DAILY UPDATE April 24, 2018

MACROECONOMIC NEWS

US Economy - The Chicago Fed National Activity Index rose just

+0.10 in March after a +0.98 gain in February, missing the +0.29

median forecast. Moderated growth in production- and

employment-related indicators weighed down the index. The

flash IHS Markit U.S. manufacturing PMI climbed to 56.5 this

month from 55.5 and touched a three-and-a-half-year high. The

survey showed the cost of raw or partly finished materials

increased at the fastest pace in almost five years. Firms said the

recently announced White House tariffs on steel as well as a

large basket of Chinese goods were partly to blame. The

Services PMI edged up to 54.4 from 54.

US Housing - Existing-home sales increased 1.1% in March from

February to a seasonally annual rate of 5.6 million, the National

Association of Realtors said.

CORPORATE NEWS

ERAA – PT Erajaya Swasembada targets IDR 380 billion net

income in 2018, up by 11.9% yoy. ERAA plans to open 250 new

outlets in 2018.

ADRO – PT Adaro Energy decides to distribute IDR 3.47 trillion

(or USD 250 million) FY17 cash dividend with dividend payout

ratio of 50% at USD 7.82 per share. ADRO allocates USD 750

million – USD 900 million capex budget in 2018, where USD 300

million will be used to procure heavy equipment and USD 200

million – USD 300 million will be used for its subsidiary Adaro

MetCoal Companies (AMC).

PRDA – PT Prodia Widyahusada allocates IDR 300 billion – IDR

350 billion capex budget in 2018. The proceeds will be used to

expand network, purchase equipment and IT development.

CINT – PT Chitose Internasional estasblished a JV with a

Japanese company, C-Eng Co Ltd in November 2017. The JV will

start its operation in May 2018 and performance will be

optimized in 3Q18. CINT ownership in JV is 70% while the total

investment amounting to IDR 18 billion. Revenue from the JV is

estimated to reach IDR 8 billion.

DMAS – PT Puradelta Lestari decided to distribute IDR 626.6

billion cash divided or IDR 13 per share. The dividend payout

ratio is 95% of FY17’s net income. On a separate note, DMAS

will develop additional rental factoring units in Deltamas.

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Commodities Last Price Chg %Chg

Oil NYMEX 68.77 0.60 0.88

Oil Brent 74.81 0.93 1.26

Coal Newcastle 93.35 -0.10 -0.11

Nickel 14265 -565 -3.8

Tin 21050 -675 -3.1

Gold 1323.5 -9.34 -0.70

CPO Rott 665

CPO Malay 2394 3.0 0.13

Indo Gov. Bond Yields

Last Yield Chg %Chg

1 year 5.42 0.13 2.50

3 year 6.27 -0.02 -0.24

5 year 6.32 -0.02 -0.25

10 year 6.90 0.00 0.01

15 year 7.16 -0.02 -0.22

30 year 7.39 -0.00 -0.04

Currency

Closing Last Trade

US$ - IDR 13975 13906

US$ - Yen 108.71 108.87

Euro - US$ 1.2209 1.219

US$ - SG$ 1.3254 1.3275

Equity Markets

Closing % Change

Dow Jones 24449 -0.1

NASDAQ 7129 -0.2

S&P 500 2670 0.0

MSCI excl. Jap 713 -0.8

Nikkei 22177 0.4

Shanghai Comp 3068 -0.1

Hang Seng 30254 -0.5

STI 3579 -0.0

JCI 6308 -0.5

Indo ETF (IDX) 23.69 -0.2

Indo ETF (EIDO) 26.98 -0.3

CORPORATE NEWS – cont’d

BDMN – PT Bank Danamon Indonesia reported 3M18 results:

BDMN (IDR bn)

3M 2017 3M 2018 YoY Q4 2017 Q1 2018 QoQ

Net Interest Income

3,771 3,811 1.0%

3,631 3,811 5.0%

Non Interest Income

938 917 -2.2%

980 917 -6.4%

Other Operating Expense

3,223 3,268 1.4%

3,500 3,268 -6.6%

Operating Profit

1,486 1,459 -1.8%

1,272 1,459 14.7%

PPOP

2,332 2,254 -3.3%

3,166 2,254 -28.8%

Net Income

1,050 1,044 -0.5%

648 1,044 61.2%

EPS (IDR) (diluted)

