5 August 2016

Beacon

IDX: 5,374 (+0.4%)

Turnover: IDR6.5tn (-1.0%)
Foreign Net BUY: IDR1.04tn (rom Foreign Net SELL)
Tax amnesty reported: IDR7.1tn (From IDR4.46tn)

Indonesia Morning Brief

INDICES

TODAYS NEWS
POLITICS
Jakarta Governor race: Risma not leaving Surabaya
ECONOMICS
2Q16 GDP growth to be released: Private consumption support
BOURSE
5 subsidiaries of SOEs plan to IPO
INDUSTRY
Land transportation: Ministry to issue HSR construction permit; Go-Jek obtains
USD550mn funds

Sea transportation: Pelindo IV to start Kendari New Port project

Air transportation: Indonesia passes FAA standard category 1

CPO: France calls off progressive tax

Oil & Gas: SKK Migas to publish the Mahakam decree next week

Gasoline: Pertamina to import 9.2mn barrels, down 8% m-m, in August

CORPORATE
UNTR to inject USD200mn for Jepara power-plant project

Asia
Last
Hang Seng (HK)
21,832.2
IDX (Indonesia)
5,373.9
KLCI (Mal.)
1,655.3
KOSPI (Korea)
2,000.0
Nikkei (Japan)
16,254.9
PCOMP (Phil.)
7,978.6
SENSEX (India)
27,714.4
SET (Thailand)
1,507.9
SHCOMP (China)
2,982.4
SHENZHEN (China)
1,948.9
STI (Singapore)
2,832.0
TWSE (Taiwan)
9,024.7
VNI (Vietnam)
631.9
Europe, USA and Ems
CAC 40 (France)
4,345.6
DAX (Germany)
10,227.9
Dow Jones (USA)
18,352.1
FTSE 100 (UK)
6,740.2
IBOV (Brazil)
57,593.9
MEXBOL (Mexico)
46,941.5
NGSEINDX (Nigeria) 27,751.3
Nasdaq (USA)
5,166.2
RTSI (Russia)
927.5
S&P 500 (USA)
2,164.3
XU100 (Turkey)
76,125.6

WSKT: To obtain IDR4.4tn loan; To target 2016 operating profit of IDR1.7tn

SMGR: Semen Gresik dominates with 90% market share in Madura

Source: Bloomberg

MPPA to add 10-12 Foodmart stores in 2H16

ETF, ADR & COMMODITIES

SSIA institutional investors round-up

TINS allocates IDR600bn capex for new exploration vessel; Ready to

Last

power plant

ANTM seeks new export markets

ECONOMIC INDICATORS
Cur acc bal (%GDP)
Fiscal bal (%GDP)
GDP growth (%y-y)
Private spending (%)
Investment (%y-y)
Total exports (%y-y)
Total imports (%y-y)
Inflation (%y-y)
IDR/USD
7D rev repo (% p.a.)
Brent Oil (Usd/bbl)
FX reserve (USDb)

15A
16F
17F
(2.1) (2.3) (2.3)
(2.6) (2.7) (2.5)
4.8
5.1
5.4
5.0
5.2
5.3
5.0
6.6
5.0
(2.0) (4.5) (1.8)
(5.9) (7.5) (2.6)
3.3
3.9
4.5
13,788 13,500 13,000
4.50
4.50
30.9
35.0
50.0
105.9 105.0 112.0

Source: Bahana estimates

MARKET DATA
Op.prof.gwt.(%)
EPS growth (%)
P/E (x)
PEG (x)
EV/EBITDA (x)
P/BV (x)
P/BV exc.
Div. Yield (%)
Net gearing (%)
ROAE (%)
ROAA (%)
ROIC (%)

15A
(0.3)
(6.7)
22.8
(3.1)
8.9
10.7
3.5
2.0
23.6
32.2
12.2
21.6

Source: Bahana estimates

16F
7.1
11.3
20.3
1.6
13.8
9.3
3.2
2.1
18.8
29.3
12.3
21.9

Chg% ytd %
0.4
(0.4)
0.4
17.0
0.4
(2.2)
0.3
2.0
(14.6
1.1
1.1
14.8
0.1
6.1
0.0
17.1
(15.7
0.1
(15.6
0.7
0.2
(1.8)
0.3
8.2
0.1
9.1
0.6
0.6
(0.0)
1.6
0.9
0.2
0.2
0.1
1.9
0.0
2.1

(6.3)
(4.8)
5.3
8.0
32.9
9.2
(3.1)
3.2
22.5
5.9
6.1

Chg%

ytd %

EEM US (USD)
36.2
0.6
12.5
EIDO US (USD)
26.4
0.3
26.4
make
TLK US (IDR)
4,382
0.7
50.9
Como Index (USD)
181.3
0.9
3.0
Coal (USD/t)
65.0
(3.1)
28.5
Corn (USD/mtn)
121.1
(1.4)
(9.6)
Coffee (USD/t)
2,900.4
(0.2)
12.1
Copper (USD/t)
4,787.0
(1.2)
7.3
Cotton (USD/t)
1,672.4
2.7
19.9
CPO Rott (USD/t)
670.0
0.8
5.5
Gold (USD/oz.)
1,361.3
0.3
28.2
Iron ore (USD/mtn)
60.3
0.0
38.9
Milk (USD/cwt)
17.0
0.0
5.6
Nickel (USD/t)
10,440.0
(2.0)
9.2
Oil Brent (USD/bbl)
44.3
2.8
18.8
Rice (IDR/kg)
4,900.0
0.0
(3.1)
Rubber (USD/t)
128.9
0.4
13.4
Silver (USD/oz)
20.4
(0.3)
47.1
Soybean oil (USD/t)
675.5
0.7
0.3
Steel (USD/t)
404.6
(0.4)
34.8
421.5
(0.1)
28.1
17F Sugar (USD/t)
17,935.0
(0.6)
19.3
15.1 Tins (USD/t)
Wheat (USD/t)
148.2
(1.7) (18.1)
17.2 Source: Bloomberg
17.3
CURRENCIES & RATES
1.0
Last
Prev. ytd %
11.8
AUD/1USD
0.763
0.759
(4.5)
8.4 EUR/1USD
1.113
1.115
(2.4)
2.8 IDR/1USD
13,138
13,128
4.9
2.5 JPY/1USD
101.17
101.28
18.8
1.343
1.342
5.7
16.5 SGD/1USD
4.63
4.63
(3.0)
29.8 JIBOR (%)
BI rate (%)
6.50
6.50
(1.0)
13.0
TD 1 month (%)
6.27
6.28
(0.8)
24.0
CDS (bps)
158.34
161.82 (31.13)
Source: Bloomberg

y-y %
(10.9)
10.8
(4.1)
(1.5)
(21.1)
4.1
(1.3)
5.0
(19.3)
(8.4)
(11.3)
5.6
4.1
(15.0)
(10.7)
4.6
0.8
15.1
3.9
(8.9)
1.2
10.8
3.4
(2.7)

y-y %

(1.2)
17.8
56.4
(9.7)
10.0
(11.0)
10.9
(15.9)
16.9
5.1
25.5
9.8
1.6
(23.3)
(11.4)
5.7
(6.8)
39.5
2.3
26.8
62.3
6.2
(23.3)

y-y %
(3.6)
(2.0)
2.6
23.4
3.1
(1.0)
(1.0)
(0.9)
(15.2)

Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. Investors should consider this report as only a single factor
in making their investment decision.

POLITICS
Jakarta Governor race: Risma not leaving Surabaya
Tri Rismaharini, Surabaya Mayor, suddenly apologized to all Surabaya citizens, who believed that Risma would
leave Surabaya to join the race for the Jakarta Governor elections. However, according to Risma, she will
remain Mayor of Surabaya through her leadership term and not run in the Jakarta governor elections.
(Kompas). Bahana comment: Many believe that Risma would be able to challenge Ahoks dominance in the
upcoming 2017 Jakarta Governor elections.

ECONOMICS
2Q16 GDP growth to be released: Private consumption support
This morning, the Statistics Agency (BPS) is expected to announce 2Q16 economic growth, for which BPS
expects some support from private consumption. (Kontan). Bahana comment: Currently, we expect 5.04%
y-y GDP growth in 2Q16, compared to consensus estimate of 5.00% and BIs projection at 4.96%.

BOURSE
5 subsidiaries of SOEs plan to IPO
The Indonesia Stock Exchange (BEI) counted at least 5 subsidiaries of SOEs which are planning to IPO
through 2020. Pembangunan Perumahan (PTPP IJ-BUY-IDR4,280-TP:IDR4,300), a state-owned construction
company, plans to spin off 3 of its subsidiaries by selling up to 35% of their stakes through IPOs in 2017. PP
Precast aims to raise IDR1.1tn through an IPO in 3Q17, while PP Peralatan aims for IDR1.15tn through an IPO
in 4Q17, and PP Energi aims for IDR4tn through an IPO. Timah (TINS IJ-REDUCE-IDR900-TP:IDR411), a
state-owned tin company, plans to sell its subsidiary in the hospital business, Rumah Sakit Bakti Timah,
through an IPO to support their expansion plans. Pos Indonesia, a state-owned post company, aims to sell its
subsidiary in the logistics business, Pos Logistik Indonesia, through an IPO in 2020. (Kontan, Bisnis Indonesia,
IQPlus)

INDUSTRY
Land transportation: Ministry to issue HSR construction permit; Go-Jek obtains USD550mn funds
Transportation Ministry is reportedly set to issue a High Speed Railway (HSR) construction permit next week,
following several months of delay. Construction permit will be granted with some technical notes indicating
that land acquisition should be completed by PT Kereta Cepat Indonesia China (KCIC). In addition, KCIC must
also complete a Detailed Engineering Design (DED) for the fast trains bridge. Separately, Go-Jek has
reportedly obtained a fund injection of USD550mn from KKR and Warburg Pincus, as previously reported.
(Katadata.co.id, IQPlus)
Sea transportation: Pelindo IV to start Kendari New Port project
Pelabuhan Indonesia (Pelindo) IV has allocated a budget of IDR154bn to begin the construction for the
Kendari New Port project, Southeast Sulawesi. The budget will be utilized for the construction of a container
yard. Kendari New Port is targeted to start operating in 2019 with a land area of 10ha, providing total capacity
of 300,000 TEUs. (Bisnis.com)
Air transportation: Indonesia passes FAA standard category 1
Indonesia reportedly has passed aviation safety and security standards audit set by the Federal Aviation
Administration (FAA) from category 2 to category 1, which enables Indonesian airlines to fly to the US.
(IQPlus, Kompas). Bahana comment: We believe this will benefit Garuda Indonesia (GIAA IJ-REDUCEIDR474-IDR400) given the opportunity to realize GIAAs plan to open flight routes to New York and Los
Angeles in 2017. Our negative view on the stock mainly stems from policy risk on domestic airline ticket
pricing while on its international flights, GIAA is experiencing price war.
CPO: France calls off progressive tax
The French parliament has reportedly called off the planned implementation of the CPO progressive tax in the
country. The progressive tax was previously planned to be imposed in the draft of French biodiversity law.
(Kontan, Kompas). Bahana comment: While the amount of CPO exports to France is minimal, we believe
this news is likely to improve sentiment on the sector.

