Bahana Beacon Indonesia Morning Brief

Transcription

1 Tuesday, 30 April 2013 Bahana Beacon Indonesia Morning Brief IDX: 4,999.8 (+0.4%) Turnover: IDR3.8t (-26.5%) Foreign net buy: IDR103b (net sell: IDR218) RESULT FLASH Above consensus Adhi Karya (ADHI-BUY-IDR2,975-IDR3,600) For details please refer to our separate report(s) In line with consensus Wintermar Offshore Marine (WINS-BUY-IDR485-TP:IDR630) Bank Bukopin (BBKP-HOLD-IDR910-TP:IDR750) AKR Corporindo (AKRA-REDUCE-IDR5,100-TP:IDR4,150) Indofood CBP (ICBP-BUY-IDR11,300-TP:IDR12,000) Nippon Indosari Corpindo (BUY-IDR7,450-TP:IDR8,800) Below consensus Bank Central Asia (BBCA-HOLD-IDR11,000-TP:IDR11,200) Semen Indonesia (SMGR-HOLD-IDR18,350-TP:IDR17,600) Bank Mandiri (BMRI-HOLD-IDR10,600-TP:IDR10,400) Indofood Sukses Makmur (INDF-BUY-IDR7,450-TP:IDR8,500) Salim Ivomas Pratama (SIMP-HOLD-IDR880-UR) PP London Sumatra (LSIP-REDUCE-IDR1,670-UR) TODAY S NEWS ECONOMICS Uncertainties on new subsidized fuel policy BOURSE PT Sri Rejeki Isman (Sritex) to raise IDR1.5t CORPORATE BBCA posts 1Q13 net profit of IDR2.9t; BMRI records 1Q13 net profit of IDR4.3t; BBKP posted 1Q13 net profit of IDR224b; ICBP reported 1Q13 net profit of IDR644b, up 8.9% y-y; INDF reported 1Q13 net profit of IDR158b, up 5.3% y-y; SMGR records 1Q13 net profit of IDR1.2t; ISAT reports 4Q12 net loss of IDR1.25t; ROTI s net profit +72% y-y on 30% y-y top line; BSHB to conduct IDR400b rights issue; JSMR to book 1Q13 revenue of IDR1.4t, +4% y-y; BKSL and Lippo group to develop 50ha CBD area in Sentul City ; MEDC to pay USD3.3m dividends ; Hero Supermarket plans to conduct 23- for-100 IDR3.5t rights issue ECONOMIC INDICATORS MARKET DATA 12A 13F 14F 12A 13F 14F Cur acc bal (%GDP) (1.5) (0.4) 0.2 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) 22, (0.3) 8.9 IDX (Indonesia) 4, KLCI (Malaysia) 1,708.0 (0.2) KOSPI (Korea) 1,940.7 (0.2) (2.8) (1.8) Nikkei (Japan) 13,884.1 (0.3) PCOMP (Phil.) 7, SENSEX (India) 19, (0.2) 13.2 SET (Thailand) 1, SHCOMP (China) 2,177.9 (1.0) (4.0) (9.1) Shenzhen (China) (1.6) 3.6 (2.9) STI (Singapore) 3, TWSE (Taiwan) 8, VNI (Vietnam) (0.4) Europe, USA and SA CAC 40 (France) 3, DAX (Germany) 7, Dow Jones (USA) 14, FTSE 100 (UK) 6, IBOV (Brazil) 54, (10.0) (11.0) NASDAQ (USA) 3, RTSI (Russia) 1, (9.1) (12.9) S&P 500 (USA) 1, ETF, ADRS & COMMODITIES Last Chg% ytd % y-y % EIDO US (USD) TLK US (IDR) 11, IIT US (IDR) 5, (10.9) 10.5 BUMI LN (IDR) 39, (5.6) (49.0) Coal (USD/t) (7.4) (15.7) Corn (USD/mtn) Coffee (USD/t) 2,795 (1.1) (2.1) (19.5) Copper (USD/t) 7, (9.9) (16.9) Cotton (USD/t) 1, (6.3) CPO (USD/mtn-CIF) 820 (2.1) 1.2 (30.5) DOC (IDR/kg) 4, Gold (USD/oz.) 1, (12.0) (11.4) Iron ore (USD/mtn) (7.5) (7.8) Milk (USD/t) Nickel (USD/t) 15, (9.2) (14.4) Oil (USD/barrel) (10.0) Rice (IDR/kg) 8, (3.5) 0.3 Rubber (USD/t) 2,455 (0.4) (17.8) (32.7) Soybean oil (USD/t) 1,091 (0.1) 0.7 (9.5) Steel (USD/t) (6.5) (14.5) Sugar (USD/t) (7.5) 4.5 Tins (USD/t) 20, (10.8) (7.1) Wheat (USD/t) (9.5) (0.0) CURRENCIES & RATES Last Prev. Ytd % y-y % AUD/USD USD/EUR IDR/USD 9,735 9, JPY/USD (22.7) SGD/USD (1.0) 0.3 JIBOR (%) (0.1) 0.4 BI rate (%) TD 1 month (%) CDS (bps) (5.0) (26.0) 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 Uncertainties on new subsidized fuel policy Following objections on the government s plan to implement dual pricing over subsidized fuel from the parliament and citizen, Jero Wacik, Energy and Mineral Resources Minister, stated that the government may apply single price adjustment for all vehicles. Jero added that the government may raise subsidized fuel price at below IDR6,500/ltr. It is expected that President Susilo Bambang Yudhoyono (SBY) would announce the detail of the government s new policy today. Bahana: Uncertainties on the government s plan to adjust subsidized fuel price will trigger macroeconomic instability going forward in our view. Hence, we expect the government to decide a firm policy as soon as possible. (Bisnis Indonesia, Indonesia Finance Today, Jakarta Post, Investor Daily, Kontan) BOURSE PT Sri Rejeki Isman (Sritex) to raise IDR1.5t PT Sri Rejeki Isman (Sritex), Indonesia's largest integrated textile manufacturer, aims to raise up to IDR1.5t (USD154.4m), releasing a maximum of 5.6b shares (30% stake). Further, the company plans to list in June Bahana Securities has been selected as lead underwriter. (Reuters) CORPORATE BBCA posts 1Q13 net profit of IDR2.9t Bank Central Asia (BBCA-HOLD-IDR11,000-TP:IDR11,200) has recorded 1Q13 net profit of IDR2.9t, (- 16.1% q-q but +25.5% y-y), accounting for 20.7% and 21.5% of our and consensus 2013F estimates, respectively. Bahana: The shortfall in 1Q13 earnings was mainly the result of a decline in fees and commissions (trade finance) as well as absence of gain on financial assets, while it did grow 14.2% y-y. Additionally, provision for impairment losses surged to ID1.0t in 1Q13 from 777b in 4Q12 and IDR831b in 1Q12. On the lending front, BBCA posted 1Q13 loans of IDR266t (+3.2% q-q and +26.7% y-y), helped by strong consumer loan growth (+4.0% q-q and +34.4% y-y). In contrast, third-party funding contracted by 0.6% q-q, while it grew modestly 9.8% y-y, bringing up LDR to 72.1% in 1Q13 from 69.4% in 4Q12 and 62.4% a year earlier. It is important to note that BBCA plans to raise its time deposit rate in the hope of gaining some liquidity, leading to higher blended cost of fund in the following quarters. q-q y-y 1Q13/ 1Q13/ 1Q13/ 1Q12/ 1Q11/ (IDRb) 1Q12 4Q12 1Q13 (%) (%) 1Q13F 2013F Cons Interest income 6,854 8,749 7,724 (11.7) Interest expense 2,053 1,748 1,696 (3.0) (17.4) 17.3 Net interest income 4,801 7,001 6,028 (13.9) Non-interest income 2,852 1,528 2, (7.5) 20.1 Total operating income 7,652 8,529 8, Operating expense 4,002 3,495 4, Impairment of fin. Assets , Operating profit 2,819 4,257 3,540 (16.8) Pretax profit 2,895 4,284 3,624 (15.4) Net profit 2,304 3,446 2,892 (16.1) Balance sheet & ratio analysis 1Q12 4Q13 1Q F 2014F 2015F Gross loans (IDRb) 209, , , , , , ,446 Third party funding (IDRb) 336, , , , , , ,797 Net interest margin (%) Cost efficiency (%) Cost to income (%) Loan/deposit (%) Loan/funding (%) Capital adequacy (%) Gross NPL (%) LLP/NPL (%) ROAE (%) Source: Company, Bloomberg, Bahana estimates PT Bahana Securities Equity Research Bahana Beacon - The Daily 2

