Equity SNAPSHOT Wednesday, December 02, 2020

FROM EQUITY REPORT KEY INDEX KEY INDEX Chg Ytd Vol Chg Ytd Vol Call takeaways with PGN (PGAS IJ.BUY.TP: IDR.1,800) on Close Close 9M20 financial results: Conservatively positive (%) (%) (US$ m) (%) (%) (US$ m) During con call with PGN IR, we were advised that distribution Asean - 5 Asean - 5 volume increased further in November to the level of 875bbtud Indonesia 5.725 2,0 (9,1) 1.060 Indonesia 6,134 0.1 (1.0) 318 (+2.8%MoM) and targeting to at least maintain the current levels Thailand 1.421 0,9 (10,1) 2.578 Thailand 1,568 (0.1) 0.2 1,454 during December depending on the number of Cuti Bersama days. Philippines 7.010 3,2 (10,3) 205 Philippines 7,855 (0.3) 5.2 87 Nonetheless, the FY20F target of 870bbtud is not attainable, but Malaysia 1.602 2,5 0,8 1.890 Malaysia 1,562 (0.5) (7.6) 338 840-850bbtud volumes were still being discussed. PGAS maintains Singapore 2.814 0,3 (12,7) 1.008 Singapore 3,173 (0.5) 3.4 908 that is able to preserve gas spread above psychological level Regional Regional US$2/mmbtu with 73% of gas quota at the subsidized price of China 3.452 1,8 13,2 75.721 China 2,885 0.3 15.7 28,889 US$6/mmbtu. To that end PGAS will absorb any available LNG Hong Kong 26.568 0,9 (5,8) 19.779 Hong Kong 26,391 (0.2) 2.1 9,093 inventories at US$3-4/mmbtu. Japan 26.788 1,3 13,2 15.087 Japan 23,380 (0.6) 16.8 10,278 To see the full version, please refer to news section Korea 2.634 1,7 19,9 19.194 Korea 2,068 (0.8) 1.3 3,790 Taiwan 13.886 1,2 15,7 9.033 Taiwan 11,532 0.2 18.5 3,534 MARKET NEWS India 44.655 1,1 8,2 424 India 40,675 (0.3) 12.8 495 Nasdaq 12.355 1,3 37,7 252.674 Nasdaq 8,521 (0.6) 28.4 116,797 MACROECONOMY Dow Jones 29.824 0,6 4,5 15.890 Dow Jones 27,503 (1.0) 17.9 11,490 ▪ Indonesian PMI moves into expansionary territory in Nov 20 ▪ Govt committed to imposing income tax on digital companies CURRENCY AND INTEREST RATE CURRENCY AND INTEREST RATE w-w m-m ytd w-w m-m ytd next year Rate Rate ▪ Inflation in 2020 may reach a record low (%) (%) (%) (%) (%) (%) CORPORATE Rupiah Rp/1US$ 14.130 0,2 3,5 (1,9) Rupiah Rp/1US$ 14,115 (0.2) (0.7) 1.9 ▪ Waskita Karya: Seeks to divest 11 toll roads by 2021 BI7DRRR % 3,75 (0,3) (0,3) (1,3) BI7DRRR % 5.00 - (0.3) (1.0) 10y Gov Indo bond 6,17 (0,0) (0,4) (0,9) 10y Gov Indo bond 7.16 0.1 0.2 (0.9)

