Equity SNAPSHOT Thursday, December 28, 2017

Danareksa Sekuritas – Equity SNAPSHOT

FROM EQUITY RESEARCH

MARKET NEWS

Macroeconomy Government: Fuel and electricity prices to remain unchanged

Government: Non tax revenue may be reduced to bring about lower industrial gas price

Indonesia braces for gas oversupply

Sector Cement: Association estimates that cement sales will grow by 5-

6% in 2018 Plantations: Malaysia’s palm oil shipments rose 1% MoM in the

first 25 days of Dec

Corporate Kimia Farma plans for digitalization to improve efficiency

Krakatau Steel budgets USD390mn for its FY18 capex Telkom targets the launch of 151,000 WiFi.id hotspots in FY18

Waskita Precast recorded IDR9.89tn of new contracts Waskita Beton Precast expects to receive total cash proceeds of

Rp4.63tn by the end of FY17

XL Axiata to focus on outside Java expansion

KEY INDEX

Close

Chg Ytd Vol

(%) (%) (US$ m)

Asean - 5

Indonesia 6,277 0.9 18.5 306

Thailand 1,753 0.0 13.6 1,891

Philippines 8,491 0.7 24.1 66

Malaysia 1,772 0.7 7.9 393

Singapore 3,392 0.4 17.7 451

Regional

China 3,276 (0.9) 5.5 29,250

Hong Kong 29,598 0.1 34.5 10,644

Japan 22,911 0.1 19.9 7,884

Korea 2,437 0.4 20.2 5,252

Taiwan 10,487 0.6 13.3 3,042

India 33,912 (0.3) 27.4 1,103

NASDAQ 6,939 0.0 28.9 62,263

Dow Jones 24,774 0.1 25.4 6,340

CURRENCY AND INTEREST RATE

Rate

w-w m-m ytd

(%) (%) (%)

Rupiah Rp/1US$ 13,561 0.1 (0.4) (0.7)

SBI rate % 5.90 - - (1.3)

10y Gov Indo bond 6.36 (0.1) (0.2) (1.6)

HARD COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Coal US$/ton 100 - 5.4 13.3

Gold US$/toz 1,287 0.0 (0.5) 11.7

Nickel US$/mt.ton 12,073 0.5 0.8 21.2

Tin US$/mt.ton 19,580 1.0 0.0 (7.7)

SOFT COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Cocoa US$/mt.ton 1,856 (3.2) (13.2) (13.6)

Corn US$/mt.ton 126 0.3 3.6 (2.7)

Oil (WTI) US$/barrel 60 (0.1) 2.8 10.9

Oil (Brent) US$/barrel 66 (0.9) 4.1 16.9

Palm oil MYR/mt.ton 2,376 0.9 (6.3) (25.7)

Rubber USd/kg 149 0.2 6.7 (23.0)

Pulp US$/tonne 1,000 N/A 4.2 23.6

Coffee US$/60kgbag 105 (0.4) (5.2) (27.5)

Sugar US$/MT 393 1.9 (0.5) (25.0)

Wheat US$/ton 117 1.4 (0.1) (10.4)

Soy Oil US$/lb 33 (0.4) (1.6) (3.9)

Soy Bean US$/by 956 (0.4) (4.1) (4.1)

Source: Bloomberg

Equity SNAPSHOT Thursday, December 28, 2017

Danareksa Sekuritas – Equity SNAPSHOT

MACROECONOMY

Government: Fuel and electricity prices to remain unchanged Although the oil price is rising, the Government of Indonesia has decided to keep fuel and electricity prices

unchanged until the end of 1Q18. This decision was taken in view of the people’s weak purchasing power. The prices of Ron 88 and Bio Solar fuel will remain the same (IDR 6,450/ltr and IDR 5,150/ltr). For electricity, prices will

stay unchanged for all categories of customers. Also, to minimize fuel price fluctuations, the Ministry of Energy and Mineral Resources plans to adjust the fuel price formula (with the fuel price less correlated to global oil prices).

