INVESTOR DIGEST

Equity Research | 10 August 2020

Economic Data HIGHLIGHT

Latest 2020F
 Banking: Government Eases Liquidity Assistance Criteria 
7-DRRR (%), eop 4.00 4.00  Telkom 2Q20 Results: Profits Saved by Cost Cuts, PSAK73 & Tax (TLKM; Rp2,980; Buy;
Inflation (YoY %) 1.54 2.52 TP: Rp3,800) 
US$ 1 = Rp, period avg 14,661 14,745  Telkom 2Q20 Results: Telkomsel vs. Non-Telkomsel Trends (TLKM; Rp2,980; Buy; TP:
Rp3,800) 
 United Tractors: A (Much) Cheaper Gold Play (UNTR; Rp24,700; Buy; TP: Rp32,500) 
Stock Market Data  Market Recap August 7th 2020; JCI 5,143.89 Points -34.38 pts (-0.66%); Valued
(07 August 2020)
$513mn; Mkt Cap $394bn; USD/IDR 14,661 
JCI Index 5,143.9 -0.66%
Trading T/O ( Rp bn ) 7,544.7
SECTOR
Market Cap ( Rp tn ) 5,961.4

Banking: Government Eases Liquidity Assistance Criteria

 The government issued PMK 43/2020, relaxing some criteria for banks seeking
Market Data Summary*
liquidity assistance to accelerate the economy recovery process. In addition, 17
banks have so far agreed to join the government loan guarantee program, which
2020F 2021F
should support industry loan growth in 2H20 onward. Maintain Overweight.

P/E (x) 20.5 14.7  PP #43/2020 revised PP #23/2020. The government has issued PP #43/2020,
P/BV (x) 2.1 1.9 which mainly relaxes the criteria for banks to receive liquidity aid previously
EV/EBITDA (x) 13.4 11.6 stipulated under PP #23/2020, and also adds more institutions as loan
Div. Yield (%) 3.3 2.5 guarantors for new working capital loans being extended. The new regulation
Net Gearing (%) 25.5 22.7 revised a number of points:
ROE (%) 10.1 13.6  Terms: changing the term participating-executing banks into partner banks,
EPS Growth (%) -26.9 39.8 deleting article 11 of PP 23, which regulated the participating-executing
EBITDA Growth (%) -10.1 14.6 banks.
Earnings Yield (%) 4.9 6.8  Process: The government has simplified the disbursement process by
directly placing the funds into banks seeking liquidity support without the
* Aggregate of 76 companies in MS research universe, need of a channeling bank.
representing 63.6%of JCI’s market capitalization
 Bank ownership: The majority shareholder can be the government,
Indonesian citizens or Indonesian entities. PP #23/2020 had required that a
bank must be at least 51% owned by Indonesian citizens/entities.
 Healthiness index: The bank should have a minimum level of composite
health index of 3. The previous regulation had required an executing bank
to have a composite health index of 2 (in 1-5 range with 1 being the best).
 Size of company: The new regulation has eliminated the criterion which
required a bank to be within the top 15 largest banks.
 Government’s fund guarantee: The Indonesia Deposit Insurance
Corporation (LPS) guarantees the funds placed in partner banks.
 Loan guarantee: The government has appointed a number of government
institutions to provide guarantee for the new working capital loans, namely:
the Indonesia Export Financing Agency (LPEI), the Indonesia Infrastructure
Guarantee Fund (PT Penjaminan Infrastruktur Indonesia), Jamkrindo, and
Askrindo. The former regulation only mentioned Jamkrindo and Askrindo as
the credit guarantors.

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 Equity Research | 10 August 2020

 Seventeen banks in partnership with the government guarantee program. The government has collaborated with 17
banks in the move to jumpstart the economy through working capital loan extensions that are guaranteed by state
companies. The government estimates Rp51tn of new working capital loans are needed to reopen the economy in the
remaining 5 months of 2020, and Rp81tn in 2021.
 BBCA, BDMN, DBS Indonesia, HSBC Indonesia, ICBC Indonesia, Maybank (BNII), Bank Resona Perdania, Standard
Chartered Bank, Bank UOB Indonesia, BMRI, BBNI, BBRI, BBTN, Bank DKI, Bank MUFG, BJBR, and BTPS have so far
signed for the loan guarantee program.
 The banks will distribute Rp100tn of working capital loans until 2021, targeted for loans in the non-MSME segments
and for non-SOE companies, with loan size from Rp10bn (USD 0.69mn) to Rp1tn (USD 69mn). The loans are targeted
for export-oriented industries and/or labor intensive companies with >300 staffs.
 At least 60% of the credit risk will be borne by state institutions: LPEI, PT Penjamin Infrastruktur Indonesia, Jamkrindo,
and Askrindo. Up to 80% of the credit risk will be borne by the state institutions if the loans are extended to the
priority sectors: tourism related (hotel, restaurants), automotive, textile & textile products, footwear, electronics and
wood processing & furniture.
 The government pays 100% of the insurance premium for loans up to Rp300bn, and 50% for loans from Rp300bn to
Rp1tn. The funding source is from the national economic recovery (PEN) budget.
 Lending rate is expected at 7% pa.

 Our thoughts. The issuance of PP #43/2020 is meant to accelerate economic recovery through faster liquidity assistance
disbursement and to boost stronger loan growth, especially in the second half of the year. This move is aimed for banks
to help industry players restart business activities again after months of lockdown. The industry is now looking at 4-5%
loan growth for 2020 and has started extending loans again since June. While the expected loans to be restructured are
set at 20-30%, around 18% have been done in all segments. The government has placed Rp30tr funds in four state banks,
which are required to triple the amount as their new loans and another Rp11.5tr to regional development banks, for them
to extend new loans twice as much as the funds placement. The government has allocated Rp79tn budget for the state
funds placement. We maintain our Overweight call on the banking sector.

