INVESTOR DIGEST

Equity Research | 17 June 2019

Economic Data HIGHLIGHT

Latest 2019F
 Property: New in the Hood - Festive Month Yields Mixed Results 
7-DRRR (%), eop 6.00 5.75  Market Recap June 14th 2019; JCI 6,250.27 points -22.82 pts (-0.36%); Valued $389mn;
Inflation (YoY %) 3.32 3.80 Mkt Cap $488bn; USD/IDR 14,338 
US$ 1 = Rp, period avg 14,338 14,450

SECTOR
Stock Market Data
(14 June 2019)
Property: New in the Hood - Festive Month Yields Mixed Results

JCI Index 6,250.3 -0.36%  Conforming to expectations, May continued April’s slowness as the fasting
Trading T/O ( Rp bn ) 5,618.0 season took hold. We identified five new projects across developers we cover,
Market Cap ( Rp tn ) 7,119.3 four of which are low-unit quantity extensions at existing projects. Project
performance varied across price segments, counter-intuitively, with lower-end
projects showing softness.
Market Data Summary*
 SMRA active in project extensions. SMRA has let up additional units at four of
2019F 2020F
its projects to variable take-up rates. The Serpong projects did well–64 units at
Symphonia Verdi, a landed cluster with ASP of IDR 1.2bn/unit, and 28 shop
P/E (x) 17.1 15.9 houses at South Goldfinch, at around IDR 2.8bn/unit, were fully taken-up. These
P/BV (x) 2.5 2.3 generated some IDR 120bn presales for the company in May and aided its 5M19
EV/EBITDA (x) 13.5 12.9 progression to look upbeat relative to full-year target. Lower-priced cluster
Div. Yield (%) 2.6 2.8 extension offerings at Bekasi, however, did more modestly, with 57 additional
Net Gearing (%) 17.3 15.6 units at Olive Residence (ASP: IDR 1.3bn-1.5bn/unit) seeing 50% take-up, and
ROE (%) 15.3 15.2 Srimaya Baswara’s second phase (ASP: IDR 430mn-500mn/unit) totaling 50 units
EPS Growth (%) 9.1 7.8 barely seeing any demand. This turnout is counter-intuitive, and reversed the
EBITDA Growth (%) 5.4 4.7 strong take-up at Srimaya’s 2018 launches, which saw 1.5x oversubscription, and
Earnings Yield (%) 5.8 6.3 can likely be explained by the timing of the offerings–Baswara Phase 2 was likely
eclipsed by the launch of Candani, the third cluster in Srimaya, which preceded
* Aggregate of 74 companies in MS research universe, it. Meanwhile, we believe marketing efforts had not been maximised for Olive’s
representing 64.2%of JCI’s market capitalization
extension.

 Decent high-end take-up. At BSD, a new cluster, Kazumi, was launched in the
Zora project with ASP ranging between IDR 4.4bn-6.7bn per unit. Our channel
checks yield take-up rate of around 75% with 45 out of 60 units sold, a
respectable outcome given the high price point. This was likely supported by
limited supply, as recent offerings of high-end homes in the area have been few,
and new launches at Zora take place only annually and in low numbers.

 More vigor in the second half. Project offerings in May were understandably
slow, given it was fasting season, on top of unrest during the announcement of
the presidential election, and additional noise from global macro conditions.
June should continue to be slow, as the masses await commencement of the
new school year. Following this, 2H19 should turn the tide around by bringing
about increased selling activities across various developers at several price
points.

Please see important disclosure at the back of this report Page 1 of 7

 Equity Research | 17 June 2019

Presales IDRbn 1Q18 2Q18 3Q18 4Q18 1Q19 5M19* 2019 Company 2019 Mansek Bulk sales
CTRA 1,614 2,273 1,260 1,216 1,114 2,000-2,100 6,023 5,931 -
BSDE 2,123 1,652 1,613 831 1,557 2,300 6,200 5,499 287
PWON 605 482 613 503 353 620 2,200 2,024 -
SMRA 459 692 1,072 1,175 1,137 2,017 4,000 3,508 -
ASRI 1,558 1,503 565 666 880 1,150 5,000 3,505 34
JRPT 490 437 474 543 533 730 2,041 1,750 -
Total 6,849 7,039 5,597 4,933 5,575
Source: Company, Mandiri Sekuritas estimates
*Mandiri Sekuritas estimates except for SMRA

