Asiamoney’s

2013

Best Domestic

Equity House

08 September 2014

Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. Investors should consider this report as only a single factor

in making their investment decision.

Beacon Indonesia Morning Brief

IDX: 5,217 (+0.2%) Turnover: IDR4.0tn (-8.1%)

Foreign net BUY: IDR303.6bn (+95.8%)

CORPORATE FLASH

Bank Central Asia (BBCA IJ): Hawk-eyed

Analyst: Teguh Hartanto Abundant liquidity; Ensuring competitive blended funding cost

Loan-growth target moving in line with economic outlook

Outlook: Moving ahead of the competition

To see the full version of this report, please click here

Semen Indonesia (SMGR IJ): Environmental issue: Rembang

mill; bullish thesis remains intact

Analyst: Teguh Hartanto WALHI sues central government over SMGR’s Rembang mill

5% progress on Rembang mill with 2016 completion target

Outlook: Continued confidence on capacity progress

To see the full version of this report, please click here

TODAY’S NEWS

POLITICS Jokowi defends direct elections

ECONOMICS Forex reserves increased to USD111.2bn in August

SBY kicks off seven bold master plan projects

Fuel-price hike plan may be disrupted by Jokowi’s coalition

INDUSTRY BPJT to tender 4 new toll-road routes

October coal exports threatened due to slow export license issuance

Government keeps CPO export tax unchanged despite Malaysia’s move

August unofficial auto sales: 4W: +7% m-m; 2W: +15% m-m

CORPORATE SMRA issues IDR700bn bonds

CTRP readies Bali project

TINS completed share swap of its subsidiary

WTON to allocate 2015 capex of IDR550-600bn

PTPP booked 8M14 new-order contracts of IDR10.8tn

CMNP targets IDR660bn proceeds from rights issue

KAEF targets sales of IDR300bn from e-catalog tender

Government to obtain Freeport’s 30% stake

INDICES

Asia Last Chg% ytd % y-y %

Hang Seng (HK) 25,240.2 (0.2) 8.3 11.7

IDX (Indonesia) 5,217.3 0.2 22.1 28.8

KLCI (Mal.) 1,868.5 (0.0) 0.1 8.6

KOSPI (Korea) 2,049.4 (0.3) 1.9 5.0

Nikkei (Japan) 15,668.7 (0.0) (3.8) 11.4

PCOMP (Phil.) 7,263.6 0.8 23.3 21.9

SENSEX (India) 27,048.9 (0.1) 27.8 42.5

SET (Thailand) 1,581.9 0.1 21.8 20.4

SHCOMP (China) 2,326.4 0.8 9.9 9.6

SHENZHEN (China) 1,273.7 0.4 20.4 24.2

STI (Singapore) 3,339.4 (0.2) 5.4 9.9

TWSE (Taiwan) 9,407.9 (0.2) 9.2 15.2

VNI (Vietnam) 638.7 (0.2) 26.6 33.7

Europe, USA and EMs

CAC 40 (France) 4,486.5 (0.2) 4.4 10.8

DAX (Germany) 9,747.0 0.2 2.0 17.8

Dow Jones (USA) 17,137.4 0.4 3.4 14.8

FTSE 100 (UK) 6,855.1 (0.3) 1.6 4.7

IBOV (Brazil) 60,682.0 (0.2) 17.8 12.9

MEXBOL (Mexico) 46,231.4 (0.2) 8.2 15.8

NGSEINDX (Nigeria) 41,160.6 0.3 (0.4) 13.1

Nasdaq (USA) 4,582.9 0.5 9.7 25.2

RTSI (Russia) 1,257.3 1.3 (12.9) (6.6)

S&P 500 (USA) 2,007.7 0.5 8.6 21.3

XU100 (Turkey) 82,193.1 (0.0) 21.2 22.3

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

EIDO US (USD) 29.2 1.2 28.0 27.1

TLK US (IDR) 2,761 1.6 32.3 36.4

Aluminum (USD/mtn) 2,093.0 (0.6) 16.3 16.4

Coal (USD/t) 66.3 (0.7) (24.1) (14.6)

Corn (USD/mtn) 134.6 2.1 (15.7) (34.0)

Coffee (USD/t) 3,798.8 0.5 60.4 53.4

Copper (USD/t) 6,973.0 0.1 (5.7) (1.8)

Cotton (USD/t) 1,456.8 (1.0) (21.9) (19.8)

CPO (USD/t-Rottdm) 745.0 (0.7) (18.1) (8.6)

Gold (USD/oz.) 1,267.2 0.6 5.1 (9.0)

Iron ore (USD/mtn) 83.6 (0.8) (37.7) (39.0)

Milk (USD/t) 536.0 0.2 38.4 41.3

Nickel (USD/t) 19,385.0 0.8 38.8 41.9

Oil (USD/barrel) 93.5 (1.2) (5.0) (15.4)

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

Rubber (USD/t) 1,615.0 (0.9) (28.9) (35.2)

Silver (USD/oz) 19.2 0.8 (1.4) (19.1)

Soybean oil (USD/t) 711.7 0.9 (16.8) (25.4)

Steel (USD/t) 521.6 (0.4) (7.9) (12.3)

Sugar (USD/t) 492.5 0.1 7.5 0.8

Tins (USD/t) 21,500.0 (0.0) (4.7) (3.8)

Wheat (USD/t) 196.7 0.9 (16.4) (20.6) Source: Bloomberg

ECONOMIC INDICATORS MARKET DATA

13A 14F 15F

13A 14F 15F

Cur acc bal (%GDP) (3.2) (3.1) (2.6) Op.prof.gwt.(%) 8.5 12.7 12.3

Fiscal bal (%GDP) (2.4) (2.5) (2.5) EPS growth (%) 3.3 13.9 13.3

GDP growth (%y-y) 5.8 5.2 5.5 P/E (x) 23.6 20.2 17.5

Private spending (%) 5.3 5.2 5.1 PEG (x) 7.2 1.4 1.3

Investment (%y-y) 4.7 5.4 6.6 EV/EBITDA (x) 10.9 9.9 8.9

Total exports (%y-y) 5.3 6.0 7.0 P/BV (x) 6.8 7.3 5.8

Total imports (%y-y) 1.2 5.0 5.4 P/BV exc. UNVR&LPPF 4.0 3.4 3.0

Inflation (%y-y) 8.4 5.9 6.0 Div. Yield (%) 2.1 2.3 2.5

IDR/USD 12,170 11,900 11,950 Net gearing (%) 17.6 19.8 17.0

BI rate (% p.a.) 7.5 7.75 7.75 ROAE (%) 29.1 29.2 30.7

Brent Oil (Usd/bbl) 110.8 110.0 105.0 ROAA (%) 11.6 11.9 12.0

FX reserve (USDb) 99.4 103.5 106.0 ROIC (%) 13.6 21.9 26.4 Source: Bahana estimates Source: Bahana estimates

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

AUD/USD 0.937 0.933 (5.0) (0.9)

USD/EUR 1.295 1.293 5.8 0.5

IDR/USD 11,755 11,764 (3.4) 18.4

JPY/USD 105.160 105.570 (0.1) (7.6)

SGD/USD 1.254 1.256 0.7 1.6

JIBOR (%) 5.85 5.85 (0.2) 0.4

BI rate (%) 7.50 7.50 0.0 1.0

TD – 1 month (%) 7.18 7.15 0.5 1.4

CDS (bps) 128.34 130.50 (44.9) (55.7) Source: Bloomberg

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

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2013

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POLITICS

Jokowi defends direct elections

The president-elect Joko Widodo (Jokowi) has thrown his support behind the effort to maintain direct

elections for regional heads amid attempts from political parties affiliated with the Red-and-White coalition

to return the polls to regional legislative councils. Jokowi further stated that a representative-based election

would undermine the country’s blossoming democracy. (The Jakarta Post)

ECONOMICS

Forex reserves increased to USD111.2bn in August

BI recorded Indonesia’s foreign exchange reserves of USD111.2bn in August, slightly up from USD110.5bn

in July (+0.6% m-m). The rise was mainly derived from proceeds of the government’s oil and gas exports

and foreign inflows in the bond market. This August forex position is sufficient to cover 6.5 months of

imports or 6.3 months of imports and the government’s foreign debt – well above the international standard

of about three months of imports. (The Jakarta Post, Jakarta Globe, Investor Daily, Bisnis Indonesia)

SBY kicks off 7 bold master plan projects

President SBY officially launched 7 projects totaling IDR13.1tn (USD1.11bn) under his administration’s

ambitious Master Plan for the Acceleration and Expansion of Indonesia Economic Development (MP3EI). At

the same time, SBY also handed over the continuation of the master plan to his successor, President-elect

Joko Widodo. (The Jakarta Post)

Fuel-price hike plan may be disrupted by Jokowi’s coalition

Lawmakers from PDI-P, Dolfie Palit, stated that Jokowi’s higher fuel price plan this year would face

opposition within his coalition. Thus, there are concerns whether he would be able to garner political support

in order to implement a bold subsidy reform post his election win. (Jakarta Globe)

INDUSTRY

BPJT to tender 4 new toll road routes

The Indonesian Toll Road Authority (BPJT) plans to tender 4 new toll-road routes with a total investment of

IDR26.8tn. The routes are Manado-Bitung, Balikpapan-Samarinda, Serpong-Balaraja and Kayu Agung-

Palembang-Betung. (Investor Daily)

October coal exports threatened due to slow export license issuance

Due to the slow issuance of export registrations by the Ministry of Energy and Mineral Resources (ESDM),

millions of tons of coal scheduled for export next month may be halted. (The Jakarta Post)

Government keeps CPO export tax unchanged despite Malaysia’s move

The government would maintain current export tax rates on CPO products, although the export tax cut for

September and October by Malaysia would make Indonesia’s CPO products less competitive overseas. The

export tax remains at 9% for September, its lowest level since November last year, as CPO global prices fell

further on weak demand. The Indonesian Palm Oil Producers’ Association director, Fadhil Hasan, said the

export tax should be pushed down to at least between 2.5% and 4% to anticipate tighter competition in

overseas markets. (Jakarta Post)

August unofficial auto sales: 4W: +7% m-m; 2W: +15% m-m

Based on sales figures released by Gaikindo (4W association) and AISI (2W association), August unofficial

4W sales reached 98k units, +25% y-y and +7% m-m. However, this is still below the average monthly

8H14 level of 104k units. At the same time, 2W unofficial sales reached 613k units, +25% y-y and +15%

m-m, also below the average monthly 8H14 level of 667k units. (Investor Daily). Bahana comments: The

8M14 4W volume growth of 5% y-y is lower than our 2014 forecast for 4W sales volumes growth of 10% y-

y, while 8M14 2W volume growth of 5% y-y is relatively in line with our 2014 2W volume growth forecast of

6% y-y. In September, we expect improved 4W sales due to IIMS 2014.

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 3

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Best Domestic

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CORPORATE

SMRA issues IDR700bn bonds

As confirmed by its Chief Director Johanes Mardjuki, Summarecon Agung (SMRA IJ-BUY-IDR1,230-

TP:IDR1,580) is issuing IDR700bn bonds with a tenor of 5 years and indicative coupon of 11-12%.

