Bright Outlook for Indonesian Bonds

(1)

Bright Outlook for Indonesian Bonds

Indonesia FCLT Rating

S&P BB+

Moody’s Baa3 Fitch

BBB-Key Market Indicators as of 12 March 2014

BI Rate 7.50%

JCI 4,684

IDR 11,428

Inflation (YoY) 7.75%

Inflation (MoM) 0.26%

Domestic Bonds Outstanding

Gov’t Bonds as of 5 Mar 14 IDR 1,049.65 tn Corp Bonds as of Feb 14 IDR 219.44 tn

Trading Volume in February 2014

Government Bonds IDR150.12 tn Corporate Bonds IDR 9.99 tn

Benchmark Yields as of 12 Mar 2014

FR0069 (5 year) 7.712%

FR0070 (10 year) 8.002%

FR0071 (15 year) 8.508%

FR0068 (20 year) 8.606%

Source: Bloomberg Mid YTM

Analysts Amir A. Dalimunthe (62 21) 2955 5777 ext 3405 [email protected] Ayesha Ardelia (62 21) 2955 5777 ext 3406 [email protected] Rifki Rizal (62 21) 2955 5777 ext 3404 [email protected]

Monday Tuesday Wednesday Thursday Friday

14

27

Sources: IDX & Pefindo

Feb 2014 Calendar 18 19 10 11 12 13 28 20 21 24 25 26 7 3 4 5 6 17 TAFS01ACN1, TAFS01BCN1: New Issuance IDR 0.6tn MAPI01ACN2, MAPI01BCN2: New Issuance IDR 0.65tn PRTLOI: New Issuance IDR 1tn BJBR07A : Matured IDR 0.28tn ASDF12C : Matured IDR 0.74tn Rating : BCAF idAA+ idAAA Rating : BCAF Subordinated

idAA idAA+ Rating : IMAT idA idBBB+ Rating : IMFI negative Stable Rating : IMAT idA- idBBB+

(2)

Defisit neraca perdagangan

Data neraca perdagangan Indonesia per Januari 2014 menunjukkan penurunan ekspor dari USD16,98 miliar menjadi senilai USD14,48 miliar. Penurunan ini dipengaruhi oleh ekspor minyak mentah, ekspor produk hasil minyak, dan harga minyak mentah Indonesia di pasar dunia yang masing-masing turun sebesar 42,06%, 41,34%, dan 1,32%. Sementara itu, impor mengalami penurunan sebesar 3,50% menjadi USD 14,92 miliar. Penurunan ekspor yang lebih besar dari penurunan impor tersebut menyebabkan defisit neraca perdagangan sebesar USD 0,43 miliar di bulan Januari 2014.

Indikator pasar membaik

Sentimen positif datang dari Rupiah yang mulai menunjukkan penguatan terhadap dollar AS. Rupiah berada pada level Rp 12.213 per USD pada akhir Januari 2014 menguat 5,19% ke level IDR11.610 per USD pada akhir Februari 2014. Sejalan dengan pergerakan Rupiah, yield indeks pada awal Januari 2014 sebesar 8,97% turun 49bps mencapai 8,47% per 28 Februari 2014. Sementara itu, indikator utama pasar modal juga menunjukkan kondisi pasar yang mengalami perbaikan pada 2M14 terlihat dari IHSG yang mencapai level 4.620 per 28 Februari 2014 atau menguat 201 poin dari tanggal 31 Januari 2014.

Trade deficit in January 2014

Indonesia’s trade data in January 2014 shows a significant 14.63% decline in exports from USD16.98 billion to USD14.48 billion. Exports of crude oil, oil products and prices of Indonesian crude oil declined by 42.06%, 41.34%, and 1.32%, respectively. Meanwhile, imports declined by 3.50% to USD 14.92 billion. As the decline in exports surpassed the decline in imports, the trade balance showed a deficit of USD 0.43 billion in the first month of 2014.

Improving market indicators

Sentiment on the Rupiah was positive, and the currency recorded a 5.12% gain against the U.S. dollar in the first two months of 2014. From IDR12,213 per USD as of January 31, 2014, the Rupiah appreciated to IDR11,610 per USD as of February 28, 2014. Consistent with the Rupiah’s strengthening, Danareksa IDR Government Bond Yield Index declined to 8.47% as of February 28, 2014 from 8.97% in early January 2014, or down 49bps. Meanwhile, the main indicator of the stock market also showed an improvement in market conditions in 2M14: the JCI climbed to 4,620 by February 28, 2014, up 201 points from its position as of January 31, 2014.

Exhibit 1. Rupiah and Danareksa IDR Government Bond Yield Index 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 9500 10000 10500 11000 11500 12000 12500 2-Ja n -1 3 2-Fe b -13 2-M ar -13 2-A p r-13 2-M ay -13 2-Ju n -13 2-Ju l-1 3 2-A u g -13 2-Se p -13 2-O ct -13 2-N ov -13 2-D ec -13 2-Ja n -1 4 2-Fe b -14 2-M ar -14

USDIDR Yield Index

Source : Bloomberg & Danareksa Estimate

ID

r tr

illion

Exhibit 2. JCI and Danareksa IDR Government Bond Yield Index 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 3900 4100 4300 4500 4700 4900 5100 5300 2-Ja n -1 3 2-Fe b -13 2-M ar -13 2-A p r-13 2-M ay -13 2-Ju n -13 2-Ju l-1 3 2-A u g -13 2-Se p -13 2-O ct -13 2-N ov -13 2-D ec -13 2-Ja n -1 4 2-Fe b -14 2-M ar -14

JCI Yield Index

Source : Bloomberg & Danareksa Estimate

Inflasi rendah, BI rate tetap

Inflasi m-o-m bulan Februari 2014 dengan tahun dasar baru (2012) sebesar 0,26%, jauh lebih rendah dari bulan sebelumnya yaitu sebesar 1,27% juga lebih rendah dibandingkan Februari tahun sebelumnya sebesar 0,7%. Dengan inflasi m-o-m yang rendah, inflasi y-o-y pun mengalami penurunan dari 8,22% di bulan Januari 2014 menjadi 7,75% per Februari 2014. Secara seasonal bulan Februari cenderung memiliki tingkat inflasi m-o-m yang tinggi disebabkan peningkatan kelompok pengeluaran bahan makanan dan makanan jadi. Sedangkan

Low inflation, steady BI rate

With a new base year, m-o-m inflation reached 0.26% in February 2014, or much lower than the previous month’s 1.27% and February 2013’s 0.7%. With low m-o-m inflation, y-o-y inflation declined from 8.22% in January 2014 to 7.75% as of February 2014. Due to seasonality, m-o-m inflation tends to be higher in February, mainly stemming from seasonal increases in the prices of foodstuffs and processed foods. In the following months (i.e. March and April), inflation can be expected to decline due to harvesting. Furthermore, the

(3)

rate masing-masing pada level 7,50% dan 5,75%. Sementara JIBOR overnight rate dan JIBOR 3 months rate cenderung bergerak mendatar yaitu pada level 5,88% dan 8,02% pada bulan Februari 2014. Pada periode waktu yang sama, yield SUN 10 tahun mengalami penurunan 61bps menjadi 8,30%. respectively. Meanwhile, the JIBOR overnight rate and JIBOR

3-month rate moved sideways in February 2014 at around 5.88% and 8.02%, respectively. During the period, the 10-year SUN yield fell 61bps to 8.30%.

