INVESTOR DIGEST

Equity Research | 28 March 2019

Economic Data HIGHLIGHT

Latest 2019F
 BTPN Syariah: 2M19 Results - In Line with Expectations (BTPS; Rp2,220; Buy; TP:
7-DRRR (%), eop 6.00 6.25 Rp2,250) 
Inflation (YoY %) 2.57 3.80  Bumi Serpong Damai: 2018 Results – Revenue in-line, Stark Drop in Operating
US$ 1 = Rp, period avg 14,228 14,450 Margin (BSDE; Rp1,480; Neutral; TP: Rp1,450) 
 Jaya Real Property: 2018 Results – In-line at the Operating Level (JRPT; Rp600; Buy;
TP: Rp980) 
Stock Market Data
(27 Mar 2019)  Summarecon Agung: 2018 Results – Stable Top line, Strong Bottom line (SMRA;
Rp950; Buy; TP: Rp1,200) 
JCI Index 6,444.7 -0.39%  Market Recap March 27th 2019; JCI 6,444.74 points -25.26 pts (-0.39%); Valued
Trading T/O ( Rp bn ) 5,618.7
$392mn; Mkt Cap $507bn; USD/IDR 14,228 
Market Cap ( Rp tn ) 7,328.9

Market Data Summary* CORPORATE

2019F 2020F BTPN Syariah: 2M19 Results - In Line with Expectations (BTPS; Rp2,220; Buy; TP:
Rp2,250)
P/E (x) 17.2 15.8
 BTPS reported 2M19 net income of Rp185bn, +35%yoy, accounting for 16%
P/BV (x) 2.6 2.4
of FY19 consensus and 15% of our expectations—in line with expectations.
EV/EBITDA (x) 13.7 13.0
Strong bottom line growth was driven by net interest income growth of
Div. Yield (%) 2.4 2.6
+23%yoy and managed operating expenses, which only grew by +12%yoy.
Net Gearing (%) 14.5 0.0
PPOP grew by +33%yoy.
ROE (%) 15.5 15.5
EPS growth (%) 10.6 8.9  Loan growth +24%yoy/ +1% mom, deposit growth
EBITDA growth (%) 6.8 5.1 +25%yoy/+5%mom. Deposit growth was driven by time deposits and savings
Earnings Yield (%) 5.8 6.3 deposits at +25%yoy while demand deposits grew by +6%yoy. This brings CASA
ratio to 23% in Feb-19, flat vs. Feb-18 while LDR stood at 95% in Feb-19, flat vs.
* Aggregate of 75 companies in MS research universe, Feb-18.
representing 64.2%of JCI’s market capitalization
 NIM declined to 30.3% in 2M19 from 33.7% in 2M18 due to both higher CoF
and lower asset yield.

 Cost to income ratio declined to 47% in 2M19 from 51% in 2M18.

 Provision expenses increased by +23%yoy in 2M19 to Rp48bn. Cost of credit

remains stable at 3.9% in 2M19 while provision to total loans increased to 3.1%
in Feb-19 from 2.6% in Feb-18. We estimate BTPS wrote off approximately
Rp34bn in 2M19.

 Maintain Buy with TP Rp2,250. The stock is currently trading at 3.4x 2019F
P/BV.

Please see important disclosure at the back of this report Page 1 of 9

 Equity Research | 28 March 2019

% of
Income Statement % of FY19
Feb-18 Jan-19 Feb-19 % MoM % YoY 2M18 2M19 % YoY FY19F FY19F
(Rp bn) FY19F Cons
Cons
Net interest income 216 290 265 (9) 23 455 556 22 3,684 15
Non interest income 1 2 2 29 176 2 4 115 14 26
Operating income 216 292 267 (8) 24 456 559 23 3,698 15 3,632 15
Provision expenses (16) (25) (23) (7) 41 (39) (48) 23 (259) 18
Operating expenses (112) (138) (124) (10) 10 (233) (262) 12 (1,807) 14
Operating profit 88 129 120 (7) 37 184 249 35 1,631 15 1,546 16
PPOP 104 154 143 (7) 38 223 297 33 1,890 16
Pre-tax profit 87 129 120 (7) 38 184 249 35 1,631 15 1,544 16
Net profit 65 96 89 (8) 37 137 185 35 1,224 15 1,147 16

Balance Sheet (Rp bn) Feb-18 Jan-19 Feb-19 % MoM % YoY

Gross loan 5,970 7,311 7,419 1 24
Demand deposits 96 101 102 1 6
Saving deposits 1,355 1,658 1,688 2 25
Time deposits 4,812 5,709 6,026 6 25
Total deposits 6,263 7,468 7,816 5 25

CASA to deposits (%) 23.2 23.6 22.9

Ratio (%) Feb-18 Jan-19 Feb-19 2M18 2M19

LDR 95.3 97.9 94.9 95.3 94.9
NIM 32.3 32.1 28.8 33.7 30.3
ROE 33.1 28.5 25.8 35.4 27.2
Cost to income 52.0 47.3 46.4 51.0 46.8
Cost of credit - net 3.3 4.1 3.7 3.9 3.9
Provisioning level 2.6 3.1 3.1 2.6 3.1

