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 20 November 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 4,125,952.0 184,652.5 256,813.4 -26.9% 39.1% 22.3 16.1 14.6 12.4 2.3 2.1 3.0% 2.3% 10.1% 13.5% 16.1 16.8 -11.7% 17.1% 25.1% 22.8%
Banking 31,585.2 1,188.9 1,547.0 -35.2% 60.6% 26.1 16.2 N.A. N.A. 2.4 2.1 2.5% 1.3% 9.0% 13.9% N.A. N.A. N.A. N.A. N.A. N.A.
BTPS BTPS Buy 7,704 4,100 3,200 31,585.2 1,188.9 1,547.0 -15.1% 30.1% 26.6 20.4 N.A. N.A. 5.0 4.1 0.9% 0.8% 20.3% 22.2% N.A. N.A. N.A. N.A. N.A. N.A.
Construction & materials 183,491.2 5,503.8 9,328.3 -73.2% 132.8% 58.6 25.2 16.3 11.9 1.5 1.5 1.5% 0.9% 2.5% 5.9% -2,483.3 12.6 -21.8% 38.9% 146.4% 149.2%
Indocement INTP Buy 3,681 14,400 14,500 53,009.7 1,672.7 2,003.1 -8.9% 19.8% 31.7 26.5 14.7 12.9 2.2 2.1 1.2% 1.1% 7.1% 8.1% 22.2 15.4 -7.0% 9.9% -34.5% -39.5%
Semen Indonesia SMGR Buy 5,932 11,350 11,020 67,322.8 2,520.2 2,824.6 5.4% 12.1% 26.7 23.8 10.5 9.8 2.0 1.9 1.8% 1.4% 7.6% 8.1% 17.6 11.5 1.6% 3.1% 69.0% 56.5%
Adhi Karya ADHI Buy 3,561 920 810 3,276.0 105.1 360.5 -84.2% 243.0% 31.2 9.1 9.4 7.2 0.6 0.5 4.1% 0.6% 1.7% 6.1% 7.7 7.6 -21.7% 32.7% 132.6% 144.3%
Pembangunan Perumahan PTPP Buy 6,200 1,150 1,370 7,129.9 218.9 753.8 -76.5% 244.3% 32.6 9.5 10.5 6.9 0.6 0.6 3.9% 0.9% 1.8% 6.1% 14.1 10.3 -33.1% 55.9% 52.3% 49.1%
Wijaya Karya WIKA Buy 8,960 1,425 1,680 12,768.3 561.1 1,158.6 -75.4% 106.5% 22.8 11.0 8.8 6.8 0.9 0.8 0.9% 1.8% 3.9% 7.7% 8.9 11.8 -21.7% 38.7% 39.0% 45.9%
Wijaya Karya Beton WTON Buy 8,715 318 500 2,771.5 284.8 437.8 -44.4% 53.7% 9.7 6.3 4.3 3.1 0.8 0.7 5.5% 3.1% 8.3% 11.6% 2.7 2.8 -20.6% 29.0% 20.3% 10.8%
Waskita Beton WSBP Buy 26,361 214 195 5,641.3 (115.3) 82.9 N/M N/M -48.9 68.1 21.2 15.0 0.8 0.8 7.1% 0.0% -1.5% 1.1% 9.2 6.2 -64.8% 39.6% 82.1% 85.2%
Jasa Marga JSMR Buy 7,258 4,350 5,690 31,571.7 256.3 1,706.9 -88.4% 566.0% 123.2 18.5 25.3 12.6 1.7 1.6 1.4% 0.2% 1.4% 8.9% -2.4 27.6 -31.1% 113.8% 385.7% 410.5%
Consumer staples 625,457.8 25,372.4 26,808.5 -14.8% 25.0% 22.0 17.6 14.1 11.6 4.7 4.3 3.8% 3.3% 22.0% 25.5% 17.3 16.7 -15.8% 21.1% -2.9% -6.8%
Indofood CBP ICBP Buy 11,662 10,100 12,050 117,785.3 5,977.0 6,319.2 18.6% 5.7% 19.7 18.6 11.6 11.3 4.1 3.7 2.1% 2.5% 22.1% 20.8% 15.9 14.7 16.9% 1.2% -32.2% -35.8%
