INVESTOR DIGEST

Equity Research | 22 June 2020

Economic Data HIGHLIGHT

Latest 2020F
 Banking 1Q20 Results: Restructuring Begins 
7-DRRR (%), eop 4.25 4.50  Retail: Shopping Malls’ First Weekend Post-Lockdown 
Inflation (YoY %) 2.19 2.70  Technology: Digital Payment – Virtual Conference June 2020 
US$ 1 = Rp, period avg 14,217 14,745  Bank BCA 4M20 Results - PPOP Growth Remained Strong (BBCA; Rp27,875; Neutral;
TP: Rp26,500) 
 Vale Indonesia: Inalum to buy 20% stake in INCO at Rp2,780/share (INCO; Rp2,890;
Stock Market Data
(19 June 2020) Buy; TP: Rp3,500) 
 Market Recap June 19th 2020; JCI 4,942.28 Points +17.03 pts (+0.35%); Valued
JCI Index 4,942.3 0.35% $448mn; Mkt Cap $386bn; USD/IDR 14,217 
Trading T/O ( Rp bn ) 6,370.1
Market Cap ( Rp tn ) 5,716.7
SECTOR

Banking 1Q20 Results: Restructuring Begins

Market Data Summary*
 Banks recorded +3.9% yoy average earnings growth in 1Q20, accounting for 26%
2020F 2021F of market expectation. PPOP was up +13.4% yoy, supported by non-interest
income growth. Average LDR went down to 92.7% with +9.9% yoy loan growth
P/E (x) 19.2 14.1
and +10.9% yoy deposit growth. NIM started to go down to 5.72%, while average
P/BV (x) 2.0 1.9
NPL inched up to 2.62% from 2.45%. CoC was stable at 1.8% with restructured
EV/EBITDA (x) 12.9 11.4
loans and LAR increasing to 5.7% and 11.2% each. We maintain our Overweight
Div. Yield (%) 3.5 2.6
call on banking with BBRI, BBNI, and BBTN as our top picks.
Net Gearing (%) 24.2 21.4
ROE (%) 10.5 13.7  Net profit at +3.9% yoy in 1Q20. Accounting for 26% of FY20 market
EPS Growth (%) -25.7 36.2 expectation, we believe the earnings are not good indicators for the FY results,
EBITDA Growth (%) -7.8 12.9 given the start of the COVID-19 pandemic will affect performance in the next 3-4
Earnings Yield (%) 5.2 7.1 quarters. BBTN and BNLI posted negative growths of 37% and 99% yoy due to
weaker margin and higher provisioning charges. Average PPOP was still up
* Aggregate of 75 companies in MS research universe, +13.4% yoy, supported by average net interest income growth of +8.4% yoy and
representing 63.1%of JCI’s market capitalization
non-interest income of growth of +32.8% yoy, while operating expenses
increased +16.1% yoy. Among the 12-bank universe, BTPS, BDMN, and BNGA
posted double-digit net profit growths of +39%, 33%, and +12% yoy,
respectively.

 Average loan growth at +9.9% yoy/+1.4% ytd, supported by corporate and

micro lending. The average loan growth, however, was partly affected by weak
rupiah in 1Q20, as 16-17% of total loans were in foreign currencies. Among the
larger banks, BMRI continued to post the highest loan growth of +14.3%, while
among all banks, BTPS posted the highest loan growth at +22.1% yoy, followed
by BMRI and BJTM at +14.0% yoy. In terms of segments, loan growth mostly
came from corporate and micro lending, which grew around +14.4% and +13.9%
yoy and accounted for an average of 34.3% and 14.9% of total loans,
respectively.

Please see important disclosure at the back of this report Page 1 of 12

 Equity Research | 22 June 2020

 Deposit growth at +10.9% yoy, average LDR at 92.7%. Banks continued to get funding despite slow economic growth,
with BTPS, BBCA, and BMRI posting the strongest yoy deposit growths, while PNBN still recorded negative deposit
growth. As banks limited their lending activities, liquidity improved with average LDR down to 92.7% from 93.5% in Dec-
19.

 NIM started to weaken to average 5.72% in 1Q20. As the benchmark rate continued to decline, banks have been
adjusting lending rates and this brought down the average NIM to 5.72% in 1Q20 from 5.91% in 4Q19. We anticipate NIM
to remain under pressure for the rest of the year given the rising loan restructuring and rising problem loans.

 Average NPL at 2.62%, up from 2.45% in Dec-19. Banks have seen rising NPL except PNBN with BJTM, BDMN, and
BBCA posting the highest NPL increments in 1Q20 at 58 bps, 38 bps and 27 bps, respectively. Sectors with high NPLs are
mining, manufacturing, trading-restaurant-&-hotel, and consumer. Average CoC was kept at 1.8% in 1Q20, while average
coverage ratio post IFRS 9 adjustment increased to 200% from 131% in Dec-19. Restructured loans inched up to 5.7%
from 5.5% in Dec-19, which will increase again from 2Q20 onward. Average loan at risk increased to 11.2% in Mar-20 from
9.3% in Dec-19, with the LAR coverage ratio rising to 45% from 34% in Dec-19.

 Maintain Overweight. We will see banks have deteriorating operating performance in 2Q20 due to substantial increase
in loan restructuring, declining or limited loan growth, lower margin, and rising provisioning. However, the worst
expectation is over with more clarity on asset quality, on the issue of anchor/executing banks, and on the uncertainty of
Bukopin. We keep our Overweight call on the sector, which is trading at 1.9/1.8x P/BV 2020/2021 with -35% earnings
growth for 2020. While we need to review our Rp3,000 TP on BBRI as our top pick, other counters, like BBNI (TP Rp5,900)
and BBTN (TP Rp1,350), are next on our top picks.

 We maintain our Overweight call on the sector but need to review our TP on our top picks, i.e. BBRI (TP: Rp3,000),
followed by BBNI (TP: Rp5,900) and BBTN (TP: Rp1,350).

