PT Set Sempurna Tbk

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Cont act :

Equit y & I ndex Valuat ion Division Phone: ( 6221) 7278 2380

info- equit y indexvaluat [email protected]

Se la m a t Se m pu r n a , Tbk

Pr im a r y Re por t

Equ it y V a lu a t ion

May 13

t h

, 2011

Ta r ge t Pr ice

Low H igh

1 ,3 4 0 1 ,5 4 0

Au t om ot ive Com pon e n t

H ist or ica l Ch a r t

600 700 800 900 1000 1100 1200 1300 1400 2000 2200 2400 2600 2800 3000 3200 3400 3600 3800 4000

5/3/2010 6/16/2010 7/28/2010 9/16/2010 10/28/2010 12/13/2010 1/26/20113/11/2011 4/25/2011

SM S M IH SG IHSG SMSM

Sour ce : Bloom ber g

St ock I n for m a t ion

Ticker code SMSM

Mar ket pr ice as of May 12t h_{, 2011} _1,150

Mar ket pr ice – 52 week high 1,300

Mar ket pr ice – 52 week low 780

Mar ket cap – 52 w eek high ( bn) 1,872 Mar ket cap – 52 w eek low ( bn) 1,123

M a r k e t V a lu e Adde d & M a r k e t Risk

0 100 200 300 400 500 600 700 800

2007 2008 2009 2010

MV A 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 M a rket R isk

MVA Market Risk

Sh a r e h olde r s

( % )

PT Adr indo I nt iper kasa 58.13

Public 41.87

SM SM a s a W or ld- Cla ss Au t om ot ive Com pon e n t s Pr odu ce r

PT Selam at Sem purna, Tbk ( " SMSM" ) w as first est ablished in 1976, and m ainly produces filt er s and radiat or s under t he br and nam e of Sakura for filt ers and ADR for Radiat ors. SMSM also produces ot her aut om ot ive product s, such as brake and fuel pipes, fuel t anks, and m uffler s. SMSM now has a t ot al product ion capacit y of 72 m illion unit s for filt er product s, and around 1.95 m illion unit s of radiat or s per year, and w it h t heir w or ld- class product s SMSM has sold t heir pr oduct s t o m or e t han 100 count r ies. I n 2010, t he t ot al SMSM’s r evenue fr om expor t act ivit ies r eached 72.9% and cont inues t o rise in 1Q11 t o reach 74% of t ot al SMSM’s sales. SMSM now ow ns around 70% of PT Panat a Jaya Mandir i ( “ PJM” ) shares, it s subsidiary which produces filt er s for heavy equipm ent . St r on g M a r k e t Posit ion in D om e st ic M a r k e t a n d St r on g Re ve n u e Gr ow t h in Ex por t Sa le s

The w or ldw ide car indust r y show s a r ecov ery sign in 2010, as show n by an incr eased of 17% of car sales volum e in Am er ica, a count ry t hat becom e t he cent r al of r ecession in 2008 – 2009 per iods. Meanw hile in I ndonesia, t he t ot al of car sales volum e in 2010 r eached 731,415 unit s, br eaking t he r ecor d of car sales volum e in I ndonesia. Wit h t his significant grow t h, SMSM’s rev enue from t he sales of filt er and radiat or in dom est ic m arket has up by 80% YoY and 44.3% YoY, r espect ively . While for expor t ing act iv it ies SMSM’s rev enue has up by 13.67% YoY for filt er pr oduct ion, and 1.23% YoY for r adiat or s. I n 2011, w e expect t he dom est ic and overseas car sales volum e w ill r each 780,000 unit s and 75 m illion unit s, respect ively. Wit h such condit ion, we expect SMSM’s r evenue w ill up by 15.12% YoY in 2011.

Be t t e r Gr oss a n d Ope r a t in g Pr ofit M a r gin s Com pa r e d t o Ot h e r s

Com pared t o com pet it or t hat operat es in t he sam e indust ry, SMSM show ed a bet t er gross and operat ing profit m argin. Sm art raw m at erial m anagem ent , com bined wit h cost efficiency which t hen creat es bet t er m argins, and st rong export sales are key success fact or for SMSM t o com pet e wit h it s dom est ic peers.

Con t in u e Ex pa n din g I t s Pr odu ct ion Ca pa cit y

As dom est ic and w orldw ide car product ion cont inue t o show a posit ive grow t h, SMSM’s plans t o expand it s product ion capacit y, by w ay of replacing or rej uvenat ing it s m achines, part icularly it s filt er product ion m achines. Wit h t his expansion t he product ion capacit y w ill im prove from 72 m illion unit s t o 96 m illion unit s in 2012, and w e expect ed t hat it w ill incr ease SMSM’s r evenue by 17% YoY in 2012.

Bu sin e ss Pr ospe ct s

Considering a 6% YoY expect ed grow t h of w orldw ide car product ion and also 6% YoY of expect ed grow t h in dom est ic car sales, t he prospect of an aut om ot ive part s indust ry, in which SMSM is one of t he producers, st ill look s prom ising. Augm ent ed wit h plans of increasing product ion capacit y, we believ e t hat SMSM’s r evenue w ill be up by 15.12% YoY in 2011 and 13.8% CAGR dur ing 2010 – 2015 per iods.

2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 P 2 0 1 2 P

Revenue ( Rp bn) 1,353.6 1,374.7 1,561.8 1,797.9 2,110.1 Pre- t ax Profit ( Rp bn) 143.6 185.9 204.8 288.0 336.2 Net Profit ( Rp bn) 91.5 132.9 150.4 202.0 235.7

EPS ( Rp) 64.0 92.3 104.5 140.3 163.8

EPS Grow t h ( % ) 14.3 44.2 13.2 34.3 16.7

P/ E ( x) 10.2 8.1 10.2 8.2* 7.0*

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Bu sin e ss Pr ofile

PT Selam at Sem pur na, Tbk ( " SMSM" ) w as est ablished since 1976, w hich t hen acquir ed PT Andhi Chandr a Aut om ot ive Pr oduct s ( “ ACAP” ) in 1994. ACAP w ent public in 2000, and t hen consolidat e w it h SMSM in 2006, as a part of creat ing efficiency and effect iveness. The cor e business of SMSM is m anufact ur ing aut om ot ive com ponent s, m ainly radiat or s under t he brand nam e of ADR and filt ers prim ar ily under t he brand nam e of Sakura. Ot her t han t he m ain product s, SMSM also produces ot her aut om ot iv e product s, such as brake and fuel pipes, fuel t anks, and m ufflers. Wit h it s high qualit y and world class product s, SMSM has sold t heir pr oduct s t o over t han 100 count r ies, w it h Asia and Am erika as t heir m ain m ar ket , w it h around 54% and 25% of cont r ibut ion for SMSM’s r evenue in 2010. SMSM now has a t ot al product ion capacit y of 72 m illion unit s for filt er product s, and around 1.95 m illion unit s of radiat ors pr oduct s per year.

