BCAS Vista. Indonesia Morning Digest. 22 December 2017 RESEARCH. IDX: Turnover (IDRbn): 6,183 (+1.21%) 4,820 (-14.78%)

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1 RESEARCH RESEARCH REPORT PTBA: Clarity on coal price with PLN Fact: A clear coal price agreed with PLN Potential additional income from higher ASP to PLN Recommendation: We maintain our BUY rating and TP of IDR2,690 HEADLINE NEWS INDUSTRY Domestic tobacco prioritized over imported ones PUPR cooperates with 40 banks for housing financing liquidity facility (FLPP) COMPANY BBTN recorded low-cost housing realization through SSB of units MEDC rights issuance oversubscribed by ~45% PTPP booked new contract of IDR37.4tn (+25%YoY) in 11M17 WEGE achieved 98.3% of contract target Lotte Advanced Materials acquired 2 Indonesian petrochemical companies PANR targeting capex around IDR100bn next year INDICES ASIA IDX: Turnover (IDRbn): 6,183 (+1.21%) 4,820 (-14.78%) Vol (US$ mn) IDX 6, LQ45 1, Hang Seng 29, ,039 KOSPI 2,430 (1.72) ,838 Nikkei ,866 (0.11) ,715 PCOMP 8, SET 1,737 (0.07) SHCOMP 3, ,865 STI 3,383 (0.36) TWSE 10,489 (0.15) ,024 EUROPE & USA DAX 13, Dow Jones 24, FTSE 100 7, NASDAQ 6, ,647 S&P 500 2, ,750 ETF & ADR Last Chg (%) MoM (%) YTD (%) EIDO US (USD) TLK US (USD) COMMODITIES Last Last Chg (%) Chg (%) YTD (%) MoM (%) YTD (%) Brent (USD/b) WTI (USD/bl) Coal (USD/ton) 100 (0.05) Copper (USD/mt) 7, Gold (USD/toz) 1, (1.09) Nickel (USD/mt) 12, Tin (USD/mt) 19,350 (0.64) 0.36 (8.40) Corn (USD/mt) (1.40) (9.70) Palm oil (MYR/mt) 2,411 (1.59) (6.55) (25.08) Soybean (USD/bu) 959 (0.57) (4.12) (3.08) Wheat (USD/bsh) (3.23) (10.62) CURNCY & RATES Last 1D 1M 2016 MARKET 2017F 2018F MACRO 2017F 2018F IDR/USD 13,558 13,579 13,534 13,473 AUD/USD CAD/USD CNY/USD USD/EUR JPY/USD SGD/USD JIBOR (%) D Repo Rate (%) Y Bond (%) CDS - 5Y (bps) FUND FLOWS & SECTORAL TREND EPS growth (%) GDP Growth (%) Cons EPS growth (%) Govt Spending (%) P/E (x) Private Spending (%) P/E ex UNVR, HMSP (x) Investment (%) EV/EBITDA (x) CPI (%) P/B (x) BI 7-day RR (%) P/B ex UNVR, HMSP (x) IDR/USD 13,433 13,576 Yield (%) FX Reserve (USDbn) Gearing ex Bank (%) CAD (%) (2.2) (2.3) ROE (%) Fiscal Budget (%) (2.5) (2.5) ROA (%) Y Govt bond Source: BCA Sekuritas Foreign Flows Last 1W 1M YTD In/(Out) (IDRbn) 434 (29) (10,731) (39,462) Sector Performance Last 1D (%) 1M (%) YTD (%) JAKAGRI Index 1,578 (0.08) (8.76) (15.37) JAKBIND Index JAKCONS Index 2, JAKFIN Index 1, JAKINFRA Index (0.49) 4.95 JAKMIND Index 1, (1.00) (1.64) JAKMINE Index 1, JAKPROP Index (2.36) (6.40) JAKTRAD Index Page 1 of 8

