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DAILY UPDATE

January 16, 2018

MACROECONOMIC NEWS

US Economy -

The consumer-price index rose just 0.1% from

November (Bloomberg consensus 0.1%), but core prices jumped

0.3% (Bloomberg consensus 0.2%), the most in 11 months.

Supporting the rise in underlying inflation pressures last month,

rents increased 0.4%. Owners' equivalent rent of primary

residence climbed 0.3% after gaining 0.2% in November. The cost

of medical care increased 0.3%, with prices for prescription

medication surging 1.0% after rising 0.6% in November. The cost

of both hospital and doctor visits increased 0.3%.

Euro-zone Economy

-

Europea U io ’s statisti s age

released the eurozo e’s gross do esti produ t data pri t hi h

came in 0.7% higher than in the three months through June. The

stronger performance means Eurozone economic growth in 2017

is more likely to reach the 2.4% forecast by the European Central

Ba k’s e o o ist.

CORPORATE NEWS

WIKA

PT Wijaya Karya targets to raise USD 400 million through

the issuance of Rupiah-denominated global bonds, Komodo

Bonds, with roadshow in Asia, London, and the US starting

January 16

th

2017. Rated Ba2 by Moody

s, WIKA plans to use the

proceeds from the bonds issuance for prefunding and capex

purposes.

AISA

PT Tiga Pilar Sejahtera Food was downgraded by Pefindo

from idBBB to idBB+ with credit watch and negative implication.

MIKA

PT Mitra Keluarga Karyasehat will buy back up to 5% of

its issued capital or 727.54 million shares. At closing price of IDR

1800/shares as of January 15th 2017, MIKA will potentially raise

IDR 1.3 trillion.

PADI

PT Minna Padi Investama Sekuritas will issue 11.3 billion

new shares through rights issue. At closing price of IDR

750/shares as of January 15th 2017, PADI will potentially raise

IDR 8.47 trillion.

BBNI

PT Bank Negara Indonesia targets SME loan to grow 20%

to IDR 12 trillion in North Sumatera and Aceh this year.

CFIN

PT Cilipan Finance Indonesia booked funding growth of

145% throughout 2017. Credit distributed reached IDR 8.37

trillion.

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CORPORATE NEWS

o t’d

BJTM

PT Bank Pembangunan Daerah Jawa Timur booked net profit of IDR 1.15 trillion as of December 2017, up

12.76% yoy through efficiency.

MCAS

PT M Cash Integrasi acquired 99% shares of PT Buana Agya Cipta, a company that owns the brand Elebox.

WSKT

PT Waskita Karya obtained IDR 1 trillion syndicate loan from 4 banks: SMI, Bank of Tokyo, BMRI and BNGA.

The proceeds will be used to fund the construction of Salatiga-Kartasura toll road.

TOPS

PT Totalindo Eka Persada signed a IDR 600 billion contract to construct flats with 0 down payment.

RBMS

PT Ristia Bintang Mahkotasejati plans to conduct right issue of 653.44 million new shares. The proceed is

targeted to reach IDR 326 billion.

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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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