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Equity Valuation Outstanding

Shares Price Price Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield ROE
Code Rating (Mn) (Rp) Target (Rp Bn) 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019
Mandiri Universe 4,124,437.8 256,676.8 283,330.8 8% 10% 16.0 14.5 12.8 12.1 2.5 2.2 2.8% 2.7% 15.9% 16.0%
Financials 1,292,446.3 95,531.3 111,579.5 13% 17% 13.5 11.6 2.0 1.8 2.6% 2.4% 15.5% 16.3%
Bank Central Asia BBCA Neutral 24,655 23,050 24,500 568,297.9 25,348.4 28,937.8 9% 14% 22.4 19.6 N.A. N.A. 3.8 3.3 1.8% 1.2% 18.2% 18.2%
Bank Negar a Indonesia BBNI Neutral 18,649 6,875 8,000 128,209.5 15,670.9 17,417.8 15% 11% 8.2 7.4 N.A. N.A. 1.2 1.1 3.7% 3.7% 15.6% 15.8%
Bank Rakyat Indonesia BBRI Buy 123,299 2,980 3,500 367,429.6 32,766.5 40,341.8 13% 23% 11.2 9.1 N.A. N.A. 2.0 1.8 3.6% 3.6% 18.8% 20.6%
Bank Tabungan Negara BBTN Buy 10,590 2,410 3,250 25,521.9 3,299.9 4,087.8 9% 24% 7.7 6.2 N.A. N.A. 1.1 0.9 2.4% 2.6% 14.4% 15.7%
Bank Danamon Indonesia BDMN Neutral 9,585 7,000 7,000 67,092.1 4,594.5 5,071.5 25% 10% 14.6 13.2 N.A. N.A. 1.6 1.5 1.6% 2.1% 11.4% 11.5%
BPD Jawa Barat BJBR Sell 9,696 1,995 1,790 19,344.1 1,563.3 1,805.7 16% 16% 12.4 10.7 N.A. N.A. 1.8 1.7 4.5% 5.3% 14.8% 16.0%
BPD Jawa Timur BJTM Neutral 14,918 635 655 9,472.7 1,232.5 1,275.3 6% 3% 7.7 7.4 N.A. N.A. 1.1 1.1 7.0% 7.2% 15.2% 14.7%
Bank CIMB Niaga BNGA Buy 25,132 905 1,220 22,744.1 3,544.7 3,873.3 19% 9% 6.4 5.9 N.A. N.A. 0.6 0.5 2.6% 3.1% 9.3% 9.5%
Bank Permata BNLI Neutral 28,016 496 465 13,909.2 640.0 1,081.4 -19% 69% 21.7 12.9 N.A. N.A. 0.6 0.6 0.0% 0.0% 2.9% 4.8%
Bank Tabungan Pensiunan Nasional
BTPN Neutral 5,840 3,770 4,000 22,017.9 2,104.6 2,426.0 72.4% 15.3% 10.5 9.1 N.A. N.A. 1.2 1.1 2.6% 3.3% 12.2% 12.8%
BTPN Syariah PNBN Buy 24,088 1,120 1,025 26,978.2 2,485.3 2,592.1 3.0% 4.3% 10.9 10.4 N.A. N.A. 0.7 0.7 0.0% 0.0% 7.1% 6.9%
Bank Pan Indonesia (Panin) BTPS Buy 7,704 1,655 2,250 12,749.6 933.8 1,223.5 39.3% 31.0% 13.7 10.4 N.A. N.A. 3.3 2.5 0.0% 0.0% 30.2% 27.0%
BFI Finance Indonesia BFIN Buy 15,967 580 1,000 8,679.3 1,346.8 1,445.4 13.4% 7.3% 6.4 6.0 N.A. N.A. 1.6 1.4 8.2% 8.5% 25.8% 24.5%
Construction & materials 208,807.1 15,702.5 15,515.4 5.1% -1.2% 13.3 13.5 9.2 9.0 1.6 1.4 3.7% 2.0% 12.1% 11.1%
Indocement Tunggal Prakarsa INTP Neutral 3,681 15,850 15,000 58,347.5 851.8 1,035.7 -54.2% 21.6% 68.5 56.3 26.9 24.0 2.6 2.5 4.4% 0.5% 3.6% 4.5%
