Equity SNAPSHOT Thursday, August 05, 2021

FROM EQUITY REPORT KEY INDEX KEY INDEX Chg Ytd Vol Chg Ytd Vol Ramayana Lestari Sentosa: Decent Turnaround, Close Close Challenging Outlook (RALS.IJ IDR 620 BUY TP. IDR 850) (%) (%) (US$ m) (%) (%) (US$ m) 1H21 earnings reached IDR147.2bn as the Idul Fitri shopping season Asean - 5 Asean - 5 fell in 2Q21 this year, still below our forecast but in-line with Indonesia 6.159 0,5 3,0 913 Indonesia 6,134 0.1 (1.0) 318 consensus estimates as the 2Q21 sales were half of the 2Q19 sales. Thailand 1.546 0,3 6,7 2.022 Thailand 1,568 (0.1) 0.2 1,454 The 1H21 GPM jumped to 44.5% as net consignments surged 40% Philippines 6.585 0,4 (7,8) 90 Philippines 7,855 (0.3) 5.2 87 yoy while opex was -1.9% yoy. Emergency PPKM will hit RALS’ Malaysia 1.491 (0,6) (8,4) 643 Malaysia 1,562 (0.5) (7.6) 338 customers as economic activities ground to a halt at the end of Jun Singapore 3.183 1,1 11,9 1.117 Singapore 3,173 (0.5) 3.4 908 to Aug 9, causing 34 temporary store closures while traffic will also Regional Regional tumble in the opened stores. Against this background, we revise our China 3.477 0,8 0,1 125.831 China 2,885 0.3 15.7 28,889 earnings estimates by -46.6% in 21F and -23.9% in 22F factoring in Hong Kong 26.427 0,9 (3,0) 21.697 Hong Kong 26,391 (0.2) 2.1 9,093 the anemic purchasing power. Maintain BUY with a TP of IDR850 (- Japan 27.584 (0,2) 0,5 14.454 Japan 23,380 (0.6) 16.8 10,278 IDR150). Korea 3.287 0,2 14,4 10.908 Korea 2,068 (0.8) 1.3 3,790 To see the full version of this report, please click here Taiwan 17.624 0,4 19,6 13.536 Taiwan 11,532 0.2 18.5 3,534 India 54.370 1,0 13,9 851 India 40,675 (0.3) 12.8 495 MARKET NEWS Nasdaq 14.781 0,1 14,7 249.192 Nasdaq 8,521 (0.6) 28.4 116,797 Dow Jones 34.793 (0,9) 13,7 12.070 Dow Jones 27,503 (1.0) 17.9 11,490

SECTOR ▪ Coal Mining: Indonesia coal reference price (HBA) of CURRENCY AND INTEREST RATE CURRENCY AND INTEREST RATE USD130.99/ton for Aug 21. w-w m-m ytd w-w m-m ytd Rate Rate CORPORATE (%) (%) (%) (%) (%) (%) ▪ Mitratel further strenghtening its tower portfolio Rupiah Rp/1US$ 14.313 1,2 1,1 (1,9) Rupiah Rp/1US$ 14,115 (0.2) (0.7) 1.9 BI7DRRR % 3,50 - - (0,3) BI7DRRR % 5.00 - (0.3) (1.0) 10y Gov Indo bond 6,25 (0,1) (0,3) 0,4 10y Gov Indo bond 7.16 0.1 0.2 (0.9)

PREVIOUS REPORTS HARD COMMODITY HARD COMMODITY ▪ Chandra Asri Petrochemical: Better-than-expected industry d-d m-m ytd d-d m-m ytd Unit Price Unit Price and future strategic alignment (%) (%) (%) (%) (%) (%) ▪ Indocement Tunggal Prakarsa: The transformation programs Coal US$/ton 154 1,1 10,9 91,8 Coal US$/ton 67 (0.3) 0.2 (34.0) are bearing fruit Gold US$/toz 1.811 (0,0) 1,1 (4,6) Gold US$/toz 1,478 (0.0) (2.1) 15.2 ▪ Mitra Adiperkasa: An Arduous 2H21 Ahead Nickel US$/mt.ton 19.235 (0,8) 4,8 16,2 Nickel US$/mt.ton 13,315 (2.5) (20.7) 25.6 ▪ Semen Indonesia: Set for improvements in the second half Tin US$/mt.ton 35.940 (0,3) 9,5 74,9 Tin US$/mt.ton 16,771 1.5 1.7 (14.1)