PREVIOUS REPORTS HARD COMMODITY HARD COMMODITY ▪ Astra International: Cautiously optimistic d-d m-m ytd d-d m-m ytd Unit Price Unit Price ▪ Indofood Sukses Makmur: Stable performance (%) (%) (%) (%) (%) (%) ▪ United Tractors: Conservative coal outlook Coal US$/ton 70 (0,4) 20,4 3,5 Coal US$/ton 67 (0.3) 0.2 (34.0) ▪ Perusahaan Perkebunan London Sumatra: Stellar margins Gold US$/toz 1.815 0,0 (4,2) 19,6 Gold US$/toz 1,478 (0.0) (2.1) 15.2 lifted net income Nickel US$/mt.ton 15.985 (2,6) 5,7 14,6 Nickel US$/mt.ton 13,315 (2.5) (20.7) 25.6 ▪ Media Nusantara Citra: Positives All Round Tin US$/mt.ton 18.642 (1,5) 5,2 8,5 Tin US$/mt.ton 16,771 1.5 1.7 (14.1) ▪ Malindo Feedmill Indonesia: Still struggling in pandemic year SOFT COMMODITY SOFT COMMODITY ▪ Poultry: Last culling of the year d-d m-m ytd d-d m-m ytd Unit Price Unit Price ▪ Indofood CBP Sukses Makmur: Below estimates (%) (%) (%) (%) (%) (%) ▪ Perusahaan Gas Negara: Solid effort, building a sustainable Cocoa US$/mt.ton 159 (0,2) 8,3 10,1 Cocoa US$/mt.ton 2,476 (1.0) 1.3 4.7 path Corn US$/mt.ton 44 (2,1) 24,1 (27,3) Corn US$/mt.ton 141 1.7 (2.5) 5.6 ▪ Jasa Marga: Going back to normal Oil (WTI) US$/barrel 47 (1,3) 26,1 (28,4) Oil (WTI) US$/barrel 56 0.6 (0.2) 24.3 ▪ Mitra Adiperkasa: 9M20 Below, on a Positive Note Oil (Brent) US$/barrel 3.445 0,5 6,2 13,9 Oil (Brent) US$/barrel 61 (0.2) (1.4) 13.0 ▪ Media Nusantara Citra: 9M20 in-line With Near Normal Top- Palm oil MYR/mt.ton 165 0,9 5,0 13,5 Palm oil MYR/mt.ton 2,632 (1.3) 11.4 34.8 line Rubber USd/kg 1.205 N/A 2,8 20,5 Rubber USd/kg 142 0.9 6.9 13.6 ▪ Semen Indonesia: Challenges remain but the future looks Pulp US$/tonne 399 - 2,1 11,0 Pulp US$/tonne 1,205 N/A 2.8 20.5 bright Coffee US$/60kgbag 157 (1,2) (3,7) (1,4) Coffee US$/60kgbag 72 0.3 7.9 3.5 ▪ United Tractors: Better operational numbers in October 2020 Sugar US$/MT 37 (1,1) 11,5 8,6 Sugar US$/MT 345 0.7 1.3 3.6 ▪ Gudang Garam: Uncertainty remains Wheat US$/ton 1.164 (0,4) 10,1 23,4 Wheat US$/ton 143 (1.9) 0.7 (5.1) Soy Oil US$/lb 159 (0,2) 8,3 10,1 Soy Oil US$/lb 30 0.1 (3.4) 8.9 SoyBean US$/by 44 (2,1) 24,1 (27,3) Soy Bean US$/by 871 0.1 (5.8) (1.3)

Source: Bloomberg Source: Bloomberg

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Wednesday, December 02, 2020

MARKET NEWS

MACROECONOMY Indonesian PMI moves into expansionary territory in Nov 20 IHS Markit said that the PMI for Indonesia in November stood at 50.6, higher than its level in October of 47.8, indicating expansion of domestic manufacturing activities. The latest PMI survey data shows a new improvement in the manufacturing industry during November, driven by higher production. New orders increased for the first time in three months, but the operating capacity remained in surplus. Consequently, companies remain cautious on investing in capacity and inventory, and the amount of labour and purchasing activities declined. Meanwhile, inflationary pressures are rising. Following the easing of large-scale social restrictions (PSBB) in Jakarta in mid-October, companies increased production in November, with output rising to the highest level since the survey began more than nine and a half years ago. Demand also improved, with new business inflows increasing for the first time since August. Survey data shows order growth among consumers and manufacturers for investment goods, while manufacturers of semi- finished goods reported further declines in sales. On the price side, input cost inflation increased in November, with costs rising at the fastest rate for three months. Higher raw material prices and IDR depreciation pushed inflation higher. As a result, some companies passed on higher cost burdens to consumers through higher costs. However, the increase in output prices is still low and well below the increase in input costs. (IHS Markit)