1Q20 RESULTS SUMMARY

FY19 (Rp bn) BMRI BBRI BBCA BBNI BDMN PNBN BBTN BJBR BJTM BNGA BNLI BTPS Avg
Net profit 7,916 8,163 6,581 4,253 1,245 684 457 417 439 1,055 2 402
% y-y growth 9.4 (0.0) 8.6 4.3 33.5 (14.7) (36.8) (0.7) 8.3 11.8 (99.5) 39.5 3.9
% of FY20 Consensus 33 24 22 28 48 20 31 26 28 27 0 41 26
Result Comment Above In-line Below In-line Above Below Above In-line Above In-line Below Above

Loan growth (% y-y) 14.3 9.2 12.1 11.1 7.9 (1.7) 4.6 9.3 14.0 3.3 5.7 22.1 9.9
Deposit gr. (% y-y) 13.7 9.9 16.8 10.4 9.1 (1.7) 2.7 4.0 11.5 6.3 11.4 23.8 10.9
Gross LDR (%) 95.5 90.7 81.3 91.0 122.5 110.8 114.2 93.9 66.5 95.9 83.1 94.7 92.7
NIM – 1Q20 (%) 5.24 6.53 6.40 4.96 8.58 5.10 3.00 5.40 6.19 4.91 4.35 28.85 5.72
NPL (%) 2.40 2.81 1.60 2.38 3.28 2.89 4.91 1.65 3.35 3.01 3.07 1.43 2.62
Cost of credit (%) - ytd 1.4 2.8 1.5 1.6 3.1 1.2 0.5 0.3 1.3 1.5 2.3 4.4 1.8
Restruct. loans (%) 7.5 7.2 1.5 6.5 2.5 6.9 8.3 0.3 0.3 3.4 4.4 2.6 5.7
SML (Cat 2 Loans) (%) 6.3 6.2 2.6 6.5 9.0 5.4 13.7 2.8 3.5 7.8 6.3 1.7 6.2
Loan at risk (%) 11.1 12.9 4.7 10.9 13.0 12.4 22.4 4.7 7.0 12.6 10.9 5.6 11.2
Sources: Company, Mandiri Sekuritas

Tjandra Lienandjaja (+6221 5296 9617) tjandra.lienandjaja@mandirisek.co.id

Silvony Gathrie (+6221 5296 9544) silvony.gathrie@mandirisek.co.id

Please see important disclosure at the back of this report Page 2 of 12

 Equity Research | 22 June 2020

Retail: Shopping Malls’ First Weekend Post-Lockdown

 During our weekend visit to Jakarta’s 9 main shopping malls, foot traffic inequality was prominent. Visitation appeared to
be most resilient at Kota Kasablanka and Grand Indonesia, and Zara was visibly the most visited tenant. These trends are
in-line with our stock favorites for economic re-opening: PWON and MAPI/MAPA.

 Observation largely positive, but not without risks. We sampled 9 shopping malls in Jakarta (Figure 1) during the
weekend (20-21 June 2020) to optimize our survey for recovery of discretionary spending, allowing for roughly a week’s
worth of leeway for foot traffic to pick up as weekends usually see significantly higher traffic. We conclude that malls with
higher traffic pre-lockdown recovered faster (e.g. Grand Indonesia > Plaza Indonesia, Senayan City > Plaza Senayan) and
in-mall traffic was concentrated in select tenants with stronger brands. Though the result is largely positive, we note the
risk of pent-up demand (given high traffic concentration) that might subside in the weekends to come.

 Mall traffic: high parking lot utilization despite low foot traffic.
 General foot traffic reached 30-80% of pre-lockdown level. Disparity in mall traffic, in our view, is partly
influenced by the malls’ core crowd (older/younger groups) and location (e.g. Kota Kasablanka as the main mall for
East Jakarta). Based on our observation, Plaza Indonesia and Plaza Senayan saw the weakest traffic (30% of pre-
lockdown level) while Grand Indonesia and Kota Kasablanka saw the strongest traffic (80%) – see Figure 1 for details.
 increased parking, lower drop-offs. At some malls where foot traffic drop was visible, parking lot utilization
remained high, i.e. Gandaria City, Senayan City, Kota Kasablanka. Some security officers speculated that fewer visitors
used public transportations (e.g. online/offline taxi), while others noted extremely few taxi drop-offs (i.e. at Pondok
Indah Mall, Puri Indah Mall, Senayan City). This bodes well for malls in our view, indicating that visitors’ interest
remains high despite wariness around taking public transport.

 In-mall traffic: skewed traffic to the select few.

 Notable visitor behaviors. Visitors mostly travel in smaller groups (<4 persons) and there are rare sightings of
children and elderlies. At a glance, average visitor age appeared younger than usual. Almost all visitors complied with
the safety and health protocols (i.e. facial mask and social distancing).
 In-store traffic and health control. Most non-F&B tenants do not have traffic control protocol as traffic confidence is
low, according to various shopkeepers; there are a few exceptions, including Zara which limits customers in
proportion to its store size (Figure 6) and monitors the traffic using tally counters at entrances and exits. Most
restaurants check customers’ temperatures, while non-F&B stores rarely do.
 F&B traffic was generally weak. F&B traffic was generally weaker than non-F&B, based on our observation. We
roughly estimate table utilization of 30-60% of the maximum 50% capacity. However, those with higher customer
loyalty, lifestyle concepts, and stronger brands (e.g. Monolog, Sushi Tei, Marugame Udon) are visibly more crowded.
We reckon that heavy food deliveries during PSBB, smaller visitor groups, and cleanliness concerns could have
caused the mild traffic.
 Extreme traffic concentration at specialty stores. All department stores provided big discounts, yet traffic
remained weak; PSBB might have amplified the format’s structural issue. At all malls, Zara (MAPI) was the clear foot
traffic winner with long queues before the cashiers and entrances; other specialty stores lacked meaningful traffic
(e.g. Mango, Marks & Spencer, Pull & Bear). Sports outlets have mixed traffic across malls, though specialty outlets
(e.g. Nike, Adidas) saw significantly better traffic dan multi-format outlets (e.g. Sports Station). Most retailers allow
access to fitting rooms, but all beauty counters did not display any product tester (Figure 7). ACES stores had
significantly weaker traffic than usual, as sales from stand-alone stores were heavy during PSBB.

 We have Overweight calls on Property and Retail sectors. Top picks: PWON, MAPA, PZZA.

Please see important disclosure at the back of this report Page 3 of 12

 Equity Research | 22 June 2020

SURVEY SUMMARY

Specialty store Restaurant Traffic

Shopping mall Car traffic* General foot traffic*
traffic* traffic* concentration**

Gandaria City High 50% Mid Low High

Senayan City High 60% Mid Low High
Grand Indonesia High 80% High Low High
Plaza Indonesia Low 30% Low Low Mid
Kemang Village High 50% Low Mid Mid
Plaza Senayan High 30% Low Low High
Pondok Indah Mall Low 40% Mid Low High
Puri Indah Mall Low 50% Mid Mid High
Kota Kasablanka High 80% High Mid High
* MANSEK asessment, versus pre-COVID-19 level.
** Foot traffic is heavily concentrated to select stores (e.g. Zara, Uniqlo)
Source: Mandiri Sekuritas survey

Lakshmi Rowter (+6221 5296 9549) lakshmi.rowter@mandirisek.co.id

Robin Sutanto (+6221 5296 9572) robin.sutanto@mandirisek.co.id

Technology: Digital Payment – Virtual Conference June 2020

 Indonesian digital payment industry is on the verge of another growth inflection period following QRIS launch.
Innovations and investments in the industry will persist as digital payment leaders continue their journey to become full-
fledged digital financial service providers – a win for financial inclusion & deepening.

