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Asiamoney’s
2013
Best Domestic
Equity House
9 June 2014
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.
THIS RESEARCH REPORT IS NOT TO BE DISTRIBUTED TO ANY INVESTORS OR OTHER PERSONS IN THE UNITED STATES. IF ANY INVESTOR OR OTHER PERSON IN THE UNITED STATES
MISTAKENLY RECEIVES OR OTHERWISE COMES INTO POSSESSION OF THIS RESEARCH REPORT, NONE OF DAIWA SECURITIES CO. LTD., PT. BAHANA SECURIITES OR ANY OF THEIR
AFFIILIATES SHALL HAVE ANY RESPONSIBILITY FOR THE CONTENTS HEREOF OR FOR ANY SUBSEQUENT TRANSACTIONS EXECUTED IN RELIANCE HEREON.
Beacon Indonesia Morning Brief
IDX: 4,937.2 (+0.03%) Turnover: IDR3.7tn (+5.3%)
Foreign net SELL: IDR258bn (+315.5%)
MARKET STRATEGY FLASH Currency sensitivity analysis
Analyst: Harry Su
IDR’s 1M performance: Worst in the region on political concerns
1% IDR depreciation vs USD = 1.3ppt decline in overall EPS
Winners: Dollar earners
Safe havens: 10 US dollar accounting plays and selective sectors
Losers: Stocks with high US dollar borrowings
To see the full version of this report, please click here
TODAY’S NEWS
POLITICS
Prabowo-Hatta’s electability outdo Jokowi-Jusuf Kalla’s
First of five election debates commences today, to include human
rights policies
ECONOMICS
BI expects 2Q14 GDP growth to reach 5.3% y-y
Govt: 2014 CPI to increase by 0.1%-0.2% m-m on higher electricity
tariffs
INDUSTRY
62 mining transportation companies suspended
F&B demand is expected to grow by 20-30% during fasting season
Ciputra group expands medical business
CORPORATE
INDF to issue IDR2tn in bonds
INCO’s concession to be reduced to 75k ha
LPPF to open 12 new stores by end-2014
GJTL to distribute IDR30.48bn in dividends
ANJT to distribute IDR116.67bn in dividends
TELE announces non-preemptive 10% rights issue at IDR812
ASRI to accelerate debt payment
Wika Realty opened Puspamaya Hotel in Tangerang, Banten
INDICES Asia Last Chg% ytd % y-y %
Hang Seng (HK) 22,951.0 (0.7) (1.5) 6.4
IDX (Indonesia) 4,937.2 0.03 15.5 1.5
KLCI (Malaysia) 1,862.7 (0.3) (0.2) 4.9
KOSPI (Korea) 2,006.2 0.5 (0.3) 2.4
Nikkei (Japan) 15,077.2 (0.0) (7.5) 17.1
PCOMP (Phil.) 6,762.6 (0.1) 14.8 0.9
SENSEX (India) 25,396.5 1.5 20.0 30.7
SET (Thailand) 1,458.0 0.3 12.3 (3.8)
SHCOMP (China) 2,030.0 (0.5) (4.1) (8.2)
Shenzhen (China) 1,055.6 (0.3) (0.2) 7.3
STI (Singapore) 3,299.4 0.6 4.2 3.6
TWSE (Taiwan) 9,134.5 (0.1) 6.1 12.8
VNI (Vietnam) 559.0 1.4 10.8 5.9
Europe, USA and EMs
CAC 40 (France) 4,581.1 0.7 6.6 18.3
DAX (Germany) 9,987.2 0.4 4.6 21.0
Dow Jones (USA) 16,924.3 0.5 2.1 11.0
FTSE 100 (UK) 6,858.2 0.7 1.6 7.0
IBOV (Brazil) 53,128.7 3.0 3.1 2.9
MEXBOL (Mexico) 42,778.3 1.4 0.1 6.3
NGSEINDX (Nigeria) 41,529.1 (0.1) 0.5 5.0
Nasdaq (USA) 4,321.4 0.6 3.5 24.6
RTSI (Russia) 1,359.1 1.9 (5.8) 3.4
S&P 500 (USA) 1,949.4 0.5 5.5 18.6
XU100 (Turkey) 80,397.6 0.7 18.6 2.6
ETF, ADRS & COMMODITIES Last Chg% ytd % y-y %
EIDO US (USD) 27.7 1.1 21.3 (14.8)
TLK US (IDR) 2,504 (0.1) 19.2 (5.6)
Aluminum (USD/mtn) 1,879.0 1.6 4.4 (4.3)
Coal (USD/t) 72.0 (0.6) (17.5) (15.0)
Corn (USD/mtn) 180.3 2.6 12.9 (34.3)
Coffee (USD/t) 3,297.9 (0.5) 39.2 23.4
Copper (USD/t) 6,660.5 (2.1) (9.9) (8.9)
Cotton (USD/t) 1,869.1 (0.8) 0.2 (0.1)
CPO (USD/t-Rottdm) 845.0 0.6 (7.1) (0.6)
Gold (USD/oz.) 1,253.4 (0.0) 4.0 (9.4)
Iron ore (USD/mtn) 94.5 0.2 (29.6) (17.0)
Milk (USD/t) 467.5 (0.7) 19.6 24.2
Nickel (USD/t) 18,465.0 (2.8) 32.2 23.8
Oil (USD/barrel) 102.7 0.3 4.4 7.0
Rice (IDR/kg) 8,600.0 0.0 1.2 1.8
Rubber (USD/t) 1,667.0 0.3 (26.6) (29.2)
Silver (USD/oz) 19.0 (0.1) (2.2) (13.2)
Soybean oil (USD/t) 861.1 0.8 0.6 (19.5)
Steel (USD/t) 542.0 0.1 (2.5) (3.0)
Sugar (USD/t) 499.2 0.1 6.5 (1.4)
Tins (USD/t) 23,025.0 (0.9) 2.1 10.2
Wheat (USD/t) 226.9 1.9 0.1 (17.7) Source: Bloomberg
ECONOMIC INDICATORS MARKET DATA
13A 14F 15F
13A 14F 15F
Cur acc bal (%GDP) (3.6) (2.6) (1.9) Op.prof.gwt.(%) 8.4 12.1 12.3
Fiscal bal (%GDP) (2.2) (2.0) (2.0) EPS growth (%) 2.7 15.7 11.6
GDP growth (%y-y) 5.7 5.3 5.7 P/E (x) 22.3 17.6 16.7
Private spending (%) 5.3 5.3 5.4 PEG (x) 8.2 1.1 1.4
Investment (%y-y) 4.7 5.4 7.3 EV/EBITDA (x) 10.4 9.3 8.4
Total exports (%y-y) 5.3 6.0 6.9 P/BV (x) 6.6 6.3 5.2
Total imports (%y-y) 1.2 5.0 5.7 P/BV exc. UNVR&LPPF 3.7 3.2 2.7
Inflation (%y-y) 8.4 5.9 6.0 Div. Yield (%) 2.2 2.5 2.7
IDR/USD 12,170 11,300 11,200 Net gearing (%) 19.5 19.3 9.3
BI rate (% p.a.) 7.5 7.5 7.5 ROAE (%) 29.1 28.7 29.3
Brent Oil (Usd/bbl) 110.5 110.0 105.0 ROAA (%) 11.5 11.7 11.7
FX reserve (USDb) 99.4 103.5 106.0 ROIC (%) 14.4 21.8 20.1 Source: Bahana estimates Source: Bahana estimates
CURRENCIES & RATES Last Prev. Ytd % y-y %
AUD/USD 0.934 0.933 (4.7) 1.7
USD/EUR 1.365 1.366 0.7 (3.3)
IDR/USD 11,835 11,855 (2.8) 20.7
JPY/USD 102.620 102.390 (2.6) (5.2)
SGD/USD 1.251 1.253 1.0 (0.2)
JIBOR (%) 5.85 5.85 (0.2) 1.7
BI rate (%) 7.50 7.50 0.0 1.8
TD – 1 month (%) 6.87 7.01 0.2 1.5
CDS (bps) 137.00 143.00 (41.2) (26.7) Source: Bloomberg
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 2
Asiamoney’s
2013
Best Domestic
Equity House
POLITICS
Prabowo-Hatta’s electability outdo Jokowi-Jusuf Kalla’s
Indonesian survey focus (FIS) has released a recent presidential survey result, announcing that Prabowo-
Hatta has surpassed Jokowi-Jusuf Kalla. Executive director of FIS, Iswan Abdullah, stated that Prabowo-
Hatta obtained 45.7%, while Jokowi-Jusuf Kalla obtained 45.2% with 9.1% undecided voters. (Investor
daily)
First of five election debates commences today, to include human rights policies
The first of five election TV debates is set to commence today, Monday 9th of June, and will cover the
candidates’ visions, missions and programs on democracy, clean governance, law and human rights. It will
also include outlines of their human rights platforms, a key issue in the elections as both presidential
candidates have been accused of involvement in human rights abuses either directly or through
acquaintances. The debate will be aired on MetroTV, SCTV, Indosiar and BeritaSatu. (Jakarta Post, Bahana)
ECONOMICS
BI: 2Q14 GDP growth to reach 5.3% y-y
The central bank expects 2Q14 GDP growth to reach 5.30% y-y, slightly higher compared to the actual
1Q14’s level of 5.21% on the back of resilient domestic consumption as well as strong investment
realization despite escalating political activities in the lead up to the presidential election on 9 July. (Investor
Daily) Bahana comment: We concur with the Bank Indonesia’s view as we expect 2Q14 GDP growth to
reach 5.30% y-y.
Govt: 2014 CPI to increase by 0.1%-0.2% m-m on higher electricity tariffs
Chatib Basri, Finance Minister, stated that the impact of the government’s plan to raise electricity tariffs to 6
PLN’s customer groups starting July would be limited. The government expects 2014 inflation would increase
by 0.1%-0.2% m-m. Hence, the government will not alter its 2014 CPI assumption of around 5.5% y-y in
the revised state budget discussion with the parliament. (Investor Daily) Bahana comment: We agree with
the government’s view as we expect inflationary pressure to remain manageable. If the government were to
implement the new electricity tariffs starting July 2014, our analysis shows that CPI would increase by
0.15% (total impact) to 6.05% y-y from our base case level of 5.90%.
INDUSTRY
62 mining transportation companies suspended
In an attempt to curb illegal mining, the government has temporarily suspended licenses on 62 mineral and
coal transportation companies. The companies have been provided 30 days to report the source and the
destination of their products, otherwise, the licenses will be permanently revoked. (Jakarta Post) Bahana
comment: Through this action, we believe that the government is set on acting against illegal mining,
which should reduce Indonesia’s total coal production volume and increase government royalty.
F&B demand is expected to grow by 20-30% during fasting season
According to the general secretary of the Indonesia food and beverages association, Franky Sibarani, F&B
sales demand should grow 20-30% during the fasting period compared to regular months. Franky also
added that the F&B segments that should benefit are biscuits, syrup, snacks, cooking oil and flavored drinks.
The above food segments booked 15% sales jump last year on the fasting season. (Kontan)
Ciputra group expands medical business
The Ciputra group, currently active in opening hospitals, will expand into optometry through a joint venture
(JV) with Singapore Medical Group (SMG), a private hospital operator in Singapore. The JV has provided the
group licenses to operate optometry clinics and recruit doctors. It has invested IDR6.6bn to own a 60%
stake in the JV. Each clinic is expected to require IDR25bn in capex with the first clinic expected to be
operational by late 2014. (Kontan)
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 3
Asiamoney’s
2013
Best Domestic
Equity House
CORPORATE
INDF to issue IDR2tn in bonds
Indofood Sukses Makmur (INDF-BUY-IDR6,800-TP:IDR7,950) is planning to issue IDR2tn bonds with coupon
rate of 10.125% per annum. INDF’s management stated that the bonds were meant to pay off INDF’s other
bonds worth IDR1.61tn. (Kontan) Bahana comment: This is lower than the current 13% coupon rate that
INDF is paying.
