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INVESTOR DIGEST
Equity Research | 9 May 2014
Economic Data
HIGHLIGHT
Latest
2014F
7.5
7.8
Inflation (YoY %)
7.3
5.3
11,563
11,825
ECONOMY
JCI Index
4,860.9
Trading T/O ( Rp bn )
5,879.6
Market Cap ( Rp tn )
4,825.3
-0.02%
BI rate remained flat. As we and the consensus expected, the central bank
decided to keep its BI rate as well as lending and deposit facility rates
unchanged at 7.50%, 7.50% and 5.75%, respectively in todays board
meeting. The central bank sees the decision as in line with its inflation
target of 4.5% 1% and 4.0% 1% in 2014 and 2015, respectively and the
easing current account deficit.
Cut on growth forecast. One of the key highlights from the meeting was
BIs decision to cut its economic growth forecast. BI revised down growth to
5.1% - 5.5% for this year from 5.5% - 5.9% due to expectation of a sluggish
export performance as reported by Bloomberg. Lower than expected
growth in China, declining commodity prices and post-export mineral ban
impact are the main drivers for the sluggishness. Interestingly, in contrary,
the central bank raised the forecast for private consumption growth to
5.1% - 5.5% from previously 4.9% - 5.3%.
A likely lower current account deficit (CAD). As for the 1Q14 CAD data to
be announced tomorrow, BI estimated that it would reach 2.06% of GDP lower than the previous quarters 2.12% - owing to bigger contraction of
non-oil and gas import compared to export. The projection is basically in
line with our CAD estimation of 2.0% - 2.2% of GDP. Ahead, the central
bank sees rising pressure on CAD along 2Q 3Q14 as a consequence of
seasonal imports entering fasting & religious festive and expects the overall
2014 CAD to remain below 3.0% of GDP.
Watch out for inflationary pressures. BI pointed out two inflationary risks
going forward i.e.) i.) the adjustment of electricity tariff, and ii.) draught
impacting food prices. For the former, we calculated that the total direct
and indirect impact of industrial tariff and adjustment in large size
household and business subscribers is around 0.33ppt to headline inflation
(see report: Medium and large scale industry face higher electricity tariff). At
this juncture, we maintain our inflation forecast at 5.3% yoy at YE14, yet as
we have not fully factored in the impact of electricity tariff hike and the
draught factors, the forecast will likely be reviewed.
2015F
9.1
9.6
15.3
18.0
EV/EBITDA (x)
10.3
9.4
P/E (x)
2.2
1.8
P/BV (x)
2.8
2.4
2.4
2.6
6.4
7.6
27.0
26.9
ROE (%)
21.8
25.9
Page 1 of 7
BI to continue tight monetary stance. Overall, even though 1Q14 CAD may hover around 2.0% - 2.2% of GDP, lower
than our overall CAD forecast at 2.7% of GDP, and inflation gradually eased, we think it is too early to let off the
tightening stance guard. Instead, lower than expected real export performance in 1Q14 and higher CAD pressure in
2Q - 3Q14 signal external risk remains very much alive. Thus, we do not rule out the possibility of another BI rate hike to
7.75% this year while rupiah forecast remains at Rp11,400/US$ by YE14.
(%)
2011
2012
2013
Feb-14
Mar-14
Apr-14
May-14
Actual
6.00
5.75
7.50
7.50
7.50
7.50
7.50
Mandiri's forecast
6.00
5.75
7.50
7.50
7.50
7.50
7.50
Consensus
6.00
5.75
7.50
7.50
7.50
7.50
7.50
3.79
4.30
8.38
7.75
7.32
7.25
n.a
leo.rinaldy@mandirisek.co.id
CORPORATE
United Tractors: Welcoming Scania Bus as Transjakarta Bus (UNTR; Rp22,225; Neutral; TP:Rp23,000)
Deputy Governor Jakarta has declared that Transjakarta would use Scania bus and Mercedes bus as Transjakartas vehicle.
This should bring additional revenue stream to UNTR from unit sales and after sales service since 2015. Using assumption
500 unit sales in FY15F should add consolidated net income UNTR around Rp290bn (4% of FY15F net income). We
maintain Neutral on UNTR.
