Bahana Beacon Indonesia Morning Brief

Transcription

1 Monday, 25 June 2012 Bahana Beacon Indonesia Morning Brief IDX: 3,889.5 (-0.3%) Turnover: IDR2.9t (-10.1%) Foreign net sell: IDR462.8b (net buy: IDR23.9b) CORPORATE FLASH For details please refer to our separate report(s) Modern Internasional - Company visit notes: MDRN Darling again 4 divisions with 7-Eleven accounting for 49% of revenues Rebirth with growth through 7-Eleven store openings Food capacity expansion underway to back aggressive growth target Outlook & valuation: Attractive growth story = High PE TODAY S NEWS ECONOMICS BI: 2H12 GDP growth to reach 6.4% Private equity companies to invest USD3b in Indonesia Indonesia considers to provide loan to the IMF INDUSTRY BI revealed 3 requirements banks can own more than 40% ownership Pertamina acquired 32% stake in Petrodelta SA Pertamina to import LNG starting in 2013 Gapkindo downgraded 2012 national rubber production forecast CORPORATE BUMI obtained USD5.2b sales contract PTBA and Malaysian firm to establish three JVs Lippo Group to expand to Eastern Indonesia PTPP to finish project in Timor Leste; 5M12 new contracts of IDR2.9t Hess Corporation to invest in Indonesia ECONOMIC INDICATORS MARKET DATA 11A 12F 13F 11A 12F 13F Cur acc bal (%GDP) 0.4 (0.1) 1.0 Op.prof.gwt.(%) Fiscal bal (%GDP) (1.3) (1.5) (1.0) Op.prof.gwt. exc. coal GDP growth (%y-y) EPS growth (%) Private spending (% EPS gwt exc. Coal (%) Investment (%y-y) P/E (x) Total exports (%y-y) P/E exc. coal (x) Total imports (%y-y PEG (x) Inflation (%y-y) PEG exc. coal (x) IDR/USD 9,075 9,150 9,000 EV/EBITDA (x) BI rate (% p.a.) P/BV (x) Oil (USd/bbl) Div. yield (%) FX reserve (USDb) ROE (%) Source: Bahana estimates Source: Bahana estimates INDICES Asia Last Chg% ytd % y-y % Hang Seng (HK) 18,995.1 (1.4) 3.0 (13.1) IDX (Indonesia) 3,889.5 (0.3) KLCI (Malaysia) 1, KOSPI (Korea) 1,847.4 (2.2) 1.2 (10.5) Nikkei (Japan) 8,798.4 (0.3) 4.1 (8.6) PCOMP (Phil.) 5, SENSEX (India) 16,973.8 (0.3) 9.8 (3.3) SET (Thailand) 1,150.9 (0.7) SHCOMP (China) 2,260.9 (1.4) 2.8 (14.7) Shenzhen (China) (1.4) 8.8 (13.3) STI (Singapore) 2,828.1 (0.1) 6.9 (7.1) TWSE (Taiwan) 7,222.1 (0.8) 2.1 (16.2) VNI (Vietnam) (0.9) 21.5 (2.8) Europe, USA and SA CAC 40 (France) 3,090.9 (0.7) (2.2) (18.3) DAX (Germany) 6,263.3 (1.3) 6.2 (12.1) Dow Jones (USA) 12, FTSE 100 (UK) 5,513.7 (0.9) (1.1) (3.2) IBOV (Brazil) 55,439.5 (0.1) (2.3) (9.1) NASDAQ (USA) 2, RTSI (Russia) 1, (7.2) (31.0) S&P 500 (USA) 1, ADRS & COMMODITIES Last Chg% ytd % y-y % TLK US (IDR) 7, (1.3) IIT US (IDR) 3, (36.7) (33.2) BUMI LN (IDR) 47,995 (5.0) (63.2) (72.3) Coal (USD/t) (21.5) (26.8) Corn (USD/mtn) (1.1) (6.8) Coffee (USD/t) 3, (22.3) (29.0) Copper (USD/t) 7,317 (0.3) (3.6) (18.8) Cotton (USD/t) 1,635 (5.1) (19.2) (54.0) CPO (USD/mtn-CIF) 995 (1.0) (4.3) (12.0) DOC (IDR/kg) 5, Gold (USD/oz.) 1, Iron ore (USD/mtn) (0.8) (20.1) Milk (USD/t) 345 (0.1) (8.5) (2.7) Nickel (USD/t) 16, (11.7) (25.3) Oil (USD/barrel) (19.2) (12.4) Pulp (USD/t)* 834 (0.4) 0.1 (18.4) Rice (IDR/kg) 8, Rubber (USD/t) 2,768 (4.1) (15.4) (37.4) Soybean oil (USD/t) 1, (2.6) (8.1) Steel (USD/t) 653 (0.0) (1.5) (13.1) Sugar (USD/t) Tins (USD/t) 18,685 (0.6) (2.4) (26.2) Wheat (USD/t) (9.4) CURRENCIES & RATES Last Prev. Ytd % y-y % AUD/USD USD/EUR IDR/USD 9,510 9, JPY/USD (0.2) SGD/USD (3.8) JIBOR (%) (0.6) (2.1) BI rate (%) (0.3) (1.0) TD 1 month (%) (1.0) (1.3) CDS (bps) (3.82) Source: Bloomberg *Based on weekly price on Tuesday 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.

