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Asiamoney’s

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29 February 2016

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.

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Beacon Indonesia Morning Brief

IDX: 4,733 (+1.6%) Turnover: IDR3.87tn (+5.9%)

Foreign Net BUY IDR152.9bn (from Net SELL IDR23.8bn)

RESULT FLASH Kalbe Farma (KLBF IJ): 4Q15 Results: Improved health Analyst: Harry Su

Unaudited 4Q15 results show q-q growth across the board

Margin pressure likely to ease

Outlook: Company guides for 8-10% top & bottom line growth in 2016

London Sumatra Indonesia (LSIP IJ): 4Q15 Results: Hurt by low prices Analyst: Agustinus Reza Kirana & Jozabad Jonathan

Upgrade top line assumptions on higher-than-expected CPO sales

volumes

Raising earnings on better-than-expected margins

Outlook: Flat y-y production on El Nino, limited 2016 CPO price upside

TODAY’S NEWS POLITICS

Aidul Fitriciada elected as new Judicial Commission chairman ECONOMICS

MoF: Indonesia-China to extend BCSA; To prepare 2 scenarios of the revised state budget

BI: Policy rate cannot be cut to 4% if inflation stays at 4%; Deflation in February-March 2016

FIXED INCOME

Govt: To issue IDR14tn sharia bonds in 2017 INDUSTRY Poultry: Alleged cartel operation

New coal land & building tax to adversely impact coal companies

ESDM will audit Indonesian tin smelters by next month

Telecommunication: Govt prepares local content requirement for 4G smartphone

Automotive: Honda All-New Freed to be launched this year

Apindo opposes housing savings plan CORPORATE ASII analyst meeting

IMAS: Higher-than-expected net profit of IDR120bn in 4Q15

BJBR 4Q15 net profit: Solid performance on strong NII

HERO 4Q15 results: Revenue in line, still net loss of IDR51bn

SMBR results: Relatively in-line 2015FY net earnings despite lower margin in 4Q15

Kohler to be SSIA’s potential buyer

WIKA’s 1M16 new contracts reached IDR750bn

ISAT to partner with Taisys, Mobisphere on GreenRoam Alliance

MEDC to buy back 10% shares between 27 February – 27 March 2016

ITMG to buy back 10% shares within 3 months

ANTM’s P3FP to complete in March 2016, increase ferronickel production capacity by 50%

TBLA obtains 50k raw sugar imports quota

SMCB appoints 5 new directors; plans to retain Semen Andalas brand

LPKR to issue REITs in Indonesia

INDICES

Asia Last Chg% ytd % y-y %

Hang Seng (HK) 19,364.2 2.5 (11.6) (22.2)

IDX (Indonesia) 4,733.1 1.6 3.1 (13.2)

KLCI (Mal.) 1,663.4 0.3 (1.7) (8.6)

KOSPI (Korea) 1,920.2 0.1 (2.1) (3.7)

Nikkei (Japan) 16,188.4 0.3 (14.9) (13.8)

PCOMP (Phil.) 6,771.3 0.0 (2.6) (13.7)

SENSEX (India) 23,216.0 1.0 (11.1) (19.2)

SET (Thailand) 1,343.4 0.7 4.3 (15.7)

SHCOMP (China) 2,767.2 0.9 (21.8) (16.1)

SHENZHEN (China) 1,736.5 (0.1) (24.8) 7.5

STI (Singapore) 2,648.4 1.7 (8.1) (22.7)

TWSE (Taiwan) 8,411.2 0.5 0.9 (12.6)

VNI (Vietnam) 566.1 0.6 (2.2) (5.1)

Europe, USA and Ems

CAC 40 (France) 4,314.6 1.6 (7.0) (12.9)

DAX (Germany) 9,513.3 1.9 (11.4) (16.6)

Dow Jones (USA) 16,640.0 (0.3) (4.5) (8.2)

FTSE 100 (UK) 6,096.0 1.4 (2.3) (12.2)

IBOV (Brazil) 41,593.1 (0.7) (4.1) (19.4)

MEXBOL (Mexico) 43,473.4 0.1 1.2 (1.6)

NGSEINDX (Nigeria) 24,228.8 0.8 (15.4) (19.5)

Nasdaq (USA) 4,590.5 0.2 (8.3) (7.5)

RTSI (Russia) 757.5 1.6 0.1 (15.5)

S&P 500 (USA) 1,948.1 (0.2) (4.7) (7.4)

XU100 (Turkey) 74,929.0 (0.4) 4.5 (11.0) Source: Bloomberg

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

EEM US (USD) 30.1 (0.7) (6.6) (26.2)

EIDO US (USD) 22.1 0.9 5.9 (19.9)

TLK US (IDR) 3,308 3.2 11.2 10.0

Como Index (USD) 161.7 0.1 (8.2) (27.9)

Coal (USD/t) 50.7 0.2 0.1 (25.1)

Corn (USD/mtn) 133.7 (1.5) (0.1) (6.2)

Coffee (USD/t) 2,424.9 (2.2) (6.3) (15.9)

Copper (USD/t) 4,681.0 2.1 (0.4) (21.1)

Cotton (USD/t) 1,276.9 0.4 (8.5) (11.1)

CPO Rott (USD/t) 627.5 0.8 (1.2) (9.1)

Gold (USD/oz.) 1,221.7 (0.3) 15.1 0.7

Iron ore (USD/mtn) 47.2 4.7 8.8 (26.9)

Milk (USD/cwt) 13.7 2.0 (3.7) (17.3)

Nickel (USD/t) 8,410.0 (1.3) (2.9) (41.6)

Oil Brent (USD/barrel) 35.0 1.7 (6.1) (44.1)

Rice (IDR/kg) 4,914.0 1.2 (2.8) 2.9

Rubber (USD/t) 113.5 1.2 (0.2) (21.7)

Silver (USD/oz) 14.7 (3.3) 6.3 (10.3)

Soybean oil (USD/t) 684.1 0.4 1.6 (2.5)

Steel (USD/t) 324.4 (0.6) 6.4 (17.5)

Sugar (USD/t) 312.4 2.0 (5.1) 2.0

Tins (USD/t) 16,125.0 (0.1) 10.4 (10.9) Wheat (USD/t) 166.2 0.2 (5.1) (16.7) Source: Bloomberg, CEIC

ECONOMIC INDICATORS MARKET DATA

15F 16F 17F

15F 16F 17F

Cur acc bal (%GDP) (2.0) (2.3) (2.3) Op.prof.gwt.(%) (2.3) 11.4 12.7

Fiscal bal (%GDP) (2.7) (2.7) (2.5) EPS growth (%) (7.5) 13.6 14.3

GDP growth (%y-y) 4.7 5.1 5.2 P/E (x) 19.7 17.1 15.0

Private spending (%) 5.0 5.0 5.1 PEG (x) (3.9) 1.2 1.1

Investment (%y-y) 3.6 5.0 6.6 EV/EBITDA (x) 14.3 13.2 11.6

Total exports (%y-y) 0.3 2.4 1.0 P/BV (x) 10.5 9.3 8.3

Total imports (%y-y) (4.1) 2.4 3.3 P/BV exc. 3.4 3.0 2.7

Inflation (%y-y) 2.9 4.5 5.0 Div. Yield (%) 2.0 2.2 2.5

IDR/USD 13,788 14,500 14,000 Net gearing (%) 20.2 18.4 15.9

BI rate (% p.a.) 7.50 6.75 6.25 ROAE (%) 32.5 29.7 29.7

Brent Oil (Usd/bbl) 52.5 30.0 60.0 ROAA (%) 12.5 12.2 12.7

FX reserve (USDb) 105.9 105.0 110.0 ROIC (%) 27.6 27.5 27.5 Source: Bahana estimates Source: Bahana estimates

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

AUD/1USD 0.711 0.724 2.5 9.2

EUR/1USD 1.093 1.103 (0.6) 2.3

IDR/1USD 13,402 13,410 2.9 (4.2)

JPY/1USD 113.710

113.150

5.7 5.6

SGD/1USD 1.411 1.400 0.5 (3.3)

JIBOR (%) 5.15 5.15 (2.4) (0.5)

BI rate (%) 7.00 7.00 (0.5) (0.5)

TD – 1 month (%) 6.91 7.01 (0.2) (0.5)

CDS (bps) 235.00 240.47 27.1 70.7 Source: Bloomberg

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

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POLITICS

Aidul Fitriciada elected as new Judicial Commission chairman

Aidul Fitriciada Azhari, a law expert from Surakarta's Muhammadiyah University, was elected as the new

chairman of the Judicial Commission during an open meeting in Jakarta on Friday (26 February 2016).

(Jakarta Globe)

ECONOMICS

MoF: Indonesia-China to extend BCSA; To prepare 2 scenarios of the revised state budget

MoF Bambang Brodjonegoro stated that Indonesia and China have agreed to extend the bilateral currency

swap arrangement (BCSA) in 2016. Separately, the government prepares 2 scenarios of the 2016 revised

state budget to anticipate the cancellation of Act Plan discussions by The House of Representatives.

(metrotvnews.com)

BI: Policy rate cannot be cut to 4% if inflation stays at 4%; Deflation in February-March 2016 A senior official at BI said the bank cannot cut its benchmark interest rate to as low as 4% if annual inflation

stays around 4%. BI’s executive director for monetary and economic policy, Juda Agung stated that the

bank expects annual inflation to edge up to 4.38% in February from 4.14% in January. Separately, Juda

Agung stated that by the 3rd week of February, deflation hit 0.13%. BI predicts that deflation still occurs by

March. (Jakarta Globe)

FIXED INCOME

Govt: To issue IDR14tn sharia bonds in 2017 The government will issue project-based sharia bonds of IDR14tn in 2017 to fund the infrastructure projects

contracted and increase the investments on bonds. (Investor Daily)

INDUSTRY

Poultry: Alleged cartel operation

The Business Supervisory Commission (KPPU) has released names of 12 poultry companies involved in

alleged cartel operations. They include Charoen Pokhand (CPIN IJ-BUY-IDR3,350-TP:IDR3,500), Japfa

Comfeed Indonesia (JPFA IJ-BUY-IDR765-TP:IDR880), Malindo Feedmill (MAIN IJ-BUY-IDR1,295-

TP:IDR1,700), PT Satwa Borneo, PT Wonokoyo Jaya, PT CJ-PIA, PT Taat Indah bersinar, PT Cibadak Indah

Sari, CV. Missouri, PT Ekspravet Nasuba, PT Reza Perkasa and PT Hybro Indonesia. (BisnisIndonesia)

New coal land & building tax to adversely impact coal companies

New coal land & building tax (PBB) is expected to adversely impact the Indonesian coal companies. The new

PBB will be implemented by multiplying the tax rate with taxable sale value, replacing previous tax

calculation that used taxable value (NJOP). As such, the new tax calculation based on coal resources and

reserves owned by the company. As an example, under the old tax calculation, if a company had to pay only

IDR5bn as tax, under the new calculation, company may have to pay IDR15bn. (Kontan)

ESDM will audit Indonesian tin smelters by next month The Energy and Mineral Resources Ministry (ESDM) plans to audit Indonesian tin smelters by next month.

The audit will cover 33 tin smelters with regard to its resources and capacity, and is expected to reduce

illegal tin mining activities. (Bisnis Indonesia)

Automotive: Honda All-New Freed to be launched this year

Honda’s President and CEO, Takahiro Hachigo stated that a new Honda Freed MPV model will be introduced

this year. No further details were disclosed regarding the new Honda Freed specification. (autonetmagz.net)


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Telecommunication: Govt prepares local content requirement for 4G smartphone

The government is finalizing a scheme that offers vendors five possible options to calculate the percentage

of local content for 4G-ready smartphones ahead of the implementation of the mandatory 30 percent

(currently 20 percent) local content rule (TKDN) early next year to boost the local component industry and

make Indonesia a production base. To meet the local content requirement, smartphone makers will be

allowed to choose one of five calculation scenarios. The first option: The calculation is fully based on the

hardware. Second, calculation is 75 percent based on hardware and 25 percent based on software. Third,

calculation is 25 percent based on hardware and 75 percent based on software. Fourth, calculation is based

evenly on hardware and software. Fifth, the calculation is based fully on software. No further details were

disclosed regarding detailed regulation. (Jakarta Post)

Apindo opposes housing savings plan

Following the government’s plan to implement a bill on savings for public housing (Tapera), the Indonesian

Employers Association (Apindo) has said it will oppose the policy, citing that it will further burden the

country’s ailing industry. According Apindo’s Chairman, Hariyadi, the employment costs shouldered by

business players currently reached up to 19.74% of employee earnings, including the worker’s social welfare

scheme. Currently, Apindo is planning to propose a judicial review on the new Tapera’s law. (The Jakarta

Post, Kontan).

CORPORATE

ASII analyst meeting Last Friday, Astra International (ASII IJ-REDUCE-IDR6,750-TP:IDR5,550) arranged an analyst meeting to

discuss its 4Q15 results release. These are some interesting points: - ASII’s efficient inventory management positively impacted its 4Q15 auto operating margin, while low

factory utilization and weak IDR brought down its auto subsidiary income. - ASII expects to limit discounts in the 4W segment in order to protect margins. However, based on our

channel checks, ASII offered around 8% discounts in February, almost as high as the 9% discounts it

offered in 2015. - ASII expects flat 2016 2W-sales volumes growth. This is inline with our expectations on the back of weak

commodity prices. - In 2016, ASII expects positive contribution from its financing business on the back of improved 4W sales. - ASII expects its toll-road business segment to experience higher traffic volumes in 2017 as it completes

several of its important toll-road sections. (Company)


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IMAS: Higher-than-expected net profit of IDR120bn in 4Q15

On improved sales q-q and higher other income contribution, Indomobil Sukses Internasional (IMAS IJ-

HOLD-IDR2,010-TP:IDR2,000) reported a higher-than-expected 4Q15 net profit of IDR120bn,+135% y-y,

resulting in a 2015 net loss of IDR70bn, higher than our expectation of a IDR122bn net loss. IMAS booked

4Q15 revenue of IDR4.7tn, +15% q-q but -12% y-y on improved 4W-sales volumes q-q. In 2015, IMAS

booked in-lined revenue of IDR18tn, -7% y-y, in line with our and consensus estimates. On the operating

level, IMAS booked an operating profit of IDR12bn, -84% y-y, with improved operating margins q-q to

0.3%, from -0.5% in 3Q15. Furthermore, IMAS booked higher-than-expected other income of IDR380bn,

+345% q-q and 29% y-y.

