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Equity Research | 17 Sep 2013
Economic Data
HIGHLIGHT
Latest
2013F
7.25
7.50
Inflation (YoY %)
8.79
8.20
11,380
10,500
4,522.2
Trading T/O ( Rp bn )
6,109.0
Market Cap ( Rp tn )
4,454.7
3.35%
STRATEGY
Strategy: Time to go bullish
A number of key event risks over the next few weeks that could hurt
the JCI have unexpectedly diminish: US bombing of Syria, impact of QE
tapering, the Current Account deficit. We upgrade our country rating
to Overweight (from Neutral), raise our 2013 year-end JCI target to
5,000. Add BSDE and ICBP.
Upgrading to Overweight. While not truly cheap, and some risks remain
(the budget and debt ceiling vs Obamacare fight in the US Congress), the
JCI is likely to rebound strongly thanks to the high cash holding by local
funds. We add ICBP and BSDE to our Top BUY Portfolio, and drop our USD
hedge AALI and UNTR.
2013F
2014F
5.0
13.0
10.3
19.3
9.9
22.5
EV/EBITDA (x)
12.4
10.9
P/E (x)
15.8
12.9
P/BV (x)
3.0
2.6
2.5
2.9
6.3
7.6
25.1
23.0
ROE (%)
22.7
27.1
john.rachmat@mandirisek.co.id
Page 1 of 6
SECTOR
Automotive: August 4W sales above indication
August official 4W/2W sales were announced yesterday. Actual 4W volume came 8% ahead of earlier indication, while 2W
volume was relatively similar.
4W sales down 30.5%mom to 77,961 units on Ramadan seasonality, but up 2.0%yoy. This years 30.5%mom drop is worse
than the historical pattern of 18-25%, partially as current Ramadan holiday starts since the beginning of the month, not in
the middle. YTD, 8M13 sales up 10.9%yoy to 792,358 units, still on-track with our full-year 12.8%yoy growth forecast that
includes some LCGC sales. ASIIs market share remained at 50% level August or 53% YTD.
2W sales also down 30.4%mom to 488,893 units, but strongly up 13.9%yoy. 8M13 sales rose 8.6%yoy to 5.1mn units,
accounting for 69% of our FY13F forecast of 7.4mn units (+5.1%yoy). We continue to believe that rising lending rates
would have lesser impact to 2W sales, given the lower monthly installment. 2W also has lower FX risks, given much lower
portion of imported parts, thus theoretically lower ASP increase potential.
Honda continued to maintain its dominance with 60% market share in both August and 8M13. With YTD sales at 3.1mn
units (+13.5%yoy), Hondas full-year sales may end up higher than our 7.2% growth forecast.
We retain our Neutral call on ASII (TP: Rp7,300) and Buy call on IMAS (TP: Rp6,000).
Total Domestic Car Sales (Wholesale)
Aug-13
YoY
MoM
8M13
YoY
(%)
(%)
(units)
(%)
Toyota
24,944
(3.7)
(36.5)
279,583
5.6
Daihatsu
11,689
6.0
(24.5)
115,612
9.7
Nissan Diesel
156 (22.4)
18.2
1,280 (46.3)
Isuzu
1,962 (15.8)
(21.9)
20,700
(7.9)
Peugeot
25
8.7
(37.5)
231
6.0
Nissan
4,500 (15.2)
(24.3)
41,782
(9.3)
Honda
4,163 (17.4)
(51.1)
62,010
60.9
Mitsubishi
10,487
14.1
(25.1)
101,922
6.7
Suzuki
12,006
18.6
(28.7)
104,269
39.4
Others
8,029
10.1
(15.0)
64,969
1.5
Total
77,961
2.0 (30.5)
792,358
10.9
Source: ASII, Gaikindo
Brands
Brands
Honda
Yamaha
Suzuki
Kawasaki
TVS
Total
Source: ASII, AISI
Aug-13
(%)
32.0
15.0
0.2
2.5
0.0
5.8
5.3
13.5
15.4
10.3
Market shares
YoY MoM 8M13
(%)
(%)
(%)
(1.9)
(3.0)
35.3
0.6
1.2
14.6
(0.1)
0.1
0.2
(0.5)
0.3
2.6
0.0
(0.0)
0.0
(1.2)
0.5
5.3
(1.3)
(2.2)
7.8
1.4
1.0
12.9
2.2
0.4
13.2
0.8
1.9
8.2
YoY
(%)
(1.8)
(0.2)
(0.2)
(0.5)
(0.0)
(1.2)
2.4
(0.5)
2.7
(0.8)
Aug-13
(%)
60.2
31.3
6.5
1.8
0.1
Market Shares
YoY MoM 8M13
(%)
(%)
(%)
(0.8)
1.1
60.1
0.3
(1.4)
32.5
0.8
0.6
5.5
(0.3)
(0.3)
1.8
(0.0)
0.0
0.1
YoY
(%)
2.6
(2.1)
(0.5)
0.1
(0.1)
adrian.joezer@mandirisek.co.id
Page 2 of 6
Property sector: Stricter mortgage regulation would be for second homes and beyond