2 HEADLINE NEWS INDUSTRY PUPR cooperates with 40 banks for housing financing liquidity facility (FLPP) PUPR cooperates with 40 banks to distribute the mortgage loans (KPR) under housing financing liquidity facility (FLPP) in Budget allocation reached IDR4.5tn which will be used for 42k units of low income house (MBR) subsidy. BJBR will disburse IDR133bn in FLPP housing scheme (1,200 units) in 2018, while this year BJBR disbursed IDR100bn (1,000 houses). In addition, BRI Syariah will disburse FLPP subsidy with total amount of IDR750bn or 7,500 houses in In 2017, BRI Syariah has disbursed FLPP subsidy of IDR600bn (6,500 houses). (Investor Daily, infobanknews.com, Kontan) Comment: BJBR recorded total loan mortgage of IDR5.1tn (+13.5% YoY) in 9M17. Domestic tobacco prioritized over imported ones Enggartiasto Lukita, Trade Minister, conducted a coordinated meeting to discuss tobacco. The minister mentioned that one of the salient points of the meeting is for domestic tobacco to be fully utilized, then only import for tobacco will be opened. Lukita further mentioned that imported tobacco will also be slapped with import duties, although the amount of the duty will be discussed first. No further details have been announced. (merdeka.com) COMPANY Bank Tabungan Negara (BBTN) recorded low-cost housing realization through SSB of units BBTN has disbursed of low-cost housing through SSB scheme of close to 200k units or amounting to IDR23.5tn. For the next year, BBTN targets to disburse 225k units of low-cost housing or amounting to IDR25tn. (Kontan) Medco Energi International (MEDC) rights issuance oversubscribed by ~45% As MEDC s management has officially closed the trading period of its rights issuance, the company announced that the target proceed of IDR2.6tn (USD195mn) were oversubscribed by~45%. The rights issuance proceed would be used to repay debt, and the first exercise period for warrant will begin on 1st July 2018F (Company) PTPP booked new contract of IDR37.4tn (+25%YoY) in 11M17 PTPP booked additional IDR 3.9tn new contract in Nov-17, of which IDR2.1tn came from the company and IDR1.8tn from its subsidiaries, bringing total new contract in 11M17 to IDR37.4tn (+25%YoY), accounting for 92.1% of company s FY17 target of IDR40.6tn. (Investor Daily) Wika Gedung (WEGE) achieved 98.3% of contract target Until second week of Dec-17, WEGE order book reached IDR12.7tn, or 98.3% of 2017 total contract target of IDR12.92tn, consisting IDR5.6tn carryover from (Bisnis Indonesia) Lotte Advanced Materials acquired 2 Indonesian petrochemical companies Lotte Group s subsidiary, Lotte Advanced Materials, acquired Arbe Styrindo and ABS Industri Indonesia. Both companies stopped their operations in Oct-17 due to financial difficulties and used to produce polystyrene, a form of plastic resin. In addition, Lotte plans to increase the combined production capacity to 73KTA from 40KTA after restarting the operation in 2019, with total revenue is targeted to reach USD185mn and net profit of USD14mn. (Investor Daily) PANR targeting capex around IDR100bn next year Panorama Sentrawisata (PANR) targeting capex of IDR50-100bn next year, less than capex in The company will also put more focus on outbound business and looking for new agreements with Hotel & Hospital operation to expand their business. (Company) Page 2 of 8