IMAS IJ 4Q15 Results summary

q-q y-y 4Q15/ y-y 2015/ 2015/ (IDRb) 4Q14 3Q15 4Q15 (%) (%) 4Q15F 2015 (%) 2015F Cons Sales 5,277 4,041 4,651 15.1 (11.9) 75.8 18,080 (7.1) 99.5 98.9 Gross Profit 742 645 725 12.3 (2.3) 2,737 3.8 Operating expense (668) (665) (713) 7.2 6.7 (2,648) 10.3 Operating profit 74 (20) 12 (160.7) (83.8) 7.6 90 (61.9) 93.5 59.9 Net int.

income/(expense) (215) (170) (165) (3.0) (23.1) (660) 0.0 Other income/(expense) 296 85 380 344.5 28.5

760 (29.3)

Pretax profit 155 (105) 227 (316.3) 46.1 189 895.1 Taxation (65) (12) (115) 867.9 76.1 (236) 171.9

Minority Interest (39) (3) 8 (339.2) (119.2) (23) (62.9) Net profit 51 (120) 120 (199.8) 135.3 (97.7) (70) (46.2) 22.3 (31.7) BS & Ratio analysis 4Q14 3Q15 4Q15 2014 2015 2015F 2016F 2017F Gross margin (%) 14.1 16.0 15.6

13.5 15.1 14.7 14.8 14.9

Operating margin (%) 1.4 (0.5) 0.3

1.2 0.5 0.5 0.8 1.1 Pretax margin (%) 2.9 (2.6) 4.9

0.1 1.0 (0.6) 1.1 2.0

Net margin (%) 1.0 (3.0) 2.6 (0.7) (0.4) (1.7) 0.6 1.4 Inventory days 21 97 71 85.3 69 23 23 23 Receivable days 16 63 56 46.2 50 64 64 65 Payable Days 21 67 54 45.4 49 41 41 41 Total cash (IDRb) 1,134 946 1,314 1,134.2 1,314 1,823 793 521 Total debt (IDRb) 10,409 14,496 12,115 10,409.4 12,115 16,366 17,216 18,816 Net gearing (%) 528.6 209.1 162.1 137.8 162.1 269.4 297.2 316.2

Source: Company, Bloomberg, Bahana forecasts


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BJBR 4Q15 net profit: Solid performance on strong NII Bank Pembangunan Daerah Jawa Barat (BJBR IJ-BUY-IDR900-TP:IDR1,020) reported 4Q15 net profit of

IDR510bn (+30.9% y-y, +77.9% q-q), bringing 12M15 net profit to IDR1.4tn (+24.8% y-y), above our and

consensus estimates, accounting for 112.3% and 112.7% of full-year 2015 estimates, respectively. On the

balance sheet side, BJBR’s loans grew 12.1% y-y and 4.5% q-q, while third-party funding jumped 17.1% y-

y but dropped 17.5% q-q, generating 4Q15 LDR of 88.1% vs 72.9% in 3Q15 and 93.2% in 4Q14.

(Company). Bahana comment: This strong earnings were due to 1) strong loan growth (+12.1 y-y, +4.5%

q-q), 2) declined funding cost and 3) lower provisioning on improved loan quality. 4Q15 gross NPL stood at

2.9% (-120bps y-y and -60bps y-y) due to its focus on nearly risk free loans and faster collection NPL. For

2016, we project earnings to grow 14% y-y, reaching IDR1.6tn on 1) continued loan growth from civil

servants and regional infra projects, 2) lower regional govt funding cost, 3) the absence of spike in opex (ie

salary) and 4) lower provisioning on consistent improvement on loan quality. We reiterate our BUY rating on

BJBR and TP of IDR1,020 based on a 2016F PBV of around 1.1x.

BJBR results summary q-q y-y 4Q15/ y-y 12M15/ 12M15/ (IDRbn) 4Q14 3Q15 4Q15 (%) (%) 4Q15F 12M15 (%) 2015F Cons.

Interest income 2,252 2,564 2,739 6.8 21.6 10,084 14.7 100.9 Interest expense 1,066 1,321 1,338 1.3 25.5 5,108 18.0 103.1

Net interest income 1,187 1,243 1,401 12.7 18.1 4,976 11.5 98.8

Non-interest income 626 429 831 93.6 32.9 2,011 29.0 148.6

Total operating income 1,812 1,672 2,232 33.5 23.2 136.4 6,987 16.1 109.3 127.1

Operating expense 917 938 1,148 22.5 25.2 3,843 22.3 102.4

Impairment of fin. assets 520 361 492 36.3 (5.4) 1,408 (9.2) 116.6

Operating profit 375 374 592 58.2 57.9 205.6 1,736 30.8 121.2 115.2

Pretax profit 498 358 665 85.9 33.5 1,766 24.1 111.3

Net profit 390 287 510 77.9 30.9 139.6 1,377 24.8 112.3 112.7

Balance sheet & ratio analysis 4Q14 3Q15 4Q15 12M14 12M15 2013 2014 2015F 2016F Gross loans (IDRbn) 53,969 57,903 60,488 53,969 60,488 48,902 54,017 60,407 68,320

Third party funding (IDRbn) 57,741 81,900 67,606 57,741 67,606 49,997 57,741 66,994 77,262

Key ratios Net interest margin (%) 7.1 6.1 7.1 6.8 6.3 8.0 6.1 5.8 5.6

Cost efficiency (%) 50.6 56.1 51.4 52.2 55.0 50.0 54.5 57.8 57.7

Cost to income (%) 87.0 87.5 83.4 87.2 85.6 82.6 86.0 85.7 85.6

Loan/deposit (%) 93.2 72.9 88.1 93.2 88.1 97.8 91.0 90.2 89.6

Loan/funding (%) 81.7 70.7 78.0 81.7 78.0 84.3 80.9 80.8 81.3

Capital adequacy (%) 16.1 15.5 16.2 15.9 16.2 16.4 16.0 13.6 12.4

Gross NPL (%) 4.2 3.5 2.9 4.2 2.9 2.8 3.9 3.7 3.6

LLP/NPL (%) 75.4 76.1 75.9 75.4 75.9 78.2 78.6 87.2 87.6

ROAE (%) 16.1 16.7 18.7 16.1 18.7 21.7 16.7 18.0 18.8 Source: Company, Bloomberg, Bahana estimates


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HERO 4Q15 results: Revenue in line, still net loss of IDR51bn

Hero Supermarket (HERO IJ-REDUCE-IDR1,030-TP:IDR650) booked 4Q15 revenue of IDR3,005bn (+12.4%,

-22.3% q-q) accounting for 96.3% or our quarterly forecast. This translates into a relatively in-line 2015

sales of IDR14.3tn (comprising c.95% of our full year estimates). However, operating expense stemming

from store rationalization programs, stock clearances and its poorly performing small-stores formats

(Guardian and Starmart) still weigh on the company’s overall operating performance with negative 4Q15

EBIT of IDR81bn, +49.4% y-y but -73.5% q-q. This resulted into 4Q15 net loss of IDR51bn (+49.4% y-y)

and 2015 net loss of IDR82.2bn (from net earnings of IDR64bn in 2014). We note that HERO has closed 50

loss-making Starmart stores in 2015 and plans to stop managing its convenience store businesses by selling

it to third-party purchasers, which should put an end of its rationalization program and improve profitability.

(Company, Bahana)

HERO IJ 4Q15 Result summary q-q y-y 4Q15/ y-y 2015/ 2015/ (IDRb) 4Q14 3Q15 4Q15 (%) (%) 4Q15F 2015 (%) 2015F Cons.

Sales 2,674 3,867 3,005 (22.3) 12.4 96.3 14,352.

7

12.4 94.9 na

Gross profit 707 889 761 (14.4) 7.6 3,326.5 9.9

Operating expense 867 935 842 (10.0) (2.9) 3,572.9 11.7

Operating profit (160) (47) (81) (73.5) 49.4 164.1 (246.4) 42.0 114.7 na

Net interest income/(expense) (7) (7) (3) 50.6 51.2 (23.7) na

Forex gain (expenses) 1 1 (3) na na (2.5) na

Other income/(expense) 41 52 40 (24.0) (4.2) 181.4 (13.8)

Pretax profit (124) (0) (47) na 61.9 (91.2) na na na

Taxation 22 1 (4) na na 9.0 na

Minority interest - - - na na 0.0 na

Net profit (102) 1 (51) na 49.4 na (82.2) na na na

BS & Ratio analysis 4Q14 3Q15 4Q15 2014A 2015A 2015F 2016F 2017F Gross margin (%) 26.5 23.0 25.3 23.7 23.2 22.6 22.7 22.9

Operating margin (%) (6.0) (1.2) (2.7) (1.4) (1.7) (1.4) (0.7) 0.4

Pretax margin (%) (4.6) (0.0) (1.6) 0.5 (0.6) (0.3) 0.5 1.3

Net margin (%) (3.8) 0.0 (1.7) 0.5 (0.6) (0.2) 0.3 1.0

Inventory Days 94 69 87 72 72 73 72 70

Receivable Days 10 7 12 9 11 9 9 9

Payable Days 68 47 72 69 67 62 61 61

Total cash 197 97 147 197 147 426 504 312

Total debt 340 184 100 340 100 816 939 1,092

Net gearing (%) 2.6 1.6 nc 2.6 nc 7.1 7.7 13.2

Source: Company, Bloomberg, Bahana estimates


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SMBR results: Relatively in-line 2015FY net earnings despite lower margin in 4Q15

Semen Baturaja (SMBR IJ-HOLD-IDR330-TP:IDR315) reported 4Q15 net earnings of IDR90bn (-16.9% y-y,

-7.8% q-q) which translated to 2015FY net profit of IDR354bn (+7.9% y-y) or 96% and 95% of our and

consensus estimate. In 2015, SMBR’s revenues reached IDR1.46tn (+20.3% y-y) which was relatively in-

line with our expectation. Meanwhile, SMBR’s gross margin slightly fell to 33.4% in 4Q15 (3Q15: 35.4%),

although the company was able to maintain its selling price at IDR950k/ton (+0.8% y-y). Bahana

comment: SMBR’s performance was relatively in-line with our expectation despite a slight slowdown in

4Q15. We also note that the construction progress of the Baturaja II plant is progressing faster-than-our

expectation as SMBR’s cash balance (2015: IDR1.25tn) fell faster than our forecast. In 2016, we expect

SMBR to maintain its gross margin at 33.9% (2015: 33.8%) on lower COGS attributed to weak oil prices,

despite challenges from other players (e.g. Holcim Indonesia) in the company’s main markets of South

Sumatra and Lampung.

SMBR IJ 4Q15 results summary

q-q y-y 4Q15/ y-y 2015/ 2015/

(IDRb) 4Q14 3Q15 4Q15 (%) (%) 4Q15F 2015 (%) 2015F Cons.

Sales 398 398 428 7.8 7.6 91.5 1,461 20.3 99.6 100.2

Gross profit 132 141 143 1.7 8.6 494 32.5

Operating expense 40 39 44 13.4 10.4 163 19.4

Operating profit 92 102 99 (2.8) 7.8 87.9 331 40.1 95.2 103.8

Net interest income/(expense) 38 24 23 (4.3) (40.2) 120 (20.7)

Forex gain (expenses) - - - na na - na

Other income/(expense) 2 (2) (7) 236.2 na (8) na

Pretax profit 132 124 116 (6.9) (12.8) 443 12.4

Taxation (25) (27) (26) (3.8) 5.5 (89) 34.6

Minority interest - - - na na - na

Net profit 108 97 90 (7.8) (16.9) 91.7 354 7.9 95.6 94.7

BS & Ratio analysis 4Q14 3Q15 4Q15 2014A 2015A 2015F 2016F 2017F Gross margin (%) 33.2 35.4 33.4 30.7 33.8 34.1 33.9 33.7

Operating margin (%) 23.1 25.7 23.2 19.4 22.6 23.7 22.9 22.5

Pretax margin (%) 33.3 31.2 27.0 25.0 30.3 25.0 25.0 25.0

Net margin (%) 27.1 24.4 20.9 27.0 24.2 25.2 21.0 16.6

Inventory Days 54 67 59 69 70 70 70 70

Receivable Days 13 15 13 17 15 20 20 20

Payable Days 27 23 32 34 38 35 35 35

Total cash 2,054 1,657 1,251 2,054 1,251 1,458 385 303

Total debt - - - - - - - 1,150

Net gearing (%) nc nc nc nc nc nc nc 24.7 Source: Company, Bloomberg, Bahana estimates

Kohler to be SSIA’s potential buyer Given The Kohler Company’s plan to build a new factory on 4-8ha land in Indonesia, the company is

currently in discussions with Surya Semesta Internusa’s (SSIA IJ-BUY-IDR665-TP:IDR720) management.

SSIA’s Corporate Secretary, Erlin Budiman, stated that a potential land sale is still in the negotiation stage.

(Kontan.co.id). Bahana comment: If it materializes, it would help SSIA to achieve its marketing sales

target this year, as the company aims to triple its industrial land sales to 30ha in 2016 (2016F Bahana:

20ha, 2015: 10.2ha).

WIKA’s 1M16 new contracts reached IDR750bn

Wijaya Karya (WIKA IJ-BUY-IDR2,600-TP:IDR3,100) booked 1M16 new contracts of IDR754bn (1M15:

IDR1.1tn), supported by infrastructure segments. Major project booked in January 2016 was the Manado-

Bitung toll road (IDR170bn). WIKA also targets to participate in 9.4GW power plant projects either in

construction, investment and EPC. (Company)

ISAT to partner with Taisys, Mobisphere on GreenRoam Alliance

Taisys and its affiliate, Mobispehere, a provider of mobile interconnectivity and vertical integration, has

announced that Indosat (ISAT IJ-BUY-IDR4,915-TP:IDR6,800) has joined GreenRoam Alliance’s slimduet

platform for prepaid mobile plan in Indonesia. This cooperation will be officially announced at the Mobile

World Congress, CS73 in Spain. Slimduet is the world's first commercialized eSIM ecosystem which enables

the delivery of prepaid SIMs virtually. Utilizing Taisys' slimduet platform, ISAT's traditional SIM distribution

channel will be transformed into a digital one. Visitors to Indonesia now can purchase and download ISAT's

local prepaid plan via the slimduet application. (antaranews.com)


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MEDC to buy back 10% shares between 27 February – 27 March 2016

Medco Energy (MEDC IJ-BUY-IDR950-TP:IDR1,400) plans to buy back 10% of its shares and has allocated

USD50mn to conduct the transaction. The buyback is scheduled between 27 February – 27 March 2016 and

will be booked as treasury shares. (Investor Daily)

ITMG to buy back 10% shares within 3 months

Indo Tambangraya Megah (ITMG IJ-REDUCE-IDR6,475-TP:IDR5,200) plans to carry out share buyback of up

to 10% from total issued and paid-in capital within 3 months starting 25 February 2016. ITMG plans to book

the shares as treasury shares. (Company)

ANTM’s P3FP to complete in March 2016, increase ferronickel production capacity by 50%

Aneka Tambang’s (ANTM IJ-REDUCE-IDR369-TP:IDR207) Pomalaa’s ferronickel plant (P3FP) expansion is

scheduled to finish with the ignition of 2x30MW coal-fired power plant in March 2016. The project will

increase ANTM’s ferronickel production capacity by 50%, from 18k – 20k TNi/year to 27k – 30k TNi/year.

