Equity SNAPSHOT Wednesday, May 29, 2019

Danareksa Sekuritas – Equity SNAPSHOT

FROM EQUITY RESEARCH

Bank Negara Indonesia: Sufficient provisions

(BBNI IJ.IDR 8,150.BUY TP. IDR 10,500)

We maintain our BUY call on BBNI with an unchanged TP of IDR10,500 post the release of its weak 4M19 results with IDR4.2tn

of net profits. Yesterday, BBNI’s share price dropped 6.3% as credit costs rose to 181bps. Concerning KRAS’ IDR5.5tn loan, BBNI has

already increased the coverage ratio to 15% from 10%. However, we expect no major provisions going forward. We already assume

higher provisions of IDR8.8tn this year due to slower GDP growth

and a flat policy rate that may impact deterioration in assets quality. To see the full version of this report, please click here

May 2019 Inflation Outlook: Pressures to Heighten

The prices of goods sold by wholesalers ticked up further in April.

Year-to-date, the wholesale prices of domestic goods and imports is up by 0.2% and 1.3% respectively. For manufacturing and mining

sectors, the WPI is 0.5% and 2.6% higher ytd, respectively. For May 2019, we predict that inflationary pressures will be higher than in

the previous month, reaching 0.64 percent MoM in May 2019, translating into YoY inflation of 3.27 percent.

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

May Results: Edges Lower but Remains at a Relatively High

Level Consumers are less upbeat on the outlook for economic and local

business conditions as well as family incomes over the next 6

months. However, 67.6 percent of respondents believe that their job security will improve over the next six months. The Consumer

Confidence Index (CCI) dipped 0.7% mom in May 2019 to 103.1, yet still a relatively high level in the history of the survey. Most

consumers expect heightened inflationary pressures, interest rate hike, and less pessimistic on the outlook for the rupiah in the next 6

months.

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

MARKET NEWS

MACROECONOMY ▪ Government: 2Q19 economic growth may surpass 5.1%

SECTOR

▪ Construction: New contracts of 4 SOE contractors in 4M19 ▪ Retail: Pegatron to invest USD 695mn – 1bn in Batam

CORPORATE ▪ Telkom approves its BoD and BoC boards

PREVIOUS REPORT

▪ Alam Sutra Realty: Weak recognition from property development

▪ Ramayana Lestari Sentosa: Breaking the Old Mould ▪ United Tractors: Weak Komatsu volume in Apr 2019

▪ Strategy: Health Check

▪ Tower Bersama Group: 1Q19 in-line with prospective 2019

KEY INDEX

Close

Chg Ytd Vol

(%) (%) (US$ m)

Asean - 5

Indonesia 6.033 (1,1) (2,6) 1.022

Thailand 1.632 0,4 4,4 6.432

Philippines 7.761 0,5 4,0 334

Malaysia 1.615 0,8 (4,5) 304

Singapore 3.165 (0,2) 3,1 1.227

Regional

China 2.910 0,6 16,7 37.557

Hong Kong 27.391 0,4 6,0 16.135

Japan 21.051 (1,0) 5,2 993

Korea 2.028 (1,0) (0,6) 6.791

Taiwan 10.312 (0,2) 6,0 4.852

India 39.750 0,2 10,2 407

NASDAQ 7.607 (0,4) 14,7 119.344

Dow Jones 25.348 (0,9) 8,7 17.710

CURRENCY AND INTEREST RATE

Rate

w-w m-m ytd

(%) (%) (%)

Rupiah Rp/1US$ 14.375 0,7 (1,2) 0,1

BI7DRRR % 6,00 - - -

10y Gov Indo bond 7,97 (0,1) 0,2 (0,1)

HARD COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Coal US$/ton 83 (0,4) (2,2) (18,4)

Gold US$/toz 1.281 0,2 0,1 (0,1)

Nickel US$/mt.ton 12.099 (2,0) (2,1) 14,1

Tin US$/mt.ton 19.459 (0,7) (2,9) (0,3)

SOFT COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Cocoa US$/mt.ton 2.375 1,2 6,3 0,4

Corn US$/mt.ton 151 4,1 17,1 13,3

Oil (WTI) US$/barrel 59 (0,6) (7,4) 29,4

Oil (Brent) US$/barrel 70 (0,2) (2,9) 30,0

Palm oil MYR/mt.ton 1.950 1,1 (2,1) (0,2)

