Adhi Karya (ADHI IJ)
Adhi Karya
27 September 2018
(ADHI IJ)
Results Note
BUY(Unchanged)
Strong 2H18 result, slightly above
Target price (Rp)
Rp1,600
Prior TP (Rp)
Rp2,700
Shareprice (Rp)
Rp1,380
Strong 1H18 result of Rp213bn (+62% yoy), above historical average
Major new contract of Rp9tn from toll road concession
Upside/downside (%)
+15.9
Expect higher DER from investment in several unsolicited toll roads
Sharesoutstanding (m)
3,561
Maintain Buy with lower TP of Rp1,600 (target P/E of 7.8x)
Marketcap. (US$ m)
329
Free float (%)
49.0
Avg. 6m dailyT/O (US$ m)
Strong result with margin expansion all across the board. ADHI reported
relatively strong earnings of Rp213bn in 1H18 (+62% yoy), which came above
expectation forming 29% of our FY18F earnings forecast (Consensus: 26%). The
strong earnings was above ADHI’s 5-year 1H’s achievement average of 25%,
which mainly supported by margin expansion all across the board due to better
margin from LRT Jabodebek and TOD projects. ADHI booked gross margin of
15.8% in 1H18, which was company best performance ever. In quarterly basis,
ADHI booked a strong earnings of Rp139bn in 2Q18 (+90% qoq, +24% yoy),
supported by high net margin of 4.7% in 2Q18 (2Q17:3.8%; 1Q18 2.3%).
0.8
Price Performance
Absolute (%)
3M
6M
12M
-22.9
-33.3
-31.0
-28.2
-30.3
Relative to JCI (%) -24.2
52w high/low (Rp)
2,480 - 1,330
130
Concession holder for Solo-Yogyakarta-Kulonprogo toll road. ADHI formed
120
110
100
90
80
JCI Index-Rebase
Major Shareholders
Government of Indonesia
51.0%
Public
49.0%
Estimate Change; Vs. Consensus
Latest EPS (Rp)
2018
2019
204.3
254.2
Vs. Prior EPS (%)
Vs. Consensus (%)
0.0
0.0
(9.5)
(15.6)
Source: Bloomberg
Sep-18
Aug-18
Jul-18
Aug-18
Jun-18
Jun-18
Apr-18
ADHI-Rebase
May-18
Apr-18
Mar-18
Jan-18
Feb-18
Jan-18
Dec-17
Nov-17
Oct-17
60
Nov-17
70
Sep-17
Equity | Indonesia | Construction
Stock Data
a consortium with Gama Group and PT Daya Mulia Turangga as the initiator for
the development of Solo-Yogyakarta-Kulonprogo toll road with total investment of
Rp22.5tn. ADHI will take 40% ownership on the consortium, which will contribute
at least Rp9tn construction work which accounts to 39% of ADHI’s FY18 new
contract guidance of Rp23tn (Ours: Rp21tn). We believe making a direct
investment in a toll road project will hurt operating cash flow position and
exposing company to higher debt & financing cost. Assuming 30:70 debt-toequity financing scheme, ADHI will need total fund of Rp6.3tn of equity. However
we are still positive towards the investment in the long run as Solo-YogyakartaKulonprogo toll road is perceived as a high density track, which will provide
attractive IRR as well as provide construction work for ADHI for the next 3 years.
Aggressive investment in unsolicited toll projects leads to higher DER.
ADHI is currently working on taking minority stakes in two unsolicited toll-road
projects, namely Cikunir-Ulujami (JORR III) and Bandung Outer Ring Road with
investment of Rp22.5tn and Rp6.3tn, respectively. Despite high investments
amount, we believe these project would be a huge contribution for ADHI’s new
contract post LRT Jabodebek completion in 3Q19. We forecast ADHI to increase it
DER ratio to 1.7-7.8x in FY18/19F (FY17: 1.4x) in order to fund this major
investment in these toll road projects.