INCO’s concession to be reduced to 75k ha
According to R Sukhyar, Director for Mineral and Coal from Energy and Mineral Resources Ministry,
renegotiation with Vale Indonesia (INCO IJ-BUY-IDR3,905-TP:IDR4,700) has resulted in the company
agreeing to cut its concessions area to 75kha, from currently around 190k ha, while details on which
concessions will be returned to the government have not been disclosed. (Kontan, Indonesia Finance Today)
LPPF to open 12 new stores by end-2014
Matahari Department Store (LPPF IJ-BUY-IDR14,078-TP:IDR14,700) plans to open up to 12 new department
stores by the end of 2014. The management also adds that capex allocation this year will reach between
IDR180-360bn, as each store will cost IDR20-30bn. LPPF ytd has 125 stores with the company targeting net
sales growth of 15-17% y-y. Bahana comment: We expect net sales growth of 23.6% y-y and bottom line
growth of 36% y-y. (Kontan)
GJTL to distribute IDR30.5bn in dividends
Gajah Tunggal (GJTL IJ-HOLD-IDR1,905-TP:IDR2,300) has announced IDR30.5bn in dividends, or 25% of its
2013 net profit of IDR120.3bn. This translates to IDR10/share or 0.5% dividend yield. Separately, GJTL
targets to increase selling prices by 5-10% and production volumes by 10% to 169,950 wheels per day in
light of higher-than expected operating expenses. (Kontan)
ANJT to distribute IDR116.67bn in dividends
ANJT (ANJT IJ-HOLD-IDR1,500-TP:IDR1,620) announced to distribute IDR116.67bn in dividends, 44.2% of
ANJT’s 2013 net profit of IDR264bn, translating to IDR35/ share or 2.3% dividend yield. (Kontan)
Notes Date
Cum dividend
-Regular market 24 June 2014
-Cash market 27 June 2014
Ex dividend
-Regular & negotiation market 25 June 2014
-Cash market 30 June 2014
Record date 27 June 2014
Payment date 14 July 2014 Source: Kontan
TELE announces non-preemptive 10% rights issue at IDR812
In order to support its business expansions, Tiphone Mobile Indonesia (TELE IJ-*-IDR815) plans to issue
10% non-pre-emptive rights issue at IDR812, raising around IDR518bn. TELE plans to hold a special
shareholders meeting in order to acquire approval on 24 June 2014. (Bisnis Indonesia)
ASRI to accelerate debt payment
PT Alam Sutra Realty (ASRI IJ-BUY-IDR488-TP: IDR760) expects to reduce DER by 10% in 2015 by cutting
interest expense and paying-off outstanding high-coupon bonds amounting to USD66.6mn or around
IDR787.6bn. Corporate Secretary, Hendra Kurniawan, stated that the bonds are a part of ASRI’s USD150mn
global bonds with 10.75% coupon rate issued in 2012 by Alam Sutera International Private Ltd, ASRI’s
subsidiary. (Kontan)
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 4
Asiamoney’s
2013
Best Domestic
Equity House
Wika Realty opened Puspamaya Hotel in Tangerang, Banten
Wika Realty, a subsidiary of Wijaya Karya (WIKA IJ-BUY-IDR2,275-TP:IDR2,700), opened its first three-star
hotel (Puspamaya Hotel), located at Tamansari Skylounge project (near Soekarno-Hatta international
airport), in Tangerang, Banten. The subsidiary targets to operate seven hotels by 2017. (Investor Daily,
Indonesia Finance Today)
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 5
Asiamoney’s
2013
Best Domestic
Equity House
BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily)
COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside) Potential (%)
6/6/2014 6/5/2014 CHANGE (%)
Austindo Nusantara Jaya ANJT IJ HOLD 1,620 8.0 1,500 1,435 4.5
Multipolar MLPL IJ BUY 930 10.1 845 810 4.3
Adaro Energy ADRO IJ HOLD 1,200 (9.1) 1,320 1,280 3.1
Japfa Comfeed Indonesia JPFA IJ BUY 1,710 29.5 1,320 1,285 2.7
Sarana Menara Nusantara TOWR IJ BUY 4,400 14.3 3,850 3,750 2.7
Surya Citra Media SCMA IJ REDUCE 1,770 (49.4) 3,495 3,405 2.6 Indocement Tunggal Prakarsa INTP IJ HOLD 20,500 (13.1) 23,600 23,100 2.2
Xl Axiata EXCL IJ HOLD 5,500 4.8 5,250 5,175 1.4
Vale Indonesia INCO IJ BUY 4,700 20.4 3,905 3,850 1.4
Harum Energy HRUM IJ HOLD 2,300 (7.6) 2,490 2,455 1.4
Mitra Adiperkasa MAPI IJ BUY 5,750 6.5 5,400 5,325 1.4
Perusahaan Gas Negara PGAS IJ BUY 5,400 0.0 5,400 5,325 1.4 United Tractors UNTR IJ REDUCE 18,000 (21.2) 22,850 22,550 1.3
Kalbe Farma KLBF IJ BUY 1,650 2.8 1,605 1,585 1.3
Gudang Garam GGRM IJ BUY 62,750 15.7 54,250 53,600 1.2
Citra Marga Nusaphala Persada CMNP IJ BUY 3,600 2.9 3,500 3,465 1.0
Bumi Serpong Damai BSDE IJ HOLD 1,675 4.7 1,600 1,585 0.9
Matahari Putra Prima MPPA IJ BUY 3,700 12.3 3,295 3,265 0.9 Jasa Marga JSMR IJ BUY 6,450 7.9 5,975 5,925 0.8
Semen Indonesia SMGR IJ HOLD 14,300 (6.7) 15,325 15,200 0.8
Hero Supermarket HERO IJ REDUCE 1,470 (45.6) 2,700 2,680 0.7
Astra International ASII IJ HOLD 7,300 1.4 7,200 7,150 0.7
Medco Energi Internasional MEDC IJ REDUCE 2,200 (32.3) 3,250 3,230 0.6
Telekomunikasi Indonesia TLKM IJ BUY 2,900 14.6 2,530 2,520 0.4 Erajaya Swasembada ERAA IJ HOLD 1,325 3.9 1,275 1,270 0.4
Nippon Indosari Corpindo ROTI IJ REDUCE 870 (32.0) 1,280 1,275 0.4
Bw Plantation BWPT IJ BUY 1,550 19.7 1,295 1,290 0.4
Krakatau Steel KRAS IJ REDUCE 400 (15.1) 471 470 0.2
Indosat ISAT IJ BUY 4,800 20.5 3,985 3,980 0.1
Unilever Indonesia UNVR IJ BUY 31,500 3.4 30,475 30,450 0.1 Cardig Aero Services CASS IJ BUY 1,170 18.8 985 985 0.0
Gajah Tunggal GJTL IJ HOLD 2,300 20.7 1,905 1,905 0.0
Bank Central Asia BBCA IJ HOLD 11,500 4.1 11,050 11,050 0.0
Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 3,900 (7.1) 4,200 4,200 0.0
Bank Bukopin BBKP IJ HOLD 600 (8.4) 655 655 0.0
Semen Baturaja SMBR IJ REDUCE 410 (1.9) 418 418 0.0 Indo Tambangraya Megah ITMG IJ REDUCE 23,450 (20.8) 29,600 29,600 0.0
Bukit Asam PTBA IJ REDUCE 10,000 (12.3) 11,400 11,400 0.0
Waskita Karya WSKT IJ HOLD 710 6.0 670 670 0.0
Wijaya Karya Beton WTON IJ BUY 970 27.6 760 760 0.0
Indofood CBP Sukses Makmur ICBP IJ REDUCE 8,300 (17.8) 10,100 10,100 0.0
Mayora Indah MYOR IJ REDUCE 17,000 (40.7) 28,675 28,675 0.0 Surya Semesta Internusa SSIA IJ HOLD 850 15.6 735 735 0.0
Salim Ivomas Pratama SIMP IJ BUY 1,100 7.3 1,025 1,025 0.0
Sampoerna Agro SGRO IJ BUY 2,250 (3.6) 2,335 2,335 0.0
Charoen Pokphand Indonesia CPIN IJ BUY 4,350 13.3 3,840 3,840 0.0
Ciputra Development CTRA IJ HOLD 1,130 3.2 1,095 1,095 0.0
Agung Podomoro Land APLN IJ HOLD 300 11.5 269 269 0.0 Express Transindo Utama TAXI IJ BUY 1,800 30.0 1,385 1,385 0.0
Astra Agro Lestari AALI IJ BUY 35,000 30.4 26,850 26,875 (0.1)
Matahari Department Store LPPF IJ BUY 14,700 4.4 14,075 14,100 (0.2)
Lippo Cikarang LPCK IJ HOLD 8,700 6.1 8,200 8,225 (0.3)
Indomobil Sukses Internasional IMAS IJ REDUCE 4,000 (14.6) 4,685 4,705 (0.4)
Garuda Indonesia GIAA IJ * * * 433 435 (0.5) Malindo Feedmill MAIN IJ BUY 3,800 31.0 2,900 2,915 (0.5)
Sido Muncul SIDO IJ BUY 1,050 26.5 830 835 (0.6)
Tiphone Mobile Indonesia TELE IJ * * * 815 820 (0.6)
Alam Sutera Realty ASRI IJ BUY 760 55.7 488 491 (0.6)
Bekasi Fajar Industrial Estates BEST IJ REDUCE 465 (4.1) 485 488 (0.6)
Total Bangun Persada TOTL IJ REDUCE 700 (12.5) 800 805 (0.6) Tempo Scan Pacific TSPC IJ BUY 3,800 28.8 2,950 2,970 (0.7)
Indofood Sukses Makmur INDF IJ BUY 7,950 16.9 6,800 6,850 (0.7)
Bank Rakyat Indonesia BBRI IJ BUY 11,100 10.2 10,075 10,150 (0.7)
Pakuwon Jati PWON IJ BUY 445 13.8 391 394 (0.8)
Supra Boga Lestari RANC IJ REDUCE 500 (18.7) 615 620 (0.8)
Bank Negara Indonesia BBNI IJ BUY 6,650 37.7 4,830 4,870 (0.8) Summarecon Agung SMRA IJ BUY 1,195 0.8 1,185 1,195 (0.8)
Lippo Karawaci LPKR IJ HOLD 1,200 14.8 1,045 1,055 (0.9)
Sri Rejeki Isman SRIL IJ BUY 310 53.5 202 204 (1.0)
London Sumatra Indonesia LSIP IJ BUY 2,550 12.3 2,270 2,295 (1.1)
AKR Corporindo AKRA IJ REDUCE 4,150 (3.4) 4,295 4,345 (1.2)
Adhi Karya ADHI IJ BUY 3,300 10.9 2,975 3,010 (1.2) Bank Jawa Timur BJTM IJ BUY 500 19.6 418 423 (1.2)
Kawasan Industri Jababeka KIJA IJ HOLD 280 15.2 243 246 (1.2)
Bank Mandiri BMRI IJ HOLD 10,300 2.2 10,075 10,200 (1.2)
Aneka Tambang ANTM IJ REDUCE 920 (22.0) 1,180 1,195 (1.3)
Ciputra Property CTRP IJ HOLD 750 4.2 720 730 (1.4)
Bank Tabungan Negara BBTN IJ HOLD 1,270 25.7 1,010 1,025 (1.5) Wintermar Offshore Marine WINS IJ BUY 1,350 17.4 1,150 1,170 (1.7)
Wijaya Karya WIKA IJ BUY 2,700 18.7 2,275 2,315 (1.7)
Bank Jawa Barat dan Banten BJBR IJ HOLD 1,000 18.3 845 860 (1.7)
Holcim Indonesia SMCB IJ REDUCE 2,050 (19.9) 2,560 2,610 (1.9)
Bumi Resources BUMI IJ REDUCE 180 (7.2) 194 198 (2.0)
Bank Danamon Indonesia BDMN IJ REDUCE 3,400 (21.1) 4,310 4,400 (2.0) Timah TINS IJ BUY 1,800 29.5 1,390 1,420 (2.1)
Pembangunan Perumahan PTPP IJ HOLD 1,790 1.1 1,770 1,810 (2.2)
Ace Hardware Indonesia ACES IJ REDUCE 660 (23.3) 860 880 (2.3)
