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Equity Research | 9 May 2014

INVESTOR DIGEST
Equity Research | 9 May 2014

Economic Data

HIGHLIGHT
Latest

2014F

BI Rate (%), eop

7.5

7.8

Inflation (YoY %)

7.3

5.3

11,563

11,825

US$ 1 = Rp, period avg

Stock Market Data


(May 2014)

ECONOMY

JCI Index

4,860.9

Trading T/O ( Rp bn )

5,879.6

Market Cap ( Rp tn )

4,825.3

-0.02%

BI rate unchanged; the central bank cut economic growth forecast

BI rate remained flat. As we and the consensus expected, the central bank
decided to keep its BI rate as well as lending and deposit facility rates
unchanged at 7.50%, 7.50% and 5.75%, respectively in todays board
meeting. The central bank sees the decision as in line with its inflation
target of 4.5% 1% and 4.0% 1% in 2014 and 2015, respectively and the
easing current account deficit.

Cut on growth forecast. One of the key highlights from the meeting was
BIs decision to cut its economic growth forecast. BI revised down growth to
5.1% - 5.5% for this year from 5.5% - 5.9% due to expectation of a sluggish
export performance as reported by Bloomberg. Lower than expected
growth in China, declining commodity prices and post-export mineral ban
impact are the main drivers for the sluggishness. Interestingly, in contrary,
the central bank raised the forecast for private consumption growth to
5.1% - 5.5% from previously 4.9% - 5.3%.

A likely lower current account deficit (CAD). As for the 1Q14 CAD data to
be announced tomorrow, BI estimated that it would reach 2.06% of GDP lower than the previous quarters 2.12% - owing to bigger contraction of
non-oil and gas import compared to export. The projection is basically in
line with our CAD estimation of 2.0% - 2.2% of GDP. Ahead, the central
bank sees rising pressure on CAD along 2Q 3Q14 as a consequence of
seasonal imports entering fasting & religious festive and expects the overall
2014 CAD to remain below 3.0% of GDP.

Watch out for inflationary pressures. BI pointed out two inflationary risks
going forward i.e.) i.) the adjustment of electricity tariff, and ii.) draught
impacting food prices. For the former, we calculated that the total direct
and indirect impact of industrial tariff and adjustment in large size
household and business subscribers is around 0.33ppt to headline inflation
(see report: Medium and large scale industry face higher electricity tariff). At
this juncture, we maintain our inflation forecast at 5.3% yoy at YE14, yet as
we have not fully factored in the impact of electricity tariff hike and the
draught factors, the forecast will likely be reviewed.

Market Data Summary*


2014F

2015F

9.1

9.6

EPS growth (%)

15.3

18.0

EV/EBITDA (x)

EBITDA growth (%)

BI rate unchanged; the central bank cut economic growth forecast


United Tractors: Welcoming Scania Bus as Transjakarta Bus (UNTR; Rp22,225;
Neutral; TP:Rp23,000)
WIKA Beton: Key updates from analyst meeting (WTON; Rp745; Buy; TP:Rp800)

10.3

9.4

P/E (x)

2.2

1.8

P/BV (x)

2.8

2.4

Div. Yield (%)

2.4

2.6

Earnings Yield (%)

6.4

7.6

Net Gearing (%)

27.0

26.9

ROE (%)

21.8

25.9

* Aggregate of 73 companies in MS research universe,


representing 63% of JCIs market capitalization

Please see important disclosure at the back of this report

Page 1 of 7

Equity Research | 9 May 2014

BI to continue tight monetary stance. Overall, even though 1Q14 CAD may hover around 2.0% - 2.2% of GDP, lower
than our overall CAD forecast at 2.7% of GDP, and inflation gradually eased, we think it is too early to let off the
tightening stance guard. Instead, lower than expected real export performance in 1Q14 and higher CAD pressure in
2Q - 3Q14 signal external risk remains very much alive. Thus, we do not rule out the possibility of another BI rate hike to
7.75% this year while rupiah forecast remains at Rp11,400/US$ by YE14.
(%)

2011

2012

2013

Feb-14

Mar-14

Apr-14

May-14

Actual

6.00

5.75

7.50

7.50

7.50

7.50

7.50

Mandiri's forecast

6.00

5.75

7.50

7.50

7.50

7.50

7.50

Consensus

6.00

5.75

7.50

7.50

7.50

7.50

7.50

CPI inflation (%, YoY)

3.79

4.30

8.38

7.75

7.32

7.25

n.a

Leo Rinaldy(+6221 5296 9406)

leo.rinaldy@mandirisek.co.id

CORPORATE
United Tractors: Welcoming Scania Bus as Transjakarta Bus (UNTR; Rp22,225; Neutral; TP:Rp23,000)

Deputy Governor Jakarta has declared that Transjakarta would use Scania bus and Mercedes bus as Transjakartas vehicle.
This should bring additional revenue stream to UNTR from unit sales and after sales service since 2015. Using assumption
500 unit sales in FY15F should add consolidated net income UNTR around Rp290bn (4% of FY15F net income). We
maintain Neutral on UNTR.

