Equity Research

Company Focus
Saratoga Investama Sedaya
Remain prudent while delivering value NOT RATED
An active investment company in pursue of value accretion
Saratoga Investama Sedaya (SRTG) is well known to its strategic and marvelous investments Current price IDR5,475
throughout several sectors such as natural resources, infrastructure, and consumer. SRTG is Price target n.a
actively aiming early to growth stage company and special situation opportunities and engage Upside/Downside n.a
them to become established enterprises. Aside of the investees value accretion, Saratoga
also enjoying bear fruit from their several blue-chip investments through the dividend income 16 February 2021
that they got as recurring income sources to maintain its operational and liquidity performance.

Active divestment and investment to optimize value

Saratoga’s investment activities are generally in line with its annual plan. The company has INDONESIA
been consistently disbursing investment with an average of IDR881 bn per annum since 2015
with an exception in 2018 and 2019 where Saratoga started to invest heavily into PT Merdeka
Copper Gold (MDKA IJ) and acquire PT Aneka Gas Industri (AGII). On the other hand, the
Investment
company’s capability to maintain its liquidity profile provide them ample headroom to retain Stock Data
and develop its investment without necessity to rushing the divestment activities. Given that, Bloomberg Ticker SRTG IJ
Saratoga has only executed major divestment in the past 5 years when they divested PT Outs. Share (bn) 2.7
Mkt Cap (IDR bn) 14,853
Lintas Marga Sedaya, the concession holder of Cikampek – Palimanan (Cipali) toll road as
52 Week Range (IDR) 2,620-6,725
well as PT Medco Power Indonesia and sold their stake in Paiton Energy in 2018. 6M Avg Val (IDR bn) 7.0
YTD Returns (%) 59.6
Strong balance sheet and low-cost structure
Beta (x) 0.59
SRTG has been maintaining its loan-to-value ratio below 20% and even improved it further to
10.2% as of 9M20. This ensures its sound financial profile with plenty room for leveraging up
if necessary. Despite of that, the company will continue to be prudent in using leverage with a
commitment of not using any debt to pay dividend to its shareholder. On operation point of Share Price Performance
view, Saratoga has always maintained its streamlined holding operational cost with operating
expense to NAV ratio remains at maximum 1%. Further, its relatively low leverage profile has
7.000
resulting in a rather manageable interest cost which largely can be covered by its dividend 6.000
income. Note that recent omnibus law that will erase the dividend tax for local entities will Beta
5.000 (x) 0.84
4.000
strengthen Saratoga’s dividend income outlook as well as enhancing its future cash flow. 3.000
2.000
Deep discount to its NAV 1.000
Our back-of-the envelope calculation using two different approaches, market value and fair 0
Aug-18
Nov-18

Aug-19
Nov-19

Aug-20
Nov-20
May-18

May-19

May-20
Feb-18

Feb-19

value, suggested SRTG’s net asset value (NAV) range of IDR35,71 tn to IDR41.66 tn. Feb-20
Meanwhile, SRTG has been trading at deep discount to its NAV with 5-yrs average of 46.1%,
as opposed to the usual conglomerate discount of 10-20%. Assuming 20% conglomerate
discount, SRTG fair price will be in the range of IDR10,500 – IDR12,285 per share, which is Share Performance (%)
justified considering its superior ROE, stronger balance sheet and attractive PBV over its Month Absolute Relative
peers. However, if we to be conservative and applying the historical average discount of 3m 64.2 40.2
46.1%, Saratoga’s share price should be valued at the range of IDR7,095 – IDR8,277 per 6m 90.3 60.9
share, which is still a very attractive 50% upside from current share price. 12m 55.8 43.8