3 BMRI records 1Q13 net profit of IDR4.3t Bank Mandiri (BMRI-HOLD-IDR10,600-TP:IDR10,400) has recorded 1Q13 net profit growth of 1.9% q-q and 26.5% q-q to IDR4.3t, accounting for 24.3% and 24.1% of our and consensus 2013F estimates. Bahana: Pressure in 1Q13 NIM to 5.5% (-10 bps q-q) was reflected by slight contraction in net interest income (-1.7% q-q); however, it did show significant improvement over the past 12 months. Gross NPL remained low, hovering at 1.9% over the past two quarters. BMRI recorded 0.7% q-q and 19.6% y-y growth in loans to IDR391t, supported by continued strong growth coming from micro-financing (+8.9% q-q, 58.3% y-y) and mortgages (+5.6% q-q, 28.4% y-y). In contrast, expensive time deposits grew at 6.0% q-q, leading to higher blended cost of funding, to 2.8% in 1Q13 from 2.7% in 4Q12. Although hike in blended cost of funds seems inevitable, increased contribution coming from high yielding retail loans will partially offset this negative impact. That said, we maintain our FY13 earnings forecast and retain our Hold rating at this juncture. q-q y-y 1Q13/ 1Q13/ 1Q13/ 1Q12/ 1Q11/ (IDRb) 1Q12 4Q12 1Q13 (%) (%) 1Q13F 2013F Cons Interest income 9,939 11,399 11, Interest expense 3,734 3,583 3, (0.5) 21.7 Net interest income 6,204 7,816 7,686 (1.7) Non-interest income 3,270 4,108 3,883 (5.5) Total operating income 9,474 11,923 11,569 (3.0) Operating expense 4,385 6,218 4,881 (21.5) Impairment of fin. Assets , Operating profit 4,316 5,256 5, Pretax profit 4,490 5,900 5,650 (4.2) Net profit 3,403 4,385 4,303 (1.9) Balance sheet & ratio analysis 1Q12 4Q13 1Q F 2014F 2015F Gross loans (IDRb) 327, , , , , , ,520 Third party funding (IDRb) 403, , , , , , ,812 Net interest margin (%) Cost efficiency (%) Cost to income (%) Loan/deposit (%) Loan/funding (%) Capital adequacy (%) Gross NPL (%) LLP/NPL (%) ROAE (%) Source: Company, Bloomberg, Bahana estimates PT Bahana Securities Equity Research Bahana Beacon - The Daily 3

4 BBKP posted 1Q13 net profit of IDR224b Bank Bukopin (BBKP-HOLD-IDR910-TP:IDR750) posted 1Q13 net profit growth of 5.0% q-q and 23.5% y- y to reach IDR224b, accounting for 23.1% and 23.9% of our and consensus 2013F estimates respectively. Bahana: Pressure in BBKP s NIM was mainly due to higher blended cost of funding. Expensive time deposits grew 23.8% q-q and 45.0% y-y to reach IDR39.4t, resulting in increased proportion of time deposit-to-total deposits to 64.2% in 1Q13 from 59.0% in 4Q12 and 56.5% a year earlier. On a more positive note, loans grew 4.3% q-q and 29.9% on pick up in non-bulog commercial loans. As 1Q13 results came in line with our expectation, our FY2013 earnings estimate stands intact while maintaining our Hold recommendation on upcoming potential M&A deal. q-q y-y 1Q13/ 1Q13/ 1Q13/ 1Q12/ 1Q11/ (IDRb) 1Q12 4Q12 1Q13 (%) (%) 1Q13F 2013F Cons Interest income 1,202 1,366 1, Interest expense Net interest income (11.6) Non-interest income (24.5) Total operating income (15.4) Operating expense (6.1) Impairment of fin. Assets (91.0) (48.2) 6.0 Operating profit Pretax profit Net profit Balance sheet & ratio analysis 1Q12 4Q12 1Q F 2014F 2015F Gross loans (IDRb) 36,560 45,531 47,493 45,531 55,074 64,069 73,946 Third party funding (IDRb) 48,101 53,958 61,417 53,958 63,110 74,691 88,471 Net interest margin (%) Cost efficiency (%) Cost to income (%) Loan/deposit (%) Loan/funding (%) Capital adequacy (%) Gross NPL (%) LLP/NPL (%) ROAE (%) Source: Company, Bloomberg, Bahana estimates ICBP reported 1Q13 net profit of IDR644b, up 8.9% y-y Indofood CBP (ICBP-BUY-IDR11,300-TP:IDR12,000) reported 1Q13 results with operating profit of IDR847b, up 28.3% q-q and 6.6% y-y, 7% below from our 1Q13 forecast, representing 26% from our and consensus full year estimates. On the bottom line, ICBP booked 1Q13 net profit of IDR644b, up 23.0% q-q and 8.9% y-y, 99% of our 1Q13 estimate, accounting 26.6% and 25.5% from our and street s full year projection respectively. ICBP 2012 audited result summary q-q y-y 1Q13/ 1Q13 1Q13/ 1Q12/ 1Q11/ (IDRb) 1Q12 4Q12 1Q13 (%) (%) 1Q13F 2013 Cons Sales 5,286 5,347 6, Gross profit 1,400 1,467 1, Operating expense (4.9) Operating profit Net Interest income/(expense) (8.0) Other expense (50.3) na Pretax profit Taxation (219) (160) (215) 34.4 (1.8) Minority interest (32) (23) (40) Net profit Balance sheet & ratio 1Q12 4Q12 1Q F 2014F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Inventory Days Receivable Days Payable Days Total cash 4,995 5,484 5,648 4,421 5,484 5,178 6,937 Total debt 509 1,232 1, , Net gearing (%) nc nc nc nc nc nc nc Source: Company, Bloomberg, Bahana estimates PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