 Unlocking digital dividends. Our latest conversations with key digital payment operators, merchants, and regulators
pointed to robust development of digital payment ecosystem in Indonesia. Particularly, we highlight the launch of QRIS
(Quick Response Indonesia Standard) in 2019 as the latest critical breakthrough in the industry that we believe could
trigger another growth inflection in digital payment services adoption in Indonesia.
 In the past 3-4 years the industry has witnessed the emergence of leading non-bank digital payment platforms, such as
OVO, GoPay, and LinkAja, whose growth was built upon: i) electronic money technology; ii) proprietary innovations,; iii)
nationwide 4G LTE adoption; iv) merchant acceptance; v) digital-savvy population; and vi) intensive support and
supervisory by central government and central bank. Bank Indonesia recorded that electronic money transaction values
have grown ~20-fold, from Rp7tn in 2016 to Rp145tn in 2019; we expect the number to grow at least 5-10 fold in the next
2-3 years.
 In the past 3-4 years, banks contributed to the strong e-money transaction value growth mainly by facilitating chip-based
e-money transactions in transport-related outlets, such as toll roads, car parks, fuel stations, and other general retail
outlets. Meanwhile, non-banks, such as OVO, GoPay, and LinkAja, earned massive transaction value growth by: i)
facilitating e-commerce transactions (online ride-hailing, online food delivery, online marketplaces, etc); ii) facilitating
server-based e-money transactions in offline retail outlets, and iii) digitalizing payment platform of the under-banked
micro & small-and-medium enterprises.
 In the next 2-3 years, we expect to see wider acceptance of digital payment services in the country as: i) QRIS ensures
inter-operability and acceptance among service providers, merchants, and users; ii) potentially lower merchant
acquisition and maintenance costs under QRIS, especially for the underbanked and unbanked merchants; and iii) stronger
technology, improving interface, and expanding use cases at user level.
 QRIS implementation should open the access and lower the cost hurdle for traditional banks to expand digital payment
services to the banks’ existing retail customers, leveraging on QR-ready merchants accumulated by the existing digital
payment leaders. This trend should potentially lead to higher competition in the retail merchant payment vertical. But,
we expect current digital payment leaders to maintain dominance by further strengthening payment share in the e-
commerce categories and by transforming themselves into full-fledged digital financial services providers capable of
facilitating insurance, investment, lending, social assistance, and other services aside from payment.

Please see important disclosure at the back of this report Page 4 of 12

 Equity Research | 22 June 2020

 Conclusion. Innovations and investments in Indonesia’s digital payment industry will persist in 2020-23 in-line with the
continued digitalization of the economy. Banks and non-banks will continue to co-exist given vast economic
opportunities from driving financial deepening and financial inclusion in the system still.

INDONESIA – DIGITAL PAYMENT STATISTICS

Macro
2013 2014 2015 2016 2017 2018 2019
Nominal GDP (Rp tn) 9,546 10,570 11,526 12,402 13,590 14,838 15,834
Private Consumption Expenditure (Rp tn) 5,321 5,915 6,491 7,027 7,623 8,274 8,966
Population (mn) 249 252 255 259 262 265 269
Households (mn) 64 65 66 66 67 68 69

Internet Access
2013 2014 2015 2016 2017 2018 2019
Internet user base (mn) 82 88 110 133 143 160 175
Cellular subscribers (mn) 252 263 264 306 360 276 287
Smartphone subscribers (mn) 44 74 104 156 220 194 213
Fixed broadband households (mn) 3.3 3.9 4.6 5.2 6.3 8.4 10.4
4G LTE population coverage (%) 21% 58% 95%
Average mobile data usage per cellular subscribers (GB/month) 0.1 0.1 0.3 0.6 1.1 2.2 3.9

Payment
2013 2014 2015 2016 2017 2018 2019
Electronic money accounts (mn) 36 36 34 51 90 167 292
ATM + Debit card accounts (mn) 83 99 113 128 156 152 174
Credit card accounts (mn) 15 16 17 17 17 17 17

ATM machines (‘000) 76 91 99 103 107 107 107

Electronic money reader machines (‘000) 139 207 282 375 691 924 517
Electronic data capture / EDC machines (‘000) 656 843 1,005 1,050 1,237 1,046 1,071
Branchless banking agents (#) 69,548 133,811 204,960 385,158 503,443

Electronic money transaction values - total (Rp tn) 3 3 5 7 12 47 145

ATM + Debit card transaction values - total (Rp tn) 3,797 4,445 4,898 5,624 6,200 6,927 7,475
Credit card transaction values - total (Rp tn) 223 255 281 281 298 314 343

Electronic money transaction values - purchase (Rp tn) 3 3 5 7 12 47 145

ATM + Debit card transaction values - purchase (Rp tn) 147 181 210 252 286 293 333
Credit card transaction values - purchase (Rp tn) 219 250 273 273 289 305 333

Financial Services
2013 2014 2015 2016 2017 2018 2019
Bank third-party fund accounts (mn) 148 161 176 199 242 276 302
Insurance policies issued per year (mn) 44 49 48 44 44 46 n/a
Single investor / SID accounts (mn) 0.3 0.4 0.4 0.9 1.1 1.5 2.4
Mutual fund investor accounts (mn) 0.3 0.4 0.6 1.0 1.7

Fintech lender accounts (mn) 0.2 0.6

Fintech borrower accounts (mn) 4.4 18.6
Fintech loan disbursed amount (Rp tn) 23 81
Fintech outstanding loan balance (Rp tn) 5 13
Source: Company Data, Bank Indonesia, OJK, KSEI, Mandiri Sekuritas Research estimates

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

Tjandra Lienandjaja (+6221 5296 9617) tjandra.lienandjaja@mandirisek.co.id
Adrian Joezer (+6221 5296 9415) adrian.joezer@mandirisek.co.id
Silvony Gathrie (+6221 5296 9544) silvony.gathrie@mandirisek.co.id
Henry Tedja (+6221 5296 9434) henry.tedja@mandirisek.co.id
Riyanto Hartanto (+6221 5296 9488) riyanto@mandirisek.co.id

