Equity SNAPSHOT Monday, February 03, 2020

FROM EQUITY RESEARCH KEY INDEX KEY INDEX Chg Ytd Vol Chg Ytd Vol Q4 2019 GDP Outlook: Slower Growth Close Close (%) (%) (US$ m) (%) (%) (US$ m) The Indonesian economy is likely to expand at a slower pace in the Asean - 5 Asean - 5 last quarter of 2019 since growth in most expenditure components 5,940 (1.9) (5.7) 485 Indonesia 6,134 0.1 (1.0) 318 is predicted to ease – both on a quarterly and annual basis. During Thailand 1,514 (0.6) (4.2) 1,795 Thailand 1,568 (0.1) 0.2 1,454 the Oct-Dec 2019 period, Danareksa’s consumer confidence index Philippines 7,201 (2.6) (7.9) 146 Philippines 7,855 (0.3) 5.2 87 touched its highest ever level. Fixed capital formation was slightly Malaysia 1,531 (0.9) (3.6) 564 Malaysia 1,562 (0.5) (7.6) 338 better than in Q4 2019 but still sluggish compared to the previous Singapore 3,154 (0.5) (2.1) 1,140 Singapore 3,173 (0.5) 3.4 908 year. Government expenditure reached 94% of 2019 state budget, Regional Regional and trade tensions and weak global demand continued to put China 2,977 (2.8) (2.4) 62,432 China 2,885 0.3 15.7 28,889 pressure on the foreign trade. Given this backdrop, we project Q4 Hong Kong 26,313 (0.5) (6.7) 13,465 Hong Kong 26,391 (0.2) 2.1 9,093 2019 GDP gworth at around 4.98% yoy and FY 2019 at 5.03%. Japan 22,853 (1.5) (3.4) 1,918 Japan 23,380 (0.6) 16.8 10,278 To see the full version of this report, please click here Korea 2,088 (1.5) (5.0) 6,044 Korea 2,068 (0.8) 1.3 3,790 Taiwan 11,495 0.6 (4.2) 5,818 Taiwan 11,532 0.2 18.5 3,534 India 39,736 (2.4) (3.7) 275 India 40,675 (0.3) 12.8 495 MARKET NEWS Nasdaq 9,151 (1.6) 2.0 193,267 Nasdaq 8,521 (0.6) 28.4 116,797 MACROECONOMY Dow Jones 28,256 (2.1) (1.0) 18,750 Dow Jones 27,503 (1.0) 17.9 11,490