5 INDF reported 1Q13 net profit of IDR158b, up 5.3% y-y Indofood Sukses Makmur (INDF-BUY-IDR7,450-TP:IDR8,500) reported 1Q13 results with operating profit of IDR1.3t, down 8.7% q-q and 25.3% y-y, below our estimate (68%), representing 18% and 17% from our and consensus forecasts respectively. On the bottom line, INDF booked IDR722b, up 1.6% q-q, but down 11.4% y-y, accounting 20% and 19% from our and consensus estimates respectively. INDF 2012 audited result summary q-q y-y 1Q13F/ 1Q13F/ 1Q13/ 1Q12/ 1Q11/ (IDRb) 1Q12 4Q12 1Q13F (%) (%) 1Q13F 2013F Cons Sales 11,827 12,804 12, Gross profit 3,273 3,264 3,106 (4.9) (5.1) Operating expense 1,496 1,810 1,778 (1.8) Operating profit 1,776 1,454 1,328 (8.7) (25.3) Net financing (87) (195) (121) (38.2) Other income/(expense) , Pretax profit 1,692 1,299 1,261 (2.9) (25.5) Taxation (406) (324) (315) (2.9) (22.3) Minority interest (471) (263) (224) (15.0) (52.5) Net profit (11.4) BS & Ratio analysis 1Q12 4Q12 1Q F 2014F Gross margin (%) Operating margin (%) Pretax margin (%) Net margin (%) Inventory Days Receivable Days Payable Days Total cash (IDRb) 14,366 13,343 12,328 13,049 13,343 13,288 15,233 Total debt (IDRb) 14,179 15,324 15,595 13,686 15,324 14,120 12,391 Net gearing (%) nc nc Source: Company, Bloomberg, Bahana estimates SMGR records 1Q13 net profit of IDR1.2t Semen Indonesia (SMGR-HOLD-IDR18,350-TP:IDR17,600) has recorded 1Q13 net profit of IDR1.2t, down 15.2% q-q but up 22.3% y-y, coming in below our estimates and accounting 21.4% and 21.3% respectively on our and consensus forecast. Bahana: Sales grew 29.4% y-y on higher volume sales (20.5% y-y) and price increases, while lower q-q volumes were due mainly to seasonality and shorter working days in February. Interesting to note, SMGR experienced lower operating margins on the back of increased depreciation, arising from the commencement of operations at a new plant in Tonasa. Despite 1Q13 weak results, we maintain our FY2013 earnings forecast in anticipation of volume pick up and improved margins ahead. q-q y-y 1Q13/ 1Q13/ 1Q13/ 1Q12/ 1Q11/ (IDRb) 1Q12 4Q12 1Q13 (%) (%) 1Q13F 2013F Cons Sales 4,284 5,931 5,544 (6.5) Gross profit 1,922 2,891 2,485 (14.0) Operating expense 667 1, (11.5) Operating profit 1,256 1,890 1,599 (15.4) Net interest inc./(expenses) 45 (44) (36) (19.5) - (34.8) Pretax profit 1,306 1,872 1,577 (15.8) Taxation (291) (360) (348) (3.3) 19.8 (24.2) Minority interest (5) (54) (8.8) Net profit 1,011 1,458 1,236 (15.2) Balance sheet & ratio analysis 1Q12 4Q12 1Q F 2014F 2015F Gross margin (%) Operating margin (%) Net margin (%) Inventory Days Receivable Days Payable Days Total cash (IDRb) 3,929 3,022 3,296 3,022 3,153 3,201 3,382 Total debt (IDRb) 2,023 3,699 3,866 3,699 3,898 4,410 5,421 Net gearing (%) nc nc 3.1 nc Source: Company, Bahana estimates, Bloomberg PT Bahana Securities Equity Research Bahana Beacon - The Daily 5

6 ISAT reports 4Q12 net loss of IDR1.25t Indosat (ISAT-HOLD-IDR5,900-TP:IDR6,500) has reported 4Q12 results, with an operating profit of IDR391b, down 8.9% q-q and 42.9% y-y, bringing full year operating profit to IDR10.5t, far below our and consensus forecast. On the bottom line, ISAT booked a 4Q12 net loss of IDR1.25t, down 171.2% q-q and 1,493.6% y-y, bringing full-year net profit to just IDR375b, representing 23.4% and 26.5% of our and consensus 2012 estimates. (Company) ISAT 2012 audited result summary q-q y-y 4Q12/ y-y 2012/ 2012/ (IDRb) 4Q11 3Q12 4Q12 (%) (%) 4Q12F 2012 (%) 2012F Cons. Sales 5,180 6,132 5,910 (3.6) , Cost of services 2,111 2,522 2,381 (5.6) , Operating expenses 4,496 5,703 5,519 (3.2) , Operating profit (8.9) (42.9) ,267 (27.0) EBITDA 2,418 2,768 2, , Net Interest income (expense) (477) (463) (556) (1,944) Forex gain (expenses) (359) (94) (128) 36.4 (64.3) (745) (2, Other (48) 1,916 (1,036) (154.1) 2, ,363.6 (272.5) Pretax profit (199) 1,788 (1,330) (174.4) (65.3) Taxation ,154. (24.9) 26 (109.7) (4.5) Minority interest (34) (28) (39) (112) Net profit (79) 1,760 (1,253) (171.2) 1, (61.3) (63.9) 26.5 Balance sheet & ratio 4Q11 3Q12 4Q F 2013F 2014F EBITDA margin (%) Operating margin (%) Pretax margin (%) (3.8) 29.2 (22.5) Net margin (%) (1.5) 28.7 (21.2) Receivable Days Payable Days Total cash 2,076 4,348 3,917 2,076 3,917 3,221 4,411 2,088 Total debt 24,063 18,828 22,069 24,063 22,069 9,950 12,807 10,807 Net gearing (%) Source: Company, Bloomberg, Bahana estimates ROTI s net profit +72% y-y on 30% y-y top line and 3.8% y-y net margin expansion: Nippon Indosari Corpindo (ROTI-BUY-IDR7,450-TP:IDR8,800) reported 1Q13 net profit of IDR56b, up 72% y-y and 7% q-q. This coming in at 28% both our and consensus FY13 estimate. Compare to the 1Q11 and 1Q12 which accounting for 24% and 22% of the FY bottom line, the result was higher than expected and on track to beat our and consensus estimate. Top line was strong at IDR357b, 30% y-y growth followed by 81% operating profit growth. Gross, operating and net margin expanded 3.5%, 5.9% and 3.8% respectively. On the operating front, the company lower its advertising and promotion expenses from IDR24b in 1Q12 to IDR15b in 1Q13. q-q y-y 1Q13/ 1Q13/ 1Q13/ (IDRb) 1Q12 4Q12 1Q13 (%) (%) 1Q13F 2013F Cons. Sales Gross profit Operating expense (82) (94) (99) Operating profit Other income/(expense) Pretax profit Taxation (11) (18) (19) (49.2) Net profit Sales data & ratio analysis 1Q12 4Q12 1Q13 1Q F 2014F Gross margin Operating margin Pretax margin Net margin Inventory days Receivable days Payable Days Total cash Total debt Net gearing (%) nc 11.4 nc Source: Company, Bloomberg, Bahana estimates PT Bahana Securities Equity Research Bahana Beacon - The Daily 6

