Equity SNAPSHOT Friday, March 26, 2021

FROM EQUITY REPORT KEY INDEX KEY INDEX Chg Ytd Vol Chg Ytd Vol AKR Corporindo: Solid FY20 Performance Close Close (AKRA IJ. IDR 3,260 BUY TP. IDR 3,700) (%) (%) (US$ m) (%) (%) (US$ m) AKRA booked strong FY20 earnings growth of +29.6%yoy, slightly Asean - 5 Asean - 5 below our estimate but above the consensus, driven by improving 6.123 (0,5) 2,4 618 Indonesia 6,134 0.1 (1.0) 318 industrial fuel sales, land business revenues, gains on sales of PPE 1.571 0,0 8,4 3.022 Thailand 1,568 (0.1) 0.2 1,454 and lower finance costs. The gross margins for fuel, chemicals, 6.581 1,3 (7,8) 119 Philippines 7,855 (0.3) 5.2 87 manufacturing and industrial estates also showed an improvement. 1.598 (0,3) (1,8) 859 Malaysia 1,562 (0.5) (7.6) 338 This led to an increase in the net profit margin to 5.2% from 3.3% 3.142 0,3 10,5 1.184 Singapore 3,173 (0.5) 3.4 908 in FY19. Going forward, AKRA aims to improve its business and Regional Regional expects 12-15%yoy FY21 earnings growth. We maintain our BUY call China 3.364 (0,1) (3,2) 63.933 China 2,885 0.3 15.7 28,889 with a TP of IDR 3,700. Hong Kong 27.900 (0,1) 2,5 25.796 Hong Kong 26,391 (0.2) 2.1 9,093 To see the full version of this report, please click here Japan 28.730 1,1 4,7 15.170 Japan 23,380 (0.6) 16.8 10,278 Korea 3.008 0,4 4,7 11.821 Korea 2,068 (0.8) 1.3 3,790 United Tractors: Ahead of expectations on Komatsu Taiwan 16.060 0,2 9,0 11.215 Taiwan 11,532 0.2 18.5 3,534 volume (UNTR IJ. IDR 21.350 BUY TP. IDR 31,000) 48.440 (1,5) 1,4 627 India 40,675 (0.3) 12.8 495 United Tractors (UNTR) reported mixed monthly operational Nasdaq 12.978 0,1 0,7 264.948 Nasdaq 8,521 (0.6) 28.4 116,797 numbers with a decline in Komatsu sales volume by 6.5% mom to Dow Jones 32.619 0,6 6,6 17.120 Dow Jones 27,503 (1.0) 17.9 11,490

201 units (-6.5% mom, -6.9% yoy), but with better coal production CURRENCY AND INTEREST RATE CURRENCY AND INTEREST RATE (+6.0% mom). In 2M21, Komatsu sales reached 416 units (-10.9% w-w m-m ytd w-w m-m ytd yoy) - beating our FY estimate (23%). Given the solid Komatsu sales, Rate Rate (%) (%) (%) (%) (%) (%) UNTR is considering revising up its Komatsu sales volume target in Rupiah Rp/1US$ 14.427 (0,1) (2,4) (2,7) Rupiah Rp/1US$ 14,115 (0.2) (0.7) 1.9 2Q21 once coal prices stabilize. Maintain BUY with a TP of IDR31,000 BI7DRRR % 3,50 - - (0,3) BI7DRRR % 5.00 - (0.3) (1.0) (DCF valuation). 10y Gov Indo bond 6,72 (0,1) 0,2 0,8 10y Gov Indo bond 7.16 0.1 0.2 (0.9) To see the full version of this report, please click here HARD COMMODITY HARD COMMODITY d-d m-m ytd d-d m-m ytd MARKET NEWS Unit Price Unit Price (%) (%) (%) (%) (%) (%) SECTOR Coal US$/ton 95 - 10,5 17,4 Coal US$/ton 67 (0.3) 0.2 (34.0) ▪ Automotive: Extending luxury tax incentives for cars with an Gold US$/toz 1.728 0,1 (0,3) (9,0) Gold US$/toz 1,478 (0.0) (2.1) 15.2 engine capacity of 1.5 - 2.5L Nickel US$/mt.ton 16.144 0,2 (17,9) (2,5) Nickel US$/mt.ton 13,315 (2.5) (20.7) 25.6 CORPORATE Tin US$/mt.ton 26.890 (2,8) (7,1) 30,9 Tin US$/mt.ton 16,771 1.5 1.7 (14.1) ▪ Bank Rakyat Indonesia (BBRI IJ, NOT RATED) ▪ Cimory reviews option for IPO, targets USD300mn of proceeds SOFT COMMODITY SOFT COMMODITY d-d m-m ytd d-d m-m ytd Unit Price Unit Price (%) (%) (%) (%) (%) (%) PREVIOUS REPORTS Cocoa US$/mt.ton 213 - 0,4 15,1 Cocoa US$/mt.ton 2,476 (1.0) 1.3 4.7 ▪ Bank Negara Indonesia: Still focusing on improving asset Corn US$/mt.ton 59 (0,1) (4,8) 20,6 Corn US$/mt.ton 141 1.7 (2.5) 5.6 quality Oil (WTI) US$/barrel 62 (3,8) (7,4) 19,6 Oil (WTI) US$/barrel 56 0.6 (0.2) 24.3 ▪ Indofood CBP Sukses Makmur: Solid performance Oil (Brent) US$/barrel 4.200 (1,3) 5,1 10,9 Oil (Brent) US$/barrel 61 (0.2) (1.4) 13.0 ▪ Indofood Sukses Makmur: Earnings lifted by margin Palm oil MYR/mt.ton 171 (2,2) (12,1) 13,6 Palm oil MYR/mt.ton 2,632 (1.3) 11.4 34.8 expansion Rubber USd/kg 1.205 N/A 2,8 20,5 Rubber USd/kg 142 0.9 6.9 13.6 ▪ HM Sampoerna: Facing an uphill struggle Pulp US$/tonne 439 (2,5) (6,2) 4,3 Pulp US$/tonne 1,205 N/A 2.8 20.5 ▪ Timah: Conservative Production Target Coffee US$/60kgbag 167 (2,0) (9,4) (4,2) Coffee US$/60kgbag 72 0.3 7.9 3.5 ▪ Telco: Opportunities for big breaks Sugar US$/MT 55 (4,3) 7,9 26,9 Sugar US$/MT 345 0.7 1.3 3.6 ▪ Ace Hardware Indonesia: Feb-21 SSSG flattish negative vs Wheat US$/ton 1.414 (1,3) 0,6 7,5 Wheat US$/ton 143 (1.9) 0.7 (5.1) Jan-21 Soy Oil US$/lb 213 - 0,4 15,1 Soy Oil US$/lb 30 0.1 (3.4) 8.9 ▪ Indocement Tunggal Prakarsa: Feb sales dampened by wet SoyBean US$/by 59 (0,1) (4,8) 20,6 Soy Bean US$/by 871 0.1 (5.8) (1.3) weather

