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Equity SNAPSHOT Tuesday, December 04, 2018

Danareksa Sekuritas – Equity SNAPSHOT

FROM EQUITY RESEARCH

NFC: The digital trailblazer (NFCX IJ.NOT RATED) NFCX is a pioneer in the development of digital platforms with its profit-making telco pulsa/credit exchange. And through OONA TV, the company is a prospective force in media using the advertising Video on Demand (VOD) business model with low opex/capex. NFC’s products create uses for TSEL’s Tcash. Going forward, the company seeks to foster new partnerships and more digital projects. To see the full version of this report, please click here

MARKET NEWS

Macroeconomy PMI edges down in November

Sector

Consumer: Unilever Global acquire GSK in India Corporate

Asset management acquisition: PNM and BTN still in the negotiation process

Ciputra Development (CTRA) targets Rp1tn of marketing sales

from Citra Maja Subang-Patimban Toll Road tender to be delayed

United Tractors: Plans to spend capex of USD800mn Wijaya Karya: Targets IPOs for two of its subsidiaries in 2019

PREVIOUS REPORT

Aneka Tambang: Strong sales volume boosted profit Click here Mayora Indah: Buoyant revenues but higher opex too Click here Construction: Deconstructing the sector Click here Timah: Higher costs dragged down net profit Click here Indosat Ooredoo: Takeaways from the 3Q18 con call; Ex-Java

fever Click here

KEY INDEX

Close

Chg Ytd Vol

(%) (%) (US$ m)

Asean - 5

Indonesia 6.118 1,0 (3,7) 606

Thailand 1.673 1,9 (4,6) 1.862

Philippines 7.533 2,2 (12,0) 177

Malaysia 1.700 1,2 (5,4) 1.094

Singapore 3.191 2,3 (6,2) 969

Regional

China 2.655 2,6 (19,7) 22.613

Hong Kong 27.182 2,5 (9,1) 16.623

Japan 22.575 1,0 (0,8) 12.850

Korea 2.125 (0,3) (13,9) 6.581

Taiwan 10.138 2,5 (4,7) 5.439

India 36.241 0,1 6,4 399

NASDAQ 7.442 1,5 7,8 147.804

Dow Jones 25.826 1,1 4,5 13.890

CURRENCY AND INTEREST RATE

Rate

w-w m-m ytd

(%) (%) (%)

Rupiah Rp/1US$ 14.244 1,6 4,9 (5,1)

SBI rate % 6,00 0,3 0,3 1,8

10y Gov Indo bond 7,83 (0,0) (0,5) 1,5

HARD COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Coal US$/ton 102 (0,4) (0,9) 1,6

Gold US$/toz 1.231 0,0 (0,2) (5,5)

Nickel US$/mt.ton 11.180 0,4 (5,7) (12,0)

Tin US$/mt.ton 18.871 2,6 (1,3) (6,1)

SOFT COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Cocoa US$/mt.ton 2.155 1,1 (2,6) 13,5

Corn US$/mt.ton 137 1,8 2,7 9,1

Oil (WTI) US$/barrel 53 0,5 (15,7) (11,9)

Oil (Brent) US$/barrel 62 3,8 (15,3) (7,7)

Palm oil MYR/mt.ton 1.762 1,7 (13,3) (26,3)

Rubber USd/kg 124 0,4 (1,5) (15,4)

Pulp US$/tonne 1.205 N/A 2,8 20,5

Coffee US$/60kgbag 82 (0,0) (2,6) (9,0)

Sugar US$/MT 350 0,6 (2,0) (11,2)

Wheat US$/ton 142 1,1 (0,5) 5,7

Soy Oil US$/lb 28 1,8 0,4 (14,4)

Soy Bean US$/by 906 1,2 3,5 (4,8)

