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Asiamoney’s

2013

Best Domestic

Equity House

4 June 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.

2014Finance Asia's

Best Equity House

Alpha Southeast Asia

2014 Best Research Call FMCG Sector

Asiamoney's2013

Best DomesticEquity House

2015Institutional

Investors Highest Research

Ranked Local House

Beacon Indonesia Morning Brief

IDX: 5,130.5 (-1.6%) Turnover: IDR5.3tn (+60.9%)

Foreign net SELL: IDR521.6bn (+2,012.8%)

CORPORATE FLASH Gajah Tunggal (GJTL IJ): Problematic

Analyst: Leonardo Henry Gavaza, CFA

Weak domestic market purchasing power hurts revenue Weak IDR continue to hurt earnings Outlook: Unattractive, on competition and macro concerns

TODAY’S NEWS POLITICS

SBY may be charged with money laundering Tension remains within Golkar despite truce Government forms another anti-illegal fishing task force ECONOMICS Government sold IDR1.7tn in sharia bonds with higher yields

OECD cuts global growth outlook as investment lags, Greece looms May 2015 CCI recovered to 112.8 (+5.4 points m-m) BOURSE Dua Putra Utama Makmur aims to raise up to IDR1tn in 2H15 IPO Pertamina renews plan to have units go public Merdeka Copper IPO priced at IDR2,000 OJK will provide relief on financial statement reporting

CORPORATE UNVR purchased Sariwangi’s equipment BBRI to raise fresh funds from bonds issuance

ASII and Toyota to restructure their sales and distribution network WSKT injects IDR546bn into property subsidiary PTPP booked 5M15 new contracts of IDR9.8tn

ADHI: Groundbreaking of LRT project in August SSIA records 5M15 marketing sales of 7ha PPRO books 23-fold increase in 1Q15 net profit SOCI plans to issue USD200m in bonds for debt refinancing

INDICES

Asia Last Chg% ytd % y-y %

Hang Seng (HK) 27,657.5 0.7 17.2 18.7

IDX (Indonesia) 5,130.5 (1.6) (1.8) 4.4

KLCI (Mal.) 1,749.2 0.4 (0.7) (6.6)

KOSPI (Korea) 2,063.2 (0.7) 7.7 2.7

Nikkei (Japan) 20,473.5 (0.3) 17.3 36.2

PCOMP (Phil.) 7,561.7 0.1 4.6 11.2

SENSEX (India) 26,807.8 (1.4) (2.5) 7.8

SET (Thailand) 1,483.5 0.5 (0.9) 2.0

SHCOMP (China) 4,910.0 (0.0) 51.8 140.9

SHENZHEN (China) 3,041.4 0.4 114.9 188.9

STI (Singapore) 3,349.2 0.3 (0.5) 1.6

TWSE (Taiwan) 9,556.5 (0.6) 2.7 4.7

VNI (Vietnam) 567.9 (0.4) 4.1 1.6

Europe, USA and Ems

CAC 40 (France) 5,034.2 0.6 17.8 11.8

DAX (Germany) 11,419.6 0.8 16.5 15.0

Dow Jones (USA) 18,076.3 0.4 1.4 8.0

FTSE 100 (UK) 6,950.5 0.3 5.9 1.9

IBOV (Brazil) 53,522.9 (1.3) 7.0 3.3

MEXBOL (Mexico) 44,732.7 (0.4) 3.7 6.6

NGSEINDX (Nigeria) 33,879.2 (0.5) (2.2) (18.6)

Nasdaq (USA) 5,099.2 0.4 7.7 19.9

RTSI (Russia) 947.3 (2.7) 19.8 (28.5)

S&P 500 (USA) 2,114.1 0.2 2.7 9.7

XU100 (Turkey) 83,393.6 2.4 (2.7) 6.4 Source: Bloomberg

ETF, ADR & COMMODITIES Last Chg% ytd % y-y %

EIDO US (USD) 25.0 (1.7) (9.0) (10.1)

TLK US (IDR) 2,848 (0.2) (4.3) 0.7

Aluminum (USD/mtn) 1,752.0 0.7 (5.4) (5.1)

Coal (USD/t) 56.6 (0.2) (9.1) (22.3)

Corn (USD/mtn) 134.1 0.0 (6.3) (26.1)

Coffee (USD/t) 2,742.3 1.5 (16.0) (18.3)

Copper (USD/t) 5,992.0 (0.1) (5.8) (11.9)

Cotton (USD/t) 1,438.3 2.6 8.2 (25.3)

CPO (MYR/t) 2,293.0 2.4 (0.2) (4.8)

Gold (USD/oz.) 1,185.3 (0.7) 0.0 (4.7)

Iron ore (USD/mtn) 61.8 0.0 (10.8) (33.0)

Milk (USD/cwt) 16.7 (1.3) 6.0 (8.5)

Nickel (USD/t) 12,940.0 0.2 (13.4) (31.9)

Oil Brent (USD/barrel) 63.8 (2.6) 11.3 (41.4)

Oil WTI (USD/barrel) 59.7 (2.1) 12.0 (41.9)

Rice (IDR/kg) 8,600.0 0.0 1.2 1.8

Rubber (USD/t) 1,621.0 (0.9) 7.0 (2.3)

Silver (USD/oz) 16.5 (1.8) 4.9 (12.4)

Soybean oil (USD/t) 765.7 1.6 8.6 (10.2)

Steel (USD/t) 389.8 (0.1) (19.0) (28.6)

Sugar (USD/t) 356.3 (1.3) (11.1) (23.0)

Tins (USD/t) 15,450.0 (0.5) (20.8) (33.5)

Wheat (USD/t) 187.6 (0.3) (14.5) (23.9) Source: Bloomberg

ECONOMIC INDICATORS MARKET DATA

14A 15F 16F

14A 15F 16F

Cur acc bal (%GDP) (3.0) (2.3) (2.5) Op.prof.gwt.(%) 10.7 7.9 12.1

Fiscal bal (%GDP) (2.3) (2.2) (2.2) EPS growth (%) 12.3 8.3 9.9

GDP growth (%y-y) 5.0 5.0 5.3 P/E (x) 22.1 19.0 17.5

Private spending (%) 5.1 5.1 5.2 PEG (x) 1.8 2.3 1.8

Investment (%y-y) 4.1 7.4 10.2 EV/EBITDA (x) 10.9 9.3 8.8

Total exports (%y-y) 1.0 0.8 1.3 P/BV (x) 13.3 8.4 7.2

Total imports (%y-y) 2.2 0.5 2.2 P/BV exc. 3.6 3.2 2.8

Inflation (%y-y) 8.4 4.3 5.1 Div. Yield (%) 2.2 2.3 2.5

IDR/USD 12,385 13,000 13,150 Net gearing (%) 20.0 18.4 15.3

BI rate (% p.a.) 7.75 7.25 7.25 ROAE (%) 30.0 32.6 30.0

Brent Oil (Usd/bbl) 57.3 65.0 75.0 ROAA (%) 11.2 11.3 11.4

FX reserve (USDb) 111.9 114.0 120.5 ROIC (%) 23.4 26.9 29.2 Source: Bahana estimates Source: Bahana estimates

CURRENCIES & RATES Last Prev. Ytd % y-y %

AUD/USD 0.777 0.776 5.0 16.2

EUR/USD 1.126 1.115 7.0 17.2

IDR/USD 13,223 13,225 (6.8) (12.2)

JPY/USD 124.360 124.040 (3.8) (21.0)

SGD/USD 1.344 1.349 (1.4) (6.9)

JIBOR (%) 5.62 5.63 (0.3) (0.2)

BI rate (%) 7.50 7.50 (0.3) 0.0

TD – 1 month (%) 7.22 7.23 0.1 0.2

CDS (bps) 168.32 168.65 5.0 16.6 Source: Bloomberg

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 2

2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


Ranked Local House

POLITICS

SBY may be charged with money laundering

Following revelations of graft suspect in regards of spending money embezzled from the ministry by former

energy and mineral minister, Jero Wacik, for golfing with ex-president SBY, the former president could be

charged with money laundering. (The Jakarta Post)

Tension remains within Golkar despite truce

In spite of a reconciliation deal signed by Aburizal Bakrie and Agung Laksono late last week, tension

remained within the Golkar party as supporters of the two leaders continue to battle over who should take

control of the party at the regional level. Supporters of the two leaders have decided to hold their own

consolidation meetings to prepare themselves for the simultaneous local elections slated this year on 9

December. (The Jakarta Post)

Government forms another anti-illegal fishing task force

The government has stepped up its maritime law enforcement by preparing a presidential decree that will

lay the groundwork for the establishment of a new task force to combat illegal fishing, according to a

government official. According to Mas Achmad Santosa, head of the task force for the prevention and

eradication illegal, unreported and unregulated (IUU) fishing, a presidential decree (Perpres) was currently

in the works to establish a new task force with the authority to take actions on illegal poachers and other

perpetrators of related offenses caught in Indonesia’s territorial waters. (The Jakarta Post)

