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DAILY UPDATE

January 17, 2018

MACROECONOMIC NEWS

Indonesia Economy -

In the last month of 2017 Indonesia posted

a USD 270 million trade deficit according to the latest data from

Statistics Indonesia (BPS). Indonesia posted a trade surplus in all

months of 2017 with the exception of July and December.

Indonesia's exports reached USD 14.79 billion in December 2017,

up 6.93% yoy from the nation's exports in the same month one

year earlier. Meanwhile, its imports reached USD 15.06 billion,

up 17.83% yoy from imports. Hence, the trade deficit in

December 2017 was caused by rapidly rising imports, boosted by

the purchase of raw materials and capital goods for local

manufacturing purposes. Meanwhile, December exports did not

live up to expectations due to a slowdown in automotive parts

and vegetable oil shipments.

ECB -

Mi utes fro the Europea Ce tral Ba k’s eeti g i

December suggested the bank may take a more hawkish stance

on its monetary policy. While rate-hike speculation has ramped

up, Bundesbank President Jens Weidmann, who tends to be on

the hawkish side of ECB poli y, said i

i e t risk of a ha ge is

s all for the o e t, a Reuters re

port quoted him as saying in

Germany. The ECB will next meet on Jan. 25.

CORPORATE NEWS

INDY

PT Indika Energy allocates capex of USD 140 million this

year. Majority of the proceeds will be used for heavy equipment

maintenance of its subsidiary, PT Petrosa.

PPRE

PT PP Presisi targets IDR 700 billion contribution to

revenue (eqv. 10

15% of revenue) from its hauling business in

2018.

TOPS

PT Totalindo Eka Persada books IDR 1.4 trillion new

contract up to the third week of January 2018. In addition, TOPS

target IDR 4.2 trillion new contract in 2018.

ANJT

PT Austindo Nusantara Jaya will strengthen its sago

busness this year. The company plans to raise the production

capacity of its sago factory in Papua from 1,260 tonnes per month

to 3,000 tonnes.

PPRE

PT PP Presisi booked IDR 5.9 trillion new contract in 2017

or

% fro FY 7’s target.

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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.

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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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