IDX LQ45

February 2013
 Contents
Forewords
LQ45 Index Constituents for the period of February July 2013

No. Code Stock Name Page

1. AALI Astra Agro Lestari Tbk. [S] (Plantation, 12) ................................................................................................................................................. 2
2. ADRO Adaro Energy Tbk. [S] (Coal Mining, 21) ...................................................................................................................................................... 6
3. AKRA AKR Corporindo Tbk. [S] (Wholesale (Durable and Non Durable Goods, 91)) ......................................................................... 10
4. ANTM Aneka Tambang (Persero) Tbk. [S] (Metal and Mineral Mining, 23) ............................................................................................... 14
5. ASII Astra International Tbk. [S] (Automotive and Components, 42)......................................................................................................... 18
6. ASRI Alam Sutera Realty Tbk. [S] (Property and Real Estate, 61) .............................................................................................................. 22
7. BBCA Bank Central Asia Tbk. (Bank, 81) ................................................................................................................................................................... 26
8. BBNI Bank Negara Indonesia Tbk. (Persero) (Bank, 81) .................................................................................................................................. 30
9. BBRI Bank Rakyat Indonesia (Persero) Tbk. (Bank, 81) ................................................................................................................................. 34
10. BBTN Bank Tabungan Negara (Persero) Tbk. (Bank, 81) ................................................................................................................................ 38
11. BDMN Bank Danamon Tbk. (Bank, 81). ....................................................................................................................................................................... 42
12. BHIT Bhakti Investama Tbk. (Investment Company, 98). ................................................................................................................................. 46
13. BKSL Sentul City Tbk. [S] (Property and Real Estate, 61). ............................................................................................................................... 50
14. BMRI Bank Mandiri (Persero) Tbk. (Bank, 81) ........................................................................................................................................................ 54
15. BMTR Global Mediacom Tbk. [S] (Investment Company, 98)........................................................................................................................... 58
16. BSDE Bumi Serpong Damai Tbk. [S] (Property and Real Estate, 61) .......................................................................................................... 62
17. BUMI Bumi Resources Tbk. (Coal Mining, 21) ........................................................................................................................................................ 66
18. BWPT BW Plantation Tbk. (Plantation, 12) ................................................................................................................................................................ 70
19. CPIN Charoen Pokphand Indonesia Tbk. [S] (Animal Feed,36) .................................................................................................................... 74
20. EXCL XL Axiata Tbk. [S] (Telecommunication,73) ................................................................................................................................................ 78
21. GGRM Gudang Garam Tbk. (Tobacco Manufacturers, 52) ................................................................................................................................. 82
22. GIAA Garuda Indonesia (Persero) Tbk. [S] (Transportation, 74) ................................................................................................................... 86
23. HRUM Harum Energy Tbk. [S] (Coal Mining, 21) ..................................................................................................................................................... 90
24. ICBP Indofood CBP Sukses Makmur Tbk. [S] (Food and Beverages, 51) ............................................................................................. 94
25. IMAS Indomobil Sukses Internasional Tbk. (Automotive and Components, 42) .................................................................................... 98
26. INCO Vale Indonesia Tbk. [S] (Metal and Mineral Mining, 23) ........................................................................................................................ 102
27. INDF Indofood Sukses Makmur Tbk. [S] (Food and Beverages, 51) .......................................................................................................... 106
28. INDY Indika Energy Tbk. [S] (Non-Building Construction, 75) ........................................................................................................................ 110
29. INTP Indocement Tunggal Prakasa Tbk. [S] (Cement, 31) .............................................................................................................................. 114
30. ITMG Indo Tambangraya Megah Tbk. [S] (Coal Mining, 21)............................................................................................................................ 118
31. JSMR Jasa Marga (Persero) Tbk. (Toll Road, Airport, Harbor and Allied Products, 72) ..................................................................... 122
32. KLBF Kalbe Farma Tbk. [S] (Pharmaceuticals, 53) .............................................................................................................................................. 126
33. LPKR Lippo Karawaci Tbk. [S] (Property and Real Estate, 61) ....................................................................................................................... 130
34. LSIP PP London Sumatera Tbk. [S] (Plantation,12) ........................................................................................................................................... 134
35. MAIN Malindo Feedmill Tbk. [S] (Animal Feed,36) ............................................................................................................................................... 138
36. MAPI Mitra Adiperkasa Tbk. [S] (Retail Trade, 93) ............................................................................................................................................... 142
37. MNCN Media Nusantara Citra Tbk. [S] (Advertising, Printing and Media,95) ............................................................................................ 146
38. PGAS Perusahaan Gas Negara (Persero) Tbk. [S] (Energy, 71).................................................................................................................... 150
39. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. [S] (Coal Mining, 21) ............................................................................................ 154
40. SMCB Holcim Indonesia Tbk. [S] (Cement, 31) ....................................................................................................................................................... 158
41. SMGR Semen Indonesia (Persero) Tbk. [S] (Cement, 31) .................................................................................................................................. 162
42. SSIA Surya Semesta Internusa Tbk. [S] (Building Construction, 62) .......................................................................................................... 166
43. TLKM Telekomunikasi Indonesia (Persero) Tbk. (Telecommunication, 73) .............................................................................................. 170
44. UNTR United Tractors Tbk. [S] (Wholesale (Durable and Non-Durable Goods, 91) .......................................................... 174
45. UNVR Unilever Indonesia Tbk. [S] (Cosmetics and Household, 54).............................................................................................................. 178
NOTES :
1. Trading Volume, Value and Frequency :
Figure of trading volume, value, and frequency are calculated once. Trading Frequency refers to numbers of transaction.
2. Foreign Ownership
In September 1997, the foreign ownership limitation was abolished except for banks (49% of total listed shares). In May 1999, the
maximum number of listed shares and foreign ownership on banks company was set to 99%, based on Government regulation
dated May 7th, 1999.
3. Number of listed shares
This figures refers to the total number of shares that is already listed and can be traded at the exchange
4. Market Capitalization
This figures indicates the aggregate number of listed shares multiplied by regular market closing price
5. Jakarta Composite Index

Jakarta Composite Index =

( Regular Closing Price x Number of Shares )
Base Value
Base Value = ( Base Price x Number of Shares )
Regular Closing Price
Individual Index =
Base Price
6. To calculate the Jakarta Composite Index and Stock Individual Index, Base Price and Base Value are adjusted when bonus and
rights issues, share splits and consolidations are made. Base price for new listed companies is IPO price.
7. Earnings Per Share (EPS)
The figure of EPS is derived by dividing the Profit after Taxation by number of issued shares. We annualized the EPS when interim
reports are used (see the Financial statement dates and Financial Year Ends).
8. Book Value per Share (BV)
The figure of BV is derived by dividing the Total Shareholders Equity by number of issued shares.
9. Debt to Assets Ratio (DAR)
Total Debt
DAR = x 100%
Total Assets
10. Debt to Equity Ratio (DER)
Total Debt
DER = x 100%
Total Equity

11. Return on Assets (ROA)

Net Income
ROA = x 100%
Total Assets
12. Return on Equity (ROE)
Net Income
ROE = x 100%
Total Equity

13. Gross Profit Margin (GPM)

Gross Profit
GPM = x 100%
Total Sales
14. Operating Profit Margin (OPM)
Operating Income
OPM = x 100%
Total Sales
15. Net Profit Margin (NPM)
Net Income
NPM = x 100%
Total Sales

Dividend
16. Payout Ratio = x 100%
EPS

Dividend
17. Yield = x 100%
Closing Price
FOREWORDS

This publication is designated as a service to domestic investors and other capital market participants, as part of the nation-wide efforts
in educating and improving the dissemination of capital market information. These efforts are important in carrying out the task of
expanding the domestic investor base.

To improve the future editions of this publication, the readers comments and feedback would be highly appreciated.

Jakarta, February 2013

Research Division
Indonesia Stock Exchange

2013 Indonesia Stock Exchange. All rights reserved.

Disclaimer :

The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as
being those of the publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the
information contained within the publication it should not be by any person relied upon as the basis for taking any action or making any decision. The
Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts
and opinions stated or expressed or stated within this publication.
 LQ45 Index Constituents
for the period of February July 2013
 COMPANY REPORT

AALI

ASTRA AGRO LESTARI TBK.

Company Profile

PT Astra Agro Lestari Tbk. was established dated October 3rd, 1988. The scope of its
activities is to engage in plantation operation, general trading, manufacturing,
transportation,consultationandservices.

The Company has investments in subsidiaries which are engaged in oil palm and rubber
plantations and industrial activities. The Company commenced commercial operations in
1995.

TheCompanysoilpalmplantationsof4,059hectaresarelocatedinSouthKalimantanand
[Link]
arelocatedinJava,Sumatra,Kalimantan,andSulawesi.

The Company and subsidiaries Rights to Cultivate (HGU) cover a total area of 222,127
hectares,andthetotalplantedareais209,306hectares.

Certain subsidiaries have been developing plasma plantations and managing cooperation
with plasma farmers in a total planted area of 60,184 hectares. The Company and
subsidiariesmillshaveeffectiveproductioncapacitiesof1,050tonsoffreshfruitbunches
(FFB)perhour,920tonsofkernelperday,and300tonsofcrudepalmoil(CPO)perday.

As of September 30th, 2012, the Company and subsidiaries had 27,550 permanent
employees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

2 RESEARCH DIVISION
 AALI AstraAgroLestariTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 1,459.351
Industry Sector : Agriculture (1) Listed Shares : 1,574,745,000
Industry Sub Sector : Plantation (12) Market Capitalization : 29,683,943,250,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 03-Oct-1988 1. PT Astra International Tbk. 976,231,238 : 61.99%
Listing Date : 09-Dec-1997 2. PT Astra International Tbk. 278,599,850 : 17.69%
Under Writer IPO : 3. Public ( <5% ) 319,913,912 : 20.32%
PT ABN AMRO Hoare Govett Indonesia
Securities Administration Bureau : DIVIDEND ANNOUNCEMENT
PT Raya Saham Registra Bonus Cash Recording Payment
F/I
Plaza Central Building 2nd Fl. Year Shares Dividend Cum Date Ex Date Date Date
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1997 37.00 22-Jun-98 23-Jun-98 01-Jul-98 20-Jul-98 F
Phone : 252-5666 1998 60.00 29-Oct-98 30-Oct-98 09-Nov-98 23-Nov-98 I
Fax : 252-5028 1998 25.00 27-May-99 28-May-99 08-Jun-99 05-Jul-99 F
1999 5:1 27-May-99 28-May-99 08-Jun-99 05-Jul-99
BOARD OF COMMISSIONERS 1999 45.00 31-May-00 02-Jun-00 12-Jun-00 26-Jun-00 F
1. Prijono Sugiarto 2000 7.00 07-Jun-01 08-Jun-01 13-Jun-01 27-Jun-01 F
2. Anugerah Pekerti *) 2001 10.00 18-Jun-02 19-Jun-02 24-Jun-02 04-Jul-02 F
3. Chiew Sin Cheok 2002 60.00 05-Jun-03 06-Jun-03 10-Jun-03 24-Jun-03 F
4. Gunawan Geniusahardja 2003 90.00 04-Jun-04 07-Jun-04 09-Jun-04 23-Jun-04 F
5. Harbrinderjit Singh Dillon *) 2004 100.00 06-Dec-04 07-Dec-04 09-Dec-04 23-Dec-04 I
6. Patrick Morris Alexander *) 2004 150.00 06-Jun-05 07-Jun-05 09-Jun-05 23-Jun-05 F
7. Simon Collier Dixon 2005 325.00 12-May-06 15-May-06 17-May-06 01-Jun-06 F
*) Independent Commissioners 2006 95.00 17-Oct-06 18-Oct-06 20-Oct-06 10-Nov-06 I
2006 230.00 11-Jun-07 12-Jun-07 14-Jun-07 25-Jun-07 I
BOARD OF DIRECTORS 2007 190.00 19-Oct-07 22-Oct-07 24-Oct-07 02-Nov-07 I
1. Widya Wiryawan 2007 625.00 16-Jun-08 17-Jun-08 19-Jun-08 30-Jun-08 F
2. Bambang Palgoenadi 2008 350.00 23-Oct-08 24-Oct-08 28-Oct-08 11-Nov-08 I
3. Jamal Abdul Nasser 2008 155.00 04-Jun-09 05-Jun-09 09-Jun-09 23-Jun-09 F
4. Joko Supriyono 2009 220.00 30-Oct-09 02-Nov-09 04-Nov-09 11-Nov-09 I
5. Juddy Arianto 2009 685.00 08-Jun-10 09-Jun-10 11-Jun-10 25-Jun-10 F
6. Santosa 2010 190.00 26-Oct-10 27-Oct-10 29-Oct-10 12-Nov-10 I
2010 640.00 20-May-11 23-May-11 25-May-11 09-Jun-11 F
AUDIT COMMITTEE 2011 300.00 24-Oct-11 25-Oct-11 27-Oct-11 10-Nov-11 I
1. Anugerah Pekerti 2011 695.00 08-May-12 09-May-12 14-May-12 29-May-12 F
2. Purnama Setiawan 2012 230.00 16-Oct-12 17-Oct-12 19-Oct-12 05-Nov-12 I
3. Siti Nurwahyuningsih
ISSUED HISTORY
CORPORATE SECRETARY Listing Trading
Santosa No. Type of Listing Shares Date Date
1. First Issue 125,800,000 09-Dec-97 09-Dec-97
HEAD OFFICE 2. Company Listing 1,132,200,000 09-Dec-97 21-Jul-98
Jln. Puloayang Raya Blok OR - I, 3. Bonus Shares 251,600,000 06-Jul-99 06-Jul-99
Kawasan Industri Pulogadung 4. Option Conversion 12,005,000 T: 22-Apr-02 : 07-Jun-02
Jakarta - 13930 5. Option Conversion I & II 5,494,500 T: 10-Jun-02 : 22-Jan-03
Phone : (021) 461-6555 6. Option Conversion II 16,161,500 T: 02-Jul-02 : 13-Jan-04
Fax : (021) 461-6682, (021) 461-6689 7. Option Conversion I 60,000 T: 14-Jan-03 : 31-Jan-03
8. Option Conversion I 102,000 20-Jan-03 20-Jan-03
Homepage : [Link] 9. Option Conversion II & III 7,048,500 T: 14-Jan-04 : 04-Mar-04
Email : Investor@[Link] 10. Option Conversion III 19,518,500 T: 15-Jan-04 : 13-May-05
11. Option Conversion II 1,947,000 T: 23-Jan-04 : 18-May-04
12. Option Conversion II & III 2,808,000 T: 12-Apr-04 : 23-Apr-04

RESEARCH DIVISION 3
 AALI AstraAgroLestariTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Astra Agro Lestari Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
28,000 16.0 Jan-09 13,400 10,250 10,900 10,745 34,207 391,152 19
Feb-09 13,300 10,550 12,850 9,386 30,160 368,038 20
24,500 14.0 Mar-09 14,700 11,800 14,100 11,890 39,649 513,792 20
Apr-09 16,300 14,100 15,800 15,141 40,940 624,373 20
May-09 19,500 15,800 17,800 15,386 46,028 830,214 20
21,000 12.0
Jun-09 19,500 15,300 16,850 18,774 47,411 855,043 22
Jul-09 19,500 15,700 19,300 18,717 56,627 997,104 21
17,500 10.0
Aug-09 24,150 18,700 21,500 16,105 42,942 917,203 20
Sep-09 21,700 20,100 21,050 9,937 27,906 584,366 18
14,000 8.0 35,578 773,236
Oct-09 23,400 20,350 21,650 12,493 22
Nov-09 23,600 20,400 22,300 8,748 21,902 493,244 20
10,500 6.0 Dec-09 24,350 22,200 22,750 6,593 19,775 466,964 19

7,000 4.0 Jan-10 25,550 22,550 23,850 7,916 19,130 466,497 20

Feb-10 24,900 22,800 24,200 8,153 20,719 490,352 19
3,500 2.0 Mar-10 25,650 23,700 24,600 8,010 22,509 552,241 22
Apr-10 25,000 22,050 22,200 12,172 35,054 828,743 21
May-10 22,500 17,050 19,850 15,859 33,661 671,865 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 21,550 18,800 19,350 12,046 28,656 588,440 22
Jul-10 21,400 18,000 19,500 18,411 56,028 1,088,254 22
Aug-10 21,700 18,900 19,650 15,573 43,260 878,640 21
Sep-10 22,500 19,650 20,700 11,714 34,088 724,583 17
Change of Closing Price, Oct-10 26,050 20,650 24,900 14,561 43,748 1,029,862 21
Agriculture Index and Jakarta Composite Index Nov-10 27,100 23,650 24,150 11,673 33,724 848,524 21
January 2009 - January 2013 Dec-10 27,650 23,100 26,200 14,520 37,879 958,400 20
245%
Jan-11 27,000 21,000 21,700 17,601 40,233 959,441 21
Jakarta Composite Index
210% 209.9% Feb-11 23,250 21,100 21,850 12,465 25,441 564,248 18
Agriculture Index
Closing Price Mar-11 23,400 21,550 22,700 13,880 30,884 691,672 23
175% Apr-11 23,250 22,350 23,150 9,975 24,194 552,655 20
May-11 24,200 22,400 23,600 12,117 29,036 686,010 21
140% Jun-11 23,950 22,500 23,500 7,249 14,836 343,715 20
Jul-11 23,800 22,700 23,500 7,950 17,996 417,329 21
Aug-11 23,700 19,000 21,500 11,095 21,690 471,543 19
105%
92.4% Sep-11 22,850 18,100 19,300 11,760 18,119 375,898 20
Oct-11 22,200 16,550 21,450 15,106 26,569 494,785 21
70%
60.4% Nov-11 22,950 20,400 22,400 9,018 13,667 300,152 22
Dec-11 22,900 20,500 21,700 7,255 9,946 214,498 21
35%

Jan-12 22,550 20,550 20,600 10,520 17,532 382,289 21

- Feb-12 23,000 20,300 22,300 10,953 26,112 569,072 21
Mar-12 23,350 18,500 23,350 11,605 26,569 592,007 21
-35% Apr-12 23,750 21,000 21,400 10,260 24,103 544,061 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 21,700 18,000 20,450 12,047 23,427 471,617 21
Jun-12 22,000 19,150 20,050 13,159 27,916 579,302 21
Jul-12 24,000 20,100 23,000 9,547 20,808 467,231 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 23,300 21,250 22,300 5,828 10,839 240,513 19
Volume (Million Sh.) 443 408 273 268 21 Sep-12 23,400 19,350 21,950 14,218 33,952 728,250 20
Value (Billion Rp) 7,815 9,126 6,072 5,693 409 Oct-12 22,100 20,200 20,950 8,856 18,910 398,764 22
Frequency (Thou. X) 154 151 135 126 11 Nov-12 21,300 17,950 18,000 7,904 15,084 297,057 20
Days 241 245 247 246 21 Dec-12 19,750 17,800 19,700 10,801 22,617 422,905 18

Price (Rupiah) Jan-13 20,850 18,750 18,850 10,591 20,796 409,347 21

High 24,350 27,650 27,000 24,000 20,850
Low 10,250 17,050 16,550 17,800 18,750
Close 22,750 26,200 21,700 19,700 18,850
Close* 22,750 26,200 21,700 19,700 18,850

PER (X) 21.57 20.46 13.68 13.90 13.30

PER Industry (X) 9.25 0.14 1.79 33.17 29.01
PBV (X) 5.75 5.72 4.06 3.61 3.46
* Adjusted price after corporate action

4 RESEARCH DIVISION
 AALI AstraAgroLestariTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 867,676 788,549 1,240,781 838,190 227,769 12,500

Receivable 24,705 156,724 98,832 16,358 50,068

10,000

Inventories 781,363 610,031 624,694 769,903 1,249,050

7,500
Current Assets 1,975,656 1,714,426 2,051,177 1,886,387 1,780,395
Fixed Assets 2,001,772 2,444,959 2,686,910 3,424,194 4,918,673
5,000
Other Assets 85,378 157,888 180,232 285,155 150,998
Total Assets 6,519,791 7,571,399 8,791,799 10,204,495 12,419,820 2,500
Growth (%) 16.13% 16.12% 16.07% 21.71%
-
Current Liabilities 1,016,167 938,976 1,061,852 1,440,351 2,600,540 2008 2009 2010 2011 2012

Long Term Liabilities 167,048 205,807 272,690 337,986 453,869

Total Liabilities 1,183,215 1,144,783 1,334,542 1,778,337 3,054,409
Growth (%) -3.25% 16.58% 33.25% 71.76% TOTAL EQUITY (Billion Rupiah)

9,365
Minority Interest 180,331 200,251 245,570 - - 8,426
Authorized Capital 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 7,212
787,373 787,373 787,373 787,373 787,373
7,455

Paid up Capital 6,226

Paid up Capital (Shares) 1,575 1,575 1,575 1,575 1,575 5,156
5,544

Par Value 500 500 500 500 500

Retained Earnings 4,285,269 5,355,389 6,340,711 7,268,639 8,158,203 3,634

Total Equity 5,156,245 6,226,365 7,211,687 8,426,158 9,365,411

Growth (%) 20.75% 15.82% 16.84% 11.15% 1,723

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

-187

2008 2009 2010 2011 2012

Total Revenues 8,161,217 7,424,283 8,843,721 10,772,582 11,564,319
Growth (%) -9.03% 19.12% 21.81% 7.35%

TOTAL REVENUES (Billion Rupiah)

Expenses 4,357,818 4,322,498 5,234,372 6,837,674 7,206,837
Gross Profit 3,803,399 3,101,785 3,609,349 3,934,908 4,357,482 11,564
11,564 10,773
Operating Expenses 426,055 491,567 610,638 601,976 832,589
Operating Profit 3,377,344 2,610,218 2,998,711 3,332,932 - 8,844
9,205

8,161
Growth (%) -22.71% 14.88% 11.15% -100.00% 7,424
6,846

Other Income (Expenses) 572,091 -109,792 -34,671 - -

Income before Tax 3,949,435 2,500,426 2,964,040 3,332,932 3,524,893 4,487

Tax 1,233,917 770,778 860,388 834,367 1,004,627

2,128

Minority Interest -84,499 -68,999 -86,872 - -

Net Income 2,631,019 1,660,649 2,016,780 2,498,565 2,453,654 -231

Growth (%) -36.88% 21.45% 23.89% -1.80% 2008 2009 2010 2011 2012

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

Current Ratio (%) 194.42 182.58 193.17 130.97 68.46 NET INCOME (Billion Rupiah)
Dividend (Rp) 505.00 905.00 830.00 995.00 230.00
2,631
EPS (Rp) 1,670.76 1,054.55 1,280.70 1,586.65 1,558.13 2,631
2,499 2,454
BV (Rp) 3,274.34 3,953.89 4,579.59 5,350.81 5,947.26
2,017
DAR (X) 0.18 0.15 0.15 0.17 0.25 2,094

1,661
DER(X) 0.23 0.18 0.19 0.21 0.33
1,558

ROA (%) 60.58 33.02 33.71 32.66 28.38

ROE (%) 76.60 40.16 41.10 39.55 37.64 1,021

GPM (%) 46.60 41.78 40.81 36.53 37.68

OPM (%) 41.38 35.16 33.91 30.94 - 484

NPM (%) 32.24 22.37 22.80 23.19 21.22

Payout Ratio (%) 30.23 85.82 64.81 62.71 14.76
-53

2008 2009 2010 2011 2012

Yield (%) 5.15 3.98 3.17 4.59 1.17

RESEARCH DIVISION 5
 COMPANY REPORT

ADRO
ADARO ENERGY TBK.

Company Profile

PTAdaroEnergyTbk.wasestablishedJuly28th,[Link],
services, industry, coal hauling, workshop activities, mining and construction. The
Companys subsidiaries are engaged in coal mining, coal trading, mining contractor
services,infrastructure,coallogisticsandpowerplantservices.

The Company commenced its commercial operations in July 2005. The Companys head
office is domiciled in Jakarta and located at Menara Karya Building, 23rd Floor, Jln. H.R.
RasunaSaidBlockX5,Kav.12,SouthJakarta.

The Company and its subsidiaries own and operate the largest coal mine in Indonesia, is
thesecondlargestcoalproducerinIndonesia,hasthelargestsinglelocationopenpitmine
inthesouthernhemisphereandthefourthlargestintheworld.

AsatSeptember30,2012theGrouphad8,694employees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

6 RESEARCH DIVISION
 ADRO AdaroEnergyTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 150.000
Industry Sector : Mining (2) Listed Shares : 31,985,962,000
Industry Sub Sector : Coal Mining (21) Market Capitalization : 52,776,837,300,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 28-Jul-2004 1. PT Adaro Strategic Investments 14,045,425,500 : 43.91%
Listing Date : 16-Jul-2008 2. Public ( <5% ) 17,940,536,500 : 56.09%
Under Writer IPO :
PT Danatama Makmur DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Ficomindo Buana Registrar Year Shares Dividend Cum Date Ex Date Date Date
Mayapada Tower 10th Fl. Suite 02 B 2008 11.80 25-Aug-09 26-Aug-09 28-Aug-09 11-Sep-09 F
Jln. Jend. Sudirman Kav. 28 Jakarta 12920 2009 12.00 11-Dec-09 14-Dec-09 16-Dec-09 30-Dec-09 I
Phone : 521-2316, 521-2317 2009 17.00 02-Jun-10 03-Jun-10 07-Jun-10 18-Jun-10 F
Fax : 521-2320 2010 9.85 26-Nov-10 29-Nov-10 01-Dec-10 10-Dec-10 I
2010 20.50 27-May-11 30-May-11 01-Jun-11 09-Jun-11 F
BOARD OF COMMISSIONERS 2011 USD 0.00235 28-Nov-11 29-Nov-11 01-Dec-11 09-Dec-11 I
1. Edwin Soeryadjaya 2011 USD 0.00575 29-May-12 30-May-12 01-Jun-12 12-Jun-12 F
2. Lim Soon Huat 2012 USD 0.0011 26-Dec-12 27-Dec-12 02-Jan-13 15-Jan-13 I
3. Palgunadi Tatit Setyawan *)
4. Raden Pardede *) ISSUED HISTORY
5. Subianto Listing Trading
6. Theodore Permadi Rachmat No. Type of Listing Shares Date Date
*) Independent Commissioners 1. First Issue 11,139,331,000 16-Jul-08 16-Jul-08
2. Company Listing 20,846,631,000 16-Jul-08 16-Apr-09
BOARD OF DIRECTORS
1. Garibaldi Thohir
2. Andre Johannes Mamuaya
3. Chia Ah Hoo
4. Christian Ariano Rachmat
5. David Tendian
6. M. Syah Indra Aman
7. Sandiaga S. Uno

AUDIT COMMITTEE
1. Palgunadi Tatit Setyawan
2. Irwandy Arif
3. Mamat Ma'mun

CORPORATE SECRETARY
Devindra Ratzarwin

HEAD OFFICE
Menara Karya 23rd Fl.
Jln. H.R. Rasuna Said, Blok X-5, Kav. 1 - 2
Jakarta - 12950
Phone : (021) 521-1265, 255-33040
Fax : (021) 579-44687, 579-44648

Homepage : [Link]
Email : corsec@[Link]
[Link]@[Link]

RESEARCH DIVISION 7
 ADRO AdaroEnergyTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Closing Price Freq. Volume Value

Day
Adaro Energy Tbk. [S]
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
3,000 16,000 Jan-09 760 485 740 14,818 627,997 409,536 19
Feb-09 890 710 770 10,870 369,076 297,189 20
2,625 14,000 Mar-09 1,000 710 880 12,670 615,398 545,300 20
Apr-09 1,060 880 1,020 34,216 1,232,844 1,201,294 20
May-09 1,360 1,000 1,340 46,156 1,557,279 1,868,507 20
2,250 12,000
Jun-09 1,450 1,050 1,200 57,577 3,650,746 4,592,454 22
Jul-09 1,300 1,070 1,280 29,339 15,054,731 16,952,862 21
1,875 10,000
Aug-09 1,520 1,260 1,360 58,823 2,316,697 3,224,002 20
Sep-09 1,440 1,310 1,430 30,056 1,046,865 1,441,429 18
1,500 8,000 1,630 1,370 1,540 51,434 2,056,029 3,091,310 22
Oct-09
Nov-09 1,770 1,490 1,740 52,740 2,981,716 4,983,879 20
1,125 6,000 Dec-09 1,780 1,650 1,730 25,903 1,492,509 2,545,435 19

750 4,000 Jan-10 2,075 1,730 1,890 61,583 2,799,639 5,331,665 20

Feb-10 1,960 1,760 1,830 62,241 2,100,343 3,875,968 19
375 2,000 Mar-10 1,980 1,820 1,960 53,408 2,193,373 4,134,081 22
Apr-10 2,250 1,970 2,200 47,066 2,289,030 4,885,796 21
May-10 2,175 1,700 2,000 62,496 2,256,118 4,396,708 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 2,100 1,820 1,990 46,897 1,804,252 3,538,083 22
Jul-10 2,100 1,940 2,000 22,120 1,301,338 2,636,195 22
Aug-10 2,150 1,880 1,900 33,954 1,342,163 2,723,121 21
Sep-10 2,150 1,760 2,025 63,258 2,156,620 4,227,054 17
Change of Closing Price, Oct-10 2,300 2,000 2,100 27,439 1,524,272 3,226,243 21
Mining Index and Jakarta Composite Index Nov-10 2,500 2,100 2,325 23,353 1,733,585 4,064,785 21
January 2009 - January 2013 Dec-10 2,650 2,250 2,550 19,294 1,414,180 3,587,072 20
455%
Jan-11 2,900 2,225 2,250 43,230 1,713,532 4,350,610 21
390% Feb-11 2,500 2,250 2,450 28,318 1,202,450 2,872,429 18
Mar-11 2,475 2,175 2,200 46,772 1,404,886 3,245,738 23
325% Apr-11 2,350 2,200 2,200 37,572 1,105,133 2,502,053 20
May-11 2,475 2,200 2,450 48,050 1,735,498 4,063,096 21
260% Jun-11 2,500 2,250 2,450 19,872 834,507 2,009,815 20
Jul-11 2,700 2,450 2,650 20,831 1,032,290 2,644,882 21
217.3%
209.9% Aug-11 2,700 1,990 2,025 44,376 1,384,272 3,166,937 19
195%
Sep-11 2,125 1,430 1,720 63,571 1,819,818 3,335,150 20
Oct-11 2,150 1,500 2,025 63,762 1,830,149 3,396,335 21
130%
Nov-11 2,150 1,830 1,910 41,895 1,180,537 2,322,064 22
100.4%
Dec-11 2,025 1,730 1,770 41,384 1,070,469 1,977,409 21
65%

Jakarta Composite Index Jan-12 1,860 1,750 1,830 36,837 999,140 1,807,345 21
- Mining Index Feb-12 2,025 1,790 1,920 42,144 1,294,177 2,500,859 21
Closing Price Mar-12 1,980 1,870 1,930 33,313 1,076,242 2,056,482 21
-65% Apr-12 1,970 1,770 1,860 31,778 801,403 1,481,681 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 1,880 1,460 1,470 31,426 824,427 1,400,499 21
Jun-12 1,490 1,180 1,450 48,253 1,628,248 2,145,363 21
Jul-12 1,630 1,320 1,460 39,070 896,114 1,301,281 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 1,610 1,330 1,370 25,007 589,119 876,431 19
Volume (Million Sh.) 33,002 22,915 16,314 11,350 694 Sep-12 1,610 1,350 1,500 26,552 550,208 825,189 20
Value (Billion Rp) 41,153 46,627 35,887 18,253 1,175 Oct-12 1,490 1,340 1,370 25,135 973,400 1,379,202 22
Frequency (Thou. X) 425 523 500 392 36 Nov-12 1,430 1,320 1,340 23,953 651,960 899,730 20
Days 241 245 247 246 21 Dec-12 1,610 1,320 1,590 28,273 1,065,599 1,578,648 18

Price (Rupiah) Jan-13 1,770 1,590 1,650 35,702 693,704 1,175,414 21

High 1,780 2,650 2,900 2,025 1,770
Low 485 1,700 1,430 1,180 1,590
Close 1,730 2,550 1,770 1,590 1,650
Close* 1,730 2,550 1,770 1,590 1,650

PER (X) 12.67 36.95 11.16 31.71 32.91

PER Industry (X) 18.63 17.69 16.17 8.49 9.03
PBV (X) 3.17 4.39 2.56 33.23 34.48
* Adjusted price after corporate action

8 RESEARCH DIVISION
 ADRO AdaroEnergyTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 2,415,853 11,274,623 5,459,971 5,067,851 5,070,901 75,000

Receivable 2,349,929 2,903,619 2,504,335 4,396,801 4,137,126

60,000

Inventories 304,670 250,450 288,732 475,345 826,524

45,000
Current Assets 7,856,799 15,836,859 10,200,290 11,765,957 13,169,233
Fixed Assets 5,924,184 7,415,677 8,810,252 12,988,087 16,573,491
30,000
Other Assets 30,577 51,607 72,947 125,873 134,414
Total Assets 33,720,170 42,465,408 40,600,921 51,315,458 66,116,930 15,000
Growth (%) 25.93% -4.39% 26.39% 28.84%
-
Current Liabilities 6,721,627 7,996,026 5,793,531 7,065,795 7,409,376 2008 2009 2010 2011 Sep-12

Long Term Liabilities 12,970,919 16,957,448 16,176,838 22,103,586 28,615,865

Total Liabilities 19,692,546 24,953,474 21,970,369 29,169,380 36,025,242
Growth (%) 26.72% -11.95% 32.77% 23.50% TOTAL EQUITY (Billion Rupiah)

30,092
Minority Interest 18,379 67,043 54,111 - - 30,092

Authorized Capital 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000

22,146
3,198,596 3,198,596 3,198,596 3,198,596 3,198,596
23,953

Paid up Capital
18,576
Paid up Capital (Shares) 31,986 31,986 31,986 31,986 31,986 17,445
17,814

Par Value 100 100 100 100 100 14,009

Retained Earnings 422,141 4,028,127 5,376,617 8,542,056 10,206,416 11,676

Total Equity 14,009,245 17,444,891 18,576,441 22,146,078 30,091,689

Growth (%) 24.52% 6.49% 19.22% 35.88% 5,537

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-602

2008 2009 2010 2011 Sep-12

Total Revenues 18,092,502 26,938,020 24,689,333 36,157,789 26,413,348
Growth (%) 48.89% -8.35% 46.45%

TOTAL REVENUES (Billion Rupiah)

Expenses 13,149,270 15,900,123 16,957,291 23,205,121 18,141,560
Gross Profit 4,943,232 11,037,897 7,732,042 12,952,668 8,271,788 36,158
36,158

Operating Expenses 731,374 1,109,450 957,764 1,313,246 1,263,823

Operating Profit 4,211,858 9,928,447 6,774,278 11,639,422 7,007,965 28,782
26,938 26,413
24,689
Growth (%) 135.73% -31.77% 71.82%
21,405

18,093
Other Income (Expenses) -1,287,154 -1,350,066 -1,724,360 -2,547,745 -949,049
Income before Tax 2,924,704 8,578,381 5,049,918 9,091,677 6,058,916 14,029

Tax 1,601,976 4,119,101 2,668,668 4,085,207 2,736,856

6,653

Minority Interest 63,601 -48,559 -2,593 - -

Net Income 887,198 4,367,252 2,207,313 5,073,546 3,300,209 -723

Growth (%) 392.25% -49.46% 129.85% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 116.89 198.06 176.06 166.52 177.74 NET INCOME (Billion Rupiah)
Dividend (Rp) 11.80 29.00 30.35 - -
5,074
EPS (Rp) 27.74 136.54 69.01 158.62 103.18 5,074

4,367
BV (Rp) 437.98 545.39 580.77 692.37 940.78
DAR (X) 0.58 0.59 0.54 0.57 0.54 4,039

3,300
DER(X) 1.41 1.43 1.18 1.32 1.20
3,004

ROA (%) 8.67 20.20 12.44 17.72 9.16 2,207

ROE (%) 20.88 49.17 27.18 41.05 20.13 1,969

GPM (%) 27.32 40.98 31.32 35.82 31.32

887
OPM (%) 23.28 36.86 27.44 32.19 26.53 934

NPM (%) 4.90 16.21 8.94 14.03 12.49

Payout Ratio (%) 42.54 21.24 43.98 - -
-101

2008 2009 2010 2011 Sep-12

Yield (%) 2.43 1.68 1.19 - -

RESEARCH DIVISION 9
 COMPANY REPORT

AKRA
AKR CORPORINDO TBK.

Company Profile

PTAKRCorporindoTbk.wasestablishedinSurabayaonNovember28th,[Link]
activities comprises of chemical industry, general trading and distribution of primarily
chemical products and petroleum products and gas, engaging in the logistics business,
transportation (including for own use and for transport operations by land or sea and
operationsofpipeforseatransportationinfrastructure),rentalofwarehousesandstorage
tanksincludingworkshop,expeditionandpackaging,conductingabusinessandactingasa
representative and/or an agent, with distributorship agreements with foreign and local
entities,contractorsandotherservicesexceptlegalservices.

The Company is currently engaged in the distribution and trading of chemical products
(suchascausticsoda,sodiumsulphate,PVCresinandsodaash)usedbyvariousindustries
in Indonesia in accordance with distributorship agreements with foreign and local
manufacturers, distribution of petroleum products to industrial customers, rental of
warehouses,transportationvehicles,tanksandotherlogisticsservices.

[Link]
at Wisma AKR, 7th 8th Floor, JIn. Panjang No. 5, Kebon Jeruk, Jakarta. Its major branch
office is located at JIn. Sumatra No. 5153, Surabaya. Other sales offices also the thank
terminals are located in Medan, Palembang, Lampung, Ciwandan (Banten), Bandung,
Semarang, Pontianak, Balikpapan, Banjarmasin, Stagen (South Kalimantan), Makassar,
[Link],China

The Company has ownership in subdidiaries: PT Usaha Era Pratama Nusantara, PT
Andahanesa Abadi, PT Arjuna Utama Kimia, PT Anugrah Karya Raya and subsidiaries, PT
JakartaTankTerminal,Khalista(Liuzhou)ChemicallndustriesLtd.,AKR(Guigang)PortCo.
Ltd.,AKR(Guangxi)[Link].,Guangxi(Guigang)[Link].,
AKR(Guigang)[Link].,PTAKRSeaTransport,PTAKRNiagaIndonesia,
andPTSoriniAgroAsiaCorporindoTbk.

The Company and its Subsidiaries have total permanent employees of 1,790 as of
September30,2012.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

10 RESEARCH DIVISION
 AKRA AKRCorporindoTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 3,088.363
Industry Sector : Trade, Services & Investment (9) Listed Shares : 3,851,443,500
Industry Sub Sector : Wholesale (Durable & Non Durable Goods) (91) Market Capitalization : 14,924,343,562,500

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 28-Nov-1977 1. PT Arthakencana Rayatama 1,935,040,320 : 50.24%
Listing Date : 03-Oct-1994 2. PT Arthakencana Rayatama 345,600,000 : 8.97%
Under Writer IPO : 3. Public ( <5% ) 1,570,803,180 : 40.78%
PT Lippo Securities
Securities Administration Bureau : DIVIDEND ANNOUNCEMENT
PT Raya Saham Registra Bonus Cash Recording Payment
F/I
Plaza Central Building 2nd Fl. Year Shares Dividend Cum Date Ex Date Date Date
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1995 80.00 27-Jan-95 30-Jan-95 06-Feb-95 28-Feb-95 I
Phone : 252-5666 1994 50.00 11-Jul-95 12-Jul-95 20-Jul-95 11-Aug-95 F
Fax : 252-5028 1995 80.00 17-Nov-95 20-Nov-95 28-Nov-95 18-Dec-95 I
1996 10 : 6 26-Feb-96 27-Feb-96 06-Mar-96 29-Mar-96
BOARD OF COMMISSIONERS 1995 70.00 07-Jun-96 10-Jun-96 18-Jun-96 11-Jul-96 F
1. Soegiarto Adikoesoemo 1996 50.00 23-Jun-97 24-Jun-97 01-Aug-97 26-Aug-97 F
2. I Nyoman Mastra *) 2002 25.00 03-Sep-03 04-Sep-03 08-Sep-03 19-Sep-03 F
3. Sabirin Saiman 2003 50.00 28-Jun-04 29-Jun-04 01-Jul-04 14-Jul-04 F
*) Independent Commissioners 2005 40.00 02-May-05 03-May-05 06-May-05 19-May-05
2005 60.00 01-Sep-06 04-Sep-06 06-Sep-06 19-Sep-06 F
BOARD OF DIRECTORS 2006 65.00 27-Jun-07 28-Jun-07 02-Jul-07 16-Jul-07 F
1. Haryanto Adikoesoemo 2007 19.00 03-Jun-08 04-Jun-08 06-Jun-08 16-Jun-08 F
2. Arief Budiman Utomo 2008 21.00 09-Jun-09 10-Jun-09 12-Jun-09 19-Jun-09 F
3. Bambang Soetiono Soedijanto 2009 25.00 25-May-10 26-May-10 31-May-10 14-Jun-10 F
4. Jimmy Tandyo 2010 30.00 19-Nov-10 22-Nov-10 24-Nov-10 09-Dec-10 I
5. Mery Sofi 2010 135.00 11-Mar-11 14-Mar-11 16-Mar-11 29-Mar-11 I
6. Nery Polim 2010 2.00 31-May-11 01-Jun-11 06-Jun-11 20-Jun-11 F
7. Suresh Vembu 2011 200.00 22-Aug-11 23-Aug-11 25-Aug-11 08-Sep-11 I
2011 25.00 06-Jun-12 07-Jun-12 11-Jun-12 25-Jun-12 F
AUDIT COMMITTEE 2012 40.00 26-Dec-12 27-Dec-12 02-Jan-13 16-Jan-13 I
1. I Nyoman Mastra
2. Ngurah Gede ISSUED HISTORY
3. Subarto Zaini Listing Trading
No. Type of Listing Shares Date Date
CORPORATE SECRETARY 1. First Issue 15,000,000 03-Oct-94 03-Oct-94
Harryati Utami 2. Company Listing 50,000,000 03-Oct-94 06-May-95
3. Bonus Shares 39,000,000 01-Apr-96 01-Apr-96
HEAD OFFICE 4. Stock Split 2,600,000,000 T: 30-Sep-96 : 27-Jul-07
Wisma AKR Lt. 7 - 8 5. Right Issue 1,043,658,500 T: 20-Dec-04 : 16-Feb-10
Jln. Panjang No. 5, Kebon Jeruk 6. OPSI Conversion 18,292,500 T: 11-Apr-08 : 15-Oct-09
Jakarta 7. Opsi MSOP Conversion I, II & III 26,537,500 T: 09-Apr-10 : 13-Oct-10
Phone : (021) 531-1110 8. Opsi MSOP Conversion I & III 447,500 T: 12-Apr-10 : 15-Apr-10
Fax : (021) 531-1185, 531-1388, 531-1128 9. Opsi MSOP Conversion II, III & IV 28,607,500 T: 13-Apr-11 : 14-Apr-11
10. Opsi MSOP Conversion II, III, IV 432,500 12-Oct-11 12-Oct-11
Homepage : [Link] 11. Opsi MSOP Conversion IV vesting 1 10,000 13-Oct-11 13-Oct-11
Email : [Link]@[Link]; tami@[Link] 12. Opsi MSOP III, IV, V 28,907,500 09-Apr-12 09-Apr-12
13. Opsi MSOP Conversion III vesting 3 550,000 10-Apr-12 10-Apr-12

RESEARCH DIVISION 11
 AKRA AKRCorporindoTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
AKR Corporindo Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
4,800 480 Jan-09 720 570 670 559 18,264 12,258 19
Feb-09 690 560 600 1,295 24,319 15,329 20
4,200 420 Mar-09 600 510 540 4,219 53,066 29,548 20
Apr-09 690 540 610 4,694 76,786 47,025 20
May-09 770 590 730 5,305 167,133 111,207 20
3,600 360
Jun-09 920 680 820 7,105 268,220 217,077 22
Jul-09 900 730 870 5,541 157,926 126,575 21
3,000 300
Aug-09 940 800 840 4,512 167,759 142,859 20
Sep-09 1,050 800 1,050 6,060 194,348 182,685 18
2,400 240 Oct-09 1,200 1,040 1,140 8,971 255,762 289,501 22
Nov-09 1,270 1,070 1,150 10,157 266,018 316,444 20
1,800 180 Dec-09 1,190 1,010 1,170 11,665 316,615 355,061 19

1,200 120 Jan-10 1,330 1,120 1,180 12,300 378,735 467,942 20

Feb-10 1,200 980 1,020 9,796 730,443 772,002 19
600 60 Mar-10 1,040 900 930 11,390 404,402 401,185 22
Apr-10 1,050 880 1,030 18,201 472,646 461,177 21
May-10 1,040 910 970 9,782 303,828 297,455 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 1,150 950 1,060 9,030 305,999 321,697 22
Jul-10 1,200 990 1,190 10,576 344,118 370,729 22
Aug-10 1,400 1,190 1,230 10,505 297,345 388,187 21
Sep-10 1,540 1,220 1,510 15,621 365,415 507,625 17
Change of Closing Price, Oct-10 1,590 1,320 1,510 21,910 540,611 790,741 21
Trade Index and Jakarta Composite Index Nov-10 1,720 1,450 1,460 18,191 396,989 629,461 21
January 2009 - January 2013 Dec-10 1,820 1,460 1,730 17,921 319,477 532,404 20
630%
Jan-11 1,730 1,390 1,440 21,826 383,691 600,618 21
Jakarta Composite Index
540% Feb-11 1,630 1,350 1,560 13,847 227,243 339,089 18
Trade Index
Closing Price 492.4% Mar-11 1,660 1,420 1,470 22,274 343,580 527,701 23
450% Apr-11 1,720 1,450 1,710 21,474 394,286 615,401 20
May-11 1,840 1,580 1,840 19,868 352,872 589,727 21
360% 373.5% Jun-11 2,200 1,770 2,125 13,270 258,481 495,557 20
Jul-11 3,125 2,100 3,050 24,160 378,575 948,766 21
Aug-11 3,100 2,450 2,650 33,390 463,554 1,302,769 19
270%
Sep-11 2,775 2,150 2,400 21,997 339,598 863,164 20
209.9% Oct-11 3,125 2,200 3,025 22,226 282,903 759,571 21
180%
Nov-11 3,250 2,750 2,850 24,988 317,985 950,762 22
Dec-11 3,075 2,900 3,025 25,252 339,968 1,011,851 21
90%

Jan-12 3,650 3,000 3,650 39,838 414,607 1,404,452 21

- Feb-12 3,900 3,500 3,600 22,274 284,426 1,042,116 21
Mar-12 4,425 3,550 4,300 24,831 311,040 1,231,547 21
-90% Apr-12 4,350 4,000 4,125 23,979 243,621 1,019,079 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 4,200 3,325 3,375 23,693 271,922 1,014,240 21
Jun-12 3,775 3,150 3,475 21,238 224,399 789,842 21
Jul-12 3,950 3,500 3,650 27,387 311,055 1,151,428 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 3,750 3,325 3,500 18,714 297,106 1,049,276 19
Volume (Million Sh.) 1,966 4,860 4,083 3,297 315 Sep-12 4,275 3,450 4,250 20,476 278,456 1,072,492 20
Value (Billion Rp) 1,846 5,941 9,005 12,604 1,245 Oct-12 4,550 3,975 4,450 18,786 216,605 931,478 22
Frequency (Thou. X) 70 165 265 275 23 Nov-12 4,700 4,225 4,300 17,677 217,527 962,649 20
Days 241 245 247 246 21 Dec-12 4,325 3,950 4,150 16,535 226,058 935,688 18

Price (Rupiah) Jan-13 4,200 3,775 3,875 23,466 315,427 1,245,106 21

High 1,270 1,820 3,250 4,700 4,200
Low 510 880 1,350 3,000 3,775
Close 1,170 1,730 3,025 4,150 3,875
Close* 1,109 1,730 3,025 4,150 3,875

PER (X) 13.37 21.10 22.62 20.29 18.95

PER Industry (X) 16.33 21.27 16.89 19.08 18.57
PBV (X) 2.11 2.75 3.23 3.81 3.56
* Adjusted price after corporate action

12 RESEARCH DIVISION
 AKRA AKRCorporindoTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 286,133 273,694 691,848 1,329,789 793,432 10,000

Receivable 923,460 1,411,368 1,685,658 2,189,012 2,735,549

8,000

Inventories 783,986 709,518 1,424,614 1,250,135 1,616,410

6,000
Current Assets 2,185,151 2,694,116 4,028,178 5,239,361 5,771,744
Fixed Assets 2,215,659 2,859,238 3,037,893 2,437,215 3,036,618
4,000
Other Assets 404,516 41,770 54,569 40,371 216,561
Total Assets 4,874,851 6,059,070 7,665,590 8,308,244 9,791,304 2,000
Growth (%) 24.29% 26.51% 8.38% 17.85%
-
Current Liabilities 2,192,341 2,810,284 3,844,218 3,860,012 4,701,571 2008 2009 2010 2011 Sep-12

Long Term Liabilities 725,870 1,021,968 962,539 873,528 896,654

Total Liabilities 2,918,210 3,832,253 4,806,757 4,733,540 5,598,225
Growth (%) 31.32% 25.43% -1.52% 18.27% TOTAL EQUITY (Billion Rupiah)

4,193
Minority Interest 348,396 485,757 472,426 - - 4,193

3,575
Authorized Capital 750,000 750,000 750,000 750,000 750,000
Paid up Capital 312,540 313,829 379,294 382,199 385,144
3,338

Paid up Capital (Shares) 3,125 3,138 3,793 3,822 3,851 2,386

2,482

Par Value 100 100 100 100 100

1,608 1,741
Retained Earnings 835,268 1,106,861 1,213,492 2,222,920 2,918,267 1,627

Total Equity 1,608,244 1,741,060 2,386,407 3,574,704 4,193,079

Growth (%) 8.26% 37.07% 49.79% 17.30% 772

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-84

2008 2009 2010 2011 Sep-12

Total Revenues 9,472,529 8,959,842 12,194,997 18,805,950 16,304,554
Growth (%) -5.41% 36.11% 54.21%

TOTAL REVENUES (Billion Rupiah)

Expenses 8,427,222 8,006,211 11,235,313 17,787,552 15,396,024
Gross Profit 1,045,307 953,631 959,684 1,018,398 908,530 18,806
18,806

Operating Expenses 425,552 413,663 498,761 302,869 300,344 16,305

Operating Profit 619,756 539,968 460,923 715,529 608,186 14,970

Growth (%) -12.87% -14.64% 55.24% 12,195

11,133

9,473 8,960
Other Income (Expenses) -228,825 -71,713 -40,832 24,443 -19,512
Income before Tax 390,931 468,256 420,091 739,972 588,674 7,297

Tax 119,979 128,359 80,999 145,838 129,127

3,460

Minority Interest -60,919 -65,178 -28,176 - -

Net Income 210,033 274,719 310,916 511,193 590,811 -376

Growth (%) 30.80% 13.18% 64.41% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 99.67 95.87 104.79 135.73 122.76 NET INCOME (Billion Rupiah)
Dividend (Rp) 21.00 25.00 167.00 225.00 40.00
591
EPS (Rp) 67.20 87.54 81.97 133.75 153.40 591

511
BV (Rp) 514.57 554.78 629.17 935.30 1,088.70
DAR (X) 0.60 0.63 0.63 0.57 0.57 470

DER(X) 1.81 2.20 2.01 1.32 1.34

350 311
ROA (%) 8.02 7.73 5.48 8.91 6.01 275
ROE (%) 24.31 26.89 17.60 20.70 14.04 210
229

GPM (%) 11.04 10.64 7.87 5.42 5.57

OPM (%) 6.54 6.03 3.78 3.80 3.73 109

NPM (%) 2.22 3.07 2.55 2.72 3.62

Payout Ratio (%) 31.25 28.56 203.73 168.22 26.08
-12

2008 2009 2010 2011 Sep-12

Yield (%) 2.92 2.14 9.65 7.44 0.94

RESEARCH DIVISION 13
 COMPANY REPORT

ANTM
ANEKA TAMBANG (PERSERO) TBK.

Company Profile

Antamisaverticallyintegrated,exportoriented,diversifiedminingandmetalscompany.
With operations spread throughout the mineralrich Indonesian archipelago, Antam
undertakes all activities from exploration, excavation, processing through to marketing.
Antamgeneratesrevenuethroughmining,processingandrefiningmineralresourcesand
[Link],high
grade nickel ore, low grade nickel ore, gold, silver, and bauxite. Antams main service is
preciousmetalsrefiningforthirdpartiesandmayofferexplorationandgeologicalservices
tothethirdpartiesinthefuture.

Antam has capitalized from the growth momentum by focusing on three key strategies:
maintaining the competitive edge through the development of added value and
downstream industry; the development of its core business; and finally maintaining
financial strength through continued efficiency. Antam continuously executes these
strategiesinordertoyieldprofitableresultsforallofitsstakeholders.

Antamsstrengthasadiversifiedminingcompanyincludesitsvastreservesandresources,
high competencies and capabilities to explore and develop mineral resources, longterm
relationships with loyal, blue chips customers, solid financial position, prudent financial
management, strong operating track record, implementation of good corporate
governancepractices(GCG)andprospectivestrategicalliances.

The Companys head office is located at Aneka Tambang Building, Jln. Letjen T.B.
SimatupangNo.1,LingkarSelatan,TanjungBarat,Jakarta,[Link]
subsidiarieshaveminingauthorizationsinseverallocationsinIndonesia.

TheCompanyandSubsidiarieshadatotalof3,172permanentemployeesasofSeptember
30th,2012.

TheCompanyhasdirectownershipinsubsidiaries:[Link].,PTIndonesia
Coal Resources, PT Antam Resourcindo, PT Mega Citra Utama, PT Abuki Jaya Stainless
Indonesia, PT Borneo Edo International, PT Dwimitra Enggang Khatulistiwa, PT Cibaliung
Sumberdaya,andPTInternationalMineralCapital.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

14 RESEARCH DIVISION
 ANTM AnekaTambang(Persero)Tbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 752.858
Industry Sector : Mining (2) Listed Shares : 9,538,459,750
Industry Sub Sector : Metal And Mineral Mining (23) Market Capitalization : 12,972,305,260,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 05-Jul-1968 1. Negara Republik Indonesia 6,200,000,000 : 65.00%
Listing Date : 27-Nov-1997 2. Public ( <5% ) 3,338,459,750 : 35.00%
Under Writer IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
PT Bahana Securities Bonus Cash Recording Payment
F/I
PT Pentasena Arthasentosa Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 1997 11.00 29-Jun-98 30-Jun-98 09-Jul-98 06-Aug-98 F
PT Datindo Entrycom 1997 11.59 01-Oct-98 02-Oct-98 12-Oct-98 09-Nov-98 F
Wisma Sudirman - Puri Datindo 1998 50.00 29-Jun-99 30-Jun-99 08-Jul-99 06-Aug-99 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 1998 53.87 04-Oct-99 05-Oct-99 13-Oct-99 10-Nov-99 F
Phone : 570-9009 1999 79.19 05-Jun-00 06-Jun-00 14-Jun-00 28-Jun-00 F
Fax : 570-9026 2000 80.00 23-Jul-01 24-Jul-01 27-Jul-01 10-Aug-01 F
2000 75.66 23-Oct-01 24-Oct-01 29-Oct-01 12-Nov-01 F
BOARD OF COMMISSIONERS 2002 100 : 55 10-Jul-02 11-Jul-02 17-Jul-02 30-Jul-02
1. R. Sukhyar 2001 47.10 05-Aug-02 06-Aug-02 09-Aug-02 23-Aug-02 F
2. Bambang Permadi S. Brodjonegoro 2001 46.77 28-Oct-02 29-Oct-02 01-Nov-02 15-Nov-02 F
3. Burhan Muhammad 2002 34.42 17-Jul-03 18-Jul-03 21-Jul-03 05-Aug-03 F
4. Hikmahanto Juwana *) 2003 38.60 18-Jun-04 21-Jun-04 23-Jun-04 30-Jun-04 F
5. Laode M. Kamaluddin *) 2004 19.60 23-Dec-04 27-Dec-04 29-Dec-04 10-Jan-05 F
6. Zaelani 2005 128.48 20-Jun-05 21-Jun-05 23-Jun-05 30-Jun-05
*) Independent Commissioners 2005 150.05 22-Jun-06 23-Jun-06 27-Jun-06 11-Jul-06 F
2006 325.58 21-Jun-07 22-Jun-07 26-Jun-07 06-Jul-07 F
BOARD OF DIRECTORS 2007 215.23 17-Jul-08 18-Jul-08 22-Jul-08 01-Aug-08 F
1. Alwinsyah Lubis 2008 57.47 17-Jun-09 18-Jun-09 22-Jun-09 03-Jul-09 F
2. Achmad Ardianto 2009 25.38 28-Jun-10 29-Jun-10 01-Jul-10 15-Jul-10 F
3. Denny Maulasa 2010 70.71 06-Jul-11 07-Jul-11 11-Jul-11 25-Jul-11 F
4. Djaja M. Tambunan 2011 90.99 27-Jun-12 28-Jun-12 02-Jul-12 16-Jul-12 F
5. Tato Miraza
6. Winardi ISSUED HISTORY
Listing Trading
AUDIT COMMITTEE No. Type of Listing Shares Date Date
1. Laode M. Kamaluddin 1. Negara RI (Seri A) 1 27-Nov-97 16-Jun-10
2. Alida Basir Astarsis 2. First Issue 430,769,000 27-Nov-97 27-Nov-97
3. Ragil Kuncoro 3. Company Listing 799,999,999 27-Nov-97 31-Jul-98
4. Ratna Wardhani 4. Bonus Shares 676,922,950 30-Jul-02 30-Jul-02
5. Rukmana Nugraha Adhi 5. Stock Split 7,630,767,800 12-Jul-07 12-Jul-07
6. Zaelani

CORPORATE SECRETARY
Tedy Badrujaman

HEAD OFFICE
Gedung. Aneka Tambang
Jln. Letjen TB. Simatupang No. 1
Jakarta - 12530
Phone : (021) 780-5119, 789-1234, 781-2635
Fax : (021) 781-2822, 789-1224

Homepage : [Link]
Email : corsec@[Link]
[Link]@[Link]

RESEARCH DIVISION 15
 ANTM AnekaTambang(Persero)Tbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Aneka Tambang (Persero) Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
2,800 480 Jan-09 1,320 1,040 1,110 37,607 946,873 1,122,164 19
Feb-09 1,260 1,040 1,200 26,456 657,257 767,679 20
2,450 420 Mar-09 1,210 1,060 1,090 22,417 533,844 595,627 20
Apr-09 1,510 1,090 1,430 63,596 2,234,795 2,946,392 20
May-09 2,125 1,370 1,980 84,597 2,163,364 3,861,184 20
2,100 360
Jun-09 2,425 1,830 2,025 70,652 1,823,666 3,996,222 22
Jul-09 2,250 1,810 2,200 49,793 1,088,985 2,199,601 21
1,750 300
Aug-09 2,775 2,200 2,275 80,813 2,037,173 5,088,955 20
Sep-09 2,650 2,150 2,450 49,924 1,005,908 2,436,859 18
1,400 240 Oct-09 2,725 2,100 2,275 44,090 936,880 2,382,977 22
Nov-09 2,525 2,125 2,200 37,960 640,127 1,491,071 20
1,050 180 Dec-09 2,450 2,050 2,200 27,104 402,917 911,045 19

700 120 Jan-10 2,400 2,075 2,125 31,843 564,544 1,264,447 20

Feb-10 2,175 1,920 2,075 30,327 452,733 922,711 19
350 60 Mar-10 2,425 2,050 2,400 32,154 729,147 1,623,800 22
Apr-10 2,625 2,275 2,450 36,673 866,802 2,139,120 21
May-10 2,450 1,650 2,025 50,925 912,283 1,821,764 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 2,100 1,830 1,940 33,404 605,372 1,195,948 22
Jul-10 2,150 1,880 2,100 29,825 533,141 1,068,922 22
Aug-10 2,225 2,000 2,075 24,506 575,766 1,209,829 21
Sep-10 2,400 2,075 2,375 27,358 601,750 1,366,342 17
Change of Closing Price, Oct-10 2,675 2,325 2,550 33,089 767,726 1,918,656 21
Mining Index and Jakarta Composite Index Nov-10 2,775 2,250 2,325 27,896 590,239 1,530,953 21
January 2009 - January 2013 Dec-10 2,525 2,225 2,450 20,484 273,930 658,453 20
280%
Jan-11 2,600 2,175 2,175 28,538 436,431 1,033,684 21
240% Feb-11 2,325 2,150 2,200 15,685 213,602 473,543 18
Mar-11 2,325 2,100 2,300 21,509 306,874 680,896 23
209.9%
200% Apr-11 2,425 2,250 2,275 16,867 228,795 531,465 20
May-11 2,300 2,100 2,150 21,175 311,637 680,779 21
160% Jun-11 2,175 1,990 2,075 19,246 270,411 562,556 20
Jul-11 2,150 1,970 2,000 20,056 302,923 621,732 21
Aug-11 2,050 1,720 1,880 31,263 392,000 757,220 19
120%
Sep-11 1,970 1,400 1,500 31,534 301,008 491,865 20
100.4%
Oct-11 1,850 1,380 1,790 42,948 621,139 1,017,405 21
80%
Nov-11 1,800 1,580 1,640 27,116 302,323 510,452 22
Dec-11 1,690 1,580 1,620 13,006 140,166 232,074 21
40%

10.6% Jan-12 1,900 1,610 1,880 21,460 294,174 514,604 21

Jakarta Composite Index
- Feb-12 2,025 1,850 1,960 19,018 218,301 421,270 21
Mining Index
Closing Price Mar-12 1,950 1,760 1,800 18,690 202,265 372,554 21
-40% Apr-12 1,880 1,690 1,720 20,048 217,725 386,105 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 1,740 1,130 1,150 36,598 698,455 899,892 21
Jun-12 1,420 1,120 1,340 44,270 961,176 1,208,483 21
Jul-12 1,430 1,250 1,280 19,719 276,788 374,594 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 1,310 1,200 1,240 13,345 113,522 141,641 19
Volume (Million Sh.) 14,472 7,473 3,827 3,820 335 Sep-12 1,430 1,220 1,350 25,003 318,219 429,649 20
Value (Billion Rp) 27,800 16,721 7,594 5,415 460 Oct-12 1,380 1,260 1,280 18,561 182,987 239,942 22
Frequency (Thou. X) 595 378 289 263 22 Nov-12 1,310 1,220 1,240 12,016 107,020 135,154 20
Days 241 245 247 246 21 Dec-12 1,310 1,220 1,280 14,100 229,189 290,864 18

Price (Rupiah) Jan-13 1,450 1,280 1,360 22,216 334,911 459,571 21

High 2,775 2,775 2,600 2,025 1,450
Low 1,040 1,650 1,380 1,120 1,280
Close 2,200 2,450 1,620 1,280 1,360
Close* 2,200 2,450 1,620 1,280 1,360

PER (X) 34.73 13.88 8.03 14.57 15.49

PER Industry (X) 18.63 17.69 16.17 8.49 9.03
PBV (X) 2.58 2.44 1.43 1.17 1.24
* Adjusted price after corporate action

16 RESEARCH DIVISION
 ANTM AnekaTambang(Persero)Tbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 3,284,219 2,773,583 4,308,243 5,639,679 5,512,559 17,500

Receivable 726,137 1,030,935 1,693,318 1,347,420 1,497,358

14,000

Inventories 1,391,472 1,170,505 1,229,283 1,687,897 1,751,750

10,500
Current Assets 5,819,532 5,436,847 7,593,630 9,108,020 9,203,268
Fixed Assets 2,890,478 2,890,602 2,952,397 2,980,743 3,984,090
7,000
Other Assets 51,672 24,560 40,124 34,688 92,854
Total Assets 10,245,041 9,939,996 12,310,732 15,201,235 16,808,872 3,500
Growth (%) -2.98% 23.85% 23.48% 10.58%
-
Current Liabilities 725,942 747,531 1,989,071 855,830 2,825,470 2008 2009 2010 2011 Sep-12

Long Term Liabilities 1,405,029 1,000,596 720,825 3,573,362 3,511,838

Total Liabilities 2,130,970 1,748,127 2,709,897 4,429,192 6,337,309
Growth (%) -17.97% 55.02% 63.45% 43.08% TOTAL EQUITY (Billion Rupiah)

10,772 10,472
Minority Interest 50,933 42,930 20,737 - - 9,580
Authorized Capital 3,800,000 3,800,000 3,800,000 3,800,000 3,800,000
8,063 8,149
Paid up Capital 953,846 953,846 953,846 953,846 953,846
8,575

Paid up Capital (Shares) 9,538 9,538 9,538 9,538 9,538

6,377

Par Value 100 100 100 100 100

Retained Earnings 7,054,793 7,091,323 8,508,768 9,700,471 9,383,583 4,180

Total Equity 8,063,138 8,148,939 9,580,098 10,772,044 10,471,563

Growth (%) 1.06% 17.56% 12.44% -2.79% 1,982

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-215

2008 2009 2010 2011 Sep-12

Total Revenues 9,591,981 8,711,370 8,744,300 10,346,433 7,133,987
Growth (%) -9.18% 0.38% 18.32%

TOTAL REVENUES (Billion Rupiah)

Expenses 6,940,797 7,513,372 5,807,220 7,318,735 5,722,161
Gross Profit 2,651,184 1,197,998 2,937,080 3,027,698 1,411,825 10,346
10,346
9,592
Operating Expenses 1,197,052 610,477 990,544 1,014,820 785,676 8,711 8,744
Operating Profit 1,454,133 587,521 1,946,536 2,012,878 626,150
7,134
8,236

Growth (%) -59.60% 231.31% 3.41%

6,125

Other Income (Expenses) 475,536 196,497 327,844 555,903 210,536

Income before Tax 1,929,668 784,018 2,272,624 2,568,781 836,686 4,014

Tax 546,723 188,787 597,699 640,889 208,908

1,904

Minority Interest -903 9,076 8,476 - -

Net Income 1,368,139 604,307 1,683,400 1,924,739 628,272 -207

Growth (%) -55.83% 178.57% 14.34% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 801.65 727.31 381.77 1,064.23 325.73 NET INCOME (Billion Rupiah)
Dividend (Rp) 57.47 25.38 70.71 90.99 -
1,925
EPS (Rp) 143.43 63.35 176.49 201.79 65.87 1,925

1,683
BV (Rp) 845.33 854.32 1,004.37 1,129.33 1,097.83
DAR (X) 0.21 0.18 0.22 0.29 0.38 1,532
1,368

DER(X) 0.26 0.21 0.28 0.41 0.61

1,139

ROA (%) 18.84 7.89 18.46 16.90 4.98

ROE (%) 23.93 9.62 23.72 23.85 7.99 747
604 628
GPM (%) 27.64 13.75 33.59 29.26 19.79
OPM (%) 15.16 6.74 22.26 19.45 8.78 354

NPM (%) 14.26 6.94 19.25 18.60 8.81

Payout Ratio (%) 40.07 40.06 40.07 45.09 -
-38

2008 2009 2010 2011 Sep-12

Yield (%) 5.27 1.15 2.89 5.62 -

RESEARCH DIVISION 17
 COMPANY REPORT

ASII
ASTRA INTERNATIONAL TBK.

Company Profile

PTAstraInternationalTbk.wasestablishedin1957asPTAstraInternationalIncorporated.
In1990,thecompanychangeditsnametoPTAstraInternationalTbk.

ThescopeofthecompanysactivitiesassetoutinitsArticlesofAssociationistoengagein
generaltrading,industry,mining,transportation,agriculture,constructionandconsultancy
[Link],
motorcycles and related spare parts, heavy equipment sales and rentals, mining and
related services, development of plantation, financial services, infrastructure, and
informationtechnology.

Asat30September2012,theCompanyanditssubsidiarieshad119,785employees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

18 RESEARCH DIVISION
 ASII AstraInternationalTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 5,256.120
Industry Sector : Miscellaneous Industry (4) Listed Shares : 40,483,553,140
Industry Sub Sector : Automotive And Components (42) Market Capitalization : 297,554,115,579,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 20-Feb-1957 1. Jardine Cycle & Carriage Ltd 20,276,860,040 : 50.09%
Listing Date : 04-Apr-1990 2. Public ( <5% ) 20,206,693,100 : 49.91%
Under Writer IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Raya Saham Registra Year Shares Dividend Cum Date Ex Date Date Date
Plaza Central Building 2nd Fl. 1990 100.00 05-Nov-90 06-Nov-90 13-Nov-90 27-Nov-90 I
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1990 150.00 02-May-91 03-May-91 13-May-91 10-Jun-91 F
Phone : 252-5666 1991 100.00 12-Nov-91 13-Nov-91 20-Nov-91 16-Dec-91 I
Fax : 252-5028 1991 125.00 17-Jun-92 18-Jun-92 25-Jun-92 24-Jul-92 F
1992 100.00 01-Jul-93 02-Jul-93 09-Jul-93 09-Aug-93 F
BOARD OF COMMISSIONERS 1993 225.00 13-Jun-94 14-Jun-94 21-Jun-94 21-Jul-94 F
1. Budi Setiadharma 1993 1:3 29-Jul-94 01-Aug-94 08-Aug-94 07-Sep-94 F
2. Anthony John Liddell Nightingale 1994 80.00 22-Jun-95 23-Jun-95 03-Jul-95 31-Jul-95 F
3. Benjamin William Keswick 1995 90.00 25-Jun-96 26-Jun-96 04-Jul-96 31-Jul-96 F
4. Chiew Sin Cheok 1996 120.00 30-Jun-97 01-Jul-97 09-Jul-97 29-Jul-97 F
5. David Alexander Newbigging 2003 50.00 01-Dec-03 02-Dec-03 04-Dec-03 18-Dec-03 I
6. Djunaedi Hadisumarto *) 2003 170.00 28-Jun-04 29-Jun-04 01-Jul-04 14-Jul-04 F
7. Erry Firmansyah *) 2004 100.00 01-Nov-04 02-Nov-04 04-Nov-04 12-Nov-04 F
8. Jonathan Chang 2005 270.00 16-Jun-05 17-Jun-05 21-Jun-05 04-Jul-05
9. Kyoichi Tanada *) 2005 100.00 09-Nov-05 10-Nov-05 14-Nov-05 24-Nov-05 I
10. Mark Spencer Greenberg 2005 340.00 15-Jun-06 16-Jun-06 20-Jun-06 04-Jul-06 F
11. Soemadi Djoko Moerdjono Brotodiningrat *) 2006 150.00 20-Oct-06 30-Oct-06 01-Nov-06 15-Nov-06 I
*) Independent Commissioners 2006 290.00 14-Jun-07 15-Jun-07 19-Jun-07 03-Jul-07 F
2007 160.00 29-Oct-07 30-Oct-07 01-Nov-07 15-Nov-07 I
BOARD OF DIRECTORS 2008 300.00 28-Oct-08 29-Oct-08 31-Oct-08 14-Nov-08 I
1. Prijono Sugiarto 2008 570.00 17-Jun-09 18-Jun-09 22-Jun-09 03-Jul-09 F
2. Angky Tisnadisastra 2009 830.00 16-Jun-10 17-Jun-10 21-Jun-10 05-Jul-10 F
3. Djoko Pranoto 2010 470.00 27-Oct-10 28-Oct-10 01-Nov-10 15-Nov-10 I
4. Gunawan Geniusahardja 2011 600.00 26-Oct-11 27-Oct-11 31-Oct-11 14-Nov-11 I
5. Johannes Loman 2011 1,380.00 16-May-12 21-May-12 23-May-12 06-Jun-12 F
6. Johnny Darmawan Danusasmita 2012 66.00 18-Oct-12 19-Oct-12 23-Oct-12 07-Nov-12 I
7. Simon Collier Dixon
8. Sudirman Maman Rusdi ISSUED HISTORY
9. Widya Wiryawan Listing Trading
No. Type of Listing Shares Date Date
AUDIT COMMITTEE 1. First Issue 30,000,000 04-Apr-90 04-Apr-90
1. Soemadi Djoko Moerdjono Brotodiningrat 2. Partial Listing 24,805,000 04-Apr-90 04-Oct-90
2. Chiew Sin Cheok 3. Company Listing 184,893,000 18-Dec-91 02-Jan-92
3. Inget Sembiring 4. Koperasi 2,500,000 T: 18-Dec-91 : 31-Dec-99
4. Harry Wiguna 5. Right Issue 1,453,219,775 T: 03-Jan-94 : 21-Jan-03
6. Bonus Shares 871,912,800 08-Sep-94 08-Sep-94
CORPORATE SECRETARY 7. CB Conversion 280,837 T: 12-Mar-97 : 07-Aug-97
Gita Tiffany Boer 8. Stock Split 37,598,029,063 T: 01-Sep-97 : 05-Jun-12
9. Right Conversion 262,168,650 T: 24-Apr-00 : 19-Jan-04
HEAD OFFICE 10. Option I 8,637,003 T: 16-Oct-00 : 16-Feb-01
Gedung AMDI 11. Option I Conversion 16,203,924 T: 31-Jul-01 : 26-Apr-02
Jln. Gaya Motor Raya No. 8 Sunter 12. Option II Conversion 30,903,088 T: 26-Apr-02 : 25-May-04
Jakarta
Phone : (021) 653-10418
Fax : (021) 653-04957

Homepage : [Link]
Email : [Link]@[Link]

RESEARCH DIVISION 19
 ASII AstraInternationalTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Astra International Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
10,000 160 Jan-09 13,700 10,800 13,000 14,675 137,428 1,734,888 19
Feb-09 13,100 10,550 11,300 19,624 97,220 1,114,621 20
8,750 140 Mar-09 16,000 10,600 14,250 15,798 120,998 1,590,474 20
Apr-09 18,700 14,350 18,000 18,983 160,051 2,493,745 20
May-09 22,300 17,000 20,800 19,964 179,898 3,469,872 20
7,500 120
Jun-09 25,800 20,800 23,800 18,270 181,594 4,245,636 22
Jul-09 29,500 22,650 29,300 21,642 158,450 4,140,599 21
6,250 100
Aug-09 31,950 28,100 30,150 22,416 119,329 3,558,767 20
Sep-09 34,150 28,800 33,350 18,178 80,827 2,534,454 18
5,000 80 Oct-09 35,300 29,950 31,300 27,390 114,924 3,767,551 22
Nov-09 34,500 29,750 32,350 30,398 103,164 3,282,336 20
3,750 60 Dec-09 35,600 31,750 34,700 18,623 64,091 2,147,346 19

2,500 40 Jan-10 36,500 33,200 35,950 22,946 85,776 3,000,682 20

Feb-10 37,050 32,750 36,250 18,048 96,912 3,389,851 19
1,250 20 Mar-10 44,050 35,900 41,900 21,483 114,202 4,525,172 22
Apr-10 48,150 41,900 47,150 28,903 106,447 4,732,781 21
May-10 47,150 36,050 43,150 47,944 155,094 6,330,370 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 50,250 41,950 48,300 31,878 99,163 4,509,862 22
Jul-10 52,800 45,900 50,700 26,514 88,613 4,334,658 22
Aug-10 51,150 46,250 47,600 43,255 117,841 5,657,856 21
Sep-10 60,750 47,700 56,700 30,503 88,766 4,847,381 17
Change of Closing Price, Oct-10 60,200 55,500 57,000 34,859 84,089 4,815,487 21
Miscellaneous Industry Index and Jakarta Composite Index Nov-10 58,400 51,750 51,900 38,884 101,694 5,647,237 21
January 2009 - January 2013 Dec-10 54,900 48,800 54,550 37,913 127,743 6,712,077 20
595%
Jan-11 55,050 45,250 48,900 64,822 188,808 9,245,116 21
Jakarta Composite Index
510% 502.5% Feb-11 53,450 47,400 52,050 38,264 146,051 7,289,652 18
Miscellaneous Industry Index
Closing Price Mar-11 58,250 52,300 57,000 40,364 99,865 5,492,743 23
441.9% Apr-11 58,500 53,600 56,150 35,963 91,805 5,134,338 20
425%
May-11 62,150 55,800 58,750 31,103 79,319 4,668,750 21
340% Jun-11 64,250 55,950 63,550 29,158 74,147 4,395,238 20
Jul-11 75,950 64,600 70,500 35,960 84,447 5,852,767 21
Aug-11 72,750 60,850 66,150 67,327 133,636 9,085,095 19
255%
Sep-11 71,800 55,000 63,650 64,076 121,029 7,758,524 20
209.9%
Oct-11 70,000 57,300 69,000 51,096 100,835 6,582,050 21
170%
Nov-11 72,000 65,500 70,900 40,280 67,618 4,676,338 22
Dec-11 75,000 68,300 74,000 33,641 57,371 4,137,042 21
85%

Jan-12 79,650 73,500 78,900 31,100 60,335 4,672,194 21

- Feb-12 79,200 67,100 70,850 68,125 130,669 9,466,255 21
Mar-12 74,200 68,750 73,950 48,766 83,919 5,984,168 21
-85% Apr-12 77,100 70,650 71,000 37,681 68,944 5,052,940 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 74,250 64,200 64,300 46,178 90,988 6,242,152 21
Jun-12 64,200 6,400 6,850 61,324 816,809 6,070,144 21
Jul-12 7,100 6,250 7,000 65,520 943,478 6,342,540 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 7,400 6,600 6,750 44,874 635,813 4,486,738 19
Volume (Million Sh.) 1,518 1,266 1,245 6,209 830 Sep-12 7,550 6,700 7,400 41,289 694,972 5,034,167 20
Value (Billion Rp) 34,080 58,503 74,318 73,719 6,338 Oct-12 8,300 7,250 8,050 47,388 931,778 7,387,900 22
Frequency (Thou. X) 246 383 532 610 57 Nov-12 8,000 7,200 7,250 59,594 832,310 6,351,667 20
Days 241 245 247 246 21 Dec-12 7,700 6,800 7,600 58,107 918,874 6,627,662 18

Price (Rupiah) Jan-13 7,900 7,300 7,350 56,816 830,431 6,337,529 21

High 35,600 60,750 75,950 79,650 7,900
Low 10,550 32,750 45,250 6,250 7,300
Close 34,700 54,550 74,000 7,600 7,350
Close* 3,470 5,455 7,400 7,600 7,350

PER (X) 13.99 15.37 14.03 13.58 13.13

PER Industry (X) 4.47 16.08 12.24 18.33 17.95
PBV (X) 3.52 4.48 3.95 3.68 3.56
* Adjusted price after corporate action

20 RESEARCH DIVISION
 ASII AstraInternationalTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 8,785,000 8,732,000 7,005,000 13,111,000 12,558,000 187,500

Receivable 6,474,000 25,491,000 23,919,000 37,405,000 40,384,000

150,000

Inventories 8,666,000 7,282,000 10,842,000 11,990,000 14,262,000

112,500
Current Assets 35,531,000 36,595,000 46,843,000 65,978,000 77,922,000
Fixed Assets 612,000 21,941,000 24,363,000 28,604,000 33,552,000
75,000
Other Assets 612,000 739,000 612,000 1,043,000 444,000
Total Assets 80,740,000 88,938,000 112,857,000 153,521,000 178,491,000 37,500
Growth (%) 10.15% 26.89% 36.03% 16.26%
-
Current Liabilities 26,883,000 26,735,000 37,124,000 48,371,000 57,401,000 2008 2009 2010 2011 Sep-12

Long Term Liabilities 13,280,000 13,271,000 17,044,000 29,312,000 37,442,000

Total Liabilities 40,163,000 40,006,000 54,168,000 77,683,000 94,843,000
Growth (%) -0.39% 35.40% 43.41% 22.09% TOTAL EQUITY (Billion Rupiah)

83,648
Minority Interest 7,497,000 9,038,000 9,379,000 - - 75,838
Authorized Capital 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
Paid up Capital 2,024,178 2,024,178 2,024,178 2,024,178 2,024,178
66,584

Paid up Capital (Shares) 4,048 4,048 4,048 4,048 40,484 49,310

49,520

Par Value 500 500 500 500 50 39,894

33,080
Retained Earnings 29,027,000 35,586,000 44,731,000 55,628,000 61,663,000 32,455

Total Equity 33,080,000 39,894,000 49,310,000 75,838,000 83,648,000

Growth (%) 20.60% 23.60% 53.80% 10.30% 15,391

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-1,673

2008 2009 2010 2011 Sep-12

Total Revenues 97,064,000 98,526,000 129,991,000 162,564,000 143,138,000
Growth (%) 1.51% 31.94% 25.06%

TOTAL REVENUES (Billion Rupiah)

Expenses 75,334,000 75,755,000 103,117,000 130,530,000 115,852,000
Gross Profit 21,730,000 22,771,000 26,874,000 32,034,000 27,286,000 162,564
162,564

Operating Expenses 9,854,000 10,015,000 12,149,000 14,202,000 6,188,000 143,138

129,991
Operating Profit 11,876,000 12,756,000 14,725,000 17,832,000 21,098,000 129,401

Growth (%) 7.41% 15.44% 21.10% 97,064 98,526

96,238

Other Income (Expenses) 1,083,000 1,079,000 1,410,000 7,940,000 -

Income before Tax 15,363,000 16,402,000 21,031,000 25,772,000 21,098,000 63,075

Tax 4,065,000 3,958,000 4,027,000 4,695,000 3,900,000

29,912

Minority Interest -2,107,000 -2,404,000 -2,638,000 - -

Net Income 9,191,000 10,040,000 14,366,000 21,348,000 16,992,000 -3,251

Growth (%) 9.24% 43.09% 48.60% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 132.17 136.88 126.18 136.40 135.75 NET INCOME (Billion Rupiah)
Dividend (Rp) 870.00 830.00 470.00 1,980.00 66.00
21,348
EPS (Rp) 2,270.30 2,480.02 3,548.60 5,273.25 419.73 21,348

BV (Rp) 8,171.22 9,854.37 12,180.25 18,733.04 2,066.22 16,992

DAR (X) 0.50 0.45 0.48 0.51 0.53 16,993

14,366
DER(X) 1.21 1.00 1.10 1.02 1.13
12,638

ROA (%) 19.03 18.44 18.64 16.79 11.82 9,191

10,040

ROE (%) 46.44 41.11 42.65 33.98 25.22 8,283

GPM (%) 22.39 23.11 20.67 19.71 19.06

OPM (%) 12.24 12.95 11.33 10.97 14.74 3,928

NPM (%) 9.47 10.19 11.05 13.13 11.87

Payout Ratio (%) 38.32 33.47 13.24 37.55 15.72
-427

2008 2009 2010 2011 Sep-12

Yield (%) 8.25 2.39 0.86 2.68 0.89

RESEARCH DIVISION 21
 COMPANY REPORT

ASRI
ALAM SUTERA REALTY TBK.

