BCAS Vista IDX: 6,430 (+0.74%) Turnover (Idrbn): Indonesia Morning Digest 6,506 (+41.25%)

17 January 2018

BCAS Vista IDX: 6,430 (+0.74%) Turnover (IDRbn): Indonesia Morning Digest 6,506 (+41.25%)

Vol RESEARCH INDICES Last Chg (%) YTD (%) (US$ mn) RESEARCH REPORT ASIA IDX 6,430 0.74 1.16 488 TPIA: Braces for higher oil price; D/G Fully Valued LQ45 1,093 0.85 1.29 312  Plastic production costs may be burdened by oil price increase Hang Seng 31,905 1.81 6.64 7,416  Adverse impact on earnings KOSPI 2,522 0.72 2.20 6,384  Recommendation: Downgrade to FULLY VALUED with TP of Nikkei 225 23,952 1.00 5.21 12,201 IDR4,800 PCOMP 8,865 0.08 3.58 103 SET 1,822 (0.05) 3.88 2,094 SHCOMP 3,437 0.77 3.91 41,311 HEADLINE NEWS STI 3,550 0.39 4.33 538 TWSE 10,986 0.27 3.23 4,148 MACRO EUROPE & USA  Joko Widodo to inaugurate new minister today DAX 13,246 0.35 2.54 377 Dow Jones 25,793 (0.04) 4.34 929 FTSE 100 7,756 (0.17) 0.89 511 INDUSTRY NASDAQ 7,224 (0.51) 4.64 2,119 S&P 500 2,776 (0.35) 3.85 3,417  Dec-17 auto sales: lower on seasonality ETF & ADR Last Chg (%) MoM (%) YTD (%)  BI predicts average lending rate to down in 1Q18; loan growth to EIDO US (USD) 29.32 0.31 7.05 3.13 accelerate in 1Q18 TLK US (USD) 31.66 1.02 1.74 (1.74)  Feasibility study for Jakarta-Serpong MRT will be implemented this Source: Bloomberg year  Government to change KAI’s BOD COMMODITIES Last Chg (%) MoM (%) YTD (%)  Excise tax regulation is expected to burden manufacture industry Brent (USD/b) 69 (1.58) 10.38 3.41  Ministry ESDM ensure that PGAS will retain SEI as its subsidiary WTI (USD/bl) 64 (0.89) 11.16 5.48 Coal (USD/ton) 106 0.05 6.45 5.61 COMPANY Copper (USD/mt) 7,078 (1.83) 2.79 (2.33) Gold (USD/toz) 1,338 (0.12) 6.52 2.73  BBNI debtor, Namasindo, has been filed with PKPU Nickel (USD/mt) 12,545 (2.45) 8.33 (1.68)  CTRA reported 7.6tn marketing sales in FY17 Tin (USD/mt) 20,470 0.84 6.89 2.22  WIKA to offer USD400mn Komodo Bond Corn (USD/mt) 348 0.58 0.22 (0.71) Palm oil (MYR/mt) 2,504 0.97 6.73 2.45 Soybean (USD/bu) 968 0.78 (1.02) 0.65 Wheat (USD/bsh) 417 (0.95) (0.42) (2.46) Source: Bloomberg CURNCY & RATES Last 1D 1M 2016 IDR/USD 13,338 13,335 13,579 13,568 AUD/USD 1.26 1.26 1.31 1.28 CAD/USD 1.24 1.24 1.29 1.26 CNY/USD 6.44 6.44 6.61 6.51 USD/EUR 1.23 1.23 1.17 1.20 JPY/USD 110.45 110.54 112.60 112.69 SGD/USD 1.32 1.32 1.35 1.34 JIBOR (%) 3.91 3.90 3.90 3.90 7D Repo Rate (%) 4.25 4.25 4.25 4.25 10Y Bond (%) 6.16 6.20 6.49 6.32 CDS - 5Y (bps) 78.95 79.36 91.74 85.25 Source: Bloomberg

MARKET 2017F 2018F MACRO 2017F 2018F FUND FLOWS & SECTORAL TREND

EPS growth (%) 13.4 12.6 GDP Growth (%) 5.1 5.3 Foreign Flows Last 1W 1M YTD Cons EPS growth (%) 12.6 11.2 Govt Spending (%) 7.0 7.0 In/(Out) (IDRbn) 117 3,304 5,222 4,712 P/E (x) 27.3 25.2 Private Spending (%) 5.1 5.1 Sector Performance Last 1D (%) 1M (%) YTD (%) P/E ex UNVR, HMSP (x) 21.7 20.3 Investment (%) 6.5 6.6 JAKAGRI Index 1,623 0.94 0.47 0.42 JAKBIND Index 696 1.71 3.40 0.92 EV/EBITDA (x) 11.5 10.2 CPI (%) 3.6 3.9 JAKCONS Index 2,860 0.31 5.73 (0.03) P/B (x) 10.7 9.9 BI 7-day RR (%) 4.3 4.3 JAKFIN Index 1,151 0.59 6.49 0.91 P/B ex UNVR, HMSP (x) 3.2 2.9 IDR/USD 13,433 13,576 JAKINFRA Index 387 1.75 7.54 3.93 Yield (%) 2.0 2.3 FX Reserve (USDbn) 126.0 122.0 JAKMIND Index 1,367 0.52 (1.13) (1.03) Gearing ex Bank (%) 11.0 10.8 CAD (%) (2.2) (2.3) JAKMINE Index 1,810 1.11 15.73 13.58 ROE (%) 13.6 14.0 Fiscal Budget (%) (2.5) (2.5) JAKPROP Index 515 0.69 5.92 3.89 ROA (%) 3.9 4.1 10-Y Govt bond 6.7 7.0 JAKTRAD Index 927 0.10 2.30 0.60 Source: BCA Sekuritas Source: Bloomberg

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17 January 2018 BCAS Vista Indonesia Morning Digest

HEADLINE NEWS

MACRO Joko Widodo to inaugurate new minister today President Joko Widodo to swear in new officials in its cabinet team. The secretary general of Golkar, Idrus Marham will be appointed as social minister, replacing Khofifah Indar Parawansa who will be running as a governor candidate in East Java. The president will also appoint ex-general army Moeldoko as Presidential chief of staff, replacing Tenten Masduki. (Detikfinance) Comment: this reshuffle has been somewhat anticipated and will likely become the last reshuffle before President Jokowi end his first term in 2019. There’s also a speculation that Moeldoko may play a larger role, if Jokowi were to get re-elected in 2019. With this re-shuffle, we believe that the impact will not be a significant one, as focus would start to shift to election in 2H18.