(Kontan)

TBLA obtains 50k raw sugar imports quota

Tunas Baru Lampung (TBLA IJ-BUY-IDR500-TP:IDR570) has recently obtained raw sugar imports quota for

50k tons for sugar refinery (23% of total mills capacity). This effectively enables the company to import raw

sugar of the said amount before August 2016, to be processed in TBLA’s existing sugar refinery. This is the

first round of the proposed 2 rounds of import quota for 2016. (Company)

SMCB appoints 5 new directors; plans to retain Semen Andalas brand

During the extraordinary shareholder meeting (RUPSLB), Holcim Indonesia (SMCB IJ-REDUCE-IDR940-

TP:IDR825) appointed 5 new directors, but maintained its current CEO, Gary Schutz. Going forward, SMCB

plans to retain Semen Andalas brand post the acquisition of Lafarge Indonesia for IDR2.1tn. (Bisnis

Indonesia)

LPKR to issue REITs in Indonesia

Lippo Karawaci (LPKR IJ-HOLD-IDR1,005) through its subsidiary, Bowspirit Asset Management, plans to

issue REITs portfolio of 4 office buildings in Indonesia worth IDR1.5tn. However, no further details have

been disclosed including the issuance date. (Bisnis.com, Investor Daily). Bahana comment: We expect this

REITs issuance in Indonesia could attract other developers’ to do the same resulting in new business

opportunity given current soft property demand on the ground.


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BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 02/26/2016 02/25/2016 CHANGE (%)

Indo Tambangraya Megah ITMG IJ REDUCE 5,200 (19.7) 6,475 5,400 19.9

Medco Energi Internasional MEDC IJ BUY 1,300 36.8 950 820 15.9

Harum Energy HRUM IJ REDUCE 500 (29.6) 710 655 8.4

Media Nusantara Citra MNCN IJ BUY 2,000 5.3 1,900 1,755 8.3

Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,350 (15.2) 2,770 2,565 8.0

Bukit Asam PTBA IJ BUY 7,800 52.9 5,100 4,765 7.0

Astra International ASII IJ REDUCE 5,550 (18.4) 6,800 6,425 5.8

Charoen Pokphand Indonesia CPIN IJ BUY 3,500 4.5 3,350 3,170 5.7

Ramayana Lestari Sentosa RALS IJ REDUCE 640 (16.3) 765 725 5.5

Vale Indonesia INCO IJ HOLD 1,400 (10.8) 1,570 1,490 5.4

Adaro Energy ADRO IJ BUY 700 16.7 600 570 5.3

Multipolar MLPL IJ BUY 550 105.2 268 255 5.1

Indofood Sukses Makmur INDF IJ BUY 6,600 (3.3) 6,825 6,500 5.0

Ace Hardware Indonesia ACES IJ HOLD 875 0.6 870 830 4.8

J Resources PSAB IJ BUY 1,400 21.7 1,150 1,100 4.5

Bank Rakyat Indonesia BBRI IJ BUY 13,000 19.8 10,850 10,450 3.8

Semen Baturaja SMBR IJ HOLD 315 (4.5) 330 318 3.8

Bank Tabungan Negara BBTN IJ BUY 1,700 1.8 1,670 1,610 3.7

Adhi Karya ADHI IJ BUY 2,550 (3.4) 2,640 2,550 3.5

Matahari Putra Prima MPPA IJ BUY 2,750 53.2 1,795 1,735 3.5

Pembangunan Perumahan PTPP IJ BUY 4,300 14.4 3,760 3,650 3.0

Unilever Indonesia UNVR IJ BUY 46,000 4.8 43,900 42,725 2.8

Mitra Adiperkasa MAPI IJ BUY 4,750 11.8 4,250 4,140 2.7

Soechi Lines SOCI IJ BUY 630 32.9 474 463 2.4

Bekasi Fajar Industrial Estates BEST IJ REDUCE 300 7.9 278 272 2.2

Indocement Tunggal Prakarsa INTP IJ REDUCE 17,600 (10.8) 19,725 19,300 2.2

Indofood CBP Sukses Makmur ICBP IJ BUY 16,800 11.1 15,125 14,800 2.2

Bank Central Asia BBCA IJ BUY 14,700 10.1 13,350 13,075 2.1

Gudang Garam GGRM IJ BUY 65,000 3.2 63,000 61,800 1.9

Timah TINS IJ REDUCE 411 (28.5) 575 565 1.8

Anabatic Technologies ATIC IJ BUY 800 33.3 600 590 1.7

Bank Mandiri BMRI IJ HOLD 9,700 2.4 9,475 9,325 1.6

Indonesian Stock Exchange JCI 4,733 4,658 1.6

HM Sampoerna HMSP IJ BUY 115,000 4.6 109,975 108,300 1.5

Tiphone Mobile Indonesia TELE IJ BUY 1,180 59.5 740 730 1.4

Kawasan Industri Jababeka KIJA IJ BUY 270 17.4 230 227 1.3

Blue Bird BIRD IJ REDUCE 4,700 (18.3) 5,750 5,675 1.3

Siloam International Hospitals SILO IJ BUY 14,700 88.5 7,800 7,700 1.3

Bank Jawa Timur BJTM IJ REDUCE 420 2.4 410 405 1.2

Agung Podomoro Land APLN IJ REDUCE 220 (32.9) 328 324 1.2

Nippon Indosari Corpindo ROTI IJ BUY 1,450 16.5 1,245 1,230 1.2

Ciputra Property CTRP IJ REDUCE 365 (1.4) 370 366 1.1

London Sumatra Indonesia LSIP IJ BUY 1,500 7.9 1,390 1,375 1.1

Waskita Karya WSKT IJ BUY 2,250 16.0 1,940 1,920 1.0

PP Property PPRO IJ HOLD 180 (9.1) 198 196 1.0

Garuda Indonesia GIAA IJ BUY 400 (3.6) 415 411 1.0

Wintermar Offshore Marine WINS IJ HOLD 190 82.7 104 103 1.0

Summarecon Agung SMRA IJ BUY 1,820 15.6 1,575 1,560 1.0

Bank Bukopin BBKP IJ HOLD 730 37.7 530 525 1.0

Bank Danamon Indonesia BDMN IJ HOLD 3,400 (9.3) 3,750 3,715 0.9

Alam Sutera Realty ASRI IJ REDUCE 300 (14.0) 349 346 0.9

Pakuwon Jati PWON IJ HOLD 490 5.2 466 462 0.9

United Tractors UNTR IJ HOLD 16,000 5.1 15,225 15,100 0.8

Japfa Comfeed Indonesia JPFA IJ BUY 880 15.0 765 760 0.7

Xl Axiata EXCL IJ BUY 4,400 13.5 3,875 3,850 0.6

AKR Corporindo AKRA IJ BUY 9,000 15.8 7,775 7,725 0.6

Wijaya Karya Beton WTON IJ BUY 1,100 14.0 965 960 0.5

Bank Negara Indonesia BBNI IJ BUY 5,700 13.4 5,025 5,000 0.5

Semen Indonesia SMGR IJ HOLD 11,200 9.3 10,250 10,200 0.5

Jasa Marga JSMR IJ BUY 6,250 15.2 5,425 5,400 0.5

Kalbe Farma KLBF IJ HOLD 1,480 16.1 1,275 1,270 0.4

Perusahaan Gas Negara PGAS IJ REDUCE 2,500 (3.8) 2,600 2,590 0.4

Telekomunikasi Indonesia TLKM IJ BUY 3,750 13.3 3,310 3,300 0.3

Bumi Serpong Damai BSDE IJ BUY 2,020 19.9 1,685 1,680 0.3

Matahari Department Store LPPF IJ BUY 19,800 16.5 17,000 16,950 0.3

Sido Muncul SIDO IJ HOLD 480 (4.0) 500 499 0.2

Wijaya Karya WIKA IJ BUY 3,100 19.2 2,600 2,595 0.2

Mayora Indah MYOR IJ BUY 31,000 12.9 27,450 27,400 0.2

Cardig Aero Services CASS IJ HOLD 1,250 0.4 1,245 1,245 0.0

Bank Jawa Barat dan Banten BJBR IJ BUY 1,020 13.3 900 900 0.0

Total Bangun Persada TOTL IJ BUY 940 69.4 555 555 0.0

Electronic City ECII IJ REDUCE 700 (2.1) 715 715 0.0

Tempo Scan Pacific TSPC IJ BUY 2,000 14.3 1,750 1,750 0.0

Kimia Farma KAEF IJ BUY 1,350 25.0 1,080 1,080 0.0

Surya Semesta Internusa SSIA IJ BUY 720 9.9 655 655 0.0

Merdeka Copper Gold MDKA IJ BUY 2,200 15.8 1,900 1,900 0.0

Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (41.2) 1,700 1,700 0.0

Sampoerna Agro SGRO IJ HOLD 1,800 (2.7) 1,850 1,850 0.0

Tunas Baru Lampung TBLA IJ BUY 570 14.0 500 500 0.0

Ciputra Development CTRA IJ BUY 1,400 6.5 1,315 1,315 0.0

Pelayaran Tempuran Emas TMAS IJ BUY 3,000 60.4 1,870 1,870 0.0

Krakatau Steel KRAS IJ REDUCE 275 (24.5) 364 364 0.0

Erajaya Swasembada ERAA IJ BUY 850 66.7 510 510 0.0

Adi Sarana Armada ASSA IJ BUY 130 31.3 99 99 0.0

Indomobil Sukses Internasional IMAS IJ HOLD 2,000 (6.3) 2,135 2,140 (0.2)

Malindo Feedmill MAIN IJ BUY 1,700 31.3 1,295 1,300 (0.4)

Gajah Tunggal GJTL IJ BUY 860 78.4 482 484 (0.4)

Tower Bersama Infrastructure TBIG IJ HOLD 6,500 15.6 5,625 5,650 (0.4)

Lippo Karawaci LPKR IJ REDUCE 1,130 12.4 1,005 1,010 (0.5)

Indosat ISAT IJ BUY 6,800 38.4 4,915 4,950 (0.7)

Salim Ivomas Pratama SIMP IJ HOLD 290 (22.0) 372 375 (0.8)

Aneka Tambang ANTM IJ REDUCE 207 (43.9) 369 372 (0.8)

Lippo Cikarang LPCK IJ BUY 8,300 36.1 6,100 6,150 (0.8)

Puradelta Lestari DMAS IJ BUY 290 39 208 210 (1.0)

Surya Citra Media SCMA IJ REDUCE 2,800 (3.8) 2,910 2,940 (1.0)

Mitra Keluarga Karyasehat MIKA IJ SELL 1,900 (12.6) 2,175 2,200 (1.1)

Sri Rejeki Isman SRIL IJ BUY 400 66.0 241 244 (1.2)

Holcim Indonesia SMCB IJ REDUCE 825 (12.2) 940 955 (1.6)

Dharma Satya Nusantara DSNG IJ BUY 535 16.1 461 470 (1.9)

Sarana Menara Nusantara TOWR IJ BUY 5,000 24.4 4,020 4,100 (2.0)

Express Transindo Utama TAXI IJ REDUCE 120 (9.1) 132 135 (2.2)

Hero Supermarket HERO IJ REDUCE 650 (36.9) 1,030 1,060 (2.8)

Astra Agro Lestari AALI IJ REDUCE 14,300 1.1 14,150 15,025 (5.8) 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

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BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Weekly) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 02/26/2016 02/19/2016 CHANGE (%)

Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,350 (15.2) 2,770 2,075 33.5