VALUATION HIGHLIGHTS
Adrianus Bias Prasuryo
(IDR bn) 2015 2016 2017 2018 2019
Adrianus.prasuryo@sucorsekuritas.com
Revenue 6,136 7,137 3,844 (6,088) 8,268 +62 21 8067 3048
EBIT 2,574 6,994 3,631 (6,275) 8,066
Ariyanto Dipo Sucahyo
Net income 923 5,670 3,321 (6,195) 7,371
Ariyanto.sucahyo@sucorsekuritas.com
EPS growth (%) 48% 515.0% -43.0% N/A N/A +62 21 8067 3021
PER (x) 1.4 1.7 3.0 N/A 1.3
PBV (x) 0.4 0.5 0.4 0.7 0.4
Dividend yield (%) 1.2 1.7 2.4 2.0 3.0
Net gearing (x) 0.4 0.2 0.1 0.2 0.1
 Saratoga Investama Sedaya - Remain prudent while delivering value
February 2021

Company at Glance
PT Saratoga Investama Sedaya Tbk. (Saratoga/SRTG IJ) is an active investment company with
a proven track record of investment success. Since its establishment in 1997, Saratoga has
taken an active role in managing investee companies as well as in exploring investment
opportunities. Saratoga focuses on investment opportunities in the early-stage, growth stage,
and special cases with emphasis on three key sectors of Indonesian economic development:
Consumer, Infrastructure, and Natural Resources. The company went public in 2013 and
released 271.3mn shares or equals to 10% of the enlarged capital at IPO price of IDR5,500.

Fig 1: Saratoga’s corporate structure

Source: Company, Sucor Sekuritas. *) Note that the publicly listed companies are updated as per latest data, and non-listed are based on AR 2019

Net asset value of the company continues to increase as their investment targets occurred
appreciation from the market along with the performance growth that being delivered by those
investees. The company also enjoying bear fruit from their several blue-chip investments
through the dividend income they got.

Given its profile and commitment, Saratoga is on-track to delivering its mission to provide
investor an access to participate in the dynamic growth of Indonesia through the value accretion
from both unlisted and listed entities

2
 Saratoga Investama Sedaya - Remain prudent while delivering value
February 2021

Transforming growth companies into established

enterprises
Saratoga has the commitment not only investing in their investee but also actively engage with
investee companies’ management to unlock their value and enhance growth quality. This is also
possible given their commitment to actively involved in every strategic decision that their
investee taking with Saratoga’s presence as the active manager within the Board of Director or
Commissioner of the investee companies.

Fig 2: SRTG’s Investment details

Source: Company, Sucor Sekuritas

The company’s track record has been shown not only in one particular industry but across the
three priority industries that they are focus on. ADRO, TBIG and MPMX has becoming SRTG’s
backbone for the dividend income in the past, contributing around 96% and 99% of the total
dividend income in 2019 and 9M20. Note also that SRTG has also been receiving dividend from
its other investees and making its dividend stream is now more diversified compared to early
years where it only coming from ADRO.

Fig 3: Investees transformations during SRTG’s investment

Source: Company, Sucor Sekuritas

3
 Saratoga Investama Sedaya - Remain prudent while delivering value
February 2021

Delivering value accretion from its investment

Saratoga remains highly selective in deciding on new investments from the numerous
opportunities that arise at any given time. Each year, Saratoga looks at, and considers, around
100 opportunities and decide on just two or three new investments. Further, it is the company
goal to maintain an annual capital deployment at range of USD50 – 100 mn with targeted IRR
of at least 20% upon their mid to long term investment horizon.

