Equity SNAPSHOT Thursday, April 12, 2018

Danareksa Sekuritas – Equity SNAPSHOT

FROM EQUITY RESEARCH

Bumi Serpong Damai: Outperforming its peers (BSDE IJ. IDR 1,760. BUY. IDR 2,000)

We reiterate our BUY call on BSDE with an unchanged target price

of IDR2,000. We believe the stock still has upside given: (i) the encouraging marketing sales in 1Q18 of IDR2.5tn, +58.4%yoy, or

reaching 35.1% of our full year forecast and the management’s target, outperforming its peers whose 1Q18 marketing sales only

reached 25.9% of management targets, and (ii) the stock’s attractive valuation as BSDE currently trades at a 71.3% discount to

NAV, near to its historical +1SD of 70.6%.

To see the full version of this report, please click here

MARKET NEWS

Macroeconomy

ADB expects Indonesia’s economy to grow by 5.3% in 2018 Bappenas seeks investors for infrastructure development

Corporate

RALS: Solid Mar-18 sales

KEY INDEX

Close

Chg Ytd Vol

(%) (%) (US$ m)

Asean - 5

Indonesia 6,361 0.6 0.1 450

Thailand 1,763 0.1 0.5 1,767

Philippines 7,944 0.1 (7.2) 118

Malaysia 1,870 0.5 4.1 699

Singapore 3,480 0.4 2.3 896

Regional

China 3,208 0.6 (3.0) 44,652

Hong Kong 30,898 0.5 3.3 16,972

Japan 21,687 (0.5) (4.7) 12,616

Korea 2,444 (0.3) (0.9) 7,052

Taiwan 10,974 0.4 3.1 4,427

India 33,940 0.2 (0.3) 480

NASDAQ 7,069 (0.4) 2.4 96,151

Dow Jones 24,189 (0.9) (2.1) 7,960

CURRENCY AND INTEREST RATE

Rate

w-w m-m ytd

(%) (%) (%)

Rupiah Rp/1US$ 13,759 0.1 0.0 (1.5)

SBI rate % 4.25 - - -

10y Gov Indo bond 6.56 (0.0) (0.3) 0.2

HARD COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Coal US$/ton 94 0.2 (5.8) (7.1)

Gold US$/toz 1,353 (0.0) 2.2 3.8

Nickel US$/mt.ton 13,821 1.2 0.0 8.8

Tin US$/mt.ton 21,052 0.6 (2.0) 4.8

SOFT COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Cocoa US$/mt.ton 2,503 (0.5) 1.7 31.8

Corn US$/mt.ton 135 (2.6) (4.7) 7.5

Oil (WTI) US$/barrel 67 0.1 9.0 10.7

Oil (Brent) US$/barrel 72 1.4 10.0 7.8

Palm oil MYR/mt.ton 2,448 (0.3) 2.5 2.4

Rubber USd/kg 138 0.2 (5.5) (6.1)

Pulp US$/tonne 1,125 N/A 4.1 12.5

Coffee US$/60kgbag 92 0.6 5.3 (10.1)

Sugar US$/MT 346 0.2 (3.1) (12.3)

Wheat US$/ton 137 (0.8) (0.2) 11.3

Soy Oil US$/lb 32 (1.0) 0.4 (4.7)

