Beacon IDX: 4,959 (-1.5%) Turnover: IDR4.2tn (+5.9% ...directtrading.co.id/uploads/default/research/20141009id_daily.pdf · SMBR selects contractor to build Baturaja II

Asiamoney’s

2013

Best Domestic

Equity House

9 October 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.

2014Finance Asia's

Best Equity House

Asiamoney's2013

Best DomesticEquity House

Beacon Indonesia Morning Brief

IDX: 4,959 (-1.5%) Turnover: IDR4.2tn (+5.9%)

Foreign net SELL: IDR232.2bn (from BUY: IDR104.4bn)

CORPORATE FLASH XL Axiata (EXCL IJ): Upgrade to BUY on likely improved margins ahead Analyst: Leonardo Henry Gavaza, CFA Added infrastructure backing from Axis Expect continued strong data segment growth Outlook: EBITDA margins should improve on network synergies

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

TODAY’S NEWS

POLITICS

Red-White coalition wants increased number of committees

BOURSE Archi Indonesia targets to raise USD700m in IPO Karisma bookstore to delay its IPO

INDUSTRY Cepu block production increases September domestic 2W sales increased significantly (+16% m-m)

The government inaugurates USD7.4bn oil, gas and power plant projects

CORPORATE SMBR selects contractor to build Baturaja II SMCB to receive additional loan from ECA KRAS to reduce costs

INDICES

Asia Last Chg% ytd % y-y %

Hang Seng (HK) 23,263.3 (0.7) (0.2) 0.4

IDX (Indonesia) 4,958.5 (1.5) 16.0 11.9

KLCI (Mal.) 1,824.3 (0.5) (2.3) 2.6

KOSPI (Korea) 1,965.3 (0.4) (2.3) (1.9)

Nikkei (Japan) 15,596.0 (1.2) (4.3) 12.2

PCOMP (Phil.) 7,185.7 (0.7) 22.0 11.3

SENSEX (India) 26,246.8 (0.1) 23.9 31.3

SET (Thailand) 1,543.4 0.3 18.8 7.6

SHCOMP (China) 2,382.8 0.8 12.6 9.6

SHENZHEN (China) 1,351.8 1.4 27.8 27.9

STI (Singapore) 3,226.7 (0.5) 1.9 2.5

TWSE (Taiwan) 8,955.2 (0.9) 4.0 6.9

VNI (Vietnam) 617.3 0.5 22.3 22.9

Europe, USA and EMs

CAC 40 (France) 4,168.1 (1.0) (3.0) 1.0

DAX (Germany) 8,995.3 (1.0) (5.8) 5.6

Dow Jones (USA) 16,994.2 1.6 2.5 14.8

FTSE 100 (UK) 6,482.2 (0.2) (4.0) 2.3

IBOV (Brazil) 57,058.5 (0.7) 10.8 8.6

MEXBOL (Mexico) 44,488.0 (0.1) 4.1 11.6

NGSEINDX (Nigeria) 40,995.0 (0.3) (0.8) 10.0

Nasdaq (USA) 4,468.6 1.9 7.0 21.5

RTSI (Russia) 1,082.6 (2.2) (25.0) (25.9)

S&P 500 (USA) 1,968.9 1.7 6.5 18.9

XU100 (Turkey) 72,943.5 (1.9) 7.6 (2.1)

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

EIDO US (USD) 26.6 1.1 16.4 8.7

TLK US (IDR) 2,806 (0.1) 29.1 21.7

Aluminum (USD/mtn) 1,940.0 (0.8) 7.8 4.0

Coal (USD/t) 66.1 0.5 (24.2) (19.2)

Corn (USD/mtn) 118.9 1.4 (25.5) (27.1)

Coffee (USD/t) 3,997.4 (1.2) 68.8 66.2

Copper (USD/t) 6,755.0 0.6 (8.6) (6.6)

Cotton (USD/t) 1,430.6 (0.5) (23.3) (22.5)

CPO (USD/t-Rottdm) 772.5 (0.3) (15.1) (6.1)

Gold (USD/oz.) 1,219.7 0.8 1.2 (6.6)

Iron ore (USD/mtn) 81.4 0.0 (39.0) (39.0)

Milk (USD/t) 531.4 0.9 37.4 41.5

Nickel (USD/t) 16,700.0 (0.3) 19.5 20.7

Oil (USD/barrel) 87.8 (1.0) (10.8) (13.6)

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

Rubber (USD/t) 1,430.0 0.9 (37.0) (39.4)

Silver (USD/oz) 17.4 1.2 (10.6) (20.4)

Soybean oil (USD/t) 728.0 (0.2) (14.9) (18.3)

Steel (USD/t) 487.2 0.2 (14.0) (15.9)

Sugar (USD/t) 463.5 0.4 2.6 0.0

Tins (USD/t) 20,220.0 (0.3) (10.3) (14.8)

Wheat (USD/t) 186.5 0.3 (20.7) (29.0) Source: Bloomberg

ECONOMIC INDICATORS MARKET DATA

13A 14F 15F*

13A 14F 15F

Cur acc bal (%GDP) (3.2) (3.1) (2.7) Op.prof.gwt.(%) 8.7 12.7 12.3

Fiscal bal (%GDP) (2.4) (2.5) (2.5) EPS growth (%) 3.7 13.7 13.3

GDP growth (%y-y) 5.8 5.2 4.8 P/E (x) 23.7 20.1 17.1

Private spending (%) 5.3 5.2 5.1 PEG (x) 6.4 1.5 1.3

Investment (%y-y) 4.7 5.4 6.6 EV/EBITDA (x) 10.4 9.5 8.5

Total exports (%y-y) 5.3 6.0 7.0 P/BV (x) 6.6 8.2 5.8

Total imports (%y-y) 1.2 5.0 5.4 P/BV exc. UNVR&LPPF 3.8 3.3 2.8

Inflation (%y-y) 8.4 5.9 10.3 Div. Yield (%) 2.2 2.5 2.7

IDR/USD 12,170 11,900 11,700 Net gearing (%) 17.8 20.1 17.0

BI rate (% p.a.) 7.5 7.50 8.25 ROAE (%) 29.6 29.7 32.1

Brent Oil (Usd/bbl) 110.8 110.0 105.0 ROAA (%) 11.8 12.1 12.3

FX reserve (USDb) 99.4 107.5 100.0 ROIC (%) 13.1 22.2 26.3 Source: Bahana estimates, *given 30% to Source: Bahana estimates

subsidize fuel price hike in 1Q15

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

AUD/USD 0.884 0.881 0.9 6.5

USD/EUR 1.273 1.266 7.4 5.8

IDR/USD 12,240 12,205 (0.6) (6.5)

JPY/USD 108.220 108.120 (2.8) (10.2)

SGD/USD 1.273 1.276 (0.8) (2.0)

JIBOR (%) 5.85 5.85 (0.2) 0.1

BI rate (%) 7.50 7.50 0.0 0.3

TD – 1 month (%) 7.05 7.08 0.4 1.0

CDS (bps) 172.68 169.00 (25.9) (29.5) Source: Bloomberg

http://asiaresearch.daiwacm.com/eg/cgi-bin/files/20141008id_XLAxiata.pdf#page=1

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

2014Finance Asia's

Best Equity House

Asiamoney's2013


POLITICS

Red-White coalition wants increased number of committees

Red-and-White Coalition defended its proposal to increase the number of committees / commissions at the

House of Representatives to prevent a power split among coalition elites. In line with the idea, the newly

inaugurated Deputy House Speaker, Fadli Zon of the Gerindra Party faction, stated that more commissions

will increase legislative efficiencies. Meanwhile they also plan to restructure Commission I (defense, foreign

affairs and information) and Commission III (legal affairs and laws, human rights and security). On the flip

side, PDI-P suspects that the proposal is politically motivated and is tailored to distribute power among its

supporters within the legislative body. (Jakarta Post)

BOURSE

Archi Indonesia targets USD700mn PT Archi Indonesia, a subsidiary of Rajawali Group in the mining sector, is ready to release 10%-20% of its

stake to the public targeting to raise USD700mn or IDR8.4tn, which would the highest IPO value in the last

5 years. The gold mine operator has appointed PT Danareksa Sekuritas, PT Valbury Asia Securities, Credit

Suisse Securities Singapore and CIMB Securities Singapore as lead underwriters. There is still no details

from the company on the time schedule. (Bisnis Indonesia)

Karisma bookstore to delay its IPO BCA Securities, as the main underwriter for Karisma bookstore’s IPO, stated that it plans to delay the IPO

offering to raise IDR94-129bn by releasing 535.82mn shares which was previously offered at IDR175-240

per share. The company plans to use the IPO funds to open new bookstores and pay its debt. It is unclear at

this stage as to the reason of the delay. (Kontan.co.id)

INDUSTRY

Cepu block production increases

Cepu block oil lifting capacity has increased to 40,000 BOPD from 30,000 BOPD and is expected to reach its

production peak of 165,000 BOPD in 3Q15. (Kompas)

September domestic 2W sales increased significantly (+16% m-m)

September domestic 2W sales increased 16% m-m to 711k units due to growing income in some provinces

which are entering harvesting period .This brought total 9M14 motorcycles sales to 6.1m units, up 5% y-y.

