INVESTOR DIGEST

Equity Research | 25 June 2020

Economic Data HIGHLIGHT

Latest 2020F
 Banking: PMK 70/2020 - Bait to Get the Economy Rolling Again 
7-DRRR (%), eop 4.25 4.50  Market Recap June 24th 2020; JCI 4,964.74 Points +85.60 pts (+1.75%); Valued
Inflation (YoY %) 2.19 2.70 $554mn; Mkt Cap $384bn; USD/IDR 14,186 
US$ 1 = Rp, period avg 14,186 14,745

Stock Market Data SECTOR

(24 June 2020)
Banking: PMK 70/2020 - Bait to Get the Economy Rolling Again
JCI Index 4,964.7 1.75%
Trading T/O ( Rp bn ) 7,840.0  The new PMK 70/2020 allows the government to place funds in commercial
Market Cap ( Rp tn ) 5,743.9 banks so they can extend more loans. An initial Rp30tn will be placed in four
state banks at 3.4% pa for a maximum of six months. This provides additional
liquidity for banks, but not without risk.
Market Data Summary*  The Ministry of Finance issues a new ruling, PMK 70/PMK.05/2020, which
allows the government to place the state’s excess funds in commercial banks as
2020F 2021F
a way to accelerate the national economic recovery program (PEN) on handling
the impact of COVID-19 outbreaks. The ruling on PEN is laid out in PP23/2020.
P/E (x) 19.4 14.2
P/BV (x) 2.0 1.9  Eligible banks for the initial Rp30tn fund placement. The new regulation
EV/EBITDA (x) 13.0 11.4 mentions the eligibility of commercial banks for the state fund placement:
Div. Yield (%) 3.5 2.6
1. The bank is majority owned by Indonesians or Indonesian entities;
Net Gearing (%) 24.4 21.6
2. The bank must have a minimum composite health index level of 3 (1-5 with
ROE (%) 10.5 13.7
5 being the worst);
EPS Growth (%) -26.0 36.7
EBITDA Growth (%) -8.2 13.3 3. The bank supports the government’s acceleration of the national economic
Earnings Yield (%) 5.2 7.1 recovery.

 Banks need to apply to the Director General of Treasury of the MoF to become a
* Aggregate of 75 companies in MS research universe,
partner bank for this purpose. As a start, the government will place Rp30tn funds
representing 62.1%of JCI’s market capitalization
in four state banks: BBRI, BMRI, BBNI, and BBTN.

 Funds’ tenor, rate, and usage restrictions. The MoF states in today’s press
conference that—aside from the placement of a maximum for six (6) months at
the interest of 80% of 7-DRR rate of 4.25%, hence at 3.40% pa—the banks need
to extend these funds into loans at three times as much. The funds have
restrictions: they cannot be used to buy government papers nor foreign
currencies.

 BBRI states that it will use the funds to extend loans for the MSME segment
involved in food, distribution, and health related industries, with rural areas to
get the most of the new loan allocation (50%), with urban area at 30% and
suburban at 20%. BMRI will give new loans for tourism-related industries, BBNI
for labor-intensive industries, and BBTN for housing loans and construction.

Please see important disclosure at the back of this report Page 1 of 7

 Equity Research | 25 June 2020

 Additional short-term liquidity for banks, but not without risk. While the initial four state banks still have ample
liquidity, the placement, which will be followed by new loan extensions, should provide some incentives for the economy
to start rolling again after the 2-3-month social-restriction period. However, as the loans are not guaranteed by the
government, banks will take some measured risks in channeling new loans to their customers. The 3.4% cost of funds is
similar to the average cost of funds of the four state banks in 4M20, which ranged from 2.9% for BBNI and BMRI to 5.7%
for BBTN.

 The fund placement is not limited to the top 15 banks, hence open for domestically owned banks, even those with a
health index level of 3 (the health index level is not publicly revealed). That said, the other regulation, PMK
64/PMK.05/2020 on fund placement on the anchor banks, is less attractive for banks than the new one. Further technical
instruction on the new ruling should be out soon. We still maintain our Overweight call on the sector.

