Equity House FMCG Sector Local Research House Best ... · PDF file5+#/10'; 5 2013 Best Domestic Equity House 22 July 2015 Disclosure: Bahana Securities does and seeks to do business

Asiamoney’s

2013

Best Domestic

Equity House

22 July 2015

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

in making their investment decision.

2014Finance Asia's

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Alpha Southeast Asia

2014 Best Research Call FMCG Sector

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Beacon Indonesia Morning Brief

IDX: 4,870 (-0.7%) Turnover: IDR3.2tn (-6.1%)

Foreign net SELL: IDR291.3bn (From net BUY: IDR17.6bn)

CORPORATE FLASH Merdeka Copper Gold (MDKA IJ): Promising Analyst: Arandi Nugaraha Proven mining track record with support from the local community Production support from strong reserves and solid resources Promising greenfield mining company with 10% upside potential

ECONOMIC FLASH Indonesia June trade update: Change in export trade partner mix

Analyst: Fakhrula Fulvian Exports down 12.78% y-y, up 6.9% m-m Imports down 17.42% y-y, up 11.62% m-m Current account deficit: 2.5% of GDP 2Q15F

TODAY’S NEWS ECONOMICS

MoF: Revenue shortfall to not disrupt government spending BI: Survey suggests 4.42% inflation in FY15 BI: 2H15 growth at 5-5.2% BPS: June trade balance at USD480mn Statistics Agency: July inflation below 1% BOURSE

Gelombang Seismic plans IPO in 3Q15

Adhi Persada plans IDR1tn IPO INDUSTRY OJK to impose relaxed rules to refine lending Telecommunication: Local operators expect higher revenues from Idul

Fitri festivities Hutchinson to consider merger option

Toll road construction: Government seeks USD1.8bn in overseas loans

1H15 automotive exports: 107k units, up 16% y-y Tire: Government to tighten tire import regulation to boost industry CORPORATE BMRI obtains approval from OJK for new financing unit BJBR revises down loan and deposit growth targets in 2015

BBTN targets assets recoveries of IDR1.5tn in 2015 KLBF: New products to contribute around IDR180bn

SMCB prepares merger with Lafarge Indonesia PTBA’s 1H15 sales volumes: 9.0mn mt, +2.9% y-y Podomoro Industrial Estate sales to begin in 4Q15 PPRO adds 3.4ha to Kalimalang land bank

INDICES*

Asia Last Chg% ytd % y-y %

Hang Seng (HK) 25,536.4 1.9 8.2 7.4

IDX (Indonesia) 4,869.8 0.0 (6.8) (4.8)

KLCI (Mal.) 1,736.2 0.5 (1.4) (7.2)

KOSPI (Korea) 2,070.5 (0.1) 8.1 2.0

Nikkei (Japan) 20,842.0 1.9 19.4 35.8

PCOMP (Phil.) 7,628.0 0.9 5.5 11.0

SENSEX (India) 28,182.1 (0.1) 2.5 8.3

SET (Thailand) 1,447.4 (2.6) (3.4) (4.8)

SHCOMP (China) 4,017.7 5.6 24.2 93.6

SHENZHEN (China) 2,265.1 10.0 60.1 103.2

STI (Singapore) 3,371.4 1.0 0.2 1.6

TWSE (Taiwan) 9,006.0 (0.5) (3.2) (5.2)

VNI (Vietnam) 616.6 (2.3) 13.0 3.1

Europe, USA and Ems

CAC 40 (France) 5,106.6 1.2 19.5 16.9

DAX (Germany) 11,604.8 0.6 18.3 19.2

Dow Jones (USA) 17,919.3 (0.7) 0.5 4.7

FTSE 100 (UK) 6,769.1 0.2 3.1 (0.4)

IBOV (Brazil) 51,474.3 (2.7) 2.9 (10.7)

MEXBOL (Mexico) 45,401.2 0.7 5.2 2.6

NGSEINDX (Nigeria) 31,334.8 1.2 (9.6) (26.6)

Nasdaq (USA) 5,208.1 2.1 10.0 16.9

RTSI (Russia) 905.3 (0.5) 14.5 (28.5)

S&P 500 (USA) 2,119.2 0.6 2.9 6.8

XU100 (Turkey) 81,583.6 (1.4) (4.8) (1.1) Source: Bloomberg *Note: Cumulative changes since 15 July 2015

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

EIDO US (USD) 23.2 0.5 (15.4) (21.2)

TLK US (IDR) 2,848 (0.3) (5.1) (8.1)

Aluminum (USD/mtn) 1,661.0 (3.3) (10.3) (17.8)

Coal (USD/t) 59.8 0.3 (4.0) (11.2)

Corn (USD/mtn) 148.8 (4.1) 4.0 4.7

Coffee (USD/t) 2,661.4 (1.5) (18.4) (20.2)

Copper (USD/t) 5,475.5 (2.2) (13.9) (22.5)

Cotton (USD/t) 1,441.8 0.1 8.5 (4.6)

CPO (MYR/t) 2,172.5 (0.3) (5.4) (8.7)

Gold (USD/oz.) 1,099.9 (4.3) (7.2) (15.8)

Iron ore (USD/mtn) 54.0 1.3 (22.1) (42.7)

Milk (USD/cwt) 16.3 (0.1) 0.7 (9.9)

Nickel (USD/t) 11,775.0 0.3 (21.2) (37.9)

Oil Brent (USD/barrel) 57.0 (0.0) (0.5) (47.0)

Oil WTI (USD/barrel) 50.6 (1.6) (5.0) (51.6)

Rice (IDR/kg)* 9,500.0 0.0 0.0 6.7

Rubber (USD/t) 1,487.0 2.7 (1.8) (12.0)

Silver (USD/oz) 14.8 (1.7) (5.5) (29.1)

Soybean oil (USD/t) 703.9 0.9 (0.1) (11.8)

Steel (USD/t) 339.3 2.3 (29.4) (37.3)

Sugar (USD/t) 251.8 (8.3) (27.1) (40.0)

Tins (USD/t) 15,455.0 4.8 (20.7) (30.1) Wheat (USD/t) 192.8 (7.4) (13.2) (15.3) Source: Bloomberg, CEIC *Note: Cumulative changes since 15 July 2015

ECONOMIC INDICATORS MARKET DATA

14A 15F 16F

14A 15F 16F

Cur acc bal (%GDP) (3.0) (2.5) (2.6) Op.prof.gwt.(%) 10.7 4.4 10.8

Fiscal bal (%GDP) (2.3) (2.2) (2.2) EPS growth (%) 12.7 4.7 8.7

GDP growth (%y-y) 5.0 4.9 5.3 P/E (x) 21.1 19.4 16.9

Private spending (%) 5.1 5.0 5.2 PEG (x) 1.7 4.2 1.9

Investment (%y-y) 4.1 4.1 4.7 EV/EBITDA (x) 10.3 8.9 8.4

Total exports (%y-y) 1.0 0.8 0.9 P/BV (x) 12.8 7.9 6.7

Total imports (%y-y) 2.2 -1.8 -2.1 P/BV exc. 3.6 3.1 2.7

Inflation (%y-y) 8.4 4.8 5.2 Div. Yield (%) 2.4 2.4 2.6

IDR/USD 12,385 13,500 13,750 Net gearing (%) 20.2 17.8 14.8

BI rate (% p.a.) 7.75 7.50 7.00 ROAE (%) 29.7 32.0 29.3

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

FX reserve (USDb) 111.9 114.0 120.5 ROIC (%) 23.2 26.9 28.8 Source: Bahana estimates Source: Bahana estimates

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

AUD/USD 0.743 0.744 9.2 21.0

EUR/USD 1.094 1.100 9.5 18.7

IDR/USD 13,346 13,338 (7.8) (13.6)

JPY/USD 123.870 123.330 (3.4) (22.1)

SGD/USD 1.364 1.361 (2.9) (10.0)

JIBOR (%) 5.81 6.44 (0.1) (0.0)

BI rate (%) 7.50 7.50 (0.3) 0.0

TD – 1 month (%) 7.12 7.20 (0.0) (0.1)

CDS (bps) 164.70 168.50 2.7 12.8 Source: Bloomberg *Note: Cumulative changes since 15 July 2015

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

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ECONOMICS

MoF: Revenue shortfall to not disrupt government spending

Fiscal office chief, Suahazil Nazara, stated that revenue short-fall would not disrupt government spending.

He expects IDR80tn of budget would not be disbursed this year. Separately, MoF stated that it expects tax

revenue to reach 91% of its FY15 targets, translating to 9% shortfall from 2015 APBNP, or equal to

IDR116.48tn. (Tempo)

BI: Survey suggests 4.42% inflation in FY15

Bank Indonesia’s survey in 2Q15 estimated FY15 inflation at 4.42%, lower than previous estimate of 6.19%.

(Investor Daily)

BI: 2H15 growth at 5-5.2%

BI estimates 2H15 growth at 5-5.2%, relatively similar to 2H14 growth at 5.01%. BI believes it is possible

to achieve the growth target if the central and local government spending is disbursed well. (Investor Daily)

BPS: June trade balance at USD480mn

BPS reported June trade balance at USD480mn, far better than June’s 2014 figure at USD290mn. This

brought 1H15 trade balance to USD4.35bn. BPS expects lower current account deficit in FY15. (Investor

Daily)

Statistics Agency: July inflation below 1%

Central Statistics Agency (BPS) predicts July inflation to reach below 1%, but higher than June’s inflation

(0.54%) due to Lebaran Festivities. (Indonesia Finance Today)

Bourse

Gelombang Seismic plans IPO in 3Q15

Gelombang Seismic Indonesia, an oil and gas mapping company, plans to sell 150mn shares (43%) through

an IPO to support its capex. Offering date will be 4-6 August 2015 and listing date will be 13 August 2015.

