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M. N a b a b a n Corporate Finance Division PT. Phillip Securities Indonesia Telp. : (021) 57900800 Ext. 148 Fax : (021) 57900809 Mobile : 0811810732 Email : [email protected] Kepada Yth. Bapak/Ibu : Pimpinan/Sales Kantor Cabang PT. Phillip Securities Indonesia Sales PT. Phillip Securities Indonesia Nasabah PT. Phillip Securities Indonesia di- Tempat ================================================================ ================================= Sehubungan dengan rencana PT. Sri Rejeki Isman (SriTex) Tbk. untuk melaksanakan Penawaran Umum Perdana Saham (Initial Public Offering /IPO), bersama ini terlampir kami sampaikan: Informasi Ringkas Penawaran Umum Perdana Saham dari PT. Sri Rejeki Isman (SriTex) Tbk. tersebut. Fact Sheet Research Formulir Aplikasi Bookbuilding Beberapa informasi penting terkait dengan rencana IPO tersebut a.l kami s ampaikan sbb. : Periode Bookbuilding di PT. Phillip Securities Indonesia dibatasi dari tanggal 22 Mei 2013 s/d 27 Mei 2013 (pk.12.00 WIB) Jumlah saham yang ditawarkan : 5.600.000.000 saham Kisaran Harga Penawaran : antara Rp. 280,- s/d Rp. 385,- setiap saham. Jadwal Penawaran Umum : Tanggal 10, 11 dan 12 Juni 2013 Listing di BEI tanggal 17 Juni 2013 Selanjutnya mohon perhatian secara khusus atas hal-hal sebagai berikut (sebagaimana juga sudah tercantum di dalam Formulir Aplikasi Bookbuilding) yaitu : Kewajiban bagi Nasabah usa untuk memenuhi dana jaminan per tanggal 27 Mei 2013 pukul 12.00 WIB berupa equity sekurang-kurangnya 40 % dari nilai saham yang dipesan Minimum pesanan sekurang-kurangnya 500.000 saham atau 1.000 lot 1 (satu) orang Nasabah hanya diperkenankan mengisi 1 (satu) lembar Formulir Bookbuilding Kewajiban bagi Kantor Cabang dan Sales untuk membuat Rekapitulasi Pesanan Bookbuilding Nasabah Kewajiban menanda-tangani Formulir Bookbuilding oleh Nasabah di atas meterai Rp.6.000,- Kewajiban menyampaikan foto copy KTP atau SIM yang masih berlaku Nasabah yang ikut Bookbuilding, sesuai peraturan, tidak diperkenankan mengikuti Pooling Pemesanan yang tidak memenuhi ketentuan sebagaimana tercantum dalam Formulir Bookbuilding tidak akan dilayani dan tidak akan diproses. Bapak/Ibu Nasabah yang berminat, silahkan mengisi Formulir Aplikasi Bookbuilding terlampir dengan membaca secara seksama, memahami dan mentaati semua ketentuan dan tata-cara yang tercantum di dalam Formulir t ersebut. Informasi Penawaran Umum dan Formulir Aplikasi Bookbuilding ini , juga dapat diunduh dari www.poems.co.id Demikian kami sampaikan, atas perhatian dan kerja-sama yang baik dari Bapak/Ibu, kami ucapkan terima kasih. Best Regards,

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  • M. N a b a b a n

    Corporate Finance DivisionPT. Phillip Securities IndonesiaTelp. : (021) 57900800 Ext. 148Fax : (021) 57900809Mobile : 0811810732Email : [email protected]

    Kepada Yth. Bapak/Ibu :

    Pimpinan/Sales Kantor Cabang PT. Phillip Securities Indonesia Sales PT. Phillip Securities Indonesia Nasabah PT. Phillip Securities Indonesia

    di- Tempat ================================================================================================= Sehubungan dengan rencana PT. Sri Rejeki Isman (SriTex) Tbk. untuk melaksanakan Penawaran Umum Perdana Saham (Initial Public Offering /IPO), bersama ini terlampir kami sampaikan:

    Informasi Ringkas Penawaran Umum Perdana Saham dari PT. Sri Rejeki Isman (SriTex) Tbk. tersebut.

