INVESTOR DIGEST

Equity Research | 22 July 2020

Economic Data HIGHLIGHT

Latest 2020F
 Jun20 Fiscal Watch: Improvement Seen Last Month; Likely More to Come 
7-DRRR (%), eop 4.00 4.00  HM. Sampoerna: 2Q20 Volume and Key Forward-Looking Statement (HMSP;
Inflation (YoY %) 1.96 2.52 Rp1,825; Buy; TP: Rp2,400) 
US$ 1 = Rp, period avg 14,785 14,745  Perusahaan Gas Negara: Read-Across From Operational Data in May–Jun-20 (PGAS;
Rp1,155; Buy; TP: Rp1,700) 
 Market Recap July 21st 2020; JCI 5,114.71 Points +63.60 pts (+1.26%); Valued
Stock Market Data $563mn; Mkt Cap $381bn; USD/IDR 14,785 
(21 July 2020)

JCI Index 5,114.7 1.26%

ECONOMY
Trading T/O ( Rp bn ) 8,313.7
Market Cap ( Rp tn ) 5,926.4 Jun20 Fiscal Watch: Improvement Seen Last Month; Likely More to Come
 Tax revenue: despite contracting in 1H20, the monthly trend improved,
partly due to re-opening. Tax decreased by -9.4% YoY in 1H20 (vs. -7.9% in
Market Data Summary* 5M20), driven by income tax and value added tax (VAT). The oil & gas (OG) sector
was the culprit for the weak income tax, as its tax plummeted 40% YoY amid the
2020F 2021F
lower oil price and lifting realization, whereas negative VAT was a consequence
of weak consumption. On a quarterly basis, the sum of both non-OG income tax
P/E (x) 20.0 14.6
and VAT contracted deeper by -16.7% YoY in 2Q20 from -1.4% in the previous
P/BV (x) 2.1 1.9
quarter, suggesting 2Q20 GDP may have dropped deeper than our -3.4% YoY
EV/EBITDA (x) 13.2 11.5
baseline forecast. However, on a monthly basis, demand-related taxes (such as
Div. Yield (%) 3.4 2.5
income tax, VAT, and import duty) and tax based on sector showed an
Net Gearing (%) 25.0 22.1
improvement in Jun-20 after bottoming in May-20. This is consistent with other
ROE (%) 10.3 13.6 frequent indicators, such as PMI, import, and car sales.
EPS Growth (%) -25.6 37.3
 On the non-tax revenue side, natural resource’s revenue decreased by -23.0%
EBITDA Growth (%) -9.4 13.5
YoY in 1H20 due to sluggish commodity prices. As a comparison, the 1H20
Earnings Yield (%) 5.0 6.9
Indonesian Crude Price (ICP) and the benchmark for domestic coal price dropped
to USD 39.8/barrel and USD 63.3/ton from USD 63.1 and USD 87.8 in 1H19,
* Aggregate of 76 companies in MS research universe,
representing 63.8%of JCI’s market capitalization
respectively.
 The government enlarges the scope of tax incentives. Through the Finance
Ministry Decree (PMK) No. 86/2020, which is a revision from the previous PMK
No. 44/2020, the government adds more sectors that are eligible for tax
incentives, and extends the period until Dec-20 from Sep-20. In details, the
recipients of personnel income tax (PPh 21) incentives will be enlarged to 1,189
business classifications from initially 1,062. Furthermore, the beneficiaries of
import tax (PPh 22 import) exemption and corporate income tax (PPh 25)
discount will also be increased to 721 and 1,013 business classifications from 431
and 846, respectively. All in all, we calculate the revision of the tax incentives
could add the budget deficit by around 0.2–0.4% of GDP, depending on the
realization of the incentives.
 Substantial across-the-board improvement on spending. After a slow start
early this year, the fiscal expenditure has begun to change course, registering a
positive 3.3% YoY growth in 1H20 from -1.4% YoY in 5M20. Or in other words,
fiscal spending surged by 26% YoY in Jun-20 alone (vs. -1.5% YoY in May-20).
Across-the-board improvement was apparent (either due to higher growth or

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 Equity Research | 22 July 2020

narrower contraction). Besides the rising interest debt payment, social spending continues to gain traction from the
realization of the Family Hope Program (64.4% of total target) and food aid (47% of total target). This is also reflected from
the budget absorption of the Ministry of Social Affairs, which has reached 60% of target in 1H20, higher than the average
realization of 42%. Moreover, positive growth was seen in capital expenditure as an implication of the labor-intensive
program, and the other expenditure increased significantly, partly owing to the realization of the Jabodetabek cash-
transfer program, in our opinion. As a result of the revenue and spending dynamic, the budget deficit has reached -1.57%
of GDP as of Jun20 (vs. -0.84% of GDP in the same period last year). Going forward, the government plans to re-activate
the 13th salary as part of the latest stimulus package. The amount is expected to reach Rp28.5tn and will be paid next
month; it is sourced from the spending of the central government (Rp14.6tn) and the regional governments (Rp13.9tn).
 Our view: large back-load in 2H20, thus stimulus execution will be the key. We have noticed preliminary signs of
reversal on economic activity in Jun-20, followed by improving fiscal spending. Further data remains to be observed to
see whether the impact of the re-opening economy is sustainable. Furthermore, we should also pay attention on the
COVID-19 curve to determine potential of a second wave risk. We also recognize the potentially large fiscal spending
space in 2H20, reaching Rp1,670tn in 2H20 (vs. Rp1,069tn in 1H20) or equivalent to 31% YoY increase in 2H20. If we
calculate the central government spending only (excluding interest payment and personnel expenditure), the amount
could reach Rp852tn in 2H20 (assuming 95% realization rate) from Rp319tn in 1H20, or equivalent with 55% YoY.
Therefore, after the certainty on the debt monetization scheme, we believe simplifying the budget bureaucracy will also
be essential to accelerate stimulus realization. For information, the realization of the total fiscal stimulus has only reached
17% as of Jun-20.

