Bahana Beacon Indonesia Morning Brief

Transcription

1 Asiamoney s 2013 Best Domestic Equity House Wednesday, 12 June 2013 Bahana Beacon Indonesia Morning Brief IDX: 4,609.9 (-3.5%) Turnover: IDR8.0t (+26.1%) Foreign net sell: IDR4.0t (+223.1%) MARKET FLASH For details please refer to our separate report(s) Market strategy: IDR & int. rate winners & losers 12% market drop from recent peak = Opportunities to 1% interest rate hike = 0.7ppt lower market EPS 1% IDR depreciation = 1.1ppt lower market EPS growth Shelter in stocks immune to IDR weakness & higher interest rates TODAY S NEWS ECONOMICS BI raised Fasbi rate to 4.75% Coalition finalized fuel price hike plan Govt: State revenue realization reached 32.8% BOURSE Saratoga sets below range IPO price at IDR5,500 per share INDUSTRY OJK considers to release regulation on Financial Sector Consumer Protection CORPORATE ASRI launches Paddington apartments GIAA plans to conduct 10% non-preemptive rights issue in October GMF plans to develop MRO in Batam Asahi Group, Nippon Steel and ANTM to target industrial land sold by AKRA KRAS-Posco plant operating in 2013 KIJA plans to issue USD350m bonds LPCK targets to sell 80ha land in 2013 ECONOMIC INDICATORS MARKET DATA 12A 13F 14F 12A 13F 14F Cur acc bal (%GDP) (2.7) (2.3) (1.5) Op.prof.gwt.(%) Fiscal bal (%GDP) (2.2) (1.7) (2.0) 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 9,697 9,250 9,200 EV/EBITDA (x) BI rate (% p.a.) P/BV (x) Brent 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) 21,354.7 (1.2) (5.7) 12.7 IDX (Indonesia) 4,609.9 (3.5) KLCI (Malaysia) 1,779.6 (0.5) KOSPI (Korea) 1,920.7 (0.6) (3.8) 2.9 Nikkei (Japan) 13,317.6 (1.5) PCOMP (Phil.) 6,556.7 (4.6) SENSEX (India) 19,143.0 (1.5) (1.5) 14.8 SET (Thailand) 1,452.6 (5.0) SHCOMP (China) 2,210.9 (1.3) (2.6) (3.1) Shenzhen (China) (1.5) STI (Singapore) 3,170.4 (0.9) TWSE (Taiwan) 8,116.2 (0.5) VNI (Vietnam) (0.5) Europe, USA and SA CAC 40 (France) 3,810.6 (1.4) DAX (Germany) 8,222.5 (1.0) Dow Jones (USA) 15,122.0 (0.8) FTSE 100 (UK) 6,340.1 (0.9) IBOV (Brazil) 49,769.9 (3.0) (18.3) (7.8) NASDAQ (USA) 3,436.9 (1.1) RTSI (Russia) 1, (16.7) (0.8) S&P 500 (USA) 1,626.1 (1.0) ETF, ADRS & COMMODITIES Last Chg% ytd % y-y % EIDO US (USD) 29.9 (3.9) (1.3) 10.1 TLK US (IDR) 9,820 (6.3) Coal (USD/t) 84.1 (0.5) (10.3) (4.8) Corn (USD/mtn) Coffee (USD/t) 2, (6.0) (16.0) Copper (USD/t) 7,031 (1.4) (11.1) (5.1) Cotton (USD/t) 1, CPO (USD/mtn-CIF) 850 (1.4) 4.9 (14.6) DOC (IDR/kg) 5, Gold (USD/oz.) 1,377 (0.6) (17.8) (14.5) Iron ore (USD/mtn) (23.5) (16.2) Milk (USD/t) 402 (2.0) (1.6) 12.0 Nickel (USD/t) 14,459 (2.4) (14.9) (16.1) Oil (USD/barrel) 94.9 (1.0) Rice (IDR/kg) 8, (2.4) 0.6 Rubber (USD/t) 2,356 (2.1) (21.2) (17.3) Soybean oil (USD/t) 1,059 (0.2) (2.3) (3.4) Steel (USD/t) (12.6) (16.7) Sugar (USD/t) (6.8) 5.8 Tins (USD/t) 20,454 (1.9) (12.5) 4.7 Wheat (USD/t) (12.2) (2.9) CURRENCIES & RATES Last Prev. Ytd % y-y % AUD/USD USD/EUR (0.9) (6.5) IDR/USD 9,825 9, JPY/USD (20.9) SGD/USD (2.5) 2.3 JIBOR (%) (0.1) 0.2 BI rate (%) TD 1 month (%) CDS (bps) Source: Bloomberg 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 raised Fasbi rate to 4.75% Due to recent IDR depreciation that could deteriorate Indonesia s macroeconomic stability ahead, Bank Indonesia (BI) raised deposit facility (Fasbi) rate by 25 bp to 4.25% yesterday. BI also promises to continue to provide IDR and foreign exchange liquidities to calm domestic financial market turbulence. Bahana: We expect BI to raise the Fasbi rate to 4.75% before starting to lift the benchmark rate in order to tame higher inflationary pressures going forward. (Bank Indonesia) Coalition finalized fuel price hike plan At yesterday s meeting, several Chairmen of coalition parties finalized the government s plan to raise subsidized fuel prices, expected to be implemented on 17 June. Those present included President Susilo Bambang Yudhoyono of Demokrat Party, Aburizal Bakri of Golkar Party, PAN s Hatta Rajasa, PPP s Suryadharma Ali and Muhaimin Iskandar of PKB. (Investor Daily) Govt: State revenue realization reached 32.8% As per May 2013, the government stated that total state revenue realization reached IDR502.2t or 32.8% of 2013 target. Meanwhile, tax