Figu r e 1 : Som e of SM SM ’s Pr odu ct s

Source: PT Selam at Sem purna Tbk., Pefindo Equit y & I ndex Valuat ion Division

SMSM is a m em ber of ADR group, an aut om ot ive com ponent s m anufact urer , and curr ent ly t he m aj or it y of SMSM’s shares are ow ned by PT Adrindo I nt iperkasa, wit h t ot al ow nerships of 58.13% . SMSM ow ns ar ound 70% of PT Panat a Jaya Mandir i ( “ PJM” ) shares, it s subsidiary which produces filt ers for heavy equipm ent vehicles.

2 0 1 0 : Fa n t a st ic Ye a r of D om e st ic Ca r Sa le s h a s D r a gge d SM SM ’s Re v e n u e Up I n t he dom est ic car indust r y, t he year of 2010, w ill be r em em ber ed as one of t he fant ast ic year , in w hich t ot al volum e of car sales in I ndonesia r eached 731,415 unit s, br eak ing t he record of car sales volum e in I ndonesia. I t ’s also beyond t he t arget ed car sales volum e of 720 t housand unit s. Com par ed t o t he 2009 period, t he volum e of car sales has up by 57% YoY, since t he t ot al of car sales in 2009 only r eached 486.2 t housand unit s. Wit h t his significant grow t h of car sales, SMSM’s revenue, par t icularly t he revenue from filt er and radiat or t hat sold in dom est ic m arket , also experienced a significant grow t h. The 2010 t ot al r evenue fr om sales of filt er in dom est ic m ar ket r eached Rp 494.35 billion or ups by 80% YoY, and t he revenue from t he sales of radiat or in dom est ic m ark et r eached Rp 51.6 billion or ups by 44.3% YoY.

Many fact or s causing t he gr ow t h of dom est ic car sales in 2010, such as t he gr ow t h of I ndonesian econom y which reached 6.1% YoY, m anageable inflat ion, relat ive st able of banks int erest rat e, and also increasing num bers of m iddle t o high class people.

Figu r e 2 : D om e st ic Ca r Sa le s, SM SM ’s Filt e r &

Ra dia t or Sa le s

-100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000

2006 2007 2008 2009 2010

uni

0 100 200 300 400 500 600

, b

Dom estic Car Sales (units)

SMSM's dom estic filter sales (Rp, bn) SMSM's dom estic radiator sales (Rp, bn)

Source : GAI KI NDO, PT Selam at Sem purna Tbk , Pefindo Equit y & I ndex Valuat ion Division

BUSI N ESS I N FORM ATI ON

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D om e st ic Ca r Sa le s Ou t look in 2 0 1 1 : Ch a lle n ge s Ah e a d

Dur ing Januar y – Mar ch 2011, dom est ic car sales volum e r eached 224.4 t housand unit s, im proved by 29.2% YoY com pared t o t he sam e period in 2010 which only reached 174.1 t housand unit s. St able supply of cars t o dealers and st able sales price of cars support ed t his growt h of sales. Howev er, w e predict t he dom est ic car indust ry w ill be facing challenges in 2011. Pr ogr essive t ax t hat has been im plem ent ed in sev er al pr ovinces has caused a shor t t im e drop of car sales, such as happened in East Java. I ncreasing cost of changing car’s ow nerships nam e and rest rict ions on subsidized gasoline also becom e challenges t hat m ight ham per t he grow t h of dom est ic car sales indust ry . Howev er, since t hose policy is not fully em ployed t hroughout I ndonesia, t he car sales indust ry st ill experience gr owt h during 1Q11, which at t he end also im pact ing on t he sales of filt er s and radiat ors produced by SMSM t o dom est ic m ark et s t hat reached Rp 109.5 billion, im pr oved by 12.1% YoY com par ed t o t he 1Q10 per iod w hich only r eached Rp 97.6 billion.

Figu r e 3 : D om e st ic Ca r Sa le s a n d SM SM ’s Re ve n u e

fr om D om e st ic M a r k e t in 1 Q1 1

0 50 100 150 200 250

1Q10 1Q11

Thous

nd uni

90 92 94 96 98 100 102 104 106 108 110 112

, b

Dom estic Car Sales ( thousand units) SMSM' revenue from dom estic (Rp, bn)

Source : GAI KI NDO, PT Selam at Sem purna Tbk , Pefindo Equit y & I ndex Valuat ion Division

W or ldw ide Ca r Pr odu ct ion a n d Sa le s Con t in u e t o Gr ow

Worldwide car product ion in 2011 is expect ed t o r each 75 m illion unit s, out perfor m ed t he product ion in 2010 w hich only reached 71 m illion unit s. I ncreasing dem and from t he new pow erful econom y count ries, part icularly China, pushed m any car pr oducer s t o increase t heir product ion t o m eet dem and. The car sales volum e in China has increased by 16.2% YoY in January 2011, t o reach 1.53 m illion unit s. The sign of recovery also em erged in t he Am er ica’s car indust ry, as it s sales has incr eased by 17% YoY t o r eached 1.26 m illion cars in Januar y 2011, above average of m ont hly car sales volum e in 2010 w hich only r eached 1.23 m illion unit s.

This posit ive gr ow t h also im pact ing on SMSM’s rev enue fr om t heir expor t ed product s, as it r ise t o Rp 312.2 billion dur ing 1Q11 higher by 13.8% YoY com par ed t o t he 1Q10 per iod w hich only r eached Rp 274.4 billion.

Figu r e 4 : N u m be r of Ca r Sa le s in Se ve r a l

Cou n t r ie s

( in m illion unit s)

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Sw e lle d of D om e st ic H e a vy Equ ipm e n t I n du st r y I n lin e w it h t h e Gr ow t h of D om e st ic M in in g I n du st r y

As t he I ndonesian m ining indust ry , par t icularly coal, im proving, t he requirem ent for heavy equipm ent needed for product ion and ex plorat ion act ivit ies also im proving. Dur ing t he 1Q11, t he t ot al sales volum e of heavy equipm ent vehicles, part icularly Kom at su, has r eached 2,207 unit s, r ise by 81% YoY com par ed t o t he sam e per iod in 2010 w hich only r eached 1,219 unit s. We believe t hat t his gr ow t h w ill light en t he pr ospect of SMSM, part icularly PJM – it s subsidiary, since PJM is focusing on t he product ion of filt er s used for heavy equipm ent v ehicles.