1H20 FISCAL BUDGET REALIZATION (RP TN)

Accumulated monthly
APBN
APBN 2020
APBN 2020
Rp tn 1H18 1H19 1H20 (Perpres
2020 (Perpres
72.2020)
54.2020)
A. Revenue and Grant 833.5 899.6 811.2 2,233.2 1,760.9 1,699.9
I. Domestic Revenue 830.4 899.0 809.4 2,232.7 1,760.4 1,698.6
1. Tax revenue 653.5 689.9 624.9 1,865.7 1,462.6 1,404.5
a. Domestic tax 632.5 671.0 607.1 1,823.1 1,427.0 1,371.0
Income tax 359.4 377.4 330.3 929.9 703.3 670.4
Oil and gas income tax 30.1 30.2 18.1 57.4 43.7 31.9
Non-oil and gas income tax 329.3 347.3 312.2 872.5 659.6 638.5
Value Added Tax 218.1 212.2 189.5 685.9 529.7 507.5
Land and Building Tax 0.3 11.7 9.1 18.9 13.4 13.4
Excise 51.0 66.7 75.4 180.5 172.9 172.2
Other taxes 3.7 3.0 2.8 7.9 7.7 7.5
b. International Trade Duty 21.0 18.9 17.8 42.6 35.6 33.5
Import duty (RHS) 17.7 17.3 16.5 40.0 33.9 31.8
Export duty 3.3 1.6 1.3 2.6 1.8 1.7
2. Non-tax revenue 176.9 209.1 184.5 367.0 297.8 294.1
a. Natural Resources Revenue 75.2 70.7 54.5 160.4 82.2 79.1
Oil and gas 58.8 54.6 41.7 127.3 53.3 53.3
Non-oil and gas 16.4 16.2 12.8 33.0 28.9 25.8
b. State Owned Enterprise Profit Share 35.5 68.7 46.2 49.0 65.0 65.0
c. Other non-tax revenues 45.5 48.4 53.2 100.9 94.7 100.1
d. Public Service Agency Revenue 20.7 21.3 30.6 56.7 55.8 50.0
II. Grant 3.1 0.5 1.7 0.5 0.5 1.3
B. Expenditure 944.0 1,034.7 1,068.9 2,540.4 2,613.8 2,739.2
I. Central Government Expenditure 558.4 630.8 668.5 1,683.5 1,851.1 1,975.2
1. Personnel expenditure (RHS) 170.9 198.28 192.1 416.2 417.8 403.7
2. Material expenditure 106.4 119.36 99.7 337.2 284.5 273.2
3. Capital expenditure 40.7 34.67 37.7 209.4 166.9 137.4
4. Interest payment 120.6 134.77 157.6 295.2 335.2 338.8
5. Subsidy 73.9 71.9 70.8 187.6 157.3 192.0
6. Grants Expenditure 0.0 0.00 0.7 2.2 4.2 5.1
7. Social assistance 45.1 70.49 99.4 107.7 125.1 174.5

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 Equity Research | 22 July 2020

Accumulated monthly
APBN
APBN 2020
APBN 2020
Rp tn 1H18 1H19 1H20 (Perpres
2020 (Perpres
72.2020)
54.2020)
8. Other expenditures 0.8 1.30 10.7 128.0 360.1 450.6
II. Transfer to Region and Village Fund 385.6 403.9 400.4 856.9 762.7 763.9
1. Transfer to region 349.7 362.11 360.2 784.9 691.5 692.74
2. Village fund 35.9 41.83 40.2 72.0 71.2 71.19
C. PRIMARY BALANCE 10.1 (0.4) (100.2) (12.0) (517.7) (700.4)
D. FISCAL SURPLUS/DEFICIT (A-B) (110.5) (135.1) (257.7) (307.2) (852.9) (1,039.2)
As a percentage of GDP -0.74% -0.84% -1.57% -1.76% -5.07% -6.34%
Source: MoF

1H20 FISCAL BUDGET REALIZATION (% YOY)

Accumulated year-on-year
APBN
APBN 2020
APBN 2020
%YoY 1H18 1H19 1H20 (Perpres
2020 (Perpres
72.2020)
54.2020)
A. Revenue and Grant 16.0% 7.9% -9.8% 14.1% -10.0% -13.1%
I. Domestic Revenue 15.6% 8.3% -10.0% 14.5% -9.7% -12.9%
1. Tax revenue 14.2% 5.6% -9.4% 20.7% -5.4% -9.1%
a. Domestic tax 14.0% 6.1% -9.5% 21.2% -5.1% -8.9%
Income tax 14.3% 5.0% -12.5% 20.7% -8.7% -13.0%
Oil and gas 9.1% 0.2% -40.1% -2.8% -26.0% -46.1%
Non-oil and gas 14.8% 5.5% -10.1% 22.7% -7.3% -10.2%
Value Added Tax 13.6% -2.7% -10.7% 28.7% -0.6% -4.8%
Land and Building Tax -22.3% -10.9% -36.5% -36.5%
Excise 15.1% 30.8% 13.0% 4.8% 0.3% -0.1%
Other taxes 15.6% -19.6% -5.6% 3.1% -0.3% -2.7%
b. International Trade Duty 20.7% -9.9% -5.8% 4.1% -13.0% -18.2%
Import duty 12.7% -2.3% -4.6% 6.8% -9.5% -15.0%
Export duty 94.1% -50.6% -18.2% -25.5% -49.9% -52.6%
2. Non-tax revenue 21.0% 18.2% -11.8% -9.4% -26.5% -27.4%
a. Natural Resources Revenue 43.5% -5.9% -22.9% 4.1% -46.6% -48.7%
Oil and gas 48.1% -7.2% -23.6% 5.7% -55.7% -55.7%
Non-oil and gas 29.1% -1.5% -20.7% -1.9% -14.1% -23.4%
b. State Owned Enterprise Profit Share -32.7% -39.3% -19.5% -19.5%
c. Other non-tax revenues 8.6% 6.5% 9.9% -17.3% -22.4% -18.1%
d. Public Service Agency Revenue 1.5% 2.7% 43.8% 17.9% 16.0% 3.9%
II. Grant 1450.0% -83.1% 231.4% -92.7% -92.7% -80.9%
B. Expenditure 5.7% 9.6% 3.3% 10.0% 13.1% 18.6%
I. Central Government Expenditure 12.0% 13.0% 6.0% 12.3% 23.5% 31.8%
1. Personnel expenditure 8.6% 16.0% -3.1% 10.7% 11.2% 7.4%
2. Material expenditure 9.6% 12.2% -16.5% 1.0% -14.8% -18.2%
3. Capital expenditure -14.3% -14.8% 8.7% 15.7% -7.7% -24.1%
4. Interest payment 12.9% 11.8% 16.9% 7.1% 21.7% 23.0%
5. Subsidy 25.9% -2.7% -1.4% -7.1% -22.1% -4.9%
6. Grants Expenditure -66.3% -35.1% -21.6%
7. Social assistance 74.8% 56.3% 41.0% -4.7% 10.6% 54.3%
8. Other expenditures -76.5% 62.1% 721.5% 1037.5% 3100.9% 3905.1%
II. Transfer to Region and Village Fund -2.3% 4.8% -0.9% 5.6% -6.0% -5.8%
1. Transfer to region -3.0% 3.6% -0.5% 5.9% -6.7% -6.6%
2. Village fund 4.4% 16.5% -3.9% 3.1% 2.0% 2.0%
Source: MoF