▪ Japan Credit Rating raised Indonesia’s sovereign bond rating to CURRENCY AND INTEREST RATE CURRENCY AND INTEREST RATE BBB+ w-w m-m ytd w-w m-m ytd Rate Rate SECTOR (%) (%) (%) (%) (%) (%) ▪ Infrastructure: Land clearing for the Bandung HSR Rupiah Rp/1US$ 13,655 (0.5) 1.5 1.5 Rupiah Rp/1US$ 14,115 (0.2) (0.7) 1.9 project to be completed soon BI7DRRR % 5.00 - - - BI7DRRR % 5.00 - (0.3) (1.0) ▪ Plantation: 3 Depots to push B-30 10y Gov Indo bond 6.68 0.1 (0.4) (0.4) 10y Gov Indo bond 7.16 0.1 0.2 (0.9) CORPORATE ▪ Indocement Tunggal Prakarsa: Targets sales volume in 2020 to HARD COMMODITY HARD COMMODITY d-d m-m ytd d-d m-m ytd grow by 3-4%yoy Unit Price Unit Price ▪ KINO targets 30% yoy minimum growth in its 2020 bottom line (%) (%) (%) (%) (%) (%) Coal US$/ton 66 (0.1) (2.1) (2.1) Coal US$/ton 67 (0.3) 0.2 (34.0) Gold US$/toz 1,588 (0.1) 2.3 4.6 Gold US$/toz 1,478 (0.0) (2.1) 15.2 PREVIOUS REPORT Nickel US$/mt.ton 12,772 1.8 (8.4) (8.4) Nickel US$/mt.ton 13,315 (2.5) (20.7) 25.6 ▪ Jasa Marga: Year of adjustment Tin US$/mt.ton 16,425 2.4 (4.4) (4.4) Tin US$/mt.ton 16,771 1.5 1.7 (14.1) ▪ Unilever Indonesia: In line FY19 earnings ▪ BPD Jatim: Steady performance SOFT COMMODITY SOFT COMMODITY d-d m-m ytd d-d m-m ytd ▪ Cigarette: A survey on higher prices: What will smokers do? Unit Price Unit Price ▪ Bank Mandiri: Still a keeper (%) (%) (%) (%) (%) (%) ▪ Bank Rakyat Indonesia: Stay micro, stay profitable Cocoa US$/mt.ton 2,728 2.8 13.5 11.0 Cocoa US$/mt.ton 2,476 (1.0) 1.3 4.7 ▪ Semen Indonesia: Year of consolidation Corn US$/mt.ton 142 - (1.6) (1.6) Corn US$/mt.ton 141 1.7 (2.5) 5.6 ▪ Bank Negara Indonesia: Steady Progress Oil (WTI) US$/barrel 51 (1.6) (19.5) (16.9) Oil (WTI) US$/barrel 56 0.6 (0.2) 24.3 ▪ Indocement Tunggal Prakarsa: Solid grounds for optimism Oil (Brent) US$/barrel 56 (1.9) (19.0) (15.8) Oil (Brent) US$/barrel 61 (0.2) (1.4) 13.0 ▪ : Ready to show its teeth Palm oil MYR/mt.ton 2,689 (3.2) (10.3) (11.1) Palm oil MYR/mt.ton 2,632 (1.3) 11.4 34.8 ▪ : Stable market share in 2019 Rubber USd/kg 131 (2.3) (9.5) (9.7) Rubber USd/kg 142 0.9 6.9 13.6 ▪ Danareksa Research Institute: December Outlook: Soft Trade Pulp US$/tonne 1,205 N/A 2.8 20.5 Pulp US$/tonne 1,205 N/A 2.8 20.5 Activities Coffee US$/60kgbag 70 1.1 3.2 3.2 Coffee US$/60kgbag 72 0.3 7.9 3.5 ▪ Ace Hardware Indonesia: Moderation Transpired in 2019 Sugar US$/MT 406 (0.5) 13.1 13.1 Sugar US$/MT 345 0.7 1.3 3.6 ▪ 2020 Compendium : The Set and Drift Wheat US$/ton 151 (1.2) (0.9) (0.9) Wheat US$/ton 143 (1.9) 0.7 (5.1) ▪ Plantation: Positive market dynamics Soy Oil US$/lb 30 (2.3) (13.2) (13.2) Soy Oil US$/lb 30 0.1 (3.4) 8.9 SoyBean US$/by 873 (0.4) (7.5) (7.5) Soy Bean US$/by 871 0.1 (5.8) (1.3)

Source: Bloomberg Source: Bloomberg

Danareksa Sekuritas – Equity SNAPSHOT

GDP Outlook

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• Equity SNAPSHOT Monday, February 03, 2020

MARKET NEWS

MACROECONOMY Japan Credit Rating raised Indonesia’s sovereign bond rating to BBB+ Japan Credit Rating (JCR) have raised Indonesia’s sovereign bond rating to BBB+ with a stable outlook from BBB in April 2019. The Ministry of Finance stated that this rating improvement would be utilized to attract direct investment from Japan in the form of bonds investment. There are three main factors which were behind the rating improvement: continued implementation of the reformation agenda, budget reform to rein in the budget deficit by controlling fuel subsidies, and the omnibus law as a vehicle for deregulation. JCR believes that the Indonesian economy can remain firm thanks to support from domestic consumption, and a manageable budget deficit and debt ratio. (Investor Daily)

SECTOR Infrastructure: Land clearing for the Jakarta Bandung HSR project to be completed soon Only 0.05% of the land for the Jakarta Bandung high speed train (HSR) project has not been cleared yet, numbering 60 land plots. The land clearing is targeted to be completed in the near future. The lengthy land clearance process mostly reflects administrative problems such as changes in the ownership of land and issues with land certificates. The construction progress for the railway development has reached 42%. (Kontan)

Plantation: 3 Depots to push B-30 Pertamina is planning to develop 3 storage depot locations to support B-30 absorption in Tanjung Uban, Teluk Kabung, Tanjung Gerem. Pertamina has 29 storage facilities for the B-30 mix before distribution to fuel terminals. The company will also develop a green diesel in Plaju Gulping involving a USD600mn investment open to collaboration with private companies.

