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PRICE (RP) MKT. CAP (%) Recom* Target Chg NET EARNINGS EPS PER EV/EBITDA PBV Listed
25-May-07 (Rpbn) to JCI Price (%) 2006E 2007F 2006E 2007F 2006E 2007F 2006E 2007F 2006E 2007F Shares (m)

AUTOMOTIVE 1,774.1 0.1 231.8 181.0 73.2 57.1 7.7 9.8 7.2 5.1 0.8 0.7 3,168.0
PT Trimegah Securities Tbk

Gajah Tunggal Tbk 560 1,774.1 0.1 Buy 631.9 12.8 231.8 181.0 73.2 57.1 7.7 9.8 7.2 5.1 0.8 0.7 3,168.0
BANKING 253,825.6 17.7 12,143.5 16,541.0 186.5 254.0 20.9 15.3 N/A N/A 3.4 3.0 65,121.4
Bank Central Asia Tbk 5,350 66,127.6 4.6 Hold 5,775.8 8.0 4,200.3 4,818.9 339.8 389.9 15.7 13.7 - - 3.6 3.1 12,360.3
Bank Rakyat Indonesia Tbk 6,000 74,231.3 5.2 Hold 5,893.8 (1.8) 4,336.7 4,930.8 350.5 398.5 17.1 15.1 - - 4.7 4.0 12,371.9
Bank Danamon Tbk 7,050 36,480.3 2.5 Hold 7,039.5 (0.1) 1,506.5 2,574.0 291.1 497.4 24.2 14.2 - - 3.7 3.1 5,174.5
Bank Mandiri (Persero) Tbk 3,100 65,413.2 4.6 Hold 3,238.7 4.5 1,334.4 3,204.7 63.2 151.9 49.0 20.4 - - 2.6 2.4 21,101.0
Bank Niaga Tbk 820 11,573.2 0.8 Buy 1,084.6 32.3 765.6 1,012.7 54.2 71.7 15.1 11.4 - - 2.1 1.8 14,113.7

TRIMEGAH STOCK UNIVERSE

CEMENT 52,051.7 3.6 2,346.3 2,441.1 196.6 204.5 22.2 21.3 12.7 10.5 3.8 3.3 11,937.3
Indocement Tunggal Prakasa Tbk 5,650 20,799.0 1.5 Buy 6,340.0 12.2 853.0 938.7 231.7 255.0 24.4 22.2 12.2 10.0 3.3 3.0 3,681.2
Holcim Indonesia Tbk 750 5,747.2 0.4 Hold 790.0 5.3 197.8 26.6 25.8 3.5 29.1 216.4 20.5 17.5 2.8 2.8 7,662.9
Semen Gresik (Persero) Tbk 43,000 25,505.5 1.8 Buy 51,468.5 19.7 1,295.5 1,475.8 2,184.1 2,488.0 19.7 17.3 11.3 9.3 4.7 3.9 593.2
CONSUMER 15,731.8 1.1 748.9 871.7 80.6 93.8 21.0 18.0 7.2 5.9 3.0 2.7 9,295.2
Indofood Sukses Makmur Tbk 1,690 14,413.3 1.0 Hold 1,749.5 3.5 656.2 760.0 76.9 89.1 22.0 19.0 7.5 6.2 3.4 3.0 8,528.6
Mayora Indah Tbk 1,720 1,318.5 0.1 Hold 1,769.9 2.9 92.7 111.6 121.0 145.6 14.2 11.8 5.2 3.4 1.3 1.2 766.6
HEAVY EQUIPMENT 21,128.4 1.5 1,073.4 1,112.9 290.8 301.5 19.7 19.0 9.4 8.0 4.2 3.6 3,691.6
Hexindo Adiperkasa Tbk 1,050 882.0 0.1 Hold 1,000.0 (4.8) 68.9 89.0 82.0 106.0 12.8 9.9 5.9 5.2 2.3 2.0 840.0
United Tractors Tbk 7,100 20,246.4 1.4 Hold 7,660.0 7.9 1,004.5 1,023.9 352.3 359.0 20.2 19.8 9.6 8.2 4.3 3.8 2,851.6
MINING 132,901.2 9.3 8,414.0 21,617.2 335.1 860.8 15.8 6.1 8.6 6.9 5.0 3.9 25,112.8
Aneka Tambang (Persero) Tbk 14,800 28,233.8 2.0 Sell 11,200.0 (24.3) 1,558.7 4,939.1 817.1 2,589.0 18.1 5.7 10.4 6.8 7.2 5.4 1,907.7
Bumi Resources Tbk 1,560 30,270.2 2.1 Hold 1,550.0 (0.6) 1,403.9 4,812.4 72.4 248.0 21.6 6.3 11.6 9.1 9.8 6.5 19,404.0
International Nickel Ind .Tbk 57,850 57,481.7 4.0 Sell 51,000.0 (11.8) 4,671.6 10,514.0 4,701.5 10,581.4 12.3 5.5 6.8 6.0 3.9 3.1 993.6
Tambang Batubara Bukit AsamTbk 4,600 10,599.0 0.7 Sell 4,100.0 (10.9) 571.7 672.6 248.1 291.9 18.5 15.8 11.2 8.9 4.5 4.0 2,304.1
Timah Tbk 12,550 6,316.4 0.4 Buy 15,400.0 22.7 208.1 679.1 413.6 1,349.3 30.3 9.3 6.0 4.6 2.7 2.4 503.3
OIL & GAS 46,306.8 3.2 1,960.7 1,853.8 431.9 408.3 23.6 25.0 16.5 8.6 9.1 7.0 4,539.9
Perusahaan Gas Negara Tbk 10,200 46,306.8 3.2 Hold 10,200.0 - 1,960.7 1,853.8 431.9 408.3 23.6 25.0 16.5 8.6 9.1 7.0 4,539.9
PHARMACEUTICAL 16,316.9 1.1 - 1,048.7 1,180.5 71.6 80.5 15.6 13.8 8.1 6.8 3.2 2.7 14,656.0
Kalbe Farma Tbk 1,230 12,491.9 0.9 Buy 1,442.3 17.3 744.4 833.5 73.3 82.1 16.8 15.0 8.8 7.4 4.0 3.2 10,156.0
Tempo Scan Pacific Tbk 850 3,825.0 0.3 Buy 1,038.7 22.2 304.3 347.1 67.6 77.1 12.6 11.0 6.2 5.2 2.0 1.8 4,500.0
PLANTATION 22,755.1 1.6 - 882.5 1,490.0 560.4 946.2 25.8 15.3 13.7 8.2 7.6 6.1 1,574.7
Astra Agro Lestari Tbk 14,450 22,755.1 1.6 Hold 14,900.0 3.1 882.5 1,490.0 560.4 946.2 25.8 15.3 13.7 8.2 7.6 6.1 1,574.7
PROPERTY 10,315.8 0.7 - 543.5 367.4 58.5 39.6 19.0 28.1 10.6 13.7 3.7 3.4 9,284.3
Adhi Karya (Persero) Tbk 950 1,711.3 0.1 Hold 980.0 3.2 90.4 145.4 50.2 80.7 18.9 11.8 8.6 6.4 3.9 3.1 1,801.3
Ciputra Surya Tbk 1,260 2,493.4 0.2 Sell 1,060.0 (15.9) 216.5 77.2 109.4 39.0 11.5 32.3 7.0 18.8 2.2 2.1 1,978.9
Summarecon Agung Tbk 1,510 4,158.7 0.3 Sell 1,250.0 (17.2) 135.1 55.0 49.0 20.0 30.8 75.5 15.9 26.8 4.4 4.2 2,754.1

