BCAS Vista. Indonesia Morning Digest. 15 August 2017 RESEARCH. IDX: Turnover (IDRbn): 5,801 (+0.61%) 3,760 (-25.67%)

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1 RESEARCH RESEARCH REPORT ITMG: Price support Facts: Strong 2Q17 results, above our and consensus Outlook: Price should remain strong; Solid 2018F Recommendation: Upgrading rating to Buy with TP of IDR27,500 (Please refer to our research report) SILO: In need of new prescription Another rights issue in 4Q17 Longer tenure to reap the harvest, immediate impact on multiples Upgrade to HOLD on limited upside for now (Please refer to our research report) HEADLINE NEWS MACRO KADIN: Incentives from govt required to strengthen purchasing power Agus: BI still opens for monetary relaxation on manageable inflation INDUSTRY Land acquisition for Kunciran-Cengkareng toll road set for completion for this year Government to build 4mn more cheap houses Lampung plan to develop 3 industrial estate to boost economic growth COMPANY ADHI Persada Properti to develop on luxury apartment BBCA to provide e-toll services in October 2017 BBRI restructured loans to reach 6.5% end-2017 DMAS has sold 37 ha in 7M17 INDICES ASIA IDX: Turnover (IDRbn): 5,801 (+0.61%) 3,760 (-25.67%) Vol (US$ mn) IDX 5, LQ Hang Seng 27, ,294 KOSPI 2, ,967 Nikkei ,537 (0.98) ,146 PCOMP 7, SET 1, ,215 SHCOMP 3, ,015 STI 3, TWSE 10,225 (1.01) ,333 EUROPE & USA DAX 12, Dow Jones 21, FTSE 100 7, NASDAQ 6, ,574 S&P 500 2, ,350 ETF & ADR Last Chg (%) MoM (%) YTD (%) EIDO US (USD) (1.90) TLK US (USD) COMMODITIES Brent (USD/b) 51 (2.63) 3.17 (13.74) WTI (USD/bl) 48 (2.52) 1.80 (16.49) Coal (USD/ton) 95 (0.37) Copper (USD/mt) 6,397 (0.22) Gold (USD/toz) 1,282 (0.56) Nickel (USD/mt) 10,450 (1.97) Tin (USD/mt) 20,300 (0.02) 2.47 (3.91) Corn (USD/mt) (3.40) (0.99) Palm oil (MYR/mt) 2,668 (0.56) 1.83 (17.09) Soybean (USD/bu) 938 (0.71) (6.32) (5.16) Wheat (USD/bsh) (12.53) 0.59 CURNCY & RATES Last Last Last Chg (%) Chg (%) YTD (%) IDR/USD 13,349 13,361 13,339 13,473 AUD/USD CAD/USD CNY/USD USD/EUR JPY/USD SGD/USD JIBOR (%) D Repo Rate (%) Y Bond (%) CDS - 5Y (bps) D MoM (%) 1M YTD (%) 2016 MARKET 2017F 2018F MACRO 2016A 2017F FUND FLOWS & SECTORAL TREND EPS growth (%) GDP Growth (%) Cons EPS growth (%) Govt Spending (%) (0.2) 7.0 P/E (x) Private Spending (%) P/E ex UNVR, HMSP (x) Investment (%) EV/EBITDA (x) GDP/capita (USD) 3,605 3,610 P/B (x) CPI (%) P/B ex UNVR, HMSP (x) BI 7-day RR (%) Yield (%) IDR/USD 13,473 13,547 Gearing ex Bank (%) Trade Bal (USDmn) 8,837 6,267 ROE (%) CAD (%) (1.8) (1.9) ROA (%) Fiscal Budget (%) (2.5) (2.5) Source: BCA Sekuritas Foreign Flows Last 1W 1M YTD In/(Out) (IDRbn) (298) (1,972) (9,567) 4,090 Sector Performance Last 1D (%) 1M (%) YTD (%) JAKAGRI Index 1, (3.03) (6.69) JAKBIND Index (1.27) JAKCONS Index 2, (5.50) 2.67 JAKFIN Index JAKINFRA Index JAKMIND Index 1, (8.55) (1.91) JAKMINE Index 1, JAKPROP Index (2.31) JAKTRAD Index Page 1 of 9

