PT. Panin Asset Management

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DAILY UPDATE

February 1, 2018

MACROECONOMIC NEWS

US Economy - The Conference Board's measure of consumer confidence rose to 125.4 in January, higher than the 123 anticipated by economists polled by Bloomberg. The measure had declined to 122.1 in December. "Expectations improved, though consumers were somewhat ambivalent about their income prospects over the coming months, perhaps the result of some uncertainty regarding the impact of the tax plan," Lynn Franco, Director of Economic Indicators at The Conference Board, said in a statement.

The S&P CoreLogic 20-city property values index increased 6.4% YoY in November, after climbing 6.3% YoY in the previous month. The Fed - Federal Reserve officials, meeting for the last time under Chair Janet Yellen, left borrowing costs unchanged while adding emphasis to their plan for more hikes, setting the stage for an increase in March under her successor Jerome Powell. The o ittee e pe ts that e o o i o ditio s ill e ol e i a manner that will warrant further gradual increases in the federal fu ds rate, the poli -setting Federal Open Market Co ittee said i Washi gto , addi g the ord further t i e to previous language. The changes to the statement, collectively acknowledging stronger growth and more confidence that inflation will rise to their 2% target, may spur speculation that the Fed will pick up the pace of interest-rate increases. Officials also said i flatio is e pe ted to o e up this ear a d to sta ilize around the goal, in phrasing that marked an upgrade from their statement in December.

CORPORATE NEWS

MDIA, VIVA – PT Intermedia Capital will issue up to USD 300 million 5-year global bonds with maximum coupon of 10% pa. MDIA will use the proceed to provide up to USD 350 million loan to its subsidiary, PT Cakrawala Andalas Televisi, and up to USD 400 million to its parent company, PT Visi Media Asia. The

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CORPORATE NEWS

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TLKM –PT Teleko u ikasi I do esia’s su sidiar , PT Metra et ill su s ri e to Cellu Glo al Zrt’s (a Hu gar ased company) private placement. The amount of transaction is USD 6 million and the ownership will be equal to 30.4%. SDMU – PT “ido ul o “elaras o tai ed shareholders’ appro al for the issua e of 113.5 illio shares through private placement mechanism. The exercise price is IDR 270.8 per share.

DILD– PT Intiland Development booked IDR 3.37 trillion marketing sales in FY17 (+106.8% YoY). The contribution from recurring income is IDR 432 billion.

CMNP– PT Citra Marga Nusaphala Persada plans to distribute bonus shares this year. The company obtained IDR 677 billion net income in 2017.

MKNT– PT Mitra Komunikasi Nusantara will continue its right issue plan which is scheduled for completion in 3Q18. The target proceed from the corporate action is estimated to reach IDR 1-1.2 trillion. MKNT targets IDR 9 – 10 trillion revenue and IDR 90 – 100 billion net profit in 2018.

PTPP– PT PP plans to issue IDR 3 trillion bond through continuous public offering in 2018. The proceed will be used to fund infrastructure investments and bond refinancing.

NISP– PT Bank OCBC NISP books IDR 2,2 trillion net profit in 2017, up by 22% yoy.

BBHI – PT Bank Harda International will conduct rights issue with target proceed of IDR 100 billion in March 2018. The proceed will be used to support credit growth.

TOPS – PT Totalindo Eka Persada targets IDR 4 trillion new contract in 2018, up by 33% yoy. In addition, TOPS allocates IDR 100 billion capex budget in 2018.

SIDO– PT Industri Jamu dan Farmasi Sido Muncul targets revenue growth of 15% yoy in 2018. IPCM– PT Jasa Armada Indonesia targets IDR 170 billion net profit in 2018, up by 43% 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 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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