(Investor Daily)

Government: Non tax revenues may be reduced to bring about lower industrial gas prices

The Coordinating Ministry for Economic Affairs is reviewing the proposal to reduce industrial gas prices in seven sectors: steel, petrochemicals, oleo chemicals, ceramics, glass, and rubber. Currently, the average gas price is

USD 9/MMBtu – or still higher than the price promised by the government (USD 6 MMBtu). The Vice Minister of

Energy and Mineral Resources has stated that gas Non-tax revenues might be reduced to bring about lower industrial gas prices, although the fall may not be significant. If the gas non-tax revenues are reduced then the

industrial gas price might be reduced by USD 0.7 MMBtu. (Bisnis Indonesia)

Indonesia braces for gas oversupply Indonesia is bracing itself for an unexpected oversupply of gas amid slowing domestic demand, partly due to poor

government planning in arranging the country’s gas balance. Actual gas demand in 2016 from the domestic

market and exports reached 6.676mmscfd of gas, far below the projected 8.072mmscfd gas balance. As a result, Badak NGL, the operator of a major liquefied natural gas plant in Bontang has failed to find domestic buyers for

38 LNG cargoes this year, or 22.2% of its full year production of 171 cargoes. Perusahaan Gas Negara (PGAS) stated that the actual demand is far below the government’s estimates and if the government fails to respond

appropriately, there will be prolonged oversupply of gas in the country. (The Jakarta Post)

SECTOR

Cement: Association estimates that cement sales will grow by 5-6% in 2018 The Indonesian Cement Association estimates that domestic cement sales growth in 2018 will reach 5-6%, little

changed from the growth in 2017. Sharing the same view, Indocement also estimates domestic cement sales to

grow by 5-6% in 2018. Meanwhile, Semen Indonesia estimates that domestic cement sales will grow by 5-7% in 2018 while Semen Baturaja foresees growth of 7%. (Bisnis Indonesia)

Comment: We estimate that domestic cement sales will grow by 5%yoy in 2018, or lower than the growth in 2017 of 7%yoy on the back of lower growth in the infrastructure budget in 2018 (+5%) vs. 2017 (+44%). (Antonia) Plantations: Malaysia’s palm oil shipments rose 1% MoM in the first 25 days of Dec

According to Intertek Testing Services, Malaysia’s palm oil shipments rose 1% MoM to 1.1mn tons in the first 25

days of Dec. (Bloomberg) Comment: We think the recent slump in CPO prices has made it attractive for buyers to re-stock palm oil. Increased shipments may be boosted by China in anticipation of the Chinese New Year in mid-Feb. (Yudha)

CORPORATE

Kimia Farma plans for digitalization to improve efficiency Kimia Farma (KAEF) is establishing a partnership with Telkom (TLKM) in an attempt to digitalize the business process

in the pharmacy industry. The company targets minimal efficiency of 20% by FY19, with the target to increase the net profit margin to 5% in FY19 (vs. 2.5% currently). Digitalization includes the provision of infrastructure such as

the cloud, network, hardware, integrated system (smart stock, omni chanel, customer loyalty, big data analytics), as well as home care. (Kontan)

MARKET NEWS

Equity SNAPSHOT Thursday, December 28, 2017

Danareksa Sekuritas – Equity SNAPSHOT

Krakatau Steel budgets USD390mn for its FY18 capex

Krakatau Steel (KRAS) will allocate USD390mn on its FY18 capex, or significantly lower than FY17’s capex of

USD837mn. Capex will be used to fund its ongoing projects such as its USD450.4mn hot strip mill (HSM) #2, and a USD174.5mn 1x150MW power plant project. Meanwhile, KRAS is planning to conduct an IPO for 3 of its subsidiaries,

namely Krakatau Tirta Industri (KTI), Krakatu Bandar Samudera (KBS) and Krakatau Industrial Estate Cilegon (KIEC). Nonetheless, the timeline is yet to be announced. (Bisnis Indonesia)

Telkom targets the launch of 151,000 WiFi.id hotspots in FY18 Telkom (TLKM) is targeting the launch of 151,000 WiFi.id hotspots in FY18, consisting of 40,000 spots for WiFi.id

Corner (WiCo) 2.0 (internet access for SMEs) and 111,000 spots for WiFi Station 2.0 (internet access for corporations). This is intended to increase internet penetration in Indonesia. In terms of pricing, TLKM hopes to

quote a price of Rp3,500 for 2-hr internet access, with 30% of the revenues allocated to sellers with TLKM taking the remaining 70%. (Bisnis Indonesia)