▪ Prodia Widyahusada: Positive result amid the pandemic

▪ Strategy: Policy Mix To Propel Growth

▪ Adaro Energy: Cautiously upbeat provided coal prices stay

firm

▪ Bank Mandiri: Earnings set to rebound

Source: Bloomberg Source: Bloomberg

Danareksa Sekuritas – Equity SNAPSHOT

Equity Research

Company Update

Friday,26 March 2021 BUY AKR Corporindo(AKRA IJ) Maintain Solid FY20 Performance

Last price (IDR) 3,260 AKRA booked strong FY20 earnings growth of +29.6%yoy, slightly below our Target Price (IDR) 3,700 estimate but above the consensus, driven by improving industrial fuel sales, Upside/Downside +13.5% land business revenues, gains on sales of PPE and lower finance costs. The Previous Target Price (IDR) 3,700 gross margins for fuel, chemicals, manufacturing and industrial estates also showed an improvement. This led to an increase in the net profit margin to Stock Statistics 5.2% from 3.3% in FY19. Going forward, AKRA aims to improve its business Sector Trade and expects 12-15%yoy FY21 earnings growth. We maintain our BUY call with a TP of IDR 3,700. Bloomberg Ticker AKRA IJ No of Shrs (mn) 4,015 +29.6%yoy earnings growth in FY20. The FY20 net profits reached IDR 925bn Mkt. Cap (IDRbn/USDmn) 13,088/907 (+29.6%yoy), slightly below our estimate but above the consensus. The solid Avg. daily T/O (IDRbn/USDmn) 84.3/5.8 result was driven by: 1) higher industrial fuel volume and fuel business margins in FY20, 2) higher land rental income, 3) gains on the sale/transfer of PPE and Major shareholders (%) higher finance income (+31.5%yoy) and 4) lower finance costs (-32%yoy). The Arthakencana Rayatama 59.6 net profits of 4Q20 grew by 2%yoy but less than in the previous quarter (+5.6%). Others 2.3 The NPM improved. The FY20 NPM improved from 3.3% in FY19 to 5.2%. Estimated free float 38.1 Meanwhile in 4Q20, the NPM slightly declined compared to 3Q20, but was still

EPS Consensus (IDR) higher than in 4Q19. The improving NPM was driven by better gross margins in petroleum, adhesive manufacturing and industrial businesses. At the gross 2020F 2021F 2022F profits level, the 4Q20 gross profits declined by 5.4%yoy, but improved on a Danareksa 244.1 275.0 273.5 quarterly basis by 28%qoq. The yearly growth decline reflects declines in the Consensus 204.4 237.8 256.8 chemicals and logistics business, while the quarterly improvement was driven Danareksa/Cons 19.4 15.6 6.5 by increases in petroleum sales and industrial estates.

AKRA relative to JCI Index Starting the year with a bang. AKRA recently booked 14 HA of land sales in 1Q21 which accounts for 35% of the land sales target of 40ha. For the fuel business, AKRA targets 10-12% sales volume growth for smelters, plantations, bunker services and manufacturing. This growth also includes retail fuel as well. Furthermore, in the chemical business, AKRA expects better performance as the prices have normalized and the JV AKR-Petronas is expected to be operational. AKRA targets bottom line growth of 12-15% this year. Seeking approval for distributing IDR125 of dividends. AKRA plans to distribute IDR 125/share of dividends reflecting around a 50.5% DPR or around a 3.9% dividend yield after obtaining approval from shareholders at the AGM in Apr21. As the economy showed a recovery trajectory with 14 HA of land sales on hand

in 1Q20, we are expecting the FY21 earnings to grow by 12.6%yoy. We maintain Source : Bloomberg our BUY call on the company with a TP of IDR 3,700.