2 HEADLINE NEWS MACRO KADIN: Incentives from govt required to strenghthen purchasing power The Chairman of Indonesia s Chambers of Commerce (KADIN), Rosan P Roeslani, stated that in an effort to boost Indonesia s purchasing power, the government should conduct breakthrough policies as fiscal incentives. The Chairman added that the fiscal incentives could be in the form of value-added-tax free (VAT) for retails or in restaurants within two weeks. Other suggestion from KADIN that the government could free up luxury goods sales tax to increase middle-up class consumption. Additionally, KADIN expects Indonesia s 2017 GDP growth could only accelerate to 5.1% on the back of current development. (Kontan) Agus: BI still opens for monetary relaxation on manageable inflation Agus Martowardojo, the central bank s Governor, previously stated that Bank Indonesia has not closed the door for another series of monetary policy relaxation, particularly when current inflation has further stabilized at around 3% YoY, and it is expected to remain manageable ahead. Moreover, Darmin Nasution, Coordinating Minister of Economic Affairs, added that recent YTD inflation at 2.35% has warranted the central bank s move in an attempt to bring down its policy rates in incoming BOG meetings. (Kontan) Comment: Given this circumstances, it is possible for the central bank to further cut its 7-D RR rate with not-tooaggressive magnitude, or to conduct other monetary policy tools such as lower reserve requirement. However, there are 3 external factors which the central bank should assess prior to make the crucial decision. These factors include: 1) Recent development over escalating tension between US-North Korea, 2) Fragile macroeconomic readings from China, and 3) The remain intact of The Fed rate hike path and its balance sheet normalization. At this stage, we continue to believe that on the back of external factor risks, Bank Indonesia will maintain its policy rates in its next BOG meeting on August, 22nd. INDUSTRY Land acquisition for Kunciran-Cengkareng toll road to complete this year The government is accelerating land clearing process of Kunciran-Cengkareng toll road section and targets to complete by end of this year. Thus far, the government has succeeded in acquiring 14.2km equal to 25%. According to Head of Secretariat Investment of Toll Road Regulatory Agency (BPJT), land clearing for Kunciran-Cengkareng section requires around IDR759bn, and the mechanism will still rely on the help fund. (Bisnis Indonesia) Government to build 4mn more cheap houses The government is targeting to build 4mn low cost housing until Government official said that providing affordable houses is still a priority of President Jokowi. The Public Works and Public Housing (PUPR) Minister, Basoeki Hadimoeljono, said that the government has allocated a IDR74tn budget to deliver the project. The 