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DAILY UPDATE

January 23, 2018

MACROECONOMIC NEWS

US Economy - The University of Michigan on Friday said its consumer sentiment index was 94.4 in early January (Bloomberg consensus 97), down slightly from 95.9 in December. It dropped in December and November after hitting the highest level since 2004 in October. Household expectations about long-term rising prices remained at its 2017 average, but inflation expectations over the next year inched up slightly to 2.8% in January from 2.7% in December. This change is important to Federal Reserve officials as they monitor ramped-up price increases to make decisions that control the flow of money; some economists think the higher people think prices are going to go, the higher prices actually tend to go.

UK Economy - U.K. retail sales dropped sharply in December, with the 1.5% fall nearly double the decline estimated in a poll conducted by The Wall Street Journal. The Office for National Statistics also sales in 2017 rose 1.9%, the slowest rate of annual growth since 2013.

CORPORATE NEWS

BFIN - PT Batavia Prosperindo Finance will issue new shares up to 12.32% shares outstanding at IDR 450 per share.

ISAT – PT Indosat finishes the development of 17 base transceiver stations (BTS). With this, ISAT contributes IDR 1.8 trillion worth of universal service obligation to the government. GMFI– PT Garuda Maintenance Facility Aero Asia plans to let go 20% shares to strategic investor. The potential investor is Air France-KLM, a France based airline company.

TBIG– PT Tower Bersama Infrastructure allocates IDR 1-2 trillion capex in 2018. The company plans to construct 1,000 towers with investment cost of IDR 1 billion per unit. While the company also targets 2,500 new tenant this year.

HRTA – PT Hartadinata Abadi targets revenue growth of 15-20% this year. The increase in revenue will be supported by the addition of 200 new stores.

WSKT – PT Waskita Karya targets to obtain IDR 5 trillion from implementing factoring scheme to its LRT project in Palembang, South Sumatera.

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CORPORATE NEWS

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MAYA– PT Bank Mayapada Internasional plans to conduct right issue with target proceeds of IDR 2 trillion this year. The aim of the corporate action is to strengthen capital adequacy ratio to be at 17%.

MDLN– PT Modernland Realty, through its subsidiary, PT Mitra Sindo Sukses, launched New East, a commercial property with vibrant social center concept located in Jakarta Garden City, East Jakarta. The 45-hectare project is located 300m from Aeon Mal. In the first launching, MDLN sold 90% of total units amounting to IDR 171 billion. SRIL– PT Sri Rejeki Isman targets USD 1 billion sales (30% growth yoy) in 2018. SRIL is currently in the process of acquiring 2 companies, namely PT Primayudha Mandirijaya and PT Bitratex Industries.

ARNA– PT Arwana Citramulia targets IDR 1.9 trillion sales in 2018 (11% growth to 2017 estimate). To support the new sales target, ARNA plans to increase its factories production capacity from 58 m2 to 64 m2 this year.

HRTA– PT Hartadinata Abadi targets gold sales to reach IDR 3 trillion in 2018 (20% yoy). According to HRTA, the company books IDR 2.5 trillion sales in 2017, achieving 19% growth yoy.

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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 without 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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