Semen Indonesia SMGR Buy 5,932 8,925 11,500 52,938.8 1,948.4 2,252.0 -3.3% 15.6% 27.2 23.5 11.4 10.5 1.8 1.7 3.4% 1.5% 6.6% 7.3%
Arwana Citramulia ARNA Buy 7,341 356 610 2,613.5 253.6 329.4 30.5% 29.9% 10.3 7.9 5.5 4.2 2.1 1.8 2.9% 3.8% 21.9% 24.2%
Adhi Karya ADHI Buy 3,561 1,325 2,600 4,718.1 791.4 686.1 53.6% -13.3% 6.0 6.9 6.5 10.4 0.7 0.7 2.2% 3.4% 12.7% 10.0%
PP PTPP Buy 6,200 1,545 3,600 9,578.8 1,648.5 1,806.8 25.2% 9.6% 5.8 5.3 3.8 3.7 0.8 0.7 2.7% 3.4% 14.2% 13.9%
Wijaya Karya WIKA Buy 8,960 1,310 2,100 11,737.9 1,505.5 1,797.6 25.2% 19.4% 7.8 6.5 5.2 5.6 0.8 0.8 2.6% 3.1% 11.4% 12.3%
Waskita Karya WSKT Buy 13,381 1,645 2,800 22,011.7 4,709.3 3,766.6 21.3% -20.0% 4.7 5.8 10.5 9.0 1.2 1.1 4.3% 3.4% 29.6% 19.5%
Wijaya Karya Beton WTON Buy 8,715 350 630 3,050.4 429.2 472.6 27.3% 10.1% 7.1 6.5 4.6 3.9 1.0 0.9 3.3% 4.2% 15.1% 14.9%
Waskita Beton WSBP Buy 26,361 350 500 9,226.4 1,096.3 1,125.6 9.2% 2.7% 8.4 8.2 6.3 4.4 1.2 1.1 8.1% 5.9% 14.7% 14.2%
Total Bangun Persada TOTL Buy 3,410 560 880 1,909.6 286.2 317.7 12.8% 11.0% 6.7 6.0 3.2 2.6 1.6 1.4 7.5% 8.3% 25.2% 24.7%
Acset Indonusa ACST Buy 700 1,575 3,800 1,102.5 301.2 342.3 83.6% 13.6% 3.7 3.2 1.4 1.9 0.7 0.6 10.9% 12.4% 20.2% 20.3%
Jasa Marga JSMR Buy 7,258 4,350 5,600 31,571.7 1,881.3 1,583.0 -14.5% -15.9% 16.8 19.9 9.9 12.4 1.9 1.8 1.4% 1.2% 11.9% 9.3%
Consumer staples 1,183,215.9 41,255.0 45,768.0 3.4% 10.9% 28.7 25.9 18.1 16.5 7.0 6.4 2.4% 2.4% 25.5% 25.9%
Indofood CBP Sukses Mak ICBP Buy 11,662 8,800 10,550 102,624.8 4,262.8 4,512.4 12.3% 5.9% 24.1 22.7 15.2 14.4 4.7 4.2 1.9% 2.1% 20.5% 19.5%
Indofood Sukses Makmur INDF Buy 8,781 5,775 9,950 50,704.2 3,844.3 4,004.9 -7.8% 4.2% 13.2 12.7 6.8 6.6 1.5 1.4 4.1% 3.8% 12.0% 11.8%
Mayora Indah MYOR Neutral 22,359 2,670 2,800 59,698.5 1,660.7 1,795.1 4.2% 8.1% 35.9 33.3 18.6 16.8 7.2 6.3 0.9% 1.0% 21.4% 20.1%
Unilever Indonesia UNVR Neutral 7,630 42,675 40,000 325,610.3 7,095.5 7,775.0 1.3% 9.6% 45.9 41.9 31.7 28.9 65.2 57.4 2.2% 2.2% 139.6% 145.8%
Gudang Garam GGRM Buy 1,924 71,775 86,050 138,101.4 8,191.5 9,411.9 5.6% 14.9% 16.9 14.7 11.3 9.9 2.9 2.5 2.1% 1.7% 18.3% 18.4%
Hanjaya Mandala Sampoerna HMSP Neutral 116,318 3,740 4,100 435,029.6 13,117.7 14,914.9 3.5% 13.7% 33.2 29.2 24.6 21.6 12.5 11.8 2.9% 3.0% 38.1% 41.6%
Kalbe Farma KLBF Neutral 46,875 1,265 1,350 59,297.0 2,448.1 2,591.7 1.9% 5.9% 24.2 22.9 15.2 14.3 4.0 3.7 1.9% 2.0% 17.5% 16.8%
IJF Sido Muncul SIDO Buy 15,000 810 950 12,150.0 634.3 762.1 21.7% 20.2% 19.2 15.9 13.8 11.4 3.9 3.6 3.7% 4.4% 21.2% 23.7%
