Equity Valuation Outstanding

Shares Price Price Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield ROE
As of 8 May 2020 Code Rating (Mn) (Rp) Target (Rp Bn) 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
Mandiri Universe 3,292,256.9 257,673.7 291,388.7 -1.7% 13.1% 12.8 11.3 11.1 10.1 1.7 1.6 3.8% 3.9%
Banking 1,174,623.7 116,063.7 130,303.6 15.3% 12.3% 10.1 9.0 N.A. N.A. 1.6 1.4 3.4% 3.9%
BCA BBCA Neutral 24,655 26,225 31,000 646,577.6 31,768.8 34,326.6 10.5% 8.1% 20.4 18.8 N.A. N.A. 3.4 3.0 1.5% 1.8%
BNI BBNI Neutral 18,649 3,800 9,000 70,864.9 18,878.9 20,915.0 13.4% 10.8% 3.8 3.4 N.A. N.A. 0.6 0.5 10.6% 12.0%
BRI BBRI Buy 123,299 2,590 5,050 319,343.2 41,393.0 47,216.8 17.3% 14.1% 7.7 6.8 N.A. N.A. 1.4 1.3 5.5% 6.5%
BTN BBTN Buy 10,590 845 2,500 8,948.6 3,389.2 4,030.8 1296.3% 18.9% 2.6 2.2 N.A. N.A. 0.4 0.3 6.3% 8.1%
Danamon BDMN Neutral 9,773 2,490 4,900 24,336.0 4,698.0 5,824.7 -19.7% 24.0% 5.1 4.1 N.A. N.A. 0.5 0.5 8.4% 6.8%
Bank BJB BJBR Neutral 9,839 770 1,770 7,743.4 1,838.3 2,183.1 27.4% 18.8% 4.2 3.5 N.A. N.A. 0.6 0.6 10.3% 10.3%
Bank Jatim BJTM Buy 14,918 496 790 7,441.2 1,553.8 1,744.7 12.9% 12.3% 4.8 4.3 N.A. N.A. 0.7 0.7 9.6% 10.2%
CIMB Niaga BNGA Buy 25,132 620 1,300 15,581.6 4,297.8 4,832.3 18.3% 12.4% 3.6 3.2 N.A. N.A. 0.3 0.3 4.7% 5.5%
BNLI BNLI Neutral 28,016 1,225 1,490 34,352.4 1,528.1 1,629.9 5.6% 6.7% 22.5 21.1 N.A. N.A. 1.4 1.3 0.0% 0.0%
Panin PNBN Buy 24,088 715 1,630 17,222.7 3,466.0 3,829.4 9.1% 10.5% 5.0 4.5 N.A. N.A. 0.4 0.4 0.0% 0.0%
BTPS BTPS Buy 7,704 2,320 4,200 17,872.6 1,719.7 2,096.1 28.5% 21.9% 10.4 8.5 N.A. N.A. 2.6 2.1 1.5% 1.9%
BFI Finance BFIN Buy 15,967 290 900 4,339.7 1,532.3 1,674.1 6.4% 9.2% 2.8 2.6 N.A. N.A. 0.5 0.5 10.0% 10.6%
Construction & materials 138,294.4 12,589.4 16,350.2 -0.2% 29.9% 11.0 8.5 9.4 7.7 1.0 0.9 2.8% 2.4%
Indocement INTP Buy 3,681 10,600 21,600 39,021.1 2,312.8 2,759.1 32.7% 19.3% 16.9 14.1 7.9 6.5 1.6 1.5 1.6% 2.1%
Semen Indonesia SMGR Buy 5,932 7,450 16,100 44,189.8 4,066.9 4,913.4 92.0% 20.8% 10.9 9.0 6.4 5.6 1.3 1.1 2.8% 1.9%
Adhi Karya ADHI Neutral 3,561 530 1,120 1,887.3 618.8 592.6 -6.8% -4.2% 3.1 3.2 3.8 4.0 0.3 0.3 7.0% 6.6%
Pembangunan Perumahan PTPP Buy 6,200 665 2,050 4,122.9 980.6 1,320.0 2.4% 34.6% 4.2 3.1 4.5 4.3 0.4 0.3 7.0% 7.1%
Wijaya Karya WIKA Buy 8,960 935 2,500 8,377.8 1,670.8 1,871.3 -17.2% 12.0% 5.0 4.5 4.3 3.0 0.5 0.5 4.0% 4.5%
Waskita Karya WSKT Buy 13,381 600 1,660 8,028.6 1,245.4 1,440.0 -21.7% 15.6% 6.4 5.6 14.6 12.6 0.4 0.4 3.1% 3.6%
Wijaya Karya Beton WTON Buy 8,715 236 700 2,056.9 585.5 677.5 14.3% 15.7% 3.5 3.0 2.8 2.5 0.6 0.5 7.5% 8.5%