Tjandra Lienandjaja (+6221 5296 9617) tjandra.lienandjaja@mandirisek.co.id

Silvony Gathrie (+6221 5296 9544) silvony.gathrie@mandirisek.co.id

MARKET

Market Recap June 24th 2020; JCI 4,964.74 Points +85.60 pts (+1.75%); Valued $554mn; Mkt Cap $384bn; USD/IDR
14,186

 TOP TURNOVER: BBRI BBNI BMRI TLKM BBTN PGAS BBCA ASII PTBA TOWR MDKA MNCN UNVR ADRO JSMR AKRA ICBP
(55%)

 ADVANCING SECTOR: financial+3.2%; cement+1.8%; construction & property+1.2%; auto+1%; consumer+0.9%;

mining+0.7%; telco+0.3%

 DECLINING SECTOR: plantation-0.7%

 Upbeat PMI data helped stoke hopes for a global economic recovery while investors are so far betting that a surge in
infections will not prompt further lockdowns or dent global economic recovery. For a second consecutive week, Texas,
Arizona and Nevada set records in their virus outbreaks, and 10 other states from Florida to California were grappling with
a surge in infections. Australia has reported its first COVID-19 death in more than month, amid an upswing in new cases in
Victoria state, where some restrictions on gathering have been re-imposed. The JCI jumped 1.8% to 4965 level. Banks and
miners led the gain while plantation was hit by profit taking. For banks, the Indo govt will extend IDR30TN in credit to SOE
at lower interest to accelerate national recovery program. Fund meant to support recovery in real sector and economy
with SOE Ministry monitoring the program. The program will be reviewed in three months. All SOE banks led by
BBTN+12% followed by BBNI+8.2% BMRI+7.5% BBRI+3.7%. As for miners, the global energy industry downturn at the
hands of COVID-19 has benefitted the coal plays as the use of coal is viewed as the only financially viable option to meet
growing power demand: ADRO+4% PTBA+1.9% ANTM+1.7% HRUM+1.3% DOID+0.7%. Then for gold players (PSAB+1.1%
ANTM+1.7% MDKA flat), the decline in USD and endless cheap liquidity from central banks helped lift the bullion to
highest since Oct 2012. The metal was last at $1770 an ounce. Oil prices pulled back after hitting their highest since early
March, on expectations that US inventories will hit a record high for a third week in a row. WTI recently fell 0.89% to
$40.01 per barrel and Brent was flat on the day. Market turnover (excluding $10MN TCPI; $6.3MN BHAT; $6.2MN APIC
crossing) rose 35% d/d to $554MN. Foreign participants slowed to 20% and came up better seller for 25%. Gainers beat
losers by 3 to 2. The USD remained under pressure, underpinning investor appetite for riskier currencies. The IDR
recovered from 14198 to 14186 level. The country’s 10-year govt bond fell 2 bps to 7.15%. Global funds sold a net of
$9.44MN in Indo bonds on June 22nd; and sold a net of $37.2MN in country’s equities on June 23rd.

Sales Team +6221 527 5375

Please see important disclosure at the back of this report Page 2 of 7

 Equity Research | 25 June 2020

FROM THE PRESS

Government will install CEIR Cloud to enhance IMEI implementation

Government through Ministry of Industry and Ministry of Communication and Informatics will install CEIR Cloud in early July
to enhance IMEI implementation in Indonesia. According to several news, smartphone from black market still exist as the
implementation was weak. CEIR Cloud is the short term solution from government to increase the implementation while
waiting for CEIR devices to be installed in August. The CEIR devices will be ready on Aug, 24th 2020. (Kompas)

Mitra Keluarga (MIKA) to distribute Rp21/share dividend

MIKA will distribute total dividend of Rp299.1bn or 41% payout ratio based on FY19 net profit. This cash dividend translates
into 0.9% yield based on yesterday's closing price. (Investor Daily)

