Bahana Beacon Indonesia Morning Brief

Transcription

1 Asiamoney s 2013 Best Domestic Equity House Monday, 8 July 2013 Bahana Beacon Indonesia Morning Brief TODAY S NEWS ECONOMICS BI: July s inflation to reach 2% m-m June FX reserves fell to USD98.1b BI cut 2013 GDP growth estimate to 5.8%-6.2% BKPM: 2Q13 investment realization to reach IDR97t BOURSE Three companies will list today Grand Kartech plans to IPO in 4Q13 INDUSTRY BI s new Deputy Governor to be announced this evening Telco sector: Govt to set rules on SIM card prices Subsidized housing loans far from initial target CORPORATE BBTN collaborated with BSM to expand remittance business Rothschild complained that Bumi Plc could have misled separation plan CTRP targets to open 20 budget hotels in the next 1-2 years IDX: 4,602.8 (+0.5%) Turnover: IDR3.1t (-3.8%) Foreign net sell: IDR263b (+31.9%) INDICES Asia Last Chg% ytd % y-y % Hang Seng (HK) 20, (8.0) 5.3 IDX (Indonesia) 4, KLCI (Malaysia) 1, KOSPI (Korea) 1,833.3 (0.3) (8.2) (2.2) Nikkei (Japan) 14, PCOMP (Phil.) 6, SENSEX (India) 19, SET (Thailand) 1, SHCOMP (China) 2, (11.5) (8.8) Shenzhen (China) (0.7) STI (Singapore) 3, TWSE (Taiwan) 8, VNI (Vietnam) (0.3) Europe, USA and SA CAC 40 (France) 3,753.9 (1.5) DAX (Germany) 7,806.0 (2.4) Dow Jones (USA) 15, FTSE 100 (UK) 6,375.5 (0.7) IBOV (Brazil) 45,210.5 (1.2) (25.8) (18.4) NASDAQ (USA) 3, RTSI (Russia) 1, (16.5) (6.1) S&P 500 (USA) 1, Source: Bloomberg 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) (2.4) (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 9,679 9,700 9,650 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 ETF, ADRS & COMMODITIES Last Chg% ytd % y-y % EIDO US (USD) 29.4 (1.7) (2.9) 2.2 TLK US (IDR) 10, Coal (USD/t) (17.9) (13.5) Corn (USD/mtn) (3.5) (12.0) Coffee (USD/t) 2, (9.8) (26.5) Copper (USD/t) 6,783 (2.5) (14.2) (11.9) Cotton (USD/t) 1,845 (0.8) CPO (USD/t-MPOB) (23.8) DOC (IDR/kg) 6, Gold (USD/oz.) 1,221 (2.2) (27.1) 22.7 Iron ore (USD/mtn) (15.4) (9.1) Milk (USD/t) (7.5) 1.2 Nickel (USD/t) 13,232 (3.8) (22.2) (20.6) Oil (USD/barrel) Rice (IDR/kg) 8, Rubber (USD/t) 2,232 (0.7) (25.3) (25.3) Soybean oil (USD/t) 1, (3.9) (11.4) Steel (USD/t) (11.0) (13.3) Sugar (USD/t) 491 (1.1) (6.9) (2.9) Tins (USD/t) 18,788 (5.8) (19.6) (0.6) Wheat (USD/t) 242 (0.8) (18.2) (19.3) Source: Bloomberg CURRENCIES & RATES Last Prev. Ytd % y-y % AUD/USD USD/EUR (0.1) IDR/USD 10,030 9, JPY/USD (29.6) SGD/USD (4.9) (3.7) JIBOR (%) 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: July s inflation to reach 2% m-m Agus Martowardojo, Bank Indonesia s Governor, stated that due to full impact of higher fuel prices along with seasonal effects including the fasting month and back-to-school, July s inflation would likely to reach 2% m-m, translating to annual CPI at 7.5% y-y. Bahana: We concur with BI s expectation as we expect July s CPI to reach 2%-2.35% m-m, reflecting annual level at 7.5%-7.63% y-y. At this stage, we believe the central bank, at the BOG meeting on 11 July, would further raise its benchmark rate by 25bps to 6.25% while Deposit Facility (Fasbi) rate is expected to be increased also by 25bps to 4.50%. (Kontan) June FX reserves fell to USD98.1b Bank