BCAS Vista. Indonesia Morning Digest. 4 April 2018 RESEARCH. Page 1 o1017 IDX: 6,229 ( +0.65%)

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1 RESEARCH RESEARCH REPORT ACES: Get ready for a Boom sale ACES top line supporters Upgrade our valuation, resulting in higher TP to IDR1,500 HEADLINE NEWS INDUSTRY Government aims to start 3 projects in Nov Construction progress of Kertajati Airport reached 92% Anticipating increase in raw material price for pharmacy companies COMPANY BBRI loan grew 11% YoY end Mar-18 BRI Syariah to release 27% shares through IPO CTRA booked IDR1tn marketing sales in 2M18 LPPF 2018 store expansion plan MAPI plans to boost sales MPPA FY17, NL: IDR1.2tn, below SMGR target to enlarge domestic volume by +5% YoY TLKM acquires SSI WSBP obtained IDR3.2tn project payment Indorama Petrochemicals is reviewing a petrochemical plant in South Sumatra INDICES ASIA IDX: 6,229 ( +0.65%) Turnover (IDRbn): 4,878 ( %) Vol (US$ mn) IDX 6, (1.99) 354 LQ45 1, (5.75) 228 Hang Seng 30, ,245 KOSPI 2,442 (0.07) (1.02) 7,452 Nikkei ,292 (0.45) (6.47) 11,432 PCOMP 8, (5.96) 85 SET 1,765 (0.96) ,757 SHCOMP 3,137 (0.84) (5.16) 30,102 STI 3,412 (0.54) TWSE 10,822 (0.61) ,682 EUROPE & USA DAX 12,002 (0.78) (7.08) 355 Dow Jones 24, (2.77) 678 FTSE 100 7,030 (0.37) (8.55) 475 NASDAQ 6, ,495 S&P 500 2, (2.21) 3,573 ETF & ADR Last Chg (%) MoM (%) YTD (%) EIDO US (USD) (4.74) (3.83) TLK US (USD) (9.47) (17.26) COMMODITIES Last Last Chg (%) Chg (%) YTD (%) Source: Bloomberg MoM (%) YTD (%) Brent (USD/b) WTI (USD/bl) Coal (USD/ton) 92 (0.27) (10.59) (8.73) Copper (USD/mt) 6, (1.48) (6.22) Gold (USD/toz) 1,333 (0.64) Nickel (USD/mt) 13, Tin (USD/mt) 21, (1.28) 5.87 Corn (USD/mt) Palm oil (MYR/mt) 2,410 (0.82) (3.45) (1.39) Soybean (USD/bu) 1, (3.08) 6.68 Wheat (USD/bsh) (8.50) 3.92 Source: Bloomberg CURNCY & RATES Last 1D 1M 2017 MARKET 2017F 2018F MACRO 2017F 2018F IDR/USD 13,764 13,753 13,757 13,555 AUD/USD CAD/USD CNY/USD USD/EUR JPY/USD SGD/USD JIBOR (%) D Repo Rate (%) Y Bond (%) CDS - 5Y (bps) Source: Bloomberg 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 13,550 13,750 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) (384) (2,168) (14,194) (24,122) Sector Performance Last 1D (%) 1M (%) YTD (%) JAKAGRI Index 1,700 (1.19) (2.01) 5.15 JAKBIND Index 743 (0.79) (4.56) 7.78 JAKCONS Index 2, (8.32) (9.04) JAKFIN Index 1, (3.99) (0.14) JAKINFRA Index (10.41) (6.88) JAKMIND Index 1, (4.90) (6.23) JAKMINE Index 1, (4.68) JAKPROP Index (4.42) 3.18 JAKTRAD Index (2.45) (0.43) Source: Bloomberg Page 1 o1017

2 HEADLINE NEWS INDUSTRY Government aims to start 3 projects in Nov Ministry of Transportation targets to start the construction of 3 projects, which are: i) Makassar-Parepare Railway (142km), with total investment value of IDR1.3tn ii) Labuan Bajo Airport and iii) TOD project in Poris Plawad terminal. All the projects are green field and will be funded through PPP scheme. (Bisnis Indonesia) Construction progress of Kertajati Airport reached 92% The regional-owned enterprise PT Bandarudara Internasional Jawa Barat (BIJB) CEO Virda Dimas Ekaputra stated the construction progress of the west area of Kertajati Airport was at 92% completion. He revealed that contract with WIKA and PPTT amounted to IDR1.3 bn. BJIB is already paid IDR700bn. The meeting of West Java Governor Ahmad Heryawan with the Coordinating Minister of Marine Affairs Luhut Binsar Pandjaitan concluded to continue the construction despite having the payment issue. Ahmad Heryawan explained, his party has conducted a meeting with Luhut to discuss the payment delay. The delay is caused by the issuance plan of the limited