Industry loan growth stood at +3.04% yoy in May-20

This is lower than the 5.73% recorded in Apr-20 due to the Covid-19 outbreak. Meanwhile, deposit growth was at +8.87% in
May-20 vs. 8.08% in Apr-20. NPL increased to 3.01% from 2.89% last month, while CAR was at 22.16%. (Investor Daily)

Telkomsel assigned 3 new directors in AGM

Telkomsel, subsidiary of Telekomunikasi Indonesia (TLKM IJ), assigned 3 new directors in AGM, which are Leonardus Wahyu
Wasono (CFO), Hendri Mulya Syam (Chief of Network), and R. Muharam Perbawamukti (Chief of Human Capital Management).
Wahyu Wasono previously held position as Chief Finance and Business Partner Officer in PT Telekomunikasi Indonesia
International. Meanwhile, Hendri Mulya Syam was a Chief Sales & Distribution Officer in Indosat Ooredoo. Lastly, Muharam
Perbawamukti held position as Senior Vice President Corporate Secretary Telkomsel since 2017. (Kontan)

Please see important disclosure at the back of this report Page 3 of 7

 Equity Research | 25 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 4,964.7 +1.8 -21.2 Rp/US$ 14,130 -0.23 -2.0 Crude Oil, WTI (US$/bl) 38.01 -5.9 -37.7
Dow Jones 25,445.9 -2.7 -10.8 US$/EUR 1.125 -0.50 -0.3 Copper (US$/mt) 5,892 +0.5 -4.2
Nikkei 22,534.3 -0.1 -4.7 YEN/US$ 107.04 +0.49 +1.5 Nickel (US$/mt) 12,666 +0.6 -9.2
Hang Seng 24,781.6 -0.5 -12.1 SGD/US$ 1.393 +0.16 -3.4 Gold (US$/oz) 1,761 -0.4 +16.1
STI 2,628.6 -0.2 -18.4 Tin 3-month (US$/mt) 16,896 +0.2 -1.6
Ishares indo 18.6 +0.2 -27.6 CPO futures (Ringgit/ton) 2,436 -1.2 -19.6
Coal (US$/ton) 52.9 -0.3 -21.9
Foreign YTD
YTD Gov. Bond Chg
Fund Flows Last Chg Last Chg Rubber forward (US¢/kg) 146.4 +1.1 -12.0
Chg Yield (bps)
(US$mn) (bps)
Soybean oil
Equity Flow -17.7 -898 5Yr 6.55 -6 +11 27.65 -1.9 -19.8
(US$/100gallons)
Bonds Flow +4.9 -7,553 10Yr 7.14 -3 +8 Baltic Dry Index 1,617.0 +4.0 +48.3