3 CORPORATE ACTION Date Ticker Company Event Desc 11-Dec-17 IMJS Indomobil Multi Jasa Right Issue Ratio 4 (new): 25 (old), Exercise Price Rp500, Cum Date 11 Dec 2017, Trading Date Dec Dec-17 JKON Jaya Konstruksi Manggala Prata EGM Venue: Gedung Jaya Lt 12, Jakarta Pusat, at am 11-Dec-17 KARW ICTSI Jasa Prima EGM Venue: Graha Kirana Lt 7 Suite 701 Sunter, Jakarta Utara, at am 12-Dec-17 BIPI Benakat Integra EGM Venue: Ruang Anggrek 1-3 Sampoerna Strateguc Square Lt 3 Nort Tower, Jakarta, at pm 13-Dec-17 AKKU Anugerah Kagum Karya Utama EGM Venue: Jl Wijaya II No 168 Kebayoran Baru, Jakarta Selatan, at pm 13-Dec-17 BRPT Barito Pacific EGM Venue: Wisma Barito Pacific Tower B Lt M, Jakarta, at am 13-Dec-17 DAYA Duta Intidaya Right Issue Ratio 451 (new): 2740 (old), Exercise Price Rp190, Cum Date 13 Dec 2017, Trading Date Dec Dec-17 DWGL Dwi Guna Laksana Warrant Ratio 1 (warrant): 1 (new share), Exercise Price Rp187, Trading Date 13 Dec Dec Dec-17 DWGL Dwi Guna Laksana IPO IPO 3.1 bn per shares 13-Dec-17 PBID Panca Budi Idaman EGM IPO 375 mn per shares 13-Dec-17 PTBA Tambang Batubara Bukit Asam Stock Split Ratio 1 (new): 5 (old), Cum Date 13 Dec 2017, Ex Date 14 Dec Dec-17 SQBB Taisho Pharmaceutical Indonesia EGM Venue: Mercantile Athletic Club WTC Lt 18, Jakarta, at am 13-Dec-17 YULE Yulie Sekuritas Indonesia Right Issue Ratio 6 (new): 1 (old), Exercise Price Rp200, Cum Date 13 Dec 2017, Trading Date Dec Dec-17 MEDC Medco Energi Internasional Warrant Ratio 1 (warrant): 1 (new share), Exercise Price Rp625, Trading Date 14 Dec Dec Dec-17 LPKR Lippo Karawaci EGM Venue: Ebony Room Hotel Aryaduta Lippo Village, Tangerang, at pm 15-Dec-17 MPMX Mitra Pinasthika Mustika EGM Venue: Ruang Seminar 1 Bursa Efek Indonesia, Jakarta, at pm 15-Dec-17 TRAM Trada Alam Minera Warrant Ratio 1 (warrant): 1 (new share), Exercise Price Rp155, Trading Date 15 Dec Dec Dec-17 FIRE Alfa Energi Investama AGM Venue: Ruang Seminar Bursa Efek Indonesia, Jakarta, at am 18-Dec-17 Asuransi Jasa Mitra Abadi IPO IPO 400 mn per shares 19-Dec-17 CAMP Campina Ice Cream Industry IPO IPO 885 mn per shares 19-Dec-17 LPIN Multi Prima Sejahtera EGM Venue: Hotel Grand Kemang Jakarta Selatan, at am 20-Dec-17 ENRG Energi Mega Persada EGM Venue: Meeting Room Bakrie Tower Lt25, Jakarta Selatan, at pm 20-Dec-17 HEXA Hexindo Adiperkasa EGM Venue: Kantor Pusat HEXA, Kawasan Industri Pulo Gadung, Jakarta Timur, at am 20-Dec-17 HRTA Hartadinata Abadi EGM Venue: HARRIS Hotels & Conventions Festival Citylink Bandung, at am 20-Dec-17 MTFN Capitalinc Investment AEGM Venue: Emita Room Grand Kemang Hotel Lt, Jakarta Selatan, at am 21-Dec-17 ASMI Asuransi Kresna Mitra EGM Venue: Ruang Arjuna Kresna Tower lt 15, 18 Parc SCBD, Jakarta Selatan, at pm 21-Dec-17 CANI Capitol Nusantara Indonesia EGM Venue: Ruang Warhol 1 Hotel Pullman, Jakarta Pusat, at pm 22-Dec-17 Jasa Armada Indonesia IPO IPO 1.74 bn per shares 28-Dec-17 AHAP Asuransi Harta Aman Pratama EGM Venue: Ibis Hotel, Jakarta, at