Equity SNAPSHOT Wednesday, April 28, 2021

FROM EQUITY REPORT KEY INDEX KEY INDEX Chg Ytd Vol Chg Ytd Vol Poultry: Pressure on livebird price after Lebaran (NEUTRAL) Close Close The gap between the third and the fourth culling programs of 2021 (%) (%) (US$ m) (%) (%) (US$ m) will pull livebird prices down during 14-26 May 2021 (2 weeks after Asean - 5 Asean - 5 Lebaran). As livebird prices are highly correlated to the share price 5,960 (0.1) (0.3) 607 Indonesia 6,134 0.1 (1.0) 318 and profitability, we foresee negative sentiment on the sector. Thailand 1,559 (0.0) 7.6 3,123 Thailand 1,568 (0.1) 0.2 1,454 To see the full version of this report, please click here Philippines 6,356 (0.5) (11.0) 88 Philippines 7,855 (0.3) 5.2 87 Malaysia 1,607 (1.0) (1.3) 1,364 Malaysia 1,562 (0.5) (7.6) 338 : Banking on digital growth Singapore 3,214 0.3 13.0 919 Singapore 3,173 (0.5) 3.4 908 (BMRI IJ. IDR 6,050 BUY TP. IDR 8,000) Regional Regional We reiterate our BUY call on BMRI with unchanged GGM-derived TP China 3,443 0.0 (0.9) 80,457 China 2,885 0.3 15.7 28,889 of IDR8,000 (implying 1.9x 2021F PBV) post the release of the 1Q21 Hong Kong 28,942 (0.0) 6.3 18,741 Hong Kong 26,391 (0.2) 2.1 9,093 set of results that came inline with our forecast. Assets quality will Japan 28,992 (0.5) 5.6 12,615 Japan 23,380 (0.6) 16.8 10,278 gradually improve as 66% of its restructured loans are in the low- Korea 3,215 (0.1) 11.9 14,187 Korea 2,068 (0.8) 1.3 3,790 risk category. We expect a 2.8% gross NPLs ratio by December Taiwan 17,596 0.1 19.4 17,876 Taiwan 11,532 0.2 18.5 3,534 2021F. In addition, BMRI will also launch its digital super apps in India 48,944 1.2 2.5 501 India 40,675 (0.3) 12.8 495 4Q21 leveraging its 25mn deposits customer accounts. By doing so, Nasdaq 14,090 (0.3) 9.3 215,731 Nasdaq 8,521 (0.6) 28.4 116,797 BMRI hopes to have more sticky retail CASA deposits and sustainable Dow Jones 33,985 0.0 11.0 13,190 Dow Jones 27,503 (1.0) 17.9 11,490

fee-income. CURRENCY AND INTEREST RATE CURRENCY AND INTEREST RATE To see the full version of this report, please click here w-w m-m ytd w-w m-m ytd Rate Rate XL Axiata: Solid 1Q21 earnings and set for revenue (%) (%) (%) (%) (%) (%) recovery (EXCL IJ. IDR 2,030 BUY TP. IDR 3,300) Rupiah Rp/1US$ 14,485 0.1 (0.3) (3.1) Rupiah Rp/1US$ 14,115 (0.2) (0.7) 1.9 XL revenue was further pressured in 1Q21, but EBITDA and financial BI7DRRR % 3.50 - - (0.3) BI7DRRR % 5.00 - (0.3) (1.0) 10y Gov Indo bond 6.48 0.0 (0.2) 0.6 10y Gov Indo bond 7.16 0.1 0.2 (0.9) leases more than compensated for XL, delivering strong 38.6%qoq net profit growth in 1Q21. We evaluate that XL has paved well for HARD COMMODITY HARD COMMODITY revenue recovery for remainder of FY21. Maintain BUY. d-d m-m ytd d-d m-m ytd Unit Price Unit Price To see the full version of this report, please click here (%) (%) (%) (%) (%) (%) Coal US$/ton 93 0.0 (0.9) 15.7 Coal US$/ton 67 (0.3) 0.2 (34.0) MARKET NEWS Gold US$/toz 1,776 (0.1) 2.5 (6.5) Gold US$/toz 1,478 (0.0) (2.1) 15.2 Nickel US$/mt.ton 16,929 1.8 3.6 2.3 Nickel US$/mt.ton 13,315 (2.5) (20.7) 25.6 COVID-19 Tin US$/mt.ton 28,315 0.2 1.6 37.8 Tin US$/mt.ton 16,771 1.5 1.7 (14.1) ▪ The govt asks to consider offices disclosure to mute the rising pandemic SOFT COMMODITY SOFT COMMODITY d-d m-m ytd d-d m-m ytd Unit Price Unit Price PREVIOUS REPORTS (%) (%) (%) (%) (%) (%) Cocoa US$/mt.ton 274 2.7 29.3 48.0 Cocoa US$/mt.ton 2,476 (1.0) 1.3 4.7 ▪ AKR Corporindo: Beating estimates supported by land sales Corn US$/mt.ton 63 0.2 3.5 30.0 Corn US$/mt.ton 141 1.7 (2.5) 5.6 ▪ : Starting to Recover Oil (WTI) US$/barrel 66 1.2 2.9 28.2 Oil (WTI) US$/barrel 56 0.6 (0.2) 24.3 ▪ Matahari Department Store: In a Better Position Oil (Brent) US$/barrel 4,343 (0.1) 8.1 14.7 Oil (Brent) US$/barrel 61 (0.2) (1.4) 13.0 ▪ SIDO MUNCUL: 1Q21 earnings: Meeting expectations Palm oil MYR/mt.ton 165 0.6 (2.8) 9.4 Palm oil MYR/mt.ton 2,632 (1.3) 11.4 34.8 ▪ Telco: TLKM building advantages while waiting M&A Rubber USd/kg 1,205 N/A 2.8 20.5 Rubber USd/kg 142 0.9 6.9 13.6 ▪ Astra Agro Lestari: Solid Core Profit, Blemished by Forward Pulp US$/tonne 480 3.2 9.9 14.1 Pulp US$/tonne 1,205 N/A 2.8 20.5 ▪ : Limited Upside Coffee US$/60kgbag 199 (0.9) 20.3 16.6 Coffee US$/60kgbag 72 0.3 7.9 3.5 ▪ : Benefitting from low policy rate Sugar US$/MT 66 1.9 26.6 53.4 Sugar US$/MT 345 0.7 1.3 3.6 environment Wheat US$/ton 1,550 (1.2) 10.7 17.8 Wheat US$/ton 143 (1.9) 0.7 (5.1) ▪ BTPN Syariah: Decent results with further improvements Soy Oil US$/lb 274 2.7 29.3 48.0 Soy Oil US$/lb 30 0.1 (3.4) 8.9 expected SoyBean US$/by 63 0.2 3.5 30.0 Soy Bean US$/by 871 0.1 (5.8) (1.3) ▪ Adhi Karya: Making good progress