Soy Bean US$/by 1,048 (0.2) 1.8 10.1

Source: Bloomberg

www.danareksa.com See important disclosure at the back of this report 1

Equity Research Company Update

Thursday,12 April 2018

Bumi Serpong Damai(BSDE IJ) BUY

Maintain Outperforming its peers

We reiterate our BUY call on BSDE with an unchanged target price of IDR2,000. We believe the stock still has upside given: (i) the encouraging marketing sales in 1Q18 of IDR2.5tn, +58.4%yoy, or reaching 35.1% of our full year forecast and the management’s target, outperforming its peers whose 1Q18 marketing sales only reached 25.9% of management targets, and (ii) the stock’s attractive valuation as BSDE currently trades at a 71.3% discount to NAV, near to its historical +1SD of 70.6%. Stellar marketing sales in 1Q18. BSDE recorded marketing sales of IDR2.5tn in 1Q18, +58.4%yoy, or reaching 35.1% of our full year forecast and the management’s target of IDR7.2tn. Compared to its peers, we note that BSDE’s marketing sales outperformed (the 1Q18 marketing sales of its peers only reached 25.9% of the management targets and 26.6% of our targets on average (ranging from 11.4%-35.6%). More varied contribution of marketing sales. BSDE’s stellar performance mainly owed to marketing sales recognition from: (i) Klaska Apartment, Surabaya (1,043 units available for sale, 80% take up rate, total proceeds of IDR366bn), (ii) Southgate apartment, Jakarta (300 units available for sale, 43% take up rate, total proceeds of IDR253bn), (ii) commercial land plot sales in Serpong and MT Haryono of IDR652bn, (iv) Zadeite in BSD City (67 units available for sale, 90% take up rate, and total proceeds of IDR280bn), (v) Zora in BSD City (84 units available for sale, 32% take up rate, and total proceeds of IDR120bn), (vi) Tevana in BSD Phase 1 (176 units available for sale, 47% take up rate, and total proceeds of IDR118bn), (vii) Water Terace in Grand Wisata Bekasi (42 units available for sale, 38% take up rate, and total proceeds of IDR40bn). One launch in the pipeline. This month, BSDE plans to conduct one landed residential launching in Grand Wisata Bekasi named Vermella. With 57 units available for sale, prices range from IDR1.4-2bn/unit. Assuming a 50% take up rate, we estimate that this launch will generate additional marketing sales of IDR45bn. The company has not disclosed information on further planned product launches. However, with a limited number of working days in 2Q18 owing to the festive season, we believe that the launches in 2Q18 will be less than in 1Q18 (6 product launches). Maintain BUY. We reiterate our BUY call on BSDE with an unchanged target price of IDR2,000 (SOTP based valuation with WACC of 12.8%, Terminal Growth of 4.0%, and target discount to NAV of 68%). At the moment, BSDE is trading at a 71.3% discount to NAV, above its historical +1SD of 70.6%. We believe the stock still has upside given that its marketing sales are outperforming those of its peers.

Last price (IDR) 1,760

Target Price (IDR) 2,000

Upside/Downside +13.6%

Previous Target Price (IDR) 2,000

Stock Statistics

Sector Property

Bloomberg Ticker BSDE IJ

No of Shrs (mn) 19,247

Mkt. Cap (IDRbn/USDmn) 33,874/2,463

Avg. daily T/O (IDRbn/USDmn) 28.2/2.1

Major shareholders (%)

Paraga Artamida 26.6

Ekacentra Usahamaju 25.0

Estimated free float 39.0

EPS Consensus (IDR)

2018F 2019F 2020F

Danareksa 147.7 110.4 123.6

Consensus 158.7 161.0 172.6

Danareksa/Cons (7.0) (31.4) (28.4)

BSDE relative to JCI Index

Source : Bloomberg

x Antonia Febe Hartono, CFA

(62-21) 2955 5888 ext.3504

antonia.hartono@danareksa.com

x Natalia Sutanto

(62-21) 2955 5888 ext.3508

natalia.sutanto@danareksa.com

Key Financials Year to 31 Dec 2016A 2017A 2018F 2019F 2020F

Revenue (IDRbn) 6,603 10,347 7,904 6,965 7,502 EBITDA (IDRbn) 3,035 5,475 3,912 3,248 3,584 EBITDA Growth (%) (2.2) 80.4 (28.6) (17.0) 10.3 Net profit (IDRbn) 1,796 4,920 2,842 2,126 2,379 EPS (IDR) 93.3 255.6 147.7 110.4 123.6 EPS growth (%) (16.0) 173.9 (42.2) (25.2) 11.9 BVPS (IDR) 1,072.4 1,316.7 1,450.6 1,553.2 1,670.9 DPS (IDR) 5.0 5.0 13.7 7.9 5.9 PER (x) 17.4 6.4 11.0 14.7 13.1 PBV (x) 1.5 1.2 1.1 1.0 1.0 Dividend yield (%) 0.3 0.3 0.8 0.5 0.4 EV/EBITDA (x) 11.6 6.3 8.5 10.1 9.1

