Bahana Beacon Indonesia Morning Brief

Transcription

1 Thursday, 25 April 2012 Bahana Beacon Indonesia Morning Brief IDX: 4,170.4 (-0.6%) Turnover: IDR3.7t (-1.6%) Foreign net sell: IDR359b (+442.1%) RESULT FLASH For details please refer to our separate report(s) Kalbe Farma 1Q12 performance: Earnings slightly ahead of our full-year estimate Outlook: Margin pressure on higher materials and marketing costs Recommendation & valuation: Unexciting price performance; Reduce Astra Agro Lestari 1Q12 performance: Lower than our and consensus estimates Outlook: Lowering our 2012 growth estimates Recommendation & valuation: Expensive + limited growth = REDUCE Bank Tabungan Negara 1Q12 performance: Strong y-y, but down on a q-q basis Outlook: More prudent lending and funding structures Recommendation & valuation: BUY; Undemanding 2013 P/BV of 1.3x TODAY S NEWS CORPORATE UNVR to build USD100m CPO mill in Sumatra Workers on strike at Suzuki Indomobil Motor Tambun plants Pirelli-AUTO to build USD120m tire factory ECONOMIC INDICATORS MARKET DATA 11A 12F 13F 11A 12F 13F Cur acc bal (%GDP) Op.prof.grwt.(%) Fiscal bal (%GDP) (2.1) (1.5) (1.0) EPS growth (%) GDP growth (%y-y) P/E (x) Inflation (%y-y) PEG (x) IDR/USD 9,100 8,800 8,750 EV/EBITDA (x) BI rate (% p.a.) P/BV (x) M2 growth (%) Div. yield (%) FX reserve (USDb) ROE (%) Source: Bahana estimates Source: Bahana estimates INDICES Asia Last Chg% ytd % y-y % Hang Seng (HK) 20, (14.3) IDX (Indonesia) 4, KLCI (Malaysia) 1,582.3 (0.1) KOSPI (Korea) 1,963.4 (0.5) 7.5 (10.7) Nikkei (Japan) 9,468.0 (0.8) 12.0 (2.2) PCOMP (Phil.) 5, SENSEX (India) 17, (12.2) SET (Thailand) 1, SHCOMP (China) 2, (20.7) Shenzhen (China) (0.9) 8.1 (26.5) STI (Singapore) 2, (6.9) TWSE (Taiwan) 7, (16.4) VNI (Vietnam) Europe, USA and SA CAC 40 (France) 3, (21.2) DAX (Germany) 6, (9.7) Dow Jones (USA) 13, FTSE 100 (UK) 5, (5.1) IBOV (Brazil) 61, (7.6) NASDAQ (USA) 2,961.6 (0.3) RTSI (Russia) 1, (23.0) S&P 500 (USA) 1, ADRS & COMMODITIES Last Chg% ytd % y-y % TLK US (IDR) 7, (1.9) IIT US (IDR) 4,872 (1.3) (15.9) (14.9) BUMI LN (IDR) 74,152 (4.7) (43.2) (63.8) Coal (USD/t) (8.0) (15.7) Corn (USD/mtn) 239 (0.8) (2.1) (14.6) Coffee (USD/t) 3, (14.5) (33.4) Copper (USD/t) 8, (14.7) Cotton (USD/t) 1,970 (1.2) (2.7) (52.1) CPO (USD/mtn-CIF) 1,168 (0.6) DOC (IDR/kg) 3, Gold (USD/oz.) 1, Iron ore (USD/mtn) 147 (0.9) 5.9 (18.0) Milk (USD/t) 329 (0.7) (13.6) (7.2) Nickel (USD/t) 17,328 (0.8) (7.5) (35.5) Oil (USD/barrel) (7.7) Pulp (USD/t)* (14.6) Rice (IDR/kg) 8,175 (0.9) (0.3) 23.9 Rubber (USD/t) 3, Soybean (USD/t) 1, (4.8) Steel (USD/t) 691 (0.3) 3.3 (10.7) Sugar (USD/t) (0.1) 6.2 Tins (USD/t) 21, (33.9) Wheat (USD/t) (7.3) (32.6) CURRENCIES & RATES Last Prev. Ytd % y-y % AUD/USD (1.2) 3.6 USD/EUR (1.8) 9.5 IDR/USD 9,185 9, JPY/USD SGD/USD (0.7) JIBOR (%) (0.8) (2.5) BI rate (%) (0.3) (1.0) TD 1 month (%) (0.8) (1.2) CDS (bps) (17.1) 22.5 Source: Bloomberg *Based on weekly price on Tuesday 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 CORPORATE UNVR to build USD100m CPO mill in Sumatra Unilever Indonesia (UNVR-HOLD-IDR19,500-TP:IDR18,250), through Unilever