Maintain Buy on ADHI with lower TP of Rp1,600 (from Rp2,700). We
continue to like ADHI given its better margin and robust earnings growth of 25%
CAGR FY17-FY20FAs. However we forecast higher DER in FY18F going forward,
which led our DCF-based TP to decreased to Rp1,600, representing target PE of
7.8x. Key risk to our call might come from higher than expected debt issuance.
joey.faustian@ipc.co.id
Year To 31 Dec
Revenue (RpBn)
EBITDA (RpBn)
EBITDA Growth (%)
Net Profit (RpBn)
EPS (Rp)
EPS Growth (%)
Net Gearing (%)
PER (x)
PBV (x)
Dividend Yield (%)
EV/EBITDA (x)
+62 21 5793 1168
Source: ADHI, IndoPremier
Joey Faustian
PT Indo Premier Sekuritas
Refer to Important disclosures on the last of this report
2016A
11,064
602
9.7
313
88
(32.5)
16.7
15.7
0.9
1.9
8.7
2017A
15,156
1,358
125.7
515
145
64.4
73.6
9.5
0.8
1.9
5.8
2018F
18,434
1,381
1.7
727
204
41.1
110.9
6.8
0.8
3.1
7.5
2019F
20,344
1,490
7.9
905
254
24.4
113.3
5.4
0.7
4.4
7.6
2020F
23,313
1,566
5.1
1,008
283
11.4
108.4
4.9
0.6
5.5
7.2
Share Price Closing as of : 26-Sept-2018
ADHI IJ Results Note
Fig. 1: 8M18 contract achievement
New contract
(Rp bn)
Fig. 2: New contract trend FY12-FY20F
% of FY target (Non LRT)
9,500.0
70%
New Contract
(Rp bn)
45,000
LRT
40,000
65%
9,000.0
8,500.0
48%
48%
8,000.0
35,000
60%
30,000
55%
25,000
50%
20,000
15,000
45%
40%
7,500.0
7,000.0
8M16
8M17
10,000
40%
5,000
35%
2014A
8M18
Source: Company, IndoPremier
2015A
2016A
2017A
2018F
2019F
2020F
Source: Company, IndoPremier
Fig. 3: Revenue by segment
Fig. 4: LRT Jabodebek reached 43.87% progress
Investment in
infrastructure
3%
Real Estates
7%
LRT Progress as of 9M18
80%
67%
70%
EPC
8%
60%
50%
40%
31%
33%
Cawang-Dukuh Atas
Cawang-East Bekasi
30%
Construction
82%
20%
10%
0%
Cawang-Cibubur
Source: Company, IndoPremier
Source: Company, IndoPremier
Fig. 5: Expect higher DER FY18F onwards
DER
(x)
2.0
Gross margin
1.9
1.6
Operating margin
Net margin
16.0%
1.7
1.8
1.4
Fig. 6: Margin trend FY14-FY20F
1.6
1.4
14.0%
12.0%
1.3
10.0%
1.2
1.0
8.0%
0.8
0.8
6.0%
0.6
0.6
4.0%
0.4
2.0%
0.2
0.0%
2014A
2015A
2016A
2017A
2018F
2019F
2020F
Source: Company, IndoPremier
Refer to Important disclosures in the last page of this report
2014A
2015A
2016A
2017F
2018F
2019F
2020F
Source: Company, IndoPremier
2
ADHI IJ Results Note
Year To 31 Dec (RpBn)
2016A
2017A
2018F
2019F
2020F
Income Statement
Net Revenue
11,064
15,156
18,434
20,344
23,313
Cost of Sales
(9,949)
(13,098)
(16,034)
(17,677)
(20,347)
Gross Profit
1,115
2,058
2,400
2,667
2,966
SG&A Expenses
(456)
(581)
(772)
(799)
(927)
Operating Profit
659
1,477
1,628
1,868
2,039
Net Interest
(95)
(341)
(453)
(448)
(492)
Forex Gain (Loss)
Others-Net
Pre-Tax Income
64
7
0
0
0
(15)
(185)
93
91
156
613
957
1,268
1,510
1,703
(298)
(440)
(538)
(602)
(692)
(2)
(2)
(2)
(3)
(3)
313
515
727
905
1,008
Cash & Equivalent
3,365
4,131
4,815
4,272
4,316
Receivable
3,970
3,739
4,170
4,610
5,228
131
3,683
3,677
3,887
4,247
9,368
13,264
15,040
16,984
19,101
16,835
24,818
27,702
29,752
32,893
1,814
1,876
3,677
4,850
5,434
0
0
0
0
0
1,446
1,639
1,696
1,847
2,025
20,095
28,333
33,076
36,450
40,352
Income Tax
Minorities
Net Income
Balance Sheet
Inventory
Other Current Assets
Total Current Assets
Fixed Assets - Net
Goodwill
Non Current Assets
Total Assets
ST Loans
2,344
3,537
5,069
5,595
6,411
Payable
8,373
11,611
0
13,976
16,136
Other Payables
1,828
2,235
2,531
2,758
3,239
Current Portion of LT Loans
Total Current Liab.