109.5 109.0 -0.5%

67.6 109.0 61.2%

CAR

21.8% 21.6% -0.2%

22.1% 21.6% -0.4%

NIM

9.4% 9.2% -0.2%

9.3% 9.2% -0.1%

ROE

12.1% 11.5% -0.7%

10.5% 11.5% 1.0%

ROA

2.4% 2.3% -0.1%

2.1% 2.3% 0.2%

NPL (Gross)

3.2% 3.2% 0.0%

2.8% 3.2% 0.4%

NPL( Net)

1.8% 2.1% 0.2%

1.8% 2.1% 0.2%

LFR 92.8% 93.5% 0.7%

93.3% 93.5% 0.2%

BJBR – PT Bank Pembangunan Daerah Jawa Barat dan Banten reported 3M18 results:

BJBR (IDR bn)

3M 2017 3M 2018 YoY Q4 2017 Q1 2018 QoQ

Net Interest Income

1,472 1,524 3.56%

1,635 1,524 -6.78%

Non Interest Income

650 492 -24.29%

744 492 -33.94%

Other Operating Expense

1,531 1,407 -8.06%

2,094 1,407 -32.80%

Operating Profit

591 609 3.04%

285 609 113.25%

PPOP

558 669 19.82%

524 669 27.59%

Net Income

449 460 2.53%

141 460 226.62%

EPS (IDR) (diluted)

46.3 47.4 2.53%

14.5 47.4 226.62%

CAR

17.04% 17.33% 0.29%

18.77% 17.33% -1.44%

NIM

6.51% 5.99% -0.52%

6.76% 5.99% -0.77%

ROE

22.27% 22.00% -0.27%

20.05% 22.00% 1.95%

ROA

2.32% 2.08% -0.24%

2.01% 2.08% 0.07%

NPL (Gross)

1.62% 1.62% 0.00%

1.51% 1.62% 0.11%

NPL( Net)

0.87% 0.94% 0.07%

0.79% 0.94% 0.15%

LDR 80.24% 81.63% 1.39%

87.27% 81.63% -5.64%

LEAD – PT Logindo Samudramakmur Tbk targets revenue of USD 30 million in FY18, up by +11% yoy from last

year’s realization of USD 27 million. The target is underpinned by increasing fleet utility from 47% to 60%.

TPIA – PT Chandra Astri Petrochemical Tbk allocates multilayers capex budget of IDR 1.2 billion throughout 2018-

2020. For this year, TPIA allocates USD 570 billion capex budget, up by +128% yoy to add more butadine

productions and add factory for synthetic butadine rubber.

TRIS – PT Trisula International Tbk to distribute IDR 4.35 billion FY17 cash dividend with payout ratio of 29% at IDR

3 per share. In addition, TRIS targets around IDR 851 billion sales and IDR 15-16 billion net income in FY18, up by

+10% yoy respectively. TRIS allocates IDR 30 billion capex budget this year.

CORPORATE NEWS – cont’d

BBCA – PT Bank Central Asia reported 3M18 results:

BBCA (IDR bn)

3M2017 3M2018 YoY Q4 2017 Q1 2018 QoQ

Net Interest Income

10,072 10,781 7.04%

10,886 10,781 -0.96%

Non Interest Income

5,227 5,319 1.77%

4,325 5,319 22.97%

Other Operating Expense

9,031 9,209 1.97%

7,159 9,209 28.63%

Operating Profit

4,989 5,509 10.42%

8,052 5,509 -31.59%

Pre-Provision Operating Profit

5,237 5,727 9.36%

8,832 5,727 -35.15%

Net Income

4,989 5,508 10.40%

6,468 5,508 -14.85%

EPS (IDR) (diluted)

202 223 10.40%

262 223 -14.85%

CAR

23.10% 23.65% 0.55%

23.06% 23.65% 23.06%

NIM

6.32% 6.06% -0.26%

6.19% 6.06% 6.19%

ROE

17.07% 16.06% -1.01%

19.20% 16.06% 19.20%

ROA

3.48% 3.40% -0.08%

3.89% 3.40% 3.89%

NPL (Gross)

1.47% 1.54% 0.07%

1.49% 1.54% 1.49%

NPL( Net)