▪ Astra International: Sign of quarterly improvement

▪ Kino Indonesia: Profits plummet in 2020

▪ Mayora Indah: Risks stem from higher raw material prices

▪ United Tractors: Strong quarterly earnings, but below

expectations

▪ Strategy: Managing Expectation

Source: Bloomberg Source: Bloomberg

Danareksa Sekuritas – Equity SNAPSHOT

Equity Research

Poultry

Wednesday,28 April 2021 Poultry NEUTRAL Pressure on livebird price after Lebaran

CPIN relative to JCI Index The gap between the third and the fourth culling programs of 2021 will pull xxxx livebird prices down during 14-26 May 2021 (2 weeks after Lebaran). As livebird prices are highly correlated to the share price and profitability, we foresee negative sentiment on the sector.

Unbalanced supply-demand post Lebaran. The third culling program

conducted from 7 Mar – 10 Apr 2021 and the fourth culling program conducted from 24 Apr – 8 May will leave a two-week gap of normal supply (unreduced) from 14 – 26 May amid oversupply in the sector. The gap also coincides with

seasonally weaker demand post Lebaran which falls on 12 – 13 May. As such, we expect low livebird prices in the period (two weeks after Lebaran) before

they normalize following supply reduction from the fourth culling program coming into effect.

JPFA relative to JCI Index xxxx Neutral to improving market share of the listed integrators. The fourth culling program was issued on 20 April to address the potential oversupply of livebirds of c. 291 million in May 2021. Breeders located in Java, Sumatra, and Bali are

expected to reduce their weekly production by 13.8 million HE aged 19 days during 24 April to 8 May (3 weeks). Compared to last year, the market share of

the culling of CPIN rose from c. 34% to c. 36%. For MAIN, its culling market share increased from c. 7% in 2020 to c. 9% this year. Meanwhile, JPFA’s market share was relatively stable at c. 23-24% in both 2020 and 2021.

Local corn prices remain high amid the harvesting season. Due to a lack of feed wheat amid high demand for poultry feed, local corn prices in Indonesia are still

Source : Bloomberg on the rise amid the harvesting season. Based on our data, the corn price has

risen by 20% in April. We expect to see normalization of the corn price in May/June supported by imported feed wheat but expect the price to remain

high in 2H given seasonally low production.

Imports are unlikely. Despite the recent increases in broiler prices due to the surge in demand for chicken amid Ramadan, we stick with our view that imports

of broilers are unlikely. This is because the Indonesian market is still in a state

of oversupply marked by the issuance of the fourth culling program.

Maintain Neutral on the sector. We maintain our Neutral call on the sector with a HOLD call on both CPIN and JPFA and SELL call on MAIN due to their

respective valuations. We believe the sector is poised for positive growth this x Victor Stefano year on the back of margins recovery in both the DOC and broiler segments, but (62-21) 5091 4100 ext. we are less optimistic than the market given the higher raw material costs. [email protected]

Target Market

Price Cap. P/E (x) P/BV (x) ROE (%)

Company Ticker Rec (Rp) (RpBn) 2020F 2021F 2020F 2021F 2021F

Charoen Pokphand CPIN IJ HOLD 6,800 106,997.0 34.9 29.2 4.7 4.3 15.4 Indonesia Japfa Comfeed Indonesia JPFA IJ HOLD 1,800 18,352.1 16.2 12.9 1.7 1.5 12.6 Malindo Feedmill Indonesia MAIN IJ SELL 600 1,656.7 n/m 13.0 0.9 0.8 6.4

www.danareksa.com See important disclosure at the back of this report

Xxxx Xxxx xxxx xxxx xxxx xxxx xxxx xxxx xxxx xxxx Equity Research

Company Update

Wednesday,28 April 2021 Bank Mandiri (BMRI IJ) BUY Maintain Banking on digital growth