Company Profile

PT Alam Sutera Realty Tbk. was established dated November 3rd, 1993. The Company
commenceditsoperationalactivityandpurchasesoflandin1999.

The Companys activity are developing and managing of houses. The Company and its
subsidiariesdomiciledatWismaArgoManunggal,[Link].22,Jakarta
and currently the Company owns land for development located at Serpong, Kabupaten
Tangerang,ProvinceofBantenandCianjur,ProvinceofWestJavaandstillonpurchasesof
landstageforAlamSuteraResidentialprojectandownsseveralsubsidiaries.

[Link]
real estate project owned by the Company and Subsidiaries recently are Alam Sutera
ResidentialprojectandSvarnaPadiprojectatPasarKemis,Tangerang.

AlamSuterabelievesthatallthedevelopmenteffortsmusttakeenvironmentalissuesinto
[Link]
[Link]
oftonsofpollutionbeingreleasedintotheirenvironmenteveryday,bysettinganexample
howtodevelopasustainablegreencommunity

The Company has direct ownership in subsidiaries: PT Delta Mega Persada, PT Duta
PrakarsaDevelopment,PTNusaCiptaPratama,AlamSuteraInternationalPrivateLimited
Singapore,andPTGarudaAdhimatraIndonesia.

TheCompanyandsubsidiarieshave1,209employeesasofSeptember30th,2012.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

22 RESEARCH DIVISION
 ASRI AlamSuteraRealtyTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 733.333
Industry Sector : Property, Real Estate And Building Construction (6) Listed Shares : 19,649,411,888
Industry Sub Sector : Property And Real Estate (61) Market Capitalization : 15,130,047,153,760

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 03-Nov-1993 1. PT Tangerang Fajar Industrial 2,982,450,000 : 15.18%
Listing Date : 18-Dec-2007 2. PT Manunggal Prime Development 1,971,650,000 : 10.03%
Under Writer IPO : 3. PT Manunggal Prime Development 1,786,310,000 : 9.09%
PT Ciptadana Securities 4. UBS AG, London Branch A/C Delta 1-2157234003 1,664,047,500 : 8.47%
Securities Administration Bureau : 5. PT Manunggal Prime Development 1,135,237,000 : 5.78%
PT Raya Saham Registra 6. Public ( <5% ) 10,109,717,388 : 51.45%
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 DIVIDEND ANNOUNCEMENT
Phone : 252-5666 Bonus Cash Recording Payment
F/I
Fax : 252-5028 Year Shares Dividend Cum Date Ex Date Date Date
2008 0.69 03-Jul-09 06-Jul-09 09-Jul-09 24-Jul-09 F
BOARD OF COMMISSIONERS 2009 1.05 20-Jul-10 21-Jul-10 23-Jul-10 06-Aug-10 F
1. Marzuki Usman 2010 4.03 01-Jul-11 04-Jul-11 06-Jul-11 20-Jul-11 F
2. Harjanto Tirtohadiguno 2011 6.13 05-Jul-12 06-Jul-12 10-Jul-12 24-Jul-12 F
3. Kristianto Sudiono
4. Pingki Elka Pangestu *) ISSUED HISTORY
5. Prasasto Sudyatmiko *) Listing Trading
*) Independent Commissioners No. Type of Listing Shares Date Date
1. First Issue 3,142,000,000 18-Dec-07 18-Dec-07
BOARD OF DIRECTORS 2. Company Listing 13,986,810,000 18-Dec-07 18-Aug-08
1. Tri Ramadi 3. Warrant 4,974,500 11-Jun-09 11-Jun-09
2. Andrew Charles Walker 4. Warrant 40,050,000 18-Jun-09 18-Jun-09
3. Joseph Sanusi Tjong 5. Warrant 1,000,000 19-Jun-09 19-Jun-09
4. Lilia Setiprawarti Sukotjo 6. Warrant 18,500,000 22-Jun-09 22-Jun-09
5. Soelaeman Soemawinata 7. Warrant 20,000,000 28-Jul-09 28-Jul-09
8. Warrant 250,000 12-Oct-09 12-Oct-09
AUDIT COMMITTEE 9. Warrant 3,325,000 14-Oct-09 14-Oct-09
1. Prasasto Sudyatmiko 10. Warrant 55,000,000 23-Oct-09 23-Oct-09
2. Agus R. Panjaitan 11. Warrant 45,500,000 27-Oct-09 27-Oct-09
3. Satino 12. Warrant 27,500,000 28-Oct-09 28-Oct-09
13. Warrant 63,108,500 29-Oct-09 29-Oct-09
CORPORATE SECRETARY 14. Warrant 15,000,000 03-Nov-09 03-Nov-09
Hendra Kurniawan 15. Warrant 60,000,000 24-Nov-09 24-Nov-09
16. Warrant 27,500,000 26-Nov-09 26-Nov-09
HEAD OFFICE 17. Warrant 388 03-Dec-09 03-Dec-09
Wisma Argo Manunggal Lt. 18 18. Warrant 27,500,000 10-Dec-09 10-Dec-09
Jln. Jend. Gatot Subroto Kav. 22 19. Warrant 277,976,000 14-Dec-09 14-Dec-09
Jakarta - 12930 20. Warrant 15,000,000 15-Dec-09 15-Dec-09
Phone : (021) 531-40628, 252-3838 21. Warrant 1,695,000 21-Dec-09 21-Dec-09
Fax : (021) 252-5050 22. Warrant 30,412,500 28-Dec-09 28-Dec-09
23. Additional Listing without Right Issue 1,786,310,000 25-Jan-12 25-Jan-12
Homepage : [Link]
Email : corsec@[Link]
nathan@[Link]

RESEARCH DIVISION 23
 ASRI AlamSuteraRealtyTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Alam Sutera Realty Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
1,000 7,200 Jan-09 54 50 50 1,793 48,056 2,441 11
Feb-09 50 50 50 30 1,888 84 10
875 6,300 Mar-09 53 50 50 990 51,904 2,533 16
Apr-09 83 50 72 5,821 252,724 15,934 20
May-09 130 70 114 14,707 1,139,599 128,510 20
750 5,400
Jun-09 158 101 109 30,397 2,641,694 332,460 22
Jul-09 119 100 114 12,476 803,262 90,137 21
625 4,500
Aug-09 123 111 112 9,971 876,875 102,849 20
Sep-09 117 106 114 7,249 436,225 49,372 18
500 3,600 137 98 109 22
Oct-09 23,738 3,482,747 394,360
Nov-09 113 101 103 9,041 811,569 86,769 20
375 2,700 Dec-09 114 100 105 11,803 1,381,676 146,990 19

250 1,800 Jan-10 118 103 109 10,132 1,684,788 184,241 20

Feb-10 141 108 136 23,405 4,589,029 592,735 19
125 900 Mar-10 171 132 164 18,621 3,365,306 497,356 22
Apr-10 225 164 215 36,473 5,312,287 1,058,509 21
May-10 225 132 170 34,855 9,896,529 1,842,298 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 195 162 183 17,755 2,199,381 391,028 22
Jul-10 220 178 205 16,716 2,882,832 575,462 22
Aug-10 210 177 178 18,700 1,740,934 336,021 21
Sep-10 210 180 205 25,103 2,333,177 455,386 17
Change of Closing Price, Oct-10 290 200 265 27,171 3,606,905 906,899 21
Property Index and Jakarta Composite Index Nov-10 320 265 280 19,783 2,309,919 673,270 21
January 2009 - January 2013 Dec-10 310 275 295 12,442 1,004,337 295,880 20
1,540%
1440.0% Jan-11 310 230 245 19,196 1,651,106 445,752 21
Jakarta Composite Index
1,320% Feb-11 255 225 245 9,005 590,906 142,983 18
Property Index
Closing Price Mar-11 290 240 285 12,373 937,975 249,543 23
1,100% Apr-11 305 265 295 10,749 1,006,591 287,673 20
May-11 325 280 310 12,896 1,311,172 398,549 21
880% Jun-11 345 305 325 12,324 1,143,722 370,811 20
Jul-11 450 315 420 21,840 2,374,352 899,084 21
Aug-11 450 360 420 24,237 2,168,218 894,522 19
660%
Sep-11 440 340 385 25,423 2,016,360 811,334 20
Oct-11 500 340 435 45,657 3,459,789 1,508,461 21
440%
Nov-11 470 395 425 31,786 2,106,554 934,363 22
Dec-11 480 430 460 18,406 1,383,018 628,154 21
220% 246.7%
209.9%
Jan-12 520 455 485 24,608 3,163,247 1,462,365 21
- Feb-12 610 480 570 26,234 3,013,912 1,651,814 21
Mar-12 630 560 620 22,571 2,116,918 1,272,835 21
-220% Apr-12 650 560 600 28,484 1,831,503 1,099,178 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 620 510 540 22,850 1,453,973 832,432 21
Jun-12 570 455 490 27,226 4,923,539 2,336,855 21
Jul-12 520 455 460 27,925 1,557,100 754,451 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 495 430 440 28,541 1,985,545 910,746 19
Volume (Million Sh.) 11,928 40,925 20,150 29,410 2,759 Sep-12 520 410 495 30,974 2,734,556 1,274,455 20
Value (Billion Rp) 1,352 7,809 7,571 15,370 2,725 Oct-12 580 470 580 26,538 2,210,093 1,173,362 22
Frequency (Thou. X) 128 261 244 297 28 Nov-12 620 550 610 15,187 2,653,169 1,535,319 20
Days 219 245 247 246 21 Dec-12 640 550 600 15,745 1,766,756 1,065,978 18

Price (Rupiah) Jan-13 810 600 770 28,260 2,758,752 2,724,524 21

High 158 320 500 650 810
Low 50 103 225 410 600
Close 105 295 460 600 770
Close* 105 295 460 600 770

PER (X) 19.95 18.14 13.63 11.78 15.12

PER Industry (X) 18.12 9.97 11.09 17.34 18.10
PBV (X) 0.97 2.39 2.95 2.82 3.62
* Adjusted price after corporate action

24 RESEARCH DIVISION
 ASRI AlamSuteraRealtyTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan (Member of PKF International Ltd)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 315,989 430,593 732,357 844,906 1,751,059 11,250

Receivable 14,812 25,512 14,693 21,596 279,257

9,000

Inventories 1,532,866 1,841,950 2,186,131 2,395,213 1,005,404

6,750
Investment 7,249 - 28,827 57,476 30,301
Fixed Assets 34,673 50,900 148,063 341,514 100,525
4,500
Other Assets 688 72,449 322,433 806,319 12,885
Total Assets 3,056,537 3,559,965 4,587,986 6,007,548 10,251,789 2,250
Growth (%) 16.47% 28.88% 30.94% 70.65%
-
Trade Payable 52,519 19,063 26,212 35,519 27,984 2008 2009 2010 2011 Sep-12

Total Liabilities 1,294,146 1,624,837 2,371,566 3,220,676 6,075,186

Growth (%) 25.55% 45.96% 35.80% 88.63%
TOTAL EQUITY (Billion Rupiah)
Minority Interest 7,548 7,705 8,116 - - 4,177
Authorized Capital 2,400,000 2,400,000 24,000 2,400,000 2,400,000 4,177

Paid up Capital 1,712,881 1,786,310 1,786,310 1,786,310 1,964,941

Paid up Capital (Shares) 17,129 17,863 17,863 17,863 19,649
3,325

2,787
Par Value 100 100 100 100 100
2,473 2,208
Retained Earnings 75,583 167,392 448,273 977,938 1,596,340 1,755
1,927
Total Equity 1,754,843 1,927,423 2,208,305 2,786,872 4,176,602 1,621

Growth (%) 9.83% 14.57% 26.20% 49.87%

768

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-84

2008 2009 2010 2011 Sep-12

Total Revenues 435,325 403,627 765,213 1,381,046 1,718,740
Growth (%) -7.28% 89.58% 80.48%

TOTAL REVENUES (Billion Rupiah)

Expenses 324,158 241,599 349,046 566,656 641,886
Gross Profit 111,167 162,029 416,167 814,391 1,076,854 1,719
1,719

Operating Expenses 55,883 51,388 73,088 120,770 162,058

1,381
Operating Profit 55,284 110,641 343,079 693,620 914,796 1,368

Growth (%) 100.13% 210.08% 102.18%

1,017

765
Other Income (Expenses) 24,202 7,170 -12,897 -22,477 -77,125
Income before Tax 79,486 117,811 330,182 671,143 837,671 667

435 404
Tax 20,591 23,634 39,287 68,407 87,096
316

Minority Interest -80 -157 -411 - -

Net Income 58,815 94,021 290,484 602,737 750,575 -34

Growth (%) 59.86% 208.96% 107.49% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 NET INCOME (Billion Rupiah)
Dividend (Rp) 0.69 1.05 4.03 6.13 -
751
EPS (Rp) 3.43 5.26 16.26 33.74 38.20 751

BV (Rp) 102.45 107.90 123.62 156.01 212.56 603

DAR (X) 0.42 0.46 0.52 0.54 0.59 597

DER(X) 0.74 0.84 1.07 1.16 1.45

444

ROA (%) 2.60 3.31 7.20 11.17 8.17

290
ROE (%) 4.53 6.11 14.95 24.08 20.06 291

GPM (%) 25.54 40.14 54.39 58.97 62.65

OPM (%) 12.70 27.41 44.83 50.22 53.22 94
59
138

NPM (%) 13.51 23.29 37.96 43.64 43.67

Payout Ratio (%) 20.10 19.95 24.78 18.17 -
-15

2008 2009 2010 2011 Sep-12

Yield (%) 1.38 1.00 1.37 1.33 -

RESEARCH DIVISION 25
 COMPANY REPORT

BBCA
BANK CENTRAL ASIA TBK.

Company Profile

PT Bank Central Asia Tbk. was established under the name N.V. Perseroan Dagang dan
Industrie Semarang Knitting Factory on October 10th, 1955. The name has changed for
severaltime,thelastchangewasonMay21st,1974,whichisPTBankCentralAsia.
BankbeganoperationsinbankingsincethedateofOctober12,[Link]
[Link]
withtheregulationsapplicableinIndonesia.
As of 30 September 2012, BCA has 925 domestics branches also has 2 overseas
representativeslocatedinSingaporeandHongKong.
BCAhasdirectandindirectownershipinsubsidiaries:BankBCASyariah,BCAFinance,PT
CentralSejahteraInsurance,PTCentralSantosaFinance,BCAFinanceLimited,HongKong
andPTBCASekuritas.
Asof30September2012,BBCAhad20,121permanentemployees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

26 RESEARCH DIVISION
 BBCA BankCentralAsiaTbk.
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 5,514.286
Industry Sector : Finance (8) Listed Shares : 24,408,459,120
Industry Sub Sector : Bank (81) Market Capitalization : 235,541,630,508,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 10-Aug-1955 1. UOBKH Sec. - UOBKH Nominees-Farin 7,500,000,000 : 30.73%
Listing Date : 31-May-2000 2. UOB Kay Hian Private Limited 3,625,990,000 : 14.86%
Under Writer IPO : 3. Public ( <5% ) 13,282,469,120 : 54.42%
PT Danareksa Sekuritas
PT Bahana Securities DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Raya Saham Registra Year Shares Dividend Cum Date Ex Date Date Date
Plaza Central Building 2nd Fl. 2001 85.00 14-Nov-01 15-Nov-01 20-Nov-01 04-Dec-01 F
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 2001 140.00 29-Oct-02 30-Oct-02 01-Nov-02 15-Nov-02 F
Phone : 252-5666 2002 225.00 03-Dec-03 04-Dec-03 08-Dec-03 19-Dec-03 F
Fax : 252-5028 2003 225.00 30-Jun-04 01-Jul-04 06-Jul-04 20-Jul-04 F
2004 50.00 22-Nov-04 23-Nov-04 25-Nov-04 08-Dec-04 F
BOARD OF COMMISSIONERS 2005 80.00 19-Jul-05 20-Jul-05 22-Jul-05 05-Aug-05
1. Djohan Emir Setijoso 2005 50.00 06-Oct-05 07-Oct-05 11-Oct-05 25-Oct-05 F
2. Cyrillus Harinowo *) 2005 90.00 06-Jun-06 07-Jun-06 09-Jun-06 23-Jun-06 F
3. Raden Pardede *) 2006 55.00 10-Oct-06 11-Oct-06 13-Oct-06 03-Nov-06 I
4. Sigit Pramono *) 2006 115.00 08-Jun-07 11-Jun-07 13-Jun-07 27-Jun-07 I
5. Tonny Kusnadi 2007 55.00 29-Nov-07 30-Nov-07 04-Dec-07 18-Dec-07 I
*) Independent Commissioners 2007 63.50 12-Jun-08 13-Jun-08 17-Jun-08 01-Jul-08 F
2008 35.00 15-Jan-09 16-Jan-09 20-Jan-09 30-Jan-09 I
BOARD OF DIRECTORS 2008 65.00 09-Jun-09 10-Jun-09 12-Jun-09 26-Jun-09 F
1. Jahja Setiaatmadja 2009 40.00 12-Nov-09 13-Nov-09 17-Nov-09 02-Dec-09 I
2. Anthony Brent Elam 2009 70.00 31-May-10 01-Jun-10 03-Jun-10 17-Jun-10 F
3. Armand Wahyudi Hartono 2010 42.50 19-Nov-10 22-Nov-10 24-Nov-10 09-Dec-10 I
4. Dhalia Mansor Ariotedjo 2010 70.00 06-Jun-11 07-Jun-11 09-Jun-11 23-Jun-11 F
5. Erwan Yuris Ang 2011 43.50 06-Dec-11 07-Dec-11 09-Dec-11 23-Dec-11 I
6. Eugene Keith Galbraith 2011 113.50 08-Jun-12 11-Jun-12 13-Jun-12 27-Jun-12 F
7. Henry Koenaifi 2012 43.50 03-Dec-12 04-Dec-12 06-Dec-12 20-Dec-12 I
8. Renaldo Hector Barros
9. Subur Tan ISSUED HISTORY
10. Suwignyo Budiman Listing Trading
No. Type of Listing Shares Date Date
AUDIT COMMITTEE 1. First Issue 662,400,000 31-May-00 31-May-00
1. Sigit Pramono 2. Company Listing 2,252,146,140 31-May-00 : 11-Jan-01
2. Ilham Ikhsan 3. Stock Split 21,199,350,480 T: 15-May-01 : 28-Jan-08
3. Inawaty Suwardi 4. Option Conversion 210,852,000 T: 29-Nov-01 : 09-Nov-06
5. Option Conversion MSOP 89,226,500 T: 04-Aug-03 : 29-Sep-04
CORPORATE SECRETARY 6. Partial Delisting -5,516,000 04-Jan-08 04-Jan-08
Inge Setiawati

HEAD OFFICE
Menara BCA Lt. 20 Grand Indonesia
Jln. M.H. Thamrin No. 1
Jakarta - 10310
Phone : (021) 571-1250
Fax : (021) 570-1865

Homepage : [Link]

RESEARCH DIVISION 27
 BBCA BankCentralAsiaTbk.
Closing Price* and Trading Volume
TRADING ACTIVITIES
Bank Central Asia Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
10,000 1,600 Jan-09 3,700 2,700 2,750 17,115 320,742 954,024 19
Feb-09 2,850 2,300 2,350 20,677 304,305 768,926 20
8,750 1,400 Mar-09 3,250 2,275 3,100 21,306 379,623 1,065,972 20
Apr-09 3,625 3,025 3,350 11,163 370,414 1,233,010 20
May-09 3,600 3,125 3,375 14,114 308,689 1,045,032 20
7,500 1,200
Jun-09 4,025 3,375 3,525 21,528 591,992 2,168,983 22
Jul-09 3,850 3,425 3,775 22,832 1,534,744 5,393,084 21
6,250 1,000
Aug-09 4,425 3,775 4,250 13,588 737,603 3,117,609 20
Sep-09 4,850 4,200 4,625 11,902 249,379 1,107,036 18
5,000 800 475,011 2,254,212 22
Oct-09 5,500 4,200 4,575 28,357
Nov-09 4,825 4,475 4,800 11,571 196,442 922,021 20
3,750 600 Dec-09 5,000 4,625 4,850 10,931 176,025 847,413 19

2,500 400 Jan-10 5,150 4,725 5,000 13,903 203,974 1,004,908 20

Feb-10 5,100 4,425 4,875 14,815 258,457 1,222,503 19
1,250 200 Mar-10 5,850 4,800 5,500 12,983 370,441 1,962,251 22
Apr-10 6,200 5,400 5,450 14,597 594,084 3,341,963 21
May-10 5,600 4,825 5,550 26,162 473,921 2,472,420 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 6,000 5,250 5,950 14,774 250,339 1,413,108 22
Jul-10 6,300 5,500 5,950 12,580 203,533 1,205,702 22
Aug-10 6,150 5,650 5,800 13,290 194,802 1,156,077 21
Sep-10 6,900 5,850 6,700 13,878 234,257 1,497,921 17
Change of Closing Price, Oct-10 7,100 6,550 7,000 17,064 266,959 1,829,882 21
Finance Index and Jakarta Composite Index Nov-10 7,200 6,050 6,050 23,971 298,407 2,031,688 21
January 2009 - January 2013 Dec-10 6,750 6,150 6,400 29,198 935,024 6,186,651 20
245%
Jan-11 6,650 5,300 5,650 36,521 515,715 3,024,334 21
Jakarta Composite Index 218.8%
210% 209.9% Feb-11 6,450 5,550 6,300 19,474 309,683 1,855,713 18
Finance Index
Closing Price Mar-11 7,000 6,300 6,950 21,965 301,403 2,028,622 23
175% 175.7% Apr-11 7,700 6,800 7,400 16,724 217,742 1,561,623 20
May-11 7,500 7,000 7,100 19,416 205,970 1,481,677 21
140% Jun-11 7,700 7,000 7,650 17,083 216,573 1,572,104 20
Jul-11 8,500 7,550 8,300 22,050 235,954 1,889,559 21
Aug-11 8,850 7,250 8,000 37,790 465,218 3,714,097 19
105%
Sep-11 8,500 6,950 7,700 33,396 339,968 2,651,632 20
Oct-11 8,150 7,050 8,100 29,893 311,498 2,412,690 21
70%
Nov-11 8,400 7,450 7,900 28,088 360,677 2,850,162 22
Dec-11 8,250 7,700 8,000 17,092 193,852 1,543,490 21
35%

Jan-12 8,250 7,850 8,000 20,524 284,722 2,292,976 21

- Feb-12 8,250 7,200 7,600 34,730 493,690 3,726,985 21
Mar-12 8,150 7,450 8,000 20,067 215,749 1,685,625 21
-35% Apr-12 8,250 7,750 8,000 14,002 236,761 1,894,521 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 8,100 7,000 7,000 22,561 398,309 2,996,959 21
Jun-12 7,500 6,750 7,300 21,978 289,274 2,085,318 21
Jul-12 8,050 7,250 8,000 20,559 343,483 2,611,726 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 8,050 7,650 7,750 16,480 430,418 3,358,206 19
Volume (Million Sh.) 5,645 4,284 3,674 3,778 281 Sep-12 8,150 7,750 7,900 17,988 284,480 2,266,305 20
Value (Billion Rp) 20,877 25,325 26,586 29,765 2,589 Oct-12 8,250 7,800 8,200 15,210 322,195 2,599,470 22
Frequency (Thou. X) 205 207 299 241 23 Nov-12 9,400 8,150 8,800 17,126 247,495 2,149,295 20
Days 241 245 247 246 21 Dec-12 9,500 8,750 9,100 19,730 231,033 2,098,035 18

Price (Rupiah) Jan-13 9,750 8,850 9,650 22,825 280,620 2,589,237 21

High 5,500 7,200 8,850 9,500 9,750
Low 2,275 4,425 5,300 6,750 8,850
Close 4,850 6,400 8,000 9,100 9,650
Close* 4,850 6,400 8,000 9,100 9,650

PER (X) 17.57 18.61 18.31 20.50 21.74

PER Industry (X) 12.35 16.00 6.61 6.58 7.25
PBV (X) 4.29 4.63 4.69 4.56 4.83
* Adjusted price after corporate action

28 RESEARCH DIVISION
 BBCA BankCentralAsiaTbk.
Financial Data and Ratios Book End : December
Public Accountant : Siddharta & Widjaja (Member of KPMG International)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash on Hand 10,798,921 8,865,151 9,639,057 10,355,620 9,018,732 437,500

Placements with Other Banks 4,936,408 5,259,335 61,326,849 43,010,506 335,433,724

50,044,630 69,562,763 21,159,270 22,166,868 14,297,975 350,000
Marketable Securities
Loans 110,026,861 119,595,661 150,016,746 198,440,354 233,727,471
262,500
Investment 39,846,837 1,952 38,501 171,728 257,039
Fixed Assets 2,644,785 2,971,269 3,406,957 4,144,659 5,550,083
175,000
Other Assets 3,259,216 3,325,651 3,682,901 4,185,031 5,492,606
Total Assets 245,569,856 282,392,294 324,419,069 381,908,353 427,014,666
87,500
Growth (%) 14.99% 14.88% 17.72% 11.81%
-
Deposits 213,577,063 247,628,653 277,530,635 326,894,554 359,613,683 2008 2009 2010 2011 Sep-12

Taxes Payable 504,635 269,334 493,337 432,101 651,035

Fund Borrowings 448,325 730,333 448,721 449,188 511,552
Other Liabilities 2,664,700 2,375,459 2,812,014 3,483,582 4,216,210 TOTAL EQUITY (Billion Rupiah)
Total Liabilities 222,290,546 254,535,601 290,311,225 339,881,013 377,023,602
49,221
Growth (%) 14.51% 14.06% 17.07% 10.93% 49,221

42,027

Minority Interest - - - - - 34,108

39,180

Authorized Capital 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 27,857

29,139

Paid up Capital 1,540,938 1,540,938 1,540,938 1,540,938 1,540,938 23,279

Paid up Capital (Shares) 24,655 24,655 24,655 24,655 24,655 19,098

Par Value 63 63 63 63 63
Retained Earnings 18,338,392 22,587,283 28,528,020 36,581,874 43,151,934 9,057

Total Equity 23,279,310 27,856,693 34,107,844 42,027,340 49,220,587

Growth (%) 19.66% 22.44% 23.22% 17.12%
-984

2008 2009 2010 2011 Sep-12

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Total Interest Income 19,301,181 22,931,153 20,660,602 24,566,852 20,143,598
TOTAL REVENUES (Billion Rupiah)
Growth (%) 18.81% -9.90% 18.91%
24,567
24,567 22,931
Interest Expenses 6,944,833 8,031,428 7,723,774 7,730,157 5,899,589 20,661 20,144
19,301
Other Operating Revenue 3,878,052 4,348,342 7,359,500 7,213,378 5,655,315 19,555

Other Operating Expenses 6,825,860 8,471,235 9,571,893 10,913,969 9,615,225

Income from Operations 7,667,907 8,518,883 10,400,190 13,296,775 9,998,759 14,544

Growth (%) 11.10% 22.08% 27.85%

9,532

Non-Operating Revenues 52,136 426,209 253,079 321,983 402,916

4,520

Income Before Tax 7,720,043 8,945,092 10,653,269 13,618,758 10,401,675

Provision for Income Tax 1,943,904 2,137,850 2,173,996 2,800,960 2,128,561 -491

Minority Interest - - - - - 2008 2009 2010 2011 Sep-12

Net Income 5,776,139 6,807,242 8,479,273 10,770,209 8,207,322
Growth (%) 17.85% 24.56% 27.02%
NET INCOME (Billion Rupiah)
RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12
10,770
Dividend (Rp) 100.00 110.00 112.50 157.00 43.50 10,770

EPS (Rp) 234.28 276.10 343.92 436.84 332.89 8,479 8,207

BV (Rp) 944.20 1,129.86 1,383.40 1,704.62 1,996.37 8,573

6,807
DAR (X) 0.91 0.90 0.89 0.89 0.88
6,376
5,776
DER(X) 9.55 9.14 8.51 8.09 7.66
ROA (%) 3.14 3.17 3.28 3.57 2.44 4,179

ROE (%) 33.16 32.11 31.23 32.40 21.13

OPM (%) 39.73 37.15 50.34 54.12 49.64 1,982

NPM (%) 29.93 29.69 41.04 43.84 40.74

Payout Ratio (%) 42.68 39.84 32.71 35.94 13.07
-215

2008 2009 2010 2011 Sep-12

Yield (%) 3.08 2.27 1.76 1.96 0.55

RESEARCH DIVISION 29
 COMPANY REPORT

BBNI
BANK NEGARA INDONESIA TBK.

Company Profile

PTBankNegaraIndonesia(Persero)[Link]
bank under the name Bank Negara Indonesia dated July 5th, 1946. Subsequently, BNI
became Bank Negara Indonesia 1946 and changed its status to a stateowned
commercialbank.

BNIs scope of activity is to conduct commercial banking activities, including banking

activitiesbasedonshariaprinciples.

AsofSeptember30th,2012,BNIhas168domesticbranches,912domesticsubbranches,
[Link],BNIsnetworkalsoincludes4overseasbrancheslocated
inSingapore,HongKong,TokyoandLondonand1agencyinNewYork.

BNI has direct ownership in the following subsidiaries: PT BNI Life Insurance, PT BNI
Multifinance, PT BNI Securities, BNI Remittance Ltd. and PT Bank BNI Syariah. All of the
subsidiaries of BNI are domiciled in Jakarta, except for BNI Remittance Ltd. which is
domiciledinHongKong.

As of September 30th, 2012, BNI had 18,989 permanent employees and 5,864 non
permanentemployees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

30 RESEARCH DIVISION
 BBNI BankNegaraIndonesia(Persero)Tbk.
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 18.878
Industry Sector : Finance (8) Listed Shares : 18,462,169,893
Industry Sub Sector : Bank (81) Market Capitalization : 72,464,016,830,025

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 05-Jul-1946 1. Negara Republik Indonesia 11,189,193,875 : 60.61%
Listing Date : 25-Nov-1996 2. Public ( <5% ) 7,272,976,018 : 39.39%
Under Writer IPO :
PT Bahana Securities DIVIDEND ANNOUNCEMENT
PT BNI Securities Bonus Cash Recording Payment
F/I
PT Danareksa Sekuritas Year Shares Dividend Cum Date Ex Date Date Date
PT Pentasena Arthasentosa 1996 13.00 06-May-97 07-May-97 16-May-97 14-Jun-97 F
Securities Administration Bureau : 1997 14.00 30-Jun-98 01-Jul-98 10-Jul-98 08-Aug-98 F
PT Datindo Entrycom 2001 4.41 09-Oct-02 10-Oct-02 14-Oct-02 28-Oct-02 F
Wisma Sudirman - Puri Datindo 2002 6.30 23-Oct-03 24-Oct-03 28-Oct-03 05-Nov-03 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2003 23.71 01-Jul-04 02-Jul-04 07-Jul-04 21-Jul-04 F
Phone : 570-9009 2005 118.07 23-Jun-05 24-Jun-05 28-Jun-05 07-Jul-05
Fax : 570-9026 2005 53.26 15-Jun-06 16-Jun-06 20-Jun-06 04-Jul-06 F
2006 72.50 19-Jun-07 20-Jun-07 22-Jun-07 02-Jul-07 F
BOARD OF COMMISSIONERS 2007 29.40 17-Jun-08 18-Jun-08 20-Jun-08 04-Jul-08 F
1. Peter Benyamin Stock *) 2008 8.00 18-Jun-09 19-Jun-09 23-Jun-09 07-Jul-09 F
2. Achil Ridwan Djayadiningrat *) 2009 9.44 25-Nov-09 26-Nov-09 01-Dec-09 11-Dec-09 I
3. B.S. Kusmuljono *) 2009 47.48 08-Jun-10 09-Jun-10 11-Jun-10 25-Jun-10 F
4. Bagus Rumbogo 2010 65.98 10-Jun-11 13-Jun-11 15-Jun-11 30-Jun-11 F
5. Daniel Theodore Sparringa 2011 62.48 10-May-12 11-May-12 15-May-12 30-May-12 F
6. Fero Poerbonegoro *)
7. Tirta Hidayat ISSUED HISTORY
*) Independent Commissioners Listing Trading
No. Type of Listing Shares Date Date
BOARD OF DIRECTORS 1. Negara RI (Seri A) 1 25-Nov-96 00-Jan-00
1. Gatot Mudhiantoro Suwondo 2. First Issue 1,085,032,000 25-Nov-96 25-Nov-96
2. Adi Setianto 3. Company Listing 3,255,095,999 25-Nov-96 28-Jun-97
3. Ahdi Jumhari Luddin 4. Partial Delisting -43,401,280 02-Jul-99 02-Jul-99
4. Darmadi Sutanto 5. Right Issue 151,904,480,000 05-Jul-99 05-Jul-99
5. Felia Salim 6. Additional Listing 41,375,391,255 20-Apr-01 20-Apr-01
6. Honggo Widjoyo Kangmasto 7. Partial Delisting -343,540,085 12-Dec-01 12-Dec-01
7. Krishna R. Suparto 8. Reverse Split -184,084,187,364 23-Dec-03 23-Dec-03
8. Sutanto 9. Right Issue 1,974,563,625 13-Aug-07 13-Aug-07
9. Suwoko Singoastro 10. Partial Delisting -2,233,046 31-Aug-07 31-Aug-07
10. Yap Tjay Soen 11. Right Issue 3,340,968,788 29-Dec-10 29-Dec-10

AUDIT COMMITTEE
1. Achil Ridwan Djayadiningrat
2. Bagus Rumbogo
3. Bambang Hendrajatin
4. Darminto

CORPORATE SECRETARY
Tribuana Tunggadewi

HEAD OFFICE
Gedung BNI Lt. 24
Jln. Jend. Sudirman Kav. 1
Jakarta - 10220
Phone : (021) 251-1946
Fax : (021) 251-1214, 2511961, 2511075, 572-8805,
572-8053, 572-8295

Homepage : [Link]

RESEARCH DIVISION 31
 BBNI BankNegaraIndonesia(Persero)Tbk.
Closing Price* and Trading Volume
TRADING ACTIVITIES
Bank Negara Indonesia (Persero) Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
4,800 3,200 Jan-09 840 690 770 16,639 802,769 610,446 19
Feb-09 780 670 700 5,986 218,134 159,891 20
4,200 2,800 Mar-09 770 640 720 9,999 344,639 247,177 20
Apr-09 1,260 740 1,250 23,047 1,200,420 1,190,105 20
May-09 1,690 1,230 1,570 28,011 1,218,563 1,808,999 20
3,600 2,400
Jun-09 1,830 1,510 1,720 23,069 838,389 1,422,751 22
Jul-09 1,920 1,660 1,890 20,313 693,316 1,236,996 21
3,000 2,000
Aug-09 2,050 1,840 1,940 27,579 982,226 1,907,134 20
Sep-09 2,125 1,840 2,125 16,195 579,036 1,169,100 18
2,400 1,600 515,013 1,023,538 22
Oct-09 2,150 1,760 1,850 17,868
Nov-09 2,050 1,770 2,025 19,767 584,374 1,136,745 20
1,800 1,200 Dec-09 2,075 1,880 1,980 11,296 420,760 839,980 19

1,200 800 Jan-10 2,025 1,890 1,930 10,453 230,206 453,565 20

Feb-10 1,960 1,730 1,910 12,968 288,634 536,732 19
600 400 Mar-10 2,350 1,850 2,275 16,181 777,770 1,631,702 22
Apr-10 2,600 2,225 2,600 10,596 657,589 1,574,987 21
May-10 2,575 2,200 2,500 11,196 549,945 1,317,421 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 2,525 2,300 2,350 7,563 331,047 798,275 22
Jul-10 3,100 2,275 3,025 13,283 549,744 1,513,592 22
Aug-10 3,475 2,875 3,475 13,428 1,183,682 3,617,166 20
Sep-10 4,000 3,350 3,675 20,103 597,806 2,183,192 17
Change of Closing Price, Oct-10 4,150 3,625 3,900 18,266 347,336 1,342,999 21
Finance Index and Jakarta Composite Index Nov-10 4,100 3,625 4,050 14,479 465,575 1,784,933 21
January 2009 - January 2013 Dec-10 5,100 3,600 3,875 35,752 4,036,939 14,493,792 20
595%
Jan-11 3,925 3,075 3,225 28,789 1,025,789 3,525,260 21
510% Feb-11 3,575 3,150 3,550 15,096 458,732 1,557,467 18
470.8% Mar-11 4,000 3,550 3,975 22,145 678,079 2,531,016 23
425% Apr-11 4,175 3,850 4,050 20,942 550,731 2,197,504 20
May-11 4,100 3,750 3,875 18,988 514,867 2,001,771 21
340% Jun-11 3,900 3,550 3,875 20,760 472,644 1,783,047 20
Jul-11 4,500 3,775 4,450 21,591 700,897 2,850,203 21
Aug-11 4,600 3,700 4,125 26,054 792,573 3,298,381 19
255%
218.8%
Sep-11 4,250 2,975 3,725 34,141 652,860 2,428,834 20
209.9% Oct-11 4,125 3,125 4,025 35,268 851,192 3,126,593 21
170%
Nov-11 4,050 3,550 3,800 25,267 593,385 2,292,416 22
Dec-11 4,025 3,675 3,800 20,690 576,138 2,232,935 21
85%
Jakarta Composite Index Jan-12 3,950 3,600 3,625 33,481 1,088,649 4,024,984 21
- Finance Index Feb-12 3,775 3,325 3,775 49,190 1,450,572 5,117,308 21
Closing Price
Mar-12 4,000 3,625 4,000 22,662 523,737 2,006,312 21
-85% Apr-12 4,225 3,825 4,025 17,676 488,524 1,941,702 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 4,050 3,575 3,700 15,982 420,781 1,619,666 21
Jun-12 3,850 3,500 3,825 12,717 317,367 1,188,374 21
Jul-12 3,975 3,725 3,975 13,102 357,854 1,381,432 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 4,000 3,625 3,725 16,897 480,873 1,833,994 19
Volume (Million Sh.) 8,398 10,016 7,868 7,063 618 Sep-12 3,975 3,725 3,925 16,128 490,626 1,896,606 20
Value (Billion Rp) 12,753 31,248 29,825 26,382 2,347 Oct-12 3,950 3,775 3,850 14,881 500,990 1,933,721 22
Frequency (Thou. X) 220 184 290 250 22 Nov-12 3,850 3,525 3,700 20,135 446,149 1,632,538 20
Days 241 244 247 246 21 Dec-12 3,800 3,525 3,700 16,684 497,250 1,805,016 18

Price (Rupiah) Jan-13 3,925 3,650 3,925 21,824 618,278 2,347,177 21

High 2,150 5,100 4,600 4,225 3,925
Low 640 1,730 2,975 3,325 3,650
Close 1,980 3,875 3,800 3,700 3,925
Close* 1,891 3,875 3,800 3,700 3,925

PER (X) 12.17 17.62 11.83 10.36 10.99

PER Industry (X) 12.35 16.00 6.61 6.58 7.25
PBV (X) 1.58 2.18 1.87 1.67 1.77
* Adjusted price after corporate action

32 RESEARCH DIVISION
 BBNI BankNegaraIndonesia(Persero)Tbk.
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash on Hand 4,428,192 4,903,316 5,480,703 6,197,731 5,596,570 312,500

Placements with Other Banks 22,641,940 29,622,162 38,385,316 49,328,028 22,777,325

9,874,051 19,197,927 13,181,480 7,627,768 9,984,253 250,000
Marketable Securities
Loans 106,342,351 113,922,685 129,399,567 163,533,423 184,474,536
187,500
Investment 104,653 51,267 24,398 24,335 17,425
Fixed Assets 3,732,893 3,707,940 3,838,079 4,052,708 4,374,484
125,000
Other Assets 2,479,605 2,898,406 4,162,883 4,655,153 4,912,507
Total Assets 201,741,069 227,496,967 248,580,529 299,058,161 310,432,969
62,500
Growth (%) 12.77% 9.27% 20.31% 3.80%
-
Deposits 167,264,390 192,288,136 197,700,436 238,314,269 244,046,205 2008 2009 2010 2011 Sep-12

Taxes Payable 599,246 94,036 182,128 145,021 149,566

Fund Borrowings 8,616,869 5,569,805 5,623,480 8,725,796 6,804,143
Other Liabilities 4,663,795 5,133,675 6,403,952 6,750,931 6,019,599 TOTAL EQUITY (Billion Rupiah)
Total Liabilities 186,279,343 208,322,445 215,431,004 261,215,137 269,170,631
41,262
Growth (%) 11.83% 3.41% 21.25% 3.05% 37,843
33,120
Minority Interest 30,578 - 29,899 - -
32,845

Authorized Capital 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

24,427

Paid up Capital 7,789,288 7,789,288 9,054,807 9,054,807 9,054,807 19,144

15,431
Paid up Capital (Shares) 15,274 15,274 18,649 18,649 18,649 16,010

Par Value 7,500 & 7,500 & 375 7,500 & 7,500 & 375 7,500 & 7,500 & 375 7,500 & 7,500 & 375 7,500 & 7,500 & 375

Retained Earnings 2,597,420 4,662,449 9,990,436 14,422,051 18,051,618 7,592

Total Equity 15,431,148 19,143,582 33,119,626 37,843,024 41,262,338

Growth (%) 24.06% 73.01% 14.26% 9.04%
-825

2008 2009 2010 2011 Sep-12

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Total Interest Income 16,628,139 19,446,766 18,837,397 20,691,796 16,723,657
TOTAL REVENUES (Billion Rupiah)
Growth (%) 16.95% -3.13% 9.84%
20,692
19,447 18,837
Interest Expenses 6,716,256 8,313,998 7,116,680 7,495,982 5,520,750
16,628 16,724
Other Operating Revenue 3,548,889 4,295,385 7,061,053 7,601,475 5,751,827 16,471

Other Operating Expenses 7,227,642 7,991,230 9,643,357 11,134,002 8,662,272

Income from Operations 1,874,523 3,386,114 5,509,018 7,242,583 6,021,097 12,250

Growth (%) 80.64% 62.69% 31.47%

8,028

Non-Operating Revenues 57,862 57,835 -23,558 218,725 255,746

3,807

Income Before Tax 1,932,385 3,443,949 5,485,460 7,461,308 6,276,843

Provision for Income Tax 706,480 957,230 1,382,262 1,653,090 1,237,850 -414

Minority Interest -3,420 -2,724 -1,492 - - 2008 2009 2010 2011 Sep-12
Net Income 1,222,485 2,483,995 4,101,706 5,991,144 4,994,621
Growth (%) 103.19% 65.13% 46.06%
NET INCOME (Billion Rupiah)
RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12
5,991
Dividend (Rp) 8.00 56.92 65.98 62.48 - 5,991

EPS (Rp) 80.04 162.63 219.95 321.26 267.83 4,995

BV (Rp) 1,010.29 1,253.35 1,775.98 2,029.26 2,212.62 4,769

4,102
DAR (X) 0.92 0.92 0.87 0.87 0.87
3,547

DER(X) 12.07 10.88 6.50 6.90 6.52

2,484
ROA (%) 0.96 1.51 2.21 2.49 2.02 2,325

ROE (%) 12.52 17.99 16.56 19.72 15.21 1,222

OPM (%) 11.27 17.41 29.25 35.00 36.00 1,102

NPM (%) 7.35 12.77 21.77 28.95 29.87

Payout Ratio (%) 10.00 35.00 30.00 19.45 -
-120

2008 2009 2010 2011 Sep-12

Yield (%) 1.18 2.87 1.70 1.64 -

RESEARCH DIVISION 33
 COMPANY REPORT

BBRI
BANK RAKYAT INDONESIA (PERSERO) TBK.

Company Profile

PT Bank Rakyat Indonesia (Persero) Tbk. as the oldest commercial bank in Indonesia,
establishedon16December1895inPurwokerto,CentralJava.BRIwentpublicin2003and
consistently maintains it commitment towards the Micro, Small, and Medium Business
segment(MSMEs)[Link]
shareholder of BRI with 56.75% share, while the general public shareholders hold the
remaining43.25%ofshare.

ThevisionoftheBankisbeingtheleadingcommercialbankthatalwaysprioritizecustomer
satisfaction. To accomplish the Companys vision, BRI has set itself with three missions.
First,toconductthebestbankingpracticewithaprioritygiventoservicestheMicro,Small
andMediumEnterprises(MSMEs)[Link],
to provide its customers with excellent services delivered through its vast network and
supported by professional human resources, while adhering to the practices of Good
[Link],tocreateoptimalvaluesandbenefitsforitsstakeholders.

Sinceitsinception,BRIhascommitmenttofocusonbankingservicesinmicro,small,and
mediumenterprises(MSMEs).Thiscommitmentisreflectedintheallocationofloansfor
thesectorsthataffectthelivelihoodofthepopulationandotherfinancialservicesthatthe
Bankofferstothecommunity.

AsofDecember31st,2012,BRIhas18regionaloffices,16inspectionoffices,442domestic
branches,1specialbranch,545subbranchoffices,3overseasbranches,914cashoffices,
5,000BRIunits,and1,778terraces.TheBankhas72,[Link]
subsidiaries: PT Bank BRI Syariah, PT Bank Rakyat Indonesia Agroniaga Tbk., and BRI
[Link].

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

34 RESEARCH DIVISION
 BBRI BankRakyatIndonesia(Persero)Tbk.
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 1,817.143
Industry Sector : Finance (8) Listed Shares : 24,422,470,380
Industry Sub Sector : Bank (81) Market Capitalization : 194,158,639,521,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 16-Dec-1895 1. Negara Republik Indonesia 14,000,000,000 : 57.32%
Listing Date : 10-Nov-2003 2. Public ( <5% ) 10,422,470,380 : 42.68%
Under Writer IPO :
PT Bahana Securuties DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Datindo Entrycom Year Shares Dividend Cum Date Ex Date Date Date
Wisma Sudirman - Puri Datindo 2003 84.19 06-Jul-04 07-Jul-04 09-Jul-04 23-Jul-04 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2005 152.88 16-Jun-05 17-Jun-05 21-Jun-05 05-Jul-05
Phone : 570-9009 2005 156.18 21-Jun-06 22-Jun-06 26-Jun-06 10-Jul-06 F
Fax : 570-9026 2006 173.04 13-Jun-07 14-Jun-07 18-Jun-07 02-Jul-07 F
2007 196.34 18-Jun-08 19-Jun-08 23-Jun-08 07-Jul-08 F
BOARD OF COMMISSIONERS 2008 168.82 16-Jun-09 17-Jun-09 19-Jun-09 03-Jul-09 F
1. Bunasor Sanim *) 2009 132.08 28-Jun-10 29-Jun-10 01-Jul-10 15-Jul-10 F
2. Adhyaksa Dault *) 2010 45.93 17-Dec-10 20-Dec-10 22-Dec-10 30-Dec-10 I
3. Ahmad Fuad *) 2010 70.04 27-May-11 30-May-11 01-Jun-11 15-Jun-11 F
4. Aviliani *) 2011 122.28 26-Apr-12 27-Apr-12 01-May-12 15-May-12 F
5. Hermanto Siregar
6. Heru Lelono ISSUED HISTORY
7. Mustafa Abubakar Listing Trading
8. Vincentius Sonny Loho No. Type of Listing Shares Date Date
*) Independent Commissioners 1. First Issue 4,764,705,000 10-Nov-03 10-Nov-03
2. Company Listing 6,882,352,950 10-Nov-03 31-May-04
BOARD OF DIRECTORS 3. MSOP Conversion 114,572,000 T: 24-Nov-04 : 11-Nov-05
1. Sofyan Basir 4. MSOP Conversion I & II 333,519,000 T: 16-Nov-05 : 18-Oct-07
2. A. Toni Soetirto 5. MSOP Conversion II 8,879,000 T: 25-Sep-06 : 12-Nov-09
3. Achmad Baiquni 6. MSOP Conversion I, II & III 59,421,500 T: 23-Nov-06 : 27-Dec-07
4. Asmawi Syam 7. MSOP Conversion II & III 36,021,500 T: 24-Nov-06 : 26-Jun-09
5. Djarot Kusumayakti 8. MSOP Conversion I 256,500 T: 09-Jan-07 : 26-May-08
6. Gatot Mardiwasisto 9. MSOP Conversion III 11,609,000 T: 25-Jun-07 : 15-Nov-10
7. Lenny Sugihat 10. MSOP Conversion I & III 2,493,500 T: 21-Nov-07 : 08-Aug-08
8. Randi Anto 11. MSOP Conversion I & II 199,500 T: 27-Mar-08 : 27-May-08
9. Sarwono Sudarto 12. MSOP Conversion III 2,227,000 T: 05-Aug-08 : 22-Dec-08
10. Sulaiman Arif Arianto 13. MSOP Conversion I 532,500 T: 28-Aug-08 : 13-Nov-08
11. Suprajarto 14. MSOP Conversion II 49,500 T: 02-Sep-08 : 14-Oct-08
15. MSOP Conversion I & II 95,500 11-Nov-08 11-Nov-08
AUDIT COMMITTEE 16. Delisting of shares Negara RI -5,698,760 07-Jan-11 07-Jan-11
1. Bunasor Sanim 17. Stock Split 12,211,235,190 11-Jan-11 11-Jan-11
2. Adhyaksa Dault
3. Ahmad Fuad
4. Dedi Budiman Hakim
5. H.C. Royke Singgih
6. Hermanto Siregar
7. Syahrir Nasution
8. Vincentius Sonny Loho

CORPORATE SECRETARY
Muhamad Ali

HEAD OFFICE
Gedung BRI I Lt. 20
Jln. Jend. Sudirman No. 44 - 46, Jakarta - 10210
Phone : (021) 251-0244, 250-0124, 251-0315
Fax : (021) 570-0916

Homepage : [Link]
Email : ir@[Link]

RESEARCH DIVISION 35
 BBRI BankRakyatIndonesia(Persero)Tbk.
Closing Price* and Trading Volume
TRADING ACTIVITIES
Bank Rakyat Indonesia (Persero) Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
10,000 160 Jan-09 5,100 4,250 4,550 14,930 307,401 1,432,067 19
Feb-09 4,550 3,700 3,725 21,113 284,418 1,190,713 20
8,750 140 Mar-09 4,650 3,550 4,200 27,042 426,173 1,767,797 20
Apr-09 5,900 4,200 5,800 29,557 578,852 2,887,067 20
May-09 6,900 5,500 6,250 20,134 387,427 2,345,227 20
7,500 120
Jun-09 6,950 5,550 6,300 23,796 435,906 2,771,876 22
Jul-09 7,650 6,250 7,300 28,170 493,348 3,371,296 21
6,250 100
Aug-09 7,900 6,800 7,600 24,663 356,600 2,602,041 20
Sep-09 7,900 7,100 7,500 19,841 366,421 2,718,395 18
5,000 80 Oct-09 8,700 6,800 7,100 35,491 22
601,214 4,666,627
Nov-09 7,750 6,850 7,400 29,171 617,816 4,564,948 20
3,750 60 Dec-09 8,050 7,300 7,650 16,819 290,775 2,222,367 19

2,500 40 Jan-10 8,300 7,500 7,650 18,811 340,767 2,662,527 20

Feb-10 7,700 6,950 7,150 20,338 348,268 2,560,878 19
1,250 20 Mar-10 8,450 7,100 8,250 27,637 615,677 4,736,692 22
Apr-10 9,050 7,950 8,950 24,877 530,633 4,529,233 21
May-10 9,100 7,600 8,600 21,790 469,303 3,908,927 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 9,750 8,300 9,300 12,801 321,511 2,873,248 22
Jul-10 10,150 9,000 9,900 13,978 337,411 3,259,346 22
Aug-10 9,850 8,800 9,300 26,105 447,646 4,199,651 21
Sep-10 10,800 9,350 10,000 23,114 371,217 3,697,678 17
Change of Closing Price, Oct-10 11,900 9,850 11,400 26,113 325,997 3,506,412 21
Finance Index and Jakarta Composite Index Nov-10 12,800 10,500 10,500 25,045 359,466 4,199,435 21
January 2009 - January 2013 Dec-10 11,700 9,800 10,500 37,298 451,843 4,792,357 20
245%
227.8% Jan-11 10,750 4,550 4,850 61,584 1,216,289 7,347,324 21
Jakarta Composite Index 218.8%
210% 209.9% Feb-11 5,000 4,525 4,700 40,858 826,733 3,940,203 18
Finance Index
Closing Price Mar-11 5,800 4,725 5,750 49,894 902,204 4,679,484 23
175% Apr-11 6,650 5,650 6,450 40,870 822,859 5,088,510 20
May-11 6,600 6,000 6,350 51,052 872,410 5,479,711 21
140% Jun-11 6,550 6,100 6,500 32,120 568,618 3,613,773 20
Jul-11 6,950 6,500 6,900 39,796 846,164 5,683,819 21
Aug-11 7,250 6,000 6,550 65,988 1,085,504 7,162,598 19
105%
Sep-11 7,000 5,000 5,850 83,219 1,302,285 7,936,656 20
Oct-11 6,900 5,150 6,750 78,267 1,026,080 6,364,672 21
70%
Nov-11 7,050 6,350 6,500 47,974 743,521 4,986,130 22
Dec-11 7,050 6,350 6,750 33,776 482,459 3,228,750 21
35%

Jan-12 7,200 6,750 6,850 34,105 648,419 4,500,394 21

- Feb-12 7,250 6,550 6,900 43,956 881,221 6,030,387 21
Mar-12 7,050 6,400 6,950 62,379 955,267 6,378,821 21
-35% Apr-12 7,150 6,450 6,650 35,173 698,250 4,789,501 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 6,700 5,600 5,650 68,285 1,252,556 7,711,374 21
Jun-12 6,350 5,150 6,350 50,200 914,692 5,396,595 21
Jul-12 7,050 6,250 7,000 44,178 824,887 5,468,998 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 7,550 6,650 6,950 31,723 669,590 4,725,231 19
Volume (Million Sh.) 5,146 4,920 10,695 9,285 820 Sep-12 7,500 6,900 7,450 33,450 576,211 4,172,024 20
Value (Billion Rp) 32,540 44,926 65,512 62,701 6,224 Oct-12 7,850 7,300 7,400 33,323 627,187 4,743,720 22
Frequency (Thou. X) 291 278 625 514 50 Nov-12 7,350 7,000 7,050 43,834 731,065 5,243,316 20
Days 241 245 247 246 21 Dec-12 7,250 6,800 6,950 33,266 505,350 3,540,891 18

Price (Rupiah) Jan-13 8,000 7,000 7,950 49,574 820,165 6,223,729 21

High 8,700 12,800 10,750 7,850 8,000
Low 3,550 6,950 4,525 5,150 7,000
Close 7,650 10,500 6,750 6,950 7,950
Close* 3,825 5,250 6,750 6,950 7,950

PER (X) 12.91 11.29 10.89 9.43 10.79

PER Industry (X) 12.35 16.00 6.61 6.58 7.25
PBV (X) 3.46 3.53 3.34 2.86 3.28
* Adjusted price after corporate action

36 RESEARCH DIVISION
 BBRI BankRakyatIndonesia(Persero)Tbk.
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash on Hand 6,750,145 8,139,304 9,975,712 10,525,973 13,895,464 562,500

Placements with Other Banks 22,235,561 40,495,057 83,272,140 73,596,356 66,242,928

23,766,171 24,478,132 22,514,663 33,917,516 41,136,880 450,000
Marketable Securities
Loans 152,217,543 194,242,503 232,972,784 269,454,726 336,081,042
337,500
Investment 89,792 111,461 133,888 164,689 196,742
Fixed Assets 1,350,483 1,366,212 1,568,945 1,852,818 2,804,366
225,000
Other Assets 6,062,816 5,235,421 4,880,779 5,293,505 5,961,840
Total Assets 246,076,896 316,947,029 404,285,602 469,899,284 551,336,790
112,500
Growth (%) 28.80% 27.56% 16.23% 17.33%
-
Deposits 204,965,682 260,378,168 338,812,712 388,288,508 452,945,001 2008 2009 2010 2011 2012

Taxes Payable 300,295 343,492 1,930,923 1,105,997 895,695

Fund Borrowings 3,356,495 13,611,399 8,454,545 13,097,916 10,888,755
Other Liabilities 6,778,922 7,068,716 9,766,026 9,520,061 9,758,418 TOTAL EQUITY (Billion Rupiah)
Total Liabilities 223,720,199 289,689,648 367,612,492 420,078,955 486,455,011
64,882
Growth (%) 29.49% 26.90% 14.27% 15.80% 64,882

49,820
Minority Interest - - - - -
51,646

Authorized Capital 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 36,673

38,410

Paid up Capital 6,162,650 6,164,926 6,167,291 6,167,291 6,167,291 27,257

Paid up Capital (Shares) 12,325 12,330 12,335 24,669 24,669 25,174
22,357
Par Value 500 500 500 250 250
Retained Earnings 12,874,726 17,834,694 27,123,160 40,019,254 55,080,238 11,938

Total Equity 22,356,697 27,257,381 36,673,110 49,820,329 64,881,779

Growth (%) 21.92% 34.54% 35.85% 30.23%
-1,298

2008 2009 2010 2011 2012

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

Total Interest Income 28,096,633 35,334,131 44,615,162 48,164,348 49,610,421
TOTAL REVENUES (Billion Rupiah)
Growth (%) 25.76% 26.27% 7.96% 3.00%
48,164 49,610
44,615
49,610

Interest Expenses 8,445,579 12,284,636 11,726,559 13,737,272 13,126,655

Other Operating Revenue 2,535,236 3,269,594 5,544,533 5,775,975 8,389,732 39,490
35,334
Other Operating Expenses 10,996,546 11,959,515 16,113,692 17,085,627 19,491,032
28,097
Income from Operations 8,346,113 8,560,659 14,402,001 17,584,230 22,682,538 29,369

Growth (%) 2.57% 68.23% 22.10% 28.99%

19,249

Non-Operating Revenues 475,899 1,330,569 506,229 1,171,650 1,177,034

9,128

Income Before Tax 8,822,012 9,891,228 14,908,230 18,755,880 23,859,572

Provision for Income Tax 2,863,644 2,582,936 3,435,845 3,667,884 5,172,192 -992

Minority Interest - - - - - 2008 2009 2010 2011 2012

Net Income 5,958,368 7,308,292 11,472,385 15,296,501 18,681,350
Growth (%) 22.66% 56.98% 33.33% 22.13%
NET INCOME (Billion Rupiah)
RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
18,681
Dividend (Rp) 168.82 132.08 115.97 122.28 - 18,681

EPS (Rp) 483.43 592.73 930.10 620.07 757.28 15,297

BV (Rp) 1,813.89 2,210.68 2,973.19 2,019.54 2,630.08 14,870

11,472
DAR (X) 0.91 0.91 0.91 0.89 0.88
11,059

DER(X) 10.01 10.63 10.02 8.43 7.50

7,308
ROA (%) 3.59 3.12 3.69 3.99 4.33 7,248 5,958
ROE (%) 39.46 36.29 40.65 37.65 36.77
OPM (%) 29.71 24.23 32.28 36.51 45.72 3,437

NPM (%) 21.21 20.68 25.71 31.76 37.66

Payout Ratio (%) 34.92 22.28 12.47 19.72 -
-374

2008 2009 2010 2011 2012

Yield (%) 3.69 1.73 1.10 1.81 -

RESEARCH DIVISION 37
 COMPANY REPORT

BBTN
BANK TABUNGAN NEGARA (PERSERO) TBK.

Company Profile

PT Bank Tabungan Negara was founded on February 9th, 1950 under the name of Bank
Tabungan Pos. Along with the government's program in housing development, especially
housing for lowincome segment in 1974, The Bank was appointed as the housing loan
financing institution. Furthermore, in 1989, the Bank's status was changed into a
commercialbankandbecamePerseroin1992.In1994,BankBTNbeganitsoperationasa
ForeignExchangeBank.In2005,theBankstarteditsshariabusiness.

The Banks scope activity is to conduct commercial banking activities, including banking
[Link]
14,2005tobeginoperationofthefirstshariabranchinJakartaHarmony.

The Banks head office is located in Jln. Gajah Mada No. 1, Jakarta Pusat. To support its
operation, as of September 30th, 2012, the Bank has 87 branches (including 22 sharia
branches),242subbranches(including21shariasubbranch),383cashoffices(including7
shariasubbranches)and2,922SOPP(SystemOnlinePaymentPoints/onlinePostOffice).
AsofSeptember30th,2012,theBankhas5,474employees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication

38 RESEARCH DIVISION
 BBTN BankTabunganNegara(Persero)Tbk.
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 211.304
Industry Sector : Finance (8) Listed Shares : 10,250,540,500
Industry Sub Sector : Bank (81) Market Capitalization : 16,605,875,610,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 30-Nov-1934 1. Negara Republik Indonesia 6,354,000,000 : 61.99%
Listing Date : 17-Dec-2009 2. GIC S/A Government Of Singapore 673,294,079 : 6.57%
Under Writer IPO : 3. Public ( <5% ) 3,223,246,421 : 31.44%
PT Mandiri Sekuritas
PT CIMB Securities Indonesia DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Datindo Entrycom Year Shares Dividend Cum Date Ex Date Date Date
Wisma Sudirman - Puri Datindo 2009 15.09 10-Jun-10 11-Jun-10 15-Jun-10 29-Jun-10 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2010 31.19 10-Jun-11 13-Jun-11 15-Jun-11 30-Jun-11 F
Phone : 570-9009 2011 25.31 10-May-12 11-May-12 15-May-12 30-May-12 F
Fax : 570-9026
ISSUED HISTORY
BOARD OF COMMISSIONERS Listing Trading
1. Zaki Baridwan *) No. Type of Listing Shares Date Date
2. Agung Kuswandono 1. First Issue 2,360,057,000 17-Dec-09 17-Dec-09
3. Amanah Abdulkadir *) 2. Company Listing 6,263,228,575 17-Dec-09 17-Dec-09
4. Dwijanti Tjahjaningsih 3. MESOP Conversion I 121,913,500 T: 08-Feb-11 : 16-Nov-11
5. Sahala Lumban Gaol 4. MESOP Conversion I & II 5,613,500 T: 06-Feb-12 : 13-Jun-12
6. Subarjo Joyosumarto *) 5. MESOP Conversion I 1,999,000 T: 14-Feb-12 : 16-Mar-12
*) Independent Commissioners 6. Right Issue 1,497,728,925 07-Dec-12 07-Dec-12

BOARD OF DIRECTORS
1. Maryono
2. Evi Firmansyah
3. Irman A. Zahiruddin
4. Mansyur S. Nasution
5. Mas Guntur Dwi S.
6. Poernomo
7. Saut Pardede

AUDIT COMMITTEE
1. Zaki Baridwan
2. Dwijanti Tjahjaningsih
3. Muchamad Syafruddin
4. Triana Yuniati

CORPORATE SECRETARY
Rakhmat Nugroho

HEAD OFFICE
Menara Bank BTN
Jln. Gajah Mada No. 1
Jakarta - 10130
Phone : (021) 633-6789, 633-2666
Fax : (021) 633-6719

Homepage : [Link]

RESEARCH DIVISION 39
 BBTN BankTabunganNegara(Persero)Tbk.
Closing Price* and Trading Volume
TRADING ACTIVITIES
Bank Tabungan Negara (Persero) Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* December 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
2,000 1,600 Dec-09 880 800 840 12,782 759,672 636,938 7

1,750 1,400 Jan-10 1,070 830 1,060 25,121 1,224,881 1,173,575 20

Feb-10 1,100 1,000 1,060 16,222 585,934 620,401 19
Mar-10 1,350 1,010 1,330 16,767 771,893 894,629 22
1,500 1,200
Apr-10 1,650 1,320 1,550 29,265 807,174 1,214,725 21
May-10 1,550 1,100 1,360 46,190 1,310,820 1,707,502 19
1,250 1,000
Jun-10 1,750 1,280 1,700 31,961 898,843 1,320,631 22
Jul-10 1,990 1,670 1,950 33,031 798,722 1,459,855 22
1,000 800 485,391 903,376 21
Aug-10 1,960 1,800 1,810 24,110
Sep-10 1,920 1,800 1,820 21,490 462,247 854,857 17
750 600 Oct-10 2,050 1,820 1,990 27,340 470,454 911,294 21
Nov-10 2,025 1,740 1,750 11,578 214,922 411,218 21
500 400 Dec-10 1,880 1,560 1,640 18,377 313,618 533,092 20

250 200 Jan-11 1,780 1,180 1,330 34,997 868,919 1,245,353 21

Feb-11 1,440 1,260 1,330 14,140 411,907 555,751 18
Mar-11 1,710 1,340 1,680 26,923 695,738 1,055,066 23
Dec-09 Dec-10 Dec-11 Dec-12 Apr-11 1,790 1,660 1,710 12,729 309,689 536,800 20
May-11 1,720 1,590 1,660 12,410 198,403 327,942 21
Jun-11 1,700 1,590 1,690 8,329 173,340 285,095 20
Jul-11 1,820 1,620 1,700 22,042 470,080 809,924 21
Change of Closing Price, Aug-11 1,740 1,350 1,560 13,235 205,907 322,612 19
Finance Index and Jakarta Composite Index Sep-11 1,620 1,000 1,210 16,853 278,246 347,429 20
December 2009 - January 2013 Oct-11 1,540 1,050 1,440 13,687 225,007 297,558 21
175% Nov-11 1,490 1,210 1,250 20,559 276,832 376,344 22
Dec-11 1,290 1,180 1,210 6,786 118,683 145,472 21
Jakarta Composite Index
150%
Finance Index
Closing Price Jan-12 1,270 1,180 1,200 11,071 302,240 369,927 21
125% Feb-12 1,250 1,160 1,220 8,442 170,762 205,487 21
Mar-12 1,220 1,160 1,200 3,803 62,277 74,561 21
100% 100.6% Apr-12 1,440 1,200 1,380 14,473 365,152 486,519 20
100.4% May-12 1,390 1,190 1,200 5,250 81,787 107,075 21
77.5% Jun-12 1,400 1,130 1,290 6,698 139,270 177,699 21
75%
Jul-12 1,380 1,240 1,370 7,747 193,721 255,431 22
Aug-12 1,420 1,280 1,310 5,178 119,668 162,886 19
50%
Sep-12 1,460 1,250 1,440 12,362 317,570 423,906 20
Oct-12 1,650 1,360 1,520 12,271 306,185 452,863 22
25% Nov-12 1,720 1,420 1,610 15,597 1,585,209 2,241,325 20
Dec-12 1,610 1,440 1,450 9,276 308,764 476,736 18
-
Jan-13 1,640 1,450 1,620 12,496 502,676 774,616 21
-25%
Dec 09 Dec 10 Dec 11 Dec 12

SHARES TRADED 2009 2010 2011 2012 Jan-13

Volume (Million Sh.) 760 8,345 4,233 3,953 503
Value (Billion Rp) 637 12,005 6,305 5,434 775
Frequency (Thou. X) 13 301 203 112 12
Days 7 245 247 246 21

Price (Rupiah)
High 880 2,050 1,820 1,720 1,640
Low 800 830 1,000 1,130 1,450
Close 840 1,640 1,210 1,450 1,620
Close* 807 1,577 1,163 1,450 1,620

PER (X) 14.92 15.60 10.42 11.17 12.48

PER Industry (X) 12.35 16.00 6.61 6.58 7.25
PBV (X) 1.34 2.22 1.46 1.85 2.07
* Adjusted price after corporate action

40 RESEARCH DIVISION
 BBTN BankTabunganNegara(Persero)Tbk.
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash on Hand 294,357 362,769 512,399 451,608 100,000

Placements with Other Banks 132,925 2,374,930 9,777,564 4,423,993

5,483,561 928,357 733,953 736,482 80,000
Marketable Securities
Loans 40,029,401 47,977,801 62,619,586 71,244,349
60,000
Investment - - - -
Fixed Assets 1,236,672 1,460,837 1,497,455 1,502,275
40,000
Other Assets 477,303 512,830 626,938 684,781
Total Assets 58,516,058 68,385,539 89,121,459 98,755,885 20,000
Growth (%) 16.87% 30.32% 10.81%
-
Deposits 40,719,717 48,104,318 62,762,985 70,116,882 2009 2010 2011 Sep-12

Taxes Payable - - - -
Fund Borrowings 2,983,997 3,399,787 5,695,307 6,483,850
Other Liabilities 1,698,318 1,825,584 2,258,809 2,243,198 TOTAL EQUITY (Billion Rupiah)
Total Liabilities 53,054,542 61,938,261 81,799,816 90,635,812 8,120
Growth (%) 16.74% 32.07% 10.80% 8,120

7,322
6,447
Minority Interest - - - -
6,464

5,462
Authorized Capital 10,239,216 10,239,216 10,239,216 10,239,216
4,807

Paid up Capital 4,357,029 4,357,029 4,404,536 8,837,243

Paid up Capital (Shares) 8,714 8,714 8,809 17,674 3,151

Par Value 500 500 500 500

Retained Earnings 450,709 1,262,197 1,157,372 2,832,140 1,494

Total Equity 5,461,516 6,447,278 7,321,643 8,120,073

Growth (%) 18.05% 13.56% 10.91%
-162

2009 2010 2011 Sep-12

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Total Interest Income 5,729,941 6,498,752 7,556,104 6,507,372
TOTAL REVENUES (Billion Rupiah)
Growth (%) 13.42% 16.27%
7,556
7,556

Interest Expenses 3,427,732 3,143,934 3,770,231 2,974,640 6,499 6,507

Other Operating Revenue 264,857 487,890 512,017 386,365 6,015
5,730
Other Operating Expenses 1,763,409 2,247,211 2,720,117 2,394,086
Income from Operations 739,438 1,263,717 1,525,749 1,405,776 4,473

Growth (%) 70.90% 20.74%

2,932

Non-Operating Revenues 6,379 -13,495 -3,489 -15,736

1,390

Income Before Tax 745,817 1,250,222 1,522,260 1,390,040

Provision for Income Tax 239,574 334,284 403,599 368,974 -151

Minority Interest - - - - 2009 2010 2011 Sep-12

Net Income 490,453 915,938 1,026,201 1,008,265
Growth (%) 86.75% 12.04%
NET INCOME (Billion Rupiah)
RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12
1,026 1,008
Dividend (Rp) 15.09 31.19 25.31 - 1,026

916
EPS (Rp) 56.28 105.11 116.49 57.05
BV (Rp) 626.75 739.87 831.15 459.42 817

DAR (X) 0.91 0.91 0.92 0.92

490
608

DER(X) 9.71 9.61 11.17 11.16

ROA (%) 1.27 1.83 1.71 1.41 398

ROE (%) 13.66 19.39 20.79 17.12

OPM (%) 12.90 19.45 20.19 21.60 189

NPM (%) 8.56 14.09 13.58 15.49

Payout Ratio (%) 26.81 29.68 21.73 -
-21

2009 2010 2011 Sep-12

Yield (%) 1.80 1.90 2.09 -

RESEARCH DIVISION 41
 COMPANY REPORT

BDMN
BANK DANAMON INDONESIA TBK.

Company Profile

PT Bank Danamon Indonesia Tbk. was established in 1956. The name Bank Danamon,
whichwasderivedfromdanamoneter,meaningmonetaryfund,wasfirstusedin1976in
place of its original name, Bank Kopra. Bank Danamon became among the first foreign
exchange banks in Indonesia, and became a public company listed on the Jakarta Stock
Exchange.

At 30 September 2012, operates 79 domestic branches, 1,562 Domestic supporting
branchesandDanamonSimpanPinjamand157Shariabranchesandsupportingbranches.
BDMN provides its customers with access to over 30,000 ATMs, including through its
associationwithATMBersamaandALTO,inall33provincesinIndonesia.

BDMN was recently awarded as Indonesian Bank Loyalty Champion 2012 from Infobank
and Markplus Insight in the conventional bank with more than Rp 75 trillion in assets
category. BDMN also received Indonesia Brand Champion 2012 and Indonesia Service to
Care Champion 2012 awards from Marketers and Markplus Insight in the conventional
bankwithmorethanRp75trillioninassetscategory.

TheCompanyunderstandtheimportanceofattractingthebesttalentavailableacrossall
disciplines,encouragingpeopletodeveloptheirfullpotentialandconstantlygrowingthem
asbusinessleaderswithclearcareerpathtosuccess.In2008,TheCompanyinaugurated
the Danamon Corporate University (DCU) as an enhancement of the previous Danamon
[Link].

PTAdiraDinamikaMultiFinanceTbk.,PTAsuransiAdiraDinamika,andPTAdiraQuantum
Multifinance are BDMNs subsidiaries, which consequently operate in the automotive
financing,insurances,andfunding.