(Bisnis Indonesia). Bahana comment: We expect 2014 2W domestic sales to reach 8.2mn units, up 6% y-

y.

The government inaugurates USD7.4bn oil, gas and power plant projects

The government through the coordinating minister of the economy has inaugurated USD7.4bn projects:

Cepu Banyu Urip oil production facility, Donggi-Senoro LNG, coal-fired power plants in some areas, Patuha

geothermal power plant, Gresik-Semarang and Arun-Belawan gas transmission pipes. (Detik Finance)

CORPORATE

SMBR selects contractor to build Baturaja II Semen Baturaja (SMBR IJ-REDUCE-IDR362-TP:IDR300) has appointed a Chinese contractor to build its new

Baturaja II plant and will sign a construction contract in November. SMBR also announced that the total

project costs IDR2.9tn and will increase its production capacity to 3.85m tons. (Bisnis Indonesia) Bahana

comment: According to the management, there is a delay in the contract signing as SMBR needs to analyze

each items in the contract; however, the company is still targeting the new plant to be completed at the end

of 2016.

SMCB to receive additional loan from ECA Holcim Indonesia (SMCB IJ-HOLD-IDR2,560-TP:IDR2,500) announced that the company will withdraw

additional IDR2tn loan from Export Credit Agency (ECA) with BNP Paribas and KfW IPEX-bank as the

arrangers of the export credit. SMCB will use the fund to repay IDR1.2tn loan from its parent company and

to finance 2015 capex. (Kontan.co.id)


2014Finance Asia's

Best Equity House

Asiamoney's2013


KRAS to reduce costs

Krakatau Steel’s (KRAS IJ-REDUCE-IDR465-TP:IDR400) management stated that in 2014, the company has

set a target to cut its cost by USD73m to reduce its losses and turn its financial performance back into the

black by increasing efficiencies through cutting its manufacturing costs, reducing its workforce and

revitalizing its plants. (Jakarta Globe)


2014Finance Asia's

Best Equity House

Asiamoney's2013


BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily)

COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside) Potential (%)

10/08/2014 10/07/2014 CHANGE (%)

Adaro Energy ADRO IJ REDUCE 1,000 (13.4) 1,155 1,140 1.3

Pakuwon Jati PWON IJ BUY 600 49.6 401 396 1.3

Tiphone Mobile Indonesia TELE IJ BUY 1,160 28.9 900 895 0.6

Bank Central Asia BBCA IJ BUY 12,700 1.6 12,500 12,475 0.2

Cardig Aero Services CASS IJ BUY 1,170 (1.7) 1,190 1,190 0.0

Bank Danamon Indonesia BDMN IJ REDUCE 3,400 (12.8) 3,900 3,900 0.0 Bukit Asam PTBA IJ HOLD 11,700 (12.0) 13,300 13,300 0.0

Hero Supermarket HERO IJ REDUCE 1,590 (37.6) 2,550 2,550 0.0

Gudang Garam GGRM IJ BUY 70,000 23.9 56,500 56,500 0.0

Wintermar Offshore Marine WINS IJ BUY 1,600 24.0 1,290 1,290 0.0

Austindo Nusantara Jaya ANJT IJ HOLD 1,300 14.0 1,140 1,140 0.0

Sarana Menara Nusantara TOWR IJ BUY 4,400 7.3 4,100 4,100 0.0 Unilever Indonesia UNVR IJ BUY 37,500 22.6 30,575 30,650 (0.2)

Indosat ISAT IJ BUY 4,800 23.2 3,895 3,905 (0.3)

Kalbe Farma KLBF IJ BUY 1,975 19.3 1,655 1,660 (0.3)

Citra Marga Nusaphala Persada CMNP IJ BUY 3,600 15.6 3,115 3,125 (0.3)

Alam Sutera Realty ASRI IJ BUY 585 33.3 439 441 (0.5)

Supra Boga Lestari RANC IJ REDUCE 500 16.3 430 432 (0.5) Garuda Indonesia GIAA IJ BUY 615 47.8 416 418 (0.5)

Ciputra Development CTRA IJ BUY 1,350 37.1 985 990 (0.5)

Adi Sarana Armada ASSA IJ REDUCE 190 (3.1) 196 197 (0.5)

Vale Indonesia INCO IJ BUY 4,700 26.3 3,720 3,740 (0.5)

Indo Tambangraya Megah ITMG IJ REDUCE 20,000 (24.1) 26,350 26,500 (0.6) Indomobil Sukses Internasional IMAS IJ REDUCE 3,900 (9.4) 4,305 4,330 (0.6)

Bank Jawa Barat dan Banten BJBR IJ HOLD 900 20.0 750 755 (0.7)

Bank Tabungan Pensiunan Nasional BTPN IJ HOLD 4,300 (3.4) 4,450 4,480 (0.7)

Media Nusantara Citra MNCN IJ REDUCE 2,400 (17.8) 2,920 2,940 (0.7)

Bank Jawa Timur BJTM IJ BUY 520 19.0 437 440 (0.7)

Bank Bukopin BBKP IJ HOLD 600 (15.5) 710 715 (0.7) Jasa Marga JSMR IJ BUY 7,050 11.9 6,300 6,350 (0.8)

London Sumatra Indonesia LSIP IJ HOLD 2,100 11.4 1,885 1,900 (0.8)

Sri Rejeki Isman SRIL IJ BUY 200 60.0 125 126 (0.8)

Mayora Indah MYOR IJ REDUCE 25,900 (12.6) 29,650 29,900 (0.8)

Krakatau Steel KRAS IJ REDUCE 400 (14.0) 465 469 (0.9)

Mitra Adiperkasa MAPI IJ HOLD 5,750 15.5 4,980 5,025 (0.9) Holcim Indonesia SMCB IJ HOLD 2,500 (2.3) 2,560 2,585 (1.0)

Aneka Tambang ANTM IJ REDUCE 720 (29.1) 1,015 1,025 (1.0)

Agung Podomoro Land APLN IJ BUY 330 0.0 330 334 (1.2)

Express Transindo Utama TAXI IJ BUY 1,540 28.9 1,195 1,210 (1.2)

Bumi Resources BUMI IJ REDUCE 180 14.6 157 159 (1.3)

Perusahaan Gas Negara PGAS IJ BUY 7,000 22.3 5,725 5,800 (1.3) Summarecon Agung SMRA IJ BUY 1,580 38.6 1,140 1,155 (1.3)

Surya Semesta Internusa SSIA IJ HOLD 780 13.9 685 695 (1.4)

Astra International ASII IJ HOLD 6,675 (0.4) 6,700 6,800 (1.5)

Indonesian Stock Exchange JCI 4,959 5,033 (1.5)

Harum Energy HRUM IJ REDUCE 1,900 (0.3) 1,905 1,935 (1.6)

Timah TINS IJ BUY 1,700 38.2 1,230 1,250 (1.6) Xl Axiata EXCL IJ BUY 7,400 22.0 6,075 6,175 (1.6)

Astra Agro Lestari AALI IJ BUY 32,000 44.8 22,100 22,475 (1.7)

Waskita Karya WSKT IJ BUY 1,000 22.7 815 830 (1.8)

Bekasi Fajar Industrial Estates BEST IJ BUY 690 30.2 530 540 (1.9)

Kawasan Industri Jababeka KIJA IJ BUY 450 73.7 259 264 (1.9)

Semen Baturaja SMBR IJ REDUCE 300 (17.1) 362 369 (1.9) Tempo Scan Pacific TSPC IJ BUY 3,800 52.0 2,500 2,550 (2.0)

Ciputra Property CTRP IJ HOLD 750 7.1 700 715 (2.1)

Telekomunikasi Indonesia TLKM IJ BUY 3,350 19.6 2,800 2,860 (2.1)

Wijaya Karya WIKA IJ BUY 3,350 34.0 2,500 2,555 (2.2)

Indofood Sukses Makmur INDF IJ BUY 7,950 18.2 6,725 6,875 (2.2)

Sido Muncul SIDO IJ BUY 1,050 64.1 640 655 (2.3) Indofood CBP Sukses Makmur ICBP IJ REDUCE 8,300 (21.7) 10,600 10,850 (2.3)

Bumi Serpong Damai BSDE IJ BUY 1,900 31.5 1,445 1,480 (2.4)

Malindo Feedmill MAIN IJ BUY 3,800 15.2 3,300 3,380 (2.4)

Surya Citra Media SCMA IJ REDUCE 3,000 (13.8) 3,480 3,565 (2.4)

Pembangunan Perumahan PTPP IJ BUY 2,800 24.7 2,245 2,300 (2.4)

Erajaya Swasembada ERAA IJ HOLD 1,325 31.2 1,010 1,035 (2.4) Medco Energi Internasional MEDC IJ REDUCE 2,400 (34.9) 3,685 3,780 (2.5)

Sampoerna Agro SGRO IJ BUY 2,650 39.1 1,905 1,955 (2.6)