Source: Bloomberg

http://dmia.danareksaonline.com/Upload/20181204%20NFCX.pdf

http://dmia.danareksaonline.com/Upload/20181203%20ANTM.pdf

http://dmia.danareksaonline.com/Upload/20181203%20MYOR.pdf

http://dmia.danareksaonline.com/Upload/20181130%20Construction.pdf

http://dmia.danareksaonline.com/Upload/20181129%20TINS.pdf

http://dmia.danareksaonline.com/Upload/20181128%20ISAT.pdf

www.danareksa.com See important disclosure at the back of this report 1

Equity Research NFCX Company Update

Tuesday,4 December 2018

NFC (NFCX:IJ) Not Rated

The Digital Trailblazer

NFCX is a pioneer in the development of digital platforms with its profit-making telco pulsa/credit exchange. And through OONA TV, the company is a prospective force in media using the advertising Video on Demand (VOD) business model with low opex/capex. NFC’s products create uses for TSEL’s Tcash. Going forward, the company seeks to foster new partnerships and more digital projects. NFC’s asset light model will thrive on new digital initiatives. NFC has an asset-light model which seeks to exploit existing market imperfections by being more efficient among various ecosystems, essentially disrupting the status quo. NFC currently has three main products: 1) the telco pulsa exchange (which has been NFC’s revenues stream since FY15), 2) OONA TV VOD, and 3) DMS marketing solutions which are expected to start generating revenues in the coming months. NFC looks well placed to ride the digital wave on rising smartphone penetration and growing consumption. NFCXC.com marketplace for pulsa. In the pulsa marketplace, visibility can be limited at times leading to unexpected inventory excess and shortages for distributors. These agents deal with each other to optimize their positions. NFCXC.com is one of the few exchanges that helps aggregate inventory positions, and agent members in the exchange almost doubled over the last 3 months to 1,800 in Sep 18 from 918 in June 18. This helped both revenues and earnings to increase in 3Q18. OONA: Internet TV with intuitive digital marketing functionalities. OONA TV is an internet TV platform offering users a vast choice of channels with local and international content. In parallel, it scientifically identifies user needs and delivers digital advertisements in a more precise and targeted manner. Around the time of its IPO, Oona only had 20,000 subscribers, setting a target of 500,000 subs by YE18. As of October, Oona surpassed the initial target, with 1.2million subscribers of which 35% are active users. It is plausible that the company ends the year with 3 mn subs, according to our contact. The model is in pilot mode till it garners a sizable base with commercialization expected to commence in 2019. No debt exposure with a positive bottom line. Like Go-Jek, vendors and buyers meet in an online marketplace to trade goods & services to clear the market from idle capacity and demand. Based on this model, NFCXC can be very robust posting solid growth in 3Q18. After its IPO and raising Rp300 bn, NFC remains asset light and debt free offering leeway for OONA and other digital projects to develop traction and support the future valuation. NFCX is currently trading at PER-19 of 26.3x based on consensus earnings estimates.

Last price (IDR) 2,400

Stock Statistics

Sector IT Services

Bloomberg Ticker NFCX

No of Shrs (mn) 667

Mkt. Cap (IDRbn/USDmn) 1,640/115

Avg. daily T/O (IDRbn/USDmn) 6.7/0.5

Major shareholders (%)

PT Kresna Jubileum 26.25

PT Nusantara Teknologi 18.75

PT M Cash Integrasi Tbk 15.00

NFCX relative to JCI Index

Source : Bloomberg

x Niko Margaronis

(62-21) 2955 5888 Ext. 3512

[email protected]

x Ignatius Teguh Prayoga

(62-21) 2955 5888 ext 3511

[email protected]

Ignatius Teguh Prayoga

(62-21) 2955 5888 ext 3511

[email protected]