Media Nusantara Citra MNCN IJ BUY 2,000 5.3 1,900 1,525 24.6

Express Transindo Utama TAXI IJ REDUCE 120 (9.1) 132 107 23.4

Indo Tambangraya Megah ITMG IJ REDUCE 5,200 (19.7) 6,475 5,250 23.3

Multipolar MLPL IJ BUY 550 105.2 268 229 17.0

Medco Energi Internasional MEDC IJ BUY 1,300 36.8 950 835 13.8

Anabatic Technologies ATIC IJ BUY 800 33.3 600 535 12.1

Harum Energy HRUM IJ REDUCE 500 (29.6) 710 635 11.8

Bank Tabungan Negara BBTN IJ BUY 1,520 (9.0) 1,670 1,505 11.0

Ramayana Lestari Sentosa RALS IJ REDUCE 640 (16.3) 765 695 10.1

Bekasi Fajar Industrial Estates BEST IJ REDUCE 300 7.9 278 253 9.9

Bukit Asam PTBA IJ BUY 7,800 52.9 5,100 4,670 9.2

J Resources PSAB IJ BUY 2,000 73.9 1,150 1,060 8.5

PP Property PPRO IJ HOLD 180 (9.1) 198 185 7.0

Tiphone Mobile Indonesia TELE IJ BUY 1,180 59.5 740 695 6.5

Mitra Keluarga Karyasehat MIKA IJ SELL 1,900 (12.6) 2,175 2,055 5.8

Matahari Department Store LPPF IJ BUY 19,800 16.5 17,000 16,100 5.6

Sarana Menara Nusantara TOWR IJ BUY 5,000 19.0 4,200 3,980 5.5

Dharma Satya Nusantara DSNG IJ BUY 535 16.1 461 440 4.8

Vale Indonesia INCO IJ BUY 2,500 59.2 1,570 1,505 4.3

HM Sampoerna HMSP IJ BUY 115,000 4.6 109,975 105,500 4.2

Semen Baturaja SMBR IJ HOLD 300 (9.1) 330 317 4.1

Telekomunikasi Indonesia TLKM IJ BUY 3,750 13.3 3,310 3,195 3.6

Mayora Indah MYOR IJ BUY 31,000 12.9 27,450 26,725 2.7

Unilever Indonesia UNVR IJ BUY 46,000 4.8 43,900 42,750 2.7

Indomobil Sukses Internasional IMAS IJ HOLD 2,000 (6.3) 2,135 2,080 2.6

Adaro Energy ADRO IJ BUY 700 16.7 600 585 2.6

Surya Citra Media SCMA IJ HOLD 3,250 11.7 2,910 2,840 2.5

Bank Central Asia BBCA IJ BUY 14,700 10.1 13,350 13,050 2.3

Indocement Tunggal Prakarsa INTP IJ REDUCE 16,400 (16.9) 19,725 19,350 1.9

Adhi Karya ADHI IJ BUY 2,550 (3.4) 2,640 2,590 1.9

Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (38.3) 1,620 1,590 1.9

Bank Mandiri BMRI IJ BUY 9,700 2.4 9,475 9,300 1.9

Mitra Adiperkasa MAPI IJ BUY 4,750 11.8 4,250 4,175 1.8

Timah TINS IJ REDUCE 411 (28.5) 575 565 1.8

Indofood Sukses Makmur INDF IJ BUY 6,600 (3.3) 6,825 6,725 1.5

Pelayaran Tempuran Emas TMAS IJ BUY 3,000 60.4 1,870 1,850 1.1

AKR Corporindo AKRA IJ BUY 7,000 (10.0) 7,775 7,700 1.0

Kalbe Farma KLBF IJ HOLD 1,480 16.1 1,275 1,265 0.8

Waskita Karya WSKT IJ BUY 1,975 1.8 1,940 1,925 0.8

Indonesian Stock Exchange JCI 4,733 4,698 0.8

Semen Indonesia SMGR IJ HOLD 10,600 3.4 10,250 10,175 0.7

Summarecon Agung SMRA IJ BUY 1,820 15.6 1,575 1,565 0.6

Perusahaan Gas Negara PGAS IJ REDUCE 2,500 (3.8) 2,600 2,585 0.6

Matahari Putra Prima MPPA IJ BUY 2,750 53.2 1,795 1,785 0.6

Jasa Marga JSMR IJ BUY 6,250 15.2 5,425 5,400 0.5

Blue Bird BIRD IJ REDUCE 4,700 (18.3) 5,750 5,725 0.4

Soechi Lines SOCI IJ BUY 630 32.9 474 472 0.4

Ciputra Development CTRA IJ BUY 1,400 6.5 1,315 1,310 0.4

Krakatau Steel KRAS IJ REDUCE 275 (24.5) 364 363 0.3

Pakuwon Jati PWON IJ HOLD 490 5.2 466 465 0.2

Indofood CBP Sukses Makmur ICBP IJ BUY 16,800 11.1 15,125 15,100 0.2

Electronic City ECII IJ REDUCE 700 (2.1) 715 715 0.0

Tempo Scan Pacific TSPC IJ BUY 2,000 14.3 1,750 1,750 0.0

Aneka Tambang ANTM IJ BUY 764 107.0 369 369 0.0

Merdeka Copper Gold MDKA IJ BUY 2,200 15.8 1,900 1,900 0.0

Tunas Baru Lampung TBLA IJ BUY 570 14.0 500 500 0.0

Adi Sarana Armada ASSA IJ BUY 130 31.3 99 99 0.0

Cardig Aero Services CASS IJ HOLD 1,250 0.4 1,245 1,250 (0.4)

Lippo Cikarang LPCK IJ BUY 8,300 36.1 6,100 6,125 (0.4)

Sampoerna Agro SGRO IJ HOLD 1,800 (2.7) 1,850 1,860 (0.5)

Xl Axiata EXCL IJ BUY 4,400 13.5 3,875 3,900 (0.6)

Japfa Comfeed Indonesia JPFA IJ BUY 550 (28.1) 765 770 (0.6)

Sido Muncul SIDO IJ HOLD 480 (4.0) 500 505 (1.0)

Holcim Indonesia SMCB IJ REDUCE 925 (1.6) 940 950 (1.1)

Agung Podomoro Land APLN IJ REDUCE 220 (32.9) 328 332 (1.2)

Gajah Tunggal GJTL IJ BUY 860 78.4 482 488 (1.2)

Alam Sutera Realty ASRI IJ REDUCE 300 (14.0) 349 354 (1.4)

Astra International ASII IJ REDUCE 5,550 (18.4) 6,800 6,900 (1.4)

Bank Negara Indonesia BBNI IJ BUY 5,700 13.4 5,025 5,100 (1.5)

Surya Semesta Internusa SSIA IJ BUY 720 9.9 655 665 (1.5)

Wijaya Karya Beton WTON IJ BUY 1,100 14.0 965 980 (1.5)

Pembangunan Perumahan PTPP IJ BUY 4,300 14.4 3,760 3,825 (1.7)

Gudang Garam GGRM IJ BUY 65,000 3.2 63,000 64,125 (1.8)

Garuda Indonesia GIAA IJ BUY 400 (3.6) 415 423 (1.9)

Hero Supermarket HERO IJ REDUCE 650 (36.9) 1,030 1,050 (1.9)

Bank Jawa Barat dan Banten BJBR IJ BUY 1,020 13.3 900 920 (2.2)

Lippo Karawaci LPKR IJ REDUCE 1,130 12.4 1,005 1,030 (2.4)

Bumi Serpong Damai BSDE IJ BUY 2,020 19.9 1,685 1,730 (2.6)

Bank Jawa Timur BJTM IJ REDUCE 420 2.4 410 421 (2.6)

Total Bangun Persada TOTL IJ BUY 940 69.4 555 570 (2.6)

Charoen Pokphand Indonesia CPIN IJ BUY 3,500 4.5 3,350 3,445 (2.8)

Puradelta Lestari DMAS IJ BUY 290 39.4 208 214 (2.8)

Kawasan Industri Jababeka KIJA IJ BUY 270 17.4 230 237 (3.0)

Malindo Feedmill MAIN IJ BUY 1,700 31.3 1,295 1,335 (3.0)

Wijaya Karya WIKA IJ BUY 3,100 19.2 2,600 2,685 (3.2)

Wintermar Offshore Marine WINS IJ HOLD 190 82.7 104 108 (3.7)

Kimia Farma KAEF IJ BUY 1,350 25.0 1,080 1,125 (4.0)

United Tractors UNTR IJ HOLD 16,000 5.1 15,225 15,925 (4.4)

Ace Hardware Indonesia ACES IJ HOLD 875 0.6 870 910 (4.4)

London Sumatra Indonesia LSIP IJ BUY 1,500 7.9 1,390 1,455 (4.5)

Ciputra Property CTRP IJ REDUCE 365 (1.4) 370 389 (4.9)

Indosat ISAT IJ BUY 6,800 38.4 4,915 5,175 (5.0)

Bank Rakyat Indonesia BBRI IJ BUY 13,000 19.8 10,850 11,450 (5.2)

Bank Bukopin BBKP IJ HOLD 730 37.7 530 560 (5.4)

Tower Bersama Infrastructure TBIG IJ HOLD 6,500 15.6 5,625 5,950 (5.5)

Bank Danamon Indonesia BDMN IJ BUY 3,400 (9.3) 3,750 4,045 (7.3)

Sri Rejeki Isman SRIL IJ BUY 500 107.5 241 260 (7.3)

Salim Ivomas Pratama SIMP IJ HOLD 290 (22.0) 372 404 (7.9)

Siloam International Hospitals SILO IJ BUY 14,700 88.5 7,800 8,500 (8.2)

Nippon Indosari Corpindo ROTI IJ BUY 1,450 16.5 1,245 1,400 (11.1)

Erajaya Swasembada ERAA IJ BUY 850 66.7 510 575 (11.3)

Astra Agro Lestari AALI IJ REDUCE 14,300 1.1 14,150 17,750 (20.3) 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. 8Hong Kong

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Source: Bloomberg, Bahana estimates

Ticker Rating Price TP Shares Free float Mkt cap 3M avg to

(IDR) (IDR) (m) (%) (IDRb) (IDRb) 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F 2015F 2016F 2017F

AVIATION N 13,334 11.2 59,049 66,614 76,230 1,468 1,969 2,577 1,090 1,724 2,165 na 33.5 19.2 12.2 7.7 6.2 7.0 5.7 5.1 1.1 0.9 0.7 0.2 0.3 0.3 (100.2) (86.0) (76.1) 11.9 14.3 14.0 3.8 4.8 5.1 8.2 9.3 9.0

GIAA IJ* BUY 415 400 25,869 14.9 10,736 11.2 57,368 64,708 74,084 1,050 1,474 2,005 966 1,582 2,005 na 63.8 26.7 11.2 6.8 na 7.4 5.9 5.3 0.1 0.0 0.0 0.0 0.0 0.0 (125.2) (108.1) (97.2) 7.6 11.1 11.2 2.2 3.3 3.6 3.9 5.1 5.5

CASS IJ HOLD 1,245 1,250 2,087 56.6 2,598 0.0 1,680 1,905 2,146 418 496 571 124 142 160 12.2 14.6 12.5 21.0 18.3 16.3 5.6 4.8 4.2 5.6 4.6 3.8 1.2 1.4 1.5 3.1 5.5 11.0 29.7 27.5 25.4 10.7 10.9 11.2 26.2 26.3 23.4

AUTOMOTIVE UW 282,872 275.9 215,860 227,222 247,701 18,472 19,678 21,842 16,030 17,779 20,271 (17.0) 10.9 14.0 17.6 15.9 14.0 13.3 12.7 11.7 2.6 2.4 2.2 2.7 2.8 3.2 51.1 49.9 46.7 16.2 15.8 16.1 6.8 6.8 7.1 11.0 10.9 11.2

ASII IJ REDUCE 6,800 5,550 40,484 49.8 275,288 275.0 184,851 193,520 211,196 17,427 18,498 20,496 16,764 17,591 19,543 (12.6) 4.9 11.1 16.4 15.6 14.1 13.0 12.4 11.3 2.7 2.4 2.2 2.7 2.9 3.2 45.9 44.1 40.4 16.8 16.2 16.3 7.0 7.0 7.2 11.3 11.2 11.5

IMAS IJ HOLD 2,135 2,000 2,765 10.5 5,904 0.1 18,176 19,770 21,414 96 149 229 (312) 126 292 na na na na 46.7 20.2 33.4 32.8 31.1 1.1 1.1 1.0 0.0 0.5 1.2 269.4 297.2 316.2 (5.6) 2.3 5.2 (1.3) 0.5 1.0 (1.6) 0.6 1.2

GJTL IJ BUY 482 860 3,485 39.8 1,680 0.8 12,833 13,932 15,091 950 1,031 1,117 (422) 62 436 na na na na 27.1 3.9 5.1 4.7 5.7 0.3 0.3 0.3 0.0 0.9 6.5 130.5 129.3 130.3 (7.7) 1.3 8.4 (2.6) 0.4 2.4 (3.6) 0.5 3.4

BANKS N 1,001,053 842.7 266,270 291,640 323,366 99,194 109,580 121,941 80,313 88,704 98,536 0.7 10.4 11.1 12.5 11.3 10.2 na na na 2.5 2.1 1.8 1.8 1.9 1.9 na na na 19.7 18.6 17.7 2.6 2.6 2.5 na na na

BBCA IJ BUY 13,350 14,700 24,655 50.8 329,144 185.4 48,667 52,850 58,014 22,474 24,585 26,964 18,176 19,883 21,806 10.3 9.4 9.7 18.1 16.6 15.1 na na na 3.7 3.1 2.7 1.2 1.3 1.3 na na na 22.0 20.3 19.0 3.1 3.1 3.0 na na na

BBRI IJ BUY 10,850 13,000 24,669 43.2 267,660 288.0 66,953 73,440 81,052 28,314 31,205 34,621 24,426 26,815 29,624 0.8 9.8 10.5 11.0 10.0 9.0 na na na 2.3 2.0 1.7 1.8 2.0 1.9 na na na 22.9 21.2 19.8 2.9 2.9 2.8 na na na

BMRI IJ HOLD 9,475 9,700 23,333 40.0 221,083 187.4 62,897 69,286 77,120 26,068 26,665 30,171 20,004 20,330 22,958 0.7 1.6 12.9 11.1 10.9 9.6 na na na 1.9 1.7 1.5 2.0 1.8 1.8 na na na 18.2 16.3 16.1 2.2 2.1 2.1 na na na

BBNI IJ BUY 5,025 5,700 18,649 40.0 93,710 137.6 37,239 40,951 45,725 9,966 13,232 14,595 8,372 11,022 12,153 (22.4) 31.7 10.3 11.2 8.5 7.7 na na na 1.5 1.3 1.1 2.0 2.4 2.3 na na na 14.0 16.4 15.8 1.9 2.2 2.2 na na na

BDMN IJ HOLD 3,750 3,400 9,585 32.5 35,942 9.1 20,353 21,026 23,106 3,623 4,017 4,681 2,613 2,998 3,475 0.3 14.8 15.9 13.8 12.0 10.3 na na na 1.0 1.0 0.9 2.2 2.3 2.4 na na na 7.8 8.4 9.1 1.3 1.3 1.2 na na na

BTPN IJ REDUCE 2,770 2,350 5,840 50.8 16,178 0.2 8,452 9,489 10,678 2,444 2,665 2,817 1,822 1,987 2,099 (1.7) 9.0 5.7 8.9 8.1 7.7 na na na 1.2 1.1 0.9 1.7 1.8 1.9 na na na 14.3 13.7 12.9 2.3 2.2 2.1 na na na

BBTN IJ BUY 1,670 1,700 10,585 39.9 17,676 22.0 7,439 8,816 10,234 2,215 2,686 3,039 1,663 2,084 2,419 49.1 25.3 16.1 10.6 8.5 7.3 na na na 1.3 1.1 1.0 1.9 2.1 2.1 na na na 12.9 14.3 14.7 1.0 1.1 1.0 na na na

BJBR IJ BUY 900 1,020 9,696 25.0 8,727 9.6 6,392 6,898 7,494 1,432 1,599 1,790 1,227 1,368 1,529 9.5 11.5 11.7 7.1 6.4 5.7 na na na 1.2 1.1 1.0 7.7 7.8 7.9 na na na 16.8 17.3 17.6 1.5 1.5 1.5 na na na

BJTM IJ REDUCE 410 420 14,918 20.0 6,116 1.6 3,633 4,052 4,518 1,290 1,398 1,575 942 1,023 1,153 0.3 8.6 12.7 6.5 6.0 5.3 na na na 1.0 0.9 0.8 9.7 9.6 9.9 na na na 15.2 15.6 16.3 2.3 2.2 2.2 na na na