Bank Mandiri BMRI IJ BUY 12,000 26.3 9,500 9,750 (2.6)

Lippo Cikarang LPCK IJ BUY 9,600 30.6 7,350 7,550 (2.6)

Lippo Karawaci LPKR IJ BUY 1,200 31.1 915 940 (2.7)

Gajah Tunggal GJTL IJ HOLD 1,550 6.5 1,455 1,495 (2.7) Bank Tabungan Negara BBTN IJ BUY 1,320 21.7 1,085 1,115 (2.7)

Wijaya Karya Beton WTON IJ HOLD 1,070 5.9 1,010 1,040 (2.9)

AKR Corporindo AKRA IJ REDUCE 4,150 (15.0) 4,880 5,025 (2.9)

Matahari Putra Prima MPPA IJ BUY 3,900 39.5 2,795 2,880 (3.0)

Ramayana Lestari Sentosa RALS IJ REDUCE 800 (1.8) 815 840 (3.0)

Adhi Karya ADHI IJ BUY 4,000 56.9 2,550 2,630 (3.0) Salim Ivomas Pratama SIMP IJ HOLD 900 16.9 770 795 (3.1)

Nippon Indosari Corpindo ROTI IJ BUY 1,400 32.1 1,060 1,095 (3.2)

Bank Negara Indonesia BBNI IJ BUY 6,650 26.1 5,275 5,450 (3.2)

Indocement Tunggal Prakarsa INTP IJ HOLD 26,000 19.4 21,775 22,500 (3.2)

Japfa Comfeed Indonesia JPFA IJ BUY 1,500 27.7 1,175 1,215 (3.3)

Ace Hardware Indonesia ACES IJ REDUCE 900 6.5 845 875 (3.4) Bank Rakyat Indonesia BBRI IJ BUY 13,100 29.7 10,100 10,475 (3.6)

Charoen Pokphand Indonesia CPIN IJ BUY 4,800 27.5 3,765 3,905 (3.6)

Multipolar MLPL IJ BUY 900 (6.3) 960 1,000 (4.0)

Semen Indonesia SMGR IJ BUY 18,400 24.7 14,750 15,400 (4.2)

Total Bangun Persada TOTL IJ REDUCE 825 (8.3) 900 940 (4.3)

Matahari Department Store LPPF IJ BUY 19,000 26.2 15,050 15,800 (4.7) United Tractors UNTR IJ REDUCE 18,000 (7.3) 19,425 20,450 (5.0)

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.

http://www.daiwacm.com/hk/research_disclaimer.html


2014Finance Asia's

Best Equity House

Asiamoney's2013


Source: Bloomberg, Bahana estimates

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

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

AVIATION AVIATION N 13,245 1 46,544 52,563 403 2,553 244 1,102 (68.5) 187.7 62.4 12.7 8.3 4.3 2.2 1.8 0.3 0.4 38.5 32.1 8.4 12.8 2.7 4.8 14.1 7.2

Garuda Indonesia GIAA IJ Equity GIAA IJ* BUY 416 615 25,869 39.5 10,761 1 45,225 51,016 77 2,160 134 964 (87.7) 526.6 71.5 11.4 8.7 4.1 0.8 0.8 0.0 0.0 47.4 39.5 1.0 6.6 0.4 2.7 9.4 0.8

Cardig Aero Service CASS IJ EquityCASS IJ BUY 1,190 1,170 2,087 36.6 2,483 0 1,319 1,547 326 393 110 137 25.3 25.3 22.6 18.1 6.5 5.2 8.2 6.3 1.5 1.9 nc nc 40.4 39.6 12.8 13.9 34.5 34.9

AUTOMOTIVE AUTOMOTIVE UW 288,215 234 226,328 248,501 20,337 23,231 20,070 23,023 (1.8) 13.2 14.8 12.8 13.6 11.3 3.1 2.7 3.1 3.5 60.8 50.9 24.0 23.3 9.3 9.4 18.0 15.0

Astra International ASII IJ Equity ASII IJ HOLD 6,700 6,675 40,484 49.9 271,240 227 193,880 213,166 18,603 21,711 19,417 21,923 (0.0) 12.9 14.0 12.4 12.9 10.8 3.2 2.8 3.2 3.6 54.8 44.4 25.0 24.2 9.8 9.8 18.6 15.7

Indomobil Sukses InternationalIMAS IJ Equity IMAS IJ REDUCE 4,305 3,900 2,765 10.5 11,905 1 20,095 22,076 369 506 532 551 (33.5) 3.5 22.4 23.0 33.0 26.3 2.0 1.9 1.1 1.2 194.8 182.5 9.6 9.1 2.7 2.4 7.8 3.6

Gajah Tunggal GJTL IJ Equity GJTL IJ HOLD 1,455 1,550 3,485 40.4 5,070 5 12,353 13,259 1,365 1,014 120 549 (89.2) 351.4 41.6 9.2 4.9 6.2 0.9 0.9 0.2 0.8 69.2 88.1 2.1 9.6 0.9 3.6 13.9 1.3

BANKS BANKS N 972,463 1,104 219,474 240,815 92,501 101,419 73,722 82,263 17.9 11.9 14.6 13.0 na na 3.3 2.7 2.1 2.2 na na 24.2 22.8 3.0 3.0 na na

Bank Central Asia BBCA IJ EquityBBCA IJ BUY 12,500 12,700 24,655 50.8 308,188 162 37,422 42,343 17,079 19,349 14,254 16,090 21.6 12.9 21.6 19.2 na na 4.8 4.0 1.0 1.2 na na 24.6 22.9 3.0 3.1 na na

Bank Rakyat IndonesiaBBRI IJ Equity BBRI IJ BUY 10,100 13,100 24,669 43.2 249,159 380 52,661 59,319 26,121 28,525 21,344 24,123 14.3 13.0 11.7 10.3 na na 3.1 2.6 2.5 2.4 na na 29.7 27.6 3.6 3.6 na na

Bank Mandiri BMRI IJ Equity BMRI IJ BUY 9,500 12,000 23,333 40.0 221,667 298 51,197 56,532 23,552 25,662 18,204 20,283 17.4 11.4 12.2 10.9 na na 2.5 2.2 2.5 2.5 na na 22.5 21.5 2.7 2.6 na na

Bank Negara IndonesiaBBNI IJ Equity BBNI IJ BUY 5,275 6,650 18,649 39.8 98,372 148 28,839 32,513 11,219 12,715 9,054 10,224 28.5 12.9 10.9 9.6 na na 2.1 1.8 2.8 2.9 na na 19.9 19.9 2.5 2.5 na na

Bank Danamon BDMN IJ EquityBDMN IJ REDUCE 3,900 3,400 9,585 32.4 37,380 17 23,155 22,471 5,605 5,695 4,042 4,241 0.7 4.9 9.2 8.8 na na 1.2 1.1 2.7 3.4 na na 13.5 12.9 2.4 2.2 na na

Bank Tabungan Pensiunan NasionalBTPN IJ EQUITYBTPN IJ HOLD 4,450 4,300 5,840 72.3 25,989 1 7,449 7,734 2,878 2,879 2,131 2,267 6.9 6.4 12.2 11.5 na na 2.6 2.1 0.0 1.7 na na 24.2 20.5 3.3 3.1 na na

Bank Tabungan NegaraBBTN IJ Equity BBTN IJ BUY 1,085 1,320 10,568 35.0 11,466 71 6,437 6,815 2,136 2,262 1,562 1,653 14.5 5.8 7.3 6.9 na na 1.0 0.9 4.1 3.6 na na 14.3 13.6 1.3 1.2 na na

Bank Jabar Banten BJBR IJ Equity BJBR IJ HOLD 750 900 9,696 25.0 7,272 16 5,980 6,142 1,622 1,671 1,376 1,304 15.4 (5.2) 5.3 5.6 na na 1.1 1.0 10.4 10.8 na na 21.7 18.7 1.9 1.8 na na

Bank Jatim BJTM IJ Equity BJTM IJ BUY 437 520 14,918 18.0 6,519 3 2,839 3,136 1,116 1,360 824 1,025 2.4 24.3 7.9 6.4 na na 1.1 1.1 9.3 10.2 na na 14.7 17.3 2.7 2.9 na na

Bank Bukopin BBKP IJ Equity BBKP IJ** HOLD 710 600 9,087 40.3 6,452 6 3,494 3,810 1,174 1,300 930 1,053 10.6 0.5 6.2 6.1 na na 1.0 0.9 3.6 3.7 na na 16.6 15.9 1.4 1.4 na na

CEMENT CEMENT UW 190,827 134 54,047 62,695 15,287 16,543 11,633 12,872 3.7 11.0 16.5 14.9 10.2 9.5 3.6 3.3 3.2 3.0 (18.7) (11.7) 24.3 23.3 18.1 17.3 39.9 36.2

Semen Indonesia SMGR IJ EquitySMGR IJ BUY 14,750 18,400 5,932 49.0 87,490 122.9 24,501 28,385 6,952 7,673 5,350 5,854 10.4 9.4 16.4 14.9 10.9 9.9 4.2 3.7 2.8 2.8 0.9 2.7 28.0 26.4 18.7 17.7 31.0 27.2

