INVESTOR DIGEST

Equity Research | 28 February 2023

Economic Data HIGHLIGHT

Latest 2023F
• Astra International: Strong Automotive Earnings Continued (ASII; Rp5,800; Buy; TP:
7-DRRR (%), eop 5.75 6.00 Rp9,500)
Inflation (YoY %) 5.28 3.80 • Bank Jago 1M23 Results: Higher CoC as Loans Grew (ARTO; Rp2,470; Buy; TP:
US$ 1 = Rp, period avg 15,270 15,285 Rp3,600)
• Ciputra Development: Strongest Guidance among Peers followed by Strong Launch
Performance (CTRA; Rp990; Buy; TP: Rp1,390)
Stock Market Data • United Tractors: 2022 Net Profit Was In-Line - Special Dividend Yielding 25%, Pending
(27 February 2023)
Shareholders’ Approval in Apr-2023 (UNTR; Rp25,175; Neutral; TP: Rp30,500)
JCI Index 6,854.8 -0.03%
Trading T/O ( Rp bn ) 6,720.5 CORPORATE
Market Cap ( Rp tn ) 9,490.7
Astra International: Strong Automotive Earnings Continued (ASII; Rp5,800; Buy;
TP: Rp9,500)
 ASII’s FY22 net profit (ex-GOTO) of Rp30.5tn (+51% YoY) exceeded our forecast,
Market Data Summary*
with strong automotive numbers continued in 4Q22, thus offsetting the softer
earnings from heavy equipment. ASII indicated the plan to distribute a final
2022F 2023F
dividend of Rp552/share, yielding 10%, pending approval of AGM in April-23. We
have a Buy call on ASII with Rp9,500/share TP.
P/E (x) 14.9 14.6
P/BV (x) 2.2 2.0  FY22 net profit beat our forecast but was largely in line with consensus. ASII
EV/EBITDA (x) 10.9 11.4 reported a 4Q22 net profit of Rp5.6tn (+8% YoY/+9% QoQ), mainly contributed
Div. Yield (%) 3.6 3.7 by strong earnings growth from the automotive segment (+62% YoY/+14%
Net Gearing (%) 12.0 8.6 QoQ), which offset the slight QoQ decline in earnings from UNTR (+113% YoY/ -
ROE (%) 15.1 14.3 6% QoQ). Following the share price weaknesses, ASII booked a fair value loss
EPS Growth (%) 31.1 2.5 from investments in GOTO, amounting to Rp2.6tn. Stripping off the GOTO
EBITDA Growth (%) 23.5 -5.4 investment, ASII’s 4Q22 net profit grew to Rp8.2tn (+58% YoY/+6% QoQ),
Earnings Yield (%) 6.8 7.0 bringing the FY22 net profit ex-GOTO to Rp30.5tn (+52% YoY), exceeding our
estimate at 123%, but largely in line with consensus at 103%. ASII’s stronger-
* Aggregate of 74 companies in MS research universe, than-expected net profit in 12M22 was seen across businesses, i.e., UNTR (+107%
representing 54.4% of JCI’s market capitalization YoY, 44% of NP), automotive (+33% YoY, 33% of NP), and financing business
(+22% YoY, 21% NP), except AALI (-12% YoY, 5% of NP). ASII‘s 12M22 operating
margin improved to 14% (from 11% in 12M21), driven by higher profitability in
the financial services and UNTR.

 Key points to highlight in 4Q22: 1) Earnings from automotive further increased

to Rp2.9tn (+62% YoY/+14% QoQ), with its automotive distribution’s operating
margin rising to 2.36% in 4Q22 (vs. 4Q21: -0.82%; 3Q22: 1.62%), which we believe
was due to a healthy inventory and the minimum discount in the previous
quarter. 2) However, its total equity income declined to Rp2.3tn (+25% YoY/-9%
QoQ), with a QoQ decline, mainly due to lower equity incomes from AHM (+39%
YoY/-2% QoQ) and ASII’s other joint venture, which offset the higher equity
income from ADM (+55% YoY/+13% QoQ). 3) UNTR booked a strong quarterly
net profit in 4Q22, at Rp3.1tn (+113% YoY/-6% QoQ), although declining QoQ
following weaker sales from heavy equipment. 4) AALI’s 4Q22 further increased
to Rp407bn (+2% YoY/+26% QoQ), which we believe was mainly driven by better
ASP. 5) Earnings from financing continued to increase, reaching Rp1.6tn (+4%
YoY/+7% QoQ), which we suspect was due to lower provisioning.

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 Maintain Buy on ASII with Rp9,500/share TP. We still like ASII for its strong product portfolio following the introduction
of All-New Kijang Innova and All-New Agya 2023. ASII’s market share was stable at 54.8% in 2022, higher than the avg.
50.0% in the past 10 years. ASII attractively trades at 8.9x/8.7x FY23F/FY24F PE, below the 10-year avg. of 13.1x. We
believe the recent sell-off offers an attractive entry point to ASII, given the strong recovery in the automotive market.
Reiterate Buy call on ASII with Rp9,500/share TP.