Exhibit 3. Inflation, BI rate, and JIBOR

3.5% 4.5% 5.5% 6.5% 7.5% 8.5% 1-Ja n-1 3 1-Fe b-13 1-M ar -13 1-Ap r-13 1-M ay -13 1-Ju n-13 1-Ju l-1 3 1-Au g-13 1-Se p-13 1-O ct -13 1-N ov -13 1-D ec -13 1-Ja n-1 4 1-Fe b-14 1-M ar -14

BI Rate JIBOR JIBOR 3M Inflation YoY

Source : Bloomberg

Pasar primer aktif

Selama dua bulan pertama di tahun 2014, Pemerintah telah melaksanakan 4 kali lelang SUN dan 3 kali lelang SBSN. Dari 4 kali lelang SUN, FR0070 sebagai benchmark 10-tahun telah dilelang sebanyak 3 kali dengan incoming bid secara berurutan sebesar Rp11,60 trilun, Rp8,34 triliun, dan Rp10,70 triliun. Minat yang tinggi juga ditunjukkan pada SPN dengan total incoming bid selama dua bulan pertama sebesar Rp34,92 triliun dengan rata-rata bid to cover ratio sebesar 4x. Peningkatan incoming bid yang signifikan terjadi pada lelang tanggal 4 Maret 2014, dengan total penawaran yang masuk sebesar Rp39,2 triliun dan total yang dimenangkan oleh pemerintah sebesar Rp15 triliun. Pada lelang tersebut, FR0071 (benchmark 15-tahun) menjadi seri obligasi pemerintah dengan total penawaran tertinggi yaitu sebesar Rp11,46 triliun dan diterima oleh pemerintah sebesar Rp4 triliun. Meningkatnya permintaan untuk tenor panjang merupakan sentimen positif bagi pasar obligasi Indonesia karena mengindikasikan peningkatan appetite untuk instrumen obligasi dengan potensi risk-and-return yang lebih tinggi.

Brisk activity in the primary market

During the first two months of 2014, the government conducted four SUN auctions and three SBSN auctions. In the four SUN auctions, FR0070 was auctioned 3 times with incoming bids reaching IDR11.60 trillion, IDR 8.34 trillion, and IDR10.70 trillion, respectively. Higher demand was also seen for the SPN series with total incoming bids in 2M14 of IDR34.92 trillion and an average bid-to-cover ratio of 4 times. A significant increase in incoming bids was seen at the government bonds auction on March 4, 2014, with total incoming bids amounting to Rp39.20 trillion. From that amount, the government accepted IDR15 trillion of the bids, resulting in an overall bid to cover ratio of 4 times. During the auction, FR0071 (15-year benchmark) received the most bids amounting to IDR11.46 trillion with the government accepting IDR4 trillion of the bids. The higher demand for long tenor bonds reflects improving sentiment in Indonesia’s domestic bonds market since these instruments have a more aggressive risk and return profile.

(4)

Total issuance obligasi korporasi mencapai Rp2,25 triliun dan yang jatuh tempo sebesar Rp3,02 triliun, sehingga total outstanding obligasi korporasi sampai dengan Februari 2014 adalah sebesar Rp218,28 triliun. Dibandingkan total outstanding akhir tahun lalu, terjadi penurunan sebesar Rp796 miliar. Seperti terlihat pada Exhibit 4, obligasi korporasi sebagian besar diminati oleh Pension Funds, Financial Institutions, dan Mutual Funds dengan komposisi masing-masing sebesar 28,86%, 19,67%, dan 19,16%.

In 2M14, total corporate bond issuances reached IDR2.25 trillion. Maturing corporate bonds, meanwhile, totaled IDR3.02 trillion. As such, total outstanding corporate bonds reached IDR218.28 trillion at the end of February 2014 or down by IDR796 billion from the position at the end of last year. As can be seen in Exhibit 4, corporate bonds were mostly owned by Pension Funds (28.86% of the total), Financial Institutions (19.67%), and Mutual Funds (19.16%).

Exhibit 4. Corporate bonds’ ownership

Insurance 16.10% Corporate 5.39% Pension Fund 28.86% Financial Institution 19.67% Individual 2.44% _{Mutual Fund} 19.16% Securities 0.49% Foundation 1.26% Others 0.16% Foreign 6.46%

(5)

Pasar menunjukkan perbaikan

Pasar obligasi domestik menunjukkan kinerja yang meningkat selama Februari 2014, mencatatkan return positif 3,79% dibandingkan dengan return bulan Januari sebesar negatif 1,86%. Return dari capital gain sebesar positif 3,17%, sedangkan return diperoleh dari pembayaran kupon sebesar positif 0,62%.

Return Obligasi tenor panjang lebih tinggi

Return obligasi bertenor panjang (obligasi dengan tenor lebih dari 3 tahun) yang lebih tinggi dibandingkan dengan obligasi bertenor pendek pada Februari 2014. Return dari masing-masing tenor sebesar positif 0,61% untuk tenor pendek dan positif 4,21% untuk tenor panjang.

Performa baik obligasi Pemerintah

Kondisi pasar memberikan dampak yang lebih signifikan terhadap obligasi Pemerintah dibanding obligasi korporasi tercermin dari return obligasi Pemerintah sebesar positif 4,05% dan obligasi korporasi sebesar positif 1,64%. Capital gain obligasi Pemerintah sebesar 3,44% sedangkan obligasi korporasi sebesar 0,92%. Untuk return yang diperoleh dari pembayaran kupon, korporasi memiliki return lebih tinggi (0,72%) dari obligasi pemerintah (0,61%).

Perdagangan sekunder obligasi sedikit menurun

Total volume transaksi obligasi di pasar sekunder mencapai Rp160,11 triliun selama Februari 2014. Perdagangan obligasi pemerintah tercatat sebesar Rp150,12 triliun, turun dari Rp155,96 triliun di bulan sebelumnya. Perdagangan obligasi korporasi turun menjadi Rp9,99 triliun dari Rp10,05 triliun di

Better market performance

The domestic bonds market showed better performance in February 2014, with a positive return of 3.79% after recording a negative return of 1.86% in the previous month. The capital gain was positive 3.17% while the return from coupon payments was 0.62%.