TransJakarta would use Scania bus and Mercedes bus. After being disappointed by low quality of Transjakartas
Chinese made buses, Deputy Governor Jakarta declared that Transjakarta would use Scania bus and Mercedes bus as
Transjakartas new vehicles. Yesterday, Deputy Governor Jakarta did test on Scania bus. He is satisfied with the
performance of Scania bus. He said that he doesnt mind with higher price of Scania bus (Scania bus price tag around
Rp5.8bn (US$500k) per unit vs Chinese made bus price tag around Rp1bn Rp3bn (US$100k US$250k) because the
useful life of Scania bus is expected much longer than Chinese made bus.
Potential additional revenue for UNTR from Scania bus unit sales and its after sales service. Transjakarta indicates
that ideally Jakarta has around 2,000 unit buses. Using assumptions 500 Scania bus unit sales in FY15F and net profit
margin from Scania sales of 10%, there should be additional net profit of around Rp290bn (4% of FY15F net income) to
UNTRs consolidated net profit. However, we still not factor in the Scania bus sales to our forecast.
Maintain Neutral with TP to Rp23,000. Our TP to Rp23,000 using PE Target of 13.8x applied to our EPS forecast for
2014.
hariyanto.wijaya@mandirisek.co.id
WIKA Beton: Key updates from analyst meeting (WTON; Rp745; Buy; TP:Rp800)
Significant margin improvement due to more favorable product mix. WTON posted 200bps yoy margin
improvement during 1Q this year (from 13.7% in 1Q13 to 15.7% in 1Q14) which mainly was driven by favorable (higher
margin) product mix. We are estimating 13.4% gross profit margin in 2014, which looks conservative compare to the
1Q14 achievement (i.e. WTON FY2013 gross margin was at 14.7%.
The strongest YTD new contract booking compare to contractors. WTON has secured Rp700bn as of March 14 and
Rp850bn as of April 14. Company targets Rp3.2tn new contract in FY14. Therefore, it has secured 22% of total FY14
contract (vs. 10% of ADHI, 16% of PTPP, 16% of WSKT and 19% of WIKA). In addition, as of 1Q14, WTON has Rp1.5tn order
book (vs. our Rp2.5tn target revenue for the rest of the year- 2Q14 to 4Q14), which means that the company only needs
Rp850bn new contract to secure this year revenue.
Please see important disclosure at the back of this report
Page 2 of 7
Securing its future capacity expansion. Management believes that securing future supply capacity is imperative to
avoid what happened in 2012 (tight supply capacity 94% utilization rate). While precast concrete plant only needs ~9
months to be completed, land plot size and location are very important in this business (wide stock yard requirement,
logistic cost consideration and future quarry supply). WTON has secured the entire land plot required to expand
production capacity in the future (please see table below). As of Sep13, it owns ~200Ha land for both existing and future
development.
WTON land status (for expansion plans)
Land required for capacity expansion
Land secured ?
34
Yes
67
Yes
18
Yes
N/A
Not yet
Yes
11
Yes
26
Yes
Expandable production capacity. South Lampung will be the key production center in the future. The plant sits on the
67Ha of land, which includes quarry supply operation and a jetty to enable sea transportation for the products. First stage
of the plant will have 150k tpa precast concrete capacity by Jan15, which will be expandable to ~750k tpa should
demand significantly picked up in the near future.
Inner boring service will improve revenue outlook. WTON expects that 1st set of inner boring machine to be arrived
next month. This service aims to increase the application of precast concrete products to replace the existing bored
piling service (using ready mix products), which is more time and cost efficient. Management indicates that Jakarta MRT
project may be using the service.
Maintain BUY at Rp800,-/sh Target Price. We stay positive on the fundamental of the company and high visibility of
the expansion plans. Investors looking for a momentum trade idea on Jokowi election theme should look at the counter.