Govt committed to imposing income tax on digital companies next year The Ministry of Finance stated that the govt would still impose income tax on foreign digital companies operating in Indonesia next year. The income tax will be calculated by estimating the revenues derived from the calculation of VAT. This policy will be implemented even though a consensus of global taxation treatment on digital companies has yet to be reached. The consensus is still being discussed by OECD, with Indonesia as one of the members. The govt expects that a consensus will be reached next year. (Investor Daily)

Inflation in 2020 may reach a record low The government expects the inflation rate for 2020 to reach a record low at 1.5%yoy due to decreasing purchasing power as economic activity is restricted during the lockdown and social distancing procedures amid the Covid-19 pandemic. However, the Central Bureau of Statistics (BPS) recorded an increase in the inflation rate from 0.07% in October to 0.28% in November. This reflects increasing prices of food commodities, such as chicken, eggs, and chillies that rose by 0.08%. (Kontan)

CORPORATE Call takeaways with PGN (PGAS IJ.BUY.TP: IDR.1,800) on 9M20 financial results: Conservatively positive. During con call with PGN IR, we were advised that distribution volume increased further in November to the level of 875bbtud (+2.8%MoM) and targeting to at least maintain the current levels during December depending on the number of Cuti Bersama days. Nonetheless, the FY20F target of 870bbtud is not attainable, but 840-850bbtud volumes were still being discussed. PGAS maintains that is able to preserve gas spread above psychological level US$2/mmbtu with 73% of gas quota at the subsidized price of US$6/mmbtu. To that end PGAS will absorb any available LNG inventories at US$3-4/mmbtu.

PGAS achieved US$372mn OPEX in 9M20, and with regards to sustainability of OPEX savings occurred in 3Q20 (3Q20 OPEX US$103mn, -33.3%qoq), PGAS team guided that rule of thumb is US$40mn OPEX per month, with expectation to record US$450-500mn for FY20.

Saka followed the general savings trend in Pertamina group, achieving gains from cost efficiency initiatives of USD35mn yoy maintaining below US$10 cash cost level. There is a conservative expectation that some improvement in oil prices that happens will reflect positively on Saka production volumes and revenue. PGN reiterated on Rokan pipeline replacement, whose prospective revenues will be reported under oil transmission to come on stream in 1Q22. Moreover, It reiterated on Pertamina 5 refineries conversion to using gas, and it reiterated on PLN’s 56 powerplants fuel conversion to using gas.

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Wednesday, December 02, 2020

Waskita Karya: Seeks to divest 11 toll roads by 2021 Waskita Karya (WSKT) plans to divest 11 toll roads through 7 divestment packages with targeted proceeds of IDR10- 11tn. WSKT seeks to divest at least 9 of the toll roads by 2021: three toll roads in Greater Jakarta, one in West Java, two in Sumatra, two which are part of the Trans Java toll road, and one in East Java. The divestment might be through direct divestment or the issuance of mutual funds (RDPT). Furthermore, WSKT’s toll roads also include the assets investment by SWF or Lembaga Pengelola Investasi (asset management institution). WSKT currently owns 17 toll roads with a total length of 909km. (Investor Daily).