Last price (IDR) 6,050 We reiterate our BUY call on BMRI with unchanged GGM-derived TP of Target Price (IDR) 8,000 IDR8,000 (implying 1.9x 2021F PBV) post the release of the 1Q21 set of results that came inline with our forecast. Assets quality will gradually improve as Upside/Downside +32.2% 66% of its restructured loans are in the low-risk category. We expect a 2.8% Previous Target Price (IDR) 8,000 gross NPLs ratio by December 2021F. In addition, BMRI will also launch its digital super apps in 4Q21 leveraging its 25mn deposits customer accounts. Stock Statistics By doing so, BMRI hopes to have more sticky retail CASA deposits and Sector Banking sustainable fee-income. Bloomberg Ticker BMRI IJ No of Shrs (mn) 46,667 1Q21 highlights. The 1Q21 net profits of IDR5.9tn (-25.2% yoy) are inline with our forecast supported by a stabilized NIM at 5.1% and manageable credit costs Mkt. Cap (IDRbn/USDmn) 282,333/19,491 of 230bps. Loans grew by 9.1% yoy as of March 2021 due to the consolidation Avg. daily T/O (IDRbn/USDmn) 381.9/26.4 of Bank Syariah Indonesia (BRIS IJ, NOT RATED). The 5.1% NIM in 1Q21 was mostly backed by a lower CoF as BMRI aggressively cut its TD rate amid ample Major shareholders (%) liquidity. With an 83.4% LDR as of March 2021, BMRI’s management sees that 60.0 there is still enough room for further cut in its TD rate.

Estimated free float 37.9 Maintaining its conservative assets quality policy. We expect a gradual improvement in assets quality from March 2021’s NPLs position of 3.1%. EPS Consensus (IDR) Notably, the bank has a manageable restructured loans portfolio (BMRI’s 2021F 2022F 2023F management has given guidance for 66% of the restructured loans to be in the low risk profile). The 22% of borrowers in the medium risk category would need Danareksa 470.7 584.6 724.3 to go to the second restructuring process. The bank’s management maintains Consensus 517.4 658.7 759.7 its credit cost guidance of 1.9-2.4% for FY21F. As such, we believe the bank’s Danareksa/Cons (9.0) (11.2) (4.7) assets quality will remain manageable.

BMRI relative to JCI Index Super apps to be launched in 4Q21. BMRI aims to tap into the digital initiatives through super apps that will be launched in 4Q21. BMRI’s management sees its 25mn deposit customers as the early target market for this initiative. In the initial launch, BMRI will offer retail digital products such as personal loans and credit cards. Once BMRI has a sufficient database to build a proper scoring system for each targeted individual, the bank hopes to expand into other retail consumer loans. These digital initiatives should further support more sustainable retail CASA deposits and fee-income.

Maintain BUY, TP of IDR8,000. We maintain our BUY call on BMRI with an unchanged GGM-derived TP of IDR8,000 (implying 1.9x 2021F PBV) assuming a 9.0% CoE, 14.3% sustainable ROAE and 3% long-term growth.

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

PPOP (IDRbn) 48,524 46,072 51,917 57,166 62,760 Net profit (IDRbn) 27,482 17,119 21,964 27,283 33,799

EPS (IDR) 588.9 366.8 470.7 584.6 724.3

EPS growth (%) 9.9 (37.7) 28.3 24.2 23.9

BVPS (IDR) 4,384.3 4,053.1 4,217.8 4,451.6 4,777.6

Eka Savitri PER (x) 10.3 16.5 12.9 10.3 8.4 (62-21) 5091 4100 ext.3506 PBV (x) 1.4 1.5 1.4 1.4 1.3 [email protected] Dividend yield (%) 5.8 3.6 5.1 5.8 6.6 ROAE (%) 14.2 8.7 11.4 13.5 15.7

Source : BMRI, Danareksa Estimates

www.danareksa.com See important disclosure at the back of this report 1

Equity Research

Company Update

Tuesday,27 April 2021 BUY XL Axiata (EXCL IJ) Maintain Solid 1Q21 earnings and set for revenue recovery

Last price (IDR) 2,030 XL revenue was further pressured in 1Q21, but EBITDA and financial leases more Target Price (IDR) 3,300 than compensated for XL, delivering strong 38.6%qoq net profit growth in 1Q21. We evaluate that XL has paved well for revenue recovery for remainder of FY21. Upside/Downside +62.6% Maintain BUY. Previous Target Price (IDR) - Solid earnings growth, despite revenue contraction. After sequential revenue drop

Stock Statistics in 1Q21, topline was Rp6.25tn declined by -1.7%qoq. Subscriber base was also reduced by 1.9mn on qoq basis normalized to 56mn in 1Q21 whilst data yield was Sector Telco further trimmed. This is attributed to seasonality and aggressive competition Bloomberg Ticker EXCL IJ effects by the incumbent mainly as per XL. This is in-line with our checks while XL No of Shrs (mn) 10,688 adjusted its flagship XTRA products to protect their market share. Nonetheless, XL Mkt. Cap (IDRbn/USDmn) 21,697/1,498 sees positive signs in the market. (The incumbent has removed the non-FUP element from its unlimited max). Avg. daily T/O (IDRbn/USDmn) 116.6/8.0 Network expenses incorporate one-off upward adjustment in fee but OPEX