Leo Rinaldy(+6221 5296 9406) leo.rinaldy@mandirisek.co.id

Imanuel Reinaldo(+6221 5296 9651) imanuel.reinaldo@mandirisek.co.id

Please see important disclosure at the back of this report Page 3 of 11

 Equity Research | 22 July 2020

CORPORATE

HM. Sampoerna: 2Q20 Volume and Key Forward-Looking Statement (HMSP; Rp1,825; Buy; TP: Rp2,400)

 2Q20 volume decline of 28% YoY came in-line, with a small beat in Sampoena A given its marginal excise pass-through.
Costs efficiencies were cited for Indonesia in 2Q20, though it remains a challenging market in 2H20 with a newly guided
15% industry volume decline this year indicating sequential improvement from 2Q20. Full retail price floor enforcement is
expected by Sep-2020.

 2Q20 volume down 28% but run-rate is still in-line. HMSP’s sales volume down 27.7% YoY to 18.0bn sticks in 2Q20,
much weaker than the 7.8% YoY decline reported in 1Q20 given the stricter lockdown measures. 1H20 sales volume
down 18.3% YoY to 38.4bn sticks, meeting 48% of our FY20 of 80.7bn sticks (-18.0% YoY). While the prediction is made
tougher given the disruptions on both supply (lockdowns affecting distribution) and demand (lockdown leads to lower
purchasing power and reduction in social smokers), we keep our 2H20F volume decline estimate of -17.8% YoY
(vs. -27.7% YoY in 2Q20) with quarterly run-rate of 21bn sticks, 15-20% lower than the typical 25-26bn sticks run-rate.

 Market share weakness could limit pricing power. PMI estimated total industry volume decline of -17.5% YoY in 2Q20
or -22.1% YoY excluding the estimated trade inventory movements. HMSP’s market share fell 2.3ppt/4.0ppt QoQ/YoY to
28.1% in 2Q20; PMI credited this towards: 1) elevated price gaps in tier-1, partly on delayed enforcement of retail price
floor, 2) down-trading into lower-tier segment, estimated to have a 25% industry market share in 2Q20 (vs. 22% in 1Q20)
and 3) disproportionate impact of stricter lockdowns in urban areas where HMSP’s share is higher. We believe other
factors include: 1) more competitive low-tar categories; 2) lower low-tar smoker loyalty given the lighter taste; and 3)
higher proportion of social smokers in low-tar SKM and white cigarettes.

 PMI’s important statement on Indonesia. The earnings release and call mentioned a few things on Indonesia, which
include the following:
 2Q20 financials for South and Southeast Asia: the volume decline and unfavorable pricing variance in Indonesia
was partly offset by favorable mix, while it was also mentioned that Indonesia partly contributed to the lower
marketing, administration and research costs, and manufacturing costs.
 Guiding for 15% industry volume decline: While PMI sees signs of improvement in Indonesia, the situation remains
challenging, urging the importance of multi-tier excise tax structure reforms as suggested by public experts and strict
enforcement of retail price floor. PMI now assumes 15% industry volume decline for Indonesia this year (2Q20: -17.5%
YoY or -22.1% ex-trade inventory movement), reflecting progressive sequential improvement in daily consumption
from the weak 2Q20. While the government has started imposing the retail price floor, PMI assumes full enforcement
by Sep-20 at the earliest; hence a more favorable impact on HMSP’s business in 4Q20.
 Tier-1 volume market share at 75% in 2Q20 from 78%/80% in 1Q20/2Q19. This approximately implies ca.23% YoY
decline in tier-1 volume for 2Q20 and +3.1% YoY increase in below-tier-1 volume.

 Key brands’ performance:

 Sampoerna A. 2Q20 volume dropped to 7.3bn sticks, down 22.5% YoY, a reversal from the 7.3% YoY increase in
1Q20. 1H20 sales volume down 8.4% YoY to 15.8bn sticks, 53% of our FY20. Volume contribution remained high at
40%, though this would be partially offset by the unfavorable pricing variance.
 Dji Sam Soe. About 5.8bn sticks were sold in 2Q20, down 26.0% YoY, weaker than 1Q20’s 8.3% YoY decline. Magnum
Mild contributed to the weakness, likely due to the aggressive ex-factory price hikes resulting in higher pricing gaps
to lower-tier products.
 Other brands. Excluding the two above (73% of 2Q20 volume), volume for the rest down 36.2% YoY to 4.9bn sticks
in 2Q20. Sampoerna U and Marlboro were stated as part of the volume weakness.

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 Equity Research | 22 July 2020

 Buy rating and Rp2,400 PT. Our DCF-based price target implies 20.8x 2021 PE. Valuation is reasonably attractive on a
12-month view given our expectations for a gradual improvement in volume (as the reopening progresses) and margins
(as retail price floor is fully enforced), though near-term overhang remains on 2021 excise uncertainty.

HMSP’S QUARTERLY VOLUME TREND

6M18 9M18 12M18 3M19 6M19 9M19 12M19 3M20 6M20
Industry volume (bn sticks) 144.5 224.8 303.6 68.7 145.2 224.2 306.8 67.2 131.4
% YoY -1.4% -0.4% -1.2% -0.9% 0.5% -0.3% 1.1% -2.2% -9.5%
HMSP volume shipment (bn sticks) 48.1 74.6 101.5 22.5 47.1 72.1 98.5 20.4 38.4
% YoY -0.2% 0.3% 0.2% -2.3% -2.2% -3.4% -3.0% -9.4% -18.3%
Sampoerna A 18.8 29.1 39.5 8.0 17.3 26.0 35.1 8.5 15.8
% YoY -8.3% -6.1% -7.4% -7.6% -8.2% -10.5% -11.0% 7.3% -8.4%
Dji Sam Soe 13.6 21.1 29.2 6.7 14.5 23.1 32.4 6.2 12.0
% YoY 45.9% 34.4% 27.9% 0.5% 6.8% 9.3% 11.2% -8.3% -17.4%
Others 15.8 24.4 32.9 7.8 15.3 23.0 30.9 5.6 10.7
% YoY -14.3% -11.8% -8.3% 1.3% -2.7% -6.0% -6.2% -27.4% -30.4%
HMSP market share 33.3% 33.2% 33.4% 32.7% 32.4% 32.2% 32.1% 30.3% 29.3%
% YoY 0.4% 0.3% 0.5% -0.5% -0.9% -1.1% -1.4% -2.4% -3.2%
Sampoerna A 13.0% 12.9% 13.0% 11.6% 11.9% 11.6% 11.5% 12.7% 12.0%
% YoY -1.0% -0.8% -0.9% -0.8% -1.1% -1.3% -1.5% 1.1% 0.1%
Dji Sam Soe 9.4% 9.4% 9.6% 9.8% 10.0% 10.3% 10.6% 9.2% 9.1%
% YoY 3.0% 2.4% 2.2% 0.1% 0.6% 0.9% 1.0% -0.6% -0.9%
Others 10.9% 10.9% 10.8% 11.3% 10.6% 10.3% 10.1% 8.4% 8.1%
% YoY -1.6% -1.4% -0.8% 0.2% -0.3% -0.6% -0.8% -2.9% -2.4%