am 28-Dec-17 BBTN Bank Tabungan Negara Persero EGM Venue: Menara Bank BTN L 6, Jakarta Pusat, at pm 29-Dec-17 ELTY Bakrieland Development EGM Venue: The Bridge Function Room Hotel Aston Rasuna, Jakarta Selatan, at am 29-Dec-17 INRU Toba Pulp Lestari EGM Venue: Gedung Uniplaza East Tower Lt 6, Jakarta Pusat, at pm 29-Dec-17 ZBRA Zebra Nusantara AEGM Venue: Gedung Kana Lt 2 Menteng, Jakarta Pusat, at pm 05-Jan-18 SKYB Skybee EGM Venue: --, at 9.00 am 08-Jan-18 IBFN Intan Baruprana Finance EGM Venue: Auditorium Lt 5, INTA HQ Bulding Cakung, Jakarta TImur, at pm 09-Jan-18 MBAP Mitrabara Adiperdana EGM Venue: --, at am 10-Jan-18 BBKP Bank Bukopin Tbk EGM Venue: Ruang Auditorium Lt 3 Gedung Bank Bukopin, Jakarta, at am 10-Jan-18 BYAN Bayan Resources EGM Venue: Mercantile Athletic Club WTC Lt 18, Jakarta, at pm 10-Jan-18 EMTK Elang Mahkota Teknologi EGM Venue: SCTV Studio Lt 8, SCTV Tower, Senayan City, Jakarta, at am 10-Jan-18 MDRN Modern Internasional EGM Venue: St Iskandar Muda No 29, Jakarta, at am 15-Jan-18 LINK Link Net EGM Venue: Jakarta, at am 15-Jan-18 RBMS Ristia Bintang Mahkotasejati EGM Venue: Gedung Ribens, Jakarta Selatan, at am 17-Jan-18 KRAH Grand Kartech EGM Venue: PJS Building, Kawasan Industri Pulo Gadung, Jakarta Timur, at am 18-Jan-18 SUGI Sugih Energy EGM Venue: Ruang Seminar, Gedung BEI Jakarta, at pm 22-Jan-18 BRPT Barito Pacific EGM Venue: Wisma Barito Pacific Tower B Lt M, Jakarta, at am 23-Jan-18 TMPO Tempo Inti Media EGM Venue: Gedung Tempo, Palmerah Barat, Jakarta, at 10.00am Page 3 of 8

4 Dividend Ticker Company Amount (IDR) Cum Date Ex Date Payment Date IKBI Sumi Indo Kabel Sep Sep Oct-17 MBAP Mitrabara Adiperdana Sep Sep Sep-17 XISB Premier ETF Indonesia Sovereig Sep Sep Sep-17 ASII Astra International Oct-17 3-Oct Oct-17 ACST Acset Indonusa Oct-17 5-Oct Oct-17 AALI Astra Agro Lestari Oct-17 6-Oct Oct-17 UNTR United Tractors Oct-17 6-Oct Oct-17 AUTO Astra Otoparts Oct-17 9-Oct Oct-17 ASGR Astra Graphia Oct Oct Oct-17 PALM Provident Agro Oct Oct-17 9-Nov-17 XISB Premier ETF Indonesia Sovereig Oct Oct Oct-17 BSSR Baramulti Suksessarana Oct Oct-17 8-Nov-17 MPMX Mitra Pinasthika Mustika Nov-17 3-Nov Nov-17 XCID Dire Ciadana Properti Ritel Nov-17 3-Nov Nov-17 ITMG Indo Tambangraya Megah 1, Nov-17 6-Nov Nov-17 MLBI Multi Bintang Indonesia Nov-17 7-Nov Nov-17 SMSM Selamat Sempurna Nov-17 8-Nov Nov-17 PLIN Plaza Indonesia Realty Nov Nov Nov-17 TURI Tunas Ridean Nov Nov-17 4-Dec-17 XISB Premier ETF Indonesia Sovereig Nov Nov Nov-17 FASW Fajar Surya Wisesa Nov Nov Dec-17 DMAS Puradelta Lestari Nov Nov Dec-17 TOTO Surya Toto Indonesia Nov Nov Dec-17 BBCA Bank Central Asia Nov Nov Dec-17 BFIN BFI Finance Indonesia Nov Nov Dec-17 UNVR Unilever Indonesia Nov Nov Dec-17 JECC Jembo Cable Co Nov-17 4-Dec Dec-17 KMTR Kirana Megatara Dec Dec Dec-17 PGLI Pembangunan Graha Lestari Dec Dec Dec-17 TOWR Sarana Menara Nusantara Dec Dec Dec-17 BATA Sepatu Bata Dec Dec Dec-17 EMTK Elang Mahkota Teknologi Dec Dec Dec-17 SCMA Surya Citra Media Dec Dec Dec-17 XISB Premier ETF Indonesia Sovereig Dec Dec Dec-17, IDX, BCA Sekuritas Estimate, *Dividend amount in USD **Stock dividend Page 4 of 8