Bookbuilding began last week and is expected to be completed by 12 September 2014. The funds will be

used for land purchases. (Bisnis Indonesia)

CTRP readies Bali project

Ciputra Property (CTRP IJ-IDR720-HOLD-TP:IDR720) is set to commence construction on its Bali project, an

80-room hotel named Rosewood Hotel and Villas in Tabanan, by early 2015 with expected completion by

2017. Capex for the project is targeted at IDR1.5tn, funded via internal cash, marketing sales and an

IDR450bn loan from Bank BNI. CTRP is selling 32 out of the 80 rooms (the remaining to provide recurring

income), with 16 already sold. (Bisnis Indonesia)

TINS completed share swap of its subsidiary

Timah (TINS IJ-BUY-IDR1,395-TP:IDR1,700) announced it has completed swapping 4,999 shares of its

subsidiary PT Timah Eksplomin (TE) to PT Timah Investasi Mineral (TIM). The transaction value reached

IDR7bn and was executed at a higher price than its previous transaction of IDR1m per share. TIM now owns

100% of TE’s shares as a result of this transaction. (Investor Daily)

WTON to allocate 2015 capex of IDR550-600bn

In 2015, Wijaya Karya Beton (WTON IJ-HOLD-IDR1,155-TP:IDR1,070) will allocate 2015 capex of IDR550-

600bn for plant development and operation. (Investor Daily). Bahana comment: This in line with our

assumption as we expect WTON to allocate capex of IDR550bn in 2015.

PTPP booked 8M14 new order contracts of IDR10.8tn

PTPP (PTPP IJ-BUY-IDR2,460-TP:IDR2,800) recorded 8M14 new contracts of IDR10.8tn from IDR24tn target

in 2014. Among the new contracts are the IDR605bn Sawangan apartments and IDR442bn Lexington

apartments. In separate news, PTPP has absorbed 8M14 capex of IDR225bn from its IDR446bn 2014

budget. (Investor Daily, Bisnis Indonesia). Bahana comment: We have allocated 2014 capex of IDR480bn.

CMNP targets IDR660bn proceeds from rights issue

Citra Marga Nusaphala (CMNP IJ-BUY-IDR3,715) targets a IDR660bn rights issue, issuing 660m new shares

(30% of CMNP’s existing shares) at an exercise price of IDR1,000 per share. (Investor Daily)

KAEF targets sales of IDR300bn from e-catalog tender

Kimia Farma (KAEF IJ-NOT RATED-IDR1,270) is the marker leader in the e-catalog generic drug tender by

obtaining 25-30 items from government tender or equivalent to IDR300bn in sales. The company just

started to distribute the drugs in July, realizing the full e-catalog sales in 2H14. The company is targeting to

increase ethical drugs and Over-The-Counter (OTC) drugs sales to compensate margin pressure from the e-

catalog tender. In separate news, KAEF plans to expand its pharmaceutical branch to Vietnam and Myanmar

by collaborating with local partners. However, due to regulations in Vietnam, KAEF is unable to sell drugs

under its own brand. (Kontan, Indonesia Finance Today)

Government to obtain Freeport’s 30% stake

Freeport Indonesia has agreed to increase the Indonesian government’s shareholding from 10% to 30%, as

stated in an MoU. Additionally, Coordinating Minister of Economic Affairs, Chairul Tanjung, expected that this

plan will be realized in the new upcoming government. (Investor Daily)

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 4

Asiamoney’s

2013

Best Domestic

Equity House

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE

Up/(Downside) Potential (%)

09/05/2014 09/04/2014 CHANGE (%)

Cardig Aero Services CASS IJ BUY 1,170 (4.5) 1,225 1,070 14.5

Wijaya Karya Beton WTON IJ HOLD 1,070 (7.4) 1,155 1,075 7.4

Total Bangun Persada TOTL IJ HOLD 825 (6.8) 885 835 6.0

Tiphone Mobile Indonesia TELE IJ * * * 880 840 4.8

Bw Plantation BWPT IJ BUY 1,400 25.0 1,120 1,080 3.7

Supra Boga Lestari RANC IJ REDUCE 500 1.8 491 475 3.4 Bank Central Asia BBCA IJ BUY 12,700 5.0 12,100 11,800 2.5

Bumi Resources BUMI IJ REDUCE 180 (5.3) 190 186 2.2

Bank Negara Indonesia BBNI IJ BUY 6,650 16.2 5,725 5,625 1.8

Matahari Putra Prima MPPA IJ BUY 3,700 17.1 3,160 3,105 1.8

Holcim Indonesia SMCB IJ HOLD 2,500 (13.3) 2,885 2,835 1.8

Sido Muncul SIDO IJ BUY 1,050 40.9 745 735 1.4 Bank Tabungan Negara BBTN IJ BUY 1,320 15.8 1,140 1,125 1.3

Astra International ASII IJ REDUCE 7,100 (7.2) 7,650 7,550 1.3

Astra Agro Lestari AALI IJ BUY 32,000 24.0 25,800 25,500 1.2

Japfa Comfeed Indonesia JPFA IJ BUY 1,500 13.2 1,325 1,310 1.1

Agung Podomoro Land APLN IJ HOLD 330 (15.4) 390 386 1.0

Ace Hardware Indonesia ACES IJ REDUCE 900 (10.0) 1,000 990 1.0 Bumi Serpong Damai BSDE IJ HOLD 1,675 1.8 1,645 1,630 0.9

Erajaya Swasembada ERAA IJ HOLD 1,325 8.2 1,225 1,215 0.8

Semen Indonesia SMGR IJ BUY 18,400 12.4 16,375 16,250 0.8

Kawasan Industri Jababeka KIJA IJ HOLD 280 (1.1) 283 281 0.7

Wijaya Karya WIKA IJ BUY 3,350 15.3 2,905 2,885 0.7 Bank Bukopin BBKP IJ HOLD 600 (18.9) 740 735 0.7

Mayora Indah MYOR IJ REDUCE 17,000 (45.3) 31,100 30,900 0.6

Surya Semesta Internusa SSIA IJ HOLD 780 (8.2) 850 845 0.6

Gajah Tunggal GJTL IJ REDUCE 1,675 (5.1) 1,765 1,755 0.6

Indomobil Sukses Internasional IMAS IJ REDUCE 4,000 (9.6) 4,425 4,400 0.6

Unilever Indonesia UNVR IJ BUY 35,000 10.0 31,825 31,675 0.5 Perusahaan Gas Negara PGAS IJ BUY 5,400 (9.6) 5,975 5,950 0.4

Jasa Marga JSMR IJ BUY 7,050 10.6 6,375 6,350 0.4

Indonesian Stock Exchange JCI 5,217 5,205 0.2

Bank Jawa Timur BJTM IJ BUY 520 14.0 456 455 0.2

Medco Energi Internasional MEDC IJ REDUCE 2,400 (33.4) 3,605 3,600 0.1

Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 3,900 (10.1) 4,340 4,340 0.0 Semen Baturaja SMBR IJ REDUCE 375 (6.9) 403 403 0.0

United Tractors UNTR IJ REDUCE 18,000 (16.5) 21,550 21,550 0.0

Media Nusantara Citra MNCN IJ REDUCE 2,400 (13.0) 2,760 2,760 0.0

Kalbe Farma KLBF IJ BUY 1,975 17.6 1,680 1,680 0.0

Indofood CBP Sukses Makmur ICBP IJ REDUCE 8,300 (23.9) 10,900 10,900 0.0

Nippon Indosari Corpindo ROTI IJ REDUCE 1,000 (18.0) 1,220 1,220 0.0 Lippo Cikarang LPCK IJ BUY 9,600 12.9 8,500 8,500 0.0

Vale Indonesia INCO IJ BUY 4,700 4.9 4,480 4,480 0.0

Salim Ivomas Pratama SIMP IJ HOLD 900 8.4 830 830 0.0

Austindo Nusantara Jaya ANJT IJ HOLD 1,300 13.0 1,150 1,150 0.0

Malindo Feedmill MAIN IJ BUY 3,800 15.2 3,300 3,300 0.0

Pakuwon Jati PWON IJ BUY 600 39.5 430 430 0.0 Ciputra Property CTRP IJ HOLD 720 0.0 720 720 0.0

Telekomunikasi Indonesia TLKM IJ BUY 2,900 6.2 2,730 2,730 0.0

Sarana Menara Nusantara TOWR IJ BUY 4,400 7.3 4,100 4,100 0.0

Indosat ISAT IJ BUY 4,800 16.8 4,110 4,110 0.0

Gudang Garam GGRM IJ BUY 70,000 27.3 55,000 55,075 (0.1)

Alam Sutera Realty ASRI IJ BUY 585 18.2 495 496 (0.2) Garuda Indonesia GIAA IJ BUY 615 42.4 432 433 (0.2)

Timah TINS IJ BUY 1,700 21.9 1,395 1,400 (0.4)

Bukit Asam PTBA IJ HOLD 11,700 (15.7) 13,875 13,925 (0.4)

Tempo Scan Pacific TSPC IJ BUY 3,800 39.4 2,725 2,735 (0.4)

Sampoerna Agro SGRO IJ BUY 2,650 23.3 2,150 2,160 (0.5)

Adi Sarana Armada ASSA IJ REDUCE 190 (8.7) 208 209 (0.5) Indocement Tunggal Prakarsa INTP IJ HOLD 26,000 7.9 24,100 24,225 (0.5)

London Sumatra Indonesia LSIP IJ HOLD 2,100 11.7 1,880 1,890 (0.5)

Bank Jawa Barat dan Banten BJBR IJ HOLD 900 7.1 840 845 (0.6)

Multipolar MLPL IJ BUY 900 16.1 775 780 (0.6)

Bank Mandiri BMRI IJ BUY 12,000 14.6 10,475 10,550 (0.7)

Indofood Sukses Makmur INDF IJ BUY 7,950 14.0 6,975 7,025 (0.7) Surya Citra Media SCMA IJ REDUCE 3,000 (25.0) 4,000 4,030 (0.7)

Pembangunan Perumahan PTPP IJ BUY 2,800 13.8 2,460 2,480 (0.8)

Adhi Karya ADHI IJ BUY 4,000 30.3 3,070 3,095 (0.8)

Bank Danamon Indonesia BDMN IJ REDUCE 3,400 (12.0) 3,865 3,900 (0.9)

Bank Rakyat Indonesia BBRI IJ BUY 13,100 19.6 10,950 11,050 (0.9)

AKR Corporindo AKRA IJ REDUCE 4,150 (21.0) 5,250 5,300 (0.9) Hero Supermarket HERO IJ REDUCE 1,590 (35.8) 2,475 2,500 (1.0)

Waskita Karya WSKT IJ BUY 1,000 10.5 905 915 (1.1)

Matahari Department Store LPPF IJ BUY 14,700 (6.8) 15,775 15,950 (1.1)

Express Transindo Utama TAXI IJ BUY 1,540 14.9 1,340 1,355 (1.1)

Wintermar Offshore Marine WINS IJ BUY 1,600 26.0 1,270 1,285 (1.2)

Krakatau Steel KRAS IJ REDUCE 400 (16.5) 479 485 (1.2) Aneka Tambang ANTM IJ REDUCE 720 (39.0) 1,180 1,195 (1.3)

Harum Energy HRUM IJ REDUCE 1,900 (14.0) 2,210 2,240 (1.3)

Indo Tambangraya Megah ITMG IJ REDUCE 20,000 (30.6) 28,800 29,200 (1.4)

Adaro Energy ADRO IJ REDUCE 1,000 (26.2) 1,355 1,375 (1.5)

Ramayana Lestari Sentosa RALS IJ REDUCE 850 (12.4) 970 985 (1.5)