Returns on long tenor bonds were higher

Returns on bonds with tenors more than 3 years was greater than the returns on short tenor bonds in February 2014. For the short tenors, the return was positive 0.61% while the long tenors gave a positive return of 4.21%.

Government bonds performed well

Market conditions affected the prices of government bonds more than the prices of corporate bonds. For Government bonds, the return reached 4.05% while for corporate bonds the return was 1.64%. The capital gain for government bonds was 3.44% while the capital gain for corporate bonds was 0.92%. The return from coupon payments on corporate bonds was higher than that on government bonds at 0.72% and 0.61%, respectively.

Slightly lower trading in the secondary market

Total trading in the secondary market reached IDR160.11 trillion in February 2014. Government bonds trading was recorded at IDR150.12 trillion, or down from IDR 155.96 trillion in the previous month. Corporate bonds trading fell to IDR9.99 trillion from IDR10.05 trillion in the previous month.

Exhibit 5. Changes in the yield curve

-0.60% -0.50% -0.40% -0.30% -0.20% -0.10% 0.00% 0. 25 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31

Source : Danareksa Estimate

Exhibit 6. Average monthly trading

50,000 100,000 150,000 200,000 250,000 F e b -1 3 M ar -1 3 Ap r-1 3 Ma y-1 3 Ju n -1 3 Ju l-1 3 A u g -1 3 S e p -1 3 O c t-1 3 N ov -1 3 D e c-1 3 Ja n -1 4 F e b -1 4

Avg Monthly Transaction for Corporate Bonds : IDR10,608.45 trillion Avg Monthly Transaction for Governemnt Bonds : IDR143,157.52 trillion Source : IDX process data & Danareksa Estimate

(6)

Bond Market Review

No. Bond ID Bond Name Issued Listed Maturity Coupon Rating Amount

Date Date Date Rate (%) (IDRbn)

1 TAFS01ACN1 Obligasi Berkelanjutan I Toyota Astra Financial 13-Feb-14 14-Feb-14 23-Feb-15 9.6 AAA(Idn) 88 Services Dengan Tingkat Bunga Tetap Tahap I

Tahun 2014 Seri A

2 TAFS01BCN1 Obligasi Berkelanjutan I Toyota Astra Financial 13-Feb-14 14-Feb-14 13-Feb-17 10.5 AAA(Idn) 512 Services Dengan Tingkat Bunga Tetap Tahap I

Tahun 2014 Seri B

3 MAPI01ACN2 Obligasi Berkelanjutan I Mitra Adiperkasa Tahap II 20-Feb-14 21-Feb-14 20-Feb-17 10.9 idAA- 370 Tahun 2014 Dengan Tingkat Bunga Tetap Seri A

4 MAPI01BCN2 Obligasi Berkelanjutan I Mitra Adiperkasa Tahap II 20-Feb-14 21-Feb-14 20-Feb-19 11.5 idAA- 280 Tahun 2014 Dengan Tingkat Bunga Tetap Seri B

5 PRTLOI Obligasi Protelindo I Tahun 2014 28-Feb-14 3-Mar-14 28-Feb-17 10.5 AA-(idn) 1000

Total Issuance Feb 2014 2,250

New Issuance of Corporate Bonds in Feb 2014

Source: IDX

Maturity of Corporate Bonds in Feb 2014

No. Bond ID Bond Name Maturity Coupon Rating Amount

Date Rate (%) (IDR bn)

1 BJBR07A Obligasi VII Bank Jabar Banten Tahun 2011 Seri A 9-Feb-14 9.2 idAA- 276 2 ASDF12C Obligasi Astra Sedaya Finance XII Tahun 2011 Seri C 25-Feb-14 9.7 idAA+ 741

Total Feb 2014 1,017

Source: IDX

Maturity of Corporate Bonds in Mar 2014

No. Bond ID Bond Name Maturity Coupon Rating Amount

Date Rate (%) (IDR bn)

1 ADMF02ACN1 Obligasi Berkelanjutan II Adira Finance Tahap I 2013 Seri A 11-Mar-14 6.85 idAA+ 439 2 SMADMF01ACN1 Sukuk Mudharabah Berkelanjutan I Adira Finance Tahap I 11-Mar-14 6.85 idAA+(sy) 66

Tahun 2013 Seri A

3 ASDF11F Obligasi Astra Sedaya Finance XI Tahun 2010 Seri F 18-Mar-14 10.9 idAA+ 370 4 VRNA01C Obligasi Verena Multi Finance I Tahun 2011 Seri C 18-Mar-14 11.25 idA 300 5 BCAF03D Obligasi BCA Finance III Tahun 2010 Seri D 23-Mar-14 10.95 idAAA /AA+(idn) 100 6 SMFP02ACN2 Obligasi Berkelanjutan II Sarana Multigriya Finansial Tahap II 31-Mar-14 6.8 idAA 160

Tahun 2013 Dengan Tingkat Bunga Tetap

Total Mar 2014 1,435

(7)

Rating Change of Corporate Bonds in Feb 2014

Source: Pefindo

No. Bond ID Date Change Previous Change to Reason of rating change

1 BCAF 10-Feb-14 idAA+ idAAA The upgrades reflect very strong likelihood of support as the core BCAF Subordinated idAA idAA+ subsidiary of PT Bank Central Asia Tbk (BBC A or the Pare nt) as the

controlling share holder, in line with BCAF’s increasing contribution to the Parent. The ratings also reflect very strong market position in car financing business and favorable asset quality indicators.

2 IMAT 10-Feb-14 idA idBBB+ The rating downgrade is drive n by IMAT’s incre asing financial leverage and lower sales than expected, which significantly affected the Company’s cash flow protection measures. Lower ratings also reflect the decrease in the Company’s business performance which is below the overall industry

growth.

3 IMFI 10-Feb-14 negative stable The outlook revision is mainly triggered by the Company’s capability in recovering its asset quality profile especially from new car and motorcycle financing segments. The ratings reflect the strong business synergy with its ultimate parent, PT Indomobil Sukses Internasional Tbk (Indomobil Group) and strong capitalization.

4 INAF 12-Feb-14 idA- idBBB+ The downgrade is mainly driven by the Company’s weakening profitability stable negative margin due to higher labor expense and higher raw material costs

following Rupiah depreciation against US Dollar. In addition, renovation during Fe bruary to July 2013 caused some disruption in INAF’s production facility, resulting in higher toll manufacturing expense. Lower profitability has led to deterioration of INAF’s financial leverage and cash flow protection ratios.