revenue realization has reached IDR396.7t or 33.2% of target. (Kontan) BOURSE Saratoga sets below range IPO price at IDR5,500 per share PT Saratoga Investama Sedaya, a private equity company owned by duo Edwin Soeryadjaya and Sandiaga S. Uno, has set its IPO price at IDR5,500 per share, below its previous offering price range of IDR6,100 IDR7,800 (10% - 15% free float). This translates to fund raising up to IDR2.36t (USD237m). Deutsche Securities, UBS Securities and Indopremier are the lead underwriters. (Kontan) INDUSTRY OJK considers to release regulation on Financial Sector Consumer Protection OJK s officer stated Financial Services Authority (OJK) plans to sectorally endorse a new regulation regarding Consumer Protection in the capital market, non- bank financial institution, and banking sector. A member of OJK s board of commissioners, Kusumaningtuti Sandriharmy Soetiono (education and consumer protection), was quoted in saying that the regulation is now entering internal rule making process. According to Kusumaningtuti, the regulation s draft has already been socialized across financial and banking sectors. In addition, Financial Services Authority (OJK) has established the regulation through a Focus Group Discussion (FGD) together with foreign legal experts on consumer protection. (Indonesia Finance Today) CORPORATE ASRI launches Paddington apartments Alam Sutera (ASRI-BUY-IDR800-TP:IDR1,360) launched Paddington Height apartments with IDR500b investment. The company will sell the Alam Sutera-based apartments starting at IDR1.4b/unit selling price. (Investor Daily) GIAA plans to conduct 10% non-preemptive rights issue in October Garuda Indonesia (GIAA-*-IDR510-TP:*) is planning to conduct a non pre-emptive rights issue equivalent to 10% of the total enlarged capital this October to finance its capex. Handrito Hardjono, GIAA s CFO, stated that the rights issue will use June 2013 financial statement. (Bisnis Indonesia) *Under our restricted list PT Bahana Securities Equity Research Bahana Beacon - The Daily 2

3 GMF plans to develop MRO in Batam Garuda Maintenance Facility (GMF), a subsidiary of Garuda Indonesia (GIAA-*-IDR510-TP:*), plans to open maintenance, repair and overhaul (MRO) in Batam worth of USD100m. The scheme is for GMF to lease land with an area of 30ha for a period of 30 years from Batam s local government and construct MRO in Hang Nadim airport. (Kontan) *Under our restricted-list Asahi Group, Nippon Steel and ANTM to target industrial land sold by AKRA Asahi Group, Nippon Steel and Aneka Tambang (ANTM-REDUCE-IDR1,250-TP:IDR1,125) are interested in purchasing industrial land owned by AKR Corp. (AKRA-REDUCE-IDR5,350-TP:IDR4,500) in Gresik, East Java. The selling price in the industrial area named Java Integrated Industrial and Port Estate (JIIPE) was estimated at USD150 or IDR1.4m per square meter. AKRA will begin selling the land at JIIPE in mid-june this year. (Investor Daily) KRAS-Posco plant operating in 2013 The realization of steel mill construction from joint operation between Krakatau Steel (KRAS-REDUCE- IDR490-TP:IDR400) and Pohang Iron and Steel Company (Posco) has reached 90% and is ready to enter operational testing stage. This plant will produce 3m tons of slab per annum, of which 1.5m tons of slab will be processed into hot rolled plates with the rest for raw material supply to KRAS. This plant is expected to reduce the dependency of imported steel to 40% from 80% currently. (Indonesia Finance Today) KIJA plans to issue USD350m bonds Kawasan Industri Jababeka (KIJA-BUY-IDR340-TP:IDR380), through its subsidiary, Jababeka International B.V., plans to issue USD denominated bonds worth USD350m with tenor to 2020 and maximum coupon rate of 10%. The issuance will be subject for approval from shareholders in the EGM on 11 July (Bisnis Indonesia) LPCK targets to sell 80ha land in 2013 Lippo Cikarang s (LPCK-BUY-IDR8,400-TP:IDR9,300) President Director, Meow Chong Loh, stated that until May 2013 the company sold 30ha of industrial landbank and expects to reach 80ha, up 33% y-y, by end of (Indonesia Finance Today) PT Bahana Securities Equity Research Bahana Beacon - The Daily 3