7 BSHB to conduct IDR400b rights issue Bank Sinar Harapan Bali (BSHB), a subsidiary of Bank Mandiri (BMRI-HOLD-IDR10,600-TP:IDR10,400), plans to conduct a IDR400b rights issue prior to an anticipated collaboration between BMRI, Pos Indonesia and Taspen in 2H13. BMRI will allocate IDR198b to subscribe for new shares, while Pos Indonesia and Taspen will each allocate IDR101b. Post-rights issue, BSHB s capital will stand at IDR500b with BMRI as the majority shareholder at 58.25%, while Pos Indonesia and Taspen will each hold 20.2% ownership, with the remaining 1.35% shares still held by legacy shareholders. (Indonesia Finance Today) JSMR to book 1Q13 revenue of IDR1.4t, +4% y-y Jasa Marga (JSMR-*-TP:*-IDR6,700) conservatively estimates FY13 revenue at IDR6t, +4% y-y, stemming from this year s tariff adjustment on 11 existing toll roads, along with additional revenue from 3 new toll roads (Bali, JORR W2 and Semarang-Solo). In 1Q13, JSMR reported 1Q13 top line of IDR1.4t, +3.9% y-y. Yesterday s AGM also approved a 40% dividend payout (lower than our estimate of 50%) from 2012 net profit, translating to IDR94/share dividend (Yield:1.4%). (Indonesia Finance Today) BKSL and Lippo group to develop 50ha CBD area in Sentul City Sentul City (BKSL-Not Rated-IDR290), working together with Lippo Group, will develop 50ha CBD area in Sentul City, to develop a mixed-use development consisting of apartments, office s, hospitals, schools and other public facilities. Danang Kemayan Jati, LPKR s Head of Communications, stated that this cooperative effort will provide mutual benefit. (Bisnis Indonesia) MEDC to pay USD3.3m dividends At its Annual General Meeting of Shareholders (AGM) on April 26, 2013, PT Medco Energi Internasional Tbk (MEDC-*-IDR1,910-*) announced to distribute USD3.3m dividends, 26.5% of MEDC s 2012 net profit of USD12.6m, translating to USD per share.* Under our restricted list Notes Date Cum dividend date 23 May 2013 Ex dividend date 24 May 2013 Record date 23 May 2013 Payment date 7 June 2013 Source: Bisnis Indonesia Hero Supermarket plans to conduct 23-for-100 IDR3.5t rights issue Hero Supermarket (HERO-BUY-IDR4,675-TPIDR5,400) plans to conduct 23 to 27-for-100 rights issue of IDR3.5t with IDR3,200-3,900 ex rights price in June Funds raised will be used for store expansion (37%), debt payment to bank (30%), debt payment to Dairy Farm International (20%) with the remaining 10% directed to IKEA store openings. (Bisnis Indonesia) Cum date 10 June 2013 Exercise date 11 June 2013 Distribution date 14 June 2013 Listing date 14 June 2013 Trading date June 2013 Allotment date 26 June 2013 Refund date 28 June 2013 Source: Bisnis Indonesia PT Bahana Securities Equity Research Bahana Beacon - The Daily 7