Exhibit 1: Key Financials

Year to 31 Dec 2015 2016 2017 6M18 9M18 Revenue (IDRmn) 9,849 43,507 95,555 265,248 706,617 EBITDA (IDRmn) -230 18 109 2,860 7,092 EBITDA Growth (%) n/a n/a 498 n/a 6,089 Net profit (IDRmn) -224 -1 65 2,540 14,427 EPS (IDR) -1 0 0 11 30 EPS growth (%) n/a -100 n/a n/a 42 BVPS IDR 1 2 100 105 541 DPS IDR - - - - - PER (x) n/a n/a 8,052.9 246.9 87.4 PBV (x) 1,834.7 1,392.5 26.2 24.9 4.8 Dividend yield (%) n/a n/a n/a n/a n/a EV/EBITDA (x) n/a 81,405 13,606 488 209

Source : xxxxxx



MACROECONOMY

PMI edges down in November In the PMI compiled by Nikkei Indonesia, the manufacturing index reached 50.4 in November 2018, slightly down

from its previous month’s level (50.5). In September 2018, Indonesia’s PMI reached its highest point in the past 26 months of 51.9. (Bisnis Indonesia)

SECTOR

Consumer: Unilever Global acquires GSK in India

Unilever Global has signed an agreement to acquire the Health Food Drinks portfolio of GlaxoSmithKline (GSK) in India, Bangladesh and 20 other predominantly Asian markets. Unilever’s share of the total consideration is EUR3.3bn

payable using a combination of cash and shares in its listed subsidiary in India, Hindustan Unilever Limited. The transaction consists of three elements:

- All-equity merger of Hindustan Unilever Ltd (HUL) with the publicly listed GSK Consumer Healthcare India (GSK CH India)

- Acquisition of an 82% stake in GSK Bangladesh Limited (GSK Bangladesh), and - Acquisition of certain other commercial operations and assets outside India

The transaction is aligned with Unilever’s stated strategy of increasing its presence in health-food businesses and in

high-growth emerging markets. GSK HDF is the undisputed leader in the Health Food Drinks category in India, with

iconic brands such as Horlicks and Boost. (Company)

CORPORATE Asset management acquisition: PNM and BTN still in the negotiation process

The acquisition plan of PT PNM Investment Management (PNM-IM)- the subsidiary of PT Permodalan Nasional

Madani (Persero)- by PT Bank Tabungan Negara (Persero) Tbk. (BBTN IJ, BUY, TP IDR3,600) reportedly still faces some hurdles related to the acquisition scheme, business combination and price negotiations. (Bisnis Indonesia)

Ciputra Development (CTRA) targets Rp1tn of marketing sales from Citra Maja

CTRA is targeting Rp1.0tn of marketing sales from Citra Maja. On 8-9 Dec, the company is planning to launch Cluster

Sanur and Cluster Jimbaran in Maja. There will be a total of 645 units in Cluster Sanur and 650 units in Cluster Jimbaran. The NUP for Cluster Sanur was reported to have reached 1,150 units. Targeted marketing sales for both

clusters is estimated at Rp125bn each. Both clusters offer units with prices ranging from Rp168mn-265mn/unit. (Kontan)

Subang-Patimban Toll Road tender to be delayed

The Indonesian government has announced that it will delay the Subang-Patimban Toll Road tender process to next

year, as the exact location has yet to be determined. The 41-km toll road was initiated by a consortium consisting of Jasa Marga (JSMR) and Surya Semesta Internusa (SSIA)

United Tractors: Plans to spend capex of USD800mn

United Tractors (UNTR) plans to spend capex of USD800mn in 2019, a slight increase from this year’s budgeted

capex of USD750mn. Most of the capex will be funded through bank loans. Meanwhile, with the recent correction in the coal price and with a coal price assumption of USD90/tonne, the company targets Komatsu sales volume of

around 4,900 – 5,000 units in 2019. (Investor Daily)

MARKET NEWS



Wijaya Karya: Targets IPOs for two of its subsidiaries in 2019 Wijaya Karya (WIKA) seeks to raise around IDR4.0tn from the IPO of two subsidiaries in 2019: Wika Realty and