▪ Adhi Karya: Weak results from higher non-operating SOFT COMMODITY SOFT COMMODITY expenses d-d m-m ytd d-d m-m ytd Unit Price Unit Price ▪ Harum Energy: Better core earnings - above expectations (%) (%) (%) (%) (%) (%) ▪ Malindo Feedmill Indonesia: Hit by lower feed and DOC Cocoa US$/mt.ton 246 (2,3) (11,3) 32,9 Cocoa US$/mt.ton 2,476 (1.0) 1.3 4.7 margins Corn US$/mt.ton 68 0,0 (9,3) 40,5 Corn US$/mt.ton 141 1.7 (2.5) 5.6 ▪ Bekasi Fajar Industrial Estate: Recovery yet to be seen Oil (WTI) US$/barrel 70 (0,0) (8,8) 35,8 Oil (WTI) US$/barrel 56 0.6 (0.2) 24.3 ▪ Jasa Marga: Lifted by one-time gains Oil (Brent) US$/barrel 4.449 (0,5) 12,9 17,4 Oil (Brent) US$/barrel 61 (0.2) (1.4) 13.0 ▪ Kino Indonesia: Still struggling Palm oil MYR/mt.ton 170 (0,2) 5,3 12,8 Palm oil MYR/mt.ton 2,632 (1.3) 11.4 34.8 ▪ Kalbe Farma: Riding the health wave Rubber USd/kg 1.205 N/A 2,8 20,5 Rubber USd/kg 142 0.9 6.9 13.6 ▪ Surya Citra Media: Robust Performance, 2H21 still uncertain Pulp US$/tonne 447 (0,5) (0,7) 6,3 Pulp US$/tonne 1,205 N/A 2.8 20.5 ▪ Covid-19: Weekly Update: Emerging signs of recovery Coffee US$/60kgbag 195 (0,3) 9,5 13,4 Coffee US$/60kgbag 72 0.3 7.9 3.5 ▪ Chandra Asri Petrochemical: The Wait is Over Sugar US$/MT 63 (0,8) (6,1) 44,9 Sugar US$/MT 345 0.7 1.3 3.6 ▪ Astra International : Better quarterly earnings Wheat US$/ton 1.404 - (3,3) 6,7 Wheat US$/ton 143 (1.9) 0.7 (5.1) Soy Oil US$/lb 246 (2,3) (11,3) 32,9 Soy Oil US$/lb 30 0.1 (3.4) 8.9 SoyBean US$/by 68 0,0 (9,3) 40,5 Soy Bean US$/by 871 0.1 (5.8) (1.3)

Source: Bloomberg Source: Bloomberg

Danareksa Sekuritas – Equity SNAPSHOT

Equity Research

Company Update

Wednesday,04 August 2021 BUY Ramayana Lestari Sentosa(RALS IJ) Maintained Decent Turnaround, Challenging Outlook

Last price (IDR) 620 1H21 earnings reached IDR147.2bn as the Idul Fitri shopping season fell in Target Price (IDR) 850 2Q21 this year, still below our forecast but in-line with consensus estimates Upside/Downside 37.1% as the 2Q21 sales were half of the 2Q19 sales. The 1H21 GPM jumped to 44.5% Previous Target Price (IDR) 1,000 as net consignments surged 40% yoy while opex was -1.9% yoy. Emergency PPKM will hit RALS’ customers as economic activities ground to a halt at the Stock Statistics end of Jun to Aug 9, causing 34 temporary store closures while traffic will also Sector Retail tumble in the opened stores. Against this background, we revise our earnings Bloomberg Ticker RALS IJ estimates by -46.6% in 21F and -23.9% in 22F factoring in the anemic No of Shrs (mn) 7,096 purchasing power. Maintain BUY with a TP of IDR850 (-IDR150). Mkt. Cap (IDRbn/USDmn) 4,506/311 Below our initially expected rapid recovery. With the crucial 2Q21 sales of Avg. daily T/O (IDRbn/USDmn) 20.0/1.4 IDR1.2tn (+119.8% yoy and 149.7% qoq), the 1H21 sales of IDR 1.7tn (+16.5%