Waskita Precast recorded IDR9.89tn of new contracts Waskita Beton Precast (WSBP) recorded new contracts of IDR9.89tn up to the third week of December 2017 and

revenues of IDR4.63tn (up by 327.77%yoy). One of the biggest revenue contributors is Becakayu toll road sections 1B and 1C. From the total receivables outstanding from the Becakayu project of IDR1.8tn, the company has received

the payment of IDR429bn. At the moment, WSBP has precast production capacity of 3.25mn tons in 11 production

plants, 70 batching plants, and 4 quarries. By the end of this year, the company aims to have 11 precast plants, 83 batching plants, and 5 quarries. (Investor Daily)

Waskita Beton Precast expects to receive total cash proceeds of Rp4.63tn by the end of FY17

Waskita Beton Precast (WSBP) is expecting to receive estimated cash proceeds of Rp4.63tn by the end of FY17 (+373% YoY). In Dec 17 alone, WSBP received Rp1.47tn of cash proceeds. One of the largest contributions came

from the Becakayu toll road turnkey project. Of the total Rp1.8tn in receivables (Becakayu project) as per 21-Dec-

17, the company collected around Rp429bn. (Bisnis Indonesia)

XL Axiata to focus on expansion outside Java XL Axiata (EXCL) is planning to focus on expansion outside Java, after it managed to construct a total of 100,000

BTS units as of Dec 17. Given that EXCL had 84,484 BTS units by the end of FY16, this implies that EXCL constructed

15,516 BTS units in FY17 (-39.4% YoY). Out of the total of 100,000 BTS units, 65% are 3G/4G BTS while the remaining 35% are 2G BTS units. Looking ahead, the company will allocate 70% of its capex on infrastructure,

particularly the construction of 3G and 4G BTS units. The company seeks to construct 60% of new BTS outside Java. (Bisnis Indonesia)

Danareksa Sekuritas – Equity SNAPSHOT

DANAREKSA VALUATION GUIDE

Equity SNAPSHOT Thursday, December 28, 2017

Rating Price (Rp) Price Mkt Cap

Target Rp Bn 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018

Danareksa Universe 4,158,896 198,639 221,430 197.1 219.7 16.0% 11.5% 20.9 18.8 21.4 19.5 3.1 2.8 15.7 15.8

Auto 329,941 18,895 20,981 380.0 421.9 24.7% 11.0% 17.5 15.7 12.7 11.0 2.1 1.9 12.8 12.8

Astra International ASII BUY 8,150 9,200 329,941 18,895 20,981 467 518 467 518 24.7% 11.0% 17.5 15.7 12.7 11.0 2.1 1.9 12.8 12.8

Banks 1,588,823 86,921 100,877 388.2 450.5 16.6% 16.1% 18.3 15.8 2.8 2.5 15.9 16.5

BCA BBCA HOLD 21,525 21,000 530,699 23,620 27,068 958 1,098 958 1,098 14.6% 14.6% 22.5 19.6 N/A N/A 4.0 3.4 19.3 18.8

BNI BBNI BUY 9,900 8,500 184,622 13,089 14,997 702 804 702 804 15.4% 14.6% 14.1 12.3 N/A N/A 1.9 1.7 14.2 14.6

BRI BBRI BUY 3,550 3,900 437,878 27,521 31,563 223 256 223 256 5.1% 14.7% 15.9 13.9 N/A N/A 2.7 2.4 17.8 18.2

Bank Tabungan Negara BBTN BUY 3,490 4,000 36,959 3,135 3,658 296 346 296 346 19.7% 16.7% 11.8 10.1 N/A N/A 1.7 1.5 15.4 15.8

Bank Mandiri BMRI HOLD 8,000 7,700 373,333 19,555 23,590 419 505 419 505 41.6% 20.6% 19.1 15.8 N/A N/A 2.3 2.1 12.6 14.0

BTPN BTPN BUY 2,530 2,800 14,776 1,273 1,628 222 283 222 283 -27.3% 27.8% 11.4 8.9 N/A N/A 0.9 0.8 7.8 9.4

BPD Jatim BJTM BUY 705 830 10,557 1,282 1,320 86 88 86 88 24.7% 3.0% 8.2 8.0 N/A N/A 1.4 1.3 17.1 16.3

Cement 169,602 4,206 4,376 215 224 -51.4% 4.0% 40.3 38.8 18.7 17.9 2.9 2.8 7.1 7.2