Figu r e 5 : Sa le s V olu m e of Kom a t su

( in unit s)

Source : PT Unit ed Tract ors Tbk , Pefindo Equit y & I ndex Valuat ion Division

Ex pa n din g Pr odu ct ion Ca pa cit y t o M e e t D e m a n d

As dom est ic and w orldw ide cars and heav y equipm ent cont inue t o show an im provem ent , SMSM’s plans t o expand it s product ion capacit y, part icular ly on t he filt er product ion, unt il it r eached ar ound 96 m illion unit s in 2012, or im pr ov ed by 33.3% fr om t he cur r ent capacit y of 72 m illion unit s. SMSM plans t o reach such product ion capacit y by w ay of replacing or rej uvenat ion of it s m achines. Wit h t his ex pansion w e ex pect ed t hat SMSM’s r evenue will im pr ove by 17% YoY in 2012.

Figu r e 6 : SM SM ’s Pr odu ct ion Ca pa cit y

( in m illion unit s)

-0.50 1.00 1.50 2.00 2.50

2008 2009 2010 2011P 2012P

tor

-20 40 60 80 100 120

Production Capacity - Radiator Production Capacity - Filter

Source : PT Selam at Sem purna Tbk, Pefindo Equit y & I ndex Valuat ion Division

1219

2207

0 500 1000 1500 2000 2500

1Q10 1Q11

Kom atsu Sale s

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Sm a r t Ra w M a t e r ia ls M a n a ge m e n t M a de SM SM ’s Gr oss Pr ofit M a r gin Be t t e r

I n t he act iv it y of producing t heir product s, SMSM’s required im port ed r aw m at er ials, in w hich it s am ount reach around 90% of SMSM’s raw m at er ials cost , or around 40% - 50% of SMSM’s t ot al product ion cost . Those im por t ed raw m at er ials include st eel plat es, alum inum , and copper , in which t heir prices are fluct uat ed. Wit h such condit ion, SMSM needs a sm ar t raw m at er ials m anagem ent in order t o m aint ain sufficient raw m at erials needed as well as t he t im ing of purchase. Part icular ly in t he 4Q10 and 1Q11, SMSM has show n t heir abilit y in m anaging t heir raw m at erials, proved by t heir gross profit m argin w hich reached 26.6% and 25.5% , higher t han average gr oss pr ofit m ar gin in 2010 of 23.5% . We believ e t hat SMSM has done w ell in t heir raw m at erials m anagem ent , as t hey buy m ore raw m at erials needed when t he price is relat ively low in t he m arket .

Figu r e 7 : SM SM ’s Re ve n u e , COGS a n d Gr oss Pr ofit

M a r gin

0 50 100 150 200 250 300 350 400 450 500

1Q10 2Q10 3Q10 4Q10 1Q10

, b

0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00%

Revenue (Rp, bn) COGS (Rp, bn) SMSM's Gross Profit Margin (%)

Source : PT Selam at Sem purna Tbk, Pefindo Equit y & I ndex Valuat ion Division

Con se cu t iv e Gr ow t h of Sa le s a n d N e t I n com e Pr ov e d SM SM ’s Pot e n cy

As a going concer n com pany, SMSM cont inue t o im prov e t he qualit y of t heir product s as w ell as t heir m ar k et ing act iv it ies. Besides t hat , SMSM cont inue t o perform a cost efficiency w hich m ade t heir net incom e also gr ow ing for nine consecut ive years. This cont inuing grow t h also show ed SMSM abilit y in facing t he t urbulence of w orldw ide econom y , such as in 2008 – 2009 econom y crisis due t o t he U.S. sub- pr im e m or t gages. Dur ing t hat t im e, SMSM r evenue cont inue t o gr ow by 27.3% YoY and 1.6% YoY dur ing 2008 and 2009, w hile it s net incom e cont inue t o grow by 13.75% YoY and 46.15% YoY. We are confidence t hat t he t rend w ill cont inue in 2011, by looking at t he fact t hat SMSM’s revenue and net incom e show ed a grow ing of 13.4% YoY and 32.3% YoY in 1Q11.

Figu r e 8 : SM SM ’s Re ve n u e a n d N e t Pr ofit

( Rp, bn)

603 638 731

862 881 1064

1354 1375 1562

372 422

40 48 57 66 66 80 91 _51.9

39.1 150

133 0

200 400 600 800 1000 1200 1400 1600 1800

2002 2003 2004 2005 2006 2007 2008 2009 2010 Mar-10 Mar-11 Revenue (Rp, bn) Net Incom e (Rp, bn)

Source : PT Selam at Sem purna Tbk, Pefindo Equit y & I ndex Valuat ion Division

FI N AN CE

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Be t t e r Gr oss a n d Ope r a t in g Pr ofit M a r gin s Com pa r e d t o Ot h e r s

Com pared t o com pet it or t hat operat es in t he sam e indust ry, SMSM show ed a bet t er gross and operat ing profit m argin. I n 1Q11, SMSM st at e gross, operat ing and net m argins of 25.5% , 17.3% , and 11.3% , r espect ively, w hile for com pet it or , t he gr oss, operat ing and net m ar gins ar e 17.6% , 5.6% , and 14.2% , r espect ively. SMSM’s gross and operat ing profit m argins, which is bet t er from t he com pet it or, show ed SMSM abilit y t o generat e incom e from t heir m ain act ivit ies com bined w it h cost efficiency w hich t hen creat es bet t er m argins

.

Figu r e 9 : SM SM & Com pe t it or M a r gin s in 1 Q1 1

( in % )

26%

18% 17%

6% 12%

14%

5% _4%

0% 5% 10% 15% 20% 25% 30%

SMSM AUTO

Gross profit m argin Operating profit m argin Net profit m argin ROA ROE

Source : PT Selam at Sem purna Tbk, Pefindo Equit y & I ndex Valuat ion Division

Con sist e n t ly Pr ovide D ivide n ds t o Sh a r e h olde r s

Dur ing 2007 – 2010 per iods, SMSM show ed consist ency of pr oviding cash dividends t o it s shareholders. I n 2007, SMSM paid int erim cash dividend of Rp 20/ shar e, and final cash dividend of Rp 20/ shar e, w hile in 2008 SMSM paid a final dividend of Rp 60/ shar e. I n 2009, t he t ot al am ount of cash dividend provided t o shar eholders is building up t o Rp 90/ share, w hich divided int o int erim cash div idend 1 ( Rp 40/ shar e) , int er im cash div idend 2 ( Rp 25/ shar e) , and final cash div idend ( Rp 25/ shar e) . I n 2010, SMSM alr eady pr ovide int er im cash div idend 1 and 2 t o it s shareholders, as m uch as Rp 40/ share ( int er im 1) and Rp 25/ share ( int er im 2) , and we are confidence t hat SMSM will also pr ovide a final cash dividend wit h m inim um of Rp 25/ shar e. This consist ent and building- up pay m ent of dividends is a good sign for SMSM’s long t erm invest ors, since t hey will acknow ledge t hat SMSM w ill cont inue t o pay div idend ev en in t he downt urn indust ry condit ion

.

