Jurnal

IDX LQ45
August 2013
Contents
Forewords
LQ45 Index Constituents for the period of August 2013 January 2014
Page
No.
Code
Stock Name
1.
AALI
Astra Agro Lestari Tbk. [S] (Plantation, 12) .................................................................................................................................................
2.
ADRO
Adaro Energy Tbk. [S] (Coal Mining, 21) ......................................................................................................................................................
3.
AKRA
AKR Corporindo Tbk. [S] (Wholesale (Durable and Non Durable Goods, 91)) .........................................................................
10
4.
ASII
Astra International Tbk. [S] (Automotive and Components, 42).........................................................................................................
14
5.
ASRI
Alam Sutera Realty Tbk. [S] (Property and Real Estate, 61) ..............................................................................................................
18
6.
BBCA
Bank Central Asia Tbk. (Bank, 81) ...................................................................................................................................................................
22
7.
BBNI
Bank Negara Indonesia (Persero) Tbk. (Bank, 81) ..................................................................................................................................
26
8.
BBRI
Bank Rakyat Indonesia (Persero) Tbk. (Bank, 81) .................................................................................................................................
30
9.
BBTN
Bank Tabungan Negara (Persero) Tbk. (Bank, 81) ................................................................................................................................
34
10.
BDMN
Bank Danamon Tbk. (Bank, 81). .......................................................................................................................................................................
38
11.
BHIT
MNC Investama Tbk. (Investment Company, 98).....................................................................................................................................
42
12.
BKSL
Sentul City Tbk. [S] (Property and Real Estate, 61). ...............................................................................................................................
46
13.
BMRI
Bank Mandiri (Persero) Tbk. (Bank, 81) ........................................................................................................................................................
50
14.
BMTR
Global Mediacom Tbk. [S] (Investment Company, 98)...........................................................................................................................
54
15.
BSDE
Bumi Serpong Damai Tbk. [S] (Property and Real Estate, 61) ..........................................................................................................
58
16.
BUMI
Bumi Resources Tbk. (Coal Mining, 21) ........................................................................................................................................................
62
17.
BWPT
BW Plantation Tbk. (Plantation, 12) ................................................................................................................................................................
66
18.
CPIN
Charoen Pokphand Indonesia Tbk. [S] (Animal Feed,36) ....................................................................................................................
70
19.
EXCL
XL Axiata Tbk. [S] (Telecommunication,73) ................................................................................................................................................
74
20.
GGRM
Gudang Garam Tbk. (Tobacco Manufacturers, 52) .................................................................................................................................
78
21.
HRUM
Harum Energy Tbk. [S] (Coal Mining, 21) .....................................................................................................................................................
82
22.
ICBP
Indofood CBP Sukses Makmur Tbk. [S] (Food and Beverages, 51)
.............................................................................................
86
90
23.
IMAS
Indomobil Sukses Internasional Tbk. (Automotive and Components, 42) ....................................................................................
24.
INCO
Vale Indonesia Tbk. [S] (Metal and Mineral Mining, 23) ........................................................................................................................
94
25.
INDF
Indofood Sukses Makmur Tbk. [S] (Food and Beverages, 51) ..........................................................................................................
98
26.
INTP
Indocement Tunggal Prakasa Tbk. [S] (Cement, 31) ..............................................................................................................................
102
27.
ITMG
Indo Tambangraya Megah Tbk. [S] (Coal Mining, 21)............................................................................................................................
106
28.
JSMR
Jasa Marga (Persero) Tbk. (Toll Road, Airport, Harbor and Allied Products, 72) .....................................................................
110
29.
KLBF
Kalbe Farma Tbk. [S] (Pharmaceuticals, 53) ..............................................................................................................................................
114
30.
LPKR
Lippo Karawaci Tbk. [S] (Property and Real Estate, 61) .......................................................................................................................
118
31.
LSIP
PP London Sumatera Tbk. [S] (Plantation,12) ...........................................................................................................................................
122
32.
MAIN
Malindo Feedmill Tbk. [S] (Animal Feed,36) ...............................................................................................................................................
126
33.
MAPI
Mitra Adiperkasa Tbk. [S] (Retail Trade, 93) ...............................................................................................................................................
130
34.
MLPL
Multipolar Tbk. [S] (Investment Company,98) ............................................................................................................................................
134
35.
MNCN
Media Nusantara Citra Tbk. [S] (Advertising, Printing and Media,95) ............................................................................................
138
36.
PGAS
Perusahaan Gas Negara (Persero) Tbk. [S] (Energy, 71)....................................................................................................................
142
37.
PTBA
Tambang Batubara Bukit Asam (Persero) Tbk. [S] (Coal Mining, 21) ............................................................................................
146
38.
PWON
Pakuwon Jati Tbk. [S] (Property and Real Estate, 61) ...........................................................................................................................
150
39.
SMCB
Holcim Indonesia Tbk. [S] (Cement, 31) .......................................................................................................................................................
154
40.
SMGR
Semen Indonesia (Persero) Tbk. [S] (Cement, 31) ..................................................................................................................................
158
41.
SSIA
Surya Semesta Internusa Tbk. [S] (Building Construction, 62) ..........................................................................................................
162
42.
TLKM
Telekomunikasi Indonesia (Persero) Tbk. (Telecommunication, 73) ..............................................................................................
166
43.
UNTR
United Tractors Tbk. [S] (Wholesale (Durable and Non-Durable Goods, 91) ..........................................................
170
44.
UNVR
Unilever Indonesia Tbk. [S] (Cosmetics and Household, 54)..............................................................................................................
174
45.
WIKA
Wijaya Karya (Persero) Tbk. [S] (Building Construction, 62) ..............................................................................................................
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
Regular Closing Price x Number of Shares
Jakarta Composite Index =
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)
DAR =
Total Debt
x 100%
Total Assets
10. Debt to Equity Ratio (DER)
DER =
Total Debt
x 100%
Total Equity
11. Return on Assets (ROA)