Danareksa Sekuritas – Equity SNAPSHOT

Equity Net profit, Rp bn EPS (Rp) Core EPS (Rp) EPS Grow th PER (x) EV / EBITDA (x) PBV (x) ROE Rating Price (Rp) Price Mkt Cap Valuation Target Rp Bn 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 Danareksa Universe 3.834.443 159.247 211.790 129 171 -29,9% 33,0% 24,1 18,1 11,5 10,6 2,3 2,1 9,8 12,3 Auto 224.684 16.177 17.551 325 353 -25,5% 8,5% 13,9 12,8 7,1 6,7 1,4 1,3 10,6 10,7 Astra International BUY 5.550 6.700 224.684 16.177 17.551 400 434 525 546 -25,5% 8,5% 13,9 12,8 7,1 6,7 1,4 1,3 10,6 10,7 Banks 1.290.602 46.383 75.656 353 576 -39,8% 63,1% 27,8 17,1 2,3 2,2 8,3 13,1 BCA BUY 31.975 33.000 788.344 21.520 28.722 873 1.165 873 1.165 -24,7% 33,5% 36,6 27,4 N/A N/A 4,3 4,0 12,1 15,2 BNI BUY 6.250 7.000 116.554 2.077 11.925 111 639 777 870 -86,5% 474,1% 56,1 9,8 N/A N/A 1,0 0,9 1,7 9,6 Bank Tabungan Negara BUY 1.720 1.800 18.215 1.133 1.909 107 180 107 180 442,1% 68,5% 16,1 9,5 N/A N/A 1,0 0,9 5,3 9,7 Bank Mandiri BUY 6.525 7.500 304.500 17.576 27.459 377 588 379 580 -36,0% 56,2% 17,3 11,1 N/A N/A 1,6 1,5 9,0 14,2 BTPN HOLD 2.600 2.500 21.187 1.953 2.995 240 368 352 368 -24,1% 53,4% 10,8 7,1 N/A N/A 0,7 0,6 6,3 9,0 BTPS HOLD 4.130 3.600 31.816 963 1.381 125 179 125 179 -31,2% 43,4% 33,0 23,0 N/A N/A 5,2 4,5 16,8 21,1 BPD Jatim BUY 665 760 9.985 1.161 1.265 77 84 77 84 -15,7% 9,0% 8,6 7,9 N/A N/A 1,0 1,0 12,3 12,6 Cigarettes 264.774 17.553 18.956 148 160 -28,7% 8,0% 15,1 14,0 6,7 6,0 2,9 2,6 19,7 19,7 Gudang Garam BUY 43.000 51.600 82.736 8.197 9.101 4.260 4.730 5.739 6.765 -24,7% 11,0% 10,1 9,1 5,3 4,3 1,5 1,3 15,6 15,5 HM Sampoerna SELL 1.565 1.270 182.038 9.356 9.855 80 85 132 136 -31,8% 5,3% 19,5 18,5 8,0 7,7 4,9 4,8 25,5 26,2 Construction 81.879 681 4.587 9 61 -91,8% 573,6% 120,2 17,9 8,73 8,02 0,8 0,7 0,7 4,4 Wijaya Karya BUY 1.675 1.700 15.025 146 788 16 88 314 352 -93,6% 439,7% 102,9 19,1 4,6 4,2 0,8 0,7 0,8 3,9 Pembangunan Perumahan BUY 1.395 1.300 8.649 74 439 12 71 280 300 -92,0% 493,2% 116,9 19,7 4,0 3,7 0,6 0,5 0,5 2,7 Adhi Karya BUY 1.135 800 4.042 45 407 13 114 289 315 -93,2% 804,4% 89,8 9,9 4,1 3,7 0,5 0,4 0,6 4,4 Waskita Karya HOLD 1.070 690 14.524 -759 383 -56 28 172 172 -180,9% -150,5% (19,1) 37,9 14,4 12,9 0,7 0,6 (3,8) 1,8 Waskita Beton BUY 218 250 5.747 250 391 9 15 34 38 -69,0% 56,4% 23,0 14,7 7,9 7,0 0,7 0,6 3,0 4,4 Wika Beton BUY 358 380 3.120 87 322 10 37 66 74 -83,0% 270,1% 35,9 9,7 3,8 3,5 0,8 0,7 2,4 7,9 Jasa Marga BUY 4.240 5.200 30.773 838 1.857 115 256 301 371 -62,0% 121,6% 36,7 16,6 13,8 13,4 1,3 1,2 3,8 7,5 Consumer 532.579 21.024 22.042 255 268 5,9% 4,8% 25,3 24,2 15,0 14,0 6,1 5,6 25,0 24,0 Indofood CBP BUY 10.100 12.700 117.785 6.147 6.550 527 562 465 510 22,0% 6,6% 19,2 18,0 16,7 15,7 4,4 3,9 24,0 23,0 Indofood BUY 7.100 7.600 62.341 5.230 5.578 596 635 600 663 6,6% 6,7% 11,9 11,2 5,7 5,3 1,6 1,5 13,9 13,7 Unilever HOLD 7.700 8.275 293.755 