(8)

Bond Market Review

Transaction Activitiy in Feb 2014 for All Corporate Bonds with Maturity of Less than 3 Year and Total Volume of more than IDR10 billion

No Bond ID Bond Maturity Rating Coupon Last Last Last Vol Freq

Name Date Trade Price YTM (IDRbn)

Maturity < 3 years

1 ASDF02BCN2 Obligasi Berkelanjutan II Astra Sedaya Finance dengan 26-Nov-16 idAA+/AAA(idn) 9.50 27-Feb-14 100 9.50 575.00 16 Tingkat Bunga Tetap Tahap II Tahun 2013 Seri A

2 ADMF02BCN2 Obligasi Berkelanjutan Ii Adira Finance Tahap II 24-Oct-16 idAA+ 10.50 13-Feb-14 100 10.50 480.00 12 Tahun 2013 Seri A

3 BEXI01BCN3 Obligasi Berkelanjutan Indonesia Eximbank I 23-May-16 idAAA 6.40 27-Feb-14 94.62 9.08 223.00 16 Dengan Tingkat Bunga Tetap Tahap III Tahun 2013 Seri B

4 TAFS01BCN1 Obligasi Berkelanjutan I Toyota Astra Financial Services 13-Feb-17 AAA(idn) 10.50 26-Feb-14 100.65 10.24 150.00 5 Dengan Tingkat Bunga Tetap Tahap I Tahun 2014 Seri B

5 JPFA01CN1 Obligasi Berkelanjutan I JAPFA Tahap I Tahun 2012 12-Jan-17 idA/A+(idn) 9.90 14-Feb-14 98.795 10.38 123.00 9 6 APLN01B Obligasi I Agung Podomoro Land Tahun 2011 Seri B 25-Aug-16 idA 11.00 25-Feb-14 101.74 10.20 117.00 9 7 FIFA01BCN2 Obligasi Berkelanjutan I Federal International Finance 4-Apr-16 idAA+/AAA(idn) 7.75 26-Feb-14 100 7.75 107.00 12

Dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri B

8 TAFS03B Obligasi Toyota Astra Financial Serv ices III 2013 Seri B 17-May-16 AAA(Idn) 7.60 26-Feb-14 100 7.60 105.50 11 9 JSMR01BCN1S Obligasi Berkelanjutan I Jasa Marga Tahap I 27-Sep-16 idAA 8.70 11-Feb-14 100 8.70 92.00 3

Tahun 2013 Seri S Seri B

10 BCAF01BCN2 Obligasi Berkelanjutan I BCA Finance Dengan 14-Jun-16 idAA+/AAA(idn) 7.50 25-Feb-14 96 9.45 80.00 2 Tingkat Bunga Tetap Tahap II Tahun 2013 Seri B

11 BCAF01CCN1 Obligasi Berkelanjutan I BCA Finance Dengan 9-May-15 idAA+/AA+(idn) 7.60 26-Feb-14 98.5 8.93 75.52 5 Tingkat Bunga Tetap Tahap I Tahun 2012 Seri C

12 JPFA01CN2 Obligasi Berkelanjutan I JAPFA Tahap II Tahun 2012 1-Feb-17 idA/A+(idn) 9.90 14-Feb-14 98.745 10.40 72.00 6 13 BNII01ACN2 Obligasi Berkelanjutan I Bank BII Tahap II 2012 Seri A 31-Oct-15 idAA+/AAA(idn) 7.60 27-Feb-14 97.5 9.22 70.00 2 14 BNGA01BCN2 Obligasi Berkelanjutan I Bank CIMB Niaga Tahap II 20-Nov-16 idAAA/AAA(idn) 9.15 25-Feb-14 100.15 9.09 62.00 4

Tahun 2013 dengan Tingkat Bunga Tetap Seri B

15 SIKISAT04B Sukuk Ijarah Indosat IV Tahun 2009 Seri B 8-Dec-16 idAA+(sy) 11.75 27-Feb-14 104.9 9.72 56.00 10 16 SMKBSBR01 Sukuk Mudharabah I Bank Nagari Tahun 2010 13-Jan-16 idA(sy) - 11-Feb-14 101.37 (0.71) 55.00 7 17 BNGA01ACN2 Obligasi Berkelanjutan I Bank CIMB Niaga Tahap II 20-Nov-15 idAAA/AAA(idn) 8.75 4-Feb-14 97.65 10.20 52.00 6

Tahun 2013 dengan Tingkat Bunga Tetap Seri A

18 SMKBSSB01 Sukuk Mudharabah Bank Sulselbar I Tahun 2011 12-May-16 idA 72.50 11-Feb-14 100.5 72.02 50.00 5 19 AIRJ01C Obligasi TPJ I Tahun 2008 Seri C 13-Mar-15 A(idn) 13.25 13-Feb-14 109.52 4.21 48.00 4 20 FIFA01CCN1 Obligasi Berkelanjutan I Federal International Finance 20-Apr-15 idAA+ 7.65 28-Feb-14 98.05 9.46 48.00 7

dengan Tingkat Bunga Tetap Tahap I Tahun 2012 Seri C

21 PPLN08C Syariah Ijarah PLN I Tahun 2006 21-Jun-16 idAA+(sy) 13.60 25-Feb-14 108.02 9.70 43.80 13 22 BIIF02A Obligasi II BII Finance Tahun 2013 Dengan 19-Jun-16 AA+ (idn) 7.75 28-Feb-14 95.98 9.71 40.00 3

Tingkat Bunga Tetap Seri A

23 SMADMF01CCN1 Sukuk Mudharabah Berkelanjutan I 1-Mar-16 idAA+(sy) 7.85 26-Feb-14 97 9.50 34.00 14 Adira Finance Tahap I Tahun 2013 Seri C

24 WOMF05D Obligasi V WOM Finance Tahun 2011 Seri D 4-Mar-15 AA(idn) 11.00 26-Feb-14 101.9 9.03 30.34 6

(9)

Transaction Activitiy in Feb 2014 for All Corporate Bonds with Maturity of Less than 3 Year and Total Volume of more than IDR10 billion

Maturity < 3 years

25 SANF01BCN1 Obligasi Berkelanjutan I SAN Finance Dengan 25-Sep-16 idAA-/AA(idn) 9.75 14-Feb-14 100.24147 9.64 26.00 2 Tingkat Bunga Tetap Tahap I Tahun 2013 Seri B

26 FAST01 Obligasi Fast Food Indonesia I Tahun 2011 6-Oct-16 idAA 9.50 25-Feb-14 97.75 10.49 26.00 5 dengan Tingkat Bunga Tetap

27 BTPN02B Obligasi Bank BTPN II Tahun 2010 Seri B 18-May-15 AA-(idn) 10.60 26-Feb-14 101.1333 9.61 25.00 3 28 TAFS02B Obligasi Toyota Astra Financial Services II 5-Jun-15 AAA(idn)/idAA 7.50 7-Feb-14 95.9 10.85 23.00 5

Tahun 2012 Dengan Tingkat Bunga Tetap Seri B

29 BTPN01ACN2 Obligasi Berkelanjutan I Bank BTPN dengan 3-Aug-15 AA-(idn) 7.75 26-Feb-14 100 7.75 23.00 5 Tingkat Bunga Tetap Tahap II Tahun 2012 Seri A

