Waiting for the New Benchmark Series

WEEKLY REPORT

D E B T RESEARCH

Waiting for the New Benchmark Series

9 JUNE 2015

Indonesia LTFLC - Rating S&P Moody's Fitch Key Market Indicators as of 08-Jun-15 BI Rate JCI Index IDR Inflation(y-o-y) - May-15 Domestic Bonds Outstanding Gov't Bonds as of 05-Jun-15 Corp Bonds as of 04-Jun-15 Previous Week Trading Volume Government Bonds Corporate Bonds Benchmark Yield as of 08-Jun-15 FR0069 (5 year) FR0070 (10 year) FR0071 (15 year) FR0068 (20 year) Source : Bloomberg, Mid YTM

BB+ Baa3 BBB-

7.50% 5,015 13,385 7.15%

IDR 1,340.8tn IDR 232.8tn

IDR 35.30tn IDR 1.82tn

8.403% 8.711% 8.904% 8.888%

Government Bonds Indices as of 08-Jun-15 Price Index (Bloomberg : DGBIIDPR) 119.80 Yield Index (Bloomberg : DGBIIDYD) 8.70% TR Index (Bloomberg : DGBIIDTR) 411.79

Calendar of Event 11-Jun-15 US Initital Jobless Claim SA (Survey : 275K; Prior : 276K) 15-Jun-15 Indonesia Trade Balance (Survey : NA; Prior : $454M)

Analysts Rifki Rizal (62 21)29555777 ext 3404 [email protected] Amir A. Dalimunthe (62 21)29555777 ext 3405 [email protected]

Please read important disclosure at the back of this report www.danareksa.com

Keeping the Pace The Bond market came under pressure last week. The Danareksa Government Bonds Yield Index ended the week at 8.5%, up 35bps over the week, recording a loss of 2.22%. Foreign ownership stood at IDR516.46 trillion last Wednesday, an all-time high in nominal terms. Although foreign investor holdings keep setting new highs, their holdings have been maintained in proportional terms. Over the last month, the average proportion of foreign holdings in Government bonds reached 38.37% with a minimum proportion of 37.93% and maximum proportion of 38.73%, respectively. Meanwhile, domestic bank ownership rose IDR4.38 trillion to IDR374.47 trillion (or 27.93% of the total amount outstanding) last week.

Mengatur Langkah Pasar obligasi masih tertekan selama sepekan terakhir. Danareksa Government Bond Yield Index menutup minggu lalu pada level 8,5%, naik 35bps dari minggu sebelumnya, sekaligus mencatatkan loss sebesar 2,22%. Di sisi lain, kepemilikan asing mencapai nominal tertinggi pada Rabu minggu lalu sebesar Rp516,46 triliun atau 38,54% dari total outstanding obligasi Pemerintah. Walaupun asing terus mencatatkan rekor tertinggi, namun secara proporsi terlihat bahwa investor asing menjaga proporsi kepemilikannya. Selama satu bulan terakhir, rata-rata porsi kepemilikan asing di obligasi Pemerintah sebesar 38,37% dengan proporsi terkecil dan terbesar masing-masing sebesar 37,93% dan 38,73%. Sementara itu, kepemilikan bank domestik selama minggu lalu naik Rp4,38 triliun menjadi Rp374,47 triliun (atau 27,93% dari total outstanding)

Benchmark Regeneration The Government decided to reopen FR0053 (maturing on 15 July 2021) at this week’s auction. This could encourage investors to speculate on a replacement for other benchmark series. FR0053 was a former 10-year benchmark in 2011 along with FR0055, FR0056 and FR0054. If the Government will reuse former benchmarks, here is a list of bonds that have a good chance of being named benchmarks in the future:

Regenerasi Benchmark Pada lelang minggu ini, Pemerintah memutuskan untuk menggunakan obligasi seri FR0053, jatuh tempo pada 15 Juli 2021. Hal ini dapat menimbulkan spekulasi investor terhadap calon pengganti seri benchmark lainnya. Seri FR0053 merupakan mantan benchmark 10-tahun pada tahun 2011 bersama seri FR0055, FR0056 dan FR0054. Jika Pemerintah secara konsisten menggunakan ex benchmark, berikut daftar seri obligasi yang berpotensi sebagai benchmark berikutnya :