Ramayana Lestari Sentosa RALS IJ REDUCE 850 (31.7) 1,245 1,275 (2.4)
Media Nusantara Citra MNCN IJ REDUCE 2,000 (27.0) 2,740 2,850 (3.9)
Adi Sarana Armada ASSA IJ BUY 330 21.3 272 285 (4.6) Austindo Nusantara Jaya ANJT IJ HOLD 1,620 8.0 1,500 1,435 4.5
Source: Bloomberg, Bahana estimates
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PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 6
Asiamoney’s
2013
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BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Weekly)
COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside) Potential (%)
6/6/2014 5/30/2014 CHANGE (%)
Surya Citra Media SCMA IJ REDUCE 1,770 (49.4) 3,495 3,170 10.3
Gajah Tunggal GJTL IJ HOLD 2,300 20.7 1,905 1,755 8.5
Adaro Energy ADRO IJ HOLD 1,200 (9.1) 1,320 1,225 7.8
Bukit Asam PTBA IJ REDUCE 10,000 (12.3) 11,400 10,700 6.5
Tempo Scan Pacific TSPC IJ BUY 3,800 28.8 2,950 2,770 6.5
United Tractors UNTR IJ REDUCE 18,000 (21.2) 22,850 21,675 5.4 Unilever Indonesia UNVR IJ BUY 31,500 3.4 30,475 29,125 4.6
Mitra Adiperkasa MAPI IJ BUY 5,750 6.5 5,400 5,175 4.3
Gudang Garam GGRM IJ BUY 62,750 15.7 54,250 52,050 4.2
Kalbe Farma KLBF IJ BUY 1,650 2.8 1,605 1,540 4.2
Indocement Tunggal Prakarsa INTP IJ HOLD 20,500 (13.1) 23,600 22,650 4.2
AKR Corporindo AKRA IJ REDUCE 4,150 (3.4) 4,295 4,125 4.1 Semen Indonesia SMGR IJ HOLD 14,300 (6.7) 15,325 14,725 4.1
Hero Supermarket HERO IJ REDUCE 1,470 (45.6) 2,700 2,600 3.8
Ciputra Development CTRA IJ HOLD 1,130 3.2 1,095 1,055 3.8
Bank Danamon Indonesia BDMN IJ REDUCE 3,400 (21.1) 4,310 4,160 3.6
Indo Tambangraya Megah ITMG IJ REDUCE 23,450 (20.8) 29,600 28,650 3.3
Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 3,900 (7.1) 4,200 4,090 2.7 Harum Energy HRUM IJ HOLD 2,300 (7.6) 2,490 2,425 2.7
Bank Central Asia BBCA IJ HOLD 11,500 4.1 11,050 10,775 2.6
Express Transindo Utama TAXI IJ BUY 1,800 30.0 1,385 1,355 2.2
Astra International ASII IJ HOLD 7,300 1.4 7,200 7,075 1.8
ASII ASII IJ HOLD 7,300 1.4 7,200 7,075 1.8
Charoen Pokphand Indonesia CPIN IJ BUY 4,350 13.3 3,840 3,775 1.7 Jasa Marga JSMR IJ BUY 6,450 7.9 5,975 5,875 1.7
Bank Bukopin BBKP IJ HOLD 600 (8.4) 655 645 1.6
Cardig Aero Services CASS IJ BUY 1,170 18.8 985 970 1.5
Citra Marga Nusaphala Persada CMNP IJ BUY 3,600 2.9 3,500 3,450 1.4
Bank Negara Indonesia BBNI IJ BUY 6,650 37.7 4,830 4,775 1.2
Lippo Karawaci LPKR IJ HOLD 1,200 14.8 1,045 1,035 1.0 Indosat ISAT IJ BUY 4,800 20.5 3,985 3,950 0.9
Nippon Indosari Corpindo ROTI IJ REDUCE 870 (32.0) 1,280 1,270 0.8
Tiphone Mobile Indonesia TELE IJ * * * 815 810 0.6
Ramayana Lestari Sentosa RALS IJ REDUCE 850 (31.7) 1,245 1,240 0.4
Bw Plantation BWPT IJ BUY 1,550 19.7 1,295 1,290 0.4
Japfa Comfeed Indonesia JPFA IJ BUY 1,710 29.5 1,320 1,315 0.4 Agung Podomoro Land APLN IJ HOLD 300 11.5 269 268 0.4
Medco Energi Internasional MEDC IJ REDUCE 2,200 (32.3) 3,250 3,250 0.0
Austindo Nusantara Jaya ANJT IJ HOLD 1,620 8.0 1,500 1,500 0.0
Sarana Menara Nusantara TOWR IJ BUY 4,400 14.3 3,850 3,850 0.0
Vale Indonesia INCO IJ BUY 4,700 20.4 3,905 3,915 (0.3)
Indofood Sukses Makmur INDF IJ BUY 7,950 16.9 6,800 6,825 (0.4) Perusahaan Gas Negara PGAS IJ BUY 5,400 0.0 5,400 5,425 (0.5)
Lippo Cikarang LPCK IJ HOLD 8,700 6.1 8,200 8,250 (0.6)
Mayora Indah MYOR IJ REDUCE 17,000 (40.7) 28,675 28,850 (0.6)
Bumi Serpong Damai BSDE IJ HOLD 1,675 4.7 1,600 1,610 (0.6)
Krakatau Steel KRAS IJ REDUCE 400 (15.1) 471 474 (0.6)
Supra Boga Lestari RANC IJ REDUCE 500 (18.7) 615 620 (0.8) Sri Rejeki Isman SRIL IJ BUY 310 53.5 202 204 (1.0)
Indofood CBP Sukses Makmur ICBP IJ REDUCE 8,300 (17.8) 10,100 10,200 (1.0)
Bank Mandiri BMRI IJ HOLD 10,300 2.2 10,075 10,175 (1.0)
Sampoerna Agro SGRO IJ BUY 2,250 (3.6) 2,335 2,360 (1.1)
Garuda Indonesia GIAA IJ * * * 433 438 (1.1)
Sido Muncul SIDO IJ BUY 1,050 26.5 830 840 (1.2) Bank Rakyat Indonesia BBRI IJ BUY 11,100 10.2 10,075 10,200 (1.2)
Kawasan Industri Jababeka KIJA IJ HOLD 280 15.2 243 247 (1.6)
Bank Jawa Timur BJTM IJ BUY 440 5.3 418 425 (1.6)
Aneka Tambang ANTM IJ REDUCE 920 (22.0) 1,180 1,200 (1.7)
London Sumatra Indonesia LSIP IJ BUY 2,550 12.3 2,270 2,310 (1.7)
Astra Agro Lestari AALI IJ BUY 35,000 30.4 26,850 27,325 (1.7) Telekomunikasi Indonesia TLKM IJ BUY 2,900 14.6 2,530 2,575 (1.7)
Salim Ivomas Pratama SIMP IJ BUY 1,100 7.3 1,025 1,045 (1.9)
Malindo Feedmill MAIN IJ BUY 3,800 31.0 2,900 2,965 (2.2)
Bank Jawa Barat dan Banten BJBR IJ HOLD 1,000 18.3 845 865 (2.3)
Alam Sutera Realty ASRI IJ BUY 760 55.7 488 500 (2.4)
Timah TINS IJ BUY 1,800 29.5 1,390 1,425 (2.5) Wintermar Offshore Marine WINS IJ BUY 1,350 17.4 1,150 1,180 (2.5)
Wijaya Karya Beton WTON IJ BUY 970 27.6 760 780 (2.6)
Ciputra Property CTRP IJ HOLD 750 4.2 720 740 (2.7)
Wijaya Karya WIKA IJ BUY 2,700 18.7 2,275 2,345 (3.0)
Bumi Resources BUMI IJ REDUCE 180 (7.2) 194 200 (3.0)
Matahari Department Store LPPF IJ BUY 14,700 4.4 14,075 14,525 (3.1) Media Nusantara Citra MNCN IJ REDUCE 2,000 (27.0) 2,740 2,830 (3.2)
Semen Baturaja SMBR IJ REDUCE 410 (1.9) 418 434 (3.7)
Bekasi Fajar Industrial Estates BEST IJ REDUCE 465 (4.1) 485 505 (4.0)
Xl Axiata EXCL IJ HOLD 5,500 4.8 5,250 5,475 (4.1)
Pakuwon Jati PWON IJ BUY 445 13.8 391 408 (4.2)
Total Bangun Persada TOTL IJ REDUCE 700 (12.5) 800 835 (4.2) Indomobil Sukses Internasional IMAS IJ REDUCE 4,000 (14.6) 4,685 4,900 (4.4)
Ace Hardware Indonesia ACES IJ REDUCE 660 (23.3) 860 900 (4.4)
Adhi Karya ADHI IJ BUY 3,300 10.9 2,975 3,130 (5.0)
Holcim Indonesia SMCB IJ REDUCE 2,050 (19.9) 2,560 2,700 (5.2)
Erajaya Swasembada ERAA IJ HOLD 1,325 3.9 1,275 1,345 (5.2)
Summarecon Agung SMRA IJ BUY 1,195 0.8 1,185 1,255 (5.6) Waskita Karya WSKT IJ HOLD 710 6.0 670 720 (6.9)
Adi Sarana Armada ASSA IJ BUY 330 21.3 272 293 (7.2)
Pembangunan Perumahan PTPP IJ HOLD 1,790 1.1 1,770 1,910 (7.3)
Bank Tabungan Negara BBTN IJ HOLD 1,270 25.7 1,010 1,090 (7.3)
Surya Citra Media SCMA IJ REDUCE 1,770 (49.4) 3,495 3,170 10.3
Gajah Tunggal GJTL IJ HOLD 2,300 20.7 1,905 1,755 8.5 Adaro Energy ADRO IJ HOLD 1,200 (9.1) 1,320 1,225 7.8
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PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 7
Asiamoney’s
2013
Best Domestic
Equity House
Source: Bloomberg, Bahana estimates
Ticker Rating Price TP Shares Free float Mkt cap 3M avg to
(IDR) (IDR) (m) (%) (IDRb) (IDRb) 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014
AVIATION N 13,257 2 46,544 49,991 403 2,444 244 1,053 (71.9) 213.8 65.8 12.4 8.5 4.3 1.7 1.5 0.3 0.4 40.1 33.4 7.1 11.8 2.3 4.4 13.3 6.1
GIAA IJ* BUY 433 615 25,869 39.5 11,201 2 45,225 48,444 77 2,051 134 916 (87.7) 526.6 74.5 11.9 9.1 4.3 0.8 0.8 0.0 0.0 47.4 39.5 1.0 6.6 0.4 2.7 9.4 0.8
CASS IJ BUY 985 1,170 2,087 36.6 2,056 0 1,319 1,547 326 393 110 137 25.3 25.3 18.7 15.0 5.4 4.3 6.8 5.3 1.9 2.3 nc nc 40.4 39.6 12.8 13.9 34.5 34.9
AUTOMOTIVE N 311,075 369 227,122 254,122 20,137 22,496 20,188 23,832 (2.1) 16.3 15.7 13.3 14.4 12.3 3.4 2.9 2.9 3.3 60.9 50.7 23.9 23.9 9.3 9.6 18.2 14.9
ASII IJ HOLD 7,200 7,300 40,484 49.8 291,482 357 193,880 217,265 18,603 20,882 19,417 22,503 (0.0) 15.9 15.0 13.0 13.7 11.8 3.5 3.0 3.0 3.5 54.8 44.4 25.0 24.8 9.8 10.0 18.6 15.7
IMAS IJ REDUCE 4,685 4,000 2,765 10.5 12,955 1 20,095 22,076 369 506 532 551 (33.5) 3.5 24.3 23.0 34.5 27.5 2.2 2.1 1.0 1.1 194.8 182.5 9.6 9.1 2.8 2.5 7.8 3.6
GJTL IJ HOLD 1,905 2,300 3,485 40.2 6,639 12 13,147 14,781 1,165 1,108 238 778 (79.0) 226.3 27.9 8.5 5.9 6.2 1.2 1.1 0.3 0.8 67.8 68.7 4.4 13.5 1.8 5.5 24.5 2.7
BANKS N 949,219 1,103 219,474 241,708 92,501 101,532 73,722 82,367 17.6 11.7 13.7 12.3 na na 3.1 2.6 2.2 2.3 na na 24.2 22.7 3.0 2.9 na na
BBCA IJ HOLD 11,050 11,500 24,655 50.8 272,438 175 37,422 42,963 17,079 19,245 14,254 16,007 21.6 12.3 19.1 17.0 na na 4.3 3.5 1.1 1.3 na na 24.6 22.8 3.0 3.0 na na
BBRI IJ BUY 10,075 11,100 24,669 43.2 248,542 341 52,661 59,319 26,121 28,525 21,344 24,123 14.3 13.0 11.6 10.3 na na 3.1 2.6 2.6 2.4 na na 29.7 27.6 3.6 3.6 na na
BMRI IJ HOLD 10,075 10,300 23,333 40.0 235,083 319 51,197 56,532 23,552 25,662 18,204 20,283 17.4 11.4 12.9 11.6 na na 2.7 2.3 2.3 2.4 na na 22.5 21.5 2.7 2.6 na na
BBNI IJ BUY 4,830 6,650 18,649 39.8 90,073 143 28,839 32,446 11,219 12,649 9,054 10,171 28.5 12.3 9.9 8.9 na na 1.9 1.6 3.0 3.1 na na 19.9 19.8 2.5 2.5 na na
BDMN IJ REDUCE 4,310 3,400 9,585 32.4 41,310 17 23,155 22,471 5,605 5,695 4,042 4,241 0.7 4.9 10.2 9.7 na na 1.3 1.2 2.4 3.1 na na 13.5 12.9 2.4 2.2 na na
BTPN IJ REDUCE 4,200 3,900 5,840 57.2 24,529 2 7,449 7,734 2,878 2,879 2,131 2,267 6.9 6.4 11.5 10.8 na na 2.5 2.0 0.0 1.8 na na 24.2 20.5 3.3 3.1 na na
