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Asiamoney’s
2013
Best Domestic
Equity House
13 August 2015
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.
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors
Highest Ranked
Local Research
House
2015
Global
Banking & Finance
Review
Best Research
House
Beacon Indonesia Morning Brief
IDX: 4,480 (-3.1%) Turnover: IDR4.6tn (+21.2%)
Foreign net SELL: IDR763.7bn (from net SELL: IDR584.6bn)
SPOTLIGHT Cabinet reshuffle: No panacea Analyst: Harry Su, Fakhrul Fulvian New cabinet members: No significant change Fiscal team: Also no significant change To see the full version of this report, please CLICK HERE
MARKET FLASH Currency sensitivity analysis Analyst: Harry Su CNY devaluation a game changer for Indonesian companies 1% IDR depreciation vs USD = 0.9ppt decline in overall EPS RESULTS FLASH Harum Energy (HRUM IJ): 2Q15 results: Below consensus on higher stripping ratio Analyst: Arandi Ariantara Net profit fell 35% q-q on higher cash cost Sales volume +5% q-q to 1.4mn mt, on flat production volume TODAY’S NEWS POLITICS
Two-job Luhut is busiest, strongest man in cabinet ECONOMICS BI: IDR depreciation is overshoot
BOURSE Ciputra to list Ciputra Residences BEI and BBJ plans to launch IGBF INDUSTRY Peruri to cooperate with other SOEs to develop IDR4tn building
project July’s ICP set at USD51.8/barrel
Gaikindo revised its 2015 4W sales forecast to around 950k (-26% y-y) to 1mn (-20%y-y) units
Ad spend to grow only 5% y-y this year Government to review coal pricing for mine mouth power plant Government considers new program for coal-bed methane
CORPORATE HMSP to conduct rights issue
Falling oil price affects 1H15 PGAS results ACES: July’s SSSG reached 2.2%
INDICES
Asia Last Chg% ytd % y-y %
Hang Seng (HK) 23,916.0 (2.4) 1.3 (3.1)
IDX (Indonesia) 4,479.5 (3.1) (14.3)
(12.7)
KLCI (Mal.) 1,609.9 (1.6) (8.6) (13.0)
KOSPI (Korea) 1,975.5 (0.6) 3.1 (3.2)
Nikkei (Japan) 20,392.8 (1.6) 16.9 34.5
PCOMP (Phil.) 7,495.4 (1.0) 3.7 7.3
SENSEX (India) 27,512.3 (1.3) 0.0 6.3
SET (Thailand) 1,408.3 (0.8) (6.0) (7.4)
SHCOMP (China) 3,886.3 (1.1) 20.1 74.9
SHENZHEN (China) 2,249.2 (1.5) 58.9 88.2
STI (Singapore) 3,061.5 (2.9) (9.0) (7.3)
TWSE (Taiwan) 8,283.4 (1.3) (11.0) (9.6)
VNI (Vietnam) 604.2 (1.4) 10.7 0.4
Europe, USA and Ems
CAC 40 (France) 4,925.4 (3.4) 15.3 17.4
DAX (Germany) 10,924.6 (3.3) 11.4 18.8
Dow Jones (USA) 17,402.5 (0.0) (2.4) 4.5
FTSE 100 (UK) 6,571.2 (1.4) 0.1 (1.3)
IBOV (Brazil) 48,388.1 (1.4) (3.2) (14.3)
MEXBOL (Mexico) 44,032.4 (0.8) 2.1 (1.5)
NGSEINDX (Nigeria) 31,107.1 (0.5) (10.2) (25.5)
Nasdaq (USA) 5,044.4 0.2 6.5 13.8
RTSI (Russia) 831.6 0.1 5.2 (31.9)
S&P 500 (USA) 2,086.1 0.1 1.3 7.2
XU100 (Turkey) 78,174.8 (1.9) (8.8) 0.7 Source: Bloomberg
ETF, ADR & COMMODITIES Last Chg% ytd % y-y %
EEM US (USD) 35.5 (1.6) (9.5) (19.8)
EIDO US (USD) 20.3 (4.8) (26.1) (30.2)
TLK US (IDR) 2,851 (1.8) (8.1) (12.5)
Como Index (USD) 198.9 (0.2) (13.5) (31.7)
Coal (USD/t) 58.6 (1.5) (5.9) (17.2)
Corn (USD/mtn) 131.3 (9.1) (8.3) (7.0)
Coffee (USD/t) 2,823.5 2.1 (13.5) (21.6)
Copper (USD/t) 5,103.0 (0.7) (19.8) (27.4)
Cotton (USD/t) 1,448.7 4.8 9.0 4.3
CPO (MYR/t) 2,001.0 0.3 (12.9) (11.4)
Gold (USD/oz.) 1,124.5 1.4 (5.1) (14.4)
Iron ore (USD/mtn) 57.3 (1.4) (17.3) (38.5)
Milk (USD/cwt) 16.6 0.4 0.2 (8.3)
Nickel (USD/t) 10,460.0 (2.2) (30.0) (43.6)
Oil Brent (USD/barrel) 49.7 1.0 (13.4) (51.8)
Rice (IDR/kg) 9,500.0 0.0 0.0 6.7
Rubber (USD/t) 135.4 (0.6) (10.6) (19.2)
Silver (USD/oz) 15.6 1.4 (1.0) (21.6)
Soybean oil (USD/t) 641.5 (3.5) (9.0) (13.2)
Steel (USD/t) 330.9 (1.2) (29.2) (36.9)
Sugar (USD/t) 232.4 (0.8) (32.7) (43.6)
Tins (USD/t) 15,165.0 (1.3) (22.2) (32.3) Wheat (USD/t) 182.7 (2.9) (19.1) (20.1) Source: Bloomberg, CEIC
ECONOMIC INDICATORS MARKET DATA
14A 15F 16F
14A 15F 16F
Cur acc bal (%GDP) (3.0) (2.5) (2.6) Op.prof.gwt.(%) 11.1 2.8 11.8
Fiscal bal (%GDP) (2.3) (2.2) (2.2) EPS growth (%) 10.1 2.8 11.4
GDP growth (%y-y) 5.0 4.9 5.3 P/E (x) 18.7 18.4 15.9
Private spending (%) 5.1 5.0 5.2 PEG (x) 1.9 6.7 1.4
Investment (%y-y) 4.1 4.1 4.7 EV/EBITDA (x) 9.5 8.5 8.0
Total exports (%y-y) 1.0 0.8 0.9 P/BV (x) 12.1 7.9 6.6
Total imports (%y-y) 2.2 -1.8 -2.1 P/BV exc. 3.2 2.8 2.5
Inflation (%y-y) 8.4 4.8 5.2 Div. Yield (%) 2.6 2.6 2.8
IDR/USD 12,385 13,700 14,000 Net gearing (%) 19.3 18.5 17.2
BI rate (% p.a.) 7.75 7.50 7.00 ROAE (%) 30.0 31.6 29.6
Brent Oil (Usd/bbl) 57.3 65.0 75.0 ROAA (%) 11.2 10.7 10.9
FX reserve (USDb) 111.9 114.0 120.5 ROIC (%) 23.0 26.9 26.4 Source: Bahana estimates Source: Bahana estimates
CURRENCIES & RATES Last Prev. Ytd % y-y %
AUD/1USD 0.738 0.732 9.7 20.7
EUR/1USD 1.116 1.104 7.8 16.5
IDR/1USD 13,788 13,600 (11.3)
(18.0)
JPY/1USD 124.290
125.100
(3.8) (21.4)
SGD/1USD 1.400 1.401 (5.6) (12.0)
JIBOR (%) 5.61 5.62 (0.3) (0.2)
BI rate (%) 7.50 7.50 (0.3) 0.0
TD – 1 month (%) 7.15 7.17 (0.0) 0.0
CDS (bps) 208.00 197.81 29.7 34.2 Source: Bloomberg
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 2
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors
Highest Ranked
Local Research
House
2015
Global
Banking & Finance
Review
Best Research
House
POLITICS
Two-job Luhut is busiest, strongest man in cabinet
The Presidential Chief of Staff, Luhut Binsar Pandjaitan is expected to be the busiest man in the Cabinet with
his promotion as the Coordinating Minister for Political, Legal and Security, replacing Tedjo Edhy Purdijatno.
Atmadji Sumarkidjo, a special staffer on politics and media at the office of the presidential staff, confirmed
that Jokowi had instructed Luhut to retain his position as the presidential chief of staff while serving as a
minister. (The Jakarta Post)
ECONOMICS
BI: IDR depreciation is overshoot
The Central Bank’s Governor, Agus Martowardojo, admitted that the recent IDR depreciation is an overshoot
and below its fundamental value. He further stated that, BI has been in the market to intervene to protect
IDR against the volatility. Separately, the Vice Finance Minister, Mardiasmo, stated that current weak IDR is
expected to affect government’s non-tax revenue and interest payments. (Investor Daily)
BOURSE
Ciputra to list Ciputra Residences
Ciputra Development (CTRA IJ-BUY-IDR1,020-TP:IDR1,400) is set to list a third subsidiary, Ciputra
Residences. CTRA has submitted its proposal to the IDX and plans to list it later in 2015. (The Jakarta Post)
BEI and BBJ plans to launch IGBF
The Indonesia Stock Exchange (BEI) and The Jakarta Futures Exchange (BBJ) plans to launch Indonesia
Government Bond Future (IGBF) to enhance government bond transactions. BEI will provide the
Government Bond (SUN) as the underlying assets and BBJ will manage IGBF as derivative products.
