Asiamoney’s 2013 Best Domestic Equity House 9 June 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. THIS RESEARCH REPORT IS NOT TO BE DISTRIBUTED TO ANY INVESTORS OR OTHER PERSONS IN THE UNITED STATES. IF ANY INVESTOR OR OTHER PERSON IN THE UNITED STATES MISTAKENLY RECEIVES OR OTHERWISE COMES INTO POSSESSION OF THIS RESEARCH REPORT, NONE OF DAIWA SECURITIES CO. LTD., PT. BAHANA SECURIITES OR ANY OF THEIR AFFIILIATES SHALL HAVE ANY RESPONSIBILITY FOR THE CONTENTS HEREOF OR FOR ANY SUBSEQUENT TRANSACTIONS EXECUTED IN RELIANCE HEREON. Beacon Indonesia Morning Brief IDX: 4,937.2 (+0.03%) Turnover: IDR3.7tn (+5.3%) Foreign net SELL: IDR258bn (+315.5%) MARKET STRATEGY FLASH Currency sensitivity analysis Analyst: Harry Su IDR’s 1M performance: Worst in the region on political concerns 1% IDR depreciation vs USD = 1.3ppt decline in overall EPS Winners: Dollar earners Safe havens: 10 US dollar accounting plays and selective sectors Losers: Stocks with high US dollar borrowings To see the full version of this report, please click here TODAY’S NEWS POLITICS Prabowo-Hatta’s electability outdo Jokowi-Jusuf Kalla’s First of five election debates commences today, to include human rights policies ECONOMICS BI expects 2Q14 GDP growth to reach 5.3% y-y Govt: 2014 CPI to increase by 0.1%-0.2% m-m on higher electricity tariffs INDUSTRY 62 mining transportation companies suspended F&B demand is expected to grow by 20-30% during fasting season Ciputra group expands medical business CORPORATE INDF to issue IDR2tn in bonds INCO’s concession to be reduced to 75k ha LPPF to open 12 new stores by end-2014 GJTL to distribute IDR30.48bn in dividends ANJT to distribute IDR116.67bn in dividends TELE announces non-preemptive 10% rights issue at IDR812 ASRI to accelerate debt payment Wika Realty opened Puspamaya Hotel in Tangerang, Banten INDICES Asia Last Chg% ytd % y-y % Hang Seng (HK) 22,951.0 (0.7) (1.5) 6.4 IDX (Indonesia) 4,937.2 0.03 15.5 1.5 KLCI (Malaysia) 1,862.7 (0.3) (0.2) 4.9 KOSPI (Korea) 2,006.2 0.5 (0.3) 2.4 Nikkei (Japan) 15,077.2 (0.0) (7.5) 17.1 PCOMP (Phil.) 6,762.6 (0.1) 14.8 0.9 SENSEX (India) 25,396.5 1.5 20.0 30.7 SET (Thailand) 1,458.0 0.3 12.3 (3.8) SHCOMP (China) 2,030.0 (0.5) (4.1) (8.2) Shenzhen (China) 1,055.6 (0.3) (0.2) 7.3 STI (Singapore) 3,299.4 0.6 4.2 3.6 TWSE (Taiwan) 9,134.5 (0.1) 6.1 12.8 VNI (Vietnam) 559.0 1.4 10.8 5.9 Europe, USA and EMs CAC 40 (France) 4,581.1 0.7 6.6 18.3 DAX (Germany) 9,987.2 0.4 4.6 21.0 Dow Jones (USA) 16,924.3 0.5 2.1 11.0 FTSE 100 (UK) 6,858.2 0.7 1.6 7.0 IBOV (Brazil) 53,128.7 3.0 3.1 2.9 MEXBOL (Mexico) 42,778.3 1.4 0.1 6.3 NGSEINDX (Nigeria) 41,529.1 (0.1) 0.5 5.0 Nasdaq (USA) 4,321.4 0.6 3.5 24.6 RTSI (Russia) 1,359.1 1.9 (5.8) 3.4 S&P 