2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Industry volume (bn sticks) 75.2 80.3 80.9 68.7 77.6 79.0 83.4 67.2 64.0
% YoY -0.7% 1.4% -0.7% -0.9% 3.2% -1.6% 3.1% -2.2% -17.5%
HMSP volume shipment (bn sticks) 25.0 26.5 26.9 22.1 24.9 25.0 26.4 20.4 18.0
% YoY 0.7% 1.2% -0.1% -3.7% -0.1% -5.7% -2.0% -7.6% -27.8%
Sampoerna A 10.2 10.3 10.4 8.0 9.4 8.8 9.1 8.5 7.3
% YoY -4.0% -1.7% -10.8% -7.6% -8.0% -14.8% -12.2% 7.3% -22.5%
Dji Sam Soe 6.9 7.5 8.0 6.7 7.8 8.6 9.3 6.2 5.8
% YoY 41.9% 17.7% 13.4% 0.5% 14.0% 13.9% 16.2% -8.3% -26.0%
Others 7.9 8.7 8.5 7.4 7.8 7.7 7.9 5.7 4.9
% YoY -15.4% -6.9% 3.6% -3.0% -2.2% -11.9% -6.8% -23.0% -36.2%
HMSP market share 33.2% 33.0% 32.7% 32.2% 32.1% 31.7% 31.6% 30.4% 28.1%
% YoY 0.4% -0.1% -0.3% -0.9% -1.1% -1.4% -1.1% -1.8% -4.0%
Sampoerna A 13.5% 12.8% 12.8% 11.6% 12.1% 11.1% 10.9% 12.7% 11.3%
% YoY -0.5% -0.4% -1.5% -0.8% -1.5% -1.7% -1.9% 1.1% -0.7%
Dji Sam Soe 9.1% 9.4% 9.9% 9.8% 10.1% 10.9% 11.2% 9.2% 9.1%
% YoY 2.7% 1.3% 1.2% 0.1% 1.0% 1.5% 1.3% -0.6% -1.0%
Others 10.5% 10.8% 10.5% 10.8% 10.0% 9.7% 9.5% 8.5% 7.7%
% YoY -1.8% -1.0% 0.4% -0.2% -0.6% -1.1% -1.0% -2.3% -2.3%
Source: PMI, Mandiri Sekuritas

Adrian Joezer (+6221 5296 9415) adrian.joezer@mandirisek.co.id

Riyanto Hartanto (+6221 5296 9488) riyanto@mandirisek.co.id

Please see important disclosure at the back of this report Page 5 of 11

 Equity Research | 22 July 2020

Perusahaan Gas Negara: Read-Across From Operational Data in May–Jun-20 (PGAS; Rp1,155; Buy; TP: Rp1,700)
 The latest May–Jun operational data disclosures suggest a potential revenue beat in 2Q20 given the faster gas demand
recovery and higher revenue run-rate compared to our assumptions. Should the trend sustain, we see upside to our 2020
distribution volume forecast of 770 BBTUD. Reiterate Buy.
 Recovery in progress, with operational data beating our 2Q20 estimates. With 758 BBTUD of gas distribution volume
in Jun-20 (+14.2% MoM), we estimate 2Q20 gas volume could achieve 741 BBTUD. Transmission volume also increased
4.1% MoM in Jun-20 to 1,233 MMSCFD, which should translate to 1,238 MMSCFD of gas volume in 2Q20. Upstream lifting
also increased 26.1% MoM in Jun-20 to 19,462 BOEPD, which should imply 17,364 BOEPD of oil and gas lifting in 2Q20.
Other business segments, such as gas regasification, LPG processing, and oil transportation, also shared the similar trend.
 We highlight that PGN benefits from businesses reopening that triggers gas demand recovery from industrial customers.
To note, most of PGN’s distribution areas have welcomed either new normal or Large-Scale Social Distancing (PSBB)
transition in Jun-20. Additionally, average Indonesian Crude Price (ICP) also increased to USD 36.7/bbl in Jun-20 vs. USD
25.7/bbl in May-20 and USD 20.7/bbl in Apr-20. This allows Saka Energi to increase its oil lifting, as the current ICP price
has been higher than its production costs at USD 7-25/bbl, we estimate. All in, PGN’s revenues (ex. Others and Gas
Regasification businesses) in 2Q20 could beat our estimates by 8.5% higher, assuming the average selling prices of both
gas and oil are in-line with our estimates.
 Retain BUY rating. In the absence of a re-lockdown, we think gas demand could recover faster than our estimate,
providing upside potential to our distribution volume forecast at 770 BBTUD in FY20. We maintain our BUY rating on
PGAS, which trades on 8.6x 2021 PE, implying 32.7% discount to its LTA.