TransJakarta would use Scania bus and Mercedes bus. After being disappointed by low quality of Transjakartas
Chinese made buses, Deputy Governor Jakarta declared that Transjakarta would use Scania bus and Mercedes bus as
Transjakartas new vehicles. Yesterday, Deputy Governor Jakarta did test on Scania bus. He is satisfied with the
performance of Scania bus. He said that he doesnt mind with higher price of Scania bus (Scania bus price tag around
Rp5.8bn (US$500k) per unit vs Chinese made bus price tag around Rp1bn Rp3bn (US$100k US$250k) because the
useful life of Scania bus is expected much longer than Chinese made bus.

Potential additional revenue for UNTR from Scania bus unit sales and its after sales service. Transjakarta indicates
that ideally Jakarta has around 2,000 unit buses. Using assumptions 500 Scania bus unit sales in FY15F and net profit
margin from Scania sales of 10%, there should be additional net profit of around Rp290bn (4% of FY15F net income) to
UNTRs consolidated net profit. However, we still not factor in the Scania bus sales to our forecast.

Maintain Neutral with TP to Rp23,000. Our TP to Rp23,000 using PE Target of 13.8x applied to our EPS forecast for
2014.

Hariyanto Wijaya, CFA, CPA (+6221 5296 9553)

hariyanto.wijaya@mandirisek.co.id

WIKA Beton: Key updates from analyst meeting (WTON; Rp745; Buy; TP:Rp800)

Significant margin improvement due to more favorable product mix. WTON posted 200bps yoy margin
improvement during 1Q this year (from 13.7% in 1Q13 to 15.7% in 1Q14) which mainly was driven by favorable (higher
margin) product mix. We are estimating 13.4% gross profit margin in 2014, which looks conservative compare to the
1Q14 achievement (i.e. WTON FY2013 gross margin was at 14.7%.

The strongest YTD new contract booking compare to contractors. WTON has secured Rp700bn as of March 14 and
Rp850bn as of April 14. Company targets Rp3.2tn new contract in FY14. Therefore, it has secured 22% of total FY14
contract (vs. 10% of ADHI, 16% of PTPP, 16% of WSKT and 19% of WIKA). In addition, as of 1Q14, WTON has Rp1.5tn order
book (vs. our Rp2.5tn target revenue for the rest of the year- 2Q14 to 4Q14), which means that the company only needs
Rp850bn new contract to secure this year revenue.
Please see important disclosure at the back of this report

Page 2 of 7

Equity Research | 9 May 2014

Securing its future capacity expansion. Management believes that securing future supply capacity is imperative to
avoid what happened in 2012 (tight supply capacity 94% utilization rate). While precast concrete plant only needs ~9
months to be completed, land plot size and location are very important in this business (wide stock yard requirement,
logistic cost consideration and future quarry supply). WTON has secured the entire land plot required to expand
production capacity in the future (please see table below). As of Sep13, it owns ~200Ha land for both existing and future
development.
WTON land status (for expansion plans)
Land required for capacity expansion

Land area (Ha)

Land secured ?

Cigudeg quarry development

34

Yes

South Lampung quarry + plant development

67

Yes

Palu quarry development


Boyolali quarry development
Extension - Pasuruan line

18

Yes

N/A

Not yet

Yes

New Makassar plant

11

Yes

New East Kalimantan plant

26

Yes

Expandable production capacity. South Lampung will be the key production center in the future. The plant sits on the
67Ha of land, which includes quarry supply operation and a jetty to enable sea transportation for the products. First stage
of the plant will have 150k tpa precast concrete capacity by Jan15, which will be expandable to ~750k tpa should
demand significantly picked up in the near future.

