INVESTOR DIGEST

Equity Research | 03 June 2024

Economic Data HIGHLIGHT

Latest 2024F
• Inflation Preview: Stable Inflation in May with Fuel Price Hike Risk Looming
7-DRRR (%), eop 6.25 5.25 • Bank Negara Indonesia 4M24 Results: Re-Accelerating Loan Growth (BBNI; Rp4,400;
Inflation (YoY %) 3.00 3.20 Buy; TP: Rp6,000)
US$ 1 = Rp, period avg 16,254 14,921 • Harum Energy: Hurt by One-Off Impairment Charge (HRUM; Rp1,400; Buy; TP:
Rp1,600)
• Mayora Indah: Analyst Gathering Takeaways (MYOR; Rp2,270; Buy; TP: Rp3,550)
Stock Market Data
(31 May 2024) • Telkom Indonesia: Media and Analyst Briefing KTA (TLKM; Rp2,900; Buy; TP: Rp4,500)

JCI Index 6,970.7 -0.90%

Trading T/O ( Rp bn ) 31,483.6 ECONOMY
Market Cap ( Rp tn ) 11,825.0
Inflation Preview: Stable Inflation in May with Fuel Price Hike Risk Looming

 Stable May inflation. We expect headline inflation to remain broadly stable

Market Data Summary* from April at 3.0% y-o-y, implying 0.1% m-o-m, non-seasonally adjusted (nsa),
lower than 0.3% in April (Exhibit 1). Core inflation likely dropped to 0.1% m-o-m
2024F 2025F
nsa from 0.3% in April but implies 1.8% y-o-y growth, unchanged from April,
partly reflecting post-Eid normalization. The Statistics Agency (BPS) will release
P/E (x) 13.5 12.8
the data on Monday, 3 June, at 11 a.m.
P/BV (x) 1.9 1.8
EV/EBITDA (x) 11.4 11.0  Please refer to the full report for more details. (https://research.mandirisekuritas.co.id/r/HpEi)
Div. Yield 3.8 4.1
Net Gearing 13.3 9.7
Rangga Cipta (+6221 5296 9406) rangga.cipta@mandirisekuritas.co.id
ROE 14.4 14.2 Raden Rami Ramdana (+6221 5296 9651) raden.ramdana@mandirisekuritas.co.id
EPS Growth 5.9 5.6
EBITDA Growth 4.6 2.4 CORPORATE
Earnings Yield 7.4 7.8

Bank Negara Indonesia 4M24 Results: Re-Accelerating Loan Growth (BBNI;

* Aggregate of 76 companies in MS research universe,
representing 47.3% of JCI’s market capitalization
Rp4,400; Buy; TP: Rp6,000)
 Bank-only earnings grew 2% YoY while loan growth is reaccelerating – up from
8.9% YoY in Mar-24 to 12.9% YoY in Apr-24. PPOP was burdened by the higher
cost of fund but stronger loan growth and continued non-interest income
productivity should help return PPOP growth to positive territory in coming
quarters. Reiterate BUY.

 Please refer to the full report for more details. (https://research.mandirisekuritas.co.id/r/w5Lh)

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

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

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 Equity Research | 03 June 2024

Harum Energy: Hurt by One-Off Impairment Charge (HRUM; Rp1,400; Buy; TP: Rp1,600)

 HRUM’s 1Q24 net profit of only USD 1.0mn (-99% YoY/-98% QoQ) was due to a combination of 1) still small contribution
from WMI; 2) one-off items of impairment and DMO compensation reversal; and 3) high effective tax rate. We expect
revenue contribution from nickel to accelerate from 2Q24 onward, driven by production ramp-up at WMI, which will
increase revenue contribution from nickel to 62% this year from 37% in 1Q24.

