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Asiamoney’s

2013

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27 October 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.

2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

Beacon Indonesia Morning Brief

IDX: 4,692 (+0.8%) Turnover: IDR4.3tn (-10.9%)

Foreign net SELL: IDR5,813.2bn (From net BUY: IDR406.6bn)

RESULT FLASH Bank Danamon (BDMN IJ): 3Q15 results: Below consensus with continued worsening loan quality Analyst: Teguh Hartanto Outlook: enhancing SME segments to secure steady funding

Bank Tabungan Negara (BBTN IJ): 3Q15 results: Above

expectations due to strong NIM Analyst: Teguh Hartanto

Outlook: Continued focus on less-risky subsidized mortgages

TODAY’S NEWS

POLITICS Early cancelation on Jokowi's visit to the United States; Indonesia to join TPP

Polls reveal public discontent with Jokowi

Jokowi pledges to allow dual citizenship for Indonesians abroad

ECONOMICS Govt: To cut non-tax revenue target by 43%

IMF set to provide green light on China's yuan joining currency basket

Emissions from fires reach new highs & US to provide USD2.8mn grant

General Electric plans USD1bn investment in Indonesia for power, oil and gas and healthcare

Indonesia at risk of rice shortage by end-2015

INDUSTRY SOE banks association plans to acquire a switching company

Workers cancel plan to block JORR toll roads

Indonesian 9M15 coal exports fall 19.8% y-y to 235mn mt

Logistics: Dwelling time reaches 4.5 days in October

Government to inject IDR109tn into SOEs for port construction

Plantations: Indonesian CPO production to reach 40mn tons this year

Jakarta government to speed up property license processing

CORPORATE SMBR 3Q15 results: In-line with our estimates

WSKT: 9M15 net profit reached IDR400bn, +210% y-y

HMSP: IDR20.4tn collected through rights issue

PGAS state Lampung FSRU back in operation

Through PMN, government exercises and realizes IDR3.5tn ANTM rights issue

SGRO to buy-back shares at around IDR1,600/share

3 pharmacy companies to secure IDR800bn of generic drugs in 2015

PTBA plan to enter coal gasification business

TBLA to build IDR200bn biodiesel factories

Trikomsel: First SGD bond default in 6 years

Japan’s largest bank said to enter fray for Panin Bank’s stake

BUMI not extending its debt moratorium

INDICES

Asia Last Chg% ytd % y-y %

Hang Seng (HK) 23,116.3 (0.2) (2.1) (0.1)

IDX (Indonesia) 4,691.7 0.8 (10.2) (6.6)

KLCI (Mal.) 1,706.8 (0.2) (3.1) (6.4)

KOSPI (Korea) 2,048.1 0.4 6.9 6.0

Nikkei (Japan) 18,947.1 0.6 8.6 23.1

PCOMP (Phil.) 7,324.4 1.2 1.3 3.1

SENSEX (India) 27,362.0 (0.4) (0.5) 2.3

SET (Thailand) 1,424.2 0.6 (4.9) (8.0)

SHCOMP (China) 3,429.6 0.5 6.0 49.7

SHENZHEN (China) 2,030.5 0.7 43.5 55.9

STI (Singapore) 3,083.1 0.5 (8.4) (4.4)

TWSE (Taiwan) 8,745.4 0.8 (6.0) 1.4

VNI (Vietnam) 598.6 (0.5) 9.7 3.1

Europe, USA and Ems

CAC 40 (France) 4,897.1 (0.5) 14.6 19.5

DAX (Germany) 10,801.3 0.1 10.2 21.3

Dow Jones (USA) 17,623.1 (0.1) (1.1) 4.8

FTSE 100 (UK) 6,417.0 (0.4) (2.3) 0.8

IBOV (Brazil) 47,209.3 (0.8) (5.6) (9.1)

MEXBOL (Mexico) 45,036.5 0.1 4.4 2.8

NGSEINDX (Nigeria) 29,829.0 (0.6) (13.9) (23.0)

Nasdaq (USA) 5,034.7 0.1 6.3 12.2

RTSI (Russia) 858.0 (1.7) 8.5 (17.5)

S&P 500 (USA) 2,071.2 (0.2) 0.6 5.6

XU100 (Turkey) 79,262.3 (1.1) (7.5) 0.0 Source: Bloomberg

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

EEM US (USD) 36.0 (0.3) (8.5) (12.3)

EIDO US (USD) 22.0 0.1 (19.9) (20.5)

TLK US (IDR) 2,799 1.4 (8.8) (13.7)

Como Index (USD) 192.3 (1.7) (16.4) (28.9)

Coal (USD/t) 52.7 1.0 (15.5) (19.7)

Corn (USD/mtn) 144.7 2.1 1.1 17.0

Coffee (USD/t) 2,501.8 (1.7) (23.3) (30.8)

Copper (USD/t) 5,295.0 0.4 (16.7) (21.2)

Cotton (USD/t) 1,369.7 (0.6) 3.1 (2.6)

CPO Rott (USD/t) 625.0 (1.2) (14.7) (16.9)

Gold (USD/oz.) 1,163.8 (0.2) (1.8) (5.1)

Iron ore (USD/mtn) 53.5 (3.6) (22.8) (34.0)

Milk (USD/cwt) 15.5 (0.8) (5.9) (10.2)

Nickel (USD/t) 10,600.0 1.9 (29.0) (29.1)

Oil Brent (USD/barrel) 47.5 (1.1) (17.1) (44.8)

Rice (IDR/kg) 4,774.0 0.0 0.0 6.7

Rubber (USD/t) 121.5 (2.0) (19.8) (25.4)

Silver (USD/oz) 15.9 0.2 1.1 (7.4)

Soybean oil (USD/t) 612.4 (3.7) (13.1) (14.2)

Steel (USD/t) 302.6 (0.2) (35.6) (35.7)

Sugar (USD/t) 268.3 0.0 (22.3) (29.8)

Tins (USD/t) 16,075.0 0.6 (17.6) (17.7) Wheat (USD/t) 187.0 3.7 (17.2) (10.5) Source: Bloomberg, CEIC

ECONOMIC INDICATORS MARKET DATA

14A 15F 16F

14A 15F 16F

Cur acc bal (%GDP) (3.0) (2.0) (2.3) Op.prof.gwt.(%) 12.4 5.4 8.9

Fiscal bal (%GDP) (2.3) (2.2) (2.2) EPS growth (%) 10.3 0.0 10.3

GDP growth (%y-y) 5.0 4.7 5.1 P/E (x) 19.7 19.5 17.8

Private spending (%) 5.1 5.0 5.0 PEG (x) 1.9 na 1.7

Investment (%y-y) 4.1 3.3 5.3 EV/EBITDA (x) 9.8 9.4 8.8

Total exports (%y-y) 1.0 0.3 2.4 P/BV (x) 12.7 8.4 7.0

Total imports (%y-y) 2.2 -4.1 1.7 P/BV exc. 3.4 3.0 2.6

Inflation (%y-y) 8.4 4.8 5.2 Div. Yield (%) 2.4 2.3 2.5

IDR/USD 12,385 14,000 14,500 Net gearing (%) 18.7 18.9 17.5

BI rate (% p.a.) 7.75 7.50 7.00 ROAE (%) 30.0 31.0 28.9

Brent Oil (Usd/bbl) 57.3 55.0 57.0 ROAA (%) 11.2 10.6 10.7

FX reserve (USDb) 111.9 105.0 110.0 ROIC (%) 22.8 35.4 34.9 Source: Bahana estimates Source: Bahana estimates

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

AUD/1USD 0.725 0.722 12.8 21.4

EUR/1USD 1.106 1.103 9.4 14.8

IDR/1USD 13,646 13,633 (9.2) (11.3)

JPY/1USD 120.950

121.200

(1.0) (10.9)

SGD/1USD 1.392 1.399 (4.8) (8.5)

JIBOR (%) 5.99 5.98 0.1 0.2

BI rate (%) 7.50 7.50 (0.3) 0.0

TD – 1 month (%) 7.13 7.12 (0.0) 0.1

CDS (bps) 211.31 214.95 31.8 40.1 Source: Bloomberg

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

2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

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Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

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Local Research

House

2015

Global

Banking & Finance

Review

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POLITICS

Early cancelation on Jokowi's visit to the United States; Indonesia to join TPP

Jokowi received a great deal of critics from his people regarding his visit to the U.S during the escalation of

haze problem in Indonesia. He canceled several agendas such as meetings with some venture capitalists.

Separately, Indonesia has won endorsement for a contentious Trans-Pacific Partnership (TPP) deal during a

meeting with the US president at the White House. (Merdeka, The Guardian). Bahana comment: At this

stage, we believe joining TPP could be a threat for some industries such as electronics but beneficial for the

textile sector as Indonesian products could compete with Vietnam, which had joined TPP earlier.

