Bahana Beacon Indonesia Morning Brief

Transcription

1 Asiamoney s 2013 Best Domestic Equity House Tuesday, 18 June 2013 Bahana Beacon Indonesia Morning Brief IDX: 4,774.5 (+0.3%) Turnover: IDR5.2t (-26.2%) Foreign net sell: IDR311b (-14.9%) SECTOR FLASH For details please refer to our separate report(s) Plantation - Still standing A defensive pick in a risk-averse market Demand to increase on Lebaran festivities in August Inventory to remain low in 3Q13 Outlook: Sentiment to rise on demand resilience and lower stock Recommendation & valuation: AALI & ANJT as our top BUYs TODAY S NEWS ECONOMICS Parliament approved 2013 revised state budget, paving the way for fuel price hike BOURSE Nusa Raya Cipta to set IPO price at IDR850 per share Electronic City to set IPO price at IDR4,050 per share Multipolar Technology to sell 20% stake in July IPO INDUSTRY China to invest USD1.6b in Indonesian mining sector Financial Services Authority (OJK) to publish Good Corporate Governance (GCG) roadmap PLN to expand power capacity CORPORATE Lippo Group plans to build 4 hospitals in East Nusa Tenggara PTBA s share buyback program ends 21 June 2013 Bosowa Corporindo officially signed SPA on BBKP acquisition Sritex in talks with H&M ECONOMIC INDICATORS MARKET DATA 12A 13F 14F 12A 13F 14F Cur acc bal (%GDP) (2.7) (2.3) (1.5) 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 9,650 9,600 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) 21, (6.3) 10.4 IDX (Indonesia) 4, KLCI (Malaysia) 1, KOSPI (Korea) 1,883.1 (0.3) (5.7) 1.3 Nikkei (Japan) 13, PCOMP (Phil.) 6, SENSEX (India) 19, (0.5) 14.0 SET (Thailand) 1, SHCOMP (China) 2,156.2 (0.3) (5.0) (6.5) Shenzhen (China) STI (Singapore) 3, TWSE (Taiwan) 7, VNI (Vietnam) (2.1) Europe, USA and SA CAC 40 (France) 3, DAX (Germany) 8, Dow Jones (USA) 15, FTSE 100 (UK) 6, IBOV (Brazil) 49,088.7 (0.5) (19.5) (12.5) NASDAQ (USA) 3, RTSI (Russia) 1,307.7 (0.5) (14.4) (2.2) S&P 500 (USA) 1, ETF, ADRS & COMMODITIES Last Chg% ytd % y-y % EIDO US (USD) TLK US (IDR) 10,333 (1.3) Coal (USD/t) (10.6) (4.6) Corn (USD/mtn) Coffee (USD/t) 2,562 (0.5) (10.2) (17.5) Copper (USD/t) 7,048 (0.1) (10.9) (6.0) Cotton (USD/t) 1,927 (4.2) CPO (USD/mtn-CIF) (12.7) DOC (IDR/kg) 6, Gold (USD/oz.) 1,384 (0.3) (17.4) (15.0) Iron ore (USD/mtn) (20.6) (14.8) Milk (USD/t) (2.0) 11.1 Nickel (USD/t) 14,217 (0.3) (16.4) (15.3) Oil (USD/barrel) Rice (IDR/kg) 8, (1.2) 1.2 Rubber (USD/t) 2, (21.9) (21.0) Soybean oil (USD/t) 1, (0.6) 0.2 Steel (USD/t) (12.7) (16.7) Sugar (USD/t) 514 (1.4) (6.9) 5.1 Tins (USD/t) 20, (13.0) 3.1 Wheat (USD/t) (14.6) (3.5) CURRENCIES & RATES Last Prev. Ytd % y-y % AUD/USD USD/EUR (1.3) (6.2) IDR/USD 9,888 9, JPY/USD (19.7) SGD/USD (2.7) 1.2 JIBOR (%) BI rate (%) TD 1 month (%) CDS (bps) 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 Parliament approved 2013 revised state budget, paving the way for fuel price hike At yesterday s plenary meeting, the Parliament approved the proposal of 2013 revised state budget through voting. Majority coalition comprised of Demokrat, Golkar, PAN, PPP and PKB with 338 votes (65% of total) decided to pass the law against the opposition including Hanura, Gerindra, PKS and PDIP which rejected the proposal. Bahana: With Parliament endorsement, the government will raise subsidized fuel price by an average 33% soon. (Jakarta Globe, Kontan) BOURSE Nusa Raya Cipta to set IPO price at IDR850 per share Nusa Raya Cipta, a construction company and subsidiary of Surya