INVESTOR DIGEST

Equity Research | 24 January 2022

Economic Data
Latest 2021F

7-DRRR (%), eop 3.50 4.25

Inflation (YoY %) 1.87 3.30
US$ 1 = Rp, period avg 14,338 14,388

Stock Market Data

(21 January2022)

JCI Index 6,726.4 1.50%

Trading T/O ( Rp bn ) 9,570.8
Market Cap ( Rp tn ) 8,460.2

Market Data Summary*

2022F 2023F

P/E (x) 17.1 14.9

P/BV (x) 2.2 2.0
EV/EBITDA (x) 13.1 12.1
Div. Yield (%) 2.8 3.1
Net Gearing (%) 19.2 14.6
ROE (%) 13.4 14.2
EPS Growth (%) 14.4 14.3
EBITDA Growth (%) 4.0 6.7
Earnings Yield (%) 5.9 6.7

* Aggregate of 73 companies in MS research universe,

representing 65.1%of JCI’s market capitalization

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 Equity Research | 24 January 2022

Indices and Fund Flows Currencies and Bonds Major Commodities

YTD Chg YTD YTD

Indices Last Chg (%) Currency Last Chg (%) Last Chg (%)
(%) Chg (%) Chg (%)

JCI 6,726.4 +1.5 +2.2 Rp/US$ 14,338 +0.00 -0.6 Crude Oil, WTI (US$/bl) 85.14 -2.0 +13.2
Dow Jones 34,265.4 -1.3 -5.7 US$/EUR 1.134 +0.28 +0.2 Copper (US$/mt) 9,941 -0.5 +2.3
Nikkei 27,522.3 -0.9 -4.4 YEN/US$ 113.68 -0.38 +1.2 Nickel (US$/mt) 24,028 +1.0 +15.8
Hang Seng 24,965.6 +0.1 +6.7 SGD/US$ 1.345 -0.19 +0.3 Gold (US$/oz) 1,835 -0.2 +0.3
STI 3,294.9 +0.0 +5.5 Tin 3-month (US$/mt) 43,955 +1.1 +13.1
Ishares indo 23.5 +1.0 +2.2 CPO futures (Ringgit/ton) 5,322 +2.6 +13.3
Coal (US$/ton) 224.6 -0.5 +32.4
Foreign YTD
YTD Gov. Bond Chg
Fund Flows Last Chg Last Chg Rubber forward (US¢/kg) 199.0 -0.1 -0.1
Chg Yield (bps)
(US$mn) (bps)
Soybean oil
Equity Flow +68.0 +419 5Yr 5.23 -0 +13 63.00 +0.2 +11.9
(US$/100gallons)
Bonds Flow -21.2 -167 10Yr 6.43 +1 +4 Baltic Dry Index 1,415.0 -4.0 -36.2

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 Equity Research | 24 January 2022