WTON is trading at 22.2x 14PE and 17.7x 15PE on our estimate, which is 8% (2014) and 14% (2015) below management
estimate.
handoko. wijoyo@mandirisek.co.id
MARKET
Market Recap May 8th 2014; JCI: 4,860.889 (-0.02%); USD/IDR: 11,563; Total Value: Rp5.25tn
As expected, Indo market moved in opposite direction than its peers. Today, we saw a more volatile trading as investors
digested recent macro developments amid conflicting view on GDP growth. The only sector helped prop the JCI is
cement sector which rebounded sharply on oversold positions: SMGR close+2.9%, SMBR close +1.4%, SMCB close +0.6%
and INTP close +3%. But since all cement companies have low weighting to the JCI, the market closed at borderline at
4,860 level in stable volume at USD450mn. Also, INCO (close +2.8%) as pure nickel play continued its upward movement
as the commodity price hit a new 15-month high. Meanwhile, plantation was on a roller coaster mode as investors
focused on smaller CPO names such as SSMS close +1.9%, PALM close +1.7% and DSNG close +3.4%. Regular market
transaction was recorded at Rp4.5tn (USD389.2mn) and excluding foreign net sell from ELSA crossing, foreign investors
posted a thin net buy of Rp18.9bn (USD1.6mn). Foreign participants at 30% came up better seller for 5%. Losers beat
gainers by 3 to 2.
Page 3 of 7
TOP TURNOVER: SMGR, SSMS, ADHI, WIKA, ASII, BBRI, TLKM, INCO, BMRI, BBNI, PGAS, GGRM, INDF, TINS, ADRO, ANTM,
BBCA (45%)
ADVANCING SECTOR: cement (+2%), property (+0.6%), consumer (+0.2%), mining (+0.1%)
DECLINING SECTOR: auto (-1.2%), financial & infra (-0.4%), plantation & telco (-0.1%)
The yield of 10-year government decreased 0.23% to 8.072% and Rupiah depreciated to Rp11,563 (-0.13%).
Sales Team
Page 4 of 7
Indices
Last
Chg.
(pts)
Chg
Currency
(%)
4,860.9
-1.2
0.0 Rp/US$
Dow Jones
16,551.0
+32.4
Nikkei
14,094.0
-69.8
JCI
SET
Major Commodities
Last
Chg.
(pts)
Chg.
(%)
11,560
+7.0
+0.2 EUR/US$
1.38
+0.0
-0.5 YEN/US$
101.60
-0.1
1.25
+0.0
1,379.0
-23.6
-1.7 SGD/US$
+90.9
+0.4
STI
3,247.7
+11.3
S&P 500
1,875.6
-2.6
-0.1 TLK in Rp
27.7
-0.1
-0.3
IIT in Rp
Ishares indo
Chg.
(pts)
Chg
(%)
100.3
+0.0
+0.0
19,382.5 +758.0
+4.1
1,289.3
21,837.1
Hang Seng
Last
+0.0
+0.0
23,225.0 +120.0
+0.5
2,633.0
-9.0
-0.3
40.9
+0.3
+0.7
200.0
-1.2
-0.6
72.7
-0.1
-0.1
82.3
0.0
-0.1
1,008.0
-14.0
-1.4
11,809
-65
3,752
+67
Property Valuation
Market
Cap
(Rp bn)
Share
price
Target
Price
Discount
to NAV
RNAV
per
share
(Rp)
Premium
(discount) to
replacement
cost
Replacement cost
per share
(Rp)
JCI Code
Rec.
CTRS
Buy
4,650.3
2,350
4,000
-71%
8,077
-15%
2,767
CTRA
Neutral
15,848.5
1,045
880
-37%
1,647
34%
781
SMRA
Buy
17,021.3
1,180
1,260
-54%
2,553
73%
681
BSDE
Buy
27,557.8
1,575
2,000
-61%
4,002
2%
PWON
Buy
17,385.6
361
430
-50%
717
13%
JRPT
Buy
12,856.3
935
1,000
-62%
2,489
LPCK
Buy
5,620.2
8,075
9,850
-58%
MDLN
Neutral
5,527.1
441
480
-63%
APLN
Buy
5,658.0
276
340
ASRI
Neutral
9,110.2
510
680
BKSL
Neutral
5,243.3
167
200
-83%
Simple average
P/E 15F
ROE 14F
ROE 15F
8.8
6.8
21.6%
23.4%
13.1
10.4
17.7%
19.0%
15.0
12.3
21.5%
20.4%
1,546
12.8
10.9
19.7%
20.0%
319
11.6
8.2
33.3%
35.3%
74%
537
17.7
13.4
25.9%
27.1%
19,300
72%
4,700
7.0
6.4
36.3%
28.6%
1,201
-17%
532
3.3
6.1
30.8%
13.4%
-40%
458
-20%
343
6.2
5.3
14.9%
15.4%
-67%
1,538
19%
428
6.7
5.7
23.7%
23.2%
1,010
-24%
219
-59%
P/E 14F
10.5
7.7
8.8%
10.8%
10.1
8.8
21.6%
20.5%
Plantation Valuation
Rec.