STATE FUNDS PLACEMENTS (PMK 70)

Banks State funds placement (Rp tn) Sectors
BBRI 10.0 Food, distribution and health related
BMRI 10.0 Tourism
BBNI 5.0 Labor-intensive industries
BBTN 5.0 Housing loans & constructions
BJBR 2.5 Productive sectors
BJTM 2.0 Productive sectors
Bank DKI 2.0 Productive sectors
Bank Jateng 2.0 Productive sectors
Bank Sulutgo 1.0 Productive sectors
BPD Bali 1.0 Productive sectors
BPD Yogyakarta 1.0 Productive sectors
Source: Various

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

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

Please see important disclosure at the back of this report Page 2 of 12

 Equity Research | 10 August 2020

CORPORATE

Telkom 2Q20 Results: Profits Saved by Cost Cuts, PSAK73 & Tax (TLKM; Rp2,980; Buy; TP: Rp3,800)

 Telkom booked 5.3% YoY revenue decline, but 11.1% YoY EBITDA and 5.6% YoY Net Income growth in 2Q20. Revenue
pressures are most felt in mobile voice and fixed ICT, but IndiHome sustained growth. Fiscal boost in 2H20 and mobile
product push could help rejuvenate growth from 2H20 onwards, we think. Reiterate BUY.

 2Q20 Revenues of Rp32.7tn (-5.3% YoY, -4.5% QoQ) missed our estimate by 2.0%. The revenue decline was mainly
driven by cellular legacy revenue decline, reflected by 34.6% YoY decline in ‘Mobile’ revenues in 2Q20. The massive
Mobile revenue decline can be attributed to economic pressures since Covid-19 outbreak in Mar ’20, which limited
mobile network and Ramadhan season monetization. On the positive side, Telkom managed to sustain IndiHome growth
momentum, still up 18.5% YoY in 2Q20. Data & Internet revenues showed growth deceleration to 2.4% YoY in 2Q20, vs
3.7% in 1Q20, mainly due to non-mobile data & internet revenue slowdown. On a 6-month basis, Telkom booked
Rp66.9tn Revenues in 1H20, down 3.6% YoY and forming 49.5%/47.7% of our/consensus FY20 revenue estimates.

 2Q20 EBITDA of Rp17.3tn (+11.1% YoY, -7.7% QoQ) beat our estimate by 4.3%. Cash opex dropped 18.9% YoY/0.6%
QoQ in 2Q20 as the company reported 28.0% YoY decline in Operation & Maintenance (O&M) costs. The strong O&M
costs decline can be attributed to PSAK 73/IFRS 16 implementation. Cost savings were evident on the G&A, Marketing,
and Interconnection items, which declined 19.3% YoY, 24.9% YoY, and 2.0% YoY, respectively. As a result, EBITDA margin
held up well at 53.0% in 2Q20, vs. 45.2% in 2Q19. On a 6-month basis, Telkom booked Rp36.1tn EBITDA in 1H20, up
8.9% YoY and forming 52.9%/51.9% of our/consensus FY20 EBITDA estimates. 1H20 EBITDA margin closed at 54.0%, up
620bps YoY.

 D&A charges picked up 21.5% YoY in 2Q20, again due to PSAK 73/IFRS 16 implementation. As a result, Operating Income
reached Rp10.2tn in 2Q20, up 4.8% YoY and Rp22.2tn in 1H20, up 2.3% YoY.

 2Q20 Net Profit of Rp5.13tn (+5.6% YoY, -12.5% QoQ) beat our estimate by 13.9%. Non-operating expenses more than
tripled on YoY basis in 2Q20, mainly due to FX loss (reversal from gains in 1Q20) and Rp342bn impairment in fair value of
investments (solely from Tiphone stake write-down). Interest expense, however, trended relatively flattish QoQ/YoY,
despite of higher finance lease liabilities. Effective tax rate also declined closer to new statutory tax level of 22% in 2Q20.
On a 6-month basis, Telkom booked Rp11.0tn Net Profit in 1H20, down 0.8% YoY and forming 56.6%/53.0% of
our/consensus FY20 Net Profit estimates.

 Reiterate BUY. The revenue trend in 1H20 was aggravated by economic pressures amidst the Covid-19 crisis, while
profitability had been supported by: i) cost saving initiatives; ii) PSAK 73/IFRS 16 adoption; and iii) lower tax rate.
Aggressive fiscal support in 2H20 and mobile product push can potentially defend ARPU and help Telkom regain revenue
momentum in coming quarters, in our view. The stock also trades at favorable valuation at 15.4x/14.2x P/E ’20/’21, and
comes with ~5% dividend yield and 8.6% EPS CAGR ’20-23F, in our estimates.

TLKM: 2Q20 RESULTS

vs % of FY20 % of FY20
in Rp bn 2Q19 1Q20 2Q20 2Q20F YoY QoQ 6M19 6M20 YoY
Mansek's cons. Mansek
Data and Internet 18,264 19,207 18,703 18,720 2.4% -2.6% -0.1% 36,788 37,910 3.0%
IndiHome 4,464 5,077 5,292 5,177 18.5% 4.2% 2.2% 8,706 10,369 19.1%
Mobile 6,481 5,073 4,236 4,907 -34.6% -16.5% -13.7% 12,815 9,309 -27.4%
Interconnection 1,686 2,051 2,070 2,000 22.8% 0.9% 3.5% 3,300 4,121 24.9%
Others 2,424 1,735 1,430 1,500 -41.0% -17.6% -4.7% 5,361 3,165 -41.0%
Network 494 439 399 420 -19.2% -9.1% -5.0% 931 838 -10.0%
Fixed 692 612 532 600 -23.1% -13.1% -11.3% 1,444 1,144 -20.8%
Revenues 34,505 34,194 32,662 33,324 -5.3% -4.5% -2.0% 69,345 66,856 -3.6% 47.7% 49.5%

Operation &
11,081 8,252 7,975 8,800 -28.0% -3.4% -9.4% 21,790 16,227 -25.5%
Maintenance
Personnel 3,356 3,451 3,565 3,630 6.2% 3.3% -1.8% 6,488 7,016 8.1%