Polls reveal public discontent with Jokowi

Compared to the previous poll conducted by CSIS, a polling by Populi Center released on Monday showed

public approval of only 49.2% (respondents: 1,200). The respondents gave the administration its worst

score for not stabilizing the price of staples, managing the haze crisis and failing to stabilize the IDR

exchange rate. (The Jakarta Post)

Jokowi pledges to allow dual citizenship for Indonesians abroad

President Jokowi has promised that his administration will pay more attention to the growing role of

Indonesian diaspora and seek a way to allow dual citizenship for Indonesian citizens and their families who

have permanently settled overseas. (The Jakarta Post)

ECONOMICS

Govt: To cut non-tax revenue target by 43%

Energy and Mineral Ministry cut its non-tax revenue target by 43% to only IDR29.7tn (prev: IDR52.2tn) due

to lower commodity prices. Note that coal contributed up to 80% of the mineral non-tax revenue.

Meanwhile, 9M15 data suggested mining related non-tax revenue at IDR22.6tn. (Koran Tempo, Kontan)

IMF set to provide green light on China's yuan joining currency basket

The International Monetary Fund is set to approve China's yuan for inclusion in the lender's benchmark

currency basket, laying the groundwork for a favorable decision by policymakers. The IMF executive board is

scheduled to decide in November whether to put the yuan on par with the dollar, yen, euro and pound

sterling, and a key factor should be the yuan’s performance against a checklist of technical criteria, as

assessed by IMF staff. (Reuters). Bahana comment: This could result in higher commodity prices which

would be beneficial for Indonesian exports.

Emissions from fires reach new highs & US to provide USD2.8mn grant

Indonesia’s forest and land fires have reached a new level of global significance. New analysis provided by

Guido van der Werf indicates that since September greenhouse gas emissions from fires exceeded the

average daily emissions from all US economic activities, adding to 3% to total global greenhouse gas from

human activity this year. Meanwhile, the US will donate USD2.87mn grant to fight fires. (The Jakarta Globe)

General Electric plans USD1bn investment in Indonesia for power, oil and gas and healthcare

General Electric will invest USD1bn in the power, oil and gas and healthcare sectors to support Indonesia’s

accelerated economic growth. During Jokowi’s visit, GE has signed 4 infrastructure projects, 3 of the

projects will be in power sector with an estimated 3GW capacity while the fourth project is provide

maintenance services for 50 locomotives in PT Kereta Api Indonesia (PT KAI) rail fleet. (Marketwatch.com)

Indonesia at risk of rice shortage by end-2015

According to the head of the state-owned food logistics firm (Bulog), Djarot Kusumayakti, rice reserves at

Bulog’s warehouses both for strategic and commercial purposes were 1.4mn tons as of October 25, whereas

Indonesia’s monthly consumption is around 2.5mn tons. Hence, Bulog plans to import 1mn tons of rice from

Vietnam; however, Vietnam ports only have the capacity to load 360k tons of rice per month. Imports from

Thailand also have been included in the agenda, but an agreement on pricing has not been reached. The

shortage has been mainly caused by the longer-than-expected El-Nino weather anomaly and the prolonged

rice-for-poor program, which combined have resulted in significantly lower rice stock at Bulog. (Cogencis)


2014

Finance Asia's

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Equity House

Alpha

Southeast Asia

2014 Best

Research Call

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Asiamoney's

2013

Best Domestic

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2015

Institutional

Investors

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Local Research

House

2015

Global

Banking & Finance

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INDUSTRY

SOE banks association plans to acquire a switching company Based on Bank Indonesia regulation, SOE banks must not have any subsidiaries unrelated to their business

activities. Hence, SOE banks plan to establish a switching company or acquire a switching company from a

third-party institution. This integration will reduce the operational and investment cost of SOE banks.

(Investor Daily)

Workers cancel plan to block JORR toll roads

Following a discussion with the toll road operators and local police authority, hundreds of Jalantol

Lingkarluar Jakarta’s (JLJ) workers have decided to cancel their plan to block Jakarta Outer Ring Road

(JORR) toll road on 28-30 October 2015. The company would extend the workers’ contracts for another

month while trying to resolve their demand. Previously, Jasa Marga (JSMR IJ-BUY-IDR5,275-TP:IDR7,000),

the parent company of JLJ, had decided to transfer the toll road workers’ contracts from JLJ to Jasa Layanan

Operasi (JLO) so JLJ could focus in managing the JORR toll road. Around 2,400 out of 2,800 JLJ workers

have agreed to become permanent employees of JLO. (Koran Tempo)

Indonesian 9M15 coal exports fall 19.8% y-y to 235mn mt

Indonesian 9M15 coal exports fell 19.8% y-y to 235mn mt, while the domestic market obligation rose by

9.8% y-y to 67mn mt. 9M15 coal production fell 14.4% y-y to 308mn mt, representing 72% of the 2015

coal production target. (Kontan)

Logistics: Dwelling time reaches 4.5 days in October

The Head of Dwell Time Duties in Coordinating Maritime Ministry, Agung Kuswandono, stated that the

current average dwelling time in Tanjung Priok, Jakarta, has reached around 4.51 days, down 13% from

July’s performance of 5.2 days. Furthermore, most of the decline was due to de-regulations on import rules

implemented by the Trade Ministry (revised: 16 rules; signing: 12 rules; processing: 4 rules related to steel,

sugar, salt, etc). (Detik)

Government to inject IDR109tn into SOEs for port construction

To support sea-toll projects, the government plans to inject IDR109tn into state-owned port companies

(Pelindo I: IDR34tn; III: IDR23tn; IV: IDR6.8tn) to build new ports such as the New Priok Port (IDR24.8tn)

and Sorong Port (IDR3tn). (Detik)

Plantations: Indonesian CPO production to reach 40mn tons this year

According to GAPKI (Indonesian Palm Oil Association), Indonesia’s CPO production is expected to reach

40mn tons this year, +25% y-y. (Jakarta Post)

Jakarta government to speed up property license processing

The Jakarta government plans to quicken license application processes for property development requiring

simpler documentation and cutting the time from currently at least 75 days to a maximum of 15 days.

Further, the process would be delegated to the One-Stop Integrated Service Agency from the Environmental

Management Agency. (The Jakarta Post)


2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

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Local Research

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2015

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CORPORATE

SMBR 3Q15 results: In-line with our estimates

Semen Baturaja (SMBR IJ-HOLD-IDR303-TP:IDR300) booked 3Q15 net profit of IDR97bn (-0.4% y-y,

+3.5% q-q) while its 3Q15 sales jumped to IDR398bn (+26.5% y-y, +14.7% q-q). On the cost front, SMBR

was able to maintain its 3Q15 gross margin at 35.4% (2Q15: 35.4%, 3Q14: 36.6%) although 3Q15 net

margin fell to 24.4% (2Q15: 27.1%, 3Q14: 31%) as the company spent IDR636bn for the construction of

the new Baturaja II plant which reduced its 3Q15 interest income to IDR24bn (2Q15: IDR34bn). This

brought SMBR’s 9M15 net profit to IDR265bn (+20% y-y), translating to 74.5% and 74.6% of our and

consensus’ estimates. (Company, Bahana). Bahana comment: SMBR has shown resilience against cement

price fall in Indonesia on the back rising demand in South Sumatra region and its existing contract for the

construction of Sinarmas’ pulp and paper plant. At this stage, we maintain our HOLD recommendation with

TP of IDR300. SMBR IJ 3Q15 Result summary

q-q y-y 3Q15/ y-y 9M15/ 9M15/

(IDRbn) 3Q14 2Q15 3Q15 (%) (%) 3Q15F 9M15 (%) 2015F cons

Sales 314 347 398 14.7 26.5 108.5 1,033 26.4 74.7 77.8

Gross profit 115 123 141 14.8 22.5

350 45.7

Operating expense 37 41 39 (6.5) 6.0

119 23.2

Operating profit 78 81 102 25.7 30.2 118.5 232 60.7 75.8 78.0

Net interest inc. /(expenses) 39 34 24 (30.4) (38.3)

97 (14.1)

Forex gain (expenses) - - - na na

- na

Other income/(expenses) 1 1 (2) (342.0) (262.3)

(1) (117.7)

Pretax profit 119 116 124 6.5 4.7

328 25.0

Taxation (21) (23) (27) 19.4 28.1

(63) 51.7

Minority interest - - - na na - na

Net profit 97 94 97 3.5 (0.4) 103.1 265 20.0 74.5 74.6

BS & ratio analysis 3Q14 2Q15 3Q15

9M14 9M15 2013 2014 2015F 2016F

Gross margin (%) 36.6 35.4 35.4 29.4 33.9 39.6 30.7 33.1 31.1

Operating margin (%) 25.0 23.4 25.7 17.6 22.4 28.0 19.4 22.1 19.6

Net margin (%) 31.0 27.1 24.4 27.0 25.6 26.7 27.0 8.9 3.5

Inventory Days 72 77 67

79 75 64 73 70 70

Receivable Days 17 15 15

12 17 6 16 20 20

Payable Days 36 29 23

38 26 34 32 35 35

Total cash 1,877 1,826 1,657

1,877 1,657 1,883 2,080 1,367 407

Total debt - - -

- - - - - 500

Net gearing (%) nc nc nc

nc nc nc nc nc 2.9 Source: Company, Bloomberg, Bahana estimates

WSKT: 9M15 net profit reached IDR400bn, +210% y-y

Waskita Karya’s (WSKT IJ-BUY-IDR1,730-TP:IDR1,975) CEO, M. Choliq, sees 9M15 net earnings of

IDR400bn (+210% y-y), translating to 49% and 56% of our and consensus target. In 3Q15, WSKT’s net

profit rose to IDR228bn (+235% y-y, 43.1% q-q). Meanwhile, on revenue front, WSKT booked 3Q15 sales

of IDR3.6tn (+71.8% y-y, +44.7% q-q), or amounting to 9M15 sales of IDR7.5tn (+42% y-y). (Congencis).

