Equity Research | 02 July 2012

INVESTOR DIGEST
Equity Research | 02 July 2012

Economic Data

HIGHLIGHT
Latest

2012F

BI Rate (%), eop

5.75

5.75

Inflation (YoY %)

4.45

5.50

9,365

9,108

US$ 1 = Rp, period avg

Stock Market Data

( 29 June 2012)

CORPORATE

JCI Index

3,955.6

Trading T/O ( Rp bn )

4,820.5

Market Cap ( Rp tn )

3,729.9

1.75%

Energi Mega Persada : poor showing in 1Q12 (ENRG)

Market Data Summary*

2011F

2012F

EBITDA growth (%)

15.6

12.5

EPS growth (%)

24.7

17.4

EV/EBITDA (x)

8.6

7.4

15.8

13.5

P/BV (x)

3.4

3.0

Div. Yield (%)

2.3

2.7

Earnings Yield (%)

6.3

7.4

Core P/E (x)

Jasa Marga: Has formed a consortium with Provincial Government of West

Sumatra for 205Km of new toll road project (JSMR, Rp5,400, Buy, TP: Rp5,700)
Energi Mega Persada: poor showing in 1Q12 (ENRG)

Net Gearing (%)

11.4

1.5

ROE (%)

23.3

23.6

* Aggregate of 63 companies in MS research universe,

representing 67.2% of JCIs market capitalization

Reported its audited 1Q12 results over the weekend. The results were
audited for the purpose of bond issuance in July-August, part of the
companys drive to lower its overall debt cost. The 1Q12 results displayed
one full quarter of consolidation from ENRGs newly acquired 18.7% stake
in ONWJ PSC. The 1Q12 results were reported in US dollars, while the
previous reporting currency was in IDR. In this analysis, we converted the
1Q12 results to IDR based on an average exchange rate of Rp9,082/US$1.
The results were impressive above the net profit line. Pre-tax profit grew by
406% YoY and 5% QoQ, EBITDA grew by 180% YoY and 25% QoQ, while
revenue grew by 143% YoY and 27% QoQ. At the net profit line, the strong
PBT growth was offset by a big jump in tax expense, which resulted in a
78% effective tax rate in 1Q12. The 1Q12 reported net profit of Rp22.3bn
looks small compared to full year consensus forecast of Rp501bn (based on
estimates from 7 analysts).

IDR bn

1Q11

2Q11

3Q11

4Q11

1Q12

YoY

OoQ

Revenue

421.6

444.0

451.7

805.6

1026.3

143%

27%

EBIT

139.0

136.5

127.5

375.6

372.9

168%

-1%

EBITDA

191.1

183.2

181.2

426.3

534.4

180%

25%

EBITDA margin

45%

41%

40%

53%

52%

Interest expense
PBT

-80.3
41.0

-87.4
77.3

-88.2
7.7

-120.0
198.5

-165.6
207.6

106%
406%

38%
5%

Tax

-25.5

-50.5

-2.1

-72.6

-162.3

Effective tax rate

62%

65%

27%

37%

78%

Minority interest

-1.2

-6.5

-0.3

-97.4

-23.0

Net income

14.3

20.4

5.4

28.5

22.3

56%

-22%

We are meeting the company @9am today to discuss the 1Q12 results and
its most updated FY12 outlook. We suspect the seemingly bad 1Q12 results
could provide another buying opportunity in ENRG, who may still have the
chance to re-coup its full year profit shortfall in the remaining nine months
of 2012. In todays meeting, we would ask the management the following
queries:

Please see important disclosure at the back of this report

Page 1 of 5

Equity Research | 02 July 2012

(1) The prospect of a (much) lower tax rate in Mar-Dec 2012 statements. 1Q results are not usually audited, allowing
oil and gas companies to accrue the estimated cost recovery (a deduction to tax and government net-backs) bill over
four quarters. Because the 1Q12 results were audited (and cost recovery activities typically more active in 2H), the
cost recovery bookings could have been inconsistent. But 2Q12 report is less than one month away and it may
smooth out the 1Q12 anomaly.
(2) Revenue, EBITDA, and net profit uplift from Kangean TSB in 3Q12. Kangean TSB is already producing more than
300 mmscfd of gas since the start of its production in June. We want to understand better its impact on ENRGs 3Q12
profit and loss statement.
(3) Refinancing benefits and tax shield. ENRG borrowed a significant sum to acquire the effective 18.7% stake in
ONWJ PSC. Now, it is looking to refinance its whole debt facility at cheaper rate. We want to quantify its ultimate
impact on the bottom line (there could be as high as a 1:1 relationship between interest expense and net income,
due to the lack of tax shielding allowed between parent company and their PSCs).
(4) Re-pricing of ONWJ gas. There is a portion of ONWJ gas that is being sold below the current market price.
Indonesia is currently re-pricing upward its whole gas supply chain, and we expect ONWJ to be a beneficiary. We
want to understand better the timing and the magnitude of this potential change.
*** It appears to us that markets are ready to go back to risk-on mode with the oil futures higher by 7-9% overnight.
ENRG share price has given back all the gains earned from the ONWJ acquisition announcement. If our thesis on the four
2H12 drivers for ENRG are being re-confirmed by the management on todays meeting, we will likely keep the stock as
one of our top 10 mid-small cap picks for 2012 ***

Verdi Budiman (+6221 5296 9542)

Raditya Artono (+6221 5296 9569)

verdi.budiman@mandirisek.co.id
raditya.artono@mandirisek.co.id

Jasa Marga: Has formed a consortium with Provincial Government of West Sumatra for 205Km of new toll road
project (JSMR, Rp5,400, Buy, TP: Rp5,700)
No. Toll road project
Project on the pipeline
1 Bogor Ring Road
2 Semarang - Solo
3 Gempol - Pasuruan
4 Cengkareng - Kunciran
5 Kunciran - Serpong
6 JORR W2 North (Kebon Jeruk-Ulujami)
7 Surabaya - Mojokerto
8 Gempol - Pandaan
9 Nusa Dua - Tanjung Benoa
TOTAL
New project on feasibility study
Trans Sumatra
1 West Sumatra
Padang - Sicincin
Sicincin - Padang Panjang
Padang Panjang - Bukit Tinggi
Bukit Tinggi - Payakumbuh
Payakumbuh - Riau
2 Medan - Kuala Namu - Bukit Tinggi
3 Pekanbaru - Kandis - Dumai
4 Lampung RR - Tanjung Karang
TOTAL

Please see important disclosure at the back of this report

JSMR's
Length Investment Concession
(Km) Cost (Rp tn) period (yr) ownership
11.0
75.7
34.2
15.2
11.2
7.7
36.27
13.60
10.00
214.9

0.98
6.01
2.77
3.50
2.55
2.15
3.20
1.20
2.30
24.66

45
45
45
35
35
40
42
35
50

55%
60%
80%
75%
60%
65%
55%
52%
60%

205.0
28.0
23.0
33.0
28.0
93.0
60.0
135.0
21.0
421.0

na

na

na

na
na
na

na
na
na

na
na
na

Page 2 of 5

Equity Research | 02 July 2012

Together with Provincial Government of West Sumatra, Jasa Marga has formed a consortium namely PT Jasa Marga
Sumbar (JMS), which will engaged in development of 5 toll road sections with length totaling 205Km. Currently, JMS is
conducting the feasibility study for those projects, while from the preliminary identification, Padang Sicincin (28Km)
section is the most ready to begin the kick off, due to the availability of the traffic, which is expected can meet the
financial feasibility. Traffic in regular road for this section reaches 28,000 33,000 vehicles/day and is expected half of
them will use the new toll road. JSMR is targeting the signing of the toll road concession agreement can be realized in
Oct-12, while toll roads are expected to start operation gradually starting 2014.
JSMR also an initiative of another 3 Trans Sumatra projects, namely: Medan-Kuala Namu - Tebing Tinggi (60Km),
Pekanbaru Kandis Dumai (135Km) and Lampung Ring Road Tanjung Karang (21Km), which are still in feasibility
study and is targeting to be proposed the concession from Toll Road Regulatory Agency (BPJT) by 2013.
The company allocates Rp40tn for development and acquisition of new toll roads for period until 2013, while Rp25tn is
allocated for financing 9 new toll road projects with length totaling 215Km.
We are targeting FY12F revenue to reach Rp5.7tn (+19.7%YoY) and net profit of Rp1.7tn (+20.0%YoY). We have a Buy
recommendation on JSMR, is trading at PER12F -13F of 21.4-18.4x.