BBKP IJ HOLD 530 730 9,087 40.5 4,816 1.8 4,247 4,832 5,423 1,366 1,528 1,687 1,067 1,194 1,320 47.3 11.9 10.6 4.5 4.0 3.6 na na na 0.6 0.6 0.5 4.4 5.0 5.5 na na na 14.8 14.8 14.5 1.3 1.2 1.2 na na na

CEMENT UW 143,860 109.7 54,849 56,706 59,100 11,007 11,320 11,840 8,832 9,245 9,667 (25.4) 4.7 4.6 16.3 15.6 14.9 10.2 9.9 9.3 2.6 2.5 2.3 3.7 3.8 3.9 4.4 7.1 5.3 16.5 16.3 16.0 12.8 12.1 11.6 22.4 19.3 18.6

SMGR IJ HOLD 10,250 11,200 5,932 49.0 60,798 59.6 26,545 27,486 28,611 5,612 5,594 5,873 4,352 4,503 4,727 (21.8) 3.5 5.0 14.0 13.5 12.9 8.8 8.7 7.9 2.4 2.1 1.9 2.1 2.2 2.3 2.6 9.6 6.3 17.6 16.6 15.5 11.8 10.7 10.0 17.6 15.6 14.4

INTP IJ REDUCE 19,725 17,600 3,681 36.0 72,612 46.9 17,473 18,073 18,951 4,768 4,834 5,084 4,340 4,353 4,558 (17.7) 0.3 4.7 16.7 16.7 15.9 11.5 11.2 10.6 3.0 3.0 2.9 5.4 5.4 5.7 nc nc nc 17.7 17.9 18.3 15.0 14.7 14.3 28.3 24.4 24.4

SMCB IJ REDUCE 940 825 7,663 19.4 7,203 0.8 9,352 9,619 9,904 287 566 538 (225) 89 129 na na na na 81.1 55.9 12.3 9.0 8.4 0.9 0.9 0.9 0.0 0.9 1.3 66.6 61.7 51.5 (2.7) 1.1 1.6 (1.3) 0.5 0.8 (1.7) 0.7 1.0

SMBR IJ HOLD 330 315 9,838 23.8 3,246 2.4 1,479 1,528 1,633 340 325 345 364 300 252 10.9 (17.5) (16.0) 8.9 10.8 12.9 4.2 6.6 8.8 1.1 1.0 1.0 2.8 2.3 1.9 nc nc nc 12.8 9.7 7.6 11.9 9.0 6.1 33.1 13.7 7.1

COAL UW 96,970 122.2 130,282 127,128 131,490 19,416 17,610 15,141 13,545 12,401 10,797 12.1 (8.4) (12.9) 7.2 7.8 9.0 3.0 2.8 2.5 1.1 1.0 1.0 6.3 5.5 5.6 5.1 2.6 0.3 15.8 13.3 11.4 9.2 7.8 6.9 18.8 17.2 15.6

UNTR IJ HOLD 15,225 16,000 3,730 40.5 56,791 63.8 49,968 49,619 51,535 8,357 8,192 8,437 6,847 6,383 6,395 27.5 (6.8) 0.2 8.3 8.9 8.9 3.5 3.3 3.0 1.4 1.3 1.2 4.8 4.3 5.3 nc nc nc 17.5 14.7 13.6 10.5 8.9 8.5 21.5 20.6 20.5

ADRO IJ* BUY 600 700 31,986 43.0 19,192 21.2 39,074 38,836 38,626 5,712 5,264 3,570 2,982 2,856 1,960 40.9 (1.1) (33.7) 6.5 6.5 9.8 2.9 2.6 2.3 0.5 0.4 0.4 4.7 4.7 3.0 26.0 13.2 1.7 7.9 6.8 4.5 3.6 3.3 2.3 5.9 5.7 4.2

ITMG IJ* REDUCE 6,475 5,200 1,130 34.8 7,316 7.3 23,102 19,323 21,830 2,643 1,351 629 1,546 992 546 (44.9) (35.9) (44.9) 4.7 7.4 13.4 0.9 1.2 1.4 0.6 0.6 0.6 16.9 10.8 10.2 nc nc nc 13.4 8.2 4.6 8.8 5.4 2.9 19.2 12.8 7.5

PTBA IJ BUY 5,100 7,800 2,304 28.7 11,751 29.5 14,428 15,832 15,981 2,661 2,774 2,547 2,170 2,198 1,990 7.7 1.3 (9.4) 5.4 5.3 5.9 3.6 3.6 4.1 1.3 1.1 1.1 10.2 10.3 9.3 nc nc nc 24.4 22.6 18.7 14.0 12.8 10.6 29.6 25.6 19.7

HRUM IJ* REDUCE 710 500 2,704 28.8 1,920 0.5 3,710 3,518 3,518 42 28 (42) 0 (28) (95) (50) (1,000) 289 710.0 (78.9) (20.3) (6.7) (8.4) (15.6) 0.5 0.5 0.5 0.1 0.0 (0.8) nc nc nc 0.0 (0.7) (2.4) 0.0 (0.5) (1.8) 0.0 (2.5) (9.7)

CONS. & TOLL ROADS N 117,120 239.0 64,550 85,995 104,429 8,556 11,084 12,947 4,146 5,374 6,099 6.1 25.1 9.1 28.3 21.8 19.2 13.6 11.7 10.6 3.4 3.0 2.7 1.0 1.3 1.5 54.8 74.1 84.5 14.3 14.5 14.6 4.1 4.3 4.2 11.0 10.3 9.6

JSMR IJ BUY 5,425 6,250 6,800 30.0 36,890 46.8 7,592 8,703 9,631 2,870 3,351 3,669 1,278 1,445 1,481 (9.0) 13.1 2.5 28.9 25.5 24.9 13.0 12.1 11.6 3.5 3.2 2.9 1.0 1.2 1.2 120.4 147.1 164.0 12.5 13.0 12.2 3.7 3.7 3.3 5.9 5.5 4.8

WIKA IJ BUY 2,600 3,100 6,149 34.9 15,988 26.7 12,150 14,875 17,597 1,297 1,718 2,050 559 785 957 (9.2) 40.6 21.8 28.6 20.3 16.7 11.7 9.1 7.6 3.6 3.1 2.6 1.1 1.5 1.8 51.7 49.7 44.7 13.2 16.2 16.9 3.4 4.3 4.5 9.7 10.8 11.5

PTPP IJ BUY 3,760 4,300 4,842 45.7 18,208 21.4 14,909 20,378 24,313 1,695 2,223 2,659 704 914 1,066 32.4 29.8 16.6 25.8 19.9 17.1 11.1 8.8 7.7 4.4 3.8 3.2 1.2 1.5 1.8 35.0 44.9 55.3 21.7 20.4 20.4 4.3 4.5 4.3 16.5 14.5 13.5

WSKT IJ BUY 1,940 2,250 13,572 34.0 26,331 48.0 15,174 20,580 24,605 1,434 1,918 2,148 818 1,116 1,174 37.9 17.3 5.2 27.3 23.3 22.1 15.4 15.1 14.5 3.0 2.7 2.4 0.6 0.9 0.9 19.1 47.5 71.6 14.1 12.1 11.6 4.4 4.1 3.7 11.0 9.0 7.2

WTON IJ BUY 965 1,100 8,715 28.1 8,410 18.0 2,570 4,160 5,824 258 454 620 195 349 475 (45.5) 79.5 36.1 43.2 24.1 17.7 23.8 14.7 11.1 3.8 3.4 3.0 0.7 1.2 1.7 1.6 nc nc 8.9 14.9 18.0 5.2 8.2 8.9 9.8 14.1 16.7

ADHI IJ BUY 2,640 2,550 3,561 74.2 9,401 74.6 9,817 14,680 19,059 784 1,155 1,483 395 534 690 0.9 (17.4) 29.2 14.5 17.6 13.6 10.7 9.8 7.2 2.0 1.8 1.6 1.4 1.1 1.5 nc 41.6 25.4 12.0 10.6 12.4 3.2 3.3 3.7 10.8 9.2 9.3

TOTL IJ BUY 555 940 3,410 33.7 1,893 3.5 2,338 2,618 3,400 218 266 317 197 230 255 20.4 16.7 10.9 9.6 8.2 7.4 5.7 4.7 3.9 2.1 1.9 1.7 5.4 6.2 7.3 nc nc nc 23.3 24.3 24.0 7.6 8.3 8.4 73.8 62.6 53.5

CONSUMER - DISCRE. N 161,507 118.1 76,680 84,783 95,235 8,650 9,998 11,515 6,000 7,422 8,820 (7.1) 25.1 20.3 26.9 21.8 18.3 17.1 14.4 12.3 15.2 9.4 7.0 1.8 2.2 2.5 8.8 7.3 5.7 87.1 50.4 40.6 26.9 26.2 24.7 23.2 25.0 26.6

SCMA IJ REDUCE 2,910 2,800 14,622 38.2 42,549 19.1 4,253 4,573 4,983 1,997 2,192 2,408 1,519 1,674 1,848 4.4 10.2 10.4 28.0 25.4 23.0 20.4 18.5 16.7 13.4 11.7 10.3 2.7 3.0 3.3 nc nc nc 46.1 49.7 48.0 33.1 35.7 35.5 64.4 67.6 70.6

LPPF IJ BUY 17,000 19,800 2,918 79.5 49,605 62.8 9,340 10,872 12,699 2,474 2,868 3,346 1,859 2,219 2,620 31.0 19.3 18.1 26.7 22.4 18.9 17.6 14.6 12.0 33.8 16.8 10.6 1.5 1.8 2.1 nc nc nc 225.8 100.6 68.8 46.7 41.1 35.5 na na na

MNCN IJ BUY 1,900 2,000 14,276 36.4 27,125 12.1 6,675 7,006 7,519 2,580 2,724 2,936 1,280 1,648 1,990 (27.3) 28.7 20.7 21.2 16.5 13.6 10.9 10.2 9.2 2.8 2.5 2.2 2.4 3.0 3.7 30.7 24.8 16.7 14.1 16.8 18.3 9.0 10.7 12.0 11.1 13.2 15.2

MPPA IJ BUY 1,795 2,750 5,378 23.7 9,653 12.3 14,286 16,331 18,267 567 738 839 451 587 666 (18.6) 30.3 13.4 21.4 16.4 14.5 10.2 8.0 6.6 3.1 2.8 2.5 1.9 2.4 2.8 nc nc nc 15.1 17.8 18.1 7.3 8.5 8.7 20.6 24.4 24.9

ACES IJ REDUCE 870 650 17,150 40.0 14,921 7.3 4,698 5,086 5,647 648 704 787 559 608 674 1.4 8.9 10.9 26.7 24.5 22.1 19.6 17.5 15.3 5.3 4.5 3.8 0.8 0.8 0.9 nc nc nc 21.6 19.9 18.9 17.4 16.2 15.5 27.2 28.5 30.5

HERO IJ REDUCE 1,030 650 4,184 13.4 4,309 0.0 15,118 16,906 19,439 (215) (113) 72 (29) 57 191 na na na na 75.0 22.6 49.5 21.7 11.7 0.8 0.8 0.7 0.0 0.0 0.0 7.1 7.7 13.2 (0.5) 1.0 3.3 (0.3) 0.6 2.0 (0.5) 1.0 3.0

RALS IJ REDUCE 765 640 7,096 40.5 5,428 0.9 7,774 8,038 8,534 218 246 282 311 333 369 (12.3) 6.8 11.1 17.4 16.3 14.7 7.6 6.8 5.9 1.6 1.5 1.4 2.9 3.1 3.4 nc nc nc 9.1 9.3 9.8 6.7 7.0 7.4 18.9 20.4 21.4

MAPI IJ BUY 4,250 4,750 1,660 44.0 6,964 3.5 12,760 14,054 16,027 399 608 778 34 242 380 (53.7) 605.4 57.4 205.9 29.2 18.5 10.6 8.1 6.7 2.4 2.2 2.0 0.0 0.5 0.8 80.7 67.2 59.3 1.3 7.9 11.4 0.4 2.5 3.7 0.6 4.6 7.0

ECII IJ REDUCE 715 700 1,334 25.0 954 0.0 1,776 1,917 2,121 (17) 31 67 15 54 82 (88.0) 245.5 52.6 61.6 17.8 11.7 na 12.7 6.5 0.5 0.5 0.5 0.2 0.6 0.9 nc nc nc 0.9 3.0 4.4 0.8 2.7 3.9 1.2 4.0 5.7

CONSUMER - STAPLES OW 1,268,634 420.6 346,896 380,892 424,517 48,566 52,638 59,726 32,189 36,512 41,690 3.1 12.3 14.0 39.4 34.7 30.4 29.9 28.1 24.5 25.5 23.0 20.8 1.7 2.0 2.3 6.1 7.0 6.4 56.0 52.0 53.4 24.8 23.4 24.7 67.3 66.7 65.5

HMSP IJ BUY 109,975 115,000 4,653 7.5 511,683 68.4 88,712 97,119 107,376 14,004 14,253 16,717 10,389 11,161 12,806 (2.3) 6.5 14.5 48.9 45.9 40.1 33.8 33.3 28.5 14.9 15.0 15.0 2.0 2.2 2.5 nc nc nc 43.6 32.6 37.5 26.7 22.5 25.7 61.6 61.7 63.2

UNVR IJ BUY 43,900 46,000 7,630 15.0 334,957 77.3 36,115 40,257 45,540 7,976 8,943 10,108 5,885 6,612 7,489 2.5 12.4 13.3 56.9 50.7 44.7 40.6 36.6 32.4 68.2 59.1 51.2 1.7 1.9 2.1 (8.6) nc nc 123.8 125.1 122.6 40.0 41.0 40.9 135.4 132.7 126.1

GGRM IJ BUY 63,000 65,000 1,924 23.5 121,218 60.5 69,029 73,916 81,379 8,963 9,718 10,751 5,445 5,950 6,674 1.4 9.3 12.2 22.3 20.4 18.2 12.6 11.7 10.6 3.3 3.0 2.7 1.3 2.1 2.3 45.2 42.7 40.8 15.6 15.4 15.8 8.8 8.7 9.0 10.5 10.7 11.1

KLBF IJ HOLD 1,275 1,480 46,875 43.3 59,766 75.1 17,786 19,300 20,943 2,549 2,812 3,080 1,949 2,167 2,400 (5.6) 11.2 10.7 30.7 27.6 24.9 19.1 16.6 15.1 5.7 5.1 4.6 1.6 1.8 2.0 nc nc nc 19.7 19.7 19.6 15.0 15.1 15.1 24.0 24.6 25.0

