Equity SNAPSHOT Tuesday, August 24, 2021

FROM EQUITY REPORT KEY INDEX KEY INDEX Chg Ytd Vol Chg Ytd Vol : The E-agle has landed Close Close (EMTK.IJ IDR 2,030 BUY TP. IDR 3,000) (%) (%) (US$ m) (%) (%) (US$ m) EMTK is ’s own Softbank and Alibaba, supported by its cash Asean - 5 Asean - 5 machine SCMA as the source of funds. EMTK allocate the dividend Indonesia 6.110 1,3 2,2 793 Indonesia 6,134 0.1 (1.0) 318 for tech investments, the most notable is, BUKA being their success 1.582 1,9 9,2 3.458 Thailand 1,568 (0.1) 0.2 1,454 story whereby the estimated ROI is more than 12x, and from the 6.592 (0,6) (7,7) 103 Philippines 7,855 (0.3) 5.2 87 recent huge IPO. EMTK recently did an IDR9.3tn NPRI, with some 1.522 0,3 (6,4) 447 Malaysia 1,562 (0.5) (7.6) 338 of the proceed invested to Grab Indonesia with the marking of close Singapore 3.088 (0,5) 8,6 1 Singapore 3,173 (0.5) 3.4 908 ties with the Grab ecosystem to further enhance growth. Another Regional Regional group interest is SAME which will be further digitized for value China 3.477 1,5 0,1 108.209 China 2,885 0.3 15.7 28,889 additions. Entrance to digital banking is inevitable we believe due to Hong Kong 25.110 1,0 (7,8) 21.764 Hong Kong 26,391 (0.2) 2.1 9,093 vast potential even just to cater EMTK – Grab customers and Japan 27.770 1,0 1,2 3.516 Japan 23,380 (0.6) 16.8 10,278 partners. We initiate coverage on EMTK with a BUY call at 2022F Korea 3.135 1,4 9,1 11.479 Korea 2,068 (0.8) 1.3 3,790 target price of IDR3,000. Taiwan 16.742 2,4 13,6 1.335 Taiwan 11,532 0.2 18.5 3,534 To see the full version of this report, please click here India 55.556 0,4 16,3 774 India 40,675 (0.3) 12.8 495 Nasdaq 14.943 1,5 15,9 211.016 Nasdaq 8,521 (0.6) 28.4 116,797 Dow Jones 35.336 0,6 15,5 11.670 Dow Jones 27,503 (1.0) 17.9 11,490 MARKET NEWS MACROECONOMY CURRENCY AND INTEREST RATE CURRENCY AND INTEREST RATE w-w m-m ytd w-w m-m ytd ▪ Indonesia c.bank to buy up to $30.5 bln of bonds directly from Rate Rate govt-report (%) (%) (%) (%) (%) (%) COVID-19 Rupiah Rp/1US$ 14.413 (0,3) 0,6 (2,6) Rupiah Rp/1US$ 14,115 (0.2) (0.7) 1.9 ▪ President lowers level of social restriction yet the degree BI7DRRR % 3,50 - - (0,3) BI7DRRR % 5.00 - (0.3) (1.0) 10y Gov Indo bond 6,36 0,0 0,1 0,5 10y Gov Indo bond 7.16 0.1 0.2 (0.9)