Please see important disclosure at the back of this report Page 4 of 7

 Equity Research | 25 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 4,965 5,540 11.6 3,628,661 187,306 256,076 19.4 14.2 2.0 1.9 13.0 11.4 -26.0% 36.7% 3.5% 2.6%
Banking 1,334,525 63,760 102,414 20.9 13.0 2.0 1.8 N.A. N.A. -34.2% 60.6% 3.3% 1.6%
BBCA Neutral 28,525 26,500 (7.1) 703,284 22,167 29,781 31.7 23.6 4.0 3.6 N.A. N.A. -22.4% 34.3% 2.0% 1.3%
BBNI Buy 4,740 5,900 24.5 88,395 7,073 15,323 12.5 5.8 0.8 0.7 N.A. N.A. -54.0% 116.6% 4.4% 2.0%
BBRI Buy 3,120 3,000 (3.8) 384,691 20,229 35,699 19.0 10.8 2.0 1.7 N.A. N.A. -41.1% 76.5% 5.4% 1.6%
BBTN Buy 1,215 1,350 11.1 12,867 1,236 1,554 10.4 8.3 0.7 0.7 N.A. N.A. 490.6% 25.7% 4.4% 2.2%
BDMN Buy 2,810 4,000 42.3 26,933 2,703 4,752 10.0 5.7 0.6 0.5 N.A. N.A. -33.6% 75.8% 5.3% 3.5%
BJBR Buy 780 860 10.3 7,674 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 505 590 16.8 7,576 1,146 1,434 6.6 5.3 0.8 0.7 N.A. N.A. -16.8% 25.2% 9.5% 9.6%
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 830 1,100 32.5 19,993 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 3,220 3,200 (0.6) 24,806 1,189 1,547 20.9 16.0 3.9 3.3 N.A. N.A. -15.1% 30.1% 1.1% 1.0%
BFIN Buy 282 900 219.1 4,220 1,532 1,674 2.8 2.5 0.5 0.4 N.A. N.A. 6.4% 9.2% 10.2% 10.9%
Construction & materials 170,662 8,209 11,196 20.8 15.2 1.3 1.2 11.8 9.5 -33.4% 36.4% 2.0% 1.6%
INTP Buy 12,300 14,500 17.9 45,279 1,673 2,003 27.1 22.6 1.9 1.8 12.2 10.6 -8.9% 19.8% 1.4% 1.3%
SMGR Buy 9,475 11,020 16.3 56,201 2,520 2,825 22.3 19.9 1.7 1.6 9.2 8.6 5.4% 12.1% 2.2% 1.7%
ADHI Neutral 615 1,120 82.1 2,190 619 593 3.5 3.7 0.3 0.3 4.0 4.2 -6.8% -4.2% 6.1% 5.7%
PTPP Buy 855 2,050 139.8 5,301 981 1,320 5.4 4.0 0.5 0.4 4.9 4.6 2.4% 34.6% 5.4% 5.5%
WIKA Buy 1,260 2,500 98.4 11,290 1,671 1,871 6.8 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 290 700 141.4 2,527 586 678 4.3 3.7 0.7 0.6 3.2 2.9 14.3% 15.7% 6.1% 7.0%
WSBP Buy 204 360 76.5 5,378 842 954 6.4 5.6 0.7 0.6 5.7 5.0 4.5% 13.3% 7.5% 7.8%
JSMR Buy 4,500 5,900 31.1 32,660 266 1,822 122.7 17.9 1.8 1.6 24.0 12.7 -87.9% 584.6% 1.4% 0.2%
Consumer staples 921,959 40,952 51,121 22.5 18.0 4.8 4.4 14.7 12.0 -15.5% 24.8% 3.8% 3.2%
ICBP Buy 9,075 10,300 13.5 105,832 5,389 6,005 19.6 17.6 3.8 3.4 11.5 10.8 6.9% 11.4% 2.4% 2.5%