    Fact Sheet Research Formulir Aplikasi Bookbuilding

    Beberapa informasi penting terkait dengan rencana IPO tersebut a.l kami sampaikan sbb. :

    Periode Bookbuilding di PT. Phillip Securities Indonesia dibatasi dari tanggal 22 Mei 2013 s/d 27 Mei 2013 (pk.12.00 WIB)

    Jumlah saham yang ditawarkan : 5.600.000.000 saham Kisaran Harga Penawaran : antara Rp. 280,- s/d Rp. 385,- setiap saham. Jadwal Penawaran Umum : Tanggal 10, 11 dan 12 Juni 2013 Listing di BEI tanggal 17 Juni 2013

    Selanjutnya mohon perhatian secara khusus atas hal-hal sebagai berikut (sebagaimana juga sudah tercantum di dalam Formulir Aplikasi Bookbuilding) yaitu :

    Kewajiban bagi Nasabah usa untuk memenuhi dana jaminan per tanggal 27 Mei 2013 pukul 12.00 WIB berupa equity sekurang-kurangnya 40 % dari nilai saham yang dipesan

    Minimum pesanan sekurang-kurangnya 500.000 saham atau 1.000 lot 1 (satu) orang Nasabah hanya diperkenankan mengisi 1 (satu) lembar

    Formulir Bookbuilding Kewajiban bagi Kantor Cabang dan Sales untuk membuat Rekapitulasi

    Pesanan Bookbuilding Nasabah Kewajiban menanda-tangani Formulir Bookbuilding oleh Nasabah di atas

    meterai Rp.6.000,- Kewajiban menyampaikan foto copy KTP atau SIM yang masih berlaku Nasabah yang ikut Bookbuilding, sesuai peraturan, tidak diperkenankan

    mengikuti Pooling Pemesanan yang tidak memenuhi ketentuan sebagaimana tercantum

    dalam Formulir Bookbuilding tidak akan dilayani dan tidak akan diproses.

    Bapak/Ibu Nasabah yang berminat, silahkan mengisi Formulir Aplikasi Bookbuilding terlampir dengan membaca secara seksama, memahami dan mentaati semua ketentuan dan tata-cara yang tercantum di dalam Formulir tersebut. Informasi Penawaran Umum dan Formulir Aplikasi Bookbuilding ini , juga dapat diunduh dari www.poems.co.id Demikian kami sampaikan, atas perhatian dan kerja-sama yang baik dari Bapak/Ibu, kami ucapkan terima kasih. Best Regards,

  • 1

    INFORMASI PENAWARAN UMUM PERDANA SAHAM (INITIAL PUBLIC OFFERING / IPO)

    Nama Perusahaan : PT. SRI REJEKI ISMAN (SRITEX) TBK. Pemegang Saham Sebelum

    Penawaran Umum (Saham Biasa Atas Nama dengan Nilai Nominal Rp.100,- /shm)

    : PT. Huddleston Indonesia Estrada Trading Ltd Haji Muhammad Lukminto Masyarakat Karyawan melalui program ESA

    Jumlah Jumlah Saham dalam Portepel

    : : : : : : :

    10.425.274.040 saham (80,24 %) 2.558.734.000 saham (19,69 %)

    8.880.000 saham (0,07 %) --------------------------------------------------- ---------------------------------------------------

    12.992.888.040 saham (100,00 %) 37.007.111.960 saham

    Pemegang Saham Setelah Penawaran Umum dan Program ESA (Saham Biasa Atas Nama dengan Nilai Nominal Rp.100,- /shm)

    : PT. Huddleston Indonesia Estrada Trading Ltd Haji Muhammad Lukminto Masyarakat Karyawan melalui program ESA

    Jumlah Jumlah Saham dalam Portepel

    : : : : : : :

    10.425.274.040 saham (56,07 %) 2.558.734.000 saham (13,76 %)

    8.880.000 saham (0,05 %) 5.544.000.000 saham (29,82 %)

    56.000.000 saham (0,30 %) 18.592.888.040 saham (100,00 %)

    31.407.111.960 saham Komisaris Utama : Haji Muhammad Lukminto Komisaris : Hj. Susyana Lukminto

    Komisaris :

    Komisaris Independen : Prof. Ir. Sidjarwadi, M. Eng, Ph.D Direktur Utama : Iwan Setiawan Wakil Direktur Utama : Iwan Kumiawan Lukminto Direktur Pemasaran : Arief Halim Direktur Keuangan : Allan Moran Severino Direktur Operasional : P r a m o n o Direktur Produksi : Phalguni Mukhopadhyay

    Direksi :

    Direktur Tidak Terafiliasi : Dr. M. Nasir Tamara Tamimi Bidang / Kegiatan Usaha : Perseroan yang berkedudukan di Solo Jawa Tengah ini, didirikan pada tahun 1966,

    bergerak dalam bidang Industri Tekstil dan Produk Tekstil Terpad, mulai dari proses pemintalan (spinning), pertenunan (weaving), pencelupan (dyeing), pencetakan (printing) sampai dengan konveksi atau pembuatan pakaian jadi (garment) Proses-proses tersebut berada dalam 21 unit-unit pabrik yang terdiri dari 9 pabrik pemintalan, 3 pabrik pertenunan dan 3 pabrik penyempurnaan yang terdiri atas pabrik pencelupan dan pabrik pencetakan serta 6 pabrik konveksi. Saat ini Perseroan erupakan pabrik tekstil terpadu terbesar di Asia Tenggara.