Rubber USd/kg 155 (0,3) 2,9 24,3

Pulp US$/tonne 1.205 N/A 2,8 20,5

Coffee US$/60kgbag 69 0,3 0,5 (5,4)

Sugar US$/MT 326 0,4 (4,2) (2,1)

Wheat US$/ton 141 2,9 19,4 0,2

Soy Oil US$/lb 27 0,7 (1,4) (0,2)

Soy Bean US$/by 878 2,5 3,5 (0,6)

Source: Bloomberg

www.danareksa.com See important disclosure at the back of this report 1

Equity Research Company Update

Wednesday,29 May 2019

Bank Negara Indonesia (BBNI IJ) BUY

Maintain Sufficient provisions

We maintain our BUY call on BBNI with an unchanged TP of IDR10,500 post the release of its weak 4M19 results with IDR4.2tn of net profits. Yesterday, BBNI’s share price dropped 6.3% as credit costs rose to 181bps. Concerning KRAS’ IDR5.5tn loan, BBNI has already increased the coverage ratio to 15% from 10%. However, we expect no major provisions going forward. We already assume higher provisions of IDR8.8tn this year due to slower GDP growth and a flat policy rate that may impact deterioration in assets quality. Weak 4M19 results. BBNI posted weak 4M19 results with 5% lower net profits of IDR4.2tn on the back of higher provisions. Additional provisions of IDR1.3tn in April 2019 only (181bps credit costs) were mainly contributed by the corporate segment amounting to IDR580bn (including KRAS of ~IDR275bn), the medium segment (IDR510bn) and the small and consumer segments (IDR222bn). NIM declined by ~40bps to 5% owing to a higher blended CoF with stable asset yields based on our calculation. Possible downgrade on KRAS and BWPT? Recent discussions with the bank highlighted that BWPT’s status is still under collectibility 1 status with total outstanding loans of IDR2.9tn and coverage on collateral at 165.9% as of March 2019. Additionally, Krakatau Steel (KRAS) is another corporate borrower that many investors believe could be dowgraded to NPL status given that the company still posted net losses of IDR261bn in 1Q19. Nonetheless, BBNI views that the restructuring process should be an attainable goal in the near term involving 16 other banks, including BMRI and BBRI with IDR8tn and IDR2.5tn of outstanding loans as of March 2019, respectively. Ample provisions of IDR8.8tn this year. We already expect higher provisions of IDR8.8tn this year due to slower GDP growth and a flat policy rate at 6.0%. With IDR3tn of provisions in 4M19, we view that our provisions already provide an ample buffer for more provisions on KRAS and BWPT. Coverage on KRAS and BWPT currently stands at 15% and 1% as both companies are still under collectibility 1 status. Our sensitivity analysis suggests for every 10bps increase in our base case provisions, the net profits should decline by 2.6%. Maintain BUY; TP of IDR10,500. We maintain our BUY call on BBNI with an unchanged GGM-derived TP of IDR10,500 (implying 1.6x 2019F P/BV) assuming a 10.2% CoE, 14.6% sustainable ROAE and 3% long-term growth. BBNI is one of our top picks in our banking universe.

Last price (IDR) 8,150

Target Price (IDR) 10,500

Upside/Downside +28.8%

Previous Target Price (IDR) 10,500

Stock Statistics

Sector Banking

Bloomberg Ticker BBNI IJ

No of Shrs (mn) 18,649

Mkt. Cap (IDRbn/USDmn) 151,987/10,573

Avg. daily T/O (IDRbn/USDmn) 194.9/13.6

Major shareholders (%)

Government of Indonesia 60.0

Estimated free float 41.2

EPS Consensus (IDR)

2019F 2020F 2021F

Danareksa 908.2 1,032.6 1,168.2

Consensus 920.5 1,059.5 1,188.6

Danareksa/Cons (1.3) (2.5) (1.7)