INDUSTRY Dec-17 auto sales: lower on seasonality • Given shorter working days, domestic car wholesales volume fell 11.5% MoM/-1.7% YoY to 85.1k units. This brought 12M17 wholesales volume to 1.086k units (+2.3% YoY), 101% of our full-year target. It is worth noting, however, that while wholesales domestic figures remained in a positive growth territory in 12M17, Astra ended up with negative growth of 1.7% in 2017, a testimony of stiffer competition toward the end of the year. • On a monthly basis, Astra’s market share further contracted to 46% in December compared to 57% at the beginning of 2017. The recent launched of MPV Mitsubishi Xpander has paved the way for market share expansion to 15% from 9% historical average. • In a 2W segment, domestic wholesales volume fell 24.4% MoM to 415k units, mostly driven by Astra Honda Motor (AHM) lower sales volume of 281k units (-34.5% MoM). We suspect that this was done intentionally to prevent piling up inventory in the retail market. In line with lower sales volume, AHM market share contracted to 68% in December- 17. • With December realization, wholesales volume in 2017 stood at 5.886k units (-0.8% YoY), 99% of our full-year target. • We envisage softer earnings for Astra in 4Q17 as wholesales volume fell 20% YoY in 4W segment and 4.8% in 2W segment. • 2018 outlook may not be so optimistic for the auto segment, driven by continuous impact of tighter competition with the recent launch of Toyota Rush/Daihatsu Terios unlikely sufficient to fend off the contraction in Toyota Avanza/Daihatsu Xenia. At this juncture, we maintain our forecast of flat volume growth in 4W and 2W segment. Rating remains a HOLD. MoM YoY YoY Monthly sales volume Dec-16 Nov-17 Dec-17 FY16 FY17 (%) (%) (%) 4W 4W Astra 50,608 47,088 39,048 (17.1) (22.8) 589,182 579,114 (1.7) 4W non-Astra 35,939 49,060 46,050 (6.1) 28.1 472,713 507,156 7.3 Domestic 86,547 96,148 85,098 (11.5) (1.7) 1,061,895 1,086,270 2.3

2W 2W Astra 309,796 430,487 281,949 (34.5) (9.0) 4,380,888 4,385,888 0.1 2W non-Astra 127,968 119,816 134,047 11.9 4.8 1,550,397 1,500,837 (3.2) Domestic 437,764 550,303 415,996 (24.4) (5.0) 5,931,285 5,886,725 (0.8)

Market share (%) Dec-16 Nov-17 Dec-17 Monthly market share 4W 4W Astra 58.5 49.0 45.9 4W non-Astra 41.5 51.0 54.1

2W 2W Astra 70.8 78.2 67.8 2W non-Astra 29.2 21.8 32.2

Accumulated market share 12M16 11M17 12M17 4W 4W Astra 55.5 53.9 53.3 4W non-Astra 44.5 46.1 46.7

2W 2W Astra 73.9 75.0 74.5 2W non-Astra 26.1 25.0 25.5 Source: Gaikindo

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17 January 2018 BCAS Vista Indonesia Morning Digest

HEADLINE NEWS

BI predicts average lending rate to down in 1Q18; loan growth to accelerate in 1Q18 Based on recent survey, BI indicates average lending rate to down in 1Q18. BI predicts that working capital’s lending rate to down 5bps reaching 12.24% and consumer’s lending rate to down 8bps reaching 15.08% while on investment’s lending rate, BI predicts an increase of 2bps reaching 11.89%. Separately, BI also expects that loan growth would likely to accelerate in 1Q18 compared to a deceleration in the past few years. Additionally, BI predicts overall industry loan growth to reach 11.8% in end of 2018. (Kontan, Bisnis Indonesia)

Feasibility study for Jakarta-Serpong MRT will be implemented this year PT MRT Jakarta is currently arranging the feasibility study for Jakarta-Serpong MRT, which expected to complete this year. The result will become input for MRT Jakarta to decide whether the project will be continued. MRT Jakarta’s CEO, William Sabandar said that its party is still considering to continue this project. Separately, Ministry of Transportation has already offers this projects to several foreign investors from Middle East, South Korea and China. (Investor daily)

Government to change KAI’s BOD SOE Minister Rini Soemarno decided to replace Edi Sukmoro, previously as CEO of Kereta Api Indonesia (KAI) and assigned as Director of Development and Logistic of KAI. Currently, CEO position is still empty, while SOE Ministry is yet to appoint its candidate. (Investor Daily)

Excise tax regulation is expected to burden manufacture industry Danang Grindrawardana, Head of Indonesian Employers Association (Apindo) expects that the plan to charge excise tax for plastic and carbonated drinks will burden manufacture industry which the target growth of 5.67% will be difficult to achieve. The government is asked to perform a comprehensive calculation before excise tax regulation is implemented. Meanwhile, the ministry of industry, Airlangga Hartanto stated that the industry has some alternative for packages. DG of Customs and Excise also claims that almost all institution agreed to charge excises tax to plastic. (Bisnis Indonesia)

Ministry ESDM ensure that PGAS will retain SEI as its subsidiary According to Ministry of Energy and Mineral Resources (ESDM), as the establishment of oil & gas holding company has reach its final phase, the gov’t ensure that Saka Energi Indonesia (SEI) will remains as the upstream subsidiary of PGAS (unmerge with Pertamina Hulu Energi). (Kontan) Comment: This will pose positive sentiment for PGAS, as it eliminate the going concern over potential revenue contraction post the divestment on SEI (~15% revenue contribution for PGAS) to Petamina. Moreover, as the acquisition of Pertagas is expected to finalize in 1Q18, it would potentially boost PGAS financial performance in 2018F (2016 net profit: USD159mn).

COMPANY Bank Negara Indonesia’s (BBNI) debtor, Namasindo, has been filed with PKPU BBNI’s debtor, Namasindo Plas (plastic bottle manufacturer) has been filed with Suspension of Debt Payment Obligations (PKPU) at the Central Jakarta Commercial Court, by its creditor Mbresindo. Previously, BBNI has downgraded Namasindo Plas to NPL in 2Q17, with total outstanding loan of IDR1.5tn. (Kontan)

CTRA reported 7.6tn marketing sales in FY17 FY17 marketing sales stood at IDR7.6tn, reaching 97.1% of our estimate. For December alone, the company succeeded to generate IDR796bn, most contribution came from several projects, including new cluster Citra Maja Raya (IDR247bn), Apartment project in Citra Plaza Nagoya Batam (IDR166bn), while the rest came from its existing projects. (Company)

Comment: CTRA’s FY17 marketing sales is relatively in line with our estimate. For FY18 swe expect CTRA to generate IDR8.4tn, increase by 6.5% from FY17. Note that SMRA has postponed the launching of Newton 2 Apartment in Ciputra World 2 in FY18, which we think could underpin the company’s overall marketing sales this year.

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17 January 2018 BCAS Vista Indonesia Morning Digest

HEADLINE NEWS

Wijaya Karya (WIKA) to offer USD400mn Komodo Bond WIKA is currently doing a roadshow to issue USD400mn (around IDR5.4tn) Komodo Bond. Offering period is 16-19 January 2018. This bond will be contorted to IDR based on Jakarta Interbank Spot Dollar Rate (JISDOR) Comment: Given that current net gearing position is still low (9M17 of 10.4%) WIKA still has ample room for leverage. We expect WIKA’s FY18 net gearing to reach 47.6% (still low than average industry of 60%), from additional bond and bank loan.