(Bisnis Indonesia)

Adhi Persada plans IDR1tn IPO

Following the merger with Adhi Persada Realti (APR) in June 2015, Adhi Persada Properti (APP), a subsidiary

of state-owned Adhi Karya (ADHI IJ-BUY-IDR2,730-TP:IDR3,900), plans to raise IDR1tn by selling 30%

stake through IPO. No further details were provided. (Kontan)

INDUSTRY

OJK to impose relaxed rules to refine lending

To improve lending, the Financial Services Authority (OJK) is finalizing several measures, which would be

introduced in the third quarter. According to OJK chairman, Muliaman D. Hadad, the measures include

leniency for banks to restructure potentially troubled loans and the reduction in risk weighted assets (RWA)

ratio for insured-credit program. (The Jakarta Post)

Telecommunication: Local operators expect higher revenues from Idul Fitri festivities Telekomunikasi Indonesia (TLKM IJ-BUY-IDR2,825-TP:IDR3,350), XL Axiata (EXCL IJ-BUY-IDR3,280-

TP:IDR5,000) and Indosat (ISAT IJ-BUY-IDR4,325-TP:IDR5,150) are aiming to book higher revenues in

2H15 on the back of holidays helping achieve their respective revenue targets. Telkomsel, subsidiary of

TLKM, estimated that its data, voice and SMS traffic would grow by around 30% y-y during the Idul Fitri

holidays, and aims to achieve around IDR 73tn for 2015 revenues. In addition, EXCL aims to book 7%

growth in line with industry’s growth while ISAT aims to achieve net profit this year following multiple-years

of losses. (Jakarta Post)


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Hutchinson to consider merger option

Hutchinson 3 Indonesia, an Indonesian telco operator with '3' brand, is considering a merger option if the

Government does not grant its proposal to use 2.1 Ghz frequency to increase data support for its business.

(Indonesia Finance Today)

Toll road construction: Government seeks USD1.8bn in overseas loans

Basuki Hadimuljono, the Minister of Public Works and Public Housing, stated that his ministry is planning to

take USD1.8bn in overseas loans to develop several toll road sections such as Cileunyi-Sumedang-Dawuan,

Balikpapan-Samarinda, Manado-Bitung and Solo-Ngawi-Kertosono. Previously, the Public Works Ministry had

submitted a proposal to obtain up to USD23bn in overseas loans in 2015-19 which would be utilized for the

construction of a number of infrastructure projects. (Bisnis Indonesia, Indonesia Finance Today)

1H15 automotive exports: 107k units, up 16% y-y

June’s automotive exports reached 18k units, up 33% y-y but -5% m-m, resulting in total 1H15 4W exports

of 107k units, up 16% y-y. The exports were mostly dominated by Astra International’s (ASII IJ-IDR6,825-

TP:IDR5,900) subsidiaries Toyota Motor Manufacturing Indonesia (TMMIN) and Astra Daihatsu Motor (ADM),

which contributed around 85% of total exports. (Investor Daily)

Tire: Government to tighten tire import regulation to boost industry Starting 7 October 2015, the trade ministry has introduced a stricter regulation on tire imports to boost

domestic tire industry. The new regulation requires an importer to register as a Registered Importer (IT)

and Producer Importer (IP), to provide documents such as an import permit letter (SPI). With these

regulations, the Government expects imported tires to decline 2-5%, helping to boost the local downstream

rubber industry in line with previous Government’s aim to increase local natural rubber consumption to 40%

in the next 5 years from the current 18%. (Jakarta Post)

CORPORATE

BMRI obtains approval from OJK for new financing unit

Bank Mandiri (BMRI IJ-BUY-IDR10,000-TP:IDR11,800) has obtained approvals from OJK to start Mandiri

Utama Finance (MUF) for automotive financing. MUF is a joint venture created by BMRI with 51% stake and

automotive distribution companies: ASCO Automotive (37%) and Tunas group (12%). (The Jakarta Post)

BJBR revises down loan and deposit growth targets in 2015

Bank Pembangunan Daerah Jawa Barat (BJBR IJ-BUY-IDR835-TP:IDR1,080) has revised its loan growth to

13% from 15% and third-party funding to 15% from 17%. Separately, BJBR plans to conduct a rights issue

amounting to IDR1.5tn to fund 2016’s expansion plans. (Bisnis Indonesia)

BBTN targets assets recoveries of IDR1.5tn in 2015

Bank Tabungan Negara (BBTN IJ-BUY-IDR1,180-TP:IDR1,280) targets assets recoveries of IDR1.5tn in 2015

with BBTN’s target NPL to possibly fall to 3% in 2015. (Bisnis Indonesia)

KLBF: New products to contribute around IDR180bn

Kalbe Farma (KLBF IJ-BUY-IDR1,695-TP:IDR2,000) is targeting sales from new products amounting to

IDR180bn or around 1% of the company’s revenue target this year, which mostly stem from its prescription

and consumer health divisions (ig. Extra Joss Blend and Entrasol Quick Star). (Bisnis Indonesia)

SMCB prepares merger with Lafarge Indonesia

Following the merger completion of its holding companies, Holcim Ltd and Lafarge SA, Holcim Indonesia

(SMCB IJ-REDUCE-IDR1,500-TP:IDR900) is preparing to merge with Lafarge Cement Indonesia. (Company,

Kontan). Bahana comment: By the end of 2015, the combined production capacity of SMCB and Lafarge

Indonesia would reach 13.7mn tons (SMCB: 12.1mn tons, Lafarge: 1.6mn tons), which would still put its

position as the third largest cement producer in Indonesia behind SMGR (33.3mn tons) and INTP (20.5mn

tons). Additionally, we see that this merger would only provide minimal synergies for both companies due to

the long distance of the companies’ plant locations and their different target markets.


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PTBA’s 1H15 sales volumes: 9.0mn mt, +2.9% y-y

Tambang Batubara Bukit Asam’s (PTBA IJ-HOLD-IDR6,475) coal sales volumes were up 2.9% y-y to 9.0mn

mt in 1H15. For the full-year 2015, PTBA targets sales volumes of 24mn mt (Bahana: 20.5mn mt, up xx%

y-y), up 33% y-y, supported by production plan of 20.9mn mt and 2.7mn mt from third-party coal

producers. (Indonesia Finance Today)

Podomoro Industrial Estate sales to begin in 4Q15

Agung Podomoro Land (APLN IJ -IDR369-REDUCE) plans to commence sales at its 500ha Karawang

industrial estate in 4Q15, with Japanese buyers reportedly already showing interest. The first phase which

comprises 100ha would have ASP of USD200/sqm. (Investor Daily). Bahana comment: We believe ASP of

USD200/sqm is relatively expensive for the Karawang area. We plan to do a site visit soon to obtain greater

details on their location and progress.

PPRO adds 3.4ha to Kalimalang land bank

PP Properti (PPRO IJ-BUY-IDR184-TP:IDR250) has acquired an additional 3.4ha land plot in Kalimalang for a

total of IDR134bn, funded as planned using its IPO proceeds. (Bisnis Indonesia)


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BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 7/15/2015 7/14/2015 CHANGE (%)

Bumi Serpong Damai BSDE IJ HOLD 2,020 8.0 1,870 1,800 3.9

Adhi Karya ADHI IJ BUY 3,900 42.9 2,730 2,635 3.6

AKR Corporindo AKRA IJ REDUCE 3,700 (33.3) 5,550 5,425 2.3

Surya Citra Media SCMA IJ REDUCE 2,650 (12.3) 3,020 2,960 2.0

Adaro Energy ADRO IJ REDUCE 800 34.5 595 585 1.7

Indocement Tunggal Prakarsa INTP IJ REDUCE 18,500 (15.1) 21,800 21,500 1.4

Summarecon Agung SMRA IJ HOLD 1,600 (8.3) 1,745 1,725 1.2

Gudang Garam GGRM IJ BUY 55,000 11.0 49,550 49,000 1.1

Charoen Pokphand Indonesia CPIN IJ BUY 4,000 45.5 2,750 2,720 1.1

Adi Sarana Armada ASSA IJ BUY 150 16.3 129 128 0.8

Ramayana Lestari Sentosa RALS IJ REDUCE 640 (5.9) 680 675 0.7

Unilever Indonesia UNVR IJ BUY 48,500 20.6 40,225 40,000 0.6

Media Nusantara Citra MNCN IJ REDUCE 2,190 17.7 1,860 1,850 0.5

Tiphone Mobile Indonesia TELE IJ BUY 1,060 10.4 960 955 0.5

Bank Tabungan Negara BBTN IJ BUY 1,300 11.6 1,165 1,160 0.4

Indofood CBP Sukses Makmur ICBP IJ BUY 18,200 45.0 12,550 12,500 0.4

Semen Indonesia SMGR IJ HOLD 12,800 10.6 11,575 11,550 0.2

Cardig Aero Services CASS IJ HOLD 1,150 (4.2) 1,200 1,200 0.0

Bank Bukopin BBKP IJ HOLD 670 1.5 660 660 0.0

Bumi Resources BUMI IJ REDUCE 120 126.4 53 53 0.0

Hero Supermarket HERO IJ REDUCE 570 (66.5) 1,700 1,700 0.0

Kalbe Farma KLBF IJ BUY 2,000 18.0 1,695 1,695 0.0

Kawasan Industri Jababeka KIJA IJ BUY 450 60.1 281 281 0.0

Medco Energi Internasional MEDC IJ REDUCE 2,800 9.8 2,550 2,550 0.0

Bw Plantation BWPT IJ REDUCE 230 (41.0) 390 390 0.0

Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (23.1) 1,300 1,300 0.0

Sampoerna Agro SGRO IJ HOLD 1,750 4.8 1,670 1,670 0.0

Malindo Feedmill MAIN IJ BUY 2,000 33.3 1,500 1,500 0.0

Krakatau Steel KRAS IJ REDUCE 350 4.5 335 335 0.0

Xl Axiata EXCL IJ HOLD 4,500 37.2 3,280 3,280 0.0

Sarana Menara Nusantara TOWR IJ BUY 5,100 27.5 4,000 4,000 0.0

Erajaya Swasembada ERAA IJ HOLD 940 70.9 550 550 0.0

Indosat ISAT IJ BUY 5,150 19.1 4,325 4,330 (0.1)

United Tractors UNTR IJ REDUCE 17,500 (9.2) 19,275 19,300 (0.1)

