BCAS Vista. Indonesia Morning Digest. 6 April 2017 RESEARCH RESEARCH REPORT. IDX: Turnover (IDRbn): 5,677 (+0.45%) 6,443 (+2.46%)

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1 IDX: Turnover (IDRbn): 5,677 (+0.45%) 6,443 (+2.46%) RESEARCH RESEARCH REPORT Transportation Sector: New optimism from revised MOTR Facts: The Govt has revised MOTR 32/2016 with new tariff draft Outlook: Minimize tariff gap, more hiring channels Recommendation: Optimistic, they will be better this year (Please refer to our research report) HEADLINE NEWS MACRO Govt to open bank account data for residents and non-residents VP Jusuf kalla said that US is to blame for its deficit INDUSTRY PLN: Tender of 35,000 MW to complete this year COMPANY JPFA will give dividend this year SSIA s Cipali divestment to ASII unit approved Telkomsel and Huawei to prepare 5G technology PT MAP Boga Adiperkasa will go public INDICES Last Chg (%) YTD (%) Vol (US$ mn) ASIA IDX 5, LQ Hang Seng 24, ,726 KOSPI 2,161 (0.01) ,274 Nikkei , (1.32) 11,765 PCOMP 7, SET 1,582 (0.11) SHCOMP 3, ,241 STI 3,177 (0.08) TWSE 9, ,941 EUROPE & USA DAX 12,218 (0.53) Dow Jones 20,648 (0.20) FTSE 100 7, NASDAQ 5,864 (0.58) ,837 S&P 500 2,353 (0.31) ,671 ETF & ADR Last Chg (%) MoM (%) YTD (%) EIDO US (USD) (1.13) TLK US (USD) (1.10) COMMODITIES Last Chg (%) MoM (%) YTD (%) Brent (USD/b) (3.21) (6.98) WTI (USD/bl) (4.89) (8.74) Coal (USD/ton) 89 (0.33) Copper (USD/mt) 5, (0.37) 6.49 Gold (USD/toz) 1,256 (0.04) Nickel (USD/mt) 10, (6.32) 2.74 Tin (USD/mt) 20, (4.83) Corn (USD/mt) (4.20) 2.03 Palm oil (MYR/mt) 2, (2.33) (8.95) Soybean (USD/bu) (8.99) (6.74) Wheat (USD/bsh) (5.24) 2.20 CURNCY & RATES Last 1D 1M 2016 MARKET 2016F 2017F MACRO 2016A 2017F IDR/USD 13,320 13,331 13,383 13,473 AUD/USD CAD/USD CNY/USD USD/EUR JPY/USD SGD/USD JIBOR (%) D Repo Rate (%) Y Bond (%) CDS - 5Y (bps) 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) 316 2,188 11,289 9,816 Sector Performance Last 1D (%) 1M (%) YTD (%) JAKAGRI Index 1, JAKBIND Index JAKCONS Index 2, JAKFIN Index JAKINFRA Index 369 (0.26) JAKMIND Index 1, JAKMINE Index 1,569 (0.81) JAKPROP Index 502 (0.40) (1.11) (3.00) JAKTRAD Index 914 (0.05) Page 1 of 9

2 HEADLINE NEWS MACRO Govt to open bank account data for residents and non-residents In an effort to meet the coordinating regulation in the anticipation of automatic exchange of information (AoI) implementation starting in September 2018, government plans to issue lieu of law for bank account data secrecy. Based on this move, the Tax Office will be able to open bank account data for residents and non-residents in order to obtain comprehensive tax data. It is expected that the government will implement the lieu of law in the next two months. (Bisnis Indonesia) Comment: This is in line with the purpose of tax amnesty program. Post the amnesty, the Tax Office will require a lot of tax objects as well as potential tax objects data in an effort to accelerate enforcement for tax compliance. Also, this to