Equity SNAPSHOTdmia.danareksaonline.com/Upload/Morning pack 20180321.pdfto pay more attention to safety. (Investor Daily) SECTOR Consumer: Household consumption seen to improve The

Equity SNAPSHOT Wednesday, March 21, 2018

Danareksa Sekuritas – Equity SNAPSHOT

FROM EQUITY RESEARCH

Flash Notes: Alam Sutra Realty (ASRI IJ. IDR 384. HOLD. TP 400)

ASRI reported net profit of IDR1.4tn, +171.2%yoy in 2017, accounts

for 100.0% of our full year forecast of IDR1.4tn (INLINE) and 121.4% of consensus' forecast of IDR1.1tn (ABOVE). The stellar

performance was mainly attributable to land sales recognition to CFLD amounted to IDR1.4tn in 2017, +75%yoy. The higher

contribution of the land sales has resulted on the profitability margin across the board (gross profit margin in 2017 improved by 6.7% yoy

to 60.7%). Going into 2018, we expect ASRI to record flattish

financial performance (+1.1%yoy in revenue and 4.1%yoy) supported on the partial recognition for the land sales to CFLD in

2018. For more details, please see news section.

MARKET NEWS

Macroeconomy

Infrastructure project has absorbed 230,000 workers

Sector Consumer: Expecting better household consumption

Corporate Adaro Energy: Plans to expand business overseas

KEY INDEX

Close

Chg Ytd Vol

(%) (%) (US$ m)

Asean - 5

Indonesia 6,244 (0.7) (1.8) 458

Thailand 1,800 0.0 2.6 1,570

Philippines 8,060 (2.1) (5.8) 191

Malaysia 1,856 0.5 3.3 428

Singapore 3,513 0.4 3.2 701

Regional

China 3,291 0.3 (0.5) 35,966

Hong Kong 31,550 0.1 5.5 15,789

Japan 21,381 (0.5) (6.1) 11,695

Korea 2,487 0.1 0.8 5,598

Taiwan 11,011 (0.3) 3.5 3,773

India 32,997 0.2 (3.1) 545

NASDAQ 7,364 0.3 6.7 114,581

Dow Jones 24,727 0.5 0.0 9,440

CURRENCY AND INTEREST RATE

Rate

w-w m-m ytd

(%) (%) (%)

Rupiah Rp/1US$ 13,748 0.0 (1.0) (1.4)

SBI rate % 4.25 - - -

10y Gov Indo bond 6.74 (0.0) 0.3 0.4

HARD COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Coal US$/ton 97 0.6 (7.5) (3.4)

Gold US$/toz 1,310 (0.1) (1.1) 0.6

Nickel US$/mt.ton 13,408 (0.2) (1.1) 5.5

Tin US$/mt.ton 20,738 (0.5) (3.5) 3.2

SOFT COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Cocoa US$/mt.ton 2,467 (2.8) 14.6 29.9

Corn US$/mt.ton 131 (0.6) (2.1) 4.4

Oil (WTI) US$/barrel 64 0.3 3.4 5.5

Oil (Brent) US$/barrel 67 2.1 3.3 0.8

Palm oil MYR/mt.ton 2,425 (0.7) (2.2) 1.5

Rubber USd/kg 144 (0.8) (0.4) (2.2)

Pulp US$/tonne 1,091 N/A 2.1 9.2

Coffee US$/60kgbag 89 (0.3) (5.6) (15.0)

Sugar US$/MT 350 (1.9) (2.3) (11.4)

Wheat US$/ton 123 0.5 (2.1) 2.9

Soy Oil US$/lb 32 (1.0) (0.4) (4.1)

Soy Bean US$/by 1,028 0.6 0.2 8.0

Source: Bloomberg



MACROECONOMY

Infrastructure projects have created 230,000 jobs According to the Ministry of Manpower, the infrastructure projects being undertaken across the country have created

up to 230,000 jobs. All in all, there are estimated to be 246 infrastructure projects across Indonesia, including 69 toll road projects, 3 oil refinery projects, 3 housing projects under the government’s one-million homes project, 15 railway

infrastructure projects, and 8 gas pipeline and LPG terminal projects. Given that more workers are working in potentially hazardous areas, the Ministry of Manpower will better supervise several projects and encourage companies

to pay more attention to safety. (Investor Daily)