Indocement INTP IJ Equity INTP IJ HOLD 21,775 26,000 3,681.2 302.6 80,158.8 0.0 18,691.3 22,318.5 5,975.0 6,558.4 5,018.5 5,488.8 5.2 9.4 16.0 14.6 10.0 9.4 3.5 3.2 4.1 3.4 (54.5) (42.5) 23.7 22.8 20.3 19.6 53.0 51.6

Holcim Indonesia SMCB IJ EquitySMCB IJ HOLD 2,560 2,500 7,663 19.4 19,617 5.6 9,686 10,751 2,033 2,045 952 1,224 (29.5) 28.5 20.6 16.0 8.6 8.6 2.2 2.0 1.7 2.2 37.1 47.7 11.1 13.3 7.0 7.6 15.5 8.8

Semen Baturaja SMBR IJ EquitySMBR IJ REDUCE 362 300 9,838 23.8 3,561 5.3 1,169 1,240 327 267 312 305 (11.5) (12.0) 10.3 11.7 4.3 6.1 1.4 1.3 2.2 2.1 nc nc 18.3 11.8 16.0 10.7 97.6 62.6

COAL COAL & MINING CONTRACTING UW 180,721 236 179,556 187,440 24,058 28,078 10,266 15,320 (28.5) 16.9 13.9 11.2 7.4 6.4 2.1 1.9 3.4 4.1 11.6 10.3 16.1 19.0 9.9 11.2 51.6 24.0

United Tractors UNTR IJ Equity UNTR IJ REDUCE 19,425 18,000 3,730 40.4 72,458 75 51,012 55,826 6,741 8,314 4,825 6,241 (16.5) 29.3 15.0 11.6 6.6 5.2 2.2 2.0 2.6 3.4 nc nc 15.4 18.0 9.0 10.7 20.8 15.6

Adaro Energy ADRO IJ EquityADRO IJ* REDUCE 1,155 1,000 31,986 41.0 36,944 63 39,980 40,632 6,889 9,032 2,814 5,003 (23.2) 71.2 13.3 7.8 5.7 4.2 1.5 1.1 2.3 4.2 56.9 50.3 8.8 15.0 3.8 6.3 9.3 5.9

Indo Tambangraya Megah*ITMG IJ Equity ITMG IJ* REDUCE 26,350 20,000 1,130 35.0 29,774 26 26,516 26,117 4,107 4,334 5,560 5,561 (37.4) 0.5 11.7 11.7 5.3 4.8 2.7 2.6 7.2 6.8 nc nc 23.4 25.3 17.9 17.3 88.0 41.8

Tambang Batubara Bukit AsamPTBA IJ Equity PTBA IJ HOLD 13,300 11,700 2,304 29.3 30,645 37 11,209 12,449 1,857 1,981 1,826 1,934 (37.0) 5.9 16.8 15.9 14.0 13.0 3.3 3.2 3.5 3.6 nc nc 22.9 25.5 15.0 16.1 148.2 54.6

Harum Energy HRUM IJ EquityHRUM IJ* REDUCE 1,905 1,900 2,704 29.3 5,150 15 10,187 6,854 837 464 509 381 (68.2) (22.7) 13.1 17.0 3.0 6.2 1.6 1.5 4.2 3.6 nc nc 12.6 10.3 9.2 7.5 78.2 29.5

Bumi resources* BUMI IJ Equity BUMI IJ* REDUCE 157 180 36,627 83.5 5,750 20 40,651 45,562 3,627 3,953 (5,268) (3,800) (28.0) (26.2) (0.7) (1.0) 6.7 5.9 (5.2) (2.5) 0.0 0.0 na na na nm (6.5) (4.1) (16.6) (14.5)

1.5

CONS. & TOLL ROADS CONS. & TOLL ROADS N 100,280 303 55,275 63,075 7,485 8,454 3,939 4,446 (5.2) 15.8 26.9 23.5 13.7 12.2 4.4 3.9 1.3 1.4 38.7 54.7 20.0 18.3 5.6 5.4 19.6 22.2

Jasa Marga JSMR IJ Equity JSMR IJ BUY 6,300 7,050 6,800 30.0 42,840 41 6,380 7,589 2,487 2,997 1,336 1,614 (16.6) 20.6 32.1 26.6 16.4 14.6 4.6 4.1 1.2 1.5 92.4 114.8 14.9 16.4 5.0 5.1 11.9 8.2

Wijaya Karya WIKA IJ EquityWIKA IJ BUY 2,500 3,350 6,149 34.7 15,373 65 11,885 14,393 1,216 1,369 570 629 22.2 9.9 26.9 24.5 11.9 11.3 5.2 4.5 1.1 1.2 nc 36.7 20.6 19.8 4.8 4.5 26.4 22.4

Citra Marga NusapalaCMNP IJ EquityCMNP IJ BUY 3,115 3,600 2,200 62.5 6,853 1 936 1,099 502 583 402 470 (6.3) 16.8 17.0 14.6 9.2 8.1 2.2 1.9 1.3 1.5 nc nc 14.3 14.0 9.4 9.7 17.3 17.8

Pembangunan PerumahanPTPP IJ Equity PTPP IJ BUY 2,245 2,800 4,842 42.8 10,871 37 11,656 12,914 1,168 1,227 421 499 35.9 18.5 25.8 21.8 6.8 6.8 5.5 4.6 1.1 1.3 nc nc 23.1 23.0 4.0 3.8 17.1 27.1

Waskita Karya WSKT IJ EquityWSKT IJ BUY 815 1,000 9,666 26.4 7,878 62 9,687 10,981 672 761 368 417 0.5 13.3 21.3 18.8 12.1 10.7 3.3 2.9 1.6 1.6 nc nc 16.8 16.4 4.3 4.5 17.0 15.9

Wijaya Karya Beton WTON IJ EquityWTON IJ HOLD 1,010 1,070 8,715 100.0 8,803 28 2,644 3,403 321 410 241 310 34.1 8.1 28.0 25.9 22.5 16.8 4.6 4.4 1.1 1.1 nc nc 38.9 22.3 9.0 8.3 78.5 46.1

Adhi Karya ADHI IJ Equity ADHI IJ BUY 2,550 4,000 1,801 49.0 4,593 59 9,800 10,760 864 941 406 364 91.3 (10.5) 11.3 12.6 5.0 5.1 3.0 2.4 1.8 1.6 (16.4) nc 30.0 21.2 4.6 3.7 18.5 33.0

Total Bangun PersadaTOTL IJ Equity TOTL IJ REDUCE 900 825 3,410 33.8 3,069 10 2,287 1,935 256 167 194 143 10.6 (26.2) 15.8 21.4 9.6 14.5 4.1 3.9 3.9 2.3 nc nc 27.5 18.7 9.1 6.6 (55.1) 138.3

CONSUMER - DISCRE. CONSUMER - DISCRETIONARY N 203,105 316 82,374 96,443 9,368 9,979 8,344 8,706 27.7 20.8 30.1 28.2 20.1 18.0 (5.8) 34.0 1.2 1.4 4.5 2.9 22.6 22.0 23.7 26.8 (187.4) 26.7

Surya Citra Media SCMA IJ EquitySCMA IJ REDUCE 3,480 3,000 14,622 25.5 50,883 36 3,778 4,102 1,757 1,869 1,320 1,810 12.8 6.6 38.6 36.2 27.0 25.1 15.7 13.4 1.3 1.4 nc nc 47.6 52.2 32.0 38.2 61.8 59.5

Matahari Department StoreLPPF IJ Equity LPPF IJ BUY 15,050 19,000 2,918 65.3 43,915 72 6,754 8,079 1,781 2,140 1,150 1,574 49.2 36.9 38.2 27.9 22.5 18.2 (56.2) 131.9 1.0 1.4 nc nc na na 39.2 50.2 (985.3) na

Media Nusantara CitraMNCN IJ EquityMNCN IJ REDUCE 2,920 2,400 14,180 33.8 41,407 19 6,522 7,071 2,560 2,474 1,691 1,810 2.1 7.1 24.1 22.5 15.2 15.3 4.8 4.3 1.9 2.0 nc nc 21.5 20.1 17.8 17.0 24.3 24.5

Matahari Putra PrimaMPPA IJ Equity MPPA IJ BUY 2,795 3,900 5,378 18.0 15,031 131 11,913 14,612 389 428 445 408 101.7 (8.3) 35.0 38.2 23.6 19.4 7.6 6.5 0.6 0.7 nc nc 12.5 11.9 6.0 6.0 4.0 13.3

ACE Hardware ACES IJ EquityACES IJ REDUCE 845 900 17,150 40.0 14,492 11 3,895 4,648 565 646 509 567 16.4 11.4 28.5 25.5 22.1 19.0 7.6 6.1 1.2 0.7 nc nc 29.0 26.5 23.2 20.7 37.0 32.4

HERO Supermarket HERO IJ EquityHERO IJ REDUCE 2,550 1,590 4,184 16.5 10,668 0 11,900 14,259 424 175 671 276 93.1 (61.5) 14.9 38.6 14.6 17.3 1.9 1.9 0.0 0.0 nc nc 19.1 5.0 10.3 3.4 14.4 20.5