Major shareholders (%) continued to perform well, compensating substantial part of the revenue drop with 1Q21 EBITDA down only by -1.5%qoq to Rp3.12tn. Furthermore, the balance for Axiata Investments Indonesia Sdn. Bhd. 66.4 financial leases is lower with 1Q21 lease expenses Rp576bn down by -15.7%qoq. Thus, the 1Q21 net profit was reported at Rp321bn. Even if it is adjusted for XL gain Estimated free float 33.6 of picocells divestment, 1Q21 normalized profit was Rp230bn, significantly improved by 38.6%qoq. EPS Consensus (IDR) Well-thought strategy for remainder 2021. 1Q21 NP is well in-line with our and 2021F 2022F 2023F consensus FY21 estimates, admittedly delivered under adverse conditions. We Danareksa 97.5 184.4 220.3 expect revenue growth to recover at least in 2Q21, as XL has reacted early in Consensus 88.5 144.8 193.5 February we understand, revamping the XTRA packages to capture the Danareksa/Cons 10.2 27.4 13.9 Rhamadan/Lebaran tailwinds. Although still early in 2021, XL is confident to reach FY21 low 50s margin (52/53%), EXCL relative to JCI Index from 49.9% currently in 1Q21. We take comfort from XL commercial director reassurances for a smoother 2H21 in terms of market dynamics, and thus revenue should fulfill at least partially for the required margin upside. Moreover, 1Q21 booked capex was 27% of XL’s capex FY target, a rather satisfactory absorption that should provide the incremental network capacity for 2Q and 2H21. Lastly, 29% of XL revenues are achieved in ex-Java up from 25%. 60% of 2021 capex is allocated for ex-Java, corresponding to ~58% capex intensity in that market, expecting to drive contribution higher. As market competition is still intense in Java, we should expect XL to have a balanced approach and be able to deliver a mid-single digit revenue growth in 2021. Longer-term plans still open, more certainty on fixed BB and dividend. In relation to its longer-term strategy XL stance remains conservative, and justifiably so at least in terms of M&A and new spectrum uncertainties. In terms of fixed BB, XL is open

Source : Bloomberg for inorganic growth, while waiting for principal shareholder approval to crystalize on its long-term plans. Moreover, whilst almost 50% payout of 2020 earnings was one time event, XL prioritizes on raising its payout ratio of normalized earnings from 30-35% currently. We maintain BUY for XL for its renewed market effort. Key Financials

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

Revenue (IDRbn) 25,133 26,009 26,795 27,921 28,647

EBITDA (IDRbn) 9,966 13,060 13,464 14,368 14,550 EBITDA Growth (%) 17.1 31.0 3.1 6.7 1.3 Net profit (IDRbn) 713 372 1,042 1,971 2,355 x Niko Margaronis EPS (IDR) 66.7 34.8 97.5 184.4 220.3 (62-21) 5091 4100 ext. 3512 EPS growth (%) (121.6) (47.9) 180.3 89.2 19.5 BVPS (IDR) 1,789.1 1,803.1 1,881.5 2,031.8 2,169.1 [email protected] DPS (IDR) 0.0 20.0 19.1 34.1 83.0

PER (x) 30.3 58.1 20.7 11.0 9.2 PBV (x) 1.1 1.1 1.1 1.0 0.9 Dividend yield (%) 0.0 1.0 1.6 1.7 4.1 www.danareksa.com EV/EBITDA (x) See important3.3 disclosure2.1 at the back2.2 of this report1.8 1.51

Source : EXCL, Danareksa Estimates Equity SNAPSHOT Wednesday, April 28, 2021

MARKET NEWS

COVID-19 The govt asks to consider offices disclosure to mute the rising pandemic The Covid-19 Task Force (Satgas Covid-19) asks the regional govts to reconsider temporary office disclosure for those with employees having positive covid-19 cases. For Jakarta, there is an uprising on daily case in the last 2 weeks from 5-11 April 2021, there are 157 new positive cases across 78 office buildings. Then, in 12-18 April 2021 there are 425 positive cases in 177 office buildings. The Major of South Jakarta City also enforces to the office buildings’ management to reinforce 25-50% capacity of office buildings. (Investor Daily)