Please see important disclosure at the back of this report Page 5 of 12

 Equity Research | 22 June 2020

CORPORATE

Bank BCA 4M20 Results - PPOP Growth Remained Strong (BBCA; Rp27,875; Neutral; TP: Rp26,500)
 BBCA booked bank only net income of Rp8.4tn in 4M20, +10% yoy, accounting for 35% of FY20 consensus & 38% of
Mansek’s estimates. Consolidated net income is estimated at Rp9.0tn, accounting for 38% of consensus and 41% of ours.
PPOP grew strong at +20% yoy supported by strong net interest & non-interest income growth. Meanwhile, provision
expenses saw a substantial increase of +106% yoy, resulted in +7% yoy operating profit. On the monthly basis, Apr-20’s
net income stood at Rp2.3tn, +28% mom/+14% yoy driven by declining opex as around one-third of the network is
closed down during the pandemic.
 Loan growth +10% yoy/flat mom, deposit growth +16% yoy/flat mom. Deposit growth was driven by time deposits
at +17% yoy and demand and savings deposits at +15% yoy each. CASA ratio was stable yoy at 77% of total deposits
while LDR declined to 81% from 85% last year, maintaining it strong liquidity.
 NIM declined slightly to 6.1% in 4M20 from 6.2% in 4M19 on higher reduction in asset yield than in CoF, while on the
monthly basis, NIM also declined to 5.9% in Apr-20 from 6.2% in Mar-20 mainly over declining asset yield. Expect NIM to
decline further, in-line with rising number of restructured loans in the coming months.
 Cost to income ratio declined to 45% from 48% in 4M19.
 Provision expenses increased +106% yoy to Rp3.1tn. Cost of credit increased to 1.5% in 4M20 from 0.8% in 4M19,
while provisioning to total loans slightly increased to 3.8% in Apr-20 from 3.7% in Mar-20.
 Maintain our Neutral stance with TP of Rp26,500. BBCA is trading at 3.9x 2020F P/BV.

%of
Income Statement %of FY20
Apr-19 Mar-20 Apr-20 %MoM %YoY 4M19 4M20 %YoY FY20F FY20F
(Rp bn) FY20F Cons
Cons
Net interest income 3,834 4,391 4,291 (2) 12 15,005 16,950 13 51,271 33
Non-interest income 1,866 2,128 1,719 (19) (8) 5,995 6,964 16 20,721 34
Operating income 5,700 6,520 6,010 (8) 5 20,999 23,914 14 71,992 33 73,599 32
Provision expenses (601) (1,197) (1,040) (13) 73 (1,488) (3,068) 106 (11,453) 27
Operating expenses (2,725) (3,400) (2,249) (34) (17) (10,096) (10,804) 7 (33,082) 33
Operating profit 2,374 1,922 2,721 42 15 9,415 10,041 7 27,456 37 30,988 32
PPOP 2,974 3,119 3,761 21 26 10,903 13,110 20 38,910 34
Pre-tax profit 2,374 1,922 2,721 42 15 9,415 10,041 7 27,456 37 30,443 33
Net profit 1,993 1,770 2,270 28 14 7,612 8,374 10 22,167 38 23,951 35

Balance Sheet
Apr-19 Mar-20 Apr-20 %MoM %YoY
(Rp bn)
Gross loans 542,590 597,728 598,686 0 10
Demand deposits 167,689 201,922 193,502 (4) 15
Saving deposits 322,577 365,656 371,388 2 15
Time deposits 147,633 168,125 172,910 3 17
Total deposits 637,899 735,703 737,800 0 16

CASA to deposits (%) 76.9 77.1 76.6

Ratio (%) Apr-19 Mar-20 Apr-20 4M19 4M20

LDR 85.1 81.2 81.1 85.1 81.1
NIM 6.2 6.2 5.9 6.2 6.1
ROE 15.9 12.8 16.5 15.3 15.1
Cost to income 47.8 52.2 37.4 48.1 45.2
Cost of credit - net 1.3 2.4 2.1 0.8 1.5
Provisioning level 2.5 3.7 3.8 2.5 3.8

Tjandra Lienandjaja (+6221 5296 9617) tjandra.lienandjaja@mandirisek.co.id

Silvony Gathrie (+6221 5296 9544) silvony.gathrie@mandirisek.co.id

Please see important disclosure at the back of this report Page 6 of 12

 Equity Research | 22 June 2020

Vale Indonesia: Inalum to buy 20% stake in INCO at Rp2,780/share (INCO; Rp2,890; Buy; TP: Rp3,500)

 Inalum has agreed to acquired 20% stake in INCO for Rp2,780/share or valued at 1.0x FY21F PBV (-2SD). INCO’s key
shareholders may need to divest another 11% to meet 49% of maximum foreign ownership.

 Inalum has agreed to acquire 20% stake in INCO for Rp2,780/share. Vale Canada and Sumitomo Metal Mining (SMM)
have signed definitive agreements on the sale of 20% stake in Vale Indonesia (INCO) to Inalum for Rp5.2tr (USD371mn) or
at Rp2,780/share . The transaction is valued at 1.0x FY21F PBV (-2SD), which we think, is a good price for Inalum given
INCO’s strong track record of cost discipline and attractive long-term projects including the plan to expand into growing
nickel sulphate business for battery. The divestment is part of the requirement from the revisions of its contract of work
(CoW, expired on Dec 2025) with the Government of Indonesia (GOI) in 2014 which also included 1) the reduction of CoW
area to 118k ha from 190k ha with 25k ha of ore zones, 2) higher royalty to 3% from 2% subject to nickel price, and 3)
INCO is entitled to extend its operations until 2045 (two consecutive 10-year periods), subject to the GOI approval. Vale
and SMM’s stake INCO will decline to 44.3% and 15.0% respectively (59.3% combined ownership) once the divestment is
completed (end of 2020).

 More divestment ahead? Post the 20% stake divestment, Vale and Sumitomo will be required to divest another 11%
stake in INCO once their CoW license is converted into special mining license (IUPK) in 2026 to meet 49% of maximum
foreign ownership. The divestment process will be based on the list of priority buyers, starting from central government,
local government, SOE, regional SOE, private investors, and public. Thus we see the possibility for Inalum to increase its
stake in INCO to around 31% (min 25% stake will be entitled to 0% dividend tax) from the next round of divestment.

 Two key projects are still on track. INCO plans to set up a JV for two projects: Pomalla HPAL project with total
investment cost of up to USD 2.4bn-2.6bn (min 25% stake); and FeNi project in Bahodopi with total investment costs of
up to USD 1.4bn-1.6bn (<50% stake). We may see delay on the execution of the projects due to the Covid-19 pandemic
but INCO maintains its target to clear permits and approval this year or early next year. Apart from obtaining permits,
getting funding for the projects might be harder at the current situation, note that 50% equity and 50% project financing
will fund the projects.

 Best proxy to the nickel sector. We still like INCO for its low cost structure and attractive long-term project. Valuation
remains attractive at 1.0x FY21F PBV (-2SD) despite strong growth outlook ahead from the future projects.