Mortgage distribution would be based on the construction in progress. In Investor Daily, the Central Bank Governor
stated his plan that the mortgage for the first home buyer may still be distributed based on construction in progress. The
purpose is to manage risk in the mortgage loan disbursement. For example, if the house is 50% completed, 50% of the
mortgage would be given out. If 80% of the house is already completed, 80% of the mortgage would be distributed.
Second home mortgage distribution would need to be 100% complete. For second homes and beyond, 100%
completion of the building is a requirement for the mortgages to be given out.
Less stricter compared to yesterdays plan of 100% for first homebuyer. The planned regulation is more lax
compared to yesterdays news, in which the mortgage loan disbursement for the first home buyer would only happened
if the house is 100% complete. We think the definition of 50% complete would need to be clarified, on whether the value
of the land would be included or not. Due to sharp land price increase, the value of the land is already 50% or more
compared to the total house value. If the value of the land is included, the cash-flow of the property companies could
remain relatively safe, as they do not have to put significant working capital upfront to build the house.
The new LTV rule would be implemented at end of September. The Central Bank Governor mentions that there is
slight delay on the implementation of the new LTV rule (stricter LTV for the second homebuyer). The new LTV rule would
be implemented at the end of September. Currently the new LTV rule is still in the legal review process.
liliana.bambang@mandirisek.co.id
Bank Indonesia will soon introduce a new regulation on mortgage which will rule the disbursement of first home
mortgage (for landed property and apartments) in stages, according to the completion of the property. For the mortgage
of second and more property, this ruling will not be valid and banks will only be able to finance the ready-made property.
Comment: we checked with several banks on their mortgage disbursement practices and only BTN indicated that most of
credit is given upon the completion of the property. The rest of the banks usually disburse the mortgage, for a new house or
apartment, during the construction or even when the property is yet to be developed. We believe the new regulation will slow
down the mortgage lending, which is growing at 16.5% y-y for landed property and 61.3% y-y for apartments. Both loans
account for 8.8% of total loans in June 2013, up from 8.0% two years ago. What the banks expect is a shift from mortgage into
working capital loans for property construction, which account for 3.7% of total loans.
The following shows mortgage loans exposure in some of the major banks:
tjandra.lienandjaja@mandirisek.co.id
Page 3 of 6
MARKET
Market Recap September 16th 2013; JCI: 4,522.239 (+3.35%); USD/IDR: 11,380; Total Value: Rp7.06tn
Indo market registered the bulk of its gain during afternoon session, buoyed by optimism over light tapering as
Lawrence Summers withdrew as candidate for US Fed Chief. JCI edged higher for three straight session by 3.4% to close
at 4,522 level. All sectors traded in the green led by auto, cement, and consumer. Furthermore, despite potential stricter
mortgage regulation due end of this month, property sector remained favorite among players. Regular market
transaction was recorded at Rp6.1tn (USD536mn) and volume (excluding USD5.5mn BMAS crossing) was strong at
USD600mn. Foreign investor posted a net buy of Rp480.48bn (USD42.22mn) and foreign participants returned to 35%
and came up better buyer for 20%.
