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DAILY UPDATE

January 15, 2018

MACROECONOMIC NEWS

US Economy - Retail sales increased a seasonally adjusted 0.4% in December from the prior month, the Commerce Department said, falling short of the expectations of economists surveyed by The Bloomberg of 0.5%. Retailers had their best holiday season since 2010, according to the National Retail Federation, which reported that sales in the November-December period rose 5.5% compared with the year earlier period. This increase topped the t ade g oup’s e pe tatio s fo sales e ludi g estau a ts, automobiles and gasoline to rise 3.6% to 4%.

Business inventories in the U.S. rose 0.4% in November (Bloomberg consensus 0.4%) after no change in the prior month, the Commerce Department said. Sales jumped 1.2% in the month. The ratio of inventories to sales, meanwhile, fell to 1.33 from 1.34. One year ago, the inventory-to-sales ratio was higher at 1.40, reflecting an excessive buildup in production not is still that the Fed will raise interest rates three times this year, stressing the need for the cent al a k to a t i a g adual a , ut to o ti ue to e o e the a o odatio . He added that he sees economic growth for the U.S. between 2.5% and 2.75% this ea . Chi a holds the o ld’s la gest fo eig -exchange reserves, at USD 3.1 trillion, and regularly assesses its strategy for investing them

CORPORATE NEWS

GMFI –PT Garuda Maintenance Facility AeroAsia allocates capex of USD 100 million in 2018 to fund business expansion to the Middle East.

HOKI– PT Buyung Poetra Sembada allocates IDR 100 billion in 2H2018 for new factory development. HOKI will use internal cash and bank loans. HOKI targets sales and profit to grow 11%-12% in 2018.

PT. Panin Asset Management JSX Building Tower I, 3rd Floor

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CORPORATE NEWS

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TLKM– PT Telekomunikasi allocates 60% of 2018 budget for its subsidiary, PT Telekomunikasi Seluler to develop base transreceiver station.

SCMA– PT Surya Citra Media targets to raise IDR 3.57 trillion through private placement. SCMA will issue up to 1.46 billion new shares or 10% of issued capital at IDR 2466/share.

BFIN– PT BFI Finance Indonesia distributed IDR 14.3 trillion credit financing throughout 2017, exceeding its IDR 13 trillion target, up 33.6% from 2016.

WSBP - PT Waskita Beton Precast booked IDR 11.03 trillion new contract in FY17. The realization is equal to 89.67% of 7’s target set by the management.

AKRA –PT AKR Co po i do’s usi ess of o -subsidy fuel is ready for operation. AKRA established a JV with British Petroleum (BP) that involves in providing fuel to retail. AKRA owns 51% of the JV while the rest is owned by BP. PSSI– PT Pelita Samudera Shipping targeted an increase in revenue by 34% this year. The company has acquired 4 additional ships at the end of last year. With the additional ships, the company expects a growth in the volume of coal transport hence, an increase in revenue.

ADRO – PT Adaro Energy plans to accelerate the process of drilling of 2,375.5 meter in Tutupan mining, South Kalimantan this month. Whereas the total drilling expense last year amounting to USD 1.71 million.

PTPP – PT PP Properti start the construction of Weston View, apartment and office towers project. The total investment amounting to IDR 3.9 trillion and the time of construction is 5-6 years.

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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 he ei efle t the autho ’s judg e t o the date of this epo t a d a e su je t to ha ge ithout oti e.

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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