RESULTS SUMMARY
RpBn 4Q22 4Q21 %YoY 3Q22 %QoQ 12M22 12M21 %YoY FY22F % of ours % of cons
Revenue 80,025 66,083 21% 77,662 3% 301,379 233,485 29% 266,385 113% 105%
Gross Profit 18,809 14,779 27% 17,728 6% 70,088 51,033 37% 59,250 118% 107%
Operating Profit 11,376 7,247 57% 10,306 10% 42,201 25,533 65% 31,473 134% 105%
Pretax Profit 10,920 8,667 26% 10,668 2% 50,390 32,350 56% 40,437 125% 103%
Net Profit 5,614 5,219 8% 5,156 9% 28,944 20,196 43% 24,874 116% 98%
Net Profit (ex GOTO’s
8,239 5,219 58% 7,787 6% 30,488 20,139 51% 24,874 123% 103%
investment gain)

Gross Margin (%) 24% 22% 23% 23% 22%

Operating Margin (%) 14% 11% 13% 14% 11%
Pretax Margin (%) 14% 13% 14% 17% 14%
Net Margin (%) 7.0% 7.9% 7% 10% 9%

Revenue breakdown
Automotive 33,325 28,883 15% 32,145 4% 121,056 96,744 25% 105,261 115%
Financial services 7,275 6,683 9% 6,489 12% 26,736 24,990 7% 26,264 102%
Heavy equipment and
32,074 21,639 48% 31,086 3% 123,607 79,461 56% 105,048 118%
mining
Agribusiness 4,150 5,089 -18% 4,712 -12% 18,006 19,492 -8% 18,660 96%
Others 3,201 2,643 21% 4,543 -30% 12,055 9,339 29% 11,152 108%
Total 80,025 64,937 23% 77,662 3% 301,379 233,485 29% 266,385 113%

Net profit breakdown

Automotive 2,878 1,780 62% 2,519 14% 9,668 7,295 33% 8,868 109%
Financial services 1,622 1,563 4% 1,511 7% 6,035 4,947 22% 5,744 105%
Heavy equipment and
3,145 1,480 113% 3,339 -6% 12,678 6,130 107% 9,621 132%
mining
Agribusiness 407 400 2% 324 26% 1,376 1,571 -12% 1,162 118%
Others (2,438) (4) 60850% (2,537) -4% -813 253 -421% (521) 156%
Net profit After GOTO 5,614 5,219 8% 5,156 9% 28,944 20,196 43% 24,874 116%
Gain (loss) in Investment in
(2,625) - N/A (2,631) 0% (1,544) -
GOTO
Net profit before GOTO 8,239 5,219 58% 7,787 6% 30,488 20,196 51% 24,874 123%
Source: Company, Mandiri Sekuritas Estimates

Ariyanto Kurniawan (+6221 5296 9682) ariyanto.kurniawan@mandirisek.co.id

Wesley Louis Alianto (+6221 5296 9510) wesley.alianto@mandirisek.co.id

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 Equity Research | 28 February 2023

Bank Jago 1M23 Results: Higher CoC as Loans Grew (ARTO; Rp2,470; Buy; TP: Rp3,600)
 ARTO booked Rp2bn net profit in 1M23, down 66% YoY as pick up in opex & credit costs offset the growing income.
Bigger loan base drove the interest income growth in 1M23 and higher provisioning is intentional as Management aims
to build stronger NPL coverage in FY23. Retain BUY.
 ARTO net profit declined by 66% YoY to Rp2bn in 1M23, running behind our and consensus FY23 net profit
expectations. ARTO’s YoY profit decline was underpinned by the pick-up in credit cost and opex bookings. Though, PPOP
grew +42% YoY to Rp45bn in 1M23 owing to higher loan base and improvement in non-interest income.
 Loan growth at +76% YoY and deposit growth at +122% YoY. CASA base grew +238% YoY, much faster than TD
growth of +31% YoY. Correspondingly, CASA ratio inched up to 66.7% in Jan-23, vs. 43.7% in Jan-22. Meanwhile, LDR
normalized to 117.3% in Jan-23 from 147.6% in Jan-22.
 Cost-to-Income ratio (CIR) improved to 68.4% in Jan-23 from 70.2% in Jan-22. Opex grew by +30.5% YoY in Jan-23,
driven by salary expenses which grew +95.5% YoY to Rp38.1bn. Though, the opex growth is well compensated by 34.0%
growth in operating income. The growth in operating income was mainly driven by the higher interest income from the
bigger loan base.

 Provision expenses grew +97% YoY to Rp44bn in 1M23, dragging up credit cost to 5.3% from 4.7% in 1M22, in our
calculation. As a result, provisioning to total loan went up to 2.9% in Jan-23, vs. 2.5% in Jan-22.
 Maintain BUY. The bank currently trades at 4.0x of 2023F PBV.

 *ARTO has not released its FY22 financials, hence we do not include the Dec-22 figures and NIM & ROE figures for 1M23 in the
results table on the next page.