7.250 7.548 190 198 210 223 -1,9% 4,1% 40,5 38,9 25,5 24,1 38,5 38,4 95,2 98,7 Kino Indonesia SELL 2.900 2.700 4.143 254 264 178 185 206 230 -51,2% 3,9% 16,3 15,7 9,1 8,1 1,5 1,3 9,3 8,9 Mayora Indah BUY 2.440 2.800 54.555 2.143 2.102 96 94 88 96 7,8% -1,9% 25,5 26,0 14,9 13,5 5,0 4,4 20,8 17,9 Pharmaceutical 112.705 3.765 4.066 45 49 8,2% 8,0% 29,9 27,7 18,5 16,6 4,1 3,8 14,6 14,3 Sido Muncul HOLD 800 765 24.000 883 949 29 32 30 33 9,3% 7,4% 27,2 25,3 22,7 20,0 7,4 7,0 28,0 28,3 Kalbe Farma BUY 1.485 1.900 69.610 2.701 2.921 58 62 61 66 7,7% 8,1% 25,8 23,8 15,5 14,0 3,9 3,5 15,7 15,3 Phapros BUY 1.575 965 1.323 110 121 130 144 130 144 13,7% 10,5% 12,1 10,9 6,0 6,3 0,7 0,7 7,7 6,1 Kimia Farma HOLD 3.200 1.300 17.773 71 75 13 14 13 14 6,5% 5,0% 248,8 237,0 34,1 29,5 4,4 4,4 1,8 1,9 Heavy Equipment 90.176 7.606 10.215 2.039 2.739 -32,8% 34,3% 11,9 8,8 3,8 3,5 1,4 1,2 12,0 14,6 United Tractors BUY 24.175 29.000 90.176 7.606 10.215 2.039 2.739 2.817 2.769 -32,8% 34,3% 11,9 8,8 3,8 3,5 1,4 1,2 12,0 14,6 Industrial Estate 17.276 913 1.510 15 24 -49,5% 65,4% 18,9 11,4 5,9 5,6 1,1 1,0 5,7 9,0 Puradelta Lestari HOLD 268 160 12.917 790 904 16 19 28 21 -40,8% 14,4% 16,4 14,3 8,2 10,5 1,8 1,8 10,9 12,3 Bekasi Fajar BUY 186 220 1.794 190 418 20 43 41 48 -50,0% 120,0% 9,4 4,3 4,4 3,5 0,4 0,3 4,1 8,3 Surya Semesta BUY 545 600 2.564 -67 188 -14 40 46 82 -172,8% -380,6% (38,3) 13,6 3,2 1,9 0,6 0,6 (1,6) 4,3 Media 39.145 3.141 4.049 105 136 -5,5% 28,9% 12,5 9,7 7,3 6,3 2,1 1,9 17,6 20,3 Media Nusantara Citra BUY 1.045 1.700 15.727 1.951 2.710 130 180 153 171 -13,4% 38,9% 8,1 5,8 5,0 4,1 1,2 1,1 15,9 19,8 Surya Citra Media BUY 1.585 1.700 23.418 1.190 1.339 81 91 95 111 11,2% 12,5% 19,7 17,5 11,4 10,1 4,0 3,5 21,4 21,3 Mining 177.520 9.288 11.536 105 130 -24,8% 24,2% 19,1 15,4 5,3 5,1 1,2 1,1 6,3 7,5 Adaro Energy BUY 1.390 1.300 44.460 3.493 4.090 109 128 190 182 -39,5% 17,1% 12,7 10,9 3,0 2,8 0,8 0,7 6,1 6,8 Timah BUY 1.070 1.200 7.969 -168 285 -23 38 12 26 -72,6% -269,6% (47,4) 28,0 9,6 8,9 1,3 1,3 (2,8) 4,6 Vale Indonesia BUY 4.650 5.200 46.204 1.306 1.633 131 164 127 153 60,3% 25,0% 35,4 28,3 11,3 10,0 1,6 1,6 4,7 5,6 Aneka Tambang BUY 1.155 1.300 27.756 998 1.062 42 44 30 33 414,4% 6,4% 27,8 26,1 12,4 12,4 1,3 1,3 4,9 5,1 Bukit Asam BUY 2.430 2.900 27.995 2.451 3.046 213 264 364 381 -39,6% 24,3% 11,4 9,2 4,3 4,4 1,4 1,2 12,7 14,1 Indo Tambangraya Megah BUY 13.800 11.000 15.593 809 1.122 716 993 1.531 1.483 -56,2% 38,6% 19,3 13,9 3,5 3,4 1,2 1,2 6,3 8,8 Harum Energy SELL 2.790 1.800 7.543 398 298 147 110 116 126 46,3% -25,0% 19,0 25,3 4,8 4,2 1,7 1,6 9,0 6,5 Petrochemical 270.744 710 3.522 6 32 -25,9% 396,0% 381,3 76,9 20,8 19,9 6,2 6,0 1,6 8,0 Barito Pacific HOLD 1.085 900 101.326 426 1.108 5 12 14 12 -32,3% 160,0% 237,9 91,5 13,2 12,3 5,9 5,8 2,5 6,4 Chandra Asri Petrochemical HOLD 9.500 7.300 169.418 284 2.414 16 135 94 105 -13,7% 750,0% 