OPERATING METRICS SUMMARY

Jun-19 May-20 Jun-20 % MoM % YoY 2Q20 2Q20F vs. Mansek's
Distribution Volume (BBTUD) 851 664 758 14.2% -11.0% 741 711 4.2%
Transmission Volume
2,006 1,184 1,233 4.1% -38.5% 1,238 1,150 7.7%
(MMSCFD)
Upstream Lifting (BOEPD) 25,333 15,433 19,462 26.1% -23.2% 17,364 9,430 84.1%
Regasification (BBTUD) 114 82 83 1.2% -27.2% 81 12 N.A.
LPG Processing (TPD) 723 8 163 N.A. -77.4% 58 8 630.3%
Oil Transportation (BOPD) 7,860 10,294 10,131 -1.6% 28.9% 10,375 9,397 10.4%
Source: Company Data, Mandiri Sekuritas Research estimates

Henry Tedja (+6221 5296 9434) henry.tedja@mandirisek.co.id

Adrian Joezer (+6221 5296 9415) adrian.joezer@mandirisek.co.id

MARKET

Market Recap July 21st 2020; JCI 5,114.71 Points +63.60 pts (+1.26%); Valued $563mn; Mkt Cap $381bn; USD/IDR
14,785
 TOP TURNOVER: KLBF BBRI BBCA KAEF BMRI TLKM BBNI ASII MDKA UNTR LPPF TOWR INAF BBTN TBIG CPIN ANTM UNVR
INDF (55%)
 ADVANCING SECTOR: auto+6.5%; cement+3.4%; mining+3.2%; financial+1.8%; property-construction-plantation +0.6%;
consumer flat
 DECLINING SECTOR: telco-0.5%
 Wave of promising trial results raised hopes for coronavirus vaccines and in turn boost investors’ sentiment. The duo SOE
pharmaceutical INAF & KAEF surged from early on and hit max price of the day. Then other pharmaceutical names
followed: PYFA+9.3% KLBF+2.4%. Retailers also jumped on expectations of spending boost from the payment of holiday

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 Equity Research | 22 July 2020

allowances (THR) next month: LPPF+16.6% ACES+6.1% MPPA+5.5% MAPA+4% RALS+3.6% ERAA+2.1%. At the same time,
coal players continued to bank on rising Indonesian thermal coal prices amid rain-induced supply woe: BYAN+7.1%
ARII+2.9% DOID+2.6% KKGI+2.5% ITMG+1.6% INDY+1.6% PTBA+1.4% SMMT+1.2% HRUM+0.8% ADRO+0.4%. Metal
commodities also got a new breath of life, in line with their respective rising commodity prices. MDKA gained 9.2% as
gold held firm at $1818 per ounce and INCO surged 4.5% as nickel price rose to $13281 a tonne. ANTM and TINS followed
with 5.4% and 3.9% gain respectively. Shortly after the EU leaders sealed the 750BN stimulus deal, banking stocks
regained momentum, led by BMRI+3.9% BBRI+3.3% BBNI+3.1%. While, heavyweight ASII contributed the most to the
index gain, increasing 5.4%. The JCI rose 1.3% at 5114 level. Market turnover (excluding $30MN ULTJ; $9.5MN BOGA
crossing) jumped 52% d/d to $563MN. Foreign participants surged to 30% and came up better seller for 24%. Gainers
beat losers by 3 to 2. Oil prices were little changed, trapped in the narrow trading band of the past three weeks as
investors gauged hopes for a recovery in oil demand against fears of new lockdowns due to a growing number of
coronavirus cases. Brent ticked up 0.1% to $43.35 per barrel, while WTI was flat at $40.94. The 10-year govt bond yield was
little changed at 7.08% ahead of a sukuk auction. Finance Ministry seeks to raise IDR8TN from the auction. The IDR
recovered slightly to 14785 level as Bank Indonesia Governor’s comment on the currency provided further support. Mr.
Perry Warjiyo elaborated last week’s rate cut did not signal a change to policy strategy and the recent depreciation is due
to more to short-term technical risk premium. The IDR is Asia’s worst performing currency so far this year, with a 6% loss.
Global funds bought a net $117.5MN in Indo bonds on July 17th; and bought a net $16.4MN in country’s equities on July
20th.

Sales Team +6221 527 5375

FROM THE PRESS

Bank Bukopin (BBKP; Not rated) – Bosowa refuses to follow OJK’s instruction
In their attempt to maintain ownership in the bank, Bosowa Group, which owns 23% stake in Bank Bukopin, threatens to bring
OJK to the court for inconsistency in the authority’s move to save the bank. There was a tussle between the two main
shareholders, Bosowa and Kookmin Bank, on who will become the majority shareholder post the rights issue and the rights
issue without the preemptive rights following the rights issue in 3Q20. (Kontan)

Bank Banten (BEKS; Not rated) – the bank to get capital injection from Banten province
The local parliament of Banten approves the local government’s plan to inject the bank through a rights issue in 4Q20. They
will use the local government’s funds of Rp1.55tr for the capital injection. (Kontan)

Bank Mandiri (BMRI; Not rated) – distributes Rp12tr of PEN funds

The bank has distributed Rp12tr of new credit under the national economy recovery program (PEN) for which the government
deposits Rp10tr in the bank. BMRI targets to distribute up to Rp21tr by end of September. The Rp12tr loans are extended to
14,582 borrowers, of which 14,565 are the MSME borrowers with Rp2.1tr loans and 17 are corporate borrowers with Rp9.1tr
loans. (Kontan)

Gihon Telekomunikasi will disburse Rp11bn of dividend

Gihon Telekomunikasi Indonesia (GHON), subsidiary of Tower Bersama Infrastructure (TBIG IJ), will disburse Rp11bn of
dividend, or as much as Rp20/share, and implying 17.3% of dividend payout ratio. Cum date will be on July, 27th 2020 while
the dividend payment will be on August, 19th 2020. (Kontan)

Malindo Feedmill (MAIN) to buyback shares

MAIN plans to buyback 5% of shares with maximum cost of Rp68.3bn. The buyback plan needs to be completed by maximum
of 18months after the Extraordinary General Shareholder meeting. (Bisnis)

Telkom Properti will work with Google and Yahoo to develop data center
PT Duta Sarana Graha (Telkom Properti), subsidiary of Telekomunikasi Indonesia (TLKM IJ), will work with Google and Yahoo to
develop data center. The company will convert unused School Development Research place into data centers. This will be
done to maximize asset optimization. (Kompas)

Please see important disclosure at the back of this report Page 7 of 11

 Equity Research | 22 July 2020

Indices and Fund Flows Currencies and Bonds Major Commodities

YTD Chg YTD YTD

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

JCI 5,114.7 +1.3 -18.8 Rp/US$ 14,741 -0.30 -6.1 Crude Oil, WTI (US$/bl) 41.96 +2.8 -31.3
Dow Jones 26,840.4 +0.6 -6.0 US$/EUR 1.153 +0.69 -2.7 Copper (US$/mt) 6,544 +0.8 +6.4
Nikkei 22,884.2 +0.7 -3.3 YEN/US$ 106.80 -0.44 +1.7 Nickel (US$/mt) 13,424 +1.7 -3.8
Hang Seng 25,635.7 +2.3 -9.1 SGD/US$ 1.383 -0.42 -2.7 Gold (US$/oz) 1,842 +1.3 +21.4
STI 2,629.5 +0.5 -18.4 Tin 3-month (US$/mt) 17,565 +1.2 +2.3
Ishares indo 19.0 +2.2 -25.9 CPO futures (Ringgit/ton) 2,641 -0.8 -12.9
Coal (US$/ton) 52.1 +0.1 -23.1
Foreign YTD
YTD Gov. Bond Chg
Fund Flows Last Chg Last Chg Rubber forward (US¢/kg) 154.8 +0.5 -6.9
Chg Yield (bps)
(US$mn) (bps)
Soybean oil
Equity Flow -6.3 -1,149 5Yr 6.26 -4 -17 30.07 +0.5 -12.8
(US$/100gallons)
Bonds Flow +117.5 -7,283 10Yr 7.05 -4 -2 Baltic Dry Index 1,678.0 -2.0 +53.9