Oleokimia Indonesia, plans to build USD100m CPO mill with 300k tons capacity a year in Sumatra. This is a part of the company s expansion plan to spend USD350m capex in , which is in line with our estimates. (Investor Daily, Bahana) Workers on strike at Suzuki Indomobil Motor Tambun plants Tambun plants produce Carry, Mega Carry, APV and Ertiga products. Suzuki currently runs 3 plants in Cakung, Tambun & Pulogadung. Bahana: This has relatively minimal impact on Indomobil Sukses Internasional (IMAS-BUY-IDR20,200-TP:16,850) as Suzuki only represents less than 2% of the company s revenue (Kontan) Pirelli-AUTO to build USD120m tire factory In 2012, Pirelli and Astra Otoparts (AUTO-NR-IDR3,550), Astra International s (ASII-BUY-IDR74,500- TP:IDR86,500) subsidiary, will build USD120m tire factory in Bekasi, West Java. Pirelli will be the majority share holder with 60% ownership of the new factory that will become Pirelli s production base for 2W tire market in South East Asia. (Bisnis Indonesia) PT Bahana Securities Equity Research Bahana Beacon - The Daily 2

3 BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET Up/(Downside) 4/24/2012 4/23/2012 PRICE Potential (%) CHANGE (%) Lippo Cikarang LPCK BUY 3, ,950 2, Total Bangun Persada TOTL BUY 540 (6.9) Bumi Resources BUMI REDUCE 2,000 (3.6) 2,075 1, Kalbe Farma KLBF REDUCE 3,000 (16.7) 3,600 3, Bakrieland Development ELTY REDUCE 110 (9.8) Indo Tambangraya Megah ITMG BUY 49, ,900 41, Lippo Karawaci LPKR BUY 1, Surya Citra Media SCMA BUY 10, ,400 8, Telekomunikasi Indonesia TLKM * * * 7,950 7, Jasa Marga JSMR BUY 6, ,350 5, Charoen Pokphand Indonesia CPIN HOLD 2, ,700 2, Pelat Timah Nusantara NIKL HOLD Surya Semesta Internusa SSIA REDUCE 800 (27.9) 1,110 1, Japfa Comfeed Indonesia JPFA BUY 4, ,275 4, Bakrie Sumatra Plantations UNSP HOLD Timah TINS REDUCE 1,500 (17.1) 1,810 1, Adaro Energy ADRO BUY 2, ,830 1, Pembangunan Perumahan PTPP BUY Salim Ivomas Pratama SIMP HOLD 1, ,340 1, Bank Mandiri BMRI BUY 8, ,050 6, Bumi Serpong Damai BSDE BUY 1, ,450 1, Bank Bukopin BBKP HOLD Agung Podomoro Land APLN HOLD Ciputra Property CTRP BUY Bayan Resources BYAN REDUCE 7,800 (51.3) 16,000 15, BW Plantation BWPT BUY 1, ,670 1, AKR Corporindo AKRA HOLD 3,150 (25.4) 4,225 4, Indofood Sukses Makmur INDF BUY 6, ,725 4, Unilever Indonesia UNVR HOLD 18,250 (6.4) 19,500 19, Bank Jabar Banten BJBR HOLD 1, ,090 1, Bank Tabungan Negara BBTN BUY 1, ,340 1, Aneka Tambang ANTM HOLD 1, ,740 1, Semen Gresik SMGR HOLD 13, ,800 11, IDX IDX 4,170 4, Indomobil Sukses IMAS BUY 14,800 (12.2) 16,850 16, Sarana Menara Nusantara TOWR BUY 14,600 (2.0) 14,900 14, Wintermar Offshore WINS BUY Wijaya Karya WIKA BUY 1, Kawasan Industri Jababeka KIJA BUY Bakrie Telekomunikasi BTEL REDUCE 50 (80.4) Medco Energy MEDC BUY 3, ,175 2, Bank Central Asia BBCA BUY 9, ,000 8, Borneo Lumbung Energi BORN HOLD Nippon Indosari Corpindo ROTI BUY 4, ,850 3, Vale Indonesia INCO HOLD 4, ,125 3, Indofood CBP Sukses Makmur ICBP BUY 7, ,000 5, Delta Dunia Makmur DOID HOLD United Tractors UNTR BUY 37, ,900 30,950 (0.2) Indocement INTP HOLD 20, ,950 18,000 (0.3) Indosat ISAT REDUCE 