Indonesia1002015The Brand Finance Top 100 Indonesia Brands 2015October 2015

About Brand FinanceBrand Finance is the world’s leading independent brand valuation and strategy consultancy. Brand Finance was set up in 1996 with the aim of ‘bridging the gap between marketing and finance’. For almost 20 years we have helped companies to connect their brands to the bottom line, building robust business cases for brand decisions, strategies and investments. In doing so, we have helped finance people to evaluate marketing programmes and marketing people to present their case in the Board Room.

Independence Brand Finance is impartial and independent. We access and help to manage brands, but we do not create or own them. We are therefore able to give objective, unbiased advice because we have no vested interest in particular outcomes of a project and our recommendations are entirely independent. We are agency agnostic and work collaboratively with many other agencies and consultancies.

Technical credibilityBrand Finance has high technical standards.Our work is frequently peer-reviewed by the big four audit and our work has been accepted by tax authorities and regulatory bodies around the

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world. We are one of the few companies certified to provide brand valuation that is fully compliant with ISO 10668, the global standard on monetary brand valuations.

Transparency There are no black boxes. Our approach is to work openly, collaboratively and flexibly with clients and we will always reveal the details of our modelling and analysis. This means our clients always understand what lies behind ‘the number’.

ExpertiseWe possess a unique combination of skills and experience. We employ functional experts with marketing, research and financial backgrounds, as well as ex-client-side senior management who are used to ‘making things happen’. This gives us the mindset to think beyond the analysis and to consider the likely impact on day-to-day operations. We like to think this differentiates us because our team has real operational experience.

For more information, please visit our website: brandfinance.com

Brand Finance puts thousands of the world’s biggest brands to the test every year, evaluating which are the most powerful and most valuable. The Indonesia 100 is just one of the many annual reports produced by Brand Finance. Visit www.brandirectory.com to access all the sectors and countries report.

Brand Finance Indonesia 100

IndonesiaTop 100 Brands 2015

Copyright Brand Finance plc Valuation date: 1 January 2015

Rank 2015

Rank 2014

Brand Parent Company 2015 Brand Value

(US$m)

2015 Brand Rating

Enterprise Value

(US$m)

BrandValue /

Enterprise Value(%)

2014 Brand Value

(US$m)

2014 Brand Rating

Enterprise Value

(US$m)

Brand Value /

Enterprise Value(%)

1 2 Telkom Indonesia PT TELEKOMUNIKASI INDONESIA (PERSERO) TBK. 2,808 AA+ 25,302 11% 1,921 AAA- 19,048 10%

2 4 Gudang Garam PT GUDANG GARAM TBK 2,035 AA 10,673 19% 1,318 A+ 8,113 16%

3 3 Bank Mandiri PT BANK MANDIRI PERSERO TBK. 1,738 AAA- 20,341 9% 1,658 AA+ 15,375 11%

4 1 Sampoerna PT HM SAMPOERNA TBK. 1,697 AA 39,786 4% 2,249 AA- 18,509 12%

5 6 Bank Rakyat Indonesia PT BANK RAKYAT INDONESIA (PERSERO) TBK. 1,302 AA 23,052 6% 893 AA- 13,918 6%

6 7 BCA PT BANK CENTRAL ASIA TBK. 1,111 AA+ 26,530 4% 857 AA 18,784 5%

7 9 Bank Negara Indonesia PT BANK NEGARA INDONESIA (PERSERO) TBK. 962 AA 9,090 11% 780 AA- 5,990 13%

8 5 Dji Sam Soe PT HM SAMPOERNA TBK. 907 AA- 5,064 18% 1,110 A+ 6,294 18%

9 8 Gas Negara PT PERUSAHAAN GAS NEGARA (PERSERO) TBK. 678 A+ 12,573 5% 803 AA 11,726 7%

10 12 XL PT XL AXIATA TBK. 641 AA+ 5,282 12% 538 A+ 4,950 11%

11 11 Indosat OOREDOO QSC 633 AA 4,281 15% 594 AA 5,260 11%

12 10 Garuda Indonesia PT GARUDA INDONESIA (PERSERO) TBK. 624 AA+ 1,908 33% 605 AA+ 1,628 37%