5 1H17 Actual vs Estimates 9M2017 BCA Sekuritas Market Consensus Ticker Net Profit FY17 Estimate % 9M17 FY17 Estimate % 9M17 Remarks (IDRtn) (IDRtn) to FY17E (IDRtn) to FY17E Remarks AALI % in line % in line ACES % in line % below ADHI % above % above ADRO* % in line % above ANTM (0.3) % below % below ASII % below % below ASRI % above % above BBCA 16.8 NR NA NA % in line BBNI % in line % in line BBRI % in line % in line BBTN % in line % in line BDMN % in line % in line BEST % in line % in line BJBR % below % below BMRI % in line % in line BNGA % in line % above BSDE % in line % in line CPIN % below % below CTRA % below % below DMAS % below % below ERAA % in line % in line EXCL % below % in line GGRM % below % in line HMSP % in line % in line ICBP % in line % in line INCO* (19.6) % below % below INDF % in line % in line INTP % in line % below ISAT % below % below ITMG* % in line % in line JPFA % below % below KIJA % below % below KLBF % below % below LPPF % in line % in line LSIP % in line % above MAIN % below % below MAPI % in line % in line META % in line % in line MIKA % below % in line MNCN % in line % in line PGAS* % above % below PNBN % above % in line PTBA % above % above PTPP % above % above RALS % in line % in line ROTI % below % below SCMA % below % below SGRO % in line % in line SIDO % in line % in line SILO % above % below SIMP % below % below SMBR % in line % below SMGR % below % below SMRA % in line % in line SSIA % in line % in line TELE % below % below TINS % in line % above TLKM % in line % in line TOWR % below % in line ULTJ % above % above UNTR % above % above UNVR % below % below WIKA % in line % in line WOOD % in line % in line WSKT % above % above Number of companies 65, BCA Sekuritas, Companies *currency in USDmn Page 5 of 8

6 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 2016F 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 8,100 9, , ,156 19,609 22, Banking (Neutral) - Gilang Purnama (gilang.purnama@bcasekuritas.co.id), Willy Suwanto (willy.suwanto@bcasekuritas.co.id), Prasetya Gunadi (prasetya.gunadi@bcasekuritas.co.id) BBCA NR 21,100 NA 520, ,606 22,799 25, NA NA BBNI BUY 9,850 9, , ,339 13,637 15, NA NA BBRI BUY 3,420 3, , ,196 28,936 31, n.a. n.a BBTN HOLD 3,510 3,300 37, ,619 3,072 3, NA NA BDMN HOLD 6,000 5,100 57, ,669 4,067 4, NA NA BJBR FULLY VALUED 2,270 2,000 22, (2.6) ,153 1,515 1, NA NA BMRI BUY 7,625 8, , ,806 20,296 23, NA NA BNGA BUY 1,365 1,400 34, ,082 3,041 3, NA NA PNBN HOLD 1,175 1,150 28, ,405 2,820 3, NA NA Sector 1,660, , , , , Cement (Neutral) - Nyoman Prabawa (nyoman.prabawa@bcasekuritas.co.id) INTP HOLD 20,200 21,000 74, (7.5) 7.0 (45.2) ,871 1,898 2,123 (51.0) SMBR FULLY VALUED 3,300 1,000 32, (5.4) 5.8 (38.3) (44.1) SMGR BUY 9,800 12,000 58, (39.0) ,522 