500 (USA) 1,949.4 0.5 5.5 18.6 XU100 (Turkey) 80,397.6 0.7 18.6 2.6 ETF, ADRS & COMMODITIES Last Chg% ytd % y-y % EIDO US (USD) 27.7 1.1 21.3 (14.8) TLK US (IDR) 2,504 (0.1) 19.2 (5.6) Aluminum (USD/mtn) 1,879.0 1.6 4.4 (4.3) Coal (USD/t) 72.0 (0.6) (17.5) (15.0) Corn (USD/mtn) 180.3 2.6 12.9 (34.3) Coffee (USD/t) 3,297.9 (0.5) 39.2 23.4 Copper (USD/t) 6,660.5 (2.1) (9.9) (8.9) Cotton (USD/t) 1,869.1 (0.8) 0.2 (0.1) CPO (USD/t-Rottdm) 845.0 0.6 (7.1) (0.6) Gold (USD/oz.) 1,253.4 (0.0) 4.0 (9.4) Iron ore (USD/mtn) 94.5 0.2 (29.6) (17.0) Milk (USD/t) 467.5 (0.7) 19.6 24.2 Nickel (USD/t) 18,465.0 (2.8) 32.2 23.8 Oil (USD/barrel) 102.7 0.3 4.4 7.0 Rice (IDR/kg) 8,600.0 0.0 1.2 1.8 Rubber (USD/t) 1,667.0 0.3 (26.6) (29.2) Silver (USD/oz) 19.0 (0.1) (2.2) (13.2) Soybean oil (USD/t) 861.1 0.8 0.6 (19.5) Steel (USD/t) 542.0 0.1 (2.5) (3.0) Sugar (USD/t) 499.2 0.1 6.5 (1.4) Tins (USD/t) 23,025.0 (0.9) 2.1 10.2 Wheat (USD/t) 226.9 1.9 0.1 (17.7) Source: Bloomberg ECONOMIC INDICATORS MARKET DATA 13A 14F 15F 13A 14F 15F Cur acc bal (%GDP) (3.6) (2.6) (1.9) Op.prof.gwt.(%) 8.4 12.1 12.3 Fiscal bal (%GDP) (2.2) (2.0) (2.0) EPS growth (%) 2.7 15.7 11.6 GDP growth (%y-y) 5.7 5.3 5.7 P/E (x) 22.3 17.6 16.7 Private spending (%) 5.3 5.3 5.4 PEG (x) 8.2 1.1 1.4 Investment (%y-y) 4.7 5.4 7.3 EV/EBITDA (x) 10.4 9.3 8.4 Total exports (%y-y) 5.3 6.0 6.9 P/BV (x) 6.6 6.3 5.2 Total imports (%y-y) 1.2 5.0 5.7 P/BV exc. UNVR&LPPF 3.7 3.2 2.7 Inflation (%y-y) 8.4 5.9 6.0 Div. Yield (%) 2.2 2.5 2.7 IDR/USD 12,170 11,300 11,200 Net gearing (%) 19.5 19.3 9.3 BI rate (% p.a.) 7.5 7.5 7.5 ROAE (%) 29.1 28.7 29.3 Brent Oil (Usd/bbl) 110.5 110.0 105.0 ROAA (%) 11.5 11.7 11.7 FX reserve (USDb) 99.4 103.5 106.0 ROIC (%) 14.4 21.8 20.1 Source: Bahana estimates Source: Bahana estimates CURRENCIES & RATES Last Prev. Ytd % y-y % AUD/USD 0.934 0.933 (4.7) 1.7 USD/EUR 1.365 1.366 0.7 (3.3) IDR/USD 11,835 11,855 (2.8) 20.7 JPY/USD 102.620 102.390 (2.6) (5.2) SGD/USD 1.251 1.253 1.0 (0.2) JIBOR (%) 5.85 5.85 (0.2) 1.7 BI rate (%) 7.50 7.50 0.0 1.8 TD – 1 month (%) 6.87 7.01 0.2 1.5 CDS (bps) 137.00 143.00 (41.2) (26.7) Source: Bloomberg
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Asiamoney’s
2013
Best Domestic
Equity House
9 June 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.
THIS RESEARCH REPORT IS NOT TO BE DISTRIBUTED TO ANY INVESTORS OR OTHER PERSONS IN THE UNITED STATES. IF ANY INVESTOR OR OTHER PERSON IN THE UNITED STATES
MISTAKENLY RECEIVES OR OTHERWISE COMES INTO POSSESSION OF THIS RESEARCH REPORT, NONE OF DAIWA SECURITIES CO. LTD., PT. BAHANA SECURIITES OR ANY OF THEIR
AFFIILIATES SHALL HAVE ANY RESPONSIBILITY FOR THE CONTENTS HEREOF OR FOR ANY SUBSEQUENT TRANSACTIONS EXECUTED IN RELIANCE HEREON.