BBTN IJ HOLD 1,010 1,270 10,565 34.6 10,671 66 6,437 6,815 2,136 2,262 1,562 1,653 14.5 5.8 6.8 6.5 na na 0.9 0.8 4.4 3.9 na na 14.3 13.6 1.3 1.2 na na
BJBR IJ HOLD 845 1,000 9,696 25.0 8,193 25 5,980 6,483 1,622 1,954 1,376 1,544 15.4 12.2 6.0 5.3 na na 1.2 1.1 9.2 10.0 na na 21.7 21.8 1.9 2.1 na na
BJTM IJ BUY 418 500 14,918 18.0 6,236 9 2,839 3,136 1,116 1,360 824 1,025 2.4 24.3 7.6 6.1 na na 1.1 1.0 9.7 10.7 na na 14.7 17.3 2.7 2.9 na na
BBKP IJ** HOLD 1,275 600 9,525 15.7 12,144 6 3,494 3,810 1,174 1,300 930 1,053 10.6 0.5 11.1 11.0 na na 1.9 1.7 2.0 2.0 na na 16.6 15.9 1.4 1.4 na na
CEMENT UW 201,507 277 53,919 60,279 15,529 16,338 11,695 12,768 4.5 9.2 17.3 15.8 10.7 10.3 3.9 3.4 2.1 2.3 10.0 12.8 24.7 22.9 18.6 17.2 40.3 35.1
SMGR IJ HOLD 15,325 14,300 5,932 49.0 90,901 174.2 24,503 27,003 7,071 7,417 5,427 5,817 12.0 7.2 16.8 15.6 11.1 10.8 4.5 3.8 2.4 2.4 14.2 18.1 28.9 26.5 19.5 18.1 31.0 26.3
INTP IJ HOLD 23,600 20,500 3,681 36.0 86,877 91.6 18,546 21,106 6,085 6,485 5,016 5,371 5.4 7.1 17.3 16.2 11.0 10.3 3.8 3.3 2.0 2.2 nc nc 23.8 21.9 20.4 18.7 52.9 49.6
SMCB IJ REDUCE 2,560 2,050 7,663 19.4 19,617 5.5 9,686 10,751 2,033 2,045 952 1,224 (29.5) 28.5 20.6 16.0 8.6 8.6 2.2 2.0 1.7 2.2 37.1 47.7 11.1 13.3 7.0 7.6 15.5 8.8
SMBR IJ REDUCE 418 410 9,838 23.8 4,112 5.9 1,184 1,420 341 391 300 356 (14.9) 5.6 12.3 11.7 5.8 7.9 1.6 1.5 1.5 1.7 nc nc 17.0 13.1 14.8 11.3 97.6 50.2
COAL & MINING CONTRACTING UW 197,930 211 179,556 184,329 24,058 27,130 10,266 15,118 (28.0) 16.6 15.6 12.5 7.7 6.6 2.3 2.1 3.1 3.7 12.1 10.7 15.6 18.1 9.9 10.9 47.8 21.4
UNTR IJ REDUCE 22,850 18,000 3,730 40.4 85,234 72 51,012 55,826 6,741 8,314 4,825 6,241 (16.5) 29.3 17.7 13.7 7.9 6.1 2.6 2.3 2.3 2.9 nc nc 15.4 18.0 9.0 10.7 20.8 15.6
ADRO IJ* HOLD 1,320 1,200 31,986 40.9 42,221 1 39,980 38,583 6,889 8,577 2,814 4,751 (23.2) 71.2 15.2 8.9 6.3 4.7 1.7 1.2 2.0 3.7 56.9 50.3 8.8 15.0 3.8 6.1 9.3 5.9
ITMG IJ* REDUCE 29,600 23,450 1,130 35.0 33,446 39 26,516 24,801 4,107 4,115 5,560 5,561 (37.4) 0.5 13.2 13.1 6.3 5.6 3.0 2.9 6.4 6.1 nc nc 23.4 25.3 17.9 16.8 88.0 41.8
PTBA IJ REDUCE 11,400 10,000 2,304 29.3 26,267 47 11,209 12,778 1,857 1,749 1,826 1,770 (37.0) (3.1) 14.4 14.8 11.8 12.4 2.8 2.8 4.0 4.2 nc nc 20.5 18.9 15.0 14.7 148.2 42.8
HRUM IJ* HOLD 2,490 2,300 2,704 29.5 6,732 23 10,187 9,076 837 622 509 403 (68.2) (14.8) 17.2 20.2 4.8 5.3 2.0 1.9 3.2 3.0 nc nc 12.6 11.4 9.2 6.9 78.2 29.5
BUMI IJ* REDUCE 194 180 20,773 70.8 4,030 29 40,651 43,265 3,627 3,754 (5,268) (3,608) (28.0) (26.2) (0.9) (1.2) 6.5 5.7 (6.4) (3.1) 0.0 0.0 na na na nm (6.5) (4.0) (16.6) (14.5)
1.0
CONS. & TOLL ROADS N 92,054 387 54,150 62,551 7,485 8,743 3,939 4,587 (4.8) 20.4 24.6 20.8 12.8 11.2 4.3 3.5 1.5 1.7 44.5 59.4 19.4 18.6 5.6 5.6 18.2 21.2
JSMR IJ BUY 5,975 6,450 6,800 30.0 40,630 48 6,380 7,658 2,487 3,063 1,336 1,665 (16.6) 24.6 30.4 24.4 16.4 14.0 4.4 3.9 1.3 1.6 109.7 129.9 14.9 16.9 5.0 5.3 11.9 7.9
WIKA IJ BUY 2,275 2,700 6,145 34.7 13,980 98 11,885 14,393 1,216 1,369 570 691 22.2 21.3 24.5 20.2 10.8 10.3 4.7 4.0 1.2 1.5 nc 34.3 20.6 21.5 4.8 5.0 26.4 22.4
CMNP IJ BUY 3,500 3,600 2,200 65.6 7,700 1 936 1,099 502 583 402 470 (6.3) 16.8 19.1 16.4 10.5 9.2 2.4 2.2 1.1 1.3 nc nc 14.3 14.0 9.4 9.7 17.3 17.8
PTPP IJ HOLD 1,770 1,790 4,842 42.8 8,571 36 10,554 12,325 1,168 1,432 421 488 35.9 15.9 20.4 17.6 5.2 4.8 4.3 3.7 1.5 1.7 (51.8) (16.1) 23.1 22.5 4.0 3.8 17.1 27.1
WSKT IJ HOLD 670 710 9,646 32.1 6,463 49 9,687 10,981 672 761 368 417 0.5 13.3 17.5 15.5 10.1 9.0 2.7 2.4 1.9 1.9 nc nc 16.8 16.4 4.3 4.5 17.0 15.9
WTON IJ BUY 760 970 8,715 100.0 6,624 40 2,621 3,114 321 370 241 283 34.1 (2.3) 21.1 21.6 16.5 13.4 7.0 3.1 1.3 1.3 nc nc 36.1 20.0 8.7 7.4 71.3 49.1
ADHI IJ BUY 2,975 3,300 1,801 49.0 5,359 99 9,800 11,045 864 999 406 430 91.3 5.8 13.2 12.5 6.4 4.4 3.5 2.7 2.3 2.4 15.0 (28.9) 30.0 24.5 4.6 4.3 21.1 27.6
TOTL IJ REDUCE 800 700 3,410 33.8 2,728 16 2,287 1,935 256 168 194 143 10.6 (26.2) 14.0 19.0 8.4 12.7 3.6 3.5 3.6 2.6 nc nc 27.5 18.7 9.1 6.6 (55.1) 138.3
CONSUMER - DISCRETIONARY N 205,813 289 82,403 96,809 9,306 10,281 8,258 8,367 26.5 22.0 30.5 28.2 20.3 17.6 (4.0) 15.7 1.0 1.5 5.1 (6.2) 22.2 19.1 22.8 23.1 (170.9) 26.3
SCMA IJ REDUCE 3,495 1,770 14,622 25.5 51,102 25 3,778 4,102 1,757 1,869 1,320 1,407 12.8 6.6 38.7 36.3 27.1 25.2 15.8 13.4 1.3 1.4 (24.7) (34.4) 47.6 40.6 32.0 29.7 61.8 59.5
LPPF IJ BUY 14,075 14,700 2,918 53.9 41,070 49 6,754 8,348 1,781 2,201 1,150 1,598 49.2 38.9 35.7 25.7 21.1 16.5 (52.6) 50.3 0.0 1.6 nc nc na na 39.2 46.7 (985.3) na
MNCN IJ REDUCE 2,740 2,000 14,180 33.8 38,854 28 6,522 7,071 2,560 2,474 1,691 1,810 2.1 7.1 22.6 21.1 14.2 14.3 4.5 4.0 2.0 2.1 nc nc 21.5 20.1 17.8 17.0 24.3 24.5
MPPA IJ BUY 3,295 3,700 5,378 17.4 17,720 113 11,913 14,612 389 428 445 408 101.7 (8.3) 41.3 45.1 28.2 23.1 8.9 7.7 0.5 0.6 nc nc 12.5 11.9 6.0 6.0 4.0 13.3
ACES IJ REDUCE 860 660 17,150 40.0 14,749 19 3,924 4,745 503 610 423 519 (3.3) 22.7 34.9 28.4 24.6 20.1 7.4 6.2 1.1 1.4 nc nc 23.6 24.1 19.7 20.0 37.0 27.7
HERO IJ REDUCE 2,700 1,470 4,184 16.5 11,296 0 11,900 14,259 424 453 671 366 93.1 (49.0) 15.8 30.9 15.6 12.1 2.0 2.0 0.0 0.0 nc nc 19.1 6.6 10.3 4.4 14.4 20.5
RALS IJ REDUCE 1,245 850 7,096 40.5 8,835 3 7,968 8,566 399 418 434 450 2.4 3.7 20.4 19.6 13.2 11.4 2.7 2.5 2.5 2.8 nc nc 13.9 13.4 10.3 9.9 25.8 23.7
MAPI IJ BUY 5,400 5,750 1,660 44.0 8,964 18 9,734 11,299 751 849 328 429 (24.3) 30.9 27.3 20.9 9.9 8.0 3.7 3.2 1.0 0.8 99.1 54.7 14.3 16.4 4.8 5.4 14.5 7.8
MLPL IJ BUY 845 930 10,065 68.0 8,505 21 14,672 17,219 85 148 1,415 884 4,841.7 (37.5) 6.0 9.6 10.5 7.3 1.2 1.1 0.1 2.5 nc (28.1) 23.5 12.0 8.2 4.2 0.5 27.0
SRIL IJ BUY 202 310 18,593 43.9 3,756 12 3,934 4,816 629 792 346 467 20.5 18.1 9.5 8.0 6.6 6.0 1.1 1.1 0.0 0.0 42.6 59.6 16.1 14.5 8.1 8.3 8.7 9.6
RANC IJ REDUCE 615 500 1,564 20.0 962 1 1,303 1,771 28 40 35 30 (11.8) (14.4) 27.4 32.0 16.6 12.7 2.7 2.4 0.7 0.6 nc 9.2 9.3 7.4 5.5 4.3 13.7 10.1
CONSUMER - STAPLES OW 588,590 365 210,017 240,673 27,853 32,230 18,588 21,829 8.8 12.4 34.0 29.9 22.8 20.3 24.7 19.3 1.9 2.2 22.6 33.8 63.0 60.4 23.5 23.1 57.9 55.3
UNVR IJ BUY 30,475 31,500 7,630 15.0 232,524 54 30,757 35,313 7,122 8,090 5,353 6,045 10.6 12.9 43.4 38.5 30.8 27.9 54.7 42.1 2.2 2.5 16.8 36.5 130.2 123.6 42.3 41.4 109.7 109.8
GGRM IJ BUY 54,250 62,750 1,924 23.5 104,382 75 55,437 60,305 6,650 7,596 4,329 5,022 7.8 16.0 24.1 20.8 14.9 13.2 3.6 3.2 1.8 2.0 39.5 40.9 15.5 16.3 9.4 9.4 12.8 11.7
KLBF IJ BUY 1,605 1,650 46,875 43.3 75,235 83 16,002 18,388 2,549 3,017 1,920 2,227 19.9 16.0 39.2 33.8 26.5 22.4 9.3 7.4 1.4 1.6 nc nc 25.3 24.3 18.5 18.3 38.1 31.4
INDF IJ BUY 6,800 7,950 8,780 49.9 59,707 84 57,732 68,463 6,089 7,531 2,504 3,953 (23.2) 57.9 23.8 15.1 9.2 8.1 2.5 2.3 2.2 3.4 57.7 96.6 11.2 16.1 3.6 4.6 15.1 8.3
ICBP IJ REDUCE 10,100 8,300 5,831 19.5 58,893 45 25,095 30,116 2,734 3,120 2,225 2,420 2.1 8.8 26.5 24.3 18.3 16.2 4.7 4.2 1.8 1.8 nc nc 18.5 18.2 11.4 10.8 31.7 26.5
MYOR IJ REDUCE 28,675 17,000 894 66.9 25,645 3 14,137 15,798 1,348 1,293 1,058 776 41.1 (35.3) 21.4 33.0 16.7 16.9 5.6 4.8 0.9 0.6 53.4 51.5 31.0 18.7 11.2 6.9 14.8 19.4
TSPC IJ BUY 2,950 3,800 4,500 22.7 13,275 3 6,855 7,506 648 745 635 703 1.1 10.7 20.9 18.9 15.7 12.4 3.5 3.1 2.0 2.2 nc nc 17.8 17.4 12.6 12.5 38.0 31.9
SIDO IJ BUY 830 1,050 15,000 10.0 12,450 14 2,497 2,909 503 568 407 500 4.6 11.0 27.6 24.9 22.8 19.3 7.2 7.5 1.3 3.3 (0.0) (24.1) 28.4 31.1 19.5 24.1 48.2 29.6
ROTI IJ REDUCE 1,280 870 5,062 29.3 6,479 3 1,506 1,876 210 270 158 183 5.9 15.9 41.0 35.4 25.7 19.7 8.2 7.0 0.6 0.7 70.6 52.5 21.7 21.4 10.4 9.4 20.4 13.9
INDUSTRIAL ESTATES N 18,725 82 9,974 10,775 3,244 3,171 2,126 2,503 0.0 0.0 17.9 7.8 6.3 6.3 2.0 1.6 0.6 1.6 12.3 9.7 27.7 23.1 14.7 12.4 37.7 33.5
KIJA IJ HOLD 243 280 20,121 80.0 4,889 21 2,740 2,926 855 900 101 652 (73.5) 537.9 47.8 7.5 7.2 6.5 1.2 1.0 0.0 4.0 47.2 37.2 2.5 14.6 1.3 7.4 7.1 1.7
BEST IJ REDUCE 485 465 9,667 38.5 4,670 23 1,324 931 883 551 744 467 58.1 (37.2) 6.3 10.0 5.3 8.3 1.9 1.6 0.5 0.5 (0.2) nc 35.0 17.3 26.3 13.2 37.6 38.3
SSIA IJ HOLD 735 850 4,705 72.2 3,458 24 4,583 5,211 872 906 691 638 (2.3) (7.7) 5.0 5.4 3.1 3.2 1.5 1.2 2.4 2.2 nc nc 35.3 24.6 13.0 10.2 70.5 47.2
LPCK IJ HOLD 8,200 8,700 696 57.8 5,707 13 1,328 1,707 634 814 591 746 45.1 26.4 9.7 7.6 8.4 6.2 3.1 2.2 0.0 0.0 nc nc 38.8 34.0 17.7 17.3 44.2 48.6
METALS N 60,409 152 28,367 28,325 1,770 2,744 1,330 1,721 (54.7) 90.7 67.8 125.6 16.2 24.4 1.8 1.6 1.3 2.2 5.9 10.5 3.9 5.7 2.7 4.1 9.4 3.8