PT Bahana Securities Equity Research Bahana Beacon - The Daily

Oil & Gas: SKK Migas to publish the Mahakam decree next week
SKK Migas is planning to publish a decree, which would pave the way for Pertamina to begin investing in the
Mahakam block starting in January 2017. The decree is scheduled to be published next week. (Kontan)
Gasoline: Pertamina to import 9.2mn barrels, down 8% m-m, in August
In August, Pertamina expects to import 9.2mn barrels of gasoline, down 820k barrels or around 8% m-m.
August imports are expected to comprise of 7.8mn barrels RON 88 gasoline (July: 6.5mn barrels) and 1.4mn
barrels RON 92 gasoline (July: 2.9m barrels). However, Pertamina could not confirm if there would be any
imports of RON 95 gasoline (July: 620k barrels). (Platts)

CORPORATE
UNTR to inject USD200mn for Jepara power-plant project
United Tractors (UNTR IJ-BUY-IDR17,600-TP:IDR18,300) is still negotiating with creditors related to the
financing of its power-plant projects in Jepara, Central Java. The financial closing process is expected to be
completed in the near future, to be followed by equity injection plan of USD200mn into the project. There are
2 partners in the project: Sumitomo Corporation and Kansai Elektric Power Co., Inc with the consortium
expanding its power plant project at Tanjung Jati B Unit 5 and Unit 6 in Jepara. Total capacity expected to
reach 2x1,000MW, amounting to USD4bn investment value. Furthermore, UNTR just purchased a 25% stake
in the project while the majority of the shares are 50% owned by Sumitomo, with the remaining 25% under
Kansai. (Kontan)
WSKT: To obtain IDR4.4tn loan; To target 2016 operating profit of IDR1.7tn
Waskita Karya (WSKT IJ-BUY-IDR:2,790-TP:IDR3,500) is optimistic to obtain around IDR4.4tn syndicated
loans in 3Q16. The funds would be used to finance a light rail transit (LRT) project in Palembang with an
estimated investment value of IDR11.5tn. Separately, the company's 2016 operating profit target has been
revised up to IDR1.7tn from IDR1.5tn previously. (Bisnis, Detik.com)
SMGR: Semen Gresik dominates with 90% market share in Madura
Semen Gresik, the subsidiary of Semen Indonesia (SMGR IJ-HOLD-IDR10,125-TP: 8,900), booked 1H16 sales
volume of 233.6 tonnes in Madura, East Java. This translates to a dominant 90% market share in the area.
(IQPlus)
MPPA to add 10-12 Foodmart stores in 2H16
Matahari Putra Prima (MPPA IJ-BUY-IDR1,750-TP:IDR1850) plans to expand its supermarket business by
adding 10-12 Foodmart stores in 2H16 to boost the contribution of its supermarket business. (Kontan)
SSIA institutional investors round-up
On 4 August, Surya Semesta Internusa (SSIA IJ-BUY-IDR680) participated in an institutional investor day
held at the IDX. The salient points are as follows:

SSIA is currently developing Technopark phase 2 on an area of 27,648sqm, which is expected to be

operational in September 2016. Moreover, SSIA plans to build an office tower in Gran Melia.

In 1H16, the ASP of its industrial land reached USD116mn (-19% y-y).

SSIAs subsidiary, NRCA, booked IDR1.2tn in new contracts in 1H16, 36.4% of its IDR3.3tn total full-year
target. The management stated that it might have to revise its 2016 new contracts target in the future.

SSIA had opened its Palembang and Pekanbaru Batiqa hotels in February and May 2016 with around 400
rooms. In 2017, SSIA plans to open 7 new Batiqa hotels to boost its recurring income portion.

TINS allocates IDR600bn capex for new exploration vessel; Ready to make power plant
Timah (TINS IJ-REDUCE-IDR900-TP:IDR411) has allocated IDR600bn to purchase a new exploration vessel
and maintain its existing fleet. Additionally, TINS plans to expand its business into the power sector using
thorium fuel. (IQPlus, Kontan)
ANTM seeks new export markets
Aneka Tambang (ANTM IJ-HOLD-IDR815) is evaluating several promising gold export markets, such as
Malaysia, Singapore, United Arab Emirates and several African countries, to help increase its revenues.
(Petromindo)

PT Bahana Securities Equity Research Bahana Beacon - The Daily

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily)

COMPANY
Harum Energy
Pembangunan Perumahan
United Tractors
Wijaya Karya
Wijaya Karya Beton
Kimia Farma
Salim Ivomas Pratama
Dharma Satya Nusantara
Soechi Lines
Bukit Asam
Bank Tabungan Pensiunan Nasional
Nippon Indosari Corpindo
Lippo Karawaci
Astra Agro Lestari
London Sumatra Indonesia
Tunas Baru Lampung
Timah
Ramayana Lestari Sentosa
Ciputra Development
Bumi Serpong Damai
Media Nusantara Citra
Express Transindo Utama
Ciputra Property
Jasa Marga
Pelayaran Tempuran Emas
Bank Rakyat Indonesia
Garuda Indonesia
Bank Mandiri
Telekomunikasi Indonesia
Blue Bird
Tempo Scan Pacific
Medco Energi Internasional
Perusahaan Gas Negara
Unilever Indonesia
Anabatic Technologies
Indo Tambangraya Megah
Bank Bukopin
Indomobil Sukses Internasional
Indocement Tunggal Prakarsa
Indofood CBP Sukses Makmur
Charoen Pokphand Indonesia
Malindo Feedmill
Bank Negara Indonesia
Indonesian Stock Exchange
Waskita Karya
Lippo Cikarang
Kalbe Farma
Bank Danamon Indonesia
Xl Axiata
Sampoerna Agro
Siloam International Hospitals
Bank Central Asia
Matahari Department Store
Cardig Aero Services
Surya Citra Media
Ace Hardware Indonesia
Sri Rejeki Isman
Multipolar
Gudang Garam
Mayora Indah
Puradelta Lestari
J Resources
Merdeka Copper Gold
Austindo Nusantara Jaya
Summarecon Agung
Alam Sutera Realty
Agung Podomoro Land
PP Property
Mitra Adiperkasa
HM Sampoerna
Gajah Tunggal
Semen Indonesia
Sarana Menara Nusantara
Bekasi Fajar Industrial Estates
Matahari Putra Prima
Total Bangun Persada
Aneka Tambang
Adhi Karya
Surya Semesta Internusa
Pakuwon Jati
Wintermar Offshore Marine
Sido Muncul
Bank Jawa Barat dan Banten
Electronic City
Vale Indonesia
Japfa Comfeed Indonesia
Mitra Keluarga Karyasehat
Indofood Sukses Makmur
Indosat
Hero Supermarket
AKR Corporindo
Kawasan Industri Jababeka
Bank Jawa Timur
Krakatau Steel
Tower Bersama Infrastructure
Adi Sarana Armada
Astra International
Bank Tabungan Negara
Adaro Energy
Semen Baturaja
Erajaya Swasembada
Tiphone Mobile Indonesia
Holcim Indonesia
Source: Bloomberg, Bahana estimates

STOCK CODE
HRUM IJ
PTPP IJ
UNTR IJ
WIKA IJ
WTON IJ
KAEF IJ
SIMP IJ
DSNG IJ
SOCI IJ
PTBA IJ
BTPN IJ
ROTI IJ
LPKR IJ
AALI IJ
LSIP IJ
TBLA IJ
TINS IJ
RALS IJ
CTRA IJ
BSDE IJ
MNCN IJ
TAXI IJ
CTRP IJ
JSMR IJ
TMAS IJ
BBRI IJ
GIAA IJ
BMRI IJ
TLKM IJ
BIRD IJ
TSPC IJ
MEDC IJ
PGAS IJ
UNVR IJ
ATIC IJ
ITMG IJ
BBKP IJ
IMAS IJ
INTP IJ
ICBP IJ
CPIN IJ
MAIN IJ
BBNI IJ
JCI
WSKT IJ
LPCK IJ
KLBF IJ
BDMN IJ
EXCL IJ
SGRO IJ
SILO IJ
BBCA IJ
LPPF IJ
CASS IJ
SCMA IJ
ACES IJ
SRIL IJ
MLPL IJ
GGRM IJ
MYOR IJ
DMAS IJ
PSAB IJ
MDKA IJ
ANJT IJ
SMRA IJ
ASRI IJ
APLN IJ
PPRO IJ
MAPI IJ
HMSP IJ
GJTL IJ
SMGR IJ
TOWR IJ
BEST IJ
MPPA IJ
TOTL IJ
ANTM IJ
ADHI IJ
SSIA IJ
PWON IJ
WINS IJ
SIDO IJ
BJBR IJ
ECII IJ
INCO IJ
JPFA IJ
MIKA IJ
INDF IJ
ISAT IJ
HERO IJ
AKRA IJ
KIJA IJ
BJTM IJ
KRAS IJ
TBIG IJ
ASSA IJ
ASII IJ
BBTN IJ
ADRO IJ
SMBR IJ
ERAA IJ
TELE IJ
SMCB IJ

RATING

TARGET PRICE

Up/(Downside)(%)

08/04/2016

08/03/2016

CHANGE (%)

REDUCE
BUY
BUY
BUY
BUY
BUY
HOLD
BUY
BUY
BUY
REDUCE
BUY
HOLD
REDUCE
BUY
BUY
REDUCE
BUY
BUY
BUY
BUY
BUY
REDUCE
BUY
BUY
BUY
REDUCE
BUY
BUY
REDUCE
BUY
BUY
BUY
BUY
BUY
REDUCE
HOLD
BUY
REDUCE
BUY
BUY
BUY
HOLD

500
4,300
18,300
3,100
1,100
1,430
290
535
630
12,670
2,100
1,450
1,100
13,626
1,780
570
411
1,440
1,700
2,350
2,500
208
500
6,000
3,000
12,700
400
10,800
5,000
3,500
2,000
1,300
3,000
50,500
800
4,000
640
2,000
13,950
9,150
3,500
1,700
6,000

(61.2)
0.5
4.0
(2.8)
5
(6.5)
(41.8)
4.9
47.2
18.7
(16.3)
(9.9)
(7.6)
(10.4)
19.5
(26.0)
(54.3)
21.0
16.8
14.1
15.7
26.1
(20.0)
8.1
92.3
7.6
(15.6)
2.4
15.7
(10.5)
(1.5)
(20.7)
(9.1)
10.1
30.1
(68.8)
(5.2)
37.5
(23.8)
3.4
(10.3)
(14.6)
10.1

