INVESTOR DIGEST

Equity Research | 23 June 2020

Economic Data HIGHLIGHT

Latest 2020F
 Link Net 1Q20 Results: Regaining Revenue Momentum (Link; Rp2,390; Buy; TP:
7-DRRR (%), eop 4.25 4.50 Rp5,500) 
Inflation (YoY %) 2.19 2.70  Puradelta Lestari 1Q20: Strong YoY Increase (DMAS; Rp175; Buy; TP: Rp390) 
US$ 1 = Rp, period avg 14,232 14,745  Summarecon Agung May-20 Presales: Prolonged Large Fall (SMRA; Rp660; Buy; TP:
Rp960) 
 Timah: Better Cost Structure Starting in 3Q20 (TINS; Rp625; Neutral, TP: Rp670) 
Stock Market Data
(22 June 2020)  Market Recap June 22nd 2020; JCI 4,918.83 Points -23.44 pts (-0.47%); Valued
$334mn; Mkt Cap $bn; USD/IDR 14,232 
JCI Index 4,918.8 -0.47%
Trading T/O ( Rp bn ) 4,729.2
Market Cap ( Rp tn ) 5,689.5 CORPORATE

Link Net 1Q20 Results: Regaining Revenue Momentum (Link; Rp2,390; Buy; TP:
Rp5,500)
Market Data Summary*
 Link Net is regaining revenue momentum in 1Q20 as homes passed increases
2020F 2021F and widens. Profitability in 1Q20 was under pressure as Link Net runs higher
capex intensity (for network independence and expansion) and higher leverage.
P/E (x) 19.1 14.0 However, current valuation under-appreciates Link Net’s solid market share
P/BV (x) 2.0 1.8 position and long-term growth potential. Retain BUY.
EV/EBITDA (x) 12.8 11.3
 1Q20 Revenues of Rp959bn (+7.6% YoY, -3.0% QoQ) formed 24.3%/23.8% of
Div. Yield (%) 3.5 2.6
ours/consensus FY20 Revenues estimates. Link Net maintained relatively strong
Net Gearing (%) 24.2 21.4
broadband revenues growth momentum at 9.9% YoY in 1Q20 vs. 10.5% YoY in
ROE (%) 10.5 13.7 4Q19, on the back of aggressive customer acquisition. The company added 32k
EPS Growth (%) -25.7 36.2 net subs add in 1Q20 vs. 22k net subs add in 4Q19. Strong broadband
EBITDA Growth (%) -7.8 12.9 subscription was helped by strong homes passed adds and work-from-home
Earnings Yield (%) 5.2 7.1 (WFH) activities during Large Scale Social Distancing (PSBB). Meanwhile, Cable
TV revenues grew 3.8% YoY in 1Q20. Link Net also reported lower 1Q20 ARPU at
* Aggregate of 75 companies in MS research universe, Rp382k, vs. Rp392k in FY19, following company’s effort to penetrate second and
representing 63.4%of JCI’s market capitalization
third tier cities. To note, more than 30% of new subscribers in 1Q20 came from
outside three main cites (i.e. Jakarta, Surabaya, and Bandung).
 1Q20 EBITDA of Rp516bn (-4.1% YoY, -7.5% QoQ) formed 22.6%/22.9% of
ours/consensus FY20 EBITDA estimates. Cash opex increased 25.3% YoY in 1Q20,
mainly driven by Direct Costs and Selling expenses in absolute terms. Direct
Costs, for instance, grew 34.5% YoY in 1Q20 as the company booked higher pole
rental and bandwidth costs for submarine cable from third-parties. Meanwhile,
Selling expenses increased 45.4% YoY in 1Q20, following company’s effort to
increase penetration in new cities. As a result, EBITDA margin decline from 56.4%
in 4Q19 to 53.8% in 1Q20.
 1Q20 Net Profit of Rp198bn (-25.2% YoY, +62.5% QoQ) formed 20.2%/20.3%
of ours/consensus FY20 Net Profit estimates. D&A expenses grew 10.0% YoY in
1Q20 while non-operating expenses also jumped to Rp43bn in 1Q20 vs. Rp3bn
of non-operating income in 1Q19. This was followed by higher finance costs in
1Q20, at Rp45bn due to additional Rp200bn of debt in 1Q20. To note, Link Net is
currently at Rp886bn net debt position vs. Rp525bn net cash position in 1Q19.

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 Equity Research | 23 June 2020

Meanwhile, effective tax rate was relatively stable at 25% in 1Q20 vs. eventual statutory tax rate of 20% for FY20. Lastly,
net margin was reported lower, down from 29.6% in 1Q19 to 20.6% in 1Q20.
 Maintain BUY. Link Net’s strategies to penetrate second and third tier cities helped in regaining broadband revenue and
subscription growth momentum in 1Q20. Profitability could remain under pressure in the near term as Link Net works to
extend homes passed leadership versus smaller peers and to establish more independent network access – both are
strategically important for long-term growth. We believe this effort will help cement Link Net’s position as the strong
number two player in the fixed broadband industry. The stock is currently trading at an attractive valuation, at 7.2x/7.0x
PER 2020F/21F and offers ~7% yield in 2020F/21F.

LINK: 1Q20 RESULTS

% of FY20F % of FY20F
in Rp bn 1Q19 4Q19 1Q20 YoY QoQ
Mansek cons.

Broadband 512 588 563 9.9% -4.3%

Cable TV 338 352 351 3.8% -0.4%
Others 42 49 46 8.9% -6.7%
Revenue 891 989 959 7.6% -3.0% 24.3% 23.8%

Direct costs 157 210 211 34.5% 0.6%

Selling expenses 63 89 91 45.4% 2.1%
G&A expenses 134 132 141 5.3% 7.0%
Operating expenses 354 431 443 25.3% 2.9%

EBITDA 538 558 516 -4.1% -7.5% 22.6% 22.9%

% margin 60.3% 56.4% 53.8% -655 bps -264 bps

D&A 190 202 209 10.0% 3.3%

Operating profit 348 356 307 -11.8% -13.7% 22.0% 22.1%

% margin 39.1% 36.0% 32.0% -703 bps -396 bps

Non-operating items 3 (142) (43) -1422.6% -69.5%

Pretax profit 352 214 264 -24.9% 23.3%

% margin 39.4% 21.6% 27.5% -1192 bps 587 bps

Taxes (87) (92) (66) -24.2% -28.3%

% effective tax rate 24.9% 43.1% 25.1% 24 bps -1806 bps

Minority interest - - - n.a. n.a.

