BCAS Vista. Indonesia Morning Digest. 26 May 2017 RESEARCH. IDX: Turnover (IDRbn): 5,703 (-0.47%) 4,883 (-12.05%)

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1 RESEARCH RESEARCH REPORT EXCL: Slow but sure Facts: 1Q17 results below our and consensus expectations Outlook: Slowly continuing to monetize data Recommendation: Retaining IDR3,250 TP (Please refer to our research report) UNTR: Apr-17: Another strong month Facts: HE remains strong, mining contracting gains traction Outlook: HE volume may dissipate, but contracting output could rise Recommendation: Upgrade to Hold (Please refer to our research report) HEADLINE NEWS MACRO Tax office to investigate more than 1,000 alleged tax evaders Twin suicide bomb blasts in Jakarta INDUSTRY Government ensures 64.8km toll road in Trans-Sumatra can be operated soon Minister Luhut: Reclamation project will not be stopped Ministry to prepare coal downstream regulation Nielsen Indonesia recorded 3.9% YoY for 55 main FMCG products in 1Q17 COMPANY ADHI is eyeing on water, oil and gas projects TPIA to conduct rights issuance of 279mn shares MAP Boga Adiperkasa (MBA) will go IPO INDICES ASIA IDX: Turnover (IDRbn): 5,703 (-0.47%) 4,883 (-12.05%) Vol (US$ mn) IDX 5,703 (0.47) LQ (0.62) Hang Seng 25, ,802 KOSPI 2, ,432 Nikkei , ,187 PCOMP 7, SET 1, SHCOMP 3, ,173 STI 3, TWSE 10, ,810 EUROPE & USA DAX 12,622 (0.17) Dow Jones 21, FTSE 100 7, NASDAQ 6, ,470 S&P 500 2, ,192 ETF & ADR Last Chg (%) MoM (%) YTD (%) EIDO US (USD) TLK US (USD) COMMODITIES Brent (USD/b) 51 (4.63) (2.11) (12.33) WTI (USD/bl) 49 (4.79) (2.00) (13.85) Coal (USD/ton) 74 - (11.21) (15.78) Copper (USD/mt) 5, Gold (USD/toz) 1,256 (0.24) (0.67) 9.43 Nickel (USD/mt) 9,040 (0.66) (3.00) (9.78) Tin (USD/mt) 20, (3.43) Corn (USD/mt) 369 (0.54) (0.67) 1.37 Palm oil (MYR/mt) 2,876 (0.03) 9.19 (10.63) Soybean (USD/bu) 940 (0.92) (2.64) (7.80) Wheat (USD/bsh) 431 (0.40) 0.88 (0.81) CURNCY & RATES Last Last Last Chg (%) Chg (%) YTD (%) MoM (%) YTD (%) 2016 IDR/USD 13,282 13,311 13,284 13,473 AUD/USD CAD/USD CNY/USD USD/EUR JPY/USD SGD/USD JIBOR (%) D Repo Rate (%) Y Bond (%) CDS - 5Y (bps) D 1M MARKET 2017F 2018F MACRO 2016A 2017F FUND FLOWS & SECTORAL TREND EPS growth (%) GDP Growth (%) Cons EPS growth (%) Govt Spending (%) (0.2) 7.0 P/E (x) Private Spending (%) P/E ex UNVR, HMSP (x) Investment (%) EV/EBITDA (x) GDP/capita (USD) 3,605 3,650 P/B (x) CPI (%) P/B ex UNVR, HMSP (x) BI 7-day RR (%) Yield (%) IDR/USD 13,473 13,827 Gearing ex Bank (%) Trade Bal (USDmn) 8,837 6,267 ROE (%) CAD (%) (1.8) (2.3) ROA (%) Fiscal Budget (%) (2.5) (2.5) Source: BCA Sekuritas Foreign Flows Last 1W 1M YTD In/(Out) (IDRbn) 12 1,209 10,607 28,931 Sector Performance Last 1D (%) 1M (%) YTD (%) JAKAGRI Index 1, (0.84) (3.27) JAKBIND Index 617 (0.27) JAKCONS Index 2,534 (0.38) JAKFIN Index 914 (0.83) JAKINFRA Index 369 (0.59) (1.29) 8.06 JAKMIND Index 1, (2.85) 7.57 JAKMINE Index 1,357 (0.39) (11.35) (2.03) JAKPROP Index 495 (0.25) (2.92) (4.36) JAKTRAD Index 895 (0.93) (2.15) 3.99 Page 1 of 9