2 ECONOMICS BI: 2H12 GDP growth to reach 6.4% Perry Warjiyo, Executive Director of Department of Economic Research and Monetary Policy Bank Indonesia, expects that 2H12 GDP could grow to 6.4% y-y on improved investment realization and solid domestic consumption. However, he also stated that the central bank s projection highly depends on condition in Europe, China and India. Bahana: Due to decelerating external trade surplus as global demand remains weak, we expect 2H12 GDP growth to only reach 6.04% y-y. (Investor Daily) Indonesia considers to provide loan to the IMF Due to European debt crisis requiring bailout funds from the International Monetary Fund (IMF), the Indonesian government is considering to provide loan to the IMF. Note that currently the IMF requires around USD350b funds to help European troubled-debt countries in solving their problems. Additionally, several emerging market countries have already committed to provide loans such China (USD43b) and Mexico (USD10b). (Investor Daily) INDUSTRY BI revealed 3 requirements banks can own more than 40% ownership Bank Indonesia s (BI) Deputy Governor, Halim Alamsyah, has revealed 3 requirements for banks or other financial related institutions to have more than 40% up to 90% ownership. The first requirement will be judged from the targeted bank s health and Good Corporate Governance (GCG) rating. The second requirement would need the targeted bank to be a public company. The third requirement would need the bank to agree to purchase mandatory convertible bonds (to equity), which is based on Basel III about buffer conversion to avoid public funds to be used to help troubled bank requiring Bail-out. With the convertible bonds, the bank will emphasize on using its own funds as investors would be more willing to buy bonds which are convertible into shares. Halim added that the 3 requirements on owning more than 40% ownership will only be applied to only under very special case situation. (Investor Daily) Pertamina acquired 32% stake in Petrodelta SA Pertamina has signed a share purchase agreement (SPA) with Harvest Natural Resources (HNR) to acquire 32% ownership of Petrodelta SA, an oil and gas concession holder in Venezuela. The transaction was estimated to reach USD725m. Petrodelta is also owned by Corporacian Venezolana del Petraleo (a subsidiary of Petraleos de Venezuela) with 60% effective ownership and Vinccleer O&G Tech (8% ownership). (Indonesia Finance Today) Pertamina to import LNG starting in 2013 Pertamina plans to import Liquefied Natural Gas (LNG) from Africa and Australia starting 2013 to meet growing domestic market demand. Pertamina s Vice President for commercial and business development Djohardi Angga Kusumah stated Pertamina will take 1mtpa of LNG from each country to be delivered to West Java FSRU. (Jakarta Post) Gapkindo downgraded 2012 national rubber production forecast The Indonesian rubber producer association (Gapkindo) downgraded its 2012 national rubber production from 3m ton to 2.7m ton, down 10% y-y on unsupportive weather condition. January s and February s productions were also below targets on heavy rain. Bahana: This low 2012 rubber production will affect rubber producers such as PP London Sumatra Indonesia (LSIP-HOLD-IDR2,575-TP:IDR2,350), Salim Ivomas (SIMP-BUY-IDR1,320-TP:IDR1,650) and Bakrie Sumatera Plantations (UNSP-HOLD-IDR186-TP:IDR300). (Indonesia Finance Today) Private equity companies to invest USD3b in Indonesia Several private equity companies are ready to invest USD3b to Indonesia. They target local companies with sound prospects particularly in infrastructure, resource-based and consumer goods industry. The private companies are comprised of Saratoga Capital (USD400m), Yawadwipa (USD1b), KKR & Co Hong Kong (USD500m), Falcon House (USD200m) and Northstar (USD820m). (Investor Daily) PT Bahana Securities Equity Research Bahana Beacon - The Daily 2

3 CORPORATE BUMI obtained USD5.2b sales contract Bumi Resources (BUMI-REDUCE-IDR1,210-TP:IDR1,080) has obtained 61.5m tons coal sales volume contract (82% of this year's sales target of 75m tons), with average selling price (ASP) of USD85/ton. Additionally, BUMI has sold 15.8m tons of coal with ASP of USD91.6/ton in 1Q12. Bahana: The contracted average selling price is still in line with our estimate of USD86.6/ton, while we expect BUMI sales volume only to reach 68.4m tons, 9% below the management s target. (Investor Daily) PTBA and Malaysian firm to establish three JVs Bukit Asam (PTBA-HOLD-IDR14,300-TP:IDR13,100) has signed a deal with a Malaysian electricity company Tenaga Nasional Berhad (TNB) and Perusahaan Listrik Negara (PLN) to