    Jaringan Pelanggan : Perseroan menjual produknya 45 % domestik dan 54 % ekspor.. Perseroan memiliki jaringan yang kuat dan hubungan yang baik dengan pelanggan domestik dan luar negeri, seperti : Blue Bird Group, Djarum, Zara, Guess, H & M Timberland, Uniqio, DHL, dll. Selain itu, pelanggan Perseroan juga mencakup TNI, POLRI dan Angkatan Bersenjata manca negara seperti Jerman, Malaysia, Inggeris dan negara-negara lainnya. Lebih detail jaringan pelanmggan Perseroan tersebar sbb. : Amerika : 12 negara dan 24 pasar Europe : 11 negara dan 24 pasar Middle East : 7 negara dan 8 pasar Africa : 7 negara dan 10 pasar Asia Pacific : 19 negara dan 28 pasar

  • 2

    Strategi Usaha : Menambah kapasitas produksi melalui perluasan pabrik, penambahan mesin dan/atau akuisisi perusahaan tekstil yang sudah berjalan.

    Mengatasi ketergantungan terhadap kebutuhan bahan baku dengan memperluas integrasi vertikal melalui ekspansi/aliansi ke industri hulu tekstil seperti hutan industri dan pabrik fiber.

    Memperluas basis pelanggan (Customer Base). Perseroan pada saat ini telah melakukan penetrasi ke 94 pasar di 55 negara. Perseroan terus berupaya untuk memperluas jaringan pemasaran setiap produk dari setiap divisi ke berbagai pembeli, baik di pasar lokal maupun pasar ekspor.

    Keunggulan Kompetitif : Perseroan meyakini bahwa Perseroan memiliki keunggulan kompetitif sbb. : Perseroan merupakan perusahaan tekstil yang terintegrasi secara vertical mulai dari

    proses pemintalan (spinning), pertenunan (weaving), pencelupan (dyeing), pencetakan (printing) sampai dengan konveksi atau pembuatan pakaian jadi (garment)

    Perseroan terus menerus berinovasi Perseroan memiliki rekam jejak yang baik dalam kualitas dan kepuasan pelanggan Perseroan memiliki jarungan pelanggan domestik dan luar negeri yang kuat Perusahaan merupakan perusahaan yang melakukan diversifikasi produksi di bidang

    garmen Perseroan memiliki manajemen dan tenaga kerja yang ahli dan dapat diandalkan

    untuk mengembangkan Perseroan. Kebijakan Dividen : Dengan mengindahkan ketentuan, peraturan dan perundang-undangan yang berlaku,

    Manajemen bermaksud mengusulkan secara konsisten pada RUPS Tahunan agar rasio pembayaran dividen tunai atas laba tahun 2013 dan seterusnya sampai dengan 40 % dari total laba komprehensif tahun berjalan.

    Struktur Penawaran : Jumlah Saham Yang

    Ditawarkan : Sebanyak-banyaknya 5.600.000.000 Saham Biasa Atas Nama dengan Nilai Nominal

    Rp.100,- (seratus rupiah) setiap saham atau 30,12 % dari Total Modal Disetor Setelah Penawaran Umum

    Kisaran Harga Penawaran : Kisaran Harga Penawaran adalah antara Rp.230,- s/d Rp.385,- setiap saham Rencana Penggunaan Dana

    IPO : Setelah dikurangi seluruh biaya-biaya emisi, Dana yang diperoleh dari IPO akan

    digunakan ; Sekitar 87 % akan digunakan untuk ekspansi pabrik pemintalan (spinning) Sekitar 13 % akan digunakan untuk ekspansi pabrik Konveksi (garment)

    Listing : PT. Bursa Efek Indonesia Bookbuilding (Penawaran Awal) : 20 - 28 Mei 2013 Penentuan Harga Penawaran : 28 Mei 2013 Pernyataan Efektif : 5 Juni 2013 Penawaran Umum : 10, 11 & 12 Juni 2013 Penjatahan : 13 Juni 2013 Pengembalian Uang Pemesanan (Refund) : 14 Juni 2013 Distribusi Saham secara elektronik : 14 Juni 2013

    Perkiraan Jadwal :

    Pencatatan Saham di BEI : 17 Juni 2013 Penjamin Pelaksana Emisi Efek : PT. Bahana Securities Akuntan Publik : Purwantono, Suherman & Surja Konsultan Hukum : Assegaf Hamzah & Parters Penilai : KJPP Budi Edy Saptono & Rekan Notaris : Dr Irawan Soerodjo, SH, MSi Biro Administrasi Efek (BAE) : PT. Adimitra Transferindo