BBNI relative to JCI Index

Source : Bloomberg

Eka Savitri

(62-21) 2955 5888 ext 3506

eka.savitri@danareksa.co.id

Key Financials

Year to 31 Dec 2017A 2018A 2019F 2020F 2021F

PPOP (IDRbn) 24,349 26,988 30,016 34,394 38,250

Net profit (IDRbn) 13,616 15,015 16,937 19,256 21,785

EPS (IDR) 730.2 805.2 908.2 1,032.6 1,168.2

EPS growth (%) 20.1 10.3 12.8 13.7 13.1

BVPS (IDR) 5,286.8 5,795.4 6,522.0 7,348.1 8,282.6

PER (x) 11.2 10.1 9.0 7.9 7.0

PBV (x) 1.5 1.4 1.2 1.1 1.0

Dividend yield (%) 3.1 2.0 2.2 2.5 2.9

ROAE (%) 14.7 14.5 14.7 14.9 14.9

Source : BBNI, Danareksa Estimates

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Consumer Confidence

Equity SNAPSHOT Wednesday, May 29, 2019

Danareksa Sekuritas – Equity SNAPSHOT

MACROECONOMY Government: 2Q19 economic growth may surpass 5.1%

The Ministry of National Development (Bappenas) is optimistic of brisker economic growth in 2Q19 due to seasonality. The consumer sector will still drive growth in 2Q19 as holiday allowances have been distributed.

According to the Indonesian Statistics Bureau (BPS), 1Q19 economic growth reached 5.07%, or higher than 1Q18’s figure of 5.06% largely due to consumption and manufacturing growth, but 0.52% lower compared to 4Q18. The

government also believes that the recent street demonstrations on 22 May will not significantly affect the national

economy. The Ministry of Finance expects that in 2Q19, production from manufacturing, trade, the financial sector, and transportation will support rising demand. (Investor Daily)

SECTOR

Construction: New contracts of 4 SOE contractors in 4M19

Among the 4 SOE contractors, WIKA booked the highest new contracts as of Apr19 of IDR10.95tn or 17.7% of its full year target of IDR61.7tn. By achievement, however, PTPP booked the highest realization rate at 21.4% of the

target as of Apr19 from the target of IDR50.3tn. This translates into IDR10.75tn of new contracts. Meanwhile, ADHI’s new contracts as of Apr19 reached IDR3.9tn, 11.1% of the full year target of IDR35.0tn and WSKT booked

IDR5.9tn of new contracts or 10.5% of its full year target of IDR55.8tn. (Bisnis Indonesia)

Retail: Pegatron to invest USD 695mn – 1bn in Batam

Pegatron, a Taiwanese company, plans to build a chip manufacturing plant, specializing in chips for Apple smartphones in Batam. Pegatron has signed a letter of intent with PT Sat Nusapersada (PTSN). The plant will

likely be located in the Batamindo Industrial Park. In the near future, this plant is expected to produce Macbook components. This business may provide exports of USD600mn/year. Previously Pegatron and PTSN exported

broadband and smarthome routers to the US. (Investor Daily)

CORPORATE

Telkom approves its BoD and BoC boards The new board approved at the AGMS comprises:

a) Ririek Adriansyah; President Director, the current PresDir of Telkomsel replacing Mr Sinaga whose term ended

b) Harry Mozarta Zen Director of Finance – remained c) Siti Choiriana, Director of Consumer Services - remained,

d) Bogi Witjaksono, Director of Enterprises & Business Services – coming from the group replacing Mr Rachmanwan whose term ended

e) Zulhelfi Abidin, Director of Network & IT Solutions – remained f) Edwin Aristiawan Director of Wholesale & International Services – previously EVP in the group replacing Mr

Somad Arief whose term ended

g) Edi Witjara, Director of Human Capital Management – coming from TelkomMetra, replacing Mr Harman whose term ended

We see a reorganization of functional disciplines in Telkom. There are two new units: a) Digital Business that will be led by the new Director Faizal Rochmad Djoemadi – previously a director at Telin and b) Strategic Portfolio that

will be led by a new director coming from the group. The previous unit Digital and Strategic Portfolio and its

Director Mr. David Bangun (whose term was intended to end in 2022) are thus replaced.

MARKET NEWS

Equity SNAPSHOT Wednesday, May 29, 2019

Danareksa Sekuritas – Equity SNAPSHOT

The new BOD:

Ms Saparini Pres. Commissioner and Ms Pamijati Independent Commissioner and Mr Firmansyah Commissioner are dismissed to be replaced by a) Mr Rhenald Kasali - as President Commissioner and concurrently as

Independent Commissioner b) Mr Marsudi Wahyu Kisworo - as Independent Commissioner c) Mr Ismail - as Commissioner and d) Mr Marcelino Pandin - as Commissioner.

