Lampiran 1. Financial Highlight

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Susanto Sanjaya
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3 Oktober 2017 Analyst: Yuliana yuliana@profindo.com Buy LP 4,390 / Share TP 5,500 / Share (+25.

1 3 Oktober 2017 Analyst: Yuliana Buy LP 4,390 / Share TP 5,500 / Share (+25.28% Upside) Company Information General Information Ticker INKP 52 week range YTD Return (%) % JCI (%) 12.57% Last Price (IDR per Share) 4,390 Target Price (IDR per Share) 5,500 Share outstanding (Bn shares) 5.47 Market Cap (Rp triliun) 24 Sector Pulp & Paper & estimasi Profindo Pemegang Saham Shareholders (%) PT Purinusa Ekapersada 52.7% Masyarakat & lainnya 47.3% Dividen Payment Year Rp/Share *up to Sep 2017 Sumber: KSEI Stock Price Sumber: Proclick Research Analyst: Yuliana T: E: yuliana@profindo.com pada semester ini mencatatkan pertumbuhan pendapatan 5.3% menjadi US$ 1.4 miliar dengan laba bersih meningkat 275.7% menjadi US$ 171 juta akibat penurunan beban pokok dan juga beban usaha masingmasing sebesar 1% dan 4.1%. Tahun ini, INKP menargetkan pertumbuhan penjualan sebesar 5% berkisar US$ 2.86 miliar. Berdasarkan data Asosiasi Pulp dan Kertas Indonesia (APKI), Industri Pulp dan Kertas diperkirakan dapat tumbuh hingga 3% 4% per tahun dengan tingkat pertumbuhan permintaan global masih dapat meningkat 2%. Industri pulp and paper menyumbang 6.7% terhadap Produk Domestik Bruto. Di tahun 2016, menduduki peringkat ke tujuh terbesar dalam hal penerimaan devisa (non migas). Saat ini kapasitas produksi Indonesia mencapai 7.93 juta ton per tahun dan ditargetkan dapat meningkat hingga juta ton. Dengan ini diharapkan peringkat Indonesia dapat meningkat ke peringkat kelima terbesar di dunia. Indonesia menduduki peringkat kesembilan sebagai produsen pulp terbesar di dunia, sedangkan industri kertas menduduki peringkat keenam. komposisi ekspor masih mendominasi sekitar 60%, sedangkan ekspor INKP baru mencapai 48% (lihat lampiran 2), sehingga INKP masih mempunyai peluang untuk menggenjot ekspor. Pasar ekspor INKP per semester I 2017 sebagian besar di Asia (lihat lampiran 3). Manajemen membidik perluasan pada pasar Asia, Timur Tengah dan juga Afrika yang didasari dengan melihat potensi permintaan yang masih besar. Kapasitas produksi INKP untuk Pulp mencapai 2.9 juta tpa, untuk kertas budaya sebesar 1.7 juta tpa serta untuk kertas industry dan lain lain sebesar 2.1 juta. Berdasarkan data produksi tahun 2016, INKP memproduksi 2.88 juta ton pulp dan 1.28 juta ton kertas serta 1.86 juta kertas industry dengan tingkat utilisasi produksi mencapai ratarata 87.76%. Kami memperkirakan INKP dapat meningkatkan pertumbuhan penjualan sebesar 3.4% menjadi US$ 2.8 miliar dengan tingkat pertumbuhan laba bersih mencapai 35% YoY menjadi US$ 274 juta. Dengan menggunakan discounted cash flow dengan asumsi WACC sebesar 9.7% dan terminal growth sebesar 3%, maka harga wajar INKP berada pada level Rp 5,500 per saham dengan tingkat PER dan PBV masingmasing berada pada level 6.6x dan 0.62x lebih rendah dibandingkan dengan industry sebesar 13.8x dan 1.05x. Kami merekomendasikan Buy dengan tingkat potensial upside sebesar 25.28%. Please see the important disclaimer information on the back of this report Page 1

NPM 4.8% 7.9% 7.5% 9.8% EBITDA 531 473 552 562 ROCE 2.4% 3.9% 3.3% 4.9% EPS (Rp) 307 542 493 667 P/E 14.32 8.11 8.91 6.59 P/B 0.75 0.69 0.64 0.62 P/S 0.69 0.64 0.66 0.

2 Lampiran 1. Financial Highlight US$ juta E Revenue 2,635 2,834 2,720 2,812 Gross Profit Operating Profit Net Profit NPM 4.8% 7.9% 7.5% 9.8% EBITDA ROCE 2.4% 3.9% 3.3% 4.9% EPS (Rp) P/E P/B P/S , Estimasi Profindo Lampiran 2. Sales Segment by Geography 3,000 2,500 2,000 1,413 1,428 1,319 1, ,222 1,406 1, Lokal Ekspor Lampiran 3. Export Sales by Region 1, Asia Timur Tengah Eropa Amerika Afrika Australia Please see the important disclaimer information on the back of this report Page 2

Lampiran 4. Sales Segment by Product 3,000 2,500 2,000 1,500 500 881 870 933 864 756 910 474 517 441 493 1,009 1,088 878 468 446 Pulp Kertas Budaya Kertas industri dll Lampiran 5.