13 14 Indomie PT INDOFOOD SUKSES MAKMUR TBK. 500 AA+ 1,309 38% 363 AA- 1,256 29%

14 13 Bank Danamon PT BANK DANAMON INDONESIA TBK. 486 AA 3,490 14% 488 AA- 2,960 16%

15 16 Astra International PT ASTRA INTERNATIONAL TBK. 323 AA+ 29,392 1% 307 AA+ 27,697 1%

16 15 Media Nusantara Citra PT MEDIA NUSANTARA CITRA TBK. 318 AA 2,783 11% 329 AA 3,586 9%

17 17 Semen Indonesia PT SEMEN INDONESIA (PERSERO) TBK. 311 A 8,150 4% 305 A+ 7,640 4%

18 18 Indocement PT INDOCEMENT TUNGGAL PRAKARSA TBK. 267 A+ 6,842 4% 250 A+ 5,503 5%

19 19 Matahari PT MATAHARI DEPARTMENT STORE TBK. 245 AA- 1,412 17% 194 A+ 858 23%

20 20 Bank Cimb Niaga PT BANK CIMB NIAGA TBK. 244 A+ 1,779 14% 245 A 1,946 13%

21 21 Panin Bank PT BANK PAN INDONESIA TBK. 230 AA- 2,231 10% 227 A+ 1,309 17%

22 27 Roma PT MAYORA INDAH TBK. 204 AA- 635 32% 132 A 625 21%

23 22 Gajah Tunggal PT GAJAH TUNGGAL TBK. 186 AA- 811 23% 194 AA- 1,034 19%

24 25 Pembangunan Perumahan PT PEMBANGUNAN PERUMAHAN (PERSERO) TBK. 182 A- 1,400 13% 155 A+ 849 18%

25 38 Beng-Beng PT MAYORA INDAH TBK. 158 AA 449 35% 93 A 442 21%

26 23 Sinar Mas Multiartha PT SINAR MAS MULTIARTHA TBK. 154 A- 1,413 11% 181 A 1,798 10%

27 26 BTPN PT BANK TABUNGAN PENSIUNAN NASIONAL TBK. 152 A+ 1,970 8% 153 A+ 1,996 8%

28 New Bir Bintang HEINEKEN NV 152 A+ 619 24%

29 35 Multipolar PT MULTIPOLAR TBK. 140 A 882 16% 104 A 286 36%

30 36 Bank BTN PT BANK TABUNGAN NEGARA (PERSERO) TBK. 137 AA- 1,000 14% 101 A+ 766 13%

31 34 Bimoli PT INDOFOOD SUKSES MAKMUR TBK. 136 AA 392 35% 108 AA- 376 29%

32 24 Ramayana PT RAMAYANA LESTARI SENTOSA TBK. 134 AA- 347 39% 181 AA- 490 37%

33 31 Bank Internasional Indonesia PT BANK INTERNASIONAL INDONESIA TBK. 131 AA- 1,315 10% 117 A 1,582 7%

34 30 Surya Citra Media PT SURYA CITRA MEDIA TBK. 129 AA 3,864 3% 118 A+ 3,618 3%

35 41 Kopiko PT MAYORA INDAH TBK. 128 AA 376 34% 78 A 370 21%

36 39 Indofood PT INDOFOOD SUKSES MAKMUR TBK. 124 AA+ 4,182 3% 92 AA+ 4,015 2%

37 29 Mnc Sky Vision PT MNC SKY VISION TBK. 121 A+ 1,251 10% 124 A+ 1,509 8%

38 33 Adira Finance PT ADIRA DINAMIKA MULTI FINANCE TBK. 114 A- 591 19% 111 A+ 659 17%

39 37 Kalbe Farma PT KALBE FARMA TBK. 113 AA+ 6,667 2% 98 AA+ 6,334 2%

40 32 Bank Permata Tbk PT BANK PERMATA TBK. 110 A+ 1,471 7% 114 A 1,108 10%

41 44 Indomilk PT INDOFOOD SUKSES MAKMUR TBK. 87 AA- 267 32% 74 AA- 256 29%

42 40 Bank Mega PT BANK MEGA TBK. 76 A+ 1,127 7% 86 A 1,161 7%

43 42 Bank BjbPT BANK PEMBANGUNAN DAERAH JAWA BARAT DAN BANTEN TBK.