(Indonesia Finance Today)
INDUSTRY
Peruri to cooperate with other SOEs to develop IDR4tn building project
Perum Peruri, a non-listed state-owned paper and banknote printing company, plans to utilize its idle 5.4ha
land in Blok M, Jakarta, by developing IDR4tn mixed-use green building project with other state-owned
companies. Perum Peruri expects to complete the tendering process by end 2015 and commence the
construction in early 2016. (Investor Daily)
July’s ICP set at USD51.8/barrel
The Ministry of Energy and Mineral Resources (ESDM) set July’s Indonesian crude price (ICP) at
USD51.8/barrel, down 13% m-m. The downfall was due to weak oil prices as OPEC increased its oil output
by 0.3mn b/d in June 2015. (Bisnis Indonesia)
Gaikindo revised its 2015 4W sales forecast to around 950k (-26% y-y) to 1mn (-20%y-y) units
Indonesia 4W association (Gaikindo) revised its 2015 4W sales forecast to 950k (-26% y-y) to 1mn (-20%y-
y) units due to weakening sales. In addition, based on the sales figures released by Gaikindo, 7M15 4W
wholesale sales reached 582k units, -21% y-y. (Bisnis Indonesia)
Ad spend to grow only 5% y-y this year
Indonesian Advertising Association (P3I) estimates the ad spend this year to only grow 5% compared to 8%
growth y-y in 2014 as many companies have been cutting budget on ad spending amid weak economic
outlook. Note that the ad spend reached IDR70tn in 1H15, down IDR20tn from the same period last year.
However, P3I still expects that TV will be the most dominant media for advertisers. (Indonesia Finance
Today)
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 3
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors
Highest Ranked
Local Research
House
2015
Global
Banking & Finance
Review
Best Research
House
Government to review coal pricing for mine mouth power plant
The Ministry of Energy and Mineral Resources’ (ESDM) coal pricing for mine mouth power plant, currently, is
based on ESDM Decree no. 567.K/30/DJB/2015, and is set at production cost plus 25% margin. It is to
boost coal producer’s competitiveness in auction process. (Bisnis Indonesia) Government considers new program for coal-bed methane
The Energy and Mineral Resources (ESDM) is considering a new contract scheme to boost the development
of coal bed methane. It will involve a “gross split sliding scale”, will have no cost recovery mechanism and
will apply a progressive split of production between government and contractors. The new regulation is
estimated to be issued by the end of the month. Indonesia is estimated to have 453trillion cubic feet of CBM
reserves. (Jakarta Post)
CORPORATE
HMSP to conduct rights issue
Hanjaya Mandala Sampoerna (HMSP IJ-NOT RATED-IDR80,500) will conduct a limited public offering (LPO)
through mechanism of a rights issue to meet the provisions issued by the Indonesia Stock Exchange (BEI)
on the public shareholding of at least 7.5%. Around 269.7mn new shares with a nominal value of IDR100
per share will be issued and offered in this LPO. Each holder of 65 old shares will obtain 4 Rights with each
rights can be used to purchase one new share at an exercise price between IDR63-99k per share. The
targeted total raising is around IDR26.7tn with the proceeds to be used entirely for working capital,
including to pay for some loan facility. This corporate action is subject to shareholders' approval through an
extraordinary general meeting (EGM) of shareholders, to be held on 18 September 2015. (Indonesia Finance
Today, Bisnis Indonesia, iqplus)
Falling oil price affects 1H15 PGAS results
According to President Commissioner, Imam Sugema, Perusahaan Gas Negara’s (PGAS IJ-HOLD-IDR3,220-
TP:IDR4,000) business was affected by the falling oil price, and is estimated to impact company’s 1H15
financial results. No further details were provided. (Bisnis Indonesia)
ACES: July’s SSSG reached 2.2%
Ace Hardware (ACES IJ-REDUCE-IDR590) reverted to positive SSSG of 2.2% in July from -1.1% in the
previous month. This was mainly due to the sales during Ramadhan and Lebaran festivity, which was
supported by the distribution of Lebaran allowances during June and July. Additionally, the management
targets the sales to reach IDR5.3tn this year, up 17.7% y-y (1H15: IDR2.2tn, up 2.2% y-y). (Kontan).
Bahana comment: We still expect 9.4% y-y growth this year on the back of weak purchasing power
stemming from IDR depreciation and normalized consumption pattern post lebaran. Note that taking into
account inflation, real July SSSG remains negative.
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 4
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors
Highest Ranked
Local Research
House
2015
Global
Banking & Finance
Review
Best Research
House
BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 8/12/2015 8/11/2015 CHANGE (%)
Wintermar Offshore Marine WINS IJ HOLD 700 250.0 200 198 1.0
Lippo Karawaci LPKR IJ REDUCE 1,000 (7.4) 1,080 1,070 0.9
Gudang Garam GGRM IJ BUY 55,000 17.8 46,675 46,275 0.9
Sampoerna Agro SGRO IJ HOLD 1,750 4.2 1,680 1,670 0.6
Cardig Aero Services CASS IJ HOLD 1,150 (4.2) 1,200 1,200 0.0
Bank Bukopin BBKP IJ HOLD 690 4.5 660 660 0.0
Bumi Resources BUMI IJ REDUCE 120 140.0 50 50 0.0
Siloam International Hospitals SILO IJ BUY 17,200 11.0 15,500 15,500 0.0
Medco Energi Internasional MEDC IJ REDUCE 2,300 (5.9) 2,445 2,445 0.0
Sarana Menara Nusantara TOWR IJ BUY 5,100 27.8 3,990 3,990 0.0
Soechi Lines SOCI IJ BUY 800 60.3 499 500 (0.2)
Indosat ISAT IJ BUY 5,150 20.9 4,260 4,270 (0.2)
Pelayaran Tempuran Emas TMAS IJ BUY 3,000 91.1 1,570 1,580 (0.6)
United Tractors UNTR IJ REDUCE 17,500 (9.3) 19,300 19,500 (1.0)
Tiphone Mobile Indonesia TELE IJ BUY 1,060 14.6 925 935 (1.1)
Express Transindo Utama TAXI IJ REDUCE 520 (39.9) 865 875 (1.1)
Indofood Sukses Makmur INDF IJ BUY 6,750 16.4 5,800 5,875 (1.3)
AKR Corporindo AKRA IJ BUY 6,500 15.0 5,650 5,725 (1.3)
Ramayana Lestari Sentosa RALS IJ REDUCE 640 (5.2) 675 685 (1.5)
Astra International ASII IJ REDUCE 5,900 (2.9) 6,075 6,175 (1.6)
Bank Jawa Timur BJTM IJ HOLD 510 23.5 413 420 (1.7)