Robin Sutanto (+6221 5296 9572) [email protected]

MARKET

Market Recap June 14th 2019; JCI 6,250.27 points -22.82 pts (-0.36%); Valued $389mn; Mkt Cap $488bn; USD/IDR
14,338

 TOP TURNOVER: TLKM BBCA BBRI BMRI ASII BBNI BTPS GGRM UNTR BRPT PTBA BDMN CPIN UNVR MNCN (35%)

 ADVANCING SECTOR: plantation+0.2%

 DECLINING SECTOR: property-1.5%; auto-1.4%; consumer & mining-0.5%; cement-0.4%; construction-0.3%; telco-0.2%;
financial flat

 The IDR weakened ahead of a preliminary court hearing over the 2019 presidential election results. USD/IDR edged up
0.5% to 14288. The country’s Constitutional Court to hold preliminary session on presidential election dispute at 9:00 a.m.
local time. The 10-year bond yield little changed at 7.7%. While, the JCI was on the crossroads. Yet, SMRA (+16% for the
week) was the king of the week, given the fact that it is the only property company whose presales progression right on
the spot; not to mention, positive catalyst from divestment. The JCI declined 0.4% at 6250 level as TLKM suddenly made a
u-turn from +1% by the closing of morning session to -0.5% throughout the afternoon; and later ended flat. Market
turnover (excluding $28MN LPPF; $5.1MN BBRI; $4.6MN UNVR; $3.8MN FIRE crossing) was thin at $386MN. Foreign
participants rose to 35% and came up better seller for 22%. Losers beat gainers by 13 to 10. Global funds bought a net
$62.4MN in Indonesian bonds on June 12th, according to finance ministry data; sold a net $48.8MN in country’s equities
on June 13th, according to exchange data.

 Other Asian stocks sagged on Friday after China’s industrial output growth unexpectedly slowed to a more than 17-year
low in May, while investment also cooled, in the latest sign of weakening demand in the world’s second-largest economy
as the US ramps up trade pressure. Industrial output grew 5.0 percent in May from a year earlier, data from the National
Bureau of Statistics showed on Friday, missing analysts’ expectations of 5.5% and well below April’s 5.4%. It was the
weakest reading since early 2002. Fixed-asset investment also grew less than expected, reinforcing expectations that
Beijing will need to roll out more growth-boosting measures soon. Economists polled by Reuters expect industrial
production in China to have risen 5.5% in May from 5.4% in April and believe retail sales increased 8.1% from 7.2% the
previous month. In commodities, Brent crude futures slipped 0.29% to $61.13 per barrel after rallying 2.3% the previous
day. Brent surged on Thursday after two oil tankers were attacked in the Gulf of Oman, one Norwegian-owned and the
other Japanese-owned. The US has blamed Iran for the assaults. But US and European security officials as well as regional
analysts left open the possibility that Iranian proxies, or someone else entirely, might have been responsible. US crude
slipped 0.86% to $51.83 per barrel after rising more than 2% on Thursday. The DXY was little changed at 96.998 after
ending the previous day nearly flat, with caution ahead of the next week’s Fed meeting keeping the greenback in a tight
range. The AUD was a touch lower at $0.6914, still shaky after the previous day’s losses. The Aussie had slipped to a two-
week trough of $0.6901 on Thursday after soft domestic labor data added to expectations of a rate cut by the RBA.

Sales Team +6221 527 5375

Please see important disclosure at the back of this report Page 2 of 7

 Equity Research | 17 June 2019

FROM THE PRESS

SOE banks to issue forex bonds

BTN (BBTN) is currently reviewing the plan to issue global bond amounting to USD300-500mn next year. The bank targets to
raise unconventional funds amounting to Rp14tn for this year. CFO of the bank, Nixon L. P Napitupulu ensures that BBTN will
issue subordinated bonds amounting to Rp3tn to maintain CAR at the 18% level for IFRS 9 implementation. Meanwhile, BNI
(BBNI) plans to issue global bonds amounting to USD500mn at the end of this year. (Bisnis Indonesia)