Inner boring service will improve revenue outlook. WTON expects that 1st set of inner boring machine to be arrived
next month. This service aims to increase the application of precast concrete products to replace the existing bored
piling service (using ready mix products), which is more time and cost efficient. Management indicates that Jakarta MRT
project may be using the service.

Maintain BUY at Rp800,-/sh Target Price. We stay positive on the fundamental of the company and high visibility of
the expansion plans. Investors looking for a momentum trade idea on Jokowi election theme should look at the counter.
WTON is trading at 22.2x 14PE and 17.7x 15PE on our estimate, which is 8% (2014) and 14% (2015) below management
estimate.

Handoko Wijoyo (+6221 5296 9418)

handoko. wijoyo@mandirisek.co.id

MARKET
Market Recap May 8th 2014; JCI: 4,860.889 (-0.02%); USD/IDR: 11,563; Total Value: Rp5.25tn

As expected, Indo market moved in opposite direction than its peers. Today, we saw a more volatile trading as investors
digested recent macro developments amid conflicting view on GDP growth. The only sector helped prop the JCI is
cement sector which rebounded sharply on oversold positions: SMGR close+2.9%, SMBR close +1.4%, SMCB close +0.6%
and INTP close +3%. But since all cement companies have low weighting to the JCI, the market closed at borderline at
4,860 level in stable volume at USD450mn. Also, INCO (close +2.8%) as pure nickel play continued its upward movement
as the commodity price hit a new 15-month high. Meanwhile, plantation was on a roller coaster mode as investors
focused on smaller CPO names such as SSMS close +1.9%, PALM close +1.7% and DSNG close +3.4%. Regular market
transaction was recorded at Rp4.5tn (USD389.2mn) and excluding foreign net sell from ELSA crossing, foreign investors
posted a thin net buy of Rp18.9bn (USD1.6mn). Foreign participants at 30% came up better seller for 5%. Losers beat
gainers by 3 to 2.

Please see important disclosure at the back of this report

Page 3 of 7

Equity Research | 9 May 2014

TOP TURNOVER: SMGR, SSMS, ADHI, WIKA, ASII, BBRI, TLKM, INCO, BMRI, BBNI, PGAS, GGRM, INDF, TINS, ADRO, ANTM,
BBCA (45%)

ADVANCING SECTOR: cement (+2%), property (+0.6%), consumer (+0.2%), mining (+0.1%)

DECLINING SECTOR: auto (-1.2%), financial & infra (-0.4%), plantation & telco (-0.1%)

The yield of 10-year government decreased 0.23% to 8.072% and Rupiah depreciated to Rp11,563 (-0.13%).

Sales Team

+6221 527 5375

FROM THE PRESS


OJK Pushes BTPN and Sumitomo to merge
The Financial Services Authority (OJK) is expecting that Bank Tabungan Pensiunan Nasional (BTPN IJ, BUY, Rp ) and Bank
Sumitomo Mitsui Indonesia, two subsidiaries of Japans Sumitomo Mitsui Banking Corporation (SMBC), will merge to
strengthen their presence in the country. OJK commissioner on banking supervision Nelson Tampubolon said the regulator
would ask BTPN and Bonk Sumitomo Mitsui Indonesia to include the consolidation arrangement in their 2015 banking
business plan (RBB). (Jakarta Post)
1Q14 MP3EI investment realization has reached 1.6% of FY14 target
Investment groundbreaking for MP3EI during 1Q14 has reached Rp10tn (13 projects) from this year target of Rp629tn (166
projects). The 13 projects composed of 6 real sector and 7 infrastructure projects. Looking at the past three year performance,
MP3EI investment realization has reached Rp839tn (Rp441tn real sector projects and Rp398tn infrastructure projects).
Investment in Java composed 55% of infrastructure investment, while private sector contributed 18 of real sector investment
(Bisnis Indonesia).
Bukit Jonggol and Bogor Regent became suspect in bribery case
Quoted from the news that an employee of PT Bukit Jonggol Asri has been named a suspect on a land licensing bribery of
about Rp4.5bn with the Bogor regent. The land that was in talk was a 2,754ha land in Bogor which is expected to be develop
as BJAs new project. The case is still under investigation. (Tempo)

Please see important disclosure at the back of this report

Page 4 of 7

Equity Research | 9 May 2014

Indices

Currencies and ADRs

Last

Chg.
(pts)

Chg
Currency
(%)

4,860.9

-1.2

0.0 Rp/US$

Dow Jones

16,551.0

+32.4

Nikkei

14,094.0

-69.8

JCI

SET

Major Commodities

Last

Chg.
(pts)