4,500 (8.2) 4,900 4,925 (0.5) Bank Negara Indonesia BBNI BUY 5, ,875 3,900 (0.6) Perusahaan Gas Negara PGAS BUY 4, ,550 3,575 (0.7) Sampoerna Agro SGRO BUY 4, ,450 3,475 (0.7) Mitra Adiperkasa MAPI BUY 8, ,650 6,700 (0.7) London Sumatra Indonesia LSIP BUY 3, ,925 2,950 (0.8) Gajah Tunggal GJTL HOLD 600 (75.8) 2,475 2,500 (1.0) Indika Energy INDY BUY 3, ,350 2,375 (1.1) Astra International ASII BUY 86, ,400 72,200 (1.1) Summarecon Agung SMRA BUY 2, ,680 1,700 (1.2) Harum Energy HRUM BUY 10, ,450 7,550 (1.3) Bank Rakyat Indonesia BBRI BUY 8, ,900 7,000 (1.4) Bank Danamon BDMN HOLD 5,600 (11.1) 6,300 6,400 (1.6) Bukit Asam PTBA BUY 24, ,700 19,050 (1.8) XL Axiata EXCL BUY 5, ,300 5,400 (1.9) Adhi Karya ADHI BUY 1, (2.0) Ramayana Lestari Sentosa RALS BUY 1, (2.3) Ciputra Development CTRA BUY (2.5) Citra Marga Nusaphala CMNP BUY 2,000 (13.0) 2,300 2,375 (3.2) Alam Sutera Realty ASRI BUY (3.4) Astra Agro Lestari AALI REDUCE 18,500 (15.9) 22,200 23,100 (3.9) Gozco Plantations GZCO HOLD (4.3) Source: Bloomberg *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. PT Bahana Securities Equity Research Bahana Beacon - The Daily 3

4 JCI Code Rating Price TP # of sharesfree float Mkt cap* 3M avg to* P/BV (x) PER (x) EV/EBITDA (x) Yield (%) Net gearing (%) Revenue (IDRb)* EPS growth (%) ROAE (%) (IDR) (IDR) (m) (%) (IDRb) (IDRb) , , nc nc AIRPORT SERVIC N CASS BUY , , , nc nc AUTO & EQUIP. OW 440, , , ASII BUY 71,400 86,500 4, , , , UNTR BUY 30,900 37,500 3, , ,402 78, nc nc IMAS BUY 16,850 14,800 1, , ,063 28, GJTL HOLD 2, , , ,803 13, nc DOID HOLD , , ,169 9, na na BANKING N 693, , , na na na na BBCA BUY 8,000 9,500 24, , ,263 36, na na na na BMRI BUY 7,050 8,500 23, , ,080 50, na na na na BBRI BUY 6,900 8,300 24, , ,050 51, na na na na BBNI BUY 3,875 5,200 18, , ,842 27, na na na na BDMN HOLD 6,300 5,600 9, , ,200 20, na na na na BJBR HOLD 1,090 1,320 9, , ,132 4, na na na na BBTN BUY 1,340 1,850 8, , ,762 5, na na na na BBKP HOLD , , ,391 3, na na na na CEMENT OW 136, ,817 40, nc nc INTP HOLD 17,950 20,000 3, , ,874 19, nc nc SMGR HOLD 11,800 13,600 5, , ,943 21, nc nc CONSTRUC. OW 27, ,743 37, TOWR BUY 14,900 14,600 1, , ,061 2, WIKA BUY 910 1,100 6, , ,669 11, nc nc PTPP BUY , , ,280 9, TOTL BUY , , ,922 2, nc nc ADHI BUY 960 1,200 1, , ,811 11, CONSUMER OW 392, , , UNVR HOLD 19,500 18,250 7, , ,305 30, GGRM BUY 60,000 71,000 1, , ,355 51, nc INDF BUY 4,725 6,000 8, , ,961 52, nc nc KLBF REDUCE 3,600 3,000 10, , ,501 14, nc nc ICBP BUY 5,000 7,200 5, , ,649 23, nc nc MAPI BUY 6,650 8,400 1, , ,568 9, RALS BUY 850 1,000 7, , ,335 8, nc nc ROTI BUY 3,850 4,800 1, , ,026 1, nc MEDIA 16, ,681 3, nc nc SCMA BUY 8,400 10,450 1, , ,681 3, nc nc MINING N 350, , , ADRO BUY 1,830 2,525 31, , ,498 40, BYAN REDUCE 16,000 7,800 3, , ,681 16, nc nc BUMI REDUCE 2,075 2,000 20, , ,329 45, ITMG BUY 42,900 49,900 1, , ,308 25, (4.5) nc nc PTBA BUY 18,700 24,500 2, , ,971 12, nc nc INCO HOLD 3,125 4,000 9, , ,816 12,378 (7.9) nc nc HRUM BUY 7,450 10,950 2, , ,119 10, nc nc ANTM HOLD 1,740 1,750 9, , ,590 10,953 (2.5) nc nc BORN HOLD , , ,021 10, INDY BUY 2,350 3,200 5, , ,182 6, TINS