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 Equity Research | 10 August 2020

vs % of FY20 % of FY20
in Rp bn 2Q19 1Q20 2Q20 2Q20F YoY QoQ 6M19 6M20 YoY
Mansek's cons. Mansek
Marketing 1,085 641 815 800 -24.9% 27.1% 1.9% 1,992 1,456 -26.9%
G&A 1,920 1,572 1,549 1,900 -19.3% -1.5% -18.5% 3,214 3,121 -2.9%
Interconnection 1,469 1,519 1,440 1,585 -2.0% -5.2% -9.1% 2,737 2,959 8.1%
Operating expenses 18,911 15,435 15,344 16,715 -18.9% -0.6% -8.2% 36,221 30,779 -15.0%

EBITDA 15,594 18,759 17,318 16,609 11.1% -7.7% 4.3% 33,124 36,077 8.9% 51.9% 52.9%
-184
% margin 45.2% 54.9% 53.0% 49.8% 783 bps 318 bps 47.8% 54.0% 620 bps
bps

D&A 5,825 6,849 7,078 6,900 21.5% 3.3% 2.6% 11,467 13,927 21.5%

-
Operating profit 9,769 11,910 10,240 9,709 4.8% 5.5% 21,657 22,150 2.3% 50.6% 54.5%
14.0%
-348
% margin 28.3% 34.8% 31.4% 29.1% 304 bps 222 bps 31.2% 33.1% 190 bps
bps

Interest Income 361 219 264 205 -26.9% 20.5% 28.8% 637 483 -24.2%
Interest expense (1,054) (1,215) (1,100) (1,235) 4.4% -9.5% -10.9% (2,050) (2,315) 12.9%
Forex (11) 205 (289) - n.a. n.a. n.a. (56) (84) n.a.
Equity gain 21 (9) (55) - n.a. n.a. n.a. 41 (64) n.a.
Others 248 (224) 342 - 37.9% n.a. n.a. 253 118 -53.4%
Extraordinaries 175 38 (311) - n.a. n.a. n.a. 356 (273) n.a.
Non-operating items (260) (986) (1,149) (1,030) n.a. 16.5% 11.6% (819) (2,135) 160.7%

-
Pretax profit 9,509 10,924 9,091 8,679 -4.4% 4.7% 20,838 20,015 -3.9%
16.8%

Taxes 2,515 2,623 1,959 1,996 -22.1% -25.3% -1.9% 5,340 4,582 -14.2%
-246
% effective tax rate 26.4% 24.0% 21.5% 23.0% -490 bps -145 bps 25.6% 22.9% -273 bps
bps

Minority Interest (2,140) (2,439) (2,005) (2,182) -6.3% -17.8% -8.1% (4,420) (4,444) 0.5%

-
Net profit 4,854 5,862 5,127 4,500 5.6% 13.9% 11,078 10,989 -0.8% 53.0% 56.6%
12.5%
-145
% margin 14.1% 17.1% 15.7% 13.5% 163 bps 219 bps 16.0% 16.4% 46 bps
bps
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

Telkom 2Q20 Results: Telkomsel vs. Non-Telkomsel Trends (TLKM; Rp2,980; Buy; TP: Rp3,800)

 Telkomsel was hit hard by Covid-19 and competition, with revenues down 5.9% YoY and net profit down 9.3% YoY in
2Q20. Mobile recovery initiatives are in place, but dependent on general economic conditions, we think. Meanwhile,
profitability improved at Non-Telkomsel due to PSAK 73 and cost efficiency. Retain BUY.

 2Q20 Telkomsel Revenue of Rp21.6tn (-5.9% YoY, -3.7% QoQ) came 2.7% below our estimate. Telkomsel’s revenue
decline can be attributed to competition and Covid-19 restrictions, which will likely persist in 2H20, albeit less
meaningfully. Indeed, smaller competitors, such as Indosat and Smartfren, thrived better with 13.1% YoY and 42.4% YoY
mobile revenue growth in 2Q20, respectively. However, we pointed that Telkomsel’s revenue weakness in 2Q20 is more
reflective of the income pressures occurring not only in Java, but also in Ex Java (where competitors’ revenue base is
smaller). Mobile voice business was hardest hit with 31.9% YoY decline in 2Q20 due to Ramadhan monetization drag and
shift to OTT for cost savings. Mobile data revenue growth decelerated from 16.7% YoY in 1Q20 to 11.5% YoY in 2Q20,
while Digital Service revenues only grew 6.9% YoY – insufficient in offsetting the voice revenue drag. As of 2Q20, mobile
data & digital service revenues already formed 74.3% of Telkmsel’s revenues, vs. 63.9% in FY19. On a 6-month basis,
Telkomsel reported Rp44.0tn Revenue in 1H20, down 2.4% YoY.

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 Equity Research | 10 August 2020

 2Q20 Telkomsel EBITDA of Rp12.6tn (+4.1% YoY, -8.9% QoQ) came 3.5% below our estimate. Operation &
Maintenance (O&M) expenses declined 19.8% YoY, mainly due to PSAK 73 implementation. All other costs combined
(non-O&M costs) also declined 12.9% YoY, led by G&A and Marketing Cost savings in 2Q20. As a result, EBITDA margin
improved 557bps YoY to 58.3% in 2Q20. On a 6-month basis, Telkomsel reported Rp26.4tn EBITDA in 1H20, up 9.0%
YoY, and 60.0% EBITDA margin in 1H20, vs. 53.7% in 1H19.

 2Q20 Telkomsel Net Profit of Rp5.65tn (-9.3% YoY, -19.9% QoQ) came 9.3% below our estimate. D&A charges grew
39.6% YoY and Non-Operating expenses quadrupled, both due to PSAK 73 implementation. Meanwhile, effective tax rate
came down to 22.0% in 2Q10. On a 6-month basis, Telkomsel reported Rp12.7tn Net Profit in 1H20, flat YoY.

