Equity SNAPSHOT Thursday, March 25, 2021

FROM EQUITY REPORT KEY INDEX KEY INDEX Chg Ytd Vol Chg Ytd Vol Bank Negara Indonesia: Still focusing on improving asset Close Close quality (BBNI IJ. IDR 6,100 BUY TP. IDR 8,000) (%) (%) (US$ m) (%) (%) (US$ m) We reiterate our BUY call on BBNI with an unchanged TP of Asean - 5 Asean - 5 IDR8,000 (implying 1.3x 2021F PBV) supported by 115.9% yoy Indonesia 6,156 (1.5) 3.0 650 Indonesia 6,134 0.1 (1.0) 318 estimated growth in FY21F net profits. Corporate loans and payroll Thailand 1,571 0.4 8.4 2,742 Thailand 1,568 (0.1) 0.2 1,454 loans will remain as the bank’s growth engines in 2021 assuming Philippines 6,497 0.8 (9.0) 124 Philippines 7,855 (0.3) 5.2 87 Indonesia’s GDP growth recovers. Additionally, BBNI will continue to Malaysia 1,602 0.4 (1.5) 979 Malaysia 1,562 (0.5) (7.6) 338 monitor its restructured loans bucket and provide ample coverage Singapore 3,133 0.1 10.2 1,301 Singapore 3,173 (0.5) 3.4 908 for any potential deterioration in assets quality in the future. We also Regional Regional expect expansion in NIM to 4.8% supported by a c.20bps China 3,367 (1.3) (3.1) 68,556 China 2,885 0.3 15.7 28,889 improvement in blended CoF to 2.4% based on our forecast. Hong Kong 27,918 (2.0) 2.5 24,478 Hong Kong 26,391 (0.2) 2.1 9,093 To see the full version of this report, please click here Japan 28,406 (2.0) 3.5 18,450 Japan 23,380 (0.6) 16.8 10,278 Korea 2,996 (0.3) 4.3 14,262 Korea 2,068 (0.8) 1.3 3,790 Taiwan 16,032 (0.9) 8.8 11,275 Taiwan 11,532 0.2 18.5 3,534 MARKET NEWS India 49,180 (1.7) 3.0 497 India 40,675 (0.3) 12.8 495 MACROECONOMY Nasdaq 12,962 (2.0) 0.6 257,384 Nasdaq 8,521 (0.6) 28.4 116,797 ▪ Economic stimulus package has been realized 11% Dow Jones 32,420 (0.0) 5.9 15,660 Dow Jones 27,503 (1.0) 17.9 11,490 ▪ UAE to invest IDR 144,6 trillion to the Indonesian Investment Authority (INA) CURRENCY AND INTEREST RATE CURRENCY AND INTEREST RATE w-w m-m ytd w-w m-m ytd Rate Rate (%) (%) (%) (%) (%) (%) PREVIOUS REPORTS Rupiah Rp/1US$ 14,425 0.0 (2.4) (2.7) Rupiah Rp/1US$ 14,115 (0.2) (0.7) 1.9 ▪ Indofood CBP Sukses Makmur: Solid performance BI7DRRR % 3.50 - - (0.3) BI7DRRR % 5.00 - (0.3) (1.0) ▪ Indofood Sukses Makmur: Earnings lifted by margin 10y Gov Indo bond 6.69 (0.1) 0.1 0.8 10y Gov Indo bond 7.16 0.1 0.2 (0.9) expansion ▪ HM Sampoerna: Facing an uphill struggle HARD COMMODITY HARD COMMODITY d-d m-m ytd d-d m-m ytd ▪ Timah: Conservative Production Target Unit Price Unit Price ▪ Telco: Opportunities for big breaks (%) (%) (%) (%) (%) (%) ▪ Ace Hardware Indonesia: Feb-21 SSSG flattish negative vs Coal US$/ton 95 - 10.5 17.4 Coal US$/ton 67 (0.3) 0.2 (34.0) Jan-21 Gold US$/toz 1,735 0.0 (2.0) (8.6) Gold US$/toz 1,478 (0.0) (2.1) 15.2 ▪ Indocement Tunggal Prakarsa: Feb sales dampened by wet Nickel US$/mt.ton 16,104 (1.9) (16.6) (2.7) Nickel US$/mt.ton 13,315 (2.5) (20.7) 25.6 weather Tin US$/mt.ton 27,655 (0.6) (2.2) 34.6 Tin US$/mt.ton 16,771 1.5 1.7 (14.1) ▪ Prodia Widyahusada: Positive result amid the pandemic SOFT COMMODITY SOFT COMMODITY ▪ Strategy: Policy Mix To Propel Growth d-d m-m ytd d-d m-m ytd Unit Price Unit Price ▪ Adaro Energy: Cautiously upbeat provided coal prices stay (%) (%) (%) (%) (%) (%) firm Cocoa US$/mt.ton 213 - 0.4 15.1 Cocoa US$/mt.ton 2,476 (1.0) 1.3 4.7 ▪ Bank Mandiri: Earnings set to rebound Corn US$/mt.ton 61 (1.0) (4.7) 24.8 Corn US$/mt.ton 141 1.7 (2.5) 5.6 ▪ Summarecon Agung: Poised for growth Oil (WTI) US$/barrel 64 6.0 (3.9) 24.3 Oil (WTI) US$/barrel 56 0.6 (0.2) 24.3 ▪ Wijaya Karya Beton: Still undergoing recovery Oil (Brent) US$/barrel 4,254 4.4 6.5 12.3 Oil (Brent) US$/barrel 61 (0.2) (1.4) 13.0 ▪ Automotive: Car sales fall again in Feb 21 Palm oil MYR/mt.ton 175 (1.4) (1.9) 16.2 Palm oil MYR/mt.ton 2,632 (1.3) 11.4 34.8 ▪ Plantation: New All-Time High and Then Some Rubber USd/kg 1,205 N/A 2.8 20.5 Rubber USd/kg 142 0.9 6.9 13.6 Pulp US$/tonne 450 2.2 (6.3) 7.0 Pulp US$/tonne 1,205 N/A 2.8 20.5 Coffee US$/60kgbag 170 (1.6) (8.9) (2.3) Coffee US$/60kgbag 72 0.3 7.9 3.5 Sugar US$/MT 57 0.8 12.4 32.7 Sugar US$/MT 345 0.7 1.3 3.6 Wheat US$/ton 1,433 0.7 0.6 8.9 Wheat US$/ton 143 (1.9) 0.7 (5.1) Soy Oil US$/lb 213 - 0.4 15.1 Soy Oil US$/lb 30 0.1 (3.4) 8.9 SoyBean US$/by 61 (1.0) (4.7) 24.8 Soy Bean US$/by 871 0.1 (5.8) (1.3)