Bahana comment: WSKT’s 3Q15 net income is above our expectation which was mostly caused by earlier-

than-expected sales recognition of their projects. That said, we maintain our FY 2015 net earnings target of

IDR814bn and BUY rating on WSKT.

HMSP: IDR20.4tn collected through rights issue

PT HM Sampoerna has completed its rights issue with total value of IDR20.37tn in the negotiation market.

Total value of unexercised rights was IDR532.1bn where IDR97.6bn to be traded in negotiation market and

IDR434.5bn to be traded in regular market. The transaction has caused IDR5.81tn in total foreign net sell.

(Investor Daily)

PGAS state Lampung FSRU back in operation

Perusahaan Gas Negara (PGAS IJ-REDUCE-IDR3,040-TP:IDR2,500) has restarted operations at its floating

storage regasification unit (FSRU) off the Lampung coast, delivering 100mmscfd to industries in West Java.

The facility has capacity of 360mmscfd and is initially scheduled to receive 14 LNG cargoes from the

Tangguh LNG plant in Papua. (Cogencis)

Through PMN, government exercises and realizes IDR3.5tn ANTM rights issue

Through a state-capital injection (PMN), the government has exercised and realized IDR3.5tn rights issue for

Aneka Tambang (ANTM IJ-BUY-IDR386-TP:IDR764). The fund is expected to be allocated to build phase I of

a ferronickel plant in East Halmahera with production capacity of 13.5-15.0k TNi/annum. (Kontan)


2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

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2015

Institutional

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2015

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SGRO to buy-back shares at around IDR1,600/share

Sampoerna Agro Lestari (SGRO IJ-BUY-IDR1,060-TP:IDR1,900) has prepared a total budget of IDR305bn to

buy-back 189mn shares (10% of total) starting on 27 October 2015 to 26 January 2016. (Company)

3 pharmacy companies to secure IDR800bn of generic drugs in 2015

PT Kalbe Farma (KLBF IJ-BUY-IDR1,465), PT Kimia Farma (KAEF IJ-BUY-IDR930) and PT Indofarma (INAF

IJ-NOT RATED-IDR142) are expected to book generic drug procurements worth IDR800bn through e-

catalogue tenders this year. KLBF should book IDR50-100bn in the BPJS tender, while KAEF should book

IDR500bn and INAF should book IDR250bn. (Investor Daily) Bahana comment: In line with the company’s

guidance, KAEF should book nearly 10% of its 2015F revenue through the e-catalogue tender. The sales are

expected to be realized in 4Q15.

PTBA plan to enter coal gasification business

Tambang Bukit Asam (PTBA IJ-BUY-IDR7,325) plans to enter coal gasification business, and with The

Energy and Mineral Resources Ministry (ESDM), will visit China to meet the license holder of coal gasification

technology. (Kontan)

TBLA to build IDR200bn biodiesel factories

Tunas Baru Lampung (TBLA IJ-BUY-IDR499-TP:IDR750) plans to build new biodiesel factories in Lampung

with capacity of 1,050 CPO per day and total investment of around IDR200bn. TBLA targets to finish the

construction in 2-3 months. (Bisnis Indonesia, Investor Daily)

Trikomsel: First SGD bond default in 6 years

For the first time in 6 years, there was an SGD bond default with Trikomsel Oke (TRIO IJ-NR-IDR1,750)

having announced that it would be unable to meet its debt obligations. Currently, TRIO has SGD115mn of

5.25% 3-year notes due May 2016 and SGD100mn of 7.875% bonds due June 2017. Trikomsel has

announced its intention to undergo a debt restructuring, having appointed FTI Consulting to advise the

company on a debt restructuring plan. The company is due to hold a call with bondholders to discuss

possible restructuring options. (Bloomberg, company)

Japan’s largest bank said to enter fray for Panin Bank’s stake

Mitsubishi UFJ Financial Group Inc. has entered the running for 39% stake in Bank Pan Indonesia,

potentially setting up competition between 2 of Japan’s largest banks. Japan’s biggest lender and its

competitor Mizuho Financial Group Inc. are among shortlisted bidders for Australia & New Zealand Banking

Group Ltd holding in Jakarta-based Panin Bank. (The Jakarta Post)

BUMI not extending its debt moratorium

Bumi Resources (BUMI IJ-NOT RATED-IDR50) is not extending its debt moratorium that expired on 24

October 2015. Dileep Srivastava, BUMI’s Corporate Secretary, believes that the expired moratorium will not

have a material impact on BUMI’s negotiation with its creditors. (Kontan)


2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 10/26/2015 10/23/2015 CHANGE (%)

J Resources PSAB IJ BUY 1,300 (17.7) 1,580 1,410 12.1

Vale Indonesia INCO IJ BUY 3,000 23.0 2,440 2,240 8.9

Matahari Department Store LPPF IJ BUY 18,200 4.4 17,425 16,475 5.8 Summarecon Agung SMRA IJ HOLD 1,290 (23.9) 1,695 1,620 4.6

Total Bangun Persada TOTL IJ BUY 1,100 54.9 710 680 4.4

Ciputra Property CTRP IJ BUY 776 68.7 460 441 4.3 Alam Sutera Realty ASRI IJ BUY 720 73.9 414 397 4.3

Bank Danamon Indonesia BDMN IJ HOLD 3,500 4.2 3,360 3,230 4.0

Bank Rakyat Indonesia BBRI IJ BUY 12,500 7.8 11,600 11,200 3.6

Sampoerna Agro SGRO IJ BUY 1,900 75.1 1,085 1,050 3.3 Indonesian Stock Exchange JCI 4,692 4,570 2.7

Bank Tabungan Pensiunan Nasional BTPN IJ HOLD 3,250 12.1 2,900 2,830 2.5

Charoen Pokphand Indonesia CPIN IJ BUY 2,550 (0.8) 2,570 2,510 2.4 Bank Mandiri BMRI IJ BUY 10,700 11.7 9,575 9,400 1.9

Holcim Indonesia SMCB IJ REDUCE 925 (15.5) 1,095 1,075 1.9

Xl Axiata EXCL IJ BUY 3,900 18.5 3,290 3,230 1.9 Mitra Adiperkasa MAPI IJ BUY 4,250 18.5 3,585 3,525 1.7

Media Nusantara Citra MNCN IJ BUY 1,950 8.6 1,795 1,765 1.7

Perusahaan Gas Negara PGAS IJ REDUCE 2,500 (17.8) 3,040 2,990 1.7

Telekomunikasi Indonesia TLKM IJ BUY 3,675 31.0 2,805 2,760 1.6 Pakuwon Jati PWON IJ BUY 450 (1.1) 455 448 1.6

Adaro Energy ADRO IJ HOLD 600 (11.8) 680 670 1.5

Anabatic Technologies ATIC IJ BUY 800 6.7 750 740 1.4 Bank Jawa Timur BJTM IJ HOLD 420 (7.7) 455 449 1.3

Bank Central Asia BBCA IJ BUY 14,500 6.2 13,650 13,475 1.3

Indosat ISAT IJ BUY 6,000 44.6 4,150 4,100 1.2 Bumi Serpong Damai BSDE IJ HOLD 2,020 14.4 1,765 1,745 1.1

Bukit Asam PTBA IJ BUY 7,325 0.0 7,325 7,250 1.0

Soechi Lines SOCI IJ BUY 630 27.3 495 490 1.0

Sido Muncul SIDO IJ BUY 585 15.8 505 500 1.0 Indofood CBP Sukses Makmur ICBP IJ BUY 15,650 14.2 13,700 13,575 0.9

Indo Tambangraya Megah ITMG IJ REDUCE 8,000 (15.6) 9,475 9,400 0.8

Bank Bukopin BBKP IJ HOLD 670 (2.2) 685 680 0.7 Pembangunan Perumahan PTPP IJ BUY 3,710 (4.4) 3,880 3,855 0.6