REDUCE 1,810 1,500 5, , ,692 9, nc nc OIL & GAS N 109, ,578 63,406 (14.6) PGAS BUY 3,550 4,400 24, , ,203 28, nc nc AKRA HOLD 4,225 3,150 3, , ,163 33, nc nc MEDC BUY 2,175 3,200 3, , , ,257.8 (24.8) PLANTATIONS N 95, ,384 47, AALI REDUCE 22,200 18,500 1, , ,938 12, nc nc SIMP HOLD 1,340 1,500 15, , ,532 16,767 (1.9) LSIP BUY 2,925 3,250 6, , ,999 5, nc nc SGRO BUY 3,450 4,100 1, , ,439 3, nc nc BWPT BUY 1,670 1,950 4, , ,116 1, UNSP HOLD , , ,741 6,772 (29.0) GZCO HOLD , , POULTRY OW 53, ,514 43, CPIN HOLD 2,700 2,700 16, , ,813 23, nc nc JPFA BUY 4,275 4,500 2, , ,702 20, PROPERTY OW 103, ,547 35, BSDE BUY 1,450 1,810 17, , ,375 3, nc nc LPKR BUY 830 1,110 23, , ,999 5, ASRI BUY , , ,268 3, nc CTRA BUY , , ,983 4, nc SMRA BUY 1,680 2,350 6, , ,936 3, APLN BUY , , ,453 5, SSIA REDUCE 1, , , ,329 3, nc nc CTRP BUY , , , nc KIJA BUY , , ,950 2, LPCK BUY 2,950 3, , ,583 2, SHIPPING N 1, ,046 1, WINS BUY , , ,046 1, TELCOS N 239, , , TLKM ** 7,950 ** 20, , ,452 78, EXCL BUY 5,300 5,500 8, , ,091 21, ISAT REDUCE 4,900 4,500 5, , ,667 23, BTEL REDUCE , , ,838 2, (3.0) (10.4) (10.7) (17.6) (20.7) TINPLATE N ,686 1, nc nc NIKL HOLD , ,686 1, nc nc TOLL ROAD N 40, ,765 7, JSMR BUY 5,350 6,500 6, , ,815 6, CMNP BUY 2,300 2,000 2, , , nc nc Market OW 2,701,985 2,899 1,181,186 1,350, Note: *Total, **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 *** Theoretical ex-rights price based on current price ++ Post-rights PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

5 Global Business and Economic Indicators Agenda Date Time Country Event Period Consensus Actual Prior 04/24/ :50 JN Corp Service Price Index (YoY) MAR /24/ :30 AU Consumer Prices (YoY) 1Q 2.20% % 04/24/ :00 CH Conference Board China March Leading Economic Index 04/24/ :00 JN Small Business Confidence APR /24/ :45 FR Consumer Confidence Indicator APR 8700 % % 04/24/ :45 FR Business Survey Overall Demand APR % 04/24/ :00 HU Retail Trade (IA) (YoY) FEB /24/ :00 SA Leading Indicator FEB % 04/24/ :00 SP Mortgages-capital loaned (YoY) FEB % 04/24/ :00 SP Mortgages on Houses (YoY) FEB % 04/24/ :00 BZ FIPE CPI - Weekly Apr % % 04/24/ :30 UK Public Sector Net Borrowing MAR 14.2B B 04/24/ :30 HK Trade Balance MAR -45.4B B 04/24/ :00 EC Eurostat Discontinues the Release of Industrial Orders 04/24/ :00 HU Hungary Base Rate Announcement Apr /24/ :00 US S&P/CaseShiller Home Price Ind FEB % 04/24/ :00 US Consumer Confidence APR /24/ :00 US Richmond Fed Manufact. Index APR /24/ :00 US House Price Index MoM FEB /24/ :00 US New Home Sales MoM MAR (0) 04/24/2012 SP Spain Budget Balance YtD MAR B Global Economic Forecasts and Calendar Indicator Period Release Previous Consensus Actual Indonesia CPI inflation (%, y-y) Jan 1/ GDP (%, y-y) 4Q 2/ Reference rate (%) Feb 2/ FX reserves (USDb) Jan 2/ China CPI inflation (%, y-y) Jan 2/ GDP (%, y-y) 4Q 2/ Reference rate (%) Feb Unemployment rate (%) Sep Japan CPI inflation (%, y-y) Des 1/ GDP (%, y-y) 4Q Reference rate (%) Feb 2/ Unemployment rate (%) Des 2/ India CPI inflation (%, y-y) Jan 2/ GDP (%, y-y) 4Q 2/ Reference rate (%) Feb 2/ Singapore CPI inflation (%, y-y) Jan 2/ GDP (%, y-y) 4Q 2/ Reference rate (%) Feb Unemployment rate (%) Des 2/ Malaysia CPI inflation (%, y-y) Des 2/ GDP (%, y-y) 4Q 2/ Reference rate (%) Feb 2/ Unemployment rate (%) Des 1/ Thailand CPI inflation (%, y-y) Jan 2/ 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 (%) Feb 2/ Unemployment rate (%) Jan 2/ Source: Bloomberg PT Bahana Securities Equity Research Bahana Beacon - The Daily 5