Key Financials Year to 31 Dec 2018A 2019A 2020F 2021F 2022F Revenue (IDRbn) 23,548 21,703 18,800 22,317 25,803 EBITDA (IDRbn) 1,228 1,422 1,680 1,901 1,932 EBITDA Growth (%) (17.1) 15.8 18.1 13.2 1.6 Net profit (IDRbn) 1,558 734 980 1,104 1,098

EPS (IDR) 388.2 182.8 244.1 275.0 273.5 EPS growth (%) 32.0 (52.9) 33.5 12.6 (0.5) BVPS (IDR) 2,085.1 2,076.4 2,197.7 2,302.8 2,407.3 x Ignatius Teguh Prayoga DPS (IDR) 239.9 109.8 150.8 169.9 169.0 (62-21) 5091 4100 ext. 3511 PER (x) 8.4 17.8 13.4 11.9 11.9 [email protected] PBV (x) 1.6 1.6 1.5 1.4 1.4 Dividend yield (%) 7.4 3.4 4.6 5.2 5.2 EV/EBITDA (x) 12.3 11.1 8.7 7.4 7.0

Source : AKRA, Danareksa Estimates www.danareksa.com See important disclosure at the back of this report 1

Equity Research

Company Update

Friday,26 March 2021 BUY United Tractors (UNTR IJ) Maintain Ahead of expectations on Komatsu volume

Last price (IDR) 21,350 United Tractors (UNTR) reported mixed monthly operational numbers with a Target Price (IDR) 31,000 decline in Komatsu sales volume by 6.5% mom to 201 units (-6.5% mom, -6.9% yoy), but with better coal production (+6.0% mom). In 2M21, Komatsu sales Upside/Downside +45.2% reached 416 units (-10.9% yoy) - beating our FY estimate (23%). Given the Previous Target Price (IDR) 31,000 solid Komatsu sales, UNTR is considering revising up its Komatsu sales volume target in 2Q21 once coal prices stabilize. Maintain BUY with a TP of IDR31,000 Stock Statistics (DCF valuation). Sector Heavy Equipment Bloomberg Ticker UNTR IJ Mixed operational numbers in Feb 2021. In Feb 21, UNTR reported mixed operational numbers with a 6.5% mom decline in Komatsu sales volume to 201 No of Shrs (mn) 3,730 units and lower coal sales volume (-38.9% mom) and lower gold sales volume Mkt. Cap (IDRbn/USDmn) 79,638/5,520 (-11.4% mom). Nonetheless, coal production went up by 6.0% mom to 8.9mn Avg. daily T/O (IDRbn/USDmn) 127.2/8.8 tons with a higher SR of 7.1x in Feb 21 (Jan 21: 6.8x).

2M21: better Komatsu sales to the mining sector and higher coal sales. Major shareholders (%) Despite lower total Komatsu sales by 10.9% yoy to 416 units in 2M21, solid coal Astra International 59.5 prices helped to lift Komatsu sales to the mining sector (+7.8% yoy). Also, coal Estimated free float 40.5 sales volume went up by 38.6% yoy to 2.6mn tons. Nonetheless, coal production declined by 5.5% yoy to 17.2mn tons, which, we believe, owed to the unfavorable weather conditions. EPS Consensus (IDR) Potential upside on a higher 2021 Komatsu sales volume target. Given that 2021F 2022F 2023F the 2M21 Komatsu sales are 23% of our 2021 forecast of 1,800 units and 24% Danareksa 2,474.2 2,704.6 2,928.7 of UNTR’s initial guidance of 1,700 units, the management plans to further Consensus 2,425.0 2,735.9 2,841.8 revise up its Komatsu sales volume guidance for 2021, which is targeted to grow Danareksa/Cons 2.0 (1.1) 3.1 by 25-30% yoy from the current guidance of 10% yoy growth sometime in 2Q21 once the coal market has stabilized. UNTR relative to JCI Index The 2021 coal production target incorporates the ending of mining contracts. The mining contract between its subsidiary Pama and Adaro Indonesia (AI), the subsidiary of Adaro Energy (ADRO.IJ) will be ended at end-Jul 2021. UNTR indicated that AI’s contract was for about 8% of Pama’s total yearly production. The management remains optimistic of achieving flattish growth in its coal production target for 2021 at best as the company has incorporated the impact from the absence of the extension of mining contracts with AI.

Maintain BUY with a TP of IDR31,000 (DCF with WACC of 11.3% and LT growth of 3%). We expect strong coal prices to positively impact 2021’s earnings given: a) better Komatsu sales volume and b) a lower discount on mining contracting. Also, higher gold sales volume and a lower hedging portion are expected to sustain earnings from the gold division. Our TP implies 12.5x 2021F PE.

Source : Bloomberg Key Financials

Year to 31 Dec 2019A 2020A 2021F 2022F 2023F Revenue (IDRbn) 84,430 60,347 71,199 75,177 77,253 EBITDA (IDRbn) 21,187 14,280 18,329 19,410 20,276 EBITDA Growth (%) (7.8) (32.6) 28.4 5.9 4.5 Net profit (IDRbn) 11,312 6,003 9,229 10,088 10,924 EPS (IDR) 3,032.6 1,609.4 2,474.2 2,704.6 2,928.7 EPS growth (%) 1.7 (46.9) 53.7 9.3 8.3 BVPS (IDR) 15,605.9 16,162.0 17,828.0 19,342.2 21,045.3 DPS (IDR) 1,228.1 1,176.9 838.3 1,143.8 1,246.6 x Stefanus Darmagiri PER (x) 7.0 13.3 8.6 7.9 7.3 PBV (x) 1.4 1.3 1.2 1.1 1.0 (62-21) 5091 4100 ext. 3530 Dividend yield (%) 5.8 5.5 3.9 5.4 5.8 [email protected] EV/EBITDA (x) 3.8 5.0 3.6 3.1 2.6