BUY
BUY
BUY
HOLD
BUY
HOLD
BUY
HOLD
BUY
HOLD
REDUCE
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
REDUCE
BUY
HOLD
REDUCE
BUY
REDUCE
BUY
REDUCE
HOLD
BUY
REDUCE
HOLD
BUY
HOLD
BUY
BUY
BUY
HOLD
BUY
HOLD
REDUCE
BUY
BUY
SELL
BUY
BUY
REDUCE
BUY
BUY
REDUCE
REDUCE
REDUCE
REDUCE
REDUCE
HOLD
HOLD
REDUCE
BUY
BUY
REDUCE

3,500
8,300
1,480
3,400
4,340
1800
12,400
15,100
25,200
1,250
2,800
975
400
550
88,000
2,200
290
413
2,200
1,000
2,150
500
220
600
3,150
4,600
860
8,900
5,000
300
1,850
940
680
3,200
750
700
184
630
1,200
700
3,000
940
1,900
6,600
7,300
650
8,000
320
470
275
5,750
90
5,650
1,800
645
400
850
1,180
850

25.4
14.1
(12.7)
(4.5)
18.6
(10)
19.5
0.7
19.9
25.0
(13.6)
2.6
48.1
25.0
27.8
32.6
12.4
7.0
10.0
(44.1)
23.6
(5.7)
(26.7)
(17.2)
(33.1)
14
(44.9)
(12.1)
25.6
(15.7)
5.7
13.9
(16.6)
17.2
10.3
10.2
(23.3)
5.9
(27.3)
32.1
20.0
(36.5)
(29.1)
(20.0)
11.0
(40.9)
20.3
5.3
(30.9)
(58.0)
(3.0)
(53.6)
(27.1)
(6.3)
(41.9)
(63.5)
(2.9)
74
(31.7)

1,290
4,280
17,600
3,190
1,050
1,530
498
510
428
10,675
2,510
1,610
1,190
15,200
1,490
770
900
1,190
1,455
2,060
2,160
165
625
5,550
1,560
11,800
474
10,550
4,320
3,910
2,030
1,640
3,300
45,850
615
12,800
675
1,455
18,300
8,850
3,900
1,990
5,450
5,374
2,790
7,275
1,695
3,560
3,660
1,990
10,375
15,000
21,025
1,000
3,240
950
270
440
68,850
1,659
258
386
2,000
1,790
1,740
530
300
725
4,710
4,040
1,560
10,125
3,980
356
1,750
825
815
2,730
680
635
240
595
1,650
530
2,500
1,480
2,680
8,250
6,575
1,100
6,650
304
680
655
5,925
194
7,750
1,920
1,110
1,095
875
680
1,245

1,175
3,930
16,300
3,010
995
1,455
476
490
412
10,300
2,430
1,560
1,155
14,775
1,450
750
880
1,165
1,425
2,020
2,120
162
615
5,475
1,540
11,650
468
10,425
4,270
3,870
2,010
1,625
3,270
45,450
610
12,700
670
1,445
18,175
8,800
3,880
1,980
5,425
5,352
2,780
7,250
1,690
3,550
3,650
1,985
10,350
14,975
21,000
1,000
3,240
950
270
440
68,850
1,659
258
386
2,000
1,790
1,740
530
300
725
4,720
4,050
1,565
10,175
4,000
358
1,760
830
820
2,750
685
640
242
600
1,665
535
2,530
1,500
2,720
8,375
6,675
1,120
6,775
310
695
670
6,075
199
7,950
1,970
1,140
1,125
900
700
1,285

9.8
8.9
8.0
6.0
5.5
5.2
4.6
4.1
3.9
3.6
3.3
3.2
3.0
2.9
2.8
2.7
2.3
2.1
2.1
2.0
1.9
1.9
1.6
1.4
1.3
1.3
1.3
1.2
1.2
1.0
1.0
0.9
0.9
0.9
0.8
0.8
0.7
0.7
0.7
0.6
0.5
0.5
0.5
0.4
0.4
0.3
0.3
0.3
0.3
0.3
0.2
0.2
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(0.2)
(0.2)
(0.3)
(0.5)
(0.5)
(0.6)
(0.6)
(0.6)
(0.6)
(0.7)
(0.7)
(0.8)
(0.8)
(0.8)
(0.9)
(0.9)
(1.2)
(1.3)
(1.5)
(1.5)
(1.5)
(1.8)
(1.8)
(1.9)
(2.2)
(2.2)
(2.5)
(2.5)
(3)
(2.5)
(2.6)
(2.7)
(2.8)
(2.9)
(3.1)

JCI

PT Bahana Securities Equity Research Bahana Beacon - The Daily

>5.0%

<5%,>0.1%

<0.1%,>-0.1%

<-0.1%,>-5%

<-5.0%

Stock

JCI code

Ticker

Rating

AVIATION
Garuda Indonesia
C ardig Aero Service

GIAA IJ Equity
C ASS IJ Equity

AVIATION
GIAA IJ*
C ASS IJ

N
REDUC E
HOLD

AUTOMOTIVE
Astra International
ASII IJ Equity
Indomobil Sukses InternationIMAS IJ Equity
Gajah Tunggal
GJTL IJ Equity

AUTOMOTIVE
ASII IJ
IMAS IJ
GJTL IJ

N
REDUC E
BUY
REDUC E

BANKS
Bank C entral Asia
BBC A IJ Equity
Bank Rakyat Indonesia
BBRI IJ Equity
Bank Mandiri
BMRI IJ Equity
Bank Negara Indonesia
BBNI IJ Equity
Bank Danamon
BDMN IJ Equity
Bank Tabungan Pensiunan NaBTPN IJ EQUITY
Bank Tabungan Negara
BBTN IJ Equity
BJBR IJ Equity
Bank Jabar Banten
Bank Jatim
BJTM IJ Equity
BBKP IJ Equity
Bank Bukopin

BANKS
BBC A IJ
BBRI IJ
BMRI IJ
BBNI IJ
BDMN IJ
BTPN IJ
BBTN IJ
BJBR IJ
BJTM IJ
BBKP IJ

N
HOLD
BUY
BUY
HOLD
HOLD
REDUC E
HOLD
HOLD
REDUC E
HOLD

CEMENT
Semen Indonesia
Indocement
Holcim Indonesia
Semen Baturaja

CEMENT
SMGR IJ
INTP IJ
SMC B IJ
SMBR IJ

COAL
United Tractors
UNTR IJ Equity
Adaro Energy
ADRO IJ Equity
Indo Tambangraya Megah
ITMG IJ Equity
Tambang Batubara Bukit Asa PTBA IJ Equity
Harum Energy
HRUM IJ Equity

COAL
UNTR IJ
ADRO IJ*
ITMG IJ*
PTBA IJ
HRUM IJ*

CONS. & TOLL ROADS

Jasa Marga
Wijaya Karya
Pembangunan Perumahan
Waskita Karya
Wijaya Karya Beton
Adhi Karya
Total Bangun Persada

JSMR IJ Equity
WIKA IJ Equity
PTPP IJ Equity
WSKT IJ Equity
WTON IJ Equity
ADHI IJ Equity
TOTL IJ Equity

CONS. & TOLL ROADS

JSMR IJ
WIKA IJ
PTPP IJ
WSKT IJ
WTON IJ
ADHI IJ
TOTL IJ

N
BUY
BUY
BUY
BUY
BUY
BUY
BUY

CONSUMER - DISCRE.
Surya C itra Media
Matahari Department Store
Media Nusantara C itra
Matahari Putra Prima
AC E Hardware
HERO Supermarket
Ramayana Lestari Sentosa
Mitra Adiperkasa
Electronic C ity

SC MA IJ Equity
LPPF IJ Equity
MNC N IJ Equity
MPPA IJ Equity
AC ES IJ Equity
HERO IJ Equity
RALS IJ Equity
MAPI IJ Equity
EC II IJ Equity

CONSUMER - DISCRE.
SC MA IJ
LPPF IJ
MNC N IJ
MPPA IJ
AC ES IJ
HERO IJ
RALS IJ
MAPI IJ
EC II IJ

CONSUMER - STAPLES
HM Sampoerna
HMSP IJ Equity
Unilever Indonesia
UNVR IJ Equity
Gudang Garam
GGRM IJ Equity
Kalbe Farma
KLBF IJ Equity
Indofood Sukses Makmur
INDF IJ Equity
Indofood C BP Sukses MakmuIC BP IJ Equity
MYOR IJ Equity
Mayora Indah
Tempo Scan Pacific
TSPC IJ Equity
Sido Muncul
SIDO IJ Equity
Nippon Indosari C orpindo
ROTI IJ Equity
Kimia Farma
KAEF IJ Equity
Mitra Keluarga Karyasehat
MIKA IJ Equity
Siloam International Hospital SILO IJ Equity

Price
(IDR)
PX_LAST

TP
(IDR)

3M avg to
(IDRb)

2015F

Revenue (IDRb)
2016F
2017F

Opt. profit (IDRb)

2015F
2016F
2017F

EPS growth (%)

2017F
2016F

13.3
13.2
30.1
4.7

12.2
12.1
28.6
5.7

3.0
3.1
0.8
1.1

2.7
2.8
0.7
1.1

2.4
2.5
0.7
1.0

2.2
2.3
0.0
0.0

2.7
2.7
0.8
0.3

2.9
3.0
1.8
2.0

46.7
42.7
251.2
130.5

41.8
37.0
297.2
129.3

37.3
32.1
316.2
130.3

14.0
14.6
(5.3)
(7.7)

17.2
17.6
2.3
1.3

16.9
17.2
5.2
8.4

13.4
18.4
10.8
15.5
10.4
11.1
9.3
9.3
10.2
9.9
5.9

11.6
16.7
9.9
11.3
9.1
10.0
8.4
8.2
9.2
8.4
5.3

na
na
na
na
na
na
na
na
na
na
na

na
na
na
na
na
na
na
na
na
na
na

na
na
na
na
na
na
na
na
na
na
na

2.8
4.1
2.6
2.1
1.4
1.0
1.1
1.5
2.1
1.6
0.8

2.4
3.5
2.2
1.9
1.2
0.9
1.0
1.3
1.9
1.5
0.7

2.1
3.0
1.9
1.7
1.1
0.9
0.9
1.1
1.7
1.4
0.7

2.0
1.1
2.6
2.5
2.2
2.1
0.0
1.8
5.1
6.3
3.1

1.8
1.1
2.8
1.3
1.9
2.5
0.0
1.9
5.4
5.8
3.4

2.0
1.2
3.0
1.5
1.9
2.5
1.8
1.8
6.0
6.3
3.8

na
na
na
na
na
na
na
na
na
na
na

na
na
na
na
na
na
na
na
na
na
na

na
na
na
na
na
na
na
na
na
na
na

20.1
21.9
24.1
18.5
13.8
7.2
13.5
14.2
18.7
14.3
13.4

17.8
20.6
21.9
13.0
12.6
8.7
10.9
14.8
19.4
15.8
13.1

15.1
12.8
14.9
56.2
27.5

14.7
12.6
14.3
43.2
31.5

8.8
3.5
10.0
18.7
22.6

9.9
7.7
9.9
10.0
22.3

9.3
7.1
9.5
9.4
20.4

2.6
2.3
2.8
1.1
3.7

2.4
2.1
2.8
1.1
3.3

2.3
1.8
2.7
1.1
3.0

3.7
2.3
5.8
1.4
0.8

3.9
2.3
6.0
1.3
0.9

4.0
2.4
6.3
1.7
0.8

4.4
0.9
nc
63.0
nc

7.7
7.6
nc
72.4
nc

5.6
2.3
nc
72.7
nc

16.5
17.9
18.0
2.1
12.6

16.4
16.9
18.7
2.0
12.5

15.3
14.7
20.2
19.8
11.2
(143.3)