Wika Industri Konstruksi. Wika Realty is targeted to have an IPO after the presidential elections in 1H19, with

targeted proceeds of IDR2.0tn, while Wika Industri Konstruksi’s IPO is slated for 2H19 with targeted proceeds of IDR1.0-2.0tn. Wika Industri Konstruksi is engaged in industrial and steel manufacturing. Wika Industri Konstruksi

also produces electrical motors under the brand of Gesits. Previously, one of Wika Industri Konstruksi’s businesses was as the producer and supplier of motorcycle spare parts for Astra International (ASII). Furthermore, WIKA

remains optimistic it can achieve its 2018 new contracts target of IDR58tn. The company managed to book

IDR28.5tn of new contracts as of Oct 18, representing 49% of the full year target. WIKA targets 2019 new contracts of IDR70tn (+20.7%yoy). (Investor Daily)


DANAREKSA VALUATION GUIDE


Rating Price (Rp) Price Mkt Cap

Target Rp Bn 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019

Danareksa Universe 3.978.609 223.175 247.560 218,6 242,5 12,0% 10,9% 17,8 16,1 19,1 17,6 2,9 2,6 17,1 17,1

Auto 348.159 19.727 21.517 396,7 432,7 4,5% 9,1% 17,6 16,2 13,0 11,9 2,6 2,4 15,3 15,4

Astra International ASII BUY 8.600 8.600 348.159 19.727 21.517 487 532 488 522 4,5% 9,1% 17,6 16,2 13,0 11,9 2,6 2,4 15,3 15,4

Banks 1.682.899 102.396 115.850 457,3 517,4 14,3% 13,1% 16,4 14,5 2,6 2,3 16,5 16,6

BCA BBCA HOLD 25.800 22.700 636.099 26.257 29.958 1.065 1.215 1.065 1.215 12,6% 14,1% 24,2 21,2 N/A N/A 4,2 3,5 18,5 18,0

BNI BBNI BUY 8.750 9.500 163.176 15.262 16.720 818 897 818 897 12,1% 9,6% 10,7 9,8 N/A N/A 1,5 1,3 14,6 14,2

BRI BBRI BUY 3.690 4.350 455.146 32.924 38.684 267 314 267 314 13,5% 17,6% 13,8 11,8 N/A N/A 2,4 2,1 18,6 19,3

Bank Tabungan Negara BBTN BUY 2.790 3.600 29.546 3.490 3.794 330 358 330 358 15,4% 8,5% 8,5 7,8 N/A N/A 1,2 1,1 15,1 14,6

Bank Mandiri BMRI BUY 7.600 8.700 354.667 24.463 26.694 524 572 524 572 18,5% 9,1% 14,5 13,3 N/A N/A 2,0 1,8 14,1 14,2

BTPN BTPN HOLD 3.490 3.900 20.414 1.723 2.011 300 350 300 350 41,1% 16,7% 11,6 10,0 N/A N/A 1,2 1,1 10,1 10,9

BTPS BTPS BUY 1.735 2.100 13.366 906 1.174 118 152 118 152 21,6% 29,7% 14,8 11,4 N/A N/A 3,4 2,8 29,4 27,3

BPD Jatim BJTM BUY 700 830 10.485 1.259 1.350 84 90 84 90 8,6% 6,7% 8,3 7,8 N/A N/A 1,3 1,2 15,5 15,5

Cigarettes 587.487 21.749 24.066 184 204 6,5% 10,7% 27,0 24,4 18,5 16,9 7,0 6,4 27,2 27,5

Gudang Garam GGRM BUY 81.050 80.800 155.947 8.282 9.133 4.304 4.747 4.304 4.747 6,8% 10,3% 18,8 17,1 12,1 11,1 3,2 2,8 18,3 17,7

HM Sampoerna HMSP BUY 3.710 4.200 431.540 13.468 14.933 116 128 116 128 6,3% 10,9% 32,0 28,9 23,6 21,1 12,3 11,7 38,9 41,5

