Equity SNAPSHOT Wednesday, July 18, 2018

Danareksa Sekuritas – Equity SNAPSHOT

FROM EQUITY RESEARCH

Property: 1H18 Marketing Sales Check – In Line (NEUTRAL)

Overall, the 1H18 marketing sales are in-line (48% of our FY18

cumulative target). Most property companies are on-track with ASRI’s marketing sales above target although SMRA is still behind

the curve. We think most companies are on-track to reach their FY18 targets as there are plenty of projects in the pipeline in 2H18.

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

Astra International: Decent upside following the correction (ASII IJ. IDR 6,625. BUY. TP IDR 8,600)

The tight competition in the domestic car market, marked by the launch of several models in popular segments, pushed down the

market share of Astra International (ASII) to 48.5% in 1H18 from

53.6% in 2017. As we lower our estimate for ASII’s market share in the 4W market to 49% in 2018 (from 50%), whilst also assigning

lower PE multiples to the automotive division, we cut our target price to IDR8,600 (based on SOTP valuation). Given the share price

correction of 20.2% ytd, the stock now trades at an undemanding valuation of -1.5SD offering 29.8% upside to our new target price.

Maintain BUY.

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

Bank Tabungan Pensiunan Nasional: Retaining its focus on the mass-market segment (BTPN IJ. IDR 4,000. HOLD. TP IDR

3,900)

We reiterate our HOLD call on BTPN with an unchanged GGM-derived TP of IDR3,900 given the limited upside to our TP. The 1H18

net profits of IDR1.1tn beat our estimate due to much lower operating expenses of IDR2.4tn as the Jenius and BTPN Wow!

investment costs started to stabilise. NIM contracted to 11.5% with 2% yoy loans growth and higher credit costs of 209bps arising from

rebalancing of the loans mix towards the SME segment. All in all, we

expect 41.4% net profits growth for FY18 given FY17’s one-off early retirement expenses (from the Gemilang Project) in 4Q17.

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

MARKET NEWS

Macroeconomy

Energy subsidies will increase by Rp69tn

Lowest debt financing in 4 years Sector

Poultry: Time limit given to traders to lower the prices of chicken eggs

Corporate

Gudang Garam: Kediri airport included in the National Strategic Project (PSN)

Sari Roti: Targets a 5% contribution from the Philippines this year

KEY INDEX

Close

Chg Ytd Vol

(%) (%) (US$ m)

Asean - 5

Indonesia 5,862 (0.7) (7.8) 347

Thailand 1,626 (0.1) (7.3) 1,440

Philippines 7,382 0.2 (13.7) 61

Malaysia 1,737 0.6 (3.3) 491

Singapore 3,240 0.2 (4.8) 780

Regional

China 2,798 (0.6) (15.4) 29,306

Hong Kong 28,182 (1.3) (5.8) 10,018

Japan 22,697 0.4 (0.3) 13,386

Korea 2,316 0.8 (6.1) 4,402

Taiwan 10,779 (0.4) 1.3 4,397

India 36,520 0.5 7.2 375

NASDAQ 7,855 0.6 13.8 116,609

Dow Jones 25,120 0.2 1.6 8,490

CURRENCY AND INTEREST RATE

Rate

w-w m-m ytd

(%) (%) (%)

Rupiah Rp/1US$ 14,378 (0.1) (3.2) (6.1)

SBI rate % 5.25 0.5 0.8 1.0

10y Gov Indo bond 7.58 0.1 0.3 1.3

HARD COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Coal US$/ton 119 0.4 3.2 17.8

Gold US$/toz 1,227 (0.0) (4.0) (5.8)

Nickel US$/mt.ton 13,393 (1.3) (11.3) 5.4

Tin US$/mt.ton 19,585 0.1 (6.2) (2.5)

SOFT COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Cocoa US$/mt.ton 2,386 (3.5) (3.6) 25.7

Corn US$/mt.ton 122 0.6 (4.0) (2.5)

Oil (WTI) US$/barrel 68 (0.4) 3.0 12.2

Oil (Brent) US$/barrel 72 0.4 (1.7) 7.9

Palm oil MYR/mt.ton 2,165 0.2 (6.7) (9.4)

Rubber USd/kg 134 1.6 (3.6) (9.1)

Pulp US$/tonne 1,205 N/A 2.8 20.5

Coffee US$/60kgbag 85 (0.7) (0.3) (6.4)

Sugar US$/MT 326 (1.2) (4.6) (17.3)

Wheat US$/ton 135 1.9 (3.1) 6.9

Soy Oil US$/lb 28 0.3 (6.0) (16.2)

Soy Bean US$/by 840 1.2 (7.3) (11.8)