FINANCIAL SUMMARY
YE Dec (Rp Bn) 2018A 2019A 2020F 2021F 2022F
EBITDA 59,181 64,832 68,224 72,073 77,116
Net Profit 18,032 18,663 19,403 21,026 23,567
Fully-diluted EPS 182 188 196 212 238
Fully-diluted EPS growth (%) (18.6) 3.5 4.0 8.4 12.1
P/E Ratio (x) 16.4 15.8 15.2 14.0 12.5
EV/EBITDA (x) 5.7 5.3 5.5 5.2 4.9
P/B Ratio (x) 3.0 3.0 2.9 2.7 2.6
Dividend Yield (%) 5.5 5.2 5.3 5.7 6.4
ROAE (%) 18.8 18.8 19.1 19.9 21.4
Source: Company (2018-2019), Mandiri Sekuritas (2020-2022)

NON-TELKOMSEL: 2Q20 TRENDS (IMPLIED)

in Rp bn 2Q19 1Q20 2Q20 2Q20F YoY QoQ vs Mansek's 6M19 6M20 YoY
IndiHome 4,464 5,077 5,292 18.5% 4.2% 8,706 10,369 19.1%
Interconnection (ex-Cellular) 1,219 1,579 1,780 46.1% 12.7% 2,282 3,359 47.2%
Others (ex-Cellular) 5,896 5,114 4,005 -32.1% -21.7% 13,251 9,119 -31.2%
Revenues 11,579 11,770 11,077 11,146 -4.3% -5.9% -0.6% 24,239 22,847 -5.7%

Personnel 2,107 2,181 2,211 2,330 4.9% 1.4% -5.1% 4,188 4,392 4.9%
Interconnection 897 1,000 999 1,080 11.4% -0.1% -7.5% 1,494 1,999 33.8%
Operation & Maintenance 3,500 2,172 1,708 2,545 -51.2% -21.4% -32.9% 6,818 3,880 -43.1%
G&A 1,273 1,275 1,175 1,325 -7.7% -7.8% -11.3% 2,219 2,450 10.4%
Marketing 304 202 257 300 -15.5% 27.2% -14.3% 628 459 -26.9%
Cash Expenses 8,080 6,830 6,350 7,580 -21.4% -7.0% -16.2% 15,346 13,180 -14.1%

EBITDA 3,498 4,940 4,727 3,566 35.1% -4.3% 32.6% 8,892 9,667 8.7%
% margin 30.2% 42.0% 42.7% 32.0% 1246 bps 70 bps 36.7% 42.3% 562 bps

D&A 2,237 2,176 2,068 2,250 -7.5% -5.0% 4,384 4,244 -3.2%

EBIT 1,262 2,764 2,659 1,316 110.7% -3.8% 102.0% 4,509 5,423 20.3%
% margin 10.9% 23.5% 24.0% 11.8% 1311 bps 52 bps 18.6% 23.7% 513 bps

Operating stats 2Q19 1Q20 2Q20 YoY QoQ 6M19 6M20 YoY
IndiHome Subs ('000) 6,001 7,255 7,451 24.2% 2.7% 6,001 7,451 24.2%
Net Add ('000) 479 252 196 897 448

IndiHome ARPU ('000) 260 240 241 -7.3% 0.4% 264 240 -9.2%
Net Add ('000) (5) (12) 1 (4) (12)
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 5 of 12

 Equity Research | 10 August 2020

United Tractors: A (Much) Cheaper Gold Play (UNTR; Rp24,700; Buy; TP: Rp32,500)

 With its valuation still close to historical low, UNTR offers the most attractive gold play in the region. Its coal business
remains a concern, but extremely low coal prices are also likely to rebound quickly. Maintain Buy with higher SOTP-based
TP of Rp32,500/share.

 Gold price at record high, but UNTR’s valuation remains at historical low. With gold prices soaring to record high,
above USD 2,000/toz (+36% YoY), we believe UNTR will continue to outperform the market and its coal peers given its 1)
historically low valuation at 8.7x FY21F PE and 1.3x PBV; 2) strong operating leverage from unhedged gold production
next year; 3) premium valuation on gold assets; and 4) potential earnings upside from coal units from better-than-
expected recovery in coal prices. UNTR’s share price remains laggard relative to its gold peers, as its earnings outlook is
clouded by weak coal prices, which account for the biggest portion of the group earnings. This, in our view, should
provide an attractive entry point to ride the strong gold price rally, as both of UNTR’s PE and PBV multiples are still close
to the bottom of the coal cycle in 2016. UNTR is trading at a premium relative to its coal peers (avg 6.5x FY21F PE) due to
its more resilient business model and strong leverage to gold price.

 Potential upside from coal-related business. Higher coal prices have meaningful impact on Pama’s profitability, as its
margins are at record low amid fee-discount/cash-back and strong operating leverage on its coal mining units due to
higher ASP. Higher coal prices will encourage coal miners to spend capex for equipment for both expansions and
replacement, and will increase demand for spare parts and services. Our earnings forecast on coal business reflects our
negative view on the coal sector, as we predict slow recovery in coal prices at USD 55/ton and USD 65/ton in FY20 and
F21F, respectively, still close to the 2016 level.

 A safe haven for coal sector, raised SOTP-based TP to Rp32,500 to fairly capture premium valuation on gold assets. Its
coal business remains a concern, but extreme low prices are likely to recover fast. We upgrade our FY21-22F net profit by
15-17%, mainly on higher earnings contribution from gold, and cut FY20F by 12% amid continued weakness in coal
prices. The key risks in our view are gold price reversal and production risk, while stronger-than-expected coal price
recovery should add upside risk given our conservative forecast on UNTR’s coal-related business.