4 BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside) 6/11/2013 6/10/2013 CHANGE (%) Potential (%) Astra Agro Lestari AALI BUY 24, ,450 19, Bank Bukopin BBKP HOLD 750 (6.3) Lippo Karawaci LPKR BUY 1, ,600 1, Gozco Plantations GZCO REDUCE 100 (25.4) Tempo Scan Pacific TSPC BUY 3,950 (12.2) 4,500 4, Bakrie Telekomunikasi BTEL REDUCE Cardig Aero Services CASS HOLD 750 (8.5) Tiphone Mobile Indonesia TELE BUY Wintermar WINS BUY Sarana Menara Nusantara TOWR HOLD 29, ,950 25,000 (0.2) Sampoerna Agro SGRO REDUCE 1,600 (15.3) 1,890 1,900 (0.5) XL Axiata EXCL BUY 6, ,500 4,525 (0.6) Bank Danamon BDMN HOLD 7, ,650 5,700 (0.9) AKR Corporindo AKRA REDUCE 4,500 (17.4) 5,450 5,500 (0.9) Indomobil Sukses International IMAS HOLD 5, ,100 5,150 (1.0) Bank Tabungan Pensiunan Negara BTPN HOLD 5, ,900 4,950 (1.0) Medco Energi International MEDC * * * 1,790 1,810 (1.1) Bank Jatim BJTM HOLD (1.2) London Sumatra Indonesia LSIP REDUCE 1,500 (22.7) 1,940 1,970 (1.5) Japfa Comfeed Indonesia JPFA BUY 2, ,840 1,870 (1.6) Bank Jabar Banten BJBR HOLD 1, ,170 1,190 (1.7) Perusahaan Gas Negara PGAS HOLD 6, ,350 5,450 (1.8) Hero Supermarket HERO REDUCE 3,725 (5.1) 3,925 4,000 (1.9) Krakatau Steel KRAS REDUCE 400 (18.4) (2.0) Bank Central Asia BBCA HOLD 11, ,250 9,450 (2.1) BW Plantation BWPT HOLD (2.2) Bank Mandiri BMRI HOLD 10, ,850 9,050 (2.2) Timah TINS REDUCE 1,000 (13.0) 1,150 1,180 (2.5) Borneo Lumbung Energi BORN REDUCE 350 (5.4) (2.6) Indofood CBP Sukses Makmur ICBP BUY 14, ,100 11,400 (2.6) Surya Citra Media SCMA BUY 2,475 (8.3) 2,700 2,775 (2.7) J Resources Asia Pasifik PSAB BUY 6, ,525 3,625 (2.8) Unilever Indonesia UNVR HOLD 31, ,900 27,700 (2.9) Astra International ASII REDUCE 6,200 (6.8) 6,650 6,850 (2.9) Vale Indonesia INCO REDUCE 2,000 (19.2) 2,475 2,550 (2.9) Indo Tambangraya Megah ITMG REDUCE 23,000 (13.7) 26,650 27,500 (3.1) Bank Negara Indonesia BBNI HOLD 5, ,500 4,650 (3.2) Salim Ivomas Pratama SIMP REDUCE 700 (19.5) (3.3) IDX IDX 4,610 4,777 (3.5) Adhi Karya ADHI BUY 4, ,275 3,400 (3.7) Indosat ISAT HOLD 6, ,100 5,300 (3.8) Bank Tabungan Negara BBTN BUY 1, ,270 1,320 (3.8) Ramayana Lestari Sentosa RALS HOLD 1,350 (4.9) 1,420 1,480 (4.1) Gudang Garam GGRM HOLD 55, ,100 51,200 (4.1) Total Bangun Persada TOTL HOLD 1, ,150 1,200 (4.2) Bank Rakyat Indonesia BBRI HOLD 8, ,850 8,200 (4.3) Harum Energy HRUM REDUCE 3,000 (23.1) 3,900 4,075 (4.3) Mitra Adiperkasa MAPI BUY 10, ,450 7,800 (4.5) Adaro Energy ADRO REDUCE 740 (9.8) (4.7) Erjaya Swasembada ERAA REDUCE 3, ,050 3,200 (4.7) Charoen Pokhpand Indonesia CPIN REDUCE 4,200 (7.7) 4,550 4,775 (4.7) Telkom Indonesia TLKM BUY 14, ,000 10,500 (4.8) Kalbe Farma KLBF BUY 1, ,280 1,350 (5.2) Indofood Sukses Makmur INDF BUY 8, ,350 6,700 (5.2) Supra Boga Lestari RANC BUY 1, (5.3) Ciputra Development CTRA BUY 1, ,200 1,270 (5.5) Agung Podomoro Land APLN HOLD (5.6) Ciputra Property CTRP BUY 1, ,190 1,260 (5.6) Garuda Indonesia GIAA * * * (5.6) Aneka Tambang ANTM REDUCE 1,125 (2.2) 1,150 1,220 (5.7) United Tractors UNTR REDUCE 15,000 (3.5) 15,550 16,550 (6.0) Semen Gresik SMGR HOLD 17, ,300 16,300 (6.1) Nippon Indosari Corpindo ROTI BUY 8, ,500 8,000 (6.3) Malindo Feedmill MAIN BUY 4, ,275 3,500 (6.4) Bumi Resources BUMI REDUCE 500 (9.1) (6.8) Kawasan Industri Jababeka KIJA BUY (6.8) Pembangunan Perumahan PTPP BUY 980 (27.4) 1,350 1,450 (6.9) Bumi Serpong Damai BSDE BUY 2, ,730 1,860 (7.0) Bukit Asam PTBA REDUCE 10,900 (8.0) 11,850 12,750 (7.1) Lippo Cikarang LPCK BUY 9, ,400 9,050 (7.2) Indocement INTP HOLD 25, ,600 22,200 (7.2) Jasa Marga JSMR * * * 6,000 6,500 (7.7) Waskita Karya WSKT BUY (8.1) Gajah Tunggal GJTL HOLD 2,400 (19.3) 2,975 3,250 (8.5) Adi Sarana Armada ASSA BUY (8.6) Summarecon Agung SMRA BUY 3, ,300 2,525 (8.9) Wijaya Karya WIKA BUY 3, ,125 2,350 (9.6) Alam Sutera Realty ASRI BUY 1, (10.1) Surya Semesta Internusa SSIA HOLD 1, ,330 1,480 (10.1) ACE Hardware Indonesia ACES HOLD 700 (6.7) (10.7) Bekasi Fajar Industrial Estate BEST BUY 3, (11.4) Citra Marga Nusaphala Persada CMNP BUY 2,200 (29.0) 3,100 3,525 (12.1) Source: Bloomberg *Under our restricted list PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