provide a fair policy to those who are not declare their assets in the 9-month tax amnesty period. Going forward, this big data will be the primary reference for the Tax Office to push Indonesia s tax ratio ahead. VP Jusuf kalla said that US is to blame for its deficit Commenting on Trump s call last week on investigation into trade imbalance between US and Indonesia, VP Jusuf Kalla said that US should introspect about the reason for its trade deficit. He mentioned that the deficit occurred because US goods are expensive, and that Indonesian products are competitively priced with high quality. In addition, the trade between US and Indonesia has complied with fair play rule implemented by WTO. (Jakarta Post). INDUSTRY PLN: Tender of 35,000 MW to complete this year State Electricity Company (PLN) aims to accelerate tender and pre-tender process of 35,000 MW power plant projects, in which, PLN will work on 10,000 MW, while the remaining 25,000 MW to be done by Independent Power Producers (IPP). PLN s CEO, Sofyan Basir reveals that PLN will tender 8,000-9,000 MW during 1H17, and expected to complete 35,000 MW by end of this year. Sofyan added, PLN will draw up the rules in order to speed up the tendering process. Moreover, PLN will allocate around IDR120tn capex for FY17, to build several power plants, transmission system and substations. (Kontan) Comment: Although the government will only achieve less than 20,000 MW by end of 2019 in our estimate, we think the acceleration of tendering process of power plant projects should benefit construction sector overall. We think SOE contractors who have exposure on power project such as PTPP and WIKA could be the most beneficiary. Source: PLN PLN funding Power plant USD 16.2 bn Transmission USD 10.2 bn Total funding Substation USD 8.1 bn Power plant USD 53.7 bn Distribution USD 7.4 bn Transmission USD 10.9 bn IDC USD 5.3 bn Substation USD 8.4 bn Land Acquisition USD 3.2 bn Distribution USD 7.4 bn Total USD 50.5 bn IDC USD 5.4 bn Land Acquisition USD 7.3 bn IPP funding Total USD 92.9 bn Power plant USD 37.5 bn Transmission USD 680 mn Substation USD 249 mn Land Acquisition USD 4.1 bn Total USD 42.4 bn Page 2 of 9

3 HEADLINE NEWS COMPANY Japfa Comfeed Indonesia (JPFA) will give dividend this year JPFA will pay the dividend of IDR50 per share yielding 2.9%, which is 26.5% of FY16 EPS. (Company) Surya Semesta (SSIA) s Cipali divestment to Astra (ASII) unit approved The divestment value totaled to IDR2.3tn, which will be done in two stages. Earlier SSIA commanded 45.62% in Bhaskara Utama Sedaya (BUS), which directly owned 45% stakes in Lintas Marga Sedaya (LMS) the Cipali concession holder. Astratel, a unit of ASII, will pay 15% (IDR351bn) as down-payment by April this year, with the remaining to be paid in 15 January Bank Central Asia (BBCA) will also need to approve the divestment since it is the financier for the toll road. Cipali toll road encompasses 116km and was fully operated in Jun-15, with concession