Construction 101.156 11.919 14.048 160 188 12,5% 17,9% 8,5 7,2 7,3 6,59 1,3 1,1 16,1 16,5

Wijaya Karya WIKA BUY 1.560 2.200 13.993 1.588 2.108 177 235 177 235 32,0% 32,7% 8,8 6,6 3,7 2,9 1,0 0,9 11,9 14,2

Pembangunan Perumahan PTPP BUY 1.980 2.800 12.276 1.741 2.140 281 345 281 345 19,8% 22,9% 7,1 5,7 3,9 3,3 0,9 0,8 14,2 15,2

Adhi Karya ADHI BUY 1.610 2.150 5.733 753 920 212 258 212 258 46,1% 22,2% 7,6 6,2 5,9 5,2 0,8 0,7 11,6 11,6

Waskita Karya WSKT BUY 1.750 2.300 23.754 4.369 5.038 322 371 322 371 13,3% 15,3% 5,4 4,7 7,5 6,6 1,3 1,1 27,6 25,5

Waskita Beton WSBP BUY 364 500 9.595 1.302 1.524 53 62 53 62 37,5% 17,0% 6,9 5,9 5,9 5,3 1,2 1,1 17,2 18,4

Wika Beton WTON BUY 394 600 3.434 423 493 51 59 51 59 25,5% 16,6% 7,8 6,7 5,0 4,4 1,1 1,0 14,5 15,2

Jasa Marga JSMR BUY 4.460 5.300 32.370 1.742 1.825 240 251 240 251 -20,8% 4,8% 18,6 17,7 12,9 13,3 2,0 1,9 11,1 10,8

Consumer 639.003 18.181 19.952 272 298 9,0% 9,7% 35,1 32,0 19,8 18,2 8,9 8,1 26,6 26,6

Indofood CBP ICBP BUY 9.625 10.100 112.246 4.175 4.466 358 383 358 383 10,0% 7,0% 26,9 25,1 15,9 15,1 5,1 4,6 20,2 19,4

Indofood INDF BUY 6.650 8.000 58.390 4.493 4.968 512 566 510 548 7,8% 10,6% 13,0 11,8 6,0 5,6 1,7 1,6 13,9 14,2

Unilever UNVR HOLD 43.800 48.000 334.194 7.673 8.484 1.006 1.112 1.006 1.112 9,5% 10,6% 43,6 39,4 30,5 27,6 60,1 55,7 143,0 146,8

Kino Indonesia KINO BUY 2.500 2.100 3.571 93 142 65 99 65 99 -16,1% 53,3% 38,6 25,1 16,1 12,1 1,7 1,6 4,5 6,6

Mayora Indah MYOR HOLD 2.570 2.790 57.462 1.747 1.892 78 85 76 85 9,5% 8,3% 32,9 30,4 17,9 16,4 6,9 5,9 22,4 21,0

Sido Muncul SIDO BUY 840 1.000 12.600 680 805 46 54 46 54 27,5% 18,3% 18,4 15,5 15,8 13,2 4,2 3,9 23,0 25,8

Healthcare 86.776 2.806 3.083 102 121 -7,0% 18,5% 30,9 28,1 19,6 17,6 4,9 4,4 16,8 16,6

Kalbe Farma KLBF BUY 1.555 1.500 72.891 2.538 2.733 54 58 54 58 5,6% 7,7% 28,7 26,7 18,2 16,9 4,9 4,4 18,0 17,4

Kimia Farma KAEF HOLD 2.500 2.170 13.885 268 350 48 63 48 63 -18,0% 30,8% 51,8 39,6 30,3 21,5 5,1 4,6 10,2 12,2

Heavy Equipment 106.682 8.783 9.714 2.355 2.604 18,6% 10,6% 12,1 11,0 5,1 4,5 2,2 1,9 18,9 18,6

United Tractors UNTR BUY 28.600 39.000 106.682 8.783 9.714 2.355 2.604 2.355 2.604 18,6% 10,6% 12,1 11,0 5,1 4,5 2,2 1,9 18,9 18,6

