Company Focus │ December 5, 2022

Surya Citra Media BUY

(Maintain)
Aggressive when others are weary
Target Price IDR325 (44% up.)
Big investment for World Cup, but think of the LT subscription carry-over Previous TP IDR280
Current Price IDR226
We see SCMA's Vidio decision to acquire World Cup and some other prestigious
sport licenses, e.g. Premier League (EPL) and Champions League (UCL), as a
strategy on the right direction and at the right time to amass subscribers,
considering the recent rationalizing competition in paid OTT and speed-up digital
media transition due to gov't analog switch-off (ASO) mandate. The initial result
has been positive, where Vidio reached its year-end target of 4mn subscribers
earlier in Sep '22, doubled from last year. However, we should be aware that these
sport licenses are generally costly and can be detrimental to margin, as observable
in SCMA's 3Q22 margin when the new EPL season began – Gross margin declined
by 14.5ppts QoQ as content cost rose 40%. While at face value these cost bumps
seem daunting, we can see how the longer-term impact could actually be positive
from the carry-over effect of Vidio's retained subscribers. Therefore, we expect
margins to be volatile in the short term, especially in 4Q22 due to World Cup 2022
and in 2Q23 due to Under-20 World Cup Indonesia 2023, but gradually improve
beyond that from normalizing content costs on a higher digital subscription
revenue base (+460bps net margin in 2024F vs. 2022F).

World Cup: >600k new Vidio subscribers at <50% churn to break-even

Our feasibility analysis (Figure 1) reckons that Vidio only needs at least c.0.6mn Heribertus Ariando
new subscribers from World Cup at c.50% post-event churn rate to break-even heribertus.ariando@trimegah.com
the license cost (c.USD40-60mn; 30% cost borne by Vidio, the rest at SCMA 021 - 2924 9060
level). Given the sizeable World Cup audiences in Indonesia (180mn, according to
The Trade Desk), this seems fairly achievable. As per Nov 30, there were 14mn Ignatius Samon
unique users accessing Vidio to watch World Cup matches (Figure 4), though there ignatius.samon@trimegah.com
isn’t yet any disclosure for Vidio’s most recent subscriber figure. Also exciting for 021 - 2924 9088
SCMA is the U-20 World Cup 2023 that will be held in Jakarta next year (May-Jun
’23), wherein our national team will participate. We expect a similar or even Stock Data & Indices
greater excitement for the event to deliver another major prop for Vidio.
Bloomberg Code SCMA.IJ
Reiterate our BUY rating with TP of IDR325/share JCI Member IDXCYCLIC
The euphoria over World Cup is positive, but bear in mind that this is not the only MSCI Indonesia No
tailwinds for SCMA. Higher ad demand driven by political campaigns and JII Yes
improving consumer purchasing will also bolster to the upside. We adjust our LQ45 No
2023F EPS by +10% from adjusting 2023F Vidio average subscribers to 4.2mn
Kompas100 Yes
(from 3.1mn). We maintain our BUY rating with IDR325/share TP as derived from
SOTP (TV 2023F P/E target of 11.5x, digital 2023F P/S target of 3.0x). Relative to
Key Data
regional media peers that also have OTT ventures, Zee Entertainment (ZEE IN)
and BEC World (BEC TB), SCMA’s 2023F P/E currently trades at ~50% discount. Issued Shares (mn) 73,970.6
Downside risks to our call: (1) Poor World Cup monetization, (2) Worse-than- Free Float (est. in %) 38.9
expected consumer purchasing, (3) Content makers venturing to direct-to- Market Cap. (IDRbn) 16,717.3
consumer streaming services.
Market Cap. (USDmn) 1,083.9
Company Data ADTV, 6-mo (IDRbn/day) 35.2
Year End Dec (IDRbn) 2020 2021 2022F 2023F 2024F 52W Price Range (IDR/sh) 376 / 189
Sales (Rp bn) 5,101 5,930 7,086 7,722 7,898
EBITDA (Rp bn) 1,622 1,915 1,574 2,030 2,241 Performance
Net Profit (Rp bn) 1,148 1,347 1,088 1,438 1,581
EPS (Rp) 16 18 15 19 21 (in %) YTD 1M 3M 12M
EPS Growth (%) 0.2 17.3 (19.2) 32.1 9.9 Absolute -30.7 5.8 1.8 -33.9
P/B (x) 5.1 2.6 2.5 2.2 2.0 Rel. to JCI -36.8 -5.0 5.2 -40.8
P/E (x) 14.6 12.4 15.4 11.6 10.6
Div Yield (%) - - 4.8 3.3 4.9
Source: Company, Bloomberg, Trimegah Research *Pricing as of close on December 5, 2022