Market
Cap
(Rp bn)
Share
price
Target
Price
AALI
Buy
45,707
29,025
33,200
16.0
13.1
9.8
7.9
26.3%
27.3%
BWPT
Buy
6,217
1,395
1,750
12,628
19,905
18.0
10.1
11.2
7.2
15.0%
22.5%
LSIP
Buy
16,511
2,420
3,200
10,869
13,311
15.0
11.7
8.0
6.1
15.7%
18.0%
SGRO
Buy
4,300
2,275
3,000
6,540
9,171
13.7
9.8
6.9
5.4
11.3%
14.4%
13,578
17,148
15.8
12.2
9.3
7.2
20.1%
22.5%
15,895
1,005
7,454
9,972
19.4
14.9
7.6
6.6
5.1%
7.0%
SSMS*
Not Rated
12,573
*) Consensus numbers
1,320
31,467
32,769
17.5
15.5
10.6
9.7
39.1%
33.8%
Ticker
Weighted average
SIMP*
Not Rated
EV/ha
planted
Mature
(US$)
(US$)
17,427
20,518
PER
FY14F
EV/EBITDA
FY15F
FY14F
FY15F
ROE
FY14F
FY15F
Page 5 of 7
Equity Valuation
Outstanding
JCI Code
Mandiri Universe
Banking
BCA
BNI
BRI
BTN
Danamon
Bank BJB
Bank Jatim
BTPN
Panin
Infrastructure
Holcim
Indocement
Semen Indonesia
Adhi Karya
Pembangunan Perumahan
Wijaya Karya
Waskita Karya
Wijaya Karya Beton
Jasa Marga
Consumer
Tiga Pilar
Gudang Garam
Indofood CBP
Indofood
Mayora
Unilever
Wismilak
Kalbe Farma
Dyandra
Transportation
Express Transindo
Retail
Ace Hardware Indonesia *)
Erajaya *)
Matahari Department Store *)
Mitra Adiperkasa *)
Ramayana *)
Supra Boga *)
Tiphone Mobile Indonesia *)
Automotive
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
Ciputra Surya
Jaya Real Property
Lippo Cikarang
Modernland
Pakuwon Jati
Summarecon Agung
Poultry
Charoen Pokphand
Japfa Comfeed
Malindo Feedmill
Energy
Adaro
Bumi *)
Harum Energy
Indo Tambangraya Megah
Bukit Asam
Energi Mega Persada *)
Medco *)
PGN *)
Metal
Antam *)
Bumi Resources Minerals *)
PT Inco *)
Telecommunication
EXCEL *)
Indosat *)
Tower Bersama
Sarana Menara
Telkom
Note :
Rating
Shares
(Mn) Price (Rp)
Price
Target
BBCA
BBNI
BBRI
BBTN
BDMN
BJBR
BJTM
BTPN
PNBN
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
24,655
18,649
24,660
8,836
9,585
9,696
14,769
5,840
24,088
11,050
4,860
10,075
1,120
4,155
930
407
4,100
890
10,500
4,750
10,600
1,500
4,200
1,300
500
5,000
780
SMCB
INTP
SMGR
ADHI
PTPP
WIKA
WSKT
WTON
JSMR
Neutral
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Neutral
7,663
3,681
5,932
1,801
4,842
6,106
9,632
8,715
6,800
2,755
22,075
14,700
3,225
1,915
2,340
785
745
5,975
2,700
24,000
16,600
2,500
2,100
2,300
600
800
6,200
AISA
GGRM
ICBP
INDF
MYOR
UNVR
WIIM
KLBF
DYAN
Buy
Buy
Neutral