Healthcare 38,353.0 824.9 870.9 -5.3% 5.6% 46.5 44.0 16.2 14.4 3.5 3.3 0.1% 0.2% 7.7% 7.7%
Mitra Keluarga Karyasehat MIKA Neutral 14,551 1,660 1,500 24,154.2 641.3 658.4 -5.7% 2.7% 37.7 36.7 26.9 25.7 8.2 7.4 0.0% 0.0% 19.3% 21.2%
Siloam International Hospital SILO Buy 1,625 2,810 4,300 4,566.3 27.7 39.0 -70.4% 40.6% 164.8 117.2 4.9 4.1 0.7 0.7 0.0% 0.0% 0.4% 0.6%
Medikaloka Hermina HEAL Buy 2,973 3,240 4,200 9,632.5 155.9 173.6 59.8% 11.4% 61.8 55.5 16.9 15.0 5.4 5.1 0.5% 0.8% 14.0% 9.5%
Consumer discretionary 386,032.2 28,502.7 30,436.5 12.9% 6.8% 13.5 12.7 9.7 9.4 2.3 2.1 3.2% 3.6% 17.6% 17.0%
Ace Hardware Indonesia ACES Buy 17,150 1,330 1,700 22,809.5 969.9 1,113.3 24.7% 14.8% 23.5 20.5 18.2 15.4 5.5 4.7 1.4% 1.7% 25.2% 24.6%
Matahari Department Store LPPF Neutral 2,918 6,475 8,600 18,893.5 2,059.9 2,272.2 8.0% 10.3% 9.2 8.3 5.8 5.0 6.2 4.9 7.1% 7.6% 76.6% 65.5%
Mitra Adiperkasa MAPI Buy 16,600 780 1,100 12,948.0 718.5 815.0 114.7% 13.4% 18.0 15.9 6.9 6.7 2.8 2.5 0.4% 0.8% 16.7% 16.7%
Matahari Putra Prima MPPA Sell 5,378 170 250 914.3 (278.4) (334.9) -29.3% -20.3% -3.3 -2.7 11.0 15.3 0.5 0.5 -7.1% -9.1% -13.3% -18.0%
Ramayana Lestari Sentosa RALS Buy 7,096 1,240 1,700 8,799.0 510.8 558.0 25.6% 9.2% 17.2 15.8 11.2 10.1 2.3 2.2 2.8% 3.5% 14.1% 14.4%
Astra International ASII Buy 40,484 6,950 8,550 281,360.7 20,907.7 22,025.4 10.7% 5.3% 13.5 12.8 10.3 10.4 2.1 1.9 3.0% 3.3% 16.1% 15.5%
Surya Citra Media SCMA Neutral 14,622 1,720 2,350 25,148.8 1,609.1 1,732.1 8.2% 7.6% 15.6 14.5 10.7 9.8 5.8 5.2 4.5% 4.8% 39.1% 37.5%
Media Nusantara Citra MNCN Buy 13,238 785 1,700 10,391.7 1,637.8 1,801.2 15.8% 10.0% 6.3 5.8 4.6 4.1 1.0 1.0 7.9% 8.7% 17.2% 17.4%
MNC Studios International MSIN Buy 5,202 318 600 1,654.2 194.5 245.7 60.1% 26.3% 8.5 6.7 4.4 3.6 1.3 1.2 5.9% 7.4% 23.3% 18.6%
Sarimelati Kencana PZZA Buy 3,022 1,030 1,600 3,112.5 172.9 208.5 22.4% 20.5% 18.0 14.9 7.7 7.2 2.7 2.3 0.0% 0.0% 22.7% 16.8%

REDS- Research Equity Database System Page 1 of 2

 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Equity Valuation Outstanding

Shares Price Price Mkt Cap Net Profit EPS Growth PER (x) EV/EBITDA (x) P/BV (x) Div.Yield ROE
Code Rating (Mn) (Rp) Target (Rp Bn) 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019
Commodities 371,944.8 31,405.2 31,074.0 20.4% -1.3% 11.7 11.8 5.5 5.3 1.7 1.6 3.6% 3.3% 14.7% 13.5%
Astra Agro Lestari AALI Buy 1,925 11,850 14,200 22,807.7 1,558.2 1,817.2 -22.5% 16.6% 14.6 12.6 5.9 4.9 1.2 1.1 3.5% 2.7% 8.4% 9.3%
