Equity Valuation Outstanding

Shares Price Price Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield ROE PCF EBITDA Growth Net Gearing
As of 17 April 2020 Code Rating (Mn) (Rp) Target (Rp Bn) 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
Mandiri Universe 1,696,229.4 124,577.5 139,708.8 1.5% 11.4% 12.4 11.1 10.6 9.9 1.7 1.6 3.8% 3.9% 14.4% 15.2% 11.7 13.3 3.7% 6.1% 23.1% 20.6%
Banking 17,795.5 1,719.7 2,096.1 15.3% 12.3% 10.7 9.5 N.A. N.A. 1.6 1.5 3.3% 3.7% 15.8% 16.3% N.A. N.A. N.A. N.A. N.A. N.A.
BTPS BTPS Buy 7,704 2,310 4,200 17,795.5 1,719.7 2,096.1 28.5% 21.9% 10.3 8.5 N.A. N.A. 2.6 2.1 1.5% 1.9% 28.4% 27.3% N.A. N.A. N.A. N.A. N.A. N.A.
Construction & materials 122,627.9 12,548.7 14,939.0 9.3% 18.7% 9.5 8.0 8.4 7.6 0.9 0.8 2.9% 2.8% 9.7% 11.0% 5.0 5.9 19.5% 11.8% 132.6% 129.6%
Indocement INTP Buy 3,681 10,975 21,600 40,401.5 2,312.8 2,759.1 32.7% 19.3% 17.5 14.6 8.3 6.9 1.6 1.5 1.5% 2.0% 9.7% 10.8% 11.3 10.1 20.8% 12.6% -39.4% -45.2%
Semen Indonesia SMGR Buy 5,932 6,475 16,100 38,406.6 4,066.9 4,913.4 92.0% 20.8% 9.4 7.8 5.9 5.1 1.1 1.0 3.2% 2.2% 12.1% 13.3% 5.4 5.1 24.2% 7.9% 68.9% 52.2%
Adhi Karya ADHI Neutral 3,561 635 1,120 2,261.1 618.8 592.6 -6.8% -4.2% 3.7 3.8 4.1 4.2 0.4 0.3 5.9% 5.5% 9.4% 9.1% 6.9 2.3 -2.2% -5.4% 68.0% 66.4%
Pembangunan Perumahan PTPP Buy 6,200 715 2,050 4,432.9 980.6 1,320.0 2.4% 34.6% 4.5 3.4 4.6 4.4 0.4 0.4 6.5% 6.6% 8.1% 11.5% 1.5 4.9 11.4% 14.2% 59.6% 69.1%
Wijaya Karya WIKA Buy 8,960 1,075 2,500 9,632.2 1,670.8 1,871.3 -17.2% 12.0% 5.8 5.1 4.7 3.2 0.6 0.6 3.5% 3.9% 10.6% 11.7% 3.0 4.8 13.9% 20.6% 33.5% 14.8%
Wijaya Karya Beton WTON Buy 8,715 242 700 2,109.1 585.5 677.5 14.3% 15.7% 3.6 3.1 2.8 2.5 0.6 0.5 7.3% 8.3% 16.6% 16.9% 1.5 4.5 2.5% 14.1% 23.1% 21.2%
Waskita Beton WSBP Buy 26,361 159 360 4,191.4 842.4 954.5 4.5% 13.3% 5.0 4.4 5.0 4.4 0.5 0.5 9.6% 10.0% 10.3% 11.0% 1.4 3.7 8.4% 11.4% 54.7% 50.1%
Jasa Marga JSMR Buy 7,258 2,920 7,400 21,193.0 1,470.9 1,850.6 -33.6% 25.8% 14.4 11.5 11.6 11.9 1.1 1.0 2.1% 1.4% 7.7% 9.1% 8.1 5.3 37.0% 9.1% 347.1% 382.2%
Consumer staples 555,585.6 24,178.7 26,663.6 -7.6% 11.5% 18.9 17.0 12.1 11.0 4.4 4.1 4.1% 4.1% 23.8% 24.8% 15.6 16.6 -5.8% 11.0% 0.8% 1.1%