Buy
Sell
Buy
Buy
Neutral
Buy
3,000
1,924
5,831
8,780
894
7,630
2,100
46,875
4,273
2,265
54,000
9,975
7,025
28,425
30,400
690
1,550
233
2,700
68,500
10,700
8,200
22,000
34,500
940
1,275
425
TAXI
Buy
2,146
1,290
1,600
ACES
ERAA
LPPF
MAPI
RALS
RANC
TELE
U/R
U/R
U/R
U/R
U/R
U/R
U/R
17,150
2,900
2,918
1,660
7,096
1,564
5,547
810
1,315
14,650
5,750
1,305
700
855
U/R
U/R
U/R
U/R
U/R
U/R
U/R
ASII
IMAS
U/R
U/R
40,484
2,765
7,475
4,750
U/R
U/R
HEXA
UNTR
Buy
Neutral
840
3,730
3,840
22,225
5,450
23,000
AALI
BWPT
LSIP
SGRO
Buy
Buy
Buy
Buy
1,575
4,457
6,823
1,890
29,025
1,395
2,420
2,275
33,200
1,750
3,200
3,000
APLN
ASRI
BKSL
BSDE
CTRA
CTRS
JRPT
LPCK
MDLN
PWON
SMRA
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
20,500
17,863
31,397
17,497
15,166
1,979
13,750
696
12,533
48,160
14,425
276
510
167
1,575
1,045
2,350
935
8,075
441
361
1,180
340
680
200
2,000
880
4,000
1,000
9,850
480
430
1,260
CPIN
JPFA
MAIN
Neutral
Neutral
Buy
16,423
10,499
1,695
3,950
1,365
3,055
4,100
1,580
4,000
ADRO
BUMI
HRUM
ITMG
PTBA
ENRG
MEDC
PGAS
Buy
U/R
Neutral
Neutral
Neutral
U/R
U/R
U/R
31,986
20,773
2,699
1,130
2,304
44,643
3,332
24,242
1,100
195
2,185
25,000
9,750
92
2,925
5,275
1,450
U/R
2,400
25,750
9,700
U/R
U/R
U/R
ANTM
BRMS
INCO
U/R
U/R
U/R
9,538
25,570
9,936
1,200
214
4,040
U/R
U/R
U/R
EXCL
ISAT
TBIG
TOWR
TLKM
U/R
U/R
Buy
Neutral
Neutral
8,534
5,434
4,657
10,203
20,160
4,985
3,990
6,350
3,800
2,345
U/R
U/R
7,200
3,750
7,600
Mkt Cap
(Rp Bn)
2,808,782
723,447
272,438
90,632
248,542
11,599
39,824
9,018
6,011
23,945
21,438
273,625
21,114
81,263
87,193
5,809
9,273
14,287
7,561
6,493
40,630
563,004
6,795
103,901
58,164
61,679
25,412
231,952
1,449
72,656
996
2,768
2,768
85,095
13,892
3,814
42,747
9,545
9,260
1,095
4,742
315,750
302,615
13,135
86,128
3,226
82,902
72,736
45,707
6,217
16,511
4,300
126,478
5,658
9,110
5,243
27,558
15,848
4,650
12,856
5,620
5,527
17,386
17,021
84,380
64,870
14,332
5,178
237,580
35,185
4,051
5,900
28,248
22,469
4,107
9,747
127,874
57,061
11,446
5,472
40,143
180,730
42,544
21,681
30,458
38,771
47,275
Net Profit
2014
2015
186,803
60,767
15,729
9,323
22,861
1,749
3,936
1,439
965
2,303
2,463
16,580
1,288
5,582
5,900
377
516
668
394
290
1,566
21,596
389
5,571
2,292
4,048
877
5,907
155
2,265
92
155
155
3,878
535
378
1,612
445
457
54
396
21,610
20,752