Indomobil Sukses Internasional IMAS IJ REDUCE 2,500 (29.5) 3,545 3,550 (0.1)

Vale Indonesia INCO IJ BUY 4,000 58.4 2,525 2,530 (0.2)

Bank Jawa Timur BJTM IJ HOLD 500 4.6 478 479 (0.2)

Lippo Cikarang LPCK IJ BUY 14,000 64.7 8,500 8,525 (0.3)

Semen Baturaja SMBR IJ HOLD 300 (2.6) 308 309 (0.3)

Holcim Indonesia SMCB IJ REDUCE 900 (40.0) 1,500 1,505 (0.3)

Astra International ASII IJ REDUCE 5,900 (13.6) 6,825 6,850 (0.4)

Jasa Marga JSMR IJ BUY 7,000 22.3 5,725 5,750 (0.4)

Harum Energy HRUM IJ REDUCE 950 (10.0) 1,055 1,060 (0.5)

Tempo Scan Pacific TSPC IJ BUY 2,400 20.6 1,990 2,000 (0.5)

Express Transindo Utama TAXI IJ REDUCE 820 (17.2) 990 995 (0.5)

Waskita Karya WSKT IJ BUY 2,025 11.3 1,820 1,830 (0.5)

Perusahaan Gas Negara PGAS IJ HOLD 4,000 (5.1) 4,215 4,240 (0.6)

Bank Jawa Barat dan Banten BJBR IJ BUY 1,080 29.3 835 840 (0.6)

Bank Tabungan Pensiunan Nasional BTPN IJ HOLD 3,900 18.9 3,280 3,300 (0.6)

London Sumatra Indonesia LSIP IJ REDUCE 1,500 (3.8) 1,560 1,570 (0.6)

Indonesian Stock Exchange JCI 4,870 4,902 (0.7)

Garuda Indonesia GIAA IJ BUY 560 29.9 431 434 (0.7)

Bank Central Asia BBCA IJ BUY 15,500 14.8 13,500 13,600 (0.7)

Multipolar MLPL IJ BUY 860 34.4 640 645 (0.8)

Timah TINS IJ REDUCE 780 25.8 620 625 (0.8)

Ciputra Development CTRA IJ BUY 1,400 12.9 1,240 1,250 (0.8)

Aneka Tambang ANTM IJ BUY 910 49.2 610 615 (0.8)

Salim Ivomas Pratama SIMP IJ REDUCE 540 (10.0) 600 605 (0.8)

Pembangunan Perumahan PTPP IJ BUY 4,500 12.2 4,010 4,045 (0.9)

Tunas Baru Lampung TBLA IJ BUY 930 72.2 540 545 (0.9)

Japfa Comfeed Indonesia JPFA IJ BUY 725 38.1 525 530 (0.9)

Surya Semesta Internusa SSIA IJ BUY 1,375 45.5 945 955 (1.0)

Supra Boga Lestari RANC IJ REDUCE 230 (38.7) 375 379 (1.1)

PP Property PPRO IJ BUY 250 35.9 184 186 (1.1)

Pakuwon Jati PWON IJ REDUCE 425 2.4 415 420 (1.2)

Bank Mandiri BMRI IJ BUY 11,800 18.0 10,000 10,125 (1.2)

Lippo Karawaci LPKR IJ REDUCE 1,000 (13.8) 1,160 1,175 (1.3)

Nippon Indosari Corpindo ROTI IJ BUY 1,750 51.5 1,155 1,170 (1.3)

Bank Danamon Indonesia BDMN IJ HOLD 4,000 (4.0) 4,165 4,220 (1.3)

J Resources PSAB IJ BUY 1,300 85.7 700 710 (1.4)

Pelayaran Tempuran Emas TMAS IJ BUY 3,000 86.9 1,605 1,630 (1.5)

Astra Agro Lestari AALI IJ REDUCE 21,000 (15.9) 24,975 25,375 (1.6)

Agung Podomoro Land APLN IJ REDUCE 380 3.0 369 375 (1.6)

Bekasi Fajar Industrial Estates BEST IJ BUY 520 23.2 422 429 (1.6)

Matahari Department Store LPPF IJ BUY 17,500 1.2 17,300 17,600 (1.7)

Soechi Lines SOCI IJ BUY 800 45.5 550 560 (1.8)

Ciputra Property CTRP IJ BUY 790 49.1 530 540 (1.9)

Gajah Tunggal GJTL IJ REDUCE 900 16.1 775 790 (1.9)

Telekomunikasi Indonesia TLKM IJ BUY 3,350 18.6 2,825 2,880 (1.9)

Mayora Indah MYOR IJ BUY 32,500 27.5 25,500 26,000 (1.9)

Matahari Putra Prima MPPA IJ BUY 4,150 40.2 2,960 3,025 (2.1)

Wijaya Karya WIKA IJ REDUCE 2,500 (18.8) 3,080 3,150 (2.2)

Wintermar Offshore Marine WINS IJ HOLD 700 134.1 299 306 (2.3)

Total Bangun Persada TOTL IJ BUY 1,100 29.4 850 870 (2.3)

Indo Tambangraya Megah ITMG IJ REDUCE 13,000 17.9 11,025 11,300 (2.4)

Kimia Farma KAEF IJ BUY 1,750 60.6 1,090 1,120 (2.7)

Indofood Sukses Makmur INDF IJ BUY 7,600 22.1 6,225 6,400 (2.7)

Sido Muncul SIDO IJ HOLD 700 34.6 520 535 (2.8)

Wijaya Karya Beton WTON IJ REDUCE 920 (16.4) 1,100 1,140 (3.5)

Bank Rakyat Indonesia BBRI IJ BUY 12,800 26.4 10,125 10,500 (3.6)

Mitra Adiperkasa MAPI IJ BUY 6,250 25.3 4,990 5,175 (3.6)

Alam Sutera Realty ASRI IJ BUY 720 34.6 535 555 (3.6)

Ace Hardware Indonesia ACES IJ REDUCE 690 4.5 660 685 (3.6)

Bukit Asam PTBA IJ HOLD 10,400 60.6 6,475 6,750 (4.1)

Bank Negara Indonesia BBNI IJ BUY 6,700 32.0 5,075 5,300 (4.2)

Electronic City ECII IJ REDUCE 1,040 (1.0) 1,050 1,100 (4.5)

Blue Bird BIRD IJ REDUCE 7,400 (2.0) 7,550 7,925 (4.7)

Sri Rejeki Isman SRIL IJ BUY 350 8.7 322 380 (15.3) Source: Bloomberg, Bahana estimates

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Source: Bloomberg, Bahana estimates

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

AVIATION N 13,654 6 50,191 59,442 (4,127) 3,553 (4,497) 1,273 (162.9) na (2.4) 14.4 1.0 0.9 2.0 1.8 0.3 0.3 72.0 82.2 (24.1) 13.3 (7.9) 4.4 16.0 (81.1)

GIAA IJ* BUY 431 560 25,869 13.5 11,150 5 48,723 57,733 (4,472) 3,166 (4,607) 1,149 na na (8.1) 13.0 (0.0) (0.1) 0.9 0.9 0.0 0.0 88.1 100.6 (36.8) 9.5 (12.3) 2.7 8.8 (108.9)

CASS IJ HOLD 1,200 1,150 2,087 56.6 2,504 0 1,469 1,709 345 387 110 124 0.6 12.4 22.7 20.2 5.8 5.6 6.8 5.5 1.5 1.7 nc nc 32.8 30.2 11.6 11.9 47.9 42.7

AUTOMOTIVE UW 288,804 278 234,230 223,333 21,541 19,456 19,303 18,924 21.8 (4.4) 14.7 16.5 12.7 13.0 2.8 2.6 3.0 2.9 57.4 51.9 20.4 17.9 8.1 7.4 15.2 13.4

ASII IJ REDUCE 6,825 5,900 40,484 49.8 276,300 270 201,701 189,328 20,163 17,881 19,181 18,688 (1.2) (2.6) 14.4 14.8 11.8 12.7 2.9 2.6 3.1 3.0 51.4 44.3 21.4 18.6 8.5 7.7 15.7 14.0

IMAS IJ REDUCE 3,545 2,500 2,765 10.5 9,803 1 19,458 20,715 224 561 (147) 196 na na 23.0 50.1 40.4 23.0 1.7 1.6 (0.4) 0.5 216.5 248.6 (2.6) 3.4 (0.6) 0.8 3.2 (0.8)

GJTL IJ REDUCE 775 900 3,485 40.3 2,701 7 13,071 13,289 1,154 1,014 270 40 124.2 (85.3) 10.0 68.0 4.6 5.2 0.5 0.5 2.5 0.4 86.3 112.0 4.6 0.7 1.7 0.2 1.3 2.6

BANKS N 1,003,205 1,052 243,469 269,100 99,545 104,087 79,754 84,385 10.3 5.6 13.9 13.0 na na 2.9 2.4 2.1 2.0 na na 22.4 20.1 2.9 2.7 na na

BBCA IJ BUY 13,500 15,500 24,655 50.8 332,843 228 44,047 48,713 20,505 22,534 16,486 18,224 15.7 10.5 20.2 18.3 na na 4.3 3.6 1.1 1.2 na na 23.3 21.4 3.1 3.2 na na

BBRI IJ BUY 10,125 12,800 24,669 43.2 249,775 319 60,789 67,424 28,364 28,874 24,242 24,868 13.6 2.6 10.3 10.0 na na 2.6 2.2 2.9 2.0 na na 27.4 23.3 3.4 3.0 na na

BMRI IJ BUY 10,000 11,800 23,333 40.0 233,333 261 56,941 63,408 25,978 27,014 19,872 20,761 9.2 4.5 11.7 11.2 na na 2.3 2.0 2.1 2.2 na na 20.9 18.8 2.5 2.3 na na

BBNI IJ BUY 5,075 6,700 18,649 39.8 94,642 160 35,246 39,903 12,967 13,406 10,783 11,168 19.1 3.6 8.8 8.5 na na 1.7 1.4 2.8 2.7 na na 20.6 18.3 2.7 2.5 na na