FINANCIAL SUMMARY
YE Dec (Rp Bn) 2018A 2019A 2020F 2021F 2022F
EBITDA 21,395 23,045 18,508 21,844 22,816
Net Profit 11,126 11,312 8,124 10,593 11,120
Fully-diluted EPS 2,983 3,033 2,178 2,840 2,981
Fully-diluted EPS growth (%) 50.3 1.7 (28.2) 30.4 5.0
P/E Ratio (x) 8.3 8.1 11.3 8.7 8.3
EV/EBITDA (x) 4.0 4.0 4.8 3.8 3.3
P/B Ratio (x) 1.7 1.6 1.4 1.3 1.2
Dividend Yield (%) 4.0 5.0 2.6 3.4 3.6
ROAE (%) 22.4 20.2 13.3 15.7 14.8
Source: Company (2018-2019), Mandiri Sekuritas (2020-2022)

CHANGE IN FORECAST
UNTR 2020F 2021F 2022F
In Rpbn New Old %change New Old %change New Old %change
Profit & Loss
Revenue 72,982 76,511 -5% 79,612 77,388 3% 82,844 78,360 6%
Cost of Revenue 57,892 59,831 -3% 60,785 60,523 0% 62,962 61,084 3%
Gross profit 15,091 16,680 -10% 18,827 16,864 12% 19,881 17,276 15%
Operating Expenses 3,503 3,673 -5% 3,877 3,769 3% 4,034 3,816 6%

Operating Profit 11,587 13,008 -11% 14,950 13,096 14% 15,847 13,460 18%
Earnings before tax 10,512 11,949 -12% 14,125 12,260 15% 15,037 12,628 19%
Net Profit 7,884 8,962 -12% 10,593 9,195 15% 11,278 9,471 19%

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 Equity Research | 10 August 2020

UNTR 2020F 2021F 2022F

In Rpbn New Old %change New Old %change New Old %change
Heavy Equipment (units) 2,065 2,655 -22% 2,375 2655 -11% 2,612 2,655 -2%
Coal produced (m tons) 120 120 0% 124 120 3% 127 120 6%
Overburden (m bcm) 864 864 0% 890 864 3% 917 864 6%
Gold production (k toz) 360 360 0% 360 360 0% 360 360 0%
Source: Company, Mandiri Sekuritas estimates

UNTR VS COAL STOCKS RETURN (NORMALIZE AS OF 1/1/2019) UNTR SHARE PRICE VS COAL PRICE
1.6 (x) USD/Ton

1.4 4.50 140

1.2 4.00
120
3.50
1
100
3.00
0.8
2.50 80
0.6
2.00 60
0.4 1.50
40
0.2 1.00
20
0.50
0
Apr‐19

Apr‐20
Feb‐19

Sep‐19

Feb‐20
Jun‐19
Jul‐19

Jun‐20
Jul‐20
Dec‐18

Mar‐19

Dec‐19

Mar‐20
Aug‐19

Oct‐19
Jan‐19

Nov‐19

Jan‐20
May‐19

May‐20

0.00 0
Jun‐11
Dec‐11
Jun‐12
Dec‐12
Jun‐13
Dec‐13
Jun‐14
Dec‐14
Jun‐15
Dec‐15
Jun‐16
Dec‐16
Jun‐17
Dec‐17
Jun‐18
Dec‐18
Jun‐19
Dec‐19
Jun‐20
ADRO IJ Equity PTBA IJ Equity ITMG IJ Equity UNTR IJ Equity Newcastle coal price 

HRUM IJ Equity INDY IJ Equity UNTR IJ Equity

Source: Bloomberg Source: Bloomberg

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

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

MARKET

Market Recap August 7th 2020; JCI 5,143.89 Points -34.38 pts (-0.66%); Valued $513mn; Mkt Cap $394bn; USD/IDR
14,661

 TOP TURNOVER: TOWR UNTR MDKA BBRI BBCA TLKM ANTM ASII BBKP BMRI BBNI ERAA ICBP PGAS INKP INCO LSIP INTP
INDF (45%)

 ADVANCING SECTOR: plantation+0.4%

 DECLINING SECTOR: telco-1.8%; construction-1.7%; property-1.4%; mining & auto-1.2%; consumer-0.9%; financial-0.6%;
cement-0.5%

 TOWR dominated the trading right at the opening and its share prices hit as low as the lowest available price for the day
at IDR 1070, lowest since March 17th, after an undisclosed holder is selling 2.75BN TOWR shs @ IDR 1040 each, which
represented a 9.6% discount to Thursday’s closing price of IDR 1150. The seller is offering shares in relation to its hedge
positions in respect of one or more derivative transactions. The seller will no longer hold any shares after the transaction
completes. JPMorgan is the sole bookrunner. But, since TOWR is forecasted to enter MSCI and FTSE rebalancing later in
the month, its share price bounced to IDR 1080, or -6.1% on the day. GIAA gained 0.8 % as it is in talks with creditors to
obtain waivers of some financial covenants. The flag carrier is also in discussion with BMRI BBRI and BBRI to get bridging
loan to fund operations, such as to cover fuel costs, aircraft leases, maintenance and airport charges. Official reserve
assets rose 2.6% MoM/7.6% YoY to $135.1BN. Gold hit a record high of $2075.2 per ounce before succumbing to profit-

Please see important disclosure at the back of this report Page 7 of 12

 Equity Research | 10 August 2020

taking to slip to $2057. Silver dropped 1.7% to $28.452 per ounce following its ballistic rise to a seven-year high of
$29.838. The JCI declined 0.66% to close at 5144 level, and for the week, it fell 0.11%. Market turnover (excluding $116MN
crossing) was steady at $513MN. Foreign participants jumped to 44% and came up better seller for 12%. Losers beat
gainers by 5 to 3. The Indo govt sold IDR82.1TN of bonds to Bank Indonesia as part of debt monetization scheme, in the
form of four series of tradable bonds at variable rate in Thursday private placement. The 10-year govt bond yield rose
1bps to 6.80%, dropping 3 bps for the week. The IDR weakened to 14661 level, tracking declines in emerging market
currencies. Global funds bought a net $52.3MN in Indo bonds on Aug 5th; and sold a net $649k in country’s equities on
Aug 6th.