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17 January 2018

BCAS Vista

Indonesia Morning Digest

CORPORATE ACTION

Date Ticker Company Event Desc 15-Jan-18 LINK Link Net EGM Venue: Ruang Monas 2, Hotel Aryaduta Tugu Tani, Jakarta, at 10.00 am 15-Jan-18 RBMS Ristia Bintang Mahkotasejati EGM Venue: Gedung Ribens Lt 2, Jakarta Selatan, at 10.00 am 16-Dec-17 LCKM LCK Global Kedaton IPO IPO 200 mn shares @Rp208 per shares 17-Jan-18 KRAH Grand Kartech EGM Venue: PJS Building, Kawasan Industri Pulo Gadung, Jakarta Timur, at 10.00 am 17-Jan-18 ROTI Nippon Indosari Corpindo EGM Venue: Gerbera Room-Hotel Mulia, Jakarta, at 02.00 pm 18-Jan-18 SUGI Sugih Energy EGM Venue: Ruang Seminar, Gedung BEI Jakarta, at 02.00 pm 19-Jan-18 MDRN Modern Internasional EGM Venue: MDRN Office (Sekolah Music Kawai ), Jakarta Selatan, at 09.30 am 24-Jan-18 MTWI Malacca Trust Wuwungan Insuran EGM Venue: Chaze Plaza Lt 12, Jakarta, at 02.00 pm 25-Jan-18 FISH FKS Multi Agro EGM Venue: The Function Room - Sampoerna Strategic Square Lt 3A, Jakarta, at 02.00 pm 25-Jan-18 PGAS Perusahaan Gas Negara Persero EGM Venue: -- 25-Jan-18 TRUS Trust Finance Indonesia EGM Venue: Gedung Artha Graha Lt 21, Jakarta, at 10.00 am 26-Jan-18 KBRI Kertas Basuki Rachmat Indonesi AGM Venue: Ruang Meeting Jodipati, Hotel Desa Wisata TMII, Jakarta, at 08.30 am 30-Jan-18 PBSA Paramita Bangun Sarana EGM Venue: Ruang Seminar BEI Tower I, Jakarta, at 09.00 am 30-Jan-18 SDMU Sidomulyo Selaras EGM Venue: PT Sidomulya Selara Lt4, at 02.00 pm 31-Jan-18 PNBS Bank Panin Dubai Syariah EGM Venue: Panin Bank Bulding Lt 4, Jakarta, at 02.00 pm 31-Jan-18 SIDO Industri Jamu Dan Farmasi Sido EGM Venue: Soehanna Hall The Energy Building Lt 4, Jakarta, at 10.00 am 31-Jan-18 TOBA Toba Bara Sejahtra EGM Venue: Ruang Seminar BEI Tower I, Jakarta, at 02.00 pm 01-Feb-18 CTBN Citra Tubindo EGM Venue: Head Office, Jl Hang Kesturi No 2, Jakarta, at 10.30 am 01-Feb-18 HERO Hero Supermarket EGM Venue: Graha HERO, TwonHall Lt 5 CBD Bintaro Sektor 7, at 03.30 pm 02-Feb-18 MCOR Bank China Construction Bank EGM Venue: Ruang Seminar BEI Tower II lt 1, Jakarta, at 02.00 pm 05-Feb-18 MDIA Intermedia Capital EGM Venue: J.S Luwansa Hotel & Convention Center, Kuningan Jakarta, at 11.00 am 05-Feb-18 VIVA Visi Media Asia EGM Venue: J.S Luwansa Hotel & Convention Center, Kuningan Jakarta, at 01.00 pm 06-Feb-18 TMPO Tempo Inti Media EGM Venue: Gedung Tempo, Palmerah Barat, Jakarta, at 10.00am 19-Feb-18 LMAS Limas Indonesia Makmur EGM Venue: -- 19-Feb-18 META Nusantara Infrastructure EGM Venue: --, at 02.00 pm 20-Feb-18 BJTM Bank Pembangunan Daerah Jawa EGM Venue: Ruang Bromo Lt 6 BPD Jatim Head Office, Surabaya, at 08.00 am 20-Feb-18 SCMA Surya Citra Media EGM Venue: Studio SCTV Lt 8 SCTV Tower Senayan City, Jakarta, at 10.00 am 22-Feb-18 BINA Bank Ina Perdana EGM Venue: Ruang Seminar BEI Tower II lt 1, Jakarta, at 10.00 am 22-Feb-18 UNIT Nusantara Inti Corpora EGM Venue: -- 22-Feb-18 WICO Wicaksana Overseas Internation EGM Venue: -- 23-Feb-18 BIRD Blue Bird EGM Venue: Ruang Seminar BEI Tower II lt 1, Jakarta, at 10.00 am 26-Feb-18 BACA Bank Capital Indonesia EGM Venue: Le Meridien Hotel, Puri Asri Room, Jakarta, 10.00 am 28-Feb-18 RBMS Ristia Bintang Mahkotasejati EGM Venue: Gedung Ribens Lt 2, Jakarta Selatan, at 10.00 am Source: Bloomberg

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17 January 2018

BCAS Vista

Indonesia Morning Digest

Dividend

Ticker Company Amount (IDR) Cum Date Ex Date Payment Date IKBI Sumi Indo Kabel 19.0700 19-Sep-17 20-Sep-17 12-Oct-17 MBAP Mitrabara Adiperdana 182.0000 19-Sep-17 20-Sep-17 28-Sep-17 XISB Premier ETF Indonesia Sovereig 2.0671 19-Sep-17 20-Sep-17 27-Sep-17 ASII Astra International 55.0000 2-Oct-17 3-Oct-17 27-Oct-17 ACST Acset Indonusa 30.0000 4-Oct-17 5-Oct-17 20-Oct-17 AALI Astra Agro Lestari 148.0000 5-Oct-17 6-Oct-17 19-Oct-17 UNTR United Tractors 282.0000 5-Oct-17 6-Oct-17 23-Oct-17 AUTO Astra Otoparts 13.0000 6-Oct-17 9-Oct-17 20-Oct-17 ASGR Astra Graphia 25.0000 10-Oct-17 11-Oct-17 20-Oct-17 PALM Provident Agro 25.0000 13-Oct-17 16-Oct-17 9-Nov-17 XISB Premier ETF Indonesia Sovereig 2.0837 13-Oct-17 16-Oct-17 20-Oct-17 BSSR Baramulti Suksessarana 125.6800 27-Oct-17 30-Oct-17 8-Nov-17 MPMX Mitra Pinasthika Mustika 105.0000 2-Nov-17 3-Nov-17 29-Nov-17 XCID Dire Ciadana Properti Ritel 1.5996 2-Nov-17 3-Nov-17 21-Nov-17 ITMG Indo Tambangraya Megah 1,300.0000 3-Nov-17 6-Nov-17 21-Nov-17 MLBI Multi Bintang Indonesia 140.0000 5-Nov-17 7-Nov-17 28-Nov-17 SMSM Selamat Sempurna 15.0000 7-Nov-17 8-Nov-17 24-Nov-17 PLIN Plaza Indonesia Realty 210.0000 9-Nov-17 10-Nov-17 21-Nov-17 TURI Tunas Ridean 5.0000 9-Nov-17 10-Nov-17 4-Dec-17 XISB Premier ETF Indonesia Sovereig 2.0671 10-Nov-17 13-Nov-17 17-Nov-17 FASW Fajar Surya Wisesa 55.0000 21-Nov-17 22-Nov-17 12-Dec-17 DMAS Puradelta Lestari 6.5000 23-Nov-17 24-Nov-17 13-Dec-17 TOTO Surya Toto Indonesia 5.0000 27-Nov-17 28-Nov-17 21-Dec-17 BBCA Bank Central Asia 80.0000 28-Nov-17 29-Nov-17 20-Dec-17 BFIN BFI Finance Indonesia 23.0000 28-Nov-17 29-Nov-17 18-Dec-17 UNVR Unilever Indonesia 410.0000 29-Nov-17 30-Nov-17 20-Dec-17 JECC Jembo Cable Co 200.0000 30-Nov-17 4-Dec-17 27-Dec-17 KMTR Kirana Megatara 25.4500 11-Dec-17 12-Dec-17 20-Dec-17 PGLI Pembangunan Graha Lestari 1.0000 11-Dec-17 12-Dec-17 27-Dec-17 TOWR Sarana Menara Nusantara 30.0000 11-Dec-17 12-Dec-17 22-Dec-17 BATA Sepatu Bata 15.6900 12-Dec-17 13-Dec-17 20-Dec-17 EMTK Elang Mahkota Teknologi 20.0000 12-Dec-17 13-Dec-17 22-Dec-17 SCMA Surya Citra Media 40.0000 12-Dec-17 13-Dec-17 22-Dec-17