Semesta Internusa (SSIA), sets IDR850 per share IPO price (price range was IDR ), releasing 306m shares (12.34% of its stake) and 102m warrants (one warrant is attached to every 3 shares). Translating to fund raising of IDR260.9b (USD26m). The company plans to list on 27 June Ciptadana Securities is the lead underwriter. (Bisnis Indonesia) Electronic City to set IPO price at IDR4,050 per share Electronic City, an electronic retailer, sets IDR4,050 per share IPO price (price range was IDR4,050-5,400), releasing 333m shares (25% free float) to the public. This translates to fund raising of IDR1.35t (USD135m). The company plans to list on 3 July Credit Suisse and Danareksa Securities are the lead underwriters. (Investor Daily) Multipolar Technology to sell 20% stake in July IPO Multipolar Technology, an I.T company owned by the lippo group, has set a price range of IDR425 IDR500 per share, releasing 375m shares (20% free float). This translates to a fund raising up to188b (USD18m). The company will list on 8 July 2013 with Ciptadana Securities as the lead underwritter. (Investor Daily, Bisnis Indonesia) INDUSTRY China to invest USD1.6b in Indonesian mining sector China plans to set up nickel refinery and processing plant in Sulawesi, Kalimantan, and Maluku with total investment of USD1.6b. (Investor Daily) Financial Services Authority (OJK) to publish Good Corporate Governance (GCG) roadmap The upcoming 2015 Asean Economic Community (AEC) has paved the way for Indonesia s Financial Services Authority s (OJK) to bring forth Good Corporate Governance (GCG) roadmap next July. OJK s chairman of the board of commissioners Muliaman D Hadad stated that Good Corporate Governance (GCG) is as important as other financial aspects. Additionally, Muliaman also mentioned involving the International Financial Corporation (IFC) throughout this roadmap establishment. (Investor Daily) PLN to expand power capacity Perusahaan Listrik Negara (PLN) will expand its power capacity by 8.3% to reach 39,000 MW by end of Acording to PLN s Planning and Risk Management Director Murtaqi Syamsuddin, the capacity increase would be achieved with the completion of the construction of some power plants that will produce a combined 10,000 MW. PLN has allocated IDR60t for its 2013 capex. (Jakarta Post) CORPORATE Lippo Group plans to build 4 hospitals in East Nusa Tenggara Lippo Group s Chief Executive, James T. Riady, stated that the company plans to build 4 hospitals in East Nusa Tenggara by end of James explained that the hospitals will have the same standard as Siloam Hospitals in Jakarta. (Jakarta Globe) PT Bahana Securities Equity Research Bahana Beacon - The Daily 2

3 PTBA s share buyback program ends 21 June 2013 With the period for share buyback ending on June 21, 2013, Bukit Asam (PTBA-REDUCE-IDR11,900- TP:IDR10,900) announced that the company has repurchased sufficient amount of shares totaling to 115.2m shares (5% from registered free float). PTBA reportedly has spent IDR1.72t for this buyback, translating to roughly IDR14,931 per share. (Kontan) Bosowa Corporindo officially signed SPA on BBKP acquisition On 13 June 2013, Bosowa Corporindo officially signed sales and purchase agreement (SPA) to acquire Bank Bukopin (BBKP-HOLD-IDR760-TP:IDR750). Bosowa Corporindo acquired 1.1b BBKP s shares (14% of BBKP s stakes) at IDR1,050 amounting to IDR1.2t (USD118m), consisting of 4.6% of Kopelindo stakes and 9.4% of Yabinstra stakes. In