D A I LY R E P O R T RESEARCH. Equity MARKET PREDICTION TODAY COMPANY/INDUSTRY UPDATE. Wednesday, March 21 st JCI Is Estimated to Move Up

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Wednesday, March 21

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2018

D A I LY R E P O R T

Daily Report is also available in BNI Sekuritas website : www.bnisekuritas.co.id

RESEARCH

Equity

_{MARKET PREDICTION TODAY}

JCI Is Estimated to Move Up

On the global market, previously on Tuesday yesterday, the US bourses strengthened which Dow index rose by 0.47% to level 24,727 then followed by Nasdaq increased by 0.27% and S&P500 soared by 0.15%. Investors are waiting for the Fed to start their meeting this week. Meanwhile in European bourses, the indices were mostly in uptrend which DAX Frankfurt surged by 0.74% then followed by CAC Paris which rose by 0.57% and FTSE London increased by 0.26%. Moreover, in domestic bourse, the JCI on Tuesday yesterday still continued in downtrend which was closed down by -46 points (-0.73%) to level 6,243 with “foreign net sell” of Rp935 billion. The biggest increase was in mining sector that rose by +0.15% meanwhile the biggest decreases was in infrastructure sector that declined by -2.35%. At the closing time of JCI yesterday, Rupiah (IDR) continued to weaken against US dollar (USD) to the level of IDR 13,754 per USD. Today, investors follow the economic data of UK’s Unemployment Rate for Jan-18 (Dec-17 of 4.4%; inline with consensus) and US Existing Home Sales for Feb-18 (Jan-18 of 5.38 million vs consensus of -2.03 million). We see that the US sentiment is still potentially to move the regional and domestic markets today. Thus, the JCI today is predicted to move up in the range of 6,209-6,273 which our top stocks pick for today trading sessions are BBNI, BBRI, ICBP, and INDF.

Analyst: Dessy Lapagu (dessy@bnisekuritas.co.id)

COMPANY/INDUSTRY UPDATE

 PT Wijaya Karya Beton (WTON) Targets New Contracts of Rp 7.56 Trillion. BUY. Analyst: Maxi Liesyaputra.

 PT Adaro Energy Tbk (ADRO) Pursuits Power Plant Project. BUY. Analyst: Dessy Lapagu.

 PT United Tractors Tbk (UNTR) is targeting the Mulut Tambang power plant to be operated in 1H18. BUY. Analyst: Thennesia Debora.

Global Indices Closing Change %Chg %Ytd P/E

Americas INDU Index SPX Index CCMP Index IBOV Index EMEA UKX Index CAC Index RTSSTD Index IBEX Index FTSEMIB Index AEX Index SMI Index Asia / Pacific NKY Index HSI Index SHCOMP Index TWSE Index KOSPI Index JCI Index SET Index PCOMP Index SENSEX Index FSSTI Index 24,727.27 116.36 0.47 0.03 19.97 2,716.94 4.02 0.15 1.62 21.99 7,364.30 20.058 0.27 6.68 32.13 84,163.80 250.74 0.30 10.16 22.16 7,061.27 18.34 0.26 (8.15) 13.06 5,252.43 29.59 0.57 (1.13) 16.34 15,047.22 96.88 0.65 10.06 7.86 9,681.60 17.5 0.18 (3.61) 14.18 22,798.15 165.05 0.73 4.32 3.88 535.45 3.93 0.74 (1.68) 15.92 8,847.29 35.96 0.41 (5.70) 29.48 21,380.97 -99.93 -0.47 (6.08) 15.69 31,549.93 36.17 0.11 5.45 13.58 3,290.64 11.388 0.35 (0.50) 16.83 11,010.84 -36.06 -0.33 3.46 15.99 2,484.59 -0.93 -0.04 0.69 16.12 6,243.58 -45.995 -0.73 (1.76) 22.42 1,799.84 0.05 0.00 2.63 18.15 8,059.60 -175.94 -2.14 (5.83) 22.26 32,996.76 73.64 0.22 (3.11) 22.51 3,513.31 15.02 0.43 3.24 11.47

Description Last Previous %Chg

Market Capitalization (IDR Trillion) 6,945.75 6,996.90 -0.73 Transaction Volume (Million Shares) 7,720.00 7,793.93 -0.95 Transaction Value (IDR Million) 6,302.00 5,694.97 10.66 Stocks Value (IDR) 816.32 730.69 11.72 Net Foreign (IDR Million) (935,475.00) (1,111,523.25) -15.84

