INVESTOR DIGEST

Equity Research | 29 April 2024

Economic Data HIGHLIGHT

Latest 2024F
• Fiscal Watch: Fiscal Surplus Shrinks in March as Spending Accelerates
7-DRRR (%), eop 6.00 5.25 • Cement: Forecast Downgrades, 1Q24 Preview
Inflation (YoY %) 3.05 3.20 • AKR Corporindo: 1Q24 Earnings Call Key Takeaways (AKRA; Rp1,600; Buy; TP:
US$ 1 = Rp, period avg 16,210 14,921 Rp1,700)
• Astra Otoparts 1Q24 Results: In Line; Resilient Trading Segments (AUTO; Rp2,040;
Buy; TP: Rp2,900)
Stock Market Data
(26 April 2024) • Bank BTPN Syariah 1Q24 Results: Attendance Rate Picked Up in 1Q24 (BTPS; Rp1,020;
Buy; TP: Rp2,100)
JCI Index 7,036.1 -1.67% • Cimory 1Q24 Result Review: Exceptional Profit Growth (CMRY; Rp4,990; Buy; TP:
Trading T/O ( Rp bn ) 13,280.5
Rp5,800)
Market Cap ( Rp tn ) 11,753.6
• Medikaloka Hermina 1Q24 Result Review: EBITDA and Earnings Beat (HEAL; Rp1,090;
Buy; TP: Rp1,880)
• Mitra Keluarga: 1Q24 Earnings Call Takeaways (MIKA; Rp2,850; Neutral; TP: Rp3,000)
Market Data Summary* • Siloam: 1Q24 Result and Earnings Call Takeaways (SILO; Rp2,290; Buy; TP: Rp2,980)

2024F 2025F

ECONOMY
P/E (x) 13.7 13.0
P/BV (x) 2.0 1.8 Fiscal Watch: Fiscal Surplus Shrinks in March as Spending Accelerates
EV/EBITDA (x) 11.8 11.3
 Fiscal surplus shrinks… Fiscal surplus narrowed further to just IDR8tn (0.04% of
Div. Yield 3.8 4.2
GDP) in 3M24, down from IDR26tn (0.1%) in 2M24, following a higher monthly
Net Gearing 9.7 6.0
deficit of IDR18tn from IDR5tn in February. Compared to the fiscal data as of 15
ROE 14.7 14.5
March, announced on 25 March, the fiscal surplus contracted by IDR15tn from
EPS Growth 9.7 5.9
the cumulative IDR23tn as of mid-March (see Fiscal Watch: Smaller Fiscal Surplus
EBITDA Growth 2.4 3.0
Earnings Yield 7.3 7.7
in Mid-March - https://research.mandirisekuritas.co.id/r/Ww4T). This reflects a
more expansionary fiscal posture, as spending accelerates while revenue remains
* Aggregate of 78 companies in MS research universe, contracted. Excess financing reached IDR92tn in 3M24, a sharp decline from
representing 47.7% of JCI’s market capitalization IDR210tn in 2M24, indicating net debt reduction.

 Please refer to the full report for more details. (https://research.mandirisekuritas.co.id/r/hKnF)

Rangga Cipta (+6221 5296 9406) rangga.cipta@mandirisekuritas.co.id

Raden Rami Ramdana (+6221 5296 9651) raden.ramdana@mandirisekuritas.co.id

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 Equity Research | 29 April 2024

SECTOR

Cement: Forecast Downgrades, 1Q24 Preview

 We downgrade our forecasts for SMGR and INTP, while also providing a 1Q24 preview based on published 3M24 sales
volumes. We see INTP’s earnings seasonally in-line, with SMGR’s seasonally below. Our forecasts are based on more
conservative sales volume and profitability forecasts. We reduce our TPs but retain Buys owing to currently undemanding
valuations. We prefer INTP over SMGR, however weak demand has us staying on our toes in regards forward earnings
volatility.

 Please refer to the full report for more details. (https://research.mandirisekuritas.co.id/r/wNXc)

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

Danif Nouval Esfandiari (+6221 5296 9580) danif.esfandiari@mandirisekuritas.co.id

CORPORATE

AKR Corporindo: 1Q24 Earnings Call Key Takeaways (AKRA; Rp1,600; Buy; TP: Rp1,700)

 AKR booked ~1% YoY petroleum sales volume decline in 1Q24 despite having challenges as the company approached
the general market segment. Management expects the sales volume to pickup as AKR receives increasing orders from the
mining customers to ramp up the production. Lastly, AKR believes JIIPE can deliver the land sales target despite having a
transaction delay with Hebang. Stay OW.