Priscilla Thany (+62 21 5296 9546) priscilla.thany@mandirisek.co.id

Tjandra Lienandjaja (+6221 5296 9617) tjandra.lienandjaja@mandirisek.co.id
Silvony Gathrie (+6221 5296 9544) silvony.gathrie@mandirisek.co.id

Bumi Serpong Damai: 2018 Results – Revenue in-line, Stark Drop in Operating Margin (BSDE; Rp1,480; Neutral; TP:
Rp1,450)

 Revenue declined 36% YOY, but well expected given 2017’s high base from a bulk sale delivery.
 Gross margins held steady, within the range for BSDE, however below-the-line items eroded gross profit leading to
operating profit and net profit falling short of Mansek and street expectations.
 Stark increase in debt, but net gearing still strong. The rise in gross gearing was in preparation to fund capex and working
capital in 2019.
% of % of
IDRbn 4Q18 3Q18 QoQ % 4Q17 YoY% 2018A 2017 YoY% 2018F FY18C
target cons
Revenue 1,842 1,667 10% 4,442 -59% 6,629 10,347 -36% 6,906 7,222 96% 92%
Gross profit 1,245 1,270 -2% 3,295 -62% 4,755 7,590 -37% 5,096 5,291 93% 90%
Operating profit 678 624 9% 2,769 -75% 2,438 5,475 -55% 2,893 3,083 84% 79%
Pretax profit 945 371 154% 2,880 -67% 2,033 5,641 -64% 2,456 2,394 83% 85%
Net profit 695 190 266% 2,618 -73% 1,294 4,920 -74% 1,794 1,996 72% 65%

Gross margin 68% 76% 74% 72% 73% 74% 73%

Operating margin 37% 37% 62% 37% 53% 42% 43%
Pretax margin 51% 22% 65% 31% 55% 36% 33%
Net margin 38% 11% 59% 20% 48% 26% 28%

Total debt 13,948 9,031

Total equity 30,287 29,197
Cash 8,139 5,793
Net gearing 19.2% 11.1%

Robin Sutanto (+6221 5296 9572) robin.sutanto@mandirisek.co.id

Please see important disclosure at the back of this report Page 2 of 9

 Equity Research | 28 March 2019

Jaya Real Property: 2018 Results – In-line at the Operating Level (JRPT; Rp600; Buy; TP: Rp980)

 YOY decline in earnings due to presales weakness recently,however accounted for in forecasts.

 Operating earnings was in-line with Mansek, slightly below street forecasts. Although revenue fell short of Mansek
expectations, higher margins counterbalanced this.

% of % of
IDRbn 4Q18 QoQ % 4Q17 YoY% 2018 2017 YoY% 2018F FY18C
target cons
Revenue 672 16% 792 -15% 2,331 2,405 -3% 2,547 2,461 92% 95%
Gross profit 412 22% 488 -16% 1,371 1,485 -8% 1,386 1,487 99% 92%
Operating profit 315 29% 369 -15% 1,005 1,091 -8% 1,029 1,085 98% 93%
Pretax profit 385 41% 440 -12% 1,154 1,253 -8% 1,049 1,205 110% 96%
Net profit 346 41% 392 -12% 1,033 1,114 -7% 951 1,070 109% 97%

Gross margin 59% 62% 54% 60%

Operating margin 43% 45% 40% 44%
Pretax margin 50% 52% 41% 49%
Net margin 44% 46% 37% 43%

Robin Sutanto (+6221 5296 9572) robin.sutanto@mandirisek.co.id

Summarecon Agung: 2018 Results – Stable Top line, Strong Bottom line (SMRA; Rp950; Buy; TP: Rp1,200)

 2018 top line at IDR5,661bn, flat YOY, broadly in line with Mansek’s and street’s forecasts. Operating level earnings
however was stronger than expected due to operating efficiencies causing a rise in EBIT margin.

 Net profit significantly outstripped our expectations as other projects contributed to earnings, hence doing away with
erosion from minority interests from one of its Serpong projects.

 Stark increase in leverage to fund working capital across projects.

% of % of
IDRbn 4Q18 QoQ % 4Q17 YoY% 2018 2017 YoY% FY18F FY18C
target cons
Revenue 1,638 21% 1,647 -0.5% 5,661 5,641 0% 5,784 5,873 98% 96%
Gross profit 827 23% 844 -2.0% 2,739 2,567 7% 2,680 2,770 102% 99%
Operating profit 498 22% 505 -1.3% 1,540 1,339 15% 1,391 1,434 111% 107%
Pretax profit 371 46% 367 1.2% 950 799 19% 850 847 112% 112%
Net profit 245 96% 243 1.2% 449 362 24% 319 409 141% 110%

Gross margin 50% 51% 48% 46% 46% 47%

Operating margin 30% 31% 27% 24% 24% 24%
Pretax margin 23% 22% 17% 14% 15% 14%
Net margin 15% 15% 8% 6% 6% 7%