Maria Renata (+6221 5296 9546)

maria.renata@mandirisek.co.id

FROM THE PRESS

Indofood sells 12.8ha of land to Indomobil for US$10.2m
Indofood Sukses Makmur (INDF) sells a total of 128,187 sqm of land in Purwakarta, West Java to Indomobil Trada Nasional, a
subsidiary of Indomobil Sukses Internasional (IMAS), a related company. The transaction is done for a total value of
US$10.3mn, or US$80/sqm. Cash upfront of US$1.0mn has been paid, with the remaining to be settled one month after the
agreement is signed. (Company)

Please see important disclosure at the back of this report

Page 3 of 5

Equity Research | 02 July 2012

Equity Valuation

CAGR'07/09
Price
JCI Code Rating Price (Rp) Target

Mandiri Universe
Banking
BCA
BNI
BRI
BTN
Danamon
Panin
Infrastructure
Holcim
Indocement
Semen Gresik
Adhi Karya
PP
Wijaya Karya
Jasa Marga
Citra Marga
Chem ical
Lautan Luas
AKR Corporindo
Indah kiat
Budi Acid Jaya
Consum er
Indofood
Indofood CBP
Gudang Garam
Mayora
Unilever
Kalbe Farma
Retail
Mitra Adiperkasa
Ramayana
Ace Hardw are Indonesia
ERAA
Supra Boga
Conglom erates
Astra International
IMAS
INDS
Heavy Equipm ent
United Tractors
Hexindo Adiperkasa
Plantation
Astra Agro Lestari
Bakrie Sumatera Plantations
Sampoerna Agro
London Sumatera Plantations
Property
Agung Podomoro Land
Bakrieland Development
Bumi Serpong Damai
CIPUTRA DEVELOPMENT
Kaw asan Industri Jababeka
Summarecon Agung
Sentul City
Energy
Medco
Energi Mega Persada
Bukit Asam
Bumi
Adaro
Harum Energy
Berau
Indo Tambangraya Megah
Indy
Delta Dunia
PGN
Metal
Antam
PT Inco
Timah
Bumi Resources Minerals
Telecom m unication
Bakrie Telecom
Indosat
EXCEL
Telkom
TBI
Manufacture
Multistrada
Gajah Tunggal