addition, following this acquisition, Bosowa Corporindo s, President Director, confirmed that Bosowa plans to maintain BBKP's business focus on small medium enterprise (SME) segment. (Bisnis Indonesia, Kontan, Indonesia Finance Today) Sritex in talks with H&M Sri Rejeki Isman (SRIL-*-IDR250-TP:*), a newly listed Indonesia s largest integrated textile-garment company, is in talks with H&M to add more orders as a result of the Bangladesh disaster. The company hopes to secure the production agreement before the end of this year. (Jakarta Globe)*On Bahana s restricted list PT Bahana Securities Equity Research Bahana Beacon - The Daily 3

4 BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside) 6/17/2013 6/14/2013 CHANGE (%) Potential (%) Charoen Pokhpand Indonesia CPIN REDUCE 4,200 (17.6) 5,100 4, Hero Supermarket HERO REDUCE 3,725 (12.4) 4,250 3, Erjaya Swasembada ERAA REDUCE 3,050 (4.7) 3,200 3, Surya Semesta Internusa SSIA HOLD 1, ,360 1, Mitra Adiperkasa MAPI BUY 10, ,100 7, Malindo Feedmill MAIN BUY 4, ,550 3, Alam Sutera Realty ASRI BUY 1, Bakrie Sumatra Plantations UNSP REDUCE 85 (93.2) 1,241 1, Citra Marga Nusaphala Persada CMNP BUY 2,200 (24.1) 2,900 2, Bank Tabungan Pensiunan Negara BTPN HOLD 5, ,000 4, Medco Energi International MEDC * * * 1,890 1, Nippon Indosari Corpindo ROTI BUY 8, ,000 7, Lippo Cikarang LPCK BUY 9, ,850 8, Bumi Serpong Damai BSDE BUY 2, ,910 1, Wintermar WINS BUY Semen Gresik SMGR HOLD 17,600 (1.9) 17,950 17, AKR Corporindo AKRA REDUCE 4,500 (13.5) 5,200 5, Pembangunan Perumahan PTPP BUY 980 (37.6) 1,570 1, Perusahaan Gas Negara PGAS HOLD 6, ,400 5, Gudang Garam GGRM HOLD 55, ,300 49, Aneka Tambang ANTM REDUCE 1,125 (1.3) 1,140 1, Bank Negara Indonesia BBNI HOLD 5, ,775 4, Bank Tabungan Negara BBTN BUY 1, ,300 1, Bank Central Asia BBCA HOLD 11, ,950 9, Kalbe Farma KLBF BUY 1, ,340 1, J Resources Asia Pasifik PSAB BUY 6, ,425 3, United Tractors UNTR REDUCE 15,000 (12.5) 17,150 16, Ramayana Lestari Sentosa RALS HOLD 1,350 (3.6) 1,400 1, ACE Hardware Indonesia ACES HOLD 800 (4.8) Adaro Energy ADRO REDUCE 740 (12.9) Waskita Karya WSKT BUY 1, XL Axiata EXCL BUY 6, ,450 4, Vale Indonesia INCO REDUCE 2,000 (18.4) 2,450 2, Indomobil Sukses International IMAS HOLD 5, ,200 5, Indosat ISAT HOLD 6, ,300 5, Bank Danamon BDMN HOLD 7, ,450 5, Surya Citra Media SCMA BUY 2,475 (13.2) 2,850 2, Indocement INTP BUY 25, ,900 23, Total Bangun Persada TOTL HOLD 1,200 (5.5) 1,270 1, Gozco Plantations GZCO REDUCE 100 (26.5) Adhi Karya ADHI BUY 4, ,675 3, Lippo Karawaci LPKR BUY 1,640 (1.2) 1,660 1, IDX IDX 4,775 4, Sarana Menara Nusantara TOWR HOLD 29, ,000 24, Unilever Indonesia UNVR HOLD 31, ,900 28, Bekasi Fajar Industrial Estate BEST BUY 800 (1.2) Adi Sarana Armada ASSA BUY Kawasan Industri Jababeka KIJA BUY Agung Podomoro Land APLN HOLD Ciputra Property CTRP BUY 1, ,280 1, Garuda Indonesia GIAA * * * Ciputra Development CTRA BUY 1, ,350 1, Supra Boga Lestari RANC BUY 1, Bank Rakyat Indonesia BBRI HOLD 8, ,850 7, Borneo Lumbung Energi BORN REDUCE 350 (2.8) Indofood CBP Sukses Makmur ICBP BUY 14, ,800 10, Bank Jatim BJTM HOLD Bakrie Telekomunikasi BTEL REDUCE Austindo Nusantara Jaya ANJT BUY 1, ,390 1, Indofood Sukses Makmur INDF BUY 8, ,850 6,900 (0.7) Timah TINS REDUCE 1,000 (8.3) 1,090 1,100 (0.9) Krakatau Steel KRAS REDUCE 400 (18.4) (1.0) Sampoerna Agro SGRO HOLD 1,800 (2.2) 1,840 1,860 (1.1) Salim Ivomas Pratama SIMP HOLD 700 (17.6) (1.2) Astra International ASII REDUCE 6,200 (10.8) 6,950 7,050 (1.4) Telkom Indonesia TLKM BUY 14, ,400 10,550 (1.4) Jasa Marga JSMR * * * 6,150 6,250 (1.6) Bank Jabar Banten BJBR HOLD 1, ,170 1,190 (1.7) Indo Tambangraya Megah ITMG REDUCE 23,000 (11.4) 25,950 26,400 (1.7) Astra Agro Lestari AALI BUY 24, ,650 20,000 (1.8) Bumi Resources BUMI REDUCE 500 (5.7) (1.9) Summarecon Agung SMRA BUY 3, ,450 2,500 (2.0) Cardig Aero Services CASS BUY 1, (2.4) Gajah Tunggal GJTL HOLD 2,400 (19.3) 2,975 3,050 (2.5) Bank Bukopin BBKP HOLD 750 (1.3) (2.6) Wijaya Karya WIKA BUY 3, ,325 2,400 (3.1) Japfa Comfeed Indonesia JPFA BUY 2, ,650 1,710 (3.5) Bank Mandiri BMRI BUY 10, ,100 9,450 (3.7) Tiphone Mobile Indonesia TELE BUY (4.4) Tempo Scan Pacific TSPC BUY 3,950 (2.5) 4,050 4,250 (4.7) Bukit Asam PTBA REDUCE 10,900 (8.4) 11,900 12,500 (4.8) Source: Bloomberg *Under our restricted list PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

5 JCI Code Rating Price TP Shares Free float Mkt cap 3M avg to Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) PER (x) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%) (IDR) (IDR) (m) (%) (IDRb) (IDRb) , ,513 45,623 2,054 2,670 1,411 1, AERO SERVICE N GIAA * 500 * 22, , ,247 44,205 1,735 2,324 1,285 1, CASS BUY 820 1,010 2, , ,265 1, nc nc AUTOMOTIVE RELATED N 307, , ,924 21,472 22,931 21,343 22,689 (1.2) ASII REDUCE 6,950 6,200 40, , , ,255 18,783 19,970 19,037 20,042 (2.0) IMAS HOLD 5,200 5,425 2, , ,746 31, ,048 1,075 1, GJTL HOLD 2,975 2,400 3, , ,054 13,915 1,577 1,651 1,148 1, ASSA BUY , , ,034 1, BANKS N 859,341 1, , ,106 89, ,483 72,107 82, na na na na BBCA HOLD 9,950 11,200 24, , ,656 40,903 16,821 19,622 14,002 16, na na na na BMRI BUY 9,100 10,400 23, , ,807 58,863 22,574 26,194 17,714 20, na na na na BBRI HOLD 7,850 8,500 24, , ,096 58,125 24,015 26,885 20,079 22, na na na na BBNI HOLD 4,775 5,000 18, , ,147 31,025 9,799 11,419 8,148 9, na na na na BDMN HOLD 5,450 7,000 9, , ,498 24,330 7,102 8,021 4,636 5, na na na na BTPN HOLD 5,000 5,400 5, , ,609 9,151 3,008 3,616 2,411 2, na na na na BBTN BUY 1,300 1,800 10, , ,478 7,786 2,320 2,837 1,702 2, na na na na BJBR HOLD 1,170 1,250 9, , ,072 5,850 1,792 2,068 1,434 1, na na na na BJTM HOLD , , ,707 3,083 1,277 1,471 1,010 1, na na na na BBKP HOLD , , ,578 3,991 1,217 1, , na na na na CEMENT OW 194, ,084 50,887 14,367 16,988 11,483 13, SMGR HOLD 17,950 17,600 5, , ,710 27,116 7,330 8,712 5,949 7, INTP BUY 23,900 25,300 3, , ,373 23,771 7,037 8,275 5,534 6, nc nc COAL UW 111, , ,537 21,100 19,730 13,840 12,883 (23.4) ADRO REDUCE , , ,942 32,730 7,162 7,048 3,091 2,941 (27.6) (4.4) ITMG REDUCE 25,950 23,000 1, , ,245 21,250 4,324 4,569 5,560 5,561 (25.0) nc nc PTBA REDUCE 11,900 10,900 2, , ,316 10,521 2,494 2,411 2,212 2,173 (23.3) (1.8) nc nc HRUM REDUCE 3,725 3,000 2, , ,108 8,279 1,822 1,846 1,197 1,225 (19.5) nc nc BUMI REDUCE , , ,939 33,922 4,087 3,857 1, na na BORN REDUCE , , ,575 5,836 1, (9.0) (13.0) CONS. & TOLL ROADS OW 89, ,315 64,325 7,898 9,710 4,270 5, JSMR * 6,150 * 6, , ,970 8,421 3,513 4,278 2,140 2, WIKA BUY 2,325 3,200 6, , ,998 15,057 1,055 1, nc nc WSKT BUY 890 1,030 9, , ,300 14, , (6.4) nc nc CMNP BUY 2,900 2,200 2, , ,005 1, (21.3) PTPP BUY 1, , , ,076 11,587 1,020 1, TOTL HOLD 1,270 1,200 3, , ,453 2, nc nc ADHI BUY 3,675 4,400 1, , ,513 10, CONSUMER - DISCRE. OW 98, ,144 46,878 3,909 4,648 2,932 3, nc nc SCMA BUY 41, ,547 2,897 1,395 1,599 1,063 1, nc nc ,850 2,475 14, HERO REDUCE 4,250 3,725 4, , ,904 15, (1.5) (10.3) (10.1) ACES HOLD , , ,148 4, nc nc MAPI