Bahana Beacon Indonesia Morning Brief

Asiamoney s 2013 Best Domestic Equity House Monday, 8 July 2013 Bahana Beacon Indonesia Morning Brief TODAY S NEWS ECONOMICS BI: July s inflation to reach 2% m-m June FX reserves fell to USD98.1b BI cut 2013 GDP growth estimate to 5.8%-6.2% BKPM: 2Q13 investment realization to reach IDR97t BOURSE Three companies will list today Grand Kartech plans to IPO in 4Q13 INDUSTRY BI s new Deputy Governor to be announced this evening Telco sector: Govt to set rules on SIM card prices Subsidized housing loans far from initial target CORPORATE BBTN collaborated with BSM to expand remittance business Rothschild complained that Bumi Plc could have misled separation plan CTRP targets to open 20 budget hotels in the next 1-2 years IDX: 4,602.8 (+0.5%) Turnover: IDR3.1t (-3.8%) Foreign net sell: IDR263b (+31.9%) INDICES Asia Last Chg% ytd % y-y % Hang Seng (HK) 20,854.7 1.9 (8.0) 5.3 IDX (Indonesia) 4,602.8 0.5 6.6 13.1 KLCI (Malaysia) 1,772.3 0.1 4.9 9.8 KOSPI (Korea) 1,833.3 (0.3) (8.2) (2.2) Nikkei (Japan) 14,310.0 2.1 37.7 57.6 PCOMP (Phil.) 6,500.5 0.6 11.8 21.1 SENSEX (India) 19,495.8 0.4 0.4 11.2 SET (Thailand) 1,441.3 0.7 3.5 19.9 SHCOMP (China) 2,007.2 0.1 (11.5) (8.8) Shenzhen (China) 922.4 (0.7) 4.7 0.9 STI (Singapore) 3,169.7 0.7 0.1 6.7 TWSE (Taiwan) 8,001.8 1.4 3.9 8.3 VNI (Vietnam) 485.7 (0.3) 17.4 17.4 Europe, USA and SA CAC 40 (France) 3,753.9 (1.5) 3.1 18.5 DAX (Germany) 7,806.0 (2.4) 2.5 21.8 Dow Jones (USA) 15,135.8 1.0 15.5 18.5 FTSE 100 (UK) 6,375.5 (0.7) 8.1 12.6 IBOV (Brazil) 45,210.5 (1.2) (25.8) (18.4) NASDAQ (USA) 3,479.4 1.0 15.2 18.5 RTSI (Russia) 1,274.8 0.5 (16.5) (6.1) S&P 500 (USA) 1,631.9 1.0 14.4 20.5 Source: Bloomberg ECONOMIC INDICATORS MARKET DATA 12A 13F 14F 12A 13F 14F Cur acc bal (%GDP) (2.7) (2.3) (1.5) Op.prof.gwt.(%) 12.5 8.7 11.7 Fiscal bal (%GDP) (2.2) (2.4) (2.0) Op.prof.gwt. exc. coal 13.7 9.4 12.2 GDP growth (%y-y) 6.3 5.9 6.0 EPS growth (%) 5.0 8.0 12.5 Private spending (%) 5.3 5.8 5.8 EPS gwt exc. coal (%) 8.7 12.1 12.8 Investment (%y-y) 11.5 10.5 11.7 P/E (x) 20.5 17.9 15.8 Total exports (%y-y) 1.3 7.3 10.4 P/E exc. coal (x) 21.2 18.4 16.2 Total imports (%y-y) 9.5 11.7 12.5 PEG (x) 4.1 2.2 1.3 Inflation (%y-y) 4.3 8.9 5.6 PEG exc. coal (x) 2.4 1.5 1.3 IDR/USD 9,679 9,700 9,650 EV/EBITDA (x) 10.7 9.3 8.3 BI rate (% p.a.) 5.75 6.75 6.25 P/BV (x) 7.3 6.1 5.2 Brent Oil (Usd/bbl) 107.0 103.0 105.0 Div. Yield (%) 2.3 2.4 2.7 FX reserve (USDb) 112.0 103.0 105.0 ROE (%) 31.8 29.6 28.5 Source: Bahana estimates Source: Bahana estimates ETF, ADRS & COMMODITIES Last Chg% ytd % y-y % EIDO US (USD) 29.4 (1.7) (2.9) 2.2 TLK US (IDR) 10,792 1.8 17.1 24.9 Coal (USD/t) 77.0 0.0 (17.9) (13.5) Corn (USD/mtn) 259 0.0 (3.5) (12.0) Coffee (USD/t) 2,572 0.1 (9.8) (26.5) Copper (USD/t) 6,783 (2.5) (14.2) (11.9) Cotton (USD/t) 1,845 (0.8) 11.4 18.0 CPO (USD/t-MPOB) 740 0.5 5.8 (23.8) DOC (IDR/kg) 6,750 0.0 92.9 18.2 Gold (USD/oz.) 1,221 (2.2) (27.1) 22.7 Iron ore (USD/mtn) 123 0.5 (15.4) (9.1) Milk (USD/t) 378 0.1 (7.5) 1.2 Nickel (USD/t) 13,232 (3.8) (22.2) (20.6) Oil (USD/barrel) 103.7 2.4 12.9 22.8 Rice (IDR/kg) 8,700 0.0 2.4 4.8 Rubber (USD/t) 2,232 (0.7) (25.3) (25.3) Soybean oil (USD/t) 1,041 0.0 (3.9) (11.4) Steel (USD/t) 577 0.3 (11.0) (13.3) Sugar (USD/t) 491 (1.1) (6.9) (2.9) Tins (USD/t) 18,788 (5.8) (19.6) (0.6) Wheat (USD/t) 242 (0.8) (18.2) (19.3) Source: Bloomberg CURRENCIES & RATES Last Prev. Ytd % y-y % AUD/USD 0.906 0.915 12.9 12.8 USD/EUR 1.282 1.289 2.8 (0.1) IDR/USD 10,030 9,985 4.1 4.8 JPY/USD 101.430 100.240 16.9 (29.6) SGD/USD 1.281 1.275 (4.9) (3.7) JIBOR (%) 4.36 4.39 0.1 0.4 BI rate (%) 6.00 6.00 0.3 0.3 TD 1 month (%) 5.38 5.45 0.0 0.1 CDS (bps) 209.6 216.5 54.1 16.0 Source: Bloomberg Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. Investors should consider this report as only a single factor in making their investment decision.

ECONOMICS BI: July s inflation to reach 2% m-m Agus Martowardojo, Bank Indonesia s Governor, stated that due to full impact of higher fuel prices along with seasonal effects including the fasting month and back-to-school, July s inflation would likely to reach 2% m-m, translating to annual CPI at 7.5% y-y. Bahana: We concur with BI s expectation as we expect July s CPI to reach 2%-2.35% m-m, reflecting annual level at 7.5%-7.63% y-y. At this stage, we believe the central bank, at the BOG meeting on 11 July, would further raise its benchmark rate by 25bps to 6.25% while Deposit Facility (Fasbi) rate is expected to be increased also by 25bps to 4.50%. (Kontan) June FX reserves fell to USD98.1b Bank Indonesia stated that Indonesia s June foreign exchange (FX) reserves dropped 6% m-m to USD98.1b compared to previous month s level of USD105.1b due to the central bank s intervention in defending the IDR against the USD and overseas debt payments. (Jakarta Post, Investor Daily, Bloomberg) BI cut 2013 GDP growth estimate to 5.8%-6.2% Due to investment slowdown and sluggish global economic recoveries, Bank Indonesia has cut 2013 GDP growth estimate from 5.9%-6.3% to 5.8%-6.2%. Bahana: This is in line with our earlier revised down 2013 GDP growth target from 6.4% to 5.9% mainly on higher fuel prices which would decelerate purchasing power. (Bisnis Indonesia, Indonesia Finance Today) BKPM: 2Q13 investment realization to reach IDR97t Investment Coordinating Board (BKPM) expects 2Q13 investment realization to remain solid, reaching IDR97t, up 26.1% y-y. (Bisnis Indonesia) BOURSE Three companies will list today Company Ticker Industry Offered shares (million) IPO price Fund raised (IDR) (IDRb) Underwriter Bank Mestika Dharma BBMD Bank 430 1,380 593 Ciptadana Multipolar Technology MLPT I.T 375 480 180 Ciptadana Victoria Investama VICO Investment 1,200 w/ 2,133 warrants 125 150 AAA Securities Source: IDX Grand Kartech plans to IPO in 4Q13 Grand Kartech, and engineering (boilers, etc.) and manufacturing company, plans to release as much as 550m shares (10% free float) using 4M13 financial statement. Andalan Artha Advisindo Securities is the lead underwriter. (Bisnis Indonesia) INDUSTRY BI s new Deputy Governor to be announced this evening Muliaman Hadad s selection as Chairman of the Financial Services Authority (OJK), has brought about three equally strong Deputy Governor candidates (according to DPR s Commission XI Deputy, Harry Azhar Azis) who have undergone fit-and-proper tests on 1 July 2013. The three candidates are Mulya Siregar and Hendar, both current assistant governors, and Treesna Wilda Suparyono, Executive Director of Foreign Exchange Management in BI. This evening (Monday, 8 July 2013), Commission XI of the House of Representatives (DPR) shall decide the new Deputy Governor in an upcoming internal meeting. (Investor Daily) PT Bahana Securities Equity Research Bahana Beacon - The Daily 2