Wijaya Karya WIKA IJ BUY 3,200 2.2 3,130 3,110 0.6

Unilever Indonesia UNVR IJ BUY 46,000 19.0 38,650 38,425 0.6

Bekasi Fajar Industrial Estates BEST IJ HOLD 300 (26.8) 410 408 0.5 Bank Negara Indonesia BBNI IJ BUY 6,100 15.1 5,300 5,275 0.5

Kalbe Farma KLBF IJ BUY 2,000 36.5 1,465 1,460 0.3

Agung Podomoro Land APLN IJ REDUCE 380 27.1 299 298 0.3 Semen Baturaja SMBR IJ HOLD 300 (1.0) 303 302 0.3

Gudang Garam GGRM IJ BUY 55,000 18.7 46,350 46,200 0.3

Krakatau Steel KRAS IJ REDUCE 275 (14.3) 321 320 0.3 Lippo Cikarang LPCK IJ BUY 8,200 0.6 8,150 8,125 0.3

Multipolar MLPL IJ BUY 550 49.9 367 366 0.3

Tunas Baru Lampung TBLA IJ BUY 750 50.0 500 499 0.2

Indocement Tunggal Prakarsa INTP IJ REDUCE 17,000 (19.1) 21,025 21,000 0.1 Astra International ASII IJ REDUCE 5,450 (13.5) 6,300 6,300 0.0

Bank Tabungan Negara BBTN IJ BUY 1,260 6.3 1,185 1,185 0.0

United Tractors UNTR IJ REDUCE 17,500 (13.8) 20,300 20,300 0.0 Jasa Marga JSMR IJ BUY 7,000 32.7 5,275 5,275 0.0

Adhi Karya ADHI IJ BUY 3,309 41.1 2,345 2,345 0.0

Ace Hardware Indonesia ACES IJ REDUCE 500 (27.0) 685 685 0.0 Hero Supermarket HERO IJ REDUCE 700 (54.8) 1,550 1,550 0.0

Ramayana Lestari Sentosa RALS IJ REDUCE 450 (35.7) 700 700 0.0

Electronic City ECII IJ REDUCE 800 (22.3) 1,030 1,030 0.0

Indofood Sukses Makmur INDF IJ BUY 5,800 (6.8) 6,225 6,225 0.0 Nippon Indosari Corpindo ROTI IJ BUY 1,450 15.5 1,255 1,255 0.0

Kawasan Industri Jababeka KIJA IJ BUY 270 21.1 223 223 0.0

Merdeka Copper Gold MDKA IJ BUY 2,200 10.0 2,000 2,000 0.0 Medco Energi Internasional MEDC IJ REDUCE 2,300 100.0 1,150 1,150 0.0

Austindo Nusantara Jaya ANJT IJ REDUCE 540 (66.5) 1,610 1,610 0.0

Ciputra Development CTRA IJ BUY 1,385 16.4 1,190 1,190 0.0 Pelayaran Tempuran Emas TMAS IJ BUY 3,000 64.8 1,820 1,820 0.0

Wintermar Offshore Marine WINS IJ HOLD 700 243.1 204 204 0.0

Erajaya Swasembada ERAA IJ HOLD 940 39.3 675 675 0.0

Blue Bird BIRD IJ REDUCE 5,500 3.8 5,300 5,300 0.0 Waskita Karya WSKT IJ BUY 1,975 14.2 1,730 1,735 (0.3)

Lippo Karawaci LPKR IJ REDUCE 1,000 (22.8) 1,295 1,300 (0.4)

Cardig Aero Services CASS IJ HOLD 1,150 (3.8) 1,195 1,200 (0.4) Kimia Farma KAEF IJ BUY 1,060 14.0 930 935 (0.5)

Surya Semesta Internusa SSIA IJ BUY 795 6.0 750 755 (0.7)

Gajah Tunggal GJTL IJ BUY 740 21.3 610 615 (0.8)

Puradelta Lestari DMAS IJ BUY 260 16 225 227 (1) Wijaya Karya Beton WTON IJ REDUCE 965 (9.0) 1,060 1,070 (0.9)

Mayora Indah MYOR IJ BUY 28,800 5.5 27,300 27,575 (1.0)

Express Transindo Utama TAXI IJ BUY 440 53.3 287 291 (1.4) Semen Indonesia SMGR IJ HOLD 10,600 (0.9) 10,700 10,850 (1.4)

Tiphone Mobile Indonesia TELE IJ BUY 1,180 67.4 705 715 (1.4)

Tempo Scan Pacific TSPC IJ BUY 2,000 18.0 1,695 1,720 (1.5) Timah TINS IJ REDUCE 500 (25.4) 670 680 (1.5)

Sarana Menara Nusantara TOWR IJ BUY 5,100 27.8 3,990 4,050 (1.5)

Sri Rejeki Isman SRIL IJ BUY 350 (8.6) 383 389 (1.5)

Harum Energy HRUM IJ REDUCE 800 (10.1) 890 905 (1.7) Astra Agro Lestari AALI IJ REDUCE 12,700 (37.7) 20,400 20,750 (1.7)

Salim Ivomas Pratama SIMP IJ REDUCE 325 (29.3) 460 468 (1.7)

Garuda Indonesia GIAA IJ BUY 460 40.2 328 335 (2.1) AKR Corporindo AKRA IJ BUY 6,500 13.0 5,750 5,875 (2.1)

Japfa Comfeed Indonesia JPFA IJ BUY 480 17.6 408 417 (2.2)

London Sumatra Indonesia LSIP IJ HOLD 1,450 (3.0) 1,495 1,530 (2.3) Aneka Tambang ANTM IJ BUY 764 98.0 386 397 (2.8)

Siloam International Hospitals SILO IJ BUY 17,200 40.4 12,250 12,600 (2.8)

PP Property PPRO IJ HOLD 152 (6.2) 162 167 (3.0)

Bank Jawa Barat dan Banten BJBR IJ BUY 850 11.1 765 790 (3.2) Adi Sarana Armada ASSA IJ BUY 140 21.7 115 119 (3.4)

Malindo Feedmill MAIN IJ BUY 1,500 31.6 1,140 1,185 (3.8)

Dharma Satya Nusantara DSNG IJ BUY 680 (2.9) 700 740 (5.4) Matahari Putra Prima MPPA IJ BUY 3,000 23.7 2,425 2,570 (5.6)

Surya Citra Media SCMA IJ HOLD 2,950 (3.8) 3,065 3,255 (5.8)

Indomobil Sukses Internasional IMAS IJ REDUCE 2,000 (26.3) 2,715 2,970 (8.6) Source: Bloomberg, Bahana estimates

When a report covers six or more subject companies please access important disclosures for Daiwa Capital Markets Hong Kong Limited at http://www.daiwacm.com/hk/research_disclaimer.html or contact your investment representative or Daiwa Capital Markets Hong Kong Limited at Level 26, One Pacific Place, 88 Queensway, Hong Kong. 8Hong Kong

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2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

Source: Bloomberg, Bahana estimates

Ticker Rating Price TP Shares Free float Mkt cap 3M avg to(IDR) (IDR) (m) (%) (IDRb) (IDRb) 2015F 2016F 2015F 2016F 2015F 2016F 2015F 2016F 2015F 2016F 2015F 2016F 2015F 2016F 2015F 2016F 2015F 2016F 2015F 2016F 2015F 2016F

AVIATION N 10,979 5 59,077 68,954 1,437 2,038 1,090 1,780 na 47.6 11.6 8.3 6.5 5.1 1.8 1.5 0.4 0.4 0.0 83.5 13.1 15.1 (6.5) 9.9

GIAA IJ* BUY 328 460 25,869 13.5 8,485 5 57,368 67,019 1,050 1,526 966 1,639 na 79.2 9.1 5.6 6.8 5.3 0.7 0.6 0.0 0.0 nc 108.1 8.1 11.2 (20.9) 3.9

CASS IJ HOLD 1,195 1,150 2,087 56.6 2,494 0 1,709 1,934 387 512 124 141 12.4 14.0 20.1 17.6 5.6 4.4 5.5 4.6 1.7 1.9 nc nc 30.2 28.4 42.7 30.1

AUTOMOTIVE UW 264,680 178 214,474 223,517 18,301 19,123 16,664 18,062 (14.6) 12.3 12.6 7.7 12.6 12.2 2.4 2.2 2.9 3.1 50.8 49.0 16.5 15.9 13.5 11.2

ASII IJ REDUCE 6,300 5,450 40,484 45.1 255,046 176 182,293 189,408 17,183 17,938 17,227 18,075 (10.2) 4.9 14.8 14.1 12.2 11.8 2.4 2.2 3.0 3.2 44.6 42.2 17.2 16.5 14.0 11.7