Source: Bloomberg

Equity Research Property

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

Tuesday,17 July 2018

Property NEUTRAL

1H18 Marketing Sales Check – In Line

Overall, the 1H18 marketing sales are in-line (48% of our FY18 cumulative target). Most property companies are on-track with ASRI’s marketing sales above target although SMRA is still behind the curve. We think most companies are on-track to reach their FY18 targets as there are plenty of projects in the pipeline in 2H18. Maintain neutral. 1H18 marketing sales summary – in line. On an aggregate basis, the 1H18 marketing sales of property companies under our coverage totalled Rp12.3tn (+36.0% YoY), or reaching 48% of the FY18 cumulative target of Rp25.4tn, mostly in-line. Better performance was recorded by ASRI and BSDE. In the case of BSDE, the company posted higher presales in 1H18 of Rp3.8tn (+50% YoY) boosted by its residential sales of Rp1.7tn (+64.0% YoY), high-rise sales of Rp865bn (+420% YoY) and commercial land plot sales (5.0Ha) of Rp888bn (+543% YoY). ASRI, meanwhile, booked higher 1H18 presales of Rp3.0tn (+235% YoY) supported by commercial land plot sales (2.5 Ha) amounting to Rp495bn, in addition to land plot sales to CFLD (50 Ha) of Rp1.2tn. Most property names are on-track. Overall, we think the 1H18 presales performance of BSDE, PWON and CTRA is on-track, achieving between 43-52% of their FY18 presales targets. However, ASRI’s 1H18 presales performance surpassed expectations, achieving 75% of its FY18 target. ASRI’s presales were boosted by commercial land plot sales (2.5 Ha) of Rp495bn. SMRA’s performance lagged. Nonetheless, SMRA’s 1H18 pre-sales lagged behind, achieving only 29% of its FY18 target. Its marketing sales for almost all its projects were below 40% of the FY18 projection, except for Serpong where the marketing sales were 47% of the FY18 projection at Rp637bn. We see the risk that SMRA may revise down its FY18 marketing sales guidance. Plenty of projects in the pipeline for 2H18. Based on our checks, most property companies still have plenty of project launchings planned for 2H18, except for PWON which will rely on sales of its existing projects. ASRI plans to launch one more residential cluster/shophouses and make further land sales to CFLD. BSDE will continue to launch residential clusters in BSD City, sell land plots (~Rp900bn) and sell existing high-rise clusters such as Klaska and Southgate. CTRA’s 2H18 presales will be supported by sales of Newton 1 serviced apartments to Diener Syz Real Estate amounting to Rp575bn, the launching of Newton 2 apartment, mixed-use property in Sentul and landed residential property in Citra Raya Tangerang and CitraLand Bagya City Medan. SMRA, meanwhile, plans to launch mostly residential and commercial projects in Bekasi, Bandung, Serpong, Karawang and Makassar. Maintain neutral. At this juncture, we maintain our neutral call on the property sector with PWON and CTRA as our top picks given: 1) their sizeable recurring income and 2) low net gearing ratios. We remain concerned on the trend of rising borrowing costs while the impact of LTV relaxation remains to be seen.

PWON relative to JCI Index

xxxx

CTRA relative to JCI Index

xxxx Source : Bloomberg

x Yudha Gautama

(62-21) 2955 5888 ext 3509

yudha.gautama@danareksa.com

Target Price

Market Cap. P/E (x) P/BV (x) ROE (%)

Company Ticker Rec (Rp) (RpBn) 2018F 2019F 2018F 2019F 2019F

Pakuwon Jati PWON IJ BUY 710 29,618.2 12.4 11.2 2.4 2.0 19.5 Ciputra Development CTRA IJ BUY 1,220 22,550.8 19.3 18.5 1.6 1.4 8.1 Bumi Serpong Damai BSDE IJ BUY 1,930 31,275.9 11.0 14.7 1.1 1.0 7.4 Summarecon Agung SMRA IJ BUY 1,000 12,912.0 33.7 37.7 1.9 1.8 4.9 Alam Sutra ASRI IJ HOLD 340 7,427.5 4.6 4.7 0.8 0.7 15.0