Ramayana Lestari SentosaRALS IJ Equity RALS IJ REDUCE 815 800 7,096 40.5 5,783 10 7,968 8,566 399 418 434 450 2.4 3.7 13.3 12.8 7.9 6.7 1.8 1.6 3.8 4.3 nc nc 13.9 13.4 10.3 9.9 25.8 23.7

Mitra Adiperkasa MAPI IJ Equity MAPI IJ HOLD 4,980 5,750 1,660 44.0 8,267 12 9,734 11,299 751 849 328 429 (24.3) 30.9 25.2 19.3 9.3 7.5 3.4 3.0 1.1 0.8 99.1 54.7 14.3 16.4 4.8 5.4 14.5 7.8

Multipolar MLPL IJ Equity MLPL IJ BUY 960 900 10,065 68.0 9,662 18 14,672 17,219 85 148 1,415 884 4,841.7 (37.5) 6.8 10.9 12.2 8.6 1.4 1.3 0.1 2.2 nc nc 23.5 12.0 8.2 4.2 0.5 27.0

Sri Rejeki isman SRIL IJ Equity SRIL IJ BUY 125 200 18,593 43.9 2,324 7 3,934 4,816 629 792 346 467 20.5 18.1 5.9 5.0 4.7 4.5 0.7 0.7 0.0 0.0 42.6 59.6 16.1 14.5 8.1 8.3 8.7 9.6

Supra Boga Lestari RANC IJ EquityRANC IJ REDUCE 430 500 1,564 26.8 673 0 1,303 1,771 28 40 35 30 (11.8) (14.4) 19.2 22.4 11.6 9.0 1.9 1.7 1.0 0.9 nc 9.2 9.3 7.4 5.5 4.3 13.7 10.1

CONSUMER - STAPLES CONSUMER - STAPLES OW 593,166 297 209,892 239,997 27,866 31,224 18,586 21,123 8.8 8.9 34.2 32.0 22.9 21.7 24.7 22.3 1.8 2.1 22.6 42.5 62.7 59.8 24.3 22.3 57.5 55.0

Unilever Indonesia UNVR IJ EquityUNVR IJ BUY 30,575 37,500 7,630 15.0 233,287 42 30,757 35,313 7,122 7,408 5,353 5,517 10.7 3.0 43.6 42.3 30.9 30.6 54.8 49.7 2.2 2.2 16.8 57.6 130.2 123.4 42.3 37.9 109.7 109.8

Gudang Garam GGRM IJ EquityGGRM IJ BUY 56,500 70,000 1,924 23.5 108,711 42 55,437 60,305 6,650 7,596 4,329 5,022 7.8 16.0 25.1 21.6 15.5 13.7 3.7 3.3 1.7 2.0 39.5 40.9 15.5 16.3 9.4 9.4 12.8 11.7

Kalbe Farma KLBF IJ Equity KLBF IJ BUY 1,655 1,975 46,875 43.3 77,578 100 16,002 18,035 2,549 2,841 1,920 2,122 10.7 9.9 40.4 36.8 27.2 24.2 9.6 8.2 1.0 1.2 nc nc 25.3 24.2 25.3 24.2 37.1 30.3

Indofood Sukses MakmurINDF IJ Equity INDF IJ BUY 6,725 7,950 8,780 49.9 59,048 63 57,732 68,463 6,089 7,531 2,504 3,953 (23.2) 57.9 23.6 14.9 9.1 8.1 2.5 2.3 2.2 3.4 57.7 96.6 11.2 16.1 3.6 4.6 15.1 8.3

Indofood CBP Sukses MakmurICBP IJ Equity ICBP IJ REDUCE 10,600 8,300 5,831 19.5 61,808 34 25,095 30,116 2,734 3,120 2,225 2,420 2.1 8.8 27.8 25.5 19.2 17.0 4.9 4.4 1.8 1.7 nc nc 18.5 18.2 11.4 10.8 31.7 26.5

Mayora Indah MYOR IJ EquityMYOR IJ REDUCE 29,650 25,900 894 66.9 26,517 5 14,137 15,798 1,348 1,293 1,058 776 41.1 (35.3) 22.1 34.2 17.2 17.4 5.8 5.0 0.9 0.6 53.4 51.5 31.0 18.7 11.2 6.9 14.8 19.4

Tempo Scan Pacific TSPC IJ Equity TSPC IJ BUY 2,500 3,800 4,500 22.7 11,250 2 6,855 7,431 648 726 635 683 1.1 7.7 17.7 16.5 13.0 11.1 2.9 2.7 2.3 2.5 nc nc 17.8 16.9 12.6 12.0 38.0 31.9

Sido Muncul SIDO IJ Equity SIDO IJ BUY 640 1,050 15,000 19.0 9,600 4 2,372 2,535 516 466 406 435 4.6 (3.4) 21.3 22.1 14.6 17.6 3.3 5.2 1.7 5.4 nc nc 20.7 19.5 15.9 16.9 48.2 32.9

Nippon Indosari CorpindoROTI IJ Equity ROTI IJ BUY 1,060 1,400 5,062 29.3 5,366 5 1,506 2,002 210 243 158 194 5.9 21.7 33.9 27.9 21.7 17.9 6.8 5.8 0.7 0.9 70.6 51.2 21.7 22.6 10.4 9.8 20.4 13.9

INDUSTRIAL ESTATES INDUSTRIAL ESTATES N 18,692 54 9,974 10,005 3,244 2,765 2,126 2,101 0.0 0.0 19.4 9.6 6.2 7.5 1.9 1.6 0.6 1.6 13.2 10.4 27.0 19.2 14.6 10.2 36.5 32.4

Kawasan Industri JababekaKIJA IJ Equity KIJA IJ BUY 259 450 20,235 80.1 5,241 17 2,740 2,926 855 900 101 652 (73.5) 537.9 51.0 8.0 7.6 6.9 1.2 1.1 0.0 3.8 47.2 37.2 2.5 14.6 1.3 7.4 7.1 1.7

Bekasi Fajar Industrial EstateBEST IJ Equity BEST IJ BUY 530 690 9,645 38.6 5,112 16 1,324 751 883 432 744 355 58.1 (52.3) 6.9 14.4 5.8 11.8 2.1 1.8 0.4 0.5 nc nc 35.0 13.4 26.3 10.0 37.6 38.3

Surya Semesta InternusaSSIA IJ Equity SSIA IJ HOLD 685 780 4,705 68.5 3,223 12 4,583 4,730 872 692 691 431 (2.3) (37.6) 4.7 7.5 2.8 3.3 1.4 1.2 2.6 2.7 nc nc 35.3 17.5 13.0 7.0 70.5 47.2

Lippo Cikarang LPCK IJ Equity LPCK IJ BUY 7,350 9,600 696 57.8 5,116 9 1,328 1,598 634 742 591 663 45.1 12.3 8.7 7.7 7.5 6.7 2.8 2.1 0.0 0.0 nc nc 38.8 30.8 17.7 15.3 44.2 48.6

METALS METALS N 55,805 91 28,367 28,787 1,770 2,723 1,330 1,700 (53.7) 93.1 65.3 32.3 14.9 21.2 1.8 1.6 1.2 2.1 5.5 9.6 3.8 5.7 2.7 4.1 9.1 3.7

Vale Indonesia INCO IJ Equity INCO IJ* BUY 3,720 4,700 9,936 20.5 36,963 53 11,216 13,364 734 2,281 405 1,212 (36.5) 209.2 89.5 28.9 17.0 9.6 2.0 1.8 0.8 2.6 0.1 3.7 2.3 6.3 1.7 4.7 4.1 2.3

Aneka Tambang ANTM IJ EquityANTM IJ REDUCE 1,015 720 9,538 35.0 9,682 19 11,298 9,503 421 (250) 410 20 (86.3) (61.0) 23.6 60.6 11.7 77.8 0.8 0.8 0.6 0.0 31.2 33.7 3.2 0.2 2.0 0.1 27.5 2.7

Timah TINS IJ Equity TINS IJ BUY 1,230 1,700 7,448 35.0 9,161 19 5,852 5,920 615 693 515 468 19.3 (28.7) 12.0 16.8 9.8 8.2 1.9 1.8 3.1 2.5 nc 8.2 10.9 9.4 7.4 6.1 9.9 10.5

OIL & GAS OIL & GAS N 175,361 142 71,957 80,367 15,760 17,126 11,603 11,830 24.8 (3.1) 20.0 19.4 10.5 9.1 2.1 1.6 4.0 3.8 17.6 16.5 30.9 33.6 17.1 17.0 46.6 40.4

Perusahaan Gas NegaraPGAS IJ EquityPGAS IJ* BUY 5,725 7,000 24,242 43.0 138,783 100 36,528 39,859 11,363 12,743 10,473 10,535 26.4 (4.3) 12.8 13.4 9.8 8.5 1.9 1.3 4.7 4.5 nc nc 36.3 39.7 20.8 20.7 56.3 49.3