17.8
14.3
33.6
49.0
12.4
(36.9)

5.2
4.2
5.2
3.2
8.9
4.5

5.7
5.4
5.5
4.1
7.8
4.0

5.8
4.9
5.7
5.4
8.6
7.1

1.6
1.7
0.9
1.2
2.7
0.9

1.5
1.6
0.9
1.2
2.4
0.9

1.5
1.5
0.9
1.3
2.3
1.0

3.6
3.9
3.2
4.9
2.9
0.1

3.6
4.3
2.8
3.8
3.1
0.0

3.6
5.3
2.3
1.5
2.6
(0.4)

7.5
nc
30.2
nc
nc
nc

5.4
nc
22.0
nc
nc
nc

2.9
nc
11.9
nc
nc
nc

11.4
10.3
5.7
13.4
23.0
0.0

11.0
11.5
4.4
8.2
22.7
(0.7)

29.7
25.7
35.0
29.4
30.6
47.0
12.8
14.3

22.4
24.5
24.9
22.7
22.1
26.2
15.5
12.2

20.0
27.5
20.4
19.4
18.9
19.3
12.5
11.0

16.2
12.7
14.0
12.6
21.6
25.8
13.3
9.6

12.6
13.1
10.8
9.9
15.0
16.0
8.5
7.9

11.4
13.4
9.1
8.6
13.8
12.0
6.0
6.7

3.9
3.6
4.4
5.0
3.9
4.1
1.9
3.2

3.5
3.3
3.7
4.3
3.4
3.7
1.7
2.8

3.1
3.1
3.2
3.7
3.0
3.3
1.5
2.5

1.1
1.6
0.9
1.0
0.6
0.6
1.5
3.6

1.3
1.6
1.2
1.3
0.9
1.1
1.3
4.2

1.4
1.5
1.5
1.5
1.1
1.6
1.6
4.9

53.9
120.9
51.7
35.0
29.1
1.6
nc
nc

82.7
180.6
49.7
44.9
65.4
nc
18.5
nc

103.8
217.4
44.7
55.3
106.3
nc
3.9
nc

15.9
14.8
13.2
21.7
17.0
8.9
13.6
23.3

16.1
14.2
16.2
20.4
16.5
14.9
11.6
24.3

20.1
10.6
17.3
19.1
34.8
12.6
na
17.2
73.7
51.0

33.0
31.1
34.4
26.0
51.4
27.7
na
25.1
209.4
21.4

25.2
28.5
28.3
18.3
26.0
25.4
34.2
18.6
29.4
8.6

20.9
25.7
24.1
15.4
19.3
22.5
18.7
15.9
16.9
5.7

22.8
23.1
23.5
14.2
16.4
20.5
121.2
17.4
11.0
na

17.1
20.6
19.8
12.2
10.6
18.3
14.5
9.9
7.7
3.6

14.7
18.6
16.6
10.8
8.5
16.0
9.2
8.1
6.2
1.9

23.3
13.9
55.5
3.2
3.4
6.2
0.9
2.5
2.6
0.4

14.5
12.4
30.2
2.9
3.1
5.4
0.8
2.3
2.4
0.4

10.6
10.9
20.1
2.6
2.9
4.8
0.8
2.2
2.2
0.4

2.0
2.4
2.0
1.9
2.5
1.8
0.0
2.0
0.0
0.5

2.3
2.6
2.5
2.7
1.5
1.9
0.0
2.7
0.5
1.2

2.7
2.9
2.9
3.3
2.1
2.2
0.0
3.1
0.9
1.8

10.2
nc
nc
37.9
nc
nc
(0.9)
nc
105.9
nc

7.9
nc
nc
29.4
nc
nc
(16.3)
nc
90.5
nc

6.8
nc
nc
24.1
nc
nc
(11.1)
nc
81.1
nc

109.7
46.2
281.5
13.3
6.5
23.8
(0.5)
10.1
1.4
1.8

11.4
9.8
13.0
4.0
8.1
16.4
17.2
8.3
8.1
7.1
21.6
17.1
10.3
63.0

15.2
17.4
13.3
12.6
10.7
21.5
15.0
13.6
7.8
13.3
29.2
12.1
9.3
28.8

39.1
45.0
59.8
20.6
39.6
24.4
17.2
1.2
15.9
21.3
30.8
30.4
68.7
128.1

35.2
41.0
52.9
19.8
36.7
21.0
14.7
1.1
14.7
19.8
25.3
26.0
62.3
78.6

30.6
34.9
46.7
17.6
33.1
17.3
12.8
1.0
13.6
17.5
19.6
23.2
57.0
61.0

29.9
31.8
42.2
12.9
25.4
10.6
22.5
16.6
9.6
13.8
16.3
23.7
45.7
20.3

27.6
30.0
38.2
12.1
22.3
8.1
19.7
14.9
8.6
12.6
13.8
19.7
52.8
15.9

24.2
25.8
33.8
10.9
20.3
7.1
17.3
12.9
7.8
10.9
11.4
18.9
47.1
12.2

26.0
14.6
72.5
3.5
7.6
2.7
3.3
0.3
2.1
3.0
7.0
4.3
12.3
6.9

23.3
15.5
61.8
3.2
6.8
2.6
2.9
0.2
1.9
2.7
5.8
3.8
12.1
6.5

21.4
16.6
53.4
2.9
6.1
2.4
2.6
0.2
1.7
2.4
4.8
3.4
11.4
5.9

2.2
2.6
1.6
1.5
1.3
2.0
2.6
10.2
2.8
0.9
0.8
0.8
1.3
0.1

2.5
2.2
1.8
2.1
1.4
2.3
3.0
18.0
3.1
1.1
1.0
1.0
1.2
0.2

2.9
2.8
2.0
2.4
1.5
2.8
3.4
20.4
3.3
1.0
1.3
1.1
1.2
0.3

16.1
nc
22.2
47.0
nc
75.4
nc
37.0
nc
nc
39.2
7.7
nc
20.6

7.9
nc
nc
48.1
nc
38.7
nc
18.4
nc
nc
17.6
15.4
nc
32.8

7.0
nc
nc
44.8
nc
27.2
nc
6.3
nc
nc
18.2
79.6
nc
34.5

5.0
41.9
(18.4)
(46.0)
(17.1)
7.7

19.3
24.6
33.0
(24.9)
37.9
9.4

16.1
5.5
29.8
104.9
10.8
16.2

9.6
9.1
18.5
16.2
9.3
5.6

8.0
7.3
13.9
21.6
6.7
5.1

6.3
6.9
10.7
10.5
6.1
4.4

7.8
8.6
8.6
10.5
5.4
4.6

7.0
6.4
7.9
14.2
4.2
4.3

6.0
5.7
7.1
10.5
3.8
3.8

1.5
1.7
1.3
1.1
1.1
1.4

1.2
1.4
1.2
1.1
1.0
1.1

1.1
1.3
1.1
1.0
0.9
0.9

1.8
3.3
0.4
0.9
2.2
0.0

2.2
4.1
0.5
0.7
3.0
0.0

2.4
4.3
0.7
1.1
3.3
0.0

16.7
nc
57.3
25.4
19.2
nc

17.1
nc
54.0
39.5
13.9
nc

(1,545)
(2,513)
146
1,064
(242)

na
na
(12.7)
10.5
na

na
na
65.0
14.3
na

na
na
17.3
6.4
na

na
na
10.5
5.6
na

7.8
na
6.8
6.2
28.0

4.6
na
5.8
5.7
14.0

3.2
na
4.9
4.9
8.4

0.7
0.5
1.5
1.3
0.6

0.7
0.5
1.5
1.0
0.7

0.7
0.6
1.3
0.9
0.7

1.1
0.0
1.7
2.2
2.1

0.7
0.0
1.3
2.6
0.0

0.8
0.0
2.4
3.0
0.0

76.3
83.6
52.4
134.1
nc

982
885
36
60

1,004
889
42
73

(0.7)
(2.0)
(72.7)
(20.4)

5.9
6.1
3.6
4.5

5.4
5.5
3.8
3.9

5.2
5.4
3.7
3.7

2.1
2.3
0.4
0.8

1.9
2.0
0.4
0.7

1.7
1.8
0.4
0.7

3.2
3.4
1.6
1.6

3.6
3.6
1.8
3.5

3.6
3.6
2.1
4.2

(331)
98
(882)
89
574
(210)

2,064
588
(157)
93
1,302
238

(101.9)
(67.8)
(76.5)
(85.9)
59.8
58.3

669.8
(83.8)
(63.2)
(14.3)
28.8
na

(723.6)
527.3
(237.9)
0.0
126.8
na

(1,592.6)
36.8
na
64.3
5.3
na

42.1
10.6
109.8
13.1
7.5
na

11.8
7.9
20.3
12.0
4.5
na

1.0
1.0
1.1
1.2
0.6
4.0

1.0
0.9
1.1
1.3
0.5
4.5

0.9
0.9
1.1
1.3
0.4
4.0

0.8
1.8
0.0
0.6
0.0
0.0

0.2
0.2
0.0
0.6
0.0
0.0

4,632
1,466
559
704
1,048
195
464
197

11,563
2,417
3,158
2,840
628
847
98
476
1,020
81

5,639
1,524
1,781
1,186
183
588
(29)
336
37
33

103,617
22,657
30,511
26,339
11,057
3,944
2,460
2,534
1,736
1,208
1,173

104,054
25,089
31,895
21,003
11,912
4,327
2,204
2,897
1,989
1,385
1,353

UW
HOLD
REDUC E
REDUC E
REDUC E

10,125
18,300
1,245
1,095

8,900
13,950
850
400

133.0
59.6
46.9
1.1
25.4

55,446
26,948
17,798
9,239
1,461

58,501
27,634
18,320
10,919
1,628

62,224
29,189
19,536
11,621
1,878

11,584
5,899
5,029
324
331

N
BUY
HOLD
REDUC E
BUY
REDUC E

17,600
1,110
12,800
10,675
1,290

18,300
645
4,000
12,670
500

168.1
63.8
55.5
11.9
35.2
1.7

127,470
49,347
37,576
23,102
13,734
3,710

115,858
43,627
33,558
19,323
15,832
3,518

119,182
45,079
32,774
21,830
15,981
3,518

5,550
3,190
4,280
2,790
1,050
2,730
825

6,000
3,100
4,300
3,500
1,100
3,200
940

215.9
23.7
26.7
21.4
48.0
18.0
74.6
3.5

63,155
7,646
12,150
14,909
14,153
2,570
9,390
2,338

92,790
8,712
14,875
20,378
25,870
4,160
16,177
2,618

114,190
9,598
17,597
24,313
32,189
5,824
21,268
3,400

N
REDUC E
BUY
BUY
HOLD
BUY
REDUC E
BUY
REDUC E
REDUC E

3,240
21,025
2,160
1,750
950
1,100
1,190
4,710
530

2,800
25,200
2,500
1,850
975
650
1,440
3,150
700

167.2
19.1
96.6
12.1
15.3
7.3
0.0
10.6
6.1
0.0

75,113
4,238
9,007
6,445
13,929
4,743
14,353
7,786
12,833
1,781

83,397
4,573
10,383
6,985
15,592
5,137
16,257
8,343
14,254
1,874

94,108
4,983
12,119
7,645
17,616
5,715
18,590
8,887
16,448
2,106

CONSUMER - STAPLES
HMSP IJ
UNVR IJ
GGRM IJ
KLBF IJ
INDF IJ
IC BP IJ
MYOR IJ
TSPC IJ
SIDO IJ
ROTI IJ
KAEF IJ
MIKA IJ
SILO IJ