INCO IJ* BUY 3,905 4,700 9,936 20.5 38,801 71 11,216 12,690 734 2,281 405 1,212 (36.5) 209.2 93.9 30.4 18.5 10.4 2.1 1.9 0.8 2.5 0.1 3.7 2.3 6.3 1.7 4.7 4.1 2.3
ANTM IJ REDUCE 1,180 920 9,538 35.0 11,255 51 11,298 9,503 421 (250) 410 20 (86.3) (95.1) 27.5 556.9 13.1 86.6 0.9 0.9 0.5 0.0 31.2 33.7 3.2 0.2 2.0 0.1 27.5 2.7
TINS IJ BUY 1,390 1,800 7,448 35.0 10,352 31 5,852 6,132 615 714 515 489 19.3 (5.0) 13.6 14.3 11.0 9.2 1.4 1.4 4.0 3.5 nc 10.9 10.9 9.8 7.4 6.3 9.9 10.5
OIL & GAS N 163,097 177 71,957 77,715 15,760 16,316 11,603 11,271 24.9 (3.2) 18.0 17.5 10.0 8.7 2.0 1.4 4.3 4.1 16.6 15.6 31.2 34.0 17.3 17.2 47.1 40.9
PGAS IJ* BUY 5,400 5,400 24,242 43.0 130,904 129 36,528 37,850 11,363 12,101 10,473 10,003 26.4 (4.3) 12.1 12.6 9.6 8.3 1.8 1.2 5.0 4.8 nc nc 36.3 39.7 20.8 20.7 56.3 49.3
AKRA IJ REDUCE 4,295 4,150 3,903 41.0 16,765 40 22,338 27,758 837 1,046 648 752 (0.2) 16.0 25.7 22.2 17.3 14.4 3.5 3.2 2.7 1.8 90.0 67.2 14.7 15.0 4.9 5.1 15.7 9.1
MEDC IJ* REDUCE 3,250 2,200 3,332 49.1 10,830 5 10,818.5 10,026.8 2,991 2,577 153 146 1.8 10.5 79.6 72.0 5.0 5.9 1.1 1.1 0.3 0.3 86.1 112.7 1.5 1.5 0.5 0.5 0.8 0.8
WINS IJ* BUY 1,150 1,350 3,997 35.3 4,597 3 2,272 2,080 569 592 329 370 74.0 14.4 12.8 11.2 7.6 6.6 1.9 1.7 1.2 1.4 59.3 44.4 16.1 16.3 2.3 2.3 9.5 11.4
PLANTATIONS N 89,185 164 35,276 46,673 6,135 9,995 3,629 6,715 (26.8) 98.0 25.7 13.4 12.5 8.2 3.0 2.4 1.6 3.1 29.6 23.4 12.9 21.0 8.9 14.2 21.2 12.0
AALI IJ BUY 26,850 35,000 1,575 20.3 42,282 41 12,675 19,760 3,005 4,793 1,801 3,606 (25.3) 100.2 23.5 11.7 12.4 7.9 4.3 3.3 1.9 3.8 20.4 7.4 19.0 31.9 13.2 21.6 28.2 16.6
SIMP IJ BUY 1,025 1,100 15,816 21.6 16,212 15 13,280 15,831 1,586 2,533 524 1,114 (54.7) 112.5 30.9 14.6 8.8 6.2 1.2 1.1 1.3 2.7 42.2 40.4 3.8 7.9 1.9 3.9 7.3 2.9
LSIP IJ BUY 2,270 2,550 6,823 40.5 15,488 76 4,134 4,693 818 1,239 769 1,060 (31.1) 37.9 20.2 14.6 14.2 9.6 2.3 2.1 1.5 2.1 nc nc 11.9 15.1 9.9 12.7 27.0 15.9
BWPT IJ BUY 1,295 1,550 4,471 37.1 5,790 29 1,144 1,700 326 620 182 354 (32.5) 94.9 30.8 15.8 19.4 11.6 2.6 2.2 0.5 0.9 160.2 157.6 9.4 15.1 3.3 5.3 6.9 3.6
ANJT IJ* HOLD 1,500 1,620 3,333 10.0 5,000 0 1,685 1,689 268 413 266 374 (49.9) 57.3 18.3 11.6 10.2 8.2 1.3 1.2 2.7 4.3 nc nc 6.3 8.8 5.5 7.8 14.0 8.4
SGRO IJ BUY 2,335 2,250 1,890 33.0 4,413 2 2,359 2,999 133 397 88 208 (73.4) 137.4 48.0 20.2 15.7 8.8 1.6 1.5 0.6 1.5 37.8 46.4 3.3 7.5 2.1 4.6 11.2 2.5
POULTRY OW 82,234 61 51,268 58,395 6,189 7,066 3,368 4,862 (10.4) 35.9 24.4 17.7 14.0 12.6 5.6 4.5 1.3 1.2 39.1 32.2 25.5 28.3 15.4 17.2 30.6 20.6
CPIN IJ BUY 3,840 4,350 16,398 44.5 62,968 38 25,663 29,454 3,904 4,451 2,531 3,226 (5.7) 27.5 24.9 19.5 15.4 13.9 6.3 5.1 1.3 1.2 17.5 16.0 28.0 28.9 18.0 19.3 34.7 24.3
JPFA IJ BUY 1,320 1,710 10,661 42.5 14,072 11 21,412 24,109 1,803 2,053 595 1,212 (40.0) 103.7 23.6 11.6 9.3 8.1 2.7 2.2 1.4 0.8 111.8 89.6 12.4 20.9 4.6 7.7 14.0 6.2
MAIN IJ BUY 2,900 3,800 1,791 44.1 5,194 13 4,193 4,832 483 562 242 423 (20.2) 75.2 20.3 11.6 10.6 9.2 4.1 3.1 1.0 1.7 103.1 73.2 31.2 41.1 12.0 17.7 25.8 15.2
PROPERTY N 125,576 291 34,509 40,320 12,134 14,225 9,160 10,217 48.3 10.3 14.6 14.0 10.9 9.8 2.8 2.4 1.8 2.0 13.2 14.6 22.2 19.5 8.9 7.8 21.9 23.6
BSDE IJ HOLD 1,600 1,675 18,372 49.6 29,395 45 5,741 5,560 2,910 2,626 2,691 1,997 109.3 (25.8) 10.4 14.0 9.6 10.0 2.7 2.4 1.9 1.4 nc nc 29.7 18.2 13.7 8.6 28.2 35.7
LPKR IJ HOLD 1,045 1,200 23,078 82.1 24,116 90 6,519 7,895 1,504 1,826 1,220 1,324 15.1 8.5 19.8 18.2 15.8 13.7 1.9 1.7 1.3 1.4 26.4 33.8 10.3 9.8 4.3 3.9 8.9 8.2
PWON IJ BUY 391 445 48,160 43.5 18,830 24 3,030 3,669 1,512 1,811 1,133 1,498 51.4 32.3 16.6 12.6 10.9 8.9 4.9 3.7 1.2 1.6 nc nc 33.4 33.2 13.4 14.3 22.2 32.2
SMRA IJ BUY 1,185 1,195 14,427 67.8 17,096 28 4,094 4,423 1,342 1,347 1,102 978 32.9 (11.3) 15.5 17.5 11.4 11.9 3.9 3.4 2.3 2.0 nc nc 27.3 20.7 9.0 6.9 35.9 32.8
CTRA IJ HOLD 1,095 1,130 15,166 61.2 16,607 31 5,077 7,519 1,553 2,176 977 1,194 65.8 22.3 17.0 13.9 9.3 6.5 2.6 2.3 1.8 2.2 nc nc 16.3 17.5 5.6 5.5 14.5 19.5
ASRI IJ BUY 488 760 19,649 49.7 9,589 54 3,684 3,504 1,533 1,654 877 1,401 (27.1) 59.8 10.9 6.8 8.0 7.3 1.9 1.5 2.3 3.7 63.0 50.4 18.0 24.4 6.9 9.6 34.4 13.3
APLN IJ HOLD 269 300 20,501 38.0 5,515 13 4,916 6,078 1,264 2,186 739 1,419 (8.9) 92.0 7.5 3.9 5.7 4.1 1.0 0.8 2.7 5.1 55.2 68.2 13.9 22.7 4.3 7.0 12.3 9.2
CTRP IJ HOLD 720 750 6,150 43.7 4,428 7 1,448 1,671 516 597 422 405 40.5 (3.8) 10.5 10.9 9.5 8.7 1.1 1.0 2.9 2.7 26.7 34.8 10.8 9.7 6.2 5.1 9.2 9.6
STEEL UW 7,430 2 25,368 25,104 (485) 261 (170) 188 13.8 na na 37.9 65.1 17.8 0.6 0.6 0.0 0.0 79.1 106.1 (1.3) 1.6 (0.8) 0.8 (1.2) (0.9)
KRAS IJ* REDUCE 471 400 15,775 20.0 7,430 2 25,368 25,104 (485) 261 (170) 188 13.8 na na 37.9 65.1 17.8 0.6 0.6 0.0 0.0 79.1 106.1 (1.3) 1.6 (0.8) 0.8 (1.2) (0.9)
TELCOS OW 324,856 348 154,496 170,628 32,966 36,970 13,268 18,609 (27.4) 78.4 42.1 20.5 7.6 6.6 4.8 4.0 2.2 2.6 41.5 33.3 19.9 23.1 9.4 10.5 19.5 18.6
TLKM IJ BUY 2,530 2,900 100,800 48.8 255,024 298 82,967 88,882 25,996 29,946 14,205 15,583 10.5 9.7 18.0 16.4 6.2 5.5 4.2 3.6 3.3 3.1 6.4 5.2 25.3 23.9 11.9 11.8 23.4 23.6
EXCL IJ HOLD 5,250 5,500 8,534 33.5 15 21,265 23,901 2,901 1,751 1,033 474 (62.6) (54.1) 43.3 94.3 1.9 2.2 2.9 2.9 1.0 0.5 107.9 136.2 6.7 3.1 2.7 1.1 10.7 3.4
TOWR IJ BUY 3,850 4,400 10,203 60.5 39,281 0 3,197 3,798 1,724 2,084 169 1,258 (51.4) 646.3 233.1 31.2 17.8 15.0 10.8 8.1 0.0 0.0 213.8 164.2 4.8 29.6 1.2 7.9 4.1 1.5
ISAT IJ BUY 3,985 4,800 5,434 20.7 21,654 4 23,855 25,333 1,418 1,976 (2,782) 486 na na (7.8) 52.8 4.2 3.8 1.4 1.4 (6.4) 0.9 136.3 117.6 (16.0) 2.9 (5.1) 0.9 1.0 (7.5)
TELE IJ BUY 815 800 6,379 37.3 5,199 9 10,485 13,781 437 622 295 405 29.2 23.7 16.6 13.4 13.7 9.9 3.2 3.5 1.7 2.3 70.9 74.1 23.6 27.4 12.3 12.0 24.4 18.1
ERAA IJ HOLD 1,275 1,325 2,900 39.7 3,698 21 12,727 14,933 490 591 349 403 (19.5) 15.6 10.6 9.2 9.2 7.5 1.3 1.2 3.8 4.4 39.8 35.1 13.1 14.0 7.8 7.7 15.8 10.3
TRANSPORTATION N 3,896 23 1,681 2,077 439 552 217 260 68.6 21.0 19.7 16.3 7.7 6.5 3.1 2.7 0.9 1.1 91.5 108.2 16.2 17.0 6.3 6.7 6.1 8.4
TAXI IJ BUY 1,385 1,800 2,146 49.0 2,972 23 687 865 221 293 133 161 67.1 21.5 22.4 18.4 8.7 7.2 3.7 3.2 1.2 1.5 74.7 90.5 17.9 18.8 7.0 7.6 7.3 9.5
ASSA IJ BUY 272 330 3,398 40.0 924 1 994 1,213 218 260 85 99 82.1 16.6 10.9 9.4 4.5 4.2 1.1 1.0 0.0 0.0 145.5 165.1 10.9 11.4 3.9 4.0 2.0 4.7
Market N 3,434,852 4,305 1,486,081 1,650,473 275,424 312,494 191,431 226,266 2.7 15.7 22.3 17.6 10.4 9.3 6.6 6.3 2.2 2.5 19.5 19.3 29.1 28.7 11.5 11.7 14.4 21.8
Note: *USD reporting **Post rights issue
OW: Overweight, N: Neutral, UW: Underweight, UR: Under Review
ROAE (%)Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) PER (x) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAA (%) ROIC (%)
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AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time
AGM KDSI Kedawung Setia Industrial 06/06/14 14:00
AEGM DOID Delta Dunia Makmur 06/06/14 09:00
AEGM GJTL Gajah Tunggal 06/06/14 10:00
AGM CEKA Wilmar Cahaya Indonesia 06/06/14 14:00 Source: Bloomberg
DIVIDEND SCHEDULE Corporate Price Cash Yield Ex date Record date Payment date Ticker
(IDR) (IDR) (%)
Nusa raya cipta 845 28 3.3% 5/21/2014 5/23/2014 6/10/2014 NRCA IJ
Sidomulyo selaras 466 3 0.6% 5/21/2014 5/23/2014 6/10/2014 SDMU IJ
Astra otoparts 3,710 62 1.7% 5/22/2014 5/26/2014 6/11/2014 AUTO IJ
Astra international 7,500 152 2.0% 5/23/2014 5/28/2014 6/12/2014 ASII IJ
Tunas ridean 660 10 1.5% 5/23/2014 5/28/2014 6/12/2014 TURI IJ
Bekasi fajar industrial estate 482 2 0.5% 5/23/2014 5/28/2014 6/9/2014 BEST IJ
Adaro energy 1,300 0 0.0% 5/28/2014 6/2/2014 6/12/2014 ADRO IJ
Mnc kapital indonesia 1,015 3 0.3% 5/28/2014 6/2/2014 6/16/2014 BCAP IJ
Sawit sumbermas sarana 1,235 5 0.4% 5/28/2014 6/2/2014 6/16/2014 SSMS IJ
Medco energi internasional 2,870 0 0.0% 5/28/2014 6/2/2014 6/16/2014 MEDC IJ
Adi sarana armada 297 9 3.0% 5/30/2014 6/3/2014 6/17/2014 ASSA IJ
Bank mestika dharma 1,585 20 1.2% 6/2/2014 6/4/2014 6/18/2014 BBMD IJ
Bank danamon indonesia 4,315 127 2.9% 6/2/2014 6/4/2014 6/18/2014 BDMN IJ
Tunas alfin 480 3 0.5% 6/2/2014 6/4/2014 6/18/2014 TALF IJ
Holcim indonesia 2,655 53 2.0% 6/2/2014 6/4/2014 6/18/2014 SMCB IJ
Plaza indonesia realty 2,650 43 1.6% 6/3/2014 6/5/2014 6/19/2014 PLIN IJ
Mitrabahtera segara sejati 1,020 0 0.0% 6/3/2014 6/5/2014 6/19/2014 MBSS IJ
Tower bersama infrastructure 6,950 60 0.9% 6/4/2014 6/6/2014 6/20/2014 TBIG IJ
Hm sampoerna 69,000 927 1.3% 6/4/2014 6/6/2014 6/20/2014 HMSP IJ