TOP TURNOVER: BBRI, ASII, ADHI, BMRI, SMGR, TLKM, LPKR, PGAS, WIKA, BBCA, BMTR, ASRI, BBNI, KLBF, ERAA (45% of total
T/O)
ADVANCING SECTOR: auto (+7.7%), cement (+5.5%), consumer (+4.5%), property (+2.9%), financial (+2.6%), telco (+2%),
infra (+1.5%), mining (+1.1%), plantation (+0.2%)
The yield of 10-year government bond decreased to 8.03% (-3.8%) and Rupiah depreciated to Rp11,380 (-1.32%).
Sales Team
Page 4 of 6
Equity Valuation
Outstanding
JCI Code
Mandiri Universe
Banking
BCA
BNI
BRI
BTN
Danamon
Bank BJB
Bank Jatim
BTPN
Panin
Infrastructure
Holcim
Indocement
Semen Gresik
Adhi Karya
Pembangunan Perumahan
Wijaya Karya
Waskita Karya
Jasa Marga
Consumer
Gudang Garam
Indofood CBP
Indofood
Mayora
Unilever
Wismilak
Kalbe Farma
Dyandra
Retail
Ace Hardware Indonesia
ERAA
Matahari Department Store
Mitra Adiperkasa
Ramayana
Supra Boga
Tiphone Mobile Indonesia
Conglomerates
Astra International
IMAS
Heavy Equipment
Hexindo Adiperkasa
United Tractors
Plantation
Astra Agro Lestari
BW Plantation
London Sumatera Plantations
Sampoerna Agro
Property
Agung Podomoro Land
Alam Sutera Realty
Sentul City
Bumi Serpong Damai
CIPUTRA DEVELOPMENT
Modernland
Summarecon Agung
Energy
Adaro
Berau
Bumi
Harum Energy
Indo Tambangraya Megah
Bukit Asam
Energi Mega Persada *)
Medco *)
PGN *)
Metal
Antam *)
Bumi Resources Minerals *)
PT Inco *)
Telecommunication
EXCEL *)
Indosat *)
TBI *)
Telkom *)
Note :
Rating
Shares
(Mn) Price (Rp)
Price
Target
BBCA
BBNI
BBRI
BBTN
BDMN
BJBR
BJTM
BTPN
PNBN
Neutral
Buy
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
24,655
18,649
24,660
8,836
9,585
9,696
14,769
5,840
24,088
10,050
4,400
8,200
1,010
4,100
920
340
4,050
650
10,300
5,300
10,600
1,700
6,000
1,300
575
5,500
850
SMCB
INTP
SMGR
ADHI
PTPP
WIKA
WSKT IJ
JSMR
Neutral
Buy
Buy
Buy
Neutral
Neutral
Neutral
Buy
7,663
3,681
5,932
1,801
4,842
6,106
9,632
6,800
2,400
20,050
14,500
1,950
1,190
1,940
620
5,700
2,700
24,000
17,000
4,200
1,500
2,200
850
6,700
GGRM
ICBP IJ
INDF
MYOR
UNVR
WIIM
KLBF
DYAN
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
1,924
5,831
8,780
767
7,630
2,100
46,875
4,273
43,300
11,200
6,750
30,500
32,150
720
1,370
270
42,800
10,700
7,500
25,000
30,650
1,100
1,275
425
ACES
ERAA
LPPF
MAPI
RALS
RANC
TELE
Neutral
Buy
Buy
Neutral
Buy
Buy
Buy
1,715
2,025
2,918
1,660
7,096
1,564
5,367
760
1,500