6 AGM & EGM SCHEDULE Corporate Actions Corporate Date Time AGM Mandom Indonesia 4/24/ :00 EGM Rukun Raharja 4/25/ :00 AGM Titan Kimia Nusantara 4/25/2012 9:00 AGM Astra Graphia 4/25/ :00 AGM Vale Indonesia 4/25/ AEGM Tower Bersama Infrastructure 4/25/2012 9:30 AGM Metropolitan Kentjana 4/26/ :00 AEGM HD Finance 4/26/ :00 AGM Bank Permata 4/26/ :00 AEGM Buana Finance 4/26/ :00 AGM Onix Capital 4/27/ AEGM Indomobil Sukses Internasional 4/27/ :00 AEGM Astra International 4/27/2012 9:00 AGM Metropolitan Land 4/27/ :00 AGM Dyviacom Intrabumi 4/27/2012 9:00 AGM Kedawung Setia Industrial 4/27/ :00 AGM Multipolar Corp 4/27/ AGM Batavia Prosperindo Finance 4/27/ AGM Garuda Indonesia Persero 4/27/2012 9:00 AGM Hanjaya Mandala Sampoerna 4/27/2012 9:00 AGM Indonesia Air Transport PT 4/27/ :30 AGM Adaro Energy 4/27/2012 9:00 AGM Akbar Indo Makmur Stimec 4/30/ :00 AEGM Media Nusantara Citra 4/30/ :00 AGM Global Mediacom 4/30/ :00 EGM Berau Coal Energy 4/30/ EGM Wijaya Karya Persero 5/1/ :00 AGM Resource Alam Indonesia 5/2/ :30 AEGM Bhakti Capital Indonesia 5/2/2012 9:00 AEGM Bhakti Investama 5/2/ :00 AGM Delta Djakarta 5/3/ :00 AGM Tambang Batubara Bukit Asam Persero 5/3/ :00 AGM Bumi Resources Minerals 5/3/ :00 Source: Bloomberg DIVIDEND SCHEDULE Corporate Price Cash Yield Ex Record Payment Ticker (IDR) (IDR) (%) date date date Bank Danamon 4, % 4/20/2012 4/24/2012 5/8/2012 BDMN IJ Bank Jabar Banten 1, % 4/18/2012 4/20/2012 5/4/2012 BJBR IJ Petrosea 4, /23/2012 4/25/2012 5/7/2012 PTRO IJ XL Axiata 5, % 4/23/2012 4/25/2012 5/9/2012 EXCL IJ Bank Rakyat Indonesia 7, % 4/27/2012 5/1/2012 5/15/2012 BBRI IJ Indo Tambangraya Megah 41,850 2, % 4/30/2012 5/2/2012 5/15/2012 ITMG IJ Matahari Putra Prima % 5/1/2012 5/3/2012 5/16/2012 MPPA IJ Multifiling Mitra Indonesia % 5/2/2012 5/4/2012 5/16/2012 MFMI IJ Trias Sentosa % 5/4/2012 5/8/2012 5/24/2012 TRST IJ Holcim Indonesia 2, % 5/8/2012 5/10/2012 5/25/2012 SMCB IJ Tigaraksa Satria 1, % 5/8/2012 5/10/2012 5/28/2012 TGKA IJ Astra agro Lestari 23, % 5/9/2012 5/11/2012 5/29/2012 AALI IJ Lippo General Insurance 1, % 5/11/2012 5/15/2012 5/31/2012 LPGI IJ Bank Negara Indonesia 3, % 5/11/2012 5/15/2012 5/30/2012 BBNI IJ United Tractors 31, % - - 5/30/2012 UNTR IJ Source: Bloomberg *Interim Dividend COMPANY/SITE VISITS/EVENTS Date Time Description Analyst Wednesday, 25 April :00 BMRI analyst meeting Teguh Hartanto Thursday, 26 April :00 BBCA analyst meeting Teguh Hartanto Monday, 30 April :00 GIAA analyst meeting Harry Su Monday, 30 April :00 BJBR analyst meeting Teguh Hartanto PT Bahana Securities Equity Research Bahana Beacon - The Daily 6