BDMN IJ HOLD 4,165 4,000 9,585 32.4 39,920 12 19,452 20,653 4,063 3,623 2,604 2,612 (35.6) 0.3 15.3 15.3 na na 1.2 1.2 2.0 3.3 na na 8.1 7.8 1.4 1.3 na na

BTPN IJ HOLD 3,280 3,900 5,840 32.3 19,156 0 7,804 8,234 2,535 2,419 1,869 1,923 (13.0) 3.8 10.3 10.0 na na 1.6 1.4 0.0 1.5 na na 17.2 15.1 2.6 2.4 na na

BBTN IJ BUY 1,165 1,300 10,568 38.9 12,311 44 6,406 6,955 1,546 2,030 1,116 1,524 (28.6) 36.6 11.0 8.1 na na 1.0 0.9 1.8 3.4 na na 9.4 11.9 0.8 1.0 na na

BJBR IJ BUY 835 1,080 9,696 25.0 8,096 17 5,969 6,428 1,291 1,784 1,120 1,499 (18.6) 33.8 7.2 5.4 na na 1.1 1.0 8.6 11.6 na na 16.3 20.1 1.5 1.9 na na

BJTM IJ HOLD 478 500 14,918 25.7 7,131 8 3,254 3,654 1,351 1,395 939 1,011 13.9 7.6 7.6 7.1 na na 1.2 1.1 8.8 8.9 na na 16.0 16.2 2.6 2.5 na na

BBKP IJ HOLD 660 670 9,087 40.4 5,997 3 3,560 3,728 944 1,009 724 795 (30.8) 9.7 8.3 7.5 na na 0.9 0.8 4.7 2.6 na na 11.1 11.3 1.0 0.9 na na

CEMENT UW 163,433 162 58,727 58,303 14,360 13,304 11,833 10,715 2.0 (8.2) 14.0 15.9 8.4 10.1 2.9 2.8 4.8 3.9 4.1 4.3 22.1 11.1 17.0 14.4 38.5 155.9

SMGR IJ HOLD 11,575 12,800 5,932 49.0 68,657 80.7 26,987 27,262 6,954 6,449 5,566 5,216 4.0 (6.3) 12.3 13.2 8.3 8.8 2.9 2.6 3.2 2.3 nc nc 24.8 19.7 17.1 14.0 27.2 25.1

INTP IJ REDUCE 21,800 18,500 3,681 302.6 80,251 73.8 19,996.3 19,348.6 5,853.9 5,588.9 5,270.9 4,794.7 5.0 (9.0) 15.2 16.7 8.8 11.4 3.3 3.3 6.2 5.6 nc nc 22.2 4.7 19.0 16.6 51.6 293.4

SMCB IJ REDUCE 1,500 900 7,663 19.4 11,494 5.2 10,529 10,397 1,316 1,043 668 414 (29.8) (38.1) 17.2 27.8 8.3 9.9 1.3 1.3 4.4 1.8 58.9 72.3 7.6 4.7 4.2 2.3 8.8 5.2

SMBR IJ HOLD 308 300 9,838 23.8 3,030 2.3 1,215 1,296 236 223 328 290 (5.2) (11.6) 9.2 10.4 3.1 5.6 1.1 1.0 2.7 1.9 nc (44.8) 12.7 10.2 11.6 9.5 62.6 52.6

COAL & MINING CONTRACTING UW 123,100 175 185,953 185,176 24,173 22,559 10,565 12,739 9.5 8.0 22.7 13.9 4.2 1.8 1.6 1.5 5.3 5.3 6.4 4.5 15.5 14.7 9.2 8.8 21.3 19.3

UNTR IJ REDUCE 19,275 17,500 3,730 40.4 71,898 75 53,142 50,923 8,866 8,134 5,369 6,553 11.1 22.0 13.4 11.0 4.5 na 2.0 1.8 3.0 3.6 nc na 15.4 16.9 9.1 10.6 15.6 17.8

ADRO IJ* REDUCE 595 800 31,986 41.0 19,032 40 41,186 37,388 6,116 3,419 2,210 1,547 (23.5) (27.7) 9.0 12.4 3.2 3.9 0.6 0.5 4.3 3.5 41.6 29.4 6.5 4.3 2.7 1.9 5.9 4.4

ITMG IJ* REDUCE 11,025 13,000 1,130 34.9 12,457 27 25,382 23,114 3,381 2,093 5,561 5,562 (2.8) (31.5) 5.1 7.4 1.6 3.1 1.1 1.2 18.5 16.3 nc nc 22.4 14.8 15.1 9.9 44.4 35.5

PTBA IJ HOLD 6,475 10,400 2,304 29.3 14,919 21 13,078 13,773 2,310 1,948 2,016 1,653 10.4 (18.1) 7.4 9.0 5.3 6.5 1.7 1.7 6.7 7.4 nc nc 25.2 19.1 15.2 11.2 53.7 36.9

HRUM IJ* REDUCE 1,055 950 2,704 29.3 2,852 1 5,747 5,291 260 65 260 13 (98.6) 250.0 527.5 150.7 3.5 0.8 1.3 1.3 7.7 4.4 nc nc 8.5 0.4 5.3 0.3 29.5 20.1

BUMI IJ* REDUCE 53 120 36,627 62.3 1,941 11 47,419 54,687 3,240 6,899 (4,852) (2,589) (9.5) (49.2) (0.3) (0.5) 6.0 3.9 (0.1) (0.1) 0.0 0.0 na na nm 20.7 (5.7) (2.9) (26.9) (21.5)

CONS. & TOLL ROADS N 120,156 261 56,469 66,371 7,622 8,884 3,869 4,388 24.5 10.1 30.4 27.4 16.9 13.9 5.2 3.9 1.1 1.0 35.7 39.1 18.8 16.4 4.9 4.6 23.8 17.2

JSMR IJ BUY 5,725 7,000 6,800 30.0 38,930 46 7,254 7,883 2,777 3,019 1,403 1,431 36.7 1.9 27.7 27.2 13.6 13.1 3.9 3.6 1.4 1.1 101.3 124.1 14.9 13.9 4.7 4.1 6.4 7.5

WIKA IJ REDUCE 3,080 2,500 6,149 34.9 18,940 49 12,463 12,678 1,401 1,421 615 559 8.0 (9.1) 30.7 33.8 12.4 12.1 4.7 4.2 1.0 0.9 18.3 30.0 17.7 13.1 4.3 3.4 20.5 15.5

PTPP IJ BUY 4,010 4,500 4,842 49.0 19,418 49 12,427 15,687 1,328 1,668 532 748 26.4 40.8 36.5 25.9 13.1 12.1 8.1 6.5 0.8 1.2 nc nc 24.3 27.9 3.9 4.6 27.1 30.1

WSKT IJ BUY 1,820 2,025 13,992 48.5 25,465 49 10,287 15,138 875 1,328 502 806 35.0 35.9 35.3 26.0 29.5 17.1 6.2 2.8 0.6 0.7 nc (21.7) 19.2 13.9 4.7 4.8 15.9 13.9

WTON IJ REDUCE 1,100 920 8,715 27.8 9,587 26 3,277 2,903 409 345 329 286 13.4 (19.8) 26.9 33.5 18.5 20.5 4.4 4.2 1.0 0.9 nc nc 23.1 12.8 9.8 7.7 46.6 26.3

ADHI IJ BUY 2,730 3,900 1,801 49.0 4,918 39 8,654 9,744 655 877 324 364 (20.3) 12.3 15.2 13.5 10.1 8.3 2.8 2.4 1.0 1.1 nc nc 19.7 19.1 3.2 3.4 32.7 14.4

TOTL IJ BUY 850 1,100 3,410 33.7 2,899 3 2,106 2,338 177 226 164 194 (15.7) 18.6 17.7 14.9 12.6 10.2 3.6 na 4.1 3.5 nc (53.1) 21.1 23.0 7.0 7.8 234.1 77.3

CONSUMER - DISCRETIONARY N 183,065 322 98,323 131,932 9,699 11,318 8,853 8,399 9.2 27.9 35.6 27.6 16.3 16.0 83.6 15.5 1.8 2.1 10.0 6.0 19.8 93.0 25.9 25.9 28.1 23.9

SCMA IJ REDUCE 3,020 2,650 14,622 33.2 44,157 31 4,056 4,234 1,917 1,948 1,454 1,506 13.6 3.6 30.4 29.3 21.9 21.3 12.7 11.1 1.7 2.3 nc nc 47.0 40.8 33.3 30.2 77.1 71.8

LPPF IJ BUY 17,300 17,500 2,918 65.3 50,480 73 7,926 9,503 2,111 2,547 1,419 1,905 23.4 34.2 35.6 26.5 21.5 17.6 284.3 41.0 1.7 2.3 nc nc na 270.5 44.7 49.1 na na

MNCN IJ REDUCE 1,860 2,190 14,276 33.3 26,554 30 7,109 7,660 2,733 2,775 1,801 1,808 5.9 0.8 14.6 14.5 9.5 9.4 3.0 2.7 3.1 3.1 nc nc 22.8 20.1 16.7 14.9 23.2 22.5

MPPA IJ BUY 2,960 4,150 5,378 19.0 15,919 64 13,590 16,160 647 794 554 655 24.5 18.2 28.7 24.3 16.7 13.8 5.6 4.9 1.4 1.6 nc nc 18.0 21.5 8.9 10.4 13.3

ACES IJ REDUCE 660 690 17,150 40.0 11,319 11 4,541 4,969 651 613 555 529 9.0 (4.7) 20.4 21.4 15.0 15.2 4.8 4.3 0.9 2.4 nc nc 26.0 21.3 20.4 17.0 32.4 29.4

HERO IJ REDUCE 1,700 570 4,184 16.5 7,112 0 13,564 15,298 (196) (110) 44 62 (93.9) 40.9 162.5 115.3 37.8 37.5 1.3 1.3 0.0 0.0 nc nc 0.8 1.1 0.5 0.7 20.5 0.9