XISB Premier ETF Indonesia Sovereig 2.2205 14-Dec-17 15-Dec-17 21-Dec-17 Source: Bloomberg, IDX, BCA Sekuritas Estimate, *Dividend amount in USD **Stock dividend

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17 January 2018 BCAS Vista Indonesia Morning Digest

9M17 Actual vs Estimates

9M2017 BCA Sekuritas Market Consensus Ticker Net Profit FY17 Estimate % 9M17 FY17 Estimate % 9M17 Remarks Remarks (IDRtn) (IDRtn) to FY17E (IDRtn) to FY17E AALI 1.4 2.0 68.9% in line 2.0 69.5% in line ACES 0.5 0.7 70.8% in line 0.8 68.7% below ADHI 0.2 0.5 40.7% above 0.6 35.8% above ADRO* 372.5 477.3 78.0% in line 458.1 81.3% above ANTM (0.3) 0.1 -334.8% below 0.1 -268.7% below ASII 14.2 20.7 68.7% below 19.8 71.7% below ASRI 1.1 0.8 133.7% above 0.9 127.9% above BBCA 16.8 NR NA NA 22.9 73.5% in line BBNI 10.2 13.3 76.4% in line 13.2 77.2% in line BBRI 20.5 28.9 71.0% in line 28.3 72.7% in line BBTN 2.0 3.1 65.3% in line 3.0 66.2% in line BDMN 3.0 4.1 74.6% in line 4.0 76.6% in line BEST 0.3 0.4 76.0% in line 0.4 72.2% in line BJBR 1.1 1.9 55.3% below 1.6 66.8% below BMRI 15.1 20.0 75.2% in line 20.0 75.2% in line BNGA 2.2 3.0 72.3% in line 2.6 83.4% above BSDE 2.3 2.7 84.9% in line 2.7 86.6% in line CPIN 1.9 2.8 69.7% below 2.6 74.9% below CTRA 0.6 1.0 58.2% below 1.1 52.5% below DMAS 0.3 0.4 57.8% below 0.7 34.5% below ERAA 0.2 0.3 75.0% in line 0.3 73.6% in line EXCL 0.2 0.4 67.0% below 0.3 77.0% in line GGRM 5.4 6.3 86.4% below 7.5 72.6% in line HMSP 9.3 12.1 77.4% in line 13.0 71.7% in line ICBP 3.0 4.1 74.8% in line 3.9 77.7% in line INCO* (19.6) 19.0 -105.6% below 1.5 -1266.3% below INDF 3.3 4.5 72.5% in line 4.5 73.4% in line INTP 1.4 2.0 70.3% in line 2.6 53.4% below ISAT 1.1 1.6 67.3% below 1.7 62.9% below ITMG* 172.2 225.4 76.4% in line 216.1 79.7% in line JPFA 0.8 1.6 52.0% below 1.5 54.9% below KIJA 0.1 0.4 34.3% below 0.4 30.4% below KLBF 1.8 2.6 69.7% below 2.5 70.8% below LPPF 1.5 2.1 72.0% in line 2.1 72.7% in line LSIP 0.6 0.9 71.6% in line 0.8 81.3% above MAIN 0.0 0.1 2.7% below 0.2 1.4% below MAPI 0.2 0.3 77.9% in line 0.4 69.2% in line MEDC* 164.3 146.4 112.2% above 158.0 104.0% above META 0.2 0.2 90.0% in line 0.2 89.9% in line MIKA 0.5 0.7 71.4% below 0.7 74.2% in line MNCN 1.1 1.4 78.6% in line 1.5 72.7% in line PGAS* 97.9 104.6 93.6% above 191.6 51.1% below PNBN 2.1 2.6 81.0% above 2.7 78.9% in line PTBA 2.6 3.3 79.8% above 3.2 83.2% above PTPP 1.0 1.5 64.2% above 1.4 72.2% above RALS 0.4 0.4 86.8% in line 0.4 87.6% in line ROTI 0.1 0.2 50.1% below 0.2 45.1% below SCMA 1.1 1.6 68.0% below 1.7 64.7% below SGRO 0.2 0.3 74.0% in line 0.3 76.9% in line SIDO 0.4 0.5 77.8% in line 0.5 77.4% in line SILO 0.1 0.1 80.0% above 0.1 59.0% below SIMP 0.4 0.7 54.8% below 0.7 57.7% below SMBR 0.1 0.1 78.0% in line 0.2 59.5% below SMGR 1.5 2.6 57.0% below 3.1 46.4% below SMRA 0.1 0.3 35.2% in line 0.3 34.6% in line SSIA 1.2 1.2 100.2% in line 0.9 134.1% in line TELE 0.3 0.5 55.8% below 0.6 49.6% below TINS 0.3 0.4 78.3% in line 0.4 80.7% above TLKM 17.9 23.3 77.0% in line 23.6 76.1% in line TOWR 1.9 2.9 65.2% below 2.7 70.8% in line ULTJ 0.6 0.8 82.4% above 0.8 84.3% above UNTR 5.6 6.4 87.9% above 7.1 79.3% above UNVR 5.2 7.4 70.5% below 7.3 71.6% below WIKA 0.7 1.3 53.1% in line 1.3 54.6% in line WOOD 0.1 0.2 72.9% in line 0.2 72.9% in line WSKT 2.6 2.5 101.0% above 2.4 105.4% above Number of companies 66 Source: Bloomberg, BCA Sekuritas, Companies *currency in USDmn Page 7 o10

BCAS Vista 17 January 2018 Indonesia Morning Digest

8.1

1.4

6.8

8.2

8.1

1.7

5.9

9.4

7.5

8.0

5.3

7.6

1.3

9.2

11.4

12.2

24.5

17.3

13.2

13.3

16.3

13.9

11.7

18.4

10.3

18.1

25.9

12.4

20.2

18.3

19.2

15.8

20.8

21.2

25.2

26.4

17.4

26.2

39.6

16.6

11.7

13.9

16.4

11.0

15.4

18.0

15.2

18.5

16.6

139.7

2018F

4.2

5.9

9.3

1.7

9.9

5.3

6.7

7.5

6.6

6.8

4.5

7.1

1.4

8.5

ROE(%)