Major shareholders (%) yoy) are below our forecast and the consensus. The 2Q21 sales were still half the 2Q19 sales reflecting weak purchasing power in the mid-low income PT Ramayana Makmursentosa 55.9 segment during the pandemic. The GPM jumped 2.8 p.p yoy in 1H21 to 44.5% Paulus Tumewu 3.7 mainly driven by a +40% yoy increase in net consignments, yet still 44.7% below Estimated free float 37.1 the 2Q19 pre pandemic period. Opex was slightly down by -1.9% in 1H21 despite a 32.6% yoy increase in 2Q21 as Idul Fitri period sales were better than EPS Consensus (IDR) in the gloomy 2Q20. This culminated in IDR147.2bn of net income in 1H21, 2021F 2022F 2023F below our initial estimate but in line with the consensus. Danareksa 24.4 49.0 72.0 Consensus 33.2 51.9 59.7 An anaemic 2H21 is to be expected. Against the backdrop of the Delta Covid- 19 variant leading to a surge in new Covid-19 cases forcing the government to Danareksa/Cons (26.6) (5.6) 20.6 impose stricter PPKM since late Jun21 to 9 August 2021. The latest trend shows RALS relative to JCI Index fewer cases and with vaccination efforts being ramped up, traffic might gradually recover starting in the 3rd week of August. Nevertheless, especially for RALS, 2H21 will be slow, as the mid-low segment has suffered some disposable income losses for almost 2 months. Some negative impact too will be carried over to 2022, thus requiring a downward revision to earnings.

Earnings estimates cut by -46.6% (21F) and -23.9% (22F). As we factor in net store closures, the challenging 2H21 and a slower 2022F. Sales are -17.7% and -16.6% for 2021F and 2022F, respectively, vs our previous figures. The result is forecast net income of IDR173.0bn (-46.6% vs our prev estimate) in 2021F and IDR347.8bn (-23.9% vs our prev estimate) in 2022F to be more conservative.

Maintain BUY with a TP of IDR850 as we roll over our earnings to 2022F and apply lower estimates now at an average of 16.8x from previously 21.4x Source : Bloomberg (+1STD). The current valuation indicates a 12.7x 22F PE, near -1STD normal year multiple, quite reasonable, in our view.

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

Revenue (IDRbn) 5,596 2,528 3,147 3,581 3,823

EBITDA (IDRbn) 873 421 701 828 893

EBITDA Growth (%) (2.3) (51.8) 66.6 18.2 7.9 Net profit (IDRbn) 648 (139) 173 348 511 EPS (IDR) 91.3 (19.6) 24.4 49.0 72.0 x Andreas Kenny EPS growth (%) 10.3 (121.4) (224.6) 101.0 46.8 BVPS (IDR) 587.5 524.1 500.9 535.3 558.3 (62-21) 5091 4100 ext.3509 DPS (IDR) 47.5 47.5 47.5 14.6 49.0 [email protected] PER (x) 6.8 n/m 25.4 12.7 8.6

PBV (x) 1.1 1.2 1.2 1.2 1.1 Dividend yield (%) 7.7 7.7 7.7 2.4 7.9 EV/EBITDA (x) 2.5 6.8 5.5 4.4 4.0 www.danareksa.com Source : RALS, Danareksa EstimatesSee important disclosure at the back of this report 1

Equity SNAPSHOT Thursday, August 05, 2021

MARKET NEWS

SECTOR Coal Mining: Indonesia coal reference price (HBA) of USD130.99/ton for Aug 21.

Ministry of Energy and Mineral Resources (MEMR) set Indonesia coal reference price of USD130.99/ton (+13.6% mom) for Aug 21, the highest in the past one decade. Strong coal prices were due to unfavourable weather condition in China disrupted the coal supply and transportation in the country and strong coal demand in China, Japan and South Korea. (Source: Investor Daily)

CORPORATE Mitratel further strenghtening its tower portfolio

Telkom (TLKM) officially transferred its 798 telecommunication towers to its subsidiary PT Dayamitra Telekomunikasi (Mitratel). The transfer of assets (using the inbreng methodology) was carried out to strengthen Mitratel’s position in the tower business.to become a strong player and dominate the tower industry. After this asset transfer, Mitratel now owns 24,000 telecommunication towers, and maintaining the largest tower portfolio in Indonesia. Previously, Erick said that Telkom’s subsidiary which is engaged in data center and telecommunications tower providers is being prepared to go public. Telkom President Director said that market conditions were also a concern for the company before releasing its subsidiary on the stock market. The target is to complete the end of the third quarter of 2021.

