June 20, 2017

Andy Wibowo Gunawan +62-21-515-1140 andy.wibowo@miraeasset.co.id

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Market Index ADRO: Key takeaways from non-deal roadshow

Last Trade Chg (%) MoM YoY
Pada tanggal 13-14 Juni 2017 di Singapura, kami menyelenggarakan roadshow non-
JCI 5,741.9 0.3 -1.2 17.7 deal (NDR) untuk Adaro Energy (ADRO) dan bertemu dengan sepuluh investor
MSCI Indonesia 27.1 0.3 -1.2 17.3 institusional. Tanggapan para investor sangat positif terhadap ADRO berkat model
MSCI EM 1,012.9 1.0 0.7 22.2 bisnis batubara terintegrasi secara vertikal dan biaya yang terkelola dengan baik.
HANG SENG 25,924.6 1.2 1.8 24.9 Namun, kami juga mencatat bahwa sebagian besar investor masih mengawasi 1)
KOSPI 2,370.9 0.2 3.6 19.7 dinamika permintaan batubara China dan 2) Kemajuan proyek pembangkit listrik
FTSE 7,523.8 0.8 -0.1 20.3 tenaga panas Batang dan Tanjung. Kami tetap mempertahankan target harga 12
DJIA 21,529.0 0.7 2.8 20.1 bulan ke depan untuk ADRO seharga Rp2.425. Beli.
NASDAQ 6,239.0 1.4 1.1 27.2
Global coal supply-demand dynamics
Valuation Selama NDR, kami melihat bahwa sebagian besar investor Singapura masih
2017F P/E (x) P/B (x) ROE (%) menonton dinamika permintaan batubara global jangka panjang. Dengan demikian,
JCI 16.2 2.4 18.5 aktivitas China yang terkait dengan sektor batubara akan sangat mempengaruhi
Key Rates
pasar batubara global secara keseluruhan.
Last Trade Chg (bps) MoM YoY Batang and Tanjung thermal power plant projects: Still on track
BI 7-Day RR 4.75 0 0 -50* Perhatian investor lain terletak pada kemajuan proyek pembangkit listrik tenaga
3yr 6.66 2 -9 -67 panas Batang dan Tanjung - dimana ADRO menjelaskan bahwa proyek tersebut
10yr 6.79 -3 -26 -84 masih dalam jalur. Pembangkit listrik Batang dijadwalkan beroperasi mulai 2020.
*since introduced in Aug 2016 Untuk pembangkit listrik tenaga panas Tanjung, operasinya akan dimulai pada
2019.
FX
Last Trade Chg (%) MoM YoY Coal production recovery predicted for 2Q17
USD/IDR 13,282.00 -0.1 -0.2 0.4 Perusahaan mengharapkan untuk melihat puncak produksi batubara di 2Q dan 3Q
USD/KRW 1,132.65 -0.1 1.3 -2.4 karena diperkirakan kondisi cuaca lebih baik.
USD/JPY 111.53 0.6 0.2 7.3 Maintain Buy and TP IDR2,425
USD/CNY 6.82 0.0 -1.1 3.5 Kami mempertahankan target harga depan 12 bulan di IDR2.425 untuk ADRO, yang
Commodities menyiratkan potensi kenaikan 55,0%.
Last Trade Chg (%) MoM YoY
WTI 44.2 -1.2 -12.8 -15.8
Gold 1,243.8 -0.8 -1.3 -3.6
Coal 81.2 2.2 9.4 54.5 ADROs trailing P/E band
Palm Oil 2,640.0 0.9 -7.3 7.6
Rubber 140.1 0.0 -17.3 17.0
Nickel 8,940.0 1.0 -4.5 -1.4
Copper 5,724.0 1.1 0.7 23.3
Tin 19,550.0 -0.5 -3.7 15.4

JCI Index VS MSCI Emerging Markets

(pt)
(pt) JCI MSCI EM
1,100
5,500
950
4,500
800
Source: Bloomberg, Mirae Asset Sekuritas Indonesia Research
3,500 650
05/13 05/14 05/15 05/16 05/17