Telkom also approved total dividends payout of Rp164/sh for FY18 earnings. The investors who are entitled to receive Cash Dividends and Special Dividends are those shareholders whose names are recorded in the Company’s

Shareholders on June 13, 2019.

Danareksa Sekuritas – Equity SNAPSHOT

DANAREKSA VALUATION

Equity SNAPSHOT Wednesday, May 29, 2019

Rating Price (Rp) Price Mkt Cap

Target Rp Bn 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019

Danareksa Universe 3.845.587 214.144 237.219 238,6 264,3 25,8% 10,8% 18,0 16,2 18,5 17,0 3,3 2,9 19,0 19,1

Auto 286.421 19.727 21.517 396,7 432,7 4,5% 9,1% 14,5 13,3 10,9 9,9 2,1 2,0 15,3 15,4

Astra International BUY 7.075 9.500 286.421 19.727 21.517 487 532 488 522 4,5% 9,1% 14,5 13,3 10,9 9,9 2,1 2,0 15,3 15,4

Banks 1.286.020 69.238 76.989 688,5 765,6 14,3% 11,2% 18,6 16,7 2,8 2,5 15,7 15,6

BCA HOLD 28.675 28.000 706.982 26.269 29.738 1.065 1.206 1.065 1.206 12,6% 13,2% 26,9 23,8 N/A N/A 4,6 3,9 18,5 17,9

BNI BUY 8.150 10.500 151.987 15.015 16.763 805 899 805 899 10,3% 11,6% 10,1 9,1 N/A N/A 1,4 1,3 14,5 14,6

Bank Tabungan Negara BUY 2.400 3.000 25.416 3.490 3.794 330 358 330 358 15,4% 8,5% 7,3 6,7 N/A N/A 1,0 0,9 15,1 14,6

Bank Mandiri BUY 7.375 8.700 344.167 24.463 26.694 524 572 524 572 18,5% 9,1% 14,1 12,9 N/A N/A 1,9 1,8 14,1 14,2

BTPN HOLD 3.500 3.800 28.516 1.723 2.011 300 350 300 350 41,1% 16,7% 11,7 10,0 N/A N/A 1,6 1,5 10,1 10,9

BTPS BUY 2.610 3.100 20.107 965 1.197 130 155 130 155 34,3% 19,7% 20,1 16,8 N/A N/A 5,0 3,9 30,9 26,1

BPD Jatim BUY 590 850 8.846 1.259 1.350 84 90 84 90 8,6% 6,7% 7,0 6,6 N/A N/A 1,1 1,0 15,5 15,5

Cigarettes 523.477 21.749 24.066 184 204 6,5% 10,7% 24,1 21,8 16,5 15,0 6,3 5,7 27,2 27,5

Gudang Garam BUY 76.800 101.000 147.770 8.282 9.133 4.304 4.747 4.304 4.747 6,8% 10,3% 17,8 16,2 11,5 10,5 3,1 2,7 18,3 17,7

HM Sampoerna BUY 3.230 4.200 375.707 13.468 14.933 116 128 116 128 6,3% 10,9% 27,9 25,2 20,5 18,3 10,7 10,2 38,9 41,5

Construction 114.662 11.919 14.048 160 188 12,5% 17,9% 9,6 8,2 7,8 7,03 1,5 1,3 16,1 16,5

Wijaya Karya BUY 2.200 2.200 19.734 1.588 2.108 177 235 177 235 32,0% 32,7% 12,4 9,4 5,2 4,1 1,4 1,3 11,9 14,2

Pembangunan Perumahan BUY 1.880 2.700 11.656 1.741 2.140 281 345 281 345 19,8% 22,9% 6,7 5,4 3,7 3,1 0,9 0,8 14,2 15,2

Adhi Karya BUY 1.405 2.150 5.003 753 920 212 258 212 258 46,1% 22,2% 6,6 5,4 5,5 4,9 0,7 0,6 11,6 11,6

Waskita Karya BUY 1.795 2.400 24.365 4.369 5.038 322 371 322 371 13,3% 15,3% 5,6 4,8 7,5 6,6 1,4 1,1 27,6 25,5

Waskita Beton BUY 398 600 10.492 1.302 1.524 53 62 53 62 37,5% 17,0% 7,5 6,4 6,3 5,6 1,3 1,2 17,2 18,4