ECONOMICS

Government sold IDR1.7tn in sharia bonds with higher yields

At yesterday’s auction, the Finance Ministry sold IDR1.7tn in government bonds, much below its IDR5tn

indicative target. The bid reached IDR4.8tn (2.8x from issued amount), while yields awarded by the

government were slightly higher as 6-month SPN04122015 was up from 6.04% to 6.07%. (Ministry of

Finance)

OECD cuts global growth outlook as investment lags, Greece looms

In its semi-annual report, the Organization for Economic Cooperation and Development (OECD) cut its

global growth forecast, citing lagging investment and risks including a possible Greek default which are

hurting confidence. The world economy is expected to expand 3.1% this year, down from the 3.7%

predicted last October. (Bloomberg)

May 2015 CCI recovered to 112.8 (+5.4 points m-m)

Bank Indonesia (BI) reported the May 2015 Consumer Confidence Index (CCI) recovered to 112.8 (+5.4

points), following drops in the past three consecutive months. Additionally, BI survey shows that consumers

are more optimistic towards Indonesia’s economic condition over the next six months. (Investor Daily)

BOURSE

Dua Putra Utama Makmur aims to raise up to IDR1tn in 2H15 IPO

Dua Putra Utama Makmur, a fish and flour producer, plans to sell a 20-30% stake with total funds raised of

up to IDR1tn to support its expansion plans. In 2014, the company recorded IDR700bn in revenue, with

40% of its products sold overseas. No further details on the news. (Bloomberg)

Pertamina renews plan to have units go public

State-owned oil company Pertamina (NOT RATED) plans to sell shares of its subsidiaries through IPOs to

boost transparency and good governance in the management of its units. Pertamina’s subsidiaries comprise

dozens of companies engaged in medical, insurance, property, airline and shipping sectors. (The Jakarta

Post)


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


Ranked Local House

Merdeka Copper IPO priced at IDR2,000

Merdeka Copper Gold, a gold mining concession owner in East Java, has set its IPO price at IDR2,000 per

share, at the upper-end of its pricing range of between IDR1,800-2,100 per share, although it is trimming

the number of shares from 874.36mn (21.7%) to only around 420mn (10.42%). Thus, total funds raised will

be around IDR840bn, lower than the earlier target of between IDR1.5-1.8tn. At the same time, the company

plans to issue 666.59mn shares, equal to USD80mn, through two series Mandatory Convertible Bonds

(MCBs) (Kontan)

OJK will provide relief on financial statement reporting

Financial Services Authority (OJK) plans to provide exceptions to public companies on financial statement

reporting, allowing several circumstances (ie, bankruptcy, no longer in operation, delisting process, etc) as

exemptions for not releasing their financial statements neither to OJK nor the public. In this regard, OJK will

provide a list of public companies meeting these circumstances. (Bisnis Indonesia)

CORPORATE

UNVR purchased Sariwangi’s equipment

According to supervisory judge Syaiful Aried, Unilever Indonesia (UNVR IJ-BUY-IDR43,600-TP:IDR48,500)

has already purchased some Sariwangi’s assets in the form of equipment, which is currently in the handover

process from Sariwangi to UNVR. According to Sariwangi’s Managing Director Andrew T. Supit, the

company’s trouble in paying off their debts was due to bad condition of the Indonesian capital market in

2013. Sariwangi is currently owned by Johan Supit. (Bisnis Indonesia)

BBRI to raise fresh funds from bonds issuance

Bank Rakyat Indonesia (BBRI IJ-BUY-IDR11,250-TP:IDR14,200) expects to raise fresh funds by issuing

continuous bonds, which will be on offer at the end of this month to diversify its funding sources. In the first

phase, BBRI expects to generate at least IDR3tn from a total of IDR12tn up until 2017. Note that the

issuances will consist of 3-series debt papers, including:

Type Coupon rate (%) Maturity

Series A 8.1-8.4 370 days

Series B 9.7-9.2 3 years

Series C 9.1-9.6 5 years

Source: The Jakarta Post

ASII and Toyota to restructure their sales and distribution network

In order to improve sales efficiency, distribution process and customer servicing, Toyota Motor Corporation

(TMC) and Astra International (ASII IJ-REDUCE-IDR7,050-TP:IDR6,600) have agreed to restructure their

sales and distribution network. Toyota Astra Motor (TAM), a joint venture between ASII and TMC, an

exclusive nationwide distributor of Toyota vehicles in Indonesia, will assume increased distribution role from

its current main dealers. Currently, TAM has 5 main dealers which, in addition to retailing directly to

consumers, can re-distribute to sub-dealers who also sell directly to consumers. In order to enhance the

efficiency and effectiveness of the sales and distribution process, all sub-distribution related functions

currently performed by the main dealers will be integrated into TAM on a phased basis over the coming

months. The implementation of these initiatives is expected to be completed in early 2016. (Company)

Bahana comment: We expect this initiative will benefit ASII in the longer term as it will improve ASII's

logistics operations through centralized management and improved stock inventory management.

WSKT injects IDR546bn into property subsidiary

Waskita Karya (WSKT IJ-HOLD-IDR1,670-TP:IDR1,900) announced IDR545.7bn capital injection into its

property subsidiary, Waskita Karya Realty (WKR), including IDR335bn in cash. Additionally, WSKT also

transferred its joint venture asset in mixed-use property project in Surabaya, East Java, worth IDR211bn.

(Company)


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


Ranked Local House

PTPP booked 5M15 new contracts of IDR9.8tn

Pembangunan Perumahan (PTPP IJ-BUY-IDR3,960-TP:IDR4,500) announced 5M15 new order books of

IDR9.8tn (+48% y-y), translating to 36% of PTPP’s 2015 new contracts target of IDR27.5tn. In May 2015,

PTPP was able to obtain several government projects such as Bawen-Solo toll road (IDR339bn) and Sibolga-

Batas Tapsel road (IDR236bn). (Bisnis Indonesia)

ADHI: Groundbreaking of LRT project in August

Following a meeting with the central and local government officials, Adhi Karya (ADHI IJ-BUY-IDR2,460-

TP:IDR3,900) projects to conduct groundbreaking of its light rail transit (LRT) project in August 2015.

Additionally, the company expects to soon receive a Presidential Decree appointing ADHI as developer of the

LRT project. Separately, Rini Soemarno, the Minister of State-Owned Enterprises, assures LRT construction

would occur post ADHI’s rights issue as all stakeholders have approved the project. (Indonesia Finance

Today, Investor Daily)

SSIA records 5M15 marketing sales of 7ha

As of May, Surya Semesta Internusa (SSIA IJ-BUY-IDR1,135-TP:IDR1,375) booked 7ha of marketing sales,

reaching 11.5% of the management’s full-year target of 60ha and 16% of our 2015 estimate of 45ha.

(Indonesia Finance Today, Bahana).

PPRO books 23-fold increase in 1Q15 net profit

In a statement to the press, Indaryatno, Finance Director of PP Properti (PPRO IJ-BUY-IDR187-TP:IDR250),

announced that the company has booked IDR387.9bn in 1Q15 revenue, up 12x y-y, which translates to a

bottom line of IDR80.3bn, a 23-fold y-y increase. (Bisnis Indonesia). Bahana comment: This 1Q15 top line

accounts for 25% of our 2015F revenues of IDR1,545bn, up 178% y-y. On the bottom line, the 1Q15 figure

represented 27% of our 2015F net profit of IDR298bn, up 181% y-y.

SOCI plans to issue USD200m in bonds for debt refinancing

In 2H15, Soechi Lines (SOCI IJ-BUY-IDR615-TP:IDR800) plans to issue USD200m bonds with a 5-year tenor

and around 10% coupon. The proceeds are to be allocated for debt refinancing (75%), mainly for IDR loans,

and the remaining 25% for capex requirements. In addition, SOCI is targeting to purchase 2 additional

vessels in 2H15 by allocating total 2015 capex of USD50mn, down from the previous target of USD70mn.

(Indonesia Finance Today). Bahana comment: SOCI’s 2015 capex target is slightly lower than our

assumption of USD60mn.