Mirae Asset Sekuritas Indonesia

(pt) JCI MSCI EM (pt)
1,100
5,500
 June 20, 2017

Embun Pagi

Local flashes

KMTR: Kirana Megantara membidik kenaikan laba 50%. PT Kirana Megatara Tbk
kemarin resmi melantai di Bursa Efek Indonesia (BEI), dengan kode saham KMTR. Usai
mendulang dana dari perhelatan initial public offering (IPO), produsen karet remah
(crumb rubber processor) ini berencana mendongkrak produksi karet. Jenny Widjaja,
Direktur Keuangan KMTR, bilang, perusahaannya menargetkan produksi karet tahun ini
bisa mencapai 500.000 ton, naik dari raihan tahun lalu sebesar 440.000 ton. Dengan
harga karet sekitar US$ 1,5 per kilogram, KMTR bisa mengantongi penjualan hingga
US$ 800 juta. (Kontan)

AUTO: Kinerja Astra Otoparts terdongkrak momentum Lebaran. PT Astra Otoparts

Tbk. mengaku momentum Ramadan tahun ini mendongkrak permintaan komponen
otomotif, khususnya roda dua. Presiden Direktur PT Astra Otoparts Tbk. Hamdhani
Dzulkarnaen mengungkapkan sejauh ini momentum Ramadan mengungkit permintaan
komponen otomotif sejak Mei hingga Juni. Akan tetapi, katanya, permintaan
komponen roda empat cenderung stabil. (Bisnis Indonesia)

GPRA: Perdana Gapuraprima anggarkan Rp40 miliar untuk buyback saham. PT

Perdana Gapuraprima Tbk. menganggarkan Rp40 miliar untuk membiayai rencana
pembalian kembali atau buyback saham perseroan. Kelik Irwantono, Direktur Keuangan
Gapuraprima, mengatakan bahwa rencana tersebut telah memperoleh restu pemegang
saham dalam rapat umum pemegang saham tahunan yang digelar perseroan pada
Senin (19/6/2017). Proses pembelian kembali tersebut akan berlangsung selama 18
bulan sejak memperoleh restu pemegang saham ini, atau hingga 18 Desember 2018
mendatang. (Bisnis Indonesia)

ANTM: Antam kembali ajukan ekspor nikel. PT Aneka Tambang Tbk (ANTAM) masih
ngotot mengajukan tambahan ekspor nikel. Meski sebelumnya, pengajuan izin ekspor
mereka ditolak pemerintah lantaran tak menyertakan progres smelter. Bedanya:
pengajuan kali ini Antam mengajukan progres smelter di Halmahera Timur . Pelaksana
Harian (Plh) Sekretaris Perusahaan Antam Aprilandi Hidayat Setia mengatakan, Antam
mengajukan ekspor nikel baru. (Kontan)

DSSA: Dian Swastatika raih pinjaman US$ 34 juta. PT Dian Swastatika Sentosa Tbk
(DSSA) memperoleh fasilitas pinjaman dari PT Sarana Multi Infrastruktur (SMI). Nilai
pinjaman itu mencapai US$ 34 juta yang akan digunakan untuk meningkatkan modal
kerja perusahaan sekaligus anak usaha mereka. Kredit dari SMI memiliki jangka waktu
tujuh tahun, dengan suku bunga LIBOR satu bulan ditambah 4,55% per tahun. Fasilitas
pinjaman ini akan mengerek rasio utang terhadap ekuitas DSAA. Namun, angkanya
tidak signifi kan. Dan dengan pinjaman baru itu, DSSA yakin kegiatan operasional
mereka serta anak perusahaannya berjalan lebih lancar. (Kontan)

CASS: Cardig ekspansi bisnis logistik. Delapan tahun membesarkan bisnis

kebandarudaraan tampaknya cukup bagi PT Cardig Aero Services Tbk untuk mulai
mengembangkan bisnis lain. Perusahaan ini tengah menyiapkan dana Rp 500 miliar
untuk pengembangan bisnis logistik. Cardig Aero menargetkan bisnis logistik
beroperasi pada tahun ini juga. "Kami sudah tunjuk konsultan untuk melihat potensi
bisnis logistik ini," ujar Widianawati Adhiningrat, Direktur SDM dan Umum PT Cardig
Aero Services Tbk. (Kontan)

TRUB: Truba Manunggal kejar proyek listrik. Manajemen PT Truba Alam Manunggal
Engineering Tbk berupaya memperbaiki kinerja tahun ini. Salah satu caranya dengan
membidik proyek kelistrikan. Menurut Sjaiful Bachri Harahap, Direktur Utama PT Truba
Alam Manunggal Engineering Tbk saat ini sebagian besar perusahaan konstruksi
memang menyasar kontrak engineering, procurement dan construction (EPC) proyek
pemerintah. (Kontan)