Sales Team +6221 527 5375

Please see important disclosure at the back of this report Page 8 of 12

 Equity Research | 10 August 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 5,143.9 -0.7 -18.3 Rp/US$ 14,625 +0.27 -5.3 Crude Oil, WTI (US$/bl) 41.22 -1.7 -32.5
Dow Jones 27,433.5 +0.2 -3.9 US$/EUR 1.179 -0.76 -4.9 Copper (US$/mt) 6,308 -2.7 +2.6
Nikkei 22,329.9 -0.4 -5.6 YEN/US$ 105.92 +0.35 +2.5 Nickel (US$/mt) 14,339 -0.7 +2.8
Hang Seng 24,531.6 -1.6 -13.0 SGD/US$ 1.373 +0.28 -2.0 Gold (US$/oz) 2,036 -1.4 +34.2
STI 2,545.5 -0.5 -21.0 Tin 3-month (US$/mt) 17,771 -0.4 +3.5
Ishares indo 18.8 -2.1 -26.7 CPO futures (Ringgit/ton) 2,758 -0.3 -9.0
Coal (US$/ton) 51.2 +2.0 -24.4
Foreign YTD
YTD Gov. Bond Chg
Fund Flows Last Chg Last Chg Rubber forward (US¢/kg) 171.3 +2.6 +3.0
Chg Yield (bps)
(US$mn) (bps)
Soybean oil
Equity Flow -90.3 -1,528 5Yr 5.89 +1 -55 31.35 -0.5 -9.1
(US$/100gallons)
Bonds Flow -57.8 -6,926 10Yr 6.80 +2 -26 Baltic Dry Index 1,501.0 +0.0 +37.7