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


Ranked Local House

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 6/3/2015 6/1/2015 CHANGE (%)

Adaro Energy ADRO IJ REDUCE 800 (13.5) 925 880 5.1

United Tractors UNTR IJ REDUCE 17,500 (18.8) 21,550 20,525 5.0

Electronic City ECII IJ REDUCE 1,040 (10.3) 1,160 1,105 5.0

Krakatau Steel KRAS IJ REDUCE 350 (12.1) 398 385 3.4

London Sumatra Indonesia LSIP IJ REDUCE 1,500 (14.8) 1,760 1,710 2.9

Wijaya Karya WIKA IJ REDUCE 2,500 (20.0) 3,125 3,050 2.5

Salim Ivomas Pratama SIMP IJ REDUCE 540 (17.6) 655 640 2.3

Astra Agro Lestari AALI IJ REDUCE 21,000 (18.1) 25,650 25,075 2.3

Medco Energi Internasional MEDC IJ REDUCE 2,800 3.7 2,700 2,640 2.3

Malindo Feedmill MAIN IJ BUY 2,000 7.8 1,855 1,830 1.4

Perusahaan Gas Negara PGAS IJ HOLD 4,000 (8.4) 4,365 4,315 1.2

Telekomunikasi Indonesia TLKM IJ BUY 3,350 16.5 2,875 2,845 1.1

Unilever Indonesia UNVR IJ BUY 48,500 11.2 43,600 43,200 0.9

Harum Energy HRUM IJ REDUCE 950 (22.8) 1,230 1,220 0.8

Ace Hardware Indonesia ACES IJ REDUCE 690 1.5 680 675 0.7

Adhi Karya ADHI IJ BUY 3,900 58.5 2,460 2,445 0.6

Sri Rejeki Isman SRIL IJ BUY 350 6.7 328 326 0.6

Bank Jawa Barat dan Banten BJBR IJ BUY 1,020 14.6 890 885 0.6

Express Transindo Utama TAXI IJ REDUCE 820 (19.2) 1,015 1,010 0.5

Matahari Department Store LPPF IJ BUY 17,500 0.7 17,375 17,325 0.3

Hero Supermarket HERO IJ REDUCE 570 (71.5) 2,000 1,995 0.3

Cardig Aero Services CASS IJ HOLD 1,150 (4.2) 1,200 1,200 0.0

Gajah Tunggal GJTL IJ REDUCE 950 (9.5) 1,050 1,050 0.0

Bank Tabungan Pensiunan Nasional BTPN IJ HOLD 4,200 8.9 3,855 3,855 0.0

Bank Bukopin BBKP IJ HOLD 700 (2.8) 720 720 0.0

Bumi Resources BUMI IJ REDUCE 120 51.9 79 79 0.0

Ramayana Lestari Sentosa RALS IJ REDUCE 640 (12.3) 730 730 0.0

Supra Boga Lestari RANC IJ REDUCE 230 (37.0) 365 365 0.0

Nippon Indosari Corpindo ROTI IJ BUY 1,750 38.3 1,265 1,265 0.0

Timah TINS IJ REDUCE 780 (8.2) 850 850 0.0

J Resources PSAB IJ BUY 1,400 102.9 690 690 0.0

Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (16.7) 1,200 1,200 0.0

Sampoerna Agro SGRO IJ HOLD 1,750 (2.8) 1,800 1,800 0.0

Bumi Serpong Damai BSDE IJ HOLD 2,020 7.2 1,885 1,885 0.0

Soechi Lines SOCI IJ BUY 800 30.1 615 615 0.0

Erajaya Swasembada ERAA IJ HOLD 940 28.8 730 730 0.0

Pembangunan Perumahan PTPP IJ BUY 4,500 13.6 3,960 3,965 (0.1)

Sarana Menara Nusantara TOWR IJ BUY 5,100 27.8 3,990 4,000 (0.2)

Wintermar Offshore Marine WINS IJ HOLD 700 75.9 398 399 (0.3)

Indo Tambangraya Megah ITMG IJ REDUCE 13,000 (2.8) 13,375 13,425 (0.4)

Tempo Scan Pacific TSPC IJ BUY 3,325 64.6 2,020 2,030 (0.5)

Bukit Asam PTBA IJ HOLD 10,400 7.5 9,675 9,725 (0.5)

Indomobil Sukses Internasional IMAS IJ REDUCE 2,500 (37.1) 3,975 4,000 (0.6)

Lippo Cikarang LPCK IJ BUY 14,000 30.5 10,725 10,800 (0.7)

Japfa Comfeed Indonesia JPFA IJ BUY 725 9.8 660 665 (0.8)

Ciputra Property CTRP IJ BUY 790 21.5 650 655 (0.8)

Agung Podomoro Land APLN IJ REDUCE 380 0.8 377 380 (0.8)

Tunas Baru Lampung TBLA IJ BUY 930 67.6 555 560 (0.9)

Wijaya Karya Beton WTON IJ REDUCE 920 (15.6) 1,090 1,100 (0.9)

Semen Baturaja SMBR IJ HOLD 325 (1.5) 330 334 (1.2)

Matahari Putra Prima MPPA IJ HOLD 4,150 13.4 3,660 3,705 (1.2)

Semen Indonesia SMGR IJ HOLD 14,500 9.0 13,300 13,475 (1.3)

Indocement Tunggal Prakarsa INTP IJ HOLD 21,500 (1.1) 21,750 22,050 (1.4)

Bank Mandiri BMRI IJ BUY 12,800 21.3 10,550 10,700 (1.4)

Tiphone Mobile Indonesia TELE IJ BUY 1,060 5.5 1,005 1,020 (1.5)

Indonesian Stock Exchange JCI 5,130 5,214 (1.6)

Total Bangun Persada TOTL IJ BUY 1,100 22.9 895 910 (1.6)

Kalbe Farma KLBF IJ BUY 2,000 13.6 1,760 1,790 (1.7)

Xl Axiata EXCL IJ HOLD 4,500 2.9 4,375 4,450 (1.7)

Indofood Sukses Makmur INDF IJ BUY 8,300 19.0 6,975 7,100 (1.8)

AKR Corporindo AKRA IJ REDUCE 3,700 (32.1) 5,450 5,550 (1.8)

Mayora Indah MYOR IJ BUY 32,500 25.0 26,000 26,500 (1.9)

Bank Jawa Timur BJTM IJ HOLD 520 2.0 510 520 (1.9)

Aneka Tambang ANTM IJ REDUCE 720 (5.3) 760 775 (1.9)

Adi Sarana Armada ASSA IJ REDUCE 150 1.4 148 151 (2.0)

Bekasi Fajar Industrial Estates BEST IJ BUY 890 87.4 475 485 (2.1)

Gudang Garam GGRM IJ BUY 55,000 19.6 46,000 47,000 (2.1)

Bw Plantation BWPT IJ REDUCE 230 (43.6) 408 417 (2.2)

Vale Indonesia INCO IJ BUY 4,000 26.8 3,155 3,225 (2.2)

Kimia Farma KAEF IJ BUY 1,750 65.1 1,060 1,085 (2.3)

Indofood CBP Sukses Makmur ICBP IJ BUY 18,200 32.4 13,750 14,100 (2.5)

Alam Sutera Realty ASRI IJ BUY 720 23.1 585 600 (2.5)

Pelayaran Tempuran Emas TMAS IJ BUY 3,000 70.9 1,755 1,800 (2.5)

Kawasan Industri Jababeka KIJA IJ BUY 450 66.1 271 278 (2.5)

Surya Semesta Internusa SSIA IJ BUY 1,375 21.1 1,135 1,165 (2.6)

Sido Muncul SIDO IJ HOLD 700 23.9 565 580 (2.6)

Multipolar MLPL IJ BUY 1,400 91.8 730 750 (2.7)

Garuda Indonesia GIAA IJ BUY 620 31.4 472 485 (2.7)

Bank Tabungan Negara BBTN IJ BUY 1,300 14.0 1,140 1,175 (3.0)

Indosat ISAT IJ BUY 5,150 42.7 3,610 3,725 (3.1)

PP Property PPRO IJ BUY 250 33.7 187 193 (3.1)

Holcim Indonesia SMCB IJ REDUCE 960 (38.1) 1,550 1,600 (3.1)

Mitra Adiperkasa MAPI IJ BUY 6,250 12.6 5,550 5,750 (3.5)

Media Nusantara Citra MNCN IJ REDUCE 2,190 8.1 2,025 2,100 (3.6)

Bank Central Asia BBCA IJ BUY 15,500 14.0 13,600 14,125 (3.7)

Astra International ASII IJ REDUCE 5,900 (16.3) 7,050 7,325 (3.8)

Blue Bird BIRD IJ REDUCE 8,700 6.7 8,150 8,475 (3.8)

Bank Rakyat Indonesia BBRI IJ BUY 14,200 26.2 11,250 11,725 (4.1)

Bank Negara Indonesia BBNI IJ BUY 7,700 20.8 6,375 6,650 (4.1)

Charoen Pokphand Indonesia CPIN IJ BUY 4,000 30.9 3,055 3,190 (4.2)

Waskita Karya WSKT IJ HOLD 1,900 13.8 1,670 1,745 (4.3)

Summarecon Agung SMRA IJ HOLD 1,600 (10.1) 1,780 1,865 (4.6)

Lippo Karawaci LPKR IJ REDUCE 1,000 (18.7) 1,230 1,295 (5.0)

Ciputra Development CTRA IJ REDUCE 1,400 (2.1) 1,430 1,515 (5.6)