remains HARD COMMODITY HARD COMMODITY d-d m-m ytd d-d m-m ytd PREVIOUS REPORTS Unit Price Unit Price ▪ Banking: Entering new era (%) (%) (%) (%) (%) (%) ▪ Adi Sarana Armada: Solid logistic and transportation Coal US$/ton 170 1,3 13,5 111,2 Coal US$/ton 67 (0.3) 0.2 (34.0) ecosystem in growing industry Gold US$/toz 1.802 (0,2) (0,0) (5,1) Gold US$/toz 1,478 (0.0) (2.1) 15.2 ▪ Charoen Pokphand Indonesia: Surprising feed margin Nickel US$/mt.ton 18.898 2,3 (2,5) 14,2 Nickel US$/mt.ton 13,315 (2.5) (20.7) 25.6 expansion Tin US$/mt.ton 32.575 0,1 (8,1) 58,6 Tin US$/mt.ton 16,771 1.5 1.7 (14.1) ▪ Mayora Indah: Earnings pressure from higher raw material SOFT COMMODITY SOFT COMMODITY prices d-d m-m ytd d-d m-m ytd Unit Price Unit Price ▪ Covid-19: Weekly Update: Reserving equilibrium (%) (%) (%) (%) (%) (%) ▪ Retail: A Delayed Return to Normalcy Cocoa US$/mt.ton 231 0,7 (9,0) 24,4 Cocoa US$/mt.ton 2,476 (1.0) 1.3 4.7 ▪ Technology: Oiling the flywheel Corn US$/mt.ton 66 (0,2) (9,1) 35,1 Corn US$/mt.ton 141 1.7 (2.5) 5.6 ▪ Bukalapak.com: Digitalizing Indonesia’s backbone Oil (WTI) US$/barrel 69 (0,2) (7,4) 32,4 Oil (WTI) US$/barrel 56 0.6 (0.2) 24.3 ▪ Indo Tambangraya: Expect a further earnings improvement Oil (Brent) US$/barrel 4.489 (1,9) 4,1 18,5 Oil (Brent) US$/barrel 61 (0.2) (1.4) 13.0 in 3Q21 Palm oil MYR/mt.ton 174 0,8 6,0 16,0 Palm oil MYR/mt.ton 2,632 (1.3) 11.4 34.8 ▪ Strategy: 2022 Proposed Budget: Defensive In Nature Rubber USd/kg 1.205 N/A 2,8 20,5 Rubber USd/kg 142 0.9 6.9 13.6 ▪ Banking: Still waiting clarity Pulp US$/tonne 479 (0,9) 4,7 13,8 Pulp US$/tonne 1,205 N/A 2.8 20.5 ▪ Cement: Mitigating the impact of higher coal prices Coffee US$/60kgbag 200 - 5,8 15,2 Coffee US$/60kgbag 72 0.3 7.9 3.5 ▪ Cigarette: 2022: +11.9% yoy growth in excise tax revenue Sugar US$/MT 59 (0,3) (10,0) 36,4 Sugar US$/MT 345 0.7 1.3 3.6 ▪ Construction: 2022 infrastructure budget: lower but still Wheat US$/ton 1.295 0,1 (7,5) (1,5) Wheat US$/ton 143 (1.9) 0.7 (5.1) large Soy Oil US$/lb 231 0,7 (9,0) 24,4 Soy Oil US$/lb 30 0.1 (3.4) 8.9 ▪ Ace Hardware Indonesia: Below 1H21, 2H21 Evidently SoyBean US$/by 66 (0,2) (9,1) 35,1 Soy Bean US$/by 871 0.1 (5.8) (1.3)

Arduous

Source: Bloomberg Source: Bloomberg

Danareksa Sekuritas – Equity SNAPSHOT

Equity Research

Company Update

Tuesday,24 August 2021 BUY Elang Mahkota Teknologi(EMTK IJ) Maintain The E-agle has landed

Last price (IDR) 2,030 EMTK is Indonesia’s own Softbank and Alibaba, supported by its cash machine Target Price (IDR) 3,000 SCMA as the source of funds. EMTK allocate the dividend for tech investments, the most notable is, BUKA being their success story whereby the Upside/Downside +47.8% estimated ROI is more than 12x, and from the recent huge IPO. EMTK recently Previous Target Price (IDR) did an IDR9.3tn NPRI, with some of the proceed invested to Grab Indonesia with the marking of close ties with the Grab ecosystem to further enhance Stock Statistics growth. Another group interest is SAME which will be further digitized for Sector Media value additions. Entrance to digital banking is inevitable we believe due to Bloomberg Ticker EMTK IJ vast potential even just to cater EMTK – Grab customers and partners. We No of Shrs (mn) 61,198 initiate coverage on EMTK with a BUY call at 2022F target price of IDR3,000.

Mkt. Cap (IDRbn/USDmn) 124,231/8,596 The formidable tech conglomerate. With SCMA as foundation, as the Avg. daily T/O (IDRbn/USDmn) 127.6/8.8 subsidiary commands a respectable position in the lucrative Indonesian media sector, thus providing strong cash-flow generation and track record of >50% Major shareholders (%) dividend payouts to bolster EMTK’s future investments. Their latest acquisition Eddy k. Sariaatmadja 23.0 of SAME:IJ has been quite fruitful with turnaround starting in 1Q21, a few Ir Susanto Suwarto 11.6 months after becoming EMTK subsidiary. EMTK’s war-chest has also been Estimated free float 29.7 strengthened by the NPRI of IDR9.3tn, subsequently utilized for adding shares in Grab Indonesia, to currently 5.88% of Grab Indonesia EPS Consensus (IDR) 2021F 2022F 2023F Proven tech investing track record. EMTK tech investments has yielded Danareksa 109.8 105.7 135.9 handsome return for many of their notable investees, such as Property Guru, Consensus 23.4 27.5 29.9 Plan B, and the zenith being Bukalapak (BUKA:IJ). Past performance suggested a satisfying equity IRR ranging from 24%-76%, far outstripping WACC. We can Danareksa/Cons 469.2 384.4 454.5 expect a further investments in order to complete the EMTK-Grab ecosystem,

EMTK relative to JCI Index which currently lacking traction in health-tech and still absent in digital bank.