Source: Bloomberg Source: Bloomberg

Danareksa Sekuritas – Equity SNAPSHOT

Equity Research

Company Update

Tuesday,25 March 2021 Bank Negara Indonesia(BBNI IJ) BUY Maintain Still focusing on improving asset quality

Last price (IDR) 6,100 We reiterate our BUY call on BBNI with an unchanged TP of IDR8,000 Target Price (IDR) 8,000 (implying 1.3x 2021F PBV) supported by 115.9% yoy estimated growth in FY21F net profits. Corporate loans and payroll loans will remain as the bank’s Upside/Downside +31.1% growth engines in 2021 assuming Indonesia’s GDP growth recovers. Previous Target Price (IDR) 8,000 Additionally, BBNI will continue to monitor its restructured loans bucket and provide ample coverage for any potential deterioration in assets quality in the Stock Statistics future. We also expect expansion in NIM to 4.8% supported by a c.20bps Sector Banking improvement in blended CoF to 2.4% based on our forecast. Bloomberg Ticker BBNI IJ No of Shrs (mn) 18,649 The corporate and payroll segments as the main growth engines. The corporate segment will remain as BBNI’s core business going forward with blue- Mkt. Cap (IDRbn/USDmn) 113,757/7,903 chip top-tier corporate names as its key focus. BBNI’s management believes Avg. daily T/O (IDRbn/USDmn) 277.3/19.3 that the bank’s agile corporate structure will help it to grow faster than its peers, particularly on the back of its long-standing network with SOEs. In Major shareholders (%) addition, payroll loans will be another growth engine thanks to the Government of Indonesia 60.0 underpenetrated market as BBNI had 3.4mn payroll accounts as of December 2020. All in all, the bank’s loans book is forecast to grow by 6.1% yoy in 2021F. Estimated free float 40.0 Assets quality improvement remains its main agenda. BBNI’s management EPS Consensus (IDR) emphasised that it would continue to monitor its restructured loans on a 2021F 2022F 2023F regular basis. BBNI also conducted a survey of 90% of its corporate, medium and small segment borrowers to get an ‘on the ground’ sense of their Danareksa 379.8 637.4 908.8 repayment capacity. Based on the survey, as of Febuary 2021 (second review) Consensus 515.9 836.1 1,048.9 the shadow NPLs (current restructured non-COVID and special mention loans) Danareksa/Cons (26.4) (23.8) (13.4) declined slightly to IDR39.3tn from IDR40.8tn previously. From the shadow NPLs, the high risk bucket reached IDR22.8tn. We thus believe our FY21F BBNI relative to JCI Index 360bps credit costs assumption should be sufficient to provide additional cushion against any potential deterioration in assets quality.