CORPORATE Indocement Tunggal Prakarsa: Targets sales volume in 2020 to grow by 3-4%yoy Indocement Tunggal Prakarsa (INTP) targets sales volume growth in 2020 of around 3% to 4%yoy. As INTP sold 18.0mn tons of cement in 2019, the volume targeted is 18.54-18.72mn tons in 2020. INTP allocated IDR1.4tn of capex in 2020 which will be focused on continuing the development of refused derived fuel (RDF), a waste used power plant in INTP’s plant in Citeureup, West Java, the development of a split mine in Pamoyanan, , and bong filter instalments in several plants. (Kontan)

Comment: Our sales volume target for 2020 is 18.4mn tons, in-line with the management’s target. Our target is 98.4% to 99.3% of the management’s target. (Maria Renata)

KINO targets 30% yoy minimum growth in its 2020 bottom line Kino Indonesia (KINO) is optimistic of booking 15% yoy revenues growth in 2020, with a minimum growth rate of 30% yoy in its FY20 bottom line. Budi Mulyono, the CFO of KINO, stated that the company would be aggressive in pushing the sales of its products in all segments. In 2020, KINO will spend around IDR300bn on capex – a similar allocation compared to 2019. (Investor Daily)

Comments: The company’s guidance on its FY20 top line is in line with our FY20 forecast (+17% yoy). However, at the bottom line, we estimate 18% yoy core profits growth. (Natalia Sutanto)

