Riset Saham Harian. IHSG diwarnai rilis laporan keuangan 1H17 emiten. Highlights. Samuel Research 31 Juli 2017

Riset Saham Harian Samuel Research 31 Juli 2017 Market Activity Monday, 31 Jul 2017 Market Index Index Movement Market Volume Market Value : 5,831.0 : +11.3 (+0.2%) : 4,050 Mn shrs : 5,327 Bn rupiah Last Changes Close +/- % Leading Movers TLKM 4,700 50 1.1 UNVR 48,375 575 1.2 GGRM 79,800 1800 2.3 BUMI 358 30 9.1 Lagging Movers ASII 7,950-125 -1.5 BBRI 14,500-200 -1.4 MYOR 1,940-110 -5.4 LPPF 12,200-800 -6.2 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) TLKM 88 ASII 501 JSMR 63 BBCA 41 BBNI 33 ICBP 27 BBRI 30 LPPF 13 BMRI 29 BBTN 11 Money Market Last Close Changes +/- % USD/IDR 13,327 9.0-0.1 JIBOR O/N 4.4 0.0 - Infl (MoM) 0.7 - - Dual Listing Securities Last Close Changes +/- % TLKM 35.1 0.3 0.8 ISAT 41.0-0.5-1.3 EIDO 26.8 0.1 0.3 World Indices Last Close Changes +/- % DJIA 21,830 34 0.2 S&P 500 2,472-3 -0.1 Euro Stoxx 3,468-25 -0.7 MSCI World 1,960-3 -0.2 Nikkei 19,981 21 0.1 Hang Seng 26,979-152 -0.6 IHSG diwarnai rilis laporan keuangan 1H17 emiten Indeks utama AS ditutup mixed sejalan dengan data pertumbuhan GDP yang inline dengan ekspektasi, consumer sentiment yang melebihi ekspektasi pasar, serta laporan keuangan sejumlah emiten seperti Amazon.com yang lebih buruk dari perkiraan. Sementara di Eropa, sejumlah besar bursa saham utama melemah seiring laporan kinerja sejumlah emiten yang kurang baik dan regulasi rokok yang diperketat. IHSG menguat 0,2% ke posisi 5.831 pada jumat lalu dengan investor asing mencatatkan net sell Rp 246 miliar di pasar reguler. IHSG diperkirakan berpeluang menguat tipis hari ini sejalan dengan pergerakan EIDO dan sejumlah bursa saham pagi ini. Laporan keuangan 1H17 emiten berpotensi mewarnai pergerakan IHSG. Highlights BSDE: Laba 1H17 melonjak 144.6%YoY SMRA: Laba 1H17 +99%YoY UNVR: Kinerja sedikit meningkat LPPF: Laba bersih 1H17 di atas estimasi KLBF: Laba bersih meningkat RALS: Kinerja 1H17 di atas estimasi MAPI: Laba bersih 1H17 di atas estimasi kami CPIN: Laba bersih 1H17 menurun, namun masih di atas estimasi Commodities Last Close Changes +/- % Brent Oil 53 0.1 0.1 CPO Malay 2,655-22.0-0.8 Coal Newc 86 0.7 0.8 Nickel 10,166 69.0 0.7 Tin 20,730-90.0-0.4 www.samuel.co.id Page 1 of 11

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BSDE: Laba 1H17 melonjak 144.6%YoY PT Bumi Serpong Damai, Tbk (BSDE) membukukan pertumbuhan pendapatan dan laba sebesar +46.8%YoY dan 144.6%YoY. Lonjakan tersebut telah mendorong marjin laba bersih naik tajam sebesar 19.1% menjadi 47.7%. Update lebih detail akan kami berikan dalam bentuk BSDE company update 1H17. (Investor Daily). BSDE: BUY; 17E PE: 15.6x, PBV: 1.4x. (Rp Bn) 1H16 1H17 YoY Revenue 2,871 4,213 46.8% Gross profit 2,114 3,093 46.3% EBIT 908 2,136 135.2% Net income 822 2,010 144.6% Gross margin 73.6% 73.4% -0.2% EBIT Margin 31.6% 50.7% 19.1% Net Margin 