12.3

35.6

15.2

11.4

25.0

16.3

13.0

13.1

15.4

16.9

15.7

17.7

25.6

11.1

21.8

17.4

19.4

15.0

20.5

19.4

27.3

22.8

15.1

25.3

35.7

16.9

11.4

12.9

15.2

10.8

15.1

18.6

14.9

18.8

16.5

140.0

2017F

1.9

7.9

0.3

2.1

0.9

1.0

0.1

1.5

2.7

1.8

1.7

2.7

1.8

1.9

1.2

2.4

2.0

5.4

1.7

0.7

4.9

0.5

1.5

3.7

2.3

6.7

3.1

8.3

7.9

2.2

2.4

1.2

0.9

1.2

0.1

1.0

2.2

3.2

2.8

4.3

2.1

1.8

2.8

2.7

1.1

2.6

2018F

1.6

0.4

0.5

3.6

0.7

1.0

0.1

1.5

1.8

1.6

2.0

1.8

1.5

1.6

1.0

0.9

2.1

1.8

3.9

1.5

0.6

4.5

1.1

1.3

3.2

2.0

4.8

1.7

4.3

6.5

1.9

2.2

1.2

0.8

0.9

0.1

0.9

1.9

2.4

3.9

1.4

1.6

2.6

2.2

1.0

2.4

Div yield (%) yield Div

2017F

0.9

0.6

0.4

1.1

1.0

0.6

5.1

2.3

6.5

2.7

1.8

2.6

1.6

1.4

1.3

1.6

1.1

1.4

4.0

0.7

2.8

2.9

2.3

5.6

2.0

4.6

1.7

2.1

1.9

1.5

3.2

3.7

2.0

9.1

2.9

2.6

0.7

0.8

2.2

2.0

1.6

2.4

1.7

3.7

2.4

44.9

72.7

13.1

15.9

2018F

P/B (x) P/B

0.9

0.6

0.4

1.1

0.7

5.4

2.3

7.1

3.0

1.9

2.7

1.7

1.6

1.4

1.7

1.1

1.4

4.5

0.7

3.4

3.0

2.2

6.2

2.2

5.2

2.0

2.6

2.1

1.6

3.6

3.8

2.1

9.3

3.0

2.9

0.8

0.9

2.4

2.2

1.7

1.8

2.7

1.9

4.3

2.7

48.6

78.6

13.7

16.7

2017F

8.6

4.7

4.0

5.6

3.7

7.4

7.5

6.5

7.0

4.6

4.3

7.4

4.6

5.2

1.4

9.4

6.4

2.3

2.8

2.2

n.a.

14.9

22.6

14.7

26.7

10.8

12.3

25.2

34.0

12.7

18.3

13.5

21.5

23.8

13.6

22.3

10.4

56.1

18.7

13.8

2018F

6.8

3.4

6.8

4.4

8.7

7.5

7.6

5.9

4.3

4.6

8.5

6.0

6.3

1.5

7.8

2.4

2.6

2.5

2.4

n.a.

11.4

20.6

26.1

21.8

28.4

11.3

14.1

28.1

37.6

10.2

14.5

20.2

15.7

24.8

27.5

15.5

25.2

12.0

63.9

20.7

15.4

2017F

EV/EBITDA (x) EV/EBITDA

3.7

5.5

9.2

5.6

8.4

7.4

8.9

9.3

15.1

42.7

16.0

12.5

71.1

37.7

15.8

14.3

19.8

10.8

12.2

11.4

17.2

11.3

21.8

41.0

54.1

15.1

16.2

26.1

30.5

13.3

22.0

36.4

41.0

20.4

58.1

25.9

38.7

16.5

16.2

12.7

14.9

10.8

14.2

11.6

21.5

15.1

134.9

174.6

2018F

1.9

3.1

6.5

7.6

9.5

9.7

9.4

P/E (x) P/E

15.8

26.9

18.1

88.9

39.2

18.7

15.6

21.0

12.8

11.9

13.5

11.1

19.5

16.1

24.9

45.6

59.7

17.0

17.8

39.4

33.4

15.3

25.4

10.2

10.7

40.9

46.2

22.7

69.1

31.9

43.3

18.6

11.0

18.9

14.7

16.6

12.6

15.4

13.1

24.4

17.0

184.0

212.5

2017F

7.2

4.0

6.2

9.9

9.7

6.6

8.5

(2.3)

67.7

44.7

19.3

36.4

18.5

10.2

18.9

18.1

20.1

13.1

41.8

14.7

13.2

36.8

10.3

12.0

51.3

15.0

15.1

20.4

13.3

30.6

21.0

11.9

12.5

11.1

17.9

23.4

21.7

11.9

12.6

17.7

16.5

15.8

11.4

15.9

13.0

13.6

12.4

(28.5)

(95.5)

(15.0)

2018F

1.6

5.4

4.8

1.7

6.4

9.1

6.7

EPSG (%) EPSG

(1.5)

(8.5)

(1.3)

(5.5)

39.8

26.4

22.1

48.8

42.2

15.9

38.8

76.1

27.5

66.0

15.2

54.2

10.0

20.2

13.0

60.0

71.5

46.7

20.9

17.2

46.1

47.0

31.2

52.3

17.3

10.5

20.3

10.6

29.4

(49.3)

(41.9)

(44.0)

(63.2)

(53.8)

(56.3)

(44.1)

(51.0)

2017F

1,863.6

580

371

636

489

842

107

735

449

193

686

255

946

537

289

287

583

176

2,132

8,823

2,325

2,950

1,524

2,040

7,757

2,684

5,201

4,682

4,188

7,916

4,734

2,435

2,123

3,007

3,579

1,754

4,530

3,560

10,167

14,595

22,352

15,940

21,487

13,571

23,645

31,396

15,408

25,908

22,044

2018F

112,787

682

221

440

410

785

707

378

171

483

187

844

489

165

221

484

145

2,980

1,227

7,444

9,229

2,190

3,018

1,290

1,699

7,032

2,447

4,522

4,067

3,696

7,124

4,017

1,974

1,898

2,820

3,041

1,515

4,067

3,072

12,721

19,753

13,239

19,194

12,070

20,296

28,936

13,637

22,799

19,609

2017F

100,182

Net Profit (IDRbn) Profit Net

540

437

757

336

781

695

272

148

313

141

702

481

280

131

335

259

2,132

5,002

6,372

1,890

1,713

1,012

1,023

6,391

2,300

3,730

3,600

2,471

2,006

6,677

8,652

4,522

3,871

2,405

2,082

1,153

2,669

2,619

11,093

17,483

19,439

12,762

80,470

13,806

26,196

11,339

20,606

15,156

2016F

6.3

9.7

6.7

4.9

8.5

17.2

71.1

24.3

36.8

18.1

12.0

27.8

19.2

17.2

11.4

18.8

10.8

23.7

22.0

12.8

47.0

14.1

12.8

24.6

10.1

10.6

61.4

10.2

15.8

12.5

18.7

12.8

30.2

17.6

15.1

15.8

14.1

16.9

19.4

13.6

13.5

12.3

17.5

16.5

15.7

15.9

13.0

13.6

12.0

(15.9)