PBV BAND EV/EBITDA BAND

PBV (x) INCO EV/EBITDA (x) INCO
3.5 16.0

3.0 14.0
12.0
2.5 +2 StDev +2 StD
10.0
2.0 +1 StD
+1 StDev
8.0
1.5 Me
Mean 6.0
-1 StD
1.0 4.0
-1 StDev
-2 StD
0.5 2.0
-2 StDev
0.0 0.0
May-14
Jul-10

Apr-11

Jan-12

Aug-13

Feb-15

Nov-15

Aug-16

Mar-18

Dec-18

Sep-19
Oct-12

Jun-17

Jun-20
Jan-12

Oct-12

Sep-19
Jul-10

Apr-11

Feb-15

Nov-15

Dec-18
Aug-13

May-14

Aug-16

Jun-17

Jun-20
Mar-18

Source: Bloomberg Source: Bloomberg

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

Wesley Louis Alianto (+6221 5296 9510) wesley.alianto@mandirisek.co.id

Please see important disclosure at the back of this report Page 7 of 12

 Equity Research | 22 June 2020

MARKET

Market Recap June 19th 2020; JCI 4,942.28 Points +17.03 pts (+0.35%); Valued $448mn; Mkt Cap $386bn; USD/IDR
14,217

 TOP TURNOVER: TLKM BBCA BBRI BMRI ASII PTBA BBNI BBTN PGAS UNTR TOWR CPIN UNVR ITMG AKRA BRPT INDF ADRO
KLBF (60%)

 ADVANCING SECTOR: cement+1.2%; telco+0.9%; consumer+0.6%; financial+0.4%;

 DECLINING SECTOR: property & mining-0.9%; plantation-0.7%; auto-0.2%; construction-0.1%

 A death cat bounce experienced at the opening, owing to prior day’s last minute selling into the close, did not last as
expected. Trading was choppy with investor focus swinging between concerns about a second pandemic wave and more
upbeat hopes about an economic recovery. Fresh contagion concerns have dominated the market focus this week with
mixed data on infections jolting sentiment. The JCI rose 0.35% at 4942 level, off day-high of 4968 level. BMRI contributed
the most to the gain, increasing 1.2%. Oil futures extended gains from previous session after OPEC+ promised to meet
their supply cut commitments and two major oil traders said demand is recovering. WTI ticked up 0.57% to $39.06 a
barrel, while Brent rose 0.43% to $41.69 per barrel. Market turnover (excluding $3.1MN BOGA; $2.9MN BHAT; $2MN CARE
crossing) was steady at $448MN. Foreign participants jumped to 43% and came up better seller for 19%. Losers beat
gainers 3 to 2. The IDR retreated back to 14217 level after reporting a record daily increase in coronavirus cases. The
country’s 10-year govt bond was little changed at 7.18%, down 5 bps for the week. Global funds sold a net of $17.6MN in
Indo bonds on June 17th,sixth day of outflows; and sold a net of $5.6MN in country’s equities on June 18th, seventh day of
outflows.

Sales Team +6221 527 5375

FROM THE PRESS

Bank Banten (BEKS) to proceed with rights issue

BEKS plans to proceed with its rights issuance plan after it got delayed due to the pandemic. CEO of the bank, Fahmi Bagus
Mahesa explains that the plan resurfaces again after Banten Governor, Wahidin Halim stated its intention to inject funds to the
bank totalling to Rp1.9tn using the regional cash accounts (rekening kas umum daerah, RKUD) placed in BEKS. (Kontan)

The Government Provides New Income Tax Incentives

Through the Government Decree (PP) No 29/2020, the government provides 5 new income tax (PPh) incentives to support
Covid-19 handling. First, firms which produce medical equipment related to Covid-19 and household healthcare supplies (i.e.
hand sanitizer) will receive net income reduction as much as 30% from the production cost. Second, taxpayers that give
donation (cash, goods , services, asset utilization without compensation) will receive gross income reduction. Third, the salary
of medical personnel related to the outbreak handling will be given 0% income tax. Fourth, taxpayers, that offers their land,
building or other assets to the government for Covid-19 management and receive rent income, will receive 0% income tax.
Fifth, the government will provide tax facilities for listed firms that conduct stock buyback to help maintaining stock market
stability. (Kontan)

75 Firms has Received Tax Holiday

The government recorded that 75 firms has received tax holiday with total investment of Rp 1,249.23 tn as of May 2020. In
details, there are 27 firms from economic infrastructure sector, 31 from metal industry, 14 chemical industry and 3 from
digital/hosting sector. (Kontan)

Please see important disclosure at the back of this report Page 8 of 12

 Equity Research | 22 June 2020

Indices and Fund Flows Currencies and Bonds Major Commodities

YTD Chg YTD YTD

Indices Last Chg (%) Currency Last Chg (%) Last Chg (%)
(%) Chg (%) Chg (%)

JCI 4,942.3 +0.3 -21.5 Rp/US$ 14,100 +0.16 -1.8 Crude Oil, WTI (US$/bl) 39.75 +2.3 -34.9
Dow Jones 25,871.5 -0.8 -9.3 US$/EUR 1.118 -0.24 +0.3 Copper (US$/mt) 5,829 +0.8 -5.2
Nikkei 22,478.8 +0.6 -5.0 YEN/US$ 106.87 -0.09 +1.6 Nickel (US$/mt) 12,709 -1.0 -8.9
Hang Seng 24,643.9 +0.7 -12.6 SGD/US$ 1.397 +0.24 -3.7 Gold (US$/oz) 1,744 +1.2 +14.9
STI 2,634.8 -1.2 -18.2 Tin 3-month (US$/mt) 16,885 +0.0 -1.7
Ishares indo 18.5 -0.4 -27.7 CPO futures (Ringgit/ton) 2,472 +4.4 -18.4
Coal (US$/ton) 53.1 +0.3 -21.6
Foreign YTD
YTD Gov. Bond Chg
Fund Flows Last Chg Last Chg Rubber forward (US¢/kg) 142.0 +0.9 -14.6
Chg Yield (bps)
(US$mn) (bps)
Soybean oil
Equity Flow -45.9 -807 5Yr 6.68 -3 +25 28.52 +1.6 -17.3
(US$/100gallons)
Bonds Flow -17.6 -7,614 10Yr 7.18 +1 +12 Baltic Dry Index 1,555.0 +2.0 +42.7