Media Nusantara Citra MNCN IJ REDUCE 2,000 (27.0) 2,740 2,850 (3.9)
Adi Sarana Armada ASSA IJ BUY 330 21.3 272 285 (4.6) Austindo Nusantara Jaya ANJT IJ HOLD 1,620 8.0 1,500 1,435 4.5
Source: Bloomberg, Bahana estimates
When a report covers six or more subject companies please access important disclosures for Daiwa Capital Markets Hong Kong Limited at http://www.daiwacm.com/hk/research_disclaimer.html or contact
your investment representative or Daiwa Capital Markets Hong Kong Limited at Level 26, One Pacific Place, 88 Queensway, Hong Kong.
Malindo Feedmill MAIN IJ BUY 3,800 31.0 2,900 2,965 (2.2)
Bank Jawa Barat dan Banten BJBR IJ HOLD 1,000 18.3 845 865 (2.3)
Alam Sutera Realty ASRI IJ BUY 760 55.7 488 500 (2.4)
Timah TINS IJ BUY 1,800 29.5 1,390 1,425 (2.5) Wintermar Offshore Marine WINS IJ BUY 1,350 17.4 1,150 1,180 (2.5)
Wijaya Karya Beton WTON IJ BUY 970 27.6 760 780 (2.6)
Ciputra Property CTRP IJ HOLD 750 4.2 720 740 (2.7)
Wijaya Karya WIKA IJ BUY 2,700 18.7 2,275 2,345 (3.0)
Bumi Resources BUMI IJ REDUCE 180 (7.2) 194 200 (3.0)
Matahari Department Store LPPF IJ BUY 14,700 4.4 14,075 14,525 (3.1) Media Nusantara Citra MNCN IJ REDUCE 2,000 (27.0) 2,740 2,830 (3.2)
Semen Baturaja SMBR IJ REDUCE 410 (1.9) 418 434 (3.7)
Bekasi Fajar Industrial Estates BEST IJ REDUCE 465 (4.1) 485 505 (4.0)
Xl Axiata EXCL IJ HOLD 5,500 4.8 5,250 5,475 (4.1)
Pakuwon Jati PWON IJ BUY 445 13.8 391 408 (4.2)
Total Bangun Persada TOTL IJ REDUCE 700 (12.5) 800 835 (4.2) Indomobil Sukses Internasional IMAS IJ REDUCE 4,000 (14.6) 4,685 4,900 (4.4)
Ace Hardware Indonesia ACES IJ REDUCE 660 (23.3) 860 900 (4.4)
Adhi Karya ADHI IJ BUY 3,300 10.9 2,975 3,130 (5.0)
Holcim Indonesia SMCB IJ REDUCE 2,050 (19.9) 2,560 2,700 (5.2)
Erajaya Swasembada ERAA IJ HOLD 1,325 3.9 1,275 1,345 (5.2)
Summarecon Agung SMRA IJ BUY 1,195 0.8 1,185 1,255 (5.6) Waskita Karya WSKT IJ HOLD 710 6.0 670 720 (6.9)
Adi Sarana Armada ASSA IJ BUY 330 21.3 272 293 (7.2)
Pembangunan Perumahan PTPP IJ HOLD 1,790 1.1 1,770 1,910 (7.3)
Bank Tabungan Negara BBTN IJ HOLD 1,270 25.7 1,010 1,090 (7.3)
Surya Citra Media SCMA IJ REDUCE 1,770 (49.4) 3,495 3,170 10.3
Gajah Tunggal GJTL IJ HOLD 2,300 20.7 1,905 1,755 8.5 Adaro Energy ADRO IJ HOLD 1,200 (9.1) 1,320 1,225 7.8
When a report covers six or more subject companies please access important disclosures for Daiwa Capital Markets Hong Kong Limited at http://www.daiwacm.com/hk/research_disclaimer.html or contact
your investment representative or Daiwa Capital Markets Hong Kong Limited at Level 26, One Pacific Place, 88 Queensway, Hong Kong.
