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DAILY UPDATE

January 24, 2018

MACROECONOMIC NEWS

US Economy -

The Chicago Fed National Activity Index (CFNAI)

indicated stronger-than-expect growth in December, gaining

0.27 in December from a revised 0.11 in November. That slightly

beats the already elevated 0.22 consensus Bloomberg forecast.

Two of the four broad categories of indicators increased from

increase 24.37% to 50 million tons this year. DOID allocates capex

of USD 200 million

225 million in 2018. The proceeds will be

used for maintenance of heavy equipment and expansion.

MIKA

PT Mitra Keluarga Karyasehat will implement 5% share

buyback for maximum of 727.5 million unit shares. The corporate

action is estimated to require IDR 1.4 trillion fund.

PGAS

PT Pertamina plans to inject capital to PT Perusahaan Gas

Negara which amount is equivalent to 56.96% ownership. PGAS

will hold extraordinary shareholder meeting regarding this

matter and if approved, PT Pertamina will be the controlling

shareholder of PGAS. In addition, integration scheme between

PGAS and PT Pertamina Gas (Pertagas) is still in the process and

is scheduled for completion in 1Q18.

GIAA

PT Garuda Indonesia plans to issue domestic bond and

global bond which total amounting to USD 950 million. The

company will allocate USD 650 million fund from the issuance

proceed for refinancing while the rest will be used for expansion.

MYOH

PT “a i do Resour es’s o er urde re o al i FY17

has e eeded a age e t’s target. Volu e i reased 7.4%

YoY to 51.6 million bcm.

MYRX

PT Hanson International will let go 15% of ownership in

PT Harvest Time to the public in 1Q18. The target proceed from

the IPO is IDR 300-500 billion.

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

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CORPORATE NEWS

o t’d

PPRE

PT PP Presisi estimated consolidation revenue in FY17 to increase by 389% to IDR 1.8 trillion.

BLTZ

PT Graha Layar Prima obtained IDR 355.08 billion loan for expansion and renovation. BLTZ targets to add 14

16 new theaters this year. BLTZ booked 9M2017 net sales of IDR 592.56, up 37% yoy.

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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 and are subject to change without 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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