Charoen Pokphand Indonesia CPIN IJ BUY 4,800 20.5 3,985 4,050 (1.6) Mitra Adiperkasa MAPI IJ HOLD 5,750 (2.5) 5,900 6,000 (1.7)

Ciputra Development CTRA IJ BUY 1,350 21.1 1,115 1,135 (1.8)

Lippo Karawaci LPKR IJ HOLD 1,200 14.8 1,045 1,065 (1.9)

Citra Marga Nusaphala Persada CMNP IJ BUY 3,600 (3.1) 3,715 3,805 (2.4)

Bekasi Fajar Industrial Estates BEST IJ REDUCE 465 (24.4) 615 635 (3.1)

Xl Axiata EXCL IJ HOLD 5,500 (15.1) 6,475 6,700 (3.4) Summarecon Agung SMRA IJ BUY 1,580 28.5 1,230 1,275 (3.5)

Source: Bloomberg, Bahana estimates

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BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Weekly) COMPANY STOCK CODE RATING TARGET PRICE

Up/(Downside) Potential (%)

09/05/2014 08/29/2014 CHANGE (%)

Wijaya Karya Beton WTON IJ HOLD 1,070 (7.4) 1,155 890 29.8

Xl Axiata EXCL IJ HOLD 5,500 (15.1) 6,475 5,400 19.9

AKR Corporindo AKRA IJ REDUCE 4,150 (21.0) 5,250 4,400 19.3

Bukit Asam PTBA IJ HOLD 11,700 (15.7) 13,875 11,650 19.1

Agung Podomoro Land APLN IJ HOLD 330 (15.4) 390 335 16.4

Malindo Feedmill MAIN IJ BUY 3,800 15.2 3,300 2,850 15.8 Adaro Energy ADRO IJ REDUCE 1,000 (26.2) 1,355 1,185 14.3

Mitra Adiperkasa MAPI IJ HOLD 5,750 (2.5) 5,900 5,200 13.5

Cardig Aero Services CASS IJ BUY 1,170 (4.5) 1,225 1,080 13.4

Bank Negara Indonesia BBNI IJ BUY 6,650 16.2 5,725 5,100 12.3

Waskita Karya WSKT IJ BUY 1,000 10.5 905 810 11.7

Tiphone Mobile Indonesia TELE IJ * * * 880 790 11.4 Vale Indonesia INCO IJ BUY 4,700 4.9 4,480 4,025 11.3

Total Bangun Persada TOTL IJ HOLD 825 (6.8) 885 800 10.6

Indo Tambangraya Megah ITMG IJ REDUCE 20,000 (30.6) 28,800 26,150 10.1

Wijaya Karya WIKA IJ BUY 3,350 15.3 2,905 2,650 9.6

Pembangunan Perumahan PTPP IJ BUY 2,800 13.8 2,460 2,260 8.8

Matahari Department Store LPPF IJ BUY 14,700 (6.8) 15,775 14,500 8.8 Kawasan Industri Jababeka KIJA IJ HOLD 280 (1.1) 283 261 8.4

Ace Hardware Indonesia ACES IJ REDUCE 900 (10.0) 1,000 925 8.1

Erajaya Swasembada ERAA IJ HOLD 1,325 8.2 1,225 1,135 7.9

Matahari Putra Prima MPPA IJ BUY 3,700 17.1 3,160 2,945 7.3

Bank Jawa Timur BJTM IJ BUY 440 (3.5) 456 427 6.8 Lippo Cikarang LPCK IJ BUY 9,600 12.9 8,500 8,050 5.6

Bank Tabungan Negara BBTN IJ BUY 1,320 15.8 1,140 1,080 5.6

Media Nusantara Citra MNCN IJ REDUCE 2,400 (13.0) 2,760 2,615 5.5

Surya Citra Media SCMA IJ REDUCE 3,000 (25.0) 4,000 3,800 5.3

Japfa Comfeed Indonesia JPFA IJ BUY 1,500 13.2 1,325 1,260 5.2

Harum Energy HRUM IJ REDUCE 1,900 (14.0) 2,210 2,110 4.7 Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 3,900 (10.1) 4,340 4,150 4.6

Bank Central Asia BBCA IJ BUY 12,700 5.0 12,100 11,600 4.3

Indofood CBP Sukses Makmur ICBP IJ REDUCE 8,300 (23.9) 10,900 10,450 4.3

Bekasi Fajar Industrial Estates BEST IJ REDUCE 465 (24.4) 615 590 4.2

Mayora Indah MYOR IJ REDUCE 17,000 (45.3) 31,100 29,850 4.2

Krakatau Steel KRAS IJ REDUCE 400 (16.5) 479 461 3.9 Bumi Serpong Damai BSDE IJ HOLD 1,675 1.8 1,645 1,585 3.8

Pakuwon Jati PWON IJ BUY 600 39.5 430 415 3.6

Unilever Indonesia UNVR IJ BUY 35,000 10.0 31,825 30,750 3.5

Multipolar MLPL IJ BUY 900 16.1 775 750 3.3

Sarana Menara Nusantara TOWR IJ BUY 4,400 7.3 4,100 3,970 3.3

Medco Energi Internasional MEDC IJ REDUCE 2,400 (33.4) 3,605 3,495 3.1 Telekomunikasi Indonesia TLKM IJ BUY 2,900 6.2 2,730 2,650 3.0

Bank Bukopin BBKP IJ HOLD 600 (18.9) 740 720 2.8

Indonesian Stock Exchange JCI 5,217 5,089 2.5

Indosat ISAT IJ BUY 4,800 16.8 4,110 4,010 2.5

Bank Mandiri BMRI IJ BUY 12,000 14.6 10,475 10,250 2.2

Gudang Garam GGRM IJ BUY 70,000 27.3 55,000 54,200 1.5 Perusahaan Gas Negara PGAS IJ BUY 5,400 (9.6) 5,975 5,900 1.3

Bank Jawa Barat dan Banten BJBR IJ HOLD 900 7.1 840 830 1.2

Sampoerna Agro SGRO IJ BUY 2,650 23.3 2,150 2,130 0.9

Charoen Pokphand Indonesia CPIN IJ BUY 4,800 20.5 3,985 3,950 0.9

Bumi Resources BUMI IJ REDUCE 180 (5.3) 190 189 0.5

Bank Danamon Indonesia BDMN IJ REDUCE 3,400 (12.0) 3,865 3,855 0.3 Semen Baturaja SMBR IJ REDUCE 375 (6.9) 403 406 (0.7)

Jasa Marga JSMR IJ BUY 7,050 10.6 6,375 6,425 (0.8)

Astra International ASII IJ REDUCE 7,050 (7.8) 7,650 7,725 (1.0)

ASII ASII IJ REDUCE 7,100 (7.2) 7,650 7,725 (1.0)

Garuda Indonesia GIAA IJ BUY 615 42.4 432 437 (1.1)

Semen Indonesia SMGR IJ BUY 18,400 12.4 16,375 16,575 (1.2) Adhi Karya ADHI IJ BUY 4,000 30.3 3,070 3,110 (1.3)

Indofood Sukses Makmur INDF IJ BUY 7,950 14.0 6,975 7,075 (1.4)

Timah TINS IJ BUY 1,700 21.9 1,395 1,420 (1.8)

Express Transindo Utama TAXI IJ BUY 1,540 14.9 1,340 1,365 (1.8)

Bank Rakyat Indonesia BBRI IJ BUY 13,100 19.6 10,950 11,200 (2.2)

Indomobil Sukses Internasional IMAS IJ REDUCE 4,000 (9.6) 4,425 4,540 (2.5) Gajah Tunggal GJTL IJ REDUCE 1,675 (5.1) 1,765 1,815 (2.8)

Kalbe Farma KLBF IJ BUY 1,975 17.6 1,680 1,730 (2.9)

Bw Plantation BWPT IJ BUY 1,400 25.0 1,120 1,155 (3.0)

Astra Agro Lestari AALI IJ BUY 32,000 24.0 25,800 26,700 (3.4)

Indocement Tunggal Prakarsa INTP IJ BUY 26,000 7.9 24,100 24,950 (3.4)

Ciputra Development CTRA IJ BUY 1,350 21.1 1,115 1,155 (3.5) Holcim Indonesia SMCB IJ HOLD 2,500 (13.3) 2,885 3,030 (4.8)

Lippo Karawaci LPKR IJ HOLD 1,200 14.8 1,045 1,100 (5.0)

Ciputra Property CTRP IJ HOLD 720 0.0 720 760 (5.3)

Citra Marga Nusaphala Persada CMNP IJ BUY 3,600 (3.1) 3,715 3,930 (5.5)

Alam Sutera Realty ASRI IJ BUY 585 18.2 495 525 (5.7)

United Tractors UNTR IJ REDUCE 18,000 (16.5) 21,550 22,900 (5.9) Nippon Indosari Corpindo ROTI IJ REDUCE 1,000 (18.0) 1,220 1,310 (6.9)

Sido Muncul SIDO IJ BUY 1,050 40.9 745 800 (6.9)

Aneka Tambang ANTM IJ REDUCE 720 (39.0) 1,180 1,270 (7.1)

Salim Ivomas Pratama SIMP IJ HOLD 900 8.4 830 895 (7.3)

Supra Boga Lestari RANC IJ REDUCE 500 1.8 491 530 (7.4)

Sri Rejeki Isman SRIL IJ BUY 200 38.9 144 157 (8.3) Summarecon Agung SMRA IJ BUY 1,580 28.5 1,230 1,350 (8.9)

Tempo Scan Pacific TSPC IJ BUY 3,800 39.4 2,725 3,000 (9.2)

Wintermar Offshore Marine WINS IJ BUY 1,600 26.0 1,270 1,410 (9.9)

Ramayana Lestari Sentosa RALS IJ REDUCE 850 (12.4) 970 1,080 (10.2)

London Sumatra Indonesia LSIP IJ HOLD 2,100 11.7 1,880 2,100 (10.5)

Hero Supermarket HERO IJ REDUCE 1,590 (35.8) 2,475 2,950 (16.1) Adi Sarana Armada ASSA IJ REDUCE 190 (8.7) 208 253 (17.8)

Source: Bloomberg, Bahana estimates

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PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 6

Asiamoney’s

2013

Best Domestic

Equity House

Source: Bloomberg, Bahana estimates

Ticker Rating Price TP Shares Free float Mkt cap 3M avg toRevenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) PER (x) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%) ROAA (%) ROIC (%)

(IDR) (IDR) (m) (%) (IDRb) (IDRb) 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014

AVIATION N 13,732 1 46,544 52,563 403 2,553 244 1,102 (68.6) 188.6 64.8 13.1 8.7 4.5 2.2 1.9 0.3 0.4 38.6 32.2 8.3 12.8 2.7 4.8 14.1 7.2

GIAA IJ* BUY 432 615 25,869 39.5 11,175 1 45,225 51,016 77 2,160 134 964 (87.7) 526.6 74.3 11.9 9.1 4.3 0.8 0.8 0.0 0.0 47.4 39.5 1.0 6.6 0.4 2.7 9.4 0.8

CASS IJ BUY 1,225 1,170 2,087 36.6 2,557 0 1,319 1,547 326 393 110 137 25.3 25.3 23.3 18.6 6.7 5.4 8.5 6.5 1.5 1.9 nc nc 40.4 39.6 12.8 13.9 34.5 34.9

AUTOMOTIVE UW 328,086 263 226,328 248,501 20,337 23,231 20,070 23,023 (2.0) 13.3 16.9 14.4 15.0 12.5 3.6 3.1 2.7 3.1 60.3 50.4 24.0 23.4 9.4 9.4 18.1 15.0