Bank BNI (BBNI) disbursed USD6.8mn to Crystal Cove

BBNI disbursed USD6.8mn to Crystal Cove Seafood Corp through its New York branch office, to support seafood export
volume from Indonesia to the US. (Investor Daily)

FLPP quota may not be increased

With the decline in subsidized housing budget, developers are worry that the PMK No 81/2019 regarding the upper limit
selling price for low income houses exempted from tax will not be absorbed. Director of housing financing implementation of
the ministry of PUPR, Adang Sutara states that the ministry did not have plan to add more housing budget for this year. He
explains that additional budget might be available next year. (Bisnis Indonesia)

Indocement (INTP) feels more optimistic in 2H19

INTP maintains its 2019 target for this year, at +5-6%, and they believe that the cement market will potentially become more
attractive in 2H19, to be supported by an increased confidence of investors to expands its business post election. (Kontan)

Kalbe Farma (KLBF) achieved 10%-20% higher sales during Ramadan month
Vidjongtius, President Director of KLBF, said that Ramadan month increased their sales by 10-20% compare to normal months.
He added that the festive season is expected to grow their sales by 7-8% YoY which translates into Rp11.1 - 11.2trn in 1H19.
(Bisnis)

Shareholder’s composition in LinkAja will change

Fintek Karya Nusantara (Finarya), payment platform provider called LinkAja, will change its shareholder composition. Several
state-owned companies such as Jasa Marga, Kereta Api Indonesia, and Angkasa Pura II will also hold 10% each of shares.
Meanwhile, Telkomsel will be diluted to 25%. The rest will go to BRI (20%), Bank Mandiri (20%), BNI (20%), Pertamina (7%), and
Jiwasraya (1%). (Kontan)

Pembangunan Perumahan (PTPP) sets to build ferronickel smelter in Kolaka – Southeast Sulawesi
PTPP and ENFI (a Chinese SOE) are set to be the contractors for ferronickel smelter of Rp18.5tn investment worth in Kolaka –
Southeast Sulawesi with production capacity of 229k ton/year. The groundbreaking has been done on June 15th 2019 with
completion target in 2021. (Bisnis Indonesia)

Telco operators recorded strong data growth during Lebaran

Big telco operators recorded strong data growth during fasting season and Lebaran holiday. Telkomsel, for instance, booked
49.8% YoY of data growth during period to 19.3 Petabyte. XL Axiata, also booked 57% YoY of data growth. Last but not least,
Indosat Ooredoo succeed to book 8,997 terabyte during the period, up 40.88% YoY. (Bisnis Indonesia)

Telkomsel cooperated with Ericsson for 5G

Ericsson has been chosen by Telkomsel as the technology provider, especially for core network, to implement 5G in Indonesia.
Note that, Telkomsel will adopt Network Functions Virtualization Infrastructure (NFVI) and Ericsson Cloud Packer Core to
develop 5G in Indonesia. (detik.com)

Please see important disclosure at the back of this report Page 3 of 7

 Equity Research | 17 June 2019

Indices and Fund Flows Currencies and Bonds Major Commodities

YTD Chg YTD YTD

Indices Last Chg (%) Currency Last Chg (%) Last Chg (%)
(%) Chg (%) Chg (%)

JCI 6,250.3 -0.4 +0.9 Rp/US$ 14,355 +0.39 +0.4 Oil spot (US$/bl) 52.51 +0.4 +15.6
Dow Jones 26,089.6 -0.1 +11.8 US$/EUR 1.121 -0.60 +2.3 Nickel spot (US$/mt) 11,792 +0.3 +11.2
Nikkei 21,116.9 +0.4 +5.5 YEN/US$ 108.56 +0.17 +1.0 Gold spot (US$/oz) 1,342 -0.0 +4.6
Hang Seng 27,118.4 -0.7 +4.9 SGD/US$ 1.372 +0.35 -0.6 Tin 3-month (US$/mt) 19,205 -0.8 -1.4
STI 3,222.6 +0.1 +5.0 CPO futures (Ringgit/ton) 2,009 +0.1 -5.3
Ishares indo 25.1 -1.1 +1.0 Coal (US$/ton) 71.4 -0.6 -30.0
Rubber forward (US¢/kg) 200.4 +0.3 +34.9
Foreign YTD
YTD Gov. Bond Chg Soybean oil
Fund Flows Last Chg Last Chg 27.61 -1.5 +0.2
Chg Yield (bps) (US$/100gallons)
(US$mn) (bps)
Equity Flow -4.5 +4,055 5Yr 7.20 -4 -71 Baltic Dry Index 1,085.0 +2.0 -14.6
Bonds Flow +142.7 +3,919 10Yr 7.68 -1 -34