Figu r e 9 : Tot a l D ivide n d Ca sh , N e t I n com e a n d

D ivide n d Pa you t Ra t io

0 20 40 60 80 100 120 140 160

2007 2008 2009 2010P

, b

0% 20% 40% 60% 80% 100% 120%

Total Cash Dividend (Rp, bn) Net Incom e (Rp, bn) Dividend Payout Ratio (%)

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Con t in u e t o I m pr ove I t s Com pe t it ive Adva n t a ge s

To sust ain it s grow t h in t he fut ur e, SMSM cont inue t o im prove t heir com pet it ive advant ages in ev ery aspect . To prot ect it s product s, SMSM has increased t heir num ber of t radem ark regist rat ion in t heir export ed dest inat ion count r ies in order t o prot ect t heir product s from count erfeit ing. Cost Reduct ion Program t o m ake t heir pr oduct s com pet it ive and m aint ain t he availabilit y of it s product s on every count ries, are being done in order t o provide m or e added value t o cust om ers.

Re ce iv e d M a n y Aw a r ds in 2 0 1 0

I n 2010, as r esult s of t heir except ional w or ks, SMSM r eceived m any aw ar ds fr om var ious par t ies. I n January 2010, SMSM has been aw arded by PT Hino Mot ors Manufact uring I ndonesia for t heir qualit y t ar get achievem ent . I n Apr il 2010, SMSM r eceived t he Aut om ot ive Com ponent Manufact urer of t he Year Awar d from Frost & Sullivan, and t he lat est w as Appr eciat ion and Grat it ude for cont inuous support from PT Mit subishi Kram a Yudha Mot ors and Manufact uring.

Bu sin e ss Pr ospe ct s

Considering a 6% YoY expect ed grow t h of w orldw ide car product ion and also 6% YoY of expect ed grow t h in dom est ic car sales, t he prospect of an aut om ot ive part s indust r y, in w hich SMSM is one of t he pr oducer s, st ill looks prom ising. Augm ent ed w it h plans of incr easing product ion capacit y, w e believe t hat SMSM’s revenue w ill be up by 15.12% YoY in 2011 and 12.9% CAGR dur ing 2010 – 2015 per iods.

Figu r e 1 0 : SM SM ’s Re ve n u e

Source: PT Selam at Sem purna Tbk, Pefindo Equit y & I ndex Valuat ion Division

Ta ble 1 : SW OT An a ly sis

St r e n gt h s W e a k n e sse s

• Experience in t he aut om ot iv e com ponent indust r y since 1976.

• Well k now n pr oduct s in m ore t han 100 count ries.

• Received t echnical assist ance from affiliat es.

• Plans t o increased it s product ion capacit y

• Volat ilit y of exchange rat e m ight have im pact on t he product ’s sales price and also im port ed raw m at erials.

• Dependence on t hird part y’s t echnical assist ance.

Oppor t u n it ie s Th r e a t s

• Probabilit y of increasing revenue, since t he dom est ic and overseas car indust r ies show ed an im provem ent in 2011.

• Possibilit y of gr ow ing m arket for radiat or product s in overseas, due t o t he

im provem ent on t he overseas car indust ry .

• I m it at ion pr oduct s in dom est ic and int ernat ional m arket dim inish cust om er t rust .

SW OT AN ALYSI S

-500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000

2009 2010 2011P 2012P 2013P 2014P 2015P

, m

Revenue

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V ALUATI ON

• M e t h odology

We apply Discount ed Cash Flow ( DCF) m et hod as t he m ain valuat ion approach consider ing t he incom e grow t h is a value dr iver in SMSM inst ead of asset growt h. Furt her m ore, w e also apply Guideline Com pany Met hod ( GCM) as com parison m et hod. This valuat ion is based on 100% shar es pr ice as of Mar ch 31st_{, 2011.}

• V a lu e Est im a t ion

Target pr ice for 12 m ont hs based on valuat ion as per Mar ch 31st_{, 2011 is as follow s:}

Using DCF m et hod w it h discount r at e assum pt ion 10.31% , is Rp 1,380 - Rp 1,540 per shar e.

Using GCM m et hod ( PBV 3.02X and P/ E 10.84X) is Rp 1,300 – Rp 1,520 per share.

I n order t o obt ain a value w hich repr esent s bot h value indicat ions, w e have w eight ed bot h DCF and GCM m et hods by 70% : 30% .

Based on t he above calculat ion, t arget price of SMSM for 12 m ont h is Rp 1 ,3 4 0 - Rp 1 ,5 4 0 per share.

Ta ble 2 : D CF M e t h od

Con se r va t ive

M ode r a t e Aggr e ssive

PV of Free Cash Flow s – Rp bn 777.6 818.6 859.5

PV Ter m inal Value – Rp bn 1,442.4 1,518.4 1,594.3

Cash and Cash Equivalent , Rp bn 52.7 52.7 52.7

Net Debt – Rp bn ( 287.7) ( 287.7) ( 287.7)

Tot al Equit y Value – Rp bn 1,985.0 2,101.9 2,218.7

Num ber of Shar e, m n shar es 1,440 1,440 1,440

Fair Value per Share, Rp 1 ,3 8 0 1 ,4 6 0 1 ,5 4 0

Source: Pefindo Equit y & I ndex Valuat ion Division Est im at es

Ta ble 3 : Assu m pt ion

Risk free rat e ( % ) 7.61

Risk prem ium ( % ) 6.95

Bet a ( x) 0.62

Cost of Equit y ( % ) 11.94 Marginal t ax rat e ( % ) 25.0

W ACC ( % ) 1 0 .3 1

Source: Bloom berg, Pefindo Equit y & I ndex Valuat ion Division Est im at es

TARGET PRI CE

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Ta ble 4 : GCM Com pa r ison

SM SM AUTO Ave r a ge

Pr ice , M a r ch 3 1st

2 0 1 1 [ Rp] 1,150 13,800

M a r k e t ca p, M a r ch 3 1st

2 0 1 1

[ Rp, bn] 1,656 10,626

Sa le s 1 Q1 1 [ Rp, bn ] 422 1,819

Gr oss Pr ofit 1 Q1 1 [ Rp, bn] 108 319

Ope r a t in g Pr ofit 1 Q1 1 [ Rp, bn] 73 102

N e t Pr ofit 1 Q1 1 [ Rp, bn] 52 259

Tot a l Asse t 1 Q1 1 [ Rp, bn] 1,078 6,158

Tot a l Lia bilit ie s 1 Q1 1 [ Rp, bn] 458 1,776

Tot a l Equ it y 1 Q1 1 [ Rp, bn] 620 4,382

Gr ow t h 1 Q1 1 YoY

Sa le s [ % ] 13.4 20.6

Gr oss Pr ofit [ % ] 24.7 21.5

Ope r a t in g Pr ofit [ % ] 31.9 ( 21.7)