ARTO 1M23 RESULTS

% of
% of FY23F
Income Statement (Rp bn) Jan-22 Nov-22 Jan-23 % YoY 1M22 1M23 % YoY FY23F FY23F
FY23F Cons
Cons
Net interest income 104 115 133 28 104 133 28 1,998 7
Non-interest income 3 6 10 281 3 10 281 110 9
Operating income 106 121 142 34 106 142 34 2,108 7 2,473 6
Provision expense (22) (28) (44) 97 (22) (44) 97 (571) 8
Operating expense (75) (90) (97) 31 (75) (97) 31 (1,273) 8
Operating profit 9 3 1 (88) 9 1 (88) 263 0
PPOP 32 31 45 42 32 45 42 835 5
Pre-tax profit 9 4 4 (62) 9 4 (62) 263 1 331 1
Net profit 7 3 2 (66) 7 2 (66) 205 1 255 1

Balance Sheet (Rp bn) Jan-22 Nov-22 Jan-23 % YoY 1M22 1M23 % YoY

Gross loans 5,619 8,741 9,898 76 5,619 9,898 76

Demand deposits 149 1,391 2,806 1,786 149 2,806 1,786
Saving deposits 1,516 2,593 2,820 86 1,516 2,820 86
Time deposits 2,142 2,630 2,812 31 2,142 2,812 31
Total deposits 3,807 6,615 8,439 122 3,807 8,439 122

CASA to deposits (%) 43.7 60.2 66.7 43.7 66.7

Ratio (%) Jan-22 Nov-22 Jan-23 1M22 1M23

LDR 147.6 132.1 117.3 147.6 117.3
NIM 11.0 10.0 n.a. 11.0 n.a.
ROE 1.1 0.4 n.a. 1.1 n.a.
Cost to income 70.2 74.3 68.4 70.2 68.4
Cost of credit - net 4.7 3.9 5.3 4.7 5.3
Provisioning to total loans 2.5 2.6 2.9 2.5 2.9
Source: Company, Mandiri Sekuritas Research

Kresna Hutabarat (+6221 5296 9542) kresna.hutabarat@mandirisek.co.id

Boby Kristanto Chandra +6221 5296 9544 boby.chandra@mandirisek.co.id

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Ciputra Development: Strongest Guidance among Peers followed by Strong Launch Performance (CTRA; Rp990; Buy;
TP: Rp1,390)

 CTRA announced on Friday Rp 8.9tn in FY23 presales guidance, +8% yoy. This renders CTRA’s guidance the highest in the
sector, and skews up the sector’s average yoy growth guidance to +3.4% yoy. The past weekend also saw the sold-out
launch of CTRA’s first launch this year.

 +8.3% yoy target guidance, highest among peers. CTRA guided for Rp 8.9tn in FY23 presales, +8.3% yoy, off of an
already high-base in FY22 which saw +11% yoy growth. The company’s guidance is highest among developers we cover,
and skews up blended average FY23 guidance to +3.4% yoy (+1.4% yoy ex-CTRA). The main drivers are expected to come
from Greater Jakarta at Rp 2.9tn, +66% yoy, offsetting flat to declines in greater Surabaya, Sumatra and Sulawesi. Greater
Jakarta is expected to be helped by 2 new cluster launches in Serpong and Sentul; the Serpong project was launched the
past weekend to robust take-up. An additional cluster is expected to be launched in Medan as part of the CitraLand KDM
project with SOE plantation co PTPN.

 Citra Garden Serpong saw 100% take-up rate over 1,040 units launched. The first of the new launches in the form of
Citra Garden Serpong saw its maiden launch the past weekend. Three clusters were offered, Aeris, Belle Fleur and Chloe;
Aeris comprises 2-storey units with prices ranging Rp 1.5-3.1tn/unit, while Belle Fleur and Chloe offered single-storey
homes ranging Rp 717mn-1.2bn/unit. The launch was robust with all 1,040 units from the three clusters having sold out.
We estimate the blended ASP across the three at Rp 1.4bn/unit, implying some Rp 1.2tn in proceeds from the launch
(exclusive of VAT).

 We have a Buy on CTRA.

PRESALES GUIDANCE FY23

Presales
12M22 2023 Co Target YoY % 12M21 YoY %
(Rp bn)
CTRA 8,243 8,925 8.3% 7,427 11.0%
BSDE 8,805 8,800 -0.1% 7,717 14.1%
PWON 1,500 1,600 6.7% 1,434 4.6%
SMRA 4,946 5,000 1.1% 5,242 -5.7%
LPKR 4,760 4,900 2.9% 4,964 -4.1%
Total Presales 28,254 29,225 3.4% 26,785 5.5%
Source: Company

CITRA GARDEN SERPONG TAKE-UP RATE

Company Project Take-up ASP (Rp mn) Units offered
CTRA Citra Garden Serpong – Aeris 100% 1,485-3,069 495
CTRA Citra Garden Serpong – Belle Fleur 100% 717-1,155 390
CTRA Citra Garden Serpong – Chloe 100% 717-1,155 155
Source: Mandiri Sekuritas estimates

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

United Tractors: 2022 Net Profit Was In-Line - Special Dividend Yielding 25%, Pending Shareholders’ Approval in Apr-
2023 (UNTR; Rp25,175; Neutral; TP: Rp30,500)

 UNTR’s 2022 net profit of Rp21.0tn (104% YoY) aligned with forecast. The management indicated the plan to distribute a
final dividend of Rp6,185/share, yielding 25%, pending approval from the annual general meeting in Apr-2023. We have a
Neutral call on UNTR with Rp30,500/share.