Mirae Asset Sekuritas Indonesia

 June 20, 2017

Embun Pagi

Chart 1. JCI Vs. USD/IDR Chart 2. JCI performance (absolute vs. relative)
(pt) JCI (L) USD/IDR (R) (IDR) (%, %p) Absolute Relative
6,000 20 18.1

5,800 13,700 16

12
5,600
13,500 8
5,400
4
0.3 0.9 0.6
5,200
13,300 0
5,000 -0.7 -0.9
-4 -2.6
4,800 13,100 -8 -5.3
3/20 4/17 5/15 6/12 1D 1W 1M 1Y
Note: Relative to MSCI EM Index
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Source: Bloomberg, Mirae Asset Sekuritas Indonesia

Chart 3. Foreigners net purchase (EM) Chart 4. Energy price

(USDmn) 1 Day 5 Days (D-3M=100)

700 115 CPO WTI Coal

600 572
110
500
105
400
263 100
300
200 95
100 78 58
90
0 2
0
-3 85
-100 -4 -37 -55
-200 -107 80
-169
-300 75
Korea Taiwan Indonesia Thailand Philippines India 3/20 4/17 5/15 6/12

Note: The latest figure for India are June 16th, 2017
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Source: Bloomberg, Mirae Asset Sekuritas Indonesia

Chart 5. Non-ferrous metal price Chart 6. Precious metal price

(D-3M=100) Copper Nickel Tin (D-3M=100) Silver Gold Platinum
105 110

100
105

95
100
90

95
85

80 90
3/20 4/17 5/15 6/12 3/20 4/17 5/15 6/12

Source: Bloomberg, Mirae Asset Sekuritas Indonesia Source: Bloomberg, Mirae Asset Sekuritas Indonesia

