be distributed inside and outside of Indonesia by PT. Bahana Securities in accordance with relevant laws and regulations. This publication and the contents hereof are intended for information purposes only, and may be subject to change without further notice. Any use, disclosure, distribution, dissemination, copying, printing or reliance on this publication for any other purpose without our prior consent or approval is strictly prohibited. Any review does not constitute a full verification of the publication and merely provides a minimum check. Neither Daiwa Securities Group Inc. nor any of its respective parent, holding, subsidiaries or affiliates, nor any of its respective directors, officers, servants and employees, represent nor warrant the accuracy or completeness of the information contained herein or as to the existence of other facts which might be significant, and will not accept any responsibility or liability whatsoever for any use of or reliance upon this publication or any of the contents hereof. Neither this publication, nor any content hereof, constitute, or are to be construed as, an offer or solicitation of an offer to buy or sell any of the securities or investments mentioned herein in any country or jurisdiction nor, unless expressly provided, any recommendation or investment opinion or advice. Any view, recommendation, opinion or advice expressed in this publication constitutes the views of the analyst(s) named herein and does not necessarily reflect those of Daiwa Securities Group Inc. and/or its affiliates nor any of its respective directors, officers, servants and employees except where the publication states otherwise. This research report is not to be relied upon by any person in making any investment decision or otherwise advising with respect to, or dealing in, the securities mentioned, as it does not take into account the specific investment objectives, financial situation and particular needs of any person.

Neither Daiwa Securities Group Inc. nor any of its affiliates is licensed to undertake any business within the Republic of Indonesia. Any display of any trade name or logo of the Daiwa Securities Group Inc. on this publication shall not be deemed to be an undertaking of any business within the Republic of Indonesia.

Daiwa Securities Group Inc., its subsidiaries or affiliates, or its or their respective directors, officers and employees from time to time may have trades as principals, or have positions in, or have other interests in the securities of the company under research including derivatives in respect of such securities or may have also performed investment banking and other services for the issuer of such securities. The following are additional disclosures.

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); Rexlot Holdings Ltd (555 HK); Neo Solar Power Corp (3576 TT); Accordia Golf Trust (AGT SP); Hua Hong Semiconductor Ltd (1347 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


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: PT Telekomunikasi Indonesia (Persero) Tbk (TLKM IJ); Garuda Indonesia (Persero) (GIAA IJ); Wijaya Karya Beton Tbk PT (WTON IJ); J Resources Asia Pasific Tbk PT (PSAB 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.

Ownership of Securities

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


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

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.

DHK market making

DHK may from time to time make a market in the securities covered by this research.

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 institutional 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 Stockbroking 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.


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

India

This research is distributed by Daiwa Capital Markets India Private Limited (DAIWA) which is an intermediary registered with Securities & Exchange Board of India. This report is not to be considered as an offer or solicitation for any dealings in securities. While the information in this report has been compiled by DAIWA in good faith from sources believed to be reliable, no representation or warranty, express of implied, is made or given as to its accuracy, completeness or correctness. DAIWA its officers, employees, representatives and agents accept no liability whatsoever for any loss or damage whether direct, indirect, consequential or otherwise howsoever arising (whether in negligence or otherwise) out of or in connection with or from any use of or reliance on the contents of and/or omissions from this document. Consequently DAIWA expressly disclaims any and all liability for, or based on or relating to any such

https://daiwa3.bluematrix.com/sellside/Disclosures.action




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information contained in or errors in or omissions in this report. Accordingly, you are recommended to seek your own legal, tax or other advice and should rely solely on your own judgment, review and analysis, in evaluating the information in this document. The data contained in this document is subject to change without any prior notice DAIWA reserves its right to modify this report as maybe required from time to time. DAIWA is committed to providing independent recommendations to its Clients and would be happy to provide any information in response to any query from its Clients. This report is strictly confidential and is being furnished to you solely for your information. The information contained in this document should not be reproduced (in whole or in part) or redistributed in any form to any other person. We and our group companies, affiliates, officers, directors and employees may from time to time, have long or short positions, in and buy sell the securities thereof, of company(ies) mentioned herein or be engaged in any other transactions involving such securities and earn brokerage or other compensation or act as advisor or have the potential conflict of interest with respect to any recommendation and related information or opinion. DAIWA prohibits its analyst and their family members from maintaining a financial interest in the securities or derivatives of any companies that the analyst cover. This report is not intended or directed for distribution to ,or use by any person, citizen or entity which is resident or located in any state or country or jurisdiction where such publication, distribution or use would be contrary to any statutory legislation, or regulation which would require DAIWA and its affiliates/ group companies to any registration or licensing requirements. The views expressed in the report accurately reflect the analyst’s personal views about the securities and issuers that are subject of the Report, and that no part of the analyst’s compensation was, is or will be directly or indirectly, related to the recommendations or views expressed in the Report. This report does not recommend to US recipients the use of Daiwa Capital Markets India Private Limited or any of its non – US affiliates to effect trades in any securities and is not supplied with any understanding that US recipients will direct commission business to Daiwa Capital Markets India Private Limited.