INDF IJ BUY 6,825 6,600 8,780 49.9 59,926 53.3 64,352 70,849 78,078 6,801 7,610 8,547 2,084 3,454 4,196 (46.4) 65.7 21.5 28.8 17.4 14.3 8.0 6.9 6.0 2.3 2.1 2.0 1.7 2.8 3.4 58.1 38.7 27.2 8.1 12.8 14.3 2.4 3.8 4.4 5.0 8.7 10.7

ICBP IJ BUY 15,125 16,800 5,831 19.5 88,193 37.1 32,115 35,481 39,775 3,936 4,507 5,071 3,082 3,543 4,039 18.4 15.0 14.0 28.6 24.9 21.8 19.1 16.9 14.9 5.6 5.0 4.4 1.5 1.8 2.0 nc nc nc 20.6 21.1 21.4 11.7 12.1 12.4 28.6 27.9 26.7

MYOR IJ BUY 27,450 31,000 894 66.9 24,550 0.7 14,886 16,395 18,557 1,697 1,773 1,917 1,161 1,122 1,218 187.6 (3.4) 8.6 21.1 21.9 20.2 12.5 11.7 10.7 4.9 4.1 3.5 0.9 0.9 1.0 48.7 37.2 27.5 25.9 20.8 19.2 10.7 9.7 9.9 15.5 14.6 14.6

TSPC IJ BUY 1,750 2,000 4,500 21.9 7,875 0.2 8,220 9,160 10,888 640 713 785 575 622 672 (0.7) 8.1 7.8 13.7 12.7 11.7 8.0 7.2 6.5 1.8 1.6 1.4 3.3 3.6 3.8 nc nc nc 13.4 13.4 13.1 9.7 9.8 9.6 21.2 19.8 18.3

SIDO IJ HOLD 500 480 15,000 19.0 7,500 1.8 2,268 2,424 2,719 495 530 598 424 455 517 1.4 7.1 13.3 17.9 16.7 14.7 11.3 10.3 8.9 2.5 2.2 2.0 1.1 1.3 1.2 nc nc nc 15.1 14.4 14.5 14.1 13.5 13.6 23.0 22.0 21.5

ROTI IJ BUY 1,245 1,450 5,062 29.3 6,302 1.8 2,189 2,693 3,343 389 458 575 265 322 416 40.3 21.6 29.2 23.8 19.6 15.2 12.8 10.8 8.9 5.4 4.5 3.7 1.0 1.3 1.6 39.2 17.6 18.2 25.0 25.2 26.7 11.1 11.4 12.7 16.3 19.7 22.6

KAEF IJ BUY 1,080 1,350 5,554 10.0 5,998 5.1 5,070 5,754 6,599 342 422 524 279 327 367 19.1 17.1 12.1 21.5 18.3 16.4 16.9 14.1 14.4 3.0 2.7 2.4 1.2 1.4 1.6 7.7 15.4 79.6 14.8 15.4 15.4 9.0 9.4 7.6 15.1 13.8 10.3

MIKA IJ SELL 2,175 1,900 14,551 18.0 31,648 0.0 2,038 2,301 2,645 560 622 704 558 636 699 4.3 10.3 9.3 55.8 50.6 46.3 45.7 42.3 37.8 10.0 9.8 9.2 1.5 1.5 1.5 nc nc nc 23.3 20.4 21.0 19.7 17.5 18.0 65.2 61.2 54.8

SILO IJ BUY 7,800 14,700 1,156 29.2 9,018 39.3 4,116 5,242 6,675 215 276 350 94 142 197 49.7 63.0 28.8 96.3 59.1 45.9 15.4 12.1 9.3 5.2 4.9 4.4 0.1 0.2 0.3 20.6 32.8 34.5 5.5 7.9 10.1 3.2 4.5 5.4 4.7 6.3 7.6

INDUSTRIAL ESTATES N 24,787 44.7 12,775 11,841 13,561 4,286 4,883 5,636 3,576 4,065 4,776 18.6 13.7 17.5 6.9 6.1 5.1 6.2 5.8 4.9 1.2 1.0 0.9 2.8 3.2 3.6 15.8 16.4 15.1 18.7 17.8 17.6 13.1 12.9 12.9 20.1 19.0 18.3

DMAS IJ BUY 208 290 48,198 10.0 10,025 2.1 2,175 1,375 1,711 1,859 1,520 1,705 1,799 57.7 12.2 5.5 6.6 5.9 5.6 6.3 5.0 4.4 1.3 1.2 1.0 4.5 5.1 5.4 nc nc nc 22.0 21.2 19.4 18.9 19.3 18.5 26.0 25.6 23.6

KIJA IJ BUY 230 270 20,662 68.9 4,752 11.8 2,810 3,031 3,291 756 851 952 283 431 600 (31.1) 52.6 39.1 16.8 11.0 7.9 8.5 7.5 6.6 1.0 1.0 0.9 1.8 2.7 3.8 62.2 56.5 48.4 6.4 9.2 11.7 3.1 4.3 5.4 4.1 5.8 7.7

BEST IJ REDUCE 278 300 9,647 41.8 2,682 10.5 681 563 743 411 321 444 225 159 326 (42.5) (29.3) 104.9 11.9 16.9 8.2 8.1 11.9 8.9 0.9 0.8 0.8 1.1 0.9 1.5 23.9 39.5 43.3 7.6 5.1 9.7 5.4 3.2 5.9 6.6 3.9 6.9

SSIA IJ BUY 655 720 4,705 68.6 3,082 14.2 5,282 6,065 6,939 845 937 1,095 579 618 716 39.4 6.8 15.9 5.3 5.0 4.3 3.5 3.2 2.8 1.0 0.8 0.7 3.8 4.0 4.6 10.3 10.0 9.5 20.0 18.2 18.2 8.8 8.2 8.5 18.6 16.5 16.6

LPCK IJ BUY 6,100 8,300 696 57.8 4,246 6.1 1,828 2,183 2,589 900 1,063 1,284 970 1,152 1,334 15.0 18.7 15.8 4.4 3.7 3.2 4.3 3.7 3.0 1.2 0.9 0.7 0.0 0.0 0.0 nc nc nc 30.8 27.4 24.5 18.7 16.8 15.7 33.9 29.7 26.2

INDUSTRY - Various 14,045 41.4 49,489 96,347 39,757 (1,061) 70 2,047 (2,367) (1,640) (1,198) na na na na na na 3.8 3.8 3.5 0.6 0.6 0.6 2.7 0.8 0.9 82.4 83.6 30.7 0.3 2.9 3.1 (0.5) 0.7 1.4 (0.6) 1.3 2.2

KRAS IJ* REDUCE 364 275 15,775 20.0 5,742 1.7 19,341 20,947 0 (2,555) (1,635) 0 (3,047) (2,636) (2,513) na na na na na na na na na 0.3 0.3 0.3 0.0 0.0 0.0 83.6 112.8 0.0 (16.9) (11.8) (12.7) (7.0) (5.1) (4.7) (8.9) (6.0) (5.6)

ATIC IJ BUY 600 800 1,875 1.5 1,125 0.0 2,626 2,964 3,375 178 217 263 60 110 146 (12.7) 65.0 32.1 16.8 10.2 7.7 6.7 5.7 4.9 1.4 1.4 1.2 1.7 1.4 2.5 52.4 50.7 47.1 12.4 14.8 17.1 2.8 4.4 5.2 6.4 9.8 11.5

SRIL IJ BUY 241 400 18,593 43.9 4,481 37.4 8,388 9,520 11,073 1,596 1,812 2,156 696 930 1,176 25.6 32.3 0.0 6.1 4.6 4.6 5.4 4.5 3.7 1.1 0.9 0.9 1.7 2.2 2.2 138.1 104.2 80.9 20.1 20.8 21.8 6.9 7.8 9.0 8.4 9.5 11.4

MLPL IJ BUY 268 550 10,065 68.0 2,697 2.4 19,134 22,097 25,298 (280) (324) (373) (75) (43) (7) na na na na na na 7.8 9.8 10.1 0.3 0.3 0.3 10.6 0.0 0.0 nc 1.1 6.1 (0.9) (0.5) (0.1) (0.3) (0.2) (0.0) (0.9) (0.6) (0.1)

LAND TRANSPORTATION UW 15,007 6.2 7,845 22,802 15,612 1,621 1,802 1,918 902 958 982 0.6 6.3 2.4 16.6 15.7 15.3 8.3 7.7 7.4 3.4 3.0 2.7 2.4 2.5 2.5 49.1 55.5 62.4 21.4 19.6 17.7 11.3 10.9 9.4 15.8 13.6 11.7

BIRD IJ REDUCE 5,750 4,700 2,502 15.0 14,387 1.4 5,552 6,250 6,988 1,197 1,298 1,354 840 870 877 (0.0) 3.6 0.7 17.1 16.5 16.4 8.4 7.8 7.5 3.6 3.2 2.8 2.3 2.4 2.4 43.0 48.9 55.4 22.2 20.2 18.2 11.7 11.3 9.7 16.1 13.9 11.9

TAXI IJ REDUCE 132 120 2,146 49.0 283 4.7 953 1,009 1,074 200 238 255 6 19 22 (95.0) 228.6 14.9 48.4 14.7 12.8 4.3 3.9 3.9 0.3 0.3 0.3 0.4 1.2 1.4 197.5 214.0 239.7 0.7 2.2 2.4 0.2 0.6 0.6 0.2 0.7 0.7

ASSA IJ BUY 99 130 3,398 37.4 336 0.1 1,340 1,552 1,779 224 266 308 55 69 83 29.0 24.0 20.5 6.1 4.9 4.1 3.7 3.7 3.5 0.4 0.4 0.3 4.9 6.1 7.4 186.8 206.4 214.4 6.4 7.6 8.6 2.1 2.4 2.6 2.3 2.5 2.8

METALS N 41,618 97.7 31,900 29,826 32,767 2,684 4,061 6,925 897 1,942 4,149 (60.1) 116.5 113.7 46.4 21.4 10.0 10.1 7.4 5.2 0.7 0.7 0.7 1.7 2.7 2.7 29.1 26.7 24.1 3.0 4.8 8.1 1.6 3.1 5.2 1.8 3.3 5.0

INCO IJ* HOLD 1,570 1,400 9,936 20.5 15,600 12.6 10,486 10,920 12,230 1,442 2,100 2,891 980 1,498 2,117 (53.6) 59.2 36.6 16.0 10.1 7.4 4.4 3.4 2.7 0.6 0.6 0.6 3.8 6.0 5.8 nc nc nc 4.2 6.0 8.1 3.1 4.7 6.6 4.5 6.4 8.9

ANTM IJ REDUCE 369 207 24,031 74.2 8,867 36.2 11,890 13,290 14,812 (8) 281 826 (449) (172) 228 (76.5) (63.2) (237.9) na na na 21.0 14.2 8.3 0.5 0.5 0.5 0.0 0.0 0.5 38.7 46.7 49.5 (3.1) (1.0) 1.3 (1.8) (0.6) 0.8 (2.2) (0.7) 0.9

TINS IJ REDUCE 575 411 7,448 35.0 4,282 2.1 5,632 5,616 5,725 60 28 29 16 14 (31) (97.9) (13.2) (319.9) 274.5 316.2 (143.8) 14.1 12.6 11.7 0.8 0.8 0.8 0.2 0.2 0.0 39.4 39.3 41.9 0.3 0.3 (0.6) 0.2 0.2 (0.3) 0.2 0.2 (0.4)

PSAB IJ* BUY 1,150 1,400 5,292 7.4 6,086 1.3 3,892 4,788 5,628 1,274 1,792 2,717 448 812 1,597 59.8 83.6 96.3 15.8 8.6 4.4 5.9 4.3 2.6 1.3 1.1 1.0 0.0 0.0 0.0 82.5 57.4 36.4 10.8 13.6 23.9 3.6 6.2 12.2 5.1 8.1 16.3

MDKA IJ* BUY 1,900 2,200 3,570 36.2 6,782 45.5 0 0 868 (84) (140) 462 (98) (210) 238 58.3 na na na na na na na na 3.8 4.3 3.8 0.0 0.0 1.0 7.7 75.0 53.5 (9.0) (10.2) 11.4 (4.6) (6.9) 6.5

OIL & GAS N 96,897 150.1 66,063 74,087 84,807 9,896 12,465 14,902 6,507 7,732 9,248 (34.2) 18.8 19.6 14.9 12.5 10.5 10.9 8.6 7.7 2.5 2.2 2.0 3.4 3.9 4.6 16.5 17.0 12.7 14.8 15.2 15.6 6.5 7.1 7.6 10.8 11.0 11.8

PGAS IJ* REDUCE 2,600 2,500 24,242 43.0 63,028 80.8 40,166 41,538 46,380 8,302 8,134 9,606 5,821 6,060 7,419 (42.5) 4.1 22.4 11.6 11.2 9.1 6.6 6.2 5.1 1.4 1.4 1.3 4.7 4.9 6.0 nc nc nc 14.1 12.5 14.3 6.6 6.4 7.6 10.7 9.1 10.8

AKRA IJ BUY 7,775 9,000 3,949 40.1 30,704 67.4 19,344 23,231 27,077 1,345 2,043 2,014 1,047 1,495 1,535 28.1 42.8 2.7 29.2 20.5 19.9 19.9 14.0 13.6 5.0 4.2 3.6 1.4 2.0 2.0 40.9 40.9 24.1 18.2 22.3 19.6 7.1 9.1 8.3 12.1 15.8 14.8

MEDC IJ* BUY 950 1,300 3,332 49.0 3,166 1.9 6,553 9,318 11,351 249 2,288 3,282 (361) 177 295 (391.9) (150.9) 0.0 NA 17.3 17.3 8.9 4.5 4.2 0.2 0.2 0.2 (4.6) 2.3 2.2 108.5 124.5 156.0 (3.0) 1.4 2.2 (1.0) 0.4 0.7 (1.4) 0.6 0.9

PLANTATIONS N 54,374 52.2 39,836 41,373 43,698 5,264 5,814 6,469 2,051 2,656 3,824 (65.3) 29.5 43.9 26.5 20.5 14.2 10.6 9.7 7.9 1.6 1.5 1.4 1.6 2.0 2.7 51.8 57.5 55.8 5.3 7.0 9.4 3.2 3.8 5.0 4.1 4.8 6.1