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

Equity Research Company Update

Wednesday,18 July 2018

Astra International (ASII IJ) BUY

Maintain Decent upside following the correction

The tight competition in the domestic car market, marked by the launch of several models in popular segments, pushed down the market share of Astra International (ASII) to 48.5% in 1H18 from 53.6% in 2017. As we lower our estimate for ASII’s market share in the 4W market to 49% in 2018 (from 50%), whilst also assigning lower PE multiples to the automotive division, we cut our target price to IDR8,600 (based on SOTP valuation). Given the share price correction of 20.2% ytd, the stock now trades at an undemanding valuation of -1.5SD offering 29.8% upside to our new target price. Maintain BUY. Solid domestic car sales in 1H18. The fewer working days as a result of the Lebaran holidays is reflected in the lower domestic car sales in June 2018 of 58,837 units (-41.4% mom, -11.4% yoy). Nonetheless, in 1H18, domestic car sales remained solid with growth of 3.8% yoy to 553,757 units. The strong sales in 1H18 were underpinned by the launch of new models in the popular segments and strong commodity prices which boosted car sales in the commercial segments. Tighter competition reduced ASII’s 4W market share. While domestic car sales went up by 3.8% yoy overall, car sales under ASII (Toyota, Daihatsu, Isuzu and Peugeot) actually declined by 10.1% yoy in 1H18. As a result, ASII’s market share slipped to 48.5% in 1H18 from 55.9% in 1H17. The recent launch of the Rush and Terios duo in the LSUV market helped to avert a further decline in ASII’s market share. In 2018, we expect ASII’s market share to reach around 49% or down from 54% in 2017. Thereafter, we expect ASII’s market share to improve to 50% in 2019. Lower ASII car sales to impact on the 2Q18 earnings from the auto business. Owing to fewer working days in 2Q18, ASII’s car sales fell by 10.9% qoq. However, better quarterly motorcycle sales (+9.1% qoq) should help to avert a further decline in earnings from ASII’s automotive division. In addition, ASII’s earnings in 2Q18 should also be supported by solid expected performance of its heavy equipment and mining divisions. Maintain BUY. Owing to the tight competition in the 4W market, we lower our market share assumption for ASII in the 4W market. As we also assigned lower PE multiples to the automotive division, we cut our target price to IDR8,600 (based on SOTP valuation). However, we maintain our BUY call as: a) the hefty share price correction of 20.2% ytd provides upside of 29.8% to our new target price and b) the stock trades at an undemanding valuation of -1.5SD and c) the heavy equipment and mining business should help to sustain earnings.

Last price (IDR) 6,625

Target Price (IDR) 8,600

Upside/Downside +29.8%

Previous Target Price (IDR) 9,100

Stock Statistics

Sector Automotive

Bloomberg Ticker ASII IJ

No of Shrs (mn) 40,484

Mkt. Cap (IDRbn/USDmn) 268,204/18,654

Avg. daily T/O (IDRbn/USDmn) 237.3/16.5

Major shareholders (%)

Jardine Cycle & Carriage 50.1

Estimated free float 49.9

EPS Consensus (IDR)

2018F 2019F 2020F

Danareksa 487.3 531.5 571.0

Consensus 515.3 565.5 611.4

Danareksa/Cons (5.4) (6.0) (6.6)

ASII relative to JCI Index

Source : Bloomberg

x Stefanus Darmagiri

(62-21) 29 555 831

stefanus.darmagiri@danareksa.com

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

Revenue (IDRbn) 181,084 206,057 213,821 230,406 243,687 EBITDA (IDRbn) 24,219 27,371 29,099 31,747 34,644 EBITDA Growth (%) (1.1) 13.0 6.3 9.1 9.1 Net profit (IDRbn) 15,156 18,881 19,727 21,517 23,114 EPS (IDR) 374.4 466.4 487.3 531.5 571.0 EPS growth (%) 4.8 24.6 4.5 9.1 7.4 BVPS (IDR) 2,765.3 3,054.2 3,308.3 3,596.2 3,901.4 DPS (IDR) 168.0 168.0 233.2 243.6 265.8 PER (x) 17.7 14.2 13.6 12.5 11.6 PBV (x) 2.4 2.2 2.0 1.8 1.7 Dividend yield (%) 2.5 2.5 3.5 3.7 4.0 EV/EBITDA (x) 12.8 11.4 10.3 9.4 8.5

Source : ASII, Danareksa Estimates

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

Equity Research Result Note

Wednesday,18 July 2018

Bank Tabungan Pensiunan Nasional (BTPN IJ)

HOLD

Maintain Retaining its focus on the mass-market segment

We reiterate our HOLD call on BTPN with an unchanged GGM-derived TP of IDR3,900 given the limited upside to our TP. The 1H18 net profits of IDR1.1tn beat our estimate due to much lower operating expenses of IDR2.4tn as the Jenius and BTPN Wow! investment costs started to stabilise. NIM contracted to 11.5% with 2% yoy loans growth and higher credit costs of 209bps arising from rebalancing of the loans mix towards the SME segment. All in all, we expect 41.4% net profits growth for FY18 given FY17’s one-off early retirement expenses (from the Gemilang Project) in 4Q17. 1H18 result highlights. The net profits of IDR1.1tn beat our forecast due to a 12% yoy decline in operating expenses to IDR2.4tn. In addition, NIM compressed by c.30bps on a yoy basis to 11.5% due to rebalancing of the loans mix towards the SME and productive poor segments. Consequently, the credit cost rose to 209bps from 151bps in 1H17 because of the inherently high credit cost in the productive poor segment (1H18: 400bps vs 1H17: 420bps). All in all, we maintain our forecast of a 163bps credit cost and 41.4% net profits growth in FY18F. Rebalancing of the loans mix towards the lower yield segment. BTPN’s loans only grew by 2% yoy mainly supported by the SME and productive poor lending segments with +13% and +19% yoy growth rate, respectively. Going forward, the contribution of the bank’s matured business segments - pension and micro – are expected to be lower in the loans mixture. As such, we expect the loans yield to drop to 20.4% in FY18F given the higher contribution of SME loans segment to 19.5% by end of year (June 2018: 18%).