Please see important disclosure at the back of this report Page 8 of 11

 Equity Research | 22 July 2020

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) 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
MANSEK universe 5,115 5,540 8.3 3,778,071 188,816 259,209 20.0 14.6 2.1 1.9 13.2 11.5 -25.6% 37.3% 3.4% 2.5%
Banking 1,401,538 63,760 102,414 22.0 13.7 2.1 1.8 N.A. N.A. -34.2% 60.6% 3.2% 1.5%
BBCA Neutral 31,000 26,500 (14.5) 764,305 22,167 29,781 34.5 25.7 4.3 3.9 N.A. N.A. -22.4% 34.3% 1.8% 1.2%
BBNI Buy 4,680 5,900 26.1 87,276 7,073 15,323 12.3 5.7 0.8 0.7 N.A. N.A. -54.0% 116.6% 4.4% 2.0%
BBRI Buy 3,150 3,000 (4.8) 388,390 20,229 35,699 19.2 10.9 2.0 1.8 N.A. N.A. -41.1% 76.5% 5.3% 1.6%
BBTN Buy 1,310 1,350 3.1 13,873 1,236 1,554 11.2 8.9 0.8 0.7 N.A. N.A. 490.6% 25.7% 4.0% 2.1%
BDMN Buy 2,760 4,000 44.9 26,453 2,703 4,752 9.8 5.6 0.6 0.5 N.A. N.A. -33.6% 75.8% 5.4% 3.6%
BJBR Buy 920 860 (6.5) 9,052 1,260 1,438 7.2 6.3 0.8 0.8 N.A. N.A. -19.2% 14.1% 10.2% 10.2%
BJTM Buy 535 590 10.3 8,026 1,146 1,434 7.0 5.6 0.8 0.8 N.A. N.A. -16.8% 25.2% 9.0% 9.1%
BNGA Buy 790 840 6.3 19,854 2,340 4,211 8.5 4.7 0.5 0.5 N.A. N.A. -35.8% 80.0% 7.3% 4.7%
BNLI Sell 1,280 430 (66.4) 35,895 909 1,494 39.5 24.0 1.5 1.4 N.A. N.A. -39.4% 64.4% 0.0% 0.0%
PNBN Buy 820 1,100 34.1 19,752 1,976 3,508 10.0 5.6 0.5 0.4 N.A. N.A. -40.4% 77.5% 0.0% 0.0%
BTPS Buy 3,200 3,200 0.0 24,652 1,189 1,547 20.7 15.9 3.9 3.2 N.A. N.A. -15.1% 30.1% 1.1% 1.0%
BFIN Buy 268 900 235.8 4,010 1,532 1,674 2.6 2.4 0.5 0.4 N.A. N.A. 6.4% 9.2% 10.8% 11.5%
Construction & materials 169,350 8,209 11,196 20.6 15.1 1.3 1.2 11.7 9.5 -33.4% 36.4% 2.0% 1.7%
INTP Buy 12,300 14,500 17.9 45,279 1,673 2,003 27.1 22.6 1.9 1.8 12.2 10.6 -8.9% 19.8% 1.4% 1.3%
SMGR Buy 9,475 11,020 16.3 56,201 2,520 2,825 22.3 19.9 1.7 1.6 9.2 8.6 5.4% 12.1% 2.2% 1.7%
ADHI Neutral 630 1,120 77.8 2,243 619 593 3.6 3.8 0.4 0.3 4.1 4.2 -6.8% -4.2% 5.9% 5.5%
PTPP Buy 1,000 2,050 105.0 6,200 981 1,320 6.3 4.7 0.6 0.5 5.1 4.8 2.4% 34.6% 4.6% 4.7%
WIKA Buy 1,220 2,500 104.9 10,931 1,671 1,871 6.5 5.8 0.7 0.7 5.0 3.5 -17.2% 12.0% 3.1% 3.4%
WSKT Buy 720 1,010 40.3 9,634 -948 -869 -10.2 -11.1 0.9 0.9 21.9 17.6 N/M 8.3% -2.0% -1.8%
WTON Buy 292 700 139.7 2,545 586 678 4.3 3.8 0.7 0.6 3.2 2.9 14.3% 15.7% 6.0% 6.9%
WSBP Buy 202 360 78.2 5,325 842 954 6.3 5.6 0.7 0.6 5.6 5.0 4.5% 13.3% 7.6% 7.9%
JSMR Buy 4,270 5,900 38.2 30,991 266 1,822 116.5 17.0 1.7 1.5 23.6 12.5 -87.9% 584.6% 1.4% 0.2%
Consumer staples 939,697 40,952 51,121 22.9 18.4 4.9 4.4 15.0 12.2 -15.5% 24.8% 3.7% 3.2%
ICBP Buy 9,325 10,300 10.5 108,747 5,389 6,005 20.2 18.1 3.9 3.5 11.9 11.1 6.9% 11.4% 2.3% 2.5%