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 3.651.154 169.959 225.307 132 175 -27,5% 32,6% 21,5 16,2 12,3 10,7 2,2 2,0 10,2 12,9 Auto 198.369 16.164 17.169 399 424 -25,5% 6,2% 12,3 11,6 8,0 6,8 1,3 1,2 10,7 10,9 Astra International ASII BUY 4.900 7.500 198.369 16.164 17.169 399 424 266 368 -25,5% 6,2% 12,3 11,6 8,0 6,8 1,3 1,2 10,7 10,9 Banks 1.186.997 53.429 66.496 407 506 -30,6% 24,5% 22,2 17,9 2,2 2,0 9,5 11,7 BCA BBCA HOLD 30.600 34.000 754.443 27.131 29.901 1.100 1.213 1.100 1.213 -5,0% 10,2% 27,8 25,2 N/A N/A 4,1 3,8 15,1 15,6 BNI BBNI BUY 5.050 8.000 94.176 3.280 7.083 176 380 176 380 -78,7% 115,9% 28,7 13,3 N/A N/A 0,9 0,8 2,8 6,3 Bank Tabungan Negara BBTN BUY 1.340 2.200 14.191 1.602 1.826 151 172 151 172 666,5% 14,0% 8,9 7,8 N/A N/A 0,7 0,7 7,5 9,0 Bank Mandiri BMRI BUY 5.825 8.000 271.833 17.119 21.964 367 471 367 471 -37,7% 28,3% 15,9 12,4 N/A N/A 1,4 1,4 8,7 11,4 BTPN BTPN HOLD 2.800 3.200 22.817 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 2.460 4.200 18.951 855 1.456 111 189 111 189 -38,9% 70,3% 22,2 13,0 N/A N/A 3,2 2,7 15,2 22,8 BPD Jatim BJTM HOLD 705 850 10.586 1.489 1.271 99 85 99 85 8,1% -14,6% 7,1 8,3 N/A N/A 1,1 1,0 15,5 12,3 Cement 86.934 4.740 5.576 493 580 2,4% 17,6% 18,3 15,6 9,0 7,9 1,5 1,5 8,4 9,7 Indocement INTP BUY 10.000 18.100 36.812 1.487 1.727 404 469 404 469 -19,0% 16,1% 24,8 21,3 16,1 14,3 1,6 1,6 6,5 7,6 Semen Indonesia SMGR BUY 8.450 15.700 50.121 3.253 3.849 548 649 357 397 16,5% 18,3% 15,4 13,0 6,6 5,8 1,5 1,4 9,8 11,0 Cigarettes 185.681 17.150 16.375 145 138 -30,3% -4,5% 10,8 11,3 6,5 6,8 2,1 2,0 19,4 17,8 Gudang Garam GGRM HOLD 32.725 42.100 62.966 7.632 7.867 3.967 4.089 4.260 4.057 -29,9% 3,1% 8,3 8,0 4,7 4,7 1,1 1,0 13,9 12,9 HM Sampoerna HMSP SELL 1.055 1.100 122.716 9.518 8.508 82 73 82 73 -30,6% -10,6% 12,9 14,4 8,4 9,2 3,9 4,0 28,4 27,6 Construction 61.660 - 5.127 4.067 -69 54 -161,5% -179,3% (12,0) 15,2 21,62 10,77 0,8 0,7 - 6,3 5,0 Wijaya Karya WIKA BUY 945 2.700 8.477 146 788 16 88 16 88 -93,6% 438,3% 57,9 10,8 15,9 6,3 0,5 0,5 0,9 4,8 Pembangunan Perumahan PTPP BUY 875 2.500 5.425 74 439 12 71 36 74 -92,1% 493,4% 73,4 12,4 10,5 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 885 2.000 12.013 -4.141 489 -305 36 -314 25 -541,4% -111,8% (2,9) 24,6 363,3 17,5 0,9 0,8 (26,2) 3,5 Waskita Beton WSBP BUY 131 370 3.453 -1.574 353 -60 13 -34 13 -295,2% -122,4% (2,2) 