12,300
5,650
1,190
610
510
800
1,730
15,600
5,700
1,850
980
810
ASII
IMAS
Neutral
Buy
40,484
2,765
6,900
5,100
7,300
6,000
HEXA
UNTR
Sell
Neutral
840
3,730
3,400
17,000
4,000
17,000
AALI
BWPT
LSIP
SGRO
Buy
Neutral
Buy
Neutral
1,575
4,052
6,823
1,890
19,750
840
1,390
1,880
21,200
785
1,700
1,700
APLN
ASRI
BKSL
BSDE
CTRA
MDLN IJ
SMRA
Buy
Buy
Buy
Buy
Buy
Buy
Buy
20,500
17,863
31,397
17,497
15,166
6,267
14,425
295
610
210
1,460
1,020
690
930
600
1,290
450
2,231
605
1,250
1,645
ADRO
BRAU
BUMI
HRUM
ITMG
PTBA
ENRG
MEDC
PGAS
Sell
Sell
Sell
Neutral
Neutral
Neutral
U/R
U/R
U/R
31,986
34,900
20,300
2,699
1,130
2,304
44,643
3,332
24,242
950
162
435
3,300
30,400
13,000
93
2,625
5,400
1,000
140
500
3,000
27,500
11,000
U/R
U/R
U/R
ANTM
BRMS
INCO
U/R
U/R
U/R
9,538
25,570
9,936
1,460
181
2,375
U/R
U/R
U/R
EXCL
ISAT
TBIG
TLKM
U/R
U/R
U/R
U/R
8,534
5,434
4,797
100,800
4,450
4,200
5,750
2,225
U/R
U/R
U/R
U/R
Mkt Cap
(Rp Bn)
2,603,851
635,133
247,783
82,054
202,287
10,460
39,297
8,921
5,021
23,653
15,657
244,061
18,393
73,809
86,007
3,513
5,762
11,845
5,972
38,760
543,455
83,313
65,307
59,265
23,381
245,305
1,512
64,219
1,154
74,954
13,034
4,350
35,890
9,379
8,444
954
2,902
293,439
279,337
14,103
66,268
2,856
63,412
47,542
31,101
3,403
9,484
3,553
82,291
6,048
10,896
6,593
25,546
15,469
4,324
13,415
261,893
30,387
5,654
8,831
8,910
34,350
29,959
4,152
8,748
130,904
42,153
13,926
4,628
23,599
312,661
37,978
22,823
27,580
224,280
Net Profit
2013
2014
164,850
53,889
13,189
7,985
20,154
1,666
3,924
1,381
978
2,353
2,259
15,166
1,207
5,237
5,703
375
367
581
360
1,335
17,761
4,556
2,474
2,080
895
5,559
125
1,987
85
3,273
491
353
1,129
403
518
49
330
21,692
20,885
807
5,529
617
4,912
2,920
1,897
261
657
105
7,691
1,178
1,730
353
1,696
783
1,001
950
15,125
2,234
209
(2,191)
533
2,382
1,983
417
287
9,272
2,708
1,301
38
1,369
19,097
2,312
780
1,257
14,748
197,106
65,914
15,708
9,997
24,426
2,252
4,973
1,714
1,140
2,907
2,799
17,360
1,344
5,860
6,514
457
457
656
456
1,617
22,095
5,259
2,728
4,193
1,274
6,214
155
2,137
135
4,169
598
417
1,597
475
598
68
417
24,295
23,259
1,036
5,932
504
5,427
4,204
2,593
321
968
322
9,265
1,498
1,892
581
1,917
1,006
1,179
1,192
18,644
2,147
515
(320)
723
2,655
2,279
450
197
9,998
3,433
1,125
148
2,161
21,794
2,837
1,280
1,630
16,047
EPS Growth
2013
2014
10.3%
10.2%