5 JCI Code Rating Price TP Shares Free float Mkt cap 3M avg to Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) PER (x) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%) (IDR) (IDR) (m) (%) (IDRb) (IDRb) , ,927 43,781 1,982 2,573 1,357 1, AERO SERVICE N GIAA * 510 * 22, , ,662 42,363 1,663 2,227 1,232 1, CASS HOLD , , ,265 1, nc nc AUTOMOTIVE RELATED N 294, , ,924 21,472 22,931 21,343 22,689 (1.2) ASII REDUCE 6,650 6,200 40, , , ,255 18,783 19,970 19,037 20,042 (2.0) IMAS HOLD 5,100 5,425 2, , ,746 31, ,048 1,075 1, GJTL HOLD 2,975 2,400 3, , ,054 13,915 1,577 1,651 1,148 1, ASSA BUY , , ,034 1, BANKS N 832, , ,106 89, ,483 72,107 82, na na na na BBCA HOLD 9,250 11,200 24, , ,656 40,903 16,821 19,622 14,002 16, na na na na BMRI HOLD 8,850 10,400 23, , ,807 58,863 22,574 26,194 17,714 20, na na na na BBRI HOLD 7,850 8,500 24, , ,096 58,125 24,015 26,885 20,079 22, na na na na BBNI HOLD 4,500 5,000 18, , ,147 31,025 9,799 11,419 8,148 9, na na na na BDMN HOLD 5,650 7,000 9, , ,498 24,330 7,102 8,021 4,636 5, na na na na BTPN HOLD 4,900 5,400 5, , ,609 9,151 3,008 3,616 2,411 2, na na na na BBTN BUY 1,270 1,800 10, , ,478 7,786 2,320 2,837 1,702 2, na na na na BJBR HOLD 1,170 1,250 9, , ,072 5,850 1,792 2,068 1,434 1, na na na na BJTM HOLD , , ,707 3,083 1,277 1,471 1,010 1, na na na na BBKP HOLD , , ,578 3,991 1,217 1, , na na na na CEMENT OW 166, ,084 50,887 14,367 16,988 11,483 13, SMGR HOLD 15,300 17,600 5, , ,710 27,116 7,330 8,712 5,949 7, INTP HOLD 20,600 25,300 3, , ,373 23,771 7,037 8,275 5,534 6, nc nc COAL UW 112, , ,287 20,329 19,009 13,588 12,668 (23.4) ADRO REDUCE , , ,577 31,366 6,866 6,754 2,963 2,819 (27.6) (4.4) ITMG REDUCE 26,650 23,000 1, , ,365 20,364 4,145 4,378 5,560 5,561 (25.0) nc nc PTBA REDUCE 11,850 10,900 2, , ,316 10,521 2,494 2,411 2,212 2,173 (23.3) (1.8) nc nc HRUM REDUCE 3,900 3,000 2, , ,772 7,934 1,747 1,769 1,147 1,174 (19.5) nc nc BUMI REDUCE , , ,573 32,508 3,917 3,696 1, na na BORN REDUCE , , ,344 5,593 1, (9.0) (13.0) CONS. & TOLL ROADS OW 84, ,315 64,325 7,898 9,710 4,270 5, JSMR * 6,000 * 6, , ,970 8,421 3,513 4,278 2,140 2, WIKA BUY 2,125 3,200 6, , ,998 15,057 1,055 1, nc nc WSKT BUY , , ,300 14, , (6.4) nc nc CMNP BUY 3,100 2,200 2, , ,005 1, (21.3) PTPP BUY 1, , , ,076 11,587 1,020 1, TOTL HOLD 1,150 1,200 3, , ,453 2, nc nc ADHI BUY 3,275 4,400 1, , ,513 10, CONSUMER - DISCRE. OW 89, ,144 46,878 3,909 4,648 2,932 3, nc nc SCMA BUY 39, ,547 2,897 1,395 1,599 1,063 1, nc nc ,700 2,475 14, HERO REDUCE 3,925 3,725 3, , ,904 15, (1.5) (10.3) (10.1) ACES HOLD , , ,148 4, nc nc MAPI BUY 7,450 10,000 1, , ,385 11, , nc nc RALS HOLD 1,420 1,350 7, , ,666 10, nc nc RANC BUY 900 1,120 1, , ,494 1, nc nc CONSUMER - STAPLES OW 513, , ,833 28,193 31,610 18,853 21, nc nc UNVR HOLD 205, ,764 36,978 7,069 7,783 5,370 5, nc nc ,900 31,150 7, GGRM HOLD 49,100 55,000 1, , ,903 59,494 6,539 7,525 4,453 5, INDF BUY 6,350 8,500 8, , ,962 57,881 7,390 8,098 3,530 3, nc nc KLBF BUY 1,280 1,580 50, , ,408 17,387 2,614 2,968 2,009 2, nc nc ICBP BUY 11,100 14,700 5, , ,582 25,190 3,259 3,649 2,417 2, nc nc TSPC BUY 4,500 3,950 4, , ,919 9,181 1,086 1, , nc nc ROTI BUY 7,500 8,800 1, , ,419 1, nc nc HEAVY EQUIPMENT UW 59, ,341 63,127 7,013 7,394 5,101 5,498 (13.1) UNTR REDUCE 15,550 15,000 3, , ,948 54,507 6,525 6,777 5,024 5,302 (13.1) nc nc DOID HOLD , , ,393 8, na na INDUSTRIAL ESTATES OW 25, ,160 11,582 3,530 4,058 2,717 3, BEST BUY 700 1,190 9, , ,368 1, , nc nc SSIA HOLD 1,330 1,470 4, , ,382 4,903 1,158 1, nc nc KIJA BUY , , ,587 2, LPCK BUY 8,400 9, , ,823 2, nc nc METALS UW 44, ,668 34,399 3,877 4,989 2,910 3, INCO REDUCE 2,475 2,000 9, , ,728 14,859 1,763 2,231 1,241 1, ANTM REDUCE 1,150 1,125 9, , ,239 8, (3.4) (1.3) nc nc TINS REDUCE 1,150 1,000 5, , ,742 7, (2.2) nc nc PSAB BUY 3,525 6, , ,959 3, , OIL & GAS N 156, ,682 74,648 13,437 13,920 9,936 10, PGAS HOLD 5,350 6,800 24, , ,651 32,855 10,382 10,652 8,721 8, nc nc AKRA REDUCE 5,450 4,500 3, , ,645 30, , MEDC * 1,790 * 3, , , , ,078 2, PLANTATIONS N 66, ,265 47,924 7,345 9,468 4,226 5,607 (22.0) AALI BUY 19,450 24,000 1, , ,041 14,944 2,782 3,577 1,897 2,490 (21.3) nc nc SIMP REDUCE , , ,266 16,366 1,979 2, ,090 (31.1) LSIP REDUCE 1,940 1,500 6, , ,666 5, , (29.5) nc nc BWPT HOLD , , ,130 1, (24.8) SGRO REDUCE 1,890 1,600 1, , ,109 3, (32.7) UNSP REDUCE , ,630 5, , GZCO REDUCE , (23.2) POULTRY N 99, ,969 54,789 6,843 7,973 5,027 5, CPIN REDUCE 4,550 4,200 16, , ,751 27,895 4,246 4,997 3,362 3, nc nc JPFA BUY 1,840 2,250 10, , ,068 22,068 1,978 2,246 1,218 1, MAIN BUY 3,275 4,000 1, , ,149 4, PROPERTY OW 133, ,057 38,255 10,917 13,373 8,179 10, LPKR BUY 1,600 1,640 23, , ,604 7,415 1,502 1,820 1,174 1, BSDE BUY 1,730 2,125 17, , ,485 6,946 2,538 3,174 2,217 2, nc nc SMRA BUY 2,300 3,200 7, , ,839 4,691 1,038 1, nc nc ASRI BUY 800 1,360 19, , ,427 3,902 1,903 2,218 1,515 1, nc nc CTRA BUY 1,200 1,600 15, , ,339 7,183 1,589 2, , nc nc APLN HOLD , , ,564 6,105 1,642 1,814 1,005 1, CTRP BUY 1,190 1,380 6, , ,800 2, SHIPPING N 1, ,169 1, WINS BUY , , ,169 1, STEEL UW 7, ,009 25, , KRAS REDUCE , , ,009 25, , TELCOS OW 307, , ,322 36,961 40,952 19,118 21, TLKM BUY 10,000 14,500 20, , ,334 86,953 27,245 29,773 14,423 15, EXCL BUY 4,500 6,200 8, , ,303 24,839 5,071 5,461 3,334 3, ISAT HOLD 5,100 6,500 5, , ,027 26,449 2,124 2, ,021 (60.7) TOWR HOLD 24,950 29,500 1, , ,556 2,995 1,442 1, ERAA REDUCE 3,050 3,050 2, , ,985 21, TELE BUY , , ,206 16, (0.4) BTEL REDUCE , , ,562 2,666 (131) (68) (959) (973) (12.6) 1.5 (1.6) (1.6) (28.5) (40.7) Market N 3,008,053 4, ,399,889 1,547, , , , , Note: *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 PT Bahana Securities Equity Research Bahana Beacon - The Daily 5

6 Global Business and Economic Indicators Agenda Date Time Country Event Period Consensus Actual Prior 06/10/ :50 JN GDP Deflator YoY 1Q F -1.20% % 06/10/ :50 JN Nominal GDP (QoQ) 1Q F 0.40% % 06/10/ :50 JN GDP Annualized 1Q F 3.50% % 06/10/ :50 JN Gross Domestic Product (QoQ) 1Q F 0.90% % 06/10/ :50 JN Current Account Total Apr B 06/10/ :50 JN Trade Balance - BOP Basis Apr B 06/10/ :50 JN Current Account Balance YOY% Apr % 06/10/ :50 JN Bank Lending Ex-Trusts YoY May % 06/10/ :00 NZ QV House Prices YoY% May % 06/10/ :30 JN Bankruptcies (YoY) May % 06/10/ :00 ES GDP (YoY) 1Q F % 06/10/ :00 JN Consumer Confidence May /10/ :00 JN Eco Watchers Survey: Outlook May /10/ :30 FR Bank of France Bus. Sentiment May /10/ :45 FR Industrial Production (YoY) Apr % 06/10/ :45 FR Manufacturing Production (YoY) Apr % 06/10/ :00 DE CPI (YoY) May % 06/10/ :00 IT Industrial Production nsa(yoy) Apr % 06/10/ :30 EC Sentix Investor Confidence Jun /10/ :00 ES Current Account 1Q M 06/10/ :00 IT GDP sa and wda (YoY) 1Q F Global Economic Forecasts and Calendar Indicator Period Release Previous Consensus Actual Indonesia CPI inflation (%, y-y) Apr 4/ GDP (%, y-y) 4Q12 2/ Reference rate (%) Apr 4/ FX reserves (USDb) Mar 4/ China CPI inflation (%, y-y) Mar 4/ GDP (%, y-y) 1Q 4/ Reference rate (%) May Unemployment rate (%) Dec Japan CPI inflation (%, y-y) Mar 4/ GDP (%, y-y) 4Q Reference rate (%) Apr 4/ Unemployment rate (%) Mar 4/ India CPI inflation (%, y-y) Feb 4/ GDP (%, y-y) 1Q 4/ Reference rate (%) Mar 4/ Singapore CPI inflation (%, y-y) Mar 4/ GDP (%, y-y) 1Q 4/ Reference rate (%) Apr Unemployment rate (%) Mar 4/ Malaysia CPI inflation (%, y-y) Mar 4/ GDP (%, y-y) 4Q12 2/ Reference rate (%) May 4/ Unemployment rate (%) Dec 2/ Thailand CPI inflation (%, y-y) Apr 4/ GDP (%, y-y) 4Q12 2/ Reference rate (%) Apr 4/ Unemployment rate (%) Feb 2/ US CPI inflation (%, y-y) Mar 4/ GDP (%, y-y) 1Q 4/ Reference Rate (%) Apr 4/ Unemployment rate (%) Mar 4/ Source: Bloomberg PT Bahana Securities Equity Research Bahana Beacon - The Daily 6

7 COMPANY/SITE VISITS/EVENTS Date Time Description Analyst AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time AEGM JPFA IJ Japfa Comfeed Indonesia 6/12/ :00 AGM WAPO IJ Wahana Pronatural Tbk PT 6/12/ AGM LTLS IJ Lautan Luas Tbk PT 6/12/ :00 AEGM MASA IJ Multistrada Arah Sarana Tbk PT 6/12/ :00 AGM BNBA IJ Bank Bumi Arta Tbk PT 6/12/ :00 AGM YULE IJ Yulie Sekurindo Tbk PT 6/12/ :00 AGM SPMA IJ Suparma Tbk PT 6/12/ :00 AGM WICO IJ Wicaksana Overseas International 6/12/ :00 AEGM APIC IJ Pacific Strategic Financial Tbk PT 6/12/ :00 AGM TBLA IJ Tunas Baru Lampung Tbk PT 6/12/ :00 AGM GDYR IJ Goodyear Indonesia Tbk PT 6/12/ :00 AEGM BUDI IJ Budi Acid Jaya Tbk PT 6/12/ :00 AEGM KBLM IJ Kabelindo Murni Tbk PT 6/12/ :00 AEGM BNBR IJ Bakrie and Brothers Tbk PT 6/12/ :00 AGM BACA IJ Bank Capital Indonesia Tbk PT 6/12/ :00 AEGM