Equity SNAPSHOT Thursday, January 26, 2017

Danareksa Sekuritas – Equity SNAPSHOT

FLASH NOTES

Ramayana Lestari Sentosa: The transformation continues (RALS. Rp1,310. BUY. TP Rp1,350)

MARKET NEWS

Corporate

Intiland: recorded Rp1.6tn of marketing sales in 2016

Sinar Mas Land to launch Rp250bn shop-houses project Wijaya Karya: to issue between Rp1.5tr to Rp2.0tr of bonds in

1H17

KEY INDEX

Close

Chg Ytd Vol

(%) (%) (US$ m)

Asean - 5

Indonesia 5,294 0.0 (0.1) 447

Thailand 1,584 0.3 2.7 1,904

Philippines 7,323 (0.6) 7.1 105

Malaysia 1,684 0.2 2.6 458

Singapore 3,040 (0.1) 5.5 916

Regional

China 3,150 0.2 1.5 25,176

Hong Kong 23,049 0.4 4.8 6,953

Japan 19,058 1.4 (0.3) 12,170

Korea 2,076 0.4 2.4 3,271

Taiwan 9,448 0.3 2.1 2,721

India 27,708 1.2 4.1 549

NASDAQ 5,656 1.0 5.1 80,759

Dow Jones 20,069 0.8 1.5 8,340

CURRENCY AND INTEREST RATE

Rate

w-w m-m ytd

(%) (%) (%)

Rupiah Rp/1US$ 13,361 (0.1) 0.6 0.8

SBI rate % 5.90 - - (1.3)

10y Gov Indo bond 7.56 0.0 (0.3) (0.4)

HARD COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Coal US$/ton 84 (0.1) (3.3) (5.3)

Gold US$/toz 1,202 0.1 5.9 4.3

Nickel US$/mt.ton 9,640 (1.0) (6.9) (3.3)

Tin US$/mt.ton 20,390 0.1 (4.0) (3.8)

SOFT COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Cocoa US$/mt.ton 2,223 1.3 (1.3) 3.5

Corn US$/mt.ton 135 1.0 7.3 4.9

Oil (WTI) US$/barrel 53 0.5 (0.0) (1.3)

Oil (Brent) US$/barrel 55 (0.6) (0.1) (3.1)

Palm oil MYR/mt.ton 3,312 0.5 3.5 3.5

Rubber USd/kg 221 2.9 16.1 14.2

Pulp US$/tonne 809 N/A 0.0 0.0

Coffee US$/60kgbag 150 (1.6) (0.7) (0.8)

Sugar US$/MT 536 (0.9) 9.1 2.2

Wheat US$/ton 116 (0.5) 7.9 4.0

Source: Bloomberg

Equity Research

Thursday, January 26, 2017

Danareksa Sekuritas – Equity Research

Ramayana Lestari Sentosa: The transformation continues (RALS. Rp1,310. BUY. TP Rp1,350) The transformation will continue in 2017. This year, RALS will take 3 steps to continue the process of its brand equity make

over by: 1) transforming its store layout 2) transforming its merchandising planning and development and 3) transforming store operations.

The next 3 steps

Transforming its store layout To optimize productivity per sqm by improving and grouping departments, categories and brands. Transforming its merchandising planning and development 1. Setting an aggressive marketing schedule yearly and reviewing weekly 2. Preparing well for Lebaran and other peak shopping seasons with the spirit of partnership 3. Increasing consignment space opportunities with an additional 40,000 sqm of floor space Transforming store operations 1. Restructuring the organization of stores to empower the store operations team 2. Resetting the regional structure and group of stores to maximum opportunities in Indonesia 3. Establishing new teams to manage store operations to accelerate store operation transformation

Source: RALS

Expanding its footprint in the Indonesian mass market. RALS is continuing to expand its retail footprint in Indonesia to boost revenues growth this year. RALS will seek to tap around 68% of the total Indonesian population, which is equivalent to around 178 million people from a total population of 258 million. Indonesia’s mass market customer base is vast and growing with an average minimum salary in 2017 estimated to increase by around 7% yoy. As of December 2016, RALS’ total gross space was around 966,506 sqm, the second-largest retail footprint in the nation which is also a barrier to new entrants. At this stage, we estimate around 17,300 sqm net additional gross space this year.