As of 30 September 2012, the Bank and Subsidiaries had 47,165 permanent employees,
16,893nonpermanentemployees,and8,427outsourceemployees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

42 RESEARCH DIVISION
 BDMN BankDanamonIndonesiaTbk.
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 3.445
Industry Sector : Finance (8) Listed Shares : 9,488,796,931
Industry Sub Sector : Bank (81) Market Capitalization : 57,881,661,279,100

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 16-Jul-1956 1. Asia Financial (Indonesia) Pte 6,457,558,472 : 68.05%
Listing Date : 06-Dec-1989 2. JPMCB-Franklin Templeton Investment 611,958,888 : 6.45%
Under Writer IPO : 3. Public ( <5% ) 2,419,279,571 : 25.50%
PT Aseam Indonesia
PT IFI DIVIDEND ANNOUNCEMENT
PT Mutual International Finance Corporation Bonus Cash Recording Payment
F/I
Bank Pembangunan Indonesia Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 1990 50.00 18-Sep-90 19-Sep-90 26-Sep-90 26-Oct-90 I
PT Raya Saham Registra 1990 150.00 06-Jun-91 07-Jun-91 14-Jun-91 26-Jul-91 F
Plaza Central Building 2nd Fl. 1991 150.00 27-May-92 29-May-92 06-Jun-92 13-Jul-92 F
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1992 150.00 01-Jul-93 02-Jul-93 09-Jul-93 09-Aug-93 F
Phone : 252-5666 1993 1:1 27-Sep-93 28-Sep-93 05-Oct-93 26-Oct-93
Fax : 252-5028 1993 50.00 10-Jun-94 11-Jun-94 20-Jun-94 20-Jul-94 F
1994 60.00 05-Jul-95 06-Jul-95 14-Jul-95 14-Aug-95 F
BOARD OF COMMISSIONERS 1996 4:1 08-Jan-96 09-Jan-96 17-Jan-96 15-Feb-96
1. Ng Kee Choe 1995 100.00 13-May-96 14-May-96 23-May-96 20-Jun-96 F
2. Benedictus Raksaka Mahi 1996 55.00 15-May-97 16-May-97 27-May-97 25-Jun-97 F
3. Ernest Wong Yuen Weng 2001 5.85 10-Dec-01 11-Dec-01 19-Dec-01 28-Dec-01 I
4. Gan Chee Yen 2002 19.00 16-Dec-02 17-Dec-02 19-Dec-02 27-Dec-02 I
5. Harry Arief Soepardi Sukadis *) 2002 20.97 27-Jun-03 30-Jun-03 02-Jul-03 09-Jul-03 F
6. Johanes Berchmans Kristiadi Pudjosukanto *) 2003 85.00 18-Mar-04 19-Mar-04 24-Mar-04 08-Apr-04 I
7. Manggi Taruna Habir *) 2003 39.50 05-May-04 06-May-04 10-May-04 14-May-04 F
8. Milan Robert Shuster *) 2004 178.73 08-Dec-04 09-Dec-04 13-Dec-04 22-Dec-04 I
*) Independent Commissioners 2005 66.65 17-Jun-05 20-Jun-05 22-Jun-05 30-Jun-05
2005 203.45 15-Jun-06 16-Jun-06 20-Jun-06 04-Jul-06 F
BOARD OF DIRECTORS 2006 132.87 14-May-07 15-May-07 21-May-07 05-Jun-07 I
1. Henry Ho Hon Cheong 2007 208.90 16-May-08 17-May-08 22-May-08 05-Jun-08 F
2. Ali Rukmijah (Ali Yong) 2008 90.82 18-Jun-09 19-Jun-09 23-Jun-09 07-Jul-09 F
3. Fransiska Oei Lan Siem 2009 90.97 21-May-10 24-May-10 26-May-10 10-Jun-10 F
4. Herry Hykmanto 2010 119.87 21-Apr-11 25-Apr-11 27-Apr-11 10-May-11 F
5. Kanchan Keshav Nijasure 2011 104.43 19-Apr-12 20-Apr-12 24-Apr-12 08-May-12 F
6. Khoe Minhari Handikusuma
7. Michellina Laksmi Triwardhany ISSUED HISTORY
8. Muliadi Rahardja Listing Trading
9. Pradip Chhadva No. Type of Listing Shares Date Date
10. Satinder Pal Singh Ahluwalia 1. First Issue 12,000,000 06-Dec-89 06-Dec-89
11. Vera Eve Lim 2. Partial Listing 22,400,000 T: 02-Aug-91 : 09-Aug-91
3. Bonus Shares 146,400,000 T: 15-Nov-93 : 16-Feb-96
AUDIT COMMITTEE 4. Right Issue 220,255,901,301 T: 19-Jan-94 : 28-Sep-11
1. Milan Robert Shuster 5. Company Listing 155,200,000 20-May-96 20-May-96
2. Amir Abadi Jusuf 6. Stock Split 1,120,000,000 23-Jun-97 23-Jun-97
3. Ernest Wong Yuen Weng 7. Partial Delisting -7,325,068,100 T: 11-Jun-99 : 17-Jul-01
4. Felix Oentoeng Soebagjo 8. Add Listing (Bank PDFCI) 44,921,250,000 04-Jan-00 04-Jan-00
5. Gan Chee Yen 9. Add Listing (Merger) 230,663,750,000 04-Jul-00 04-Jul-00
6. Johanes Brachmans Kristiadi Pudjosukanto 10. Reverse Stocks -480,682,079,120 T: 17-Jul-01 : 22-Jan-03
11. Option Conversion 34,886,500 T: 07-Jul-05 : 14-Dec-06
CORPORATE SECRETARY 12. ESOP Conversion I & II 46,979,955 T: 20-Dec-06 : 15-Sep-08
Dini Herdini 13. ESOP Conversion II 4,813,000 T: 21-Dec-06 : 05-Jul-10
14. ESOP Conversion I 25,528,645 T: 11-Jan-07 : 30-Jun-09
HEAD OFFICE 15. ESOP Conversion I, II & III 24,953,800 T: 04-Jul-07 : 05-Aug-08
Menara Bank Danamon Lt. 5 16. ESOP Conversion I & III 10,709,800 T: 08-Aug-07 : 08-Oct-09
Jln. Prof. DR. Satrio Kav. E4/6, Jakarta - 12950 17. ESOP Conversion III 12,474,900 T: 09-Aug-07 : 05-Jul-11
Phone : (021) 579-91001, 579-91002, 57991003 18. ESOP Conversion II & III 27,974,450 T: 10-Aug-07 : 30-Jun-10
Fax : (021) 579-91056, 579-91160, 579-91161 19. ESOP Conversion I ,II & III 10,721,800 T: 25-May-09 : 02-Nov-09
Homepage : [Link]
Email : corpsec@[Link]; [Link]@[Link]

RESEARCH DIVISION 43
 BDMN BankDanamonIndonesiaTbk.
Closing Price* and Trading Volume
TRADING ACTIVITIES
Bank Danamon Indonesia Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
6,800 240 Jan-09 3,375 2,125 2,275 11,088 129,592 351,782 19
Feb-09 2,800 2,075 2,625 10,776 176,354 425,797 20
5,950 210 Mar-09 3,225 2,450 3,125 7,103 135,504 363,782 20
Apr-09 3,200 2,325 3,125 23,206 762,321 2,082,750 20
May-09 4,200 3,000 3,750 19,701 602,719 2,207,341 20
5,100 180
Jun-09 4,900 3,850 4,825 24,015 412,808 1,795,377 22
Jul-09 5,050 4,300 4,825 22,412 297,508 1,389,603 21
4,250 150
Aug-09 5,000 4,225 4,700 19,956 268,829 1,259,994 20
Sep-09 5,050 4,425 4,950 14,990 229,692 1,078,256 18
3,400 120 Oct-09 5,100 4,250 4,550 15,159 22
266,077 1,257,721
Nov-09 4,600 4,250 4,425 11,912 146,765 655,152 20
2,550 90 Dec-09 4,600 4,300 4,550 9,260 194,335 862,524 19

1,700 60 Jan-10 5,500 4,500 4,850 11,971 210,289 1,035,947 20

Feb-10 5,250 4,275 4,975 8,549 156,246 748,943 19
850 30 Mar-10 5,600 4,925 5,200 9,823 155,844 813,485 22
Apr-10 5,850 5,050 5,800 8,012 156,137 852,641 21
May-10 5,850 4,600 5,150 13,915 192,135 978,883 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 5,550 4,850 5,400 10,532 145,832 759,263 22
Jul-10 5,800 5,100 5,350 10,029 134,178 733,677 22
Aug-10 5,500 5,050 5,350 8,182 124,817 661,449 21
Sep-10 6,150 5,200 5,800 9,655 162,947 921,656 17
Change of Closing Price, Oct-10 7,100 5,750 6,700 8,444 112,560 699,504 21
Finance Index and Jakarta Composite Index Nov-10 7,100 6,050 6,500 6,408 93,494 624,814 21
January 2009 - January 2013 Dec-10 6,900 5,550 5,700 15,537 155,712 942,856 20
240%
218.8% Jan-11 6,300 5,000 5,950 26,593 426,366 2,432,269 21
Jakarta Composite Index 209.9%
200% Feb-11 6,700 5,800 6,400 11,329 251,224 1,566,612 18
Finance Index
Closing Price Mar-11 6,750 6,250 6,550 11,838 153,811 989,453 23
160% Apr-11 6,600 6,100 6,200 15,185 228,125 1,433,474 20
153.8%
May-11 6,300 5,800 6,200 12,109 135,057 818,527 21
120% Jun-11 6,200 5,800 6,000 9,351 94,198 564,195 20
Jul-11 6,150 5,300 5,450 15,084 209,474 1,191,173 21
Aug-11 5,650 4,650 5,200 14,471 129,948 680,526 19
80%
Sep-11 5,650 4,325 4,600 18,712 223,155 1,085,833 20
Oct-11 5,200 3,975 4,975 16,137 130,305 609,407 21
40%
Nov-11 5,100 4,275 4,400 10,146 63,837 300,069 22
Dec-11 4,500 4,075 4,100 9,886 82,644 371,371 21
-

Jan-12 4,950 4,050 4,525 14,610 149,484 682,866 21

-40% Feb-12 4,875 4,150 4,475 14,160 105,397 481,623 21
Mar-12 4,675 4,250 4,600 11,739 92,658 415,994 21
-80% Apr-12 6,900 5,100 5,600 15,866 335,437 2,105,800 19
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 6,050 5,050 5,300 11,053 159,441 908,753 21
Jun-12 6,100 4,900 6,000 9,743 184,143 1,061,616 21
Jul-12 6,400 5,800 6,050 9,046 153,355 938,026 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 6,150 5,900 6,000 5,951 55,552 333,483 19
Volume (Million Sh.) 3,623 1,800 2,128 1,536 57 Sep-12 6,250 5,900 6,250 5,758 73,236 444,509 20
Value (Billion Rp) 13,730 9,773 12,043 8,714 336 Oct-12 6,300 5,950 6,100 5,284 75,858 465,425 22
Frequency (Thou. X) 190 121 171 118 8 Nov-12 6,250 5,400 5,400 6,851 85,402 514,273 20
Days 241 245 247 245 21 Dec-12 5,800 5,450 5,650 7,807 65,572 361,207 18

Price (Rupiah) Jan-13 6,150 5,550 6,100 7,571 56,779 335,688 21

High 5,100 7,100 6,750 6,900 6,150
Low 2,075 4,275 3,975 4,050 5,550
Close 4,550 5,700 4,100 5,650 6,100
Close* 4,418 5,535 4,100 5,650 6,100

PER (X) 24.91 16.64 11.65 13.40 14.46

PER Industry (X) 12.35 16.00 6.61 6.58 7.25
PBV (X) 2.42 2.60 1.52 1.95 2.10
* Adjusted price after corporate action

44 RESEARCH DIVISION
 BDMN BankDanamonIndonesiaTbk.
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash on Hand 4,161,520 2,117,368 1,985,338 1,895,058 2,456,567 162,500

Placements with Other Banks 3,508,786 4,189,435 9,257,137 13,231,882 6,360,607

4,137,089 4,431,548 5,323,969 4,819,809 7,306,823 130,000
Marketable Securities
Loans 63,410,474 58,367,570 73,268,325 85,462,799 90,828,149
97,500
Investment 12,053 64,419 6,150,515 12,175 12,175
Fixed Assets 1,905,024 1,802,274 1,771,489 1,898,695 2,095,756
65,000
Other Assets 5,035,898 4,509,726 3,315,859 3,687,492 3,917,135
Total Assets 107,268,363 98,597,953 118,206,573 141,934,432 155,791,308
32,500
Growth (%) -8.08% 19.89% 20.07% 9.76%
-
Deposits 75,439,859 68,654,042 81,580,282 88,792,218 92,722,287 2008 2009 2010 2011 2012

Taxes Payable 213,278 192,041 183,020 225,311 303,747

Fund Borrowings 2,543,620 2,393,561 2,481,832 6,917,352 11,020,112
Other Liabilities 2,484,704 2,607,984 3,551,136 4,585,804 5,633,726 TOTAL EQUITY (Billion Rupiah)
Total Liabilities 96,159,098 82,695,967 99,597,545 116,097,931 122,282,171 28,733
Growth (%) -14.00% 20.44% 16.57% 5.33% 28,733

25,837

Minority Interest 530,197 96,235 159,241 - -

22,872

18,450
Authorized Capital 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 15,806
17,010

Paid up Capital 3,631,865 5,303,992 5,317,363 5,901,122 5,901,122

5,046 8,390 8,417 9,585 9,585 10,579
Paid up Capital (Shares) 11,149

Par Value 50,000 & 500 50,000 & 500 50,000 & 500 50,000 & 500 50,000 & 500
Retained Earnings 6,989,413 7,741,634 9,873,803 12,334,684 15,231,383 5,287

Total Equity 10,579,068 15,805,751 18,449,787 25,836,501 28,733,311

Growth (%) 49.41% 16.73% 40.04% 11.21%
-575

2008 2009 2010 2011 2012

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

Total Interest Income 16,118,989 17,666,110 14,417,745 16,882,491 18,858,281
TOTAL REVENUES (Billion Rupiah)
Growth (%) 9.60% -18.39% 17.10% 11.70%
18,858
17,666
16,882
18,858

Interest Expenses 6,841,478 7,469,309 4,509,295 6,033,390 5,936,173 16,119

Other Operating Revenue 822,896 901,103 3,583,835 4,213,121 4,648,599 14,418
15,011

Other Operating Expenses 7,674,346 8,611,794 9,235,221 10,279,972 11,852,315

Income from Operations 2,671,141 2,782,112 4,630,064 5,234,709 6,182,854 11,164

Growth (%) 4.15% 66.42% 13.06% 18.11%

7,317

Non-Operating Revenues 6,696 -411,552 -628,533 -623,153 -696,175

3,470

Income Before Tax 2,677,837 2,370,560 4,001,531 4,611,556 5,486,679

Provision for Income Tax 875,833 756,838 1,017,770 1,162,523 1,369,531 -377

Minority Interest -271,982 -81,189 -100,293 - - 2008 2009 2010 2011 2012
Net Income 1,530,022 1,532,533 2,883,468 3,449,033 4,081,947
Growth (%) 0.16% 88.15% 19.61% 18.35%
NET INCOME (Billion Rupiah)
RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
4,082
Dividend (Rp) 90.82 90.97 119.87 104.43 - 4,082

3,449
EPS (Rp) 303.21 182.65 342.57 359.85 425.88
BV (Rp) 2,096.47 1,883.79 2,191.93 2,695.61 2,997.85 3,249

2,883

DAR (X) 0.90 0.84 0.84 0.82 0.78

2,417

DER(X) 9.09 5.23 5.40 4.49 4.26

1,530 1,533
ROA (%) 2.50 2.40 3.39 3.25 3.52 1,584

ROE (%) 25.31 15.00 21.69 17.85 19.10

OPM (%) 16.57 15.75 32.11 31.01 32.79 751

NPM (%) 9.49 8.67 20.00 20.43 21.65

Payout Ratio (%) 29.95 49.80 34.99 29.02 -
-82

2008 2009 2010 2011 2012

Yield (%) 2.93 2.00 2.10 2.55 -

RESEARCH DIVISION 45
 COMPANY REPORT

BHIT
BHAKTI INVESTAMA TBK.

Company Profile
nd
PTBhaktiInvestamaTbk.wasestablishedonNovember2 ,1989inSurabayatoengagein
capitalmarketbusinessandhasfullydevelopeditselfintoafullfinancialservicebusiness.

The scope of the Company activities is mainly engage in the fields of industry, mining,
transportation, agriculture, construction, services and trading. The Company started
commercialoperationsin1989.

In1999,[Link]
severalcorporateactions,suchasrestructuring,merger,acquisitionanddirectinvestment,
theCompanyhaspositioneditselfasaholdingcompanyofseveralsubsidiaries,currently
comprisingof4strategicinvestmentsnamely:
1. Development of Content and Advertising Based Media Business through PT Global
MediacomTbk.,
2. DevelopmentofInvestmentBasedBusinessthroughPTBhaktiCapitalIndonesiaTbk.,
3. Development of Transportation Business In addition to those strategic investments
through Global Transport Services with a subsidiary engaged in transportation: PT
IndonesiaAirTransportTbk.,BhaktiInvestamaInternationalLimitedinCaymanIsland
andDubai.,
4. Development of Energy & Resources BusinessthroghPTMNCEnergi.

AsofSeptember30th,2012,theCompanyhadtotalof59employees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

46 RESEARCH DIVISION
 BHIT BhaktiInvestamaTbk.
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Development Board Individual Index : 1,447.580
Industry Sector : Trade, Services & Investment (9) Listed Shares : 35,688,247,307
Industry Sub Sector : Investment Company (98) Market Capitalization : 17,665,682,416,965

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 02-Nov-1989 1. UOB Kay Hian (Hong Kong) Ltd 7,549,310,391 : 21.15%
Listing Date : 24-Nov-1997 2. PT Bhakti Panjiwira - Bhak003T 5,185,566,112 : 14.53%
Under Writer IPO : 3. ABN Amro Nominees Singapore Pte Ltd 3,783,630,322 : 10.60%
PT Sinarmas Sekuritas 4. Hary Tanoesoedibjo 3,347,200,000 : 9.38%
Securities Administration Bureau : 5. UOB Kay Hian Private Limited 1,797,000,000 : 5.04%
PT BSR Indonesia 6. Public ( <5% ) 14,025,540,482 : 39.30%
Komplek Perkantoran ITC Roxy Mas Blok E1 No. 10 - 11
Jln. K.H. Hasyim Ashari Jakarta 10150 DIVIDEND ANNOUNCEMENT
Phone : 631-7828 Bonus Cash Recording Payment
F/I
Fax : 631-7827 Year Shares Dividend Cum Date Ex Date Date Date
1997 12.00 04-Jun-98 05-Jun-98 15-Jun-98 07-Jul-98 F
BOARD OF COMMISSIONERS 2000 8.00 02-Aug-01 03-Aug-01 08-Aug-01 23-Aug-01 F
1. Ratna Endang Soelistiowati 2001 5.00 07-Aug-02 08-Aug-02 13-Aug-02 27-Aug-02 F
2. Antonius Z. Tonbeng *) 2002 5.00 10-Dec-03 11-Dec-03 15-Dec-03 30-Dec-03 F
3. Bambang Rudijanto Tanoesoedibjo 2003 5.00 08-Dec-04 09-Dec-04 13-Dec-04 21-Dec-04 F
4. Liliana Tanaja 2004 5.00 09-Dec-05 12-Dec-05 14-Dec-05 29-Dec-05 F
5. Posma Lumban Tobing *) 2006 5.00 06-Dec-07 07-Dec-07 11-Dec-07 28-Dec-07 F
*) Independent Commissioners 2007 5.00 09-Dec-08 10-Dec-08 12-Dec-08 30-Dec-08 F
2010 2.00 12-Dec-11 13-Dec-11 15-Dec-11 29-Dec-11 F
BOARD OF DIRECTORS 2011 3.00 29-Aug-12 30-Aug-12 03-Sep-12 17-Sep-12 F
1. Hary Tanoesoedibjo 2011 3.00 29-Aug-12 30-Aug-12 03-Sep-12 17-Sep-12 F
2. Darma Putra
3. Hary Djaja ISSUED HISTORY
4. Wandhy Wira Riady Listing Trading
No. Type of Listing Shares Date Date
AUDIT COMMITTEE 1. First Issue 123,000,000 24-Nov-97 24-Nov-97
1. Antonius Z. Tonbeng 2. Company Listing 305,000,000 24-Nov-97 28-Jun-98
2. Anwar Ade Widjaya 3. Stock Split 1,712,000,000 T: 08-Sep-99 : 08-Feb-00
3. Posma Lumban Tobing 4. Additional Listing 107,000,000 24-Apr-01 24-Apr-01
5. Right Issue 3,636,776,919 T: 20-Jul-01 : 24-Jul-07
CORPORATE SECRETARY 6. Warrant Seri I 166,666,663 T: 25-Mar-03 : 15-Jan-04
Robert Budi Satrya 7. Warrant Seri II 617,750,000 T: 07-May-04 : 10-Oct-07
8. Warrant Seri III 565,084,161 T: 14-Jul-06 : 02-Aug-07
HEAD OFFICE 9. TBUK Conversion 3,639,503,723 T: 30-Aug-07 : 08-Jun-12
MNC Tower Lt. 5 10. Bonus Shares 22,129,311,567 21-May-10 21-May-10
Jln. Kebon Sirih 17 - 19 11. MSOP Conversion I 28,883,500 T: 29-Dec-10 : 03-Jan-11
Jakarta - 10340 12. ESOP/MSOP Conversion I 9,607,500 T: 05-Jan-11 : 06-Jan-11
Phone : (021) 392-5000, 392-2949 13. ESOP/MSOP Conversion I & II 72,298,000 T: 06-Apr-11 : 20-May-11
Fax : (021) 398-36865, 398-36868, 398-36867 14. ESOP/MSOP Conversion I, II, & III 48,018,000 22-Nov-11 22-Nov-11
15. ESOP/MSOP Conversion I, II, III & IV 261,106,231 T: 11-Apr-12 : 04-May-12
Homepage : [Link] 16. ESOP/MSOP Conversion I, II, III & IV 78,845,543 T: 08-May-12 : 18-Oct-12
Email : bhit@[Link] 17. ESOP/MSOP Conversion I & IV 685,000 16-Oct-12 16-Oct-12
18. Additional Listing without Right Issue 2,185,000,000 19-Oct-12 19-Oct-12
19. ESOP/MSOP Conversion I, III & IV 1,028,000 30-Oct-12 30-Oct-12
20. ESOP/MSOP Conversion III & IV 82,000 05-Nov-12 05-Nov-12
21. ESOP/MSOP Conversion IV 600,500 12-Nov-12 12-Nov-12

RESEARCH DIVISION 47
 BHIT BhaktiInvestamaTbk.
Closing Price* and Trading Volume
TRADING ACTIVITIES
Bhakti Investama Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
620 1,600 Jan-09 205 158 160 225 562,990 41,886 18
Feb-09 161 134 151 146 63,983 8,120 19
543 1,400 Mar-09 164 130 161 440 249,347 24,447 20
Apr-09 172 148 152 2,434 137,091 21,437 20
May-09 197 148 175 3,748 140,422 22,130 20
465 1,200
Jun-09 300 167 255 5,549 228,662 56,014 22
Jul-09 290 245 255 2,674 91,229 23,947 21
388 1,000
Aug-09 280 250 255 1,371 46,417 12,202 20
Sep-09 285 235 255 417 72,901 7,325 18
310 800 83,212 19,511
Oct-09 260 175 193 843 22
Nov-09 225 188 198 617 50,310 9,460 20
233 600 Dec-09 215 189 199 333 71,439 13,862 19

155 400 Jan-10 315 190 240 3,755 364,077 76,973 20

Feb-10 620 215 620 14,846 565,155 218,418 19
78 200 Mar-10 980 570 800 29,922 895,533 717,769 22
Apr-10 1,040 690 810 35,296 1,324,150 1,167,804 21
May-10 840 121 175 95,879 7,942,832 1,746,903 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 180 124 130 61,476 5,583,056 861,823 22
Jul-10 143 85 111 66,461 5,921,547 702,713 22
Aug-10 114 101 102 20,306 1,707,320 184,920 21
Sep-10 125 102 116 34,795 3,536,032 411,442 17
Change of Closing Price, Oct-10 139 113 128 34,608 4,532,194 571,412 21
Trade Index and Jakarta Composite Index Nov-10 132 116 120 11,945 1,127,079 142,393 21
January 2009 - January 2013 Dec-10 185 119 163 34,037 4,197,187 664,735 20
1,120%
Jan-11 197 165 169 28,266 2,877,735 512,031 21
Jakarta Composite Index
960% Feb-11 186 168 179 13,608 1,071,289 188,733 18
Trade Index
Closing Price 890.0% Mar-11 186 169 174 20,559 1,755,203 306,554 23
800% Apr-11 181 164 168 23,436 1,087,824 189,116 20
May-11 225 163 225 38,710 1,975,274 360,978 21
640% Jun-11 255 200 235 61,806 2,706,380 613,853 20
Jul-11 275 210 260 50,592 2,496,020 623,571 21
Aug-11 265 185 210 34,740 1,456,825 321,282 19
480%
Sep-11 240 159 183 13,813 1,293,358 260,424 20
373.5% Oct-11 260 167 250 27,941 1,666,594 356,101 21
320%
Nov-11 265 220 255 28,299 1,691,988 413,060 22
209.9% Dec-11 300 250 295 41,478 4,777,796 1,364,902 21
160%

Jan-12 295 265 270 7,909 2,092,136 585,177 21

- Feb-12 290 265 275 13,059 1,050,248 286,158 21
Mar-12 380 265 365 26,973 1,663,518 558,701 21
-160% Apr-12 490 365 460 46,527 3,294,766 1,442,631 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 495 400 420 40,325 2,169,208 972,685 21
Jun-12 420 350 400 35,901 1,557,089 640,148 21
Jul-12 430 380 405 42,854 1,533,290 647,725 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 410 370 385 29,660 591,793 232,517 19
Volume (Million Sh.) 1,798 37,696 24,856 22,563 1,197 Sep-12 500 380 495 59,096 1,801,151 803,265 20
Value (Billion Rp) 260 7,467 5,511 9,849 623 Oct-12 580 490 550 51,452 2,842,803 1,537,452 22
Frequency (Thou. X) 19 443 383 464 50 Nov-12 560 500 550 51,529 1,421,607 757,071 20
Days 239 245 247 246 21 Dec-12 600 495 540 58,316 2,545,456 1,385,770 18

Price (Rupiah) Jan-13 560 490 495 49,735 1,196,966 623,151 21

High 300 1,040 300 600 560
Low 130 85 159 265 490
Close 199 163 295 540 495
Close* 50 163 295 540 495

PER (X) -29.99 18.81 8.32 10.26 9.40

PER Industry (X) 16.33 21.27 16.89 19.08 18.57
PBV (X) 0.30 0.87 0.72 1.23 1.12
* Adjusted price after corporate action

48 RESEARCH DIVISION
 BHIT BhaktiInvestamaTbk.
Financial Data and Ratios Book End : December
Public Accountant : Osman Bing Satrio & Rekan (Member of Deloitte Touche Tohmatsu Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,464,100 1,618,345 1,285,907 1,121,551 1,106,837 25,000

Receivable 4,122,632 2,546,614 3,251,719 3,808,572 4,187,763

20,000

Inventories 1,162,515 1,223,890 1,202,370 1,104,146 1,560,620

15,000
Current Assets 7,598,118 7,227,400 7,467,037 8,262,193 11,861,082
Fixed Assets 2,651,164 2,592,877 3,583,774 3,724,535 4,078,340
10,000
Other Assets 478,725 513,457 647,154 679,762 796,745
Total Assets 17,764,631 17,109,257 16,602,739 18,857,504 24,089,022 5,000
Growth (%) -3.69% -2.96% 13.58% 27.74%
-
Current Liabilities 2,820,552 4,068,381 5,017,965 3,692,306 4,405,583 2008 2009 2010 2011 Sep-12

Long Term Liabilities 4,504,126 2,662,566 1,826,007 2,956,036 3,961,127

Total Liabilities 7,324,678 6,730,947 6,843,972 6,648,342 8,366,710
Growth (%) -8.11% 1.68% -2.86% 25.85% TOTAL EQUITY (Billion Rupiah)

15,722
Minority Interest 5,594,617 5,545,879 4,184,759 - - 15,722

Authorized Capital 2,090,000 2,090,000 11,500,000 11,500,000 11,500,000 12,209

Paid up Capital 72,369 723,693 2,984,816 2,996,849 3,349,940
12,515

Paid up Capital (Shares) 724 7,237 29,848 29,968 33,499

9,308

Par Value 100 100 100 100 100

Retained Earnings 800,062 752,049 1,010,525 1,195,220 1,606,186 5,574
6,100
4,845 4,832
Total Equity 4,845,336 4,832,431 5,574,008 12,209,162 15,722,312
Growth (%) -0.27% 15.35% 119.04% 28.77% 2,893

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-314

2008 2009 2010 2011 Sep-12

Total Revenues 5,943,476 5,465,757 6,831,838 7,715,913 6,956,484
Growth (%) -8.04% 24.99% 12.94%

TOTAL REVENUES (Billion Rupiah)

Expenses 5,305,739 4,712,621 5,270,923 4,126,818 3,652,441
Gross Profit 637,737 753,136 1,560,915 3,589,095 3,304,043 7,716
6,956
7,716

Operating Expenses 5,305,739 4,712,621 5,270,923 2,204,323 1,759,674 6,832

Operating Profit 637,737 753,136 1,560,915 1,384,772 1,544,369 5,943

6,142
5,466
Growth (%) 18.10% 107.26% -11.28%
4,568

Other Income (Expenses) -964,595 -229,764 -467,319 - 306,311

Income before Tax -327,398 523,800 1,093,503 1,384,772 1,850,680 2,994

Tax -86,360 352,450 319,880 405,702 408,496

1,420

Minority Interest -114,224 -219,363 -515,147 - -

Net Income -355,262 -48,013 258,476 1,062,602 1,408,959 -154

Growth (%) 86.49% N/A 311.10% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 269.38 177.65 148.81 223.77 269.23 NET INCOME (Billion Rupiah)
Dividend (Rp) - - 2.00 6.00 -
1,409
EPS (Rp) -490.90 -6.63 8.66 35.46 42.06 1,409

BV (Rp) 6,695.29 667.75 186.75 407.40 469.33 1,063

DAR (X) 0.41 0.39 0.41 0.35 0.35 1,056

DER(X) 1.51 1.39 1.23 0.54 0.53

703

ROA (%) -1.84 3.06 6.59 7.34 7.68

ROE (%) -6.76 10.84 19.62 11.34 11.77 350
258
GPM (%) 10.73 13.78 22.85 46.52 47.50
2008 2009
OPM (%) 10.73 13.78 22.85 17.95 22.20 -2

NPM (%) -5.98 -0.88 3.78 13.77 20.25 -48 2010 2011 Sep-12
Payout Ratio (%) - - 23.10 16.92 -
-355

-355
Yield (%) - - 1.23 2.03 -

RESEARCH DIVISION 49
 CC O
OMM PP A
ANN YY RR EE PP O
O RR TT

BKSL
SENTUL CITY TBK.

Company Profile

[Link]
16th,1993.TheCompanystartedcommercialactivitiessince1995.

The scope of company activities include the areas of development, sales, operations,
leasing and rehabilitation of buildings designated for office buildings, shopping centers,
recreationalandotherpurposes,therealestatedevelopmentandmakegoodinvestments
offoreigncompaniesanddomestic,eitherthroughsubsidiariesorjointventureswithother
parties. To achieve the aims and these objectives, the Company may conduct business
activitiesasfollows:
- In the field of development: planning, implementation, construction along with its
facilities and general contractor (general contractor) which includes the construction
of residential areas (real estate), flats (flat), buildings, offices, apartments/
condominiums,shopping(mallsandplazas),hospitals,chapels,churches,waterpark,
homestore(shop),schoolsandcommercialbuildingsingeneral.
- In the field of traderelated real estate and property: sales and purchases house
buildings,officebuildings,buildingsshopping,indoorunitsofapartments,officespace,
retailspaceandothers.
- In the field of services: leasing and property management services, the industrial,
officebuildings,themeparks/recreation,parkmanagementandsecurity(guard),and
relatedfields.

As of September 30th, 2012, the company has direct ownership in subsidiaries: PT

Sukaputra Graha Cemerlang, PT Gununggeulis Elok Abadi, PT Sentul Investindo, PT
AftanesiaRaya,PTSerpongKaryaCemerlang,[Link]
has282employees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

50 RESEARCH DIVISION
 BKSL SentulCityTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Development Board Individual Index : 17.621
Industry Sector : Property, Real Estate And Building Construction (6) Listed Shares : 31,396,905,010
Industry Sub Sector : Property And Real Estate (61) Market Capitalization : 8,006,210,777,550

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 16-Apr-1993 1. PT Citra Kharisma Komunika 10,161,591,369 : 32.36%
Listing Date : 28-Jul-1997 2. HSBC Private Bank (Suisse) SA 4,377,266,127 : 13.94%
Under Writer IPO : 3. Public ( <5% ) 16,858,047,514 : 53.69%
PT Trimega SecurindoLestari
Securities Administration Bureau : DIVIDEND ANNOUNCEMENT
PT Sirca Datapro Perdana Bonus Cash Recording Payment
F/I
Wisma Sirca Year Shares Dividend Cum Date Ex Date Date Date
Jln. Johar No.18, Menteng, Jakarta 10340 -
Phone : 314-0032, 390-5920, 390-0645
Fax : 390-0671, 390-0652 ISSUED HISTORY
Listing Trading
BOARD OF COMMISSIONERS No. Type of Listing Shares Date Date
1. Antonius Prijohandojo Kristanto 1. First Issue 400,000,000 28-Jul-97 28-Jul-97
2. Basyir Ahmad Barmawi *) 2. Company Listing 1,030,000,000 28-Jul-97 28-Jul-97
3. Hamid Mundzir 3. Right Issue 4,004,000,000 03-Aug-99 03-Aug-99
4. Laurie Kumala 4. Reverse Split -4,075,500,000 01-Aug-06 01-Aug-06
5. Reina Kumala Kwee 5. Right Issue 8,151,000,000 10-Oct-06 10-Oct-06
6. Soemarso Slamet Rahardjo *) 6. Additional Listing without Right Issue 507,508,598 02-Oct-09 02-Oct-09
7. Soemarsono *) 7. Right Issue 15,025,512,897 01-Feb-10 01-Feb-10
*) Independent Commissioners 8. Warrant 850,105 03-Aug-10 03-Aug-10
9. Warrant 25,000 05-Aug-10 05-Aug-10
BOARD OF DIRECTORS 10. Warrant 142,500 06-Aug-10 06-Aug-10
1. Kwee Cahyadi Kumala 11. Warrant 924,801 09-Aug-10 09-Aug-10
2. Andrian Budi Utama 12. Warrant 2,400,886,000 10-Aug-10 10-Aug-10
3. Bobby Mok Wing Hong 13. Warrant 1,097,555,109 11-Aug-10 11-Aug-10
4. Hartan Gunadi Harja 14. Additional Listing without Right Issue 2,854,000,000 19-Aug-11 19-Aug-11
5. Jose B. Amantoy Jr.
6. Kwee Liana Kumala
7. Motinggo Soputan
8. Pesta Uli Sitanggang
9. Syukurman Larosa

AUDIT COMMITTEE
1. Soemarso Slamet Rahardjo
2. Jusuf Halim
3. Rusdy Daryono

CORPORATE SECRETARY
Pesta Uli Sitanggang

HEAD OFFICE
Gedung Menara Sudirman Lt. 25
Jln. Jend. Sudirman Kav.60
Jakarta - 12190
Phone : (021) 879-26555; 879-23959, 522-6848
Fax : (021) 879-26565, 879-23951

Homepage : [Link]
Email : corsec@[Link]
sc-pr@[Link]

RESEARCH DIVISION 51
 BKSL SentulCityTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Sentul City Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
340 3,200 Jan-09 76 50 50 203 1,315,732 149,269 18
Feb-09 55 50 50 191 17,153 848 13
298 2,800 Mar-09 65 50 50 2,657 882,410 84,907 19
Apr-09 113 50 82 3,226 201,540 14,993 20
May-09 148 72 127 24,477 2,860,497 329,985 20
255 2,400
Jun-09 215 129 153 45,478 4,780,923 774,715 22
Jul-09 173 144 166 25,006 3,467,786 477,138 21
213 2,000
Aug-09 171 128 129 16,089 1,306,687 198,931 20
Sep-09 138 111 122 13,659 1,817,512 208,583 18
170 1,600 22
Oct-09 128 82 97 11,101 636,144 72,232
Nov-09 109 88 93 14,488 917,164 91,471 20
128 1,200 Dec-09 106 84 97 13,502 875,303 84,870 19

85 800 Jan-10 99 85 89 9,336 608,714 56,485 20

Feb-10 92 82 88 5,410 788,702 74,694 19
43 400 Mar-10 116 87 100 17,465 1,578,655 162,313 22
Apr-10 168 100 163 42,736 5,787,726 752,553 21
May-10 166 92 130 37,582 4,617,691 646,123 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 144 118 131 27,833 3,625,759 466,040 22
Jul-10 131 105 119 16,278 3,225,077 352,997 22
Aug-10 120 96 104 13,570 838,271 90,899 21
Sep-10 128 101 116 13,779 1,942,364 224,466 17
Change of Closing Price, Oct-10 129 115 117 12,245 1,335,124 164,705 21
Property Index and Jakarta Composite Index Nov-10 119 100 105 6,029 572,466 63,388 21
January 2009 - January 2013 Dec-10 117 105 109 5,542 417,970 45,390 20
350%
Jan-11 111 95 99 8,240 494,702 51,458 21
Jakarta Composite Index
300% Feb-11 111 95 104 6,831 426,197 44,507 18
Property Index
Closing Price Mar-11 107 97 101 8,270 557,005 56,881 23
255.9% 108 101 106 6,369 400,562 41,797
250% 246.7% Apr-11 20
May-11 127 102 116 13,459 1,509,054 176,192 21
209.9% Jun-11 125 109 119 7,865 2,243,421 237,833 20
200%
Jul-11 199 118 192 24,429 4,584,513 678,424 21
Aug-11 325 175 295 30,967 7,824,168 1,552,074 19
150%
Sep-11 320 215 250 22,266 2,768,214 785,815 20
Oct-11 310 205 285 33,604 4,410,097 1,218,368 21
100%
Nov-11 280 230 250 15,044 1,806,767 456,089 22
Dec-11 275 235 265 16,613 2,708,095 695,177 21
50%

Jan-12 285 240 245 17,540 1,891,469 489,355 21

- Feb-12 265 230 240 16,490 1,393,219 339,383 21
Mar-12 265 235 250 15,681 2,007,911 498,442 21
-50% Apr-12 325 250 315 38,795 6,033,477 1,753,194 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 330 240 250 26,168 7,211,664 2,135,336 21
Jun-12 255 195 230 19,725 2,435,952 545,224 21
Jul-12 245 210 220 13,155 1,577,271 358,234 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 225 184 191 9,592 961,797 195,590 19
Volume (Million Sh.) 19,079 25,339 29,733 28,856 4,420 Sep-12 220 186 210 11,901 1,333,847 274,943 20
Value (Billion Rp) 2,488 3,100 5,995 7,403 1,078 Oct-12 210 189 193 13,511 833,154 164,110 22
Frequency (Thou. X) 170 208 194 212 25 Nov-12 205 185 190 16,818 1,281,531 251,376 20
Days 232 245 247 246 21 Dec-12 197 184 189 12,452 1,894,857 397,763 18

Price (Rupiah) Jan-13 285 189 255 24,842 4,419,555 1,077,623 21

High 215 168 325 330 285
Low 50 82 95 184 189
Close 97 109 265 189 255
Close* 101 109 265 189 255

PER (X) 395.44 47.51 60.95 24.59 33.17

PER Industry (X) 18.12 9.97 11.09 17.34 18.10
PBV (X) 0.43 0.76 1.81 1.24 1.68
* Adjusted price after corporate action

52 RESEARCH DIVISION
 BKSL SentulCityTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Tanubrata Sutanto Fahmi & Rekan (Member of BDO International Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 9,198 13,804 190,979 88,820 48,634 6,250

Receivable 70,751 147,969 170,912 310,059 426,805

5,000

Inventories 1,099,772 1,151,548 1,222,819 1,124,722 1,067,596

3,750
Investment 3,592 24,595 1,558,284 1,559,624 -
Fixed Assets 39,983 34,110 28,622 45,363 40,385
2,500
Other Assets - - - -
Total Assets 2,543,183 2,784,022 4,814,315 5,290,383 5,899,879 1,250
Growth (%) 9.47% 72.93% 9.89% 11.52%
-
Trade Payable 103,402 54,375 54,044 56,420 71,717 2008 2009 2010 2011 Sep-12

Total Liabilities 344,344 500,157 690,154 695,847 1,124,320

Growth (%) 45.25% 37.99% 0.82% 61.58%
TOTAL EQUITY (Billion Rupiah)
Minority Interest - 1,368 17,332 - - 4,776
4,595
Authorized Capital 4,250,000 4,250,000 13,500,000 13,500,000 13,500,000 4,776

4,107
Paid up Capital 1,930,500 1,981,251 3,833,841 4,119,241 4,119,241
Paid up Capital (Shares) 9,510 10,017 28,543 31,397 31,397
3,801

Par Value 2,000 & 400 & 100 2,000 & 400 & 100 2,000 & 400 & 100 2,000 & 400 & 100 2,000 & 400 & 100
2,827

Retained Earnings -129,194 -126,737 -71,061 64,507 245,362 2,199 2,282

Total Equity 2,198,839 2,282,497 4,106,829 4,594,536 4,775,559 1,853

Growth (%) 3.80% 79.93% 11.88% 3.94%

879

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-96

2008 2009 2010 2011 Sep-12

Total Revenues 80,110 162,659 443,548 457,833 545,297
Growth (%) 103.04% 172.69% 3.22%

TOTAL REVENUES (Billion Rupiah)

Expenses 48,692 83,616 231,005 221,458 253,100
Gross Profit 31,418 79,042 212,543 236,374 292,197 545
545

Operating Expenses 51,871 56,692 75,696 110,506 -80,177 458

444
Operating Profit -20,453 22,350 136,847 125,868 212,020 434

Growth (%) N/A 512.28% -8.02%

323

Other Income (Expenses) 8,003 -12,844 -33,386 30,986 -5,857

Income before Tax -12,449 9,507 103,461 156,854 206,162 212

163

Tax 3,265 7,049 20,301 20,404 25,176 80

100

Minority Interest - - -17,670 - -

Net Income -15,715 2,457 65,489 136,512 181,023 -11

Growth (%) N/A 2,565.23% 108.45% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 NET INCOME (Billion Rupiah)
Dividend (Rp) - - - - -
181
EPS (Rp) -1.65 0.25 2.29 4.35 5.77 181

BV (Rp) 231.23 227.86 143.88 146.34 152.10

137
DAR (X) 0.14 0.18 0.14 0.13 0.19 142

DER(X) 0.16 0.22 0.17 0.15 0.24

102

ROA (%) -0.49 0.34 2.15 2.96 3.49

65
ROE (%) -0.57 0.42 2.52 3.41 4.32 63

GPM (%) 39.22 48.59 47.92 51.63 53.58

OPM (%) -25.53 13.74 30.85 27.49 38.88 24

2.5
2008
NPM (%) -19.62 1.51 14.76 29.82 33.20
Payout Ratio (%) - - - - -
-16

2009 2010 2011 Sep-12

-16
Yield (%) - - - - -

RESEARCH DIVISION 53
 COMPANY REPORT

BMRI
BANK MANDIRI (PERSERO) TBK.

Company Profile

Bank Mandiri was formed on October 2, 1998 as part of the government of Indonesias
[Link].

Bank Mandiri is now embarked on the stage of its transformation process for the 2010
2014period,duringwhichtimetheBankhasrevitalizeditsvision"TobeIndonesia'smost
admired andprogressive financial institution". The implementation of strategic initiatives
includes a variety of initiatives to support the growth of 3 (three) main business focus
areas, consist of Transaction Wholesale, Retail and Retail Payment Financing. Such
initiatives include the expansion of network services to branch networks, ATM networks
and electronic channels, product improvement, improvement of service quality, capital
strengthening,acquisitionsimplementationandotherstrategicinitiatives.

Besides focusing on these three strategic areas, Bank Mandiri is also strengthening its
organizational structure and infrastructure (branch, IT, operations, risk management) to
provide more integrated service solutions. In seeking to achieve its goals, Bank Mandiri
benefits from the support of its human resources, technology, prudential risk
management,andgoodcorporategovernance.

Asof30September2012,BankMandiriemployed28,518employeesandoperates1,733
branches across Indonesia and12 overseas branches/representativesoffices/subsidiaries.
Inaddition,untilthefirstquarterof2012,BankMandirihasanetworkof99,765Electronic
DataCaptureunitsaswellasvariousandcomprehensiveelectronicchannelswhichinclude
MandiriMobile,InternetBanking,[Link]
supported by its subsidiaries operating. There are, PT Bank Syariah Mandiri, PT Usaha
Gedung Bank Dagang Negara, PT Bumi Daya Plaza, Bank Mandiri (Europe) Limited, PT
Mandiri Sekuritas, PT Bank Sinar Harapan Bali, PT Mandiri Tunas Finance, Mandiri
InternationalRemittanceSendirianBerhad,PTAXAMandiriFinancialServices,PTMandiri
AXAGeneralInsurance.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

54 RESEARCH DIVISION
 BMRI BankMandiri(Persero)Tbk.
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 1,363.500
Industry Sector : Finance (8) Listed Shares : 23,099,999,999
Industry Sub Sector : Bank (81) Market Capitalization : 209,054,999,990,950

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 02-Oct-1998 1. Negara Republik Indonesia 14,000,000,000 : 60.61%
Listing Date : 14-Jul-2003 2. Public ( <5% ) 9,099,999,999 : 39.39%
Under Writer IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
PT ABN AMRO Asia Securities Indonesia Bonus Cash Recording Payment
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Datindo Entrycom 2003 50.00 16-Dec-03 17-Dec-03 19-Dec-03 30-Dec-03 I
Wisma Sudirman - Puri Datindo 2003 115.00 11-Jun-04 14-Jun-04 16-Jun-04 30-Jun-04 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2004 60.00 16-Dec-04 17-Dec-04 21-Dec-04 30-Dec-04 I
Phone : 570-9009 2005 70.50 13-Jun-05 14-Jun-05 16-Jun-05 24-Jun-05
Fax : 570-9026 2005 14.85 14-Jun-06 15-Jun-06 19-Jun-06 30-Jun-06 F
2006 70.02 19-Jun-07 20-Jun-07 22-Jun-07 29-Jun-07 F
BOARD OF COMMISSIONERS 2007 186.00 19-Jun-08 20-Jun-08 24-Jun-08 03-Jul-08 F
1. Edwin Gerungan *) 2008 88.55 26-May-09 27-May-09 29-May-09 12-Jun-09 F
2. Cahyana Ahmadjayadi 2009 19.26 02-Dec-09 03-Dec-09 07-Dec-09 22-Dec-09 F
3. Gunarni Soeworo *) 2010 19.64 21-Dec-10 22-Dec-10 27-Dec-10 30-Dec-10 I
4. Krisna Wijaya *) 2010 120.60 15-Jun-11 16-Jun-11 20-Jun-11 30-Jun-11 F
5. Muchayat 2011 104.97 15-May-12 16-May-12 22-May-12 05-Jun-12 F
6. Pradjoto *)
7. Wahyu Hidayat ISSUED HISTORY
*) Independent Commissioners Listing Trading
No. Type of Listing Shares Date Date
BOARD OF DIRECTORS 1. First Issue 2,900,000,000 14-Jul-03 14-Jul-03
1. Zulkifli Zaini 2. Company Listing 16,900,000,000 14-Jul-03 : 30-Dec-03
2. Abdul Rachman 3. MSOP Conversion 598,938,831 T: 26-Jul-04 : 09-Jan-07
3. Budi Gunadi Sadikin 4. Partial delisting 1 % -9,955,000 06-Dec-05 06-Dec-05
4. Fransisca Nelwan Mok 5. MSOP Conversion I & II 32,316,636 T: 11-Dec-06 : 15-Dec-06
5. Kresno Sediarsi 6. MSOP Conversion I 10,547,213 T: 21-Mar-07 : 16-Jul-08
6. Ogi Prastomiyono 7. MSOP Conversion I, II & III 105,564,065 T: 10-May-07 : 02-Jun-08
7. Pahala Nugraha Mansury 8. MSOP Conversion I & III 129,311,724 T: 14-May-07 : 28-May-08
8. Riswinandi 9. MSOP Conversion II & III 32,126,466 T: 14-Nov-07 : 19-May-10
9. Roykee Tumilaar 10. MSOP Conversion III 86,224,280 T: 19-Nov-07 : 16-Dec-10
10. Sentot A. Sentausa 11. MSOP Conversion II & III 1,376,402 T: 17-Dec-08 : 08-May-09
11. Sunarso 12. MSOP Conversion II 44,125 02-Jun-10 02-Jun-10
13. Right Issue 2,313,505,257 02-Mar-11 02-Mar-11
AUDIT COMMITTEE
1. Gunarni Soeworo
2. Cahyana Ahmadjayadi
3. Imam Sukarno
4. Krisna Wijaya
5. Zulkifli Zaelani

CORPORATE SECRETARY
Nixon L.P. Napitupulu

HEAD OFFICE
Plaza Mandiri
Jln. Jend. Gatot Subroto Kav. 36 - 38
Jakarta - 12190
Phone : (021) 529-13321, 300-23166
Fax : (021) 526-3460

Homepage : [Link]

RESEARCH DIVISION 55
 BMRI BankMandiri(Persero)Tbk.
Closing Price* and Trading Volume
TRADING ACTIVITIES
Bank Mandiri (Persero) Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
10,000 2,400 Jan-09 2,275 1,770 1,820 27,237 707,802 1,404,263 19
Feb-09 1,830 1,690 1,740 21,122 550,201 973,311 20
8,750 2,100 Mar-09 2,275 1,680 2,175 22,419 626,843 1,225,277 20
Apr-09 2,875 2,125 2,775 24,070 861,950 2,070,471 20
May-09 3,075 2,425 2,975 32,666 1,432,983 4,024,000 20
7,500 1,800
Jun-09 3,750 2,950 3,175 27,987 1,074,816 3,546,545 22
Jul-09 4,275 3,125 4,175 32,870 1,434,042 4,961,881 21
6,250 1,500
Aug-09 4,325 3,700 4,100 26,890 746,982 2,984,296 20
Sep-09 4,950 3,875 4,700 21,965 570,387 2,523,506 18
5,000 1,200 721,303 3,428,875 22
Oct-09 5,300 4,275 4,675 33,583
Nov-09 4,950 4,300 4,450 29,095 553,859 2,569,779 20
3,750 900 Dec-09 4,725 4,375 4,700 21,346 444,244 2,024,891 19

2,500 600 Jan-10 4,950 4,500 4,675 22,719 491,391 2,332,239 20

Feb-10 4,725 4,150 4,475 20,417 535,563 2,390,152 19
1,250 300 Mar-10 5,650 4,400 5,350 26,160 798,081 3,951,369 22
Apr-10 5,800 4,950 5,800 28,179 1,028,306 5,408,909 21
May-10 5,850 4,700 5,350 27,917 770,414 4,037,840 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 6,100 5,100 6,000 22,274 581,387 3,297,928 22
Jul-10 6,300 5,600 6,000 23,214 509,689 3,041,572 22
Aug-10 6,100 5,450 5,900 22,731 441,460 2,596,339 21
Sep-10 7,250 5,800 7,200 26,623 500,635 3,241,511 17
Change of Closing Price, Oct-10 7,200 6,600 7,000 27,983 539,179 3,698,200 21
Finance Index and Jakarta Composite Index Nov-10 7,250 6,350 6,400 22,119 374,801 2,610,067 21
January 2009 - January 2013 Dec-10 6,900 6,100 6,500 27,959 499,676 3,283,238 20
350%

318.3% Jan-11 6,900 5,350 5,950 59,751 1,408,041 8,314,520 21

Jakarta Composite Index
300% Feb-11 6,250 5,350 5,800 44,183 2,993,290 16,377,961 18
Finance Index
Closing Price Mar-11 6,800 5,700 6,800 53,774 1,286,491 7,886,597 23
250% Apr-11 7,250 6,550 7,150 36,842 775,150 5,336,328 20
May-11 7,350 6,800 7,200 31,537 804,177 5,712,250 21
218.8%
200% 209.9% Jun-11 7,250 6,700 7,200 32,742 542,273 3,787,371 20
Jul-11 8,150 7,150 7,850 34,821 878,996 6,697,558 21
Aug-11 8,100 6,650 6,850 55,412 949,354 6,871,060 19
150%
Sep-11 7,300 5,100 6,300 75,984 1,284,590 8,041,492 20
Oct-11 7,300 5,500 7,150 63,194 1,009,050 6,473,321 21
100%
Nov-11 7,400 6,300 6,400 63,227 893,643 6,122,844 22
Dec-11 7,000 6,200 6,750 46,300 693,425 4,597,460 21
50%

Jan-12 7,150 6,600 6,700 38,879 724,875 4,954,614 21

- Feb-12 6,750 6,000 6,450 76,926 1,462,741 9,269,521 21
Mar-12 6,950 6,350 6,850 45,324 984,952 6,573,813 21
-50% Apr-12 7,400 6,800 7,400 24,798 676,326 4,780,291 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 7,450 6,650 6,900 23,052 615,116 4,369,398 21
Jun-12 7,350 6,550 7,200 24,789 420,561 2,956,044 21
Jul-12 8,300 6,850 8,300 30,999 586,543 4,352,468 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 8,600 7,350 7,800 26,979 398,429 3,208,709 19
Volume (Million Sh.) 9,725 7,071 13,518 7,902 517 Sep-12 8,300 7,600 8,200 31,515 480,997 3,812,109 20
Value (Billion Rp) 31,737 39,889 86,219 57,019 4,359 Oct-12 8,400 7,900 8,250 23,531 473,867 3,854,682 22
Frequency (Thou. X) 321 298 598 411 37 Nov-12 8,900 8,150 8,250 25,336 417,060 3,548,485 20
Days 241 245 247 246 21 Dec-12 8,450 7,700 8,100 38,789 660,905 5,339,337 18

Price (Rupiah) Jan-13 9,050 8,000 9,050 36,696 517,167 4,358,835 21

High 5,300 7,250 8,150 8,900 9,050
Low 1,680 4,150 5,100 6,000 8,000
Close 4,700 6,500 6,750 8,100 9,050
Close* 4,622 6,392 6,750 8,100 9,050

PER (X) 13.77 14.81 12.62 11.99 13.40

PER Industry (X) 12.35 16.00 6.61 6.58 7.25
PBV (X) 2.81 3.29 2.51 2.65 2.96
* Adjusted price after corporate action

56 RESEARCH DIVISION
 BMRI BankMandiri(Persero)Tbk.
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash on Hand 8,388,974 8,867,881 9,521,713 11,357,523 15,286,190 637,500

Placements with Other Banks 29,404,818 41,402,410 28,914,035 51,393,062 48,238,225

24,624,847 18,153,392 27,247,529 12,002,918 10,769,775 510,000
Marketable Securities
Loans 162,637,788 184,690,704 232,545,259 298,988,258 370,570,356
382,500
Investment 158,173 186,848 7,218,361 38,785 11,366,225
Fixed Assets 4,603,560 4,963,306 5,527,000 6,589,594 7,002,690
255,000
Other Assets 5,394,134 3,812,265 5,384,797 7,249,901 7,339,965
Total Assets 358,438,678 394,616,604 449,774,551 551,891,704 635,618,708
127,500
Growth (%) 10.09% 13.98% 22.70% 15.17%
-
Deposits 296,830,166 330,336,908 369,842,016 397,046,488 456,854,700 2008 2009 2010 2011 2012

Taxes Payable 3,174,500 1,855,829 1,408,798 761,737 2,662,421

Fund Borrowings 9,371,508 3,944,356 5,634,838 11,703,498 11,608,832
Other Liabilities 7,993,368 9,132,586 10,338,954 15,378,187 13,002,765 TOTAL EQUITY (Billion Rupiah)
Total Liabilities 327,896,740 359,318,341 407,704,515 489,237,296 559,085,843
76,533
Growth (%) 9.58% 13.47% 20.00% 14.28%
62,654

Minority Interest 28,069 189,494 527,228 - -

60,920

Authorized Capital 16,000,000 16,000,000 16,000,000 16,000,000 16,000,000 41,543

45,307

Paid up Capital 10,452,824 10,485,058 10,498,247 11,666,667 11,666,667 35,109

30,514
Paid up Capital (Shares) 20,906 20,970 20,996 23,333 23,333 29,695

Par Value 500 500 500 500 500

Retained Earnings 13,179,144 17,858,633 24,442,177 33,505,527 46,079,465 14,082

Total Equity 30,513,869 35,108,769 41,542,808 62,654,408 76,532,865

Growth (%) 15.06% 18.33% 50.82% 22.15%
-1,531

2008 2009 2010 2011 2012

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

Total Interest Income 27,336,237 32,598,964 33,931,650 37,730,019 42,550,442
TOTAL REVENUES (Billion Rupiah)
Growth (%) 19.25% 4.09% 11.19% 12.78%
42,550

Interest Expenses 12,051,637 15,821,849 14,413,041 15,954,037 15,019,850 37,730

32,599 33,932
Other Operating Revenue 4,653,007 5,484,363 8,432,817 11,768,351 11,897,822 33,870

Other Operating Expenses 9,379,761 10,009,867 12,074,973 16,312,021 18,913,028 27,336

Income from Operations 7,910,442 10,434,478 13,742,020 16,348,933 19,625,447 25,190

Growth (%) 31.91% 31.70% 18.97% 20.04%

16,510

Non-Operating Revenues 158,118 389,596 230,142 163,102 878,821

7,829

Income Before Tax 8,068,560 10,824,074 13,972,162 16,512,035 20,504,268

Provision for Income Tax 2,753,244 3,625,586 4,602,936 3,816,150 4,460,650 -851

Minority Interest -2,495 -43,024 -150,928 - - 2008 2009 2010 2011 2012
Net Income 5,312,821 7,155,464 9,218,298 12,479,456 16,256,581
Growth (%) 34.68% 28.83% 35.38% 30.27%
NET INCOME (Billion Rupiah)
RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
16,257
Dividend (Rp) 88.55 19.26 140.24 104.97 - 16,257

EPS (Rp) 254.13 341.22 439.04 534.83 696.71

12,479
BV (Rp) 1,459.60 1,674.23 1,978.56 2,685.19 3,279.98 12,940

DAR (X) 0.91 0.91 0.91 0.89 0.88 9,218

9,624

DER(X) 10.75 10.23 9.81 7.81 7.31 7,155

ROA (%) 2.25 2.74 3.11 2.99 3.23 6,308 5,313
ROE (%) 26.44 30.83 33.63 26.35 26.79
OPM (%) 28.94 32.01 40.50 43.33 46.12 2,991

NPM (%) 19.44 21.95 27.17 33.08 38.21

Payout Ratio (%) 34.84 5.65 31.94 19.63 -
-325

2008 2009 2010 2011 2012

Yield (%) 4.37 0.41 2.16 1.56 -

RESEARCH DIVISION 57
 COMPANY REPORT

BMTR
GLOBAL MEDIACOM TBK.

Company Profile

PTGlobalMediacomTbk.wasestablishedinJakartaatJune30th,1981,andatMarch27th,
[Link].

The scope of its activities is in the fields of industry, mining, transportation, agriculture,
telecommunications, real estate, architecture, construction (developer), printing, services
andtrade,mediaandinvestment.

The Company started commercial operations in 1982. The Company is located at MNC
Tower,27th29thFloor,[Link].1719,CentralJakarta.

Global Mediacom is the largest and the only integrated media, broadcasting,
entertainmentandtelecommunicationgroupinIndonesiawithoperationsthatencompass
content production, content distribution, television and radio broadcasting, newspaper,
magazine,tabloids,telecommunicationoperator,mobilecontentaggregrator,valueadded
servicesprovider,andITsystemintegrator.

In addition, the Group also holds a portfolio of investments that can be converted into
financialresourcesforimmediateandfutureexpansions.

Today,GlobalMediacomhasbeengrowingsignificantlyanditisstrategicallypositionedto
betheleaderinitsindustry.

OnSeptember30,2012theCompanyhadtotal44employees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

58 RESEARCH DIVISION
 BMTR GlobalMediacomTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 1,770.264
Industry Sector : Trade, Services & Investment (9) Listed Shares : 13,967,961,050
Industry Sub Sector : Investment Company (98) Market Capitalization : 30,380,315,283,750

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 30-Jun-1981 1. PT Bhakti Investama Tbk - Bhak002T 4,367,701,000 : 31.27%
Listing Date : 17-Jul-1995 2. UBS AG Singapore S/A PT Bhakti Investama Tbk - 20911 1,384,627,000 : 9.91%
Under Writer IPO : 3. UOB Kay Hian (Hong Kong) Ltd 1,003,906,500 : 7.19%
PT Makindo 4. PT Bhakti Investama Tbk 3 (Pledge Account) 798,000,000 : 5.71%
Securities Administration Bureau : 5. Public ( <5% ) 6,413,726,550 : 45.92%
PT Sirca Datapro Perdana
Wisma Sirca DIVIDEND ANNOUNCEMENT
Jln. Johar No.18, Menteng, Jakarta 10340 Bonus Cash Recording Payment
F/I
Phone : 314-0032, 390-5920, 390-0645 Year Shares Dividend Cum Date Ex Date Date Date
Fax : 390-0671, 390-0652 1995 15.00 19-Jun-96 20-Jun-96 28-Jun-96 26-Jul-96 F
1996 20.00 05-May-97 06-May-97 15-May-97 03-Jun-97 F
BOARD OF COMMISSIONERS 1997 4.50 22-Jun-98 23-Jun-98 01-Jul-98 24-Jul-98 F
1. Rosano Barack 2000 15.00 28-May-01 29-May-01 01-Jun-01 18-Jun-01 F
2. Bambang Rudijanto Tanoesoedibyo 2001 20.00 18-Jun-02 19-Jun-02 24-Jun-02 08-Jul-02 F
3. Chang Long Jong 2002 26.00 05-Jun-03 06-Jun-03 10-Jun-03 24-Jun-03 F
4. Kardinal Alamsyah Karim *) 2003 25.00 11-Jun-04 14-Jun-04 16-Jun-04 30-Jun-04 F
5. Mohamed Idwan Ganie *) 2005 1:1 07-Jul-06 10-Jul-06 12-Jul-06 26-Jul-06 S
*) Independent Commissioners 2006 4.00 11-Jul-07 12-Jul-07 16-Jul-07 30-Jul-07 F
2007 14.56 28-Nov-07 29-Nov-07 03-Dec-07 17-Dec-07 I
BOARD OF DIRECTORS 2008 3.50 06-Nov-09 09-Nov-09 25-Nov-09 25-Nov-09 F
1. Hary Tanoesoedibjo 2009 5.00 03-Dec-10 06-Dec-10 09-Dec-10 23-Dec-10 F
2. David Fernando Audy 2010 10.00 06-Dec-11 07-Dec-11 09-Dec-11 23-Dec-11 F
3. Handhianto Suryo Kentjono
4. Indra Pudjiastuti Prastomiyono ISSUED HISTORY
5. Muhamad Budi Rustanto Listing Trading
6. Oerianto Guyandi No. Type of Listing Shares Date Date
1. First Issue 200,000,000 17-Jul-95 10-Jun-10
AUDIT COMMITTEE 2. Company Listing 760,000,000 T: 17-Jul-95 : 11-Jun-10
1. Kardinal Alamsyah Karim 3. Convertible Bond 57,000,000 T: 17-Jul-95 : 20-Feb-96
2. Hery Kusnanto 4. Option Conversion 1,088,576 T: 30-Apr-02 : 03-Jun-02
3. Mohamed Idwan Ganie 5. ESOP Conversion 84,293,938 T: 20-Jun-02 : 19-Sep-11
6. Right Issue 266,978,118 28-Jul-04 28-Jul-04
CORPORATE SECRETARY 7. Bonus Shares 1,299,013,678 26-Jul-06 26-Jul-06
Arya Mahendra Sinulingga 8. Stock Split 10,417,945,240 24-Apr-07 24-Apr-07
9. Additional Listing without Right Issue 685,168,000 06-Jul-07 06-Jul-07
HEAD OFFICE 10. ESOP Conversion I 43,722,000 T: 17-Mar-11 : 07-Jun-11
MNC Tower Lt. 27 - 29 11. ESOP Conversion I & II 34,647,500 T: 23-Sep-11 : 12-Mar-12
Jln. Kebon Sirih 17 - 19 12. ESOP Conversion I, II & III 106,578,500 T: 16-Mar-12 : 18-Oct-12
Jakarta 13. ESOP Conversion II & III 5,838,500 28-Sep-12 28-Sep-12
Phone : (021) 390-9211
Fax : (021) 390-9207, 230-5281, 392-7859

Homepage : [Link]
Email : [Link]@[Link]

RESEARCH DIVISION 59
 BMTR GlobalMediacomTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Global Mediacom Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
2,800 1,600 Jan-09 193 169 170 418 84,052 14,030 17
Feb-09 168 145 145 238 7,079 1,128 18
2,450 1,400 Mar-09 192 129 192 4,309 94,626 15,684 19
Apr-09 210 170 186 7,607 195,889 37,403 20
May-09 265 182 191 16,424 1,236,693 254,836 20
2,100 1,200
Jun-09 330 192 310 48,813 5,016,618 1,309,849 22
Jul-09 405 300 350 35,206 3,314,126 1,197,477 21
1,750 1,000
Aug-09 385 320 330 19,316 1,163,169 415,570 20
Sep-09 335 300 310 7,571 363,170 113,749 18
1,400 800 Oct-09 315 196 220 8,417 369,007 99,994 22
Nov-09 280 200 220 7,329 555,573 132,807 20
1,050 600 Dec-09 240 200 210 4,683 294,787 68,214 19

700 400 Jan-10 280 205 250 15,982 928,510 223,415 20

Feb-10 355 225 300 17,452 1,040,610 309,072 19
350 200 Mar-10 455 265 395 32,188 2,121,127 797,248 22
Apr-10 495 375 410 29,648 1,705,522 729,950 21
May-10 440 295 365 12,280 699,873 273,264 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 395 325 330 5,801 219,043 80,701 22
Jul-10 355 295 310 8,392 308,707 99,618 22
Aug-10 345 300 315 3,406 173,000 53,931 21
Sep-10 430 305 385 7,265 293,483 111,779 17
Change of Closing Price, Oct-10 540 375 495 17,319 673,415 318,239 21
Trade Index and Jakarta Composite Index Nov-10 530 480 480 6,463 230,289 116,162 21
January 2009 - January 2013 Dec-10 670 460 650 13,305 977,788 592,362 20
1,330%
Jan-11 770 560 720 13,084 636,476 415,505 21
Jakarta Composite Index
1,140% Feb-11 900 710 890 8,926 823,568 634,291 18
Trade Index
1075.7% Mar-11 900 750 840 13,280 497,457 404,603 23
Closing Price
950% Apr-11 870 700 750 9,483 368,590 284,932 20
May-11 840 710 840 16,802 1,570,436 1,181,554 21
760% Jun-11 870 750 840 8,093 1,653,609 1,256,582 20
Jul-11 890 810 870 9,106 289,997 247,567 21
Aug-11 890 700 770 6,066 299,919 232,788 19
570%
Sep-11 890 740 820 8,965 211,406 168,273 20
Oct-11 850 750 800 4,553 77,013 61,201 21
380% 373.5%
Nov-11 1,070 790 980 17,702 976,165 808,327 22
Dec-11 1,140 960 990 14,476 397,335 410,227 21
190% 209.9%

Jan-12 1,120 980 1,110 13,633 207,458 214,242 21

- Feb-12 1,270 1,100 1,260 15,338 231,702 279,612 21
Mar-12 1,660 1,260 1,600 20,226 1,014,874 1,369,969 21
-190% Apr-12 1,720 1,570 1,660 19,440 617,944 1,010,682 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 1,790 1,240 1,360 26,969 1,268,031 2,101,421 21
Jun-12 1,560 1,220 1,520 42,500 633,907 901,986 21
Jul-12 1,750 1,470 1,750 43,064 1,358,234 2,123,331 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 1,820 1,710 1,750 27,220 347,523 614,668 19
Volume (Million Sh.) 12,695 9,371 7,802 9,619 523 Sep-12 2,075 1,750 2,050 40,318 651,200 1,225,051 20
Value (Billion Rp) 3,661 3,706 6,106 17,238 1,241 Oct-12 2,375 2,050 2,275 49,594 1,949,320 4,263,509 22
Frequency (Thou. X) 160 170 131 358 46 Nov-12 2,450 2,100 2,400 36,243 825,913 1,868,399 20
Days 236 245 247 246 21 Dec-12 2,625 2,300 2,400 23,246 512,440 1,265,081 18

Price (Rupiah) Jan-13 2,575 2,150 2,175 46,238 522,750 1,240,680 21

High 405 670 1,140 2,625 2,575
Low 129 205 560 980 2,150
Close 210 650 990 2,400 2,175
Close* 210 650 990 2,400 2,175

PER (X) 18.38 15.46 70.40 18.62 16.88

PER Industry (X) 16.33 21.27 16.89 19.08 18.57
PBV (X) 0.41 1.21 1.63 2.56 2.32
* Adjusted price after corporate action

60 RESEARCH DIVISION
 BMTR GlobalMediacomTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Osman Bing Satrio & Rekan (Member of Deloitte Touche Tohmatsu Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,390,698 1,276,332 1,141,628 1,165,245 941,610 20,000

Receivable 2,017,288 2,076,270 2,453,904 2,407,692 2,989,217

16,000

Inventories 1,064,289 1,131,998 1,106,101 1,134,041 1,485,957

12,000
Current Assets 6,122,009 5,985,526 5,937,277 6,085,670 10,035,554
Fixed Assets 1,788,661 1,769,444 2,793,271 2,668,000 3,258,777
8,000
Other Assets 441,721 475,394 551,502 534,326 708,280
Total Assets 13,720,366 13,481,189 12,959,942 13,129,083 18,851,581 4,000
Growth (%) -1.74% -3.87% 1.31% 43.59%
-
Current Liabilities 1,858,419 1,952,037 3,197,581 3,223,411 2,226,245 2008 2009 2010 2011 Sep-12

Long Term Liabilities 2,607,134 2,293,188 1,547,624 1,518,217 3,508,895

Total Liabilities 4,465,553 4,245,225 4,745,205 4,741,628 5,735,140
Growth (%) -4.93% 11.78% -0.08% 20.95% TOTAL EQUITY (Billion Rupiah)

13,116
Minority Interest 2,217,149 2,185,341 832,998 - -
Authorized Capital 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000
Paid up Capital 1,375,710 1,376,290 1,377,021 1,379,116 1,395,187
10,441

8,387
Paid up Capital (Shares) 13,757 13,763 13,770 13,791 13,952 7,038 7,051 7,382
7,765

Par Value 100 100 100 100 100

Retained Earnings 3,293,185 3,402,240 3,912,989 4,109,251 5,252,468 5,089

Total Equity 7,037,664 7,050,623 7,381,739 8,387,455 13,116,441

Growth (%) 0.18% 4.70% 13.62% 56.38% 2,413

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-262

2008 2009 2010 2011 Sep-12

Total Revenues 5,384,640 5,034,905 6,326,514 1,573,888 6,280,379
Growth (%) -6.50% 25.65% -75.12%

TOTAL REVENUES (Billion Rupiah)

Expenses 4,811,900 4,325,000 4,846,631 1,143,270 3,343,483
Gross Profit 572,740 709,905 1,479,883 430,618 2,936,896 6,327 6,280
6,327

Operating Expenses 4,811,900 4,325,000 4,846,631 1,143,270 1,158,650 5,385

5,035
Operating Profit 572,740 709,905 1,479,883 430,618 - 5,036

Growth (%) 23.95% 108.46% -70.90%

3,745

Other Income (Expenses) -267,629 -119,449 -284,191 -54,156 -

Income before Tax 304,571 590,884 1,195,599 376,462 1,778,246 2,455

1,574
Tax -40,312 259,422 345,087 94,283 374,906
1,164

Minority Interest 80,866 -174,254 -271,647 - -

Net Income 425,749 157,208 578,865 194,727 1,349,996 -127

Growth (%) -63.07% 268.22% -66.36% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 329.42 306.63 185.68 188.80 450.78 NET INCOME (Billion Rupiah)
Dividend (Rp) 3.50 5.00 10.00 - -
1,350
EPS (Rp) 30.95 11.42 42.04 14.12 96.76 1,350

BV (Rp) 511.57 512.29 536.07 608.18 940.12

DAR (X) 0.33 0.31 0.37 0.36 0.30 1,075

DER(X) 0.63 0.60 0.64 0.57 0.44

799

ROA (%) 2.22 4.38 9.23 2.87 9.43 579

ROE (%) 4.33 8.38 16.20 4.49 13.56 524
426
GPM (%) 10.64 14.10 23.39 27.36 46.76
195
OPM (%) 10.64 14.10 23.39 27.36 - 248 157

NPM (%) 7.91 3.12 9.15 12.37 21.50

Payout Ratio (%) 11.31 43.77 23.79 - -
-27

2008 2009 2010 2011 Sep-12

Yield (%) 1.94 2.38 1.54 - -

RESEARCH DIVISION 61
 CC O
OMM PP A
ANN YY RR EE PP O
O RR TT

BSDE
BUMI SERPONG DAMAI TBK.

Company Profile

PTBumiSerpongDamaiTbk.wasestablishedin1984byaconsortiumofshareholderswith
a vision to build the largest selfsustaining city in Indonesia namely BSD City. BSD City is
locatedinSerpong,25KmsouthwestofJakarta,withanapproximatelandareaof6,000
hectares.

TheCompanyspurposeandobjectivesistoengageinrealestatedevelopmentactivities.
The Company has been developing a new city, which is a planned and integrated
residential area, with amenities/infrastructure, environmental facilities and parks, called
theBSDCity.

TheCompanysofficeislocatedatSinarMasLandPlaza,BSDGreenOfficePark,Tangerang.
The Companys real estate project is called Bumi Serpong Damai which is located in
SerpongDistrict,LegokDistrict,CisaukDistrict,andPagedanganDistrict,BantenProvince.
TheCompanystartedcommercialoperationsin1989.

TheGroupoperatesunderthegroupofPTParagaArtamida.

ThesubsidiarieswhichwereconsolidatedarePTDutaPertiwiTbk.,PTSinarMasWisesa,
andPTSinarMasTeladan.AsofSeptember30,2012,theCompanyhas1,694employees.
ThetotalnumberofemployeesoftheGroupis4,295employees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

62 RESEARCH DIVISION
 BSDE BumiSerpongDamaiTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 274.238
Industry Sector : Property, Real Estate And Building Construction (6) Listed Shares : 17,496,996,592
Industry Sub Sector : Property And Real Estate (61) Market Capitalization : 24,495,795,228,800

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 16-Jan-1984 1. PT Paraga Arta Mida 4,422,720,330 : 25.28%
Listing Date : 06-Jun-2008 2. PT Ekacentra Usahamaju 4,404,400,500 : 25.17%
Under Writer IPO : 3. Public ( <5% ) 8,669,875,762 : 49.55%
PT CLSA Indonesia
PT Nusadana Capital Indonesia DIVIDEND ANNOUNCEMENT
PT Sinarmas Sekuritas Bonus Cash Recording Payment
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Sinartama Gunita 2008 4.00 01-Jul-09 02-Jul-09 06-Jul-09 22-Jul-09 F
Plaza BII Menara 1, 9th Fl. 2009 6.00 01-Jul-10 02-Jul-10 06-Jul-10 20-Jul-10 F
Jln. M.H. Thamrin No. 51 Jakarta 10350 2010 6.00 05-Jul-11 06-Jul-11 08-Jul-11 22-Jul-11 F
Phone : 392-2332
Fax : 392-3003 ISSUED HISTORY
Listing Trading
BOARD OF COMMISSIONERS No. Type of Listing Shares Date Date
1. Muktar Widjaja 1. First Issue 1,093,562,000 06-Jun-08 06-Jun-08
2. Benny Setiawan Santoso 2. Company Listing 9,842,060,870 06-Jun-08 01-Feb-09
3. Edwin Hidayat Abdullah *) 3. Right Issue I 6,561,373,722 21-Dec-10 21-Dec-10
4. Franky Oesman Widjaja
5. Fransciscus Xaverius R.D.
6. Susiyati Bambang Hirawan *)
7. Teddy Pawitra *)
8. Welly Setiawan Prawoko
*) Independent Commissioners

BOARD OF DIRECTORS
1. Harry Budi Hartanto
2. Hermawan Wijaya
3. Hongky Jeffry Nantung
4. Liauw Herry Hendarta
5. Lie Jani Harjanto
6. Michael J.P. Widjaja
7. Monik William
8. Petrus Kusuma
9. Syukur Lawigena
10. Teky Mailoa

AUDIT COMMITTEE
1. Teddy Prawitra
2. Pande Putu Raka
3. Rusli Prakarsa

CORPORATE SECRETARY
Hermawan Wijaya

HEAD OFFICE
Sinar Mas Land Plaza
Grand Boulevard, BSD Green Office Park
Tangerang - 15345
Phone : (021) 503-68368
Fax : (021) 537-3008

Homepage : [Link]
Email : [Link]@[Link]

RESEARCH DIVISION 63
 BSDE BumiSerpongDamaiTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Bumi Serpong Damai Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
1,600 2,400 Jan-09 111 82 89 179 4,148 363 13
Feb-09 92 76 78 171 29,388 2,328 14
1,400 2,100 Mar-09 105 71 99 662 12,765 1,143 16
Apr-09 195 98 150 1,933 273,979 34,397 20
May-09 375 145 355 2,059 45,849 12,594 20
1,200 1,800
Jun-09 550 350 540 2,844 110,668 51,840 22
Jul-09 640 495 640 6,979 352,983 201,817 21
1,000 1,500
Aug-09 720 500 670 13,198 697,119 420,202 20
Sep-09 700 610 640 8,660 479,846 314,312 18
800 1,200 22
Oct-09 770 630 740 11,276 724,841 486,020
Nov-09 880 710 820 10,393 387,276 304,819 20
600 900 Dec-09 900 800 880 7,581 342,185 285,935 19

400 600 Jan-10 890 820 840 11,989 424,505 364,169 20

Feb-10 940 600 610 14,413 2,235,099 1,424,313 19
200 300 Mar-10 640 580 610 10,217 905,354 561,893 22
Apr-10 890 600 840 33,927 1,887,323 1,412,792 21
May-10 850 550 690 14,135 634,216 444,924 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 790 600 720 9,415 498,352 356,669 22
Jul-10 820 690 810 10,754 484,418 372,317 22
Aug-10 880 780 820 7,110 277,928 229,581 21
Sep-10 990 790 960 7,229 261,087 232,622 17
Change of Closing Price, Oct-10 1,160 770 840 18,785 542,241 514,289 21
Property Index and Jakarta Composite Index Nov-10 990 800 990 12,636 437,080 393,657 21
January 2009 - January 2013 Dec-10 1,000 850 900 16,955 624,861 570,535 20
1,680%

1521.8% Jan-11 940 700 720 15,703 509,989 405,075 21

Jakarta Composite Index
1,440% Feb-11 750 630 670 10,313 326,149 219,786 18
Property Index
Closing Price Mar-11 840 670 840 10,660 348,553 263,526 23
1,200% Apr-11 960 810 920 8,170 278,955 247,648 20
May-11 940 860 910 8,076 268,681 243,513 21
960% Jun-11 920 810 900 5,026 171,264 149,631 20
Jul-11 1,060 850 1,020 9,762 517,923 497,968 21
Aug-11 1,080 810 1,040 11,015 391,705 385,835 19
720%
Sep-11 1,050 730 870 12,876 384,121 340,537 20
Oct-11 950 760 920 12,037 339,536 301,160 21
480%
Nov-11 980 820 850 9,220 290,994 261,508 22
Dec-11 1,010 840 980 9,577 449,764 424,577 21
240% 246.7%
209.9%
Jan-12 1,070 940 1,050 7,492 502,946 511,007 21
- Feb-12 1,250 1,060 1,150 11,872 802,356 934,604 21
Mar-12 1,330 1,120 1,290 13,823 513,779 633,843 21
-240% Apr-12 1,470 1,290 1,430 29,809 1,020,344 1,421,238 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 1,490 1,160 1,200 27,368 1,081,486 1,423,915 21
Jun-12 1,290 1,080 1,180 16,140 566,611 678,381 21
Jul-12 1,250 1,070 1,150 28,070 1,147,808 1,338,777 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 1,160 930 1,000 17,225 653,709 691,237 19
Volume (Million Sh.) 3,461 9,212 4,278 9,294 1,122 Sep-12 1,130 930 1,130 21,262 699,555 727,882 20
Value (Billion Rp) 2,116 6,878 3,741 11,108 1,405 Oct-12 1,310 1,020 1,240 25,587 1,192,184 1,397,115 22
Frequency (Thou. X) 66 168 122 223 27 Nov-12 1,290 1,180 1,210 11,502 584,368 723,218 20
Days 225 245 247 246 21 Dec-12 1,270 1,080 1,110 12,996 528,628 627,165 18

Price (Rupiah) Jan-13 1,450 1,090 1,400 26,871 1,122,431 1,405,038 21

High 900 1,160 1,080 1,490 1,450
Low 71 550 630 930 1,090
Close 880 900 980 1,110 1,400
Close* 817 900 980 1,110 1,400

PER (X) 31.17 39.93 16.94 14.00 17.65

PER Industry (X) 18.12 9.97 11.09 17.34 18.10
PBV (X) 4.11 2.57 2.08 1.94 2.45
* Adjusted price after corporate action

64 RESEARCH DIVISION
 BSDE BumiSerpongDamaiTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Mulyamin Sensi Suryanto & Lianny (Member of Moore Stephens International Ltd.)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 9,510,494 1,049,739 3,545,385 3,479,092 4,621,213 16,250

Receivable 17,433 11,020 102,632 86,978 119,377

13,000

Inventories 1,689,566 1,734,152 2,883,392 3,012,273 3,528,227

9,750
Investment 109,154 38,360 80,376 636,702 470,333
Fixed Assets 102,324 113,330 365,038 486,920 486,049
6,500
Other Assets - - 4,238 5,849 415
Total Assets 4,381,085 4,592,836 11,694,748 12,787,377 15,976,174 3,250
Growth (%) 4.83% 154.63% 9.34% 24.94%
-
Trade Payable 40,736 22,130 15,540 44,602 132,552 2008 2009 2010 2011 Sep-12

Total Liabilities 2,305,956 2,252,711 4,279,479 4,530,152 5,975,922

Growth (%) -2.31% 89.97% 5.86% 31.91%
TOTAL EQUITY (Billion Rupiah)
Minority Interest - - 1,282,987 - - 10,000
Authorized Capital 2,000,000 2,000,000 4,000,000 4,000,000 4,000,000 10,000

Paid up Capital 1,093,562 1,093,562 1,749,700 1,749,700 1,749,700 8,257

Paid up Capital (Shares) 10,936 10,936 17,497 17,497 17,497

7,960

6,132
Par Value 100 100 100 100 100
5,920

Retained Earnings 496,901 761,897 1,088,782 1,828,867 2,555,481

Total Equity 2,075,130 2,340,125 6,132,282 8,257,225 10,000,252 3,880

Growth (%) 12.77% 162.05% 34.65% 21.11% 2,075 2,340

1,840

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-200

2008 2009 2010 2011 Sep-12

Total Revenues 1,386,111 1,270,592 2,477,203 2,806,339 2,631,082
Growth (%) -8.33% 94.96% 13.29%

TOTAL REVENUES (Billion Rupiah)

Expenses 744,459 637,957 940,509 1,021,278 916,872
Gross Profit 641,651 632,635 1,536,693 1,785,061 1,714,209 2,806
2,806 2,631
Operating Expenses 229,636 176,177 666,219 824,506 709,636 2,477

Operating Profit 412,015 456,458 870,475 960,555 1,004,573 2,234

Growth (%) 10.79% 90.70% 10.35%

1,386
1,661

1,271
Other Income (Expenses) -107,888 -80,289 -11,950 155,769 25,756
Income before Tax 304,127 376,169 662,111 1,170,231 1,061,327 1,089

Tax 80,665 67,430 142,407 158,197 155,522

516

Minority Interest - - -125,301 - -

Net Income 223,462 308,738 394,403 1,012,301 907,152 -56

Growth (%) 38.16% 27.75% 156.67% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 NET INCOME (Billion Rupiah)
Dividend (Rp) 4.00 6.00 6.00 - -
1,012
EPS (Rp) 20.43 28.23 22.54 57.86 51.85 1,012

907
BV (Rp) 189.76 213.99 350.48 471.92 571.54
DAR (X) 0.53 0.49 0.37 0.35 0.37 806

DER(X) 1.11 0.96 0.70 0.55 0.60

599

ROA (%) 6.94 8.19 5.66 9.15 6.64

394
ROE (%) 14.66 16.07 10.80 14.17 10.61 393
309
GPM (%) 46.29 49.79 62.03 63.61 65.15 223
OPM (%) 29.72 35.92 35.14 34.23 38.18 186

NPM (%) 16.12 24.30 15.92 36.07 34.48

Payout Ratio (%) 19.57 21.25 26.62 - -
-20

2008 2009 2010 2011 Sep-12

Yield (%) 4.21 0.68 0.67 - -

RESEARCH DIVISION 65
 COMPANY REPORT

BUMI
BUMI RESOURCES TBK.