Indonesia stated that Indonesia s June foreign exchange (FX) reserves dropped 6% m-m to USD98.1b compared to previous month s level of USD105.1b due to the central bank s intervention in defending the IDR against the USD and overseas debt payments. (Jakarta Post, Investor Daily, Bloomberg) BI cut 2013 GDP growth estimate to 5.8%-6.2% Due to investment slowdown and sluggish global economic recoveries, Bank Indonesia has cut 2013 GDP growth estimate from 5.9%-6.3% to 5.8%-6.2%. Bahana: This is in line with our earlier revised down 2013 GDP growth target from 6.4% to 5.9% mainly on higher fuel prices which would decelerate purchasing power. (Bisnis Indonesia, Indonesia Finance Today) BKPM: 2Q13 investment realization to reach IDR97t Investment Coordinating Board (BKPM) expects 2Q13 investment realization to remain solid, reaching IDR97t, up 26.1% y-y. (Bisnis Indonesia) BOURSE Three companies will list today Company Ticker Industry Offered shares (million) IPO price Fund raised (IDR) (IDRb) Underwriter Bank Mestika Dharma BBMD Bank 430 1, Ciptadana Multipolar Technology MLPT I.T Ciptadana Victoria Investama VICO Investment 1,200 w/ 2,133 warrants AAA Securities Source: IDX Grand Kartech plans to IPO in 4Q13 Grand Kartech, and engineering (boilers, etc.) and manufacturing company, plans to release as much as 550m shares (10% free float) using 4M13 financial statement. Andalan Artha Advisindo Securities is the lead underwriter. (Bisnis Indonesia) INDUSTRY BI s new Deputy Governor to be announced this evening Muliaman Hadad s selection as Chairman of the Financial Services Authority (OJK), has brought about three equally strong Deputy Governor candidates (according to DPR s Commission XI Deputy, Harry Azhar Azis) who have undergone fit-and-proper tests on 1 July The three candidates are Mulya Siregar and Hendar, both current assistant governors, and Treesna Wilda Suparyono, Executive Director of Foreign Exchange Management in BI. This evening (Monday, 8 July 2013), Commission XI of the House of Representatives (DPR) shall decide the new Deputy Governor in an upcoming internal meeting. (Investor Daily) PT Bahana Securities Equity Research Bahana Beacon - The Daily 2

3 Telco sector: Govt to set rules on SIM card prices The government is planning to set IDR100k (USD10) as the minimum selling price for SIM cards (currently SIM cards are sold IDR5-10k per unit) and tighten the process of registration (ID card submission a must). This step is taken to reduce churn rate and sms spamming. Nonot Harsono, a member of the Indonesian Telecommunication Regulation Agency (BRTI), stated that the new ruling will be soon tested and implemented by Bahana: This will negatively impact the telco sector in a minimal way as SIM cards only contribute a small portion of revenues. (Investor Daily) Subsidized housing loans far from initial target Undeniable weakness within the property sector s regulations has led to several disturbances such as sky rocketing land and raw materials prices caused by speculators resulting developers hesitations in participating in the government s low cost housing projects. The ministry of public housing has recorded subsidized housing loans