Fig 4: Saratoga’s NAV journey along with its investment

2002-2006 2007-2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
8,174 7,202 8,424
7,462 8,240
7,157 6,557 5,814
NAV PER SHARE (IDR)

6,108
3,560 5,007

539

PT Adaro PT Adaro Energy Tbk PT Agro Maju PT Medco Interra Resources Finders PT Gilang PT Agra Energi PT Mulia PT Deltomed PT Aneka Gas
Indonesia Natural Resources Raya Power Limited Resources Agung Indonesia Natural Bosco Logistik Laboratories Industri Tbk
Natural Resources Coal & Energy Natural Indonesia Natural Resources Limited Natural Persada Resources Consumer Cold- Consumer Herbal Consumer and
SAROTAGA INVESTMENT ACTIVITY

Coal & Energy Resources Palm Infrastructure Oil & Gas Resources Consumer Oil & Gas chain logistics Medicine Industrial Gas
PT Tower Bersama Plantation Power Polymetallic Lifestyle
PT Banyan Mas Infrastructure Tbk Generation Seroja Investment PT Paiton Energy PT Famon
Infrastructure Telco (formerly PT Banyan PT Mitra Limited PT Nusa Raya PT Trimitra Infrastructure Awal Bros
Tower Mas) Infrastructure Pinasthika PT Tri Wahana Infrastructure Cipta Tbk Karya Jaya Power Generation Sedaya
Telco Tower Mustika Tbk Universal Freight Chartering Infrastructure (holding of PT Consumer
PT Tenaga Listrik Consumer Infrastructure Construction Merdeka Healthcare
Gorontalo Automotive Oil Refinery Sihayo Gold Copper Gold
Infrastructure Limited Natural PT Mitra Tbk) Natural
Power Generation PT Etika Karya Resources Pinasthika Resources
Usaha Consumer Gold Mustika Tbk Gold
PT Lintas Marga Property Consumer
Sedaya Sumatra Copper Automotive
Infrastructure and Gold PLC
Toll Road Natural Resources
Polymetallic
PT Provident
Agro Tbk
Natural Resources
Palm Oil Plantation
PT Adaro Energy Tbk PT Tower PT Provident PT Mitra PT Merdeka
Bersama Agro Tbk Pinasthika Copper Gold Tbk
LISTING

Infrastructure Mustika Tbk

Tbk
PT Saratoga
Investama Sedaya
Tbk
Sold stake in an Sold stake in Issued EB of Divested Divested Divested Sold stake in
investee company an investee USD100 million PT Pulau PT Lintas Marga PT Batu Hitam an investee
company Seroja Jaya Sedaya Perkasa company
DIVESTMENT

(Paiton Energy)
Divested palm Divested
plantation PT Medco
assets of PT Power
Provident Agro Indonesia
Tbk with a
market premium Sold stake in an
price per investee
hectare. company

Source: Company, Sucor Sekuritas

Fig 5: Value of listed investees Fig 6: Value of non-listed investees

Source: Company, Sucor Sekuritas Source: Company, Sucor Sekuritas

4
 Saratoga Investama Sedaya - Remain prudent while delivering value
February 2021

Business Outlook
Active divestment and investment to optimize value
Saratoga’s investment activities are generally in line with its annual plan. The company has been
consistently disbursing investment with an average of IDR881 bn per annum since 2015 with an
exception in 2018 and 2019 where Saratoga starts to invest heavily into PT Merdeka Copper
Gold (MDKA IJ) and acquire PT Aneka Gas Industri (AGII). However, in 2020, Saratoga decided
to become more prudent in making investment due to global market downturn amid pandemic.

Fig 7: SRTG’s investment and divestment activities

2,500
2,254

Investment
2,000
Divestment 1,724

1,500 1,365

1,026
1,000

649
543 558
500 419 374
277
98
-
-
2015 2016 2017 2018 2019 9M20

Source: Company, Sucor Sekuritas

On the other hand, the company’s capability to maintain its liquidity profile provide them ample
headroom to retain and develop its investment without necessity to rushing the divestment
activities. Given that, Saratoga has only executed major divestment in two particular years which
are during 2017 when they divested PT Lintas Marga Sedaya, the concession holder of
Cikampek – Palimanan (Cipali) toll road as well as PT Medco Power Indonesia and sold their
stake in Paiton Energy through PT Batu Hitam Perkasa in 2018. Aside of that, Saratoga also
receiving solid dividend from its investment over the year, led by Adaro Energy, Tower Bersama
and Mitra Pinasthika Mustika.