Company Profile

PTBumiResourcesTbk.wasestablishedonJune26th,[Link]
commercialoperationonDecember17th,1979.

Itsscopeofactivitiescompriseexplorationandexploitationofcoaldeposits(includingcoal
miningandselling)andoilexploration.

The Company has direct and indirect share ownerships in the Subsidiaries, jointly
controlled entities and associates. The Company started commercial operations in 1982.
TheCompanyispartofBakrieGroup.

ExplorationandExploitationArea/DevelopmentatSenakin,Sangatta,Dairi,MuaraEnim,
Loa Ulung, Tombolilato, Molotabu, Poboya, Mauritania, Mafa Cost, Satui, Mulla/Asam
Asam,Batulicin,PulauLaut,Sarongga.

As of September 30th, 2012, the Company and its Subsidiaries had 7,090 permanent
employees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

66 RESEARCH DIVISION
 BUMI BumiResourcesTbk.
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Development Board Individual Index : 39.466
Industry Sector : Mining (2) Listed Shares : 20,773,400,000
Industry Sub Sector : Coal Mining (21) Market Capitalization : 14,125,912,000,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 26-Jun-1973 1. JPMCB -Vallar Investments UK Limited - 2157804768 6,061,699,637 : 29.18%
Listing Date : 30-Jul-1990 2. Public ( <5% ) 14,711,700,363 : 70.82%
Under Writer IPO :
PT Ficorinvest DIVIDEND ANNOUNCEMENT
PT Pentasena Arthasentosa Bonus Cash Recording Payment
F/I
PT Bank Pembangunan Indonesia Year Shares Dividend Cum Date Ex Date Date Date
PT Sinar Mas 1991 50.00 26-May-92 27-May-92 04-Jun-92 06-Jul-92 F
Securities Administration Bureau : 1992 50.00 12-Mar-93 15-Mar-93 29-Mar-93 29-Apr-93 F
PT Ficomindo Buana Registrar 1993 50.00 29-Apr-94 02-May-94 09-May-94 09-Jun-94 F
Mayapada Tower 10th Fl. Suite 02 B 1997 5:6 10-Sep-97 11-Sep-97 19-Sep-97 29-Sep-97
Jln. Jend. Sudirman Kav. 28 Jakarta 12920 1999 1.00 22-Jun-00 23-Jun-00 03-Jul-00 17-Jul-00 F
Phone : 521-2316, 521-2317 2002 2.50 13-Aug-03 14-Aug-03 19-Aug-03 02-Sep-03 F
Fax : 521-2320 2005 5.00 09-Aug-05 10-Aug-05 12-Aug-05 18-Aug-05 I
2005 10.00 12-Jun-06 13-Jun-06 15-Jun-06 19-Jun-06 F
BOARD OF COMMISSIONERS 2006 16.00 13-Jun-07 14-Jun-07 18-Jun-07 21-Jun-07 F
1. Samin Tan 2007 33.00 22-Jun-07 25-Jun-07 27-Jun-07 02-Jul-07
2. Alexander Ramlie 2007 33.00 28-Aug-07 29-Aug-07 31-Aug-07 05-Sep-07
3. Anton Setianto Soedarsono 2007 11.00 28-Jul-08 29-Jul-08 01-Aug-08 07-Aug-08 F
4. Edison Nawikere 2008 50.60 29-Jul-09 30-Jul-09 03-Aug-09 18-Aug-09 F
5. Eva Novita Tarigan 2009 27.68 28-Jul-10 29-Jul-10 02-Aug-10 16-Aug-10 F
6. Fuad Hasan Masyhur *) 2010 41.78 27-Jul-11 28-Jul-11 01-Aug-11 15-Aug-11 F
7. Iman Taufik *) 2011 14.31 19-Jun-12 20-Jun-12 22-Jun-12 06-Jul-12 F
8. Kusumo Abujono Martoredjo *)
9. Nalinkant A. Rathod ISSUED HISTORY
10. Nenie Afwani Listing Trading
11. Scott Andrew Merillees No. Type of Listing Shares Date Date
12. Suryo B. Sulisto 1. First Issue 10,000,000 30-Jul-90 30-Jul-90
13. Veronica Tampubolon 2. Partial Listing 25,000,000 18-Mar-91 25-Mar-91
*) Independent Commissioners 3. Right Issue 10,000,000 30-Jun-93 30-Jun-93
4. Stock Split 45,000,000 29-Sep-97 29-Sep-97
BOARD OF DIRECTORS 5. Bonus Shares 108,000,000 30-Sep-97 30-Sep-97
1. Saptari Hoedaja 6. Right Issue 594,000,000 24-Nov-97 24-Nov-97
2. Andrew C. Beckham 7. Right Issue 18,612,000,000 26-May-00 26-May-00
3. Dileep Srivastava 8. Additional Listing without Right Issue 1,369,400,000 06-Oct-10 06-Oct-10
4. John Stuart Anderson Slack
5. Kenneth P Farrell
6. Kenneth Raymond Allan
7. Stefan Vincent White Ramirez

AUDIT COMMITTEE
1. Iman Taufik
2. Mulyadi
3. Myrnie Zachraini Tamin

CORPORATE SECRETARY
Dileep Srivastava

HEAD OFFICE
Bakrie Tower, Lt. 12, Kompleks Rasuna Epicentrum
Jln. H.R Rasuna Said
Jakarta - 12960
Phone : (021) 579-42080
Fax : (021) 579-42070

Homepage : [Link]
Email : dileep@[Link]

RESEARCH DIVISION 67
 BUMI BumiResourcesTbk.
Closing Price* and Trading Volume
TRADING ACTIVITIES
Bumi Resources Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
3,800 16,000 Jan-09 1,000 385 510 123,453 7,704,882 4,620,513 19
Feb-09 830 490 770 120,815 7,639,706 5,375,042 20
3,325 14,000 Mar-09 840 700 820 71,041 5,100,626 3,958,827 20
Apr-09 1,570 810 1,480 197,868 12,019,554 14,577,748 20
May-09 2,300 1,440 1,960 285,896 15,193,829 28,671,491 20
2,850 12,000
Jun-09 2,325 1,650 1,860 203,098 9,041,545 18,228,835 22
Jul-09 2,875 1,690 2,800 213,643 9,979,440 20,953,440 21
2,375 10,000
Aug-09 3,250 2,600 2,900 232,296 9,542,083 28,136,034 20
Sep-09 3,475 2,650 3,225 141,288 5,482,675 16,770,145 18
1,900 8,000 Oct-09 3,225 2,150 2,375 280,246 10,836,422 28,938,185 22
Nov-09 2,875 2,100 2,350 220,972 8,560,779 21,370,091 20
1,425 6,000 Dec-09 2,625 2,050 2,425 107,743 3,993,008 9,440,377 19

950 4,000 Jan-10 3,000 2,375 2,475 157,003 6,982,709 18,891,322 20

Feb-10 2,625 2,150 2,250 103,312 3,819,073 9,033,015 19
475 2,000 Mar-10 2,600 2,150 2,250 94,545 3,312,008 7,876,921 22
Apr-10 2,550 2,250 2,375 70,071 2,789,830 6,709,310 21
May-10 2,525 1,570 2,025 113,261 5,701,472 12,193,660 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 2,025 1,690 1,880 96,473 3,939,801 7,315,993 22
Jul-10 1,960 1,650 1,720 70,040 3,032,232 5,413,783 22
Aug-10 1,870 1,280 1,660 105,995 3,928,035 6,382,917 21
Sep-10 2,350 1,660 2,125 83,030 3,613,284 7,274,957 17
Change of Closing Price, Oct-10 2,425 2,100 2,225 52,376 2,764,174 6,305,119 21
Mining Index and Jakarta Composite Index Nov-10 3,050 2,075 2,650 80,531 4,814,187 12,393,624 21
January 2009 - January 2013 Dec-10 3,150 2,725 3,025 46,055 2,025,673 5,834,695 20
300%
Jan-11 3,300 2,700 2,725 59,503 3,145,819 9,643,110 21
250% Feb-11 3,000 2,550 3,000 39,883 1,674,721 4,653,866 18
Mar-11 3,375 2,900 3,350 52,849 11,220,697 29,498,649 23
209.9% Apr-11 3,450 3,150 3,425 49,135 2,745,120 9,072,847 20
200%
May-11 3,650 3,300 3,300 45,018 2,097,340 7,301,404 21
150% Jun-11 3,475 2,925 2,950 62,699 2,396,472 7,676,023 20
Jul-11 3,150 2,900 3,050 46,466 2,155,770 6,549,137 21
Aug-11 3,250 2,425 2,525 63,233 2,511,686 7,020,556 19
100% 100.4%
Sep-11 2,800 1,830 1,950 64,719 2,280,646 5,313,684 20
Oct-11 2,500 1,600 2,350 86,828 4,036,683 8,433,337 21
50%
Nov-11 2,450 1,980 2,000 44,567 1,866,187 4,172,075 22
Dec-11 2,275 2,050 2,175 27,982 1,119,995 2,436,621 21
-
Jakarta Composite Index
-27.7% Jan-12 2,625 2,150 2,550 29,299 1,219,103 2,972,735 21
Mining Index
-50% Feb-12 2,625 2,325 2,450 23,384 970,764 2,405,110 21
Closing Price
Mar-12 2,475 2,300 2,350 17,647 539,882 1,293,285 21
-100% Apr-12 2,425 1,980 2,025 30,050 822,438 1,748,161 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 2,050 1,410 1,420 45,432 1,546,100 2,771,916 21
Jun-12 1,470 970 1,110 80,273 3,318,987 3,888,139 21
Jul-12 1,220 1,020 1,040 40,352 1,290,773 1,460,712 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 1,160 610 700 64,948 2,265,032 1,897,113 19
Volume (Million Sh.) 105,095 46,722 37,251 21,128 966 Sep-12 910 590 730 73,220 3,492,137 2,651,580 20
Value (Billion Rp) 201,041 105,625 101,771 24,808 631 Oct-12 770 650 660 47,863 2,818,093 1,960,662 22
Frequency (Thou. X) 2,198 1,073 643 497 26 Nov-12 680 540 590 25,118 1,269,213 782,961 20
Days 241 245 247 246 21 Dec-12 650 540 590 19,694 1,575,660 975,881 18

Price (Rupiah) Jan-13 690 580 680 25,957 966,108 630,675 21

High 3,475 3,150 3,650 2,625 690
Low 385 1,280 1,600 540 580
Close 2,425 3,025 2,175 590 680
Close* 2,425 3,025 2,175 590 680

PER (X) 26.19 22.49 23.16 -1.98 -2.28

PER Industry (X) 18.63 17.69 16.17 8.49 9.03
PBV (X) 3.39 4.33 4.24 1.77 2.04
* Adjusted price after corporate action

68 RESEARCH DIVISION
 BUMI BumiResourcesTbk.
Financial Data and Ratios Book End : December
Public Accountant : Tjiendradjaja & Handoko Tomo (Member of Mazars Moores Rowland Indonesia)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,882,823 566,560 2,275,155 2,125,495 1,540,714 87,500

Receivable 5,133,064 7,112,124 6,847,792 5,148,872 3,601,362

70,000

Inventories 1,672,040 1,880,829 1,515,492 1,425,051 2,314,070

52,500
Current Assets 20,292,714 19,353,116 28,658,684 23,406,190 19,098,599
Fixed Assets 3,052,853 10,750,965 9,812,179 8,201,277 16,922,588
35,000
Other Assets 2,653,237 3,508,311 4,370,758 5,933,242 6,722,235
Total Assets 58,253,000 69,907,289 78,765,440 66,814,128 68,625,100 17,500
Growth (%) 20.01% 12.67% -15.17% 2.71%
-
Current Liabilities 17,313,244 19,953,223 18,364,297 21,230,776 23,201,838 2008 2009 2010 2011 Sep-12

Long Term Liabilities 17,481,774 34,892,779 40,538,320 34,915,724 40,934,547

Total Liabilities 34,795,018 54,846,002 58,902,617 56,146,499 64,136,386
Growth (%) 57.63% 7.40% -4.68% 14.23% TOTAL EQUITY (Billion Rupiah)

17,267
Minority Interest 6,190,965 1,185,606 5,338,884 - - 17,267

14,524
Authorized Capital 10,000,000 10,000,000 38,750,000 38,750,000 38,750,000 13,876
Paid up Capital 9,702,000 9,702,000 10,386,700 10,386,700 10,386,700
13,745

10,668
Paid up Capital (Shares) 19,404 19,404 20,773 20,773 20,773
10,222

Par Value 500 500 500 500 500

Retained Earnings 14,213,945 9,154,434 8,486,844 4,297,589 -3,383,364 6,700

4,489
Total Equity 17,267,017 13,875,680 14,523,938 10,667,629 4,488,714
Growth (%) -19.64% 4.67% -26.55% -57.92% 3,177

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-345

2008 2009 2010 2011 Sep-12

Total Revenues 36,993,404 30,367,414 39,233,150 36,281,598 26,544,269
Growth (%) -17.91% 29.19% -7.52%

TOTAL REVENUES (Billion Rupiah)

Expenses 19,332,929 19,956,262 24,638,906 21,825,408 19,349,917
Gross Profit 17,660,475 10,411,152 14,594,243 14,456,190 7,194,352 39,233
39,233
36,993 36,282
Operating Expenses 5,530,991 4,390,562 4,729,970 4,261,406 4,198,881
Operating Profit 12,129,484 6,020,590 9,864,273 10,194,784 2,995,471 30,367
31,230

26,544
Growth (%) -50.36% 63.84% 3.35%
23,226

Other Income (Expenses) -821,131 -1,137,549 -894,059 -4,767,123 -8,716,097

Income before Tax 11,308,352 4,883,041 8,970,213 5,427,661 -5,720,626 15,222

Tax 985,556 2,207,306 4,095,167 3,477,114 563,580

7,219

Minority Interest -3,256,047 -879,232 -2,081,276 - -

Net Income 7,066,750 1,796,503 2,793,770 1,950,547 -6,374,637 -785

Growth (%) -74.58% 55.51% -30.18% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 117.21 96.99 156.06 110.25 82.32 NET INCOME (Billion Rupiah)
Dividend (Rp) 50.60 27.68 41.78 14.31 -
7,067
EPS (Rp) 364.19 92.58 134.49 93.90 -306.87
BV (Rp) 889.87 715.09 699.16 513.52 216.08
DAR (X) 0.60 0.78 0.75 0.84 0.93 4,378

2,794
1,797 1,951
DER(X) 2.02 3.95 4.06 5.26 14.29
1,690

ROA (%) 19.41 6.99 11.39 8.12 -8.34 Sep-12

ROE (%) 65.49 35.19 61.76 50.88 -127.44
2008 2009 2010 2011
-998

GPM (%) 47.74 34.28 37.20 39.84 27.10

OPM (%) 32.79 19.83 25.14 28.10 11.28 -3,686

NPM (%) 19.10 5.92 7.12 5.38 -24.02

Payout Ratio (%) 13.89 29.90 31.07 15.24 -
-6,375

-6,375
Yield (%) 5.56 1.14 1.38 0.66 -

RESEARCH DIVISION 69
 COMPANY REPORT

BWPT
BW PLANTATION TBK.

Company Profile

PT BW Plantation Tbk. was established at November 6th, 2000. The Company started its
commercial operations in 2004. The scope of its activities is mainly to engage in
manufacturingandagriculturalbusinesses.

The Company and its subsidiaries are incorporated and conduct their operations in
Indonesia. The scope of the activities of the Group mainly comprise of plantation
development,agriculture,trading,andrefiningofplantationproducts,[Link]
Group currently engages in palm plantation and its products consist of refined palm
productssuchascrudepalmoilandpalmkernel.

TherefineryfactoriesoftheCompanyanditssubsidiariesarelocatedinKotawaringinBarat
RegencyandKotawaringinTengahRegency,[Link],the
subsidiaries plantations are located in Kotawaringin Timur Regency and Kotawaringin
BaratRegency,CentralKalimantanProvince;KutaiRegencyandKutaiTimurRegency,East
KalimantanProvince;andMelawiRegency,WestKalimantanProvince.

ThetotalareaofGroupsplantationsasofJune2012isapproximately94,512hectaresand
theplantedareaisapproximately56,590hectares.

The Company has ownership interests in the following subsidiaries: PT Bumilanggeng
Perdanatrada, PT Adhyaksa Dharmasatya, PT Wana Catur Jaya Utama, PT Sawit Sukses
Sejahtera, PT Bumihutani Lestari, PT Agrolestari Kencana Makmur, PT Satria Manunggal
Sejahtera,andPTPrimaCiptaSelaras.

AsofSeptember30th,2012,totalnumberofpermanentemployeesis583.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

70 RESEARCH DIVISION
 BWPT BWPlantationTbk.
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 234.545
Industry Sector : Agriculture (1) Listed Shares : 4,051,709,352
Industry Sub Sector : Plantation (12) Market Capitalization : 5,226,705,064,080

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 06-Nov-2000 1. PT BW Investindo 1,570,040,800 : 38.75%
Listing Date : 27-Oct-2009 2. Fendalton Investments Pte Ltd 942,024,480 : 23.25%
Under Writer IPO : 3. JP Morgan Chase Bank NA Re Non-Treaty Clients - 215 225,583,019 : 5.57%
PT BNP Paribas Securities Indonesia 4. Public ( <5% ) 1,314,061,053 : 32.43%
PT Danareksa Sekuritas
Securities Administration Bureau : DIVIDEND ANNOUNCEMENT
PT BSR Indonesia Bonus Cash Recording Payment
F/I
Komplek Perkantoran ITC Roxy Mas Blok E1 No. 10 - 11 Year Shares Dividend Cum Date Ex Date Date Date
Jln. K.H. Hasyim Ashari Jakarta 10150 2009 5.00 25-Nov-10 26-Nov-10 30-Nov-10 13-Dec-10 F
Phone : 631-7828 2010 9.00 13-Oct-11 14-Oct-11 18-Oct-11 01-Nov-11 F
Fax : 631-7827 2011 12.00 08-Nov-12 09-Nov-12 13-Nov-12 27-Nov-12 F

BOARD OF COMMISSIONERS ISSUED HISTORY

1. Tjipto Widodo Listing Trading
2. Phoebe Widodo No. Type of Listing Shares Date Date
3. Stephen Kurniawan Sulistyo *) 1. First Issue 1,211,009,000 27-Oct-09 27-Oct-09
4. Yohanes Wahyu Saronto 2. Company Listing 2,826,073,440 27-Oct-09 27-Oct-09
*) Independent Commissioners 3. ESOP/MSOP I 4,421,750 21-Dec-11 21-Dec-11
4. MESOP I 115,000 16-May-12 16-May-12
BOARD OF DIRECTORS 5. MESOP I 309,500 29-May-12 29-May-12
1. Abdul Halim bin Ashari 6. MESOP I 254,250 31-May-12 31-May-12
2. Alexander Fernandes Benyamin 7. MESOP I 924,250 05-Jun-12 05-Jun-12
3. Iman Faturachman 8. MESOP I 123,500 08-Jun-12 08-Jun-12
4. Pointo Pratento 9. MESOP I 4,437,625 26-Nov-12 26-Nov-12
5. Said Algan 10. MESOP I 624,625 29-Nov-12 29-Nov-12
11. MESOP I 1,407,787 03-Dec-12 03-Dec-12
AUDIT COMMITTEE 12. MESOP I 2,008,625 13-Dec-12 13-Dec-12
1. Stephen Kurniawan Sulistyo
2. Patia Mamontang Simatupang
3. Paul Capelle

CORPORATE SECRETARY
Kelik Irwantono

HEAD OFFICE
Menara Batavia, Lt. 22
Jln. K.H. Mas Mansyur Kav. 126
Jakarta - 10220
Phone : (021) 574-7428
Fax : (021) 574-7429

Homepage : [Link]
Email : kelik@[Link]

RESEARCH DIVISION 71
 BWPT BWPlantationTbk.
Closing Price* and Trading Volume
TRADING ACTIVITIES
BW Plantation Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* October 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
1,800 400 Oct-09 610 490 530 5,280 437,980 239,797 4
Nov-09 560 490 500 8,681 679,419 351,715 20
1,575 350 Dec-09 530 490 520 3,173 413,568 213,207 19

Jan-10 590 500 560 5,492 430,527 236,526 20

1,350 300
Feb-10 680 540 640 6,718 422,815 252,883 19
Mar-10 810 560 740 6,188 435,897 317,277 22
1,125 250
Apr-10 780 710 730 4,362 303,902 227,543 21
May-10 720 580 670 7,048 387,994 244,797 19
900 200 Jun-10 720 660 700 6,215 329,982 227,605 22
Jul-10 770 660 740 7,585 355,644 254,320 22
675 150 Aug-10 900 740 820 9,384 394,239 326,459 21
Sep-10 930 810 870 8,973 337,256 293,178 17
450 100 Oct-10 1,070 860 1,040 12,063 446,879 429,562 21
Nov-10 1,100 980 1,020 7,184 337,682 348,772 21
225 50 Dec-10 1,300 1,010 1,290 8,349 263,856 302,326 20

Jan-11 1,470 1,130 1,160 12,507 254,304 317,947 21

Oct-09 Oct-10 Oct-11 Oct-12 Feb-11 1,280 1,000 1,040 14,281 291,364 334,213 18
Mar-11 1,200 1,040 1,170 11,029 278,990 313,182 23
Apr-11 1,220 1,150 1,200 5,846 161,649 192,800 20
May-11 1,250 1,170 1,220 6,682 217,887 262,322 21
Change of Closing Price, Jun-11 1,230 1,160 1,190 4,998 237,650 283,957 20
Agriculture Index and Jakarta Composite Index Jul-11 1,250 1,130 1,240 8,019 257,344 304,992 21
October 2009 - January 2013 Aug-11 1,270 1,130 1,200 7,309 255,135 305,326 19
210% Sep-11 1,220 980 1,060 16,142 312,934 358,555 20
Oct-11 1,230 950 1,170 20,603 264,357 291,461 21
Jakarta Composite Index
180% Nov-11 1,210 1,130 1,190 16,262 208,642 244,064 22
Agriculture Index
Closing Price Dec-11 1,210 1,090 1,120 12,524 149,237 172,612 21
150%
Jan-12 1,250 1,120 1,250 15,947 228,165 277,890 21
126.3% Feb-12 1,550 1,240 1,510 31,901 289,493 409,078 21
120%
Mar-12 1,720 1,440 1,650 38,027 277,879 446,361 21
Apr-12 1,790 1,530 1,540 39,203 714,842 1,166,328 20
90%
83.6% May-12 1,560 1,190 1,220 20,752 438,200 597,003 21
Jun-12 1,480 1,180 1,430 18,935 318,394 440,400 21
60%
Jul-12 1,610 1,440 1,480 25,382 320,190 489,228 22
Aug-12 1,520 1,420 1,440 21,515 233,827 344,871 19
30% Sep-12 1,600 1,330 1,500 32,668 376,177 556,759 20
11.6% Oct-12 1,500 1,390 1,440 42,773 434,653 631,317 22
- Nov-12 1,460 1,370 1,390 11,842 245,894 346,339 20
Dec-12 1,430 1,290 1,380 17,527 218,821 297,621 18
-30%
Oct 09 Oct 10 Oct 11 Oct 12 Jan-13 1,490 1,250 1,290 24,284 361,249 497,454 21

SHARES TRADED 2009 2010 2011 2012 Jan-13

Volume (Million Sh.) 1,531 4,447 2,889 4,097 361
Value (Billion Rp) 805 3,461 3,381 6,003 497
Frequency (Thou. X) 17 90 136 316 24
Days 43 245 247 246 21

Price (Rupiah)
High 610 1,300 1,470 1,790 1,490
Low 490 500 950 1,120 1,250
Close 520 1,290 1,120 1,380 1,290
Close* 520 1,290 1,120 1,380 1,290

PER (X) 12.54 21.38 14.13 18.87 17.64

PER Industry (X) 9.25 0.14 1.79 33.17 29.01
PBV (X) 2.32 4.61 3.17 3.47 3.24
* Adjusted price after corporate action

72 RESEARCH DIVISION
 BWPT BWPlantationTbk.
Financial Data and Ratios Book End : December
Public Accountant : Mulyamin Sensi Suryanto & Lianny (Member of Moore Stephens International Ltd.)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 318,390 498,992 58,275 56,209 4,625

Receivable 44,203 43,899 5,787 17,602

3,700

Inventories 32,140 68,561 168,578 205,217

2,775
Current Assets 402,771 779,354 441,193 387,674
Fixed Assets 300,919 351,603 468,595 512,803
1,850
Other Assets 33,430 332,068 403,774 701,435
Total Assets 1,622,885 2,654,678 3,589,032 4,507,755 925
Growth (%) 63.58% 35.20% 25.60%
-
Current Liabilities 339,678 611,500 517,058 426,081 2009 2010 2011 Sep-12

Long Term Liabilities 377,748 914,405 1,646,070 2,468,244

Total Liabilities 717,425 1,525,905 2,163,129 2,894,326
Growth (%) 112.69% 41.76% 33.80% TOTAL EQUITY (Billion Rupiah)

1,613
Minority Interest - - - - 1,613

1,426
Authorized Capital 900,000 900,000 900,000 900,000
Paid up Capital 403,708 403,708 404,162 404,323
1,284

1,129

Paid up Capital (Shares) 4,037 4,037 4,042 4,043 905

955

Par Value 100 100 100 100

Retained Earnings 301,698 523,670 807,724 981,395 626

Total Equity 905,460 1,128,773 1,425,903 1,613,429

Growth (%) 24.66% 26.32% 13.15% 297

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-32

2009 2010 2011 Sep-12

Total Revenues 584,109 712,174 888,298 764,376
Growth (%) 21.92% 24.73%

TOTAL REVENUES (Billion Rupiah)

Expenses 219,093 244,990 274,293 294,008
Gross Profit 365,016 467,184 614,005 470,368 888
888

Operating Expenses 106,177 96,182 131,045 100,314 764

712
Operating Profit 258,839 371,003 482,960 370,054 707

Growth (%) 43.33% 30.18% 584

526

Other Income (Expenses) -11,029 -38,423 -53,035 -67,705

Income before Tax 247,810 332,579 429,925 302,349 345

Tax 80,345 88,992 109,537 80,172

163

Minority Interest 2 - - -
Net Income 167,467 243,588 320,388 222,177 -18

Growth (%) 45.45% 31.53% 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 118.57 127.45 85.33 90.99 NET INCOME (Billion Rupiah)
Dividend (Rp) 5.00 9.00 12.00 -
320
EPS (Rp) 41.48 60.34 79.27 54.95 320

BV (Rp) 224.29 279.60 352.80 399.04

244
DAR (X) 0.44 0.57 0.60 0.64 255

222
DER(X) 0.79 1.35 1.52 1.79
190 167
ROA (%) 15.27 12.53 11.98 6.71
ROE (%) 27.37 29.46 30.15 18.74 124

GPM (%) 62.49 65.60 69.12 61.54

OPM (%) 44.31 52.09 54.37 48.41 59

NPM (%) 28.67 34.20 36.07 29.07

Payout Ratio (%) 12.05 14.92 15.14 -
-6

2009 2010 2011 Sep-12

Yield (%) 0.96 0.70 1.07 -

RESEARCH DIVISION 73
 COMPANY REPORT

CPIN
CHAROEN POKPHAND INDONESIA TBK.

Company Profile

PT Charoen Pokphand Indonesia Tbk. was established dated January 7th, 1972. The
Companystarteditscommercialoperationsin1972.

The Company is engaged in, among other, the manufacture and sale of poultry feed,
poultryequipment,processedchickenandinvestmentinothercompanies.

[Link]/1,Jakarta14430anditsbranchesare
locatedinSidoardjo,Medan,Tangerang,Balaraja,Serang,Lampung,Denpasar,Surabaya,
Semarang,Makasar,Salatiga,andCirebon.

TheCompanyhasdirectandindirectownershipinsubsidiaries:
PTCharoenPokphandJayaFarm,
PTPrimafoodInternational,
PTVistaGrain,
PTPolyPackagingIndustry,
PTFeprotamaPertiwi,
PTAgricoInternational,
PTSaranaProteindoUtama,
PTGizindoSejahteraJaya,
PTCentralavianPertiwi,
PTSatwaUtamaRaya,
PTVistaAgungKencana,
PTIstanaSatwaBorneo,
PTCiptaKhatulistiwaMandiri,
PTAgricoInternational,
PTCipendawaAgriindustri,
PTPolyPackagingIndustri.

th
TheCompanyandSubsidiarieshave4,304employeesasofSeptember30 ,2012.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

74 RESEARCH DIVISION
 CPIN CharoenPokphandIndonesiaTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 17,648.130
Industry Sector : Basic Industry And Chemicals (3) Listed Shares : 16,398,000,000
Industry Sub Sector : Animal Feed (36) Market Capitalization : 63,542,250,000,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 07-Jan-1972 1. PT Central Agromina 9,106,385,410 : 55.53%
Listing Date : 18-Mar-1991 2. Public ( <5% ) 7,291,614,590 : 44.47%
Under Writer IPO :
PT Danareksa DIVIDEND ANNOUNCEMENT
PT Makindo Bonus Cash Recording Payment
F/I
PT Asean Development Securities Year Shares Dividend Cum Date Ex Date Date Date
PT Surya Securities 1990 50.00 25-Jul-91 26-Jul-91 02-Aug-91 21-Aug-91 F
Securities Administration Bureau : 1991 175.00 03-Jun-92 04-Jun-92 15-Jun-92 22-Jun-92 F
PT Adimitra Transferindo 1992 200.00 30-Oct-92 02-Nov-92 09-Nov-92 17-Nov-92 I
Plaza Property 2nd Fl. Komp. Pertokoan Pulomas Blok VIII No. 1 1992 315.00 15-Jun-93 16-Jun-93 24-Jun-93 23-Jul-93 F
Jln. Perintis Kemerdekaan Jakarta 13210 1993 200.00 02-Dec-93 03-Dec-93 10-Dec-93 20-Dec-93 I
Phone : 478-81515 (Hunting) 1993 73.00 22-Jul-94 25-Jul-94 01-Aug-94 01-Sep-94 I
Fax : 470-9697 1993 73.00 22-Jul-94 25-Jul-94 01-Aug-94 01-Sep-94 F
1994 155.00 13-Jul-95 14-Jul-95 24-Jul-95 10-Aug-95 F
BOARD OF COMMISSIONERS 1995 230.00 21-Sep-95 22-Sep-95 02-Oct-95 09-Oct-95 I
1. Hadi Gunawan Tjoe 1997 4:1 06-Jun-97 09-Jun-97 17-Jun-97 01-Jul-97
2. Herman Sugianto *) 1996 20.00 27-Aug-97 28-Aug-97 05-Sep-97 01-Oct-97 F
3. Jiacipto Jiaravanon 1999 50.00 11-Sep-00 12-Sep-00 19-Sep-00 05-Oct-00 F
4. Jialipto Jiaravanon 2001 10.00 02-Aug-02 05-Aug-02 08-Aug-02 15-Aug-02 F
5. Suparman S. *) 2002 15.00 23-Sep-03 24-Sep-03 26-Sep-03 10-Oct-03 F
*) Independent Commissioners 2006 38.00 30-Jul-07 31-Jul-07 02-Aug-07 16-Aug-07 F
2009 196.00 22-Jun-10 23-Jun-10 25-Jun-10 09-Jun-10 F
BOARD OF DIRECTORS 2010 25.00 24-Jan-11 25-Jan-11 27-Jan-11 09-Feb-11 I
1. Tjiu Thomas Effendy 2010 39.80 16-Jun-11 17-Jun-11 21-Jun-11 05-Jul-11 F
2. Eddy Dharmawan 2011 42.00 07-Jun-12 08-Jun-12 12-Jun-12 26-Jun-12 F
3. Ferdiansyah Gunawan Tjoe
4. Jemmy ISSUED HISTORY
5. Ong Mei Sian Listing Trading
6. Peraphon Prayooravong No. Type of Listing Shares Date Date
7. Vinai Rakphongphairoj 1. First Issue 2,500,000 18-Mar-91 18-Mar-91
2. Partial Listing 5,000,000 18-Mar-91 18-Jun-91
AUDIT COMMITTEE 3. Company Listing 45,000,000 11-Nov-91 18-Nov-91
1. Herman Sugianto 4. Convertible Bonds 839,738 20-Oct-94 20-Oct-94
2. Petrus Julius 5. Convertible Bonds 2,967,029 01-Dec-94 01-Dec-94
3. Rudy Dharma Kusuma 6. Right Issue 56,306,767 07-Feb-95 07-Feb-95
4. Suparman S. 7. Stock Split 112,613,534 26-May-97 26-May-97
5. Yustinus Eddy Tiono 8. Bonus Shares 56,306,767 02-Jul-97 02-Jul-97
9. Stock Split 1,126,135,340 15-Jan-01 15-Jan-01
CORPORATE SECRETARY 10. Right Issue 234,611,529 01-Aug-07 01-Aug-07
Hadijanto Kartika 11. Stock Split 1,642,280,704 01-Nov-07 01-Nov-07
12. Stock Split 13,138,245,632 08-Dec-10 08-Dec-10
HEAD OFFICE 13. Buy back -24,807,040 03-Jan-12 03-Jan-12
Jln. Ancol VIII/1
Jakarta 14430
.
Phone : (021) 691-9999
Fax : (62-021) 690-7324

Homepage : [Link]
Email : hadijanto@[Link]

RESEARCH DIVISION 75
 CPIN CharoenPokphandIndonesiaTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Charoen Pokphand Indonesia Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
4,000 320 Jan-09 500 410 435 691 41,110 19,011 19
Feb-09 570 415 500 1,862 51,173 25,132 20
3,500 280 Mar-09 550 450 500 2,749 42,147 20,464 20
Apr-09 600 450 490 3,833 135,230 68,711 20
May-09 700 495 650 5,467 631,777 329,837 20
3,000 240
Jun-09 740 620 650 2,408 46,523 31,748 22
Jul-09 1,080 620 1,060 2,972 94,172 69,824 21
2,500 200
Aug-09 1,520 1,050 1,380 10,096 148,491 189,899 20
Sep-09 1,430 1,300 1,370 2,283 30,091 40,988 18
2,000 160 Oct-09 2,175 1,370 2,025 14,330 171,889 312,894 22
Nov-09 2,350 1,950 2,025 9,748 95,653 203,370 20
1,500 120 Dec-09 2,400 2,000 2,250 6,369 84,567 183,849 19

1,000 80 Jan-10 2,400 2,100 2,200 5,927 63,527 143,594 20

Feb-10 2,250 1,990 2,000 2,420 20,586 42,834 19
500 40 Mar-10 2,925 1,990 2,800 7,269 93,556 229,251 22
Apr-10 3,025 2,625 3,000 4,630 353,273 608,764 21
May-10 3,050 2,325 2,750 7,446 86,841 234,992 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 3,850 2,600 3,550 13,676 138,881 461,581 22
Jul-10 5,350 3,300 5,200 15,643 140,470 599,314 22
Aug-10 6,550 4,550 6,450 12,224 82,784 443,285 21
Sep-10 8,750 6,000 8,700 14,543 83,028 649,717 17
Change of Closing Price, Oct-10 8,800 7,100 8,550 19,425 132,011 1,069,620 21
Basic Index and Jakarta Composite Index Nov-10 9,800 8,450 9,600 16,912 215,029 1,977,728 21
January 2009 - January 2013 Dec-10 9,600 1,650 1,840 33,787 460,274 1,101,932 20
4,060% 4022.3%
Jan-11 1,900 1,380 1,490 38,004 518,564 857,993 21
Jakarta Composite Index
3,480% Feb-11 1,730 1,460 1,520 28,352 388,787 613,020 18
Basic Index
Closing Price Mar-11 2,025 1,480 2,025 47,145 820,665 1,411,264 23
2,900% Apr-11 2,050 1,910 1,930 24,105 298,075 583,449 20
May-11 1,960 1,830 1,930 26,170 306,123 580,528 21
2,320% Jun-11 2,025 1,830 1,990 19,160 341,579 660,625 20
Jul-11 2,875 1,990 2,725 27,950 434,797 1,026,968 21
Aug-11 2,925 2,225 2,750 56,102 751,536 1,976,446 19
1,740%
Sep-11 2,975 1,910 2,400 50,440 668,175 1,670,181 20
Oct-11 2,850 2,125 2,675 34,599 367,795 913,970 21
1,160%
Nov-11 2,725 2,175 2,300 27,967 284,756 706,453 22
Dec-11 2,450 2,050 2,150 28,085 304,442 689,839 21
580%
277.2% Jan-12 2,550 2,100 2,500 28,901 362,122 843,531 21
- 209.9%
Feb-12 2,875 2,425 2,675 22,290 354,584 947,040 21
Mar-12 2,775 2,525 2,750 16,781 233,594 623,275 21
-580% Apr-12 2,825 2,625 2,750 14,447 163,751 443,008 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 2,800 2,550 2,625 16,503 200,774 536,404 21
Jun-12 3,425 2,325 3,425 21,919 274,107 792,772 21
Jul-12 3,425 2,925 3,200 23,542 261,769 823,958 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 3,200 2,600 2,700 23,263 254,560 729,813 19
Volume (Million Sh.) 1,573 1,870 5,485 3,173 173 Sep-12 3,025 2,650 3,025 19,062 243,921 697,362 20
Value (Billion Rp) 1,496 7,563 11,691 9,087 627 Oct-12 3,200 2,925 3,125 15,684 168,547 516,572 22
Frequency (Thou. X) 63 154 408 237 23 Nov-12 3,475 3,000 3,425 17,577 190,871 612,019 20
Days 241 245 247 246 21 Dec-12 3,650 3,125 3,650 17,348 464,529 1,521,474 18

Price (Rupiah) Jan-13 4,025 3,400 3,875 22,837 172,807 627,478 21

High 2,400 9,800 2,975 3,650 4,025
Low 410 1,650 1,380 2,100 3,400
Close 2,250 1,840 2,150 3,650 3,875
Close* 450 1,840 2,150 3,650 3,875

PER (X) 4.58 13.67 14.95 18.20 19.32

PER Industry (X) 9.88 12.86 10.41 9.79 10.21
PBV (X) 2.52 6.78 5.70 7.52 7.98
* Adjusted price after corporate action

76 RESEARCH DIVISION
 CPIN CharoenPokphandIndonesiaTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 396,944 387,996 1,317 876,198 1,009,036 12,500

Receivable 772,957 869,233 946,603 1,381,707 1,710,917

10,000

Inventories 1,447,561 1,575,018 1,554,780 2,339,543 3,447,427

7,500
Current Assets 3,109,597 3,281,275 4,274,636 5,250,245 7,190,529
Fixed Assets 1,657,000 1,685,370 1,931,069 3,198,604 4,118,954
5,000
Other Assets 48,782 38,322 46,685 51,645 68,827
Total Assets 5,178,540 5,349,375 6,518,276 8,848,204 11,747,849 2,500
Growth (%) 3.30% 21.85% 35.74% 32.77%
-
Current Liabilities 2,380,193 1,805,400 1,461,341 1,575,552 2,384,185 2008 2009 2010 2011 Sep-12

Long Term Liabilities 1,464,005 592,301 574,899 1,083,182 1,401,908

Total Liabilities 3,844,198 2,397,701 2,036,240 2,658,734 3,786,093
Growth (%) -37.63% -15.08% 30.57% 42.40% TOTAL EQUITY (Billion Rupiah)

7,962
Minority Interest 14,034 18,656 23,604 - -
Authorized Capital 400,000 400,000 400,000 400,000 400,000 6,189
Paid up Capital 164,228 164,228 16,398 163,980 163,980
6,338

Paid up Capital (Shares) 3,285 3,285 1,640 16,398 16,398 4,458

4,713

Par Value 50 50 10 10 10
1,034,683 2,647,393 4,173,277 5,876,112 7,652,803 2,933
Retained Earnings 3,089

Total Equity 1,320,308 2,933,018 4,458,432 6,189,470 7,961,756

1,320
Growth (%) 122.15% 52.01% 38.83% 28.63% 1,465

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-159

2008 2009 2010 2011 Sep-12

Total Revenues 13,212,988 14,559,005 15,077,822 17,957,972 15,911,265
Growth (%) 10.19% 3.56% 19.10%

TOTAL REVENUES (Billion Rupiah)

Expenses 11,468,613 11,689,920 11,323,708 14,033,726 12,057,087
Gross Profit 1,744,375 2,869,085 3,754,114 3,924,246 3,854,178 17,958
17,958

Operating Expenses 784,489 812,204 993,116 915,033 641,217 15,911

14,559 15,078
Operating Profit 959,886 2,056,881 2,760,998 3,009,213 3,212,961 14,295 13,213
Growth (%) 114.28% 34.23% 8.99%
10,631

Other Income (Expenses) -584,297 103,515 57,229 -34,633 -66,760

Income before Tax 375,589 2,160,396 2,818,227 2,974,580 3,146,201 6,968

Tax 118,518 540,978 598,366 612,083 680,100

3,304

Minority Interest -3,094 -6,708 -9,595 - -

Net Income 253,977 1,612,710 2,210,266 2,362,497 2,466,101 -359

Growth (%) 534.98% 37.05% 6.89% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 130.64 181.75 292.51 333.23 301.59 NET INCOME (Billion Rupiah)
Dividend (Rp) - 196.00 64.80 42.00 -
2,466
77.32 491.00 1,347.89 144.07 150.39 2,362
EPS (Rp) 2,466

2,210
BV (Rp) 401.97 892.97 2,718.89 377.45 485.53
DAR (X) 0.74 0.45 0.31 0.30 0.32 1,963

1,613
DER(X) 2.91 0.82 0.46 0.43 0.48
1,460

ROA (%) 7.25 40.39 43.24 33.62 26.78

ROE (%) 28.45 73.66 63.21 48.06 39.52 957

GPM (%) 13.20 19.71 24.90 21.85 24.22

OPM (%) 7.26 14.13 18.31 16.76 20.19 454
254
NPM (%) 1.92 11.08 14.66 13.16 15.50
Payout Ratio (%) - 39.92 4.81 29.15 -
-49

2008 2009 2010 2011 Sep-12

Yield (%) - 8.71 3.52 1.95 -

RESEARCH DIVISION 77
 CC O
OMM PP A
ANN YY RR EE PP O
O RR TT

EXCL
XL AXIATA TBK.

Company Profile

PT XL Axiata Tbk. was established on October 6th, 1989 under the name of PT
GrahametropolitanLestari.

TheCompanysmajorityshareholder,AxiataInvestments(Indonesia)[Link]
owned subsidiary of Axiata Investments (Labuan) Limited. Axiata Investments (Labuan)
LimitedisasubsidiaryofAxiataGroupBerhad.

The Companys purpose is to provide telecommunications services and/or
telecommunicationsnetworksand/[Link]
commercialoperationsin1996

TheCompanyhasthesubsidiarieswhichwereestablishedforissuanceofbondsandloans:
GSM One (L) Ltd. Malaysia, GSM Two (L) Ltd. Malaysia, and Excelcomindo Finance
[Link].

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

78 RESEARCH DIVISION
 EXCL XLAxiataTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 250.000
Industry Sector : Infrastructure, Utilities & Transportation (7) Listed Shares : 8,526,276,611
Industry Sub Sector : Telecommunication (73) Market Capitalization : 42,631,383,055,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 06-Oct-1989 1. Axiata Investments (Indonesia) Sdn. Bhd. 5,674,125,290 : 66.55%
Listing Date : 29-Sep-2005 2. Public ( <5% ) 2,852,151,321 : 33.45%
Under Writer IPO :
PT CIMB Niaga Securities DIVIDEND ANNOUNCEMENT
PT GK Goh Indonesia Bonus Cash Recording Payment
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Datindo Entrycom 2006 7.00 22-May-07 23-May-07 25-May-07 11-Jun-07 I
Wisma Sudirman - Puri Datindo 2007 20.00 28-Apr-08 29-Apr-08 02-May-08 16-May-08 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2010 107.00 11-May-11 12-May-11 16-May-11 31-May-11 F
Phone : 570-9009 2011 129.88 20-Apr-12 23-Apr-12 25-Apr-12 09-May-12 F
Fax : 570-9026
ISSUED HISTORY
BOARD OF COMMISSIONERS Listing Trading
1. YBhg Tan Sri Dato' Muhammad Radzi bin H. Mansor No. Type of Listing Shares Date Date
2. Elisa Lumbantoruan *) 1. First Issue 1,427,500,000 29-Sep-05 29-Sep-05
3. James Carl Grinwis Maclaurin 2. Company Listing 5,662,500,000 29-Sep-05 29-Sep-05
4. Peter J. Chambers *) 3. Right Issue 1,418,000,000 16-Dec-09 16-Dec-09
5. Yasmin Stamboel Wirjawan *) 4. Additional Listing without Right Issue 10,566,332 26-Apr-11 26-Apr-11
6. YBhg Dato' Sri Jamaludin bin Ibrahim 5. Long Term Incentive Program 7,710,279 16-Apr-12 16-Apr-12
*) Independent Commissioners

BOARD OF DIRECTORS
1. Hasnul Suhaimi
2. Dian Siswarini
3. Joy Wahjudi
4. Mohamed Adlan bin Ahmad Tajudin
5. Ongki Kurniawan
6. P. Nicanor V. Santiago III
7. Williem Lucas Timmermans

AUDIT COMMITTEE
1. Peter J. Chambers
2. Djoko Susanto
3. Navin Sonthalia
4. Yasmin Stamboel Wirjawan

CORPORATE SECRETARY
Murni Nurdini

HEAD OFFICE
Menara Prima 8th Fl.
Jln. DR. Ide Anak Agung Gde Agung Lot. E4 - 7 No. 1,
Kawasan Mega Kuningan, Jakarta Selatan - 12950
Phone : (021) 579-59387
Fax : (021) 579-59928

Homepage : [Link]
Email : murni@[Link]

RESEARCH DIVISION 79
 EXCL XLAxiataTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
XL Axiata Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
7,400 2,400 Jan-09 1,220 880 1,220 68 227 237 15
Feb-09 1,150 1,000 1,100 15 28 30 8
6,475 2,100 Mar-09 1,200 1,100 1,100 10 47 54 4
Apr-09 1,400 1,200 1,350 77 354 465 13
May-09 1,350 1,200 1,350 54 177 228 18
5,550 1,800
Jun-09 1,300 1,200 1,250 48 108 137 13
Jul-09 1,500 1,120 1,210 20 34 41 9
4,625 1,500
Aug-09 1,400 1,200 1,310 54 132 174 14
Sep-09 1,430 1,160 1,290 39 199 274 6
3,700 1,200 Oct-09 2,275 1,250 1,650 603 1,485 2,937 18
Nov-09 2,050 1,680 1,880 263 730 1,389 20
2,775 900 Dec-09 1,930 1,800 1,930 81 378 716 15

1,850 600 Jan-10 2,725 1,850 2,675 444 1,325 3,107 18

Feb-10 3,050 2,200 3,050 281 1,231 3,420 19
925 300 Mar-10 3,650 3,050 3,500 995 1,848,719 6,141,116 22
Apr-10 3,800 3,375 3,725 2,210 195,543 694,034 21
May-10 3,825 3,325 3,475 2,266 161,146 573,841 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 4,200 3,475 4,075 1,563 68,246 261,846 22
Jul-10 5,000 3,800 4,750 1,989 41,735 179,079 22
Aug-10 5,250 4,500 5,000 3,330 73,835 357,446 21
Sep-10 5,950 4,950 5,400 3,940 91,575 496,215 17
Change of Closing Price, Oct-10 5,850 5,100 5,750 4,612 77,869 430,339 21
Infrastructure Index and Jakarta Composite Index Nov-10 6,250 5,250 5,600 4,398 87,384 506,603 21
January 2009 - January 2013 Dec-10 5,950 5,200 5,300 3,716 106,650 585,229 20
770%
Jan-11 5,950 4,975 5,250 4,925 56,510 311,674 21
Jakarta Composite Index
660% Feb-11 5,800 4,975 5,700 4,978 130,463 685,980 18
Infrastructure Index
Closing Price Mar-11 5,900 5,250 5,450 4,143 116,397 655,579 23
550% Apr-11 7,100 5,500 6,800 8,002 82,986 505,343 20
May-11 7,000 6,050 6,150 17,490 292,579 1,875,647 21
468.2% Jun-11 6,300 5,700 6,150 14,706 180,249 1,088,323 20
440%
Jul-11 6,350 5,700 5,750 10,177 108,508 657,815 21
Aug-11 5,800 4,600 5,050 16,016 97,839 512,779 19
330%
Sep-11 5,650 3,675 4,975 14,667 87,788 444,954 20
Oct-11 5,700 4,425 5,000 12,608 79,468 395,922 21
220% 209.9% Nov-11 5,550 4,500 4,650 10,207 83,184 405,435 22
Dec-11 4,750 4,150 4,525 11,596 150,947 669,847 21
110%
81.7%
Jan-12 5,250 4,450 4,475 10,324 149,594 718,423 21
- Feb-12 4,950 4,475 4,725 10,385 145,053 683,660 21
Mar-12 5,200 4,400 5,050 14,166 92,236 430,517 21
-110% Apr-12 5,650 4,850 5,400 8,260 96,402 501,677 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 6,500 5,300 5,900 9,258 71,181 408,503 21
Jun-12 6,350 5,300 6,150 9,071 105,200 621,259 21
Jul-12 6,450 5,850 6,150 8,712 90,851 557,811 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 7,200 6,150 7,200 8,436 109,861 709,880 19
Volume (Million Sh.) 4 2,755 1,467 2,364 136 Sep-12 7,200 6,350 6,650 12,289 938,720 5,970,400 20
Value (Billion Rp) 7 10,232 8,209 14,149 745 Oct-12 7,400 6,600 6,850 12,368 170,346 1,184,562 22
Frequency (Thou. X) 1 30 130 134 13 Nov-12 6,800 5,000 5,150 20,756 232,169 1,437,261 20
Days 153 243 247 246 21 Dec-12 6,100 5,400 5,700 10,391 162,549 925,074 18

Price (Rupiah) Jan-13 5,900 4,975 5,000 12,646 136,402 745,434 21

High 2,275 6,250 7,100 7,400 5,900
Low 880 1,850 3,675 4,400 4,975
Close 1,930 5,300 4,525 5,700 5,000
Close* 1,930 5,300 4,525 5,700 5,000

PER (X) 9.61 15.60 13.62 16.61 14.57

PER Industry (X) 7.19 14.36 11.09 17.53 17.61
PBV (X) 1.87 3.85 2.82 3.28 2.88
* Adjusted price after corporate action

80 RESEARCH DIVISION
 EXCL XLAxiataTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,170,203 747,965 366,161 988,113 791,805 36,250

Receivable 938,578 454,063 558,601 669,978 597,077

29,000

Inventories 127,633 19,886 61,044 66,595 49,807

21,750
Current Assets 3,719,563 25,372,806 2,228,017 3,387,237 3,658,985
Fixed Assets 23,179,767 23,616,394 23,197,199 25,614,830 29,643,274
14,500
Other Assets 1,386,705 1,644,156 1,793,181 2,050,802 431,359
Total Assets 28,911,713 27,380,095 27,251,281 31,170,654 35,455,705 7,250
Growth (%) -5.30% -0.47% 14.38% 13.75%
-
Current Liabilities 6,196,579 6,008,894 4,563,033 8,728,212 8,739,996 2008 2009 2010 2011 2012

Long Term Liabilities 18,407,237 12,568,088 10,973,174 8,749,930 11,345,673

Total Liabilities 24,603,816 18,576,982 15,536,207 17,478,142 20,085,669
Growth (%) -24.50% -16.37% 12.50% 14.92% TOTAL EQUITY (Billion Rupiah)

15,370
Minority Interest - - - - - 15,370

13,693
Authorized Capital 2,265,000 2,265,000 2,265,000 2,265,000 2,265,000
11,715
Paid up Capital 709,000 850,800 850,800 851,857 852,628
12,235

Paid up Capital (Shares) 7,090 8,508 8,508 8,519 8,526 8,803

9,099

Par Value 100 100 100 100 100

Retained Earnings 907,213 2,616,681 5,507,942 7,426,556 9,063,057
4,308
5,964

Total Equity 4,307,897 8,803,113 11,715,074 13,692,512 15,370,036

Growth (%) 104.35% 33.08% 16.88% 12.25% 2,828

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

-307

2008 2009 2010 2011 2012

Total Revenues 9,764,826 13,706,051 17,458,639 18,712,778 20,969,806
Growth (%) 40.36% 27.38% 7.18% 12.06%

TOTAL REVENUES (Billion Rupiah)

Expenses 8,011,837 11,242,207 12,294,152 14,848,135 16,617,343
Gross Profit 1,752,989 2,463,844 5,164,487 3,864,643 4,352,463 20,970
18,713
20,970

Operating Expenses 8,011,837 11,242,207 12,294,152 14,848,135 16,617,343 17,459

Operating Profit 1,752,989 2,463,844 5,164,487 3,864,643 4,352,463 16,692

Growth (%) 40.55% 109.61% -25.17% 12.62% 13,706

12,414

9,765
Other Income (Expenses) -1,828,198 -113,578 -1,296,506 - -601,042
Income before Tax -75,209 2,350,266 3,867,981 3,864,643 3,751,421 8,136

Tax -60,100 640,798 976,720 1,034,542 -986,774

3,858

Minority Interest - - - - -
Net Income -15,109 1,709,468 2,891,261 2,830,101 2,743,915 -419

Growth (%) N/A 69.13% -2.12% -3.05% 2008 2009 2010 2011 2012

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

Current Ratio (%) 60.03 422.25 48.83 38.81 41.86 NET INCOME (Billion Rupiah)
Dividend (Rp) - - 107.00 129.88 -
2,891 2,830
EPS (Rp) -2.13 200.92 339.83 332.23 321.82 2,891
2,744

BV (Rp) 607.60 1,034.69 1,376.95 1,607.37 1,802.67

DAR (X) 0.85 0.68 0.57 0.56 0.57 2,310

DER(X) 5.71 2.11 1.33 1.28 1.31 1,709

1,729

ROA (%) -0.26 8.58 14.19 12.40 10.58

ROE (%) -1.75 26.70 33.02 28.22 24.41 1,147

GPM (%) 17.95 17.98 29.58 20.65 20.76

OPM (%) 17.95 17.98 29.58 20.65 20.76 566

NPM (%) -0.15 12.47 16.56 15.12 13.09 2008

Payout Ratio (%) - - 31.49 39.09 -
-15

-15 2009 2010 2011 2012

Yield (%) - - 2.02 2.87 -

RESEARCH DIVISION 81
 COMPANY REPORT

GGRM
GUDANG GARAM TBK.

Company Profile

PT Gudang Garam Tbk. (the Company) previously named as PT Perusahaan Rokok Tjap
GudangGaramKediri(PTGudangGaram),wasestablishedJune30th,1971.

The Company is engaged in cigarette industry and other related cigarette industry
activities.

The Companys Head Office at Jln. Semampir II/1, Kediri, East Java, and its plants are
located in Kediri, Gempol, and SoloKartasura. The Company also has representative
offices, which are Jakarta Representative Office at Jln. Jenderal A. Yani 79, Jakarta and
SurabayaRepresentativeOfficeatJln.Pengenal715,Surabaya.

The Company is a leading Kretek cigarette manufacturer in Indonesia which produces

various high quality products, varied from Corn Husk Cigarette (SKL), Handmade Kretek
Cigarette(SKT)andMachinemadeKretekCigarette(SKM)thathasbeendistributedboth
nationwideandworldwide.

Measuredbytotalasset,productssalesgain,numberofemployees,taxandcustomsand
other contributions, PT Gudang Garam Tbk has become a national cigarette company
whichgivessignificantcontributionforIndonesia.

Thecompanyhasdirectownershipinsubsidiaries:
PTSuryaPamenang,
PTSuryaMadistrindo,
PTGrahaSuryaMedia,and
PTSuryaAir.

Asof30September2012,theCompanyandsubsidiariesemployed44,160employees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

82 RESEARCH DIVISION
 GGRM GudangGaramTbk.
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 2,023.415
Industry Sector : Consumer Goods Industry (5) Listed Shares : 1,924,088,000
Industry Sub Sector : Tobacco Manufacturers (52) Market Capitalization : 99,763,962,800,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 26-Jun-1958 1. PT Suryaduta Investama 1,333,146,800 : 69.29%
Listing Date : 27-Aug-1990 2. PT Suryamitra Kusuma 120,442,700 : 6.26%
Under Writer IPO : 3. Public ( <5% ) 470,498,500 : 24.45%
PT Danareksa
PT Multicorp DIVIDEND ANNOUNCEMENT
PT Merincorp Bonus Cash Recording Payment
F/I
PT Surya Securities Year Shares Dividend Cum Date Ex Date Date Date
PT Ficonensia 1991 150.00 12-Jul-91 15-Jul-91 20-Jul-91 09-Aug-91
Securities Administration Bureau : 1992 150.00 22-Jul-93 23-Jul-93 30-Jul-93 23-Aug-93 F
PT Raya Saham Registra 1993 155.00 06-Jul-94 07-Jul-94 14-Jul-94 13-Aug-94 F
Plaza Central Building 2nd Fl. 1994 210.00 05-Jul-95 06-Jul-95 14-Jul-95 14-Aug-95 F
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1996 1:1 25-Apr-96 26-Apr-96 06-May-96 03-Jun-96
Phone : 252-5666 1995 75.00 16-Jul-96 17-Jul-96 25-Jul-96 19-Aug-96 F
Fax : 252-5028 1996 150.00 07-Jul-97 08-Jul-97 16-Jul-97 14-Aug-97 F
1997 120.00 03-Jul-98 07-Jul-98 15-Jul-98 13-Aug-98 F
BOARD OF COMMISSIONERS 1998 260.00 05-Jul-99 06-Jul-99 14-Jul-99 11-Aug-99 F
1. Juni Setiawati Wonowidjojo 1999 500.00 06-Jul-00 07-Jul-00 17-Jul-00 31-Jul-00 F
2. Frank Willem Van Gelder *) 2000 500.00 27-Nov-00 28-Nov-00 05-Dec-00 19-Dec-00 I
3. Lucas Mulia Suhardjo *) 2001 300.00 02-Jul-02 03-Jul-02 08-Jul-02 19-Jul-02 F
4. Yudiono Muktiwidjojo *) 2002 300.00 27-Jun-03 30-Jun-03 02-Jul-03 11-Jul-03 F
*) Independent Commissioners 2003 300.00 16-Jul-04 19-Jul-04 21-Jul-04 04-Aug-04 F
2005 500.00 21-Jul-05 22-Jul-05 26-Jul-05 08-Aug-05
BOARD OF DIRECTORS 2005 500.00 21-Jul-06 24-Jul-06 26-Jul-06 07-Aug-06 F
1. Susilo Wonowidjojo 2006 250.00 23-Jul-07 24-Jul-07 26-Jul-07 09-Aug-07 F
2. Buana Susilo 2007 250.00 15-Jul-08 16-Jul-08 18-Jul-08 01-Aug-08 F
3. Fajar Sumeru 2008 350.00 14-Jul-09 15-Jul-09 17-Jul-09 30-Jul-09 F
4. Ginawati 2009 650.00 13-Jul-10 14-Jul-10 16-Jul-10 29-Jul-10 F
5. Herry Susianto 2010 880.00 25-Jul-11 26-Jul-11 28-Jul-11 08-Aug-11 F
6. Heru Budiman 2011 1,000.00 30-Jul-12 31-Jul-12 02-Aug-12 16-Aug-12 F
7. Istata Taswin Sidharta
8. Sony Sasono Rahmadi ISSUED HISTORY
Listing Trading
AUDIT COMMITTEE No. Type of Listing Shares Date Date
1. Frank Willem van Gelder 1. First Issue 57,807,800 27-Aug-90 27-Aug-90
2. Bambang Susilo 2. Partial Listing 38,396,600 27-Aug-90 27-Feb-91
3. Jusuf Halim 3. Founders Shares 375,197,600 31-May-94 31-May-94
4. Koperasi 9,620,000 31-May-94 00-Jan-00
CORPORATE SECRETARY 5. Stock Split 481,022,000 03-Jun-96 03-Jun-96
Heru Budiman 6. Bonus Shares 962,044,000 04-Jun-96 05-Jun-96

HEAD OFFICE
Jln. Jend. A. Yani No. 79
Jakarta - 10510
Phone : (021) 420-2460
Fax : (021) 424-3136

Homepage : [Link]
Email : corporate_secretary@[Link]

RESEARCH DIVISION 83
 GGRM GudangGaramTbk.
Closing Price* and Trading Volume
TRADING ACTIVITIES
Gudang Garam Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
68,000 32.0 Jan-09 5,400 4,375 5,400 2,281 9,864 46,268 19
Feb-09 6,250 5,100 5,200 3,201 15,651 88,084 20
59,500 28.0 Mar-09 6,000 4,925 5,900 2,408 11,250 61,004 20
Apr-09 7,550 5,900 7,450 2,152 14,275 92,162 20
May-09 12,000 7,200 11,350 3,704 77,318 687,554 20
51,000 24.0
Jun-09 12,750 10,700 12,550 5,539 51,797 580,205 22
Jul-09 15,100 11,750 14,100 5,222 26,439 349,802 21
42,500 20.0
Aug-09 15,450 14,050 14,300 3,313 22,834 329,861 20
Sep-09 15,050 13,700 14,900 2,721 12,620 184,088 18
34,000 16.0 Oct-09 14,900 11,900 14,300 4,921 16,175 224,665 22
Nov-09 17,600 13,500 17,250 5,436 41,296 687,000 20
25,500 12.0 Dec-09 21,800 17,200 21,550 5,563 26,293 503,779 19

17,000 8.0 Jan-10 24,300 20,650 24,000 6,103 29,594 683,961 20

Feb-10 26,500 23,550 26,050 3,791 18,728 461,129 19
8,500 4.0 Mar-10 28,000 24,600 24,750 7,514 25,311 665,026 22
Apr-10 28,500 24,750 27,600 9,299 25,106 673,756 21
May-10 38,150 27,400 33,700 12,065 57,347 1,862,994 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 35,450 29,450 34,200 13,049 39,162 1,294,682 22
Jul-10 36,000 32,750 35,000 8,293 20,012 696,081 22
Aug-10 41,100 34,600 39,400 6,779 47,307 1,563,843 21
Sep-10 51,600 39,400 51,600 9,809 28,137 1,295,333 17
Change of Closing Price, Oct-10 52,500 45,900 47,700 12,651 35,210 1,729,745 21
Consumer Goods Index and Jakarta Composite Index Nov-10 48,600 40,700 40,700 9,492 48,751 1,940,010 21
January 2009 - January 2013 Dec-10 46,100 36,900 40,000 14,804 30,575 1,259,668 20
1,470%
Jan-11 41,350 34,000 37,250 19,222 42,483 1,594,349 21
Jakarta Composite Index
1,260% Feb-11 38,350 33,300 36,550 15,422 29,060 1,036,576 18
Consumer Goods Index
Closing Price Mar-11 43,100 35,850 41,850 17,678 31,054 1,239,465 23
1,050% 1071.8% Apr-11 41,500 40,000 40,600 14,189 28,806 1,166,285 20
May-11 44,900 40,350 43,550 9,674 17,711 754,867 21
840% Jun-11 50,100 43,300 49,800 11,628 23,804 1,093,954 20
Jul-11 57,000 47,400 50,900 13,717 26,505 1,348,972 21
Aug-11 56,500 46,900 55,000 18,035 31,756 1,672,663 19
630%
Sep-11 61,500 47,400 52,500 21,191 29,637 1,594,104 20
Oct-11 61,150 51,000 58,600 18,610 30,293 1,706,426 21
420%
370.1% Nov-11 65,000 56,000 65,000 12,066 20,160 1,231,087 22
Dec-11 67,000 59,100 62,050 13,867 20,282 1,267,505 21
210% 209.9%
Jan-12 63,250 55,400 57,000 17,928 24,428 1,440,624 21
- Feb-12 59,850 50,050 56,750 24,119 33,685 1,855,940 21
Mar-12 57,300 51,400 55,050 20,086 30,356 1,645,012 21
-210% Apr-12 60,450 55,300 59,200 16,395 25,722 1,498,625 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 61,050 54,000 54,100 17,382 25,548 1,481,745 21
Jun-12 62,800 53,350 61,500 12,187 19,587 1,147,973 21
Jul-12 63,800 55,250 56,350 17,251 33,688 1,958,846 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 55,500 48,100 50,100 27,096 41,704 2,143,553 19
Volume (Million Sh.) 326 405 332 370 36 Sep-12 50,500 45,900 46,450 18,256 26,130 1,247,867 20
Value (Billion Rp) 3,834 14,126 15,706 20,026 1,900 Oct-12 53,600 46,250 49,150 18,562 34,242 1,718,568 22
Frequency (Thou. X) 46 114 185 228 20 Nov-12 53,000 46,050 52,850 22,959 43,229 2,115,356 20
Days 241 245 247 246 21 Dec-12 60,450 52,500 56,300 15,404 31,454 1,771,421 18

Price (Rupiah) Jan-13 57,000 49,500 51,850 20,401 36,082 1,900,377 21

High 21,800 52,500 67,000 63,800 57,000
Low 4,375 20,650 33,300 45,900 49,500
Close 21,550 40,000 62,050 56,300 51,850
Close* 21,550 40,000 62,050 56,300 51,850

PER (X) 12.00 18.56 24.08 26.70 24.59

PER Industry (X) 20.07 16.41 16.22 19.75 20.36
PBV (X) 2.27 3.63 4.86 4.23 3.90
* Adjusted price after corporate action

84 RESEARCH DIVISION
 GGRM GudangGaramTbk.
Financial Data and Ratios Book End : December
Public Accountant : Siddharta & Widjaja (Member of KPMG International)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,134,826 1,222,897 1,249,249 1,094,895 1,464,145 41,250

Receivable 2,098,598 1,038,958 915,004 937,987 1,208,829

33,000

Inventories 13,528,987 16,853,310 20,174,168 28,020,017 26,766,505

24,750
Current Assets 17,008,576 19,584,533 22,908,293 30,381,754 30,208,026
Fixed Assets 6,608,094 7,019,464 7,406,632 8,189,881 9,473,842
16,500
Other Assets 444,490 613,344 411,400 479,473 1,002,468
Total Assets 24,072,959 27,230,965 30,741,679 39,088,705 40,728,153 8,250
Growth (%) 13.12% 12.89% 27.15% 4.19%
-
Current Liabilities 7,670,532 7,961,279 8,481,933 13,534,319 14,044,923 2008 2009 2010 2011 Sep-12

Long Term Liabilities 883,156 887,145 939,470 1,003,458 1,103,524

Total Liabilities 8,553,688 8,848,424 9,421,403 14,537,777 15,148,447
Growth (%) 3.45% 6.48% 54.31% 4.20% TOTAL EQUITY (Billion Rupiah)

25,580
24,551
Minority Interest 5 81,004 123,114 - -
Authorized Capital 1,158,000 1,158,000 1,158,000 1,158,000 1,158,000 21,197

962,044 962,044 962,044 962,044 962,044 18,302

Paid up Capital
20,361

15,519
Paid up Capital (Shares) 1,924 1,924 1,924 1,924 1,924
15,143

Par Value 500 500 500 500 500

Retained Earnings 14,503,522 17,285,793 20,181,418 23,382,278 24,464,238 9,925

Total Equity 15,519,266 18,301,537 21,197,162 24,550,928 25,579,706

Growth (%) 17.93% 15.82% 15.82% 4.19% 4,707

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-512

2008 2009 2010 2011 Sep-12

Total Revenues 30,251,643 32,973,080 37,691,997 41,884,352 35,599,132
Growth (%) 9.00% 14.31% 11.12%

TOTAL REVENUES (Billion Rupiah)

Expenses 25,095,136 25,807,564 28,826,410 31,754,984 28,897,504
Gross Profit 5,156,507 7,165,516 8,865,587 10,129,368 6,701,628 41,884
37,692
41,884

Operating Expenses 1,990,872 1,958,679 3,007,726 3,514,397 2,310,278 35,599

32,973
Operating Profit 3,165,635 5,206,837 5,857,861 6,614,971 4,391,350 33,340
30,252
Growth (%) 64.48% 12.50% 12.92%
24,796

Other Income (Expenses) -509,102 -378,084 -226,565 - -334,224

Income before Tax 2,656,344 4,828,213 5,631,296 6,614,971 4,057,126 16,251

Tax 775,852 1,342,312 1,416,507 1,656,869 1,014,422

7,707

Minority Interest - -30,199 -68,507 - -

Net Income 1,880,492 3,455,702 4,146,282 4,958,102 3,042,704 -838

Growth (%) 83.77% 19.98% 19.58% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 221.74 246.00 270.08 224.48 215.08 NET INCOME (Billion Rupiah)
Dividend (Rp) 350.00 650.00 880.00 1,000.00 -
4,958
EPS (Rp) 977.34 1,796.02 2,154.93 2,576.86 1,581.37 4,958

BV (Rp) 8,065.78 9,511.80 11,016.73 12,759.77 13,294.46 4,146

DAR (X) 0.36 0.32 0.31 0.37 0.37 3,947

3,456
3,043
DER(X) 0.55 0.48 0.44 0.59 0.59
2,935

ROA (%) 11.03 17.73 18.32 16.92 9.96

1,880
ROE (%) 17.12 26.38 26.57 26.94 15.86 1,924

GPM (%) 17.05 21.73 23.52 24.18 18.83

OPM (%) 10.46 15.79 15.54 15.79 12.34 912

NPM (%) 6.22 10.48 11.00 11.84 8.55

Payout Ratio (%) 35.81 36.19 40.84 38.81 -
-99

2008 2009 2010 2011 Sep-12

Yield (%) 8.24 3.02 2.20 1.61 -

RESEARCH DIVISION 85
 CC O
OMM PP A
ANN YY RR EE PP O
O RR TT

GIAA
GARUDA INDONESIA (PERSERO) TBK.

Company Profile

PTGarudaIndonesia(Persero)Tbk.wasestablishedonMarch31st,1950.

The purpose and objectives of the Company are to carry on business in the field of
commercial air transportation services, and to optimize the utilization of the resources
ownedbytheCompanytoproducegoodsand/ortorendertheserviceswhichareofhigh
andcompetitivequalityinachievingorpursuingtheprofitssoastoimprovethevaluesof
theCompanybyapplyingtheprinciplesofLimitedLiabilityCompany.

The Company is the flag carrier of Indonesia and serves as a full service airline. Garuda
Indonesia currently operates 82 aircrafts and serves 33 domestic and 18 international
destinationsinAsia(RegionalSoutheastAsia,MiddleEast,China,JapanandSouthKorea),
Australia,andEurope(TheNetherlands).

Number of awards in the last two years are a real prove of Garuda Indonesia
competencies. In 2010, Skytrax rewarded Garuda Indonesia as a Four Star Airline and
The Worlds Most Improved Airline. Subsequently, in July 2012 Garuda Indonesia
[Link]
Centre for Asia Aviation (CAPA) awardedGaruda Indonesia as Airline Turnaroundof the
Yearin2010.Andin2012,RoyMorgan,independentinternationalresearchinAustralia,
awarded Garuda Indonesia as "The Best International Airline" for the month of January,
February,andJuly.

Apartfromthemainbusinessasfullserviceairline,GarudaIndonesiaGroupalsoconsists
ofStrategicBusinessUnit(SBU)[Link]
Medical Center. The subsidiaries are PT Citilink Indonesia as Low Cost Carrier (LCC); PT
Aerowisata (hotel, ground transportation, travel agent and catering); PT Abacus
Distribution Systems Indonesia (global distribution system); PT Aero System
Indonesia/Asyst(providerofITservicesforthetravelandtransportationindustry),andPT
GarudaMaintenanceFacilityorknownasGMFAeroAsia(aircraftmaintenance,repair,and
overhaul).

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

86 RESEARCH DIVISION
 GIAA GarudaIndonesia(Persero)Tbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 86.667
Industry Sector : Infrastructure, Utilities & Transportation (7) Listed Shares : 22,640,996,000
Industry Sub Sector : Transportation (74) Market Capitalization : 14,716,647,400,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 31-Mar-1950 1. Negara Republik Indonesia 15,653,128,000 : 69.14%
Listing Date : 11-Feb-2011 2. Credit Suisse AG Singapore TR AC CL PT Trans Airways 2,466,965,725 : 10.90%
Under Writer IPO : 3. Public ( <5% ) 4,520,902,275 : 19.97%
PT Bahana Securities
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
PT Mandiri Sekuritas Bonus Cash Recording Payment
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Datindo Entrycom -
Wisma Sudirman - Puri Datindo
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 ISSUED HISTORY
Phone : 570-9009 Listing Trading
Fax : 570-9026 No. Type of Listing Shares Date Date
1. First Issue 6,335,738,000 11-Feb-11 11-Feb-11
BOARD OF COMMISSIONERS 2. Company Listing 16,305,258,000 11-Feb-11 11-Feb-11
1. Bambang Susantono
2. Bambang Wahyudi
3. Betty Alisjahbana *)
4. Peter F. Gontha *)
5. Sonatha Halim Jusuf
6. Wendy Aritenang Yazid
*) Independent Commissioners

BOARD OF DIRECTORS
1. Emirsyah Satar
2. Batara Silaban
3. Elisa Lumbantoruan
4. Faik Fahmi
5. Handrito Hardjono
6. Heriyanto Agung Putra
7. Judi Rifajantoro
8. Novijanto Herupratomo

AUDIT COMMITTEE
1. Betty Alisjahbana
2. Chaerul D. Djakman
3. Prasetyo Suhardi

CORPORATE SECRETARY
Ike Andriani

HEAD OFFICE
Management Building, Garuda City
Bandara Udara Internasional Soekarno Hatta
Cengkareng - 19120
Phone : (021) 256-01028
Fax : (021) 256-01028, 231-1223

Homepage : [Link]
Email : [Link]@[Link]

RESEARCH DIVISION 87
 GIAA GarudaIndonesia(Persero)Tbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Garuda Indonesia (Persero) Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* February 2011 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
780 3,200 Feb-11 700 510 530 23,616 1,313,438 794,112 11
Mar-11 580 500 530 17,203 655,784 350,609 23
683 2,800 Apr-11 560 530 550 12,263 422,064 221,690 20
May-11 550 500 540 4,950 271,854 142,662 21
Jun-11 540 510 530 3,356 490,139 264,203 20
585 2,400
Jul-11 540 490 510 7,415 386,222 197,780 21
Aug-11 510 420 500 9,336 738,463 487,948 19
488 2,000
Sep-11 520 425 435 6,615 230,709 108,824 20
Oct-11 455 390 445 7,644 289,835 122,276 21
390 1,600 Nov-11 445 400 415 9,299 227,557 95,785 22
Dec-11 500 400 475 9,052 910,433 563,891 21
293 1,200
Jan-12 600 465 550 13,832 1,856,304 972,373 21
195 800 Feb-12 650 540 580 11,708 748,981 450,467 21
Mar-12 660 560 620 7,716 437,062 263,932 21
98 400 Apr-12 720 600 670 10,639 3,182,281 1,996,596 20
May-12 740 650 710 10,813 687,588 483,667 21
Jun-12 720 630 710 6,343 298,332 201,465 21
Feb-11 Aug-11 Feb-12 Aug-12 Jul-12 780 670 740 11,640 586,699 432,406 22
Aug-12 750 600 630 8,168 356,297 236,577 19
Sep-12 640 580 620 11,168 400,491 242,197 20
Oct-12 740 620 690 12,364 627,951 427,913 22
Change of Closing Price, Nov-12 710 660 690 6,810 285,593 195,304 20
Infrastructure Index and Jakarta Composite Index Dec-12 710 620 660 7,065 303,122 201,855 18
February 2011 - January 2013
40% Jan-13 670 610 650 5,966 302,838 195,543 21
Jakarta Composite Index
30% Infrastructure Index 31.3%
Closing Price
23.8%
20%

10%
4.8%
-

-10%

-20%

-30%

-40%
Feb 11 Aug 11 Feb 12 Aug 12

SHARES TRADED 2011 2012 Jan-13

Volume (Million Sh.) 5,936 9,771 303
Value (Billion Rp) 3,350 6,105 196
Frequency (Thou. X) 111 118 6
Days 219 246 21

Price (Rupiah)
High 700 780 670
Low 390 465 610
Close 475 660 650
Close* 475 660 650

PER (X) 12.52 19.22 18.93

PER Industry (X) 11.09 17.53 17.61
PBV (X) 1.42 1.59 1.56
* Adjusted price after corporate action

88 RESEARCH DIVISION
 GIAA GarudaIndonesia(Persero)Tbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Osman Bing Satrio & Rekan (Member of Deloitte Touche Tohmatsu Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 3,783,646 2,006,231 21,250

Receivable 1,621,820 1,694,870

17,000

Inventories 720,555 777,831

12,750
Current Assets 6,784,092 5,444,829
Fixed Assets 5,045,542 6,372,562
8,500
Other Assets 462,410 468,577
Total Assets 18,009,967 21,160,792 4,250
Growth (%) 17.49%
-
Current Liabilities 5,866,978 7,169,180 2011 Sep-12

Long Term Liabilities 4,595,856 4,573,451

Total Liabilities 10,462,834 11,742,631
Growth (%) 12.23% TOTAL EQUITY (Billion Rupiah)

9,418
Minority Interest - - 9,418

Authorized Capital 15,000,000 15,000,000 7,547

Paid up Capital 11,320,498 11,320,498
7,497

Paid up Capital (Shares) 22,641 22,641

5,576

Par Value 500 500

Retained Earnings -5,974,223 -12,767,184 3,654

Total Equity 7,547,134 9,418,161

Growth (%) 24.79% 1,733

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-188

2011 Sep-12
Total Revenues 27,164,570 22,882,385
Growth (%)

TOTAL REVENUES (Billion Rupiah)

Expenses 26,152,842 21,993,066
Gross Profit 1,011,727 889,320 27,165
27,165

Operating Expenses 26,152,842 21,993,066 22,882

Operating Profit 1,011,727 889,320 21,623

Growth (%)
16,081

Other Income (Expenses) -9,070 -71,047

Income before Tax 1,002,657 818,273 10,540

Tax 193,992 -276,770

4,998

Minority Interest - -
Net Income 858,795 583,004 -543

Growth (%) 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 115.63 75.95 NET INCOME (Billion Rupiah)
Dividend (Rp) - -
859
EPS (Rp) 37.93 25.75 859

BV (Rp) 333.34 415.98

DAR (X) 0.58 0.55 684

583
DER(X) 1.39 1.25
508

ROA (%) 5.57 3.87

ROE (%) 13.29 8.69 333

GPM (%) 3.72 3.89

OPM (%) 3.72 3.89 158

NPM (%) 3.16 2.55

Payout Ratio (%) - -
-17

2011 Sep-12
Yield (%) - -

RESEARCH DIVISION 89
 COMPANY REPORT

HRUM
HARUM ENERGY TBK.

Company Profile

PT Harum Energy Tbk. was originally established as PT Asia Antrasit dated October 12th,
1995.

In accordance with Article 3 of the Companys Articles of Association, the scope of its
businessactivitiesismainlytoengageinmining,[Link],
the main business activities of the Company are operating and investing in coal mining,
trading and services industries through its subsidiaries. The Company started its
commercial operations in 2007. The Company and its subsidiaries had 935 employees in
September30th,2012.

PT Harum Energy Tbk. is one of the leading thermal coal producers in Indonesia with
[Link]
company,theCompanyoperatesthreecoalminesandatugandbargeoperation.

The Company markets its coal to a diversified group of customers in various Asian
countries, such as Japan, South Korea, Taiwan, China and India, under both multiyear
contracts as well as spot contracts. The Company's customers include large coalfired
powergeneratingandmanufacturingcompanieslocatedthroughoutAsia.

[Link].80,
JakartaPusat.