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

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

Vanessa Taslim (+6221 5296 9687) vanessa.taslim@mandirisekuritas.co.id

Mayora Indah: Analyst Gathering Takeaways (MYOR; Rp2,270; Buy; TP: Rp3,550)

 MYOR’s management hosted a small analyst gathering to share its vision, long term strategy, and outlook of the
company. Despite the recent top line growth volatility, the company envisions a 10-12% CAGR 2023-2028F, while also
developing itself as a global brand. Its key strategies are summed up as growing the core products and maintaining them,
followed by meaningful innovation and geographical expansion to amplify growth. MYOR saw successful Lebaran trading
and good restocking demand afterwards. Local sales grew faster than exports in 2Q24 to date, with 4M24 local sales
+12% YoY.

 Please refer to the full report for more details. (https://research.mandirisekuritas.co.id/r/lXE4)

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

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

Telkom Indonesia: Media and Analyst Briefing KTA (TLKM; Rp2,900; Buy; TP: Rp4,500)

 Telkom Indonesia hosted Media and Equity Analyst Gathering last week to showcase the exciting growth outlook of
select subsidiaries such as Mitratel, TDE, and Telin. Management also discussed several topic discussions such as
Telkomsel’s pricing strategy, the business opportunities and threats from Starlink’s services, and others. Stay OW.

 Please refer to the full report for more details. (https://research.mandirisekuritas.co.id/r/Fw1P)

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

Danif Nouval Esfandiari (+6221 5296 9580) danif.esfandiari@mandirisekuritas.co.id
Kresna Hutabarat (+6221 5296 9542) kresna.hutabarat@mandirisekuritas.co.id

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Equity Research | 03 June 2024

Indices Performance Macro Economic, Fund Flows and Commodities

Indices Last Chg (%) YTD (%) Currencies Last Chg (%) YTD (%)
JCI 6,970.7 -0.9 -4.2 Rp/US$ 16,254 +0.1 -5.3
LQ45 871.4 -0.3 -10.2 US$/EUR 1.08 +0.1 +1.8
Dow Jones 38,686.3 +1.5 +2.6 YEN/US$ 157.31 +0.3 -10.3
S&P 500 5,277.5 +0.8 +10.6 SGD/US$ 1.351 +0.1 -2.3
Nasdaq 16,735.0 -0.0 +11.5 Rp/EUR 17,611 +0.2 -3.2
FTSE 100 8,275.4 +0.5 +7.0 Rp/CNY 2,244 -0.2 -3.4
DAX 18,497.9 +0.0 +10.4
Nikkei 38,487.9 +1.1 +15.0 Macro Indicators Last Chg YTD (bps)
Hang Seng 18,079.6 -0.8 +6.1 5Yr INDOGB 6.89 -4.2 +44.2
STI 3,336.6 +0.4 +3.0 10Yr INDOGB 6.92 -4.0 +44.3
iShares Indo 19.8 -0.5 -11.5 CDS 5YR INDO 72.3 -0.5 +0.3
US Dollar Index Spot 104.7 -0.0 +3.3

JCI Indices Sectors Last Chg (%) YTD (%) Indo Foreign Flow (US$mn) Last Chg YTD Chg
Financials 1,353.1 +0.4 -7.2 Equity Flow -4.1 -335.3
Basic Materials 1,407.4 -1.1 +7.6 Bonds Flow +248.0 -1,509.5
Consumer Non-Cycl 690.5 -1.2 -4.4
Energy 2,306.6 -0.5 +9.8 Commodities Last Chg (%) YTD (%)
Infrastructures 1,503.5 -3.2 -4.2 Crude Oil, Brent (US$/bl) 81.62 -0.3 +5.9
Technology 3,391.5 -1.0 -23.5 Copper spot (US$/mt) 9,913 -0.9 +17.1
Consumer Cycl 717.8 -0.2 -12.6 Nickel spot (US$/mt) 19,456 -1.8 +18.8
Properties 614.3 -0.6 -14.0 Gold (US$/oz) 2,327 -0.7 +12.8
Healthcare 1,372.7 -2.5 -0.2 Tin spot (US$/mt) 32,775 -0.3 +30.2
Industrials 977.7 -2.1 -10.6 CPO futures (MYR/ton) 4,076 +2.1 +9.5
Transport & Logistic 1,268.3 -0.6 -20.8 Coal (US$/ton) 142.4 +0.0 -2.7
Rubber forward (US¢/kg) 226.3 -1.2 +30.7
Soybean oil (US$/100 gallons) 45.52 -0.4 -4.8
Baltic Dry Index 1,815.0 +1.0 -13.3