Fig 8: Dividend income from investees

2,500

2,000

1,500

1,000

500

-
2017 2018 2019 1H20
ADRO TBIG MPMX Others

Source: Company, Sucor Sekuritas

5
 Saratoga Investama Sedaya - Remain prudent while delivering value
February 2021

Strong balance sheet and low-cost structure

Aside of determining its investment activities, it is imperative for an investment companies to
prudently maintain its sound financial profile. This is required for that particular investment
company to be able to align its investment horizon with its short-term liquidity needs such as
working capital and interest cost. Saratoga has demonstrated a consistent ability to balance
these things out since its inception and even during several hard times in 2008, 2016 and
recently in 2018.

Fig 9: SRTG’s Loan-to-Value position

Source: Company, Sucor Sekuritas

The company has been able to maintain its loan-to-value ratio, which derived from dividing its
net-debt position with its net-asset value, below 20% and even improved it further to only 10.2%
as of 9M20. This ensures its sound financial profile with plenty room to tap further leverage if
there’s any liquidity issue come up. Despite of that, the company will continue to be prudent in
using leverage with a commitment of not using any debt to pay dividend to its shareholder.

Fig 10: Debt maturity schedule

Source: Company, Sucor Sekuritas

In terms of liquidity, the company is closely monitoring its debt maturity schedule and will actively
adjust it to align with the dividend outlook from its investee or monetization timeline of its
investment.

6
 Saratoga Investama Sedaya - Remain prudent while delivering value
February 2021

On operation point of view, Saratoga has always maintained its holding operational cost to
somewhat streamline with operating expense to NAV ratio remains at maximum 1%. This is
necessary to have such low-cost operational basis given their nature as investment company
and to balance their short-term liquidity needs from working capital spending.

Fig 11: Operational cost ratio Fig 12: Interest cost ratio

3.00% 2.81% 7
2.7% 6.3
2.5% 6
2.50% 2.19% 2.1% 5
4.2
2.00% 4 3.7
3.2
1.50% 3 2.5
2.3
1.0% 2.1 2
1.0% 0.9% 1.0%
2 1.5 1.6
1.00% 0.7% 0.7% 1.1
1 0.6
0.4%
0.50%
0
2015 2016 2017 2018 2019 9M20
0.00%
Dividend/interest Dividend/(Opex+Interest)
2015 2016 2017 2018 2019 9M20
Source: Company, Sucor Sekuritas Source: Company, Sucor Sekuritas
Opex/NAV (Opex+Interest)/NAV

Further, the company’s relatively low leverage profile has also enabled the company to maintain
a rather manageable interest cost which largely can be covered by its dividend income from its
investees. The figure is very sound with dividend to interest cost ratio is maintained above 3x
level while the dividend to overall cost ratio (Opex + interest cost) are remains above 2x in 9M20.

Fig 10: SRTG’s 9M20 financial results

IDR bn 9M20 9M19 yoy 3Q20 3Q19 yoy

Revenue 1,316 7,549 -82.6% 3,476 3,905 -11.0%
Operating Expenses (143) (125) 14.0% (35) (37) -6.3%
Operating Income 1,173 7,423 -84.2% 3,441 3,867 -11.0%
Operating margin (%) 89.1 98.3 (9.2) 99.0 99.0 (0.1)

Bad Debt expense - (7) N.A - - 0.0%

Net loss on derivative instrument (35) (55) -35.1% (2) (1) 76.7%
Net finance income (costs) (173) (254) -31.9% (49) (82) -40.2%
Forex gain (loss) -133 38 N.A (78) (11) 629.1%
Other inc./exp. (5) (10) -47.8% (1) (2) -52.6%

