Investment Analysis Paper 15th ICMSS - Three Idiots - Universitas Indonesia

International Conference

The 15th ICMSS

Investment Analysis

Three Idiots

University of Indonesia

PT. Indocement Tunggal Prakarsa Tbk.

13 December 2015

Three Idiots Investment – The 15th ICMSS 1

IIIiDIOTS INVESTMENT

Initial Coverage

INDOCEMENT TUNGGAL PRAKARSA Competition getting tigher PT Indocement Tunggal Prakarsa (INTP) as 2nd largest cement company in Indonesia facing tigher competition as newcomers arrived with cheaper price. INTP lose 2% country market share, from around 30% by the end of 2014 to 28% by October 2015. Moreover, INTP do not have facilities and plants which cover Indonesia as SMGR has. SOE Takes More Cake As build a strategy agreement with SOE construction company, SMGR as 1st largest cement company with 43% market share will take more cake in cement competition. As consequence, reduce cement private company exposure to government project Valuation: Indicate SELL, with moderate downside to 15,46% We derive coverage with SELL rating price target of Rp16.400 that pull 15,46% downside from INTP current price. We derive out the target price from DCF-based FCFF methodology.

RECOMMENDATION

SELL

Target Price Rp16,400 Downside (15.46%) Last Price Rp19,400

MARKET PROFILE Ticker INTP.IJ/INTP.JK

52wk Price Range Rp16,000 –

Rp25,500 Shares Outstanding 3,681 mil Average Volume 2,396,163 Market Cap. Rp71,415.9 bil

COMPANY OWNERSHIP

COMPANY OVERVIEWS

PT Indocement Tunggal Prakarsa Tbk is an Indonesia-based company primarily engaged in manufacturing cement. Its business is classified into three segments: cement, ready-mix concrete as well as aggregates and trass quarries.

ANALYST Fahmi Harits –

[email protected] Gigih Prastowo –

[email protected] Tito Baskoro –

[email protected]

2013 2014 2015F 2016F 2017F Sales (bil. Rp) 18,691 19,996 20,296 22,381 25,829 EBITDA (bil. Rp) 6,874 6,853 7,261 8,081 9,330 EBITDA, growth 3.36% -0.30% 5.95% 11.29% 15.46% Net Income (bil. Rp) 5,010 5,271 5,592 6,130 7,076 EPS (Rp/share) 1,361 1,432 1,519 1,665 1,922 EPS, growth (%) 5.25% 5.20% 6.08% 9.64% 15.42% Net Gearing net cash net cash net cash net cash net cash PER (x) 14.77 17.55 16.73 11.65 10.09 BVPS (Rp/share) 6,234 6,733 7,493 8,325 9,287 PBV (x) 2.70 2.50 3.03 2.02 1.81 EV/EBITDA (x) 9.96 8.81 8.53 7.67 6.64 ROA (%) 18.83% 18.25% 17.87% 17.74% 18.33% ROE (%) 21.83% 21.27% 20.27% 20.00% 20.70%

51%

13.03%

35.97%

Birchwood Omnia Limited, UKPT. Mekar PerkasaPublic

13 December 2015



10,000

15,000

20,000

25,000

30,000

01/11 07/11 01/12 07/12 01/13 07/13 01/14 07/14 01/15 07/15

INVESTMENT SUMMARY

We initiate INTP’s coverage with SELL recommendation with the target price Rp16.400 downside 15.46% from current price. As one of the biggest cement company, INTP play as cheapest product among SMGR and SMCB as top three brand in Indonesia. Yet, brand advantage will decline especially in bulk cement due to lower newcomers’ price than those incumbents.

INTP currently has advantage in West Java, Banten and Jakarta and we predict those region’s shares will decrease due to spreading to another region which is not coverage by INTP distribution channel. Moreover, SMGR has deal with another SOE in construction sector in SOE synergy agreement, which reduce INTP exposure on government project.

Our target price is Rp16.400 which is derived from DCF (Discounted Cash Flow). We employ DCF based on FCFF in order to capture the long term opportunity.

Main risks associated with INTP are as follow 1). Newcomers and tighter competition in Java, 2). Currency risk, 3). Regulation related to cement sector and local government permission 4) less packing plants compared to SMGR, and 5) Economic uncertainty.