Please see important disclosure at the back of this report Page 9 of 12

 Equity Research | 10 August 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 5,144 5,540 7.7 3,789,424 184,598 258,069 20.5 14.7 2.1 1.9 13.4 11.6 -26.9% 39.8% 3.3% 2.5%
Banking 1,394,001 63,009 101,581 22.1 13.7 2.1 1.8 N.A. N.A. -34.4% 61.2% 3.2% 1.5%
BBCA Neutral 30,900 26,500 (14.2) 761,840 22,167 29,781 34.4 25.6 4.3 3.9 N.A. N.A. -22.4% 34.3% 1.8% 1.2%
BBNI Buy 4,620 5,900 27.7 86,157 7,073 15,323 12.2 5.6 0.8 0.7 N.A. N.A. -54.0% 116.6% 4.5% 2.1%
BBRI Buy 3,110 3,000 (3.5) 383,458 20,229 35,699 19.0 10.7 2.0 1.7 N.A. N.A. -41.1% 76.5% 5.4% 1.6%
BBTN Buy 1,330 1,350 1.5 14,085 1,236 1,554 11.4 9.1 0.8 0.7 N.A. N.A. 490.6% 25.7% 4.0% 2.1%
BDMN Buy 2,770 4,000 44.4 26,549 2,703 4,752 9.8 5.6 0.6 0.5 N.A. N.A. -33.6% 75.8% 5.4% 3.6%
BJBR Buy 910 860 (5.5) 8,953 1,260 1,438 7.1 6.2 0.8 0.8 N.A. N.A. -19.2% 14.1% 10.3% 10.3%
BJTM Buy 550 590 7.3 8,251 1,146 1,434 7.2 5.8 0.9 0.8 N.A. N.A. -16.8% 25.2% 8.8% 8.8%
BNGA Buy 750 840 12.0 18,849 2,340 4,211 8.1 4.5 0.5 0.4 N.A. N.A. -35.8% 80.0% 7.7% 5.0%
BNLI Sell 1,250 430 (65.6) 35,053 909 1,494 38.6 23.5 1.4 1.4 N.A. N.A. -39.4% 64.4% 0.0% 0.0%
PNBN Buy 775 1,100 41.9 18,668 1,976 3,508 9.4 5.3 0.5 0.4 N.A. N.A. -40.4% 77.5% 0.0% 0.0%
BTPS Buy 3,620 3,200 (11.6) 27,887 1,189 1,547 23.5 18.0 4.4 3.7 N.A. N.A. -15.1% 30.1% 1.0% 0.9%
BFIN Buy 284 475 67.3 4,250 781 841 5.4 5.1 0.6 0.6 N.A. N.A. 9.7% 7.7% 4.2% 5.5%
Construction & materials 163,174 5,441 9,053 30.0 18.0 1.2 1.2 14.0 10.6 -56.7% 66.4% 2.0% 1.2%
INTP Buy 11,875 14,500 22.1 43,715 1,673 2,003 26.1 21.8 1.8 1.7 11.7 10.1 -8.9% 19.8% 1.5% 1.3%
SMGR Buy 9,675 11,020 13.9 57,387 2,520 2,825 22.8 20.3 1.7 1.6 9.4 8.7 5.4% 12.1% 2.1% 1.7%
ADHI Buy 585 810 38.5 2,083 105 361 19.8 5.8 0.4 0.3 8.4 6.5 -84.2% 243.0% 6.4% 1.0%
PTPP Buy 925 1,370 48.1 5,735 219 754 26.2 7.6 0.5 0.5 9.0 5.9 -76.5% 244.3% 4.9% 1.1%
WIKA Buy 1,100 1,680 52.7 9,856 561 1,159 17.6 8.5 0.7 0.6 7.6 5.9 -75.4% 106.5% 1.1% 2.4%
WSKT Buy 620 1,010 62.9 8,296 -579 -838 -14.3 -9.9 0.7 0.8 28.1 20.6 N/M -44.8% -1.4% -2.0%
WTON Buy 272 500 83.8 2,371 285 438 8.3 5.4 0.7 0.6 3.8 2.7 -44.4% 53.7% 6.5% 3.6%
WSBP Buy 170 242 42.4 4,481 391 530 11.5 8.5 0.6 0.5 7.4 6.3 -51.5% 35.7% 9.0% 4.4%
JSMR Buy 4,030 5,900 46.4 29,249 266 1,822 109.9 16.1 1.6 1.5 23.2 12.4 -87.9% 584.6% 1.5% 0.2%
Consumer staples 944,617 40,530 51,061 23.3 18.5 5.0 4.5 15.2 12.3 -16.3% 26.0% 3.7% 3.1%
ICBP Buy 10,175 10,300 1.2 118,660 5,389 6,005 22.0 19.8 4.2 3.8 13.0 12.2 6.9% 11.4% 2.1% 2.3%
INDF Buy 6,875 8,450 22.9 60,362 5,245 5,573 11.5 10.8 1.5 1.4 7.3 6.8 6.9% 6.3% 4.0% 4.3%
MYOR Buy 2,260 2,650 17.3 50,531 2,861 2,745 17.7 18.4 4.3 3.8 12.5 11.2 43.9% -4.1% 1.5% 2.1%
UNVR Buy 8,125 9,500 16.9 309,969 7,495 8,038 41.4 38.6 61.1 58.6 29.5 27.3 1.4% 7.2% 2.4% 2.4%
GGRM Buy 50,475 63,450 25.7 97,118 7,422 10,321 13.1 9.4 1.8 1.7 8.5 6.7 -31.8% 39.1% 5.2% 5.2%
HMSP Buy 1,655 2,400 45.0 192,506 8,342 13,384 23.1 14.4 6.3 5.4 17.8 10.6 -39.2% 60.4% 7.0% 4.3%
KLBF Buy 1,580 1,650 4.4 74,063 2,764 2,985 26.8 24.8 4.3 3.9 18.3 16.7 10.2% 8.0% 1.9% 2.0%
SIDO Buy 1,405 1,450 3.2 21,075 872 947 24.2 22.3 6.6 6.3 18.0 16.6 7.9% 8.6% 3.5% 3.9%
MLBI Buy 9,650 13,250 37.3 20,333 141 1,063 144.7 19.1 53.3 15.6 35.3 12.3 -88.3% 656.9% 4.4% 0.7%
Healthcare 52,425 1,042 1,271 50.3 41.3 3.9 3.7 17.3 14.6 3.5% 22.0% 0.1% 0.2%
MIKA Buy 2,440 2,600 6.6 35,504 693 815 51.2 43.5 7.6 6.8 34.4 28.6 -5.1% 17.6% 0.0% 0.0%
SILO Buy 4,650 7,150 53.8 7,556 44 100 170.3 75.5 1.2 1.2 6.1 4.9 107.0% 125.6% 0.0% 0.0%
HEAL Buy 3,150 5,200 65.1 9,365 304 355 30.8 26.4 4.1 3.6 11.5 10.1 19.4% 16.7% 0.7% 0.9%
Consumer discretionary 304,941 18,149 25,248 16.8 12.1 1.5 1.4 9.5 8.5 -39.8% 39.1% 4.1% 2.9%
ACES Neutral 1,660 1,500 (9.6) 28,469 711 1,055 40.1 27.0 5.8 5.1 30.9 21.9 -31.0% 48.5% 1.8% 1.3%
LPPF Buy 1,230 1,800 46.3 3,589 50 497 71.1 7.2 2.0 1.6 5.8 2.3 -96.3% 884.6% 0.0% 0.4%
MAPA Buy 2,080 3,850 85.1 5,929 54 606 108.9 9.8 1.9 1.6 14.6 5.0 -92.1% 1013.2% 0.0% 0.3%
MAPI Buy 700 1,000 42.9 11,620 -1,704 543 -6.8 21.4 2.8 2.4 -113.6 7.2 N/M N/M 1.8% 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 1,620 1,500 (7.4) 5,168 140 355 36.8 14.5 1.0 1.0 15.0 9.7 -52.5% 153.2% 0.5% 1.4%
ASII Buy 5,275 5,000 (5.2) 213,551 14,710 17,216 14.5 12.4 1.4 1.3 9.2 9.3 -32.2% 17.0% 4.6% 3.1%
SCMA Buy 1,220 1,800 47.5 17,968 1,566 1,693 11.5 10.6 3.1 2.8 8.0 7.6 35.7% 8.1% 6.1% 6.6%
MNCN Buy 890 2,200 147.2 11,039 2,427 2,593 4.5 4.3 0.8 0.7 3.4 2.9 24.1% 6.8% 3.3% 3.5%
MSIN Buy 282 650 130.5 1,467 267 316 5.5 4.6 1.0 0.9 3.2 3.1 16.3% 18.1% 9.1% 10.8%
PZZA Buy 600 850 41.7 1,813 60 231 30.4 7.9 1.4 1.2 6.9 3.8 -70.1% 286.4% 5.5% 1.6%
Commodities 275,109 20,757 24,716 13.2 11.1 1.2 1.1 4.9 4.3 -14.6% 19.1% 3.0% 3.3%
UNTR Buy 24,700 32,500 31.6 92,134 8,124 10,593 11.3 8.7 1.4 1.3 4.8 3.8 -28.2% 30.4% 2.6% 3.4%
ADRO* Neutral 1,095 1,350 23.3 35,025 372 353 6.6 7.0 0.6 0.6 2.8 2.6 -7.9% -5.2% 5.3% 5.0%
HRUM* Neutral 1,285 1,300 1.1 3,298 17 14 13.2 17.1 0.7 0.7 0.7 0.5 -5.9% -21.7% 4.2% 3.2%
INDY* Neutral 990 910 (8.1) 5,158 2 6 218.8 57.0 0.4 0.4 1.7 1.4 N/M 286.9% 0.1% 0.4%