Awaiting natural extension to digital financial services. As its close ally has rolled out Grab Bank in Singapore, and given the sheer size of the Indonesian unbanked population, EMTK-Grab’s ecosystem will enter this space, we believe. The bank will have a robust principal line-up in Grab, EMTK, BUKA, and Standard Chartered, with the latter providing both banking expertise and Banking as a Service (BaaS) to enable optimal execution. BUKA via Buka Investasi Bersama has also tied up with AMOR:IJ and recently launched B-Money to strengthen its digital business in an effort to capture maximum value from the combined ecosystem.

Initiate coverage with a BUY, TP of IDR3,000. Given EMTK’s strong track record in tech investment, sound balance sheet, and potential expansion to become a Source : Bloomberg digital bank, we believe there is still ample upside for the new blue chip. The 2022F valuation target price is based on SOTP which leads to a TP of IDR3,000.

Key Financials Year to 31 Dec 2019A 2020A 2021F 2022F 2023F Revenue (IDRbn) 11,030 11,936 14,017 15,155 16,436 EBITDA (IDRbn) 1,343 1,649 2,316 2,593 3,014

EBITDA Growth (%) 218.3 22.8 40.4 11.9 16.3 Net profit (IDRbn) (1,516.0) 2,058.2 5,808.7 1,961.3 2,407.7 EPS (IDR) (103.7) 140.8 109.8 105.7 135.9 Andreas Kenny EPS growth (%) (42.2) (235.8) 955.9 (31.0) (84.1) (62-21) 5091 4100 ext.3509 BVPS (IDR) 675.4 730.9 1,704.8 1,820.6 1,983.6 [email protected] DPS (IDR) 83.0 58.0 55.0 55.5 0.0 PER (x) n/m 14.4 5.1 15.3 12.4 PBV (x) 3.0 2.8 1.2 1.1 1.0 Dividend yield (%) 4.1 2.9 2.7 2.7 0.0 www.danareksa.com EV/EBITDA (x) See important21.6 disclosure18.2 at the back10. of9 this report9.2 17.1 Source : EMTK, Danareksa Estimates

Equity SNAPSHOT Tuesday, August 24, 2021

MARKET NEWS

MACROECONOMY Indonesia c.bank to buy up to $30.5 bln of bonds directly from govt-report Indonesia's central bank will purchase directly sovereign bonds worth up to 439 trillion rupiah ($30.46 billion) in 2021 and 2022 under a new agreement with the finance ministry, CNBC Indonesia reported on Monday, citing a government document. The scheme is similar to an agreement BI had with the ministry last year to fund ballooning healthcare and welfare bills amid the COVID-19 pandemic, a move that BI and the finance ministry had both pledged not to repeat. CNBC Indonesia reported that BI will buy up to 215 trillion rupiah for 2021 and 224 trillion rupiah in 2022 in private placement sales with the proceeds used to fund the government's vaccination campaign and other COVID-19 relief measures. Bank Indonesia (BI) will relinquish interest payments for bonds worth 58 trillion rupiah in 2021 and 40 trillion rupiah in 2022, but the rest of the notes will carry a floating interest rate equal to the central bank's three-month reverse repo rate, according to the news website.

Last year, BI agreed to buy 397.6 trillion rupiah worth of bonds without receiving interest as part of a $40 billion fiscal deficit financing scheme. Investors and economists have raised concerns about the scheme's effects on inflation and the rupiah. (Reuters, CNBC Indonesia) Note: USD1=IDR14,410

COVID-19 President lowers level of social restriction yet the degree remains The President of Indonesia announced to lower the level of social restriction in some areas of Java starting today till 30 August. Some big cities in Java such as Greater area (Jabodetabek), Bandung Raya (West Java), and Surabaya Raya (East Java) are now standing in level 3. However, the degree of restriction remain the same as previous level, i.e. 25% capacity in mass religious activities, dine-in in restaurants are allowed max 25% capacity till 8 pm, malls and dept stores are operational with 50% capacity till 8 pm, export-oriented industries are allowed 100%, and non-essential sectors still need to work from home 100%. (Govt press conference, various)