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) 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022
MANSEK universe 6,726 7,400 10.0 4,900,018 250,882 287,131 19.5 17.1 2.4 2.2 13.6 13.1 62.9% 14.4% 2.6% 2.8%
Banking 2,200,291 86,321 111,661 25.4 19.7 2.7 2.4 N.A. N.A. 39.2% 29.2% 1.6% 2.1%
BBCA Buy 7,950 7,600 (4.4) 980,037 30,524 34,015 32.1 28.8 5.2 4.7 N.A. N.A. 12.5% 11.4% 1.5% 1.5%
BBNI Buy 7,175 8,000 11.5 133,804 9,021 15,727 14.8 8.5 1.1 1.0 N.A. N.A. 175.0% 74.3% 0.6% 1.7%
BBRI Buy 4,170 5,200 24.7 616,581 28,840 39,497 21.4 15.6 2.2 2.0 N.A. N.A. 28.2% 37.0% 2.8% 3.8%
BBTN Buy 1,670 2,200 31.7 17,685 2,153 2,660 8.2 6.6 0.9 0.8 N.A. N.A. 34.4% 23.5% 0.1% 0.0%
BDMN Buy 2,330 3,600 54.5 22,772 2,075 2,924 10.8 7.6 0.5 0.5 N.A. N.A. 105.9% 41.0% 1.5% 3.2%
BJBR Buy 1,305 1,800 37.9 12,840 1,888 2,044 6.8 6.3 1.0 0.9 N.A. N.A. 11.9% 8.3% 7.3% 7.5%
BJTM Neutral 745 800 7.4 11,177 1,392 1,595 8.0 7.0 1.0 1.0 N.A. N.A. -6.5% 14.6% 6.6% 6.6%
BNGA Buy 955 1,400 46.6 24,001 3,766 4,398 6.4 5.5 0.6 0.5 N.A. N.A. 87.1% 16.8% 4.6% 8.6%
BNLI Neutral 1,400 1,800 28.6 50,654 1,097 1,630 41.0 31.1 1.4 1.3 N.A. N.A. 32.8% 31.9% 0.0% 0.0%
PNBN Buy 755 1,100 45.7 18,182 2,956 3,375 6.2 5.4 0.4 0.4 N.A. N.A. -4.8% 14.2% 0.0% 0.0%
BTPS Buy 3,430 4,000 16.6 26,424 1,449 2,030 18.2 13.0 3.8 3.1 N.A. N.A. 69.5% 40.2% 0.9% 1.6%
BFIN Buy 1,260 1,200 (4.8) 18,855 1,076 1,363 17.5 13.8 2.5 2.3 N.A. N.A. 53.4% 26.7% 1.4% 2.3%
ARTO Buy 19,000 22,000 15.8 263,269 -34 242 -7,793.3 1,085.9 32.0 31.1 N.A. N.A. 86.0% N/M 0.0% 0.0%
AMOR Buy 1,805 2,350 30.2 4,011 100 139 40.3 28.8 12.8 12.6 31.0 22.5 18.9% 39.8% 2.4% 3.3%
Construction & materials 192,973 5,965 8,954 32.0 21.6 1.5 1.4 13.4 11.4 N/M 48.3% 2.9% 2.1%
AVIA Buy 890 1,080 21.3 55,139 1,385 1,859 37.8 29.7 5.8 5.2 26.0 22.1 15.5% 27.5% 4.3% 1.3%
INTP Buy 10,775 16,230 50.6 39,665 1,764 2,255 22.5 17.6 1.9 1.9 10.2 8.9 -2.4% 27.9% 6.7% 6.6%
SMGR Buy 6,925 12,590 81.8 41,076 2,755 3,328 14.9 12.3 1.1 1.0 7.2 6.3 -1.3% 20.8% 0.7% 1.3%
ADHI Neutral 840 890 6.0 2,991 93 234 32.1 12.8 0.5 0.5 8.6 7.5 288.0% 151.3% 0.2% 0.6%
PTPP Neutral 930 1,050 12.9 5,766 274 348 21.0 16.6 0.5 0.5 9.3 8.1 112.9% 26.9% 0.7% 1.4%
WIKA Neutral 1,060 1,100 3.8 9,498 282 470 33.6 20.2 0.7 0.7 14.0 11.4 52.0% 66.5% 0.6% 1.0%
WSKT Neutral 585 1,030 76.1 7,828 -1,261 -1,909 -6.2 -4.1 1.2 1.8 63.1 40.7 82.9% -51.4% 0.0% 0.0%
WTON Neutral 232 270 16.4 2,022 95 190 21.2 10.6 0.6 0.5 6.8 5.3 -25.6% 99.8% 1.9% 1.4%