Pakuwon Jati PWON IJ REDUCE 425 1.2 420 445 (5.6)

Jasa Marga JSMR IJ BUY 7,500 14.5 6,550 7,000 (6.4)

Bank Danamon Indonesia BDMN IJ HOLD 4,500 7.1 4,200 4,500 (6.7)

Surya Citra Media SCMA IJ REDUCE 2,650 (11.8) 3,005 3,700 (18.8) Source: Bloomberg, Bahana estimates

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2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


Ranked Local 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 14,714 5 50,191 59,442 (4,127) 3,553 (4,497) 1,273 (165.4) (206.3) (3.5) 15.3 0.9 0.9 2.0 1.8 0.3 0.3 73.1 83.5 (25.0) 13.1 (8.2) 4.3 15.5 (83.1)

GIAA IJ* BUY 472 620 25,869 13.5 12,210 5 48,723 57,733 (4,472) 3,166 (4,607) 1,149 na na (8.8) 14.3 (0.1) (0.1) 1.0 1.0 0.0 0.0 88.1 100.6 (36.8) 9.5 (12.3) 2.7 8.8 (108.9)

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 300,060 280 234,230 223,511 21,541 19,557 19,303 19,004 23.0 (4.1) 15.2 17.0 13.2 13.4 2.9 2.6 2.9 2.8 57.9 52.6 20.3 17.8 8.1 7.4 15.1 13.3

ASII IJ REDUCE 7,050 5,900 40,484 49.8 285,409 270 201,701 189,328 20,163 17,881 19,181 18,688 (1.2) (2.6) 14.9 15.3 12.1 13.1 3.0 2.7 3.0 2.9 51.4 44.3 21.4 18.6 8.5 7.7 15.7 14.0

IMAS IJ REDUCE 3,975 2,500 2,765 10.5 10,992 1 19,458 20,715 224 561 (147) 196 na na 23.0 56.2 42.6 24.1 1.9 1.8 (0.3) 0.4 216.5 248.6 (2.6) 3.4 (0.6) 0.8 3.2 (0.8)

GJTL IJ REDUCE 1,050 950 3,485 40.3 3,659 9 13,071 13,468 1,154 1,115 270 120 124.2 (55.4) 13.6 30.4 5.1 5.4 0.6 0.7 1.8 0.8 86.3 108.8 4.6 2.1 1.7 0.7 1.3 2.6

BANKS N 1,075,485 1,052 243,469 273,696 99,545 112,799 79,911 91,496 10.6 12.7 14.5 12.8 na na 3.0 2.5 2.0 2.1 na na 22.5 21.4 2.9 2.9 na na

BBCA IJ BUY 13,600 15,500 24,655 50.8 335,308 228 44,047 49,165 20,505 22,857 16,486 18,483 15.7 12.1 20.3 18.1 na na 4.3 3.6 1.1 1.2 na na 23.3 21.7 3.1 3.2 na na

BBRI IJ BUY 11,250 14,200 24,669 43.2 277,528 319 60,789 68,497 28,364 31,862 24,242 27,229 13.6 12.3 11.4 10.2 na na 2.8 2.4 2.6 2.0 na na 27.4 25.3 3.4 3.2 na na

BMRI IJ BUY 10,550 12,800 23,333 40.0 246,167 261 56,941 64,261 25,978 28,822 20,029 22,382 10.0 11.8 12.3 11.0 na na 2.4 2.1 2.0 2.3 na na 21.1 20.2 2.5 2.5 na na

BBNI IJ BUY 6,375 7,700 18,649 39.8 118,885 160 35,246 39,793 12,967 14,489 10,783 12,095 19.1 12.2 11.0 9.8 na na 2.1 1.8 2.3 2.3 na na 20.6 19.7 2.7 2.7 na na

BDMN IJ HOLD 4,200 4,500 9,585 32.4 40,256 12 19,452 20,903 4,063 4,143 2,604 2,944 (35.6) 13.1 15.5 13.7 na na 1.2 1.2 1.9 3.7 na na 8.1 8.7 1.4 1.4 na na

BTPN IJ HOLD 3,855 4,200 5,840 32.3 22,514 0 7,804 9,408 2,535 3,738 1,869 2,979 (13.0) 60.8 12.2 7.6 na na 1.9 1.5 0.0 2.0 na na 17.2 22.4 2.6 3.7 na na

BBTN IJ BUY 1,140 1,300 10,568 38.9 12,047 44 6,406 7,058 1,546 2,073 1,116 1,557 (28.6) 39.5 10.8 7.7 na na 1.0 0.9 1.9 3.6 na na 9.4 12.1 0.8 1.0 na na

BJBR IJ BUY 890 1,020 9,696 25.0 8,630 17 5,969 7,132 1,291 2,282 1,120 1,894 (18.9) 69.7 7.7 4.6 na na 1.2 1.0 8.0 13.7 na na 16.3 24.8 1.5 2.3 na na

BJTM IJ HOLD 510 520 14,918 25.7 7,608 8 3,254 3,696 1,351 1,523 939 1,101 13.9 17.3 8.1 6.9 na na 1.3 1.2 8.2 9.1 na na 16.0 17.5 2.6 2.7 na na

BBKP IJ HOLD 720 700 9,087 40.4 6,542 3 3,560 3,784 944 1,010 724 830 (30.8) 14.6 9.0 7.9 na na 1.0 0.9 4.3 2.5 na na 11.1 11.7 1.0 1.0 na na

CEMENT UW 174,080 161 58,727 59,844 14,360 14,236 11,833 11,441 2.0 (2.6) 14.8 15.4 9.0 9.8 3.1 2.8 2.4 1.9 4.0 3.4 22.2 12.2 17.0 14.7 37.8 147.7

SMGR IJ HOLD 13,300 14,500 5,932 49.0 78,889 80.7 26,987 27,591 6,954 6,809 5,566 5,487 4.0 (1.4) 14.2 14.4 9.5 9.7 3.3 3.0 2.8 2.1 nc nc 24.8 19.5 17.1 14.7 27.2 25.1

INTP IJ HOLD 21,750 21,500 3,681 302.6 80,067 73.8 19,996.3 20,220.6 5,853.9 5,938.6 5,270.9 5,101.0 5.0 (3.2) 15.2 15.7 8.7 10.2 3.3 2.9 2.0 1.9 nc nc 22.2 5.9 19.0 16.5 51.6 293.4

SMCB IJ REDUCE 1,550 960 7,663 19.4 11,877 5.0 10,529 10,737 1,316 1,238 668 534 (29.8) (20.2) 17.8 22.3 8.5 8.8 1.4 1.3 2.3 1.3 58.9 63.4 7.6 5.9 4.2 3.0 8.8 5.2

SMBR IJ HOLD 330 325 9,838 23.8 3,246 1.7 1,215 1,296 236 251 328 319 (5.2) (2.8) 9.9 10.2 3.8 5.5 1.2 1.1 2.5 1.5 nc (47.5) 12.7 11.2 11.6 10.4 62.6 52.6

COAL & MINING CONTRACTING UW 153,596 175 185,953 185,176 24,173 22,559 10,565 12,739 9.7 6.5 25.9 17.1 5.2 3.0 1.9 1.7 4.2 4.3 8.0 5.7 15.3 14.3 9.0 8.5 21.6 19.0

UNTR IJ REDUCE 21,550 17,500 3,730 40.4 80,384 75 53,142 50,923 8,866 8,134 5,369 6,553 11.1 22.0 15.0 12.3 5.1 na 2.2 2.0 2.7 3.3 nc na 15.4 16.9 9.1 10.6 15.6 17.8

ADRO IJ* REDUCE 925 800 31,986 41.0 29,587 40 41,186 37,388 6,116 3,419 2,210 1,547 (23.5) (27.7) 13.9 19.3 4.2 5.3 0.9 0.8 2.8 2.3 41.6 29.4 6.5 4.3 2.7 1.9 5.9 4.4

ITMG IJ* REDUCE 13,375 13,000 1,130 34.9 15,113 27 25,382 23,114 3,381 2,093 5,561 5,562 (2.8) (31.5) 6.2 9.0 2.2 3.9 1.4 1.4 15.3 13.5 nc nc 22.4 14.8 15.1 9.9 44.4 35.5

PTBA IJ HOLD 9,675 10,400 2,304 29.3 22,292 21 13,078 13,773 2,310 1,948 2,016 1,653 10.4 (18.1) 11.1 13.5 8.3 9.9 2.6 2.6 4.5 5.0 nc nc 25.2 19.1 15.2 11.2 53.7 36.9

HRUM IJ* REDUCE 1,230 950 2,704 29.3 3,325 1 5,747 5,291 260 65 260 13 (98.6) 250.0 615.0 175.7 4.6 3.1 1.5 1.5 6.6 3.7 nc nc 8.5 0.4 5.3 0.3 29.5 20.1