2018F

1.9

2.1

1.3

6.4

7.8

6.2

2.8

0.7

1.6

7.9

(0.8)

(8.0)

(4.1)

(7.7)

28.3

13.9

60.6

37.2

38.7

84.0

12.6

57.4

11.8

68.9

28.0

10.7

20.9

18.0

68.5

92.6

60.5

62.3

18.6

17.1

45.3

42.5

45.8

15.0

23.0

20.3

15.3

(12.0)

(54.3)

(48.7)

(39.3)

(41.5)

(39.0)

(38.3)

(45.2)

OP growth (%) OPgrowth

2017F

7.5

8.9

9.0

9.2

3.9

9.6

7.2

7.5

6.6

8.7

7.4

7.7

5.8

7.0

7.6

5.2

6.4

1.0

6.2

7.9

7.7

8.3

(5.8)

14.5

22.9

12.7

29.9

15.7

16.0

18.4

10.1

16.5

17.6

13.6

15.5

21.9

20.5

13.7

36.2

32.5

13.3

15.1

10.2

12.9

11.8

14.9

13.0

11.2

10.9

10.7

2018F

2.2

4.5

9.2

8.6

6.5

5.4

2.9

6.0

5.9

2.1

2.4

8.7

7.2

5.0

1.2

2.7

6.8

9.3

(6.0)

(7.0)

(5.4)

(7.5)

(2.6)

15.0

10.1

14.7

12.8

17.7

34.6

42.9

42.2

61.9

42.9

43.1

12.5

34.5

27.9

10.5

10.1

25.8

30.1

12.7

30.0

10.7

13.9

11.1

11.2

12.9

(15.7)

(43.7)

2017F

Rev growth (%) Revgrowth

9.6

2.8

2.2

2.3

4.4

5.0

7.9

1.2

1.0

3.0

2.1

4.1

7.1

21.4

17.4

12.4

56.2

17.3

58.3

56.3

41.8

44.8

37.9

73.1

43.9

57.0

25.4

80.7

77.4

81.0

97.9

43.3

18.7

35.9

25.3

29.7

98.8

136.7

282.5

162.3

267.1

104.7

163.1

158.4

311.0

330.8

175.9

318.8

213.7

ADTV ADTV

1,301.6

(IDRbn)

7.5

8.5

75.9

57.8

83.6

17.7

41.8

50.3

40.0

40.5

30.0

40.0

34.0

34.9

48.9

56.7

49.0

20.0

15.0

58.9

19.0

43.2

43.3

49.9

19.5

35.0

34.8

43.8

23.8

49.0

24.4

49.0

15.1

40.0

25.0

32.5

40.0

43.2

40.9

43.0

49.8

(%)

float float

Free Free

0.3

0.0

0.1

0.0

0.6

0.2

0.4

1.9

0.6

0.1

0.5

0.2

0.3

0.0

0.1

4.0

9.9

0.0

5.9

0.2

0.1

1.1

1.0

1.4

1.9

0.5

0.4

1.0

7.8

2.3

2.5

0.9

0.4

1.1

0.4

0.5

5.4

0.3

0.9

0.5

6.2

2.5

7.8

4.6

10.0

24.5

Index Index

Weight

2,376

2,123

5,998

7,953

2,682

5,055

3,413

7,763

1,425

8,700

7,548

21,131

42,188

14,469

27,719

46,087

35,971

17,402

18,786

14,326

81,797

69,365

35,253

28,813

70,049

63,022

31,065

82,276

26,617

33,299

22,205

67,572

38,654

139,227

134,476

286,369

706,019

419,650

103,208

134,116

719,950

558,327

161,623

176,363

383,833

445,278

179,027

557,203

332,977

Mkt cap cap Mkt

1,753,688

(IDR bn) (IDR

690

360

320

295

850

305

350

600

TP TP

4,150

8,500

2,200

6,450

2,600

2,800

4,400

2,800

1,675

1,490

1,700

8,500

2,690

2,250

4,000

1,000

1,150

1,400

8,450

2,000

8,400

3,300

3,800

9,400

9,000

41,000

57,000

10,500

20,900

95,000

12,000

21,000

(IDR) (IDR)

505

288

165

278

580

224

228

580

3,050

8,900

1,905

6,350

2,650

1,940

3,030

2,180

1,240

1,220

1,745

7,900

8,850

3,060

2,190

4,800

3,130

1,105

1,325

8,225

2,290

7,050

3,650

3,610

9,600

8,225

37,325

55,000

25,500

84,000

10,625

22,350

22,600

(IDR)

Rating

BUY

HOLD

BUY

HOLD

FULLY VALUED FULLY

BUY

HOLD

BUY

HOLD

BUY

HOLD

BUY

HOLD

BUY

FULLY VALUED FULLY

HOLD

BUY

FULLY VALUED FULLY

BUY

HOLD

BUY

HOLD

Sector

SSIA

LPCK

KIJA

DMAS

BEST

Industrial Estate (Neutral) - Gilang Purnama ([email protected]) Purnama Gilang - Estate(Neutral) Industrial

Sector

SILO

MIKA

Hospital (Neutral) - Jennifer Frederika Yapply ([email protected]) Yapply Frederika Jennifer - (Neutral) Hospital

UNTR

Heavy Equipment (Neutral) - Prasetya Gunadi ([email protected]), Pandu Anugrah ([email protected]) Anugrah Pandu ([email protected]), Gunadi Prasetya - (Neutral) Equipment Heavy

Sector

JSMR

WTON

WSKT

WIKA

PTPP

META

ADHI

Construction & Toll Road (Overweight) - Michael Ramba ([email protected]) Ramba Michael - (Overweight) Road Toll & Construction

Sector excl UNVR Sectorexcl

Sector

WOOD

UNVR

ULTJ

SIDO

ROTI

KLBF

INDF

ICBP

Consumer (Overweight) - Jennifer Frederika Yapply ([email protected]), Willy Suwanto ([email protected]) Suwanto Willy ([email protected]), Yapply Frederika Jennifer - (Overweight) Consumer

Sector

PTBA

ITMG

ADRO

Coal (Neutral) - Prasetya Gunadi ([email protected]), Aditya E Prakasa ([email protected]) Prakasa E Aditya ([email protected]), Gunadi Prasetya - (Neutral) Coal

Sector

HMSP

GGRM

Cigarette (Neutral) - Jennifer Frederika Yapply ([email protected]) Yapply Frederika Jennifer - (Neutral) Cigarette

Sector

SMGR

SMBR

INTP

Cement (Neutral) - Nyoman Prabawa ([email protected]) Prabawa Nyoman - (Neutral) Cement

Sector

PNBN

BNGA

BMRI

BJBR

BDMN

BBTN

BBRI

BBNI

BBCA

Banking (Neutral) - Gilang Purnama ([email protected]), Willy Suwanto ([email protected]), Prasetya Gunadi ([email protected]) Gunadi Prasetya ([email protected]), Suwanto Willy ([email protected]), Purnama Gilang - (Neutral) Banking