Danareksa Sekuritas – Equity SNAPSHOT

Equity Valuation 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 Target Rp Bn 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 Danareksa Universe 3,883,471 169,959 227,942 132 177 -27.5% 34.1% 22.8 17.0 13.0 11.3 2.3 2.2 10.2 13.1 Auto 223,672 16,164 17,169 399 424 -25.5% 6.2% 13.8 13.0 8.9 7.6 1.5 1.4 10.7 10.9 Astra International BUY 5,525 7,500 223,672 16,164 17,169 399 424 266 368 -25.5% 6.2% 13.8 13.0 8.9 7.6 1.5 1.4 10.7 10.9 Banks 1,259,520 53,429 69,131 407 526 -30.6% 29.4% 23.6 18.2 2.3 2.2 9.5 12.2 BCA HOLD 32,025 38,000 789,577 27,131 31,921 1,100 1,295 1,100 1,295 -5.0% 17.7% 29.1 24.7 N/A N/A 4.3 4.0 15.1 16.8 BNI BUY 5,900 8,000 110,027 3,280 7,083 176 380 176 380 -78.7% 115.9% 33.5 15.5 N/A N/A 1.0 1.0 2.8 6.3 Bank Tabungan Negara BUY 1,585 2,400 16,785 1,602 2,441 151 231 151 231 666.5% 52.4% 10.5 6.9 N/A N/A 0.9 0.8 7.5 12.2 Bank Mandiri BUY 6,050 8,000 282,333 17,119 21,964 367 471 367 471 -37.7% 28.3% 16.5 12.9 N/A N/A 1.5 1.4 8.7 11.4 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 BUY 3,370 4,200 25,961 855 1,456 111 189 111 189 -38.9% 70.3% 30.4 17.8 N/A N/A 4.4 3.8 15.2 22.8 BPD Jatim HOLD 795 850 11,937 1,489 1,271 99 85 99 85 8.1% -14.6% 8.0 9.4 N/A N/A 1.2 1.1 15.5 12.3 Cement 107,110 4,740 5,576 493 580 2.4% 17.6% 22.6 19.2 10.8 9.5 1.9 1.8 8.4 9.7 Indocement BUY 12,500 18,100 46,015 1,487 1,727 404 469 404 469 -19.0% 16.1% 30.9 26.6 19.5 17.3 2.0 2.0 6.5 7.6 Semen Indonesia BUY 10,300 15,700 61,095 3,253 3,849 548 649 357 397 16.5% 18.3% 18.8 15.9 8.0 7.0 1.8 1.7 9.8 11.0 Cigarettes 219,899 17,150 16,375 145 138 -30.3% -4.5% 12.8 13.4 7.8 8.1 2.4 2.4 19.4 17.8 Gudang Garam HOLD 36,000 42,100 69,267 7,632 7,867 3,967 4,089 4,260 4,057 -29.9% 3.1% 9.1 8.8 5.2 5.1 1.2 1.1 13.9 12.9 HM Sampoerna SELL 1,295 1,100 150,632 9,518 8,508 82 73 82 73 -30.6% -10.6% 15.8 17.7 10.6 11.6 4.8 5.0 28.4 27.6 Construction 77,714 - 5,127 4,067 (69) 54 -161.5% -179.3% (15.2) 19.1 23.15 11.50 1.0 0.9 - 6.3 5.0 Wijaya Karya BUY 1,440 2,700 12,917 146 788 16 88 16 88 -93.6% 438.3% 88.3 16.4 19.6 7.6 0.8 0.8 0.9 4.8 Pembangunan Perumahan BUY 1,235 2,500 7,657 74 439 12 71 36 74 -92.1% 493.4% 103.5 17.4 11.7 8.1 0.6 0.5 0.5 3.0 Adhi Karya BUY 1,150 2,500 4,095 36 422 10 119 (11) 132 -94.5% 1059.2% 112.4 9.7 10.9 8.6 0.6 0.5 0.5 6.0 Waskita Karya BUY 1,120 2,000 15,203 (4,141) 489 (305) 36 (314) 25 -541.4% -111.8% (3.7) 31.1 377.3 18.2 1.1 1.1 (26.2) 3.5 Waskita Beton BUY 204 370 5,378 (1,574) 353 (60) 13 (34) 13 -295.2% -122.4% (3.4) 15.2 - 48.8 9.7 1.0 0.9 (23.4) 6.4 Wika Beton BUY 294 610 2,562 87 322 10 37 10 37 -83.0% 270.5% 29.5 8.0 8.8 5.4 0.8 0.7 2.5 9.1 Jasa Marga BUY 4,120 5,900 29,902 244 1,254 34 173 83 228 -88.9% 413.8% 122.5 23.8 14.4 12.0 1.6 1.5 1.3 6.4 Consumer 445,674 20,816 22,664 253 275 4.9% 8.9% 21.4 19.7 14.2 12.7 5.0 4.6 24.6 24.4 Indofood CBP BUY 8,600 13,000 100,292 5,962 7,081 511 607 557 607 18.3% 18.8% 16.8 14.2 15.8 12.7 3.5 3.1 22.2 23.4 Indofood BUY 6,525 8,100 57,292 5,249 5,735 598 653 696 653 6.9% 9.3% 10.9 10.0 6.9 6.2 1.4 1.3 13.4 13.6 