Maintaining its ownership in BTPN Syariah. In regard to the recent IPO of BTPS, its subsidiary operating in the sharia business, BTPN has maintained its ownership at 70% since the productive poor segment will remain the bank’s main growth engine. The main targets for this segment are self-employed female borrowers. This year, we expect the segment to grow by 27% yoy. As a result, the bank’s exposure to this segment should increase to 10.7% of the loans book by the end of the year (June 2018: 10.1% of consolidated loans).

Maintain HOLD, TP of IDR3,900. We maintain our HOLD call on the stock with an unchanged GGM-derived TP of IDR3,900 (implying 1.26x 2018F P/BV) assuming a CoE of 9.2%, a 10.7% sustainable ROAE and 3% long-term growth.

Last price (IDR) 4,000

Target Price (IDR) 3,900

Upside/Downside -2.5%

Previous Target Price (IDR) 3,900

Stock Statistics

Sector Banking

Bloomberg Ticker BTPN IJ

No of Shrs (mn) 5,745

Mkt. Cap (IDRbn/USDmn) 22,980/1,598

Avg. daily T/O (IDRbn/USDmn) 5.0/0.3

Major shareholders (%)

Sumitomo Mitsui 40.0

Summit Global Capital Management BV 20.0

Estimated free float 57.8

EPS Consensus (IDR)

2018F 2019F 2020F

Danareksa 299.9 350.1 453.5

Consensus 337.9 391.4 415.9

Danareksa/Cons (11.2) (10.5) 9.1

BTPN relative to JCI Index

Source : Bloomberg

Eka Savitri

(62-21) 2955 5888 ext 3506

eka.savitri@danareksa.co.id

Key Financials

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

PPOP (IDRbn) 3,479 3,076 3,848 4,254 5,195

Net profit (IDRbn) 1,752 1,221 1,723 2,011 2,605

EPS (IDR) 305.0 212.5 299.9 350.1 453.5

EPS growth (%) 4.7 (30.3) 41.1 16.7 29.5

BVPS (IDR) 2,797.9 2,875.6 3,085.6 3,341.2 3,694.9

PER (x) 13.1 18.8 13.3 11.4 8.8

PBV (x) 1.4 1.4 1.3 1.2 1.1

Dividend yield (%) 2.5 1.9 2.2 2.4 2.5

ROAE (%) 11.7 7.5 10.1 10.9 12.9

Source : BTPN, Danareksa Estimates

Equity SNAPSHOT Wednesday, July 18, 2018

Danareksa Sekuritas – Equity SNAPSHOT

MACROECONOMY

Energy subsidies will increase by Rp69tn The MOF said that spending on energy subsidies up to the end of 2018 would increase by Rp69tn due to the

government support given to both PT Pertamina and PT PLN. Given the government’s efforts to stabilize fuel prices and support electrification in villages, spending on energy subsidies reached 63% of the target in 1H18. (Investor

Daily)

Lowest debt financing in 4 years

The MOF said that debt financing in 1H18 had reached Rp176tn (net), making it the lowest debt financing in the last 4 years. This number shows -15.28% yoy growth, with the debt to GDP ratio maintained below 30%. This

decline also reflects lower realization of net securities issued in 1H18 which showed negative growth of -16.9% yoy. Net debt financing realization reached 44.09% of the 2018 State Budget target with a debt ratio of 29.79% of GDP.

The MOF maintains prudent debt management whilst also seeking to ensure economic stability. (Investor Daily)

SECTOR

Poultry: Time limit given to traders to lower the prices of chicken eggs The Ministry of Trade has given a time limit to traders to lower the prices of chicken eggs. Chicken eggs should be

sold based on the reference price at which the purchase price of chicken eggs at breeders is IDR18,000 per kilogram and IDR22,000 per kg at retailers. Currently, the price of chicken eggs is still high at IDR28,000-30,000 per kg. If

the price of chicken eggs is still high then the government will intervene in the market by requesting a large

integrator to remove its stock and make direct sales in the market. Over the medium term, the grandparent import passageway will be developed after the government gets valid data. (Kontan)

CORPORATE

Gudang Garam: Kediri airport included in the National Strategic Project (PSN)