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 1

 Income Statement
Year End Dec (IDRbn) 2020 2021 2022F 2023F 2024F Company Background
Revenue 5,101 5,930 7,086 7,722 7,898
Gross Profit 2,609 3,044 3,022 3,537 3,824 Originally a media conglomerate owning
Opr. Profit 1,459 1,752 1,399 1,841 2,039 Indonesia’s second and third most viewed
EBITDA 1,622 1,915 1,574 2,030 2,241 FTA channels (SCTV and Indosiar,
Net Int Inc/(Exp) 22 (35) (30) (22) (11)
respectively), Suya Citra Media (SCMA) has
Gain/(loss) Forex - - - - -
recently shifted focus to over-the-top
Other Inc/(Exp) (0) 0 0 0 0
Pre-tax Profit 1,488 1,726 1,366 1,816 2,026 media (OTT) through Vidio. Since launched
Tax (338) (388) (436) (459) (468) in 2016, Vidio has been doubling its number
Minority Interest (2) 9 158 81 23 of subscribers every year to reach over 4
Reported Net Profit 1,148 1,347 1,088 1,438 1,581 million currently, while also making up
Core Net Profit 1,225 1,347 1,088 1,438 1,581 ~11% of company’s topline per 9M22.

Balance Sheet
Major Shareholders
Year End Dec (IDRbn) 2020 2021 2022F 2023F 2024F
Cash and equivalents 678 3,232 1,315 2,528 4,112
Other curr asset 2,931 3,428 5,689 5,283 4,395 Elang Mahkota Teknologi (%) 61.0
Net fixed asset 1,479 1,547 1,646 1,757 1,861 Public (%) 24.5
Other asset 1,678 1,707 1,703 1,701 1,701 Treasury shares (%) 14.6
Total asset 6,767 9,913 10,353 11,269 12,069
ST debt 201 7 - - - SWOT Analysis
Other curr liab 1,341 1,691 1,996 2,046 2,040
LT debt 1,123 606 616 681 741
Other LT Liab 205 149 152 155 158 Strength Weakness
Minority interest 624 1,073 799 659 572 Strong TV and OTT Waning FTA
Total Liabilities 2,870 2,452 2,764 2,882 2,939
market share, and growth and rising
Shareholders Equity 3,272 6,388 6,789 7,728 8,559
healthy book with cost from
Net debt 646 net cash net cash net cash net cash
ample cash. aggressive digital
Total cap employed 5,224 8,216 8,357 9,223 10,030
Net Working capital 2,067 4,963 5,008 5,764 6,468 expansion.

Cash Flow
Opportunity Threat
Year End Dec (IDRbn) 2020 2021 2022F 2023F 2024F
Exposure to Fierce
Net Profit 1,148 1,347 1,088 1,438 1,581
Depr / Amort 214 216 229 243 258 growing digital competition from
Chg in Working Cap 537 (148) (1,955) 456 881 media. content-based
CF's from oprs 1,900 1,416 (638) 2,137 2,720 platforms and
Capex (141) (230) (275) (299) (306) online media.
Others (74) (81) (50) (54) (55)
CF's from investing (215) (311) (325) (353) (361)
Net change in debt 100 (194) (7) - - ESG Highlights
Others (1,652) 1,644 (948) (572) (774)
CF's from financing (1,551) 1,450 (955) (572) (774)
Environmental
Net cash flow 133 2,554 (1,917) 1,213 1,585
Cash at BoY 545 678 3,232 1,315 2,528 • Minimizing energy consumption
Cash at EoY 678 3,232 1,315 2,528 4,112 through water recycling and smart
building system.
Ratio Analysis • Developing dedicated environmental
Year End Dec 2020 2021 2022F 2023F 2024F conservations.
Profitability
Gross Margin 51.2% 51.3% 42.7% 45.8% 48.4% Social
Opr Margin 28.6% 29.6% 19.7% 23.8% 25.8%
• Promoting health protocols and local
EBITDA Margin 31.8% 32.3% 22.2% 26.3% 28.4%
cultures through contents.
Net Margin 22.5% 22.7% 15.4% 18.6% 20.0%
ROAE 29.5% 17.9% 12.3% 16.2% 17.1% • Providing broadcasting educations
ROAA 17.0% 13.5% 9.0% 12.0% 12.9% through Akademi Televisi Indonesia.
Stability • Gathering donations from its
Current ratio (x) 2.3 3.9 3.5 3.8 4.2 audiences for those in need.
Net Debt to Equity (x) 0.2 net cash net cash net cash net cash
Interest Coverage (x) 185.8 34.1 32.5 38.6 39.3 Governance
Efficiency • BoD team that is split half in terms
Receivable days 136 124 124 124 124 of gender composition.
Inventory days 98 99 99 99 99 • Audited by a big-4 firm.
Payable days 68 89 89 89 89