BUMI IJ* REDUCE 79 120 36,627 62.3 2,894 11 47,419 54,687 3,240 6,899 (4,852) (2,589) (9.5) (49.2) (0.4) (0.8) 6.1 4.0 (0.2) (0.1) 0.0 0.0 na na nm 20.7 (5.7) (2.9) (26.9) (21.5)

CONS. & TOLL ROADS N 116,472 267 56,469 65,768 7,622 8,859 3,869 4,278 23.9 8.5 32.2 30.3 15.0 13.7 5.4 4.6 1.0 1.0 41.8 57.0 18.5 17.6 4.9 4.6 23.7 17.1

JSMR IJ BUY 6,550 7,500 6,800 30.0 44,540 46 7,254 8,053 2,777 3,084 1,403 1,462 36.7 4.1 31.7 30.5 15.2 14.1 4.5 4.1 1.1 1.0 101.3 111.8 14.9 14.1 4.7 4.2 6.4 7.5

WIKA IJ REDUCE 3,125 2,500 6,149 34.9 19,216 49 12,463 12,678 1,401 1,421 615 559 8.0 (9.1) 31.2 34.3 12.6 12.2 4.8 4.2 1.0 0.9 18.3 30.0 17.7 13.1 4.3 3.4 20.5 15.5

PTPP IJ BUY 3,960 4,500 4,842 49.0 19,176 49 12,427 15,687 1,328 1,668 532 748 26.4 40.8 36.0 25.6 13.0 11.9 8.0 6.4 0.8 1.2 nc nc 24.3 27.9 3.9 4.6 27.1 30.1

WSKT IJ HOLD 1,670 1,900 9,914 27.3 16,556 56 10,287 14,281 875 1,244 502 665 7.1 10.8 40.8 36.8 19.7 15.0 6.7 6.2 0.7 0.8 nc 83.4 19.2 21.4 4.7 4.7 15.9 13.9

WTON IJ REDUCE 1,090 920 8,715 27.8 9,500 25 3,277 2,903 409 345 329 286 13.4 (19.8) 26.6 33.2 18.3 20.3 4.4 4.2 1.0 0.9 nc nc 23.1 12.8 9.8 7.7 46.6 26.3

ADHI IJ BUY 2,460 3,900 1,801 49.0 4,431 39 8,654 9,744 655 877 324 364 (20.3) 12.3 13.7 12.2 9.3 7.7 2.5 2.2 1.1 1.2 nc nc 19.7 19.1 3.2 3.4 32.7 14.4

TOTL IJ BUY 895 1,100 3,410 33.7 3,052 3 2,106 2,422 177 220 164 194 (15.7) 18.4 18.6 15.7 13.4 9.1 3.8 na 3.9 2.1 nc (96.1) 21.1 22.5 7.0 7.3 234.1 77.3

CONSUMER - DISCRETIONARY N 193,216 368 98,385 132,364 9,636 11,460 8,817 8,522 8.0 28.9 39.1 29.5 16.9 16.4 80.3 15.0 2.0 2.3 10.1 5.9 19.5 89.6 25.0 25.3 27.4 22.9

SCMA IJ REDUCE 3,005 2,650 14,622 33.2 43,938 36 4,056 4,450 1,917 2,083 1,454 1,611 13.6 10.8 30.2 27.3 21.7 19.4 12.6 10.4 1.7 2.0 nc nc 47.0 42.2 33.3 31.4 77.1 71.8

LPPF IJ BUY 17,375 17,500 2,918 65.3 50,699 76 7,926 9,503 2,111 2,547 1,419 1,905 23.4 34.2 35.7 26.6 21.6 17.6 285.5 41.2 1.7 2.3 nc nc na 270.5 44.7 49.1 na na

MNCN IJ REDUCE 2,025 2,190 14,276 33.3 28,909 35 7,109 7,660 2,733 2,775 1,801 1,808 5.9 0.8 15.9 15.8 10.3 10.2 3.3 2.9 2.9 2.8 nc nc 22.8 20.1 16.7 14.9 23.2 22.5

MPPA IJ HOLD 3,660 4,150 5,378 19.0 19,683 94 13,590 16,160 647 794 554 655 24.5 18.2 35.5 30.1 20.8 17.2 6.9 6.1 1.1 1.3 nc nc 18.0 21.5 8.9 10.4 13.3

ACES IJ REDUCE 680 690 17,150 40.0 11,662 12 4,604 5,184 587 619 519 547 1.9 5.5 22.5 21.3 16.7 15.6 5.0 4.3 0.9 1.6 nc nc 24.6 21.9 19.1 17.3 32.4 26.4

HERO IJ REDUCE 2,000 570 4,184 16.5 8,367 0 13,564 15,298 (196) (110) 44 62 (93.9) 40.9 191.2 135.7 44.3 43.5 1.5 1.5 0.0 0.0 nc nc 0.8 1.1 0.5 0.7 20.5 0.9

RALS IJ REDUCE 730 640 7,096 40.5 5,180 11 7,942 8,870 294 371 355 390 (6.7) (3.7) 12.8 13.3 9.5 6.2 1.5 1.4 4.3 4.1 nc nc 10.8 11.2 7.9 8.1 23.7 15.2

MAPI IJ BUY 5,550 6,250 1,660 44.0 9,213 12 11,822 13,562 525 748 74 415 (77.4) 460.0 124.4 22.2 12.5 8.4 3.6 3.2 0.0 0.0 114.6 38.2 3.0 15.3 0.9 4.6 7.8 1.4

MLPL IJ BUY 730 1,400 10,065 68.0 7,347 17 17,074 20,730 (268) 85 1,895 165 9.7 (90.1) 4.4 44.6 (40.2) 6.9 1.1 1.0 2.9 0.3 nc nc 19.7 1.9 9.2 0.8 19.5 15.2

SRIL IJ BUY 328 350 18,593 43.9 6,098 73 6,869 7,746 1,176 1,348 554 657 65.0 12.9 10.4 9.2 7.6 6.9 2.0 1.6 11.9 14.1 143.5 124.8 21.3 19.8 7.8 7.2 7.7 9.5

RANC IJ REDUCE 365 230 1,564 27.3 571 0 1,603 20,730 11 85 19 165 (46.7) 6.4 30.5 28.7 9.6 14.1 1.4 1.4 0.0 0.0 19.1 35.2 4.7 4.8 2.5 2.2 10.2 4.3

ECII IJ REDUCE 1,160 1,040 1,334 25.0 1,548 2 2,227 2,472 99 116 129 143 (41.8) 10.6 12.0 10.8 8.1 8.2 0.9 0.8 1.5 1.7 (23.0) (15.4) 7.5 7.8 6.4 7.0 35.0 11.0

CONSUMER - STAPLES OW 698,204 697,404 240,972 262,980 31,525 146,104 21,487 24,560 12.6 10.5 42.2 34.6 29.4 24.1 37.1 29.5 1.9 2.0 18.3 12.0 71.4 74.5 25.4 27.8 62.9 64.6

UNVR IJ BUY 43,600 48,500 7,630 15.0 332,668 76 34,512 38,457 7,779 9,532 5,739 7,054 7.2 22.9 58.0 47.2 42.0 33.9 72.3 57.1 1.6 2.0 8.5 (7.4) 129.6 135.3 41.5 46.2 109.8 115.2

GGRM IJ BUY 46,000 55,000 1,924 23.5 88,508 61 65,186 67,334 8,525 8,068 5,369 4,945 24.0 (7.9) 16.5 17.9 10.5 11.0 2.7 2.5 2.6 2.4 50.0 56.0 17.2 14.4 9.9 8.1 11.7 11.9

KLBF IJ BUY 1,760 2,000 46,875 43.3 82,500 80 17,369 19,301 2,761 3,279 2,065 2,459 7.6 19.1 40.0 33.6 26.2 22.3 8.8 7.6 1.3 1.3 nc nc 23.6 24.4 17.4 18.5 30.3 26.6

INDF IJ BUY 6,975 8,300 8,780 49.9 61,243 78 63,594 70,444 6,874 7,958 3,886 4,356 55.2 12.1 15.8 14.1 8.0 7.6 2.4 2.2 3.3 3.7 49.6 67.5 15.7 16.3 4.7 4.8 8.3 10.3

ICBP IJ BUY 13,750 18,200 5,831 19.5 80,176 50 30,022 33,279 3,063 3,796 2,604 3,124 17.0 20.0 30.8 25.7 24.9 20.2 5.7 5.1 1.4 1.7 nc nc 19.5 20.9 11.3 11.6 26.5 26.4

MYOR IJ BUY 26,000 32,500 894 66.9 23,253 2 14,169 15,765 891 1,521 404 833 (59.5) 106.3 57.6 27.9 20.8 13.3 5.7 4.9 0.9 0.7 90.8 65.5 10.3 19.2 4.0 7.5 18.9 6.1