7 Actual and upcoming IPOs, No Code Date Company name Industry Amount Public (IDRb) (%) 1 EMDE 1/12/11 Megapolitan Development Property MBTO 1/13/11 Martina Berto Cosmetics GIAA 2/11/11 Garuda Indonesia Aviation 4, Q11 total 5,227 4 MBSS 4/6/11 Mitra Bahtera Segara Sejati Coal shipping SRAJ 4/11/11 Sejahteraraya Anugrahjaya Hospital management HDFA 5/11/11 HD Finance Motorcycle financing BULL 5/23/11 Buana Listya Tama Shipping 1, JAWA 5/30/11 Jaya Agra Wattie Plantation SIMP 6/9/11 Salim Ivomas Agribusiness 3, MTLA 6/20/11 Metropolitan Land Property Q11 total 5, TIFA 7/8/11 Tifa Finance Finance SDMU 7/12/11 Sidomulyo Selaras Transportation PTIS 7/12/11 Indo Straits Shipping ALDO 7/12/11 Alkindo Naratama Paper processing STAR 7/13/11 Star Petrochem Plastic Manufacture SMRU 10/10/11 SMR Utama Mining SUPR 10/11/11 Solusi Tunas Pratama Telecommunication ARII 11/8/11 Atlas Resources Mining GEMS 11/17/11 Golden Energy Mining 2, VIVA 11/21/11 Visi Media Asia Media 4, CASS 12/05/11 Cardig Aero Service Aviation service ABMM 12/06/11 ABM Investama Coal mining 2, ERAA 12/14/11 Erajaya Swasembada Cellular distribution 3, GWSA 12/23/11 Greenwood Sejahtera Property BAJA 12/21/11 Sarana Central Bajatama Steel total 14, PADI 1/9/12 Minna Padi Investama Financial market TELE 1/12/12 Tiphone Mobile Indonesia Cellular distribution ESSA 2/1/12 Surya Esa Perkasa Petroleum gas BEST 4/10/12 Bekasi Fajar Industrial Estates Industrial estates Semen Baturaja Cement 1, Express Transindo Utama Transportation Pertamina Drilling Service Oil & gas services Geothermal Energy Energy Garuda Maintenance Facility Aviation service Air Asia Indonesia Aviation 1, Bumi Kencana Eka Sakti Coal mining 1, Cipaganti group Transportation Aditech Cakrawiyasa Household goods Tugu Pratama Insurance MNC Sky Vision Media 2, Riau Baraharum Coal mining 5, Waskita Karya Construction Bahtera Niaga Internasional Shipping Telesindo Shop Telecommunication PLN Enjiniring Electricity Prima Jaya Kreasi Entertainment Asuransi Mitra Maparya Insurance Newmont Nusa Tenggara Mining 8, Bank Jatim Banks 1, Lion Air Aviation 9, Bank Sulut Banks Bank Mitraniaga Banks Hutama Karya Construction Toba Bara Sejahtera Mining 3, Angkasa Pura I Airport services GarudaFood Food & beverage Intan Baruprana Heavy equipment financing Mitratel Telecommunication Daya Mandiri Resources Indo Krakatau Wajatama Steel Bank Sumut Banks Eka Sari Lorena Transport Transportation total 39,681 Grand total 65,356 PT Bahana Securities Equity Research Bahana Beacon - The Daily 7

8 Actual and upcoming rights issues, No Code Ex-rights date Company name Industry Amount (IDRb) 1 BMRI 1/26/11 Bank Mandiri Banks 11,684 2 AMRT 1/24/11 Sumber Alfaria Trijaya Retail 1,039 3 BBKP 1/20/11 Bank Bukopin Banks 1,066 4 PBRX 1/24/11 Pan Brothers Textile EPMT 2/1/11 Enseval Putra Megatrading Pharmacy distribution 300 1Q11 total 14,522 6 ABDA 4/28/11 Asuransi Bina Dana Arta Insurance INDS 5/16/11 Indospring Automotive components UNTR 6/3/11 United Tractors Heavy equipment 6,100 9 DOID 6/27/11 Delta Dunia Makmur Mining contracting 1, BVIC 6/27/11 Bank Victoria Banks 199 2Q11 total 7, IMAS 7/1/11 Indomobil Sukses Internasional Automotive 2, KREN 7/8/11 Kresna Graha Securindo Financial