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DAILY UPDATE

December 22, 2017

MACROECONOMIC NEWS

UK Economy - U.K. consumer confidence slipped to a four-year low in December and risks weakening further in 2018, according to a report. GfK said its key index fell by one point to minus 13, the lowest since December 2013 and below the level reached in the aftermath of the Brexit vote last year. Households declared themselves deeply pessimistic about the economic situation and less willing to make major purchases than at any time since 2014. Thailand Economy - Thaila d’s e t al a k kept its e h a k interest rate unchanged near a record low in the face of subdued inflation, and raised economic growth forecasts for this year and next. Monetary policy committee members voted unanimously to keep the one-day o d epu hase ate at .5%, he e it’s been since 2015, according to a Bank of Thailand statement. The Bank of Thailand has fought off calls to ease monetary policy this yea despite i flatio e ai i g elo the e t al a k’s ta get band of 1% to 4%.

CORPORATE NEWS

TPIA – PT Chandra Asri Petrochemical targets its butadiene factory construction to be completed on 1Q2018 and for it to be operational by 2Q2018. Production capacity is targeted to increase from 100,000 tons per year to 137,000 tons per year. In addition, TPIA estimates its capex to increase from USD 253 million this year to USD 398 million and USD 534 million in 2018 and 2019 respectively.

WEGE – PT Wijaya Karta Bangunan Gedung recorded IDR 12.7 trillion order book up to 2W December 2017, or 98.3% from the targeted IDR 12.92 trillion.

PANR – PT Panorama Sentrawisata projected sales and profit to grow 20% next year. This year, PANR expects sales growth to reach 15-18%.

CMPP – PT Rimau Multi Putra Pratama plans to acquire 5 A320 airbus. In addition, CMPP targets IDR 6.19 trillion revenue in 2018.

ADRO – PT Adaro Energy will distribute 2017 interim dividend of USD 0.00313 per share. Cum dividend is on 28th of December

2017. PT. Panin Asset Management

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CORPORATE NEWS

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PTPP – As of January-November 2017, PT PP booked IDR 37.4 trillion new contract (+25% YoY). The achievement is e ual to 9 . % of FY 7’s ta get. Ne o t a t that as o tai ed y the o pa y i No e e a ou ti g to IDR 3.9 trillion.

SIIP – PT Suryainti Permata will issue a maximum of IDR 2.1 million new shares in conjunction to its convertible bond. The principal amount of the convertible bond is IDR 941.7 billion while the conversion price/share is IDR 440. SIDO – PT Sidomulyo Selaras plans to conduct private placement by issuing 113.5 million new shares. SIDO expected to obtain minimum IDR 30.8 billion from the proceed. The proceed will be used for the expansion and operational of its business.

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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 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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