Telco sector: Govt to set rules on SIM card prices The government is planning to set IDR100k (USD10) as the minimum selling price for SIM cards (currently SIM cards are sold IDR5-10k per unit) and tighten the process of registration (ID card submission a must). This step is taken to reduce churn rate and sms spamming. Nonot Harsono, a member of the Indonesian Telecommunication Regulation Agency (BRTI), stated that the new ruling will be soon tested and implemented by 2014. Bahana: This will negatively impact the telco sector in a minimal way as SIM cards only contribute a small portion of revenues. (Investor Daily) Subsidized housing loans far from initial target Undeniable weakness within the property sector s regulations has led to several disturbances such as sky rocketing land and raw materials prices caused by speculators resulting developers hesitations in participating in the government s low cost housing projects. The ministry of public housing has recorded subsidized housing loans to only reach 35,796 units (29.58%) valued IDR1.81t as on 28 June 2013 from FY13 target of 121,000 units. In addition, subsidized apartment loans only reach 5 units (1%) from a target of 500 units. Bahana: The supply shortage of subsidized low-end housing will adversely impact BBTN (BBTN-BUY-IDR1,080-TP:IDR1,600) subsidized mortgage loan growth. (Investor Daily) CORPORATE BBTN collaborated with BSM to expand remittance business Bank Tabungan Negara (BBTN-BUY-IDR1,080-TP:IDR1,600) collaborated with Bank Simpanan Malaysia (BSM) to expand remittance business. BBTN s President Director, Maryono, stated that, BBTN targets remittance business to boost fee-based income growth to 15% in 2013. (Bisnis Indonesia) Rothschild complained that Bumi Plc could have misled separation plan Nat Rothschild has asked the Financial Conduct Authority to investigate whether Bumi Plc has made false statements to the market regarding its USD278m separation deal from the Bakries. Mr. Rothschild complained to the FCA that Bumi Plc s references to USD50m escrow perpetuated the implication that the USD50m deposit was non-refundable. Last week, there were also rumors that there may be a new deal that could see the Bakries sell their stake for cash. Potential buyers for the Bakries stake in Bumi Plc are Samin Tan and Thaksin Shinawatra. (Telegraph) CTRP targets to open 20 budget hotels in the next 1-2 years Ciputra Property s (CTRP-BUY-IDR1,070-TP:IDR1,380) Director, Artadinata Djangkar, stated that the company plans to improve recurring income by opening 20 budget hotels in the next 1-2 years under the name of Citradream with each hotel costing IDR40-50b to establish. Arta added that he expects 5-6 Citradreams to be opened by end 2013. Each budget hotel will be designed with 10-12 floors for 120-140 units with rental price of IDR300k-400k (USD30-40)/night. (Investor Daily) PT Bahana Securities Equity Research Bahana Beacon - The Daily 3

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside) 7/5/2013 7/4/2013 CHANGE (%) Potential (%) Alam Sutera Realty ASRI BUY 1,050 41.9 740 690 7.2 J Resources Asia Pasifik PSAB HOLD 6,000 87.5 3,200 3,050 4.9 Kalbe Farma KLBF BUY 1,580 9.7 1,440 1,380 4.3 Waskita Karya WSKT BUY 1,030 41.1 730 700 4.3 Unilever Indonesia UNVR HOLD 31,150 6.3 29,300 28,200 3.9 Astra Agro Lestari AALI BUY 24,000 33.3 18,000 17,350 3.7 Bukit Asam PTBA REDUCE 10,900 (13.1) 12,550 12,150 3.3 Astra International ASII REDUCE 6,200 (8.1) 6,750 6,550 3.1 Charoen Pokhpand Indonesia CPIN REDUCE 4,200 (6.1) 4,475 4,350 2.9 Surya Semesta Internusa SSIA HOLD 1,800 52.5 1,180 1,150 2.6 Adaro Energy ADRO REDUCE 740 (6.3) 790 770 2.6 Salim Ivomas Pratama SIMP HOLD 800 (5.9) 850 830 2.4 Nippon Indosari Corpindo ROTI BUY 8,925 19.8 7,450 7,300 2.1 Timah TINS REDUCE 1,000 0.0 1,000 980 2.0 Bank Negara Indonesia BBNI BUY 5,200 27.6 4,075 4,000 1.9 Wintermar WINS HOLD 600 9.1 550 540 1.9 Indofood CBP Sukses Makmur ICBP BUY 14,700 32.4 11,100 10,900 1.8 Summarecon Agung SMRA BUY 1,600 42.9 1,120 1,100 1.8 Bank Jabar Banten BJBR HOLD 1,250 5.9 1,180 1,160 1.7 Jasa Marga JSMR * * * 6,300 6,200 1.6 Malindo Feedmill MAIN BUY 4,000 23.1 3,250 3,200 1.6 Kawasan Industri Jababeka KIJA BUY 445 29.0 345 340 1.5 Mitra Adiperkasa MAPI BUY 10,000 40.8 7,100 7,000 1.4 Bekasi Fajar Industrial Estate BEST BUY 800 11.1 720 710 1.4 Agung Podomoro Land APLN HOLD 460 26.0 365 360 1.4 Bank Jatim BJTM HOLD 480 24.7 385 380 1.3 Indo Tambangraya Megah ITMG REDUCE 23,000 (17.9) 28,000 27,700 1.1 Garuda Indonesia GIAA * * * 490 485 1.0 Total Bangun Persada TOTL HOLD 1,200 12.1 1,070 1,060 0.9 Bank Tabungan Negara BBTN BUY 1,600 48.1 1,080 1,070 0.9 Telkom Indonesia TLKM BUY 14,500 31.8 11,000 10,900 0.9 Pembangunan Perumahan PTPP BUY 1,600 42.9 1,120 1,110 0.9 Lippo Cikarang LPCK BUY 9,300 20.0 7,750 7,700 0.6 Tempo Scan Pacific TSPC BUY 3,950 1.9 3,875 3,850 0.6 Bank Tabungan Pensiunan Negara BTPN HOLD 5,400 30.1 4,150 4,125 0.6 Wijaya Karya WIKA BUY 3,200 66.7 1,920 1,910 0.5 IDX IDX 4,603 4,582 0.5 Gudang Garam GGRM HOLD 55,000 12.1 49,050 49,000 0.1 Adhi Karya ADHI BUY 4,400 54.4 2,850 2,850 0.0 Aneka Tambang ANTM REDUCE 1,125 12.5 1,000 1,000 0.0 Bakrie Telekomunikasi BTEL REDUCE 50 0.0 50 50 0.0 Bank Bukopin BBKP HOLD 750 7.1 700 700 0.0 Bank Mandiri BMRI BUY 10,400 27.6 8,150 8,150 0.0 Bank Rakyat Indonesia BBRI HOLD 8,500 9.7 7,750 7,750 0.0 Borneo Lumbung Energi BORN REDUCE 350 (9.1) 385 385 0.0 Cardig Aero Services CASS BUY 1,010 12.2 900 900 0.0 Ciputra Development CTRA BUY 1,600 45.5 1,100 1,100 0.0 Citra Marga Nusaphala Persada CMNP BUY 2,200 (30.7) 3,175 3,175 0.0 Gajah Tunggal GJTL HOLD 2,400 (23.2) 3,125 3,125 0.0 Gozco Plantations GZCO REDUCE 100 (23.7) 131 131 0.0 Indocement INTP BUY 25,300 12.2 22,550 22,550 0.0 Indofood Sukses Makmur INDF BUY 8,500 20.6 7,050 7,050 0.0 London Sumatra Indonesia LSIP HOLD 1,900 24.2 1,530 1,530 0.0 Medco Energi International MEDC * * * 1,690 1,690 0.0 Ramayana Lestari Sentosa RALS HOLD 1,350 9.8 1,230 1,230 0.0 Sarana Menara Nusantara TOWR HOLD 29,500 9.3 27,000 27,000 0.0 Semen Gresik SMGR HOLD 17,600 12.8 15,600 15,650 (0.3) Bank Central Asia BBCA BUY 11,200 17.9 9,500 9,550 (0.5) Bank Danamon BDMN HOLD 7,000 27.3 