SECTOR

Consumer: Household consumption seen to improve The government estimates that household consumption will grow at about 5% in 1Q18. At the same time, the

government also said that it expects the poverty rate in Indonesia to decline to only 10%. Meanwhile, the government

plans to distribute IDR30.8tn for the Family Hope Program and the Non-Cash Food Assistance programs. (Kontan)

CORPORATE Adaro Energy: Plans to expand overseas

Adaro Energy (ADRO) plans to expand overseas. The company plans to develop 2 – 3 power plant projects in ASEAN countries such as Vietnam, Cambodia and Myanmar. The company will enter into joint ventures with its partners

from Japan, South Korea or Thailand. Presently, the company is holding talks with a partner from Japan. From

partnerships with larger power plant companies, ADRO hopes to gain technological benefits in developing power plants and support from the financial capability of its partners. (Bisnis Indonesia)

Flash Notes

Alam Sutra Realty (ASRI IJ. IDR 384. HOLD. TP 400)

ASRI reported net profit of IDR1.4tn, +171.2%yoy in 2017, accounts for 100.0% of our full year forecast of IDR1.4tn (INLINE) and 121.4% of consensus' forecast of IDR1.1tn (ABOVE). The stellar performance was mainly

attributable to land sales recognition to CFLD amounted to IDR1.4tn in 2017, +75%yoy. The higher contribution of the land sales has resulted on the profitability margin across the board (gross profit margin in 2017 improved by

6.7% yoy to 60.7%). Going into 2018, we expect ASRI to record flattish financial performance (+1.1%yoy in

revenue and 4.1%yoy) supported on the partial recognition for the land sales to CFLD in 2018.

MARKET NEWS


DANAREKSA VALUATION GUIDE


Rating Price (Rp) Price Mkt Cap

Target Rp Bn 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018

Danareksa Universe 4,103,673 202,587 226,661 201.0 224.9 18.3% 11.9% 20.3 18.1 21.2 19.0 3.1 2.8 16.1 16.2

Auto 295,530 18,881 20,472 379.7 411.7 24.6% 8.4% 15.7 14.4 12.4 11.1 1.9 1.7 12.7 12.5

Astra International BUY 7,300 9,100 295,530 18,881 20,472 466 506 466 506 24.6% 8.4% 15.7 14.4 12.4 11.1 1.9 1.7 12.7 12.5

Banks 1,652,835 90,056 102,624 402.2 458.3 20.8% 14.0% 18.4 16.1 2.8 2.5 16.3 16.5

BCA HOLD 23,275 21,000 573,845 23,620 27,068 958 1,098 958 1,098 14.6% 14.6% 24.3 21.2 N/A N/A 4.3 3.7 19.3 18.8

BNI HOLD 9,250 10,400 172,500 13,616 15,743 730 844 730 844 20.1% 15.6% 12.7 11.0 N/A N/A 1.7 1.6 14.7 15.0

BRI BUY 3,740 4,350 461,313 29,044 31,653 235 256 235 256 10.7% 8.9% 15.9 14.6 N/A N/A 2.8 2.5 18.5 18.0

Bank Tabungan Negara BUY 3,620 4,000 38,336 3,135 3,658 296 346 296 346 19.7% 16.7% 12.2 10.5 N/A N/A 1.8 1.6 15.4 15.8

Bank Mandiri HOLD 8,100 8,500 378,000 20,640 24,502 442 525 442 525 49.5% 18.7% 18.3 15.4 N/A N/A 2.3 2.1 13.0 14.1

BTPN HOLD 3,310 3,900 19,331 1,273 1,628 222 283 222 283 -27.3% 27.8% 14.9 11.7 N/A N/A 1.2 1.1 7.8 9.4

BPD Jatim BUY 635 830 9,509 1,282 1,320 86 88 86 88 24.7% 3.0% 7.4 7.2 N/A N/A 1.2 1.1 17.1 16.3

Cement 164,396 4,000 4,196 205 215 -53.8% 4.9% 41.1 39.2 18.9 17.7 2.8 2.7 6.8 7.0

Indocement SELL 18,950 14,700 69,759 1,887 1,937 512 526 507 521 -51.3% 2.7% 37.0 36.0 19.3 18.5 2.6 2.5 7.1 7.1

Semen Indonesia SELL 10,450 8,600 61,984 1,945 2,109 328 356 316 343 -57.0% 8.4% 31.9 29.4 13.5 12.6 2.1 2.0 6.7 7.1