TheCompanyhasownershipinterestdirectlyorindirectly,inthefollowingsubsidiaries:
PTMahakamSumberJaya
PTLayarLintasJaya
HarumEnergyAustraliaLtd.
PTTambangBatubaraHarum
HarumEnergyCapitalLtd

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

90 RESEARCH DIVISION
 HRUM HarumEnergyTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 115.385
Industry Sector : Mining (2) Listed Shares : 2,703,620,000
Industry Sub Sector : Coal Mining (21) Market Capitalization : 16,221,720,000,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 12-Oct-1995 1. PT Karunia Bara Perkasa 1,902,983,500 : 70.39%
Listing Date : 06-Oct-2010 2. Public ( <5% ) 800,561,500 : 29.61%
Under Writer IPO :
PT Ciptadana Securities DIVIDEND ANNOUNCEMENT
PT Mandiri Sekuritas Bonus Cash Recording Payment
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Datindo Entrycom 2010 244.10 30-May-11 31-May-11 03-Jun-11 17-Jun-11 F
Wisma Sudirman - Puri Datindo 2011 380.00 08-Jun-12 11-Jun-12 13-Jun-12 22-Jun-12 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : 570-9009 ISSUED HISTORY
Fax : 570-9026 Listing Trading
No. Type of Listing Shares Date Date
BOARD OF COMMISSIONERS 1. First Issue 200,000,000 06-Oct-10 06-Oct-10
1. Lawrence Barki 2. Founder Divestment 300,000,000 06-Oct-10 06-Oct-10
2. Agus Rajani Panjaitan *) 3. Over Allotment 50,000,000 06-Oct-10 06-Oct-10
3. Budi Rahardja 4. Company Listing 2,150,000,000 06-Oct-10 06-Oct-10
4. Yun Mulyana 5. EMSOP I 67,500 29-Dec-11 29-Dec-11
5. Sony Budi Harsono *) 6. EMSOP I 32,500 05-Jan-12 05-Jan-12
*) Independent Commissioners 7. EMSOP I 100,000 06-Jan-12 06-Jan-12
8. EMSOP I 700,000 11-Jan-12 11-Jan-12
BOARD OF DIRECTORS 9. EMSOP I 2,195,000 17-Jan-12 17-Jan-12
1. Ray Antonio Gunara 10. EMSOP I 450,000 18-Jan-12 18-Jan-12
2. David John Heap 11. EMSOP I 75,000 09-Jan-13 09-Jan-13
3. Eddy Sumarsono
4. Kenneth Scott Andrew Thompson

AUDIT COMMITTEE
1. Agus Rajani Panjaitan
2. Simon Halim
3. Sony Bydi Harsono

CORPORATE SECRETARY
Alexandra Mira Sukmawati

HEAD OFFICE
Jln. Alaydrus No. 80
Jakarta Pusat No. 80
Phone : (021) 634-5222
Fax : (021) 634-5221

Homepage :-
Email : corsec@[Link]

RESEARCH DIVISION 91
 HRUM HarumEnergyTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Harum Energy Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* October 2010 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
12,000 480 Oct-10 6,250 5,200 5,850 13,106 616,082 3,313,064 18
Nov-10 7,500 5,700 6,800 14,074 326,375 2,098,719 21
10,500 420 Dec-10 9,300 6,700 9,000 9,938 153,334 1,190,619 20

Jan-11 9,900 7,850 7,950 16,665 167,756 1,522,888 21

9,000 360
Feb-11 8,850 7,800 8,250 12,047 90,045 750,518 18
Mar-11 9,200 8,000 8,950 16,155 125,252 1,106,944 23
7,500 300
Apr-11 9,650 8,800 9,600 10,989 94,679 875,894 20
May-11 9,600 9,000 9,150 10,224 371,793 3,386,010 21
6,000 240 Jun-11 9,800 8,900 9,550 10,455 124,702 1,165,277 20
Jul-11 10,700 9,400 9,700 11,670 104,088 1,037,826 21
4,500 180 Aug-11 9,950 7,400 7,750 24,480 215,394 1,846,874 19
Sep-11 8,950 6,300 7,100 23,986 208,796 1,600,802 20
3,000 120 Oct-11 8,500 5,900 7,850 24,421 236,783 1,717,275 21
Nov-11 8,400 6,700 6,700 19,886 187,053 1,414,934 22
1,500 60 Dec-11 7,600 6,600 6,850 18,064 174,210 1,216,834 21

Jan-12 7,650 6,750 7,600 13,157 133,467 972,512 21

Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Feb-12 9,000 7,450 8,800 14,546 176,333 1,459,716 21
Mar-12 8,850 7,900 8,150 13,495 127,098 1,057,144 21
Apr-12 8,450 7,100 7,150 20,900 185,916 1,434,320 20
May-12 7,400 6,000 6,100 24,298 195,195 1,310,667 21
Change of Closing Price, Jun-12 6,150 5,100 5,700 27,831 250,729 1,425,599 21
Mining Index and Jakarta Composite Index Jul-12 6,350 5,500 5,650 22,986 199,620 1,177,473 22
October 2010 - January 2013 Aug-12 6,350 5,500 5,850 12,096 155,985 930,617 19
100% Sep-12 6,500 5,800 5,900 14,366 174,280 1,075,603 20
Oct-12 5,950 5,300 5,400 12,203 100,626 561,569 22
Jakarta Composite Index
80% Nov-12 5,550 4,950 5,000 8,090 74,548 395,433 20
Mining Index
Closing Price Dec-12 6,250 4,875 6,000 16,661 179,121 1,007,799 18
60%
Jan-13 6,700 5,900 6,000 17,532 122,383 767,026 21
40%

23.6%
20%
10.1%
-

-20%
-28.9%
-40%

-60%
Oct 10 Apr 11 Oct 11 Apr 12 Oct 12

SHARES TRADED 2010 2011 2012 Jan-13

Volume (Million Sh.) 1,096 2,101 1,953 122
Value (Billion Rp) 6,602 17,642 12,808 767
Frequency (Thou. X) 37 199 201 18
Days 59 247 246 21

Price (Rupiah)
High 9,300 10,700 9,000 6,700
Low 5,200 5,900 4,875 5,900
Close 9,000 6,850 6,000 6,000
Close* 9,000 6,850 6,000 6,000

PER (X) 29.49 10.82 9.01 9.01

PER Industry (X) 17.69 16.17 8.49 9.03
PBV (X) 10.57 5.20 4.07 4.07
* Adjusted price after corporate action

92 RESEARCH DIVISION
 HRUM HarumEnergyTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Osman Bing Satrio & Rekan (Member of Deloitte Touche Tohmatsu Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,029,592 1,660,807 1,815,159 6,250

Receivable 468,947 572,505 666,672

5,000

Inventories 296,910 626,515 1,009,513

3,750
Current Assets 1,808,378 2,866,473 3,518,636
Fixed Assets 1,011,109 1,077,768 1,155,709
2,500
Other Assets 15,134 18,274 38,002
Total Assets 3,470,174 4,645,148 5,410,706 1,250
Growth (%) 33.86% 16.48%
-
Current Liabilities 866,081 1,070,554 1,400,340 2010 2011 Sep-12

Long Term Liabilities 59,203 17,613 21,815

Total Liabilities 925,284 1,088,167 1,422,154
Growth (%) 17.60% 30.69% TOTAL EQUITY (Billion Rupiah)

3,989
Minority Interest 246,384 - - 3,557
Authorized Capital 1,000,000 1,000,000 1,000,000
Paid up Capital 270,000 270,000 276,867
3,175

Paid up Capital (Shares) 2,700 2,700 2,769 2,299

2,361

Par Value 100 100 100

Retained Earnings 974,086 1,779,263 1,968,871 1,548

Total Equity 2,298,506 3,556,981 3,988,552

Growth (%) 54.75% 12.13% 734

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-80

2010 2011 Sep-12

Total Revenues 4,486,422 7,296,631 8,006,796
Growth (%) 62.64%

TOTAL REVENUES (Billion Rupiah)

Expenses 2,909,766 4,322,420 5,422,037
Gross Profit 1,576,656 2,974,211 2,584,760 8,007
8,007

7,297
Operating Expenses 433,900 655,876 688,459
Operating Profit 1,142,756 2,318,335 1,896,301 6,373

Growth (%) 102.87%

4,486
4,740

Other Income (Expenses) -47,311 - -

Income before Tax 1,227,359 2,318,335 1,896,301 3,107

Tax 246,153 539,351 437,999

1,473

Minority Interest -157,266 - -

Net Income 823,940 1,709,316 1,349,577 -160

Growth (%) 107.46% 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 208.80 267.76 251.27 NET INCOME (Billion Rupiah)
Dividend (Rp) 244.10 380.00 -
1,709
EPS (Rp) 305.16 633.08 487.45
BV (Rp) 851.30 1,317.40 1,440.60 1,350

DAR (X) 0.27 0.23 0.26 1,258

DER(X) 0.40 0.31 0.36 824

807

ROA (%) 35.37 49.91 35.05

ROE (%) 53.40 65.18 47.54 356

GPM (%) 35.14 40.76 32.28

OPM (%) 25.47 31.77 23.68 -96

2010 2011 Sep-12

NPM (%) 18.37 23.43 16.86
Payout Ratio (%) 79.99 60.02 -
-547

Yield (%) 2.71 5.55 -

RESEARCH DIVISION 93
 COMPANY REPORT

ICBP
INDOFOOD CBP SUKSES MAKMUR TBK.

Company Profile

PT Indofood CBP Sukses Makmur Tbk. was established in the Republic of Indonesia on
September2nd,2009.

The Company was the result of the spinoff of the Noodle Division and Food Ingredients
DivisionofPTIndofoodSuksesMakmurTbk.,thecontrollingshareholderoftheCompany,
andstartedtocarryouttherelatedbusinessoperationsonOctober1st,2009.

Thescopeofitsactivitiescomprises,amongothers,themanufactureofnoodlesandfood
ingredients,culinaryfoodproducts,biscuits,snacks,nutritionandspecialfoods,packaging,
trading,transportation,warehousingandcoldstorage,managementservices,andresearch
anddevelopment.

TheCompanyisanestablishedmarketleadingproducerofpackagedfoodproductswitha
diverse range of products providing everyday food solutions for consumers of all ages.
ManyofitsproductsbrandsareamongthestrongestbrandswithsignificantTopofMind
status in Indonesia and have gained the trust and loyalty of millions of consumers in
Indonesiafordecades.

TheCompanyhasdirectshareownershipsinthefollowingsubsidiaries:
[Link].,
Indofood(M)[Link].,
PTSuryaRengoContainers,
PTIndofoodFritolayMakmur,
PTIndofoodAsahiSuksesBeverage,

ThelongterminvestmentintheassociatedentityisPTNestleIndofoodCitarasaIndonesia.
AsofSeptember30th,2012,theCompanyhadatotalof24,020employees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

94 RESEARCH DIVISION
 ICBP IndofoodCBPSuksesMakmurTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 148.285
Industry Sector : Consumer Goods Industry (5) Listed Shares : 5,830,954,000
Industry Sub Sector : Food And Beverages (51) Market Capitalization : 46,647,632,000,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 02-Sep-2009 1. PT Indofood Sukses Makmur Tbk 4,664,763,000 : 80.00%
Listing Date : 07-Oct-2010 2. Public ( <5% ) 1,166,191,000 : 20.00%
Under Writer IPO :
PT Kim Eng Securities DIVIDEND ANNOUNCEMENT
PT Credit Suisse Securities Indonesia Bonus Cash Recording Payment
F/I
PT Deutsche Securities Indonesia Year Shares Dividend Cum Date Ex Date Date Date
PT Mandiri Sekuritas 2010 116.00 21-Jun-11 22-Jun-11 24-Jun-11 07-Jul-11 F
Securities Administration Bureau : 2011 169.00 13-Jul-12 16-Jul-12 18-Jul-12 31-Jul-12 F
PT Raya Saham Registra
Plaza Central Building 2nd Fl. ISSUED HISTORY
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 Listing Trading
Phone : 252-5666 No. Type of Listing Shares Date Date
Fax : 252-5028 1. First Issue 1,166,191,000 07-Oct-10 07-Oct-10
2. Company Listing 4,664,763,000 07-Oct-10 07-Apr-11
BOARD OF COMMISSIONERS
1. Benny Setiawan Santoso
2. Adi Pranoto Leman *)
3. Agus Rajani Panjaitan *)
4. Alamsyah
5. Darmawan Sarsito (Kevin Sietho)
6. F.G. Winarno *)
7. Franciscus Welirang
8. Moleonoto
*) Independent Commissioners

BOARD OF DIRECTORS
1. Anthoni Salim
2. Axton Salim
3. Hendra Widjaja
4. Suaimi Suriady
5. Sulianto Pratama
6. Taufik Wiraatmadja
7. Tjhie Tje Fie
8. Werianty Setiawan
9. Yungky Setiawan

AUDIT COMMITTEE
1. Adi Pranoto Leman
2. Agus Rajani Panjaitan
3. Monang Silalahi
4. Timotius

CORPORATE SECRETARY
Elly Putranti

HEAD OFFICE
Sudirman Plaza, Indofood Tower Lt. 25
Jln. Jend. Sudirman Kav. 76 - 78
Jakarta - 12910
Phone : (021) 5795-8822
Fax : (021) 5793-7373

Homepage : [Link]
Email : [Link]@[Link]

RESEARCH DIVISION 95
 ICBP IndofoodCBPSuksesMakmurTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Indofood CBP Sukses Makmur Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* October 2010 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
10,000 320 Oct-10 6,200 5,150 5,700 18,244 682,038 3,893,907 17
Nov-10 5,750 5,000 5,100 12,136 249,442 1,312,257 21
8,750 280 Dec-10 5,200 4,400 4,675 19,178 309,605 1,454,968 20

Jan-11 5,150 4,350 4,575 15,091 248,406 1,177,703 21

7,500 240
Feb-11 4,675 4,300 4,575 7,386 120,754 540,317 18
Mar-11 5,300 4,600 5,300 8,462 167,772 824,126 23
6,250 200
Apr-11 5,450 5,100 5,400 5,234 109,382 584,014 20
May-11 5,400 5,050 5,050 4,707 108,877 569,475 21
5,000 160 Jun-11 5,450 4,925 5,400 4,174 81,379 418,328 20
Jul-11 5,800 5,400 5,800 5,994 118,404 673,478 21
3,750 120 Aug-11 6,000 5,300 5,300 7,456 128,240 727,782 19
Sep-11 5,600 3,800 4,925 11,353 159,002 800,880 20
2,500 80 Oct-11 5,750 4,650 5,300 5,355 53,012 279,275 21
Nov-11 5,300 4,875 5,150 5,991 89,997 458,703 22
1,250 40 Dec-11 5,250 4,875 5,200 3,224 44,489 224,012 21

Jan-12 5,350 4,975 5,100 4,570 86,150 439,212 21

Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Feb-12 5,650 5,050 5,650 5,499 86,833 470,009 21
Mar-12 5,700 5,150 5,450 6,691 70,684 380,098 21
Apr-12 5,650 5,000 5,650 5,021 89,511 468,937 20
May-12 5,900 5,400 5,650 4,606 82,359 472,137 21
Change of Closing Price, Jun-12 5,850 5,400 5,750 3,477 49,711 282,356 21
Consumer Goods Index and Jakarta Composite Index Jul-12 6,850 5,700 6,600 8,760 144,591 897,445 22
October 2010 - January 2013 Aug-12 6,850 6,400 6,550 5,188 58,263 385,634 19
60% Sep-12 6,650 6,150 6,350 7,021 67,678 431,645 20
Oct-12 7,750 6,300 7,150 9,940 111,373 787,349 22
Jakarta Composite Index
45% Nov-12 7,550 6,900 7,400 5,982 74,371 536,371 20
Consumer Goods Index
Closing Price 34.5% Dec-12 8,300 7,300 7,800 6,712 68,335 532,860 18
30% 32.4%
24.2% Jan-13 8,700 7,600 8,000 8,421 69,143 552,825 21
15%

-15%

-30%

-45%

-60%
Oct 10 Apr 11 Oct 11 Apr 12 Oct 12

SHARES TRADED 2010 2011 2012 Jan-13

Volume (Million Sh.) 1,241 1,430 990 69
Value (Billion Rp) 6,661 7,278 6,084 553
Frequency (Thou. X) 50 84 73 8
Days 58 247 246 21

Price (Rupiah)
High 6,200 6,000 8,300 8,700
Low 4,400 3,800 4,975 7,600
Close 4,675 5,200 7,800 8,000
Close* 4,675 5,200 7,800 8,000

PER (X) 16.00 14.69 19.63 20.13

PER Industry (X) 16.41 16.22 19.75 20.36
PBV (X) 3.06 2.83 3.98 4.08
* Adjusted price after corporate action

96 RESEARCH DIVISION
 ICBP IndofoodCBPSuksesMakmurTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 3,407,687 4,420,644 4,859,382 17,500

Receivable 2,026,249 2,378,402 2,599,810

14,000

Inventories 1,422,466 1,629,883 1,624,966

10,500
Current Assets 7,017,835 8,580,311 9,352,871
Fixed Assets 2,304,588 2,590,036 3,324,721
7,000
Other Assets 136,855 169,718 163,247
Total Assets 13,361,313 15,222,857 16,689,279 3,500
Growth (%) 13.93% 9.63%
-
Current Liabilities 2,701,200 2,988,540 3,296,619 2010 2011 Sep-12

Long Term Liabilities 1,297,932 1,524,544 1,955,199

Total Liabilities 3,999,132 4,513,084 5,251,818
Growth (%) 12.85% 16.37% TOTAL EQUITY (Billion Rupiah)

11,437
Minority Interest 442,635 - - 11,437 10,710

Authorized Capital 750,000 750,000 750,000 8,920

Paid up Capital 583,095 583,095 583,095
9,104

Paid up Capital (Shares) 5,831 5,831 5,831

6,771

Par Value 100 100 100

Retained Earnings 2,344,832 3,643,786 4,314,537 4,438

Total Equity 8,919,546 10,709,773 11,437,461

Growth (%) 20.07% 6.79% 2,104

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-229

2010 2011 Sep-12

Total Revenues 17,960,120 19,367,155 16,227,848
Growth (%) 7.83%

TOTAL REVENUES (Billion Rupiah)

Expenses 12,993,217 14,335,896 11,916,708
Gross Profit 4,966,903 5,031,259 4,311,140 19,367
19,367
17,960
Operating Expenses 2,322,011 2,423,258 -2,144,408 16,228
Operating Profit 2,644,892 2,608,001 2,166,732 15,416

Growth (%) -1.39%

11,465

Other Income (Expenses) -125,750 136,909 154,049

Income before Tax 2,519,142 2,744,910 2,320,781 7,514

Tax 666,913 678,545 -584,604

3,564

Minority Interest -123,862 - -

Net Income 1,704,047 2,064,049 1,737,905 -387

Growth (%) 21.13% 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 259.80 287.11 283.71 NET INCOME (Billion Rupiah)
Dividend (Rp) 116.00 169.00 -
2,064
EPS (Rp) 292.24 353.98 298.05 2,064

1,529.69 1,836.71 1,961.51 1,704 1,738

BV (Rp)
DAR (X) 0.30 0.30 0.31 1,643

DER(X) 0.45 0.42 0.46

1,222

ROA (%) 18.85 18.03 13.91

ROE (%) 28.24 25.63 20.29 801

GPM (%) 27.66 25.98 26.57

OPM (%) 14.73 13.47 13.35 380

NPM (%) 9.49 10.66 10.71

Payout Ratio (%) 39.69 47.74 -
-41

2010 2011 Sep-12

Yield (%) 2.48 3.25 -

RESEARCH DIVISION 97
 COMPANY REPORT

IMAS
INDOMOBIL SUKSES INTERNASIONAL TBK.

Company Profile


PTIndomobilSuksesInternasionalTbk(theCompany)wasinitiallyestablishedasaresult
ofthemergerbetweenPTIndomultiIntiIndustriTbk(IMII)andPTIndomobilInvestment
Corporation (IIC) on November 6th, 1997 where IMII is the surviving entity. IMII was
establishedonMarch20th,1987.

The Company and its Subsidiaries (hereinafter collectively referred to as the Group)
[Link]
of the Group is engaged in assembling and distribution of automobiles, buses and trucks
which, currently include the brand names of Suzuki, Nissan, Volvo, Volkswagen (VW),
SsangYong, AUDI, Hino, Renault, Manitou, Kalmar, Chery, Foton, Great Wall and Mack
and/or motorcycles and their related components, providing automotive maintenance
services,heavyequipments,financingactivities,consumerfinancing,rentalandtradingof
usedcars,andparticipatingintheequityownershipofothercompanieswhichareengaged
intheautomotivebusiness.

TheCompanyislocatedinWismaIndomobil,[Link].8,[Link]
manufacturing and assembling facilities are mainly located in industrial estates around
Jakarta and West Java, while other supporting automotive services such as dealership,
workshopandfinancingaremainlylocatedinbigcitiesinJava,SumateraandKalimantan.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

98 RESEARCH DIVISION
 IMAS IndomobilSuksesInternasionalTbk.
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Development Board Individual Index : 691.390
Industry Sector : Miscellaneous Industry (4) Listed Shares : 2,765,278,412
Industry Sub Sector : Automotive And Components (42) Market Capitalization : 14,241,183,821,800

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 20-Mar-1987 1. PT Cipta Sarana Duta Perkasa 1,199,665,995 : 43.38%
Listing Date : 15-Nov-1993 2. PT Tritunggal Intipermata 438,000,000 : 15.84%
Under Writer IPO : 3. PT Cipta Sarana Duta Perkasa 247,893,713 : 8.96%
PT Makindo 4. Public ( <5% ) 879,718,704 : 31.81%
Securities Administration Bureau :
PT Raya Saham Registra DIVIDEND ANNOUNCEMENT
Plaza Central Building 2nd Fl. Bonus Cash Recording Payment
F/I
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 Year Shares Dividend Cum Date Ex Date Date Date
Phone : 252-5666 1993 100.00 27-Jul-94 28-Jul-94 04-Aug-94 31-Aug-94 F
Fax : 252-5028 1994 40.00 18-Jul-95 19-Jul-95 27-Jul-95 25-Aug-95 F
1995 30.00 16-Jul-96 17-Jul-96 25-Jul-96 23-Aug-96 F
BOARD OF COMMISSIONERS 1996 10.00 21-Jul-97 22-Jul-97 30-Jul-97 29-Aug-97 F
1. Soebronto Laras 2011 118.00 21-May-12 22-May-12 24-May-12 07-Jun-12 F
2. Eugene Cho Park
3. Gunadi Sindhuwinata ISSUED HISTORY
4. Hanadi Rahardja *) Listing Trading
5. Mohamad Jusuf Hamka *) No. Type of Listing Shares Date Date
6. Pranata Hajadi 1. First Issue 6,000,000 15-Nov-93 15-Nov-93
7. Soegeng Sarjadi *) 2. Company Listing 16,000,000 15-Nov-93 15-Nov-93
*) Independent Commissioners 3. Convertible Bonds 2,912,568 30-Jun-94 30-Jun-94
4. Right Issue 99,650,272 03-Feb-95 03-Feb-95
BOARD OF DIRECTORS 5. Additional Shares 373,688,500 27-Apr-98 27-Apr-98
1. Jusak Kertowidjojo 6. Stock Split 498,251,340 27-Apr-98 27-Apr-98
2. Alex Sutisna 7. Additional Listing without Right Issue 40,476,725 03-Jan-11 03-Jan-11
3. Bambang Subijanto 8. Right Issue 345,659,801 19-Jul-11 19-Jul-11
4. Djendratna Budimulja T. 9. Stock Splits 1,382,639,206 07-Jun-12 07-Jun-12
5. Jacobus Irawan Kristanto
6. Josef Utamin
7. Santiago Soriano Navarro

AUDIT COMMITTEE
1. Hanadi Rahardja
2. Arry Dharma
3. Nico Johannes Djajapernama

CORPORATE SECRETARY
CR. Susilowasti

HEAD OFFICE
Wisma Indomobil Lt.6
Jln. M.T. Haryono Kav. 8
Jakarta
Phone : (021) 856-4850, 856-4860. 856-4870
Fax : (021) 856-4833

Homepage : [Link]
Email : csimg@[Link]

RESEARCH DIVISION 99
 IMAS IndomobilSuksesInternasionalTbk.
Closing Price* and Trading Volume
TRADING ACTIVITIES
Indomobil Sukses Internasional Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
10,000 400 Jan-09 - - 1,200 - - - -
Feb-09 - - 1,200 - - - -
8,750 350 Mar-09 900 900 900 1 0.5 0.5 1
Apr-09 900 610 610 7 10 8 5
May-09 730 700 730 4 3 2 1
7,500 300
Jun-09 910 650 910 12 23 16 5
Jul-09 860 860 860 2 3 2 2
6,250 250
Aug-09 - - 860 - - - -
Sep-09 - - 860 2 41 24 1
5,000 200 Oct-09 - - 860 - - - -
Nov-09 - - 860 - - - -
3,750 150 Dec-09 - - 860 1 86 43 1

2,500 100 Jan-10 - - 860 - - - -

Feb-10 - - 860 - - - -
1,250 50 Mar-10 - - 860 1 7,600 6,536 1
Apr-10 760 650 760 9 9 7 2
May-10 860 780 780 6 22 19 3
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 1,000 850 1,000 3 4 4 2
Jul-10 1,100 1,100 1,100 2 151 151 2
Aug-10 3,825 1,000 3,825 2,646 5,666 15,030 14
Sep-10 12,200 3,850 9,400 4,685 6,860 50,179 11
Change of Closing Price, Oct-10 9,950 6,900 6,950 1,243 1,164 9,443 14
Miscellaneous Industry Index and Jakarta Composite Index Nov-10 8,750 6,000 7,000 2,062 2,014 15,143 21
January 2009 - January 2013 Dec-10 8,300 6,650 7,600 2,457 2,268 17,636 20
1,470%
Jan-11 8,200 6,300 6,700 1,464 1,668 12,362 20
Jakarta Composite Index
1,260% Feb-11 7,050 6,300 6,700 897 663 4,526 18
Miscellaneous Industry Index
Closing Price Mar-11 7,850 6,650 7,500 2,886 5,180 35,233 23
1,050% Apr-11 9,150 7,400 8,800 1,664 2,152 17,926 20
May-11 9,150 8,300 8,600 342 348 3,027 21
840% Jun-11 8,600 8,050 8,200 3,912 20,282 168,083 20
763.6% Jul-11 12,950 8,050 12,450 20,183 470,366 4,040,202 21
Aug-11 12,850 9,350 11,200 8,834 51,121 576,276 19
630%
Sep-11 11,950 8,500 10,700 7,578 37,957 416,177 20
Oct-11 12,800 9,800 12,300 5,399 31,314 368,986 21
420% 441.9%
Nov-11 13,400 12,000 13,000 4,199 15,525 198,986 22
Dec-11 14,300 11,850 12,800 3,789 19,762 256,627 21
210% 209.9%
Jan-12 15,600 13,100 15,000 4,611 19,312 284,619 21
- Feb-12 16,350 13,800 14,400 7,492 35,192 528,806 21
Mar-12 15,950 13,200 15,100 8,979 32,506 470,694 21
-210% Apr-12 18,650 15,150 17,750 9,187 48,553 821,678 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 18,250 15,100 16,050 9,554 34,922 596,601 21
Jun-12 16,300 6,500 7,000 15,997 99,175 858,927 21
Jul-12 8,100 5,950 6,100 18,946 121,200 831,440 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 6,400 5,100 5,700 21,577 158,707 934,303 19
Volume (Million Sh.) 0.2 26 656 1,008 89 Sep-12 6,000 5,550 5,700 9,547 84,714 478,832 20
Value (Billion Rp) 0.10 114 6,098 7,761 467 Oct-12 5,750 4,950 5,100 18,930 146,877 777,607 22
Frequency (Thou. X) 0.03 13 61 143 6 Nov-12 5,600 5,050 5,250 9,635 114,949 607,048 20
Days 16 90 246 246 21 Dec-12 5,400 4,900 5,300 8,626 112,265 570,259 18

Price (Rupiah) Jan-13 5,600 5,100 5,150 5,925 88,711 466,948 21

High 910 12,200 14,300 18,650 5,600
Low 610 650 6,300 4,900 5,100
Close 860 7,600 12,800 5,300 5,150
Close* 427 3,777 6,400 5,300 5,150

PER (X) 7.29 16.88 16.60 20.55 19.97

PER Industry (X) 4.47 16.08 12.24 18.33 17.95
PBV (X) 1.96 5.93 3.48 2.68 2.61
* Adjusted price after corporate action

100 RESEARCH DIVISION

 IMAS IndomobilSuksesInternasionalTbk.
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 366,513 434,291 489,799 1,609,296 1,528,719 17,500

Receivable 1,808,123 1,514,950 2,101,779 2,916,348 5,255,063

14,000

Inventories 698,785 766,017 1,542,709 2,427,737 3,806,947

10,500
Current Assets 3,113,949 2,860,653 4,509,196 7,405,639 8,741,338
Fixed Assets 680,338 598,165 745,522 1,876,846 2,578,300
7,000
Other Assets 68,995 52,566 108,708 110,266 193,123
Total Assets 5,578,514 5,093,148 7,985,020 12,913,942 17,120,271 3,500
Growth (%) -8.70% 56.78% 61.73% 32.57%
-
Current Liabilities 3,424,554 3,062,846 4,216,611 5,414,351 7,468,601 2008 2009 2010 2011 Sep-12

Long Term Liabilities 1,673,943 1,379,468 2,160,459 2,415,409 4,190,179

Total Liabilities 5,098,497 4,442,314 6,377,071 7,829,760 11,658,780
Growth (%) -12.87% 43.55% 22.78% 48.90% TOTAL EQUITY (Billion Rupiah)

5,461
Minority Interest 193,205 213,502 330,626 - - 5,461 5,084

Authorized Capital 1,900,000 1,900,000 1,900,000 1,900,000 1,900,000

Paid up Capital 498,251 498,251 518,490 691,320 691,320
4,347

Paid up Capital (Shares) 997 997 1,037 1,383 2,765

3,233

Par Value 500 500 500 500 250

Retained Earnings -373,306 -255,712 212,231 1,041,142 1,505,706 2,119

Total Equity 286,813 437,332 1,277,322 5,084,181 5,461,491 1,277

Growth (%) 52.48% 192.07% 298.03% 7.42% 1,005

437
287

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-109

2008 2009 2010 2011 Sep-12

Total Revenues 8,197,135 6,939,570 10,935,335 15,776,580 14,597,467
Growth (%) -15.34% 57.58% 44.27%

TOTAL REVENUES (Billion Rupiah)

Expenses 7,115,658 6,029,288 9,530,325 13,787,256 12,843,956
Gross Profit 1,081,477 910,282 1,405,010 1,989,324 1,753,511 15,777
14,597
Operating Expenses 825,266 779,963 1,076,014 963,668 958,156
Operating Profit 256,211 130,318 328,997 1,025,656 795,355
10,935
12,558

Growth (%) -49.14% 152.46% 211.75%

9,340
8,197
6,940
Other Income (Expenses) -87,770 100,659 316,902 162,706 69,445
Income before Tax 168,441 230,977 645,898 1,188,362 864,799 6,121

Tax 99,880 76,811 99,260 217,470 146,785

2,903

Minority Interest -37,093 -36,572 -59,351 - -

Net Income 23,047 117,593 448,671 1,066,260 534,830 -316

Growth (%) 410.23% 281.54% 137.65% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 90.93 93.40 106.94 136.78 117.04 NET INCOME (Billion Rupiah)
Dividend (Rp) - - - 118.00 -
1,066
EPS (Rp) 23.13 118.01 432.67 771.18 193.41 1,066

BV (Rp) 287.82 438.87 1,231.77 3,677.16 1,975.02

DAR (X) 0.91 0.87 0.80 0.61 0.68 849

DER(X) 17.78 10.16 4.99 1.54 2.13

631

535
ROA (%) 3.02 4.54 8.09 9.20 5.05
449
ROE (%) 58.73 52.82 50.57 23.37 15.83 414

GPM (%) 13.19 13.12 12.85 12.61 12.01

OPM (%) 3.13 1.88 3.01 6.50 5.45 196
118
0.28 1.69 4.10 6.76 3.66 23
NPM (%)
Payout Ratio (%) - - - 15.30 -
-21

2008 2009 2010 2011 Sep-12

Yield (%) - - - 0.92 -

RESEARCH DIVISION 101

 CC O
OMM PP A
ANN YY RR EE PP O
O RR TT

INCO
VALE INDONESIA TBK.

Company Profile

PT Vale Indonesia Tbk. (formerly International Nickel Indonesia Tbk.) was established on
July25th,1968.

TheultimateparententityoftheCompanyisValeS.A,a companyestablishedunderthe
[Link],South
SulawesiandtheheadofficeislocatedinJakarta.

The Companys main activities are exploration and mining, processing, storage,
transportation and marketing of nickel and associated mineral products. The Company
starteditscommercialoperationsin1978.

[Link],
[Link]
than three decades, since the signing of its Contract of Work with the Indonesian
Governmentin1968,theCompanyhasprovidedskilledjobs,shownconcernfortheneeds
ofthecommunitiesinwhichitoperates,benefitedshareholdersandcontributedpositively
totheIndonesianeconomy.

The initial area of our company's concession was 218,528 hectares:118,387 hectares in
Sorowako, South Sulawesi; 63,506 hectares in Pomalaa, Southeast Sulawesi; and 36,635
hectaresinBahodopi,CentralSulawesi.

ThetotalnumberofemployeesatSeptember30,2012was3,191.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

102 RESEARCH DIVISION

 INCO ValeIndonesiaTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 1,122.449
Industry Sector : Mining (2) Listed Shares : 9,936,338,720
Industry Sub Sector : Metal And Mineral Mining (23) Market Capitalization : 27,324,931,480,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 25-Jul-1968 1. Vale Canada Limited 5,835,607,960 : 58.73%
Listing Date : 16-May-1990 2. Sumitomo Metal Mining Co Ltd 1,996,281,680 : 20.09%
Under Writer IPO : 3. Public ( <5% ) 2,104,449,080 : 21.18%
PT Danareksa Sekuritas
Securities Administration Bureau : DIVIDEND ANNOUNCEMENT
PT Vale Indonesia Tbk. Bonus Cash Recording Payment
F/I
Bapindo Plaza II Lt. 22 Year Shares Dividend Cum Date Ex Date Date Date
Jln. Jend Sudirman Kav. 54 - 55 1990 665.35 17-Sep-90 18-Sep-90 25-Sep-90 25-Oct-90 I
Phone : Jakarta - 12190 1991 299.10 20-Mar-91 21-Mar-91 28-Mar-91 30-Apr-91
Fax : (021) 524-9000, 524-9002 1991 299.10 19-Sep-91 20-Sep-91 30-Sep-91 30-Oct-91 I
1991 309.30 19-Mar-92 20-Mar-92 27-Mar-92 30-Apr-92 I
BOARD OF COMMISSIONERS 1992 105.50 15-Apr-93 16-Apr-93 23-Apr-93 21-May-93 F
1. Ricardo Rodrigues de Carvalho 1993 110.00 25-Apr-94 26-Apr-94 03-May-94 01-Jun-94 F
2. Arief T. Surowidjojo *) 1994 110.00 28-Oct-94 31-Oct-94 07-Nov-94 07-Dec-94 I
3. Conor Spolen 1994 115.35 115.35 24-Apr-95 25-Apr-95 02-May-95 02-Jun-95 F
4. Gerd Peter Poppinga 1995 115.35 03-Nov-95 04-Nov-95 14-Nov-95 13-Dec-95 I
5. Harumasa Kurokawa 1995 119.10 26-Apr-96 29-Apr-96 07-May-96 05-Jun-96 F
6. Idrus Paturusi *) 1996 119.10 04-Nov-96 05-Nov-96 13-Nov-96 12-Dec-96 I
7. Irwandi Arif *) 1996 121.60 25-Apr-97 28-Apr-97 06-May-97 04-Jun-97 F
8. Jennifer Maki 1997 174.15 10-Nov-97 11-Nov-97 19-Nov-97 18-Dec-97 I
9. Mark J. Travers 2002 84.65 29-Apr-03 30-Apr-03 02-May-03 19-May-03 F
10. Mikinobu Ogata 2002 424.25 13-Nov-03 14-Nov-03 18-Nov-03 05-Dec-03 F
*) Independent Commissioners 2003 1,340.25 23-Apr-04 26-Apr-04 28-Apr-04 13-May-04 F
2004 112.10 04-Nov-04 05-Nov-04 09-Nov-04 25-Nov-04 F
BOARD OF DIRECTORS 2004 924.59 19-Apr-05 20-Apr-05 25-Apr-05 10-May-05 F
1. Nicolaas D. Kanter 2005 245.25 22-Nov-05 23-Nov-05 25-Nov-05 08-Dec-05 I
2. Bernardus Irmanto 2005 745.88 25-Apr-06 26-Apr-06 28-Apr-06 12-May-06 F
3. Fabio Hilal Bechara 2006 228.58 17-Nov-06 20-Nov-06 22-Nov-06 05-Dec-06 F
4. Josimar S. Pires 2006 4,545.00 24-Apr-07 27-Apr-07 27-Apr-07 11-May-07 F
5. Michael J. O'Sullivan 2007 9,180.21 20-Nov-07 21-Nov-07 23-Nov-07 07-Dec-07 I
2007 208.90 16-Apr-08 17-Apr-08 21-Apr-08 06-May-08 F
AUDIT COMMITTEE 2009 104.56 09-Dec-09 10-Dec-09 14-Dec-09 29-Dec-09 I
1. Arief T. Surowidjojo 2010 178.72 05-Oct-10 06-Oct-10 08-Oct-10 22-Oct-10 I
2. Erry Firmansyah 2010 US $ 0.0146 02-May-11 03-May-11 05-May-11 20-May-11 F
3. Sidharta Utama 2011 USD 0.01 02-Nov-11 03-Nov-11 07-Nov-11 21-Nov-11 I
2011 USD 0.0086 14-May-12 15-May-12 21-May-12 01-Jun-12 F
CORPORATE SECRETARY 2012 USD 0.00252 06-Dec-12 07-Dec-12 11-Dec-12 27-Dec-12 I
Ratih Amri
ISSUED HISTORY
HEAD OFFICE Listing Trading
Bapindo Plaza II Lt. 22 No. Type of Listing Shares Date Date
Jln. Jend Sudirman Kav. 54 - 55 1. First Issue 49,681,694 16-May-90 16-May-90
Jakarta - 12190 2. Company Listing 198,726,774 31-Jan-01 31-Jan-01
Phone : (021) 524-9000, 524-9002 3. Stock Split 745,225,404 03-Aug-04 03-Aug-04
Fax : (021) 524-9020 4. Stock Split 8,942,704,848 15-Jan-08 15-Jan-08

Homepage : [Link]
Email : [Link]@[Link]

RESEARCH DIVISION 103

 INCO ValeIndonesiaTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Vale Indonesia Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
5,200 320 Jan-09 2,825 2,030 2,475 25,070 312,620 773,373 19
Feb-09 2,500 2,000 2,175 17,160 195,649 436,869 20
4,550 280 Mar-09 2,400 1,950 2,225 17,235 253,327 550,184 20
Apr-09 3,750 2,200 3,425 37,536 586,305 1,728,388 20
May-09 4,150 2,900 3,600 32,471 405,685 1,469,627 20
3,900 240
Jun-09 4,750 3,625 4,150 36,523 566,771 2,398,349 22
Jul-09 4,400 3,525 4,300 32,775 449,400 1,809,538 21
3,250 200
Aug-09 5,100 4,175 4,225 39,272 716,920 3,319,961 20
Sep-09 4,400 4,075 4,150 27,997 366,887 1,556,799 18
2,600 160 538,209 2,225,833
Oct-09 4,375 3,650 4,050 35,367 22
Nov-09 4,100 3,425 3,450 21,338 276,783 1,058,038 20
1,950 120 Dec-09 3,850 3,275 3,650 17,701 238,401 853,925 19

1,300 80 Jan-10 4,025 3,500 3,575 23,015 367,204 1,387,882 20

Feb-10 3,900 3,350 3,775 18,721 370,478 1,357,914 19
650 40 Mar-10 4,775 3,800 4,725 27,995 512,410 2,157,873 22
Apr-10 5,200 4,525 5,000 24,035 433,526 2,125,079 21
May-10 5,100 3,200 3,950 44,740 604,967 2,486,214 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 4,100 3,575 3,750 21,648 332,222 1,283,489 22
Jul-10 4,225 3,600 4,125 29,217 418,639 1,632,183 22
Aug-10 4,475 4,050 4,275 25,349 454,709 1,958,522 21
Sep-10 4,900 4,125 4,875 23,841 369,848 1,694,722 17
Change of Closing Price, Oct-10 5,100 4,650 4,750 23,002 290,737 1,423,720 21
Mining Index and Jakarta Composite Index Nov-10 5,000 4,475 4,475 20,292 282,953 1,363,220 21
January 2009 - January 2013 Dec-10 4,875 4,425 4,875 15,850 146,351 681,539 20
280%
Jan-11 5,000 4,475 4,600 19,615 217,052 1,032,126 21
240% Feb-11 5,200 4,675 5,050 15,698 182,851 911,378 18
Mar-11 5,150 4,525 4,775 27,569 263,637 1,259,948 23
209.9%
200% Apr-11 5,100 4,675 4,975 22,181 224,850 1,095,998 20
May-11 5,000 4,775 4,775 14,242 181,462 878,385 21
160% Jun-11 4,850 4,375 4,500 14,822 138,739 634,003 20
Jul-11 4,600 4,225 4,250 17,072 154,731 679,451 21
Aug-11 4,325 3,275 3,650 21,889 196,592 752,722 19
120%
Sep-11 4,050 2,850 3,025 21,706 124,389 431,854 20
100.4%
Oct-11 3,725 2,525 3,650 25,349 234,798 736,607 21
80%
Nov-11 3,650 3,000 3,050 15,009 105,240 349,325 22
Dec-11 3,300 2,975 3,200 11,353 93,821 291,926 21
40%
19.6% Jan-12 4,050 3,150 4,000 16,222 136,649 488,753 21
- Jakarta Composite Index
Feb-12 4,050 3,425 3,625 21,630 244,576 896,760 21
Mining Index
Closing Price
Mar-12 3,625 3,300 3,375 16,820 176,733 606,434 21
-40% Apr-12 3,375 3,025 3,100 17,770 235,208 752,854 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 3,125 2,250 2,500 21,967 224,183 596,323 21
Jun-12 2,675 2,200 2,675 21,761 238,700 579,306 21
Jul-12 2,900 2,400 2,425 13,954 127,868 345,078 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 2,475 2,250 2,300 10,714 94,081 223,583 19
Volume (Million Sh.) 4,907 4,584 2,118 2,413 264 Sep-12 3,100 2,250 2,950 18,317 251,490 686,458 20
Value (Billion Rp) 18,181 19,552 9,054 6,786 707 Oct-12 2,950 2,500 2,700 12,939 134,995 360,581 22
Frequency (Thou. X) 340 298 227 206 17 Nov-12 2,750 2,025 2,075 19,826 282,528 645,022 20
Days 241 245 247 246 21 Dec-12 2,475 2,100 2,350 14,110 265,884 605,288 18

Price (Rupiah) Jan-13 2,900 2,350 2,750 16,519 264,254 707,204 21

High 5,100 5,200 5,200 4,050 2,900
Low 1,950 3,200 2,525 2,025 2,350
Close 3,650 4,875 3,200 2,350 2,750
Close* 3,650 4,875 3,200 2,350 2,750

PER (X) 22.56 12.34 10.51 63.12 73.87

PER Industry (X) 18.63 17.69 16.17 8.49 9.03
PBV (X) 2.43 3.21 1.98 1.42 1.66
* Adjusted price after corporate action

104 RESEARCH DIVISION

 INCO ValeIndonesiaTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,818,872 2,462,485 3,628,270 3,619,538 1,646,049 22,500

Receivable 772,774 1,000,483 1,784,934 1,776,340 2,390,586

18,000

Inventories 1,609,814 1,109,783 915,630 1,480,541 1,345,273

13,500
Current Assets 5,446,760 5,935,583 6,389,598 7,077,773 5,469,197
Fixed Assets 14,630,536 13,009,079 13,148,353 14,321,555 15,399,479
9,000
Other Assets 98,999 279,792 115,107 142,431 166,697
Total Assets 20,176,295 19,224,454 19,663,930 21,956,911 22,252,080 4,500
Growth (%) -4.72% 2.29% 11.66% 1.34%
-
Current Liabilities 1,113,681 820,313 1,419,395 1,621,522 1,588,338 2008 2009 2010 2011 Sep-12

Long Term Liabilities 2,408,934 3,487,682 3,162,931 4,292,565 4,242,824

Total Liabilities 3,522,615 4,307,995 4,582,326 5,914,086 5,831,163
Growth (%) 22.30% 6.37% 29.06% -1.40% TOTAL EQUITY (Billion Rupiah)

16,654 16,421
16,043
Minority Interest - - - - - 16,654

14,916 15,082
Authorized Capital 993,634 993,634 993,634 993,634 993,634
Paid up Capital 248,408 248,408 248,408 248,408 248,408
13,256

Paid up Capital (Shares) 9,936 9,936 9,936 9,936 9,936

9,859

Par Value 25 25 25 25 25
Retained Earnings 11,765,709 10,729,538 1,508,160 12,124,034 12,322,919 6,462

Total Equity 16,653,680 14,916,459 15,081,604 16,042,824 16,420,917

Growth (%) -10.43% 1.11% 6.37% 2.36% 3,064

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-333

2008 2009 2010 2011 Sep-12

Total Revenues 14,367,462 7,178,060 11,458,828 11,267,489 6,651,081
Growth (%) -50.04% 59.64% -1.67%

TOTAL REVENUES (Billion Rupiah)

Expenses 8,852,768 4,867,985 5,855,856 6,607,271 5,715,359
Gross Profit 5,514,694 2,310,076 5,602,972 4,660,217 935,722 14,367

Operating Expenses 277,769 122,799 248,727 558,562 560,840

11,459 11,267
Operating Profit 5,236,925 2,187,277 5,354,246 4,101,656 374,881 11,436

Growth (%) -58.23% 144.79% -23.39%

8,506

7,178
6,651
Other Income (Expenses) -164,316 45,552 -134,948 - -
Income before Tax 5,072,609 2,232,829 5,219,297 4,101,656 374,881 5,575

Tax 1,138,099 625,285 1,292,652 1,075,093 97,443

2,644

Minority Interest - - - - -
Net Income 3,934,510 1,607,544 3,926,645 3,026,563 277,438 -287

Growth (%) -59.14% 144.26% -22.92% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 489.08 723.58 450.16 436.49 344.33 NET INCOME (Billion Rupiah)
Dividend (Rp) - 104.56 178.72 - -
3,935 3,927
EPS (Rp) 395.97 161.78 395.18 304.60 27.92 3,935

BV (Rp) 1,676.04 1,501.20 1,517.82 1,614.56 1,652.61

3,027
DAR (X) 0.17 0.22 0.23 0.27 0.26 3,132

DER(X) 0.21 0.29 0.30 0.37 0.36

2,329

ROA (%) 25.14 11.61 26.54 18.68 1.68

1,608
ROE (%) 30.46 14.97 34.61 25.57 2.28 1,527

GPM (%) 38.38 32.18 48.90 41.36 14.07

OPM (%) 36.45 30.47 46.73 36.40 5.64
277
724

NPM (%) 27.38 22.40 34.27 26.86 4.17

Payout Ratio (%) - 64.63 45.22 - -
-79

2008 2009 2010 2011 Sep-12

Yield (%) - 2.86 3.67 - -

RESEARCH DIVISION 105

 COMPANY REPORT

INDF
INDOFOOD SUKSES MAKMUR TBK.

Company Profile

Over a number of decades PT Indofood Sukses Makmur Tbk (Indofood) has been progressively
transformed to become a Total Food Solutions company with operations in all stages of food
manufacturing from the production of raw materials and their processing through to consumer
[Link],itisrenownedasawellestablishedcompanyandaleadingplayerin
[Link],Indofoodcapitalizesonits
resilientbusinessmodelwithfourcomplementaryStrategicBusinessGroups(Goup),namely:
ConsumerBrandedProducts(CBP).ItsbusinessactivitiesareconductedbyPTIndofood
CBPSuksesMakmurTbk(ICBP),whichwaslistedontheIndonesiaStockExchange(IDX)
[Link],witha
wide range of packaged food products. ICBP product brands are among the strongest
brandswiththemostsignificantmindshareinIndonesiaforconsumerfoodbrands.
Bogasari,[Link]
supportedbyshippingandpackagingunits.
[Link].(IndoAgri),listedonthe
Singapore Stock Exchange. Both of IndoAgris subsidiaries, PT Salim Ivomas Pratama Tbk
(SIMP),andPTPerusahaanPerkebunanLondonSumatraIndonesiaTbk(Lonsum),are
listed on the IDX. The Groups principal business activities range from research and
development,seedbreeding,oilpalmcultivationandmilling;aswellastheproductionand
marketingofbrandedcookingoils,[Link],theGroupisalso
involvedinthecultivationandprocessingofrubberandsugarcaneaswellasothercrops.
Distribution, which boasts the most extensive distribution network in Indonesia. It
distributes the majority of Indofoods and its subsidiaries consumer products as well as
thirdpartyproducts.

AsofSeptember30th,2012,theCompanyanditsSubsidiarieshaveatotalof73,273employees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

106 RESEARCH DIVISION

 INDF IndofoodSuksesMakmurTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 1,035.618
Industry Sector : Consumer Goods Industry (5) Listed Shares : 8,780,426,500
Industry Sub Sector : Food And Beverages (51) Market Capitalization : 53,121,580,325,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 14-Aug-1990 1. CAB Holdings Limited 4,394,603,450 : 50.05%
Listing Date : 14-Jul-1994 2. Public ( <5% ) 4,385,823,050 : 49.95%
Under Writer IPO :
PT Merincorp DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Raya Saham Registra Year Shares Dividend Cum Date Ex Date Date Date
Plaza Central Building 2nd Fl. 1994 58.00 21-Jul-95 24-Jul-95 01-Aug-95 31-Aug-95 F
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1995 80.00 11-Jul-96 12-Jul-96 22-Jul-96 21-Aug-96 F
Phone : 252-5666 1996 47.00 10-Jul-97 11-Jul-97 22-Jul-97 22-Aug-97 F
Fax : 252-5028 2000 18.00 11-Jul-01 12-Jul-01 17-Jul-01 31-Jul-01 F
2001 25.00 09-Jul-02 10-Jul-02 15-Jul-02 29-Jul-02 F
BOARD OF COMMISSIONERS 2002 28.00 17-Jul-03 18-Jul-03 22-Jul-03 05-Aug-03 F
1. Manuel V. Pangilinan 2003 28.00 15-Jul-04 16-Jul-04 20-Jul-04 02-Aug-04 F
2. Benny Setiawan Santoso 2005 17.50 26-Aug-05 29-Aug-05 31-Aug-05 15-Sep-05
3. Edward A. Tortorici 2005 5.00 20-Jul-06 21-Jul-06 25-Jul-06 08-Aug-06 F
4. Graham L. Pickles 2006 31.00 27-Jul-07 30-Jul-07 01-Aug-07 15-Aug-07 F
5. Robert Charles Nicholson 2007 43.00 12-Aug-08 13-Aug-08 15-Aug-08 27-Aug-08 F
6. Torstein Stephansen *) 2008 47.00 02-Jul-09 03-Jul-09 07-Jul-09 22-Jul-09 F
7. Utomo Josodirdjo *) 2009 93.00 19-Jul-10 20-Jul-10 22-Jul-10 05-Aug-10 F
8. Wahjudi Prakarsa *) 2010 133.00 26-Jul-11 27-Jul-11 29-Jul-11 09-Aug-11 F
*) Independent Commissioners 2011 175.00 17-Jul-12 18-Jul-12 20-Jul-12 03-Aug-12 F

BOARD OF DIRECTORS ISSUED HISTORY

1. Anthoni Salim Listing Trading
2. Axton Salim No. Type of Listing Shares Date Date
3. Darmawan Sarsito (Kevin Sietho) 1. First Issue 21,000,000 14-Jul-94 14-Jul-94
4. Franciscus Welirang 2. Founders Shares 742,000,000 14-Jul-94 08-Feb-95
5. Moleonoto (Paulus Moleonoto) 3. Stock Split 763,000,000 12-Aug-96 12-Aug-96
6. Taufik Wiraatmadja 4. Right Issue 305,200,000 24-Apr-97 24-Apr-97
7. Tjhie Tje Fie (Thomas Tjhie) 5. Stock Split 7,324,800,000 29-Sep-00 29-Sep-00
8. Werianty Setiawan 6. Option Conversion 228,000 07-May-02 07-May-02
7. Option Conversion 185,000 10-May-02 10-May-02
AUDIT COMMITTEE 8. Option Conversion 407,500 13-May-02 13-May-02
1. Utomo Josodirdjo 9. Option Conversion 2,050,500 15-May-02 15-May-02
2. Monang Silalahi 10. Option Conversion 1,512,500 17-May-02 17-May-02
3. Timotius 11. Option Conversion 1,665,500 22-May-02 22-May-02
4. Wahjudi Prakarsa 12. Option Conversion 65,849,500 28-May-02 28-May-02
13. Option Conversion 12,722,000 30-May-02 30-May-02
CORPORATE SECRETARY 14. Option Conversion 14,096,000 05-Jun-02 05-Jun-02
Werianty Setiawan 15. Option Conversion 86,874,500 07-Jun-02 07-Jun-02
16. Option Conversion 920,000 10-Jun-02 10-Jun-02
HEAD OFFICE 17. Option Conversion 190,000 14-Jun-02 14-Jun-02
Sudirman Plaza, Indofood Tower Lt. 27 18. Option Conversion 131,500 18-Jun-02 18-Jun-02
Jln. Jend. Sudirman Kav. 76 - 78 19. Option Conversion 397,500 25-Jun-02 25-Jun-02
Jakarta - 12190 20. Option Conversion 92,500 28-Jun-02 28-Jun-02
Phone : (021) 5795-8822 21. Option Conversion 41,577,500 15-Jul-02 15-Jul-02
Fax : (021) 5793-7373 22. Option Conversion 188,500 20-May-03 20-May-03
23. Option Conversion 1,080,000 21-May-03 21-May-03
Homepage : [Link] 24. Option Conversion 57,101,000 12-Jun-03 12-Jun-03
Email : werianty@[Link] 25. Option III Conversion 26,000 06-Feb-04 06-Feb-04
26. Option III Conversion 9,000 09-Feb-04 09-Feb-04
27. Option III Conversion 2,000 22-Apr-04 22-Apr-04
28. Option III Conversion 1,000 28-Apr-04 28-Apr-04
29. Option III Conversion 1,000 10-May-04 10-May-04
30. Option III Conversion 880,500 24-May-04 24-May-04
31. Buy Back -663,762,500 28-Oct-08 28-Oct-08

RESEARCH DIVISION 107

 INDF IndofoodSuksesMakmurTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Indofood Sukses Makmur Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
6,800 400 Jan-09 1,130 920 980 29,766 1,290,037 1,331,224 19
Feb-09 1,030 860 880 21,979 588,202 553,241 20
5,950 350 Mar-09 1,000 820 940 22,837 607,038 556,675 20
Apr-09 1,300 900 1,280 49,778 2,183,917 2,394,865 20
May-09 1,950 1,240 1,780 33,717 1,063,904 1,686,046 20
5,100 300
Jun-09 1,990 1,620 1,890 43,502 1,017,696 1,901,543 22
Jul-09 2,350 1,730 2,275 37,559 959,545 1,936,235 21
4,250 250
Aug-09 2,725 2,175 2,500 50,780 1,036,578 2,493,334 20
Sep-09 3,050 2,375 3,025 32,194 854,259 2,316,405 18
3,400 200 Oct-09 3,300 2,700 3,075 21,560 497,217 1,520,961 22
Nov-09 3,250 2,925 3,075 12,704 294,624 908,260 20
2,550 150 Dec-09 3,625 3,075 3,550 16,435 519,266 1,375,914 19

1,700 100 Jan-10 3,900 3,400 3,600 19,155 416,987 1,542,974 20

Feb-10 3,950 3,375 3,800 16,258 332,640 1,220,407 19
850 50 Mar-10 4,225 3,700 3,775 22,401 373,683 1,463,808 22
Apr-10 3,950 3,700 3,900 26,928 468,345 1,798,803 21
May-10 3,950 3,300 3,650 33,032 644,511 2,320,315 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 4,225 3,475 4,150 22,744 514,572 1,995,277 22
Jul-10 4,725 4,100 4,625 20,043 355,861 1,561,997 22
Aug-10 4,850 4,100 4,550 53,114 779,462 3,398,163 21
Sep-10 5,800 4,450 5,450 40,387 668,483 3,419,349 17
Change of Closing Price, Oct-10 5,700 4,800 5,200 50,506 689,172 3,550,603 21
Consumer Goods Index and Jakarta Composite Index Nov-10 5,200 4,525 4,575 29,814 460,205 2,269,103 21
January 2009 - January 2013 Dec-10 4,975 4,425 4,875 29,244 409,963 1,881,471 20
595%
Jan-11 5,100 4,300 4,700 29,796 364,749 1,725,256 21
Jakarta Composite Index
510% 517.3% Feb-11 4,900 4,550 4,750 15,394 180,015 853,054 18
Consumer Goods Index
Closing Price Mar-11 5,450 4,750 5,400 27,762 313,582 1,581,400 23
425% Apr-11 5,700 5,200 5,550 17,178 212,478 1,161,362 20
May-11 5,750 5,250 5,400 18,291 270,736 1,497,017 21
370.1%
340% Jun-11 5,850 5,150 5,750 19,672 268,060 1,463,174 20
Jul-11 6,500 5,700 6,350 22,022 267,156 1,590,534 21
Aug-11 6,800 5,850 6,100 34,598 378,704 2,396,653 19
255%
Sep-11 6,250 4,150 5,050 51,427 588,035 3,052,287 20
209.9%
Oct-11 5,750 4,575 5,250 36,536 388,580 2,046,847 21
170%
Nov-11 5,250 4,600 4,700 38,862 371,421 1,822,817 22
Dec-11 4,875 4,500 4,600 23,694 241,411 1,130,332 21
85%

Jan-12 4,975 4,600 4,800 25,256 255,981 1,232,987 21

- Feb-12 5,150 4,800 5,100 26,576 299,674 1,482,914 21
Mar-12 5,200 4,750 4,850 24,300 263,089 1,293,314 21
-85% Apr-12 4,900 4,575 4,850 27,216 372,042 1,763,910 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 4,900 4,625 4,725 22,748 270,366 1,297,395 21
Jun-12 4,875 4,400 4,850 18,225 207,237 984,904 21
Jul-12 5,650 4,825 5,400 31,601 412,934 2,195,788 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 5,500 5,100 5,400 18,695 231,332 1,238,115 19
Volume (Million Sh.) 10,912 6,114 3,845 3,371 381 Sep-12 5,650 5,300 5,650 19,243 239,535 1,304,306 20
Value (Billion Rp) 18,975 26,422 20,321 17,526 2,293 Oct-12 6,200 5,550 5,700 18,532 354,341 2,056,934 22
Frequency (Thou. X) 373 364 335 274 28 Nov-12 5,900 5,500 5,850 17,512 227,499 1,300,727 20
Days 241 245 247 246 21 Dec-12 6,200 5,450 5,850 24,477 236,709 1,375,205 18

Price (Rupiah) Jan-13 6,200 5,750 6,050 28,192 381,477 2,293,129 21

High 3,625 5,800 6,800 6,200 6,200
Low 820 3,300 4,150 4,400 5,750
Close 3,550 4,875 4,600 5,850 6,050
Close* 3,550 4,875 4,600 5,850 6,050

PER (X) 15.02 14.50 8.05 10.02 10.36

PER Industry (X) 20.07 16.41 16.22 19.75 20.36
PBV (X) 3.07 2.55 1.28 1.54 1.59
* Adjusted price after corporate action

108 RESEARCH DIVISION

 INDF IndofoodSuksesMakmurTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 4,271,208 4,474,830 10,439,353 13,049,048 12,961,410 62,500

Receivable 2,760,971 2,296,474 2,686,273 3,669,305 3,438,499

50,000

Inventories 6,061,219 5,117,484 5,644,141 6,536,343 7,410,620

37,500
Current Assets 14,598,422 12,954,813 20,077,994 24,501,734 25,473,747
Fixed Assets 9,586,545 10,808,449 11,737,142 12,921,013 14,276,224
25,000
Other Assets 1,673,000 2,044,473 1,133,994 1,216,694 1,388,537
Total Assets 39,594,264 40,382,953 47,275,955 53,585,933 57,115,131 12,500
Growth (%) 1.99% 17.07% 13.35% 6.59%
-
Current Liabilities 16,262,161 11,158,962 9,859,118 12,831,304 12,132,836 2008 2009 2010 2011 Sep-12

Long Term Liabilities 10,170,208 13,727,819 12,563,999 9,144,404 11,641,702

Total Liabilities 26,435,324 24,886,781 22,423,117 21,975,708 23,774,538
Growth (%) -5.86% -9.90% -2.00% 8.19% TOTAL EQUITY (Billion Rupiah)

33,341
4,660,191 5,340,677 8,068,167 - - 31,610
Minority Interest 33,341

Authorized Capital 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000

Paid up Capital 878,043 878,043 878,043 878,043 878,043
26,539

Paid up Capital (Shares) 8,780 8,780 8,780 8,780 8,780

19,738

16,785
Par Value 100 100 100 100 100
Retained Earnings 5,328,387 6,991,568 9,110,852 11,020,235 12,033,617 12,936
10,155
8,498,749 10,155,495 16,784,671 31,610,225 33,340,593 8,499
Total Equity
Growth (%) 19.49% 65.28% 88.33% 5.47% 6,135

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-667

2008 2009 2010 2011 Sep-12

Total Revenues 38,799,279 37,140,830 38,403,360 45,332,256 37,254,978
Growth (%) -4.27% 3.40% 18.04%

TOTAL REVENUES (Billion Rupiah)

Expenses 29,822,362 27,018,884 25,932,908 32,749,190 26,953,075
Gross Profit 8,976,917 10,121,946 12,470,452 12,583,066 10,301,903 45,332
45,332

Operating Expenses 4,635,441 5,117,737 5,741,141 5,732,047 -4,940,646 38,799 38,403

37,141 37,255
Operating Profit 4,341,476 5,004,209 6,729,311 6,851,019 5,361,257 36,084

Growth (%) 15.27% 34.47% 1.81%

26,837

Other Income (Expenses) -1,741,653 -940,396 -1,296,936 -498,630 -350,341

Income before Tax 2,599,823 4,063,813 5,432,375 6,352,389 5,010,916 17,589

Tax 801,553 1,207,032 1,497,567 1,460,716 -1,205,940

8,341

Minority Interest -782,597 -780,920 -981,950 - -

Net Income 1,034,389 2,075,861 2,952,858 5,017,425 3,845,612 -907

Growth (%) 100.68% 42.25% 69.92% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 89.77 116.09 203.65 190.95 209.96 NET INCOME (Billion Rupiah)
Dividend (Rp) 47.00 93.00 133.00 175.00 -
5,017
EPS (Rp) 117.81 236.42 336.30 571.43 437.98 5,017

BV (Rp) 967.92 1,156.61 1,911.60 3,600.08 3,797.15

3,846
DAR (X) 0.67 0.62 0.47 0.41 0.42 3,994

DER(X) 3.11 2.45 1.34 0.70 0.71 2,953

2,970

ROA (%) 6.57 10.06 11.49 11.85 8.77

2,076
ROE (%) 30.59 40.02 32.37 20.10 15.03 1,947

GPM (%) 23.14 27.25 32.47 27.76 27.65 1,034

OPM (%) 11.19 13.47 17.52 15.11 14.39 923

NPM (%) 2.67 5.59 7.69 11.07 10.32

Payout Ratio (%) 39.90 39.34 39.55 30.62 -
-100

2008 2009 2010 2011 Sep-12

Yield (%) 5.05 2.62 2.73 3.80 -

RESEARCH DIVISION 109

 CC O
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INDY
INDIKA ENERGY TBK.

Company Profile

PTIndikaEnergyTbk(formerlyPTIndikaIntiEnergi)wasestablishedOctober19th,2000.

The scope of its activities is mainly to engage in trading, construction, mining,
transportation and services. The Company started itscommercial operations in2004. At
September30th,2012,theCompanyandsubsidiarieshad5,578employees.

The company domiciled in Jakarta, and the head office is located in Mitra Building, 7th
Floor,[Link].21,Jakarta.

The core strategy for growth has been strengthening the foundation for greater value
chain integration. The Company has ownership interest of more than 50%, directly or
indirectly,inthefollowingsubsidiaries:PTIndikaIntiCorpindo,AsiaProsperityCoalB.V.,PT
CitraIndahPrima,PTSindoResources,PTMelawiRimbaMinerals,[Link].,
Indika Capital Resources Limited, Indika Power Investments Pte. Ltd., Singapore Indo
Integrated Energy B.V., PT Indika Infrastruktur Investindo, PT Tripatra Engineering, PT
TripatraEngineersandConstructors.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

110 RESEARCH DIVISION

 INDY IndikaEnergyTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 49.831
Industry Sector : Infrastructure, Utilities & Transportation (7) Listed Shares : 5,210,192,000
Industry Sub Sector : Construction (75) Market Capitalization : 7,658,982,240,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 19-Oct-2000 1. PT Indika Mitra Energi 3,307,097,790 : 63.47%
Listing Date : 11-Jun-2008 2. Public ( <5% ) 1,903,094,210 : 36.53%
Under Writer IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
PT Mandiri Sekuritas Bonus Cash Recording Payment
F/I
PT Indo Premier Securities Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 2008 84.00 17-Jun-09 18-Jun-09 22-Jun-09 03-Jul-09 F
PT Datindo Entrycom 2009 69.68 08-Jun-10 09-Jun-10 11-Jun-10 25-Jun-10 F
Wisma Sudirman - Puri Datindo 2010 48.00 10-Nov-10 11-Nov-10 15-Nov-10 30-Nov-10 I
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2010 26.00 12-Jul-11 13-Jul-11 15-Jul-11 29-Jul-11 F
Phone : 570-9009 2011 60.00 09-Jul-12 10-Jul-12 12-Jul-12 26-Jul-12 F
Fax : 570-9026
ISSUED HISTORY
BOARD OF COMMISSIONERS Listing Trading
1. Wiwoho Basuki Tjokronegoro No. Type of Listing Shares Date Date
2. Agus Lasmono 1. First Issue 937,284,000 11-Jun-08 11-Jun-08
3. Anton Wahjo Soedibjo *) 2. Company Listing 4,269,858,000 11-Jun-08 11-Jun-08
4. Dedy A. Sumanagara *) 3. ESOP/MSOP I 3,050,000 15-Aug-11 15-Aug-11
5. Indracahya Basuki
*) Independent Commissioners

BOARD OF DIRECTORS
1. M. Arsjad Rasjid Prabu Mangkuningrat
2. Azis Armand
3. Eddy Junaedy Danu
4. Pandri Prabono-Moelyo
5. Richard Bruce Ness
6. Wadyono Suliantoro Wirjomihardjo
7. Wisnu Wardhana

AUDIT COMMITTEE
1. Anton Wahjo Soedibjo
2. Deddy Hariyanto
3. Maringan Purba Sibarani

CORPORATE SECRETARY
Dedy Happy Hardi

HEAD OFFICE
Gedung Mitra Lt. 11
Jln. Jend. Gatot Subroto Kav. 21
Jakarta 12930
Phone : (021) 255-79888
Fax : (021) 255-79800

Homepage : [Link]
Email : [Link]@[Link]

RESEARCH DIVISION 111

 INDY IndikaEnergyTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Indika Energy Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
5,400 640 Jan-09 1,480 1,010 1,270 7,012 82,535 103,648 19
Feb-09 1,680 1,230 1,510 6,310 57,565 85,904 19
4,725 560 Mar-09 1,630 1,370 1,560 8,511 77,155 117,557 20
Apr-09 2,600 1,560 2,225 14,017 182,085 394,236 20
May-09 2,850 2,175 2,725 14,145 210,805 542,787 20
4,050 480
Jun-09 2,975 2,025 2,325 19,740 452,529 1,253,777 22
Jul-09 2,675 2,075 2,375 16,876 522,559 1,188,159 21
3,375 400
Aug-09 2,800 2,325 2,450 27,936 386,854 959,044 20
Sep-09 2,575 2,250 2,450 7,326 209,059 497,527 18
2,700 320 Oct-09 2,525 1,980 2,250 6,656 88,322 209,843 22
Nov-09 2,300 2,075 2,225 4,324 79,461 175,166 20
2,025 240 Dec-09 2,225 2,000 2,225 1,914 29,834 62,556 19

1,350 160 Jan-10 2,600 2,150 2,425 11,502 300,194 727,014 20

Feb-10 2,500 2,150 2,225 6,248 248,304 570,407 19
675 80 Mar-10 2,350 2,175 2,325 15,500 505,964 1,139,666 22
Apr-10 3,275 2,300 3,075 24,776 947,846 2,770,719 21
May-10 3,050 2,350 2,850 12,532 1,303,232 3,245,813 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 3,150 2,575 2,850 11,509 351,243 1,012,128 22
Jul-10 3,400 2,750 3,300 9,116 369,152 1,116,386 22
Aug-10 3,475 3,150 3,200 6,785 167,817 542,686 21
Sep-10 3,350 3,075 3,325 14,597 443,849 1,381,209 17
Change of Closing Price, Oct-10 3,700 3,275 3,650 19,034 676,517 2,205,732 21
Infrastructure Index and Jakarta Composite Index Nov-10 4,050 3,575 3,900 14,619 1,006,132 3,734,981 21
January 2009 - January 2013 Dec-10 4,875 3,900 4,725 16,052 303,832 1,316,015 20
385%
Jan-11 5,550 4,025 4,075 20,850 322,663 1,495,167 21
330% Feb-11 4,325 3,650 3,800 16,927 286,255 1,122,452 18
Mar-11 4,200 3,725 3,950 20,716 380,624 1,495,105 23
275% Apr-11 4,200 3,875 4,050 13,527 225,444 906,729 20
May-11 4,375 3,950 4,300 15,368 356,328 1,479,926 21
220% Jun-11 4,300 3,650 3,850 9,842 152,837 598,222 20
209.9%
Jul-11 3,900 3,650 3,725 11,575 183,714 690,460 21
Aug-11 3,750 2,850 3,175 13,263 200,122 665,495 19
165%
Sep-11 3,425 2,075 2,250 10,627 137,127 370,347 20
Oct-11 3,050 2,150 2,850 11,873 204,131 531,007 21
110%
Nov-11 2,800 2,000 2,175 24,606 343,537 805,942 22
81.7% Dec-11 2,300 2,050 2,175 15,471 171,696 373,411 21
55%
31.3%
Jan-12 2,750 2,125 2,450 14,320 284,806 706,383 21
- Jakarta Composite Index Feb-12 2,750 2,250 2,650 26,069 574,590 1,433,325 21
Infrastructure Index
Mar-12 2,700 2,475 2,525 12,978 218,649 563,298 21
Closing Price
-55% Apr-12 2,600 2,175 2,200 11,051 197,747 475,406 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 2,350 1,790 1,860 15,252 205,873 420,203 21
Jun-12 1,950 1,480 1,860 17,396 199,071 350,968 21
Jul-12 2,075 1,690 1,720 15,291 194,656 364,769 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 1,780 1,480 1,530 7,864 79,555 132,952 19
Volume (Million Sh.) 2,379 6,624 2,964 2,429 400 Sep-12 1,700 1,490 1,620 11,703 154,671 250,293 20
Value (Billion Rp) 5,590 19,763 10,534 5,166 622 Oct-12 1,620 1,510 1,550 6,413 59,417 92,944 22
Frequency (Thou. X) 135 162 185 157 22 Nov-12 1,590 1,270 1,290 8,709 129,215 186,314 20
Days 240 245 247 246 21 Dec-12 1,570 1,290 1,420 10,328 131,169 189,100 18

Price (Rupiah) Jan-13 1,730 1,410 1,470 21,857 399,633 622,085 21

High 2,975 4,875 5,550 2,750 1,730
Low 1,010 2,150 2,000 1,270 1,410
Close 2,225 4,725 2,175 1,420 1,470
Close* 2,225 4,725 2,175 1,420 1,470

PER (X) 15.97 31.84 9.46 5.68 5.88

PER Industry (X) 7.19 14.36 11.09 17.53 17.61
PBV (X) 2.17 4.52 1.47 0.74 0.76
* Adjusted price after corporate action

112 RESEARCH DIVISION

 INDY IndikaEnergyTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Osman Bing Satrio & Rekan (Member of Deloitte Touche Tohmatsu Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 2,989,270 2,945,044 2,110,794 3,433,645 3,236,094 23,750

Receivable 414,793 915,851 608,430 1,193,037 1,564,562

19,000

Inventories - - 50,446 100,253 196,124

14,250
Current Assets 3,881,961 4,876,089 4,965,692 6,346,501 6,431,067
Fixed Assets 97,164 1,189,110 1,895,715 5,349,777 7,160,676
9,500
Other Assets - - - - -
Total Assets 8,710,186 11,683,615 11,458,783 18,253,817 22,679,398 4,750
Growth (%) 34.14% -1.92% 59.30% 24.24%
-
Current Liabilities 780,527 1,382,491 1,359,525 3,876,137 3,164,861 2008 2009 2010 2011 Sep-12

Long Term Liabilities 2,715,997 4,956,460 4,643,363 6,648,557 9,471,284

Total Liabilities 3,496,524 6,338,951 6,002,888 10,524,694 12,636,146
Growth (%) 81.29% -5.30% 75.33% 20.06% TOTAL EQUITY (Billion Rupiah)

10,043
Minority Interest 53 12,742 17,562 - - 10,043

Authorized Capital 1,700,000 1,700,000 1,700,000 1,700,000 1,700,000 7,729

Paid up Capital 520,714 520,714 520,714 521,019 5,210,192
7,994

Paid up Capital (Shares) 5,207 5,207 5,207 5,210 52,102 5,438

5,946
5,214 5,332
Par Value 100 100 100 100 100
Retained Earnings 2,073,763 2,362,033 2,528,033 3,505,668 4,300,013 3,897

Total Equity 5,213,609 5,331,922 5,438,332 7,729,123 10,043,252

Growth (%) 2.27% 2.00% 42.12% 29.94% 1,848

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-201

2008 2009 2010 2011 Sep-12

Total Revenues 2,314,449 2,486,580 3,765,467 5,209,741 5,203,033
Growth (%) 7.44% 51.43% 38.36%

TOTAL REVENUES (Billion Rupiah)

Expenses 2,027,654 1,866,726 3,153,084 4,082,200 3,834,828
Gross Profit 286,795 619,853 612,383 1,127,541 1,368,205 5,210 5,203
5,210

Operating Expenses 163,580 428,375 678,103 -214,026 318,328

Operating Profit 123,215 191,479 -65,719 1,341,567 1,049,876 4,147
3,765
Growth (%) 55.40% N/A N/A
3,084

2,487
2,314
Other Income (Expenses) 1,064,317 705,288 974,177 - -
Income before Tax 1,187,532 896,767 908,457 1,341,567 1,049,876 2,021

Tax 102,768 158,256 130,149 141,396 92,473

959

Minority Interest -22 -12,841 -5,587 - -

Net Income 1,084,742 725,670 772,721 1,197,824 977,463 -104

Growth (%) -33.10% 6.48% 55.01% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 497.35 352.70 365.25 163.73 203.20 NET INCOME (Billion Rupiah)
Dividend (Rp) 84.00 69.68 74.00 60.00 -
1,198
EPS (Rp) 208.32 139.36 148.40 229.90 18.76 1,198

1,085
BV (Rp) 1,001.24 1,023.96 1,044.40 1,483.46 192.76 977
DAR (X) 0.40 0.54 0.52 0.58 0.56 953

773
0.67 1.19 1.10 1.36 1.26 726
DER(X)
709

ROA (%) 13.63 7.68 7.93 7.35 4.63

ROE (%) 22.78 16.82 16.70 17.36 10.45 465

GPM (%) 12.39 24.93 16.26 21.64 26.30

OPM (%) 5.32 7.70 -1.75 25.75 20.18 220

NPM (%) 46.87 29.18 20.52 22.99 18.79

Payout Ratio (%) 40.32 50.00 49.87 26.10 -
-24

2008 2009 2010 2011 Sep-12

Yield (%) 7.71 3.13 1.57 2.76 -

RESEARCH DIVISION 113

 CC O
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INTP
INDOCEMENT TUNGGAL PRAKARSA TBK.

Company Profile

PT Indocement Tunggal Prakarsa Tbk. was incorporated on January 16th, 1985. The
Companystarteditscommercialoperationsin1985.

The scope of its activities comprises, among others, cement and building materials
manufacturing,mining,[Link],theCompanyandSubsidiaries
are involved in several businesses consisting of the manufacture and sale of cement (as
corebusiness)andreadymixconcrete,aggregatesandtrassquarrying.

TheCompanysheadofficeislocatedatWismaIndocement8thFloor,[Link]
Kav. 7071, Jakarta. Its factories are located in Citeureup West Java, Palimanan West
Java,andTarjunSouthKalimantan.

ThecementbusinessincludestheoperationsoftheCompanystwelve(12)plantslocated
inthreedifferentsites:nineattheCiteureupBogorsite,twoatthePalimananCirebon
site and one at the Tarjun South Kalimantan site, with a total combined annual
production capacity of approximately 18.6 million tons per year of cement after the two
new cementmills at Cirebon havebeen in operations since the end of August 2010. The
manufacture of readymix concrete, cement distribution, and aggregates quarrying
comprisetheoperationsofmostoftheCompanysSubsidiaries.