Chg.
(%)

11,560

+7.0

+0.1 Oil spot (US$/bl)

+0.2 EUR/US$

1.38

+0.0

+0.0 Nickel spot (US$/mt)

-0.5 YEN/US$

101.60

-0.1

-0.1 Gold spot (US$/oz)

1.25

+0.0

+0.0 Tin 3-month (US$/mt)

1,379.0

-23.6

-1.7 SGD/US$

+90.9

+0.4

CPO futures (Ringgit/ton)

STI

3,247.7

+11.3

+0.3 ADR Stocks

S&P 500

1,875.6

-2.6

-0.1 TLK in Rp

27.7

-0.1

-0.3

IIT in Rp
Ishares indo

Chg.
(pts)

Chg
(%)

100.3

+0.0

+0.0

19,382.5 +758.0

+4.1

1,289.3

21,837.1

Hang Seng

Last

+0.0

+0.0

23,225.0 +120.0

+0.5

2,633.0

-9.0

-0.3

Soybean oil (US$/100gallons)

40.9

+0.3

+0.7

200.0

-1.2

-0.6

72.7

-0.1

-0.1

82.3

0.0

-0.1

1,008.0

-14.0

-1.4

11,809

-65

-0.5 Rubber forward (US/kg) RG1 cmdty

3,752

+67

+1.8 Coal (US$/ton)*


Coal (US$/ton)
* weekly price
Baltic Dry Index

Property Valuation
Market
Cap
(Rp bn)

Share
price

Target
Price

Discount
to NAV

RNAV
per
share
(Rp)

Premium
(discount) to
replacement
cost

Replacement cost
per share
(Rp)

JCI Code

Rec.

CTRS

Buy

4,650.3

2,350

4,000

-71%

8,077

-15%

2,767

CTRA

Neutral

15,848.5

1,045

880

-37%

1,647

34%

781

SMRA

Buy

17,021.3

1,180

1,260

-54%

2,553

73%

681

BSDE

Buy

27,557.8

1,575

2,000

-61%

4,002

2%

PWON

Buy

17,385.6

361

430

-50%

717

13%

JRPT

Buy

12,856.3

935

1,000

-62%

2,489

LPCK

Buy

5,620.2

8,075

9,850

-58%

MDLN

Neutral

5,527.1

441

480

-63%

APLN

Buy

5,658.0

276

340

ASRI

Neutral

9,110.2

510

680

BKSL

Neutral

5,243.3

167

200

-83%

Simple average

P/E 15F

ROE 14F

ROE 15F

8.8

6.8

21.6%

23.4%

13.1

10.4

17.7%

19.0%

15.0

12.3

21.5%

20.4%

1,546

12.8

10.9

19.7%

20.0%

319

11.6

8.2

33.3%

35.3%

74%

537

17.7

13.4

25.9%

27.1%

19,300

72%

4,700

7.0

6.4

36.3%

28.6%

1,201

-17%

532

3.3

6.1

30.8%

13.4%

-40%

458

-20%

343

6.2

5.3

14.9%

15.4%

-67%

1,538

19%

428

6.7

5.7

23.7%

23.2%

1,010

-24%

219

-59%

P/E 14F

10.5

7.7

8.8%

10.8%

10.1

8.8

21.6%

20.5%

Plantation Valuation
Rec.

Market
Cap
(Rp bn)