Net profit 264 122 198 -25.2% 62.5% 20.2% 20.3%

% margin 29.6% 12.3% 20.6% -902 bps 831 bps

Net profit (normalised) 264 122 198 -25.2% 62.5%

% margin 29.6% 12.3% 20.6% -902 bps 831 bps

Operating Stats

Homes passed ('000) 2,254 2,469 2,543 12.8% 3.0%

Net Adds 53 72 74

Broadband subscribers ('000) 603 668 700 16.1% 4.8%

Net Adds 8 22 32

Blended ARPU (Rp '000) 415 392 382 -8.0% -2.6%

Source: Company Data, Mandiri Sekuritas Research estimates

Kresna Hutabarat (+6221 5296 9542) kresna.hutabarat@mandirisek.co.id

Henry Tedja (+6221 5296 9434) henry.tedja@mandirisek.co.id

Please see important disclosure at the back of this report Page 2 of 11

 Equity Research | 23 June 2020

Puradelta Lestari 1Q20: Strong YoY Increase (DMAS; Rp175; Buy; TP: Rp390)

 DMAS booked multifold yoy increases in revenue and PATAMI mostly helped by recognition of industrial and commercial
land and project sales which were non-existent in 1Q19’s revenue mix. Of note, the company remains debt-free but has
recognized interest expenses in light of accounting rule changes. Maintain Buy as high inquiries and favorable
competitive prospects bode well for DMAS.

 Multifold yoy revenue increase on recognition of industrial and commercial sales. DMAS booked IDR 108bn in 1Q20
revenue, a multi-fold increase from IDR 6bn in 1Q19, as the company booked recognized 2.2ha in sales to an automotive
parts company (effective ASP: IDR 2mn psm), and commercial revenues from the sale of 2,500 sqm in commercial land
sales and several shop-houses. This compares well to 1Q19’s recognition which comprised mostly of a small number of
residential home sales. The 1Q20 revenue recognition translates to 9% of Mansek’s full-year forecast and 8% of
consensus’.

 Blended margin increase, partially offset by higher opex. Gross margin increased on a blended level to 68%, +20 ppt
qoq and +5 ppt yoy, helped by higher-margin commercial land revenues in the mix, and for the industrial land sales
recognized, IDR 2mn was an improvement compared to the bulk of the large single-party industrial land sales recognized
in 4Q19. However, the company saw higher opex increase by +27.7% yoy mainly due to increased G&A expenses from
salary, professional fees and IT expenses, which partially offset the increase in gross margin.

 Interest expense recognized on accounting standards change. While maintaining its debt-free profile, DMAS booked
IDR 9bn in interest expense to account for accounting rule changes, which according to the company mandates treating
customer advances as a debt-equivalent. This is however non-cash in nature and will be reversed upon handover of the
transacted land and/or units, in the form of an increase in revenue.

 Multifold yoy bottom line increase. DMAS booked net profit of IDR 53bn in 1Q20, down on a qoq basis on high
seasonality but a five-fold increase yoy. The 1Q20 net profit translates to 8% of Mansek’s full-year expectation and 7% of
consensus’.

 Maintain Buy. DMAS remains a favored pick within the sector with the best short-term outlook in our view. Its inquiries
level has remained steady at 130-150ha, which should bode well for the company looking beyond the current hurdle
caused by the pandemic. DMAS currently trades at 67% discount to our NAV estimate, -1.3 SDs below the sector’s 9-year
mean.

DMAS 1Q20 RESULTS VS ESTIMATES

IDRbn 1Q20 1Q19 4Q19 QoQ % YoY% 2020F 2020C % of target % of cons
Revenue 108 6 1,380 -92% 1,590% 1,266 1,368 9% 8%
Gross profit 73 4 658 -89% 1721% 768 809 10% 9%
Operating profit 34 (26) 586 -94% -229% 635 675 5% 5%
Net profit 53 8 576 -91% 552% 675 715 8% 7%

Gross margin 68% 63% 48% 61% 59%

Operating margin 32% -415% 42% 50% 49%
Net margin 50% 129% 42% 53% 52%

Breakdown 4Q19 3Q19 2018

Revenue
Residence 16 4 8 107% 337%
Industrial 46 0 1,363 -97% 15,319%
Commercial 39 - 4 838% -
Rental 3 1 3 10% 119%
Hotel 3 1 3 17% 204%
Total revenue 108 6 1,380 -92% 1587%

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 Equity Research | 23 June 2020

IDRbn 1Q20 1Q19 4Q19 QoQ % YoY% 2020F 2020C % of target % of cons
Gross Margins
Residence 68.2% 56.1% 47.0%
Industrial 58.2% 34.3% 47.5%
Commercial 78.2% - 62.6%
Rental 52.6% 74.2% 47.6%
Hotel 91.6% 82.6% 88.9%
Total 67.9% 63.0% 47.7%
Source: Company, Bloomberg, Mandiri Sekuritas estimates

Robin Sutanto (+6221 5296 9572) robin.sutanto@mandirisek.co.id

Summarecon Agung May-20 Presales: Prolonged Large Fall (SMRA; Rp660; Buy; TP: Rp960)

 May-20 outdid Apr-20 in terms of presales weakness with a mom decline and worsened yoy declines on monthly and
accumulated 5M20 bases as the festive season exacerbated the effects of social distancing. However, May-20 should be
the lowest point, as regular sales can henceforth continue, and the company also has new launches in the pipeline.
Maintain Buy.