OW
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
SELL
BUY

4,040
45,850
68,850
1,695
8,250
8,850
1,640
2,030
595
1,610
1,530
2,680
10,375

4,600
50,500
88,000
1,480
6,600
9,150
2,200
2,000
630
1,450
1,430
1,900
12,400

451.8
71.3
71.3
103.9
60.2
62.2
38.6
2.0
0.8
4.5
2.8
2.9
0.0
31.2

348,330
89,069
36,484
70,366
17,887
64,062
31,741
14,819
8,220
2,268
2,189
5,070
2,038
4,116

383,212
97,539
40,257
75,730
19,300
70,849
35,573
16,390
9,160
2,424
2,693
5,754
2,301
5,242

428,198
108,853
45,540
83,554
20,943
78,078
39,811
18,550
10,888
2,719
3,343
6,599
2,645
6,675

49,832
14,048
7,944
9,906
2,647
6,877
3,908
1,862
640
495
389
342
560
215

54,634
14,922
8,943
10,731
2,812
7,610
4,559
2,035
713
530
458
422
622
276

62,176
17,446
10,108
11,965
3,080
8,547
5,173
2,322
785
598
575
524
704
350

INDUSTRIAL ESTATES
Puradelta Lestari
DMAS IJ Equity
Kawasan Industri Jababeka KIJA IJ Equity
Bekasi Fajar Industrial Estate BEST IJ Equity
SSIA IJ Equity
Surya Semesta Internusa
Lippo C ikarang
LPC K IJ Equity

INDUSTRIAL ESTATES
DMAS IJ
KIJA IJ
BEST IJ
SSIA IJ
LPC K IJ

N
BUY
BUY
REDUC E
BUY
BUY

258
304
356
680
7,275

290
320
300
750
8,300

44.7
2.1
11.8
10.5
14.2
6.1

13,101
2,286
3,140
687
4,868
2,121

11,603

12,810

3,223
563
5,599
2,218

3,463
743
6,051
2,553

4,155
1,299
910
396
558
993

4,774
1,711
984
321
723
1,035

INDUSTRY - Various
Krakatau Steel
Anabatic Technologies
Sri Rejeki isman
Multipolar

KRAS IJ Equity
ATIC IJ Equity
SRIL IJ Equity
MLPL IJ Equity

INDUSTRY - Various
KRAS IJ*
ATIC IJ
SRIL IJ
MLPL IJ

REDUC E
BUY
BUY
BUY

655
615
270
440

275
800
400
550

55.9
11.9
0.0
25.2
18.7

48,542
19,341
2,626
8,708
17,867

92,424
20,947
2,964
9,674
19,695

37,858
0
3,375
11,620
22,203

(1,286)
(2,555)
178
1,372
(281)

LAND TRANSPORTATION
Blue Bird
Express Transindo Utama
Adi Sarana Armada

BIRD IJ Equity
TAXI IJ Equity
ASSA IJ Equity

LAND TRANSPORTATION
BIRD IJ
TAXI IJ
ASSA IJ

UW
REDUC E
BUY
REDUC E

3,910
165
194

3,500
208
90

11.6
5.3
5.4
0.9

7,835
5,472
970
1,393

23,011
6,250
1,040
1,606

15,755
6,988
1,114
1,850

1,641
1,173
240
228

METALS
Vale Indonesia
Aneka Tambang
Timah
J Resources Asia Pasifik
Merdeka C opper Gold

INC O IJ Equity
ANTM IJ Equity
TINS IJ Equity
PSAB IJ Equity
MDKA IJ Equity

METALS
INC O IJ*
ANTM IJ
TINS IJ
PSAB IJ*
MDKA IJ*

N
BUY
HOLD
REDUC E
BUY
BUY

2,500
815
900
386
2,000

3,000
680
411
413
2,200

148.9
24.3
81.8
11.4
9.7
21.8

32,345
11,060
10,519
6,874
3,892
0

25,401
8,036
10,632
6,733
4,396
0

28,013
8,736
12,362
6,915
5,390
868

1,623
1,120
(768)
81
1,274
(84)

OIL & GAS

Perusahaan Gas Negara
AKR C orporindo
Medco Energy

PGAS IJ Equity
AKRA IJ Equity
MEDC IJ Equity

OIL & GAS

PGAS IJ*
AKRA IJ
MEDC IJ*

N
BUY
BUY
BUY

3,300
6,650
1,640

3,000
8,000
1,300

193.4
140.1
46.1
7.2

68,863
42,966
19,344
6,553

66,678
38,528
18,832
9,318

79,368
45,052
22,965
11,351

9,504
7,910
1,345
249

PLANTATIONS
Astra Agro Lestari
Salim Ivomas Pratama
London Sumatra Indonesia
Dharma Satya Nusantara
Austindo Nusantara Jaya
Sampoerna Agro
Tunas Baru Lampung

AALI IJ Equity
SIMP IJ Equity
LSIP IJ Equity
DSNG IJ Equity
ANJT IJ Equity
SGRO IJ Equity
TBLA IJ Equity

PLANTATIONS
AALI IJ
SIMP IJ
LSIP IJ
DSNG IJ
ANJT IJ*
SGRO IJ
TBLA IJ

15,200
498
1,490
510
1,700
1,990
770

13,626
290
1,780
535
1,000
1,800
570

79.6
45.0
3.6
28.5
0.4
0.1
0.4
1.6

40,272
13,059
13,835
4,190
4,425
1,764
2,999
5,331

42,766
13,873
14,436
4,610
4,783
1,862
3,202
5,237

45,776
15,215
15,599
4,472
4,941
2,058
3,491
6,526

N
BUY
BUY
BUY

3,900
1,480
1,990

3,500
940
1,700

36.9
23.9
11.4
1.5

59,906
30,108
25,023
4,775

65,122
32,462
27,555
5,105

8,014
2,015
2,330
2,194
282
688
(246)
234
523
(5)

37.4
63.8
20.1

19.2
26.7
12.5

13.2
12.8
17.7

8.3
7.8
14.7

(28.8)
(24.6)
na
na

39.9
31.7
na
na

10.9
8.2
na
na

23.5
21.7
na
na

16.8
16.5
31.8
87.7

96,096
22,086
29,275
21,709
11,230
3,397
1,804
2,484
1,746
1,213
1,151

0.7
9.3
4.9
2.3
(15.9)
(8.1)
(8.9)
61.6
24.8
(5.8)
43.2

1.2
11.3
5.6
(22.0)
8.1
28.2
(7.6)
17.7
13.7
16.1
7.9

15.8
10.1
9.1
36.8
14.5
10.7
10.5
14.0
11.6
18.1
11.1

13.5
20.5
11.5
12.1
11.2
14.3
8.6
11.0
11.6
11.5
6.4

10,067
4,781
4,723
221
342

(20.3)
(18.7)
(17.7)
na
5.4

3.8
3.7
3.6
na
10.4

3.1
2.0
4.6
na
(12.5)

15.7
13.3
15.5
na
30.4

8,068
4,576
1,050
546
1,990
(95)

(20.8)
(28.2)
1.5
(68.6)
9.4
(50)

(1.9)
15.7
(17.9)
(17.4)
7.9
(1,000)

(14.0)
2.7
(40.0)
(59.6)
(9.6)
289

15.0
17.0
16.6
16.4
12.1
1,290.0

6,135
1,540
785
914
1,690
349
627
230

6,873
1,372
957
1,066
1,971
475
777
255

23.9
3.1
(9.2)
32.4
73.1
(45.5)
16.6
20.4

30.6
5.0
40.6
29.8
38.6
79.5
(17.3)
16.7

8.1
(10.9)
21.8
16.6
16.6
36.1
23.9
10.9

7,380
1,663
2,170
1,685
362
642
57
452
266
82

8,910
1,840
2,545
2,007
488
723
191
530
462
124

(10.2)
4.7
25.5
(32.7)
(67.0)
4.7
na
(5.5)
(52.8)
(74.5)

28.9
9.2
21.8
42.1
98.0
9.1
na
35.1
611.7
149.2

34,038
10,363
5,852
6,436
2,004
2,968
3,001
1,219
575
424
265
279
558
94

37,725
11,458
6,612
6,694
2,167
3,454
3,516
1,320
622
455
322
327
636
142

43,492
13,458
7,489
7,540
2,400
4,196
4,042
1,500
672
517
416
367
699
197

7.9
(2.5)
2.0
19.9
(2.9)
(23.6)
15.2
202.2
(0.7)
1.4
40.3
19.1
4.3
49.7

5,382
1,859
1,078
444
825
1,175

3,173
1,368
339
212
344
911

3,785
1,705
450
159
475
997

4,393
1,799
584
326
526
1,158

(22)
(1,635)
217
1,568
(172)

2,258
0
263
1,904
91

(3,408)
(3,047)
60
784
(1,205)

(2,201)
(2,636)
110
868
(543)

1,827
1,298
243
286

1,945
1,354
264
326

9,842
2,199
2,702
2,529
500
753
(43)
382
770
50

982
238
(647)
131
1,400
(140)