596,5 70,2 37,2 35,7 6,4 6,2 1,1 8,9 Plantation 31.544 1.164 1.508 133 172 147,7% 29,6% 27,1 20,9 7,7 8,1 1,1 1,1 4,2 5,3 Astra Agro Lestari BUY 12.100 13.000 23.289 901 1.058 468 550 488 438 327,0% 17,4% 25,8 22,0 8,0 8,2 1,2 1,2 4,7 5,4 PP London Sumatra BUY 1.210 1.300 8.256 263 450 39 66 67 54 1,5% 71,1% 31,4 18,3 6,8 7,4 1,0 0,9 3,1 5,2 Poultry 121.422 3.519 4.838 116 159 -36,4% 37,5% 34,5 25,1 12,1 10,4 3,1 2,8 9,7 11,7 Charoen Pokphand HOLD 6.325 5.800 103.717 3.067 3.665 187 224 262 322 -15,6% 19,5% 33,8 28,3 16,3 13,6 4,3 3,8 13,5 14,3 Japfa Comfeed HOLD 1.380 1.150 16.183 444 1.092 38 93 170 199 -74,8% 145,9% 36,4 14,8 6,3 5,7 1,3 1,2 3,9 8,5 Malindo Feedmill HOLD 680 600 1.522 8 81 4 36 149 180 -94,1% 912,5% 190,3 18,8 4,9 4,5 0,6 0,5 0,3 3,1 Property 80.576 4.041 4.555 33 37 -50,7% 12,7% 19,9 17,7 9,6 7,4 1,0 0,9 5,1 5,3 Alam Sutera SELL 236 140 4.637 -8 326 -0 17 59 56 -100,8% -4175,0% (579,7) 14,2 5,9 5,9 0,4 0,4 (0,1) 2,8 Bumi Serpong Damai BUY 1.070 950 22.653 2.086 1.700 99 80 103 126 -25,3% -18,5% 10,9 13,3 8,7 6,3 0,7 0,7 6,9 5,2 Ciputra Development HOLD 905 850 16.797 761 781 41 42 38 55 -34,3% 2,6% 22,1 21,5 12,2 9,2 1,1 1,0 5,0 4,9 Pakuw on Jati HOLD 515 450 24.802 1.047 1.569 22 33 46 50 -61,5% 49,9% 23,7 15,8 7,0 7,0 1,5 1,3 6,7 9,0 Summarecon HOLD 810 800 11.686 155 179 11 12 39 46 -69,9% 15,5% 75,4 65,3 36,7 9,2 1,5 1,4 2,1 2,2 Retail 50.117 - 825 2.504 -19 58 -120,7% -403,5% (60,7) 20,0 5,8 5,6 2,5 2,3 - 4,5 11,9 Mitra Adi Perkasa BUY 800 1.050 13.280 -698 619 -42 37 66 74 -174,8% -188,7% (19,0) 21,5 4,1 4,3 1,9 1,7 (10,5) 8,3 Ramayana BUY 765 775 5.428 -191 354 -27 50 94 101 -129,5% -285,3% (28,4) 15,3 3,9 3,7 1,2 1,1 (4,5) 7,7 Matahari Department Store BUY 1.250 1.500 3.283 -735 507 -280 193 568 572 -153,8% -169,0% (4,5) 6,5 0,9 0,6 1,1 0,9 (29,0) 15,4 Ace Hardw are BUY 1.640 1.925 28.126 799 1.024 47 60 66 72 -22,4% 28,2% 35,2 27,5 19,0 17,2 5,3 4,7 15,9 18,2 Telco 446.435 23.860 24.447 126 129 -1,0% 2,5% 18,7 18,3 5,0 4,6 2,7 2,5 15,1 14,1 Telekomunikasi Indonesia BUY 3.240 3.800 320.962 19.750 18.558 199 187 242 261 5,8% -6,0% 16,3 17,3 4,7 4,3 2,7 2,4 17,4 14,7 Indosat BUY 2.230 3.500 12.118 -872 -37 -160 -7 -147 -52 155,6% 95,8% (13,9) (327,5) 2,7 2,4 1,2 1,3 (8,6) (0,4) XL Axiata BUY 2.450 3.500 26.230 1.029 1.453 96 136 96 136 44,3% 41,2% 25,5 18,1 3,3 2,8 1,3 1,2 5,2 7,0 Tow er Bersama HOLD 1.470 1.500 33.306 1.072 1.422 47 63 45 54 30,9% 32,6% 31,1 23,4 12,9 12,0 6,5 5,9 21,9 26,3 Sarana Menara Nusantara BUY 1.055 1.400 53.820 2.881 3.051 56 60 54 59 23,0% 5,9% 18,7 17,6 11,0 10,1 5,1 4,6 29,1 27,5 Transportation 2.263 247 249 35 35 4,5% 1,0% 9,2 9,1 3,6 3,5 0,9 0,9 10,5 10,2 Indonesia Kendaraan Terminal BUY 416 550 756 164 172 90 95 90 95 5,6% 5,1% 4,6 4,4 1,9 1,9 0,6 0,6 13,7 13,6 Jasa Armada Indonesia HOLD 284 135 1.501 70 63 13 12 13 12 1,4% -10,0% 21,4 23,8 12,7 15,1 1,4 1,3 6,4 5,6