BUY 8,100 10,000 1, , ,385 11, , nc nc RALS HOLD 1,400 1,350 7, , ,666 10, nc nc RANC BUY 950 1,120 1, , ,494 1, nc nc CONSUMER - STAPLES OW 534, , ,833 28,193 31,610 18,853 21, nc nc UNVR HOLD 220, ,764 36,978 7,069 7,783 5,370 5, nc nc ,900 31,150 7, GGRM HOLD 50,300 55,000 1, , ,903 59,494 6,539 7,525 4,453 5, INDF BUY 6,850 8,500 8, , ,962 57,881 7,390 8,098 3,530 3, nc nc KLBF BUY 1,340 1,580 50, , ,408 17,387 2,614 2,968 2,009 2, nc nc ICBP BUY 10,800 14,700 5, , ,582 25,190 3,259 3,649 2,417 2, nc nc TSPC BUY 4,050 3,950 4, , ,919 9,181 1,086 1, , nc nc ROTI BUY 8,000 8,800 1, , ,419 1, nc nc HEAVY EQUIPMENT UW 65, ,341 63,127 7,013 7,394 5,101 5,498 (13.1) UNTR REDUCE 17,150 15,000 3, , ,948 54,507 6,525 6,777 5,024 5,302 (13.1) nc nc DOID HOLD , , ,393 8, na na INDUSTRIAL ESTATES OW 27, ,160 11,582 3,530 4,058 2,717 3, BEST BUY 810 1,190 9, , ,368 1, , nc nc SSIA HOLD 1,360 1,470 4, , ,382 4,903 1,158 1, nc nc KIJA BUY , , ,587 2, LPCK BUY 8,850 9, , ,823 2, nc nc METALS UW 43, ,088 34,399 3,933 5,085 2,949 3, INCO REDUCE 2,450 2,000 9, , ,148 14,859 1,818 2,328 1,281 1, ANTM REDUCE 1,140 1,125 9, , ,239 8, (3.4) (1.3) nc nc TINS REDUCE 1,090 1,000 5, , ,742 7, (2.2) nc nc PSAB BUY 3,425 6, , ,959 3, , OIL & GAS N 157, ,456 76,553 13,976 14,478 10,334 10, PGAS HOLD 5,400 6,800 24, , ,977 34,284 10,831 11,115 9,098 9, nc nc AKRA REDUCE 5,200 4,500 3, , ,645 30, , MEDC * 1,890 * 3, , , , ,168 2, PLANTATIONS N 63, ,635 41,954 6,535 8,395 3,975 5,258 (21.6) AALI BUY 19,650 24,000 1, , ,041 14,944 2,782 3,577 1,897 2,490 (21.3) nc nc SIMP REDUCE , , ,266 16,366 1,979 2, ,090 (31.1) LSIP HOLD 1,690 1,500 6, , ,666 5, , (29.5) nc nc BWPT HOLD , , ,130 1, (24.8) SGRO BUY 1,840 1,800 1, , ,109 3, (32.7) GZCO REDUCE , (23.2) ANJT BUY 1,390 1,650 3, , ,778 2, nc nc POULTRY N 107, ,969 54,789 6,843 7,973 5,027 5, CPIN REDUCE 5,100 4,200 16, , ,751 27,895 4,246 4,997 3,362 3, nc nc JPFA BUY 1,650 2,250 10, , ,068 22,068 1,978 2,246 1,218 1, MAIN BUY 3,550 4,000 1, , ,149 4, PROPERTY OW 143, ,057 38,255 10,917 13,373 8,179 10, LPKR BUY 1,660 1,640 23, , ,604 7,415 1,502 1,820 1,174 1, BSDE BUY 1,910 2,125 17, , ,485 6,946 2,538 3,174 2,217 2, nc nc SMRA BUY 2,450 3,200 7, , ,839 4,691 1,038 1, nc nc ASRI BUY 880 1,360 19, , ,427 3,902 1,903 2,218 1,515 1, nc nc CTRA BUY 1,350 1,600 15, , ,339 7,183 1,589 2, , nc nc APLN HOLD , , ,564 6,105 1,642 1,814 1,005 1, CTRP BUY 1,280 1,380 6, , ,800 2, SHIPPING N 1, ,220 1, WINS BUY , , ,220 1, STEEL UW 7, ,009 25, , KRAS REDUCE , , ,009 25, , TELCOS OW 316, , ,322 36,961 40,952 19,118 21, TLKM BUY 10,400 14,500 20, , ,334 86,953 27,245 29,773 14,423 15, EXCL BUY 4,450 6,200 8, , ,303 24,839 5,071 5,461 3,334 3, ISAT HOLD 5,300 6,500 5, , ,027 26,449 2,124 2, ,021 (60.7) TOWR HOLD 25,000 29,500 1, , ,556 2,995 1,442 1, ERAA REDUCE 3,200 3,050 2, , ,985 21, TELE BUY , , ,206 16, (0.4) BTEL REDUCE , , ,562 2,666 (131) (68) (959) (973) (12.6) 1.5 (1.6) (1.6) (28.5) (40.7) Market N 3,142,430 4, ,403,269 1,549, , , , , 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 5