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 4,198,007 258,015 285,979 209 232 8.4% 10.8% 16.3 14.7 12.6 11.7 2.3 2.1 14.9 15.2 Auto 257,071 21,942 23,302 441 469 6.3% 6.2% 11.7 11.0 7.9 7.5 1.6 1.5 14.4 14.2 Astra International BUY 6,350 8,000 257,071 21,942 23,302 542 576 525 546 6.3% 6.2% 11.7 11.0 7.9 7.5 1.6 1.5 14.4 14.2 Banks 1,372,293 86,444 98,704 658 751 8.5% 14.2% 15.9 13.9 2.2 2.0 14.7 15.1 BCA HOLD 32,400 33,000 798,822 32,883 37,215 1,334 1,509 1,334 1,509 12.4% 13.2% 24.3 21.5 N/A N/A 4.1 3.6 17.9 17.8 BNI BUY 7,200 9,000 134,270 16,573 18,085 889 970 889 970 4.2% 9.1% 8.1 7.4 N/A N/A 1.0 0.9 13.0 12.8 Bank Tabungan Negara BUY 1,870 2,700 19,803 2,203 3,423 208 323 208 323 76.8% 55.4% 9.0 5.8 N/A N/A 0.7 0.7 8.6 12.2 Bank Mandiri BUY 7,550 9,000 352,333 28,813 33,046 617 708 617 708 2.9% 14.7% 12.2 10.7 N/A N/A 1.6 1.5 14.0 14.7 BTPN HOLD 2,910 3,500 23,713 2,870 3,298 352 405 352 405 11.2% 14.9% 8.3 7.2 N/A N/A 0.7 0.7 9.3 9.9 BTPS HOLD 4,410 4,200 33,973 1,651 2,067 214 268 214 268 27.4% 25.2% 20.6 16.4 N/A N/A 5.6 4.5 30.1 30.5 BPD Jatim BUY 625 800 9,376 1,451 1,570 97 105 97 105 7.2% 8.2% 6.5 6.0 N/A N/A 1.0 0.9 15.4 15.6 Basic Industries 272,656 2,430 2,783 23 26 64.2% 14.5% 112.2 98.0 19.2 18.7 6.2 6.1 5.6 6.3 Barito Pacific HOLD 1,305 1,200 116,167 821 994 9 11 15 12 115.2% 21.1% 141.5 116.9 12.0 11.9 6.8 6.7 4.8 5.8 Chandra Asri Petrochemical HOLD 8,775 8,800 156,489 1,609 1,789 90 100 94 105 46.4% 11.2% 97.3 87.5 34.5 32.4 5.9 5.7 6.1 6.6 Cement 131,530 4,183 5,367 435 558 23.2% 28.3% 31.4 24.5 11.4 10.2 2.3 2.2 7.4 9.2 Indocement BUY 16,475 21,600 60,648 1,823 2,051 495 557 495 557 12.2% 12.5% 33.3 29.6 20.1 18.9 2.5 2.5 7.7 8.5 Semen Indonesia BUY 11,950 17,500 70,882 2,360 3,316 398 559 398 559 33.4% 40.5% 30.0 21.4 8.3 7.1 2.1 2.0 7.2 9.6 Cigarettes 348,094 26,421 28,874 223 244 8.3% 9.3% 13.2 12.1 8.9 8.0 3.8 3.5 29.6 30.0 Gudang Garam BUY 55,775 60,850 107,316 11,042 13,016 5,739 6,765 5,739 6,765 9.4% 17.9% 9.7 8.2 6.6 5.5 2.0 1.7 21.0 22.2 HM Sampoerna HOLD 2,070 2,100 240,778 15,379 15,858 132 136 132 136 7.5% 3.1% 15.7 15.2 10.9 10.4 6.5 6.3 41.9 42.1 Construction 89,460 10,809 12,157 145 163 10.3% 12.5% 8.3 7.4 9.03 8.30 0.9 0.8 11.4 11.6 Wijaya Karya BUY 1,890 3,000 16,953 2,714 3,046 303 340 314 352 20.2% 12.3% 6.2 5.6 4.9 4.6 0.9 0.8 15.2 15.1 Pembangunan Perumahan BUY 1,380 2,300 8,556 1,455 1,627 235 262 280 300 11.0% 11.8% 5.9 5.3 4.0 3.7 0.6 0.5 9.9 10.0 Adhi Karya BUY 1,030 2,000 3,668 745 799 209 224 289 315 12.3% 7.2% 4.9 4.6 3.9 3.5 0.4 0.4 9.4 8.7 Waskita Karya BUY 1,230 2,200 16,696 2,234 2,341 165 172 172 172 4.2% 4.8% 7.5 7.1 14.7 13.3 0.8 0.7 11.1 10.7 Waskita Beton BUY 260 410 6,854 899 1,007 34 38 34 38 15.8% 12.0% 7.6 6.8 8.7 7.7 0.8 0.7 10.8 11.3 Wika Beton BUY 384 680 3,347 574 644 66 74 66 74 13.2% 12.3% 5.8 5.2 4.0 3.7 0.9 0.8 15.8 15.8 Jasa Marga BUY 4,600 6,800 33,386 2,187 2,693 301 371 301 371 2.3% 