30 ADMF01BCN3 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 27-Sep-15 idAA+ 7.75 13-Feb-14 100 7.75 22.50 7 dengan Tingkat Bunga Tetap Tahap III Tahun 2012 Seri B

31 BSLT04 Obligasi Bank Sulut IV Tahun 2010 9-Apr-15 idA- 12.00 26-Feb-14 100 11.99 22.00 2 32 BTPN01BCN1 Obligasi Berkelanjutan I Bank BTPN dengan 28-Jun-16 AA-(idn) 9.90 24-Feb-14 99.35 10.21 22.00 3

Tingkat Bunga Tetap Tahap I Tahun 2011 Seri B

33 BSDE01ACN1 Obligasi Berkelanjutan I Bumi Serpong Damai 4-Jul-15 idA+ 8.00 13-Feb-14 111.97 (0.56) 16.00 4 Tahap I Tahun 2012 Seri A

34 PNBN05 Obligasi Bank Panin IV Tahun 2010 9-Nov-15 idAA/AA(idn) 9.00 13-Feb-14 111.91 2.01 16.00 4 35 BIMF01B Obligasi I Bima Multi Finance Tahun 2013 Seri B 9-Jan-16 (Idr)BBB 11.65 24-Feb-14 99.9 11.70 14.00 3 36 BWPT01 Obligasi I BW Plantation Tahun 2010 16-Nov-15 idA 10.68 13-Feb-14 86 20.34 11.00 5 37 ADMF01CCN1 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 16-Dec-16 idAA+ 9.00 26-Feb-14 100 9.00 11.00 2

Dengan Tingkat Bunga Tetap Tahap I Tahun 2011 Seri C

38 SMFP01BCN2 Obligasi Berkelanjutan I SMF Tahap II 2012 Berjamin Seri B 25-Apr-15 AA(idn) 7.35 27-Feb-14 97.4 9.74 10.85 5

(10)

Bond Market Review

Transaction Activitiy in Feb 2014 for All Corporate Bonds with Maturity 3 - 5 Year and Total Volume of more than IDR10 billion

Source: PLTO IDX

Maturity > 3 < 5 yrs

1 LTLS01CN1 Obligasi Berkelanjutan I Lautan Luas Tahap I Tahun 2013 19-Jun-18 idA- 9.75 14-Feb-14 100.03 9.74 396.00 2 2 SSIA01B Obligasi Surya Semesta Internusa I Tahun 2012 Seri B 6-Nov-17 idA 9.30 25-Feb-14 96.03 10.61 213.00 9 3 SIAGII02 Sukuk Ijarah Aneka Gas Industri II Tahun 2012 18-Dec-17 A-(idn) 9.90 26-Feb-14 85.1 15.11 167.50 12 4 AKRA01A Obligasi I AKR Corporindo Tahun 2012 Seri A 21-Dec-17 idAA- 8.40 13-Feb-14 112.1 4.93 166.00 7 5 MEDC01CN2 Obligasi Berkelanjutan I Medco Energi Internasional 15-Mar-18 idAA- 8.85 13-Feb-14 111.95 5.56 136.00 8

Tahap II Tahun 2013

6 APLN01CN1 Obligasi Berkelanjutan I Agung Podomoro Land Tahap I 27-Jun-18 idA 9.25 25-Feb-14 93.04 11.30 90.20 20 Tahun 2013

7 PPLN09A Obligasi PLN IX Tahun 2007 Seri A 10-Jul-17 idAA+ 10.40 6-Feb-14 101.45 9.89 70.00 9 8 PPLN01ACN2 Obligasi Berkelanjutan I PLN Tahap II Tahun 2013 Seri A 10-Dec-18 idAAA 9.00 28-Feb-14 97.25 9.72 64.00 11 9 AISA01 Obligasi TPS Food I Tahun 2013 5-Apr-18 idA- 10.25 25-Feb-14 100 10.25 62.00 10 10 SMKMYOR02 Sukuk Mudharabah II Mayora Indah Tahun 2012 9-May-17 idAA-(sy) - 11-Feb-14 102.06 (0.63) 60.00 8 11 BNGA01BCN1 Obligasi Berkelanjutan I Bank CIMB Niaga Tahap I 30-Oct-17 idAAA/AAA(idn) 7.75 27-Feb-14 88 11.82 59.75 12

Tahun 2012 Dengan Tingkat Bunga Tetap Seri B

12 PNBN04SB Obligasi Subordinasi Bank Panin III Tahun 2010 9-Nov-17 idAA-/A+(idn) 10.50 25-Feb-14 97.86 11.21 54.33 7 13 APLN02 Obligasi II Agung Podomoro Tahun 2012 15-Aug-17 idA 9.38 26-Feb-14 101.5 8.87 47.20 8 14 ADHISM1CN2 Sukuk Mudharabah Berkelanjutan I ADHI Tahap II 2013 15-Mar-18 idA(sy) 0.63 25-Feb-14 100.5 0.51 42.00 8 15 MEDC03 Obligasi Medco Energi Internasional III Tahun 2012 19-Jun-17 idAA- 8.75 26-Feb-14 100 8.75 30.00 3

Dengan Tingkat Bunga Tetap

16 JSMR01CCN1S Obligasi Berkelanjutan I Jasa Marga Tahap I 27-Sep-18 idAA 8.90 11-Feb-14 99 9.17 30.00 2 Tahun 2013 Seri S Seri C

17 ASDF02CCN2 Obligasi Berkelanjutan II Astra Sedaya Finance dengan 26-Nov-17 idAA+/AAA(idn) 9.75 4-Feb-14 100 9.75 20.00 1 Tingkat Bunga Tetap Tahap II Tahun 2013 Seri A

18 SMFP02BCN1 Obligasi Berkelanjutan II Sarana Multigriya Finansial 27-Dec-17 idAA 7.50 5-Feb-14 90.53 10.49 20.00 2 Tahap I Tahun 2012 Dengan Tingkat Bunga Tetap Seri B

19 IMFI01CCN2 Obligasi Berkelanjutan I Indomobil Finance dengan 8-May-17 idA 8.50 13-Feb-14 102.35 7.67 16.00 4 Tingkat Bunga Tetap Tahap II Tahun 2013 Seri C