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 3.718.416 169.959 225.211 132 175 -27,5% 32,5% 21,9 16,5 12,5 10,9 2,2 2,1 10,2 12,9 Auto 206.466 16.164 17.169 399 424 -25,5% 6,2% 12,8 12,0 8,3 7,1 1,3 1,3 10,7 10,9 ASII BUY 5.100 7.500 206.466 16.164 17.169 399 424 266 368 -25,5% 6,2% 12,8 12,0 8,3 7,1 1,3 1,3 10,7 10,9 Banks 1.260.179 53.429 66.400 407 505 -30,6% 24,3% 23,6 19,0 2,3 2,2 9,5 11,7 BCA BBCA HOLD 32.950 34.000 812.383 27.131 29.901 1.100 1.213 1.100 1.213 -5,0% 10,2% 29,9 27,2 N/A N/A 4,4 4,1 15,1 15,6 BNI BBNI BUY 5.350 8.000 99.770 3.280 7.083 176 380 176 380 -78,7% 115,9% 30,4 14,1 N/A N/A 0,9 0,9 2,8 6,3 BBTN BUY 1.430 2.200 15.144 1.602 1.826 151 172 151 172 666,5% 14,0% 9,5 8,3 N/A N/A 0,8 0,7 7,5 9,0 BMRI BUY 5.975 8.000 278.833 17.119 21.964 367 471 367 471 -37,7% 28,3% 16,3 12,7 N/A N/A 1,5 1,4 8,7 11,4 BTPN BTPN HOLD 2.810 3.200 22.899 1.953 2.995 240 368 240 368 -24,1% 53,4% 11,7 7,6 N/A N/A 0,7 0,7 6,4 9,3 BTPS BTPS BUY 2.650 3.500 20.415 855 1.360 111 177 111 177 -38,9% 59,1% 23,9 15,0 N/A N/A 3,5 3,0 15,2 21,4 BPD Jatim BJTM BUY 715 850 10.736 1.489 1.271 99 85 99 85 8,1% -14,6% 7,2 8,4 N/A N/A 1,1 1,0 15,5 12,3 Cement 98.612 4.740 5.576 493 580 2,4% 17,6% 20,8 17,7 10,0 8,8 1,7 1,7 8,4 9,7 Indocement INTP BUY 11.400 18.100 41.966 1.487 1.727 404 469 404 469 -19,0% 16,1% 28,2 24,3 18,0 16,0 1,8 1,8 6,5 7,6 Semen Indonesia SMGR BUY 9.550 15.700 56.646 3.253 3.849 548 649 357 397 16,5% 18,3% 17,4 14,7 7,4 6,5 1,7 1,6 9,8 11,0 Cigarettes 174.548 17.150 16.375 145 138 -30,3% -4,5% 10,2 10,7 6,1 6,3 1,9 1,9 19,4 17,8 Gudang Garam GGRM HOLD 31.775 42.100 61.138 7.632 7.867 3.967 4.089 4.260 4.057 -29,9% 3,1% 8,0 7,8 4,6 4,5 1,0 1,0 13,9 12,9 HM HMSP SELL 975 1.100 113.410 9.518 8.508 82 73 82 73 -30,6% -10,6% 11,9 13,3 7,7 8,4 3,6 3,7 28,4 27,6 Construction 61.262 - 5.127 4.067 -69 54 -161,5% -179,3% (11,9) 15,1 21,58 10,75 0,8 0,7 - 6,3 5,0 Wijaya Karya WIKA BUY 915 2.700 8.208 146 788 16 88 16 88 -93,6% 438,3% 56,1 10,4 15,7 6,2 0,5 0,5 0,9 4,8 Pembangunan Perumahan PTPP BUY 865 2.500 5.363 74 439 12 71 36 74 -92,1% 493,4% 72,5 12,2 10,4 7,2 0,4 0,3 0,5 3,0 Adhi Karya ADHI BUY 700 2.500 2.493 36 422 10 119 -11 132 -94,5% 1059,2% 68,4 5,9 9,4 7,7 0,4 0,3 0,5 6,0 Waskita Karya WSKT BUY 775 2.000 10.520 -4.141 489 -305 36 -314 25 -541,4% -111,8% (2,5) 21,5 356,8 17,2 0,8 0,7 (26,2) 3,5 Waskita