TSPC IJ BUY 2,020 3,325 4,500 22.6 9,090 2 7,512 8,271 636 847 579 786 6.4 16.3 13.5 11.6 9.0 7.4 2.1 1.9 3.7 4.3 nc nc 14.6 17.8 10.4 13.0 31.9 24.8

SIDO IJ HOLD 565 700 15,000 19.0 8,475 3 2,198 2,485 438 494 415 437 (8.8) 6.7 20.7 19.4 16.7 13.9 4.7 3.9 6.1 1.0 nc nc 15.8 18.1 16.3 19.5 32.9 24.7

ROTI IJ BUY 1,265 1,750 5,062 29.3 6,403 7 1,889 2,395 271 385 193 284 21.8 47.7 33.2 22.5 19.4 13.9 6.9 5.6 0.8 1.1 57.6 32.7 22.4 27.4 10.1 13.5 13.9 13.7

KAEF IJ BUY 1,060 1,750 5,554 10.0 5,887 3 4,521 5,249 286 363 235 283 9.4 20.8 25.1 20.8 18.4 14.7 3.3 2.9 0.8 1.0 nc nc 13.7 14.8 8.6 8.9 17.9 16.5

INDUSTRIAL ESTATES N 22,871 41 9,895 10,583 2,808 3,119 2,051 2,413 0.0 3.7 11.5 9.7 8.8 7.8 2.0 1.6 1.2 1.1 10.9 22.4 21.3 19.5 11.8 11.5 35.0 22.5

KIJA IJ BUY 271 450 20,235 80.0 5,484 2 2,799 2,987 887 798 401 463 292.0 14.9 13.6 11.8 7.6 8.3 1.2 1.1 2.2 2.5 45.3 47.4 9.1 9.8 4.8 5.2 1.7 6.2

BEST IJ BUY 475 890 9,647 42.0 4,582 17 840 1,009 472 653 391 513 (47.4) 31.2 11.7 8.9 9.9 8.2 1.6 1.4 0.5 0.6 nc 27.7 14.7 16.6 11.1 11.9 38.3 14.3

SSIA IJ BUY 1,135 1,375 4,705 68.4 5,340 11 4,464 4,844 535 804 415 508 (39.9) 22.3 12.9 10.5 10.4 6.5 2.0 1.8 2.6 1.6 nc 23.3 16.7 17.9 7.0 7.8 47.2 17.8

LPCK IJ BUY 10,725 14,000 696 57.8 7,465 12 1,792 1,743 914 864 844 929 42.9 10.1 8.8 8.0 7.8 8.2 2.8 2.1 0.0 0.0 nc nc 37.6 29.7 20.7 18.6 48.6 42.9

METALS N 48,580 42 31,436 80,430 4,806 4,271 2,628 6,784 89.7 (24.0) 15.7 19.5 64.1 15.4 1.3 1.3 4.4 2.9 17.3 16.2 8.4 7.1 5.7 4.8 3.0 7.8

INCO IJ* BUY 3,155 4,000 9,936 20.5 31,349 25 12,857 12,168 3,089 2,819 2,134 2,019 209.2 (21.8) 24.5 31.4 6.1 6.4 1.5 1.6 4.2 3.0 (6.7) (8.2) 9.8 8.8 7.5 6.6 2.5 10.3

ANTM IJ REDUCE 760 720 9,538 35.0 7,249 6 7,957 8,764 (397) (164) (638) (169) (255.7) (73.6) (11.4) (42.9) 386.1 63.0 0.6 0.6 0.0 0.0 44.4 59.2 (5.1) (1.4) (3.0) (0.8) 2.7 (3.7)

TINS IJ REDUCE 850 780 7,448 35.0 6,331 9 7,371 6,935 925 238 638 160 (3.2) (78.3) 8.6 39.5 6.3 12.0 1.1 1.2 5.0 1.3 35.4 41.1 12.2 2.9 7.2 1.7 10.5 9.6

PSAB IJ* BUY 690 1,400 5,292 7.4 3,651 2 3,251 3,738 1,189 1,379 495 595 209.2 20.2 5.4 6.9 23.6 4.6 1.1 1.0 14.0 10.9 138.3 97.1 16.4 16.3 4.8 5.3 (5.3) 6.5

OIL & GAS UW 136,283 207 74,163 72,967 15,256 13,695 10,656 9,271 (2.2) (8.4) 16.2 16.3 8.3 8.8 3.1 2.8 3.7 3.9 15.9 23.4 24.8 19.4 12.7 9.0 39.8 25.7

PGAS IJ* HOLD 4,365 4,000 24,242 43.0 105,814 163 42,394 44,434 12,199 10,764 9,722 8,567 (4.7) (8.7) 11.2 12.3 6.6 6.5 3.1 2.7 4.3 4.6 nc nc 28.6 22.7 15.1 10.7 49.3 31.2

AKRA IJ REDUCE 5,450 3,700 3,940 41.2 21,471 42 22,468 19,108 1,063 877 810 600 24.2 (25.9) 26.3 35.5 17.7 21.0 3.9 3.8 2.0 2.0 59.9 93.4 15.9 10.9 5.5 3.9 9.1 9.2

MEDC IJ* REDUCE 2,700 2,800 3,332 49.0 8,998 2 9,301.1 9,425.0 1,994 2,054 124 104 30.6 182.4 50.6 17.9 6.1 6.4 0.8 0.8 0.6 0.8 97.2 132.0 1.1 1.0 0.4 0.3 0.8 0.6

PLANTATIONS N 85,991 102 49,800 42,193 9,608 7,633 5,454 4,380 39.1 (13.9) 22.5 19.3 12.6 10.8 2.4 2.2 2.3 2.0 42.7 26.2 15.7 12.0 9.8 7.6 10.9 12.8

AALI IJ REDUCE 25,650 21,000 1,575 20.3 40,392 34 16,306 15,463 3,722 3,087 2,504 2,162 39.0 (13.7) 16.1 18.7 9.9 11.0 3.5 3.2 2.8 2.4 33.4 32.4 23.5 18.0 14.9 11.2 16.6 18.4

SIMP IJ REDUCE 655 540 15,816 21.6 10,360 5 14,963 13,867 2,563 2,065 842 602 60.8 (28.6) 12.3 17.2 4.7 5.1 0.7 0.7 2.4 1.7 43.7 39.4 6.0 4.2 2.9 1.9 2.9 4.2

LSIP IJ REDUCE 1,760 1,500 6,823 40.5 12,008 46 4,727 4,294 1,192 832 917 733 19.3 (20.1) 13.1 16.4 7.8 10.3 1.7 1.6 3.1 2.4 nc nc 13.3 9.9 11.0 8.3 15.9 16.6

BWPT IJ REDUCE 408 230 31,525 29.4 12,862 13 2,264 3,484 354 862 189 430 (1,210.4) 127.0 67.9 29.9 37.3 16.3 1.9 1.8 0.0 0.0 104.9 15.1 4.2 4.3 1.6 2.6 (0.4) 2.0

ANJT IJ* REDUCE 1,200 1,000 3,335 10.0 4,002 1 1,961 2,028 440 371 228 206 (6.4) (14.0) 16.9 19.6 5.2 8.8 1.1 1.1 3.0 2.5 nc 15.1 5.0 6.1 4.4 3.3 8.3 5.3

SGRO IJ HOLD 1,800 1,750 1,890 33.0 3,402 1 3,242 3,058 542 416 340 247 185.7 (27.3) 10.0 13.7 6.4 7.7 1.1 1.1 0.8 3.6 50.2 59.8 12.1 8.1 6.8 4.4 3.3 8.2

TBLA IJ BUY 555 930 5,342 45.6 2,965 1 6,338 6,178 795 961 433 450 375.2 3.8 6.8 6.6 5.5 4.9 1.2 1.1 2.9 3.0 117.7 122.3 20.5 17.1 6.4 6.1 2.2 9.1

POULTRY N 60,454 31 58,111 66,188 3,919 6,214 1,994 3,408 (31.6) 53.6 24.1 17.9 17.9 11.0 4.1 3.5 1.4 1.1 66.2 58.3 14.2 20.7 8.0 10.8 21.7 10.4

CPIN IJ BUY 3,055 4,000 16,398 44.5 50,096 23 29,150 34,294 2,628 4,284 1,747 2,683 (31.0) 53.6 28.7 18.7 18.2 11.7 4.6 3.8 1.5 1.0 52.3 43.2 16.7 22.3 9.5 12.2 24.3 12.3

JPFA IJ BUY 660 725 10,661 42.5 7,036 6 24,459 26,700 1,276 1,518 332 514 (44.2) 54.6 21.2 13.7 7.7 6.7 1.4 1.3 0.9 1.5 127.3 130.7 6.9 10.1 2.2 3.2 6.3 3.1

