sof [BS/ONITR Canens Rating as Boys 748 % v0 Wits 1438 5 sis 4 m8 LMTotP 30/36 m0 last Price Pricing Currency Return Potential Ratu = fim iat De Macuare Dvdenvarerakis | ouperfor "oo 05/03/17 2 eae overt Gevamy | aad rood os) 20) 2 Be > BNI Searites Ricbacd2ery | bey o5jeai7 22s) 2 le 4 is Mandi Sekurtas PT/ndo Tanda Lenandia.| bey von ogo aS |e 9 Bernstein via Kk toecorm ‘sad 05/02/17, 29500 2 Ihe 0 PT Vary Asia Securities ai Ruston ° sa 0425/17, 29800 2 7 6S Vickers | tin Lin by soo 0424/17, 1359S 9 je Yuata Sects Ivestm Yap Sui Cu buy ‘Seo ogi 2980 2 ae 9 Maybank Kim Eng Rabi Sari Maina | bay sso oyzui7, 29st 2 | oR ba sovri buy sof oy 2950 2 Te Je Samuel Selartas indonesia Ferdnan | buy sso ani roo 1a piesa Secures Daniel Paggabean|ouy scour, | 2 ork awa Imconese Herero IDE ee ee | Ferings History | BW Current Wiles | EEMULT » > alt Coverage | AMR Next Areneerent © Ting 12M B/E 1255 yi 2iS/4 Pree Arourcement 4/20/17 Forward WME 216 Caren rice 1380000 Aug/liind 1 Ony Move 2684 /A—ELLTG (EBS) 22 Target Price naa beat $8 Weaker feat #08 Stronger fet Sof 8 cuss] 754 Weaker fest 6 of 8 Wet Income, ae Fetur om Bosets (8) Wi etre on Ey strong leing, supported by 2 22% arouth in loans to small businesses Fe | ane governent-related companies in 1g, should suppartrevenin mer at Bank alot fes| indonesia, Provshne remain 2 E| cancer, tty staying elevated = 7}‘atk Cetra sa THK PT “area Rating ws 7S ls Mit als 33 Law TgtP 30736 at rice 2ricng Currency feast ‘ by 150 05/04/17 e| 2 8 Macquarie paydenVantareks | outperform 9000) 05/08/17 ie) woo boven Govarny | a! iro 05/03/17 77 ae 4) Mapa Capital Ideresia ft Syaradi has 19850) 04/28/17 le} 9 91 Veli Asa Secrties Bu Rustarto |” buy noon ov] 77 Ne} 0 8 PT Kerns Securities Bima Seti tld 18500) 04/97/17 le| 7 Pain Slats Frederic Rasa | buy ‘9100 04/25/17 i¢| Se Xresa Securities [Daniel Panggabean ho 19025 04/25/17 le} 9 fe Mirae Asst Daewoo Secor Taye Shim os yz 77) lie} 10 rect Suisse Kaiay Jan 18i00 01/21/17, 788% ‘e| bs vanta Securities Investmian Swe Gu v4e00) 04/21/17, a i¢| 2 PRS Vekers Ive Lin im ova | lel Bak Cetra Ala TT ee ee | Feenings History | RN» Caren ples | MULT » sralyst Coverage tex incencenent Trang 124 P/E 21.05 aye Brier Arvewrcaert Forward 12M P/E 1937 Corre Pree ug/ml 1 Day Move Est L1G (8) Target Price Cansensus Overview | » Ade Fevemse 19 et Income, ae Retr on Beets (9 etn on Esty (8) Eocrings Tends | EH» Atocnbrg Ioteligence Review | Bt cA may be able to rase its margin threugh 2017, after 50 tps dete 1326 gars up ts balance Sheet by groming Tens, Ts lean-tondepost ratio sould rise patently helping NOM. Loan growth Sheu increase further in 24, asoos enna yore eens sor yusenary “onsen Rating 42 bys TLR 2 ow vols 588 8 ™ sels Ee 1 im LM tote 2 TORS om at rie 5000 aa Pring urercy mR eum Potetiat an TW Return 4m Ta >= cme 0) 05/03/07, 2 9 0B Kay ian oo 0808/1, 3 > PT Buaa Capita 7200 0426/7 28 3 4 kresna Secures pant Panggabean)_ boy 0 04/25/47 9 pT sinarmas Selartas evan i Hadivi. ruta sasojoyayry assy | ARRARAAARARA 6 OC Sears ‘ton 2) ov 20/0) 18.5% 7 Samuel Sskrtas nesting Friand "boy 2 Ov AT/T) 3848 © cee suze aay in| oper ren 1] A690 2 9 eke Bosh Tania | neta rs ov RIM § 10 P.M harsh Warchn Mo, overveiht 9 045/99, 26074 ) ort Secures InetnhapSvieG | by oxo oy 9/0) Sn) 2S Vickers Ie Lintim | hd oi oon sos epee anomie oe eo orgs tory | RH» Corre ies | EMT» > yt Comrage | AN» Nt fmosncenent (2) 7/2 Trang LOE 108 aya Mir src OWAY/IT Roma EMPE 859 are ce Ng/ingie Toayboe 2K MA EL LTE (BS) Target Price Cansensus Overview | » 1, Ade 5, ae 5 Revenue fet 7 of 8 Net Income, ae fet 6 of 8 Retr on Beets (9 1 Beturn on Eu (0) Eocrings Tends | EH» teligerce Review tarrngs Etimates Geach Bank Negara Indonesia may outpace ors again this yearn lan prow, driven by oversnertrelatad projects ad Corporates, starting ona trong footing after a 21.4 inerease in 10 Margins may core ander pressuredor ergy TP onze Rating Bs Ast Hg a Sls 5 BN Tet ex 20727 st Price Pricing Currency fet Potanial Uw Retun Fi lems 3 as 1 Mirae Asset Daewoo Secu 4 2. Morgan 9 8S viekers Pann Sehurtas 1 Mandi Selurtas PT/Indo Indo Pree Secures Daaretsa [TNH Kori Securities ) PT Siarmas Selaritas Feerings History | 3H ot Miles | EM Aalst Coverage | AN Nee reincrnent (© 778/17 Trang LMPFE Buy/Sell 2iV3 Pie donourcemert 4/28/17 Forward LM PE Curent rice (OR ‘g/Irglied Lay Move «2018 / NA. Est LTG (BS) Toget Price (DR) Conse Overview | EE » 5, Ps, cat 4) Net Income, ae Cperting Profi s\sstT08 sted 6 of 8 4 Wear seed 6 of 8 un weaker Wisse 6 of 8 iseed Sof Ea) oe = <= ia 7 * |‘onwaneu Rtg 4 bys BAS a felis 788 6 sels ont ° om LM Toth 29/95 aTTS ii last Price #000 Pricing Curercy m tur Patera 26h S00 05/04/17 3020 ¢ Hand Serta 1/1 moose mam 4 el esa Seats 5200 05/03/17 e eck sears 700 0503/04 le| 5. 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Consensus Overview | FE » Seger Wissel 7 of 8 averse 1293051 1 Stronger fast of § 4) Net Income, ae 086) Stronger Wssed 8 of Cperting Profi =F C ssstT08 Foenings Tends | 04 6Consens Rating bys 100k Fes Ok els 08 rNTee 1 Lact Pre Pring Cenc atu Poel Weta bee ee Fim Aira Sect shor Secities i Ree sma Th PT eo eee Me Fawrings Htary |» Curren Mules | EE MULT » Analyst Coverage | A » Next Aoneunceent Trang 124 P/E 6 yeas 20) Pree knsouncemert Forse 124 P/E S87 Grant Price (IDR; 30 ‘ig/lmgled 10 Hove «3.258 / NA Ea TG (ES) NA Tage Pie (Ine) 300 Consensus Overview | 20 BS Ale 20) Ste 25, ow ‘9 Iie 1) Revere 720000 no eaier ec Tecmo, ae 8.80 Ineaber Operating Prof ‘2st | si BIA 145.000 Earrings Trends | OM»sak} eras “oa 1 E = ch Si te ~ eh ae gx = a ——— i : i ‘ ¥£ Faring History | RN > host imosncement Pie Avene ug/Impind 1 Ony Move cansnsus Overview | 0 5, anes Fevemse 1 et Income, ch Coren Profit ss Tends |» oon 0428/17 bey 985 4735/1 by ops at 960 oar boy sd 0421/14, 38.05% 1) Orerainne | 970} 04/0/17) 856% tp 004 04/217) 9264 overweight znd oar 2116 4 by on 20/17, 38054 oy oy 047] BH 5 74 04/20/47, 5418 nesta solo, 25m 3 Pails | sralyt Coverage | AR syle 2/6 Gren Pe 5 Target Price % Trang 124 P/E Forward 124 BE st 1G (Bs) gs Etinates Geach(onsen Rating Bos SLT Hote = 45 Sls 13 BN Tg Pe B/D last rice Pricing currency fesum Potenoal Uw Reta Frm z (Cpadana Sohurtas ——Syaifl Ain ? by 5703/17 4e| Dekresm Sears idl mainta | by soa, z| Ino Pere Securtis Kevin Rust eld of 05/03/17, 248z te| 4 ese Ietvianawipin |i 5/047, ie 9 pnd Sdurtas Pr/indalrtan oezer | postr 5/01/17, ie| > organ Staney Dba Gangaar K.