participation mutual fund (RDPT) and the stateowned airport operator PT AP II becoming the shareholder of PT BIJB. (Tempo). Anticipating increase in raw material price for pharmacy companies Kimia Farma (KAEF) and Kalbe Farma (KLBF) anticipate an increase of material price for pharmacies as a result of a number of factory closing in China. KAEF expects an increase of 10-20% of raw material price from China. China contributes 25-30% of KLBF total raw material while 40-45% for KAEF. (Bisnis Indonesia) COMPANY Bank Rakyat Indonesia (BBRI) loan grew 11% YoY end Mar-18 BBRI CEO Suprajarto said that BBRI loan grew 11% YoY end Mar-18, contributed by working capital loan and consumption loan. Although BBRI booked small portion of investment loan in its portfolio, the CEO was optimistic that investment loan would grow in 2H18 after regional elections. Meanwhile, deposits grew 9-10% YoY end Mar-18. In addition, aiming BRI Agro (AGRO) to reach BUKU III, BBRI will inject IDR2tn to AGRO, which will also conduct rights issue before acquiring a smaller bank. (Bisnis Indonesia) BRI Syariah to release 27% shares through IPO Bank Rakyat Indonesia (BBRI) s subsidiary, BRI Syariah, plans to release 27% shares, a total of 2.62bn shares, through IPO with estimated date on 9-May-18. Underwriters include Bahana Sekuritas, CLSA, Danareksa and Indopremier. The Subsidiary has not disclosed the total proceeds and IPO price. (Company) Ciputra Development (CTRA) booked IDR1tn marketing sales in 2M18 CTRA achieved IDR1tn marketing sales as of Feb-18. The 2M18 marketing sales was supported by several projects in Surabaya and Jakarta, including new launching of Virtue apartment in Citra Land Surabaya. Most of CTRA s buyers utilize mortgage loans for financing. CTRA s mortgage users reached 56% as of Feb-18 vs. 49% end-17. (Bisnis Indonesia) Comment: Despite CTRA has not disclosed any guidance on its 2018 projections, we expect to see IDR8.2tn in marketing sales (+7.9% YoY). The marketing sales of IDR1tn in 2M18 reached 12.2% of our 2018F target, which is in line with the company s historical seasonality. We expect major contribution of FY18 sales to come from several project in Citra Land Surabaya, Citra Land Losari Makassar, Citra Maja Raya, Citra Raya Tangerang. Further, CTRA apartment project in Ciputra World 2 this year, called Newton 2 (contingent on the granting of a building permit from the local government) Matahari Department Store (LPPF) 2018 store expansion plan Matahari Department Store (LPPF) plans to open 6-8 department stores this year, with the 2 of them are expected to be open before Lebaran festivities. The Company expects the expansion to new cities will allow LPPF to offer a variety of merchandise products. Currently, the Company owns 155 outlets in 73 cities across Indonesia. (Investor Daily) Page 2 of 10

3 HEADLINE NEWS Mitra Adiperkasa (MAPI) plans to boost sales Mitra Adiperkasa plans to boost its sports segment approaching the Asian Games 2018 by selling Asian Games themed merchandise in some stores. Note that, MAPI s sports segment under MAP Active currently owns 686 multibrand, 226 concept store and 3 online store. In 2018, MAPI targets a 14% - 15% growth and puts more focus on the expansions of its specialty store especially on its F&B segment. Under its subsidiary, PT MAP Boga Adiperkasa (MAPB), the company targets to expand 70 new F&B outlets. (Kontan) Matahari Putra Prima (MPPA): FY17 net loss of IDR1.2tn, below ours and cons expectation FY17 net loss of IDR1.2tn vs. FY16 net profit of IDR38bn, which is below ours and cons figures. FY17 net revenue stood at IDR12.6tn (-7.1% YoY) vs. FY16 net revenue