Industrial Estate 11.592 1.052 1.237 17 20 -54,6% 17,6% 11,0 9,4 7,3 6,5 0,8 0,7 7,0 7,9

Puradelta Lestari DMAS BUY 155 240 7.471 645 594 13 12 13 12 -1,8% -7,9% 11,6 12,6 9,6 10,1 1,0 1,0 9,1 8,1

Bekasi Fajar BEST BUY 196 300 1.891 498 581 52 60 52 60 3,0% 16,6% 3,8 3,3 4,5 4,1 0,4 0,4 12,2 12,7

Surya Semesta SSIA HOLD 474 540 2.230 (91) 62 (19) 13 (19) 13 -107,7% 168,5% (24,5) 35,8 8,0 5,7 0,6 0,6 (2,4) 1,7

Media 39.134 3.551 3.919 123 136 27,5% 10,4% 11,0 10,0 7,2 6,5 2,6 2,3 25,5 24,5

Media Nusantara Citra MNCN BUY 785 1.450 11.207 1.960 2.158 137 151 137 151 34,9% 10,1% 5,7 5,2 4,1 3,7 1,1 1,0 20,3 19,7

Surya Citra Media SCMA BUY 1.910 2.700 27.927 1.591 1.761 107 119 107 119 19,5% 10,7% 17,8 16,1 11,8 10,5 6,1 5,1 37,4 35,0

Mining 170.763 18.825 19.111 212 215 24,1% 1,5% 9,1 8,9 4,0 3,9 1,3 1,2 14,7 14,1

Adaro Energy ADRO BUY 1.305 2.800 41.742 7.376 6.806 231 213 231 213 17,4% -7,7% 5,7 6,1 2,2 2,1 0,9 0,9 16,0 14,2

Timah TINS BUY 675 1.400 5.027 603 689 81 93 81 93 19,9% 14,4% 8,3 7,3 4,5 4,0 0,8 0,7 9,6 10,2

Vale Indonesia INCO BUY 3.330 5.900 33.088 1.117 1.708 112 172 112 172 -662,5% 53,0% 29,6 19,4 9,4 7,4 1,4 1,4 4,7 7,1

Aneka Tambang ANTM HOLD 735 1.000 17.663 428 501 18 21 18 21 213,7% 17,0% 41,3 35,3 10,9 10,8 0,9 0,9 2,3 2,6

Bukit Asam PTBA BUY 3.960 5.000 45.622 4.735 5.028 436 463 436 463 5,8% 6,2% 9,1 8,6 5,9 5,7 2,7 2,3 31,2 27,2

Indo Tambangraya Megah ITMG BUY 21.000 33.200 23.728 3.903 3.669 3.455 3.247 3.455 3.247 15,3% -6,0% 6,1 6,5 2,7 3,0 1,7 1,6 28,9 24,9

Harum Energy HRUM HOLD 1.440 3.100 3.893 663 709 245 262 245 262 12,7% 6,9% 5,9 5,5 0,2- 0,6- 0,9 0,9 15,8 16,1

Plantation 35.087 2.811 3.094 264 291 -8,2% 10,1% 12,5 11,3 6,6 5,2 1,1 1,0 9,1 9,4

Astra Agro Lestari AALI BUY 11.625 16.500 22.374 1.639 1.874 851 973 851 973 -18,5% 14,3% 13,7 11,9 6,8 5,9 1,2 1,1 8,8 9,5

Sampoerna Agro SGRO BUY 2.340 3.000 4.423 346 406 191 223 191 223 20,4% 17,1% 12,3 10,5 7,0 3,9 1,1 1,0 8,7 9,4

PP London Sumatra LSIP BUY 1.215 2.000 8.290 826 815 121 119 121 119 8,2% -1,4% 10,0 10,2 5,6 4,1 1,0 0,9 9,9 9,2