Blue Bird BIRD IJ REDUCE 5,500 (24.4) 7,275 7,400 (1.7)
Supra Boga Lestari RANC IJ REDUCE 230 (33.1) 344 350 (1.7)
Mitra Adiperkasa MAPI IJ BUY 5,500 22.2 4,500 4,580 (1.7)
Garuda Indonesia GIAA IJ BUY 560 42.5 393 400 (1.8)
Bank Jawa Barat dan Banten BJBR IJ BUY 1,000 35.1 740 755 (2.0)
Indo Tambangraya Megah ITMG IJ REDUCE 13,000 36.8 9,500 9,700 (2.1)
Harum Energy HRUM IJ REDUCE 950 0.0 950 970 (2.1)
Indofood CBP Sukses Makmur ICBP IJ BUY 18,200 48.0 12,300 12,575 (2.2)
Semen Baturaja SMBR IJ HOLD 300 (0.3) 301 308 (2.3)
J Resources PSAB IJ BUY 1,300 113.1 610 625 (2.4)
Indocement Tunggal Prakarsa INTP IJ REDUCE 17,000 (6.3) 18,150 18,600 (2.4)
Electronic City ECII IJ REDUCE 1,040 4.0 1,000 1,025 (2.4)
Kawasan Industri Jababeka KIJA IJ BUY 441 90.0 232 238 (2.5)
Tempo Scan Pacific TSPC IJ BUY 2,400 29.7 1,850 1,900 (2.6)
Ciputra Property CTRP IJ BUY 790 66.7 474 487 (2.7)
Wijaya Karya Beton WTON IJ REDUCE 965 (3.0) 995 1,025 (2.9)
Bank Central Asia BBCA IJ BUY 15,500 17.9 13,150 13,550 (3.0)
Astra Agro Lestari AALI IJ REDUCE 15,400 (16.8) 18,500 19,075 (3.0)
Nippon Indosari Corpindo ROTI IJ BUY 1,750 57.0 1,115 1,150 (3.0)
Indonesian Stock Exchange JCI 4,479 4,623 (3.1)
Wijaya Karya WIKA IJ BUY 3,200 29.8 2,465 2,545 (3.1)
Bank Negara Indonesia BBNI IJ BUY 6,000 33.0 4,510 4,665 (3.3)
Vale Indonesia INCO IJ BUY 4,000 118.0 1,835 1,900 (3.4)
Pembangunan Perumahan PTPP IJ BUY 4,500 21.5 3,705 3,840 (3.5)
Salim Ivomas Pratama SIMP IJ REDUCE 300 (36.2) 470 488 (3.7)
Ciputra Development CTRA IJ BUY 1,400 37.3 1,020 1,060 (3.8)
Summarecon Agung SMRA IJ HOLD 1,600 (3.3) 1,655 1,720 (3.8)
Bank Mandiri BMRI IJ BUY 11,800 34.1 8,800 9,150 (3.8)
Unilever Indonesia UNVR IJ BUY 46,000 28.7 35,750 37,250 (4.0)
Sido Muncul SIDO IJ HOLD 700 50.5 465 485 (4.1)
Adi Sarana Armada ASSA IJ BUY 140 22.8 114 119 (4.2)
Waskita Karya WSKT IJ BUY 2,025 19.1 1,700 1,775 (4.2)
Agung Podomoro Land APLN IJ REDUCE 380 20.3 316 330 (4.2)
Bank Danamon Indonesia BDMN IJ HOLD 4,000 7.2 3,730 3,900 (4.4)
Semen Indonesia SMGR IJ HOLD 10,600 22.5 8,650 9,050 (4.4)
Bank Rakyat Indonesia BBRI IJ BUY 12,800 32.0 9,700 10,150 (4.4)
Surya Citra Media SCMA IJ REDUCE 2,500 0.0 2,500 2,620 (4.6)
Perusahaan Gas Negara PGAS IJ HOLD 4,000 24.2 3,220 3,375 (4.6)
Indomobil Sukses Internasional IMAS IJ REDUCE 2,500 (24.4) 3,305 3,465 (4.6)
Jasa Marga JSMR IJ BUY 7,000 35.9 5,150 5,400 (4.6)
Krakatau Steel KRAS IJ REDUCE 350 7.4 326 342 (4.7)
Telekomunikasi Indonesia TLKM IJ BUY 3,350 19.6 2,800 2,940 (4.8)
Tunas Baru Lampung TBLA IJ BUY 930 102.6 459 482 (4.8)
Ace Hardware Indonesia ACES IJ REDUCE 690 16.9 590 620 (4.8)
Bumi Serpong Damai BSDE IJ HOLD 2,020 27.0 1,590 1,680 (5.4)
London Sumatra Indonesia LSIP IJ REDUCE 1,500 31.0 1,145 1,210 (5.4)
Kimia Farma KAEF IJ BUY 1,750 122.9 785 830 (5.4)
Matahari Putra Prima MPPA IJ BUY 4,150 59.6 2,600 2,750 (5.5)
Mayora Indah MYOR IJ BUY 32,500 27.5 25,500 27,000 (5.6)
Lippo Cikarang LPCK IJ BUY 14,000 84.2 7,600 8,050 (5.6)
Adhi Karya ADHI IJ BUY 3,900 94.5 2,005 2,130 (5.9)
Bank Tabungan Negara BBTN IJ BUY 1,350 22.7 1,100 1,170 (6.0)
Kalbe Farma KLBF IJ BUY 2,000 37.5 1,455 1,550 (6.1)
Surya Semesta Internusa SSIA IJ BUY 1,375 100.7 685 730 (6.2)
Total Bangun Persada TOTL IJ BUY 1,100 45.7 755 805 (6.2)
Bank Tabungan Pensiunan Nasional BTPN IJ BUY 3,900 30.0 3,000 3,200 (6.3)
Hero Supermarket HERO IJ REDUCE 570 (62.0) 1,500 1,600 (6.3)
PP Property PPRO IJ BUY 250 54.3 162 173 (6.4)
Japfa Comfeed Indonesia JPFA IJ BUY 530 45.2 365 390 (6.4)
Timah TINS IJ REDUCE 780 39.3 560 600 (6.7)
Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (28.6) 1,400 1,500 (6.7)
Pakuwon Jati PWON IJ REDUCE 425 18.4 359 386 (7.0)
Gajah Tunggal GJTL IJ REDUCE 900 53.8 585 630 (7.1)
Xl Axiata EXCL IJ HOLD 4,500 90.7 2,360 2,545 (7.3)
Aneka Tambang ANTM IJ BUY 910 78.4 510 550 (7.3)
Malindo Feedmill MAIN IJ BUY 2,000 70.2 1,175 1,270 (7.5)
Bukit Asam PTBA IJ BUY 7,325 40.9 5,200 5,625 (7.6)
Erajaya Swasembada ERAA IJ HOLD 940 107.0 454 492 (7.7)
Matahari Department Store LPPF IJ BUY 20,900 23.9 16,875 18,325 (7.9)
Charoen Pokphand Indonesia CPIN IJ BUY 3,400 78.9 1,900 2,065 (8.0)
Adaro Energy ADRO IJ REDUCE 800 64.9 485 530 (8.5)
Holcim Indonesia SMCB IJ REDUCE 900 (16.3) 1,075 1,175 (8.5)
Multipolar MLPL IJ BUY 860 74.4 493 540 (8.7)
Bw Plantation BWPT IJ REDUCE 230 (28.8) 323 354 (8.8)
Media Nusantara Citra MNCN IJ REDUCE 2,190 12.3 1,950 2,140 (8.9)
Bekasi Fajar Industrial Estates BEST IJ BUY 520 74.5 298 331 (10.0)
Alam Sutera Realty ASRI IJ BUY 720 69.0 426 481 (11.4) Source: Bloomberg, Bahana estimates
When a report covers six or more subject companies please access important disclosures for Daiwa Capital Markets Hong Kong Limited at http://www.daiwacm.com/hk/research_disclaimer.html or contact your investment representative or Daiwa
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PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 5
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors
Highest Ranked
Local Research
House
2015
Global
Banking & Finance
Review
Best Research
House
Source: Bloomberg, Bahana estimates
Ticker Rating Price TP Shares Free float Mkt cap 3M avg to(IDR) (IDR) (m) (%) (IDRb) (IDRb) 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015
AVIATION N 12,671 3 50,191 59,442 (4,127) 3,553 (4,497) 1,273 (1,010.3) na 4.5 12.7 0.2 2.8 2.0 1.8 0.3 0.3 (91.1) (105.5) (23.1) 13.6 (7.6) 4.5 12.2 (7.3)
GIAA IJ* BUY 393 560 25,869 13.5 10,166 3 48,723 57,733 (4,472) 3,166 (4,607) 1,149 na na na 10.8 (1.2) 2.1 0.9 0.9 0.0 0.0 (113.6) (131.5) (36.8) 9.5 (12.3) 2.7 3.4 (19.6)
CASS IJ HOLD 1,200 1,150 2,087 56.6 2,504 0 1,469 1,709 345 387 110 124 0.6 12.4 22.7 20.2 5.8 5.6 6.8 5.5 1.5 1.7 nc nc 32.8 30.2 11.6 11.9 47.9 42.7
AUTOMOTIVE UW 257,115 157 234,230 221,852 21,541 19,433 19,303 18,856 13.3 5.9 13.1 15.5 11.7 11.9 2.5 2.3 3.4 3.3 57.6 52.0 20.4 17.8 8.1 7.4 15.2 13.3
ASII IJ REDUCE 6,075 5,900 40,484 45.1 245,938 155 201,701 189,328 20,163 17,881 19,181 18,688 (1.2) (2.6) 12.8 13.2 10.7 11.5 2.6 2.3 3.5 3.4 51.4 44.3 21.4 18.6 8.5 7.7 15.7 14.0