Long Term Loans
500
250
250
500
0
13,044
17,633
19,792
22,829
25,786
1,428
4,665
6,625
6,242
6,423
180
164
215
247
273
14,653
22,463
26,632
29,318
32,482
Equity
3,415
3,413
3,413
3,413
3,413
Retained Earnings
1,997
2,446
3,004
3,691
4,428
10
11
12
13
14
5,422
5,869
6,428
7,116
7,854
20,075
28,332
33,060
36,434
40,337
Other LT Liab.
Total Liabilities
Minority Interest
Total SHE + Minority Int.
Total Liabilities & Equity
Source: ADHI, IndoPremier
Refer to Important disclosures in the last page of this report
3
ADHI IJ Results Note
Year to 31 Dec
2016A
2017A
2018F
2019F
2020F
315
517
730
908
1,011
66
131
208
332
421
2,074
191
(223)
1,378
1,259
(1,140)
Cash Flow
Net Income (Excl.Extraordinary&Min.Int)
Depr. & Amortization
Changes in Working Capital
Others
Cash Flow From Operating
Capital Expenditure
(301)
(3,124)
(3,381)
(872)
2,154
(2,285)
(2,667)
1,745
1,550
(1,257)
(386)
(2,066)
(1,656)
(1,183)
163
104
145
169
150
(1,094)
(283)
(1,922)
(1,488)
(1,034)
Loans
1,153
4,181
3,492
392
497
Equity
1
0
0
0
0
(94)
(94)
(155)
(218)
(272)
Others
Cash Flow From Investing
Dividends
(195)
(447)
(559)
(594)
(626)
866
3,640
2,778
(421)
(400)
1,926
1,072
(1,810)
(163)
117
10.1
13.6
13.0
13.1
12.7
Operating Margin (%)
6.0
9.7
8.8
9.2
8.7
Pre-Tax Margin (%)
5.5
6.3
6.9
7.4
7.3
Net Margin (%)
2.8
3.4
3.9
4.4
4.3
ROA (%)
1.7
2.1
2.4
2.6
2.6
ROE (%)
5.9
9.1
11.8
13.4
13.5
ROIC (%)
5.2
5.2
5.3
5.7
5.8
Acct. Receivables TO (days)
84.8
70.2
60.9
60.9
59.3
Acct. Receivables - Other TO (days)
35.4
22.6
17.4
17.8
17.7
Inventory TO (days)
67.8
6.9
4.4
4.7
5.0
272.6
278.4
268.1
267.6
270.1
0.0
0.0
0.0
0.0
0.0
78.8
144.0
185.8
173.4
163.4
0.4
0.3
0.4
0.3
0.3
16.7
73.6
110.9
113.3
108.4
Others
Cash Flow From Financing
Changes in Cash
Financial Ratios
Gross Margin (%)
Payable TO (days)
Acct. Payables - Other TO (days)
Debt to Equity (%)
Interest Coverage Ratio (x)
Net Gearing (%)
Source: ADHI, IndoPremier
Refer to Important disclosures in the last page of this report
4
Head Office
PT INDO PREMIER SEKURITAS
Wisma GKBI 7/F Suite 718
Jl. Jend. Sudirman No.28
Jakarta 10210 - Indonesia
p +62.21.5793.1168
f +62.21.5793.1167
INVESTMENT RATINGS
BUY
: Expected total return of 10% or more within a 12-month period
HOLD
: Expected total return between -10% and 10% within a 12-month period
SELL
: Expected total return of -10% or worse within a 12-month period
ANALYSTS CERTIFICATION.
The views expressed in this research report accurately reflect the analysts personal views about any and all of the subject securities or issuers; and no part of the
research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.
DISCLAIMERS
This research is based on information obtained from sources believed to be reliable, but we do not make any representation or warranty nor accept any
responsibility or liability as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for
general circulation. Any recommendations contained in this document does not have regard to the specific investment objectives, financial situation and the
particular needs of any specific addressee. This document is not and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or
sell any securities. PT. Indo Premier Sekuritas or its affiliates may seek or will seek investment banking or other business relationships with the companies in this
report.