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%
Jasa Marga JSMR Buy 7,258 3,640 5,900 26,418.7 266.1 1,821.7 -87.9% 584.6% 99.3 14.5 22.6 12.0 1.4 1.3 1.7% 0.2%
Consumer staples 906,310.8 45,308.2 50,497.6 -7.6% 11.5% 20.0 17.9 12.8 11.6 4.6 4.3 3.9% 3.9%
Indofood CBP ICBP Buy 11,662 9,625 12,350 112,245.9 5,413.9 5,888.6 7.4% 8.8% 20.7 19.1 12.7 11.6 4.2 3.7 2.4% 2.6%
Indofood INDF Buy 8,781 6,625 9,750 58,167.2 4,929.3 5,271.9 6.9% 6.9% 11.8 11.0 7.4 7.0 1.5 1.5 5.1% 5.4%
Mayora MYOR Neutral 22,359 2,130 2,850 47,624.7 2,152.4 2,476.0 15.5% 15.0% 22.1 19.2 11.9 10.5 4.3 3.8 1.5% 1.7%
Unilever UNVR Neutral 38,150 8,050 9,650 307,107.5 8,027.2 8,978.0 8.3% 11.8% 38.3 34.2 26.4 23.7 47.7 41.5 2.4% 2.6%
Gudang Garam GGRM Buy 1,924 44,050 63,450 84,756.1 7,512.4 8,962.6 -22.1% 19.3% 11.3 9.5 7.1 6.2 1.5 1.4 3.4% 5.9%
HM. Sampoerna HMSP Buy 116,318 1,640 2,450 190,761.6 12,297.4 13,378.7 -22.6% 8.8% 15.5 14.3 11.6 10.6 5.5 5.3 8.2% 6.3%
Kalbe Farma KLBF Buy 46,875 1,400 1,950 65,625.2 2,741.8 3,026.5 7.2% 10.4% 23.9 21.7 15.1 13.6 3.8 3.4 2.1% 2.3%
Sido Muncul SIDO Buy 15,000 1,260 1,450 18,900.0 914.1 1,022.6 12.8% 11.9% 20.7 18.5 14.8 13.1 5.0 4.6 4.2% 4.7%
Multi Bintang MLBI Buy 2,107 10,025 19,450 21,122.7 1,319.8 1,492.6 10.4% 13.1% 16.0 14.2 10.3 9.1 14.0 11.7 5.1% 5.6%
Healthcare 46,149.5 1,142.6 1,325.1 18.3% 16.0% 40.4 34.8 14.3 12.4 3.4 3.2 0.8% 0.9%
Mitra Keluarga MIKA Buy 14,551 1,990 3,100 28,956.0 793.9 869.9 15.1% 9.6% 36.5 33.3 23.4 21.1 6.0 5.4 1.0% 1.2%
Siloam Hospital SILO Buy 1,625 5,275 7,150 8,571.9 44.4 100.1 107.0% 125.6% 193.2 85.6 7.1 5.7 1.3 1.3 0.0% 0.0%
Hermina HEAL Buy 2,973 2,900 5,200 8,621.7 304.3 355.2 19.4% 16.7% 28.3 24.3 10.7 9.4 3.8 3.3 0.8% 1.0%
Consumer discretionary 230,345.8 18,209.0 25,232.8 -39.6% 38.6% 12.7 9.1 7.6 6.9 1.2 1.1 5.5% 3.8%
Ace Hardware Indonesia ACES Neutral 17,150 1,360 1,500 23,324.0 710.8 1,055.3 -31.0% 48.5% 32.8 22.1 24.9 17.7 4.7 4.2 2.2% 1.5%
Matahari Department Store LPPF Buy 2,918 1,250 1,800 3,647.4 50.4 496.7 -96.3% 884.6% 72.3 7.3 5.9 2.3 2.0 1.6 0.0% 0.4%
MAP Aktif MAPA Buy 2,850 2,340 3,850 6,669.9 54.4 606.1 -92.1% ####### 122.5 11.0 16.8 5.7 2.2 1.8 0.0% 0.2%
Mitra Adiperkasa MAPI Buy 16,600 695 1,000 11,537.0 (1,704.4) 543.3 N/M N/M -6.8 21.2 -112.9 7.1 2.7 2.4 1.8% 0.0%
Ramayana RALS Buy 7,096 565 700 4,009.2 (131.9) 142.9 N/M N/M -30.4 28.1 -45.7 9.6 1.1 1.1 9.5% -2.1%
Erajaya Swasembada ERAA Buy 3,190 1,235 1,500 3,939.7 140.3 355.3 -52.5% 153.2% 28.1 11.1 12.7 8.2 0.8 0.8 0.7% 1.8%
Astra International ASII Buy 40,484 3,740 5,000 151,408.5 14,709.9 17,215.6 -32.2% 17.0% 10.3 8.8 7.2 7.3 1.0 0.9 6.5% 4.4%