Indofood CBP ICBP Buy 11,662 10,200 12,350 118,951.5 5,413.9 5,888.6 7.4% 8.8% 22.0 20.2 13.5 12.3 4.4 4.0 2.3% 2.4% 21.2% 20.7% 18.4 16.8 3.5% 9.8% -12.5% -10.6%
Indofood INDF Buy 8,781 6,250 9,750 54,874.7 4,929.3 5,271.9 6.9% 6.9% 11.1 10.4 7.1 6.8 1.5 1.4 5.4% 5.7% 13.4% 13.6% 8.0 7.5 8.6% 8.3% 41.7% 45.3%
Mayora MYOR Neutral 22,359 2,040 2,850 45,612.4 2,152.4 2,476.0 15.5% 15.0% 21.2 18.4 11.4 10.1 4.1 3.6 1.5% 1.8% 20.9% 20.9% 22.2 19.2 13.1% 12.6% 14.3% 9.3%
Unilever UNVR Neutral 38,150 6,875 9,650 262,281.3 8,027.2 8,978.0 8.3% 11.8% 32.7 29.2 22.5 20.2 40.7 35.5 2.8% 3.1% 130.9% 129.8% 29.0 25.8 8.5% 11.1% 16.1% -2.3%
Kalbe Farma KLBF Buy 46,875 1,195 1,950 56,015.8 2,741.8 3,026.5 7.2% 10.4% 20.4 18.5 12.8 11.5 3.2 2.9 2.4% 2.7% 16.4% 16.6% 19.8 18.2 7.5% 9.7% -20.8% -22.6%
Sido Muncul SIDO Buy 15,000 1,190 1,450 17,850.0 914.1 1,022.6 12.8% 11.9% 19.5 17.5 13.9 12.3 4.7 4.3 4.5% 5.0% 25.4% 25.9% 19.5 17.3 11.7% 11.5% -39.4% -41.4%
Healthcare 41,590.7 1,142.6 1,325.1 18.3% 16.0% 36.4 31.4 12.9 11.2 3.1 2.9 0.9% 1.0% 8.8% 9.5% 19.8 17.5 16.3% 13.0% -11.1% -16.6%
Mitra Keluarga MIKA Buy 14,551 1,830 3,100 26,627.8 793.9 869.9 15.1% 9.6% 33.5 30.6 21.5 19.4 5.5 5.0 1.1% 1.3% 17.4% 17.2% 28.3 25.6 15.4% 9.8% -26.7% -30.8%
Siloam Hospital SILO Buy 1,625 5,000 7,150 8,125.0 44.4 100.1 107.0% 125.6% 183.1 81.2 6.7 5.3 1.3 1.3 0.0% 0.0% 0.7% 1.6% 13.4 11.9 16.6% 13.9% -16.0% -25.9%
Hermina HEAL Buy 2,973 2,300 5,200 6,837.9 304.3 355.2 19.4% 16.7% 22.5 19.3 8.8 7.8 3.0 2.7 1.0% 1.2% 14.1% 14.6% 12.4 10.5 17.3% 16.2% 36.4% 37.5%
Consumer discretionary 230,680.1 23,997.0 27,827.7 -18.6% 15.7% 9.5 8.2 6.4 6.2 1.1 1.1 5.8% 4.6% 12.4% 13.4% 3.6 7.8 -2.6% 3.6% 18.6% 15.5%
Ace Hardware Indonesia ACES Neutral 17,150 1,340 1,800 22,981.0 1,182.6 1,305.6 6.5% 10.4% 19.4 17.6 15.4 13.7 4.2 3.7 2.4% 2.6% 22.9% 22.4% 25.4 21.0 7.4% 10.6% -19.9% -24.0%
Matahari Department Store LPPF Neutral 2,918 1,480 3,300 4,318.5 1,563.2 1,664.5 10.4% 6.5% 2.8 2.6 0.8 0.4 1.2 1.0 16.4% 18.1% 50.3% 41.8% 2.3 2.1 9.7% 6.4% -83.0% -85.7%
MAP Aktif MAPA Buy 2,850 1,955 7,350 5,572.5 933.8 1,158.5 28.4% 24.1% 6.0 4.8 3.5 2.7 1.5 1.2 3.9% 5.0% 27.3% 27.5% 7.4 5.8 24.3% 21.9% -8.6% -15.0%