895
829
32
34

9.7
6.8
12.4
125.8

na
na
32.1
22.9
na
2.3
0.5
14.7
19.3

12.1
11.8
11.0
19.3

33.2
36.2
na
75.0
1.8
na

(363.8)
8.6
(1,160.6)
16.5
8.6
na

25.3
29.5
40.3
10.1
15.1
3.8
12.3
11.1
9.8
13.5
11.4
9.4
17.5
4.5

26.9
33.5
40.9
10.5
15.1
4.4
12.6
11.5
9.6
13.6
12.7
7.6
18.0
5.4

52.2
44.5
107.5
12.2
25.2
6.6
28.5
16.7
21.2
23.0
16.3
15.1
65.2
4.7

52.2
38.3
116.2
11.4
25.0
8.0
27.3
18.6
19.8
22.0
19.7
13.8
61.2
6.3

57.8
47.2
126.1
11.7
25.0
10.7
25.3
19.9
18.3
21.5
22.6
10.3
54.8
7.6

15.6
nc
44.4
43.3
14.2
nc

16.7
20.2
7.5
7.2
12.4
28.9

16.9
21.6
9.2
5.1
15.3
24.3

16.6
19.4
10.8
9.7
14.9
22.5

12.1
17.5
3.7
5.1
5.3
18.5

12.9
19.8
4.4
3.2
6.5
16.7

12.7
18.5
5.2
5.9
6.4
16.3

18.0
23.6
4.9
6.2
11.1
32.9

18.2
25.8
5.9
3.8
13.1
27.9

17.5
23.6
7.3
6.9
13.1
25.3

91.7
112.8
50.7
118.8
22.4

33.5
0.0
47.1
102.2
30.4

(5.6)
(16.9)
12.4
22.0
(15.4)

(1.8)
(11.8)
14.8
20.0
(7.8)

(1.2)
(12.7)
17.1
20.4
(3.7)

(2.6)
(7.0)
2.8
7.6
(5.3)

(1.0)
(5.1)
4.4
7.3
(2.4)

(0.3)
(4.7)
5.2
7.9
(1.0)

(4.5)
(8.9)
6.4
9.2
(12.7)

(1.5)
(6.0)
9.8
8.9
(6.0)

(0.4)
(5.6)
11.5
9.7
(2.9)

54.0
39.9
162.7
205.7

55.0
40.1
174.5
212.2

61.8
47.0
188.8
213.6

19.6
21.3
3.6
4.0

18.3
19.6
3.9
6.8

16.6
17.6
4.3
7.7

10.6
11.6
1.1
1.3

10.4
11.3
1.2
2.0

8.9
9.6
1.2
2.3

15.2
15.7
1.3
1.4

13.5
14.0
1.4
2.2

11.9
12.2
1.5
2.5

0.7
1.5
0.2
0.0
0.0
1.0

39.1
nc
43.8
30.1
131.0
7.7

37.5
nc
52.8
22.1
109.7
75.0

33.1
nc
59.8
24.3
68.5
53.5

0.0
0.3
(3.1)
1.0
4.7
(6.9)

2.4
1.8
(0.6)
1.0
10.3
6.5

(0.6)
3.1
(5.9)
1.5
5.4

(1.1)
0.4
(3.8)
1.3
6.5

16.0
16.5
17.3
2.2

6.3
6.6
7.1
(1.0)

6.6
6.3
8.4
0.4

7.6
8.2
7.5
0.7

9.8
9.7
12.1
(1.4)

9.5
8.3
15.0
0.6

11.7
11.7
14.1
0.9

7.5
8.5
3.3
9.8
9.6
1.2
8.7
5.6

9.6
12.7
4.7
7.5
10.6
2.8
9.5
9.3

3.3
3.1
0.8
7.1
3.6
0.3
3.9
2.4

4.2
4.4
1.5
8.0
3.0
1.1
4.0
1.8

5.1
6.4
2.1
6.1
3.5
1.8
4.8
3.3

4.2
3.6
1.3
10.2
5.4
(1.8)
5.2
3.1

5.2
5.1
2.1
10.7
4.3
0.9
5.4
2.3

6.1
7.4
3.0
7.9
4.8
2.3
5.9
4.2

13.3
15.6
9.0
(4.8)

14.3
15.8
11.3
3.9

19.6
20.8
16.7
12.2

6.6
8.1
2.8
(1.7)

7.3
8.5
3.9
1.6

11.1
12.7
6.2
5.1

8.5
10.3
4.2
(2.2)

9.4
10.8
5.7
2.0

13.7
15.4
8.9
6.5

40.5
11.4
60.4
24.0
71.6
17.1
95.0
59.1
90.1
38.1

12.9
12.5
3.3
18.9
15.0
16.0
9.5
12.2
7.3
16.9

13.5
11.3
7.3
20.6
16.3
15.5
11.9
11.7
4.7
12.6

13.7
11.2
7.3
22.2
15.8
15.2
13.0
10.7
5.4
13.5

5.1
6.7
1.4
7.1
4.9
5.2
3.3
3.4
3.5
7.5

5.3
5.9
2.9
8.0
5.1
5.0
4.1
3.1
2.0
5.8

5.4
5.8
2.8
9.0
4.8
5.0
4.6
2.7
2.1
5.8

9.6
11.5
2.2
14.0
9.1
13.2
4.8
8.6
4.9
13.1

9.9
10.4
4.5
15.3
9.2
12.6
5.8
7.7
2.7
9.0

10.2
10.1
4.5
17.5
9.1
12.8
6.5
6.8
2.8
9.7

58.4
57.8
64.6
49.0

42.6
50.5
35.5
30.7

21.6
12.4
50.7
(2.7)

21.5
14.2
45.4
0.8

27.5
26.1
43.6
2.5

7.5
3.8
18.8
(1.2)

9.0
4.7
21.0
0.4

13.2
10.3
24.8
1.1

13.4
13.1
23.4
(1.7)

9.6
9.0
25.3
0.5

10.4
9.7
29.5
1.8

45.3
3.4
132.7
481.2
64.3
90.1
74.4
31.2
18.8

31.6
(2.5)
116.6
365.6
25.4
90.1
74.4
26.8
16.5

20.4
21.7
(0.2)
30.7
47.9
(10.0)
13.9
7.0
32.2

20.7
22.1
3.1
37.3
21.5
10.7
15.4
7.9
29.3

22.3
23.0
8.0
33.9
26.2
16.9
17.4
8.9
29.8

8.7
10.1
(0.0)
4.5
15.3
(2.4)
6.1
3.3
12.2

8.7
10.3
0.8
5.1
7.9
2.6
6.3
3.8
12.3

9.9
11.2
2.0
5.8
11.2
5.0
7.6
4.3
13.0

16.3
20.0
(0.1)
4.9
20.3
(4.0)
6.1
5.1
21.6

17.2
20.9
1.3
5.5
13.6
4.6
7.0
5.9
21.9

19.5
23.0
3.6
6.4
18.5
9.3
5.9
6.8
24.0

0.9
0.4
(5.6)
1.7
14.2
(10.2)

11.5
nc
16.4
156.0

13.7
13.3
18.2
(3.0)

13.5
12.1
20.2
1.4

56.6
69.6
59.6
nc
121.8
22.4
59.9
124.5

56.5
74.4
58.0
nc
121.3
0.0
59.2
115.2

5.5
5.5
1.9
8.7
11.4
(2.2)
8.1
7.4

63.0
51.2
102.0
93.9

54.3
42.3
93.3
88.6

42.3
29.7
81.1
85.9

1.1
0.6
1.2
0.9
1.0
1.0
2.3
2.6
2.0
1.1

44.6
8.2
64.2
39.3
78.1
26.7
104.3
50.2
54.0
38.6

42.7
8.3
64.0
30.2
76.0
19.9
102.0
53.6
89.8
39.7

1.9
0.0
6.0
0.4

2.6
0.0
8.0
1.0

72.8
63.9
99.5
52.3

1.9
2.3
0.4
0.9
0.0
1.2
2.4
4.0
2.1

2.6
3.0
1.1
1.1
0.0
2.2
3.1
4.7
2.5

65.6
8.6
167.8
647.2
90.0
160.0
64.1
33.4
23.6

2,109
619
264
623
270
(112)
248
197

2,955
990
466
745
249
56
286
163

3,952
1,587
694
600
306
140
337
288

(64.7)
(75.3)
(69.1)
(33.1)
(59.0)
na
(27.2)
(58.0)

40.1
60.1
70.6
19.8
(8.0)
na
15.3
(18.9)

33.7
60.3
51.7
(19.3)
26.1
na
17.9
80.0

31.4
38.7
29.3
16.4
20.4
na
15.2
20.8

22.4
24.2
17.2
13.7
22.2
106.3
13.2
25.7

16.8
15.1
11.3
16.9
17.6
42.5
11.2
14.3

12.1
13.4
5.6
8.9
12.2
22.9
8.3
9.9

9.7
11.6
5.2
7.6
13.4
9.0
6.7
8.3

8.7
10.9
4.8
9.0
12.6
0.0
6.2
7.9

1.7
2.1
0.6
1.4
2.2
1.7
1.2
1.4

1.6
2.0
0.5
1.3
1.9
1.7
1.1
1.4

1.5
1.8
0.5
1.2
1.8
1.6
1.0
1.3

1.3
1.4
0.4
2.5
1.2
0.0
1.0
0.9

1.8
2.2
0.8
3.0
1.2
0.4
1.1
0.8

2.5
3.5
1.2
2.3
1.4
1.1
1.3
1.4

54.4
65.9
54.5
nc
119.7
23.2
64.6
153.8

73,881
37,351
30,809
5,721

5,377
3,443
1,728
206

5,988
3,798
1,950
240

7,326
4,773
2,201
352

2,242
1,837
468
(63)

2,841
2,119
660
62

4,562
3,277
1,075
210

12.1
5.7
na
na

26.7
15.2
na
(180.0)

60.6
55.0
na
235.7

37.5
34.8
na
(56.9)