 2022 net profit was in line. United Tractors (UNTR) reported a 4Q22 net profit of Rp5.1tn (+109% YoY/-7% QoQ),
bringing its 2022 net profit to Rp21.0tn (+104% YoY), accounting for 102%/100% of our/consensus forecasts (in line). Its
4Q22 net profit remained strong due to 1) strong earnings contribution from its coal mining unit amid high coal prices,
despite seasonally lower sales volume in 4Q22 after peak production in 3Q22 and 2) solid revenue growth at Pama, driven
by higher overburden removal amid higher SR, despite softer Komatsu sales. Revenues in 2022 increased to Rp123.6tn

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(+56% YoY), and operating profit also increased to Rp29.1tn (+96% YoY), with operating margin improving to 24% from
19% last year, mainly driven by a higher margin from its coal mining. Nevertheless, we expect a steeper decline in
earnings contribution from its coal mining business next year, in line with the sharp decline in the thermal coal market
prices.
 Key points to highlight in 4Q22. 1) Revenues from construction machinery in 4Q22 were strong (+30% YoY) due to
higher sales volume (+46% YoY) despite a slight decline in ASP to USD 245k/unit (-3% YoY). Meanwhile, revenues from
parts and services also grew strongly (+27% YoY), in line with high coal prices. 2) Pama’s revenues grew strongly (+58%
YoY), driven by strong growth in coal overburden (+19.0% YoY) due to higher SR at 8.1x and higher blended fees. 3)
Revenues from coal mining (+95% YoY) were driven by higher ASP and higher sales volume (+73% YoY). Revenue from
gold mining was flattish (+3% YoY) due to higher ASP despite lower sales volume (-3% YoY) attributed to lower gold
production.

 Final dividend of Rp6,185/share, yielding 25%. The management indicated the plan to propose a final dividend of
Rp6,185/share, yielding 25%, at the annual general shareholders meeting in Apr-2023. Thus, the total dividend, including
Rp818/share interim dividend, will increase to Rp7,003/share in 2022 from Rp1,240/share in 2021. UNTR’s cash balance of
Rp38.0tn as of Dec-2022 can be used to pay the extra dividend.

 Maintain Neutral, with Rp30,500 TP. Our Neutral call on UNTR is due to our Neutral view on the coal sector. However,
backed by its huge net cash position, we believe UNTR has plenty of room to grow, with possibly bigger investments in
nickel and copper processing businesses. Additionally, UNTR plans to expand its green energy portfolio, such as with
solar and hydropower.

RESULTS SUMMARY
FYE Dec (Rpbn) 4Q22 4Q21 yoy 3Q22 qoq 2022 2021 yoy FY22F YTD % of cons
Revenues
Construction machinery 9,077 6,989 30% 9,995 -9% 36,498 22,789 60% 34,378 106%
Mining contracting 14,133 8,965 58% 13,274 6% 47,364 33,200 43% 41,421 114%
Mining 6,742 3,449 95% 5,680 19% 31,108 13,707 127% 30,404 102%
Contractors 220 399 -45% 253 -13% 949 1,458 -35% 1,458 65%
Gold 1,896 1,837 3% 1,869 1% 7,654 8,307 -8% 7,694 99%
Total revenue 32,068 21,639 48% 31,071 3% 123,573 79,461 56% 115,355 107% 102%

Cost of Revenue 22,590 15,496 46% 22,323 1% 88,849 59,796 49% 82,056 108% 102%

Gross Profit 9,478 6,143 54% 8,748 8% 34,724 19,665 77% 33,299 104% 102%

Operating expense 1862 1583 18% 1474 26% 5,626 4,789 17% 6,691 84% 88%
Operating Income 7,616 4,561 67% 7,274 5% 29,098 14,876 96% 26,608 109% 105%
Pretax income 7,186 3,895 85% 7,619 -6% 29,446 14,462 104% 27,332 108% 100%
Net Profit 5,139 2,462 109% 5,510 -7% 21,005 10,280 104% 20,499 102% 100%

Gross margin 30% 28% 28% 28% 25% 29%

Operating margin 24% 21% 23% 24% 19% 23%
Net margin 16% 11% 18% 17% 13% 18%
Source: Company, Mandiri Sekuritas estimates

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UNTR OPERATIONAL DATA

UNTR monthly data 4Q22 4Q21 YoY % 3Q22 QoQ 12M22 12M21 YoY % FY22F YTD
Pama - coal production (mn tons) 32.5 28.2 15% 33.1 -2% 115.8 115.9 0% 114 102%
Pama - coal overburden (mn bcm) 262.4 221.6 18% 216.0 21% 953.6 851.6 12% 910 105%
SR 8.1 7.9 6.5 8.2 7.3 8.0

Komatsu sales (units)

Agro 146 97 50% 163 -11% 578 313 85%
Construction 258 171 51% 316 -18% 1,148 767 50%
Forestry 96 67 43% 189 -49% 610 378 61%
Mining 719 556 29% 993 -28% 3,418 1,631 110%
Total 1,219 894 36% 1,661 -27% 5,753 3,089 86% 5,700 101%