    Lembaga Profesi & Penunjang Pasar Modal

    :

    Kustodian : KSEI

  • 3

    IKHTISAR DATA KEUANGAN PENTING :

  • 4

    PT. Phillip Securities IndonesiaDivisi Corporate Finance

    Phone : 021 - 57 900 800 Fax : 021 - 57 900 809 Email : [email protected]

  • s

    Phillip Securities Indonesia

    Please see the back page for rating definition, analysts certification, and important disclosure. Phillip Securities Indonesia (PSI) may seek to do business with companies coverage in its reports. As a result investors, should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

    ri Rejeki Isman (Sritex) is an integrated vertical textile Garment plant comprising of nine spinning plants, three

    weaving plants, three printing plants and seven garment plants. Sritex is occupying an area of 50 ha in Sukoharjo, Solo, Central Java, Indonesia and employing approximately 16,000 people. Sritex is now an integrated textile factory with the most modern machineries. Sritex started as a trading company namely Sri Rejeki that was established in 1966 in Klewer market, Solo, Central Java, Indonesia, from a mere handprint factory. This small trading company expanded, by producing bleached and dyed fabrics in its first factory in Solo in 1968. The spinning division transforms fiber into yarn. Sritex comprises of nine spinning plants with a total of 4,000 employees. The spinning division is supported by 2,500 machines with more than 320,000 ring spindle & modified machines imported from Asia and Europe to accomplish 353,000 bales of yarn / year. The weaving divisions transform yarn into greige. Sritex utilizes outstanding technologies, producing various types of fabric with light, medium and heavy constructions. Weaving division production capacity is 120,000,000 m of greige / year. With more than 45 years of experience in dyeing and printing, sritex has become a role model among world class textile companies. With further expansion, today, the company supplies other military equipments beside uniforms in Indonesia and other countries around the world. Sritex is committed to provide the best quality in material and production for its customers satisfaction. The company attempts to fulfill every customers unique demand with its ability to create various types of fabric and specification from various materials and weaving style. Only to name a few, successful innovation in Sritexs R & D includes fabric finish application for water-repellent, insect-repellent, flame-retardant, stain-defender, anti infra-red, light weight, and breathable on multiple types of materials. Indonesia Retail Industry Retailers continued to accelerate their outlet expansion in 2012, looking at the rising purchasing power of Indonesian consumers. Modern retailers enjoyed dynamic growth in outlet number, resulting in stronger retail value growth compared with 2011. Amid positive outlet growth, traditional grocery retailers and independent small grocers are looking at negative outlet growth, threatened by the increasing presence of modern retailers. Within retail are numerous categories, covering everything from auto dealers, to convenience stores, to clothing. Fragmentation in the industry depends strongly on the specific sub-field some, such as grocery stores are highly concentrated, while others, like convenience stores, are highly

    IPO: Sri Rejeki Isman Tbk A Role Model of World Class Textile Companies Phillip Securities Indonesia Research May 21, 2013

    S Report dateExchange : IndonesiaSector : Miscellaneous IndustryIndustry : Textile garmentSub-industry : Textile garmentIPO Price : IDR 230 - 385Percent of Enlarged Capital : 30.12%Shares Offered : 5,600,000,000.00 Underwriter : PT Bahana Securities

    Indicative Schedules

    Bookbuilding : 20-28 May 2013Pricing : Tuesday, May 28, 2013Offer Period : 10 - 12 June 2013Allotment : Thursday, June 13, 2013

    Initial Ownership Structure

    H.M Lukminto : 0.07%PT Huddleston Indonesia : 80.24%Estrada Trading Ltd : 19.69%

    :IPO Fund Usage

    * Approxiamately 87% for expansion of spinning division

    * Approxiamately 13% for expansion of Garment division

    Analyst:Pandristo Prasetyo Ginarto

    [email protected]