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Wednesday, December 02, 2020

COVERAGE PERFORMANCE

LEADERS

Price as on Code 01-Dec-20 30-Nov-20 Chg, % w-w, % m-m, % YTD, % Rating Indo Tambangraya Megah ITMG 13.800 13.100 5,3 26,0 67,3 20,3 BUY Sido Muncul SIDO 800 760 5,3 (1,2) - 25,5 BUY United Tractors UNTR 24.175 23.000 5,1 7,8 18,2 12,3 BUY Indocement INTP 15.025 14.300 5,1 (0,8) 23,2 (21,0) BUY Ramayana RALS 765 730 4,8 (1,3) 39,1 (28,2) BUY BPD Jatim BJTM 665 635 4,7 5,6 16,7 (2,9) BUY Astra International ASII 5.550 5.300 4,7 (4,3) 2,8 (19,9) BUY Malindo Feedmill MAIN 680 650 4,6 (0,7) 22,5 (32,3) HOLD Bank Tabungan Negara BBTN 1.720 1.645 4,6 (0,3) 23,7 (18,9) BUY Bank Negara Indonesia BBNI 6.250 6.000 4,2 5,0 34,1 (20,4) BUY Sources: Bloomberg

LAGGARDS

Price as on Code 01-Dec-20 30-Nov-20 Chg, % w-w, % m-m, % YTD, % Rating Sarana Menara Nusantara TOWR 1.055 1.095 (3,7) 1,0 6,6 31,1 BUY Surya Citra Media SCMA 1.585 1.645 (3,6) 3,6 7,1 12,4 BUY Ciputra Development CTRA 905 925 (2,2) (1,1) 11,0 (13,0) BUY Astra Agro Lestari AALI 12.100 12.325 (1,8) 9,8 14,2 (17,0) BUY Kalbe Farma KLBF 1.485 1.505 (1,3) - (0,7) (8,3) BUY Summarecon Agung SMRA 810 820 (1,2) 1,9 22,7 (19,4) BUY Matahari Department Store LPPF 1.250 1.265 (1,2) (2,3) 28,2 (70,3) HOLD Mitra Adi Perkasa MAPI 800 805 (0,6) (1,2) 25,0 (24,2) BUY Unilever UNVR 7.700 7.725 (0,3) (1,9) 1,0 (8,3) BUY BTPN BTPN 2.600 2.600 - (0,8) 14,5 (20,0) HOLD Sources: Bloomberg