BANKS N 949,219 1,103 219,474 241,708 92,501 101,532 73,722 82,367 17.6 11.7 13.7 12.3 na na 3.1 2.6 2.2 2.3 na na 24.2 22.7 3.0 2.9 na na
BBCA IJ HOLD 11,050 11,500 24,655 50.8 272,438 175 37,422 42,963 17,079 19,245 14,254 16,007 21.6 12.3 19.1 17.0 na na 4.3 3.5 1.1 1.3 na na 24.6 22.8 3.0 3.0 na na
BBRI IJ BUY 10,075 11,100 24,669 43.2 248,542 341 52,661 59,319 26,121 28,525 21,344 24,123 14.3 13.0 11.6 10.3 na na 3.1 2.6 2.6 2.4 na na 29.7 27.6 3.6 3.6 na na
BMRI IJ HOLD 10,075 10,300 23,333 40.0 235,083 319 51,197 56,532 23,552 25,662 18,204 20,283 17.4 11.4 12.9 11.6 na na 2.7 2.3 2.3 2.4 na na 22.5 21.5 2.7 2.6 na na
BBNI IJ BUY 4,830 6,650 18,649 39.8 90,073 143 28,839 32,446 11,219 12,649 9,054 10,171 28.5 12.3 9.9 8.9 na na 1.9 1.6 3.0 3.1 na na 19.9 19.8 2.5 2.5 na na
BDMN IJ REDUCE 4,310 3,400 9,585 32.4 41,310 17 23,155 22,471 5,605 5,695 4,042 4,241 0.7 4.9 10.2 9.7 na na 1.3 1.2 2.4 3.1 na na 13.5 12.9 2.4 2.2 na na
BTPN IJ REDUCE 4,200 3,900 5,840 57.2 24,529 2 7,449 7,734 2,878 2,879 2,131 2,267 6.9 6.4 11.5 10.8 na na 2.5 2.0 0.0 1.8 na na 24.2 20.5 3.3 3.1 na na
BBTN IJ HOLD 1,010 1,270 10,565 34.6 10,671 66 6,437 6,815 2,136 2,262 1,562 1,653 14.5 5.8 6.8 6.5 na na 0.9 0.8 4.4 3.9 na na 14.3 13.6 1.3 1.2 na na
BJBR IJ HOLD 845 1,000 9,696 25.0 8,193 25 5,980 6,483 1,622 1,954 1,376 1,544 15.4 12.2 6.0 5.3 na na 1.2 1.1 9.2 10.0 na na 21.7 21.8 1.9 2.1 na na
BJTM IJ BUY 418 500 14,918 18.0 6,236 9 2,839 3,136 1,116 1,360 824 1,025 2.4 24.3 7.6 6.1 na na 1.1 1.0 9.7 10.7 na na 14.7 17.3 2.7 2.9 na na
BBKP IJ** HOLD 1,275 600 9,525 15.7 12,144 6 3,494 3,810 1,174 1,300 930 1,053 10.6 0.5 11.1 11.0 na na 1.9 1.7 2.0 2.0 na na 16.6 15.9 1.4 1.4 na na
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 14/05/14 Dwi Aneka Jaya Kemasindo Paper manufacture 470 40.0 41 Airasia Indonesia Airlines 1,800 20.0
42 Andira Agro Plantations
43 Asia Mangan Group Mining 458 55.0
44 Bank Dinar Banking 300
45 Bank DKI Banking
46 Bank Kesejahteraan Ekonomi Banking
47 Bank Muamalat Banking
48 Bank Sumatera Utara Banking 800
49 Bank Syariah Mandiri Banking
50 Blue Bird Group Transportation 2,438 20.0 51 Daya Mitra Telekomunikasi Telecommunication 49.0
52 Daya Mandiri Resources Indonesia Coal mining
53 Dutapalma Nusantara Plantations
54 GMF Aero Asia Target Aero services
55 Indoprima Gemilang Auto-parts
56 Infomedia Nusantara Services
57 Intan Baruprana Finance Multi-finance
58 Kawasan Berikat Nusantara Industrial estates
59 Krakatau Wijatama Steel manufacture 60 LINK 02/06/14 Link Net Telecommunication 487
61 Pacific Agro Sentosa Plantations 1,000
62 Pegadaian Indonesia Trading
63 Pelita Cengkareng Paper Packaging manufacture
64 Perkebunan Nusantara III, IV and VII Plantations
65 Pertamina Drilling Services Indonesia Oil-related
66 Pertamina Hulu Energi Oil-related
67 Pertamina Gas Gas distribution
68 Pertamina Geothermal Energy Electricity