period up to 21 July (Investor Daily) Comment: part of proceeds, estimated at IDR470bn, will be used to exercise shares buyback by 10% stakes at IDR1,000 apiece and this news has been flagged out a week ago. We believe the shares buyback will provide positive sentiment to stock price trend, but not to a strong extent. The next catalyst for SSIA is to monetize Subang (whose land-banking is underway targeting 1k ha vs. currently 600ha) which we think will only materialize in 2H18F. On Cipali divestment, earlier we highlight SSIA s toll road divestment as one positive catalyst since it has been the biggest drag (on loss-making unit) for SSIA s P&L. The positive 2017F implication to RNAV from Cipali divestment is a +14% boost to IDR2,300 per share, bringing our TP higher to IDR1,000. Telkomsel and Huawei to prepare 5G technology Telkomsel and Huawei is currently conducting a trial run for Massive Internet of Things (MIoT) technology using Narrowband IoT. Telkomsels s management stated that this trial run will be the company s effort to accelerate the development of IoT ecosystem and 5G technology in Indonesia. The trial run is being implemented in the 900MHz frequency. (Investor Daily) PT MAP Boga Adiperkasa will go public MAPI s subsidiary, PT MAP Boga Adiperkasa (in F&B segment: Starbucks, Pizza Express, Krispy Kreme, Cold Stone and Godiva), will divest its 20% stake to public. The proceed will be used for business development and expansion. (Bisnis) Page 3 of 9

4 CORPORATE ACTION Date Ticker Company Event Desc 29-Mar-17 BJBR BPD Jabar & Banten AGM Venue: Ballroom Hotel Aryaduta, Bandung, at pm 29-Mar-17 BNLI Bank Permata AEGM Venue: Nusantara Room, Gedung WTC II Lt 21, Jakarta, at pm 29-Mar-17 ITMG Indo Tambangraya Megah AGM Venue: Ruang Seminar Bursa Efek Indonesia Tower 2 Lt1, Jakarta, at am 29-Mar-17 KRAS Krakatau Steel AGM Venue: Balai Kartini, Ruang Mawar Lt 2, Jakarta Selatan, at pm 29-Mar-17 MTFN Capitalinc Investment AGM Venue: Emitha Room, Grandkemang Hotel Lt 4, Jakarta, at am 29-Mar-17 SDPC Millennium Pharmacon Intl EGM Venue: Ruang Ksatria-Arya-Wira, Hotel Century Park, Jakarta, at am 30-Mar-17 BATA Sepatu Bata AGM Venue: Ruang Rapat, Graha Bata, Jakarta, at pm 30-Mar-17 BCIC Bank Jtrust Indonesia AGM Venue: Sakura Room, Sahid Sudirman Center Lt 35, Jakarta, at am 30-Mar-17 BKSL Sentul City Rights Issue Ratio: 3 (New): 5 (Old), Rp112/share, Cum Date: 30 Jan 2017, Ex Date 31 Jan Mar-17 FPNI Lotte Chemical Titan EGM Venue: The Bridge Function Room 3, Aston Rasuna Tower A, Jakarta, at am 30-Mar-17 LEAD Logindo Samudramakmur AEGM Venue: Ruang Seminar Bursa Efek Indonesia Tower 2 Lt1, Jakarta, at pm 30-Mar-17 NISP Bank OCBC Nisp AGM Venue: OCBC NISP Tower Lt 23, Jakarta, at pm 30-Mar-17 SDRA Bank Woori Saudara Indonesia AEGM Venue: The Financial Hall, Graha CIMB Niaga Lt 2, Jakarta, at am 30-Mar-17 SOBI Sorini Agro Asia Corporindo EGM Venue: Shangri-La Hotel Jakarta, at pm 30-Mar-17 TMPI Sigmagold Inti Perkasa EGM Venue: Meeting