IMAS IJ REDUCE 3,305 2,500 2,765 10.5 9,139 0 19,458 19,234 224 538 (147) 128 na na 23.0 71.4 39.2 22.6 1.6 1.6 (0.4) 0.4 216.5 246.1 (2.6) 2.2 (0.6) 0.5 3.6 (0.8)
GJTL IJ REDUCE 585 900 3,485 40.3 2,039 2 13,071 13,289 1,154 1,014 270 40 124.2 (85.3) 7.6 51.4 4.2 4.8 0.3 0.4 3.3 0.5 86.3 112.0 4.6 0.7 1.7 0.2 1.3 2.6
BANKS N 937,173 1,038 243,469 269,546 99,545 101,507 79,754 82,319 10.4 4.4 13.3 12.5 na na 2.7 2.3 2.3 2.1 na na 22.5 19.9 2.9 2.7 na na
BBCA IJ BUY 13,150 15,500 24,655 50.8 324,213 181 44,047 48,713 20,505 22,534 16,486 18,224 15.7 10.5 19.7 17.8 na na 4.2 3.5 1.1 1.2 na na 23.3 21.4 3.1 3.2 na na
BBRI IJ BUY 9,700 12,800 24,669 43.2 239,291 352 60,789 67,424 28,364 28,874 24,242 24,868 13.6 2.6 9.9 9.6 na na 2.5 2.1 3.0 2.1 na na 27.4 23.3 3.4 3.0 na na
BMRI IJ BUY 8,800 11,800 23,333 40.0 205,333 274 56,941 63,408 25,978 27,014 19,872 20,761 9.2 4.5 10.3 9.9 na na 2.0 1.7 2.4 2.5 na na 20.9 18.8 2.5 2.3 na na
BBNI IJ BUY 4,510 6,000 18,649 39.8 84,105 184 35,246 39,903 12,967 10,826 10,783 9,105 19.1 (15.6) 7.8 9.2 na na 1.5 1.3 3.2 2.4 na na 20.6 15.2 2.7 2.1 na na
BDMN IJ HOLD 3,730 4,000 9,585 32.4 35,751 7 19,452 20,653 4,063 3,623 2,604 2,612 (35.6) 0.3 13.7 13.7 na na 1.1 1.0 2.2 3.7 na na 8.1 7.8 1.4 1.3 na na
BTPN IJ BUY 3,000 3,900 5,840 32.3 17,521 0 7,804 8,234 2,535 2,419 1,869 1,923 (13.0) 3.8 9.5 9.1 na na 1.5 1.3 0.0 1.6 na na 17.2 15.1 2.6 2.4 na na
BBTN IJ BUY 1,100 1,350 10,568 38.9 11,625 22 6,406 7,332 1,546 2,271 1,116 1,705 (28.6) 52.8 10.4 6.8 na na 1.0 0.8 1.9 4.0 na na 9.4 13.2 0.8 1.1 na na
BJBR IJ BUY 740 1,000 9,696 25.0 7,175 9 5,969 6,428 1,291 1,490 1,120 1,272 (18.6) 13.6 6.4 5.6 na na 1.0 0.9 9.7 11.1 na na 16.3 17.3 1.5 1.6 na na
BJTM IJ HOLD 413 510 14,918 25.7 6,161 3 3,254 3,723 1,351 1,447 939 1,053 13.9 12.2 6.6 5.8 na na 1.0 1.0 10.1 10.8 na na 16.0 16.8 2.6 2.6 na na
BBKP IJ HOLD 660 690 9,087 40.4 5,997 5 3,560 3,728 944 1,009 724 795 (30.8) 9.7 8.3 7.5 na na 0.9 0.8 4.7 2.6 na na 11.1 11.3 1.0 0.9 na na
CEMENT UW 129,321 108 58,727 58,303 14,360 13,304 11,833 10,715 2.2 (8.3) 11.2 12.6 6.4 8.0 2.3 2.3 6.0 4.9 3.8 3.6 22.1 10.8 17.1 14.5 39.4 163.1
SMGR IJ HOLD 8,650 10,600 5,932 49.0 51,308 51.7 26,987 27,262 6,954 6,449 5,566 5,216 4.0 (6.3) 9.2 9.8 6.2 6.5 2.1 1.9 4.3 3.1 nc nc 24.8 19.7 17.1 14.0 27.2 25.1
INTP IJ REDUCE 18,150 17,000 3,681 36.0 66,814 51.4 19,996.3 19,348.6 5,853.9 5,588.9 5,270.9 4,794.7 5.0 (9.0) 12.7 13.9 6.7 9.3 2.7 2.8 7.4 6.8 nc nc 22.2 4.7 19.0 16.6 51.6 293.4
SMCB IJ REDUCE 1,075 900 7,663 19.4 8,238 2.6 10,529 10,397 1,316 1,043 668 414 (29.8) (38.1) 12.3 19.9 6.7 8.1 0.9 0.9 6.1 2.5 58.9 72.3 7.6 4.7 4.2 2.3 8.8 5.2
SMBR IJ HOLD 301 300 9,838 23.8 2,961 2.3 1,215 1,296 236 223 328 290 (5.2) (11.6) 9.0 10.2 2.9 5.3 1.1 1.0 2.8 2.0 nc (44.8) 12.7 10.2 11.6 9.5 62.6 52.6
COAL & MINING CONTRACTING UW 114,620 146 185,953 185,176 24,173 22,559 10,565 12,739 9.9 9.6 10.3 9.8 4.0 1.3 1.6 1.4 5.7 5.7 5.6 4.0 15.5 14.9 9.1 9.0 20.6 19.1
UNTR IJ REDUCE 19,300 17,500 3,730 40.4 71,992 55 53,142 50,923 8,866 8,134 5,369 6,553 11.1 22.0 13.4 11.0 4.5 na 2.0 1.8 3.0 3.6 nc na 15.4 16.9 9.1 10.6 15.6 17.8
ADRO IJ* REDUCE 485 800 31,986 41.0 15,513 31 41,186 37,388 6,116 3,419 2,210 1,547 (23.5) (27.7) 7.3 10.1 2.8 3.5 0.5 0.4 5.3 4.3 41.6 29.4 6.5 4.3 2.7 1.9 5.9 4.4
ITMG IJ* REDUCE 9,500 13,000 1,130 34.9 10,734 28 25,382 23,114 3,381 2,093 5,561 5,562 (2.8) (31.5) 4.4 6.4 1.2 2.5 1.0 1.0 21.5 18.9 nc nc 22.4 14.8 15.1 9.9 44.4 35.5
PTBA IJ BUY 5,200 7,325 2,304 29.3 11,981 19 13,078 13,773 2,310 1,948 2,016 1,653 10.4 (18.1) 5.9 7.3 4.1 5.2 1.4 1.4 8.4 9.3 nc nc 25.2 19.1 15.2 11.2 53.7 36.9
HRUM IJ* REDUCE 950 950 2,704 29.3 2,568 1 5,747 5,291 260 65 260 13 (98.6) 250.0 na na 2.6 (0.5) 1.2 1.1 8.5 4.8 nc nc 8.5 0.4 5.3 0.3 29.5 20.1
BUMI IJ* REDUCE 50 120 36,627 62.3 1,831 12 47,419 54,687 3,240 6,899 (4,852) (2,589) (9.5) (49.2) na na 5.9 3.9 (0.1) (0.1) 0.0 0.0 na na nm 20.7 (5.7) (2.9) (26.9) (21.5)
CONS. & TOLL ROADS N 106,764 226 56,469 65,467 7,622 8,706 3,869 4,319 25.6 10.6 27.4 25.2 15.6 13.2 4.7 3.5 1.2 1.1 35.8 41.9 18.8 16.2 4.9 4.4 23.7 17.3
JSMR IJ BUY 5,150 7,000 6,800 30.0 35,020 37 7,254 7,883 2,777 3,019 1,403 1,431 36.7 1.9 24.9 24.5 12.5 12.1 3.5 3.3 1.6 1.2 101.3 124.1 14.9 13.9 4.7 4.1 6.4 7.5
WIKA IJ BUY 2,465 3,200 6,149 34.9 15,158 43 12,463 12,150 1,401 1,297 615 559 8.0 (9.2) 24.6 27.1 10.0 11.2 3.8 3.4 1.2 1.1 18.3 51.7 17.7 13.2 4.3 3.4 20.5 15.5
PTPP IJ BUY 3,705 4,500 4,842 49.0 17,941 33 12,427 15,687 1,328 1,668 532 748 26.4 40.8 33.7 24.0 12.1 11.2 7.5 6.0 0.9 1.3 nc nc 24.3 27.9 3.9 4.6 27.1 30.1
WSKT IJ BUY 1,700 2,025 13,992 48.5 23,786 43 10,287 15,138 875 1,328 502 806 35.0 35.9 33.0 24.3 27.7 15.9 5.8 2.6 0.6 0.7 nc (21.7) 19.2 13.9 4.7 4.8 15.9 13.9
WTON IJ REDUCE 995 965 8,715 27.8 8,672 19 3,277 2,527 409 292 329 218 13.4 (38.9) 24.3 39.8 16.6 22.1 4.0 3.9 1.1 0.8 nc nc 23.1 9.9 9.8 5.7 46.6 26.3
ADHI IJ BUY 2,005 3,900 1,801 49.0 3,612 50 8,654 9,744 655 877 324 364 (20.3) 12.3 11.1 9.9 8.0 6.8 2.1 1.8 1.3 1.5 nc nc 19.7 19.1 3.2 3.4 32.7 14.4
TOTL IJ BUY 755 1,100 3,410 33.7 2,575 2 2,106 2,338 177 226 164 194 (15.7) 18.6 15.7 13.3 10.8 8.9 3.2 na 4.6 4.0 nc (53.1) 21.1 23.0 7.0 7.8 234.1 77.3
CONSUMER - DISCRETIONARY N 168,737 248 98,323 129,403 9,699 10,174 8,853 7,558 9.7 23.5 22.3 19.8 17.5 15.0 85.3 15.2 1.9 2.4 10.0 6.6 19.1 96.1 26.0 25.7 26.6 22.5
SCMA IJ REDUCE 2,500 2,500 14,622 33.2 36,554 18 4,056 4,234 1,917 1,948 1,454 1,506 13.6 3.6 25.1 24.3 18.0 17.5 10.5 9.2 2.0 2.8 nc nc 47.0 40.8 33.3 30.2 77.1 71.8
LPPF IJ BUY 16,875 20,900 2,918 65.3 49,240 69 7,926 9,474 2,111 2,517 1,419 1,893 23.4 33.4 34.7 26.0 21.0 17.3 277.3 40.4 1.7 2.3 nc nc na 271.1 44.7 48.8 na na
MNCN IJ REDUCE 1,950 2,190 14,276 33.3 27,838 19 7,109 7,660 2,733 2,775 1,801 1,808 5.9 0.8 15.4 15.2 10.0 9.8 3.2 2.8 3.0 3.0 nc nc 22.8 20.1 16.7 14.9 23.2 22.5
MPPA IJ BUY 2,600 4,150 5,378 19.0 13,983 13 13,590 15,654 647 748 554 579 24.5 4.5 25.2 24.2 14.6 12.6 4.9 4.4 1.4 1.7 nc nc 18.0 19.2 8.9 8.4 13.3