Beton WSBP BUY 134 370 3.532 -1.574 353 -60 13 -34 13 -295,2% -122,4% (2,2) 10,0 - 40,6 8,1 0,7 0,6 (23,4) 6,4 Wika Beton WTON BUY 226 610 1.970 87 322 10 37 10 37 -83,0% 270,5% 22,6 6,1 7,6 4,8 0,6 0,5 2,5 9,1 Jasa Marga JSMR BUY 4.020 5.900 29.177 244 1.254 34 173 83 228 -88,9% 413,8% 119,5 23,3 14,3 11,9 1,5 1,5 1,3 6,4 Consumer 357.632 20.816 22.664 253 275 4,9% 8,9% 17,2 15,8 11,8 10,5 4,0 3,7 24,6 24,4 CBP ICBP BUY 8.225 13.000 95.919 5.962 7.081 511 607 557 607 18,3% 18,8% 16,1 13,5 15,2 12,3 3,4 3,0 22,2 23,4 Indofood INDF BUY 6.225 8.100 54.658 5.249 5.735 598 653 696 653 6,9% 9,3% 10,4 9,5 6,7 6,0 1,3 1,2 13,4 13,6 Unilever UNVR HOLD 4.060 7.500 154.889 7.250 7.548 190 198 190 198 -1,9% 4,1% 21,4 20,5 15,2 14,6 27,4 25,7 132,7 129,4 Kino Indonesia KINO SELL 2.240 2.500 3.200 212 198 148 138 148 138 -59,3% -6,7% 15,1 16,2 11,2 10,2 1,2 1,1 8,0 7,1 Mayora Indah MYOR BUY 2.190 3.100 48.966 2.143 2.102 96 94 84 94 7,8% -1,9% 22,8 23,3 14,5 13,4 4,4 3,9 20,5 17,6 Pharmaceutical 98.434 3.642 3.956 44 48 10,3% 8,6% 27,0 24,9 18,4 16,8 3,5 3,3 13,5 13,7 Sido Muncul SIDO HOLD 800 850 24.000 934 1.029 31 34 30 33 15,6% 10,2% 25,7 23,3 22,5 20,6 7,6 7,4 30,0 32,2 KLBF BUY 1.300 1.900 60.938 2.652 2.828 57 60 57 60 5,8% 6,7% 23,0 21,5 15,0 14,0 3,5 3,2 15,9 15,4 Kimia Farma KAEF SELL 2.430 1.500 13.496 56 99 10 18 10 18 -543,5% 75,7% 239,3 136,2 32,5 25,2 1,8 1,8 0,8 1,3 Heavy Equipment 70.966 6.003 9.229 1.609 2.474 -46,9% 53,7% 11,8 7,7 4,1 3,0 1,2 1,0 10,0 14,3 United Tractors UNTR BUY 19.025 31.000 70.966 6.003 9.229 1.609 2.474 1.922 2.648 -46,9% 53,7% 11,8 7,7 4,1 3,0 1,2 1,0 10,0 14,3 Industrial Estate 12.205 905 1.159 14 19 -49,9% 28,1% 13,5 10,5 9,0 7,0 0,8 0,8 6,1 7,7 Puradelta Lestari DMAS HOLD 180 250 8.676 858 925 18 19 18 19 -35,7% 7,8% 10,1 9,4 8,9 7,3 1,3 1,3 13,2 14,1 Bekasi Fajar BEST BUY 122 200 1.177 145 310 15 32 11 27 -61,8% 114,1% 8,1 3,8 7,0 4,4 0,3 0,2 3,2 6,7 Surya Semesta SSIA BUY 500 800 2.353 -98 -77 -21 -16 -21 -16 -206,6% -22,2% (23,9) (30,7) 11,0 9,8 0,6 0,6 (2,5) (2,0) Media 41.316 3.134 3.974 105 133 -5,7% 26,8% 13,2 10,4 8,0 6,7 2,4 2,1 18,5 21,3 MNCN BUY 850 1.700 12.792 1.951 2.710 130 180 130 180 -13,5% 38,9% 6,6 4,7 4,1 3,1 0,9 0,8 15,1 18,0 SCMA HOLD 1.930 1.950 28.524 1.183 1.264 80 85 79 85 10,6% 6,8% 24,1 22,6 15,8 14,6 9,3 7,1 29,7 35,5 Mining 213.383 9.189 14.993 104 169 -25,6% 63,2% 