REDS- Research Equity Database System Page 1 of 6

Equity Valuation Outstanding
Shares Price Price Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield ROE
As of 8 May 2020 Code Rating (Mn) (Rp) Target (Rp Bn) 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
Surya Citra Media SCMA Buy 14,622 790 1,800 11,634.9 1,565.6 1,693.2 35.7% 8.1% 7.4 6.9 5.2 4.9 2.0 1.8 9.4% 10.2%
Media Nusantara Citra MNCN Buy 13,047 845 2,200 10,481.2 2,427.2 2,593.1 24.1% 6.8% 4.3 4.0 3.3 2.8 0.8 0.7 3.5% 3.7%
MNC Studios MSIN Buy 5,202 318 650 1,654.2 267.2 315.5 16.3% 18.1% 6.2 5.2 3.6 3.4 1.1 1.0 8.1% 9.5%
Sarimelati Kencana PZZA Buy 3,022 675 900 2,039.8 119.4 215.7 -40.3% 80.6% 17.1 9.5 6.5 4.7 1.5 1.3 4.9% 2.9%
Commodities 205,337.8 23,551.5 24,722.8 -6.8% 5.0% 8.7 8.3 3.5 3.1 0.9 0.8 4.4% 4.4%
United Tractors UNTR Buy 3,730 15,825 22,500 59,029.4 8,961.5 9,194.8 -20.8% 2.6% 6.6 6.4 2.9 2.4 0.9 0.8 4.6% 4.7%
Adaro (USD) ADRO Neutral 31,986 1,025 1,350 32,785.6 372.2 353.0 -7.9% -5.2% 6.2 6.6 2.6 2.5 0.6 0.6 5.7% 5.3%
Harum Energy (USD) HRUM Neutral 2,661 1,270 1,300 3,259.6 17.4 13.6 -5.9% -21.7% 13.1 16.9 0.6 0.4 0.7 0.7 4.2% 3.3%
Indika Energy (USD) INDY Neutral 5,210 740 910 3,855.5 1.6 6.4 N/M 286.9% 163.5 42.6 1.5 1.2 0.3 0.3 0.2% 0.6%
Indo Tambangraya Megah (USD) ITMG Neutral 1,108 7,875 10,450 8,635.4 100.2 101.0 -20.8% 0.9% 6.0 6.0 1.8 1.6 0.7 0.7 14.1% 14.1%
Bukit Asam PTBA Neutral 11,523 2,060 2,350 23,736.4 3,481.8 3,496.3 -18.3% 0.4% 6.8 6.8 4.2 4.1 1.3 1.2 11.0% 11.0%
Antam ANTM Buy 24,031 535 1,100 12,856.5 959.3 1,319.5 5.5% 37.6% 13.4 9.7 7.4 6.8 0.6 0.6 2.6% 3.6%
Vale Indonesia (USD) INCO IJ Buy 9,936 3,090 4,000 30,703.3 111.1 166.2 93.6% 49.6% 19.3 13.0 6.2 4.8 1.0 1.0 0.0% 0.0%
Timah TINS Neutral 7,448 505 870 3,761.1 394.0 428.6 N/M 8.8% 9.5 8.8 5.3 5.0 0.6 0.6 3.7% 4.0%
Merdeka Copper Gold (USD) MDKA Buy 21,360 1,220 1,450 26,715.1 79.8 85.1 9.9% 6.6% 23.4 22.2 8.5 7.8 3.3 2.9 0.0% 0.0%
Property & Industrial Estate 72,121.9 10,122.3 8,797.7 -8.0% -13.1% 7.1 8.2 6.9 6.8 0.5 0.6 2.8% 2.7%
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%
Bumi Serpong Damai BSDE Buy 19,247 665 1,650 12,799.1 2,086.0 2,119.3 -14.5% 1.6% 6.1 6.0 5.8 6.0 0.4 0.4 0.0% 0.8%
Ciputra Development CTRA Buy 18,560 515 1,550 9,558.6 1,128.4 1,365.6 17.0% 21.0% 8.5 7.0 7.0 6.7 0.6 0.6 1.6% 1.9%