5,500 5,550 (0.9) Indomobil Sukses International IMAS HOLD 5,425 2.4 5,300 5,350 (0.9) Surya Citra Media SCMA BUY 2,475 (6.6) 2,650 2,675 (0.9) AKR Corporindo AKRA REDUCE 4,500 (6.7) 4,825 4,875 (1.0) Vale Indonesia INCO REDUCE 2,000 5.3 1,900 1,920 (1.0) Krakatau Steel KRAS REDUCE 400 (13.0) 460 465 (1.1) Supra Boga Lestari RANC BUY 1,120 24.4 900 910 (1.1) United Tractors UNTR REDUCE 15,000 (13.3) 17,300 17,500 (1.1) Bumi Serpong Damai BSDE BUY 2,125 27.2 1,670 1,690 (1.2) Hero Supermarket HERO REDUCE 3,596 (2.8) 3,700 3,750 (1.3) Lippo Karawaci LPKR BUY 1,640 23.3 1,330 1,350 (1.5) Indosat ISAT HOLD 6,500 37.6 4,725 4,800 (1.6) Adi Sarana Armada ASSA BUY 480 68.4 285 290 (1.7) Ciputra Property CTRP BUY 1,380 29.0 1,070 1,090 (1.8) Sampoerna Agro SGRO HOLD 1,800 12.5 1,600 1,630 (1.8) Erjaya Swasembada ERAA REDUCE 3,050 17.3 2,600 2,650 (1.9) Bumi Resources BUMI REDUCE 500 (2.0) 510 520 (1.9) Japfa Comfeed Indonesia JPFA BUY 2,250 51.0 1,490 1,520 (2.0) Austindo Nusantara Jaya ANJT BUY 1,650 31.0 1,260 1,300 (3.1) Harum Energy HRUM REDUCE 3,000 (2.4) 3,075 3,175 (3.1) Perusahaan Gas Negara PGAS HOLD 6,800 22.5 5,550 5,750 (3.5) XL Axiata EXCL BUY 6,200 40.9 4,400 4,600 (4.3) ACE Hardware Indonesia ACES HOLD 800 23.1 650 680 (4.4) Tiphone Mobile Indonesia TELE BUY 900 52.5 590 620 (4.8) BW Plantation BWPT BUY 1,300 49.4 870 920 (5.4) Source: Bloomberg *Under our restricted list PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Weekly) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside) 7/5/2013 6/28/2013 CHANGE (%) Potential (%) Sarana Menara Nusantara TOWR HOLD 29,500 9.3 27,000 19,500 38.5 Cardig Aero Services CASS BUY 1,010 12.2 900 860 4.7 Jasa Marga JSMR * * * 6,300 6,050 4.1 Citra Marga Nusaphala Persada CMNP BUY 2,200 (30.7) 3,175 3,075 3.3 Harum Energy HRUM REDUCE 3,000 (2.4) 3,075 3,025 1.7 Malindo Feedmill MAIN BUY 4,000 23.1 3,250 3,200 1.6 Mitra Adiperkasa MAPI BUY 10,000 40.8 7,100 7,000 1.4 Adi Sarana Armada ASSA BUY 480 68.4 285 285 0.0 Aneka Tambang ANTM REDUCE 1,125 12.5 1,000 1,000 0.0 Bakrie Telekomunikasi BTEL REDUCE 50 0.0 50 50 0.0 Bank Jabar Banten BJBR HOLD 1,250 5.9 1,180 1,180 0.0 Bank Rakyat Indonesia BBRI HOLD 8,500 9.7 7,750 7,750 0.0 Bank Tabungan Pensiunan Negara BTPN HOLD 5,400 30.1 4,150 4,150 0.0 Borneo Lumbung Energi BORN REDUCE 350 (9.1) 385 385 0.0 Indomobil Sukses International IMAS HOLD 5,425 2.4 5,300 5,300 0.0 Indomobil Sukses International IMAS HOLD 5,425 2.4 5,300 5,300 0.0 Kalbe Farma KLBF BUY 1,580 9.7 1,440 1,440 0.0 Medco Energi International MEDC * * * 1,690 1,690 0.0 Indo Tambangraya Megah ITMG REDUCE 23,000 (17.9) 28,000 28,150 (0.5) Alam Sutera Realty ASRI BUY 1,050 41.9 740 750 (1.3) Supra Boga Lestari RANC BUY 1,120 24.4 900 920 (2.2) Telkom Indonesia TLKM BUY 14,500 31.8 11,000 11,250 (2.2) Gajah Tunggal GJTL HOLD 2,400 (23.2) 3,125 3,200 (2.3) Sampoerna Agro SGRO HOLD 1,800 12.5 1,600 1,640 (2.4) Bank Jatim BJTM HOLD 480 24.7 385 395 (2.5) Hero Supermarket HERO REDUCE 3,596 (2.8) 3,700 3,800 (2.6) Surya Citra Media SCMA BUY 2,475 (6.6) 2,650 2,725 (2.8) Bank Bukopin BBKP HOLD 750 7.1 700 720 (2.8) Kawasan Industri Jababeka KIJA BUY 445 29.0 345 355 (2.8) Timah TINS REDUCE 1,000 0.0 1,000 1,030 (2.9) Gozco Plantations GZCO REDUCE 100 (23.7) 131 135 (3.0) Gudang Garam GGRM HOLD 55,000 12.1 49,050 50,600 (3.1) Austindo Nusantara Jaya ANJT BUY 1,650 31.0 1,260 1,300 (3.1) Krakatau Steel KRAS REDUCE 400 (13.0) 460 475 (3.2) Tiphone Mobile Indonesia TELE BUY 900 52.5 590 610 (3.3) Perusahaan Gas Negara PGAS HOLD 6,800 22.5 5,550 5,750 (3.5) Astra International ASII REDUCE 6,200 (8.1) 6,750 7,000 (3.6) Indofood Sukses Makmur INDF BUY 8,500 20.6 7,050 7,350 (4.1) IDX IDX 4,603 4,819 (4.5) Unilever Indonesia UNVR HOLD 31,150 6.3 29,300 30,750 (4.7) United Tractors UNTR REDUCE 15,000 (13.3) 17,300 18,200 (4.9) Bank Central Asia BBCA BUY 11,200 17.9 9,500 10,000 (5.0) Nippon Indosari Corpindo ROTI BUY 8,925 19.8 7,450 7,850 (5.1) Wintermar WINS HOLD 600 9.1 550 580 (5.2) Agung Podomoro Land APLN HOLD 460 26.0 365 385 (5.2) Waskita Karya WSKT BUY 1,030 41.1 730 770 (5.2) Bank Negara Indonesia BBNI BUY 5,200 27.6 4,075 4,300 (5.2) Ramayana Lestari Sentosa RALS HOLD 1,350 9.8 1,230 1,300 (5.4) Salim Ivomas Pratama SIMP HOLD 800 (5.9) 850 900 (5.6) Bukit Asam PTBA REDUCE 10,900 (13.1) 12,550 13,300 (5.6) Garuda Indonesia GIAA * * * 490 520 (5.8) Bank Danamon BDMN HOLD 7,000 27.3 5,500 5,850 (6.0) Bank Tabungan Negara BBTN BUY 1,600 48.1 1,080 1,150 (6.1) Vale Indonesia INCO REDUCE 2,000 5.3 1,900 2,025 (6.2) Wijaya Karya WIKA BUY 3,200 66.7 1,920 2,050 (6.3) Surya Semesta Internusa TSPC BUY 3,950 1.9 3,875 4,150 (6.6) Bumi Serpong Damai BSDE BUY 2,125 27.2 1,670 1,800 (7.2) Bumi Resources BUMI REDUCE 500 (2.0) 510 550 (7.3) Japfa Comfeed Indonesia JPFA BUY 2,250 51.0 1,490 1,610 (7.5) Indocement INTP BUY 25,300 12.2 22,550 24,450 (7.8) Adaro Energy ADRO REDUCE 800 1.3 790 860 (8.1) Astra Agro Lestari AALI BUY 24,000 33.3 18,000 19,700 (8.6) Semen Gresik SMGR HOLD 17,600 12.8 15,600 17,100 (8.8) XL Axiata EXCL BUY 6,200 40.9 4,400 4,825 (8.8) Bekasi Fajar Industrial Estate BEST BUY 1,190 65.3 720 790 (8.9) AKR Corporindo AKRA REDUCE 4,500 (6.7) 4,825 5,300 (9.0) Indofood CBP Sukses Makmur ICBP BUY 14,700 32.4 11,100 12,200 (9.0) Surya Semesta Internusa SSIA HOLD 1,800 52.5 1,180 1,300 (9.2) Total Bangun Persada TOTL HOLD 1,200 12.1 1,070 1,180 (9.3) Lippo Cikarang LPCK BUY 9,300 20.0 7,750 8,550 (9.4) BW Plantation BWPT BUY 1,300 49.4 870 960 (9.4) Bank Mandiri BMRI BUY 10,400 27.6 8,150 9,000 (9.4) Indosat ISAT HOLD 6,500 37.6 4,725 5,250 (10.0) Ciputra Property CTRP BUY 1,380 29.0 1,070 1,190 (10.1) Ciputra Property CTRP BUY 1,380 29.0 1,070 1,190 (10.1) London Sumatra Indonesia LSIP HOLD 1,900 24.2 1,530 1,720 (11.0) ACE Hardware Indonesia ACES HOLD 800 23.1 650 740 (12.2) Lippo Karawaci LPKR BUY 1,640 23.3 1,330 1,520 (12.5) Charoen Pokhpand Indonesia CPIN REDUCE 4,200 (6.1) 4,475 5,150 (13.1) Summarecon Agung SMRA BUY 1,600 42.9 1,120 1,290 (13.2) Adhi Karya ADHI BUY 4,400 54.4 2,850 3,325 (14.3) Pembangunan Perumahan PTPP BUY 1,600 42.9 1,120 1,350 (17.0) Ciputra Development CTRA BUY 1,600 45.5 1,100 1,350 (18.5) Source: Bloomberg *Under our restricted list PT Bahana Securities Equity Research Bahana Beacon - The Daily 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 (%) 2013 2014 (IDR) (IDR) (m) (%) (IDRb) (IDRb) 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 12,972 8.4 39,513 45,623 2,054 2,670 1,411 1,750 36.2 22.6 9.8 