Source : BSDE, Danareksa Estimates

Equity SNAPSHOT Thursday, April 12, 2018

Danareksa Sekuritas – Equity SNAPSHOT

MACROECONOMY

ADB expects Indonesia’s economy to grow by 5.3% in 2018 ADB expects the Indonesian economy to grow by 5.3% in 2018 and 2019. This forecast is based on expected

improvements in investment and household consumption. Macroeconomic management and structural reforms are expected to underpin the increase in investment. The continuation of structural reforms in Indonesia is expected to

create more inclusive economic growth. In addition, ADB believes that potential external risks are related to changes in monetary policy in developed countries in addition to the growing concerns of a potential trade war. (Investor

Daily)

Bappenas seeks investors for infrastructure development

The Minister of National Development Planning (Bappenas) attended the annual investment meeting in the United Arab Emirates to promote investment in Indonesia’s infrastructure development. Two schemes were put forward:

government cooperation with business entities (KBPU) and non-government budget infrastructure financing (PINA).

There are currently 19 sectors which are covered by KBPU, including the connectivity, urban and social sectors. Bappenas has already opened a KBPU office that is designed to offer one stop services with direct connections to

seven ministries. The ministry has also assigned three functions in the PINA scheme: to facilitate projects that reach financial closure and to provide advice on project structuring and financing; improving the infrastructure investment

environment through regulation assessment and accelerating creative financing instrument implementation; and pipelining a list of projects to be introduced to investors. (Investor Daily)

CORPORATE RALS: Solid Mar-18 sales

Ramayana Lestari Sentosa (RALS) has provided guidance for solid growth in Mar-18’s sales to reach IDR619bn, +25.8% yoy and +36.3% mom. SSSG rose to 0.3% YTD as of 1Q18 (2M18: -1.7%), much better than in the

previous month. (Kontan)

MARKET NEWS

Danareksa Sekuritas – Equity SNAPSHOT

DANAREKSA VALUATION GUIDE

Equity SNAPSHOT Thursday, April 12, 2018

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 4,170,997 202,587 226,661 201.0 224.9 18.3% 11.9% 20.6 18.4 21.5 19.3 3.1 2.8 16.1 16.2

Auto 321,844 18,881 20,472 379.7 411.7 24.6% 8.4% 17.0 15.7 13.3 12.0 2.1 1.9 12.7 12.5

Astra International BUY 7,950 9,100 321,844 18,881 20,472 466 506 466 506 24.6% 8.4% 17.0 15.7 13.3 12.0 2.1 1.9 12.7 12.5

Banks 1,627,592 90,056 102,624 402.2 458.3 20.8% 14.0% 18.1 15.9 2.8 2.5 16.3 16.5

BCA HOLD 23,325 21,000 575,078 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 8,575 10,400 159,912 13,616 15,743 730 844 730 844 20.1% 15.6% 11.7 10.2 N/A N/A 1.6 1.4 14.7 15.0

BRI BUY 3,650 4,350 450,212 29,044 31,653 235 256 235 256 10.7% 8.9% 15.5 14.3 N/A N/A 2.7 2.5 18.5 18.0

Bank Tabungan Negara BUY 3,660 4,000 38,759 3,135 3,658 296 346 296 346 19.7% 16.7% 12.4 10.6 N/A N/A 1.8 1.6 15.4 15.8

Bank Mandiri HOLD 8,050 8,500 375,667 20,640 24,502 442 525 442 525 49.5% 18.7% 18.2 15.3 N/A N/A 2.3 2.1 13.0 14.1

BTPN HOLD 3,070 3,900 17,930 1,273 1,628 222 283 222 283 -27.3% 27.8% 13.9 10.8 N/A N/A 1.1 1.0 7.8 9.4

BPD Jatim BUY 670 830 10,033 1,282 1,320 86 88 86 88 24.7% 3.0% 7.8 7.6 N/A N/A 1.3 1.2 17.1 16.3

Cement 168,409 4,000 4,196 205 215 -53.8% 4.9% 42.1 40.1 19.4 18.1 2.8 2.7 6.8 7.0

Indocement SELL 19,850 14,700 73,072 1,887 1,937 512 526 507 521 -51.3% 2.7% 38.7 37.7 20.4 19.5 2.7 2.7 7.1 7.1

Semen Indonesia SELL 10,250 8,600 60,798 1,945 2,109 328 356 316 343 -57.0% 8.4% 31.3 28.8 13.2 12.3 2.1 2.0 6.7 7.1