MP3EI released

Train Distribution started

BI-OJK cut LTV Housing Credit

European crisis lead negative sentiment

China Economic Slowdown Impact

Figure 2 INTP Share Price

Source: Thomson Reuters, Three Idiots Investment

Figure 1 Cement Industry Market Share

Source: Indonesia Cement Association

13 December 2015



MACROECONOMICS AND INDUSTRY OVERVIEW Macro Economics: Slowdown of the Economic Growth China recently has experienced economic slowdown. During the last year China grew at the rate of 7%, slower than the above 10% economic growth during the last decade. China’s import also fell by 14.6%. Since around 11% of Indonesia’s export is going to China, it gave significant impact to Indonesia. Indonesia’s total export fell by a total of 0.7% of the GDP. This can be reflected in the Q2 2015, when Indonesia’s economy only grew at the rate of 4.67%, less than the 7% growth targeted by the government.

However, for Indonesia the situation improved slightly in Q3, with the growth rate of 4.73%. It is expected that in the Q4 the economy will grow at 5.01%. At the same time, the annual inflation has eased from 6.25% in the October to 4.89% in the November 2015. This situation is almost identical with the consensus in the market.

Cement: Facing More Competitive Market After lower sales in Q2, the cement sector is starting to rebound in Q3. According to the data released by ASI (Indonesia Cement Association), cement sales in July-September grew by 1.4% QoQ. Q3 sales increases due to government executions of infrastructure projects as government start to tender project in January 2016 at October 2015 implied better performance in Q2.

Government projects such as highway and seaport constructions are expected to speed up in 2016. State Owned Enterprises (SOEs) such as Semen Indonesia (SMGR) and Semen Baturaja (SMBR) will benefit from it. Moreover, the multiplier effect of the construction projects will also give a boost to housing demand, which in turns will trickle down to demand of cement.

The General Directorate of Construction of the Ministry of Public Works has estimated that they would need 665 tons asphalt, 2.8mn tons of cements, 893,000 tons of steel, and 6,200 units of heavy equipment. In 2016, assuming that the government would spend Rp302.3tn for infrastructure development, all public projects constructed by the government will need approximately 12.3mn tons of cement.

Government also release 5thEconomics Package KIK-DIRE or well known as REIT (Real Estate Investment Trust) in deepening financial sector by erasing double taxation in funding mechanism that provides property and infrastructure sector grow faster.

Source: Trading Economics

Figure 3 Indonesia GDP Growth Rate

Figure 4 Indonesia Inflation Rate

Figure 5 Cement Domestic Consumption

Source: Trading Economics


13 December 2015



TPP vs SOE Synergy: Still Give More Beneficiary SOE As Mr. Saparini, director SMGR in SOE Synergy for Indonesia Transformation Forum mentioned there is possibility for cooperation with SOE contractors as a downstream product of cement. It will provide increasing SOE’s sales in 2016.

Meanwhile, Jokowi declared Indonesia will join Trans Pacific Partnership; an agreement that make regulation about competition between SOE and private company fairer. However, it will not significant due to government infrastructure tender is relied on construction sector, while cement sector demand is driven from construction company.

Asian Infrastructure Investment Bank (AIIB): Easier Funding for Infrastructure Indonesia becomes a member of Asian Infrastructure Investment Bank (AIIB), multilateral institution initiated by China focus in infrastructure financing with easier term. It provide due to amount of fund source which double than World Bank and ADB. However, the interest is a bit higher.

Heightened Competition in Java INTP sales relies heavily in Java (73.4% vs. SMCB’s 66.6% and SMGR’s 49.9%), especially in Jakarta, West Java and Banten. With additional 10.6 mn tons of installed capacity to come from new players (Semen Merah Putih and Siam Cement), which also focus on West Java and Banten, this will create more intense competition for INTP.

Commits Parties to fair SOE competition without undue advantages from their

government owners (e.g. through preferential financing or selective

regulation)

-TPP Technical Summary SOE Chapter-

Source: Ministry of Finance Source; Ministry of Public Works

Figure 6 Government Infrastructure Spending Figure 7 Procurement Progress

13 December 2015



Higher infrastructure spending on higher bulk cement demand

As the infrastructure sector will largely drive cement demand, the portion of bulk cement will increase continually until 2017F. the higher contribution of bulk cement will lead to compression of the profitability margins of cement companies

Figure 8 Bulk and Bag Cement Demand

Figure 9 INTP Sales Breakdown by Region



13 December 2015



PORTER’S 5 FORCE ANALYSIS Bargaining Power of Supplier (Medium-Low): INTP uses some suppliers to provide coal indicates low switching cost. PLN also only contributes 44% of power cost. However, plant equipment maintenance still depend on foreign country.