Please see important disclosure at the back of this report Page 10 of 12

 Equity Research | 10 August 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 7,850 10,450 33.1 8,608 100 101 6.0 6.0 0.7 0.7 1.7 1.6 -20.8% 0.9% 14.1% 14.1%
PTBA Neutral 2,050 2,350 14.6 23,621 3,482 3,496 6.7 6.7 1.3 1.2 4.2 4.1 -18.3% 0.4% 11.1% 11.1%
ANTM Buy 840 700 (16.7) 20,186 -22 197 -927.1 102.6 0.9 0.9 16.4 15.1 N/M N/M 0.0% 0.3%
INCO* Buy 3,650 3,500 (4.1) 36,268 88 133 28.9 19.3 1.3 1.2 8.4 6.9 53.0% 51.1% 0.0% 0.0%
TINS Neutral 795 670 (15.7) 5,921 -420 246 -14.1 24.0 1.2 1.1 40.6 10.0 31.3% N/M -2.5% 1.5%
MDKA* Buy 2,050 2,200 7.3 44,890 92 111 34.2 28.4 5.4 4.5 12.9 11.0 26.4% 21.5% 0.0% 0.0%
Property & Industrial Estate 81,734 7,211 9,744 11.3 8.4 0.6 0.6 8.3 7.7 -4.7% 35.1% 2.5% 2.1%
ASRI Sell 118 80 (32.2) 2,319 150 938 15.4 2.5 0.2 0.2 6.5 5.1 -85.2% 524.8% 1.7% 1.7%
BSDE Buy 685 1,160 69.3 14,502 1,399 2,050 10.4 7.1 0.5 0.4 9.2 8.6 -54.4% 46.5% 0.0% 0.7%
CTRA Buy 635 1,120 76.4 11,786 832 1,094 14.2 10.8 0.7 0.7 9.7 8.3 -28.2% 31.5% 1.2% 1.1%
JRPT Buy 422 670 58.8 5,803 997 1,065 5.8 5.5 0.7 0.7 5.1 4.6 -1.9% 6.7% 4.5% 0.1%
PWON Buy 376 670 78.2 18,108 1,791 2,395 10.1 7.6 1.1 1.0 6.9 5.5 -34.1% 33.7% 1.6% 1.6%
SMRA Buy 530 960 81.1 7,646 420 604 18.2 12.7 1.0 0.9 9.5 8.5 -18.5% 43.8% 0.9% 0.9%
LPKR Neutral 138 200 44.9 9,742 74 391 131.9 24.9 0.3 0.3 10.6 10.7 N/M 429.7% 0.7% 0.7%
DMAS Buy 222 390 75.7 10,700 1,441 1,086 7.4 9.9 1.5 1.5 6.9 9.5 81.9% -24.7% 10.8% 9.1%
BEST Neutral 117 130 11.1 1,129 107 122 10.6 9.3 0.2 0.2 5.8 8.5 -72.0% 14.2% 3.0% 0.8%
Telco 421,534 23,702 25,930 17.8 16.3 2.7 2.6 5.9 5.5 -5.2% 9.4% 4.3% 4.6%
EXCL Buy 2,440 3,600 47.5 26,079 1,065 818 24.5 31.9 1.3 1.3 4.7 4.5 49.5% -23.2% 0.8% 1.2%
TLKM Buy 2,980 3,800 27.5 295,205 19,403 21,026 15.2 14.0 2.9 2.7 5.5 5.2 4.0% 8.4% 5.3% 5.7%
ISAT Buy 2,390 3,200 33.9 12,987 -1,046 -648 -12.4 -20.1 1.1 1.2 4.4 3.8 N/M 38.1% 0.0% 0.0%
LINK Buy 1,925 5,500 185.7 5,462 736 744 7.7 7.7 1.1 1.1 3.3 3.3 -17.8% 1.1% 8.1% 6.8%
TBIG Buy 1,275 1,400 9.8 27,580 1,068 1,264 25.8 21.8 5.0 4.5 11.8 11.0 30.4% 18.3% 2.2% 2.2%
TOWR Buy 1,080 1,300 20.4 54,222 2,476 2,725 21.9 19.9 5.4 4.7 11.9 11.2 5.7% 10.1% 2.2% 2.2%
Chemical 1,610 136 163 11.9 9.9 0.5 0.5 5.8 5.2 29.5% 20.3% 0.0% 0.0%
AGII Buy 525 700 33.3 1,610 136 163 11.9 9.9 0.5 0.5 5.8 5.2 29.5% 20.3% 0.0% 0.0%
Airlines 2,343 540 837 4.3 2.8 0.4 0.4 4.1 2.5 30.0% 55.0% 0.0% 0.0%
GMFI* Neutral 83 275 231.0 2,343 38 59 4.3 2.8 0.4 0.4 4.1 2.5 26.1% 56.3% 0.0% 0.0%
Transportation 2,552 -175 251 -14.6 10.2 0.5 0.5 11.0 4.4 -155.7% N/M -1.7% 2.5%
BIRD Buy 1,020 1,700 66.7 2,552 -175 251 -14.6 10.2 0.5 0.5 11.0 4.4 N/M N/M -1.7% 2.5%
Poultry 116,051 2,746 5,083 42.3 22.8 3.3 3.0 17.7 12.3 -50.5% 85.1% 1.8% 1.0%
CPIN Buy 6,250 5,500 (12.0) 102,488 2,058 3,378 49.8 30.3 4.8 4.3 25.6 18.3 -43.4% 64.2% 1.5% 0.9%
JPFA Buy 1,045 1,100 5.3 12,254 646 1,566 19.0 7.8 1.1 1.0 8.0 5.0 -63.4% 142.4% 4.2% 1.6%
MAIN Buy 585 675 15.4 1,310 43 139 30.6 9.4 0.6 0.6 5.7 4.5 -72.0% 225.6% 1.1% 3.4%
Oil and Gas 29,332 1,511 3,133 19.4 9.4 0.8 0.7 6.8 5.4 61.2% 107.4% 2.1% 4.3%
PGAS* Buy 1,210 1,700 40.5 29,332 106 221 19.4 9.4 0.8 0.8 6.8 5.4 56.4% 109.1% 2.1% 4.3%
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 11 of 12

 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 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
Care Center Online Jakarta care_center@mandirisek.co.id 14032
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
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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.