Wika Beton BUY 505 480 4.401 423 493 51 59 51 59 25,5% 16,6% 10,0 8,5 6,1 5,4 1,4 1,3 14,5 15,2

Jasa Marga BUY 5.375 5.400 39.011 1.742 1.825 240 251 240 251 -20,8% 4,8% 22,4 21,4 14,2 14,4 2,4 2,2 11,1 10,8

Consumer 629.013 18.181 19.952 272 298 9,0% 9,7% 34,6 31,5 19,5 17,9 8,8 8,0 26,6 26,6

Indofood CBP HOLD 9.725 11.000 113.412 4.175 4.466 358 383 358 383 10,0% 7,0% 27,2 25,4 16,1 15,2 5,2 4,7 20,2 19,4

Indofood BUY 6.400 8.200 56.195 4.493 4.968 512 566 510 548 7,8% 10,6% 12,5 11,3 5,8 5,4 1,7 1,5 13,9 14,2

Unilever SELL 42.500 38.900 324.275 7.673 8.484 1.006 1.112 1.006 1.112 9,5% 10,6% 42,3 38,2 29,6 26,7 58,4 54,0 143,0 146,8

Kino Indonesia HOLD 2.590 2.800 3.700 93 142 65 99 65 99 -16,1% 53,3% 39,9 26,0 16,7 12,5 1,8 1,7 4,5 6,6

Mayora Indah HOLD 2.540 2.730 56.791 1.747 1.892 78 85 76 85 9,5% 8,3% 32,5 30,0 17,7 16,2 6,8 5,9 22,4 21,0

Sido Muncul BUY 940 1.000 14.100 680 805 46 54 46 54 27,5% 18,3% 20,6 17,4 17,9 14,9 4,6 4,4 23,0 25,8

Healthcare 82.578 2.806 3.083 102 121 -7,0% 18,5% 29,4 26,8 18,7 16,8 4,7 4,2 16,8 16,6

Kalbe Farma HOLD 1.360 1.400 63.750 2.538 2.733 54 58 54 58 5,6% 7,7% 25,1 23,3 15,8 14,6 4,3 3,8 18,0 17,4

Kimia Farma SELL 3.390 2.310 18.828 268 350 48 63 48 63 -18,0% 30,8% 70,3 53,7 39,6 28,1 6,9 6,2 10,2 12,2

Heavy Equipment 90.642 8.783 9.714 2.355 2.604 18,6% 10,6% 10,3 9,3 4,2 3,6 1,8 1,6 18,9 18,6

United Tractors BUY 24.300 43.000 90.642 8.783 9.714 2.355 2.604 2.355 2.604 18,6% 10,6% 10,3 9,3 4,2 3,6 1,8 1,6 18,9 18,6

Industrial Estate 16.940 1.052 1.237 17 20 -54,6% 17,6% 16,1 13,7 10,4 9,3 1,1 1,1 7,0 7,9

Puradelta Lestari BUY 246 240 11.857 645 594 13 12 13 12 -1,8% -7,9% 18,4 19,9 15,9 16,8 1,6 1,6 9,1 8,1

Bekasi Fajar BUY 244 300 2.354 498 581 52 60 52 60 3,0% 16,6% 4,7 4,1 5,2 4,7 0,5 0,5 12,2 12,7

Surya Semesta HOLD 580 540 2.729 (91) 62 (19) 13 (19) 13 -107,7% 168,5% (30,0) 43,8 9,4 6,6 0,7 0,7 (2,4) 1,7

Media 39.232 3.551 3.919 123 136 27,5% 10,4% 11,0 10,0 7,2 6,5 2,6 2,3 25,5 24,5

Media Nusantara Citra BUY 1.135 1.450 16.203 1.960 2.158 137 151 137 151 34,9% 10,1% 8,3 7,5 5,5 5,0 1,6 1,4 20,3 19,7

Surya Citra Media BUY 1.575 2.350 23.029 1.591 1.761 107 119 107 119 19,5% 10,7% 14,7 13,2 9,7 8,6 5,0 4,2 37,4 35,0

Mining 150.619 18.825 19.111 212 215 24,1% 1,5% 8,0 7,9 3,5 3,4 1,1 1,1 14,7 14,1