Jaya Real Property JRPT Buy 13,750 408 1,050 5,610.0 949.4 1,034.7 -6.0% 9.0% 5.9 5.4 5.1 4.2 0.7 0.7 4.1% 5.1%
Pakuwon Jati PWON Buy 48,160 356 800 17,144.8 2,531.6 2,532.3 0.3% 0.0% 6.8 6.8 5.3 5.1 1.0 0.9 1.7% 1.7%
Summarecon Agung SMRA Neutral 14,427 432 1,330 6,232.4 550.4 721.5 54.4% 31.1% 11.3 8.6 7.7 7.0 0.8 0.7 1.2% 1.2%
Lippo Karawaci LPKR Buy 70,592 145 360 10,235.8 860.7 811.7 -54.0% -5.7% 11.9 12.6 11.0 10.8 0.3 0.3 0.7% 0.7%
Puradelta Lestari DMAS Buy 48,198 150 390 7,229.7 1,441.4 1,085.7 81.9% -24.7% 5.0 6.7 4.5 6.3 1.0 1.0 15.9% 13.5%
Bekasi Fajar BEST Neutral 9,647 107 130 1,032.3 106.6 121.8 -72.0% 14.2% 9.7 8.5 5.6 8.2 0.2 0.2 3.3% 0.9%
Telco 429,392.6 23,251.8 25,821.1 -10.4% 11.1% 18.5 16.6 6.1 5.7 2.7 2.6 4.5% 4.6%
EXCEL EXCL Buy 10,688 2,380 3,400 25,437.3 2,037.3 912.4 185.9% -55.2% 12.5 27.9 5.7 5.5 1.2 1.2 0.8% 2.4%
Telkom TLKM Buy 99,062 3,190 3,800 316,008.5 18,519.6 20,942.4 -5.0% 13.1% 17.1 15.1 5.8 5.3 3.0 2.9 5.3% 5.3%
Indosat ISAT Buy 5,434 2,050 3,000 11,139.6 (1,760.4) (1,027.0) N/M 41.7% -6.3 -10.8 4.9 4.3 1.0 1.1 0.0% 0.0%
Link Net LINK Buy 3,043 2,650 5,500 7,716.1 979.9 1,017.3 -3.3% 3.8% 8.0 7.7 3.6 3.4 1.5 1.3 6.3% 6.6%
Tower Bersama TBIG Buy 22,657 1,140 1,250 24,659.4 1,007.6 1,193.5 23.0% 18.4% 24.5 20.7 11.2 10.6 4.6 4.1 2.4% 2.4%
Sarana Menara TOWR Buy 51,015 885 1,070 44,431.7 2,467.7 2,782.5 0.1 0.1 18.0 16.0 10.3 9.4 4.4 3.8 0.0 2.7%
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%
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%
Airlines 2,371.6 539.7 836.7 30.0% 55.0% 4.4 2.8 4.1 2.5 0.4 0.4 0.0% 0.0%
GMF AeroAsia (USD) GMFI Neutral 28,234 84 275 2,371.6 37.8 59.0 26.1% 56.3% 4.4 2.8 4.1 2.5 0.4 0.4 0.0% 0.0%
Transportation 2,402.0 199.0 393.7 -36.7% 97.8% 12.1 6.1 3.8 3.1 0.4 0.4 3.4% 6.6%
Blue Bird BIRD Buy 2,502 960 2,575 2,402.0 199.0 393.7 -36.7% 97.8% 12.1 6.1 3.8 3.1 0.4 0.4 3.4% 6.6%
Poultry 83,667.8 6,560.8 6,944.3 16.7% 5.8% 12.8 12.0 7.9 7.2 2.1 1.9 2.2% 2.6%
Charoen Pokphand Indonesia CPIN Neutral 16 4,370 4,950 71,659.3 4,218.8 4,490.1 16.4% 6.4% 17.0 16.0 10.6 9.8 3.0 2.6 1.9% 2.2%
Japfa Comfeed JPFA Buy 12 920 1,950 10,788.5 2,042.4 2,126.8 19.0% 4.1% 5.3 5.1 4.3 3.7 0.9 0.8 4.4% 5.2%
Malindo Feedmill MAIN Buy 2 545 1,150 1,220.1 299.6 327.4 7.1% 9.3% 4.1 3.7 3.4 3.1 0.5 0.4 3.1% 3.4%