N e t Pr ofit [ % ] 32.9 ( 6.8)

Pr ofit a bilit y 1 Q1 1

Gr oss M a r gin [ % ] 25.5 17.6

Ope r a t in g M a r gin [ % ] 17.3 5.6

N e t M a r gin [ % ] 12.3 14.2

ROA [ % ] 4.8 4.2

ROE [ % ] 8.4 5.9

Le ve r a ge 1 Q1 1

D ER [ x ] 0.7 0.4

Va lu a t ion , M a y 2 0 1 1

P/ E, [ x ] 10.45 11.23 10.84

P/ BV, [ x ] 2.97 3.06 3.02

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“ Disclaim er st at em ent in t he last page is an int egral part of t his report ” w ww .pefindo.com

( Rp bn)

I n com e St a t e m e nt 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 P 2 0 1 2 P

Sales 1,354 1,375 1,562 1,798 2,110

COGS ( 1,025) ( 1,058) ( 1,193) ( 1,365) ( 1,595)

Gr oss Pr ofit 3 2 9 3 1 6 3 6 9 4 3 4 5 1 5

Oper at ing Ex pense ( 116) ( 127) ( 141) ( 148) ( 172)

Ope r a t in g Pr ofit 2 1 3 1 9 0 2 2 8 2 8 5 3 4 3

Ot her I ncom e ( Char ges) ( 69) ( 4) ( 23) 3 ( 7)

Pr e - t a x Pr ofit 1 4 4 1 8 6 2 0 5 2 8 8 3 3 6

Tax ( 42) ( 43) ( 40) ( 72) ( 84)

Minor it y int er est in net

Ear nings of subsidiar y ( 10.0) ( 10) ( 14) ( 14) ( 16)

N e t Pr ofit 9 2 1 3 3 1 5 0 2 0 2 2 3 6

Source: PT Selam at Sem purna Tbk., Pefindo Equit y & I ndex Valuat ion Division Est im at es

( Rp bn)

Ba la n ce Sh e e t 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 P 2 0 1 2 P

Asse t s Cu r r e n t Asse t s

Cash & cash

equivalent s 14 9 14 21 44

Receivables 244 279 314 321 377

I nvent or y 286 255 307 299 350

Ot her Asset s 11 32 26 42 42

Tot a l Cu r r e n t Asse t s 5 5 5 5 7 5 6 6 2 6 8 3 8 1 1 N on Cu r r e n t Asse t s

Fixed Asset s 359 341 377 413 442

Ot her Asset s 16 25 29 23 23

Tot a l N on Cu r r e n t

Asse t s 3 7 5 3 6 7 4 0 5 4 3 5 4 6 5

Tot a l Asse t s 9 3 0 9 4 2 1 ,0 6 7 1 ,1 1 8 1 ,2 7 6

Lia bilit ie s

Sh or t Te r m Lia bilit ie s

Tr ade payables 51 128 125 105 121

Shor t - t er m liabilit ies -

bank 190 164 41 140 140

Ot her Shor t - t er m

payables 64 70 139 41 41

Tot a l Sh or t Te r m

Lia bilit ie s 3 0 5 3 6 2 3 0 4 2 8 6 3 0 2

Lon g Te r m Lia bilit ie s Long- t er m liabilit ies –

bond - - 159 160 160

Ot her long t er m

liabilit ies 36 35 36 38 38

Tot a l Lon g Te r m

Lia bilit ie s 3 6 3 5 1 9 4 1 9 8 1 9 8

Tot a l Lia bilit ie s 3 4 1 3 9 7 4 9 9 4 8 3 4 9 9

M in or it y I n t e r e st s in

Equ it y of Su bsidia r y 4 2 4 6 4 9 4 6 4 6

Tot a l Equ it y 5 4 6 4 9 8 5 1 9 5 8 9 7 3 0

Source: PT Selam at Sem purna Tbk., Pefindo Equit y & I ndex Valuat ion Division Est im at es

P/E & P/BV

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0

2007 2008 2009 2010

P/ E 0.0 0.5 1.0 1.5 2.0 2.5 3.0 P/ B V P/E P/BV

ROA, ROE & TAT

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

2007 2008 2009 2010

R O A & R O E 1.2 1.2 1.3 1.3 1.4 1.4 1.5 1.5 TA T

ROA ROE Total Asset Turnover

Ra t io 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 P 2 0 1 2 P

Gr ow t h ( % )

Sales 27.2 1.6 13.6 15.1 17.4

Oper at ing Pr ofit 42.0 ( 10.9) 20.1 25.3 20.3

EBI TDA 38.0 ( 0.6) 13.4 32.0 16.1

Net Pr ofit 14.3 44.2 13.2 34.3 16.7

Pr ofit a bilit y ( % )

Gr oss Mar gin 24.3 23.0 23.6 24.1 24.4

Oper at ing Mar gin _{15.7 13.8 14.6 15.9 16.3}

EBI TDA Mar gin 20.1 19.6 19.6 22.4 22.2

Net Mar gin 6.8 9.7 9.6 11.2 11.2

ROA 9.8 14.1 14.1 18.1 18.5

ROE 16.7 26.7 29.0 34.3 32.3

Solva bilit y ( X)

Debt t o Equit y 0.6 0.8 1.0 0.8 0.7

Debt t o Asset 0.4 0.4 0.5 0.4 0.4

Liqu idit y ( X)

Cur r ent Rat io 1.8 1.6 2.2 2.4 2.7

Quick Rat io 0.8 0.8 1.1 1.2 1.4

(11)

D I SCLAI M ER

Th i s r e p o r t w a s p r e p a r e d b a se d o n t h e t r u st e d a n d r e l i a b l e so u r ce s. Ne v e r t h e l e ss, w e d o n o t g u a r a n t e e i t s co m p l e t e n e ss, a ccu r a cy a n d a d e q u a cy . Th e r e f o r e w e d o n o t r e sp o n si b l e o f a n y i n v e st m e n t d e ci si o n m a k i n g b a se d o n t h i s r e p o r t . As f o r a n y a ssu m p t i o n s, o p i n i o n s a n d p r e d i ct i o n s w e r e so l e l y o u r i n t e r n a l j u d g m e n t s a s p e r r e p o r t i n g d a t e , a n d t h o se j u d g m e n t s a r e su b j e ct t o ch a n g e w i t h o u t f u r t h e r n o t i ce .