RAJA IJ Rukun Raharja 6/12/ Source: Bloomberg DIVIDEND SCHEDULE0 Corporate Price Cash Yield Ex date Record date Payment date Ticker (IDR) (IDR) (%) Surya Semesta Internusa 1, % 5/13/2013 5/15/2013 5/29/2013 SSIA IJ Perusahaan Gas Negara 6, % 5/13/2013 5/15/2013 5/29/2013 PGAS IJ Timah 1, % 5/13/2013 5/15/2013 5/29/2013 TINS IJ Tunas Ridean 1, % 5/13/2013 5/15/2013 5/27/2013 TURI IJ Waskita Karya % 5/13/2013 5/15/2013 5/29/2013 WSKT IJ Tigaraksa Satria 1, % 5/14/2013 5/16/2013 5/30/2013 TGKA IJ Adhi Karya 2, % 5/14/2013 5/16/2013 5/29/2013 ADHI IJ Pelayaran Tempuran Emas % 5/14/2013 5/16/2013 5/30/2013 TMAS IJ Astra Otoparts 3, % 5/15/2013 5/17/2013 5/31/2013 AUTO IJ United Tractors 17, % 5/15/2013 5/17/2013 5/31/2013 UNTR IJ Vale Indonesia 2, % 5/15/2013 5/17/2013 5/31/2013 INCO IJ Mandom Indonesia 12, % 5/15/2013 5/17/2013 5/31/2013 TCID IJ Elnusa % 5/16/2013 5/20/2013 5/30/2013 ELSA IJ Trikomsel Oke 2, % 5/16/2013 5/20/2013 6/3/2013 TRIO IJ Astra Agro Lestari 17, % 5/16/2013 5/20/2013 6/3/2013 AALI IJ Matahari Putra Prima 1, % 5/16/2013 5/20/2013 5/29/2013 MPPA IJ Multifiling Mitra Indonesia % 5/17/2013 5/21/2013 6/4/2013 MFMI IJ Multipolar % 5/17/2013 5/21/2013 6/4/2013 MLPL IJ Batavia Prosperindo Finance % 5/20/2013 5/22/2013 6/5/2013 BPFI IJ Astra international 6, % 5/21/2013 5/23/2013 6/7/2013 ASII IJ Bukit Asam 14, % 5/21/2013 5/23/2013 6/7/2013 PTBA IJ Medco Energi Internasional 2, % 5/21/2013 5/23/2013 6/7/2013 MEDC IJ Bank Mega 4, % 5/21/2013 5/23/2013 5/31/2013 MEGA IJ Total Bangun Persada 1, % 5/21/2013 5/23/2013 6/5/2013 TOTL IJ Asuransi Bina Dana Arta 3, % 5/21/2013 5/23/2013 6/7/2013 ABDA IJ Tifa Finance % 5/22/2013 5/24/2013 6/10/2013 TIFA IJ Champion Pacific Indonesia % 5/23/2013 5/27/2013 6/11/2013 IGAR IJ Pembangunan Perumahan 1, % 5/23/2013 5/27/2013 6/10/2013 PTPP IJ Lippo General Insurance 3, % 5/28/2013 5/30/2013 6/14/2013 LPGI IJ Telekomunikasi Indonesia per 11, % 5/30/2013 6/3/2013 6/18/2013 TLKM IJ Wijaya Karya 2, % 5/30/2013 6/3/2013 6/14/2013 WIKA IJ Jasa Marga (Persero) 6, % 5/30/2013 6/3/2013 6/18/2013 JSMR IJ Semen Indonesia 18, /30/2013 6/3/2013 6/17/2013 SMGR IJ Aneka Tambang 1, % 5/30/2013 6/3/2013 6/18/2013 ANTM IJ Adaro Energy 1, % 5/30/2013 6/3/2013 6/12/2013 ADRO IJ Trias Sentosa % 5/30/2013 6/3/2013 6/18/2013 TRST IJ Golden Energy Mines 2, % 5/30/2013 6/3/2013 6/18/2013 GEMS IJ Bank Danamon Indonesia 6, % 5/31/2013 6/4/2013 6/19/2013 BDMN IJ Source: Bloomberg *Interim Dividend PT Bahana Securities Equity Research Bahana Beacon - The Daily 7

8 Actual and upcoming IPOs, No Code Date Company name Industry Amount Public (IDRb) (%) 1 PADI 01/09/12 Minna Padi Investama Financial market TELE 01/12/12 Tiphone Mobile Indonesia Cellular distribution ESSA 02/01/12 Surya Esa Perkasa Petroleum gas BEST 04/10/12 Bekasi Fajar Industrial Estates Industrial estates RANC 06/07/12 Supra Boga Lestari Retail TRIS 06/28/12 Trisula International Fashion distribution KOBX 07/05/12 Kobexindo Tractors Heavy equipment TOBA 07/06/12 Toba Bara Sejahtera Coal MSKY 07/09/12 MNC Sky Vision Media 2, ALTO 07/10/12 Tri Banyan Consumer GLOB 07/10/12 Global Teleshop Telcos GAMA 07/11/12 Gading Development Property BJTM 07/12/12 Bank Jatim Banks 1, IBST 08/31/12 Inti Bangun Sejahtera Communication NIRO 09/13/12 Nirvana Development Property PALM 10/08/12 Provident Agro Plantation NELY 10/11/12 Pelayaran Nelly Dwi Putri Shipping TAXI 11/02/12 Express Transindo Utama Transportation BSSR 11/08/12 Baramulti Sukses Sarana Coal ASSA 11/12/12 Adi Sarana Armada Automotive WIIM 12/18/12 Wismilak Cigarettes WSKT 12/19/12 Waskita Karya Construction 1, total 10, BBRM 01/08/13 Pelayaran Nasional Bina Buana Shipping HOTL 01/10/13 Saraswati Griya Lestari Hotel SAME 01/11/13 Sarana Meditama Metropolitan Hospital Management MAGP 01/16/13 Multi Agro Gemilang Plantations ISSP 02/22/13 Spindo Pipes manufacturer 1, DYAN 03/25/13 Dyandra Media International Entertainment ANJT 05/08/13 Austindo Nusantara Jaya Plantation NOBU 05/20/13 Bank Nationalnobu Banking MPMX 05/29/13 Mitra Pinasthika Mustika Automotive 1, SMBR Semen Baturaja Cement 1, Bank Muamalat Indonesia Banking 1,940-2, Sritex Textile 1, Garuda Maintenance Facility Aero Services Air Asia Indonesia Aviation 