London Sumatera Plantations LSIP Buy 6,823 1,215 1,450 8,289.8 760.4 652.6 -0.4% -14.2% 10.9 12.7 5.3 4.6 1.0 0.9 3.7% 3.7% 9.1% 7.5%
Sawit Sumbermas Sarana SSMS Neutral 9,525 1,235 1,300 11,763.4 911.2 1,157.5 15.8% 27.0% 12.9 10.2 5.1 4.3 2.5 2.1 2.0% 2.3% 20.8% 22.5%
Eagle High Plantations BWPT IJ Neutral 31,525 200 195 6,305.1 (224.7) (67.5) -20.9% 70.0% -28.1 -93.5 11.8 8.7 1.1 1.1 0.0% 0.0% -3.7% -1.1%
United Tractors UNTR Buy 3,730 32,600 42,000 121,602.4 10,524.6 10,705.1 37.2% 1.7% 11.6 11.4 6.1 5.6 2.3 2.0 2.6% 2.6% 21.5% 19.0%
Adaro (USD) ADRO Neutral 31,986 1,810 2,100 57,894.6 451.8 405.5 -6.5% -10.2% 9.3 10.4 3.5 3.7 1.1 1.1 4.2% 3.7% 12.5% 10.5%
Harum Energy (USD) HRUM Neutral 2,661 2,380 3,000 6,111.9 49.8 45.6 12.8% -8.5% 8.9 9.8 2.3 2.3 1.3 1.2 6.2% 5.6% 15.0% 12.9%
Indo Tambangraya Megah (USD) ITMG Buy 1,108 25,675 33,400 28,154.1 261.2 225.4 3.3% -13.7% 7.8 9.1 3.5 4.0 2.0 2.0 10.9% 9.4% 26.4% 22.1%
Bukit Asam PTBA Buy 11,523 4,740 5,000 54,616.7 5,080.0 4,342.0 13.5% -14.5% 9.8 11.5 6.8 7.8 3.6 3.2 4.7% 4.0% 35.1% 26.8%
Antam ANTM Buy 24,031 800 1,300 19,224.6 1,071.4 1,296.8 684.8% 21.0% 17.9 14.8 8.6 7.3 1.0 1.0 0.0% 0.0% 5.7% 6.6%
Vale Indonesia (USD) INCO Buy 9,936 3,540 5,700 35,174.6 86.9 135.6 N/M 56.0% 29.3 18.9 8.7 6.8 1.4 1.3 1.0% 1.6% 4.7% 7.0%
Property & Industrial Estate 95,332.1 11,749.5 12,355.3 -6.1% 5.2% 8.1 7.7 7.3 6.9 0.9 0.8 2.2% 2.3% 11.4% 11.0%
Alam Sutera Realty ASRI Neutral 17,863 272 400 5,344.6 1,279.8 1,205.4 -4.6% -5.8% 4.2 4.4 5.4 5.3 0.6 0.5 4.8% 4.5% 14.5% 12.3%
Bumi Serpong Damai BSDE Buy 19,247 1,005 2,210 19,342.9 2,910.9 2,703.0 -14.4% -7.1% 6.6 7.2 7.1 7.3 0.7 0.7 2.4% 2.0% 11.7% 9.9%
Ciputra Development CTRA Buy 18,560 770 1,420 14,291.4 1,163.0 1,417.9 25.7% 21.9% 12.3 10.1 9.5 8.1 1.0 0.9 1.3% 1.6% 8.4% 9.5%
Jaya Real Property JRPT Buy 13,750 530 1,300 7,287.5 1,170.4 1,286.1 12.9% 9.9% 6.2 5.7 5.6 5.0 1.2 1.0 5.5% 5.3% 20.4% 19.6%
Lippo Cikarang LPCK Neutral 696 1,750 5,150 1,218.0 448.5 488.8 -12.2% 9.0% 2.7 2.5 1.8 1.5 0.2 0.2 0.0% 0.0% 9.1% 9.1%
Modernland MDLN Neutral 12,533 216 310 2,707.1 583.3 610.2 3.2% 4.6% 4.6 4.4 5.3 5.3 0.4 0.3 0.0% 0.0% 7.8% 7.6%
Pakuwon Jati PWON Neutral 48,160 486 720 23,405.6 2,291.1 2,478.7 27.7% 8.2% 10.2 9.4 7.6 6.8 1.9 1.7 1.5% 2.0% 20.6% 19.0%
Summarecon Agung SMRA Neutral 14,427 555 1,100 8,006.9 402.1 451.1 41.7% 12.2% 19.9 17.7 9.6 9.1 1.1 1.1 0.0% 0.0% 5.9% 6.2%
Puradelta Lestari DMAS Neutral 48,198 129 140 6,217.6 748.4 797.3 14.0% 6.5% 8.3 7.8 6.9 6.6 0.8 0.8 6.0% 6.4% 10.4% 10.5%