Coal sales volume 2.2 1.2 73% 2.0 10% 9.9 9.0 10% 8.5 117%

Gold (toz) 71,000 73,000 -3% 73,000 -3% 287,000 331,000 -13% 300,000 96%
Source: Company, Mandiri Sekuritas Estimates

Ariyanto Kurniawan (+6221 5296 9682) ariyanto.kurniawan@mandirisek.co.id

Wesley Louis Alianto (+6221 5296 9510) wesley.alianto@mandirisek.co.id

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Indices Performance Macro Economic, Fund Flows and Commodities

Indices Last Chg (%) YTD (%) Currencies Last Chg (%) YTD (%)
JCI 6,854.8 -0.0 +0.1 Rp/US$ 15,270 +0.3 +2.0
LQ45 948.1 +0.1 +1.2 US$/EUR 1.06 +0.6 +0.9
Dow Jones 32,889.1 +0.2 -0.8 YEN/US$ 136.19 -0.2 -3.7
S&P 500 3,982.2 +0.3 +3.7 SGD/US$ 1.347 -0.3 -0.5
Nasdaq 11,467.0 +0.6 +9.6
FTSE 100 7,935.1 +0.7 +6.5 Macro Indicators Last Chg YTD (bps)
DAX 15,381.4 +1.1 +10.5 5Yr INDOGB 6.57 +8 +37
Nikkei 27,424.0 -0.1 +5.1 10Yr INDOGB 6.86 +6.1 -7.6
Hang Seng 19,943.5 -0.3 +0.8 CDS 5YR INDO 94.5 -3.6 -5.1
STI 3,263.2 -0.6 +0.4 US Dollar Index Spot 104.7 -0.5 +1.2
iShares Indo 23.1 +0.7 +2.9
Indo Foreign Flow (US$mn) Last Chg YTD Chg
JCI Indices Sectors Last Chg (%) YTD (%) Equity Flow +222.9 +243
Financials 1,407.2 +0.2 -0.5 Bonds Flow -22.3 +2,859
Basic Materials 1,240.7 +0.2 +2.0
Consumer Non-Cycl 746.7 -0.7 +4.2 Commodities Last Chg (%) YTD (%)
Energy 2,071.0 -0.1 -9.1 Crude Oil, Brent (US$/bl) 82.45 -0.9 -4.0
Infrastructures 852.7 -1.4 -1.8 Copper spot (US$/mt) 8,783 +1.1 +5.0
Technology 5,397.0 -1.0 +4.6 Nickel spot (US$/mt) 25,303 +4.0 -15.3
Consumer Cycl 848.0 -0.1 -0.3 Gold (US$/oz) 1,817 +0.3 -0.4
Properties 695.6 +1.0 -2.2 Tin spot (US$/mt) 25,294 -0.7 +2.2
Healthcare 1,558.9 -2.2 -0.4 CPO futures (MYR/ton) 4,225 +0.6 +1.2
Industrials 1,158.7 +0.2 -1.3 Coal (US$/ton) 196.5 -6.1 -51.4
Transport & Logistic 1,882.7 -1.4 +13.3 Rubber forward (US¢/kg) 162.3 +0.2 +6.8
Soybean oil (US$/100 gallons) 60.04 -1.8 -5.9
Baltic Dry Index 883.0 +8.0 -41.7