TheCompanyhasdirectownershipinsubsidiaries:PTDianAbadiPerkasa,PTGunungTua
Mandiri,PTIndomixPerkasa,Indocement(CaymanIslands)Limited,andPTLenteraAbadi
Sejahtera. The Company also has indirect ownership in subsidiaries: PT Pionirbeton
Industri,PTMandiriSejahteraSentra,PTBahanaIndonor,PTMineralIndustriSukabumi,PT
SahabatMuliaSakti,[Link] September30,2012,theGroup
hasatotalof6,675permanentemployees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

114 RESEARCH DIVISION

 INTP IndocementTunggalPrakarsaTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 870.000
Industry Sector : Basic Industry And Chemicals (3) Listed Shares : 3,681,231,699
Industry Sub Sector : Cement (31) Market Capitalization : 80,066,789,453,250

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 16-Jan-1985 1. Birchwood Omnia Limited 1,877,480,863 : 51.00%
Listing Date : 05-Dec-1989 2. Public ( <5% ) 1,803,750,836 : 49.00%
Under Writer IPO :
PT (Persero) Danareksa DIVIDEND ANNOUNCEMENT
PT Merchant Investment Corporation Bonus Cash Recording Payment
F/I
PT Multicor Year Shares Dividend Cum Date Ex Date Date Date
Bank Pembangunan Indonesia 1991 150.00 13-Feb-91 14-Feb-91 21-Feb-91 15-Mar-91 I
Securities Administration Bureau : 1991 175.00 27-May-92 29-May-92 05-Jun-92 18-Jun-92 F
PT Raya Saham Registra 1992 250.00 01-Jul-93 02-Jul-93 09-Jul-93 10-Aug-93 F
Plaza Central Building 2nd Fl. 1993 208.00 13-Jul-94 14-Jul-94 21-Jul-94 15-Aug-94 F
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1994 1:1 12-Aug-94 15-Aug-94 23-Aug-94 23-Sep-94
Phone : 252-5666 1994 120.00 19-Jul-95 20-Jul-95 28-Jul-95 25-Aug-95 F
Fax : 252-5028 1995 40.00 23-Aug-95 24-Aug-95 01-Sep-95 29-Sep-95 I
1995 120.00 12-Jul-96 15-Jul-96 23-Jul-96 21-Aug-96 F
BOARD OF COMMISSIONERS 1996 70.00 11-Jul-97 14-Jul-97 23-Jul-97 21-Aug-97 F
1. Albert Scheuer 1997 10:3 08-Sep-97 09-Sep-97 17-Sep-97 30-Sep-97 F
2. Bernd Scheifele 2005 50.00 19-Jul-06 20-Jul-06 24-Jul-06 07-Aug-06 F
3. Daniel Gauthier 2006 30.00 27-Jun-07 28-Jun-07 02-Jul-07 16-Jul-07 I
4. I Nyoman Tjager *) 2007 40.00 05-Jun-08 06-Jun-08 10-Jun-08 24-Jun-08 F
5. Lorenz Naeger 2008 150.00 02-Jun-09 03-Jun-09 05-Jun-09 19-Jun-09 F
6. Muhammad Jusuf Hamka *) 2009 225.00 21-Jun-10 22-Jun-10 24-Jun-10 07-Jul-10 F
7. Tedy Djuhar *) 2010 263.00 17-Jun-11 20-Jun-11 22-Jun-11 07-Jul-11 F
*) Independent Commissioners 2011 293.00 18-Jun-12 19-Jun-12 21-Jun-12 05-Jul-12 F

BOARD OF DIRECTORS ISSUED HISTORY

1. Daniel Eugene Antoine Lavalle Listing Trading
2. Benny Setiawan Santoso No. Type of Listing Shares Date Date
3. Daniel R. Fritz 1. First Issue 89,832,150 05-Dec-89 05-Dec-89
4. Fransiscus Welirang 2. Koperasi 6,000,000 26-Jun-92 31-Dec-99
5. Hasan Imer 3. Founders Shares 71,483 07-Mar-94 07-Mar-94
6. Kuky Permana Kumalaputra 4. Convertible Bonds 68,680 07-Mar-94 07-Mar-94
7. Nelson G. D. Borch 5. Founders Shares 105,125 23-Mar-94 23-Mar-94
8. Ramakanta Bhattacharjee 6. Convertible Bonds 101,003 23-Mar-94 23-Mar-94
9. Tju Lie Sukanto 7. Founders Shares 89,707 15-Apr-94 15-Apr-94
8. Convertible Bonds 86,189 15-Apr-94 15-Apr-94
AUDIT COMMITTEE 9. Founders Shares 278,930 18-Apr-94 18-Apr-94
1. I Nyoman Tjager 10. Convertible Bonds 267,993 18-Apr-94 18-Apr-94
2. Kanaka Puradiredja 11. Founders Shares 28,033 03-May-94 03-May-94
3. Pat Lisk 12. Convertible Bonds 26,934 03-May-94 03-May-94
13. Founders Shares 151,379 30-May-94 30-May-94
CORPORATE SECRETARY 14. Convertible Bonds 145,443 30-May-94 30-May-94
Sahat Panggabean 15. Founders Shares 12,614 12-Aug-94 12-Aug-94
16. Convertible Bonds 12,120 12-Aug-94 12-Aug-94
HEAD OFFICE 17. Founders Shares 208,848 02-Sep-94 02-Sep-94
Wisma Indocement, Lt. 8 18. Convertible Bonds 200,658 02-Sep-94 02-Sep-94
Jln. Jend. Sudirman Kav. 70 - 71 19. Bonus Shares 599,790,020 12-Sep-94 26-Sep-94
Jakarta 20. Company Listing 502,102,731 12-Sep-94 12-Sep-94
Phone : (021) 251-0057, 570-3817 21. Convertible Bonds 323,211 12-Oct-94 12-Oct-94
Fax : (021) 570-1693, 251-0066 22. Convertible Bonds 5,394,925 13-Oct-94 13-Oct-94
23. Convertible Bonds 937,307 24-Oct-94 24-Oct-94
Homepage : [Link] 24. Convertible Bonds 991,177 10-Nov-94 10-Nov-94
Email : corpsec@[Link] 25. Stock Split 1,207,226,660 02-Sep-96 02-Sep-96
[Link]@[Link] 26. Additional Listing 69,863,127 09-Jan-01 09-Jan-01
27. Right Issue 1,196,907,072 24-Apr-01 24-Apr-01
28. Warrant 8,180 12-May-03 12-May-03

RESEARCH DIVISION 115

 INTP IndocementTunggalPrakarsaTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Indocement Tunggal Prakarsa Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
24,000 560 Jan-09 5,250 4,350 4,500 2,154 36,696 172,545 19
Feb-09 4,800 3,950 4,150 1,670 20,354 87,697 20
21,000 490 Mar-09 5,700 4,000 5,250 3,704 46,669 213,313 20
Apr-09 5,950 4,775 5,850 3,680 45,195 229,850 20
May-09 6,800 5,300 6,650 4,142 54,270 320,869 20
18,000 420
Jun-09 7,950 6,500 7,750 4,858 622,951 3,855,031 22
Jul-09 9,550 6,650 9,300 5,891 71,664 576,486 21
15,000 350
Aug-09 10,100 8,450 10,050 11,263 129,288 1,199,760 20
Sep-09 11,550 9,150 10,600 6,463 73,081 733,205 18
12,000 280 84,979 952,145
Oct-09 12,400 9,250 11,050 10,643 22
Nov-09 12,200 10,500 11,100 9,814 64,018 735,430 20
9,000 210 Dec-09 13,800 11,000 13,700 8,535 76,931 953,804 19

6,000 140 Jan-10 14,950 12,600 13,500 15,445 114,570 1,582,001 20

Feb-10 14,050 12,600 13,700 12,523 72,569 963,355 19
3,000 70 Mar-10 14,600 13,200 14,250 11,854 83,422 1,166,358 22
Apr-10 16,100 14,100 15,800 14,945 101,764 1,522,935 21
May-10 16,550 13,500 15,000 16,721 101,361 1,519,641 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 16,800 14,800 15,800 10,872 59,637 937,672 22
Jul-10 17,100 15,500 16,900 8,802 43,398 713,606 22
Aug-10 18,850 15,900 17,650 12,361 60,776 1,032,293 21
Sep-10 19,400 17,650 18,400 12,038 64,454 1,208,378 17
Change of Closing Price, Oct-10 19,400 17,800 18,300 15,544 87,480 1,611,578 21
Basic Index and Jakarta Composite Index Nov-10 18,300 16,250 16,600 20,425 107,151 1,849,201 21
January 2009 - January 2013 Dec-10 17,100 15,500 15,950 23,282 173,300 2,808,059 20
385%
Jan-11 16,900 12,750 13,550 24,440 140,024 2,055,974 21
Jakarta Composite Index
330% 330.7% Feb-11 15,700 13,600 14,400 16,456 98,775 1,441,396 18
Basic Index
Closing Price Mar-11 16,400 14,100 16,350 19,235 103,373 1,547,505 23
275% 277.2% Apr-11 17,900 15,800 17,000 15,317 63,289 1,066,959 20
May-11 17,400 16,300 16,900 15,815 64,838 1,094,051 21
220% Jun-11 17,550 16,350 17,050 13,168 40,686 688,640 20
209.9%
Jul-11 17,500 15,300 15,450 16,979 94,842 1,546,604 21
Aug-11 15,700 13,400 15,200 23,463 115,063 1,689,999 19
165%
Sep-11 15,950 10,700 14,000 24,770 95,452 1,334,694 20
Oct-11 16,350 11,700 16,350 23,279 83,136 1,189,356 21
110%
Nov-11 16,250 14,400 15,000 18,484 60,468 925,715 22
Dec-11 17,300 15,000 17,050 16,717 100,145 1,624,891 21
55%

Jan-12 19,050 16,600 16,950 22,398 87,292 1,556,604 21

- Feb-12 17,900 16,300 17,450 23,502 88,498 1,514,992 21
Mar-12 18,800 17,000 18,450 18,385 72,028 1,307,071 21
-55% Apr-12 18,800 17,850 18,050 13,941 70,686 1,294,326 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 18,900 16,800 17,800 17,881 68,984 1,223,049 21
Jun-12 17,600 15,800 17,350 16,882 71,934 1,226,581 21
Jul-12 22,000 17,400 21,500 18,249 87,400 1,660,463 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 21,500 19,200 20,250 17,525 52,402 1,067,337 19
Volume (Million Sh.) 1,326 1,070 1,060 841 71 Sep-12 20,650 19,550 20,350 18,025 54,846 1,105,406 20
Value (Billion Rp) 10,030 16,915 16,206 16,063 1,550 Oct-12 22,300 19,950 21,400 16,613 71,139 1,504,225 22
Frequency (Thou. X) 73 175 228 217 24 Nov-12 23,250 21,150 23,250 16,524 59,652 1,332,810 20
Days 241 245 247 246 21 Dec-12 23,250 21,800 22,450 16,591 56,310 1,270,025 18

Price (Rupiah) Jan-13 22,600 21,250 21,750 23,664 71,422 1,550,241 21

High 13,800 19,400 17,900 23,250 22,600
Low 3,950 12,600 10,700 15,800 21,250
Close 13,700 15,950 17,050 22,450 21,750
Close* 13,700 15,950 17,050 22,450 21,750

PER (X) 18.36 18.21 17.43 18.40 17.83

PER Industry (X) 9.88 12.86 10.41 9.79 10.21
PBV (X) 4.72 4.49 3.99 4.59 4.44
* Adjusted price after corporate action

116 RESEARCH DIVISION

 INTP IndocementTunggalPrakarsaTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 790,141 2,623,473 4,684,870 6,864,567 8,618,255 21,250

Receivable 931,636 1,361,164 1,402,690 1,976,769 2,295,807

17,000

Inventories 1,515,360 1,269,425 1,299,549 1,327,720 1,536,240

12,750
Current Assets 3,471,276 5,322,916 7,484,807 10,314,573 12,701,980
Fixed Assets 7,597,622 7,773,279 7,702,769 7,638,064 7,647,727
8,500
Other Assets 111,627 103,703 100,319 128,546 139,088
Total Assets 11,286,707 13,276,270 15,346,146 18,151,331 20,579,350 4,250
Growth (%) 17.63% 15.59% 18.28% 13.38%
-
Current Liabilities 1,943,885 1,771,031 1,347,706 1,476,597 1,619,259 2008 2009 2010 2011 Sep-12

Long Term Liabilities 821,092 801,045 897,842 940,783 936,928

Total Liabilities 2,764,976 2,572,076 2,245,548 2,417,380 2,556,187
Growth (%) -6.98% -12.70% 7.65% 5.74% TOTAL EQUITY (Billion Rupiah)

18,023
Minority Interest 21,537 23,469 23,208 - - 18,023

15,734
Authorized Capital 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000
13,077
Paid up Capital 1,840,616 1,840,616 1,840,616 1,840,616 1,840,616
14,346

Paid up Capital (Shares) 3,681 3,681 3,681 3,681 3,681 10,681

10,670

Par Value 500 500 500 500 500 8,500

Retained Earnings 3,951,301 6,145,770 8,542,435 11,166,666 13,454,956 6,993

Total Equity 8,500,194 10,680,725 13,077,390 15,733,951 18,023,163

Growth (%) 25.65% 22.44% 20.31% 14.55% 3,316

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-360

2008 2009 2010 2011 Sep-12

Total Revenues 9,780,498 10,576,456 11,137,805 13,887,892 12,370,676
Growth (%) 8.14% 5.31% 24.69%

TOTAL REVENUES (Billion Rupiah)

Expenses 5,755,935 5,468,018 5,597,043 7,473,669 6,542,392
Gross Profit 4,024,564 5,108,439 5,540,762 6,414,223 5,828,284 13,888

Operating Expenses 1,564,695 1,415,133 1,520,732 1,996,200 1,679,854 12,371

11,138
Operating Profit 2,459,869 3,693,305 4,020,030 4,418,023 4,148,430 10,576
11,055

9,780
Growth (%) 50.14% 8.85% 9.90%
8,222

Other Income (Expenses) -135,059 92,366 221,812 290,133 257,317

Income before Tax 2,332,787 3,796,327 4,248,476 4,708,156 4,405,747 5,389

Tax 587,205 1,047,741 1,023,795 1,106,640 1,037,934

2,555

Minority Interest -81 -1,932 261 - -

Net Income 1,745,501 2,746,654 3,224,942 3,601,516 3,367,813 -278

Growth (%) 57.36% 17.41% 11.68% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 178.57 300.55 555.37 698.54 784.43 NET INCOME (Billion Rupiah)
Dividend (Rp) 150.00 225.00 263.00 293.00 -
3,602
EPS (Rp) 474.16 746.12 876.05 978.35 914.86 3,602

3,225
3,368
BV (Rp) 2,309.06 2,901.40 3,552.45 4,274.10 4,895.96
2,747
DAR (X) 0.24 0.19 0.15 0.13 0.12 2,867

DER(X) 0.33 0.24 0.17 0.15 0.14

1,746
2,132

ROA (%) 20.67 28.59 27.68 25.94 21.41

ROE (%) 27.44 35.54 32.49 29.92 24.44 1,397

GPM (%) 41.15 48.30 49.75 46.19 47.11

OPM (%) 25.15 34.92 36.09 31.81 33.53 663

NPM (%) 17.85 25.97 28.95 25.93 27.22

Payout Ratio (%) 31.63 30.16 30.02 29.95 -
-72

2008 2009 2010 2011 Sep-12

Yield (%) 3.26 1.64 1.65 1.72 -

RESEARCH DIVISION 117

 CC O
OMM PP AA N
N YY RR EE PP O
O RR TT

ITMG
INDO TAMBANGRAYA MEGAH TBK.

Company Profile

PTIndoTambangrayaMegahTbk.wasestablishedSeptember2nd,1987.

ThemainactivitiesoftheCompanyareminingbyinvestinginsubsidiaries,andmarketing
[Link].

The ultimate parent entity is Banpu Public Company Limited, a company incorporated in
theKingdomofThailand.

PT Indo Tambangraya Megah Tbk. is a leading Indonesian supplier of coal to the worlds
energy markets. It aims to set the highest standards in corporate governance as well as
environmental,[Link]
collaboration with host communities and other stakeholders. The Company has been
recognizedasaleadingproducerofcoalandhasbuiltadiversifiedcustomerbase.

TheCompanyhasdirectandindirectownershipinthefollowingsubsidiaries:PTIndominco
Mandiri, PT Trubaindo Coal Mining, PT Jorong Barutama Greston, PT Kitadin and PT
BharintoEkatama.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

118 RESEARCH DIVISION

 ITMG IndoTambangrayaMegahTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 296.071
Industry Sector : Mining (2) Listed Shares : 1,129,925,000
Industry Sub Sector : Coal Mining (21) Market Capitalization : 46,835,391,250,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 02-Sep-1987 1. Banpu Minerals (Singapore) Private Limited 734,452,000 : 65.00%
Listing Date : 18-Dec-2007 2. Public ( <5% ) 395,473,000 : 35.00%
Under Writer IPO :
PT UBS Securities Indonesia DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Datindo Entrycom Year Shares Dividend Cum Date Ex Date Date Date
Wisma Sudirman - Puri Datindo 2007 155.00 06-May-08 07-May-08 09-May-08 23-May-08 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2008 344.00 08-Oct-08 09-Oct-08 13-Oct-08 22-Nov-08 I
Phone : 570-9009 2008 295.00 01-Dec-08 02-Dec-08 04-Dec-08 19-Dec-08 I
Fax : 570-9026 2008 706.00 11-May-09 12-May-09 14-May-09 28-May-09 F
2009 678.00 20-Oct-09 21-Oct-09 23-Oct-09 01-Nov-09 I
BOARD OF COMMISSIONERS 2009 1,286.00 29-Apr-10 30-Apr-10 04-May-10 19-May-10 F
1. Ibrahim Yusuf *) 2010 795.00 28-Sep-10 29-Sep-10 01-Oct-10 15-Oct-10 I
2. Djisman S. Simandjuntak *) 2010 407.00 19-Apr-11 20-Apr-11 25-Apr-11 06-May-11 F
3. Lukmanul Hakim 2011 1,168.00 28-Sep-11 29-Sep-11 03-Oct-11 14-Oct-11 I
4. Rudijanto Boentoro 2011 1,168.00 28-Sep-11 29-Sep-11 03-Oct-11 14-Oct-11 I
5. Somruedee Chaimongkol 2012 1,666.00 29-Oct-12 30-Oct-12 01-Nov-12 14-Nov-12 I
6. Somyot Ruchirawat
*) Independent Commissioners ISSUED HISTORY
Listing Trading
BOARD OF DIRECTORS No. Type of Listing Shares Date Date
1. Pongsak Thongampai 1. First Issue 225,985,000 18-Dec-07 18-Dec-07
2. Edward Manurung 2. Company Listing 903,940,000 18-Dec-07 18-Aug-08
3. Hartono Widjaja
4. Leksono Poeranto
5. Sean Trehane Pellow

AUDIT COMMITTEE
1. Djisman S. Simandjuntak
2. Davy Indra Kurniadi
3. Myrnie Zachraini Tamin

CORPORATE SECRETARY
Roslini Onwardi

HEAD OFFICE
Pondok Indah Office Tower III, 3rd Fl.
Jln. Sultan Iskandar Muda, Pondok Indah Kav. V-TA
Jakarta Selatan - 12310
Phone : (021) 293-28100
Fax : (021) 293-27999

Homepage : [Link]
Email : roslini_o@[Link]

RESEARCH DIVISION 119

 ITMG IndoTambangrayaMegahTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Indo Tambangraya Megah Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
58,000 160 Jan-09 12,800 9,100 9,900 7,546 26,391 276,603 19
Feb-09 10,400 9,350 9,500 5,749 72,968 714,362 20
50,750 140 Mar-09 10,300 9,050 9,900 6,482 33,845 335,061 20
Apr-09 15,950 9,850 15,100 34,022 156,726 1,985,234 20
May-09 19,700 14,850 19,500 19,066 53,828 941,793 20
43,500 120
Jun-09 23,700 18,100 19,950 17,186 44,906 942,661 22
Jul-09 26,950 17,450 26,500 18,939 60,379 1,250,763 21
36,250 100
Aug-09 27,800 23,150 24,400 25,820 70,593 1,737,794 20
Sep-09 25,300 22,750 24,250 13,297 29,255 702,458 18
29,000 80 Oct-09 24,600 20,000 22,750 21,646 72,708 1,693,312 22
Nov-09 29,100 21,600 28,700 21,618 75,683 1,946,970 20
21,750 60 Dec-09 32,300 28,200 31,800 8,766 30,692 907,869 19

14,500 40 Jan-10 34,500 30,150 31,400 17,037 51,045 1,659,622 20

Feb-10 32,300 28,100 31,600 22,456 53,092 1,612,335 19
7,250 20 Mar-10 39,750 31,500 38,050 13,813 37,458 1,317,729 22
Apr-10 40,600 37,500 39,050 11,229 24,097 936,776 21
May-10 39,300 29,850 36,000 16,618 43,988 1,536,731 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 39,450 33,200 37,150 9,357 18,299 667,453 22
Jul-10 39,200 36,750 37,500 7,059 13,700 522,901 22
Aug-10 41,000 37,500 39,200 6,941 16,121 632,650 21
Sep-10 41,750 36,550 41,600 17,772 161,965 6,015,653 17
Change of Closing Price, Oct-10 50,100 40,900 45,200 11,635 29,006 1,304,371 21
Mining Index and Jakarta Composite Index Nov-10 55,300 45,200 49,050 15,731 38,063 1,896,326 21
January 2009 - January 2013 Dec-10 53,000 46,000 50,750 19,033 42,305 2,105,659 20
385%
Jan-11 57,950 43,700 46,300 29,196 64,211 3,267,046 21
330% Feb-11 48,650 43,650 45,700 22,560 40,535 1,874,932 18
Mar-11 51,400 39,900 46,200 49,551 90,260 4,107,414 23
275% Apr-11 50,250 46,650 46,800 24,415 41,472 1,992,811 20
May-11 48,000 44,400 47,000 22,941 46,175 2,148,862 21
230.3% Jun-11 47,500 44,000 44,750 11,842 21,509 989,239 20
220%
209.9%
Jul-11 52,000 44,500 50,500 22,708 52,561 2,535,598 21
Aug-11 51,350 40,000 43,150 21,131 42,572 1,939,362 19
165%
Sep-11 47,000 37,500 39,250 23,568 38,180 1,631,637 20
Oct-11 45,100 34,300 44,650 20,495 36,042 1,454,671 21
110%
100.4% Nov-11 45,000 36,250 38,150 19,148 27,770 1,146,861 22
Dec-11 40,450 34,950 38,650 18,594 30,704 1,170,734 21
55%
Jakarta Composite Index Jan-12 41,000 36,200 36,700 21,105 41,555 1,611,844 21
- Mining Index
Feb-12 44,800 36,650 43,350 25,856 50,179 2,056,492 21
Closing Price
Mar-12 44,000 41,050 43,450 18,679 30,981 1,312,739 21
-55% Apr-12 45,800 39,700 39,750 26,935 57,988 2,460,047 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 40,000 33,750 33,800 22,768 42,236 1,542,196 21
Jun-12 37,700 30,150 35,950 19,026 37,526 1,306,401 21
Jul-12 38,400 34,600 35,550 14,604 26,101 971,835 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 38,500 35,600 38,200 10,062 19,174 713,606 19
Volume (Million Sh.) 728 529 532 386 21 Sep-12 42,400 37,750 42,150 13,955 25,798 1,045,896 20
Value (Billion Rp) 13,435 20,208 24,259 15,257 874 Oct-12 43,350 40,000 40,650 11,566 19,511 819,058 22
Frequency (Thou. X) 200 169 286 206 13 Nov-12 42,450 38,350 39,250 11,122 16,938 690,628 20
Days 241 245 247 246 21 Dec-12 42,350 38,100 41,550 10,232 17,955 725,896 18

Price (Rupiah) Jan-13 42,900 39,800 41,450 12,584 21,012 874,302 21

High 32,300 55,300 57,950 45,800 42,900
Low 9,050 28,100 34,300 30,150 39,800
Close 31,800 50,750 38,650 41,550 41,450
Close* 31,800 50,750 38,650 41,550 41,450

PER (X) 11.35 31.29 8.74 10.11 10.09

PER Industry (X) 18.63 17.69 16.17 8.49 9.03
PBV (X) 4.84 8.86 4.46 5.21 5.20
* Adjusted price after corporate action

120 RESEARCH DIVISION

 ITMG IndoTambangrayaMegahTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 2,428,020 4,042,795 2,644,640 5,553,388 4,460,094 15,000

Receivable 1,610,471 1,354,003 1,359,610 2,321,598 2,439,567

12,000

Inventories 395,164 612,466 633,245 970,013 1,459,919

9,000
Current Assets 5,455,597 6,348,447 5,459,998 9,670,360 9,369,534
Fixed Assets 3,451,703 3,240,377 3,126,948 3,122,629 3,244,382
6,000
Other Assets 53,929 28,327 20,174 13,031 20,626
Total Assets 10,720,762 11,306,120 9,783,380 14,313,602 14,420,136 3,000
Growth (%) 5.46% -13.47% 46.31% 0.74%
-
Current Liabilities 3,658,877 3,209,739 2,976,449 4,087,383 4,225,993 2008 2009 2010 2011 2012

Long Term Liabilities 378,333 668,026 333,578 425,489 500,771

Total Liabilities 4,037,210 3,877,765 3,310,027 4,512,872 4,726,764
Growth (%) -3.95% -14.64% 36.34% 4.74% TOTAL EQUITY (Billion Rupiah)

9,801 9,693
Minority Interest - - - - - 9,801

Authorized Capital 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000

7,428
Paid up Capital 564,963 564,963 564,963 564,963 564,963
7,801

6,684 6,473
Paid up Capital (Shares) 1,130 1,130 1,130 1,130 1,130
5,802

Par Value 500 500 500 500 500

Retained Earnings 2,279,538 3,721,941 3,052,682 6,188,194 5,893,836 3,803

Total Equity 6,683,552 7,428,355 6,473,353 9,800,731 9,693,372

Growth (%) 11.14% -12.86% 51.40% -1.10% 1,803

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

-196

2008 2009 2010 2011 2012

Total Revenues 14,420,942 14,228,350 14,977,028 21,598,843 23,584,559
Growth (%) -1.34% 5.26% 44.21% 9.19%

TOTAL REVENUES (Billion Rupiah)

Expenses 9,188,912 8,847,730 10,114,588 13,509,570 16,417,475
Gross Profit 5,232,030 5,380,621 4,862,440 8,089,273 7,167,085 23,585
21,599
Operating Expenses 1,508,899 1,269,578 1,604,252 1,678,967 1,451,061
Operating Profit 3,723,131 4,111,043 3,258,188 6,410,305 - 18,773

Growth (%) 10.42% -20.75% 96.74% -100.00% 14,421 14,228 14,977

13,962

Other Income (Expenses) 62,097 194,886 -768,104 208,773 -

Income before Tax 3,785,229 4,305,929 2,490,084 6,619,078 5,716,024 9,151

Tax 1,212,800 1,140,676 657,217 1,666,807 1,538,168

4,340

Minority Interest - - - - -
Net Income 2,572,429 3,165,253 1,832,868 4,999,225 4,125,029 -472

Growth (%) 23.05% -42.09% 172.75% -17.49% 2008 2009 2010 2011 2012

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

Current Ratio (%) 149.11 197.79 183.44 236.59 221.71 NET INCOME (Billion Rupiah)
Dividend (Rp) 1,345.00 1,964.00 1,202.00 2,336.00 1,666.00
4,999
EPS (Rp) 2,276.64 2,801.29 1,622.11 4,424.39 3,650.71 4,999

BV (Rp) 5,915.04 6,574.20 5,729.01 8,673.79 8,578.78 4,125

DAR (X) 0.38 0.34 0.34 0.32 0.33 3,979

3,165
DER(X) 0.60 0.52 0.51 0.46 0.49
2,960
2,572
ROA (%) 35.31 38.08 25.45 46.24 39.64
ROE (%) 56.63 57.97 38.47 67.54 58.97 1,833
1,940

GPM (%) 36.28 37.82 32.47 37.45 30.39

OPM (%) 25.82 28.89 21.75 29.68 - 920

NPM (%) 17.84 22.25 12.24 23.15 17.49

Payout Ratio (%) 59.08 70.11 74.10 52.80 45.63
-100

2008 2009 2010 2011 2012

Yield (%) 12.81 6.18 2.37 6.04 4.01

RESEARCH DIVISION 121

 CC O
OMM PP A
ANN YY RR EE PP O
O RR TT

JSMR
JASA MARGA (PERSERO) TBK.

Company Profile

PT Jasa Marga (Persero) Tbk. was established dated September 10th, 1982, under the
framework of Government Regulation regarding the State Capital Investment for the
establishment of a StateOwned Company (Persero) in the area of management,
maintenance and development of toll roads and the detailed management regulations.
TheCompanycommenceditscommercialoperationsin1978.

TheaimandpurposeoftheCompany'sactivitiesaretoengageinperformingandassisting
the Governments programs and policies in economy sector and generally in national
development,especiallyindevelopmentoftollroadsandalltheirsupportingfacilitieswith
complytotheprinciplesofLimitedLiabilityCompany.

Forthesepurposes,theCompanyperformsthefollowingactivities:
1. Performtechnicalplanning,construction,operateand/ormaintenanceoftollroad;
2. Organizethelandintollroadarea(Rumijatol)andthelandtoborderonRumijatolfor
restareaandserviceincludingfacilitiesandotherbusinessoperatedeitherseparately
orincooperationwithotherparties;and
3. Perform other activity and business in order to utilize and develop the Companys
resources,eitherdirectlyorthroughinvestment,subjecttolawandregulation.

TheCompanylocatesinJakartaandiscurrentlyoperating16tollroadsmanagedbyits9
(nine) branches and its subsidiary: Branch Jagorawi (Jakarta Bogor Ciawi), Branch
Jakarta Tangerang (Jakarta Tangerang and Pondok Aren Bintaro Viaduct Ulujami),
BranchCamareng([Link]),BranchSurabaya
Gempol (Surabaya Gempol), Branch Jakarta Cikampek (Jakarta Cikampek), Branch
Purbaleunyi (Cikampek Padalarang and Padalarang Cileunyi), Branch Semarang
(Semarang Section A, B, and C), Branch Belmera (Belawan Medan Tanjung Morawa),
Branch Palikanci (Palimanan Kanci), PT Jalantol Lingkarluar Jakarta (Jakarta Outer Ring
Road(JORR)SectionE1,E2,E3,W2,andS),PTMargaSaranaJabar(BogorRingRoad),PT
Trans Marga Jateng (Semarang Solo) and PT Marga Nujyasumo Agung (Surabaya
Mojokerto). As of September 30, 2012 the Company had total permanent employees of
5,074persons.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

122 RESEARCH DIVISION

 JSMR JasaMarga(Persero)Tbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 323.529
Industry Sector : Infrastructure, Utilities & Transportation (7) Listed Shares : 6,800,000,000
Industry Sub Sector : Toll Road, Airport, Harbor & Allied Prod. (72) Market Capitalization : 37,400,000,000,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 01-Mar-1978 1. Negara Republik Indonesia 4,760,000,000 : 70.00%
Listing Date : 12-Nov-2007 2. Public ( <5% ) 2,040,000,000 : 30.00%
Under Writer IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
PT Bahana Securities Bonus Cash Recording Payment
F/I
PT Mandiri Sekuritas Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 2007 14.31 21-May-08 22-May-08 26-May-08 29-May-08 F
PT Datindo Entrycom 2008 52.00 18-Jun-09 19-Jun-09 23-Jun-09 07-Jul-09 F
Wisma Sudirman - Puri Datindo 2009 87.91 28-Jun-10 29-Jun-10 01-Jul-10 15-Jul-10 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2010 105.69 06-Jul-11 07-Jul-11 11-Jul-11 13-Jul-11 F
Phone : 570-9009 2011 78.88 04-Jun-12 05-Jun-12 07-Jun-12 21-Jun-12 F
Fax : 570-9026
ISSUED HISTORY
BOARD OF COMMISSIONERS Listing Trading
1. Agoes Widjanarko No. Type of Listing Shares Date Date
2. Akhmad Syakhroza 1. First Issue 2,040,000,000 12-Nov-07 12-Nov-07
3. Ibnu Purna Muchtar 2. Negara RI (Seri A) 1 12-Nov-07 12-Nov-07
4. Joyo Winoto 3. Company Listing 4,759,999,999 12-Nov-07 10-May-08
5. Michael Dendron Primanto *)
6. Samsoedin *)
*) Independent Commissioners

BOARD OF DIRECTORS
1. Adityawarman
2. Abdul Hadi
3. Hasanudin
4. Muh. Najib Fauzan
5. Reynaldi Hermansjah

AUDIT COMMITTEE
1. Michael Dendron Primanto
2. Agita Widjajanto
3. Rustam Wahyudi

CORPORATE SECRETARY
David Wijayatno

HEAD OFFICE
Plaza Tol Taman Mini Indonesia Indah
Jakarta - 13550
Phone : (021) 841-3630
Fax : (021) 840-1533, 841-3540

Homepage : [Link]
Email : sekper@[Link]
jasmar@[Link]

RESEARCH DIVISION 123

 JSMR JasaMarga(Persero)Tbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Jasa Marga (Persero) Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
6,000 240 Jan-09 1,060 910 960 8,318 256,277 250,663 19
Feb-09 980 910 920 3,893 100,329 94,679 20
5,250 210 Mar-09 950 830 900 18,350 562,375 499,499 20
Apr-09 1,220 900 1,180 16,014 474,872 494,930 20
May-09 1,500 1,150 1,460 12,422 316,843 426,888 20
4,500 180
Jun-09 1,740 1,450 1,550 11,235 222,115 360,293 22
Jul-09 1,700 1,540 1,680 10,587 169,221 277,242 21
3,750 150
Aug-09 1,900 1,680 1,780 26,133 523,800 937,501 20
Sep-09 1,920 1,730 1,870 11,269 173,718 317,573 18
3,000 120 Oct-09 1,890 1,710 1,790 10,669 171,456 314,059 22
Nov-09 1,940 1,720 1,880 8,283 162,508 303,193 20
2,250 90 Dec-09 1,940 1,790 1,810 5,368 113,696 212,158 19

1,500 60 Jan-10 1,900 1,770 1,800 7,773 151,173 277,498 20

Feb-10 1,800 1,660 1,780 4,287 50,755 88,599 19
750 30 Mar-10 1,840 1,730 1,790 7,732 156,449 279,869 22
Apr-10 2,150 1,780 2,075 24,979 720,011 1,426,713 21
May-10 2,075 1,750 1,970 10,682 217,164 421,065 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 2,200 1,900 2,025 11,022 211,349 435,942 22
Jul-10 2,725 2,000 2,675 12,444 284,982 664,587 22
Aug-10 3,025 2,525 2,925 9,876 177,397 491,645 21
Sep-10 3,375 2,900 3,200 9,894 176,359 523,935 17
Change of Closing Price, Oct-10 3,900 3,175 3,750 10,770 193,517 677,678 21
Infrastructure Index and Jakarta Composite Index Nov-10 3,775 3,350 3,475 14,041 270,049 954,411 21
January 2009 - January 2013 Dec-10 3,600 3,150 3,425 9,386 144,135 488,862 20
560%
Jan-11 3,575 2,925 3,000 12,779 197,010 636,186 21
Jakarta Composite Index
480% 485.1% Feb-11 3,200 2,950 3,175 6,832 104,194 320,670 18
Infrastructure Index
Closing Price Mar-11 3,425 3,150 3,400 13,551 195,067 642,378 23
400% Apr-11 3,525 3,250 3,300 13,158 174,537 587,008 20
May-11 3,525 3,275 3,475 9,957 193,346 663,699 21
320% Jun-11 3,650 3,325 3,625 7,995 175,397 603,870 20
Jul-11 4,000 3,550 3,975 11,849 191,975 722,040 21
Aug-11 4,175 3,625 4,000 11,334 229,033 896,266 19
240%
209.9% Sep-11 4,275 3,400 3,975 16,354 225,381 885,369 20
Oct-11 3,975 3,550 3,850 17,076 175,397 665,325 21
160%
Nov-11 4,000 3,675 3,875 8,082 85,380 330,751 22
Dec-11 4,275 3,750 4,200 11,878 228,156 917,847 21
80% 81.7%

Jan-12 4,575 4,125 4,375 12,368 230,785 993,508 21

- Feb-12 4,775 4,325 4,700 12,003 265,300 1,209,137 21
Mar-12 5,150 4,625 5,150 14,902 168,517 813,781 21
-80% Apr-12 5,700 4,875 5,350 19,314 230,817 1,196,346 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 5,550 4,925 5,150 23,617 448,775 2,326,901 21
Jun-12 5,450 4,975 5,400 14,761 232,464 1,199,371 21
Jul-12 5,950 5,300 5,700 14,029 167,905 944,446 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 6,000 5,550 5,750 12,949 157,924 899,890 19
Volume (Million Sh.) 3,247 2,753 2,175 2,519 288 Sep-12 5,850 5,650 5,850 10,923 131,027 753,148 20
Value (Billion Rp) 4,489 6,731 7,871 13,121 1,560 Oct-12 5,950 5,650 5,800 12,435 173,137 999,567 22
Frequency (Thou. X) 143 133 141 167 17 Nov-12 5,850 5,650 5,700 9,709 152,420 876,690 20
Days 241 245 247 246 21 Dec-12 5,850 5,450 5,450 9,539 159,861 908,441 18

Price (Rupiah) Jan-13 5,700 5,100 5,500 17,310 287,693 1,560,093 21

High 1,940 3,900 4,275 6,000 5,700
Low 830 1,660 2,925 4,125 5,100
Close 1,810 3,425 4,200 5,450 5,500
Close* 1,810 3,425 4,200 5,450 5,500

PER (X) 12.40 19.51 21.61 22.04 22.24

PER Industry (X) 7.19 14.36 11.09 17.53 17.61
PBV (X) 1.71 3.01 3.09 3.93 3.97
* Adjusted price after corporate action

124 RESEARCH DIVISION

 JSMR JasaMarga(Persero)Tbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Hadori Sugiarto Adi & Rekan (Member of HLB International)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 3,377,248 3,314,003 4,011,590 3,764,009 4,068,210 23,750

Receivable 31,034 64,672 23,630 87,994 84,647

19,000

Inventories - - - - -
14,250
Current Assets 3,906,983 3,430,338 4,090,141 3,996,741 4,459,302
Fixed Assets 9,007,986 9,863,302 13,694,508 15,945,902 443,536
9,500
Other Assets 84,717 392,755 259,058 440,239 384,010
Total Assets 14,642,760 16,174,264 18,952,129 21,432,134 23,031,904 4,750
Growth (%) 10.46% 17.17% 13.09% 7.46%
-
Current Liabilities 1,237,276 2,966,355 2,478,279 3,768,596 4,371,702 2008 2009 2010 2011 Sep-12

Long Term Liabilities 6,521,661 5,462,468 8,114,384 8,423,258 9,239,721

Total Liabilities 7,758,937 8,428,823 10,592,663 12,191,853 13,611,422
Growth (%) 8.63% 25.67% 15.10% 11.64% TOTAL EQUITY (Billion Rupiah)

9,240 9,420
Minority Interest 311,815 562,062 619,453 - - 9,420

Authorized Capital 9,520,000 9,520,000 9,520,000 9,520,000 9,520,000 7,740

7,183
Paid up Capital 3,400,000 3,400,000 3,400,000 3,400,000 3,400,000 6,572
7,499

Paid up Capital (Shares) 6,800 6,800 6,800 6,800 6,800

5,577

Par Value 500 500 500 500 500

Retained Earnings 832,409 1,457,048 2,015,210 2,602,769 2,159,864 3,655

Total Equity 6,572,008 7,183,379 7,740,014 9,240,280 9,420,482

Growth (%) 9.30% 7.75% 19.38% 1.95% 1,733

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-188

2008 2009 2010 2011 Sep-12

Total Revenues 3,353,632 3,692,000 4,378,584 4,960,473 5,593,382
Growth (%) 10.09% 18.60% 13.29%

TOTAL REVENUES (Billion Rupiah)

Expenses 1,982,008 2,175,779 2,390,392 2,679,084 3,284,111
Gross Profit 1,371,624 1,516,221 1,988,192 2,281,388 2,309,271 5,593
4,960
5,593

Operating Expenses 1,982,008 2,175,779 2,390,392 2,679,084 -

1,371,624 1,516,221 1,988,192 2,281,388 2,309,271 4,379
Operating Profit 4,452

10.54% 31.13% 14.75% 3,692

Growth (%) 3,354
3,311

Other Income (Expenses) -425,802 -422,327 -511,843 -554,914 -687,144

Income before Tax 945,822 1,093,894 1,476,349 1,726,475 1,622,127 2,170

Tax 223,922 211,682 291,854 407,651 363,825

1,029

Minority Interest -14,102 -14,507 8,991 - -

Net Income 707,798 992,694 1,193,487 1,321,582 1,261,214 -112

Growth (%) 40.25% 20.23% 10.73% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 315.77 115.64 165.04 106.05 102.00 NET INCOME (Billion Rupiah)
Dividend (Rp) 52.00 87.91 105.69 78.88 -
1,322
EPS (Rp) 104.09 145.98 175.51 194.35 185.47 1,261
1,322

1,193
BV (Rp) 966.47 1,056.38 1,138.24 1,358.86 1,385.37
993
DAR (X) 0.53 0.52 0.56 0.57 0.59 1,052

DER(X) 1.18 1.17 1.37 1.32 1.44

782
708
ROA (%) 6.46 6.76 7.79 8.06 7.04
ROE (%) 14.39 15.23 19.07 18.68 17.22 513

GPM (%) 40.90 41.07 45.41 45.99 41.29

OPM (%) 40.90 41.07 45.41 45.99 41.29 243

NPM (%) 21.11 26.89 27.26 26.64 22.55

Payout Ratio (%) 49.96 60.22 60.22 40.59 -
-26

2008 2009 2010 2011 Sep-12

Yield (%) 5.71 4.86 3.09 1.88 -

RESEARCH DIVISION 125

 CC O
OMM PP A
ANN YY RR EE PP O
O RR TT

KLBF
KALBE FARMA TBK.

Company Profile

PTKalbeFarmaTbk.wasestablisheddatedSeptember10th,1966,withintheframeworkof
theDomesticCapitalInvestmentLaw.

ThescopeofactivitiesoftheCompanycomprises,amongothers,pharmaceuticals,trading
and representative. Currently, the Company is primarily engaged in the development,
manufacturing, and trading of pharmaceuticals preparation including medicines and
consumerhealthproducts.TheCompanystarteditscommercialoperationsin1966.

TheCompanyisdomiciledinJakarta,[Link].
[Link].4,CempakaPutih,Jakarta10510,whileitsproductionplantsislocated
atKawasanIndustriDeltaSilicon,[Link],BlockA31,LippoCikarang,Bekasi.

KalbehascontributedtoimprovehealthstandardofIndonesians,byprovidingacomplete
range of products, from prescription pharmaceuticals, overthecounter drugs, up to
consumer health and nutritional products. Driven by a spirit of innovation, Kalbe has
transformed from its humble beginning into the largest publiclylisted pharmaceuticals
company in Southeast Asia. Kalbe has expanded its portfolio from overthecounter
products, to prescription pharmaceuticals, growing to include consumer health and
nutritional products. Kalbe is now building a presence in the medical device and health
service, while at the same time developing competence in biotechnology research and
developmentactivities.

The subsidiaries, in which the company directly and indirectly owns are PT Bintang
Toedjoe, PT Hexpharm Jaya Laboratories, PT Saka Farma Laboratories, PT Finusolprima
Farma Internasional, PT Bifarma Adiluhung, Innogene Kalbiotech Pte. Ltd., PT Dankos
Farma, PT Pharma Metric Labs., PT Sanghiang Perkasa, PT Kalbe Morinaga, PT Hale
International,PTEnsevalPuteraMegatradingTbk.,PTTriSaptaJaya,PTMilleniaDharma
Insani, PT Enseval Medika Prima, PT Global Chemindo Megatrading, PT Renalmed Tiara
Utama,[Link].,[Link].,andAsiawideKalbePhilippines,
Inc.

AsofSeptember30,2012,theCompanyanditsSubsidiarieshavecombinedtotalof9,752
permanentemployees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

126 RESEARCH DIVISION

 KLBF KalbeFarmaTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 10,631.035
Industry Sector : Consumer Goods Industry (5) Listed Shares : 50,780,072,110
Industry Sub Sector : Pharmaceuticals (53) Market Capitalization : 55,350,278,599,900

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 10-Sep-1966 1. PT Gira Sole Prima 4,767,872,885 : 9.39%
Listing Date : 30-Jul-1991 2. PT Santa Seha Sanadi 4,509,646,840 : 8.88%
Under Writer IPO : 3. PT Diptanala Bahana 4,447,970,440 : 8.76%
PT Merincorp 4. Lucasta Murni Cemerlang 4,439,895,440 : 8.74%
PT Niaga Securities 5. PT Ladang Ira Panen 4,322,952,940 : 8.51%
Securities Administration Bureau : 6. PT Bina Arta Charisma 4,060,816,540 : 8.00%
PT Adimitra Transferindo 7. PT Kalbe Farma Tbk 3,904,950,000 : 7.69%
Plaza Property 2nd Fl. Komp. Pertokoan Pulomas Blok VIII No. 1 8. Public ( <5% ) 20,325,967,025 : 40.03%
Jln. Perintis Kemerdekaan Jakarta 13210
Phone : 478-81515 (Hunting) DIVIDEND ANNOUNCEMENT
Fax : 470-9697 Bonus Cash Recording Payment
F/I
Year Shares Dividend Cum Date Ex Date Date Date
BOARD OF COMMISSIONERS 1991 200.00 16-Apr-92 20-Apr-92 27-Apr-92 29-May-92 F
1. Johannes Setijono 1992 1: 1 20-Oct-92 21-Oct-92 28-Oct-92 16-Nov-92
2. Farid A. Moeloek *) 1992 60.00 09-Dec-92 10-Dec-92 17-Dec-92 15-Jan-93 I
3. Ferdinand Aryanto 1992 70.00 30-Jun-93 01-Jul-93 08-Jul-93 06-Aug-93 F
4. Jozef Darmawan Angkasa 1994 10 : 3 & 10 : 7 75.00 07-Jun-94 08-Jun-94 15-Jun-94 15-Jul-94 F
5. Santoso Oen 1994 50.00 29-Aug-94 30-Aug-94 06-Sep-94 06-Oct-94 I
6. Wahjudi Prakarsa *) 1994 85.00 10-Jul-95 11-Jul-95 19-Jul-95 18-Aug-95 F
*) Independent Commissioners 1995 115.00 09-Jul-96 10-Jul-96 18-Jul-96 15-Aug-96 F
1996 75.00 23-Jul-97 24-Jul-97 01-Aug-97 29-Aug-97 F
BOARD OF DIRECTORS 1999 2.00 10-Nov-00 13-Nov-00 20-Nov-00 06-Dec-00 F
1. Bernadette Ruth Irawaty Setiady 1999 100 : 88 10-Nov-00 13-Nov-00 20-Nov-00 06-Dec-00 F
2. Budi Dharma Wreksoatmodjo 2002 2.00 25-Aug-03 26-Aug-03 28-Aug-03 11-Sep-03 F
3. Herman Widjaja 2003 1.00 16-Aug-04 18-Aug-04 20-Aug-04 03-Sep-04 F
4. Ongkie Tedjasurja 2005 3.00 05-Jul-05 06-Jul-05 08-Jul-05 22-Jul-05
5. Vidjongtius 2006 10.00 14-Jun-07 15-Jun-07 19-Jun-07 03-Jul-07 I
2007 10.00 31-Jul-08 01-Aug-08 05-Aug-08 20-Aug-08 F
AUDIT COMMITTEE 2008 12.50 29-Jul-09 30-Jul-09 03-Aug-09 14-Aug-09 F
1. Farid A. Moeloek 2009 25.00 15-Jul-10 16-Jul-10 20-Jul-10 30-Jul-10 F
2. Dianawati Sugiarto 2010 70.00 27-Jun-11 28-Jun-11 01-Jul-11 13-Jul-11 F
3. Ichsan Gunawan 2011 95.00 28-Jun-12 29-Jun-12 03-Jul-12 17-Jul-12 F

CORPORATE SECRETARY ISSUED HISTORY

Vidjongtius Listing Trading
No. Type of Listing Shares Date Date
HEAD OFFICE 1. First Issue 10,000,000 30-Jul-91 30-Jul-91
Gedung Kalbe Lt. 3 2. Partial Listing 10,000,000 T: 30-Jul-91 : 30-Jan-92
Jln. Let. Jend. Suprapto Kav. 4, Cempaka Putih 3. Koperasi 500,000 T: 27-Feb-92 : 31-Dec-99
Jakarta - 10510 4. Company Listing 29,500,000 29-Apr-92 29-Apr-92
Phone : (021) 428-73688, 894-243908 5. Bonus Shares 2,026,400,000 T: 17-Nov-92 : 06-Dec-00
Fax : (021) 428-73678 6. Right Issue 8,000,000 T: 14-May-93 : 25-Jun-93
7. Dividen Shares 32,400,000 18-Jul-94 18-Jul-94
Homepage : [Link] 8. Stock Split 6,004,800,000 T: 07-Oct-96 : 02-Jan-04
Email : Vidjongtius@[Link] 9. Additional Listing (Merger) 2,034,414,422 21-Dec-05 21-Dec-05
10. Stock Splits 41,144,906,566 08-Oct-12 08-Oct-12

RESEARCH DIVISION 127

 KLBF KalbeFarmaTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Kalbe Farma Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
1,200 320 Jan-09 500 400 465 8,667 425,802 188,899 19
Feb-09 710 465 650 12,269 611,332 384,205 20
1,050 280 Mar-09 670 590 620 4,586 130,054 82,396 20
Apr-09 930 610 900 11,694 431,831 333,674 20
May-09 910 790 880 5,660 336,006 291,545 20
900 240
Jun-09 1,120 860 1,010 10,599 442,308 438,123 22
Jul-09 1,350 950 1,310 8,537 366,946 410,200 21
750 200
Aug-09 1,390 1,240 1,270 6,538 318,301 420,202 20
Sep-09 1,330 1,160 1,330 7,004 192,711 236,717 18
600 160 213,358 278,045
Oct-09 1,360 1,170 1,220 8,266 22
Nov-09 1,350 1,170 1,250 10,181 577,284 750,806 20
450 120 Dec-09 1,330 1,250 1,300 5,819 316,170 409,502 19

300 80 Jan-10 1,540 1,290 1,540 10,843 546,542 760,159 20

Feb-10 1,640 1,430 1,560 9,652 491,564 767,800 19
150 40 Mar-10 1,900 1,570 1,870 27,381 1,292,608 2,247,853 22
Apr-10 2,125 1,800 2,075 29,043 1,329,016 2,672,996 21
May-10 2,125 1,620 1,880 31,887 1,142,739 2,166,262 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 2,150 1,780 2,100 20,196 763,008 1,505,050 22
Jul-10 2,550 2,000 2,450 21,430 856,260 1,995,278 22
Aug-10 2,475 2,225 2,325 13,405 319,097 746,780 21
Sep-10 2,725 2,300 2,550 14,065 374,294 946,092 17
Change of Closing Price, Oct-10 2,725 2,500 2,675 15,376 475,379 1,248,286 21
Consumer Goods Index and Jakarta Composite Index Nov-10 4,100 2,675 3,500 26,804 932,118 2,980,808 21
January 2009 - January 2013 Dec-10 3,825 2,975 3,250 29,162 709,139 2,415,538 20
1,330%
1245.7% Jan-11 3,375 2,450 2,825 31,889 512,854 1,539,793 21
Jakarta Composite Index
1,140% Feb-11 3,000 2,700 2,925 12,472 175,174 503,579 18
Consumer Goods Index
Closing Price Mar-11 3,400 2,875 3,400 26,005 409,546 1,256,625 23
950% Apr-11 3,725 3,350 3,575 21,717 366,099 1,318,778 20
May-11 3,600 3,225 3,575 27,352 309,123 1,078,937 21
760% Jun-11 3,575 3,225 3,375 19,396 206,133 693,300 20
Jul-11 3,700 3,400 3,475 23,402 357,183 1,269,992 21
Aug-11 3,550 2,900 3,475 18,325 192,858 638,119 19
570%
Sep-11 3,725 2,650 3,250 22,062 249,601 835,454 20
Oct-11 3,550 2,975 3,475 26,568 182,564 622,602 21
380% 370.1% Nov-11 3,600 3,300 3,525 17,036 129,667 451,000 22
Dec-11 3,600 3,300 3,400 12,427 343,677 1,182,729 21
190% 209.9%

Jan-12 3,650 3,375 3,525 15,399 122,271 428,028 21

- Feb-12 3,600 3,400 3,500 18,914 172,533 602,764 21
Mar-12 3,550 3,375 3,550 18,538 283,565 982,054 21
-190% Apr-12 4,050 3,400 4,025 31,628 485,446 1,795,766 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 4,025 3,750 3,875 39,920 454,029 1,783,899 21
Jun-12 4,000 3,700 3,775 30,929 384,956 1,485,524 21
Jul-12 3,900 3,675 3,825 32,278 394,523 1,497,405 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 4,000 3,750 3,875 33,041 255,670 999,731 19
Volume (Million Sh.) 4,362 9,232 3,434 6,640 1,891 Sep-12 4,700 3,900 4,700 33,617 272,454 1,158,254 20
Value (Billion Rp) 4,224 20,453 11,391 14,832 1,965 Oct-12 4,975 910 970 54,533 779,898 998,575 22
Frequency (Thou. X) 100 249 259 431 49 Nov-12 1,040 960 1,030 68,691 1,528,172 1,514,316 20
Days 241 245 247 246 21 Dec-12 1,150 980 1,060 53,129 1,506,913 1,585,510 18

Price (Rupiah) Jan-13 1,130 1,000 1,090 48,914 1,891,111 1,965,394 21

High 1,390 4,100 3,725 4,975 1,130
Low 400 1,290 2,450 910 1,000
Close 1,300 3,250 3,400 1,060 1,090
Close* 260 650 680 1,060 1,090

PER (X) 14.21 25.66 22.43 31.87 32.77

PER Industry (X) 20.07 16.41 16.22 19.75 20.36
PBV (X) 3.06 6.14 5.30 7.83 8.06
* Adjusted price after corporate action

128 RESEARCH DIVISION

 KLBF KalbeFarmaTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,321,798 1,562,664 1,901,872 2,291,336 1,372,678 8,750

Receivable 1,001,161 1,318,080 1,363,957 1,635,311 1,832,804

7,000

Inventories 1,606,124 1,561,382 1,550,829 1,705,189 2,159,863

5,250
Current Assets 4,168,055 4,701,893 5,037,270 5,956,123 5,914,266
Fixed Assets 1,327,347 1,398,128 1,605,266 1,860,288 2,170,298
3,500
Other Assets 19,511 26,101 47,115 286,899 45,007
Total Assets 5,703,832 6,482,447 7,032,497 8,274,554 8,745,245 1,750
Growth (%) 13.65% 8.49% 17.66% 5.69%
-
Current Liabilities 1,250,372 1,574,137 1,146,489 1,630,589 1,738,284 2008 2009 2010 2011 Sep-12

Long Term Liabilities 108,618 117,375 113,872 128,031 136,656

Total Liabilities 1,359,297 1,691,775 1,260,580 1,758,619 1,874,940
Growth (%) 24.46% -25.49% 39.51% 6.61% TOTAL EQUITY (Billion Rupiah)

6,870
722,137 480,234 398,133 - - 6,516
Minority Interest
Authorized Capital 850,000 850,000 850,000 850,000 850,000 5,374
Paid up Capital 507,801 507,801 507,801 507,801 507,801
5,469

4,310
Paid up Capital (Shares) 10,156 10,156 10,156 10,156 10,156
4,067 3,622
Par Value 50 50 50 50 50
Retained Earnings 3,717,530 4,529,299 5,581,254 6,407,439 6,759,435 2,666

Total Equity 3,622,399 4,310,438 5,373,784 6,515,935 6,870,305

Growth (%) 18.99% 24.67% 21.25% 5.44% 1,264

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-137

2008 2009 2010 2011 Sep-12

Total Revenues 7,877,366 9,087,348 10,226,789 10,911,860 9,694,015
Growth (%) 15.36% 12.54% 6.70%

TOTAL REVENUES (Billion Rupiah)

Expenses 4,073,726 4,575,407 5,060,404 5,360,687 4,971,235
Gross Profit 3,803,641 4,511,940 5,166,386 5,551,173 4,722,780 10,912
10,227
9,694
10,912

Operating Expenses 2,660,928 2,946,066 3,375,482 3,563,914 3,065,682 9,087

Operating Profit 1,142,712 1,565,875 1,790,904 1,987,259 - 8,686
7,877
Growth (%) 37.03% 14.37% 10.96%
6,460

Other Income (Expenses) 35,309 -94,803 -20,469 - -

Income before Tax 1,178,022 1,471,072 1,770,435 1,987,259 1,657,098 4,234

Tax 352,517 421,405 426,636 464,303 386,640

2,008

Minority Interest -118,682 -120,663 -57,469 - -

Net Income 706,822 929,004 1,286,330 1,539,721 1,266,662 -218

Growth (%) 31.43% 38.46% 19.70% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 333.35 298.70 439.36 365.27 340.24 NET INCOME (Billion Rupiah)
Dividend (Rp) 12.50 25.00 70.00 95.00 -
1,540
EPS (Rp) 69.60 91.47 126.66 151.61 124.72 1,540

BV (Rp) 356.68 424.42 529.12 641.58 676.48 1,286 1,267

DAR (X) 0.24 0.26 0.18 0.21 0.21 1,226

DER(X) 0.38 0.39 0.23 0.27 0.27 929

912

ROA (%) 20.65 22.69 25.18 24.02 18.95 707

ROE (%) 32.52 34.13 32.95 30.50 24.12 597

GPM (%) 48.29 49.65 50.52 50.87 48.72

OPM (%) 14.51 17.23 17.51 18.21 - 283

NPM (%) 8.97 10.22 12.58 14.11 13.07

Payout Ratio (%) 17.96 27.33 55.27 62.66 -
-31

2008 2009 2010 2011 Sep-12

Yield (%) 3.13 1.92 2.15 2.79 -

RESEARCH DIVISION 129

 COMPANY REPORT

LPKR
LIPPO KARAWACI TBK.

Company Profile


PT Lippo Karawaci Tbk. wasestablished under thenamePT Tunggal Reksakencanadated
October15th,1990.

TheCompanysscopeofactivitiesincluderealestate,urbandevelopment,landpurchasing
and clearing, land cut and fill, land development and excavation, infrastructure
development planning, developing, leasing, selling and managing of buildings, houses,
offices and industrial estates, hotels, hospitals, commercial centers and sports centers,
supporting infrastructure, including but not limited to golf courses, club houses,
restaurants, other entertainment centers, medical laboratories, medical pharmacies and
related facilities, directly or by investment or capital divestment; build and operate
environmentinfrastructure,buildandmanagepublicfacilitiesandaccommodationservices
andoperatingactivitiesinservicesconsistingofpublictransportation,securityservicesand
othersupportingservices,exceptforlegalandtaxationservices.

The main activities of the Company include urban development, large scale integrated
development, retail malls, healthcare, hospitals and infrastructure and property and
portfoliomanagement.

The Company creates wellplanned developments that circumvent traffic congestion, are
floodfree, and possess worldclass infrastructure. The Company is driven by its vision of
impacting lives, while continuously creating value for its stakeholders. The needs of the
growingmiddle,uppermiddleandupperclassesofIndonesiaaremetbythequalityofthe
services offered through each business segment, while sustainable growth is achieved
throughabalancedportfolioofdevelopmentprojectssupportedandsustainedbyastable
level of recurring income from healthcare, hotel leisure & hospitality, infrastructure, and
feebasedincomeasRetailEstateInvestmentTrust(REIT)andpropertymanagers.

ThecompanyisoneoftheincorporatedinthebusinessgroupLippoGroup.

As of September 30th, 2012, the Company and subsidiaries have 4,593 permanent
employees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

130 RESEARCH DIVISION

 LPKR LippoKarawaciTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 263.722
Industry Sector : Property, Real Estate And Building Construction (6) Listed Shares : 23,077,689,619
Industry Sub Sector : Property And Real Estate (61) Market Capitalization : 23,770,020,307,570

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 15-Oct-1990 1. Pacific Asia Holding Ltd 4,126,619,908 : 17.88%
Listing Date : 28-Jun-1996 2. Public ( <5% ) 18,951,069,711 : 82.12%
Under Writer IPO :
PT Pentasena Arthasentosa DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Sharestar Indonesia Year Shares Dividend Cum Date Ex Date Date Date
Beritasatu Plasa 7th Fl. 1995 40.00 05-Dec-96 06-Dec-96 16-Dec-96 14-Jan-97 F
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950 1997 10.00 13-Jan-98 14-Jan-98 22-Jan-98 20-Feb-98 F
Phone : 527-7966 2005 10.00 19-Aug-05 22-Aug-05 24-Aug-05 08-Sep-05
Fax : 527-7967 2005 9.99 01-Dec-06 04-Dec-06 06-Dec-06 20-Dec-06 F
2006 4.62 04-Dec-07 05-Dec-07 07-Dec-07 27-Dec-07 F
BOARD OF COMMISSIONERS 2010 2.88 11-Nov-10 12-Nov-10 16-Nov-10 01-Dec-10 I
1. Theo L. Sambuaga 2010 4.33 05-Oct-11 06-Oct-11 10-Oct-11 24-Oct-11 F
2. Agum Gumelar *) 2010 4.33 05-Oct-11 06-Oct-11 10-Oct-11 24-Oct-11 F
3. Farid Harianto *) 2011 7.79 27-Aug-12 28-Aug-12 30-Aug-12 13-Sep-12 F
4. Jonathan L. Parapak *) 2011 7.79 27-Aug-12 28-Aug-12 30-Aug-12 13-Sep-12 F
5. Surjadi Soedirdja *)
6. Tanri Abeng *) ISSUED HISTORY
7. Viven G. Setiabudi Listing Trading
*) Independent Commissioners No. Type of Listing Shares Date Date
1. First Issue 30,800,000 28-Jun-96 28-Jun-96
BOARD OF DIRECTORS 2. Company Listing 244,000,000 28-Jun-96 28-Feb-97
1. Ketut Budi Wijaya 3. Convertible Bond 105,072,500 28-Jun-96 28-Jun-96
2. Djoko Harjono 4. Right Issue 5,815,239,737 T: 16-Jan-98 : 30-Dec-10
3. E. Yudhistira Susiloputro 5. Add Listing (Merger) 1,063,275,250 02-Aug-04 02-Aug-04
4. Ivan Setiawan Budiono 6. Warrant 279,099 T: 28-Jul-05 : 17-May-06
5. Jenny Kuistono 7. Stock Split 13,314,419,679 T: 28-Jul-06 : 26-Dec-07
6. Jopy Rusli 8. Warrant I 1,054,603,354 T: 23-Nov-06 : 05-Dec-07
7. Roberto Fernandez Feliciano 9. Additional Listing without Right Issue 1,450,000,000 08-Jun-11 08-Jun-11
8. Tjokro Libianto

AUDIT COMMITTEE
1. Farid Harianto
2. Jeffrey Turangan
3. Siswanto Pramono

CORPORATE SECRETARY
Jenny Kuistono

HEAD OFFICE
Menara Matahari Lt. 22, 7 Boulevard Palem Raya
Lippo Karawaci Central
Tangerang - 15811
Phone : (021) 256-69000
Fax : (021) 256-69099

Homepage : [Link]
Email : corsec@[Link]

RESEARCH DIVISION 131

 LPKR LippoKarawaciTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Lippo Karawaci Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
1,200 4,800 Jan-09 890 790 830 9,320 2,358,162 1,882,580 19
Feb-09 850 770 820 12,932 458,055 375,275 20
1,050 4,200 Mar-09 870 800 840 21,690 823,932 677,737 20
Apr-09 840 770 810 22,535 1,549,764 1,224,571 20
May-09 820 730 750 21,699 1,129,824 910,404 20
900 3,600
Jun-09 760 660 670 44,737 1,808,651 1,284,637 22
Jul-09 740 640 710 55,969 2,190,347 1,506,401 21
750 3,000
Aug-09 750 630 640 51,524 2,184,918 1,535,580 20
Sep-09 730 640 670 38,514 1,814,869 1,256,469 18
600 2,400 730 620 650 22
Oct-09 48,859 2,289,955 1,553,772
Nov-09 650 510 530 32,781 1,677,443 981,143 20
450 1,800 Dec-09 570 490 510 27,423 1,360,133 719,524 19

300 1,200 Jan-10 570 495 530 23,664 1,233,356 661,903 20

Feb-10 540 480 500 22,917 1,174,940 604,342 19
150 600 Mar-10 640 495 600 42,531 2,248,912 1,226,475 22
Apr-10 640 560 580 45,163 2,523,205 1,506,615 21
May-10 580 345 425 37,234 2,301,167 1,109,630 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 570 390 500 43,871 3,190,792 1,470,903 22
Jul-10 510 470 485 23,872 1,501,556 743,918 22
Aug-10 530 480 500 17,114 2,766,583 1,410,083 21
Sep-10 600 470 560 16,997 1,916,803 1,071,823 17
Change of Closing Price, Oct-10 710 530 620 32,731 12,440,504 7,118,366 21
Property Index and Jakarta Composite Index Nov-10 700 610 680 22,790 3,305,245 2,223,488 21
January 2009 - January 2013 Dec-10 750 620 680 22,743 2,236,131 1,532,688 20
270%
246.7% Jan-11 750 510 570 28,801 3,093,422 1,933,172 21
Jakarta Composite Index
225% Feb-11 610 500 540 18,516 2,130,767 1,182,383 18
Property Index
209.9%
Closing Price Mar-11 620 530 610 19,855 2,184,902 1,233,282 23
180% Apr-11 810 590 780 18,261 2,741,114 1,948,330 20
May-11 810 610 680 22,025 4,006,475 2,803,561 21
135% Jun-11 680 620 650 18,941 3,595,616 2,349,313 20
Jul-11 780 630 780 23,869 1,698,345 1,189,915 21
Aug-11 870 640 740 27,728 2,175,672 1,672,375 19
90%
Sep-11 760 620 680 26,990 1,736,178 1,226,393 20
Oct-11 680 570 640 23,229 1,379,677 873,259 21
45%
30.5% Nov-11 680 600 630 11,310 988,661 630,004 22
Dec-11 680 620 660 10,394 891,879 575,944 21
-

Jan-12 690 650 670 7,523 673,010 452,467 21

-45% Feb-12 730 660 700 10,764 1,138,080 798,503 21
Mar-12 830 680 800 16,038 1,807,733 1,321,460 21
-90% Apr-12 850 790 830 12,981 1,125,450 926,085 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 830 740 790 7,519 1,009,310 813,505 21
Jun-12 810 720 800 8,994 864,314 662,445 21
Jul-12 910 790 890 11,596 1,077,348 903,591 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 1,010 830 870 14,052 1,025,678 946,477 19
Volume (Million Sh.) 19,646 36,839 26,623 12,933 1,044 Sep-12 990 870 990 10,666 710,159 659,702 20
Value (Billion Rp) 13,908 20,680 17,618 10,947 1,060 Oct-12 990 900 930 11,956 750,374 715,666 22
Frequency (Thou. X) 388 352 250 153 19 Nov-12 1,090 910 1,070 22,082 1,517,269 1,484,768 20
Days 241 245 247 246 21 Dec-12 1,120 970 1,000 18,552 1,234,505 1,262,027 18

Price (Rupiah) Jan-13 1,050 980 1,030 18,954 1,044,107 1,060,012 21

High 890 750 870 1,120 1,050
Low 490 345 500 650 980
Close 510 680 660 1,000 1,030
Close* 485 680 660 1,000 1,030

PER (X) 22.74 27.99 26.26 9.36 9.64

PER Industry (X) 18.12 9.97 11.09 17.34 18.10
PBV (X) 1.81 1.91 1.62 2.11 2.18
* Adjusted price after corporate action

132 RESEARCH DIVISION

 LPKR LippoKarawaciTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : RSM Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,699,917 1,533,260 3,660,087 2,174,561 2,682,348 22,500

Receivable 1,364,553 6,492,548 812,686 923,556 1,196,955

18,000

Inventories 5,330,087 230,806 7,068,539 7,892,171 8,645,862

13,500
Investment 371,420 498,496 1,052,210 2,963,651 3,995,006
Fixed Assets 1,268,961 1,245,661 1,206,375 210,276 2,214,749
9,000
Other Assets 193,981 197,543 269,536 419,508 555,801
Total Assets 11,787,777 12,127,644 16,155,385 18,259,171 22,486,821 4,500
Growth (%) 2.88% 33.21% 13.02% 23.15%
-
Trade Payable 368,254 294,507 275,531 416,871 219,623 2008 2009 2010 2011 Sep-12

Total Liabilities 6,927,811 6,838,712 7,975,968 8,850,153 11,561,574

Growth (%) -1.29% 16.63% 10.96% 30.64%
TOTAL EQUITY (Billion Rupiah)
Minority Interest 359,472 401,690 469,509 - - 10,925
Authorized Capital 4,000,000 4,000,000 6,400,000 6,400,000 6,400,000
9,409
Paid up Capital 1,730,215 1,730,215 2,162,769 2,307,769 2,307,769
Paid up Capital (Shares) 17,302 17,302 21,628 23,078 23,078
8,696

7,710

Par Value 100 100 100 100 100

6,468

Retained Earnings 1,390,432 1,778,486 2,254,001 2,907,500 3,464,379 4,887

4,500
Total Equity 4,500,494 4,887,241 7,709,908 9,409,018 10,925,247 4,239

Growth (%) 8.59% 57.76% 22.04% 16.11%

2,010

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-219

2008 2009 2010 2011 Sep-12

Total Revenues 2,553,307 2,565,101 3,125,313 4,189,580 3,818,985
Growth (%) 0.46% 21.84% 34.05%

TOTAL REVENUES (Billion Rupiah)

Expenses 1,334,494 1,378,533 1,601,542 2,293,260 1,980,937
Gross Profit 1,218,813 1,186,568 1,523,770 1,896,320 1,838,048 4,190
4,190

3,819
Operating Expenses 753,360 705,861 802,411 968,324 765,307
Operating Profit 465,453 480,707 721,359 927,996 - 3,335
3,125
Growth (%) 3.28% 50.06% 28.65% 2,553 2,565
2,480

Other Income (Expenses) -3,226 30,731 -8,262 56,814 -

Income before Tax 471,686 526,658 719,254 984,810 1,072,741 1,626

Tax 74,828 90,173 124,733 170,716 151,808

771

Minority Interest -25,986 -48,432 -69,175 - -

Net Income 370,872 388,053 525,346 579,917 1,848,521 -84

Growth (%) 4.63% 35.38% 10.39% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 NET INCOME (Billion Rupiah)
Dividend (Rp) - - 11.54 15.58 -
1,849
EPS (Rp) 21.44 22.43 24.29 25.13 80.10 1,849

BV (Rp) 260.11 282.46 356.48 407.71 473.41

DAR (X) 0.59 0.56 0.49 0.48 0.51 1,471

DER(X) 1.54 1.40 1.03 0.94 1.06

1,094

ROA (%) 4.00 4.34 4.45 5.39 4.77

ROE (%) 10.48 10.78 9.33 10.47 9.82 580
525
717

GPM (%) 47.73 46.26 48.76 45.26 48.13 371 388

OPM (%) 18.23 18.74 23.08 22.15 - 340

NPM (%) 14.53 15.13 16.81 13.84 48.40

Payout Ratio (%) - - 47.51 62.00 -
-37

2008 2009 2010 2011 Sep-12

Yield (%) - - 1.70 2.36 -

RESEARCH DIVISION 133

 CC O
OMM PP A
ANN YY RR EE PP O
O RR TT

LSIP
PP LONDON SUMATRA INDONESIA TBK.

Company Profile

PT Perusahaan Perkebunan London Sumatra Indonesia Tbk. was established December

18th,1962.

The Company commenced its commercial operations in 1963 and engaged in the
plantation business located in North Sumatera, South Sumatera, Java, East Kalimantan,
NorthSulawesiandSouthSulawesiwithatotalplantedareaof102,[Link]
productsarecrudepalmoilandrubber,andsmallquantitiesofcocoa,teaandseeds.

The Company is domiciled in Jakarta with operational branch offices located in Medan,
Palembang,Makassar,[Link]
isatPrudentialTower15thFl.,[Link].79,Jakarta.

In addition to the development of its own plantations, the Company is developing
plantations on behalf of local smallholders (plasma plantations) in line with the inti
plasmaplantationschemeselectedwhentheCompanyexpandeditsplantations.

Managementoftheseplasmaplantationswillbehandedovertotheplasmafarmerswhen
theplantationsaremature.

PT Salim Ivomas Pratama Tbk. (SIMP) and First Pacific Company Limited, Hong Kong, are
thepenultimateparentcompanyandultimateparentcompanyoftheGroup.

TheCompanyhasdirectownershipinPTMultiAgroKencanaPrima,LonsumSingaporePte.
Ltd.,PTTaniMusiPersada,PTSumateraAgriSejahtera,PTTaniAndalasSejahtera,andAgri
Investments Pte., Ltd.. It also has indirect ownership in Sumatera Bioscience Pte. Ltd.
Sinagpore.TheGrouphasanaveragetotalnumberofpermanentemployeesof13,693for
theperiodendedSeptember30,2012.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

134 RESEARCH DIVISION

 LSIP PPLondonSumatraIndonesiaTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Development Board Individual Index : 567.742
Industry Sector : Agriculture (1) Listed Shares : 6,822,863,965
Industry Sub Sector : Plantation (12) Market Capitalization : 15,010,300,723,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 18-Dec-1962 1. PT Salim Ivomas Pratama 4,058,425,010 : 59.48%
Listing Date : 05-Jul-1996 2. Public ( <5% ) 2,764,438,955 : 40.52%
Under Writer IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Raya Saham Registra Year Shares Dividend Cum Date Ex Date Date Date
Plaza Central Building 2nd Fl. 1997 10 : 14 23-Jul-97 24-Jul-97 01-Aug-97 25-Aug-97 F
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1996 110.00 23-Jul-97 24-Jul-97 01-Aug-97 25-Aug-97 F
Phone : 252-5666 1997 30.00 14-Jul-98 15-Jul-98 23-Jul-98 20-Aug-98 F
Fax : 252-5028 2005 75.00 20-Jul-06 21-Jul-06 25-Jul-06 07-Aug-06 F
2008 208.00 26-May-09 27-May-09 29-May-09 05-Jun-09 F
BOARD OF COMMISSIONERS 2009 209.00 17-Jun-10 18-Jun-10 22-Jun-10 06-Jul-10 F
1. Franciscus Welirang 2010 61.00 16-Jun-11 17-Jun-11 21-Jun-11 06-Jul-11 F
2. Axton Salim 2011 100.00 05-Jun-12 06-Jun-12 08-Jun-12 22-Jun-12 F
3. Edy Sugito *)
4. Hans Kartikahadi *) ISSUED HISTORY
5. Hans Ryan Aditio Listing Trading
6. Hendra Widjaja No. Type of Listing Shares Date Date
7. Rachmat Soebiapradja *) 1. First Issue 38,800,000 05-Jul-96 05-Jul-96
8. Tengku Alwin Aziz *) 2. Company Listing 163,538,872 05-Jul-96 05-Jul-96
9. Werianty Setiawan 3. Bonus Shares 283,274,421 26-Aug-97 26-Aug-97
*) Independent Commissioners 4. Additional Listing without Right Issue 280,096,500 24-Jun-04 24-Jun-04
5. Mandatory Convertible Note Conversion 329,519,500 22-Sep-04 22-Sep-04
BOARD OF DIRECTORS 6. Mandatory Convertible Note Conversion 269,343,500 02-Nov-07 02-Nov-07
1. Benny Tjoeng 7. Stock Splits 5,458,291,172 25-Feb-11 25-Feb-11
2. Tio Eddy Hariyanto
3. Gunadi
4. Joefly Joesoef Bahroeny
5. Mark Julian Wakeford
6. Paulus Moleonoto
7. Sonny Lianto
8. Tjhie Tje Fie (Thomas Tjhie)

AUDIT COMMITTEE
1. Tengku Alwin Aziz
2. Bambang Suhermadi
3. Hans Kartikahadi

CORPORATE SECRETARY
Endah Resmiati Madnawidjaja

HEAD OFFICE
Prudential Tower 15th Fl.
Jln. Jend. Sudirman Kav. 79
Jakarta - 12910
Phone : (021) 5795-7718
Fax : (021) 5795-7719

Homepage : [Link]
Email : lonsum@[Link]
[Link]@[Link]

RESEARCH DIVISION 135

 LSIP PPLondonSumatraIndonesiaTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
PP London Sumatra Indonesia Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
3,200 160 Jan-09 4,050 2,875 3,000 11,077 88,158 298,369 19
Feb-09 3,600 2,850 3,325 10,652 94,418 314,180 20
2,800 140 Mar-09 3,625 3,025 3,300 9,891 96,525 319,917 20
Apr-09 5,100 3,300 4,925 15,201 174,797 710,031 20
May-09 6,500 4,850 5,750 15,559 126,728 734,877 20
2,400 120
Jun-09 7,300 5,200 6,000 18,919 151,817 954,277 22
Jul-09 7,050 5,100 6,900 15,693 129,016 794,674 21
2,000 100
Aug-09 8,250 6,700 7,800 12,071 112,996 862,080 20
Sep-09 7,850 7,200 7,650 9,148 72,727 546,805 18
1,600 80 Oct-09 8,750 7,000 7,800 10,364 88,171 709,352 22
Nov-09 8,350 7,400 8,100 9,023 63,593 503,253 20
1,200 60 Dec-09 8,600 7,900 8,350 6,107 51,134 426,270 19

800 40 Jan-10 9,450 8,300 8,500 7,841 72,414 646,565 20

Feb-10 9,150 8,100 9,000 6,799 46,904 405,180 19
400 20 Mar-10 10,100 8,700 9,800 7,774 65,792 619,454 22
Apr-10 10,350 9,300 9,700 6,865 41,000 402,659 21
May-10 9,850 7,300 8,300 9,304 52,879 452,700 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 8,750 7,900 8,300 10,802 67,806 569,071 22
Jul-10 9,200 7,450 8,850 21,897 187,398 1,525,686 22
Aug-10 9,950 8,750 9,350 12,866 90,865 856,025 21
Sep-10 10,500 9,200 9,850 10,845 59,922 589,248 17
Change of Closing Price, Oct-10 12,000 9,700 11,700 9,535 71,835 767,402 21
Agriculture Index and Jakarta Composite Index Nov-10 12,800 11,100 11,350 7,368 40,398 480,575 21
January 2009 - January 2013 Dec-10 12,850 11,100 12,850 10,091 161,822 1,902,153 20
385%
Jan-11 13,000 11,200 11,800 12,316 71,801 867,920 21
Jakarta Composite Index
330% Feb-11 12,000 2,100 2,150 13,520 97,341 931,577 18
Agriculture Index
Closing Price Mar-11 2,425 2,125 2,275 23,339 518,476 1,182,549 23
275% Apr-11 2,475 2,275 2,450 12,961 380,973 906,012 20
May-11 2,525 2,300 2,425 16,005 365,400 882,264 21
235.9%
220% Jun-11 2,450 2,250 2,325 9,902 243,655 567,749 20
209.9%
Jul-11 2,425 2,225 2,350 10,700 261,351 607,726 21
Aug-11 2,425 2,100 2,400 10,196 209,783 487,230 19
165%
Sep-11 2,450 1,710 2,050 13,810 122,610 261,295 20
Oct-11 2,300 1,730 2,200 18,353 270,922 553,930 21
110%
92.4% Nov-11 2,400 2,050 2,375 10,456 225,400 514,122 22
Dec-11 2,400 2,075 2,250 10,742 159,936 354,428 21
55%

Jan-12 2,500 2,175 2,425 11,452 198,053 474,007 21

- Feb-12 2,825 2,425 2,650 14,768 308,800 813,243 21
Mar-12 3,000 2,600 2,875 16,140 255,649 715,984 21
-55% Apr-12 3,150 2,775 2,925 13,819 275,157 807,841 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 2,925 2,275 2,400 17,778 343,268 870,742 21
Jun-12 2,775 2,375 2,675 14,991 205,735 529,766 21
Jul-12 3,050 2,625 2,750 13,935 313,397 887,075 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 2,925 2,400 2,400 15,952 412,381 1,090,181 19
Volume (Million Sh.) 1,250 959 2,928 3,744 323 Sep-12 2,600 2,325 2,450 16,586 456,401 1,129,082 20
Value (Billion Rp) 7,174 9,217 8,117 9,452 747 Oct-12 2,450 2,250 2,325 14,768 375,878 876,755 22
Frequency (Thou. X) 144 122 162 180 18 Nov-12 2,450 1,840 1,870 13,104 264,249 577,970 20
Days 241 245 247 246 21 Dec-12 2,325 1,830 2,300 16,652 334,739 679,771 18

Price (Rupiah) Jan-13 2,525 2,150 2,200 17,678 323,112 747,259 21

High 8,750 12,850 13,000 3,150 2,525
Low 2,850 7,300 1,710 1,830 2,150
Close 8,350 12,850 2,250 2,300 2,200
Close* 1,670 2,570 2,250 2,300 2,200

PER (X) 16.11 16.97 7.34 12.32 11.79

PER Industry (X) 9.25 0.14 1.79 33.17 29.01
PBV (X) 2.99 3.85 2.63 2.57 2.46
* Adjusted price after corporate action

136 RESEARCH DIVISION

 LSIP PPLondonSumatraIndonesiaTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,034,344 682,249 1,160,688 2,063,982 1,836,778 7,500

Receivable 157,543 77,406 38,802 112,071 173,125

6,000

Inventories 213,719 192,133 264,473 368,244 457,896

4,500
Current Assets 1,445,800 964,362 1,487,257 2,567,657 2,621,675
Fixed Assets 1,377,634 1,603,497 1,728,694 1,824,630 2,058,161
3,000
Other Assets 31,182 81,949 93,111 87,691 76,579
Total Assets 4,921,310 4,852,277 5,561,433 6,791,859 7,287,408 1,500
Growth (%) -1.40% 14.61% 22.12% 7.30%
-
Current Liabilities 850,158 686,189 621,593 531,326 706,885 2008 2009 2010 2011 Sep-12

Long Term Liabilities 874,093 352,623 385,735 421,109 468,176

Total Liabilities 1,724,251 1,038,812 1,007,328 952,435 1,175,061
Growth (%) -39.75% -3.03% -5.45% 23.37% TOTAL EQUITY (Billion Rupiah)

6,112
5,839
Minority Interest - - - - - 6,112

Authorized Capital 800,000 800,000 800,000 800,000 800,000

4,554
Paid up Capital 682,286 682,286 682,286 682,286 682,286
4,865

3,813
Paid up Capital (Shares) 1,365 1,365 1,365 6,823 6,823
3,619 3,197
Par Value 500 500 500 100 100
Retained Earnings 1,672,227 2,100,867 2,841,507 4,126,893 4,394,465 2,372

Total Equity 3,197,059 3,813,465 4,554,105 5,839,424 6,112,347

Growth (%) 19.28% 19.42% 28.22% 4.67% 1,125

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-122

2008 2009 2010 2011 Sep-12

Total Revenues 3,846,154 3,199,687 3,592,658 4,686,457 3,372,171
Growth (%) -16.81% 12.28% 30.45%

TOTAL REVENUES (Billion Rupiah)

Expenses 1,985,379 1,809,194 1,821,244 2,324,138 1,985,099
Gross Profit 1,860,775 1,390,493 1,771,414 2,362,319 1,387,072 4,686
4,686

Operating Expenses 546,359 371,842 371,894 356,795 270,434

3,846
Operating Profit 1,314,416 1,018,651 1,399,520 2,005,524 1,116,638 3,593
3,372
3,200
3,730

Growth (%) -22.50% 37.39% 43.30%

2,774

Other Income (Expenses) 12,300 -10,512 -17,738 84,989 47,261

Income before Tax 1,326,716 1,008,139 1,381,782 2,090,513 1,163,899 1,818

Tax 399,161 300,652 348,453 - 214,492

862

Minority Interest - - - 67 -
Net Income 927,555 707,487 1,033,329 2,090,513 955,209 -94

Growth (%) -23.73% 46.06% 102.31% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 170.06 140.54 239.27 483.25 370.88 NET INCOME (Billion Rupiah)
Dividend (Rp) 208.00 209.00 61.00 100.00 -
2,091
EPS (Rp) 679.74 518.47 757.25 306.40 140.00 2,091

BV (Rp) 2,342.90 2,794.62 3,337.39 855.86 895.86

DAR (X) 0.35 0.21 0.18 0.14 0.16 1,664

DER(X) 0.54 0.27 0.22 0.16 0.19

1,238

1,033
ROA (%) 26.96 20.78 24.85 30.78 15.97 928 955
ROE (%) 41.50 26.44 30.34 35.80 19.04 811
707
GPM (%) 48.38 43.46 49.31 50.41 41.13
OPM (%) 34.17 31.84 38.96 42.79 33.11 385

NPM (%) 24.12 22.11 28.76 44.61 28.33

Payout Ratio (%) 30.60 40.31 8.06 32.64 -
-42

2008 2009 2010 2011 Sep-12

Yield (%) 7.11 2.50 0.47 4.44 -

RESEARCH DIVISION 137

 COMPANY REPORT

MAIN
MALINDO FEEDMILL TBK.