BBCA
BBNI
BBRI
BBTN
BDMN
PNBN

Neutral
Buy
buy
Sell
Neutral
Neutral

7,300
3,825
6,350
1,290
6,000
790

9,000
4,700
8,100
1,800
5,900
1,200

SMCB
INTP
SMGR
ADHI
PTPP
WIKA
JSMR
CMNP

Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy

LTLS
AKRA
INKP
BUDI

Neutral
Neutral
Neutral
Neutral

INDF
ICBP IJ
GGRM
MYOR
UNVR
KLBF

Neutral
Neutral
Neutral
Buy
Neutral
Sell

MAPI
RALS
ACES
ERAA
RANC

Neutral
Buy
Neutral
Buy
Buy

7,150
940
5,050
1,890
650

ASII
IMAS
INDS

Buy
Buy
Buy

6,850
7,650
7,000 10,000
4,075
8,300

UNTR
HEXA

Buy
Buy

21,350 29,200
9,050
9,000

AALI
UNSP
SGRO
LSIP

Neutral
Neutral
Buy
Buy

20,050 23,000
182
400
2,975
4,150
2,675
2,950

APLN
ELTY
BSDE
CTRA
KIJA
SMRA
BKSL

Buy
BUY
Buy
Buy
Buy
Buy
Buy

MEDC
ENRG
PTBA
BUMI
ADRO
HRUM
BRAU
ITMG
INDY
DOID
PGAS

Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy

ANTM
INCO
TINS
BRMS

Neutral
Buy
Neutral
Buy

1,340
2,675
1,380
410

2,400
6,700
3,600
830

BTEL
ISAT
EXCL
TLKM
TBIG

Sell
Neutral
Buy
Neutral
Buy

200
4,325
6,150
8,150
3,275

160
5,600
6,300
7,600
3,850

MASA
GJTL

Neutral
Buy

520
2,275

511
3,100

2,425
3,000
17,350 18,200
11,300 13,300
990
560
610
800
1,050
810
5,400
5,700
1,950
2,300
800
3,475
1,050
169

800
3,000
1,600
230

4,850
5,225
5,750
5,100
61,500 56,900
25,300 25,000
22,900 16,000
3,775
3,050

345
70
1,180
650
185
1,620
230

6,000
990
4,250
2,230
700

430
173
1,350
605
220
2,250
450

1,800
3,050
143
298
14,650 23,500
1,110
3,700
1,450
2,200
5,700 10,500
355
660
35,950 45,500
1,860
3,500
395
1,000
3,525
4,960

20.8%

Net Profit
Mkt Cap
Rp Bn 2011F
2012F
2,277,925
488,614
179,982
71,331
156,533
11,236
50,503
19,029
200,162
18,583
63,869
66,258
1,740
2,954
6,138
36,720
3,900
20,278
624
13,275
5,745
635
423,955
42,583
33,528
118,331
19,395
174,727
35,391
33,698
11,869
6,670
8,661
5,481
1,017
297,586
277,312
19,357
917
87,240
79,638
7,602
57,878
31,574
2,410
5,644
18,251
61,276
7,073
2,794
20,646
9,858
2,549
11,134
7,221
276,320
5,998
5,803
33,765
23,055
46,378
15,390
12,390
40,621
9,685
3,218
80,017
56,791
12,782
26,580
6,946
10,484
261,424
5,696
23,502
52,324
164,304
15,598
12,703
4,775
7,928

Please see important disclosure at the back of this report

EPS Grow th (%)

PER (x)
EV / EBITDA (x)
P/BV (x)
Net Debt to EBITDA
ROAE
2011F 2012F
2011F 2012F 2011F 2012F 2011F 2012F 2011F
2012F
2011F 2012F