Improving productivity: from centralization to decentralization. In 2017, the management style will start to be changed from centralization to decentralization as a stepping stone to increase productivity in the future (2017 SSSG target: 8%; SSSG 2016: 6.3%). The average productivity is currently around IDR850,000 sales/sqm which is targeted to reach IDR1,200,000 sales/sqm by 2020. In addition, RALS is also developing inhouse logistics support for consignment suppliers to improve efficiency in the consignment business and to boost consignment revenues growth this year.

Intensifying marketing strategies: Disney collaboration. RALS is introducing a new campaign called #DisneyHakSegalaBangsa which will be the theme for the back to school and lebaran holiday season in 1H17, tapping into children’s product mix sections which are estimated to grow over the next few years. The company will also continue to collaborate with local actors and actresses such as Raffi Ahmad, Zaskia Mecca, Jessica Iskandar and Ayu Ting Ting to promote #KerenHakSegalaBanga in an effort to enhance its brand equity that emphasizes coolness, quality and affordability. RALS estimates that the direct purchases business will continue to expand this year.

Top pick in the sector. We maintain our BUY call on RALS with a TP of 1,350,- which implies 21x 2017 P/E. In terms of valuation, RALS is cheap as it trades at 19.9x 2017 PE. At this stage, we expect gross margin should expand around 84 bps this year which could translate EPS growth of 18.2% yoy in 2017. We like the company for its healthy balance sheet, and net cash position.

FLASH NOTES

Equity Research

Thursday, January 26, 2017

Danareksa Sekuritas – Equity Research

Exhibit 2. Indonesian pyramid population, 2016 Exhibit 3. Demographics of RALS’ 4.1mn membership card holders

Source: RALS Source: RALS

Adeline Solaiman Natalia Sutanto (62-21) 2955 5777 ext 3503 (62-21) 2955 5777 ext 3508 adeline.solaiman@danareksa.com natalia.sutanto@danareksa.com

Equity SNAPSHOT Thursday, January 26, 2017

Danareksa Sekuritas – Equity SNAPSHOT

CORPORATE Intiland: recorded Rp1.6tn of marketing sales in 2016

Intiland just released its 2016 marketing sales achievement of Rp1.6tn, or reaching 64% of its targeted marketing

sales of Rp2.6tn. The difference is largely due to the postponement of two project launches (Kebon Melati and Darmo Harapan), which had initially been scheduled to be launched in 4Q16. The decision to delay the projects

reflected concerns over political stability. However, with the expectation of a better 2017, the company will launch these projects in 2H17. The company expects to record Rp520bn of additional marketing sales from the Kebon

Melati project and Rp227bn from the Darmo Harapan project. For 2017, the company targets marketing sales of

Rp2.3tn, 41% higher yoy. (Company)

Sinar Mas Land to launch Rp250bn shop-houses project Sinar Mas Land (SML) will launch a Rp250bn shop-houses project named West Park in BSD City in February 2017.

The company plans to sell 104 shop-houses on a 1.8 ha area. The handover of the properties is expected to take place in early 2018. Six types of shop houses will be sold, with the smallest being a 62 sqm building on 32 sqm of

land and the largest being a 104 sqm building on 253 sqm of land. The prices of the properties will range from

Rp1.3bn to 5.8bn. (Investor Daily) Wijaya Karya: to issue between Rp1.5tr to Rp2.0tr of bonds in 1H17

Wijaya Karya (WIKA) has plans to issue Rp10.0tr of shelf registered bonds. In the first stage, WIKA plans to issue around Rp1.5tr to Rp2.0tr of bonds in 1H17. The funds will be used for financing the company’s 2017 capex which is

expected to reach Rp12.02tr. Some of the funds will be used for capital injections into several infrastructure projects, such as the Surabaya-Mojokerto toll road (20% stake), the Soreang – Pasir Koja toll road (25% stake), the

Cimanggis – Cibitungg toll road (20% stake), and the Serang – Panimbang toll road (80% stake). Furthermore,