INDF Buy 6,525 8,450 29.5 57,289 5,245 5,573 10.9 10.3 1.4 1.3 7.1 6.5 6.9% 6.3% 4.3% 4.6%
MYOR Buy 2,290 2,650 15.7 51,202 2,861 2,745 17.9 18.7 4.3 3.8 12.7 11.3 43.9% -4.1% 1.5% 2.1%
UNVR Buy 8,075 9,500 17.6 308,061 7,495 8,038 41.1 38.3 60.7 58.3 29.3 27.1 1.4% 7.2% 2.4% 2.4%
GGRM Buy 47,700 63,450 33.0 91,779 7,422 10,321 12.4 8.9 1.7 1.6 8.1 6.3 -31.8% 39.1% 5.5% 5.5%
HMSP Buy 1,710 2,400 40.4 198,904 8,342 13,384 23.8 14.9 6.5 5.6 18.5 11.0 -39.2% 60.4% 6.8% 4.1%
KLBF Buy 1,460 1,650 13.0 68,438 2,764 2,985 24.8 22.9 3.9 3.6 16.8 15.4 10.2% 8.0% 2.0% 2.2%
SIDO Buy 1,215 1,450 19.3 18,225 872 947 20.9 19.3 5.7 5.5 15.5 14.2 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 51,620 1,042 1,271 49.5 40.6 3.9 3.6 17.0 14.4 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 5,500 7,150 30.0 8,938 44 100 201.4 89.3 1.4 1.4 7.4 6.0 107.0% 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 294,693 18,209 25,233 16.2 11.7 1.5 1.4 9.2 8.3 -39.6% 38.6% 4.3% 3.0%
ACES Neutral 1,535 1,500 (2.3) 26,325 711 1,055 37.0 24.9 5.3 4.7 28.4 20.1 -31.0% 48.5% 2.0% 1.4%
LPPF Buy 1,605 1,800 12.1 4,683 50 497 92.8 9.4 2.6 2.1 8.2 3.4 -96.3% 884.6% 0.0% 0.3%
MAPA Buy 2,640 3,850 45.8 7,525 54 606 138.2 12.4 2.5 2.1 19.4 6.6 -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 1,285 1,500 16.7 4,099 140 355 29.2 11.5 0.8 0.8 13.0 8.4 -52.5% 153.2% 0.7% 1.7%
ASII Buy 5,000 5,000 0.0 202,418 14,710 17,216 13.8 11.8 1.3 1.2 8.8 9.0 -32.2% 17.0% 4.8% 3.3%
SCMA Buy 1,095 1,800 64.4 16,127 1,566 1,693 10.3 9.5 2.7 2.5 7.2 6.8 35.7% 8.1% 6.8% 7.3%
MNCN Buy 980 2,200 124.5 12,156 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 284 650 128.9 1,477 267 316 5.5 4.7 1.0 0.9 3.2 3.1 16.3% 18.1% 9.0% 10.7%
PZZA Buy 890 900 1.1 2,689 119 216 22.5 12.5 2.0 1.8 8.4 6.1 -40.3% 80.6% 3.7% 2.2%
Commodities 211,943 21,424 22,942 9.9 9.2 0.9 0.9 3.8 3.4 -11.8% 7.1% 3.9% 4.1%
UNTR Buy 16,725 22,500 34.5 62,387 8,962 9,195 7.0 6.8 1.0 0.9 3.0 2.6 -20.8% 2.6% 4.3% 4.4%
ADRO* Neutral 1,045 1,350 29.2 33,425 372 353 6.3 6.7 0.6 0.6 2.7 2.5 -7.9% -5.2% 5.6% 5.2%
HRUM* Neutral 1,200 1,300 8.3 3,080 17 14 12.4 15.9 0.7 0.7 0.2 -0.1 -5.9% -21.7% 4.4% 3.5%
INDY* Neutral 675 910 34.8 3,517 2 6 149.2 38.9 0.3 0.3 1.5 1.1 N/M 286.9% 0.2% 0.6%