23.1% 15.3 12.4 14.4 13.9 1.4 1.3 9.9 10.9 Consumer 551,725 21,108 22,709 256 276 8.1% 7.6% 26.1 24.3 15.5 14.4 6.3 5.8 25.1 24.8 Indofood CBP BUY 11,375 12,900 132,654 5,590 5,948 479 510 465 510 8.4% 6.4% 23.7 22.3 18.8 17.8 4.9 4.4 21.8 20.9 Indofood BUY 7,825 8,800 68,707 5,272 5,821 600 663 600 663 13.5% 10.4% 13.0 11.8 6.1 5.7 1.8 1.6 14.0 14.3 Unilever HOLD 7,950 9,200 303,293 8,009 8,506 210 223 210 223 7.3% 6.2% 37.9 35.7 26.4 24.9 39.8 39.6 105.2 111.3 Kino Indonesia BUY 2,900 5,000 4,143 295 328 206 230 206 230 -42.6% 11.3% 14.1 12.6 9.1 8.1 1.5 1.3 10.8 11.0 Mayora Indah BUY 1,920 2,600 42,929 1,943 2,106 87 94 88 96 11.2% 8.4% 22.1 20.4 11.8 10.7 3.9 3.4 18.9 17.9 Pharmaceutical 91,317 3,927 4,311 58 63 -68.5% 9.8% 23.3 21.2 18.2 16.4 3.8 3.5 17.4 17.2 Sido Muncul HOLD 1,195 1,470 17,925 895 1,000 60 67 60 67 11.5% 11.8% 20.0 17.9 16.7 14.7 5.5 5.2 28.3 29.9 Kalbe Farma BUY 1,430 1,800 67,031 2,851 3,115 61 66 61 66 8.8% 9.3% 23.5 21.5 14.9 13.5 3.7 3.3 16.6 16.4 Phapros BUY 960 1,200 806 110 121 130 144 130 144 13.7% 10.5% 7.4 6.7 3.7 4.4 0.4 0.4 7.7 6.1 Kimia Farma HOLD 1,000 1,350 5,554 71 75 13 14 13 14 6.5% 5.0% 77.7 74.1 17.2 14.9 1.4 1.4 1.8 1.9 Heavy Equipment 71,619 10,808 10,757 2,897 2,884 -4.5% -0.5% 6.6 6.7 2.9 2.6 1.1 1.0 17.0 15.4 United Tractors BUY 19,200 28,000 71,619 10,808 10,757 2,897 2,884 2,817 2,769 -4.5% -0.5% 6.6 6.7 2.9 2.6 1.1 1.0 17.0 15.4 Industrial Estate 18,092 1,965 1,874 31 30 15.1% -4.6% 9.2 9.7 6.3 5.9 1.1 1.1 12.2 11.2 Puradelta Lestari HOLD 278 300 13,399 1,352 1,026 28 21 28 21 16.7% -24.1% 9.9 13.1 8.6 10.9 1.8 1.8 18.6 14.0 Bekasi Fajar BUY 167 390 1,611 394 460 41 48 41 48 -10.9% 16.8% 4.1 3.5 4.0 3.3 0.3 0.3 8.4 9.2 Surya Semesta BUY 655 1,000 3,082 219 388 46 82 46 82 105.6% 77.5% 14.1 7.9 3.9 2.4 0.7 0.7 5.3 8.8 Media 43,975 3,712 4,215 128 145 10.7% 13.5% 11.8 10.4 8.2 7.1 2.3 2.1 20.8 21.1 Media Nusantara Citra BUY 1,590 1,900 22,699 2,303 2,577 161 181 161 181 10.1% 11.9% 9.9 8.8 7.0 5.9 1.7 1.6 18.8 18.8 Surya Citra Media BUY 1,440 1,725 21,276 1,409 1,638 95 111 95 111 11.6% 16.2% 15.1 13.0 10.3 9.1 3.6 3.2 25.3 26.1 Mining 133,597 14,381 14,711 162 166 0.0% 2.3% 9.3 9.1 4.0 3.8 0.9 0.8 9.7 9.5 Adaro Energy BUY 1,225 1,800 39,183 6,076 5,808 190 182 190 182 -12.7% -4.4% 6.4 6.7 2.7 2.5 0.7 0.6 10.6 9.7 Timah BUY 710 1,100 5,288 87 190 12 26 12 26 -138.5% 118.4% 60.8 27.8 7.5 7.0 0.9 0.8 1.4 3.1 Vale Indonesia BUY 3,160 4,400 31,399 1,258 1,519 127 153 127 153 85.1% 20.8% 25.0 20.7 7.3 6.4 1.1 1.1 4.5 5.2 Aneka Tambang BUY 720 1,100 17,302 724 790 30 33 30 33 -5.5% 9.2% 23.9 21.9 8.7 9.0 0.8 0.8 3.6 3.8 Bukit Asam BUY 2,210 3,700 25,461 4,191 4,387 364 381 364 381 3.0% 4.7% 6.1 5.8 3.9 4.0 1.2 1.1 21.7 20.4 Indo Tambangraya Megah BUY 10,050 15,000 11,356 1,730 1,676 1,531 1,483 1,531 1,483 -6.4% -3.1% 6.6 6.8 2.1 2.0 0.9 0.9 13.4 13.1 Harum Energy BUY 1,335 1,300 3,609 315 341 116 126 116 126 10.6% 8.2% 11.5 