Semen Baturaja SELL 3,480 460 34,538 169 150 17 15 17 15 -34.9% -11.0% 204.2 229.5 90.5 72.6 10.6 10.3 5.3 4.5

Cigarettes 631,837 20,595 22,795 174 193 5.9% 10.7% 30.7 27.7 21.2 19.0 8.2 7.5 27.4 28.3

Gudang Garam BUY 77,500 83,800 149,117 7,498 8,487 3,897 4,411 3,897 4,411 12.3% 13.2% 19.9 17.6 12.7 11.3 3.6 3.1 18.4 18.8

HM Sampoerna HOLD 4,150 4,400 482,720 13,097 14,307 113 123 113 123 2.6% 9.2% 36.9 33.7 27.5 24.6 13.9 13.3 38.0 40.3

Construction 125,459 8,554 10,351 115 139 29.9% 21.0% 14.7 12.1 9.6 7.9 2.0 1.8 14.7 15.6

Wijaya Karya BUY 1,725 2,100 15,473 1,225 1,783 137 199 137 199 21.0% 45.5% 12.6 8.7 4.2 3.0 1.3 1.1 10.4 13.7

Pembangunan Perumahan BUY 2,840 4,000 17,608 1,295 1,570 209 253 233 283 33.9% 21.2% 13.6 11.2 6.7 5.5 2.8 2.3 22.5 22.6

Adhi Karya BUY 2,130 2,800 7,585 451 619 127 174 149 187 43.9% 37.3% 16.8 12.2 9.0 7.4 1.2 1.0 7.8 9.2

Waskita Karya BUY 2,500 3,000 33,935 2,383 3,034 176 224 176 224 39.1% 27.4% 14.2 11.2 12.5 10.2 2.6 2.2 19.8 21.5

Waskita Beton BUY 454 520 11,968 1,104 1,319 42 50 42 50 73.9% 19.5% 10.8 9.1 10.1 5.5 1.5 1.3 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 4,740 7,800 34,402 1,747 1,606 257 236 261 240 4.4% -8.1% 18.4 20.1 11.6 10.7 2.6 2.4 14.0 11.6

Consumer 625,892 16,992 19,025 328 367 8.4% 12.0% 36.8 32.9 21.1 19.0 9.5 8.6 27.2 27.5

Indofood CBP BUY 8,400 9,700 97,960 3,894 4,296 334 368 334 368 8.2% 10.3% 25.2 22.8 15.8 14.3 5.0 4.4 20.9 20.6

Indofood BUY 7,225 9,100 63,439 4,381 4,847 499 552 501 550 5.7% 10.6% 14.5 13.1 7.0 6.2 2.0 1.9 14.5 14.8

Unilever HOLD 51,900 52,000 395,997 7,324 8,326 960 1,091 960 1,091 14.6% 13.7% 54.1 47.6 37.9 33.5 70.2 59.6 141.6 135.6

Kino Indonesia HOLD 2,090 2,100 2,986 115 145 81 101 81 101 -36.4% 25.8% 25.9 20.6 12.9 11.0 1.5 1.4 5.9 7.0

Mayora Indah HOLD 2,930 1,960 65,511 1,277 1,410 57 63 56 63 -5.8% 10.4% 51.3 46.5 25.7 22.7 9.4 8.2 19.5 18.8

Healthcare 84,807 2,700 2,986 104 115 6.5% 11.5% 31.4 28.4 19.9 17.8 5.4 4.8 18.1 17.8

Kalbe Farma HOLD 1,545 1,700 72,422 2,411 2,660 51 57 51 57 4.9% 10.3% 30.0 27.2 19.1 17.1 5.4 4.8 19.1 18.8

Kimia Farma SELL 2,230 1,910 12,385 289 326 52 59 52 59 8.1% 12.7% 42.8 38.0 26.0 22.5 5.0 4.5 12.4 12.6

Heavy Equipment 132,700 7,463 8,439 2,001 2,262 49.2% 13.1% 17.8 15.7 7.9 6.7 3.0 2.7 18.0 18.1

United Tractors BUY 35,575 38,000 132,700 7,463 8,439 2,001 2,262 2,001 2,262 49.2% 13.1% 17.8 15.7 7.9 6.7 3.0 2.7 18.0 18.1

Industrial Estate 13,636 2,352 1,187 38 19 103.6% -49.5% 5.8 11.5 9.2 8.5 0.9 0.9 16.3 7.7