ASII IJ REDUCE 7,650 7,100 40,484 49.9 309,699 252 193,880 213,166 18,603 21,711 19,417 21,923 (0.0) 12.9 15.9 14.1 14.4 12.1 3.7 3.2 2.8 3.2 54.8 44.4 25.0 24.2 9.8 9.8 18.6 15.7

IMAS IJ REDUCE 4,425 4,000 2,765 10.5 12,236 1 20,095 22,076 369 506 532 551 (33.5) 3.5 23.0 23.0 33.5 26.7 2.1 1.9 1.1 1.1 194.8 182.5 9.6 9.1 2.7 2.4 7.8 3.6

GJTL IJ REDUCE 1,765 1,675 3,485 40.2 6,151 10 12,353 13,259 1,365 1,014 120 549 (89.2) 351.4 50.4 11.2 5.4 6.8 1.1 1.1 0.1 0.6 69.2 88.1 2.1 9.6 0.9 3.6 13.9 1.3

BANKS N 1,015,743 1,054 219,474 240,815 92,501 101,419 73,722 82,263 17.9 11.9 14.9 13.2 na na 3.3 2.8 2.0 2.1 na na 24.3 22.8 3.0 3.0 na na

BBCA IJ BUY 12,100 12,700 24,655 50.8 298,326 145 37,422 42,343 17,079 19,349 14,254 16,090 21.6 12.9 20.9 18.5 na na 4.7 3.9 1.0 1.2 na na 24.6 22.9 3.0 3.1 na na

BBRI IJ BUY 10,950 13,100 24,669 43.2 270,127 351 52,661 59,319 26,121 28,525 21,344 24,123 14.3 13.0 12.7 11.2 na na 3.4 2.8 2.4 2.2 na na 29.7 27.6 3.6 3.6 na na

BMRI IJ BUY 10,475 12,000 23,333 40.0 244,417 322 51,197 56,532 23,552 25,662 18,204 20,283 17.4 11.4 13.4 12.1 na na 2.8 2.4 2.2 2.3 na na 22.5 21.5 2.7 2.6 na na

BBNI IJ BUY 5,725 6,650 18,649 39.8 106,764 135 28,839 32,513 11,219 12,715 9,054 10,224 28.5 12.9 11.8 10.4 na na 2.2 1.9 2.5 2.6 na na 19.9 19.9 2.5 2.5 na na

BDMN IJ REDUCE 3,865 3,400 9,585 32.4 37,045 12 23,155 22,471 5,605 5,695 4,042 4,241 0.7 4.9 9.2 8.7 na na 1.2 1.1 2.7 3.4 na na 13.5 12.9 2.4 2.2 na na

BTPN IJ REDUCE 4,340 3,900 5,840 57.2 25,347 1 7,449 7,734 2,878 2,879 2,131 2,267 6.9 6.4 11.9 11.2 na na 2.6 2.1 0.0 1.8 na na 24.2 20.5 3.3 3.1 na na

BBTN IJ BUY 1,140 1,320 10,568 35.0 12,047 60 6,437 6,815 2,136 2,262 1,562 1,653 14.5 5.8 7.7 7.3 na na 1.0 0.9 3.9 3.4 na na 14.3 13.6 1.3 1.2 na na

BJBR IJ HOLD 840 900 9,696 25.0 8,145 17 5,980 6,142 1,622 1,671 1,376 1,304 15.4 (5.2) 5.9 6.2 na na 1.2 1.1 9.3 9.6 na na 21.7 18.7 1.9 1.8 na na

BJTM IJ BUY 456 520 14,918 18.0 6,802 4 2,839 3,136 1,116 1,360 824 1,025 2.4 24.3 8.3 6.6 na na 1.2 1.1 8.9 9.8 na na 14.7 17.3 2.7 2.9 na na

BBKP IJ** HOLD 740 600 9,087 46.9 6,724 6 3,494 3,810 1,174 1,300 930 1,053 10.6 0.5 6.4 6.4 na na 1.1 1.0 3.5 3.5 na na 16.6 15.9 1.4 1.4 na na

CEMENT UW 211,918 131 54,047 62,695 15,287 16,543 11,633 12,872 3.7 11.0 18.4 16.5 11.4 10.6 4.0 3.6 2.9 2.7 (18.5) (11.6) 24.3 23.3 18.1 17.3 39.8 36.1

SMGR IJ BUY 16,375 18,400 5,932 49.0 97,129 121.8 24,501 28,385 6,952 7,673 5,350 5,854 10.4 9.4 18.2 16.6 12.1 11.0 4.7 4.1 2.5 2.6 0.9 2.7 28.0 26.4 18.7 17.7 31.0 27.2

INTP IJ HOLD 24,100 26,000 3,681.2 302.6 88,717.7 0.0 18,691.3 22,318.5 5,975.0 6,558.4 5,018.5 5,488.8 5.2 9.4 17.7 16.2 11.3 10.5 3.9 3.5 3.7 3.1 (54.5) (42.5) 23.7 22.8 20.3 19.6 53.0 51.6

SMCB IJ HOLD 2,885 2,500 7,663 19.4 22,107 5.4 9,686 10,751 2,033 2,045 952 1,224 (29.5) 28.5 23.2 18.1 9.5 9.5 2.5 2.3 1.5 1.9 37.1 47.7 11.1 13.3 7.0 7.6 15.5 8.8

SMBR IJ REDUCE 403 375 9,838 23.8 3,965 4.1 1,169 1,240 327 267 312 305 (11.5) (12.0) 11.4 13.0 5.3 7.2 1.6 1.5 2.0 1.9 nc nc 18.3 11.8 16.0 10.7 97.6 62.6

COAL & MINING CONTRACTING UW 204,277 242 179,556 187,440 24,058 28,078 10,266 15,320 (28.4) 17.3 15.1 12.0 8.1 7.0 2.1 2.0 3.0 3.6 12.1 10.7 15.6 18.6 9.5 10.8 48.9 22.7

UNTR IJ REDUCE 21,550 18,000 3,730 40.4 80,384 63 51,012 55,826 6,741 8,314 4,825 6,241 (16.5) 29.3 16.7 12.9 7.4 5.8 2.4 2.2 2.4 3.1 nc nc 15.4 18.0 9.0 10.7 20.8 15.6

ADRO IJ* REDUCE 1,355 1,000 31,986 41.0 43,341 72 39,980 40,632 6,889 9,032 2,814 5,003 (23.2) 71.2 15.6 9.1 6.5 4.8 1.7 1.2 2.0 3.6 56.9 50.3 8.8 15.0 3.8 6.3 9.3 5.9

ITMG IJ* REDUCE 28,800 20,000 1,130 35.0 32,542 28 26,516 26,117 4,107 4,334 5,560 5,561 (37.4) 0.5 12.8 12.8 6.1 5.5 2.9 2.8 6.6 6.3 nc nc 23.4 25.3 17.9 17.3 88.0 41.8

PTBA IJ HOLD 13,875 11,700 2,304 29.3 31,970 39 11,209 12,449 1,857 1,981 1,826 1,934 (37.0) 5.9 17.5 16.5 14.7 13.6 3.4 3.3 3.3 3.5 nc nc 22.9 25.5 15.0 16.1 148.2 54.6

HRUM IJ* REDUCE 2,210 1,900 2,704 29.3 5,975 21 10,187 6,854 837 464 509 381 (68.2) (22.7) 15.3 19.7 4.0 7.9 1.8 1.7 3.7 3.1 nc nc 12.6 10.3 9.2 7.5 78.2 29.5

BUMI IJ* REDUCE 190 180 52,972 97.6 10,065 20 40,651 45,562 3,627 3,953 (5,268) (3,800) (28.0) (26.2) (0.9) (1.2) 7.4 6.6 (6.3) (3.0) 0.0 0.0 na na na nm (6.5) (4.1) (16.6) (14.5)

1.6

CONS. & TOLL ROADS N 108,661 271 55,275 63,075 7,485 8,454 3,939 4,446 (4.0) 15.4 28.7 25.1 14.6 13.0 4.8 4.2 1.2 1.3 36.0 51.8 20.2 18.4 5.6 5.4 20.3 22.4

JSMR IJ BUY 6,375 7,050 6,800 30.0 43,350 40 6,380 7,589 2,487 2,997 1,336 1,614 (16.6) 20.6 32.4 26.9 16.6 14.7 4.7 4.2 1.2 1.5 92.4 114.8 14.9 16.4 5.0 5.1 11.9 8.2

WIKA IJ BUY 2,905 3,350 6,149 34.7 17,863 55 11,885 14,393 1,216 1,369 570 629 22.2 9.9 31.3 28.5 13.8 13.0 6.0 5.2 1.0 1.1 nc 36.7 20.6 19.8 4.8 4.5 26.4 22.4

CMNP IJ BUY 3,715 3,600 2,200 62.5 8,173 0 936 1,099 502 583 402 470 (6.3) 16.8 20.3 17.4 11.3 9.9 2.6 2.3 1.1 1.3 nc nc 14.3 14.0 9.4 9.7 17.3 17.8

PTPP IJ BUY 2,460 2,800 4,842 42.8 11,912 33 11,656 12,914 1,168 1,227 421 499 35.9 18.5 28.3 23.9 7.6 7.5 6.0 5.1 1.0 1.2 nc nc 23.1 23.0 4.0 3.8 17.1 27.1

WSKT IJ BUY 905 1,000 9,666 26.4 8,748 47 9,687 10,981 672 761 368 417 0.5 13.3 23.7 20.9 13.3 11.8 3.7 3.2 1.4 1.4 nc nc 16.8 16.4 4.3 4.5 17.0 15.9

WTON IJ BUY 1,155 1,070 8,715 100.0 10,066 16 2,644 3,403 321 410 241 310 34.1 8.1 32.0 29.6 25.9 19.4 5.2 5.0 1.0 1.0 nc nc 38.9 22.3 9.0 8.3 78.5 46.1

ADHI IJ BUY 3,070 4,000 1,801 49.0 5,530 74 9,800 10,760 864 941 406 364 91.3 (10.5) 13.6 15.2 6.0 6.0 3.6 2.9 1.5 1.3 (16.4) nc 30.0 21.2 4.6 3.7 18.5 33.0

TOTL IJ HOLD 885 825 3,410 33.8 3,018 6 2,287 1,935 256 167 194 143 10.6 (26.2) 15.5 21.0 9.4 14.2 4.0 3.9 4.0 2.4 nc nc 27.5 18.7 9.1 6.6 (55.1) 138.3

CONSUMER - DISCRETIONARY N 216,076 275 82,403 96,809 9,306 10,003 8,258 8,681 26.7 22.5 33.9 31.1 22.3 19.8 (5.1) 18.4 0.9 1.4 5.0 3.3 22.7 22.7 23.7 26.4 (183.2) 27.0

SCMA IJ REDUCE 4,000 3,000 14,622 25.5 58,486 31 3,778 4,102 1,757 1,869 1,320 1,810 12.8 6.6 44.3 41.6 31.1 29.0 18.0 15.4 1.1 1.2 nc nc 47.6 52.2 32.0 38.2 61.8 59.5

LPPF IJ BUY 15,775 14,700 2,918 65.3 46,030 50 6,754 8,348 1,781 2,201 1,150 1,598 49.2 38.9 40.0 28.8 23.6 18.5 (58.9) 56.4 0.0 1.4 nc nc na na 39.2 46.7 (985.3) na