to only reach 35,796 units (29.58%) valued IDR1.81t as on 28 June 2013 from FY13 target of 121,000 units. In addition, subsidized apartment loans only reach 5 units (1%) from a target of 500 units. Bahana: The supply shortage of subsidized low-end housing will adversely impact BBTN (BBTN-BUY-IDR1,080-TP:IDR1,600) subsidized mortgage loan growth. (Investor Daily) CORPORATE BBTN collaborated with BSM to expand remittance business Bank Tabungan Negara (BBTN-BUY-IDR1,080-TP:IDR1,600) collaborated with Bank Simpanan Malaysia (BSM) to expand remittance business. BBTN s President Director, Maryono, stated that, BBTN targets remittance business to boost fee-based income growth to 15% in (Bisnis Indonesia) Rothschild complained that Bumi Plc could have misled separation plan Nat Rothschild has asked the Financial Conduct Authority to investigate whether Bumi Plc has made false statements to the market regarding its USD278m separation deal from the Bakries. Mr. Rothschild complained to the FCA that Bumi Plc s references to USD50m escrow perpetuated the implication that the USD50m deposit was non-refundable. Last week, there were also rumors that there may be a new deal that could see the Bakries sell their stake for cash. Potential buyers for the Bakries stake in Bumi Plc are Samin Tan and Thaksin Shinawatra. (Telegraph) CTRP targets to open 20 budget hotels in the next 1-2 years Ciputra Property s (CTRP-BUY-IDR1,070-TP:IDR1,380) Director, Artadinata Djangkar, stated that the company plans to improve recurring income by opening 20 budget hotels in the next 1-2 years under the name of Citradream with each hotel costing IDR40-50b to establish. Arta added that he expects 5-6 Citradreams to be opened by end Each budget hotel will be designed with floors for units with rental price of IDR300k-400k (USD30-40)/night. (Investor Daily) 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) 7/5/2013 7/4/2013 CHANGE (%) Potential (%) Alam Sutera Realty ASRI BUY 1, J Resources Asia Pasifik PSAB HOLD 6, ,200 3, Kalbe Farma KLBF BUY 1, ,440 1, Waskita Karya WSKT BUY 1, Unilever Indonesia UNVR HOLD 31, ,300 28, Astra Agro Lestari AALI BUY 24, ,000 17, Bukit Asam PTBA REDUCE 10,900 (13.1) 12,550 12, Astra International ASII REDUCE 6,200 (8.1) 6,750 6, Charoen Pokhpand Indonesia CPIN REDUCE 4,200 (6.1) 4,475 4, Surya Semesta Internusa SSIA HOLD 1, ,180 1, Adaro Energy ADRO REDUCE 740 (6.3) Salim Ivomas Pratama SIMP HOLD 800 (5.9) Nippon Indosari Corpindo ROTI BUY 8, ,450 7, Timah TINS REDUCE 1, , Bank Negara Indonesia BBNI BUY 5, ,075 4, Wintermar WINS HOLD Indofood CBP Sukses Makmur ICBP BUY 14, ,100 10, Summarecon Agung SMRA BUY 1, ,120 1, Bank Jabar Banten BJBR HOLD 1, ,180 1, Jasa Marga JSMR * * * 6,300 6, Malindo Feedmill MAIN BUY 4, ,250 3, Kawasan Industri Jababeka KIJA BUY Mitra Adiperkasa MAPI BUY 10, ,100 7, Bekasi Fajar Industrial Estate BEST BUY Agung Podomoro Land APLN HOLD Bank Jatim BJTM HOLD Indo Tambangraya Megah ITMG REDUCE 23,000 (17.9) 28,000 27, Garuda Indonesia GIAA * * * Total Bangun Persada TOTL HOLD 1, ,070 1, Bank Tabungan Negara BBTN BUY 1, ,080 1, Telkom Indonesia TLKM BUY 14, ,000 10, Pembangunan Perumahan PTPP BUY 1, ,120 1, Lippo Cikarang