Please see important disclosure at the back of this report Page 4 of 7

 Equity Research | 17 June 2019

Equity Valuation
Price Price % of Mkt Cap Net Profit PER (x) P/BV (x) EV/EBITDA (x) EPS Growth Div.Yield
Code Rating (Rp) Target PT (Rp Bn) 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020
MANSEK universe 6,250 6,800 8.8 4,571,925 266,798 287,615 17.1 15.9 2.5 2.3 13.5 12.9 9.1% 7.8% 2.6% 2.8%
Financials 1,605,653 105,103 116,561 15.3 13.8 2.3 2.1 0.0 0.0 13.9% 10.9% 2.2% 2.5%
BBCA Neutral 29,000 26,500 (8.6) 714,995 29,483 32,062 24.3 22.3 4.1 3.7 N.A. N.A. 14.0% 8.7% 1.2% 1.3%
BBNI Neutral 8,500 9,000 5.9 158,514 16,642 18,879 9.5 8.4 1.4 1.3 N.A. N.A. 10.8% 13.4% 3.8% 4.7%
BBRI Buy 4,230 5,000 18.2 521,553 36,551 41,656 14.3 12.5 2.6 2.4 N.A. N.A. 13.0% 14.0% 3.1% 3.5%
BBTN Buy 2,650 3,000 13.2 28,064 3,225 4,038 8.7 7.0 1.1 1.0 N.A. N.A. 14.9% 25.2% 2.0% 2.0%
BDMN Neutral 4,510 4,900 8.6 44,078 5,849 4,698 7.4 9.2 1.0 0.9 N.A. N.A. 49.1% -19.7% 3.1% 4.6%
BJBR Neutral 1,660 1,770 6.6 16,694 1,444 1,838 11.6 9.1 1.4 1.3 N.A. N.A. -8.8% 27.4% 5.3% 4.8%
BJTM Neutral 625 630 0.8 9,324 1,145 1,221 8.1 7.6 1.0 1.0 N.A. N.A. -9.2% 6.7% 7.4% 6.8%
BNGA Neutral 1,090 1,350 23.9 27,393 3,946 4,261 6.9 6.4 0.6 0.6 N.A. N.A. 13.3% 8.0% 2.5% 2.9%
BNLI Neutral 815 465 (42.9) 22,855 1,081 1,409 21.1 16.2 1.0 0.9 N.A. N.A. 69.0% 30.3% 0.0% 0.0%
PNBN Buy 1,230 1,550 26.0 29,628 2,990 3,318 9.9 8.9 0.7 0.7 N.A. N.A. -3.0% 11.0% 0.0% 0.0%
BTPS Buy 3,080 3,150 2.3 23,727 1,307 1,648 18.2 14.4 4.5 3.5 N.A. N.A. 35.4% 26.1% 0.0% 1.1%
BFIN Buy 590 900 52.5 8,829 1,441 1,532 6.1 5.8 1.2 1.1 N.A. N.A. -1.9% 6.4% 5.0% 4.9%
Construction & materials 265,573 15,406 17,802 17.2 14.9 1.9 1.7 10.0 9.7 -4.0% 15.6% 1.5% 1.8%
INTP Buy 20,500 23,500 14.6 75,465 1,868 2,478 40.4 30.5 3.1 2.9 21.3 16.9 65.5% 32.7% 0.5% 0.9%