1mn cheap house program kickedoff in 2015 to address Indonesia's shortage of affordable homes. President Jokowi instructed local governments to cut permits that hinder housing construction projects. To ensure that regulatory restrictions are cut, the government will seek input from Real Estate Indonesia (REI). (Tempo) Lampung plan to develop 3 industrial estate to boost economic growth Government of Lampung is attempting to accelerate development of Industrial Estate in Way Pisang, Tanggamus and Mesuji to boost economic growth. Currently, land acquisition still the main problem for Lampung to develop the industrial estate zone. (Bisnis Indonesia) Comment: Lampung government is likely to face challenge in acquiring Mesuji s land as its owned by public while Way Pisang and Tanggamus is owned by Government, land acquisition in those areas could be smoother. Page 2 of 9

3 HEADLINE NEWS COMPANY ADHI Persada Properti to develop on luxury apartment A subsidiary of ADHI, Adhi Persada Properti (APP) is planning to launch the first premium project with the concept of resort heritage called Padmayana, worth IDR600bn. The projects is located in Kebayoran Baru, South Jakarta. The company plans to develop 1 tower on 4,400sqm land, and will be launched with the ASP starting from IDR3bn/unit. The company targets to sell 50 units apartment by end of Comment: The new Padmayana projects could underpin APP s marketing sales this year. With the target of 50 units, starting from IDR46mn/sqm, APP could generate not less than IDR150bn this year. Bank Central Asia (BBCA) to provide e-toll services in October 2017 BBCA alongside with other 3 private banks (Bank Mega, Bank Nobu and Bank DKI) to provide e-toll services in October BI has officially allowed access for 4 private banks to provide e-money services in all Indonesia toll-road. (Kontan) Comment: This will tighten the competition for the existing operator (SOE banks) to obtain cheap funding through e- money platform. Bank Rakyat Indonesia (BBRI) restructured loans to reach 6.5% end-2017 BBRI expects restructured loans to reach 6.5% of total loan portfolio end-2017 (1H17: 6%; 1Q17: 4.8%) contributed by trading sector. (Kontan) Comment: BBRI s NPL was recorded at 2.34% end of 1H17, while NIM was recorded at 8.06% YoY in 1H17. Puradelta lestari (DMAS) has sold 37 ha in 7M17 DMAS marketing-sales has reached 37 ha in 7M17, slightly increase from 6M16 achievement of 36 ha. Going forward, DMAS target to sell 60 ha in end of (Bisnis Indonesia) Comment: We believe that DMAS will likely achieve its target this year as they have more visible business inquires with sizeable deal this year. Page 3 of 9