WSBP Neutral 103 140 35.9 2,715 -510 -484 -5.3 -5.6 4.2 6.5 37.3 29.7 89.3% 5.1% 0.0% -9.4%
JSMR Buy 3,620 6,640 83.4 26,273 1,087 2,663 24.2 9.9 1.3 1.2 11.4 9.9 117.0% 145.0% 0.4% 0.8%
Consumer staples 683,981 38,990 45,145 17.5 15.2 3.3 3.1 11.1 10.1 -8.2% 15.8% 4.7% 4.4%
CMRY Buy 3,350 4,330 29.3 26,581 757 996 35.1 26.7 5.7 4.9 22.3 16.9 -63.7% 31.6% 1.5% 0.9%
ICBP Buy 8,675 12,250 41.2 101,167 6,674 7,670 15.2 13.2 3.1 2.7 11.3 10.4 1.3% 14.9% 3.2% 3.3%
INDF Buy 6,475 9,800 51.4 56,850 5,558 6,207 10.2 9.2 1.3 1.2 7.2 7.0 -13.9% 11.7% 6.8% 5.8%
MYOR Neutral 2,020 2,500 23.8 45,165 1,285 1,530 35.1 29.5 4.1 3.7 16.8 14.9 -37.6% 19.1% 2.6% 1.4%
UNVR Neutral 4,150 5,400 30.1 158,323 5,800 6,120 27.3 25.9 45.4 42.6 18.9 17.9 -19.0% 5.5% 4.5% 3.7%
GGRM Buy 31,750 37,800 19.1 61,090 5,328 6,591 11.5 9.3 1.0 1.0 7.0 6.3 -30.3% 23.7% 8.2% 8.2%
HMSP Buy 955 1,750 83.2 111,084 8,189 9,964 13.6 11.1 3.7 3.5 8.8 7.4 -4.6% 21.7% 7.8% 7.5%
KLBF Buy 1,705 2,050 20.2 79,922 3,109 3,356 25.7 23.8 4.2 3.8 17.0 15.6 15.0% 7.9% 2.0% 1.9%
SIDO Buy 935 1,060 13.4 28,050 1,226 1,413 22.9 19.9 8.1 7.6 16.8 14.5 31.3% 15.2% 3.7% 4.2%
MLBI Buy 7,475 13,250 77.3 15,750 1,063 1,299 14.8 12.1 12.1 10.2 9.5 8.0 656.9% 22.1% 0.9% 6.8%
Healthcare 61,459 2,707 1,990 22.7 30.9 4.0 3.8 10.7 13.1 89.1% -26.5% 1.3% 1.4%
MIKA Buy 2,220 3,200 44.1 31,627 1,165 1,036 27.2 30.5 5.7 5.2 17.9 19.9 38.4% -11.1% 1.6% 1.5%
SILO Buy 8,000 12,000 50.0 13,006 634 461 20.5 28.2 2.0 2.0 5.9 6.8 445.8% -27.3% 1.7% 1.9%
HEAL Buy 1,130 1,520 34.5 16,826 908 493 18.5 34.1 5.1 4.6 9.3 13.9 -61.6% -45.7% 0.4% 0.8%
Consumer discretionary 324,321 24,334 28,785 13.3 11.3 1.5 1.4 9.0 7.9 29.2% 18.3% 2.7% 3.2%
ACES Buy 1,275 1,750 37.3 21,866 779 1,027 28.1 21.3 4.0 3.7 18.6 14.5 6.3% 31.8% 2.5% 2.7%
LPPF Buy 3,700 2,000 (45.9) 9,717 224 839 43.4 11.6 12.1 5.9 11.2 5.3 N/M 274.6% 0.0% 0.0%
MAPA Buy 2,510 3,500 39.4 7,155 385 693 18.6 10.3 2.1 1.8 8.6 5.2 18405.2% 80.2% 0.0% 0.0%
MAPI Buy 750 1,157 54.2 12,450 605 1,023 20.6 12.2 2.1 1.8 6.0 4.3 N/M 69.1% 0.0% 1.0%
RALS Neutral 625 900 44.0 4,435 -41 148 -107.2 29.9 1.2 1.2 54.1 9.1 70.2% N/M 0.0% 0.0%
ERAA Buy 545 950 74.3 8,665 894 1,000 9.7 8.7 1.4 1.3 5.4 5.2 -70.8% 11.9% 3.7% 4.1%
ASII Buy 5,600 6,300 12.5 226,708 18,223 19,950 12.4 11.4 1.4 1.3 9.4 8.8 12.7% 9.5% 3.2% 3.6%
SCMA Neutral 310 430 38.7 19,609 1,131 1,387 17.3 14.1 5.2 4.4 12.3 10.4 -80.3% 22.7% 1.7% 2.5%