AKR Corporindo AKRA IJ EquityAKRA IJ REDUCE 4,880 4,150 3,913 41.2 19,098 33 22,338 27,758 837 1,046 648 752 (0.2) 16.0 29.2 25.2 19.2 16.1 4.0 3.6 2.4 1.6 90.0 67.2 14.7 15.0 4.9 5.1 15.7 9.1

Medco Energy MEDC IJ EquityMEDC IJ* REDUCE 3,685 2,400 3,332 49.1 12,280 6 10,818.5 10,559.2 2,991 2,714 153 154 1.8 10.5 90.2 81.7 5.3 6.2 1.3 1.2 0.3 0.3 86.1 112.7 1.5 1.5 0.5 0.5 0.8 0.8

Wintermar Offshore MarineWINS IJ EquityWINS IJ* BUY 1,290 1,600 4,031 35.4 5,200 3 2,272 2,190 569 623 329 389 74.0 18.3 14.4 12.2 8.1 7.0 2.2 1.8 0.6 1.3 59.3 42.2 16.1 16.2 2.3 2.4 9.5 11.4

PLANTATIONS PLANTATIONS N 69,413 136 35,479 46,864 6,203 9,243 3,661 6,069 (26.7) 70.6 19.6 11.7 9.9 7.1 2.4 2.1 2.1 3.5 24.8 21.6 13.3 19.3 9.3 13.0 22.0 12.5

Astra Agro Lestari AALI IJ Equity AALI IJ BUY 22,100 32,000 1,575 20.3 34,802 43 12,675 20,247 3,005 4,240 1,801 3,097 (25.3) 71.9 19.3 11.2 10.3 7.3 3.5 2.9 2.3 4.0 20.4 11.8 19.0 28.1 13.2 18.8 28.2 16.6

Salim Ivomas PratamaSIMP IJ Equity SIMP IJ HOLD 770 900 15,816 21.6 12,179 7 13,280 15,602 1,586 2,409 524 1,018 (54.7) 94.4 23.2 12.0 7.2 5.3 0.9 0.8 1.7 3.3 42.2 41.3 3.8 7.2 1.9 3.5 7.3 2.9

London Sumatra IndonesiaLSIP IJ Equity LSIP IJ HOLD 1,885 2,100 6,823 40.5 12,861 59 4,134 4,549 818 1,117 769 961 (31.1) 25.0 16.7 13.4 11.5 8.6 1.9 1.8 1.8 2.2 nc nc 11.9 13.8 9.9 11.6 27.0 15.9

BW Plantation BWPT IJ EquityBWPT IJ REDUCE 482 360 4,504 32.3 2,171 25 1,144 1,664 326 625 182 366 (32.5) 93.4 11.5 5.9 11.9 6.9 1.0 0.9 1.3 2.5 160.2 149.3 9.4 15.6 3.3 5.4 6.9 3.6

Austindo Nusantara JayaANJT IJ Equity ANJT IJ* HOLD 1,140 1,300 3,333 10.0 3,800 0 1,685 1,741 268 404 266 367 (53.6) 41.1 15.0 10.6 7.4 6.3 1.1 1.0 3.3 4.7 nc nc 6.3 8.3 5.5 7.3 14.2 8.5

Sampoerna Agro SGRO IJ EquitySGRO IJ BUY 1,905 2,650 1,890 33.0 3,600 2 2,561 3,060 201 448 119 259 (63.8) 117.1 30.2 13.9 11.7 7.6 1.4 1.3 2.4 3.6 42.6 72.6 4.5 9.5 2.8 5.2 11.2 3.3

POULTRY POULTRY OW 80,175 48 51,268 58,395 6,189 7,066 3,368 6,779 (10.2) 28.3 23.8 18.3 13.8 12.4 5.5 4.4 1.3 1.2 38.6 31.7 25.8 42.4 15.5 26.8 30.8 20.8

Charoen Pokphand IndonesiaCPIN IJ Equity CPIN IJ BUY 3,765 4,800 16,398 44.5 61,738 31 25,663 29,454 3,904 4,451 2,531 5,332 (5.7) 21.7 24.4 20.0 15.1 13.6 6.2 5.0 1.3 1.2 17.5 16.0 28.0 47.7 18.0 31.8 34.7 24.3

Japfa Comfeed IndonesiaJPFA IJ Equity JPFA IJ BUY 1,175 1,500 10,661 42.5 12,526 9 21,412 24,109 1,803 2,053 595 1,057 (40.0) 77.7 21.0 11.8 8.5 7.5 2.4 2.0 1.6 1.0 111.8 89.6 12.4 18.3 4.6 6.7 14.0 6.2

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

PROPERTY PROPERTY N 118,057 304 34,494 39,391 12,146 13,525 9,272 11,205 48.4 19.8 13.6 11.8 10.3 9.6 2.7 2.2 1.9 2.3 12.6 18.2 22.5 22.1 9.0 8.9 21.7 23.0

Bumi Serpong DamaiBSDE IJ EquityBSDE IJ BUY 1,445 1,900 18,372 49.6 26,547 33 5,741 5,560 2,910 2,626 2,691 3,580 109.3 33.3 9.4 7.0 8.7 9.5 2.5 1.9 2.1 2.8 nc nc 29.7 30.5 13.7 14.6 28.2 35.7

Lippo Karawaci LPKR IJ Equity LPKR IJ BUY 915 1,200 23,078 82.1 21,116 98 6,519 7,895 1,504 1,826 1,220 1,324 15.1 8.5 17.3 15.9 14.1 14.0 1.6 1.5 1.4 1.6 26.4 60.7 10.3 9.9 4.3 3.9 8.9 8.2

Pakuwon Jati PWON IJ EquityPWON IJ BUY 401 600 48,160 43.5 19,312 39 3,030 3,688 1,512 1,934 1,133 1,525 51.4 36.0 17.0 12.5 11.5 9.0 5.0 3.7 1.2 1.6 nc nc 33.4 33.7 13.4 13.3 20.6 27.7

Summarecon Agung SMRA IJ EquitySMRA IJ BUY 1,140 1,580 14,427 67.8 16,447 38 4,094 4,423 1,342 1,347 1,102 978 32.9 (11.3) 14.9 16.8 11.0 11.4 3.7 3.3 2.3 2.1 nc nc 27.3 20.7 9.0 6.9 35.9 32.8

Ciputra DevelopmentCTRA IJ EquityCTRA IJ BUY 985 1,350 15,166 61.3 14,938 26 5,077 7,519 1,553 2,176 977 1,194 65.8 22.3 15.3 12.5 8.4 5.8 2.3 2.1 2.0 2.4 nc nc 16.3 17.5 5.6 5.5 14.5 19.5

Alam Sutera ASRI IJ Equity ASRI IJ BUY 439 585 19,649 48.2 8,626 38 3,684 3,504 1,533 1,654 877 1,401 (27.1) 59.8 9.8 6.2 7.4 6.8 1.7 1.4 2.6 4.1 63.0 50.4 18.0 24.4 6.9 9.6 34.4 13.3

Agung Podomoro LandAPLN IJ Equity APLN IJ BUY 330 330 20,501 38.0 6,765 25 4,901 5,360 1,276 1,432 851 901 6.1 4.8 7.9 7.5 8.9 5.5 1.2 1.0 2.4 2.7 39.6 41.6 15.8 14.8 4.9 4.2 12.3 11.1

Ciputra Property CTRP IJ Equity CTRP IJ HOLD 700 750 6,150 43.7 4,305 6 1,448 1,441 516 529 422 302 40.5 (28.5) 10.2 14.3 9.3 9.4 1.1 1.0 2.9 2.1 26.7 36.1 10.8 7.3 6.2 3.8 9.2 9.6

STEEL STEEL UW 7,335 2 25,368 26,437 (485) 275 (170) 198 13.8 na na 37.4 63.9 17.5 0.6 0.6 0.0 0.0 79.1 106.1 (1.3) 1.6 (0.8) 0.8 (1.2) (0.9)

Krakatau Steel KRAS IJ EquityKRAS IJ* REDUCE 465 400 15,775 20.0 7,335 2 25,368 26,437 (485) 275 (170) 198 13.8 na na 37.4 63.9 17.5 0.6 0.6 0.0 0.0 79.1 106.1 (1.3) 1.6 (0.8) 0.8 (1.2) (0.9)

TELCOS TELCOS OW 354,499 332 154,496 235,609 32,966 36,970 13,268 17,986 (23.4) 64.9 45.1 31.6 8.3 7.2 5.2 4.4 2.0 2.3 40.0 32.1 20.3 23.1 9.6 10.6 19.8 18.9

Telekomunikasi IndonesiaTLKM IJ Equity TLKM IJ BUY 2,800 3,350 100,800 48.8 282,240 249 82,967 88,882 25,996 29,946 14,205 15,583 10.5 9.7 19.9 18.1 6.8 6.1 4.7 4.0 3.0 2.8 6.4 5.2 25.3 23.9 11.9 11.8 23.4 23.6