20 WSKT02B Obligasi II Waskita Karya Tahun 2012 Seri B 5-Jun-17 idA- 9.75 26-Feb-14 99.95 9.77 16.00 4 21 JMPD13R Jasa Marga XIII Seri R Tahun 2007 21-Jun-17 idAA 10.25 28-Feb-14 102.45 9.38 16.00 9 22 ADMF01CCN3 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 27-Sep-17 idAA+ 8.75 26-Feb-14 100 8.75 15.00 1

dengan Tingkat Bunga Tetap Tahap III Tahun 2012 Seri C

23 BNII01SB Obligasi Subordinasi I Bank BII Tahun 2011 19-May-18 idAA 10.75 28-Feb-14 98.55 11.18 15.00 5 24 BNLI02SB Obligasi Subordinasi II Bank Permata Tahun 2011 28-Jun-18 idAA- 11.00 26-Feb-14 101 10.71 12.00 3 25 SIAISA01 Sukuk Ijarah TPS Food I Tahun 2013 5-Apr-18 idA-(sy) 10.25 25-Feb-14 101.17 9.90 11.00 4

(11)

Transaction Activitiy in Feb 2014 for All Corporate Bonds with Maturity more than 5 Year and Total Volume of more than IDR10 billion

Source: PLTO IDX

Maturity > 5 yrs

1 BNII01SBCN2 Obligasi Subordinasi Berkelanjutan I Bank BII 31-Oct-19 idAA/AA(idn) 9.25 25-Feb-14 95 10.43 217.00 3 Tahap II Tahun 2012

2 BSBR02SB Obligasi Subordinasi II Bank Nagari Tahun 2012 26-Jun-19 idA- 10.15 26-Feb-14 100 10.15 75.00 23 3 DSMF02 Efek Beragun Aset Danareksa SMF II - KPR BTN Kelas A 10-Dec-19 idAAA 11.00 14-Feb-14 100.945 10.78 73.06 6 4 SIKBLTA02B Sukuk Ijarah Berlian Laju Tanker II Tahun 2009 Seri B 31-Mar-23 idA-(sy) 16.20 25-Feb-14 100 16.20 60.00 14 5 BBMISMSB1CN1 Sukuk Subordinasi Mudharabah Berkelanjutan I 29-Jun-22 idA(sy) - 25-Feb-14 103.14 #VALUE! 26.00 11

Tahap I Bank Muamalat Tahun 2012

6 PNBN01SBCN1Obligasi Subordinasi Berkelanjutan I 20-Dec-19 idAA- 9.40 26-Feb-14 100 9.40 25.10 8 Bank Panin Tahap I Tahun 2012

7 PPLN12B Obligasi PLN XII Tahun 2010 Seri B 8-Jul-22 idAA+ 10.40 5-Feb-14 101.7 10.10 25.00 5 8 SIISAT05 Sukuk Ijarah Indosat V Tahun 2012 27-Jun-19 idAA+(sy) 8.63 27-Feb-14 94.85 9.88 21.00 6 9 BBTN14 Obligasi XIV Bank BTN Tahun 2010 11-Jun-20 idAA 10.25 10-Feb-14 99 10.47 20.00 2 10 ANTM01BCN1 Obligasi Berkelanjutan I Antam Tahap I Tahun 2011 Seri B 14-Dec-21 idAA 9.05 27-Feb-14 93.2 10.33 17.00 6 11 BBTN01CN2 Obligasi Berkelanjutan I Bank BTN Tahap II Tahun 2013 27-Mar-23 idAA/AA(idn) 7.90 24-Feb-14 83.5 10.77 14.00 7 12 JMPD14JM10 Obligasi Jasa Marga XIV Seri JM-10 12-Oct-20 idAA 9.35 26-Feb-14 100 9.35 13.00 2 13 BNLI01SBCN2 Obligasi Subordinasi Berkelanjutan I 19-Dec-19 idAA- 9.40 26-Feb-14 101.45 9.08 12.00 3

Bank Permata Tahap II Tahun 2012

(12)

(13)

Appendix 1. Winners and Losers in Feb 2014

TEN BEST

Bonds Current Maturity Total Outstanding Rating Interest Price Total

Coupon Date (IDR mn) Return Return Return

Obligasi Subordinasi Berkelanjutan I Bank Panin 9.40% 20-Dec-19 2,000,000,000,000.00 idAAA 0.6% 17.9% 18.6% Tahap I Tahun 2012

Obligasi I AKR Corporindo Tahun 2012 Seri A 8.40% 21-Dec-17 623,000,000,000.00 AA(idn) 0.5% 16.5% 17.0% Obligasi Berkelanjutan I Medco Energi Internasional 8.85% 15-Mar-18 1,500,000,000,000.00 idAA- 0.5% 12.2% 12.8% Tahap II Tahun 2013

Obligasi I AKR Corporindo Tahun 2012 Seri B 8.75% 21-Dec-19 877,000,000,000.00 idAA+ 0.6% 11.4% 12.0% Obligasi TPJ I Tahun 2008 Seri C 13.25% 13-Mar-15 368,000,000,000.00 idAA 0.9% 9.4% 10.2% Obligasi Medco Energi Internasional III Tahun 2012 8.75% 19-Jun-17 1,500,000,000,000.00 idA/A+(idn) 0.6% 9.0% 9.6% Dengan Tingkat Bunga Tetap

Obligasi Subordinasi II Bank CIMB Niaga Tahun 2010 10.85% 23-Dec-20 1,600,000,000,000.00 idAAA 0.7% 8.2% 8.9% Obligasi Berkelanjutan I Indomobil Finance dengan 8.50% 8-May-17 208,000,000,000.00 idAA+ 0.5% 8.2% 8.7% Tingkat Bunga Tetap Tahap II Tahun 2013 Seri C

Obligasi Subordinasi III Bank OCBC NISP Tahun 2010 11.35% 30-Jun-17 880,000,000,000.00 idA/A+(idn) 0.8% 6.9% 7.7% Obligasi Subordinasi Berkelanjutan I Bank BII 10.00% 6-Dec-18 500,000,000,000.00 idA- 0.7% 6.1% 6.9% Tahap I Tahun 2011

TEN WORST

Bonds Current Maturity Total Outstanding Rating Interest Price Total Coupon Date (IDR mn) Return Return Return

Obligasi Berkelanjutan I Bank BTN Tahap II Tahun 2013 7.90% 27-Mar-23 2,000,000,000,000.00 idBBB+ 0.7% -16.3% -15.6% Obligasi Subordinasi Bank Mandiri I Tahun 2009 11.85% 11-Dec-16 3,500,000,000,000.00 idAA+ 1.1% -14.2% -13.1% Obligasi Berkelanjutan I OCBC NISP Tahap I Tahun 7.40% 19-Feb-16 1,498,000,000,000.00 idAA/AA(idn) 0.7% -7.4% -6.7% 2013 Dengan Tingkat Bunga Tetap Seri C

Obligasi I PNM Tahun 2012 9.10% 12-Oct-17 500,000,000,000.00 idAA 0.7% -4.4% -3.7%

Obligasi Surya Semesta Internusa I Tahun 2012 Seri B 9.30% 6-Nov-17 550,000,000,000.00 idAA- 0.8% -3.6% -2.8% Obligasi Berkelanjutan I Bank CIMB Niaga Tahap I 7.75% 30-Oct-17 1,400,000,000,000.00 idAA- 0.7% -3.4% -2.7% Tahun 2012 Dengan Tingkat Bunga Tetap Seri B