AALI IJ REDUCE 14,150 14,300 1,575 20.3 22,283 26.5 13,566 13,873 15,215 1,569 1,804 2,087 638 978 1,645 (74.5) 53.4 68.3 34.9 22.8 13.5 11.7 10.7 9.6 2.0 1.9 1.7 1.3 2.0 3.3 65.4 74.7 73.9 5.7 8.5 13.3 3.2 4.3 6.6 3.8 5.0 7.6

SIMP IJ HOLD 372 290 15,816 21.6 5,884 1.5 13,243 13,632 13,840 1,470 1,534 1,484 235 267 380 (72.1) 13.8 42.3 25.1 22.0 15.5 4.7 4.6 4.7 0.4 0.4 0.4 1.2 1.4 1.9 44.9 50.7 53.9 1.7 1.9 2.6 0.8 0.8 1.2 1.1 1.3 1.7

LSIP IJ BUY 1,390 1,500 6,823 40.4 9,484 22.4 3,988 4,117 4,384 622 659 726 548 573 617 (40.2) 4.6 7.6 17.3 16.5 15.4 10.1 9.5 8.8 1.3 1.2 1.2 2.3 2.4 2.6 nc nc nc 7.5 7.6 7.8 6.2 6.3 6.5 8.9 8.6 8.6

DSNG IJ BUY 461 535 10,599 34.1 4,886 0.4 4,366 4,783 4,941 431 536 592 171 247 306 (73.7) 44.2 24.0 28.6 19.8 16.0 14.6 12.8 12.0 2.1 1.9 1.7 0.9 1.3 1.6 132.3 136.0 134.1 7.4 10.0 11.4 2.3 3.1 3.5 3.4 4.3 4.8

ANJT IJ* REDUCE 1,700 1,000 3,336 10.1 5,670 0.1 1,746 1,864 2,063 175 215 267 18 82 132 na na na na 67.5 43.3 11.1 10.1 0.0 1.6 1.6 1.5 1.1 1.5 1.5 14.6 17.0 0.0 0.4 1.6 2.5 0.3 1.1 1.8 0.3 1.4 2.1

SGRO IJ HOLD 1,850 1,800 1,890 33.0 3,497 1.3 2,928 3,105 3,255 441 504 568 252 282 316 (25.8) 11.8 11.8 13.9 12.4 11.1 7.8 7.2 6.6 1.1 1.1 1.0 3.6 4.0 4.5 64.6 71.7 76.0 8.3 8.9 9.5 4.4 4.6 4.8 5.3 5.3 5.5

TBLA IJ BUY 500 570 5,342 45.6 2,671 0.1 5,251 5,237 6,526 557 562 745 189 227 427 (59.8) 20.3 88.0 14.1 11.7 6.2 7.1 6.9 5.8 1.0 1.0 0.9 1.4 1.7 3.2 147.0 148.6 138.7 7.6 8.6 14.6 2.5 2.8 4.8 3.3 3.5 6.0

POULTRY N 65,988 34.2 68,492 77,643 87,631 4,809 6,368 7,750 2,434 3,697 4,953 22.0 51.9 34.0 27.1 17.8 13.3 14.5 11.8 9.5 4.0 3.4 2.8 0.8 1.0 1.5 54.1 49.2 40.2 14.9 19.5 21.9 7.7 10.7 12.7 9.9 13.7 16.1

CPIN IJ BUY 3,350 3,500 16,398 44.5 54,933 26.9 32,909 38,526 44,678 3,416 4,268 5,341 1,885 2,810 3,746 7.9 49.1 33.3 29.1 19.5 14.7 15.4 12.7 10.1 4.5 3.8 3.1 0.9 1.0 1.4 39.1 34.4 25.9 16.2 20.9 23.3 8.8 11.9 14.1 11.2 15.3 17.9

JPFA IJ BUY 765 880 10,661 42.5 8,155 5.7 30,705 33,937 37,146 1,198 1,742 1,953 519 653 901 na na na na 12.5 9.0 9.0 7.0 6.4 1.5 1.4 1.2 0.0 1.4 2.0 138.9 133.8 121.6 10.1 11.6 14.3 3.3 3.9 5.1 4.3 4.9 6.3

MAIN IJ BUY 1,295 1,700 2,239 58.7 2,899 1.6 4,878 5,181 5,807 195 357 456 29 234 306 na 553.5 31.0 81.1 12.4 9.5 12.7 8.5 7.0 2.0 1.8 1.5 0.2 1.6 2.1 99.2 91.9 81.8 2.3 15.1 17.4 0.8 6.0 7.6 1.1 7.8 9.3

PROPERTY UW 139,626 270.4 46,269 51,109 54,838 15,769 17,253 18,587 9,724 11,183 12,448 (30.8) 15.0 11.3 14.4 12.5 11.2 10.4 9.5 8.8 2.1 1.8 1.6 1.2 1.4 1.6 40.6 43.1 40.1 15.5 15.3 14.9 6.1 6.1 6.0 11.6 11.1 10.8

BSDE IJ BUY 1,685 2,020 19,247 35.4 32,431 26.7 6,389 7,523 8,403 2,957 3,457 3,804 2,299 2,694 3,023 (42.5) 17.2 12.2 14.1 12.0 10.7 11.5 10.0 9.2 1.9 1.6 1.4 0.7 0.8 0.9 27.3 29.4 29.5 14.0 14.5 14.2 7.3 7.3 7.2 11.9 11.3 11.0

LPKR IJ REDUCE 1,005 1,130 23,078 94.7 23,193 88.9 9,111 11,042 10,731 2,215 2,801 2,861 1,240 1,860 2,046 (51.3) 50.0 10.0 18.7 12.5 11.3 12.0 10.1 9.7 1.4 1.3 1.2 1.3 2.0 2.2 50.0 52.2 46.6 7.7 10.8 10.9 3.1 4.2 4.3 5.3 7.1 7.3

PWON IJ HOLD 466 490 48,160 47.8 22,442 27.6 4,837 5,373 6,220 2,411 2,656 3,035 1,588 1,790 2,118 (36.9) 12.7 18.3 14.1 12.5 10.6 9.1 8.4 7.4 3.0 2.5 2.0 1.0 1.0 1.2 33.8 33.6 29.0 23.1 21.5 21.1 8.8 8.5 8.7 17.6 16.1 16.1

SMRA IJ BUY 1,575 1,820 14,427 67.7 22,722 50.1 6,150 6,622 7,140 1,948 2,101 2,273 1,259 1,357 1,456 (9.1) 7.8 7.3 18.0 16.7 15.6 12.1 11.4 10.6 3.0 2.6 2.3 1.2 1.3 1.3 56.9 56.9 52.4 21.2 19.4 17.9 7.3 6.8 6.4 13.9 12.4 11.6

CTRA IJ BUY 1,315 1,400 15,331 69.5 20,160 15.8 7,232 8,154 9,335 2,114 2,288 2,511 1,281 1,380 1,517 (3.3) 7.7 10.0 15.7 14.6 13.3 9.2 8.6 7.8 2.4 2.1 1.8 1.0 1.1 1.2 18.4 20.9 19.1 16.0 15.1 14.6 5.1 4.9 4.8 13.7 12.6 12.2

ASRI IJ REDUCE 349 300 19,649 48.5 6,858 38.8 3,107 3,039 3,061 1,770 1,674 1,649 774 877 954 (29.5) 13.2 8.8 8.9 7.8 7.2 7.1 7.8 8.1 1.0 0.9 0.8 2.3 2.8 3.4 93.9 93.7 90.1 12.0 12.3 12.1 4.4 4.6 4.7 6.2 6.4 6.3

APLN IJ REDUCE 328 220 20,501 27.1 6,724 3.3 5,594 5,769 5,934 1,349 1,351 1,415 609 649 660 (28.8) 6.7 1.7 11.0 10.4 10.2 5.9 6.6 6.3 1.0 0.9 0.9 1.8 1.9 2.0 46.6 64.2 64.2 9.2 9.2 8.7 2.4 2.3 2.0 6.5 5.9 5.3

CTRP IJ REDUCE 370 365 6,256 44.7 2,315 1.8 2,360 1,917 2,162 643 513 576 412 295 338 2.8 (28.4) 14.5 5.6 7.8 6.9 7.3 9.6 9.1 0.5 0.5 0.5 5.3 3.8 4.4 70.2 80.4 81.8 9.2 6.2 6.8 4.2 2.6 2.8 5.8 3.5 3.8

PPRO IJ HOLD 198 180 14,044 35.0 2,781 17.4 1,489 1,671 1,852 363 412 462 262 281 337 60.4 7.5 19.7 10.6 9.9 8.3 8.7 8.7 7.3 1.3 1.2 1.1 2.8 3.0 3.6 29.0 45.3 34.4 16.3 12.4 13.5 7.1 5.5 5.5 13.4 9.0 9.7

SHIPPING N 5,646 10.2 3,198 3,523 3,911 455 815 996 312 516 709 (38.1) 65.1 37.4 18.1 10.9 8.0 34.2 26.9 25.1 1.5 1.2 0.9 3.6 4.6 5.9 78.8 63.3 48.7 24.6 24.7 29.8 9.0 11.3 16.2 13.6 9.3 10.0

SOCI IJ BUY 474 630 7,059 15.0 3,092 9.8 134 163 170 42 56 59 38 45 45 (20.4) 21.6 (4.1) 6.2 5.1 5.4 58.0 46.0 43.3 0.9 0.8 0.7 4.2 4.8 5.6 65.5 62.9 58.4 10.3 13.6 23.9 3.6 6.2 12.2 13.4 9.0 9.7

TMAS IJ BUY 1,870 3,000 1,141 13.5 2,134 0.2 1,700 1,810 2,056 378 520 659 332 425 571 63.7 28.2 34.3 6.4 5.0 3.7 5.3 4.0 3.0 2.7 1.9 1.4 3.9 5.0 6.7 99.5 64.6 35.5 50.7 45.4 43.6 18.8 21.0 24.8 23.4 25.3 29.5

WINS IJ HOLD 104 190 4,038 42.3 420 0.1 1,364 1,551 1,685 34 240 278 (58) 46 93 (118.9) (182.5) 96.4 (7.3) 8.8 4.5 5.4 3.1 2.3 0.2 0.1 0.2 (2.1) 1.7 3.3 71.5 59.6 44.3 (2.0) 1.7 3.4 (0.8) 0.7 1.4 (1.3) 1.0 2.2

TELCOS OW 468,200 226.8 198,093 223,225 246,852 42,543 48,548 55,773 17,097 23,051 28,654 (0.5) 34.5 47.3 27.4 20.3 16.3 9.6 8.6 7.5 4.7 4.1 3.5 2.3 2.7 3.1 73.9 51.4 36.0 18.8 21.4 22.7 8.1 8.9 10.0 15.4 17.2 19.6

TLKM IJ BUY 3,310 3,750 100,800 48.8 333,648 189.7 102,143 113,031 124,788 32,141 36,256 41,388 15,778 17,773 20,468 7.8 12.6 15.2 21.1 18.8 16.3 9.4 8.4 7.1 4.5 4.1 3.7 3.1 3.5 4.0 8.4 3.4 (2.5) 22.1 22.6 23.6 10.4 10.7 11.5 20.4 21.4 23.5

EXCL IJ BUY 3,875 4,400 8,541 33.6 33,098 8.9 22,754 23,798 25,507 1,186 1,393 1,691 (128) 351 1,024 na na na na na na 6.8 6.0 5.5 2.4 2.3 2.2 0.0 0.0 0.0 168.7 134.3 118.9 (0.9) 2.5 7.0 (0.2) 0.6 1.8 (0.3) 1.1 3.1

TBIG IJ HOLD 5,625 6,500 4,797 47.8 26,980 9.0 3,437 3,801 4,229 2,637 2,915 3,243 1,056 1,289 1,593 (18.8) 22.0 23.0 25.5 20.9 16.9 15.7 15.2 16.2 9.3 6.7 5.0 0.8 1.0 1.2 647.2 481.2 365.6 30.7 37.3 33.9 4.5 5.1 5.8 4.9 5.5 6.4

TOWR IJ BUY 4,020 5,000 10,203 67.3 41,016 1.9 4,415 4,845 5,315 2,493 2,866 3,274 986 1,591 2,133 17.3 61.3 34.1 41.6 25.8 19.2 12.8 11.2 9.7 7.3 5.8 4.5 0.0 0.0 0.0 112.9 64.3 25.4 19.2 25.0 26.2 5.4 8.4 11.2 8.3 13.6 18.5

ISAT IJ BUY 4,915 6,800 5,434 20.7 26,708 3.6 26,249 28,395 30,758 2,953 3,799 4,637 (1,187) 1,334 2,545 40.3 17.8 41.3 NA 20.0 10.5 3.9 3.2 2.6 2.1 1.9 1.5 0.0 1.5 2.8 138.9 90.1 90.1 (9.1) 10.0 16.1 (2.2) 2.5 4.9 (3.8) 4.7 9.8

TELE IJ BUY 740 1,180 7,123 23.0 5,271 9.0 20,524 29,578 34,851 758 905 1,074 382 462 592 25.2 21.0 28.3 13.6 11.3 8.8 9.6 8.5 9.5 1.9 1.6 1.4 1.8 2.2 2.8 64.1 74.4 74.4 14.4 15.4 17.4 6.5 6.5 7.6 6.1 7.0 5.9

ERAA IJ BUY 510 850 2,900 39.7 1,479 4.7 18,569 19,777 21,403 375 412 466 210 252 299 (0.6) 19.8 18.7 7.0 5.9 5.0 5.9 5.4 4.6 0.5 0.5 0.4 5.7 6.8 8.1 33.4 31.2 26.8 7.0 7.9 8.9 3.3 3.8 4.3 5.1 5.9 6.8

Market N 3,997,490 3,032 1,688,906 1,856,409 2,045,745 301,595 335,956 378,529 203,278 233,323 266,587 (7.5) 13.6 14.3 19.7 17.1 15.0 14.3 13.2 11.6 10.5 9.3 8.3 2.0 2.2 2.5 20.2 18.4 15.9 32.5 29.7 29.7 12.5 12.2 12.7 27.6 27.5 27.5

Note: *USD reporting

OW: Overweight, N: Neutral, UW: Underweight

ROIC (%)ROAA (%)Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) PER (x) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%)