27 September 2018
(ADHI IJ)
Results Note
BUY(Unchanged)
Strong 2H18 result, slightly above
Target price (Rp)
Rp1,600
Prior TP (Rp)
Rp2,700
Shareprice (Rp)
Rp1,380
Strong 1H18 result of Rp213bn (+62% yoy), above historical average
Major new contract of Rp9tn from toll road concession
Upside/downside (%)
+15.9
Expect higher DER from investment in several unsolicited toll roads
Sharesoutstanding (m)
3,561
Maintain Buy with lower TP of Rp1,600 (target P/E of 7.8x)
Marketcap. (US$ m)
329
Free float (%)
49.0
Avg. 6m dailyT/O (US$ m)
Strong result with margin expansion all across the board. ADHI reported
relatively strong earnings of Rp213bn in 1H18 (+62% yoy), which came above
expectation forming 29% of our FY18F earnings forecast (Consensus: 26%). The
strong earnings was above ADHI’s 5-year 1H’s achievement average of 25%,
which mainly supported by margin expansion all across the board due to better
margin from LRT Jabodebek and TOD projects. ADHI booked gross margin of
15.8% in 1H18, which was company best performance ever. In quarterly basis,
ADHI booked a strong earnings of Rp139bn in 2Q18 (+90% qoq, +24% yoy),
supported by high net margin of 4.7% in 2Q18 (2Q17:3.8%; 1Q18 2.3%).
0.8
Price Performance
Absolute (%)
3M
6M
12M
-22.9
-33.3
-31.0
-28.2
-30.3
Relative to JCI (%) -24.2
52w high/low (Rp)
2,480 - 1,330
130
Concession holder for Solo-Yogyakarta-Kulonprogo toll road. ADHI formed
120
110
100
90
80
JCI Index-Rebase
Major Shareholders
Government of Indonesia
51.0%
Public
49.0%
Estimate Change; Vs. Consensus
Latest EPS (Rp)
2018
2019
204.3
254.2
Vs. Prior EPS (%)
Vs. Consensus (%)
0.0
0.0
(9.5)
(15.6)
Source: Bloomberg
Sep-18
Aug-18
Jul-18
Aug-18
Jun-18
Jun-18
Apr-18
ADHI-Rebase
May-18
Apr-18
Mar-18
Jan-18
Feb-18
Jan-18
Dec-17
Nov-17
Oct-17
60
Nov-17
70
Sep-17
Equity | Indonesia | Construction
Stock Data
a consortium with Gama Group and PT Daya Mulia Turangga as the initiator for
the development of Solo-Yogyakarta-Kulonprogo toll road with total investment of
Rp22.5tn. ADHI will take 40% ownership on the consortium, which will contribute
at least Rp9tn construction work which accounts to 39% of ADHI’s FY18 new
contract guidance of Rp23tn (Ours: Rp21tn). We believe making a direct
investment in a toll road project will hurt operating cash flow position and
exposing company to higher debt & financing cost. Assuming 30:70 debt-toequity financing scheme, ADHI will need total fund of Rp6.3tn of equity. However
we are still positive towards the investment in the long run as Solo-YogyakartaKulonprogo toll road is perceived as a high density track, which will provide
attractive IRR as well as provide construction work for ADHI for the next 3 years.
Aggressive investment in unsolicited toll projects leads to higher DER.
ADHI is currently working on taking minority stakes in two unsolicited toll-road
projects, namely Cikunir-Ulujami (JORR III) and Bandung Outer Ring Road with
investment of Rp22.5tn and Rp6.3tn, respectively. Despite high investments
amount, we believe these project would be a huge contribution for ADHI’s new
contract post LRT Jabodebek completion in 3Q19. We forecast ADHI to increase it
DER ratio to 1.7-7.8x in FY18/19F (FY17: 1.4x) in order to fund this major
investment in these toll road projects.