Commodities Last Previous %Chg

Nickel (US$/Ton) 13,455.00 13,480.00 -0.19 Copper (US$/Ton) 6,755.00 6,854.00 -1.44 Tins (US$/Ton) 20,675.00 20,775.00 -0.48 Oil (US$/BBL) (*) 63.40 62.06 2.16 Gas (US$/MMBTU) 3.04 2.86 6.34 Coal (US$/Ton) (**) 97.35 96.75 0.62

Gold (USD/OZ) n.a n.a n.a

CPO PALMROTT(USD/ton) n.a n.a n.a CPO MALAYSIA(RM/ton) 2,425.00 2,441.00 -0.66 (*) WTI Cushing

(**) McCloskey Newscatle

ADR Stocks Last (US$) % Conversition Last (IDR) (US$) Chg (IDR)

Stocks Code Last (US$) %Change Conv (Rp) Last (IDR) Telkom TLK US 26.51 -4.16 9,680.16 3660.00

Bloomberg Code

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HIGHLIGHT NEWS

 The profit which could be distributed to the owner of the parent entity of PT AKR Corporindo Tbk (AKRA) rose by 18.88% to Rp1.20 trillion as of 31 December 2017 compared to a profit of Rp1.01 trillion in the same period of previous year.

 The profit which could be distributed to the owner of the parent entity of PT Sumber Alfaria Trijaya Tbk (AMRT) decreased by 50.08% to Rp300.27 billion as of 31 December 2017 compared to a profit of Rp601.58 billion in 2016.

 PT Saratoga Investama Tbk (SRTG) intends to buy back shares in maximum of Rp110 billion which has been issued and listed on the Indonesia Stock Exchange (IDX).

 PT Midi Utama Tbk (MIDI) experienced a declining profit of 47.55% to Rp102.81 billion as of 31 December 2017 compared to profit Rp196.04 billion in the same period of previous year.

 PT Wijaya Karya Beton Tbk (WTON) is targeting a new contract of Rp7.56 trillion with the additional carry-over contract from 2017 in amount of Rp5.43 trillion.

 PT Sri Rejeki Isman Tbk (SRIL) achieved a rising profit which could be distributed to the owner of the parent entity of 14.6% to US$68.03 million in 2017 compared to a profit of US$59.36 million in 2016.

(Source: IQ Plus; Bisnis Indonesia)

Net Foreign BUY Accumulation

USD/IDR Currency and JCI

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 -60,000,000 -50,000,000 -40,000,000 -30,000,000 -20,000,000 -10,000,000 0 10,000,000 20,000,000 30,000,000 40,000,000 3 /0 1 /2 0 17 16 /0 1 /2 0 17 27 /0 1 /2 0 17 9 /0 2 /2 0 17 23 /0 2 /2 0 17 8 /0 3 /2 0 17 21 /0 3 /2 0 17 4 /0 4 /2 0 17 18 /0 4 /2 0 17 4 /0 5 /2 0 17 18 /0 5 /2 0 17 2 /0 6 /2 0 17 15 /0 6 /2 0 17 6 /0 7 /2 0 17 19 /0 7 /2 0 17 1 /0 8 /2 0 17 14 /0 8 /2 0 17 28 /0 8 /2 0 17 11 /0 9 /2 0 17 25 /0 9 /2 0 17 6 /1 0 /2 0 17 19 /1 0 /2 0 17 1 /1 1 /2 0 17 14 /1 1 /2 0 17 27 /1 1 /2 0 17 11 /1 2 /2 0 17 22 /1 2 /2 0 17 9 /0 1 /2 0 18 22 /0 1 /2 0 18 2 /0 2 /2 0 18 15 /0 2 /2 0 18 1 /0 3 /2 0 18 14 /0 3 /2 0 18

Accumulation JCI Index

12,800 12,900 13,000 13,100 13,200 13,300 13,400 13,500 13,600 13,700 13,800 13,900 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

JCI Index USDIDR

No Stock Top Value (IDR)

1 TLKM IJ 937,753,800,000 2 BBCA IJ 416,422,400,000 3 BBRI IJ 389,543,700,000 4 ASII IJ 386,546,400,000 5 BMRI IJ 310,154,300,000

No Stock Top Volume (Shares)

1 BKSL IJ 751,047,400.00 2 IIKP IJ 615,538,500.00 3 RIMO IJ 589,097,500.00 4 BUMI IJ 334,766,500.00 5 ENRG IJ 269,806,600.00