Exhibit 1. Government FR Series with 5yr, 10yr, 15yr, & 20yr TTM Series

Issue Date

Maturity Date

Coupon

TTM

Yield as of 8 Jun 2015

FR0053

8-Jul-10

15-Jul-21

8.25

6.10

8.569

FR0070

29-Aug-13

15-Mar-24

8.375

8.77

8.711

FR0040

21-Sep-06

15-Sep-25

11

10.27

8.795

FR0037

18-May-06

15-Sep-26

12

11.27

8.833

FR0056

23-Sep-10

15-Sep-26

8.375

11.27

8.82

FR0071

12-Sep-13

15-Mar-29

9

13.77

8.904

FR0052

20-Aug-09

15-Aug-30

10.5

15.19

8.921

FR0054

22-Jul-10

15-Jul-31

9.5

16.10

8.946

FR0068

1-Aug-13

15-Mar-34

8.375

18.77

8.888

FR0045

24-May-07

15-May-37

9.75

21.94

9.056

FR0050

24-Jan-08

15-Jul-38

10.5

23.10

9.073

Source: Danareksa Estimates Historically, another impact of benchmark replacement is selling pressure in the secondary market. In Exhibit 2 it can be seen that the liquidity of the old benchmark fell gradually as the liquidity of the new benchmark increased. Regeneration of a benchmark series somewhat affects Government bonds yield index movements. This is due to selling pressure on the old benchmark which may potentially lead to an increase in the government bonds yield index.

Secara historis, dampak lain dari pergantian benchmark ialah tekanan jual yang terjadi di pasar sekunder. Pada Exhibit 2 terlihat bahwa likuiditas seri benchmark lama semakin turun seiring dengan meningkatnya likuiditas seri benchmark baru. Pergantian seri benchmark sedikit banyaknya berpengaruh terhadap pergerakan indeks yield obligasi Pemerintah. Hal tersebut terjadi karena tekanan jual benchmark lama yang berpotensi menyebabkan peningkatan pada indeks yield obligasi Pemerintah.

Government Securities Supply The targeted issuance of government bonds in the second quarter of 2015 is IDR93.5 trillion. Since the beginning of April until last week, the total issuance of government bonds already reached IDR51.1 trillion (54.65% of the total initial target). In other words, the government has to complete the remainder of the target of IDR42.4 trillion in the last 4 auctions (including this week) of 2Q15. In addition, the government has stated that no additional bond issuances will be undertaken this year.

Supply Surat Berharga Negara Target penerbitan lelang obligasi Pemerintah pada kuartal II tahun 2015 mencapai Rp93,5 triliun. Sedangkan jumlah obligasi yang telah diterbitkan dari awal April hingga minggu lalu mencapai Rp51,1 triliun atau telah tercapai 54,65% dari target penerbitan. Dengan kata lain, Pemerintah harus mencukupi sisa target sebesar Rp42,4 triliun di 4 lelang terakhir (termasuk lelang minggu ini) pada 2Q15. Selain itu, Pemerintah telah menyatakan bahwa tidak ada tambahan penerbitan obligasi pada tahun ini.

8 -12 June 2015

WEEKLY REPORT

Exhibit 2. Secondary Market Weekly Trade Volume 45,000

10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00

40,000

IDR Billion

35,000 30,000 25,000 20,000 15,000 10,000 5,000 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15

0

FR0053

FR0061

FR0063

FR0070

Yield Index (RHS)

Source: IDX

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8 -12 June 2015

WEEKLY REPORT

APPENDICES Appendix 1. Government Bonds Trading 1 - 5 June 2015 Last Trade Date 5-Jun-15 4-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 4-Jun-15 4-Jun-15 5-Jun-15 5-Jun-15 4-Jun-15 3-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 4-Jun-15 3-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 3-Jun-15 4-Jun-15 5-Jun-15 5-Jun-15 4-Jun-15 5-Jun-15 5-Jun-15 3-Jun-15 1-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15