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 Equity Research | 03 June 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 6,971 7,640 9.6 5,563,795 412,635 435,913 13.5 12.8 1.9 1.8 11.4 11.0 5.9 5.6 3.8 4.1
Banking 2,212,017 162,793 181,628 13.6 12.2 2.3 2.1 N.A. N.A. 8.2 11.6 4.7 5.2
BBCA Buy 9,250 11,500 24.3 1,140,294 54,393 60,595 21.0 18.8 4.3 4.0 N.A. N.A. 11.8 11.4 3.0 3.6
BBNI Buy 4,400 6,000 36.4 164,108 22,012 24,850 7.5 6.6 1.0 0.9 N.A. N.A. 5.3 12.9 6.4 6.7
BBRI Buy 4,340 6,000 38.2 654,432 63,236 69,549 10.3 9.4 1.9 1.8 N.A. N.A. 5.2 10.0 7.7 8.5
BBTN Buy 1,225 1,800 46.9 17,192 3,536 3,974 4.9 4.3 0.5 0.5 N.A. N.A. 1.0 12.4 4.1 4.1
BNLI Neutral 900 1,000 11.1 32,563 2,868 3,425 11.4 9.5 0.8 0.7 N.A. N.A. 26.3 19.4 2.6 3.2
BTPS Buy 1,165 1,400 20.2 8,974 1,128 1,381 8.0 6.5 1.0 0.9 N.A. N.A. 4.4 22.5 5.0 5.4
BRIS Buy 2,200 3,050 38.6 101,484 6,715 7,880 15.1 12.9 2.3 2.0 N.A. N.A. 17.7 17.3 1.3 1.6
ARTO Neutral 2,410 2,000 (17.0) 33,394 94 147 356.9 227.5 3.9 3.9 N.A. N.A. 29.3 56.9 0.0 0.0
BNGA Buy 1,700 2,300 35.3 42,388 6,749 7,438 6.3 5.7 0.8 0.7 N.A. N.A. 4.2 10.2 8.0 8.8
BFIN Buy 1,015 1,500 47.8 15,265 1,948 2,329 7.8 6.6 1.5 1.4 N.A. N.A. 18.3 19.6 6.4 7.6
AMOR Buy 865 1,500 73.4 1,922 110 118 17.4 16.3 6.6 6.5 12.7 11.9 19.3 7.0 5.6 6.0
Construction & materials 122,236 9,460 11,753 12.6 10.4 0.7 0.7 8.8 7.9 -23.9 21.0 2.6 4.2
n/a Buy 535 710 32.7 33,127 1,704 1,787 19.4 18.5 3.3 3.2 15.1 14.1 3.8 4.8 4.6 4.8
INTP Buy 6,475 10,210 57.7 22,216 2,158 2,401 10.3 9.3 1.0 0.9 5.1 4.3 10.7 11.2 1.8 2.9
SMGR Buy 3,490 6,280 79.9 23,563 2,197 2,602 10.7 9.1 0.5 0.5 4.5 3.9 1.2 18.5 3.7 7.5
ADHI Neutral 208 530 154.8 2,222 171 289 13.0 7.7 0.3 0.2 6.7 5.6 84.1 68.6 0.0 0.0
PTPP Buy 340 700 105.9 2,108 378 525 5.6 4.0 0.2 0.2 7.7 7.3 35.9 39.1 4.0 23.3
WIKA Neutral 112 580 417.9 1,004 137 214 7.3 4.7 0.1 0.1 13.1 12.3 N/M 56.6 2.7 4.3
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 69 170 146.4 601 228 261 2.6 2.3 0.1 0.1 1.7 1.6 7.7 14.4 10.6 11.4
JSMR Buy 4,780 6,300 31.8 34,693 2,930 3,633 11.8 9.5 0.8 0.8 8.2 7.4 -56.9 24.0 0.8 1.7
Consumer staples 586,963 51,412 55,459 11.4 10.6 2.2 2.0 8.1 7.3 21.3 7.9 4.6 5.5
CMRY Buy 4,950 5,800 17.2 39,277 1,540 1,852 25.5 21.2 5.8 5.0 18.6 15.2 24.1 20.2 1.7 2.2
ICBP Buy 9,750 13,700 40.5 113,704 10,045 10,131 11.3 11.2 2.4 2.2 9.0 7.9 43.7 0.9 2.9 4.2
INDF Buy 5,875 7,500 27.7 51,582 11,124 11,474 4.6 4.5 0.8 0.7 5.2 4.6 36.5 3.1 5.6 7.7