148,745 173,790 24.9%

16.8% 15.3
34,142 42,537 17.3%
24.6% 14.3
9,887 12,398 16.6%
25.4% 18.2
5,399
6,167 31.6%
14.2% 13.2
13,174 16,515 14.8%
25.4% 11.9
971
1,181
6.0%
21.6% 11.6
3,035
4,098
5.2%
35.0% 16.6
1,677
2,177 33.3%
29.8% 11.3
11,009 12,727 11.9%
15.6% 18.2
1,032
1,379 24.5%
33.6% 18.0
3,597
4,148 11.5%
15.3% 17.8
3,925
4,325
8.0%
10.2% 16.9
119
140 -37.4%
17.7% 14.7
240
283 19.1%
17.6% 12.3
352
379 30.3%
7.8% 17.5
1,428
1,714 19.6%
20.0% 25.7
317
362
6.3%
14.0% 12.3
3,278
1,668 116.7% -49.1%
6.2
76
87 -5.4%
14.2%
8.2
2,230
596 604.8% -73.3%
6.0
916
914 -13.4%
0.9%
6.3
55
71 55.0%
27.8% 11.5
15,644 17,416 12.1%
11.3% 27.1
3,077
3,365
4.2%
9.3% 13.8
1,975
2,303 15.9%
16.6% 17.0
4,894
5,339 18.0%
9.1% 24.2
471
657 -2.7%
39.4% 41.2
3,744
4,161 10.5%
11.1% 46.7
1,482
1,591 15.2%
7.4% 23.9
1,294
1,725 35.7%
33.3% 24.8
360
452 79.3%
25.5% 32.9
378
469
6.4%
24.2% 17.7
280
330 66.7%
18.2% 31.0
255
438 14.7%
19.8% 15.0
21
35 72.7%
67.2% 48.8
18,718 20,891 25.8%
11.6% 15.9
17,785 19,409 23.8%
9.1% 15.6
813
1,326 35.9%
63.1% 23.8
120
156 22.3%
7.4%
6.3
6,348
6,790 50.3%
7.0% 13.2
5,899
6,250 42.3%
1.2% 12.9
449
539 31.3%
21.4% 16.9
5,074
5,346 31.3%
5.4% 11.4
2,406
2,445 19.3%
1.7% 13.1
455
475 25.7%
4.5%
5.3
570
689 26.0%
21.0%
9.9
1,644
1,736 59.1%
5.6% 11.1
2,432
3,249 69.6%
33.6% 25.2
540
657 123.2%
21.8% 13.1
135
164 -24.4%
21.5% 20.7
766
1,084 21.4%
41.5% 27.0
304
347 17.9%
14.0% 32.4
160
334 157.0% 108.9% 16.0
392
479 67.9%
22.1% 28.4
136
184 107.0%
36.0% 53.3
24,901 31,546 61.9%
26.7% 11.1
365
543 -51.4%
43.9% 16.5
56
666
N/M 1098.5% 104.5
3,086
3,820 53.6%
23.8% 10.9
1,993
5,036 612.0% 144.1% 11.6
4,835
5,157 120.7%
7.9%
9.6
1,464
1,917 77.7%
30.9% 10.5
1,242
1,978 101.2%
53.9% 10.0
4,214
4,397 127.3%
2.2%
9.6
1,111
1,310 29.9%
17.9%
8.7
86
294
N/M 212.9% 34.2
6,449
6,428
3.4%
-0.3% 12.4
8,860
9,911 21.6%
11.9%
6.4
2,170
2,192 29.8%
1.0%
5.9
4,455
5,085 12.1%
11.8%
6.0
1,513
1,820 59.6%
20.3%
4.6
722
814 -52.6%
12.7% 14.5
16,166 18,932
3.3%
17.1% 16.1
335
469 37.3%
39.9% 17.0
1,333
1,919 106.0%
44.0% 17.6
2,954
3,239
2.2%
9.7% 17.7
11,113 12,496 -3.7%
12.4% 14.8
431
808 31.9%
79.4% 34.6
880
1,053 -12.6%
19.7% 12.7
196
263 10.2%
-9.6% 16.4
684
790 -17.7%
15.5% 11.6

13.1
11.5
14.5
11.6
9.5
9.5
12.3
8.7
15.7
13.5
15.4
15.3
12.5
10.5
16.2
21.4
10.8
12.2
7.2
22.3
6.3
9.0
24.3
12.7
14.6
22.2
29.5
42.0
22.2
19.5
26.2
14.2
26.2
12.5
29.2
14.2
14.3
14.6
5.9
12.8
12.7
14.1
10.8
12.9
5.1
8.2
10.5
18.9
10.8
17.0
19.1
28.4
7.6
23.3
39.2
8.8
11.1
8.7
8.8
4.6
9.0
8.0
6.3
9.2
7.4
10.9
12.4
5.7
5.8
5.2
3.8
12.9
13.8
12.2
12.2
16.2
13.1
19.3
12.1
18.1
10.0