Metrodata electronic 345 13 3.6% 6/4/2014 6/6/2014 6/20/2014 MTDL IJ
Elnusa 482 16 3.4% 6/6/2014 6/10/2014 6/24/2014 ELSA IJ
Akr corporindo 4,380 15 0.3% 6/6/2014 6/10/2014 6/24/2014 AKRA IJ
Multi bintang indonesia 1,125,000 46,076 4.1% 6/6/2014 6/10/2014 6/24/2014 MLBI IJ
Delta djakarta 375,000 10,500 2.8% 6/6/2014 6/10/2014 6/24/2014 DLTA IJ
Surya semesta internusa 700 30 4.3% 6/10/2014 6/12/2014 6/26/2014 SSIA IJ
Samindo resources 580 26 4.5% 6/10/2014 6/12/2014 6/26/2014 MYOH IJ
Arwana citramulia 945 16 1.7% 6/10/2014 6/12/2014 6/26/2014 ARNA IJ
Goodyear indonesia 18,000 300 1.7% 6/11/2014 6/13/2014 6/27/2014 GDYR IJ
Matahari department store 14,000 158 1.1% 6/12/2014 6/16/2014 6/30/2014 LPPF IJ
PP london sumatra indonesia 2,215 46 2.1% 6/17/2014 6/19/2014 7/3/2014 LSIP IJ
Dharma satya nusantara 3,290 20 0.6% 6/18/2014 6/20/2014 7/4/2014 DSNG IJ
Indocement tunggal prakarsa 23,000 900 3.9% 6/20/2014 6/24/2014 7/8/2014 INTP IJ
Salim ivomas pratama 960 10 1.0% 6/30/2014 7/2/2014 7/16/2014 SIMP IJ
Agung podomoro land 270 6 2.2% 7/4/2014 7/8/2014 7/22/2014 APLN IJ
Indofood cbp sukses makmur 9,975 190 1.9% 7/11/2014 7/15/2014 8/5/2014 ICBP IJ Source: Bloomberg *Interim Dividend
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Actual and upcoming IPOs, 2013-2014
No Code Date Company name Industry Amount Public (IDRbn) (%)
1 BBRM 01/08/13 Pelayaran Nasional Bina Buana Shipping 138 13.2
2 HOTL 01/10/13 Saraswati Griya Lestari Hotel 102 15.5
3 SAME 01/11/13 Sarana Meditama Metropolitan Hospital Management 72 13.6
4 MAGP 01/16/13 Multi Agro Gemilang Plantations 440 66.7
5 TPMA 02/20/13 Trans Power Marine Transportation 91 9.0
6 ISSP 02/22/13 Steel Pipe Industry of Indonesia Pipes manufacturer 856 29.6
7 DYAN 03/25/13 Dyandra Media International Entertainment 449 22.4
8 ANJT 05/08/13 Austindo Nusantara Jaya Plantation 400 10.0
9 NOBU 05/20/13 Bank Nationalnobu Banking 808 52.5
10 MPMX 05/29/13 Mitra Pinasthika Mustika Automotive 1,455 21.7 11 DSNG 06/14/13 Dharma Satya Nusantara Plantations 509 13.0
12 SRIL 06/17/13 Sri Rejeki Isman (Sritex) Textile 1,344 30.1
13 ACST 06/24/13 Acset Indonesia Construction 375 31.0
14 SRTG 06/26/13 Saratoga Investa Sedaya Finance 1,492 10.0
15 NRCA 06/27/13 Nusa Raya Cipta Construction 260 12.3
16 SMBR 06/28/13 Semen Baturaja Cement 1,309 23.8
17 ECII 07/03/13 Electronic City Indonesia Retail 1,350 25.0
18 BBMD 07/08/13 Bank Mestika Dharma Banking 593 20.0
19 MLPT 07/08/13 Multipolar Technology IT 180 18.0 20 VICO 07/08/13 Victoria Investama Finance 150 16.3
21 CPGT 07/09/13 Cipaganti group Transportation 69 10.0
22 NAGA 07/09/13 Bank Mitraniaga Banking 80 27.3
23 BMAS 07/11/13 Bank Maspion Banking 246 20.0
24 SILO 09/12/13 Siloam Hospital Hospital 1,405 13.5
25 APII 10/29/13 Arita Prima Indonesia Pipe Manufacture 61 25.6
26 KRAH 11/08/13 Grand Kartech Manufacturing 45 16.9
27 IMJS 12/10/13 Indomobil Multi Jasa Auto finance 225 10.4
28 LEAD 12/11/13 Logindo Samudramakmur Marine services 357 19.8
29 SSMS 12/12/13 Sawit Sumbermas Sarana Plantations 1,005 15.8 30 SIDO 12/18/13 Sido Muncul Pharmaceutical 870 10.0
2013 total 16,735
31 PNBS 01/15/14 Bank Panin Syariah Banking 475 49.3 32 ASMI 01/16/14 Mitra Maparya Insurance 109 29.0
33 CANI 01/16/14 Capitol Nusantara Transporation 42 25.0
34 BINA 01/16/14 Bank INA Banking 125 24.8
35 BALI 03/13/14 Bali Towerindo Sentra Construction 35 14.7
36 WTON 04/08/14 Wika Beton Construction material 1,207 30.0
37 BLTZ 04/10/14 Graha Layar Prima Entertainment 223 31.3
38 MDIA 04/11/14 Intermedia Capital Entertainment 541 15.0
39 LRNA 04/15/14 Eka Sari Lorena Transport Transportation 135 20.0
40 DAJK 14/05/14 Dwi Aneka Jaya Kemasindo Paper manufacture 470 40.0 41 Airasia Indonesia Airlines 1,800 20.0
42 Andira Agro Plantations
43 Asia Mangan Group Mining 458 55.0
44 Bank Dinar Banking 300
45 Bank DKI Banking
46 Bank Kesejahteraan Ekonomi Banking
47 Bank Muamalat Banking
48 Bank Sumatera Utara Banking 800
49 Bank Syariah Mandiri Banking
50 Blue Bird Group Transportation 2,438 20.0 51 Daya Mitra Telekomunikasi Telecommunication 49.0
52 Daya Mandiri Resources Indonesia Coal mining
53 Dutapalma Nusantara Plantations
54 GMF Aero Asia Target Aero services
55 Indoprima Gemilang Auto-parts
56 Infomedia Nusantara Services
57 Intan Baruprana Finance Multi-finance
58 Kawasan Berikat Nusantara Industrial estates
59 Krakatau Wijatama Steel manufacture 60 LINK 02/06/14 Link Net Telecommunication 487
61 Pacific Agro Sentosa Plantations 1,000
62 Pegadaian Indonesia Trading
63 Pelita Cengkareng Paper Packaging manufacture
64 Perkebunan Nusantara III, IV and VII Plantations
65 Pertamina Drilling Services Indonesia Oil-related
66 Pertamina Hulu Energi Oil-related
67 Pertamina Gas Gas distribution
68 Pertamina Geothermal Energy Electricity
69 PLN Batam Electricity 70 Pos Indonesia Logistics
71 Pos Logistik Logistics
72 Puradelta Lestari Property 2,760
73 Semen Batam Cement
74 Siba Surya Logistics 500
75 Soechi Lines Trading
76 Sriboga Raturaya Restaurant 500
2014 total 29,426 Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today)
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Actual and upcoming rights issues, 2011-2013 No Code Ex-rights date Company name Industry Amount (IDRbn)
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 51 CENT 02/01/13 Centrin Online Retail 685
52 TKGA 03/08/13 Toko Gunung Agung Retail 480
53 TRIM 04/08/13 Trimegah Securities Finance 276
54 AUTO 04/25/13 Astra Otoparts Misc. Industry 2,988
55 BBNP 05/13/13 Bank Nusantara Parahyangan Banking 296
56 DNET 06/03/13 Dyviacom Intrabumi Trade 7,000
57 BKSW 06/04/13 Bank QNB Kesawan Banking 649
58 KPIG 06/11/13 MNC Land Construction 2,443
59 HERO 06/14/13 Hero Supermarket Retail 2,980
60 INDS 07/01/13 Indospring Trade 357
61 JKON 07/02/13 Jaya Konstruksi Manggala Pratama Construction 457
62 AGRO 07/04/13 Bank Rakyat Indonesia Agroniaga Banking 450
63 BNII 07/05/13 Bank International Indonesia Banking 1,501
64 WEHA 07/08/13 Panorama Transportasi Infrastructure 75
65 INDX 07/08/13 Tanah Laut Infrastructure 69
66 BACA 08/07/13 Bank Capital Indonesia Banking 204
2013 total 20,910
Grand total 86,655 Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today)
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1Q14 Results Round-ups to consensus Operating profit (IDRbn) Net profit (IDRbn)
No Company Ticker Actual Consensus (%) Comment Actual Consensus (%) Comment
1 Ace Hardware Indonesia ACES IJ 161.6 641 25.2 Above 137 535 25.6 Above 2 Adaro Energy ADRO IJ 211 577 36.6 Above 128 218 58.8 Above
3 Adhi Karya ADHI IJ 70 1,111 6.3 In Line 16 421 3.8 Above
4 Agung Podomoro Land APLN IJ 400 1,619 24.7 Below 296 958 30.9 In Line 5 AKR Corporindo AKRA IJ 222 1,240 17.9 In Line 179 869 20.6 In Line
6 Alam Sutera ASRI IJ 334 1,336 25 Below 310 1,123 27.6 In Line
7 Astra Agro Lestari AALI IJ 930 3,720 25 Above 785 2,532 31 Above 8 Astra International ASII IJ 4874 20,058 24.3 In Line 4727 20,642 22.9 Below
9 Austindo Nusantara Jaya ANJT IJ 7 na na Below 4 na na Below
10 Bank Bukopin BBKP IJ 317 1,174 27 In Line 246 932 26.4 In Line 11 Bank Central Asia BBCA IJ 11554 39,299 29.4 Above 3665 16,075 22.8 In Line
12 Bank Danamon BDMN IJ 5377 20,841 25.8 In Line 875 4,127 21.2 In Line
13 Bank Jabar Banten BJBR IJ 413 1,665 24.8 In Line 326 1,417 23 Below 14 Bank Mandiri BMRI IJ 12777 57,040 22.4 In Line 4925 20,020 24.6 In Line
15 Bank Negara Indonesia BBNI IJ 8159 31,747 25.7 Above 2393 9,572 25 In Line
16 Bank Pem. Daerah Jabar & Banten BJBR IJ 1463 5,584 26.2 In Line 326 1,417 23 Below
17 Bank Pem. Daerah Jawa Timur BJTM IJ 833 2,882 28.9 Above 312 948 32.9 Above
18 Bank Rakyat Indonesia BBRI IJ 14264 60,186 23.7 Above 5935 23,458 25.3 Above
19 Bank Tabungan Negara BBTN IJ 1655 7,259 22.8 In Line 341 1,731 19.7 Below
20 Bank Tabungan Pensiunan Nasional BTPN IJ 1876 8,450 22.2 Above 493 2,336 21.1 In Line
21 Bekasi Fajar Industrial Estate BEST IJ 87 829 10.5 Below 90 720 12.5 Below
22 Bukit Asam PTBA IJ 625 2,358 26.5 Above 536 1,842 29.1 In Line
23 Bumi Serpong Damai BSDE IJ 612 2,419 25.3 In Line 489 2,038 24 In Line 24 Cardig Aero Services CASS IJ 78 na na Below 22 na na Below 25 Charoen Pokphand Indonesia CPIN IJ 826 4,489 18.4 Below 661 3,355 19.7 Below
26 Ciputra Development CTRA IJ 380 2,184 17.4 Below 228 1,213 18.8 Below
27 Ciputra Property CTRP IJ 95 646 14.7 Below 30 500 6 Below
28 Citra Marga Nusapala CMNP IJ 144 na Na In Line 118 na na In Line 29 Ekspress Transindo Utama TAXI IJ 36 277 13 Below 29 158 18.3 Below 30 Erajaya Swasembada ERAA IJ 119 589 20.2 In Line 80 388 20.6 In Line