 Please refer to the full report for more details. (https://research.mandirisekuritas.co.id/r/sISu)

Henry Tedja, CFA (+6221 5296 9434) henry.tedja@mandirisekuritas.co.id

Danif Nouval Esfandiari (+6221 5296 9580) danif.esfandiari@mandirisekuritas.co.id
Adrian Joezer (+6221 5296 9415) adrian.joezer@mandirisekuritas.co.id

Astra Otoparts 1Q24 Results: In Line; Resilient Trading Segments (AUTO; Rp2,040; Buy; TP: Rp2,900)

 AUTO booked a 1Q24 net profit of Rp475.0bn (-10.5% QoQ, +9.7% YoY), in line with the consensus estimate. Despite the
flat revenue growth and lower margin, we saw a higher-than-expected income from JV and associates that supports the
1Q24 earnings. We have a buy call on AUTO with a TP of Rp2,900/share.

 Please refer to the full report for more details. (https://research.mandirisekuritas.co.id/r/GWbZ)

Farah Rahmi Oktaviani (+6221 5296 9623) farah.oktaviani@mandirisekuritas.co.id

Vanessa Taslim (+6221 5296 9687) vanessa.taslim@mandirisekuritas.co.id
Ariyanto Kurniawan (+6221 5296 9682) ariyanto.kurniawan@mandirisekuritas.co.id

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 Equity Research | 29 April 2024

Bank BTPN Syariah 1Q24 Results: Attendance Rate Picked Up in 1Q24 (BTPS; Rp1,020; Buy; TP: Rp2,100)

 Elevated credit cost and weaker grassroot economy are still the main reasons of the net profit plunge in 1Q24. Though,
there are some initial recovery signs as reflected by the increase in both attendance and repayment rates. Management
will continue to focus on boosting attendance and repayment rates to ensure lower credit cost, rather than disbursing
loans. Maintain Buy.

 Please refer to the full report for more details. (https://research.mandirisekuritas.co.id/r/Lusw)

Boby Kristanto Chandra, CFA (+6221 5296 9544) boby.chandra@mandirisekuritas.co.id

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

Cimory 1Q24 Result Review: Exceptional Profit Growth (CMRY; Rp4,990; Buy; TP: Rp5,800)

 CMRY’s overall 1Q24 results were in line with Mansek’s and consensus FY24E. Notably, the robust sales growth of +18%
YoY in 1Q24, further propelled by a +4.8 ppt YoY gross margin expansion to 44.7%, has created +29% YoY/+30% YoY of
core/net profit growth in 1Q24. We will host CMRY’s earnings call on 29-Apr at 2 PM local time.

 Please refer to the full report for more details. (https://research.mandirisekuritas.co.id/r/intE)

Inggrid Gondoprastowo, CFA (+6221 5296 9450) inggridgondoprastowo@mandirisekuritas.co.id

Jennifer Audrey Harjono (+6221 5296 9617) jennifer.harjono@mandirisekuritas.co.id

Medikaloka Hermina 1Q24 Result Review: EBITDA and Earnings Beat (HEAL; Rp1,090; Buy; TP: Rp1,880)

 HEAL printed robust growths in 1Q24, with revenue at +26% YoY, reported EBITDA at +41% YoY, and net profit at +75%
YoY. This is the strongest 1Q24 result among our hospital coverage. While the 1Q24 revenue and EBITDA were inline, net
profit was above Mansek and Consensus FY24E.

 Please refer to the full report for more details. (https://research.mandirisekuritas.co.id/r/bkR0)

Inggrid Gondoprastowo, CFA (+6221 5296 9450) inggridgondoprastowo@mandirisekuritas.co.id

Jennifer Audrey Harjono (+6221 5296 9617) jennifer.harjono@mandirisekuritas.co.id

Mitra Keluarga: 1Q24 Earnings Call Takeaways (MIKA; Rp2,850; Neutral; TP: Rp3,000)

 The enhanced private segment in the payor mix boosted revenue intensity, along with price hikes in Jan-2024 and case
complexity improvements. The private segment growth of +25% YoY outpaced BPJS’ of +4% YoY in 1Q24. Apr-2024
observed strong traffic post Eid holiday. Nevertheless, management opted for an unchanged guidance at this point in
time.