Indofood INDF Buy 8,781 7,225 9,950 63,435.2 5,919.1 6,306.6 20.6% 6.5% 10.7 10.1 6.6 6.2 1.5 1.4 3.8% 4.6% 15.0% 14.7% 9.1 8.3 3.3% 5.6% 11.5% 7.5%
Mayora MYOR Buy 22,359 2,480 2,600 55,450.3 2,413.2 2,190.5 21.4% -9.2% 23.0 25.3 15.7 14.5 4.9 4.4 1.4% 1.6% 23.0% 18.3% 42.2 13.0 0.5% 4.6% 33.2% 13.1%
Unilever UNVR Buy 38,150 7,725 9,700 294,708.8 7,419.9 8,138.5 0.3% 9.7% 39.7 36.2 27.9 25.6 58.9 54.7 2.5% 2.5% 144.3% 156.7% 37.6 30.5 -2.8% 8.7% 68.4% 42.8%
Kalbe Farma KLBF Buy 46,875 1,495 1,900 70,078.3 2,731.1 2,842.4 9.0% 4.1% 25.7 24.7 17.4 16.5 4.0 3.7 1.9% 2.0% 16.4% 15.7% 18.6 23.9 2.5% 5.3% -21.6% -21.9%
Sido Muncul SIDO Buy 30 800 980 24,000.0 912.1 1,011.4 12.9% 10.9% 26.3 23.7 19.7 17.7 7.4 7.1 3.1% 3.7% 29.0% 30.7% 28.8 24.0 6.1% 11.5% -27.3% -26.7%
Healthcare 53,604.6 841.9 1,080.4 30.2% 28.3% 63.7 49.6 22.4 18.1 4.1 3.9 0.1% 0.1% 6.7% 8.1% 30.5 26.5 -9.5% 22.9% -6.8% -10.3%
Mitra Keluarga MIKA Buy 14,551 2,430 2,750 35,358.3 546.6 658.6 -25.1% 20.5% 64.7 53.7 42.6 34.3 7.8 7.1 0.0% 0.0% 12.4% 13.9% 51.4 50.0 -22.2% 23.6% -28.3% -30.5%
Siloam Hospital SILO Buy 1,625 4,880 5,950 7,930.0 (44.0) 22.2 87.0% N/M -180.3 357.0 10.8 8.4 1.3 1.3 0.0% 0.0% -0.7% 0.4% 17.4 12.0 -16.3% 23.9% -4.9% -9.4%
Hermina HEAL Buy 2,973 3,470 4,000 10,316.3 339.3 399.6 32.9% 17.8% 30.4 25.8 13.1 10.8 4.2 3.7 0.3% 0.5% 14.8% 15.2% 16.8 15.7 15.1% 21.5% 29.7% 24.3%
Consumer discretionary 319,990.3 21,131.7 25,531.1 -29.5% 22.8% 15.6 12.7 10.9 8.6 1.6 1.5 3.8% 3.1% 10.8% 12.5% 4.9 13.0 -25.2% 26.8% 16.7% 15.6%
Ace Hardware Indonesia ACES Neutral 17,150 1,635 1,500 28,040.3 710.8 1,055.3 -31.0% 48.5% 39.5 26.6 30.4 21.6 5.7 5.0 1.8% 1.3% 14.7% 20.0% 22.9 49.7 -31.7% 40.4% -39.6% -38.1%
Matahari Department Store LPPF Buy 2,918 1,050 1,800 3,063.8 50.4 496.7 -96.3% 884.6% 60.7 6.2 4.6 1.7 1.7 1.3 0.0% 0.5% 2.8% 24.4% 43.9 3.7 -78.5% 116.9% -58.8% -70.2%
MAP Aktif MAPA Buy 2,850 2,400 3,850 6,841.0 54.4 606.1 -92.1% 1013.2% 125.6 11.3 17.3 5.9 2.2 1.9 0.0% 0.2% 1.8% 18.0% 11.9 33.3 -71.2% 193.3% -35.8% -33.0%
Mitra Adiperkasa MAPI Buy 16,600 785 1,000 13,031.0 (1,704.4) 543.3 N/M N/M -7.6 24.0 -124.3 7.8 3.1 2.7 1.6% 0.0% -32.8% 12.1% -14.5 16.4 N/M N/M 39.5% 52.1%