Please see important disclosure at the back of this report Page 9 of 12

 Equity Research | 22 June 2020

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) 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
MANSEK universe 4,942 5,540 12.1 3,618,701 188,119 256,258 19.2 14.1 2.0 1.9 12.9 11.4 -25.7% 36.2% 3.5% 2.6%
Banking 1,310,318 63,760 102,414 20.6 12.8 1.9 1.7 N.A. N.A. -34.2% 60.6% 3.4% 1.6%
BBCA Neutral 27,875 26,500 (4.9) 687,258 22,167 29,781 31.0 23.1 3.9 3.5 N.A. N.A. -22.4% 34.3% 2.0% 1.3%
BBNI Buy 4,480 5,900 31.7 83,546 7,073 15,323 11.8 5.5 0.8 0.7 N.A. N.A. -54.0% 116.6% 4.6% 2.1%
BBRI Buy 3,100 3,000 (3.2) 382,225 20,229 35,699 18.9 10.7 2.0 1.7 N.A. N.A. -41.1% 76.5% 5.4% 1.6%
BBTN Buy 1,115 1,350 21.1 11,808 1,236 1,554 9.6 7.6 0.7 0.6 N.A. N.A. 490.6% 25.7% 4.8% 2.4%
BDMN Buy 2,750 4,000 45.5 26,358 2,703 4,752 9.8 5.5 0.6 0.5 N.A. N.A. -33.6% 75.8% 5.4% 3.6%
BJBR Buy 775 860 11.0 7,625 1,260 1,438 6.1 5.3 0.7 0.7 N.A. N.A. -19.2% 14.1% 12.1% 12.1%
BJTM Buy 505 590 16.8 7,576 1,146 1,434 6.6 5.3 0.8 0.7 N.A. N.A. -16.8% 25.2% 9.5% 9.6%
BNGA Buy 745 840 12.8 18,723 2,340 4,211 8.0 4.4 0.5 0.4 N.A. N.A. -35.8% 80.0% 7.8% 5.0%
BNLI Sell 1,270 430 (66.1) 35,614 909 1,494 39.2 23.8 1.5 1.4 N.A. N.A. -39.4% 64.4% 0.0% 0.0%
PNBN Buy 835 1,100 31.7 20,113 1,976 3,508 10.2 5.7 0.5 0.5 N.A. N.A. -40.4% 77.5% 0.0% 0.0%
BTPS Buy 3,270 3,200 (2.1) 25,191 1,189 1,547 21.2 16.3 4.0 3.3 N.A. N.A. -15.1% 30.1% 1.1% 0.9%
BFIN Buy 286 900 214.7 4,280 1,532 1,674 2.8 2.6 0.5 0.4 N.A. N.A. 6.4% 9.2% 10.1% 10.7%
Construction & materials 167,940 8,209 11,196 20.5 15.0 1.3 1.2 11.7 9.5 -33.4% 36.4% 2.0% 1.7%
INTP Buy 12,250 14,500 18.4 45,095 1,673 2,003 27.0 22.5 1.9 1.8 12.1 10.5 -8.9% 19.8% 1.4% 1.3%
SMGR Buy 9,500 11,020 16.0 56,349 2,520 2,825 22.4 19.9 1.7 1.6 9.2 8.6 5.4% 12.1% 2.2% 1.7%
ADHI Neutral 625 1,120 79.2 2,226 619 593 3.6 3.8 0.4 0.3 4.0 4.2 -6.8% -4.2% 6.0% 5.6%
PTPP Buy 860 2,050 138.4 5,332 981 1,320 5.4 4.0 0.5 0.4 4.9 4.6 2.4% 34.6% 5.4% 5.5%
WIKA Buy 1,265 2,500 97.6 11,335 1,671 1,871 6.8 6.1 0.7 0.7 5.1 3.6 -17.2% 12.0% 2.9% 3.3%
WSKT Buy 745 1,010 35.6 9,969 -948 -869 -10.5 -11.5 0.9 1.0 22.0 17.6 N/M 8.3% -1.9% -1.7%
WTON Buy 286 700 144.8 2,493 586 678 4.3 3.7 0.7 0.6 3.2 2.8 14.3% 15.7% 6.2% 7.0%
WSBP Buy 196 360 83.7 5,167 842 954 6.1 5.4 0.6 0.6 5.5 4.9 4.5% 13.3% 7.8% 8.2%
JSMR Buy 4,130 5,900 42.9 29,975 266 1,822 112.6 16.5 1.6 1.5 23.4 12.4 -87.9% 584.6% 1.5% 0.2%
Consumer staples 924,524 40,952 51,121 22.6 18.1 4.8 4.4 14.8 12.0 -15.5% 24.8% 3.7% 3.2%
ICBP Buy 8,925 10,300 15.4 104,083 5,389 6,005 19.3 17.3 3.7 3.3 11.3 10.6 6.9% 11.4% 2.4% 2.6%
INDF Buy 6,575 8,450 28.5 57,728 5,245 5,573 11.0 10.4 1.4 1.3 7.1 6.6 6.9% 6.3% 4.2% 4.5%
MYOR Buy 2,280 2,650 16.2 50,979 2,861 2,745 17.8 18.6 4.3 3.8 12.6 11.3 43.9% -4.1% 1.5% 2.1%
UNVR Buy 8,050 9,500 18.0 307,108 7,495 8,038 41.0 38.2 60.5 58.1 29.3 27.0 1.4% 7.2% 2.4% 2.4%
GGRM Buy 49,000 63,450 29.5 94,280 7,422 10,321 12.7 9.1 1.8 1.6 8.3 6.5 -31.8% 39.1% 5.3% 5.3%
HMSP Buy 1,730 2,400 38.7 201,230 8,342 13,384 24.1 15.0 6.6 5.6 18.7 11.1 -39.2% 60.4% 6.7% 4.1%
KLBF Buy 1,460 1,650 13.0 68,438 2,764 2,985 24.8 22.9 3.9 3.6 16.8 15.4 10.2% 8.0% 2.0% 2.2%
SIDO Buy 1,230 1,450 17.9 18,450 872 947 21.2 19.5 5.8 5.5 15.7 14.4 7.9% 8.6% 4.0% 4.5%
MLBI Buy 10,550 14,650 38.9 22,229 563 1,124 39.5 19.8 27.7 16.3 20.0 12.9 -53.3% 99.7% 4.1% 2.5%
Healthcare 51,299 1,042 1,271 49.2 40.4 3.8 3.6 16.9 14.3 3.5% 22.0% 0.1% 0.2%
MIKA Buy 2,280 2,600 14.0 33,176 693 815 47.9 40.7 7.1 6.4 32.1 26.7 -5.1% 17.6% 0.0% 0.0%
SILO Buy 5,225 7,150 36.8 8,491 44 100 191.3 84.8 1.3 1.3 7.0 5.6 107.0% 125.6% 0.0% 0.0%
HEAL Buy 3,240 5,200 60.5 9,633 304 355 31.7 27.1 4.2 3.7 11.8 10.3 19.4% 16.7% 0.7% 0.9%
Consumer discretionary 287,544 18,209 25,233 15.8 11.4 1.5 1.3 9.0 8.1 -39.6% 38.6% 4.4% 3.1%
ACES Neutral 1,500 1,500 0.0 25,725 711 1,055 36.2 24.4 5.2 4.6 27.7 19.6 -31.0% 48.5% 2.0% 1.4%
LPPF Buy 1,600 1,800 12.5 4,669 50 497 92.5 9.4 2.6 2.0 8.2 3.4 -96.3% 884.6% 0.0% 0.3%
MAPA Buy 2,560 3,850 50.4 7,297 54 606 134.0 12.0 2.4 2.0 18.7 6.4 -92.1% 1013.2% 0.0% 0.2%
MAPI Buy 775 1,000 29.0 12,865 -1,704 543 -7.5 23.7 3.0 2.7 -123.1 7.8 N/M N/M 1.6% 0.0%
RALS Buy 625 700 12.0 4,435 -132 143 -33.6 31.0 1.2 1.2 -54.4 11.6 N/M N/M 8.6% -1.9%
ERAA Buy 1,275 1,500 17.6 4,067 140 355 29.0 11.4 0.8 0.8 12.9 8.4 -52.5% 153.2% 0.7% 1.7%
ASII Buy 4,890 5,000 2.2 197,965 14,710 17,216 13.5 11.5 1.3 1.2 8.7 8.8 -32.2% 17.0% 4.9% 3.3%
SCMA Buy 1,005 1,800 79.1 14,801 1,566 1,693 9.5 8.7 2.5 2.3 6.6 6.3 35.7% 8.1% 7.4% 8.0%
MNCN Buy 940 2,200 134.0 11,660 2,427 2,593 4.8 4.5 0.9 0.8 3.6 3.1 24.1% 6.8% 3.1% 3.3%
MSIN Buy 284 650 128.9 1,477 267 316 5.5 4.7 1.0 0.9 3.2 3.1 16.3% 18.1% 9.0% 10.7%
PZZA Buy 855 900 5.3 2,584 119 216 21.6 12.0 1.9 1.7 8.1 5.8 -40.3% 80.6% 3.9% 2.3%
Commodities 216,679 22,238 23,124 9.7 9.4 0.9 0.9 3.7 3.4 -9.5% 4.0% 4.0% 4.0%
UNTR Buy 17,850 22,500 26.1 66,583 8,962 9,195 7.4 7.2 1.0 0.9 3.3 2.8 -20.8% 2.6% 4.0% 4.1%
ADRO* Neutral 1,040 1,350 29.8 33,265 372 353 6.3 6.6 0.6 0.6 2.7 2.5 -7.9% -5.2% 5.6% 5.3%
HRUM* Neutral 1,200 1,300 8.3 3,080 17 14 12.4 15.9 0.7 0.7 0.2 -0.1 -5.9% -21.7% 4.4% 3.5%
INDY* Neutral 700 910 30.0 3,647 2 6 154.7 40.3 0.3 0.3 1.5 1.1 N/M 286.9% 0.2% 0.6%