 Please refer to the full report for more details. (https://research.mandirisekuritas.co.id/r/1Of5)

Inggrid Gondoprastowo, CFA (+6221 5296 9450) inggridgondoprastowo@mandirisekuritas.co.id

Jennifer Audrey Harjono (+6221 5296 9617) jennifer.harjono@mandirisekuritas.co.id

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 Equity Research | 29 April 2024

Siloam: 1Q24 Result and Earnings Call Takeaways (SILO; Rp2,290; Buy; TP: Rp2,980)

 SILO booked a one-off Rp308bn provision for carrying value of the remaining pre-2019 pipeline hospitals, causing a major
contraction in 1Q24 reported EBITDA to Rp398bn (-34% YoY), while PATMI to Rp14bn (-95% YoY), both missing Mansek
and street FY24E. However, the underlying reported EBITDA and PATMI were still intact, at Rp706bn (+17% YoY) and
Rp322bn (+29% YoY), respectively. Looking ahead, the company has several expansion pipelines, as well as facilities
enhancements. The improvements in clinical acuity should also boost revenue intensity.

 Please refer to the full report for more details. (https://research.mandirisekuritas.co.id/r/cxn6)

Inggrid Gondoprastowo, CFA (+6221 5296 9450) inggridgondoprastowo@mandirisekuritas.co.id

Jennifer Audrey Harjono (+6221 5296 9617) jennifer.harjono@mandirisekuritas.co.id

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Equity Research | 29 April 2024

Indices Performance Macro Economic, Fund Flows and Commodities

Indices Last Chg (%) YTD (%) Currencies Last Chg (%) YTD (%)
JCI 7,036.1 -1.7 -3.3 Rp/US$ 16,210 +0.1 -5.0
LQ45 898.8 -2.7 -7.4 US$/EUR 1.07 -0.3 +3.2
Dow Jones 38,239.7 +0.4 +1.5 YEN/US$ 158.33 +1.7 -10.9
S&P 500 5,100.0 +1.0 +6.9 SGD/US$ 1.363 +0.3 -3.1
Nasdaq 15,927.9 +2.0 +6.1 Rp/EUR 17,410 +0.3 -2.1
FTSE 100 8,139.8 +0.8 +5.3 Rp/CNY 2,237 +0.0 -3.0
DAX 18,161.0 +1.4 +8.4
Nikkei 37,934.8 +0.8 +13.4 Macro Indicators Last Chg YTD (bps)
Hang Seng 17,651.2 +2.1 +3.5 5Yr INDOGB 7.11 +3.1 +66.3
STI 3,280.1 -0.2 +1.2 10Yr INDOGB 7.18 +8.3 +70.1
iShares Indo 20.3 -2.6 -9.0 CDS 5YR INDO 78.5 -1.5 +6.5
US Dollar Index Spot 105.9 +0.3 +4.6

JCI Indices Sectors Last Chg (%) YTD (%) Indo Foreign Flow (US$mn) Last Chg YTD Chg
Financials 1,406.2 -1.6 -3.6 Equity Flow -133.3 +658.6
Basic Materials 1,299.0 -2.0 -0.6 Bonds Flow +58.4 -2,427.6
Consumer Non-Cycl 684.8 -1.7 -5.2
Energy 2,137.7 -1.4 +1.8 Commodities Last Chg (%) YTD (%)
Infrastructures 1,596.1 -0.4 +1.7 Crude Oil, Brent (US$/bl) 89.50 +0.6 +16.2
Technology 3,281.7 -1.2 -26.0 Copper spot (US$/mt) 9,853 +1.1 +16.4
Consumer Cycl 756.2 -2.8 -7.9 Nickel spot (US$/mt) 18,938 -0.3 +15.7
Properties 615.5 -0.7 -13.8 Gold (US$/oz) 2,338 +0.2 +13.3
Healthcare 1,319.1 -2.2 -4.1 Tin spot (US$/mt) 32,581 -1.6 +29.4
Industrials 1,043.5 -1.1 -4.6 CPO futures (MYR/ton) 3,896 +0.6 +4.7
Transport & Logistic 1,312.5 -0.7 -18.0 Coal (US$/ton) 129.8 +0.4 -11.4
Rubber forward (US¢/kg) 218.0 -1.5 +25.9
Soybean oil (US$/100 gallons) 44.93 +0.3 -6.1
Baltic Dry Index 1,721.0 -1.0 -17.8