Bonds FR0027 SPN12150710 SPN03150812 SPN12150903 SR004 SPN12151001 ORI009 SPNS06112015 SR005 SPN03150604 VR0022 FR0030 PBS008 FR0055 ORI010 VR0023 SR006 FR0060 FR0028 ORI011 SR007 FR0066 FR0048 FR0069 FR0036 PBS006 FR0031 FR0034 FR0053 FR0061 FR0035 FR0043 FR0063 FR0039 FR0070 FR0044 FR0040 FR0056 FR0059 FR0047 FR0064 FR0071 IFR0006 FR0052 FR0054 FR0058 FR0065 FR0068 PBS004 FR0057 FR0062 FR0067

Maturity Coupon 15-Jun-15 10-Jul-15 12-Aug-15 3-Sep-15 21-Sep-15 1-Oct-15 15-Oct-15 6-Nov-15 27-Feb-16 4-Mar-16 25-Mar-16 15-May-16 15-Jun-16 15-Sep-16 15-Oct-16 25-Oct-16 5-Mar-17 15-Apr-17 15-Jul-17 15-Oct-17 11-Mar-18 15-May-18 15-Sep-18 15-Apr-19 15-Sep-19 15-Sep-20 15-Nov-20 15-Jun-21 15-Jul-21 15-May-22 15-Jun-22 15-Jul-22 15-May-23 15-Aug-23 15-Mar-24 15-Sep-24 15-Sep-25 15-Sep-26 15-May-27 15-Feb-28 15-May-28 15-Mar-29 15-Mar-30 15-Aug-30 15-Jul-31 15-Jun-32 15-May-33 15-Mar-34 15-Feb-37 15-May-41 15-Apr-42 15-Feb-44

9.50 6.25 6.25 6.00 3.75 10.75 7.00 7.38 8.50 4.81 8.75 6.25 10.00 8.50 8.25 5.25 9.00 7.88 11.50 8.25 11.00 12.80 8.25 7.00 12.90 5.19 5.63 11.75 8.38 10.00 11.00 8.38 7.00 10.00 6.13 9.00 10.25 10.50 9.50 8.25 6.63 8.38 6.10 9.50 6.38 8.75

Tenor 0.02 0.09 0.18 0.23 0.28 0.31 0.35 0.41 0.72 0.74 0.79 0.93 1.02 1.27 1.35 1.38 1.74 1.85 2.10 2.35 2.76 2.93 3.27 3.85 4.27 5.27 5.43 6.02 6.10 6.93 7.02 7.10 7.93 8.18 8.77 9.27 10.27 11.27 11.93 12.68 12.93 13.77 14.77 15.18 16.10 17.02 17.93 18.77 21.68 25.93 26.85 28.68

Last Done Price 100.00 99.50 99.11 98.74 98.80 98.28 99.30 97.73 97.90 95.75 99.75 103.15 99.26 99.85 100.75 98.50 101.66 97.30 103.90 99.90 100.00 92.50 102.00 98.80 111.60 99.25 112.75 120.35 99.15 92.60 124.75 111.00 84.00 119.20 99.50 111.30 116.87 99.00 88.10 112.85 80.50 104.50 114.36 118.25 105.20 99.00 80.00 99.75 72.15 105.99 73.50 97.25

Freq 2.00 1.00 4.00 1.00 4.00 1.00 1.00 2.00 5.00 1.00 1.00 4.00 4.00 1.00 12.00 1.00 12.00 13.00 3.00 13.00 31.00 5.00 1.00 39.00 1.00 1.00 1.00 2.00 10.00 2.00 1.00 3.00 13.00 3.00 72.00 2.00 3.00 1.00 1.00 1.00 6.00 30.00 6.00 4.00 5.00 16.00 2.00 126.00 5.00 2.00 3.00 1.00

Vol (IDR Bn) 337.08 530.59 798.01 1,203.16 142.96 150.00 3.14 404.00 24.48 205.00 102.00 1,200.00 1,142.08 674.25 222.28 200.00 1,087.70 1,528.25 71.27 751.63 1,310.39 556.23 40.00 3,566.36 6.00 99.23 16.89 43.54 483.00 43.67 141.10 24.03 485.77 37.88 8,759.69 5.14 29.12 13.00 186.35 23.26 330.07 2,616.63 28.00 25.17 309.02 252.57 256.92 4,683.70 15.00 4.46 4.42 133.10