1,974 2,435 (56.3) Sector 165, (41.5) ,652 4,017 4,734 (53.8) Cigarette (Neutral) - Jennifer Frederika Yapply (jennifer.yapply@bcasekuritas.co.id) GGRM BUY 81,000 95, , ,677 7,124 7, HMSP HOLD 4,600 4, , (7.7) ,762 12,070 13,571 (5.5) Sector 690, (4.1) ,439 19,194 21,487 (1.3) Coal (Neutral) - Prasetya Gunadi (prasetya.gunadi@bcasekuritas.co.id), Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) ADRO BUY 1,870 2,250 59, (6.5) (7.2) ITMG HOLD 20,300 20,900 22, (4.5) (5.9) PTBA BUY 2,550 2,690 29, (7.9) 2,006 3,696 3, (7.2) Sector 112, (6.7) 2,471 13,239 12, (7.4) Consumer (Overweight) - Jennifer Frederika Yapply (jennifer.yapply@bcasekuritas.co.id), Willy Suwanto (willy.suwanto@bcasekuritas.co.id) ICBP BUY 9,075 10, , ,600 4,067 4, INDF HOLD 7,600 8,500 66, ,730 4,522 5, KLBF HOLD 1,645 1,700 77, ,300 2,447 2, ROTI BUY 1,255 1,490 7, (39.3) (44.0) SIDO BUY , (7.0) ULTJ BUY 1,225 1,675 14, UNVR BUY 53,550 57, , ,391 7,032 7, WOOD BUY , NA Sector 689, ,483 19,753 22, Sector excl UNVR 281, ,093 12,721 14, Construction & Toll Road (Overweight) - Michael Ramba (michael.ramba@bcasekuritas.co.id) ADHI BUY 1,910 2,800 6, META BUY , PTPP BUY 2,580 4,400 15, ,023 1,699 2, WIKA BUY 1,580 2,800 14, ,012 1,290 1, WSKT BUY 2,210 2,600 29, ,713 3,018 2, (2.3) WTON BUY , JSMR HOLD 6,300 6,450 45, ,890 2,190 2, Sector 120, ,372 9,229 10, Heavy Equipment (Neutral) - Prasetya Gunadi (prasetya.gunadi@bcasekuritas.co.id), Pandu Anugrah (pandu.anugrah@bcasekuritas.co.id) UNTR BUY 33,725 41, , ,002 7,444 8, Hospital (Neutral) - Jennifer Frederika Yapply (jennifer.yapply@bcasekuritas.co.id) MIKA BUY 1,795 2,200 26, SILO FULLY VALUED 10,100 8,500 16, (8.0) (8.5) Sector 42, (0.8) (1.5) Industrial Estate (Neutral) - Gilang Purnama (gilang.purnama@bcasekuritas.co.id) BEST HOLD , DMAS BUY , (43.7) 29.9 (48.7) (41.9) KIJA BUY , (49.3) LPCK HOLD 3,130 4,150 2, (5.8) 28.3 (15.9) (15.0) SSIA BUY , (15.7) 22.9 (54.3) , ,863.6 (95.5) Sector 20, (6.0) 14.5 (12.0) ,132 2,980 2, (28.5) Page 6 of 8

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 2016F 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 1,265 1,700 18, (0.7) ,369 1,427 1, SCMA BUY 2,430 2,550 35, (6.7) ,501 1,413 1,593 (5.9) Sector 53, (3.5) ,870 2,840 3,341 (1.0) Metal & Mining (Neutral) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) ANTM BUY , NA (0.4) 0.5 INCO HOLD 2,840 2,900 28, TINS BUY 800 1,250 5, Sector 49, , Oil & Gas (Neutral) - Nyoman Prabawa (nyoman.prabawa@bcasekuritas.co.id) PGAS BUY 1,715 2,200 41, (0.6) 6.2 (17.6) (51.4) MEDC BUY 860 1,250 14, (23.6) Sector 56, ,980 6,131 (41.8) Petrochemical (Neutral) - Willy Suwanto (willy.suwanto@bcasekuritas.co.id) TPIA HOLD 5,600 5,400 99, (0.7) (5.8) Plantation (Neutral) - Nyoman Prabawa (nyoman.prabawa@bcasekuritas.co.id) AALI BUY 12,950 17,000 24, ,007 1,917 2,059 (4.5) LSIP BUY 1,250 1,650 8, SGRO HOLD 2,570 2,550 4, (31.3) SIMP HOLD , Sector 45, ,581 3,734 4, Poultry (Neutral) - Johanes Prasetia (johanes.prasetia@bcasekuritas.co.id) CPIN HOLD 3,120 3,100 51, (13.4) ,221 2,596 3, JPFA BUY 1,300 1,600 14, (23.6) ,065 1,166 1,604 (45.7) MAIN HOLD , (63.1) (95.2) Sector 67, (20.3) ,575 3,776 4,969 (17.5) Property Residential (Neutral) - Michael Ramba (michael.ramba@bcasekuritas.co.id) ASRI HOLD , (9.6) 69.0 (13.1) 509 1, (19.4) BSDE BUY 1,685 2,400 32, ,796 2,713 2, CTRA BUY 1,180 1,400 21, , SMRA HOLD 890 1,050 12, Sector 74, ,478 5,070 5, Retails (Neutral) - Johanes Prasetia (johanes.prasetia@bcasekuritas.co.id) ACES BUY 1,150 1,300 19, LPPF BUY 10,875 13,400 31, (6.1) ,020 1,928 2,140 (4.5) MAPI BUY 6,300 8,000 10, MPPA HOLD , (1.0) 6.9 (202.0) (77.9) 38 (144) (79) NA (44.8) (16.1) (29.1) (6.0) (3.5) RALS BUY 1,005 1,190 7, (16.8) (6.8) Sector 71, (5.8) ,386 3,300 3,885 (2.5) Telecommunication Sector (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) EXCL BUY 2,880 4,100 30, NA (31.4) ISAT BUY 4,750 8,000 25, ,105 1,389 1, TLKM BUY 4,250 5, , ,430 21,946 24, Sector 484, ,911 23,623 26, Telecommunication Retail (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) ERAA BUY , TELE BUY 1,000 1,300 7, (0.3) (6.2) Sector 9, (0.4) Tower Telco (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) TOWR BUY 3,940 5,250 40, ,042 2,929 3,814 (3.7) Stock universe 5,009, , , , , Stock universe exc HMSP UNVR 4,065, , , , , Page 7 of 8

8 Teguh Hartanto Director of Equity, ext: 129 RESEARCH DIVISION Pandu Anugrah Jennifer Frederika Yapply Arga Samudro Head Of Research, ext: 168 Senior Manager, ext: 179 FI Analyst, ext: 181 Strategy, Automotive Cigarettes, Consumer, Health Care, Media FI Strategies & Macroeconomist Aditya Eka Prakasa Johanes Prasetia Michael Ramba Equity Analyst, ext: 182 Equity Analyst, ext: 185 Equity Analyst, ext: 184 Telco, Metal Mining Retail, Poultry Construction, Property Residential Nyoman Widita Prabawa Gilang Purnama Willy Suwanto Equity Analyst, ext: 180 Equity Analyst, ext: 178 Equity Analyst, ext: 178 Cement, Plantation, Oil & Gas Banking, Industrial Estate Banking, Consumer, Petrochemical Prasetya Gunadi Achmad Yaki Yamani Equity Analyst, ext: 183 Technical Analyst, ext: 186 Banking, Coal, Heavy Equipment Technical Analyst Yuni Pratiwi Anindra Alief Mattawang Research Assistant, ext: 183 Research Assistant, ext: 186 EQUITY CAPITAL MARKET DIVISION Ermawati Agustina Erman Head of Institutional Sales, ext: 159 Haslienda Santoso Jodikin Arief Iskandar Equity Capital Market, ext: 137 Sales Trader, ext: 164 Institutional Dealer, ext: 136 Page 8 of 8 DISCLAIMER By receiving this research report ("Report"), you confirm that: (i) you have previously requested PT BCA Sekuritas to deliver this Report to you and you are legally entitled to receive the Report in accordance with Indonesian prevailing laws and regulations, and (ii) you have fully read, understood and agreed to be bound by and comply with the terms of this Report as set out below. 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