of IDR13.5tn, below our and cons forecast of 93.8% and 95.5%, on challenging retail environment especially on hypermarket and supermarket retail formats. On gross profit level, there was a margin contraction in FY17 by 900bps YoY as we believe, MPPA has offered significant discounts in 4Q17 reflecting to lower inventory significantly from IDR2.5tn in Sep-17 to IDR1.6tn in Dec-17. In 4Q17, there was a significant drop in net marketing income of -2bn vs. of ~IDR135bn in average ( periods), resulting in EBIT loss of IDR1.1tn. This brings FY17 EBIT loss of IDR1.5tn. On balance sheet side, MPPA booked higher net gearing to 69.8% on higher total debts to IDR1.5tn in Dec-17 from IDR1.3tn in Sep-17. MPPA IJ QoQ YoY YoY FY17/ FY17/ Profit and loss statement (IDRbn) 4Q16 3Q17 4Q17 (%) (%) (%) BCAS Cons. Revenue 3,231 2,895 2, (8.6) 13,527 12,563 (7.1) COGS 2,529 2,540 3, ,233 11, Gross profit (353) n.a. n.a. 2,294 1,003 (56.3) EBIT 170 (259) (1,108) n.a. 170 (1,548) n.a. n.a. n.a. Other income/(expenses) Net interest income/(expense) (20) (29) (36) (76) (110) 45.5 Net forex gain/(losses) n.a. n.a. - - n.a. Others (84) (3) (2) (29.1) (97.1) 7 (11) n.a. Pre-tax profit 65 (291) (1,147) n.a. 101 (1,670) n.a. Net profit 6 (216) (858) n.a. 38 (1,243) n.a. n.a. n.a. Gross margin (%) (11.9) EBIT margin (%) 5.3 (8.9) (37.6) 1.3 (12.3) Pre-tax margin (%) 2.0 (10.1) (38.8) 0.7 (13.3) Net margin (%) 0.2 (7.5) (29.1) 0.3 (9.9) Balance sheet (IDRbn) Dec-16 Sep-17 Dec-17 Cash and equivalents Total assets 6,702 6,019 5,427 Total liabilities 4,272 3,993 4,253 Interest bearing liabilities 750 1,300 1,490 Equity 2,430 2,027 1,174 ROA (%) 0.4 (13.5) (60.0) ROE (%) 1.0 (40.0) (214.4) Gearing (%) Net gearing (%) Source: Company, BCA Sekuritas Semen Indonesia (SMGR) target to enlarge domestic volume by +5% YoY With sales volume realization reached 4.4mn tons (+6.1% YoY) on 2M18, SMGR is confident that domestic sales volume would grow by +5% in 2018 in line with industry target. The management has guided that gov t related projects would remain the growth engine in 2018, with the management awaits the gov t budget disbursement in Apr-18. (Kontan) Telkom (TLKM) acquires Swadharma Sarana Informatika (SSI) TLKM, via its subsidiary (Telkom Metra), acquires 51% of SSI. This acquisition is a way for Telkom Metra to build strong IME business ecosystem by maximizing synergy value of Telkom Group. (Kontan) Page 3 of 10

4 HEADLINE NEWS Waskita Beton Precast (WSBP) obtained IDR3.2tn project payment As of Mar-18, WSBP has succeeded to achieve IDR3.2tn payment from several projects, including turnkey payment from Becakayu toll road, and non-turnkey projects, such as Solo-Kertosono, Pejagan-Pemalang, Batang-Semarang, Legundi- Bunder, dan Bogor-Ciawi-Sukabumi. During 2017, WSBP received IDR4.6tn project payment (+470% YoY) vs. IDR978bn in The company targets FY18 revenue and bottom line to reach IDR9.7tn (+36.6% YoY) and IDR1.5tn (+47.0% YoY), respectively. (Bisnis Indonesia) Indorama Petrochemicals is reviewing a petrochemical plant in South Sumatra Taking advantage of tax holiday facility, Indorama Petrochemicals is conducting a study to develop a petrochemical plant on coal gasification basis in special economic zone (KEK) Tanjung Api-Api, South Sumatra. Previously, Shanghai Huayi Group and Genting Group plan to build a petrochemical plant in Bintuni, West Papua. (Bisnis Indonesia) Page 4 of 10