Unilever HOLD 6,025 7,500 229,854 7,250 7,548 190 198 190 198 -1.9% 4.1% 31.7 30.5 22.4 21.7 40.7 38.2 132.7 129.4 Kino Indonesia SELL 2,420 2,500 3,457 212 198 148 138 148 138 -59.3% -6.7% 16.3 17.5 11.9 10.8 1.3 1.2 8.0 7.1 Mayora Indah BUY 2,450 3,100 54,779 2,143 2,102 96 94 84 94 7.8% -1.9% 25.6 26.1 16.2 15.0 4.9 4.3 20.5 17.6 Pharmaceutical 107,953 3,642 3,956 44 48 10.3% 8.6% 29.6 27.3 20.1 18.3 3.9 3.6 13.5 13.7 Sido Muncul 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 BUY 1,475 1,900 69,141 2,652 2,828 57 60 57 60 5.8% 6.7% 26.1 24.4 17.1 16.0 4.0 3.6 15.9 15.4 Kimia Farma 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 80,571 6,003 9,229 1,609 2,474 -46.9% 53.7% 13.4 8.7 4.7 3.5 1.3 1.2 10.0 14.3 United Tractors BUY 21,600 31,000 80,571 6,003 9,229 1,609 2,474 1,922 2,648 -46.9% 53.7% 13.4 8.7 4.7 3.5 1.3 1.2 10.0 14.3 Industrial Estate 14,939 905 1,159 14 19 -49.9% 28.1% 16.5 12.9 10.8 8.5 1.0 1.0 6.1 7.7 Puradelta Lestari HOLD 236 250 11,375 858 925 18 19 18 19 -35.7% 7.8% 13.3 12.3 12.0 10.1 1.7 1.7 13.2 14.1 Bekasi Fajar BUY 149 200 1,437 145 310 15 32 11 27 -61.8% 114.1% 9.9 4.6 7.8 4.9 0.3 0.3 3.2 6.7 Surya Semesta BUY 452 800 2,127 (98) (77) (21) (16) (21) (16) -206.6% -22.2% (21.6) (27.8) 10.3 9.3 0.6 0.6 (2.5) (2.0) Media 36,321 3,134 3,974 105 133 -5.7% 26.8% 11.6 9.1 7.1 5.9 2.1 1.8 18.5 21.3 Media Nusantara Citra BUY 960 1,700 14,448 1,951 2,710 130 180 130 180 -13.5% 38.9% 7.4 5.3 4.6 3.4 1.0 0.9 15.1 18.0 Surya Citra Media HOLD 1,480 1,950 21,873 1,183 1,264 80 85 79 85 10.6% 6.8% 18.5 17.3 12.0 11.2 7.1 5.4 29.7 35.5 Mining 204,836 9,189 14,993 104 169 -25.6% 63.2% 22.3 13.7 6.6 5.8 1.4 1.3 6.4 10.0 Adaro Energy BUY 1,210 1,800 38,703 3,493 5,368 109 168 190 182 -39.5% 53.7% 11.1 7.2 2.6 2.5 0.7 0.6 6.1 9.0 Timah 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 BUY 4,330 6,800 43,024 1,179 2,158 119 217 127 153 44.6% 83.1% 36.5 19.9 10.5 9.3 1.5 1.5 4.2 7.4 Aneka Tambang BUY 2,390 3,000 57,434 1,283 1,807 53 75 38 49 561.8% 40.8% 44.8 31.8 22.4 19.3 3.0 2.9 6.9 9.3 Bukit Asam BUY 2,390 3,600 27,534 2,451 3,618 213 314 213 314 -39.6% 47.6% 11.2 7.6 7.6 4.8 1.6 1.4 13.6 19.5 Indo Tambangraya Megah BUY 11,775 14,500 13,305 554 1,349 490 1,194 1,531 1,483 -70.0% 143.6% 24.0 9.9 2.7 2.6 1.0 1.0 4.3 10.5 Harum Energy SELL 4,820 2,500 13,031 398 298 147 110 116 126 46.3% -25.0% 32.8 43.7 13.2 12.1 2.9 2.8 9.0 6.5 Petrochemical 267,076 2,229 4,416 20 40 19.0% 98.1% 119.8 60.5 20.6 19.7 6.1 5.9 5.2 10.0 Barito Pacific HOLD 955 1,100 89,186 1,747 2,499 19 27 14 12 13.1% 43.1% 51.1 35.7 11.9 11.1 5.2 5.1 10.2 14.5 Chandra Asri Petrochemical HOLD 9,975 8,900 177,889 483 1,917 27 107 94 105 46.8% 297.1% 368.5 92.8 39.0 37.3 6.7 6.5 1.8 7.1 Plantation 42,550 2,523 3,629 87 126 284.2% 43.8% 16.9 11.7 6.4 5.5 1.2 1.1 7.1 9.7 Astra Agro Lestari BUY 9,350 17,500 17,996 833 1,329 433 691 518 618 294.6% 59.5% 21.6 13.5 6.7 5.6 0.9 0.9 4.4 6.7 Dharma Satya BUY 660 900 6,996 477 826 45 78 24 44 165.1% 73.2% 14.7 8.5 4.6 4.0 1.8 1.6 12.5 19.9 Saw it Sumbermas BUY 905 1,450 8,620 517 690 54 72 62 71 4323.8% 