2 HEADLINE NEWS MACRO Tax office to investigate more than 1,000 alleged tax evaders The tax office plans to investigate more than 1,000 tax payers for tax evasion, some of which also include tax amnesty participants who allegedly did not report their wealth and assets correctly. It targets to obtain additional IDR45tn tax revenue from the investigation. (CNN indonesia). Twin suicide bomb blasts in Jakarta The suicide twin bomb blasts in Jakarta on Wednesday night at KampungMelayu bus terminal took casualty of 5 dead and 11 injured. According to the police, the bomb blast was mostly likely linked to Islamic State (IS) movement. (Kompas). INDUSTRY Government ensures 64.8km toll road in Trans-Sumatra can be operated soon The government confirms several section of Trans-Sumatra toll road could be operated in home coming season (mudik) this year. According to Toll Road Regulatory Body (BPJT), around 64.8km toll road are ready to be operated soon, consisting of 4 sections: Medan-Kualanamu-Tebingtinggi, Medan-Binjai, Palembang-Indralaya and Bakauheni-Terbanggi Besar. (Bisnis Indonesia) Section Source: Bisnis Indonesia Length (km) Medan-Tebingtinggi 41.6 Medan-Binjai 10.5 Palembang-Indralaya 7.8 Bakauheni-Terbanggi Besar 5.0 TOTAL 64.8 Minister Luhut: Reclamation project will not be stopped The coordinating Minister of Maritime Affairs, Luhut Binsar Panjaitan said that the government will not stop the reclamation project in the Jakarta Bay. He reasoned that the National Development Planning Agency s (Bappenas) study shows that the city is sinking faster than expected. According to Luhut, the condition could get worse due to climate change. The government has no other choice other than to go ahead with the reclamation project as tidal flooding has become uncontrollable. The government is still studying the project and will announce the result after Eid al-fitr. (Tempo.co) Ministry to prepare coal downstream regulation The Energy ministry is planning to issue a policy regarding coal downstream activity, particularly coal gasification for power plants as well fertilizer plant. Sujatmiko, the ministry s head of communication, stated that there will be 2 methods for the development of coal gasification: 1) IUP holders to cooperate with other parties; 2) IUP holders to develop the gasification itself as long as they have the technology. He also stated that in order to support the regulation, the ministry has cooperated with India for the development of gasification technology. (Kontan) Nielsen Indonesia recorded 3.9% YoY for 55 main FMCG products in 1Q17 Softer compared to 11% YoY growth in 1Q16. Indonesian Retailers Associations (Aprindo) still targets 10% YoY growth in 2017, similar to 2016 level. Yongky Susilo, Executive Director of Nielsen Indonesia, stated that looking at the lukewarm state of FMCG products, lifestyle products would be more impacted. Aprindo mentioned the social and political tensions impacted the soft sales in 1Q17. (Bisnis Indonesia) Comment: Looking at the soft volume growth in FMCG products, we are not expecting a stellar set of results for staples in 2017, especially given the difficulty to raise ASP on a soft purchasing environment. Page 2 of 9