Total debt 8,607 7,984

Total equity 9,061 8,354
Cash 1,534 1,474
Net gearing 84.1% 77.4%

Robin Sutanto (+6221 5296 9572) robin.sutanto@mandirisek.co.id

Please see important disclosure at the back of this report Page 3 of 9

 Equity Research | 28 March 2019

MARKET

Market Recap March 27th 2019; JCI 6,444.74 points -25.26 pts (-0.39%); Valued $392mn; Mkt Cap $507bn; USD/IDR
14,228

 TOP TURNOVER: BBRI BMRI BBCA TLKM ICBP INDF ASII JSMR WIKA GIAA WSKT UNTR LPPF BNLI BBNI BRPT (28%)

 ADVANCING SECTOR: property & telco+0.5%; auto+0.4%

 DECLINING SECTOR: mining-0.8%; cement-0.6%; financial & consumer-0.5%; plantation-0.2%; construction flat

 Indofood group was responsible for dragging the overall market down: INDF-5.1% to cls at 6550 level (in 1.5x avg five
week vol) and ICBP-3.9% to cls at 9175 level (in 1.6x avg five-week vol). The JCI was immune to rebound in other Asian
markets and settled down 0.4% to close at 6445 level. The share price of WIKA surged 5.5% to cls at 2080 level in 2.2x avg
five-week vol on market talk that it will soon announce the divestment of 20% stake each in Manado-Bitung and
Surabaya-Mojokerto toll roads. Other SOE contractors followed suit with lesser degree: ADHI+2.6% PTPP+2% WSKT+2.6%.
While, the share price of JSMR jumped 4.6% to cls at 5650 level in 2.5x avg five-week vol after upgrade from CSFB and
Macquarie. Market turnover (excluding $98MN PEHA crossing) was steady at $392MN. Foreign participants at 30% came
up slightly better seller. Losers beat gainers by 11 to 10.

 Investors tried to come to terms with a sharp shift in US bond markets and the implications for the world’s top economy.
The 10-year US Treasuries yield inched to as high as 2.432% from Monday’s 15-month low of 2.377%, though the yield
curve remained inverted, with three-month bills yielding 2.461%, more than 10-year bonds. The inversion spooked many
investors as this phenomenon has preceded every US recession over the past 50 years, triggering a dramatic selloff in
stock markets globally late last week and a stampede into longer-dated US govt debt. Many major economies in the
world, including China, Europe and Japan, are already slowing down, not helped by uncertainties stemming from trade
frictions between the U.S. and China as well as Brexit. A senior IMF official said on Tuesday trade tensions between the US
and China have caused huge amounts of economic uncertainty and could cut Asia’s economic growth by 0.9 percentage
point. Investors are left wondering what to expect on Britain’s plan to exit from the EU, with potential scenarios spanning
from a cancellation of Brexit to a no-deal exit. PM Theresa May will address Conservative Party lawmakers, possibly to set
out a timetable for her departure, to win support for her twice-rejected Brexit deal as the parliament prepares to vote on a
variety of possible options.

 Ahead of the so-called indicative votes, the pound inched 0.1% lower to $1.3185 . The euro slipped to a two-week low of
$1.1251 as the dollar gained some footing on a rebound in US bond yields. The IDR slipped with other emerging-market
currencies in Asia as investors sell risk-sensitive assets on concerns of a global economic slowdown. IDR retreated 0.3% to
14228 level. Oil prices remained supported by supply curbs by the OPEC plus allies and as Venezuela’s main oil export
port and four crude upgraders have been unable to resume operations following a massive power blackout. Brent crude
oil futures rose 0.2% to $68.12 per barrel while US crude futures edged up 0.1% to $60.01.

Sales Team +6221 527 5375

Please see important disclosure at the back of this report Page 4 of 9

 Equity Research | 28 March 2019

FROM THE PRESS

Infrastructure related import contributed to last year’s CAD

Bank Indonesia calculated that infrastructure related import contributed around USD6bn last year. Thus, excluding it from the
equation, the central bank sees 2018 current account deficit should be USD25bn or -2.5% of GDP (Kontan).
Our view: Previously, we have written in our report that the potential “one-off” import drop (on items such as machineries, iron and
steel, and vehicles), combined with B-20 implementation would reduce imports -USD900mn per month, all of which are in an
optimistic scenario. We believe that the risk on current account deficit has shifted from import to export side. For information, the
Mar19 trade data will be released in April 15, 2019.

Overload and over dimension policy for trucks to be relaxed

The Ministry of Transportation has delayed sanctions for those who do not comply with the overload and over dimension
policy until the Eid al Fitr holidays. The purpose of ODOL relaxation is to maintain the conduciveness leading up to Eid al Fitr
holidays and the presidential elections. The maximum over load allowed is 175%. (Bisnis Indonesia)

Circulation of illegal cigarettes in Indonesia is less than 2%

Ah Maftuchan, Executive Director of Perkumpulan Prakarsa, said from 1,181 cigarettes packs that were identified and
examined, only 20 packs or 1.67% were categorized as illegal cigarettes. Directorate General of Customs and Excise targets to
reduce the illegal cigarettes circulation from 12% to 7% this year. As of Feb’19, total excise cigarettes received reached
Rp10.08trn or 6.09% of this year target. (Kontan)

Bank BCA (BBCA) is conducting due diligence on Bank Royal Indonesia

The bank will announce of the acquisition and seek the shareholders’ approval during the EGM, tentatively a few weeks after
they will conduct the AGM on 11 April. Instead of merging it, BCA will make it into a special bank concentrating on digital
banking. As already reported, the bank will cooperate with Alipay and WeChat to provide the payment system, in particular
for the Chinese tourists. Bank Royal is BUKU 1 bank with total assets of <Rp1tr and equity of Rp339bn as of Feb19.