23,2 14,2 6,9 6,1 1,5 1,4 6,4 10,0 ADRO BUY 1.315 1.800 42.062 3.493 5.368 109 168 190 182 -39,5% 53,7% 12,0 7,8 2,8 2,7 0,7 0,7 6,1 9,0 Timah TINS HOLD 1.485 1.600 11.060 -168 394 -23 53 -39 59 -72,6% -334,9% (65,9) 28,0 17,8 9,3 2,1 2,0 (3,2) 7,4 Vale Indonesia INCO BUY 5.000 6.800 49.682 1.179 2.158 119 217 127 153 44,6% 83,1% 42,2 23,0 12,3 10,9 1,7 1,7 4,2 7,4 Aneka Tambang ANTM BUY 2.290 3.000 55.030 1.283 1.807 53 75 38 49 561,8% 40,8% 42,9 30,5 21,6 18,5 2,9 2,8 6,9 9,3 Bukit Asam PTBA BUY 2.100 3.600 24.193 2.451 3.618 213 314 213 314 -39,6% 47,6% 9,9 6,7 6,7 4,2 1,4 1,2 13,6 19,5 Indo Tambangraya Megah ITMG BUY 16.050 14.500 18.135 554 1.349 490 1.194 1.531 1.483 -70,0% 143,6% 32,7 13,4 4,3 4,1 1,4 1,4 4,3 10,5 Harum Energy HRUM SELL 4.890 2.500 13.221 398 298 147 110 116 126 46,3% -25,0% 33,3 44,3 13,5 12,3 3,0 2,8 9,0 6,5 Petrochemical 259.542 2.229 4.416 20 40 19,0% 98,1% 116,4 58,8 20,0 19,2 5,9 5,8 5,2 10,0 Barito Pacific BRPT HOLD 1.085 1.100 101.716 1.747 2.499 19 27 14 12 13,1% 43,1% 58,2 40,7 13,2 12,3 5,9 5,9 10,2 14,5 Chandra Asri Petrochemical TPIA HOLD 8.850 8.900 157.827 483 1.917 27 107 94 105 46,8% 297,1% 326,9 82,3 34,6 33,4 5,9 5,7 1,8 7,1 Plantation 37.257 2.523 3.629 87 126 284,2% 43,8% 14,8 10,3 5,6 4,9 1,0 1,0 7,1 9,7 Astra Agro Lestari AALI BUY 8.350 17.500 16.071 833 1.329 433 691 518 618 294,6% 59,5% 19,3 12,1 6,1 5,1 0,8 0,8 4,4 6,7 Dharma Satya DSNG BUY 530 900 5.618 477 826 45 78 24 44 165,1% 73,2% 11,8 6,8 3,7 3,2 1,4 1,3 12,5 19,9 Saw it Sumbermas SSMS BUY 825 1.450 7.858 517 690 54 72 62 71 4323,8% 33,5% 15,2 11,4 5,6 5,3 1,8 1,6 12,4 15,1 PP London Sumatra LSIP BUY 1.130 1.850 7.710 696 784 102 115 61 68 174,1% 12,6% 11,1 9,8 7,1 6,2 0,9 0,8 8,0 8,7 Poultry 129.875 4.126 5.211 136 172 -25,5% 26,3% 31,5 24,9 17,2 13,6 3,7 3,4 14,1 14,1 Charoen Pokphand CPIN HOLD 6.575 6.500 107.817 3.067 3.665 187 224 188 224 -15,6% 19,5% 35,2 29,4 20,2 17,3 4,8 4,3 14,1 15,4 Japfa Comfeed JPFA HOLD 1.735 1.700 20.346 1.136 1.419 97 121 38 93 -35,6% 24,9% 17,9 14,3 11,3 8,1 1,9 1,7 10,6 12,6 Malindo Feedmill MAIN BUY 765 1.400 1.713 -77 127 -35 57 -60 35 -156,9% -264,0% (22,1) 13,5 11,7 7,0 0,9 0,8 (3,9) 6,4 Property 73.798 3.354 5.361 27 43 -59,1% 59,8% 22,0 13,8 10,4 8,0 0,9 0,9 4,5 6,5 Alam Sutera ASRI HOLD 159 220 3.124 -23 407 -1 21 20 22 -102,3% -1869,6% (135,8) 7,7 7,3 5,8 0,3 0,3 (0,2) 3,8 