Adaro Energy BUY 1.270 2.000 40.622 7.376 6.806 231 213 231 213 17,4% -7,7% 5,5 6,0 2,2 2,0 0,9 0,8 16,0 14,2

Timah BUY 1.105 900 8.230 603 689 81 93 81 93 19,9% 14,4% 13,7 11,9 6,5 5,8 1,3 1,2 9,6 10,2

Vale Indonesia BUY 2.700 4.700 26.828 1.117 1.708 112 172 112 172 -662,5% 53,0% 24,0 15,7 7,5 5,8 1,1 1,1 4,7 7,1

Aneka Tambang HOLD 720 1.000 17.302 428 501 18 21 18 21 213,7% 17,0% 40,4 34,5 10,7 10,6 0,9 0,9 2,3 2,6

Bukit Asam BUY 3.000 5.400 34.562 4.735 5.028 436 463 436 463 5,8% 6,2% 6,9 6,5 4,3 4,2 2,1 1,7 31,2 27,2

Indo Tambangraya Megah BUY 17.000 30.000 19.209 3.903 3.669 3.455 3.247 3.455 3.247 15,3% -6,0% 4,9 5,2 2,0 2,3 1,4 1,3 28,9 24,9

Harum Energy HOLD 1.430 2.000 3.866 663 709 245 262 245 262 12,7% 6,9% 5,8 5,5 0,2- 0,6- 0,9 0,9 15,8 16,1

Plantation 32.123 2.811 3.094 264 291 -8,2% 10,1% 11,4 10,4 6,1 4,7 1,0 0,9 9,1 9,4

Astra Agro Lestari BUY 10.400 16.500 20.017 1.639 1.874 851 973 851 973 -18,5% 14,3% 12,2 10,7 6,2 5,3 1,0 1,0 8,8 9,5

Sampoerna Agro BUY 2.200 3.000 4.158 346 406 191 223 191 223 20,4% 17,1% 11,5 9,9 6,8 3,7 1,0 0,9 8,7 9,4

PP London Sumatra BUY 1.165 2.000 7.949 826 815 121 119 121 119 8,2% -1,4% 9,6 9,8 5,3 3,9 0,9 0,9 9,9 9,2

Poultry 94.694 5.847 6.722 39 45 65,0% 15,0% 16,2 14,1 9,8 8,7 3,1 2,7 20,3 20,3

Charoen Pokphand SELL 4.580 5.700 75.103 3.987 4.636 208 283 208 283 32,2% 36,1% 22,1 16,2 11,9 10,4 4,0 3,5 23,3 23,1

Japfa Comfeed BUY 1.475 2.950 17.297 1.739 1.947 152 171 152 171 74,4% 12,0% 9,7 8,6 6,4 5,6 1,6 1,4 17,6 17,3

Malindo Feedmill BUY 1.025 2.400 2.295 121 139 54 62 54 62 147,7% 14,7% 18,9 16,5 8,1 7,6 1,3 1,2 6,9 7,5

Property 95.638 8.327 7.912 69 66 -11,7% -5,0% 11,5 12,1 8,5 8,5 1,3 1,2 12,3 10,5

Alam Sutera HOLD 306 340 6.013 1.605 1.576 82 80 83 80 16,3% -1,8% 3,7 3,8 5,5 5,5 0,6 0,5 17,5 15,0

Bumi Serpong Damai BUY 1.275 1.930 24.540 2.842 2.126 148 110 147 110 -42,2% -25,2% 8,6 11,5 6,8 8,0 0,9 0,8 10,7 7,4

Ciputra Development BUY 930 1.220 17.261 1.171 1.216 63 66 63 66 30,9% 3,9% 14,7 14,2 10,4 9,6 1,2 1,1 8,4 8,1

Pakuw on Jati BUY 680 710 32.749 2.327 2.652 48 55 49 55 24,2% 14,0% 14,1 12,3 9,5 8,2 2,6 2,2 20,5 19,5

Summarecon BUY 1.045 1.000 15.076 383 343 27 24 27 24 5,8% -10,5% 39,4 44,0 12,1 12,2 2,2 2,1 5,7 4,9

Retail 69.631 3.556 4.337 69 85 62,9% 22,0% 19,6 16,1 11,1 8,8 4,4 3,9 23,3 25,8

Mitra Adi Perkasa BUY 840 1.050 13.944 874 824 528 498 528 498 161,0% -5,7% 1,6 1,7 7,6 6,4 3,1 2,7 20,0 17,1