74 A 612 12% 73 A 687 11%

44 New Sumber Alfaria Trijaya PT SUMBER ALFARIA TRIJAYA TBK. 72 A+ 1,995 4%

45 49 Tower Bersama PT TOWER BERSAMA INFRASTRUCTURE TBK. 69 A+ 4,836 1% 55 A 3,425 2%

46 45 Jasa Marga PT JASA MARGA (PERSERO) TBK. 68 AA- 4,635 1% 70 A+ 4,685 1%

47 46 Bank Bukopin PT BANK BUKOPIN TBK. 67 A+ 559 12% 64 A 517 12%

48 70 Mayora Indah PT MAYORA INDAH TBK. 65 AA- 2,154 3% 31 A+ 2,122 1%

49 48 Smart Tbk PT SINAR MAS AGRO RESOURCES & TECHNOLOGY TBK. 64 A 2,363 3% 56 A+ 2,058 3%

50 43 United Tractors PT UNITED TRACTORS TBK. 62 A+ 5,107 1% 72 A+ 5,624 1%

Brand Finance Indonesia 100

IndonesiaTop 100 Brands 2015Rank 2015

Rank 2014

Brand Parent Company 2015 Brand Value

(US$m)

2015 Brand Rating

Enterprise Value

(US$m)

BrandValue /

Enterprise Value(%)

2014 Brand Value

(US$m)

2014 Brand Rating

Enterprise Value

(US$m)

Brand Value /

Enterprise Value(%)

51 54 Smartfren PT SMARTFREN TELECOM TBK. 55 A 869 6% 35 A 723 5%

52 63 Supermi PT INDOFOOD SUKSES MAKMUR TBK. 54 AA- 160 33% 44 AA- 154 29%

53 56 Bank OCBC NISP PT BANK OCBC NISP TBK. 48 A 1,253 4% 43 A 1,162 4%

54 50 Indomobil PT INDOMOBIL SUKSES INTERNASIONAL TBK. 47 A 1,843 3% 45 A 1,998 2%

55 52 Bumi Resources PT BUMI RESOURCES TBK. 46 A 4,659 1% 50 A 5,668 1%

56 66 Bank Pembangunan PT BANK PEMBANGUNAN DAERAH JAWA BARAT 45 A+ 558 8% 34 A 448 8%

57 51 Dharma Satya Nus PT DHARMA SATYA NUSANTARA TBK. 45 AA- 870 5%

58 59 Indah Kiat PT INDAH KIAT PULP & PAPER TBK. 44 A- 4,030 1% 50 A 4,407 1%

59 62 Simas PT INDOFOOD SUKSES MAKMUR TBK. 43 AA- 138 31% 38 AA- 133 29%

60 53 Sarimi PT INDOFOOD SUKSES MAKMUR TBK. 43 A 168 26% 46 AA- 161 29%

61 New Bfi Finance Indo PT BFI FINANCE INDONESIA TBK. 43 A+ 288 15% 38 A 264 14%

62 47 Charoen Pokphand Indonesia PT CHAROEN POKPHAND INDONESIA TBK. 43 A+ 5,877 1% 43 A+ 5,877 1%

63 65 AKR Corporindo PT AKR CORPORINDO TBK. 42 A 1,896 2% 59 A 1,877 3%

64 60 Better PT MAYORA INDAH TBK. 42 AA- 157 27% 33 A 155 21%

65 69 Kis PT MAYORA INDAH TBK. 40 A+ 149 27% 31 A 147 21%

66 71 Torabika PT MAYORA INDAH TBK. 40 A+ 171 23% 29 A 169 17%

67 57 Panin Financial PT PANIN FINANCIAL TBK. 39 A 769 5% 37 A+ 469 8%

68 58 Adaro Energy PT ADARO ENERGY TBK. 38 A+ 4,480 1% 42 A 4,505 1%

69 New Electronic City Indonesia Tb PT ELECTRONIC CITY INDONESIA TBK. 37 A+ 53 70% 39 A 228 17%

70 61 Medco Energi Internasional PT MEDCO ENERGI INTERNASIONAL TBK. 37 A 1,658 2% 26 A 1,207 2%