5 CORPORATE ACTION Date Ticker Company Event Desc 09-Apr-18 Ghon Telekomunikasi Ind IPO IPO shares mn shares, Price at Rp- per shares 10-Apr-18 AALI Astra Agro Lestari AGM Venue: Hotel Indonesia KempinskiBali Room, Jakarta, at am 10-Apr-18 JSMR Jasa Marga AGM Venue: Auditorium Binakarna Hotel Bidakara Grand Pancoran, Jakarta, at am 11-Apr-18 ACST Acset Indonusa AEGM Venue: Financial Hall Grahan CIMB Niaga Lt 2, Jakarta, at pm 11-Apr-18 ASGR Astra Graphia AGM Venue: Ruang Thamrin I Lobby Level Hotel Pullman, Jakarta, at am 11-Apr-18 BEKS Bank Pembangunan Daerah Banten AGM Venue: Tangerang, at am 11-Apr-18 BRPT Barito Pacific AGM Venue: Wisma Barito Pacific Tower B Lt M, Jakata, at am 11-Apr-18 PTBA Bukit Asam AGM Venue: Jakarta, at am 12-Apr-18 ANTM Aneka Tambang AGM Venue: Ruang Flores Hotel Borobudur, Jakarta, at am 12-Apr-18 BOLT Garuda Metalindo AGM Venue: Bursa Efek Indonesia, Jakarta, at am 12-Apr-18 LINK Link Net AGM Venue: Ruang Mezzanine, Hotel Aryaduta Tugu Tani, Jakarta, at am 13-Apr-18 ADHI Adhi Karya AGM Venue: Jl Raya Ps Minggu KM18, Jakarta, at pm 13-Apr-18 AUTO Astra Otoparts AGM Venue: Ballroom C Shangri-La Hotel, Jakarta, at pm 16-Apr-18 UNTR United Tractors AGM Venue: Grand Ballroom United Tractors, Jakarta, at pm 17-Apr-18 BFIN BFI Finance Indonesia AEGM Venue: The Darmawangsa Kebayoran Baru, Jakarta, at pm 17-Apr-18 HRTA Hartadinata Abadi AGM Venue: Hotel Mulia Senayan, Jakarta, at am 17-Apr-18 MLBI Multi Bintang Indonesia AGM Venue: --, at am 17-Apr-18 PANS Panin Sekuritas AGM Venue: Gedung Bank Panin Senayan Lt 4, Jakarta, at am 17-Apr-18 PPRO PP Properti AGM Venue: Auditorium Wisma Subiyanto Lt 1 - Plaza PP, Jakarta, at am 18-Apr-18 KRAS Krakatau Steel AGM Venue: Jakarta, at pm 19-Apr-18 DGIK Nusa Konstruksi Enjiniring AGM Venue: ITS Tower, DIGIK Office, Jakarta, at am 19-Apr-18 GIAA Garuda Indonesia AGM Venue: Tangerang, at am 19-Apr-18 INAF Indofarma AGM Venue: Flores A Room Hotel Borobudur, Jakarta Pusat, at am 19-Apr-18 KAEF Kimia Farma AGM Venue: Flores Room Hotel Borobudur, Jakarta Pusat, at pm 19-Apr-18 LEAD Logindo Samudramakmur AGM Venue: Ruang Seminar Tower II Lt 1 BEI, Jakarta, at pm 19-Apr-18 MFMI Multifiling Mitra Indonesia AGM Venue: Hotel Ayola Lippo Cikarang, Bekasi, at am 19-Apr-18 POWR Cikarang Listrindo AGM Venue: Hotel Fairmont Ballroom 1, Jakarta, at am 19-Apr-18 TCID Mandom Indonesia AGM Venue: Ballroom Hotel Ayana Midplaza, Jakarta, at am 19-Apr-18 TURI Tunas Ridean AGM Venue: Ballroom Hotal Mandarin, Jakarta, at pm 20-Apr-18 ADMF Adira Dinamika Multi Finance AGM Venue: --, at am 20-Apr-18 ATIC Anabatic Technologies AEGM Venue: Graha Anabatic Tangerang, at am 20-Apr-18 BSSR Baramulti Suksessarana AGM Venue: --, at pm 20-Apr-18 KBLV First Media AGM Venue: --, at pm 20-Apr-18 MLIA Mulia Industrindo AGM Venue: Leatris Room Hotel Mulia Senayan, Jakarta, at am 20-Apr-18 PBSA Paramita Bangun Sarana AGM Venue: --, at am 23-Apr-18 ABDA Asuransi Bina Dana Arta AEGM Venue: Batur Room -Merchantile Athletic Club-WTC I, Jakarta, at am 23-Apr-18 ADRO Adaro Energy AGM Venue: Rafles Hotel Jakarta Ciputra World I, Jakarta, at am 23-Apr-18 BELL Trisula textile industries AEGM Venue: Ruang Seminar Bursa Efek Indonesia, Jakarta, at pm 23-Apr-18 CINT Chitose Internasional AGM Venue: Ruang Seminar Bursa Efek Indonesia, Jakarta, at am 23-Apr-18 DMAS Puradelta Lestari AGM Venue: Grand Hyatt Hotel, Jakarta, at am 23-Apr-18 ERAA Erajaya Swasembada AEGM Venue: Jakarta, at pm 23-Apr-18 TPIA Chandra Asri Petrochemical AGM Venue: Wisma Barito Pacific Tower B Lt M, Jakarta, at pm 23-Apr-18 TRIS Trisula International AGM Venue: Ruang Seminar Bursa Efek Indonesia, Jakarta, at am 24-Apr-18 BNGA Bank CIMB Niaga AGM Venue: The Financial Hall Graha CIMN Niaga Lt 2, Jakarta, at pm 24-Apr-18 BNLI Bank Permata AGM Venue: Nusantara Room Gedung WTC II Lt 21, Jakarta, at pm 24-Apr-18 FASW Fajar Surya Wisesa AGM Venue: Mercantle Athlectic Club, WTC, Jakarta, at am 24-Apr-18 LPCK Lippo Cikarang AGM Venue: Multifunction Room Lt 3 Easton Commercial Center, Cikarang-Bekaasi, at am 24-Apr-18 WIKA Wijaya Karya AGM Venue: WIKA Tower II Ruang Serbaguna Lt 17, Jakarta, at pm 25-Apr-18 ASII Astra International AGM Venue: Apr-18 DLTA Delta Djakarta AGM Venue: Hotel Pullman, Jakarta, at am 25-Apr-18 MBSS Mitrabahtera Segara Sejati AGM Venue: Gedung Balai Kartini Ruangana Mawar 1 & 2, Jakarta, at am 25-Apr-18 SRTG Saratoga Investama Sedaya AEGM Venue: MPMX Office, Lippo Kuningan Lt 26, Jakarta, at pm 26-Apr-18 IATA Indonesia Transport & Infrastructure AEGM Venue: Ruang Investment MNC Financial Center Lt 13, Jakarta, at am 26-Apr-18 INDY Indika Energy AGM Venue: Gedung Balai Kartini Ruangana Mawar 1 & 2, Jakarta, at am 26-Apr-18 MKPI Metropolitan Kentjana AGM Venue: Pondok Indah Office Tower 3 Ruang Duta Lt B1, Jakarta, at pm 26-Apr-18 PGAS Perusahaan Gas Negara AGM Venue: Apr-18 PTPP PTPP AGM Venue: Auditorium Wisma Subiyanto Lt 1 - Plaza PP, Jakarta, at am 26-Apr-18 SSMS Sawit Sumbermas Sarana AGM Venue: Financial Club Graha Niaga, Jakarta, at am 26-Apr-18 YULE Yulie Sekuritas Indonesia AGM Venue: Ruang Seminar Bursa Efek Indonesia, Jakarta, at am 27-Apr-18 BVIC Bank Victoria International AGM Venue: Graha BIP Lt 11, Jakarta, at am 27-Apr-18 FORU Fortune Indonesia AGM Venue: --, at am 27-Apr-18 IMPC Impack Pratama Industri AEGM Venue: Hotel Holiday Inn, Jakarta, at am 27-Apr-18 JAWA JA Wattie EGM Venue: Hotel Grand Mercure, Jakarta, at am 27-Apr-18 LPKR Lippo Karawaci AGM Venue: Mahogany Room, Aryaduta Hotel Country Club Lippo Karawaci, Tangerang, at am 27-Apr-18 LPPF Matahari Department Store AGM Venue: Mahogany Room, Aryaduta Hotel Country Club Lippo Karawaci, Tangerang, at am 27-Apr-18 MLPT Multipolar Technology AGM Venue: --, at am 27-Apr-18 PLIN Plaza Indonesia Realty AEGM Venue: Ruang Bromo Hotel Grand Hyatt, Jakarta, at pm 27-Apr-18 RAJA Rukun Raharja AGM Venue: Ayana Mid Plaza, Jakarta, at am 30-Apr-18 GMFI Garuda Maintenance Facility AeroAsia AGM Venue: Auditorium Garuda Indonesia Bulding Management SHIA, Tangerang, at pm 30-Apr-18 MARK Mark Dynamics Indonesia AEGM Venue: Hotel Grand Mercure Maha Cipta Medan Angkasa, at am 30-Apr-18 TKGA Permata Prima Sakti AGM Venue: Gallery Bursa Efek Indonesia Tower I, Jakarta, at pm 26-Apr-18 IATA Indonesia Transport & Infrastructure AEGM Venue: Ruang Investment MNC Financial Center Lt 13, Jakarta, at am 26-Apr-18 INDY Indika Energy AGM Venue: Gedung Balai Kartini Ruangana Mawar 1 & 2, Jakarta, at am 26-Apr-18 MKPI Metropolitan Kentjana AGM Venue: Pondok Indah Office Tower 3 Ruang Duta Lt B1, Jakarta, at pm 26-Apr-18 PGAS Perusahaan Gas Negara AGM Venue: Apr-18 FORU Fortune Indonesia AGM Venue: --, at am 27-Apr-18 JAWA JA Wattie EGM Venue: Hotel Grand Mercure, Jakarta, at am 27-Apr-18 LPKR Lippo Karawaci AGM Venue: Mahogany Room, Aryaduta Hotel Country Club Lippo Karawaci, Tangerang, at am 27-Apr-18 LPPF Matahari Department Store AGM Venue: Ruang Monas 2 Mezzanine, Hotel Aryaduta Jakarta, at am 27-Apr-18 MLPT Multipolar Technology AGM Venue: --, at am 27-Apr-18 RAJA Rukun Raharja AGM Venue: Ayana Mid Plaza, Jakarta, at am 27-Apr-18 SIPD Sierad Produce AGM Venue: Jakarta, at pm 27-Apr-18 TBIG Tower Bersama Infrastructure AGM Venue: Padang Room Hotel The Westin Lt 1, Jakarta, at am 27-Apr-18 TLKM Telekomunikasi Indonesia AGM Venue: Ballroom Four Seasons Hotel Gatot Subroto, Jakarta, at pm 27-Apr-18 VICO Victoria Investama AGM Venue: Jakarta, at pm 27-Apr-18 VINS Victoria Insurance AGM Venue: Jakarta, at pm 30-Apr-18 ASSA Adi Sarana Armada AGM Venue: Sampoerna Strategic