Source : UNTR, BRI-Danareksa Estimates

www.danareksa.com See important disclosure at the back of this report 1

Equity SNAPSHOT Friday, March 26, 2021

MARKET NEWS

SECTOR Automotive: Extending luxury tax incentives for cars with an engine capacity of 1.5 - 2.5L The government through the Coordinating Ministry of the Economy has extended the luxury tax (PPnBM) incentives for cars with engine capacity of 1,500 - 2,500cc with luxury car tax discounts ranging from between 25 - 50% and effective from April to December 2021. There are two schemes for luxury car tax incentives. The first scheme for 2WD (4x2) will be a 50% discount on PPnBM (reduced to 10% from 20%) for stage I (Apr - Aug 21) and a 25% discount on PPnBM (reduced to 15%) for stage II (Sep - Dec 21). The second scheme for 4WD (4x4) will be a 25% discount on PPnBM (reduced to 25% from 40%) for stage I and a 12.5% discount on PPnBM (reduced to 35%) for stage II. The discount on PPnBM is lower than that for cars with engine capacity of <1.5L. (Investor Daily).

Comment: We believe that the further extension of the PPnBM incentives will help to improve the car sales volume. We maintain our domestic car sales volume assumption of 780,000 units for 2021. Under Astra International (ASII IJ), the incentives will lower the prices of Toyota Innova and Toyota Fortuner.

CORPORATE Bank Rakyat Indonesia (BBRI IJ, NOT RATED) At the AGM it was decided to distribute dividends with a 65% payout ratio of FY20's net profits, or equal to IDR98 dividends per share (~2.1% div yield using yesterday's closing price).

Cimory reviews option for IPO, targets USD300mn of proceeds Cisarua Mountain Dairy, the producer of Cimory yogurt is reportedly reviewing its option for an IPO with targeted proceeds of USD300mn (IDR4.2tn). Cimory was established in 1992 and the group produces processed meat, milk, soy and egg products using several brand names: Cimory, Kanzler and Besto. It was also reported that Cimory is one of many portfolios of Creador Private Investment from Malaysia. (Investor Daily)