IMAS IJ REDUCE 2,715 2,000 2,765 10.5 7,508 0 19,852 20,874 239 242 (132) (31) (10.4) (76.6) (56.8) (242.4) 27.7 27.9 1.3 1.4 0.0 0.0 242.5 256.1 (2.3) (0.6) (0.8) (0.7)

GJTL IJ BUY 610 740 3,485 40.3 2,126 2 12,330 13,234 879 943 (431) 18 (259.6) (104.1) (4.9) 119.1 5.2 4.9 0.4 0.4 0.0 0.2 119.5 124.7 (7.9) 0.4 2.6 (3.9)

BANKS N 1,027,069 968 266,561 291,447 99,513 110,398 80,582 89,324 1.1 10.4 13.8 12.5 na na 2.6 2.2 1.8 1.9 na na 19.8 18.7 na na

BBCA IJ BUY 13,650 14,500 24,655 50.8 336,541 205.1 48,713.3 52,878.0 21,560.6 23,663.9 17,445.4 19,146.1 5.8 9.7 19.3 17.6 na na 3.8 3.2 1.2 1.3 na na 21.2 19.8 na na

BBRI IJ BUY 11,600 12,500 24,669 43.2 286,162 306.4 66,953 73,440 28,314 31,205 24,426 26,815 0.8 9.8 11.7 10.7 na na 2.5 2.1 1.7 1.9 na na 22.9 21.2 na na

BMRI IJ BUY 9,575 10,700 23,333 40.0 223,417 238.3 63,340 69,335 26,416 28,904 20,282 22,121 2.1 9.1 11.0 10.1 na na 1.9 1.7 2.0 2.0 na na 18.4 17.5 na na

BBNI IJ BUY 5,300 6,100 18,649 40.0 98,838 173.0 37,239 41,101 11,142 13,411 9,313 11,165 (13.6) 19.9 10.6 8.9 na na 1.6 1.4 2.1 2.3 na na 15.5 16.4 na na

BDMN IJ HOLD 3,360 3,500 9,585 32.4 32,204 7.6 20,653.2 21,840.5 3,477.0 3,688.9 2,502.9 2,752.4 (3.9) 10.0 12.9 11.7 na na 0.9 0.9 2.3 2.4 na na 7.4 7.8 na na

BTPN IJ HOLD 2,900 3,250 5,840 50.8 16,937 0.1 8,285 9,198 2,447 2,703 1,824 2,015 (1.6) 10.4 9.3 8.4 na na 1.2 1.1 0.5 0.5 na na 14.3 13.9 na na

BBTN IJ BUY 1,185 1,260 10,582 39.0 12,540 23.7 7,278 8,271 2,191 2,444 1,645 1,835 47.5 11.5 7.6 6.8 na na 0.9 0.8 2.6 2.6 na na 12.7 12.8 na na

BJBR IJ BUY 765 850 9,696 25.0 7,418 9.0 6,392 6,898 1,432 1,599 1,227 1,368 9.5 11.5 6.0 5.4 na na 1.0 0.9 9.1 9.2 na na 16.8 17.3 na na

BJTM IJ HOLD 455 420 14,918 25.7 6,788 1.7 3,632.8 4,067.6 1,378.2 1,515.0 1,004.8 1,105.9 7.0 10.1 6.8 6.1 na na 1.1 1.0 9.3 9.4 na na 16.1 16.6 na na

BBKP IJ HOLD 685 670 9,087 40.4 6,224 2.9 4,075 4,417 1,156 1,264 912 999 25.9 9.6 6.8 6.2 na na 0.8 0.8 2.9 3.2 na na 12.8 12.7 na na

CEMENT UW 152,237 106 58,116 60,570 13,045 13,288 10,403 10,432 (10.2) (0.7) 14.9 14.9 9.7 9.5 2.7 2.5 3.0 3.0 4.0 3.6 11.1 10.8 160.9 158.4

SMGR IJ HOLD 10,700 10,600 5,932 49.0 63,467 59.0 26,987.7 28,078.7 6,107.2 6,188.9 4,780.4 4,991.4 (14.1) 4.4 13.3 12.7 8.8 8.6 2.4 2.2 2.3 2.4 nc nc 19.6 18.3 25.1 19.3

INTP IJ REDUCE 21,025 17,000 3,681 36.0 77,398 42.9 19,349 20,148 5,589 5,671 4,853 4,690 (7.9) (3.4) 15.9 16.5 10.9 10.6 3.1 2.9 3.8 3.6 nc nc 4.7 5.3 293.4 294.4

SMCB IJ REDUCE 1,095 925 7,663 19.4 8,391 1.3 10,397 10,919 1,043 1,148 414 472 (38.1) 14.1 20.3 17.8 8.2 7.2 0.9 0.9 2.5 2.8 72.3 64.2 4.7 5.3 5.2 2.8

SMBR IJ HOLD 303 300 9,838 23.8 2,981 2.3 1,383 1,424 306 280 355 279 8.2 (21.6) 8.4 10.7 4.1 7.8 1.0 0.9 2.4 1.9 nc 2.9 12.4 9.0 52.6 30.9

COAL & MINING CONTRACTING UW 127,462 117 135,550 138,557 16,088 14,824 15,448 15,038 9.2 (0.5) 11.2 11.9 4.9 4.7 1.6 1.4 5.1 4.8 5.0 3.1 14.6 12.9 19.6 18.2

UNTR IJ REDUCE 20,300 17,500 3,730 40.5 75,722 51.4 50,923.3 51,550.7 8,134.3 8,197.9 6,552.9 6,784.3 22.0 3.5 11.6 11.2 5.1 4.6 1.8 1.7 3.5 3.6 na na 16.9 15.7 17.8 21.5

ADRO IJ* HOLD 680 600 31,986 43.0 21,750 31.5 40,264 40,861 3,682 3,205 1,666 1,450 (27.7) (16.7) 14.2 17.0 4.1 3.7 0.6 0.6 3.1 3.3 29.4 17.9 4.5 3.5 4.4 3.3

ITMG IJ* REDUCE 9,475 8,000 1,130 34.8 10,706 13.0 24,892 25,926 2,254 1,914 5,562 5,562 (31.5) (17.1) 6.4 7.7 2.3 2.3 1.0 1.0 19.0 15.2 nc nc 15.4 12.5 35.5 22.8

PTBA IJ BUY 7,325 7,325 2,304 29.3 16,878 20.0 13,773 14,158 1,948 1,537 1,653 1,314 (18.1) (20.5) 10.2 12.9 7.4 9.0 1.9 1.9 6.6 5.4 nc nc 19.1 14.7 36.9 22.0

HRUM IJ* REDUCE 890 800 2,704 29.3 2,406 0.8 5,698.0 6,061.0 70.0 (29.0) 14.0 (72.5) 250.0 (428.6) na na (2.1) (4.3) 1.1 1.0 5.2 4.5 nc nc 0.4 (1.8) 20.1 1.3

CONS. & TOLL ROADS N 117,387 230 67,118 81,445 8,855 10,810 4,248 5,315 8.2 19.4 27.1 22.0 13.8 11.9 3.7 3.2 1.1 1.3 46.4 51.8 15.7 16.1 16.6 12.0

JSMR IJ BUY 5,275 7,000 6,800 30.0 35,870 26.3 7,883.4 9,135.6 3,019.3 3,535.5 1,431.2 1,608.2 1.9 12.4 25.1 22.3 12.3 11.2 3.3 3.0 1.2 1.3 124.1 139.3 13.9 14.2 7.5 6.5

WIKA IJ BUY 3,130 3,200 6,149 34.9 19,247 37.6 12,150 14,875 1,297 1,718 559 785 (9.2) 40.6 34.4 24.4 13.8 10.7 4.3 3.7 0.9 1.2 51.7 49.7 13.2 16.2 15.5 9.7

PTPP IJ BUY 3,880 3,710 4,842 49.0 18,789 32.4 17,338 20,420 1,816 2,157 677 805 27.2 18.9 27.8 23.3 10.9 9.5 5.9 4.9 1.1 1.3 nc nc 24.5 23.1 27.1 17.2

WSKT IJ BUY 1,730 1,975 13,567 33.9 23,472 44.1 15,138 19,354 1,328 1,593 806 1,083 35.9 15.4 24.7 21.4 15.7 14.5 2.6 2.4 0.7 0.9 nc 5.7 13.9 11.7 13.9 14.4

WTON IJ REDUCE 1,060 965 8,715 86.8 9,238 17.7 2,526.6 3,347.0 291.8 403.3 217.8 317.5 (38.9) 45.8 42.4 29.1 23.5 17.7 4.1 3.8 0.7 1.0 nc nc 9.9 13.5 26.3 10.7

ADHI IJ BUY 2,345 3,309 3,561 74.2 8,350 69.6 9,744 11,695 877 1,132 364 487 12.3 33.8 11.6 8.7 12.1 10.0 2.1 1.7 1.3 1.7 nc nc 19.1 21.4 14.4 9.4