Share
price

Target
Price

AALI

Buy

45,707

29,025

33,200

16.0

13.1

9.8

7.9

26.3%

27.3%

BWPT

Buy

6,217

1,395

1,750

12,628

19,905

18.0

10.1

11.2

7.2

15.0%

22.5%

LSIP

Buy

16,511

2,420

3,200

10,869

13,311

15.0

11.7

8.0

6.1

15.7%

18.0%

SGRO

Buy

4,300

2,275

3,000

6,540

9,171

13.7

9.8

6.9

5.4

11.3%

14.4%

13,578

17,148

15.8

12.2

9.3

7.2

20.1%

22.5%

15,895

1,005

7,454

9,972

19.4

14.9

7.6

6.6

5.1%

7.0%

SSMS*
Not Rated
12,573
*) Consensus numbers

1,320

31,467

32,769

17.5

15.5

10.6

9.7

39.1%

33.8%

Ticker

Weighted average
SIMP*

Not Rated

EV/ha
planted
Mature
(US$)
(US$)
17,427
20,518

Please see important disclosure at the back of this report

PER
FY14F

EV/EBITDA
FY15F

FY14F

FY15F

ROE
FY14F

FY15F

Page 5 of 7

Equity Research | 9 May 2014

Equity Valuation

Outstanding
JCI Code

Mandiri Universe
Banking
BCA
BNI
BRI
BTN
Danamon
Bank BJB
Bank Jatim
BTPN
Panin
Infrastructure
Holcim
Indocement
Semen Indonesia
Adhi Karya
Pembangunan Perumahan
Wijaya Karya
Waskita Karya
Wijaya Karya Beton
Jasa Marga
Consumer
Tiga Pilar
Gudang Garam
Indofood CBP
Indofood
Mayora
Unilever
Wismilak
Kalbe Farma
Dyandra
Transportation
Express Transindo
Retail
Ace Hardware Indonesia *)
Erajaya *)
Matahari Department Store *)
Mitra Adiperkasa *)
Ramayana *)
Supra Boga *)
Tiphone Mobile Indonesia *)
Automotive
Astra International *)
IMAS *)
Heavy Equipment
Hexindo Adiperkasa
United Tractors
Plantation
Astra Agro Lestari
BW Plantation
London Sumatera Plantations
Sampoerna Agro
Property
Agung Podomoro Land
Alam Sutera Realty
Sentul City
Bumi Serpong Damai
Ciputra Development
Ciputra Surya
Jaya Real Property
Lippo Cikarang
Modernland
Pakuwon Jati
Summarecon Agung
Poultry
Charoen Pokphand
Japfa Comfeed
Malindo Feedmill
Energy
Adaro
Bumi *)
Harum Energy
Indo Tambangraya Megah
Bukit Asam
Energi Mega Persada *)
Medco *)
PGN *)
Metal
Antam *)
Bumi Resources Minerals *)
PT Inco *)
Telecommunication
EXCEL *)
Indosat *)
Tower Bersama
Sarana Menara
Telkom
Note :

Rating

Shares
(Mn) Price (Rp)