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

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

REDS- Research Equity Database System Page 2 of 6

Equity Valuation Outstanding
Shares Price Price Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield ROE
As of 8 May 2020 Code Rating (Mn) (Rp) Target (Rp Bn) 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
- N.A. means Not Applicable

REDS- Research Equity Database System Page 3 of 6

Equity Valuation
ROE PCF EBITDA Growth Net Gearing
As of 8 May 2020 2020 2021 2020 2021 2020 2021 2020 2021
Mandiri Universe 14.0% 15.0% 12.4 13.7 -2.4% 8.9% 23.7% 21.2%
Banking 15.8% 16.3% N.A. N.A. N.A. N.A. N.A. N.A.
BCA 17.5% 17.0% N.A. N.A. N.A. N.A. N.A. N.A.
BNI 15.6% 15.9% N.A. N.A. N.A. N.A. N.A. N.A.
BRI 19.2% 20.0% N.A. N.A. N.A. N.A. N.A. N.A.
BTN 14.8% 16.9% N.A. N.A. N.A. N.A. N.A. N.A.
Danamon 10.0% 11.7% N.A. N.A. N.A. N.A. N.A. N.A.
Bank BJB 14.8% 16.6% N.A. N.A. N.A. N.A. N.A. N.A.
Bank Jatim 16.2% 16.6% N.A. N.A. N.A. N.A. N.A. N.A.
CIMB Niaga 9.8% 10.4% N.A. N.A. N.A. N.A. N.A. N.A.
BNLI 6.3% 6.4% N.A. N.A. N.A. N.A. N.A. N.A.
Panin 8.4% 8.8% N.A. N.A. N.A. N.A. N.A. N.A.
BTPS 28.4% 27.3% N.A. N.A. N.A. N.A. N.A. N.A.
BFI Finance 19.8% 18.8% N.A. N.A. N.A. N.A. N.A. N.A.
Construction & materials 8.9% 11.0% 13.5 7.1 8.5% 23.1% 136.7% 131.2%
Indocement 9.7% 10.8% 11.0 9.8 20.8% 12.6% -39.4% -45.2%
Semen Indonesia 12.1% 13.3% 6.3 5.9 24.2% 7.9% 68.9% 52.2%
Adhi Karya 9.4% 9.1% 5.8 1.9 -2.2% -5.4% 68.0% 66.4%
Pembangunan Perumahan 8.1% 11.5% 1.4 4.6 11.4% 14.2% 59.6% 69.1%