Maintain Buy on ADHI with lower TP of Rp1,600 (from Rp2,700). We
continue to like ADHI given its better margin and robust earnings growth of 25%
CAGR FY17-FY20FAs. However we forecast higher DER in FY18F going forward,
which led our DCF-based TP to decreased to Rp1,600, representing target PE of
7.8x. Key risk to our call might come from higher than expected debt issuance.
joey.faustian@ipc.co.id
Year To 31 Dec
Revenue (RpBn)
EBITDA (RpBn)
EBITDA Growth (%)
Net Profit (RpBn)
EPS (Rp)
EPS Growth (%)
Net Gearing (%)
PER (x)
PBV (x)
Dividend Yield (%)
EV/EBITDA (x)
+62 21 5793 1168
Source: ADHI, IndoPremier
Joey Faustian
PT Indo Premier Sekuritas
Refer to Important disclosures on the last of this report
2016A
11,064
602
9.7
313
88
(32.5)
16.7
15.7
0.9
1.9
8.7
2017A
15,156
1,358
125.7
515
145
64.4
73.6
9.5
0.8
1.9
5.8
2018F
18,434
1,381
1.7
727
204
41.1
110.9
6.8
0.8
3.1
7.5
2019F
20,344
1,490
7.9
905
254
24.4
113.3
5.4
0.7
4.4
7.6
2020F
23,313
1,566
5.1
1,008
283
11.4
108.4
4.9
0.6
5.5
7.2
Share Price Closing as of : 26-Sept-2018
ADHI IJ Results Note
Fig. 1: 8M18 contract achievement
New contract
(Rp bn)
Fig. 2: New contract trend FY12-FY20F
% of FY target (Non LRT)
9,500.0
70%
New Contract
(Rp bn)
45,000
LRT
40,000
65%
9,000.0
8,500.0
48%
48%
8,000.0
35,000
60%
30,000
55%
25,000
50%
20,000
15,000
45%
40%
7,500.0
7,000.0
8M16
8M17
10,000
40%
5,000
35%
2014A
8M18
Source: Company, IndoPremier
2015A
2016A
2017A
2018F
2019F
2020F
Source: Company, IndoPremier
Fig. 3: Revenue by segment
Fig. 4: LRT Jabodebek reached 43.87% progress
Investment in
infrastructure
3%
Real Estates
7%
LRT Progress as of 9M18
80%
67%
70%
EPC
8%
60%
50%
40%
31%
33%
Cawang-Dukuh Atas
Cawang-East Bekasi
30%
Construction
82%
20%
10%
0%
Cawang-Cibubur
Source: Company, IndoPremier
Source: Company, IndoPremier
Fig. 5: Expect higher DER FY18F onwards
DER
(x)
2.0
Gross margin
1.9
1.6
Operating margin
Net margin
16.0%
1.7
1.8
1.4
Fig. 6: Margin trend FY14-FY20F
1.6
1.4
14.0%
12.0%
1.3
10.0%
1.2
1.0
8.0%
0.8
0.8
6.0%
0.6
0.6
4.0%
0.4
2.0%
0.2
0.0%
2014A
2015A
2016A
2017A
2018F
2019F
2020F
Source: Company, IndoPremier
Refer to Important disclosures in the last page of this report
2014A
2015A
2016A
2017F
2018F
2019F
2020F
Source: Company, IndoPremier
2
ADHI IJ Results Note
Year To 31 Dec (RpBn)
2016A
2017A
2018F
2019F
2020F
Income Statement
Net Revenue
11,064
15,156
18,434
20,344
23,313
Cost of Sales
(9,949)
(13,098)
(16,034)
(17,677)
(20,347)
Gross Profit
1,115
2,058
2,400
2,667
2,966
SG&A Expenses
(456)
(581)
(772)
(799)
(927)
Operating Profit
659
1,477
1,628
1,868
2,039
Net Interest
(95)
(341)
(453)
(448)
(492)
Forex Gain (Loss)
Others-Net
Pre-Tax Income
64
7
0
0
0
(15)
(185)
93
91
156
613
957
1,268
1,510
1,703
(298)
(440)
(538)
(602)
(692)
(2)
(2)
(2)
(3)
(3)
313
515
727
905
1,008
Cash & Equivalent
3,365
4,131
4,815
4,272
4,316
Receivable
3,970
3,739
4,170
4,610
5,228
131
3,683
3,677
3,887
4,247
9,368
13,264
15,040
16,984
19,101
16,835
24,818
27,702
29,752
32,893
1,814
1,876
3,677
4,850
5,434
0
0
0
0
0
1,446
1,639
1,696
1,847
2,025
20,095
28,333
33,076
36,450
40,352
Income Tax
Minorities
Net Income
Balance Sheet
Inventory
Other Current Assets
Total Current Assets
Fixed Assets - Net
Goodwill
Non Current Assets
Total Assets
ST Loans
2,344
3,537
5,069
5,595
6,411
Payable
8,373
11,611
0
13,976
16,136
Other Payables
1,828
2,235
2,531
2,758
3,239
Current Portion of LT Loans
Total Current Liab.