28.6% 47.7% 19.1% SMRA: Laba 1H17 +99%YoY PT Summarecon Agung, Tbk (SMRA) melaporkan pertumbuhan pendapatan dan laba masing masing sebesar +15.8%YoY dan +99%YoY, dengan catatan marjin kotor turun -2.7% menjadi 43% vs 45.8% di 1H16, sedangkan marjin laba bersih naik tipis menjadi 1.8%. Update lebih detail akan kami berikan dalam bentuk SMRA company update 1H17. (Investor Daily). SMRA: BUY; 17E PE: 15.6x, PBV: 1.4x. (Rp Bn) 1H16 1H17 YoY Revenue 2,318 2,685 15.8% Gross profit 1,061 1,155 8.9% EBIT 131 125-4.4% Net income 25 49 99.0% Gross margin 45.8% 43.0% -2.7% EBIT Margin 5.6% 4.7% -1.0% Net Margin 1.1% 1.8% 0.8% UNVR: Kinerja sedikit meningkat Penjualan neto tercatat tumbuh 2,4% menjadi Rp 21,3 triliun. Laba brutonya naik 3,8% menjadi Rp 10,9 triliun. Laba bersihnya naik 9,1% menjadi Rp 3,6 triliun. (Bisnis Indonesia) Comment: Kinerja 1H17 tampak masih relatif lemah, namun didukung oleh efisiensi biaya. Laba bersihnya mencerminkan 50% dan 49% dari estimasi kami dan konsensus untuk FY17F (inline). Laporan lebih detil akan kami sampaikan nanti. UNVR: HOLD; 17E PE: 51.7x, PBV: 60.2x. www.samuel.co.id Page 3 of 11

LPPF: Laba bersih 1H17 di atas estimasi Laporan keuangan 1H17 perusahaan menunjukkan kenaikan pendapatan sebesar 11%yoy menjadi Rp5.7 triliun (di atas estimasi kami dan konsensus), hasil yang baik di tengah lemahnya capaian kinerja sektor konsumsi dan ritel secara keseluruhan sebagai akibat dari lesunya daya beli masyarakat. Sementara, pada level operasional, kenaikan beban operasional perusahaan (mayoritas gaji karyawan dan pembagian THR), tidak terlalu berdampak signifikan, sehingga laba usaha tetap naik sebesar 15%yoy menjadi Rp1.7 triliun. Laba bersih perusahaan naik 16% secara yoy menjadi Rp1.3 miliar, dan berada di atas proyeksi kami dan konsensus. (Laporan Keuangan Unaudited perusahaan pada Investor Daily). LPPF: BUY; 17E PE: 12.9x, PBV: 10.5x. Kami akan memberikan detail selanjutnya dalam bentuk Result Update Report setelah conference call pada sore hari ini. (in Rp bn) 2Q16 1Q17 2Q17 QoQ YoY 1H16 1H17 YoY FY17F 1H17 1H17 /SSI FY17F /Cons' FY17F Sales 3,318 1,851 3,886 110% 17% 5,180 5,737 11% 11,448 50% 53% COGS (1,196) (664) (1,418) 114% 19% (1,896) (2,082) 10% Gross Profit 2,122 1,187 2,468 108% 16% 3,284 3,655 11% 7,399 49% 54% Operating Expense (967) (888) (1,092) 23% 13% (1,823) (1,980) 9% Operating Profit 1,155 299 1,376 360% 19% 1,461 1,675 15% 2,925 57% 61% Non-Op Income (exp) (7) 9 (1) N/A -86% (3) 8 N/A Pre-tax Income 1,148 308 1,375 346% 20% 1,458 1,683 15% 2,851 59% 61% Tax (235) (64) (281) 339% 20% (300) (345) 15% Net Income 913 244 1,094 348% 20% 1,158 1,338 16% 2,456 54% 61% Profitability Gross margin 64.0% 64.1% 63.5% -0.6% -0.4% 63.4% 63.7% 0.3% Operating margin 34.8% 16.2% 35.4% 19.3% 0.6% 28.2% 29.2% 1.0% Pre-tax margin 34.6% 16.6% 35.4% 18.7% 0.8% 28.1% 29.3% 1.2% Net margin 27.5% 13.2% 28.2% 15.0% 0.6% 22.4% 