WIKA is looking to get construction works in Timor Leste for infrastructure development with a total value of Rp1.9tr. WIKA plans to conduct IPOs of two subsidiaries: Wika Karya Gedung with targeted proceeds of Rp3.5tr and

Wijaya Karya Realty with targeted proceeds of Rp4.5tr to Rp5.0tr. (Bisnis Indonesia)

MARKET NEWS

Danareksa Sekuritas – Equity SNAPSHOT

Price Mkt Cap

Target Rp Bn 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2016 2017

Danareksa Universe 3,077,117 155,640 180,639 250.1 290.3 7% 16% 19.8 17.0 22.7 20.1 2.9 2.6 15.6 16.0

Auto 327,917 15,508 18,375 311.9 369.5 7% 18% 21.1 17.8 15.3 13.1 2.4 2.2 11.7 12.7

Astra International HOLD 8,100 8,400 327,917 15,508 18,375 383 454 360 435 7% 18% 21.1 17.8 15.3 13.1 2.4 2.2 27.1 11.7 12.7

Banks 1,036,789 77,027 91,748 755.9 900.4 3% 19% 13.5 11.3 2.0 1.8 16.7 16.8

BCA HOLD 14,950 16,300 368,592 18,931 20,806 768 844 768 844 5% 10% 19.5 17.7 N/A N/A 3.6 3.1 N/A 19.6 18.7

BNI BUY 5,500 6,700 102,568 10,994 14,036 590 753 590 753 21% 28% 9.3 7.3 N/A N/A 1.2 1.0 N/A 13.3 14.7

BRI BUY 11,700 14,500 288,629 26,092 31,100 1,058 1,261 1,058 1,261 3% 19% 11.1 9.3 N/A N/A 2.0 1.7 N/A 20.1 19.8

Bank Tabungan Negara BUY 1,920 2,300 20,333 2,200 2,572 208 243 208 243 19% 17% 9.2 7.9 N/A N/A 1.1 0.9 N/A 13.6 12.3

Bank Mandiri HOLD 11,000 10,950 256,667 18,811 23,234 612 756 612 756 -30% 24% 18.0 14.6 N/A N/A 1.6 1.5 N/A 13.8 14.3

Cement 129,587 7,993 5,498 411 283 -13% -31% 16.2 23.6 10.5 12.2 2.3 2.2 14.5 9.5

Indocement SELL 15,075 13,000 55,495 3,863 2,561 1,049 696 1,042 690 -11% -34% 14.4 21.7 9.9 11.3 2.2 2.1 net cash 15.8 10.0

Semen Indonesia SELL 9,025 8,000 53,532 3,885 2,787 655 470 649 463 -14% -28% 13.8 19.2 8.3 10.1 1.9 1.8 5.7 14.2 9.6

Semen Baturaja SELL 2,090 390 20,561 245 150 25 15 25 15 -31% -39% 83.9 137.0 51.7 45.6 6.6 6.3 16.0 8.1 4.7

Cigarettes 585,327 18,145 19,608 153 166 8% 8% 32.3 29.9 21.8 20.1 8.0 7.4 25.4 25.9

Gudang Garam HOLD 63,000 70,400 121,218 6,342 6,860 3,296 3,565 3,296 3,565 -1% 8% 19.1 17.7 11.9 11.0 3.1 2.7 46.6 16.4 16.4

HM Sampoerna HOLD 3,990 3,850 464,109 11,803 12,749 101 110 101 109 14% 8% 39.3 36.4 29.1 26.6 13.9 13.5 net cash 36.1 37.6

Construction 139,045 6,602 8,166 88 109 36% 24% 21.1 17.0 11.5 9.8 2.8 2.5 15.3 15.5

Wijaya Karya BUY 2,510 4,300 22,515 758 900 123 146 123 146 21% 19% 20.4 17.2 11.1 9.1 4.5 3.9 24.6 16.2 16.7

Pembangunan Perumahan BUY 3,480 5,700 21,576 967 1,295 200 267 211 298 31% 34% 17.4 13.0 10.7 8.1 4.1 3.4 net cash 20.2 22.5