Company Profile


PTMalindoFeedmillTbkwasestablishedin1997andispartofLeongHupHoldingsBerhad,
MalaysiaandEmivestBerhad,Malaysia(BothlistedonBursaMalaysia)

The company produces and trades animal feed, particularly broiler breeder feed, brolier
layerfeed,layerbreederfeedandCommercialDayChicks(DOC).Thecompanyalsoinvest
insubsidiariesthatproducesandmarketsparentstockDOC,CommercialDOCandBroiler
chickens.

TheCompanyisdomiciledinDutaMasFatmawati,JalanRSFatmawatiNo.39,[Link]
CompanysplantsarelocatedinJakarta,EastJavaandBanten,whileitsfarmsarelocated
inWestJava,CentralJava,EastJava,SumateraandSouthKalimantan..

[Link]
maintypeoffeedproduceare:
a. Poultryfeedfrombreederfeed,broilerfeedandlayerfeed.
b. Fishfeed

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

138 RESEARCH DIVISION

 MAIN MalindoFeedmillTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Development Board Individual Index : 1,434.659
Industry Sector : Basic Industry And Chemicals (3) Listed Shares : 1,695,000,000
Industry Sub Sector : Animal Feed (36) Market Capitalization : 4,279,875,000,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 10-Jun-1997 1. Dragon Amity Ltd 1,001,675,000 : 59.10%
Listing Date : 27-Jan-2006 2. Public ( <5% ) 693,325,000 : 40.90%
Under Writer IPO :
PT CIMB-GK Securities Indonesia DIVIDEND ANNOUNCEMENT
PT Republik Securities Bonus Cash Recording Payment
F/I
PT Makinta Securities Year Shares Dividend Cum Date Ex Date Date Date
PT Nusadana Capital Indonesia 2005 70.00 27-Jul-06 28-Jul-06 01-Aug-06 15-Aug-06 F
PT Equity Development Securities 2006 25.00 09-Nov-06 10-Nov-06 14-Nov-06 28-Nov-06 I
Securities Administration Bureau : 2006 63.00 09-Oct-07 10-Oct-07 17-Oct-07 31-Oct-07 I
PT Sinartama Gunita 2007 25.00 17-Dec-08 18-Dec-08 22-Dec-08 30-Dec-08 F
Plaza BII Menara 1, 9th Fl. 2008 4.00 06-Aug-09 07-Aug-09 11-Aug-09 26-Aug-09 F
Jln. M.H. Thamrin No. 51 Jakarta 10350 2009 56.00 06-Sep-10 07-Sep-10 16-Sep-10 30-Sep-10 F
Phone : 392-2332 2010 70.00 17-Dec-10 20-Dec-10 22-Dec-10 28-Dec-10 I
Fax : 392-3003 2010 23.00 16-Sep-11 19-Sep-11 21-Sep-11 29-Sep-11 F
2011 25.00 06-Dec-12 07-Dec-12 11-Dec-12 27-Dec-12 F
BOARD OF COMMISSIONERS
1. Lau Bong Wong ISSUED HISTORY
2. Tan Lai Kai Listing Trading
3. Yongkie Handaya *) No. Type of Listing Shares Date Date
*) Independent Commissioners 1. First Issue 61,000,000 10-Feb-06 10-Feb-06
2. Company Listing 278,000,000 10-Feb-06 10-Oct-06
BOARD OF DIRECTORS 3. Stock Splits 1,356,000,000 15-Jun-11 15-Jun-11
1. Lau Chia Nguang
2. Abdul Azim Bin Mohd Zabidi
3. Lau Tuang Nguang
4. Mazlan bin A. Talib
5. Ong Beng Siong
6. Tang Ung Lee
7. Teoh Bee Tang

AUDIT COMMITTEE
1. Yongkie Handaya
2. Evyliana Diapary
3. Koh Kim Chui
4. Rachmad

CORPORATE SECRETARY
Rudy Hartono Husin

HEAD OFFICE
Jln. R.S. Fatmawati No. 39
Komplek Duta Mas Fatmawati Blok A1 No. 30 - 32
Cipete Utara Kebayoran Baru, Jakarta - 12150
Phone : (021) 722-8383
Fax : (021) 723-7778

Homepage : [Link]
Email : [Link]@[Link]

RESEARCH DIVISION 139

 MAIN MalindoFeedmillTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Malindo Feedmill Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
2,800 160 Jan-09 - - 800 - - - -
Feb-09 900 900 900 1 0.5 0.5 1
2,450 140 Mar-09 - - 900 - - - -
Apr-09 - - 900 - - - -
May-09 - - 900 - - - -
2,100 120
Jun-09 - - 900 - - - -
Jul-09 910 850 910 108 680 598 13
1,750 100
Aug-09 930 850 860 149 767 672 19
Sep-09 880 850 860 118 568 492 18
1,400 80 Oct-09 920 860 920 136 590 528 20
Nov-09 910 880 900 135 434 389 17
1,050 60 Dec-09 920 880 900 128 394 350 17

700 40 Jan-10 920 880 920 139 432 389 16

Feb-10 1,130 890 910 265 5,197 4,689 16
350 20 Mar-10 1,150 890 1,150 130 1,013 968 22
Apr-10 1,180 900 970 87 878 880 21
May-10 970 950 970 23 335 323 9
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 - - 970 10 59,349 57,569 2
Jul-10 - - 970 11 4,838 4,838 3
Aug-10 1,300 1,050 1,300 16 6,214 6,604 8
Sep-10 1,460 1,130 1,320 50 1,000 1,201 9
Change of Closing Price, Oct-10 1,350 1,020 1,180 38 5,084 5,751 12
Basic Index and Jakarta Composite Index Nov-10 3,750 1,260 3,375 7,001 51,889 99,381 13
January 2009 - January 2013 Dec-10 3,625 2,700 3,200 3,811 15,668 52,413 20
1,540%
1478.1%
Jan-11 3,450 2,850 3,350 1,528 4,479 14,861 21
Jakarta Composite Index
1,320% Feb-11 3,925 3,325 3,925 2,065 13,347 46,571 18
Basic Index
Closing Price Mar-11 5,300 3,975 5,300 4,573 17,481 80,893 23
1,100% Apr-11 5,850 5,200 5,800 5,264 41,545 228,571 20
May-11 6,000 5,250 5,700 5,726 39,029 220,871 21
880% Jun-11 5,700 1,000 1,010 4,599 77,410 157,183 20
Jul-11 1,110 1,000 1,070 12,764 288,410 304,139 21
Aug-11 1,280 890 1,180 17,939 287,369 330,011 19
660%
Sep-11 1,220 940 1,060 12,260 185,239 205,788 20
Oct-11 1,140 990 1,030 13,953 201,605 214,965 21
440%
Nov-11 1,110 890 930 15,060 185,824 178,979 22
277.2% Dec-11 980 890 980 13,083 144,441 134,624 21
220% 209.9%
Jan-12 1,180 960 1,040 16,430 232,418 261,039 21
- Feb-12 1,090 980 1,030 36,526 195,120 200,352 21
Mar-12 1,090 1,000 1,060 21,390 149,683 156,411 21
-220% Apr-12 1,210 1,010 1,130 11,084 125,168 133,182 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 1,400 1,130 1,190 20,295 200,009 258,717 21
Jun-12 1,490 1,070 1,490 19,769 188,984 244,570 21
Jul-12 1,790 1,420 1,640 18,270 209,275 338,938 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 1,640 1,450 1,480 17,577 146,068 223,268 19
Volume (Million Sh.) 3 152 1,486 2,361 316 Sep-12 1,570 1,320 1,540 22,474 172,813 252,549 20
Value (Billion Rp) 3 235 2,117 3,460 773 Oct-12 1,670 1,500 1,640 28,306 274,007 438,097 22
Frequency (Thou. X) 0.8 12 109 242 27 Nov-12 2,150 1,610 2,150 15,958 248,284 461,939 20
Days 105 151 247 246 21 Dec-12 2,500 1,970 2,375 14,299 219,325 491,050 18

Price (Rupiah) Jan-13 2,725 2,250 2,525 27,046 315,891 772,837 21

High 930 3,750 6,000 2,500 2,725
Low 850 880 890 960 2,250
Close 900 3,200 980 2,375 2,525
Close* 180 640 980 2,375 2,525

PER (X) 4.02 6.03 8.10 11.30 12.02

PER Industry (X) 9.88 12.86 10.41 9.79 10.21
PBV (X) 2.53 4.20 3.94 6.23 6.62
* Adjusted price after corporate action

140 RESEARCH DIVISION

 MAIN MalindoFeedmillTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Anwar & Rekan (Member of DFK International)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 19,920 69,766 118,971 87,179 88,993 1,875

Receivable 140,003 134,908 112,697 174,385 215,435

1,500

Inventories 156,435 121,535 116,963 239,006 336,529

1,125
Current Assets 538,230 549,324 507,412 720,454 975,596
Fixed Assets 264,793 292,012 420,295 561,328 777,512
750
Other Assets 533 - 93 130 -
Total Assets 859,935 885,348 966,319 1,327,801 1,806,628 375
Growth (%) 2.96% 9.15% 37.41% 36.06%
-
Current Liabilities 461,457 415,555 356,573 515,044 659,750 2008 2009 2010 2011 Sep-12

Long Term Liabilities 353,927 351,142 353,902 390,932 500,333

Total Liabilities 815,384 766,696 710,475 905,977 1,160,083
Growth (%) -5.97% -7.33% 27.52% 28.05% TOTAL EQUITY (Billion Rupiah)

647
Minority Interest -1,629 -2,143 -2,203 - - 647

Authorized Capital 58,587 58,587 58,587 58,587 58,587

Paid up Capital 33,900 33,900 33,900 33,900 33,900
515

422
Paid up Capital (Shares) 339 339 339 1,695 1,695
383

Par Value 100 100 100 20 20

258
Retained Earnings 112,610 187,224 324,476 490,749 715,766 251

Total Equity 46,180 120,794 258,046 421,825 646,545 121

Growth (%) 161.57% 113.63% 63.47% 53.27% 119

46

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-13

2008 2009 2010 2011 Sep-12

Total Revenues 1,729,647 1,868,616 2,036,519 2,634,461 2,516,307
Growth (%) 8.03% 8.99% 29.36%

TOTAL REVENUES (Billion Rupiah)

Expenses 1,569,722 1,636,114 1,648,161 2,173,770 1,981,385
Gross Profit 159,925 232,502 388,358 460,691 534,922 2,634
2,634
2,516
Operating Expenses 80,621 100,613 129,007 150,161 143,942
Operating Profit 79,305 131,889 259,351 310,530 390,980 2,037
2,097
1,869
Growth (%) 66.31% 96.64% 19.73% 1,730

1,560

Other Income (Expenses) -64,375 -19,527 -34,446 -45,919 -45,695

Income before Tax 14,930 112,362 224,905 264,611 345,286 1,022

Tax 7,302 36,906 44,999 59,645 78,191

485

Minority Interest 1,415 514 60 - -

Net Income 4,210 75,970 179,966 204,966 267,095 -53

Growth (%) 1,704.32% 136.89% 13.89% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 116.64 132.19 142.30 139.88 147.87 NET INCOME (Billion Rupiah)
Dividend (Rp) 4.00 56.00 93.00 25.00 -
267
EPS (Rp) 12.42 224.10 530.87 120.92 157.58 267

BV (Rp) 136.22 356.32 761.20 248.86 381.44

205
DAR (X) 0.95 0.87 0.74 0.68 0.64 213

180
DER(X) 17.66 6.35 2.75 2.15 1.79
158

ROA (%) 1.74 12.69 23.27 19.93 19.11

ROE (%) 32.33 93.02 87.16 62.73 53.40
76
104

GPM (%) 9.25 12.44 19.07 17.49 21.26

OPM (%) 4.59 7.06 12.73 11.79 15.54 49

NPM (%) 0.24 4.07 8.84 7.78 10.61 4.2

Payout Ratio (%) 32.21 24.99 17.52 20.67 -

-5

2008 2009 2010 2011 Sep-12

Yield (%) 0.50 6.22 2.91 2.55 -

RESEARCH DIVISION 141

 COMPANY REPORT

MAPI
MITRA ADIPERKASA TBK.

Company Profile


PTMitraAdiperkasaTbk.wasestablishedonJanuary23rd,1995.

The Companyshall engage in trading, service, manufacturing, transportation, agriculture,
forestry,farming,fishery,animalhusbandryandmining.

Currently, the Company's activities comprise mainly of retail trading of clothing, shoes,
accessories, bags and sports equipment in more than 1,000 stores/outlets located in
Jakarta, Bandung, Surabaya, Bali, Medan, Makassar, Batam, Manado and other cities in
Indonesia.TheCompanyanditssubsidiarieshadtotalemployeesof16,459forSeptember
30,2012.

The Company is one of the companies in Mitra Adiperkasa Group. The company has
several subsidiaries engaged in Retail Business, Department Stores, Cafe and Restaurant,
Book Stores, and Manufacturing. Domicile subsidiaries in Jakarta, Thailand, Singapore, and
Malaysia.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

142 RESEARCH DIVISION

 MAPI MitraAdiperkasaTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 1,024.000
Industry Sector : Trade, Services & Investment (9) Listed Shares : 1,660,000,000
Industry Sub Sector : Retail Trade (93) Market Capitalization : 10,624,000,000,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 23-Jan-1995 1. PT Satya Mulia Gema Gemilang 929,600,000 : 56.00%
Listing Date : 10-Nov-2004 2. Public ( <5% ) 730,400,000 : 44.00%
Under Writer IPO :
PT Mandiri Sekuritas DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Datindo Entrycom Year Shares Dividend Cum Date Ex Date Date Date
Wisma Sudirman - Puri Datindo 2005 13.75 15-Jul-05 18-Jul-05 20-Jul-05 03-Aug-05
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2005 14.00 20-Jul-06 21-Jul-06 25-Jul-06 08-Aug-06 F
Phone : 570-9009 2006 12.00 16-Jul-07 17-Jul-07 19-Jul-07 02-Aug-07 F
Fax : 570-9026 2007 11.50 21-Jul-08 22-Jul-08 24-Jul-08 08-Aug-08 F
2009 15.00 08-Jul-10 09-Jul-10 13-Jul-10 27-Jul-10 F
BOARD OF COMMISSIONERS 2010 20.00 05-Jul-11 06-Jul-11 08-Jul-11 22-Jul-11 F
1. Mien Sugandhi *) 2011 35.00 28-Jun-12 29-Jun-12 03-Jul-12 17-Jul-12 F
2. GBPH H. Prabukusumo *)
3. Juliani Gozali ISSUED HISTORY
4. Kentjana Indriawati Listing Trading
5. Prakoso Eko Setyawan Himawan No. Type of Listing Shares Date Date
*) Independent Commissioners 1. First Issue 500,000,000 10-Nov-04 10-Nov-04
2. Company Listing 1,160,000,000 10-Nov-04 10-Nov-04
BOARD OF DIRECTORS
1. H.B.L. Mantiri
2. Hendry Hasiholan Batubara
3. Johanes Ridwan
4. Michael David Capper
5. Sjeniwati Gusman
6. Susiana Latif
7. V.P. Sharma

AUDIT COMMITTEE
1. Mien Sugandhi
2. Wahyu Septiana
3. Riono Trisongko

CORPORATE SECRETARY
Fety Kwartaty

HEAD OFFICE
Wisma 46, Lt. 8, Kota BNI
Jln. Jend. Sudirman Kav.1
Jakarta - 10220
Phone : (021) 574-5808, 575-0755
Fax : (021) 574-5810

Homepage : [Link]
Email : [Link]@[Link]
[Link]@[Link]

RESEARCH DIVISION 143

 MAPI MitraAdiperkasaTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Mitra Adiperkasa Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
7,800 56.0 Jan-09 360 275 340 108 7,042 2,381 13
Feb-09 320 280 300 39 12,661 3,672 12
6,825 49.0 Mar-09 300 245 260 292 20,399 5,540 18
Apr-09 320 250 315 735 47,011 12,357 19
May-09 340 305 335 152 3,818 1,239 19
5,850 42.0
Jun-09 395 330 370 251 5,627 2,023 18
Jul-09 445 360 400 1,252 15,158 6,057 18
4,875 35.0
Aug-09 480 405 410 2,132 31,789 14,273 20
Sep-09 470 390 450 1,546 28,376 11,986 18
3,900 28.0 Oct-09 530 445 520 595 16,627 7,956 22
Nov-09 660 500 610 587 27,039 15,903 20
2,925 21.0 Dec-09 640 600 620 253 8,292 5,171 17

1,950 14.0 Jan-10 750 620 730 929 14,690 10,298 20

Feb-10 740 690 690 365 12,719 8,962 19
975 7.0 Mar-10 730 690 700 765 24,598 17,440 19
Apr-10 720 670 690 605 17,507 12,268 21
May-10 700 620 650 358 6,649 4,412 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 700 640 660 274 19,663 13,071 19
Jul-10 650 600 600 406 4,527 2,790 22
Aug-10 1,240 610 1,180 8,358 214,746 213,823 21
Sep-10 2,450 1,200 2,250 17,724 308,454 545,125 16
Change of Closing Price, Oct-10 2,900 2,025 2,550 16,157 320,909 788,309 21
Trade Index and Jakarta Composite Index Nov-10 2,700 2,100 2,225 13,026 181,484 444,283 21
January 2009 - January 2013 Dec-10 2,725 2,150 2,675 6,460 89,863 220,177 20
2,100%
Jan-11 2,800 2,025 2,150 6,211 84,888 195,245 21
Jakarta Composite Index
1,800% Feb-11 2,600 2,150 2,400 3,249 41,397 98,620 18
Trade Index
Closing Price
1677.8% Mar-11 2,800 2,300 2,750 5,424 67,463 175,824 23
1,500% Apr-11 3,350 2,725 3,275 6,491 79,190 234,594 20
May-11 3,975 3,150 3,400 8,718 61,928 220,264 21
1,200% Jun-11 4,225 3,300 3,975 8,956 83,627 312,009 20
Jul-11 4,800 3,975 4,625 13,907 124,583 536,619 21
Aug-11 4,725 3,775 4,175 13,947 107,004 457,899 19
900%
Sep-11 5,300 3,800 4,300 17,277 116,315 540,293 20
Oct-11 5,150 3,900 4,925 15,137 74,882 343,911 21
600%
Nov-11 5,600 4,750 5,250 10,456 79,532 407,925 22
373.5% Dec-11 5,500 4,950 5,150 8,305 61,640 321,390 21
300%
209.9%
Jan-12 5,850 5,000 5,700 7,754 76,300 416,489 21
- Feb-12 6,150 5,150 5,650 11,550 72,720 402,018 21
Mar-12 6,800 5,650 6,350 12,548 89,528 550,635 21
-300% Apr-12 7,000 6,150 6,950 7,722 50,940 336,916 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 7,550 6,350 7,000 10,978 78,370 547,642 21
Jun-12 7,150 6,600 7,150 8,268 35,573 247,816 21
Jul-12 7,900 6,850 7,200 10,715 53,211 388,280 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 7,450 6,300 6,600 10,983 60,935 424,022 19
Volume (Million Sh.) 224 1,216 982 949 93 Sep-12 7,300 6,200 6,400 20,264 142,584 932,918 20
Value (Billion Rp) 89 2,281 3,845 6,141 598 Oct-12 6,950 6,300 6,550 12,216 82,162 542,391 22
Frequency (Thou. X) 8 65 118 135 10 Nov-12 7,100 6,050 7,100 11,193 104,834 682,365 20
Days 214 238 247 246 21 Dec-12 7,300 6,200 6,650 10,928 101,623 669,036 18

Price (Rupiah) Jan-13 6,750 6,250 6,400 10,134 92,874 597,810 21

High 660 2,900 5,600 7,900 6,750
Low 245 600 2,025 5,000 6,250
Close 620 2,675 5,150 6,650 6,400
Close* 620 2,675 5,150 6,650 6,400

PER (X) 6.28 22.08 23.87 28.87 27.78

PER Industry (X) 16.33 21.27 16.89 19.08 18.57
PBV (X) 0.80 3.02 4.76 5.46 5.25
* Adjusted price after corporate action

144 RESEARCH DIVISION

 MAPI MitraAdiperkasaTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Osman Bing Satrio & Rekan (Member of Deloitte Touche Tohmatsu Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 278,153 189,687 224,320 288,621 162,159 6,250

Receivable 198,786 182,067 195,500 259,755 317,902

5,000

Inventories 1,129,800 1,145,509 1,073,974 1,377,896 1,840,743

3,750
Current Assets 1,936,628 1,839,970 1,865,272 2,368,840 28,902,964
Fixed Assets 1,131,046 1,116,751 1,313,593 1,486,581 1,866,304
2,500
Other Assets 1,211 3,121 3,357 8,744 5,548
Total Assets 3,760,969 3,379,394 3,670,504 4,415,343 5,403,732 1,250
Growth (%) -10.15% 8.61% 20.29% 22.39%
-
Current Liabilities 1,380,405 1,270,111 1,468,999 2,277,735 2,817,635 2008 2009 2010 2011 Sep-12

Long Term Liabilities 1,252,986 821,224 732,362 343,474 563,280

Total Liabilities 2,633,391 2,091,336 2,201,361 2,621,209 3,380,915
Growth (%) -20.58% 5.26% 19.07% 28.98% TOTAL EQUITY (Billion Rupiah)

2,023
Minority Interest 9 15 15 - - 2,023

1,794
Authorized Capital 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000
1,469
Paid up Capital 830,000 830,000 830,000 830,000 830,000
1,610

1,288
Paid up Capital (Shares) 1,660 1,660 1,660 1,660 1,660 1,128
1,198

Par Value 500 500 500 500 500

Retained Earnings 313,474 477,460 653,631 980,856 1,205,643 785

Total Equity 1,127,568 1,288,044 1,469,128 1,794,134 2,022,817

Growth (%) 14.23% 14.06% 22.12% 12.75% 372

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-40

2008 2009 2010 2011 Sep-12

Total Revenues 3,468,036 4,112,215 4,712,500 5,889,809 5,441,435
Growth (%) 18.57% 14.60% 24.98%

TOTAL REVENUES (Billion Rupiah)

Expenses 1,626,630 2,054,321 2,336,090 2,847,206 2,697,416
Gross Profit 1,841,406 2,057,894 2,376,410 3,042,603 2,744,019 5,890
5,890
5,441
Operating Expenses 1,538,057 1,750,178 1,927,317 2,558,031 2,350,514
4,712
Operating Profit 303,349 307,716 449,093 484,572 - 4,688

4,112
Growth (%) 1.44% 45.94% 7.90%
3,468
3,487

Other Income (Expenses) -390,727 -25,877 -173,302 - -

Income before Tax -87,379 281,839 275,790 484,572 393,505 2,285

Tax -17,588 117,847 74,719 124,147 111,084

1,084

Minority Interest -0.1 -6 0.1 - -

Net Income -69,791 163,986 201,071 358,191 286,783 -118

Growth (%) N/A 22.61% 78.14% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 140.29 144.87 126.98 104.00 1,025.79 NET INCOME (Billion Rupiah)
Dividend (Rp) - 15.00 20.00 35.00 -
358
EPS (Rp) -42.04 98.79 121.13 215.78 172.76 358

BV (Rp) 679.26 775.93 885.02 1,080.80 1,218.56 287

DAR (X) 0.70 0.62 0.60 0.59 0.63 273

201
DER(X) 2.34 1.62 1.50 1.46 1.67
187
164
ROA (%) -2.32 8.34 7.51 10.97 7.28
ROE (%) -7.75 21.88 18.77 27.01 19.45 101

GPM (%) 53.10 50.04 50.43 51.66 50.43

2008
OPM (%) 8.75 7.48 9.53 8.23 - 16

NPM (%) -2.01 3.99 4.27 6.08 5.27 2009 2010 2011 Sep-12
Payout Ratio (%) - 15.18 16.51 16.22 -
-70

-70
Yield (%) - 2.42 0.75 0.68 -

RESEARCH DIVISION 145

 COMPANY REPORT

MNCN
MEDIA NUSANTARA CITRA TBK.

Company Profile


PTMediaNusantaraCitraTbk.wasestablishedJune17th,[Link]
commercialoperationsinDecember2001.

The scope of its activities is to engage in general trading, construction, industrial,
agricultural, transportation, printing, multimedia through satellite and other
telecommunicationsperipheral,servicesandinvestments.

The Company is part of Mediacom Group. The Company has ownership in the following
subsidiaries:
Broadcasting:
1. PTRajawaliCitraTelevisiIndonesia(RCTI)
2. PTGlobalInformasiBermutu
3. PTCiptaTelevisiPendidikanIndonesia
4. PTMNCNetworks
5. MediaNusantaraCitraB.V.
6. MNCInternationalMiddleEastLimited

Printandonline:
1. PTMediaNusantaraInformasiandsubsidiary
2. PTMNIGlobal
3. PTMNIPublishinganditssubsidiary
4. PTOkezoneIndonesia(Okezone)

Advertisingagency:
1. PTCrossMediaInternasional(CMI)andsubsidiaries

Contentproduction:
1. PTMNCPictures

Talentmanagement:
1. PTStarMediaNusantara

TheCompanyhasatotalof232employeesasatSeptember30,2012.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

146 RESEARCH DIVISION

 MNCN MediaNusantaraCitraTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 263.889
Industry Sector : Trade, Services & Investment (9) Listed Shares : 13,956,126,500
Industry Sub Sector : Advertising,Printing & Media (95) Market Capitalization : 33,145,800,437,500

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 17-Jun-1997 1. PT Global Mediacom Tbk 8,298,669,325 : 59.46%
Listing Date : 22-Jun-2007 2. PT Global Mediacom Tbk 790,000,000 : 5.66%
Under Writer IPO : 3. Public ( <5% ) 4,867,457,175 : 34.88%
PT Bhakti Securities
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT BSR Indonesia Year Shares Dividend Cum Date Ex Date Date Date
Komplek Perkantoran ITC Roxy Mas Blok E1 No. 10 - 11 2007 5.00 01-Dec-08 02-Dec-08 04-Dec-08 19-Dec-08 F
Jln. K.H. Hasyim Ashari Jakarta 10150 2009 5.00 02-Oct-09 05-Oct-09 07-Oct-09 21-Oct-09 I
Phone : 631-7828 2009 7.00 29-Nov-10 30-Nov-10 02-Dec-10 17-Dec-10 F
Fax : 631-7827 2010 15.00 29-Nov-11 30-Nov-11 02-Dec-11 16-Dec-11 F
2011 35.00 22-Jun-12 25-Jun-12 27-Jun-12 11-Jul-12 F
BOARD OF COMMISSIONERS
1. Rosano Barack ISSUED HISTORY
2. Adam Chesnoff Listing Trading
3. Bambang Rudijanto Tanoesoedibjo No. Type of Listing Shares Date Date
4. Irman Gusman *) 1. First Issue 4,125,000,000 22-Jun-07 22-Jun-07
5. Sutanto *) 2. Company Listing 9,625,000,000 22-Jun-07 22-Feb-08
*) Independent Commissioners 3. EMSOP Conversion II 23,504,500 T: 29-Nov-10 : 06-Jan-11
4. EMSOP Conversion II & III 52,960,500 T: 17-Feb-11 : 19-Jul-11
BOARD OF DIRECTORS 5. EMSOP Conversion II, III & IV 37,076,500 T: 26-Jul-11 : 21-May-12
1. Hary Tanoesoedibjo 6. EMSOP Conversion III & IV 3,988,000 04-Aug-11 04-Aug-11
2. Agus Mulyanto 7. EMSOP Conversion II, III, IV & V 79,965,500 T: 23-May-12 : 15-Jun-12
3. Nana Puspa Dewi 8. ESOP/MSOP Conversion II, III, IV & V 8,114,000 T: 22-Oct-12 : 19-Nov-12
4. Oerianto Guyandi 9. ESOP/MSOP Conversion III, IV & V 517,500 T: 29-Oct-12 : 01-Nov-12

AUDIT COMMITTEE
1. Irman Gusman
2. Hery Kusnanto
3. Kardinal A. Karim

CORPORATE SECRETARY
Arya Mahendra Sinulingga

HEAD OFFICE
MNC Tower Lt. 27
Jln. Kebon Sirih Kav. 17 - 19
Jakarta - 10340
Phone : (021) 390-0885
Fax : (021) 392-0109, 390-4965, 392-7859

Homepage : [Link]
Email : [Link]@[Link]

RESEARCH DIVISION 147

 MNCN MediaNusantaraCitraTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Media Nusantara Citra Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
3,000 720 Jan-09 160 118 125 286 149,885 9,127 19
Feb-09 126 112 116 733 107,061 13,110 20
2,625 630 Mar-09 134 112 131 3,655 406,550 38,658 20
Apr-09 164 124 135 8,631 353,276 48,430 20
May-09 172 130 156 14,121 822,581 130,109 20
2,250 540
Jun-09 325 155 285 28,210 2,249,319 573,304 22
Jul-09 325 250 265 20,363 1,348,653 389,780 21
1,875 450
Aug-09 315 260 265 10,991 761,602 218,682 20
Sep-09 300 255 280 4,510 349,423 84,676 18
1,500 360 Oct-09 280 175 210 4,136 259,246 54,631 22
Nov-09 245 195 200 5,747 516,175 112,017 20
1,125 270 Dec-09 230 198 210 5,390 475,659 98,384 19

750 180 Jan-10 250 205 230 6,337 375,244 87,349 20

Feb-10 290 210 250 10,021 581,786 153,363 19
375 90 Mar-10 380 220 325 17,774 1,228,053 390,066 22
Apr-10 490 315 420 24,129 1,682,392 712,345 21
May-10 460 310 390 12,279 736,435 296,971 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 435 330 360 5,371 196,782 80,410 22
Jul-10 360 270 300 13,649 529,914 160,110 22
Aug-10 310 275 280 3,887 215,530 66,881 21
Sep-10 450 275 420 11,034 489,826 187,102 17
Change of Closing Price, Oct-10 640 405 610 14,235 822,313 437,429 21
Trade Index and Jakarta Composite Index Nov-10 700 570 650 9,432 471,278 301,656 21
January 2009 - January 2013 Dec-10 960 630 940 13,445 540,397 439,242 20
1,750%
Jan-11 950 770 890 11,100 348,111 304,762 21
Jakarta Composite Index
1,500% Feb-11 1,120 840 1,100 31,933 730,773 705,128 18
Trade Index
1422.4%
Closing Price Mar-11 1,100 890 940 26,436 399,894 402,126 23
1,250% Apr-11 970 770 880 35,111 453,877 396,511 20
May-11 970 840 970 27,488 543,312 480,557 21
1,000% Jun-11 980 880 920 31,276 412,478 383,978 20
Jul-11 1,120 900 1,070 49,015 691,090 701,813 21
Aug-11 1,110 850 990 31,528 375,778 376,359 19
750%
Sep-11 1,160 930 1,020 25,754 289,015 304,520 20
Oct-11 1,100 950 1,100 22,245 296,723 314,146 21
500%
Nov-11 1,150 1,060 1,130 16,678 1,624,613 1,665,479 22
373.5%
Dec-11 1,400 1,130 1,310 38,694 1,034,546 1,325,977 21
250%
209.9%
Jan-12 1,400 1,270 1,350 31,240 804,498 1,057,519 21
- Feb-12 1,670 1,350 1,670 39,530 805,338 1,203,976 21
Mar-12 1,980 1,640 1,880 58,505 1,174,895 2,121,799 21
-250% Apr-12 2,250 1,830 2,250 31,437 517,956 1,015,824 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 2,350 1,760 1,850 32,759 769,427 1,560,239 21
Jun-12 2,200 1,650 1,990 45,066 627,127 1,195,392 21
Jul-12 2,425 1,930 2,375 29,540 419,081 903,152 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 2,350 2,050 2,125 15,701 279,093 617,221 19
Volume (Million Sh.) 7,799 7,870 7,200 7,529 642 Sep-12 2,600 2,100 2,600 22,091 414,742 969,614 20
Value (Billion Rp) 1,771 3,313 7,361 15,067 1,559 Oct-12 2,875 2,575 2,825 30,045 412,681 1,129,092 22
Frequency (Thou. X) 107 142 347 406 34 Nov-12 2,825 2,300 2,675 46,576 863,864 2,162,569 20
Days 241 245 247 246 21 Dec-12 2,750 2,350 2,500 23,808 439,992 1,130,358 18

Price (Rupiah) Jan-13 2,650 2,275 2,375 34,386 642,003 1,559,472 21

High 325 960 1,400 2,875 2,650
Low 112 205 770 1,270 2,275
Close 210 940 1,310 2,500 2,375
Close* 210 940 1,310 2,500 2,375

PER (X) 7.49 17.73 15.73 21.11 20.05

PER Industry (X) 16.33 21.27 16.89 19.08 18.57
PBV (X) 0.67 2.72 2.65 5.19 4.93
* Adjusted price after corporate action

148 RESEARCH DIVISION

 MNCN MediaNusantaraCitraTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Osman Bing Satrio & Rekan (Member of Deloitte Touche Tohmatsu Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,240,939 1,118,477 1,080,409 837,230 420,927 10,000

Receivable 1,966,861 1,833,387 2,202,994 2,558,400 2,556,273

8,000

Inventories 932,237 951,030 915,310 894,311 1,121,619

6,000
Current Assets 5,026,184 4,785,995 5,201,103 6,018,612 6,342,849
Fixed Assets 962,377 1,009,469 1,040,165 971,773 887,211
4,000
Other Assets 116,783 140,869 196,697 119,761 24,112
Total Assets 8,015,122 7,641,364 8,196,543 8,798,230 8,481,643 2,000
Growth (%) -4.66% 7.27% 7.34% -3.60%
-
Current Liabilities 1,488,105 1,351,966 2,604,665 1,227,364 1,013,499 2008 2009 2010 2011 Sep-12

Long Term Liabilities 1,589,141 1,402,931 155,762 736,363 746,852

Total Liabilities 3,077,246 2,754,897 2,760,427 1,963,727 1,760,351
Growth (%) -10.48% 0.20% -28.86% -10.36% TOTAL EQUITY (Billion Rupiah)

6,835 6,721
Minority Interest 672,124 600,291 669,079 - - 6,835

Authorized Capital 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000

Paid up Capital 1,375,000 1,375,000 1,377,350 4,000,000 1,394,747 4,767
5,440

4,266 4,286
Paid up Capital (Shares) 13,750 13,750 13,774 40,000 13,947
4,046

Par Value 100 100 100 100 100

Retained Earnings 528,549 846,019 1,482,241 2,345,128 3,022,078 2,652

Total Equity 4,265,752 4,286,176 4,767,037 6,834,503 6,721,292

Growth (%) 0.48% 11.22% 43.37% -1.66% 1,258

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-137

2008 2009 2010 2011 Sep-12

Total Revenues 3,921,940 3,923,845 4,855,907 5,390,474 4,462,675
Growth (%) 0.05% 23.75% 11.01%

TOTAL REVENUES (Billion Rupiah)

Expenses 3,277,377 3,316,621 3,666,775 2,617,157 2,038,475
Gross Profit 644,563 607,224 1,189,132 2,773,317 2,424,200 5,390
4,856
5,390

Operating Expenses 3,277,377 3,316,621 3,666,775 2,617,157 802,141

4,463
Operating Profit 644,563 607,224 1,189,132 2,773,317 - 4,291 3,922 3,924
Growth (%) -5.79% 95.83% 133.22%
3,191

Other Income (Expenses) -408,893 -46,672 -164,063 -1,262,793 -

Income before Tax 236,100 560,692 1,025,069 1,510,524 1,622,059 2,092

Tax 71,120 164,024 280,850 385,353 345,937

992

Minority Interest 1,975 -11,051 -14,001 - -

Net Income 166,955 385,617 730,218 1,153,383 1,239,640 -108

Growth (%) 130.97% 89.36% 57.95% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 337.76 354.00 199.68 490.37 625.84 NET INCOME (Billion Rupiah)
Dividend (Rp) - 12.00 15.00 35.00 -
1,240
EPS (Rp) 12.14 28.04 53.02 28.83 88.88 1,240 1,153
BV (Rp) 310.24 311.72 346.10 170.86 481.90
DAR (X) 0.38 0.36 0.34 0.22 0.21 987

DER(X) 0.72 0.64 0.58 0.29 0.26 730

734

ROA (%) 2.95 7.34 12.51 17.17 19.12

ROE (%) 5.53 13.08 21.50 22.10 24.13 481
386
GPM (%) 16.43 15.48 24.49 51.45 54.32
OPM (%) 16.43 15.48 24.49 51.45 - 228
167

NPM (%) 4.26 9.83 15.04 21.40 27.78

Payout Ratio (%) - 42.79 28.29 121.38 -
-25

2008 2009 2010 2011 Sep-12

Yield (%) - 5.71 1.60 2.67 -

RESEARCH DIVISION 149

 COMPANY REPORT

PGAS
PERUSAHAAN GAS NEGARA
(PERSERO) TBK.

Company Profile

PT Perusahaan Gas Negara (Persero) Tbk. originally named Firma L. J. N. Eindhoven & Co.
th
Gravenhage, was established in 1859. On May 13 , 1965, based on Government Regulation No.
19/1965,theCompanywasstatedasstateownedenterpriseandknownasPerusahaanNegaraGas
(PN. Gas). The legal status of the Company was changed from Perusahaan Negara (PN) to a
PerusahaanUmum(Perum)pursuanttoGovernmentRegulationNo.27,1984.

ThestatusoftheCompanywaschangedfromapublicserviceenterprise(Perum)toastateowned
limited liability company (Persero) and the name was changed to PT Perusahaan Gas Negara
(Persero)basedonGovernmentRegulationNo.37year1994.

The Companys purpose is to implement and support the Governments economic and national
developmentprograms,particularlyindevelopingusesofnaturalgasforthebenefitofthepublicas
well as in the supply of a sufficient volume and quality of gas for public consumption. To achieve
theseobjectives,theCompanyIstocarryoutplanning,construction,operatinganddevelopmentof
natural gas downstream business which includes processing, transporting, storing and trading,
planning, construction, production development, supplying and distribution of processed gas; or
other businesses which support the foregoing activities in accordance with prevailing laws and
regulations. Currently, the Companys principal business is the distribution and transmission of
naturalgastoindustrial,commercialandhouseholdusers.

To achieve responsive sales target, the Company has divided its business areas into four Strategic
BusinessUnits(SBU),asfollows:
1. SBUDistributionAreaI,WesternJavaRegion,
2. SBUDistributionAreaII,EasternJavaRegion,
3. SBUDistributionAreaIII,NorthernSumateraRegion,
4. SBUSumateraJavaTransmission.

Thecompanyhasownershipinsubsidiaries:PTTransportasiGasIndonesia(Transgasindo),PGNEuro
Finance 2003 Limited, PT PGAS Telekomunikasi Nusantara, PT PGAS Solution, PT Saka Energi
th
IndonesiaandPTGagasEnergiIndonesia.AsofFebruary30 ,2012,theCompanyandSubsidiaries
haveatotalof1,910employees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publicat

150 RESEARCH DIVISION

 PGAS PerusahaanGasNegara(Persero)Tbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 1,558.333
Industry Sector : Infrastructure, Utilities & Transportation (7) Listed Shares : 24,241,508,196
Industry Sub Sector : Energy (71) Market Capitalization : 113,329,050,816,300

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 01-Feb-1905 1. Negara Republik Indonesia 13,809,038,756 : 56.96%
Listing Date : 15-Dec-2003 2. Public ( <5% ) 10,432,469,440 : 43.04%
Under Writer IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
PT ABN AMRO Asia Securities Indonesia Bonus Cash Recording Payment
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Datindo Entrycom 2003 60.10 18-Jun-04 21-Jun-04 23-Jun-04 07-Jul-04 F
Wisma Sudirman - Puri Datindo 2004 1.71 23-Dec-04 27-Dec-04 29-Dec-04 30-Dec-04 I
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2005 51.38 22-Jun-05 23-Jun-05 27-Jun-05 08-Jul-05
Phone : 570-9009 2005 104.43 30-Jun-06 03-Jul-06 05-Jul-06 14-Jul-06 F
Fax : 570-9026 2006 208.45 22-Jun-07 25-Jun-07 27-Jun-07 11-Jul-07 F
2008 41.74 15-Jul-09 16-Jul-09 21-Jul-09 04-Aug-09 F
BOARD OF COMMISSIONERS 2009 10.00 08-Dec-09 09-Dec-09 11-Dec-09 23-Dec-09 I
1. Bayu Krisnamurthi 2009 144.20 08-Jul-10 09-Jul-10 13-Jul-10 27-Jul-10 F
2. Bambang Dwiyanto 2010 10.20 27-Dec-10 28-Dec-10 30-Dec-10 04-Jan-11 I
3. Kiagus Ahmad Badaruddin 2010 144.24 19-Jul-11 20-Jul-11 22-Jul-11 04-Aug-11 F
4. M. Zamkhani 2011 10.87 30-Nov-11 01-Dec-11 05-Dec-11 16-Dec-11 I
5. Pudja Sunasa *) 2011 123.75 12-Jun-12 13-Jun-12 15-Jun-12 29-Jun-12 F
6. Widya Purnama *)
*) Independent Commissioners ISSUED HISTORY
Listing Trading
BOARD OF DIRECTORS No. Type of Listing Shares Date Date
1. Hendi Prio Santoso 1. First Issue 1,296,296,000 15-Dec-03 15-Dec-03
2. Djoko Saputro 2. Company Listing 3,024,691,000 15-Dec-03 15-Jun-04
3. Hendi Kusnadi 3. MSOP Conversion 215,637,305 T: 13-Dec-04 : 28-Dec-06
4. Jobi Triananda Hasjim 4. MSOP Conversion II 3,261,500 T: 10-Nov-06 : 16-Feb-07
5. M. Riza Pahlevi Tabrani 5. ESOP Conversion 53,551,388 T: 18-Jan-08 : 19-Feb-08
6. Muhammad Wahid Sutopo 6. Stock Split 18,373,748,772 04-Aug-08 04-Aug-08
7. Government Project Fund Conversion 1,274,322,231 T: 16-Apr-09 : 16-Oct-09
AUDIT COMMITTEE
1. Pudja Sunasa
2. Imbuh Sulistyarini
3. Mohamad Slamet Wibowo
4. Shalahuddin Haikal
5. Tjahjanto Budisatrio

CORPORATE SECRETARY
Heri Yusup

HEAD OFFICE
Jln. K.H. Zainul Arifin No. 20
Jakarta - 11140
Phone : (021) 633-4838
Fax : (021) 633-1632

Homepage : [Link]
Email : mayaningsih@[Link]

RESEARCH DIVISION 151

 PGAS PerusahaanGasNegara(Persero)Tbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Perusahaan Gas Negara (Persero) Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
5,000 320 Jan-09 2,200 1,850 2,200 41,569 1,087,703 2,203,890 19
Feb-09 2,200 1,870 1,900 22,617 531,825 1,081,730 20
4,375 280 Mar-09 2,250 1,750 2,150 46,164 1,290,265 2,523,190 20
Apr-09 2,600 2,125 2,600 36,633 1,003,471 2,370,973 20
May-09 2,875 2,375 2,875 41,081 1,258,617 3,402,280 20
3,750 240
Jun-09 3,300 2,700 3,150 48,891 1,323,352 4,044,954 22
Jul-09 3,500 3,150 3,500 31,536 980,054 3,291,365 21
3,125 200
Aug-09 3,600 3,175 3,475 42,167 882,132 3,019,264 20
Sep-09 3,825 3,300 3,650 29,762 673,022 2,404,202 18
2,500 160 Oct-09 3,800 3,475 3,625 28,375 870,384 3,188,883 22
Nov-09 3,900 3,525 3,650 17,050 558,069 2,077,691 20
1,875 120 Dec-09 4,150 3,625 3,900 25,097 550,318 2,128,668 19

1,250 80 Jan-10 4,075 3,650 3,775 44,943 1,002,028 3,808,868 20

Feb-10 3,775 3,500 3,625 22,168 577,102 2,111,200 19
625 40 Mar-10 4,400 3,625 4,250 37,776 1,241,685 5,007,390 22
Apr-10 4,350 3,900 4,100 35,271 881,280 3,599,898 21
May-10 4,100 3,250 3,900 34,545 924,035 3,426,968 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 4,000 3,625 3,875 26,959 688,332 2,632,119 22
Jul-10 4,175 3,800 4,050 28,540 767,983 3,080,172 22
Aug-10 4,200 3,850 4,000 20,978 534,731 2,155,757 21
Sep-10 4,100 3,725 3,850 47,032 1,003,349 3,915,422 17
Change of Closing Price, Oct-10 4,200 3,800 4,050 47,910 1,203,704 4,787,956 21
Infrastructure Index and Jakarta Composite Index Nov-10 4,600 4,025 4,300 30,895 862,133 3,726,637 21
January 2009 - January 2013 Dec-10 4,650 4,150 4,425 21,681 466,014 2,035,413 20
245%
Jan-11 4,500 3,875 4,225 26,664 743,884 3,107,955 21
Jakarta Composite Index
210% 209.9% Feb-11 4,300 3,475 3,550 45,031 838,222 3,214,807 18
Infrastructure Index
Closing Price Mar-11 3,900 3,500 3,900 56,620 1,354,368 5,004,188 23
175% Apr-11 4,050 3,775 4,000 27,808 760,375 3,001,507 20
May-11 4,250 3,900 4,050 26,581 918,787 3,766,922 21
140% Jun-11 4,075 3,900 4,025 18,063 461,564 1,843,643 20
138.5%
Jul-11 4,125 3,850 3,975 28,033 677,815 2,688,936 21
Aug-11 4,000 2,925 2,950 88,001 1,991,726 6,642,358 19
105%
Sep-11 2,975 2,025 2,675 71,256 1,410,779 3,769,027 20
81.7% Oct-11 3,100 2,400 2,950 51,740 1,088,971 3,038,698 21
70%
Nov-11 3,175 2,850 3,075 29,870 716,594 2,175,410 22
Dec-11 3,250 3,000 3,175 19,074 532,789 1,688,283 21
35%

Jan-12 3,500 3,050 3,375 27,122 470,932 1,557,024 21

- Feb-12 3,775 3,300 3,750 27,960 535,228 1,895,258 21
Mar-12 3,850 3,575 3,800 25,231 392,942 1,470,645 21
-35% Apr-12 3,825 3,300 3,350 24,434 465,723 1,652,881 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 4,000 3,350 3,700 34,239 905,887 3,409,283 21
Jun-12 3,700 3,275 3,525 31,672 804,437 2,822,960 21
Jul-12 3,825 3,475 3,800 29,674 632,860 2,324,863 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 3,825 3,600 3,700 21,472 493,571 1,824,200 19
Volume (Million Sh.) 11,009 10,152 11,496 7,191 536 Sep-12 4,200 3,675 4,125 23,478 639,777 2,546,133 20
Value (Billion Rp) 31,737 40,288 39,942 27,787 2,463 Oct-12 4,650 4,025 4,650 24,945 723,985 3,145,063 22
Frequency (Thou. X) 411 399 489 319 33 Nov-12 4,800 4,450 4,525 27,061 648,018 2,967,230 20
Days 241 245 247 246 21 Dec-12 4,650 4,375 4,600 21,842 477,616 2,171,383 18

Price (Rupiah) Jan-13 4,725 4,450 4,675 33,296 535,744 2,462,840 21

High 4,150 4,650 4,500 4,800 4,725
Low 1,750 3,250 2,025 3,050 4,450
Close 3,900 4,425 3,175 4,600 4,675
Close* 3,900 4,425 3,175 4,600 4,675

PER (X) 15.18 17.19 12.49 13.62 13.84

PER Industry (X) 7.19 14.36 11.09 17.53 17.61
PBV (X) 8.06 7.73 4.48 5.59 5.68
* Adjusted price after corporate action

152 RESEARCH DIVISION

 PGAS PerusahaanGasNegara(Persero)Tbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 3,499,801 6,593,237 11,065,595 10,356,369 12,394,728 35,000

Receivable 1,619,734 1,711,200 1,946,894 2,043,553 2,692,251

28,000

Inventories 14,522 14,120 14,046 11,836 20,445

21,000
Current Assets 7,177,973 9,263,401 13,858,679 13,656,295 20,445
Fixed Assets 17,613,479 17,329,189 16,781,897 15,866,650 16,035,598
14,000
Other Assets 8,572 7,136 23,056 38,309 12,398
Total Assets 25,550,580 28,670,440 32,087,431 30,976,446 34,627,743 7,000
Growth (%) 12.21% 11.92% -3.46% 11.79%
-
Current Liabilities 3,297,977 3,729,795 4,035,777 2,483,317 3,165,719 2008 2009 2010 2011 Sep-12

Long Term Liabilities 14,182,522 12,162,831 12,950,699 11,308,417 11,520,860

Total Liabilities 17,508,659 15,892,626 16,986,477 13,791,734 14,686,579
Growth (%) -9.23% 6.88% -18.81% 6.49% TOTAL EQUITY (Billion Rupiah)

19,941
Minority Interest 966,664 1,045,733 1,232,381 - - 19,941

17,185
Authorized Capital 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000
Paid up Capital 2,296,719 2,424,151 2,424,151 2,424,151 2,424,151 13,869
15,873

Paid up Capital (Shares) 22,967 24,242 24,242 24,242 24,242 11,732

11,805

Par Value 100 100 100 100 100

Retained Earnings 1,796,961 8,022,835 10,317,327 12,257,199 14,119,911 7,075
7,737

Total Equity 7,075,257 11,732,080 13,868,573 17,184,712 19,941,165

Growth (%) 65.82% 18.21% 23.91% 16.04% 3,669

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-399

2008 2009 2010 2011 Sep-12

Total Revenues 12,793,849 18,024,279 19,765,716 19,567,407 17,524,953
Growth (%) 40.88% 9.66% -1.00%

TOTAL REVENUES (Billion Rupiah)

Expenses 5,227,444 7,219,992 7,223,570 7,793,751 7,162,132
Gross Profit 7,566,405 10,804,287 12,542,146 11,773,656 10,362,822 19,766 19,567
19,766

18,024 17,525
Operating Expenses 2,909,153 3,128,261 3,506,421 4,051,278 2,991,458
Operating Profit 4,657,252 7,676,026 9,035,725 7,722,378 7,371,364 15,734

Growth (%) 64.82% 17.71% -14.54% 12,794

11,701

Other Income (Expenses) -3,375,761 571,147 -972,551 -68,189 371,188

Income before Tax 1,281,490 8,247,172 8,063,174 7,654,189 7,742,552 7,669

Tax 476,267 1,814,304 1,599,774 1,535,979 1,600,175

3,637

Minority Interest -171,364 -203,825 -224,038 - -

Net Income 633,860 6,229,043 6,239,361 6,163,463 6,142,377 -395

Growth (%) 882.72% 0.17% -1.22% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 217.65 248.36 343.40 549.92 0.65 NET INCOME (Billion Rupiah)
Dividend (Rp) 41.74 154.20 154.44 134.62 -
6,229 6,239 6,163 6,142
EPS (Rp) 27.60 256.96 257.38 254.25 253.38 6,239

BV (Rp) 308.06 483.97 572.10 708.90 822.60

DAR (X) 0.69 0.55 0.53 0.45 0.42 4,967

DER(X) 2.47 1.35 1.22 0.80 0.74

3,694

ROA (%) 5.02 28.77 25.13 24.71 22.36

ROE (%) 18.11 70.30 58.14 44.54 38.83 2,421

GPM (%) 59.14 59.94 63.45 60.17 59.13

OPM (%) 36.40 42.59 45.71 39.47 42.06 1,148
634
NPM (%) 4.95 34.56 31.57 31.50 35.05
Payout Ratio (%) 151.24 60.01 60.00 52.95 -
-125

2008 2009 2010 2011 Sep-12

Yield (%) 2.24 3.95 3.49 4.24 -

RESEARCH DIVISION 153

 COMPANY REPORT

PTBA
BUKIT ASAM (PERSERO) TBK.

Company Profile

PTBukitAsam(Persero)Tbk.wasestablishedonMarch2,1981.In1993,theCompanywas
appointedbytheIndonesianGovernmenttodevelopaCoalBriquetteOperatingUnit.

The Head office located at Jln. Parigi No. 1, Tanjung Enim 31716, Sumatera Selatan,
Indonesia.TherepresentativeofficelocatedatMenaraKadinIndonesia15thFloor,Jln.H.R.
RasunaSaidBlokX5Kav.23,Jakarta12950.

ThescopeofactivitiesoftheCompanyanditssubsidiariescomprisescoalminingactivities,
including general surveying, exploration, exploitation, processing, refining, transportation
and trading, maintenance of special coal port facilities for internal and external needs,
operationofsteampowerplantsforinternalandexternalneedsandprovidingconsulting
servicesrelatedtothecoalminingindustryaswellasitsderivativeproduct.

Thecompanyhasdirectownershipinsubsidiaries:PTBatubaraBukitKendi,PTBukitAsam
Prima,PTInternationalPrimaCoal,PTBukitAsamMetanaOmbilin,PTBukitAsamMetana
Enim,PTBukitAsamMetanaPeranap,andPTBukitAsamBanko.

Asat30September2012,theCompanyhadatotalof2,987permanentemployees.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

154 RESEARCH DIVISION

 PTBA TambangBatubaraBukitAsam(Persero)Tbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 2,695.652
Industry Sector : Mining (2) Listed Shares : 2,304,131,850
Industry Sub Sector : Coal Mining (21) Market Capitalization : 35,714,043,675,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 02-Mar-1981 1. Negara Republik Indonesia 1,498,087,500 : 65.02%
Listing Date : 23-Dec-2002 2. Public ( <5% ) 806,044,350 : 34.98%
Under Writer IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Datindo Entrycom Year Shares Dividend Cum Date Ex Date Date Date
Wisma Sudirman - Puri Datindo 2002 41.75 21-May-03 22-May-03 26-May-03 27-May-03 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2003 58.00 09-Jun-04 10-Jun-04 14-Jun-04 21-Jun-04 F
Phone : 570-9009 2004 5.80 22-Dec-04 23-Dec-04 28-Dec-04 29-Dec-04 I
Fax : 570-9026 2005 87.48 05-Jul-05 06-Jul-05 08-Jul-05 22-Jul-05
2005 101.54 02-Jun-06 05-Jun-06 07-Jun-06 16-Jun-06 F
BOARD OF COMMISSIONERS 2006 105.39 29-May-07 30-May-07 04-Jun-07 15-Jun-07 I
1. Patrialis Akbar 2007 164.97 18-Jun-08 19-Jun-08 23-Jun-08 07-Jul-08 F
2. Abdul Latief Baky *) 2009 66.75 25-Nov-09 26-Nov-09 01-Dec-09 15-Dec-09 I
3. Imam Apriyanto Putro 2009 466.65 26-May-10 27-May-10 01-Jun-10 15-Jun-10 F
4. Robert Heri 2010 66.75 20-Dec-10 21-Dec-10 23-Dec-10 29-Dec-10 I
5. Suranto Soemarsono *) 2010 456.37 04-Jul-11 05-Jul-11 07-Jul-11 21-Jul-11 F
6. Thamrin Sihite 2011 103.46 28-Nov-11 29-Nov-11 01-Dec-11 15-Dec-11 I
*) Independent Commissioners 2011 700.48 29-May-12 30-May-12 01-Jun-12 15-Jun-12 F

BOARD OF DIRECTORS ISSUED HISTORY

1. Milawarma Listing Trading
2. Achmad Sudarto No. Type of Listing Shares Date Date
3. Anung Dri Prasetya 1. First Issue 346,500,000 23-Dec-02 23-Dec-02
4. Heri Supriyanto 2. Company Listing 1,785,000,000 23-Dec-02 23-Dec-02
5. M Jamil 3. Warrant 172,631,850 T: 14-Dec-04 : 28-Dec-05
6. Maizal Gazali

AUDIT COMMITTEE
1. Suranto Soemarsono
2. Helmi Mahfud
3. Nuhindro Priagung Widodo

CORPORATE SECRETARY
Joko Pramono

HEAD OFFICE
Menara Kadin Indonesia 15th Fl. & 9th Fl.
Jln. H.R. Rasuna Said X-5, Kav. 2 & 3
Jakarta - 12950
Phone : (021) 525-4014
Fax : (021) 525-4002

Homepage : [Link]
Email : jpramono@[Link]

RESEARCH DIVISION 155

 PTBA TambangBatubaraBukitAsam(Persero)Tbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Tambang Batubara Bukit Asam (Persero) Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
26,000 48.0 Jan-09 8,200 6,900 7,400 15,370 128,863 977,610 19
Feb-09 7,900 7,050 7,200 7,591 50,958 382,982 20
22,750 42.0 Mar-09 7,350 6,450 6,750 29,938 207,354 1,417,615 20
Apr-09 9,500 6,750 9,500 35,950 331,708 2,658,956 20
May-09 11,450 9,100 11,250 20,498 157,439 1,612,890 20
19,500 36.0
Jun-09 14,050 10,100 11,600 26,059 156,100 1,908,950 22
Jul-09 13,600 10,500 13,600 27,225 165,202 1,964,652 21
16,250 30.0
Aug-09 14,150 12,750 13,000 15,841 132,925 1,763,169 20
Sep-09 15,100 12,450 14,100 16,113 127,904 1,767,170 18
13,000 24.0 Oct-09 16,000 13,700 15,200 19,299 134,187 1,950,126 22
Nov-09 16,550 14,350 16,450 16,940 94,407 1,436,102 20
9,750 18.0 Dec-09 18,100 16,450 17,250 9,841 46,904 809,340 19

6,500 12.0 Jan-10 18,600 16,400 17,200 13,807 59,002 1,040,617 20

Feb-10 17,150 15,050 15,600 15,194 57,860 924,563 19
3,250 6.0 Mar-10 17,950 15,500 17,400 20,711 112,695 1,861,446 22
Apr-10 19,350 17,250 18,600 19,665 121,327 2,206,683 21
May-10 18,650 15,550 17,450 18,971 111,078 1,925,313 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 17,650 16,050 17,250 16,672 77,431 1,301,872 22
Jul-10 17,500 16,300 16,700 18,269 78,724 1,318,650 22
Aug-10 18,500 15,950 17,500 19,647 99,232 1,700,714 21
Sep-10 20,700 17,400 19,450 13,621 64,444 1,220,283 17
Change of Closing Price, Oct-10 21,000 19,100 19,650 12,259 51,610 1,033,287 21
Mining Index and Jakarta Composite Index Nov-10 21,900 18,700 18,700 16,201 64,273 1,303,983 21
January 2009 - January 2013 Dec-10 23,450 18,700 22,950 16,595 58,401 1,253,204 20
280%
Jan-11 26,000 19,350 19,750 31,410 102,110 2,225,262 21
240% Feb-11 20,700 18,750 20,050 22,423 76,819 1,522,754 18
Mar-11 21,550 19,800 21,000 22,536 96,718 1,994,258 23
209.9%
200% Apr-11 22,800 21,000 22,300 13,575 49,553 1,098,839 20
May-11 22,450 20,600 21,250 13,591 51,249 1,098,047 21
160% Jun-11 21,500 20,350 20,800 14,856 61,338 1,277,009 20
Jul-11 21,650 20,550 21,300 16,518 56,206 1,189,290 21
Aug-11 21,500 17,450 19,050 19,027 64,261 1,240,174 19
120%
Sep-11 19,950 13,700 16,800 20,250 43,682 752,747 20
100.4%
98.7% Oct-11 18,800 13,600 18,350 27,223 76,241 1,238,794 21
80%
Nov-11 18,500 16,500 17,000 15,147 40,315 711,620 22
Dec-11 17,750 16,200 17,350 13,830 38,098 653,219 21
40%
Jakarta Composite Index
Mining Index Jan-12 20,250 17,300 20,150 15,251 52,009 999,520 21
- Closing Price Feb-12 21,150 19,900 20,750 13,083 79,652 1,651,883 21
Mar-12 21,100 20,050 20,500 12,467 60,156 1,240,929 21
-40% Apr-12 20,600 18,000 18,450 14,159 52,472 1,012,647 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 18,550 15,000 15,000 19,856 67,653 1,133,883 21
Jun-12 15,250 12,950 14,650 25,436 108,437 1,509,872 21
Jul-12 16,450 14,450 15,900 17,145 46,768 723,145 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 16,000 13,500 14,600 13,578 48,346 720,762 19
Volume (Million Sh.) 1,734 956 757 706 48 Sep-12 17,000 13,800 16,200 16,341 61,071 953,500 20
Value (Billion Rp) 18,650 17,091 15,002 11,954 775 Oct-12 16,900 15,550 16,000 10,502 41,017 668,623 22
Frequency (Thou. X) 241 202 230 190 19 Nov-12 16,900 13,800 14,000 14,844 36,151 564,858 20
Days 241 245 247 246 21 Dec-12 16,000 13,650 15,100 16,876 51,945 774,274 18

Price (Rupiah) Jan-13 17,000 15,250 15,500 18,751 48,043 775,403 21

High 18,100 23,450 26,000 21,150 17,000
Low 6,450 15,050 13,600 12,950 15,250
Close 17,250 22,950 17,350 15,100 15,500
Close* 17,250 22,950 17,350 15,100 15,500

PER (X) 14.57 26.32 12.95 11.82 12.13

PER Industry (X) 18.63 17.69 16.17 8.49 9.03
PBV (X) 6.97 8.31 4.90 4.11 4.22
* Adjusted price after corporate action

156 RESEARCH DIVISION

 PTBA TambangBatubaraBukitAsam(Persero)Tbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 3,041,720 4,709,104 5,054,075 6,791,291 5,246,897 12,500

Receivable 1,376,624 1,491,460 997,178 1,180,195 1,784,553

10,000

Inventories 420,040 409,901 423,678 64,483 890,484

7,500
Current Assets 4,949,953 6,783,391 6,645,953 8,859,260 8,385,512
Fixed Assets 383,932 371,523 921,005 1,140,466 1,432,858
5,000
Other Assets 16,557 30,107 57,588 50,949 53,112
Total Assets 6,106,828 8,078,578 8,722,699 11,507,104 11,688,057 2,500
Growth (%) 32.29% 7.97% 31.92% 1.57%
-
Current Liabilities 1,353,426 1,380,908 1,147,728 1,912,423 1,609,296 2008 2009 2010 2011 Sep-12

Long Term Liabilities 675,743 911,832 1,133,723 1,429,679 1,615,145

Total Liabilities 2,029,169 2,292,740 2,281,451 3,342,102 3,224,441
Growth (%) 12.99% -0.49% 46.49% -3.52% TOTAL EQUITY (Billion Rupiah)

8,464
8,165
Minority Interest 79,527 84,466 74,512 - - 8,464

Authorized Capital 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000

6,367
Paid up Capital 1,152,066 1,152,066 1,152,066 1,152,066 1,152,066
6,737

5,701
Paid up Capital (Shares) 2,304 2,304 2,304 2,304 2,304
5,010

Par Value 500 500 500 500 500 3,998

Retained Earnings 2,815,581 4,518,821 5,182,763 6,906,491 7,365,517 3,284

Total Equity 3,998,132 5,701,372 6,366,736 8,165,002 8,463,616

Growth (%) 42.60% 11.67% 28.24% 3.66% 1,557

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-169

2008 2009 2010 2011 Sep-12

Total Revenues 7,216,228 8,947,854 7,909,154 10,581,570 8,721,348
Growth (%) 24.00% -11.61% 33.79%

TOTAL REVENUES (Billion Rupiah)

Expenses 3,686,136 4,104,301 4,258,988 5,302,592 4,804,955
Gross Profit 3,530,092 4,843,553 3,650,166 5,278,978 3,916,393 10,582
10,582

Operating Expenses 1,036,150 1,295,238 1,346,008 1,219,874 910,101 8,948 8,721

Operating Profit 2,493,942 3,548,315 2,304,158 4,059,104 3,006,292 8,423
7,909
7,216
Growth (%) 42.28% -35.06% 76.16%
6,264

Other Income (Expenses) 56,687 217,039 301,057 - -

Income before Tax 2,551,672 3,762,002 2,599,650 4,059,104 3,006,292 4,106

Tax 837,055 1,032,675 600,713 971,037 803,806

1,947

Minority Interest -6,846 -1,593 9,954 - -

Net Income 1,707,771 2,727,734 2,008,891 3,085,862 2,207,480 -212

Growth (%) 59.72% -26.35% 53.61% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 365.74 491.23 579.05 463.25 521.07 NET INCOME (Billion Rupiah)
Dividend (Rp) - 533.40 523.12 803.94 -
3,086
EPS (Rp) 741.18 1,183.84 871.86 1,339.27 958.05 3,086

2,728
BV (Rp) 1,735.20 2,474.41 2,763.18 3,543.63 3,673.23
DAR (X) 0.33 0.28 0.26 0.29 0.28 2,456
2,207
2,009
DER(X) 0.51 0.40 0.36 0.41 0.38 1,708
1,827

ROA (%) 41.78 46.57 29.80 35.27 25.72

ROE (%) 63.82 65.98 40.83 49.71 35.52 1,197

GPM (%) 48.92 54.13 46.15 49.89 44.91

OPM (%) 34.56 39.66 29.13 38.36 34.47 568

NPM (%) 23.67 30.48 25.40 29.16 25.31

Payout Ratio (%) - 45.06 60.00 60.03 -
-62

2008 2009 2010 2011 Sep-12

Yield (%) - 3.09 2.28 4.63 -

RESEARCH DIVISION 157

 COMPANY REPORT

SMCB
HOLCIM INDONESIA TBK.

Company Profile

PT Holcim Indonesia Tbk. was established at June 15th, 1971. Effective January 1st, 2006,
[Link].

Thescopeofitsactivitiesistoengagemainlyintheoperationofcementplantsandother
activitiesrelatedtocementindustry,andtoinvestinothercompanies.

The Company started commercial operations in 1975. Its products are marketed both
domestically and internationally. The Company is domiciled in Jakarta and its plants are
locatedinNarogong,WestJava,andCilacap,[Link]
hadatotalnumberofemployeesof2,794inSeptember30th,2012.

TheCompanyisapioneerandaninnovatorinIndonesia'sfastdevelopingcementsector,
asthemarketforhomes,[Link]
is the only provider of a fully integrated range of nine cement types, concrete and
aggregates.

PT Holcim Indonesia Tbk. is a leading fully integrated producer of cement, ready mixed
concrete and aggregates with a unique and expanding retail franchise offering the most
completeendtoendsolutiontohomebuilding,frombuildingmaterialssupplytodesign
andspeedy,safeconstruction.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

158 RESEARCH DIVISION

 SMCB HolcimIndonesiaTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Development Board Individual Index : 3,743.961
Industry Sector : Basic Industry And Chemicals (3) Listed Shares : 7,662,900,000
Industry Sub Sector : Cement (31) Market Capitalization : 23,754,990,000,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 15-Jun-1971 1. Holderfin BV 6,179,612,820 : 80.64%
Listing Date : 10-Aug-1977 2. Public ( <5% ) 1,483,287,180 : 19.36%
Under Writer IPO :
PT Indovest Securities DIVIDEND ANNOUNCEMENT
PT W.I. Carr Dharmala Bonus Cash Recording Payment
F/I
PT W.I. Carr Indonesia Year Shares Dividend Cum Date Ex Date Date Date
PT Pentasena Arthasentosa 1989 50.00 22-Mar-90 23-Mar-90 30-Mar-90 20-Apr-90 I
PT Danareksa 1990 50.00 15-Nov-90 16-Nov-90 23-Nov-90 03-Dec-90 I
Securities Administration Bureau : 1991 100.00 02-Jan-92 03-Jan-91 10-Jan-92 29-Jan-92 F
PT Datindo Entrycom 1992 100.00 04-Feb-93 05-Feb-93 12-Feb-93 10-Mar-93 I
Wisma Sudirman - Puri Datindo 1993 100.00 22-Dec-93 23-Dec-93 30-Dec-93 31-Jan-94 I
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 1994 100.00 11-Nov-94 16-Nov-94 23-Nov-94 21-Dec-94 I
Phone : 570-9009 1994 100.00 23-Aug-95 24-Aug-95 02-Sep-95 02-Oct-95 F
Fax : 570-9026 1996 150.00 07-May-96 08-May-96 17-May-96 04-Jun-96 I
1997 200.00 04-Jun-97 05-Jun-97 13-Jun-97 07-Jul-97 I
BOARD OF COMMISSIONERS 1997 2:5 11-Aug-97 12-Aug-97 20-Aug-97 09-Sep-97 F
1. Paul Heinz Hugentobler 2010 23.00 11-May-11 12-May-11 16-May-11 31-May-11 F
2. Arief Tarunakarya Surowidjojo *) 2011 23.00 12-Sep-11 15-Sep-11 15-Sep-11 29-Sep-11 I
3. John Daniel Rachmat *) 2011 31.00 07-May-12 08-May-12 10-May-12 25-May-12 F
4. Kemal Azis Stamboel *) 2012 32.00 03-Sep-12 04-Sep-12 06-Sep-12 20-Sep-12 I
5. Madan Lal Narula 2011 32.00 03-Sep-12 04-Sep-12 06-Sep-12 20-Sep-12 I
6. Renee Vennesa Indahyati
7. Wardhana Zecha ISSUED HISTORY
*) Independent Commissioners Listing Trading
No. Type of Listing Shares Date Date
BOARD OF DIRECTORS 1. First Issue 178,750 10-Aug-77 10-Aug-77
1. Eamon John Ginley 2. Additional Listing 81,510 25-Aug-77 25-Aug-77
2. Derek Williamson 3. Additional Listing 70,000 14-Apr-78 14-Apr-78
3. Jannus O. Hutapea 4. Additional Listing 11,856 19-Aug-79 19-Aug-79
4. Lilik Unggul Raharjo 5. Second Issue 214,980 17-May-82 17-May-82
5. M. Fazri Yulianto 6. Company Listing 3,017,904 01-Nov-89 01-Nov-89
6. Olaf Nahe 7. Split & Bonus 50,050,000 20-Nov-89 20-Nov-89
7. Patrick Walser 8. Third Issue 14,000,000 29-Jan-90 29-Jan-90
8. Rully Safari 9. Fourth Issue 23,600,000 21-Jul-93 21-Jul-93
10. Right Issue 47,980 15-Jul-94 05-Aug-94
AUDIT COMMITTEE 11. Right Issue 25,947,487 15-Jul-94 11-Aug-94
1. John Daniel Rachmat 12. Right Issue 180,590 15-Jul-94 22-Aug-94
2. Arief Tarunakarya Surowidjojo 13. Right Issue 439,020 15-Jul-94 23-Aug-94
3. Kemal Azis Stamboel 14. Right Issue 46,182,023 15-Jul-94 13-Sep-94
15. Right Issue 182,900 15-Jul-94 16-Sep-94
CORPORATE SECRETARY 16. Stock Split 164,205,000 28-Jul-97 28-Jul-97
Jannus O. Hutapea 17. Bonus Shares 821,025,000 10-Sep-97 10-Sep-97
18. Additional Listing without Right Issue 6,513,465,000 19-Dec-01 19-Dec-01
HEAD OFFICE
Gedung Jamsostek Menara Utara, Lt. 14-15
Jln. Jenderal Gatot Subroto Kav. 38
Jakarta - 12930
Phone : (021) 529-62011, 529-16812
Fax : (021) 529-62030, 529-62022

Homepage : [Link]
Email : [Link]@[Link]

RESEARCH DIVISION 159

 SMCB HolcimIndonesiaTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Holcim Indonesia Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
4,000 160 Jan-09 740 560 580 8,143 156,226 103,301 19
Feb-09 620 480 550 11,918 250,350 138,422 20
3,500 140 Mar-09 600 490 550 9,643 241,286 133,173 20
Apr-09 740 550 700 17,415 506,350 327,999 20
May-09 1,040 680 1,000 14,030 519,804 449,559 20
3,000 120
Jun-09 1,220 920 1,100 17,248 458,258 497,435 22
Jul-09 1,460 1,090 1,450 12,007 343,963 436,535 21
2,500 100
Aug-09 1,450 1,240 1,260 11,220 238,203 319,518 20
Sep-09 1,380 1,220 1,330 14,583 450,696 597,580 18
2,000 80 Oct-09 1,720 1,310 1,620 25,597 630,940 975,449 22
Nov-09 1,690 1,480 1,500 15,119 271,515 436,809 20
1,500 60 Dec-09 1,580 1,440 1,550 8,003 151,603 227,196 19

1,000 40 Jan-10 1,750 1,540 1,630 15,593 369,647 609,370 20

Feb-10 1,810 1,530 1,770 10,657 217,717 370,186 19
500 20 Mar-10 2,225 1,760 2,075 10,701 270,949 541,694 22
Apr-10 2,525 2,050 2,350 8,974 213,152 474,532 21
May-10 2,400 1,930 2,100 11,182 283,824 599,449 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 2,325 2,000 2,175 8,924 211,123 457,375 22
Jul-10 2,450 2,125 2,375 10,683 235,021 544,537 22
Aug-10 2,425 2,200 2,300 10,306 198,359 454,353 21
Sep-10 2,500 2,225 2,425 10,173 225,254 534,095 17
Change of Closing Price, Oct-10 2,525 2,300 2,325 7,236 117,405 282,665 21
Basic Index and Jakarta Composite Index Nov-10 2,575 2,200 2,300 15,390 312,314 746,336 21
January 2009 - January 2013 Dec-10 2,450 2,175 2,250 9,968 185,067 429,733 20
490%
Jan-11 2,325 1,870 1,970 15,830 247,792 518,699 21
Jakarta Composite Index
420% Feb-11 2,025 1,800 1,830 12,717 163,194 310,336 18
Basic Index
Closing Price Mar-11 2,050 1,830 2,025 16,042 236,716 455,389 23
369.7%
350% Apr-11 2,300 1,960 2,250 11,535 227,697 481,189 20
May-11 2,275 2,000 2,250 8,566 138,380 298,185 21
280% Jun-11 2,300 2,050 2,200 4,238 71,527 156,062 20
277.2%
Jul-11 2,275 2,050 2,075 6,118 120,825 258,661 21
Aug-11 2,125 1,770 1,940 8,766 92,169 182,208 19
210% 209.9%
Sep-11 2,125 1,650 1,780 7,809 95,751 180,776 20
Oct-11 1,960 1,690 1,930 9,765 126,905 232,945 21
140%
Nov-11 1,950 1,780 1,890 4,718 65,856 124,836 22
Dec-11 2,275 1,900 2,175 7,004 150,103 319,287 21
70%

Jan-12 2,375 2,100 2,225 6,295 143,885 326,511 21

- Feb-12 2,400 2,200 2,300 6,386 151,589 349,873 21
Mar-12 2,575 2,300 2,575 9,359 202,560 499,845 21
-70% Apr-12 2,700 2,350 2,575 8,214 116,633 295,016 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 2,800 2,275 2,300 6,751 126,915 328,465 21
Jun-12 2,550 2,125 2,425 6,819 85,252 202,561 21
Jul-12 2,650 2,375 2,625 6,675 150,051 376,973 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 2,850 2,525 2,625 5,177 131,601 353,720 19
Volume (Million Sh.) 4,219 2,840 1,737 1,579 347 Sep-12 2,875 2,550 2,850 7,498 129,409 348,388 20
Value (Billion Rp) 4,643 6,044 3,519 4,219 1,003 Oct-12 3,375 2,825 3,250 8,329 113,441 353,547 22
Frequency (Thou. X) 165 130 113 91 25 Nov-12 3,900 3,200 3,575 8,899 103,415 364,488 20
Days 241 245 247 246 21 Dec-12 3,625 2,800 2,900 10,403 124,716 419,369 18

Price (Rupiah) Jan-13 3,175 2,600 3,100 24,555 346,720 1,002,787 21

High 1,720 2,575 2,325 3,900 3,175
Low 480 1,530 1,650 2,100 2,600
Close 1,550 2,250 2,175 2,900 3,100
Close* 1,550 2,250 2,175 2,900 3,100

PER (X) 13.26 20.81 15.80 17.78 19.00

PER Industry (X) 9.88 12.86 10.41 9.79 10.21
PBV (X) 3.58 2.53 2.21 2.79 2.98
* Adjusted price after corporate action

160 RESEARCH DIVISION

 SMCB HolcimIndonesiaTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 852,862 380,248 1,070,427 1,127,482 555,785 12,500

Receivable 579,510 663,691 643,190 705,019 845,484

10,000

Inventories 386,624 382,132 499,926 570,459 687,087

7,500
Current Assets 1,924,756 1,476,338 2,253,237 2,468,172 2,186,797
Fixed Assets 5,598,217 5,460,935 7,893,251 8,238,252 9,588,783
5,000
Other Assets 119,091 302,718 266,330 228,426 74,973
Total Assets 7,674,980 7,265,366 10,437,249 10,950,501 12,168,517 2,500
Growth (%) -5.34% 43.66% 4.92% 11.12%
-
Current Liabilities 1,143,456 1,162,542 1,355,830 1,683,799 1,556,875 2008 2009 2010 2011 2012

Long Term Liabilities 3,993,598 2,786,641 2,255,416 1,739,442 2,193,586

Total Liabilities 5,137,054 3,949,183 3,611,246 3,423,241 3,750,461
Growth (%) -23.12% -8.56% -5.21% 9.56% TOTAL EQUITY (Billion Rupiah)

8,418
Minority Interest - 1,293 3,395 - - 8,418

7,527
Authorized Capital 15,325,800 15,325,800 15,325,800 15,325,800 15,325,800 6,823
Paid up Capital 3,831,450 3,831,450 3,831,450 3,831,450 3,831,450
6,701

Paid up Capital (Shares) 7,663 7,663 7,663 7,663 7,663

4,983

Par Value 500 500 500 500 500

3,315
Retained Earnings -5,184,046 -4,288,295 505,145 1,215,821 2,075,645 3,266
2,538
Total Equity 2,537,926 3,314,890 6,822,608 7,527,260 8,418,056
Growth (%) 30.61% 105.82% 10.33% 11.83% 1,549

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

-168

2008 2009 2010 2011 2012

Total Revenues 4,803,377 5,943,881 5,960,589 7,523,964 9,011,076
Growth (%) 23.74% 0.28% 26.23% 19.77%

TOTAL REVENUES (Billion Rupiah)

Expenses 2,933,054 3,694,149 3,711,232 4,672,435 5,664,231
Gross Profit 1,870,323 2,249,732 2,249,357 2,851,529 3,346,845 9,011
9,011

Operating Expenses 884,120 851,536 916,011 1,171,484 1,308,388 7,524

Operating Profit 986,203 1,398,196 1,333,346 1,680,045 2,038,457 7,173

41.78% -4.64% 26.00% 21.33% 5,944 5,961

Growth (%)
5,335
4,803

Other Income (Expenses) -682,735 -101,218 -185,389 -146,788 -165,745

Income before Tax 303,468 1,296,978 1,147,957 1,533,257 1,872,712 3,496

Tax 21,248 384,673 317,575 469,697 521,921

1,658

Minority Interest - 168 -1,960 - -

Net Income 282,220 895,751 828,422 1,054,987 1,381,404 -180

Growth (%) 217.39% -7.52% 27.35% 30.94% 2008 2009 2010 2011 2012

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

Current Ratio (%) 168.33 126.99 166.19 146.58 140.46 NET INCOME (Billion Rupiah)
Dividend (Rp) - - 23.00 86.00 32.00
1,381
EPS (Rp) 36.83 116.89 108.11 137.67 180.27 1,381

BV (Rp) 331.20 432.59 890.34 982.30 1,098.55

1,055
DAR (X) 0.67 0.54 0.35 0.31 0.31 1,100

896
DER(X) 2.02 1.19 0.53 0.45 0.45 828
818

ROA (%) 3.95 17.85 11.00 14.00 15.39

ROE (%) 11.96 39.13 16.83 20.37 22.25 536

GPM (%) 38.94 37.85 37.74 37.90 37.14 282

OPM (%) 20.53 23.52 22.37 22.33 22.62 254

NPM (%) 5.88 15.07 13.90 14.02 15.33

Payout Ratio (%) - - 21.27 62.47 17.75
-28

2008 2009 2010 2011 2012

Yield (%) - - 1.02 3.95 1.10

RESEARCH DIVISION 161

 CC O
OMM PP A
ANN YY RR EE PP O
O RR TT

SMGR
SEMEN GRESIK (PERSERO) TBK.