Astra International ASII Buy 40,484 5,725 6,300 231,768.3 17,762.5 18,097.9 -18.2% 1.9% 13.0 12.8 10.8 9.2 1.5 1.4 4.2% 3.4% 11.7% 11.2% 3.9 12.8 -19.4% 18.6% 22.4% 21.7%
Surya Citra Media SCMA Buy 14,622 1,495 1,800 22,017.9 1,565.6 1,693.2 35.7% 8.1% 14.1 13.0 9.8 9.4 3.7 3.4 5.0% 5.4% 28.6% 27.4% 13.7 12.0 29.8% 2.8% -13.6% -16.3%
Media Nusantara Citra MNCN Buy 13,047 920 2,200 11,411.5 2,427.2 2,593.1 24.1% 6.8% 4.7 4.4 3.5 3.0 0.9 0.7 3.2% 3.4% 19.7% 18.0% 4.8 4.3 16.9% 3.6% 16.7% 2.5%
MNC Studios MSIN Buy 5,202 298 650 1,550.2 267.2 315.5 16.3% 18.1% 5.8 4.9 3.4 3.2 1.0 0.9 8.6% 10.2% 18.5% 19.8% 4.3 7.3 15.9% 13.8% -5.7% 1.9%
Sarimelati Kencana PZZA Buy 3,022 750 750 2,266.4 (2.1) 129.9 N/M N/M -1,098.5 17.4 12.4 6.6 1.8 1.7 4.4% 0.0% -0.2% 10.0% 49.2 6.6 -55.1% 91.1% 11.9% 15.7%
Commodities 290,108.4 21,056.9 25,414.5 -13.3% 20.7% 13.8 11.4 5.1 4.4 1.2 1.2 2.9% 3.3% 9.2% 10.6% 6.2 6.6 -10.5% 9.4% -3.1% -10.9%
United Tractors UNTR Buy 3,730 21,300 31,700 79,451.9 7,172.4 10,603.3 -36.6% 47.8% 11.1 7.5 4.4 3.2 1.3 1.1 2.7% 4.0% 11.8% 15.8% 7.3 5.6 -25.1% 26.7% -10.3% -17.8%
Adaro (USD) ADRO Neutral 31,986 1,215 1,350 38,862.9 372.2 353.0 -7.9% -5.2% 7.3 7.8 3.1 2.9 0.7 0.7 4.8% 4.5% 9.7% 8.7% 3.7 3.6 -6.9% -4.1% 4.2% -4.7%
Harum Energy (USD) HRUM Neutral 2,661 2,290 1,300 5,877.6 17.4 13.6 -5.9% -21.7% 23.6 30.4 6.1 6.8 1.3 1.3 2.3% 1.8% 5.5% 4.2% 11.4 16.8 -2.4% -13.7% -93.3% -96.3%
Indika Energy (USD) INDY Neutral 5,210 1,170 910 6,095.9 1.6 6.4 N/M 286.9% 258.6 67.4 1.9 1.5 0.5 0.5 0.1% 0.4% 0.2% 0.7% 1.1 1.7 -14.4% 2.4% 27.6% 9.0%
Indo Tambangraya Megah (USD) ITMG Neutral 1,108 10,150 10,450 11,130.0 100.2 101.0 -20.8% 0.9% 7.8 7.8 2.7 2.5 0.9 0.9 10.9% 10.9% 11.4% 11.4% 2.9 4.9 -16.1% 0.9% -29.8% -32.5%
Bukit Asam PTBA Neutral 11,523 2,190 2,350 25,234.3 3,481.8 3,496.3 -18.3% 0.4% 7.2 7.2 4.5 4.4 1.3 1.3 10.3% 10.4% 18.8% 18.3% 5.4 6.9 -12.6% 1.5% -21.7% -21.2%
Antam ANTM IJ Buy 24,031 1,210 1,300 29,077.2 1,106.7 1,320.2 470.9% 19.3% 26.3 22.0 10.8 10.1 1.3 1.3 1.3% 1.6% 5.5% 5.8% 16.3 12.3 45.8% 3.7% 12.1% 7.4%
Vale Indonesia (USD) INCO IJ Neutral 9,936 4,560 4,000 45,309.7 102.5 106.3 78.6% 3.7% 30.9 30.1 9.7 9.3 1.6 1.5 0.0% 0.0% 5.1% 5.1% 11.8 14.0 19.6% 0.1% -21.8% -27.2%
Timah TINS Neutral 7,448 1,105 800 8,229.8 (111.2) 356.6 81.8% N/M -74.0 23.1 19.6 10.8 1.5 1.4 -0.5% 1.5% -2.1% 6.3% 2.6 8.5 10.8% 78.4% 137.5% 125.1%