Bargaining Power of Consumer (High): Since abundant players in the market, consumer becomes more sensitive to price and lower switching cost to another brand

Threat of New Entrants (Medium-High): 3 major players are entering Indonesia – Semen Merah Putih, Anhui Conch and Siam Cement with 54.7% of additional 10.6 million tons of installed capacity, which focus on West Java and Banten. Heightened competition impact to INTP as 73% of its sales heavily relied on Java. However, the entry barrier to the more lucrative bagged cement is still high.

Threats of Substitutes (Low): Cement has little substitution due to its importance as a main component in constructing high-quality infrastructure and building

Rivalry among Existing Competitors (High): War price is predicted to begin due to market penetration of newcomers and government intervention to SOE for lower cement’s price (Rp3.000 reduction on the cement price per sack). Existing brand equity will benefit premium price for INTP in bagged cement. However, the nature of bulk cement is less brand perception due to inexistence of bag. When market treat bulk cement as a commodity, this will eventually diminish INTP’s brand equity. COMPETITIVE POSITION IN CEMENT MARKET Brand Equity - Strong brand equity will benefit to premium price incentive between this stiff cement sector competitions.

Government Project Access - Company needs access to get the project. INTP has dealed for 4 toll road through its subsidiary (Pionir Beton) with total 411k tons of sales. Pioneer Beton also has been appointed to supply precast for the Jakarta MRT projects. However, Construction-cement SOE integrity creates big threat due to prioritizing project only for SOE company.

Facilities Coverage - Company with diversified demand spread throughout Indonesia islands will not get more exposure regards stiff competition in hulk cement. Location is a key factor in capturing demand. With natural impediments and considerable transportation costs estimated at USD0.9/ton/ km, cement plants closest to project developments will benefit the most from these developments

Cost Efficiency - Cost structure related to cement sector is significant to transportation, fuel, and electricity cost. Improving

Bargainingpower ofsupplier

Bargainingpower ofcustomer

Threat ofNew Entrants

Threat ofSubstitutes

RivalryAmong

Existing Firms

n

Figure 10 INTP Porter’s 5 Force Analysis

Source: Three Idiots Investment

Figure 11 Electricity Source

Source: Company

Figure 12 Fabrication Costs Breakdown

Source: Company

13 December 2015



cost efficiency is the key to maintain profitability. INTP deliver superior gross margins compared to its competitors (44.6% vs. SMGR’s 39.3% and SMCB’s 21.8%) as per September 2015.

FINANCIAL ANALYSIS Revenue Growth: slower growth We forecast sales growth will increase by 11.0% CAGR 2016F-2020F, lower than its historical growth 15.75% CAGR 2010-2014. We consider lower sales growth because decreasing domestic cement consumption and highly competitive in cement sector.

Operating Margin: better margin ahead In the last 4 years, INTP faced declining operating margin as a result of weakened IDR exchange rate that affect almost 50% of INTP fabrication costs and the rising of electricity tariff. We believe the power plant project that INTP operate, will improve the INTP operating margin from 30% to 32%. Operating Cash flow: stable cash flow We predict operating cash flow in the next 5 years will relatively steady and grow by 11.4% CAGR 16E-20E, shows a stable cash flow in the next years. This operating cash flow which will reach Rp10.218 billion in 2020, is going to use for capex financing amounted Rp2.316 billion on average.

10

12

14

16

18

20

22

06/11 12/11 06/12 12/12 06/13 12/13 06/14 12/14 06/15INTP.JK Average +2sd +1sd -2sd -1sd

