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DAILY UPDATE

January 22, 2018

MACROECONOMIC NEWS

extraordinarily strong 29.8, fell 18 points. Nearly 36% of the firms reported an increase in new orders in January, while 26% reported declines.

US Housing - Housing starts decreased 8.2% to a seasonally adjusted annual rate of 1.192 million units last month (Bloomberg consensus 1.275 million), the Commerce Depart e t said. No e er’s sales pa e as re ised up to . 99 million units from the previously reported 1.297 million units. Building permits edged down 0.1% to a rate of 1.302 million units in December (Bloomberg consensus 1.295 million), outpacing starts, which suggests a rebound in groundbreaking in the coming months. Building permits increased 4.7% to 1.263 million units in 2017, also the highest level since 2007.

US Jobs - The Labor Department said initial claims for state unemployment benefits dropped 41,000 to a seasonally adjusted 220,000 (Bloomberg consensus 249,000) for the week ended Jan. 13, the lowest level since February 1973. Last week marked the 150th straight week that claims remained below the 300,000 threshold, which is associated with a strong labor market. That is the longest such stretch since 1970, when the labor market was much smaller.

UK Housing - UK house prices bounced back in December, with the Royal Institution of Chartered Surveyors saying its monthly reading came in at a plus 8. This exceeded expectations which sat at minus 2.

CORPORATE NEWS

WTON – PT Wijaya Karya Beton allocates capex of IDR 680 billion this year. 55% of the proceeds will be used to increase factory capacity, while 45% for subsidiaries and new facilities in its ready mix segment.

GMFI – PT Garuda Maintenance AeroAsia target its plan to issue 10% new shares through private placement to be conducted by the end of 1Q 2018.

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CORPORATE NEWS

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KRAS – PT Krakatau Bandar Samudera, a subsidiary of PT Krakatau Steel, targets to go public this year. On a separate note, KRAS allocates capex of USD 390 million to fund project development.

INDF – PT Indofood Sukses Makmur plans to construct flour factory to increase Bogasari division sales. The factory will increase 200,000 tons production per year.

BBRI – PT Bank Rakyat Indonesia, through its subsidiary, PT Bank BRI Agro aims to acquire several banks in 2018. ELTY – PT Bakrieland Development allocates capex of IDR 1 trillion this year. On a separate note, ELTY obtained shareholders’ appro al regardi g its pla to issue .5 illio u it aked arra t. The arra t ill e gi e to the bondholder (the amount of the bond is USD 155 million) and each warrant is entitled for 10 shares in ELTY. The e er ise pri e for the o ersio is IDR per share. I additio , the o pa also o tai ed shareholders’ appro al to let go 37.9% shares in PT Graha Andrasentra Propertindo (JGLE) that is owned through PT Prima Bisnis Utama (PBU). On a separate note, the company is working together with China Construction First Building Group Corporation to develop property project in Surabaya and Jakarta. The construction value for both projects is estimated to reach IDR 13.5 trillion.

BBNI – PT Bank Negara Indonesia targets credit growth to reach 15-17% YoY and third party fund of 15% this year. MBSS – PT Mitrabahtera Segara Sejati obtained USD 78 million contract for coal transportation from PT Muji Line. The term period of the contract is 5 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 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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