The government has included the airport in Kediri – which will be developed by Gudang Garam – as one of the national strategic projects, whose development needs to be accelerated. Airport construction is scheduled to start

this year with a soft opening in April 2019. GGRM will prepare around IDR5tn to develop the airport which will have a 3,000m runway. (Kontan)

Comments: In 1Q18, GGRM has a IDR2.2tn cash balance. In 2015-17, the company distributed Rp5tn of dividends, which translated into a dividend payout ranging from 64% to 78%. If the company spends IDR5tn to develop the airport, its dividend payout may be reduced in the future. (Natalia) Sari Roti: Targets a 5% contribution from the Philippines this year This year, ROTI targets a 5% contribution from its business in the Philippines (compared to 1.5% in FY17) following

the operation of its new factory in April 2018. In Indonesia, the company is in progress to develop two new factories

in Gresik (East Java) and Lampung, scheduled for commercial operation in July 2019. These two new factories will provide the company with 20% additional capacity. At yesterday’s EGM, the shareholders also approved plans to

buy back a total of 10% of the outstanding shares (618.6mn shares). (Kontan)

MARKET NEWS

Danareksa Sekuritas – Equity SNAPSHOT

DANAREKSA VALUATION GUIDE

Equity SNAPSHOT Wednesday, July 18, 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 3,679,123 202,587 226,661 198.0 221.5 18.3% 11.9% 18.2 16.2 19.1 17.1 2.8 2.5 16.1 16.2

Auto 268,204 18,881 20,472 379.7 411.7 24.6% 8.4% 14.2 13.1 11.4 10.2 1.7 1.6 12.7 12.5

Astra International BUY 6,625 9,100 268,204 18,881 20,472 466 506 466 506 24.6% 8.4% 14.2 13.1 11.4 10.2 1.7 1.6 12.7 12.5

Banks 1,406,876 90,056 102,624 402.2 458.3 20.8% 14.0% 15.6 13.7 2.4 2.1 16.3 16.5

BCA HOLD 22,725 22,700 560,285 23,620 27,068 958 1,098 958 1,098 14.6% 14.6% 23.7 20.7 N/A N/A 4.2 3.6 19.3 18.8

BNI BUY 7,425 10,400 138,466 13,616 15,743 730 844 730 844 20.1% 15.6% 10.2 8.8 N/A N/A 1.4 1.2 14.7 15.0

BRI BUY 2,870 4,350 354,002 29,044 31,653 235 256 235 256 10.7% 8.9% 12.2 11.2 N/A N/A 2.1 1.9 18.5 18.0

Bank Tabungan Negara BUY 2,440 4,200 25,840 3,135 3,658 296 346 296 346 19.7% 16.7% 8.2 7.1 N/A N/A 1.2 1.1 15.4 15.8

Bank Mandiri BUY 6,325 8,500 295,167 20,640 24,502 442 525 442 525 49.5% 18.7% 14.3 12.0 N/A N/A 1.8 1.6 13.0 14.1

BTPN HOLD 4,000 3,900 23,382 1,273 1,628 222 283 222 283 -27.3% 27.8% 18.0 14.1 N/A N/A 1.4 1.3 7.8 9.4

BPD Jatim BUY 650 830 9,734 1,282 1,320 86 88 86 88 24.7% 3.0% 7.6 7.3 N/A N/A 1.3 1.2 17.1 16.3

Cement 124,440 4,000 4,196 205 215 -53.8% 4.9% 31.1 29.7 14.2 13.3 2.1 2.0 6.8 7.0

Indocement SELL 13,325 14,700 49,052 1,887 1,937 512 526 507 521 -51.3% 2.7% 26.0 25.3 12.7 12.1 1.8 1.8 7.1 7.1

Semen Indonesia SELL 7,100 8,600 42,114 1,945 2,109 328 356 316 343 -57.0% 8.4% 21.7 20.0 9.5 8.8 1.4 1.4 6.7 7.1

Semen Baturaja SELL 3,350 460 33,274 169 150 17 15 17 15 -34.9% -11.0% 196.5 220.9 87.2 70.0 10.2 9.9 5.3 4.5

Cigarettes 564,302 20,595 22,795 174 193 5.9% 10.7% 27.4 24.8 18.9 17.0 7.4 6.7 27.4 28.3

Gudang Garam BUY 69,000 80,800 132,762 7,498 8,487 3,897 4,411 3,897 4,411 12.3% 13.2% 17.7 15.6 11.4 10.2 3.2 2.7 18.4 18.8

HM Sampoerna BUY 3,710 3,800 431,540 13,097 14,307 113 123 113 123 2.6% 9.2% 33.0 30.2 24.5 22.0 12.4 11.9 38.0 40.3

Construction 108,142 8,554 10,351 115 139 29.9% 21.0% 12.6 10.4 8.7 7.2 1.7 1.5 14.7 15.6