Semen Baturaja SELL 3,290 460 32,653 169 150 17 15 17 15 -34.9% -11.0% 193.0 217.0 85.6 68.8 10.1 9.7 5.3 4.5

Cigarettes 632,996 20,595 22,795 174 193 5.9% 10.7% 30.7 27.8 21.2 19.1 8.2 7.5 27.4 28.3

Gudang Garam BUY 74,475 83,800 143,296 7,498 8,487 3,897 4,411 3,897 4,411 12.3% 13.2% 19.1 16.9 12.2 10.9 3.4 3.0 18.4 18.8

HM Sampoerna HOLD 4,210 4,400 489,699 13,097 14,307 113 123 113 123 2.6% 9.2% 37.4 34.2 27.9 25.0 14.1 13.5 38.0 40.3

Construction 124,386 8,554 10,351 115 139 29.9% 21.0% 14.5 12.0 9.6 7.9 2.0 1.8 14.7 15.6

Wijaya Karya BUY 1,700 2,100 15,249 1,225 1,783 137 199 137 199 21.0% 45.5% 12.5 8.6 4.1 2.9 1.2 1.1 10.4 13.7

Pembangunan Perumahan BUY 2,660 4,000 16,492 1,295 1,570 209 253 233 283 33.9% 21.2% 12.7 10.5 6.2 5.1 2.6 2.2 22.5 22.6

Adhi Karya BUY 2,110 2,800 7,513 451 619 127 174 149 187 43.9% 37.3% 16.7 12.1 9.0 7.4 1.2 1.0 7.8 9.2

Waskita Karya BUY 2,570 3,000 34,885 2,383 3,034 176 224 176 224 39.1% 27.4% 14.6 11.5 12.7 10.4 2.7 2.3 19.8 21.5

Waskita Beton BUY 406 520 10,703 1,104 1,319 42 50 42 50 73.9% 19.5% 9.7 8.1 9.3 4.8 1.3 1.2 14.2 15.2

Wika Beton BUY 515 800 4,488 349 420 42 50 42 50 28.3% 20.2% 12.3 10.2 8.0 6.7 1.7 1.5 13.7 14.8

Jasa Marga BUY 4,830 7,800 35,056 1,747 1,606 257 236 261 240 4.4% -8.1% 18.8 20.5 11.7 10.8 2.7 2.4 14.0 11.6

Consumer 605,309 16,992 19,025 328 367 8.4% 12.0% 35.6 31.8 20.5 18.4 9.2 8.3 27.2 27.5

Indofood CBP BUY 8,575 9,700 100,001 3,894 4,296 334 368 334 368 8.2% 10.3% 25.7 23.3 16.2 14.7 5.1 4.5 20.9 20.6

Indofood BUY 7,000 9,100 61,463 4,381 4,847 499 552 501 550 5.7% 10.6% 14.0 12.7 6.8 6.0 2.0 1.8 14.5 14.8

Unilever HOLD 50,000 52,000 381,500 7,324 8,326 960 1,091 960 1,091 14.6% 13.7% 52.1 45.8 36.5 32.3 67.7 57.5 141.6 135.6

Kino Indonesia HOLD 2,010 2,100 2,871 115 145 81 101 81 101 -36.4% 25.8% 24.9 19.8 12.5 10.6 1.4 1.3 5.9 7.0

Mayora Indah HOLD 2,660 1,960 59,474 1,277 1,410 57 63 56 63 -5.8% 10.4% 46.6 42.2 23.4 20.7 8.5 7.4 19.5 18.8

Healthcare 78,929 2,700 2,986 104 115 6.5% 11.5% 29.2 26.4 18.5 16.5 5.0 4.5 18.1 17.8

Kalbe Farma HOLD 1,435 1,700 67,266 2,411 2,660 51 57 51 57 4.9% 10.3% 27.9 25.3 17.7 15.8 5.1 4.5 19.1 18.8

Kimia Farma SELL 2,100 1,910 11,663 289 326 52 59 52 59 8.1% 12.7% 40.3 35.8 24.5 21.2 4.7 4.3 12.4 12.6

Heavy Equipment 119,551 7,463 8,439 2,001 2,262 49.2% 13.1% 16.0 14.2 7.0 5.9 2.7 2.4 18.0 18.1

United Tractors BUY 32,050 38,000 119,551 7,463 8,439 2,001 2,262 2,001 2,262 49.2% 13.1% 16.0 14.2 7.0 5.9 2.7 2.4 18.0 18.1