ACES IJ REDUCE 590 690 17,150 40.0 10,119 7 4,541 4,969 651 613 555 529 9.0 (4.7) 18.2 19.1 13.4 13.5 4.3 3.9 1.0 2.7 nc nc 26.0 21.3 20.4 17.0 32.4 29.4
HERO IJ REDUCE 1,500 570 4,184 16.5 6,275 0 13,564 15,298 (196) (110) 44 62 (93.9) 40.9 na na 33.4 33.5 1.2 1.1 0.0 0.0 nc nc 0.8 1.1 0.5 0.7 20.5 0.9
RALS IJ REDUCE 675 640 7,096 40.5 4,790 4 7,942 8,870 294 371 355 390 (6.7) (3.7) 11.8 12.3 8.7 5.6 1.4 1.3 4.6 4.5 nc nc 10.8 11.2 7.9 8.1 23.7 15.2
MAPI IJ BUY 4,500 5,500 1,660 44.0 7,470 4 11,822 13,169 525 424 74 129 (77.4) 74.1 na 57.9 10.7 9.7 2.9 2.9 0.4 0.0 114.6 51.5 3.0 5.0 0.9 1.4 7.8 1.4
MLPL IJ BUY 493 860 10,065 68.0 4,962 5 17,074 19,928 (268) (288) 1,895 (69) 25.2 (103.6) 2.6 (71.9) 50.6 17.2 0.6 0.6 4.3 5.8 nc nc 24.4 (0.8) 8.8 (0.3) 27.0 15.2
SRIL IJ BUY 303 350 18,593 43.9 5,634 109 6,869 7,746 1,176 1,348 554 657 65.0 12.9 9.6 8.5 7.2 6.6 1.9 1.5 1.0 1.1 143.5 124.8 21.3 19.8 7.8 7.2 7.7 9.5
RANC IJ REDUCE 344 230 1,564 27.3 538 0 1,603 19,928 11 (288) 19 (69) (46.7) 6.4 28.8 27.1 9.1 13.4 1.4 1.3 0.0 0.0 19.1 35.2 4.7 4.8 2.5 2.2 10.2 4.3
ECII IJ REDUCE 1,000 1,040 1,334 25.0 1,334 0 2,227 2,472 99 116 129 144 (41.8) 11.0 10.3 9.3 6.5 6.8 0.8 0.7 1.0 1.1 (23.0) (15.9) 7.5 7.8 6.4 7.0 35.0 11.0
CONSUMER - STAPLES OW 619,459 702,924 244,304 261,241 31,685 141,564 21,546 23,085 12.9 3.5 35.1 31.5 24.2 21.9 29.2 26.4 2.2 2.2 20.9 18.9 68.8 68.1 24.6 24.5 60.5 62.3
UNVR IJ BUY 35,750 46,000 7,630 15.0 272,773 74 34,512 38,088 7,779 8,393 5,739 6,198 7.2 8.0 47.5 44.0 34.5 31.5 59.3 53.7 2.1 2.1 8.5 3.2 129.6 128.0 41.5 41.4 109.8 115.2
GGRM IJ BUY 46,675 55,000 1,924 23.5 89,807 46 65,186 67,334 8,525 8,068 5,369 4,945 24.0 (7.9) 16.7 18.2 10.6 11.1 2.7 2.5 2.5 2.3 50.0 56.0 17.2 14.4 9.9 8.1 11.7 11.9
KLBF IJ BUY 1,455 2,000 46,875 43.3 68,203 65 17,369 18,509 2,761 2,993 2,065 2,255 7.6 9.2 33.0 30.2 21.5 19.8 7.3 6.4 1.3 1.7 nc nc 23.6 22.4 17.4 17.1 30.3 27.4
INDF IJ BUY 5,800 6,750 8,780 49.9 50,926 61 63,594 66,437 6,874 6,943 3,885 3,814 55.2 (1.8) 13.1 13.4 7.3 7.6 2.0 1.9 3.8 3.6 65.9 76.9 15.7 14.4 4.7 4.2 8.3 9.7
ICBP IJ BUY 12,300 18,200 5,831 19.5 71,721 28 30,022 33,279 3,063 3,796 2,604 3,124 17.0 20.0 27.5 23.0 22.1 18.0 5.1 4.5 1.6 1.9 nc nc 19.5 20.9 11.3 11.6 26.5 26.4
MYOR IJ BUY 25,500 32,500 894 66.9 22,806 1 14,169 14,963 891 1,614 404 944 (59.5) 133.8 56.5 24.2 20.5 12.3 5.6 4.7 0.9 0.8 90.8 59.4 10.3 21.5 4.0 8.8 18.9 6.1
TSPC IJ BUY 1,850 2,400 4,500 22.6 8,325 1 7,512 8,220 636 724 579 643 (8.7) 10.9 14.4 13.0 8.7 7.7 2.0 1.8 3.1 3.5 nc nc 14.6 14.8 10.4 10.8 31.9 24.6
SIDO IJ HOLD 465 700 15,000 19.0 6,975 5 2,198 2,499 438 472 415 436 (8.0) 4.9 16.8 16.1 12.3 12.0 2.6 3.0 5.8 1.2 nc nc 16.8 17.5 14.4 17.0 21.4 30.6
ROTI IJ BUY 1,115 1,750 5,062 29.3 5,644 4 1,880 2,395 263 385 189 285 19.3 50.9 29.9 19.8 17.2 12.4 6.1 4.9 0.8 1.3 57.1 32.2 22.0 27.5 9.9 13.6 13.9 13.5
KAEF IJ BUY 785 1,750 5,554 10.0 4,360 2 4,521 5,249 286 363 235 297 9.4 26.5 18.6 14.7 13.4 11.7 2.4 2.2 1.1 1.4 nc nc 13.8 15.6 8.6 9.5 17.9 16.7
SILO IJ BUY 15,500 17,200 1,156 21.1 17,920 43 3,341 4,269 168 283 63 145 8.5 132.4 286.4 123.2 37.3 27.3 10.9 10.1 0.0 0.1 14.2 24.0 3.8 8.5 2.3 4.7 4.0 3.7
INDUSTRIAL ESTATES N 16,181 26 9,895 10,763 2,808 3,011 2,051 2,185 0.0 2.6 8.4 8.3 6.0 6.3 1.4 1.1 1.8 1.3 13.4 25.6 20.9 17.8 11.6 10.2 32.6 21.9
KIJA IJ BUY 232 441 20,662 80.0 4,794 1 2,799 2,968 887 779 401 365 292.0 (9.3) 11.7 12.8 6.9 7.8 1.0 1.0 2.6 2.3 45.3 50.8 9.1 7.8 4.8 4.0 1.7 6.2
BEST IJ BUY 298 520 9,647 42.0 2,875 12 840 839 472 526 391 364 (47.4) (6.8) 7.4 7.9 6.3 7.4 1.0 0.9 0.8 0.6 nc 34.3 14.7 12.1 11.1 8.4 38.3 14.3
SSIA IJ BUY 685 1,375 4,705 68.4 3,223 5 4,464 5,219 535 847 415 527 (39.9) 27.0 7.8 6.1 5.0 4.0 1.2 1.1 4.3 2.6 nc 22.4 16.7 18.6 7.0 8.0 47.2 17.8
LPCK IJ BUY 7,600 14,000 696 57.8 5,290 7 1,792 1,736 914 860 844 928 42.9 10.0 6.3 5.7 5.5 5.6 2.0 1.5 0.0 0.0 nc nc 37.6 29.6 20.7 18.1 48.6 42.9
METALS N 37,636 31 33,119 31,868 14,435 17,348 2,277 2,069 109.4 (19.8) 7.2 12.1 6.1 6.4 0.8 0.7 7.0 5.9 24.6 24.3 7.6 5.8 5.2 3.7 2.8 7.1
INCO IJ* BUY 1,835 4,000 9,936 20.5 18,233 19 12,857 11,357 3,089 2,280 2,134 1,615 406.7 (22.8) 8.7 11.3 3.2 3.9 0.8 0.8 6.7 7.4 (6.7) (7.5) 9.8 7.1 7.5 5.3 2.5 10.3
ANTM IJ BUY 510 910 9,538 35.0 4,865 4 9,421 10,540 (179) 143 (775) (139) (288.5) (81.5) na na 18.2 13.6 0.4 0.4 2.0 0.0 45.2 61.2 (6.3) (1.2) (3.5) (0.6) 2.7 (4.5)
TINS IJ REDUCE 560 780 7,448 35.0 4,171 5 7,371 6,259 925 208 638 125 (3.2) (83.0) 5.7 33.2 4.7 10.7 0.7 0.8 7.6 1.5 35.4 43.9 12.2 2.3 7.2 1.3 10.5 9.6
PSAB IJ* BUY 610 1,300 5,292 7.4 3,228 1 3,470 3,713 10,599 14,716 280 468 (193.5) 66.9 11.7 7.4 5.5 4.5 1.1 0.9 15.8 12.4 156.6 123.5 9.6 13.9 2.7 4.2 (5.3) 3.7
OIL & GAS UW 108,465 124 74,163 72,967 15,256 13,695 10,656 9,271 (1.3) (8.6) 15.0 15.3 7.5 8.3 2.6 2.3 4.6 4.9 19.6 29.1 24.0 18.6 12.1 8.5 37.4 24.4
PGAS IJ* HOLD 3,220 4,000 24,242 43.0 78,058 89 42,394 44,434 12,199 10,764 9,722 8,567 (4.7) (8.7) 8.3 9.1 4.6 4.8 2.3 2.0 5.8 6.2 nc nc 28.6 22.7 15.1 10.7 49.3 31.2
AKRA IJ BUY 5,650 6,500 3,940 41.2 22,259 34 22,468 19,108 1,063 877 810 600 24.2 (25.9) 27.2 36.8 18.3 21.6 4.1 3.9 1.9 1.9 59.9 93.4 15.9 10.9 5.5 3.9 9.1 9.2
MEDC IJ* REDUCE 2,445 2,300 3,332 49.0 8,148 1 9,301.1 9,425.0 1,994 2,054 124 104 30.6 182.4 45.8 16.2 5.7 6.2 0.7 0.7 0.7 0.9 97.2 132.0 1.1 1.0 0.4 0.3 0.8 0.6
PLANTATIONS N 64,857 137 49,800 42,270 9,608 6,401 5,454 3,232 39.2 (44.9) 17.8 20.4 10.3 9.9 1.8 1.7 3.1 1.9 43.4 35.9 15.2 8.5 9.5 5.2 10.5 12.3
AALI IJ REDUCE 18,500 15,400 1,575 20.3 29,133 33 16,306 15,103 3,722 2,328 2,504 1,354 39.0 (45.9) 11.6 21.5 7.4 10.7 2.6 2.5 3.9 2.1 33.4 50.2 23.5 11.7 14.9 6.8 16.6 18.4
SIMP IJ REDUCE 470 300 15,816 21.6 7,434 3 14,963 14,157 2,563 1,563 842 266 60.8 (68.4) 8.8 28.0 3.9 5.2 0.5 0.5 3.4 1.1 43.7 46.2 6.0 1.9 2.9 0.9 2.9 4.2
LSIP IJ REDUCE 1,145 1,500 6,823 40.5 7,812 37 4,727 4,294 1,192 832 917 733 19.3 (20.1) 8.5 10.7 4.7 6.4 1.1 1.0 4.7 3.8 nc nc 13.3 9.9 11.0 8.3 15.9 16.6