Mitra Adiperkasa MAPI Buy 16,600 650 1,200 10,790.0 1,087.7 1,310.6 21.7% 20.5% 9.9 8.2 3.9 3.2 1.5 1.3 1.2% 1.5% 16.3% 17.0% 6.4 5.5 16.4% 15.7% 16.2% 7.4%
Erajaya Swasembada ERAA Buy 3,190 1,255 1,500 4,003.5 140.3 355.3 -52.5% 153.2% 28.5 11.3 12.8 8.3 0.8 0.8 0.7% 1.8% 2.9% 7.0% -90.0 7.0 -25.5% 52.7% 52.2% 47.6%
Astra International ASII Buy 40,484 3,800 5,000 153,837.5 14,709.9 17,215.6 -32.2% 17.0% 10.5 8.9 7.3 7.4 1.0 0.9 6.3% 4.3% 9.8% 10.9% 2.8 8.9 -9.3% -0.5% 25.5% 24.5%
Surya Citra Media SCMA Buy 14,622 855 1,800 12,592.1 1,565.6 1,693.2 35.7% 8.1% 8.0 7.4 5.6 5.3 2.1 1.9 8.7% 9.4% 28.6% 27.4% 7.9 6.9 29.8% 2.8% -13.6% -16.3%
Media Nusantara Citra MNCN Buy 13,047 1,050 2,200 13,024.0 2,427.2 2,593.1 24.1% 6.8% 5.4 5.0 3.9 3.4 1.0 0.8 2.8% 3.0% 19.7% 18.0% 5.4 4.9 16.9% 3.6% 16.7% 2.5%
MNC Studios MSIN Buy 5,202 336 650 1,747.9 267.2 315.5 16.3% 18.1% 6.5 5.5 3.9 3.6 1.2 1.0 7.6% 9.0% 18.5% 19.8% 4.8 8.3 15.9% 13.8% -5.7% 1.9%
Sarimelati Kencana PZZA Buy 3,022 600 900 1,813.1 119.4 215.7 -40.3% 80.6% 15.2 8.4 5.8 4.2 1.3 1.2 5.5% 3.3% 8.8% 15.0% 8.6 4.7 -23.7% 43.5% 7.8% 12.9%
Commodities 205,570.3 23,487.4 24,658.0 -4.0% 5.0% 8.7 8.3 3.6 3.2 0.9 0.8 4.4% 4.4% 10.2% 10.1% 4.6 4.8 -3.8% 1.2% -1.2% -9.2%
United Tractors UNTR Buy 3,730 17,325 22,500 64,624.6 8,897.4 9,130.0 -15.2% 2.6% 7.3 7.1 3.4 3.0 1.0 0.9 4.1% 4.2% 13.9% 12.9% 9.1 5.1 -9.5% 1.4% -9.3% -18.0%
Adaro (USD) ADRO Neutral 31,986 1,035 1,350 33,105.5 372.2 353.0 -7.9% -5.2% 6.2 6.6 2.7 2.5 0.6 0.6 5.6% 5.3% 9.7% 8.7% 3.2 3.1 -6.9% -4.1% 4.2% -4.7%
Harum Energy (USD) HRUM Neutral 2,661 1,375 1,300 3,529.1 17.4 13.6 -5.9% -21.7% 14.2 18.2 1.2 1.0 0.8 0.8 3.9% 3.0% 5.5% 4.2% 6.8 10.1 -2.4% -13.7% -93.3% -96.3%
Indika Energy (USD) INDY Neutral 5,210 775 910 4,037.9 1.6 6.4 N/M 286.9% 171.3 44.6 1.6 1.2 0.3 0.3 0.1% 0.6% 0.2% 0.7% 0.7 1.1 -14.4% 2.4% 27.6% 9.0%
Indo Tambangraya Megah (USD) ITMG Neutral 1,108 7,700 10,450 8,443.5 100.2 101.0 -20.8% 0.9% 5.9 5.9 1.7 1.6 0.7 0.7 14.4% 14.4% 11.4% 11.4% 2.2 3.7 -16.1% 0.9% -29.8% -32.5%
Bukit Asam PTBA Neutral 11,523 1,980 2,350 22,814.6 3,481.8 3,496.3 -18.3% 0.4% 6.5 6.5 4.0 3.9 1.2 1.2 11.4% 11.5% 18.8% 18.3% 4.9 6.3 -12.6% 1.5% -21.7% -21.2%