4 CORPORATE ACTION Date Ticker Company Event Desc 25-Jul-17 ENRG Energi Mega Persada Reverse Stock Ratio: 1 (New) : 8 (Old), Cum Date 25 Jul 2017, Trading Date 26 Jul Jul-17 TMPO Tempo Inti Media EGM Venue: Tempo Building Lt 5, Jakarta Selatan, at am 25-Jul-17 YPAS Yanaprima Hastapersada EGM Venue: Ruko Golden Palace, Surabaya, at am 26-Jul-17 TAMU Pelayaran Tamarin Samudra AGM Venue: Hotel Novotel Jl Gajah Mada, Jakarta, at am 26-Jul-17 TGRA Terregra Asia Energy AGM Venue: Lippo Puri Tower #901, ST Moritz CBD Jakarta Barat, at am 26-Jul-17 TPIA Chandra Asri Petrochemical Rights Issue Ratio: 4 (New) : 47 (Old), Price Rp- per share, Cum Date 26 Jul 2017, Ex Date 27 Jul Jul-17 WSBP Waskita Beton Precast EGM Venue: Ruang Serbaguna, Waskita Building Lt 11, Jakarta, at am 27-Jul-17 MPMX Mitra Pinasthika Mustika EGM Venue: Lippo Kuningan Lt 26, Jakarta, at pm 28-Jul-17 CNTX Century Textile Industry EGM Venue: Ruang Cendrawasih, CNTX Head Office, Ciracas, Jakarta Timur, at am 31-Jul-17 BTEK Bumi Teknokultura Unggul EGM Venue: Ruang Seminar I Galeri BEI, BEI Tower 2 Lt 1, Jakarta, at am 31-Jul-17 ELTY Bakrieland Development AGM Venue: The Bridge Function Room, Hotel Aston Rasuna, Jakarta, at am 01-Aug-17 BULL Buana Listya Tama AGM Venue: Sampoerna Startegic Square, North Tower, Ruang Anggrek 1-3 Lt 3A, Jakarta, at am 01-Aug-17 LMAS Limas Indonesia Makmur AGM Venue: Audiorium Gedung Sequis Center Lt 11, Jakarta, at am 07-Aug-17 Ayana Land International IPO IPO 3 mn per shares 09-Aug-17 ULTJ Ultrajaya Milk Industry Stock Split Ratio: 4 (New) : 1 (Old), Cum Date 9 Aug 2017, Trading Date 10 Aug Aug-17 ITMA Sumber Energi Andalan AEGM Venue: Jakarta, at am 15-Aug-17 EXCL XL Axiata EGM Venue: Graha XL Lantai 2, Jl DR Ide Anak Agung Lot E4-7 No 1 Mega Kuningan, Jakarta, at am 15-Aug-17 PLIN Plaza Indonesia Realty EGM Venue: Ruang Bromo, Hotel Grand Hyatt, Jakarta 18-Aug-17 SAFE Steady Safe AEGM Venue: Gd Kana 2, Jl RO Soeroso No 24, Jakarta, at am 22-Aug-17 MAYA Bank Mayapada Internationa EGM Venue: Mayapada Tower 2 Ruang Auditorium Lt 9, Jakarta, at pm 23-Aug-17 BYAN Bayan Resources EGM Venue: Mercantile Athletic Club WTC Building Lt 18, Jakarta, at pm 24-Aug-17 BNGA Bank CIMB Niaga AGM Venue: Ruang Sasando - Graha CIMB Niaga Lt M, Jakarta, at pm 25-Aug-17 ARTA Arthavest EGM Venue: Ruang Meeting Crystal Lt 3 Hotel Red Top, Jakarta, at am 25-Aug-17 FPNI Lotte Chemical Titan EGM Venue: Aug-17 HERO Hero Supermarket EGM Venue: Sep-17 GEMS Golden Energy Mines EGM Venue: Ruang Paseo Sinar Mas Land Plaza Tower 2 Lt 39, Jakarta, at pm 04-Sep-17 SILO Siloam International HospitalsEGM Venue: Hotel Aryaduta Lippo Village, Tangerang, at am 07-Sep-17 CASS Cardig Aero Services EGM Venue: Ruang Serbaguna Menara Cardig lt 4, Jakarta, at am 08-Sep-17 BSIM Bank Sinarmas EGM Venue: Ballroom Plaza Sinarmas Lt 9, Jakarta, at am 08-Sep-17 SIAP Sekawan Intipratama AEGM Venue: Rumah RANADI Cilandak, Jakarta, at am 09-Sep-17 BCIP Bumi Citra Permai EGM Venue: Ruang Seminar Bursa Efek Indonesia, Jakarta, at am 10-Sep-17 SDPC Millennium Pharmacon Inter EGM Venue: Hotel Century Park Senayan, Jakarta, at pm 11-Sep-17 DGIK Nusa Konstruksi Enjiniring EGM Venue: Jakarta, at am Page 4 of 9