23.3% 1.0% KLBF: Laba bersih meningkat Penjualan neto tercatat tumbuh 5,3% menjadi Rp 10,1 triliun. Laba brutonya naik 5,6% menjadi Rp 4,9 triliun. Laba bersihnya naik 6,1% menjadi Rp 1,2 triliun. (Bisnis Indonesia) Comment: Kinerja 1H17 tampak masih relatif lemah. Meski demikian, laba bersih itu mencerminkan 48% dan 47% dari estimasi kami dan konsensus untuk FY17F (inline). Laporan lebih detil akan kami sampaikan nanti. KLBF: Buy, 17E PE: 32.5x, PBV: 6.1x. www.samuel.co.id Page 4 of 11

RALS: Kinerja 1H17 di atas estimasi Laporan keuangan 1H17 perusahaan menunjukkan kenaikan pendapatan sebesar 10%yoy menjadi Rp3.5 triliun (di atas estimasi kami dan konsensus), hasil yang baik di tengah lemahnya capaian kinerja sektor konsumsi dan ritel secara keseluruhan sebagai akibat dari lesunya daya beli masyarakat. Sementara, pada level operasional, kenaikan beban operasional perusahaan (mayoritas gaji karyawan dan pembagian THR), tidak terlalu berdampak signifikan, sehingga laba usaha tetap naik sebesar 65%yoy menjadi Rp415 miliar. Laba bersih perusahaan naik 44% secara yoy menjadi Rp1.3 miliar, dan berada di atas proyeksi kami dan konsensus. Performa marjin laba, baik laba bersih dan laba kotor mengalami kenaikan, baik secara YoY dan QoQ. (Laporan Keuangan Unaudited perusahaan pada Investor Daily). RALS: BUY; 17E PE: 12.9x, PBV: 1.7x. (in Rp bn) 2Q16 1Q17 2Q17 QoQ YoY 1H17 1H16 YoY FY17F 1H17 1H17 /SSI FY17F /FY17F Cons Sales 2,070 1,078 2,387 121% 15% 3,465 3,156 10% 6,237 55.6% 55.9% COGS (1,268) (704) (1,417) 101% 12% (2,121) (1,960) 8% Gross Profit 802 374 970 159% 21% 1,344 1,196 12% 2,277 59.0% 57.8% Operating Expense (530) (394) (535) 36% 1% (929) (945) -2% Operating Profit 273 (20) 435 N/A 60% 415 251 65% 415 100.0% 108.1% Non-Op Income (exp) 21 21 18-13% -13% 39 47-17% Pre-tax Income 293 1 453 55166% 55% 454 298 52% 540 84% 88.7% Tax (47) 2 (88) N/A 89% (86) (43) 100% Net Income 247 3 365 12622% 48% 368 255 44% 483 76.2% 82.1% Profitability Gross margin 38.7% 34.7% 74.8% 40.1% 36.0% 38.8% 37.9% 0.9% Operating margin 13.2% -1.9% 18.2% 20.1% 5.1% 12.0% 8.0% 4.0% Pre-tax margin 14.2% 0.1% 19.0% 18.9% 4.8% 13.1% 9.4% 3.7% Net margin 11.9% 0.3% 15.3% 15.0% 3.4% 10.6% 8.1% 2.5% www.samuel.co.id Page 5 of 11

MAPI: Laba bersih 1H17 di atas estimasi kami Laporan keuangan 1H17 perusahaan menunjukkan kenaikan pendapatan sebesar 16%yoy menjadi Rp6.7 triliun (relatif sesuai dengan estimasi kami dan konsensus), hasil yang relatif baik di tengah lemahnya capaian kinerja sektor konsumsi dan ritel secara keseluruhan sebagai akibat dari lesunya daya beli masyarakat. Sementara, pada level operasional, kenaikan beban operasional perusahaan (mayoritas gaji karyawan dan pembagian THR), tidak terlalu berdampak signifikan, sehingga laba usaha tetap naik sebesar 59%yoy menjadi Rp549 miliar. Laba bersih perusahaan naik 280% secara yoy menjadi Rp175miliar, dan berada di