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 Equity Research | 24 January 2022

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) 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022
MNCN Buy 885 1,300 46.9 11,708 2,005 2,516 5.8 4.7 0.7 0.7 3.9 3.1 14.7% 25.5% 2.6% 4.3%
PZZA Buy 665 750 12.8 2,010 130 202 15.5 9.9 1.5 1.3 5.9 4.7 N/M 55.5% -0.1% 3.2%
Commodities 436,774 38,761 38,276 11.3 11.4 1.8 1.7 5.0 5.1 197.9% -1.3% 4.1% 3.6%
UNTR Buy 23,500 33,300 41.7 87,658 11,448 10,422 7.7 8.4 1.3 1.2 3.1 2.8 90.7% -9.0% 3.9% 3.6%
ADRO* Buy 2,310 2,500 8.2 73,888 538 535 9.7 9.7 1.3 1.2 3.8 3.8 266.4% -0.6% 4.2% 3.7%
INDY* Buy 1,585 2,250 42.0 8,258 66 119 8.8 4.9 0.7 0.6 1.7 2.1 N/M 80.2% 2.8% 5.1%
ITMG* Buy 20,800 35,000 68.3 22,808 410 302 3.9 5.3 1.8 1.7 2.2 2.8 938.2% -26.4% 21.6% 15.9%
PTBA Buy 2,830 3,700 30.7 32,609 6,261 4,966 5.2 6.5 1.5 1.5 4.3 5.9 162.3% -20.7% 14.4% 11.4%
HRUM* Buy 10,975 13,500 23.0 28,169 92 169 21.5 11.7 4.4 3.5 13.8 8.7 56.5% 83.3% 2.6% 4.7%
ANTM Buy 1,945 3,300 69.7 46,740 2,269 2,355 20.6 19.9 2.0 1.8 12.7 11.9 97.4% 3.8% 1.7% 1.8%
INCO* Neutral 5,025 5,400 7.5 49,930 163 210 21.6 16.8 1.6 1.5 8.0 6.5 96.6% 28.8% 0.0% 0.0%
MDKA* Buy 3,960 4,500 13.6 86,714 55 113 110.5 54.0 10.4 8.7 31.3 21.2 52.9% 104.8% 0.0% 0.0%
Property & Industrial Estate 101,914 5,015 6,619 20.3 15.4 0.9 0.8 7.8 8.7 N/M 32.0% 1.8% 1.6%
ASRI Buy 149 250 67.8 2,928 485 524 6.0 5.6 0.3 0.3 7.1 6.5 N/M 8.0% 1.3% 1.3%
BSDE Buy 975 1,630 67.2 20,642 956 1,638 21.6 12.6 0.7 0.6 11.4 7.9 27.8% 71.2% 0.0% 0.0%
CTRA Buy 935 1,360 45.5 17,354 1,096 1,111 15.8 15.6 1.1 1.0 9.3 9.4 -17.0% 1.4% 1.2% 1.0%
SMRA Buy 725 1,100 51.7 11,969 353 559 33.9 21.4 1.4 1.3 11.1 9.7 72.0% 58.4% 0.6% 0.7%
JRPT Buy 500 750 50.0 6,875 917 891 7.5 7.7 0.8 0.8 6.5 6.4 -0.9% -2.8% 4.0% 4.0%
PWON Buy 468 630 34.6 22,539 1,486 1,661 15.2 13.6 1.4 1.3 10.3 9.5 46.4% 11.8% 1.3% 1.3%
LPKR Sell 133 110 (17.3) 9,389 -1,047 -479 -9.0 -19.6 0.5 0.5 4.2 8.8 88.2% 54.2% 0.0% 0.0%
DMAS Neutral 190 220 15.8 9,158 962 753 9.5 12.2 1.7 1.7 9.1 12.3 -28.6% -21.8% 11.1% 7.9%
BEST Neutral 110 140 27.3 1,061 -194 -38 -5.5 -27.8 0.3 0.3 -275.3 12.4 -68.0% 80.3% -1.8% -0.2%
Telecom 692,129 37,283 36,175 18.6 19.2 3.4 3.1 7.1 6.7 44.3% -3.0% 3.0% 3.0%
EXCL Buy 3,050 3,600 18.0 32,481 1,293 1,429 25.1 22.7 1.6 1.5 4.7 4.6 247.9% 10.5% 0.6% 0.8%
TLKM Buy 4,330 4,400 1.6 428,939 23,109 25,586 18.6 16.8 4.0 3.7 6.6 6.3 11.1% 10.7% 4.0% 3.9%
ISAT Buy 6,000 8,000 33.3 32,604 5,948 1,368 5.5 23.8 1.8 1.7 4.1 4.0 N/M -77.0% 0.0% 0.0%
LINK Buy 4,380 5,500 25.6 12,052 996 1,096 13.0 11.8 2.3 2.0 5.6 5.2 5.7% 10.1% 2.5% 2.7%
MTEL Buy 795 970 22.0 66,395 1,368 1,890 48.5 35.1 2.0 2.0 13.7 12.3 127.3% 38.2% 1.4% 2.0%
TBIG Buy 3,050 3,600 18.0 65,975 1,246 1,310 52.9 50.4 7.1 6.6 18.3 17.2 23.4% 5.1% 0.9% 0.9%
TOWR Buy 1,075 1,750 62.8 53,683 3,323 3,496 16.2 15.4 4.6 4.0 10.2 9.6 17.2% 5.2% 3.2% 3.4%
Transportation 3,553 6 217 622.6 16.4 0.7 0.7 8.6 5.9 N/M N/M 0.0% 1.2%
BIRD Buy 1,420 1,530 7.7 3,553 6 217 622.6 16.4 0.7 0.7 8.6 5.9 N/M 3703.9% 0.0% 1.2%
Poultry 129,055 7,683 5,626 16.8 22.9 3.1 2.9 10.1 12.3 62.8% -26.8% 1.7% 2.5%
CPIN Buy 6,525 7,500 14.9 106,997 4,610 3,757 23.2 28.5 4.1 3.9 14.9 17.2 20.0% -18.5% 1.8% 2.2%
JPFA Buy 1,755 2,700 53.8 20,580 2,778 1,672 7.4 12.3 1.5 1.5 4.8 6.4 203.0% -39.8% 1.3% 4.0%
MAIN Buy 660 1,125 70.5 1,478 296 198 5.0 7.5 0.6 0.6 4.3 4.4 N/M -33.1% 0.0% 2.7%
Oil and Gas 35,642 5,224 4,661 6.8 7.6 0.8 0.8 5.0 4.4 N/M -10.8% 4.0% 5.0%
AKRA Buy 800 5,000 525.0 3,158 1,104 1,279 2.9 2.5 0.3 0.3 4.0 3.3 20.1% 15.8% 19.2% 24.3%
PGAS* Buy 1,340 2,000 49.3 32,484 291 239 7.9 9.6 0.9 0.9 5.1 4.6 N/M -17.9% 2.5% 3.1%
Internet 37,927 -1,406 -979 -27.0 -38.8 1.7 1.8 -10.7 -14.8 0.4% -30.4% 0.0% 0.0%
BUKA Buy 368 1,400 280.4 37,927 -1,406 -979 -27.0 -38.8 1.7 1.8 -10.7 -14.8 100.0% 30.4% 0.0% 0.0%
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