MNCN IJ REDUCE 2,760 2,400 14,180 33.8 39,138 19 6,522 7,071 2,560 2,474 1,691 1,810 2.1 7.1 22.8 21.3 14.3 14.4 4.6 4.0 2.0 2.1 nc nc 21.5 20.1 17.8 17.0 24.3 24.5

MPPA IJ BUY 3,160 3,700 5,378 18.0 16,994 119 11,913 14,612 389 428 445 408 101.7 (8.3) 39.6 43.2 27.0 22.1 8.6 7.4 0.5 0.6 nc nc 12.5 11.9 6.0 6.0 4.0 13.3

ACES IJ REDUCE 1,000 900 17,150 40.0 17,150 11 3,924 4,745 503 610 423 519 (3.3) 22.7 40.6 33.1 28.7 23.5 8.6 7.3 1.0 1.2 nc nc 23.6 24.1 19.7 20.0 37.0 27.7

HERO IJ REDUCE 2,475 1,590 4,184 16.5 10,354 0 11,900 14,259 424 175 671 276 93.1 (61.5) 14.4 37.5 14.1 16.8 1.8 1.8 0.0 0.0 nc nc 19.1 5.0 10.3 3.4 14.4 20.5

RALS IJ REDUCE 970 850 7,096 40.5 6,883 6 7,968 8,566 399 418 434 450 2.4 3.7 15.9 15.3 9.8 8.4 2.1 2.0 3.2 3.6 nc nc 13.9 13.4 10.3 9.9 25.8 23.7

MAPI IJ HOLD 5,900 5,750 1,660 44.0 9,794 15 9,734 11,299 751 849 328 429 (24.3) 30.9 29.9 22.8 10.6 8.6 4.0 3.5 0.9 0.7 99.1 54.7 14.3 16.4 4.8 5.4 14.5 7.8

MLPL IJ BUY 775 900 10,065 68.0 7,800 18 14,672 17,219 85 148 1,415 884 4,841.7 (37.5) 5.5 8.8 9.4 6.5 1.1 1.0 0.1 2.7 nc nc 23.5 12.0 8.2 4.2 0.5 27.0

SRIL IJ BUY 144 200 18,593 43.9 2,677 4 3,934 4,816 629 792 346 467 20.5 18.1 6.8 5.7 5.2 4.9 0.8 0.8 0.0 0.0 42.6 59.6 16.1 14.5 8.1 8.3 8.7 9.6

RANC IJ REDUCE 491 500 1,564 21.4 768 0 1,303 1,771 28 40 35 30 (11.8) (14.4) 21.9 25.6 13.3 10.2 2.1 1.9 0.9 0.8 nc 9.2 9.3 7.4 5.5 4.3 13.7 10.1

CONSUMER - STAPLES OW 609,628 307 209,892 239,997 27,866 31,224 18,586 21,123 8.9 8.7 35.3 33.1 23.7 22.5 25.9 23.4 1.8 2.0 22.5 42.6 63.2 60.4 24.4 22.4 58.1 55.6

UNVR IJ BUY 31,825 35,000 7,630 15.0 242,825 51 30,757 35,313 7,122 7,408 5,353 5,517 10.7 3.0 45.3 44.0 32.2 31.8 57.0 51.7 2.1 2.1 16.8 57.6 130.2 123.4 42.3 37.9 109.7 109.8

GGRM IJ BUY 55,000 70,000 1,924 23.5 105,825 45 55,437 60,305 6,650 7,596 4,329 5,022 7.8 16.0 24.4 21.1 15.1 13.3 3.6 3.3 1.7 2.0 39.5 40.9 15.5 16.3 9.4 9.4 12.8 11.7

KLBF IJ BUY 1,680 1,975 46,875 43.3 78,750 98 16,002 18,035 2,549 2,841 1,920 2,122 10.7 9.9 41.0 37.3 27.6 24.6 9.7 8.4 1.0 1.2 nc nc 25.3 24.2 25.3 24.2 37.1 30.3

INDF IJ BUY 6,975 7,950 8,780 49.9 61,243 68 57,732 68,463 6,089 7,531 2,504 3,953 (23.2) 57.9 24.5 15.5 9.4 8.3 2.6 2.4 2.1 3.3 57.7 96.6 11.2 16.1 3.6 4.6 15.1 8.3

ICBP IJ REDUCE 10,900 8,300 5,831 19.5 63,557 30 25,095 30,116 2,734 3,120 2,225 2,420 2.1 8.8 28.6 26.3 19.8 17.5 5.0 4.6 1.7 1.7 nc nc 18.5 18.2 11.4 10.8 31.7 26.5

MYOR IJ REDUCE 31,100 17,000 894 66.9 27,814 4 14,137 15,798 1,348 1,293 1,058 776 41.1 (35.3) 23.2 35.8 18.0 18.2 6.1 5.2 0.9 0.6 53.4 51.5 31.0 18.7 11.2 6.9 14.8 19.4

TSPC IJ BUY 2,725 3,800 4,500 22.7 12,263 2 6,855 7,431 648 726 635 683 1.1 7.7 19.3 17.9 14.3 12.3 3.2 2.9 2.1 2.3 nc nc 17.8 16.9 12.6 12.0 38.0 31.9

SIDO IJ BUY 745 1,050 15,000 19.0 11,175 5 2,372 2,535 516 466 406 435 4.6 (3.4) 24.8 25.7 17.4 20.6 3.8 6.1 1.5 4.6 nc nc 20.7 19.5 15.9 16.9 48.2 32.9

ROTI IJ REDUCE 1,220 1,000 5,062 29.3 6,175 4 1,506 2,002 210 243 158 194 5.9 21.7 39.1 32.1 24.6 20.3 7.8 6.6 0.6 0.8 70.6 51.2 21.7 22.6 10.4 9.8 20.4 13.9

INDUSTRIAL ESTATES N 21,574 48 9,974 10,094 3,244 2,820 2,126 2,168 0.0 0.0 20.8 11.0 7.1 8.4 2.2 1.8 0.5 1.4 12.5 9.9 27.5 20.0 14.8 10.7 37.4 33.1

KIJA IJ HOLD 283 280 20,235 80.1 5,727 13 2,740 2,926 855 900 101 652 (73.5) 537.9 55.7 8.7 8.1 7.3 1.4 1.2 0.0 3.4 47.2 37.2 2.5 14.6 1.3 7.4 7.1 1.7

BEST IJ REDUCE 615 465 9,667 38.6 5,932 14 1,324 731 883 415 744 339 58.1 (54.7) 8.0 17.6 6.7 14.1 2.4 2.1 0.4 0.4 nc nc 35.0 12.9 26.3 9.6 37.6 38.3

SSIA IJ HOLD 850 780 4,705 68.5 3,999 11 4,583 4,730 872 692 691 431 (2.3) (37.6) 5.8 9.3 3.6 4.3 1.7 1.5 2.1 2.2 nc nc 35.3 17.5 13.0 7.0 70.5 47.2

LPCK IJ BUY 8,500 9,600 696 57.8 5,916 10 1,328 1,707 634 814 591 746 45.1 26.4 10.0 7.9 8.7 6.5 3.3 2.3 0.0 0.0 nc nc 38.8 34.0 17.7 17.3 44.2 48.6

METALS N 66,160 93 28,367 28,787 1,770 2,723 1,330 1,700 (53.7) 96.3 79.3 38.3 18.3 24.2 2.1 1.9 1.0 1.8 5.4 9.5 3.8 5.7 2.6 4.1 9.0 3.7

INCO IJ* BUY 4,480 4,700 9,936 20.5 44,515 49 11,216 13,364 734 2,281 405 1,212 (36.5) 209.2 107.8 34.8 21.3 11.9 2.4 2.2 0.7 2.2 0.1 3.7 2.3 6.3 1.7 4.7 4.1 2.3

ANTM IJ REDUCE 1,180 720 9,538 35.0 11,255 23 11,298 9,503 421 (250) 410 20 (86.3) (61.0) 27.5 70.5 13.1 86.6 0.9 0.9 0.5 0.0 31.2 33.7 3.2 0.2 2.0 0.1 27.5 2.7

TINS IJ BUY 1,395 1,700 7,448 35.0 10,390 20 5,852 5,920 615 693 515 468 19.3 (28.7) 13.6 19.1 11.1 9.2 2.1 2.1 2.7 2.2 nc 8.2 10.9 9.4 7.4 6.1 9.9 10.5

OIL & GAS N 182,468 149 71,957 80,367 15,760 17,126 11,603 11,830 24.8 (3.1) 20.3 19.7 11.4 9.9 2.2 1.7 3.9 3.6 17.4 16.1 31.0 33.8 17.2 17.1 46.8 40.6

PGAS IJ* BUY 5,975 5,400 24,242 43.0 144,843 106 36,528 39,859 11,363 12,743 10,473 10,535 26.4 (4.3) 13.3 13.9 10.7 9.3 2.0 1.4 4.5 4.3 nc nc 36.3 39.7 20.8 20.7 56.3 49.3

AKRA IJ REDUCE 5,250 4,150 3,903 41.0 20,493 33 22,338 27,758 837 1,046 648 752 (0.2) 16.0 31.4 27.1 20.3 17.1 4.3 3.9 2.2 1.5 90.0 67.2 14.7 15.0 4.9 5.1 15.7 9.1

MEDC IJ* REDUCE 3,605 2,400 3,332 49.1 12,013 6 10,818.5 10,559.2 2,991 2,714 153 154 1.8 10.5 88.2 79.9 5.3 6.2 1.3 1.2 0.3 0.3 86.1 112.7 1.5 1.5 0.5 0.5 0.8 0.8

WINS IJ* BUY 1,270 1,600 4,031 35.4 5,119 4 2,272 2,190 569 623 329 389 74.0 18.3 14.2 12.0 8.3 7.2 2.1 1.8 0.6 1.3 59.3 42.2 16.1 16.2 2.3 2.4 9.5 11.4

PLANTATIONS N 79,524 118 35,479 46,864 6,203 9,243 3,661 6,069 (26.6) 70.9 22.5 13.2 11.3 8.0 2.8 2.4 1.9 3.1 29.7 26.0 13.4 19.6 9.2 13.0 21.7 12.3

AALI IJ BUY 25,800 32,000 1,575 20.3 40,628 41 12,675 20,247 3,005 4,240 1,801 3,097 (25.3) 71.9 22.6 13.1 11.9 8.5 4.1 3.3 2.0 3.4 20.4 11.8 19.0 28.1 13.2 18.8 28.2 16.6

SIMP IJ HOLD 830 900 15,816 21.6 13,128 8 13,280 15,602 1,586 2,409 524 1,018 (54.7) 94.4 25.1 12.9 7.5 5.6 1.0 0.9 1.6 3.1 42.2 41.3 3.8 7.2 1.9 3.5 7.3 2.9

LSIP IJ HOLD 1,880 2,100 6,823 40.5 12,827 50 4,134 4,549 818 1,117 769 961 (31.1) 25.0 16.7 13.4 11.5 8.6 1.9 1.8 1.8 2.2 nc nc 11.9 13.8 9.9 11.6 27.0 15.9

BWPT IJ BUY 1,120 1,400 4,504 30.8 5,044 17 1,144 1,664 326 625 182 366 (32.5) 93.4 26.6 13.8 17.9 10.2 2.2 2.0 0.6 1.1 160.2 149.3 9.4 15.6 3.3 5.4 6.9 3.6