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 Equity Research | 29 April 2024

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) 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025
MANSEK universe 7,036 7,640 8.6 5,581,817 415,109 439,836 13.4 12.7 1.9 1.8 11.5 11.1 9.7 5.9 3.9 4.2
Banking 2,374,449 168,741 187,753 14.1 12.6 2.5 2.3 N.A. N.A. 12.2 11.3 4.7 5.3
BBCA Buy 9,625 11,200 16.4 1,186,522 54,139 58,311 21.9 20.3 4.5 4.2 N.A. N.A. 10.4 7.7 2.8 3.2
BBNI Buy 5,150 6,600 28.2 192,081 23,569 26,628 8.1 7.2 1.2 1.1 N.A. N.A. 12.1 13.0 5.5 6.1
BBRI Buy 4,830 6,700 38.7 731,953 67,100 75,160 10.9 9.7 2.3 2.1 N.A. N.A. 12.4 12.0 7.8 8.7
BBTN Buy 1,290 1,800 39.5 18,104 3,877 4,302 4.7 4.2 0.5 0.5 N.A. N.A. 5.5 11.0 4.1 4.3
BNLI Neutral 930 1,000 7.5 33,649 2,868 3,425 11.7 9.8 0.8 0.8 N.A. N.A. 26.3 19.4 2.6 3.1
BTPS Buy 1,020 2,100 105.9 7,857 1,610 2,050 4.9 3.8 0.8 0.7 N.A. N.A. 46.4 27.4 7.2 9.1
BRIS Buy 2,470 2,300 (6.9) 113,939 6,518 7,525 17.5 15.1 2.7 2.3 N.A. N.A. 16.1 15.5 1.7 2.0
ARTO Neutral 2,040 3,100 52.0 28,267 166 364 170.6 77.6 3.3 3.2 N.A. N.A. 154.6 120.0 0.0 0.0
BNGA Buy 1,800 2,300 27.8 44,882 6,831 7,598 6.6 5.9 0.9 0.8 N.A. N.A. 10.6 11.2 9.1 10.2
BFIN Buy 1,000 1,500 50.0 15,039 1,948 2,329 7.7 6.5 1.5 1.3 N.A. N.A. 18.3 19.6 6.5 7.7
AMOR Buy 970 1,500 54.6 2,156 110 118 19.5 18.2 7.4 7.3 14.4 13.5 19.3 7.0 5.0 5.4
Construction & materials 135,822 10,613 12,515 12.5 10.9 0.9 0.8 9.0 8.2 25.0 15.1 3.5 3.7
AVIA Buy 510 670 31.4 31,596 1,659 1,729 19.0 18.3 3.1 3.1 14.3 13.5 7.0 4.2 4.6 4.9
INTP Buy 7,600 12,010 58.0 26,095 2,228 2,560 11.7 10.2 1.1 1.0 5.4 4.3 9.6 14.9 0.0 0.0
SMGR Buy 4,580 8,530 86.2 30,922 3,142 3,493 9.8 8.9 0.7 0.7 4.7 4.3 17.9 11.2 6.0 7.1
ADHI Neutral 254 530 108.7 2,713 171 289 15.8 9.4 0.3 0.3 7.1 5.9 84.1 68.6 0.0 0.0
PTPP Buy 412 700 69.9 2,554 378 525 6.8 4.9 0.2 0.2 7.8 7.5 35.9 39.1 3.3 19.2
WIKA Neutral 204 580 184.3 1,828 137 214 13.4 8.5 0.1 0.1 13.4 12.6 N/M 56.6 1.5 2.3
WSKT Neutral 202 220 8.9 2,703 -443 41 -13.1 142.6 0.3 0.3 33.8 23.3 38.4 N/M 0.0 0.0
WTON Neutral 87 170 95.4 758 228 261 3.3 2.9 0.2 0.2 1.9 1.8 7.7 14.4 8.4 9.0
JSMR Buy 5,050 5,800 14.9 36,652 3,114 3,403 11.8 10.8 1.2 1.1 9.2 8.4 39.0 9.3 3.5 1.7
Consumer staples 590,131 51,412 55,459 11.5 10.6 2.2 2.0 8.2 7.3 21.3 7.9 4.6 5.5
CMRY Buy 4,990 5,800 16.2 39,594 1,540 1,852 25.7 21.4 5.8 5.1 18.8 15.3 24.1 20.2 1.7 2.1
ICBP Buy 10,600 13,700 29.2 123,616 10,045 10,131 12.3 12.2 2.6 2.3 9.5 8.4 43.7 0.9 2.7 3.9