Puradelta Lestari BUY 169 240 8,145 733 746 15 15 14 14 -3.2% 1.8% 11.1 10.9 10.4 10.4 1.1 1.1 9.9 9.9

Bekasi Fajar BUY 296 320 2,856 488 543 51 56 50 56 45.4% 11.3% 5.8 5.3 6.6 5.7 0.7 0.7 13.5 13.2

Surya Semesta HOLD 560 540 2,635 1,131 (103) 240 (22) (119) (32) 1711.1% -109.1% 2.3 (25.7) 11.5 10.5 0.7 0.8 33.2 (2.8)

Media 62,219 2,965 3,365 103 116 3.3% 13.5% 21.0 18.5 12.7 11.6 4.8 4.3 23.6 24.7

Media Nusantara Citra BUY 2,820 2,800 41,233 1,491 1,605 102 110 102 110 -0.6% 7.6% 27.6 25.7 19.2 17.8 11.0 9.9 41.6 40.6

Surya Citra Media BUY 1,470 1,750 20,986 1,474 1,760 103 123 103 123 7.7% 19.5% 14.2 11.9 8.0 7.3 2.3 2.1 16.4 18.2

Mining 207,071 14,754 17,040 166 192 68.4% 15.5% 14.0 12.2 5.9 5.3 1.7 1.6 12.3 13.4

Adaro Energy BUY 2,140 2,800 68,450 6,283 7,376 196 231 198 231 40.1% 17.4% 10.9 9.3 4.2 3.6 1.5 1.4 14.4 16.0

Timah BUY 1,130 1,100 8,416 366 377 49 51 49 51 45.2% 3.0% 23.0 22.4 8.8 8.4 1.4 1.4 6.3 6.2

Vale Indonesia HOLD 3,120 3,100 31,001 (74) 233 (7) 23 (7) 23 -394.4% -415.1% (418.6) 132.8 16.3 13.5 1.3 1.3 (0.3) 1.0

Aneka Tambang HOLD 865 700 20,787 (264) (68) (11) (3) (11) (3) -507.2% -74.4% (78.8) (307.5) 34.4 36.1 1.1 1.1 (1.4) (0.4)

Bukit Asam BUY 3,420 3,600 39,401 4,476 4,623 412 425 412 425 123.1% 3.3% 8.3 8.0 5.5 5.1 2.9 2.4 37.3 30.5

Indo Tambangraya Megah HOLD 27,400 33,200 30,960 3,384 3,903 2,995 3,455 3,232 3,617 93.2% 15.3% 9.1 7.9 4.3 3.8 2.4 2.2 27.1 28.9

Harum Energy HOLD 2,980 2,200 8,057 583 595 216 220 216 220 225.8% 2.1% 13.8 13.5 4.4 4.1 1.9 1.9 14.7 14.1

Plantation 40,332 3,010 2,986 283 281 -1.1% -0.8% 13.4 13.5 7.2 6.8 1.3 1.2 10.3 9.5

Astra Agro Lestari HOLD 13,675 14,800 26,320 1,908 1,851 991 962 984 962 -4.9% -3.0% 13.8 14.2 7.4 7.0 1.4 1.3 10.7 9.6

Sampoerna Agro SELL 2,450 2,240 4,631 283 301 156 166 156 166 -35.8% 6.4% 15.7 14.8 8.9 8.5 1.3 1.2 8.0 8.0

PP London Sumatra BUY 1,375 1,700 9,381 819 833 120 122 823 833 37.9% 1.7% 11.5 11.3 5.5 5.2 1.1 1.1 10.3 9.8

Poultry 81,695 4,078 5,292 27 35 -10.9% 29.8% 20.0 15.4 10.6 9.1 2.8 2.4 15.2 16.8

Charoen Pokphand HOLD 3,760 3,100 61,656 2,576 3,405 157 208 182 216 16.0% 32.2% 23.9 18.1 12.6 10.8 3.7 3.1 16.7 18.6

Japfa Comfeed BUY 1,610 1,650 18,371 1,463 1,811 128 159 128 159 -29.2% 23.8% 12.6 10.1 7.7 6.7 1.8 1.5 15.4 16.4