5 Dividend Ticker Company Amount (IDR) Cum Date Ex Date Payment Date AKPI Argha Karya Prima Jun Jun-17 7-Jul-17 ASRI Alam Sutera Realty Jun Jun-17 7-Jul-17 BNBA Bank Bumi Arta Jun Jun-17 7-Jul-17 CLPI Colorpak Indonesia Jun Jun-17 7-Jul-17 IPOL Indopoly Swakarsa Industry Jun Jun-17 7-Jul-17 JKON Jaya Konstruksi Manggala Pratama Jun Jun-17 7-Jul-17 TOWR Sarana Menara Nusantara Jun Jun-17 7-Jul-17 FAST Fast Indonesia Jun Jun-17 7-Jul-17 APII Arita Prima 3, Jun Jun Jul-17 BEST Bekasi Fajar Industrial Estate Jun Jun Jul-17 JRPT Jaya Real Property Jun Jun Jul-17 IDPR Indonesia Pondasi Raya Jun Jun-17 7-Jul-17 PANS Panin Sekuritas Jun Jun-17 7-Jul-17 AMFG Asahimas Flat Glass Jun Jun Jul-17 PUDP Pudjiadi Prestige Jun Mar Jul-17 SGRO Sampoerna Agro Jun Jun Jul-17 BIRD Blue Bird Jun Jun Jul-17 APLN Agung Podomoro Land Jun Jun Jul-17 INKP Indah Kiat Pulp & Paper Jun Jun Jul-17 PBSA Paramita Bangun Sarana Jun Jun Jul-17 PDES Destinasi Tirta Nusantara Jun Jun Jul-17 RDTX Roda Vivatex Jun Jun Jul-17 TKIM Pabrik Kertas Tjiwi Kimia Jun Jun Jul-17 ABDA Asuransi Bina Dana Arta Jun Jun Jul-17 AHAP Asuransi Harta Aman Pratama Jun Jun Jul-17 ASDM Asuransi Dayin Mitra Jun Jun Jul-17 EMDE Megapolitan Developments Jun Jun Jul-17 JTPE Jasuindo Tiga Perkasa Jun Jun Jul-17 KIJA* Kawasan Industri Jababeka Jun Jun Jul-17 MYOR Mayora Indah Jun Jun Jul-17 RUIS Radiant Utama Interinsco Jun Jun Jul-17 AMIN Ateliers Mecaniques D'Indonesie Jun-17 3-Jul Jul-17 CTRA Ciputra Development Jun-17 3-Jul Jul-17 TRST Trias Sentosa Jun-17 3-Jul Jul-17 BATA Sepatu Bata Jun-17 3-Jul Jul-17 ISSP Steel Pipe Industry of Indonesia Jun-17 3-Jul Jul-17 SMRA Summarecon Agung Jun-17 3-Jul Jul-17 TELE Tiphone Mobile Indonesia Jul-17 4-Jul Jul-17 DPNS Duta Pertiwi Nusantara Jul-17 4-Jul Jul-17 GGRM Gudang Garam 2, Jul-17 4-Jul Jul-17 IMAS Indomobil Sukses International Jul-17 4-Jul Jul-17 IMJS Indomobil Multi Jasa Jul-17 4-Jul Jul-17 IMPC Impack Pratama Industri Jul-17 4-Jul Jul-17 CASS Cardig Aero Services Jul-17 5-Jul Jul-17 ERAA Erajaya Swasembada Jul-17 5-Jul Jul-17 GPRA Perdana Gapuraprima Jul-17 5-Jul Jul-17 UNVR Unilever Indonesia Jul-17 6-Jul Jul-17 GJTL Gajah Tunggal Jul-17 6-Jul Jul-17 INAI Indal Aluminium Industry Jul-17 6-Jul Jul-17 MAIN Malindo Feedmil Jul-17 6-Jul Jul-17 MDLN Modernland Realty Jul-17 6-Jul Jul-17 ASBI Asuransi Bintang Jul Jul Jun-17 MTDL Metrodata Electronic Jul Jul Jul-17 ULTJ Ultra Jaya Milk Industry & Trading Company Jul Jul-17 1-Aug-17 MNCN Media Nusantara Citra Jul Jul-17 2-Aug-17 BMTR Global Mediacom Jul Jul-17 3-Aug-17 DART Duta Anggada Realty Jul Jul Aug-17 AKRA AKR Corporindo Aug-17 2-Aug Aug-17 SMSM Selamat Sempurna Aug-17 7-Aug Aug-17 GEMS Golden Energy Mines Aug-17 8-Aug Aug-17, IDX, BCA Sekuritas Estimate, *Dividend amount in USD **Stock dividend Page 5 of 9