8 BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside) 4/29/2013 4/26/2013 CHANGE (%) Wijaya Karya WIKA BUY 2,200 (9.3) 2,425 2, Bank Tabungan Pensiunan Negara BTPN HOLD 5, ,200 5, Ciputra Property CTRP BUY 1, ,110 1, Pembangunan Perumahan PTPP BUY 980 (29.5) 1,390 1, Adhi Karya ADHI BUY 3, ,975 2, Supra Boga Lestari RANC BUY 1, Surya Semesta Internusa SSIA BUY 1,470 (6.4) 1,570 1, Bank Danamon BDMN HOLD 7, ,400 6, Wintermar WINS BUY J Resources Asia Pasifik PSAB BUY 6, ,075 3, Adi Sarana Armada ASSA BUY Astra International ASII REDUCE 6,200 (16.2) 7,400 7, Waskita Karya WSKT BUY Bank Central Asia BBCA HOLD 11, ,000 10, Kalbe Farma KLBF BUY 1, ,380 1, Summarecon Agung SMRA BUY 2, ,600 2, Alam Sutera Realty ASRI BUY 1, ,050 1, Charoen Pokhpand Indonesia CPIN BUY 4,200 (15.6) 4,975 4, Tiphone Mobile Indonesia TELE BUY Indocement INTP HOLD 25,300 (0.8) 25,500 25, Telkom Indonesia TLKM BUY 13, ,400 11, Semen Gresik SMGR HOLD 17,600 (4.1) 18,350 18, Unilever Indonesia UNVR BUY 24, ,000 22, AKR Corporindo AKRA REDUCE 4,150 (18.6) 5,100 5, Indomobil Sukses International IMAS HOLD 5, ,300 5, Indosat ISAT HOLD 6, ,900 5, Perusahaan Gas Negara PGAS BUY 6, ,300 6, Lippo Cikarang LPCK BUY 4,650 (28.5) 6,500 6, Jasa Marga JSMR BUY 7, ,700 6, Bank Rakyat Indonesia BBRI HOLD 8,500 (7.6) 9,200 9, Medco Energi International MEDC HOLD 1,660 (13.1) 1,910 1, IDX IDX 5,000 4, Bukit Asam PTBA REDUCE 12,500 (17.5) 15,150 15, Astra Agro Lestari AALI BUY 23, ,450 17, United Tractors UNTR REDUCE 17,000 (4.5) 17,800 17, Adaro Energy ADRO REDUCE 1,170 (4.9) 1,230 1, Agung Podomoro Land APLN HOLD 460 (2.1) Bakrie Sumatra Plantations UNSP REDUCE 85 (9.6) Bakrie Telekomunikasi BTEL REDUCE Bank Jabar Banten BJBR HOLD 1, ,210 1, Bayan Resources BYAN REDUCE 3,800 (53.1) 8,100 8, Bekasi Fajar Industrial Estate BEST BUY 1, Bumi Resources BUMI REDUCE 500 (26.5) Bumi Serpong Damai BSDE BUY 2, ,680 1, Cardig Aero Services CASS BUY 750 (6.3) Japfa Comfeed Indonesia JPFA BUY 2, ,940 1, Kawasan Industri Jababeka KIJA BUY Lippo Karawaci LPKR HOLD 1, ,350 1, Sarana Menara Nusantara TOWR HOLD 29, ,000 26, Surya Citra Media SCMA BUY 2,475 (11.6) 2,800 2, Tempo Scan Pacific TSPC BUY 3, ,375 3, Vale Indonesia INCO REDUCE 2,000 (28.6) 2,800 2, XL Axiata EXCL BUY 6, ,100 5, Bank Mandiri BMRI HOLD 10,400 (1.9) 10,600 10,650 (0.5) Citra Marga Nusaphala Persada CMNP BUY 2, ,810 1,820 (0.5) Indofood Sukses Makmur INDF BUY 8, ,450 7,500 (0.7) Nippon Indosari Corpindo ROTI BUY 8, ,450 7,500 (0.7) Gozco Plantations GZCO REDUCE (0.7) Aneka Tambang ANTM REDUCE 1,000 (27.0) 1,370 1,380 (0.7) Ciputra Development CTRA BUY 1, ,310 1,320 (0.8) Erjaya Swasembada ERAA BUY 3, ,125 3,150 (0.8) Gajah Tunggal GJTL HOLD 2,400 (22.6) 3,100 3,125 (0.8) Indofood CBP Sukses Makmur ICBP BUY 12, ,300 11,400 (0.9) Total Bangun Persada TOTL BUY 1,020 (5.6) 1,080 1,090 (0.9) Bank Negara Indonesia BBNI HOLD 4,700 (11.3) 5,300 5,350 (0.9) Delta Dunia Makmur DOID HOLD (1.1) Borneo Lumbung Energi BORN REDUCE (1.1) Sampoerna Agro SGRO HOLD 2, ,025 2,050 (1.2) Mitra Adiperkasa MAPI BUY 10, ,050 8,150 (1.2) Gudang Garam GGRM HOLD 55, ,350 50,000 (1.3) Timah TINS REDUCE 1,000 (30.1) 1,430 1,450 (1.4) Garuda Indonesia GIAA BUY (1.6) Hero Supermarket HERO HOLD 5, ,675 4,750 (1.6) Malindo Feedmill MAIN BUY 4, ,775 2,825 (1.8) BW Plantation BWPT BUY 1, (2.1) Bank Bukopin BBKP HOLD 750 (17.6) (2.2) Harum Energy HRUM REDUCE 4, ,375 4,475 (2.2) Bank Jatim BJTM HOLD (2.2) Indika Energy INDY REDUCE 1, ,160 1,190 (2.5) Bank Tabungan Negara BBTN HOLD 1, ,490 1,530 (2.6) London Sumatra Indonesia LSIP REDUCE UR - 1,670 1,730 (3.5) Krakatau Steel KRAS REDUCE 400 (27.3) (3.5) ACE Hardware Indonesia ACES HOLD 700 (32.7) 1,040 1,080 (3.7) Indo Tambangraya Megah ITMG REDUCE 29,750 (18.7) 36,600 38,250 (4.3) Salim Ivomas Pratama SIMP HOLD UR (4.3) Ramayana Lestari Sentosa RALS HOLD 1,350 (10.6) 1,510 1,600 (5.6) Source: Bloomberg *Under our restricted list PT Bahana Securities Equity Research Bahana Beacon - The Daily 8