Antam ANTM Buy 24,031 520 1,100 12,496.0 959.3 1,319.5 5.5% 37.6% 13.0 9.5 7.3 6.7 0.6 0.6 2.7% 3.7% 4.7% 6.2% 6.0 4.7 5.6% 5.4% 46.2% 40.5%
Vale Indonesia (USD) INCO IJ Buy 9,936 2,500 4,000 24,840.8 111.1 166.2 93.6% 49.6% 15.6 10.5 4.8 3.6 0.8 0.8 0.0% 0.0% 5.6% 7.8% 6.9 7.4 27.5% 20.8% -20.0% -24.7%
Timah TINS Neutral 7,448 490 870 3,649.4 394.0 428.6 N/M 8.8% 9.3 8.5 5.3 5.0 0.6 0.5 3.8% 4.1% 6.3% 6.4% 0.7 4.0 130.5% 5.2% 59.7% 55.0%
Merdeka Copper Gold (USD) MDKA Buy 21,360 1,280 1,450 28,028.9 79.8 85.1 9.9% 6.6% 24.6 23.2 8.9 8.1 3.4 3.0 0.0% 0.0% 15.0% 13.8% 19.5 11.4 4.6% 1.9% 25.4% -5.3%
Property & Industrial Estate 71,867.3 9,694.7 10,507.3 -4.7% -11.2% 7.8 8.7 7.3 7.0 0.6 0.7 2.6% 2.5% 8.1% 8.6% 9.3 11.0 0.8% -10.7% 23.8% 26.8%
Alam Sutera Realty ASRI Neutral 19,649 116 310 2,279.3 467.8 947.7 -29.4% 102.6% 4.9 2.4 9.4 6.5 0.2 0.2 1.7% 1.7% 4.6% 8.7% 12.7 18.0 -19.0% 54.0% 84.2% 85.3%
Bumi Serpong Damai BSDE Buy 19,247 795 1,650 15,301.1 2,086.0 2,119.3 -14.5% 1.6% 7.3 7.2 6.5 6.6 0.5 0.5 0.0% 0.6% 7.1% 6.7% 31.4 16.0 7.5% 5.9% 8.8% 12.3%
Ciputra Development CTRA Buy 18,560 590 1,550 10,950.6 1,128.4 1,365.6 17.0% 21.0% 9.7 8.0 7.7 7.3 0.7 0.6 1.4% 1.6% 7.2% 8.2% 5.0 10.7 6.0% 8.4% 18.4% 19.0%
Jaya Real Property JRPT Buy 13,750 382 1,050 5,252.5 949.4 1,034.7 -6.0% 9.0% 5.5 5.1 4.8 3.9 0.7 0.6 4.4% 5.4% 12.9% 12.8% 5.6 3.3 -6.1% 7.9% -4.7% -12.2%
Pakuwon Jati PWON Buy 48,160 424 800 20,419.7 2,531.6 2,532.3 0.3% 0.0% 8.1 8.1 6.2 6.0 1.2 1.1 1.4% 1.4% 15.9% 13.9% 6.4 7.4 -0.9% 1.0% -4.4% -9.3%
Summarecon Agung SMRA Neutral 14,427 496 1,330 7,155.7 550.4 721.5 54.4% 31.1% 13.0 9.9 8.2 7.4 0.9 0.9 1.0% 1.0% 7.4% 9.0% 8.9 13.6 18.0% 15.2% 95.8% 93.9%
Puradelta Lestari DMAS Buy 48,198 187 390 9,013.0 1,441.4 1,085.7 81.9% -24.7% 6.3 8.3 5.7 7.9 1.3 1.3 12.8% 10.8% 20.8% 15.2% 8.6 10.0 91.2% -25.5% -9.7% -6.6%
Bekasi Fajar BEST Buy 9,647 155 400 1,495.3 539.7 700.3 19.4% 29.8% 2.8 2.1 4.1 3.3 0.3 0.3 7.1% 9.3% 11.4% 13.3% 2.3 1.8 15.9% 24.1% 33.7% 29.9%
Telco 364,132.2 20,673.1 23,681.4 -11.3% 14.6% 17.9 15.6 5.7 5.3 2.7 2.5 4.1% 4.4% 15.2% 16.6% 6.0 5.3 12.9% 6.7% 99.3% 95.1%
EXCEL EXCL Buy 10,688 2,400 4,000 25,651.1 954.5 1,637.1 33.9% 71.5% 26.9 15.7 4.9 4.5 1.3 1.2 0.8% 1.1% 4.9% 8.0% 5.0 3.9 29.9% 10.9% 195.2% 191.4%