Indosat (ISAT) will add 2,100 4G BTS spots in Sumatera

Indosat Ooredoo will add up to 2,100 4G BTS spots in Sumatera to have 80% population coverage in stated island. To note, in
early 2018 Indosat has 1,100 4G BTS spots in Sumatera and currently reaches 4,400 4G BTS spots. (Bisnis Indonesia)

Kimia Farma (KAEF) to add 200 new stores

After the completion of Phapros acquisition, KAEF targets to add 200 new stores in their portfolio. The Company allocated
Rp4.2trn for capex this year. Honesti Basyir, President Director of Kimia Farma, said they will also use the capex to repair the
warehouse and expansion of new clinics and pharmacies. KAEF allocated Rp300-400bn for each new stores. 70% of the capex
will be from syndicated loan of Bank Himbara and the rest will be from internal cash. (Kontan)

Smartfren has reached agreement with Tower Bersama (TBIG) to setup network on MRT
Djoko Tata Ibrahim, Deputy CEO of Commercial Smartfren, stated that its company has reached agreement with Tower
Bersama Infrastructure (TBIG) to setup the network on MRT. To note, MRT Jakarta and its partner have provided in building
solution (IBS) antenna in 408 points along MRT routes, which takes more than 15.6km. Other than that, they also provide
antenna repeater along rail routes, 8 BTOS rooms, and backhaul to optic fibers for each tenant. (Liputan 6)

Please see important disclosure at the back of this report Page 5 of 9

 Equity Research | 28 March 2019

Indices and Fund Flows Currencies and Bonds Major Commodities

YTD Chg YTD YTD

Indices Last Chg (%) Currency Last Chg (%) Last Chg (%)
(%) Chg (%) Chg (%)

JCI 6,444.7 -0.4 +4.0 Rp/US$ 14,271 +0.38 +1.0 Oil spot (US$/bl) 59.41 -0.9 +30.8
Dow Jones 25,625.6 -0.1 +9.9 US$/EUR 1.124 -0.20 +2.0 Nickel spot (US$/mt) 12,977 -0.1 +22.4
Nikkei 21,378.7 -0.2 +6.8 YEN/US$ 110.51 -0.12 -0.7 Gold spot (US$/oz) 1,310 -0.5 +2.1
Hang Seng 28,728.3 +0.6 +11.2 SGD/US$ 1.355 +0.23 +0.6 Tin 3-month (US$/mt) 21,350 +0.2 +9.6
STI 3,198.4 -0.1 +4.2 CPO futures (Ringgit/ton) 2,136 +0.2 +0.7
Ishares indo 25.4 -1.7 +2.3 Coal (US$/ton) 93.5 +0.3 -8.4
Rubber forward (US¢/kg) 167.4 +0.2 +12.7
Foreign YTD
YTD Gov. Bond Chg Soybean oil
Fund Flows Last Chg Last Chg 28.82 +0.6 +4.6
Chg Yield (bps) (US$/100gallons)
(US$mn) (bps)
Equity Flow -29.9 +765 5Yr 7.09 +0 -82 Baltic Dry Index 690.0 +1.0 -45.7
Bonds Flow +67.5 +4,219 10Yr 7.63 +1 -40