INDF Buy 6,675 8,450 26.6 58,606 5,245 5,573 11.2 10.5 1.4 1.3 7.2 6.6 6.9% 6.3% 4.2% 4.5%
MYOR Buy 2,220 2,650 19.4 49,637 2,861 2,745 17.3 18.1 4.2 3.7 12.3 11.0 43.9% -4.1% 1.5% 2.2%
UNVR Buy 8,000 9,500 18.8 305,200 7,495 8,038 40.7 38.0 60.1 57.7 29.1 26.8 1.4% 7.2% 2.4% 2.5%
GGRM Buy 49,150 63,450 29.1 94,569 7,422 10,321 12.7 9.2 1.8 1.6 8.3 6.5 -31.8% 39.1% 5.3% 5.3%
HMSP Buy 1,825 2,400 31.5 212,280 8,342 13,384 25.4 15.9 7.0 6.0 19.8 11.8 -39.2% 60.4% 6.4% 3.9%
KLBF Buy 1,520 1,650 8.6 71,250 2,764 2,985 25.8 23.9 4.1 3.7 17.5 16.0 10.2% 8.0% 1.9% 2.1%
SIDO Buy 1,240 1,450 16.9 18,600 872 947 21.3 19.6 5.8 5.6 15.8 14.5 7.9% 8.6% 4.0% 4.5%
MLBI Buy 9,875 14,650 48.4 20,807 563 1,124 37.0 18.5 25.9 15.2 18.7 12.0 -53.3% 99.7% 4.3% 2.7%
Healthcare 51,163 1,042 1,271 49.1 40.3 3.8 3.6 16.8 14.3 3.5% 22.0% 0.1% 0.2%
MIKA Buy 2,330 2,600 11.6 33,903 693 815 48.9 41.6 7.2 6.5 32.8 27.3 -5.1% 17.6% 0.0% 0.0%
SILO Buy 4,950 7,150 44.4 8,044 44 100 181.3 80.4 1.3 1.2 6.6 5.3 107.0% 125.6% 0.0% 0.0%
HEAL Buy 3,100 5,200 67.7 9,216 304 355 30.3 25.9 4.0 3.6 11.3 9.9 19.4% 16.7% 0.8% 0.9%
Consumer discretionary 309,472 18,209 25,233 17.0 12.3 1.6 1.4 9.6 8.6 -39.6% 38.6% 4.1% 2.8%
ACES Neutral 1,650 1,500 (9.1) 28,298 711 1,055 39.8 26.8 5.8 5.0 30.7 21.8 -31.0% 48.5% 1.8% 1.3%
LPPF Buy 1,510 1,800 19.2 4,406 50 497 87.3 8.9 2.5 1.9 7.6 3.1 -96.3% 884.6% 0.0% 0.3%
MAPA Buy 2,310 3,850 66.7 6,584 54 606 120.9 10.9 2.1 1.8 16.6 5.6 -92.1% 1013.2% 0.0% 0.2%
MAPI Buy 685 1,000 46.0 11,371 -1,704 543 -6.7 20.9 2.7 2.4 -111.7 7.1 N/M N/M 1.8% 0.0%
RALS Buy 575 700 21.7 4,080 -132 143 -30.9 28.6 1.1 1.1 -47.2 9.9 N/M N/M 9.4% -2.1%
ERAA Buy 1,480 1,500 1.4 4,721 140 355 33.7 13.3 1.0 0.9 14.2 9.2 -52.5% 153.2% 0.6% 1.5%
ASII Buy 5,375 5,000 (7.0) 217,599 14,710 17,216 14.8 12.6 1.4 1.3 9.3 9.5 -32.2% 17.0% 4.5% 3.0%
SCMA Buy 1,225 1,800 46.9 18,041 1,566 1,693 11.5 10.7 3.1 2.8 8.0 7.7 35.7% 8.1% 6.1% 6.6%
MNCN Buy 890 2,200 147.2 11,039 2,427 2,593 4.5 4.3 0.8 0.7 3.4 2.9 24.1% 6.8% 3.3% 3.5%
MSIN Buy 260 650 150.0 1,353 267 316 5.1 4.3 0.9 0.8 3.0 2.8 16.3% 18.1% 9.9% 11.7%
PZZA Buy 655 900 37.4 1,979 119 216 16.6 9.2 1.5 1.3 6.3 4.6 -40.3% 80.6% 5.1% 3.0%
Commodities 238,384 21,424 22,942 11.1 10.4 1.0 1.0 4.2 3.8 -11.8% 7.1% 3.5% 3.6%
UNTR Buy 19,325 22,500 16.4 72,085 8,962 9,195 8.0 7.8 1.1 1.0 3.5 3.1 -20.8% 2.6% 3.7% 3.8%
ADRO* Neutral 1,135 1,350 18.9 36,304 372 353 6.8 7.3 0.6 0.6 2.9 2.7 -7.9% -5.2% 5.1% 4.8%
HRUM* Neutral 1,195 1,300 8.8 3,067 17 14 12.3 15.9 0.7 0.7 0.2 -0.1 -5.9% -21.7% 4.5% 3.5%
INDY* Neutral 955 910 (4.7) 4,976 2 6 211.1 55.0 0.4 0.4 1.7 1.3 N/M 286.9% 0.1% 0.5%