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 2

 Figure 1. SCMA’s Vidio World Cup feasibility analysis (NPV)

Vidio's World Cup NPV (IDRbn) M+0 M+1 M+2 M+3 M+4 M+5 M+6 M+7 M+8 M+9 M+10 M+11 M+12 Y+1 Y+2 Y+3
Total revenue 27 6 6 6 6 6 27 6 6 6 6 6 6 75 77 79
Additional subs from World Cup (mn) 0.60 0.30 0.30 0.30 0.30 0.30 0.60* 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30
Post-event churn rate (%) 50%
ARPU (IDRk/subscriber) 45 20 20 20 20 20 45* 20 20 20 20 20 20 249 257 264
World Cup ARPU** 45
Regular monthly ARPU, 9M22 data 20
ARPU YoY adjustments (%) 3%

Total costs -242 -1 -1 -1 -1 -1 -7 -1 -1 -1 -1 -1 -1 -18 -18 -19

Programming & content costs -236
License cost, estimate (USDmn) 50
USD-IDR rate (IDR) 15,700
Percentage borne by Vidio (%) 30%
Operating expenses -7 -1 -1 -1 -1 -1 -7 -1 -1 -1 -1 -1 -1 -18 -18 -19
Percentage to revenue (%) 24% 24% 24% 24% 24% 24% 24% 24% 24% 24% 24% 24% 24% 24% 24% 24%

Cash flow -215 5 5 5 5 5 21 5 5 5 5 5 5 57 59 60

PV of CF -215 5 5 5 4 4 20 4 4 4 4 4 4 53 51 49
Risk-free rate (%) 7.0%
NPV 7
Starting period is Nov-Dec 2023 when the kick-off of World Cup

Source: Company, Trimegah Research. Note: Starting period is Nov-Dec 2023 when the World Cup takes place.
*World Cup U-20 in May-Jun '23; Assuming subscribers are back to World Cup 2022 level, but then churned back the months after
**25% discount to average listing prices of Vidio's World Cup packages

Some rationales and assumptions behind the calculation:

• We use an NPV analysis because we believe SCMA’s World Cup purchase has a long-term carry-
over impact, especially to Vidio business.

• So instead of treating the World Cup's impact as a one-time, we also estimate the future cashflow
from the potential retained subscribers after World Cup. We set the churn rate at 50%.
• Note that, Vidio has many other sport programs in the platform to attract returning subscribers,
such as soccer's English Premier League (EPL), Champions League, Europa League, and Liga 1,
basketball's NBA and IBL, and so on.
• We only forecast the future cashflows up until 4 years after the event (2026F), because we
assume, to further retain the subscribers that are gained from World Cup, SCMA has to acquire
the next World Cup license, which is too far ahead to forecast and possesses uncertainties.
• As can be seen from the table, we assume another subscription hike in May-Jun '23 (M+6). This
is on the back of the U-20 World Cup 2023 event during these months, that we believe could
attract at least as many number of subscribers as World Cup Qatar 2022. Though, we set an
assumption that subscription would churn by 50% again after the event.
• Management does not disclose the license purchase cost of World Cup, but stated it was at par
to EPL. Although SCMA also does not disclose its EPL license purchase, one of the past season's
EPL distribution partners, TVRI, revealed that the 2019/20 EPL license was purchased at
USD40mn by Djarum’s Mola. It was also mentioned that in total, EPL earned UEFA 29% higher
revenue from overseas licenses in 2022 (GBP5.3bn) vs 2018 (GBP4.1bn). To also plug-in the
effect of GBP weakening against USD (10% lower in 2022 vs. 2018) and some margin of error,
we set the assumption of SCMA's World Cup purchase value at USD50mn.