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 Mandiri Sekuritas A subsidiary of PT Bank Mandiri (Persero) Tbk
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General: +62 21 526 3445, Fax : +62 21 527 5374 (Equity Sales)

RESEARCH
Adrian Joezer Head of Equity Research, adrian.joezer@mandirisek.co.id +6221 5296 9415
Strategy, Consumer, Internet
Tjandra Lienandjaja Deputy Head of Equity Research 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 Banking, Telecom kresna.hutabarat@mandirisek.co.id +6221 5296 9542
Robin Sutanto Property, Building Material robin.sutanto@mandirisek.co.id +6221 5296 9572
Silvony Gathrie Banking silvony.gathrie@mandirisek.co.id +6221 5296 9544
Inggrid Gondoprastowo, CFA Healthcare, Consumer, Retail inggridgondoprastowo@mandirisek.co.id +6221 5296 9450
Henry Tedja, CFA Media, Oil & Gas henry.tedja@mandirisek.co.id +6221 5296 9434
Wesley Louis Alianto Research Assistant wesley.alianto@mandirisek.co.id +6221 5296 9510
Boby Kristanto Chandra Research Assistant boby.chandra@mandirisek.co.id +6221 5296 9673
Ryan Aristo Naro Research Assistant ryan.aristo@mandirisek.co.id +6221 5296 9580
Eimi Setiawan Research Assistant eimi.setiawan@mandirisek.co.id +6221 5296 9549
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
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 medha.talitha@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
Yudhistira Putra Pradana Bandung yudhistira.pradana@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
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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
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