69 PLN Batam Electricity 70 Pos Indonesia Logistics
71 Pos Logistik Logistics
72 Puradelta Lestari Property 2,760
73 Semen Batam Cement
74 Siba Surya Logistics 500
75 Soechi Lines Trading
76 Sriboga Raturaya Restaurant 500
2014 total 29,426 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
Asiamoney’s
2013
Best Domestic
Equity House
Actual and upcoming rights issues, 2011-2013 No Code Ex-rights date Company name Industry Amount (IDRbn)
1 BMRI 01/26/11 Bank Mandiri Banks 11,684 2 AMRT 01/24/11 Sumber Alfaria Trijaya Retail 1,039
3 BBKP 01/20/11 Bank Bukopin Banks 1,066
4 PBRX 01/24/11 Pan Brothers Textile 433
5 EPMT 02/01/11 Enseval Putra Megatrading Pharmacy distribution 300
6 ABDA 04/28/11 Asuransi Bina Dana Arta Insurance 144
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 11
Asiamoney’s
2013
Best Domestic
Equity House
1Q14 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 161.6 641 25.2 Above 137 535 25.6 Above 2 Adaro Energy ADRO IJ 211 577 36.6 Above 128 218 58.8 Above
3 Adhi Karya ADHI IJ 70 1,111 6.3 In Line 16 421 3.8 Above
4 Agung Podomoro Land APLN IJ 400 1,619 24.7 Below 296 958 30.9 In Line 5 AKR Corporindo AKRA IJ 222 1,240 17.9 In Line 179 869 20.6 In Line
6 Alam Sutera ASRI IJ 334 1,336 25 Below 310 1,123 27.6 In Line
7 Astra Agro Lestari AALI IJ 930 3,720 25 Above 785 2,532 31 Above 8 Astra International ASII IJ 4874 20,058 24.3 In Line 4727 20,642 22.9 Below
9 Austindo Nusantara Jaya ANJT IJ 7 na na Below 4 na na Below
10 Bank Bukopin BBKP IJ 317 1,174 27 In Line 246 932 26.4 In Line 11 Bank Central Asia BBCA IJ 11554 39,299 29.4 Above 3665 16,075 22.8 In Line
12 Bank Danamon BDMN IJ 5377 20,841 25.8 In Line 875 4,127 21.2 In Line
13 Bank Jabar Banten BJBR IJ 413 1,665 24.8 In Line 326 1,417 23 Below 14 Bank Mandiri BMRI IJ 12777 57,040 22.4 In Line 4925 20,020 24.6 In Line
15 Bank Negara Indonesia BBNI IJ 8159 31,747 25.7 Above 2393 9,572 25 In Line
16 Bank Pem. Daerah Jabar & Banten BJBR IJ 1463 5,584 26.2 In Line 326 1,417 23 Below
17 Bank Pem. Daerah Jawa Timur BJTM IJ 833 2,882 28.9 Above 312 948 32.9 Above
18 Bank Rakyat Indonesia BBRI IJ 14264 60,186 23.7 Above 5935 23,458 25.3 Above
19 Bank Tabungan Negara BBTN IJ 1655 7,259 22.8 In Line 341 1,731 19.7 Below
20 Bank Tabungan Pensiunan Nasional BTPN IJ 1876 8,450 22.2 Above 493 2,336 21.1 In Line
21 Bekasi Fajar Industrial Estate BEST IJ 87 829 10.5 Below 90 720 12.5 Below
22 Bukit Asam PTBA IJ 625 2,358 26.5 Above 536 1,842 29.1 In Line
23 Bumi Serpong Damai BSDE IJ 612 2,419 25.3 In Line 489 2,038 24 In Line 24 Cardig Aero Services CASS IJ 78 na na Below 22 na na Below 25 Charoen Pokphand Indonesia CPIN IJ 826 4,489 18.4 Below 661 3,355 19.7 Below
26 Ciputra Development CTRA IJ 380 2,184 17.4 Below 228 1,213 18.8 Below
28 Citra Marga Nusapala CMNP IJ 144 na Na In Line 118 na na In Line 29 Ekspress Transindo Utama TAXI IJ 36 277 13 Below 29 158 18.3 Below 30 Erajaya Swasembada ERAA IJ 119 589 20.2 In Line 80 388 20.6 In Line
