Danareksa Snapshot Wednesday, June 11, 2014 From Research: Company Visit: Bank Danamon (BDMN IJ. Rp 4,250. Not rated) BDMN s loans grew at softer figure of 15.6% YoY in March 2014 still with mass market as the significant contributor to loans portfolio as of March 2014 (52.0% proportion). Additionally, the management opted to focus on managing assets quality as shown by its flattish gross NPLs figure at 1.9% as of March 2014. Going forward, BDMN aims loans growth driver should be coming from outer Java. While for its ADMF, the management acknowledge that the market for new 2-wheelers and 4-wheelers already packed hence it enter used cars market as this sub-segment offer thicker margin compared to new vehicles financing. From Today s Headlines: (please see our analysts comment inside) Semen Indonesia Provides Rp3.5tn Loan to Subsidiary (ID) Cement Sales: Legislation Election Effect Fade, consumption improved (BI) PTPP Completes Acquisition of PT Prima Jasa Aldodua (IDN) TBIG prepare for Capex Rp 2.5tn (BI) From IDX: Cash Announcement Code Ex-Date Date Payable Amount (Rp) MAPI 13-Jun-14 2-Jul-14 20 KLBF 13-Jun-14 2-Jul-14 17 LSIP 16-Jun-14 3-Jul-14 46 INTP 19-Jun-14 8-Jul-14 900 SIMP 27-Jun-14 16-Jul-14 10 Source: Stockwatch Key Index Close Chg Ytd Vol (%) (%) (US$ m) Asean - 5 Indonesia 4,946 1.2 15.7 305 Thailand 1,469 0.8 13.1 2,002 Philippines 6,778 (0.4) 15.1 167 Malaysia 1,877 0.7 0.5 386 Singapore 3,294 (0.3) 4.0 760 Regional China 2,053 1.1 (3.0) 8,863 Hong Kong 23,316 0.9 0.0 7,804 Japan 14,995 (0.9) (8.0) 10,448 Korea 2,012 1.1 0.0 4,494 Taiwan 9,222 0.7 7.1 3,450 India 25,584 0.0 20.8 792 NASDAQ 4,338 0.0 3.9 61,061 Dow Jones 16,946 0.0 2.2 4,610 Currency and Interest Rate Rate w-w m-m ytd (%) (%) (%) Rupiah (Rp/1US$) 11,815 (0.0) (2.5) 2.9 SBI rate (%) 7.15 0.0 0.0 (0.1) 10-y Govt Indo bond 8.06 8.04 0.0 (0.0) Unit Hard Commodities Price d-d m-m ytd (%) (%) (%) Coal US$/ton 72 n/a (4.5) (14.6) Gold US$/toz 1,260 0.0 (2.2) 4.5 Nickel US$/mt.ton 18,693 (0.7) (5.9) 35.1 Tin US$/mt.ton 22,840 (1.8) (1.9) 2.3 Unit Soft Commodities Price d-d m-m ytd (%) (%) (%) Cocoa US$/mt.ton 3,170 0.3 7.6 10.8 Corn US$/mt.ton 175 (1.1) (10.1) 9.7 Crude Oil US$/barrel 110 (0.4) 1.5 (1.2) Palm oil MYR/mt.ton 2,409 (0.2) (8.3) (6.4) Rubber USd/kg 160 0.2 (4.8) (29.2) Pulp US$/tonne 925 n/a 0.2 2.0 Coffee US$/60kg bag 105 (0.1) (7.5) 6.7 Sugar US$/MT 461 0.1 (1.9) 2.6 Wheat US$/mt.ton 221 (1.8) (16.8) (2.5) Source: Bloomberg See important disclosure on the back of this report
PT Danareksa Sekuritas Jl. Medan Merdeka Selatan No. 14 Jakarta 10110 Indonesia Tel (62 21) 350 9777, 350 9888 Fax (62 21) 350 1709 Our Research team and sector coverage: Agriculture: Helmy Kristanto - helmyk@danareksa.com; (62-21) 2955 824 Automotive: Helmy Kristanto - helmyk@danareksa.com; (62-21) 2955 824 Auto Component: Joko Sogie - jokos@danareksa.com; (62-21) 29555 888 ext.3512 Banking: Eka Savitri - ekas@danareksa.com; (62-21) 29555 888 ext. 3509 Cement: Helmy Kristanto - helmyk@danareksa.com; (62-21) 2955 824 Coal: Stefanus Darmagiri