No Top Gainers % Change

1 KOBX IJ 35

2 TAXI IJ 34.97

3 POLY IJ 34.78

4 CKRA IJ 30.56

5 LPIN IJ 24.11

No Top Losers % Change

1 CSIS IJ -24.8

2 DEFI IJ -19.23

3 ARTO IJ -11.76

4 BBRM IJ -11.58

5 CITA IJ -10.77

No Leading Movers % Change

1 BBRI IJ 1.36

2 DNET IJ 4.96

3 BMRI IJ 0.31

4 ASII IJ 0.34

5 PGAS IJ 1.81

No Lagging Movers % Change

1 TLKM IJ -4.19

2 HMSP IJ -1.41

3 BBNI IJ -3.65

4 ICBP IJ -2.83

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COMPANY/INDUSTRY UPDATE

News: PT Wijaya Karya Beton (WTON) Targets New Contracts of Rp 7.56 Trillion

WTON targets new contracts of Rp 7.56 trillion in FY18F, increases from FY17 realization of Rp 7.2 trillion. In terms of project owners, the company targets new contracts which will be mainly coming from external parties compared to new contracts from Wijaya Karya Group of 25% to 30%. In FY17, Wijaya Karya Group contributed around 28% to the company’ new contracts.

Analyst Opinion:

We believe that WTON has possibility to achieve its new contracts target in FY18 on the back of the company’s products quality while WTON also offers various kinds of precast concrete products. This is in line with the high needs of infrastructure development in Indonesia. We will review our performance forecast for FY18 due to a high revenue growth result in FY17. We still maintain BUY recommendation for WTON with a target price (TP) of Rp1,020 per share.

Analyst: Maxi Liesyaputra (maxi@bnisekuritas.co.id)

News: PT Adaro Energy Tbk (ADRO) Pursuits Power Plant Project Analyst Opinion:

The Company targets an overseas project for power plant (PLTU) with some of the interest partners which are Japan, South Korea and Thailand. We see that the power plant sector especially in the regional is still potential to expand in order to improve electricity ratio in each country. Meanwhile, ADRO is still consistent with its current power plant project in Indonesia which are Tanjung Power Indonesia (2x100MW) and Bhimasena Power Indonesia (2x1000MW). Both power plants are expected to be operated in 2019 and 2020. Currently, ADRO stock is traded with PE of 9.95x and PBV of 1.39x which is higher than peers’ average with PE of 8.58x but lower than peers’ average with PBV of 2.05x. Meanwhile, the stock price has been appreciated by 11.29% as of YTD. Recommendation: BUY with a target price (TP) of Rp2,750 per share. The TP has an upside potential of 32.85% from its closing price of Rp2,070 on March 20th, 2018.

Analyst: Dessy Lapagu (dessy@bnisekuritas.co.id)

News: PT United Tractors Tbk (UNTR) is targeting the Mulut Tambang power plant to be operated in 1H18

This year, the Company targets the power plant of Mulut Tambang Unit 1 which could be operated in 1H18. The power plant is located in Central Kalimantan which consists of two units (2x15 MW); the first unit is targeted to be operated in 1H18, and Unit 2 in FY19.

Analyst Opinion:

Although coal price is still high, we assess positively for the Company’s continuous growth in its non-mining business. The development of non-mining business is expected to reduce the Company’s dependence on coal where coal prices movements are relatively in fluctuating. In addition, the Company is also building a Java IV power plant with a capacity of 2x1.000 MW with an investment value of US$ 4.2 billion. We see that its future business will still be positive along with the contribution from power plant business which will be followed by the increasing demand for coal. It is because the coal demand for Java IV power plant is estimated to be around 7.5 million tons per year and the Company gets around 30% of it. Therefore, we still maintain our BUY recommendations for UNTR with a target price (TP) of Rp37,500 per share for the next 12 months with forward PE18E of 8.6x and PBV18E of 1.1x.

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Analyst: Thennesia Debora (thennesia@bnisekuritas.co.id)

Income Statement (IDR Bn)

2014 2015 2016 2017E 2018F

Revenue 53,141.77 49,347.48 45,539.24 54,619.71 57,086.00 GOGS (41,071.36) (37,645.19) (35,878.27) (42,349.76) (44,618.73) Gross Profit 12,070.41 11,702.29 9,660.96 12,269.95 12,467.28 Total Operating Expense (3,204.44) (3,115.96) (2,954.65) (3,496.34) (3,679.02) Operating Profit 8,865.97 8,586.33 6,706.31 8,773.61 8,788.26