9,8 - 40,3 8,0 0,6 0,6 (23,4) 6,4 Wika Beton WTON BUY 238 610 2.074 87 322 10 37 10 37 -83,0% 270,5% 23,9 6,4 7,8 4,9 0,6 0,6 2,5 9,1 Jasa Marga JSMR BUY 3.820 5.900 27.725 244 1.254 34 173 83 228 -88,9% 413,8% 113,6 22,1 14,1 11,7 1,5 1,4 1,3 6,4 Consumer 368.176 20.816 22.664 253 275 4,9% 8,9% 17,7 16,2 12,0 10,8 4,1 3,8 24,6 24,4 Indofood CBP ICBP BUY 8.175 13.000 95.336 5.962 7.081 511 607 557 607 18,3% 18,8% 16,0 13,5 15,2 12,2 3,3 3,0 22,2 23,4 Indofood INDF BUY 6.175 8.100 54.219 5.249 5.735 598 653 696 653 6,9% 9,3% 10,3 9,5 6,7 6,0 1,3 1,2 13,4 13,6 Unilever UNVR HOLD 4.330 7.500 165.190 7.250 7.548 190 198 190 198 -1,9% 4,1% 22,8 21,9 16,2 15,6 29,3 27,4 132,7 129,4 Kino Indonesia KINO SELL 2.500 2.500 3.571 212 198 148 138 148 138 -59,3% -6,7% 16,9 18,1 12,2 11,0 1,3 1,2 8,0 7,1 Mayora Indah MYOR BUY 2.230 3.100 49.860 2.143 2.102 96 94 84 94 7,8% -1,9% 23,3 23,7 14,8 13,7 4,4 3,9 20,5 17,6 Pharmaceutical 99.985 3.642 3.956 44 48 10,3% 8,6% 27,5 25,3 18,7 17,0 3,6 3,3 13,5 13,7 Sido Muncul SIDO HOLD 805 850 24.150 934 1.029 31 34 30 33 15,6% 10,2% 25,9 23,5 22,6 20,8 7,7 7,4 30,0 32,2 Kalbe Farma KLBF BUY 1.305 1.900 61.172 2.652 2.828 57 60 57 60 5,8% 6,7% 23,1 21,6 15,1 14,0 3,5 3,2 15,9 15,4 Kimia Farma KAEF SELL 2.640 1.500 14.663 56 99 10 18 10 18 -543,5% 75,7% 259,9 148,0 34,3 26,6 2,0 2,0 0,8 1,3 Heavy Equipment 70.593 6.003 9.229 1.609 2.474 -46,9% 53,7% 11,8 7,6 4,1 3,0 1,1 1,0 10,0 14,3 United Tractors UNTR BUY 18.925 31.000 70.593 6.003 9.229 1.609 2.474 1.922 2.648 -46,9% 53,7% 11,8 7,6 4,1 3,0 1,1 1,0 10,0 14,3 Industrial Estate 12.907 905 1.159 14 19 -49,9% 28,1% 14,3 11,1 9,5 7,4 0,9 0,9 6,1 7,7 Puradelta Lestari DMAS HOLD 192 250 9.254 858 925 18 19 18 19 -35,7% 7,8% 10,8 10,0 9,6 7,9 1,4 1,4 13,2 14,1 Bekasi Fajar BEST BUY 125 200 1.206 145 310 15 32 11 27 -61,8% 114,1% 8,3 3,9 7,1 4,4 0,3 0,3 3,2 6,7 Surya Semesta SSIA BUY 520 800 2.447 -98 -77 -21 -16 -21 -16 -206,6% -22,2% (24,9) (32,0) 11,2 10,1 0,6 0,6 (2,5) (2,0) Media 44.634 3.134 3.974 105 133 -5,7% 26,8% 14,2 11,2 8,7 7,3 2,6 2,2 18,5 21,3 Media Nusantara Citra MNCN BUY 825 1.700 12.416 1.951 2.710 130 180 130 180 -13,5% 38,9% 6,4 4,6 4,0 3,0 0,9 0,8 15,1 18,0 Surya Citra Media SCMA HOLD 2.180 1.950 32.218 1.183 1.264 80 85 79 85 10,6% 6,8% 27,2 25,5 17,9 16,5 10,5 8,0 29,7 35,5 Mining 223.135 9.189 14.993 104 169 -25,6% 63,2% 