W e d o n o t r e sp o n si b l e f o r m i st a k e a n d n e g l i g e n ce o ccu r r e d b y u si n g t h i s r e p o r t . La st p e r f o r m a n ce co u l d n o t a l w a y s b e u se d a s r e f e r e n ce f o r f u t u r e o u t co m e . Th i s r e p o r t i s n o t a n o f f e r i n g r e co m m e n d a t i o n , p u r ch a se o r h o l d s p a r t i cu l a r sh a r e s. Th i s r e p o r t m i g h t n o t b e su i t a b l e f o r so m e i n v e st o r s. Al l o p i n i o n i n t h i s r e p o r t h a s b e e n p r e se n t e d f a i r l y a s p e r i ssu i n g d a t e w i t h g o o d i n t e n t i o n s; h o w e v e r i t co u l d b e ch a n g e a t a n y t i m e w i t h o u t f u r t h e r n o t i ce . Th e p r i ce , v a l u e o r i n co m e f r o m e a ch sh a r e o f t h e Co m p a n y st a t e d i n t h i s r e p o r t m i g h t l o w e r t h a n t h e i n v e st o r e x p e ct a t i o n a n d i n v e st o r m i g h t o b t a i n l o w e r r e t u r n t h a n t h e i n v e st e d a m o u n t . I n v e st m e n t i s d e f i n e d a s t h e p r o b a b l e i n co m e t h a t w i l l b e r e ce i v e d i n t h e f u t u r e ; n o n e t h e l e ss su ch r e t u r n m a y p o ssi b l y f l u ct u a t e . As f o r t h e Co m p a n y w h i ch i t s sh a r e i s d e n o m i n a t e d o t h e r t h a n Ru p i a h , t h e f o r e i g n e x ch a n g e f l u ct u a t i o n m a y r e d u ce t h e v a l u e , p r i ce o r i n v e st o r i n v e st m e n t r e t u r n . Th i s r e p o r t d o e s n o t co n t a i n a n y i n f o r m a t i o n f o r t a x co n si d e r a t i o n i n i n v e st m e n t d e ci si o n m a k i n g . Th e sh a r e p r i ce t a r g e t i n t h i s r e p o r t i s a f u n d a m e n t a l v a l u e , n o t a f a i r m a r k e t v a l u e n o r a t r a n sa ct i o n p r i ce r e f e r e n ce r e q u i r e d b y t h e r e g u l a t i o n s.

Th e sh a r e p r i ce t a r g e t i ssu e d b y Pe f i n d o Eq u i t y & I n d e x Va l u a t i o n D i v i si o n i s n o t a r e co m m e n d a t i o n t o b u y , se l l o r h o l d p a r t i cu l a r sh a r e s a n d i t co u l d n o t b e co n si d e r e d a s a n i n v e st m e n t a d v i ce f r o m Pe f i n d o Eq u i t y & I n d e x Va l u a t i o n D i v i si o n a s i t s sco p e o f se r v i ce t o , o r i n r e l a t i o n t o so m e p a r t i e s, i n cl u d i n g l i st e d co m p a n i e s, f i n a n ci a l a d v i so r , b r o k e r , i n v e st m e n t b a n k , f i n a n ci a l i n st i t u t i o n a n d i n t e r m e d i a r y , i n co r r e l a t i o n w i t h r e ce i v i n g r e w a r d s o r a n y o t h e r b e n e f i t s f r o m t h a t p a r t i e s.

Th i s r e p o r t i s n o t i n t e n d e d f o r p a r t i cu l a r i n v e st o r a n d ca n n o t b e u se d a s p a r t o f i n v e st m e n t o b j e ct i v e o n p a r t i cu l a r sh a r e s a n d n e i t h e r a n i n v e st m e n t r e co m m en d a t i o n o n p a r t i cu l a r sh a r e s o r a n i n v e st m e n t st r a t e g y . W e st r o n g l y r e co m m e n d e d i n v e st o r t o co n si d e r t h e su i t a b l e si t u a t i o n a n d co n d i t i o n a t f i r st b e f o r e m a k i n g d e ci si o n i n r e l a t i o n w i t h t h e f i g u r e i n t h i s r e p o r t . I f i t i s n e ce ssa r y , k i n d l y co n t a ct y o u r f i n a n ci a l a d v i so r .

PEFI ND O k e e p s t h e a ct i v i t i e s o f Eq u i t y Va l u a t i o n sep a r a t e f r o m Ra t i n g s t o p r e se r v e i n d e p e n d e n ce a n d o b j e ct i v i t y o f i t s a n a l y t i ca l p r o ce sse s a n d p r o d u ct s. PEFI ND O h a s e st a b l i sh e d p o l i ci e s a n d p r o ce d u r e s t o m a i n t a i n t h e co n f i d e n t i a l i t y o f ce r t a i n n o n - p u b l i c i n f o r m a t i o n r e ce i v e d i n co n n e ct i o n w i t h e a ch a n a l y t i ca l p r o ce ss. Th e e n t i r e p r o ce ss, m e t h o d o l o g y a n d t h e d a t a b a se u se d i n t h e p r e p a r a t i o n o f t h e Re f e r e n ce Sh a r e Pr i ce Ta r g e t Re p o r t a s a w h o l e i s d i f f e r e n t f r o m t h e p r o ce sse s, m e t h o d o l o g i e s a n d d a t a b a se s u se d PEFI ND O i n d o i n g t h e r a t i n g .

This report w as prepared and com posed by Pe f i n d o Eq u i t y & I n d e x Va l u a t i o n D i v i si o n wit h t he obj ect ive t o enhance shares price t ransparency of list ed com panies in I ndonesia St ock Exchange ( I DX) . This report is also free of ot her par t y’s influence, pr essure or force eit her from I DX or t he list ed com pany which review ed by Pe f i n d o Eq u i t y & I n d e x Va l u a t i o n D i v i si o n . Pe f i n d o Eq u i t y & I n d e x Va l u a t i o n Division w ill earn r ew ard am ount ing t o Rp 20 m n each from I DX and t he review ed com pany for issuing r eport t w ice per year. For fur t her infor m at ion, please visit our w ebsit e at h t t p : / / w w w . p e f i n d o . co m

Th i s r e p o r t i s p r e p a r e d a n d co m p o se d b y Pe f i n d o Eq u i t y & I n d e x Va l u a t i o n D i v i si o n . I n I n d o n e si a , t h i s r e p o r t i s p u b l i sh e d i n o u r w e b si t e a n d i n I D X w e b si t e .

(1)

.

Figu r e 9 : SM SM & Com pe t it or M a r gin s in 1 Q1 1

( in % )

26%

18% 17%

6% 12%

14%

5% _4%

0% 5% 10% 15% 20% 25% 30%

SMSM AUTO

Gross profit m argin Operating profit m argin Net profit m argin ROA ROE

Source : PT Selam at Sem purna Tbk, Pefindo Equit y & I ndex Valuat ion Division

Con sist e n t ly Pr ovide D ivide n ds t o Sh a r e h olde r s

.