857
6,523
309
6,214
4,608
2,848
345
1,101
314
12,520
914
1,354
501
2,155
1,209
528
726
806
1,700
1,495
1,131
4,258
2,994
901
363
15,874
3,253
(1,858)
487
2,057
1,717
76
179
9,963
639
224
-785
1,200
17,795
779
660
1,474
1,110
13,772
220,264
72,839
18,711
11,138
27,260
1,976
4,987
1,623
1,172
2,889
3,082
18,916
1,454
6,235
6,660
531
620
790
531
364
1,731
25,441
528
6,406
2,554
5,227
935
6,907
123
2,631
130
196
196
4,796
633
434
2,093
575
521
65
476
24,671
23,572
1,099
6,776
423
6,352
5,955
3,485
613
1,415
440
14,331
1,066
1,596
680
2,536
1,519
688
959
877
913
2,115
1,384
5,202
3,597
1,109
496
18,856
3,306
(420)
530
2,219
2,159
76
719
10,268
2,115
495
-125
1,745
20,172
1,413
1,099
1,947
1,356
14,357
EPS Growth
2014
2015
15.3%
7.0%
10.3%
3.0%
7.1%
12.0%
-2.6%
8.2%
17.0%
8.1%
9.0%
13.0%
35.2%
11.3%
9.9%
-7.2%
22.6%
17.2%
7.1%
19.5%
17.2%
20.3%
37.1%
28.7%
3.1%
61.8%
-12.1%
10.4%
17.3%
9.5%
34.4%
17.2%
17.2%
16.6%
4.7%
11.1%
0.0%
35.5%
18.2%
42.6%
17.3%
9.3%
7.6%
71.7%
26.3%
-61.0%
28.6%
60.3%
58.1%
68.9%
43.2%
164.3%
1.6%
-13.6%
54.4%
-20.5%
-17.5%
33.1%
27.8%
32.8%
36.5%
-30.7%
32.0%
2.6%
26.4%
18.3%
52.0%
47.6%
22.0%
23.4%
70.0%
20.4%
-7.8%
-6.0%
-49.0%
22.0%
-7.5%
N/M
-47.4%
15.6%
156.4%
38.1%
-24.9%
N/M
18.1%
558.9%
3.6%
18.0%
19.9%
19.0%
19.5%
19.2%
13.0%
26.7%
12.8%
21.5%
25.5%
25.1%
14.1%
12.9%
11.7%
12.9%
40.9%
20.2%
18.2%
34.8%
25.5%
10.5%
17.8%
35.7%
15.0%
11.4%
29.1%
6.6%
16.9%
-20.4%
16.1%
41.8%
26.2%
26.2%
24.1%
19.1%
16.4%
29.7%
29.3%
14.0%
19.4%
21.8%
13.9%
13.4%
26.6%
3.9%
38.2%
2.2%
29.2%
22.4%
77.6%
28.6%
40.4%
14.5%
16.6%
17.8%
35.7%
17.7%
25.7%
30.3%
32.0%
8.7%
-46.3%
41.4%
22.3%
22.2%
20.1%
23.1%
36.7%
18.2%
5.3%
77.8%
8.6%
7.9%
25.8%
0.0%
300.0%
5.4%
N/M
128.2%
75.0%
60.0%
13.0%
90.3%
43.6%
32.0%
22.1%
4.2%
PER (x)
EV / EBITDA (x)
2014 2015 2014 2015
P/BV (x)
2014 2015
15.0
11.9
17.3
9.7
10.9
6.6
10.1
6.3
6.2
10.4
8.7
16.5
16.4
14.6
14.8
15.4
18.0
21.4
19.2
22.4
25.9
26.1
17.5
18.7
25.4
15.2
29.0
39.3
9.4
32.1
10.8
17.8
17.8
22.2
26.0
9.9
26.6
21.5
20.1
22.3
13.5
14.5
14.5
14.4
13.2
13.5
13.3
15.8
16.0
18.0
15.0
13.7
10.1
6.2
6.7
10.5
12.8
13.1
8.8
17.7
7.0
3.3
11.6
15.0
19.8
21.7
15.9
14.3
14.1
10.8
-1.9
12.1
13.7
13.1
4.0
51.3
12.5
312.4
53.0
-4.7
35.4
10.1
54.8
28.5
20.7
34.9
3.4
2.8
2.3
3.6
1.7
2.6
0.9
1.2
1.2
1.0
2.0