Adhi Karya BUY 2,150 3,500 7,656 703 986 208 292 216 303 52% 40% 10.3 7.4 5.6 4.4 1.2 0.9 net cash 12.2 13.7

Waskita Karya BUY 2,550 3,700 34,613 1,688 2,344 124 173 124 173 61% 39% 20.5 14.8 14.7 10.5 3.1 2.7 20.2 16.4 19.5

Waskita Beton BUY 575 770 15,158 547 788 21 30 21 30 64% 44% 27.7 19.2 16.4 12.5 2.2 2.0 net cash 13.1 10.7

Wika Beton BUY 825 1,300 7,190 268 362 31 42 31 42 54% 35% 26.8 19.9 14.5 10.5 2.9 2.6 net cash 11.5 13.9

Jasa Marga BUY 4,180 5,700 30,338 1,671 1,492 246 219 249 223 14% -11% 17.0 19.1 10.8 11.9 2.6 2.3 143.1 15.0 12.1

Consumer 424,547 10,616 11,871 512 573 16% 12% 40.0 35.8 28.0 25.2 17.8 17.2 45.3 48.9

Indofood CBP BUY 8,600 10,850 100,292 3,714 4,293 319 368 319 368 24% 16% 27.0 23.4 19.0 16.5 6.0 6.0 net cash 22.5 25.7

Unilever BUY 41,900 44,500 319,697 6,672 7,316 894 965 894 965 17% 8% 46.9 43.4 33.4 30.9 59.6 56.4 26.9 130.9 132.7

Kino Indonesia BUY 3,190 4,500 4,557 229 262 160 183 160 183 -32% 14% 19.9 17.4 11.5 10.5 2.3 2.1 3.9 12.3 12.7

Healthcare 81,964 2,490 2,743 97 106 11% 9% 32.9 29.9 21.2 18.9 5.9 5.2 19.0 18.6

Kalbe Farma SELL 1,495 1,400 70,078 2,210 2,441 47 52 47 52 10% 10% 31.7 28.7 20.2 18.1 6.0 5.3 net cash 19.9 19.4

Kimia Farma SELL 2,140 1,510 11,886 279 302 50 54 48 52 12% 8% 42.5 39.4 29.1 24.2 5.8 5.1 33.7 14.3 13.8

Heavy Equipment 84,394 4,481 5,676 1,201 1,522 16% 27% 18.8 14.9 6.8 5.3 2.2 2.0 12.0 14.0

Hexindo Adiperkasa

United Tractors HOLD 22,625 23,500 84,394 4,481 5,676 1,201 1,522 1,231 1,556 16% 27% 18.8 14.9 6.8 5.3 2.2 2.0 net cash 12.0 14.0

Mining 152,206 6,767 9,532 85 120 70% 41% 22.5 16.0 7.4 6.0 1.3 1.3 6.0 8.2

Adaro Energy BUY 1,740 1,900 55,656 3,615 4,282 113 134 113 134 76% 18% 15.4 13.0 5.5 4.5 1.4 1.3 14.2 9.1 10.3

Timah BUY 980 1,250 7,299 177 371 24 50 24 50 74% 110% 41.2 19.7 11.5 8.4 1.3 1.2 26.6 3.2 6.4

Vale Indonesia HOLD 2,300 2,800 22,854 222 480 22 48 22 48 -67% 116% 102.8 47.6 9.3 8.0 1.0 1.0 net cash 0.9 2.0

Aneka Tambang HOLD 805 900 19,345 (307) (147) (13) (6) (13) (6) -79% -52% (63.1) (131.3) 25.6 22.6 1.1 1.1 18.0 (1.7) (0.8)

Bukit Asam BUY 10,975 14,500 25,288 1,446 2,498 665 1,149 665 1,149 -29% 73% 16.5 9.6 11.5 6.5 2.6 2.1 net cash 15.2 22.9

Indo Tambangraya Megah HOLD 14,525 15,800 16,412 1,363 1,661 1,207 1,470 1,207 1,470 64% 22% 12.0 9.9 4.1 3.5 1.4 1.4 net cash 12.0 14.1

Harum Energy SELL 1,980 2,000 5,353 249 388 92 144 92 144 -196% 56% 21.5 13.8 5.8 3.7 1.4 1.3 net cash 6.6 9.9