MYOR Buy 2,270 3,550 56.4 50,754 3,373 3,790 15.0 13.4 3.0 2.6 9.4 8.3 5.6 12.4 2.5 2.7
UNVR Buy 3,120 2,850 (8.7) 119,028 5,143 5,864 23.1 20.3 32.5 27.5 16.0 14.2 7.1 14.0 4.0 4.3
GGRM Buy 18,700 32,650 74.6 35,980 6,539 7,401 5.5 4.9 0.6 0.5 3.3 3.3 11.1 13.2 8.6 12.0
HMSP Buy 735 1,070 45.6 85,494 9,244 10,132 9.2 8.4 2.8 2.7 6.8 6.1 9.9 9.6 9.8 10.8
KLBF Neutral 1,490 1,550 4.0 69,844 3,216 3,483 21.7 20.1 3.0 2.8 14.0 12.7 16.2 8.3 2.1 2.4
SIDO Buy 710 830 16.9 21,300 1,188 1,331 17.9 16.0 5.8 5.6 12.5 11.5 25.0 12.0 4.3 5.4
Healthcare 91,805 2,950 3,351 31.1 27.4 4.7 4.3 14.3 12.7 17.6 13.6 1.1 1.3
MIKA Neutral 2,890 3,000 3.8 41,172 1,097 1,214 37.5 33.9 6.4 5.8 23.7 21.3 14.3 10.7 1.2 1.4
SILO Buy 2,420 2,980 23.1 31,475 1,184 1,334 26.6 23.6 3.7 3.3 10.9 10.0 12.8 12.6 1.2 1.4
HEAL Buy 1,280 1,880 46.9 19,159 669 803 28.6 23.9 4.4 3.9 11.1 9.4 33.9 19.9 0.9 1.2
Consumer discretionary 281,675 43,640 46,452 6.5 6.1 1.0 0.9 5.4 4.9 -5.4 6.4 6.9 6.5
ACES Buy 820 1,110 35.4 14,063 862 965 16.3 14.6 2.2 2.0 10.9 9.4 13.0 11.9 3.6 4.0
MAPA Buy 775 1,020 31.6 22,091 1,465 1,929 15.1 11.5 3.1 2.5 8.8 6.8 5.5 31.7 0.6 0.6
MAPI Buy 1,270 2,480 95.3 21,082 2,625 3,317 8.0 6.4 1.6 1.3 3.8 2.7 24.0 26.4 0.0 0.0
ERAA Buy 400 540 35.0 6,380 980 1,206 6.5 5.3 0.8 0.7 5.5 4.7 18.6 23.1 4.6 5.5
CNMA Buy 220 270 22.7 18,336 887 1,038 20.7 17.7 3.7 3.4 8.8 7.5 29.0 17.0 3.3 3.6
ASII Buy 4,290 7,000 63.2 173,674 29,766 30,333 5.8 5.7 0.8 0.8 5.8 5.5 -12.0 1.9 8.8 7.7
AUTO Buy 1,795 2,900 61.6 8,651 1,752 1,953 4.9 4.4 0.6 0.6 4.5 3.8 8.4 11.4 7.5 8.1
DRMA Buy 815 1,300 59.5 3,835 610 708 6.3 5.4 2.0 1.6 4.1 3.4 -0.3 16.0 4.5 5.2
SCMA Neutral 150 430 186.7 9,488 1,740 1,926 5.5 4.9 1.5 1.3 3.9 3.3 12.2 10.7 8.3 10.2
MNCN Buy 308 1,300 322.1 4,075 2,953 3,077 1.4 1.3 0.2 0.2 0.5 0.2 7.6 4.2 29.0 30.2
Commodities 1,333,224 78,479 65,465 17.0 20.4 2.6 2.4 9.1 10.3 -8.5 -16.6 1.8 1.4
UNTR Neutral 22,075 27,150 23.0 81,642 16,452 16,064 5.0 5.1 0.9 0.8 2.9 2.6 -20.2 -2.4 7.1 6.9
ADRO* Neutral 2,770 2,700 (2.5) 88,601 1,006 619 5.6 9.1 0.8 0.8 1.7 2.5 -31.9 -38.5 9.0 5.5
INDY* Neutral 1,430 2,700 88.8 7,451 207 161 2.3 2.9 0.3 0.3 -0.3 -0.9 -24.8 -21.9 11.0 8.6
ITMG* Neutral 24,975 25,000 0.1 27,386 304 153 5.7 11.3 0.9 0.9 1.6 2.9 -39.2 -49.6 14.0 7.1
PTBA Neutral 2,490 2,500 0.4 28,691 4,380 3,758 6.5 7.6 1.5 1.4 4.3 4.9 -65.2 -14.2 7.6 6.5
HRUM* Buy 1,400 1,600 14.3 17,966 159 230 7.1 4.9 1.2 1.0 4.3 2.7 -0.2 44.5 2.8 4.0