6 1H17 Actual vs Estimates Ticker 1H2017 Net Profit FY17 Estimate (IDRtn) (IDRtn) % 1H17 to FY17E Remarks AALI % below ACES % above ADHI % in line ASII % in line ASRI % above BBCA % - BBNI % in line BBRI % in line BBTN % in line BDMN % above BMRI % above BNGA % above BSDE % above CPIN % below DMAS % below ERAA % below EXCL % below GGRM % below HMSP % below ICBP % in line INCO* (21.5) 0.1 n.a. below INDF % in line INTP % below ISAT % below ITMG* % above JPFA % below JSMR % in line KIJA % below KLBF % in line LPCK % in line LPPF % in line LSIP % above MAIN % below MAPI % in line MNCN % below MPPA (0.2) % below PTBA % above PTPP % above SGRO % in line RALS % in line SCMA % in line SIDO % below SIMP % below SMBR % below SMGR % below SMRA % below SSIA % above TELE % below TLKM % in line ULTJ % in line UNTR % in line UNVR % in line WSKT % above Number of companies 53, BCA Sekuritas, Companies *currency in USDmn Page 6 of 9

7 Ticker Rating CP (IDR) TP (IDR) Mkt cap (IDR bn) Index Weight Free float (%) ADTV (IDRbn) Rev growth (%) OP growth (%) Net Profit (IDRbn) EPSG (%) P/E (x) EV/EBITDA (x) P/B (x) Div yield (%) ROE (%) 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F Automotive (Neutral) - Pandu Anugrah (pandu.anugrah@bcasekuritas.co.id) ASII HOLD 7,850 8, , ,656 22, Banking (Overweight) - Gilang Purnama (gilang.purnama@bcasekuritas.co.id), Willy Suwanto (willy.suwanto@bcasekuritas.co.id), Prasetya Gunadi (prasetya.gunadi@bcasekuritas.co.id) BBCA - 18, , ,799 25, NA NA BBNI BUY 7,300 8, , ,289 15, NA NA BBRI BUY 15,075 17, , ,936 32, NA NA BBTN BUY 2,740 3,100 29, ,072 3, NA NA BDMN HOLD 5,275 5,100 50, ,470 5, NA NA BJBR HOLD 2,700 2,300 26, ,936 2, NA NA BMRI BUY 13,250 15, , ,045 23, NA NA BNGA BUY 1,385 1,400 34, ,055 3, NA NA PNBN HOLD 1,065 1,100 25, ,618 2, NA NA Sector 1,445, , , , Cement (Neutral) - Nyoman Prabawa (nyoman.prabawa@bcasekuritas.co.id) INTP HOLD 18,875 18,700 69, (8.6) 13.7 (46.1) ,000 2,811 (48.4) SMBR SELL 3, , (48.9) (46.8) SMGR HOLD 10,975 11,600 65, (25.8) ,563 3,986 (43.3) Sector 165, (34.9) ,701 6,998 (45.8) Coal (Neutral) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) ADRO BUY 1,850 2,150 59, ITMG BUY 19,950 27,500 22, PTBA BUY 13,225 17,000 30, ,779 4, Sector 112, ,543 13, Cigarette (Neutral) - Jennifer Frederika Yapply (jennifer.yapply@bcasekuritas.co.id) GGRM BUY 66,800 87, , (8.2) ,329 8,358 (5.2) HMSP HOLD 3,380 4, , (7.7) ,070 13,571 (5.5) Sector 521, (7.9) ,399 21,929 (5.4) Consumer (Neutral) - Jennifer Frederika Yapply (jennifer.yapply@bcasekuritas.co.id), Willy Suwanto (willy.suwanto@bcasekuritas.co.id) ICBP BUY 8,350 10,400 97, ,988 4, INDF HOLD 8,250 9,400 72, (0.6) ,460 4, KLBF HOLD 1,725 1,800 80, ,487 2, ROTI BUY 1,200 1,400 6, (30.0) (36.4) SIDO BUY , (7.0) ULTJ BUY 1,205 5,400 13, UNVR HOLD 48,250 51, , ,044 7, Sector 646, ,404 21, Sector excl UNVR 278, ,360 13, Construction & Toll Road (Overweight) - Michael Ramba (michael.ramba@bcasekuritas.co.id) ADHI BUY 2,110 2,800 7, PTPP