Please see important disclosure at the back of this report Page 10 of 12

 Equity Research | 22 June 2020

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) 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
ITMG* Neutral 7,225 10,450 44.6 7,923 100 101 5.5 5.5 0.6 0.6 1.5 1.4 -20.8% 0.9% 15.4% 15.4%
PTBA Neutral 2,280 2,350 3.1 26,271 3,482 3,496 7.5 7.5 1.4 1.3 4.7 4.6 -18.3% 0.4% 9.9% 10.0%
ANTM Buy 610 700 14.7 14,659 -22 197 -673.2 74.5 0.7 0.7 12.6 11.5 N/M N/M -0.1% 0.5%
INCO* Buy 2,890 3,500 21.1 28,716 88 133 22.9 15.3 1.0 0.9 6.3 5.1 53.0% 51.1% 0.0% 0.0%
TINS Neutral 605 870 43.8 4,506 394 429 11.4 10.5 0.7 0.7 5.9 5.5 N/M 8.8% 3.1% 3.3%
MDKA* Buy 1,280 1,450 13.3 28,029 80 85 24.6 23.2 3.4 3.0 8.9 8.1 9.9% 6.6% 0.0% 0.0%
Property & Industrial Estate 92,145 7,211 9,744 12.8 9.5 0.7 0.7 8.9 8.2 -4.7% 35.1% 2.2% 1.8%
ASRI Sell 138 80 (42.0) 2,712 150 938 18.1 2.9 0.3 0.2 6.8 5.3 -85.2% 524.8% 1.4% 1.4%
BSDE Buy 800 1,160 45.0 16,937 1,399 2,050 12.1 8.3 0.5 0.5 10.0 9.4 -54.4% 46.5% 0.0% 0.6%
CTRA Buy 715 1,120 56.6 13,271 832 1,094 16.0 12.1 0.8 0.8 10.4 8.9 -28.2% 31.5% 1.0% 1.0%
JRPT Buy 414 670 61.8 5,693 997 1,065 5.7 5.3 0.7 0.6 5.0 4.5 -1.9% 6.7% 4.6% 0.1%
PWON Buy 446 670 50.2 21,479 1,791 2,395 12.0 9.0 1.3 1.2 8.0 6.4 -34.1% 33.7% 1.3% 1.3%
SMRA Buy 665 960 44.4 9,594 420 604 22.9 15.9 1.2 1.2 10.5 9.4 -18.5% 43.8% 0.8% 0.8%
LPKR Neutral 179 200 11.7 12,636 74 391 171.1 32.3 0.4 0.4 11.6 11.7 N/M 429.7% 0.6% 0.6%
DMAS Buy 178 390 119.1 8,579 1,441 1,086 6.0 7.9 1.2 1.2 5.4 7.5 81.9% -24.7% 13.4% 11.4%
BEST Neutral 129 130 0.8 1,245 107 122 11.7 10.2 0.3 0.3 6.1 8.9 -72.0% 14.2% 2.7% 0.7%
Telco 451,938 23,252 25,821 19.4 17.5 2.9 2.8 6.4 5.9 -10.4% 11.1% 4.2% 4.4%
EXCL Buy 2,790 3,400 21.9 29,819 2,037 912 14.6 32.7 1.4 1.4 6.1 5.8 185.9% -55.2% 0.7% 2.0%
TLKM Buy 3,280 3,800 15.9 324,924 18,520 20,942 17.5 15.5 3.1 3.0 5.9 5.4 -5.0% 13.1% 5.1% 5.2%
ISAT Buy 2,530 3,000 18.6 13,748 -1,760 -1,027 -7.8 -13.4 1.3 1.4 5.1 4.5 N/M 41.7% 0.0% 0.0%
LINK Buy 2,430 5,500 126.3 7,076 980 1,017 7.3 7.1 1.3 1.2 3.3 3.1 -3.3% 3.8% 6.9% 7.2%
TBIG Buy 1,140 1,250 9.6 24,659 1,008 1,194 24.5 20.7 4.6 4.1 11.2 10.6 23.0% 18.4% 2.4% 2.4%
TOWR Buy 1,030 1,070 3.9 51,711 2,468 2,782 21.0 18.6 5.2 4.5 11.5 10.5 5.4% 12.8% 2.3% 2.3%
Chemical 1,484 136 163 10.9 9.1 0.4 0.4 5.6 5.0 29.5% 20.3% 0.0% 0.0%
AGII Buy 484 700 44.6 1,484 136 163 10.9 9.1 0.4 0.4 5.6 5.0 29.5% 20.3% 0.0% 0.0%
Airlines 2,513 540 837 4.7 3.0 0.4 0.4 4.2 2.6 30.0% 55.0% 0.0% 0.0%
GMFI* Neutral 89 275 208.7 2,513 38 59 4.7 3.0 0.4 0.4 4.2 2.6 26.1% 56.3% 0.0% 0.0%
Transportation 2,965 -175 251 -16.9 11.8 0.6 0.6 12.5 4.9 #### N/M -1.5% 2.1%
BIRD Buy 1,185 1,700 43.5 2,965 -175 251 -16.9 11.8 0.6 0.6 12.5 4.9 N/M N/M -1.5% 2.1%
Poultry 109,353 2,746 5,083 39.8 21.5 3.2 2.8 16.8 11.6 -50.5% 85.1% 1.9% 1.0%
CPIN Buy 5,675 5,500 (3.1) 93,059 2,058 3,378 45.2 27.5 4.3 3.9 23.3 16.7 -43.4% 64.2% 1.7% 0.9%
JPFA Buy 1,275 1,100 (13.7) 14,951 646 1,566 23.2 9.6 1.4 1.2 9.0 5.7 -63.4% 142.4% 3.5% 1.3%
MAIN Buy 600 675 12.5 1,343 43 139 31.4 9.6 0.6 0.6 5.8 4.6 -72.0% 225.6% 1.0% 3.3%
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