10.6 - 1.1 - 1.5 0.8 0.8 7.2 7.5 Plantation 30,873 1,396 1,213 160 139 358.8% -13.1% 22.1 25.5 7.6 7.9 1.1 1.1 5.1 4.3 Astra Agro Lestari BUY 11,875 15,000 22,856 940 843 488 438 488 438 502.5% -10.3% 24.3 27.1 7.8 8.1 1.2 1.1 4.9 4.3 PP London Sumatra BUY 1,175 1,800 8,017 456 370 67 54 67 54 207.6% -18.8% 17.6 21.7 6.6 7.1 0.9 0.9 5.4 4.3 Poultry 128,640 6,511 7,887 214 260 25.0% 21.1% 19.8 16.3 12.8 11.0 3.3 2.9 18.0 19.2 Charoen Pokphand HOLD 6,650 6,500 109,047 4,309 5,277 263 322 262 322 22.8% 22.5% 25.3 20.7 17.1 14.3 4.5 4.0 19.0 20.6 Japfa Comfeed BUY 1,500 2,000 17,590 1,868 2,207 159 188 170 199 29.8% 18.1% 9.4 8.0 6.7 6.0 1.5 1.3 16.6 17.1 Malindo Feedmill BUY 895 1,400 2,004 334 403 149 180 149 180 28.7% 20.6% 6.0 5.0 5.6 5.1 0.8 0.7 14.4 15.3 Property 79,196 6,570 7,607 55 63 -12.0% 15.8% 12.1 10.4 9.5 7.3 1.0 0.9 8.3 8.9 Alam Sutera HOLD 198 240 3,891 1,011 939 51 48 59 56 86.2% -7.1% 3.8 4.1 5.6 5.6 0.4 0.3 9.6 8.2 Bumi Serpong Damai HOLD 1,115 1,300 21,460 2,171 2,662 113 138 113 138 -30.6% 22.6% 9.9 8.1 8.4 6.0 0.7 0.6 7.2 8.2 Ciputra Development HOLD 895 1,100 16,611 706 1,028 38 55 38 55 -8.9% 45.5% 23.5 16.2 12.1 9.2 1.1 1.0 4.7 6.5 Pakuw on Jati BUY 520 640 25,043 2,116 2,321 44 48 46 50 -15.8% 9.7% 11.8 10.8 7.1 7.0 1.5 1.4 13.6 13.3 Summarecon HOLD 845 950 12,191 566 657 39 46 39 46 11.6% 16.0% 21.5 18.6 37.7 9.4 1.6 1.5 7.5 8.2 Utility 41,332 4,161 4,416 172 182 4.7% 6.1% 9.9 9.4 4.9 4.5 1.0 1.0 10.5 10.7 PGN BUY 1,705 2,700 41,332 4,161 4,416 172 182 167 163 4.7% 6.1% 9.9 9.4 4.9 4.5 1.0 1.0 10.5 10.7 Retail 45,337 2,902 3,451 107 128 9.1% 18.9% 15.6 13.1 8.7 8.1 3.6 3.2 24.5 25.6 Ramayana BUY 1,070 1,450 7,593 667 718 94 101 94 101 2.6% 7.6% 11.4 10.6 5.9 5.7 1.7 1.6 15.6 15.7 Matahari Department Store BUY 2,940 4,100 8,246 1,103 1,502 393 535 532 535 14.5% 36.2% 7.5 5.5 3.0 2.7 2.8 2.2 43.5 45.6 Ace Hardw are HOLD 1,720 1,550 29,498 1,132 1,231 66 72 66 72 8.1% 8.8% 26.1 24.0 20.0 18.1 5.6 5.0 22.5 21.9 Telco 489,265 28,113 31,406 149 166 12.5% 11.7% 17.4 15.6 5.5 5.0 3.0 2.7 17.8 18.2 Telekomunikasi Indonesia BUY 3,800 5,100 376,436 23,964 25,853 242 261 242 261 10.7% 7.9% 15.7 14.6 5.5 5.0 3.1 2.8 21.1 20.5 Indosat BUY 2,290 4,200 12,444 (801) (285) (147) (52) (147) (52) -22.2% 64.4% (15.5) (43.7) 2.7 2.4 1.3 1.3 (7.9) (3.0) XL Axiata BUY 2,900 4,100 30,995 1,161 1,591 109 149 109 149 66.8% 37.0% 26.7 19.5 3.7 3.2 1.5 1.4 5.9 7.7 Tow er Bersama HOLD 1,160 1,200 26,282 1,029 1,224 45 54 45 54 24.6% 19.0% 25.5 21.5 11.3 10.6 5.1 4.6 21.0 22.6 Sarana Menara Nusantara BUY 845 960 43,107 2,760 3,023 54 59 54 59 11.4% 9.5% 15.6 14.3 9.2 8.4 4.1 3.7 27.9 27.3 Transportation 1,938 234 235 33 33 4.3% 0.6% 8.3 8.2 3.3 3.2 0.8 0.8 10.2 9.9 Indonesia Kendaraan Terminal BUY 560 950 1,018 164 172 90 95 90 95 5.6% 5.1% 6.2 5.9 2.9 2.8 0.8 0.8 13.7 13.6 Jasa Armada Indonesia BUY 174 175 920 70 63 13 12 13 12 1.4% -10.0% 13.1 14.6 4.7 5.1 0.8 0.8 6.4 5.6