31 Gajah Tunggal GJTL IJ 269 1,546 17.4 Below 335 1,077 31.1 In Line
32 Garuda Indonesia GIAA IJ -168 89 (189.4) Above -164 50 -331 Above 33 Gudang Garam GGRM IJ 2151 7,655 28.1 Above 1416 4,986 28.4 Above 34 Harum Energy HRUM IJ 11.1 74 15 Below 10.8 42 25.5 Above
35 Hero Supermarket HERO IJ 51 na Na Below 55 na na Below
36 Holcim Indonesia SMCB IJ 342 1,943 17.6 Below 324 1,153 28.1 In Line
37 Indocement INTP IJ 1240 6,596 18.8 Below 1129 5,155 21.9 In Line
38 Indofood CBP Sukses Makmur ICBP IJ 845 3,327 25.4 Below 689 2,610 26.4 In Line 39 Indofood Sukses Makmur INDF IJ 2007 8,651 23.2 Above 1373 4,136 33.2 Above 40 Indomobil Sukses International IMAS IJ 40 909 4.4 Below 75 915 8.2 Below
41 Jasa Marga JSMR IJ 689 3,076 22.4 In Line 376 1,686 22.3 In Line 42 Kalbe Farma KLBF IJ 643 3,062 21 Above 493 2,315 21.3 Above
43 Kawasan Industri Jababeka KIJA IJ 265 957 27.7 Above 303 662 45.8 Above
44 Krakatau Steel KRAS IJ -19 na na na -46 na na na 45 Lippo Cikarang LPCK IJ 253 781 32.4 Above 228 792 28.8 Above
46 Lippo Karawaci LPKR IJ 513 2,466 20.8 Above 339 1,584 21.4 In Line 47 Malindo Feedmill MAIN IJ 65 607 10.7 Below 58 426 13.6 Below
48 Matahari Department Store LPPF IJ 263 2,174 12.1 In Line 123 1,618 7.6 In Line
49 Medco Energy MEDC IJ 61 210 29 Above 4 18 22.7 Above
50 Media Nusantara Citra MNCN IJ 515 2,877 17.9 Above 389 2,149 18.1 Below
57 Sampoerna Agro SGRO IJ 106 558 19 Above 55 322 17.1 Above 58 Semen Gresik SMGR IJ 1639 7,484 21.9 Below 1303 5,869 22.2 In Line 59 Sido Muncul SIDO IJ 119.5 na na Below 115.9 na na Above 60 Sri Rejeki Isman SRIL IJ 204 810 25.2 In Line 115 437 26.3 In Line
61 Summarecon Agung SMRA IJ 353 1,459 24.2 Above 275 1,155 23.8 Above
62 Supra Boga Lestari RANC IJ 3 59 5.1 Below 6 50 11.9 Below
63 Surya Citra Media SCMA IJ 423 2,180 19.4 In Line 318 1,665 19.1 In Line
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 13
Asiamoney’s
2013
Best Domestic
Equity House
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Disclosure of Interest of Bahana Securities
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: Sri Rejeki Isman (SRIL IJ); Semen Baturaja (Persero) (SMBR IJ); Tiphone Mobile Indonesia (TELE IJ); Austindo Nusantara Jaya (ANJT IJ); Telekomunikasi Indonesia (Persero) (TLKM IJ); Garuda Indonesia (Persero) (GIAA IJ); Wijaya Karya Beton Tbk PT (WTON IJ).
Hong Kong
This research is distributed in Hong Kong by Daiwa Capital Markets Hong Kong Limited (大和資本市場香港有限公司) (“DHK”) which is regulated by the Hong Kong Securities and Futures Commission. Recipients of this research in Hong Kong may contact DHK in respect of any matter arising from or in connection with this research.
Ownership of Securities
For “Ownership of Securities” information, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action.