Square, Jakarta, at pm 30-Apr-18 GMFI Garuda Maintenance Facility AeroAsia AGM Venue: Auditorium Garuda Indonesia Bulding Management SHIA, Tangerang, at pm 30-Apr-18 MARK Mark Dynamics Indonesia AEGM Venue: Hotel Grand Mercure Maha Cipta Medan Angkasa, at am 30-Apr-18 PJAA Pembangunan Jaya Ancol AGM Venue: Multi Purpose Hall (MPH) Candi Bentar Putri Duyung Ancol, Jakarta, at am 30-Apr-18 SMGR Semen Indonesia AGM Venue: Apr-18 TKGA Permata Prima Sakti AGM Venue: Gallery Bursa Efek Indonesia Tower I, Jakarta, at pm 30-Apr-18 TOWR Sarana Menara Nusantara AGM Venue: Hotel Kempinski-Bali Room, Jakarta, at am 30-Apr-18 VRNA Verena Multi Finance AGM Venue: Gedung Panin Lt 4, Jakarta, at pm Source: Bloomberg Page 5 of 10

6 Dividend Ticker Company Amount (IDR) Cum Date Ex Date Payment Date TBLA Tunas Baru Lampung Dec Dec Jan-18 GEMS Golden Energy Mines Dec Dec Jan-18 JTPE Jasuindo Tiga Perkasa Dec Dec Jan-18 LINK Link Net Dec Dec Jan-18 ADRO* Adaro Energy Dec Dec Jan-18 XISB Reksa Dana Premier ETF Indonesia Sovereign Bonds Feb Feb Feb-18 BJTM Bank Pembangunan Daerah Jatim Feb Feb Mar-18 XCID DIRE Ciptadana Properti Ritel Indonesia Mar-18 5-Mar Mar-18 BJBR Bank Pembangunan Daerah Jabar dan Banten Mar-18 8-Mar Mar-18 MEGA Bank Mega Mar-18 8-Mar Mar-18 SMBR Semen Baturaja Mar-18 8-Mar Mar-18 XISB Reksa Dana Premier ETF Indonesia Sovereign Bonds Mar Mar Mar-18 WOMF Wahana Ottomitra Multiartha Mar Mar Apr-18 WTON Wijaya Karya Beton Mar Mar Apr-18 BDMN Bank Danamon Indonesia Mar Mar Apr-18 BBNI Bank Negara Indonsia Mar Mar Apr-18 BMRI Bank Mandiri Mar Mar Apr-18 BBRI Bank Rakyat Indonesia Mar-18 2-Apr Apr-18 ITMG Indo Tambangraya Megah 1, Apr-18 3-Apr Apr-18 BBTN Bank Tabungan Negara Apr-18 3-Apr Apr-18 META Nusantara Infrastructure Apr-18 4-Apr Apr-18 WEGE Wijaya Karya Bangunan Gedung Apr-18 4-Apr Apr-18 ARNA Arwana Citra Mulia Apr-18 6-Apr Apr-18 Source: Bloomberg, IDX, BCA Sekuritas Estimate, *Dividend amount in USD **Stock dividend Page 6 of 10

7 2017 Actual vs Estimates 2017 BCA Sekuritas Market Consensus Ticker Net Profit FY17 Estimate % 2017 FY17 Estimate % 2017 Remarks (IDRtn) (IDRtn) to FY17E (IDRtn) to FY17E Remarks AALI % in line % in line ACES % in line % in line ADHI % above % in line ADRO* % in line % in line ANTM 0.1 (0.1) % below (0.0) % below ASII % in line % in line ASRI % above % above BBCA 23.3 n.a. n.a % in line BBNI % in line % in line BBRI % in line % in line BBTN % in line % in line BDMN % below % below BEST % above % above BJBR % below % below BMRI % in line % in line BNGA % in line % below BSDE % above % above CPIN % in line % in line CTRA % in line % below DMAS % above % below DOID* % below % below ERAA % above % above EXCL % above % in line GGRM % above % in line HMSP % in line % in line ICBP % below % in line INCO* (15.3) % below (9.5) 160.0% above INDF % below % in line INTP % in line % below ISAT % below % below ITMG* % above % above JPFA % below % below JSMR % in line % in line KIJA % below % below KLBF % in line % in line LPPF % in line % in line LSIP % below % below MAPI % below % in line META % below % above MIKA % in line % in line MNCN % in line % in line PGAS* % below % below PNBN % below % below PTBA % in line % above PTPP % below % in line RALS % above % in line ROTI % below % below SCMA % below % below SGRO % in line % in line SIDO % above % above SILO % above % above SIMP % below % below SMBR % in line % below SMGR % in line % below SMRA % above % above SSIA % in line % above TELE % below % below TINS % above % above TLKM % in line % in line TOWR % below % below TPIA* % below % below ULTJ % below % below UNTR % in line % in line UNVR % in line % in line WIKA % in line % in line WOOD % below % in line WSKT % above % above WTON % below % below Number of companies 68 Source: Bloomberg, BCA Sekuritas, Companies *currency in USDmn Page 7 of 10