LPCK BUY 9, ,750 7, Tempo Scan Pacific TSPC BUY 3, ,875 3, Bank Tabungan Pensiunan Negara BTPN HOLD 5, ,150 4, Wijaya Karya WIKA BUY 3, ,920 1, IDX IDX 4,603 4, Gudang Garam GGRM HOLD 55, ,050 49, Adhi Karya ADHI BUY 4, ,850 2, Aneka Tambang ANTM REDUCE 1, ,000 1, Bakrie Telekomunikasi BTEL REDUCE Bank Bukopin BBKP HOLD Bank Mandiri BMRI BUY 10, ,150 8, Bank Rakyat Indonesia BBRI HOLD 8, ,750 7, Borneo Lumbung Energi BORN REDUCE 350 (9.1) Cardig Aero Services CASS BUY 1, Ciputra Development CTRA BUY 1, ,100 1, Citra Marga Nusaphala Persada CMNP BUY 2,200 (30.7) 3,175 3, Gajah Tunggal GJTL HOLD 2,400 (23.2) 3,125 3, Gozco Plantations GZCO REDUCE 100 (23.7) Indocement INTP BUY 25, ,550 22, Indofood Sukses Makmur INDF BUY 8, ,050 7, London Sumatra Indonesia LSIP HOLD 1, ,530 1, Medco Energi International MEDC * * * 1,690 1, Ramayana Lestari Sentosa RALS HOLD 1, ,230 1, Sarana Menara Nusantara TOWR HOLD 29, ,000 27, Semen Gresik SMGR HOLD 17, ,600 15,650 (0.3) Bank Central Asia BBCA BUY 11, ,500 9,550 (0.5) Bank Danamon BDMN HOLD 7, ,500 5,550 (0.9) Indomobil Sukses International IMAS HOLD 5, ,300 5,350 (0.9) Surya Citra Media SCMA BUY 2,475 (6.6) 2,650 2,675 (0.9) AKR Corporindo AKRA REDUCE 4,500 (6.7) 4,825 4,875 (1.0) Vale Indonesia INCO REDUCE 2, ,900 1,920 (1.0) Krakatau Steel KRAS REDUCE 400 (13.0) (1.1) Supra Boga Lestari RANC BUY 1, (1.1) United Tractors UNTR REDUCE 15,000 (13.3) 17,300 17,500 (1.1) Bumi Serpong Damai BSDE BUY 2, ,670 1,690 (1.2) Hero Supermarket HERO REDUCE 3,596 (2.8) 3,700 3,750 (1.3) Lippo Karawaci LPKR BUY 1, ,330 1,350 (1.5) Indosat ISAT HOLD 6, ,725 4,800 (1.6) Adi Sarana Armada ASSA BUY (1.7) Ciputra Property CTRP BUY 1, ,070 1,090 (1.8) Sampoerna Agro SGRO HOLD 1, ,600 1,630 (1.8) Erjaya Swasembada ERAA REDUCE 3, ,600 2,650 (1.9) Bumi Resources BUMI REDUCE 500 (2.0) (1.9) Japfa Comfeed Indonesia JPFA BUY 2, ,490 1,520 (2.0) Austindo Nusantara Jaya ANJT BUY 1, ,260 1,300 (3.1) Harum Energy HRUM REDUCE 3,000 (2.4) 3,075 3,175 (3.1) Perusahaan Gas Negara PGAS HOLD 6, ,550 5,750 (3.5) XL Axiata EXCL BUY 6, ,400 4,600 (4.3) ACE Hardware Indonesia ACES HOLD (4.4) Tiphone Mobile Indonesia TELE BUY (4.8) BW Plantation BWPT BUY 1, (5.4) Source: Bloomberg *Under our restricted list PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

5 BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Weekly) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside) 7/5/2013 6/28/2013 CHANGE (%) Potential (%) Sarana Menara Nusantara TOWR HOLD 29, ,000 19, Cardig Aero Services CASS BUY 1, Jasa Marga JSMR * * * 6,300 6, Citra Marga Nusaphala Persada CMNP BUY 2,200 (30.7) 3,175 3, Harum Energy HRUM REDUCE 3,000 (2.4) 3,075 3, Malindo Feedmill MAIN BUY 4, ,250 3, Mitra Adiperkasa MAPI BUY 10, ,100 7, Adi Sarana Armada ASSA BUY Aneka Tambang ANTM REDUCE 1, ,000 1, Bakrie Telekomunikasi BTEL REDUCE Bank Jabar Banten BJBR HOLD 1, ,180 1, Bank Rakyat Indonesia BBRI HOLD 8, ,750 7, Bank Tabungan Pensiunan Negara BTPN HOLD 5, ,150 4, Borneo Lumbung Energi BORN REDUCE 350 (9.1) Indomobil Sukses International IMAS HOLD 5, ,300 5, Indomobil Sukses International IMAS HOLD 5, ,300 5, Kalbe Farma KLBF BUY 1, ,440 1, Medco Energi International