33.5% 16.7 12.5 6.1 5.8 2.0 1.8 12.4 15.1 PP London Sumatra BUY 1,310 1,850 8,938 696 784 102 115 61 68 174.1% 12.6% 12.8 11.4 8.5 7.5 1.0 1.0 8.0 8.7 Poultry 136,348 4,126 5,211 136 172 -25.5% 26.3% 33.0 26.2 18.0 14.2 3.9 3.5 14.1 14.1 Charoen Pokphand HOLD 6,850 6,500 112,326 3,067 3,665 187 224 188 224 -15.6% 19.5% 36.6 30.6 21.0 18.0 5.0 4.5 14.1 15.4 Japfa Comfeed HOLD 1,890 1,700 22,163 1,136 1,419 97 121 38 93 -35.6% 24.9% 19.5 15.6 12.0 8.6 2.1 1.9 10.6 12.6 Malindo Feedmill BUY 830 1,400 1,858 (77) 127 (35) 57 (60) 35 -156.9% -264.0% (24.0) 14.6 12.1 7.3 1.0 0.9 (3.9) 6.4 Property 91,056 3,354 5,361 27 44 -59.1% 59.8% 27.2 17.0 12.1 9.4 1.1 1.1 4.5 6.5 Alam Sutera HOLD 199 220 3,910 (23) 407 (1) 21 20 22 -102.3% -1869.6% (170.0) 9.6 7.8 6.3 0.4 0.4 (0.2) 3.8 Bumi Serpong Damai BUY 1,195 1,500 25,300 1,387 2,394 66 113 67 123 -50.3% 72.6% 18.2 10.6 10.8 6.5 0.8 0.8 5.6 7.5 Ciputra Development BUY 1,155 1,400 21,437 796 845 43 46 43 46 -31.3% 6.2% 26.9 25.4 14.1 12.1 1.3 1.3 5.1 5.1 Pakuw on Jati HOLD 535 530 25,765 1,047 1,524 22 32 26 33 -61.5% 45.6% 24.6 16.9 12.3 10.0 1.6 1.5 6.8 9.3 Summarecon BUY 1,015 1,100 14,643 147 191 10 13 6 12 -71.4% 29.7% 99.6 76.8 16.3 16.2 1.9 1.9 2.0 2.5 Utility 29,090 1,605 2,386 66 98 65.0% 48.7% 18.1 12.2 4.0 3.6 0.7 0.7 4.0 5.8 PGN BUY 1,200 2,900 29,090 1,605 2,386 66 98 167 163 65.0% 48.7% 18.1 12.2 4.0 3.6 0.7 0.7 4.0 5.8 Retail 48,924 - 971 2,227 (22) 51 -124.4% -329.2% (50.4) 22.0 13.2 6.0 3.2 2.8 - 6.1 13.6 Mitra Adi Perkasa BUY 790 1,050 13,114 (698) 619 (42) 37 (36) 37 -174.8% -188.6% (18.8) 21.2 7.9 3.5 2.5 2.2 (12.3) 11.0 Ramayana BUY 795 1,050 5,641 (200) 324 (28) 46 (28) 43 -130.8% -262.3% (28.3) 17.4 33.8 7.1 1.6 1.4 (5.1) 8.4 Matahari Department Store SELL 1,790 1,100 4,701 (873) 323 (332) 123 (232) 187 -163.9% -137.0% (5.4) 14.6 7.0 2.3 4.6 3.1 (63.3) 25.5 Ace Hardw are 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 487,748 24,973 33,190 132 176 5.1% 32.9% 19.5 14.7 5.6 5.2 3.2 3.0 16.7 21.1 Telekomunikasi Indonesia BUY 3,160 4,600 313,037 20,659 24,510 209 247 232 260 10.7% 18.6% 15.2 12.8 4.9 4.6 3.0 2.9 20.3 23.3 Indosat BUY 6,450 7,000 35,049 (717) 1,761 (132) 324 (197) (3) 145.7% 345.6% (48.9) 19.9 4.2 3.8 2.9 2.9 (5.8) 14.6 XL Axiata BUY 2,020 3,300 21,664 1,042 1,971 97 184 98 157 180.1% 89.2% 20.8 11.0 2.6 2.4 1.0 1.0 5.1 9.0 Tow er Bersama HOLD 2,720 1,950 61,627 1,108 1,897 49 84 49 84 35.2% 71.3% 55.6 32.5 19.3 15.5 9.7 8.3 19.6 27.5 Sarana Menara Nusantara BUY 1,105 1,400 56,371 2,881 3,051 56 60 56 60 23.0% 5.9% 19.6 18.5 13.1 13.1 5.4 4.9 30.1 28.0 Transportation 2,472 1,059 2,026 149 285 108.6% 91.3% 2.3 1.2 8.2 4.9 1.1 1.0 47.6 86.6 Indonesia Kendaraan Terminal BUY 540 600 982 17 55 9 30 9 30 -87.4% 224.6% 57.7 17.8 12.1 3.7 0.8 0.8 1.5 4.7 Jasa Armada Indonesia BUY 282 425 1,490 1,042 1,971 197 373 17 18 180.1% 89.2% 1.4 0.8 7.0 6.0 1.3 1.2 94.0 169.0 Trade 12,807 1,017 1,203 253 300 42.0% 18.3% 12.6 10.6 7.5 6.6 1.5 1.4 11.9 13.3 AKR Corporindo BUY 3,190 3,700 12,807 1,017 1,203 253 300 253 300 42.0% 18.3% 12.6 10.6 7.5 6.6 1.5 1.4 11.9 13.3