31 Gajah Tunggal GJTL IJ 269 1,546 17.4 Below 335 1,077 31.1 In Line
32 Garuda Indonesia GIAA IJ -168 89 (189.4) Above -164 50 -331 Above 33 Gudang Garam GGRM IJ 2151 7,655 28.1 Above 1416 4,986 28.4 Above 34 Harum Energy HRUM IJ 11.1 74 15 Below 10.8 42 25.5 Above
35 Hero Supermarket HERO IJ 51 na Na Below 55 na na Below
36 Holcim Indonesia SMCB IJ 342 1,943 17.6 Below 324 1,153 28.1 In Line
37 Indocement INTP IJ 1240 6,596 18.8 Below 1129 5,155 21.9 In Line
38 Indofood CBP Sukses Makmur ICBP IJ 845 3,327 25.4 Below 689 2,610 26.4 In Line 39 Indofood Sukses Makmur INDF IJ 2007 8,651 23.2 Above 1373 4,136 33.2 Above 40 Indomobil Sukses International IMAS IJ 40 909 4.4 Below 75 915 8.2 Below
41 Jasa Marga JSMR IJ 689 3,076 22.4 In Line 376 1,686 22.3 In Line 42 Kalbe Farma KLBF IJ 643 3,062 21 Above 493 2,315 21.3 Above
43 Kawasan Industri Jababeka KIJA IJ 265 957 27.7 Above 303 662 45.8 Above
44 Krakatau Steel KRAS IJ -19 na na na -46 na na na 45 Lippo Cikarang LPCK IJ 253 781 32.4 Above 228 792 28.8 Above
46 Lippo Karawaci LPKR IJ 513 2,466 20.8 Above 339 1,584 21.4 In Line 47 Malindo Feedmill MAIN IJ 65 607 10.7 Below 58 426 13.6 Below
48 Matahari Department Store LPPF IJ 263 2,174 12.1 In Line 123 1,618 7.6 In Line
49 Medco Energy MEDC IJ 61 210 29 Above 4 18 22.7 Above
50 Media Nusantara Citra MNCN IJ 515 2,877 17.9 Above 389 2,149 18.1 Below
51 Mitra Adiperkasa MAPI IJ 122 891 13.7 Below 46 442 10.4 Below 52 Nippon Indosari Corpindo ROTI IJ 75 269 27.9 Above 61 214 28.5 Above
53 Pembangunan Perumahan PTPP IJ 139 1,376 10.1 Above 61 492 12.4 Above
54 PP London Sumatra Indonesia LSIP IJ 352 1,107 31.8 Above 224 900 24.9 In Line
55 Ramayana Lestari Sentosa RALS IJ 32 492 6.5 In Line 41 477 8.6 Below
56 Salim Ivomas Pratama SIMP IJ 493 2,153 22.9 Below 193 894 21.6 Below
57 Sampoerna Agro SGRO IJ 106 558 19 Above 55 322 17.1 Above 58 Semen Gresik SMGR IJ 1639 7,484 21.9 Below 1303 5,869 22.2 In Line 59 Sido Muncul SIDO IJ 119.5 na na Below 115.9 na na Above 60 Sri Rejeki Isman SRIL IJ 204 810 25.2 In Line 115 437 26.3 In Line
61 Summarecon Agung SMRA IJ 353 1,459 24.2 Above 275 1,155 23.8 Above
62 Supra Boga Lestari RANC IJ 3 59 5.1 Below 6 50 11.9 Below
63 Surya Citra Media SCMA IJ 423 2,180 19.4 In Line 318 1,665 19.1 In Line
64 Surya Semesta Internusa SSIA IJ 96 1,043 9.2 Below 12 750 1.6 Below
65 Tambang Batubara Bukit Asam PTBA IJ 625 2,358 26.5 Above 536 1,842 29.1 In Line
66 Telekomunikasi Indonesia TLKM IJ 7043 29,469 23.9 In Line 3649 15,332 23.8 In Line
67 Tempo Scan Pacific TSPC IJ 278 na na Above 252 na na Below
68 Total Bangun Persada TOTL IJ 46 288 16 Above 38 228 16.7 Above 69 United Tractors UNTR IJ 2118 6,832 31 Above 1576 4,776 33 Above
70 Vale Indonesia INCO IJ 33 220 15 Above 18 316 5.7 Above
71 Waskita Karya WSKT IJ 69 793 8.7 Above 7 412 1.7 Below
72 Wijaya Karya WIKA IJ 279 1,368 20.4 Below 168 709 23.7 In Line
73 Wijaya Karya Beton WTON IJ 114 440 25.9 In Line 80 307 26.1 Below
74 Wintermar Offshore Marine WINS IJ 13.8 52 26.4 In Line 8.3 32 26.1 In Line
Source: Bloomberg, Company, Bahana estimates *In USDm
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 12
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Research: +62 21 250 5081
Teguh Hartanto
[email protected] Director
Deputy Head of Research
Banks, Cement, Aviatonext 3610
Leonardo Henry Gavaza, CFA
[email protected] Research Manager
Auto, Plantations, Heavy equipment, Telco
ext 3608
Arga Samudro
[email protected] 3602
Salman Fajari [email protected]
Research AnalystProperty, Industrial estate, Cement
ext 3605
Jennifer Frederika Yapply
[email protected] Analyst
Coal, Oil and gas, Metals, Poultry, Shippingext 3606
Chandra Widjanarka
[email protected] Analyst, Transportation
ext 3609
Maxi [email protected] Analyst
Construction, Toll Roads, Precast, Steelext 3615
Laurensius Teiseran
[email protected] Associate
ext 3601
Robin Sutanto
[email protected] Associate
ext 3620
Zefanya Angeline Halim
[email protected] Access & Client Relation
ext 3612
William Tong
[email protected] Associate
ext 3604
Michael W Setjoadi [email protected]
Research AnalystConsumer staples and retail, media and
consumer discretionaryext 3613
Yunus Arie Wiratama
[email protected] Associate
ext 3616
Made Ayu Wijayati
[email protected] Executive
ext 3607
Adrian Mahendra Putra
[email protected] Associate
ext 3614
Nuriah Sari
[email protected] Executive
ext 3001
Dealing Room: +62 21 527 0808 (Foreign Institutional) +62 21 250 5508 (Domestic Institutional)
Ashish Agrawal
[email protected] President
Institutional Equity Salesext 2550 / 2553
Reynard Poernawan
[email protected] Equity Sales
ext 2528
John M. Dasaad
[email protected] Sales
ext 2549
Yohanes Adhi Handoko
[email protected], Surabaya Branch
ext 7250
Adriana Kosasih
[email protected] Executive
ext 2541
Suwardi Widjaja
[email protected] Sales
ext 2548
Ricardo Silaen, CFA
[email protected] President
Institutional Equity Salesext 2524
Amelia Husada
[email protected] President
Institutional Equity Salesext 2552
Nurul Farida
[email protected] Sales
ext 2543
Hanna Marionda
[email protected] Trader
ext 2525
Harry [email protected]
Senior Associate DirectorHead of Equities & Research
Strategy, Consumer
ext 3600direct: +62 21 250 5735
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
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Disclaimer This publication is prepared by PT.Bahana Securities and reviewed by Daiwa Securities Group Inc. and/or its non-U.S. affiliates, and distributed outside Indonesia by Daiwa Securities Group Inc. and/or its non-U.S. affiliates, except to the extent expressly provided herein. Certain copies of this publication may be distributed inside and outside of Indonesia by PT. Bahana Securities in accordance with relevant laws and regulations. This publication and the contents hereof are intended for information purposes only, and may be subject to change without further notice. Any use, disclosure, distribution, dissemination, copying, printing or reliance on this publication for any other purpose without our prior consent or approval is strictly prohibited. Neither Daiwa Securities Group Inc. nor any of its respective parent, holding, subsidiaries or affiliates, nor any of its respective directors, officers, servants and employees, represent nor warrant the accuracy or completeness of the information contained herein or as to the existence of other facts which might be significant, and will not accept any responsibility or liability whatsoever for any use of or reliance upon this publication or any of the contents hereof. Neither this publication, nor any content hereof, constitute, or are to be construed as, an offer or solicitation of an offer to buy or sell any of the securit ies or investments mentioned herein in any country or jurisdiction nor, unless expressly provided, any recommendation or investment opinion or advice. Any view, recommendation, opinion or advice expressed in this publication constitutes the views of the analyst(s) named herein and does not necessarily reflect those of Daiwa Securities Group Inc. and/or its affiliates nor any of its respective directors, officers, servants and employees except where the publication states otherwise. This research report is not to be relied upon by any person in making any investment decision or otherwise advising with respect to, or dealing in, the securities mentioned, as it does not take into account the specific investment objectives, financial situation and particular needs of any person.
Neither Daiwa Securities Group Inc. nor any of its affiliates is licensed to undertake any business within the Republic of Indonesia. Any display of any trade name or logo of the Daiwa Securities Group Inc. on this publication shall not be deemed to be an undertaking of any business within the Republic of Indonesia.
Daiwa Securities Group Inc., its subsidiaries or affiliates, or its or their respective directors, officers and employees from time to time have trades as principals, or have positions in, or have other interests in the securities of the company under research including derivatives in respect of such securities or may have also performed investment banking and other services for the issuer of such securities. The following are additional disclosures.
Japan
Daiwa Securities Co. Ltd. and Daiwa Securities Group Inc.
Daiwa Securities Co. Ltd. is a subsidiary of Daiwa Securities Group Inc.