 Prolonged across-the-board weakness. May-20 saw another month of prolonged weakness for SMRA, falling -11.8%
mom from already-feeble Apr-20 achievement. The festive season during the month further hampered sales,
exacerbating the impact from the lockdown. May-20’s IDR 68bn was a decline of -85.7% yoy, steeper than -80% yoy in
Apr-20. On an accumulated basis, 5M20 presales of IDR 1tn translated to -50.4% yoy decline, likewise a deeper yoy fall
from -39.5% yoy in 4M20. The 5M20 achievement translates to just 22% of management’s IDR 4.5tn full-year target (31%
of Mansek’s). Similar to Apr-20, weakness was seen across all projects. Stronghold Summarecon Serpong saw mom
growth, nonetheless still at a dismal level and still a -90.9% decline yoy.

 Better numbers to follow. The weak May-20 performance should be within expectations, bearing in mind the festive
season during the month. We expect catch up over the rest of the year, as the conclusion of lockdowns across the major
cities should better facilitate sales activities. The company plans to recommence new launches in July in Summarecon
Serpong, Bekasi, and Makassar; however, prior to that, we also expect presales pick-up in June, as regular sales should
resume.

Presales 2020 Progress 2020 Progress

Apr-20 May-20 May-19 mom yoy 5M19 5M20 YOY
(IDRbn) Company % Mansek %
SMRA 77 68 477 -11.8% -85.7% 2,017 1,000 -50.4% 4,500 22% 3,232 31%

Breakdown:
Kelapa Gading 11 7 18 -33.3% -58.9% 70 101 44.4%
Bekasi 29 19 95 -35.8% -80.5% 296 284 -4.0%
Serpong 17 30 324 75.1% -90.9% 1,218 397 -67.4%
Bandung 10 6 20 -42.6% -71.4% 285 112 -60.8%
Karawang 4 - 6 -100.0% -100.0% 22 24 9.0%
Makassar 7 7 14 8.1% -49.3% 127 83 -35.0%
Bogor N/A N/A N/A

Payment Profile:
Cash 17% 36% 15%
Installment 63% 40% 68%
Mortgage 20% 24% 17%

Robin Sutanto (+6221 5296 9572) robin.sutanto@mandirisek.co.id

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 Equity Research | 23 June 2020

Timah: Better Cost Structure Starting in 3Q20 (TINS; Rp625; Neutral, TP: Rp670)

 TINS’s Rp413bn net loss in 1Q20 was due to high inventory cost, leading to operating loss. TINS must focus on managing
material cost to improve profitability. Maintain Neutral with lower TP of Rp670/share.

 High inventory cost led to operating loss. TINS recorded 1Q20 net loss of Rp413bn (vs. Rp301bn net profit in 1Q20),
way below our FY20F net profit of Rp306bn. We believe the weak earnings were due to high carry-over inventory cost,
leading to operating losses. Bear in mind that TINS received tin ore (material) from third party with pricing linked to the
LME market price. Normally, material costs will decline in-line with lower LME tin price however, TINS has increased its
inventory level since the beginning of 2019 (avg. Rp7tn inventory in 2019 vs. Rp5tn in 2018) when tin price was close to
historical high, and still maintained high inventory level even after tin price started to decline in mid-2019. As a result,
inventory cost in the balance sheet remains high relative to the current market price. Despite that, raw material cost has
started to decline, which should indicate lower cost structure going forward, possibly in 3Q20. As of Mar-20, inventory
declined slightly to Rp6.8tn, with finished goods accounting for 36%, raw material for 24%, and work in process for 39%.

 Higher volume offset lower ASP. Revenue in 1Q20 increased to 4.4tn (+5% yoy/-7% qoq), driven by strong sales volume
to 17.6k tons (+40% yoy/+1% qoq), which offset the decline in ASP at USD 16.7k/ton (-24% yoy/-11% qoq), in-line with
LME price. Despite higher sales volume, production was largely aligned with our forecast at 15.2 k tons (-24% yoy/ -11%
qoq) due to high inventory. We maintain our FY20-22F tin price assumption of USD 17k/ton.

 Weak earnings visibility. We have lowered our earnings forecast to Rp420bn net loss in FY20F and Rp246bn net profit in
FY21F, mainly on higher production cost. We believe TINS must focus on managing material costs by negotiating better
pricing to maintain competitive cost structure to improve profitability. We reiterate our Neutral call on TINS with lower TP
of Rp670/share based on 0.9x FY21F PBV. The plan for de-leveraging this year can be financed by reducing its inventory
level, in our view.

FINANCIAL SUMMARY
YE Dec (Rp Bn) 2018A 2019A 2020F 2021F 2022F
EBITDA 698 717 337 1,312 1,380
Net Profit 132 (611) (420) 246 335
Fully-diluted EPS 18 (82) (56) 33 45
Fully-diluted EPS growth (%) (73.7) (562.1) n/m n/m 35.9
P/E Ratio (x) 35.2 (7.6) (11.1) 18.9 13.9
EV/EBITDA (x) 14.4 20.3 36.9 9.0 8.4
P/B Ratio (x) 0.8 0.9 0.9 0.8 0.8
Dividend Yield (%) 4.0 - - 1.9 2.5
ROAE (%) 2.2 (10.7) (8.1) 4.6 5.9
Source: Company (2018-2019), Mandiri Sekuritas (2020-2022)

RESULT SUMMARY
% to
in Rpbn 1Q20 1Q19 %YoY 4Q19 %QoQ 3M20 3M19 %YoY FY20F % ours
cons.
Revenue 4,384 4,167 5% 4,703 -7% 4,384 4,167 5% 15,479 28% 29%
COGS (4,558) (3,376) 35% (4,632) -2% (4,558) (3,376) 35% (13,743) 33% 34%
Gross profit (174) 790 n.a 71 -346% (174) 790 -122% 1,736 n.a n.a
Operating expenses (263) (260) 1% (286) -8% (263) (260) 1% (1,084) 24% 33%
Operating profit (437) 531 n.a (215) n.a (437) 531 n.a 653 n.a n.a
Earnings before tax (460) 396 n.a (505) n.a (460) 396 n.a 437 n.a n.a
Net profit (413) 301 n.a (435) n.a (413) 301 n.a 306 n.a n.a