Indocement INTP SELL 20,550 14,700 75,649 1,887 1,937 512 526 507 521 -51.3% 2.7% 40.1 39.1 21.2 20.3 2.8 2.8 7.1 7.1

Semen Indonesia SMGR HOLD 10,000 9,100 59,315 2,150 2,289 363 386 351 374 -52.4% 6.4% 27.6 25.9 12.0 11.6 2.0 1.9 7.4 7.6

Semen Baturaja SMBR SELL 3,490 460 34,638 169 150 17 15 17 15 -34.9% -11.0% 204.7 230.1 90.7 72.8 10.7 10.3 5.3 4.5

Cigarettes 702,153 20,595 22,795 174 193 5.9% 10.7% 34.1 30.8 23.5 21.1 9.1 8.3 27.4 28.3

Gudang Garam GGRM BUY 81,400 83,800 156,621 7,498 8,487 3,897 4,411 3,897 4,411 12.3% 13.2% 20.9 18.5 13.3 11.9 3.7 3.2 18.4 18.8

HM Sampoerna HMSP BUY 4,690 4,400 545,532 13,097 14,307 113 123 113 123 2.6% 9.2% 41.7 38.1 31.1 27.8 15.7 15.1 38.0 40.3

Construction 126,330 8,554 10,351 115 139 29.9% 21.0% 14.8 12.2 9.7 8.0 2.0 1.8 14.7 15.6

Wijaya Karya WIKA BUY 1,545 2,800 13,859 1,225 1,783 137 199 137 199 21.0% 45.5% 11.3 7.8 3.6 2.5 1.1 1.0 10.4 13.7

Pembangunan Perumahan PTPP BUY 2,530 3,900 15,686 1,295 1,570 209 253 233 283 33.9% 21.2% 12.1 10.0 5.9 4.9 2.5 2.1 22.5 22.6

Adhi Karya ADHI BUY 1,845 2,800 6,570 451 619 127 174 149 187 43.9% 37.3% 14.6 10.6 8.2 6.8 1.1 0.9 7.8 9.2

Waskita Karya WSKT BUY 2,160 2,700 29,320 2,383 3,034 176 224 176 224 39.1% 27.4% 12.3 9.7 11.5 9.5 2.3 1.9 19.8 21.5

Waskita Beton WSBP BUY 404 630 10,650 1,104 1,319 42 50 42 50 73.9% 19.5% 9.6 8.1 9.3 4.8 1.3 1.2 14.2 15.2

Wika Beton WTON BUY 498 800 4,340 349 420 42 50 42 50 28.3% 20.2% 11.9 9.9 7.8 6.5 1.6 1.4 13.7 14.8

Jasa Marga JSMR BUY 6,325 7,800 45,906 1,747 1,606 257 236 261 240 4.4% -8.1% 24.6 26.8 13.9 12.6 3.5 3.2 14.0 11.6

Consumer 641,238 16,992 19,025 328 367 8.4% 12.0% 37.7 33.7 21.6 19.4 9.8 8.8 27.2 27.5

Indofood CBP ICBP BUY 9,000 9,700 104,957 3,894 4,296 334 368 334 368 8.2% 10.3% 27.0 24.4 17.0 15.4 5.3 4.8 20.9 20.6

Indofood INDF BUY 7,625 9,100 66,951 4,381 4,847 499 552 501 550 5.7% 10.6% 15.3 13.8 7.3 6.5 2.1 2.0 14.5 14.8

Unilever UNVR HOLD 54,125 52,000 412,974 7,324 8,326 960 1,091 960 1,091 14.6% 13.7% 56.4 49.6 39.5 34.9 73.3 62.2 141.6 135.6

Kino Indonesia KINO HOLD 2,200 2,100 3,143 115 145 81 101 81 101 -36.4% 25.8% 27.3 21.7 13.6 11.6 1.6 1.5 5.9 7.0

Mayora Indah MYOR HOLD 2,380 1,960 53,214 1,277 1,410 57 63 56 63 -5.8% 10.4% 41.7 37.7 21.0 18.6 7.6 6.6 19.5 18.8

Healthcare 92,870 2,700 2,986 104 115 6.5% 11.5% 34.4 31.1 21.9 19.6 5.9 5.2 18.1 17.8