Expect a 2.4% CoF for this year. Being the bank with the second lowest blended CoF after Bank Central Asia (BBCA IJ, HOLD, TP IDR38,000), BBNI still has room to lower its funding cost in our banking universe. Indeed, FY20’s CoF dropped by nearly 60bps to 2.6% based on our calculation. The bank’s plan to issue USD500mn of global bonds will still have a manageable impact on its funding structure and blended CoF in our view. As such, we expect a c.20bps dip in the blended CoF to 2.4%, in-line with the stable outlook on the BI rate.

Maintain BUY: TP of IDR8,000. We maintain our BUY call on BBNI with an unchanged GGM-derived TP of IDR8,000 (implying 1.3x 2021F P/BV) assuming a 9.5% CoE, 11.4% sustainable ROAE and 3% long-term growth. Source : Bloomberg

Key Financials

Year to 31 Dec 2019A 2020A 2021F 2022F 2023F

PPOP (IDRbn) 28,325 27,822 30,833 33,932 36,797 Net profit (IDRbn) 15,384 3,280 7,083 11,886 16,948 EPS (IDR) 825.0 175.9 379.8 637.4 908.8 EPS growth (%) 2.5 (78.7) 115.9 67.8 42.6 Eka Savitri BVPS (IDR) 6,569.7 5,908.9 6,193.7 6,671.8 7,353.4 (62-21) 5091 4100 ext.3506 PER (x) 7.4 34.7 16.1 9.6 6.7 [email protected] PBV (x) 0.9 1.0 1.0 0.9 0.8

Dividend yield (%) 3.4 0.7 1.6 2.6 3.7 ROAE (%) 13.3 2.8 6.3 9.9 13.0 Source : BBNI, BRI Danareksa Estimates www.danareksa.com See important disclosure at the back of this report 1

Equity SNAPSHOT Thursday, March 25, 2021

MARKET NEWS

MACROECONOMY Economic stimulus package has been realized 11% The Ministry of Finance (Kemenkeu) reported that until March 17, 2021, the realization of the 2021 national economic recovery program (PEN) budget was IDR 76.59 trillion. This figure is equivalent to 10.9% of the PEN program ceiling of Rp. 699.43 trillion.

In detail, the 2021 PEN program allocation is distributed into five programs. First, the health program of Rp. 12.4 trillion, or 7% of the total budget of Rp. 176.3 trillion has been absorbed.

Second, social protection of Rp. 25.97 trillion, equivalent to 16.5% of the ceiling, namely Rp. 157.41 trillion. Third, priority programs amounting to Rp. 1.44 trillion or the same as 1.2% of the total budget allocation amounting to Rp. 122.42 trillion.

Fourth, support from Micro, Small and Medium Enterprises (MSMEs) and corporations of Rp. 29.63 trillion, or 16% of the total budget of Rp. 184.83 trillion has been absorbed. Fifth, incentives for the business world in the form of taxation amounting to Rp. 7.15 trillion, the same as 12.2% of the ceiling of Rp. 58.46 trillion.