• During its recent call, SCMA also mentioned that the cost accounting for World Cup will be 30%
on Vidio's book and 70% on SCMA's.

• For the calculation of monthly average revenue per user (ARPU), we took the average of World
Cup package prices listed in Vidio (Figure 3) and discount it by 25% to account for any price
discount done by Vidio and its distribution partners, where we arrive at a monthly ARPU of
IDR45k/month for World Cup subscription. For post-World-Cup subscription, we set at
IDR20k/month, which is equal to Vidio's ARPU in 9M22.

• Beside the license purchase cost, we also consider potential other costs arising from World Cup
at an opex-to-revenue assumption of 24%, equal to 9M22 SCMA's aggregate opex run-rate.

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 3

 Figure 2. Subs. and churn rate sensitivity to World Cup’s NPV Figure 3. Vidio’s package price of EPL and World Cup

Additional subscribers from World Cup (mn) Implied

NPV Package
Subscription package Screen size price per
(IDRbn) 0.20 0.40 0.60 0.80 1.00 price
month
10% -101 34 169 304 439
English Premier League Average 54
Post-event churn rate

20% -114 7 129 250 372

All screen 79 79
30% -128 -20 88 196 304 1 Month
Small screens 59 59
40% -141 -47 48 142 237
1 Year Small screens 429 36
(%)

50% -155 -74 7 88 169 World Cup Qatar Average 61

60% -168 -100 -33 35 102 All screens 79 79
70% -181 -127 -73 -19 35 1 Month
Small screens 59 59
80% -195 -154 -114 -73 -33 EPL + World Cup Average 44
90% -208 -181 -154 -127 -100 1Yr EPL + 1Mo WC All screens 569 44

Source: Trimegah Research Source: Company, Vidio, Trimegah Research

Figure 4. World Cup early performance data after 10 days (Nov 20-30)

Source: Company, Trimegah Research

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 4

 Figure 5. World Cup accounting in SCMA’s book Figure 6. SCMA’s Vidio EPL feasibility analysis (NPV)

Vidio's EPL NPV (IDRbn)

Total revenue 881
Value (USDmn)
World Cup accounting treatment Percentage (%) Additional subs from EPL (mn) 1.80
USDmn IDRbn
Monthly ARPU (IDRk/subscriber), 41
World Cup license cost, estimate 100% 40-60 630-940
25% disc. to avg. listing prices
Vidio 30% 12-18 190-280
Cost accounting breakdown
Rest 70% 28-42 440-660
Total costs -879
2Q22 45% 18-27 280-420
Programming & content costs -667
Cash payment timeline 3Q22 20% 8-12 130-190
License cost, estimate (USDmn) 50
4Q22 35% 14-21 220-330
USD-IDR rate (IDR) 15,700
4Q22 65% 26-39 410-610
Revenue recognition timeline Percentage borne by Vidio (%) 85%
2Q23 35% 14-21 220-330
Operating expenses -211
4Q22 65% 26-39 410-610
Cost recognition timeline Percentage to revenue (%) 24%
2Q23 35% 14-21 220-330

Cash flow 2

Source: Company, Trimegah Research Source: Company, Trimegah Research

Note: USD-IDR rate at 15,700

Figure 7. Vidio’s performance snippets in 12M20-9M22

Vidio Performances 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
No. of subscribers, EoQ (mn) 1.1 1.3 1.5 2.0 2.0 2.5 3.5 4.0
Monthly active users (mn) 70 72 75 62 66 60 60 60
Quarterly (IDRbn) 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
Total revenue 93 101 124 149 155 158 231
Total costs (109) (105) na na (283) (257) (443)
Net losses (16) (4) na na (128) (99) (212)