Pre-tax profit 826 7,135 -88.4% 3,311 3,771 -12.2%

Tax 372 (119) N.A (22) 75 N.A
Minority Interest (0) 9 N.A 2 9 -80.3%

Net profit 1,198 7,007 -82.9% 3,287 3,837 -14.3%

Net margin (%) 91.1 92.8 (1.7) 94.6 98.3 (3.7)

Source: Company, Sucor Sekuritas

7
 Saratoga Investama Sedaya - Remain prudent while delivering value
February 2021

Attractively valued at deeper discount to historical mean

Saratoga has been trading at somewhat deep discount to its NAV with average of 46.1% in the
past 5 years and currently is trading at 57.3% discount to its last NAV in Dec ‘20. The discount
figure is much higher as compared to the other conglomerate companies such as ASII, EMTK
or INDF with much narrowed discount from its SOTP valuation (around 10-20%), which probably
due to their majority stakes on their investment.

Meanwhile our back-of-the envelope calculation using two different approaches, market value
and fair value, suggested a net asset value (NAV) range of IDR35,71 tn to IDR41.66 tn. We use
the current market cap of Saratoga’s listed investees to calculate its market value NAV while
using our targeted market cap from both our coverages and Bloomberg consensuses to arrive
at its fair value NAV.

Fig 14: Saratoga’s back-of-the-envelope NAV calculation

Ownership Market Value Valuation Fair Value Valuation

Ticker (%) (IDR bn) (IDR bn) % to NAV (IDR bn) (IDR bn) % to NAV Notes
Natural Resources
LISTED ENTITIES
Adaro Energy (ADRO IJ) ADRO IJ 15.2 38,862.9 5,899.4 16.5% 54,357.3 8,251.4 19.8% Sucor's valuation
PT Merdeka Copper Gold MDKA IJ 19.1 56,495.8 10,807.6 30.3% 65,692.8 12,567.0 30.2% Sucor's valuation
PT Provident Agro PALM IJ 44.9 2,377.9 1,067.0 3.0% 2,377.9 1,067.0 2.6% Market Value
Sihayo Gold Ltd. SIH AU 14.9 597.2 88.9 0.2% 3,975.6 592.0 1.4% Target EV/Resources
Interra Resources Ltd. ITRR SP 12.1 268.8 32.6 0.1% 385.1 46.6 0.1% Bloomberg Consensus

NON-LISTED ENTITIES
PT Agro Maju Jaya 25.0
PT Agra Energi Indonesia 30.0
Total non-listed entities 14.0 0.0% 14.0 0.0%
Total Natural Resources 17,909.5 50.2% 22,538.0 54.1%

Infrastructure
LISTED ENTITIES
PT Tower Bersama Infra. TBIG IJ 34.0 47,126.6 16,023.0 44.9% 50,774.4 17,263.3 41.4% Bloomberg Consensus
PT Nusa Raya Cipta NRCA IJ 7.1 883.7 62.9 0.2% 1,461.6 104.1 0.2%Target PBV average peers
Seroja Investment Ltd. SER SP 23.3 323.8 75.3 0.2% 323.8 75.3 0.2% Market Value

NON-LISTED ENTITIES
PT Tenaga Listrik Gorontalo 46.3
PT Tri Wahana Universal 35.0
Total non-listed entities 96.0 0.3% 96.0 0.2%
Others 1,262.0 3.5% 1,262.0 3.0%
Total Natural Resources 17,519.3 49.1% 18,800.7 45.1%

Consumer
LISTED ENTITIES
PT Mitra Pinasthika Mustika MPMX IJ 52.2 2,276.1 1,188.4 3.3% 2,276.1 1,188.4 2.9% Market Value
PT Aneka Gas Industri AGII IJ 8.4 3,802.7 319.0 0.9% 4,293.4 360.2 0.9% Sucor's valuation

NON-LISTED ENTITIES
PT Bumi Hijau Asri 99.99
PT Mulia Bosco Logistik 7.5
PT Gilang Agung Persada 5.8
PT Deltomed Laboratories 5.8
PT Famon Awal Bros Sedaya 3.1
Provident Growth Fund n.a
SC Technology Investment Ltd. n.a
Total non-listed entities 1,474.0 4.1% 1,474.0 3.5%
Total Consumer 2,981.4 8.3% 3,022.6 7.3%