Gross margin -4.0% 19.0% 1.5% -4.0% 19.0% 11.2%

Operating margin -10.0% 12.7% -4.6% -10.0% 12.7% 4.2%
Net margin -9.4% 7.2% -9.3% -9.4% 7.2% 2.0%
Effective tax rate 10.3% 23.8% 13.7% 10.3% 23.8% 30.0%
Source: Company, Mandiri Sekuritas

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 Equity Research | 23 June 2020

CHANGE IN FORECAST
TINS 2020F 2021F
In Rpbn New Old %change New Old %change
Profit & Loss
Revenue 15,089 15,479 -3% 15,623 15,331 2%
COGS 14,287 13,743 4% 13,843 13,584 2%
Gross profit 802 1,736 -54% 1,779 1,747 2%
Operating profit (254) 653 -139% 686 674 2%
Net profit (420) 306 -237% 246 329 -25%

Gross margin 5.3% 11.2% 11.4% 11.4%

Operating margin -1.7% 4.2% 4.4% 4.4%
Net margin -2.8% 2.0% 1.6% 2.1%

Sales (Metric ton) 60,000 60,000 0% 60,000 60,000 0%

ASP (US$/ton) 17,000 17,000 0% 17,000 17,000 0%
Source: Company, Mandiri Sekuritas

Ariyanto Kurniawan (+6221 5296 9682) ariyanto.kurniawan@mandirisek.co.id

Wesley Louis Alianto (+6221 5296 9510) wesley.alianto@mandirisek.co.id

MARKET

Market Recap June 22nd 2020; JCI 4,918.83 Points -23.44 pts (-0.47%); Valued $334mn; Mkt Cap $bn; USD/IDR 14,232

 TOP TURNOVER: TLKM PTBA BBRI BBCA BMRI MDKA ICBP MNCN ASII BBNI UNTR UNVR PGAS BRPT TOWR ITMG INDF BBTN
(45%)

 ADVANCING SECTOR: plantation+2%; consumer+0.1%; cement flat

 DECLINING SECTOR: auto-2.1%; mining-1.4%; construction-1.3%; property-1.2%; financial-0.7%; auto-0.4%

 US stock futures erased losses and most Asian stocks held flat, trying to shake off worries that rising virus cases in the US
could scupper a quick economic rebound from the massive downturn triggered by the pandemic. The JCI ultimately
ended in red after flatliner throughout the day. The JCI declined 0.5% at 4918 level. TLKM contributed the most to the
decline, falling 2.4%. Oil prices firmed slightly on tighter supplies from major producers, but concerns that a record rise in
global virus cases could curb a recovery in fuel demand checked gains. Brent crude rose 0.6% to $42.44 a barrel while WTI
was up 0.6% at $40.05. Market turnover (excluding $44.5MN IPTV; $21.4MN MSIN; $20.8MN BCAP; $8.3MN BSIM crossing)
was thin at $334MN. Foreign participants slowed to 18% and came up better seller for 31%. Losers beat gainers 9 to 5. The
IDR stayed underperform among Asian currencies given persistently high number of virus cases. The IDR weakened to
14232 level. The country’s 10-year govt bond rose 1 bps to 7.19%. Global funds sold a net of $17.6MN in Indo bonds on
June 17th; and sold a net of $5.6MN in country’s equities on June 18th, seventh day of outflows. As of Friday, foreign
investors sell net $45.8MN of equities, bringing weekly outflow to $197.2MN, the most since May 15th.

Sales Team +6221 527 5375

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 Equity Research | 23 June 2020

FROM THE PRESS

OJK projects loan growth of 7-9% in 2021

The projected loan growth is under the assumption of GDP growth of around 5%. Meanwhile, OJK sees deposit growth at 8%
in 2021. (Investor Daily)

Outstanding restructured loans in banks and financial institutions stood at Rp778tn

In banks, restructured loans totalled Rp656tn as of 15 Jun-20, while in financing companies at Rp122tn as of 16 Jun-20.
(Investor Daily)

Bank BCA (BBCA) to hold EGM on 30 Jul-20

Details on the agenda has yet to be announced. (Bisnis Indonesia)

BRI Life partners up with FWD Group

As part of the partnership, FWD has signed a conditional share subscription agreement to purchase new shares of BRI Life. The
transaction is in the process of regulatory review. (Investor Daily)

Ciputra (CTRA) to seek approval for 10% non-preemptive rights issue

This will allow CTRA to issue 1,854bn new shares over a 2-year window for the non-preemptive rights issue. The proceeds will
be used to shore up liquidity as CTRA’s net gearing nears management’s 30% soft cap. CTRA’s AGM will be held on 30th July
2020.
Comment: Note that the company has no imminent plans to issue the new shares and has no urgent refinancing needs (SGD
150mn bond due Sep-21 to be refinanced using existing unused liens). CTRA sought similar approval in 2018 for which approval
lapsed earlier this year. Assuming proceeds to be used fully for deleveraging, we expect a maximum of 6% dilution to our NAV
estimate.