MEDC * * * 1,690 1, Indo Tambangraya Megah ITMG REDUCE 23,000 (17.9) 28,000 28,150 (0.5) Alam Sutera Realty ASRI BUY 1, (1.3) Supra Boga Lestari RANC BUY 1, (2.2) Telkom Indonesia TLKM BUY 14, ,000 11,250 (2.2) Gajah Tunggal GJTL HOLD 2,400 (23.2) 3,125 3,200 (2.3) Sampoerna Agro SGRO HOLD 1, ,600 1,640 (2.4) Bank Jatim BJTM HOLD (2.5) Hero Supermarket HERO REDUCE 3,596 (2.8) 3,700 3,800 (2.6) Surya Citra Media SCMA BUY 2,475 (6.6) 2,650 2,725 (2.8) Bank Bukopin BBKP HOLD (2.8) Kawasan Industri Jababeka KIJA BUY (2.8) Timah TINS REDUCE 1, ,000 1,030 (2.9) Gozco Plantations GZCO REDUCE 100 (23.7) (3.0) Gudang Garam GGRM HOLD 55, ,050 50,600 (3.1) Austindo Nusantara Jaya ANJT BUY 1, ,260 1,300 (3.1) Krakatau Steel KRAS REDUCE 400 (13.0) (3.2) Tiphone Mobile Indonesia TELE BUY (3.3) Perusahaan Gas Negara PGAS HOLD 6, ,550 5,750 (3.5) Astra International ASII REDUCE 6,200 (8.1) 6,750 7,000 (3.6) Indofood Sukses Makmur INDF BUY 8, ,050 7,350 (4.1) IDX IDX 4,603 4,819 (4.5) Unilever Indonesia UNVR HOLD 31, ,300 30,750 (4.7) United Tractors UNTR REDUCE 15,000 (13.3) 17,300 18,200 (4.9) Bank Central Asia BBCA BUY 11, ,500 10,000 (5.0) Nippon Indosari Corpindo ROTI BUY 8, ,450 7,850 (5.1) Wintermar WINS HOLD (5.2) Agung Podomoro Land APLN HOLD (5.2) Waskita Karya WSKT BUY 1, (5.2) Bank Negara Indonesia BBNI BUY 5, ,075 4,300 (5.2) Ramayana Lestari Sentosa RALS HOLD 1, ,230 1,300 (5.4) Salim Ivomas Pratama SIMP HOLD 800 (5.9) (5.6) Bukit Asam PTBA REDUCE 10,900 (13.1) 12,550 13,300 (5.6) Garuda Indonesia GIAA * * * (5.8) Bank Danamon BDMN HOLD 7, ,500 5,850 (6.0) Bank Tabungan Negara BBTN BUY 1, ,080 1,150 (6.1) Vale Indonesia INCO REDUCE 2, ,900 2,025 (6.2) Wijaya Karya WIKA BUY 3, ,920 2,050 (6.3) Surya Semesta Internusa TSPC BUY 3, ,875 4,150 (6.6) Bumi Serpong Damai BSDE BUY 2, ,670 1,800 (7.2) Bumi Resources BUMI REDUCE 500 (2.0) (7.3) Japfa Comfeed Indonesia JPFA BUY 2, ,490 1,610 (7.5) Indocement INTP BUY 25, ,550 24,450 (7.8) Adaro Energy ADRO REDUCE (8.1) Astra Agro Lestari AALI BUY 24, ,000 19,700 (8.6) Semen Gresik SMGR HOLD 17, ,600 17,100 (8.8) XL Axiata EXCL BUY 6, ,400 4,825 (8.8) Bekasi Fajar Industrial Estate BEST BUY 1, (8.9) AKR Corporindo AKRA REDUCE 4,500 (6.7) 4,825 5,300 (9.0) Indofood CBP Sukses Makmur ICBP BUY 14, ,100 12,200 (9.0) Surya Semesta Internusa SSIA HOLD 1, ,180 1,300 (9.2) Total Bangun Persada TOTL HOLD 1, ,070 1,180 (9.3) Lippo Cikarang LPCK BUY 9, ,750 8,550 (9.4) BW Plantation BWPT BUY 1, (9.4) Bank Mandiri BMRI BUY 10, ,150 9,000 (9.4) Indosat ISAT HOLD 6, ,725 5,250 (10.0) Ciputra Property CTRP BUY 1, ,070 1,190 (10.1) Ciputra Property CTRP BUY 1, ,070 1,190 (10.1) London Sumatra Indonesia LSIP HOLD 1, ,530 1,720 (11.0) ACE Hardware Indonesia ACES HOLD (12.2) Lippo Karawaci LPKR BUY 1, ,330 1,520 (12.5) Charoen Pokhpand Indonesia CPIN REDUCE 4,200 (6.1) 4,475 5,150 (13.1) Summarecon Agung SMRA BUY 1, ,120 1,290 (13.2) Adhi Karya ADHI BUY 4, ,850 3,325 (14.3) Pembangunan Perumahan PTPP BUY 1, ,120 1,350 (17.0) Ciputra Development CTRA BUY 1, ,100 1,350 (18.5) Source: Bloomberg *Under our restricted list PT Bahana Securities Equity Research Bahana Beacon - The Daily 5