SMGR Buy 11,450 16,100 40.6 67,916 2,253 3,708 30.1 18.3 2.1 1.9 11.5 9.5 -26.8% 64.6% 1.2% 1.8%
ADHI Buy 1,600 2,035 27.2 5,697 800 741 7.1 7.7 0.8 0.7 4.7 4.2 19.6% -7.3% 2.3% 2.8%
PTPP Buy 2,090 3,085 47.6 12,958 1,733 2,126 7.5 6.1 0.9 0.8 4.3 3.8 17.5% 22.7% 3.4% 4.0%
WIKA Buy 2,360 2,455 4.0 21,146 1,873 1,999 11.3 10.6 1.4 1.2 6.9 6.8 19.6% 6.7% 1.8% 1.9%
WSKT Buy 1,920 2,280 18.8 25,692 3,504 3,051 7.3 8.4 1.3 1.1 9.5 10.3 -24.8% -12.9% 2.7% 2.4%
WTON Buy 555 700 26.1 4,837 525 608 9.2 8.0 1.4 1.2 5.1 4.4 8.0% 15.7% 3.0% 3.3%
WSBP Buy 398 480 20.6 10,492 1,268 1,409 8.3 7.4 1.3 1.1 5.0 4.4 15.1% 11.1% 5.2% 6.0%
JSMR Buy 5,700 5,600 (1.8) 41,370 1,583 1,683 26.1 24.6 2.3 2.2 13.9 15.3 -15.9% 6.3% 0.9% 0.8%
Consumer staples 1,198,795 46,283 49,692 25.9 24.1 6.6 6.0 16.7 15.5 5.2% 7.4% 2.7% 2.7%
ICBP Buy 9,975 11,600 16.3 116,328 4,931 5,296 23.6 22.0 4.8 4.3 13.9 13.5 7.8% 7.4% 2.1% 2.3%
INDF Buy 7,050 9,250 31.2 61,899 4,592 4,929 13.5 12.6 1.7 1.6 7.9 7.4 10.2% 7.3% 4.3% 4.7%
MYOR Neutral 2,500 2,850 14.0 55,898 1,864 2,152 30.0 26.0 5.8 5.1 15.7 13.9 8.6% 15.5% 1.2% 1.3%
UNVR Neutral 44,800 48,200 7.6 341,824 7,361 7,969 46.4 42.9 58.6 53.1 32.1 29.5 -19.2% 8.3% 2.7% 2.2%
GGRM Buy 77,500 99,000 27.7 149,117 9,462 10,433 15.8 14.3 2.9 2.5 10.4 9.4 21.4% 10.3% 1.9% 1.9%
HMSP Neutral 3,340 3,500 4.8 388,502 14,702 15,230 26.4 25.5 10.6 10.4 20.2 19.5 8.6% 3.6% 3.4% 3.7%
KLBF Buy 1,495 1,700 13.7 70,078 2,631 2,856 26.6 24.5 4.3 3.9 16.8 15.4 7.5% 8.6% 1.7% 1.8%
SIDO Buy 1,010 1,050 4.0 15,150 739 827 20.5 18.3 4.6 4.1 14.8 13.1 11.4% 11.9% 3.8% 4.3%
Healthcare 45,884 851 987 53.9 46.5 3.7 3.4 16.4 14.1 7.7% 16.0% 0.2% 0.2%
MIKA Buy 1,950 2,300 17.9 28,374 643 713 44.1 39.8 7.1 5.6 27.1 24.6 4.8% 10.9% 0.0% 0.0%