atas proyeksi kami dan konsensus. Secara QoQ, laba bersih perusahaan juga tercatat naik, yaitu sebesar 97% dan mencapai Rp116 miliar (1Q17: Rp59 miliar). (Laporan Keuangan Unaudited perusahaan pada Investor Daily). Performa marjin laba, baik laba bersih dan laba kotor mengalami kenaikan, baik secara YoY dan QoQ. (Laporan Keuangan Unaudited perusahaan pada Investor Daily). MAPI: BUY; 17E PE: 40.7x, PBV: 2.9x. (in Rp bn) 2Q16 1Q17 2Q17 QoQ YoY 1H16 1H17 YoY FY17F 1H17 1H17 /SSI FY17F /Cons' FY17F Sales 3,493 3,617 4,096 13% 17% 6,660 7,713 16% 15,879 49% 49% COGS (1,890) (1,857) (2,076) 12% 10% (3,486) (3,933) 13% Gross Profit 1,603 1,760 2,020 15% 26% 3,174 3,780 19% 7,463 51% 50% Operating Expense (1,389) (1,577) (1,654) 5% 19% (2,829) (3,231) 14% Operating Profit 214 183 366 100% 71% 345 549 59% 907 61% 53% Non-Op Income (exp) (155) (90) (142) 58% -8% (257) (232) -10% Pre-tax Income 59 93 224 141% 280% 88 317 260% 473 67% 50% Tax (28) (34) (108) 218% 286% (42) (142) 238% Net Income 31 59 116 97% 274% 46 175 280% 251 70% 49% Profitability Gross margin 45.9% 48.7% 49.3% 0.7% 3.4% 47.7% 49.0% 1.4% Operating margin 6.1% 5.1% 8.9% 3.9% 2.8% 5.2% 7.1% 1.9% Pre-tax margin 1.7% 2.6% 5.5% 2.9% 3.8% 1.3% 4.1% 2.8% Net margin 0.9% 1.6% 2.8% 1.2% 1.9% 0.7% 2.3% 1.6% www.samuel.co.id Page 6 of 11

CPIN: Laba bersih 1H17 menurun, namun masih di atas estimasi Laporan keuangan 1H17 perusahaan menunjukkan kenaikan pendapatan sebesar 32%yoy menjadi Rp24.9triliun (relatif sesuai dengan estimasi kami dan konsensus), hasil yang relatif baik di tengah lemahnya capaian kinerja sektor konsumsi dan ritel secara keseluruhan sebagai akibat dari lesunya daya beli masyarakat dan lemahnya harga DOC dan Broiler terutama pada kuartal pertama tahun ini. Kami melihat, momentum Lebaran cukup mampu mendongkrak volume penjualan perusahaan, di mana secara QoQ, penjualan naik 8% menjadi Rp12.9 triliun. Sementara, pada level operasional, kenaikan beban operasional perusahaan (mayoritas gaji karyawan dan pembagian THR), cukup menekan laba usaha, sehingga laba usaha turun sebesar 10%yoy menjadi Rp2.1 triliun (1H16: Rp2.3 triliun). Performa marjin laba, baik laba bersih dan laba kotor mengalami penurunan, baik secara YoY dan QoQ Laba bersih perusahaan turun 13% secara yoy menjadi Rp1.5 triliun, namun masih berada di atas proyeksi kami dan konsensus. Secara QoQ, laba bersih perusahaan tercatat meningkat, yaitu sebesar 81% dan mencapai Rp1.13 triliun (1Q17: Rp 625 miliar). (Laporan Keuangan Unaudited perusahaan pada Bisnis Indonesia). CPIN: BUY; 17E PE: 11.6x, PBV: 1.5x. (in Rp bn) 2Q16 1Q17 2Q17 QoQ YoY 1H16 1H17 YoY FY17F 1H17 1H17 / SSI FY17F / Cons FY17F Sales 9,834 12,014 12,923 8% 31% 18,860 24,937 32% 41,329 60% 59% COGS (8,016) (10,596) (11,077) 5% 38% (15,596) (21,690) 39% Gross Profit 1,818 1,418 1,846 30% 2% 3,264 3,247-1% 7,152 45% 46% Operating Expenses (475) (547) (382) -30% -20% (929) (1,151) 