TOTL IJ BUY 710 1,100 3,410 33.7 2,421 2.7 2,337.8 2,618.1 225.6 273.0 194.2 228.7 18.6 17.8 12.5 10.6 8.2 7.0 na na 4.2 5.0 nc nc 23.0 24.3 77.3 61.1

CONSUMER - DISCRETIONARY N 175,667 211 105,889 116,376 9,938 12,140 6,964 8,459 16.0 20.0 37.6 21.3 16.9 14.5 16.5 10.1 2.3 2.2 11.1 9.4 95.7 53.7 196.0 196.2

SCMA IJ HOLD 3,065 2,950 14,622 38.2 44,815 20 4,253 4,467 1,990 2,111 1,518 1,631 4.4 7.4 29.5 27.5 21.2 19.8 11.3 9.9 2.3 2.4 nc nc 41.1 38.6 71.8 64.4

LPPF IJ BUY 17,425 18,200 2,918 79.5 50,845 67 9,340 10,872 2,474 2,868 1,859 2,214 31.0 19.1 27.3 23.0 18.1 15.2 42.9 22.3 2.2 2.6 nc nc 272.8 127.6 na na

MNCN IJ BUY 1,795 1,950 14,276 36.5 25,626 18 6,675 7,006 2,607 2,744 1,456 1,732 (17.3) 19.0 17.6 14.8 10.1 9.6 2.6 2.3 3.4 2.6 26.1 23.4 15.8 17.3 19.2 12.7

MPPA IJ BUY 2,425 3,000 5,378 23.7 13,042 12 14,643 16,994 711 809 560 643 1.2 14.7 23.3 20.3 12.1 10.4 4.1 3.7 1.7 2.0 nc nc 18.6 19.0 2,308.5 2,356.7

ACES IJ REDUCE 685 500 17,150 40.0 11,748 6 4,646 5,004 576 631 516 562 (6.3) 8.9 22.7 20.9 16.6 14.8 4.5 4.0 2.3 1.8 nc nc 20.8 20.2 29.2 25.0

HERO IJ REDUCE 1,550 700 4,184 16.5 6,485 0 15,315 17,271 (143) (41) 16 92 (62.3) 456.4 393.6 70.7 41.0 23.3 1.2 1.1 0.0 0.0 14.0 12.7 0.3 1.6 0.9 0.3

RALS IJ REDUCE 700 450 7,096 40.5 4,967 2 7,631 7,567 148 148 211 230 (40.7) 9.2 23.6 21.6 8.2 7.7 1.5 1.4 4.3 4.3 nc nc 6.3 6.7 19.4 12.5

MAPI IJ BUY 3,585 4,250 1,660 44.0 5,951 7 13,115 14,547 391 618 122 383 64.9 213.3 48.7 15.5 8.3 6.2 2.3 2.0 0.0 0.0 51.9 38.9 4.8 13.9 1.4 2.6

MLPL IJ BUY 367 550 10,065 68.0 3,694 3 19,928 22,444 (288) (328) (69) (47) (103.6) (31.4) (53.5) (78.0) 12.2 13.5 0.5 0.5 7.7 (0.3) nc 1.6 (0.8) (0.6) 19.4 12.5

SRIL IJ BUY 383 350 18,593 43.9 7,121 75 8,342 10,204 1,452 1,769 708 922 12.9 25.8 10.8 8.6 7.2 6.0 1.9 1.6 0.9 1.2 124.8 103.8 20.4 20.3 9.5 8.8

ECII IJ REDUCE 1,030 800 1,334 25.0 1,374 0 2,002 16,994 20 809 65 98 (49.5) 50.7 21.0 14.0 23.4 12.6 0.8 0.7 0.9 1.0 nc nc 3.6 19.0 11.0 25.3

CONSUMER - STAPLES OW 652,593 702,894 260,866 278,243 33,959 38,694 22,859 25,972 3.6 12.7 34.0 29.9 23.6 20.7 29.0 24.9 2.0 2.3 18.9 14.8 68.9 69.0 63.1 65.7

UNVR IJ BUY 38,650 46,000 7,630 15.0 294,900 61 38,088 42,825 8,393 9,486 6,198 7,028 8.0 13.4 47.6 42.0 34.1 30.1 58.0 49.9 2.0 2.2 3.2 nc 128.0 127.8 115.2 121.1

GGRM IJ BUY 46,350 55,000 1,924 23.5 89,181 37 67,334 73,721 8,068 8,933 4,945 5,483 (7.9) 10.9 18.0 16.3 11.1 9.9 2.5 2.3 2.4 2.6 56.0 52.4 14.4 14.6 11.9 9.4

KLBF IJ BUY 1,465 2,000 46,875 43.3 68,672 68 18,509 20,518 2,993 3,397 2,255 2,559 9.2 13.5 30.5 26.8 19.9 17.5 6.4 5.6 1.6 1.9 nc nc 22.4 22.4 27.4 27.6

INDF IJ BUY 6,225 5,800 8,780 49.9 54,658 47 66,860 73,055 7,018 8,167 3,745 4,266 (3.6) 13.9 14.6 12.8 7.9 6.7 2.0 1.8 3.3 3.8 77.0 59.3 14.1 14.9 9.7 8.2

ICBP IJ BUY 13,700 15,650 5,831 19.5 79,884 25 33,279 36,929 3,796 4,528 3,124 3,652 20.0 16.9 25.6 21.9 20.2 17.0 5.1 4.5 1.7 2.0 nc nc 20.9 21.7 26.4 27.7

MYOR IJ BUY 27,300 28,800 894 66.9 24,416 1 14,666 16,825 1,598 1,722 933 1,040 131.1 11.5 26.2 23.5 13.2 12.1 5.0 4.3 0.8 0.9 58.1 46.6 21.3 20.1 6.1 12.3

TSPC IJ BUY 1,695 2,000 4,500 22.3 7,628 1 8,220 9,160 640 704 575 615 (0.7) 6.8 13.3 12.4 7.7 7.0 1.7 1.6 3.4 3.6 nc nc 13.4 13.3 24.6 21.2

SIDO IJ BUY 505 585 15,000 19.0 7,575 2 2,301 2,579 499 560 453 519 9.0 14.6 16.8 14.6 11.1 9.8 2.5 2.2 1.1 1.2 nc nc 16.1 16.1 27.2 25.7

ROTI IJ BUY 1,255 1,450 5,062 29.3 6,353 2 2,151 2,632 360 449 241 308 27.6 27.8 26.4 20.6 14.5 11.4 5.5 4.5 0.4 0.3 77.3 59.2 22.8 24.1 12.7 13.1

KAEF IJ BUY 930 1,060 5,554 10.0 5,165 3 5,190 5,953 350 413 286 329 22.0 15.0 18.0 15.7 14.3 12.1 2.6 2.3 1.1 1.3 7.9 6.3 15.0 15.3 16.7 15.4

SILO IJ BUY 12,250 17,200 1,156 29.2 14,162 52 4,269 5,493 245 335 104 174 66.2 67.5 136.2 81.3 23.1 17.8 8.1 7.5 0.1 0.1 26.8 35.0 6.1 9.6 3.7 5.1

INDUSTRIAL ESTATES N 46,373 27 12,362 11,303 15,171 2,987 3,287 3,448 10.3 (3.4) 9.4 9.0 7.3 7.2 1.4 1.2 2.0 2.2 15.1 15.9 17.4 15.5 20.3 18.1

DMAS IJ BUY 225 260 48,198 10.0 10,845 2.6 1,885 1,222 1,324 1,200 1,285 24.5 7.1 9.0 8.4 8.1 7.2 1.5 1.3 3.3 3.6 nc nc 17.6 16.7 17.5 20.1

KIJA IJ BUY 223 270 20,662 80.0 4,608 5.3 2,956.4 3,187.5 779.6 785.1 334.5 384.7 (18.4) 15.0 13.8 12.0 7.9 7.9 1.0 0.9 2.2 2.5 57.2 54.9 7.2 8.0 6.2 4.7

BEST IJ HOLD 410 300 9,647 42.0 3,955 7.4 842 765 528 467 344 301 (12.0) (12.5) 11.5 13.1 8.6 10.7 1.2 1.1 0.4 0.6 21.1 33.3 11.4 9.1 14.3 10.1

SSIA IJ BUY 750 795 4,705 68.4 3,529 5.1 4,940 5,535 768 844 476 507 14.6 6.6 7.4 7.0 4.7 4.3 1.2 1.0 2.4 2.7 23.8 19.8 16.7 15.6 17.8 14.6

LPCK IJ BUY 8,150 8,200 696 57.8 5,672 6.4 1,739 1,816 859 891 933 971 10.5 4.1 6.1 5.8 6.2 6.0 1.6 1.2 0.0 0.0 nc nc 29.8 23.8 42.9 32.7