Price
Target

BBCA
BBNI
BBRI
BBTN
BDMN
BJBR
BJTM
BTPN
PNBN

Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy

24,655
18,649
24,660
8,836
9,585
9,696
14,769
5,840
24,088

11,050
4,860
10,075
1,120
4,155
930
407
4,100
890

10,500
4,750
10,600
1,500
4,200
1,300
500
5,000
780

SMCB
INTP
SMGR
ADHI
PTPP
WIKA
WSKT
WTON
JSMR

Neutral
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Neutral

7,663
3,681
5,932
1,801
4,842
6,106
9,632
8,715
6,800

2,755
22,075
14,700
3,225
1,915
2,340
785
745
5,975

2,700
24,000
16,600
2,500
2,100
2,300
600
800
6,200

AISA
GGRM
ICBP
INDF
MYOR
UNVR
WIIM
KLBF
DYAN

Buy
Buy
Neutral
Buy
Sell
Buy
Buy
Neutral
Buy

3,000
1,924
5,831
8,780
894
7,630
2,100
46,875
4,273

2,265
54,000
9,975
7,025
28,425
30,400
690
1,550
233

2,700
68,500
10,700
8,200
22,000
34,500
940
1,275
425

TAXI

Buy

2,146

1,290

1,600

ACES
ERAA
LPPF
MAPI
RALS
RANC
TELE

U/R
U/R
U/R
U/R
U/R
U/R
U/R

17,150
2,900
2,918
1,660
7,096
1,564
5,547

810
1,315
14,650
5,750
1,305
700
855

U/R
U/R
U/R
U/R
U/R
U/R
U/R

ASII
IMAS

U/R
U/R

40,484
2,765

7,475
4,750

U/R
U/R

HEXA
UNTR

Buy
Neutral

840
3,730

3,840
22,225

5,450
23,000

AALI
BWPT
LSIP
SGRO

Buy
Buy
Buy
Buy

1,575
4,457
6,823
1,890

29,025
1,395
2,420
2,275

33,200
1,750
3,200
3,000

APLN
ASRI
BKSL
BSDE
CTRA
CTRS
JRPT
LPCK
MDLN
PWON
SMRA

Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy

20,500
17,863
31,397
17,497
15,166
1,979
13,750
696
12,533
48,160
14,425

276
510
167
1,575
1,045
2,350
935
8,075
441
361
1,180

340
680
200
2,000
880
4,000
1,000
9,850
480
430
1,260

CPIN
JPFA
MAIN

Neutral
Neutral
Buy

16,423
10,499
1,695

3,950
1,365
3,055

4,100
1,580
4,000

ADRO
BUMI
HRUM
ITMG
PTBA
ENRG
MEDC
PGAS

Buy
U/R
Neutral
Neutral
Neutral
U/R
U/R
U/R

31,986
20,773
2,699
1,130
2,304
44,643
3,332
24,242

1,100
195
2,185
25,000
9,750
92
2,925
5,275

1,450
U/R
2,400
25,750
9,700
U/R
U/R
U/R

ANTM
BRMS
INCO

U/R
U/R
U/R

9,538
25,570
9,936

1,200
214
4,040

U/R
U/R
U/R

EXCL
ISAT
TBIG
TOWR
TLKM

U/R
U/R
Buy
Neutral
Neutral

8,534
5,434
4,657
10,203
20,160

4,985
3,990
6,350
3,800
2,345

U/R
U/R
7,200
3,750
7,600

Mkt Cap
(Rp Bn)
2,808,782
723,447
272,438
90,632
248,542
11,599
39,824
9,018
6,011
23,945
21,438
273,625
21,114
81,263
87,193
5,809
9,273
14,287
7,561
6,493
40,630
563,004
6,795
103,901
58,164
61,679
25,412
231,952
1,449
72,656
996
2,768
2,768
85,095
13,892
3,814
42,747
9,545
9,260
1,095
4,742
315,750
302,615
13,135
86,128
3,226
82,902
72,736
45,707
6,217
16,511
4,300
126,478
5,658
9,110
5,243
27,558
15,848
4,650
12,856
5,620
5,527
17,386
17,021
84,380
64,870
14,332
5,178
237,580
35,185
4,051
5,900
28,248
22,469
4,107
9,747
127,874
57,061
11,446
5,472
40,143
180,730
42,544
21,681
30,458
38,771
47,275

Net Profit
2014
2015
186,803
60,767
15,729
9,323
22,861
1,749
3,936
1,439
965
2,303
2,463
16,580
1,288
5,582
5,900
377
516
668
394
290
1,566
21,596
389
5,571
2,292
4,048
877
5,907
155
2,265
92
155
155
3,878
535
378
1,612
445
457
54
396
21,610
20,752
857
6,523
309
6,214
4,608
2,848
345
1,101
314
12,520
914
1,354
501
2,155
1,209
528
726
806
1,700
1,495
1,131
4,258
2,994
901
363
15,874
3,253
(1,858)
487
2,057
1,717
76
179
9,963
639
224
-785
1,200
17,795
779
660
1,474
1,110
13,772

220,264
72,839
18,711
11,138
27,260
1,976
4,987
1,623
1,172
2,889
3,082
18,916
1,454
6,235
6,660
531
620
790
531
364
1,731
25,441
528
6,406
2,554
5,227
935
6,907
123
2,631
130
196
196
4,796
633
434
2,093
575
521
65
476
24,671
23,572
1,099
6,776
423
6,352
5,955
3,485
613
1,415
440
14,331
1,066
1,596
680
2,536
1,519
688
959
877
913
2,115
1,384
5,202
3,597
1,109
496
18,856
3,306
(420)
530
2,219
2,159
76
719
10,268
2,115
495
-125
1,745
20,172
1,413
1,099
1,947
1,356
14,357

EPS Growth
2014
2015
15.3%
7.0%
10.3%
3.0%
7.1%
12.0%
-2.6%
8.2%
17.0%
8.1%
9.0%
13.0%
35.2%
11.3%
9.9%
-7.2%
22.6%
17.2%
7.1%
19.5%
17.2%
20.3%
37.1%
28.7%
3.1%
61.8%
-12.1%
10.4%
17.3%
9.5%
34.4%
17.2%
17.2%
16.6%
4.7%
11.1%
0.0%
35.5%
18.2%
42.6%
17.3%
9.3%
7.6%
71.7%
26.3%
-61.0%
28.6%
60.3%
58.1%
68.9%
43.2%
164.3%
1.6%
-13.6%
54.4%
-20.5%
-17.5%
33.1%
27.8%
32.8%
36.5%
-30.7%
32.0%
2.6%
26.4%
18.3%
52.0%
47.6%
22.0%
23.4%
70.0%
20.4%
-7.8%
-6.0%
-49.0%
22.0%
-7.5%
N/M
-47.4%
15.6%
156.4%
38.1%
-24.9%
N/M
18.1%
558.9%
3.6%