ANJT IJ* HOLD 1,150 1,300 3,333 10.0 3,833 0 1,685 1,741 268 404 266 367 (53.6) 41.1 15.1 10.7 7.5 6.4 1.1 1.0 3.3 4.7 nc nc 6.3 8.3 5.5 7.3 14.2 8.5

SGRO IJ BUY 2,150 2,650 1,890 33.0 4,064 1 2,561 3,060 201 448 119 259 (63.8) 117.1 34.1 15.7 12.8 8.2 1.5 1.5 2.1 3.2 42.6 72.6 4.5 9.5 2.8 5.2 11.2 3.3

POULTRY OW 85,382 44 51,268 58,395 6,189 7,066 3,368 6,779 (10.3) 28.3 25.3 19.4 14.6 13.1 5.8 4.6 1.2 1.1 39.1 32.1 25.6 42.2 15.4 26.6 30.7 20.7

CPIN IJ BUY 3,985 4,800 16,398 44.5 65,346 25 25,663 29,454 3,904 4,451 2,531 5,332 (5.7) 21.7 25.8 21.2 16.0 14.4 6.6 5.3 1.2 1.2 17.5 16.0 28.0 47.7 18.0 31.8 34.7 24.3

JPFA IJ BUY 1,325 1,500 10,661 42.5 14,125 11 21,412 24,109 1,803 2,053 595 1,057 (40.0) 77.7 23.7 13.4 9.3 8.1 2.7 2.2 1.4 0.8 111.8 89.6 12.4 18.3 4.6 6.7 14.0 6.2

MAIN IJ BUY 3,300 3,800 1,791 44.1 5,910 8 4,193 4,832 483 562 242 390 (20.2) 61.3 23.1 14.4 11.9 10.3 4.7 3.5 0.9 1.5 103.1 73.2 31.2 37.8 12.0 16.3 25.8 15.2

PROPERTY N 131,851 253 34,494 39,391 12,146 13,525 9,272 11,205 48.5 19.9 15.1 13.1 11.4 10.2 3.0 2.4 1.7 2.1 12.8 13.6 22.4 22.0 9.0 8.9 21.6 22.9

BSDE IJ HOLD 1,645 1,675 18,372 49.6 30,222 29 5,741 5,560 2,910 2,626 2,691 3,580 109.3 33.3 10.7 8.0 9.9 10.8 2.8 2.2 1.9 2.5 nc nc 29.7 30.5 13.7 14.6 28.2 35.7

LPKR IJ HOLD 1,045 1,200 23,078 82.1 24,116 95 6,519 7,895 1,504 1,826 1,220 1,324 15.1 8.5 19.8 18.2 15.8 13.7 1.9 1.7 1.3 1.4 26.4 33.8 10.3 9.8 4.3 3.9 8.9 8.2

PWON IJ BUY 430 600 48,160 43.5 20,709 21 3,030 3,688 1,512 1,934 1,133 1,525 51.4 36.0 18.3 13.4 12.4 9.7 5.3 4.0 1.1 1.4 nc nc 33.4 33.7 13.4 13.3 20.6 27.7

SMRA IJ BUY 1,230 1,580 14,427 67.8 17,745 30 4,094 4,423 1,342 1,347 1,102 978 32.9 (11.3) 16.1 18.1 11.9 12.3 4.0 3.5 2.2 1.9 nc nc 27.3 20.7 9.0 6.9 35.9 32.8

CTRA IJ BUY 1,115 1,350 15,166 61.3 16,910 23 5,077 7,519 1,553 2,176 977 1,194 65.8 22.3 17.3 14.2 9.5 6.6 2.7 2.3 1.7 2.1 nc nc 16.3 17.5 5.6 5.5 14.5 19.5

ASRI IJ BUY 495 585 19,649 48.2 9,726 37 3,684 3,504 1,533 1,654 877 1,401 (27.1) 59.8 11.1 6.9 8.0 7.4 1.9 1.5 2.3 3.6 63.0 50.4 18.0 24.4 6.9 9.6 34.4 13.3

APLN IJ HOLD 390 330 20,501 38.0 7,995 14 4,901 5,360 1,276 1,432 851 901 6.1 4.8 9.3 8.9 10.1 6.2 1.4 1.2 2.1 2.3 39.6 41.6 15.8 14.8 4.9 4.2 12.3 11.1

CTRP IJ HOLD 720 720 6,150 43.7 4,428 5 1,448 1,441 516 529 422 302 40.5 (28.5) 10.5 14.7 9.5 9.6 1.1 1.0 2.9 2.1 26.7 36.1 10.8 7.3 6.2 3.8 9.2 9.6

STEEL UW 7,556 1 25,368 26,437 (485) 275 (170) 198 13.8 na na 38.5 65.8 17.9 0.6 0.6 0.0 0.0 79.1 106.1 (1.3) 1.6 (0.8) 0.8 (1.2) (0.9)

KRAS IJ* REDUCE 479 400 15,775 20.0 7,556 1 25,368 26,437 (485) 275 (170) 198 13.8 na na 38.5 65.8 17.9 0.6 0.6 0.0 0.0 79.1 106.1 (1.3) 1.6 (0.8) 0.8 (1.2) (0.9)

TELCOS OW 348,519 314 154,496 235,609 32,966 36,970 13,268 17,986 (25.9) 70.3 45.0 32.9 8.1 7.1 5.1 4.3 2.1 2.4 41.0 32.9 20.1 23.0 9.5 10.5 19.6 18.7

TLKM IJ BUY 2,730 2,900 100,800 48.8 275,184 271 82,967 88,882 25,996 29,946 14,205 15,583 10.5 9.7 19.4 17.7 6.7 5.9 4.5 3.9 3.0 2.8 6.4 5.2 25.3 23.9 11.9 11.8 23.4 23.6

EXCL IJ HOLD 6,475 5,500 8,534 33.5 17 21,265 88,882 2,901 1,751 1,033 242 (62.6) (76.1) 53.5 223.3 1.9 2.2 3.6 3.6 0.8 0.4 107.9 136.2 6.7 1.6 2.7 0.6 10.7 3.4

TOWR IJ BUY 4,100 4,400 10,203 61.0 41,832 0 3,197 3,798 1,724 2,084 169 1,258 (51.4) 646.3 248.2 33.3 18.7 15.8 11.5 8.6 0.0 0.0 213.8 164.2 4.8 29.6 1.2 7.9 4.1 1.5

ISAT IJ BUY 4,110 4,800 5,434 20.7 22,333 4 23,855 25,333 1,418 1,976 (2,782) 96 na na (8.0) 228.3 4.2 3.9 1.4 1.5 (6.2) 0.9 136.3 117.6 (16.0) 0.6 (5.1) 0.2 1.0 (7.5)

TELE IJ * 880 * 6,383 32.9 5,617 5 10,485 13,781 437 622 295 405 29.2 23.7 18.0 14.5 14.6 10.5 3.5 3.8 1.6 2.1 70.9 74.1 23.6 27.4 12.3 12.0 24.4 18.1

ERAA IJ HOLD 1,225 1,325 2,900 39.7 3,553 17 12,727 14,933 490 591 349 403 (19.5) 15.6 10.2 8.8 8.9 7.3 1.3 1.2 3.9 4.5 39.8 35.1 13.1 14.0 7.8 7.7 15.8 10.3

TRANSPORTATION N 9,929 22 1,681 2,077 439 552 217 260 74.2 19.1 42.5 36.2 15.0 12.6 4.8 4.2 0.4 0.4 125.0 143.5 12.9 13.5 4.8 5.0 3.6 6.1

TAXI IJ BUY 1,340 1,540 2,146 49.0 2,875 22 687 865 221 293 133 161 67.1 21.5 21.7 17.8 8.5 7.1 3.6 3.1 1.2 1.5 74.7 90.5 17.9 18.8 7.0 7.6 7.3 9.5

ASSA IJ REDUCE 1,270 190 5,554 10.0 7,054 0 994 1,213 218 260 85 99 82.1 16.6 50.9 43.7 17.7 14.8 5.3 4.7 0.0 0.0 145.5 165.1 10.9 11.4 3.9 4.0 2.0 4.7

Market N 3,641,084 3,586 1,486,602 1,719,914 275,475 311,804 191,393 227,024 3.3 13.9 23.6 20.2 10.9 9.9 6.8 7.3 2.1 2.3 17.6 19.8 29.1 29.2 11.6 11.9 13.6 21.9

Note: *USD reporting **Post rights issue

OW: Overweight, N: Neutral, UW: Underweight, UR: Under Review

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2013

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AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time

EGM BULL IJ Buana Listya Tama 09/15/14 10:00

EGM APEX IJ Apexindo Pratama Duta 09/18/14 11:00

EGM MLBI IJ Multi Bintang Indonesia 09/19/14 16:00

EGM INCO IJ Vale Indonesia 09/25/14 10:00

EGM BEKS IJ Bank Pundi Indonesia 09/25/14 15:00 Source: Bloomberg

DIVIDEND SCHEDULE Corporate Price* Cash Yield* Ex date Record date Payment date Ticker

(IDR) (IDR) (%)

Indo Straits Tbk Pt 900 8 0.9 9/09/14 9/11/14 9/25/14 PTIS IJ

Hm Sampoerna Tbk Pt 70,750 360 0.5 9/12/2014 9/16/2014 9/30/2014 HMSP IJ

Holcim Indonesia Tbk Pt 2,885 34 1.2 9/17/2014 9/19/2014 10/3/2014 SMCB IJ

Toba Bara Sejahtra Tbk Pt 880 na na 9/23/2014 9/25/2014 10/9/2014 TOBA IJ

Selamat Sempurna Pt 4,375 40 0.9 9/24/2014 9/26/2014 10/10/2014 SMSM IJ

Hexindo Adiperkasa Tbk Pt 3,695 0.0091 0.0 9/24/2014 9/26/2014 10/10/2014 HEXA IJ Source: Bloomberg *as per closing price 5 September 2014

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Actual and upcoming IPOs, 2013-2014

No Code Date Company name Industry Amount Public (IDRbn) (%)

1 BBRM 01/08/13 Pelayaran Nasional Bina Buana Shipping 138 13.2

2 HOTL 01/10/13 Saraswati Griya Lestari Hotel 102 15.5

3 SAME 01/11/13 Sarana Meditama Metropolitan Hospital Management 72 13.6

4 MAGP 01/16/13 Multi Agro Gemilang Plantations 440 66.7

5 TPMA 02/20/13 Trans Power Marine Transportation 91 9.0

6 ISSP 02/22/13 Steel Pipe Industry of Indonesia Pipes manufacturer 856 29.6 7 DYAN 03/25/13 Dyandra Media International Entertainment 449 22.4