Mirae Asset Sekuritas Indonesia

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 June 20, 2017

Embun Pagi

Table. Key valuation metrics

Price Market Cap Price Performance (%) P/E(X)* P/B(X)* ROE(%)*
Company Name Ticker
(IDR) (IDRbn) 1D 1W 1M 1Y FY16 FY17 FY16 FY17 FY16 FY17
Jakarta Composite Index JCI 5,742 6,281,347 0.3 0.9 -0.9 18.1 16.2 13.9 2.4 2.2 18.5 21.2
FINANCIALS
Bank Central Asia BBCA 17,925 441,941 0.7 1.0 0.1 39.8 18.5 19.4 3.4 3.4 20.4 18.7
Bank Mandiri Persero BMRI 12,475 291,083 0.0 2.0 -3.3 37.5 19.6 14.8 1.8 1.8 10.3 12.4
Bank Rakyat Indonesia Persero BBRI 14,800 365,104 0.9 1.2 2.1 43.3 10.9 13.0 1.9 2.2 20.2 18.1
Bank Negara Indonesia Persero BBNI 6,550 122,149 0.8 1.6 -2.2 38.8 9.1 9.3 1.2 1.3 13.9 14.3
Bank Tabungan Negara Persero BBTN 2,660 28,169 0.8 3.5 5.1 60.2 13.3 12.4 1.0 1.2 7.6 10.3
CONSUMER
HM Sampoerna HMSP 3,830 445,498 0.0 0.0 -3.5 0.8 34.8 32.9 13.0 12.4 38.6 38.4
Gudang Garam GGRM 79,900 153,735 1.1 2.8 4.4 26.0 18.4 20.7 3.1 3.5 17.3 17.7
Indofood CBP Sukses Makmur ICBP 8,675 101,167 -0.9 2.4 -4.7 1.0 27.8 25.6 5.7 5.1 21.8 21.4
Indofood Sukses Makmur INDF 8,325 73,097 0.0 -1.8 -3.8 18.1 18.3 16.3 2.4 2.3 14.7 15.1
Kalbe Farma KLBF 1,590 74,531 1.0 3.6 0.6 11.6 30.9 29.4 6.0 5.6 20.6 19.0
Unilever Indonesia UNVR 47,600 363,188 -0.4 0.8 -2.4 9.2 46.3 49.9 62.9 65.4 134.1 140.6
AGRICULTURAL
Astra Agro Lestari AALI 14,600 28,100 1.0 2.8 -1.4 -0.7 14.8 14.4 1.9 1.6 14.1 11.2
PP London Sumatera Indonesia LSIP 1,400 9,552 -0.4 -0.4 -7.9 -4.1 20.0 11.7 1.6 1.2 7.9 10.0
Sawit Sumbermas Sarana SSMS 1,585 15,097 1.0 -1.9 -6.2 -15.5 22.5 20.6 3.9 3.9 18.3 16.2
INFRASTRUCTURE
XL Axiata EXCL 3,230 34,522 2.2 -4.4 5.6 -15.0 60.8 90.4 1.2 1.6 2.1 1.3
Jasa Marga JSMR 5,225 37,922 1.5 1.5 4.5 -0.7 15.6 20.1 2.3 2.6 15.7 13.4
Perusahaan Gas Negara PGAS 2,400 58,180 -0.4 2.1 2.1 0.0 15.3 11.3 1.5 1.3 9.8 12.5
Tower Bersama Infrastructure TBIG 6,850 31,040 2.6 7.9 16.1 4.2 17.4 25.2 14.3 12.2 83.6 55.9
Telekomunikasi Indonesia TLKM 4,400 443,520 0.7 1.6 -2.9 14.8 20.3 19.0 4.7 4.6 24.3 24.3
Soechi Lines SOCI 308 2,174 -3.1 1.3 -8.3 -27.7 8.2 4.6 0.6 N/A 7.4 10.1
Garuda Indonesia GIAA 346 8,957 -1.7 -1.7 0.6 -28.5 31.7 18.7 2.6 2.3 8.6 12.8
BASIC-INDUSTRIES
Semen Indonesia SMGR 10,150 60,205 3.0 5.2 10.3 11.2 12.0 16.7 1.9 2.0 16.3 12.1
Charoen Pokphand Indonesia CPIN 3,180 52,146 1.6 6.0 6.4 -16.5 22.6 18.4 3.6 3.2 16.5 18.7
Indocement Tunggal Prakarsa INTP 18,250 67,182 0.6 1.7 1.4 13.2 14.6 21.0 2.2 2.4 15.5 11.0
Japfa Comfeed Indonesia JPFA 1,330 15,176 -3.6 -2.6 10.8 19.8 7.7 8.8 1.9 1.5 28.6 18.6
MINING
Indo Tambangraya Megah ITMG 17,225 19,463 1.3 0.7 9.4 100.3 10.4 7.1 1.5 1.5 15.0 20.9
Adaro Energy ADRO 1,565 50,058 -2.5 1.6 6.8 85.2 12.0 9.1 1.3 1.1 11.1 11.7
Aneka Tambang ANTM 705 16,942 -2.1 0.0 0.7 -6.0 298.3 61.5 1.2 0.9 0.4 2.5
Vale Indonesia INCO 1,895 18,829 0.0 0.3 -1.8 3.3 N/A 35.7 1.1 0.8 0.1 1.7
Tambang Batubara Bukit Asam PTBA 11,425 26,325 0.2 3.4 5.8 42.8 13.1 8.3 2.5 2.0 20.5 25.6
TRADE
United Tractors UNTR 26,450 98,662 -0.2 -2.3 9.5 91.7 15.8 14.8 1.9 2.2 12.7 15.5
AKR Corporindo AKRA 6,350 25,401 0.8 -0.8 -0.4 4.1 23.5 21.8 3.5 3.3 15.7 15.6
Global Mediacom BMTR 615 8,732 -1.6 -0.8 -2.4 -39.7 41.8 N/A 0.9 N/A 2.0 N/A
Matahari Department Store LPPF 14,525 42,383 0.2 -0.3 -5.4 -25.6 21.9 19.1 23.8 14.1 136.4 86.1
Media Nusantara Citra MNCN 1,875 26,768 -1.1 0.3 5.9 -15.5 17.7 15.2 2.7 2.5 15.4 17.0
Matahari Putra Prima MPPA 760 4,087 -0.7 2.7 -5.6 -41.1 211.4 34.3 3.3 1.7 1.6 2.8
Surya Citra Media SCMA 2,700 39,478 -1.8 -1.1 -5.6 -17.7 27.2 22.2 11.9 9.6 45.7 46.4
Siloam International Hospital SILO 11,550 15,022 0.4 -8.7 -3.8 7.7 150.3 111.2 4.5 4.7 3.5 4.2
PROPERTY
Bumi Serpong Damai BSDE 1,815 34,933 2.0 2.8 1.7 -7.9 18.8 14.3 1.6 1.5 9.1 10.9
Adhi Karya ADHI 2,170 7,727 -0.5 -1.4 -4.4 -20.5 23.6 12.9 1.4 1.3 5.9 9.9
Alam Sutera Realty ASRI 318 6,249 -1.2 0.0 -2.5 -23.9 13.6 7.5 1.0 0.8 7.5 11.2
Ciputra Development CTRA 1,155 21,437 3.6 4.1 -2.5 -20.1 19.9 17.6 2.2 1.7 9.8 10.6
Lippo Karawaci LPKR 635 14,654 0.0 -0.8 -14.2 -35.2 18.6 13.9 0.9 0.7 5.0 5.3
Pembangunan Perumahan PTPP 3,150 19,530 0.3 1.9 5.0 -14.8 23.1 14.3 2.4 1.8 14.4 12.8
Pakuwon Jati PWON 610 29,377 0.8 1.7 -3.9 4.3 16.3 15.0 3.1 2.7 21.0 19.3
Summarecon Agung SMRA 1,310 18,899 4.4 4.8 -1.1 -23.6 61.3 47.1 3.1 2.7 5.1 6.2
Wijaya Karya WIKA 2,200 19,734 -1.3 -0.5 -4.3 -18.1 14.4 15.4 1.8 1.6 12.9 10.0
Waskita Karya WSKT 2,270 30,812 -0.4 2.7 0.0 -7.0 17.3 12.6 3.1 2.0 16.6 17.5
MISCELLANEOUS
Astra International ASII 8,725 353,219 0.0 0.0 -0.3 29.3 22.1 17.9 3.0 2.9 14.2 16.6
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
*Note: Valuation metrics based on Bloomberg consensus estimates