XL Axiata (EXCL) continues to fiberize its network

XL Axiata claimed that 53% of its total BTS has been fiberized now. This fiber network has been utilized in more than 200 cities
to increase network quality. The company is targeting to fiberize 60-70% of its total BTS by the end of 2020. (Investor Daily)

Please see important disclosure at the back of this report Page 7 of 11

 Equity Research | 23 June 2020

Indices and Fund Flows Currencies and Bonds Major Commodities

YTD Chg YTD YTD

Indices Last Chg (%) Currency Last Chg (%) Last Chg (%)
(%) Chg (%) Chg (%)

JCI 4,918.8 -0.5 -21.9 Rp/US$ 14,150 +0.35 -2.1 Crude Oil, WTI (US$/bl) 40.46 +1.8 -33.7
Dow Jones 26,025.0 +0.6 -8.8 US$/EUR 1.126 +0.74 -0.4 Copper (US$/mt) 5,829 +0.8 -5.2
Nikkei 22,437.3 -0.2 -5.2 YEN/US$ 106.91 +0.04 +1.6 Nickel (US$/mt) 12,709 -1.0 -8.9
Hang Seng 24,511.3 -0.5 -13.0 SGD/US$ 1.392 -0.36 -3.3 Gold (US$/oz) 1,754 +0.6 +15.6
STI 2,629.7 -0.2 -18.4 Tin 3-month (US$/mt) 16,885 +0.0 -1.7
Ishares indo 18.6 +0.3 -27.6 CPO futures (Ringgit/ton) 2,445 -1.1 -19.3
Coal (US$/ton) 53.1 +0.0 -21.6
Foreign YTD
YTD Gov. Bond Chg
Fund Flows Last Chg Last Chg Rubber forward (US¢/kg) 141.3 -0.5 -15.0
Chg Yield (bps)
(US$mn) (bps)
Soybean oil
Equity Flow -36.1 -843 5Yr 6.66 -3 +22 28.35 -0.6 -17.8
(US$/100gallons)
Bonds Flow +17.3 -7,548 10Yr 7.20 +1 +13 Baltic Dry Index 1,555.0 +2.0 +42.7

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 Equity Research | 23 June 2020