Please see important disclosure at the back of this report Page 6 of 9

 Equity Research | 28 March 2019

Equity Valuation
Price Price % of Mkt Cap Net Profit PER (x) P/BV (x) EV/EBITDA (x) EPS Growth Div.Yield
Code Rating (Rp) Target PT (Rp Bn) 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020
MANSEK universe 6,445 7,000 8.6 4,702,375 273,274 297,726 17.2 15.8 2.6 2.4 13.7 13.0 10.6% 8.9% 2.4% 2.6%
Financials 1,623,845 108,997 122,912 14.9 13.2 2.2 2.1 0.0 0.0 15.0% 12.8% 2.0% 2.4%
BBCA Neutral 27,250 24,500 (10.1) 671,849 28,938 33,056 23.2 20.3 3.9 3.5 N.A. N.A. 14.2% 14.2% 1.0% 1.3%
BBNI Neutral 9,375 8,000 (14.7) 174,831 17,418 19,587 10.0 8.9 1.5 1.4 N.A. N.A. 11.1% 12.5% 2.7% 3.1%
BBRI Buy 4,040 4,300 6.4 498,126 36,812 42,560 13.5 11.7 2.4 2.3 N.A. N.A. 13.8% 15.6% 3.2% 3.7%
BBTN Buy 2,450 3,250 32.7 25,946 4,088 4,882 6.3 5.3 0.9 0.9 N.A. N.A. 23.9% 19.4% 2.5% 2.5%
BDMN Neutral 9,000 9,000 0.0 86,261 5,804 4,758 14.9 18.1 1.9 1.8 N.A. N.A. 43.3% -18.0% 1.4% 1.4%
BJBR Neutral 2,000 1,900 (5.0) 20,113 1,627 1,749 12.4 11.5 1.5 1.5 N.A. N.A. -3.5% 7.5% 4.5% 4.4%
BJTM Neutral 650 655 0.8 9,696 1,275 1,302 7.6 7.4 1.1 1.0 N.A. N.A. 3.5% 2.1% 7.0% 7.2%
BNGA Neutral 1,090 1,350 23.9 27,393 3,946 4,261 6.9 6.4 0.6 0.6 N.A. N.A. 13.3% 8.0% 2.5% 2.9%
BNLI Neutral 995 465 (53.3) 27,903 1,081 1,409 25.8 19.8 1.2 1.1 N.A. N.A. 69.0% 30.3% 0.0% 0.0%
BTPN Neutral 3,610 4,000 10.8 21,083 2,426 2,787 8.7 7.6 1.1 1.0 N.A. N.A. 15.3% 14.9% 3.5% 4.0%
PNBN Buy 1,410 1,500 6.4 33,964 2,914 3,358 11.7 10.1 0.9 0.8 N.A. N.A. 8.8% 15.3% 0.0% 0.0%
BTPS Buy 2,220 2,250 1.4 17,102 1,224 1,547 14.0 11.1 3.3 2.7 N.A. N.A. 31.0% 26.4% 0.0% 1.4%
BFIN Buy 640 1,000 56.3 9,577 1,445 1,655 6.6 5.8 1.5 1.3 N.A. N.A. 7.3% 14.5% 7.7% 8.3%
Construction & materials 278,699 15,612 18,861 17.9 14.8 1.9 1.8 10.3 9.5 0.2% 20.8% 1.4% 1.6%
INTP Buy 21,000 23,500 11.9 77,306 1,868 2,478 41.4 31.2 3.1 2.9 21.9 17.4 65.5% 32.7% 0.5% 0.8%
SMGR Buy 13,775 16,800 22.0 81,707 2,459 4,767 33.2 17.1 2.5 2.3 12.6 9.1 -6.0% 93.9% 1.0% 1.3%
ADHI Buy 1,585 2,035 28.4 5,644 800 741 7.1 7.6 0.8 0.7 4.6 4.2 19.6% -7.3% 2.4% 2.8%
PTPP Buy 2,050 3,085 50.5 12,710 1,733 2,126 7.3 6.0 0.9 0.8 4.2 3.8 17.5% 22.7% 3.5% 4.1%
WIKA Buy 2,080 2,455 18.0 18,637 1,873 1,999 10.0 9.3 1.2 1.1 6.3 6.3 19.6% 6.7% 2.0% 2.1%
WSKT Buy 1,955 2,280 16.62 26,160 3,504 3,051 7.5 8.6 1.3 1.1 9.5 10.4 -24.8% -12.9% 2.7% 2.3%
WTON Buy 590 700 18.6 5,142 525 608 9.8 8.5 1.5 1.3 5.4 4.7 8.0% 15.7% 2.8% 3.1%
WSBP Buy 394 480 21.8 10,386 1,268 1,409 8.2 7.4 1.2 1.1 5.0 4.4 15.1% 11.1% 5.3% 6.1%
JSMR Buy 5,650 5,600 (0.9) 41,007 1,583 1,683 25.9 24.4 2.3 2.2 13.9 15.3 -15.9% 6.3% 0.9% 0.8%