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Monday, February 03, 2020

COVERAGE PERFORMANCE

LEADERS

Price as on Code 31-Jan-20 30-Jan-20 Chg, % w-w, % m-m, % YTD, % Rating Ace Hardware ACES 1,720 1,565 9.9 5.5 13.5 15.1 SELL Vale Indonesia INCO 3,160 3,110 1.6 (4.5) (9.7) (13.2) BUY BPD Jatim BJTM 625 620 0.8 (3.1) (8.1) (8.8) BUY Japfa Comfeed JPFA 1,500 1,490 0.7 (5.4) (2.3) (2.3) BUY Sarana Menara Nusantara TOWR 845 840 0.6 2.4 5.0 5.0 BUY Wika Beton WTON 384 382 0.5 (8.6) (17.9) (14.7) BUY Mayora Indah MYOR 1,920 1,910 0.5 (2.0) (5.4) (6.3) BUY Media Nusantara Citra MNCN 1,590 1,585 0.3 (5.9) (1.5) (2.5) BUY Gudang Garam GGRM 55,775 55,700 0.1 (4.3) 3.1 5.2 BUY Adhi Karya ADHI 1,030 1,030 - (5.1) (14.9) (12.3) BUY Sources: Bloomberg

LAGGARDS

Price as on Code 31-Jan-20 30-Jan-20 Chg, % w-w, % m-m, % YTD, % Rating Matahari Department Store LPPF 2,940 3,360 (12.5) (20.8) (27.2) (30.2) BUY Kino Indonesia KINO 2,900 3,150 (7.9) (0.7) (16.7) (15.5) BUY Indo Tambangraya Megah ITMG 10,050 10,750 (6.5) (14.1) (14.3) (12.4) BUY Semen Baturaja SMBR 314 334 (6.0) (16.5) (28.3) (28.6) SELL Kalbe Farma KLBF 1,430 1,515 (5.6) (7.1) (12.5) (11.7) BUY Adaro Energy ADRO 1,225 1,295 (5.4) (11.2) (16.4) (21.2) BUY BTPN BTPN 2,910 3,060 (4.9) (6.4) (11.6) (10.5) HOLD Surya Semesta SSIA 655 685 (4.4) (4.4) 0.8 - BUY Indocement INTP 16,475 17,225 (4.4) (12.5) (12.7) (13.4) HOLD Jasa Marga JSMR 4,600 4,800 (4.2) (9.4) (12.4) (11.1) BUY Sources: Bloomberg