stefanus.darmagiri@danareksa.com; (62-21) 29555 888 ext.3520 Construction: Joko Sogie - jokos@danareksa.com; (62-21) 29555 888 ext.3512 Consumer: Helmy Kristanto - helmyk@danareksa.com; (62-21) 2955 824 Heavy Equipment: Stefanus Darmagiri stefanus.darmagiri@danareksa.com; (62-21) 29555 888 ext.3520 Media: Lucky Ariesandi, CFA lucky.ariesandi@danareksa.com; (62-21) 29555 888 ext.3530 Metal Mining: Stefanus Darmagiri stefanus.darmagiri@danareksa.com; (62-21) 29555 888 ext.3520 Pharmaceutical: Helmy Kristanto - helmyk@danareksa.com; (62-21) 2955 824 Property: Anindya Saraswati - anindyas@danareksa.com; (62-21) 29555 888 ext. 3506 Retail: Anindya Saraswati - anindyas@danareksa.com; (62-21) 29555 888 ext. 3506 Strategy: Helmy Kristanto - helmyk@danareksa.com; (62-21) 2955 824 Telecommunication: Lucky Ariesandi, CFA lucky.ariesandi@danareksa.com; (62-21) 29555 888 ext.3530 Utilities: Helmy Kristanto - helmyk@danareksa.com; (62-21) 2955 824 Technical Analyst: Lucky Bayu Purnomo luckyb@danareksa.com; (62-21) 29555 888 ext.3508 Research Associate: Armando Marulitua armandom@danareksa.com; (62-21) 29555 888 ext.3503 Our Sales team: Ermawati A. Erman - ermawatiae@danareksa.com; (62 21) 29555 888 ext. 3151 Asfarita Andalusia - asfarita@danareksa.com; (62 21) 29555 888 ext. 3134 Kemal A. Uno - kemal@danareksa.com; (62 21) 29555 888 ext. 3124 Novrita E. Putrianti - novrita@danareksa.com; (62 21) 29555 888 ext. 3128 Ehrliech Suhartono - ehrliech@danareksa.com; (62 21) 29555 888 ext. 3132 Yunita L. Nababan - yunita@danareksa.com; (62 21) 29555 888 ext. 3145 Bram Taarea bramt@danareksa.com; (62 21) 29555 888 ext. 3127 Martin Joshua - martinjs@danareksa.com; (62 21) 29555 888 ext. 3126 Yofi Lasini - yofil@danareksa.com; (62 21) 29555 888 ext. 3133
Bank Danamon (BDMN IJ. Not rated) Softer loans growth while focus more into assets quality BDMN s loans grew at softer figure of 15.6% YoY in March 2014 still with mass market as the significant contributor to loans portfolio as of March 2014 (52.0% proportion). Additionally, the management opted to focus on managing assets quality as shown by its flattish gross NPLs figure at 1.9% as of March 2014. Going forward, BDMN aims loans growth driver should be coming from outer Java. While for its ADMF, the management acknowledge that the market for new 2-wheelers and 4-wheelers already packed hence it enter used cars market as this sub-segment offer thicker margin compared to new vehicles financing. Explore more funding options Meanwhile in the funding side, BDMN continuously obtains more funding towards long term ones to better match the maturity profile of its assets, of which usually ranged between three until five years. This long term funding can be obtained with competitive rate at 10.0-10.5% p.a. Such figure we believe is relatively reasonable as TD rate also continue to show upward trend since 2H13 yet with shorter tenor (average one year tenor at max). At the same time, deposits structure also experienced lower CASA proportion to 42.0% as of March 2014 from 47.0% as of March 