11.6%
13.3%
7.9%
22.1%
-2.2%
15.6%
20.6%
18.9%
7.2%
9.9%
-10.6%
9.9%
17.7%
77.4%
18.6%
27.0%
41.9%
-16.7%
5.5%
13.5%
13.5%
-36.2%
36.4%
14.9%
61.9%
14.6%
29.7%
19.1%
12.4%
-18.5%
46.5%
-6.9%
16.1%
35.0%
60.4%
7.3%
7.5%
0.7%
-14.1%
-11.7%
-15.0%
-29.1%
-21.3%
-0.3%
-41.1%
-68.1%
52.2%
45.1%
42.2%
59.4%
31.9%
70.6%
284.4%
19.0%
19.1%
-39.5%
N/M
65.8%
-57.9%
-42.6%
-31.6%
426.3%
155.8%
-5.0%
81.3%
7.4%
N/M
105.9%
11.1%
-21.9%
109.6%
40.8%
12.9%
19.3%
22.3%
19.1%
25.2%
21.2%
35.2%
26.7%
24.1%
16.5%
23.5%
23.9%
14.5%
11.3%
11.9%
14.2%
21.8%
24.4%
12.8%
26.5%
21.1%
24.4%
15.4%
10.3%
101.6%
42.3%
11.8%
24.1%
7.6%
59.1%
27.4%
21.7%
18.2%
41.4%
18.0%
15.3%
37.2%
7.8%
12.0%
11.4%
28.3%
7.3%
-17.7%
10.5%
44.0%
36.7%
22.9%
47.3%
206.6%
20.5%
27.2%
9.4%
64.7%
13.1%
28.5%
17.7%
25.5%
18.8%
-4.6%
144.6%
85.5%
34.8%
10.6%
14.9%
0.0%
-54.5%
5.3%
37.1%
-0.3%
0.0%
50.0%
14.1%
24.1%
50.9%
30.8%
9.3%
PER (x)
EV / EBITDA (x)
2013 2014 2013 2014
P/BV (x)
2013 2014
15.7
11.8
18.8
10.3
10.0
6.3
10.0
6.5
5.1
10.1
6.9
16.1
15.2
14.1
15.1
9.4
15.7
20.4
16.6
29.0
30.6
18.3
26.4
28.5
26.1
44.1
12.1
32.3
13.6
22.9
26.5
12.3
31.8
23.3
16.3
19.4
8.8
13.5
13.4
17.5
12.0
4.6
12.9
16.3
16.4
13.0
14.4
33.9
10.7
5.1
6.3
18.7
15.1
19.7
4.3
14.1
16.2
13.6
27.0
-4.0
16.7
14.4
15.1
4.4
22.7
13.5
16.1
12.0
n/a
16.2
16.0
17.6
26.1
22.6
14.7
3.0
2.3
3.9
1.7
2.6
0.9
1.3
1.3
0.9
2.3
0.8
3.5
2.0
3.2
4.2
2.4
3.0
3.9
2.6
4.2
6.7
2.9
5.1
2.7
6.5
52.3
2.0
8.1
1.3
6.2
6.4
1.5
-44.7
3.7
2.5
2.4
1.6
3.3
3.3
2.4
1.9
1.4
2.0
2.3
3.3
1.8
1.5
1.3
1.9
1.0
1.7
1.3
2.4
2.6
1.4
2.8
3.2
1.2
2.8
-11.9
2.8
4.0
3.3
n/a
0.8
4.9
0.9
1.1
0.3
1.2
3.0
2.3
1.2
5.3
3.6
13.1
9.6
15.8
8.2
8.3
4.6
7.9
5.2
4.4
8.1
5.6
14.1
13.7
12.6
13.2
7.7
12.6
18.1
13.1
24.0
24.6
15.8
23.9
14.1
18.4
39.5
9.7
30.0
8.6
18.1
21.8
10.4
22.5
19.7
14.1
14.1
8.2
12.1
12.0
13.6
11.2
5.7
11.7
11.3
12.0
10.6
9.8
11.0
8.9
4.0
5.8
11.4
13.3
15.4
3.7
11.3
13.7
14.2
11.0
-27.6
12.3
12.9
13.1
4.5
50.5
13.0
11.7
12.1
17.4
10.9
14.1
14.2
17.3
17.3
13.5
12.4
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
9.9
8.1
8.4
9.9
9.0
6.6
12.8
8.9
15.5
17.9
11.6
16.8
10.1
15.0
32.4
7.8
22.2
6.4
13.4
19.3
8.4
18.6
9.3
9.5
11.0
5.9
14.2
13.8
23.5
6.0
4.4
6.2
9.5
10.0
11.5
6.5
11.3
8.1
5.0
5.4
18.0
11.3
11.7
3.9
9.3
7.8
5.6
4.9
8.2
9.0
7.9
10.9
n/a
6.2
9.1
8.1
6.8
65.9
7.1
5.5
5.8