1, Lion Air Aviation 9, Bank Maspion Banking Bank Mestika Banking Bank Mitraniaga Banking Bank Sulut Banking Bank Sumut Banking Acset Indonesia Construction Nusa Raya Cipta Construction Wika Beton Construction material 1, PLN Batam Energy Persib Bandung Bermartabat Entertainment Prima Jaya Kreasi Entertainment Saratoga Investa Sedaya Finance 1, Siloam Hospital Group Healthcare Aditech Cakrawiyasa Household goods Tugu Pratama Insurance Multipolar Technology IT Newmont Nusa Tenggara Mining 8, Riau Baraharum Mining 5, Citra Borneo Indah Plantations 1, Dharma Satya Nusantara Plantations 1, Dutapalma Nusantara Plantations Multi Agro Plantations Pasifik Agro Sentosa Plantations 1, Delta Mas Property Sriboga Ratu Raya Restaurant Electronic City Indonesia Retail 1, Persib Bandung Sports Blue Bird Transportation 2, Cipaganti group Transportation Eka Sari Lorena Transport Transportation Siba Surya Transportation total 46,312 Grand total 56,448 PT Bahana Securities Equity Research Bahana Beacon - The Daily 8

9 Actual and upcoming rights issues, No Code Ex-rights date Company name Industry Amount (IDRb) 1 BMRI 01/26/11 Bank Mandiri Banks 11,684 2 AMRT 01/24/11 Sumber Alfaria Trijaya Retail 1,039 3 BBKP 01/20/11 Bank Bukopin Banks 1,066 4 PBRX 01/24/11 Pan Brothers Textile EPMT 02/01/11 Enseval Putra Megatrading Pharmacy distribution ABDA 04/28/11 Asuransi Bina Dana Arta Insurance INDS 05/16/11 Indospring Automotive components UNTR 06/03/11 United Tractors Heavy equipment 6,100 9 DOID 06/27/11 Delta Dunia Makmur Mining contracting 1, BVIC 06/27/11 Bank Victoria Banks IMAS 07/01/11 Indomobil Sukses Internasional Automotive 2, KREN 07/08/11 Kresna Graha Securindo Financial APIC 07/05/11 Pasific Strategic Financial Financial LPPS 07/06/11 Lippo Securities Finance BDMN 09/28/11 Bank Danamon Banks 4, AISA 10/02/11 Tiga Pilar Sejahtera Food Consumer AMAG 10/04/11 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 11/03/11 Panin Financial Financial DKFT 12/02/11 Central Omega Resources Mining PWON 12/09/11 Pakuwon Jati Property 1, PSAB 12/23/11 J Resources Asia Pasifik Trading 1, MDLN 12/23/11 Moderland Realty Property MASA 12/28/11 Multistrada Arah Sarana Automotive components 1, total 40, FREN 02/16/12 Smartfren Telecom Telecommunication 1, BSIM 06/25/12 Bank Sinarmas Banks AMRT 03/12/12 Sumber Alfaria Trijaya Retail 1, KIAS 02/24/12 Keramika Indonesia Asosiasi Ceramics, Glass, Porcelain RAJA 05/08/12 Rukun Raharja Energy SUGI 05/11/12 Sugih Energy Energy 2, NISP 05/30/12 Bank OCBC NISP Banks 1, TRIO 06/26/12 Trikomsel Oke Retail SMMT 06/26/12 Golden Eagle Energy Energy ITTG 07/05/12 Leo Investments Financial MCOR 07/06/12 Bank Windu Kentjana International Banks SUPR 08/16/12 Solusi Tunas Pratama Towers BEKS 09/07/12 Bank Pundi Indonesia Banks MDRN 10/29/12 Modern International Retail BBNT 11/19/12 Bank Tabungan Negara Banks 1, COWL 11/20/12 Cowell Development Construction BNLI 11/30/12 Bank Permata Banks 1, INPC 11/30/12 Bank Arta Graha International Banks MYOH 12/18/12 MYOH Technology Telecommunication BIPP 12/10/12 Bhuwanatala Indah Permai Property HOME 12/11/12 Hotel Mandarine Regency Property CNKO 12/14/12 Exploitasi Energi Indonesia Coal 2, SRAJ 12/19/12 Sejahteraraya Anugrahjaya Shipping 1, INCF Amstelco Indonesia Financial 5, total 25,098 AUTO 4/25/2013 Astra Otoparts Automotive parts 2,900 CENT 2/1/2013 Centrin Online Information Technology 675 TKGA 3/8/2013 Permata Prima Sakti Coal 480 TRIM 4/8/2013 Trimegah Securities Financial total 4,400 Grand total 70,145 Source: Various media PT Bahana Securities Equity Research Bahana Beacon - The Daily 9