XL Axiata EXCL IJ Equity EXCL IJ HOLD 6,075 7,400 8,534 33.5 55,260. 49 21,265 88,882 2,901 1,751 1,033 242 (62.6) (76.1) 50.2 223.3. 8.3 8.1 3.4 3.4 0.9 0.5 107.9 136.2 6.7 1.6 2.7 0.6 10.7 3.4

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

Indosat ISAT IJ Equity ISAT IJ BUY 3,895 4,800 5,434 20.7 21,165 4 23,855 25,333 1,418 1,976 (2,782) 96 na na (7.6) 216.4 4.1 3.8 1.3 1.4 (6.6) 1.0 136.3 117.6 (16.0) 0.6 (5.1) 0.2 1.0 (7.5)

Tiphone Mobile IndonesiaTELE IJ Equity TELE IJ BUY 900 1,160 7,036 39.1 6,333 8 10,485 13,781 437 622 295 405 29.2 23.7 18.4 14.8 16.2 11.6 3.6 3.8 1.5 2.1 70.9 74.1 23.6 27.4 12.3 12.0 24.4 18.1

Erajaya SwasembadaERAA IJ Equity ERAA IJ HOLD 1,010 1,325 2,900 39.7 2,929 22 12,727 14,933 490 591 349 403 (19.5) 15.6 8.4 7.3 7.7 6.3 1.1 1.0 4.8 5.5 39.8 35.1 13.1 14.0 7.8 7.7 15.8 10.3

TRANSPORTATION TRANSPORTATION N 3,230 21 1,681 2,077 439 552 217 260 68.4 21.1 17.0 14.0 7.0 5.9 2.7 2.4 1.1 1.3 89.3 105.9 16.5 17.2 6.4 6.8 6.2 8.5

Ekspress Transindo UtamaTAXI IJ Equity TAXI IJ BUY 1,195 1,540 2,146 49.0 2,564 20 687 865 221 293 133 161 67.1 21.5 19.3 15.9 7.7 6.5 3.2 2.8 1.4 1.7 74.7 90.5 17.9 18.8 7.0 7.6 7.3 9.5

Adi Sarana Armada ASSA IJ EquityASSA IJ REDUCE 196 190 3,398 39.4 666 0 994 1,213 218 260 85 99 82.1 16.6 7.9 6.7 4.0 3.8 0.8 0.7 0.0 0.0 145.5 165.1 10.9 11.4 3.9 4.0 2.0 4.7

Market Market N 3,424,588 3,754 1,486,574 1,719,459 275,537 311,724 191,479 226,983 3.6 13.7 23.6 19.9 10.3 9.4 6.6 8.0 2.3 2.5 17.9 20.2 29.7 29.8 11.9 12.2 13.8 22.3


2014Finance Asia's

Best Equity House

Asiamoney's2013


AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time

EGM AKKU IJ Alam Karya Unggul 10/10/14 11:00

EGM BRNA IJ Berlina 10/10/14 10:00

EGM PKPK IJ Perdana Karya Perkasa 10/15/14 14:00 Source: Bloomberg

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

(IDR) (IDR) (%)

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

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

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

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


2014Finance Asia's

Best Equity House

Asiamoney's2013


Actual and upcoming IPOs, 2013-2014

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2013 total 16,735

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

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

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

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

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

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

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

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

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

41 LINK 02/06/14 Link Net Telecommunication 487

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

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

45 MBAP 07/10/14 Mitrabara Adiperdana Coal 319

46 TARA 07/11/14 Sitara Propertindo Property 424

47 DNAR 07/11/14 Bank Dinar Bank 55

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

50 Asia Mangan Group Mining 458 55.0

51 Bank DKI Banking

52 Bank Kesejahteraan Ekonomi Banking

53 Bank Muamalat Banking

54 Bank Sumatera Utara Banking 800 55 Bank Syariah Mandiri Banking

56 Blue Bird Group Transportation 2,438 20.0

57 Daya Mitra Telekomunikasi Telecommunication 49.0

58 Daya Mandiri Resources Indonesia Coal mining

59 Dutapalma Nusantara Plantations

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

62 Infomedia Nusantara Services

63 Intan Baruprana Finance Multi-finance

64 Kawasan Berikat Nusantara Industrial estates

65 Krakatau Wijatama Steel manufacture

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

68 Pelita Cengkareng Paper Packaging manufacture

69 Perkebunan Nusantara III, IV and VII Plantations

70 Pertamina Drilling Services Indonesia Oil-related

71 Pertamina Hulu Energi Oil-related

72 Pertamina Gas Gas distribution 73 Pertamina Geothermal Energy Electricity

74 PLN Batam Electricity

75 Pos Indonesia Logistics

76 Pos Logistik Logistics

77 Puradelta Lestari Property 2,760

78 Semen Batam Cement 79 Siba Surya Logistics 500

80 Soechi Lines Trading

81 Sriboga Raturaya Restaurant 500

2014 total 31,886

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


2014Finance Asia's

Best Equity House

Asiamoney's2013


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

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

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

4 PBRX 01/24/11 Pan Brothers Textile 433

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

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

7 INDS 05/16/11 Indospring Automotive components 188

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

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

10 BVIC 06/27/11 Bank Victoria Banks 199

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

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

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

14 LPPS 07/06/11 Lippo Securities Finance 206

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

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

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

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

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

20 CFIN 10/24/11 Clipan Finance Financing 469

21 PNLF 11/03/11 Panin Financial Financial 499

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

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

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

25 MDLN 12/23/11 Moderland Realty Property 802

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

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

28 BSIM 06/25/12 Bank Sinarmas Banks 305

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

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

31 RAJA 05/08/12 Rukun Raharja Energy 230

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

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

34 TRIO 06/26/12 Trikomsel Oke Retail 267

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

36 ITTG 07/05/12 Leo Investments Financial 102

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

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

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

40 MDRN 10/29/12 Modern International Retail 528

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

42 COWL 11/20/12 Cowell Development Construction 906

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

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

45 MYOH 12/18/12 MYOH Technology Telecommunication 610

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

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

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

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

50 INCF Amstelco Indonesia Financial 5,091

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

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

53 TRIM 04/08/13 Trimegah Securities Finance 276

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

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

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

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

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

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

60 INDS 07/01/13 Indospring Trade 357

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

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

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

64 WEHA 07/08/13 Panorama Transportasi Infrastructure 75

65 INDX 07/08/13 Tanah Laut Infrastructure 69

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

2013 total 20,910

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


2014Finance Asia's

Best Equity House

Asiamoney's2013


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: Bloomberg, Company, Bahana estimates *In USDm


2014Finance Asia's

Best Equity House

Asiamoney's2013


Harry [email protected]

Senior Associate DirectorHead of Equities & Research

Strategy, Consumer

ext 3600direct: +62 21 250 5735

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

Teguh Hartanto

[email protected] Director

Deputy Head of Research

Banks, Cement, Aviationext 3610

Leonardo Henry Gavaza, [email protected]

Senior Research ManagerAuto, Plantations, Heavy equipment,

Telcoext 3608

Arga Samudro

[email protected] 3602

Chandra Widjanarka

[email protected] Analyst

ext 1252

+62 21 250 5508 (Domestic Institutional)

Ashish Agrawal

[email protected] President

Institutional Equity Salesext 2550 / 2553

Reynard Poernawan

[email protected] Equity Sales

ext 2528

John M. Dasaad

[email protected] Sales

ext 2549

Yohanes Adhi Handoko

[email protected], Surabaya Branch

ext 7250

Suwardi Widjaja


ext 2548

Ricardo Silaen, CFA


Institutional Equity Salesext 2524

+62 31 535 2788 (Surabaya Branch)

Amelia Husada


Institutional Equity Salesext 2552

Michael W Setjoadi [email protected]

Research AnalystConsumer, Poultry

ext 3613

Nurul Farida


ext 2543

Research: +62 21 250 5081

Adrian Mahendra Putra

[email protected] AnalystIndustrial Estate

ext 3614

Nuriah Sari

[email protected] Executive

ext 3001

Hanna Marionda

[email protected] Trader

ext 2525

Adriana Kosasih


ext 2541

Ari Santosa

[email protected] Trader

ext 2554

Made Ayu Wijayati


ext 3607

Adi Saputra

[email protected] Associate

ext 3693

William Tong

[email protected] Associate

ext 3604

Robin Sutanto


Propertyext 3620

Agustinus Reza Kirana

[email protected] AnalystTransportation

ext 3616

Maxi [email protected] Analyst

Construction, Toll Roads, Steel, Oil and Gas

ext 3615

Wendy [email protected]

Research AnalystConsumer, Media

ext 3606

Bob [email protected]