8 ANJT 05/08/13 Austindo Nusantara Jaya Plantation 400 10.0

9 NOBU 05/20/13 Bank Nationalnobu Banking 808 52.5

10 MPMX 05/29/13 Mitra Pinasthika Mustika Automotive 1,455 21.7

11 DSNG 06/14/13 Dharma Satya Nusantara Plantations 509 13.0

12 SRIL 06/17/13 Sri Rejeki Isman (Sritex) Textile 1,344 30.1 13 ACST 06/24/13 Acset Indonesia Construction 375 31.0

14 SRTG 06/26/13 Saratoga Investa Sedaya Finance 1,492 10.0

15 NRCA 06/27/13 Nusa Raya Cipta Construction 260 12.3

16 SMBR 06/28/13 Semen Baturaja Cement 1,309 23.8

17 ECII 07/03/13 Electronic City Indonesia Retail 1,350 25.0

18 BBMD 07/08/13 Bank Mestika Dharma Banking 593 20.0 19 MLPT 07/08/13 Multipolar Technology IT 180 18.0

20 VICO 07/08/13 Victoria Investama Finance 150 16.3

21 CPGT 07/09/13 Cipaganti group Transportation 69 10.0

22 NAGA 07/09/13 Bank Mitraniaga Banking 80 27.3

23 BMAS 07/11/13 Bank Maspion Banking 246 20.0 24 SILO 09/12/13 Siloam Hospital Hospital 1,405 13.5

25 APII 10/29/13 Arita Prima Indonesia Pipe Manufacture 61 25.6

26 KRAH 11/08/13 Grand Kartech Manufacturing 45 16.9

27 IMJS 12/10/13 Indomobil Multi Jasa Auto finance 225 10.4

28 LEAD 12/11/13 Logindo Samudramakmur Marine services 357 19.8

29 SSMS 12/12/13 Sawit Sumbermas Sarana Plantations 1,005 15.8 30 SIDO 12/18/13 Sido Muncul Pharmaceutical 870 10.0

2013 total 16,735

31 PNBS 01/15/14 Bank Panin Syariah Banking 475 49.3

32 ASMI 01/16/14 Mitra Maparya Insurance 109 29.0

33 CANI 01/16/14 Capitol Nusantara Transporation 42 25.0

34 BINA 01/16/14 Bank INA Banking 125 24.8

35 BALI 03/13/14 Bali Towerindo Sentra Construction 35 14.7

36 WTON 04/08/14 Wika Beton Construction material 1,207 30.0 37 BLTZ 04/10/14 Graha Layar Prima Entertainment 223 31.3

38 MDIA 04/11/14 Intermedia Capital Entertainment 541 15.0

39 LRNA 04/15/14 Eka Sari Lorena Transport Transportation 135 20.0

40 DAJK 05/14/14 Dwi Aneka Jaya Kemasindo Paper manufacture 470 40.0

41 LINK 02/06/14 Link Net Telecommunication 487

42 CINT 06/27/14 Chitose Internasional Manufacture 99 43 MGNA 07/07/14 Magna Finance Finance 74

44 BPII 07/08/14 Batavia Prosperindo Internasional Finance 75

45 MBAP 07/10/14 Mitrabara Adiperdana Coal 319

46 TARA 07/11/14 Sitara Propertindo Property 424

47 DNAR 07/11/14 Bank Dinar Bank 55

48 Airasia Indonesia Airlines 1,800 20.0 49 Andira Agro Plantations

50 Asia Mangan Group Mining 458 55.0

51 Bank DKI Banking

52 Bank Kesejahteraan Ekonomi Banking

53 Bank Muamalat Banking

54 Bank Sumatera Utara Banking 800 55 Bank Syariah Mandiri Banking

56 Blue Bird Group Transportation 2,438 20.0

57 Daya Mitra Telekomunikasi Telecommunication 49.0

58 Daya Mandiri Resources Indonesia Coal mining

59 Dutapalma Nusantara Plantations

60 GMF Aero Asia Target Aero services 61 Indoprima Gemilang Auto-parts

62 Infomedia Nusantara Services

63 Intan Baruprana Finance Multi-finance

64 Kawasan Berikat Nusantara Industrial estates

65 Krakatau Wijatama Steel manufacture

66 Pacific Agro Sentosa Plantations 1,000 67 Pegadaian Indonesia Finance

68 Pelita Cengkareng Paper Packaging manufacture

69 Perkebunan Nusantara III, IV and VII Plantations

70 Pertamina Drilling Services Indonesia Oil-related

71 Pertamina Hulu Energi Oil-related

72 Pertamina Gas Gas distribution 73 Pertamina Geothermal Energy Electricity

74 PLN Batam Electricity

75 Pos Indonesia Logistics

76 Pos Logistik Logistics

77 Puradelta Lestari Property 2,760

78 Semen Batam Cement 79 Siba Surya Logistics 500

80 Soechi Lines Trading

81 Sriboga Raturaya Restaurant 500

2014 total 31,886

Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today)

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Actual and upcoming rights issues, 2011-2013 No Code Ex-rights date Company name Industry Amount (IDRbn)

1 BMRI 01/26/11 Bank Mandiri Banks 11,684 2 AMRT 01/24/11 Sumber Alfaria Trijaya Retail 1,039

3 BBKP 01/20/11 Bank Bukopin Banks 1,066

4 PBRX 01/24/11 Pan Brothers Textile 433

5 EPMT 02/01/11 Enseval Putra Megatrading Pharmacy distribution 300

6 ABDA 04/28/11 Asuransi Bina Dana Arta Insurance 144

7 INDS 05/16/11 Indospring Automotive components 188

8 UNTR 06/03/11 United Tractors Heavy equipment 6,100

9 DOID 06/27/11 Delta Dunia Makmur Mining contracting 1,200

10 BVIC 06/27/11 Bank Victoria Banks 199

11 IMAS 07/01/11 Indomobil Sukses Internasional Automotive 2,770

12 KREN 07/08/11 Kresna Graha Securindo Financial 106

13 APIC 07/05/11 Pasific Strategic Financial Financial 286

14 LPPS 07/06/11 Lippo Securities Finance 206

15 BDMN 09/28/11 Bank Danamon Banks 4,998

16 AISA 10/02/11 Tiga Pilar Sejahtera Food Consumer 702

17 AMAG 10/04/11 Asuransi Multi Artha Guna Insurance 215

18 KIJA 10/14/11 Kawasan Industri Jababeka Construction 1,509

19 BEKS 10/21/11 Bank Pundi Indonesia Banks 500

20 CFIN 10/24/11 Clipan Finance Financing 469

21 PNLF 11/03/11 Panin Financial Financial 499

22 DKFT 12/02/11 Central Omega Resources Mining 984

23 PWON 12/09/11 Pakuwon Jati Property 1,304

24 PSAB 12/23/11 J Resources Asia Pasifik Trading 1,444

25 MDLN 12/23/11 Moderland Realty Property 802

26 MASA 12/28/11 Multistrada Arah Sarana Automotive components 1,500

2011 total 40,647 27 FREN 02/16/12 Smartfren Telecom Telecommunication 1,336

28 BSIM 06/25/12 Bank Sinarmas Banks 305

29 AMRT 03/12/12 Sumber Alfaria Trijaya Retail 1,030

30 KIAS 02/24/12 Keramika Indonesia Asosiasi Ceramics, Glass, Porcelain 863

31 RAJA 05/08/12 Rukun Raharja Energy 230

32 SUGI 05/11/12 Sugih Energy Energy 2,427

33 NISP 05/30/12 Bank OCBC NISP Banks 1,507

34 TRIO 06/26/12 Trikomsel Oke Retail 267

35 SMMT 06/26/12 Golden Eagle Energy Energy 410

36 ITTG 07/05/12 Leo Investments Financial 102

37 MCOR 07/06/12 Bank Windu Kentjana International Banks 105

38 SUPR 08/16/12 Solusi Tunas Pratama Towers 648

39 BEKS 09/07/12 Bank Pundi Indonesia Banks 300

40 MDRN 10/29/12 Modern International Retail 528

41 BBNT 11/19/12 Bank Tabungan Negara Banks 1,868

42 COWL 11/20/12 Cowell Development Construction 906

43 BNLI 11/30/12 Bank Permata Banks 1,996

44 INPC 11/30/12 Bank Arta Graha International Banks 501

45 MYOH 12/18/12 MYOH Technology Telecommunication 610

46 BIPP 12/10/12 Bhuwanatala Indah Permai Property 171

47 HOME 12/11/12 Hotel Mandarine Regency Property 103

48 CNKO 12/14/12 Exploitasi Energi Indonesia Coal 2,355

49 SRAJ 12/19/12 Sejahteraraya Anugrahjaya Shipping 1,439

50 INCF Amstelco Indonesia Financial 5,091

2012 total 25,098 51 CENT 02/01/13 Centrin Online Retail 685

52 TKGA 03/08/13 Toko Gunung Agung Retail 480

53 TRIM 04/08/13 Trimegah Securities Finance 276

54 AUTO 04/25/13 Astra Otoparts Misc. Industry 2,988

55 BBNP 05/13/13 Bank Nusantara Parahyangan Banking 296

56 DNET 06/03/13 Dyviacom Intrabumi Trade 7,000

57 BKSW 06/04/13 Bank QNB Kesawan Banking 649

58 KPIG 06/11/13 MNC Land Construction 2,443

59 HERO 06/14/13 Hero Supermarket Retail 2,980

60 INDS 07/01/13 Indospring Trade 357

61 JKON 07/02/13 Jaya Konstruksi Manggala Pratama Construction 457

62 AGRO 07/04/13 Bank Rakyat Indonesia Agroniaga Banking 450

63 BNII 07/05/13 Bank International Indonesia Banking 1,501

64 WEHA 07/08/13 Panorama Transportasi Infrastructure 75

65 INDX 07/08/13 Tanah Laut Infrastructure 69

66 BACA 08/07/13 Bank Capital Indonesia Banking 204

2013 total 20,910

Grand total 86,655 Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today)

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 10

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2013

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1H14 Results Round-ups to consensus Operating profit (IDRbn) Net profit (IDRbn)

No Company Ticker Actual Consensus (%) Comment Actual Consensus (%) Comment

1 ACE Hardware Indonesia ACES IJ 294 676 43.5 In Line 246 576 42.6 In Line 2 Adhi Karya ADHI IJ 129 1,043 12.3 Below 60 451 13.3 Below 3 Adi Sarana Armada ASSA IJ 96 na na Below 27 98 27.5 Below 4 Agung Podomoro Land APLN IJ 583 1,619 36.0 Below 355 959 37.0 Below 5 AKR Corporindo AKRA IJ 481 1,208 39.8 In Line 375 820 45.8 In Line

6 Alam Sutera Realty ASRI IJ 897 1,921 46.7 Below 515 1337 38.5 In Line

7 Astra Agro Lestari AALI IJ 1,924 4,084 47.1 In Line 1369 2852 48.0 Below 8 Astra International ASII IJ 9,920 20,620 48.1 Above 9638 20822 46.3 In Line 9 Austindo Nusantara Jaya* ANJT IJ 17 na na Above 6 na na Below 10 Bank Bukopin BBKP IJ 637 1,326 48.0 In Line 516 955 54.0 Above 11 Bank Central Asia BBCA IJ 9,777 19,366 50.5 In Line 7852 16176 48.5 In Line

12 Bank Danamon BDMN IJ 2,071 4,868 42.5 Below 1489 3526 42.2 Below

13 Bank Jabar Banten BJBR IJ 630 1,637 38.5 Below 478 1267 37.7 Below 14 Bank Jatim BJTM IJ 748 1,390 53.8 In Line 543 1043 52.1 Below 15 Bank Mandiri BMRI IJ 12,552 26,660 47.1 In Line 9585 20271 47.3 In Line 16 Bank Negara Indonesia BBNI IJ 6,058 12,426 48.8 In Line 4936 9923 49.7 In Line 17 Bank Rakyat Indonesia BBRI IJ 13,728 29,457 46.6 In Line 11744 23995 48.9 In Line