Wijaya Karya BUY 1,465 2,300 13,141 1,225 1,783 137 199 137 199 21.0% 45.5% 10.7 7.4 3.3 2.3 1.1 1.0 10.4 13.7

Pembangunan Perumahan BUY 2,100 3,600 13,020 1,295 1,570 209 253 233 283 33.9% 21.2% 10.1 8.3 4.9 4.0 2.1 1.7 22.5 22.6

Adhi Karya BUY 1,660 2,900 5,911 451 619 127 174 149 187 43.9% 37.3% 13.1 9.5 7.6 6.4 1.0 0.8 7.8 9.2

Waskita Karya BUY 2,030 2,440 27,555 2,383 3,034 176 224 176 224 39.1% 27.4% 11.6 9.1 11.2 9.2 2.1 1.8 19.8 21.5

Waskita Beton BUY 392 580 10,334 1,104 1,319 42 50 42 50 73.9% 19.5% 9.4 7.8 9.1 4.6 1.3 1.1 14.2 15.2

Wika Beton BUY 392 730 3,416 349 420 42 50 42 50 28.3% 20.2% 9.4 7.8 6.3 5.3 1.3 1.1 13.7 14.8

Jasa Marga BUY 4,790 7,800 34,765 1,747 1,606 257 236 261 240 4.4% -8.1% 18.6 20.3 11.6 10.7 2.6 2.4 14.0 11.6

Consumer 576,157 16,992 19,025 328 367 8.4% 12.0% 33.9 30.3 19.5 17.5 8.8 7.9 27.2 27.5

Indofood CBP BUY 8,675 9,400 101,167 3,894 4,296 334 368 334 368 8.2% 10.3% 26.0 23.5 16.4 14.8 5.1 4.6 20.9 20.6

Indofood BUY 6,425 8,000 56,414 4,381 4,847 499 552 501 550 5.7% 10.6% 12.9 11.6 6.3 5.6 1.8 1.7 14.5 14.8

Unilever HOLD 45,400 52,000 346,402 7,324 8,326 960 1,091 960 1,091 14.6% 13.7% 47.3 41.6 33.1 29.3 61.4 52.2 141.6 135.6

Kino Indonesia HOLD 1,690 2,100 2,414 115 145 81 101 81 101 -36.4% 25.8% 21.0 16.7 10.6 8.9 1.2 1.1 5.9 7.0

Mayora Indah HOLD 3,120 2,790 69,759 1,277 1,410 57 63 56 63 -5.8% 10.4% 54.6 49.5 27.3 24.2 10.0 8.7 19.5 18.8

Healthcare 72,484 2,700 2,986 104 115 6.5% 11.5% 26.8 24.3 16.9 15.1 4.6 4.1 18.1 17.8

Kalbe Farma HOLD 1,275 1,700 59,766 2,411 2,660 51 57 51 57 4.9% 10.3% 24.8 22.5 15.6 13.9 4.5 4.0 19.1 18.8

Kimia Farma SELL 2,290 1,910 12,719 289 326 52 59 52 59 8.1% 12.7% 44.0 39.0 26.7 23.0 5.2 4.7 12.4 12.6

Heavy Equipment 122,348 7,463 8,439 2,001 2,262 49.2% 13.1% 16.4 14.5 7.2 6.0 2.8 2.5 18.0 18.1

United Tractors BUY 32,800 39,000 122,348 7,463 8,439 2,001 2,262 2,001 2,262 49.2% 13.1% 16.4 14.5 7.2 6.0 2.8 2.5 18.0 18.1

Industrial Estate 11,249 2,352 1,187 38 19 103.6% -49.5% 4.8 9.5 7.8 7.1 0.7 0.7 16.3 7.7

Puradelta Lestari BUY 129 240 6,218 733 746 15 15 14 14 -3.2% 1.8% 8.5 8.3 7.7 7.6 0.8 0.8 9.9 9.9

Bekasi Fajar BUY 246 320 2,373 488 543 51 56 50 56 45.4% 11.3% 4.9 4.4 5.8 5.1 0.6 0.5 13.5 13.2

Surya Semesta HOLD 565 540 2,658 1,131 (103) 240 (22) (119) (32) 1711.1% -109.1% 2.3 (25.9) 11.6 10.6 0.7 0.8 33.2 (2.8)

Media 45,584 2,965 3,365 103 116 3.3% 13.5% 15.4 13.5 9.4 8.6 3.5 3.2 23.6 24.7

Media Nusantara Citra BUY 2,190 3,100 32,021 1,491 1,605 102 110 102 110 -0.6% 7.6% 21.5 20.0 14.8 13.7 8.6 7.7 41.6 40.6

Surya Citra Media BUY 950 1,415 13,562 1,474 1,760 103 123 103 123 7.7% 19.5% 9.2 7.7 5.5 5.0 1.5 1.3 16.4 18.2