Research AnalystCementext 3605

Muhammad Wafi


ext 3609

Head Office Surabaya Branch

Graha Niaga, 19th Floor Wisma BII, Ground Floor

Jl. Jend. Sudirman Kav. 58 Jl. Pemuda 60-70

Jakarta 12190 Surabaya 60271

Indonesia Indonesia

Tel. 62 21 250 5081 Tel. 62 31 535 2788

Fax. 62 21 522 6049 http://www.bahana.co.id Fax. 62 31 546 1157

http://www.bahana.co.id/


2014Finance Asia's

Best Equity House

Asiamoney's2013


Disclaimer This publication is prepared by PT.Bahana Securities and reviewed by Daiwa Securities Group Inc. and/or its affiliates, and distributed outside Indonesia by Daiwa Securities Group Inc. and/or its affiliates, except to the extent expressly provided herein. Certain copies of this publication may be distributed inside and outside of Indonesia by PT. Bahana Securities in accordance with relevant laws and regulations. This publication and the contents hereof are intended for information purposes only, and may be subject to change without further notice. Any use, disclosure, distribution, dissemination, copying, printing or reliance on this publication for any other purpose without our prior consent or approval is strictly prohibited. Any review does not constitute a full verification of the publication and merely provides a minimum check. Neither Daiwa Securities Group Inc. nor any of its respective parent, holding, subsidiaries or affiliates, nor any of its respective directors, officers, servants and employees, represent nor warrant the accuracy or completeness of the information contained herein or as to the existence of other facts which might be significant, and will not accept any responsibility or liability whatsoever for any use of or reliance upon this publication or any of the contents hereof. Neither this publication, nor any content hereof, constitute, or are to be construed as, an offer or solicitation of an offer to buy or sell any of the securities or investments mentioned herein in any country or jurisdiction nor, unless expressly provided, any recommendation or investment opinion or advice. Any view, recommendation, opinion or advice expressed in this publication constitutes the views of the analyst(s) named herein and does not necessarily reflect those of Daiwa Securities Group Inc. and/or its affiliates nor any of its respective directors, officers, servants and employees except where the publication states otherwise. This research report is not to be relied upon by any person in making any investment decision or otherwise advising with respect to, or dealing in, the securities mentioned, as it does not take into account the specific investment objectives, financial situation and particular needs of any person.

Neither Daiwa Securities Group Inc. nor any of its affiliates is licensed to undertake any business within the Republic of Indonesia. Any display of any trade name or logo of the Daiwa Securities Group Inc. on this publication shall not be deemed to be an undertaking of any business within the Republic of Indonesia.

Daiwa Securities Group Inc., its subsidiaries or affiliates, or its or their respective directors, officers and employees from time to time may have trades as principals, or have positions in, or have other interests in the securities of the company under research including derivatives in respect of such securities or may have also performed investment banking and other services for the issuer of such securities. The following are additional disclosures.

Japan

Daiwa Securities Co. Ltd. and Daiwa Securities Group Inc.

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

Investment Banking Relationship

Within the preceding 12 months, The subsidiaries and/or affiliates of Daiwa Securities Group Inc. * has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: Modern Land (China) Co. Ltd (1107 HK); China Everbright Bank Company Limited (6818 HK); econtext Asia Ltd (1390 HK); Lotte Shopping Co (023530 KS); Rexlot Holdings Ltd (555 HK); Neo Solar Power Corp (3576 TT); Accordia Golf Trust (AGT SP).

*Subsidiaries of Daiwa Securities Group Inc. for the purposes of this section shall mean any one or more of:

• Daiwa Capital Markets Hong Kong Limited (大和資本市場香港有限公司)

• Daiwa Capital Markets Singapore Limited

• Daiwa Capital Markets Australia Limited

• Daiwa Capital Markets India Private Limited

• Daiwa-Cathay Capital Markets Co., Ltd.

• Daiwa Securities Capital Markets Korea Co., Ltd

Disclosure of Interest of Bahana Securities


Within the preceding 12 months, Bahana Securities has lead-managed public offerings and/or secondary offerings (excluding straight bonds) of the securities of the following companies: PT Telekomunikasi Indonesia (Persero) Tbk (TLKM IJ); Garuda Indonesia (Persero) (GIAA IJ); Wijaya Karya Beton Tbk PT (WTON IJ).

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.


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.


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

https://daiwa3.bluematrix.com/sellside/Disclosures.action




2014Finance Asia's

Best Equity House

Asiamoney's2013


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 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 distributed by Daiwa Capital Markets Europe Limited, Bahrain Branch, regulated by The Central Bank of Bahrain and holds Investment Business Firm – Category 2 license and having its official place of business at the Bahrain World Trade Centre, South Tower, 7th floor, P.O. Box 30069, Manama, Kingdom of Bahrain. Tel No. +973 17534452 Fax No. +973 535113

This material is provided as a reference for making investment decisions and is not intended to be a solicitation for investment. Investment decisions should be made at your own discretion and risk. Accordingly, no representation or warranty, express or implied, is made as to and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this document, Content herein is based on information available at the time the research material was prepared and may be amended or otherwise changed in the future without notice. All information is intended for the private use of the person to whom it is provided without any liability whatsoever on the part of Daiwa Capital Markets Europe Limited, Bahrain Branch, any associated company or the employees thereof. If you are in doubt about the suitability of the product or the research material itself, please consult your own financial adviser. Daiwa Capital Markets Europe Limited, Bahrain Branch retains all rights related to the content of this material, which may not be redistributed or otherwise transmitted without prior consent.

United States

This report is distributed in the U.S. by Daiwa Capital Markets America Inc. (DCMA). It may not be accurate or complete and should not be relied upon

as such. It reflects the preparer’s views at the time of its preparation, but may not reflect events occurring after its preparation; nor does it reflect

PT.Bahana Securities’ or DCMA’s views at any time. Neither PT.Bahana Securities, DCMA nor the preparer has any obligation to update this report or to continue to prepare research on this subject. This report is not an offer to sell or the solicitation of any offer to buy securities. Unless this report

says otherwise, any recommendation it makes is risky and appropriate only for sophisticated speculative investors able to incur significant losses.

Readers should consult their financial advisors to determine whether any such recommendation is consistent with their own investment objectives,

financial situation and needs. This report does not recommend to U.S. recipients the use of any of PT.Bahana Securities’ or DCMA’s non-U.S.

affiliates to effect trades in any security and is not supplied with any understanding that U.S. recipients of this report will direct commission business to

such non-U.S. entities. Unless applicable law permits otherwise, non-U.S. customers wishing to effect a transaction in any securities referenced in this

material should contact a Daiwa entity in their local jurisdiction. Most countries throughout the world have their own laws regulating the types of

securities and other investment products which may be offered to their residents, as well as a process for doing so. As a result, the securities

discussed in this report may not be eligible for sales in some jurisdictions. Customers wishing to obtain further information about this report should

contact DCMA: Daiwa Capital Markets America Inc., Financial Square, 32 Old Slip, New York, New York 10005 (telephone 212-612-7000).


For “Ownership of Securities” information please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .

http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf%20and%20http:/www.pse.com.ph/

http://www.sec.gov.ph/irr/AmendedIRRfinalversion.pdf%20and%20http:/www.pse.com.ph/

http://www.uk.daiwacm.com/about-us/corporate-governance-regulatory




2014Finance Asia's

Best Equity House

Asiamoney's2013


Investment Banking Relationships

For “Investment Banking Relationships” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .

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

Research Analyst Conflicts

For updates on “Research Analyst Conflicts” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. The

principal research analysts who prepared this report have no financial interest in securities of the issuers covered in the report, are not (nor are any

members of their household) an officer, director or advisory board member of the issuer(s) covered in the report, and are not aware of any material

relevant conflict of interest involving the analyst or DCMA, and did not receive any compensation from the issuer during the past 12 months except as

noted: no exceptions.

Research Analyst Certification

For updates on “Research Analyst Certification” and “Rating System” please visit BlueMatrix disclosure link at

https://daiwa3.bluematrix.com/sellside/Disclosures.action . The views about any and all of the subject securities and issuers expressed in this

Research Report accurately reflect the personal views of the research analyst(s) primarily responsible for this report (or the views of the firm

producing the report if no individual analysts[s] is named on the report); and no part of the compensation of such analyst(s) (or no part of the

compensation of the firm if no individual analyst[s)] is named on the report) was, is, or will be directly or indirectly related to the specific

recommendations or views contained in this Research Report.

For stocks and sectors in Indonesia covered by Bahana Securities, the following rating system is in effect:

Stock ratings are based on absolute upside or downside, which is the difference between the target price and the current market price. Unless otherwise specified, these ratings are set with a 12-month horizon. It is possible that future price volatility may cause a temporary mismatch between upside/downside for a stock based on the market price and the formal rating. "Buy": the price of the security is expected to increase by 10% or more. "Hold": the price of the security is expected to range from an increase of less than 10% to a decline of less than 5%. "Reduce": the price of the security is expected to decline by 5% or more.

Sector ratings are based on fundamentals for the sector as a whole. Hence, a sector may be rated “Overweight” even though its constituent stocks are all rated “Reduce”; and a sector may be rated “Underweight” even though its constituent stocks are all rated “Buy”. “Overweight”: positive fundamentals for the sector. “Neutral”: neither positive nor negative fundamentals for the sector. “Underweight”: negative fundamentals for the sector.

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 . 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

Japan Securities Investment Advisers Association

Type II Financial Instruments Firms Association







Beacon IDX: 4,959 (-1.5%) Turnover: IDR4.2tn (+5.9% ...directtrading.co.id/uploads/default/research/20141009id_daily.pdf · SMBR selects contractor to build Baturaja II

Documents