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 Equity Research | 03 June 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
ANTM Buy 1,465 1,900 29.7 35,205 2,157 3,164 16.3 11.1 1.1 1.0 8.1 5.7 -29.9 46.7 2.1 3.1
AMMN* Buy 12,075 4,200 (65.2) 868,384 1,258 792 43.7 69.4 9.6 8.4 24.5 34.4 739.0 -37.1 0.0 0.0
INCO* Buy 4,970 5,500 10.7 49,384 151 169 20.8 18.5 1.2 1.1 6.8 6.6 -45.1 12.1 0.0 0.0
MDKA* Buy 2,700 3,700 37.0 65,099 40 41 102.2 100.0 3.9 3.8 18.7 15.1 444.0 2.2 0.0 0.0
NCKL Buy 1,005 1,150 14.4 63,414 6,127 8,271 10.4 7.7 2.2 1.8 8.0 6.1 9.0 35.0 2.9 3.9
Property & Industrial Estate 81,416 9,430 10,510 8.6 7.7 0.7 0.6 6.0 5.5 14.9 11.5 1.8 1.9
BSDE Buy 945 1,560 65.1 20,007 2,447 2,371 8.2 8.4 0.5 0.5 6.9 6.7 0.4 -3.1 0.0 0.0
CTRA Buy 1,100 1,610 46.4 20,416 2,165 2,318 9.4 8.8 0.9 0.9 6.2 5.9 23.9 7.1 1.4 1.7
SMRA Buy 510 1,020 100.0 8,419 1,050 1,183 8.0 7.1 0.8 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 Buy 67 124 85.1 4,749 499 1,332 9.5 3.6 0.3 0.3 4.6 3.9 896.1 166.7 0.0 0.0
DMAS Neutral 163 160 (1.8) 7,856 1,005 994 7.8 7.9 1.3 1.3 7.0 6.9 13.5 -1.0 11.5 11.4
BEST Neutral 103 130 26.2 994 108 125 9.2 8.0 0.2 0.2 10.0 6.2 -36.1 15.4 0.0 0.0
Telecom 524,599 41,794 45,294 12.6 11.6 1.9 1.7 5.1 4.8 10.3 8.4 4.3 4.6
EXCL Buy 2,310 3,000 29.9 30,196 1,684 2,114 17.9 14.3 1.1 1.0 4.3 3.9 30.2 25.6 1.4 2.5
TLKM Buy 2,900 4,500 55.2 287,280 27,867 29,124 10.3 9.9 1.9 1.7 4.1 3.8 5.8 4.5 5.8 6.1
ISAT Buy 10,200 12,500 22.5 82,240 4,861 5,950 16.9 13.8 2.4 2.1 5.3 5.0 35.1 22.4 1.8 2.2
MTEL Buy 610 1,000 63.9 50,419 2,144 2,325 23.5 21.7 1.5 1.4 8.8 8.1 9.9 8.4 3.4 3.7
TBIG Buy 1,770 2,500 41.2 40,103 1,586 1,789 25.3 22.4 3.4 3.1 11.9 11.3 6.7 12.8 2.0 2.2
TOWR Buy 690 1,500 117.4 34,361 3,652 3,992 9.4 8.6 1.8 1.6 7.5 7.0 14.0 9.3 3.5 3.5
Transportation 3,878 542 627 7.2 6.2 0.6 0.6 4.3 3.9 12.6 15.7 0.0 0.0
BIRD Buy 1,550 2,180 40.6 3,878 542 627 7.2 6.2 0.6 0.6 4.3 3.9 12.6 15.7 0.0 0.0
Poultry 102,768 7,210 8,556 14.3 12.0 2.1 1.9 8.5 7.4 52.4 18.7 2.7 4.3
CPIN Buy 5,200 6,800 30.8 85,270 5,006 5,956 17.0 14.3 2.8 2.6 10.9 9.5 49.9 19.0 2.7 4.4
JPFA Buy 1,370 1,600 16.8 16,065 2,059 2,336 7.8 6.9 1.0 0.9 4.9 4.4 49.2 13.5 2.6 3.8
MAIN Neutral 640 520 (18.8) 1,433 146 264 9.8 5.4 0.6 0.5 6.5 5.2 1,189.5 81.1 2.0 3.7
Oil and Gas 119,474 10,496 10,970 11.3 10.8 1.3 1.2 5.9 6.1 1.6 4.5 5.2 5.4
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 1,185 1,300 9.7 49,054 155 157 20.1 19.8 1.5 1.5 10.5 10.9 -5.5 1.5 2.5 2.5
PGAS* Neutral 1,580 1,600 1.3 38,302 352 375 6.9 6.5 0.8 0.8 3.6 3.8 2.2 6.4 9.4 10.0
Internet 83,526 -7,060 -5,557 -11.8 -15.2 0.6 0.6 -9.0 -13.4 -50.4 -21.3 0.0 0.0
BUKA Buy 130 245 88.5 13,403 910 1,096 14.7 12.2 0.5 0.5 -12.0 -9.6 N/M 20.4 0.0 0.0
GOTO Buy 65 125 92.3 70,123 -7,970 -6,652 -8.8 -10.7 0.6 0.6 -9.1 -13.0 39.0 17.8 0.0 0.0
Conglomerates 20,212 1,489 1,405 13.6 14.4 0.3 0.3 12.7 13.2 -34.2 -5.6 1.8 1.8
SRTG Buy 1,490 3,400 128.2 20,212 1,489 1,405 13.6 14.4 0.3 0.3 12.7 13.2 -34.2 -5.6 1.8 1.8
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@mandirisekuritas.co.id +6221 5296 9415
Equity Strategy, Consumer, Internet
Ariyanto Kurniawan Automotive, Coal, Metal Mining ariyanto.kurniawan@mandirisekuritas.co.id +6221 5296 9682
Kresna Hutabarat Banking kresna.hutabarat@mandirisekuritas.co.id +6221 5296 9542
Robin Sutanto Property, Building Material, Cement robin.sutanto@mandirisekuritas.co.id +6221 5296 9572
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
Eimi Setiawan Cigarette, Retail, Entertainment eimi.setiawan@mandirisekuritas.co.id +6221 5296 9549
Jennifer Audrey Harjono Research Assistant jennifer.harjono@mandirisekuritas.co.id +6221 5296 9617
Danif Nouval Esfandiari Research Assistant danif.esfandiari@mandirisekuritas.co.id +6221 5296 9580
Vanessa Taslim Research Assistant vanessa.taslim@mandirisekuritas.co.id +6221 5296 9687
Rangga Cipta Chief Economist rangga.cipta@mandirisekuritas.co.id +6221 5296 9406
Raden Rami Ramdana Economist raden.ramdana@mandirisekuritas.co.id +6221 5296 9651