8.0 4.7 3.8 1.6 1.3 0.1 0.1 46.6 42.5 16.4 16.7 AERO SERVICE N GIAA * 490 * 22,641 28.0 11,094 8.1 38,247 44,205 1,735 2,324 1,285 1,604 38.7 23.8 8.9 7.2 4.6 3.7 1.1 1.0 0.0 0.0 46.6 42.5 13.7 14.6 CASS BUY 900 1,010 2,087 15.0 1,878 0.3 1,265 1,418 319 346 125 146 24.2 16.3 15.0 12.9 5.2 4.6 4.2 3.3 0.7 0.8 nc nc 32.3 28.6 AUTOMOTIVE RELATED N 299,778 323.3 240,573 249,924 21,472 22,931 21,343 22,689 (6.1) 5.8 14.1 13.3 12.3 11.3 3.2 2.8 2.9 3.1 46.5 36.2 24.2 22.4 ASII REDUCE 6,750 6,200 40,484 49.8 273,264 260.8 201,739 203,255 18,783 19,970 19,037 20,042 (2.0) 5.3 14.4 13.6 12.4 11.5 3.3 2.9 3.1 3.3 48.3 37.4 24.9 23.0 IMAS HOLD 5,300 5,425 2,765 29.6 14,656 31.9 24,746 31,456 907 1,048 1,075 1,266 14.2 17.7 13.6 11.6 14.5 12.8 2.3 2.0 1.6 1.8 20.2 21.0 16.5 16.6 GJTL HOLD 3,125 2,400 3,485 40.3 10,890 24.3 13,054 13,915 1,577 1,651 1,148 1,285 8.0 12.0 9.5 8.5 6.1 5.4 1.7 1.4 0.0 0.0 27.0 12.6 19.1 17.7 ASSA BUY 285 480 3,398 40.0 968 6.4 1,034 1,298 205 262 83 96 110.4 15.1 11.6 10.1 4.5 4.2 1.2 1.0 0.0 0.0 139.9 170.8 10.5 10.9 BANKS N 802,699 1,054.0 210,650 243,106 89,926 103,483 72,107 82,769 16.1 14.8 11.9 10.3 na na 2.5 2.1 2.0 2.3 na na 23.1 21.9 BBCA BUY 9,500 11,200 24,655 50.8 234,223 158.0 35,656 40,903 16,821 19,622 14,002 16,309 18.5 16.5 16.7 14.4 na na 3.7 3.1 1.5 1.8 na na 24.4 23.3 BMRI BUY 8,150 10,400 23,333 40.0 190,167 286.4 49,807 58,863 22,574 26,194 17,714 20,558 17.3 16.1 10.7 9.3 na na 2.2 1.8 2.3 2.7 na na 21.9 21.5 BBRI HOLD 7,750 8,500 24,669 43.2 191,186 324.0 51,096 58,125 24,015 26,885 20,079 22,335 12.7 11.2 9.5 8.6 na na 2.3 1.9 1.7 1.8 na na 27.4 24.4 BBNI BUY 4,075 5,200 18,649 40.9 75,993 150.2 27,147 31,025 9,799 11,419 8,148 9,474 17.1 16.3 9.3 8.0 na na 1.5 1.3 2.7 3.1 na na 17.4 17.7 BDMN HOLD 5,500 7,000 9,585 26.2 52,716 32.2 21,498 24,330 7,102 8,021 4,636 5,217 12.2 12.5 11.4 10.1 na na 1.6 1.5 2.2 2.2 na na 15.2 15.2 BTPN HOLD 4,150 5,400 5,840 41.3 24,237 8.2 7,609 9,151 3,008 3,616 2,411 2,898 20.9 20.2 10.1 8.4 na na 2.4 1.9 0.0 0.0 na na 27.0 25.0 BBTN BUY 1,080 1,600 10,563 38.6 11,408 30.2 6,478 7,786 2,320 2,837 1,702 2,081 5.1 22.2 6.6 5.4 na na 0.9 0.8 3.0 3.7 na na 15.4 16.4 BJBR HOLD 1,180 1,250 9,696 49.4 11,442 16.8 5,072 5,850 1,792 2,068 1,434 1,654 22.1 15.4 8.0 6.9 na na 1.7 1.5 5.5 5.6 na na 22.5 22.7 BJTM HOLD 385 480 14,918 20.0 5,743 15.0 2,707 3,083 1,277 1,471 1,010 1,165 24.5 15.3 5.7 4.9 na na 1.0 0.9 10.6 11.2 na na 17.6 18.7 BBKP HOLD 700 750 7,979 25.5 5,586 32.9 3,578 3,991 1,217 1,350 971 1,078 12.7 11.0 5.7 5.2 na na 1.0 0.9 4.7 5.0 na na 18.1 17.6 CEMENT OW 175,543 160.2 44,084 50,887 14,367 16,988 11,483 13,456 20.4 17.9 15.3 13.0 10.6 9.1 4.0 3.3 2.3 2.7 5.8 8.1 28.6 27.8 SMGR HOLD 15,600 17,600 5,932 49.0 92,532 67.4 23,710 27,116 7,330 8,712 5,949 7,031 24.6 18.2 15.6 13.2 11.3 9.7 4.4 3.7 2.6 3.0 5.8 8.1 31.0 30.4 INTP BUY 22,550 25,300 3,681 36.0 83,012 92.8 20,373 23,771 7,037 8,275 5,534 6,425 16.0 16.1 15.0 12.9 9.8 8.5 3.5 2.9 2.0 2.3 nc nc 25.8 24.8 COAL UW 111,544 190.3 111,125 112,537 21,100 19,730 13,840 12,883 (23.6) 1.4 10.4 10.6 6.1 5.9 2.2 2.0 6.9 5.3 42.3 34.8 21.8 20.1 ADRO REDUCE 790 740 31,986 40.1 25,269 40.8 32,942 32,730 7,162 7,048 3,091 2,941 (27.6) (4.4) 8.3 8.7 4.4 4.4 1.0 0.9 6.5 4.7 57.5 53.8 12.0 10.8 ITMG REDUCE 28,000 23,000 1,130 35.0 31,638 39.4 21,245 21,250 4,324 4,569 5,560 5,561 (25.0) 2.6 10.5 10.3 5.3 5.0 3.3 3.0 10.3 7.7 nc nc 32.0 31.9 PTBA REDUCE 12,550 10,900 2,304 35.0 28,917 40.6 10,316 10,521 2,494 2,411 2,212 2,173 (23.3) (1.8) 13.1 13.3 8.3 8.3 3.0 2.8 6.0 4.6 nc nc 23.6 21.7 HRUM REDUCE 3,075 3,000 2,704 29.6 8,314 26.6 8,108 8,279 1,822 1,846 1,197 1,225 (19.5) 2.9 7.2 7.0 3.2 2.9 2.3 2.1 12.1 9.8 nc nc 33.2 31.5 BUMI REDUCE 510 500 20,773 70.8 10,594 36.9 32,939 33,922 4,087 3,857 1,057 982 na na 10.3 11.1 7.5 7.3 0.8 0.6 0.0 1.0 262.75 195.62 9.7 6.5 BORN REDUCE 385 350 17,693 29.8 6,812 6.1 5,575 5,836 1,210 0 722 0 (9.0) (13.0) 10.3 11.9 7.7 7.6 0.7 0.6 0.0 0.0 70.8 65.1 7.4 0.1 CONS. & TOLL ROADS OW 82,850 243.4 54,010 65,696 8,389 10,492 4,579 5,995 23.2 26.7 18.5 14.3 10.4 8.5 3.8 3.3 2.0 2.5 48.8 45.4 22.5 24.9 JSMR * 6,300 * 6,800 30.0 42,840 53.3 6,970 8,421 3,513 4,278 2,140 2,658 21.5 24.2 20.0 16.1 12.3 10.3 4.3 3.7 2.1 2.5 79.6 73.5 22.8 24.6 WIKA BUY 1,920 3,200 6,139 34.7 11,788 58.8 11,738 14,571 1,291 1,720 801 1,095 73.7 36.7 14.5 10.6 8.4 6.2 3.6 2.9 1.4 2.4 nc nc 27.7 30.2 WSKT BUY 730 1,030 9,632 26.3 7,032 6.6 11,778 14,841 876 1,184 378 645 3.4 70.3 18.6 10.9 7.0 5.2 3.1 2.6 2.8 2.8 nc nc 15.2 23.7 CMNP BUY 3,175 2,200 2,200 75.9 6,985 21.3 1,005 1,122 402 525 294 385 (21.3) 30.9 23.7 18.1 13.2 10.1 2.7 2.4 2.4 2.0 17.0 8.4 11.9 14.0 PTPP BUY 1,120 1,600 4,842 21.5 5,424 45.6 10,554 13,165 1,198 1,520 416 516 34.2 24.0 13.0 10.5 4.4 3.6 2.7 2.3 1.7 2.3 48.9 43.6 22.9 23.7 TOTL HOLD 1,070 1,200 3,410 33.1 3,649 17.7 2,453 2,839 290 336 225 272 23.5 20.5 16.2 13.4 9.0 7.3 4.7 4.0 3.0 3.7 nc nc 31.1 31.9 ADHI BUY 2,850 4,400 1,801 49.0 5,134 40.0 9,513 10,737 820 929 324 424 75.2 31.0 15.9 12.1 6.9 6.5 3.7 3.0 1.1 1.9 48.9 61.5 26.0 27.4 CONSUMER - DISCRE. OW 87,296 104.8 39,144 46,878 3,909 4,648 2,932 3,522 17.5 19.8 26.7 22.2 19.8 16.9 9.7 9.3 2.3 2.7 nc nc 41.1 45.3 SCMA BUY 38,747 16.2 2,547 2,897 1,395 1,599 1,063 1,221 21.4 14.9 24.3 21.2 26.4 23.1 16.9 16.7 4.1 4.7 nc nc 69.7 79.1 2,650 2,475 14,622 50.0 HERO REDUCE 3,700 3,596 4,184 34.3 15,479 3.3 12,904 15,625 478 595 338 457 (1.5) 26.9 43.0 33.9 18.8 15.2 3.0 2.9 0.0 0.0 (10.3) (10.1) 10.4 9.0 ACES HOLD 650 800 17,150 33.9 11,148 21.8 4,148 4,944 621 753 465 568 21.3 22.0 23.9 19.6 15.3 12.4 6.1 5.0 1.3 1.5 nc nc 28.4 28.4 MAPI BUY 7,100 10,000 1,660 44.0 11,786 43.1 9,385 11,407 872 1,049 540 665 21.7 23.1 21.8 17.7 10.6 9.3 4.5 3.7 0.8 1.0 nc nc 22.4 22.7 RALS HOLD 1,230 1,350 7,096 40.5 8,728 17.4 8,666 10,056 488 576 477 545 13.2 14.4 18.3 16.0 10.7 9.2 2.6 2.4 2.7 3.0 nc nc 15.0 15.8 RANC BUY 900 1,120 1,564 20.0 1,408 3.0 1,494 1,949 55 75 49 66 31.4 36.3 28.9 21.2 16.3 13.0 4.0 3.6 0.7 0.9 nc nc 13.0 15.8 CONSUMER - STAPLES OW 542,664 417.1 186,957 207,833 28,193 31,610 18,853 21,285 13.9 13.6 32.1 28.7 21.7 19.3 18.3 15.5 1.7 2.1 nc nc 52.2 48.8 UNVR HOLD 223,559 64.2 31,764 36,978 7,069 7,783 5,370 5,907 10.8 10.0 41.6 37.8 30.8 27.9 37.4 31.4 2.0 2.2 nc nc 98.6 90.3 29,300 31,150 7,630 15.0 GGRM HOLD 49,050 55,000 1,924 23.5 94,377 79.5 52,903 59,494 6,539 7,525 4,453 5,189 16.3 16.5 21.2 18.2 13.0 11.4 3.2 2.8 1.4 1.7 15.2 12.1 15.9 16.5 INDF BUY 7,050 8,500 8,780 