Total Listed Entities 35,564.2 41,515.3

Total Non-listed Entities 2,846.0 2,846.0
Sum of Investee Companies 38,410.2 44,361.3
(-) Debt 3,401.8 3,401.8
(+) Cash 703.2 703.2
Net Asset Value 35,711.6 41,662.7
Net Asset Value per share (IDR) 13,163.1 15,356.7
Historical Discount to NAV 46.1% 46.1%
Fair Value per Share (IDR) 7,094.9 8,277.3

Source: Company, Sucor Sekuritas

Assuming 20% conglomerate discount, SRTG fair price will be in the range of IDR10,500 –
IDR12,285 per share, which is justified considering its superior ROE, stronger balance sheet
and attractive PBV over its peers. However, if we to be conservative and applying the historical
average discount of 46.1%, Saratoga’s share price should be valued at the range of IDR7,095
– IDR8,277 per share, which is still a very attractive 50% upside from current share price.

8
 Saratoga Investama Sedaya - Remain prudent while delivering value
February 2021

Fig 15: Saratoga’s peers’ comparison

Market Cap
Company ROA (%) ROE (%) PBV (x) Net Gearing (x) Dividend Yield (%)
(in USD bn)
Saratoga Investama Sedaya 1.07 5.8 6.8 0.6 0.1 1.7
Astra International 17.47 4.3 10.1 1.6 0.4 3.1
Elang Mahkota Teknologi 8.32 3.6 5.6 11.8 0.3 0.0
Jardine Matheson Holdings 40.02 1.9 6.2 0.7 0.3 3.2
Berkshire Hathaway Inc. 569.35 2.6 5.2 1.4 0.3 0.0
CK Hutchison Holdings Ltd. 26.61 2.2 6.2 0.4 0.7 5.5
Seven Group Holdings Ltd. 6,07 5.1 12.8 2.7 1.2 1.8
First Pacific Co. 1,43 -1.0 -7.2 0.5 1.0 5.5
Peers average 132.4 2.7 5.6 2.7 0.6 2.7
Source: Bloomberg, Sucor Sekuritas

Appendix
Fig 16: Income statement and balance sheet
Profit & Loss (IDR Bn) 2015 2016 2017 2018 2019 9M19 9M20 Balance Sheet (IDR bn) 2015 2016 2017 2018 2019 9M19 9M20
Revenue 6,136 7,137 3,844 (6,088) 8,268 7,549 1,316 Cash and equivalents 718 758 910 783 394 394 703
Operating Expenses (3,562) (144) (213) (138) (157) (125) (143) Trade receivables 575 381 623 366 440 440 122
Operating profit 2,574 6,994 3,631 (6,226) 8,111 7,424 1,173 Investment in shares 13,387 23,802 24,755 18,102 23,560 23,560 25,210
Operating Margin (%) 42.0 98.0 94.5 N.A 98.1 98.3 89.1 Investment in other equity 111 69 94 726 2,131 2,131 1,174
Other assets 1,910 135 247 139 132 132 147
Bad Debt Expense - (54) (45) (37) (34) (7) - Total Assets 16,701 25,144 26,630 20,115 26,658 26,658 27,356
Net loss on derivatives instrmnt. (48) 226 52 28 (50) (55) (35) Income tax payable 79 37 130 47 21 21 1
Forex gain (loss) (211) 91 (28) (150) 73 38 (133) Short-term debt + CMLTD - - - - - - -
Finance expense (370) (283) (348) (282) (317) (254) (173) Long-term debt 4,822 4,575 2,465 3,938 3,325 3,325 3,402
Other income/expense (269) (388) (75) (18) (45) (10) (5) Other liabilties 320 1,166 1,746 166 537 537 187
Pre-tax profit 1,676 6,585 3,187 (6,685) 7,738 7,135 827 Total Liabilities 5,221 5,778 4,342 4,151 3,883 3,883 3,589
Tax expense (225) (882) (79) 550 (394) (119) 372 Minority interest 949 382 254 309 49 49 21
Minority interest 528 33 (124) 60 (27) 9 (0) Paid capital 2,570 5,185 5,185 5,185 5,185 5,185 5,185
Net profit to parent entity 923 5,670 3,232 (6,194) 7,371 7,007 1,199 Retained earnings 6,596 12,013 14,984 10,106 17,177 17,177 19,227
EPS (IDR) 340 2,091 1,192 (2,284) 2,718 2,584 443 Other equities 1,366 1,786 1,864 365 362 362 -666
Total Equity 11,481 19,367 22,287 15,964 22,774 22,774 23,766