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Wednesday, April 28, 2021

COVERAGE PERFORMANCE

LEADERS

Price as on Code 27-Apr-21 26-Apr-21 Chg, % w-w, % m-m, % YTD, % Rating Barito Pacific BRPT 955 910 4.9 (1.0) 1.1 (13.2) HOLD Tower Bersama TBIG 2,720 2,600 4.6 1.5 32.0 66.9 HOLD Bumi Serpong Damai BSDE 1,195 1,150 3.9 - 0.4 (2.4) BUY Bank Negara Indonesia BBNI 5,900 5,725 3.1 (0.4) (2.5) (4.5) BUY Ciputra Development CTRA 1,155 1,130 2.2 (2.1) - 17.3 BUY Summarecon Agung SMRA 1,015 995 2.0 2.5 1.0 26.1 BUY Waskita Beton WSBP 204 200 2.0 2.5 (14.3) (25.5) BUY PP London Sumatra LSIP 1,310 1,285 1.9 2.7 (4.7) (4.7) BUY Bank Central Asia BBCA 32,025 31,425 1.9 2.7 (0.2) (5.4) HOLD Pakuwon Jati PWON 535 525 1.9 4.9 (5.3) 4.9 HOLD Sources: Bloomberg

LAGGARDS

Price as on Code 27-Apr-21 26-Apr-21 Chg, % w-w, % m-m, % YTD, % Rating Japfa Comfeed JPFA 1,890 2,030 (6.9) (15.2) (0.8) 29.0 HOLD Charoen Pokphand CPIN 6,850 7,350 (6.8) (10.2) (0.4) 5.0 HOLD Ramayana RALS 795 840 (5.4) (7.6) (0.6) 2.6 BUY Surya Citra Media SCMA 1,480 1,545 (4.2) (7.5) (14.2) (35.4) HOLD Malindo Feedmill MAIN 830 865 (4.0) (10.3) 12.9 12.2 BUY Kino Indonesia KINO 2,420 2,490 (2.8) (5.5) 14.7 (11.0) SELL Telekomunikasi Indonesia TLKM 3,160 3,250 (2.8) (4.8) (9.5) (4.5) BUY Mitra Adi Perkasa MAPI 790 810 (2.5) (1.3) 3.3 - BUY Pembangunan Perumahan PTPP 1,235 1,265 (2.4) 0.4 (17.4) (33.8) BUY Indofood INDF 6,525 6,675 (2.2) (3.3) (3.3) (4.7) BUY Sources: Bloomberg

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Wednesday, April 28, 2021

PREVIOUS REPORTS

▪ AKR Corporindo: Beating estimates supported by land sales ▪ Bank Negara Indonesia: Starting to Recover ▪ Matahari Department Store: In a Better Position ▪ SIDO MUNCUL: 1Q21 earnings: Meeting expectations ▪ Telco: TLKM building advantages while waiting M&A ▪ Astra Agro Lestari: Solid Core Profit, Blemished by Forward ▪ Bank Central Asia: Limited Upside ▪ Bank Tabungan Negara: Benefitting from low policy rate environment ▪ BTPN Syariah: Decent results with further improvements expected ▪ Adhi Karya: Making good progress ▪ Astra International: Sign of quarterly improvement ▪ Kino Indonesia: Profits plummet in 2020 ▪ Mayora Indah: Risks stem from higher raw material prices ▪ United Tractors: Strong quarterly earnings, but below expectations ▪ Strategy: Managing Expectation ▪ HM Sampoerna: Risks remain ▪ United Tractors: Strong operational numbers in Mar 21 ▪ Mitra Adiperkasa: On Track to Profitability ▪ Alam Sutra Realty: Improving but still booking losses ▪ Ciputra Development: Strong revenue recognition amid COVID-19 ▪ Pembangunan Perumahan: Assets divestment ▪ Ramayana Lestari Sentosa: Exuding Some Positive Vibes ▪ Automotive: Mar 21: Sales boosted by luxury car tax incentives ▪ Ace Hardware Indonesia: Better Expected SSSG on the Base Effect ▪ BPD Jatim: Fairly priced ▪ HM Sampoerna: Concerns on profitability remain ▪ Pakuwon Jati: Slow recovery in investment property ▪ Indocement Tunggal Prakarsa: Strong monthly sales ▪ Indofood CBP Sukses Makmur: All set for recovery ▪ Indofood Sukses Makmur: Enticing valuation ▪ Perusahaan Gas Negara: PGAS sacrificing gas margin in 4Q20 ▪ Surya Citra Media: Still in the Investing Phase ▪ Strategy: Progress of SWF Establishment ▪ Kalbe Farma: Further recovery on the cards ▪ Waskita Beton Precast: Keeping the boat afloat ▪ Danareksa Research Institute: Consumer Confidence March 2021 ▪ Transportation: Paxel – Need for Speed ▪ Harum Energy: Soft core earnings – below expectations ▪ Summarecon Agung: Strong core net profits amid the pandemic ▪ BTPN Syariah: Sound recovery play ▪ Jasa Marga: Almost back to normal ▪ Sawit Sumbermas Sarana: In For a Record Breaking year ▪ Bekasi Fajar Industrial Estate: Ending the year with net losses ▪ Bumi Serpong Damai: Bottom line hit by impairments ▪ Puradelta Lestari: Strong push from industrial land sales ▪ Kalbe Farma: Solid FY20 earnings growth ▪ Mayora Indah: Steady performance ▪ Towers: Scouting the entrance of new tower competitor ▪ Gudang Garam: In line FY20 results

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Wednesday, April 28, 2021

PT BRI Danareksa Sekuritas

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

Equity Research Team

Helmy Kristanto Stefanus Darmagiri Natalia Sutanto

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

Maria Renata Eka Savitri Niko Margaronis

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

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

Muhammad Naufal Yunas Kharim Syamsuddin

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Wisnu Budhiargo Adeline Solaiman Thalia Kadharusman

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Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Wednesday, April 28, 2021

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Danareksa Sekuritas – Equity SNAPSHOT