Mining 211,319 14,754 17,040 166 192 68.4% 15.5% 14.3 12.4 6.0 5.4 1.7 1.6 12.3 13.4

Adaro Energy BUY 1,760 2,800 56,295 6,283 7,376 196 231 198 231 40.1% 17.4% 9.0 7.6 3.5 3.0 1.2 1.2 14.4 16.0

Timah BUY 825 1,400 6,144 366 377 49 51 49 51 45.2% 3.0% 16.8 16.3 6.9 6.7 1.0 1.0 6.3 6.2

Vale Indonesia HOLD 4,350 3,300 43,223 (74) 233 (7) 23 (7) 23 -394.4% -415.1% (583.6) 185.2 23.3 19.4 1.8 1.9 (0.3) 1.0

Aneka Tambang HOLD 880 1,000 21,147 (264) (68) (11) (3) (11) (3) -507.2% -74.4% (80.1) (312.8) 34.9 36.6 1.2 1.2 (1.4) (0.4)

Bukit Asam BUY 4,380 3,600 50,460 4,476 4,623 412 425 412 425 123.1% 3.3% 10.6 10.3 7.2 6.8 3.7 3.0 37.3 30.5

Indo Tambangraya Megah BUY 24,200 33,200 27,344 3,384 3,903 2,995 3,455 3,232 3,617 93.2% 15.3% 8.1 7.0 3.7 3.2 2.1 1.9 27.1 28.9

Harum Energy HOLD 2,480 3,100 6,705 583 595 216 220 216 220 225.8% 2.1% 11.5 11.3 3.0 2.7 1.6 1.6 14.7 14.1

Plantation 30,350 3,010 2,986 283 281 -1.1% -0.8% 10.1 10.2 5.5 5.2 1.0 0.9 10.3 9.5

Astra Agro Lestari HOLD 10,200 14,800 19,632 1,908 1,851 991 962 984 962 -4.9% -3.0% 10.3 10.6 5.7 5.3 1.1 1.0 10.7 9.6

Sampoerna Agro HOLD 2,350 2,700 4,442 283 301 156 166 156 166 -35.8% 6.4% 15.1 14.2 8.6 8.3 1.2 1.1 8.0 8.0

PP London Sumatra BUY 920 1,700 6,277 819 833 120 122 823 833 37.9% 1.7% 7.7 7.5 3.2 3.0 0.8 0.7 10.3 9.8

Poultry 86,039 4,078 5,292 27 35 -10.9% 29.8% 21.1 16.3 11.1 9.6 3.0 2.5 15.2 16.8

Charoen Pokphand HOLD 3,810 4,000 62,476 2,576 3,405 157 208 182 216 16.0% 32.2% 24.3 18.3 12.7 10.9 3.7 3.2 16.7 18.6

Japfa Comfeed BUY 1,870 1,850 21,929 1,463 1,811 128 159 128 159 -29.2% 23.8% 14.6 11.8 9.0 7.8 2.1 1.8 15.4 16.4

Malindo Feedmill HOLD 730 840 1,634 39 75 18 34 80 110 -86.4% 91.5% 41.5 21.7 5.9 5.4 0.8 0.7 2.0 3.5

Property 91,571 8,450 8,432 70 70 56.5% -0.2% 10.8 10.9 8.4 8.5 1.4 1.3 14.3 12.6

Alam Sutera HOLD 322 400 6,327 1,379 1,435 70 73 70 75 171.1% 4.1% 4.6 4.4 7.1 6.2 0.8 0.7 17.9 16.2

Bumi Serpong Damai BUY 1,410 2,000 27,138 3,909 2,755 203 143 244 182 117.6% -29.5% 6.9 9.8 5.8 7.9 1.1 1.0 17.4 10.8

Ciputra Development BUY 1,000 1,350 18,560 940 1,493 51 80 35 67 -29.7% 58.8% 19.7 12.4 11.9 9.7 1.4 1.2 7.1 10.4

Pakuw on Jati HOLD 580 720 27,933 1,937 2,384 40 49 40 50 14.5% 24.0% 14.6 11.8 10.1 8.7 2.7 2.3 20.4 21.0

Summarecon BUY 805 1,100 11,614 284 364 20 25 31 35 -8.9% 28.3% 40.9 31.9 11.2 10.6 1.8 1.7 4.5 5.5

Retail 78,124 3,402 3,823 69 78 5.1% 12.4% 23.0 20.4 11.7 10.6 5.1 4.6 23.4 23.9

Mitra Adi Perkasa BUY 750 10,000 12,450 347 509 210 308 210 308 66.5% 46.8% 3.6 2.4 8.7 7.4 3.8 3.8 10.7 15.6

Ramayana HOLD 1,350 1,500 9,580 431 462 67 70 67 70 10.9% 4.9% 20.3 19.3 15.0 13.7 2.7 2.5 12.5 12.4