Source: Company, Sucor Research

Fig 17: Cash flow and key ratios

Source: Company, Sucor Research

9
 Saratoga Investama Sedaya - Remain prudent while delivering value
February 2021

Management Profile
Fig.18 Board of Commissioner
Name Historical Background
Current position: President Commissioner of PT Saratoga
Investama Sedaya
- Vice President Director of Astra International (1978-1993)
- President Commissioner of PT Adaro Energy Tbk
Edwin - President Commissioner of PT Tower Bersama
Soeryadjaya Infrastructure Tbk
- President Commissioner of PT Merdeja Copper Gold Tbk
- President Commissioner of PT Mitra Pinasthika Mustika Tbk

Current Position: Commissioner of PT Saratoga Investama Sedaya

- Commissioner of PT Unitras Pertama
- President Commissioner of PT Nonferindo Utama
Joyce - Managing Director of Inter-Astrea (HK) Limited
Soeryadjaya
Kerr

Current Position: Commissioner of PT Saratoga Investama Sedaya

- Commissioner of PT Cakrawala Andalas Televisi
- Chairman of Mien R. Uno Foundation
Indra Cahya - Commissioner of PT Informasi Teknologi Indonesia
Uno - Vice Chairman of Budaya Luhur Foundation

Current Position: Independent Commissioner of PT Saratoga

Investama Sedaya
- Chairman of Nomination and Remuneration Committee of
Anangga W. PT Saratoga Investama Sedaya
Roosdiono - Chair of Audit Committee of PT Saratoga Investama Sedaya
- Chairman of the Indonesian Arbitrators Institute

10
 Saratoga Investama Sedaya - Remain prudent while delivering value
February 2021

Current Position: Independent Commissioner of PT Saratoga

Investama Sedaya
- Independent Commissioner at PT Astra Agro Lestari Tbk
Sidharta - Audit Committee member at PT Solusi Bangun Indonesia
Utama Tbk
- Professor at the Faculty of Economics in University of
Indonesia

Fig.19 Board of Director

Name Historical Background
Current Position: President Director of PT Saratoga Investama
Sedaya; Director of PT Merdeka Copper Gold Tbk; Commissioner of
PT Provident Agro Tbk
Michael - Chair of the Investment Committee of PT Saratoga
William P. Investama Sedaya
Soeryadjaya - Business Development Director of PT Saratoga Investama
Sedaya

Current Position: Finance Director of PT Saratoga Investama

Sedaya
- Director & CFO of PT Dharma Satya Nusantara Tbk
- Director & CFO of PT Medco Energi Internasional Tbk
Lany D. Wong - Manager of Financial Advisory Services in
PricewaterhouseCoopers

Current Position: Investment Director of PT Saratoga Investama

Sedaya; Executive Committee of PT Deltomed Laboratories
- Director of PT Paiton Energy (until 2018)
Devin - Executive Committee of PT Medco Power Indonesia (until
2017)
Wirawan
- Senior Strategy and Trading Analyst of the University
Capital Strategies Group, Singapore