Poultry 124.796 5.847 6.722 39 45 65,0% 15,0% 21,3 18,6 12,6 11,2 4,0 3,5 20,3 20,3

Charoen Pokphand CPIN HOLD 6.000 4.700 98.388 3.987 4.636 208 283 208 283 32,2% 36,1% 28,9 21,2 15,3 13,5 5,3 4,6 23,3 23,1

Japfa Comfeed JPFA BUY 2.020 2.600 23.688 1.739 1.947 152 171 152 171 74,4% 12,0% 13,3 11,8 8,2 7,2 2,2 2,0 17,6 17,3

Malindo Feedmill MAIN HOLD 1.215 1.150 2.720 121 139 54 62 54 62 147,7% 14,7% 22,5 19,6 8,9 8,2 1,5 1,4 6,9 7,5

Property 95.034 8.327 7.912 69 66 -11,7% -5,0% 11,4 12,0 8,5 8,5 1,3 1,2 12,3 10,5

Alam Sutera ASRI HOLD 356 340 6.995 1.605 1.576 82 80 83 80 16,3% -1,8% 4,4 4,4 5,9 5,9 0,7 0,6 17,5 15,0

Bumi Serpong Damai BSDE BUY 1.365 1.930 26.272 2.842 2.126 148 110 147 110 -42,2% -25,2% 9,2 12,4 7,2 8,6 0,9 0,9 10,7 7,4

Ciputra Development CTRA BUY 1.100 1.220 20.416 1.171 1.216 63 66 63 66 30,9% 3,9% 17,4 16,8 11,9 11,0 1,4 1,3 8,4 8,1

Pakuw on Jati PWON BUY 595 710 28.655 2.327 2.652 48 55 49 55 24,2% 14,0% 12,3 10,8 8,4 7,2 2,3 1,9 20,5 19,5

Summarecon SMRA BUY 880 1.000 12.696 383 343 27 24 27 24 5,8% -10,5% 33,1 37,1 10,8 10,9 1,8 1,8 5,7 4,9

Retail 75.952 3.556 4.337 69 85 62,9% 22,0% 21,4 17,5 12,1 9,6 4,8 4,3 23,3 25,8

Mitra Adi Perkasa MAPI BUY 865 1.050 14.359 874 824 528 498 528 498 161,0% -5,7% 1,6 1,7 7,8 6,6 3,2 2,8 20,0 17,1

Ramayana RALS HOLD 1.300 1.800 9.225 452 497 66 73 66 73 11,2% 9,9% 19,6 17,8 13,7 12,5 2,5 2,3 12,5 12,8

Matahari Department Store LPPF BUY 5.475 1.100 15.976 2.037 2.150 698 737 698 737 6,8% 5,6% 7,8 7,4 4,8 4,3 5,3 4,2 75,9 63,0

Matahari Putra Prima MPPA SELL 172 200 1.295 (760) (188) (141) (35) (141) (35) -38,9% 75,3% (1,2) (4,9) 5,4- 12,6 3,1 5,7 (95,7) (58,7)

Ace Hardw are ACES BUY 1.615 1.600 27.697 953 1.053 56 62 56 62 22,5% 10,6% 28,9 26,1 22,7 20,1 6,8 6,0 25,1 24,1

Erajaya Sw asembada ERAA BUY 2.320 4.000 7.401 634 711 219 245 219 245 86,7% 12,1% 10,6 9,5 6,1 5,7 1,7 1,5 15,9 15,6

Telco 443.985 24.128 28.520 141 167 -14,1% 18,2% 18,4 15,6 5,6 5,0 3,1 2,9 17,1 19,2

Telekomunikasi Indonesia TLKM BUY 3.700 4.300 366.530 20.783 23.624 206 234 206 234 -6,2% 13,7% 17,9 15,8 5,9 5,3 3,8 3,5 21,9 23,4

Indosat ISAT HOLD 2.080 3.300 11.303 (360) 73 (66) 13 (67) 13 -131,7% 120,2% (31,4) 155,4 2,8 2,4 0,9 0,9 (2,7) 0,6