Matahari Department Store BUY 8,025 12,500 23,416 1,928 2,029 661 696 719 777 -4.5% 5.3% 12.1 11.5 7.3 6.5 9.2 7.0 87.8 69.1

Matahari Putra Prima SELL 258 250 1,388 109 112 17 17 17 17 183.4% 2.7% 15.4 15.0 1.4 1.4 0.6 0.5 4.4 4.5

Ace Hardw are BUY 1,300 1,550 22,295 588 711 43 47 43 47 3.2% 9.3% 30.2 27.7 28.3 26.9 6.5 5.9 18.2 19.7

Erajaya Sw asembada BUY 2,820 2,200 8,996 303 339 105 117 105 117 14.9% 11.8% 27.0 24.1 15.0 13.2 2.5 2.3 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 Wednesday, July 18, 2018

Danareksa Sekuritas – Equity SNAPSHOT

LEADERS Price as on Code 17-Jul-18 16-Jul-18 Chg, % w-w, % m-m, % YTD, % Rating

Waskita Karya WSKT 2,030 1,845 10.0 9.7 (13.6) (8.1) BUY

Wijaya Karya WIKA 1,465 1,345 8.9 7.7 (9.6) (5.5) BUY

Pembangunan Perumahan PTPP 2,100 1,985 5.8 (4.5) (20.5) (20.5) BUY

Adhi Karya ADHI 1,660 1,570 5.7 5.7 (13.5) (11.9) BUY

Ramayana RALS 1,350 1,280 5.5 - (9.4) 12.5 HOLD

Bank Tabungan Pensiunan

Nasional

BTPN 4,000 3,810 5.0 7.8 1.3 62.6 HOLD

Wika Beton WTON 392 376 4.3 4.3 (13.3) (21.6) BUY

Waskita Beton WSBP 392 378 3.7 5.4 (3.9) (3.9) BUY

Bukit Asam PTBA 4,380 4,240 3.3 9.8 7.6 78.0 BUY

Erajaya Swasembada ERAA 2,820 2,730 3.3 2.2 0.7 283.7 BUY

Sources: Bloomberg

LAGGARDS Price as on Code 17-Jul-18 16-Jul-18 Chg, % w-w, % m-m, % YTD, % Rating

Mitra Adi Perkasa MAPI 750 780 (3.8) (8.0) (15.3) 21.0 BUY

Bank Mandiri BMRI 6,325 6,550 (3.4) (1.9) (9.0) (20.9) BUY

Kalbe Farma KLBF 1,275 1,320 (3.4) (2.7) (6.3) (24.6) HOLD

Bank Rakyat Indonesia BBRI 2,870 2,970 (3.4) (5.9) (8.6) (21.2) BUY

Vale Indonesia INCO 4,350 4,480 (2.9) 7.9 3.1 50.5 HOLD

Bumi Serpong Damai BSDE 1,410 1,450 (2.8) (9.0) (18.0) (17.1) BUY

Adaro Energy ADRO 1,760 1,800 (2.2) (5.6) (9.0) (5.4) BUY

Aneka Tambang ANTM 880 900 (2.2) 8.6 (2.8) 40.8 HOLD

Indocement INTP 13,325 13,625 (2.2) (4.5) (17.4) (39.3) SELL

Surya Semesta SSIA 565 575 (1.7) 1.8 0.9 9.7 HOLD

Sources: Bloomberg

COVERAGE PERFORMANCE

Equity SNAPSHOT Wednesday, July 18, 2018

Danareksa Sekuritas – Equity SNAPSHOT

PREVIOUS REPORTS

Strategy: Turned into deficit in 2Q despite strong June surplus, Kimia Farma: On-track expansion SnapShot20180717

Bekasi Fajar Industrial Estate: Slow But Sure, Vale Indonesia: Brighter Outlook SnapShot20180713 Ramayana Lestari Sentosa: Modest growth in 1H18 revenues, Trade outlook - June Outlook: Softening on

Seasonality SnapShot20180712 Plantation: June 18 Inventory Increases, Ace Hardware Indonesia: Strong June 2018 revenues and SSSG

SnapShot20180711 Adhi Karya: Expecting more contracts in 2H SnapShot20180710

Plantation: Still Under Pressure in the Short-Term SnapShot20180709

Equity SNAPSHOT Wednesday, July 18, 2018

Danareksa Sekuritas – Equity SNAPSHOT

Adeline Solaiman

adeline.solaiman@danareksa.com (62-21) 2955 888 ext. 3503 Media, 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

Laksmita Armandani

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

Ignatius Teguh Prayoga

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

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, Property

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

Rendy Ben Philips

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

Equity SNAPSHOT Wednesday, July 18, 2018

Danareksa Sekuritas – Equity SNAPSHOT

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