UAE to invest IDR 144,6 trillion to the Indonesian Investment Authority (INA) The government of the United Arab Emirates (UAE) will invest IDR 144,6 or USD 10 million equivalent to the Indonesian Investment Authority. This investment was a direct order from the crown prince of UAE Sheikh Mohammed Bin Zayed Al Nahyan. This investment is one of the largest investment received from INA, where before the investment body has received investments from Japan, the United States, and Canada, amounted to USD 4 million, USD 2 million, and USD 2 million, respectively. (Investor Daily)

Danareksa Sekuritas – Equity SNAPSHOT

Equity 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 Valuation Target Rp Bn 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 Danareksa Universe 3,997,708 167,668 235,001 131 183 -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 1,287,630 51,138 76,190 389 580 -33.6% 49.0% 25.2 16.9 2.4 2.2 9.2 13.4 BCA HOLD 32,200 38,000 793,891 25,010 31,972 1,014 1,297 1,014 1,297 -12.4% 27.8% 31.7 24.8 N/A N/A 4.3 4.0 14.0 16.7 BNI BUY 5,950 8,000 110,960 2,865 11,433 154 613 154 613 -81.4% 299.0% 38.7 9.7 N/A N/A 1.0 0.9 2.5 10.0 Bank Tabungan Negara BUY 1,790 2,400 18,956 1,367 1,961 129 185 129 185 553.2% 43.5% 13.9 9.7 N/A N/A 1.0 0.9 6.4 9.8 Bank Mandiri BUY 6,425 8,000 299,833 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 2,900 3,200 23,632 1,953 2,990 240 367 240 367 -24.1% 53.1% 12.1 7.9 N/A N/A 0.8 0.7 6.4 9.3 BTPS BUY 3,660 4,200 28,196 963 1,577 125 205 125 205 -31.2% 63.8% 29.3 17.9 N/A N/A 4.6 3.9 16.8 23.8 BPD Jatim BUY 810 850 12,163 1,258 1,370 84 91 84 91 -8.6% 8.9% 9.7 8.9 N/A N/A 1.2 1.2 13.3 13.5 Cement 116,217 4,740 5,576 493 580 2.4% 17.6% 24.5 20.8 11.6 10.3 2.0 2.0 8.4 9.7 Indocement BUY 13,000 18,100 47,856 1,487 1,727 404 469 404 469 -19.0% 16.1% 32.2 27.7 20.2 17.9 2.1 2.1 6.5 7.6 Semen Indonesia BUY 11,525 15,700 68,361 3,253 3,849 548 649 357 397 16.5% 18.3% 21.0 17.8 8.8 7.7 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 86,336 - 5,127 4,067 (69) 54 -161.5% -179.3% (16.8) 21.2 23.97 11.89 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 1,510 2,500 9,362 74 439 12 71 36 74 -92.1% 493.4% 126.6 21.3 12.6 8.8 0.7 0.6 0.5 3.0 Adhi Karya BUY 1,235 2,500 4,398 36 422 10 119 (11) 132 -94.5% 1059.2% 120.7 10.4 11.2 8.7 0.7 0.6 0.5 6.0 Waskita Karya BUY 1,370 2,000 18,596 (4,141) 489 (305) 36 (314) 25 -541.4% -111.8% (4.5) 38.0 392.2 18.9 1.4 1.3 (26.2) 3.5 Waskita Beton BUY 240 370 6,327 (1,574) 353 (60) 13 (34) 13 -295.2% -122.4% (4.0) 17.9 - 52.9 10.5 1.2 1.1 (23.4) 6.4 Wika Beton BUY 342 610 2,981 87 322 10 37 10 37 -83.0% 270.5% 34.3 9.3 9.6 5.9 0.9 0.8 2.5 9.1 Jasa Marga BUY 4,190 5,900 30,410 244 1,254 34 173 83 228 -88.9% 413.8% 124.6 24.2 14.5 12.1 1.6 1.5 1.3 6.4 Consumer 481,797 20,816 22,664 253 275 4.9% 8.9% 23.1 21.3 15.2 13.6 5.4 4.9 24.6 24.4 Indofood CBP BUY 9,250 13,000 107,873 5,962 7,081 511 