Implied monthly ARPU (IDRk) 26 24 24 25 23 18 21

Avg. subscribers (mn) 1.2 1.4 1.8 2.0 2.3 3.0 3.8
Cum. Quarterly (IDRbn) 12M20 3M21 6M21 9M21 12M21 3M22 6M22 9M22
Total revenue 296 93 194 318 467 155 314 545
Total costs (349) (109) (214) na (531) (283) (540) (983)
Net losses (53) (16) (21) na (64) (128) (227) (439)

Implied monthly ARPU (IDRk) 33 26 25 25 25 23 20 20

Avg. subscribers (mn) 0.8 1.2 1.3 1.4 1.6 2.3 2.6 3.0

Source: Company, Trimegah Research

Figure 8. SCMA’s Vidio customer acquisition costs (CAC) and CAC payback period

Vidio's CAC and CAC payback 2019 2020 2021 9M22 Total
Customer acquisition costs (IDRbn) 115 349 531 983 1,978
Business acquisition cost (IDRbn) 115 - - - 115
Direct costs and opex (IDRbn) - 349 531 983 1,863

Total subscribers (mn) 0.3 1.1 2.0 4.0 4.0

New subscribers (mn) 0.3 1.0 1.5 3.0 5.7
Churned subscribers (mn) - -0.2 -0.6 -1.0 -1.7
Churn rate, assumption (%) - 50% 50% 50% 50%

CAC per subscriber

in IDRk per subcriber 383 367 366 328 347
in USD per subscriber 27 25 26 23 24

CAC payback period (months) 19 18 18 16 17

Monthly ARPU (IDRk) 20 20 20 20 20

Source: Trimegah Research

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 5

 Figure 9. Our changes in SCMA’s estimates

2022F 2023F
SCMA % Change % Change
Previous Adjusted Previous Adjusted
Television Revenue Growth (%) 10.0% 16.6% 6.6% 10.0% 7.7% (2.3%)
Vidio Subscribers (mn) 2.7 3.5 29.6% 3.1 4.2 35.5%
Vidio's ARPU (IDRk/month) 20.0 21.0 5.0% 21.0 22.1 5.0%
Content Cost Growth (%) 44.0% 44.0% - 3.0% 3.0% -
Total Opex Growth (%) 20.0% 25.7% 5.7% 5.0% 4.4% (0.6%)
Financials
Revenue (IDRbn) 6,619 7,086 7.1% 7,004 7,722 10.3%
Gross Profit (IDRbn) 2,968 3,022 1.8% 3,224 3,537 9.7%
Operating Profit (IDRbn) 1,452 1,399 (3.6%) 1,675 1,841 9.9%
Net Profit (IDRbn) 1,165 1,088 (6.6%) 1,307 1,438 10.0%
Ratio Analysis
Gross Margin (%) 44.8% 42.7% (2.2%) 46.0% 45.8% (0.2%)
Operating Margin (%) 21.9% 19.7% (2.2%) 23.9% 23.8% (0.1%)
Net Margin (%) 17.6% 15.4% (2.2%) 18.7% 18.6% (0.0%)

Source: Company, Trimegah Research

Figure 10. SCMA’s SOTP valuation

SOTP valuation 2021 2022F 2023F 2021 2022F 2023F

Television - P/E Sum-of-the-part valuation
Net profit, television (IDRbn) 1,430 1,547 1,632 TV assets (IDRbn) 16,443 17,787 18,768
EPS, television (IDR/sh) 19 21 22 Digital assets (IDRbn) 2,572 4,400 5,285
P/E target 11.5
Equity value (IDRbn) 16,443 17,787 18,768 Combined equity value (IDRbn) 19,015 22,187 24,053
Per share valuation (IDR/share) 325
Digital and OOH - P/revenue Target price (IDR/share) 325
Digital and OOH sales 857 1,467 1,762 Up(down)side 34%
P/revenue target (x) 3.0
Equity value (IDRbn) 2,572 4,400 5,285
Private placement valuation (USDmn) 947
Discount (%) -64%