71 73 Barito Pacific PT BARITO PACIFIC TBK. 37 A- 998 4% 37 A 920 4%

72 New Tempo ScanPacific PT TEMPO SCAN PACIFIC TBK. 36 A+ N/A N/A

73 New WIKA BETON PT WIJAYA KARYA (PERSERO) TBK. 31 A 898 3%

74 75 Siloam Internati PT SILOAM INTERNATIONAL HOSPITALS TBK. 31 A+ 1,259 2%

75 67 Danisa PT MAYORA INDAH TBK. 29 A+ 108 27% 22 A 107 21%

76 New First Media TBK PT FIRST MEDIA TBK. 29 A 519 6%

77 55 Japfa PT JAPFA COMFEED INDONESIA TBK. 28 A+ 1,568 2% 31 A+ 1,718 2%

78 New Bakrie Telecom PT BAKRIE TELECOM TBK. 28 A 628 4% 43 A+ 654 7%

79 New Link Net Tbk Pt PT LINK NET TBK. 25 A+ 1,276 2%

80 90 Catur Sentosa Adriprana PT CATUR SENTOSA ADIPRANA TBK 25 A 220 11%

81 98 Vitazone PT MAYORA INDAH TBK. 23 AA 70 33% 14 A 69 21%

82 83 Popmie PT INDOFOOD SUKSES MAKMUR TBK. 22 AA- 67 33% 18 AA- 64 29%

83 76 Astra Agro Lestari PT ASTRA AGRO LESTARI TBK. 22 AA- 3,248 1% 21 A+ 2,317 1%

84 New Intermedia Capit PT INTERMEDIA CAPITAL TBK. 22 A 668 3%

85 74 Bentoel Internasional Investama PT BENTOEL INTL INVESTAMA TBK. 21 A+ 965 2% 20 A 760 3%

86 78 Salim Ivomas Pratama PT SALIM IVOMAS PRATAMA TBK. 21 AA- 1,749 1% 23 A+ 1,740 1%

87 88 Solusi Tunas Pra PT SOLUSI TUNAS PRATAMA TBK. 21 A+ 751 3% 11 A N/A N/A

88 79 MAP Mitra Adiperkasa PT MITRA ADIPERKASA TBK. 18 A 1,032 2% 15 A+ 976 2%

89 72 Astra Otoparts PT ASTRA OTOPARTS TBK. 18 AA- 1,601 1% 20 A+ 1,760 1%

90 80 Indo Tambangraya Megah PT INDO TAMBANGRAYA MEGAH TBK. 18 A+ 1,343 1% 28 A 2,540 1%

91 85 Tambang Batubara Bukit Asam Persero PT TAMBANG BATUBARA BUKIT ASAM TBK. 18 AA- 2,200 1% 20 A 2,011 1%

92 86 Global Mediacom PT GLOBAL MEDIACOM TBK. 17 A+ 2,272 1% 17 A+ 2,786 1%

93 82 Lippo Karawaci PT LIPPO KARAWACI TBK. 16 AA 2,151 1% 16 A+ 2,659 1%

94 81 Aneka Tambang Persero PT ANEKA TAMBANG PERSERO TBK. 16 A+ 1,117 1% 18 AA- 1,281 1%

95 89 Ciputra Development PT CIPUTRA DEVELOPMENT TBK. 16 AA- 1,484 1% 15 A+ 1,561 1%

96 New Elang Mahkota Teknologi PT ELANG MAHKOTA TEKNOLOGI TBK. 15 A 2,297 1% 13 A 2,743 0%

97 91 Berau Coal PT BERAU COAL ENERGY TBK. 14 A 935 1% 20 A 1,126 2%

98 77 Bhakti Investama PT BHAKTI INVESTAMA TBK. 14 A 2,279 1% 18 A+ 3,063 1%

99 84 Bank Mayapada PT BANK MAYAPADA INTERNASIONAL TBK. 14 A- 526 3% 11 A 501 2%

100 95 Pt Bank Ekonomi PT BANK EKONOMI RAHARJA TBK. 14 A- 389 4% 18 A 418 4%

Copyright Brand Finance plc Valuation date: 1 January 2015

Definition of ‘Brand’