BWPT IJ REDUCE 323 230 31,525 29.4 10,183 63 2,264 3,484 354 862 189 430 (1,210.4) 127.0 53.7 23.7 32.3 14.2 1.5 1.4 0.0 0.0 104.9 15.1 4.2 4.3 1.6 2.6 (0.4) 2.0
ANJT IJ* REDUCE 1,400 1,000 3,335 10.0 4,669 0 1,961 2,028 440 371 228 206 (6.4) (14.0) 19.7 22.9 6.1 10.0 1.3 1.3 2.5 2.2 nc 15.1 5.0 6.1 4.4 3.3 8.3 5.3
SGRO IJ HOLD 1,680 1,750 1,890 33.0 3,175 1 3,242 3,204 542 446 340 243 185.7 (28.5) 9.3 13.0 6.1 7.3 1.1 1.0 0.9 3.8 50.2 66.2 12.1 8.0 6.8 4.3 3.3 8.2
TBLA IJ BUY 459 930 5,342 45.6 2,452 0 6,338 6,178 795 961 433 450 375.2 3.8 5.7 5.4 5.0 4.5 1.0 0.9 3.5 3.7 117.7 122.3 20.5 17.1 6.4 6.1 2.2 9.1
POULTRY N 37,152 18 58,111 63,003 3,919 4,736 1,994 1,953 (31.5) 0.1 16.2 10.2 12.2 9.4 2.6 2.3 2.2 1.5 65.4 64.5 14.3 14.1 8.1 7.4 21.9 10.5
CPIN IJ BUY 1,900 3,400 16,398 44.5 31,156 14 29,150 32,297 2,628 3,272 1,747 1,829 (31.0) 4.7 17.8 17.0 12.0 9.9 2.9 2.5 2.4 1.7 52.3 49.4 16.7 15.8 9.5 8.5 24.3 12.3
JPFA IJ BUY 365 530 10,661 42.5 3,891 2 24,459 25,512 1,276 1,052 332 (88) (44.2) (126.4) 11.7 (44.4) 5.9 6.9 0.8 0.8 1.7 0.0 127.3 148.6 6.9 (1.8) 2.2 (0.6) 6.3 3.1
MAIN IJ BUY 1,175 2,000 1,791 44.1 2,104 1 4,502 5,195 15 412 (85) 211 na na na 9.8 26.1 6.8 1.6 1.6 0.0 2.0 146.1 132.0 (8.7) 17.8 (3.0) 5.9 15.2 (3.8)
PROPERTY UW 132,200 299 43,922 48,134 15,906 16,867 14,054 11,707 57.3 (16.7) 10.2 12.8 9.8 9.7 2.2 2.0 1.9 1.9 16.5 28.9 26.5 17.6 10.7 7.1 23.2 22.1
BSDE IJ HOLD 1,590 2,020 19,247 38.1 30,602 37 5,572 6,609 2,632 3,226 3,821 2,627 35.2 (34.1) 7.6 11.6 11.5 9.9 1.9 1.7 1.3 1.7 nc nc 29.8 15.9 15.1 8.4 35.7 28.8
LPKR IJ REDUCE 1,080 1,000 23,078 100.0 24,924 64 11,655 9,160 3,277 2,205 2,547 1,530 110.2 (39.9) 9.7 16.1 8.6 12.8 1.6 1.5 2.5 1.6 41.4 51.3 17.9 9.5 7.4 3.9 7.7 12.5
PWON IJ REDUCE 359 425 48,160 42.4 17,289 47 3,872 5,398 1,890 2,630 2,516 2,208 122.1 (12.2) 6.9 7.8 8.6 6.1 2.8 2.2 2.9 2.6 nc nc 50.1 31.4 19.3 12.4 27.7 41.5
SMRA IJ HOLD 1,655 1,600 14,427 67.7 23,876 76 5,334 5,835 1,772 1,726 1,394 1,181 26.4 (15.2) 17.1 20.2 13.4 13.7 4.0 3.5 1.4 1.8 nc 49.6 28.1 20.1 9.6 7.1 32.8 22.2
CTRA IJ BUY 1,020 1,400 15,166 69.2 15,469 14 6,344 7,570 2,204 2,456 1,325 1,500 35.7 13.2 11.7 10.3 6.9 6.3 2.1 1.8 0.8 1.6 nc nc 19.2 18.5 6.1 6.0 19.5 18.7
ASRI IJ BUY 426 720 19,649 48.3 8,371 34 3,631 4,551 1,908 2,337 1,097 1,294 25.2 18.2 7.6 6.5 7.1 6.1 1.4 1.2 2.6 3.1 93.6 88.0 19.5 19.4 7.0 7.2 12.6 10.6
APLN IJ REDUCE 316 380 20,501 29.9 6,478 4 5,297 5,673 1,430 1,352 855 737 0.4 (13.8) 7.6 8.8 5.1 6.3 1.0 0.9 2.6 2.3 33.3 60.1 14.0 11.0 3.9 2.8 11.1 10.3
CTRP IJ BUY 474 790 6,150 43.7 2,915 2 1,662 1,794 667 515 394 327 (6.6) (17.2) 7.4 8.9 6.5 9.1 0.7 0.6 4.1 3.4 47.3 64.2 9.4 7.4 4.8 3.4 9.6 6.9
PPRO IJ BUY 162 250 14,044 100.0 2,275 21 555 1,545 128 419 106 301 115.4 84.6 13.9 7.6 17.4 6.2 1.4 0.9 0.0 1.4 7.5 20.2 10.8 16.8 5.1 7.9 5.5 10.6
SHIPPING N 6,121 6 5,499 6,212 1,358 1,550 883 1,020 20.6 3.8 6.2 6.4 6.6 5.4 2.2 1.3 2.5 3.3 81.3 75.9 24.6 21.5 8.9 9.9 10.0 10.8
SOCI IJ BUY 499 800 7,059 15.0 3,522 4 1,621 2,274 474 622 411 519 (19.7) (17.1) 5.6 6.8 8.2 6.4 0.8 1.0 3.2 2.8 56.3 59.0 16.5 14.4 8.2 8.9 11.9 9.1
TMAS IJ BUY 1,570 3,000 1,141 11.8 1,791 1 1,687 1,819 324 395 203 258 187.7 27.5 8.8 6.9 5.4 4.7 5.8 2.5 0.0 3.6 141.1 119.0 46.8 41.2 12.3 14.4 5.8 16.0
WINS IJ HOLD 200 700 4,038 42.4 808 1 2,191 2,119 560 532 269 243 (20.6) (13.8) 2.9 3.4 2.7 2.7 0.3 0.3 5.0 4.4 57.8 54.0 10.9 8.4 4.5 3.9 10.9 6.8
STEEL UW 5,143 2 23,146 21,243 (1,340) (1,176) (1,855) (1,445) na (22.7) na na (37.4) (167.9) 0.5 0.5 0.0 0.0 125.6 192.1 (15.7) (13.8) (8.2) (6.0) (0.9) (7.9)
KRAS IJ* REDUCE 326 350 15,775 20.0 5,143 2 23,146 21,243 (1,340) (1,176) (1,855) (1,445) na (22.7) na na (37.4) (167.9) 0.5 0.5 0.0 0.0 125.6 192.1 (15.7) (13.8) (8.2) (6.0) (0.9) (7.9)
TELCOS OW 354,001 224 170,388 187,120 35,579 39,089 13,233 18,390 61.7 17.0 18.1 21.7 7.1 6.6 4.3 3.8 2.4 2.9 42.1 36.1 18.7 20.5 8.6 9.5 17.6 16.4
TLKM IJ BUY 2,800 3,350 100,800 48.8 282,240 194 89,696 98,258 28,713 31,143 14,638 16,382 3.0 11.9 19.3 17.2 6.3 6.0 4.2 3.7 3.1 3.8 8.5 8.5 22.9 22.9 10.8 11.1 23.1 21.1
EXCL IJ HOLD 2,360 4,500 8,541 33.6 20,158 11 23,460 24,143 1,782 1,453 (775) (280) na na (26.0) (71.8) 5.0 4.9 1.4 1.5 0.0 0.0 161.4 163.8 (5.3) (2.0) (1.5) (0.5) 3.4 (2.3)
TOWR IJ BUY 3,990 5,100 10,203 61.2 40,710 1 4,106 4,700 2,335 2,725 841 1,502 398.9 78.7 48.4 27.1 14.1 12.2 8.7 6.7 0.0 0.0 157.0 108.4 20.2 27.9 5.1 8.7 1.5 7.2
ISAT IJ BUY 4,260 5,150 5,434 20.7 23,149 1 24,085 25,659 1,833 2,726 (1,987) 154 na na (11.6) 150.6 4.3 3.8 1.7 1.7 0.0 0.5 144.4 131.3 (13.3) 1.1 (3.7) 0.3 (7.6) (5.6)
TELE IJ BUY 925 1,060 7,120 17.8 6,586 4 14,590 18,964 507 587 305 372 3.4 22.1 21.3 17.5 14.6 13.8 2.6 2.3 1.2 1.4 44.6 44.2 15.7 14.1 7.2 7.1 18.1 10.2
ERAA IJ HOLD 454 940 2,900 39.7 1,317 13 14,451 15,395 409 455 212 260 (39.3) 22.7 6.2 5.1 6.0 5.4 0.4 0.4 6.4 7.9 47.0 43.7 7.4 8.5 3.8 4.1 10.3 5.2
TRANSPORTATION UW 20,446 6 6,789 7,874 1,520 1,627 896 985 (49.2) (0.4) 20.9 21.3 10.8 9.6 4.2 4.2 3.8 1.8 46.5 52.0 29.4 20.8 11.2 10.6 24.2 17.1
BIRD IJ REDUCE 7,275 5,500 2,502 15.0 18,203 1 4,759 5,581 1,053 1,161 735 840 (49.6) (0.0) 21.7 21.7 11.4 10.1 4.5 4.5 4.1 1.8 31.1 39.9 31.5 22.2 12.1 11.5 26.1 18.6
TAXI IJ REDUCE 865 520 2,146 49.0 1,856 4 890 964 283 254 118 90 (10.9) (23.9) 15.7 20.6 6.5 6.0 2.1 1.9 1.2 0.9 171.7 146.2 14.0 9.7 4.6 2.9 9.5 6.2
ASSA IJ BUY 114 140 3,398 37.7 387 0 1,140 1,329 184 212 43 55 (53.4) 28.7 9.0 7.0 3.9 3.4 0.5 0.4 2.8 4.3 171.3 171.7 5.2 6.4 1.8 2.1 5.1 2.0
Market N 3,128,062 705,724 1,646,499 1,741,886 303,549 423,946 200,869 210,231 10.1 2.8 18.7 18.4 9.5 8.5 12.1 7.9 2.6 2.6 19.3 18.5 30.0 31.6 11.2 10.7 23.0 26.9
Note: *USD reporting
OW: Overweight, N: Neutral, UW: Underweight
ROIC (%)PER (x)Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%) ROAA (%)
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 6
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Alpha
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2014 Best
Research Call
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Asiamoney's
2013
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Local Research