Taiwan

This research is distributed in Taiwan by Daiwa-Cathay Capital Markets Co., Ltd and it may only be distributed in Taiwan to institutional investors or specific investors who have signed recommendation contracts with Daiwa-Cathay Capital Markets Co., Ltd in accordance with the Operational Regulations Governing Securities Firms Recommending Trades in Securities to Customers. Recipients of this research in Taiwan may contact Daiwa-Cathay Capital Markets Co., Ltd in respect of any matter arising from or in connection with the research.

Philippines

This research is distributed in the Philippines by DBP-Daiwa Capital Markets Philippines, Inc. which is regulated by the Philippines Securities and Exchange

Commission and the Philippines Stock Exchange, Inc. Recipients of this research in the Philippines may contact DBP-Daiwa Capital Markets Philippines, Inc.

in respect of any matter arising from or in connection with the research. DBP-Daiwa Capital Markets Philippines, Inc. recommends that investors

independently assess, with a professional advisor, the specific financial risks as well as the legal, regulatory, tax, accounting, and other consequences of a

proposed transaction. DBP-Daiwa Capital Markets Philippines, Inc. may have positions or may be materially interested in the securities in any of the markets

mentioned in the publication or may have performed other services for the issuers of such securities.

For relevant securities and trading rules please visit SEC and PSE Link at http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf and

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

United Kingdom

This research report is produced by Daiwa Capital Markets Europe Limited and/or its affiliates and is distributed in the European Union, Iceland, Liechtenstein, Norway and Switzerland. Daiwa Capital Markets Europe Limited is authorised and regulated by The Financial Conduct Authority (“FCA”) and is a member of the London Stock Exchange, Eurex and NYSE Liffe. Daiwa Capital Markets Europe Limited and/or its affiliates may, from time to time, to the extent permitted by law, participate or invest in other financing transactions with the issuers of the securities referred to herein (the “Securities”), perform services for or solicit business from such issuers, and/or have a position or effect transactions in the Securities or options thereof and/or may have acted as an underwriter during the past twelve months for the issuer of such securities. In addition, employees of Daiwa Capital Markets Europe Limited and/or its affiliates may have positions and effect transactions in such securities or options and may serve as Directors of such issuers. Daiwa Capital Markets Europe Limited may, to the extent permitted by applicable UK law and other applicable law or regulation, effect transactions in the Securities before this material is published to recipients.

This publication is intended for investors who are not Retail Clients in the United Kingdom within the meaning of the Rules of the FCA and should not therefore be distributed to such Retail Clients in the United Kingdom. Should you enter into investment business with Daiwa Capital Markets Europe’s affiliates outside the United Kingdom, we are obliged to advise that the protection afforded by the United Kingdom regulatory system may not apply; in particular, the benefits of the Financial Services Compensation Scheme may not be available.

Daiwa Capital Markets Europe Limited has in place organisational arrangements for the prevention and avoidance of conflicts of interest. Our conflict management policy is available at http://www.uk.daiwacm.com/about-us/corporate-governance-regulatory. Regulatory disclosures of investment banking relationships are available at https://daiwa3.bluematrix.com/sellside/Disclosures.action.

Germany

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 (telephone 212-612-7000).


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

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




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Investment Banking Relationships

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

DCMA Market Making

For “DCMA Market Making” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .

Research Analyst Conflicts

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

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

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

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

noted: no exceptions.

Research Analyst Certification For updates on “Research Analyst Certification” and “Rating System” please visit BlueMatrix disclosure link at

https://daiwa3.bluematrix.com/sellside/Disclosures.action . The views about any and all of the subject securities and issuers expressed in this

Research Report accurately reflect the personal views of the research analyst(s) primarily responsible for this report (or the views of the firm

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

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

recommendations or views contained in this Research Report.

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

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

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

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

Investment Banking Relationships For “Investment Banking Relationship”, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action . Relevant Relationships (Bahana Securities) Bahana Securities may from time to time have an individual employed by or associated with it serves as an officer of any of the companies under its research coverage.

Bahana Securities market making Bahana Securities may from time to time make a market in securities covered by this research.

Additional information may be available upon request.

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.

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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