49.9 61,902 92.4 53,962 57,881 7,390 8,098 3,530 3,877 14.5 9.8 17.5 16.0 6.4 5.4 2.7 2.4 1.9 3.9 nc nc 16.0 15.9 KLBF BUY 1,440 1,580 50,780 40.0 73,123 108.6 15,408 17,387 2,614 2,968 2,009 2,291 15.7 14.0 36.4 31.9 24.6 21.8 9.0 7.9 1.3 1.5 nc nc 26.5 26.3 ICBP BUY 11,100 14,700 5,831 19.5 64,724 67.0 23,582 25,190 3,259 3,649 2,417 2,729 11.0 12.9 26.8 23.7 16.4 14.3 4.7 4.0 0.7 0.8 nc nc 18.7 18.2 TSPC BUY 3,875 3,950 4,500 22.7 17,438 3.5 7,919 9,181 1,086 1,266 887 1,038 21.3 16.9 19.7 16.8 12.2 10.3 4.6 4.2 3.5 4.1 nc nc 24.8 26.0 ROTI BUY 7,450 8,925 1,012 24.3 7,542 2.0 1,419 1,722 237 322 188 255 33.6 36.0 40.2 29.6 26.5 19.6 9.3 7.4 0.5 0.6 nc nc 25.5 27.9 HEAVY EQUIPMENT UW 65,520 77.0 60,341 63,127 7,013 7,394 5,101 5,498 #REF! #REF! 12.8 12.1 5.7 5.3 2.0 1.8 3.5 3.1 713.5 501.4 16.2 15.8 UNTR REDUCE 17,300 15,000 3,730 40.5 64,531 75.8 51,948 54,507 6,525 6,777 5,024 5,302 (13.1) 5.5 12.8 12.2 5.8 5.3 2.0 1.8 3.6 3.1 nc nc 16.3 15.7 DOID HOLD 121 240 8,168 60.0 988 1.2 8,393 8,620 488 617 76 197 na na 13.2 5.1 3.2 2.3 1.0 0.9 0.0 0.0 713.5 501.4 8.1 18.2 INDUSTRIAL ESTATES OW 24,716 135.9 10,658 12,158 3,794 4,408 3,010 3,699 51.8 8.0 8.6 7.2 6.7 5.5 2.3 1.8 1.9 2.3 9.3 6.6 34.9 30.7 BEST BUY 720 1,190 9,667 20.6 6,933 23.1 1,368 1,650 872 1,068 783 974 58.1 24.4 8.9 7.1 7.6 5.9 2.7 2.0 2.3 2.8 nc nc 39.9 35.8 SSIA HOLD 1,180 1,800 4,705 45.0 5,552 38.2 4,635 5,250 1,224 1,418 928 1,093 31.3 17.7 6.0 5.1 4.4 3.7 2.3 1.6 1.5 2.0 nc nc 45.9 37.3 KIJA BUY 345 445 19,817 82.5 6,837 32.8 2,833 3,170 978 1,104 644 887 68.4 17.8 10.7 9.1 7.7 6.6 1.5 1.4 3.2 3.9 33.6 23.9 15.0 18.0 LPCK BUY 7,750 9,300 696 45.6 5,394 41.8 1,823 2,088 721 818 653 745 66.7 14.0 8.3 7.2 6.7 5.7 2.9 2.1 0.0 0.0 nc nc 42.4 33.3 METALS UW 35,870 31.9 29,088 34,399 3,933 5,085 2,949 3,709 58.0 33.8 13.1 10.9 6.6 6.0 1.0 1.0 2.2 3.2 8.9 8.0 8.4 9.5 INCO REDUCE 1,900 2,000 9,936 20.5 18,879 13.3 10,148 14,859 1,818 2,328 1,281 1,637 126.9 26.4 15.2 12.0 7.0 5.8 1.2 1.1 1.6 3.6 5.4 4.8 7.8 8.8 ANTM REDUCE 1,000 1,125 9,538 34.9 9,538 13.3 10,239 8,725 772 760 822 812 (3.4) (1.3) 11.6 11.8 6.1 6.3 0.8 0.8 2.6 2.6 nc nc 7.3 6.9 TINS REDUCE 1,000 1,000 5,033 35.0 5,033 5.1 6,742 7,664 655 847 457 587 (2.2) 28.4 11.0 8.6 5.6 4.5 1.0 1.0 4.6 4.5 nc nc 9.7 11.7 PSAB HOLD 3,200 6,000 756 5.4 2,419 0.3 1,959 3,151 688 1,151 389 673 69.7 73.1 6.2 3.6 8.1 9.1 0.8 0.7 0.0 0.0 89.3 81.3 14.3 20.7 OIL & GAS N 158,897 229.0 71,456 76,553 13,976 14,478 10,334 10,754 6.9 2.8 16.2 15.7 8.9 9.5 5.4 4.7 3.6 3.6 10.6 14.4 33.8 34.7 PGAS HOLD 5,550 6,800 24,242 43.0 134,540 166.6 31,977 34,284 10,831 11,115 9,098 9,367 5.6 2.1 15.3 14.9 8.5 9.5 5.8 5.0 3.9 3.8 nc nc 37.2 38.2 AKRA REDUCE 4,825 4,500 3,881 40.8 18,725 51.2 28,645 30,842 977 1,074 747 814 15.0 8.9 24.9 22.8 12.8 10.9 4.2 3.9 2.0 2.2 56.9 82.5 17.7 17.6 MEDC * 1,690 * 3,332 49.2 5,632 11.2 10,834.5 11,427.4 2,168 2,290 489 574 68.6 16.3 10.5 9.0 4.8 5.3 0.6 0.6 1.7 2.8 109.1 131.1 5.7 6.4 PLANTATIONS N 59,563 96.6 36,635 41,954 6,535 8,395 3,975 5,258 (21.6) 30.9 15.1 11.4 8.2 6.4 2.1 1.9 4.0 3.3 19.8 19.1 14.4 17.6 AALI BUY 18,000 24,000 1,575 20.3 28,345 27.1 13,041 14,944 2,782 3,577 1,897 2,490 (21.3) 31.3 14.9 11.4 8.9 6.9 3.0 2.7 5.5 4.3 nc nc 20.7 25.0 SIMP HOLD 850 800 15,816 21.6 13,444 18.9 14,266 16,366 1,979 2,422 797 1,090 (31.1) 36.7 16.9 12.3 6.1 5.3 1.0 0.9 3.4 2.4 28.3 29.0 5.8 7.6 LSIP HOLD 1,530 1,900 6,823 40.5 10,439 31.4 4,666 5,008 906 1,074 787 942 (29.5) 19.6 13.3 11.1 7.4 6.1 1.5 1.4 2.3 2.7 nc nc 12.0 13.2 BWPT BUY 870 1,300 4,052 24.7 3,525 16.1 1,130 1,650 400 701 197 381 (24.8) 93.2 17.8 9.2 12.0 7.6 1.9 1.6 1.1 0.8 172.4 148.4 11.3 19.1 SGRO HOLD 1,600 1,800 1,890 33.0 3,024 2.4 3,109 3,493 383 482 222 270 (32.7) 21.7 13.6 11.2 6.8 6.0 1.1 1.0 2.2 2.7 37.9 49.5 8.2 9.4 GZCO REDUCE 131 100 6,000 33.5 786 0.7 423 493 86 138 75 86 (23.2) 14.8 10.5 9.2 12.4 9.7 0.5 0.5 3.7 2.8 97.6 98.4 4.9 5.8 ANJT BUY 1,260 1,650 3,333 10.0 4,200 2.7 1,778 2,029 521 596 460 527 5.4 10.5 8.7 7.8 6.3 5.4 1.0 0.9 0.0 0.6 nc nc 12.8 12.6 POULTRY N 94,774 112.6 49,969 54,789 6,843 7,973 5,027 5,995 18.0 19.0 19.8 16.7 13.7 11.8 6.2 5.7 1.6 2.2 12.9 9.4 35.5 31.3 CPIN REDUCE 4,475 4,200 16,398 44.5 73,381 51.5 23,751 27,895 4,246 4,997 3,362 3,979 16.0 18.4 21.8 18.4 16.0 13.6 7.1 5.8 1.6 2.3 nc nc 36.5 34.7 JPFA BUY 1,490 2,250 10,661 42.5 15,884 19.3 22,068 22,068 1,978 2,246 1,218 1,461 22.8 20.0 13.0 10.9 5.5 4.9 3.0 2.4 1.2 1.5 64.1 50.3 25.1 24.4 MAIN BUY 3,250 4,400 1,695 40.9 5,509 41.9 4,149 4,827 619 730 448 555 36.5 24.0 12.3 9.9 7.3 6.4 3.9 13.0 2.0 2.5 37.7 17.0 53.4 PROPERTY OW 121,358 547.1 31,967 38,406 10,762 13,359 7,950 9,878 38.7 25.2 16.1 13.0 11.7 9.3 2.5 2.2 1.4 1.9 9.3 8.5 19.0 19.9 LPKR BUY 1,330 1,640 23,078 74.0 30,693 194.6 6,604 7,415 1,502 1,820 1,174 1,387 7.7 18.2 26.2 22.1 18.3 14.8 2.8 2.5 1.0 1.2 21.1 18.1 11.5 12.4 BSDE BUY 1,670 2,125 17,497 40.0 29,220 121.2 5,485 6,946 2,538 3,174 2,217 2,826 82.6 27.5 13.2 10.3 9.1 7.0 3.0 2.4 0.8 1.5 nc nc 24.9 25.5 SMRA BUY 1,120 1,600 14,427 60.0 16,158 35.9 3,839 4,691 1,038 1,228 801 978 9.4 22.1 10.1 8.3 12.8 10.6 2.2 1.8 2.0 2.4 nc nc 23.4 23.5 ASRI BUY 740 1,050 19,649 53.0 14,541 109.6 3,337 4,054 1,748 2,204 1,286 1,622 7.0 26.2 11.3 9.0 8.8 7.1 2.6 2.1 2.0 2.2 nc nc 25.4 26.1 CTRA BUY 1,100 1,600 15,166 61.1 16,682 32.6 5,339 7,183 1,589 2,309 918 1,294 75.5 40.9 18.2 12.9 9.5 6.5 2.6 2.3 1.7 2.3 nc nc 15.5 19.0 APLN HOLD 365 460 20,501 29.9 7,483 19.9 5,564 6,105 1,642 1,814 1,005 1,132 24.5 12.7 7.4 6.6 5.4 4.9 1.3 1.1 2.2 2.7 43.9 42.1 18.6 18.0 CTRP BUY 1,070 1,380 6,150 42.1 6,581 33.1 1,800 2,013 705 810 548 638 85.0 16.4 12.0 10.3 9.1 7.9 1.6 1.4 2.5 2.9 22.2 24.2 13.9 14.5 SHIPPING N 1,987 2.4 1,220 1,412 349 427 243 317 29.7 31.6 8.9 6.7 5.4 5.4 1.3 1.0 1.3 1.7 40.0 26.0 14.2 15.7 WINS HOLD 550 600 3,613 27.7 1,987 2.4 1,220 1,412 349 427 243 317 29.7 31.6 8.9 6.7 5.4 5.4 1.3 1.0 1.3 1.7 40.0 26.0 14.2 15.7 STEEL UW 7,257 4.1 23,009 25,394 690 1,089 479 606 546.5 26.6 15.2 12.0 13.4 10.9 0.7 0.7 1.3 1.7 97.3 106.6 4.6 5.6 KRAS REDUCE 460 400 15,775 20.0 7,257 4.1 23,009 25,394 690 1,089 479 606 546.5 26.6 15.2 12.0 13.4 10.9 0.7 0.7 1.3 1.7 97.3 106.6 4.6 5.6 TELCOS OW 324,793 376.1 163,974 181,322 36,961 40,952 19,118 21,139 13.2 9.5 18.5 16.2 6.2 5.6 3.6 3.1 2.8 3.2 42.6 30.9 21.8 20.9 TLKM BUY 11,000 14,500 20,160 44.9 221,760 298.0 81,334 86,953 27,245 29,773 14,423 15,515 10.6 7.6 15.4 14.3 5.5 5.1 3.4 3.0 3.2 3.6 16.8 10.7 23.2 22.3 EXCL BUY 4,400 6,200 8,534 20.2 