3 HEADLINE NEWS COMPANY Adhi Karya (ADHI) is eyeing on water, oil and gas projects ADHI prepares an investment of IDR4tn (USD300.5mn) to establish a joint venture with South Korea state-owned water firm, Korea Water Resources Corporation (K-Water) that will run development project in Banten and supply water to Jakarta. According to Budi Harto, ADHI s CEO said that around 65% of the investment would be sourced from loans, while the remaining would be from ADHI s equity. Budi added that the firm (JV with K-Water) could be completely formed this year and expected to commence operation by end of this year, once all permits are secured. The firm is also exploring new opportunities in the oil and gas pipeline projects. (Jakarta Post) Comment: Note that ADHI has actually been running several water development programs in Jakarta, Central Java and Bali, which we think could underpin the company s water business. This should be positive for ADHI as there are no SOE construction companies that have expertise in water treatment project. Chandra Asri (TPIA) to conduct rights issuance of 279mn shares Chandra Asri (TPIA) plans to initiate rights issue of around 279mn new shares (8.5% of enlarged capital) with price range at IDR18,000 22,000 per share. The company announced that cum & ex-date of the issuance will be on August (IQplus) MAP Boga Adiperkasa (MBA) will go IPO MAPI s subdiary, PT MAP Boga Adiperkasa (MBA), will conduct IPO, issuing 453.7mn shares or releasing 20.9% free float. (Investor Daily) Comment: Based on General Atlantic (GA) s placement into MBA of about IDR725bn in June 2016, through zero coupon bond, now, GA is converting the bonds to equity. Swapping 17.91% in MBA s stake on the IPO, thus actually free float to public is 2.99%. We estimated MBA s market cap of IDR4.048tn (based on GA s bonds figures) or about 33.8x FY16 PER (MBA s FY16 net profit of IDR119.7bn). Details on the salient dates of MBA IPO is as follow: IPO - MAP Boga Adiperkasa Effective date Source: Investor Daily Date 14-Jun-17 Initial Offering Period Jun 2017 Allotment date Refund date Distribution date Listing date 21-Jun Jun Jun Jun-17 Page 3 of 9

4 CORPORATE ACTION Date Ticker Company Event Desc 23-May-17 ASRM Asuransi Ramayana AGM Venue: Hotel Borobudur, Banda A Room Lobby Level, Jakarta, at am 23-May-17 BBLD Buana Finance AGM Venue: Merchantile Athletic Club, WTC Lt 18, Jakarta, at am 23-May-17 BLTZ Graha Layar Prima AGM Venue: CGV Cinemas Bella Terra Lifestyle Center Kelapa Gading, Jakarta, at am 23-May-17 CPIN Charoen Pokphand Indonesia AGM Venue: Gerbera Room, Mezzanine Floor, Hotel Mulia Senayan, Jakarta, at pm 23-May-17 