Danareksa Sekuritas – Equity SNAPSHOT

Equity Valuation Rating Price (Rp) Price Mkt Cap Net profit, Rp bn EPS (Rp) Core EPS (Rp) EPS Grow th PER (x) EV / EBITDA (x) PBV (x) ROE Target Rp Bn 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 Danareksa Universe 3.990.918 167.668 235.001 131 183 -28,5% 40,2% 23,8 17,0 13,3 11,6 2,4 2,2 10,0 13,5 Auto 220.635 16.164 17.169 399 424 -25,5% 6,2% 13,6 12,9 8,8 7,5 1,4 1,4 10,7 10,9 Astra International BUY 5.450 7.500 220.635 16.164 17.169 399 424 266 368 -25,5% 6,2% 13,6 12,9 8,8 7,5 1,4 1,4 10,7 10,9 Banks 1.275.538 51.138 76.190 389 580 -33,6% 49,0% 24,9 16,7 2,3 2,2 9,2 13,4 BCA HOLD 31.850 38.000 785.262 25.010 31.972 1.014 1.297 1.014 1.297 -12,4% 27,8% 31,4 24,6 N/A N/A 4,3 4,0 14,0 16,7 BNI BUY 5.900 8.000 110.027 2.865 11.433 154 613 154 613 -81,4% 299,0% 38,4 9,6 N/A N/A 1,0 0,9 2,5 10,0 Bank Tabungan Negara BUY 1.785 2.400 18.903 1.367 1.961 129 185 129 185 553,2% 43,5% 13,8 9,6 N/A N/A 1,0 0,9 6,4 9,8 Bank Mandiri BUY 6.400 8.000 298.667 17.722 24.887 380 533 380 533 -35,5% 40,4% 16,9 12,0 N/A N/A 1,6 1,5 9,0 12,9 BTPN HOLD 2.880 3.200 23.469 1.953 2.990 240 367 240 367 -24,1% 53,1% 12,0 7,9 N/A N/A 0,8 0,7 6,4 9,3 BTPS BUY 3.550 4.200 27.348 963 1.577 125 205 125 205 -31,2% 63,8% 28,4 17,3 N/A N/A 4,5 3,8 16,8 23,8 BPD Jatim BUY 790 850 11.862 1.258 1.370 84 91 84 91 -8,6% 8,9% 9,4 8,7 N/A N/A 1,2 1,1 13,3 13,5 Cement 115.378 4.740 5.576 493 580 2,4% 17,6% 24,3 20,7 11,6 10,2 2,0 2,0 8,4 9,7 Indocement BUY 13.175 18.100 48.500 1.487 1.727 404 469 404 469 -19,0% 16,1% 32,6 28,1 20,4 18,1 2,1 2,1 6,5 7,6 Semen Indonesia BUY 11.275 15.700 66.878 3.253 3.849 548 649 357 397 16,5% 18,3% 20,6 17,4 8,7 7,6 2,0 1,9 9,8 11,0 Cigarettes 228.868 17.150 16.375 145 138 -30,3% -4,5% 13,3 14,0 8,1 8,5 2,5 2,5 19,4 17,8 Gudang Garam HOLD 35.825 42.100 68.930 7.632 7.867 3.967 4.089 4.260 4.057 -29,9% 3,1% 9,0 8,8 5,2 5,1 1,2 1,1 13,9 12,9 HM Sampoerna SELL 1.375 1.100 159.937 9.518 8.508 82 73 82 73 -30,6% -10,6% 16,8 18,8 11,3 12,4 5,1 5,3 28,4 27,6 Construction 85.884 - 5.127 4.067 -69 54 -161,5% -179,3% (16,8) 21,1 23,93 11,87 1,1 1,0 - 6,3 5,0 Wijaya Karya BUY 1.590 2.700 14.262 146 788 16 88 16 88 -93,6% 438,3% 97,4 18,1 20,7 8,0 0,9 0,8 0,9 4,8 Pembangunan Perumahan BUY 1.480 2.500 9.176 74 439 12 71 36 74 -92,1% 493,4% 124,1 20,9 12,5 8,7 0,7 0,6 0,5 3,0 Adhi Karya BUY 1.200 2.500 4.273 36 422 10 119 -11 132 -94,5% 1059,2% 117,2 10,1 11,1 8,7 0,6 0,6 0,5 6,0 Waskita Karya BUY 1.355 2.000 18.393 -4.141 489 -305 36 -314 25 -541,4% -111,8% (4,4) 37,6 391,3 18,9 1,3 1,3 (26,2) 3,5 Waskita Beton BUY 234 370 6.169 -1.574 353 -60 13 -34 13 -295,2% -122,4% (3,9) 17,5 - 52,2 10,4 1,2 1,1 (23,4) 6,4 Wika Beton BUY 334 610 2.911 87 322 10 37 10 37 -83,0% 270,5% 33,5 9,0 9,4 5,8 0,9 0,8 2,5 9,1 Jasa Marga BUY 4.230 5.900 30.701 244 1.254 34 173 83 228 -88,9% 413,8% 125,8 24,5 14,6 12,1 1,6 1,5 1,3 6,4 Consumer 478.730 20.816 22.664 253 275 4,9% 8,9% 23,0 21,1 15,1 13,5 5,4 4,9 24,6 24,4 Indofood CBP BUY 8.950 13.000 104.374 5.962 7.081 511 607 557 607 18,3% 18,8% 17,5 14,7 16,3 13,2 3,7 3,3 22,2 23,4 Indofood BUY 6.625 8.100 58.170 5.249 5.735 598 653 696 653 6,9% 9,3% 11,1 10,1 6,9 6,3 1,4 1,3 13,4 13,6 Unilever HOLD 6.650 7.500 253.698 7.250 7.548 190 198 190 198 -1,9% 4,1% 35,0 33,6 24,7 23,9 44,9 42,1 132,7 129,4 Kino Indonesia SELL 2.110 2.500 3.014 212 198 148 138 148 138 -59,3% -6,7% 14,2 15,3 10,8 9,8 1,1 1,1 8,0 7,1 Mayora Indah BUY 2.660 3.100 59.474 2.143 2.102 96 94 84 94 7,8% -1,9% 27,7 28,3 17,6 16,3 5,3 4,7 20,5 17,6 Pharmaceutical 112.960 3.642 3.956 44 48 10,3% 8,6% 31,0 28,6 21,0 19,2 4,0 3,8 13,5 13,7 Sido Muncul HOLD 770 850 23.100 934 1.029 31 34 30 33 15,6% 10,2% 24,7 22,4 21,6 19,8 7,3 7,1 30,0 32,2 Kalbe Farma BUY 1.590 1.900 74.531 2.652 2.828 57 60 57 60 5,8% 6,7% 28,1 26,4 18,5 17,3 4,3 3,9 15,9 15,4 Kimia Farma SELL 2.760 1.500 15.329 56 99 10 18 10 18 -543,5% 75,7% 271,8 154,7 35,3 27,3 2,1 2,1 0,8 1,3 Heavy Equipment 79.638 6.003 9.229 1.609 2.474 -46,9% 53,7% 13,3 8,6 4,7 3,4 1,3 1,2 10,0 14,3 United Tractors BUY 21.350 31.000 79.638 6.003 9.229 1.609 2.474 1.922 2.648 -46,9% 53,7% 13,3 8,6 4,7 3,4 1,3 1,2 10,0 14,3 Industrial Estate 15.127 905 1.159 14 19 -49,9% 28,1% 16,7 13,1 10,9 8,6 1,0 1,0 6,1 7,7 Puradelta Lestari HOLD 234 250 11.278 858 925 18 19 18 19 -35,7% 7,8% 13,1 12,2 11,9 10,0 1,7 1,7 13,2 14,1 Bekasi Fajar BUY 156 200 1.505 145 310 15 32 11 27 -61,8% 114,1% 10,4 4,8 8,1 5,0 0,3 0,3 3,2 6,7 Surya Semesta BUY 498 800 2.343 -98 -77 -21 -16 -21 -16 -206,6% -22,2% (23,8) (30,6) 10,9 9,8 0,6 0,6 (2,5) (2,0) Media 39.661 3.134 3.974 105 133 -5,7% 26,8% 12,7 10,0 7,7 6,5 2,3 2,0 18,5 21,3 BUY 1.015 1.700 15.276 1.951 2.710 130 180 130 180 -13,5% 38,9% 7,8 5,6 4,8 3,6 1,1 1,0 15,1 18,0 Surya Citra Media HOLD 