11
 Saratoga Investama Sedaya - Remain prudent while delivering value
February 2021

Sucor Sekuritas rating definition, analysts’ certification, and important disclosure

Ratings for Sectors

Overweight : We expect the industry to perform better than the primary market index (JCI) over the next 12 months.
Neutral : We expect the industry to perform in line with the primary market index (JCI) over the next 12 months.
Underweight : We expect the industry to undeIDRerform the primary market index (JCI) over the next 12 months

Ratings for Stocks

Buy : We expect this stock to give return (excluding dividend) of above 10% over the next 12 months.
Hold : We expect this stock to give return of between -10% and 10% over the next 12 months.
Sell : We expect this stock to give return of -10% or lower over the next 12 months

Analyst Certification

The research analyst(s) primarily responsible for the preparation of this research report hereby certify that all of the views
expressed in this research report accurately reflect their personal views about any and all of the subject securities or issuers.
The research analyst(s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the
specific recommendations or views expressed in this research report.

Disclaimers

This document has been prepared for general circulation based on information obtained from sources believed to be reliable
but we do not make any representations as to its accuracy or completeness. PT Sucor Sekuritas accepts no liability
whatsoever for any direct or consequential loss arising from any use of this document or any solicitations of an offer to buy
or sell any securities. PT Sucor Sekuritas and its directors, officials and/or employees may have positions in, and may affect
transactions in securities mentioned herein from time to time in the open market or otherwise, and may receive brokerage
fees or act as principal or agent in dealings with respect to these companies. PT Sucor Sekuritas may also seek investment
banking business with companies covered in its research reports. As a result investors should be aware that the firm may
have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single
factor in making their investment decision.

12

February 2021
Sales Office & Research
PT. Sucor Sekuritas
HEAD OFFICE
PT. Sucor Sekuritas
Sahid Sudirman Center
12th Floor
Jl. Jend Sudirman Kav. 86
Jakarta 10220 – Indonesia
Ph : (+62-21) 8067 3000
Fax : (+62-21) 2788 9288
JAKARTA
Ruko Inkopal Block A No. 23 A
Jl. Boulevard Barat Raya
Jakarta Utara 14240
Ph: (+62-21) 4585 9114
Fax: (+62-21) 4585 9227
GALERI INVESTASI
Universitas Tarumanegara
Fakultas Ekonomi
Lab. Pasar Modal Ged. A Lt. 7
Jl. Tanung Duren Raya No. 1,
Jakarta Barat 11470
Saratoga Investama Sedaya - Remain prudent while delivering value
TANGERANG MALANG GALERI INVESTASI
GALERI INVESTASI Jl. Jaksa Agung Suprapto No.40 Universitas Negeri Surabaya
Swiss German University Kav. B4, Malang 68416 PIC: Wahyudi Maksum
Edu Town BSD City Ph: (+62-341) 346 900 Kampus Ketintang
Fakultas Business Fax: (+62-341) 346 928 Gedung Business Centre,
Administration & Humanity Fakultas Ekonomi
Tangerang 15339 SURABAYA Jl. Ketintang, Surabaya 60231
Gd. Spazio Lt. 2 Unit 208 Ph: (+62-31) 8297123
BANDUNG Jl. Mayjen Yono Soewoyo Kav. 3
JL.Hegarmanah No.57 GRAHA Famili
Bandung 40141 Surabaya 60226
Ph: (+62-22)-203 3065 Ph: (+62-31) 600 39701
Fax: (+62-22) 203 2809
Jl. Slamet no. 37
Surabaya 60272
Ph : (+62-31) 547 9252
Fax : (+62-31) 547 0598
Ruko Pakuwon Town Square
AA2-50
Jl. Kejawen Putih Mutiara,
Surabaya 60112
Ph: (+62-31) 5825 3448
Fax: (+62-31) 5825 3449
Fax: (+62-31) 5825 3449
13