607 557 607 18.3% 18.8% 18.1 15.2 16.7 13.5 3.8 3.4 22.2 23.4 Indofood BUY 6,725 8,100 59,048 5,249 5,735 598 653 696 653 6.9% 9.3% 11.2 10.3 7.0 6.3 1.5 1.3 13.4 13.6 Unilever HOLD 6,575 7,500 250,836 7,250 7,548 190 198 190 198 -1.9% 4.1% 34.6 33.2 24.5 23.6 44.4 41.7 132.7 129.4 Kino Indonesia SELL 2,100 2,500 3,000 212 198 148 138 148 138 -59.3% -6.7% 14.2 15.2 10.8 9.8 1.1 1.0 8.0 7.1 Mayora Indah BUY 2,730 3,100 61,039 2,143 2,102 96 94 84 94 7.8% -1.9% 28.5 29.0 18.0 16.7 5.4 4.8 20.5 17.6 Pharmaceutical 110,097 3,642 3,956 44 48 10.3% 8.6% 30.2 27.8 20.5 18.7 3.9 3.7 13.5 13.7 Sido Muncul HOLD 765 850 22,950 934 1,029 31 34 30 33 15.6% 10.2% 24.6 22.3 21.5 19.7 7.3 7.1 30.0 32.2 Kalbe Farma BUY 1,525 1,900 71,485 2,652 2,828 57 60 57 60 5.8% 6.7% 27.0 25.3 17.7 16.5 4.1 3.7 15.9 15.4 Kimia Farma SELL 2,820 1,500 15,662 56 99 10 18 10 18 -543.5% 75.7% 277.7 158.1 35.9 27.7 2.1 2.1 0.8 1.3 Heavy Equipment 78,706 6,003 9,229 1,609 2,474 -46.9% 53.7% 13.1 8.5 4.6 3.4 1.3 1.2 10.0 14.3 United Tractors BUY 21,100 31,000 78,706 6,003 9,229 1,609 2,474 1,922 2,648 -46.9% 53.7% 13.1 8.5 4.6 3.4 1.3 1.2 10.0 14.3 Industrial Estate 15,310 905 1,159 14 19 -49.9% 28.1% 16.9 13.2 11.1 8.7 1.0 1.0 6.1 7.7 Puradelta Lestari HOLD 238 250 11,471 858 925 18 19 18 19 -35.7% 7.8% 13.4 12.4 12.2 10.2 1.8 1.7 13.2 14.1 Bekasi Fajar BUY 155 200 1,495 145 310 15 32 11 27 -61.8% 114.1% 10.3 4.8 8.0 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 40,698 3,134 3,974 105 133 -5.7% 26.8% 13.0 10.2 7.9 6.6 2.4 2.0 18.5 21.3 Media Nusantara Citra BUY 1,025 1,700 15,426 1,951 2,710 130 180 130 180 -13.5% 38.9% 7.9 5.7 4.9 3.7 1.1 1.0 15.1 18.0 Surya Citra Media HOLD 1,710 1,950 25,272 1,183 1,264 80 85 79 85 10.6% 6.8% 21.4 20.0 14.0 13.0 8.2 6.3 29.7 35.5 Mining 204,796 9,189 14,993 104 169 -25.6% 63.2% 22.3 13.7 6.6 5.8 1.4 1.3 6.4 10.0 Adaro Energy BUY 1,225 1,800 39,183 3,493 5,368 109 168 190 182 -39.5% 53.7% 11.2 7.3 2.7 2.5 0.7 0.6 6.1 9.0 Timah HOLD 1,620 1,600 12,065 (168) 394 (23) 53 (39) 59 -72.6% -334.9% (71.8) 30.6 18.9 9.8 2.3 2.2 (3.2) 7.4 Vale Indonesia BUY 4,300 6,800 42,726 1,179 2,158 119 217 127 153 44.6% 83.1% 36.3 19.8 10.4 9.2 1.5 1.4 4.2 7.4 Aneka Tambang BUY 2,170 3,000 52,147 1,283 1,807 53 75 38 49 561.8% 40.8% 40.6 28.9 20.6 17.7 2.7 2.6 6.9 9.3 Bukit Asam BUY 2,740 3,600 31,567 2,451 3,618 213 314 213 314 -39.6% 47.6% 12.9 8.7 8.8 5.6 1.8 1.6 13.6 19.5 Indo Tambangraya Megah BUY 12,075 14,500 13,644 554 1,349 490 1,194 1,531 1,483 -70.0% 143.6% 24.6 10.1 2.8 2.7 1.1 1.1 4.3 10.5 Harum Energy SELL 4,980 2,500 13,464 398 298 147 110 116 126 46.3% -25.0% 33.9 45.2 13.8 12.7 3.0 2.9 9.0 6.5 Petrochemical 281,087 2,229 4,416 20 40 19.0% 98.1% 126.1 63.6 21.6 20.6 6.4 6.3 5.2 10.0 Barito Pacific HOLD 1,000 1,100 93,389 1,747 2,499 19 27 14 12 13.1% 43.1% 53.5 37.4 12.4 11.5 5.5 5.4 10.2 14.5 Chandra Asri Petrochemical HOLD 10,525 8,900 187,698 483 1,917 27 