Figure 13 INTP P/E Band

Source: Thomson Reuters, Three Idiots Investment

31.8%

34.0%

32.4%

29.9%

26.0%

28.0%

30.0%

32.0%

34.0%

36.0%

2011 2012 2013 2014

Figure 14 Historical Operating Margin

13 December 2015



VALUATION We use Discounted Cash Flow and Free Cash Flow from Firm (DCF-FCFF) Valuation to calculate fair value of INTP. This method reflects the company fundamental. Based our calculation and estimation, we set the Target Price of INTP to Rp16,400 reflecting the potential downside (15.45%) from current price Rp19,400. Cost of Capital Cost of Capital for INTP were derived from several assumptions. We use CAPM to estimate cost of equity which is derived by: 1) 8.61% risk-free rate (using 10-year Government Bonds Yield); 2) Beta is 1.08 from Reuters estimate; 3) 5.39% market risk premium. We don’t include cost of debt into cost of capital because we predict the capital structure of INTP is free from interest-bearing liabilities. Terminal Growth Based on our estimate of INTP performance and considering economic growth and infrastructure sector condition in Indonesia, we predict the terminal growth for INTP valuation will be at least 4.5%. Our prediction is supported by current condition of cement sector which is very competitive due to newcomers.

(Rp in Million except Value per Share) 2016F 2017F 2018F 2019F 2020F NOPAT 6,130,500 7,075,579 7,758,360 8,319,783 9,461,021 Changes in WC (205,053) (331,455) (239,315) (177,949) (380,317) Depreciation and Amortization 866,193 986,368 1,119,300 1,260,611 1,137,378 Capital Expenditure (1,847,426) (2,132,047) (2,325,191) (2,470,536) (2,806,163) Free Cash Flow 4,944,213 5,598,445 6,313,153 6,931,909 7,411,919 Terminal Value - - - - 77,991,129 Discounted FCFF 4,320,686 4,275,417 4,213,209 4,042,733 43,526,236 Enterprise Value ( Rp in Million) 60,378,281 Shares Outstanding (Million Shares) 3,681 Value per Share 16,400

INVESTMENT RISKS Strategic Risk Delays in INTP’s expansion plans (SR 1) - INTP plans to build an additional 2 greenfield projects in 2020. Currently, INTP is facing objections from local residents regarding its license for a new cement plant at Pati, Central Java. If this issue delays the construction by more than 2 years, this will negatively impact the company’s performance in the longer term.

Financial Risk Weak IDR (FR 1) - 50-60% of total cost which includes fuel, material, and fabrication cost is exposed to USD. Should the IDR remain weak against the USD this will increase INTP’s costs and

Key Assumption Risk free rate 8.61% Market Risk Premium 5.39% Beta 1.08 Cost of Equity 14.43% Terminal Growth 4.50%

Figure 15 Discount Rate Assumption

Figure 16 DCF –FCFF Valuation

13 December 2015



Negatively impact profitability. Operation Weak Less packing plants compared to SMGR (OR 1) - Currently INTP do not have as many packing plants. Therefore, distribution time and readiness of stock can be a problem when demand suddenly spikes up.

Market Risk Heightening Competition in Java (MR 1) Lower budget absorption on government infrastructure project (MR 2) - While the short term cement demand is relied on the government infrastructure projects, lower budget absorption on government spending will result on the delays on project, thus will negatively impact domestic cement sales and company’s sales volume. Faster than expected revival in the commodity prices (MR 3) - Should the recovery in the coal price is earlier than our expectation in 2017, this will increase companies’ cost of production as well as lower the earnings of the companies. INTP seeks to meet the needs of alternative fuel energy by investing in additional shredding systems and alternative fuel feeding systems for its plants. Longer than expected recovery in the property sector (MR 4) - If the economic recovery takes longer than expected, the property sector will suffer over a longer period and medium-term cement demand will be unfavorably impacted.

Risk Mitigating Factors

Strategic Risk

Delays in INTP’s expansion plans due to local pursuit

Persuade new place near previous one.

Financial Risk Weak IDR Active monitoring, hedging Operation Risk Less packing plants Build integrated packing

plants Market Risks Competition will be more intense in Java

Adjust price and accelerate in finishing plants outside Java

Lower budget absorption on government infrastructure project

Active monitoring

Faster than expected revival in the commodity prices

Investing in additional shredding systems and alternative fuel feeding systems for its plants.

Longer than expected recovery in the property sector

Monthly review adjustment

Figure 28 INTP Risk Mapping Figure 17 Risk Mitigating Factor

Source: Three Idiots Investment Source: Three Idiots Investment

13 December 2015



Disclosures: Ownership and material conflicts of interest:

The author(s), or a member of their household, of this report [holds/does not hold] a financial interest in the securities of this company.