9 JCI Code Rating Price TP Shares Free float Mkt cap 3M avg to EV/EBITDA (x) P/BV (x) Yield (%) Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) PER (x) Net gearing (%) ROAE (%) (IDR) (IDR) (m) (%) (IDRb) (IDRb) , ,613 37,927 1,551 1,982 1,009 1, AERO SERVICE N GIAA * 630 * 22, , ,543 36,662 1,276 1, , CASS BUY , , ,070 1, nc AUTOMOTIVE RELATED N 326, , ,573 22,313 21,472 21,450 21, (1.2) ASII REDUCE 7,400 6,200 40, , , ,739 19,870 18,783 19,421 19, (2.0) IMAS HOLD 5,300 5,425 2, , ,052 24, , GJTL HOLD 3,100 2,400 3, , ,708 13,054 1,498 1,577 1,063 1, ASSA BUY , , , BANKS N 977, , ,650 77,245 89,926 61,943 72, na na na na BBCA HOLD 11,000 11,200 24, , ,011 35,656 14,168 16,821 11,816 14, na na na na BMRI HOLD 10,600 10,400 23, , ,958 49,807 19,240 22,574 15,104 17, na na na na BBRI HOLD 9,200 8,500 24, , ,061 51,096 21,280 24,015 17,811 20, na na na na BBNI HOLD 5,300 4,700 18, , ,628 27,147 8,353 9,799 6,960 8, na na na na BDMN HOLD 6,400 7,000 9, , ,211 21,498 6,333 7,102 4,130 4, na na na na BTPN HOLD 5,200 5,400 5, , ,265 7,609 2,439 3,008 1,955 2, na na na na BBTN HOLD 1,490 1,800 10, , ,369 6,478 1,913 2,320 1,403 1, na na na na BJBR HOLD 1,210 1,250 9, , ,290 5,072 1,469 1,792 1,175 1, na na na na BJTM HOLD , , ,343 2, , ,010 (24.5) na na na na BBKP HOLD , , ,149 3,578 1,094 1, na na na na CEMENT OW 202, ,325 44,084 11,903 14,367 9,547 11, nc SMGR HOLD 18,350 17,600 5, , ,699 23,710 5,911 7,330 4,775 5, nc INTP HOLD 25,500 25,300 3, , ,626 20,373 5,992 7,037 4,772 5, nc nc COAL UW 182, , ,811 28,184 21,624 14,625 15,040 (19.5) (24.0) ADRO REDUCE 1,230 1,170 31, , ,875 31,577 9,048 6,866 4,182 2,963 (16.3) (27.6) ITMG REDUCE 36,600 29,750 1, , ,232 20,365 5,575 4,145 5,559 5,560 (19.1) (25.0) nc nc PTBA REDUCE 15,150 12,500 2, , ,650 10,316 3,431 2,494 2,882 2,212 (6.6) (23.3) nc nc BYAN REDUCE 8,100 3,800 3, , ,176 11,199 1, (56.7) (36.7) HRUM REDUCE 4,375 4,800 2, , ,334 7,772 2,245 1,747 1,456 1,147 (1.7) (19.5) nc nc BUMI REDUCE , , ,553 31,573 4,590 3,917 (2,368) 1,013 na na na na 9.6 BORN REDUCE , , ,749 5,344 1,521 1, (60.3) (9.0) INDY REDUCE 1,160 1,250 5, , ,828 7, , (29.4) CONS. & TOLL ROADS OW 87, ,538 53,315 6,436 7,898 3,481 4, JSMR * 6,700 * 6, , ,718 6,970 2,802 3,513 1,761 2, WIKA BUY 2,425 2,200 6, , ,135 11, , nc nc WSKT BUY , , ,717 11, (6.4) nc nc CMNP BUY 1,810 2,200 2, , , (4.8) (21.3) PTPP BUY 1, , , ,771 10, , TOTL BUY 1,080 1,020 3, , ,111 2, nc nc ADHI BUY 2,975 3,600 1, , ,150 9, CONSUMER - DISCRE. OW 86, ,210 39,066 3,298 3,993 2,474 2, nc nc SCMA BUY 2,800 2,475 9, , ,187 2,547 1,153 1, ,063 (4.9) nc nc HERO HOLD 4,675 5,400 3, , ,628 12, ACES HOLD 1, , , ,271 4, nc nc MAPI BUY 8,050 10,000 1, , ,583 9, nc nc RALS HOLD 1,510 1,350 7, , ,460 8, nc nc RANC BUY 940 1,120 1, , ,081 1, nc nc CONSUMER - STAPLES OW 494, , ,957 24,986 28,193 16,542 18,853 (8.6) nc nc UNVR BUY 23,000 24,000 7, , ,264 31,764 6,404 7,069 4,845 5, nc nc GGRM HOLD 49,350 55,000 1, , ,129 52,903 5,731 6,539 3,829 4,453 (21.8) INDF BUY 7,450 8,500 8, , ,574 53,962 6,593 7,390 3,082 3, nc nc KLBF BUY 1,380 1,580 50, , ,247 15,408 2,262 2,614 1,735 2, nc nc ICBP BUY 11,300 12,000 5, , ,649 23,582 2,934 3,259 2,178 2, nc nc TSPC BUY 3,375 3,950 4, , ,796 7, , nc nc ROTI BUY 7,450 8,800 1, , ,124 1, nc HEAVY EQUIPMENT UW 67, ,938 66,334 8,176 7,740 5,364 5,569 (10.9) (2.1) UNTR REDUCE 66, ,930 57,942 7,593 7,253 5,613 5,493 (10.9) (2.1) nc nc ,800 17,000 3, DOID HOLD , , ,008 8, (250) na (6.2) (26.8) 8.1 INDUSTRIAL ESTATES OW 27, ,830 10,162 2,390 3,546 1,801 2, BEST BUY 990 1,190 9, , , nc SSIA BUY 1,570 1,470 4, , ,384 4, , nc nc KIJA BUY , , ,451 2, (0.7) LPCK BUY 6,500 4, , ,040 1, nc nc METALS UW 51, ,391 28,668 2,858 3,877 2,095 2,910 (64.5) INCO REDUCE 2,800 2,000 9, , ,978 9, , ,241 (81.3) ANTM REDUCE 1,370 1,000 9, , ,369 10, (55.9) (3.4) nc nc TINS REDUCE 1,430 1,000 5, , ,493 6, (47.9) (2.2) nc PSAB BUY 4,075 6, , ,551 1, na OIL & GAS N 178, ,488 65,692 12,700 13,356 9,360 9, PGAS BUY 152, ,348 30,651 9,625 10,382 8,419 8, nc nc ,300 6,800 24, AKRA REDUCE 5,100 4,150 3, , ,920 24, (71.7) MEDC * 1,910 * 3, , , , ,267 2, (64.8) PLANTATIONS N 62, ,896 44,062 9,609 10,091 5,719 6, AALI BUY 27, ,078 13,463 3,370 3,636 2,377 2,608 (1.2) nc nc ,450 23,000 1, SIMP REDUCE 880 UR 15, , ,060 15,883 2,767 2,901 1,277 1,355 (29.7) LSIP REDUCE 1,670 UR 6, , ,583 5,013 1,446 1,516 1,256 1,313 (26.2) nc nc BWPT BUY 950 4, , ,046 1, (2.4) ,400 SGRO HOLD 2,025 2,400 1, , ,972 3, (41.8) UNSP REDUCE , , ,720 4, (91.5) GZCO REDUCE , (42.2) (9.8) POULTRY N 106, ,280 47,401 5,903 6,843 4,249 5, CPIN BUY 4,975 4,200 16, , ,688 23,751 3,673 4,246 2,899 3, nc JPFA BUY 1,940 2,100 10, , ,243 19,500 1,739 1,978 1,022 1, MAIN BUY 2,775 4,000 1, , ,349 4, PROPERTY OW 136, ,061 32,057 7,596 10,917 5,828 8, LPKR HOLD 1,350 1,640 23, , ,072 6,604 1,462 1,502 1,090 1, BSDE BUY 1,680 2,125 17, , ,549 5,485 1,382 2,538 1,214 2, nc nc SMRA BUY 2,600 2,600 7, , ,140 3, , nc nc ASRI BUY 1,050 1,360 19, , ,446 3,427 1,254 1,903 1,193 1, nc nc CTRA BUY 1,310 1,600 15, , ,285 5, , nc nc APLN HOLD , , ,762 5,564 1,383 1, , CTRP BUY 1,110 1,170 6, , , SHIPPING N 1, ,107 1, WINS BUY , , ,107 1, STEEL UW 8, ,369 23, (92.8) KRAS REDUCE , , ,369 23, (92.8) TELCOS OW 346, , ,042 34,994 37,031 17,691 19, TLKM BUY 11,400 13,300 20, , ,237 81,334 25,729 27,245 13,043 14, EXCL BUY 5,100 6,200 8, , ,468 23,303 4,917 5,071 3,109 3, ISAT HOLD 5,900 6,500 5, , ,943 24,027 2,486 2,124 1, (60.7) TOWR HOLD 26,000 29,500 1, , ,158 2,556 1,180 1, ERAA BUY 3,125 3,500 2, , ,290 17, TELE BUY , , ,555 13, (1.3) (37.2) BTEL REDUCE , , ,437 2,562 (211) (131) (1,097) (959) 40.1 (12.6) (1.4) (1.6) nc (28.5) Market OW 3,360,540 3, ,292,207 1,420, , , , , 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 9