Kalbe Farma KLBF HOLD 1,685 1,700 78,985 2,411 2,660 51 57 51 57 4.9% 10.3% 32.8 29.7 20.9 18.8 5.9 5.3 19.1 18.8

Kimia Farma KAEF SELL 2,500 1,940 13,885 289 326 52 59 52 59 8.1% 12.7% 48.0 42.6 29.0 25.0 5.6 5.1 12.4 12.6

Heavy Equipment 128,969 7,463 8,439 2,001 2,262 49.2% 13.1% 17.3 15.3 7.6 6.5 2.9 2.6 18.0 18.1

United Tractors UNTR BUY 34,575 38,000 128,969 7,463 8,439 2,001 2,262 2,001 2,262 49.2% 13.1% 17.3 15.3 7.6 6.5 2.9 2.6 18.0 18.1

Industrial Estate 12,962 2,415 1,291 39 21 108.9% -46.5% 5.4 10.0 8.5 7.5 0.9 0.8 16.8 8.4

Puradelta Lestari DMAS BUY 170 240 8,194 796 849 17 18 15 16 5.1% 6.7% 10.3 9.6 9.4 8.7 1.1 1.0 10.7 11.1

Bekasi Fajar BEST BUY 248 340 2,393 488 543 51 56 50 56 45.4% 11.3% 4.9 4.4 5.8 5.1 0.6 0.5 13.5 13.2

Surya Semesta SSIA HOLD 505 540 2,376 1,130 (101) 241 (11) 240 (22) 1716.1% -104.5% 2.1 (47.1) 11.3 10.0 0.6 0.7 33.7 (2.9)

Mining 167,925 13,615 13,100 153 148 55.4% -3.8% 12.3 12.8 4.8 5.0 1.4 1.3 11.3 10.5

Adaro Energy ADRO BUY 1,895 2,200 60,613 6,489 5,928 203 185 203 185 44.7% -8.6% 9.3 10.2 3.3 3.3 1.3 1.3 14.9 13.1

Timah TINS BUY 780 1,100 5,809 366 377 49 51 49 51 45.2% 3.0% 15.9 15.4 6.6 6.4 1.0 0.9 6.3 6.2

Vale Indonesia INCO HOLD 2,830 3,100 28,120 (74) 233 (7) 23 (7) 23 -394.4% -415.1% (379.7) 120.5 14.7 12.1 1.2 1.2 (0.3) 1.0

Aneka Tambang ANTM HOLD 635 700 15,260 (264) (68) (11) (3) (11) (3) -507.2% -74.4% (57.8) (225.7) 26.7 29.0 0.8 0.8 (1.4) (0.4)

Bukit Asam PTBA BUY 2,510 2,900 28,917 3,332 3,317 307 305 307 305 66.1% -0.5% 8.2 8.2 5.6 5.8 2.2 1.9 28.4 23.5

Indo Tambangraya Megah ITMG HOLD 20,775 17,000 23,474 3,183 2,717 2,817 2,404 2,936 2,561 81.7% -14.6% 7.4 8.6 3.1 3.5 1.8 1.7 25.1 20.1

Harum Energy HRUM HOLD 2,120 2,200 5,732 583 595 216 220 216 220 225.8% 2.1% 9.8 9.6 2.1 1.8 1.4 1.3 14.7 14.1

Plantation 39,113 3,010 2,986 283 281 -1.1% -0.8% 13.0 13.1 7.0 6.6 1.3 1.2 10.3 9.5

Astra Agro Lestari AALI HOLD 13,225 15,000 25,454 1,908 1,851 991 962 984 962 -4.9% -3.0% 13.3 13.7 7.2 6.7 1.4 1.3 10.7 9.6

Sampoerna Agro SGRO HOLD 2,570 2,320 4,857 283 301 156 166 156 166 -35.8% 6.4% 16.5 15.5 9.1 8.8 1.3 1.2 8.0 8.0

PP London Sumatra LSIP BUY 1,290 1,830 8,801 819 833 120 122 823 833 37.9% 1.7% 10.7 10.6 5.0 4.7 1.1 1.0 10.3 9.8

Poultry 69,972 4,078 5,292 27 35 -10.9% 29.8% 17.2 13.2 9.2 7.9 2.4 2.1 15.2 16.8