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

FULL YEAR 2015 EARNINGS RELEASE (ESTIMATED) Ticker Corporate Date Time

BBRI IJ Bank Rakyat Indonesia 1/26/2016 -

BBNI IJ Bank Negara Indonesia 1/29/2016 -

BDMN IJ Bank Danamon 1/29/2016 -

BJTM IJ Bank Pembangunan Daerah Jawa Timur 1/29/2016 -

JSMR IJ Jasa Marga 2/5/2016 -

EXCL IJ XL Axiata 2/5/2016 -

BMRI IJ Bank Mandiri 2/9/2016 16:00

ITMG IJ Indo Tambangraya Megah 2/16/2016 16:00

LPPF IJ Matahari Department Store 2/17/2016 -

AALI IJ Astra Agro Lestari 2/23/2016 16:00

BBTN IJ Bank Tabungan Negara 2/24/2016 16:00

ASII IJ Astra International 2/24/2016 -

UNTR IJ United Tractors 2/24/2016 -

INCO IJ Vale Indonesia 2/24/2016 -

LSIP IJ PP London Sumatera Indonesia 2/25/2016 -

WSKT IJ Waskita Karya 2/25/2016 -

ADHI IJ Adhi Karya 2/25/2016 -

ANJT IJ Austindo Nusantara Jaya 2/25/2016 -

HERO IJ Hero Supermarket 2/26/2016 -

JPFA IJ Japfa 2/26/2016 -

IMAS IJ Indomobil Sukses International 2/26/2016 -

SMBR IJ Semen Baturaja 2/26/2016 -

SIMP IJ Salim Invomas Pratama 2/26/2016 -

SMGR IJ Semen Indonesia 2/29/2016 -

ANTM IJ Aneka Tambang 2/29/2016 -

PTBA IJ Tambang Batubara Bukit Asam 3/1/2016 09:00

ANTM IJ Aneka Tambang 3/1/2016 -

TBIG IJ Tower Bersama Infrastructure 3/2/2016 -

BBCA IJ Bank Central Asia 3/3/2016 -

PTPP IJ PP Persero 3/3/2016 -

PGAS IJ Perusahaan Gas Negara 3/3/2016 16:00

BTPN IJ Bank Tabungan Pensiunan Nasional 3/3/2016 -

TLKM IJ Telekomunikasi Indonesia 3/4/2016 -

MPPA IJ Matahari Putra Prima 3/4/2016 -

TINS IJ Timah Persero 3/4/2016 -

KAEF IJ Kimia Farma 3/4/2016 -

SMCB IJ Holcim Indonesia 3/7/2016 16:00

ADRO IJ Adaro Energy 3/8/2016 16:00

BJBR IJ Bank Pembangunan Daerah Jawa Barat 3/8/2016 -

WTON IJ Wijaya Karta Beton 3/10/2016 -

KRAS IJ Krakatau Steel 3/11/2016 -

WINS IJ Wintermar Offshore 3/11/2016 -

INTP IJ Indocement Tunggal Perkasa 3/16/2016 16:00

TOTL IJ Total Bangun Persada 3/16/2016 -

WIKA IJ Wijaya Karya 3/17/2016 -

BSDE IJ Bumi Serpong Damai 3/17/2016 -

HMSP IJ H M Sampoerna 3/17/2016 16:00

INDF IJ Indofood Sukses Makmur 3/18/2016 -

AKRA IJ AKR Corporindo 3/18/2016 -

GIAA IJ Garuda Indonesia 3/21/2016 -

SRIL IJ Sri Rejeki Isman 3/23/2016 -

PWON IJ Pakuwon Jati 3/24/2016 -

LPCK IJ Lippo Cikarang 3/24/2016 -

TBLA IJ Tunas Baru Lampung 3/24/2016 -

MDLN IJ Modernland Realty 3/24/2016 -

LPKR IJ Lippo Karawaci 3/24/2016 -

SCMA IJ Surya Citra Media 3/24/2016 -

TOWR IJ Sarana Menara Nusantara 3/24/2016 -

ROTI IJ Nippon Indosari Corpindo 3/24/2016 -

SIDO IJ Industri Jamu dan Farmasi Sido Muncul 3/24/2016 -

SILO IJ Siloam International Hospitals 3/24/2016 -

BIRD IJ Blue Bird 3/24/2016 -

KLBF IJ Kalbe Farma 3/28/2016 -

GGRM IJ Gudang Garam 3/29/2016 -

CPIN IJ Charoen Pokphand Indonesia 3/30/2016 -


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FULL YEAR 2015 EARNINGS RELEASE (ESTIMATED) Ticker Corporate Date Time

GJTL IJ Gajah Tunggal 3/30/2016 -

MYOR IJ Mayora Indah 3/30/2016 -

SMRA IJ Summarecon Agung 3/30/2016 -

UNVR IJ Unilever Indonesia 3/30/2016 -

KIJA IJ Kawasan Industri Jababeka 3/30/2016 -

ISAT IJ Indosat 3/30/2016 -

MEDC IJ Medco Energi International 3/30/2016 -

CTRA IJ Ciputra Development 3/30/2016 -

SSIA IJ Surya Semesta Internusa 3/30/2016 -

PSAB IJ J Resources Asia Pasifik 3/30/2016 -

TMAS IJ Pelayaran Tempuran Emas 3/30/2016 -

MNCN IJ Media Nusantara Citra 3/30/2016 -

MAIN IJ Malindo Feedmill 3/30/2016 -

ASRI IJ Alam Sutera 3/30/2016 -

HRUM IJ Harum Energy 3/30/2016 -

CASS IJ Cardig Aero Service 3/30/2016 -

ERAA IJ Erajaya Swasembada 3/30/2016 -

TELE IJ Tiphone Mobile Indonesia 3/30/2016 -

TAXI IJ Express Transindo Utama 3/30/2016 -

ASSA IJ Adi Sarana Armada 3/30/2016 -

SOCI IJ Soechi Lines 3/30/2016 -

PPRO IJ PP Properti 3/31/2016 -

DMAS IJ Puradelta Lestari 3/31/2016 -

MIKA IJ Mitra Keluarga Karyasehat 3/31/2016 -

MDKA IJ Merdeka Copper Gold 3/31/2016 -

ATIC IJ Anabatic Technologies 3/31/2016 -

Source: Bloomberg, Bahana


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AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time

AEGM KREN IJ Kresna Graha Sekurindo 6/15/2015 14:00

AEGM ASDM IJ Asuransi Dayin Mitra 6/15/2015 08:00

AEGM GSMF IJ Equity Development Investment 6/15/2015 10:30

AEGM SRAJ IJ Sejahteraraya Anugrahjaya 6/15/2015 10:00

AEGM PTSP IJ Pioneerindo Gourmet International 6/15/2015 10:00

AEGM CLPI IJ Colorpak Indonesia 6/15/2015 10:00

AEGM UNSP IJ Bakrie Sumatera Plantations 6/15/2015 10:00

AEGM DGIK IJ Nusa Konstruksi Enjiniring 6/15/2015 09:00

AEGM INTD IJ Inter Delta 6/15/2015 10:00

AEGM APII IJ Arita Prima Indonesia 6/15/2015 09:00

AGM ARGO IJ Argo Pantes 6/15/2015 10:00

AEGM MGNA IJ Magna Finance 6/15/2015 14:00

AGM RICY IJ Ricky Putra Globalindo 6/15/2015 09:30

AGM JPRS IJ Jaya Pari Steel 6/16/2015 10:00

AGM SRSN IJ Indo Acidatama 6/16/2015 14:00

AGM KONI IJ Perdana Bangun Pusaka 6/16/2015 09:00

AEGM AISA IJ Tiga Pilar Sejahtera Food 6/16/2015 10:00

AGM GDST IJ Gunawan Dianjaya Steel 6/16/2015 09:00

AEGM MBTO IJ Martina Berto 6/16/2015 10:00

AEGM ADMG IJ Polychem Indonesia 6/16/2015 14:00

AGM BTON IJ Betonjaya Manunggal 6/16/2015 09:30

AEGM OKAS IJ Ancora Indonesia Resources 6/16/2015 10:00

AGM POOL IJ Pool Advista Indonesia 6/16/2015 11:00

AEGM POLY IJ Asia Pacific Fibers 6/16/2015 10:30

AGM ALDO IJ Alkindo Naratama 6/16/2015 13:30

AEGM RIMO IJ Rimo Catur Lestari 6/17/2015 14:00

AEGM RANC IJ Supra Boga Lestari 6/17/2015 14:00

AEGM ALTO IJ Tri Banyan Tirta 6/17/2015 11:30 Source: Bloomberg


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Actual and upcoming IPOs, 2013-2015

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 10.0

42 CINT 06/27/14 Chitose Internasional Manufacture 99 34.0 43 MGNA 07/07/14 Magna Finance Finance 74 70.0

44 BPII 07/08/14 Batavia Prosperindo Internasional Finance 75 100.0

45 MBAP 07/10/14 Mitrabara Adiperdana Coal 319 22.0

46 TARA 07/11/14 Sitara Propertindo Property 424 40.0

47 DNAR 07/11/14 Bank Dinar Bank 55 22.2

48 BIRD 11/05/14 Blue Bird Transportation 2,438 100.0 49 SOCI 12/03/14 Soechi Lines Shipping 582 15.0

50 IMPC 12/17/14 Impack Pratama Industri Packaging 570 31.0

51 IBFN 12/22/14 Intan Baruprana Finance Finance 192 21.0

52 AGRS 12/22/14 Bank Agris Banking 99 100.0

53 GOLL 12/23/14 Golden Plantation Plantation 230 21.8

2014 total 9,016

54 Airasia Indonesia Airlines 1,800 20.0

55 Andira Agro Plantations 56 Asia Mangan Group Mining 458 55.0

57 Bank DKI Banking

58 Bank Kesejahteraan Ekonomi Banking

59 Bank Muamalat Banking

60 Bank Sumatera Utara Banking 800

61 Bank Syariah Mandiri Banking 62 Daya Mitra Telekomunikasi Telecommunication 49.0

63 Daya Mandiri Resources Indonesia Coal mining

64 GMF Aero Asia Target Aero services

65 Indoprima Gemilang Auto-parts

66 Infomedia Nusantara Services

67 Intan Baruprana Finance Multi-finance 68 Kawasan Berikat Nusantara Industrial estates

69 Krakatau Wijatama Steel manufacture

70 Pacific Agro Sentosa Plantations 1,000

71 Pegadaian Indonesia Finance

72 Pelita Cengkareng Paper Packaging manufacture

73 Perkebunan Nusantara III, IV and VII Plantations 74 Pertamina Drilling Services Indonesia Oil-related

75 Pertamina Hulu Energi Oil-related

76 Pertamina Gas Gas distribution

77 Pertamina Geothermal Energy Electricity

78 PLN Batam Electricity

79 Pos Indonesia Logistics 80 Pos Logistik Logistics

81 Puradelta Lestari Property 2,760

82 Semen Batam Cement

83 Siba Surya Logistics 500

84 Sriboga Raturaya Restaurant 500

2015 total 7,818

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


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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

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

Research: +62 21 250 5081

+62 21 250 5508 (Domestic Institutional)

Harry [email protected]

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Consumer, Strategy

ext 3600direct: +62 21 250 5735

Teguh Hartanto

[email protected] Director

Deputy Head of Research

Banks, Cement, Aviationext 3610

Leonardo Henry Gavaza, [email protected]

Senior Research ManagerAuto, Heavy equipment, Telco

ext 3608

Bob [email protected]

Research AnalystCement, Infratructure,Toll roads

ext 3605

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[email protected] Analyst

Plantations, Shipping, Transportationext 3616

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Research AnalystCoal, Metals, Oil & Gas

ext 3619

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[email protected] Executive

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[email protected] AnalystConsumer, Media

ext 3604

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[email protected] Manager

ext 3612

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[email protected]

ext 3618

Ashish Agrawal

[email protected] President

Institutional Equity Salesext 2550 / 2553

Reynard Poernawan

[email protected] Equity Sales

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ext 2549

Yohanes Adhi Handoko

[email protected], Surabaya Branch

ext 7250

Suwardi Widjaja


ext 2548

Amelia Husada

[email protected] President

Institutional Equity Salesext 2552

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ext 2547

+62 31 535 2788 (Surabaya Branch)

Fakhrul [email protected]

Economistext 3602

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[email protected] Associate

ext 3621

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Industrial Estate, Propertyext 3611

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Client Relationship Management ext 2500

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ext 3693

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ext 3623

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[email protected] Executive

ext 2541

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[email protected] Trader

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[email protected] Trader

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ext 2524

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Poultryext 3620

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ext 3609

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Senior Equity Institutional Salesext 2545

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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.

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The Significance of Registration

Registered Credit Rating Agencies are subject to the following regulations:

1) Duty of good faith.

2) Establishment of control systems (fairness of the rating process, and prevention of conflict of interest, etc.). 3) Prohibition of the ratings in cases where Credit Rating Agencies have a close relationship with the issuers of the financial instruments to be rated, etc.

4) Duty to disclose information (preparation and publication of rating policies, etc. and public disclosure of explanatory documents).

In addition to the above, Registered Credit Rating Agencies are subject to the supervision of the Financial Services Agency (“FSA”), and as such may be

ordered to produce reports, be subject to on-site inspection, and be ordered to improve business operations, whereas unregistered Credit Rating Agencies

are free from such regulations and supervision.

The Name of the Credit Rating Agency Group, etc

The name of the Credit Rating Agency group: Moody’s Investors Service, Inc. ("MIS")

The name and registration number of the Registered Credit Rating Agency in the group: Moody’s Japan K.K. (FSA commissioner (Rating) No.2)

How to acquire information related to an outline of the rating policies and methods adopted by the person who determines Credit Ratings

The information is posted under “Unregistered Rating explanation” in the section on “The use of Ratings of Unregistered Agenc ies” on the website of Moody’s

Japan K.K. (The website can be viewed after clicking on “Credit Rating Business” on the Japanese version of Moody’s website (http://www.moodys.co.jp)

Assumptions, Significance and Limitations of Credit Ratings

Credit ratings are Moody’s Investors Service, Inc.’s ("MIS") current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-

like securities. MIS defines credit risk as the risk that an entity may not meet its contractual, financial obligations as they come due and any estimated financial loss in the event of default. Credit ratings do not address any other risk, including but not limited to: liquidity risk, market value risk, or price

volatility. Credit ratings do not constitute investment or financial advice, and credit ratings are not recommendations to purchase, sell, or hold particular

securities. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such

rating or other opinion or information is given or made by MIS in any form or manner whatsoever.

Based on the information received from issuers or from public sources, the credit risks of the issuers or obligations are assessed. MIS adopts all necessary

measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MIS considers to be reliable. However, MIS is not

an auditor and cannot in every instance independently verify or validate information received in the rating process.

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.



http://www.moodys.co.jp/


2014Finance Asia's

Best Equity House



Asiamoney's2013


2015Institutional


House

2015Global


Best ResearchHouse

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

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