3.5
18.2
5.3
10.9
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
8.6
7.1
7.2
8.6
8.7
4.7
10.2
7.5
13.7
15.1
10.1
14.6
7.5
11.5
29.8
6.5
20.2
4.7
11.1
15.8
7.1
14.6
8.3
8.0
8.1
5.3
12.5
12.2
19.4
5.3
4.1
5.4
6.8
7.4
8.6
4.6
6.4
6.8
4.0
4.7
11.1
10.3
9.4
3.5
7.4
6.9
5.3
4.2
6.2
6.9
6.9
9.0
n/a
5.9
8.3
6.8
6.6
42.4
5.6
5.2
5.2
3.2
15.9
5.0
2.6
2.0
3.3
1.5
2.1
0.8
1.1
1.2
0.8
1.9
0.7
3.0
1.8
2.7
3.5
1.9
2.6
3.4
2.3
3.8
5.9
2.6
4.6
2.4
5.1
45.9
1.8
7.2
1.1
4.9
5.1
1.4
104.6
3.2
2.3
2.1
1.6
2.8
2.8
2.1
1.7
1.2
1.8
2.1
2.8
1.6
1.3
1.2
1.6
0.8
1.3
1.2
2.1
2.4
1.1
2.2
2.8
1.2
2.2
-8.3
2.5
3.6
2.9
n/a
0.9
4.2
0.9
1.1
0.3
1.2
2.8
2.1
1.2
4.1
3.3
Yield
2013
2014
2.5%
2.2%
1.5%
2.6%
2.8%
3.9%
3.1%
7.4%
11.6%
0.0%
0.0%
2.3%
3.3%
2.1%
2.8%
1.8%
1.6%
1.2%
1.3%
1.7%
2.0%
2.4%
1.7%
2.7%
0.8%
2.0%
2.5%
1.6%
0.0%
0.7%
0.5%
2.0%
0.0%
0.7%
2.5%
0.6%
1.7%
2.8%
2.9%
1.1%
4.1%
11.0%
3.8%
4.2%
4.7%
1.5%
4.7%
0.9%
0.5%
0.0%
0.5%
0.0%
1.3%
0.0%
1.2%
0.0%
3.5%
2.6%
0.0%
0.0%
3.6%
5.5%
3.3%
0.0%
0.4%
3.9%
2.3%
2.4%
0.0%
2.7%
3.6%
2.7%
1.6%
0.8%
4.3%
2.9%
2.9%
1.6%
3.9%
3.5%
4.8%
3.0%
8.0%
12.7%
2.5%
2.9%
2.4%
2.0%
2.3%
3.3%
3.2%
1.9%
1.5%
1.8%
1.4%
2.1%
2.7%
1.9%
1.8%
1.1%
2.3%
3.1%
1.9%
0.0%
1.3%
0.6%
1.6%
1.3%
0.7%
2.9%
1.0%
2.4%
3.0%
3.1%
1.1%
3.4%
6.4%
3.2%
3.3%
3.7%
1.5%
2.8%
2.8%
0.9%
0.0%
0.7%
0.0%
1.7%
0.0%
5.8%
0.0%
3.7%
2.5%
0.7%
0.0%
4.5%
6.2%
3.8%
0.0%
0.4%
4.0%
2.9%
2.7%
0.0%
3.5%
4.3%
3.3%
2.4%
1.2%
5.0%
Page 5 of 6
RESEARCH
John Rachmat
Adrian Joezer
Handoko Wijoyo
Hariyanto Wijaya, CFA, CFP, CA, CPA
Herman Koeswanto, CFA
Tjandra Lienandjaja
Liliana S Bambang
Ariyanto Kurniawan
Aldian Taloputra
Leo Putra Rinaldy
Satriawan
Janefer Amanda Soelaiman
Rizky Hidayat
Vanessa Ariati Tanuwijaya
Sylvia Tirtanata
Wisnu Trihatmojo
john.rachmat@mandirisek.co.id
adrian.joezer@mandirisek.co.id
handoko.wijoyo@mandirisek.co.id
hariyanto.wijaya@mandirisek.co.id
herman.koeswanto@mandirisek.co.id
tjandra.lienandjaja@mandirisek.co.id
liliana.bambang@mandirisek.co.id
ariyanto.kurniawan@mandirisek.co.id
aldian.taloputra@mandirisek.co.id
leo.rinaldy@mandirisek.co.id
satriawan@mandirisek.co.id
janefer.soelaiman@mandirisek.co.id
rizky.hidayat@mandirisek.co.id
vanessa.tanuwijaya@mandirisek.co.id
sylvia.tirtanata@mandirisek.co.id
wisnu.trihatmojo@mandirisek.co.id
lokman.lie@mandirisek.co.id