37,552 30.7 23,303 24,839 5,071 5,461 3,334 3,473 7.2 4.2 11.3 10.8 4.7 4.3 2.1 1.9 4.0 4.6 65.6 54.8 19.6 18.2 ISAT HOLD 4,725 6,500 5,434 20.7 25,675 14.5 24,027 26,449 2,124 2,562 628 1,021 (60.7) 37.3 40.9 29.8 4.2 3.7 1.3 1.5 1.2 1.7 98.8 88.8 3.2 5.2 TOWR HOLD 27,000 29,500 1,020 66.0 27,548 0.7 2,556 2,995 1,442 1,711 769 942 116.7 22.4 35.8 29.2 15.2 12.6 10.5 7.8 0.0 0.0 173.1 103.2 34.3 30.5 ERAA REDUCE 2,600 3,050 2,900 39.7 7,540 25.2 16,985 21,416 763 975 569 734 31.4 29.1 13.3 10.3 9.8 7.6 2.5 2.1 1.7 2.3 12.0 7.4 20.3 22.3 TELE BUY 590 900 5,405 26.0 3,189 6.9 13,206 16,004 447 537 354 427 40.5 20.8 11.1 9.2 6.5 5.3 2.3 2.0 2.8 3.4 7.2 (0.4) 22.6 23.0 BTEL REDUCE 50 50 30,585 69.5 1,529 0.0 2,562 2,666 (131) (68) (959) (973) (12.6) 1.5 (1.6) (1.6) 5.4 5.8 0.5 0.8 0.0 0.0 159.1 277.3 (28.5) (40.7) Market N 3,010,082 4,114.1 1,404,373 1,551,999 280,267 316,112 204,732 231,203 8.0 12.5 17.9 15.8 9.3 8.3 6.1 5.2 2.4 2.7 32.2 24.9 29.6 28.5 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 6

Global Business and Economic Indicators Agenda Date Time Country Event Period Consensus Actual Prior 07/08/2013 06:50 JN Bank Lending Ex-Trusts YoY Jun -- -- 2.10% 07/08/2013 06:50 JN Bank Lending incl Trusts (YoY) Jun -- -- -- 07/08/2013 06:50 JN Current Account Total May -- -- 750.0B 07/08/2013 06:50 JN Adjusted Current Account Total May -- -- 852.7B 07/08/2013 06:50 JN Trade Balance - BOP Basis May -- -- - 818.8B 07/08/2013 06:50 JN Current Account Balance YOY% May -- -- 100.80% 07/08/2013 08:30 AU ANZ Job Advertisements MoM Jun -- -- -2.40% 07/08/2013 11:30 JN Bankruptcies (YoY) Jun -- -- -9.00% 07/08/2013 12:45 SZ Unemployment Rate Jun -- -- 3.00% 07/08/2013 12:45 SZ Unemployment Rate (sa) Jun -- -- 3.20% 07/08/2013 13:00 GE Trade Balance May -- -- 18.1B 07/08/2013 13:00 GE Current Account (EURO) May -- -- 17.6B 07/08/2013 13:00 GE Imports SA (MoM) May -- -- 2.30% 07/08/2013 13:00 GE Exports SA (MoM) May -- -- 1.90% 07/08/2013 14:00 CZ Construction Output (YoY) May -- -- -11.40% 07/08/2013 14:00 CZ Industrial Output (YoY) May -2.00% -- 0.50% 07/08/2013 14:00 CZ Trade Balance (Koruna) May 27.0B -- 33.0B 07/08/2013 14:00 TU Industrial Production WDA (YoY) May -- -- 3.40% 07/08/2013 15:30 EC Sentix Investor Confidence Jul -- -- -11.6 07/08/2013 18:00 BZ FGV CPI IPC-S 7-Jul -- -- -- 07/08/2013 19:30 CA Building Permits MoM May -- -- 10.50% Global Economic Forecasts and Calendar Indicator Period Release Previous Consensus Actual Indonesia CPI inflation (%, y-y) Apr 4/1 5.9 5.7 5.6 GDP (%, y-y) 4Q12 2/7 6.2 6.2 6.1 Reference rate (%) Apr 4/9 5.75 5.75 5.75 FX reserves (USDb) Mar 4/12 105.2-104.8 China CPI inflation (%, y-y) Mar 4/11 3.2 2.5 2.1 GDP (%, y-y) 1Q 4/20 7.9 7.8 7.7 Reference rate (%) May - 6.0-6.0 Unemployment rate (%) Dec - 4.1-4.1 Japan CPI inflation (%, y-y) Mar 4/1-0.7-0.8-0.9 GDP (%, y-y) 4Q - 0.4 0.4 0.5 Reference rate (%) Apr 4/14 0.1 0.1 0.1 Unemployment rate (%) Mar 4/28 4.3 4.3 4.1 India CPI inflation (%, y-y) Feb 4/3 8.4-9.4 GDP (%, y-y) 1Q 4/3 6.2 6.0 5.0 Reference rate (%) Mar 4/13 6.5 6.5 6.5 Singapore CPI inflation (%, y-y) Mar 4/13 4.9 3.8 3.5 GDP (%, y-y) 1Q 4/10 1.5 1.5-0.6 Reference rate (%) Apr - 0.03-0.03 Unemployment rate (%) Mar 4/2 1.8 1.8 1.9 Malaysia CPI inflation (%, y-y) Mar 4/8 1.5 1.5 1.6 GDP (%, y-y) 4Q12 2/11 5.3 5.6 6.4 Reference rate (%) May 4/12 3.00 3.00 3.00 Unemployment rate (%) Dec 2/31 3.0-3.1 Thailand CPI inflation (%, y-y) Apr 4/2 2.7 2.4 2.4 GDP (%, y-y) 4Q12 2/13 3.1 4.0 3.9 Reference rate (%) Apr 4/11 2.75 2.75 2.75 Unemployment rate (%) Feb 2/12 0.8-0.6 US CPI inflation (%, y-y) Mar 4/10 0.7-0.1-0.2 GDP (%, y-y) 1Q 4/3 1.7 1.8 1.8 Reference Rate (%) Apr 4/5 0.25 0.25 0.25 Unemployment rate (%) Mar 4/6 7.7 7.7 7.6 Source: Bloomberg PT Bahana Securities Equity Research Bahana Beacon - The Daily 7

COMPANY/SITE VISITS/EVENTS Date Time Description Analyst 7/9/13 10.30 TOWR analyst meeting Aditya Eka Prakasa 7/12/13 10.00 DILD company visit Ricky Ho AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time AGM UNSP IJ Bakrie Sumatera Plantations 7/08/2013 10:00 EGM ALTO IJ Tri Banyan Tirta 7/09/2013 14:00 EGM KIJA IJ Kawasan Industri Jababeka 7/11/2013 10:00 EGM PKPK IJ Perdana Karya Perkasa 7/13/2013 - AGM TMPI IJ Agis 7/15/2013 14:00 AGM IKBI IJ Sumi Indo Kabel 7/15/2013 10:00 EGM MLBI IJ Multi Bintang Indonesia 7/16/2013 11:00 AGM SIPD IJ Sierad Produce 7/17/2013 - EGM TPMA IJ Trans Power Marine 7/18/2013 10:00 Source: Bloomberg DIVIDEND SCHEDULE0 Corporate Price Cash Yield Ex date Record date Payment date Ticker (IDR) (IDR) (%) Trikomsel Oke 2,000 20 1.0% 5/16/2013 5/20/2013 6/3/2013 TRIO IJ Astra Agro Lestari 17,650 455 2.6% 5/16/2013 5/20/2013 6/3/2013 AALI IJ Multifiling Mitra Indonesia 210 2 0.7% 5/17/2013 5/21/2013 6/4/2013 MFMI IJ Multipolar 660 1 0.2% 5/17/2013 5/21/2013 6/4/2013 MLPL IJ Batavia Prosperindo Finance 265 5 1.9% 5/20/2013 5/22/2013 6/5/2013 BPFI IJ Astra international 6,900 150 2.2% 5/21/2013 5/23/2013 6/7/2013 ASII IJ Bukit Asam 14,500 711 4.9% 5/21/2013 5/23/2013 6/7/2013 PTBA IJ Medco Energi Internasional 2,050 0 0.0% 5/21/2013 5/23/2013 6/7/2013 MEDC IJ Total Bangun Persada 1,050 29 2.8% 5/21/2013 5/23/2013 6/5/2013 TOTL IJ Asuransi Bina Dana Arta 3,200 40 1.3% 5/21/2013 5/23/2013 6/7/2013 ABDA IJ Tifa Finance 280 10 3.6% 5/22/2013 5/24/2013 6/10/2013 TIFA IJ Champion Pacific Indonesia 440 60 13.6% 5/23/2013 5/27/2013 6/11/2013 IGAR IJ Pembangunan Perumahan 1,430 19 1.3% 5/23/2013 5/27/2013 6/10/2013 PTPP IJ Lippo General Insurance 3,000 90 3.0% 5/28/2013 5/30/2013 6/14/2013 LPGI IJ Telekomunikasi Indonesia per 11,300 67 0.6% 5/30/2013 6/3/2013 6/18/2013 TLKM IJ Wijaya Karya 2,400 22 0.9% 5/30/2013 6/3/2013 6/14/2013 WIKA IJ Jasa Marga (Persero) 6,600 94 1.4% 5/30/2013 6/3/2013 6/18/2013 JSMR IJ Semen Indonesia 18,600 - - 5/30/2013 6/3/2013 6/17/2013 SMGR IJ Aneka Tambang 1,340 47 3.5% 5/30/2013 6/3/2013 6/18/2013 ANTM IJ Adaro Energy 1,200 0 0.0% 5/30/2013 6/3/2013 6/12/2013 ADRO IJ Trias Sentosa 350 10 2.9% 5/30/2013 6/3/2013 6/18/2013 TRST IJ Golden Energy Mines 2,400 32 1.3% 5/30/2013 6/3/2013 6/18/2013 GEMS IJ Bank Danamon Indonesia 6,400 126 2.0% 5/31/2013 6/4/2013 6/19/2013 BDMN IJ Source: Bloomberg *Interim Dividend PT Bahana Securities Equity Research Bahana Beacon - The Daily 8