8 Ticker Rating CP (IDR) TP (IDR) Mkt cap (IDR bn) Index Weight Free float (%) ADTV (IDRbn) Rev growth (%) OP growth (%) Net Profit (IDRbn) EPSG (%) P/E (x) EV/EBITDA (x) P/B (x) Div yield (%) ROE (%) 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F 2016F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F Automotive (Neutral) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id), Pandu Anugrah (pandu.anugrah@bcasekuritas.co.id) ASII HOLD 7,550 9, , ,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 23,400 NA 576, ,321 25, NA NA BBNI BUY 8,725 10, , ,616 15, n.a. n.a BBRI BUY 3,600 4, , ,092 33, NA NA BBTN BUY 3,730 4,250 39, ,027 3, NA NA BDMN BUY 6,850 8,400 65, ,682 4, NA NA BJBR FULLY VALUED 2,050 1,800 19, ,211 1, NA NA BMRI BUY 7,825 9, , ,639 24, NA NA BNGA HOLD 1,170 1,400 29, ,978 3, NA NA PNBN HOLD 1,085 1,100 26, (9.6) 9.3 2,412 2, NA NA (0.0) Sector 1,729, , , , Cement (Neutral) - Nyoman Prabawa (nyoman.prabawa@bcasekuritas.co.id) INTP HOLD 16,025 21,000 58, (7.5) 7.0 (45.2) ,898 2,123 (51.0) SMBR FULLY VALUED 3,700 1,000 36, (5.4) 5.8 (38.3) (44.1) SMGR BUY 10,625 12,000 63, (39.0) ,974 2,435 (56.3) Sector 158, (41.5) ,017 4,734 (53.8) Cigarette (Neutral) - Pandu Anugrah (pandu.anugrah@bcasekuritas.co.id) GGRM BUY 73,400 95, , ,124 7, HMSP HOLD 4,110 4, , (7.7) ,070 13,571 (5.5) Sector 619, (4.1) ,194 21,487 (1.3) Coal (Overweight) - Prasetya Gunadi (prasetya.gunadi@bcasekuritas.co.id), Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) ADRO BUY 2,130 2,650 68, (0.5) ITMG HOLD 28,625 34,450 32, PTBA BUY 3,060 3,800 35, (6.8) 4,476 4,070 (55.4) (9.1) Sector 135, (0.7) 14,453 14, (2.5) Consumer (Overweight) - Pandu Anugrah (pandu.anugrah@bcasekuritas.co.id), Willy Suwanto (willy.suwanto@bcasekuritas.co.id) ICBP BUY 8,350 10,000 97, ,067 4, INDF HOLD 7,350 8,500 64, ,522 5, KLBF HOLD 1,545 1,700 72, ,447 2, ROTI BUY 1,200 1,490 7, (39.3) (44.0) SIDO BUY , (7.0) ULTJ BUY 1,520 1,675 17, UNVR BUY 50,200 57, , ,032 7, WOOD BUY , NA 35.3 NA Sector 654, ,753 22, Sector excl UNVR 271, ,721 14, Construction & Toll Road (Overweight) - Michael Ramba (michael.ramba@bcasekuritas.co.id) ADHI BUY 2,070 2,800 7, META BUY , PTPP BUY 2,740 4,400 16, ,699 2, WIKA HOLD 1,710 1,920 15, ,183 1, WSKT FULLY VALUED 2,540 2,600 34, ,018 2, (2.3) WTON BUY , JSMR HOLD 4,630 5,300 33, ,190 2, Sector 115, ,081 9, Heavy Equipment (Overweight) - Prasetya Gunadi (prasetya.gunadi@bcasekuritas.co.id), Pandu Anugrah (pandu.anugrah@bcasekuritas.co.id) DOID BUY 955 1,600 8, UNTR BUY 32,150 40, , ,403 8, Sector 128, ,079 9, Hospital (Neutral) - Johanes Prasetia (johanes.prasetia@bcasekuritas.co.id) MIKA BUY 2,100 2,200 30, SILO FULLY VALUED 8,050 8,500 13, (8.0) (8.5) Sector 43, (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 3,500 2, (5.8) 28.3 (15.9) (15.0) SSIA BUY , (15.7) 22.9 (54.3) , ,863.6 (95.5) Sector 21, (6.0) 14.5 (12.0) ,980 2, (28.5) Page 8 of 10

9 Ticker Rating CP (IDR) TP (IDR) Mkt cap (IDR bn) Index Weight Free float (%) ADTV (IDRbn) Rev growth (%) OP growth (%) Net Profit (IDRbn) EPSG (%) P/E (x) EV/EBITDA (x) P/B (x) Div yield (%) ROE (%) 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F 2016F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F Media (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) MNCN BUY 1,415 2,100 20, (0.7) ,427 1, SCMA BUY 2,700 3,250 39, (6.7) ,413 1,720 (5.9) Sector 59, (3.5) ,840 3,542 (1.0) Metal & Mining (Neutral) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) ANTM