Charoen Pokphand CPIN HOLD 3,290 3,100 53,949 2,576 3,405 157 208 182 216 16.0% 32.2% 20.9 15.8 11.1 9.5 3.2 2.7 16.7 18.6

Japfa Comfeed JPFA BUY 1,260 1,650 14,377 1,463 1,811 128 159 128 159 -29.2% 23.8% 9.8 7.9 6.3 5.4 1.4 1.2 15.4 16.4

Malindo Feedmill MAIN HOLD 735 850 1,645 39 75 18 34 80 110 -86.4% 91.5% 41.8 21.8 6.0 5.4 0.8 0.7 2.0 3.5

Property 107,165 8,495 8,095 71 67 57.3% -4.7% 12.6 13.2 9.5 10.0 1.3 1.2 12.2 9.3

Alam Sutera ASRI HOLD 360 400 7,074 1,436 1,056 73 54 73 56 182.2% -26.4% 4.9 6.7 7.2 8.9 0.8 0.8 18.6 12.1

Bumi Serpong Damai BSDE BUY 1,690 2,000 32,527 3,923 2,784 204 145 245 184 118.4% -29.0% 8.3 11.7 6.8 9.2 0.7 0.7 12.0 6.1

Ciputra Development CTRA BUY 1,175 1,350 21,808 937 1,505 50 81 35 68 -30.0% 60.6% 23.3 14.5 13.8 10.8 1.6 1.4 7.1 10.5

Pakuw on Jati PWON BUY 670 720 32,267 1,913 2,373 40 49 42 49 14.5% 24.0% 16.9 13.6 11.6 10.0 3.1 2.6 20.1 20.9

Summarecon SMRA BUY 935 1,100 13,489 287 378 20 26 30 33 -7.9% 31.6% 47.0 35.7 12.5 11.9 2.1 2.0 4.5 5.7

Retail 74,703 3,402 3,823 99 112 5.1% 12.4% 22.0 19.5 11.2 10.1 4.9 4.4 23.4 23.9

Mitra Adi Perkasa MAPI BUY 6,300 8,100 10,458 347 509 210 308 210 308 66.5% 46.8% 30.0 20.5 7.5 6.4 3.2 3.2 10.7 15.6

Ramayana RALS BUY 1,110 1,130 7,877 431 462 67 70 67 70 10.9% 4.9% 16.7 15.9 12.1 11.0 2.2 2.0 12.5 12.4

Matahari Department Store LPPF BUY 11,050 10,500 32,243 1,928 2,029 661 696 719 777 -4.5% 5.3% 16.7 15.9 10.4 9.3 12.7 9.7 87.8 69.1

Matahari Putra Prima MPPA SELL 438 450 2,356 109 112 17 17 17 17 183.4% 2.7% 26.2 25.5 3.2 3.3 0.9 0.9 4.4 4.5

Ace Hardw are ACES BUY 1,140 1,300 19,551 588 711 43 47 43 47 3.2% 9.3% 26.5 24.3 24.7 23.5 5.7 5.2 18.2 19.7

Erajaya Sw asembada ERAA BUY 765 1,100 2,219 303 339 105 117 105 117 14.9% 11.8% 7.3 6.5 3.7 3.0 0.6 0.6 8.6 9.0

PER (x)