DOID Delta Dunia Makmur AGM Venue: Hotel JS Luwansa, Kuningan, Jakarta, at am 23-May-17 EPMT Enseval Putera Megatrading AGM Venue: EPM Function Room, Gedung A Lt II, Kawasan Industri Pulogadung, Jakarta, at am 23-May-17 HRUM Harum Energy AGM Venue: Ballroom 1- Hotel Pullman, Jakarta, at am 23-May-17 IBST Inti Bangun Sejahtera AEGM Venue: Ruang Tuscany Amalfi, Mezzanine Floor, The Akmani Hotel, Jakarta, at am 23-May-17 JSPT Jakarta Setiabudi Internasional AGM Venue: Teluk Jakarta Room, Mercure Convention Center lt 1, Jakarta, at am 23-May-17 KBLI KMI Wire & Cable AGM Venue: Orchild Room - Grand Topic Suites Hotel, Jakarta, Jakarta, at am 23-May-17 KDSI Kedawung Setia Industrial AGM Venue: KDSI Head Office, Karangpilang, Surabaya, at pm 23-May-17 MAPI Mitra Adiperkasa AGM Venue: Ballroom B Hotel Ayana Midplaza, Jakarta, at pm 23-May-17 MBAP Mitrabara Adiperdana AEGM Venue: Harris Vertu Harmoni - Harmoni Exchange, Ballroom Vertu 3 Lt 5, Jakarta, at am 23-May-17 SCCO Supreme Cable Manufacturing AGM Venue: - 23-May-17 SDRA Bank Woori Saudara Indonesia19 Right Issue Ratio: (New)/(Old), Cum Date: 23 May 2017, Ex date 24 May May-17 SMAR Sinar Mas Agro Resources & Tec AEGM Venue: Hotel Le Grandeur, Ruang Kirana Lt 2, Jakarta, at am 23-May-17 SQBB Taisho Pharmaceutical Indonesia AGM Venue: Merchantile Athletic Club, Lt 18, WTC, Jakarta, at am 23-May-17 SUPR Solusi Tunas Pratama AEGM Venue: Meeting Room 1 Sheraton Grand Jakarta Gandaria City Hotel, Jakarta, at pm 23-May-17 TRUS Trust Finance Indonesia AGM Venue: Hotel Borobudur Ruang Ambon Lt 19, jakarta, at am 23-May-17 UNIC Unggul Indah Cahaya AGM Venue: Hotel Indonesia Kempinski, Ruang Heritage II Lt 16, Jakarta, at pm 24-May-17 ACES Ace Hardware Indonesia AGM Venue: Gedung Kawan Lama Lt 9, Jakarta, at am 24-May-17 ANJT Austindo Nusantara Jaya AGM Venue: Merchantile Athletic Club, WTC Lt 18, Jakarta, at pm 24-May-17 ASJT Asuransi Jasa Tania AGM Venue: Hotel Royal Kuningan, Setiabudi, Jakarta, at am 24-May-17 EKAD Ekadharma International AGM Venue: Ruang Jahe Lantai 2, Menara peninsula Hotel, Jakarta, at pm 24-May-17 ISAT Indosat AGM Venue: Gd Indosat Ooredoo, merdeka Barat, Jakarta, at pm 24-May-17 JGLE Graha Andrasentra Propertindo AGM Venue: Ruang Nirwana 1, Aston Bogor Hotel & Resort, Bogor Selatan, at am 24-May-17 KBLM Kabelindo Murni AGM Venue: Kabelindo Head Office, Kawasan Industri Pulogadung, Jakarta, at am 24-May-17 KKGI Resource Alam Indonesia AGM Venue: Merchantile Athletic Hotel Lt 18, Ruang Batur, Jakarta, at am 24-May-17 MBTO Martina Berto AGM Venue: Ruang Griya Wanita PT Martina Berto, Kawasan Industri Pulogadung, Jakarta, at am 24-May-17 NAGA Bank Mitraniaga AGM Venue: Menara Peninsula Hotel, Merica 2 Lt 2, Jakarta, at am 24-May-17 PJAA Pembangunan Jaya Ancol AGM Venue: MPH Candi Bentar, Putri Duyung Ancol, Jakarta Utara, at am 24-May-17 SMCB Holcim Indonesia AEGM Venue: Emerald Ballroom Sehraton Hotel, Gandaria City Mall, Jakarta, at pm 24-May-17 