Consumer staples 1,279,936 46,276 50,135 27.7 25.5 6.9 6.2 17.6 16.3 7.1% 8.3% 2.4% 2.5%
ICBP Buy 9,175 10,550 15.0 106,998 4,512 4,613 23.7 23.2 4.4 4.0 15.1 14.9 5.9% 2.2% 2.0% 2.1%
INDF Buy 6,550 9,950 51.9 57,509 4,005 3,958 14.4 14.5 1.6 1.6 7.2 7.2 4.2% -1.2% 3.3% 3.5%
MYOR Neutral 2,540 2,550 0.4 56,792 1,882 2,061 30.2 27.6 5.9 5.2 15.5 14.0 13.9% 9.5% 1.0% 1.1%
UNVR Neutral 48,900 43,100 (11.9) 373,107 7,560 8,123 49.4 45.9 61.9 56.6 34.2 31.7 -17.0% 7.4% 2.4% 2.0%
GGRM Buy 84,200 94,050 11.7 162,008 9,609 10,519 16.9 15.4 3.0 2.6 11.2 10.1 18.5% 9.5% 1.4% 1.4%
HMSP Buy 3,760 4,000 6.4 437,356 15,337 17,177 28.5 25.5 11.7 11.1 21.0 18.8 16.9% 12.0% 2.9% 3.4%
KLBF Neutral 1,515 1,700 12.2 71,016 2,631 2,856 27.0 24.9 4.4 4.0 17.0 15.6 7.5% 8.6% 1.7% 1.8%
SIDO Buy 1,010 1,050 4.0 15,150 739 827 20.5 18.3 4.6 4.1 14.8 13.1 11.4% 11.9% 3.8% 4.3%
Healthcare 43,911 911 1,018 48.2 43.1 3.6 3.4 16.0 14.0 6.5% 11.8% 0.2% 0.2%
MIKA Buy 1,935 2,200 13.7 28,156 703 743 40.1 37.9 7.0 6.4 28.4 26.4 3.6% 5.8% 0.0% 0.0%
SILO Buy 3,530 4,300 21.8 5,736 39 46 147.0 124.7 0.9 0.9 5.3 4.6 41.1% 18.0% 0.0% 0.0%
HEAL Buy 3,370 4,500 33.5 10,019 169 228 59.3 43.9 5.3 4.9 15.5 12.4 13.6% 35.1% 0.7% 0.9%
Consumer discretionary 399,454 31,826 32,463 12.6 12.3 2.1 1.9 9.1 9.2 12.8% 2.0% 3.4% 3.8%
ACES Buy 1,800 1,700 (5.6) 30,870 1,113 1,232 27.7 25.1 6.3 5.4 21.4 19.2 14.8% 10.6% 1.3% 1.4%
LPPF Buy 3,910 7,500 91.8 11,409 2,092 2,278 5.5 5.0 3.3 2.6 2.7 2.2 48.9% 8.9% 8.6% 12.8%
MAPI Buy 995 1,100 10.6 16,517 815 815 20.3 20.3 3.2 2.9 8.2 8.1 13.4% 0.0% 0.7% 0.7%
MPPA Sell 270 250 (7.4) 1,452 -335 -462 -4.3 -3.1 0.8 1.1 19.2 47.1 -20.3% -37.9% -5.8% -6.9%
RALS Buy 1,780 1,700 (4.5) 12,631 558 626 22.6 20.2 3.1 2.9 15.2 13.8 9.2% 12.2% 2.4% 2.7%
ASII Buy 7,100 8,650 21.8 287,433 23,941 24,095 12.0 11.9 1.9 1.7 9.5 9.8 10.5% 0.6% 3.4% 3.7%
SCMA Buy 1,660 2,200 32.5 24,271 1,628 1,773 14.9 13.7 5.4 5.0 10.5 9.7 8.5% 8.9% 5.4% 5.8%
MNCN Buy 755 1,250 65.6 9,681 1,586 1,610 6.1 6.0 0.9 0.8 4.1 3.9 15.3% 1.5% 6.6% 6.7%
MSIN Buy 286 570 99.3 1,488 229 257 6.5 5.8 1.1 1.0 3.3 2.8 27.2% 12.1% 7.7% 8.6%
PZZA Buy 1,225 1,400 14.3 3,702 199 239 18.6 15.5 2.8 2.5 8.8 7.7 24.2% 20.0% 0.0% 0.0%
Commodities 339,453 34,601 34,131 9.7 9.8 1.3 1.2 4.5 4.2 2.3% -1.5% 4.1% 4.0%
AALI Buy 11,300 14,200 25.7 21,749 1,817 1,968 12.0 11.1 1.1 1.0 4.7 3.9 16.6% 8.3% 2.9% 3.3%
LSIP Buy 1,060 1,450 36.8 7,232 650 665 11.1 10.9 0.8 0.8 3.8 3.4 11.4% 2.3% 3.2% 3.6%
SSMS Neutral 1,045 1,300 24.4 9,954 1,158 1,263 8.6 7.9 1.8 1.5 5.3 4.6 27.0% 9.1% 2.7% 3.5%
BWPT Neutral 160 195 21.9 5,044 -67 -189 -74.8 -26.7 0.9 0.9 7.9 7.0 70.0% -180.3% 0.0% 0.0%
UNTR Buy 27,200 35,000 28.7 101,460 11,287 10,698 9.0 9.5 1.6 1.5 4.4 4.5 1.4% -5.2% 3.3% 3.2%

