DAILY UPDATE October 29, 2021

MACROECONOMIC NEWS

US Economy – The United States economy grew at a slower pace

in the three months ending September, as a wave of COVID-19

cases, supply chain bottlenecks, surging inflation and ebbing

federal financial lifelines downshifted the pace of the nation’s

economic recovery. US GDP grew 2% in the third quarter from

the same period a year ago, the US Department of Commerce

said. Personal consumption grew a scant 1.6% on an annualised

basis in the third quarter, compared with 12% in the second

quarter. Durable goods consumption fell by a massive 26.2% in

the third quarter, after climbing 11.6% in the second quarter.

ECB – European Central Bank President Christine Lagarde

acknowledged that inflation will be high for even longer but

pushed back against market bets that price pressures would

trigger an interest rate hike as soon as next year. With central

banks around the world signalling tighter policy amid rising

prices, Lagarde said the ECB had done much "soul-searching"

over its stance but concluded that inflation was still temporary,

so a policy response would be premature. With Thursday's

decision, the ECB will continue buying bonds at a pace

"moderately" slower than in the preceding two quarters and will

keep its benchmark rate at minus 0.50%

CORPORATE NEWS

WSKT – PT Waskita Karya has obtained a total of IDR 8.07 trillion

worth of loan facility from three SOE banks, which are, PT Bank

Mandiri (BMRI), PT Bank Negara Indonesia (BBNI), and PT Bank

Rakyat Indonesia (BBRI). The loan facility will be utilized to fund

projects and also for working capital.

EXCL – Axiata Investments has sold 533.41 million shares of PT XL

Axiata to Ferrymount Investments Limited (or eqv. To 4.97% of

issued and paid-up capital). The transaction value reached IDR

1.44 trillion.

PSSI – PT Pelita Samudera Shipping has recorded USD 75.3

million revenue and USD 15.4 million net income in 9M 2021,

rose by 47% yoy and 193% yoy, respectively.

PT. Panin Asset Management JSX Building Tower II, 11th Floor Jl. Jend. Sudirman Kav. 52-53 , Jakarta 12190 T : (021) 515-0595 , F : (021) 515-0601

Commodities Last Price Chg %Chg

Oil NYMEX 82.95 1.7 2.1

Oil Brent 84.5 1.39 1.7

Coal Newcastle 223.7 0.35 0.2

Nickel 19574 162 0.8

Tin 35858 468 1.3

Gold 1798.5 3.2 0.2

CPO Rott 1221.3 -1.25 -0.1

CPO Malay 4929 -37 -0.7

Indo Gov. Bond Yields Last Yield Chg %Chg

1 year 3.112 0.00 0.13

3 year 4.24 -0.01 -0.14

5 year 4.936 0.02 0.31

10 year 6.033 0.00 0.00

15 year 6.292 0.00 0.05

30 year 6.829 0.00 -0.06

Currency

Closing Last Trade

US$ - IDR 14173 14173

US$ - Yen 113.58 113.55

Euro - US$ 1.1681 1.17

US$ - SG$ 1.3446 1.3447

Equity Markets

Closing % Change

Dow Jones 35730 0.68

NASDAQ 15448 1.39

S&P 500 4596 0.98

MSCI excl. Jap 818 -0.46

Nikkei 28539 -0.97

Shanghai Comp 3518 -1.23

Hang Seng 25467 -0.35

STI 3215 0.35

JCI 6524 -1.18

Indo ETF (IDX) 20 -0.39

Indo ETF (EIDO) 24 -0.21

CORPORATE NEWS – cont’d

BMRI – PT Bank Mandiri reported 3Q 2021 financial results:

BMRI (IDR Bn) 9M 2020 9M 2021 YoY Q3 2020 Q2 2021 Q3 2021 YoY QoQ

Net Interest Income 42,160 53,316 26.5% 13,224 17,671 18,159 37.3% 2.8% Non-Interest Income 20,869 25,219 20.8% 6,381 8,804 8,260 29.5% -6.2% Other Operating Expense 44,072 51,142 16.0% 14,551 17,181 17,038 17.1% -0.8% Operating Profit 18,957 27,393 44.5% 5,054 9,295 9,381 85.6% 0.9% PPOP 34,410 43,389 26.1% 10,309 14,560 14,922 44.7% 2.5% Net Income 14,028 19,229 37.1% 3,735 6,583 6,728 80.1% 2.2% EPS (IDR) (Diluted) 301 412 37.1% 80 141 144 80.1% 2.2%