Malindo Feedmill HOLD 745 800 1,668 39 75 18 34 80 110 -86.4% 91.5% 42.3 22.1 6.0 5.5 0.8 0.7 2.0 3.5

Property 109,188 8,450 8,432 70 70 56.5% -0.2% 12.9 12.9 9.7 9.9 1.7 1.6 14.3 12.6

Alam Sutera HOLD 388 400 7,624 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 1,775 2,000 34,163 3,909 2,755 203 143 244 182 117.6% -29.5% 8.7 12.4 7.1 9.7 1.4 1.3 17.4 10.8

Ciputra Development BUY 1,235 1,350 22,922 940 1,493 51 80 35 67 -29.7% 58.8% 24.4 15.4 14.2 11.4 1.7 1.5 7.1 10.4

Pakuw on Jati HOLD 630 720 30,341 1,937 2,384 40 49 40 50 14.5% 24.0% 15.9 12.8 10.9 9.4 2.9 2.4 20.4 21.0

Summarecon BUY 980 1,100 14,138 284 364 20 25 31 35 -8.9% 28.3% 49.8 38.8 12.8 12.1 2.2 2.1 4.5 5.5

Retail 85,342 3,402 3,823 99 112 5.1% 12.4% 25.1 22.3 12.8 11.6 5.6 5.1 23.4 23.9

Mitra Adi Perkasa BUY 8,200 8,100 13,612 347 509 210 308 210 308 66.5% 46.8% 39.1 26.6 9.3 8.0 4.2 4.2 10.7 15.6

Ramayana HOLD 1,420 1,400 10,076 431 462 67 70 67 70 10.9% 4.9% 21.3 20.3 15.8 14.5 2.8 2.6 12.5 12.4

Matahari Department Store BUY 10,975 12,500 32,024 1,928 2,029 661 696 719 777 -4.5% 5.3% 16.6 15.8 10.3 9.3 12.6 9.6 87.8 69.1

Matahari Putra Prima SELL 400 350 2,151 109 112 17 17 17 17 183.4% 2.7% 23.9 23.3 2.8 2.9 0.9 0.8 4.4 4.5

Ace Hardw are BUY 1,390 1,450 23,839 588 711 43 47 43 47 3.2% 9.3% 32.3 29.6 30.3 28.9 7.0 6.3 18.2 19.7

Erajaya Sw asembada BUY 1,255 1,100 3,640 303 339 105 117 105 117 14.9% 11.8% 12.0 10.7 6.1 5.1 1.0 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)