Wijaya Karya 10.6% 11.7% 2.6 4.2 13.9% 20.6% 33.5% 14.8%
Waskita Karya 6.5% 7.3% 4.0 5.8 14.8% 18.2% 445.9% 445.4%
Wijaya Karya Beton 16.6% 16.9% 1.4 4.4 2.5% 14.1% 23.1% 21.2%
Waskita Beton 10.3% 11.0% 1.4 3.7 8.4% 11.4% 54.7% 50.1%
Jasa Marga 1.4% 9.4% -2.0 21.4 -26.6% 101.0% 385.2% 408.4%
Consumer staples 23.8% 24.8% 16.5 17.5 -5.8% 11.0% 0.8% 1.1%
Indofood CBP 21.2% 20.7% 17.4 15.9 3.5% 9.8% -12.5% -10.6%
Indofood 13.4% 13.6% 8.4 8.0 8.6% 8.3% 41.7% 45.3%
Mayora 20.9% 20.9% 23.2 20.0 13.1% 12.6% 14.3% 9.3%
Unilever 130.9% 129.8% 34.0 30.2 8.5% 11.1% 16.1% -2.3%
Gudang Garam 13.9% 15.4% 7.0 14.6 -17.4% 15.8% 16.7% 18.1%
HM. Sampoerna 33.9% 38.0% 14.1 14.3 -24.8% 9.4% -46.7% -49.5%
Kalbe Farma 16.4% 16.6% 23.3 21.4 7.5% 9.7% -20.8% -22.6%
Sido Muncul 25.4% 25.9% 20.6 18.4 11.7% 11.5% -39.4% -41.4%
Multi Bintang 95.5% 90.1% 19.4 12.7 8.5% 11.6% -22.1% -35.0%
Healthcare 8.8% 9.5% 22.0 19.4 16.3% 13.0% -11.1% -16.6%
Mitra Keluarga 17.4% 17.2% 30.8 27.8 15.4% 9.8% -26.7% -30.8%
Siloam Hospital 0.7% 1.6% 14.1 12.5 16.6% 13.9% -16.0% -25.9%
Hermina 14.1% 14.6% 15.7 13.3 17.3% 16.2% 36.4% 37.5%
Consumer discretionary 9.3% 12.2% 3.8 9.0 -18.2% 11.2% 19.8% 17.8%
Ace Hardware Indonesia 14.7% 20.0% 19.0 41.4 -31.7% 40.4% -39.6% -38.1%
Matahari Department Store 2.8% 24.4% 52.3 4.4 -78.5% 116.9% -58.8% -70.2%
MAP Aktif 1.8% 18.0% 11.6 32.5 -71.2% 193.3% -35.8% -33.0%
Mitra Adiperkasa -32.8% 12.1% -12.9 14.5 N/M N/M 39.5% 52.1%
Ramayana -3.5% 3.9% -32.1 11.1 N/M N/M -45.9% -54.3%
Erajaya Swasembada 2.9% 7.0% -88.5 6.9 -25.5% 52.7% 52.2% 47.6%
Astra International 9.8% 10.9% 2.8 8.8 -9.3% -0.5% 25.5% 24.5%