10 Global Business and Economic Indicators Agenda Date Time Country Event Period Consensus Actual Prior 04/16/ :30 AU New Motor Vehicle Sales YoY Mar % 04/16/ :30 AU RBA Policy Meeting - April Minutes 04/16/ :00 JN Tokyo Condominium Sales (YoY) Mar % 04/16/ :00 IT Trade Balance Eu (Euros) Feb M 04/16/ :30 UK PPI Input NSA (YoY) Mar % 04/16/ :30 UK PPI Output n.s.a. (YoY) Mar % 04/16/ :30 UK CPI (YoY) Mar % 04/16/ :30 UK Core CPI YOY Mar % 04/16/ :30 UK Retail Price Index Mar /16/ :00 EC Euro-Zone CPI (YoY) Mar /16/ :00 EC Euro-Zone CPI - Core (YoY) Mar % 04/16/ :30 CA Manufacturing Sales MoM Feb % 04/16/ :30 US Consumer Price Index (MoM) Mar % 04/16/ :30 US Housing Starts Mar K 04/16/ :30 US Housing Starts MOM% Mar % 04/16/ :30 US Consumer Price Index (YoY) Mar % 04/16/ :30 US Building Permits MOM% Mar % 04/16/ :30 US Consumer Price Index NSA Mar /16/ :15 US Industrial Production Mar % 04/16/ :15 US Capacity Utilization Mar % 04/16/ :15 US Manufacturing (SIC) Production Mar % Global Economic Forecasts and Calendar Indicator Period Release Previous Consensus Actual Indonesia CPI inflation (%, y-y) Feb 3/ GDP (%, y-y) 4Q 2/ Reference rate (%) Mar 3/ FX reserves (USDb) Feb 3/ China CPI inflation (%, y-y) Feb 3/ GDP (%, y-y) 4Q 8/ Reference rate (%) Mar Unemployment rate (%) Dec Japan CPI inflation (%, y-y) Feb 3/ GDP (%, y-y) 4Q Reference rate (%) Mar 3/ Unemployment rate (%) Jan 2/ India CPI inflation (%, y-y) Feb 3/ GDP (%, y-y) 4Q 2/ Reference rate (%) Jan 3/ Singapore CPI inflation (%, y-y) Jan 2/ GDP (%, y-y) 4Q 2/ Reference rate (%) Mar Unemployment rate (%) Dec 2/ Malaysia CPI inflation (%, y-y) Jan 3/ GDP (%, y-y) 4Q 2/ Reference rate (%) Mar 3/ Unemployment rate (%) Dec 2/ Thailand CPI inflation (%, y-y) Feb 3/ GDP (%, y-y) 4Q 2/ Reference rate (%) Feb 2/ Unemployment rate (%) Dec 1/ US CPI inflation (%, y-y) Jan 2/ GDP (%, y-y) 4Q 2/ Reference Rate (%) Mar 3/ Unemployment rate (%) Feb 3/ Source: Bloomberg PT Bahana Securities Equity Research Bahana Beacon - The Daily 10

11 COMPANY/SITE VISITS/EVENTS Date Time Description Analyst 4/29/13 17:30 BMRI analyst meeting Teguh Hartanto 4/29/13 17:30 BBCA analyst meeting Teguh Hartanto AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time AGM TAXI IJ Express Transindo Utama 4/29/13 9:30 AGM TOTL IJ Total Bangun Persada 4/29/13 10:00 AEGM MSKY IJ MNC Sky Vision 4/29/13 10:00 AGM HEXA IJ Hexindo Adiperkasa 4/29/13 10:00 AGM MNCN IJ Media Nusantara Citra 4/29/13 14:00 AGM JSMR IJ Jasa Marga 4/29/13 10:00 EGM MLBI IJ Multi Bintang Indonesia 4/30/13 11:00 AEGM ABDA IJ Asuransi Bina Dana Arta 4/30/13 14:00 AGM SMGR IJ Semen Indonesia 4/30/13 14:00 AGM BAYU IJ Bayu Buana 4/30/13 9:30 AGM BCAP IJ MNC Kapital Indonesia 4/30/13 10:00 AGM BMTR IJ Global Mediacom 4/30/13 14:00 AGM ANTM IJ Aneka Tambang 4/30/13 9:00 AGM PTPP IJ Pembangunan Perumahan 4/30/13 10:00 AEGM SAME IJ Sarana Meditama Metropolitan 5/1/13 9:00 AGM TRST IJ Trias Sentosa 5/1/13 14:00 EGM BNII IJ Bank Internasional Indonesia 5/2/13 16:00 EGM BBNP IJ Bank Nusantara Parahyangan 5/2/13 15:00 AGM MAYA IJ Bank Mayapada International 5/2/13 14:00 Source: Bloomberg DIVIDEND SCHEDULE Corporate Price Cash Yield Ex date Record date Payment date Ticker (IDR) (IDR) (%) Bank Jabar Banten 1, % 4/17/2013 4/19/2013 5/3/2013 BJBR IJ Bank Jatim % 4/19/2013 4/23/2013 5/3/2013 BJTM IJ Bank Himpunan Saudara % 4/24/2013 4/26/2013 5/2/2013 SDRA IJ Holcim Indonesia 3, % 4/25/2013 4/29/2013 5/14/2013 SMCB IJ Bank Tabungan Negara 1, % 4/29/2013 5/1/2013 5/10/2013 BBTN IJ Bank Negara Indonesia 5, % 4/29/2013 5/1/2013 5/16/2013 BBNI IJ Indo Tambangraya Megah* 38,450 1, % 4/29/2013 5/1/2013 5/15/2013 ITMG IJ Bank Mandiri 10, % 4/29/2013 5/1/2013 5/16/2013 BMRI IJ Trisula International % 5/2/2013 5/6/2013 5/21/2013 TRIS IJ Kimia Farma % 5/2/2013 5/6/2013 5/17/2013 KAEF IJ XL Axiata 5, % 5/3/2013 5/7/2013 5/22/2013 EXCL IJ Indofarma % 5/3/2013 5/7/2013 5/22/2013 INAF IJ Source: Bloomberg *Interim Dividend PT Bahana Securities Equity Research Bahana Beacon - The Daily 11