MAIN IJ BUY 1,855 2,000 1,791 44.1 3,322 2 4,502 5,195 15 412 (85) 211 na na (38.6) 15.5 34.7 9.0 2.5 2.5 0.0 1.3 146.1 132.0 (8.7) 17.8 (3.0) 5.9 15.2 (3.8)

PROPERTY UW 158,107 458 43,922 48,192 15,906 17,015 14,054 11,774 56.3 (14.9) 12.0 14.7 11.2 10.8 2.6 2.3 1.8 1.8 17.2 28.5 26.2 17.7 10.6 7.1 22.9 21.9

BSDE IJ HOLD 1,885 2,020 19,247 38.1 36,280 65 5,572 6,609 2,632 3,226 3,821 2,627 35.2 (34.1) 9.1 13.8 13.6 11.5 2.3 2.0 1.1 1.4 nc nc 29.8 15.9 15.1 8.4 35.7 28.8

LPKR IJ REDUCE 1,230 1,000 23,078 100.0 28,386 83 11,655 9,160 3,277 2,205 2,547 1,530 110.2 (39.9) 11.0 18.3 9.5 14.1 1.8 1.7 2.2 1.4 41.4 51.3 17.9 9.5 7.4 3.9 7.7 12.5

PWON IJ REDUCE 420 425 48,160 42.4 20,227 64 3,872 5,398 1,890 2,630 2,516 2,208 122.1 (12.2) 8.0 9.2 9.9 7.1 3.3 2.6 2.5 2.2 nc nc 50.1 31.4 19.3 12.4 27.7 41.5

SMRA IJ HOLD 1,780 1,600 14,427 67.7 25,680 79 5,334 5,835 1,772 1,726 1,394 1,181 26.4 (15.2) 18.4 21.7 14.4 14.6 4.3 3.8 1.3 1.6 nc 49.6 28.1 20.1 9.6 7.1 32.8 22.2

CTRA IJ REDUCE 1,430 1,400 15,166 69.2 21,687 20 6,344 7,627 2,204 2,603 1,325 1,568 35.7 18.3 16.4 13.8 9.5 8.1 2.9 2.5 1.8 2.2 nc nc 19.2 19.6 6.1 6.3 19.5 18.7

ASRI IJ BUY 585 720 19,649 48.3 11,495 61 3,631 4,551 1,908 2,337 1,097 1,294 25.2 18.2 10.5 8.9 8.7 7.4 1.9 1.6 1.9 2.2 93.6 88.0 19.5 19.4 7.0 7.2 12.6 10.6

APLN IJ REDUCE 377 380 20,501 29.9 7,729 9 5,297 5,673 1,430 1,352 855 737 0.4 (13.8) 9.0 10.5 5.8 7.0 1.2 1.1 2.2 1.9 33.3 60.1 14.0 11.0 3.9 2.8 11.1 10.3

CTRP IJ BUY 650 790 6,150 43.7 3,998 5 1,662 1,794 667 515 394 327 (6.6) (17.2) 10.1 12.3 7.9 10.8 0.9 0.9 3.0 2.5 47.3 64.2 9.4 7.4 4.8 3.4 9.6 6.9

PPRO IJ BUY 187 250 14,044 100.0 2,626 72 555 1,545 128 419 106 301 115.4 84.6 16.1 8.7 20.0 7.0 1.7 1.0 0.0 1.2 7.5 20.2 10.8 16.8 5.1 7.9 5.5 10.6

SHIPPING N 7,951 13 5,499 6,212 1,358 1,550 883 1,020 14.8 2.0 7.5 7.9 7.3 6.0 2.3 1.5 1.9 2.5 77.9 73.1 23.0 20.0 8.5 9.3 10.2 10.4

SOCI IJ BUY 615 800 7,059 15.0 4,341 9 1,621 2,274 474 622 411 519 (19.7) (17.1) 6.9 8.4 9.4 7.3 1.0 1.2 2.6 2.3 56.3 59.0 16.5 14.4 8.2 8.9 11.9 9.1

TMAS IJ BUY 1,755 3,000 1,141 11.8 2,003 1 1,687 1,819 324 395 203 258 187.7 27.5 9.9 7.8 5.8 5.0 6.5 2.8 0.0 3.2 141.1 119.0 46.8 41.2 12.3 14.4 5.8 16.0

WINS IJ HOLD 398 700 4,038 42.4 1,607 3 2,191 2,119 560 532 269 243 (20.6) (13.8) 5.8 6.8 3.6 3.6 0.6 0.5 2.5 2.2 57.8 54.0 10.9 8.4 4.5 3.9 10.9 6.8

STEEL UW 6,278 2 23,146 21,243 (1,340) (1,176) (1,855) (1,445) na (22.7) (3.4) (4.4) (40.0) (175.8) 0.6 0.6 0.0 0.0 125.6 192.1 (15.7) (13.8) (8.2) (6.0) (0.9) (7.9)

KRAS IJ* REDUCE 398 350 15,775 20.0 6,278 2 23,146 21,243 (1,340) (1,176) (1,855) (1,445) na (22.7) (3.4) (4.4) (40.0) (175.8) 0.6 0.6 0.0 0.0 125.6 192.1 (15.7) (13.8) (8.2) (6.0) (0.9) (7.9)

TELCOS OW 359,398 291 170,388 185,152 35,579 39,847 13,233 18,847 46.3 19.9 14.9 10.5 7.3 6.6 4.4 3.9 2.4 2.8 45.8 38.3 17.9 20.2 8.3 9.4 17.3 15.8

TLKM IJ BUY 2,875 3,350 100,800 48.8 289,800 253 89,696 97,141 28,713 31,915 14,638 16,868 2.4 15.2 19.8 17.2 6.4 5.8 4.3 3.9 3.3 3.8 8.5 5.6 22.8 23.6 10.9 11.5 22.9 21.0

EXCL IJ HOLD 4,375 4,500 8,541 33.6 37,369 18 23,460 24,143 1,782 1,453 (775) (280) na na (48.2) (133.2) 7.0 6.9 2.7 2.7 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 3,610 5,150 5,434 20.7 19,617 2 24,085 25,659 1,833 2,726 (1,987) 132 na na (9.9) 148.8 3.9 3.5 1.5 1.4 0.0 0.6 145.6 137.0 (13.5) 1.0 (3.7) 0.2 (7.6) (5.6)

TELE IJ BUY 1,005 1,060 7,119 17.8 7,155 3 14,590 18,113 507 573 305 366 3.4 20.2 23.2 19.3 15.7 15.0 2.8 2.5 1.1 1.3 44.6 40.4 15.7 13.9 7.2 7.1 18.1 10.2

ERAA IJ HOLD 730 940 2,900 39.7 2,117 14 14,451 15,395 409 455 212 260 (39.3) 22.7 10.0 8.2 7.8 7.0 0.7 0.7 4.0 4.9 47.0 43.7 7.4 8.5 3.8 4.1 10.3 5.2

TRANSPORTATION UW 23,073 20 6,789 8,190 1,520 1,598 898 1,004 (49.0) 3.7 23.4 23.1 11.9 10.8 4.6 5.4 3.3 4.3 46.9 71.9 28.9 22.8 11.2 11.1 24.1 16.9

BIRD IJ REDUCE 8,150 8,700 2,502 15.0 20,392 3 4,759 5,918 1,053 1,158 737 878 (49.4) 4.2 24.2 23.2 12.6 11.5 4.9 5.8 3.6 4.8 30.5 61.4 31.1 24.7 12.1 12.2 26.1 18.5

TAXI IJ REDUCE 1,015 820 2,146 49.0 2,178 16 890 964 283 254 118 90 (10.9) (23.9) 18.4 24.2 7.1 6.6 2.4 2.3 1.0 0.7 171.7 146.2 14.0 9.7 4.6 2.9 9.5 6.2

ASSA IJ REDUCE 148 150 3,398 37.7 503 1 1,140 1,309 184 186 43 36 (53.3) (16.4) 11.7 14.0 4.1 3.8 0.6 0.6 2.1 2.1 171.3 177.9 5.2 4.2 1.8 1.4 5.1 2.0

Market OW 3,634,814 700,920 1,641,547 1,804,133 293,697 432,893 201,285 230,769 12.3 8.3 22.1 19.0 10.9 9.3 13.3 8.4 2.2 2.3 20.0 18.4 30.0 32.6 11.2 11.3 23.4 26.9

ROIC (%)PER (x)Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%) ROAA (%)