6 Global Business and Economic Indicators Agenda Date Time Country Event Period Consensus Actual Prior 06/13/ :00 SK South Korea 7-Day Repo Rate 13-Jun % 06/13/ :00 AU Consumer Inflation Expectation Jun % 06/13/ :30 AU Unemployment Rate May % 06/13/ :30 AU Participation Rate May % 06/13/ :30 EC Bloomberg June Eurozone Economic Survey 06/13/ :35 GE Bloomberg June Germany Economic Survey 06/13/ :40 FR Bloomberg June France Economic Survey 06/13/ :45 IT Bloomberg June Italy Economic Survey 06/13/ :50 SP Bloomberg June Spain Economic Survey 06/13/ :30 UK Bloomberg June United Kingdom Economic Survey 06/13/ :00 EC ECB Publishes Monthly Report 06/13/ :00 PH Overnight Borrowing Rate 13-Jun % 06/13/ :30 US Advance Retail Sales May 0.40% % 06/13/ :30 US Initial Jobless Claims 7-Jun /13/ :30 US Continuing Claims 1-Jun /13/ :30 US Import Price Index (MoM) May -0.10% % 06/13/ :00 CA Bloomberg June Canada Economic Survey 06/13/ :00 IC International Reserves May B 06/13/2013 NA Namibia Consumer Prices (YoY) May % 06/13/2013 GR Unemployment Rate 1Q % 06/13/2013 ID Bank Indonesia Reference Rate 13-Jun % Global Economic Forecasts and Calendar Indicator Period Release Previous Consensus Actual Indonesia CPI inflation (%, y-y) Apr 4/ GDP (%, y-y) 4Q12 2/ Reference rate (%) Apr 4/ FX reserves (USDb) Mar 4/ China CPI inflation (%, y-y) Mar 4/ GDP (%, y-y) 1Q 4/ Reference rate (%) May Unemployment rate (%) Dec Japan CPI inflation (%, y-y) Mar 4/ GDP (%, y-y) 4Q Reference rate (%) Apr 4/ Unemployment rate (%) Mar 4/ India CPI inflation (%, y-y) Feb 4/ GDP (%, y-y) 1Q 4/ Reference rate (%) Mar 4/ Singapore CPI inflation (%, y-y) Mar 4/ GDP (%, y-y) 1Q 4/ Reference rate (%) Apr Unemployment rate (%) Mar 4/ Malaysia CPI inflation (%, y-y) Mar 4/ GDP (%, y-y) 4Q12 2/ Reference rate (%) May 4/ Unemployment rate (%) Dec 2/ Thailand CPI inflation (%, y-y) Apr 4/ GDP (%, y-y) 4Q12 2/ Reference rate (%) Apr 4/ Unemployment rate (%) Feb 2/ US CPI inflation (%, y-y) Mar 4/ GDP (%, y-y) 1Q 4/ Reference Rate (%) Apr 4/ Unemployment rate (%) Mar 4/ Source: Bloomberg PT Bahana Securities Equity Research Bahana Beacon - The Daily 6

7 COMPANY/SITE VISITS/EVENTS Date Time Description Analyst AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time AGM JECC IJ Jembo Cable Co Tbk PT 06/18/13 10:00 AEGM MAPI IJ Mitra Adiperkasa Tbk PT 06/18/13 13:30 AGM PICO IJ Pelangi Indah Canindo Tbk PT 06/18/13 10:00 AGM DILD IJ Intiland Development Tbk PT 06/18/13 09:30 AGM ALDO IJ Alkindo Naratama Tbk PT 06/18/13 13:30 AEGM CTBN IJ Citra Tubindo Tbk PT 06/18/13 - AGM SGRO IJ Sampoerna Agro PT 06/18/13 - AGM ISAT IJ Indosat Tbk PT 06/18/13 14:00 AGM TPMA IJ Trans Power Marine Tbk PT 06/18/13 10:00 AEGM FAST IJ Fastfood Indonesia Tbk 06/19/13 11:00 AGM INKP IJ Indah Kiat Pulp & Paper Corp Tbk 06/19/13 09:00 AGM TKIM IJ Pabrik Kertas Tjiwi Kimia Tbk PT 06/19/13 10:00 Source: Bloomberg DIVIDEND SCHEDULE0 Corporate Price Cash Yield Ex date Record date Payment date Ticker (IDR) (IDR) (%) Surya Semesta Internusa 1, % 5/13/2013 5/15/2013 5/29/2013 SSIA IJ Perusahaan Gas Negara 6, % 5/13/2013 5/15/2013 5/29/2013 PGAS IJ Timah 1, % 5/13/2013 5/15/2013 5/29/2013 TINS IJ Tunas Ridean 1, % 5/13/2013 5/15/2013 5/27/2013 TURI IJ Waskita Karya % 5/13/2013 5/15/2013 5/29/2013 WSKT IJ Tigaraksa Satria 1, % 5/14/2013 5/16/2013 5/30/2013 TGKA IJ Adhi Karya 2, % 5/14/2013 5/16/2013 5/29/2013 ADHI IJ Pelayaran Tempuran Emas % 5/14/2013 5/16/2013 5/30/2013 TMAS IJ Astra Otoparts 3, % 5/15/2013 5/17/2013 5/31/2013 AUTO IJ United Tractors 17, % 5/15/2013 5/17/2013 5/31/2013 UNTR IJ Vale Indonesia 2, % 5/15/2013 5/17/2013 5/31/2013 INCO IJ Mandom Indonesia 12, % 5/15/2013 5/17/2013 5/31/2013 TCID IJ Elnusa % 5/16/2013 5/20/2013 5/30/2013 ELSA IJ Trikomsel Oke 2, % 5/16/2013 5/20/2013 6/3/2013 TRIO IJ Astra Agro Lestari 17, % 5/16/2013 5/20/2013 6/3/2013 AALI IJ Matahari Putra Prima 