24% Operating Profit 1,343 871 1,464 68% 9% 2,335 2,096-10% 4,346 48% 49% Non-Operating Inc (exp) (103) (116) (35) -70% -66% (151) (205) 36% Pre-tax Income 1,241 755 1,429 89% 15% 2,184 1,891-13% 3,481 54% 63% Tax (267) (130) (290) 123% 9% (420) (368) -12% Minority Interest (4) - (6) N/A 1 (6) 1 N/A Net Income 970 625 1,133 81% 17% 1,758 1,524-13% 2,820 54% 62% Profitability Gross margin 18.5% 11.8% 14.3% 2.5% -4.2% 17.3% 13.0% -4.3% Operating margin 13.7% 7.2% 11.3% 4.1% -2.3% 12.4% 8.4% -4.0% Pre-tax margin 12.6% 6.3% 11.1% 4.8% -1.6% 11.6% 7.6% -4.0% Net margin 9.9% 5.2% 8.8% 3.6% -1.1% 9.3% 6.1% -3.2% www.samuel.co.id Page 7 of 11

Stock Rec. Mkt Cap Last price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE Banks (Rp bn) (Rp) (%) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E BMRI BUY 312,083 13375 0.0 15.6 13163 14400 7.7 15.7 12.8 1.8 1.5 11.3% 12.0% BBCA HOLD 463,514 18800 0.0 21.3 18984 18000-4.3 20.0 18.9 3.6 3.1 17.9% 16.5% BBRI BUY 357,703 14500 (1.4) 24.2 15333 15550 7.2 12.8 11.2 2.1 1.9 16.8% 16.8% BBNI BUY 137,068 7350 0.7 33.0 7544 7700 4.8 10.4 8.8 1.4 1.2 13.5% 14.3% BBTN BUY 27,428 2590 2.8 48.9 2770 2870 10.8 8.8 8.2 1.3 1.1 14.4% 13.7% BNLI BUY 19,630 700 1.4 30.5 815 890 27.1 13.2 14.6 0.9 0.8 6.7% 5.7% Average 13.5 12.4 1.8 1.6 0.1 0.1 Consumer (Staples) ICBP BUY 98,835 8475 (1.5) (1.2) 9348 10300 21.5 23.8 20.9 4.9 4.4 20.8% 20.9% INDF BUY 75,512 8600 0.0 8.5 9628 9900 15.1 16.2 14.1 2.3 2.1 14.2% 14.9% KLBF BUY 80,625 1720 0.6 13.5 1729 1750 1.7 32.5 28.7 6.1 5.4 18.7% 18.7% ROTI BUY 6,428 1270 3.3 (20.6) 1514 2050 61.4 18.4 15.1 3.8 3.1 20.4% 20.8% ULTJ BUY 14,442 5000 0.0 9.4 5750 5300 6.0 18.8 17.0 3.5 3.0 18.9% 17.5% UNVR HOLD 369,101 48375 1.2 24.7 48260 45200-6.6 51.7 46.1 60.2 52.8 116.6% 114.4% SIDO BUY 7,440 496 (0.8) (4.6) 676 700 41.1 13.8 11.0 2.6 2.5 18.9% 22.4% AISA BUY 4,184 1300 8.8 (33.2) 1660 1600 23.1 6.8 5.8 1.0 0.9 14.7% 16.5% Average 22.7 19.8 10.6 9.3 30.4% 30.8% Cigarette HMSP BUY 424,561 3650 (0.3) (4.7) 4064 4390 20.3 32.9 31.7 11.3 10.3 34.3% 32.4% GGRM BUY 153,542 79800 2.3 24.9 79605 77150-3.3 22.6 21.4 3.2 2.9 14.1% 13.4% Average 27.7 26.5 7.2 6.6 24.2% 22.9% Healthcare MIKA BUY 31,430 2160 0.5 (16.0) 2595 2950 36.6 40.0 36.6 7.8 7.1 19.6% 19.3% SILO HOLD 12,811 9850 (0.8) (9.6) 12755 12500 26.9 121.6 95.6 4.0 3.7 3.3% 3.8% Average 80.8 66.1 5.9 5.4 11.4% 11.6% Poultry CPIN BUY 44,931 2740 (3.5) (11.3) 3171 4500 64.2 11.6 10.7 1.5 1.3 12.8% 12.4% JPFA BUY 13,407 1175 (0.8) (19.2) 1549 1500 27.7 6.9 5.5 1.2 1.0 18.0% 18.9% MAIN BUY 2,239 1000 0.0 (23.1) 1111 2280 128.0 5.4 4.3 0.9 0.7 15.9% 17.2% Average 8.0 6.9 1.2 1.0 15.6% 16.2% Retail MAPI BUY 10,209 6150 0.0 13.9 7421 7700 25.2 40.7 29.4 2.9 2.7 7.2% 9.1% RALS BUY 6,706 945 (5.0) (20.9) 1396 1300 37.6 12.9 10.2 1.7 1.6 13.3% 15.4% ACES BUY 19,465 1135 0.4 35.9 1158 1300 14.5 25.8 21.0 5.8 4.8 22.4% 23.0% LPPF