SMDM Suryamas Dutamakmur AGM Venue: Hotel Manhattan, Jakarta Selatan, at am 24-May-17 SMDR Samudera Indonesia AGM Venue: Soehanna Hall The Energy Building Lt 2 SCBD Lot 11A, Jakarta, at am 24-May-17 VIVA Visi Media Asia AEGM Venue: Java Ballroom, Hotel Westin, Jakarta, at pm 24-May-17 WTON Wijaya Karya Beton EGM Venue: Main Hall Gedung BEI, Jakarta, at pm 26-May-17 BIPI Benakat Integra EGM Venue: - 26-May-17 BTEK Bumi Teknokultura Unggul AGM Venue: Ruang Seminar I BEI Tower 2 Lt 1, Jakarta, at pm 26-May-17 GWSA Greenwood Sejahtera AGM Venue: Ruang Seminar One Space Lt 8 - Annex Building, TCC Batavia Tower One, Jakarta, at am 26-May-17 MFIN Mandala Multifinance AGM Venue: Mandala Finance Head Office, Jakarta Pusat, at am 26-May-17 MIRA Mitra International Resources AGM Venue: - 26-May-17 PICO Pelangi Indah Canindo AEGM Venue: Wisma Pelangi, Jakarta Barat, at am 26-May-17 TOBA Toba Bara Sejahtra AGM Venue: Ruang Seminar I BEI Tower 2 Lt 1, Jakarta, at am 29-May-17 BINA Bank Ina Perdana AGM Venue: Ruang Seminar I BEI Tower 2 Lt 1, Jakarta, at am 29-May-17 BMTR Global Mediacom AGM Venue: Auditorium MNC Tower Lt B2, Jakarta Pusat, at pm 29-May-17 DEFI Danasupra Erapacific AGM Venue: Ruang Emerald Best Western Kemayoran Hotel, Jakarta, at am 29-May-17 GEMS Golden Energy Mines AEGM Venue: Hotel Pullman Jakarta, at pm 29-May-17 IATA Indonesia Transport & Infrastr AEGM Venue: Ruang Investment MNC Financial Center Lt 13, Jakarta, at am 29-May-17 MNCN Media Nusantara Citra AGM Venue: Auditorium MNC Tower Lt B2, Jakarta Pusat, at pm 29-May-17 NELY Pelayaran Nelly Dwi Putri AGM Venue: Ruang Seminar I BEI Tower 2 Lt 1, Jakarta, at pm 29-May-17 RIMO Rimo International Lestari AEGM Venue: Mayapada Tower II Lt 22, Jakarta, at pm 30-May-17 APLI Asiaplast Industries AEGM Venue: Asiaplast Industries Plants, Tangerang - Banten, at am 30-May-17 ASSA Adi Sarana Armada AEGM Venue: Sampoerna Strategic Square, lantai 3A, Ruang Anggrek 5, Jakarta, at pm 30-May-17 BABP Bank MNC Internasional AGM Venue: Auditorium MNC Tower, Jakarta Pusat, at pm 30-May-17 BRMS Bumi Resources Minerals AEGM Venue: Royal Kuningan Hotel, Rosewood Room, Jakarta Selatan, at pm 30-May-17 CMNP Citra Marga Nusaphala Persada AGM Venue: Gd Citra Marga Lt 3, Jakarta Utara, at am 30-May-17 DPUM Dua Putra Utama Makmur AGM Venue: Pandawa Meeting Room, DPUM, Pati Jawa Tengah, at am 30-May-17 ERTX Eratex Djaja AGM Venue: Hotel Manhattan, Jakarta Selatan, at pm 30-May-17 INTA Intraco Penta Right Issue Ratio: 7 (New)/ 13 (Old), Rp200, Cum Date: 30 May 2017, Ex Date 31 May May-17 MCOR Bank China Construction Bank AGM Venue: Ruang Seminar I BEI Tower 2 Lt 1, Jakarta, at pm 30-May-17 PEGE Panca Global Securities AGM Venue: Galeri BEI Tower 2 Lt 1, Jakarta, at pm 30-May-17 SRAJ Sejahteraraya Anugrahjaya AGM Venue: Mayapada Hospital, Cilandak, Jakarta Selatan, at am 31-May-17 ARTA Arthavest AGM Venue: Jasper Meeting Room, Hotel RedTop Lt 3, Jakarta, at pm 31-May-17 BHIT MNC Investama