The author(s), or a member of their household, of this report [knows/does not know] of the existence of any conflicts of interest that might bias the content or publication of this report. [The conflict of interest is…]

Receipt of compensation:

Compensation of the author(s) of this report is not based on investment banking revenue.

Position as a officer or director:

The author(s), or a member of their household, does [not] serves as an officer, director or advisory board member of the subject company.

Market making:

The author(s) does [not] act as a market maker in the subject company’s securities.

Ratings guide: Banks rate companies as either a BUY, HOLD or SELL. A BUY rating is given when the security is expected to deliver absolute returns of 15% or greater over the next twelve month period, and recommends that investors take a position above the security’s weight in the S&P 500, or any other relevant index. A SELL rating is given when the security is expected to deliver negative returns over the next twelve months, while a HOLD rating implies flat returns over the next twelve months.

Disclaimer:

The information set forth herein has been obtained or derived from sources generally available to the public and believed by the author(s) to be reliable, but the author(s) does not make any representation or warranty, express or implied, as to its accuracy or completeness. The information is not intended to be used as the basis of any investment decisions by

13 December 2015



APPENDIX 1 – Forecasted Statement of Financial Position (in Billion Rupiah) 2012 2013 2014 2015F 2016F 2017F 2018F 2019F 2020F Assets

Cash and cash equivalents 10,474 12,595 11,256 12,733 14,536 16,597 19,031 21,803 24,484 Receivables 2,455 2,519 2,671 2,765 3,049 3,519 3,838 4,078 4,632 Inventories 1,470 1,474 1,666 1,739 1,918 2,213 2,414 2,565 2,913 Prepaid Expenses 27 38 50 41 45 52 57 61 69 Other current assets 154 221 444 290 320 369 403 428 486

Total current assets 14,579 16,846 16,087 17,569 19,869 22,751 25,742 28,934 32,584 Property, plant and equipment, net 7,935 9,305 12,144 13,059 14,040 15,186 16,392 17,602 19,271 Long Term Investment 50 61 112 112 112 112 112 112 112 Other Non Current Assets 190 395 542 542 542 542 542 542 542

Total assets 22,755 26,607 28,885 31,283 34,564 38,591 42,789 47,190 52,509 - - - - - - - - - Liabilities and Shareholders' Equity - - - - - - - - -

Accounts Payable 975 1,008 1,175 1,073 1,188 1,378 1,491 1,578 1,810 Accrued Expenses 506 736 1,179 860 945 1,090 1,188 1,263 1,434 Current Portion of Finance Leases 52 67 49 76 - - - - - Other Current Liabilities 886 929 858 929 1,021 1,176 1,283 1,363 1,548

Total current liabilities 2,419 2,740 3,261 2,939 3,154 3,644 3,962 4,204 4,793 Capital Leases 108 93 76 - - - - - - Other Long Term Liabilities 809 797 764 764 764 764 764 764 764

Total liabilities 3,336 3,630 4,100 3,702 3,918 4,408 4,726 4,968 5,556 Total shareholders' equity 19,388 22,947 24,785 27,581 30,646 34,184 38,063 42,223 46,953 Total liabilities and shareholders' equity 22,755 26,607 28,885 31,283 34,564 38,591 42,789 47,190 52,509

Source: Company, Three Idiots Investment

13 December 2015



APPENDIX 2 – Forecasted Income Statement (in Billion Rupiah, except EPS) 2012 2013 2014 2015F 2016F 2017F 2018F 2019F 2020F Net sales 17,290 18,691 19,996 20,296 22,381 25,829 28,169 29,930 33,996 Cost of sales (9,020) (10,037) (10,910) (10,871) (11,942) (13,764) (15,011) (15,949) (18,116) Gross profit 8,270 8,655 9,087 9,426 10,439 12,065 13,158 13,980 15,879 Operating Expenses (2,425) (2,680) (3,233) (2,985) (3,292) (3,799) (4,143) (4,402) (5,000) Other Income (Expenses), net 32 89 121 61 67 78 85 90 102 Operating Income 5,877 6,064 5,975 6,501 7,214 8,343 9,099 9,668 10,981 Interest Revenue (Expense), net 363 531 815 954 960 1,091 1,245 1,425 1,633 Earning before Taxes 6,240 6,595 6,790 7,455 8,174 9,434 10,344 11,093 12,615 Income Taxes (1,476) (1,583) (1,516) (1,864) (2,043) (2,359) (2,586) (2,773) (3,154) Minority Interest (3) (2) (3) - - - - - - Net income 4,760 5,010 5,271 5,592 6,130 7,076 7,758 8,320 9,461 EPS, basic (Rp/share) 1,293 1,361 1,432 1,519 1,665 1,922 2,108 2,260 2,570