Industrial Estate 13,483 2,352 1,187 38 19 103.6% -49.5% 5.7 11.4 9.1 8.4 0.9 0.9 16.3 7.7

Puradelta Lestari BUY 170 240 8,194 733 746 15 15 14 14 -3.2% 1.8% 11.2 11.0 10.5 10.5 1.1 1.1 9.9 9.9

Bekasi Fajar BUY 280 320 2,701 488 543 51 56 50 56 45.4% 11.3% 5.5 5.0 6.3 5.5 0.7 0.6 13.5 13.2

Surya Semesta HOLD 550 540 2,588 1,131 (103) 240 (22) (119) (32) 1711.1% -109.1% 2.3 (25.2) 11.4 10.3 0.7 0.7 33.2 (2.8)

Media 59,543 2,965 3,365 103 116 3.3% 13.5% 20.1 17.7 12.2 11.1 4.6 4.2 23.6 24.7

Media Nusantara Citra BUY 2,720 2,800 39,771 1,491 1,605 102 110 102 110 -0.6% 7.6% 26.7 24.8 18.5 17.1 10.6 9.6 41.6 40.6

Surya Citra Media BUY 1,385 1,750 19,772 1,474 1,760 103 123 103 123 7.7% 19.5% 13.4 11.2 7.6 6.9 2.2 1.9 16.4 18.2

Mining 192,993 14,754 17,040 166 192 68.4% 15.5% 13.1 11.3 5.5 4.9 1.6 1.5 12.3 13.4

Adaro Energy BUY 2,070 2,800 66,211 6,283 7,376 196 231 198 231 40.1% 17.4% 10.5 9.0 4.1 3.5 1.5 1.4 14.4 16.0

Timah BUY 1,010 1,100 7,522 366 377 49 51 49 51 45.2% 3.0% 20.6 20.0 8.1 7.7 1.3 1.2 6.3 6.2

Vale Indonesia HOLD 2,940 3,100 29,213 (74) 233 (7) 23 (7) 23 -394.4% -415.1% (394.4) 125.2 15.3 12.6 1.2 1.3 (0.3) 1.0

Aneka Tambang HOLD 805 700 19,345 (264) (68) (11) (3) (11) (3) -507.2% -74.4% (73.3) (286.2) 32.4 34.3 1.1 1.1 (1.4) (0.4)

Bukit Asam BUY 2,870 3,600 33,064 4,476 4,623 412 425 412 425 123.1% 3.3% 7.0 6.7 4.5 4.1 2.4 2.0 37.3 30.5

Indo Tambangraya Megah HOLD 26,850 33,200 30,338 3,384 3,903 2,995 3,455 3,232 3,617 93.2% 15.3% 9.0 7.8 4.2 3.7 2.4 2.1 27.1 28.9

Harum Energy HOLD 2,700 2,200 7,300 583 595 216 220 216 220 225.8% 2.1% 12.5 12.3 3.6 3.3 1.8 1.7 14.7 14.1

Plantation 38,445 3,010 2,986 283 281 -1.1% -0.8% 12.8 12.9 6.9 6.5 1.3 1.2 10.3 9.5

Astra Agro Lestari HOLD 13,000 14,300 25,021 1,908 1,851 991 962 984 962 -4.9% -3.0% 13.1 13.5 7.1 6.6 1.3 1.3 10.7 9.6

Sampoerna Agro SELL 2,500 2,240 4,725 283 301 156 166 156 166 -35.8% 6.4% 16.0 15.1 9.0 8.6 1.3 1.2 8.0 8.0

PP London Sumatra BUY 1,275 1,770 8,699 819 833 120 122 823 833 37.9% 1.7% 10.6 10.4 5.0 4.7 1.1 1.0 10.3 9.8

Poultry 73,400 4,078 5,292 27 35 -10.9% 29.8% 18.0 13.9 9.6 8.3 2.5 2.2 15.2 16.8

Charoen Pokphand HOLD 3,350 3,100 54,933 2,576 3,405 157 208 182 216 16.0% 32.2% 21.3 16.1 11.3 9.7 3.3 2.8 16.7 18.6

Japfa Comfeed BUY 1,485 1,650 16,945 1,463 1,811 128 159 128 159 -29.2% 23.8% 11.6 9.4 7.2 6.2 1.7 1.4 15.4 16.4