AEGM Venue: - 31-May-17 BISI BISI International AGM Venue: Gerbera Room, Mezzanine Floor, Hotel Mulia Senayan Jakarta, at pm 31-May-17 KIJA Kawasan Industri Jababeka AGM Venue: President Lounge, Menara Batavia Lt Dasar, Jakarta, at am 31-May-17 LSIP PP London Sumatra AGM Venue: Sudirman Plaza, Indofood Tower Lt PH, Jakarta Selatan, at am 31-May-17 MIKA Mitra Keluarga Karyasehat AGM Venue: Mitra Keluarga Kelapa Gading, Ruang Auditorium Lt 6, Jakarta, at pm 31-May-17 SIMP Salim Ivomas Pratama AGM Venue: Sudirman Plaza, Indofood Tower Lt PH, Jakarta Selatan, at pm 31-May-17 WOMF Wahana Ottomitra Multiartha AGM Venue: Function Room, Sentral Senayan III Lt 28, Jakarta, at pm 31-May-17 YPAS Yanaprima Hastapersada AGM Venue: Gedung Graha Irama, Lt 15-G, Jakarta, at am Page 4 of 9

5 Dividend Ticker Company Amount (IDR) Cum Date Ex Date Payment Date PGAS Perusahaan Gas Negara May May-17 7-Jun-17 NRCA Nusaraya Cipta May May-17 7-Jun-17 SSIA Surya Semesta Internusa May May-17 8-Jun-17 TOTL Total Bangun Persada May May-17 8-Jun-17 BBKP Bank Bukopin May May-17 9-Jun-17 MYOH* Samindo Resources May May-17 9-Jun-17 PRDA Prodia Widyahusada May May-17 9-Jun-17 MREI Maskapai Reasuransi Indonesia May May-17 8-Jun-17 CSAP Catur Sentosa Adiprana May May-17 9-Jun-17 LPGI Lippo General Insurance May May-17 9-Jun-17 POWR Cikarang Listrindo May May Jun-17 SOCI Soechi Lines May May Jun-17 LTLS Lautan Luas May May Jun-17 ROTI Nippon Indosari Corpindo May May-17 9-Jun-17 AMAG Asuransi Multi Artha Guna May May Jun-17 MICE Multi Indocitra May May Jun-17 RALS Ramayana Lestari Sentosa May May Jun-17 GDYR Good Year Indonesia May May Jun-17 TBIG Tower Bersama Infrastructure May May Jun-17 ADMF Adira Dinamika Multifinance May May Jun-17 KINO Kino Indonesia May May Jun-17 MARI Mahaka Radio Integra May May Jun-17 MAYA Bank Mayapada May May Jun-17 RAJA Rukun Raharja May May Jun-17 XISB Premier ETF Indonesia Sovereig May May-17 2-Jun-17 EMTK Elang Mahkota Teknologi May May-17 8-Jun-17 SCMA Surya Citra Media May May-17 8-Jun-17 HITS Intermoda Transportasi May May Jun-17 BBMD Bank Mestika Dharma May May Jun-17 SIDO Industri Jamu dan Farmasi Sido Muncul May May Jun-17 AMRT Sumber Alfaria Trijaya May May Jun-17 DILD Intiland Development May May Jun-17 ATIC Anabatic Technologies May May Jun-17 GEMA Gema Grahasarana May May Jun-17 MIDI Midi Utama May May Jun-17 RANC Supra Boga Lestari May May Jun-17 SRIL Sri Rejeki Isman May May Jun-17 SSMS Sawit Sumbermas Sarana May May Jun-17 FISH FKS Multi Agro May May-17 8-Jun-17 MPMX Mitra Pinasthika Mustika May May Jun-17 PYFA Pyridam Farma May May Jun-17 TPMA Trans Power Marine May May Jun-17 VOKS Voksel Electric May May Jun-17 BRNA Berlina May May Jun-17 CEKA Wilmar Cahaya Indonesia May May Jun-17 ELSA Elnusa May May Jun-17 MTLA Metropolitan Land May May Jun-17 WIIM Wismilak Inti Makmur May May Jun-17 IGAR Champion Pacific Indonesia May May Jun-17 INTP Indocement Tunggal Prakarsa May May Jun-17 CARS Bintraco Dharma May May Jun-17 DMAS Puradelta Lestari May May Jun-17 PBRX Pan Brothers May May Jun-17 MAPI Mitra Adiperkasa May-17 2-Jun Jun-17 TOWR Sarana Menara Nusantara Jun Jun Jun-17 MTDL** Metrodata Electronic 30:1 7-Jul Jul Jul-17 BBLD Buana Finance Jun-17 CPIN Charoen Pokphand Indonesia KLBF Kalbe Farma 20.00, IDX, BCA Sekuritas Estimate, *Dividend amount in USD **Stock dividend Page 5 of 9