10 1Q13 Results Round ups Operating profit (IDRb) Net profit (IDRb) No Company Code Actual Bahana (%) Comment Actual Bahana (%) Comment 1 Astra Agro Lestari AALI 462 3, Below 356 2, Below 2 Adhi Karya ADHI Below Below 3 Adaro Energy ADRO* Below Below 4 AKR Corporindo AKRA Below In line 5 Aneka Tambang ANTM Above Above 6 Agung Podmoro Land APLN 384 1, In line In line 7 Astra International ASII 3,852 23, Below 4,310 21, Below 8 Alam Sutera Realty ASRI 490 1, In line 404 1, In line 9 Adi Sarana Armada ASSA In Line Above 10 Bank Central Asia BBCA 3,540 16, In Line 2,892 14, In Line 11 Bank Bukopin BBKP 292 1, In Line In Line 12 Bank Negara Indonesia BBNI 2,498 24, In Line 2,069 20, Above 13 Bank Rakyat Indonesia BBRI 5,856 9, In Line 5,087 8, Above 14 Bank Tabungan Negara BBTN 455 2, In Line 334 1, In Line 15 Bank Danamon BDMN 1,383 7, In Line 1,005 4, In Line 16 Bekasi Fajar Industrial BEST Below Below 17 Bank Jabar Banten BJBR 468 1, Above 372 1, Above 18 Bank Jatim BJTM 299 1, In Line 218 1, In Line 19 Bank Mandiri BMRI 5,608 22, In Line 4,303 17, In Line 20 Bumi Serpong Damai BSDE 1,412 2, Above 1,244 2, Above 21 Bank Tabungan Pensiunan BTPN 721 3, In Line 573 2, In Line 22 Bumi Resources BUMI* Below (63) 243 (25.9) Below 23 BW Plantation BWPT Below Below 24 Cardig Aero Services CASS In line In line 25 Citra Marga Nusaphala CMNP Above Above 26 Charoen Pokphand Indonesia CPIN 920 3, In Line 717 2, In Line 27 Ciputra Development CTRA 410 1, Above Above 28 Ciputra Property CTRP Above Above 29 Erajaya Swasembada ERAA Below Below 30 Gudang Garam GGRM 1,538 6, Below 1,047 4, Below 31 Garuda Indonesia GIAA* (16) 180 (8.7) Below (34) 135 (25.0) Below 32 Gajah Tunggal GJTL 412 1, Above 345 1, Above 33 Gozco Plantations GZCO (5) 104 (4.8) Below Below 34 Harum Energy HRUM Below Below 35 Indofood CBP ICBP 847 3, Below 644 2, In line 36 Indomobil Sukses International IMAS Below 142 1, Below 37 Vale Indonesia INCO Above In line 38 Indofood Sukses Makmur INDF 1,328 7, Below 722 3, Below 39 Indo Tunggal Prakarsa INTP 1,353 6, In Line 1,146 5, In Line 40 Kawasan Industri Jababeka KIJA Above Above 41 Kalbe Farma KLBF 576 2, In line 444 2, In line 42 Krakatau Steel KRAS Below Below 43 Lippo Cikarang LPCK In line In line 44 Lippo Karawaci LPKR 373 1, In line 252 1, In line 45 London Sumatra Indonesia LSIP 113 1, Below Below 46 Mitra Adiperkasa MAPI In line Below 47 Perusahaan Gas Negara PGAS 272 1, Below Below 48 Bukit Asam PTBA 590 2, In Line 493 2, In line 49 Pembangunan Perumahan PTPP 78 1, Above Above 50 Ramayana Lestari Sentosa RALS Above In line 51 Supra Boga Lestari RANC Below Below 52 Nippon Indosari Corpindo ROTI In line In line 53 Sampoerna Agro SGRO Below Below 54 Salim Ivomas Pratama SIMP 229 2, Below Below 55 Semen Indonesia SMGR 1,599 7, In Line 1,236 5, In Line 56 Summarecon Agung SMRA 362 1, Above 321 1, Above 57 Surya Semesta Internusa SSIA 270 1, Below Below 58 Tiphone Mobile Indonesia TELE Below Below 59 Timah TINS Below Below 60 Telekomunikasi Indonesia TLKM 6,587 27, In Line 3,477 14, In Line 61 Total Bangun Persada TOTL In Line In Line 62 Tempo Scan Pacific TSPC Below Below 63 United Tractors UNTR 1,427 6, Below 1,129 4, Below 64 Unilever Indonesia UNVR 1,876 7, Above 1,432 5, Above 65 Wijaya Karya WIKA 274 1, In Line In Line 66 Wintermar Offshore Marine WINS Below In line 67 Waskita Karya WSKT In Line Below Source: Bloomberg, Company, Bahana estimates *In USDm PT Bahana Securities Equity Research Bahana Beacon - The Daily 10

11 Research: Harry Su Senior Associate Director Head of Research Strategy, Telcos, Consumer, Aviation ext 3600 Teguh Hartanto Associate Director Deputy Head of Research Banks, Cement ext 3610 Leonardo Henry Gavaza Senior Research Manager Automotive, Plantations, Metal Mining, Heavy Equipment ext 3608 Arga Samudro Economist ext 3602 Stifanus Sulistyo Research Analyst Small cap ext 3611 Aditya Eka Prakasa Research Analyst Poultry ext 3603 Salman Fajari Alamsyah Research Analyst ext 3605 Hasan Research Analyst Infrastructure ext 3613 Jennifer Frederika Yapply Research Analyst Coal, Oil and Gas ext 3606 Ricky Research Analyst ext 3615 Chandra Widjanarka Technical Analyst ext 3609 Giovanni Aristo Senior Research Associate ext 3604 Zefanya Angeline Halim Research Associate ext 3612 Nico Laurens Research Associate ext 3614 Laurensius Teiseran Research Associate ext 3601 Made Ayu Wijayati Research Executive ext 3607 Dealing Room: Yolanda Sondak Head of Equity Sales and Trading ext 2545 Haselinda Rifman Equity Sales ext 2524 John M. Dasaad Equity Sales ext 2549 Listiana Kwang Equity Sales ext 2546 Ashish Agrawal Equity Sales ext 2553 Suwardi Widjaja Equity Sales ext 2548 Angky Amarylis Sales Trader ext 2525 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 PT Bahana Securities Equity Research Bahana Beacon - The Daily 11