INSTITUTIONAL SALES
Liliana S Bambang Head of Equity Institutional Sales liliana.bambang@mandirisekuritas.co.id +6221 527 5375
Feliciana Ramonda Institutional Sales feliciana.ramonda@mandirisekuritas.co.id +6221 527 5375
Sharon Anastasia Tjahjadi Institutional Sales sharon.tjahjadi@mandirisekuritas.co.id +6221 527 5375
Angga Aditya Assaf Institutional Sales angga.assaf@mandirisekuritas.co.id +6221 527 5375
Ilona Carissa Institutional Sales Ilona.simanungkalit@mandirisekuritas.co.id +6221 527 5375
Anindita Nadia Taufany Institutional Sales anindita.taufany@mandirisekuritas.co.id +6221 527 5375
Wisnu Budhiargo Institutional Sales wisnu.budhiargo@mandirisekuritas.co.id +6221 527 5375
Kusnadi Widjaja Equity Dealing kusnadi.widjaja@mandirisekuritas.co.id +6221 527 5375
Edwin Pradana Setiadi Equity Dealing edwin.setiadi@mandirisekuritas.co.id +6221 527 5375
Jane Theodoven Sukardi Equity Dealing jane.sukardi@mandirisekuritas.co.id +6221 527 5375
Michael Taarea Equity Dealing michael.taarea@mandirisekuritas.co.id +6221 527 5375
Reinard Agustinus Barus Equity Dealing reinard.barus@mandirisekuritas.co.id +6221 527 5375