BUY 2,970 5,200 18, ,538 1, WIKA BUY 2,060 3,600 18, ,286 1, WSKT BUY 2,350 3,700 31, ,545 2, WTON BUY 585 1,100 5, JSMR BUY 5,450 6,200 39, ,191 2, Sector 120, ,440 9, Heavy Equipment (Neutral) - Pandu Anugrah (pandu.anugrah@bcasekuritas.co.id) UNTR BUY 29,900 33, , ,300 7, Hospital (Overweight) - Jennifer Frederika Yapply (jennifer.yapply@bcasekuritas.co.id) MIKA BUY 2,300 2,250 33, SILO HOLD 10,375 10,300 13, Sector 46, Industrial Estate (Overweight) - Gilang Purnama (gilang.purnama@bcasekuritas.co.id) BEST BUY , DMAS BUY , (38.5) 32.3 (45.2) (37.5) KIJA BUY , LPCK BUY 4,790 6,400 3, (5.8) 28.3 (16.0) (14.9) (0.1) SSIA BUY , Sector 25, ,347 2, Page 7 of 9

8 Ticker Rating CP (IDR) TP (IDR) Mkt cap (IDR bn) Index Weight Free float (%) ADTV (IDRbn) Rev growth (%) OP growth (%) Net Profit (IDRbn) EPSG (%) P/E (x) EV/EBITDA (x) P/B (x) Div yield (%) ROE (%) 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F Media (Overweight) - Jennifer Frederika Yapply (jennifer.yapply@bcasekuritas.co.id) MNCN BUY 1,440 2,100 20, (0.7) ,427 1, SCMA BUY 2,360 2,700 34, ,609 1, Sector 55, ,036 3, Metal & Mining (Underweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) ANTM BUY , (146.4) INCO HOLD 2,540 2,520 25, TINS BUY 820 1,360 6, Sector 47, , Oil & Gas (Neutral) - Nyoman Prabawa (nyoman.prabawa@bcasekuritas.co.id) PGAS BUY 2,120 3,160 51, (0.1) MEDC BUY 2,800 4,600 9, Sector 60, ,495 9, Plantation (Overweight) - Nyoman Prabawa (nyoman.prabawa@bcasekuritas.co.id) AALI BUY 15,000 18,500 28, (0.9) 27.2 (4.8) 2,255 2, (2.8) LSIP BUY 1,385 1,800 9, SGRO BUY 1,990 2,300 3, (23.9) SIMP BUY , , Sector 49, ,221 4, Poultry (Neutral) - Johanes Prasetia (johanes.prasetia@bcasekuritas.co.id) CPIN HOLD 2,750 2,830 45, (7.9) 9.9 2,776 3, JPFA BUY 1,140 1,590 13, (17.5) 8.8 1,633 1,898 (24.3) MAIN HOLD , (47.0) (64.3) Sector 60, (13.9) 9.4 4,511 5,204 (1.4) Property Residential (Neutral) - Michael Ramba (michael.ramba@bcasekuritas.co.id) ASRI BUY , BSDE BUY 1,810 2,400 34, ,713 2, CTRA BUY 1,165 1,960 21, ,195 1, SMRA HOLD 1,065 1,050 15, Sector 78, ,085 5, Retails (Overweight) - Johanes Prasetia (johanes.prasetia@bcasekuritas.co.id) ACES BUY 1,080 1,250 18, LPPF BUY 10,975 12,950 32, ,091 2, MAPI BUY 6,550 7,325 10, MPPA HOLD , (130.6) (61.5) (87) (80) NA (6.3) (34.1) (36.3) (3.1) (3.1) RALS BUY 950 1,150 6, Sector 71, ,507 3, Telecommunication Sector (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) EXCL BUY 3,400 4,150 36, NA (13.9) ISAT BUY 6,700 8,825 36, ,626 2, TLKM BUY 4,710 5, , ,273 25, Sector 547, ,254 28, Telecommunication Retail (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) ERAA BUY , TELE BUY 1,200 1,590 8, Sector 10, Tower Telco (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) TOWR BUY 4,490 5,150 45, ,392 3, Stock universe 4,542, , , , Stock universe exc HMSP UNVR 3,780, , , , Page 8 of 9

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