Ramayana HOLD 1.610 1.800 11.425 452 497 66 73 66 73 11,2% 9,9% 24,2 22,0 17,4 15,9 3,0 2,8 12,5 12,8

Matahari Department Store BUY 3.720 1.100 10.855 2.037 2.150 698 737 698 737 6,8% 5,6% 5,3 5,0 3,0 2,6 3,6 2,9 75,9 63,0

Matahari Putra Prima SELL 192 200 1.446 (760) (188) (141) (35) (141) (35) -38,9% 75,3% (1,4) (5,5) 5,7- 13,4 3,5 6,4 (95,7) (58,7)

Ace Hardw are BUY 1.660 1.600 28.469 953 1.053 56 62 56 62 22,5% 10,6% 29,7 26,9 23,3 20,7 7,0 6,1 25,1 24,1

Erajaya Sw asembada BUY 1.095 4.000 3.493 634 711 219 245 219 245 86,7% 12,1% 5,0 4,5 2,7 2,6 0,8 0,7 15,9 15,6

Telco 455.706 24.128 28.520 141 167 -14,1% 18,2% 18,9 16,0 5,8 5,1 3,2 3,0 17,1 19,2

Telekomunikasi Indonesia BUY 3.690 4.300 365.540 20.783 23.624 206 234 206 234 -6,2% 13,7% 17,9 15,7 5,9 5,3 3,8 3,5 21,9 23,4

Indosat HOLD 1.975 3.100 10.732 (360) 73 (66) 13 (67) 13 -131,7% 120,2% (29,8) 147,6 2,8 2,3 0,8 0,8 (2,7) 0,6

XL Axiata BUY 2.790 3.800 29.819 450 1.031 42 96 66 96 19,8% 129,3% 66,3 28,9 4,9 4,3 1,4 1,3 2,1 4,6

Tow er Bersama BUY 3.350 4.500 15.180 938 1.154 215 265 215 265 -59,5% 23,1% 15,6 12,7 9,8 9,0 5,1 4,4 30,5 35,9

Sarana Menara Nusantara BUY 675 810 34.435 2.297 2.618 45 51 45 51 9,4% 13,9% 15,0 13,2 8,4 7,6 4,2 3,6 30,0 29,7

PER (x)

Equity

Valuation Net profit, Rp bn EPS (Rp) Core EPS (Rp) EPS Growth ROE EV / EBITDA (x) PBV (x)