Yield 9.04 0.50 0.89 1.27 6.33 1.75 6.29 2.32 6.13 4.44 3.76 7.22 7.76 7.49 8.44 4.88 8.61 7.83 7.95 8.51 8.25 8.17 8.28 8.24 8.22 8.42 8.06 8.42 8.43 8.43 8.20 8.18 8.43 8.45 8.45 8.23 8.50 8.51 8.61 8.34 8.66 8.44 8.52 8.36 8.88 8.36 8.87 8.40 9.05 8.90 9.01 9.02

Tenor Class < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr

Modified Duration 0.03 0.34 0.79 0.89 0.94 1.18 1.33 1.70 1.82 2.64 2.75 3.23 3.33 4.13 4.13 4.15 4.57 5.31 4.65 5.56 6.08 5.33 6.01 6.06 6.31 7.05 7.65 7.27 8.23 7.80 7.87 7.94 8.09 8.68 9.41 9.20 9.93 9.91 10.52 9.98

Source: Danareksa, BEI

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8 -12 June 2015

WEEKLY REPORT

APPENDICES Appendix 2. Corporate Bonds Trading 1 - 5 June 2015 Last Trade Date 4-Jun-15 5-Jun-15 4-Jun-15 4-Jun-15 1-Jun-15 3-Jun-15 5-Jun-15 4-Jun-15 3-Jun-15 3-Jun-15 1-Jun-15 3-Jun-15 5-Jun-15 5-Jun-15 3-Jun-15 5-Jun-15 4-Jun-15 1-Jun-15 5-Jun-15 3-Jun-15 3-Jun-15 4-Jun-15 4-Jun-15 1-Jun-15 5-Jun-15 5-Jun-15 5-Jun-15 4-Jun-15 3-Jun-15 1-Jun-15 1-Jun-15 1-Jun-15 1-Jun-15 4-Jun-15 5-Jun-15 3-Jun-15 1-Jun-15 3-Jun-15 3-Jun-15 3-Jun-15 5-Jun-15 4-Jun-15 4-Jun-15 3-Jun-15 3-Jun-15 5-Jun-15 3-Jun-15 3-Jun-15 1-Jun-15 4-Jun-15 5-Jun-15 5-Jun-15 4-Jun-15 3-Jun-15 4-Jun-15 1-Jun-15 5-Jun-15 1-Jun-15 3-Jun-15 4-Jun-15

Bonds PNBN05 BWPT01 BEXI01BCN2 BDMN02B WOMF01ACN2 BJBR07B NISP01ACN2 ADMF02CCN1 BTPN01ACN3 BFIN02ACN2 FIFA01BCN2 BBIA01A IMFI01BCN2 IMFI01CCN1 BSSB01B BEXI01BCN3 BDKI06B BTPN01BCN1 APLN01B ADMF01CCN1 BNGA01B ASDF01CCN1 MFIN02BCN1 SMKMYOR02 ISAT05B INDF06 IMAT01C JMPD13R ADHISM1CN1 BSDE01BCN1 TBLA02 SIKPPLN01 APLN02 ASDF02BCN4 BNGA01BCN1 PNBN04SB WOMF01BCN2 ISAT01ACN1 AKRA01A NISP01CCN2 ADMF02DCN1 BEXI02BCN5 MEDC01CN2 SIAISA01 FIFA02BCN1 MFIN02CCN1 BNII01SB BIIF02B APLN01CN1 JSMR01CCN1S SISMRA01CN1 SMRA01CN1 BBKP01SBCN1 MYOR04 INDF07 BNLI01SBCN1 TAXI01 ISAT08A ISAT01BCN1 APLN01CN3

Maturity Coupon 9-Nov-15 16-Nov-15 27-Nov-15 9-Dec-15 15-Dec-15 9-Feb-16 20-Feb-16 1-Mar-16 5-Mar-16 29-Mar-16 4-Apr-16 11-Apr-16 8-May-16 11-May-16 12-May-16 23-May-16 17-Jun-16 28-Jun-16 25-Aug-16 16-Dec-16 23-Dec-16 21-Feb-17 8-May-17 9-May-17 29-May-17 31-May-17 19-Jun-17 21-Jun-17 3-Jul-17 4-Jul-17 5-Jul-17 10-Jul-17 15-Aug-17 29-Oct-17 30-Oct-17 9-Nov-17 5-Dec-17 12-Dec-17 21-Dec-17 10-Feb-18 1-Mar-18 13-Mar-18 15-Mar-18 5-Apr-18 24-Apr-18 8-May-18 19-May-18 19-Jun-18 27-Jun-18 27-Sep-18 11-Dec-18 11-Dec-18 6-Mar-19 9-May-19 13-Jun-19 15-Jun-19 24-Jun-19 27-Jun-19 12-Dec-19 19-Dec-19