3 Lampiran 4. Sales Segment by Product 3,000 2,500 2,000 1, ,009 1, Pulp Kertas Budaya Kertas industri dll Lampiran 5. Balance Sheets million US$ E Cash Account Receivable Inventory ,027 Prepaid Expenses Others CA TCA 1,658 2,074 2,187 2,315 Fixed Assets 4,395 4,288 4,044 4,156 Other NCA Total NCA 4,862 4,964 4,692 4,804 Total Asset 6,519 7,038 6,879 7,120 AP Short Term Debt 921 1,205 1,215 1,275 Other CL Total CL 1,200 1,480 1,368 1,433 LTD 2,694 2,732 2,545 2,622 Other NCL Total NCL 2,911 2,936 2,691 2,767 TL 4,111 4,415 4,059 4,201 Share Capital 2,189 2,189 2,189 2,189 Agio Cummulative remeasurement emp 7 10 RE Minority Interest Total Equity 2,408 2,623 2,819 2,919 Total Liabilities & Equity 6,519 7,038 6,879 7,120, Estimasi Profindo Please see the important disclaimer information on the back of this report Page 3

4 Lampiran 6. Income Statements million US$ E Revenue 2,635 2,834 2,720 2,812 Cost of Revenue (2,181) (2,224) (2,139) (2,209) Gross Profit Operational Expenses (262) (283) (294) Operating Profit Other Income (expenses) (18) (18) Finance Expenses (121) (115) (124) EBT Income Tax Expense (0) (7) 57 (19.1) Minority Interest (0) 0 (0) (0) EAT , Estimasi Profindo Lampiran 7. Ratios Liquidity Ratios E Current Ratio 1.38x 1.40x 1.60x 1.62x Quick Ratio.27x.53x.65x.67x Cash Ratio.10x.12x.15x.15x Turnover Ratios E Asset Turnover.40x.42x.39x.40x Fixed Asset Turnover.53x.58x.56x.59x Equity Turnover 1.12x 1.13x 1.00x.98x Profitability Ratios E Gross Profit Margin 17.2% 21.5% 21.4% 21.4% Operating Profit Margin 7.3% 11.5% 10.5% 15.6% EBITDA Margin 20.2% 16.7% 20.3% 20.0% Net Profit Margin 4.8% 7.9% 7.5% 9.8% Return on Equity 7.9% 10.3% 7.4% 11.0% Return on Asset 1.9% 3.3% 2.9% 3.9% ROCE 2.4% 3.9% 3.3% 4.9% Solvency Ratio E Debt/Equity 1.71x 1.68x 1.44x 1.44x Long Term Debt/Equity 1.12x 1.04x.90x.90x Current Liability/Equity.50x.56x.49x.49x Debt/Total Asset.63x.63x.59x.59x Interest Coverage Ratio 1.59x 2.85x 2.32x 3.42x Financial Leverage 2.83x 2.69x 2.56x 2.44x, Estimasi Profindo Please see the important disclaimer information on the back of this report Page 4

5 Profindo Research Team: Yuliana (Research Analyst) Ext 710 Dimas W.P. Pratama, CSA (Technical Analyst) Ext 722 Profindo Equity Sales Team Jessie James Prasetyo Nugroho Gabriella Pratiwy (Head of Equity Sales) (Head of Dealing) (Head of Marcom & OLT) Ext 314 Ext 306 Ext 600 HEAD OFFICE Permata Kuningan Building, 19F Jl. Kuningan Mulia, Kav. 9C, Guntur Setiabudi South Jakarta Phone : Fax : BANDUNG BRANCH Jl. Sunda No. 50B Bandung, West Java Phone : Fax : Profindo Stock Rating BUY : The share price is expected to increase by 20% or more ACCUMULATE : The share price is expected to increase at least by 10% HOLD : The share price is expected to move within range of +/ 10% REDUCE: The Share price is expected to decline within range of 10% 20% SELL : The share price is expected to decline by more than 20% DISCLAIMER This research report is prepared by PT PROFINDO SEKURITAS INDONESIA for information purposes only and is not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. The report has been prepared without regard to individual financial circumstance, need or objective of person to receive it. The securities discussed in this report may not be suitable for all investors. The appropriateness of any particular investment or strategy whether opined on or referred to in this report or otherwise will depend on an investor s individual circumstance and objective and should be independently evaluated and confirmed by such investor, and, if appropriate, with his professional advisers independently before adoption or implementation (either as is or varied). Please see the important disclaimer information on the back of this report Page 5

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