Equity Valuation
Price Price % of Mkt Cap Net Profit PER (x) P/BV (x) EV/EBITDA (x) EPS Growth Div.Yield
Code Rating (Rp) Target PT (Rp Bn) 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
MANSEK universe 4,919 5,540 12.6 3,595,543 187,306 256,076 19.2 14.0 2.0 1.8 12.9 11.3 -26.0% 36.7% 3.5% 2.6%
Banking 1,299,886 63,760 102,414 20.4 12.7 1.9 1.7 N.A. N.A. -34.2% 60.6% 3.4% 1.7%
BBCA Neutral 27,700 26,500 (4.3) 682,944 22,167 29,781 30.8 22.9 3.9 3.5 N.A. N.A. -22.4% 34.3% 2.0% 1.3%
BBNI Buy 4,470 5,900 32.0 83,359 7,073 15,323 11.8 5.4 0.8 0.7 N.A. N.A. -54.0% 116.6% 4.6% 2.1%
BBRI Buy 3,060 3,000 (2.0) 377,293 20,229 35,699 18.7 10.6 2.0 1.7 N.A. N.A. -41.1% 76.5% 5.5% 1.6%
BBTN Buy 1,100 1,350 22.7 11,649 1,236 1,554 9.4 7.5 0.7 0.6 N.A. N.A. 490.6% 25.7% 4.8% 2.5%
BDMN Buy 2,730 4,000 46.5 26,166 2,703 4,752 9.7 5.5 0.6 0.5 N.A. N.A. -33.6% 75.8% 5.4% 3.6%
BJBR Buy 775 860 11.0 7,625 1,260 1,438 6.1 5.3 0.7 0.7 N.A. N.A. -19.2% 14.1% 12.1% 12.1%
BJTM Buy 510 590 15.7 7,651 1,146 1,434 6.7 5.3 0.8 0.7 N.A. N.A. -16.8% 25.2% 9.4% 9.5%
BNGA Buy 735 840 14.3 18,472 2,340 4,211 7.9 4.4 0.5 0.4 N.A. N.A. -35.8% 80.0% 7.9% 5.1%
BNLI Sell 1,270 430 (66.1) 35,614 909 1,494 39.2 23.8 1.5 1.4 N.A. N.A. -39.4% 64.4% 0.0% 0.0%
PNBN Buy 825 1,100 33.3 19,872 1,976 3,508 10.1 5.7 0.5 0.5 N.A. N.A. -40.4% 77.5% 0.0% 0.0%
BTPS Buy 3,240 3,200 (1.2) 24,960 1,189 1,547 21.0 16.1 4.0 3.3 N.A. N.A. -15.1% 30.1% 1.1% 1.0%
BFIN Buy 286 900 214.7 4,280 1,532 1,674 2.8 2.6 0.5 0.4 N.A. N.A. 6.4% 9.2% 10.1% 10.7%
Construction & materials 168,946 8,209 11,196 20.6 15.1 1.3 1.2 11.7 9.5 -33.4% 36.4% 2.0% 1.7%
INTP Buy 12,400 14,500 16.9 45,647 1,673 2,003 27.3 22.8 1.9 1.8 12.3 10.7 -8.9% 19.8% 1.4% 1.3%
SMGR Buy 9,575 11,020 15.1 56,794 2,520 2,825 22.5 20.1 1.7 1.6 9.3 8.7 5.4% 12.1% 2.2% 1.7%
ADHI Neutral 605 1,120 85.1 2,154 619 593 3.5 3.6 0.3 0.3 4.0 4.1 -6.8% -4.2% 6.2% 5.7%
PTPP Buy 840 2,050 144.0 5,208 981 1,320 5.3 3.9 0.5 0.4 4.9 4.6 2.4% 34.6% 5.5% 5.6%
WIKA Buy 1,250 2,500 100.0 11,200 1,671 1,871 6.7 6.0 0.7 0.7 5.1 3.6 -17.2% 12.0% 3.0% 3.3%
WSKT Buy 735 1,010 37.4 9,835 -948 -869 -10.4 -11.3 0.9 0.9 21.9 17.6 N/M 8.3% -1.9% -1.8%
WTON Buy 288 700 143.1 2,510 586 678 4.3 3.7 0.7 0.6 3.2 2.8 14.3% 15.7% 6.1% 7.0%
WSBP Buy 194 360 85.6 5,114 842 954 6.1 5.4 0.6 0.6 5.5 4.9 4.5% 13.3% 7.9% 8.2%
JSMR Buy 4,200 5,900 40.5 30,483 266 1,822 114.5 16.7 1.7 1.5 23.5 12.5 -87.9% 584.6% 1.4% 0.2%
Consumer staples 924,873 40,952 51,121 22.6 18.1 4.8 4.4 14.8 12.0 -15.5% 24.8% 3.7% 3.2%
ICBP Buy 9,100 10,300 13.2 106,123 5,389 6,005 19.7 17.7 3.8 3.4 11.6 10.8 6.9% 11.4% 2.4% 2.5%
INDF Buy 6,575 8,450 28.5 57,728 5,245 5,573 11.0 10.4 1.4 1.3 7.1 6.6 6.9% 6.3% 4.2% 4.5%
MYOR Buy 2,300 2,650 15.2 51,426 2,861 2,745 18.0 18.7 4.4 3.8 12.8 11.4 43.9% -4.1% 1.5% 2.1%
UNVR Buy 8,050 9,500 18.0 307,108 7,495 8,038 41.0 38.2 60.5 58.1 29.3 27.0 1.4% 7.2% 2.4% 2.4%
GGRM Buy 48,025 63,450 32.1 92,404 7,422 10,321 12.5 9.0 1.7 1.6 8.1 6.4 -31.8% 39.1% 5.4% 5.4%
HMSP Buy 1,725 2,400 39.1 200,649 8,342 13,384 24.1 15.0 6.6 5.6 18.6 11.1 -39.2% 60.4% 6.7% 4.1%
KLBF Buy 1,470 1,650 12.2 68,906 2,764 2,985 24.9 23.1 4.0 3.6 16.9 15.5 10.2% 8.0% 2.0% 2.1%
SIDO Buy 1,220 1,450 18.9 18,300 872 947 21.0 19.3 5.7 5.5 15.6 14.3 7.9% 8.6% 4.0% 4.5%
MLBI Buy 10,550 14,650 38.9 22,229 563 1,124 39.5 19.8 27.7 16.3 20.0 12.9 -53.3% 99.7% 4.1% 2.5%
Healthcare 51,174 1,042 1,271 49.1 40.3 3.8 3.6 16.8 14.3 3.5% 22.0% 0.1% 0.2%
MIKA Buy 2,300 2,600 13.0 33,467 693 815 48.3 41.0 7.1 6.4 32.4 26.9 -5.1% 17.6% 0.0% 0.0%
SILO Buy 5,225 7,150 36.8 8,491 44 100 191.3 84.8 1.3 1.3 7.0 5.6 107.0% 125.6% 0.0% 0.0%
HEAL Buy 3,100 5,200 67.7 9,216 304 355 30.3 25.9 4.0 3.6 11.3 9.9 19.4% 16.7% 0.8% 0.9%
Consumer discretionary 287,956 18,209 25,233 15.8 11.4 1.5 1.3 9.0 8.1 -39.6% 38.6% 4.4% 3.1%
ACES Neutral 1,490 1,500 0.7 25,554 711 1,055 36.0 24.2 5.2 4.5 27.5 19.5 -31.0% 48.5% 2.0% 1.4%
LPPF Buy 1,580 1,800 13.9 4,610 50 497 91.4 9.3 2.6 2.0 8.1 3.3 -96.3% 884.6% 0.0% 0.3%
MAPA Buy 2,580 3,850 49.2 7,354 54 606 135.1 12.1 2.4 2.0 18.9 6.4 -92.1% 1013.2% 0.0% 0.2%
MAPI Buy 775 1,000 29.0 12,865 -1,704 543 -7.5 23.7 3.0 2.7 -123.1 7.8 N/M N/M 1.6% 0.0%
RALS Buy 610 700 14.8 4,329 -132 143 -32.8 30.3 1.2 1.1 -52.2 11.1 N/M N/M 8.8% -2.0%
ERAA Buy 1,275 1,500 17.6 4,067 140 355 29.0 11.4 0.8 0.8 12.9 8.4 -52.5% 153.2% 0.7% 1.7%
ASII Buy 4,890 5,000 2.2 197,965 14,710 17,216 13.5 11.5 1.3 1.2 8.7 8.8 -32.2% 17.0% 4.9% 3.3%
SCMA Buy 1,020 1,800 76.5 15,022 1,566 1,693 9.6 8.9 2.6 2.3 6.7 6.4 35.7% 8.1% 7.3% 7.9%
MNCN Buy 975 2,200 125.6 12,094 2,427 2,593 5.0 4.7 0.9 0.8 3.7 3.2 24.1% 6.8% 3.0% 3.2%
MSIN Buy 288 650 125.7 1,498 267 316 5.6 4.7 1.0 0.9 3.3 3.1 16.3% 18.1% 8.9% 10.5%
PZZA Buy 860 900 4.7 2,599 119 216 21.8 12.0 1.9 1.7 8.2 5.9 -40.3% 80.6% 3.8% 2.3%
Commodities 212,862 21,424 22,942 9.9 9.3 0.9 0.9 3.8 3.4 -11.8% 7.1% 3.9% 4.1%
UNTR Buy 16,900 22,500 33.1 63,039 8,962 9,195 7.0 6.9 1.0 0.9 3.1 2.6 -20.8% 2.6% 4.3% 4.4%
ADRO* Neutral 1,030 1,350 31.1 32,946 372 353 6.2 6.6 0.6 0.6 2.7 2.5 -7.9% -5.2% 5.7% 5.3%
HRUM* Neutral 1,195 1,300 8.8 3,067 17 14 12.3 15.9 0.7 0.7 0.2 -0.1 -5.9% -21.7% 4.5% 3.5%
INDY* Neutral 685 910 32.8 3,569 2 6 151.4 39.5 0.3 0.3 1.5 1.1 N/M 286.9% 0.2% 0.6%