INDF Buy 6,050 7,500 24.0 53,119 11,124 11,474 4.8 4.6 0.8 0.7 5.3 4.7 36.5 3.1 5.4 7.4
MYOR Buy 2,420 3,550 46.7 54,108 3,373 3,790 16.0 14.3 3.2 2.8 10.1 8.9 5.6 12.4 2.4 2.5
UNVR Buy 2,590 2,850 10.0 98,809 5,143 5,864 19.2 16.8 26.9 22.8 13.3 11.8 7.1 14.0 4.9 5.2
GGRM Buy 19,100 32,650 70.9 36,750 6,539 7,401 5.6 5.0 0.6 0.5 3.4 3.4 11.1 13.2 8.4 11.8
HMSP Buy 835 1,070 28.1 97,126 9,244 10,132 10.5 9.6 3.1 3.0 7.8 7.1 9.9 9.6 8.7 9.5
KLBF Neutral 1,405 1,550 10.3 65,860 3,216 3,483 20.5 18.9 2.8 2.6 13.1 11.9 16.2 8.3 2.2 2.6
SIDO Buy 705 830 17.7 21,150 1,188 1,331 17.8 15.9 5.8 5.5 12.4 11.4 25.0 12.0 4.3 5.4
Healthcare 86,701 2,950 3,351 29.4 25.9 4.5 4.0 13.5 12.0 17.6 13.6 1.2 1.4
MIKA Neutral 2,850 3,000 5.3 40,602 1,097 1,214 37.0 33.4 6.3 5.7 23.4 20.9 14.3 10.7 1.2 1.4
SILO Buy 2,290 2,980 30.1 29,784 1,184 1,334 25.1 22.3 3.5 3.1 10.3 9.4 12.8 12.6 1.3 1.5
HEAL Buy 1,090 1,880 72.5 16,315 669 803 24.4 20.3 3.8 3.3 9.6 8.2 33.9 19.9 1.1 1.4
Consumer discretionary 319,378 45,080 48,521 7.1 6.6 1.0 0.9 5.0 4.4 -0.4 7.6 5.9 5.8
ACES Buy 910 970 6.6 15,607 875 1,017 17.8 15.4 2.4 2.2 12.3 10.4 15.9 16.2 2.4 2.8
LPPF Neutral 1,500 1,710 14.0 3,390 705 743 4.8 4.6 11.9 6.1 2.8 2.5 4.4 5.4 13.3 13.9
MAPA Buy 845 963 14.0 24,086 1,656 2,037 14.5 11.8 3.2 2.5 8.7 6.8 23.1 23.0 0.0 0.0
MAPI Buy 1,555 2,480 59.5 25,813 2,625 3,317 9.8 7.8 2.0 1.6 4.7 3.5 24.0 26.4 0.0 0.0
RALS Neutral 454 500 10.1 3,222 259 284 12.4 11.3 0.9 0.9 5.1 4.2 1.7 9.6 6.9 7.0
ERAA Buy 394 540 37.1 6,284 980 1,206 6.4 5.2 0.8 0.7 5.4 4.6 18.6 23.1 4.7 5.6
CNMA Buy 214 315 47.2 17,836 1,088 1,415 16.4 12.6 2.5 2.2 6.7 5.0 77.0 30.0 1.2 2.1
ASII Buy 4,880 8,000 63.9 197,560 29,732 30,759 6.6 6.4 0.9 0.8 5.3 4.8 -7.5 3.5 7.3 6.8
AUTO Buy 2,040 2,900 42.2 9,832 1,752 1,953 5.6 5.0 0.7 0.6 5.2 4.4 8.4 11.4 6.6 7.1
DRMA Buy 925 1,800 94.6 4,353 715 788 6.1 5.5 2.0 1.6 4.5 3.9 13.0 10.2 6.6 7.2
SCMA Neutral 117 430 267.5 7,401 1,740 1,926 4.3 3.8 1.2 1.0 3.0 2.5 12.2 10.7 10.6 13.0
MNCN Buy 302 1,300 330.5 3,995 2,953 3,077 1.4 1.3 0.2 0.2 0.4 0.2 7.6 4.2 29.6 30.8
Commodities 1,137,159 72,747 61,042 15.6 18.6 2.4 2.2 8.1 9.1 -8.5 -16.1 2.0 1.6
UNTR Neutral 24,150 27,000 11.8 89,317 14,183 14,061 6.3 6.4 1.1 1.0 2.2 1.8 -29.6 -0.9 6.4 6.3
ADRO* Neutral 2,600 2,700 3.8 83,164 1,021 627 5.6 9.1 0.9 0.9 1.4 2.2 -32.2 -38.6 8.9 5.5
INDY* Neutral 1,365 2,700 97.8 7,112 207 161 2.4 3.0 0.3 0.3 -0.2 -0.9 -24.8 -21.9 10.5 8.2
ITMG* Neutral 24,500 25,000 2.0 26,866 303 151 6.1 12.3 0.9 0.8 0.3 0.5 -46.3 -50.1 13.1 6.5