REDS- Research Equity Database System Page 4 of 6

Equity Valuation
ROE PCF EBITDA Growth Net Gearing
As of 8 May 2020 2020 2021 2020 2021 2020 2021 2020 2021
Surya Citra Media 28.6% 27.4% 7.3 6.3 29.8% 2.8% -13.6% -16.3%
Media Nusantara Citra 19.7% 18.0% 4.4 3.9 16.9% 3.6% 16.7% 2.5%
MNC Studios 18.5% 19.8% 4.6 7.8 15.9% 13.8% -5.7% 1.9%
Sarimelati Kencana 8.8% 15.0% 9.6 5.3 -23.7% 43.5% 7.8% 12.9%
Commodities 10.4% 10.2% 4.2 4.6 -5.9% 1.2% -1.0% -9.7%
United Tractors 14.6% 13.6% 5.2 4.2 -14.7% 1.3% -8.8% -20.1%
Adaro (USD) 9.7% 8.7% 3.1 3.1 -6.9% -4.1% 4.2% -4.7%
Harum Energy (USD) 5.5% 4.2% 6.3 9.3 -2.4% -13.7% -93.3% -96.3%
Indika Energy (USD) 0.2% 0.7% 0.7 1.0 -14.4% 2.4% 27.6% 9.0%
Indo Tambangraya Megah (USD) 11.4% 11.4% 2.2 3.8 -16.1% 0.9% -29.8% -32.5%
Bukit Asam 18.8% 18.3% 5.1 6.5 -12.6% 1.5% -21.7% -21.2%
Antam 4.7% 6.2% 6.1 4.9 5.6% 5.4% 46.2% 40.5%
Vale Indonesia (USD) 5.6% 7.8% 8.5 9.1 27.5% 20.8% -20.0% -24.7%
Timah 6.3% 6.4% 0.7 4.1 130.5% 5.2% 59.7% 55.0%
Merdeka Copper Gold (USD) 15.0% 13.8% 18.6 10.9 4.6% 1.9% 25.4% -5.3%
Property & Industrial Estate 7.8% 8.1% 8.3 10.8 -0.5% -12.5% 23.5% 26.8%
Alam Sutera Realty 4.6% 8.7% 12.7 18.0 -19.0% 54.0% 84.2% 85.3%
Bumi Serpong Damai 7.1% 6.7% 26.3 13.4 7.5% 5.9% 8.8% 12.3%
Ciputra Development 7.2% 8.2% 4.4 9.4 6.0% 8.4% 18.4% 19.0%
Jaya Real Property 12.9% 12.8% 6.0 3.5 -6.1% 7.9% -4.7% -12.2%
Pakuwon Jati 15.9% 13.9% 5.4 6.2 -0.9% 1.0% -4.4% -9.3%
Summarecon Agung 7.4% 9.0% 7.7 11.8 18.0% 15.2% 95.8% 93.9%
Lippo Karawaci 2.7% 2.5% -16.0 -23.6 -27.4% 6.9% 30.6% 32.6%
Puradelta Lestari 20.8% 15.2% 6.9 8.0 91.2% -25.5% -9.7% -6.6%
Bekasi Fajar 2.4% 2.6% 2.0 8.7 -25.6% -26.1% 26.0% 29.1%
Telco 15.0% 16.2% 6.0 5.4 4.1% 9.4% 102.6% 102.5%
EXCEL 10.2% 4.3% 4.5 4.3 19.5% 8.4% 211.5% 215.2%
Telkom 17.9% 19.7% 6.1 5.4 1.4% 8.6% 38.4% 37.3%
Indosat -14.9% -9.8% 1.9 1.7 0.7% 18.6% 303.5% 367.3%
Link Net 19.3% 18.2% 4.1 3.8 4.9% 4.6% 9.4% 5.3%
Tower Bersama 19.4% 20.9% 12.6 12.4 7.3% 6.7% 444.5% 411.3%
Sarana Menara 26.4% 25.8% 10.4 10.8 11.6% 8.1% 185.3% 155.0%
Chemical 4.2% 4.8% 3.5 3.2 4.4% 6.3% 69.9% 60.4%
Aneka Gas 4.2% 4.8% 3.5 3.2 4.4% 6.3% 69.9% 60.4%
Airlines 10.1% 13.9% 4.0 1.1 29.4% 20.4% 65.0% 32.3%
GMF AeroAsia (USD) 10.1% 13.9% 4.0 1.1 25.5% 21.4% 65.0% 32.3%
Transportation 3.7% 7.1% 2.5 2.5 -7.8% 34.6% 12.2% 17.7%
Blue Bird 3.7% 7.1% 2.5 2.5 -7.8% 34.6% 12.2% 17.7%
Poultry 17.9% 16.7% 12.1 11.1 11.5% 7.1% 23.1% 13.5%
Charoen Pokphand Indonesia 18.5% 17.5% 17.1 16.5 13.3% 5.3% 2.1% -5.4%
Japfa Comfeed 17.6% 16.1% 4.9 4.0 9.8% 10.3% 56.7% 43.6%
Malindo Feedmill 12.7% 12.4% 2.4 2.6 5.6% 5.7% 59.5% 47.5%

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

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

REDS- Research Equity Database System Page 5 of 6

Equity Valuation
ROE PCF EBITDA Growth Net Gearing
As of 8 May 2020 2020 2021 2020 2021 2020 2021 2020 2021
- N.A. means Not Applicable

REDS- Research Equity Database System Page 6 of 6