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DAILY UPDATE

January 18, 2018

MACROECONOMIC NEWS

US Treasury

Chi a a d Japa ’s o i ed share of Treasuries

fell to about 36% of all foreign-held U.S. government debt in

November, the lowest level in about 18 years. China, the biggest

foreign holder of U.S. bonds, notes and bills, saw its total drop

1.1% to USD 1.18 trillion from the previous month, according to

Treasury Depart e t data released. Japa ’s holdi gs dropped

0.9% to USD 1.08 trillion, the lowest in more than four years.

Thailand Economy

Thailand raised its minimum wage

nationwide for the

first ti e i fi e years, as the ou try’s

military government tries to tackle lingering income inequality.

The wage will climb from April by THB 5 (16 cents) to THB 22 per

day, depending on location, Jarin Chakkaphark, permanent

secretary for labor, said in Bangkok. The revised daily range of

308 baht to 330 baht is about 2% to 7% higher than current

levels.Prime Minister Prayuth Chan-

O ha’s ad i istratio this

week also approved a THB 150 billion (USD 4.7 billion)

supplementary budget, partly to fund poverty alleviation

initiatives. The outlay comes ahead of elections that Prayuth has

said will take place in November, amid speculation about

whether the self-professed soldier-turned-politician will attempt

to garner enough support to emerge as premier after the polls.

CORPORATE NEWS

ROTI

PT Nippon Indosari Corpindo plans to construct 2 new

factories in Gresik and Lampung on 1Q 2018. ROTI will utilize the

IDR 1.3 trillion proceed from its rights Issue in 2017 to fund the

construction.

SSIA

PT Surya Semesta Internusa received 85% or IDR 2.18

trillion from the divestment of cikopo

palimanan toll road to PT

Astratel Nusantara.

BJTM

PT Bank Pembangungan Daerah Jawa Timur prepares IDR

50 billion for IT expenditures in 2018.

ELTY

PT Bakr

iela d De elop e t o tai ed shareholders’

approval for the issuance of 2.52 million warrants. The corporate

action is conducted to restructure its USD 155 million bond.

Shareholders are given the right to buy 10 shares for every 1

warrant. In addition, shareholders also approved the plan to let

go 37.9% shares in PT Prima Bisnis Utama.

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CORPORATE NEWS

o t’d

GMFI

PT Garuda Maintenance Facility AeroASia allocates USD 127 million capex this year. The proceed will be used

for acquisition plan as well as expanding its business capacity.

WIKA

PT Wika Realty, a subsidiary of PT Wijaya Karya will construct 12 projects in 2018: 5 high rise, 4 residential

and 3 recurring projects. The total investment for the 12 projects amounting to IDR 18.4 trillion.

BBNI

PT Bank Negara Indonesia reported its 4Q2017 financial results:

BBNI (IDR bn) 2016 2017 YoY Q3 2017 Q4 2017 QoQ

Net Interest Income 29,995 31,938 6.5% 8,107 8,427 3.9%

Non Interest Income 10,200 11,420 12.0% 2,710 3,075 13.5%

Other Operating Expense 27,433 28,051 2.3% 6,663 7,754 16.4%

Operating Profit 14,104 17,074 21.1% 4,575 4,323 -5.5%

Net Income Before Tax 14,303 17,165 20.0% 4,704 4,402 -6.4%

Net Income 11,339 13,616 20.1% 3,744 3,459 -7.6%

EPS (IDR) (diluted) 610 730 19.7% 201 185 -8.0%

CAR 19.4% 18.5% -0.8% 19.0% 18.5% -0.5%

NIM 6.2% 5.5% -0.7% 5.5% 5.5% 0.0%

ROE 15.5% 15.6% 0.1% 15.9% 15.6% -0.3%

ROA 2.7% 2.8% 0.1% 2.8% 2.8% -0.1%

NPL (Gross) 3.0% 2.3% -0.7% 2.8% 2.3% -0.5%

NPL( Net) 0.4% 0.7% 0.3% 0.8% 0.7% -0.1%

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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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