18.0%
19.9%
19.0%
19.5%
19.2%
13.0%
26.7%
12.8%
21.5%
25.5%
25.1%
14.1%
12.9%
11.7%
12.9%
40.9%
20.2%
18.2%
34.8%
25.5%
10.5%
17.8%
35.7%
15.0%
11.4%
29.1%
6.6%
16.9%
-20.4%
16.1%
41.8%
26.2%
26.2%
24.1%
19.1%
16.4%
29.7%
29.3%
14.0%
19.4%
21.8%
13.9%
13.4%
26.6%
3.9%
38.2%
2.2%
29.2%
22.4%
77.6%
28.6%
40.4%
14.5%
16.6%
17.8%
35.7%
17.7%
25.7%
30.3%
32.0%
8.7%
-46.3%
41.4%
22.3%
22.2%
20.1%
23.1%
36.7%
18.2%
5.3%
77.8%
8.6%
7.9%
25.8%
0.0%
300.0%
5.4%
N/M
128.2%
75.0%
60.0%
13.0%
90.3%
43.6%
32.0%
22.1%
4.2%

PER (x)
EV / EBITDA (x)
2014 2015 2014 2015

P/BV (x)
2014 2015

15.0
11.9
17.3
9.7
10.9
6.6
10.1
6.3
6.2
10.4
8.7
16.5
16.4
14.6
14.8
15.4
18.0
21.4
19.2
22.4
25.9
26.1
17.5
18.7
25.4
15.2
29.0
39.3
9.4
32.1
10.8
17.8
17.8
22.2
26.0
9.9
26.6
21.5
20.1
22.3
13.5
14.5
14.5
14.4
13.2
13.5
13.3
15.8
16.0
18.0
15.0
13.7
10.1
6.2
6.7
10.5
12.8
13.1
8.8
17.7
7.0
3.3
11.6
15.0
19.8
21.7
15.9
14.3
14.1
10.8
-1.9
12.1
13.7
13.1
4.0
51.3
12.5
312.4
53.0
-4.7
35.4
10.1
54.8
28.5
20.7
34.9
3.4

2.8
2.3
3.6
1.7
2.6
0.9
1.2
1.2
1.0
2.0
1.1
3.3
2.2
3.0
3.6
3.2
3.9
4.1
2.8
3.1
3.9
5.9
2.9
3.1
4.2
2.3
5.7
48.2
1.7
7.8
1.0
3.0
3.0
6.1
6.0
1.2
107.3
3.4
2.7
2.5
3.7
3.1
3.2
2.0
2.2
1.5
2.2
3.0
3.9
2.5
2.2
1.5
2.0
0.9
1.5
0.9
2.4
2.2
1.7
4.1
2.1
0.9
3.4
2.8
4.5
5.3
2.6
4.2
2.3
1.1
17.1
1.8
2.9
2.7
n/a
0.9
3.7
1.7
0.9
n/a
2.0
1.5
2.7
1.3
5.1
8.3
0.6

12.7
9.9
14.6
8.1
9.1
5.9
8.0
5.6
5.1
8.3
7.0
14.5
14.5
13.0
13.1
10.9
15.0
18.1
14.2
17.8
23.5
22.1
12.9
16.2
22.8
11.8
27.2
33.6
11.8
27.6
7.6
14.1
14.1
17.9
21.9
8.5
20.5
16.7
17.6
18.7
11.1
12.7
12.8
11.3
12.7
9.7
13.1
12.2
13.1
10.1
11.7
9.8
8.8
5.3
5.7
7.7
10.9
10.4
6.8
13.4
6.4
6.1
8.2
12.3
16.2
18.0
12.9
10.4
12.0
10.6
-8.9
11.1
12.7
10.4
4.2
13.3
12.3
29.1
23.2
-19.5
23.0
8.9
28.8
19.8
15.6
28.6
3.3

10.3
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
9.9
8.3
8.9
9.9
5.6
6.4
11.3
10.4
10.7
14.7
15.5
10.3
11.9
15.0
8.3
15.4
28.8
6.2
21.2
5.5
6.6
6.6
13.5
18.6
7.6
18.2
8.6
11.1
11.9
9.5
12.6
12.4
17.1
6.1
9.1
6.1
9.3
9.8
11.2
8.0
6.9
8.4
7.0
7.4
11.0
11.1
9.5
5.7
14.8
5.3
3.3
8.7
10.4
12.9
15.1
9.4
10.5
7.1
5.0
9.6
5.8
7.0
9.8
12.0
2.8
8.4
14.4
17.1
39.0
12.6
3.1
6.9
1.9
14.1
14.9
1.1