BUY 795 1,020 19, NA (60) 305 NA NA (397.5) (0.4) 2.0 INCO HOLD 2,870 3,130 28, (206.4) (712.0) (15) 66 NA NA 1,031.9 (133.4) (0.8) 3.5 TINS BUY 970 1,370 7, Sector 54, ,763 (60.4) 1, (205.5) Oil & Gas (Neutral) - Nyoman Prabawa (nyoman.prabawa@bcasekuritas.co.id) PGAS BUY 2,310 2,750 55, (1.2) 8.2 (13.7) (48.3) MEDC BUY 1,225 2,500 21, Sector 77, ,135 8,632 (27.4) Petrochemical (Neutral) - Willy Suwanto (willy.suwanto@bcasekuritas.co.id) TPIA FULLY VALUED 6,050 4, , (2.6) (7.8) Plantation (Neutral) - Nyoman Prabawa (nyoman.prabawa@bcasekuritas.co.id) AALI HOLD 13,975 17,000 26, (4.9) 14.8 (8.1) 2,010 2, (0.2) LSIP HOLD 1,310 1,500 8, , SGRO FULLY VALUED 2,480 2,100 4, (31.3) SIMP HOLD , (3.9) (4.9) Sector 49, (0.9) 15.4 (1.3) 3,589 4, Poultry (Neutral) - Johanes Prasetia (johanes.prasetia@bcasekuritas.co.id) CPIN HOLD 3,480 3,100 57, (13.4) ,596 3, JPFA BUY 1,595 1,700 18, (25.7) ,554 (53.5) MAIN HOLD , (63.1) (95.2) Sector 76, (21.1) ,607 4,919 (21.2) Property Residential (Overweight) - Michael Ramba (michael.ramba@bcasekuritas.co.id) ASRI HOLD , (9.6) 69.0 (13.1) 1, (19.4) BSDE BUY 1,775 2,400 34, ,713 2, CTRA BUY 1,190 1,600 22, (4.4) 20.6 (10.9) , SMRA BUY 910 1,500 13, Sector 76, ,082 5, Retails (Neutral) - Johanes Prasetia (johanes.prasetia@bcasekuritas.co.id) ACES HOLD 1,360 1,300 23, LPPF BUY 10,575 13,400 30, (6.1) ,928 2,140 (4.5) MAPI BUY 7,950 8,000 13, MPPA HOLD , (1.0) 6.9 (202.0) (77.9) (144) (79) NA (44.8) 55.9 (15.0) (27.1) (6.0) (3.5) RALS HOLD 1,310 1,190 9, (16.8) (6.8) Sector 78, (5.8) ,300 3,885 (2.5) Telecommunication Sector (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) EXCL BUY 2,430 4,100 25, NA (10.3) ISAT BUY 4,760 8,000 25, ,389 1, TLKM BUY 3,670 4, , ,946 24, Sector 421, ,710 26, Telecommunication Retail (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) ERAA BUY 1, , TELE BUY 850 1,300 6, (0.3) (6.2) Sector 9, (0.4) Tower Telco (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) TOWR BUY 3,480 5,250 35, ,929 3,814 (3.7) Stock universe 4,961, , , , Stock universe exc HMSP UNVR 4,100, , , , Page 9 of 10

10 Teguh Hartanto Director of Equity, ext: 129 RESEARCH DIVISION Pandu Anugrah Aditya Eka Prakasa Arga Samudro Head Of Research, ext: 168 Equity Analyst, ext: 182 FI Analyst, ext: 181 Strategy, Consumer Staples Automotive, Telco, Media, Metal Mining FI Strategies & Macroeconomist Johanes Prasetia Michael Ramba Nyoman Widita Prabawa Equity Analyst, ext: 185 Equity Analyst, ext: 184 Equity Analyst, ext: 180 Retail, Poultry, Hospital Construction, Property Residential, Infra Cement, Plantation, Oil & Gas Gilang Purnama Willy Suwanto Prasetya Gunadi Equity Analyst, ext: 178 Equity Analyst, ext: 178 Equity Analyst, ext: 183 Banking, Industrial Estate Banking, Consumer, Petrochemical Banking, Coal, Heavy Equipment Achmad Yaki Yamani Indra Taurean Rachel Christabelle Sual Technical Analyst, ext: 186 Research Associate, ext 186 Research Associate, ext 179 Technical Analyst Yuni Pratiwi Research Assistant, ext: 183 EQUITY CAPITAL MARKET DIVISION Ermawati Agustina Erman Haslienda Rifman Jennifer Frederika Yapply Head of Institutional Sales, ext: 159 Institutional Sales, ext: 137 Institutional Sales, ext: 187 Wilson Budiarto Sutarko Jodi Pujiyono Santoso Jodikin Institutional Sales, ext: 195 Sales Trader / Dealer, ext: 196 Sales Trader / Dealer, ext: 164 wilson.sutarko@bcasekuritas.co.id jodi.pujiyono@bcasekuritas.co.id santoso@bcasekuritas.co.id Arief Iskandar Institutional Dealer, ext: 136 arief.iskandar@bcasekuritas.co.id Page 10 of 10 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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