TRIM Harian - 28 Mei 2007

Total Bangun Persada Tbk 710 1,952.5 0.1 Buy 975.0 37.3 101.5 89.7 36.9 32.6 19.2 21.8 12.0 13.9 7.1 6.2 2,750.0
RETAIL 10,594.9 0.7 - 552.7 636.2 40.3 46.4 19.2 16.7 7.5 6.2 2.0 1.9 13,721.9
Mitra Adiperkasa Tbk 800 1,328.0 0.1 Buy 1,050.5 31.3 82.6 161.5 49.8 97.3 16.1 8.2 5.2 3.9 1.1 1.0 1,660.0
Matahari Putra Prima Tbk 750 3,533.9 0.2 Buy 972.8 29.7 191.5 153.2 40.6 32.5 18.5 23.1 6.1 5.3 1.6 1.5 4,711.9
Ramayana Lestari Sentosa Tbk 780 5,733.0 0.4 Buy 951.6 22.0 278.6 321.4 37.9 43.7 20.6 17.8 11.5 9.6 3.0 2.7 7,350.0
TELCO 231,590.6 16.1 - 13,189.3 15,502.7 515.3 605.7 17.6 14.9 6.5 5.2 5.0 4.2 25,596.4
Indosat Tbk 7,000 38,054.6 2.7 Hold 7,118.6 1.7 1,467.0 2,072.6 269.9 381.2 25.9 18.4 6.7 5.4 2.5 2.3 5,436.4
Telekomunikasi Indonesia Tbk 9,600 193,536.0 13.5 Buy 11,587.9 20.7 11,722.2 13,430.1 581.5 666.2 16.5 14.4 6.5 5.2 6.3 5.1 20,160.0

TRIM UNIVERSE 815,293.0 56.8 43,135.3 63,795.3 229.8 339.9 18.9 12.8 11.7 9.2 4.2 3.6 187,699.5

TRIM UNIVERSE (Excl. Banking Sector) 561,467.4 39.2 30,991.9 47,254.4 252.8 385.5 18.1 11.9 8.2 6.4 4.7 3.9 122,578.0
Source: Trimegah Research