2013. Hence, blended CoF hiked up to 5.2% in 1Q14. Challenge on its profitability As a result from higher TD contribution to its deposits structure while at the same time the management only reprice its lending rate for new loans, NIM compression is inevitable. In 1Q14, NIM squeezed to 8.6%, fell by 150 bps compared to 1Q13 s figure. However, we believe NIM will likely to be maintained above 8.0% level as its business model more into mass market segment which provides thicker margin compared to other segments. Apart from that, operating expenses remains a challenge as BDMN had around 70K permanent employees. The management emphasized to improve efficiency and bring down its CIR to below 50% ideal level by centralized procurement process and offering cross-selling products with the subsidiaries. Yet we believe this target will only be achievable in medium term. All in all, we still view BDMN has more challenges to cope with, either from competition side or internal aspect. Exhibit 1. Profit and loss (Rp bn) 1Q13 1Q14 YoY % 4Q13 1Q14 QoQ % Net interest income 3,334 3,425 2.7 3,427 3,334 (2.7) PPOP 2,148 2,022 (5.9) 2,170 2,148 (1.0) Profit before tax 1,378 1,195 (13.3) 1,419 1,378 (2.9) Net profit 1,005 875 (12.9) 1,035 1,005 (2.9) Source: Company
Exhibit 2. Balance sheet (Rp bn) Mar 13 Dec 13 Mar 14 YoY % QoQ % Assets 153,785 184,237 185,920 20.9 0.9 Loans 117,484 133,872 135,818 15.6 1.5 CASA 41,785 53,185 46,727 11.8 (12.1) Deposits 114,028 139,858 138,915 21.8 (0.7) Other funding 25,038 29,052 27,029 8.0 (7.0) Source: Company Exhibit 3. Key ratios (%) Mar 13 Dec 13 Mar 14 NPL 2.5 1.9 1.9 LDR 103.0 95.7 97.8 CAR 20.1 17.9 18.8 NIM 10.1 9.1 8.6 CoF 4.1 5.0 5.2 CIR 51.8 53.4 55.2 RoAE 14.4 14.7 11.4 Source: Company Exhibit 4. NIM compression due to higher increase in blended CoF Source: Company Analyst Eka Savitri Equity Research PT Danareksa Sekuritas Jl. Medan Merdeka Selatan No. 14 Jakarta 10110 - Indonesia : +62 21 295 55825 : ekas@danareksa.com
Semen Indonesia Provides Rp3.5tn Loan to Subsidiary (ID) SMGR Rp3.5tn provides loan facility to its subsidiary, PT Semen Gresik to finance the construction of a new plant in Rembang, Central Java. The groundbreaking is targeted on June 16, 2014 with target completion in 3Q16. The loan rate is average TD3M+3.5% with eight years tenor. Cement Sales: Legislation Election Effect Fade, consumption improved (BI) Following a drop on April 2014, the national cement sales rebounded in May. Cement sales reach the figure above 5 million tonnes for the first time this year. According to ASI, sales in May may give confidence that the target growth of cement could reach 5% by the end of the year. National cement sales during January-May 2014 was 23.78 million tons, up 3.7% compared to the same period in 2013 which is 22.93 million tonnes. May sales growth in Sumatra reached 5.5%, while in Java increased by 8.2%, Kalimantan up 21%, Sulawesi up 16%, Nusa Tenggara down 13.4% and Papua down 9.3%. PTPP Completes Acquisition of PT Prima Jasa Aldodua (IDN) PTPP takes over 99% ownership