9.4
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
8.8
7.7
7.9
8.8
4.5
5.1
9.7
8.7
9.3
13.5
13.4
8.1
10.6
12.7
6.7
14.2
25.8
8.1
18.3
3.9
5.3
5.3
11.5
15.6
6.7
15.1
7.6
9.8
9.0
8.1
11.5
11.3
15.4
6.2
6.7
6.2
7.2
7.9
7.2
6.1
5.4
7.1
4.8
5.6
9.1
9.1
7.7
3.9
10.7
4.2
5.2
6.4
8.8
11.0
12.9
8.3
7.6
6.6
4.7
9.4
5.0
6.4
7.4
12.3
2.1
8.0
11.3
12.0
31.3
10.2
2.9
6.2
1.8
12.2
12.7
0.9

2.4
1.9
3.0
1.4
2.1
0.8
1.1
1.1
0.9
1.6
0.9
2.9
1.9
2.6
3.1
2.6
3.3
3.5
2.5
2.8
3.6
5.2
2.4
2.8
3.8
2.1
5.0
39.9
1.5
6.8
0.9
2.6
2.6
4.9
4.9
1.1
23.2
2.8
2.5
2.3
3.0
2.8
2.8
1.7
1.9
1.3
2.0
2.6
3.3
2.1
2.0
1.3
1.7
0.8
1.2
0.8
2.0
1.8
1.4
3.2
1.6
0.8
2.5
2.3
3.7
4.3
2.3
3.0
2.2
1.0
n/a
1.7
2.8
2.4
n/a
0.9
3.4
1.7
0.9
n/a
2.0
1.4
2.5
1.2
3.9
6.4
0.6

Div.Yield
2014
2015
2.4%
2.1%
1.4%
3.0%
2.1%
3.4%
3.0%
8.4%
10.1%
0.0%
3.8%
2.1%
1.4%
2.0%
3.1%
2.1%
1.6%
1.2%
1.5%
1.3%
1.3%
1.9%
0.0%
1.6%
1.9%
2.0%
1.2%
2.3%
3.2%
1.5%
0.0%
1.2%
1.2%
1.3%
0.7%
3.2%
1.2%
0.6%
2.4%
0.9%
2.3%
3.0%
3.0%
1.1%
2.2%
6.6%
2.2%
1.9%
2.1%
0.6%
1.9%
1.9%
1.5%
3.0%
4.3%
0.0%
2.4%
1.1%
2.0%
0.9%
0.0%
0.0%
1.5%
0.0%
1.1%
1.1%
1.3%
1.0%
4.2%
3.7%
5.8%
4.5%
5.8%
3.8%
0.0%
0.4%
4.3%
1.0%
1.0%
0.0%
1.1%
4.3%
1.0%
1.8%
0.0%
0.0%
14.6%

2.6%
2.1%
1.5%
2.6%
2.3%
3.8%
3.0%
7.5%
10.1%
0.0%
2.3%
2.4%
1.8%
2.2%
3.4%
1.9%
1.7%
1.4%
1.6%
1.6%
1.5%
2.3%
0.0%
2.1%
2.0%
3.3%
1.0%
2.5%
2.6%
1.7%
0.0%
1.7%
1.7%
1.7%
0.8%
3.5%
1.8%
0.8%
2.8%
1.1%
2.7%
3.3%
3.4%
1.4%
2.8%
2.2%
2.8%
3.0%
3.4%
1.1%
2.7%
2.6%
1.6%
3.2%
5.1%
0.0%
2.0%
1.5%
2.6%
0.9%
0.0%
0.0%
2.0%
0.0%
1.4%
1.3%
2.0%
1.4%
4.5%
3.8%
5.6%
4.9%
6.3%
4.8%
0.0%
0.4%
4.6%
1.6%
1.1%
0.0%
1.9%
4.6%
1.5%
2.3%
0.0%
0.0%
15.2%

- *) means Company Data is using Bloomberg Data


- U/R means Under Review
- n/a means Not Available
- N/M means Not Meaningful
- N.A. means Not Applicable

Please see important disclosure at the back of this report

Page 6 of 7

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