Source: Company, Trimegah Research

Note: USD-IDR rate at 15,700

Figure 11. SCMA’s TV and OTT peers comparisons

Market cap P/E (x) P/S (x) EV/EBITDA (x) ROE (%)
Company name Ticker
(USDmn) 2021 2022F 2023F 2021 2022F 2023F 2021 2022F 2023F 2021 2022F 2023F
Media sector Median 24.4 22.1 23.9 4.7 3.2 3.0 9.6 10.9 9.2 13.6 14.6 13.8
Mix media (TV + paid OTT) Median 15.3 14.5 12.3 3.5 3.2 3.0 8.3 6.7 6.2 13.6 14.6 13.8
Surya Citra Media SCMA IJ 1,160 15.3 14.5 12.3 3.5 2.7 2.4 9.6 10.9 9.2 28.1 32.8 20.0
Media Nusantara Citra MNCN IJ 805 5.0 4.6 4.1 1.2 1.2 1.1 3.6 3.4 3.2 13.6 14.6 13.8
Zee Entertainment Z IN 3,152 24.4 22.1 26.7 2.5 3.2 3.0 10.0 14.3 16.6 5.8 11.2 10.6
Sun TV Network SUNTV IN 2,401 12.2 11.7 11.5 5.8 5.4 4.9 7.3 6.7 6.2 24.6 23.4 22.1
BEC World BEC TB 598 37.1 30.4 24.3 5.0 3.9 3.6 8.3 6.4 6.0 -3.9 12.6 10.4
Paid OTT w/o TV Median 95.7 28.3 26.2 6.9 3.3 3.1 40.7 19.6 18.0 13.2 20.6 16.2
Netflix NFLX US 141,049 56.0 29.7 28.5 9.0 4.5 4.1 42.9 23.8 21.1 29.6 36.9 24.8
Walt Disney Co DIS US 179,788 135.4 26.9 23.9 4.7 2.1 2.0 38.4 15.3 14.8 -3.3 4.2 7.5

Source: Bloomberg, Company, Trimegah Research

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 Research Team
Willinoy Sitorus Strategy, Banks & Industrial willinoy.sitorus@trimegah.com +62-21 2924 9105
Fakhrul Fulvian Economics, Fixed Income fakhrul.fulvian@trimegah.com +62-21 2924 9097
Adi Prabowo Banks and Financial-related adi.prabowo@trimegah.com +62-21 2924 9107
Heribertus Ariando Consumer, Media and Healthcare heribertus.ariando@trimegah.com +62-21 2924 9106
Richardson Raymond Telco, Tower, and Digital Media richardson.raymond@trimegah.com +62-21 2924 6325
Kharel Devin Fielim Property, Construction and Infra kharel.devin@trimegah.com +62-21 2924 9106
Hasbie Commodities-related and Small Caps hasbie@trimegah.com +62-21 2924 6322
Alpinus Dewangga Commodities-related and Small Caps alpinus.dewangga@trimegah.com +62-21 2924 6322
Consumer, Healthcare and Media &
Ignatius Samon ignatius.samon@trimegah.com +62-21 2924 9143
Tech
Amyra Ibrahim Economics and Fixed Income amyra.ibrahim@trimegah.com +62-21 2924 9096
Sabrina Telco, Tower, and Digital Media sabrina@trimegah.com +62-21 2924 9018

Corporate Access
Nur Marini Corporate Access marini@trimegah.com +62-21 2924 6323

Institutional Sales Team

Beatrix Susanto Head of Institutional Sales beatrix.susanto@trimegah.com +62-21 2924 9086
Henry Sidarta, CFTe Head of Institutional Dealing henry.sidarta@trimegah.com +62-21 3043 6309
Raditya Andyono Equity Institutional Sales raditya.andyono@trimegah.com +62-21 2924 9146
Calvina Karmoko Equity Institutional Sales calvina.karmoko@trimegah.com +62-21 2924 9080
Morgan Gindo Equity Institutional Sales morgan.gindo@trimegah.com +62-21 2924 9076
Mabelista Bisset Equity Institutional Sales mabelista.bisset@trimegah.com +62-21 2924 9081