develop mining sites in Riau. PTBA has agreed to form three joint ventures (JV) consisting of a firm to develop PTBA s mining sites in Peranap (51% ownership), a firm to manage construction of 2x600MW mine mouth power plant (25% ownership) and a firm to develop 275kV interconnection line from Telok Gong in Melaka to Garuda Sakti in Sumatra (10% ownership). (Jakarta Post) Lippo Group to expand to Eastern Indonesia Lippo Group will continue its expansions to Eastern Indonesia with total investment reaching IDR3.6t (USD379m). Lippo will build malls, retail areas and memorial parks in East Indonesia as the company views Indonesia s growth and economic center will move towards this area. The group targets to build 50 new malls by This year, the company will build another 6 new malls. Bahana: We believe some of these expansions will be done through Lippo Karawaci (LPKR-BUY-IDR780-TP:IDR1,110), supporting the company's growing recurring revenue ahead, in our view. (Investor Daily) PTPP to finish project in Timor Leste; 5M12 new contracts of IDR2.9t PTPP (PTPP-BUY-IDR600-TP:IDR770) is planning to finish its neighboring project in Timor Leste in 3Q12. The project worth USD22m is the construction of new office building for Timor Leste s Ministry of Finance in Aitarac Laran, Dilli. This project will be PTPP s last overseas project this year, as the company plans to focus on domestic projects ahead. Separately, PTPP has obtained new contracts amounting to IDR2.9t in 5M12. This translates to 17.2% of total 2012 new contracts projection of IDR16.8t. (Indonesia Finance Today) Hess Corporation to invest in Indonesia US oil firm Hess Corporation aims to boost its investment in the oil and gas industry in Indonesia over the next 10 years. The company wanted to increase its investment by between USD1.2b to USD2b. Hess is the operator of Pangkah oil and gas block in Tegal, Central Java. (Jakarta Globe) PT Bahana Securities Equity Research Bahana Beacon - The Daily 3

4 BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET Up/(Downside) PRICE Potential (%) 6/25/2012 6/22/2012 CHANGE (%) Surya Citra Media SCMA BUY 10, ,550 9, Indomobil Sukses International IMAS BUY 10, ,900 6, Garuda Indonesia GIAA BUY Gozco Plantations GZCO HOLD Astra International ASII HOLD 7, ,850 6, Perusahaan Gas Negara PGAS BUY 4, ,475 3, XL Axiata EXCL HOLD 5,500 (8.3) 6,000 5, Delta Dunia Makmur DOID HOLD Gajah Tunggal GJTL HOLD 2, ,350 2, Japfa Comfeed Indonesia JPFA BUY 5, ,725 4, Semen Gresik SMGR BUY 14, ,300 11, Sampoerna Agro SGRO UR 4, ,850 2, Indosat ISAT REDUCE 4, ,775 3, Bakrie Sumatra Plantations UNSP HOLD Gudang Garam GGRM BUY 71, ,000 58, Bakrie Telekomunikasi BTEL REDUCE 50 (75.0) Bank Bukopin BBKP HOLD Bank Danamon BDMN HOLD 5,600 (5.1) 5,900 5, Bank Negara Indonesia BBNI BUY 5, ,775 3, Cardig Aero Service CASS BUY Citra Marga Nusaphala Persada CMNP BUY 2, ,050 2, Indocement INTP HOLD 20, ,850 16, Indofood CBP Sukses Makmur ICBP BUY 7, ,750 5, Indofood Sukses Makmur INDF BUY 6, ,825 4, Jasa Marga JSMR BUY 6, ,350 5, Kalbe Farma KLBF BUY 4, ,800 3, Lippo Karawaci LPKR BUY 1, Nippon Indosari Corpindo ROTI BUY 4, ,850 3, Pelat Timah Nusantara NIKL UR Pembangunan Perumahan PTPP BUY Ramayana Lestari Sentosa RALS HOLD 1, Sarana Menara Nusantara TOWR BUY 18, ,500 15, Total Bangun Persada TOTL BUY Tempo Scan Pacific TSPC BUY 3, ,825 2, Wijaya Karya WIKA BUY 1, Wintermar Offshore WINS BUY IDX IDX 3,890 3,902 (0.3) Medco Energy MEDC BUY 3, ,810 1,820 (0.5) Summarecon Agung SMRA BUY 2, ,500 1,510 (0.7) Bank Mandiri BMRI BUY 8, ,200 7,250 (0.7) BW Plantation BWPT BUY 1, ,430 1,440 (0.7) Mitra Adiperkasa MAPI BUY 8, ,900 6,950 (0.7) Aneka Tambang ANTM REDUCE 1, ,340 1,350 (0.7) Charoen Pokphand Indonesia CPIN HOLD 2,925 (7.1) 3,150 3,175 (0.8) Adhi Karya ADHI BUY 1, (1.0) Kawasan Industri Jababeka KIJA BUY (1.1) Bank Jabar Banten BJBR BUY 1, (1.1) Telekomunikasi Indonesia TLKM * * * 7,750 7,850 (1.3) Bank Central Asia BBCA HOLD 8, ,250 7,350 (1.4) AKR Corporindo AKRA HOLD 4, ,475 3,525 (1.4) Agung Podomoro Land APLN HOLD (1.5) Ciputra Property CTRP BUY (1.5) Ciputra Development CTRA BUY (1.5) Salim Ivomas Pratama SIMP BUY 1, ,300 1,320 (1.5) Lippo Cikarang LPCK BUY 5, ,200 3,250 (1.5) Bank Rakyat Indonesia BBRI BUY 8, ,950 6,050 (1.7) Borneo Lumbung Energi BORN REDUCE 480 (15.8) (1.7) Harum Energy HRUM REDUCE 5,300 (3.6) 5,500 5,600 (1.8) United Tractors UNTR HOLD 23, ,700 22,100 (1.8) Indo Tambangraya Megah ITMG REDUCE 29,750 (18.3) 36,400 37,150 (2.0) Surya Semesta Internusa SSIA HOLD 1, (2.0) Indika Energy INTP UR 3, ,830 1,870 (2.1) Bumi Resources BUMI REDUCE 1,080 (10.7) 1,210 1,240 (2.4) Bayan Resources BYAN