6 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) , ,513 45,623 2,054 2,670 1,411 1, AERO SERVICE N GIAA * 490 * 22, , ,247 44,205 1,735 2,324 1,285 1, CASS BUY 900 1,010 2, , ,265 1, nc nc AUTOMOTIVE RELATED N 299, , ,924 21,472 22,931 21,343 22,689 (6.1) ASII REDUCE 6,750 6,200 40, , , ,255 18,783 19,970 19,037 20,042 (2.0) IMAS HOLD 5,300 5,425 2, , ,746 31, ,048 1,075 1, GJTL HOLD 3,125 2,400 3, , ,054 13,915 1,577 1,651 1,148 1, ASSA BUY , ,034 1, BANKS N 802,699 1, , ,106 89, ,483 72,107 82, na na na na BBCA BUY 9,500 11,200 24, , ,656 40,903 16,821 19,622 14,002 16, na na na na BMRI BUY 8,150 10,400 23, , ,807 58,863 22,574 26,194 17,714 20, na na na na BBRI HOLD 7,750 8,500 24, , ,096 58,125 24,015 26,885 20,079 22, na na na na BBNI BUY 4,075 5,200 18, , ,147 31,025 9,799 11,419 8,148 9, na na na na BDMN HOLD 5,500 7,000 9, , ,498 24,330 7,102 8,021 4,636 5, na na na na BTPN HOLD 4,150 5,400 5, , ,609 9,151 3,008 3,616 2,411 2, na na na na BBTN BUY 1,080 1,600 10, , ,478 7,786 2,320 2,837 1,702 2, na na na na BJBR HOLD 1,180 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 175, ,084 50,887 14,367 16,988 11,483 13, SMGR HOLD 15,600 17,600 5, , ,710 27,116 7,330 8,712 5,949 7, INTP BUY 22,550 25,300 3, , ,373 23,771 7,037 8,275 5,534 6, nc nc COAL UW 111, , ,537 21,100 19,730 13,840 12,883 (23.6) ADRO REDUCE , , ,942 32,730 7,162 7,048 3,091 2,941 (27.6) (4.4) ITMG REDUCE 28,000 23,000 1, , ,245 21,250 4,324 4,569 5,560 5,561 (25.0) nc nc PTBA REDUCE 12,550 10,900 2, , ,316 10,521 2,494 2,411 2,212 2,173 (23.3) (1.8) nc nc HRUM REDUCE 3,075 3,000 2, , ,108 8,279 1,822 1,846 1,197 1,225 (19.5) nc nc BUMI REDUCE , , ,939 33,922 4,087 3,857 1, na na BORN REDUCE , , ,575 5,836 1, (9.0) (13.0) CONS. & TOLL ROADS OW 82, ,010 65,696 8,389 10,492 4,579 5, JSMR * 6,300 * 6, , ,970 8,421 3,513 4,278 2,140 2, WIKA BUY 1,920 3,200 6, , ,738 14,571 1,291 1, , nc nc WSKT BUY 730 1,030 9, , ,778 14, , nc nc CMNP BUY 3,175 2,200 2, , ,005 1, (21.3) PTPP BUY 1,120 1,600 4, , ,554 13,165 1,198 1, TOTL HOLD 1,070 1,200 3, , ,453 2, nc nc ADHI BUY 2,850 4,400 1, , ,513 10, CONSUMER - DISCRE. OW 87, ,144 46,878 3,909 4,648 2,932 3, nc nc SCMA BUY 38, ,547 2,897 1,395 1,599 1,063 1, nc nc ,650 2,475 14, HERO REDUCE 3,700 3,596 4, , ,904 15, (1.5) (10.3) (10.1) ACES HOLD , , ,148 4, nc nc MAPI BUY 7,100 10,000 1, , ,385 11, , nc nc RALS HOLD 1,230 1,350 7, , ,666 10, nc nc RANC BUY 900 1,120 1, , ,494 1, nc nc CONSUMER - STAPLES OW 542, , ,833 28,193 31,610 18,853 21, nc nc UNVR HOLD 223, ,764 36,978 7,069 7,783 5,370 5, nc nc ,300 31,150 7, GGRM HOLD 49,050 55,000 1, , ,903 59,494 6,539 7,525 4,453 5, INDF BUY 7,050 8,500 8, , ,962 57,881 7,390 8,098 3,530 3, nc nc KLBF BUY 1,440 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 3,875 3,950 4, , ,919 9,181 1,086 1, , nc nc ROTI BUY 7,450 8,925 1, , ,419 1, nc nc HEAVY EQUIPMENT UW 65, ,341 63,127 7,013 7,394 5,101 5,498 #REF! #REF! UNTR REDUCE 17,300 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 24, ,658 12,158 3,794 4,408 3,010 3, BEST BUY 720 1,190 9, , ,368 1, , nc nc SSIA HOLD 1,180 1,800 4, , ,635 5,250 1,224 1, , nc nc KIJA BUY , , ,833 3, , LPCK BUY 7,750 9, , ,823 2, nc nc METALS UW 35, ,088 34,399 3,933 5,085 2,949 