RALS IJ REDUCE 680 640 7,096 40.5 4,825 11 7,942 8,870 294 371 355 390 (6.7) (3.7) 11.9 12.4 8.8 5.7 1.4 1.3 4.6 4.4 nc nc 10.8 11.2 7.9 8.1 23.7 15.2

MAPI IJ BUY 4,990 6,250 1,660 44.0 8,283 12 11,822 13,562 525 748 74 415 (77.4) 460.0 111.8 20.0 11.5 7.6 3.3 2.9 0.0 0.0 114.6 38.2 3.0 15.3 0.9 4.6 7.8 1.4

MLPL IJ BUY 640 860 10,065 68.0 6,441 12 17,074 20,730 (268) 85 1,895 165 9.7 (90.1) 3.9 39.1 (35.6) 6.0 0.9 0.9 3.3 0.3 nc nc 19.7 1.9 9.2 0.8 19.5 15.2

SRIL IJ BUY 322 350 18,593 43.9 5,987 77 6,869 7,746 1,176 1,348 554 657 65.0 12.9 10.2 9.1 7.5 6.8 2.0 1.6 0.9 1.0 143.5 124.8 21.3 19.8 7.8 7.2 7.7 9.5

RANC IJ REDUCE 375 230 1,564 27.3 587 0 1,603 20,730 11 85 19 165 (46.7) 6.4 31.4 29.5 9.8 14.4 1.5 1.4 0.0 0.0 19.1 35.2 4.7 4.8 2.5 2.2 10.2 4.3

ECII IJ REDUCE 1,050 1,040 1,334 25.0 1,401 0 2,227 2,472 99 116 129 144 (41.8) 11.0 10.8 9.7 7.0 7.2 0.8 0.7 0.9 1.0 (23.0) (15.9) 7.5 7.8 6.4 7.0 35.0 11.0

CONSUMER - STAPLES OW 661,006 697,408 240,972 259,686 31,525 144,669 21,487 23,836 13.0 8.9 39.2 32.6 27.1 22.6 33.7 26.9 1.9 2.1 20.2 12.9 70.0 72.6 25.1 27.2 61.7 63.3

UNVR IJ BUY 40,225 48,500 7,630 15.0 306,917 76 34,512 38,457 7,779 9,532 5,739 7,054 7.2 22.9 53.5 43.5 38.8 31.3 66.7 52.7 1.8 2.2 8.5 (7.4) 129.6 135.3 41.5 46.2 109.8 115.2

GGRM IJ BUY 49,550 55,000 1,924 23.5 95,339 66 65,186 67,334 8,525 8,068 5,369 4,945 24.0 (7.9) 17.8 19.3 11.2 11.7 2.9 2.7 2.4 2.2 50.0 56.0 17.2 14.4 9.9 8.1 11.7 11.9

KLBF IJ BUY 1,695 2,000 46,875 43.3 79,453 80 17,369 18,509 2,761 2,993 2,065 2,255 7.6 9.2 38.5 35.2 25.1 23.1 8.5 7.4 1.1 1.4 nc nc 23.6 22.4 17.4 17.1 30.3 27.4

INDF IJ BUY 6,225 7,600 8,780 49.9 54,658 78 63,594 67,993 6,874 7,482 3,885 3,978 55.2 2.4 14.1 13.7 7.8 7.3 2.1 2.0 3.7 3.7 65.9 68.8 15.7 15.0 4.7 4.4 8.3 9.7

ICBP IJ BUY 12,550 18,200 5,831 19.5 73,178 50 30,022 33,279 3,063 3,796 2,604 3,124 17.0 20.0 28.1 23.4 22.6 18.4 5.2 4.6 1.6 1.9 nc nc 19.5 20.9 11.3 11.6 26.5 26.4

MYOR IJ BUY 25,500 32,500 894 66.9 22,806 1 14,169 15,765 891 1,521 404 833 (59.5) 106.3 56.5 27.4 20.5 13.1 5.6 4.8 0.9 0.7 90.8 65.5 10.3 19.2 4.0 7.5 18.9 6.1

TSPC IJ BUY 1,990 2,400 4,500 22.6 8,955 2 7,512 8,220 636 724 579 643 6.4 16.3 13.3 11.4 9.6 8.4 15.5 13.9 2.9 3.2 nc nc 14.6 14.8 10.4 10.8 31.9 24.6

SIDO IJ HOLD 520 700 15,000 19.0 7,800 3 2,198 2,485 438 494 415 437 (8.8) 6.7 19.1 17.9 15.3 12.8 4.3 3.6 6.7 1.0 nc nc 15.8 18.1 16.3 19.5 32.9 24.7

ROTI IJ BUY 1,155 1,750 5,062 29.3 5,846 7 1,889 2,395 271 385 193 284 21.8 47.7 30.4 20.6 17.8 12.8 6.3 5.1 0.8 1.2 57.6 32.7 22.4 27.4 10.1 13.5 13.9 13.7

KAEF IJ BUY 1,090 1,750 5,554 10.0 6,054 2 4,521 5,249 286 363 235 283 9.4 20.8 25.8 21.4 19.0 15.2 3.4 3.0 0.8 0.9 nc nc 13.7 14.8 8.6 8.9 17.9 16.5

INDUSTRIAL ESTATES N 20,120 40 9,895 10,583 2,808 3,119 2,051 2,413 0.0 3.7 10.5 8.9 7.7 7.0 1.7 1.4 1.4 1.2 12.8 24.2 20.3 18.8 11.2 11.1 32.9 21.2

KIJA IJ BUY 281 450 20,235 80.0 5,686 2 2,799 2,987 887 798 401 463 292.0 14.9 14.1 12.3 7.8 8.5 1.2 1.2 2.1 2.4 45.3 47.4 9.1 9.8 4.8 5.2 1.7 6.2

BEST IJ BUY 422 520 9,647 42.0 4,071 16 840 1,009 472 653 391 513 (47.4) 31.2 10.4 7.9 8.8 7.4 1.4 1.2 0.5 0.6 nc 27.7 14.7 16.6 11.1 11.9 38.3 14.3

SSIA IJ BUY 945 1,375 4,705 68.4 4,446 10 4,464 4,844 535 804 415 508 (39.9) 22.3 10.7 8.8 8.7 5.5 1.7 1.5 3.2 1.9 nc 23.3 16.7 17.9 7.0 7.8 47.2 17.8

LPCK IJ BUY 8,500 14,000 696 57.8 5,916 12 1,792 1,743 914 864 844 929 42.9 10.1 7.0 6.4 6.1 6.4 2.2 1.6 0.0 0.0 nc nc 37.6 29.7 20.7 18.6 48.6 42.9

METALS N 39,230 42 33,119 81,849 4,691 3,763 2,277 5,066 180.3 (19.9) 8.6 9.0 8.5 7.6 1.0 1.0 5.5 4.6 21.4 21.1 7.7 5.9 5.4 3.9 2.7 7.4

INCO IJ* BUY 2,525 4,000 9,936 20.5 25,089 25 12,857 11,357 3,089 2,280 2,134 1,615 406.7 (22.8) 12.0 15.5 4.7 5.7 1.2 1.1 4.8 5.4 (6.7) (7.5) 9.8 7.1 7.5 5.3 2.5 10.3

ANTM IJ BUY 610 910 9,538 35.0 5,818 6 9,421 10,540 (179) 143 (775) (139) (288.5) (81.5) (7.5) (40.7) 19.9 14.6 0.5 0.5 1.6 0.0 45.2 61.2 (6.3) (1.2) (3.5) (0.6) 2.7 (4.5)

TINS IJ REDUCE 620 780 7,448 35.0 4,618 9 7,371 6,259 925 208 638 125 (3.2) (83.0) 6.3 36.8 5.0 11.4 0.8 0.9 6.9 1.4 35.4 43.9 12.2 2.3 7.2 1.3 10.5 9.6

PSAB IJ* BUY 700 1,300 5,292 7.4 3,704 2 3,470 3,713 856 1,132 280 468 (193.5) 66.9 13.4 8.4 20.0 4.8 1.2 1.1 13.8 10.8 156.6 123.5 9.6 13.9 2.7 4.2 (5.3) 3.7

OIL & GAS UW 132,541 207 74,163 72,967 15,256 13,695 10,656 9,271 (2.1) (8.5) 15.8 16.2 8.2 8.8 3.0 2.7 3.8 4.1 16.1 23.9 24.8 19.3 12.6 8.9 39.6 25.6

PGAS IJ* HOLD 4,215 4,000 24,242 43.0 102,178 163 42,394 44,434 12,199 10,764 9,722 8,567 (4.7) (8.7) 10.8 11.9 6.3 6.3 3.0 2.6 4.4 4.8 nc nc 28.6 22.7 15.1 10.7 49.3 31.2

AKRA IJ REDUCE 5,550 3,700 3,940 41.2 21,865 42 22,468 19,108 1,063 877 810 600 24.2 (25.9) 26.7 36.1 18.0 21.3 4.0 3.9 1.9 1.9 59.9 93.4 15.9 10.9 5.5 3.9 9.1 9.2

MEDC IJ* REDUCE 2,550 2,800 3,332 49.0 8,498 2 9,301.1 9,425.0 1,994 2,054 124 104 30.6 182.4 47.8 16.9 5.9 6.3 0.7 0.7 0.6 0.8 97.2 132.0 1.1 1.0 0.4 0.3 0.8 0.6

PLANTATIONS N 82,134 102 49,800 42,193 9,608 7,633 5,454 4,380 39.1 (13.9) 21.6 18.5 12.2 10.4 2.3 2.2 2.4 2.1 42.8 26.4 15.7 12.1 9.9 7.7 10.9 12.8

AALI IJ REDUCE 24,975 21,000 1,575 20.3 39,329 34 16,306 15,463 3,722 3,087 2,504 2,162 39.0 (13.7) 15.7 18.2 9.7 10.8 3.4 3.1 2.9 2.5 33.4 32.4 23.5 18.0 14.9 11.2 16.6 18.4