REDUCE 6,000 (47.4) 11,400 11,700 (2.6) Unilever Indonesia UNVR HOLD 18,250 (20.8) 23,050 23,700 (2.7) Timah TINS REDUCE 1, ,380 1,420 (2.8) London Sumatra Indonesia LSIP HOLD 2,350 (6.0) 2,500 2,575 (2.9) Bukit Asam PTBA HOLD 13,100 (8.4) 14,300 14,750 (3.1) Bank Tabungan Negara BBTN BUY 1, ,250 1,290 (3.1) Bumi Serpong Damai BSDE BUY 1, ,210 1,250 (3.2) Adaro Energy ADRO REDUCE 1,120 (18.2) 1,370 1,420 (3.5) Alam Sutera Realty ASRI BUY (3.8) Astra Agro Lestari AALI HOLD 18,500 (8.6) 20,250 21,200 (4.5) Vale Indonesia INCO HOLD 3, ,500 2,625 (4.8) Source: Bloomberg *In regard to the engagement letter from the companies, PT. Bahana Securities will not produce the companies ratings and target prices during the engagement period to ensure the opinions given are fair and reasonable. PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

5 BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Weekly) COMPANY STOCK CODE RATING TARGET Up/(Downside) PRICE Potential (%) 6/25/2012 6/18/2012 CHANGE (%) Charoen Pokphand Indonesia CPIN HOLD 2,925 (7.1) 3,150 2, Gozco Plantations GZCO HOLD BW Plantation BWPT BUY 1, ,430 1, Japfa Comfeed Indonesia JPFA BUY 5, ,725 4, Aneka Tambang ANTM REDUCE 1, ,340 1, Bank Danamon BDMN HOLD 5,600 (5.1) 5,900 5, Unilever Indonesia UNVR HOLD 18,250 (20.8) 23,050 20, Surya Semesta Internusa SSIA HOLD 1, Salim Ivomas Pratama SIMP BUY 1, ,300 1, Agung Podomoro Land APLN HOLD Bank Rakyat Indonesia BBRI BUY 8, ,950 5, Astra International ASII HOLD 7, ,850 6, Delta Dunia Makmur DOID HOLD Wijaya Karya WIKA BUY 1, Lippo Cikarang LPCK BUY 5, ,200 2, Gudang Garam GGRM BUY 71, ,000 55, Surya Citra Media SCMA BUY 10, ,550 8, Indo Tambangraya Megah ITMG REDUCE 29,750 (18.3) 36,400 34, Bank Tabungan Negara BBTN BUY 1, ,250 1, Sampoerna Agro SGRO UR 4, ,850 2, Vale Indonesia INCO HOLD 3, ,500 2, Bank Jabar Banten BJBR BUY 1, Bank Mandiri BMRI BUY 8, ,200 6, Bumi Serpong Damai BSDE BUY 1, ,210 1, Adhi Karya ADHI BUY 1, Summarecon Agung SMRA BUY 2, ,500 1, Semen Gresik SMGR BUY 14, ,300 10, Indofood Sukses Makmur INDF BUY 6, ,825 4, AKR Corporindo AKRA HOLD 4, ,475 3, Garuda Indonesia GIAA BUY Jasa Marga JSMR BUY 6, ,350 5, Telekomunikasi Indonesia TLKM * * * 7,750 7, Indofood CBP Sukses Makmur ICBP BUY 7, ,750 5, IDX IDX 3,890 3, Timah TINS REDUCE 1, ,380 1, Bank Central Asia BBCA HOLD 8, ,250 7, Bank Negara Indonesia BBNI BUY 5, ,775 3, London Sumatra Indonesia LSIP HOLD 2,350 (6.0) 2,500 2, Mitra Adiperkasa MAPI BUY 8, ,900 6, Medco Energy MEDC BUY 3, ,810 1, Bank Bukopin BBKP HOLD Pembangunan Perumahan PTPP BUY Ramayana Lestari Sentosa RALS HOLD 1, Sarana Menara Nusantara TOWR BUY 18, ,500 15, Adaro Energy ADRO REDUCE 1,120 (18.2) 1,370 1,380 (0.7) Astra Agro Lestari AALI HOLD 18,500 (8.6) 20,250 20,400 (0.7) Nippon Indosari Corpindo ROTI BUY 4, ,850 3,900 (1.3) Indika Energy INDY UR 3, ,830 1,860 (1.6) Indosat ISAT REDUCE 4, ,775 3,850 (1.9) Wintermar WINS BUY (2.3) Indocement INTP HOLD 20, ,850 17,250 (2.3) Lippo Karawaci LPKR BUY 1, (2.5) Tempo Scan Pacific TSPC BUY 3, ,825 2,900 (2.6) Kalbe Farma KLBF BUY 4, ,800 3,925 (3.2) XL Axiata EXCL HOLD 5,500 (8.3) 6,000 6,200 (3.2) Citra Marga Nusaphala Persada CMNP BUY 2, ,050 2,125 (3.5) Total Bangun Persada TOTL BUY (3.9) Gajah Tunggal GJTL HOLD 2, ,350 2,450 (4.1) Bukit Asam PTBA HOLD 13,100 (8.4) 14,300 15,000 (4.7) Cardig Aero Service CASS BUY (5.1) Perusahaan Gas Negara PGAS BUY 4, ,475 3,675 (5.4) United Tractors UNTR HOLD 23, ,700 23,000 (5.7) Pelat Timah Nusantara NIKL UR (6.7) Ciputra Property CTRP BUY (7.0) Ciputra Development CTRA BUY (7.1) Alam Sutera Realty ASRI BUY (7.4) Kawasan Industri Jababeka KIJA BUY (8.0) Bayan Resources BYAN REDUCE 6,000 (47.4) 11,400 12,500 (8.8) Borneo Lumbung BORN REDUCE 480 (15.8) (9.5) Harum Energy HRUM REDUCE 5,300 (3.6) 5,500 6,100 (9.8) Indomobil Sukses International IMAS BUY 10, ,900 7,975 (13.5) Bumi Resources BUMI REDUCE 500 (58.7) 1,210 1,410 (14.2) Bakrie Sumatra Plantations UNSP HOLD (16.9) Bakrieland Development ELTY REDUCE (20.8) Source: Bloomberg *In regard to the engagement letter from the companies, PT. Bahana Securities will not produce the companies ratings and target prices during the engagement period to ensure the opinions given are fair and reasonable. PT Bahana Securities Equity Research Bahana Beacon - The Daily 5