Room Amaris Hotel, Tendean, jakarta, at pm 31-Mar-17 BNII Bank Maybank Indonesia AGM Venue: Function Room Sentral Senayan III Lt 28, Jakarta, at pm 31-Mar-17 EXCL XL Axiata AGM Venue: Graha XL Lt 2, Kawasan Mega Kuningan, Jakarta, at am 31-Mar-17 INCF Indo Komoditi Korpora EGM Venue: Favehotel Melawai, Jakarta, at 02.00pm 31-Mar-17 MEGA Bank Mega AGM Venue: Auditorium Menara Bank Mega Lt 3, Jakarta, at pm 31-Mar-17 SMGR Semen Indonesia AGM Venue: Ballroom Mutiara 2 Hotel JW Marriot Lt 2, Jakarta, at pm 03-Apr-17 MMLP Mega Manunggal Property EGM Venue: - 04-Apr-17 PPRO PP Properti Rights Issue Ratio: 1 (Old) : 1 (New), Price Rp280/share, Cum date: 4 April 2017, Ex Date: 5 April Apr-17 SOBI Sorini Agro Asia Corporindo Tender Offer Price Rp4,250/shares, Offering Date: 6 April - 5 May 2017, Payment Date: 17 May Apr-17 ENRG Energi Mega Persada Reverse Stock Ratio: 8 (Old) : 1 (New), Cum date: 5 April 2017, Ex & Trading Date: 05-Apr-17 JPFA Japfa Comfeed Indonesia AGM Venue: Harris Hotel, Unique Room, Jakarta, at am 06-Apr-17 BBCA Bank Central Asia AGM Venue: Grand Ballroom, Hotel Indonesia Kempinski Lt 11, jakarta, at am 06-Apr-17 BKSL Sentul City Warrant Ratio: 1 (New): 1 (Old), Price Rp115/share, Trading Date: 6 Apr Mar Apr-17 PSAB J Resources Asia Pasific EGM Venue: Board Room, Financial Club Jakarta, Graha CIMB Niaga Lt27, Jakarta, at pm 07-Apr-17 NOBU Bank Nationalnobu AGM Venue: Monas II Room, Hotel Aryaduta Tugu Tani, Jakarta, at pm 10-Apr-17 ACST Acset Indonusa AGM Venue: Financial Club Jakarta, Graha CIMB Niaga Lt2, Jakarta, at pm 10-Apr-17 DNAR Bank Dinar Indonesia AEGM Venue: Olio-Elan Hotel Alila Lt3, Jakarta, at am 10-Apr-17 SAME Sarana Meditama Metropolitan AEGM Venue: Room Sadono Mulyo1, Hotel Le Meridien, Jakarta, at am 10-Apr-17 TBLA Tunas Baru Lampung EGM Venue: Legian 1 Room, Gran Melia Hotel, Jakarta, at am 10-Apr-17 IPO Bintraco Dharma, Offering Price Rp1,750-2,300 per share, IPO 150 mn shares 11-Apr-17 AALI Astra Agro Lestari AGM Venue: Dian Ballroom A Lt 11, Raffles Hotel Jakarta, Ciputra World 1, at am 11-Apr-17 ASGR Astra Graphia AGM Venue: Bandung-Surabaya Foyer Room, The Hemitage Jakarta, at am 12-Apr-17 AGRO BRI Agroniaga AGM Venue: Ruang Serbaguna Gedung BRI AGRO Lt4, Jakarta, at am 12-Apr-17 AUTO Astra Otoparts AGM Venue: East Java Ballroom, Lobby Level Hotel Westin, at am 12-Apr-17 BDMN Bank Danamon Indonesia AGM Venue: Auditorium Lt 23 Menara Bank Danamon, Jakarta, at am 12-Apr-17 BEKS BPD Banten AEGM Venue: Banten Ballroomn Hotel Le Dian Lt 2, Banten, at am 12-Apr-17 GIAA Garuda Indonesia AGM Venue: Ruang Auditorium, Gd Manajemen Garuda Indonesia, Cengkareng, at pm 12-Apr-17 MERK Merck AEGM Venue: Head Office, Jl T.B Simatupang No 8, Pasar Rebo Jakarta, at am 13-Apr-17 IBFN Intan Baruprana Finance AGM Venue: Auditorium Lt 5 INTA HQ Building, Jakarta, at pm 13-Apr-17 MMLP Mega Manunggal Property AEGM Venue: JS Luwansa Hotel & Convention Hall, Jakarta, at am 13-Apr-17 PLIN Plaza Indonesia Realty AGM Venue: Ruang