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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) 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023
MANSEK
6,855 7,300 6.5 5,134,299 342,427 351,514 14.9 14.6 2.2 2.0 10.9 11.4 31.1% 2.5% 3.6% 3.7%
universe
Banking 2,178,698 118,826 138,882 18.3 15.7 2.8 2.6 N.A. N.A. 43.5% 16.9% 2.8% 3.4%
BBCA Buy 8,775 9,600 9.4 1,081,739 39,469 46,032 27.4 23.5 5.0 4.5 N.A. N.A. 25.6% 16.6% 1.8% 2.2%
BBNI Buy 8,950 12,000 34.1 166,905 18,007 22,085 9.3 7.6 1.3 1.1 N.A. N.A. 65.0% 22.6% 1.6% 2.7%
BBRI Buy 4,810 5,600 16.4 728,922 48,169 55,296 15.1 13.2 2.4 2.3 N.A. N.A. 55.1% 14.8% 5.0% 5.7%
BBTN Buy 1,335 1,800 34.8 18,736 2,941 3,301 4.8 5.7 0.6 0.6 N.A. N.A. 23.8% -15.3% 0.0% 0.0%
BNLI Neutral 1,035 1,100 6.3 37,448 2,525 2,409 14.8 15.5 1.0 0.9 N.A. N.A. 105.1% -4.6% 2.0% 1.9%
BTPS Buy 2,380 3,600 51.3 18,335 1,785 2,307 10.3 7.9 2.2 1.8 N.A. N.A. 21.8% 29.3% 3.4% 4.4%
BRIS Buy 1,520 1,550 2.0 70,116 4,206 5,196 16.7 13.5 2.1 1.9 N.A. N.A. 23.8% 23.5% 1.8% 2.2%
ARTO Buy 2,470 3,600 45.7 34,225 55 205 618.4 166.6 4.1 4.0 N.A. N.A. -35.7% 271.1% 0.0% 0.0%
BFIN Buy 1,325 1,600 20.8 19,828 1,544 1,904 12.8 10.4 2.4 2.1 N.A. N.A. 36.5% 23.3% 2.9% 3.9%
AMOR Buy 1,100 1,900 72.7 2,444 112 137 21.8 17.9 7.7 7.5 16.5 13.3 12.4% 22.1% 4.4% 5.3%
Construction & materials 163,647 6,747 9,253 24.3 17.7 1.3 1.2 11.9 9.7 -6.3% 37.6% 2.7% 2.5%
AVIA Buy 615 890 44.7 38,101 1,377 1,630 27.7 23.4 3.9 3.6 23.0 18.6 -51.6% 18.3% 2.6% 2.5%
INTP Buy 11,025 11,680 5.9 37,855 1,237 2,191 31.1 17.3 2.0 1.9 12.0 8.4 -27.1% 80.2% 4.6% 3.9%
SMGR Buy 7,375 10,640 44.3 43,745 2,399 3,139 18.2 13.9 1.2 1.1 7.8 6.6 18.7% 30.9% 3.2% 2.2%
ADHI Neutral 450 890 97.8 1,602 234 462 6.9 3.5 0.3 0.3 6.6 5.6 151.3% 97.6% 1.2% 2.9%
PTPP Neutral 645 1,050 62.8 3,999 348 693 11.5 5.8 0.4 0.3 7.4 6.3 26.9% 99.4% 2.1% 2.6%
WIKA Neutral 625 1,100 76.0 5,600 470 662 11.9 8.5 0.4 0.4 9.8 7.8 66.5% 40.8% 1.7% 2.4%
WSKT Neutral 348 1,030 196.0 4,657 -1,909 -1,818 -2.4 -2.6 1.1 1.8 39.2 32.8 -51.4% 4.8% 0.0% 0.0%
WTON Neutral 179 270 50.8 1,560 190 308 8.2 5.1 0.4 0.4 4.6 3.7 99.8% 62.0% 1.8% 3.7%
WSBP Neutral 95 140 47.4 2,504 -484 -414 -5.2 -6.1 6.0 10.1 28.9 21.3 5.1% 14.5% -10.2% -9.7%
JSMR Buy 3,310 5,100 54.1 24,024 2,885 2,398 8.3 10.0 1.0 1.0 9.4 7.7 78.6% -16.9% 1.3% 2.4%
Consumer staples 761,670 45,784 52,437 16.6 14.5 3.3 3.0 10.9 9.6 12.2% 14.5% 3.8% 4.1%
CMRY Neutral 4,420 5,180 17.2 35,071 1,061 1,277 33.1 27.5 6.7 5.6 24.5 19.7 34.2% 20.4% 1.4% 0.9%
ICBP Buy 10,050 12,000 19.4 117,202 6,641 7,611 17.6 15.4 3.1 2.7 12.5 10.7 4.0% 14.6% 2.1% 2.2%