Equity SNAPSHOT Thursday, April 12, 2018

Danareksa Sekuritas – Equity SNAPSHOT

LEADERS Price as on Code 11-Apr-18 10-Apr-18 Chg, % w-w, % m-m, % YTD, % Rating

Surya Citra Media SCMA 2,820 2,620 7.6 5.2 2.5 13.7 BUY

Mitra Adi Perkasa MAPI 8,200 7,800 5.1 2.2 5.8 32.3 BUY

Indocement INTP 19,850 18,900 5.0 19.6 (3.3) (9.6) SELL

Ace Hardware ACES 1,390 1,325 4.9 2.2 2.6 20.3 BUY

Kino Indonesia KINO 2,090 2,000 4.5 5.8 4.5 (1.4) HOLD

Summarecon Agung SMRA 980 945 3.7 10.1 (4.9) 3.7 BUY

Bukit Asam PTBA 3,420 3,300 3.6 12.1 14.0 39.0 BUY

Timah TINS 1,130 1,095 3.2 15.9 (1.3) 45.8 BUY

Malindo Feedmill MAIN 745 725 2.8 4.2 3.5 0.7 HOLD

Pembangunan Perumahan PTPP 2,840 2,770 2.5 6.4 (6.3) 7.6 BUY

Sources: Bloomberg

LAGGARDS Price as on Code 11-Apr-18 10-Apr-18 Chg, % w-w, % m-m, % YTD, % Rating

Indo Tambangraya Megah ITMG 27,400 28,450 (3.7) 4.2 (5.2) 32.4 HOLD

Adhi Karya ADHI 2,130 2,180 (2.3) 0.9 (10.5) 13.0 BUY

Bank Negara Indonesia BBNI 8,575 8,725 (1.7) 3.6 (8.3) (13.4) HOLD

Waskita Karya WSKT 2,500 2,540 (1.6) (0.8) (7.7) 13.1 BUY

Japfa Comfeed JPFA 1,610 1,635 (1.5) 3.5 7.3 23.8 BUY

Wijaya Karya WIKA 1,725 1,750 (1.4) 2.1 (5.2) 11.3 BUY

Sampoerna Agro SGRO 2,450 2,480 (1.2) 0.4 (2.0) (4.7) SELL

Erajaya Swasembada ERAA 1,255 1,265 (0.8) 5.0 (4.6) 70.7 BUY

BPD Jatim BJTM 670 675 (0.7) 3.1 (5.6) (5.6) BUY

Matahari Department Store LPPF 10,975 11,050 (0.7) - (5.4) 9.7 BUY

Sources: Bloomberg

COVERAGE PERFORMANCE

Equity SNAPSHOT Thursday, April 12, 2018

Danareksa Sekuritas – Equity SNAPSHOT

PREVIOUS REPORTS

Plantation: Mar 18 Inventory Down Further, Surya Semesta Internusa: Facing a tough first half to the year, Waskita

Karya: To issue a new funding instrument named RDPT SnapShot20180411 Alam Sutra Realty: Lifted by land sales, Cement: Buoyed by the infrastructure boom, Ciputra Development: On a

sound footing, Erajaya Swasembada: Pursuing a volume-driven strategy, Mitra Adiperkasa: Another solid year, Semen Indonesia (Persero): Upgrade on higher ASP SnapShot20180410

Charoen Pokphand Indonesia: Performance to improve, Malindo Feedmill Indonesia: Sluggish performance, Waskita Karya: Farewell Mr. Choliq, welcome back Mr. Putra SnapShot20180409

Bekasi Fajar Industrial Estate: Still optimistic despite low 1Q18 sales, Matahari Putra Prima: Hurdles ahead,

Summarecon: Modest sales in 1Q18 but set to pick up, Waskita Beton Precast: Generous dividend SnapShot20180406

Strategy: Trade war – China’s reciprocal measures underway, Surya Citra Media: Hitting the upper end of the 1Q18 guidance SnapShot20180405

Equity SNAPSHOT Thursday, April 12, 2018

Danareksa Sekuritas – Equity SNAPSHOT

Adeline Solaiman

adeline.solaiman@danareksa.com (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

novrita@danareksa.com (62-21) 29555 888 ext. 3128

Ehrliech Suhartono

ehrliech@danareksa.com (62-21) 29555 888 ext. 3132

Maria Renata

maria.renata@danareksa.com (62-21) 29555 888 ext.3513 Construction

Lucky Bayu Purnomo

lucky.purnomo@danareksa.com (62-21) 29555 888 ext.3512 Technical Analyst

Laksmita Armandani

laksmitaa@danareksa.com (62-21) 29555 888 ext. 3125

Antonia Febe Hartono, CFA

antonia.hartono@danareksa.com (62-21) 29555 888 ext.3504 Cement, Property, Industrial Estate

Tuty Sutopo

tuty@danareksa.com

(62-21) 29555 888 ext. 3121

Upik Yuzarni

upik_y@danareksa.com (62-21) 29555 888 ext. 3137

Giovan Sitepu

giovanp@danareksa.com (62-21) 29555 888 ext. 3130

Stefanus Darmagiri

stefanus.darmagiri@danareksa.com (62-21) 2955 888 ext. 3530 Auto, Coal, Heavy Equip, Metal, Cement

Natalia Sutanto

natalia.sutanto@danareksa.com (62-21) 29555 888 ext.3508 Consumer, Tobacco, Property

Yudha Gautama

Yudha.gautama@danareksa.com (62-21) 29555 888 ext.3509 Plantation

Helmy Kristanto

helmy.kristanto@danareksa.com (62-21) 2955 888 ext. 3500

Head of Research, Strategy

Eka Savitri

Eka.savitri@danareksa.com (62-21) 29555 888 ext.3506 Banking

Ignatius Teguh Prayoga

ignatius.prayoga@danareksa.com (62-21) 29555 888 ext.3511 Research Associate

Rendy Ben Philips

rendy.philips@danareksa.com (62-21) 29555 888 ext. 3148

Equity SNAPSHOT Thursday, April 12, 2018

Danareksa Sekuritas – Equity SNAPSHOT

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