Investment Banking Relationship
Within the preceding 12 months, The subsidiaries and/or affiliates of Daiwa Securities Group Inc. * has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: Blackgold International Holdings Ltd (BGG AU); Tosei Corporation (8923 JP); Modern Land (China) Co. Ltd (1107 HK); China Everbright Bank Company Limited (6818 HK); econtext Asia Ltd (1390 HK); Lotte Shopping Co (023530 KS); Rexlot Holdings Ltd (555 HK).
*Subsidiaries of Daiwa Securities Group Inc. for the purposes of this section shall mean any one or more of:
• Daiwa Capital Markets Hong Kong Limited (大和資本市場香港有限公司)
• Daiwa Capital Markets Singapore Limited
• Daiwa Capital Markets Australia Limited
• Daiwa Capital Markets India Private Limited
• Daiwa-Cathay Capital Markets Co., Ltd.
• Daiwa Securities Capital Markets Korea Co., Ltd
Disclosure of Interest of Bahana Securities
Investment Banking Relationship
Within the preceding 12 months, Bahana Securities has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: Sri Rejeki Isman (SRIL IJ); Semen Baturaja (Persero) (SMBR IJ); Tiphone Mobile Indonesia (TELE IJ); Austindo Nusantara Jaya (ANJT IJ); Telekomunikasi Indonesia (Persero) (TLKM IJ); Garuda Indonesia (Persero) (GIAA IJ); Wijaya Karya Beton Tbk PT (WTON IJ).
Hong Kong
This research is distributed in Hong Kong by Daiwa Capital Markets Hong Kong Limited (大和資本市場香港有限公司) (“DHK”) which is regulated by the Hong Kong Securities and Futures Commission. Recipients of this research in Hong Kong may contact DHK in respect of any matter arising from or in connection with this research.
Ownership of Securities
For “Ownership of Securities” information, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action.
Investment Banking Relationship
For “Investment Banking Relationship”, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action.
Relevant Relationship (DHK)
DHK may from time to time have an individual employed by or associated with it serves as an officer of any of the companies under its research coverage.
DHK market making
DHK may from time to time make a market in the securities covered by this research.
Singapore
This research is distributed in Singapore by Daiwa Capital Markets Singapore Limited and it may only be distributed in Singapore to accredited investors, expert investors and institutional investors as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. By virtue of distribution to these category of investors, Daiwa Capital Markets Singapore Limited and its representatives are not required to comply with Section 36 of the Financial Advisers Act (Chapter 110) (Section 36 relates to disclosure of Daiwa Capital Markets Singapore Limited’s interest and/or its representative’s interest in securities). Recipients of this research in Singapore may contact Daiwa Capital Markets Singapore Limited in respect of any matter arising from or in connection with the research.
Australia
This research is distributed in Australia by Daiwa Capital Markets Stockbroking Limited and it may only be distributed in Australia to wholesale investors within the meaning of the Corporations Act. Recipients of this research in Australia may contact Daiwa Capital Markets Stockbroking Limited in respect of any matter arising from or in connection with the research.
Ownership of Securities
For “Ownership of Securities” information, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action.
India
This research is distributed by Daiwa Capital Markets India Private Limited (DAIWA) which is an intermediary registered with Securities & Exchange Board of India. This report is not to be considered as an offer or solicitation for any dealings in securities. While the information in this report has been compiled by DAIWA in good faith from sources believed to be reliable, no representation or warranty, express of implied, is made or given as to its accuracy, completeness or correctness. DAIWA its officers, employees, representatives and agents accept no liability whatsoever for any loss or damage whether direct, indirect, consequential or otherwise howsoever arising (whether in negligence or otherwise) out of or in connection with or from any use of or reliance on the
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 14
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contents of and/or omissions from this document. Consequently DAIWA expressly disclaims any and all liability for, or based on or relating to any such information contained in or errors in or omissions in this report. Accordingly, you are recommended to seek your own legal, tax or other advice and should rely solely on your own judgment, review and analysis, in evaluating the information in this document. The data contained in this document is subject to change without any prior notice DAIWA reserves its right to modify this report as maybe required from time to time. DAIWA is committed to providing independent recommendations to its Clients and would be happy to provide any information in response to any query from its Clients. This report is strictly confidential and is being furnished to you solely for your information. The information contained in this document should not be reproduced (in whole or in part) or redistributed in any form to any other person. We and our group companies, affiliates, officers, directors and employees may from time to time, have long or short positions, in and buy sell the securities thereof, of company(ies) mentioned herein or be engaged in any other transactions involving such securities and earn brokerage or other compensation or act as advisor or have the potential conflict of interest with respect to any recommendation and related information or opinion. DAIWA prohibits its analyst and their family members from maintaining a financial interest in the securities or derivatives of any companies that the analyst cover. This report is not intended or directed for distribution to ,or use by any person, citizen or entity which is resident or located in any state or country or jurisdiction where such publication, distribution or use would be contrary to any statutory legislation, or regulation which would require DAIWA and its affiliates/ group companies to any registration or licensing requirements. The views expressed in the report accurately reflect the analyst’s personal views about the securities and issuers that are subject of the Report, and that no part of the analyst’s compensation was, is or will be directly or indirectly, related to the recommendations or views expressed in the Report. This report does not recommend to US recipients the use of Daiwa Capital Markets India Private Limited or any of its non – US affiliates to effect trades in any securities and is not supplied with any understanding that US recipients will direct commission business to Daiwa Capital Markets India Private Limited.
Taiwan
This research is distributed in Taiwan by Daiwa-Cathay Capital Markets Co., Ltd and it may only be distributed in Taiwan to institutional investors or specific investors who have signed recommendation contracts with Daiwa-Cathay Capital Markets Co., Ltd in accordance with the Operational Regulations Governing Securities Firms Recommending Trades in Securities to Customers. Recipients of this research in Taiwan may contact Daiwa-Cathay Capital Markets Co., Ltd in respect of any matter arising from or in connection with the research.
Philippines
This research is distributed in the Philippines by DBP-Daiwa Capital Markets Philippines, Inc. which is regulated by the Philippines Securities and Exchange
Commission and the Philippines Stock Exchange, Inc. Recipients of this research in the Philippines may contact DBP-Daiwa Capital Markets Philippines, Inc.
in respect of any matter arising from or in connection with the research. DBP-Daiwa Capital Markets Philippines, Inc. recommends that investors independently assess, with a professional advisor, the specific financial risks as well as the legal, regulatory, tax, accounting, and other consequences of a
proposed transaction. DBP-Daiwa Capital Markets Philippines, Inc. may have positions or may be materially interested in the securities in any of the markets
mentioned in the publication or may have performed other services for the issuers of such securities.
For relevant securities and trading rules please visit SEC and PSE Link at http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf and
http://www.pse.com.ph/ respectively.
United Kingdom
This research report is produced by Daiwa Capital Markets Europe Limited and/or its affiliates and is distributed in the European Union, Iceland, Liechtenstein, Norway and Switzerland. Daiwa Capital Markets Europe Limited is authorised and regulated by The Financial Conduct Authority (“FCA”) and is a member of the London Stock Exchange, Eurex and NYSE Liffe. Daiwa Capital Markets Europe Limited and/or its affiliates may, from time to time, to the extent permitted by law, participate or invest in other financing transactions with the issuers of the securities referred to herein (the “Securities”), perform services for or solicit business from such issuers, and/or have a position or effect transactions in the Securities or options thereof and/or may have acted as an underwriter during the past twelve months for the issuer of such securities. In addition, employees of Daiwa Capital Markets Europe Limited and/or its affiliates may have positions and effect transactions in such securities or options and may serve as Directors of such issuers. Daiwa Capital Markets Europe Limited may, to the extent permitted by applicable UK law and other applicable law or regulation, effect transactions in the Securities before this material is published to recipients.
This publication is intended for investors who are not Retail Clients in the United Kingdom within the meaning of the Rules of the FCA and should not therefore be distributed to such Retail Clients in the United Kingdom. Should you enter into investment business with Daiwa Capital Markets Europe’s affiliates outside the United Kingdom, we are obliged to advise that the protection afforded by the United Kingdom regulatory system may not apply; in particular, the benefits of the Financial Services Compensation Scheme may not be available.
Daiwa Capital Markets Europe Limited has in place organisational arrangements for the prevention and avoidance of conflicts of interest. Our conflict management policy is available at http://www.uk.daiwacm.com/about-us/corporate-governance-regulatory. Regulatory disclosures of investment banking relationships are available at https://daiwa3.bluematrix.com/sellside/Disclosures.action.
Germany
This document has been approved by Daiwa Capital Markets Europe Limited and is distributed in Germany by Daiwa Capital Markets Europe Limited, Niederlassung Frankfurt which is regulated by BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) for the conduct of business in Germany.
Bahrain
This research material is issued/compiled by Daiwa Capital Markets Europe Limited, Bahrain Branch, regulated by The Central Bank of Bahrain and holds Investment Business Firm – Category 2 license and having its official place of business at the Bahrain World Trade Centre, South Tower, 7th floor, P.O. Box 30069, Manama, Kingdom of Bahrain. Tel No. +973 17534452 Fax No. +973 535113
This material is provided as a reference for making investment decisions and is not intended to be a solicitation for investment. Investment decisions should be made at your own discretion and risk. Accordingly, no representation or warranty, express or implied, is made as to and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this document, Content herein is based on information available at the time the research material was prepared and may be amended or otherwise changed in the future without notice. All information is intended for the private use of the person to whom it is provided without any liability whatsoever on the part of Daiwa Capital Markets Europe Limited, Bahrain Branch, any associated company or the employees thereof. If you are in doubt about the suitability of the product or the research material itself, please consult your own financial adviser. Daiwa Capital Markets Europe Limited, Bahrain Branch retains all rights related to the content of this material, which may not be redistributed or otherwise transmitted without prior consent.
For stocks and sectors in Indonesia covered by Bahana Securities, the following rating system is in effect:
Stock ratings are based on absolute upside or downside, which is the difference between the target price and the current market price. Unless otherwise specified, these ratings are set with a 12-month horizon. It is possible that future price volatility may cause a temporary mismatch between upside/downside for a stock based on the market price and the formal rating. "Buy": the price of the security is expected to increase by 10% or more. "Hold": the price of the security is expected to range from an increase of less than 10% to a decline of less than 5%. "Reduce": the price of the security is expected to decline by 5% or more.
Sector ratings are based on fundamentals for the sector as a whole. Hence, a sector may be rated “Overweight” even though its constituent stocks are all rated “Reduce”; and a sector may be rated “Underweight” even though its constituent stocks are all rated “Buy”. “Overweight”: positive fundamentals for the sector. “Neutral”: neither positive nor negative fundamentals for the sector. “Underweight”: negative fundamentals for the sector.
Ownership of Securities For “Ownership of Securities” information, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .
Investment Banking Relationships For “Investment Banking Relationship”, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .
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Relevant Relationships (Bahana Securities) Bahana Securities may from time to time have an individual employed by or associated with it serves as an officer of any of the companies under its research coverage.
Bahana Securities market making Bahana Securities may from time to time make a market in securities covered by this research.
Additional information may be available upon request.
Japan - additional notification items pursuant to Article 37 of the Financial Instruments and Exchange Law
(This Notification is only applicable where report is distributed by Daiwa Securities Co. Ltd.)
If you decide to enter into a business arrangement with us based on the information described in materials presented along with this document, we ask you to pay close attention to the following items.
In addition to the purchase price of a financial instrument, we will collect a trading commission* for each transaction as agreed beforehand with you. Since
commissions may be included in the purchase price or may not be charged for certain transactions, we recommend that you confirm the commission for
each transaction. In some cases, we may also charge a maximum of ¥ 2 million (including tax) per year as a standing proxy fee for our deposit of your securities, if you are
a non-resident of Japan.
For derivative and margin transactions etc., we may require collateral or margin requirements in accordance with an agreement made beforehand with
you. Ordinarily in such cases, the amount of the transaction will be in excess of the required collateral or margin requirements.
There is a risk that you will incur losses on your transactions due to changes in the market price of financial instruments based on fluctuations in interest
rates, exchange rates, stock prices, real estate prices, commodity prices, and others. In addition, depending on the content of the transaction, the loss
could exceed the amount of the collateral or margin requirements.
There may be a difference between bid price etc. and ask price etc. of OTC derivatives handled by us.
Before engaging in any trading, please thoroughly confirm accounting and tax treatments regarding your trading in financial instruments with such experts as certified public accountants.
*The amount of the trading commission cannot be stated here in advance because it will be determined between our company and you based on current
market conditions and the content of each transaction etc.
When making an actual transaction, please be sure to carefully read the materials presented to you prior to the execution of agreement, and to take responsibility for your own decisions regarding the signing of the agreement with us.
Corporate Name: Daiwa Securities Co. Ltd.
Financial instruments firm: chief of Kanto Local Finance Bureau (Kin-sho) No.108
Memberships: Japan Securities Dealers Association, Financial Futures Association of Japan
Japan Securities Investment Advisers Association
Type II Financial Instruments Firms Association