Financing costs (92.42) (70.54) (80.21) (87.14) (95.81) Other Income (Charges) net 2,151.69 4,323.04 (103.93) 1,015.28 246.84 Income before income tax benefit 6,621.86 4,192.75 6,730.03 7,671.19 8,445.61 EBITDA 13,061.66 12,684.64 13,490.48 14,638.35 15,048.46 Net Income 5,369.62 3,853.49 5,002.23 6,344.20 6,616.40 EPS 1,439.52 1,033.07 1,341.03 1,700.80 1,773.77

Balance Sheet (IDR Bn)

2014 2015 2016 2017E 2018F

Cash and cash equivalents 10,067.73 15,421.14 19,468.79 14,677.65 16,450.08

Accounts receivables 13,112.59 11,479.71 11,041.51 11,971.44 13,176.58

Short-Term Investments 550.00 700.00 849.21 1,018.54 979.61

Inventories 7,770.09 8,328.33 7,108.04 8,576.56 9,169.51

Other Current Assets 2,087.32 3,338.46 3,737.69 4,089.06 4,479.55

Total Current Assets 33,587.73 39,267.64 42,205.25 40,333.26 44,255.33 Accumulated Depreciation 25,726.69 34,418.41 36,849.67 35,326.18 38,367.59 Total Non-Current Assets 26,726.98 22,455.69 21,793.91 31,317.58 33,215.42

Total Assets 60,314.71 61,723.33 63,999.16 71,650.84 77,470.74

ST Debt 1,278.69 1,135.90 1,028.07 1,245.16 1,295.06

Total Current Liabilities 16,297.82 18,280.29 18,355.95 21,111.96 22,534.39

LT Debt 1,318.61 1,091.32 64.89 77.83 81.34

Total Non-Current Liabilities 5,479.32 4,184.79 3,013.34 3,558.00 3,748.02

Total Liabilites 21,777.13 22,465.07 21,369.29 24,669.96 26,282.42

Total Equity 38,529.65 39,250.33 42,621.94 46,980.88 51,188.33

Net Debt/Cash 3,309.72 10,100.46 15,427.39 9,874.49 11,406.99

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RESEARCH TEAM

Phone : +62 21 25543946 (Hunting) Fax : +62 21 57935831 Email : research@bnisekuritas.co.id Website : www.bnisekuritas.co.id Norico Gaman (Head of Research Division) norico@bnisekuritas.co.id Ext: 3934 Investment Strategy Maxi Liesyaputra (Head of Equity Research Department) maxi@bnisekuritas.co.id Ext: 3968 Construction, Property, Infrastructure, Cement Ariawan

(Head of Fixed Income Research Department)

ariawan@bnisekuritas.co.id Ext: 2098

Fixed Income Market, Corporate & Government Bond

Andri Zakarias Siregar (Head of Technical Analysis Research Department)

andri.zakarias@bnisekuritas.co.id Ext: 2054

Market Strategy, Currency, Commodities, Bond & Stocks

Thennesia Debora (Equity Analyst) thennesia@bnisekuritas.co.id Ext: 2123 Transportation, Automotive, Heavy Equipment, Plantation, Health Care

Ankga Adiwirasta (Equity Analyst)

ankga.adiwirasta@bnisekuritas.co.id Ext: 3986

Consumer Good, Banking, Metal Mining, Telecommunication, Tower Infrastructure

Dessy Lapagu (Equity Analyst)

dessy@bnisekuritas.co.id Ext: 2051

Poultry, Crops, Fishery, Retail, Coal Mining, Pharmaceutical

Ahmad Hapiz (Fixed Income Analyst)

ahmad.hapiz@bnisekuritas.co.id Ext: 3978

Fixed Income Market, Corporate & Government Bond

R. Venia Allani Meissalina (Research Analyst/Assistant)

venia.allani@bnisekuritas.co.id Ext: 2050

Data Administrator

Indah Lestari Permata H. (Research Analyst/Assistant)

indah.lestari@bnisekuritas.co.id Ext: 2073

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EQUITY TEAM

CM : +62 21 25543946 (Hunting) Fax No : +62 21 57935831

Entis Sutisman ext. 3945 entis@bnisekuritas.co.id Head of Domestic Equity Department Teguh Hendro ext. 3948 teguh@bnisekuritas.co.id Institutional Sales Trader

Dharmawan P. ext. 3916 prasetyo@bnisekuritas.co.id Institutional Sales Trader Putri Erinasari ext. 3920 putri.erinasari@bnisekuritas.co.id Institutional Sales Trader Fian Pusparini ext. 3958 fian@bnisekuritas.co.id Head of Domestic Equity Sales Dini Desita ext. 3981 dinidesita@bnisekuritas.co.id Domestic Equity Sales Danovan Yazir ext. 3929 danovan@bnisekuritas.co.id Domestic Equity Sales