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


Ranked Local House

AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time

AEGM APIC IJ Pacific Strategic Financial 6/1/2015 09:00

AEGM MDRN IJ Modern Internasional 6/3/2015 09:30

AEGM TAXI IJ Express Transindo Utama 6/3/2015 09:30

AEGM IATA IJ Indonesia Transport & Infrastructure 6/3/2015 14:00

AGM JKON IJ Jaya Konstruksi Manggala Pratama 6/3/2015 10:00

AGM JTPE IJ Jasuindo Tiga Perkasa 6/3/2015 10:00

AGM UNIT IJ Nusantara Inti Corpora 6/3/2015 09:00

AGM SKLT IJ Sekar Laut 6/3/2015 10:00

AEGM ABMM IJ ABM Investama 6/3/2015 09:30

AEGM SOCI IJ Soechi Lines 6/3/2015 10:00

EGM MTFN IJ Capitalinc Investment 6/3/2015 14:00

AEGM TSPC IJ Tempo Scan Pacific 6/3/2015 10:00

EGM ADRO IJ Adaro Energy 6/3/2015 09:00

AEGM IBFN IJ Intan Baruprana Finance 6/3/2015 10:00

AGM AHAP IJ Asuransi Harta Aman Pratama 6/4/2015 14:00

AGM JRPT IJ Jaya Real Property 6/4/2015 13:00

AGM ATPK IJ ATPK Resources 6/4/2015 10:00

AGM CITA IJ Cita Mineral Investindo 6/4/2015 10:00

AGM TIRT IJ Tirta Mahakam Resources 6/4/2015 14:00

AGM BIRD IJ Blue Bird 6/4/2015 09:00

AGM MBAP IJ Mitrabara Adiperdana 6/5/2015 13:00

AGM ALKA IJ Alakasa Industrindo 6/5/2015 09:00

AEGM BBLD IJ Buana Finance 6/5/2015 14:00

AGM INTA IJ Intraco Penta 6/5/2015 09:00

AGM ELTY IJ Bakrieland Development 6/5/2015 09:30

AGM BUDI IJ Budi Starch & Sweetener 6/5/2015 10:00

AGM TBLA IJ Tunas Baru Lampung 6/5/2015 14:00

AEGM AMFG IJ Asahimas Flat Glass 6/5/2015 14:00

AEGM IMPC IJ Impack Pratama Industri 6/5/2015 09:30

AEGM PADI IJ Minna Padi Investama 6/5/2015 10:00

AEGM STAR IJ Star Petrochem 6/8/2015 09:00

AGM FAST IJ Fastfood Indonesia 6/8/2015 11:00

AGM ARTA IJ Arthavest 6/8/2015 14:00

AEGM PSAB IJ J Resources Asia Pasific 6/8/2015 14:00

AEGM JECC IJ Jembo Cable Co 6/8/2015 10:00

AGM TPIA IJ Chandra Asri Petrochemical 6/8/2015 14:00

AGM PJAA IJ Pembangunan Jaya Ancol 6/8/2015 09:30

AEGM CTBN IJ Citra Tubindo 6/8/2015 10:30

AEGM ICON IJ Island Concepts Indonesia 6/8/2015 13:00

AEGM ASSA IJ Adi Sarana Armada 6/8/2015 14:00

AGM UNVR IJ Unilever Indonesia 6/8/2015 11:00

AEGM GPRA IJ Perdana Gapuraprima 6/9/2015 09:30

AEGM BTEK IJ Bumi Teknokultura Unggul 6/9/2015 09:00

AGM CANI IJ Capitol Nusantara Indonesia 6/9/2015 14:00

AGM DILD IJ Intiland Development 6/9/2015 09:30

AGM ERAA IJ Erajaya Swasembada 6/9/2015 10:00

AGM PBRX IJ Pan Brothers 6/9/2015 14:00

AEGM SMAR IJ Sinar Mas Agro Resources & Tech. 6/9/2015 10:00

AEGM AGRS IJ Bank Agris 6/9/2015 14:00

AGM TMPO IJ Tempo Inti Media 6/9/2015 10:00

AEGM UNIC IJ Unggul Indah Cahaya 6/9/2015 10:00

AEGM SGRO IJ Sampoerna Agro 6/9/2015 10:00

AGM DAJK IJ Dwi Aneka Jaya Kemasindo 6/10/2015 14:00

AGM WICO IJ Wicaksana Overseas International 6/10/2015 10:00

AGM WAPO IJ Wahana Pronatural 6/10/2015 09:00

AEGM BACA IJ Bank Capital Indonesia 6/10/2015 09:30

EGM WSKT IJ Waskita Karya 6/10/2015 14:00

AEGM TRUS IJ Trust Finance Indonesia 6/10/2015 10:00

AGM FORU IJ Fortune Indonesia 6/10/2015 09:30

AGM BIMA IJ Primarindo Asia Infrastructure 6/10/2015 11:00

EGM TOTO IJ Surya Toto Indonesia 6/10/2015 15:00

AGM PSKT IJ Red Planet Indonesia 6/10/2015 10:00

AEGM SMMT IJ Golden Eagle Energy 6/10/2015 14:00

AEGM MYOR IJ Mayora Indah 6/10/2015 10:30

AEGM BEST IJ Bekasi Fajar Industrial Estate 6/10/2015 10:00

AEGM ISAT IJ Indosat 6/10/2015 14:00

AEGM SMRA IJ Summarecon Agung 6/10/2015 10:00

AEGM SIMA IJ Siwani Makmur 6/11/2015 09:00

AGM TBMS IJ Tembaga Mulia Semanan 6/11/2015 10:00

AEGM PALM IJ Provident Agro 6/11/2015 14:00 Source: Bloomberg


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


Ranked Local House

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)


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


Ranked Local House

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)


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


Ranked Local House

Research: +62 21 250 5081

Andre Natala [email protected] Associate

ext 3601

Chandra [email protected]

Technical Analystext 1252

Harry Su

[email protected] Associate Director

Head of ResearchStrategy, Consumer

ext 3600

direct: +62 21 250 5735

Dealing Room: +62 21 527 0808 (Foreign Institutional)

Teguh [email protected]

Associate DirectorDeputy Head of ResearchBanks, Cement, Aviation

ext 3610

Leonardo Henry Gavaza, [email protected]

Senior Research ManagerAuto, Heavy equipment, Telco

ext 3608

Chandra [email protected]

Technical Analystext 1252

+62 21 250 5508 (Domestic Institutional)

Ashish [email protected]

Vice PresidentInstitutional Equity Sales

ext 2550 / 2553

Reynard [email protected]

Institutional Equity Salesext 2528

John M. [email protected]

Equity Salesext 2549

Yohanes Adhi [email protected]

Manager, Surabaya Branchext 7250

Suwardi Widjaja [email protected]


Amelia [email protected]

Vice PresidentInstitutional Equity Sales

ext 2552

Michael W Setjoadi [email protected]

Research AnalystConsumer, Poultry

ext 3613

Nurul [email protected]


Adrian Mahendra [email protected]

Research AnalystIndustrial Estate

ext 3614

Hanna [email protected]

Sales Traderext 2525

Adriana [email protected] Executive

ext 2541

Ari [email protected]

Sales Traderext 2554

Adi [email protected]

Research Associateext 3693

Robin [email protected] Analyst

Propertyext 3620

Agustinus Reza [email protected]

Research AnalystPlantations, Shipping, Transportation

ext 3616

Wendy [email protected]

Research AnalystConsumer, Media

ext 3606

Bob [email protected]

Research AnalystCement, Infratructure,Toll roads

ext 3605

Muhammad [email protected] Analyst

ext 3609

+62 31 535 2788 (Surabaya Branch)

Arandi [email protected]

Research AnalystCoal, Metals, Oil & Gas

ext 3619

Edy [email protected]

Head of Equity Sales & TradingInstitutional Equity Sales

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Made Ayu [email protected]

Research Executiveext 3607

Sanni Satrio Dwi [email protected] Associate

ext 3611

Andre Natala [email protected] Associate

ext 3601

Zefanya [email protected]

CA Managerext 3612

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CAext 3618

Bagus Adi Yoga [email protected]

Research Associateext 3604

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

http://www.bahana.co.id/


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


Ranked Local House

Disclaimer This publication is prepared by PT.Bahana Securities and reviewed by Daiwa Securities Group Inc. and/or its affiliates, and distributed outside Indonesia by Daiwa Securities Group Inc. and/or its 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. Any review does not constitute a full verification of the publication and merely provides a minimum check. 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 securities 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 may 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: Modern Land (China) Co. Ltd (1107 HK econtext Asia Ltd (1390 HK); Rexlot Holdings Ltd (555 HK); Neo Solar Power Corp (3576 TT); Accordia Golf Trust (AGT SP); Hua Hong Semiconductor Ltd (1347 HK); GF Securities Co Ltd (1776 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


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: PT Telekomunikasi Indonesia (Persero) Tbk (TLKM IJ); J Resources Asia Pasific Tbk PT (PSAB 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.


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.


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 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

https://daiwa3.bluematrix.com/sellside/Disclosures.action




2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


Ranked Local House

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 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 (telephone 212-612-7000).


For “Ownership of Securities” information please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .

http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf%20and%20http:/www.pse.com.ph/

http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf%20and%20http:/www.pse.com.ph/

http://www.uk.daiwacm.com/about-us/corporate-governance-regulatory




2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


Ranked Local House

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.

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







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