Property 115,744 5,068 6,273 42 52 -17% 24% 22.8 18.5 13.5 12.4 2.3 1.9 10.3 11.3

Alam Sutera HOLD 384 380 7,545 742 1,262 38 64 47 71 24% 70% 10.2 6.0 10.8 7.4 1.1 0.9 93.4 11.0 16.6

Bumi Serpong Damai BUY 1,860 2,500 35,799 1,859 2,009 97 104 139 146 -13% 8% 19.3 17.8 12.5 12.3 1.7 1.6 11.5 9.5 9.4

Ciputra Development BUY 1,340 1,530 24,871 634 888 41 48 36 41 -41% 16% 32.6 28.0 15.5 15.4 2.8 1.9 43.9 7.4 8.2

Pakuw on Jati BUY 575 700 27,692 1,757 2,019 36 42 34 39 39% 15% 15.8 13.7 11.7 10.6 3.1 2.6 29.6 21.8 20.6

Summarecon BUY 1,375 1,600 19,837 75 95 5 7 14 19 -91% 27% 263.6 208.4 18.9 18.0 3.4 3.3 92.8 1.3 1.6

Retail 81,563 3,433 3,894 100 114 17% 13% 23.8 20.9 13.8 12.3 5.7 5.2 25.2 25.9

Mitra Adi Perkasa HOLD 5,125 5,000 8,508 174 267 108 166 107 165 370% 54% 47.5 30.9 9.9 9.0 2.8 2.7 99.8 5.8 8.6

Ramayana BUY 1,310 1,350 9,296 396 468 56 66 54 64 18% 18% 23.3 19.8 17.5 15.5 2.7 2.5 net cash 11.6 13.0

Matahari Department Store SELL 15,150 12,000 44,206 2,080 2,370 707 805 704 803 16% 14% 21.4 18.8 14.9 13.0 21.5 18.1 net cash 131.7 105.6

Matahari Putra Prima HOLD 1,260 1,600 6,776 129 185 24 34 29 40 -30% 44% 52.7 36.6 11.8 10.0 2.3 2.2 net cash 4.5 6.2

Ace Hardw are SELL 745 750 12,777 654 604 37 35 38 34 7% -5% 20.1 21.2 14.7 14.8 4.4 4.0 net cash 23.6 19.8

Rating Price (Rp) Net profit, Rp bn EPS (Rp) EPS Growth PER (x)Core EPS (Rp) EV / EBITDA (x) PBV (x) ROENet Gearing