Equity SNAPSHOT Wednesday, May 29, 2019

Danareksa Sekuritas – Equity SNAPSHOT

LEADERS Price as on Code 28-May-19 27-May-19 Chg, % w-w, % m-m, % YTD, % Rating

PP London Sumatra LSIP 1.165 1.100 5,9 5,0 8,9 (6,8) BUY

Media Nusantara Citra MNCN 1.135 1.085 4,6 20,1 18,2 64,5 BUY

Bukit Asam PTBA 3.000 2.880 4,2 6,8 (24,1) (30,2) BUY

Waskita Beton WSBP 398 386 3,1 7,0 (8,7) 5,9 BUY

Kimia Farma KAEF 3.390 3.330 1,8 6,6 13,0 30,4 SELL

Indocement INTP 20.325 19.975 1,8 9,7 (5,2) 10,2 HOLD

Kino Indonesia KINO 2.590 2.550 1,6 4,4 (0,4) (7,5) HOLD

Sarana Menara

Nusantara

TOWR 675 665 1,5 (0,7) (8,8) (2,2) BUY

Pakuwon Jati PWON 680 670 1,5 5,4 (2,9) 9,7 BUY

Surya Citra Media SCMA 1.575 1.555 1,3 3,6 (11,5) (15,8) BUY

Sources: Bloomberg

LAGGARDS Price as on Code 28-May-19 27-May-19 Chg, % w-w, % m-m, % YTD, % Rating

Ciputra Development CTRA 930 1.010 (7,9) 3,3 (18,4) (7,9) BUY

Timah TINS 1.105 1.190 (7,1) 1,8 (18,1) 46,4 BUY

Alam Sutera ASRI 306 328 (6,7) (1,9) (8,9) (1,9) HOLD

Summarecon Agung SMRA 1.045 1.120 (6,7) 5,0 (9,1) 29,8 BUY

BPD Jatim BJTM 590 630 (6,3) (4,1) (13,9) (14,5) BUY

Bank Negara Indonesia BBNI 8.150 8.700 (6,3) (5,2) (15,3) (7,4) BUY

Sampoerna Agro SGRO 2.200 2.340 (6,0) (5,6) (6,4) (7,2) BUY

Malindo Feedmill MAIN 1.025 1.090 (6,0) (2,4) (19,3) (26,5) BUY

Jasa Marga JSMR 5.375 5.700 (5,7) 0,9 (13,0) 25,6 BUY

Erajaya Swasembada ERAA 1.095 1.150 (4,8) 5,3 (31,8) (50,2) BUY

Sources: Bloomberg

COVERAGE PERFORMANCE

Equity SNAPSHOT Wednesday, May 29, 2019

Danareksa Sekuritas – Equity SNAPSHOT

PREVIOUS REPORTS

▪ Alam Sutra Realty: Weak recognition from property development,Ramayana Lestari Sentosa: Breaking the Old

Mould SnapShot20190528 ▪ United Tractors: Weak Komatsu volume in Apr 2019 SnapShot20190524

▪ Strategy: Health Check, Tower Bersama Group: 1Q19 in-line with prospective 2019 SnapShot20190521 ▪ Astra International: Solid market share amid weak 4W volume SnapShot20190520

▪ Telco – meeting with BRTI: Determined to push an enabling framework, HM Sampoerna: Buying opportunity

SnapShot20190517 ▪ Strategy: Burdened by a surge in O&G imports SnapShot20190516

▪ XL Axiata: Meeting takeaways: a mindset for value creation, MAP Active: Getting Active SnapShot20190515

Equity SNAPSHOT Wednesday, May 29, 2019

Danareksa Sekuritas – Equity SNAPSHOT

PT Danareksa Sekuritas

Jl. Medan Merdeka Selatan No. 14 Jakarta 10110 Indonesia Tel (62 21) 29 555 888 Fax (62 21) 350 1709

Equity Research Team S

Sales team

Maria Renata

maria.renata@danareksa.co.id (62-21) 29555 888 ext.3513 Construction

Stefanus Darmagiri

stefanus.darmagiri@danareksa.co.id (62-21) 2955 888 ext. 3530

Auto, Coal, Heavy Equip, Metal

Natalia Sutanto

natalia.sutanto@danareksa.com (62-21) 29555 888 ext.3508

Consumer, Tobacco, Property

Niko Margaronis

niko.margaronis@danareksa.co.id (62-21) 29555 888 ext.3512 Telco, Tower

Helmy Kristanto

helmy.kristanto@danareksa.co.id (62-21) 2955 888 ext. 3500

Head of Research, Strategy

Eka Savitri

Eka.savitri@danareksa.co.id (62-21) 29555 888 ext.3506 Banking

Victor Stefano

victor.stefano@danareksa.co.id (62-21) 29555 888 ext.3503 Poultry, Property

Ehrliech Suhartono

ehrliech@danareksa.co.id (62-21) 29555 888 ext. 3132

Laksmita Armandani

laksmitaa@danareksa.co.id (62-21) 29555 888 ext. 3125

Vera Ongyono

vera.ongyono@danareksa.co.id (62-21) 29555 888 ext. 3120

Tuty Sutopo

tuty@danareksa.co.id (62-21) 29555 888 ext. 3121

Wisnu Budhiargo

Wisnu.budhiargo@danareksa.co.id

(62-21) 29555 888 ext. 3117

Upik Yuzarni

upik_y@danareksa.co.id (62-21) 29555 888 ext. 3137

Rendy Ben Philips

rendy.philips@danareksa.co.id

(62-21) 29555 888 ext. 3148

Thalia Kadharusman

thalia.kadharusman@danareksa.co.id (62-21) 29555 888 ext. 3124

Adeline Solaiman

adeline.solaiman@danareksa.co.id

(62-21) 29555 888 ext. 3503

Ignatius Teguh Prayoga

ignatius.prayoga@danareksa.co.id (62-21) 29555 888 ext.3511 Media, Research Associate

Equity SNAPSHOT Wednesday, May 29, 2019

Danareksa Sekuritas – Equity SNAPSHOT

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