24,3 14,9 7,2 6,4 1,5 1,5 6,4 10,0 Adaro Energy ADRO BUY 1.360 1.800 43.501 3.493 5.368 109 168 190 182 -39,5% 53,7% 12,5 8,1 2,9 2,8 0,7 0,7 6,1 9,0 Timah TINS HOLD 1.585 1.600 11.805 -168 394 -23 53 -39 59 -72,6% -334,9% (70,3) 29,9 18,6 9,7 2,3 2,1 (3,2) 7,4 Vale Indonesia INCO BUY 5.125 6.800 50.924 1.179 2.158 119 217 127 153 44,6% 83,1% 43,2 23,6 12,6 11,2 1,8 1,7 4,2 7,4 Aneka Tambang ANTM BUY 2.420 3.000 58.154 1.283 1.807 53 75 38 49 561,8% 40,8% 45,3 32,2 22,7 19,5 3,1 2,9 6,9 9,3 Bukit Asam PTBA BUY 2.260 3.600 26.037 2.451 3.618 213 314 213 314 -39,6% 47,6% 10,6 7,2 7,2 4,5 1,5 1,3 13,6 19,5 Indo Tambangraya Megah ITMG BUY 16.750 14.500 18.926 554 1.349 490 1.194 1.531 1.483 -70,0% 143,6% 34,2 14,0 4,5 4,4 1,5 1,5 4,3 10,5 Harum Energy HRUM SELL 5.100 2.500 13.788 398 298 147 110 116 126 46,3% -25,0% 34,7 46,2 14,3 13,1 3,1 3,0 9,0 6,5 Petrochemical 265.578 2.229 4.416 20 40 19,0% 98,1% 119,1 60,1 20,5 19,6 6,1 5,9 5,2 10,0 Barito Pacific BRPT HOLD 1.040 1.100 97.497 1.747 2.499 19 27 14 12 13,1% 43,1% 55,8 39,0 12,8 11,9 5,7 5,6 10,2 14,5 Chandra Asri Petrochemical TPIA HOLD 9.425 8.900 168.081 483 1.917 27 107 94 105 46,8% 297,1% 348,1 87,7 36,9 35,4 6,3 6,1 1,8 7,1 Plantation 36.955 2.523 3.629 87 126 284,2% 43,8% 14,6 10,2 5,6 4,8 1,0 1,0 7,1 9,7 Astra Agro Lestari AALI BUY 8.175 17.500 15.734 833 1.329 433 691 518 618 294,6% 59,5% 18,9 11,8 6,0 5,1 0,8 0,8 4,4 6,7 Dharma Satya DSNG BUY 525 900 5.565 477 826 45 78 24 44 165,1% 73,2% 11,7 6,7 3,7 3,2 1,4 1,3 12,5 19,9 Saw it Sumbermas SSMS BUY 845 1.450 8.049 517 690 54 72 62 71 4323,8% 33,5% 15,6 11,7 5,7 5,4 1,9 1,6 12,4 15,1 PP London Sumatra LSIP BUY 1.115 1.850 7.607 696 784 102 115 61 68 174,1% 12,6% 10,9 9,7 7,0 6,1 0,9 0,8 8,0 8,7 Poultry 126.377 4.126 5.211 136 172 -25,5% 26,3% 30,6 24,3 16,8 13,3 3,6 3,3 14,1 14,1 Charoen Pokphand CPIN HOLD 6.400 6.500 104.947 3.067 3.665 187 224 188 224 -15,6% 19,5% 34,2 28,6 19,7 16,9 4,6 4,2 14,1 15,4 Japfa Comfeed JPFA HOLD 1.690 1.700 19.818 1.136 1.419 97 121 38 93 -35,6% 24,9% 17,4 14,0 11,1 8,0 1,8 1,7 10,6 12,6 Malindo Feedmill MAIN BUY 720 1.400 1.612 -77 127 -35 57 -60 35 -156,9% -264,0% (20,8) 12,7 11,3 6,8 0,8 0,8 (3,9) 6,4 Property 72.497 3.354 5.361 27 43 -59,1% 59,8% 21,6 13,5 10,3 7,9 0,9 0,8 4,5 6,5 Alam Sutera ASRI HOLD 161 220 3.164 -23 407 -1 21 20 22 -102,3% -1869,6% (137,5) 7,8 7,3 5,9 0,3 0,3 (0,2) 