RETAIL SALES
Yulius Kurniawan Head of Retail Sales & Distribution yulius.kurniawan@mandirisekuritas.co.id 6221 526 3445
Boy Triyono Jakarta boy.triyono@mandirisekuritas.co.id 6221 5296 5678
Care Center Online Jakarta care_center@mandirisekuritas.co.id 14032
Ruwie Medan ruwie@mandirisekuritas.co.id 6261 8050 1825
Linawati Surabaya linawati@mandirisekuritas.co.id 6231 535 7218
Maulidia Osviana Lampung maulidia.osviana@mandirisekuritas.co.id 62721 476 135
Aidil Idham Palembang aidil.idham@mandirisekuritas.co.id 62711 319 900
Ardelia Tristianty Suardi Bandung ardelia.suardi@mandirisekuritas.co.id 6222 426 5088
Yuri Ariadi Pontianak yuri.ariadi@mandirisekuritas.co.id 62561 582 293
Yogiswara Perdana Yogyakarta yogiswara.perdana@mandirisekuritas.co.id 62274 560 596
Achmad Rasyid Bali achmad.rasyid@mandirisekuritas.co.id 62361 475 3066
Dedi Aprihadi Satriyo Makasar dedi.satriyo@mandirisekuritas.co.id 0411 361 5073
Ariffianto Priority ariffianto@mandirisekuritas.co.id 6221 526 3445
www.most.co.id care_center@mandirisekuritas.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).

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is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates and forecasts
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