Bromo, Hotel Grand Hyatt, Jakarta, at pm 13-Apr-17 UNTR United Tractors AGM Venue: Grand Ballroom PT United Tractors, Jakarta, at pm 17-Apr-17 BBYB Bank Yudha Bhakti AEGM Venue: Gedung Gozco Lt 5, Jakarta, at pm 17-Apr-17 RELI Reliance Securities AGM Venue: Reliance Capital Building Lt 3, Jakarta, am 17-Apr-17 TMAS Pelayaran Tempuran Emas AGM Venue: Gedung Bursa Efek Indonesia, Jakarta, at am 18-Apr-17 BFIN BFI Finance Indonesia AEGM Venue: The Darmawangsa, Kebayoran Baru, Jakarta, at am 18-Apr-17 DPUM Dua Putra Utama Makmur AGM Venue: - 18-Apr-17 DSFI Dharma Samudera Fishing Ind AGM Venue: Hotel Swiss Belinn Kemayoran, Jakarta, at am 18-Apr-17 MLBI Multi Bintang Indonesia AGM Venue: At am 20-Apr-17 AKRA AKR Corporindo AGM Venue: Bandahara Ballroom, Mercantile Athletic Club, WTC, Lt Penthouse, Jakarta, at am 20-Apr-17 ASII Astra International AGM Venue: Ballroom 1 & 2 Hotel Mulia, Jakarta 20-Apr-17 INAF Indofarma AGM Venue: - 20-Apr-17 INTA Intraco Penta AEGM Venue: Ballroom A Hotel Intercontinental, Jakarta, at am 20-Apr-17 ISSP Steel Pipe Industry of Indo EGM Venue: At am 20-Apr-17 KAEF Kimia Farma AGM Venue: Flores Ballroom, Hotel Borobudur, Jakarta, at am 20-Apr-17 MFMI Multifiling Mitra Indonesia AGM Venue: Holiday Inn, Cikarang Jababeka, Cikarang, at am 20-Apr-17 PTBA Tambang Batubara Bukit Asam AGM Venue: - 20-Apr-17 TCID Mandom Indonesia AGM Venue: Ballroom Hotel Ayana Midplaza, Jakarta, at am 20-Apr-17 TURI Tunas Ridean AGM Venue: Ballroom Hotel Pullman, Jakarta, at am 20-Apr-17 UNIT Nusantara Inti Corpora AEGM Venue: - 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5 Dividend Ticker Company Amount (IDR) Cum Date Ex Date Payment Date BJTM BPD Jawa Timur Feb-17 8-Feb-17 2-Mar-17 BPFI Batavia Prosperindo Finance Mar Mar Mar-17 PPRO PP Properti Mar Mar-17 5-Apr-17 ADHI Adhi Karya Mar Mar Apr-17 WTON Wijaya Karya Beton Mar Mar Apr-17 BMRI Bank Mandiri Mar Mar Apr-17 WSBP Waskita Beton Precast Mar Mar-17 5-Apr-17 BBRI Bank Rakyat Indonesia Mar Mar Apr-17 BSSR Baramulti Suksessarana Mar Mar Apr-17 JSMR Jasa Marga Mar Mar Apr-17 BBNI Bank Negara Indonesia Mar Mar Apr-17 PTPP Pembangunan Perumahan Mar Mar Apr-17 BBTN Bank Tabungan Negara Mar Mar Apr-17 WIKA Wijaya Karya Mar Mar Apr-17 WSKT Waskita Karya Mar Mar Apr-17 GMTD Gowa Makassar Tourism Development Mar Mar Apr-17 BOLT Garuda Metalindo Mar-17 1-Apr Apr-17 LPKR Lippo Karawaci Mar-17 3-Apr Apr-17 BTPN Bank Tabungan Pensiunan Nasional Apr-17 4-Apr Apr-17 BJBR BPD Jawa Barat Apr-17 6-Apr Apr-17 ITMG Indo Tambangraya Megah 1, Apr-17 6-Apr Apr-17 SDPC Millenium Pharmacon International Apr-17 6-Apr Apr-17 SDRA Bank Woori Saudara Indonesia Apr-17 7-Apr-17 3-May-17 BNII Bank Maybank Indonesia Apr Apr Apr-17 DSNG Dharma Satya Nusantara Apr Apr Apr-17 MEGA Bank Mega Apr Apr-17 3-May-17 SMGR Semen Indonesia Apr Apr-17 3-May-17 JPFA Japfa Comfeed Indonesia KLBF Kalbe Farma 20.00, IDX, BCA Sekuritas Estimate Page 5 of 9