CAR 19.8% 19.4% -0.4% 19.8% 18.9% 19.4% -0.4% 0.5%

NIM 4.5% 4.7% 0.2% 4.5% 4.6% 4.7% 0.2% 0.0%

ROE 11.6% 15.1% 3.5% 11.6% 15.1% 15.1% 3.5% 0.0%

ROA 2.0% 2.4% 0.5% 2.0% 2.4% 2.4% 0.5% 0.0%

NPL (Gross) 3.5% 3.1% -0.4% 3.5% 3.2% 3.1% -0.4% -0.1%

NPL (Net) 0.6% 0.4% -0.2% 0.6% 0.5% 0.4% -0.2% -0.1%

LDR 83.0% 83.3% 0.3% 83.0% 86.0% 83.3% 0.3% -2.7%

Cov Ratio 205.0% 230.0% 25.0% 205.0% 222.0% 230.0% 25.0% 8.0%

SILO – PT Siloam International Hospitals reported 3Q 2021 financial results:

SILO (IDR Bn) 9M 2020 9M 2021 YoY Q3 2020 Q2 2021 Q3 2021 YoY QoQ

Revenue 4014 5889 46.7% 1501 1899 2077 38.4% 9.4%

Gross Profit 1577 2766 75.4% 620 881 978 57.6% 11.0%

Operating Profit 242 1009 317.1% 191 305 373 95.4% 22.2%

EBITDA 797 1703 113.6% 376 536 603 60.2% 12.4%

Pretax Earnings 52 798 1435.5% 129 227 328 154.7% 44.7%

Net Income -49 532 81 159 229 182.2% 44.4%

EPS (IDR) -30.0 327.2 50.0 97.7 141.0 182.2% 44.4%

Gross Profit Margin 39.3% 47.0% 7.7% 41.3% 46.4% 47.1% 5.7% 0.7%

Operating Profit Margin 6.0% 17.1% 11.1% 12.7% 16.1% 17.9% 5.2% 1.9%

EBITDA Margin 19.9% 28.9% 9.1% 25.1% 28.2% 29.0% 3.9% 0.8%

Net Profit Margin -1.2% 9.0% 10.2% 5.4% 8.4% 11.0% 5.6% 2.7%

BNGA – PT Bank CIMB Niaga reported 3Q 2021 financial results:

BNGA (IDR Bn) 9M 2020 9M 2021 YoY Q3 2020 Q2 2021 Q3 2021 YoY QoQ

Net Interest Income 9,258 9,888 6.8% 3,056 3,269 3,350 9.6% 2.5% Non-Interest Income 3,024 3,437 13.7% 601 1,189 948 57.7% -20.3% Other Operating Expense 9,741 9,287 -4.7% 3,302 2,958 3,001 -9.1% 1.5% Operating Profit 2,541 4,039 58.9% 355 1,501 1,297 265.5% -13.6% PPOP 6,162 7,101 15.2% 1,955 2,386 2,223 13.7% -6.8% Net Income 1,864 3,150 69.0% 120 1,137 1,018 751.2% -10.4% EPS (IDR) (Diluted) 75 126 69.0% 5 46 41 751.2% -10.4%

CAR 20.9% 22.6% 1.8% 20.9% 22.1% 22.6% 1.8% 0.6%

NIM 4.9% 5.0% 0.1% 4.9% 5.1% 5.0% 0.1% -0.1%

ROE 6.6% 10.8% 4.2% 6.6% 11.2% 10.8% 4.2% -0.3%

ROA 1.3% 2.0% 0.7% 1.3% 2.1% 2.0% 0.7% -0.1%

NPL (Gross) 3.7% 3.4% -0.3% 3.7% 3.2% 3.4% -0.3% 0.1%

NPL (Net) 1.5% 1.1% -0.4% 1.5% 1.3% 1.1% -0.4% -0.2%

LDR 82.3% 76.7% -5.7% 82.3% 78.4% 76.7% -5.7% -1.7%

Cov Ratio 163.4% 217.2% 53.8% 163.4% 223.5% 217.2% 53.8% -6.3%

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