Jufrani Amsal ext. 3957 amsal@bnisekuritas.co.id Head of Channel Distribution Division Fahma Riniarti ext. 3917 ririn@bnisekuritas.co.id Head of Channel Development P. Sariningsih ext. 3984 p.sariningsih@bnisekuritas.co.id Head of Branch Supervision

Teuku Hafez ext. 2084 hafez@bnisekuritas.co.id Branch Manager Mangga Dua, Jakarta

Hapsari ext. 2078 hapsar@bnisekuritas.co.id Branch Manager Puri Indah, Jakarta

Fadjar H S ext. 2111 fadjar@bnisekuritas.co.id Branch Manager Central Park, Jakarta

M. Yasrul ext. 2081 m.yasrul@bnisekuritas.co.id Branch Manager Wisma Bumiputera

Fahmi Lubis ext. 2079 fahmi.lubis@bnisekuritas.co.id Branch Manager Bandung

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Agus Purwanto ext. 2090 agus.purwanto@bnisekuritas.co.id Branch Manager Solo Achmad Ridwan ext. 2088 ridwan@bnisekuritas.co.id Branch Manager Surabaya

Edith Febriana ext. 2082 edith@bnisekuritas.co.id Branch Manager Malang

Ni Nyoman Citasti ext.2080 citasti@bnisekuritas.co.id Branch Manager Denpasar Nirmasari N. ext. 2083 nirmasari@bnisekuritas.co.id Branch Manager Medan Ari Magdalena ext. 2086 arimagda@bnisekuritas.co.id Branch Manager Palembang

Rini Wati ext. 2085 rini_ng@bnisekuritas.co.id Branch Manager Pekanbaru

Allen Makalew ext. 2102 allen.makalew@bnisekuritas.co.id Branch Manager Manado

Melisa ext. 2136 melisa@bnisekuritas.co.id Branch Manager Aceh

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RESEARCH

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MAIN OFFICE - JAKARTA

PT BNI SEKURITAS

Sudirman Plaza, Indofood Tower 16th

Floor, Jl. Jend. Sudirman Kav. 76-78 Jakarta 12910, Indonesia

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DENPASAR

Komplek Pertokoan Diponegoro Megah Blok A5-6 Lantai 2 Jl. Diponegoro No. 100, Denpasar - Bali

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Fax: (62-761) 856279 e-mail: pekanbaru@bnisekuritas.co.id

MANADO

BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1 Jl. Piere Tendean, No. 20, Manado

Phone: (62-431) 847256 Fax: (62-24) 847256 e-mail: manado@bnisekuritas.co.id

ACEH

Kantor Cabang BNI Banda Aceh Lt.2 Jl. KH. Ahmad Dahlan No. 111, Banda Aceh

Phone: (62-651) 31109 Fax: (62-651) 31107

BANJARMASIN

Gd. Bank BNI Antasari Lt. 2 Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin

Phone: (62-511) 3253735 Fax: (62-651) 3253754 e-mail: banjarmasin@bnisekuritas.co.id

This document is not intended to be an offer, or a satisfaction of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by BNI SEKURITAS or any other member of the BNI Group, including any other member of the BNI Group from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and are subject to change without notice.

Dokumen ini tidak diperuntukan sebagai suatu penawaran, atau permohonan dari suatu penawaran, permintaan untuk membeli atau menjual efek dan segala hal yang berhubungan dengan efek (seperti efek yang disebutkan disini, atau dari emiten yang sama, dari waran atau hak memesan efek atau kepentingan lain dari efek tersebut). Seluruh informasi dan opini yang terdapat dalam dokumen ini dengan cara baik telah dihimpun dari atau berasal dari sumber-sumber yang dapat dipercaya dan diandalkan. Tidak ada pengatasnamaan atau jaminan, baik secara langsung maupun tidak langsung dari BNI SEKURITAS atau pun pihak-pihak lain dari Grup BNI, termasuk pihak-pihak lain dari Grup BNI dari mana dokumen ini dapat diperoleh, terhadap keakuratan atau kelengkapan dari informasi yang terdapat dalam dokumen ini. Seluruh pendapat dan perkiraan dalam laporan ini merupakan pertimbangan kami pada tanggal tertera dan dapat berubah sewaktu-waktu tanpa pemberitahuan.