Merdeka Copper Gold (USD) MDKA Buy 21,360 1,865 2,100 40,839.0 64.1 99.4 -11.8% 55.2% 44.6 29.0 14.2 10.8 5.1 4.4 0.0% 0.0% 12.2% 16.4% 31.2 15.9 -6.0% 23.4% 27.5% -8.1%
Property & Industrial Estate 99,410.3 5,687.8 8,369.1 -28.9% 52.0% 19.2 12.6 11.5 10.1 0.9 0.8 2.2% 1.6% 4.6% 6.6% -97.6 18.5 -11.0% 14.6% 32.9% 31.8%
Alam Sutera Realty ASRI Buy 19,649 236 210 4,637.3 41.8 682.6 -95.9% 1534.2% 111.0 6.8 11.3 8.2 0.4 0.4 0.8% 0.8% 0.4% 6.3% 10.4 8.0 -41.9% 33.0% 67.0% 62.1%
Bumi Serpong Damai BSDE Buy 21,171 1,060 1,160 22,441.6 1,398.9 2,049.5 -54.4% 46.5% 16.0 10.9 12.0 11.1 0.7 0.7 0.0% 0.4% 4.6% 6.3% -22.6 -21.8 -9.0% 10.7% 23.9% 24.3%
Ciputra Development CTRA Buy 18,560 895 1,120 16,611.5 831.7 1,094.2 -28.2% 31.5% 20.0 15.2 12.1 10.3 1.0 1.0 0.8% 0.8% 5.3% 6.6% 99.1 24.1 -17.2% 17.1% 33.6% 31.6%
Jaya Real Property JRPT Buy 13,750 492 670 6,765.0 997.4 1,064.6 -1.9% 6.7% 6.8 6.4 6.0 5.4 0.9 0.8 3.9% 0.1% 13.4% 12.7% 267.4 6.2 1.0% 6.2% -6.3% -9.2%
Pakuwon Jati PWON Buy 48,160 500 700 24,079.8 1,006.9 1,764.4 -63.0% 75.2% 23.9 13.6 14.1 9.9 1.5 1.4 1.2% 1.2% 6.6% 10.7% 18.4 9.8 -48.0% 43.3% 8.3% 7.6%
Summarecon Agung SMRA Buy 14,427 780 960 11,252.9 419.8 603.6 -18.5% 43.8% 26.8 18.6 11.5 10.3 1.5 1.4 0.6% 0.6% 5.6% 7.6% 24.6 9.9 -1.7% 9.4% 96.6% 85.2%
Puradelta Lestari DMAS Buy 48,198 246 300 11,856.7 884.8 988.5 -33.7% 11.7% 13.4 12.0 12.9 11.6 2.0 2.0 13.0% 8.5% 14.4% 17.0% 7.4 9.8 -33.5% 10.4% -9.7% -11.4%
Bekasi Fajar BEST Neutral 9,647 183 130 1,765.5 106.6 121.8 -72.0% 14.2% 16.6 14.5 7.5 10.7 0.4 0.4 1.9% 0.5% 2.4% 2.6% 3.3 14.9 -25.6% -26.1% 26.0% 29.1%
Telco 362,071.7 20,157.2 21,940.0 -5.2% 9.4% 18.7 17.1 6.1 5.7 2.9 2.7 4.0% 4.3% 15.5% 16.3% 6.0 5.4 7.4% 7.1% 108.3% 106.6%
EXCEL EXCL Buy 10,688 2,300 3,600 24,582.3 1,065.0 817.7 49.5% -23.2% 23.1 30.1 4.6 4.3 1.2 1.2 0.9% 1.3% 5.4% 4.0% 3.9 3.4 24.1% 7.3% 163.1% 163.0%
Telkom TLKM Buy 99,062 3,220 3,900 318,980.3 19,402.8 21,026.2 4.0% 8.4% 16.4 15.2 5.8 5.5 3.1 3.0 4.9% 5.3% 19.1% 19.9% 5.9 5.4 5.2% 5.6% 57.8% 56.8%
Indosat ISAT Buy 5,434 2,200 3,200 11,954.7 (1,046.3) (647.6) N/M 38.1% -11.4 -18.5 4.3 3.8 1.0 1.1 0.0% 0.0% -8.6% -5.7% 1.9 1.5 4.4% 16.2% 254.2% 281.1%