Figu r e 9 : Tot a l D ivide n d Ca sh , N e t I n com e a n d

D ivide n d Pa you t Ra t io

0 20 40 60 80 100 120 140 160

2007 2008 2009 2010P

, b

0% 20% 40% 60% 80% 100% 120%

Total Cash Dividend (Rp, bn) Net Incom e (Rp, bn) Dividend Payout Ratio (%)

(2)

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Con t in u e t o I m pr ove I t s Com pe t it ive Adva n t a ge s

Re ce iv e d M a n y Aw a r ds in 2 0 1 0

Bu sin e ss Pr ospe ct s

Considering a 6% YoY expect ed grow t h of w orldw ide car product ion and also 6% YoY of expect ed grow t h in dom est ic car sales, t he prospect of an aut om ot ive part s indust r y, in w hich SMSM is one of t he pr oducer s, st ill looks prom ising. Augm ent ed w it h plans of incr easing product ion capacit y, w e believe t hat SMSM’s revenue w ill be up by 15.12% YoY in 2011 and 12.9% CAGR dur ing 2010 – 2015 per iods.

Figu r e 1 0 : SM SM ’s Re ve n u e

Source: PT Selam at Sem purna Tbk, Pefindo Equit y & I ndex Valuat ion Division

Ta ble 1 : SW OT An a ly sis

St r e n gt h s W e a k n e sse s

• Experience in t he aut om ot iv e com ponent indust r y since 1976.

• Well k now n pr oduct s in m ore t han 100 count ries.

• Received t echnical assist ance from affiliat es.

• Plans t o increased it s product ion capacit y

• Volat ilit y of exchange rat e m ight have im pact on t he product ’s sales price and also im port ed raw m at erials.

• Dependence on t hird part y’s t echnical assist ance.

Oppor t u n it ie s Th r e a t s

• Probabilit y of increasing revenue, since t he dom est ic and overseas car indust r ies show ed an im provem ent in 2011.

• Possibilit y of gr ow ing m arket for radiat or product s in overseas, due t o t he

im provem ent on t he overseas car indust ry .

• I m it at ion pr oduct s in dom est ic and int ernat ional m arket dim inish cust om er t rust .

SW OT AN ALYSI S

-500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000

2009 2010 2011P 2012P 2013P 2014P 2015P

, m

Revenue

(3)

V ALUATI ON

• M e t h odology

This valuat ion is based on 100% shar es pr ice as of Mar ch 31st_{, 2011.} • V a lu e Est im a t ion

Target pr ice for 12 m ont hs based on valuat ion as per Mar ch 31st_{, 2011 is as follow s:}

Using DCF m et hod w it h discount r at e assum pt ion 10.31% , is Rp 1,380 - Rp 1,540 per shar e.

Using GCM m et hod ( PBV 3.02X and P/ E 10.84X) is Rp 1,300 – Rp 1,520 per share.

I n order t o obt ain a value w hich repr esent s bot h value indicat ions, w e have w eight ed bot h DCF and GCM m et hods by 70% : 30% .

Based on t he above calculat ion, t arget price of SMSM for 12 m ont h is Rp 1 ,3 4 0 - Rp 1 ,5 4 0 per share.

Ta ble 2 : D CF M e t h od

Con se r va t ive

M ode r a t e Aggr e ssive

PV of Free Cash Flow s – Rp bn 777.6 818.6 859.5

PV Ter m inal Value – Rp bn 1,442.4 1,518.4 1,594.3

Cash and Cash Equivalent , Rp bn 52.7 52.7 52.7

Net Debt – Rp bn ( 287.7) ( 287.7) ( 287.7)

Tot al Equit y Value – Rp bn 1,985.0 2,101.9 2,218.7

Num ber of Shar e, m n shar es 1,440 1,440 1,440

Fair Value per Share, Rp 1 ,3 8 0 1 ,4 6 0 1 ,5 4 0

Source: Pefindo Equit y & I ndex Valuat ion Division Est im at es

Ta ble 3 : Assu m pt ion

Risk free rat e ( % ) 7.61

Risk prem ium ( % ) 6.95

Bet a ( x) 0.62

Cost of Equit y ( % ) 11.94

Marginal t ax rat e ( % ) 25.0

W ACC ( % ) 1 0 .3 1

Source: Bloom berg, Pefindo Equit y & I ndex Valuat ion Division Est im at es

TARGET PRI CE

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Ta ble 4 : GCM Com pa r ison

SM SM AUTO Ave r a ge Pr ice , M a r ch 3 1st

2 0 1 1 [ Rp] 1,150 13,800 M a r k e t ca p, M a r ch 3 1st

2 0 1 1

[ Rp, bn] 1,656 10,626

Sa le s 1 Q1 1 [ Rp, bn ] 422 1,819

Gr oss Pr ofit 1 Q1 1 [ Rp, bn] 108 319 Ope r a t in g Pr ofit 1 Q1 1 [ Rp, bn] 73 102 N e t Pr ofit 1 Q1 1 [ Rp, bn] 52 259 Tot a l Asse t 1 Q1 1 [ Rp, bn] 1,078 6,158 Tot a l Lia bilit ie s 1 Q1 1 [ Rp, bn] 458 1,776 Tot a l Equ it y 1 Q1 1 [ Rp, bn] 620 4,382 Gr ow t h 1 Q1 1 YoY

Sa le s [ % ] 13.4 20.6

Gr oss Pr ofit [ % ] 24.7 21.5

Ope r a t in g Pr ofit [ % ] 31.9 ( 21.7)

N e t Pr ofit [ % ] 32.9 ( 6.8)

Pr ofit a bilit y 1 Q1 1

Gr oss M a r gin [ % ] 25.5 17.6

Ope r a t in g M a r gin [ % ] 17.3 5.6

N e t M a r gin [ % ] 12.3 14.2

ROA [ % ] 4.8 4.2

ROE [ % ] 8.4 5.9

Le ve r a ge 1 Q1 1

D ER [ x ] 0.7 0.4

Va lu a t ion , M a y 2 0 1 1

P/ E, [ x ] 10.45 11.23 10.84

P/ BV, [ x ] 2.97 3.06 3.02

(5)

( Rp bn)

I n com e St a t e m e nt 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 P 2 0 1 2 P

Sales 1,354 1,375 1,562 1,798 2,110

COGS ( 1,025) ( 1,058) ( 1,193) ( 1,365) ( 1,595)

Gr oss Pr ofit 3 2 9 3 1 6 3 6 9 4 3 4 5 1 5

Oper at ing Ex pense ( 116) ( 127) ( 141) ( 148) ( 172)