    62-21-57900900

    21-May-13Sri Rejeki Isman

  • Sri Rejeki Isman Tbk Indonesia Equities Research May 21, 2013

    2 of 5 Customer Care (62-21) 57 900 900 www.poems.co.id | www.poems.web.id

    fragmented. Because retail depends so vitally on the strengths of the economy, and factors like job growth and interest rates, the economy in general will have to become robust again before the retail sector can rebound fully. As demographics change, retailers will have to keep up with the changing needs of the populations in their locations. Military Uniforms: Sritexs Core Product Military clothing has undergone substantial changes over the past two centuries. Military uniforms contrast sharply with the highly decorative although impractical garments were worn during combat in the 18th and 19th centuries. Changes in modes of battle dress since man has engaged in war have been prompted by changes in the way that wars are fought. Since the Second World War improvements in fabric technology have led to dramatic changes in clothing worn by soldiers. These changes pale in comparison with developments made in weaponry. Armies are addressing this imbalance by developing uniforms which improve soldier performance and comfort, and help to save lives during combat. Although military budgets are under pressure, fear of the public's response to war casualties has prompted heavy investment in clothing and equipment which are capable of boosting the survival chances of individual soldiers. Advances in materials have improved the performance of military clothing while providing high levels of protection. Information technology and nanotechnology are already playing a significant role. The military uniform of the future will be a multi-functional, fully integrated combat suit, equipped with the latest electronic technology. It will be lightweight, highly durable, and fire and ballistic-protective. Also, it will be able to change color according to its surroundings. Developments in military clothing also have the potential to be adapted for civilian applicationssuch as police work and firefighting. And markets for apparel designed for these occupations are substantially greater than those for the military alone.

    114

    145 184 184

    116

    2010 2011 2012 2013F

    IndonesiaArmyOrder'sDomesticUniformRevenue AdditionalUpto

    Source: Company Business Risk & Strategy Risk of Raw Material Dependence Raw material is one of the key elements in textile and garment business. Sritex, as a company engaging in textile and garment industry, develops a dependence on raw materials. As such, the company relies on supplies of raw materials from other parties.

    Risk of Lower Entry Barrier The implementation of free trade (ASEAN China free trade agreement) will lower the barrier for foreign competitors to take part in the textile industry in Indonesia. Minimum Provincial Wage The recently implemented government regulation about minimum provincial wages will weigh on labor costs, particularly in manufacturer such as Sritex. For Sritex, which is located in Sukoharjo, Solo, Central Java, the impact of raised minimum wage was felt indirectly, with 16.28% increase in minimum wage, from IDR 745,000 to IDR 866.250. Such cost pressure led the company to increase their revenue to pare against high cost. Export Market Scope and Production Capacity In the last five years, the company has been primarily exporting to Asian countries such as Korea, China, Malaysia and Thailand. In overall, the company supplies military uniforms to more than 29 countries. In order to improve their profit potentials, the company plans to increase their production capacity throughout its plants, one of which was via the purchase of additional textile machineries. The textile industry is an improving industry in Indonesia which generates positive contribution to the national revenue. Looking at the past 10 years, retail textile industry has generated USD 6.88 billion in 2002 and reached USD 12.87 billion in 2012.

    5,000

    10,000

    15,000

    20,000

    25,000

    30,000

    35,000

    1998 2000 2002 2004 2006 2008 2010

    Unit China'sTextileEnterpriseUnit

    TextileIndustry

    GarmentandOtherFiberProduct

    Source: CEIC Financial Highlights In 2012, the companys assets increased by 29.36% compared to the previous year, from IDR 2.747 billion in 2011 to IDR 3.553 billion in 2012. The increase was bolstered by improving fixed assets, which rose 48.39%. The company added new machineries. And as a result, engine capacity was increased by 27% per year, in the aggregate from 2010 to 2012. The increase in fixed assets is accompanied by an increase in the companys inventory by 27.9%, as stocks of goods and raw materials climbed. Liabilities climbed 34.92%, affected by long-term liabilities which increased 78.17%. Equity rose 20.96% to IDR 1.323 trillion in 2012, from IDR 1.094 trillion a year earlier, as retained profits surged 82.60%.

  • Sri Rejeki Isman Tbk Indonesia Equities Research May 21, 2013

    3 of 5 Customer Care (62-21) 57 900 900 www.poems.co.id | www.poems.web.id

    The average selling price climbed 5% - 8% during the period, due to higher raw material prices as the result of inflation. Volume of sales also rose, after the company increased the production capacity from 160,000 bales in 2010 to 190,000 bales in 2011 and to 212,000 bales in 2012. The increased production capacity also boosted production in other segments. Sales volume in 2012 surged 41% compared to the previous year. Fabric sales volume also increased, by 9% compared to 2011. Market expansion has helped the company increased its profit margin. Net sales in 2012 amounted to IDR 2.85 billion, up 23.02%, or equivalent to IDR 533.47 billion, compared to the previous year. Increase in sales also contributed by the improvement of gross profit, which enabled the company to record operating profit of 28.24% compared to the previous year, to IDR 461,800 billion. The company also posted 42.03% increase in net profit, from IDR 161.451 trillion in 2011 to IDR 229.309 billion in 2012.