BUY 35,599 12200 (6.2) (19.3) 16181 19500 59.8 12.9 12.4 10.5 7.4 81.1% 60.0% Average 23.1 18.3 5.2 4.1 31.0% 26.9% Telco EXCL BUY 35,270 3300 0.0 42.9 3646 3200-3.0 89.2 58.9 1.6 1.6 1.8% 2.7% ISAT BUY 34,777 6400 1.2 (0.8) 8087 8200 28.1 17.6 12.6 2.4 2.1 13.4% 16.7% TLKM BUY 473,760 4700 1.1 18.6 4954 5000 6.4 19.6 15.2 4.7 4.0 24.0% 26.7% TOWR BUY 41,832 4100 3.0 14.5 4613 4500 9.8 11.9 11.2 2.9 2.3 24.5% 20.7% Average 34.6 24.5 2.9 2.5 15.9% 16.7% Auto and HE ASII BUY 321,844 7950 (1.5) (3.9) 9149 9000 13.2 14.4 12.2 2.5 2.0 17.2% 16.4% UNTR BUY 109,479 29350 1.4 38.1 31605 31500 7.3 16.8 14.9 2.5 2.2 14.7% 14.9% Average 15.6 13.5 2.5 2.1 15.9% 15.7% Aviation GIAA HOLD 9,009 348 (2.2) 3.0 385 420 20.7 261.4 26.1 0.6 0.4 0.2% 1.7% Property BSDE BUY 33,682 1750 (1.1) (0.3) 2261 2350 34.3 15.6 13.5 1.4 1.2 8.7% 8.5% PWON BUY 33,471 660 4.5 23.0 721 710 7.6 16.1 13.5 3.1 2.6 19.2% 19.3% ASRI HOLD 6,013 306 (0.6) (13.1) 441 390 27.5 9.0 8.5 0.8 0.7 8.8% 8.7% SMRA HOLD 14,355 995 (4.3) (24.9) 1436 1307 31.4 43.3 33.2 1.7 1.6 4.0% 4.8% SSIA BUY 3,200 680 0.0 56.7 961 750 10.3 15.1 12.6 1.0 0.9 6.6% 7.5% CTRA BUY 19,024 1025 0.5 (23.2) 1606 1580 54.1 11.9 10.0 1.2 1.1 10.3% 11.1% DMAS BUY 10,218 212 0.0 (7.8) 295 300 41.5 12.0 9.7 1.2 1.0 9.7% 10.8% KIJA BUY 6,581 316 (0.6) 9.1 413 450 42.4 13.7 12.2 1.1 1.0 7.8% 8.1% Average 17.1 14.1 1.4 1.3 9.4% 9.8% www.samuel.co.id Page 8 of 11

Construction PTPP BUY 19,034 3070 7.0 (19.4) 4534 4150 35.2 13.6 11.5 1.6 1.5 11.8% 12.6% ADHI HOLD 7,727 2170 1.9 4.3 2741 2550 17.5 23.3 19.5 1.4 1.4 6.0% 7.1% WSKT BUY 32,170 2370 5.8 (7.1) 3185 3250 37.1 14.2 11.2 1.6 1.5 11.2% 13.6% WIKA BUY 18,568 2070 3.8 (12.3) 3007 3000 44.9 16.7 14.6 1.3 1.2 8.0% 8.3% Average 17.0 14.2 1.5 1.4 9.3% 10.4% Cement INTP SELL 64,974 17650 1.0 14.6 15239 13500-23.5 17.8 16.8 2.3 2.1 12.9% 12.6% SMGR HOLD 59,612 10050 0.0 9.5 9845 9000-10.4 14.7 13.3 1.9 1.7 12.9% 12.9% SMCB SELL 6,054 790 (0.6) (12.2) 806 700-11.4-32.9-26.3 0.7 0.7-2.3% -2.8% SMBR HOLD 31,287 3160 0.0 13.3 539 2300-27.2 83.2 79.0 8.3 7.3 10.0% 9.3% Average 20.7 20.7 3.3 3.0 8.4% 8.0% Precast WSBP BUY 12,864 452 2.5 (12.1) 683 690 52.7 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 5,273 605 3.4 (26.7) 962 1150 90.1 15.9 13.8 1.7 1.5 10.9% 10.6% Average 13.8 11.4 1.6 1.3 11.6% 12.1% Oil and Gas PGAS HOLD 54,786 2260 0.9 (16.3) 2788 2600 15.0 12.4 10.1 1.2 1.1 9.4% 10.7% AKRA BUY 27101.0 6775.0 2.3 12.9 6857.1 7600 12.2 23.1 22.9 3.5 3.2 15.2% 14.0% MEDC BUY 8,998 2700 1.9 104.5 4117 4500 66.7 3.7 3.5 0.7 0.6 17.6% 16.3% Average 13.1 12.2 1.8 1.6 14% 14% Utilities JSMR HOLD 41,370 5700 4.1 31.9 6006 5100-10.5 21.3 21.5 2.8 2.5 12.9% 11.7% Metal ANTM BUY 16,581 690 (3.5) (22.9) 703 1250 81.2 8.0 4.3 0.8 0.8 10.0% 17.8% INCO HOLD 24,741 2490 4.2 (11.7) 2306 2145-13.9 93.8 46.9 1.0 1.0 1.1% 2.1% TINS BUY 6,182 830 (1.2) (22.8) 1038 1200 44.6 39.5 24.4 1.1 1.1 2.9% 