29.6
30.2
23.9
71.1

18.5
19.5
14.7
21.2

16.3
18.1
9.5
15.7

14.6
16.1
8.5
14.2

11.7
12.8
7.6
10.9

4.6
5.1
2.8
2.9

4.0
4.5
2.6
2.7

3.4
3.7
2.3
2.5

0.5
0.5
1.0
0.0

0.7
0.6
1.3
0.3

1.0
0.7
2.2
1.0

8,109
2,139
535
1,262
855
1,284
597
809
327
300

9,746
2,244
1,246
1,634
1,053
1,399
805
821
217
327

11,051
2,458
1,317
2,128
1,161
1,570
978
812
259
368

(42.3)
(46.5)
(79.0)
(49.8)
(38.3)
(3.1)
(45.6)
(5.0)
(18.3)
84.0

20.2
4.9
132.6
29.5
23.1
9.0
35.0
1.5
(33.7)
8.9

13.4
9.5
5.7
30.3
10.3
12.2
21.4
(1.2)
19.4
12.7

21.7
18.5
51.3
24.2
29.4
17.4
17.5
7.6
11.9
33.9

18.1
17.7
22.0
18.7
23.8
15.9
12.9
7.5
18.0
31.1

15.9
16.1
20.9
14.4
21.6
14.2
10.6
7.6
15.1
27.6

13.8
13.3
17.3
13.2
14.9
9.6
10.1
4.7
7.4
26.9

11.7
12.0
14.7
11.2
13.3
9.3
10.5
4.8
10.4
22.0

10.9
11.2
14.6
9.7
12.3
8.5
9.7
4.9
9.7
19.2

2.7
2.1
1.7
4.2
3.3
2.7
1.6
0.9
0.8
4.0

2.3
1.9
1.6
3.5
2.9
2.3
1.5
0.8
0.8
3.8

2.0
1.7
1.5
2.9
2.6
2.0
1.3
0.8
0.8
3.7

0.7
0.5
0.3
0.7
0.7
0.4
1.1
2.6
2.5
0.6

0.9
0.6
1.1
0.7
0.9
0.9
1.7
2.7
1.7
1.0

5.4
4.7
4.2
43.5

4.6
4.7
3.1
14.5

6.1
7.0
4.7
6.0

4.9
6.0
3.5
4.1

4.3
5.7
2.6
2.9

1.2
0.8
2.3
0.3

0.9
0.7
1.6
0.4

0.7
0.6
1.2
0.4

1.4
0.0
4.7
0.0

25.4
24.7
na
22.0
25.5
24.8
10.4
10.1
20.3

20.3
21.4
na
17.8
19.0
13.2
8.1
8.5
17.3

11.4
11.9
7.5
16.2
12.6
4.9
9.9
8.5
8.9

10.3
10.8
6.4
15.2
11.1
4.1
8.5
7.7
13.8

9.0
9.2
5.8
16.2
9.6
3.4
9.5
6.6
11.8

5.5
5.8
2.2
9.8
5.3
2.9
1.7
0.8
10.7

4.9
5.2
2.2
7.1
5.7
2.5
1.5
0.8
9.3

4.3
4.7
2.1
5.3
4.4
2.0
1.3
0.7
8.4

1.6
2.0
0.0
0.7
0.0
0.0
1.9
3.3
2.0

1,645
771
659
215

825
573
332
(80)

1,072
625
425
22

1,277
639
571
67

(15.1)
(3.8)
63.7
(100.0)

30.0
12.9
28.2
na

19.1
(1.2)
34.3
200.9

7.1
5.3
5.4
na

4,320
3,660
5,925
3,980
6,575
680
875

5,000
4,340
5,750
5,000
7,300
1,180
850

226.8
200,631
224,995
189.7
102,470
113,645
8.9
22,876
24,242
9.0
3,437
3,801
1.9
4,470
4,845
3.6
26,769
29,107
9.0
22,040
29,578
4.7
18,569
19,777
3,305 1,691,764 1,847,656

249,003
125,693
25,852
4,229
5,315
31,660
34,851
21,403
2,040,673

43,990
32,881
1,258
2,637
3,386
2,704
749
375
307,415

49,395
36,717
1,563
2,915
2,866
4,015
905
412
329,129

57,037
41,992
2,062
3,243
3,274
4,926
1,074
466
378,830

18,749
15,489
(25)
1,056
2,958
(1,310)
370
210
199,054

23,078
17,604
440
1,289
1,591
1,440
462
252
223,672

28,886
20,371
1,183
1,593
2,133
2,715
592
299
262,210

(2.6)
5.8
na
(18.8)
251.9
34.1
21.5
(0.6)
(6.7)

37.7
13.7
na
22.0
(46.2)
23.8
24.6
19.8
11.3

48.3
15.7
na
23.0
34.1
55.2
28.3
18.7
17.2

31.3
28.1
na
26.9
13.7
NA
12.9
12.1
22.8

PT Bahana Securities Equity Research Bahana Beacon - The Daily

9.4
11.1
2.6
4.6
18.9
(2.4)

0.1
2.2
(4.8)
1.1
3.8
(4.6)

0.9
3.0
(8.6)
2.1
13.2
(9.0)

7,275
2,439
2,031
833
592
266
593
521

1,414
733
520
162

19.4
14.8
27.5
1.5
9.9

25.6
31.2
39.0
10.6
15.3
3.3
11.7
11.3
9.7
14.1
11.1
9.0
19.7
3.2

6,637
2,076
1,842
1,015
536
210
515
443

1,029
610
378
41

20.8
16.2
28.3
1.2
17.8

55.6
45.9
122.6
17.2
19.6
14.3
21.5
22.3
13.1
14.5
26.7
15.4
21.0
10.1

6,078
1,853
1,632
836
560
126
467
604

6,072
2,379
2,146
1,546

23.5
18.1
30.4
1.3
30.4

53.1
36.8
126.0
16.8
19.6
12.5
21.0
23.5
13.4
14.4
25.2
15.4
20.4
7.9

12.9
nc
28.8
124.5

5,638
2,277
1,858
1,503

12.1
10.3
16.0
1.1
7.9

55.9
45.5
124.2
18.1
20.2
11.2
20.1
26.9
13.4
15.1
25.0
14.8
23.3
5.5

15.0
nc
40.9
108.5

5,106
1,986
1,721
1,399

12.8
11.3
16.0
0.9
11.3

25.7
67.4
na
14.9
17.3
37.1
4.0
34.4
7.3
8.7

2.5
2.7
2.0
1.3

14.9
13.4
1.0
0.5

13.0
12.5
15.4
1.0
11.4

23.4
63.2
na
13.3
12.5
32.6
1.2
30.0
4.3
6.0

2.3
2.6
1.6
1.3

630
3,000
184

15.9
15.5
19.1
2.6
10.0

21.4
61.9
na
10.2
7.2
29.5
(0.5)
21.1
0.6
2.4

2.1
2.7
1.2
(2.6)

428
1,560
240

na
na
na
na
na
na
na
na
na
na
na

28.2
34.7
44.3
12.4
7.1
18.0
1.9
10.5
4.2
5.8

1.9
1.5
3.3
0.4

N
BUY
BUY
HOLD

na
na
na
na
na
na
na
na
na
na
na

29.2
34.7
48.8
11.2
5.6
18.3
0.6
9.6
2.7
4.1

2.1
1.7
3.7
0.4

SHIPPING
SOC I IJ
TMAS IJ
WINS IJ

na
na
na
na
na
na
na
na
na
na
na

28.0
32.7
48.8
8.4
3.0
18.9
(0.4)
7.4
0.4
1.7

2.4
1.9
4.3
0.4

SOC I IJ Equity
TMAS IJ Equity
WINS IJ Equity

2.6
3.2
2.9
2.1
1.9
1.3
1.8
1.0
1.6
2.3
1.0

52.5
48.3
100.1
18.9
15.6
22.5
3.4
14.1
13.5
6.4

7.7
6.2
13.2
4.5

SHIPPING
Soechi Lines
Pelayaran Tempuran Emas
Wintermar Offshore Marine

2.5
3.2
2.9
1.7
1.8
1.5
1.8
1.1
1.7
2.2
1.0

64.8
49.6
138.4
17.7
12.6
22.8
1.1
13.0
8.6
4.5

9.3
8.2
13.7
5.0

18,098
3,430
2,072
3,032
2,173
2,670
1,735
1,777
665
544

2.7
3.1
3.0
2.3
2.0
1.2
2.2
1.2
1.7
2.2
1.1

10.3
3.9
11.5
13.5
9.0
16.7
11.6
53.5

9.8
7.3
17.4
10.1

16,696
3,182
2,089
2,598
2,003
2,423
1,590
1,731
604
478

17.8
19.3
20.5
16.0
13.0
9.0
11.3
14.9
19.6
17.3
13.0

11.4
5.6
10.8
14.5
11.1
14.1
11.7
62.6

11.7
10.1
20.0
29.8

15,469
2,901
1,727
2,265
1,768
2,353
1,628
1,688
754
385

12.5
12.8
1.2
3.4

12.3
6.9
9.7
16.5
12.6
9.8
13.1
73.8

15.1
13.6
19.6
29.8

54,192
7,497
10,313
6,351
6,903
9,497
3,341
6,258
2,059
1,973

12.3
12.6
0.6
0.5

4.2
2.6
4.5
4.3
4.4
8.9
3.4
8.4

17.8
14.2
25.0
NA

50,012
6,873
10,310
5,366
6,346
8,302
3,072
6,097
1,850
1,796

9.6
10.0
(1.6)
(3.6)

4.6
3.6
4.3
4.5
4.9
8.2
3.3
8.3

29.2
35.0
(2.1)
0.0

45,603
6,210
8,910
4,625
5,624
7,514
2,784
5,972
2,460
1,505

7.4
7.6
1.0
2.4

4.4
4.3
3.4
4.3
4.9
5.2
3.4
7.6

17.4
4.7
27.8
(150.9)

270.4
26.7
88.9
27.6
50.1
15.8
38.8
3.3
1.8
17.4

7.3
7.5
0.5
0.4

15.9
11.7
16.9
20.4
16.9
18.0
12.9
24.0

(35.3)
(39.4)
28.1
(391.9)

2,350
1,100
700
2,150
1,700
500
220
500
600

8.1
5.5
23.4

5.8
6.0
(1.2)
(2.6)

12.6
17.7
2.2
7.5
20.1
(9.7)

9,557
7,952
1,310
295

2,060
1,190
635
1,740
1,455
530
300
625
725

2017F

7.8
5.1
23.7

14.3
17.2
3.5
12.4
25.6
(2.5)

7,395
5,880
1,338
177

N
BUY
HOLD
BUY
BUY
BUY
HOLD
REDUC E
REDUC E
BUY

ROIC (%)
2016F

6.5
3.9
22.1

13.9
13.6
4.2
18.7
27.5
0.0

6,300
5,614
1,047
(361)

PROPERTY
BSDE IJ
LPKR IJ
PWON IJ
SMRA IJ
C TRA IJ
ASRI IJ
APLN IJ
C TRP IJ
PPRO IJ

2015F

4.8
3.6
11.6

5.7
7.3
1.2
2.9
10.4
(1.8)

15,768
10,766
1,720
3,282

BSDE IJ Equity
LPKR IJ Equity
PWON IJ Equity
SMRA IJ Equity
C TRA IJ Equity
ASRI IJ Equity
APLN IJ Equity
C TRP IJ Equity
PPRO IJ Equity

TELCOS
OW
TLKM IJ
BUY
EXC L IJ
BUY
TBIG IJ
REDUC E
TOWR IJ
BUY
ISAT IJ
BUY
TELE IJ
BUY
ERAA IJ
BUY
Market
N
Note: *USD reporting
OW: Overweight, N: Neutral, UW: Underweight

10.7
11.0
8.5
7.2

2017F

4.5
3.3
12.0

6.5
7.3
2.0
5.4
12.5
(0.5)

12,385
8,260
1,837
2,288

PROPERTY
Bumi Serpong Damai
Lippo Karawaci
Pakuwon Jati
Summarecon Agung
C iputra Development
Alam Sutera
Agung Podomoro Land
C iputra Property
PP Property