    DharmaSatyaNusantara2010 2011 2012

    Total Current Asset 902.578 1054.222 1489.03Total Non Current Asset 1212.95 1693.008 2064.75Total Asset 2115.52 2747.23 3553.79Shorterm Liabilities 1253.3 1107.559 1372.91Longterm Liabilities 155.914 545.507 857.401Total Liabilities 1409.21 1653.066 2230.31Total Equity 706.312 1094.164 1323.47Revenue(IDRbn) 2214.19 2317.508 2850.99GrossProfit(IDRbn) 382.459 460.94 617.694OperatingExpenses 109.08 113.47 148.73OperatingProfit 271.397 360.109 461.8ProfitBeforeIncomeTax 190.939 219.129 307.091IncomeTax 48.76 57.67 77.78NetProfit(IDRbn) 142.17 161.451 229.309

    GrowthRatio(%) 2010 2011 2012CashRatio(X) 0.02 0.06 0.05CurrentRatio(X) 0.72 0.95 1.08NetDebttoEquity(X) 0.84 1.10 1.22DER(X) 2.00 1.51 1.69ROA 6.72% 5.88% 6.45%ROE 20.13% 14.76% 17.33%

    DSNFinancialPerformance

    Source: Company

  • Sri Rejeki Isman Tbk Indonesia Equities Research May 21, 2013

    4 of 5 Customer Care (62-21) 57 900 900 www.poems.co.id | www.poems.web.id

    Research Team | Telp: +62-21-57900800 | E-mail: [email protected]

    Aditya Perdana Putra (AP) Gunawan Sutanto (GS) Hega Kharisma Wahyudi (HK) Pandristo Prasetyo Ginarto (PP)

    Rating for Sectors: Overweight : Expect the industry to perform better than the primary market index (JCI) over the next 12 months. Neutral : Expect the industry to perform in line with the primary market index (JCI) over the next 12 months. Underweight : Expect the industry to under perform the primary market index (JCI) over the next 12 months. Rating for Stocks: Buy : The stock is expected to give total return (price appreciation + dividend yield) of above 15% over the next 12 months. Hold : The stock is expected to give total return of between -15% and 15% over the next 12 months. Sell : The stock is expected to give total return of -15% or lower over the next 12 months. Outperform: The stock is expected to do slightly better than the market return. Equal to accumulate or moderate buy Underperform: The stock is expected to do slightly worse than the market return. Equal to weak hold or moderate sell Analyst Certification The research analyst(s) primarily responsible for the preparation of this research report hereby certify that all of the views expressed in this research report accurately reflect their personal views about any and all of the subject securities or issuers. The research analyst(s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.

    Disclaimers This document has been prepared for general circulation based on information obtained from sources believed to be reliable but we do not make any representations as to its accuracy or completeness. Phillip Securities Indonesia (PSI) access no liability whatsoever for any direct or consequential loss arising from any use of this document or any solicitations of an offer to buy or sell any securities. PSI and its directors, officials and/or employees may have positions in, and may affect transactions in securities mentioned herein from time to time in the open market or otherwise, and may receive brokerage fees or act as principal or agent in dealing PP with respect to these companies. PSI may also seek investment banking business with companies covered in its research reports. As a result investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

  • Sri Rejeki Isman Tbk Indonesia Equities Research May 21, 2013

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    ANZ Tower Level 23B, Jl. Jendral Sudirman Kav 33A, Jakarta, 10220 - Indonesia

    Telp. (62-21) 57 900 800, Fax. (62-21) 57 900 809, Email : [email protected] Website: www.phillip.co.id | www.poems.co.id | www.poems.web.id

    Jakarta Komp. Ruko Mega Grosir Cempaka Mas Jl. Let. Jend. Soeprao Blok D No. 7 Jakarta, 10640 Telp. (62-21) 4288 5051 / 52; Fax. (62-21) 4288 5049 E-Mail: [email protected]

    Mangga Dua Ruko Bahan Bangunan Mangga Dua Blok F1/8 Jl. Mangga Dua Selatan Jakarta 10730 Telp. (62-21) 6220 3589; Fax. (62-21) 6220 3602 E-Mail: [email protected]

    Rukan Sentra Latumenten Jl.Prof.Dr Latumenten no.50 Blk AA 12 Jakarta, 11460 Telp. (62-21) 5694 1781; Fax. (62-21) 5694 1791 E-Mail: [email protected]

    Roxy Pusat Niaga Roxy Mas Blok B2/2 Jl. KH. Hasyim Ashari - Jakarta Barat Telp. (62-21) 6386 8308; Fax. (62-21) 6333 420 E-Mail: [email protected]

    Pantai Indah Kapuk Jl. Pantai Indah Barat Rukan Ekslusif BGM Blok B-6 Telp. (62-21) 5694 5791/92/93; Fax. (62-21) 56945790 E-Mail: [email protected]