12 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 SEBA Semen Baturaja Cement 1, Austindo Nusantara Jaya Plantation 1, Bank Muamalat Indonesia Banking 1,940-2, Sritex Textile 1, Garuda Maintenance Facility Aero Services Mitra Pinasthika Mustika Automotive 8, Air Asia Indonesia Aviation 1, Lion Air Aviation 9, Bank Maspion Banking Bank Mestika Banking Bank Mitraniaga Banking Bank Nationalnobu 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 57,649 Grand total 67,785 PT Bahana Securities Equity Research Bahana Beacon - The Daily 12

13 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 199 1H11 total 22, 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 1,500 2H11 total 18, 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 Grand total 65,745 Source: Various media PT Bahana Securities Equity Research Bahana Beacon - The Daily 13

14 2012 Results Round ups Operating profit (IDRb) Net profit (IDRb) No Company Code Actual Bahana (%) Comment Actual Bahana (%) Comment 1 ACE Hardware Indonesia ACES In line Above 2 Adaro Energy* ADRO In line Below 3 Adhi Karya ADHI 1,043 1, In line Above 4 Adi Sarana Armada ASSA Above Above 5 Agung Podomoro Land APLN 1,260 1, Below In line 6 AKR Corporindo AKRA Above In line 7 Alam Sutera Realty ASRI 1,254 1, In line 1,019 1, In line 8 Aneka Tambang ANTM Above 1, Above 9 Astra Agro Lestari AALI 3,454 3, In line 2,410 2, In line 10 Astra International ASII 19,870 19, In line 19,421 19, In line 11 Bank BJB BJBR 1,349 1, Below 1,193 1, In line 12 Bank Bukopin BBKP 1,066 1, In line In line 13 Bank Central Asia BBCA 14,256 14, In line 11,722 11, In line 14 Bank Danamon BDMN 6,183 6, In line 4,012 4, In line 15 Bank Mandiri BMRI 19,625 19, In line 15,504 15, In line 16 Bank Negara Indonesia BBNI 8,641 8, In line 7,046 6, In line 17 Bank Pembangunan Daerah Jatim BJTM In line In line 18 Bank Rakyat Indonesia BBRI 22,687 21, Above 18,861 17, In line 19 Bank Tabungan Negara BBTN 1,865 1, In line 1,364 1, In line 20 Bank Tabungan Pensiunan Nasional BTPN 2,487 2, In line 1,979 2, In line 21 Bayan Resources* BYAN Below Below 22 Bekasi Fajar Industrial BEST Above Above 23 Bukit Asam PTBA 3,399 3, In line 2,900 2, In line 24 Bumi Serpong Damai BSDE 1,432 1, In line 1,286 1, Above 25 BW Plantation BWPT Below Below 26 Cardig Aero Service CASS Below Below 27 Charoen Pokphand Indonesia CPIN 3,401 3, Below 2,684 2, Below 28 Ciputra Development CTRA Above Above 29 Ciputra Property CTRP In line In line 30 Citra Marga Nusaphala Persada CMNP Above Above 31 Delta Dunia Makmur DOID 32 Erajaya Swasembada ERAA In line In line 33 Garuda Indonesia* GIAA Above Above 34 Gajah Tunggal GJTL 1,677 1, Above 1,132 1, Above 35 Gozco Plantations GZCO Above Below 36 Gudang Garam GGRM 6,007 5, In line 4,014 3, In line 37 Harum Energy* HRUM Below Below 38 Hero Supermarket HERO In line In line 39 Indika Energy INDY 40 Indo Tambangraya Megah* ITMG Below In line 41 Indocement Tunggal Prakarsa INTP 5,814 5, In line 4,760 4, In line 42 Indofood CBP Sukses Makmur ICBP 2,838 2, In line 2,180 2, In line 43 Indofood Sukses Makmur INDF 6,745 6, In line 3,261 3, Above 44 Indomobil Sukses International IMAS Below Below 45 J Resources Asia Pasifik PSAB Below Below 46 Japfa Comfeed Indonesia JPFA 1,668 1, In line 992 1, In line 47 Jasa Marga JSMR 2,635 2, Below 1,603 1, Below 48 Kalbe Farma KLBF 2,208 2, In line 1,732 1, In line 49 Kawasan Industri Jababeka KIJA In line Above 50 Lippo Cikarang LPCK In line In line 51 Lippo Karawaci LPKR In line In line 52 London Sumatra Indonesia LSIP 1,324 1, In line 1,116 1, In line 53 Malindo Feedmill MAIN 54 Medco Energy MEDC Above Below 55 Mitra Adiperkasa MAPI In line In line 56 Nippon Indosari Corpindo ROTI In line Above 57 Pembangunan Perumahan PTPP Below In line 58 Perusahaan Gas Negara* PGAS 1,018 1, In line Above 59 Ramayana Lestari Sentosa RALS In line In line 60 Sampoerna Agro SGRO In line In line 61 Salim Ivomas Pratama SIMP 2,447 2, Below 1,157 1, Below 62 Sarana Menara Nusantara TOWR 1,889 1, Above In line 63 Semen Indonesia SMGR 6,109 5, In line 4,847 4, In line 64 Summarecon Agung SMRA Above Above 65 Supra Boga Lestari SUPR Below In line 66 Surya Citra Media SCMA 1,178 1, In line In line 67 Surya Semesta Internusa SSIA Above Above 68 Telekomunikasi Indoensia TLKM 25,301 25, In line 12,850 13, In line 69 Tempo Scan Pacific TSPC Below Below 70 Tiphone Mobile Indonesia TELE Below Below 71 Total Bangun Persada TOTL Below In line 72 Timah TINS In line Below 73 Unilever Indonesia UNVR 6,455 6, In line 4,839 4, In line 74 United Tractors UNTR 7,566 7, In line 5,780 5, Above 75 Vale Indonesia* INCO Above Above 76 Waskita Karya WSKT In line In line 77 Wijaya Karya WIKA In line In line 78 Wintermar Marine Offshore* WINS In line In line 79 XL Axiata EXCL 4,679 4, In line 2,765 3, Below Source: Bloomberg, Company, Bahana estimates *In USDm PT Bahana Securities Equity Research Bahana Beacon - The Daily 14

15 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 Natalia Sutanto Senior Research Analyst Property, Toll Road ext 3601 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 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 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 Tjokro Wongso Equity Sales ext 2547 Ashish Agrawal Equity Sales ext 2553 Suwardi Widjaja Equity Sales ext 2548 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 advice. PT Bahana Securities Equity Research Bahana Beacon - The Daily 15