SILO Buy 4,500 4,300 (4.4) 7,313 39 46 187.4 158.9 1.1 1.1 6.8 5.9 41.1% 18.0% 0.0% 0.0%
HEAL Buy 3,430 4,500 31.2 10,197 169 228 60.3 44.7 5.4 5.0 15.7 12.6 13.6% 35.1% 0.7% 0.8%
Consumer discretionary 415,201 31,826 32,463 13.0 12.8 2.2 2.0 9.4 9.5 12.8% 2.0% 3.3% 3.7%
ACES Buy 1,800 1,700 (5.6) 30,870 1,113 1,232 27.7 25.1 6.3 5.4 21.4 19.2 14.8% 10.6% 1.3% 1.4%
LPPF Buy 3,400 7,500 120.6 9,921 2,092 2,278 4.7 4.4 2.8 2.3 2.2 1.7 48.9% 8.9% 9.9% 14.8%
MAPI Buy 885 1,100 24.3 14,691 815 815 18.0 18.0 2.8 2.6 7.4 7.3 13.4% 0.0% 0.7% 0.8%
MPPA Sell 202 250 23.8 1,086 -335 -462 -3.2 -2.4 0.6 0.8 16.5 41.7 -20.3% -37.9% -7.7% -9.2%
RALS Buy 1,485 1,700 14.5 10,538 558 626 18.9 16.8 2.6 2.4 12.4 11.2 9.2% 12.2% 2.9% 3.2%
ASII Buy 7,425 8,650 16.5 300,590 23,941 24,095 12.6 12.5 2.0 1.8 9.8 10.2 10.5% 0.6% 3.2% 3.6%
SCMA Buy 1,740 2,200 26.4 25,441 1,628 1,773 15.6 14.4 5.6 5.2 11.0 10.2 8.5% 8.9% 5.1% 5.6%
MNCN Buy 1,300 1,250 (3.8) 16,669 1,586 1,610 10.5 10.4 1.6 1.5 6.3 6.0 15.3% 1.5% 3.8% 3.9%
MSIN Buy 398 570 43.2 2,070 229 257 9.0 8.1 1.5 1.4 5.0 4.3 27.2% 12.1% 5.5% 6.2%
PZZA Buy 1,100 1,400 27.3 3,324 199 239 16.7 13.9 2.5 2.2 7.9 7.0 24.2% 20.0% 0.0% 0.0%
Commodities 300,385 32,413 32,039 9.2 9.3 1.1 1.1 4.2 4.0 -0.9% -1.3% 4.4% 4.3%
AALI Buy 10,275 14,200 38.2 19,776 1,817 1,968 10.9 10.0 1.0 0.9 4.2 3.4 16.6% 8.3% 3.2% 3.7%
LSIP Buy 1,120 1,450 29.5 7,642 650 665 11.8 11.5 0.9 0.8 4.1 3.8 11.4% 2.3% 3.1% 3.4%
SSMS Neutral 1,030 1,300 26.2 9,811 1,158 1,263 8.5 7.8 1.8 1.5 5.3 4.6 27.0% 9.1% 2.8% 3.5%
BWPT Neutral 156 195 25.0 4,918 -67 -189 -72.9 -26.0 0.8 0.9 7.8 6.9 70.0% -180.3% 0.0% 0.0%
UNTR Buy 26,900 35,000 30.1 100,341 11,287 10,698 8.9 9.4 1.6 1.5 4.4 4.5 1.4% -5.2% 3.4% 3.2%
ADRO* Neutral 1,235 1,540 24.7 39,503 395 370 6.9 7.3 0.7 0.7 3.3 3.1 -5.4% -6.5% 5.8% 5.1%