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Monday, February 03, 2020

PREVIOUS REPORTS

▪ Jasa Marga: Year of adjustment ▪ Unilever Indonesia: In line FY19 earnings ▪ BPD Jatim: Steady performance ▪ Cigarette: A survey on higher prices: What will smokers do? ▪ Bank Mandiri: Still a keeper ▪ Bank Rakyat Indonesia: Stay micro, stay profitable ▪ Semen Indonesia: Year of consolidation ▪ Bank Negara Indonesia: Steady Progress ▪ Indocement Tunggal Prakarsa: Solid grounds for optimism ▪ Telkom Indonesia: Ready to show its teeth ▪ Astra International: Stable market share in 2019 ▪ Danareksa Research Institute: December Outlook: Soft Trade Activities ▪ Ace Hardware Indonesia: Moderation Transpired in 2019 ▪ 2020 Compendium : The Set and Drift ▪ Plantation: Positive market dynamics ▪ Astra Agro Lestari: Benefitting Despite Negative Volumes ▪ PP London Sumatra: Negative Volumes, Positive 2020 Earnings ▪ Mitra Adiperkasa: Triple Double Performance Continuing ▪ Property : Fewer incentives may dim the outlook ▪ Barito Pacific: Leading businesses with demanding valuation ▪ Chandra Asri Petrochemical: Long play game ▪ Telco: Content (is king) and Gaming 2020 parade ▪ Towers: Solid trajectory and tower plays in 2020 ▪ Consumer: In a good position to sustain growtht ▪ Banking: Boarding to the new period ▪ Coal Mining : Have coal prices bottomed? ▪ Surya Citra Media: Staying Resilient ▪ United Tractors: Komatsu sales remain soft in November 2019 ▪ BTPN Syariah: Fully valued ▪ Indocement Tunggal Prakarsa: Lower monthly sales ▪ Media Nusantara Citra: Collabs and Digital as the Drivers ▪ Semen Indonesia: On track to meet our targets ▪ Ace Hardware Indonesia: 4Q19 Slower as Expected ▪ Astra International: Solid market share above 50% in November 2019 ▪ Bukit Asam: Higher production to support earnings ▪ November Outlook: Picking Up ▪ Cigarette: Navigating strong headwinds ▪ Construction: Moving in the right direction ▪ Puradelta Lestari : Double-edged sword

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Monday, February 03, 2020

PT Danareksa Sekuritas

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

Equity Research Team

Helmy Kristanto Stefanus Darmagiri Natalia Sutanto

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

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

Maria Renata Eka Savitri Niko Margaronis

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

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

Muhammad Naufal Yunas

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

Sales team

Vera Ongyono Ehrliech Suhartono Laksmita Armandani

[email protected] [email protected] [email protected] (62-21) 50914100 ext. 3120 (62-21) 50914100 ext. 3132 (62-21) 50914100 ext. 3125

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

Rendy Ben Philips Adeline Solaiman Thalia Kadharusman

[email protected] [email protected] [email protected] (62-21) 50914100 ext. 3148 (62-21) 50914100 ext. 3503 (62-21) 50914100 ext. 3124

Danareksa Sekuritas – Equity SNAPSHOT

Equity SNAPSHOT Monday, February 03, 2020

Economic Calendar

Date Time Event Period

7-Jan-20 Consumer Confidence Index Dec 8-Jan-20 Foreign Reserves Dec 8-Jan-20 Net Foreign Assets IDR Dec 15-Jan-20 Exports YoY Dec 15-Jan-20 Imports YoY Dec 15-Jan-20 Trade Balance Dec 15-Jan-20 Local Auto Sales Dec 23-Jan-20 Bank Indonesia 7D Reverse Repo 23-Jan 30-Jan-20 Danareksa Consumer Confidence Jan 3-Feb-20 Markit Indonesia PMI Mfg Jan 6-Feb-20 GDP YoY 4Q 6-Feb-20 GDP QoQ 4Q 7-Feb-20 Danareksa Consumer Confidence Feb

Source: Bloomberg

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Danareksa Sekuritas – Equity SNAPSHOT