Please see important disclosure at the back of this report Page 9 of 11

 Equity Research | 22 July 2020

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) 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
ITMG* Neutral 7,800 10,450 34.0 8,553 100 101 6.0 6.0 0.7 0.7 1.7 1.6 -20.8% 0.9% 14.2% 14.2%
PTBA Neutral 2,110 2,350 11.4 24,312 3,482 3,496 6.9 6.9 1.3 1.2 4.3 4.2 -18.3% 0.4% 10.7% 10.8%
ANTM Buy 685 700 2.1 16,461 -22 197 -756.0 83.7 0.8 0.8 13.8 12.7 N/M N/M 0.0% 0.4%
INCO* Buy 3,270 3,500 7.0 32,492 88 133 25.9 17.3 1.1 1.1 7.3 6.0 53.0% 51.1% 0.0% 0.0%
TINS Neutral 655 670 2.3 4,878 -420 246 -11.6 19.8 1.0 0.9 37.5 9.2 31.3% N/M -3.0% 1.8%
MDKA* Buy 1,610 1,450 (9.9) 35,255 80 85 30.9 29.2 4.3 3.8 11.0 10.2 9.9% 6.6% 0.0% 0.0%
Property & Industrial Estate 87,397 7,211 9,744 12.1 9.0 0.7 0.6 8.6 8.0 -4.7% 35.1% 2.4% 1.9%
ASRI Sell 131 80 (38.9) 2,574 150 938 17.1 2.7 0.2 0.2 6.7 5.2 -85.2% 524.8% 1.5% 1.5%
BSDE Buy 735 1,160 57.8 15,561 1,399 2,050 11.1 7.6 0.5 0.5 9.6 8.9 -54.4% 46.5% 0.0% 0.6%
CTRA Buy 655 1,120 71.0 12,157 832 1,094 14.6 11.1 0.8 0.7 9.9 8.5 -28.2% 31.5% 1.1% 1.1%
JRPT Buy 414 670 61.8 5,693 997 1,065 5.7 5.3 0.7 0.6 5.0 4.5 -1.9% 6.7% 4.6% 0.1%
PWON Buy 428 670 56.5 20,612 1,791 2,395 11.5 8.6 1.3 1.1 7.7 6.1 -34.1% 33.7% 1.4% 1.4%
SMRA Buy 600 960 60.0 8,656 420 604 20.6 14.3 1.1 1.0 10.0 9.0 -18.5% 43.8% 0.8% 0.8%
LPKR Neutral 149 200 34.2 10,518 74 391 142.4 26.9 0.4 0.4 10.8 11.0 N/M 429.7% 0.7% 0.7%
DMAS Buy 216 390 80.6 10,411 1,441 1,086 7.2 9.6 1.5 1.4 6.7 9.2 81.9% -24.7% 11.1% 9.4%
BEST Neutral 126 130 3.2 1,216 107 122 11.4 10.0 0.3 0.3 6.1 8.8 -72.0% 14.2% 2.8% 0.8%
Telco 433,406 23,252 25,821 18.7 16.8 2.8 2.7 6.2 5.7 -10.4% 11.1% 4.4% 4.5%
EXCL Buy 2,840 3,400 19.7 30,354 2,037 912 14.9 33.3 1.4 1.4 6.1 5.9 185.9% -55.2% 0.7% 2.0%
TLKM Buy 3,060 3,800 24.2 303,130 18,520 20,942 16.4 14.5 2.9 2.8 5.6 5.1 -5.0% 13.1% 5.5% 5.5%
ISAT Buy 2,560 3,000 17.2 13,911 -1,760 -1,027 -7.9 -13.5 1.3 1.4 5.1 4.5 N/M 41.7% 0.0% 0.0%
LINK Buy 2,040 5,500 169.6 5,940 980 1,017 6.2 5.9 1.1 1.0 2.8 2.6 -3.3% 3.8% 8.2% 8.6%
TBIG Buy 1,195 1,250 4.6 25,849 1,008 1,194 25.7 21.7 4.8 4.3 11.5 10.9 23.0% 18.4% 2.3% 2.3%
TOWR Buy 1,080 1,070 (0.9) 54,222 2,468 2,782 22.0 19.5 5.4 4.7 11.9 10.9 5.4% 12.8% 2.2% 2.2%
Chemical 1,748 136 163 12.9 10.7 0.5 0.5 6.0 5.4 29.5% 20.3% 0.0% 0.0%
AGII Buy 570 700 22.8 1,748 136 163 12.9 10.7 0.5 0.5 6.0 5.4 29.5% 20.3% 0.0% 0.0%
Airlines 2,428 540 837 4.5 2.9 0.4 0.4 4.1 2.5 30.0% 55.0% 0.0% 0.0%
GMFI* Neutral 86 275 219.5 2,428 38 59 4.5 2.9 0.4 0.4 4.1 2.5 26.1% 56.3% 0.0% 0.0%
Transportation 2,402 -175 251 -13.7 9.6 0.5 0.4 10.4 4.3 -155.7% N/M -1.8% 2.6%
BIRD Buy 960 1,700 77.1 2,402 -175 251 -13.7 9.6 0.5 0.4 10.4 4.3 N/M N/M -1.8% 2.6%
Poultry 113,086 2,746 5,083 41.2 22.2 3.3 2.9 17.3 12.0 -50.5% 85.1% 1.8% 1.0%
CPIN Buy 6,000 5,500 (8.3) 98,388 2,058 3,378 47.8 29.1 4.6 4.1 24.6 17.6 -43.4% 64.2% 1.6% 0.9%
JPFA Buy 1,135 1,100 (3.1) 13,310 646 1,566 20.6 8.5 1.2 1.1 8.4 5.3 -63.4% 142.4% 3.9% 1.4%
MAIN Buy 620 675 8.9 1,388 43 139 32.5 10.0 0.6 0.6 5.9 4.7 -72.0% 225.6% 1.0% 3.2%
Oil and
27,999 1,511 3,133 18.5 8.9 0.7 0.7 6.6 5.3 61.2% 107.4% 2.2% 4.5%
Gas
PGAS* Buy 1,155 1,700 47.2 27,999 106 221 18.5 8.9 0.7 0.7 6.6 5.3 56.4% 109.1% 2.2% 4.5%
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 10 of 11

 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, Metal Mining, Chemical ariyanto.kurniawan@mandirisek.co.id +6221 5296 9682
Kresna Hutabarat Telecom, Media kresna.hutabarat@mandirisek.co.id +6221 5296 9542
Lakshmi Rowter Healthcare, Consumer, Retail lakshmi.rowter@mandirisek.co.id +6221 5296 9549
Robin Sutanto Property, Building Material robin.sutanto@mandirisek.co.id +6221 5296 9572
Edbert Surya Construction, Transportation edbert.surya@mandirisek.co.id +6221 5296 9623
Silvony Gathrie Banking, Research Assistant silvony.gathrie@mandirisek.co.id +6221 5296 9544
Riyanto Hartanto Poultry, Research Assistant riyanto@mandirisek.co.id +6221 5296 9488
Henry Tedja Research Assistant henry.tedja@mandirisek.co.id +6221 5296 9434
Wesley Louis Alianto Research Assistant wesley.alianto@mandirisek.co.id +6221 5296 9510
Leo Putera Rinaldy Chief Economist leo.rinaldy@mandirisek.co.id +6221 5296 9406
Imanuel Reinaldo Economist imanuel.reinaldo@mandirisek.co.id +6221 5296 9651

INSTITUTIONAL SALES
Silva Halim Managing Director silva.halim@mandirisek.co.id +6221 527 5375
Lokman Lie Head of Equity Capital Market lokman.lie@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
Angga Aditya Assaf Institutional Sales angga.assaf@mandirisek.co.id +6221 527 5375
Ilona Carissa Institutional Sales Ilona.simanungkalit@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 5296 9693
Boy Triyono Jakarta boy.triyono@mandirisek.co.id 6221 5296 5678
Iedprima Intan Maradi Online Jakarta intan.maradi@mandirisek.co.id 6221 5296 9516
Ruwie Medan ruwie@mandirisek.co.id 6261 8050 1825
Linawati Surabaya linawati@mandirisek.co.id 6231 535 7218
Maulidia Osviana Lampung maulidia.osviana@mandirisek.co.id 62721 476 135
Aidil Idham Palembang aidil.idham@mandirisek.co.id 62711 319 900
Dhanan Febrie Handita Bandung dhanan.handita@mandirisek.co.id 6222 426 5088
Yuri Ariadi Pontianak yuri.ariadi@mandirisek.co.id 62561 582 293
Yogiswara Perdana Yogyakarta yogiswara.perdana@mandirisek.co.id 62274 560 596
Achmad Rasyid Bali achmad.rasyid@mandirisek.co.id 62361 475 3066
www.most.co.id care_center@mandirisek.co.id 14032

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.