METALS N 54,011 95 33,028 31,723 18,655 24,651 2,230 3,137 (13.4) 25.7 15.4 16.8 9.1 7.4 1.1 1.0 3.9 3.3 38.8 31.7 6.4 7.7 6.1 5.0

INCO IJ* BUY 2,440 3,000 9,936 20.5 24,245 28.6 12,230.4 12,791.6 2,455.5 2,829.5 1,739.2 2,042.6 (22.8) 13.4 15.0 13.2 5.4 4.8 1.0 1.0 5.5 4.0 nc nc 7.3 7.8 10.3 7.9

ANTM IJ BUY 386 764 24,031 74.2 9,276 22.9 10,540 11,789 143 362 (139) 159 (81.5) (213.3) na 22.7 18.5 14.0 0.3 0.3 0.0 0.0 61.2 60.2 (1.2) 1.3 (4.5) (0.8)

TINS IJ REDUCE 670 500 7,448 35.0 4,990 5.8 6,259 7,142 208 243 125 172 (83.0) 37.1 39.8 29.0 12.0 10.4 0.9 0.9 1.3 1.7 43.9 42.6 2.3 3.1 9.6 1.6

PSAB IJ* BUY 1,580 1,300 5,292 7.4 8,361 5.3 3,998 4,959 15,848 21,217 504 763 79.8 46.2 19.0 13.0 7.4 5.8 2.4 2.0 4.8 5.7 123.5 85.4 14.4 17.3 3.7 6.0

OIL & GAS UW 100,233 173 77,110 89,735 14,681 16,966 9,938 10,774 (10.0) 4.7 15.1 15.2 8.2 8.0 2.3 2.1 5.4 5.8 26.2 24.5 19.8 18.6 25.0 19.9

PGAS IJ* REDUCE 3,040 2,500 24,242 43.0 73,694 129 47,852 54,999 11,592 12,731 9,226 10,005 (8.7) 4.8 8.6 8.2 4.1 3.8 1.9 1.7 6.6 7.1 nc nc 23.5 22.1 31.2 25.1

AKRA IJ BUY 5,750 6,500 3,949 40.8 22,707 42 19,108 22,092 877 871 600 566 (25.9) (5.6) 37.4 39.6 21.9 22.5 4.0 3.8 1.9 1.4 93.4 86.8 10.9 9.9 9.2 6.2

MEDC IJ* REDUCE 1,150 2,300 3,332 49.0 3,832 2 10,150.0 12,644.0 2,212 3,364 112 203 182.4 63.8 7.6 4.7 4.7 3.4 0.3 0.3 1.9 5.2 132.0 126.7 1.1 2.2 0.6 0.5

PLANTATIONS N 67,110 63 44,315 48,019 6,828 7,716 3,169 3,945 (53.1) 22.0 23.2 18.8 10.7 9.7 1.9 1.7 2.9 2.7 36.1 40.9 8.5 9.7 14.7 6.7

AALI IJ REDUCE 20,400 12,700 1,575 20.3 32,125 29 15,637 16,317 2,215 2,336 1,142 1,396 (54.4) 22.3 28.1 23.0 12.0 11.5 2.8 2.6 1.6 2.0 51.4 58.3 9.9 11.6 18.4 7.0

SIMP IJ REDUCE 460 325 15,816 21.6 7,276 1 14,580 15,887 1,596 1,826 246 414 (70.8) 68.2 29.6 17.6 5.0 4.6 0.5 0.5 1.0 1.7 44.7 48.9 1.7 2.9 4.2 1.2

LSIP IJ HOLD 1,495 1,450 6,823 40.5 10,200 26 4,337 4,660 843 935 731 794 (20.3) 8.6 14.0 12.9 8.5 7.7 1.3 1.3 2.9 3.1 nc nc 9.9 10.2 16.6 11.9

DSNG IJ BUY 700 680 10,599 28.9 7,419 3 4,661 5,309 677 854 356 435 (45.2) 22.3 4.2 3.4 12.6 10.9 0.6 0.5 10.9 6.0 16.9 19.8 2.6 3.2 14.7 6.9

ANJT IJ* REDUCE 1,610 540 3,335 10.0 5,369 1 1,943 2,165 253 338 128 174 (50.5) 31.8 42.4 32.2 14.4 9.4 1.5 1.4 1.2 1.6 16.9 19.8 14.6 15.8 5.3 2.4

SGRO IJ BUY 1,085 1,900 1,890 33.0 2,051 3 3,156 3,682 449 564 245 313 (28.0) 27.5 8.4 6.6 5.7 5.1 0.7 0.6 6.0 7.6 65.9 73.8 8.1 9.8 8.2 5.1

TBLA IJ BUY 500 750 5,342 45.6 2,671 0 6,248 6,540 795 863 322 420 (31.5) 30.5 8.3 6.4 5.1 4.7 1.0 0.9 3.2 2.4 119.6 105.9 12.5 14.7 9.1 5.7

POULTRY N 48,534 16 63,427 73,211 4,672 6,339 1,975 3,561 12.8 49.6 27.8 14.3 11.8 9.6 3.1 2.7 1.1 1.6 60.1 56.2 14.9 19.8 10.8 10.0

CPIN IJ BUY 2,570 2,550 16,398 44.5 42,143 15 32,909 38,526 3,416 4,268 1,987 2,767 13.7 39.3 21.2 15.2 12.4 10.2 3.4 2.9 1.2 1.4 47.0 43.1 17.2 20.7 12.3 11.5

JPFA IJ BUY 408 480 10,661 42.5 4,349 1 25,640 29,069 1,061 1,597 (21) 521 (106.2) (2,630.7) na 8.3 7.0 5.5 0.9 0.8 0.0 2.4 141.9 141.7 (0.4) 10.3 3.1 (0.2)

MAIN IJ BUY 1,140 1,500 1,791 44.1 2,042 0 4,878.0 5,616.8 195 473 9 272 na 2,908.5 222.1 7.4 11.2 6.2 1.8 1.5 0.1 2.7 155.5 145.5 0.8 22.0 (3.8) 0.3

PROPERTY UW 147,883 239 47,771 57,134 16,674 19,961 11,540 14,027 (18.0) 23.0 14.3 11.6 10.7 9.0 2.2 1.9 1.7 2.1 27.6 26.7 17.7 18.3 22.6 13.8

BSDE IJ HOLD 1,765 2,020 19,247 35.4 33,970 26 6,609 8,216 3,226 3,981 2,627 3,144 (34.1) 19.0 12.9 10.8 10.8 9.0 1.9 1.7 1.5 1.9 nc nc 15.9 16.5 28.8 13.8

LPKR IJ REDUCE 1,295 1,000 23,078 94.7 29,886 76 9,160 11,033 2,205 2,726 1,530 1,860 (39.9) 21.5 19.3 15.9 14.7 12.2 1.8 1.6 1.3 1.6 51.3 48.6 9.5 10.8 12.5 6.5

PWON IJ BUY 455 450 48,160 47.8 21,913 31 5,398 6,215 2,630 3,031 2,208 2,545 (12.2) 15.2 9.9 8.6 7.6 6.7 2.8 2.2 2.0 2.5 nc nc 31.4 28.5 41.5 26.9

SMRA IJ HOLD 1,695 1,290 14,427 67.7 24,453 39 5,835 7,453 1,726 2,281 1,181 1,593 (15.2) 34.8 20.7 15.3 14.0 10.8 3.6 3.0 1.7 1.4 49.6 41.8 20.1 23.2 22.2 13.5

CTRA IJ BUY 1,190 1,385 15,331 38.7 18,243 15 7,570 9,279 2,456 3,055 1,500 1,895 13.2 26.3 12.0 9.5 7.3 6.0 2.1 1.7 1.3 2.1 nc nc 18.5 19.7 18.7 16.0

ASRI IJ BUY 414 720 19,649 48.5 8,135 38 4,188 4,654 2,144 2,237 1,135 1,432 3.8 25.9 7.1 5.7 6.5 6.4 1.1 1.0 2.9 3.9 87.6 75.0 17.2 18.6 10.6 9.0

APLN IJ REDUCE 299 380 20,501 29.9 6,130 5 5,673 6,380 1,352 1,573 737 856 (13.8) 16.1 8.3 7.2 6.1 6.4 0.9 0.8 2.4 2.8 60.1 86.4 11.0 11.7 10.3 7.5

CTRP IJ BUY 460 776 6,256 43.7 2,878 1 1,794 2,197 515 617 327 393 (17.2) 20.8 8.7 7.2 9.0 9.1 0.6 0.6 3.5 4.1 64.2 81.0 7.4 8.4 6.9 4.7

PPRO IJ BUY 162 152 14,044 35.0 2,275 6 1,545 1,707 419 460 293 309 84.6 2.5 7.6 7.4 6.5 6.7 1.0 0.9 1.4 4.0 29.4 42.9 18.1 13.4 10.6 14.8