Ope r a t in g Pr ofit 2 1 3 1 9 0 2 2 8 2 8 5 3 4 3

Ot her I ncom e ( Char ges) ( 69) ( 4) ( 23) 3 ( 7)

Pr e - t a x Pr ofit 1 4 4 1 8 6 2 0 5 2 8 8 3 3 6

Tax ( 42) ( 43) ( 40) ( 72) ( 84)

Minor it y int er est in net

Ear nings of subsidiar y ( 10.0) ( 10) ( 14) ( 14) ( 16)

N e t Pr ofit 9 2 1 3 3 1 5 0 2 0 2 2 3 6

Source: PT Selam at Sem purna Tbk., Pefindo Equit y & I ndex Valuat ion Division Est im at es

( Rp bn)

Ba la n ce Sh e e t 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 P 2 0 1 2 P

Asse t s Cu r r e n t Asse t s

Cash & cash

equivalent s 14 9 14 21 44

Receivables 244 279 314 321 377

I nvent or y 286 255 307 299 350

Ot her Asset s 11 32 26 42 42

Tot a l Cu r r e n t Asse t s 5 5 5 5 7 5 6 6 2 6 8 3 8 1 1

N on Cu r r e n t Asse t s

Fixed Asset s 359 341 377 413 442

Ot her Asset s 16 25 29 23 23

Tot a l N on Cu r r e n t

Asse t s 3 7 5 3 6 7 4 0 5 4 3 5 4 6 5

Tot a l Asse t s 9 3 0 9 4 2 1 ,0 6 7 1 ,1 1 8 1 ,2 7 6

Lia bilit ie s

Sh or t Te r m Lia bilit ie s

Tr ade payables 51 128 125 105 121

Shor t - t er m liabilit ies -

bank 190 164 41 140 140

Ot her Shor t - t er m

payables 64 70 139 41 41

Tot a l Sh or t Te r m

Lia bilit ie s 3 0 5 3 6 2 3 0 4 2 8 6 3 0 2

Lon g Te r m Lia bilit ie s

Long- t er m liabilit ies –

bond - - 159 160 160

Ot her long t er m

liabilit ies 36 35 36 38 38

Tot a l Lon g Te r m

Lia bilit ie s 3 6 3 5 1 9 4 1 9 8 1 9 8

Tot a l Lia bilit ie s 3 4 1 3 9 7 4 9 9 4 8 3 4 9 9

M in or it y I n t e r e st s in

Equ it y of Su bsidia r y 4 2 4 6 4 9 4 6 4 6

Tot a l Equ it y 5 4 6 4 9 8 5 1 9 5 8 9 7 3 0

Source: PT Selam at Sem purna Tbk., Pefindo Equit y & I ndex Valuat ion Division Est im at es

P/E & P/BV

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0

2007 2008 2009 2010

P/ E 0.0 0.5 1.0 1.5 2.0 2.5 3.0 P/ B V P/E P/BV

ROA, ROE & TAT

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

2007 2008 2009 2010

R O A & R O E 1.2 1.2 1.3 1.3 1.4 1.4 1.5 1.5 TA T

ROA ROE Total Asset Turnover

Ra t io 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 P 2 0 1 2 P

Gr ow t h ( % )

Sales 27.2 1.6 13.6 15.1 17.4

Oper at ing Pr ofit 42.0 ( 10.9) 20.1 25.3 20.3

EBI TDA 38.0 ( 0.6) 13.4 32.0 16.1

Net Pr ofit 14.3 44.2 13.2 34.3 16.7

Pr ofit a bilit y ( % )

Gr oss Mar gin 24.3 23.0 23.6 24.1 24.4

Oper at ing Mar gin _{15.7 13.8 14.6 15.9 16.3}

EBI TDA Mar gin 20.1 19.6 19.6 22.4 22.2

Net Mar gin 6.8 9.7 9.6 11.2 11.2

ROA 9.8 14.1 14.1 18.1 18.5

ROE 16.7 26.7 29.0 34.3 32.3

Solva bilit y ( X)

Debt t o Equit y 0.6 0.8 1.0 0.8 0.7

Debt t o Asset 0.4 0.4 0.5 0.4 0.4

Liqu idit y ( X)

Cur r ent Rat io 1.8 1.6 2.2 2.4 2.7

(6)

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PT Set Sempurna Tbk

Se la m a t Se m pu r n a , Tbk

Pr im a r y Re por t

Equ it y V a lu a t ion

May 13

, 2011

Ta r ge t Pr ice

Low H igh

1 ,3 4 0 1 ,5 4 0

Au t om ot ive Com pon e n t

H ist or ica l Ch a r t

St ock I n for m a t ion

M a r k e t V a lu e Adde d & M a r k e t Risk

Sh a r e h olde r s

Figu r e 1 : Som e of SM SM ’s Pr odu ct s

Figu r e 2 : D om e st ic Ca r Sa le s, SM SM ’s Filt e r &

Ra dia t or Sa le s

BUSI N ESS I N FORM ATI ON

Figu r e 3 : D om e st ic Ca r Sa le s a n d SM SM ’s Re ve n u e

fr om D om e st ic M a r k e t in 1 Q1 1

Figu r e 4 : N u m be r of Ca r Sa le s in Se ve r a l

Cou n t r ie s

Figu r e 5 : Sa le s V olu m e of Kom a t su

Figu r e 6 : SM SM ’s Pr odu ct ion Ca pa cit y

Figu r e 7 : SM SM ’s Re ve n u e , COGS a n d Gr oss Pr ofit

M a r gin

Figu r e 8 : SM SM ’s Re ve n u e a n d N e t Pr ofit

FI N AN CE

.

Figu r e 9 : SM SM & Com pe t it or M a r gin s in 1 Q1 1

.

Figu r e 9 : Tot a l D ivide n d Ca sh , N e t I n com e a n d

D ivide n d Pa you t Ra t io

Figu r e 1 0 : SM SM ’s Re ve n u e

SW OT AN ALYSI S

Ta ble 2 : D CF M e t h od

Con se r va t ive

M ode r a t e Aggr e ssive

Ta ble 3 : Assu m pt ion

TARGET PRI CE

Ta ble 4 : GCM Com pa r ison

D I SCLAI M ER

.

Figu r e 9 : SM SM & Com pe t it or M a r gin s in 1 Q1 1

.

Figu r e 9 : Tot a l D ivide n d Ca sh , N e t I n com e a n d

D ivide n d Pa you t Ra t io

Figu r e 1 0 : SM SM ’s Re ve n u e

SW OT AN ALYSI S

Ta ble 2 : D CF M e t h od

Con se r va t ive

M ode r a t e Aggr e ssive

Ta ble 3 : Assu m pt ion

TARGET PRI CE

Ta ble 4 : GCM Com pa r ison

D I SCLAI M ER

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