1, % 5/16/2013 5/20/2013 5/29/2013 MPPA IJ Multifiling Mitra Indonesia % 5/17/2013 5/21/2013 6/4/2013 MFMI IJ Multipolar % 5/17/2013 5/21/2013 6/4/2013 MLPL IJ Batavia Prosperindo Finance % 5/20/2013 5/22/2013 6/5/2013 BPFI IJ Astra international 6, % 5/21/2013 5/23/2013 6/7/2013 ASII IJ Bukit Asam 14, % 5/21/2013 5/23/2013 6/7/2013 PTBA IJ Medco Energi Internasional 2, % 5/21/2013 5/23/2013 6/7/2013 MEDC IJ Bank Mega 4, % 5/21/2013 5/23/2013 5/31/2013 MEGA IJ Total Bangun Persada 1, % 5/21/2013 5/23/2013 6/5/2013 TOTL IJ Asuransi Bina Dana Arta 3, % 5/21/2013 5/23/2013 6/7/2013 ABDA IJ Tifa Finance % 5/22/2013 5/24/2013 6/10/2013 TIFA IJ Champion Pacific Indonesia % 5/23/2013 5/27/2013 6/11/2013 IGAR IJ Pembangunan Perumahan 1, % 5/23/2013 5/27/2013 6/10/2013 PTPP IJ Lippo General Insurance 3, % 5/28/2013 5/30/2013 6/14/2013 LPGI IJ Telekomunikasi Indonesia per 11, % 5/30/2013 6/3/2013 6/18/2013 TLKM IJ Wijaya Karya 2, % 5/30/2013 6/3/2013 6/14/2013 WIKA IJ Jasa Marga (Persero) 6, % 5/30/2013 6/3/2013 6/18/2013 JSMR IJ Semen Indonesia 18, /30/2013 6/3/2013 6/17/2013 SMGR IJ Aneka Tambang 1, % 5/30/2013 6/3/2013 6/18/2013 ANTM IJ Adaro Energy 1, % 5/30/2013 6/3/2013 6/12/2013 ADRO IJ Trias Sentosa % 5/30/2013 6/3/2013 6/18/2013 TRST IJ Golden Energy Mines 2, % 5/30/2013 6/3/2013 6/18/2013 GEMS IJ Bank Danamon Indonesia 6, % 5/31/2013 6/4/2013 6/19/2013 BDMN IJ Source: Bloomberg *Interim Dividend PT Bahana Securities Equity Research Bahana Beacon - The Daily 7

8 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 ANJT 05/08/13 Austindo Nusantara Jaya Plantation NOBU 05/20/13 Bank Nationalnobu Banking MPMX 05/29/13 Mitra Pinasthika Mustika Automotive 1, SMBR Semen Baturaja Cement 1, Bank Muamalat Indonesia Banking 1,940-2, Sritex Textile 1, Garuda Maintenance Facility Aero Services Air Asia Indonesia Aviation 1, Lion Air Aviation 9, Bank Maspion Banking Bank Mestika Banking Bank Mitraniaga 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 46,312 Grand total 56,448 PT Bahana Securities Equity Research Bahana Beacon - The Daily 8

9 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 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, total 40, 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 AUTO 4/25/2013 Astra Otoparts Automotive parts 2,900 CENT 2/1/2013 Centrin Online Information Technology 675 TKGA 3/8/2013 Permata Prima Sakti Coal 480 TRIM 4/8/2013 Trimegah Securities Financial total 4,400 Grand total 70,145 Source: Various media PT Bahana Securities Equity Research Bahana Beacon - The Daily 9

10 1Q13 Results Round ups Operating profit (IDRb) Net profit (IDRb) No Company Code Actual Bahana (%) Comment Actual Bahana (%) Comment 1 Astra Agro Lestari AALI 462 3, Below 356 2, Below 2 Adhi Karya ADHI Below Below 3 Adaro Energy ADRO* Below Below 4 AKR Corporindo AKRA Below In line 5 Aneka Tambang ANTM Above Above 6 Agung Podmoro Land APLN 384 1, In line In line 7 Astra International ASII 3,852 23, Below 4,310 21, Below 8 Alam Sutera Realty ASRI 490 1, In line 404 1, In line 9 Adi Sarana Armada ASSA In Line Above 10 Bank Central Asia BBCA 3,540 16, In Line 2,892 14, In Line 11 Bank Bukopin BBKP 292 1, In Line In Line 12 Bank Negara Indonesia BBNI 2,498 24, In Line 2,069 20, Above 13 Bank Rakyat Indonesia BBRI 5,856 9, In Line 5,087 8, Above 14 Bank Tabungan Negara BBTN 455 2, In Line 334 1, In Line 15 Bank Danamon BDMN 1,383 7, In Line 1,005 4, In Line 16 Bekasi Fajar Industrial BEST Below Below 