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DAILY UPDATE

January 31, 2018

MACROECONOMIC NEWS

US Economy

- The Commerce Department said personal income

climbed by 0.4% in December (Bloomberg consensus 0.3%) after

rising by 0.3% in November. The report also said personal

spending rose by 0.4% in December following a 0.8% increase in

the previous month. The spending growth matched expectations.

The Dallas Fed manufacturing index of general business activity

rose to 33.4 in January (Bloomberg consensus 25.4) versus 29.7

in December. The gains were in shipments, prices received for

finished goods, cap ex and prices paid for raw materials.

Japan Economy

- Industrial production in Japan accelerated in

December, pushing output to the highest level since the global

financial crisis. The third straight month of rising factory output

points to solid economic growth in the fourth quarter. Industrial

production rose 2.7% in December from November. Year-on-year

production climbed 4.2%. Production is forecast to fall 4.3% this

month compared with December, and rise 5.7% in February. The

production index reached the highest level since 2008. Major

contributors to December production were transportation

equipment and general purpose machinery, the economy

ministry said. A big part of the expected drop in January output

is a forecast for a 17.7% decline in production of transportation

equipment, including autos and auto parts, the ministry said.

CORPORATE NEWS

TRIO

PT Trikomsel Oke plans to shut down a number of their

operational outlet.

KRAS

PT Krakatau Steel targets IDR 24 million net profit in 2018.

In addition, KRAS target sales volume to reach 2.8 million ton in

2018, up by 40% yoy.

MTLA

PT Metropolitan Land targets marketing sales to reach

IDR 2 trillion this year, IDR 1.5 trillion of which comes from

recurring income and IDR 500 billion from commercial project.

SDMU

PT Sidomulyo Selaras allocates capex of IDR 30.74 billion

this year. The proceeds will be used to add transportation fleets

to support new contract tender process. SDMU targets sales to

grow 5-10% to IDR 100-120 billion this year.

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CORPORATE NEWS

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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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