silva.halim@mandirisek.co.id
andrew.handaya@mandirisek.co.id
oos.rosadi@mandirisek.co.id
vera.ongyono@mandirisek.co.id
yohan.setio@mandirisek.co.id
zahra.niode@mandirisek.co.id
santikara.salim@mandirisek.co.id
jane.sukardi@mandirisek.co.id
kusnadi.widjaja@mandirisek.co.id
edwin.setiadi@mandirisek.co.id
Jakarta Branch
Kelapa Gading Branch
Mangga Dua Branch
Pondok Indah Branch
Bandung Branch
Pontianak Branch
Malang & Surabaya Branch
Medan Branch
ridwan.pranata@mandirisek.co.id
Yohanes.triyanto@mandirisek.co.id
hendra.riady@mandirisek.co.id
meta.prilyandari@mandirisek.co.id
boy.triyono@mandirisek.co.id
yuri.ariadi@mandirisek.co.id
irawan.es@mandirisek.co.id
ruwie@mandirisek.co.id
INSTITUTIONAL SALES
Lokman Lie
Silva Halim
Andrew Handaya
Oos Rosadi
Vera Ongyono
Yohan Setio, CFA
Zahra Aldila Niode
Mirna Santikara Salim
Jane Sukardi
Kusnadi Widjaja
Edwin Setiadi
RETAIL SALES
Ridwan Pranata
Yohanes Triyanto
Hendra Riady
Meta Rama Prilyandari
Boy Triono
Yuri Ariadi
Irawan Endro Surono
Ruwie
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 (10% or higher), Neutral (-10% to10%) and Sell (-10% or lower).
DISCLAIMER: This report is issued by PT. Mandiri Sekuritas, a member of the Indonesia Stock Exchanges (IDX). Although the contents of this document may
represent the opinion of PT. Mandiri Sekuritas, deriving its judgement from materials and sources believed to be reliable, PT. Mandiri Sekuritas or any other
company in the Mandiri Group cannot guarantee its accuracy and completeness. PT. Mandiri Sekuritas or any other company in the Mandiri Group may be
involved in transactions contrary to any opinion herein to make markets, or have positions in the securities recommended herein. PT. Mandiri Sekuritas or
any other company in the Mandiri Group may seek or will seek investment banking or other business relationships with the companies in this report. For
further information please contact our number 62-21-5263445 or fax 62-21-5275711.
ANALYSTS CERTIFICATION: Each contributor to this report hereby certifies that all the views expressed accurately reflect his or her views about the
companies, securities and all pertinent variables. It is also certified that the views and recommendations contained in this report are not and will not be
influenced by any part or all of his or her compensation.