Please see important disclosure at the back of this report Page 5 of 7

 Equity Research | 17 June 2019

Price Price % of Mkt Cap Net Profit PER (x) P/BV (x) EV/EBITDA (x) EPS Growth Div.Yield
Code Rating (Rp) Target PT (Rp Bn) 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020
HRUM* Neutral 1,420 1,500 5.6 3,647 24 20 10.2 12.4 0.8 0.8 0.8 0.6 -23.1% -17.7% 5.4% 4.4%
INDY* Neutral 1,440 1,700 18.0 7,503 69 63 7.5 8.2 0.5 0.5 2.1 1.9 -13.7% -8.5% 3.3% 3.1%
ITMG* Buy 16,800 33,400 98.8 18,422 226 224 5.6 5.6 1.3 1.3 2.2 2.2 -12.5% -1.0% 15.2% 15.1%
PTBA Neutral 2,830 4,000 41.3 32,609 4,194 3,665 7.1 8.1 1.8 1.7 5.4 5.5 -16.5% -12.6% 6.4% 5.6%
ANTM Buy 790 1,100 39.2 18,984 924 1,006 20.5 18.9 0.9 0.9 10.0 9.3 5.7% 8.9% 1.7% 1.9%
INCO* Buy 2,870 4,000 39.4 28,517 54 111 36.4 17.6 1.0 1.0 7.5 5.4 -11.0% 106.7% 0.8% 1.7%
TINS Buy 1,170 2,200 88.0 8,714 1,262 1,492 6.9 5.8 1.1 1.0 4.1 3.6 137.4% 18.3% 5.1% 6.0%
Property & Industrial Estate 128,017 8,720 9,656 14.7 13.3 1.3 1.2 11.0 10.5 3.8% 10.7% 1.0% 0.9%
ASRI Sell 330 280 (15.2) 6,484 997 1,578 6.5 4.1 0.6 0.5 7.2 5.7 5.8% 58.3% 0.6% 0.6%
BSDE Neutral 1,390 1,450 4.3 26,753 1,972 2,043 13.6 13.1 0.9 0.9 11.7 12.1 10.0% 3.6% 0.0% 0.0%
CTRA Buy 1,050 1,450 38.1 19,488 981 1,039 19.9 18.8 1.3 1.2 12.5 12.1 -14.0% 5.9% 0.9% 0.8%
JRPT Buy 580 980 69.0 7,975 1,005 919 7.9 8.7 1.1 1.0 6.9 7.4 5.7% -8.6% 3.5% 2.4%
PWON Neutral 710 680 (4.2) 34,193 2,399 2,426 14.3 14.1 2.4 2.1 10.4 10.5 4.8% 1.2% 0.8% 0.8%
SMRA Buy 1,200 1,200 0.0 17,312 313 486 55.3 35.6 2.5 2.3 15.4 13.3 -1.8% 55.3% 0.4% 0.4%
DMAS Buy 270 250 (7.4) 13,013 631 650 20.6 20.0 1.7 1.6 19.6 19.1 12.0% 3.0% 2.4% 2.5%
BEST Buy 290 320 10.3 2,798 422 516 6.6 5.4 0.6 0.6 6.8 6.0 3.9% 22.3% 3.1% 3.7%
Telco 502,052 20,644 22,516 24.3 22.3 3.4 3.3 6.9 6.5 19.3% 9.1% 3.3% 3.5%
EXCL Buy 2,860 3,100 8.4 30,568 25 335 1,224.0 91.3 1.7 1.6 5.7 5.3 N/M 1240.2% 0.0% 0.0%
TLKM Neutral 3,990 3,800 (4.8) 395,258 18,948 19,871 20.9 19.9 3.9 3.7 7.0 6.7 3.5% 4.9% 3.6% 3.8%
ISAT Neutral 1,955 2,800 43.2 10,623 -2,810 -2,598 -3.8 -4.1 1.2 1.7 4.8 4.5 -37.5% 7.6% 0.0% 0.0%
LINK Buy 4,170 6,200 48.7 12,325 1,209 1,328 10.2 9.3 2.3 2.0 4.8 4.4 9.7% 9.9% 4.9% 5.4%
TBIG Buy 3,840 5,700 48.4 17,058 908 1,113 18.8 15.3 5.0 4.5 9.9 9.4 1.8% 22.5% 4.4% 4.4%
TOWR Buy 710 950 33.8 36,220 2,364 2,467 15.3 14.7 3.8 3.4 8.4 7.9 0.7% 4.4% 3.3% 3.3%
Chemical 49,383 1,988 1,955 24.8 25.3 2.5 2.3 7.4 7.2 25.1% -1.7% 0.0% 0.0%
AGII Buy 535 700 30.8 1,641 105 136 15.7 12.1 0.5 0.5 6.4 5.9 5.0% 29.5% 0.0% 0.0%
BRPT* Neutral 3,420 2,640 (22.8) 47,742 129 125 25.4 26.2 2.9 2.6 7.5 7.3 25.4% -3.4% 0.0% 0.0%
Airlines 6,211 436 549 14.3 11.3 1.2 1.1 8.0 6.7 -1.1% 26.1% 0.0% 0.0%
GMFI* Neutral 220 275 24.9 6,211 30 38 14.3 11.3 1.2 1.1 8.0 6.7 -2.0% 26.1% 0.0% 0.0%
Oil and Gas 47,513 2,618 2,797 18.1 17.0 1.0 0.9 5.8 5.4 14.7% 6.8% 1.9% 2.2%
PGAS* Buy 1,960 3,150 60.7 47,513 180 192 18.1 17.0 1.0 0.9 5.8 5.4 13.7% 6.8% 1.9% 2.2%
Transportation 7,256 510 599 14.2 12.1 1.3 1.2 6.1 5.5 11.6% 17.3% 2.0% 2.3%
BIRD Buy 2,900 4,400 51.7 7,256 510 599 14.2 12.1 1.3 1.2 6.1 5.5 11.6% 17.3% 2.0% 2.3%
Note:
- *) net profit in USD mn
- U/R means Under Review
- n/a means Not Available
- N/M means Not Meaningful
- N.A means Not Applicable