8.6
n/a
n/a
n/a
n/a
n/a
n/a
n/a
11.2
9.1
11.3
12.1
5.0
4.9
6.5
15.5
7.8
9.1
7.7
17.6
7.9
5.1
16.3
7.1
9.9
16.0
23.2
33.4
15.5
14.2
14.9
10.5
20.4
10.5
20.8
15.2
14.9
24.4
5.5
7.0
6.8
11.1
7.4
8.5
4.8
6.5
7.3
17.1
11.0
25.2
17.5
16.7
11.0
16.3
48.0
5.6
5.2
11.5
7.9
5.5
4.5
5.7
3.1
5.7
5.9
4.1
7.4
4.2
2.8
3.5
2.6
140.8
5.1
3.9
3.7
6.3
4.9
23.9
8.2
10.2
7.6

7.5
n/a
n/a
n/a
n/a
n/a
n/a
n/a
9.5
7.7
9.7
10.2
3.3
5.0
5.2
12.4
6.3
8.5
7.1
15.6
7.4
4.6
15.0
7.0
9.1
14.6
16.2
30.1
14.5
11.1
11.9
8.1
14.7
9.3
13.4
13.3
13.2
17.9
4.7
6.7
6.5
9.1
6.8
8.1
4.5
5.4
6.5
12.8
7.3
18.1
15.1
15.0
7.5
10.9
34.4
4.5
4.9
4.7
5.7
3.7
3.6
4.8
2.7
5.3
4.9
4.1
6.8
3.7
2.8
2.9
2.1
37.4
4.6
3.5
3.3
5.6
4.4
15.4
7.5
11.2
6.2

3.2
3.0
4.6
1.9
3.4
1.7
2.5
1.5
3.8
2.4
4.1
4.6
1.9
2.1
3.1
4.3
1.9
0.8
0.7
3.4
0.3
0.8
6.3
2.2
3.3
4.9
8.2
39.7
5.7
3.9
6.6
2.3
7.2
1.8
5.9
4.5
4.6
4.1
1.2
3.0
2.9
5.2
2.4
3.9
0.3
2.2
3.2
1.8
1.6
0.4
2.5
1.9
1.4
4.5
1.6
2.9
0.8
0.9
4.0
2.9
2.2
5.0
3.0
4.3
1.5
2.0
4.3
1.1
1.2
1.5
1.3
0.6
2.7
1.0
1.2
3.7
3.0
6.0
1.8
1.8
1.8

2.8
2.6
3.9
1.7
2.8
1.5
2.2
1.3
3.3
2.1
3.6
3.9
1.7
1.7
2.7
3.9
1.6
0.8
0.7
3.1
0.3
0.7
5.6
2.0
2.9
4.3
6.7
36.3
5.0
3.5
5.4
2.2
5.8
2.1
2.9
3.8
3.8
3.3
1.2
2.7
2.7
4.1
2.1
3.5
0.3
1.8
2.7
1.6
1.3
0.3
2.3
1.8
1.2
3.9
1.5
2.4
0.7
0.8
3.1
2.5
1.8
4.5
1.6
3.7
1.3
1.9
3.5
1.0
1.0
1.3
1.1
0.6
2.4
0.9
1.2
3.1
2.7
4.7
1.8
2.4
1.5

0.6
n/a
n/a
n/a
n/a
n/a
n/a
n/a
0.0
0.8
-1.3
-0.4
1.3
0.4
-2.2
2.4
1.0
5.3
4.3
-0.4
6.5
2.2
0.0
0.0
-1.2
0.7
2.6
-0.3
-1.0
0.0
1.0
-2.0
-0.6
1.0
0.7
1.5
1.5
3.3
1.7
-0.2
-0.2
-0.3
0.0
-0.5
2.6
0.2
-0.9
0.1
1.2
9.7
-3.6
-3.4
4.9
-0.5
1.6
1.0
3.1
4.2
-1.3
3.3
1.0
-0.7
0.5
-0.9
1.7
2.7
-0.4
-0.4
-1.5
-0.3
-0.3
24.4
0.5
0.9
1.3
0.6
0.1 3.9
2.4
3.5
2.0