Equity

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

Equity SNAPSHOT Thursday, December 28, 2017

Danareksa Sekuritas – Equity SNAPSHOT

LEADERS Price as on Code 27-Dec-17 22-Dec-17 Chg, % w-w, % m-m, % YTD, % Rating

Ramayana RALS 1,110 1,010 9.9 10.4 13.8 (7.1) BUY

Kino Indonesia KINO 2,200 2,070 6.3 8.9 (4.3) (27.4) HOLD

Semen Baturaja SMBR 3,490 3,300 5.8 12.6 44.2 25.1 SELL

Surya Semesta SSIA 505 478 5.6 4.3 (2.9) 16.4 HOLD

Bank Mandiri BMRI 8,000 7,675 4.2 6.7 7.7 38.2 HOLD

PP London Sumatra LSIP 1,290 1,245 3.6 (0.8) (9.5) (25.9) BUY

Charoen Pokphand CPIN 3,290 3,180 3.5 1.9 12.7 6.5 HOLD

Bank Rakyat Indonesia BBRI 3,550 3,460 2.6 4.7 5.0 52.0 BUY

Astra Agro Lestari AALI 13,225 12,950 2.1 (0.2) (7.4) (21.2) HOLD

Kalbe Farma KLBF 1,685 1,650 2.1 - 2.7 11.2 HOLD

Sources: Bloomberg

LAGGARDS Price as on Code 27-Dec-17 22-Dec-17 Chg, % w-w, % m-m, % YTD, % Rating

Adhi Karya ADHI 1,845 1,900 (2.9) (2.1) (6.3) (11.3) BUY

Kimia Farma KAEF 2,500 2,560 (2.3) (3.8) 11.1 (9.1) SELL

Pembangunan Perumahan PTPP 2,530 2,590 (2.3) (5.2) (3.8) (33.6) BUY

Bekasi Fajar BEST 248 252 (1.6) (3.1) (7.5) (2.4) BUY

Japfa Comfeed JPFA 1,260 1,280 (1.6) (4.2) (2.3) (13.4) BUY

Waskita Beton WSBP 404 410 (1.5) 6.3 2.0 (27.2) BUY

Erajaya Swasembada ERAA 765 775 (1.3) (0.6) 7.7 27.5 BUY

Timah TINS 780 790 (1.3) (1.9) (6.6) (27.4) BUY

Wijaya Karya WIKA 1,545 1,560 (1.0) (3.7) (14.6) (34.5) BUY

Pakuwon Jati PWON 670 675 (0.7) 3.9 7.2 18.6 BUY

Sources: Bloomberg

COVERAGE PERFORMANCE

Equity SNAPSHOT Thursday, December 28, 2017

Danareksa Sekuritas – Equity SNAPSHOT

PREVIOUS REPORTS

Pembangunan Perumahan: Set to grow further SnapShot20171222 Bank Tabungan Negara: A Mortgage-driven Bank, Cigarette: Benefiting from a more level playing field

SnapShot20171221 Adhi Karya: Signed at last, Consumer: Bright outlook but a bit pricey, Property: Cherry picks SnapShot20171220

Marketing Feedback: Betting on consumption, Waskita Karya: Still growing SnapShot20171219 Automotive: Higher monthly car sales in November 2017, BPD Jatim: A Dividend Play, Waskita Beton Precast:

Waiting for the 1st payment of the Becakayu project SnapShot20171218

Equity SNAPSHOT Thursday, December 28, 2017

Danareksa Sekuritas – Equity SNAPSHOT

Adeline Solaiman

adeline.solaiman@danareksa.com (62-21) 2955 888 ext. 3503 Retail, Poultry

PT Danareksa Sekuritas

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

Equity Research Team S

Sales team

Novrita E. Putrianti

novrita@danareksa.com (62-21) 29555 888 ext. 3128

Ehrliech Suhartono

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

Maria Renata

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

Lucky Bayu Purnomo

lucky.purnomo@danareksa.com (62-21) 29555 888 ext.3512 Technical Analyst

Laksmita Armandani

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

Antonia Febe Hartono, CFA

antonia.hartono@danareksa.com (62-21) 29555 888 ext.3504 Cement, Property, Industrial Estate

Tuty Sutopo

tuty@danareksa.com

(62-21) 29555 888 ext. 3121

Upik Yuzarni

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

Kevin Giarto

kevin.giarto@danareksa.com (62-21) 29555 888 ext. 3139

Stefanus Darmagiri

stefanus.darmagiri@danareksa.com (62-21) 2955 888 ext. 3530 Auto, Coal, Heavy Equip, Metal, Cement

Natalia Sutanto

natalia.sutanto@danareksa.com (62-21) 29555 888 ext.3508 Consumer, Tobacco, Property

Yudha Gautama

Yudha.gautama@danareksa.com (62-21) 29555 888 ext.3509 Plantation

Helmy Kristanto

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

Head of Research, Strategy

Eka Savitri

Eka.savitri@danareksa.com (62-21) 29555 888 ext.3511 Banking

Ignatius Teguh Prayoga

ignatius.prayoga@danareksa.com (62-21) 29555 888 ext.3511 Research Associate

Rendy Ben Philips

rendy.philips@danareksa.com (62-21) 29555 888 ext. 3148

Equity SNAPSHOT Thursday, December 28, 2017

Danareksa Sekuritas – Equity SNAPSHOT

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