Retail Sales Team

Billy Budiman Head of Retail Equity Sales billy.budiman@trimegah.com +62-21 3043 6310
Hasbie Sukaton Deputy Head of Retail Sales hasbie.sukaton@trimegah.com +62-21 2924 9088
Jakarta Area
Ignatius Candra Perwira Kelapa Gading, Jakarta ignatius.perwira@trimegah.com +62-21 8061 7270
Robby Jauhari BSD, Jakarta ariffianto@trimegah.com +62-21 5089 8959
Sumatera
Alfon Ariapati Medan, Sumatera Utara juliana.effendi@trimegah.com +62-61 4100 0000
Eastern Indonesia
Carlo Ernest Frits Coutrier Makasar, Sulawesi Selatan carlo.coutrier@trimegah.com +62-411 3604 379
East Java
Pandu Wibisono Surabaya, Jawa Timur pandu.wibisono@trimegah.com +62-31 2973 18000
Central Java, Area
Aloysius Primasyah Semarang, Jawa Tengah primasyah.kristanto@trimegah.com +62-24 8600 2310
Laili Ma’muroh Solo, Jawa Tengah laili.mamuroh@trimegah.com +62-271 6775 590
West Java
Bhisma Herlambang Bandung, Jawa Barat bhisma.herlambang@trimegah.com +62-22 8602 6290
Renny Nurhayati Hidayat Cirebon, Jawa Barat renny.nurhayati@trimegah.com +62-231 8851 009

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 Disclaimer

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direct or consequential loss arising from any use of this report or its contents. PT Trimegah Sekuritas Indonesia Tbk and/or
persons connected with it may have acted upon or used the information herein contained, or the research or analysis on which
it is based, before publication. PT Trimegah Sekuritas Indonesia Tbk may in future participate in an offering of the company’s
equity securities.

This report is not intended for media publication. The media is not allowed to quote this report in any article whether in full or
in parts without permission from PT Trimegah Sekuritas Indonesia Tbk. For further information, the media can contact the
head of research of PT Trimegah Sekuritas Indonesia Tbk.

This report was prepared, approved, published and distributed by PT Trimegah Sekuritas Indonesia Tbk located outside of the
United States (a “non-US Group Company”). Neither the report nor any analyst who prepared or approved the report is subject
to U.S. legal requirements or the Financial Industry Regulatory Authority, Inc. (“FINRA”) or other regulatory requirements
pertaining to research reports or research analysts. No non-US Group Company is registered as a broker-dealer under the
Exchange Act or is a member of the Financial Industry Regulatory Authority, Inc. or any other U.S. self-regulatory organization.

INVESTMENT RATING RULE:

Buy : Share price is expected to exceed more than 10% over the next 12 months
Neutral : Share price is expected to trade within the range of 0%-10% over the next 12 months
Sell : Share price is expected to trade below 0% over the next 12 months
Not Rated : The company is not within Trimegah research coverage

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 8

 Analysts Certification

The research analyst(s) of PT Trimegah Sekuritas Indonesia Tbk. primarily responsible for the content of this research
report, in whole or in part, certifies that with respect to the companies or relevant securities that the analyst(s) covered in
this report: (1) all of the views expressed accurately reflect his or her personal views on the company or relevant securities
mentioned herein; (2) no part of his or her remuneration was, is, or will be, directly or indirectly, connected with his or her
specific recommendations or views expressed in the research report; and (3) the report does not contain any material non-
public information.

The disclosure column in the following table lists the important disclosures applicable to each company that has been rated
and/or recommended in this report:

Company Ticker Disclosure (as applicable)

SCMA -

Trimegah Disclosure Data

Trimegah represents that:

1. Within the past year, it has managed or co-managed a public offering for this company, for which it received fees.
2. It had an investment banking relationship with this company in the last 12 months.
3. It received compensation for investment banking services from this company in the last 12 months.
4. It expects to receive or intends to seek compensation for investment banking services from the subject company/ies
in the next 3 months.
5. It beneficially owns 1% or more of any class of common equity securities of the subject company.
6. It makes a market in securities in respect of this company.
7. The analyst(s) or an individual who assisted in the preparation of this report (or a member of his/her household) has
a financial interest position in securities issued by this company. The financial interest is in the common stock of the
subject company, unless otherwise noted.
8. The analyst (or a member of his/her household) is an officer, director, employee or advisory board member of this
company or has received compensation from the company.

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 9