6 JCI Code Rating Price TP # of shares Free float Mkt cap* 3M avg to* Revenue (IDRb)* EPS growth (%) Opt. profit (IDRb)* PER (x) EV/EBITDA (x) Net gearing (%) Net profit (IDRb)* P/BV (x) Yield (%) ROAE (%) (IDR) (IDR) (m) (%) (IDRb) (IDRb) , ,244 38,266 2,193 3,028 1,280 1, AERO SERVICE N GIAA BUY , , ,177 37,066 1,923 2,728 1,177 1, C ASS BUY , , ,067 1, nc nc AUTO & EQUIP. OW 388, , ,837 32,267 36,680 28,773 32, ASII HOLD 6,850 7,300 40, , , ,480 19,625 21,117 19,033 20, UNTR HOLD 21,700 23,000 3, , ,402 78,706 9,552 11,647 7,142 8, nc nc IMAS BUY 6,900 10,500 2, , ,906 32,212 1,013 1,289 1,393 1, GJTL HOLD 2,350 2,750 3, , ,655 13,961 1,165 1, , nc DOID HOLD , , ,169 9, , BANKING N 645, , ,576 71,198 81,423 56,446 64, na na na na BBCA HOLD 7,250 8,900 24, , ,287 34,814 14,338 16,362 11,766 13, na na na na BMRI BUY 7,200 8,700 23, , ,080 50,026 18,226 21,079 13,686 15, na na na na BBRI BUY 5,950 8,300 24, , ,050 51,862 20,064 22,438 17,044 19, na na na na BBNI BUY 3,775 5,200 18, , ,842 27,553 8,398 9,885 6,869 8, na na na na BDMN HOLD 5,900 5,600 9, , ,789 21,093 5,951 6,778 3,820 4, na na na na BJBR BUY 910 1,320 9, , ,132 4,820 1,566 1,833 1,206 1, na na na na BBTN BUY 1,250 1,850 8, , ,762 5,531 1,583 1,805 1,193 1, na na na na BBKP HOLD , , ,391 3,877 1,073 1, , na na na na CEMENT OW 129, ,670 40,750 11,412 13,012 9,058 10, nc nc INTP HOLD 16,850 20,000 3, , ,727 19,088 5,712 6,425 4,470 5, nc nc SMGR BUY 11,300 14,400 5, , ,943 21,662 5,700 6,587 4,588 5, nc nc CONSTRUC. OW 28, ,743 37,009 3,448 4,267 1,644 2, TOWR BUY 15,500 18,000 1, , ,061 2,403 1,144 1, WIKA BUY 990 1,200 6, , ,669 11, , nc nc PTPP BUY , , ,280 9, TOTL BUY , , ,922 2, nc nc ADHI BUY 980 1,200 1, , ,811 11, CONSUMER OW 438, , ,457 29,063 32,592 19,548 22, UNVR HOLD 23,050 18,250 7, , ,178 31,378 6,270 7,223 4,734 5, GGRM BUY 59,000 71,000 1, , ,355 51,881 7,695 8,464 5,544 6, nc INDF BUY 4,825 6,000 8, , ,961 52,882 7,511 8,100 3,484 3, nc nc KLBF BUY 3,800 4,500 10, , ,247 15,408 2,262 2,614 1,735 2, nc nc IC BP BUY 5,750 7,200 5, , ,649 23,582 3,049 3,385 2,276 2, nc nc TSPC BUY 2,825 3,800 4, , ,796 7, , nc nc MAPI BUY 6,900 8,400 1, , ,568 9, RALS HOLD 910 1,000 7, , ,335 8, nc nc ROTI BUY 3,850 4,800 1, , ,124 1, nc MEDIA 18, ,681 3,097 1,433 1,716 1,083 1, nc nc SC MA BUY 9,550 10,450 1, , ,681 3,097 1,433 1,716 1,083 1, nc nc MINING N 260, , ,496 63,084 51,502 39,730 34,511 (6.8) (19.6) ADRO REDUC E 1,370 1,120 31, , ,363 33,122 10,848 8,608 4,901 3,685 (5.6) (26.0) BYAN REDUC E 11,400 6,000 3, , ,531 19,241 6,081 4,845 4,643 3,735 (12.6) (26.4) nc nc BUMI REDUC E 1,210 1,080 20, , ,888 32,831 8,794 6,606 2,296 1, (20.5) ITMG REDUC E 36,400 29,750 1, , ,531 19,241 6,081 4,845 5,136 5,560 (10.4) (20.0) nc nc PTBA HOLD 14,300 13,100 2, , ,733 10,944 3,868 2,866 3,293 2, (24.4) nc nc INC O HOLD 2,500 3,200 9, , ,645 12,531 3,801 4,702 2,712 3,447 (14.6) nc nc HRUM REDUC E 5,500 5,300 2, , ,560 7,941 2,252 1,809 1,570 1, (22.0) nc nc ANTM REDUC E 1,340 1,500 9, , ,181 10,304 1,837 1,948 1,764 1,806 (8.5) nc nc BORN REDUC E , , ,664 64,558 17,990 13,561 10,881 7,771 (37.4) (28.6) INDY UR 1,830 3,200 5, , ,182 6, ,602 1, TINS REDUC E 1,380 1,500 5, , ,692 9,833 1,231 1, , nc nc OIL & GAS N 103, ,250 61,490 9,507 10,603 7,367 8,406 (12.0) PGAS BUY 3,475 4,400 24, , ,203 28,798 8,263 9,079 6,513 7, nc nc AKRA HOLD 3,475 4,700 3, , ,835 31, , nc nc MEDC BUY 1,810 3,200 3, , , , (24.8) PLANTATIONS N 84, ,737 46,216 10,903 12,301 7,194 8,129 (10.6) AALI HOLD 20,250 18,500 1, , ,787 12,664 2,897 3,147 2,116 2,294 (12.1) nc nc SIMP BUY 1,300 1,650 15, , ,249 15,557 3,402 3,732 1,825 2, LSIP HOLD 2,500 2,350 6, , ,999 5,335 2,027 2,184 1,708 1, nc nc SGRO UR 2,850 4,100 1, , ,193 3, (18.0) nc nc BWPT BUY 1,430 1,950 4, , ,116 1, UNSP HOLD , , ,741 6,772 1,232 1, (29.0) GZCO HOLD , , POULTRY OW 61, ,514 43,618 5,510 6,266 4,125 4, C PIN HOLD 3,150 2,925 16, , ,813 23,595 4,010 4,567 3,261 3, nc nc JPFA BUY 4,725 5,100 2, , ,702 20,023 1,500 1, , PROPERTY OW 90, ,547 35,648 8,421 11,112 5,777 7, BSDE BUY 1,210 1,810 17, , ,375 3,973 1,165 1,403 1,038 1, nc nc LPKR BUY 780 1,110 23, , ,999 5,733 1,190 1, ASRI BUY , , ,268 3,132 1,188 1, nc C TRA BUY , , ,983 4, , nc SMRA BUY 1,500 2,350 6, , ,936 3, APLN HOLD , , ,453 5,258 1,194 1, SSIA HOLD 970 1, , ,329 3, , nc nc C TRP BUY , , , nc KIJA BUY , , ,950 2, LPC K BUY 3,200 5, , ,583 2, SHIPPING N 1, ,046 1, WINS BUY , , ,046 1, TELCOS N , , ,138 31,232 33,175 16,029 17, TLKM ** 7,750 ** 20, , ,452 78,704 23,461 24,527 11,906 12, EXC L HOLD 6,000 5,500 8, , ,091 21,414 4,796 5,327 3,163 3, ISAT REDUC E 3,775 4,500 5, , ,667 23,028 3,224 3,481 1,661 1, BTEL REDUC E , , ,838 2,992 (249) (160) (700) (679) 10.2 (3.0) (8.1) (8.4) (17.6) (20.7) TINPLATE N ,686 1, nc nc NIKL UR , ,686 1, nc nc TOLL ROAD N 40, ,744 7,634 3,221 3,646 1,912 2, JSMR BUY 5,350 6,500 6, , ,815 6,638 2,704 3,087 1,529 1, C MNP BUY 2,050 2,700 2, , nc nc Market OW 2,542,350 2,969 1,275,121 1,411, , , , , Note: *Total, **In regard to the engagement letter from the companies, PT. Bahana Securities will not produce the companies ratings and target prices during the engagement period to ensure the opinions given are fair and reasonable. OW: Overweight, N: Neutral, UW: Underweight, UR: Under Review *** Theoretical ex-rights price based on current price ++ Post-rights PT Bahana Securities Equity Research Bahana Beacon - The Daily 6