Please see important disclosure at the back of this report Page 11 of 12

 Mandiri Sekuritas A subsidiary of PT Bank Mandiri (Persero) Tbk
Menara Mandiri Tower I, 25th floor, Jl. Jend. Sudirman Kav. 54 – 55, Jakarta 12190, Indonesia
General: +62 21 526 3445, Fax : +62 21 527 5374 (Equity Sales)

RESEARCH
Adrian Joezer Head of Equity Research, Strategy, Consumer adrian.joezer@mandirisek.co.id +6221 5296 9415
Tjandra Lienandjaja Deputy Head of Equity Research, Banking tjandra.lienandjaja@mandirisek.co.id +6221 5296 9617
Ariyanto Kurniawan Automotive, Coal, Metal Mining, Chemical ariyanto.kurniawan@mandirisek.co.id +6221 5296 9682
Kresna Hutabarat Telecom, Media kresna.hutabarat@mandirisek.co.id +6221 5296 9542
Lakshmi Rowter Healthcare, Consumer, Retail lakshmi.rowter@mandirisek.co.id +6221 5296 9549
Robin Sutanto Property, Building Material robin.sutanto@mandirisek.co.id +6221 5296 9572
Edbert Surya Construction, Transportation edbert.surya@mandirisek.co.id +6221 5296 9623
Silvony Gathrie Banking, Research Assistant silvony.gathrie@mandirisek.co.id +6221 5296 9544
Riyanto Hartanto Poultry, Research Assistant riyanto@mandirisek.co.id +6221 5296 9488
Henry Tedja Research Assistant henry.tedja@mandirisek.co.id +6221 5296 9434
Wesley Louis Alianto Research Assistant wesley.alianto@mandirisek.co.id +6221 5296 9510
Leo Putera Rinaldy Chief Economist leo.rinaldy@mandirisek.co.id +6221 5296 9406
Imanuel Reinaldo Economist imanuel.reinaldo@mandirisek.co.id +6221 5296 9651

INSTITUTIONAL SALES
Silva Halim Managing Director silva.halim@mandirisek.co.id +6221 527 5375
Lokman Lie Head of Equity Capital Market lokman.lie@mandirisek.co.id +6221 527 5375
Andrew Handaya Institutional Sales andrew.handaya@mandirisek.co.id +6221 527 5375
Feliciana Ramonda Institutional Sales feliciana.ramonda@mandirisek.co.id +6221 527 5375
Henry Pranoto Institutional Sales henry.pranoto@mandirisek.co.id +6221 527 5375
Kevin Giarto Institutional Sales kevin.giarto@mandirisek.co.id +6221 527 5375
Sharon Anastasia Tjahjadi Institutional Sales sharon.tjahjadi@mandirisek.co.id +6221 527 5375
Talitha Medha Anindya Institutional Sales talitha.anindya@mandirisek.co.id +6221 527 5375
Angga Aditya Assaf Institutional Sales angga.assaf@mandirisek.co.id +6221 527 5375
Ilona Carissa Institutional Sales Ilona.simanungkalit@mandirisek.co.id +6221 527 5375
Kusnadi Widjaja Equity Dealing kusnadi.widjaja@mandirisek.co.id +6221 527 5375
Edwin Pradana Setiadi Equity Dealing edwin.setiadi@mandirisek.co.id +6221 527 5375
Jane Theodoven Sukardi Equity Dealing jane.sukardi@mandirisek.co.id +6221 527 5375
Michael Taarea Equity Dealing michael.taarea@mandirisek.co.id +6221 527 5375

RETAIL SALES
Andreas M. Gunawidjaja Head Retail Equities andreas@mandirisek.co.id 6221 5296 9693
Boy Triyono Jakarta boy.triyono@mandirisek.co.id 6221 5296 5678
Iedprima Intan Maradi Online Jakarta intan.maradi@mandirisek.co.id 6221 5296 9516
Ruwie Medan ruwie@mandirisek.co.id 6261 8050 1825
Linawati Surabaya linawati@mandirisek.co.id 6231 535 7218
Maulidia Osviana Lampung maulidia.osviana@mandirisek.co.id 62721 476 135
Aidil Idham Palembang aidil.idham@mandirisek.co.id 62711 319 900
Dhanan Febrie Handita Bandung dhanan.handita@mandirisek.co.id 6222 426 5088
Yuri Ariadi Pontianak yuri.ariadi@mandirisek.co.id 62561 582 293
Yogiswara Perdana Yogyakarta yogiswara.perdana@mandirisek.co.id 62274 560 596
Achmad Rasyid Bali achmad.rasyid@mandirisek.co.id 62361 475 3066
www.most.co.id care_center@mandirisek.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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judgement from materials and sources believed to be reliable, PT. Mandiri Sekuritas or any other company in the Mandiri Group cannot guarantee its
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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 62-21-5275374.

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.