0.38% 0.46% 0.08%

0.45% 0.46% 0.45%

LFR 75.05% 77.85% 2.80% 78.22% 77.85% 78.22%

BBNI – PT Bank Negara Indonesia reported 3M18 results:

BBNI (IDR bn)

3M2017 3M2018 YoY Q4 2017 Q1 2018 QoQ

Net Interest Income

7,758 8,496 9.5%

8,427 8,496 0.8%

Non Interest Income

2,788 2,963 6.3%

3,075 2,963 -3.6%

Other Operating Expense

6,803 7,317 7.6%

7,754 7,317 -5.6%

Operating Profit

4,127 4,495 8.9%

4,323 4,495 4.0%

PPOP

5,849 6,262 7.1%

6,006 6,262 4.3%

Net Income

3,227 3,646 13.0%

3,459 3,646 5.4%

EPS (IDR) (diluted)

173 195 13.0%

185 195 5.4%

CAR

19.0% 17.9% -1.1%

18.5% 17.9% -0.6%

NIM

5.6% 5.4% -0.2%

5.5% 5.4% -0.1%

ROE

16.0% 16.3% 0.3%

15.6% 16.3% 0.7%

ROA

2.8% 2.7% 0.0%

2.8% 2.7% 0.0%

NPL (Gross)

3.0% 2.3% -0.8%

2.3% 2.3% 0.0%

NPL( Net)

0.6% 0.8% 0.2%

0.7% 0.8% 0.1%

LDR

89.3% 90.1% 0.8% 85.6% 90.1% 4.6%

CORPORATE NEWS – cont’d

UNVR – PT Unilever Indonesia announce its 2018 3m result:

UNVR (IDR bn)

3m 2017 3m 2018 YoY Q4 2017 Q1 2018 QoQ

Revenue

10,846 10,747 -0.9%

9,991 10,747 7.6%

Gross Profit

5,626 5,490 -2.4%

5,167 5,490 6.3%

Operating Profit

2,662 2,511 -5.7%

2,419 2,511 3.8%

Pretax Earnings

2,620 2,468 -5.8%

2,379 2,468 3.7%

Net Income

1,961 1,839 -6.2%

1,776 1,839 3.6%

EPS (IDR)

257 241 -6.2%

233 241 3.6%

Gross Profit Margin

51.9% 51.1% -0.8%

51.7% 51.1% -0.6%

Operating Profit Margin

24.5% 23.4% -1.2%

24.2% 23.4% -0.9%

Net Profit Margin 18.1% 17.1% -1.0% 17.8% 17.1% -0.7%

POWR – PT Cikarang Listrindo announce its 2018 3m result:

POWR (USD mn)

3m 2017 3m 2018 YoY Q4 2017 Q1 2018 QoQ

Revenue

139 141 1.6%

145 141 -2.6%

Gross Profit

46 52 12.8%

62 52 -16.3%

Operating Profit

35 39 11.6%

48 39 -18.6%

Pretax Earnings

35 31 -12.5%

42 31 -27.0%

Net Income

27 23 -16.7%

28 23 -18.2%

EPS (USD)

0.0017 0.0014 -17.6%

0.002 0.001 -22.2%

Gross Profit Margin

33.1% 36.8% 3.7%

42.8% 36.8% -6.0%

Operating Profit Margin

25.2% 27.7% 2.5%

33.1% 27.7% -5.4%

Net Profit Margin 19.8% 16.2% -3.6% 19.3% 16.2% -3.1%

AALI – PT Astra Agro Lestari announce its 2018 3m result:

AALI (IDR bn)

3m 2017 3m 2018 YoY Q4 2017 Q1 2018 QoQ

Revenue

4,491 4,446 -1.0%

4,813 4,446 -7.6%

Gross Profit

1,397 746 -46.6%

1,241 746 -39.9%

Operating Profit

1,119 466 -58.3%

974 466 -52.1%

Pretax Earnings

1,124 507 -54.9%

918 507 -44.8%

Net Income

790 355 -55.0%

604 355 -41.1%

EPS (IDR)

411 185 -55.0%

313 185 -41.1%

Gross Profit Margin

31.1% 16.8% -14.3%

25.8% 16.8% -9.0%

Operating Profit Margin

24.9% 10.5% -14.4%

20.2% 10.5% -9.8%

Net Profit Margin 17.6% 8.0% -9.6% 12.5% 8.0% -4.6%

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