(206.9)
227.3
na
75.0
4.1
na

na
na
7.9
4.6
na

ROAA (%)
2016F

6.6
6.3
2.6
8.8
12.8
0.0

(43)
714
(1,209)
102
448
(98)

POULTRY
C PIN IJ
JPFA IJ
MAIN IJ

TLKM IJ Equity
EXC L IJ Equity
TBIG IJ Equity
TOWR IJ Equity
ISAT IJ Equity
TELE IJ Equity
ERAA IJ Equity

11.0
11.1
9.8
8.5

6.6
na
13.1

4,125
854
154
135
2,520
462

POULTRY
C haroen Pokphand IndonesiaC PIN IJ Equity
Japfa C omfeed Indonesia
JPFA IJ Equity
Malindo Feedmill
MAIN IJ Equity

TELCOS
Telekomunikasi Indonesia
XL Axiata
Tower Bersama Infrastructur
Sarana Menara Nusantara
Indosat
Tiphone Mobile Indonesia
Erajaya Swasembada
Market

2015F

12.8
12.7
27.7
5.1

14,401
3,753
2,050
2,659
3,380
620
1,622
317

323,022
58,922
81,584
78,060
43,381
21,691
10,343
10,904
8,164
4,800
5,174

2017F

15.1
15.2
13.8
12.5

12,330
3,685
1,718
2,223
2,752
454
1,232
266

295,363
54,667
75,366
71,421
38,934
20,359
9,056
9,210
7,568
4,136
4,646

ROAE (%)
2016F

3.4
2.2
10.9

8,730
3,235
1,297
1,695
1,415
258
611
218

274,550
51,413
70,688
67,316
35,298
18,638
8,460
7,998
6,987
3,558
4,193

2015F

13.3
11.2
25.4

9,382
4,457
1,764
992
2,198
(28)

843.7
185.4
288.0
187.4
137.6
9.1
1.2
22.0
9.6
1.6
1.8

Net gearing (%)

2017F
2016F

13.5
11.1
27.9

9,564
3,853
2,128
1,546
2,036
0

15,100
12,700
10,800
6,000
3,400
2,100
1,800
1,200
470
640

2015F

10.7
7.6
28.9

11,217
5,815
2,268
629
2,547
(42)

15,000
11,800
10,550
5,450
3,560
2,510
1,920
1,650
680
675

2017F

(81.5)
(97.2)
11.0

13,332
5,595
3,584
1,351
2,774
28

22,738
21,392
229
1,117

Yield (%)
2016F

(91.6)
(108.1)
5.5

18,334
8,586
4,648
2,643
2,414
42

20,636
19,456
149
1,031

2015F

(102.0)
(125.2)
34.0

9,765
4,688
4,516
170
391

18,260
17,212
98
950

2017F

0.3
0.0
1.9

9,408
4,521
4,357
175
354

258,650
222,145
21,414
15,091

P/BV (x)
2016F

0.2
0.0
1.7

12,681
6,020
5,439
792
430

236,696
202,994
19,770
13,932

2015F

0.3
0.0
2.1

12,255
5,924
5,219
735
377

5,650
2,000
860

215,039
184,196
18,010
12,833

2017F

0.4
0.0
3.0

83,004
20,051
26,831
15,869
9,805
3,068
1,572
2,179
1,565
1,027
1,037

7,750
1,455
1,560

275.4
255.7
0.3
19.5

EV/EBITDA (x)
2016F

0.6
0.1
3.7

81,990
18,019
25,398
20,335
9,067
2,393
1,702
1,851
1,381
885
960

2,577
2,005
571

2015F

0.7
0.1
4.7

120,619
27,636
34,882
28,511
13,663
4,825
2,438
3,305
2,221
1,637
1,502

1,969
1,474
496

2017F

5.2
5.5
3.4

21,338
20,610
292
436

1,464
1,050
414

PER (x)
2016F

5.8
6.2
3.9

19,236
19,047
126
62

76,230
74,084
2,146

2015F

7.4
7.8
5.3

13,750
14,464
(292)
(422)

66,614
64,708
1,905

1,084
966
118

2015F

na
na
6.2

59,000
57,368
1,632

N
REDUC E
HOLD
BUY
BUY
REDUC E
HOLD
BUY

Net profit (IDRb)

2017F
2016F
2,165
2,005
160

23.1
23.0
0.0

SMGR IJ Equity
INTP IJ Equity
SMC B IJ Equity
SMBR IJ Equity

2015F

1,724
1,582
142

400
1,250

474
1,000

5.1
2.2
(1.0)
1.8
26.1
11.4

1.1
2.4
(0.7)
1.4
14.0

Actual and upcoming IPOs, 2013-2015

No

Code

1
BBRM
2
HOTL
3
SAME
4
MAGP
5
TPMA
6
ISSP
7
DYAN
8
ANJT
9
NOBU
10
MPMX
11
DSNG
12
SRIL
13
ACST
14
SRTG
15
NRCA
16
SMBR
17
ECII
18
BBMD
19
MLPT
20
VICO
21
CPGT
22
NAGA
23
BMAS
24
SILO
25
APII
26
KRAH
27
IMJS
28
LEAD
29
SSMS
30
SIDO
2013 total
31
PNBS
32
ASMI
33
CANI
34
BINA
35
BALI
36
WTON
37
BLTZ
38
MDIA
39
LRNA
40
DAJK
41
LINK
42
CINT
43
MGNA
44
BPII
45
MBAP
46
TARA
47
DNAR
48
BIRD
49
SOCI
50
IMPC
51
IBFN
52
AGRS
53
GOLL
2014 total
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
2015 total

Date

Company

Industry

01/08/13
01/10/13
01/11/13
01/16/13
02/20/13
02/22/13
03/25/13
05/08/13
05/20/13
05/29/13
06/14/13
06/17/13
06/24/13
06/26/13
06/27/13
06/28/13
07/03/13
07/08/13
07/08/13
07/08/13
07/09/13
07/09/13
07/11/13
09/12/13
10/29/13
11/08/13
12/10/13
12/11/13
12/12/13
12/18/13

Pelayaran Nasional Bina Buana

Saraswati Griya Lestari
Sarana Meditama Metropolitan
Multi Agro Gemilang
Trans Power Marine
Steel Pipe Industry of Indonesia
Dyandra Media International
Austindo Nusantara Jaya
Bank Nationalnobu
Mitra Pinasthika Mustika
Dharma Satya Nusantara
Sri Rejeki Isman (Sritex)
Acset Indonesia
Saratoga Investa Sedaya
Nusa Raya Cipta
Semen Baturaja
Electronic City Indonesia
Bank Mestika Dharma
Multipolar Technology
Victoria Investama
Cipaganti group
Bank Mitraniaga
Bank Maspion
Siloam Hospital
Arita Prima Indonesia
Grand Kartech
Indomobil Multi Jasa
Logindo Samudramakmur
Sawit Sumbermas Sarana
Sido Muncul

Shipping
Hotel
Hospital Management
Plantations
Transportation
Pipes manufacturer
Entertainment
Plantation
Banking
Automotive
Plantations
Textile
Construction
Finance
Construction
Cement
Retail
Banking
IT
Finance
Transportation
Banking
Banking
Hospital
Pipe Manufacture
Manufacturing
Auto finance
Marine services
Plantations
Pharmaceutical

01/15/14
01/16/14
01/16/14
01/16/14
03/13/14
04/08/14
04/10/14
04/11/14
04/15/14
05/14/14
02/06/14
06/27/14
07/07/14
07/08/14
07/10/14
07/11/14
07/11/14
11/05/14
12/03/14
12/17/14
12/22/14
12/22/14
12/23/14

Bank Panin Syariah

Mitra Maparya
Capitol Nusantara
Bank INA
Bali Towerindo Sentra
Wika Beton
Graha Layar Prima
Intermedia Capital
Eka Sari Lorena Transport
Dwi Aneka Jaya Kemasindo
Link Net
Chitose Internasional
Magna Finance
Batavia Prosperindo Internasional
Mitrabara Adiperdana
Sitara Propertindo
Bank Dinar
Blue Bird
Soechi Lines
Impack Pratama Industri
Intan Baruprana Finance
Bank Agris
Golden Plantation

Banking
Insurance
Transporation
Banking
Construction
Construction material
Entertainment
Entertainment
Transportation
Paper manufacture
Telecommunication
Manufacture
Finance
Finance
Coal
Property
Bank
Transportation
Shipping
Packaging
Finance
Banking
Plantation

Airasia Indonesia
Andira Agro
Asia Mangan Group
Bank DKI
Bank Kesejahteraan Ekonomi
Bank Muamalat
Bank Sumatera Utara
Bank Syariah Mandiri
Daya Mitra Telekomunikasi
Daya Mandiri Resources Indonesia
GMF Aero Asia Target
Indoprima Gemilang
Infomedia Nusantara
Intan Baruprana Finance
Kawasan Berikat Nusantara
Krakatau Wijatama
Pacific Agro Sentosa
Pegadaian Indonesia
Pelita Cengkareng Paper
Perkebunan Nusantara III, IV and VII
Pertamina Drilling Services Indonesia
Pertamina Hulu Energi
Pertamina Gas
Pertamina Geothermal Energy
PLN Batam
Pos Indonesia
Pos Logistik
Puradelta Lestari
Semen Batam
Siba Surya
Sriboga Raturaya

Airlines
Plantations
Mining
Banking
Banking
Banking
Banking
Banking
Telecommunication
Coal mining
Aero services
Auto-parts
Services
Multi-finance
Industrial estates
Steel manufacture
Plantations
Finance
Packaging manufacture
Plantations
Oil-related
Oil-related
Gas distribution
Electricity
Electricity
Logistics
Logistics
Property
Cement
Logistics
Restaurant

Amount
(IDRbn)
138
102
72
440
91
856
449
400
808
1,455
509
1,344
375
1,492
260
1,309
1,350
593
180
150
69
80
246
1,405
61
45
225
357
1,005
870
16,735
475
109
42
125
35
1,207
223
541
135
470
487
99
74
75
319
424
55
2,438
582
570
192
99
230
9,016
1,800

Public
(%)
13.2
15.5
13.6
66.7
9.0
29.6
22.4
10.0
52.5
21.7
13.0
30.1
31.0
10.0
12.3
23.8
25.0
20.0
18.0
16.3
10.0
27.3
20.0
13.5
25.6
16.9
10.4
19.8
15.8
10.0

458

55.0

49.3
29.0
25.0
24.8
14.7
30.0
31.3
15.0
20.0
40.0
10.0
34.0
70.0
100.0
22.0
40.0
22.2
100.0
15.0
31.0
21.0
100.0
21.8
20.0

800
49.0

1,000

2,760
500
500
7,818

Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today)

PT Bahana Securities Equity Research Bahana Beacon - The Daily

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rules

please

visit

SEC

and

PSE

link

at

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and

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Stock ratings are based on absolute upside or downside, which is the difference between the target price and the current market price. Unless otherwise
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