Please see important disclosure at the back of this report Page 6 of 7

 Mandiri Sekuritas A subsidiary of PT Bank Mandiri (Persero) Tbk
Menara Mandiri Tower I, 25th floor, Jl. Jend. Sudirman Kav. 54 – 55, Jakarta 12190, Indonesia
General: +62 21 526 3445, Fax : +62 21 527 5374 (Equity Sales)

RESEARCH
Adrian Joezer Head of Equity Research, Strategy, Consumer [email protected] +6221 5296 9415
Tjandra Lienandjaja Deputy Head of Equity Research, Banking [email protected] +6221 5296 9617
Ariyanto Kurniawan Automotive, Coal, Chemical [email protected] +6221 5296 9682
Kresna Hutabarat Telecom, Media [email protected] +6221 5296 9542
Priscilla Thany Banking, Building Material [email protected] +6221 5296 9569
Lakshmi Rowter Healthcare, Consumer [email protected] +6221 5296 9549
Robin Sutanto Property [email protected] +6221 5296 9572
Edbert Surya Construction, Transportation [email protected] +6221 5296 9623
Silvony Gathrie Research Assistant [email protected] +6221 5296 9544
Riyanto Hartanto Research Assistant [email protected] +6221 5296 9488
Henry Tedja Research Assistant [email protected] +6221 5296 9434
Leo Putera Rinaldy Chief Economist [email protected] +6221 5296 9406
Aziza Nabila Amani Economist [email protected] +6221 5296 9651

INSTITUTIONAL SALES
Silva Halim Head Institutional Equities [email protected] +6221 527 5375
Andrew Handaya Institutional Sales [email protected] +6221 527 5375
Feliciana Ramonda Institutional Sales [email protected] +6221 527 5375
Henry Pranoto Institutional Sales [email protected] +6221 527 5375
Kevin Giarto Institutional Sales [email protected] +6221 527 5375
Sharon Anastasia Tjahjadi Institutional Sales [email protected] +6221 527 5375
Talitha Medha Anindya Institutional Sales [email protected] +6221 527 5375
Kusnadi Widjaja Equity Dealing [email protected] +6221 527 5375
Edwin Pradana Setiadi Equity Dealing [email protected] +6221 527 5375
Jane Theodoven Sukardi Equity Dealing [email protected] +6221 527 5375
Michael Taarea Equity Dealing [email protected] +6221 527 5375

RETAIL SALES
Andreas M. Gunawidjaja Head Retail Equities [email protected] +6221 526 9693
Boy Triyono Jakarta [email protected] +6221 526 5678
Dhanan Febrie Handita Bandung [email protected] +6222 426 5088
Yogiswara Perdana Yogyakarta [email protected] +62274 560 596
Widodo Solo [email protected] +62271 788 9290
Linawati Surabaya [email protected] +6231 535 7218
Ruwie Medan [email protected] +6261 8050 1825
Aidil Idham Palembang [email protected] +62711 319 900
Yuri Ariadi Pontianak [email protected] +62561 582 293

INVESTMENT RATINGS: Indicators of expected total return (price appreciation plus dividend yield) within the 12-month period from the date of the last
published report, are: Buy (15% or higher), Neutral (-15% to15%) and Sell (-15% or lower).

DISCLAIMER: This report is issued by PT. Mandiri Sekuritas, a member of the Indonesia Stock Exchanges (IDX) and Mandiri Sekuritas is registered and
supervised by the Financial Services Authority (OJK). Although the contents of this document may represent the opinion of PT. Mandiri Sekuritas, deriving its
judgement from materials and sources believed to be reliable, PT. Mandiri Sekuritas or any other company in the Mandiri Group cannot guarantee its
accuracy and completeness. PT. Mandiri Sekuritas or any other company in the Mandiri Group may be involved in transactions contrary to any opinion herein
to make markets, or have positions in the securities recommended herein. PT. Mandiri Sekuritas or any other company in the Mandiri Group may seek or will
seek investment banking or other business relationships with the companies in this report. For further information please contact our number
62-21-5263445 or fax 62-21-5275374.

ANALYSTS CERTIFICATION: Each contributor to this report hereby certifies that all the views expressed accurately reflect his or her views about the
companies, securities and all pertinent variables. It is also certified that the views and recommendations contained in this report are not and will not be
influenced by any part or all of his or her compensation.