17 Bank Jabar Banten BJBR 468 1, Above 372 1, Above 18 Bank Jatim BJTM 299 1, In Line 218 1, In Line 19 Bank Mandiri BMRI 5,608 22, In Line 4,303 17, In Line 20 Bumi Serpong Damai BSDE 1,412 2, Above 1,244 2, Above 21 Bank Tabungan Pensiunan BTPN 721 3, In Line 573 2, In Line 22 Bumi Resources BUMI* Below (63) 243 (25.9) Below 23 BW Plantation BWPT Below Below 24 Cardig Aero Services CASS In line In line 25 Citra Marga Nusaphala CMNP Above Above 26 Charoen Pokphand Indonesia CPIN 920 3, In Line 717 2, In Line 27 Ciputra Development CTRA 410 1, Above Above 28 Ciputra Property CTRP Above Above 29 Erajaya Swasembada ERAA Below Below 30 Gudang Garam GGRM 1,538 6, Below 1,047 4, Below 31 Garuda Indonesia GIAA* (16) 180 (8.7) Below (34) 135 (25.0) Below 32 Gajah Tunggal GJTL 412 1, Above 345 1, Above 33 Gozco Plantations GZCO (5) 104 (4.8) Below Below 34 Harum Energy HRUM Below Below 35 Indofood CBP ICBP 847 3, Below 644 2, In line 36 Indomobil Sukses International IMAS Below 142 1, Below 37 Vale Indonesia INCO Above In line 38 Indofood Sukses Makmur INDF 1,328 7, Below 722 3, Below 39 Indo Tunggal Prakarsa INTP 1,353 6, In Line 1,146 5, In Line 40 Kawasan Industri Jababeka KIJA Above Above 41 Kalbe Farma KLBF 576 2, In line 444 2, In line 42 Krakatau Steel KRAS Below Below 43 Lippo Cikarang LPCK In line In line 44 Lippo Karawaci LPKR 373 1, In line 252 1, In line 45 London Sumatra Indonesia LSIP 113 1, Below Below 46 Mitra Adiperkasa MAPI In line Below 47 Perusahaan Gas Negara PGAS 272 1, Below Below 48 Bukit Asam PTBA 590 2, In Line 493 2, In line 49 Pembangunan Perumahan PTPP 78 1, Above Above 50 Ramayana Lestari Sentosa RALS Above In line 51 Supra Boga Lestari RANC Below Below 52 Nippon Indosari Corpindo ROTI In line In line 53 Sampoerna Agro SGRO Below Below 54 Salim Ivomas Pratama SIMP 229 2, Below Below 55 Semen Indonesia SMGR 1,599 7, In Line 1,236 5, In Line 56 Summarecon Agung SMRA 362 1, Above 321 1, Above 57 Surya Semesta Internusa SSIA 270 1, Below Below 58 Tiphone Mobile Indonesia TELE Below Below 59 Timah TINS Below Below 60 Telekomunikasi Indonesia TLKM 6,587 27, In Line 3,477 14, In Line 61 Total Bangun Persada TOTL In Line In Line 62 Tempo Scan Pacific TSPC Below Below 63 United Tractors UNTR 1,427 6, Below 1,129 4, Below 64 Unilever Indonesia UNVR 1,876 7, Above 1,432 5, Above 65 Wijaya Karya WIKA 274 1, In Line In Line 66 Wintermar Offshore Marine WINS Below In line 67 Waskita Karya WSKT In Line Below Source: Bloomberg, Company, Bahana estimates *In USDm PT Bahana Securities Equity Research Bahana Beacon - The Daily 10

11 Research: Harry Su Senior Associate Director Head of Research Strategy, Telcos, Consumer, Aviation ext 3600 direct: Teguh Hartanto Associate Director Deputy Head of Research Banks, Cement ext 3610 Leonardo Henry Gavaza Senior Research Manager Automotive, Plantations, Heavy Equipment ext 3608 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 Property, Industrial esates. toll road ext 3605 Hasan Research Analyst Infrastructure ext 3613 Jennifer Frederika Yapply Research Analyst Coal, Oil and Gas ext 3606 Ricky Research Analyst Metal mining ext 3615 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 Laurensius Teiseran Research Associate ext 3601 Made Ayu Wijayati Research Executive ext 3607 Dealing Room: Haselinda Rifman Equity Sales ext 2524 John M. Dasaad Equity Sales ext 2549 Angky Amarylis Sales Trader ext 2525 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 11