107 94 105 46.8% 297.1% 388.8 97.9 41.2 39.2 7.1 6.8 1.8 7.1 Plantation 45,763 2,523 3,629 87 126 284.2% 43.8% 18.1 12.6 6.8 5.9 1.3 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 625 900 6,625 477 826 45 78 24 44 165.1% 73.2% 13.9 8.0 4.4 3.8 1.7 1.5 12.5 19.9 Saw it Sumbermas BUY 990 1,450 9,430 517 690 54 72 62 71 4323.8% 33.5% 18.3 13.7 6.7 6.3 2.2 1.9 12.4 15.1 PP London Sumatra BUY 1,350 1,850 9,211 696 784 102 115 61 68 174.1% 12.6% 13.2 11.7 8.8 7.8 1.0 1.0 8.0 8.7 Poultry 134,646 4,126 5,211 136 172 -25.5% 26.3% 32.6 25.8 17.7 14.1 3.8 3.5 14.1 14.1 Charoen Pokphand HOLD 6,775 6,500 111,096 3,067 3,665 187 224 188 224 -15.6% 19.5% 36.2 30.3 20.8 17.9 4.9 4.5 14.1 15.4 Japfa Comfeed HOLD 1,865 1,700 21,870 1,136 1,419 97 121 38 93 -35.6% 24.9% 19.3 15.4 11.9 8.5 2.0 1.9 10.6 12.6 Malindo Feedmill BUY 750 1,400 1,679 (77) 127 (35) 57 (60) 35 -156.9% -264.0% (21.7) 13.2 11.5 7.0 0.9 0.8 (3.9) 6.4 Property 90,134 3,354 5,361 27 44 -59.1% 59.8% 26.9 16.8 12.0 9.3 1.1 1.1 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 1,175 1,500 24,876 1,387 2,394 66 113 67 123 -50.3% 72.6% 17.9 10.4 10.6 6.4 0.8 0.8 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 545 530 26,247 1,047 1,524 22 32 26 33 -61.5% 45.6% 25.1 17.2 12.5 10.2 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 32,968 1,605 2,386 66 98 65.0% 48.7% 20.5 13.8 4.3 3.9 0.8 0.8 4.0 5.8 PGN BUY 1,360 2,900 32,968 1,605 2,386 66 98 167 163 65.0% 48.7% 20.5 13.8 4.3 3.9 0.8 0.8 4.0 5.8 Retail 48,670 - 971 2,227 (22) 51 -124.4% -329.2% (50.1) 21.9 13.1 6.0 3.2 2.8 - 6.1 13.6 Mitra Adi Perkasa BUY 775 1,050 12,865 (698) 619 (42) 37 (36) 37 -174.8% -188.6% (18.4) 20.8 7.8 3.4 2.5 2.1 (12.3) 11.0 Ramayana BUY 790 1,050 5,606 (200) 324 (28) 46 (28) 43 -130.8% -262.3% (28.1) 17.3 33.5 7.1 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 1,545 1,800 26,497 799 961 47 56 47 60 -22.4% 20.2% 33.2 27.6 24.5 19.4 4.9 4.6 15.9 17.1 Telco 490,543 24,973 33,190 132 176 5.1% 32.9% 19.6 14.8 5.6 5.2 3.2 3.1 16.7 21.1 Telekomunikasi Indonesia BUY 3,370 4,600 333,840 20,659 24,510 209 247 232 260 10.7% 18.6% 16.2 13.6 5.2 4.9 3.2 3.1 20.3 23.3 Indosat BUY 6,150 7,000 33,419 (717) 1,761 (132) 324 (197) (3) 145.7% 345.6% (46.6) 19.0 4.1 3.7 2.8 2.8 (5.8) 14.6 XL Axiata BUY 2,080 3,300 22,307 1,042 1,971 97 184 98 157 180.1% 89.2% 21.4 11.3 2.7 2.4 1.0 1.0 5.1 9.0 Tow er Bersama HOLD 1,980 1,950 44,861 1,108 1,897 49 84 49 84 35.2% 71.3% 40.5 23.6 15.5 12.5 7.1 6.0 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 2,808 1,059 2,026 149 285 108.6% 91.3% 2.7 1.4 10.1 6.2 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 318 425 1,681 1,042 1,971 197 373 17 18 180.1% 89.2% 1.6 0.9 8.4 7.3 1.5 1.4 94.0 169.0 Trade 12,967 1,017 1,203 253 300 42.0% 18.3% 12.7 10.8 7.6 6.7 1.5 1.4 11.9 13.3 AKR Corporindo BUY 3,230 3,700 12,967 1,017 1,203 253 300 253 300 42.0% 18.3% 12.7 10.8 7.6 6.7 1.5 1.4 11.9 13.3