7 Global Business and Economic Indicators Agenda Date Time Country Event Period Consensus Actual Prior 06/19/ :00 BZ Trade Balance (FOB) - Weekly Jun $389M -$627M 06/19/ :30 AU Reserve Bank Board June Minutes 06/19/ :00 JN Leading Index CI APR F /19/ :00 JN Coincident Index CI APR F /19/ :45 FR Own-Company Production Outlook JUN /19/ :45 FR Production Outlook Indicator JUN /19/ :45 FR Business Confidence Indicator JUN /19/ :00 BZ FIPE CPI - Weekly Jun /19/ :30 UK CPI (YoY) MAY /19/ :30 UK Retail Price Index MAY /19/ :30 UK RPI (YoY) MAY /19/ :00 EC Construction Output WDA YoY APR % 06/19/ :00 GE Zew Survey (Current Situation) JUN /19/ :00 EC ZEW Survey (Econ. Sentiment) JUN /19/ :00 GE ZEW Survey (Econ. Sentiment) JUN /19/ :30 CA Wholesale Sales MoM APR /19/ :30 US Housing Starts MAY 722K K 06/19/ :30 US Building Permits MAY 730K K 06/19/ :30 US Building Permits MOM% MAY /19/ :00 US JOLTs Job Openings APR /19/2012 HK Composite Interest Rate MAY Global Economic Forecasts and Calendar Indicator Period Release Previous Consensus Actual Indonesia CPI inflation (%, y-y) Jan ½ GDP (%, y-y) 4Q 2/ Reference rate (%) Feb 2/ FX reserves (USDb) Jan 2/ China CPI inflation (%, y-y) Jan 2/ GDP (%, y-y) 4Q 2/ Reference rate (%) Feb Unemployment rate (%) Sep Japan CPI inflation (%, y-y) Des 1/ GDP (%, y-y) 4Q Reference rate (%) Feb 2/ Unemployment rate (%) Des 2/ India CPI inflation (%, y-y) Jan 2/ GDP (%, y-y) 4Q 2/ Reference rate (%) Feb 2/ Singapore CPI inflation (%, y-y) Jan 2/ GDP (%, y-y) 4Q 2/ Reference rate (%) Feb Unemployment rate (%) Des 2/ Malaysia CPI inflation (%, y-y) Des 2/ GDP (%, y-y) 4Q 2/ Reference rate (%) Feb 2/ Unemployment rate (%) Des 1/ Thailand CPI inflation (%, y-y) Jan 2/ GDP (%, y-y) 4Q 2/ Reference rate (%) Feb 2/ Unemployment rate (%) Dec 1/ US CPI inflation (%, y-y) Jan 2/ GDP (%, y-y) 4Q 2/ Reference Rate (%) Feb 2/ Unemployment rate (%) Jan 2/ Source: Bloomberg PT Bahana Securities Equity Research Bahana Beacon - The Daily 7

8 AGM & EGM SCHEDULE Corporate Actions Corporate Date Time AGM Pacific Strategic Financial 6/25/ :00 AGM Danasupra Erapacific 6/25/ :00 AGM Skybee 6/25/ :00 AGM Century Textile Industry 6/22/2012 9:30 AGM Delta Dunia Makmur 6/22/ :30 AGM Ricky Putra Globalindo 6/22/2012 9:00 Source: Bloomberg DIVIDEND SCHEDULE Corporate Price Cash Yield Ex Record Payment Ticker (IDR) (IDR) (%) date date date Delta Djakarta 180,000 9, % 6/6/2012 6/8/2012 6/22/2012 DLTA IJ Arwana Citramulia % 6/12/2012 6/14/2012 6/28/2012 ARNA IJ medco Energi Internasional 2, % 6/4/2012 6/6/2012 6/20/2012 MEDC IJ Tunas Ridean % 6/4/2012 6/6/2012 6/20/2012 TURI IJ Jasa Marga 5, % 6/5/2012 6/7/2012 6/21/2012 JSMR IJ Indocement Tunggal Prakarsa 17, % 6/19/2012 6/21/2012 7/5/2012 INTP IJ Bumi Resources 1, % 6/20/2012 6/22/2012 7/6/2012 BUMI IJ Indofood CBP Sukses Makmur 5, % 7/16/2012 7/18/2012 7/31/2012 ICBP IJ Indofood Sukses Makmur 4, % 7/18/2012 7/20/2012 8/3/2012 INDF IJ Aneka Tambang Persero 1, % 6/28/2012 7/2/2012 7/16/2012 ANTM IJ Asuransi Ramayana 1, % 6/19/2012 6/21/2012 7/5/2012 ASRM IJ Indospring 5, % 6/19/2012 6/21/2012 7/5/2012 INDS IJ Bisi International % 6/19/2012 6/21/2012 7/5/2012 BISI IJ Elang Mahkota Teknologi 4, % 6/20/2012 6/22/2012 7/6/2012 EMTK IJ Gajah Tunggal 2, % 6/20/2012 6/22/2012 7/6/2012 GJTL IJ J.A. Wattie % 6/20/2012 6/22/2012 7/5/2012 JAWA IJ Goodyear Indonesia 11, % 6/21/2012 6/25/2012 7/9/2012 GDYR IJ Elang Mahkota 4, % 6/19/2012 6/22/2012 7/6/2012 EMTK IJ Jaya Agra Wattie % 6/20/2012 6/22/2012 7/5/2012 JAWA IJ Suparma % 6/21/2012 6/25/2012 7/9/2012 SPMA IJ Agung Podomoroland % 6/28/2012 7/2/2012 7/16/2012 APLN IJ Tunas Baru Lampung % 7/6/2012 7/10/2012 7/24/2012 TBLA IJ Sampoerna Agro % 7/6/2012 7/10/2012 7/20/2012 SGRO IJ Colorpak Indonesia % 7/13/2012 7/17/2012 7/31/2012 CLPK IJ Citra Marga Nusaphala % 7/6/2012-7/24/2012 CMNP IJ Fastfood Indonesia % 7/19/2012 7/23/2012 7/24/2012 FAST IJ Plaza Indonesia 1, % 8/14/2012 8/16/2012 9/5/2012 PLIN IJ Japfa Comfeed Indonesia % JPFA IJ Mandala Multifinance % 8/15/2012 8/23/2012 9/6/2012 MFIN IJ Krakatau Steel % KRAS IJ Alam Sutera Realty % ASRI IJ Bakrie Sumatera Plantations % UNSP IJ Unggul Indah Cahaya % 7/11/2012-7/27/2012 UNIC IJ Source: Bloomberg *Interim Dividend COMPANY/SITE VISITS/EVENTS Date Time Description Analyst Monday, 25 June :00 GTBO company visit Irwan Budiarto PT Bahana Securities Equity Research Bahana Beacon - The Daily 8