18 Bank Tabungan Negara BBTN IJ 743 2,030 36.6 Below 539 1499 36.0 Below

19 Bank Tabungan Pensiunan Negara BTPN IJ 1,357 3,002 45.2 In Line 996 2188 45.5 Below 20 Bekasi Fajar Industrial Estate BEST IJ 136 618 22.0 Below 125 620 20.2 Below 21 Bukit Asam PTBA IJ 1,331 2,278 58.4 Above 1156 1882 61.5 Above 22 Bumi Resources* BUMI IJ 111 230 48.2 Below (101) (146) 69.3 Below 23 Bumi Serpong Damai BSDE IJ 1,145 2,616 43.8 In Line 2565 2260 113.5 Above

24 Cardig Aero Service CASS IJ 161 369 43.7 Below 49 127 38.2 In Line

25 Charoen Pokphand Indonesia CPIN IJ 1,772 4,406 40.2 Below 1251 3204 39.0 Below 26 Ciputra Development CTRA IJ 953 2,083 45.7 Below 601 1193 50.3 Below 27 Ciputra Property CTRP IJ 250 416 60.0 Below 127 352 36.0 Below 28 Citra Marga Nusaphala Persada CMNP IJ 247 na na Below 205 464 44.3 Below 29 Erajaya Swasembada ERAA IJ 200 572 35.0 Below 126 361 34.8 Below

30 Express Transindo TAXI IJ 99 278 35.8 In Line 79 139 56.9 In Line

31 Gajah Tunggal GJTL IJ 519 1,410 36.8 Below 228 931 24.5 Below 32 Garuda Indonesia* GIAA IJ (390) 35 (1,123.9) Below (376) (27) 1388.0 Below 33 Gudang Garam GGRM IJ 4,073 8,518 47.8 Below 2713 5359 50.6 In Line 34 Harum Energy* HRUM IJ 18 55 33.4 Below 18 36 48.6 Below 35 Holcim Indonesia SMCB IJ 701 1,938 36.2 Below 449 1201 37.4 Below

36 Indocement Tunggal Prakarsa INTP IJ 2,701 6,697 40.3 Below 2509 5447 46.1 In Line

37 Indofood CBP ICBP IJ 1,647 3,165 52.0 In Line 1348 2496 54.0 In Line 38 Indofood Sukses Makmur INDF IJ 4,254 8,781 48.4 In Line 2137 4148 51.5 In Line 39 Indomobil Sukses International IMAS IJ 160 609 26.4 In Line 49 709 6.9 Below 40 Jasa Marga JSMR IJ 1,586 2,986 53.1 Above 812 1613 50.3 Above 41 Kalbe Farma KLBF IJ 1,328 2,995 44.4 Below 993 2239 44.3 Below

42 Lippo Cikarang LPCK IJ 447 800 56.0 In Line 403 734 54.9 In Line

43 Lippo Karawaci LPKR IJ 1,034 1,943 53.2 Above 673 1627 41.4 In Line 44 London Sumatra Indonesia LSIP IJ 641 1,341 47.8 In Line 471 1075 43.8 In Line 45 Malindo Feedmill MAIN IJ 147 507 29.0 Below 87 346 25.2 Below 46 Matahari Department Store LPPF IJ 707 2,172 32.6 In Line 362 1607 22.5 In Line 47 Mayora Indah MYOR IJ 626 1,400 44.8 In Line 304 813 37.4 In Line

48 Medco Energi* MEDC IJ 111 246 45.0 Below 9 21 41.0 Above

49 Media Nusantara Citra MNCN IJ 1,334 2,914 45.8 In Line 973 2097 46.4 In Line 50 Mitra Adiperkasa MAPI IJ 293 780 37.6 Below 100 334 30.0 Below 51 Nippon Indosari Corpindo ROTI IJ 134 307 43.7 Below 127 206 61.7 Above 52 Pakuwon Jati PWON IJ 1,032 1,941 53.2 Above 906 1503 60.3 Above 53 Pembangunan Perumahan PTPP IJ 373 1,388 26.8 Below 146 535 27.4 Below

54 Ramayana Lestari Sentosa RALS IJ 74 448 16.6 Below 103 443 23.2 Below

55 Salim Ivomas Pratama SIMP IJ 1,262 2,595 48.6 Above 498 1088 45.7 In Line 56 Sampoerna Agro SGRO IJ 302 540 55.9 Above 186 320 58.1 Above 57 Semen Baturaja SMBR IJ 66 360 18.2 Below 88 368 23.9 In Line 58 Semen Indonesia SMGR IJ 3,563 7,760 45.9 In Line 2740 5873 46.6 Above 59 Sido Muncul SIDO IJ 242 589 41.1 Below 353 461 76.7 In Line

60 Summarecon Agung SMRA IJ 695 1,491 46.6 In Line 542 1143 47.4 In Line

61 Supermarket HERO HERO IJ 5 na na Below 95 na na Below 62 Supra Boga Lestari RANC IJ 6 25 23.1 Below 10 42 22.6 Below 63 Surya Citra Media SCMA IJ 1,074 2,268 47.4 In Line 813 1718 47.3 In Line 64 Surya Semesta Internusa SSIA IJ 308 770 40.0 Below 190 594 32.0 Below 65 Telekomunikasi Indonesia TLKM IJ 14,165 29,104 48.7 In Line 7403 15528 47.7 In Line

66 Tempo Scan Pacific TSPC IJ 449 na na Below 414 688 60.2 Below

67 Timah TINS IJ 360 944 38.1 In Line 203 671 30.2 In Line 68 Total Bangun Persada TOTL IJ 90 191 47.1 Below 78 177 43.9 Above 69 Unilever Indonesia UNVR IJ 3,841 7,867 48.8 Below 2848 5824 48.9 Below 70 United Tractors UNTR IJ 4,287 7,847 54.6 In Line 3324 5793 57.4 In Line 71 Vale Indonesia* INCO IJ 118 241 49.0 Above 68 176 38.5 In Line

72 Waskita Karya WSKT IJ 181 779 23.2 Below 61 421 14.4 In Line

73 Wijaya Karya WIKA IJ 584 1,344 43.5 In Line 283 695 40.6 Below 74 Wijaya Karya Beton WTON IJ 221 422 52.4 Above 172 302 57.0 Above

Source: Bloomberg, Company, Bahana estimates *In USDm

PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 11

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Harry Suharry.su@bahana.co.id

Senior Associate DirectorHead of Equities & Research

Strategy, Consumer

ext 3600direct: +62 21 250 5735

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

Teguh Hartanto

teguh.hartanto@bahana.co.idAssociate Director

Deputy Head of Research

Banks, Cement, Aviationext 3610

Leonardo Henry Gavaza, CFA

leonardo@bahana.co.idSenior Research Manager

Auto, Plantations, Heavy equipment, Telcoext 3608

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arga@bahana.co.idEconomistext 3602

Chandra Widjanarka

chandra.widjanarka@bahana.co.idTechnical Analyst

ext 1252

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Construction, Toll Roads, Steel, Oil and Gas

ext 3615

+62 21 250 5508 (Domestic Institutional)

Ashish Agrawal

ashish@bahana.co.idVice President

Institutional Equity Salesext 2550 / 2553

Reynard Poernawan

reynard@bahana.co.idInstitutional Equity Sales

ext 2528

John M. Dasaad

dasaad@bahana.co.idEquity Sales

ext 2549

Yohanes Adhi Handoko

yohanes@bahana.co.idManager, Surabaya Branch

ext 7250

Suwardi Widjaja

Suwardi@bahana.co.idEquity Sales

ext 2548

Ricardo Silaen, CFA

ricardo@bahana.co.idVice President

Institutional Equity Salesext 2524

+62 31 535 2788 (Surabaya Branch)

Amelia Husada

amelia@bahana.co.idVice President

Institutional Equity Salesext 2552

Zefanya Angeline Halim

zefanya@bahana.co.idCorporate Access & Client Relations

ext 3612

Wendy Chandrawendy.chandra@bahana.co.id

Research AnalystConsumer, Media

ext 3606

Nurul Farida

nurul@bahana.co.idEquity Sales

ext 2543

Research: +62 21 250 5081

Adrian Mahendra Putra

adrian@bahana.co.idResearch AssociateIndustrial Estate

ext 3614

Nuriah Sari

sari@bahana.co.idResearch Executive

ext 3001

Hanna Marionda

hanna@bahana.co.idSales Trader

ext 2525

Adriana Kosasih

adri@bahana.co.idSales Executive

ext 2541

Ari Santosa

ari.santosa@bahana.co.idSales Trader

ext 2554

Made Ayu Wijayati

made.ayu@bahana.co.idResearch Executive

ext 3607

Adi Saputra

adi.saputra@bahana.co.idResearch Associate

ext 3693

William Tong

william@bahana.co.idResearch Associate

ext 3604

Robin Sutanto

robin@bahana.co.idResearch Associate

Propertyext 3620

Agustinus Reza Kirana

agustinus.reza@bahana.co.idResearch Associate

Transportationext 3616

Michael W Setjoadi michael@bahana.co.id

Research AnalystConsumer, Poultry

ext 3613

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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. and Daiwa Securities Group Inc.

Daiwa Securities Co. Ltd. is a subsidiary of Daiwa Securities Group Inc.

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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); China Everbright Bank Company Limited (6818 HK); econtext Asia Ltd (1390 HK); Lotte Shopping Co (023530 KS); Rexlot Holdings Ltd (555 HK); Neo Solar Power Corp (3576 TT); Accordia Golf Trust (AGT SP).

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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: PT Telekomunikasi Indonesia (Persero) Tbk (TLKM IJ); Garuda Indonesia (Persero) (GIAA IJ); Wijaya Karya Beton Tbk PT (WTON IJ).

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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.

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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

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contents of and/or omissions from this document. Consequently DAIWA expressly disclaims any and all liability for, or based on or relating to any such information contained in or errors in or omissions in this report. Accordingly, you are recommended to seek your own legal, tax or other advice and should rely solely on your own judgment, review and analysis, in evaluating the information in this document. The data contained in this document is subject to change without any prior notice DAIWA reserves its right to modify this report as maybe required from time to time. DAIWA is committed to providing independent recommendations to its Clients and would be happy to provide any information in response to any query from its Clients. This report is strictly confidential and is being furnished to you solely for your information. The information contained in this document should not be reproduced (in whole or in part) or redistributed in any form to any other person. We and our group companies, affiliates, officers, directors and employees may from time to time, have long or short positions, in and buy sell the securities thereof, of company(ies) mentioned herein or be engaged in any other transactions involving such securities and earn brokerage or other compensation or act as advisor or have the potential conflict of interest with respect to any recommendation and related information or opinion. DAIWA prohibits its analyst and their family members from maintaining a financial interest in the securities or derivatives of any companies that the analyst cover. This report is not intended or directed for distribution to ,or use by any person, citizen or entity which is resident or located in any state or country or jurisdiction where such publication, distribution or use would be contrary to any statutory legislation, or regulation which would require DAIWA and its affiliates/ group companies to any registration or licensing requirements. The views expressed in the report accurately reflect the analyst’s personal views about the securities and issuers that are subject of the Report, and that no part of the analyst’s compensation was, is or will be directly or indirectly, related to the recommendations or views expressed in the Report. This report does not recommend to US recipients the use of Daiwa Capital Markets India Private Limited or any of its non – US affiliates to effect trades in any securities and is not supplied with any understanding that US recipients will direct commission business to Daiwa Capital Markets India Private Limited.

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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.

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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,

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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

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Investment Banking Relationships

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DCMA Market Making For “DCMA Market Making” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .

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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.

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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.

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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.

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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.

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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

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For derivative and margin transactions etc., we may require collateral or margin requirements in accordance with an agreement made beforehand with

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