6 1Q17 Actual vs Estimates Ticker 1Q2017 Net Profit FY17 Estimate (IDRtn) (IDRtn) % 1Q17 to FY17E AALI % ACES % ADHI % ADRO* % ANTM % ASII % ASRI % BBCA % BBNI % BBRI % BBTN % BDMN % BEST % BJBR % BMRI % BNGA % BSDE % CPIN % CTRA % DMAS % ERAA % EXCL % GGRM % HMSP % ICBP % INCO* % INDF % INTP % ISAT % ITMG* % JPFA % JSMR % KIJA % KLBF % LPCK % LPPF % LSIP % MAIN % MAPI % MIKA % MNCN % MPPA % PGAS* % PTBA % PTPP % SGRO % RALS % SCMA % SIDO % SILO % SIMP % SMBR % SMGR % SMRA % TELE % TLKM % ULTJ % UNTR % UNVR % WIKA % WSKT % WTON % Number of companies 62, BCA Sekuritas, Companies *currency in USDmn Page 6 of 9

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 2017F 2018F 2017F 2018F 2016F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F Automotive (Neutral) - Darmawan Halim (darmawan.halim@bcasekuritas.co.id) ASII HOLD 8,725 8, , ,442 22, Banking (Overweight) BBCA - 17, , ,114 25, NA NA BBNI BUY 6,525 7, , ,018 14, NA NA BBRI BUY 14,150 13, , ,269 31, NA NA BBTN BUY 2,470 2,450 26, ,880 3, NA NA BDMN SELL 5,300 3,800 50, (0.4) ,641 4, NA NA BJBR SELL 1,960 1,500 19, (2.8) ,547 1, NA NA BMRI BUY 12,400 12, , (1.6) ,893 23, NA NA BNGA BUY 1,275 1,150 32, ,802 4, NA NA Sector 1,318, , , , Cement (Neutral) - Nyoman Prabawa (nyoman.prabawa@bcasekuritas.co.id) INTP HOLD 18,600 16,800 68, (1.9) 10.7 (12.9) ,931 3,495 (24.3) SMBR SELL 3, , (5.3) SMGR BUY 9,250 10,400 54, ,952 4,156 (12.6) Sector 155, (4.5) ,145 7,955 (17.5) Coal (Neutral) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) ADRO BUY 1,480 2,150 47, ITMG HOLD 15,350 20,600 17, PTBA BUY 10,750 15,400 24, ,832 3, Sector 89, ,424 3, Cigarette (Neutral) - Jennifer Frederika Yapply (jennifer.yapply@bcasekuritas.co.id) GGRM BUY 73,600 75, , ,496 8, HMSP HOLD 3,870 4, , ,687 14, Sector 591, ,183 23, Consumer (Neutral) - Jennifer Frederika Yapply (jennifer.yapply@bcasekuritas.co.id) ICBP BUY 8,825 9, , ,988 4, INDF BUY 8,800 9,300 77, (1.6) 4.1 4,413 4, KLBF HOLD 1,515 1,650 71, ,487 2, SIDO BUY , ULTJ BUY 4,700 5,400 13, UNVR HOLD 47,725 44, , ,044 7, Sector 636, ,196 20, Sector excl UNVR 272, ,152 13, Construction & Toll Road (Overweight) - Michael Ramba (michael.ramba@bcasekuritas.co.id) ADHI BUY 2,380 2,650 8, PTPP BUY 3,140 4,350 19, ,393 1, WIKA BUY 2,350 3,600 21, ,286 1, WSKT BUY 2,420 3,500 32, ,281 2, WTON BUY 660 1,100 5, JSMR BUY 5,075 5,325 36, ,029 2, Sector 124, ,923 9, Heavy Equipment (Neutral) - Darmawan Halim (darmawan.halim@bcasekuritas.co.id) UNTR HOLD 24,100 24,500 89, ,070 6, Hospital (Overweight) - Jennifer Frederika Yapply (jennifer.yapply@bcasekuritas.co.id) MIKA BUY 2,030 3,250 29, SILO SELL 10,850 10,300 14, Sector 43, , Industrial Estate (Overweight) BEST BUY , DMAS BUY , ,004 1, KIJA BUY , LPCK BUY 4,370 6,700 3, (5.0) (1.8) SSIA BUY , Sector 27, ,053 3, Page 7 of 9

