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DAILY UPDATE

January 29, 2018

MACROECONOMIC NEWS

US Property - Singapore ousted China to become the biggest Asian investor in U.S. commercial property last year. It was the first time since 2012 that the city outspent China, according to data from Real Capital Analytics and Cushman & Wakefield Inc. Deals by Chinese investors plunged 66% to USD 5.9 billion as regulators cracked down on capital outflows. Sovereign wealth fund GIC Pte accounted for almost three-quarters of the USD 9.5 billion of Singaporean purchases, investing in properties including 60 Wall Street in Manhattan, which houses the U.S. headquarters of Deutsche Bank AG, and a portfolio of student accommodation. Real estate firm CBRE Group Inc. anticipates si ilar tre ds i 8, ith “i gapore’s i stitutio al i estors diversifying abroad and China maintaining capital controls, said Yvonne Siew, executive director for capital advisory, Asia Pacific. Vietnam Economy - Vietnam should be cautious against more monetary accommodation as it could pose risks to the economy a d the a ki g se tor, Mood ’s I estors “er i e said. Gi e the go er e t’s fo us appears to e to ards supporting headline growth, the State Bank of Vietnam may continue to pursue a eutral to a o odati e poli sta e, A ushka “hah, Mood ’s so ereig a al st i “i gapore, said. Ho e er, easier monetary policy risks undermining macroeconomic stabilit , parti ularl a id alread rapid redit gro th, “hah said. A o ti ued a eleratio i redit gro th ould also pose so e risks to the a ki g se tor erodi g a ks’ apital

uffers.

CORPORATE NEWS

TOBA - PT Toba Bara Sejahtera will issue notes (USD 250 million) that may offer coupon up to 10% pa. TOBA will use the proceeds to finance its power plant project and refinance debt.

SOCI – PT Soechi Lines allocates capex of USD 30 million – 50 million to acquire tankers this year. Currently, SOCI has a total of 39 tankers for its shipping business, with 80% utilization rate. SOCI targets to increase utilization rate to 85%-90% in 2018. MARK – PT Mark Dynamics Indonesia reached production target of 5 million tons in 2017. MARK targets 540,000 units monthly

production or up by 30% in 2018. PT. Panin Asset Management JSX Building Tower I, 3rd Floor

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CORPORATE NEWS

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GMFI– PT Garuda Maintenance Facility AeroAsia targets market cap to reach USD 1 billion in 2-3 years. GMFI plans to issue 2.34 billion shares through private placement, amounting to 8.28% of issued capital. At IDR 336 per share (average price of 19 December 2017 – 25 January 2018), GMFI targets to raise a minimum of IDR 786.24 billion. BDMN – The Bank of Tokyo-Mitsubishi UFJ LTD (MUFG) targets additional 20.1% ownership in PT Bank Danamon Indonesia. MUFG is currently waiting for approval from shareholders as well as financial service authority to increase ownership to 40%.

CMPP– PT Air Asia Indonesia will add free float to 7.5% in 2Q18 from current level of 2.63%. MTRA– PT Mitra Pemuda targets revenue to reach IDR 300 billion this year (+5-6% YoY).

TBLA– PT Tunas Baru Lampung booked USD 200 million bond (or approxinmately IDR 2.69 trillion) with coupon rate of 7% per annum and term period of 5 years.

BBLD– PT Buana Finance obtained IDR 300 billion credit facility from PT Bank Tabungan Pensiunan Nasional (BPTN). The loan will be used for o pa ’s e pa sio pla .

WSBP– PT Waskita Beton Precast targets new contract in FY18 to reach IDR 11.5 trillion. Up to now, the company has obtained IDR 3 trillion new co tra t 6% of FY 8’s target .

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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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