XL Axiata EXCL BUY 2.020 3.800 21.590 450 1.031 42 96 66 96 19,8% 129,3% 48,0 20,9 4,0 3,5 1,0 0,9 2,1 4,6

Tow er Bersama TBIG BUY 3.980 5.300 18.035 938 1.154 215 265 215 265 -59,5% 23,1% 18,5 15,0 10,6 9,7 6,1 5,2 30,5 35,9

Sarana Menara Nusantara TOWR BUY 520 750 26.528 2.297 2.618 45 51 45 51 9,4% 13,9% 11,5 10,1 6,8 6,1 3,2 2,8 30,0 29,7

ROE EV / EBITDA (x) PBV (x) PER (x)

Equity

Valuation Net profit, Rp bn EPS (Rp) Core EPS (Rp) EPS Growth



LEADERS Price as on Code 03-Des-18 30-Nov-18 Chg, % w-w, % m-m, % YTD, % Rating

Aneka Tambang ANTM 735 615 19,5 21,5 5,8 17,6 HOLD

Matahari Department Store LPPF 5.475 4.750 15,3 22,8 13,4 (45,3) BUY

Bekasi Fajar BEST 196 171 14,6 16,0 38,0 (21,6) BUY

Waskita Karya WSKT 1.750 1.560 12,2 7,4 16,3 (20,8) BUY

Vale Indonesia INCO 3.330 3.030 9,9 18,1 2,8 15,2 BUY

Ramayana RALS 1.300 1.190 9,2 1,2 13,0 8,3 HOLD

Timah TINS 675 625 8,0 5,5 3,8 (12,9) BUY

Jasa Marga JSMR 4.460 4.130 8,0 12,3 6,7 (30,3) BUY

Wika Beton WTON 394 366 7,7 6,5 27,1 (21,2) BUY

PP London Sumatra LSIP 1.215 1.130 7,5 8,5 (2,8) (14,4) BUY

Sources: Bloomberg

LAGGARDS Price as on Code 03-Des-18 30-Nov-18 Chg, % w-w, % m-m, % YTD, % Rating

Semen Indonesia SMGR 11.600 12.025 (3,5) (0,4) 19,3 17,2 SELL

Kino Indonesia KINO 2.500 2.570 (2,7) 1,6 22,0 17,9 BUY

Indofood CBP ICBP 9.625 9.850 (2,3) 8,1 7,8 8,1 BUY

BPD Jatim BJTM 700 715 (2,1) 2,9 7,7 (1,4) BUY

BTPN BTPN 3.490 3.560 (2,0) (2,8) (6,4) 41,9 HOLD

Bukit Asam PTBA 3.960 4.020 (1,5) 0,5 (5,7) 61,0 BUY

Indo Tambangraya Megah ITMG 21.000 21.250 (1,2) 4,1 (14,3) 1,4 BUY

Gudang Garam GGRM 81.050 82.000 (1,2) 1,9 5,2 (3,3) BUY

Mitra Adi Perkasa MAPI 865 875 (1,1) 8,8 8,1 39,5 BUY

Bank Central Asia BBCA 25.800 26.050 (1,0) 2,3 7,5 17,8 HOLD

Sources: Bloomberg

COVERAGE PERFORMANCE



PREVIOUS REPORTS

Aneka Tambang: Strong sales volume boosted profit , Mayora Indah: Buoyant revenues but higher opex too

SnapShot20181203 Construction: Deconstructing the sector SnapShot20181130

Timah: Higher costs dragged down net profit SnapShot20181129 Indosat Ooredoo: Takeaways from the 3Q18 con call; Ex-Java fever SnapShot20181128

Indofood Sukses Makmur: Positive catalysts, Plantation: Indonesia CPO Export Levy Waiver: A Double-Edged Sword?, Danareksa Research Institute – Inflation Outlook SnapShot20181127

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