SIMP IJ REDUCE 600 540 15,816 21.6 9,490 5 14,963 13,867 2,563 2,065 842 602 60.8 (28.6) 11.3 15.8 4.4 4.8 0.7 0.7 2.7 1.9 43.7 39.4 6.0 4.2 2.9 1.9 2.9 4.2

LSIP IJ REDUCE 1,560 1,500 6,823 40.5 10,644 46 4,727 4,294 1,192 832 917 733 19.3 (20.1) 11.6 14.5 6.8 9.1 1.5 1.4 3.4 2.8 nc nc 13.3 9.9 11.0 8.3 15.9 16.6

BWPT IJ REDUCE 390 230 31,525 29.4 12,295 13 2,264 3,484 354 862 189 430 (1,210.4) 127.0 64.9 28.6 36.3 15.9 1.8 1.7 0.0 0.0 104.9 15.1 4.2 4.3 1.6 2.6 (0.4) 2.0

ANJT IJ* REDUCE 1,300 1,000 3,335 10.0 4,335 1 1,961 2,028 440 371 228 206 (6.4) (14.0) 18.3 21.2 5.7 9.4 1.2 1.2 2.7 2.4 nc 15.1 5.0 6.1 4.4 3.3 8.3 5.3

SGRO IJ HOLD 1,670 1,750 1,890 33.0 3,156 1 3,242 3,058 542 416 340 247 185.7 (27.3) 9.3 12.8 6.1 7.4 1.1 1.0 0.9 3.9 50.2 59.8 12.1 8.1 6.8 4.4 3.3 8.2

TBLA IJ BUY 540 930 5,342 45.6 2,885 1 6,338 6,178 795 961 433 450 375.2 3.8 6.7 6.4 5.4 4.8 1.2 1.0 3.0 3.1 117.7 122.3 20.5 17.1 6.4 6.1 2.2 9.1

POULTRY N 53,378 31 58,111 66,188 3,919 6,214 1,994 3,408 (31.5) 53.6 22.0 16.0 16.2 10.0 3.7 3.1 1.5 1.3 64.9 56.9 14.4 20.8 8.1 10.9 22.0 10.6

CPIN IJ BUY 2,750 4,000 16,398 44.5 45,095 23 29,150 34,294 2,628 4,284 1,747 2,683 (31.0) 53.6 25.8 16.8 16.6 10.7 4.1 3.4 1.7 1.2 52.3 43.2 16.7 22.3 9.5 12.2 24.3 12.3

JPFA IJ BUY 525 725 10,661 42.5 5,597 6 24,459 26,700 1,276 1,518 332 514 (44.2) 54.6 16.8 10.9 6.9 6.0 1.2 1.1 1.2 1.8 127.3 130.7 6.9 10.1 2.2 3.2 6.3 3.1

MAIN IJ BUY 1,500 2,000 1,791 44.1 2,687 2 4,502 5,195 15 412 (85) 211 na na (31.2) 12.5 30.2 7.8 2.0 2.0 0.0 1.6 146.1 132.0 (8.7) 17.8 (3.0) 5.9 15.2 (3.8)

PROPERTY UW 150,649 445 43,922 48,134 15,906 16,867 14,054 11,707 56.7 (16.1) 11.4 14.1 10.9 10.5 2.5 2.2 1.7 1.7 16.7 28.3 26.5 17.7 10.7 7.1 23.2 22.2

BSDE IJ HOLD 1,870 2,020 19,247 38.1 35,991 65 5,572 6,609 2,632 3,226 3,821 2,627 35.2 (34.1) 9.0 13.6 13.5 11.4 2.2 2.0 1.1 1.4 nc nc 29.8 15.9 15.1 8.4 35.7 28.8

LPKR IJ REDUCE 1,160 1,000 23,078 100.0 26,770 83 11,655 9,160 3,277 2,205 2,547 1,530 110.2 (39.9) 10.4 17.3 9.1 13.5 1.7 1.6 2.4 1.5 41.4 51.3 17.9 9.5 7.4 3.9 7.7 12.5

PWON IJ REDUCE 415 425 48,160 42.4 19,986 63 3,872 5,398 1,890 2,630 2,516 2,208 122.1 (12.2) 7.9 9.1 9.8 7.0 3.2 2.5 2.5 2.2 nc nc 50.1 31.4 19.3 12.4 27.7 41.5

SMRA IJ HOLD 1,745 1,600 14,427 67.7 25,175 79 5,334 5,835 1,772 1,726 1,394 1,181 26.4 (15.2) 18.1 21.3 14.1 14.4 4.2 3.7 1.3 1.7 nc 49.6 28.1 20.1 9.6 7.1 32.8 22.2

CTRA IJ BUY 1,240 1,400 15,166 69.2 18,806 20 6,344 7,570 2,204 2,456 1,325 1,500 35.7 13.2 14.2 12.5 8.3 7.5 2.5 2.1 0.6 1.3 nc nc 19.2 18.5 6.1 6.0 19.5 18.7

ASRI IJ BUY 535 720 19,649 48.3 10,512 61 3,631 4,551 1,908 2,337 1,097 1,294 25.2 18.2 9.6 8.1 8.2 7.0 1.7 1.5 2.1 2.4 93.6 88.0 19.5 19.4 7.0 7.2 12.6 10.6

APLN IJ REDUCE 369 380 20,501 29.9 7,565 9 5,297 5,673 1,430 1,352 855 737 0.4 (13.8) 8.8 10.3 5.7 6.9 1.2 1.1 2.3 1.9 33.3 60.1 14.0 11.0 3.9 2.8 11.1 10.3

CTRP IJ BUY 530 790 6,150 43.7 3,260 5 1,662 1,794 667 515 394 327 (6.6) (17.2) 8.3 10.0 6.9 9.6 0.8 0.7 3.6 3.0 47.3 64.2 9.4 7.4 4.8 3.4 9.6 6.9

PPRO IJ BUY 184 250 14,044 100.0 2,584 61 555 1,545 128 419 106 301 115.4 84.6 15.8 8.6 19.7 6.9 1.6 1.0 0.0 1.2 7.5 20.2 10.8 16.8 5.1 7.9 5.5 10.6

SHIPPING N 6,921 13 5,499 6,212 1,358 1,550 883 1,020 16.6 2.5 6.6 7.0 6.9 5.6 2.1 1.4 2.2 2.9 79.0 74.0 23.5 20.5 8.6 9.5 10.1 10.5

SOCI IJ BUY 550 800 7,059 15.0 3,882 10 1,621 2,274 474 622 411 519 (19.7) (17.1) 6.2 7.5 8.7 6.8 0.9 1.1 2.9 2.5 56.3 59.0 16.5 14.4 8.2 8.9 11.9 9.1

TMAS IJ BUY 1,605 3,000 1,141 11.8 1,831 1 1,687 1,819 324 395 203 258 187.7 27.5 9.0 7.1 5.5 4.7 5.9 2.5 0.0 3.5 141.1 119.0 46.8 41.2 12.3 14.4 5.8 16.0

WINS IJ HOLD 299 700 4,038 42.4 1,207 3 2,191 2,119 560 532 269 243 (20.6) (13.8) 4.4 5.1 3.2 3.2 0.4 0.4 3.3 3.0 57.8 54.0 10.9 8.4 4.5 3.9 10.9 6.8

STEEL UW 5,285 2 23,146 21,243 (1,340) (1,176) (1,855) (1,445) na (22.7) (2.9) (3.7) (38.0) (168.9) 0.5 0.5 0.0 0.0 125.6 192.1 (15.7) (13.8) (8.2) (6.0) (0.9) (7.9)

KRAS IJ* REDUCE 335 350 15,775 20.0 5,285 2 23,146 21,243 (1,340) (1,176) (1,855) (1,445) na (22.7) (2.9) (3.7) (38.0) (168.9) 0.5 0.5 0.0 0.0 125.6 192.1 (15.7) (13.8) (8.2) (6.0) (0.9) (7.9)

TELCOS OW 357,504 290 170,388 185,152 35,579 39,847 13,233 18,847 59.3 20.0 16.6 19.3 7.2 6.5 4.3 3.8 2.5 2.9 44.5 36.7 18.1 20.6 8.4 9.5 17.3 15.9

TLKM IJ BUY 2,825 3,350 100,800 48.8 284,760 253 89,696 97,141 28,713 31,915 14,638 16,868 2.4 15.2 19.5 16.9 6.3 5.7 4.2 3.8 3.3 3.9 8.5 5.6 22.8 23.6 10.9 11.5 22.9 21.0

EXCL IJ HOLD 3,280 4,500 8,541 33.6 28,016 18 23,460 24,143 1,782 1,453 (775) (280) na na (36.1) (99.8) 5.9 5.8 2.0 2.0 0.0 0.0 161.4 163.8 (5.3) (2.0) (1.5) (0.5) 3.4 (2.3)

TOWR IJ BUY 4,000 5,100 10,203 61.2 40,812 1 4,106 4,700 2,335 2,725 841 1,502 398.9 78.7 48.5 27.2 14.1 12.2 8.7 6.7 0.0 0.0 157.0 108.4 20.2 27.9 5.1 8.7 1.5 7.2

ISAT IJ BUY 4,325 5,150 5,434 20.7 23,502 2 24,085 25,659 1,833 2,726 (1,987) 132 na na (11.8) 178.2 4.3 3.9 1.7 1.7 0.0 0.5 145.6 137.0 (13.5) 1.0 (3.7) 0.2 (7.6) (5.6)

TELE IJ BUY 960 1,060 7,120 17.8 6,835 3 14,590 18,113 507 573 305 366 3.4 20.2 22.2 18.4 15.1 14.4 2.7 2.4 1.1 1.4 44.6 40.4 15.7 13.9 7.2 7.1 18.1 10.2

ERAA IJ HOLD 550 940 2,900 39.7 1,595 13 14,451 15,395 409 455 212 260 (39.3) 22.7 7.5 6.1 6.7 5.9 0.5 0.5 5.3 6.5 47.0 43.7 7.4 8.5 3.8 4.1 10.3 5.2

TRANSPORTATION UW 21,453 18 6,789 7,874 1,520 1,627 896 985 (49.2) (0.4) 21.8 22.3 11.1 9.9 4.4 4.3 3.6 1.7 47.9 53.1 29.2 20.6 11.1 10.5 24.0 17.0