DANAREKSA VALUATION GUIDE

Equity SNAPSHOT Thursday, January 26, 2017

Equity SNAPSHOT Thursday, January 26, 2017

Danareksa Sekuritas – Equity SNAPSHOT

LEADERS Price as on Code 25-Jan-17 24-Jan-17 Chg, % w-w, % m-m, % YTD, % Rating

Semen Baturaja SMBR 2,090 1,970 6.1 9.1 (18.7) (25.1) SELL

Ramayana RALS 1,310 1,240 5.6 6.5 15.9 9.6 BUY

Semen Indonesia SMGR 9,025 8,700 3.7 3.1 (0.3) (1.6) SELL

Ciputra Development CTRA 1,340 1,305 2.7 4.3 7.2 0.4 BUY

Indocement INTP 15,075 14,800 1.9 1.9 1.9 (2.1) SELL

Wijaya Karya WIKA 2,510 2,470 1.6 (1.2) 9.6 6.4 BUY

Indofood CBP ICBP 8,600 8,475 1.5 0.3 13.9 0.3 BUY

HM Sampoerna HMSP 3,990 3,950 1.0 2.8 9.6 4.2 HOLD

Adhi Karya ADHI 2,150 2,130 0.9 - 8.6 3.4 BUY

Vale Indonesia INCO 2,300 2,280 0.9 (6.9) (15.4) (18.4) HOLD

Sources: Bloomberg

LAGGARDS Price as on Code 25-Jan-17 24-Jan-17 Chg, % w-w, % m-m, % YTD, % Rating

Matahari Putra Prima MPPA 1,260 1,370 (8.0) (11.3) (7.7) (14.9) HOLD

Mitra Adi Perkasa MAPI 5,125 5,300 (3.3) (1.0) 6.8 (5.1) HOLD

Bukit Asam PTBA 10,975 11,300 (2.9) (8.9) (7.0) (12.2) BUY

Kimia Farma KAEF 2,140 2,200 (2.7) (5.7) (18.9) (22.2) SELL

Kino Indonesia KINO 3,190 3,270 (2.4) - 38.7 5.3 BUY

Alam Sutera ASRI 384 392 (2.0) 1.1 15.0 9.1 HOLD

Indo Tambangraya Megah ITMG 14,525 14,800 (1.9) (7.9) (9.8) (13.9) HOLD

Summarecon Agung SMRA 1,375 1,395 (1.4) 4.6 9.6 3.8 BUY

Ace Hardware ACES 745 755 (1.3) 0.7 (2.0) (10.8) SELL

Gudang Garam GGRM 63,000 63,750 (1.2) - 4.5 (1.4) HOLD

Sources: Bloomberg

COVERAGE PERFORMANCE

Equity SNAPSHOT Thursday, January 26, 2017

Danareksa Sekuritas – Equity SNAPSHOT

PREVIOUS REPORTS

Surya Semesta Internusa: Better times lie ahead Snapshot20170125

Market Outlook: Postcard from Asia, Mining: Feedback from recent marketing roadshow Snapshot20170124 Waskita Karya (WSKT IJ) : The road to faster growth Snapshot20170123

Retail sector: Challenging but low-end retailers look promising Snapshot20170120

Ramayana Lestari Sentosa: The darling queen Snapshot20170119 Gudang Garam (GGRM IJ): A defensive play Snapshot20170118

Waskita Beton Precast: Hoping for another good year Snapshot20170117 Cement: Still under pressure Snapshot20170116

Equity SNAPSHOT Thursday, January 26, 2017

Danareksa Sekuritas – Equity SNAPSHOT

PT Danareksa Sekuritas

Jl. Medan Merdeka Selatan No. 14 Jakarta 10110 Indonesia Tel (62 21) 29 555 888 Fax (62 21) 350 1709

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novrita@danareksa.com (62-21) 29555 888 ext. 3128

Novrita E. Putrianti ehrliech@danareksa.com (62-21) 29555 888 ext. 3132

Ehrliech Suhartono

maria.renata@danareksa.com (62-21) 29555 888 ext.3513 Construction

Maria Renata

yunita@danareksa.com (62-21) 29555 888 ext. 3145

Yunita L. Nababan

lucky.purnomo@danareksa.com (62-21) 29555 888 ext.3512 Technical Analyst

Lucky Bayu Purnomo

putia@danareksa.com (62-21) 2955 888 ext. 3511 Consumer

Puti Adani

laksmitaa@danareksa.com (62-21) 29555 888 ext. 3125

Laksmita Armandani

antonia.hartono@danareksa.com (62-21) 29555 888 ext.3504 Cement, Property

Antonia Febe Hartono

mhardiansyah@danareksa.com (62-21) 29555 888 ext. 3109

Muhammad Hardiansyah

tuty@danareksa.com (62-21) 29555 888 ext. 3121

Tuty Sutopo

upik_y@danareksa.com (62-21) 29555 888 ext. 3137

Upik Yuzarni

kevin.giarto@danareksa.com (62-21) 29555 888 ext. 3139

Kevin Giarto

stefanus.darmagiri@danareksa.com (62-21) 2955 888 ext. 3530 Auto, Coal, Heavy Equip., Metal, Cement

Stefanus Darmagiri

natalia.sutanto@danareksa.com (62-21) 29555 888 ext.3508 Consumer, Tobacco, Property

Natalia Sutanto agus.pramono@danareksa.com (62-21) 29555 888 ext.3500 Head of Research, Strategy, Banking

Agus Pramono, CFA

adeline.solaiman@danareksa.com (62-21) 2955 888 ext. 3503 Retail

Adeline Solaiman

melati.isnandari@danareksa.com (62-21) 2955 888 ext. 3506 Research Associate

Melati Laksmindra Isnandari