Please see important disclosure at the back of this report Page 7 of 9

 Equity Research | 28 March 2019

Price Price % of Mkt Cap Net Profit PER (x) P/BV (x) EV/EBITDA (x) EPS Growth Div.Yield
Code Rating (Rp) Target PT (Rp Bn) 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020
ADRO* Neutral 1,345 1,540 14.5 43,021 395 370 7.5 8.0 0.8 0.7 3.5 3.3 -5.4% -6.5% 5.3% 4.7%
HRUM* Neutral 1,455 2,000 37.4 3,736 32 26 8.0 9.9 0.7 0.7 0.2 -0.1 -9.9% -19.0% 6.8% 5.6%
INDY* Neutral 1,895 2,100 10.8 9,873 122 115 5.5 5.9 0.6 0.5 2.0 1.6 -13.5% -5.6% 4.5% 4.3%
ITMG* Buy 23,800 33,400 40.3 26,098 225 224 8.0 8.0 1.8 1.7 3.3 3.3 -13.7% -0.6% 10.7% 10.6%
PTBA Neutral 4,080 4,000 (2.0) 47,012 4,194 3,665 10.3 11.7 2.7 2.4 7.9 8.1 -16.5% -12.6% 4.5% 3.9%
ANTM Buy 900 1,200 33.3 21,628 1,230 1,423 17.6 15.2 1.1 1.0 9.5 8.5 40.7% 15.7% 2.0% 2.3%
INCO* Buy 3,370 5,000 48.4 33,485 124 169 18.6 13.6 1.2 1.1 6.3 5.0 76.9% 36.5% 1.6% 2.2%
TINS Buy 1,230 2,200 78.9 9,161 1,262 1,492 7.3 6.1 1.2 1.1 4.3 3.7 137.4% 18.3% 4.8% 5.7%
Property & Industrial Estate 121,540 8,720 9,656 13.9 12.6 1.3 1.2 10.6 10.1 3.8% 10.7% 1.0% 1.0%
ASRI Sell 312 280 (10.3) 6,131 997 1,578 6.2 3.9 0.6 0.5 7.1 5.6 5.8% 58.3% 0.6% 0.6%
BSDE Neutral 1,480 1,450 (2.0) 28,485 1,972 2,043 14.4 13.9 1.0 0.9 12.3 12.6 10.0% 3.6% 0.0% 0.0%
CTRA Buy 1,015 1,450 42.9 18,839 981 1,039 19.2 18.1 1.2 1.2 12.1 11.8 -14.0% 5.9% 1.0% 0.8%
JRPT Buy 600 980 63.3 8,250 1,005 919 8.2 9.0 1.2 1.1 7.2 7.7 5.7% -8.6% 3.4% 2.4%
PWON Neutral 690 680 (1.4) 33,230 2,399 2,426 13.9 13.7 2.3 2.0 10.2 10.2 4.8% 1.2% 0.9% 0.9%
SMRA Buy 950 1,200 26.3 13,705 313 486 43.8 28.2 2.0 1.8 13.3 11.5 -1.8% 55.3% 0.5% 0.5%
DMAS Buy 218 250 14.7 10,507 631 650 16.6 16.2 1.4 1.3 15.6 15.1 12.0% 3.0% 3.0% 3.1%
BEST Buy 248 320 29.0 2,393 422 516 5.7 4.6 0.5 0.5 6.2 5.5 3.9% 22.3% 3.6% 4.3%
Telco 491,847 20,644 22,516 23.8 21.8 3.3 3.2 6.8 6.4 19.3% 9.1% 3.4% 3.6%
EXCL Buy 2,690 3,100 15.2 28,751 25 335 1,151.2 85.9 1.6 1.5 5.5 5.1 N/M 1240.2% 0.0% 0.0%
TLKM Neutral 3,820 3,800 (0.5) 378,418 18,948 19,871 20.0 19.0 3.7 3.5 6.8 6.4 3.5% 4.9% 3.8% 3.9%
ISAT Neutral 2,590 2,800 8.1 14,074 -2,810 -2,598 -5.0 -5.4 1.6 2.3 5.3 4.9 -37.5% 7.6% 0.0% 0.0%
LINK Buy 4,500 6,200 37.8 13,300 1,209 1,328 11.0 10.0 2.4 2.2 5.2 4.7 9.7% 9.9% 4.5% 5.0%
TBIG Buy 4,000 5,700 42.5 17,769 908 1,113 19.6 16.0 5.2 4.7 10.1 9.6 1.8% 22.5% 4.2% 4.2%
TOWR Buy 775 950 22.6 39,536 2,364 2,467 16.7 16.0 4.2 3.7 9.0 8.5 0.7% 4.4% 3.0% 3.0%
Chemical 50,732 1,993 1,957 25.5 25.9 2.6 2.4 7.5 7.3 25.7% -1.8% 0.0% 0.0%
AGII Buy 565 770 36.2 1,733 110 138 15.7 12.6 0.5 0.5 6.1 5.6 13.2% 25.0% 0.0% 0.0%
BRPT* Neutral 3,510 2,640 (24.8) 48,999 129 125 26.0 26.9 3.0 2.7 7.6 7.5 25.4% -3.4% 0.0% 0.0%
Airlines 7,284 516 652 14.1 11.2 1.4 1.2 8.1 6.7 17.2% 26.4% 0.0% 0.0%
GMFI* Buy 258 310 20.3 7,284 35 45 14.1 11.2 1.4 1.2 8.1 6.7 16.2% 26.4% 0.0% 0.0%
Oil and Gas 56,968 2,618 2,797 21.8 20.4 1.2 1.1 6.7 6.3 14.7% 6.8% 1.6% 1.8%
PGAS* Buy 2,350 3,150 34.0 56,968 180 192 21.8 20.4 1.2 1.1 6.7 6.3 13.7% 6.8% 1.6% 1.8%
Transportation 8,707 560 630 15.6 13.8 1.6 1.4 6.6 6.2 17.0% 12.6% 1.9% 2.2%
BIRD Buy 3,480 3,700 6.3 8,707 560 630 15.6 13.8 1.6 1.4 6.6 6.2 17.0% 12.6% 1.9% 2.2%
Note:
- *) net profit in USD mn
- U/R means Under Review
- n/a means Not Available
- N/M means Not Meaningful
- N.A means Not Applicable

Please see important disclosure at the back of this report Page 8 of 9

 Mandiri Sekuritas A subsidiary of PT Bank Mandiri (Persero) Tbk
Menara Mandiri Tower I, 25th floor, Jl. Jend. Sudirman Kav. 54 – 55, Jakarta 12190, Indonesia
General: +62 21 526 3445, Fax : +62 21 527 5374 (Equity Sales)