Actual and upcoming IPOs, 2012-2013 No Code Date Company name Industry Amount Public (IDRb) (%) 1 PADI 01/09/12 Minna Padi Investama Financial market 119 23.1 2 TELE 01/12/12 Tiphone Mobile Indonesia Cellular distribution 419 25.2 3 ESSA 02/01/12 Surya Esa Perkasa Petroleum gas 153 31.3 4 BEST 04/10/12 Bekasi Fajar Industrial Estates Industrial estates 300 20.1 5 RANC 06/07/12 Supra Boga Lestari Retail 156 20.0 6 TRIS 06/28/12 Trisula International Fashion distribution 90 30.0 7 KOBX 07/05/12 Kobexindo Tractors Heavy equipment 109 12.0 8 TOBA 07/06/12 Toba Bara Sejahtera Coal 400 10.47 9 MSKY 07/09/12 MNC Sky Vision Media 2,147 20.0 10 ALTO 07/10/12 Tri Banyan Consumer 63 17.7 11 GLOB 07/10/12 Global Teleshop Telcos 128 10.0 12 GAMA 07/11/12 Gading Development Property 420 40.0 13 BJTM 07/12/12 Bank Jatim Banks 1,283 20.0 14 IBST 08/31/12 Inti Bangun Sejahtera Communication 154 15 15 NIRO 09/13/12 Nirvana Development Property 630 33.3 16 PALM 10/08/12 Provident Agro Plantation 297 20.0 17 NELY 10/11/12 Pelayaran Nelly Dwi Putri Shipping 59 20.0 18 TAXI 11/02/12 Express Transindo Utama Transportation 589 49.0 19 BSSR 11/08/12 Baramulti Sukses Sarana Coal 510 10.0 20 ASSA 11/12/12 Adi Sarana Armada Automotive 530 40 21 WIIM 12/18/12 Wismilak Cigarettes 409 30.0 22 WSKT 12/19/12 Waskita Karya Construction 1,171 35.0 2012 total 10,136 23 BBRM 01/08/13 Pelayaran Nasional Bina Buana Shipping 138 13.2 24 HOTL 01/10/13 Saraswati Griya Lestari Hotel 102 15.5 25 SAME 01/11/13 Sarana Meditama Metropolitan Hospital Management 180 13.6 26 MAGP 01/16/13 Multi Agro Gemilang Plantations 440 66.7 27 TPMA 02/20/13 Trans Power Marine Transportation 91 9.0 28 ISSP 02/22/13 Spindo Pipes manufacturer 856 29.6 29 DYAN 03/25/13 Dyandra Media International Entertainment 449 22.4 30 ANJT 05/08/13 Austindo Nusantara Jaya Plantation 400 10.0 31 NOBU 05/20/13 Bank Nationalnobu Banking 808 52.5 32 MPMX 05/29/13 Mitra Pinasthika Mustika Automotive 1,455 21.7 33 DSNG 06/14/13 Dharma Satya Nusantara Plantations 509 13.0 34 SRIL 06/17/13 Sritex Textile 1,340 30.1 35 ACST 06/24/13 Acset Indonesia Construction 375 31.0 36 SRTG 06/26/13 Saratoga Investa Sedaya Finance 1,490 10.0 37 NRCA 06/27/13 Nusa Raya Cipta Construction 260 12.3 38 SMBR 06/28/13 Semen Baturaja Cement 1,310 23.8 39 Bank Muamalat Indonesia Banking 1,940-2,910 20.0 40 Air Asia Indonesia Aviation 1,800 20.0 41 BMAS 07/11/13 Bank Maspion Banking 246-42 BBMD 07/08/13 Bank Mestika Dharma Banking 1,380 20.0 43 07/09/13 Bank Mitraniaga Banking 80-45 Bank Sumut Banking 800 20.0-40.0 46 Wika Beton Construction material 1,500 30.0 47 PLN Batam Energy - - 48 Persib Bandung Bermartabat Entertainment 200-49 Prima Jaya Kreasi Entertainment 300 35.0 50 Aditech Cakrawiyasa Household goods 250 20.0-30.0 51 Tugu Pratama Insurance 750-52 MLPT 07/08/13 Multipolar Technology IT 480 18.0 53 Citra Borneo Indah Plantations 1,000 20.0 52 Dutapalma Nusantara Plantations - 20.0 53 Multi Agro Plantations 440 44.0 54 Pasifik Agro Sentosa Plantations 1,000-55 Delta Mas Property - - 56 Sriboga Ratu Raya Restaurant 500-700 15.0-25.0 57 ECII 07/03/13 Electronic City Indonesia Retail 1,350 25.0 58 Blue Bird Transportation 2,438 59 CPGT 07/08/13 Cipaganti group Transportation 69-60 Eka Sari Lorena Transport Transportation 150 20.0 62 Siba Surya Transportation 500 20.0 63 VICO 07/08/13 Victoria Investama Finance 150 16.3 64 Sido Muncul Healthcare 1,500 10.0-20.0 65 Grand Kartech Manufacturing 10.0 2013 total 29,431 Grand total 39,657 PT Bahana Securities Equity Research Bahana Beacon - The Daily 9

Actual and upcoming rights issues, 2011-2012 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 433 5 EPMT 02/01/11 Enseval Putra Megatrading Pharmacy distribution 300 6 ABDA 04/28/11 Asuransi Bina Dana Arta Insurance 144 7 INDS 05/16/11 Indospring Automotive components 188 8 UNTR 06/03/11 United Tractors Heavy equipment 6,100 9 DOID 06/27/11 Delta Dunia Makmur Mining contracting 1,200 10 BVIC 06/27/11 Bank Victoria Banks 199 11 IMAS 07/01/11 Indomobil Sukses Internasional Automotive 2,770 12 KREN 07/08/11 Kresna Graha Securindo Financial 106 13 APIC 07/05/11 Pasific Strategic Financial Financial 286 14 LPPS 07/06/11 Lippo Securities Finance 206 15 BDMN 09/28/11 Bank Danamon Banks 4,998 16 AISA 10/02/11 Tiga Pilar Sejahtera Food Consumer 702 17 AMAG 10/04/11 Asuransi Multi Artha Guna Insurance 215 18 KIJA 10/14/11 Kawasan Industri Jababeka Construction 1,509 19 BEKS 10/21/11 Bank Pundi Indonesia Banks 500 20 CFIN 10/24/11 Clipan Finance Financing 469 21 PNLF 11/03/11 Panin Financial Financial 499 22 DKFT 12/02/11 Central Omega Resources Mining 984 23 PWON 12/09/11 Pakuwon Jati Property 1,304 24 PSAB 12/23/11 J Resources Asia Pasifik Trading 1,444 25 MDLN 12/23/11 Moderland Realty Property 802 26 MASA 12/28/11 Multistrada Arah Sarana Automotive components 1,500 2011 total 40,647 27 FREN 02/16/12 Smartfren Telecom Telecommunication 1,336 28 BSIM 06/25/12 Bank Sinarmas Banks 305 29 AMRT 03/12/12 Sumber Alfaria Trijaya Retail 1,030 30 KIAS 02/24/12 Keramika Indonesia Asosiasi Ceramics, Glass, Porcelain 863 31 RAJA 05/08/12 Rukun Raharja Energy 230 32 SUGI 05/11/12 Sugih Energy Energy 2,427 33 NISP 05/30/12 Bank OCBC NISP Banks 1,507 34 TRIO 06/26/12 Trikomsel Oke Retail 267 35 SMMT 06/26/12 Golden Eagle Energy Energy 410 36 ITTG 07/05/12 Leo Investments Financial 102 37 MCOR 07/06/12 Bank Windu Kentjana International Banks 105 38 SUPR 08/16/12 Solusi Tunas Pratama Towers 648 39 BEKS 09/07/12 Bank Pundi Indonesia Banks 300 40 MDRN 10/29/12 Modern International Retail 528 41 BBNT 11/19/12 Bank Tabungan Negara Banks 1,868 42 COWL 11/20/12 Cowell Development Construction 906 43 BNLI 11/30/12 Bank Permata Banks 1,996 44 INPC 11/30/12 Bank Arta Graha International Banks 501 45 MYOH 12/18/12 MYOH Technology Telecommunication 610 46 BIPP 12/10/12 Bhuwanatala Indah Permai Property 171 47 HOME 12/11/12 Hotel Mandarine Regency Property 103 48 CNKO 12/14/12 Exploitasi Energi Indonesia Coal 2,355 49 SRAJ 12/19/12 Sejahteraraya Anugrahjaya Shipping 1,439 50 INCF Amstelco Indonesia Financial 5,091 2012 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 345 2013 total 4,400 Grand total 70,145 Source: Various media PT Bahana Securities Equity Research Bahana Beacon - The Daily 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 3,562 13.0 Below 356 2,526 14.1 Below 2 Adhi Karya ADHI 64 893 7.2 Below 12 378 3.2 Below 3 Adaro Energy ADRO* 121 783 15.5 Below 41 343 11.9 Below 4 AKR Corporindo AKRA 186 901 20.6 Below 158 689 22.9 In line 5 Aneka Tambang ANTM 427 772 55.3 Above 462 822 56.2 Above 6 Agung Podmoro Land APLN 384 1,500 25.6 In line 245 965 25.4 In line 7 Astra International ASII 3,852 23,711 16.2 Below 4,310 21,745 19.8 Below 8 