Investment Banking Relationship
For “Investment Banking Relationship”, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action.
Relevant Relationship (DHK)
DHK may from time to time have an individual employed by or associated with it serves as an officer of any of the companies under its research coverage.
DHK market making
DHK may from time to time make a market in the securities covered by this research.
Singapore
This research is distributed in Singapore by Daiwa Capital Markets Singapore Limited and it may only be distributed in Singapore to accredited investors, expert investors and institutional investors as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. By virtue of distribution to these category of investors, Daiwa Capital Markets Singapore Limited and its representatives are not required to comply with Section 36 of the Financial Advisers Act (Chapter 110) (Section 36 relates to disclosure of Daiwa Capital Markets Singapore Limited’s interest and/or its representative’s interest in securities). Recipients of this research in Singapore may contact Daiwa Capital Markets Singapore Limited in respect of any matter arising from or in connection with the research.
Australia
This research is distributed in Australia by Daiwa Capital Markets Stockbroking Limited and it may only be distributed in Australia to wholesale investors within the meaning of the Corporations Act. Recipients of this research in Australia may contact Daiwa Capital Markets Stockbroking Limited in respect of any matter arising from or in connection with the research.
Ownership of Securities
For “Ownership of Securities” information, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action.
India
This research is distributed by Daiwa Capital Markets India Private Limited (DAIWA) which is an intermediary registered with Securities & Exchange Board of India. This report is not to be considered as an offer or solicitation for any dealings in securities. While the information in this report has been compiled by DAIWA in good faith from sources believed to be reliable, no representation or warranty, express of implied, is made or given as to its accuracy, completeness or correctness. DAIWA its officers, employees, representatives and agents accept no liability whatsoever for any loss or damage whether direct, indirect, consequential or otherwise howsoever arising (whether in negligence or otherwise) out of or in connection with or from any use of or reliance on the
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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.
Taiwan
This research is distributed in Taiwan by Daiwa-Cathay Capital Markets Co., Ltd and it may only be distributed in Taiwan to institutional investors or specific investors who have signed recommendation contracts with Daiwa-Cathay Capital Markets Co., Ltd in accordance with the Operational Regulations Governing Securities Firms Recommending Trades in Securities to Customers. Recipients of this research in Taiwan may contact Daiwa-Cathay Capital Markets Co., Ltd in respect of any matter arising from or in connection with the research.
Philippines
This research is distributed in the Philippines by DBP-Daiwa Capital Markets Philippines, Inc. which is regulated by the Philippines Securities and Exchange
Commission and the Philippines Stock Exchange, Inc. Recipients of this research in the Philippines may contact DBP-Daiwa Capital Markets Philippines, Inc.
in respect of any matter arising from or in connection with the research. DBP-Daiwa Capital Markets Philippines, Inc. recommends that investors independently assess, with a professional advisor, the specific financial risks as well as the legal, regulatory, tax, accounting, and other consequences of a
proposed transaction. DBP-Daiwa Capital Markets Philippines, Inc. may have positions or may be materially interested in the securities in any of the markets
mentioned in the publication or may have performed other services for the issuers of such securities.
For relevant securities and trading rules please visit SEC and PSE Link at http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf and
http://www.pse.com.ph/ respectively.
United Kingdom
This research report is produced by Daiwa Capital Markets Europe Limited and/or its affiliates and is distributed in the European Union, Iceland, Liechtenstein, Norway and Switzerland. Daiwa Capital Markets Europe Limited is authorised and regulated by The Financial Conduct Authority (“FCA”) and is a member of the London Stock Exchange, Eurex and NYSE Liffe. Daiwa Capital Markets Europe Limited and/or its affiliates may, from time to time, to the extent permitted by law, participate or invest in other financing transactions with the issuers of the securities referred to herein (the “Securities”), perform services for or solicit business from such issuers, and/or have a position or effect transactions in the Securities or options thereof and/or may have acted as an underwriter during the past twelve months for the issuer of such securities. In addition, employees of Daiwa Capital Markets Europe Limited and/or its affiliates may have positions and effect transactions in such securities or options and may serve as Directors of such issuers. Daiwa Capital Markets Europe Limited may, to the extent permitted by applicable UK law and other applicable law or regulation, effect transactions in the Securities before this material is published to recipients.