9 Actual and upcoming IPOs, No Code Date Company name Industry Amount Public (IDRb) (%) 1 EMDE 1/12/11 Megapolitan Development Property MBTO 1/13/11 Martina Berto Cosmetics GIAA 2/11/11 Garuda Indonesia Aviation 4, Q11 total 5,227 4 MBSS 4/6/11 Mitra Bahtera Segara Sejati Coal shipping SRAJ 4/11/11 Sejahteraraya Anugrahjaya Hospital management HDFA 5/11/11 HD Finance Motorcycle financing BULL 5/23/11 Buana Listya Tama Shipping 1, JAWA 5/30/11 Jaya Agra Wattie Plantation SIMP 6/9/11 Salim Ivomas Agribusiness 3, MTLA 6/20/11 Metropolitan Land Property Q11 total 5, TIFA 7/8/11 Tifa Finance Finance SDMU 7/12/11 Sidomulyo Selaras Transportation PTIS 7/12/11 Indo Straits Shipping ALDO 7/12/11 Alkindo Naratama Paper processing STAR 7/13/11 Star Petrochem Plastic Manufacture SMRU 10/10/11 SMR Utama Mining SUPR 10/11/11 Solusi Tunas Pratama Telecommunication ARII 11/8/11 Atlas Resources Mining GEMS 11/17/11 Golden Energy Mining 2, VIVA 11/21/11 Visi Media Asia Media 4, CASS 12/05/11 Cardig Aero Service Aviation service ABMM 12/06/11 ABM Investama Coal mining 2, ERAA 12/14/11 Erajaya Swasembada Cellular distribution 3, GWSA 12/23/11 Greenwood Sejahtera Property BAJA 12/21/11 Sarana Central Bajatama Steel total 14, PADI 1/9/12 Minna Padi Investama Financial market TELE 1/12/12 Tiphone Mobile Indonesia Cellular distribution ESSA 2/1/12 Surya Esa Perkasa Petroleum gas BEST 4/10/12 Bekasi Fajar Industrial Estates Industrial estates RANC 5/14/12 Supra Boga Lestari Retail Semen Baturaja Cement 1, Express Transindo Utama Transportation Pertamina Drilling Service Oil & gas services Geothermal Energy Energy Garuda Maintenance Facility Aviation service Air Asia Indonesia Aviation 1, Bumi Kencana Eka Sakti Coal mining 1, Cipaganti group Transportation Aditech Cakrawiyasa Household goods Tugu Pratama Insurance MNC Sky Vision Media 2, Riau Baraharum Coal mining 5, Waskita Karya Construction Bahtera Niaga Internasional Shipping Telesindo Shop Telecommunication PLN Enjiniring Electricity Prima Jaya Kreasi Entertainment Asuransi Mitra Maparya Insurance Newmont Nusa Tenggara Mining 8, Bank Jatim Banks 1, Lion Air Aviation 9, Bank Sulut Banks Bank Mitraniaga Banks Hutama Karya Construction Toba Bara Sejahtera Mining 3, Angkasa Pura I Airport services GarudaFood Food & beverage Intan Baruprana Heavy equipment financing Mitratel Telecommunication Tri Banyan Consumer Krakatau Wajatama Steel Bank Sumut Banks Eka Sari Lorena Transport Transportation Trisula International Fashion distribution total 40,500 Grand total 66,175 PT Bahana Securities Equity Research Bahana Beacon - The Daily 9

10 Actual and upcoming rights issues, No Code Ex-rights date Company name Industry Amount (IDRb) 1 BMRI 1/26/11 Bank Mandiri Banks 11,684 2 AMRT 1/24/11 Sumber Alfaria Trijaya Retail 1,039 3 BBKP 1/20/11 Bank Bukopin Banks 1,066 4 PBRX 1/24/11 Pan Brothers Textile EPMT 2/1/11 Enseval Putra Megatrading Pharmacy distribution 300 1Q11 total 14,522 6 ABDA 4/28/11 Asuransi Bina Dana Arta Insurance INDS 5/16/11 Indospring Automotive components UNTR 6/3/11 United Tractors Heavy equipment 6,100 9 DOID 6/27/11 Delta Dunia Makmur Mining contracting 1, BVIC 6/27/11 Bank Victoria Banks 199 2Q11 total 7, IMAS 7/1/11 Indomobil Sukses Internasional Automotive 2, KREN 7/8/11 Kresna Graha Securindo Financial APIC 7/5/11 Pasific Strategic Financial Financial LPPS 7/6/11 Lippo Securities Finance BDMN 9/28/11 Bank Danamon Banks 4, AISA 10/2/11 Tiga Pilar Sejahtera Food Consumer AMAG 10/4/11 Asuransi Multi Artha Guna Insurance KIJA 10/14/11 Kawasan Industri Jababeka Construction 1, BEKS 10/21/11 Bank Pundi Indonesia Banks CFIN 10/24/11 Clipan Finance Financing PNLF 11/3/11 Panin Financial Financial DKFT 12/2/11 Central Omega Resources Mining PWON 12/9/11 Pakuwon Jati Property 1, PSAB 12/23/11 Pelita Sejahtera Abadi Trading 1, MDLN 12/23/11 Moderland Realty Property MASA 12/28/11 Multistrada Arah Sarana Automotive components 1,500 2H11 total 18, FREN Smartfren Telecom Telecommunication 1, MITI Mitra Investindo Granite RAJA Rukun Raharja Property OKAS Ancora Indonesia Mining TPIA Chandra Asri Petrochemical 3, INTA Intraco Penta Heavy equipment 4, IGAR Champion pacific Indonesia Basic industry SMMA Sinar Mas Multi Artha Financial 1, CMNP Citra Marga Nushapala Toll road BKSL Sentul City Property BABP ICB Bumiputera Banks total 12,470 Grand total 53,117 Source: Various media PT Bahana Securities Equity Research Bahana Beacon - The Daily 10