3, INCO REDUCE 1,900 2,000 9, , ,148 14,859 1,818 2,328 1,281 1, ANTM REDUCE 1,000 1,125 9, , ,239 8, (3.4) (1.3) nc nc TINS REDUCE 1,000 1,000 5, , ,742 7, (2.2) nc nc PSAB HOLD 3,200 6, , ,959 3, , OIL & GAS N 158, ,456 76,553 13,976 14,478 10,334 10, PGAS HOLD 5,550 6,800 24, , ,977 34,284 10,831 11,115 9,098 9, nc nc AKRA REDUCE 4,825 4,500 3, , ,645 30, , MEDC * 1,690 * 3, , , , ,168 2, PLANTATIONS N 59, ,635 41,954 6,535 8,395 3,975 5,258 (21.6) AALI BUY 18,000 24,000 1, , ,041 14,944 2,782 3,577 1,897 2,490 (21.3) nc nc SIMP HOLD , , ,266 16,366 1,979 2, ,090 (31.1) LSIP HOLD 1,530 1,900 6, , ,666 5, , (29.5) nc nc BWPT BUY 870 1,300 4, , ,130 1, (24.8) SGRO HOLD 1,600 1,800 1, , ,109 3, (32.7) GZCO REDUCE , (23.2) ANJT BUY 1,260 1,650 3, , ,778 2, nc nc POULTRY N 94, ,969 54,789 6,843 7,973 5,027 5, CPIN REDUCE 4,475 4,200 16, , ,751 27,895 4,246 4,997 3,362 3, nc nc JPFA BUY 1,490 2,250 10, , ,068 22,068 1,978 2,246 1,218 1, MAIN BUY 3,250 4,400 1, , ,149 4, PROPERTY OW 121, ,967 38,406 10,762 13,359 7,950 9, LPKR BUY 1,330 1,640 23, , ,604 7,415 1,502 1,820 1,174 1, BSDE BUY 1,670 2,125 17, , ,485 6,946 2,538 3,174 2,217 2, nc nc SMRA BUY 1,120 1,600 14, , ,839 4,691 1,038 1, nc nc ASRI BUY 740 1,050 19, , ,337 4,054 1,748 2,204 1,286 1, nc nc CTRA BUY 1,100 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 1,070 1,380 6, , ,800 2, SHIPPING N 1, ,220 1, WINS HOLD , , ,220 1, STEEL UW 7, ,009 25, , KRAS REDUCE , , ,009 25, , TELCOS OW 324, , ,322 36,961 40,952 19,118 21, TLKM BUY 11,000 14,500 20, , ,334 86,953 27,245 29,773 14,423 15, EXCL BUY 4,400 6,200 8, , ,303 24,839 5,071 5,461 3,334 3, ISAT HOLD 4,725 6,500 5, , ,027 26,449 2,124 2, ,021 (60.7) TOWR HOLD 27,000 29,500 1, , ,556 2,995 1,442 1, ERAA REDUCE 2,600 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 3,010,082 4, ,404,373 1,551, , , , , 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 6

7 Global Business and Economic Indicators Agenda Date Time Country Event Period Consensus Actual Prior 07/08/ :50 JN Bank Lending Ex-Trusts YoY Jun % 07/08/ :50 JN Bank Lending incl Trusts (YoY) Jun /08/ :50 JN Current Account Total May B 07/08/ :50 JN Adjusted Current Account Total May B 07/08/ :50 JN Trade Balance - BOP Basis May B 07/08/ :50 JN Current Account Balance YOY% May % 07/08/ :30 AU ANZ Job Advertisements MoM Jun % 07/08/ :30 JN Bankruptcies (YoY) Jun % 07/08/ :45 SZ Unemployment Rate Jun % 07/08/ :45 SZ Unemployment Rate (sa) Jun % 07/08/ :00 GE Trade Balance May B 07/08/ :00 GE Current Account (EURO) May B 07/08/ :00 GE Imports SA (MoM) May % 07/08/ :00 GE Exports SA (MoM) May % 07/08/ :00 CZ Construction Output (YoY) May % 07/08/ :00 CZ Industrial Output (YoY) May -2.00% % 07/08/ :00 CZ Trade Balance (Koruna) May 27.0B B 07/08/ :00 TU Industrial Production WDA (YoY) May % 07/08/ :30 EC Sentix Investor Confidence Jul /08/ :00 BZ FGV CPI IPC-S 7-Jul /08/ :30 CA Building Permits MoM May % 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 7