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AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time
AEGM KREN IJ Kresna Graha Sekurindo 6/15/2015 14:00
AEGM ASDM IJ Asuransi Dayin Mitra 6/15/2015 08:00
AEGM GSMF IJ Equity Development Investment 6/15/2015 10:30
AEGM SRAJ IJ Sejahteraraya Anugrahjaya 6/15/2015 10:00
AEGM PTSP IJ Pioneerindo Gourmet International 6/15/2015 10:00
AEGM CLPI IJ Colorpak Indonesia 6/15/2015 10:00
AEGM UNSP IJ Bakrie Sumatera Plantations 6/15/2015 10:00
AEGM DGIK IJ Nusa Konstruksi Enjiniring 6/15/2015 09:00
AEGM INTD IJ Inter Delta 6/15/2015 10:00
AEGM APII IJ Arita Prima Indonesia 6/15/2015 09:00
AGM ARGO IJ Argo Pantes 6/15/2015 10:00
AEGM MGNA IJ Magna Finance 6/15/2015 14:00
AGM RICY IJ Ricky Putra Globalindo 6/15/2015 09:30
AGM JPRS IJ Jaya Pari Steel 6/16/2015 10:00
AGM SRSN IJ Indo Acidatama 6/16/2015 14:00
AGM KONI IJ Perdana Bangun Pusaka 6/16/2015 09:00
AEGM AISA IJ Tiga Pilar Sejahtera Food 6/16/2015 10:00
AGM GDST IJ Gunawan Dianjaya Steel 6/16/2015 09:00
AEGM MBTO IJ Martina Berto 6/16/2015 10:00
AEGM ADMG IJ Polychem Indonesia 6/16/2015 14:00
AGM BTON IJ Betonjaya Manunggal 6/16/2015 09:30
AEGM OKAS IJ Ancora Indonesia Resources 6/16/2015 10:00
AGM POOL IJ Pool Advista Indonesia 6/16/2015 11:00
AEGM POLY IJ Asia Pacific Fibers 6/16/2015 10:30
AGM ALDO IJ Alkindo Naratama 6/16/2015 13:30
AEGM RIMO IJ Rimo Catur Lestari 6/17/2015 14:00
AEGM RANC IJ Supra Boga Lestari 6/17/2015 14:00
AEGM ALTO IJ Tri Banyan Tirta 6/17/2015 11:30 Source: Bloomberg
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Actual and upcoming IPOs, 2013-2015
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 05/14/14 Dwi Aneka Jaya Kemasindo Paper manufacture 470 40.0
41 LINK 02/06/14 Link Net Telecommunication 487 10.0
42 CINT 06/27/14 Chitose Internasional Manufacture 99 34.0 43 MGNA 07/07/14 Magna Finance Finance 74 70.0
44 BPII 07/08/14 Batavia Prosperindo Internasional Finance 75 100.0
45 MBAP 07/10/14 Mitrabara Adiperdana Coal 319 22.0
46 TARA 07/11/14 Sitara Propertindo Property 424 40.0
47 DNAR 07/11/14 Bank Dinar Bank 55 22.2
48 BIRD 11/05/14 Blue Bird Transportation 2,438 100.0 49 SOCI 12/03/14 Soechi Lines Shipping 582 15.0
50 IMPC 12/17/14 Impack Pratama Industri Packaging 570 31.0
51 IBFN 12/22/14 Intan Baruprana Finance Finance 192 21.0
52 AGRS 12/22/14 Bank Agris Banking 99 100.0
53 GOLL 12/23/14 Golden Plantation Plantation 230 21.8
2014 total 9,016
54 Airasia Indonesia Airlines 1,800 20.0
55 Andira Agro Plantations 56 Asia Mangan Group Mining 458 55.0
57 Bank DKI Banking
58 Bank Kesejahteraan Ekonomi Banking
59 Bank Muamalat Banking
60 Bank Sumatera Utara Banking 800
61 Bank Syariah Mandiri Banking 62 Daya Mitra Telekomunikasi Telecommunication 49.0
63 Daya Mandiri Resources Indonesia Coal mining
64 GMF Aero Asia Target Aero services
65 Indoprima Gemilang Auto-parts
66 Infomedia Nusantara Services
67 Intan Baruprana Finance Multi-finance 68 Kawasan Berikat Nusantara Industrial estates
69 Krakatau Wijatama Steel manufacture
70 Pacific Agro Sentosa Plantations 1,000
71 Pegadaian Indonesia Finance
72 Pelita Cengkareng Paper Packaging manufacture
73 Perkebunan Nusantara III, IV and VII Plantations 74 Pertamina Drilling Services Indonesia Oil-related
75 Pertamina Hulu Energi Oil-related
76 Pertamina Gas Gas distribution
77 Pertamina Geothermal Energy Electricity
78 PLN Batam Electricity
79 Pos Indonesia Logistics 80 Pos Logistik Logistics
81 Puradelta Lestari Property 2,760
82 Semen Batam Cement
83 Siba Surya Logistics 500
84 Sriboga Raturaya Restaurant 500
2015 total 7,818
Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today)
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Alpha
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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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Fakhrul Fulvian
[email protected] 3602
Melvin Mikha Reminov
[email protected] Associate
ext 3621
Research: +62 21 250 5081
Harry [email protected]
Senior Associate DirectorHead of Research
Strategy, Consumer
ext 3600direct: +62 21 250 5735
Dealing Room: +62 21 527 0808 (Foreign Institutional)
Teguh Hartanto
[email protected] Director
Deputy Head of Research
Banks, Cement, Aviationext 3610
Leonardo Henry Gavaza, [email protected]
Senior Research ManagerAuto, Heavy equipment, Telco
ext 3608
Chandra Widjanarka
[email protected] Analyst
ext 1252
+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. [email protected]
Equity Salesext 2549
Yohanes Adhi Handoko
[email protected], Surabaya Branch
ext 7250
Suwardi Widjaja
[email protected] Sales
ext 2548
Amelia Husada
[email protected] President
Institutional Equity Salesext 2552
Michael W Setjoadi [email protected]
Research AnalystConsumer, Healthcare, Poultry
ext 3613
Nurul Farida
[email protected] Sales
ext 2543
Adrian Mahendra Putra
[email protected] AnalystIndustrial Estate
ext 3614
Hanna Marionda
[email protected] Trader
ext 2525
Adriana Kosasih
[email protected] Executive
ext 2541
Ari Santosa
[email protected] Trader
ext 2554
Adi Saputra
[email protected] Associate
ext 3693
Robin Sutanto
[email protected] Analyst
Propertyext 3620
Agustinus Reza Kirana
[email protected] Analyst
Plantations, Shipping, Transportationext 3616
Research AnalystCement, Infratructure,Toll roads
ext 3605
Muhammad Wafi
[email protected] Analyst
ext 3609
+62 31 535 2788 (Surabaya Branch)
Arandi [email protected]
Research AnalystCoal, Metals, Oil & Gas
ext 3619
Head of Equity Sales & TradingInstitutional Equity Sales
ext 2545
Made Ayu Wijayati
[email protected] Executive
ext 3607
Sanni Satrio Dwi Utomo
[email protected] Associate
ext 3611
Andre Natala Susanto
[email protected] Associate
ext 3601
Bagus Adi Yoga Prawira
[email protected] AnalystConsumer, Media
ext 3604
Zefanya Halim
[email protected] Manager
ext 3612
Novianty Permata Sari
ext 3618