RESEARCH
Adrian Joezer Head of Equity Research, Strategy, Consumer adrian.joezer@mandirisek.co.id +6221 5296 9415
Tjandra Lienandjaja Deputy Head of Equity Research, Banking tjandra.lienandjaja@mandirisek.co.id +6221 5296 9617
Ariyanto Kurniawan Automotive, Coal, Chemical ariyanto.kurniawan@mandirisek.co.id +6221 5296 9682
Kresna Hutabarat Telecom, Media kresna.hutabarat@mandirisek.co.id +6221 5296 9542
Priscilla Thany Banking, Building Material priscilla.thany@mandirisek.co.id +6221 5296 9569
Lakshmi Rowter Healthcare, Consumer lakshmi.rowter@mandirisek.co.id +6221 5296 9549
Robin Sutanto Property robin.sutanto@mandirisek.co.id +6221 5296 9572
Edbert Surya Construction, Transportation edbert.surya@mandirisek.co.id +6221 5296 9623
Silvony Gathrie Research Assistant Silvony.gathrie@mandirisek.co.id +6221 5296 9544
Riyanto Hartanto Research Assistant riyanto@mandirisek.co.id +6221 5296 9488
Henry Tedja Research Assistant henry.tedja@mandirisek.co.id +6221 5296 9434
Ryan Winipta Research Assistant ryan.winipta@mandirisek.co.id +6221 5296 9510
Leo Putera Rinaldy Chief Economist leo.rinaldy@mandirisek.co.id +6221 5296 9406
Aziza Nabila Amani Economist aziza.amani@mandirisek.co.id +6221 5296 9651

INSTITUTIONAL SALES
Silva Halim Head Institutional Equities silva.halim@mandirisek.co.id +6221 527 5375
Andrew Handaya Institutional Sales andrew.handaya@mandirisek.co.id +6221 527 5375
Feliciana Ramonda Institutional Sales feliciana.ramonda@mandirisek.co.id +6221 527 5375
Henry Pranoto Institutional Sales henry.pranoto@mandirisek.co.id +6221 527 5375
Kevin Giarto Institutional Sales kevin.giarto@mandirisek.co.id +6221 527 5375
Sharon Anastasia Tjahjadi Institutional Sales sharon.tjahjadi@mandirisek.co.id +6221 527 5375
Talitha Medha Anindya Institutional Sales talitha.anindya@mandirisek.co.id +6221 527 5375
Kusnadi Widjaja Equity Dealing kusnadi.widjaja@mandirisek.co.id +6221 527 5375
Edwin Pradana Setiadi Equity Dealing edwin.setiadi@mandirisek.co.id +6221 527 5375
Jane Theodoven Sukardi Equity Dealing jane.sukardi@mandirisek.co.id +6221 527 5375
Michael Taarea Equity Dealing michael.taarea@mandirisek.co.id +6221 527 5375

RETAIL SALES
Andreas M. Gunawidjaja Head Retail Equities andreas@mandirisek.co.id +6221 526 9693
Boy Triyono Jakarta boy.triyono@mandirisek.co.id +6221 526 5678
Dhanan Febrie Handita Bandung dhanan.handita@mandirisek.co.id +6222 426 5088
Yogiswara Perdana Yogyakarta yogiswara.perdana@mandirisek.co.id +62274 560 596
Widodo Solo widodo@mandirisek.co.id +62271 788 9290
Linawati Surabaya Linawati@mandirisek.co.id +6231 535 7218
Ruwie Medan ruwie@mandirisek.co.id +6261 8050 1825
Aidil Idham Palembang aidil.idham@mandirisek.co.id +62711 319 900
Yuri Ariadi Pontianak yuri.ariadi@mandirisek.co.id +62561 582 293

INVESTMENT RATINGS: Indicators of expected total return (price appreciation plus dividend yield) within the 12-month period from the date of the last
published report, are: Buy (15% or higher), Neutral (-15% to15%) and Sell (-15% or lower).

DISCLAIMER: This report is issued by PT. Mandiri Sekuritas, a member of the Indonesia Stock Exchanges (IDX) and Mandiri Sekuritas is registered and
supervised by the Financial Services Authority (OJK). Although the contents of this document may represent the opinion of PT. Mandiri Sekuritas, deriving its
judgement from materials and sources believed to be reliable, PT. Mandiri Sekuritas or any other company in the Mandiri Group cannot guarantee its
accuracy and completeness. PT. Mandiri Sekuritas or any other company in the Mandiri Group may be involved in transactions contrary to any opinion herein
to make markets, or have positions in the securities recommended herein. PT. Mandiri Sekuritas or any other company in the Mandiri Group may seek or will
seek investment banking or other business relationships with the companies in this report. For further information please contact our number
62-21-5263445 or fax 62-21-5275374.

ANALYSTS CERTIFICATION: Each contributor to this report hereby certifies that all the views expressed accurately reflect his or her views about the
companies, securities and all pertinent variables. It is also certified that the views and recommendations contained in this report are not and will not be
influenced by any part or all of his or her compensation.