ASII

Automotive (Neutral) - Pandu Anugrah ([email protected]) Anugrah Pandu - (Neutral) Automotive Ticker

Page 8 o10

17 January 2018 BCAS Vista Indonesia Morning Digest

9.1

3.1

9.0

9.6

5.4

7.9

4.8

8.5

7.8

4.5

2.5

7.4

2.5

0.5

(3.5)

26.3

11.7

14.3

19.8

24.8

11.0

24.0

12.6

13.0

33.8

23.1

10.7

11.0

11.2

16.8

15.1

19.1

11.0

10.9

18.6

14.4

24.0

40.5

16.7

13.2

14.0

2018F

8.6

9.9

1.4

9.1

8.1

0.8

7.8

4.5

8.5

9.6

1.3

6.9

1.0

ROE(%)

(6.0)

(0.4)

24.8

10.7

13.0

19.1

24.8

22.7

11.0

10.9

33.9

23.5

11.4

10.9

15.0

14.3

12.1

17.3

10.6

10.8

20.5

10.8

11.7

22.0

37.9

15.0

12.9

13.6

2017F

1.8

2.5

2.0

4.2

2.7

3.1

2.6

2.4

0.5

4.4

1.4

1.2

1.1

0.9

1.2

2.9

1.5

0.2

1.8

1.4

3.0

1.9

1.3

3.0

3.7

2.7

4.0

0.4

2.0

0.2

4.4

3.7

5.7

2.3

2018F

1.7

2.1

1.6

3.8

2.8

3.2

2.7

2.8

0.4

4.6

1.3

0.9

1.1

3.6

2.2

5.3

3.6

1.7

2.8

1.7

1.2

2.7

3.4

2.3

3.4

5.1

0.3

1.8

0.0

0.1

4.0

3.3

5.1

2.1

2.0

Div yield (%) yield Div

2017F

2.5

1.5

1.7

0.5

3.8

4.1

1.9

1.5

6.2

2.3

1.0

2.8

9.6

5.3

1.3

1.5

1.3

1.2

0.9

2.6

0.9

1.4

3.0

1.1

0.5

1.2

1.1

1.3

3.9

1.0

0.8

1.0

1.2

1.1

1.2

1.1

6.4

8.9

1.9

2.9

9.9

2018F

P/B (x) P/B

3.1

1.6

1.9

0.6

4.2

4.6

2.1

1.6

7.8

2.5

1.0

3.1

6.2

1.4

1.7

1.4

1.3

1.0

3.0

0.9

1.6

3.4

1.2

0.5

1.3

1.1

1.4

4.0

1.0

0.9

1.1

1.2

1.1

1.3

1.2

6.9

9.7

2.1

3.2

12.8

10.7

2017F

9.0

6.1

6.8

3.7

5.6

5.9

3.3

4.6

9.9

6.6

9.3

8.1

9.4

9.7

9.4

8.8

6.7

5.2

6.5

4.8

7.0

5.1

7.5

7.1

5.9

7.7

5.9

5.4

6.5

4.7

9.7

6.1

11.7

10.4

10.7

16.4

10.0

12.9

12.0

13.3

10.2

2018F

9.3

4.1

6.4

6.7

3.6

5.5

7.2

9.7

9.0

9.9

7.7

8.2

6.7

6.6

5.1

7.8

5.2

7.4

6.7

7.4

6.4

7.1

6.2

8.4

5.0

6.9

10.1

10.8

13.5

11.0

16.5

12.1

19.2

10.7

10.5

11.6

12.7

13.6

15.0

11.1

11.5

2017F

EV/EBITDA (x) EV/EBITDA

6.2

8.0

9.9

7.8

10.5

11.2

12.7

19.7

17.3

17.7

50.6

17.7

18.9

22.4

14.2

24.7

17.2

30.6

20.0

11.3

15.1

16.3

16.6

11.8

10.6

15.0

12.3

20.8

17.9

22.9

14.7

49.7

18.8

22.9

11.6

20.3

25.2

(29.1)

101.0

235.0

2018F

7.0

6.5

8.8

P/E (x) P/E

13.7

13.6

15.6

26.5

19.3

21.9

21.4

22.7

29.9

15.8

28.2

20.9

42.8

24.4

12.1

21.4

13.7

20.9

12.9

11.8

16.0

11.1

13.2

19.6

10.3

11.1

16.6

21.6

25.8

14.2

21.7

27.3

(16.1)

(28.6)

119.3

114.5

128.1

(352.5)

2017F

6.0

7.2

9.2

7.1

7.4

(5.8)

30.2

19.1

23.0

13.7

11.5

23.4

17.7

20.0

33.0

11.0

14.5

40.0

21.6

31.6

37.6

25.9

11.2

12.1

11.8

93.8

12.7

17.6

12.7

22.5

12.6

(44.8)

(19.4)

(20.7)

(51.4)

135.8

601.5

157.7

2018F

8.7

9.7

2.3

4.3

4.1

EPSG (%) EPSG

(3.7)

(0.4)

(6.2)

(2.5)

(6.8)

(4.5)

(1.0)

(5.9)

14.6

12.1

13.0

26.1

76.0

45.7

51.1

16.9

24.2

42.3

12.8

74.5

59.8

14.7

13.4

(31.4)

(17.5)

(95.2)

(45.7)

(31.3)

(28.1)

(23.8)

(25.9)

122.6

766.7

2017F

(79)

873

536

337

680

451

488

886

479

913

744

325

948

349

211

147

454

3,814

1,715

3,885

2,140

5,372

1,072

2,908

4,969

1,604

3,268

4,075

2,059

4,839

1,163

3,341

1,593

1,748

26,849

24,454

2018F

259,509

280,837

(60)

733

436

297

288

376

367

774

342

882

669

303

845

349

146

304

600

403

(144)

2,929

1,389

3,300

1,928

5,070

2,713

1,133

3,776

1,166

2,596

3,734

1,917

6,100

2,840

1,413

1,427

23,623

21,946

2017F

230,383

249,485

Net Profit (IDRbn) Profit Net

727

468

259

376

408

208

711

312

862

509

290

538

442

594

300

586

185

401

319

252

3,042

1,105

3,386

2,020

3,478

1,796

4,575

2,065

2,221

3,581

2,007

2,870

1,501

1,369

20,911

19,430

2016F

182,281

201,434

8.1

3.8

6.7

3.9

6.0

6.7

7.6

9.0

4.1

(0.7)

(4.5)

12.3

11.8

14.0

11.1

10.0

65.5

15.9

16.0

13.2

10.5

14.9

17.4

19.2

49.8

18.3

18.2

16.8

43.8

11.3

18.4

14.1

12.9

15.2

12.8

(77.9)

(13.1)

(17.6)

122.6

2018F

5.1

3.0

9.1

8.9

8.5

7.8

6.6

(0.3)

(5.8)

(6.1)

(1.3)

(3.5)

(6.7)

(0.7)

11.5

12.0

15.1

21.1

29.0

13.1

35.3

69.0

17.0

35.3

14.9

82.6

55.3

15.5

14.2

(16.8)

(20.3)

(63.1)

(23.6)

(13.4)

(24.3)

128.9

115.6

121.4

(202.0)