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 Equity Research | 29 April 2024

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) 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025
PTBA Neutral 2,880 2,500 (13.2) 33,185 4,380 3,770 7.5 8.8 1.4 1.3 4.7 5.4 -4.9 -13.9 6.6 5.7
HRUM* Buy 1,300 1,600 23.1 16,683 159 230 7.2 5.0 1.2 1.0 4.3 2.8 -0.2 44.5 2.8 4.0
ANTM Buy 1,595 2,000 25.4 38,329 2,542 3,449 15.1 11.1 1.4 1.3 9.7 7.1 -31.5 35.7 2.3 3.1
AMMN* Buy 9,475 4,200 (55.7) 681,403 1,258 792 37.4 59.4 8.2 7.2 21.1 29.5 739.0 -37.1 0.0 0.0
INCO* Buy 4,090 5,500 34.5 40,640 151 169 18.6 16.6 1.0 1.0 6.0 5.8 -45.1 12.1 0.0 0.0
MDKA* Buy 2,510 3,700 47.4 60,518 40 41 103.6 101.3 4.0 3.8 18.8 15.3 444.0 2.2 0.0 0.0
NCKL Buy 950 1,150 21.1 59,944 6,142 8,282 9.8 7.2 2.2 1.8 7.6 5.6 5.2 34.9 3.1 4.1
Property & Industrial Estate 80,865 9,763 10,394 8.3 7.8 0.7 0.6 5.9 5.4 15.3 6.5 1.8 1.9
BSDE Buy 890 1,560 75.3 18,843 2,447 2,371 7.7 7.9 0.5 0.5 6.6 6.4 0.4 -3.1 0.0 0.0
CTRA Buy 1,160 1,610 38.8 21,530 2,165 2,318 9.9 9.3 1.0 0.9 6.5 6.2 23.9 7.1 1.3 1.6
SMRA Buy 500 1,020 104.0 8,254 1,050 1,183 7.9 7.0 0.7 0.7 5.5 4.9 22.6 12.7 0.0 0.0
PWON Buy 394 670 70.1 18,975 2,156 2,188 8.8 8.7 0.9 0.8 6.4 6.1 4.7 1.5 1.5 1.5
LPKR Neutral 62 110 77.7 4,394 833 1,216 5.3 3.6 0.3 0.2 4.2 3.5 163.2 46.0 0.0 0.0
DMAS Neutral 161 160 (0.6) 7,760 1,005 994 7.7 7.8 1.3 1.3 6.9 6.8 13.5 -1.0 11.7 11.5
BEST Neutral 115 130 13.0 1,109 108 125 10.3 8.9 0.2 0.2 10.7 6.7 -36.1 15.4 0.0 0.0
Telecom 550,324 41,794 45,294 13.2 12.2 2.0 1.8 5.3 4.9 10.3 8.4 4.1 4.4
EXCL Buy 2,380 3,000 26.1 31,111 1,684 2,114 18.5 14.7 1.1 1.1 4.4 4.0 30.2 25.6 1.4 2.5
TLKM Buy 3,030 4,500 48.5 300,159 27,867 29,124 10.8 10.3 2.0 1.8 4.3 4.0 5.8 4.5 5.6 5.8
ISAT Buy 11,100 12,500 12.6 89,496 4,861 5,950 18.4 15.0 2.6 2.3 5.6 5.2 35.1 22.4 1.6 2.0
MTEL Buy 580 1,000 72.4 47,939 2,144 2,325 22.4 20.6 1.4 1.4 8.5 7.7 9.9 8.4 3.6 3.9
TBIG Buy 1,855 2,500 34.8 42,029 1,586 1,789 26.5 23.5 3.5 3.3 12.2 11.6 6.7 12.8 1.9 2.1
TOWR Buy 795 1,500 88.7 39,590 3,652 3,992 10.8 9.9 2.1 1.8 8.0 7.4 14.0 9.3 3.0 3.0
Transportation 3,928 542 627 7.3 6.3 0.6 0.6 4.3 4.0 12.6 15.7 0.0 0.0
BIRD Buy 1,570 2,180 38.9 3,928 542 627 7.3 6.3 0.6 0.6 4.3 4.0 12.6 15.7 0.0 0.0