APIC 7/5/11 Pasific Strategic Financial Financial LPPS 7/6/11 Lippo Securities Finance BDMN 9/28/11 Bank Danamon Banks 4, AISA 10/2/11 Tiga Pilar Sejahtera Food Consumer AMAG 10/4/11 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 11/3/11 Panin Financial Financial DKFT 12/2/11 Central Omega Resources Mining PWON 12/9/11 Pakuwon Jati Property 1, PSAB 12/23/11 Pelita Sejahtera Abadi Trading 1, MDLN 12/23/11 Moderland Realty Property MASA 12/28/11 Multistrada Arah Sarana Automotive components 1,500 2H11 total 18, FREN Smartfren Telecom Telecommunication 1, MITI Mitra Investindo Granite RAJA Rukun Raharja Property OKAS Ancora Indonesia Mining TPIA Chandra Asri Petrochemical 3, INTA Intraco Penta Heavy equipment 4, IGAR Champion pacific Indonesia Basic industry SMMA Sinar Mas Multi Artha Financial 1, CMNP Citra Marga Nushapala Toll road BKSL Sentul City Property BABP ICB Bumiputera Banks total 12,470 Grand total 53,117 Source: Various media PT Bahana Securities Equity Research Bahana Beacon - The Daily 8

9 1Q12 Results Round ups Operating profit Net profit No Company Code (IDRb) (IDRb) Actual Bahana (%) Cons. (%) Actual Bahana (%) Cons. (%) 1 Bank Danamon BDMN 1,385 5, , , , BW Plantation BWPT Source: Bloomberg, Company, Bahana estimates *In USDm PT Bahana Securities Equity Research Bahana Beacon - The Daily 9

10 Results relative to Bahana estimates and consensus Operating profit Net profit Above In line Below Above In line Below Bahana Cons. Bahana Cons. Bahana Cons. Bahana Cons. Bahana Cons. Bahana Cons. BDMN BDMN BDMN BDMN BWPT BWPT BWPT BWPT Source: Company, Bahana, Bloomberg PT Bahana Securities Equity Research Bahana Beacon - The Daily 10

11 Research: Harry Su Head of Research Strategy, Telcos, Consumer, Aviation ext 3600 direct: Teguh Hartanto Deputy Head of Research Banks, Cement ext 3610 Leonardo Henry Gavaza Research Analyst Automotive, Plantations, Metal Mining, Heavy Equipment ext 3608 Natalia Sutanto Research Analyst Property, Construction, Toll Road ext 3601 Frederick Daniel Tanggela Research Analyst Coal Mining, Poultry ext 3603 Arga Samudro Economist ext 3602 Chandra Widjanarka Technical Analyst ext 3609 Irwan Budiarto Research Analyst Oil and Gas ext 3606 Stifanus Sulistyo Small cap Research Analyst ext 3611 Anthony Alexander Construction Research Analyst ext 3613 Aditya Eka Prakasa Research Associate ext 3611 Salman Fajari Alamsyah Research Associate ext 3605 Isna Alfiathi Research Executive ext 3607 Giovanni Aristo Research Associate ext 3604 Zefanya Angeline Research Associate ext 3612 Dealing Room: Yolanda Sondak Head of Equity Sales and Trading ext 2545 Haselinda Rifman Equity Sales ext 2524 Suwardi Widjaja Equity Sales ext 2548 Tjokro Wongso Equity Sales ext 2547 John M. Dasaad Equity Sales ext 2549 Ashish Agrawal Equity Sales ext 2553 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 11