3,8 Bumi Serpong Damai BSDE BUY 935 1.500 19.795 1.387 2.394 66 113 67 123 -50,3% 72,6% 14,3 8,3 8,9 5,2 0,6 0,6 5,6 7,5 Ciputra Development CTRA BUY 875 1.400 16.240 796 845 43 46 43 46 -31,3% 6,2% 20,4 19,2 11,6 9,9 1,0 1,0 5,1 5,1 Pakuw on Jati PWON HOLD 430 530 20.709 1.047 1.524 22 32 26 33 -61,5% 45,6% 19,8 13,6 10,0 8,0 1,3 1,2 6,8 9,3 Summarecon SMRA BUY 765 1.100 12.590 147 191 9 12 6 11 -71,4% 29,7% 85,6 66,0 14,8 14,8 1,7 1,6 2,0 2,5 Utility 24.848 1.605 2.386 66 98 65,0% 48,7% 15,5 10,4 3,7 3,3 0,6 0,6 4,0 5,8 PGN PGAS BUY 1.025 2.900 24.848 1.605 2.386 66 98 167 163 65,0% 48,7% 15,5 10,4 3,7 3,3 0,6 0,6 4,0 5,8 Retail 44.395 - 971 2.227 -22 51 -124,4% -329,2% (45,7) 19,9 11,9 5,5 2,9 2,5 - 6,1 13,6 Mitra Adi Perkasa MAPI BUY 695 1.050 11.537 -698 619 -42 37 -36 37 -174,8% -188,6% (16,5) 18,6 7,1 3,1 2,2 1,9 (12,3) 11,0 Ramayana RALS BUY 645 1.050 4.577 -200 324 -28 46 -28 43 -130,8% -262,3% (22,9) 14,1 24,9 5,4 1,3 1,1 (5,1) 8,4 Matahari Department Store LPPF SELL 1.855 1.100 4.872 -873 323 -332 123 -232 187 -163,9% -137,0% (5,6) 15,1 7,3 2,4 4,8 3,2 (63,3) 25,5 Ace Hardw are ACES BUY 1.365 1.800 23.410 799 961 47 56 47 60 -22,4% 20,2% 29,3 24,4 21,4 17,0 4,3 4,0 15,9 17,1 Telco 538.071 24.973 33.190 132 176 5,1% 32,9% 21,5 16,2 6,0 5,6 3,5 3,4 16,7 21,1 Telekomunikasi Indonesia TLKM 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 ISAT BUY 5.975 7.000 32.468 -717 1.761 -132 324 -197 -3 145,7% 345,6% (45,3) 18,4 4,0 3,6 2,7 2,7 (5,8) 14,6 XL Axiata EXCL BUY 2.670 3.300 28.635 1.042 1.971 97 184 98 157 180,1% 89,2% 27,5 14,5 3,2 2,9 1,3 1,3 5,1 9,0 Tow er Bersama TBIG HOLD 3.210 1.950 72.729 1.108 1.897 49 84 49 84 35,2% 71,3% 65,7 38,3 21,7 17,5 11,5 9,8 19,6 27,5 Sarana Menara Nusantara TOWR BUY 1.380 1.400 70.400 2.881 3.051 56 60 56 60 23,0% 5,9% 24,4 23,1 15,7 15,7 6,8 6,2 30,1 28,0 Transportation 3.361 1.059 2.026 149 285 108,6% 91,3% 3,2 1,7 13,3 8,2 1,5 1,4 47,6 86,6 Indonesia Kendaraan Terminal IPCC BUY 680 600 1.237 17 55 9 30 9 30 -87,4% 224,6% 72,6 22,4 18,1 5,7 1,1 1,0 1,5 4,7 Jasa Armada Indonesia IPCM BUY 402 425 2.124 1.042 1.971 197 373 17 18 180,1% 89,2% 2,0 1,1 11,7 10,4 1,9 1,8 94,0 169,0 Trade 14.252 1.017 1.203 253 300 42,0% 18,3% 14,0 11,8 8,3 7,3 1,6 1,5 11,9 13,3 AKR Corporindo AKRA BUY 3.550 3.700 14.252 1.017 1.203 253 300 253 300 42,0% 18,3% 14,0 11,8 8,3 7,3 1,6 1,5 11,9 13,3