Poultry 92,931 7,210 8,556 12.9 10.9 1.9 1.8 7.8 6.8 52.4 18.7 3.0 4.8
CPIN Buy 4,820 6,800 41.1 79,038 5,006 5,956 15.8 13.3 2.6 2.4 10.2 8.8 49.9 19.0 3.0 4.7
JPFA Buy 1,090 1,600 46.8 12,782 2,059 2,336 6.2 5.5 0.8 0.7 4.3 3.9 49.2 13.5 3.2 4.8
MAIN Neutral 496 520 4.8 1,110 146 264 7.6 4.2 0.4 0.4 6.0 4.8 1,189.5 81.1 2.6 4.7
Oil and Gas 112,822 9,828 10,476 11.4 10.7 1.3 1.3 6.0 6.0 -2.9 6.6 5.1 5.5
AKRA Buy 1,600 1,700 6.3 32,118 2,485 2,567 12.7 12.3 2.4 2.2 8.5 8.0 -0.1 3.3 4.3 4.4
PGEO* Neutral 1,200 1,300 8.3 49,675 154 171 22.2 20.1 1.7 1.6 11.6 11.2 2.0 10.8 2.2 2.5
PGAS* Neutral 1,280 1,600 25.0 31,029 352 375 6.1 5.7 0.7 0.7 3.4 3.5 2.2 6.4 10.7 11.4
Internet 78,180 -7,060 -5,557 -11.1 -14.2 0.6 0.6 -8.0 -11.8 -50.4 -21.3 0.0 0.0
BUKA Buy 120 245 104.2 12,372 910 1,096 13.6 11.3 0.5 0.5 -16.6 -12.3 N/M 20.4 0.0 0.0
GOTO Buy 61 125 104.9 65,808 -7,970 -6,652 -8.3 -10.0 0.6 0.6 -8.3 -11.8 39.0 17.8 0.0 0.0
Conglomerates 19,126 1,489 1,405 12.8 13.6 0.3 0.3 12.0 12.5 -34.2 -5.6 1.9 1.9
SRTG Buy 1,410 3,400 141.1 19,126 1,489 1,405 12.8 13.6 0.3 0.3 12.0 12.5 -34.2 -5.6 1.9 1.9
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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RESEARCH
Adrian Joezer Head of Equity Research, adrian.joezer@mandirisekuritas.co.id +6221 5296 9415
Equity Strategy, Consumer, Internet
Ariyanto Kurniawan Automotive, Coal, Metal Mining ariyanto.kurniawan@mandirisekuritas.co.id +6221 5296 9682
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Inggrid Gondoprastowo, CFA Healthcare, Consumer, Retail inggridgondoprastowo@mandirisekuritas.co.id +6221 5296 9450
Henry Tedja, CFA Telecom, Media, Oil & Gas henry.tedja@mandirisekuritas.co.id +6221 5296 9434
Farah Rahmi Oktaviani Construction, Poultry, Transportation farah.oktaviani@mandirisekuritas.co.id +6221 5296 9623
Boby Kristanto Chandra, CFA Banking, Financial Services boby.chandra@mandirisekuritas.co.id +6221 5296 9544
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Yuri Ariadi Pontianak yuri.ariadi@mandirisekuritas.co.id 62561 582 293
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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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