| zuolst/tractne oyzeii7 4454 ie Verdi ise fa hsartoro | neutral oasiiy 24 3) biel Oe Nmuca Envi Tandrwina evs oapgiiy 3279) ie| 5 amare Put aca by o4joea7, i¢| 1)» Naga Capital Indonesia Halen Vict 10 by joey, ie 0 Bs Permata Drmeno | set oui ie| Henan croc Tae key Hin | ta | tndofood CEP Sukses Maur Tak 2 ee ee faeningsHitory | RW aren Matis | Anaya Coverane | AR» Next kmeancement (© 0773/17 Trang 2H P/E fuyfeld/Sel—15/10/8 Pree Arourcemert 28/17 Farward 12M PE ren Pie ss000 ‘vg/moie 1 Day Nove (WA EALLTG (ES) Teese Price eel Canes Overview | £0 1a ES, cae 1 et Icom, ee Operating Pott u STOR=- MM At 11:59 Vo 711,400 045175) 445500) L 45000) Val 32.198 Analyst Recommendations Dever Inanesa TER PT sso 1 “ansrss Rating an mys 58 7 wis Bat v x0 als a Dw Tetrx 2129 4618 ast Price 45650 Pricg Currency TR tatu Pott on TM Return 26 ms | ‘ pros el 4 Morgan taney asa 05/01/17, 6.48) le| Seecesee” — Biteantae "| Shea Semis tn | 16 esc Evieren_ | mo Seem ie oases fetes gl Salen a ino Eeteecel at Seu] eon | (el 9 BCA Sohurtas heneterFrederika hola ssn) 04/21/97 le} Sense moe | ace | Sele ad | "cs ies = solani waa NE Unilever Indonesia Thk PT ee nakeoree "poy vapor naam Potmomee oer fortune = ay Glue Rowosioome amin | SOS in omnes Persons ieee 5 of © frissed 6 of 8 fea 8 Operating Prof sh BTN= MJ At 11:59 Vo 3,055,300 0 150003 H 15250) L 14975) Val 46,2698 DPF LD Egy | seals Recormendatens atari Daparene Store Tk PT sof SOOT Cansenaus Rating 0 Bs 708 2 Hos 2008 6 Sele 100 3 LN Tg Pe 24/30 1570 last Price 1525 Pricing Currency T® etn Potential a6 by ot 05/08/17 “ by oapa8/17 Mirae Asset Daewoo Sci rite Natasja | bad oan Nacquarie Fransisca widaja | outperform cyan 2472) is Ftarus suse. | nev 3 oar 8 Samuel Seturtas Inones Marlene Tanunba | by) ogyz7si7 25424 (CpadanaSehrtas Nebel Bataan | buy oan, 8 pnd Sekurtas PT/indo Laura Taslm | buy oayar/i7, 9 ema Hating Slaiman | set oar, 1)» Ngan Staney Divya Gangaar K.| Overet/tractie caper ast lore suise Bia hsatoro | osperorm 4/asia7 25428 a el. Morgan heat Semath | uncerwelght oapaeiin 63771 ‘aanar Department Store Th PT ee ee | Faring History | RN > Caren Mpls | EE MULT» > Alt Coverage | AMR het imosncenent (© o77a7/t7—Trating wm OE 2197 byes 2/6 Pree serearesment 24/25 Forward 12M P/E 1998 Garren Pee 15028. tug/Implied 1 Day ove «L008 / MA Eat. TG (ES) isk TargetPre 57708 51 Cperaing Profit sstTo8 ss Tends |» Atocnbrg Ioteligence Review | St Earrings Etiates Gra | EEG » =| atahari needs to Increase private label Sales an vive operating prot ich fall The retailer cou al tens popular categeries such a5 wernen's lohing under sizh exclusive brands to lice mere Shoppers and boost