Link Net LINK Buy 3,043 2,310 3,300 6,554.4 735.6 743.7 -17.8% 1.1% 8.9 8.8 3.9 3.8 1.3 1.3 6.7% 5.7% 15.5% 14.8% 4.0 3.9 -9.2% 6.0% 22.2% 29.0%
Chemical 2,652.7 135.7 163.2 29.5% 20.3% 19.6 16.3 7.3 6.6 0.8 0.8 0.0% 0.0% 4.2% 4.8% 7.5 6.9 4.4% 6.3% 69.9% 60.4%
Aneka Gas AGII Buy 3,067 865 700 2,652.7 135.7 163.2 29.5% 20.3% 19.6 16.3 7.3 6.6 0.8 0.8 0.0% 0.0% 4.2% 4.8% 7.5 6.9 4.4% 6.3% 69.9% 60.4%
Airlines 2,879.8 539.7 836.7 30.0% 55.0% 5.3 3.4 4.4 2.8 0.5 0.4 0.0% 0.0% 9.8% 13.9% 4.7 1.3 29.4% 20.4% 65.0% 32.3%
GMF AeroAsia (USD) GMFI Neutral 28,234 102 275 2,879.8 37.8 59.0 26.1% 56.3% 5.3 3.4 4.4 2.8 0.5 0.4 0.0% 0.0% 10.1% 13.9% 4.8 1.3 25.5% 21.4% 65.0% 32.3%
Transportation 2,952.5 (175.2) 251.0 -155.7% N/M -16.9 11.8 12.5 4.9 0.6 0.6 -1.5% 2.1% -3.3% 4.8% 5.7 4.1 -70.1% N/M 5.4% 21.2%
Blue Bird BIRD Buy 2,502 1,180 1,700 2,952.5 (175.2) 251.0 N/M N/M -16.9 11.8 12.5 4.9 0.6 0.6 -1.5% 2.1% -3.3% 4.8% 5.7 4.1 -70.1% 217.9% 5.4% 21.2%
Poultry 120,893.9 3,119.8 5,423.9 -46.2% 86.5% 40.9 21.9 18.2 12.3 3.4 3.1 1.3% 1.0% 8.6% 14.8% 22.3 17.9 -32.5% 46.4% 28.0% 21.5%
Charoen Pokphand Indonesia CPIN Buy 16 6,475 6,950 106,177.1 2,775.5 3,728.3 -23.6% 34.3% 38.3 28.5 21.9 17.8 4.7 4.2 1.3% 1.1% 12.7% 15.7% 22.5 26.8 -20.8% 21.8% -1.4% -5.2%
Japfa Comfeed JPFA Buy 12 1,255 1,700 14,716.9 344.3 1,695.5 -80.5% 392.5% 42.7 8.7 10.8 5.6 1.3 1.2 1.6% 0.7% 3.2% 14.4% 42.1 5.9 -45.4% 86.2% 77.9% 65.9%
Oil and Gas 34,059.3 1,510.8 3,133.4 61.2% 107.4% 22.5 10.9 7.3 5.9 0.9 0.9 1.8% 3.7% 4.0% 8.2% 4.4 4.9 -39.3% 22.3% 53.6% 47.4%
Perusahaan Gas Negara (USD) PGAS Buy 24,242 1,405 1,700 34,059.3 105.7 221.0 56.4% 109.1% 22.5 10.9 7.3 5.9 0.9 0.9 1.8% 3.7% 4.1% 8.2% 4.5 4.9 -41.2% 23.3% 53.6% 47.4%
Asset Management 2,744.3 84.0 104.4 1.2% 24.2% 32.7 27.7 26.6 22.8 9.5 9.9 3.1% 3.4% 37.3% 35.9% 38.1 28.9 -4.5% 23.3% -55.1% -13.6%
Ashmore Indonesia AMOR Buy 1,111 2,600 2,500 2,744.3 79.6 88.4 -12.9% 5.6% 34.5 32.7 25.7 27.4 9.6 10.0 3.2% 2.9% 49.0% 30.7% 42.5 36.3 -13.5% 5.8% -130.1% -12.8%

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

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 20 November 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
- (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 2 of 2