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DAILY UPDATE

January 25, 2018

MACROECONOMIC NEWS

US Economy - The Richmond Fed manufacturing index for the month of January came in a 14 versus 19 expected. Weakness came from the following components: Shipments was weaker in Jan at 15 versus 24 in December and Employment produced a reading of 10 verses 20 last month.

US Housing - Mortgage application volume rose 4.5% on a seasonally-adjusted basis from one week earlier for the week ending January 19th, 2018, according to the Mortgage Bankers Asso iatio ’s Weekly Mortgage Appli ations Survey. The refinance share of mortgage activity fell to 49.4% of total applications, down from 52.2% the previous week. The FHFA HPI said seasonally adjusted house prices rose in November, up 0.4% from the previous month (Bloomberg consensus +0.5%). The previously reported 0.5% increase in October was revised upward to 0.6%. For the nine census divisions, seasonally adjusted monthly price changes from October 2017 to November 2017 ranged from -1.1% in the East South Central division to +0.9% in the West North Central division.

Existing home sales declined 3.6% (Bloomberg consensus -1.9%) to a seasonally adjusted annual rate of 5.57 million units last month amid decreases in all four regions. Unseasonably cold weather probably accounted for some of the weakness as sales in the Northeast and Midwest fell sharply.

CORPORATE NEWS

TOWR– PT Sarana Menara Nusantara allocates capex of IDR 2 trillion this year, 30% of which will be used for tower construction. TOWR targets revenue growth to reach 5%-9%, in line with national telecommunication industry growth.

KRAS– PT Krakatau Steel plans to increase sales volume to 2.8 million ton, up 40% yoy.

SSMS– PT Sawit Sumbermas Sarana will issue bonds (USD 300 million) that offer coupon of 7.75% pa and have 5-year tenor. SSMS will use the proceeds to refinance its debt.

WIKA – PT Wijaya Karya booked the issuance of IDR 5.4 trillion global bond denominated in rupiah. The bond is oversubscribed by almost 250% or IDR 13 trillion.

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CORPORATE NEWS

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KAEF –PT Kimia Farma acquired Saudi Arabian retail pharmacy, Dwaa Ltd. Co. to expand its network in the Middle East. KAEF will focus on merger and acquisition in 2018 to boost revenue. With the scheme, KAEF expects sales to grow up to 20% from last year’s estimation of IDR 6.21 trillion. KAEF expects IDR 50 billion – 100 billion contribution from its rapid test production facility, set to operate in February 2018. KAEF targets 30 million medical test equipment production, or 100,000 equipment produced per day.

ANJT– PT Austindo Nusantara Jaya allocates IDR 1.2 trillion capex in 2018. The proceed will be used to construct mill factory and infrastructure in West Papua, planting in Papua, replanting in Belitung as well as for construction of unit frozen line for edamame.

SRTG–PT Saratoga I esta a Sedaya’s su sidiary, Delta I est e t Horizo I ter atio al pay a k USD 1.6 illio

of its USD 100 million guaranteed exchangeable bond (due in 2020).

SMSM – PT Selamat Sempurna allocates capex of IDR 120 billion this year. The proceeds will be used for maintenance of machines.

BBRI– PT Bank Rakyat Indonesia announced its 4Q2017 result:

BBRI (IDR bn) 2016 2017 YoY Q3 2017 Q4 2017 QoQ

Net Interest Income 65,472 73,005 11.51% 18,771 17,876 -4.77%

Non Interest Income 17,762 19,327 8.81% 4,312 5,632 30.63%

Other Operating Expense 49,336 55,907 13.32% 14,560 11,661 -19.91%

Operating Profit 33,963 36,811 8.39% 8,469 12,166 43.65%

Net Income Before Tax 33,974 37,022 8.97% 8,538 12,226 43.19%

Net Income 26,196 28,997 10.69% 7,085 8,488 19.80%

EPS (IDR) (diluted) 214.3 237.2 10.70% 58 69 19.80%

CAR 22.91% 22.96% 0.05% 22.17% 22.96% 0.79%

NIM 8.00% 7.93% -0.07% 8.13% 7.93% -0.20%

ROE 23.08% 20.03% -3.05% 19.27% 20.03% 0.76%

ROA 3.84% 3.69% -0.15% 3.34% 3.69% 0.35%

NPL (Gross) 2.03% 2.10% 0.07% 2.23% 2.10% -0.13%

NPL( Net) 1.09% 0.88% -0.21% 1.06% 0.88% -0.18%

LDR 87.77% 88.13% 0.36% 90.39% 88.13% -2.26%

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Disclaimer

The analyst(s) whose work appears in this report certifies that his or her remuneration is not correlated to his or her judgment(s) on the performance of the company(ies).

The information and/or opinions contained in this report has been assembled by Panin Asset Management from sources which we deem to be reliable and in good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. This report may not be reproduced, distributed or published by any recipient for any purpose. Any recommendations contained herein are based on a consideration of the securities alone, and as such are conditional and must not be relied upon as a solitary basis for investment decisions. Under no circumstances is this report to be used or considered as an offer to sell, or a solicitation of an offer buy.

All opi io s a d esti ates herei refle t the author’s judg e t o the date of this report a d are su je t to ha ge ithout notice.

Panin Asset Management, its related companies, their officers, employees, representatives and agents expressly advice that they shall not be liable in any way whatsoever for any loss or damage, whether direct, indirect, consequential or othe wise howsoever arising (whether in negligence or otherwise) out of or in connection with the contents of and/or any omi sions from this communication.

Any investments referred to herein may involve significant risk, are not necessarily available in all jurisdictions, may be illiquid and may not be suitable for all investors. Investors should make their own independent assessment and seek professional financial advice before they make their investment decisions.

Due to its nature as an asset management firm, it is very much possible that Panin Asset Management and/or persons connected with it may, to the extent permitted by law, have long or short positions or may otherwise be interested in any transactions or investments (including derivatives) referred to in this publication. In addition, Panin Asset Management and/or its parent, Panin Sekuritas, and/or its affiliated companies may provide services for or solicit business from any company referred to in this publication.

The analyst(s) named in this report certifies that all of the views expressed by the analyst(s) in this report reflect the personal views of the analyst(s) with regard to any and all of the content of this report relating to the subject securities and issuers covered by the analyst(s) and no part of the compensation of the analyst(s) was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst(s) in this report.

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