8 COMPANY/SITE VISITS/EVENTS Date Time Description Analyst 7/9/ TOWR analyst meeting Aditya Eka Prakasa 7/12/ DILD company visit Ricky Ho AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time AGM UNSP IJ Bakrie Sumatera Plantations 7/08/ :00 EGM ALTO IJ Tri Banyan Tirta 7/09/ :00 EGM KIJA IJ Kawasan Industri Jababeka 7/11/ :00 EGM PKPK IJ Perdana Karya Perkasa 7/13/ AGM TMPI IJ Agis 7/15/ :00 AGM IKBI IJ Sumi Indo Kabel 7/15/ :00 EGM MLBI IJ Multi Bintang Indonesia 7/16/ :00 AGM SIPD IJ Sierad Produce 7/17/ EGM TPMA IJ Trans Power Marine 7/18/ :00 Source: Bloomberg DIVIDEND SCHEDULE0 Corporate Price Cash Yield Ex date Record date Payment date Ticker (IDR) (IDR) (%) 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 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 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 8

9 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 TPMA 02/20/13 Trans Power Marine Transportation ISSP 02/22/13 Spindo Pipes manufacturer 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, DSNG 06/14/13 Dharma Satya Nusantara Plantations SRIL 06/17/13 Sritex Textile 1, ACST 06/24/13 Acset Indonesia Construction SRTG 06/26/13 Saratoga Investa Sedaya Finance 1, NRCA 06/27/13 Nusa Raya Cipta Construction SMBR 06/28/13 Semen Baturaja Cement 1, Bank Muamalat Indonesia Banking 1,940-2, Air Asia Indonesia Aviation 1, BMAS 07/11/13 Bank Maspion Banking BBMD 07/08/13 Bank Mestika Dharma Banking 1, /09/13 Bank Mitraniaga Banking Bank Sumut Banking Wika Beton Construction material 1, PLN Batam Energy Persib Bandung Bermartabat Entertainment Prima Jaya Kreasi Entertainment Aditech Cakrawiyasa Household goods Tugu Pratama Insurance MLPT 07/08/13 Multipolar Technology IT Citra Borneo Indah Plantations 1, Dutapalma Nusantara Plantations Multi Agro Plantations Pasifik Agro Sentosa Plantations 1, Delta Mas Property Sriboga Ratu Raya Restaurant ECII 07/03/13 Electronic City Indonesia Retail 1, Blue Bird Transportation 2, CPGT 07/08/13 Cipaganti group Transportation Eka Sari Lorena Transport Transportation Siba Surya Transportation VICO 07/08/13 Victoria Investama Finance Sido Muncul Healthcare 1, Grand Kartech Manufacturing total 29,431 Grand total 39,657 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 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 10

11 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 11

12 Research: Harry Su Senior Associate Director Head of Equity Capital Market & Research Strategy, Telcos, Consumer, Aviation ext 3600 direct: Teguh Hartanto Associate Director Deputy Head of Research Banks, Cement ext 3610 Leonardo Henry Gavaza Senior Research Manager Automotive, Plantations, 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 Property, Industrial esates. toll road ext 3605 Hasan Research Analyst Infrastructure ext 3613 Jennifer Frederika Yapply Research Analyst Coal, Oil and Gas ext 3606 Ricky Research Analyst Metal mining 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: (Domestic Institutional) (Foreign Institutional) (Surabaya Branch) Haselinda Rifman Equity Sales ext 2524 John M. Dasaad Equity Sales ext 2549 Angky Amarylis Sales Trader ext 2525 Ashish Agrawal Equity Sales ext 2553 Suwardi Widjaja Equity Sales ext 2548 Jonathan Gregorius M.T Sales Trader ext 2546 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 PT Bahana Securities Equity Research Bahana Beacon - The Daily 12