of a heavy equipment company, named PT Prima Jasa Aldodua (PJA) for Rp44bn. The transaction has completed by sealing a sale purchase agreement on June 6, 2014 between PTPP and YKKPP. PJA runs the business of procuring heavy and medium equipment to support PTPP s construction activities. TBIG prepare for Capex Rp 2.5tn (BI) PT Tower Bersama Infrastructure Tbk. (TBIG) budgeted Rp 2.5tn to build 3,300 tenants and 2000-2500 towers for this year. TBIG has three sources of funding, loan program with limit of USD 2mn that already used USD 1,12mn from September 2010 to December 2013, sustainable public offering through the issuance of sustainable obligation II Tower Bersama Infrastructure targeted worth Rp 500mn to Rp 1tn, and issuing of global bonds worth USD 500mn. Up till March 31, 2014, company has 17,222 tenants and 10,572 telecommunication site. In the interest of timeliness, this product was not edited
Equity Valuation Rating Price (Rp) Price Mkt Cap Net profit, Rp bn EPS (Rp) EPS Growth PER (x) EV / EBITDA (x) PBV (x) Net Gearing ROE Target Rp Bn 2013 2014 2015 2013 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2014 Danareksa Universe 2,788,318 155,093 180,466 205,481 248.3 288.9 329.0 16% 14% 15.5 13.6 13.0 11.6 2.9 2.6 19.9 Auto 315,525 19,901 23,468 28,719 364.5 429.9 526.1 18% 22% 13.4 11.0 11.2 9.6 2.4 2.1 19.5 Astra International BUY 7,400 8,050 299,578 19,417 21,600 26,760 480 534 661 11% 24% 13.9 11.2 11.7 10.0 2.6 2.2 42.8 19.9 Gajah Tunggal BUY 1,910 2,550 6,656 120 1,455 1,406 35 417 404 1091% -3% 4.6 4.7 5.0 4.4 0.9 0.8 45.5 22.6 Multistrada HOLD 300 390 2,755 43 86 161 5 10 18 100% 80% 30.0 16.7 8.2 6.6 0.7 0.7 45.7 2.1 Selamat Sempurna BUY 4,540 4,350 6,536 321 327 393 223 227 273 2% 20% 20.0 16.6 11.1 9.5 5.6 4.8 11.4 30.2 Banks 863,810 64,296 72,268 81,733 631.1 709.4 802.3 12% 13% 12.0 10.6 2.5 2.2 20 BCA HOLD 11,250 10,800 277,369 14,254 15,741 17,856 579 631 716 9% 13% 17.8 15.7 NA NA 3.7 3.1 NA 22.6 BNI BUY 4,865 5,400 90,726 9,058 10,319 11,807 486 553 633 14% 14% 8.8 7.7 NA NA 1.6 1.4 NA 20.0 BRI BUY 10,225 10,300 252,242 21,218 23,830 26,641 860 966 1,080 12% 12% 10.6 9.5 NA NA 2.6 2.2 NA 27.2 Bank Tabungan Negara BUY 1,015 1,400 10,724 1,562 1,794 2,061 149 171 197 15% 15% 5.9 5.2 NA NA 0.8 0.8 NA 14.7 Bank Mandiri BUY 9,975 10,500 232,750 18,204 20,584 23,368 780 882 1,001 13% 13% 11.3 10.0 NA NA 2.3 2.0 NA 21.8 Cement 196,827 11,334 11,294 11,336 656 654 656 0% 0% 17.4 17.4 11.1 10.3 3.4 3.1 20.3 Holcim HOLD 2,520 2,300 19,311 952 1,274 1,465 124 166 191 34% 15% 15.2 13.2 8.6 7.7 1.9 1.7 31.7 12.9 Indocement HOLD 23,650 21,300 87,061 5,012 4,839 5,215 1,362 1,315 1,417-3% 8% 18.0 16.7 11.5 10.1 3.6 3.3 net cash 21.1 Semen Indonesia BUY 15,250 17,500 90,456 5,370 5,180 4,657 905 873 785-4% -10% 17.5 19.4 11.6 11.5 3.8 3.5 22.1 22.8 Construction 81,083 3,244 3,896 4,468 85 103 118 20% 15% 20.8 18.1 10.1 9.0 3.1 2.8 16.8 Jasa Marga BUY 5,975 7,100 40,630 1,336 1,643 1,807 197 242 266 23% 10% 24.7 22.5 14.1 13.1 3.4 3.1 92.3 14.4 Wijaya Karya HOLD 2,220 2,400 13,642 570 664 