0.4
n/a
n/a
n/a
n/a
n/a
n/a
n/a
0.1
0.7
-1.0
-0.2
0.2
1.0
-2.4
2.2
0.2
5.0
3.8
-0.2
6.2
1.9
-0.2
-0.1
-0.9
0.1
1.5
-0.3
-0.9
-0.1
0.7
-1.9
-0.4
0.7
-2.0
1.3
1.2
2.6
1.0
-0.1
0.0
-0.5
-0.2
-0.5
2.3
0.1
-1.2
0.3
0.6
6.3
-2.3
-1.5
3.7
-0.5
1.3
0.4
3.2
1.8
-1.3
1.8
0.1
-0.7
0.6
-1.2
1.4
2.8
-1.0
-0.4
-1.3
-0.4
-0.4
9.0
0.3
0.5
1.0
0.2
0.1
5.0
1.9
3.2
1.5

22.6%
22.6%
27.0%
15.4%
32.1%
14.7%
15.6%
13.6%
22.4%
14.2%
25.0%
29.7%
13.2%
17.9%
18.8%
17.5%
16.5%
13.8%
9.0%
70.6%
4.8%
7.1%
25.0%
17.0%
20.6%
21.5%
21.6%
88.6%
25.6%
18.0%
22.1%
13.7%
25.2%
16.2%
16.9%
32.1%
32.4%
27.3%
28.1%
28.2%
27.8%
34.7%
22.0%
31.3%
5.7%
24.3%
31.8%
7.4%
13.0%
1.7%
10.6%
6.0%
9.1%
17.0%
3.1%
29.0%
5.0%
0.9%
41.7%
22.8%
24.7%
54.8%
34.8%
52.6%
18.7%
10.9%
40.0%
18.2%
21.1%
26.4%
32.0%
4.2%
18.3%
6.2%
7.2%
22.9%
22.5%
18.5%
15.5%
11.5%
17.2%

22.6%
24.3%
29.1%
15.8%
32.3%
16.8%
18.7%
16.4%
22.4%
16.7%
24.6%
27.6%
14.2%
17.7%
17.9%
19.0%
16.0%
6.5%
9.7%
14.5%
4.7%
8.5%
24.5%
16.4%
21.0%
20.7%
25.1%
90.2%
24.0%
19.3%
22.7%
15.8%
24.5%
18.6%
13.2%
28.9%
29.2%
25.2%
22.3%
22.8%
22.2%
32.6%
20.6%
28.5%
5.8%
24.5%
27.5%
8.9%
13.5%
2.0%
12.4%
6.5%
16.7%
18.1%
3.9%
30.1%
6.8%
10.2%
39.8%
56.8%
22.0%
59.2%
32.6%
42.5%
19.2%
18.5%
31.1%
18.3%
18.8%
26.5%
31.4%
4.6%
18.6%
8.1%
9.8%
20.8%
21.6%
27.8%
15.7%
13.8%
16.4%

Page 4 of 5

Mandiri Sekuritas A subsidiary of PT Bank Mandiri (Persero) Tbk

Plaza Mandiri 28th Floor, Jl. Jend. Gatot Subroto Kav. 36 - 38, Jakarta 12190, Indonesia
General: +62 21 526 3445, Fax : +62 21 527 5711 (Equity Research), +62 21 527 5374 (Equity Sales)

RESEARCH
Verdi Budiman

Head of Equity Research

verdi.budiman@mandirisek.co.id

+6221 5296 9542

adrian.joezer@mandirisek.co.id

+6221 5296 9549

hariyanto.wijaya@mandirisek.co.id

+6221 5296 9553

Strategy, Banking
Adrian Joezer

Automotive, Consumer, Retail

Hariyanto Wijaya, CPA, CFA Conglomerate, Plantation, Heavy eq.