9.00 10.68 6.50 9.00 10.25 10.20 9.00 7.85 7.65 9.88 7.75 8.60 8.25 8.25 10.40 6.40 9.90 9.90 11.00 9.00 8.30 8.60 11.00 9.50 10.65 7.25 8.75 10.25 0.00 9.25 10.50 10.40 9.38 10.50 7.75 10.50 11.25 10.00 8.40 9.80 8.90 9.00 8.50 10.25 9.25 11.50 10.75 8.25 9.25 8.90 10.85 10.85 9.25 8.50 10.13 8.90 12.50 8.63 10.30 12.50

Tenor

Rating

0.42 0.44 0.47 0.50 0.52 0.67 0.70 0.73 0.74 0.81 0.82 0.84 0.91 0.92 0.93 0.96 1.02 1.05 1.21 1.52 1.54 1.70 1.91 1.92 1.97 1.98 2.03 2.03 2.07 2.07 2.07 2.09 2.18 2.39 2.39 2.42 2.49 2.51 2.53 2.67 2.73 2.76 2.77 2.82 2.88 2.91 2.94 3.03 3.05 3.30 3.51 3.51 3.74 3.92 4.01 4.02 4.04 4.05 4.51 4.53

idAA idBBB+ idAAA idAAA AA(idn) idAAAA(idn) idAAA AA(idn) A+(idn) idAAA AAA(idn) idA idA idA idAAA idAAAA(idn) idA idAAA idAAA idAAA idA idAAidAAA idAA+ idBBBidAA idA idAAidA idAAA idA idAAA idAAA idAA AA(idn) idAAA idAAAA(idn) idAAA idAAA idAAidAidAAA idA AA(idn) AA+(idn) idA idAA idA+ idA+ idA idAAidAA+ idAA+ idA idAAA idAAA idA

Last Done Price 100.15 98.28 99.25 100.50 99.00 100.80 100.70 99.50 99.64 100.44 99.32 100.10 95.50 95.50 101.45 98.15 100.95 100.90 102.20 100.00 97.00 94.50 102.00 96.42 102.52 96.52 93.00 102.50 97.44 98.86 92.72 101.73 99.90 97.50 97.74 101.32 102.70 101.55 95.50 100.50 98.90 99.50 93.00 99.55 100.00 102.00 102.65 95.00 98.40 99.50 102.00 100.42 93.14 94.00 101.35 94.75 102.50 95.00 101.00 82.50

Freq 1.00 5.00 2.00 2.00 1.00 1.00 1.00 1.00 2.00 2.00 2.00 1.00 1.00 1.00 4.00 4.00 2.00 7.00 2.00 1.00 1.00 2.00 2.00 3.00 6.00 1.00 1.00 1.00 3.00 1.00 14.00 3.00 3.00 1.00 1.00 6.00 2.00 2.00 1.00 1.00 1.00 1.00 1.00 2.00 1.00 16.00 1.00 1.00 3.00 1.00 10.00 2.00 11.00 1.00 3.00 5.00 1.00 1.00 2.00 1.00

Vol (IDR Bn) 17.00 110.00 100.00 10.00 0.03 20.00 85.00 40.00 9.00 15.00 20.00 1.50 100.25 1.00 8.00 115.00 10.00 125.00 13.40 150.00 0.20 29.50 3.00 3.00 18.00 0.40 7.00 14.00 3.00 0.10 150.00 3.00 24.00 3.40 2.00 52.00 20.00 25.00 0.20 2.00 2.00 50.00 10.10 2.00 50.00 10.13 16.00 1.00 24.00 20.00 53.00 10.00 44.00 2.20 32.50 25.00 0.15 0.50 0.60 5.00