Alam Sutera Realty ASRI 490 1,907 25.7 In line 404 1,513 26.7 In line 9 Adi Sarana Armada ASSA 55 227 24.2 In Line 21 65 32.3 Above 10 Bank Central Asia BBCA 3,540 16,821 21.6 In Line 2,892 14,002 21.5 In Line 11 Bank Bukopin BBKP 292 1,217 23.5 In Line 224 971 23.1 In Line 12 Bank Negara Indonesia BBNI 2,498 24,015 24.3 In Line 2,069 20,079 25.9 Above 13 Bank Rakyat Indonesia BBRI 5,856 9,799 24.9 In Line 5,087 8,148 25.5 Above 14 Bank Tabungan Negara BBTN 455 2,320 19.7 In Line 334 1,702 19.7 In Line 15 Bank Danamon BDMN 1,383 7,102 20.7 In Line 1,005 4,636 22.1 In Line 16 Bekasi Fajar Industrial BEST 185 911 20.3 Below 174 802 21.7 Below 17 Bank Jabar Banten BJBR 468 1,792 26.1 Above 372 1,434 26.4 Above 18 Bank Jatim BJTM 299 1,277 23.9 In Line 218 1,010 21.9 In Line 19 Bank Mandiri BMRI 5,608 22,574 23.7 In Line 4,303 17,714 24.1 In Line 20 Bumi Serpong Damai BSDE 1,412 2,526 55.9 Above 1,244 2,171 57.3 Above 21 Bank Tabungan Pensiunan BTPN 721 3,008 24.0 In Line 573 2,411 23.7 In Line 22 Bumi Resources BUMI* 79 725 10.9 Below (63) 243 (25.9) Below 23 BW Plantation BWPT 67 465 14.3 Below 36 246 14.7 Below 24 Cardig Aero Services CASS 77 320 24.1 In line 28 126 22.2 In line 25 Citra Marga Nusaphala CMNP 132 388 34.0 Above 109 295 36.9 Above 26 Charoen Pokphand Indonesia CPIN 920 3,673 25.0 In Line 717 2,899 24.7 In Line 27 Ciputra Development CTRA 410 1,589 25.8 Above 216 939 23.0 Above 28 Ciputra Property CTRP 218 703 31.0 Above 191 562 34.0 Above 29 Erajaya Swasembada ERAA 129 833 15.5 Below 75 666 11.3 Below 30 Gudang Garam GGRM 1,538 6,913 22.2 Below 1,047 4,511 23.2 Below 31 Garuda Indonesia GIAA* (16) 180 (8.7) Below (34) 135 (25.0) Below 32 Gajah Tunggal GJTL 412 1,526 27.0 Above 345 1,109 31.1 Above 33 Gozco Plantations GZCO (5) 104 (4.8) Below 4 114 3.5 Below 34 Harum Energy HRUM 13 140 9.2 Below 7 53 13.2 Below 35 Indofood CBP ICBP 847 3,259 26.0 Below 644 2,424 26.6 In line 36 Indomobil Sukses International IMAS 97 907 10.7 Below 142 1,068 13.3 Below 37 Vale Indonesia INCO 56 189 29.6 Above 32 133 23.7 In line 38 Indofood Sukses Makmur INDF 1,328 7,392 18.0 Below 722 3,631 19.9 Below 39 Indo Tunggal Prakarsa INTP 1,353 6,964 19.4 In Line 1,146 5,563 20.6 In Line 40 Kawasan Industri Jababeka KIJA 291 778 37.4 Above 200 477 41.9 Above 41 Kalbe Farma KLBF 576 2,553 22.5 In line 444 2,000 22.2 In line 42 Krakatau Steel KRAS 12 69 17.3 Below 9 47 19.0 Below 43 Lippo Cikarang LPCK 140 718 19.5 In line 132 653 20.2 In line 44 Lippo Karawaci LPKR 373 1,561 23.9 In line 252 1,183 21.3 In line 45 London Sumatra Indonesia LSIP 113 1,134 9.9 Below 100 976 10.3 Below 46 Mitra Adiperkasa MAPI 123 872 14.2 In line 63 528 12.0 Below 47 Perusahaan Gas Negara PGAS 272 1,122 24.3 Below 265 943 28.1 Below 48 Bukit Asam PTBA 590 2,529 23.3 In Line 493 2,204 22.4 In line 49 Pembangunan Perumahan PTPP 78 1,023 7.6 Above 43 460 9.3 Above 50 Ramayana Lestari Sentosa RALS 32 485 6.6 Above 42 479 8.7 In line 51 Supra Boga Lestari RANC 11 58 19.1 Below 10 52 19.2 Below 52 Nippon Indosari Corpindo ROTI 74 256 28.9 In line 56 201 27.8 In line 53 Sampoerna Agro SGRO 22 507 4.4 Below 23 308 7.5 Below 54 Salim Ivomas Pratama SIMP 229 2,404 9.5 Below 100 928 10.8 Below 55 Semen Indonesia SMGR 1,599 7,204 22.2 In Line 1,236 5,772 21.4 In Line 56 Summarecon Agung SMRA 362 1,244 29.1 Above 321 1,009 31.8 Above 57 Surya Semesta Internusa SSIA 270 1,205 22.4 Below 200 851 23.5 Below 58 Tiphone Mobile Indonesia TELE 65 447 14.6 Below 52 354 14.7 Below 59 Timah TINS 147 655 22.4 Below 103 457 22.5 Below 60 Telekomunikasi Indonesia TLKM 6,587 27,219 24.2 In Line 3,477 14,427 24.1 In Line 61 Total Bangun Persada TOTL 62 274 22.6 In Line 48 234 20.5 In Line 62 Tempo Scan Pacific TSPC 246 855 28.7 Below 235 686 34.3 Below 63 United Tractors UNTR 1,427 6,503 21.9 Below 1,129 4,783 23.6 Below 64 Unilever Indonesia UNVR 1,876 7,069 26.5 Above 1,432 5,377 26.6 Above 65 Wijaya Karya WIKA 274 1,211 22.6 In Line 157 720 21.8 In Line 66 Wintermar Offshore Marine WINS 9 36 24.6 Below 6 26 22.4 In line 67 Waskita Karya WSKT 59 834 7.1 In Line 5 347 1.4 Below Source: Bloomberg, Company, Bahana estimates *In USDm PT Bahana Securities Equity Research Bahana Beacon - The Daily 11

Research: +62 21 250 5081 Harry Su harry.su@bahana.co.id Senior Associate Director Head of Equity Capital Market & Research Strategy, Telcos, Consumer, Aviation ext 3600 direct: +62 21 250 5735 Teguh Hartanto teguh.hartanto@bahana.co.id Associate Director Deputy Head of Research Banks, Cement ext 3610 Leonardo Henry Gavaza leonardo@bahana.co.id Senior Research Manager Automotive, Plantations, Heavy Equipment ext 3608 Arga Samudro arga@bahana.co.id Economist ext 3602 Stifanus Sulistyo stifanus.sulistyo@bahana.co.id Research Analyst Small cap ext 3611 Aditya Eka Prakasa aditya.prakasa@bahana.co.id Research Analyst Poultry ext 3603 Salman Fajari Alamsyah salman@bahana.co.id Research Analyst Property, Industrial esates. toll road ext 3605 Hasan Hasan@bahana.co.id Research Analyst Infrastructure ext 3613 Jennifer Frederika Yapply Jennifer@bahana.co.id Research Analyst Coal, Oil and Gas ext 3606 Ricky ricky@bahana.co.id Research Analyst Metal mining ext 3615 Chandra Widjanarka chandra.widjanarka@bahana.co.id Technical Analyst ext 3609 Giovanni Aristo giovanni@bahana.co.id Senior Research Associate ext 3604 Zefanya Angeline Halim zefanya@bahana.co.id Research Associate ext 3612 Nico Laurens nico@bahana.co.id Research Associate ext 3614 Laurensius Teiseran laurensius@bahana.co.id Research Associate ext 3601 Made Ayu Wijayati made.ayu@bahana.co.id Research Executive ext 3607 Dealing Room: +62 21 250 5508 (Domestic Institutional) +62 21 527 0808 (Foreign Institutional) +62 31 535 2788 (Surabaya Branch) Haselinda Rifman haselinda@bahana.co.id Equity Sales ext 2524 John M. Dasaad dasaad@bahana.co.id Equity Sales ext 2549 Angky Amarylis angky.amarylis@bahana.co.id Sales Trader ext 2525 Ashish Agrawal ashish@bahana.co.id Equity Sales ext 2553 Suwardi Widjaja Suwardi@bahana.co.id Equity Sales ext 2548 Jonathan Gregorius M.T Gregorius@bahana.co.id Sales Trader ext 2546 Yohanes Adhi Handoko yohanes@bahana.co.id Manager, Surabaya Branch ext 7250 Head Office Surabaya Branch Graha Niaga, 19th Floor Wisma BII, Ground Floor Jl. Jend. Sudirman Kav. 58 Jl. Pemuda 60-70 Jakarta 12190 Surabaya 60271 Indonesia Indonesia Tel. 62 21 250 5081 Tel. 62 31 535 2788 Fax. 62 21 522 6049 http://www.bahana.co.id Fax. 62 31 546 1157 PT Bahana Securities Equity Research Bahana Beacon - The Daily 12