BIRD IJ REDUCE 7,550 7,400 2,502 15.0 18,891 3 4,759 5,581 1,053 1,161 735 840 (49.6) (0.0) 22.5 22.5 11.8 10.4 4.7 4.7 3.9 1.8 31.1 39.9 31.5 22.2 12.1 11.5 26.1 18.6

TAXI IJ REDUCE 990 820 2,146 49.0 2,124 14 890 964 283 254 118 90 (10.9) (23.9) 18.0 23.6 7.0 6.5 2.4 2.2 1.0 0.8 171.7 146.2 14.0 9.7 4.6 2.9 9.5 6.2

ASSA IJ BUY 129 150 3,398 37.7 438 0 1,140 1,329 184 212 43 55 (53.4) 28.7 10.2 7.9 4.0 3.4 0.5 0.5 2.4 3.8 171.3 171.7 5.2 6.4 1.8 2.1 5.1 2.0

Market N 3,425,638 700,855 1,643,167 1,795,740 293,645 420,969 200,811 220,311 12.7 4.6 21.1 19.3 10.4 9.0 12.8 7.9 2.4 2.4 20.2 17.9 29.9 32.1 11.2 11.3 23.4 27.2

Note: *USD reporting

OW: Overweight, N: Neutral, UW: Underweight

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


2014Finance Asia's

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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


2014Finance Asia's

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Actual and upcoming IPOs, 2013-2015

No Code Date Company name Industry Amount Public (IDRbn) (%)

1 BBRM 01/08/13 Pelayaran Nasional Bina Buana Shipping 138 13.2

2 HOTL 01/10/13 Saraswati Griya Lestari Hotel 102 15.5

3 SAME 01/11/13 Sarana Meditama Metropolitan Hospital Management 72 13.6

4 MAGP 01/16/13 Multi Agro Gemilang Plantations 440 66.7

5 TPMA 02/20/13 Trans Power Marine Transportation 91 9.0

6 ISSP 02/22/13 Steel Pipe Industry of Indonesia Pipes manufacturer 856 29.6 7 DYAN 03/25/13 Dyandra Media International Entertainment 449 22.4

8 ANJT 05/08/13 Austindo Nusantara Jaya Plantation 400 10.0

9 NOBU 05/20/13 Bank Nationalnobu Banking 808 52.5

10 MPMX 05/29/13 Mitra Pinasthika Mustika Automotive 1,455 21.7

11 DSNG 06/14/13 Dharma Satya Nusantara Plantations 509 13.0

12 SRIL 06/17/13 Sri Rejeki Isman (Sritex) Textile 1,344 30.1 13 ACST 06/24/13 Acset Indonesia Construction 375 31.0

14 SRTG 06/26/13 Saratoga Investa Sedaya Finance 1,492 10.0

15 NRCA 06/27/13 Nusa Raya Cipta Construction 260 12.3

16 SMBR 06/28/13 Semen Baturaja Cement 1,309 23.8

17 ECII 07/03/13 Electronic City Indonesia Retail 1,350 25.0

18 BBMD 07/08/13 Bank Mestika Dharma Banking 593 20.0 19 MLPT 07/08/13 Multipolar Technology IT 180 18.0

20 VICO 07/08/13 Victoria Investama Finance 150 16.3

21 CPGT 07/09/13 Cipaganti group Transportation 69 10.0

22 NAGA 07/09/13 Bank Mitraniaga Banking 80 27.3

23 BMAS 07/11/13 Bank Maspion Banking 246 20.0 24 SILO 09/12/13 Siloam Hospital Hospital 1,405 13.5

25 APII 10/29/13 Arita Prima Indonesia Pipe Manufacture 61 25.6

26 KRAH 11/08/13 Grand Kartech Manufacturing 45 16.9

27 IMJS 12/10/13 Indomobil Multi Jasa Auto finance 225 10.4

28 LEAD 12/11/13 Logindo Samudramakmur Marine services 357 19.8

29 SSMS 12/12/13 Sawit Sumbermas Sarana Plantations 1,005 15.8 30 SIDO 12/18/13 Sido Muncul Pharmaceutical 870 10.0

2013 total 16,735

31 PNBS 01/15/14 Bank Panin Syariah Banking 475 49.3

32 ASMI 01/16/14 Mitra Maparya Insurance 109 29.0

33 CANI 01/16/14 Capitol Nusantara Transporation 42 25.0

34 BINA 01/16/14 Bank INA Banking 125 24.8

35 BALI 03/13/14 Bali Towerindo Sentra Construction 35 14.7

36 WTON 04/08/14 Wika Beton Construction material 1,207 30.0 37 BLTZ 04/10/14 Graha Layar Prima Entertainment 223 31.3

38 MDIA 04/11/14 Intermedia Capital Entertainment 541 15.0

39 LRNA 04/15/14 Eka Sari Lorena Transport Transportation 135 20.0

40 DAJK 05/14/14 Dwi Aneka Jaya Kemasindo Paper manufacture 470 40.0

41 LINK 02/06/14 Link Net Telecommunication 487 10.0

42 CINT 06/27/14 Chitose Internasional Manufacture 99 34.0 43 MGNA 07/07/14 Magna Finance Finance 74 70.0

44 BPII 07/08/14 Batavia Prosperindo Internasional Finance 75 100.0

45 MBAP 07/10/14 Mitrabara Adiperdana Coal 319 22.0

46 TARA 07/11/14 Sitara Propertindo Property 424 40.0

47 DNAR 07/11/14 Bank Dinar Bank 55 22.2

48 BIRD 11/05/14 Blue Bird Transportation 2,438 100.0 49 SOCI 12/03/14 Soechi Lines Shipping 582 15.0

50 IMPC 12/17/14 Impack Pratama Industri Packaging 570 31.0

51 IBFN 12/22/14 Intan Baruprana Finance Finance 192 21.0

52 AGRS 12/22/14 Bank Agris Banking 99 100.0

53 GOLL 12/23/14 Golden Plantation Plantation 230 21.8

2014 total 9,016

54 Airasia Indonesia Airlines 1,800 20.0

55 Andira Agro Plantations 56 Asia Mangan Group Mining 458 55.0

57 Bank DKI Banking

58 Bank Kesejahteraan Ekonomi Banking

59 Bank Muamalat Banking

60 Bank Sumatera Utara Banking 800

61 Bank Syariah Mandiri Banking 62 Daya Mitra Telekomunikasi Telecommunication 49.0

63 Daya Mandiri Resources Indonesia Coal mining

64 GMF Aero Asia Target Aero services

65 Indoprima Gemilang Auto-parts

66 Infomedia Nusantara Services

67 Intan Baruprana Finance Multi-finance 68 Kawasan Berikat Nusantara Industrial estates

69 Krakatau Wijatama Steel manufacture

70 Pacific Agro Sentosa Plantations 1,000

71 Pegadaian Indonesia Finance

72 Pelita Cengkareng Paper Packaging manufacture

73 Perkebunan Nusantara III, IV and VII Plantations 74 Pertamina Drilling Services Indonesia Oil-related

75 Pertamina Hulu Energi Oil-related

76 Pertamina Gas Gas distribution

77 Pertamina Geothermal Energy Electricity

78 PLN Batam Electricity

79 Pos Indonesia Logistics 80 Pos Logistik Logistics

81 Puradelta Lestari Property 2,760

82 Semen Batam Cement

83 Siba Surya Logistics 500

84 Sriboga Raturaya Restaurant 500

2015 total 7,818

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


2014Finance Asia's

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Actual and upcoming rights issues, 2011-2013 No Code Ex-rights date Company name Industry Amount (IDRbn)

1 BMRI

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

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

4 PBRX 01/24/11 Pan Brothers Textile 433

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

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

7 INDS 05/16/11 Indospring Automotive components 188

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

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

10 BVIC 06/27/11 Bank Victoria Banks 199

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

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

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

14 LPPS 07/06/11 Lippo Securities Finance 206

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

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

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

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

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

20 CFIN 10/24/11 Clipan Finance Financing 469

21 PNLF 11/03/11 Panin Financial Financial 499

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

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

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

25 MDLN 12/23/11 Moderland Realty Property 802

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

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

28 BSIM 06/25/12 Bank Sinarmas Banks 305

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

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

31 RAJA 05/08/12 Rukun Raharja Energy 230

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

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

34 TRIO 06/26/12 Trikomsel Oke Retail 267

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

36 ITTG 07/05/12 Leo Investments Financial 102

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

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

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

40 MDRN 10/29/12 Modern International Retail 528

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

42 COWL 11/20/12 Cowell Development Construction 906

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

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

45 MYOH 12/18/12 MYOH Technology Telecommunication 610

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

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

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

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

50 INCF Amstelco Indonesia Financial 5,091

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

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

53 TRIM 04/08/13 Trimegah Securities Finance 276

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

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

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

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

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

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

60 INDS 07/01/13 Indospring Trade 357

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

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

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

64 WEHA 07/08/13 Panorama Transportasi Infrastructure 75

65 INDX 07/08/13 Tanah Laut Infrastructure 69

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

2013 total 20,910

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


2014Finance Asia's

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Fakhrul Fulvian

[email protected] 3602

Melvin Mikha Reminov

[email protected] Associate

ext 3621

Research: +62 21 250 5081

Andre Natala [email protected] Associate

ext 3601

Chandra Widjanarka

[email protected] Analyst

ext 1252

Harry [email protected]

Senior Associate DirectorHead of Research

Strategy, Consumer

ext 3600direct: +62 21 250 5735

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

Teguh Hartanto

[email protected] Director

Deputy Head of Research

Banks, Cement, Aviationext 3610

Leonardo Henry Gavaza, [email protected]

Senior Research ManagerAuto, Heavy equipment, Telco

ext 3608

Chandra Widjanarka


ext 1252

+62 21 250 5508 (Domestic Institutional)

Ashish Agrawal

[email protected] President

Institutional Equity Salesext 2550 / 2553

Reynard Poernawan

[email protected] Equity Sales

ext 2528

John M. [email protected]