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 Media (Overweight) - Jennifer Frederika Yapply (jennifer.yapply@bcasekuritas.co.id) MNCN BUY 1,825 2,150 26, ,882 2, SCMA BUY 2,840 3,450 41, ,754 1, Sector 67, ,636 4, Metal & Mining (Underweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) ANTM BUY , (146.4) INCO HOLD 1,875 2,600 18, , TINS BUY 860 1,360 6, Sector 41, Oil & Gas (Neutral) - Nyoman Prabawa (nyoman.prabawa@bcasekuritas.co.id) PGAS BUY 2,460 3,160 59, (0.1) MEDC BUY 2,840 4,600 9, Sector 69, Plantation (Overweight) - Nyoman Prabawa (nyoman.prabawa@bcasekuritas.co.id) AALI BUY 14,550 18,100 28, ,897 2,228 (5.5) LSIP BUY 1,490 1,800 10, SGRO BUY 2,000 2,300 3, (23.9) SIMP BUY , , Sector 51, ,864 4, Poultry (Neutral) - Johanes Prasetia (johanes.prasetia@bcasekuritas.co.id) CPIN HOLD 3,090 3,400 50, ,383 3, JPFA BUY 1,135 2,220 12, ,295 2, MAIN BUY 1,030 1,830 2, Sector 65, ,036 7, Property Residential (Neutral) - Michael Ramba (michael.ramba@bcasekuritas.co.id) ASRI HOLD , BSDE BUY 1,825 2,250 35, ,332 2, CTRA BUY 1,120 1,960 20, ,195 1, SMRA HOLD 1,365 1,405 19, Sector 82, ,496 5, Retails (Overweight) - Johanes Prasetia (johanes.prasetia@bcasekuritas.co.id) ACES HOLD 1, , LPPF BUY 15,000 16,350 43, ,218 2, MAPI HOLD 5,975 6,700 9, MPPA SELL 805 1,125 4, RALS BUY 1,245 1,650 8, Sector 84, ,781 4, Telecommunication Sector (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) EXCL HOLD 3,040 3,250 32, NA , ISAT BUY 6,750 8,700 36, ,849 2, TLKM BUY 4,360 4, , ,601 25, Sector 508, ,947 29, Telecommunication Retail (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) ERAA BUY , TELE BUY 1,215 1,550 8, Sector 10, , Tower Telco (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) TOWR BUY 3,710 5,150 37, ,392 3, Stock universe 4,450, , , , Stock universe exc HMSP UNVR 3,635, , , , Page 8 of 9

9 Teguh Hartanto Director of Equity, ext: 129 RESEARCH DIVISION Darmawan Halim Arga Samudro Jennifer Frederika Yapply Head of Research, ext: 168 FI Analyst, ext: 181 Equity Analyst, ext: 179 Strategy, Automotive, Heavy Equipment FI Strategies & Macroeconomist Cigarettes, Consumer, Health Care Aditya Eka Prakasa Johanes Prasetia Michael Ramba Equity Analyst, ext: 182 Equity Analyst, ext: 185 Equity Analyst, ext: 184 Telco, Coal, Metal Mining Retail, Poultry Construction, Property Residential Nyoman Widita Prabawa Achmad Yaki Yamani Anindra Alief Mattawang Equity Analyst, ext: 180 Technical Analyst, ext: 186 Research Associate, ext: 178 Cement, Plantation, Oil & Gas Technical Analyst Yuni Pratiwi Research Assistant, ext: 183 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 Menara BCA Grand Indonesia, 41 st Floor Jl. 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