4.5% Average 47.1 25.2 1.0 1.0 4.7% 8.1% Coal DOID BUY 6677.2 785.0 6.1 53.9 1587.5 1600 103.8 5.4 5.6 2.4 1.6 44.0% 28.6% ITMG BUY 23,192 20525 0.1 21.6 21727 22300 8.6 9.7 9.7 1.7 1.6 17.9% 16.6% ADRO BUY 58,374 1825 1.4 7.7 2026 2100 15.1 13.8 12.6 1.2 1.1 8.5% 8.7% PTBA BUY 30,357 13175 1.5 5.4 15039 15000 13.9 13.6 11.0 2.7 2.4 19.9% 21.5% Average 10.6 9.7 2.0 1.7 22.6% 18.9% Plantation AALI BUY 28,052 14575 (4.3) (13.1) 17659 19800 35.8 16.0 13.4 1.7 1.6 10.7% 12.1% LSIP BUY 9,586 1405 (1.1) (19.3) 1713 2050 45.9 12.7 9.8 1.2 1.1 9.1% 10.9% SIMP HOLD 8,224 520 (1.0) 5.3 588 600 15.4 11.1 10.2 0.6 0.5 5.0% 5.2% Average 13.2 11.1 1.1 1.1 8.3% 9.4% Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, MEDC, INCO, DOID report in USD. www.samuel.co.id Page 9 of 11

Regional Indices 1D Change Change (%) 1 Year Last Price Points 1D 3D 1W 1M 3M YTD 1YR High Low World (3.22) 1,960 (0.16) (0.08) 0.28 2.29 4.37 11.94 13.85 1,971 1,657 U.S. (S&P) (3.32) 2,472 (0.13) (0.20) (0.02) 2.01 3.69 10.42 13.73 2,484 2,084 U.S. (DOW) 33.76 21,830 0.15 1.00 1.16 2.25 4.25 10.46 18.44 21,841 17,884 Europe (25.41) 3,468 (0.73) (0.17) 0.46 0.75 (2.58) 5.39 15.95 3,667 2,893 Emerging Market (5.98) 1,063 (0.56) 0.06 (0.12) 5.16 8.69 23.28 21.70 1,073 837 FTSE 100 (74.64) 7,368 (1.00) (0.89) (1.13) 0.76 2.28 3.16 n/a 7,599 6,616 CAC 40 (55.56) 5,131 (1.07) (0.58) 0.27 0.21 (2.58) 5.53 15.58 5,442 4,293 Dax (49.34) 12,163 (0.40) (0.83) (0.63) (1.32) (2.21) 5.94 17.66 12,952 10,093 Indonesia 11.28 5,831 0.19 0.30 1.14 0.02 2.56 10.09 11.79 5,910 5,023 Japan 4.81 19,965 0.02 (0.43) (0.06) (0.34) 4.00 4.45 20.49 20,318 15,921 Australia 1.28 5,704 0.02 (1.26) 0.28 (0.30) (3.71) 0.68 2.55 5,957 5,052 Korea (7.75) 2,393 (0.32) (1.70) (2.38) 0.06 8.52 18.10 18.70 2,453 1,931 Singapore (23.96) 3,331 (0.71) 0.09 0.50 3.23 4.89 15.62 16.11 3,355 2,761 Malaysia (2.99) 1,767 (0.17) 0.21 0.45 0.19 (0.06) 7.64 6.88 1,797 1,614 Hong Kong (151.78) 26,979 (0.56) 0.47 1.02 4.72 9.60 22.63 23.24 27,169 21,489 China 3.46 3,253 0.11 0.29 0.47 1.90 3.12 4.82 9.19 3,301 2,932 Taiwan (85.32) 10,423 (0.81) (0.38) (0.13) 0.27 5.58 12.64 16.01 10,546 8,880 Thailand (2.11) 1,581 (0.13) 0.27 0.37 (0.10) 0.94 2.47 3.70 1,601 1,343 Philipines 25.69 8,071 0.32 1.25 1.02 2.91 5.36 17.99 1.36 8,107 6,499 Monetary Indicators 1D Change Change (%) 1 Year Last Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) (0.04) 4.36 (0.14) (13.77) 0.56 2.93 (6.16) 5.39 4.16 Foreign Reserve (US$bn) n/a 123.09 n/a (1.49) 1.06 5.79 12.12 124.95 111.41 Inflation Rate (%) n/a 0.69 n/a 76.92 3550.00 64.29 4.55 0.97 (0.02) US Fed Rate (%) 0.00 1.25 0.00 0.00 25.00 66.67 150.00 1.25 0.50 Indo Govt Bond Yld (10yr) - % (0.00) 6.95 0.30 1.82 (1.35) (12.79) 0.26 8.36 6.77 Exchange Rate (per US$) 1D Change Change (%) 1 Year Last Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 9.00 13327 (0.07) (0.01) (0.11) 0.01 1.10 1.10 (1.68) 