Please see important disclosure at the back of this report Page 9 of 11

 Equity Research | 23 June 2020

Price Price % of Mkt Cap Net Profit PER (x) P/BV (x) EV/EBITDA (x) EPS Growth Div.Yield
Code Rating (Rp) Target PT (Rp Bn) 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
ITMG* Neutral 7,475 10,450 39.8 8,197 100 101 5.7 5.7 0.7 0.6 1.6 1.5 -20.8% 0.9% 14.9% 14.9%
PTBA Neutral 2,130 2,350 10.3 24,543 3,482 3,496 7.0 7.0 1.3 1.3 4.4 4.3 -18.3% 0.4% 10.6% 10.7%
ANTM Buy 605 700 15.6 14,539 -22 197 -667.7 73.9 0.7 0.7 12.5 11.4 N/M N/M -0.1% 0.5%
INCO* Buy 2,860 3,500 22.4 28,418 88 133 22.6 15.1 1.0 0.9 6.2 5.0 53.0% 51.1% 0.0% 0.0%
TINS Neutral 625 670 7.2 4,655 -420 246 -11.1 18.9 0.9 0.8 36.9 9.0 31.3% N/M -3.2% 1.9%
MDKA* Buy 1,365 1,450 6.2 29,890 80 85 26.2 24.8 3.7 3.2 9.5 8.7 9.9% 6.6% 0.0% 0.0%
Property & Industrial Estate 91,217 7,211 9,744 12.6 9.4 0.7 0.7 8.9 8.2 -4.7% 35.1% 2.3% 1.9%
ASRI Sell 135 80 (40.7) 2,653 150 938 17.7 2.8 0.3 0.2 6.8 5.3 -85.2% 524.8% 1.5% 1.5%
BSDE Buy 785 1,160 47.8 16,620 1,399 2,050 11.9 8.1 0.5 0.5 9.9 9.3 -54.4% 46.5% 0.0% 0.6%
CTRA Buy 690 1,120 62.3 12,807 832 1,094 15.4 11.7 0.8 0.8 10.2 8.7 -28.2% 31.5% 1.1% 1.0%
JRPT Buy 412 670 62.6 5,665 997 1,065 5.7 5.3 0.7 0.6 5.0 4.4 -1.9% 6.7% 4.7% 0.1%
PWON Buy 448 670 49.6 21,576 1,791 2,395 12.0 9.0 1.3 1.2 8.0 6.4 -34.1% 33.7% 1.3% 1.3%
SMRA Buy 660 960 45.5 9,522 420 604 22.7 15.8 1.2 1.2 10.5 9.4 -18.5% 43.8% 0.8% 0.8%
LPKR Neutral 180 200 11.1 12,707 74 391 172.0 32.5 0.4 0.4 11.6 11.7 N/M 429.7% 0.6% 0.6%
DMAS Buy 175 390 122.9 8,435 1,441 1,086 5.9 7.8 1.2 1.2 5.3 7.4 81.9% -24.7% 13.7% 11.6%
BEST Neutral 128 130 1.6 1,235 107 122 11.6 10.1 0.3 0.3 6.1 8.9 -72.0% 14.2% 2.8% 0.7%
Telco 442,553 23,252 25,821 19.0 17.1 2.8 2.7 6.3 5.8 -10.4% 11.1% 4.3% 4.4%
EXCL Buy 2,720 3,400 25.0 29,071 2,037 912 14.3 31.9 1.4 1.4 6.0 5.8 185.9% -55.2% 0.7% 2.1%
TLKM Buy 3,200 3,800 18.8 316,999 18,520 20,942 17.1 15.1 3.0 2.9 5.8 5.3 -5.0% 13.1% 5.3% 5.3%
ISAT Buy 2,500 3,000 20.0 13,585 -1,760 -1,027 -7.7 -13.2 1.2 1.4 5.1 4.5 N/M 41.7% 0.0% 0.0%
LINK Buy 2,390 5,500 130.1 6,959 980 1,017 7.2 6.9 1.3 1.2 3.3 3.0 -3.3% 3.8% 7.0% 7.3%
TBIG Buy 1,120 1,250 11.6 24,227 1,008 1,194 24.0 20.3 4.5 4.0 11.1 10.5 23.0% 18.4% 2.5% 2.5%
TOWR Buy 1,030 1,070 3.9 51,711 2,468 2,782 21.0 18.6 5.2 4.5 11.5 10.5 5.4% 12.8% 2.3% 2.3%
Chemical 1,521 136 163 11.2 9.3 0.5 0.4 5.7 5.0 29.5% 20.3% 0.0% 0.0%
AGII Buy 496 700 41.1 1,521 136 163 11.2 9.3 0.5 0.4 5.7 5.0 29.5% 20.3% 0.0% 0.0%
Airlines 2,428 540 837 4.5 2.9 0.4 0.4 4.1 2.5 30.0% 55.0% 0.0% 0.0%
GMFI* Neutral 86 275 219.5 2,428 38 59 4.5 2.9 0.4 0.4 4.1 2.5 26.1% 56.3% 0.0% 0.0%
Transportation 2,902 -175 251 -16.6 11.6 0.6 0.5 12.3 4.8 #### N/M -1.5% 2.2%
BIRD Buy 1,160 1,700 46.6 2,902 -175 251 -16.6 11.6 0.6 0.5 12.3 4.8 N/M N/M -1.5% 2.2%
Poultry 109,224 2,746 5,083 39.8 21.5 3.1 2.8 16.8 11.6 -50.5% 85.1% 1.9% 1.0%
CPIN Buy 5,700 5,500 (3.5) 93,469 2,058 3,378 45.4 27.7 4.3 3.9 23.4 16.7 -43.4% 64.2% 1.7% 0.9%
JPFA Buy 1,230 1,100 (10.6) 14,424 646 1,566 22.3 9.2 1.3 1.2 8.8 5.6 -63.4% 142.4% 3.6% 1.3%
MAIN Buy 595 675 13.4 1,332 43 139 31.2 9.6 0.6 0.6 5.8 4.6 -72.0% 225.6% 1.0% 3.4%
Note:
- *) net profit in USD mn
- 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 10 of 11