12 IMPORTANT US REGULATORY DISCLOSURES ON SUBJECT COMPANIES This material was produced by Bahana Securities, solely for information purposes and for the use of the recipient. It is not to be reproduced under any circumstances and is not to be copied or made available to any person other than the recipient. It is distributed in the United States of America by Enclave Capital LLC. and elsewhere in the world by Bahana or an authorized affiliate of Bahana (such entities and any other entity, directly or indirectly, controlled by Bahana, the Affiliates ). This document does not constitute an offer of, or an invitation by or on behalf of Bahana or its Affiliates or any other company to any person, to buy or sell any security. The information contained herein has been obtained from published information and other sources, which Bahana or its Affiliates consider to be reliable. None of Bahana or its Affiliates accepts any liability or responsibility whatsoever for the accuracy or completeness of any such information. All estimates, expressions of opinion and other subjective judgments contained herein are made as of the date of this document. Emerging securities markets may be subject to risks significantly higher than more established markets. In particular, the political and economic environment, company practices and market prices and volumes may be subject to significant variations. The ability to assess such risks may also be limited due to significantly lower information quantity and quality. By accepting this document, you agree to be bound by all the foregoing provisions. 1. Bahana or its Affiliates may or may not have been beneficial owners of the securities mentioned in this report. 2. Bahana or its affiliates may have or not managed or co-managed a public offering of the securities mentioned in the report in the past 12 months. 3. Bahana or its affiliates may have or not received compensation for investment banking services from the issuer of these securities in the past 12 months and do not expect to receive compensation for investment banking services from the issuer of these securities within the next three months. 4. However, one or more of Bahana or its Affiliates may, from time to time, have a long or short position in any of the securities mentioned herein and may buy or sell those securities or options thereon either on their own account or on behalf of their clients. 5. As of the publication of this report Bahana does not make a market in the subject securities. 6. Bahana or its Affiliates may or may not, to the extent permitted by law, act upon or use the above material or the conclusions stated above or the research or analysis on which they are based before the material is published to recipients and from time to time provide investment banking, investment management or other services for or solicit to seek to obtain investment banking, or other securities business from, any entity referred to in this report. Enclave Capital LLC. is distributing this document in the United States of America. Bahana Securities accepts responsibility for its contents. Any US customer wishing to effect transactions in any securities referred to herein or options thereon should do so only by contacting a representative of Enclave Capital LLC. PT Bahana Securities Equity Research Bahana Beacon - The Daily 12