In the very broadest sense, a brand is the focus for all the expectations and opinions held by fans, players, staff and other stakeholders about a club. However when looking at brands as business assets that can be bought, sold and licensed, a more technical definition is required. Brand Finance helped to craft the internationally recognised standard on Brand Valuation, ISO 10668. That defines a brand as “a marketing related intangible asset including, but not limited to, names, terms, signs, symbols, logos and designs, or a combination of these, intended to identify goods, services or entities, or a combination of these, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits/value”

Brand Strength

Brand Strength is the part of our analysis most directly and easily influenced by those responsible for marketing and brand management as well as success on the pitch. In order to determine the strength of a brand we have developed the Brand Strength Index (BSI). We analyse marketing investment, brand equity (the goodwill accumulated with fans, customers, staff and other stakeholders), which includes on-pitch success, and finally the impact of those on business performance. Following this analysis, each brand is assigned a BSI score out of 100, which is fed into the brand value calculation. Based on the score, each brand in the league table is assigned a rating between AAA+ and D in a format similar to a credit rating. AAA+ brands are exceptionally strong and well managed while a failing brand would be assigned a D grade.

Definitions+ Enterprise Value – the value of the entire

enterprise, made up of multiple branded businesses

+ Branded Business Value – the value of a single branded business operating under the subject brand

+ Brand Value – the value of the trade marks (and relating marketing IP and ‘goodwill’ attached to it) within the branded business

What do we mean by ‘brand’?

‘Brand’

‘Branded Business’

‘Branded Enterprise’

E.g.Bentley

BentleyBrand

E.g.VW Group

Methodology

Methodology

Brand strength expressed as a BSI score out of 100.

BSI score applied to an appropriate sector royalty rate range.

Split revenue into separate streams for each service area. Royalty rates applied to forecast revenues to derive brand values

Post-tax brand revenues are discounted to a net present value (NPV) which equals the brand value.

The Valuation Process

Brand Finance calculates the values of the brands in its league tables using the ‘Royalty Relief approach’. This approach involves estimating the likely future sales that are attributable to a brand and calculating a royalty rate that would be charged for the use of the brand, i.e. what the owner would have to pay for the use of the brand if it were not already owned.

1 Calculate brand strength on a scale of 0 to 100: the BSI captures the ability of clubs to drum up popular interest and then convert interest into support and custom. The BSI covers three broad topics of brand investment, equity in the form of emotional connection harboured by a brand, and bottom line commercial performance.

2 As brand has differing effects on each source of income, we then split revenues down into three streams: match-day, broadcasting and commercial. As brands have differing effects on different revenue streams, these will

Strong brand

Weak brand

Brand Strength Index(BSI)

Brand‘Royalty rate’

Brand revenues Brand value

Brand investment

Brand equity

Brand performance

each have their own respective royalty rate applicable to them. The royalty rates are derived by looking at comparable agreements and through in-house analysis.

3 Calculate royalty rate. The brand strength score is applied to the royalty rate range to arrive at a royalty rate. For example, if the royalty rate range in a brand’s sector is 0-5% and a brand has a brand strength score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand specific revenues estimating a proportion of parent company revenues attributable to a specific brand.

5 Determine forecast brand specific revenues using a function of historic revenues, equity analyst forecasts and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Brand revenues are discounted post tax to a net present value, equal to the brand value.

Forecast revenues

How can we help.

Brand & Business Value

(Brand ROI)Brand Tracking & MonitoringImprove reporting and brand performance management by integrating market research, investment, market and financial metrics into a single insightful scorecard model to track performance and inform strategic decisions.

Brand Strategy Strategic marketing services enable brands to be leveraged to grow businesses. Scenario modelling will identify the best opportunities, ensuring resources are allocated to those activities which have the most impact on brand and business value.

Brand & Business Valuation Valuations may be conducted for technical purposes and to set a baseline against which potential strategic brand scenarios can be evaluated.

Brand Analytics Analytical services help to uncover drivers of demand and insights. Identifying the factors which drive consumer behaviour allow an understanding of how brands create bottom-line impact.