Mirae Asset Sekuritas Indonesia

 June 20, 2017

Embun Pagi

Sector performance Top 10 market cap performance

Name Index Chg (%) Ticker Price Market Cap (IDRbn) Chg (%)
Agricultural 1,757.8 0.0 EMTK IJ 10900 61,476 18.48
Mining 1,400.1 -0.4 HITS IJ 750 5,326 7.91
Basic-Industry 605.8 -0.6 BUMI IJ 356 13,039 5.33
Miscellaneous Industry 1,467.4 -0.1 TOWR IJ 3870 39,485 4.59
Consumer Goods 2,529.5 0.1 BHIT IJ 118 5,671 4.4
Property & Construction 486.0 0.6 SMRA IJ 1310 18,899 4.38
Infrastructure 1,154.8 0.8 NISP IJ 1800 20,651 4.05
Finance 932.3 0.5 CTRA IJ 1155 21,437 3.59
Trade 909.3 0.9 KAEF IJ 3000 16,662 3.4
Composite 5,741.9 0.3 SMMA IJ 7325 46,643 3.17
Source: Bloomberg

Top 5 leading movers Top 5 lagging movers

Name Chg (%) Close Name Chg (%) Close
EMTK IJ 18.5 10,900 TPIA IJ -4.0 24,000
BBRI IJ 0.9 14,800 MIKA IJ -6.0 2,050
BBCA IJ 0.7 17,925 UNVR IJ -0.4 47,600
TLKM IJ 0.7 4,400 SMBR IJ -4.6 2,920
SMGR IJ 3.1 10,150 ADRO IJ -2.5 1,565
Source: Bloomberg

Economic Calendar
Time Currency Detail Forecast Previous
6:00am USD FOMC Member Evans Speaks
8:30am AUD Monetary Policy Meeting Minutes
8:30am AUD HPI q/q 2.2% 4.1%
12:45pm CHF SECO Economic Forecasts
1:00pm EUR German PPI m/m -0.1% 0.4%
1:30pm CHF SNB Chairman Jordan Speaks
2:30pm GBP BOE Gov Carney Speaks
3:00pm EUR Current Account 31.3B 34.1B
3:45pm CHF SNB Chairman Jordan Speaks
7:00pm USD FOMC Member Fischer Speaks
7:30pm CAD Wholesale Sales m/m 0.9%
7:30pm USD Current Account -124B -112B
8:00pm CNY CB Leading Index m/m 1.2%
Tentative NZD GDT Price Index 0.6%
Note: Time is based on Indonesian local time
Source: Forex Factory

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to you. PT Mirae Asset Sekuritas Indonesia 2016.

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