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Thursday, March 25, 2021

COVERAGE PERFORMANCE

LEADERS

Price as on Code 24-Mar-21 23-Mar-21 Chg, % w-w, % m-m, % YTD, % Rating BTPS BTPS 3,660 3,560 2.8 0.3 (9.6) (2.4) BUY Mayora Indah MYOR 2,730 2,660 2.6 0.4 0.7 0.7 BUY Indonesia Kendaraan IPCC 620 605 2.5 (3.1) (3.1) 17.0 BUY Terminal Barito Pacific BRPT 1,000 985 1.5 (1.0) (5.2) (9.1) HOLD Semen Indonesia SMGR 11,525 11,375 1.3 4.1 11.6 (7.2) BUY Indofood INDF 6,725 6,675 0.7 5.9 9.8 (1.8) BUY Indofood CBP ICBP 9,250 9,200 0.5 7.2 7.9 (3.4) BUY Ciputra Development CTRA 1,110 1,105 0.5 (6.3) (3.9) 12.7 BUY Telekomunikasi Indonesia TLKM 3,370 3,360 0.3 (0.6) (3.4) 1.8 BUY Bank Rakyat Indonesia BBRI 4,670 4,670 - - (1.3) 12.0 NON RATED Sources: Bloomberg

LAGGARDS

Price as on Code 24-Mar-21 23-Mar-21 Chg, % w-w, % m-m, % YTD, % Rating Timah TINS 1,620 1,725 (6.1) (11.2) (29.9) 9.1 HOLD Adaro Energy ADRO 1,225 1,300 (5.8) (0.4) 2.1 (14.3) BUY PP London Sumatra LSIP 1,350 1,430 (5.6) (5.9) (0.7) (1.8) BUY Harum Energy HRUM 4,980 5,250 (5.1) (0.2) (27.0) 67.1 SELL Kimia Farma KAEF 2,820 2,970 (5.1) (9.0) (22.7) (33.6) SELL Indo Tambangraya Megah ITMG 12,075 12,650 (4.5) 3.0 (0.2) (12.8) BUY Vale Indonesia INCO 4,300 4,500 (4.4) (4.7) (31.7) (15.7) BUY Matahari Department Store LPPF 1,410 1,475 (4.4) 3.7 10.6 10.6 SELL Aneka Tambang ANTM 2,170 2,270 (4.4) (5.7) (26.7) 12.1 BUY Surya Citra Media SCMA 1,710 1,785 (4.2) (8.3) (12.8) (25.3) HOLD Sources: Bloomberg

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Thursday, March 25, 2021

PREVIOUS REPORTS

▪ 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 ▪ XL Axiata: XL combating triple headwinds ▪ Jasa Armada Indonesia: Expansive mode ▪ Ace Hardware Indonesia: Jan-21 SSSG dipped as expected

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Thursday, March 25, 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

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(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

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Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Thursday, March 25, 2021

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Danareksa Sekuritas – Equity SNAPSHOT