803 93 108 131 16% 21% 20.5 17.0 8.2 6.7 2.7 2.4 1.5 16.1 Pembangunan Perumahan BUY 1,750 1,750 8,474 421 553 634 87 114 131 32% 15% 15.3 13.4 6.3 5.4 3.5 2.9 27.1 25.2 Adhi Karya HOLD 2,890 1,830 5,206 343 360 415 190 200 231 5% 16% 14.5 12.5 6.2 5.7 3.1 2.6 48.1 23.2 Waskita Karya HOLD 670 470 6,463 331 369 408 34 38 42 12% 11% 17.6 16.0 7.9 7.1 2.4 2.1 net cash 14.8 Wika Beton BUY 765 850 6,667 243 307 401 28 35 46 26% 31% 21.7 16.6 9.8 7.0 3.1 2.7 net cash 21.2 Consumer 438,041 12,342 14,833 16,573 166 199 223 20% 12% 29.5 26.4 18.0 15.9 7.7 6.9 27.5 Indofood CBP BUY 10,200 13,050 59,476 2,225 2,949 3,671 382 506 630 33% 25% 20.2 16.2 12.7 10.1 4.1 3.6 net cash 21.7 Indofood HOLD 6,850 7,050 60,146 2,504 3,191 3,368 285 363 384 27% 6% 18.8 17.9 9.0 8.1 2.5 2.3 31.8 13.5 Kalbe Farma HOLD 1,670 1,350 78,281 1,922 2,471 2,921 41 53 62 29% 17% 31.5 26.9 21.1 17.6 7.2 6.2 net cash 24.3 Unilever HOLD 30,200 28,300 230,426 5,353 5,775 6,047 702 757 792 8% 5% 39.9 38.1 28.3 27.0 48.7 47.1 3.4 128.2 Nippon Indosari Corpindo BUY 1,295 1,400 6,555 178 268 350 35 53 69 50% 31% 24.5 18.7 13.9 10.8 6.4 5.0 43.1 29.1 Mandom BUY 15,700 13,600 3,157 160 180 216 796 893 1,075 12% 20% 17.6 14.6 10.3 9.1 2.5 2.2 28.2 14.7 Heavy Equipment 88,510 5,116 5,730 6,601 1,119 1,254 1,444 12% 15% 15.4 13.4 7.0 6.2 2.3 2.1 15.4 Hexindo Adiperkasa HOLD 3,790 3,175 3,184 282 348 381 335 414 453 24% 9% 9.1 8.4 7.1 6.2 1.2 1.2 18.7 13.2 United Tractors BUY 22,875 23,300 85,327 4,834 5,382 6,220 1,296 1,443 1,667 11% 16% 15.9 13.7 7.0 6.2 2.4 2.1 net cash 15.6 Mining 165,061 8,400 11,464 13,993 129 176 215 36% 22% 14.4 11.8 6.8 6.2 1.8 1.8 12.4 Adaro Energy BUY 1,300 1,220 41,582 2,370 3,167 3,241 74 99 101 34% 2% 13.1 12.8 5.3 5.0 1.3 1.4 45.8 10.1 Timah BUY 1,360 1,575 10,129 515 625 706 102 124 140 21% 13% 11.0 9.7 7.5 6.3 1.9 1.8 net cash 12.4 Vale Indonesia BUY 3,830 4,500 38,056 396 1,009 1,239 40 102 125 155% 23% 37.7 30.7 12.3 11.5 2.0 2.2 2.3 5.2 Aneka Tambang HOLD 1,150 1,000 10,969 410 1,063 2,281 43 111 239 159% 115% 10.3 4.8 12.0 8.1 0.8 0.7 40.8 8.4 Bukit Asam HOLD 11,125 11,050 25,633 1,826 2,113 2,595 793 917 1,126 16% 23% 12.1 9.9 8.1 6.5 2.6 2.3 net cash 23.3 Indo Tambangraya Megah HOLD 28,500 30,000 32,203 2,373 2,863 3,281 2,100 2,534 2,904 21% 15% 11.2 9.8 5.3 4.9 2.9 3.1 net cash 25.9 Harum Energy HOLD 2,400 2,850 6,489 510 624 649 189 231 240 22% 4% 10.4 10.0 3.2 3.6 1.6 1.7 net cash 15.9 Plantation 83,325 3,210 5,089 6,144 105 166 201 59% 21% 16.4 13.6 8.5 7.3 2.2 2.1 14.2 Astra Agro Lestari HOLD 26,650 24,700 41,967 1,834 2,527 2,918 1,165 1,604 1,853 38% 15% 16.6 14.4 9.5 8.4 4.0 3.6 net cash 25.0 Sampoerna Agro BUY 2,305 2,200 4,356 119 251 379 63 133 201 111% 51% 17.3 11.5 8.2 7.5 1.5 1.4 52.1 9.2 BW Plantation BUY 1,305 1,380 5,835 182 372 575 42 83 128 97% 54% 15.8 10.2 8.6 6.2 2.5 2.0 106.4 16.9 PP London Sumatra BUY 2,215 2,130 15,113 688 946 995 101 139 146 37% 5% 16.0 15.2 9.4 8.2 2.1 1.9 net cash 13.8 Salim Ivomas Pratama BUY 1,015 970 16,054 388 994 1,277 25 63 81 156% 29% 16.2 12.6 6.9 5.8 1.1 1.1 