Malindo Feedmill HOLD 680 800 1,522 39 75 18 34 80 110 -86.4% 91.5% 38.6 20.2 5.7 5.2 0.8 0.7 2.0 3.5

Property 106,463 8,450 8,432 70 70 56.5% -0.2% 12.6 12.6 9.5 9.7 1.7 1.5 14.3 12.6

Alam Sutera HOLD 384 400 7,545 1,379 1,435 70 73 70 75 171.1% 4.1% 5.5 5.3 7.8 6.9 0.9 0.8 17.9 16.2

Bumi Serpong Damai BUY 1,715 2,000 33,008 3,909 2,755 203 143 244 182 117.6% -29.5% 8.4 12.0 6.9 9.4 1.4 1.2 17.4 10.8

Ciputra Development BUY 1,200 1,350 22,272 940 1,493 51 80 35 67 -29.7% 58.8% 23.7 14.9 13.8 11.2 1.6 1.5 7.1 10.4

Pakuw on Jati HOLD 635 720 30,581 1,937 2,384 40 49 40 50 14.5% 24.0% 16.0 12.9 11.0 9.5 3.0 2.5 20.4 21.0

Summarecon BUY 905 1,100 13,056 284 364 20 25 31 35 -8.9% 28.3% 46.0 35.9 12.1 11.4 2.0 1.9 4.5 5.5

Retail 83,885 3,402 3,823 99 112 5.1% 12.4% 24.7 21.9 12.6 11.4 5.5 5.0 23.4 23.9

Mitra Adi Perkasa BUY 7,725 8,100 12,824 347 509 210 308 210 308 66.5% 46.8% 36.8 25.1 8.9 7.6 3.9 3.9 10.7 15.6

Ramayana HOLD 1,315 1,400 9,331 431 462 67 70 67 70 10.9% 4.9% 19.7 18.8 14.5 13.3 2.6 2.4 12.5 12.4

Matahari Department Store BUY 11,350 12,500 33,118 1,928 2,029 661 696 719 777 -4.5% 5.3% 17.2 16.3 10.7 9.6 13.1 9.9 87.8 69.1

Matahari Putra Prima SELL 408 350 2,194 109 112 17 17 17 17 183.4% 2.7% 24.4 23.8 2.9 2.9 0.9 0.9 4.4 4.5

Ace Hardw are BUY 1,340 1,450 22,981 588 711 43 47 43 47 3.2% 9.3% 31.2 28.5 29.2 27.8 6.7 6.1 18.2 19.7

Erajaya Sw asembada BUY 1,185 1,100 3,437 303 339 105 117 105 117 14.9% 11.8% 11.3 10.1 5.8 4.8 0.9 0.9 8.6 9.0

PER (x)

Equity

Valuation Net profit, Rp bn EPS (Rp) Core EPS (Rp) EPS Growth ROE EV / EBITDA (x) PBV (x)