1.650 1.950 24.385 1.183 1.264 80 85 79 85 10,6% 6,8% 20,6 19,3 13,5 12,5 7,9 6,0 29,7 35,5 Mining 204.140 9.189 14.993 104 169 -25,6% 63,2% 22,2 13,6 6,6 5,8 1,4 1,3 6,4 10,0 Adaro Energy BUY 1.205 1.800 38.543 3.493 5.368 109 168 190 182 -39,5% 53,7% 11,0 7,2 2,6 2,4 0,7 0,6 6,1 9,0 Timah HOLD 1.660 1.600 12.363 -168 394 -23 53 -39 59 -72,6% -334,9% (73,6) 31,3 19,3 10,0 2,4 2,2 (3,2) 7,4 Vale Indonesia BUY 4.360 6.800 43.322 1.179 2.158 119 217 127 153 44,6% 83,1% 36,8 20,1 10,6 9,3 1,5 1,5 4,2 7,4 Aneka Tambang BUY 2.180 3.000 52.387 1.283 1.807 53 75 38 49 561,8% 40,8% 40,8 29,0 20,6 17,7 2,7 2,6 6,9 9,3 Bukit Asam BUY 2.690 3.600 30.991 2.451 3.618 213 314 213 314 -39,6% 47,6% 12,6 8,6 8,7 5,4 1,8 1,6 13,6 19,5 Indo Tambangraya Megah BUY 11.950 14.500 13.503 554 1.349 490 1.194 1.531 1.483 -70,0% 143,6% 24,4 10,0 2,8 2,7 1,1 1,1 4,3 10,5 Harum Energy SELL 4.820 2.500 13.031 398 298 147 110 116 126 46,3% -25,0% 32,8 43,7 13,2 12,1 2,9 2,8 9,0 6,5 Petrochemical 281.852 2.229 4.416 20 40 19,0% 98,1% 126,4 63,8 21,6 20,6 6,5 6,3 5,2 10,0 Barito Pacific HOLD 970 1.100 90.587 1.747 2.499 19 27 14 12 13,1% 43,1% 51,9 36,2 12,1 11,3 5,3 5,2 10,2 14,5 Chandra Asri Petrochemical HOLD 10.725 8.900 191.265 483 1.917 27 107 94 105 46,8% 297,1% 396,2 99,8 42,0 39,9 7,2 6,9 1,8 7,1 Plantation 45.249 2.523 3.629 87 126 284,2% 43,8% 17,9 12,5 6,8 5,9 1,2 1,2 7,1 9,7 Astra Agro Lestari BUY 10.650 17.500 20.498 833 1.329 433 691 518 618 294,6% 59,5% 24,6 15,4 7,5 6,3 1,1 1,0 4,4 6,7 Dharma Satya BUY 615 900 6.519 477 826 45 78 24 44 165,1% 73,2% 13,7 7,9 4,3 3,7 1,6 1,5 12,5 19,9 Saw it Sumbermas BUY 965 1.450 9.192 517 690 54 72 62 71 4323,8% 33,5% 17,8 13,3 6,5 6,2 2,1 1,9 12,4 15,1 PP London Sumatra BUY 1.325 1.850 9.040 696 784 102 115 61 68 174,1% 12,6% 13,0 11,5 8,6 7,6 1,0 1,0 8,0 8,7 Poultry 135.959 4.126 5.211 136 172 -25,5% 26,3% 33,0 26,1 17,9 14,2 3,9 3,5 14,1 14,1 Charoen Pokphand HOLD 6.850 6.500 112.326 3.067 3.665 187 224 188 224 -15,6% 19,5% 36,6 30,6 21,0 18,0 5,0 4,5 14,1 15,4 Japfa Comfeed HOLD 1.875 1.700 21.987 1.136 1.419 97 121 38 93 -35,6% 24,9% 19,4 15,5 12,0 8,6 2,0 1,9 10,6 12,6 Malindo Feedmill BUY 735 1.400 1.645 -77 127 -35 57 -60 35 -156,9% -264,0% (21,2) 13,0 11,4 6,9 0,8 0,8 (3,9) 6,4 Property 89.681 3.354 5.361 27 44 -59,1% 59,8% 26,7 16,7 12,0 9,2 1,1 1,0 4,5 6,5 Alam Sutera HOLD 232 220 4.559 -23 407 -1 21 20 22 -102,3% -1869,6% (198,2) 11,2 8,2 6,7 0,4 0,4 (0,2) 3,8 Bumi Serpong Damai BUY 1.165 1.500 24.665 1.387 2.394 66 113 67 123 -50,3% 72,6% 17,8 10,3 10,5 6,3 0,8 0,7 5,6 7,5 Ciputra Development BUY 1.110 1.400 20.602 796 845 43 46 43 46 -31,3% 6,2% 25,9 24,4 13,7 11,7 1,3 1,2 5,1 5,1 Pakuw on Jati HOLD 540 530 26.006 1.047 1.524 22 32 26 33 -61,5% 45,6% 24,8 17,1 12,4 10,1 1,7 1,5 6,8 9,3 Summarecon BUY 960 1.100 13.850 147 191 10 13 6 12 -71,4% 29,7% 94,2 72,6 15,7 15,7 1,8 1,8 2,0 2,5 Utility 32.120 1.605 2.386 66 98 65,0% 48,7% 20,0 13,5 4,2 3,8 0,8 0,8 4,0 5,8 PGN BUY 1.325 2.900 32.120 1.605 2.386 66 98 167 163 65,0% 48,7% 20,0 13,5 4,2 3,8 0,8 0,8 4,0 5,8 Retail 47.874 - 971 2.227 -22 51 -124,4% -329,2% (49,3) 21,5 12,9 5,9 3,1 2,7 - 6,1 13,6 Mitra Adi Perkasa BUY 755 1.050 12.533 -698 619 -42 37 -36 37 -174,8% -188,6% (18,0) 20,3 7,6 3,4 2,4 2,1 (12,3) 11,0 Ramayana BUY 785 1.050 5.570 -200 324 -28 46 -28 43 -130,8% -262,3% (27,9) 17,2 33,2 7,0 1,5 1,4 (5,1) 8,4 Matahari Department Store SELL 1.410 1.100 3.703 -873 323 -332 123 -232 187 -163,9% -137,0% (4,2) 11,5 5,3 1,8 3,7 2,4 (63,3) 25,5 Ace Hardw are BUY 1.520 1.800 26.068 799 961 47 56 47 60 -22,4% 20,2% 32,6 27,1 24,0 19,1 4,8 4,5 15,9 17,1 Telco 498.825 24.973 33.190 132 176 5,1% 32,9% 20,0 15,0 5,7 5,3 3,2 3,1 16,7 21,1 Telekomunikasi Indonesia BUY 3.410 4.600 337.802 20.659 24.510 209 247 232 260 10,7% 18,6% 16,4 13,8 5,2 4,9 3,3 3,2 20,3 23,3 Indosat BUY 6.675 7.000 36.272 -717 1.761 -132 324 -197 -3 145,7% 345,6% (50,6) 20,6 4,4 3,9 3,0 3,0 (5,8) 14,6 XL Axiata BUY 2.090 3.300 22.415 1.042 1.971 97 184 98 157 180,1% 89,2% 21,5 11,4 2,7 2,4 1,0 1,0 5,1 9,0 Tow er Bersama HOLD 2.040 1.950 46.220 1.108 1.897 49 84 49 84 35,2% 71,3% 41,7 24,4 15,8 12,7 7,3 6,2 19,6 27,5 Sarana Menara Nusantara BUY 1.100 1.400 56.116 2.881 3.051 56 60 56 60 23,0% 5,9% 19,5 18,4 13,1 13,1 5,4 4,9 30,1 28,0 Transportation 2.797 1.059 2.026 149 285 108,6% 91,3% 2,6 1,4 10,0 6,1 1,2 1,2 47,6 86,6 Indonesia Kendaraan Terminal BUY 620 600 1.127 17 55 9 30 9 30 -87,4% 224,6% 66,2 20,4 15,5 4,9 1,0 1,0 1,5 4,7 Jasa Armada Indonesia BUY 316 425 1.670 1.042 1.971 197 373 17 18 180,1% 89,2% 1,6 0,8 8,3 7,3 1,5 1,4 94,0 169,0 Trade 13.088 1.017 1.203 253 300 42,0% 18,3% 12,9 10,9 7,7 6,7 1,5 1,4 11,9 13,3 AKR Corporindo BUY 3.260 3.700 13.088 1.017 1.203 253 300 253 300 42,0% 18,3% 12,9 10,9 7,7 6,7 1,5 1,4 11,9 13,3