Obligasi Berkelanjutan I SMF Tahap II Tahun 2012 7.55% 25-Apr-17 838,000,000,000.00 idAA- 0.6% -2.3% -1.7% Berjamin Seri C

Obligasi Berkelanjutan I PLN Tahap II Tahun 2013 Seri A 9.00% 10-Dec-18 593,000,000,000.00 idAA- 0.7% -2.3% -1.6% Obligasi Berkelanjutan I Bumi Serpong Damai 8.38% 5-Jun-18 1,750,000,000,000.00 idA 0.7% -2.2% -1.5% Tahap II Tahun 2013

Obligasi Berkelanjutan I BCA Finance Dengan 7.70% 9-May-16 600,000,000,000.00 idA 0.6% -2.0% -1.3% Tingkat Bunga Tetap Tahap I Tahun 2012 Seri D

Appendix 2. Total Return Bond Index

MoM (%) YoY (%) YTD (%)

Dec-13 Jan-13 Feb-13 Dec-13 Jan-13 Feb-13 2012 2013 2014

Composite 1.84 -1.86 3.79 -10.14 -11.52 -9.24 12.20 -10.14 1.86

Governments 1.88 -2.17 4.05 -13.18 -14.31 -11.90 12.52 -13.18 1.79

Corporates 1.61 0.02 1.64 4.70 2.83 3.43 10.81 4.70 1.66

Finance 0.83 0.82 1.34 5.17 5.58 5.99 10.10 5.17 2.17

Banking 1.55 0.13 0.67 5.52 3.03 3.11 12.04 5.52 0.80

Consumer Goods Industry 3.02 -1.91 1.00 6.58 2.49 3.44 9.05 6.58 -0.93

Telecommunication -0.60 1.28 1.91 -1.15 -1.75 -1.65 9.41 -1.15 3.22

(14)

Appendix 3. Danareksa Bond Index - Feb 2014 Overview

Return Total Return per Periode

Total* Price Interest Last Last Year to Last Last

3mo 6mo Date 12mo 24mo

Broad Market Index (full maturity range)

Composit 3.79 3.17 0.62 3.73 4.31 -8.47 -9.24 -1.46

Government 4.05 3.44 0.61 3.70 4.25 -11.63 -11.90 -4.88

Corporate 1.64 0.92 0.72 3.30 4.00 6.44 3.43 14.80

Finance 1.34 0.66 0.67 3.01 4.61 7.45 5.99 14.50

Banking 0.67 -0.04 0.71 2.36 4.00 6.37 3.11 17.48

Consumer Goods Industry 1.00 0.30 0.70 2.07 1.85 5.59 3.44 13.22

Telecommunication 1.91 1.14 0.77 2.60 0.86 2.04 -1.65 9.69

Infrastructure, Utilities & Transportation 2.20 1.35 0.85 4.57 4.68 9.25 2.52 12.80

Property 0.45 -0.31 0.76 1.76 1.98 5.05 1.29 17.74

AAA …A 1.63 0.91 0.72 3.17 3.97 6.58 3.56 14.89

A-…BBB+ 1.90 1.11 0.79 5.98 4.69 0.09 -2.30 9.33

SOE -0.71 -1.51 0.80 0.68 1.40 3.43 -1.04 11.12

Short-term Market Index (1 to 3 yrs)

Composit 0.61 -0.08 0.70 2.35 4.12 25.02 3.37 10.34

Government 1.18 0.49 0.70 2.51 4.53 20.33 1.53 7.30

Corporate -0.26 -0.96 0.70 2.02 3.44 29.65 4.97 13.59

Finance 1.55 0.88 0.67 3.08 4.71 30.69 7.10 15.95

Banking -2.71 -3.36 0.65 -1.50 1.16 28.31 2.38 11.60

Consumer Goods Industry -0.28 -1.05 0.77 1.13 3.29 21.05 4.61 12.00

Telecommunication 0.23 -0.56 0.79 1.83 4.19 30.02 5.13 13.58

Property 0.83 0.02 0.81 3.70 3.54 48.00 3.84 17.75

AAA …A -0.30 -1.00 0.70 1.97 3.39 28.87 5.37 13.95

A-…BBB+ -0.30 0.63 -0.93 5.55 6.63 5.43 -21.80 -12.58

SOE -2.72 -3.60 0.87 -0.90 0.86 24.85 1.11 8.08

Mid-term Market Index (more than 3 yrs)

Composit 4.21 3.60 0.61 3.88 4.33 22.18 -10.89 -2.94

Government 4.30 3.69 0.61 3.80 4.23 19.62 -12.88 -5.64

Corporate 3.07 2.34 0.73 4.31 4.71 39.90 3.10 15.95

Finance 0.25 -0.46 0.72 2.47 4.13 24.36 2.63 10.14

Banking 2.87 2.12 0.74 4.91 6.05 40.03 4.42 20.31

Consumer Goods Industry 1.61 0.95 0.66 1.46 1.08 37.99 2.53 8.12

Telecommunication 3.17 2.42 0.76 3.66 0.81 32.91 -2.63 10.65

Property 0.38 -0.37 0.75 1.51 1.70 23.31 0.94 17.99

AAA …A 3.16 2.43 0.73 4.20 4.73 39.90 3.09 15.90

A-…BBB+ 1.98 1.22 0.76 6.15 4.51 38.87 3.39 14.12

(15)

Appendix 4. Key Characteristics of Domestic Bonds

Total Weighted Average Average Average Average Market Weight Weight Return Average Coupon Modified Term Convexity Value in Sub in Broad (base year: Dec-04=100) Index YTM (%) Duration (IDR bn) Index Market

All Maturity Market Index

Composite 280.41 8.62 9.54 3.58 5.54 17.54 826,431 100.0 100.0

Government 269.24 8.48 9.38 6.09 11.39 39.07 737,647 89.3 89.3

Corporate 313.17 9.91 9.61 2.54 3.12 8.62 88,784 10.7 10.7

Finance 292.81 9.29 8.97 1.96 2.23 4.99 16,192 18.2 2.0

Banking 273.62 10.47 9.71 2.88 3.67 10.91 37,359 42.1 4.5

Consumer Goods Industry 300.29 9.70 9.13 2.85 3.41 9.11 3,850 4.3 0.5 Telecommunication 292.60 9.67 10.29 2.29 2.76 7.34 4,495 5.1 0.5 Infrastructure, Utilities & 344.60 9.41 11.32 2.52 3.12 8.28 9,305 10.5 1.1 Transportation