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Wednesday, December 02, 2020

PREVIOUS REPORTS

▪ Astra International: Cautiously optimistic ▪ Indofood Sukses Makmur: Stable performance ▪ United Tractors: Conservative coal outlook ▪ Perusahaan Perkebunan London Sumatra: Stellar margins lifted net income ▪ Media Nusantara Citra: Positives All Round ▪ Malindo Feedmill Indonesia: Still struggling in pandemic year ▪ Poultry: Last culling of the year ▪ Indofood CBP Sukses Makmur: Below estimates ▪ Perusahaan Gas Negara: Solid effort, building a sustainable path ▪ Jasa Marga: Going back to normal ▪ Mitra Adiperkasa: 9M20 Below, on a Positive Note ▪ Media Nusantara Citra: 9M20 in-line With Near Normal Top-line ▪ Semen Indonesia: Challenges remain but the future looks bright ▪ United Tractors: Better operational numbers in October 2020 ▪ Gudang Garam: Uncertainty remains ▪ HM Sampoerna: Downward earnings revision on soft 9M20 results ▪ Ciputra Development: Vivid recovery in investment property ▪ Vale Indonesia: Rosy Outlook ▪ Strategy: Vote of Confidence ▪ Bank Tabungan Pensiunan Nasional: Modest growth expected ▪ HM Sampoerna: 3Q20 earnings: Below estimates ▪ Telco: Hutch3 takeaways; sector back into challenging mode ▪ Alam Sutra Realty: Huge losses caused by low revenues recognition ▪ Telco: Profiling the Indonesian Data user ▪ Ace Hardware Indonesia: Below 9M20 Result, SSSG ▪ Astra International: Car sales rose further in Oct 2020 ▪ Indocement Tunggal Prakarsa: The early rainy season hit Oct sales ▪ Indo Tambangraya: Solid earnings on the cards ▪ Mayora Indah: Optimistic of continued recovery ▪ Bank Rakyat Indonesia: Growing optimism ▪ Kino Indonesia: Downward revisions following a weak 9M20 ▪ Summarecon Agung: Net losses albeit recovery in investment property ▪ Surya Semesta Internusa: Awaiting recovery in year end ▪ Retail: Continuing the Pace of Recovery ▪ Pakuwon Jati: Sign of recoveries ▪ Timah: Further enhancement of the balance sheet ▪ Bukit Asam: Further efficiencies to sustain profits ▪ Harum Energy: Soft core earnings on lower volume and prices ▪ Strategy: Moving to Higher Ground ▪ Barito Pacific: Expecting ASP recovery in FY21 and continuing projects ▪ Surya Citra Media: Anticipating a Green Shoot in 4Q20 ▪ XL Axiata: Pandemic handled with superior efficiencies ▪ Barito Pacific: Booked positive earning at last ▪ Telkom Indonesia: Forward looking state of mind ▪ Timah: Good 3Q20 results ▪ Plantation: The Goldilocks Period ▪ Unilever Indonesia: Sluggish growth ▪ Sarana Menara Nusantara: 3Q curbed by tenancies repricing as expected ▪ Media Nusantara Citra: Ushering in a Better Times ▪ Indosat Ooredoo: Turnaround story in the making

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Wednesday, December 02, 2020

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

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

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

Sales team

Vera Ongyono Ehrliech Suhartono Yunita L. Nababan

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Tuty Sutopo Upik Yuzarni Wisnu Budhiargo [email protected] [email protected] [email protected] (62-21) 50914100 ext. 3121 (62-21) 50914100 ext. 3137 (62-21) 50914100 ext. 3117

Adeline Solaiman Thalia Kadharusman

[email protected] [email protected] (62-21) 50914100 ext. 3503 (62-21) 50914100 ext. 3124

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Wednesday, December 02, 2020

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Danareksa Sekuritas – Equity SNAPSHOT