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 Equity Research | 25 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 7,400 10,450 41.2 8,115 100 101 5.7 5.7 0.6 0.6 1.6 1.5 -20.8% 0.9% 15.0% 15.0%
PTBA Neutral 2,120 2,350 10.9 24,428 3,482 3,496 7.0 7.0 1.3 1.2 4.3 4.3 -18.3% 0.4% 10.7% 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 2,820 3,500 24.1 28,020 88 133 22.3 14.9 1.0 0.9 6.1 4.9 53.0% 51.1% 0.0% 0.0%
TINS Neutral 610 670 9.8 4,543 -420 246 -10.8 18.4 0.9 0.8 36.5 8.9 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 89,499 7,211 9,744 12.4 9.2 0.7 0.6 8.8 8.1 -4.7% 35.1% 2.3% 1.9%
ASRI Sell 133 80 (39.8) 2,613 150 938 17.4 2.8 0.2 0.2 6.7 5.3 -85.2% 524.8% 1.5% 1.5%
BSDE Buy 790 1,160 46.8 16,725 1,399 2,050 12.0 8.2 0.5 0.5 10.0 9.3 -54.4% 46.5% 0.0% 0.6%
CTRA Buy 645 1,120 73.6 11,971 832 1,094 14.4 10.9 0.7 0.7 9.8 8.4 -28.2% 31.5% 1.2% 1.1%
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 436 670 53.7 20,998 1,791 2,395 11.7 8.8 1.3 1.1 7.8 6.2 -34.1% 33.7% 1.4% 1.4%
SMRA Buy 630 960 52.4 9,089 420 604 21.6 15.1 1.2 1.1 10.3 9.2 -18.5% 43.8% 0.8% 0.8%
LPKR Neutral 178 200 12.4 12,565 74 391 170.1 32.1 0.4 0.4 11.6 11.7 N/M 429.7% 0.6% 0.6%
DMAS Buy 179 390 117.9 8,627 1,441 1,086 6.0 7.9 1.2 1.2 5.5 7.5 81.9% -24.7% 13.4% 11.3%
BEST Neutral 129 130 0.8 1,245 107 122 11.7 10.2 0.3 0.3 6.1 8.9 -72.0% 14.2% 2.7% 0.7%
Telco 438,683 23,252 25,821 18.9 17.0 2.8 2.7 6.2 5.7 -10.4% 11.1% 4.4% 4.5%
EXCL Buy 2,690 3,400 26.4 28,751 2,037 912 14.1 31.5 1.4 1.4 6.0 5.7 185.9% -55.2% 0.8% 2.1%
TLKM Buy 3,180 3,800 19.5 315,018 18,520 20,942 17.0 15.0 3.0 2.9 5.8 5.3 -5.0% 13.1% 5.3% 5.3%
ISAT Buy 2,380 3,000 26.1 12,933 -1,760 -1,027 -7.3 -12.6 1.2 1.3 5.0 4.5 N/M 41.7% 0.0% 0.0%
LINK Buy 2,370 5,500 132.1 6,901 980 1,017 7.1 6.9 1.3 1.2 3.2 3.0 -3.3% 3.8% 7.1% 7.4%
TBIG Buy 1,150 1,250 8.7 24,876 1,008 1,194 24.7 20.8 4.6 4.1 11.3 10.7 23.0% 18.4% 2.4% 2.4%
TOWR Buy 1,000 1,070 7.0 50,205 2,468 2,782 20.3 18.0 5.0 4.3 11.3 10.3 5.4% 12.8% 2.4% 2.4%
Chemical 1,533 136 163 11.3 9.4 0.5 0.4 5.7 5.1 29.5% 20.3% 0.0% 0.0%
AGII Buy 500 700 40.0 1,533 136 163 11.3 9.4 0.5 0.4 5.7 5.1 29.5% 20.3% 0.0% 0.0%
Airlines 2,456 540 837 4.6 2.9 0.4 0.4 4.1 2.5 30.0% 55.0% 0.0% 0.0%
GMFI* Neutral 87 275 215.8 2,456 38 59 4.6 2.9 0.4 0.4 4.1 2.5 26.1% 56.3% 0.0% 0.0%
Transportation 2,752 -175 251 -15.7 11.0 0.5 0.5 11.7 4.7 #### N/M -1.6% 2.3%
BIRD Buy 1,100 1,700 54.5 2,752 -175 251 -15.7 11.0 0.5 0.5 11.7 4.7 N/M N/M -1.6% 2.3%
Poultry 108,335 2,746 5,083 39.4 21.3 3.1 2.8 16.7 11.5 -50.5% 85.1% 1.9% 1.0%
CPIN Buy 5,650 5,500 (2.7) 92,649 2,058 3,378 45.0 27.4 4.3 3.8 23.2 16.6 -43.4% 64.2% 1.7% 0.9%
JPFA Buy 1,225 1,100 (10.2) 14,365 646 1,566 22.2 9.2 1.3 1.2 8.8 5.5 -63.4% 142.4% 3.6% 1.3%
MAIN Buy 590 675 14.4 1,321 43 139 30.9 9.5 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 6 of 7

 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
influenced by any part or all of his or her compensation.