Property 324.11 10.78 9.67 2.79 3.42 9.35 8,050 9.1 1.0

AAA …A 310.71 9.87 9.48 2.52 3.08 8.47 84,138 94.8 10.2

A-…BBB+ 286.30 10.55 10.45 2.72 3.41 9.65 4,646 5.2 0.6

SOE 318.69 10.48 10.13 2.69 3.40 9.77 30,036 33.8 3.6

Short-term Market Index (1 to 3 yrs)

Composit 254.39 8.10 9.54 1.67 1.88 3.81 96,576 100.0 100.0

Government 223.70 6.98 9.66 1.47 1.67 4.26 58,465 60.5 60.5

Corporate 307.41 6.98 9.53 1.69 1.90 3.77 38,110 39.5 39.5

Finance 323.09 9.20 8.89 1.70 1.90 3.81 13,526 35.5 14.0

Banking 282.24 11.21 9.31 1.78 2.01 4.11 14,753 38.7 15.3

Consumer Goods Industry 238.65 10.39 9.90 2.44 2.87 6.90 1,250 3.3 1.3 Telecommunication 331.44 9.61 10.72 1.52 1.74 3.46 1,925 5.1 2.0 Infrastructure, Utilities & 277.01 8.59 12.51 1.53 1.76 3.34 3,348 8.8 3.5 Transportation

Property 292.11 10.45 10.02 1.77 2.00 3.77 1,275 3.3 1.3

AAA …A 296.80 10.13 9.40 1.72 1.94 3.91 37,270 97.8 38.6

A-…BBB+ 239.16 12.09 11.13 1.24 1.37 2.16 840 2.2 0.9

SOE 261.09 11.21 10.41 1.77 2.03 4.10 12,477 32.7 12.9

Mid-term Market Index (more than 3yrs)

Composit 284.59 8.69 9.53 4.86 7.99 26.69 729,855 100.0 100.0

Government 274.35 8.62 9.35 6.59 12.44 42.83 679,181 93.1 93.1

Corporate 330.10 9.72 9.68 3.49 4.48 13.99 50,674 6.9 6.9

Finance 281.12 9.76 9.25 2.81 3.34 8.93 2,666 5.3 0.4

Banking 266.67 10.02 10.09 3.92 5.23 17.30 22,606 44.6 3.1 Consumer Goods Industry 286.79 9.38 8.75 3.06 3.68 10.21 2,600 5.1 0.4 Telecommunication 291.68 9.72 9.64 3.43 4.29 13.16 2,570 5.1 0.4 Infrastructure, Utilities & 351.77 9.90 10.36 3.31 4.21 12.22 5,957 11.8 0.8 Transportation

Property 282.49 10.85 9.53 3.17 3.96 11.44 6,775 13.4 0.9

AAA …A 320.01 9.68 9.57 3.52 4.51 14.23 46,868 92.5 6.4

(16)

RESEARCH TEAM

Debt Research (62 21) 350 9888

Fax No. (62 21) 350 1709

Head of Debt Research

Yudistira Slamet

[email protected] ext. 3400

Credit Analysts Production & Database Management

Amir A. Dalimunthe Eka Nuraini

[email protected] ext. 3405 [email protected] ext. 3407

Ayesha Ardelia Market Analyst

[email protected] ext. 3406 Rifki Rizal

[email protected] ext. 3404 Melissa Hartono

Debt Capital Market Division

Debt Capital Market Div. (62 21) 350 9888

Fax No. (62 21) 3501724/25

Head of Debt Capital Market

Budi Susanto

Debt Sales & Brokerage (62 21) 3501088 Debt Trading & Investment

Rina Rimawati D Romi Mulyadi

[email protected] ext. 3223 [email protected] ext. 3213

Agung Suprihanto

[email protected] ext. 3212 Product & Retail

Setyo H. Purnomo

Putrika Mayadipta [email protected] ext. 3226

Ariningtyas W. Agustina

Hernita Dwi Ariesandhy

(17)

PT Danareksa Sekuritas

1st-3rd Fl, Danareksa Building Jl. Merdeka Selatan No. 14

Jakarta, INDONESIA

Tel : (62-21) 3509888 Fax : 62 21 3501709 DISCLAIMER

The information contained in this report has been taken from sources which we deem reliable. However, none of P.T. Danareksa Sekuritas and/or its affiliated companies and/or their respective em-ployees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue hereof.

This document does not constitute, nor is it calculated to invite, an offer or invitation to subscribe for or purchase any securities or financial instruments and neither this document nor anything contained herein shall form the basis for or be relied upon in connection with any contract or commitment whatsoever.

To the extent that any securities or financial instruments or issues are discussed in this report, please note that P.T. Danareksa Sekuritas and/or its affiliated companies and/or their respective employees and/or agents may from time to time make markets in such securities or financial instruments, hold share options, rights and/or warrants in respect thereof and may, as principal or agent, buy or sell such securities or financial instruments.

No action has been or will be taken in any country or jurisdiction that would permit a public offering of any investments referred to in this document, or possession or distribution of this document, or any other offering or publicity material relating to any company or investment mentioned in this document, in any country or jurisdiction where action for that purpose is required.

We have no responsibility to update this report in respect of events and circumstances occurring after the date of this report.

We expressly disclaim any responsibility or liability (express or implied) of P.T. Danareksa Sekuritas and/or its affiliated companies and/or their respective employees and/or agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, actions, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither P.T. Danareksa Sekuritas and/or its affiliated companies and/or their respective employees and/or agents accepts liability for any errors, omissions or mis-statements, negligent or otherwise, in this report and any liability in respect of this report or any inaccuracy herein or omission herefrom which might otherwise arise is hereby expressly disclaimed.

Accordingly, none of P.T Danareksa Sekuritas and/or its affiliated companies and/or their respective employees and/or agents shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement or omission in any information contained in this report.

The information contained in this report is not to be taken as any recommendation made by P.T. Danareksa Sekuritas and/or its affiliated companies and/or their employees and/or agents to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regard to the specific person who may receive this report. In considering any investment you should make your own independent assessment and seek your own professional financial and legal advice.

U.S. Distribution: This report is only intended for distribution in the United States to “major U.S. institutional investors” as defined by Rule 15a-6 under the Securities Exchange Act of 1934 and may not be reproduced, transmitted and/or distributed, directly or indirectly, to any other person in the United States.

Hong Kong Distribution: This document has not been registered as a prospectus with the Registrar of Companies in Hong Kong and may not be issued or passed on in Hong Kong to any persons other than to a person whose ordinary business is to buy and sell shares or debentures.

UK Distribution : This document has not been approved as an investment advertisement in the United Kingdom pursuant to Section 57 of the Financial Services Act 1986 and may not be issued or passed on in the United Kingdom except to a person who is of a kind described in Article 11(3) of the Financial Services Act 1986 (Investment Advertisements) (Exemption) Order 1996 or is a person to whom the document may otherwise lawfully be issued or passed on. At your request, this report is being provided to you as a potential investor who is a person of a kind described in Article 11(3)