INDF Buy 6,600 10,850 64.4 57,948 8,483 9,059 6.8 6.4 1.1 1.0 5.7 5.4 11.0% 6.8% 5.0% 5.5%
MYOR Buy 2,660 2,900 9.0 59,474 1,804 2,749 33.0 21.6 4.8 4.0 19.7 12.6 52.0% 52.4% 0.8% 0.8%
UNVR Neutral 4,300 4,400 2.3 164,045 5,365 6,006 30.6 27.3 41.0 34.1 20.9 19.0 -6.8% 11.9% 3.6% 3.3%
GGRM Buy 25,300 37,800 49.4 48,679 6,591 7,615 7.4 6.4 0.8 0.8 5.2 4.8 23.7% 15.5% 10.3% 10.3%
HMSP Buy 1,140 1,750 53.5 132,603 9,964 11,583 13.3 11.4 4.2 4.0 9.2 7.8 21.7% 16.2% 6.3% 7.6%
KLBF Buy 2,170 2,050 (5.5) 101,719 3,474 3,823 29.3 26.6 4.8 4.4 19.6 17.3 9.1% 10.1% 1.6% 1.8%
SIDO Buy 855 990 15.8 25,650 1,105 1,259 23.2 20.4 7.3 6.8 16.8 14.6 -12.4% 14.0% 4.2% 3.9%
MLBI Buy 9,150 13,250 44.8 19,279 1,299 1,455 14.8 13.2 12.5 11.4 9.8 8.7 22.1% 12.0% 5.5% 6.7%
Healthcare 81,218 1,938 2,428 41.9 33.4 5.2 4.7 17.9 14.5 -33.3% 25.3% 1.0% 0.8%
MIKA Neutral 2,940 3,450 17.3 41,884 959 1,051 43.7 39.9 7.8 7.0 28.3 25.1 -22.0% 9.6% 1.2% 0.9%
SILO Buy 1,330 1,950 46.6 17,298 636 746 27.2 23.2 2.5 2.3 8.1 6.8 -88.2% 17.4% 1.4% 0.9%
HEAL Buy 1,475 1,900 28.8 22,035 343 631 64.2 34.9 6.4 5.5 22.5 15.1 -65.9% 83.9% 0.4% 0.3%
Consumer discretionary 334,368 37,466 37,550 8.9 8.9 1.4 1.3 5.6 5.8 39.0% 0.2% 3.6% 4.8%
ACES Neutral 510 1,150 125.5 8,747 759 916 11.5 9.6 1.5 1.4 5.9 4.6 7.7% 20.7% 4.0% 4.3%
LPPF Buy 4,970 7,500 50.9 13,052 1,230 1,483 10.6 8.8 26.3 16.9 6.9 5.5 34.7% 20.6% 9.2% 9.2%
MAPA Buy 4,830 4,200 (13.0) 13,767 886 989 15.5 13.9 3.3 2.7 8.6 7.5 244.1% 11.7% 0.0% 0.0%
MAPI Buy 1,590 1,470 (7.5) 26,394 1,638 1,685 16.1 15.7 3.5 2.9 8.1 6.7 273.3% 2.8% 0.0% 0.0%
RALS Neutral 675 650 (3.7) 4,790 270 368 17.7 13.0 1.3 1.2 7.3 5.0 58.4% 36.3% 3.9% 3.2%
ERAA Buy 530 550 3.8 8,454 1,026 1,204 8.2 7.0 1.2 1.1 6.3 5.1 1.4% 17.3% 3.6% 3.6%
ASII Buy 5,800 9,500 63.8 234,805 27,553 26,376 8.5 8.9 1.2 1.1 5.4 6.1 36.4% -4.3% 3.9% 5.3%
SCMA Neutral 220 430 95.5 13,916 1,387 1,550 10.0 9.0 3.1 2.7 7.5 6.6 22.7% 11.8% 3.5% 4.5%
MNCN Buy 665 1,300 95.5 8,797 2,516 2,743 3.5 3.2 0.5 0.4 2.3 1.9 25.5% 9.0% 5.7% 9.4%
PZZA Buy 545 750 37.6 1,647 202 235 8.2 7.0 1.1 1.0 3.9 3.5 55.5% 16.3% 3.9% 6.1%
Commodities 524,574 100,399 70,749 5.2 7.4 1.6 1.5 2.5 3.5 123.6% -29.5% 8.9% 6.4%
UNTR Neutral 25,175 30,500 21.2 93,906 20,499 15,128 4.6 6.2 1.2 1.1 1.7 1.8 99.4% -26.2% 8.7% 6.4%
ADRO* Neutral 2,950 3,400 15.3 94,359 2,142 1,271 3.0 5.0 1.1 1.1 1.1 1.9 129.4% -40.6% 18.2% 12.0%
INDY* Neutral 2,250 2,700 20.0 11,723 463 265 1.7 3.0 0.6 0.5 0.9 1.1 702.8% -42.7% 14.6% 8.4%
ITMG* Neutral 36,050 33,500 (7.1) 39,531 946 583 2.8 4.6 1.7 1.6 1.3 1.9 98.9% -38.4% 23.0% 16.3%
PTBA Neutral 3,730 3,500 (6.2) 42,979 13,778 10,266 3.1 4.2 1.4 1.3 2.1 2.7 74.2% -25.5% 16.0% 11.9%