    Taman Palem Rukan Malibu Blok H No. 23 Cengkareng, Jakbar 11730 Telp. (62-21) 5694 5055 / 5077; Fax. (62-21) 5694 5013; E-Mail: [email protected]

    Sunter Jl. Mitra Boulevard Blok D No. 5 Sunter Jakarta, 14350 Telp. (62-21) 6530 2729; Fax. (62-21) 6583 7463 E-Mail: [email protected]

    Kelapa Gading Jl. Boulevard Raya Blok WB2/27 Kelapa Gading Jakarta Utara Telp. (62-21) 7070 0050/4587/9264; Fax. (62-21) 453 2939; E-Mail: [email protected]

    Citra Garden 2 Komp. Citra Niaga Blok A No.18 Citra Garden 2 - Kalideres, JakBar Telp. (62-21) 5436 0175; Fax. (62-21) 5436 0174

    Tanah Abang Pusat Grosir Metro Tanah Abang (PGMTA) Lantai 6, Jl.Fachrudin Tanah Abang - Jakarta Pusat 10250 Telp : (021) 3003 6745 / 3003 6746; Fax : (021) 3003 6748 E-Mail: [email protected]

    Jawa Tengah Purwokerto Jln. Perintis Kemerdekaan No. 38 Purwokerto - Jawa Tengah, 53110 Telp. (62-281) 626 899; Fax. (62-281) 891 150 E-Mail: [email protected]

    Solo Jl. Veteran 140 / 2-3 Solo, Jawa Tengah Telp. (62-271) 655 567, 667 168; Fax. (62-271) 647 288 E-Mail: [email protected]

    Semarang Jl. Karang Wulan Timur No. 2 - 4 Semarang Indonesia Telp. (62-24) 355 5959; Fax. (62-24) 351 3194 E-Mail: [email protected]

    Tegal Kompleks Nirmala Square Blok C no.7 Jl. Yos Sudarso - Tegal 52121 Telp. (62-283) 340773; Fax. (62-283) 340774

    Jawa Barat Bali Komp.Paskal Hypersquare Blok C-21 Jl Pasirkaliki 25-27 Bandung Telp. (62-22) 8606 0690; Fax. (62-22) 8606 0765 E-Mail: [email protected]

    Jln. Melati No. 45 Blok E Denpasar - Bali, 80233 Telp. (62-361) 238 987; Fax. (62-361) 229 803 E-Mail: [email protected]

    Jawa Timur Batam Jln. Flores No. 11 Surabaya, 60281 Telp. (62-31) 501 5777; Fax. (62-31) 501 0567 E-Mail: [email protected]

    Kompleks Mahkota Raya Blok A no. 10 Batam Centre, Kota Batam 29456, Kepri Telp. (62-778) 748 3337/3030/3131; Fax. (62-778) 748 3117; E-Mail: [email protected]

    Jambi Kalimantan Barat Jln. GR. Djamin Datuk Bagindo No. 56A Jambi, 36142 Telp. (0741) 707 8260, 7555 699 E-Mail: [email protected]

    Jl. Teuku Umar Komplek Pontianak Mal C 23-24 Pontianak, Kalimantan Barat Telp. (62-561) 777 887; Fax. (62-561) 745 103 E-Mail: [email protected]

    Lampung Jl. Ikan Tongkol No. 33 Blok 7-8 Teluk Betung - Bandar Lampung, 35223 Telp. (2-721) 474 234; Fax. (62-721) 474 108 E-Mail: [email protected]

    Pojok BEI (Phillip Sec Ind. Univ. Bandar Lampung BEI) Jl. Z.A Pagar Alam No. 89 Bandar Lampung, 35141 Telp. (62-721) 771 695; Fax. (62-721) 770 261

  • APLIKASI BOOKBUILDING

    Nama Saham / Emiten : PT.SRIREJEKIISMAN(SriTex)TBK. Periode Book Building : 22 Mei s/d 27 Mei 2013 (pk.12.00 WIB) Kisaran Harga Penawaran : Rp. 230,- s/d Rp. 385,- setiap saham

    A. Persyaratan Aplikasi Bookbuilding : (Agar benar-benar dibaca, difahami dan dilaksanakan) 1. Nasabah harus memiliki Jaminan dalam bentuk Equity di PT. Phillip Securities Indonesia per tanggal 27 Mei 2013 pukul 12.00 Wib. sekurang-

    kurangnya 40 % (empat puluh per seratus) dari nilai saham yang dipesan. 2. Nasabah harus mengisi Formulir Aplikasi Bookbuilding pada huruf B dibawah secara lengkap, jelas dan benar dengan jumlah pesanan sekurang-

    kurangnya 500.000 saham atau 1.000 lot dan kemudian ditanda-tangan di atas meterai Rp.6.000,- ( 1 Nasabah 1 Formulir) 3. Formulir Aplikasi Bookbuilding yang sudah ditanda-tangani diserahkan kepada Kantor Cabang (bagi Nasabah dari Kantor Cabang) atau kepada Sales

    (bagi Nasabah yang menggunakan jasa Sales) atau kpd. PT. Phillip Securities Indonesia melalui Fax No. 021-57900809 atau melalui email [email protected] (bagi Nasabah Kantor Pusat).