LEADERS Price as on Code 20-Mar-18 19-Mar-18 Chg, % w-w, % m-m, % YTD, % Rating

Erajaya Swasembada ERAA 1,185 1,110 6.8 (9.9) 28.8 61.2 BUY

Mitra Adi Perkasa MAPI 7,725 7,400 4.4 0.7 4.7 24.6 BUY

Ramayana RALS 1,315 1,285 2.3 4.0 12.9 9.6 HOLD

Adaro Energy ADRO 2,070 2,040 1.5 (4.6) (16.2) 11.3 BUY

Vale Indonesia INCO 2,940 2,900 1.4 (5.5) (16.5) 1.7 HOLD

Bank Rakyat Indonesia BBRI 3,740 3,690 1.4 (0.5) (1.6) 2.7 BUY

Mayora Indah MYOR 2,660 2,630 1.1 2.3 10.8 31.7 HOLD

Bukit Asam PTBA 2,870 2,840 1.1 (2.0) (15.1) 16.7 BUY

Timah TINS 1,010 1,005 0.5 (12.2) (8.2) 30.3 BUY

PP London Sumatra LSIP 1,275 1,270 0.4 (3.4) (8.3) (10.2) BUY

Sources: Bloomberg

LAGGARDS Price as on Code 20-Mar-18 19-Mar-18 Chg, % w-w, % m-m, % YTD, % Rating

Bekasi Fajar BEST 280 292 (4.1) 0.7 (4.8) 12.0 BUY

Bank Negara Indonesia BBNI 9,250 9,600 (3.6) - (9.1) (6.6) HOLD

Bank Tabungan Negara BBTN 3,620 3,740 (3.2) (3.5) (4.7) 1.4 BUY

Charoen Pokphand CPIN 3,350 3,460 (3.2) (2.0) (7.5) 11.7 HOLD

Bumi Serpong Damai BSDE 1,715 1,770 (3.1) (1.7) (4.2) 0.9 BUY

Kalbe Farma KLBF 1,435 1,480 (3.0) (5.6) (12.2) (15.1) HOLD

Indofood CBP ICBP 8,575 8,825 (2.8) (1.7) (2.8) (3.7) BUY

Indofood INDF 7,000 7,200 (2.8) (6.7) (8.2) (8.2) BUY

Harum Energy HRUM 2,700 2,770 (2.5) (1.8) (15.6) 31.7 HOLD

Surya Citra Media SCMA 2,720 2,790 (2.5) (5.6) 2.3 9.7 BUY

Sources: Bloomberg

COVERAGE PERFORMANCE



PREVIOUS REPORTS

Sumber Alfaria Trijaya: Weak 4Q17 results, Indofood CBP Sukses Makmur: Lower opex save the earnings, Indofood

Sukses Makmur: Solid results overall, Wijaya Karya Beton: Casting an eye on further growth, Semen Indonesia: Sluggish performance SnapShot20180320

Astra International: Tight competition in the automotive sector, Bekasi Fajar Industrial Estate: Sustaining its stellar performance SnapShot20180319

Japfa Comfeed Indonesia: Expecting significant improvements in 2018, Bukit Asam: Still on track SnapShot20180316 Bekasi Fajar Industrial Estate: Land sales recognition boosted net profits in 4Q17 SnapShot20180315

Cement: Failed signaling, Ramayana Lestari Sentosa: Improving Feb-18 performance, Wijaya Karya: Solid results

SnapShot20180314

http://dmia.danareksaonline.com/Upload/Morning%20pack%2020180320.pdf







Adeline Solaiman

[email protected] (62-21) 2955 888 ext. 3503 Retail, Poultry

PT Danareksa Sekuritas

Jl. Medan Merdeka Selatan No. 14 Jakarta 10110 Indonesia Tel (62 21) 29 555 888 Fax (62 21) 350 1709

Equity Research Team S

Sales team

Novrita E. Putrianti

[email protected] (62-21) 29555 888 ext. 3128

Ehrliech Suhartono


Maria Renata

[email protected] (62-21) 29555 888 ext.3513 Construction

Lucky Bayu Purnomo

[email protected] (62-21) 29555 888 ext.3512 Technical Analyst

Laksmita Armandani


Antonia Febe Hartono, CFA

[email protected] (62-21) 29555 888 ext.3504 Cement, Property, Industrial Estate

Tuty Sutopo

[email protected]

(62-21) 29555 888 ext. 3121

Upik Yuzarni


Giovan Sitepu


Stefanus Darmagiri

[email protected] (62-21) 2955 888 ext. 3530 Auto, Coal, Heavy Equip, Metal, Cement

Natalia Sutanto

[email protected] (62-21) 29555 888 ext.3508 Consumer, Tobacco, Property

Yudha Gautama

[email protected] (62-21) 29555 888 ext.3509 Plantation

Helmy Kristanto


Head of Research, Strategy

Eka Savitri

[email protected] (62-21) 29555 888 ext.3506 Banking

Ignatius Teguh Prayoga

[email protected] (62-21) 29555 888 ext.3511 Research Associate

Rendy Ben Philips




Disclaimer

The information contained in this report has been taken from sources which we deem reliable. However, none of P.T. Danareksa Sekuritas and/or its affiliated companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information

or opinions remaining unchanged after the issue thereof.

We expressly disclaim any responsibility or liability (express or implied) of P.T. Danareksa Sekuritas, its affiliated companies and their respective employees and agents

whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action , suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither P.T. Danareksa Sekuritas, its

affiliated companies or their respective employees or agents accepts liability for any errors, omissions or misstatements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission there from which might otherwise arise is hereby expresses disclaimed.

The information contained in this report is not be taken as any recommendation made by P.T. Danareksa Sekuritas or any other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regards to the specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice.

Documents

Equity SNAPSHOTdmia.danareksaonline.com/Upload/Morning pack 20180321.pdfto pay more attention to safety. (Investor Daily) SECTOR Consumer: Household consumption seen to improve The