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Thursday, August 05, 2021

COVERAGE PERFORMANCE

LEADERS

Price as on Code 04-Aug-21 03-Aug-21 Chg, % w-w, % m-m, % YTD, % Rating BTPS BTPS 2.460 2.220 10,8 7,0 (9,2) (34,4) BUY Indonesia Kendaraan IPCC 680 615 10,6 15,3 24,8 28,3 BUY Terminal Japfa Comfeed JPFA 1.690 1.600 5,6 4,3 (1,5) 15,4 HOLD Ramayana RALS 645 620 4,0 2,4 (5,8) (16,8) BUY Mitra Adi Perkasa MAPI 695 670 3,7 5,3 6,9 (12,0) BUY Ace Hardware ACES 1.365 1.325 3,0 5,8 (3,9) (20,4) BUY Malindo Feedmill MAIN 720 700 2,9 0,7 - (2,7) BUY Bank Rakyat Indonesia BBRI 3.850 3.750 2,7 3,2 (1,3) (7,7) NON RATED Bank Negara Indonesia BBNI 5.050 4.950 2,0 1,8 7,0 (18,2) BUY Surya Semesta SSIA 520 510 2,0 4,8 20,9 (9,6) BUY Sources: Bloomberg

LAGGARDS

Price as on Code 04-Aug-21 03-Aug-21 Chg, % w-w, % m-m, % YTD, % Rating Harum Energy HRUM 5.100 5.400 (5,6) (10,9) 1,0 71,1 SELL Timah TINS 1.585 1.655 (4,2) - 9,3 6,7 HOLD Adhi Karya ADHI 700 720 (2,8) (0,7) (4,1) (54,4) BUY Matahari Department Store LPPF 1.855 1.900 (2,4) 5,1 (22,1) 45,5 SELL Kino Indonesia KINO 2.500 2.560 (2,3) - 2,0 (8,1) SELL Pembangunan Perumahan PTPP 875 895 (2,2) 2,9 (1,7) (53,1) BUY Waskita Karya WSKT 885 905 (2,2) (2,2) 4,7 (38,5) BUY Aneka Tambang ANTM 2.420 2.470 (2,0) (4,0) 8,0 25,1 BUY Jasa Marga JSMR 3.820 3.890 (1,8) (0,5) 12,4 (17,5) BUY Sarana Menara Nusantara TOWR 1.380 1.405 (1,8) (9,5) 7,0 43,8 BUY Sources: Bloomberg

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Thursday, August 05, 2021

PREVIOUS REPORTS

▪ 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 ▪ Puradelta Lestari: No recognition of industrial land but larger land bank ▪ United Tractors : Solid earnings ▪ Japfa Comfeed Indonesia : Margins squeezed by high raw material prices ▪ Astra Agro Lestari : Starting to Deliver ▪ Indosat Ooredoo: Operational momentum and Milestone moment ▪ Bank Tabungan Negara: Creating more sustainable housing ecosystem ▪ BPD Jatim: More upside from current price ▪ Vale Indonesia: 1H21: Better earnings ▪ BTPN Syariah: Earnings trimmed due to higher credit costs ▪ SIDO MUNCUL: In good health ▪ United Tractors: Bright outlook on strong coal prices ▪ Unilever Indonesia: Reality bites ▪ Covid-19: Weekly Update: Heading to recovery ▪ Bank Central Asia: Limited potential ▪ HM Sampoerna: Recovery underway ▪ Waskita Karya: Delivering on divestment ▪ Covid-19: Weekly Update: Still an emergency ▪ Poultry: Still solid amid turbulence ▪ Charoen Pokphand Indonesia: Continuing strong operational capabilities ▪ Indocement Tunggal Prakarsa: Strong monthly sales ▪ Japfa Comfeed Indonesia: Driven by the breeding farm business ▪ Malindo Feedmill Indonesia: Attractive valuation amid weak broiler prices ▪ Ace Hardware Indonesia: Jun21 Compression to Continue Further ▪ Astra International: Higher car sales in Jun 21 ▪ Danareksa Research Institute: Trade Outlook June 2021: Trade Surplus to persist ▪ Metal Mining: Nickel: Solid Fundamentals ▪ Poultry: Higher oversupply but lower in percentage terms ▪ Bank Negara Indonesia: Building stronger foundations ▪ Covid-19: Weekly Update: Facing an emergency ▪ Construction: Capital injection in sight ▪ Danareksa Research Institute: June 2021 Consumer Confidence: Continuing to improve ▪ Waskita Beton Precast: Eyeing receivables payments ▪ Surya Semesta Internusa: High inquires but longer time to make sales

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Thursday, August 05, 2021

PT BRI Danareksa Sekuritas

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

Equity Research Team

Helmy Kristanto Stefanus Darmagiri Natalia Sutanto

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

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

Maria Renata Eka Savitri Niko Margaronis

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

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

Muhammad Naufal Yunas Kharim Syamsuddin

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Wisnu Budhiargo Adeline Solaiman Thalia Kadharusman

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Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Thursday, August 05, 2021

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Danareksa Sekuritas – Equity SNAPSHOT