This publication is intended for investors who are not Retail Clients in the United Kingdom within the meaning of the Rules of the FCA and should not therefore be distributed to such Retail Clients in the United Kingdom. Should you enter into investment business with Daiwa Capital Markets Europe’s affiliates outside the United Kingdom, we are obliged to advise that the protection afforded by the United Kingdom regulatory system may not apply; in particular, the benefits of the Financial Services Compensation Scheme may not be available.
Daiwa Capital Markets Europe Limited has in place organisational arrangements for the prevention and avoidance of conflicts of interest. Our conflict management policy is available at http://www.uk.daiwacm.com/about-us/corporate-governance-regulatory. Regulatory disclosures of investment banking relationships are available at https://daiwa3.bluematrix.com/sellside/Disclosures.action.
Germany
This document has been approved by Daiwa Capital Markets Europe Limited and is distributed in Germany by Daiwa Capital Markets Europe Limited, Niederlassung Frankfurt which is regulated by BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) for the conduct of business in Germany.
Bahrain
This research material is issued/compiled 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.
For stocks and sectors in Indonesia covered by Bahana Securities, the following rating system is in effect:
Stock ratings are based on absolute upside or downside, which is the difference between the target price and the current market price. Unless otherwise specified, these ratings are set with a 12-month horizon. It is possible that future price volatility may cause a temporary mismatch between upside/downside for a stock based on the market price and the formal rating. "Buy": the price of the security is expected to increase by 10% or more. "Hold": the price of the security is expected to range from an increase of less than 10% to a decline of less than 5%. "Reduce": the price of the security is expected to decline by 5% or more.
Sector ratings are based on fundamentals for the sector as a whole. Hence, a sector may be rated “Overweight” even though its constituent stocks are all rated “Reduce”; and a sector may be rated “Underweight” even though its constituent stocks are all rated “Buy”. “Overweight”: positive fundamentals for the sector. “Neutral”: neither positive nor negative fundamentals for the sector. “Underweight”: negative fundamentals for the sector.
Ownership of Securities For “Ownership of Securities” information, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .
Investment Banking Relationships For “Investment Banking Relationship”, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .
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Relevant Relationships (Bahana Securities) Bahana Securities may from time to time have an individual employed by or associated with it serves as an officer of any of the companies under its research coverage.
Bahana Securities market making Bahana Securities may from time to time make a market in securities covered by this research.
Additional information may be available upon request.
Japan - additional notification items pursuant to Article 37 of the Financial Instruments and Exchange Law
(This Notification is only applicable where report is distributed by Daiwa Securities Co. Ltd.)
If you decide to enter into a business arrangement with us based on the information described in materials presented along with this document, we ask you to pay close attention to the following items.
In addition to the purchase price of a financial instrument, we will collect a trading commission* for each transaction as agreed beforehand with you. Since
commissions may be included in the purchase price or may not be charged for certain transactions, we recommend that you confirm the commission for
each transaction. In some cases, we may also charge a maximum of ¥ 2 million (including tax) per year as a standing proxy fee for our deposit of your securities, if you are
a non-resident of Japan.
For derivative and margin transactions etc., we may require collateral or margin requirements in accordance with an agreement made beforehand with
you. Ordinarily in such cases, the amount of the transaction will be in excess of the required collateral or margin requirements.
There is a risk that you will incur losses on your transactions due to changes in the market price of financial instruments based on fluctuations in interest
rates, exchange rates, stock prices, real estate prices, commodity prices, and others. In addition, depending on the content of the transaction, the loss
could exceed the amount of the collateral or margin requirements.
There may be a difference between bid price etc. and ask price etc. of OTC derivatives handled by us.
Before engaging in any trading, please thoroughly confirm accounting and tax treatments regarding your trading in financial instruments with such experts as certified public accountants.
*The amount of the trading commission cannot be stated here in advance because it will be determined between our company and you based on current
market conditions and the content of each transaction etc.
When making an actual transaction, please be sure to carefully read the materials presented to you prior to the execution of agreement, and to take responsibility for your own decisions regarding the signing of the agreement with us.
Corporate Name: Daiwa Securities Co. Ltd.
Financial instruments firm: chief of Kanto Local Finance Bureau (Kin-sho) No.108
Memberships: Japan Securities Dealers Association, Financial Futures Association of Japan