Long Term Loans
500
250
250
500
0
13,044
17,633
19,792
22,829
25,786
1,428
4,665
6,625
6,242
6,423
180
164
215
247
273
14,653
22,463
26,632
29,318
32,482
Equity
3,415
3,413
3,413
3,413
3,413
Retained Earnings
1,997
2,446
3,004
3,691
4,428
10
11
12
13
14
5,422
5,869
6,428
7,116
7,854
20,075
28,332
33,060
36,434
40,337
Other LT Liab.
Total Liabilities
Minority Interest
Total SHE + Minority Int.
Total Liabilities & Equity
Source: ADHI, IndoPremier
Refer to Important disclosures in the last page of this report
3
ADHI IJ Results Note
Year to 31 Dec
2016A
2017A
2018F
2019F
2020F
315
517
730
908
1,011
66
131
208
332
421
2,074
191
(223)
1,378
1,259
(1,140)
Cash Flow
Net Income (Excl.Extraordinary&Min.Int)
Depr. & Amortization
Changes in Working Capital
Others
Cash Flow From Operating
Capital Expenditure
(301)
(3,124)
(3,381)
(872)
2,154
(2,285)
(2,667)
1,745
1,550
(1,257)
(386)
(2,066)
(1,656)
(1,183)
163
104
145
169
150
(1,094)
(283)
(1,922)
(1,488)
(1,034)
Loans
1,153
4,181
3,492
392
497
Equity
1
0
0
0
0
(94)
(94)
(155)
(218)
(272)
Others
Cash Flow From Investing
Dividends
(195)
(447)
(559)
(594)
(626)
866
3,640
2,778
(421)
(400)
1,926
1,072
(1,810)
(163)
117
10.1
13.6
13.0
13.1
12.7
Operating Margin (%)
6.0
9.7
8.8
9.2
8.7
Pre-Tax Margin (%)
5.5
6.3
6.9
7.4
7.3
Net Margin (%)
2.8
3.4
3.9
4.4
4.3
ROA (%)
1.7
2.1
2.4
2.6
2.6
ROE (%)
5.9
9.1
11.8
13.4
13.5
ROIC (%)
5.2
5.2
5.3
5.7
5.8
Acct. Receivables TO (days)
84.8
70.2
60.9
60.9
59.3
Acct. Receivables - Other TO (days)
35.4
22.6
17.4
17.8
17.7
Inventory TO (days)
67.8
6.9
4.4
4.7
5.0
272.6
278.4
268.1
267.6
270.1
0.0
0.0
0.0
0.0
0.0
78.8
144.0
185.8
173.4
163.4
0.4
0.3
0.4
0.3
0.3
16.7
73.6
110.9
113.3
108.4
Others
Cash Flow From Financing
Changes in Cash
Financial Ratios
Gross Margin (%)
Payable TO (days)
Acct. Payables - Other TO (days)
Debt to Equity (%)
Interest Coverage Ratio (x)
Net Gearing (%)
Source: ADHI, IndoPremier
Refer to Important disclosures in the last page of this report
4
Head Office
PT INDO PREMIER SEKURITAS
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Jl. Jend. Sudirman No.28
Jakarta 10210 - Indonesia
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f +62.21.5793.1167
INVESTMENT RATINGS
BUY
: Expected total return of 10% or more within a 12-month period
HOLD
: Expected total return between -10% and 10% within a 12-month period
SELL
: Expected total return of -10% or worse within a 12-month period
ANALYSTS CERTIFICATION.
The views expressed in this research report accurately reflect the analysts personal views about any and all of the subject securities or issuers; and no part of the
research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.
DISCLAIMERS
This research is based on information obtained from sources believed to be reliable, but we do not make any representation or warranty nor accept any
responsibility or liability as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for
general circulation. Any recommendations contained in this document does not have regard to the specific investment objectives, financial situation and the
particular needs of any specific addressee. This document is not and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or
sell any securities. PT. Indo Premier Sekuritas or its affiliates may seek or will seek investment banking or other business relationships with the companies in this
report.