Bekasi Fajar BEST Buy 9,647 163 310 1,572.5 512.5 559.9 6.0% 9.3% 3.1 2.8 3.9 3.8 0.4 0.3 6.6% 7.2% 12.7% 12.5%
Surya Semesta Internusa SSIA Neutral 4,705 486 650 2,286.7 52.0 157.4 -95.8% 202.5% 43.9 14.5 7.4 7.3 0.5 0.5 -0.2% 0.5% 1.2% 3.7%
Mega Manunggal MMLP Buy 6,889 530 700 3,651.2 187.6 199.7 -32.0% 6.4% 19.5 18.3 26.0 22.5 0.9 0.9 0.0% 0.0% 4.8% 4.9%
Telco 455,348.3 26,863.8 30,035.1 (0.1) 0.1 17.0 15.2 5.7 5.3 3.0 2.8 0.0 4.4% 18.2% 19.2%
EXCEL EXCL Buy 10,688 2,870 3,800 30,674.4 797.3 1,346.0 112.5% 68.8% 38.5 22.8 5.1 4.5 1.4 1.3 0.0% 0.8% 3.6% 5.9%
Telkom TLKM Buy 99,062 3,530 4,200 349,689.6 21,413.9 23,643.1 -3.3% 10.4% 16.3 14.8 5.8 5.4 3.5 3.3 4.3% 4.7% 22.3% 23.0%
Indosat ISAT Neutral 5,434 2,760 4,000 14,997.7 446.3 451.1 -60.7% 1.1% 33.6 33.2 3.2 3.1 1.1 1.0 1.2% 1.7% 3.2% 3.2%
Link Net LINK Buy 3,043 4,180 6,800 12,363.9 1,143.7 1,295.7 15.1% 13.3% 10.8 9.5 5.3 4.6 2.5 2.2 4.6% 5.2% 24.1% 24.2%
Tower Bersama TBIG Neutral 4,531 5,300 5,350 23,543.8 805.0 883.9 -65.9% 9.8% 29.2 26.6 11.8 11.2 7.5 7.2 3.2% 3.2% 25.8% 27.5%
Sarana Menara TOWR Buy 51,015 472 750 24,078.9 2,257.5 2,415.5 7.5% 7.0% 10.7 10.0 6.7 6.3 3.1 2.7 6.2% 6.2% 30.2% 29.0%
Chemical 24,586.0 1,543.3 1,937.9 -9.1% 25.6% 15.9 12.7 5.3 4.8 1.4 1.3 0.0% 0.0% 8.9% 10.8%
Aneka Gas AGII Buy 3,067 620 900 1,901.3 118.2 157.3 38.1% 33.1% 16.1 12.1 6.2 5.6 0.6 0.6 0.0% 0.0% 3.8% 4.8%
Barito Pacific (USD) BRPT Neutral 13,960 1,625 2,640 22,684.7 103.3 129.5 -13.0% 25.4% 15.9 12.7 5.2 4.7 1.6 1.5 0.0% 0.0% 10.0% 12.2%
Airlines 7,284.2 641.5 729.4 -7.3% 13.7% 11.4 10.0 7.2 6.9 1.6 1.4 2.6% 3.0% 14.4% 14.9%
GMF AeroAsia (USD) GMFI Buy 28,234 258 350 7,284.2 46.5 53.0 -8.7% 14.1% 11.4 10.0 7.2 6.9 1.6 1.4 2.6% 3.0% 14.4% 14.9%
Oil and Gas 53,331.3 2,184.1 2,475.0 56.2% 13.3% 24.4 21.5 6.6 6.7 1.2 1.1 1.1% 1.6% 4.9% 5.4%
Perusahaan Gas Negara (USD) PGAS Buy 24,240 2,200 3,150 53,331.3 158.3 179.9 53.8% 13.7% 24.4 21.5 6.6 6.7 1.2 1.1 1.1% 1.6% 4.9% 5.4%
Transportation 7,756.5 472.9 553.8 11.3% 17.1% 16.4 14.0 6.7 5.9 1.5 1.4 1.8% 2.1% 9.4% 10.3%
Blue Bird BIRD Buy 2,502 3,100 3,700 7,756.5 472.9 553.8 11.3% 17.1% 16.4 14.0 6.7 5.9 1.5 1.4 1.8% 2.1% 9.4% 10.3%

Note : - *) means Company Data is using Bloomberg Data

- (USD) means Account under USD (USD Cents for Per Share Data)
- n/a means Not Available
- N/M means Not Meaningful
- N.A. means Not Applicable

REDS- Research Equity Database System Page 2 of 2