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Friday, March 26, 2021

COVERAGE PERFORMANCE

LEADERS

Price as on Code 25-Mar-21 24-Mar-21 Chg, % w-w, % m-m, % YTD, % Rating Indosat ISAT 6.675 6.150 8,5 1,1 20,3 32,2 BUY Kalbe Farma KLBF 1.590 1.525 4,3 1,0 8,2 7,4 BUY Tower Bersama TBIG 2.040 1.980 3,0 (5,6) (6,0) 25,2 HOLD Timah TINS 1.660 1.620 2,5 (10,3) (25,2) 11,8 HOLD Chandra Asri Petrochemical TPIA 10.725 10.525 1,9 (1,8) 10,0 18,2 HOLD Vale Indonesia INCO 4.360 4.300 1,4 (5,0) (28,2) (14,5) BUY Indocement INTP 13.175 13.000 1,3 1,9 5,4 (9,0) BUY Telekomunikasi Indonesia TLKM 3.410 3.370 1,2 (1,2) (2,3) 3,0 BUY United Tractors UNTR 21.350 21.100 1,2 (1,6) (5,3) (19,7) BUY Unilever UNVR 6.650 6.575 1,1 0,8 (5,0) (9,5) HOLD Sources: Bloomberg

LAGGARDS

Price as on Code 25-Mar-21 24-Mar-21 Chg, % w-w, % m-m, % YTD, % Rating Surya Citra Media SCMA 1.650 1.710 (3,5) (9,6) (16,7) (27,9) HOLD Indofood CBP ICBP 8.950 9.250 (3,2) 2,9 4,4 (6,5) BUY Harum Energy HRUM 4.820 4.980 (3,2) (10,7) (24,7) 61,7 SELL BTPS BTPS 3.550 3.660 (3,0) (2,2) (13,4) (5,3) BUY Barito Pacific BRPT 970 1.000 (3,0) (4,9) (11,8) (11,8) HOLD Adhi Karya ADHI 1.200 1.235 (2,8) (8,7) (13,4) (21,8) BUY Mitra Adi Perkasa MAPI 755 775 (2,6) (5,6) (6,2) (4,4) BUY Perusahaan Gas Negara PGAS 1.325 1.360 (2,6) (5,7) (8,0) (19,9) BUY Mayora Indah MYOR 2.660 2.730 (2,6) (2,2) (1,8) (1,8) BUY Waskita Beton WSBP 234 240 (2,5) (7,9) (9,3) (14,6) BUY Sources: Bloomberg