OP growth (%) OPgrowth

2017F

7.0

9.2

9.5

7.7

9.4

9.8

9.4

6.9

9.5

6.1

7.6

6.0

7.9

7.5

7.2

8.4

2.9

3.1

5.8

6.3

1.2

3.8

2.0

5.3

2.6

8.0

5.6

8.8

9.8

8.2

9.4

9.2

(9.6)

(0.6)

10.7

13.7

11.9

11.6

13.4

12.2

2018F

5.5

0.7

8.8

5.8

4.0

5.2

0.6

1.7

5.0

5.9

4.0

6.2

5.4

8.3

2.6

2.0

3.0

(1.0)

(4.4)

10.2

11.9

10.5

11.3

17.3

16.7

27.6

40.6

18.6

29.3

18.9

15.6

19.1

27.3

19.9

18.6

53.4

15.2

25.7

13.2

12.3

2017F

Rev growth (%) Revgrowth

1.4

7.5

0.9

6.6

4.9

8.4

2.4

0.2

6.7

2.2

0.8

19.4

82.6

14.8

42.4

14.6

81.3

35.0

14.7

21.5

10.0

26.4

19.5

30.4

16.6

10.8

43.6

58.6

87.5

73.4

16.1

32.3

25.0

72.2

31.1

41.1

484.1

459.9

146.1

ADTV ADTV

3,526.6

3,708.8

(IDRbn)

8.9

66.0

24.9

39.7

48.8

20.7

33.6

34.9

23.7

46.0

82.5

40.0

67.8

49.0

39.0

56.1

42.7

37.0

44.2

21.5

27.2

40.4

20.3

61.0

43.0

35.0

20.5

35.0

39.1

40.8

(%)

float float

Free Free

0.6

0.1

0.0

6.8

5.9

0.4

0.5

1.0

0.1

0.0

0.2

0.4

0.3

1.1

0.2

0.3

0.5

0.1

1.0

0.0

0.2

0.8

0.7

0.1

0.4

1.4

0.9

0.3

0.6

0.8

0.1

0.5

0.2

0.8

0.5

0.3

59.6

73.3

Index Index

Weight

9,011

6,937

2,074

9,012

2,313

7,349

1,590

7,908

4,857

9,416

6,666

40,200

30,430

34,415

74,693

10,998

30,419

21,952

76,712

14,643

21,808

32,912

71,842

15,975

54,277

47,539

25,358

98,084

67,912

22,338

45,574

56,695

33,088

16,942

57,108

36,408

20,700

489,213

424,368

Mkt cap cap Mkt

(IDR bn) (IDR

4,271,169

5,249,145

890

480

405

800

530

910

TP TP

5,250

1,300

5,150

8,000

4,100

1,190

8,000

1,300

1,200

1,400

2,400

1,600

3,100

2,550

1,650

5,400

1,250

2,200

1,250

2,900

2,550

1,700

13,400

17,000

(IDR) (IDR)

950

715

430

374

710

500

895

705

3,940

4,210

5,600

3,220

1,270

6,625

1,280

1,015

1,175

1,710

1,400

3,310

2,570

1,380

5,500

1,260

1,880

3,330

2,490

1,450

10,425

13,175

(IDR)

Rating

BUY BUY

BUY

HOLD

BUY

HOLD

BUY

HOLD

BUY

HOLD

BUY

HOLD

BUY

HOLD

BUY

Stock universe exc HMSP UNVR HMSP exc universe Stock

Stock universe Stock

TOWR

Tower Telco (Overweight) - Aditya E Prakasa ([email protected]) Prakasa E Aditya - (Overweight) Telco Tower

Sector

TELE

ERAA

Telecommunication Retail (Overweight) - Aditya E Prakasa ([email protected]) Prakasa E Aditya - (Overweight) Retail Telecommunication

Sector

TLKM

ISAT

EXCL

Telecommunication Sector (Overweight) - Aditya E Prakasa ([email protected]) Prakasa E Aditya - (Overweight) Sector Telecommunication

Sector

RALS

MPPA

MAPI

LPPF

ACES

Retails (Neutral) - Johanes Prasetia ([email protected]) Prasetia Johanes - (Neutral) Retails

Sector

SMRA

CTRA

BSDE

ASRI

Property Residential (Neutral) - Michael Ramba ([email protected]) Ramba Michael - (Neutral) Residential Property

Sector

MAIN

JPFA

CPIN

Poultry (Neutral) - Johanes Prasetia ([email protected]) Prasetia Johanes - (Neutral) Poultry

Sector

SIMP

SGRO

LSIP

AALI

Plantation (Neutral) - Nyoman Prabawa ([email protected]) Prabawa Nyoman - (Neutral) Plantation

TPIA

Petrochemical (Neutral) - Willy Suwanto ([email protected]) Suwanto Willy - (Neutral) Petrochemical

Sector

MEDC

PGAS

Oil & Gas (Neutral) - Nyoman Prabawa ([email protected]) Prabawa Nyoman - (Neutral) Gas & Oil

Sector

TINS

INCO

ANTM

Metal & Mining (Neutral) - Aditya E Prakasa ([email protected]) Prakasa E Aditya - (Neutral) Mining & Metal

Sector

SCMA

MNCN

Media (Overweight) - Jennifer Frederika Yapply ([email protected]) Yapply Frederika Jennifer - (Overweight) Media Ticker

Page 9 o10

17 January 2018 BCAS Vista Indonesia Morning Digest

Teguh Hartanto Director of Equity, ext: 129 [email protected]

RESEARCH DIVISION [email protected]

Pandu Anugrah Aditya Eka Prakasa Arga Samudro Head Of Research, ext: 168 Equity Analyst, ext: 182 FI Analyst, ext: 181 Strategy, Consumer, Heavy Equipment Automotive, Telco, Media, Metal Mining FI Strategies & Macroeconomist [email protected] [email protected] [email protected]

Johanes Prasetia Michael Ramba Nyoman Widita Prabawa Equity Analyst, ext: 185 Equity Analyst, ext: 184 Equity Analyst, ext: 180 Retail, Poultry, Hospital Construction, Property Residential Cement, Plantation, Oil & Gas [email protected] [email protected] [email protected]

Gilang Purnama Willy Suwanto Prasetya Gunadi Equity Analyst, ext: 178 Equity Analyst, ext: 178 Equity Analyst, ext: 183 Banking, Industrial Estate Banking, Consumer Banking [email protected] [email protected] [email protected]

Achmad Yaki Yamani Technical Analyst, ext: 186 Technical Analyst [email protected]

Yuni Pratiwi Anindra Alief Mattawang Research Assistant, ext: 183 Research Assistant, ext: 186

[email protected] [email protected]

EQUITY CAPITAL MARKET DIVISION [email protected]

Ermawati Agustina Erman Jennifer Frederika Yapply Wilson Budiarto Sutarko Head of Institutional Sales, ext: 159 Institutional Sales, ext: 187 Institutional Sales, ext: 195 [email protected] [email protected] [email protected]

Haslienda Santoso Jodikin Arief Iskandar Institutional Sales, ext: 137 Sales Trader, ext: 164 Institutional Dealer, ext: 136 [email protected] [email protected] [email protected]

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