Kresna Hutabarat

Banking

kresna.hutabarat@mandirisek.co.id

+6221 5296 9548

Maria Renata

Automotive, Construction, Toll road

maria.renata@mandirisek.co.id

+6221 5296 9546

Octavius Oky Prakarsa

Building material, Consumer, Property

octavius.prakarsa@mandirisek.co.id

+6221 5296 9547

Raditya Christian Artono

Oil & gas, Telecommunication

raditya.artono@mandirisek.co.id

+6221 5296 9569

Villya Christin Purba

Chemical

villya.purba@mandirisek.co.id

+6221 5296 9638

Aldian Taloputra

Economist

aldian.taloputra@mandirisek.co.id

+6221 5296 9572

Leo Putra Rinaldy

Economist

leo.rinaldy@mandirisek.co.id

+6221 5296 9406

Rafdi Prima

Technical Analyst

rafdi.prima@mandirisek.co.id

+6221 5296 9551

Wisnu Trihatmojo

Research Assistant

wisnu.trihatmojo@mandirisek.co.id

+6221 5296 9544

Head of Sales, Trading & Dealing

lokman.lie@mandirisek.co.id

+6221 527 5375

Silva Halim

Head of Equity Sales

silva.halim@mandirisek.co.id

+6221 527 5375

Reinald Wangsanata

Institutional Sales

Reinald.wangsanata@mandirisek.co.id

+6221 527 5375

Oos Rosadi

Institutional Sales

oos.rosadi@mandirisek.co.id

+6221 527 5375

Vera Ongyono

Institutional Sales

vera.ongyono@mandirisek.co.id

+62 21 527 5375

INSTITUTIONAL SALES
Lokman Lie

Arvita Utami Ananda

Institutional Sales

arvita.ananda@mandirisek.co.id

+62 21 527 5375

Andrew Handaya

Institutional Sales

andrew.handaya@mandirisek.co.id

+62 21 527 5375

Zahra Aldila Niode

Institutional Sales

zahra.niode@mandirisek.co.id

+62 21 527 5375

Kusnadi Widjaja

Equity Dealing

kusnadi.widjaja@mandirisek.co.id

+6221 527 5375

Edwin Setiadi

Equity Dealing

edwin.setiadi@mandirisek.co.id

+62 21 527 5375

Jakarta Branch

marhaendra@mandirisek.co.id

+6221 5296 9491

RETAIL SALES
Marhaendra
Yohanes Triyanto

Kelapa Gading Branch

Yohanes.triyanto@mandirisek.co.id

+6221 45845355

Hendra Riady

Mangga Dua Branch

hendra.riady@mandirisek.co.id

+6221 6230 2333

Meta Rama Prilyandari

Pondok Indah Branch

meta.prilyandari@mandirisek.co.id

+6221 75818837

Boy Triono

Bandung Branch

boy.triyono@mandirisek.co.id

+6222 2510738

Mochamad Jamil

Banjarmasin Branch

m.jamil@mandirisek.co.id

+62511 442 4020

Irawan Endro Surono

Malang & Surabaya Branch

irawan.es@mandirisek.co.id

+6231 535 7218

Ruwie

Medan Branch

ruwie@mandirisek.co.id

+6261 457 1116

INVESTMENT RATINGS: Indicators of expected total return (price appreciation plus dividend yield) within the 12-month period from the date of the last
published report, are: Buy (10% or higher), Neutral (-10% to10%) and Sell (-10% or lower).
DISCLAIMER: This report is issued by PT. Mandiri Sekuritas, a member of the Indonesia Stock Exchanges (IDX). Although the contents of this document may
represent the opinion of PT. Mandiri Sekuritas, deriving its judgement from materials and sources believed to be reliable, PT. Mandiri Sekuritas or any other
company in the Mandiri Group cannot guarantee its accuracy and completeness. PT. Mandiri Sekuritas or any other company in the Mandiri Group may be
involved in transactions contrary to any opinion herein to make markets, or have positions in the securities recommended herein. PT. Mandiri Sekuritas or
any other company in the Mandiri Group may seek or will seek investment banking or other business relationships with the companies in this report. For
further information please contact our number 62-21-5263445 or fax 62-21-5275711.
ANALYSTS CERTIFICATION: Each contributor to this report hereby certifies that all the views expressed accurately reflect his or her views about the
companies, securities and all pertinent variables. It is also certified that the views and recommendations contained in this report are not and will not be
influenced by any part or all of his or her compensation.