Telkom TLKM Buy 99,062 3,230 4,400 319,971.0 20,159.0 21,711.8 3.2% 7.7% 15.9 14.7 5.4 5.1 2.9 2.8 4.7% 5.1% 19.0% 19.5% 5.8 5.3 8.9% 5.0% 38.3% 34.5%
Indosat ISAT Buy 5,434 2,040 3,500 11,085.2 (1,420.2) (684.8) N/M 51.8% -7.8 -16.2 4.1 3.8 0.9 0.9 0.0% 0.0% -10.7% -5.6% 2.6 1.8 26.7% 11.8% 286.2% 326.4%
Link Net LINK Buy 3,043 2,550 5,500 7,424.9 979.9 1,017.3 -3.3% 3.8% 7.7 7.4 3.5 3.2 1.4 1.3 6.6% 6.9% 19.3% 18.2% 4.0 3.6 4.9% 4.6% 9.4% 5.3%
Chemical 1,238.9 135.7 163.2 29.5% 20.3% 9.1 7.6 5.3 4.7 0.4 0.4 0.0% 0.0% 4.2% 4.8% 3.5 3.2 4.4% 6.3% 69.9% 60.4%
Aneka Gas AGII Buy 3,067 404 700 1,238.9 135.7 163.2 29.5% 20.3% 9.1 7.6 5.3 4.7 0.4 0.4 0.0% 0.0% 4.2% 4.8% 3.5 3.2 4.4% 6.3% 69.9% 60.4%
Airlines 2,230.4 539.7 836.7 30.0% 55.0% 4.1 2.7 4.0 2.4 0.4 0.3 0.0% 0.0% 10.1% 13.9% 3.7 1.0 29.4% 20.4% 65.0% 32.3%
GMF AeroAsia (USD) GMFI Neutral 28,234 79 275 2,230.4 37.8 59.0 26.1% 56.3% 4.1 2.7 4.0 2.4 0.4 0.3 0.0% 0.0% 10.1% 13.9% 3.7 1.0 25.5% 21.4% 65.0% 32.3%
Transportation 2,477.1 199.0 393.7 -36.7% 97.8% 12.4 6.3 3.9 3.2 0.5 0.4 3.3% 6.4% 3.7% 7.1% 2.6 2.6 -7.8% 34.6% 12.2% 17.7%
Blue Bird BIRD Buy 2,502 990 2,575 2,477.1 199.0 393.7 -36.7% 97.8% 12.4 6.3 3.9 3.2 0.5 0.4 3.3% 6.4% 3.7% 7.1% 2.6 2.6 -7.8% 34.6% 12.2% 17.7%
Poultry 80,433.2 6,261.2 6,616.9 16.7% 5.8% 12.4 11.8 7.7 7.0 2.1 1.9 2.3% 2.6% 17.9% 16.7% 11.8 10.9 11.5% 7.1% 23.1% 13.5%
Charoen Pokphand Indonesia CPIN Neutral 16 4,240 4,950 69,527.5 4,218.8 4,490.1 16.4% 6.4% 16.5 15.5 10.3 9.5 2.9 2.6 1.9% 2.2% 18.5% 17.5% 16.6 16.1 13.3% 5.3% 2.1% -5.4%
Japfa Comfeed JPFA Buy 12 930 1,950 10,905.7 2,042.4 2,126.8 19.0% 4.1% 5.3 5.1 4.4 3.8 0.9 0.8 4.3% 5.2% 17.6% 16.1% 4.9 4.0 9.8% 10.3% 56.7% 43.6%

Note : - *) means Company Data is using Bloomberg Data

- (USD) means Account under USD (USD Cents for Per Share Data)
- N/M means Not Meaningful
- N.A. means Not Applicable

REDS- Research Equity Database System Page 1 of 2

Equity Valuation Outstanding
Shares Price Price Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield ROE PCF EBITDA Growth Net Gearing
As of 17 April 2020 Code Rating (Mn) (Rp) Target (Rp Bn) 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021

REDS- Research Equity Database System Page 2 of 2