Bumi Serpong Damai BSDE BUY 950 1.500 20.113 1.387 2.394 66 113 67 123 -50,3% 72,6% 14,5 8,4 9,0 5,3 0,7 0,6 5,6 7,5 Ciputra Development CTRA BUY 865 1.400 16.055 796 845 43 46 43 46 -31,3% 6,2% 20,2 19,0 11,5 9,8 1,0 0,9 5,1 5,1 Pakuw on Jati PWON HOLD 438 530 21.094 1.047 1.524 22 32 26 33 -61,5% 45,6% 20,2 13,8 10,1 8,2 1,3 1,2 6,8 9,3 Summarecon SMRA BUY 815 1.100 13.413 147 191 9 12 6 11 -71,4% 29,7% 91,2 70,3 15,4 15,3 1,8 1,7 2,0 2,5 Utility 25.575 1.605 2.386 66 98 65,0% 48,7% 15,9 10,7 3,8 3,4 0,6 0,6 4,0 5,8 PGN PGAS BUY 1.055 2.900 25.575 1.605 2.386 66 98 167 163 65,0% 48,7% 15,9 10,7 3,8 3,4 0,6 0,6 4,0 5,8 Retail 47.393 - 971 2.227 -22 51 -124,4% -329,2% (48,8) 21,3 12,7 5,8 3,1 2,7 - 6,1 13,6 Mitra Adi Perkasa MAPI BUY 685 1.050 11.371 -698 619 -42 37 -36 37 -174,8% -188,6% (16,3) 18,4 7,0 3,1 2,2 1,9 (12,3) 11,0 Ramayana RALS BUY 625 1.050 4.435 -200 324 -28 46 -28 43 -130,8% -262,3% (22,2) 13,7 23,8 5,2 1,2 1,1 (5,1) 8,4 Matahari Department Store LPPF SELL 2.330 1.100 6.119 -873 323 -332 123 -232 187 -163,9% -137,0% (7,0) 18,9 9,5 3,1 6,1 4,0 (63,3) 25,5 Ace Hardw are ACES BUY 1.485 1.800 25.468 799 961 47 56 47 60 -22,4% 20,2% 31,9 26,5 23,5 18,6 4,7 4,4 15,9 17,1 Telco 546.943 24.973 33.190 132 176 5,1% 32,9% 21,9 16,5 6,1 5,7 3,6 3,4 16,7 21,1 Telekomunikasi Indonesia TLKM BUY 3.440 4.600 340.774 20.659 24.510 209 247 232 260 10,7% 18,6% 16,5 13,9 5,3 5,0 3,3 3,2 20,3 23,3 Indosat ISAT BUY 6.500 7.000 35.321 -717 1.761 -132 324 -197 -3 145,7% 345,6% (49,3) 20,1 4,3 3,8 2,9 2,9 (5,8) 14,6 XL Axiata EXCL BUY 2.730 3.300 29.278 1.042 1.971 97 184 98 157 180,1% 89,2% 28,1 14,9 3,2 2,9 1,4 1,3 5,1 9,0 Tow er Bersama TBIG HOLD 3.220 1.950 72.956 1.108 1.897 49 84 49 84 35,2% 71,3% 65,9 38,5 21,8 17,5 11,5 9,8 19,6 27,5 Sarana Menara Nusantara TOWR BUY 1.345 1.400 68.615 2.881 3.051 56 60 56 60 23,0% 5,9% 23,8 22,5 15,4 15,4 6,6 6,0 30,1 28,0 Transportation 3.030 1.059 2.026 149 285 108,6% 91,3% 2,9 1,5 11,4 7,0 1,3 1,3 47,6 86,6 Indonesia Kendaraan Terminal IPCC 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 IPCM BUY 360 425 1.903 1.042 1.971 197 373 17 18 180,1% 89,2% 1,8 1,0 10,0 8,9 1,7 1,6 94,0 169,0 Trade 15.376 1.017 1.203 253 300 42,0% 18,3% 15,1 12,8 9,0 7,9 1,7 1,7 11,9 13,3 AKR Corporindo AKRA BUY 3.830 3.700 15.376 1.017 1.203 253 300 253 300 42,0% 18,3% 15,1 12,8 9,0 7,9 1,7 1,7 11,9 13,3