Please see important disclosure at the back of this report Page 8 of 10

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 Equity Research | 28 February 2023

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) 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023
HRUM* Buy 1,590 2,500 57.2 20,405 281 300 4.9 4.6 2.0 1.6 3.8 3.8 277.6% 6.8% 11.2% 11.9%
ANTM Buy 2,010 3,200 59.2 48,302 3,782 3,815 12.8 12.7 1.8 1.7 7.8 7.1 103.1% 0.9% 2.7% 2.8%
INCO* Buy 6,650 9,000 35.3 66,077 302 320 14.8 14.0 1.8 1.6 6.8 6.0 82.1% 6.1% 0.0% 0.0%
MDKA* Buy 4,450 5,250 18.0 107,293 89 74 82.1 98.7 6.7 6.3 34.8 24.6 122.5% -16.8% 0.0% 0.0%
Property & Industrial Estate 85,812 4,969 6,915 17.3 12.4 0.8 0.8 8.0 7.0 29.8% 39.2% 1.8% 1.9%
BSDE Buy 950 1,230 29.5 20,113 1,160 1,766 17.3 11.4 0.6 0.6 8.9 7.1 -14.0% 52.3% 0.0% 0.0%
CTRA Buy 990 1,390 40.4 18,375 1,876 1,896 9.8 9.7 1.0 0.9 6.8 6.9 8.1% 1.0% 1.0% 1.6%
SMRA Buy 600 1,150 91.7 9,905 476 686 20.8 14.4 1.1 1.0 7.3 5.7 47.2% 44.1% 0.0% 0.0%
PWON Buy 462 600 29.9 22,250 1,527 1,771 14.6 12.6 1.3 1.2 8.3 7.5 9.4% 16.0% 1.3% 1.3%
LPKR Sell 81 65 (20.0) 5,741 -1,161 -470 -4.9 -12.2 0.3 0.3 9.5 7.9 27.6% 59.5% 0.0% 0.0%
DMAS Buy 166 190 14.5 8,001 955 1,005 8.4 8.0 1.5 1.5 7.4 7.0 33.6% 5.3% 12.7% 12.7%
BEST Neutral 148 160 8.1 1,428 136 261 10.5 5.5 0.3 0.3 7.4 5.1 N/M 91.3% 1.1% 3.8%
Telecom 631,177 36,439 37,516 17.1 16.8 2.6 2.5 6.4 5.9 -5.7% 1.6% 3.1% 3.2%
EXCL Buy 2,170 3,100 42.9 28,366 1,429 1,791 19.9 15.8 1.3 1.2 4.3 4.1 -10.0% 25.4% 0.9% 1.1%
TLKM Buy 3,960 5,000 26.3 392,286 25,951 27,616 15.1 14.2 3.0 2.7 5.6 5.3 4.8% 6.4% 4.0% 4.2%
ISAT Buy 6,700 8,000 19.4 54,020 2,472 1,146 18.3 47.1 2.0 1.9 5.7 5.2 -70.5% -61.2% 1.4% 0.6%
MTEL Buy 695 950 36.7 58,043 1,525 1,605 38.1 36.2 1.7 1.7 11.0 10.6 10.5% 5.2% 1.8% 1.9%
TBIG Buy 2,100 3,500 66.7 45,425 1,627 1,713 27.9 26.5 4.4 4.0 12.8 12.0 5.0% 5.3% 1.3% 1.3%
TOWR Buy 1,065 1,500 40.8 53,036 3,436 3,644 15.4 14.6 3.7 3.2 10.0 9.4 0.3% 6.1% 2.2% 2.3%
Transportation 4,391 346 505 12.7 8.7 0.8 0.8 5.7 4.9 4379.5% 46.2% 3.3% 4.8%
BIRD Buy 1,755 2,300 31.1 4,391 346 505 12.7 8.7 0.8 0.8 5.7 4.9 4379.5% 46.2% 3.3% 4.8%
Poultry 108,648 6,734 8,193 16.1 13.3 2.5 2.2 9.4 8.0 18.1% 21.7% 2.2% 2.7%
CPIN Buy 5,625 7,850 39.6 92,239 4,651 5,427 19.8 17.0 3.3 3.0 13.0 11.2 28.5% 16.7% 2.0% 2.5%
JPFA Buy 1,310 2,300 75.6 15,362 2,041 2,677 7.5 5.7 1.1 1.0 4.5 3.7 0.9% 31.1% 3.9% 4.0%
MAIN Neutral 468 670 43.2 1,048 42 90 25.1 11.7 0.4 0.4 6.8 5.8 -30.9% 115.5% 0.8% 1.7%
Oil and Gas 64,547 8,680 7,532 7.4 8.6 1.3 1.2 4.5 5.0 59.5% -13.2% 8.4% 7.3%
AKRA Buy 1,385 2,000 44.4 27,336 1,981 1,874 13.8 14.6 2.7 2.5 10.4 10.1 78.2% -5.4% 4.0% 3.8%
PGAS* Buy 1,535 2,500 62.9 37,211 454 383 5.6 6.6 0.9 0.9 3.6 4.1 49.3% -15.5% 11.7% 9.9%
Internet 164,485 -27,048 -22,770 -5.5 -7.2 0.9 1.2 -3.5 -5.9 17.3% -15.8% 0.0% 0.0%
BUKA Buy 262 675 157.6 27,002 -1,092 -702 -24.7 -38.5 1.2 1.2 -4.9 -7.8 34.7% 35.7% 0.0% 0.0%
GOTO Buy 118 230 94.9 137,483 -25,957 -22,068 -4.7 -6.2 0.9 1.1 -3.4 -5.8 -16.6% 24.9% 0.0% 0.0%
Conglomerates 31,063 1,147 2,323 27.1 13.4 0.5 0.5 24.5 13.2 -95.4% 102.6% 1.0% 1.7%
SRTG Buy 2,290 3,700 61.6 31,063 1,147 2,323 27.1 13.4 0.5 0.5 24.5 13.2 -95.4% 102.6% 1.0% 1.7%
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

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 Mandiri Sekuritas A subsidiary of PT Bank Mandiri (Persero) Tbk
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RESEARCH
Adrian Joezer Head of Equity Research, adrian.joezer@mandirisek.co.id +6221 5296 9415
Strategy, Consumer, Internet
Ariyanto Kurniawan Automotive, Coal, Metal Mining ariyanto.kurniawan@mandirisek.co.id +6221 5296 9682
Kresna Hutabarat Banking kresna.hutabarat@mandirisek.co.id +6221 5296 9542
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Inggrid Gondoprastowo, CFA Healthcare, Consumer, Retail inggridgondoprastowo@mandirisek.co.id +6221 5296 9450
Henry Tedja, CFA Media, Oil & Gas, Telecom henry.tedja@mandirisek.co.id +6221 5296 9434
Farah Rahmi Oktaviani Construction, Poultry, Transportation farah.oktaviani@mandirisek.co.id +6221 5296 9623
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INSTITUTIONAL SALES
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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).

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