    4. Formulir Aplikasi Bookbuilding tersebut harus disertai dengan foto copy KTP atau SIM yang masih berlaku. 5. Nasabah yang mengikuti bookbuilding, sesuai peraturan, tidak diperkenankan untuk mengikuti Pooling. 6. Kantor Cabang dan Sales wajib membuat Rekapitulasi Pesanan Nasabah yang memuat : a). Kode dan Nama Nasabah; b). Harga (dalam

    rupiah) dan Jumlah Pesanan (dalam lembar saham dan lot); c). Nilai pesanan (dalam rupiah) dan d). Nilai Equity (dalam rupiah). Rekapitulasi Pesanan Nasabah tersebut selanjutnya diserahkan / dikirimkan kepada PT. Phillip Securities Indonesia Kantor Pusat (u.p Divisi Corporate Finance) melalui Fax No. 0 2 1 - 5 7 9 0 0 8 0 9 atau melalui email [email protected] dengan tembusan kepada [email protected], selambat-lambatnya tanggal 27 Mei 2013 pukul 12.00 Wib.

    7. Aplikasi Bookbuilding yang telah ditanda-tangani tidak dapat dibatalkan namun bukan berarti bahwa Nasabah akan memperoleh penjatahan tetap (fixed allotment) yang diminta, karena penjatahan tersebut merupakan keputusan dan wewenang mutlak dari Penjamin Pelaksana Emisi (Lead Underwriter). Ketentuan ini agar dimengerti oleh Nasabah sehingga tidak melakukan gugatan atas penjatahan yang diterima.

    8. Nasabah yang memperoleh penjatahan tetap, wajib melakukan pembayaran senilai jumlah jatah saham yang diperoleh dikalikan dengan harga setiap saham yang telah ditentukan oleh Lead Underwriter ditambah dengan fee allotment sebesar 1 % (satu per seratus) dari Nilai Penjatahan. Pembayaran tersebut harus dilakukan selambat-lambatnya tanggal 7 Juni 2012 pukul 12.00 Wib (in good funds) dengan menyetor langsung ke Rekening Dana Investor (RDI) masing-masing Nasabah. Apabila Nasabah gagal bayar pada tanggal tersebut di atas maka PT. Phillip Securities Indonesia akan melakukan jual paksa (force sell) terhadap Equity milik Nasabah sebagaimana dimaksud pada angka 1 di atas dan untuk itu Formulir Aplikasi Bookbuilding yang sudah ditanda-tangani sekaligus berlaku sebagai Surat Kuasa Jual dari Nasabah kepada PT. Phillip Securities Indonesia.

    9. Informasi / hasil Penjatahan, akan disampaikan kepada Nasabah melalui email atau telepon / HP. 10. PT. Phillip Securities Indonesia tidak bertanggung-jawab dan tidak akan melanjutkan pesanan Nasabah apabila tidak memenuhi persyaratan di atas

    termasuk dalam hal data / informasi / Rekapitulasi Pesanan Nasabah yang disampaikan tidak benar (salah) dan atau tidak jelas / tidak terbaca.

    B. Formulir Aplikasi Bookbuilding :

    Nama & Kode Nasabah : Kode : Nomor KTP atau SIM : No. Telp. / HP / Fax : Alamat Email :

    Harga

    (Rupiah)

    Jumlah Saham (Sekurang-kurangnya

    500.000 lembar saham)

    Total Nilai (Rupiah)

    Total Nilai Terbilang :

    Harga, Jumlah dan Total Nilai Saham Yang Diminati

    :

    Tempat & Tanggal : ........, , 2013

    Kantor Cabang / Sales :

    (...)

    Nama & Tanda-tangan

    Nasabah :

    meterai Rp.6.000,-

    (...) Nama & Tanda-tangan

    Notification EmailInformasi Penawaran Umum Perdana Saham Sri Rejeki Isman TbkFact Sheet Research Sri Rejeki Isman (SriTex) TbkFormulir Aplikasi Bookbuilding Saham Sri Rejeki Isman _SriTex_ Tbk