1.1
3.3
2.2
3.0
3.6
3.2
3.9
4.1
2.8
3.1
3.9
5.9
2.9
3.1
4.2
2.3
5.7
48.2
1.7
7.8
1.0
3.0
3.0
6.1
6.0
1.2
107.3
3.4
2.7
2.5
3.7
3.1
3.2
2.0
2.2
1.5
2.2
3.0
3.9
2.5
2.2
1.5
2.0
0.9
1.5
0.9
2.4
2.2
1.7
4.1
2.1
0.9
3.4
2.8
4.5
5.3
2.6
4.2
2.3
1.1
17.1
1.8
2.9
2.7
n/a
0.9
3.7
1.7
0.9
n/a
2.0
1.5
2.7
1.3
5.1
8.3
0.6
12.7
9.9
14.6
8.1
9.1
5.9
8.0
5.6
5.1
8.3
7.0
14.5
14.5
13.0
13.1
10.9
15.0
18.1
14.2
17.8
23.5
22.1
12.9
16.2
22.8
11.8
27.2
33.6
11.8
27.6
7.6
14.1
14.1
17.9
21.9
8.5
20.5
16.7
17.6
18.7
11.1
12.7
12.8
11.3
12.7
9.7
13.1
12.2
13.1
10.1
11.7
9.8
8.8
5.3
5.7
7.7
10.9
10.4
6.8
13.4
6.4
6.1
8.2
12.3
16.2
18.0
12.9
10.4
12.0
10.6
-8.9
11.1
12.7
10.4
4.2
13.3
12.3
29.1
23.2
-19.5
23.0
8.9
28.8
19.8
15.6
28.6
3.3
10.3
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
9.9
8.3
8.9
9.9
5.6
6.4
11.3
10.4
10.7
14.7
15.5
10.3
11.9
15.0
8.3
15.4
28.8
6.2
21.2
5.5
6.6
6.6
13.5
18.6
7.6
18.2
8.6
11.1
11.9
9.5
12.6
12.4
17.1
6.1
9.1
6.1
9.3
9.8
11.2
8.0
6.9
8.4
7.0
7.4
11.0
11.1
9.5
5.7
14.8
5.3
3.3
8.7
10.4
12.9
15.1
9.4
10.5
7.1
5.0
9.6
5.8
7.0
9.8
12.0
2.8
8.4
14.4
17.1
39.0
12.6
3.1
6.9
1.9
14.1
14.9
1.1
9.4
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
8.8
7.7
7.9
8.8
4.5
5.1
9.7
8.7
9.3
13.5
13.4
8.1
10.6
12.7
6.7
14.2
25.8
8.1
18.3
3.9
5.3
5.3
11.5
15.6
6.7
15.1
7.6
9.8
9.0
8.1
11.5
11.3
15.4
6.2
6.7
6.2
7.2
7.9
7.2
6.1
5.4
7.1
4.8
5.6
9.1
9.1
7.7
3.9
10.7
4.2
5.2
6.4
8.8
11.0
12.9
8.3
7.6
6.6
4.7
9.4
5.0
6.4
7.4
12.3
2.1
8.0
11.3
12.0
31.3
10.2
2.9
6.2
1.8
12.2
12.7
0.9
2.4
1.9
3.0
1.4
2.1
0.8
1.1
1.1
0.9
1.6
0.9
2.9
1.9
2.6
3.1
2.6
3.3
3.5
2.5
2.8
3.6
5.2
2.4
2.8
3.8
2.1
5.0
39.9
1.5
6.8
0.9
2.6
2.6
4.9
4.9
1.1
23.2
2.8
2.5
2.3
3.0
2.8
2.8
1.7
1.9
1.3
2.0
2.6
3.3
2.1
2.0
1.3
1.7
0.8
1.2
0.8
2.0
1.8
1.4
3.2
1.6
0.8
2.5
2.3
3.7
4.3
2.3
3.0
2.2
1.0
n/a
1.7
2.8
2.4
n/a
0.9
3.4
1.7
0.9
n/a
2.0
1.4
2.5
1.2
3.9
6.4
0.6
Div.Yield
2014
2015
2.4%
2.1%
1.4%
3.0%
2.1%
3.4%
3.0%
8.4%
10.1%
0.0%
3.8%
2.1%
1.4%
2.0%
3.1%
2.1%
1.6%
1.2%
1.5%
1.3%
1.3%
1.9%
0.0%
1.6%
1.9%
2.0%
1.2%
2.3%
3.2%
1.5%
0.0%
1.2%
1.2%
1.3%
0.7%
3.2%
1.2%
0.6%
2.4%
0.9%
2.3%
3.0%
3.0%
1.1%
2.2%
6.6%
2.2%
1.9%
2.1%
0.6%
1.9%
1.9%
1.5%
3.0%
4.3%
0.0%
2.4%
1.1%
2.0%
0.9%
0.0%
0.0%
1.5%
0.0%
1.1%
1.1%
1.3%
1.0%
4.2%
3.7%
5.8%
4.5%
5.8%
3.8%
0.0%
0.4%
4.3%
1.0%
1.0%
0.0%
1.1%