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Tuesday, August 24, 2021

COVERAGE PERFORMANCE

LEADERS

Price as on Code 23-Aug-21 20-Aug-21 Chg, % w-w, % m-m, % YTD, % Rating Matahari Department Store LPPF 2.330 2.120 9,9 10,4 24,9 82,7 SELL Indonesia Kendaraan IPCC 620 575 7,8 (8,1) 7,8 17,0 BUY Terminal Wijaya Karya WIKA 915 850 7,6 3,4 (11,6) (53,9) BUY Japfa Comfeed JPFA 1.735 1.615 7,4 3,9 3,0 18,4 HOLD Summarecon Agung SMRA 815 760 7,2 8,7 2,5 4,5 BUY Waskita Karya WSKT 775 730 6,2 (10,4) (21,3) (46,2) BUY Kimia Farma KAEF 2.430 2.300 5,7 (0,4) (19,0) (42,8) SELL PGAS 1.055 1.000 5,5 2,9 (0,9) (36,3) BUY Pembangunan Perumahan PTPP 865 820 5,5 (1,7) (5,5) (53,6) BUY AKR Corporindo AKRA 3.830 3.640 5,2 3,0 9,4 20,4 BUY Sources: Bloomberg

LAGGARDS

Price as on Code 23-Aug-21 20-Aug-21 Chg, % w-w, % m-m, % YTD, % Rating Chandra Asri Petrochemical TPIA 8.850 8.975 (1,4) (4,3) 1,1 (2,5) HOLD BBNI 5.350 5.425 (1,4) 4,9 5,4 (13,4) BUY Surya Citra Media SCMA 1.930 1.950 (1,0) - (7,2) (15,7) HOLD BTPS BTPS 2.650 2.670 (0,7) 9,5 4,3 (29,3) BUY Bukit Asam PTBA 2.100 2.110 (0,5) (10,3) (5,4) (25,3) BUY Harum Energy HRUM 4.890 4.910 (0,4) (4,6) (15,7) 64,1 SELL Indosat ISAT 6.500 6.525 (0,4) - 9,2 28,7 BUY Unilever UNVR 4.060 4.070 (0,2) (4,5) (15,4) (44,8) HOLD BBCA 32.950 33.000 (0,2) 2,8 9,2 (2,7) HOLD Astra International ASII 5.100 5.100 - 1,5 3,0 (15,4) BUY Sources: Bloomberg

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Tuesday, August 24, 2021

PREVIOUS REPORTS

▪ Banking: Entering new era ▪ Adi Sarana Armada: Solid logistic and transportation ecosystem in growing industry ▪ Charoen Pokphand Indonesia: Surprising feed margin expansion ▪ Mayora Indah: Earnings pressure from higher raw material prices ▪ Covid-19: Weekly Update: Reserving equilibrium ▪ Retail: A Delayed Return to Normalcy ▪ Technology: Oiling the flywheel ▪ Bukalapak.com: Digitalizing Indonesia’s backbone ▪ Indo Tambangraya: Expect a further earnings improvement in 3Q21 ▪ Strategy: 2022 Proposed Budget: Defensive In Nature ▪ Banking: Still waiting clarity ▪ Cement: Mitigating the impact of higher coal prices ▪ Cigarette: 2022: +11.9% yoy growth in excise tax revenue ▪ Construction: 2022 infrastructure budget: lower but still large ▪ Ace Hardware Indonesia: Below 1H21, 2H21 Evidently Arduous ▪ Bank Negara Indonesia: Offering upside potential ▪ Bumi Serpong Damai: Steady revenues with contained opex ▪ Ciputra Development: Higher profits despite higher opex ▪ Indocement Tunggal Prakarsa: Weak monthly sales due to PPKM ▪ Coal Mining: Persistently Strong Coal Prices ▪ Astra International: Maintaining solid market share ▪ PP London Sumatra: Another Impressive Result ▪ Danareksa Research Institute: Trade Outlook July 2021: Trade Surplus Amid the PMI Drop ▪ Covid-19: Weekly Update: Recovery in stages ▪ Waskita Karya: Boosted by assets divestment ▪ Media Nusantara Citra: Decent 1H21, 2H21 Not Too Bleak ▪ United Tractors: The outlook remains bright ▪ Astra International: Set to recovery ▪ Strategy: Moderating Expectations ▪ Covid-19 Weekly Update: Postponed recovery ▪ XL Axiata: Recouped revenues, strong shift to home experience ▪ Ramayana Lestari Sentosa: Decent Turnaround, Challenging Outlook ▪ Chandra Asri Petrochemical: Better-than-expected industry and future strategic alignment ▪ Indocement Tunggal Prakarsa: The transformation programs are bearing fruit ▪ Mitra Adiperkasa: An Arduous 2H21 Ahead ▪ Semen Indonesia: Set for improvements in the second half ▪ Adhi Karya: Weak results from higher non-operating expenses ▪ Harum Energy: Better core earnings - above expectations ▪ Malindo Feedmill Indonesia: Hit by lower feed and DOC margins ▪ Bekasi Fajar Industrial Estate: Recovery yet to be seen ▪ Jasa Marga: Lifted by one-time gains ▪ Kino Indonesia: Still struggling ▪ Kalbe Farma: Riding the health wave ▪ Surya Citra Media: Robust Performance, 2H21 still uncertain ▪ Covid-19: Weekly Update: Emerging signs of recovery ▪ Chandra Asri Petrochemical: The Wait is Over ▪ Astra International : Better quarterly earnings ▪ Bank Mandiri : Growing selectively ▪ HM Sampoerna : Struggling to raise selling prices

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Tuesday, August 24, 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

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Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Tuesday, August 24, 2021

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Danareksa Sekuritas – Equity SNAPSHOT