6 FY2016 Actual vs Estimates Ticker 2016 Net Market Consensus (IDRtn) BCAS (IDRtn) Profit (IDRtn) Below Inline Above Below Inline Above AALI ACES ADHI ADRO* ANTM (0.1) ASII ASRI BBCA BBNI BBRI BBTN BDMN BEST BJBR BMRI BNGA BSDE CPIN CTRA DMAS ERAA EXCL 0.4 (0.5) GGRM HMSP ICBP INCO* INDF INTP ISAT ITMG* JPFA JSMR KIJA KLBF LPCK LPPF LSIP MAIN MAPI MEDC* MIKA MPPA PGAS* PTBA PTPP SGRO RALS SCMA SIDO SILO SIMP SMBR SMGR SMRA SSIA TELE TINS TLKM TOWR ULTJ UNTR UNVR WIKA WSKT WTON Number of companies , BCAS, 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 (%) 2016F 2017F 2016F 2017F 2016F 2017F 2016F 2017F 2016F 2017F 2016F 2017F 2016F 2017F 2016F 2017F 2016F 2017F Automotive (Neutral) - Darmawan Halim (darmawan.halim@bcasekuritas.co.id) ASII HOLD 8,775 8, , (1.7) ,156 20, Banking (Overweight) - Igor Nyoman Putra (igor.putra@bcasekuritas.co.id) BBCA - 17, , ,606 23, NA NA BBNI BUY 6,575 7, , ,339 13, NA NA BBRI BUY 13,000 13, , ,196 27, NA NA BBTN BUY 2,270 2,450 24, ,619 2, NA NA BDMN SELL 4,980 3,800 47, (0.4) ,669 3, NA NA BJBR SELL 2,020 1,500 19, (2.8) 1,154 1,547 (16.2) NA NA BMRI BUY 11,900 12, , (1.6) 13,807 17,893 (32.1) NA NA BNGA BUY 1,075 1,150 27, ,082 2, NA NA Sector 1,259, ,471 92, Cement (Neutral) - Nyoman Prabawa (nyoman.prabawa@bcasekuritas.co.id) INTP BUY 17,200 19,000 63, (11.1) 11.8 (26.1) ,075 4,265 (6.5) SMBR SELL 3, , (9.4) (29.3) SMGR BUY 9,125 11,000 54, (3.0) 5.7 (15.7) 9.3 4,522 4,126 (0.0) (8.7) Sector 152, (6.0) 8.2 (20.2) ,847 8,726 (4.2) (1.4) Coal (Neutral) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) ADRO BUY 1,890 2,150 60, (6.0) ITMG HOLD 21,550 20,600 24, (14.0) PTBA BUY 13,750 15,400 31, ,006 2,832 (1.5) Sector 116, (8.6) ,471 3, Cigarette (Neutral) - Jennifer Frederika Yapply (jennifer.yapply@bcasekuritas.co.id) GGRM BUY 67,950 75, , ,677 7, HMSP HOLD 4,030 4, , ,762 13, Sector 599, ,439 21, Consumer (Neutral) - Jennifer Frederika Yapply (jennifer.yapply@bcasekuritas.co.id) ICBP BUY 8,325 9,700 97, ,600 3, INDF BUY 7,975 9,300 70, (1.6) 3,730 4, KLBF HOLD 1,615 1,650 75, ,300 2, SIDO BUY , ULTJ BUY 4,200 5,400 12, UNVR HOLD 45,000 40, , ,503 6, Sector 606, ,307 19, Sector excl UNVR 263, ,805 12, Construction & Toll Road (Overweight) - Michael Ramba (michael.ramba@bcasekuritas.co.id) ADHI BUY 2,250 2,650 8, (32.4) PTPP BUY 3,230 5,200 20, ,023 1, WIKA BUY 2,300 3,600 20, ,012 1, WSKT BUY 2,370 3,500 32, ,713 2, WTON BUY 795 1,220 6, JSMR BUY 4,710 5,325 34, ,890 2, Sector 121, ,223 7, Heavy Equipment (Neutral) - Darmawan Halim (darmawan.halim@bcasekuritas.co.id) UNTR HOLD 29,000 24, , (7.7) 14.6 (21.9) ,002 6, Hospital (Overweight) - Jennifer Frederika Yapply (jennifer.yapply@bcasekuritas.co.id) MIKA BUY 2,600 3,250 37, SILO SELL 13,675 10,300 17, Sector 55, Industrial Estate (Overweight) - Igor Nyoman Putra (igor.putra@bcasekuritas.co.id) BEST BUY , (3.9) 17.3 (2.0) DMAS BUY , (23.2) 6.9 (26.5) ,004 (35.3) KIJA BUY , (14.1) 10.0 (34.0) LPCK BUY 4,210 6,700 2, (23.5) 32.2 (31.4) (33.8) SSIA BUY , (25.5) 23.6 (0.4) (39.3) Sector 27, (20.9) 18.2 (23.5) ,485 3,053 (20.6) 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 (%) 2016F 2017F 2016F 2017F 2016F 2017F 2016F 2017F 2016F 2017F 2016F 2017F 2016F 2017F 2016F 2017F 2016F 2017F Media (Overweight) - Jennifer Frederika Yapply (jennifer.yapply@bcasekuritas.co.id) MNCN BUY 1,870 2,150 26, ,727 1, SCMA BUY 2,930 3,450 42, ,608 1, Sector 69, ,335 3, Metal & Mining (Neutral) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) ANTM BUY , (13.5) 16.8 (56.5) (146.4) NA INCO HOLD 2,310 2,600 22, (26.0) 13.2 (82.1) (95.9) 2, TINS BUY 950 1,360 7, Sector 47, (15.4) 17.1 (19.6) (153.3) Oil & Gas (Neutral) - Nyoman Prabawa (nyoman.prabawa@bcasekuritas.co.id) PGAS BUY 2,420 3,160 58, (4.4) (0.1) (24.3) (25.9) MEDC BUY 3,190 2,930 10, (1.9) NA Sector 69, (6.1) 6.5 (18.5) Plantation (Overweight) - Nyoman Prabawa (nyoman.prabawa@bcasekuritas.co.id) AALI BUY 14,850 18,100 28, ,007 1, (5.5) LSIP BUY 1,460 1,800 9, (8.2) (4.7) SGRO BUY 2,040 2,300 3, (2.8) 24.3 (40.1) (23.9) SIMP BUY , Sector 52, ,581 3, Poultry (Neutral) - Johanes Prasetia (johanes.prasetia@bcasekuritas.co.id) CPIN HOLD 3,330 3,400 54, ,069 3, JPFA BUY 1,710 2,220 19, ,065 2, MAIN BUY 1,355 1,830 3, NA Sector 77, ,443 6, Property Residential (Neutral) - Michael Ramba (michael.ramba@bcasekuritas.co.id) ASRI HOLD , ,063 1, (5.6) BSDE BUY 1,875 2,510 36, (0.2) ,054 2,477 (3.6) CTRA BUY 1,175 2,150 21, (12.0) ,497 1,872 (3.5) SMRA BUY 1,360 1,405 19, (15.3) 5.5 (33.0) (83.1) Sector 84, (6.7) ,755 5,567 (6.7) Retails (Overweight) - Johanes Prasetia (johanes.prasetia@bcasekuritas.co.id) ACES BUY , LPPF BUY 13,275 16,350 38, ,020 2, MAPI BUY 6,075 6,300 10, MPPA SELL 1,075 1,125 5, (0.9) 5.2 (64.2) (76.7) RALS BUY 1,170 1,650 8, Sector 78, ,317 3, Telecommunication Sector (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) EXCL BUY 3,080 3,250 32, (6.7) 12.8 (99.0) NA NA ISAT BUY 7,000 8,700 38, ,849 NA TLKM BUY 4,250 4, , ,551 22, Sector 499, ,906 24, Telecommunication Retail (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) ERAA BUY , TELE BUY , Sector 8, Tower Telco (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id) TOWR BUY 3,930 5,150 40, ,042 3, Stock universe 4,429, , , , Stock universe exc HMSP UNVR 3,617, , , , Page 8 of 9

9 Teguh Hartanto Director of Equity, ext: 129 RESEARCH DIVISION Darmawan Halim Arga Samudro Igor Nyoman Putra Head of Research, ext: 168 FI Analyst, ext: 181 Equity Analyst, ext: 178 Strategy, Automotive, Heavy Equipment FI Strategies & Macroeconomist Banking, Industrial Estate Jennifer Frederika Yapply Aditya Eka Prakasa Johanes Prasetia Equity Analyst, ext: 179 Equity Analyst, ext: 182 Equity Analyst, ext: 185 Cigarettes, Consumer, Health Care Telco, Coal, Metal Mining Retail, Poultry Michael Ramba Nyoman Widita Prabawa Achmad Yaki Yamani Equity Analyst, ext: 184 Equity Analyst, ext: 180 Technical Analyst, ext: 186 Construction, Property Residential 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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