Company Profile

PTSemenGresik(Persero)Tbk.wasestablishedonMarch25,[Link]
[Link]
of cement produced is Type I Portland Cement (Ordinary Portland Cement OPC). In
addition,variousspecifictypesandmixedcementarealsoproduced,forlimiteduseandin
smalleramountthanOPC.

ThescopeofactivitiesoftheCompanyanditssubsidiariesistoengageinvariousindustrial
activities, primarily in the cement sector. The Companys and its subsidiaries cement
plants are located at Gresik and Tuban in East Java, Indarung in West Sumatera and
Pangkep in South Sulawesi. The Companys and its subsidiaries products are marketed
domesticallyandinternationally.

The Company commenced commercial operations on August 7, 1957. As at September
30th,2012,theCompanyanditssubsidiarieshad6,517employees.

The subsidiaries of the company are established as Strategic Tools, in order to give the
[Link],theirexistenceisexpectedtoincurbeneficialsynergy
[Link]
the subsidiaries of the company: PT Semen Padang, PT Sepatim Batamtama, PT Bima
Sepaja Abadi, PT Semen Tonasa, PT United Tractors Semen Gresik, PT Industri Kemasan
SemenGresik,PTKawasanIndustriGresik,PTSGGEnergiPrima,andPTSGGPrimaBeton.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

162 RESEARCH DIVISION

 SMGR SemenIndonesia(Persero)Tbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 5,480.587
Industry Sector : Basic Industry And Chemicals (3) Listed Shares : 5,931,520,000
Industry Sub Sector : Cement (31) Market Capitalization : 93,421,440,000,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 25-Mar-1953 1. Pemerintah RI QQ Menteri Keuangan RI 3,025,406,000 : 51.01%
Listing Date : 08-Jul-1991 2. Public ( <5% ) 2,906,114,000 : 48.99%
Under Writer IPO :
PT Buanamas Investindo DIVIDEND ANNOUNCEMENT
PT Ficorinvest Bonus Cash Recording Payment
F/I
PT Indovest Securities Year Shares Dividend Cum Date Ex Date Date Date
PT Merchant Investment Corporation 1991 284.70 12-Jun-92 15-Jun-92 22-Jun-92 13-Jul-92 F
PT Multicor 1992 267.75 14-Jun-93 15-Jun-93 24-Jun-93 22-Jul-93 F
PT Nikko Securities Indonesia 1993 164.18 13-Jul-94 14-Jul-94 21-Jul-94 19-Aug-94 F
PT Nomura Indonesia 1994 184.51 03-Jul-95 04-Jul-95 12-Jul-95 11-Aug-95 F
PT Primarindo Daya Investama 1995 109.62 11-Jul-96 12-Jul-96 22-Jul-96 20-Aug-96 F
Securities Administration Bureau : 1996 147.87 08-Jul-97 09-Jul-97 18-Jul-97 15-Aug-97 F
PT Datindo Entrycom 1997 156.82 09-Jul-98 10-Jul-98 20-Jul-98 18-Aug-98 F
Wisma Sudirman - Puri Datindo 1998 135.06 13-Jul-99 14-Jul-99 22-Jul-99 20-Aug-99 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 1999 162.24 10-Jul-00 11-Jul-00 19-Jul-00 21-Jul-00 F
Phone : 570-9009 2000 231.14 05-Jul-01 06-Jul-01 13-Jul-01 20-Jul-01 F
Fax : 570-9026 2001 267.61 18-Jul-02 19-Jul-02 24-Jul-02 07-Aug-02 F
2002 115.03 18-Jul-03 21-Jul-03 23-Jul-03 06-Aug-03 F
BOARD OF COMMISSIONERS 2003 174.68 23-Jul-04 26-Jul-04 28-Jul-04 11-Aug-04 F
1. Mahendra Siregar 2003 112.73 22-Dec-04 23-Dec-04 28-Dec-04 07-Jan-05 F
2. Achmad Jazidie 2004 39.67 05-Jan-05 06-Jan-05 10-Jan-05 18-Jan-05 I
3. Djawahir Adnan *) 2005 267.51 18-Jul-05 19-Jul-05 21-Jul-05 01-Aug-05
4. Hadi Waluyo *) 2005 443.12 21-Jul-06 24-Jul-06 26-Jul-06 09-Aug-06 F
5. Setia Purwaka *) 2006 1,092.06 19-Jul-07 20-Jul-07 24-Jul-07 07-Aug-07 F
6. Sumaryanto Widayatin 2007 149.66 29-May-08 30-May-08 03-Jun-08 17-Jun-08 F
*) Independent Commissioners 2008 215.19 21-Jul-09 22-Jul-09 24-Jul-09 07-Aug-09 F
2009 58.00 07-Dec-09 08-Dec-09 10-Dec-09 23-Dec-09 I
BOARD OF DIRECTORS 2009 250.45 19-Jul-10 20-Jul-10 22-Jul-10 05-Aug-10 F
1. Dwi Soetjipto 2010 58.00 27-Dec-10 28-Dec-10 30-Dec-10 04-Jan-11 I
2. Ahyanizzaman 2010 248.26 27-Jul-11 28-Jul-11 01-Aug-11 15-Aug-11 F
3. Amat Pria Darma 2011 330.89 17-Jul-12 18-Jul-12 20-Jul-12 03-Aug-12 F
4. Bambang Sugeng
5. Erizal Bakar ISSUED HISTORY
6. Suharto Listing Trading
7. Suparni No. Type of Listing Shares Date Date
1. First Issue 40,000,000 08-Jul-91 08-Jul-91
AUDIT COMMITTEE 2. Partial Listing 30,000,000 08-Jul-91 17-May-92
1. Setia Purwaka 3. Company Listing 78,288,000 02-Jun-95 02-Jun-95
2. Achmad Jazidie 4. Right Issue 444,864,000 10-Aug-95 10-Aug-95
3. Sahat Pardede 5. Stock Split 5,338,368,000 07-Aug-07 07-Aug-07
4. Vita Silvira

CORPORATE SECRETARY
Agung Wiharto

HEAD OFFICE
Gedung Utama Semen Gresik
Jln. Veteran
Gresik - 61122
Phone : (021) 526-1174 - 5, (031) 398-1731 - 2
Fax : (021) 526-1176, (031) 398-3209

Homepage : [Link]
Email : [Link]@[Link]
agungw@[Link]

RESEARCH DIVISION 163

 SMGR SemenIndonesia(Persero)Tbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Semen Indonesia (Persero) Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
18,000 1,600 Jan-09 4,275 3,325 3,475 4,783 49,125 184,655 19
Feb-09 3,600 3,350 3,500 3,423 40,083 139,423 20
15,750 1,400 Mar-09 4,000 3,375 3,725 4,667 50,891 182,726 20
Apr-09 4,350 3,700 4,100 5,066 46,874 191,435 20
May-09 4,775 4,100 4,675 5,150 99,812 443,115 20
13,500 1,200
Jun-09 5,300 4,250 4,900 6,756 179,691 860,527 22
Jul-09 6,100 4,900 5,950 10,179 186,249 1,030,949 21
11,250 1,000
Aug-09 6,100 5,500 5,950 6,090 95,640 563,656 20
Sep-09 6,600 5,700 6,300 6,215 98,840 619,009 18
9,000 800 Oct-09 7,100 6,100 6,850 12,359 291,702 1,898,803 22
Nov-09 7,800 6,600 7,300 14,253 223,935 1,632,203 20
6,750 600 Dec-09 7,650 7,000 7,550 13,353 150,586 1,099,045 19

4,500 400 Jan-10 8,200 7,500 8,000 10,064 111,316 870,993 20

Feb-10 8,000 7,250 7,600 7,426 81,985 632,276 19
2,250 200 Mar-10 7,850 7,250 7,300 15,012 1,601,261 11,320,197 22
Apr-10 8,400 7,350 8,200 16,173 409,399 3,278,726 21
May-10 9,000 7,600 8,450 15,936 283,946 2,315,387 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 9,050 7,950 8,750 13,285 259,682 2,094,264 22
Jul-10 9,500 8,650 9,250 15,790 197,904 1,806,849 22
Aug-10 9,250 8,400 8,700 18,106 190,450 1,666,454 21
Sep-10 9,950 8,650 9,900 14,416 204,039 1,896,038 17
Change of Closing Price, Oct-10 10,350 9,600 9,800 11,602 215,362 2,130,346 21
Basic Index and Jakarta Composite Index Nov-10 9,900 9,050 9,200 18,320 257,910 2,436,413 21
January 2009 - January 2013 Dec-10 9,900 9,050 9,450 16,043 163,526 1,547,425 20
315%
Jan-11 10,000 7,250 7,750 28,860 279,407 2,371,780 21
Jakarta Composite Index 277.2%
270% Feb-11 8,850 7,800 8,650 16,970 157,200 1,307,341 18
Basic Index 275.0%
Closing Price Mar-11 9,350 8,250 9,100 21,543 169,216 1,488,654 23
225% Apr-11 9,800 9,100 9,500 13,301 120,939 1,153,198 20
209.9% May-11 9,800 9,200 9,700 13,524 144,637 1,378,004 21
180% Jun-11 9,750 9,150 9,600 14,410 128,580 1,218,512 20
Jul-11 10,000 9,350 9,450 13,494 241,451 2,367,029 21
Aug-11 9,650 8,400 9,100 22,705 206,839 1,864,386 19
135%
Sep-11 9,450 7,400 8,300 23,699 145,732 1,234,343 20
Oct-11 9,500 7,700 9,500 24,322 149,227 1,282,433 21
90%
Nov-11 9,550 8,650 9,250 18,215 129,289 1,181,110 22
Dec-11 11,450 9,300 11,450 21,806 195,126 2,008,194 21
45%

Jan-12 12,950 10,750 11,300 31,022 210,657 2,414,273 21

- Feb-12 11,700 10,400 11,250 29,475 290,757 3,283,417 21
Mar-12 12,650 11,050 12,250 23,712 156,721 1,871,958 21
-45% Apr-12 12,650 11,600 12,150 17,193 134,207 1,629,480 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 12,400 10,400 10,950 23,702 217,770 2,436,384 21
Jun-12 11,650 9,900 11,300 24,678 150,083 1,665,904 21
Jul-12 13,600 11,250 12,950 25,606 178,845 2,139,748 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 13,500 11,700 12,400 24,809 148,524 1,869,739 19
Volume (Million Sh.) 1,513 3,977 2,068 2,149 178 Sep-12 14,550 12,100 14,450 22,738 153,409 2,076,999 20
Value (Billion Rp) 8,846 31,995 18,855 26,942 2,775 Oct-12 15,300 14,000 14,900 20,580 167,042 2,442,691 22
Frequency (Thou. X) 92 172 233 296 37 Nov-12 15,300 14,200 14,800 19,316 158,215 2,325,714 20
Days 241 245 247 246 21 Dec-12 16,950 14,400 15,850 33,063 183,180 2,785,728 18

Price (Rupiah) Jan-13 16,500 14,800 15,750 36,762 178,167 2,774,872 21

High 7,800 10,350 11,450 16,950 16,500
Low 3,325 7,250 7,250 9,900 14,800
Close 7,550 9,450 11,450 15,850 15,750
Close* 7,550 9,450 11,450 15,850 15,750

PER (X) 13.46 15.43 17.15 33.33 33.12

PER Industry (X) 9.88 12.86 10.41 9.79 10.21
PBV (X) 4.39 4.67 4.65 6.37 6.33
* Adjusted price after corporate action

164 RESEARCH DIVISION

 SMGR SemenIndonesia(Persero)Tbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 3,746,684 3,410,263 3,664,278 3,375,645 3,081,102 27,500

Receivable 1,518,940 1,439,816 1,764,284 1,864,177 2,522,529

22,000

Inventories 1,580,552 1,407,578 1,624,219 2,006,660 22,849,053

16,500
Current Assets 7,083,422 8,207,041 734,360 7,646,145 8,231,297
Fixed Assets 3,308,878 4,014,143 7,662,560 11,640,692 16,794,115
11,000
Other Assets 19,729 17,462 17,202 18,029 54,223
Total Assets 10,602,964 12,951,308 15,562,999 19,661,603 26,579,084 5,500
Growth (%) 22.15% 20.17% 26.34% 35.18%
-
Current Liabilities 2,092,099 2,294,842 2,517,519 2,889,137 4,825,205 2008 2009 2010 2011 2012

Long Term Liabilities 337,149 338,372 905,727 2,157,369 3,589,025

Total Liabilities 2,429,249 2,633,214 3,423,246 5,046,506 8,414,229
Growth (%) 8.40% 30.00% 47.42% 66.73% TOTAL EQUITY (Billion Rupiah)

18,165
Minority Interest 104,129 120,415 133,314 - - 18,165

Authorized Capital 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 14,615

Paid up Capital 593,152 593,152 593,152 593,152 593,152
14,459

12,006
Paid up Capital (Shares) 5,932 5,932 5,932 5,932 5,932 10,198
10,754

Par Value 100 100 100 100 100 8,070

Retained Earnings 6,422,588 8,143,284 9,954,536 12,407,396 15,291,927 7,048

Total Equity 8,069,586 10,197,679 12,006,439 14,615,097 18,164,855

Growth (%) 26.37% 17.74% 21.73% 24.29% 3,342

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

-363

2008 2009 2010 2011 2012

Total Revenues 12,209,846 14,387,850 14,344,189 16,378,794 19,598,248
Growth (%) 17.84% -0.30% 14.18% 19.66%

TOTAL REVENUES (Billion Rupiah)

Expenses 6,855,225 7,613,709 7,534,079 8,891,868 10,300,667
Gross Profit 5,354,621 6,774,141 6,810,110 7,486,926 9,297,581 19,598
19,598

Operating Expenses 1,967,435 2,431,578 2,321,085 2,594,794 3,116,058 16,379

Operating Profit 3,387,186 4,342,563 4,489,025 4,892,131 6,181,524 15,600 14,388 14,344
Growth (%) 28.21% 3.37% 8.98% 26.36% 12,210
11,602

Other Income (Expenses) 191,297 301,714 224,358 197,821 105,931

Income before Tax 3,589,529 4,655,188 4,722,623 5,089,952 6,287,454 7,604

Tax 1,045,569 1,302,433 1,063,509 1,134,680 1,360,814

3,606

Minority Interest -20,416 -26,267 -25,894 - -

Net Income 2,523,544 3,326,488 3,633,220 3,960,605 4,924,791 -392

Growth (%) 31.82% 9.22% 9.01% 24.34% 2008 2009 2010 2011 2012

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

Current Ratio (%) 338.58 357.63 29.17 264.65 170.59 NET INCOME (Billion Rupiah)
Dividend (Rp) 215.19 308.45 306.26 330.89 -
4,925
EPS (Rp) 425.45 560.82 612.53 667.72 830.27 4,925

BV (Rp) 1,360.46 1,719.24 2,024.18 2,463.97 3,062.43 3,961

3,633
DAR (X) 0.23 0.20 0.22 0.26 0.32 3,920

3,326
DER(X) 0.30 0.26 0.29 0.35 0.46
2,915
2,524
ROA (%) 33.85 35.94 30.35 25.89 23.66
ROE (%) 44.48 45.65 39.33 34.83 34.61 1,911

GPM (%) 43.85 47.08 47.48 45.71 47.44

OPM (%) 27.74 30.18 31.30 29.87 31.54 906

NPM (%) 20.67 23.12 25.33 24.18 25.13

Payout Ratio (%) 50.58 55.00 50.00 49.56 -
-98

2008 2009 2010 2011 2012

Yield (%) 5.15 4.09 3.24 2.89 -

RESEARCH DIVISION 165

 COMPANY REPORT

SSIA
SURYA SEMESTA INTERNUSA TBK.

Company Profile

PT Surya Semesta Internusa Tbk. was established at June 15th, 1971 under the name PT
MultiInvestmentsLtd.

The scope of companys activities especially engaged in industry, trade, construction,
agriculture, mining and services, including establishing a company in the field of building
material,realestate,industrialarea,buildingmanagementandothers.

Currently,theCompanyactivitiesengagedininvestingandprovidingmanagementservices
andtrainingtosubsidiariesthatspecializesinfieldofdevelop/manageindustrialarea,real
estate, construction services, manufacturing precast and prepress concrete elements,
hospitalityandothers.

TheCompanyhasdirectandindirectownershipinsubsidiaries:PTSuryaciptaSwadaya,PT
TCPInternusa,PTEnerconParadhyaInternational,PTKarsaSedayaSejahtera,PTSitiagung
Makmur,PTSuryaInternusaHotel,andPTSuryaInternusaProperti.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

166 RESEARCH DIVISION

 SSIA SuryaSemestaInternusaTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 570.256
Industry Sector : Property, Real Estate And Building Construction (6) Listed Shares : 4,705,249,440
Industry Sub Sector : Building Construction (62) Market Capitalization : 6,540,296,721,600

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 15-Jun-1971 1. PT Arman Investments Utama 387,847,976 : 8.24%
Listing Date : 27-Mar-1997 2. HSBC Private Bank (Suisse) SA Singapore 272,405,000 : 5.79%
Under Writer IPO : 3. Public ( <5% ) 4,044,996,464 : 85.97%
PT Aspac Uppindo Sekuritas
PT Usaha Bersama Sekuritas DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Sinartama Gunita Year Shares Dividend Cum Date Ex Date Date Date
Plaza BII Menara 1, 9th Fl. 2011 4.50 14-Nov-11 15-Nov-11 17-Nov-11 01-Dec-11 I
Jln. M.H. Thamrin No. 51 Jakarta 10350 2011 6.50 12-Jun-12 13-Jun-12 15-Jun-12 29-Jun-12 F
Phone : 392-2332
Fax : 392-3003 ISSUED HISTORY
Listing Trading
BOARD OF COMMISSIONERS No. Type of Listing Shares Date Date
1. Hagianto Kumala *) 1. First Issue 135,000,000 27-Mar-97 27-Mar-97
2. Marseno Wirjosaputro *) 2. Company Listing 540,000,000 27-Mar-97 06-Nov-97
3. Royanto Rizal 3. CB Conversion 64,611,500 27-Mar-97 06-Nov-97
4. Steen Dahl Poulsen 4. Additional Listing without Right Issue 209,027,500 02-Dec-05 02-Dec-05
5. William Jusman 5. Right Issue 227,673,360 29-Jul-08 29-Jul-08
*) Independent Commissioners 6. Stock Splits 3,528,937,080 07-Jul-11 07-Jul-11

BOARD OF DIRECTORS
1. Johannes Suriadjaja
2. Eddy Purwana Wikanta
3. The Jok Tung

AUDIT COMMITTEE
1. Marseno Wirjosaputro
2. Irwan Setia
3. Kardinal Alamsyah Karim

CORPORATE SECRETARY
Eddy Purwana Wikanta

HEAD OFFICE
Graha Surya Internusa Lt. 20
Jln. H.R. Rasuna Said Kav. X - 0
Jakarta - 12950
Phone : (021) 526-2121, 527-2121
Fax : (021) 526-7878

Homepage : [Link]
Email : eddy@[Link]

RESEARCH DIVISION 167

 SSIA SuryaSemestaInternusaTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Surya Semesta Internusa Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
1,400 400 Jan-09 - - 420 3 2,170 911 2
Feb-09 315 315 315 3 321 134 2
1,225 350 Mar-09 380 290 330 81 5,512 1,978 6
Apr-09 330 260 260 27 1,505 454 8
May-09 360 300 340 455 8,565 2,858 17
1,050 300
Jun-09 400 320 360 238 11,173 4,131 18
Jul-09 380 295 370 63 1,334 479 11
875 250
Aug-09 460 340 460 148 1,924 713 19
Sep-09 450 370 390 1,077 11,219 4,647 18
700 200 Oct-09 405 330 355 140 2,700 1,014 17
Nov-09 340 300 320 107 2,416 772 16
525 150 Dec-09 320 275 280 126 19,698 6,164 9

350 100 Jan-10 305 270 305 340 17,661 4,931 19

Feb-10 380 290 305 145 18,092 5,519 15
175 50 Mar-10 385 300 380 262 837 291 16
Apr-10 420 340 410 993 6,205 2,397 20
May-10 420 300 390 71 1,191 452 15
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 430 300 390 96 49,107 19,591 14
Jul-10 450 350 440 65 2,643 1,047 9
Aug-10 450 350 445 52 399 158 11
Sep-10 510 360 495 292 2,566 1,137 12
Change of Closing Price, Oct-10 640 405 560 561 6,918 3,875 20
Property Index and Jakarta Composite Index Nov-10 860 500 630 1,645 100,807 57,722 21
January 2009 - January 2013 Dec-10 950 630 930 3,809 100,855 85,265 20
1,260%
1223.8%
Jan-11 980 800 970 4,113 102,768 93,954 21
Jakarta Composite Index
1,080% Feb-11 1,170 980 1,100 4,483 88,936 95,780 18
Property Index
Closing Price Mar-11 1,190 1,050 1,100 3,447 64,596 71,802 23
900% Apr-11 1,170 1,090 1,130 2,240 36,601 41,299 20
May-11 1,340 1,140 1,330 9,325 192,251 236,311 21
720% Jun-11 1,360 1,270 1,360 6,591 145,123 190,796 20
Jul-11 1,360 325 425 22,916 1,466,179 592,101 21
Aug-11 455 350 420 17,913 1,038,706 429,153 19
540%
Sep-11 445 305 360 9,381 379,750 152,573 20
Oct-11 430 270 395 12,545 657,715 240,241 21
360%
Nov-11 420 360 375 6,135 328,544 125,959 22
246.7% Dec-11 740 385 720 22,183 1,791,592 976,482 21
209.9%
180%

Jan-12 950 700 900 24,858 1,276,553 1,080,662 21

- Feb-12 970 850 910 13,839 793,419 722,019 21
Mar-12 1,060 850 1,020 16,068 842,729 779,174 21
-180% Apr-12 1,200 1,000 1,200 18,889 840,011 927,503 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 1,230 870 910 26,196 976,408 1,031,839 21
Jun-12 1,040 800 980 19,350 792,516 744,115 21
Jul-12 1,160 990 1,150 20,473 677,361 727,907 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 1,210 1,070 1,170 14,030 335,388 382,269 19
Volume (Million Sh.) 69 307 6,293 8,712 720 Sep-12 1,330 1,170 1,320 16,278 468,652 585,179 20
Value (Billion Rp) 24 182 3,246 8,955 888 Oct-12 1,310 1,100 1,180 28,219 859,806 1,018,759 22
Frequency (Thou. X) 2 8 121 233 26 Nov-12 1,210 1,050 1,120 19,200 516,312 592,263 20
Days 143 192 247 246 21 Dec-12 1,160 1,000 1,080 15,232 332,959 363,196 18

Price (Rupiah) Jan-13 1,390 1,030 1,390 26,407 719,658 888,338 21

High 460 950 1,360 1,330 1,390
Low 260 270 270 700 1,030
Close 280 930 720 1,080 1,390
Close* 70 233 720 1,080 1,390

PER (X) 18.72 9.46 12.42 6.63 8.53

PER Industry (X) 18.12 9.97 11.09 17.34 18.10
PBV (X) 0.43 1.26 2.82 2.91 3.75
* Adjusted price after corporate action

168 RESEARCH DIVISION

 SSIA SuryaSemestaInternusaTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : RSM Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 218,387 209,696 244,929 584,075 1,002,921 4,000

Receivable 441,406 358,543 453,313 619,991 647,459

3,200

Inventories 4,525 5,359 6,464 8,262 223,497

2,400
Investment 19,307 22,822 122,637 514,112 94,277
Fixed Assets 608,748 635,607 658,512 482,930 547,703
1,600
Other Assets - - 907 6,142
Total Assets 2,251,369 2,235,442 2,382,642 2,937,938 3,963,508 800
Growth (%) -0.71% 6.58% 23.31% 34.91%
-
Trade Payable 266,494 191,957 210,045 219,660 290,475 2008 2009 2010 2011 Sep-12

Total Liabilities 1,490,893 1,417,350 1,428,911 1,736,789 2,218,078

Growth (%) -4.93% 0.82% 21.55% 27.71%
TOTAL EQUITY (Billion Rupiah)
Minority Interest 23,852 59,998 84,650 - - 1,745
Authorized Capital 800,000 800,000 800,000 800,000 800,000 1,745

Paid up Capital 588,156 588,156 588,156 588,156 588,156

Paid up Capital (Shares) 1,176 1,176 1,176 4,705 4,705 1,201
1,389

Par Value 500 500 500 125 125

1,033

869
Retained Earnings -134,904 -117,305 -1,717 234,591 754,753 737 758
Total Equity 736,625 758,093 869,080 1,201,149 1,745,429 677

Growth (%) 2.91% 14.64% 38.21% 45.31%

321

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-35

2008 2009 2010 2011 Sep-12

Total Revenues 1,753,280 1,484,102 1,690,096 2,878,775 2,658,312
Growth (%) -15.35% 13.88% 70.33%

TOTAL REVENUES (Billion Rupiah)

Expenses 1,464,488 1,136,303 1,211,694 2,096,390 1,691,730
Gross Profit 288,791 347,799 478,402 782,385 966,582 2,879
2,879
2,658
Operating Expenses 168,123 261,621 317,565 397,296 298,133
Operating Profit 120,669 86,178 160,836 385,090 668,449 2,292

Growth (%) -28.58% 86.63% 139.43% 1,753 1,690

1,704
1,484
Other Income (Expenses) -126,954 25,493 33,837 - -
Income before Tax 13,406 112,830 195,858 385,090 668,449 1,117

Tax 27,064 58,648 55,536 106,914 95,576

530

Minority Interest 1,954 -36,584 -24,734 - -

Net Income -11,704 17,599 115,588 272,759 574,864 -58

Growth (%) N/A 556.80% 135.97% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 NET INCOME (Billion Rupiah)
Dividend (Rp) - - - 11.00 -
575
EPS (Rp) -9.95 14.96 98.26 57.97 122.18 575

BV (Rp) 626.22 644.47 738.82 255.28 370.95

DAR (X) 0.66 0.63 0.60 0.59 0.56 458

DER(X) 2.02 1.87 1.64 1.45 1.27

340

ROA (%) 0.60 5.05 8.22 13.11 16.87 273

ROE (%) 1.82 14.88 22.54 32.06 38.30 223

GPM (%) 16.47 23.43 28.31 27.18 36.36 116

OPM (%) 6.88 5.81 9.52 13.38 25.15 106

2008 18
NPM (%) -0.67 1.19 6.84 9.47 21.63
Payout Ratio (%) - - - 18.98 -
-12

-12 2009 2010 2011 Sep-12

Yield (%) - - - 1.53 -

RESEARCH DIVISION 169

 COMPANY REPORT

TLKM
TELEKOMUNIKASI INDONESIA TBK.

Company Profile

Telkomisastateownedenterprisethatoperatesinthetelecommunicationsandnetwork
[Link]
[Link]
market, the Government of the Republic of Indonesia is the Companys majority
shareholder,whiletheremainderoftheCompanyscommonstockisownedbythepublic.
TheCompanyssharesaretradedontheIndonesiaStockExchange(IDX),NewYorkStock
Exchange(NYSE),LondonStockExchange(LSE)andpublicofferingwithoutlisting(POWL)
inJapan.
Company's scope of activities is organizing networks and telecommunications services,
information,[Link]
and telecommunication services, including domestic and international basic
telecommunication services, using cable, fixed wireless (CDMA) and Global System for
Mobile Communication (GSM) as well as interconnection services used among other
license operators (OLO). Besides telecommunication services, Telkom also operates
Multimediabusinessessuchascontentandapplications,completingourbusinessportfolio
calledTelecommunication,Information,MediaandEdutainment(TIME).
Thecompanyhassubsidiaries:PTTelekomunikasiSelular,PTDayamitraTelekomunikasi,PT
Multimedia Nusantara, PT Telekomunikasi Indonesia International, PT Pramindo Ikat
Nusantara, PT Indonusa Telemedia, PT Graha Sarana Duta, PT Napsindo Primatel
International, PT Infomedia Nusantara, PT Sigma Cipta Caraka, PT Telekomunikasi
Indonesia International Pte. Ltd. Singapore, PT Metra Plasa, PT Administrasi Medika, PT
Finnet Indonesia, PT Telkom Landmark Tower, PT Telekomunikasi Indonesia International
[Link],PTMetraNet
TheCompanyanditsSubsidiaries(theGroup)haveapproximately25,730employeesasof
September30th,2012.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

170 RESEARCH DIVISION

 TLKM TelekomunikasiIndonesia(Persero)Tbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 1,022.048
Industry Sector : Infrastructure, Utilities & Transportation (7) Listed Shares : 20,159,999,280
Industry Sub Sector : Telecommunication (73) Market Capitalization : 195,551,993,016,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 24-Sep-1991 1. Negara Republik Indonesia 10,320,470,712 : 51.19%
Listing Date : 14-Nov-1995 2. PT Telkom 1,010,930,460 : 5.01%
Under Writer IPO : 3. Public ( <5% ) 8,828,598,108 : 43.79%
PT Bahana Securities
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
PT Makindo Bonus Cash Recording Payment
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Datindo Entrycom 1995 24.48 07-Jun-96 10-Jun-96 18-Jun-96 17-Jul-96 F
Wisma Sudirman - Puri Datindo 1996 41.25 13-May-97 14-May-97 23-May-97 20-Jun-97 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 1997 32.75 22-May-98 25-May-98 02-Jun-98 01-Jul-98 F
Phone : 570-9009 1997 15.75 23-Nov-98 24-Nov-98 02-Dec-98 30-Dec-98 F
Fax : 570-9026 1998 35.69 24-May-99 25-May-99 02-Jun-99 01-Jul-99 F
1999 50 : 4 24-Jun-99 25-Jun-99 05-Jul-99 02-Aug-99
BOARD OF COMMISSIONERS 1998 15.30 24-May-99 25-May-99 02-Jun-99 30-Dec-99 F
1. Jusman Syafii Djamal 1999 53.88 26-Apr-00 27-Apr-00 05-May-00 22-May-00 F
2. Hadiyanto 1999 53.88 09-Oct-00 10-Oct-00 18-Oct-00 01-Nov-00 F
3. Johnny Swandi Sjam *) 2000 44.08 31-May-01 01-Jun-01 07-Jun-01 21-Jun-01 I
4. Parikesit Suprapto 2000 44.08 10-Oct-01 11-Oct-01 17-Oct-01 31-Oct-01 F
5. Virano Nasution *) 2001 210.82 24-Jul-02 25-Jul-02 30-Jul-02 12-Aug-02 F
*) Independent Commissioners 2002 331.16 03-Jun-03 04-Jun-03 06-Jun-03 12-Jun-03 F
2003 301.95 23-Aug-04 24-Aug-04 26-Aug-04 07-Sep-04 F
BOARD OF DIRECTORS 2004 7.11 23-Dec-04 27-Dec-04 29-Dec-04 06-Jan-05 I
1. Arief Yahya 2005 144.90 15-Jul-05 18-Jul-05 20-Jul-05 03-Aug-05
2. Honesti Basyir 2005 218.86 21-Jul-06 24-Jul-06 26-Jul-06 09-Aug-06 F
3. Indra Utoyo 2006 48.45 21-Dec-06 22-Dec-06 27-Dec-06 02-Jan-07 I
4. Muhamad Awaluddin 2006 254.76 20-Jul-07 23-Jul-07 25-Jul-07 08-Aug-07 F
5. Priyantono Rudito 2007 48.45 29-Nov-07 30-Nov-07 04-Dec-07 18-Dec-07 I
6. Ririek Adriansyah 2007 309.42 11-Jul-08 14-Jul-08 16-Jul-08 31-Jul-08 F
7. Rizkan Chandra 2007 97.73 09-Oct-08 10-Oct-08 14-Oct-08 28-Oct-08 F
8. Sukardi Silalahi 2008 296.94 07-Jul-09 08-Jul-09 10-Jul-09 27-Jul-09 F
2009 26.65 09-Dec-09 10-Dec-09 14-Dec-09 29-Dec-09 I
AUDIT COMMITTEE 2009 261.41 07-Jul-10 08-Jul-10 12-Jul-10 26-Jul-10 F
1. Johnny Swandi Sjam 2010 26.75 22-Dec-10 23-Dec-10 28-Dec-10 11-Jan-11 I
2. Agus Yulianto 2010 295.84 13-Jun-11 14-Jun-11 16-Jun-11 01-Jul-11 F
3. Parikesit Suprapto 2011 371.05 05-Jun-12 06-Jun-12 08-Jun-12 22-Jun-12 F
4. Sahat Pardede
5. Salam ISSUED HISTORY
6. Virano Nasution Listing Trading
No. Type of Listing Shares Date Date
CORPORATE SECRETARY 1. Negara RI (Seri A) 1 14-Nov-95 00-Jan-00
Agus Murdiyatno 2. Negara RI (Seri B) (C/ L) 7,466,665,999 14-Nov-95 00-Jan-00
3. First Issue 933,333,000 14-Nov-95 14-Nov-95
HEAD OFFICE 4. First Issue (LN) 700,000,000 14-Nov-95 14-Nov-95
Graha Citra Caraka Lt. 5 5. First Issue (divesment) 233,334,000 14-Nov-95 14-Nov-95
Jln. Gatot Subroto No. 52 6. Bonus Shares 746,666,640 03-Aug-99 03-Aug-99
Jakarta 7. Stock Split 10,079,999,640 28-Sep-04 28-Sep-04
Phone : (021) 521-5109
Fax : (021) 522-0500

Homepage : [Link]
Email : [Link]@[Link]

RESEARCH DIVISION 171

 TLKM TelekomunikasiIndonesia(Persero)Tbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Telekomunikasi Indonesia (Persero) Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
12,000 160 Jan-09 7,450 6,200 6,300 13,706 299,622 2,017,546 19
Feb-09 6,650 5,750 6,300 15,355 269,828 1,691,385 20
10,500 140 Mar-09 7,900 6,150 7,550 14,268 314,739 2,199,590 20
Apr-09 8,000 6,850 7,850 31,720 703,569 5,193,383 20
May-09 8,100 7,000 7,450 25,920 539,601 4,054,381 20
9,000 120
Jun-09 8,000 7,300 7,500 18,453 643,122 4,885,098 22
Jul-09 9,450 7,550 8,950 27,935 687,066 5,709,849 21
7,500 100
Aug-09 9,100 8,300 8,400 25,116 517,851 4,486,164 20
Sep-09 8,800 8,250 8,650 19,182 329,307 2,791,554 18
6,000 80 478,252 4,108,213
Oct-09 8,950 7,850 8,400 18,307 22
Nov-09 9,150 8,100 9,000 12,783 347,591 3,042,163 20
4,500 60 Dec-09 10,350 8,950 9,450 15,094 392,778 3,750,416 19

3,000 40 Jan-10 9,700 9,200 9,350 20,466 343,755 3,245,848 20

Feb-10 9,450 8,200 8,300 21,760 374,201 3,260,891 19
1,500 20 Mar-10 8,800 7,950 8,050 48,566 687,405 5,704,868 22
Apr-10 8,350 7,500 7,850 48,650 698,151 5,567,192 21
May-10 8,050 6,950 7,750 35,324 686,175 5,233,080 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 8,100 7,450 7,700 26,651 475,632 3,744,786 22
Jul-10 8,450 7,600 8,450 32,139 540,356 4,302,992 22
Aug-10 9,000 8,000 8,650 26,178 500,322 4,280,165 21
Sep-10 9,450 8,600 9,200 21,676 430,504 3,918,038 17
Change of Closing Price, Oct-10 9,800 8,850 9,100 32,013 443,145 4,065,168 21
Infrastructure Index and Jakarta Composite Index Nov-10 9,150 7,750 7,950 77,869 1,214,710 10,016,453 21
January 2009 - January 2013 Dec-10 8,300 7,650 7,950 31,995 446,590 3,549,809 20
245%
Jan-11 8,050 7,100 7,550 43,651 640,069 4,825,430 21
Jakarta Composite Index
210% 209.9% Feb-11 7,850 7,350 7,450 18,451 582,326 4,376,284 18
Infrastructure Index
Closing Price Mar-11 7,550 6,600 7,350 45,513 671,840 4,780,703 23
175% Apr-11 7,850 6,950 7,700 32,395 410,474 3,028,509 20
May-11 7,800 7,400 7,700 17,375 321,219 2,442,955 21
140% Jun-11 7,750 6,800 7,350 29,350 376,497 2,756,735 20
Jul-11 7,400 6,900 7,350 21,068 388,155 2,783,117 21
Aug-11 7,900 7,000 7,250 32,676 595,530 4,422,141 19
105%
Sep-11 7,900 6,900 7,600 32,016 510,065 3,802,903 20
81.7% Oct-11 7,750 7,000 7,400 33,231 560,071 4,100,951 21
70%
Nov-11 7,650 7,150 7,350 20,061 265,993 1,978,916 22
Dec-11 7,500 6,900 7,050 21,893 312,305 2,234,952 21
35% 32.9%
Jan-12 7,150 6,800 6,850 26,490 422,690 2,940,995 21
- Feb-12 7,100 6,650 7,050 23,979 479,535 3,300,302 21
Mar-12 7,150 6,700 7,000 23,842 362,222 2,513,536 21
-35% Apr-12 8,700 7,050 8,500 25,908 657,218 5,090,323 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 8,500 7,000 7,800 29,209 662,037 5,266,928 21
Jun-12 8,250 7,250 8,150 26,128 418,912 3,261,173 21
Jul-12 9,300 7,950 9,100 27,541 473,400 4,128,298 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 9,850 8,750 9,300 28,777 440,719 4,056,309 19
Volume (Million Sh.) 5,523 6,841 5,635 5,788 504 Sep-12 9,750 9,150 9,450 25,722 367,817 3,476,829 20
Value (Billion Rp) 43,930 56,889 41,534 48,078 4,706 Oct-12 9,950 9,300 9,750 22,276 560,211 5,407,450 22
Frequency (Thou. X) 238 423 348 318 37 Nov-12 9,900 8,950 9,000 25,831 426,698 3,999,309 20
Days 241 245 247 246 21 Dec-12 9,350 8,650 9,050 32,515 516,125 4,636,997 18

Price (Rupiah) Jan-13 9,800 8,800 9,700 36,521 503,515 4,706,492 21

High 10,350 9,800 8,050 9,950 9,800
Low 5,750 6,950 6,600 6,650 8,800
Close 9,450 7,950 7,050 9,050 9,700
Close* 9,450 7,950 7,050 9,050 9,700

PER (X) 16.81 13.89 9.18 9.68 10.38

PER Industry (X) 7.19 14.36 11.09 17.53 17.61
PBV (X) 4.89 3.61 2.33 2.91 3.12
* Adjusted price after corporate action

172 RESEARCH DIVISION

 TLKM TelekomunikasiIndonesia(Persero)Tbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 6,889,945 7,085,460 9,119,849 9,634,000 11,925,000 112,500

Receivable 3,618,643 3,917,709 4,433,849 5,250,000 8,447,000

90,000

Inventories 511,950 435,244 515,536 758,000 664,000

67,500
Current Assets 14,622,310 16,186,024 18,730,627 21,258,000 25,025,000
Fixed Assets 71,066,244 76,419,897 75,832,408 74,897,000 74,506,000
45,000
Other Assets 3,187,808 2,234,288 81,027,820 12,000 4,187,000
Total Assets 91,256,250 97,559,606 99,758,447 103,054,000 105,402,000 22,500
Growth (%) 6.91% 2.25% 3.30% 2.28%
-
Current Liabilities 26,998,151 26,717,414 20,472,898 22,189,000 24,014,000 2008 2009 2010 2011 Sep-12

Long Term Liabilities 20,260,248 20,919,098 22,870,786 19,884,000 18,623,000

Total Liabilities 47,258,399 47,636,512 43,343,684 42,073,000 42,637,000
Growth (%) 0.80% -9.01% -2.93% 1.34% TOTAL EQUITY (Billion Rupiah)

60,981 62,765
Minority Interest 9,683,780 10,933,347 11,996,021 - -
Authorized Capital 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
Paid up Capital 5,040,000 5,040,000 5,040,000 5,040,000 5,040,000
49,961

44,419
38,990
Paid up Capital (Shares) 20,160 20,160 20,160 20,160 20,160 34,314
37,157

Par Value 250 250 250 250 250

Retained Earnings 31,499,963 36,467,205 15,336,746 47,054,000 49,928,000 24,353

Total Equity 34,314,071 38,989,747 44,418,742 60,981,000 62,765,000

Growth (%) 13.63% 13.92% 37.29% 2.93% 11,549

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-1,255

2008 2009 2010 2011 Sep-12

Total Revenues 60,689,784 64,596,635 68,629,181 71,918,000 57,413,000
Growth (%) 6.44% 6.24% 4.79%

TOTAL REVENUES (Billion Rupiah)

Expenses 38,382,309 41,993,494 46,138,061 49,970,000 38,110,000
Gross Profit 22,307,475 22,603,141 22,491,120 21,948,000 19,303,000 71,918
68,629
64,597
71,918

Operating Expenses 38,382,309 41,993,494 46,138,061 49,970,000 38,110,000 60,690

57,413
Operating Profit 22,307,475 22,603,141 22,491,120 21,948,000 19,303,000 57,247

Growth (%) 1.33% -0.50% -2.41%

42,575

Other Income (Expenses) -1,994,667 -253,853 -1,074,769 -1,091,000 -483,000

Income before Tax 20,312,808 22,349,288 21,416,351 20,857,000 18,820,000 27,904

Tax 5,639,695 6,373,076 5,546,039 5,387,000 -4,702,000

13,233

Minority Interest -4,053,643 -4,644,072 -4,333,313 - -

Net Income 10,619,470 11,332,140 11,536,999 15,481,000 14,130,000 -1,438

Growth (%) 6.71% 1.81% 34.19% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 54.16 60.58 91.49 95.80 104.21 NET INCOME (Billion Rupiah)
Dividend (Rp) 296.94 288.06 322.59 371.05 -
15,481
EPS (Rp) 526.76 562.11 572.27 767.91 700.89 14,130
BV (Rp) 1,702.09 1,934.02 2,203.31 3,024.85 3,113.34
11,332 11,537
DAR (X) 0.52 0.49 0.43 0.41 0.40 12,323

10,619
DER(X) 1.38 1.22 0.98 0.69 0.68
9,165

ROA (%) 22.26 22.91 21.47 20.24 17.86

ROE (%) 59.20 57.32 48.21 34.20 29.98 6,007

GPM (%) 36.76 34.99 32.77 30.52 33.62

OPM (%) 36.76 34.99 32.77 30.52 33.62 2,849

NPM (%) 17.50 17.54 16.81 21.53 24.61

Payout Ratio (%) 56.37 51.25 56.37 48.32 -
-310

2008 2009 2010 2011 Sep-12

Yield (%) 4.30 3.05 4.06 5.26 -

RESEARCH DIVISION 173

 COMPANY REPORT

UNTR
UNITED TRACTORS TBK.

Company Profile

PT United Tractors Tbk. was established on October 13th, 1972, as heavy equipment
distributorinIndonesia.TheCompanycommencedcommercialoperationsin1973.

OnSeptember19th,1989,theCompanywentpublicandlisteditssharesinJakartaStock
Exchange,withAstraInternationalasthemajorityshareholder(59.5%).Asideofbeingthe
largestdistributorofheavyequipmentinIndonesia,UTalsoplaysanactiveroleinthefield
[Link]
asConstructionMachinery,MiningContractingandMining.

The main activities of the Companyand its subsidiaries include sales and rental of heavy
equipment and related after sales services, mining and mining contracting. Including in
miningcontractingisintegratedminingcontractingservice.

The Company, through its majority shareholder, PT Astra International Tbk., is part of
JardineMathesonHoldingsLtd.TheCompanyisdomiciledinJakartawith18branches,22
[Link]
[Link].22,Cakung,Jakarta.

Thecompanyhasdirectownershipindomesticandforeignsubsidiaries:PTPamapersada
Nusantara, PT Tuah Turangga Agung, PT United Tractors Pandu Engineering, UT Heavy
Industry(S) Pte. Ltd., PT Andalan Multi Kencana, PT Bina Pertiwi, and PT Universal Tekno
Reksajaya.

AsofSeptember30,2012,theGrouphadapproximately25,988employees.

February 2013
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

174 RESEARCH DIVISION

 UNTR UnitedTractorsTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 23,509.946
Industry Sector : Trade, Services & Investment (9) Listed Shares : 3,730,135,136
Industry Sub Sector : Wholesale (Durable & Non Durable Goods) (91) Market Capitalization : 73,670,168,936,000

COMPANY HISTORY SHAREHOLDERS (December 2012)

Established Date : 13-Oct-1972 1. PT Astra International Tbk 2,219,317,358 : 59.50%
Listing Date : 19-Sep-1989 2. Public ( <5% ) 1,510,817,778 : 40.50%
Under Writer IPO :
PT Aseam Indonesia DIVIDEND ANNOUNCEMENT
PT (Persero) Danareksa Bonus Cash Recording Payment
F/I
PT Finconesia Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 1989 100.00 05-Jan-90 06-Jan-90 11-Jan-90 31-Jan-90 I
PT Raya Saham Registra 1990 165.00 08-Jun-90 11-Jun-90 15-Jun-90 29-Jun-90
Plaza Central Building 2nd Fl. 1990 175.00 20-Nov-90 21-Nov-90 28-Nov-90 12-Dec-90 I
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1990 185.00 06-Jun-91 07-Jun-91 14-Jun-91 28-Jun-91 F
Phone : 252-5666 1991 175.00 20-Nov-91 21-Nov-91 28-Nov-91 12-Dec-91 I
Fax : 252-5028 1991 175.00 12-Jun-92 15-Jun-92 22-Jun-92 22-Jul-92 F
1992 70.00 11-Nov-92 12-Nov-92 19-Nov-92 15-Dec-92 I
BOARD OF COMMISSIONERS 1992 160.00 16-Jun-93 17-Jun-93 25-Jun-93 23-Jul-93 F
1. Prijono Sugiarto 1993 100.00 11-Nov-93 12-Nov-93 19-Nov-93 15-Dec-93 I
2. Anugerah Pekerti *) 1994 1:3 23-Feb-94 24-Feb-94 03-Mar-94 01-Apr-94
3. Benjamin William Keswick 1993 50.00 15-Jun-94 16-Jun-94 23-Jun-94 23-Jul-94 F
4. Simon Collier Dixon 1994 40.00 11-Nov-94 16-Nov-94 23-Nov-94 15-Dec-94 I
5. Soegito *) 1994 70.00 22-Jun-95 23-Jun-95 03-Jul-95 31-Jul-95 F
6. Stephen Z. Satyahadi *) 1995 45.00 22-Nov-95 23-Nov-95 01-Dec-95 29-Dec-95 I
*) Independent Commissioners 1995 85.00 20-Jun-96 21-Jun-96 01-Jul-96 31-Jul-96 F
1996 60.00 21-Nov-96 22-Nov-96 02-Dec-96 27-Dec-96 I
BOARD OF DIRECTORS 1996 100.00 26-Jun-97 27-Jun-97 07-Jul-97 28-Jul-97 F
1. Djoko Pranoto 2000 5:9 08-Jun-00 09-Jun-00 14-Jun-00 23-Jun-00
2. Edhie Sarwono 2004 20.00 30-Nov-04 01-Dec-04 03-Dec-04 17-Dec-04 I
3. Gidion Hasan 2005 35.00 23-Jun-05 22-Jun-05 27-Jun-05 11-Jul-05
4. Hendrik Kusnadi Hadiwinata 2005 110.00 12-Jun-06 13-Jun-06 15-Jun-06 29-Jun-06 F
5. Iman Nurwahyu 2006 45.00 13-Oct-06 16-Oct-06 18-Oct-06 03-Nov-06 I
6. Loudly Irwanto Ellias 2006 85.00 20-Jun-07 21-Jun-07 25-Jun-07 08-Jul-07 F
2007 60.00 10-Oct-07 11-Oct-07 18-Oct-07 01-Nov-07 I
AUDIT COMMITTEE 2007 150.00 10-Jun-08 11-Jun-08 13-Jun-08 27-Jun-08 F
1. Stephen Z. Satyahadi 2008 100.00 23-Oct-08 24-Oct-08 28-Oct-08 11-Nov-08 I
2. Candelario Tambis 2008 220.00 11-Jun-09 12-Jun-09 16-Jun-09 26-Jun-09 F
3. Wiltarsa Halim 2009 330.00 14-Jun-10 15-Jun-10 17-Jun-10 01-Jul-10 F
2010 160.00 27-Oct-10 28-Oct-10 01-Nov-10 12-Nov-10 I
CORPORATE SECRETARY 2010 430.00 31-May-11 01-Jun-11 06-Jun-11 13-Jun-11 F
Sara K. Loebis 2011 185.00 27-Oct-11 28-Oct-11 01-Nov-11 11-Nov-11 I
2011 635.00 11-May-12 14-May-12 16-May-12 30-May-12 F
HEAD OFFICE 2012 210.00 16-Oct-12 17-Oct-12 19-Oct-12 02-Nov-12 I
Jln. Raya Bekasi Km. 22
Jakarta - 13910 ISSUED HISTORY
Phone : (021) 460-5959 - 79 Listing Trading
Fax : (021) 460-0655, 460-0677 No. Type of Listing Shares Date Date
1. First Issue 2,700,000 19-Sep-89 19-Sep-89
Homepage : [Link] 2. Partial Listing 8,436,000 T: 26-Dec-89 : 27-Feb-91
Email : sarakl@[Link] 3. Right Issue 2,151,579,636 T: 27-May-91 : 06-Jun-11
ir@[Link] 4. Company Listing 11,864,000 25-Mar-92 01-Apr-92
5. Bonus Shares 351,900,000 T: 04-Apr-94 : 26-Jun-00
6. Stock Split 1,159,200,000 05-Sep-00 05-Sep-00
7. ESOP Conversion 1,201,500 T: 27-May-03 : 12-Jun-03
8. ESOP Conversion II 43,254,000 T: 11-Jun-03 : 14-Jul-05

RESEARCH DIVISION 175

 UNTR UnitedTractorsTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
United Tractors Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
34,000 40.0 Jan-09 5,800 4,375 5,050 24,458 207,419 1,038,896 19
Feb-09 5,950 4,700 5,350 15,235 133,489 707,290 20
29,750 35.0 Mar-09 7,000 4,900 6,750 13,069 131,983 758,369 20
Apr-09 9,250 6,250 9,000 17,430 172,272 1,297,068 20
May-09 10,500 8,600 10,150 20,815 188,869 1,773,945 20
25,500 30.0
Jun-09 11,450 9,550 9,950 17,585 178,470 1,884,053 22
Jul-09 13,050 9,800 12,950 18,928 145,556 1,610,315 21
21,250 25.0
Aug-09 14,100 11,800 13,500 15,414 119,831 1,547,477 20
Sep-09 15,700 12,900 15,600 13,377 81,245 1,161,713 18
17,000 20.0 108,519 1,692,289
Oct-09 16,750 14,300 15,000 17,584 22
Nov-09 16,100 14,200 14,950 17,502 98,396 1,505,184 20
12,750 15.0 Dec-09 15,950 14,750 15,500 16,285 83,063 1,268,935 19

8,500 10.0 Jan-10 18,850 15,500 16,850 25,109 137,915 2,367,106 20

Feb-10 17,400 14,950 17,150 21,752 113,284 1,855,232 19
4,250 5.0 Mar-10 19,050 16,700 18,350 20,634 133,516 2,353,927 22
Apr-10 20,100 18,250 19,500 17,980 97,846 1,885,482 21
May-10 19,600 15,650 18,350 29,283 152,795 2,656,423 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 19,700 17,100 18,750 19,858 92,824 1,714,404 22
Jul-10 20,300 18,000 20,150 14,949 70,228 1,352,063 22
Aug-10 20,200 18,250 18,400 19,188 106,866 2,023,497 21
Sep-10 20,850 18,400 20,450 19,053 85,272 1,697,651 17
Change of Closing Price, Oct-10 22,250 20,200 22,200 16,905 80,634 1,675,683 21
Trade Index and Jakarta Composite Index Nov-10 26,100 21,600 23,000 17,125 85,068 2,008,087 21
January 2009 - January 2013 Dec-10 24,650 22,200 23,800 15,030 78,465 1,848,169 20
560%
Jan-11 26,600 19,800 21,350 35,213 184,338 4,118,210 21
Jakarta Composite Index
480% Feb-11 23,600 21,300 23,200 20,039 86,752 1,962,451 18
Trade Index
Closing Price Mar-11 24,550 19,900 21,700 38,544 156,803 3,481,506 23
400% Apr-11 23,500 21,300 23,250 22,269 94,830 2,115,683 20
373.5% May-11 24,550 21,550 23,000 22,746 107,066 2,428,895 21
320% Jun-11 25,000 22,500 24,900 17,639 107,180 2,491,370 20
289.4% Jul-11 27,750 24,350 27,300 22,369 107,048 2,717,984 21
Aug-11 27,650 22,000 23,600 29,111 116,704 2,870,942 19
240%
209.9% Sep-11 25,300 18,700 22,000 42,163 133,920 2,952,558 20
Oct-11 25,750 18,950 24,600 32,974 114,092 2,584,136 21
160%
Nov-11 26,950 23,000 23,350 30,291 106,637 2,656,512 22
Dec-11 26,500 23,900 26,350 24,597 78,359 1,958,313 21
80%

Jan-12 29,550 25,950 28,350 26,564 106,698 2,974,251 21

- Feb-12 30,200 26,550 29,000 31,229 109,199 3,126,712 21
Mar-12 33,000 28,800 33,000 25,920 83,932 2,549,628 21
-80% Apr-12 33,400 29,500 29,600 28,884 84,467 2,621,880 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 30,400 22,600 23,100 45,171 147,630 3,890,521 21
Jun-12 25,250 21,050 21,350 52,967 227,318 5,067,510 21
Jul-12 24,100 20,600 21,000 52,875 214,943 4,706,426 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 22,450 19,850 20,050 34,436 156,431 3,347,510 19
Volume (Million Sh.) 1,649 1,235 1,394 1,711 137 Sep-12 23,100 19,050 20,700 44,887 164,019 3,434,137 20
Value (Billion Rp) 16,246 23,438 32,339 39,788 2,833 Oct-12 21,350 19,350 21,100 39,891 174,476 3,520,933 22
Frequency (Thou. X) 208 237 338 446 38 Nov-12 21,300 16,600 17,050 33,628 128,388 2,458,214 20
Days 241 245 247 246 21 Dec-12 20,000 16,650 19,700 29,893 113,609 2,090,278 18

Price (Rupiah) Jan-13 22,000 19,250 19,750 37,566 137,029 2,832,813 21

High 16,750 26,100 27,750 33,400 22,000
Low 4,375 14,950 18,700 16,600 19,250
Close 15,500 23,800 26,350 19,700 19,750
Close* 14,902 22,882 26,350 19,700 19,750

PER (X) 13.51 20.44 16.76 11.95 11.98

PER Industry (X) 16.33 0.00 16.89 19.08 18.57
PBV (X) 3.72 0.00 3.57 2.42 2.43
* Adjusted price after corporate action

176 RESEARCH DIVISION

 UNTR UnitedTractorsTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 3,324,942 2,769,187 1,343,220 7,135,386 3,995,265 62,500

Receivable 3,470,549 4,549,566 5,349,688 9,969,714 9,894,656

50,000

Inventories 5,246,343 3,966,358 6,931,631 7,129,459 7,173,704

37,500
Current Assets 12,883,590 11,969,001 15,532,762 25,625,578 22,048,115
Fixed Assets 9,505,248 11,835,726 13,261,374 13,670,208 15,196,476
25,000
Other Assets 4,961 - - - -
Total Assets 22,847,721 24,404,828 29,700,914 46,440,062 50,300,633 12,500
Growth (%) 6.82% 21.70% 56.36% 8.31%
-
Current Liabilities 7,874,135 7,225,966 9,919,225 14,930,069 11,327,164 2008 2009 2010 2011 2012

Long Term Liabilities 3,770,781 3,227,782 3,616,283 4,006,045 6,672,912

Total Liabilities 11,644,916 10,453,748 13,535,508 18,936,114 18,000,076
Growth (%) -10.23% 29.48% 39.90% -4.94% TOTAL EQUITY (Billion Rupiah)

32,301
Minority Interest 71,198 107,370 29,068 - -
27,504
Authorized Capital 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000
Paid up Capital 831,719 831,719 831,719 932,534 932,534
25,711

Paid up Capital (Shares) 3,327 3,327 3,327 3,730 3,730

19,122

16,136
Par Value 250 250 250 250 250 13,844
Retained Earnings 6,243,117 8,896,251 11,139,012 15,342,706 18,382,728 12,533
11,132
Total Equity 11,131,607 13,843,710 16,136,338 27,503,948 32,300,557
Growth (%) 24.36% 16.56% 70.45% 17.44% 5,943

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

-646

2008 2009 2010 2011 2012

Total Revenues 27,903,196 29,241,883 37,323,872 55,052,562 55,953,915
Growth (%) 4.80% 27.64% 47.50% 1.64%

TOTAL REVENUES (Billion Rupiah)

Expenses 22,403,992 22,570,824 30,528,174 44,859,041 45,432,916
Gross Profit 5,499,204 6,671,059 6,795,698 10,193,521 10,520,999 55,053 55,954
55,954

Operating Expenses 1,340,541 1,502,315 1,633,177 2,578,423 3,074,244

Operating Profit 4,158,663 5,168,744 5,162,521 7,615,098 - 44,539

37,324
Growth (%) 24.29% -0.12% 47.51% -100.00%
33,125

27,903 29,242
Other Income (Expenses) -312,258 266,390 -123,852 169,479 -
Income before Tax 3,851,947 5,444,238 5,061,260 7,784,577 7,446,755 21,710

Tax 1,166,512 1,594,543 1,186,745 1,885,071 1,693,413

10,296

Minority Interest -24,693 -32,154 -1,584 - -

Net Income 2,660,742 3,817,541 3,872,931 5,863,471 5,860,188 -1,119

Growth (%) 43.48% 1.45% 51.40% -0.06% 2008 2009 2010 2011 2012

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

Current Ratio (%) 163.62 165.64 156.59 171.64 194.65 NET INCOME (Billion Rupiah)
Dividend (Rp) 320.00 330.00 590.00 820.00 210.00
5,863 5,860
EPS (Rp) 799.77 1,147.48 1,164.13 1,571.92 1,571.04 5,863

BV (Rp) 3,345.96 4,161.17 4,850.30 7,373.45 8,659.35

DAR (X) 0.51 0.43 0.46 0.41 0.36 4,667

3,873
3,818
DER(X) 1.05 0.76 0.84 0.69 0.56
3,471

ROA (%) 16.86 22.31 17.04 16.76 14.80 2,661

ROE (%) 34.60 39.33 31.37 28.30 23.05 2,275

GPM (%) 19.71 22.81 18.21 18.52 18.80

OPM (%) 14.90 17.68 13.83 13.83 - 1,079

NPM (%) 9.54 13.06 10.38 10.65 10.47

Payout Ratio (%) 40.01 28.76 50.68 52.17 13.37
-117

2008 2009 2010 2011 2012

Yield (%) 7.27 2.13 2.48 3.11 1.07

RESEARCH DIVISION 177

 CC O
OMM PP A
ANN YY RR EE PP O
O RR TT

UNVR
UNILEVER INDONESIA TBK.

Company Profile

PT Unilever Indonesia Tbk. was established on December 5th, 1933 as Levers

Zeepfabrieken N.V. and was changed to PT Unilever Indonesia dated July 22nd, 1980. At
June30th,1997,theCompanysnamewaschangedtoPTUnileverIndonesiaTbk.

The Company is engaged in the manufacturing, marketing and distribution of consumer
goods including soaps, detergents, margarine, dairy based foods, ice cream, cosmetic
products, tea based beverages and fruit juice. The Company commenced commercial
operationsin1933.

Unilever Indonesias portfolio includes many of the worlds best known and well loved
brands, such as Pepsodent, Ponds, Lux, Lifebuoy, Dove, Sunsilk, Clear, Rexona, Vaseline,
Rinso,Molto,Sunlight,Walls,BlueBand,Royco,Bangoandmanymore.

The Companys office is located at Jln. Jendral Gatot Subroto Kav. 15, Jakarta. The
CompanysfactoriesarelocatedatJln.Jababeka9BlokD,[Link],Jln.
JababekaVBlokVNo.1416,JababekaIndustrialEstateCikarang,Bekasi,WestJava,and
[Link].511,RungkutIndustrialEstate,Surabaya.

Thecompanyhasdirectownershipinsubsidiaries:PTAnugrahLever(inliquidation)andPT
TechnopiaLever,a51%ownedsubsidiarythatengagesindistribution,export,andimport
ofgoodsundertheDomestosNomostrademark.

February 2013

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

178 RESEARCH DIVISION

 UNVR UnileverIndonesiaTbk.[S]
COMPANY REPORT : JANUARY 2013 As of 31 January 2013
Main Board Individual Index : 112,885.885
Industry Sector : Consumer Goods Industry (5) Listed Shares : 7,630,000,000
Industry Sub Sector : Cosmetics And Household (54) Market Capitalization : 168,241,500,000,000

COMPANY HISTORY DIVIDEND ANNOUNCEMENT

Established Date : 05-Dec-1933 Bonus Cash Recording Payment
F/I
Listing Date : 11-Jan-1982 Year Shares Dividend Cum Date Ex Date Date Date
Under Writer IPO : 1989 200.00 27-Oct-89 30-Oct-89 06-Nov-89 12-Dec-89 I
PT Aseam Indonesia 1989 6:1 06-Nov-89 07-Nov-89 13-Nov-89 12-Dec-89
PT Danareksa 1989 200.00 06-Mar-90 07-Mar-90 12-Mar-90 30-Mar-90 I
PT Merchant Investment Corporation 1989 200.00 18-May-90 21-May-90 25-May-90 26-Jun-90 I
Securities Administration Bureau : 1990 230.00 27-Feb-91 28-Feb-91 05-Mar-91 28-Mar-91 I
PT Sharestar Indonesia 1990 240.00 16-May-91 17-May-91 24-May-91 04-Jul-91 F
Beritasatu Plasa 7th Fl. 1992 250.00 20-Feb-92 21-Feb-92 27-Feb-92 04-Feb-92 I
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950 1992 260.00 03-Mar-93 04-Mar-93 10-Mar-93 06-Apr-93 I
Phone : 527-7966 1992 270.00 12-Jul-93 13-Jul-93 20-Jul-93 20-Aug-93 F
Fax : 527-7967 1993 260.00 21-Oct-93 22-Oct-93 29-Oct-93 29-Nov-93 I
1993 270.00 08-Mar-94 09-Mar-94 22-Mar-94 11-Apr-94 I
BOARD OF COMMISSIONERS 1993 280.00 23-Jun-94 24-Jun-94 01-Jul-94 29-Jul-94 F
1. Peter Frank ter Kulve 1994 270.00 03-Nov-94 04-Nov-94 11-Nov-94 09-Dec-94 I
2. Bambang Subianto *) 1994 290.00 07-Apr-95 10-Apr-95 18-Apr-95 05-May-95 I
3. Cyrillus Harinowo *) 1994 300.00 21-Jun-95 22-Jun-95 30-Jun-95 28-Jul-95 F
4. Erry Firmansyah *) 1995 290.00 06-Nov-95 07-Nov-95 15-Nov-95 08-Dec-95 I
5. Hikmahanto Juwana *) 1995 630.00 18-Jun-96 19-Jun-96 27-Jun-96 26-Jul-96 F
*) Independent Commissioners 1996 310.00 04-Nov-96 05-Nov-96 13-Nov-96 06-Dec-96 I
1996 700.00 23-Jul-97 24-Jul-97 01-Aug-97 27-Aug-97 F
BOARD OF DIRECTORS 1997 340.00 03-Nov-97 04-Nov-97 12-Nov-97 05-Dec-97 I
1. Maurits Daniel Rudolf Lalisang 1997 770.00 30-Jun-98 01-Jul-98 10-Jul-98 07-Aug-98 F
2. Ainul Yaqin 1998 400.00 18-Nov-98 19-Nov-98 27-Nov-98 18-Dec-98 I
3. Debora Herawati Sadrach 1998 920.00 17-Jun-99 18-Jun-99 28-Jun-99 27-Jul-99 F
4. Enny Hartati 1999 600.00 03-Nov-99 04-Nov-99 12-Nov-99 25-Nov-99 I
5. Franklin Chan Gomez 1999 1,900.00 29-Jun-00 30-Jun-00 10-Jul-00 20-Jul-00 F
6. Hadrianus Setiawan 2000 200.00 28-Nov-00 29-Nov-00 04-Dec-00 18-Dec-00 I
7. Ira Noviarti 2000 490.00 12-Jul-01 13-Jul-01 18-Jul-01 01-Aug-01 F
8. Sancoyo Antarikso 2001 250.00 19-Nov-01 20-Nov-01 23-Nov-01 07-Dec-01 I
9. Vishal Gupta 2001 250.00 28-Jan-02 29-Jan-02 01-Feb-02 18-Feb-02 I
2001 350.00 17-Jul-02 18-Jul-02 23-Jul-02 06-Aug-02 F
AUDIT COMMITTEE 2001 300.00 05-Nov-02 06-Nov-02 08-Nov-02 22-Nov-02 I
1. Cyrillus Harinowo 2002 400.00 11-Feb-03 13-Feb-03 17-Feb-03 04-Mar-03 I
2. Bp Benny Redjo Setyono 2002 500.00 16-Jul-03 17-Jul-03 21-Jul-03 04-Aug-03 F
3. Tjan Hong Tjhiang 2003 50.00 17-Feb-04 18-Feb-04 20-Feb-04 05-Mar-04 I
2003 80.00 15-Jul-04 16-Jul-04 20-Jul-04 03-Aug-04 F
CORPORATE SECRETARY 2004 70.00 02-Dec-04 03-Dec-04 06-Dec-04 17-Dec-04 I
Sancoyo Antarikso 2004 60.00 04-Mar-05 07-Mar-05 09-Mar-05 24-Mar-05 I
2005 80.00 08-Jul-05 11-Jul-05 13-Jul-05 27-Jul-05
HEAD OFFICE 2005 60.00 05-Dec-05 06-Dec-05 08-Dec-05 21-Dec-05 I
Graha Unilever 2005 120.00 22-Jun-06 23-Jun-06 27-Jun-06 11-Jul-06 F
Jln. Jend. Gatot Subroto Kav. 15 2006 80.00 29-Nov-06 30-Nov-06 04-Dec-06 18-Dec-06 I
Jakarta - 12930 2006 125.00 22-Jun-07 25-Jun-07 27-Jun-07 11-Jul-07 F
Phone : (021) 526-2112 2007 90.00 28-Nov-07 29-Nov-07 03-Dec-07 14-Dec-07 I
Fax : (021) 526-4020 2007 167.00 26-Jun-08 27-Jun-08 01-Jul-08 11-Jul-08 F
2008 95.00 26-Nov-08 27-Nov-08 01-Dec-08 15-Dec-08 I
Homepage : [Link]; [Link] 2008 220.00 26-Jun-09 29-Jun-06 01-Jul-09 14-Jul-09 F
Email : [Link]@[Link] 2009 100.00 25-Nov-09 26-Nov-09 01-Dec-09 15-Dec-09 I
2009 299.00 28-Jun-10 29-Jun-10 01-Jul-10 13-Jul-10 F
SHAREHOLDERS (December 2012) 2010 100.00 26-Nov-10 29-Nov-10 01-Dec-10 15-Dec-10 I
1. Unilever Indonesia Holding BV 6,484,877,500 : 84.99% 2010 344.00 27-Jun-11 28-Jun-11 01-Jul-11 13-Jul-11 F
2. Public ( <5% ) 1,145,122,500 : 15.01% 2011 250.00 06-Dec-11 07-Dec-11 09-Dec-11 15-Dec-11 I
2011 296.00 27-Jun-12 28-Jun-12 02-Jul-12 13-Jul-12 F
2012 300.00 10-Dec-12 11-Dec-12 13-Dec-12 20-Dec-12 I

RESEARCH DIVISION 179

 UNVR UnileverIndonesiaTbk.[S]
Closing Price* and Trading Volume
TRADING ACTIVITIES
Unilever Indonesia Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2009 - January 2013 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
30,000 40.0 Jan-09 8,800 7,750 7,900 3,259 28,326 230,744 19
Feb-09 8,400 7,850 8,050 2,255 27,057 220,135 20
26,250 35.0 Mar-09 8,200 7,800 7,950 3,617 34,945 279,317 20
Apr-09 8,050 7,500 7,750 11,331 70,247 546,226 20
May-09 8,050 7,600 7,850 6,561 81,975 643,269 20
22,500 30.0
Jun-09 9,750 7,800 9,250 5,788 58,033 478,422 22
Jul-09 12,100 9,200 11,600 6,085 31,728 345,493 21
18,750 25.0
Aug-09 11,600 10,050 10,100 11,843 50,680 546,236 20
Sep-09 11,100 10,000 10,700 9,245 39,140 414,883 18
15,000 20.0 Oct-09 11,400 9,350 10,100 7,026 39,449 428,066 22
Nov-09 11,600 9,800 11,050 6,165 31,062 333,947 20
11,250 15.0 Dec-09 11,950 10,600 11,050 5,570 22,672 252,608 19

7,500 10.0 Jan-10 11,750 10,950 11,300 5,909 30,857 347,247 20

Feb-10 11,700 10,550 11,500 4,558 17,150 192,747 19
3,750 5.0 Mar-10 13,200 11,300 12,150 7,296 41,522 500,726 22
Apr-10 14,000 12,000 13,850 6,233 31,299 397,505 21
May-10 16,550 13,600 15,600 10,001 45,746 686,004 19
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jun-10 18,900 15,000 17,000 12,810 45,361 755,493 22
Jul-10 17,350 16,300 16,950 14,001 48,902 818,405 22
Aug-10 17,150 15,950 16,100 12,188 41,934 696,369 21
Sep-10 17,250 15,950 16,850 11,202 49,461 826,348 17
Change of Closing Price, Oct-10 19,200 16,850 17,450 10,736 46,924 819,428 21
Consumer Goods Index and Jakarta Composite Index Nov-10 17,500 15,000 15,000 17,104 70,085 1,158,321 21
January 2009 - January 2013 Dec-10 17,000 15,000 16,500 15,223 45,919 729,446 20
420%
Jan-11 16,650 13,800 15,050 16,428 48,440 732,617 21
Jakarta Composite Index 370.1%
360% Feb-11 16,200 14,100 16,200 11,599 27,234 412,351 18
Consumer Goods Index
Closing Price Mar-11 16,950 15,250 15,300 15,300 59,981 967,698 23
300% Apr-11 15,650 14,900 15,300 17,329 57,709 878,710 20
May-11 15,300 14,650 14,700 10,563 43,392 648,620 21
240% Jun-11 15,350 14,600 14,900 9,679 28,109 419,148 20
Jul-11 15,900 14,700 15,600 12,108 41,466 628,166 21
209.9%
Aug-11 17,400 15,000 16,900 20,492 63,871 1,043,194 19
180% 172.2% Sep-11 17,750 14,000 16,500 17,471 46,683 763,768 20
Oct-11 16,500 15,250 15,650 17,533 56,126 897,769 21
120%
Nov-11 18,400 15,450 18,200 12,590 43,802 722,503 22
Dec-11 19,000 17,100 18,800 13,898 40,609 732,748 21
60%

Jan-12 24,450 18,200 19,600 16,752 38,440 761,415 21

- Feb-12 20,050 17,500 19,250 17,028 31,412 606,182 21
Mar-12 20,200 18,600 20,000 14,713 27,939 543,448 21
-60% Apr-12 20,750 18,750 19,850 14,599 31,656 615,568 20
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 May-12 22,450 19,700 20,550 16,221 45,658 965,430 21
Jun-12 25,500 20,000 22,900 15,235 37,485 842,684 21
Jul-12 25,250 22,350 24,250 16,534 35,057 828,065 22
SHARES TRADED 2009 2010 2011 2012 Jan-13 Aug-12 27,350 23,800 27,100 13,551 24,914 635,793 19
Volume (Million Sh.) 515 515 557 552 62 Sep-12 28,500 25,100 26,050 20,640 43,814 1,177,790 20
Value (Billion Rp) 4,719 7,928 8,847 12,558 1,347 Oct-12 26,300 25,250 26,050 15,755 45,467 1,176,959 22
Frequency (Thou. X) 79 127 175 225 24 Nov-12 26,950 25,600 26,350 13,272 46,071 1,207,920 20
Days 241 245 247 246 21 Dec-12 26,400 20,100 20,850 50,609 143,941 3,196,599 18

Price (Rupiah) Jan-13 23,150 20,900 22,050 23,609 61,636 1,347,431 21

High 12,100 19,200 19,000 28,500 23,150
Low 7,500 10,550 13,800 17,500 20,900
Close 11,050 16,500 18,800 20,850 22,050
Close* 11,050 16,500 18,800 20,850 22,050

PER (X) 27.70 37.17 34.45 32.66 34.54

PER Industry (X) 20.07 16.41 16.22 19.75 20.36
PBV (X) 22.77 31.12 38.97 31.16 32.95
* Adjusted price after corporate action

180 RESEARCH DIVISION

 UNVR UnileverIndonesiaTbk.[S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-08 Dec-09 Dec-10 Dec-11 Sep-12 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 722,347 858,322 317,759 336,143 843,290 12,500

Receivable 993,923 1,345,255 1,752,633 2,188,280 2,693,830

10,000

Inventories 1,284,659 1,340,036 1,574,060 1,812,821 2,092,437

7,500
Current Assets 3,103,295 3,598,793 3,748,130 4,446,219 5,771,516
Fixed Assets 74,817 68,371 4,148,778 5,314,311 5,950,914
5,000
Other Assets 58,596 55,058 50,377 75,705 66,956
Total Assets 6,504,736 7,484,990 8,701,262 10,482,312 12,421,910 2,500
Growth (%) 15.07% 16.25% 20.47% 18.50%
-
Current Liabilities 3,091,111 3,454,869 4,402,940 6,474,594 6,874,980 2008 2009 2010 2011 Sep-12

Long Term Liabilities 306,804 321,546 249,469 326,781 441,304

Total Liabilities 3,397,915 3,776,415 4,652,409 6,801,375 7,316,284
Growth (%) 11.14% 23.20% 46.19% 7.57% TOTAL EQUITY (Billion Rupiah)

5,106
Minority Interest 6,509 5,756 3,434 - - 5,106

Authorized Capital 76,300 76,300 76,300 76,300 76,300 4,045

3,703 3,681
Paid up Capital 76,300 76,300 76,300 76,300 76,300
4,064

3,100
Paid up Capital (Shares) 7,630 7,630 7,630 7,630 7,630
3,023

Par Value 10 10 10 10 10
Retained Earnings 2,928,012 3,530,519 3,873,119 3,504,268 4,933,326 1,981

Total Equity 3,100,312 3,702,819 4,045,419 3,680,937 5,105,626

Growth (%) 19.43% 9.25% -9.01% 38.70% 939

INCOME STATEMENTS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

-102

2008 2009 2010 2011 Sep-12

Total Revenues 15,577,811 18,246,872 19,690,239 23,469,218 20,344,016
Growth (%) 17.13% 7.91% 19.19%

TOTAL REVENUES (Billion Rupiah)

Expenses 7,946,674 9,200,878 9,485,274 11,462,805 9,978,454
Gross Profit 7,631,137 9,045,994 10,204,965 12,006,413 10,365,562 23,469
23,469

Operating Expenses 4,200,039 4,831,103 5,662,340 6,431,614 5,463,515 19,690 20,344

Operating Profit 3,431,098 4,214,891 4,542,625 5,574,799 - 18,247
18,681

22.84% 7.78% 22.72% 15,578

Growth (%)
13,894

Other Income (Expenses) 17,307 33,699 -3,982 - -

Income before Tax 3,448,405 4,248,590 4,538,643 5,574,799 4,902,047 9,106

Tax 1,036,643 1,205,236 1,153,995 1,410,495 1,248,479

4,318

Minority Interest -4,531 753 2,322 - -

Net Income 2,407,231 3,044,107 3,386,970 4,164,304 3,653,568 -469

Growth (%) 26.46% 11.26% 22.95% 2008 2009 2010 2011 Sep-12

RATIOS Dec-08 Dec-09 Dec-10 Dec-11 Sep-12

Current Ratio (%) 100.39 104.17 85.13 68.67 83.95 NET INCOME (Billion Rupiah)
Dividend (Rp) 315.00 399.00 444.00 546.00 300.00
4,164
EPS (Rp) 315.50 398.97 443.90 545.78 478.84 4,164

3,654
BV (Rp) 406.33 485.30 530.20 482.43 669.15 3,387
3,044
DAR (X) 0.52 0.50 0.53 0.65 0.59 3,315

DER(X) 1.10 1.02 1.15 1.85 1.43 2,407

2,465

ROA (%) 53.01 56.76 52.16 53.18 39.46

ROE (%) 111.23 114.74 112.19 151.45 96.01 1,616

GPM (%) 48.99 49.58 51.83 51.16 50.95

OPM (%) 22.03 23.10 23.07 23.75 - 766

NPM (%) 15.45 16.68 17.20 17.74 17.96

Payout Ratio (%) 99.84 100.01 100.02 100.04 62.65
-83

2008 2009 2010 2011 Sep-12

Yield (%) 4.04 3.61 2.69 2.90 1.15

RESEARCH DIVISION 181