+ Brand Valuation + Brand Due Diligence + Profit Levers Analysis + Scenario Modelling + Market Research + Brand Identity & Customer Experience Audit + Brand Strength Analysis + Brand Equity Analysis + Perception Mapping + Conjoint & Brand/Price Trade-off Analysis + Return on Investment + Sponsorship Evaluation + Budget Setting + Brand Architecture & Porfolio Evaluation + Brand Positioning & Extension Evaluation + Brand Migration + Franchising & Licensing + BrandCo Strategy + Brand Governance Process + Brand Tracking + Management KPIs + Competitor Benchmarking

+ Brand & Branded Business Valuation + Intangible Asset Valuation + Fair Value Exercise (IFRS 3 / FAS 141) + Intangible Assetment Impairment Reviews (IAS 36 / FAS 142) + Brand Due Diligence + Information Memoranda + Finance Raising + Insolvency & Administration + Market Research Design & Management + Return on Investment + Franchising & Licensing + BrandCo Strategy + Brand Governance Process + Brand Tracking + Management KPIs + Competitor Benchmarking

+ Brand & Branded Business Valuation + Intangible Asset Valuation + Patent Valuation + Asset Transfer Valuations + Business & Share Valuations + Transfer Pricing Analysis + Royalty Rate Setting + Brand Franchising & Licensing + BrandCo & IPCo Strategy + Market Research Design and Management + Brand Tracking + Expert Witness Opinion

+ Brand & Branded Business Valuation + Intangible Asset Valuation + Patent Valuation + Business & Share Valuations + Loss of Profits Calculations + Account of Profits Calculations + Damages Assessment + Forensic Accounting + Royalty Rate Setting + Brand Franchising & Licensing + BrandCo & IPCo Strategy + Market Research Design and Management + Trademark Registration + Trademark Watching Service

Contact detailsOur offices

Contact usFor enquiries, please contact:Samir DixitManaging DirectorBrand Finance Asia Pacifics.dixit@brandfinance.com+65 6329 9738

Jimmy HalimDeputy Managing DirectorBrand Finance Indonesiaj.halim@brandfinance.com+62 21 5367 8064

Sutan BanuaraDirectorBrand Finance Indonesias.banuara@brandfinance.com+62 21 5367 8064

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For further information on Brand Finance’s services and valuation experience, please contact your local representative:

Country Contact Email addressArgentina Pablo Bolino p.bolino@brandfinance.comAustralia Mark Crowe m.crowe@brandfinance.comBrazil Geoffrey Hamilton-Jones g.hamilton-jones@brandfinance.comCanada Bryn Anderson b.anderson@brandfinance.comCaribbean Nigel Cooper n.cooper@brandfinance.comCentral America Rajesh Ingle r.ingle@brandfinance.comEast Africa Jawad Jaffer j.jaffer@brandfinance.co.keFrance Luc Bardin l.bardin@brandfinance.comGermany Dr. Holger Mühlbauer h.muehlbauer@brandfinance.comGreece Ioannis Lionis i.lionis@brandfinance.comHolland Marc Cloosterman m.cloosterman@brandfinance.comIndia Ajimon Francis a.francis@brandfinance.comIndonesia Jimmy Halim j.halim@brandfinance.comItaly Massimo Pizzo m.pizzo@brandfinance.comMiddle East Andrew Campbell a.campbell@brandfinance.comNigeria Tunde Odumeru t.odumeru@brandfinance.comNew Zealand Jai Basrur j.basrur@brandfinance.comPortugal Joao Baluarte j.baluarte@brandfinance.com Russia Alex Eremenko a.eremenko@brandfinance.comSingapore Samir Dixit s.dixit@brandfinance.comSouth Africa Oliver Schmitz o.schmitz@brandfinance.comSpain Pedro Tavares p.tavares@brandfinance.comSri Lanka Ruchi Gunewardene r.gunewardene@brandfinance.comTurkey Muhterem Ilguner m.ilguner@brandfinance.comUK Bryn Anderson b.anderson@brandfinance.com USA Ken Runkel k.runkel@brandfinance.comVietnam Lai Tien Manh m.lai@brandfinance.com