13 December 2015



APPENDIX 3 – Forecasted Statement of Cash flow (in Billion Rupiah, except EPS) 2012 2013 2014 2015F 2016F 2017F 2018F 2019F 2020F Operating Activities Net Income 4,760 5,010 5,271 5,592 6,130 7,076 7,758 8,320 9,461 Adjustments to reconcile Net Income

Depreciation and amortization 773 809 878 760 866 986 1,119 1,261 1,137 Change in Net Working Capital 280 160 (41) (354) (205) (331) (239) (178) (380) Other Adjustment (139) (561) (763) - - - - - -

Net cash provided by operations 5,675 5,419 5,345 5,997 6,792 7,730 8,638 9,402 10,218 Investing Activities

Net Capital Expenditure (962) (2,019) (3,459) (1,675) (1,847) (2,132) (2,325) (2,471) (2,806) Other Investing Cash Flow 3 14 63 - - - - - -

Net cash used in investing activities (959) (2,005) (3,396) (1,675) (1,847) (2,132) (2,325) (2,471) (2,806) Financing Activities

Principal payments on debt (30) (32) (39) (49) (76) - - - - Other Financing Cashflow (18) (17) (14) - - - - - - Dividends paid (1,078) (1,658) (3,312) (2,796) (3,065) (3,538) (3,879) (4,160) (4,731)

Net cash used in financing activities (1,126) (1,707) (3,365) (2,845) (3,141) (3,538) (3,879) (4,160) (4,731) Forex Effects 20 414 77 - - - - - - Net increase (decrease) in Cash and cash equivalents 3,610 2,121 (1,339) 1,477 1,803 2,061 2,434 2,772 2,681 Cash and cash equivalents at beginning of year 6,865 10,474 12,595 11,256 12,733 14,536 16,597 19,031 21,803 Cash and cash equivalents at end of year 10,474 12,595 11,256 12,733 14,536 16,597 19,031 21,803 24,484


13 December 2015



APPENDIX 4 – Key Ratios 2012 2013 2014 2015F 2016F 2017F 2018F 2019F 2020F Current Ratio 6.03 6.15 4.93 5.98 6.30 6.24 6.50 6.88 6.80 Quick Ratio 5.42 5.61 4.42 5.39 5.69 5.64 5.89 6.27 6.19 Cash Ratio 4.33 4.60 3.45 4.33 4.61 4.55 4.80 5.19 5.11 ROA 20.92% 18.83% 18.25% 17.87% 17.74% 18.33% 18.13% 17.63% 18.02% ROE 24.55% 21.83% 21.27% 20.27% 20.00% 20.70% 20.38% 19.70% 20.15% Gross Margin 47.83% 46.30% 45.44% 46.44% 46.64% 46.71% 46.71% 46.71% 46.71% Operating Margin 33.99% 32.44% 29.88% 32.03% 32.23% 32.30% 32.30% 32.30% 32.30% Net Profit Margin 27.53% 26.81% 26.36% 27.55% 27.39% 27.39% 27.54% 27.80% 27.83% Inventory Turnover 11.76 12.68 12.01 11.67 11.67 11.67 11.67 11.67 11.67 A/R Turnover 7.03 7.04 7.42 7.34 7.34 7.34 7.34 7.34 7.34 Asset Turnover 1.32 1.42 1.44 1.54 1.54 1.49 1.52 1.58 1.54 Debt Ratio 0.15 0.14 0.14 0.12 0.11 0.11 0.11 0.11 0.11 Debt-Equity Ratio 0.17 0.16 0.17 0.13 0.13 0.13 0.12 0.12 0.12


13 December 2015



APPENDIX 5 – Company Facilities

Source: Company

13 December 2015



APPENDIX 6 – Cement Production Process

Source: Company

Investment Analysis Paper 15th ICMSS - Three Idiots - Universitas Indonesia

Documents

Transcript of Investment Analysis Paper 15th ICMSS - Three Idiots - Universitas Indonesia