SHIPPING N 6,395 3 6,200 4,813 1,638 1,952 1,092 1,297 5.7 24.5 6.4 5.5 5.6 4.7 1.5 1.2 3.7 4.6 81.2 67.9 23.8 21.8 11.3 14.9

SOCI IJ BUY 495 630 7,059 15.0 3,494 3 2,099 2,610 669 817 572 654 (15.1) 10.4 6.1 5.5 6.6 5.4 0.9 0.8 4.0 4.9 65.1 58.5 17.1 16.0 9.5 14.8

TMAS IJ BUY 1,820 3,000 1,141 11.8 2,077 0 1,819 2,203 395 455 258 305 27.5 18.2 8.0 6.8 5.2 4.5 2.9 2.2 3.1 3.7 119.0 95.3 41.2 36.5 16.0 18.1

WINS IJ HOLD 204 700 4,038 42.4 824 0 2,282 2,847 573 680 262 338 (13.8) 24.5 3.5 2.8 2.7 2.0 0.3 0.2 4.3 5.4 54.0 38.8 8.7 9.1 6.8 5.6

-8.3%

STEEL UW 5,064 3 22,877 26,076 (1,267) (1,161) (1,556) (1,403) (22.7) (12.2) na na (164.9) 95.9 0.5 0.6 0.0 0.0 192.1 254.5 (14.4) (13.7) (7.9) (5.6)

KRAS IJ* REDUCE 321 275 15,775 20.0 5,064 3 22,877 26,076 (1,267) (1,161) (1,556) (1,403) (22.7) (12.2) (3.6) (4.1) (164.9) 95.9 0.5 0.6 0.0 0.0 192.1 254.5 (14.4) (13.7) (7.9) (5.6)

TELCOS OW 352,982 214 189,401 209,619 38,716 44,466 16,688 22,753 17.0 16.5 15.9 26.6 8.4 7.4 3.8 3.3 2.9 3.4 39.8 28.8 19.2 21.2 16.1 16.7

TLKM IJ BUY 2,805 3,675 100,800 48.8 282,744 193 98,258 107,731 31,143 35,305 16,382 18,810 11.9 14.8 17.3 15.0 8.5 7.5 3.7 3.4 3.8 4.3 8.5 4.0 22.9 23.7 21.1 21.1

EXCL IJ BUY 3,290 3,900 8,541 33.6 28,101 8 23,488 24,625 974 1,055 (1,042) 180 (34.5) na na 156.3 6.2 5.6 2.2 2.1 0.0 0.2 176.8 164.8 (7.7) 1.4 (2.3) (2.9)

TOWR IJ BUY 3,990 5,100 10,203 67.3 40,710 1 4,699.5 5,290.4 2,725 3,203 1,502 1,934 78.7 28.8 27.1 21.0 12.2 10.5 6.7 5.1 0.0 0.0 108.4 62.5 27.9 27.5 7.2 12.1

ISAT IJ BUY 4,150 6,000 5,434 20.7 22,551 3.3 28,095.3 30,342.5 2,615.8 3,411.7 (900.3) 910.2 54.7 na na 24.8 3.6 3.1 1.8 1.6 0.4 1.3 136.2 104.9 (6.8) 6.8 (5.6) (2.8)

TELE IJ BUY 705 1,180 7,121 17.8 5,020 2 19,465 25,223 602 732 382 479 25.4 25.4 13.0 10.3 10.8 9.0 1.8 1.6 1.9 2.4 45.9 43.5 14.4 16.0 10.2 9.9

ERAA IJ HOLD 675 940 2,900 39.7 1,958 6 15,395 16,407 455 483 260 289 22.7 11.2 7.5 6.8 6.6 6.1 0.6 0.6 5.3 7.4 43.7 39.2 8.5 8.9 5.2 5.9

ATIC IJ BUY 750 800 1,875 21.7 1,406 0 3,028 3,706 201 277 104 151 39.2 23.7 13.2 10.7 7.4 5.9 1.8 1.9 1.4 1.9 57.8 62.0 20.5 18.8 7.9 10.4

TRANSPORTATION UW 14,268 10 7,915 7,581 1,598 1,731 934 1,026 (0.5) 9.6 15.6 14.3 7.3 6.7 3.1 2.7 2.5 2.8 48.9 59.1 21.0 20.2 17.6 15.7

BIRD IJ REDUCE 5,300 5,500 2,502 15.0 13,261 1 5,581 6,480 1,161 1,251 840 921 (0.0) 9.6 15.8 14.4 7.5 6.9 3.3 2.9 2.5 2.8 39.9 50.0 22.2 21.3 18.6 16.3

TAXI IJ BUY 287 440 2,146 49.0 616 10 1,005 1,101 225 240 39 36 (67.3) (5.6) 15.9 16.9 4.1 4.1 0.7 0.7 1.1 1.1 164.5 176.6 4.3 4.0 6.2 1.6

ASSA IJ BUY 115 140 3,398 37.7 391 0 1,329 1,516 212 239 55 69 28.7 24.6 7.1 5.7 3.4 3.2 0.4 0.4 4.2 5.3 171.7 182.3 6.4 7.6 2.0 2.4

Market N 3,370,928 705,551 1,672,059 1,818,322 318,503 346,923 207,555 236,946 0.0 10.3 19.5 17.8 9.4 8.8 8.4 7.0 2.3 2.5 18.9 17.5 31.0 28.9 35.4 34.9

Note: *USD reporting

OW: Overweight, N: Neutral, UW: Underweight

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


2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time

AEGM KREN IJ Kresna Graha Sekurindo 6/15/2015 14:00

AEGM ASDM IJ Asuransi Dayin Mitra 6/15/2015 08:00

AEGM GSMF IJ Equity Development Investment 6/15/2015 10:30

AEGM SRAJ IJ Sejahteraraya Anugrahjaya 6/15/2015 10:00

AEGM PTSP IJ Pioneerindo Gourmet International 6/15/2015 10:00

AEGM CLPI IJ Colorpak Indonesia 6/15/2015 10:00

AEGM UNSP IJ Bakrie Sumatera Plantations 6/15/2015 10:00

AEGM DGIK IJ Nusa Konstruksi Enjiniring 6/15/2015 09:00

AEGM INTD IJ Inter Delta 6/15/2015 10:00

AEGM APII IJ Arita Prima Indonesia 6/15/2015 09:00

AGM ARGO IJ Argo Pantes 6/15/2015 10:00

AEGM MGNA IJ Magna Finance 6/15/2015 14:00

AGM RICY IJ Ricky Putra Globalindo 6/15/2015 09:30

AGM JPRS IJ Jaya Pari Steel 6/16/2015 10:00

AGM SRSN IJ Indo Acidatama 6/16/2015 14:00

AGM KONI IJ Perdana Bangun Pusaka 6/16/2015 09:00

AEGM AISA IJ Tiga Pilar Sejahtera Food 6/16/2015 10:00

AGM GDST IJ Gunawan Dianjaya Steel 6/16/2015 09:00

AEGM MBTO IJ Martina Berto 6/16/2015 10:00

AEGM ADMG IJ Polychem Indonesia 6/16/2015 14:00

AGM BTON IJ Betonjaya Manunggal 6/16/2015 09:30

AEGM OKAS IJ Ancora Indonesia Resources 6/16/2015 10:00

AGM POOL IJ Pool Advista Indonesia 6/16/2015 11:00

AEGM POLY IJ Asia Pacific Fibers 6/16/2015 10:30

AGM ALDO IJ Alkindo Naratama 6/16/2015 13:30

AEGM RIMO IJ Rimo Catur Lestari 6/17/2015 14:00

AEGM RANC IJ Supra Boga Lestari 6/17/2015 14:00

AEGM ALTO IJ Tri Banyan Tirta 6/17/2015 11:30 Source: Bloomberg


2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

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)


2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

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)


2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

Fakhrul Fulvian

[email protected] 3602

Melvin Mikha Reminov

[email protected] Associate

ext 3621

Research: +62 21 250 5081

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Strategy, Consumer

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[email protected] Director

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ext 3608

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Reynard Poernawan

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Equity Salesext 2549

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[email protected] Sales

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ext 3609

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[email protected] AnalystIndustrial Estate

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ext 3605

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ext 3606

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ext 3622

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2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

Important Disclosures and 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.

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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 market making activities, 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.

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

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


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); Accordia Golf Trust (AGT SP); Hua Hong Semiconductor Ltd (1347 HK); GF Securities Co Ltd (1776 HK); Mirae Asset Life Insurance Co Ltd (085620 KS).

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

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

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

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



2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

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.

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

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







2014

Finance Asia's

Best

Equity House

Alpha

Southeast Asia

2014 Best

Research Call

FMCG Sector

Asiamoney's

2013

Best Domestic

Equity House

2015

Institutional

Investors

Highest Ranked

Local Research

House

2015

Global

Banking & Finance

Review

Best Research

House

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.

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Additional information may be available upon request.

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Corporate Name: Daiwa Securities Co. Ltd.

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