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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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: Modern Land (China) Co. Ltd (1107 HK); econtext Asia Ltd (1390 HK); Accordia Golf Trust (AGT SP); Hua Hong Semiconductor Ltd (1347 HK); GF Securities Co Ltd (1776 HK); Mirae Asset Life Insurance Co Ltd (085620 KS).
*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: J Resources Asia Pasific Tbk PT (PSAB IJ); Waskita Karya Persero Tbk PT (WSKT IJ); Adhi Karya Persero Tbk PT (ADHI IJ); PP Properti Tbk PT (PPRO IJ); Merdeka Copper Gold Tbk PT (MDKA 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.
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.
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 Australia 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.
India
This research is distributed in India to Institutional Clients only by Daiwa Capital Markets India Private Limited (Daiwa India) which is an intermediary registered with Securities & Exchange Board of India as a Stock Broker, Merchant Bank and Research Analyst. Daiwa India, its Research Analyst and their family members and its associates do not have any financial interest save as disclosed or other undisclosed material conflict of interest in the securities or derivatives of any companies under coverage. Daiwa India and its associates may have received compensation for any products other than Investment Banking (as disclosed) or brokerage services from the subject company in this report during the past 12 months. Unless otherwise stated in BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action, Daiwa India and its associates do not hold more than 1% of any companies covered in this research report.
There is no material disciplinary action against Daiwa India by any regulatory authority impacting equity research analysis activities as of the date of this report.
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 11
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors
Highest Ranked
Local Research
House
2015
Global
Banking & Finance
Review
Best Research
House
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.
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.
Germany
This document 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 distributed 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.
United States
This report is distributed in the U.S. by Daiwa Capital Markets America Inc. (DCMA). It may not be accurate or complete and should not be relied upon
as such. It reflects the preparer’s views at the time of its preparation, but may not reflect events occurring after its preparation; nor does it reflect
PT.Bahana Securities’ or DCMA’s views at any time. Neither PT.Bahana Securities, DCMA nor the preparer has any obligation to update this report or to continue to prepare research on this subject. This report is not an offer to sell or the solicitation of any offer to buy securities. Unless this report
says otherwise, any recommendation it makes is risky and appropriate only for sophisticated speculative investors able to incur significant losses.
Readers should consult their financial advisors to determine whether any such recommendation is consistent with their own investment objectives,
financial situation and needs. This report does not recommend to U.S. recipients the use of any of PT.Bahana Securities’ or DCMA’s non-U.S.
affiliates to effect trades in any security and is not supplied with any understanding that U.S. recipients of this report will direct commission business to
such non-U.S. entities. Unless applicable law permits otherwise, non-U.S. customers wishing to effect a transaction in any securities referenced in this
material should contact a Daiwa entity in their local jurisdiction. Most countries throughout the world have their own laws regulating the types of
securities and other investment products which may be offered to their residents, as well as a process for doing so. As a result, the securities
discussed in this report may not be eligible for sales in some jurisdictions. Customers wishing to obtain further information about this report should
contact DCMA: Daiwa Capital Markets America Inc., Financial Square, 32 Old Slip, New York, New York 10005 (Tel no. 212-612-7000).
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 Relationships” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action.
DCMA Market Making
For “DCMA Market Making” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action.
Research Analyst Conflicts
For updates on “Research Analyst Conflicts” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. The
principal research analysts who prepared this report have no financial interest in securities of the issuers covered in the report, are not (nor are any
members of their household) an officer, director or advisory board member of the issuer(s) covered in the report, and are not aware of any material
relevant conflict of interest involving the analyst or DCMA, and did not receive any compensation from the issuer during the past 12 months except as
noted: no exceptions.
Research Analyst Certification
For updates on “Research Analyst Certification” and “Rating System” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. The views about any and all of the subject securities and issuers expressed in this
Research Report accurately reflect the personal views of the research analyst(s) primarily responsible for this report (or the views of the firm
producing the report if no individual analysts[s] is named on the report); and no part of the compensation of such analyst(s) (or no part of the
compensation of the firm if no individual analyst[s)] is named on the report) was, is, or will be directly or indirectly related to the specific
recommendations or views contained in this Research Report.
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 12
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors
Highest Ranked
Local Research
House
2015
Global
Banking & Finance
Review
Best Research
House
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 . 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