35.3 7.1 Property 68,494 5,905 6,043 6,696 80 82 91 2% 11% 11.3 10.2 8.8 7.9 1.8 1.6 16.6 Alam Sutera BUY 468 770 9,196 1,286 1,658 1,877 65 84 96 29% 14% 5.6 4.9 5.8 5.2 1.3 1.1 46.3 26.6 Bumi Serpong Damai BUY 1,580 1,960 29,028 2,432 1,896 1,996 139 108 114-22% 5% 14.6 13.9 11.4 10.8 2.2 2.0 net cash 15.4 Metropolitan Land BUY 420 600 3,183 233 345 421 31 45 56 45% 24% 9.3 7.5 6.9 5.3 1.6 1.3 21.6 18.5 Surya Semesta Internusa BUY 705 870 3,317 726 776 804 154 165 171 7% 4% 4.3 4.1 2.2 1.9 1.1 0.9 net cash 28.9 Lippo Karawaci BUY 1,030 1,040 23,770 1,228 1,368 1,598 57 63 74 11% 17% 16.3 13.9 12.8 10.8 1.7 1.6 39.3 10.3 Telco 322,392 12,456 15,757 18,943 109 137 165 27% 20% 20.5 17.0 5.3 4.6 3.2 2.9 16.2 XL Axiata SELL 5,425 3,900 46,300 1,033 (430) 768 121 (50) 90-142% -279% (107.7) 60.3 8.0 5.9 3.2 3.1 117.4-2.9 Indosat BUY 3,970 4,920 21,573 (2,782) 728 905 (512) 134 167-126% 24% 29.6 23.8 3.4 2.9 1.3 1.2 116.8 4.4 Telkom BUY 2,525 2,725 254,520 14,205 15,459 17,270 147 159 171 8% 8% 15.9 14.7 5.4 4.7 3.6 3.3 net cash 23.5 Utility 132,722 7,713 9,219 8,573 318 380 354 20% -7% 14.4 15.5 9.0 9.1 4.4 4.4 31.4 PGN BUY 5,475 6,000 132,722 7,713 9,219 8,573 318 380 354 20% -7% 14.4 15.5 9.0 9.1 4.4 4.4 net cash 31.4 Retail 32,527 1,176 1,404 1,702 45 54 66 19% 21% 23.2 19.1 12.3 10.3 3.8 3.3 17.3 Mitra Adi Perkasa HOLD 5,375 6,350 8,923 330 419 526 199 252 317 27% 26% 21.3 17.0 9.1 7.7 3.2 2.7 78.5 16.0 Ramayana HOLD 1,260 1,240 8,941 413 477 574 58 67 81 16% 20% 18.7 15.6 10.6 8.8 2.6 2.4 net cash 14.4 Ace Hardware HOLD 855 750 14,663 433 508 602 25 30 35 17% 18% 28.9 24.4 19.4 16.2 6.1 5.0 net cash 23.2
The leaders on Danareksa coverage Price as on Code 10-Jun-14 9-Jun-14 Chg, % w-w, % m-m, % YTD, % Rating XL Axiata EXCL 5,425 5,200 4.3 4.3 7.4 4.3 SELL Kalbe Farma KLBF 1,670 1,605 4.0 5.7 7.1 33.6 HOLD Bank Rakyat Indonesia BBRI 10,225 9,875 3.5 (1.2) 1.0 41.0 BUY Multistrada Arah Sarana MASA 300 290 3.4 (4.5) (2.9) (23.1) HOLD Waskita Karya WSKT 670 650 3.1 (2.2) (13.5) 65.4 HOLD Mandom TCID 15,700 15,250 3.0 1.3 8.7 31.9 BUY Nippon Indosari Corpindo ROTI 1,295 1,260 2.8 (1.5) 7.9 27.0 BUY Bank Tabungan Negara BBTN 1,015 990 2.5 (3.8) (9.8) 16.7 BUY Astra International ASII 7,400 7,225 2.4 2.4 (1.0) 8.8 BUY Bank Negara Indonesia BBNI 4,865 4,750 2.4 (0.8) - 23.2 BUY Sources: Bloomberg The laggards on Danareksa coverage Price as on Code 10-Jun-14 9-Jun-14 Chg, % w-w, % m-m, % YTD, % Rating Surya Semesta Internusa SSIA 705 720 (2.1) (0.7) (10.8) 25.9 BUY Vale Indonesia INCO 3,830 3,855 (0.6) (2.9) (6.8) 44.5 BUY Harum Energy HRUM 2,400 2,415 (0.6) (2.8) 9.8 (12.7) HOLD Sampoerna Agro SGRO 2,305 2,310 (0.2) (3.8) (1.5) 15.3 BUY Hexindo Adiperkasa HEXA 3,790 3,790-1.1 (1.3) 17.5 HOLD Timah TINS 1,360 1,360 - (4.9) (9.6) 25.8 BUY Indo Tambangraya Megah ITMG 28,500 28,500 - (5.0) 14.3 - HOLD Alam Sutera ASRI 468 468 - (5.3) (11.7) 8.8 BUY Metropolitan Land MTLA 420 420-1.0 (7.5) 10.5 BUY Lippo Karawaci LPKR 1,030 1,030-0.5 (2.8) 13.2 BUY Sources: Bloomberg
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