Equity Salesext 2549

Yohanes Adhi Handoko

[email protected], Surabaya Branch

ext 7250

Suwardi Widjaja

[email protected] Sales

ext 2548

Amelia Husada

[email protected] President

Institutional Equity Salesext 2552

Michael W Setjoadi [email protected]

Research AnalystConsumer, Poultry

ext 3613

Nurul Farida

[email protected] Sales

ext 2543

Adrian Mahendra Putra

[email protected] AnalystIndustrial Estate

ext 3614

Hanna Marionda

[email protected] Trader

ext 2525

Adriana Kosasih

[email protected] Executive

ext 2541

Ari Santosa

[email protected] Trader

ext 2554

Adi Saputra


ext 3693

Robin Sutanto


Propertyext 3620

Agustinus Reza Kirana


Plantations, Shipping, Transportationext 3616

Wendy [email protected]

Research AnalystConsumer, Media

ext 3606

Bob [email protected]

Research AnalystCement, Infratructure,Toll roads

ext 3605

Muhammad Wafi


ext 3609

+62 31 535 2788 (Surabaya Branch)

Arandi [email protected]

Research AnalystCoal, Metals, Oil & Gas

ext 3619

Edy [email protected]

Head of Equity Sales & TradingInstitutional Equity Sales

ext 2545

Made Ayu Wijayati

[email protected] Executive

ext 3607

Sanni Satrio Dwi Utomo


ext 3611

Andre Natala Susanto


ext 3601

Bagus Adi Yoga Prawira


ext 3604

Zefanya Halim

[email protected] Manager

ext 3612

Novianty Permata Sari

[email protected]

ext 3618

Head Office Surabaya Branch

Graha Niaga, 19th Floor Wisma BII, Ground Floor

Jl. Jend. Sudirman Kav. 58 Jl. Pemuda 60-70

Jakarta 12190 Surabaya 60271

Indonesia Indonesia

Tel. 62 21 250 5081 Tel. 62 31 535 2788

Fax. 62 21 522 6049 http://www.bahana.co.id Fax. 62 31 546 1157

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


2014Finance Asia's

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

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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 derivatives in respect of such securities or may have also performed investment banking and other services for the issuer of such securities. The following are additional disclosures.

Japan

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

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

Investment Banking Relationship

Within the preceding 12 months, The subsidiaries and/or affiliates of Daiwa Securities Group Inc. * has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: Modern Land (China) Co. Ltd (1107 HK econtext Asia Ltd (1390 HK); Neo Solar Power Corp (3576 TT); Accordia Golf Trust (AGT SP); Hua Hong Semiconductor Ltd (1347 HK); GF Securities Co Ltd (1776 HK).

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

• Daiwa Capital Markets Hong Kong Limited (大和資本市場香港有限公司)

• Daiwa Capital Markets Singapore Limited

• Daiwa Capital Markets Australia Limited

• Daiwa Capital Markets India Private Limited

• Daiwa-Cathay Capital Markets Co., Ltd.

• Daiwa Securities Capital Markets Korea Co., Ltd

Disclosure of Interest of Bahana Securities


Within the preceding 12 months, Bahana Securities has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: J Resources Asia Pasific Tbk PT (PSAB IJ); Waskita Karya Persero Tbk PT (WSKT IJ); Adhi Karya Persero Tbk PT (ADHI IJ); PP Properti Tbk PT (PPRO IJ)

Hong Kong

This research is distributed in Hong Kong by Daiwa Capital Markets Hong Kong Limited (大和資本市場香港有限公司) (“DHK”) which is regulated by the Hong Kong Securities and Futures Commission. Recipients of this research in Hong Kong may contact DHK in respect of any matter arising from or in connection with this research.

Ownership of Securities

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


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

Relevant Relationship (DHK)

DHK may from time to time have an individual employed by or associated with it serves as an officer of any of the companies under its research coverage.

DHK market making

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

Singapore

This research is distributed in Singapore by Daiwa Capital Markets Singapore Limited and it may only be distributed in Singapore to accredited investors, expert investors and institutional investors as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. By virtue of distribution to these category of investors, Daiwa Capital Markets Singapore Limited and its representatives are not required to comply with Section 36 of the Financial Advisers Act (Chapter 110) (Section 36 relates to disclosure of Daiwa Capital Markets Singapore Limited’s interest and/or its representative’s interest in securities). Recipients of this research in Singapore may contact Daiwa Capital Markets Singapore Limited in respect of any matter arising from or in connection with the research.

Australia

This research is distributed in Australia by Daiwa Capital Markets Stockbroking Limited and it may only be distributed in Australia to wholesale investors within the meaning of the Corporations Act. Recipients of this research in Australia may contact Daiwa Capital Markets Stockbroking Limited in respect of any matter arising from or in connection with the research.


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

India

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

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




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

Taiwan

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

Philippines

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

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

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

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

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

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

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

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

United Kingdom

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

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

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

Germany

This document is distributed in Germany by Daiwa Capital Markets Europe Limited, Niederlassung Frankfurt which is regulated by BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) for the conduct of business in Germany.

Bahrain

This research material is distributed by Daiwa Capital Markets Europe Limited, Bahrain Branch, regulated by The Central Bank of Bahrain and holds Investment Business Firm – Category 2 license and having its official place of business at the Bahrain World Trade Centre, South Tower, 7th floor, P.O. Box 30069, Manama, Kingdom of Bahrain. Tel No. +973 17534452 Fax No. +973 535113

This material is provided as a reference for making investment decisions and is not intended to be a solicitation for investment. Investment decisions should be made at your own discretion and risk. Accordingly, no representation or warranty, express or implied, is made as to and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this document, Content herein is based on information available at the time the research material was prepared and may be amended or otherwise changed in the future without notice. All information is intended for the private use of the person to whom it is provided without any liability whatsoever on the part of Daiwa Capital Markets Europe Limited, Bahrain Branch, any associated company or the employees thereof. If you are in doubt about the suitability of the product or the research material itself, please consult your own financial adviser. Daiwa Capital Markets Europe Limited, Bahrain Branch retains all rights related to the content of this material, which may not be redistributed or otherwise transmitted without prior consent.

United States

This report is distributed in the U.S. by Daiwa Capital Markets America Inc. (DCMA). It may not be accurate or complete and should not be relied upon

as such. It reflects the preparer’s views at the time of its preparation, but may not reflect events occurring after its preparation; nor does it reflect

PT.Bahana Securities’ or DCMA’s views at any time. Neither PT.Bahana Securities, DCMA nor the preparer has any obligation to update this report

or to continue to prepare research on this subject. This report is not an offer to sell or the solicitation of any offer to buy securities. Unless this report

says otherwise, any recommendation it makes is risky and appropriate only for sophisticated speculative investors able to incur significant losses.

Readers should consult their financial advisors to determine whether any such recommendation is consistent with their own investment objectives, financial situation and needs. This report does not recommend to U.S. recipients the use of any of PT.Bahana Securities’ or DCMA’s non-U.S.

affiliates to effect trades in any security and is not supplied with any understanding that U.S. recipients of this report will direct commission business to

such non-U.S. entities. Unless applicable law permits otherwise, non-U.S. customers wishing to effect a transaction in any securities referenced in this

material should contact a Daiwa entity in their local jurisdiction. Most countries throughout the world have their own laws regulating the types of

securities and other investment products which may be offered to their residents, as well as a process for doing so. As a result, the securities

discussed in this report may not be eligible for sales in some jurisdictions. Customers wishing to obtain further information about this report should

contact DCMA: Daiwa Capital Markets America Inc., Financial Square, 32 Old Slip, New York, New York 10005 (telephone 212-612-7000).


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

http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf%20and%20http:/www.pse.com.ph/

http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf%20and%20http:/www.pse.com.ph/

http://www.uk.daiwacm.com/about-us/corporate-governance-regulatory




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Investment Banking Relationships

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

DCMA Market Making

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

Research Analyst Conflicts

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

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

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

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

noted: no exceptions.

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

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

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

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

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

recommendations or views contained in this Research Report.

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

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

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

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

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

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

Additional information may be available upon request.

Japan - additional notification items pursuant to Article 37 of the Financial Instruments and Exchange Law

(This Notification is only applicable where report is distributed by Daiwa Securities Co. Ltd.)

If you decide to enter into a business arrangement with us based on the information described in materials presented along with this document, we ask you to pay close attention to the following items.

In addition to the purchase price of a financial instrument, we will collect a trading commission* for each transaction as agreed beforehand with you. Since commissions may be included in the purchase price or may not be charged for certain transactions, we recommend that you confirm the commission for

each transaction.

In some cases, we may also charge a maximum of ¥ 2 million (including tax) per year as a standing proxy fee for our deposit of your securities, if you are

a non-resident of Japan.

For derivative and margin transactions etc., we may require collateral or margin requirements in accordance with an agreement made beforehand with

you. Ordinarily in such cases, the amount of the transaction will be in excess of the required collateral or margin requirements.

There is a risk that you will incur losses on your transactions due to changes in the market price of financial instruments based on fluctuations in interest

rates, exchange rates, stock prices, real estate prices, commodity prices, and others. In addition, depending on the content of the transaction, the loss

could exceed the amount of the collateral or margin requirements. There may be a difference between bid price etc. and ask price etc. of OTC derivatives handled by us.

Before engaging in any trading, please thoroughly confirm accounting and tax treatments regarding your trading in financial instruments with such experts

as certified public accountants.

*The amount of the trading commission cannot be stated here in advance because it will be determined between our company and you based on current market conditions and the content of each transaction etc.

When making an actual transaction, please be sure to carefully read the materials presented to you prior to the execution of agreement, and to take responsibility for your own decisions regarding the signing of the agreement with us.

Corporate Name: Daiwa Securities Co. Ltd.

Financial instruments firm: chief of Kanto Local Finance Bureau (Kin-sho) No.108

Memberships: Japan Securities Dealers Association, Financial Futures Association of Japan

Japan Securities Investment Advisers Association

Type II Financial Instruments Firms Association







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