4.3%
1.0%
1.8%
0.0%
0.0%
14.6%
2.6%
2.1%
1.5%
2.6%
2.3%
3.8%
3.0%
7.5%
10.1%
0.0%
2.3%
2.4%
1.8%
2.2%
3.4%
1.9%
1.7%
1.4%
1.6%
1.6%
1.5%
2.3%
0.0%
2.1%
2.0%
3.3%
1.0%
2.5%
2.6%
1.7%
0.0%
1.7%
1.7%
1.7%
0.8%
3.5%
1.8%
0.8%
2.8%
1.1%
2.7%
3.3%
3.4%
1.4%
2.8%
2.2%
2.8%
3.0%
3.4%
1.1%
2.7%
2.6%
1.6%
3.2%
5.1%
0.0%
2.0%
1.5%
2.6%
0.9%
0.0%
0.0%
2.0%
0.0%
1.4%
1.3%
2.0%
1.4%
4.5%
3.8%
5.6%
4.9%
6.3%
4.8%
0.0%
0.4%
4.6%
1.6%
1.1%
0.0%
1.9%
4.6%
1.5%
2.3%
0.0%
0.0%
15.2%
Page 6 of 7
RESEARCH
John Rachmat
Tjandra Lienandjaja
Handoko Wijoyo
Hariyanto Wijaya, CFA, CPA
Herman Koeswanto, CFA
Liliana S Bambang
Ariyanto Kurniawan
Rizky Hidayat
Vanessa Ariati Tanuwijaya
Aldian Taloputra
Leo Putra Rinaldy
Aditya Sastrawinata
Wisnu Trihatmojo
john.rachmat@mandirisek.co.id
tjandra.lienandjaja@mandirisek.co.id
handoko.wijoyo@mandirisek.co.id
hariyanto.wijaya@mandirisek.co.id
herman.koeswanto@mandirisek.co.id
liliana.bambang@mandirisek.co.id
ariyanto.kurniawan@mandirisek.co.id
rizky.hidayat@mandirisek.co.id
vanessa.tanuwijaya@mandirisek.co.id
aldian.taloputra@mandirisek.co.id
leo.rinaldy@mandirisek.co.id
aditya.sastrawinata@mandirisek.co.id
wisnu.trihatmojo@mandirisek.co.id
lokman.lie@mandirisek.co.id
silva.halim@mandirisek.co.id
andrew.handaya@mandirisek.co.id
cindy.amelia@mandirisek.co.id
jane.sukardi@mandirisek.co.id
janefer.soelaiman@mandirisek.co.id
karmia.tandjung@mandirisek.co.id
santikara.salim@mandirisek.co.id
oos.rosadi@mandirisek.co.id
vera.ongyono@mandirisek.co.id
yohan.setio@mandirisek.co.id
zahra.niode@mandirisek.co.id
kusnadi.widjaja@mandirisek.co.id
edwin.setiadi@mandirisek.co.id
ridwan.pranata@mandirisek.co.id
boy.triyono@mandirisek.co.id
yohanes.triyanto@mandirisek.co.id
hendra.riady@mandirisek.co.id
umar.abdullah@mandirisek.co.id
indra.masari@mandirisek.co.id
yuri.ariadi@mandirisek.co.id
ruwie@mandirisek.co.id
INSTITUTIONAL SALES
Lokman Lie
Silva Halim
Andrew Handaya
Cindy Amelia P. Kalangie
Jane Theodoven Sukardi
Janefer Amanda Soelaiman
Karmia Tandjung-Nasution
Mirna Santikara Salim
Oos Rosadi
Vera Ongyono
Yohan Setio, CFA
Zahra Aldila Niode
Kusnadi Widjaja
Edwin Pradana Setiadi
RETAIL SALES
Ridwan Pranata
Boy Triyono
Yohanes Triyanto
Hendra Riady
Umar Abdullah
Indra Masari
Yuri Ariadi
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.