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Friday, March 26, 2021

PREVIOUS REPORTS

▪ Bank Negara Indonesia: Still focusing on improving asset quality ▪ Indofood CBP Sukses Makmur: Solid performance ▪ Indofood Sukses Makmur: Earnings lifted by margin expansion ▪ HM Sampoerna: Facing an uphill struggle ▪ Timah: Conservative Production Target ▪ Telco: Opportunities for big breaks ▪ Ace Hardware Indonesia: Feb-21 SSSG flattish negative vs Jan-21 ▪ Indocement Tunggal Prakarsa: Feb sales dampened by wet weather ▪ Prodia Widyahusada: Positive result amid the pandemic ▪ Strategy: Policy Mix To Propel Growth ▪ Adaro Energy: Cautiously upbeat provided coal prices stay firm ▪ Bank Mandiri: Earnings set to rebound ▪ Summarecon Agung: Poised for growth ▪ Wijaya Karya Beton: Still undergoing recovery ▪ Automotive: Car sales fall again in Feb 21 ▪ Plantation: New All-Time High and Then Some ▪ Trade Outlook February 2021: USD2.2bn trade surplus contributed by major trading partners ▪ Bukit Asam: Solid 4Q20 thanks to strong demand ▪ Timah: 4Q20: Net losses from impairment ▪ Chandra Asri Petrochemical: Planning to issue pre-emptive rights ▪ Mayora Indah: Threaten by higher commodity prices ▪ Astra International: Recovery Play ▪ Dharma Satya Nusantara: Ushering in a Prosperous Phase ▪ Waskita Karya: Road King eyes stake in the MKTT toll road ▪ Danareksa Research Institute: February 2021 Consumer Confidence: Continuing the Decline ▪ Indosat Ooredoo: Solid momentum on its side ▪ United Tractors: Better earnings on the cards ▪ Chandra Asri Petrochemical: Positive earnings ▪ Semen Indonesia: Brighter outlook but some challenges remain ▪ Japfa Comfeed Indonesia: Feels so good ▪ Vale Indonesia: The future remains bright ▪ PP London Sumatra: The Superb Performance to Continue ▪ Property: Short-term stimuli to reduce oversupply ▪ Property: Not all gloom and doom ▪ Astra Agro Lestari: Comfortably Above, In for a Stellar 2021 ▪ Astra International: Soft earnings – but within expectations ▪ Indo Tambangraya: Upside Emerges ▪ United Tractors: 4Q20: Weak earnings ▪ United Tractors: Lower Komatsu sales in Dec 2020 ▪ Indosat Ooredoo: Challenges no.2 spot, M&A confidence boost ▪ Matahari Department Store: Deterred by Outside Forces ▪ Strategy: The Final Cut ▪ Banking: More stimulus to propel growth ▪ Property: On solid ground ▪ Aneka Tambang: Still Upbeat ▪ Indocement Tunggal Prakarsa: Soft sales at the start of the year ▪ Automotive: Correction in car sales in Jan 2021 ▪ Adaro Energy: Flattish 2021 coal production target ▪ Bukit Asam: Better coal prices improved profits

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Friday, March 26, 2021

PT BRI Danareksa Sekuritas

Gedung BRI II Lt.23, Jl. Jenderal Sudirman Kav.44-46 Bendungan Hilir, Tanah Abang – Jakarta Pusat 10210 Indonesia Indonesia Tel (62 21) 50914100 Fax (62 21) 2520990

Equity Research Team

Helmy Kristanto Stefanus Darmagiri Natalia Sutanto

[email protected] [email protected] [email protected]

(62-21) 50914100 ext. 3500 (62-21) 50914100 ext. 3530 (62-21) 50914100 ext.3508 S Head of Research, Strategy Auto, Coal, Heavy Equip, Metal Consumer, Tobacco, Pharmacy

Maria Renata Eka Savitri Niko Margaronis

[email protected] [email protected] [email protected] (62-21) 50914100 ext.3513 (62-21) 50914100 ext.3506 (62-21) 50914100 ext.3512 Construction, Toll Road, Cement Banking Telco, Tower, Utilities

Victor Stefano Ignatius Teguh Prayoga Andreas Kenny [email protected] [email protected] [email protected] (62-21) 50914100 ext.3503 (62-21) 50914100 ext.3511 (62-21) 50914100 ext.3509 Poultry, Property, Industrial Estate Basic Industries, Port Retail, Media, Plantation

Muhammad Naufal Yunas Kharim Syamsuddin

[email protected] [email protected] (62-21) 50914100 ext.3507 (62-21) 50914100 ext. 3507 Healthcare Research Associate

Sales team

Vera Ongyono Ehrliech Suhartono Yunita L. Nababan

[email protected] [email protected] [email protected] (62-21) 50914100 ext. 3120 (62-21) 50914100 ext. 3132 (62-21) 50914100 ext. 3145

Tuty Sutopo Wisnu Budhiargo Adeline Solaiman

[email protected] [email protected] [email protected] (62-21) 50914100 ext. 3121 (62-21) 50914100 ext. 3117 (62-21) 50914100 ext. 3503

Thalia Kadharusman

[email protected] (62-21) 50914100 ext. 3124

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Friday, March 26, 2021

Disclaimer

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Danareksa Sekuritas – Equity SNAPSHOT