13,593 12,920 Japan (0.18) 110.50 0.16 0.62 0.54 1.71 5.85 5.85 (7.34) 118.66 99.54 UK (0.00) 1.31 (0.02) 0.08 0.81 0.83 6.43 6.43 (0.35) 1.34 1.18 Euro (0.00) 1.17 (0.09) 0.05 0.84 2.75 11.63 11.63 5.17 1.18 1.03 China (0.01) 6.74 0.09 0.21 0.44 0.93 3.09 3.09 (1.18) 6.96 6.62 Commodities Indicators 1D Change Change (%) 1 Year Last Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil 0.06 49.77 0.12 2.09 7.40 8.10 0.89 (7.35) 19.64 55.24 39.19 CPO (22.00) 2,655.00 (0.82) 1.10 3.19 8.81 5.86 (14.60) 15.43 3,202.00 2,298.00 Rubber (8.00) 814.00 (0.97) (0.67) 2.20 2.78 (14.14) (16.73) 20.59 1,174.00 644.00 Coal 0.65 86.00 0.76 0.23 (1.04) 8.79 8.31 (9.19) 28.94 112.25 69.00 Iron Ore (0.93) 67.71 (1.35) 1.45 (1.57) 20.78 5.52 (13.26) 19.00 94.91 54.24 Tin (90.00) 20,730.00 (0.43) 1.12 1.42 5.87 3.70 (2.24) 16.72 21,945.00 17,924.00 Nickel 70.00 10,200.00 0.69 1.95 7.14 10.03 7.94 1.80 (4.63) 12,145.00 8,680.00 Copper (5.00) 6,325.00 (0.08) 1.61 5.35 7.55 10.28 14.26 29.17 6,400.00 4,582.00 Gold 1.20 1,269.60 0.09 1.62 1.22 2.33 0.28 10.40 (5.89) 1,367.20 1,124.70 Source: SSI Research, Bloomberg www.samuel.co.id Page 10 of 11

Research Team Andy Ferdinand, CFA Head Of Equity Research, Strategy, Banking, Consumer andy.ferdinand@samuel.co.id +6221 2854 8148 Rangga Cipta Economist rangga.cipta@samuel.co.id +6221 2854 8396 Muhamad Makky Dandytra, CFTe Technical Analyst makky.dandytra@samuel.co.id +6221 2854 8382 Akhmad Nurcahyadi, CSA Arandi Ariantara Auto, Aviation, Cigarette, Construction Healthcare, Heavy Equipment, Property Cement, Telecommunication, Toll Road, Oil and Gas akhmad.nurcahyadi@samuel.co.id +6221 2854 8144 arandi.ariantara@samuel.co.id +6221 2854 8392 Marlene Tanumihardja Poultry, Retail, Small Caps marlene@samuel.co.id +6221 2854 8387 Sharlita Lutfiah Malik Mining, Plantation sharlita.malik@samuel.co.id +6221 2854 8339 Nadya Swastika Research Associate nadya.swastika@samuel.co.id +6221 2854 8338 Private Wealth Management Evelyn Satyono Head of PWM / Institutional Sales evelyn.satyono@samuel.co.id +6221 2854 8380 Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor m.alfatih@samuel.co.id +6221 2854 8129 Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id +6221 2854 8399 Clarice Wijana Institutional Equity Sales clarice.wijana@samuel.co.id +6221 2854 8395 Fachruly Fiater Institutional Equity Sales fachruly.fiater@samuel.co.id +6221 2854 8325 Equity Sales Team Kelvin Long Head of Equities kelvin.long@samuel.co.id +6221 2854 8150 Yulianah Institutional Equity Sales yulianah@samuel.co.id +6221 2854 8146 Lucia Irawati Retail Equity Sales lucia.irawati@samuel.co.id +6221 2854 8173 Online Trading Sales Team Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id +6221 2854 8372 Wahyu Widodo Marketing wahyu.widodo@samuel.co.id +6221 2854 8371 Aben Epapras Marketing aben.epapras@samuel.co.id +6221 2854 8389 www.samuel.co.id Page 11 of 11