11 1Q12 Results Round ups Operating profit Net profit No Company Code (IDRb) (IDRb) Actual Bahana (%) Comment Actual Bahana (%) Comment 1 Gajah Tunggal GJTL Above Above 2 Lippo Cikarang LPCK Above Above 3 Ciputra Property CTRP Above Above 4 Perusahaan Gas Negara* PGAS Above Above 5 Alam Sutera Realty ASRI Above Above 6 Surya Semesta Internusa SSIA Above Above 7 Cita Marga Nusaphala CMNP Below Above 8 Summarecon Agung SMRA Above Above 9 Ramayana Lestari Sentosa RALS Below Above 10 Bumi Serpong Damai BSDE In line Above 11 Indofood CBP Sukses Makmur ICBP Above Above 12 Charoen Pokphand Indonesia CPIN 1, Above Above 13 Wintermar Offshore Marine WINS Above Above 14 Bank Rakyat Indonesia BBRI 5,147 4, In line 4,233 3, In line 15 Kalbe Farma KLBF In line In line 16 Indofood Sukses Makmur INDF 2 1, Above In line 17 Bank Tabungan Negara BBTN In line In line 18 Bank Mandiri BMRI 4,316 4, In line 3,403 3, In line 19 Ciputra Development CTRA Above In line 20 Jasa Marga JSMR In line In line 21 United Tractors UNTR 1,932 1, In line 1,527 1, In line 22 Unilever Indonesia UNVR 1,570 1, In line 1,163 1, In line 23 Indomobil Sukses International IMAS Below In line 24 Bank Danamon BDMN 1,385 1, In line In line 25 Semen Gresik SMGR 1,256 1, In line 1,011 1, In line 26 Pelat Timah Nusantara NIKL (7) (6) 88.6 Below (11) (11) In line 27 Total Bangun Persada TOTL Below In line 28 AKR Corporindo AKRA In line In line 29 Harum Energy HRUM In line In line 30 Gudang Garam GGRM 1,743 1, In line 1,209 1, In line 31 Astra International ASII 4,660 4, In line 4,647 4, In line 32 Timah TINS In line In line 33 Mitra Adiperkasa MAPI Above In line 34 Salim Ivomas Pratama SIMP Below Below 35 Wijaya Karya WIKA In line Below 36 BW Plantation BWPT Below Below 37 Xl Axiata EXCL 1,178 1, In line Below 38 Cardig Aero Service CASS In line Below 39 Bank Jabar Banten BJBR In line Below 40 Indocement Tunggal Prakarsa INTP 1,208 1, Below 1,000 1, Below 41 Gozco Plantations GZCO Below Below 42 Surya Citra Media SCMA Below Below 43 Bank Central Asia BBCA 2,819 3, Below 2,304 2, Below 44 Japfa Comfeed Indonesia JPFA Below Below 45 Bank Bukopin BBKP Below Below 46 Pembangunan Perumahan PTPP Below Below 47 Bukit Asam PTBA 1,004 1, Below 871 1, Below 48 Aneka Tambang ANTM Below Below 49 Nippon Sari Corporindo ROTI Below Below 50 Adaro Energy* ADRO Below Below 51 Kawasan Industri Jababeka KIJA Below Below 52 PP London Sumatra LSIP Below Below 53 Astra Agro Lestari AALI Below Below 54 Bayan Resources* BYAN Below Below 55 Adhi Karya ADHI Below Below 56 Vale Indonesia* INCO Below Below 57 Sampoerna Agro SGRO Below Below 58 Garuda Indonesia* GIAA (7) 7 (58.3) Below (11) 12 (161.0) Below 59 Delta Dunia Makmur DOID Below (96) 19 na Below Source: Bloomberg, Company, Bahana estimates *In USDm PT Bahana Securities Equity Research Bahana Beacon - The Daily 11

12 Research: Harry Su Head of Research Strategy, Telcos, Consumer, Aviation ext 3600 direct: Teguh Hartanto Deputy Head of Research Banks, Cement ext 3610 Leonardo Henry Gavaza Research Analyst Automotive, Plantations, Metal Mining, Heavy Equipment ext 3608 Natalia Sutanto Research Analyst Property, Toll Road ext 3601 Irwan Budiarto Research Analyst Coal, Oil and Gas ext 3606 Arga Samudro Economist ext 3602 Chandra Widjanarka Technical Analyst ext 3609 Aditya Eka Prakasa Research Analyst Poultry ext 3603 Stifanus Sulistyo Research Analyst Small cap ext 3611 Isna Alfiathi Research Executive ext 3607 Giovanni Aristo Research Associate ext 3604 Salman Fajari Alamsyah Research Associate ext 3605 Anthony Alexander Research Analyst Construction ext 3613 Zefanya Angeline Research Associate ext 3612 Dealing Room: Yolanda Sondak Head of Equity Sales and Trading ext 2545 Haselinda Rifman Equity Sales ext 2524 Suwardi Widjaja Equity Sales ext 2548 Tjokro Wongso Equity Sales ext 2547 John M. Dasaad Equity Sales ext 2549 Ashish Agrawal Equity Sales ext 2553 Yohanes Adhi Handoko Manager, Surabaya Branch ext 7250 Head Office Surabaya Branch Graha Niaga, 19th Floor Wisma BII, Ground Floor Jl. Jend. Sudirman Kav. 58 Jl. Pemuda Jakarta Surabaya Indonesia Indonesia Tel Tel Fax Fax DISCLAIMER The information contained in this report has been taken from sources which we deem reliable. However, none of P.T. Bahana Securities 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. Bahana Securities, 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. Bahana Securities, its affiliated companies or their respective employees or agents accepts liability for any errors, omissions or mis-statements, 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. Bahana Securities 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. PT Bahana Securities Equity Research Bahana Beacon - The Daily 12