Yield 8.99 10.86 6.55 8.96 10.35 10.12 8.94 7.89 7.68 9.83 7.80 8.59 8.64 8.64 10.25 6.52 8.93 9.01 9.07 9.00 10.41 12.21 9.84 9.24 9.19 12.70 8.90 9.86 14.59 9.48 9.42 11.71 8.80 9.88 10.02 9.30 10.43 9.58 9.36 9.21 11.48 10.43 9.25 10.69 9.71 10.18 9.86 9.07 10.17 10.70 11.53 10.38 9.71 10.51 11.71 10.14 10.02 18.25

Modified Duration 0.42 0.43 0.47 0.49 0.51 0.65 0.68 0.71 0.71 0.77 0.80 0.81 0.88 0.88 0.88 0.93 0.96 0.99 1.13 1.39 1.41 1.56 1.71 1.77 1.82 1.79 1.80 1.85 1.80 1.85 1.96 2.07 2.15 2.11 2.12 2.17 2.22 2.33 2.40 2.38 2.38 2.40 2.49 2.44 2.51 2.60 2.60 2.79 2.83 2.82 3.03 3.26 3.21 3.26 3.09 3.32 3.51 3.17

Source: Danareksa, BEI

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8 -12 June 2015

WEEKLY REPORT

APPENDICES Appendix 2. Corporate Bonds TradingTrading 1 - 5 June 2015 (Cont'd) Last Trade Date 4-Jun-15 4-Jun-15 5-Jun-15 1-Jun-15 4-Jun-15 3-Jun-15 3-Jun-15

Bonds APLN01CN3 AKRA01B BEXI02CCN5 TLKM02B BNGA02SB BACA01SB ISAT08B

Maturity Coupon 19-Dec-19 21-Dec-19 13-Mar-20 6-Jul-20 23-Dec-20 13-Jan-22 27-Jun-22

12.50 8.75 9.50 10.20 10.85 12.00 8.88

Tenor

Rating

4.53 4.53 4.76 5.08 5.54 6.59 7.05

idA idAAidAAA idAAA AA(idn) idBBBidAAA

Last Done Price 82.50 91.00 99.45 101.30 101.75 100.05 89.25

Freq 1.00 1.00 1.00 4.00 1.00 3.00 1.00

Vol (IDR Bn) 5.00 0.50 30.00 40.00 0.30 90.00 0.25

Yield 18.25 11.31 9.64 9.87 10.43 11.99 11.09

Modified Duration 3.17 3.58 3.72 3.89 4.06 4.45 4.97

Source: Danareksa, BEI

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8 -12 June 2015

WEEKLY REPORT

RESEARCH TEAM

Debt Research Fax No.

Head of Debt Research Yudistira Slamet [email protected]

(62 21) 2955 5777 (62 21) 350 1709

ext. 3400

Market Analyst Rifki Rizal [email protected]

ext. 3404

Credit Analysts Amir A. Dalimunthe [email protected]

ext. 3405

Production & Database Management Eka Nuraini [email protected]

ext. 3407

Ayesha Ardelia [email protected]

ext. 3406

Melissa Hartono [email protected]

ext. 3402

Debt Capital Market Division

Debt Capital Market Div. Fax No.

Head of Debt Capital Market Budi Susanto [email protected]

Debt Sales & Brokerage Breisga Nawangsidi [email protected]

(62 21) 2955 5777 (62 21) 350 1724 / 25

ext. 3200

62 21) 3501088

Debt Trading & Investment

ext. 3217

Rina Rimawati D [email protected]

ext. 3223

Romi Mulyadi [email protected]

ext. 3213

Putrika Mayadipta [email protected]

ext. 3215

Indra Figrachanda [email protected]

ext. 3214

Ariningtyas W. Agustina [email protected]

ext. 3224

Product & Retail Setyo H. Purnomo [email protected]

ext. 3226

Hernita Dwi Ariesandhy [email protected]

ext. 3216

Tia Aprianti [email protected]

ext. 3225

DISCLAIMER The information contained in this report has been taken from sources which we deem reliable. However, none of P.T. Danareksa Sekuritas and/or its affiliated companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied) of P.T. Danareksa Sekuritas, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action , suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither P.T. Danareksa Sekuritas, its affiliated companies or their respective employees or agents accepts liability for any errors, omissions or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission therefrom which might otherwise arise is hereby expresses disclaimed. The information contained in this report is not be taken as any recommendation made by P.T. Danareksa Sekuritas or any other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regards to the specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice

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