 Mandiri Sekuritas A subsidiary of PT Bank Mandiri (Persero) Tbk
Menara Mandiri Tower I, 25th floor, Jl. Jend. Sudirman Kav. 54 – 55, Jakarta 12190, Indonesia
General: +62 21 526 3445, Fax : +62 21 527 5374 (Equity Sales)

RESEARCH
Adrian Joezer Head of Equity Research, Strategy, Consumer adrian.joezer@mandirisek.co.id +6221 5296 9415
Tjandra Lienandjaja Deputy Head of Equity Research, Banking tjandra.lienandjaja@mandirisek.co.id +6221 5296 9617
Ariyanto Kurniawan Automotive, Coal, Metal Mining, Chemical ariyanto.kurniawan@mandirisek.co.id +6221 5296 9682
Kresna Hutabarat Telecom, Media kresna.hutabarat@mandirisek.co.id +6221 5296 9542
Lakshmi Rowter Healthcare, Consumer, Retail lakshmi.rowter@mandirisek.co.id +6221 5296 9549
Robin Sutanto Property, Building Material robin.sutanto@mandirisek.co.id +6221 5296 9572
Edbert Surya Construction, Transportation edbert.surya@mandirisek.co.id +6221 5296 9623
Silvony Gathrie Banking, Research Assistant silvony.gathrie@mandirisek.co.id +6221 5296 9544
Riyanto Hartanto Poultry, Research Assistant riyanto@mandirisek.co.id +6221 5296 9488
Henry Tedja Research Assistant henry.tedja@mandirisek.co.id +6221 5296 9434
Wesley Louis Alianto Research Assistant wesley.alianto@mandirisek.co.id +6221 5296 9510
Leo Putera Rinaldy Chief Economist leo.rinaldy@mandirisek.co.id +6221 5296 9406
Imanuel Reinaldo Economist imanuel.reinaldo@mandirisek.co.id +6221 5296 9651

INSTITUTIONAL SALES
Silva Halim Managing Director silva.halim@mandirisek.co.id +6221 527 5375
Lokman Lie Head of Equity Capital Market lokman.lie@mandirisek.co.id +6221 527 5375
Andrew Handaya Institutional Sales andrew.handaya@mandirisek.co.id +6221 527 5375
Feliciana Ramonda Institutional Sales feliciana.ramonda@mandirisek.co.id +6221 527 5375
Henry Pranoto Institutional Sales henry.pranoto@mandirisek.co.id +6221 527 5375
Kevin Giarto Institutional Sales kevin.giarto@mandirisek.co.id +6221 527 5375
Sharon Anastasia Tjahjadi Institutional Sales sharon.tjahjadi@mandirisek.co.id +6221 527 5375
Talitha Medha Anindya Institutional Sales talitha.anindya@mandirisek.co.id +6221 527 5375
Angga Aditya Assaf Institutional Sales angga.assaf@mandirisek.co.id +6221 527 5375
Ilona Carissa Institutional Sales Ilona.simanungkalit@mandirisek.co.id +6221 527 5375
Kusnadi Widjaja Equity Dealing kusnadi.widjaja@mandirisek.co.id +6221 527 5375
Edwin Pradana Setiadi Equity Dealing edwin.setiadi@mandirisek.co.id +6221 527 5375
Jane Theodoven Sukardi Equity Dealing jane.sukardi@mandirisek.co.id +6221 527 5375
Michael Taarea Equity Dealing michael.taarea@mandirisek.co.id +6221 527 5375

RETAIL SALES
Andreas M. Gunawidjaja Head Retail Equities andreas@mandirisek.co.id 6221 5296 9693
Boy Triyono Jakarta boy.triyono@mandirisek.co.id 6221 5296 5678
Iedprima Intan Maradi Online Jakarta intan.maradi@mandirisek.co.id 6221 5296 9516
Ruwie Medan ruwie@mandirisek.co.id 6261 8050 1825
Linawati Surabaya linawati@mandirisek.co.id 6231 535 7218
Maulidia Osviana Lampung maulidia.osviana@mandirisek.co.id 62721 476 135
Aidil Idham Palembang aidil.idham@mandirisek.co.id 62711 319 900
Dhanan Febrie Handita Bandung dhanan.handita@mandirisek.co.id 6222 426 5088
Yuri Ariadi Pontianak yuri.ariadi@mandirisek.co.id 62561 582 293
Yogiswara Perdana Yogyakarta yogiswara.perdana@mandirisek.co.id 62274 560 596
Achmad Rasyid Bali achmad.rasyid@mandirisek.co.id 62361 475 3066
www.most.co.id care_center@mandirisek.co.id 14032

INVESTMENT RATINGS: Indicators of expected total return (price appreciation plus dividend yield) within the 12-month period from the date of the last
published report, are: Buy (15% or higher), Neutral (-15% to15%) and Sell (-15% or lower).

DISCLAIMER: This report is issued by PT. Mandiri Sekuritas, a member of the Indonesia Stock Exchanges (IDX) and Mandiri Sekuritas is registered and
supervised by the Financial Services Authority (OJK). Although the contents of this document may represent the opinion of PT. Mandiri Sekuritas, deriving its
judgement from materials and sources believed to be reliable, PT. Mandiri Sekuritas or any other company in the Mandiri Group cannot guarantee its
accuracy and completeness. PT. Mandiri Sekuritas or any other company in the Mandiri Group may be involved in transactions contrary to any opinion herein
to make markets, or have positions in the securities recommended herein. PT. Mandiri Sekuritas or any other company in the Mandiri Group may seek or will
seek investment banking or other business relationships with the companies in this report. For further information please contact our number
62-21-5263445 or fax 62-21-5275374.

ANALYSTS CERTIFICATION: Each contributor to this report hereby certifies that all the views expressed accurately reflect his or her views about the
companies, securities and all pertinent variables. It is also certified that the views and recommendations contained in this report are not and will not be
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