Comprehensive Income
x 100%
ROA =
Total Assets
12. Return on Equity (ROE)
Comprehens ive Income
ROE =
x 100%
Total Equity
13. Gross Profit Margin (GPM)
GPM =
Gross Profit
x 100%
Total Sales
14. Operating Profit Margin (OPM)
OPM =
Operating Income
x 100%
Total Sales
15. Net Profit Margin (NPM)
Comprehens ive Income
x 100%
NPM =
Total Sales
16. Payout Ratio =
Dividend
x 100%
EPS
17. Yield =
Dividend
Closing Price
x 100%
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, August 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 August 2013 January 2014
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
thecookingoilfactoryislocatedinNorthSumatra.Thesubsidiariesplantationsandmills
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.
AsofJune30th,2013,theCompanyandsubsidiarieshad28,766permanentemployees.
August 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.
RESEARCH DIVISION
AALI AstraAgroLestariTbk.[S]
COMPANY REPORT : JULY 2013
Main Board
Industry Sector : Agriculture (1)
Industry Sub Sector : Plantation (12)
As of 31 July 2013
:
1,203.868
Individual Index
:
1,574,745,000
Listed Shares
Market Capitalization : 24,487,284,750,000
38 | 24.5T | 0.53% | 70.36%

52 | 5.68T | 0.51% | 76.01%
COMPANY HISTORY
Established Date : 03-Oct-1988
Listing Date
: 09-Dec-1997
Under Writer IPO :
PT ABN AMRO Hoare Govett Indonesia
Securities Administration Bureau :
PT Raya Saham Registra
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930
Phone : (021) 252-5666
Fax
: (021) 252-5028
BOARD OF COMMISSIONERS
1. Prijono Sugiarto
2. Anugerah Pekerti *)
3. Chiew Sin Cheok
4. Gunawan Geniusahardja
5. Harbrinderjit Singh Dillon *)
6. Patrick Morris Alexander *)
7. Simon Collier Dixon
*) Independent Commissioners
BOARD OF DIRECTORS
1. Widya Wiryawan
2. Bambang Palgoenadi
3. Jamal Abdul Nasser
4. Joko Supriyono
5. Juddy Arianto
6. Rudy
AUDIT COMMITTEE
1. Anugerah Pekerti
2. Purnama Setiawan
3. Siti Nurwahyuningsih
CORPORATE SECRETARY
Rudy
HEAD OFFICE
Jln. Puloayang Raya Blok OR - I,
Kawasan Industri Pulogadung
Jakarta - 13930
Phone : (021) 461-6555
Fax
: (021) 461-6682, (021) 461-6689
Homepage
Email
: www.astra-agro.co.id
: Investor@astra-agro.co.id
SHAREHOLDERS (July 2013)

1. PT Astra International Tbk.
3. Public (<5%)
976,231,238 :
278,599,850 :
319,913,912 :
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year Shares Dividend Cum Date
1997
37.00 22-Jun-98
60.00 29-Oct-98
1998
1998
25.00 27-May-99
1999
5:1
27-May-99
1999
45.00 31-May-00
2000
7.00 07-Jun-01
2001
10.00 18-Jun-02
2002
60.00 05-Jun-03
2003
90.00 04-Jun-04
2004
100.00 06-Dec-04
2004
150.00 06-Jun-05
2005
325.00 12-May-06
2006
95.00 17-Oct-06
2006
230.00 11-Jun-07
2007
190.00 19-Oct-07
2007
625.00 16-Jun-08
2008
350.00 23-Oct-08
2008
155.00 04-Jun-09
2009
220.00 30-Oct-09
685.00 08-Jun-10
2009
2010
190.00 26-Oct-10
2010
640.00 20-May-11
2011
300.00 24-Oct-11
695.00 08-May-12
2011
2012
230.00 16-Oct-12
2012
455.00 15-May-13
Recording
Date
01-Jul-98
09-Nov-98
08-Jun-99
08-Jun-99
12-Jun-00
13-Jun-01
24-Jun-02
10-Jun-03
09-Jun-04
09-Dec-04
09-Jun-05
17-May-06
20-Oct-06
14-Jun-07
24-Oct-07
19-Jun-08
28-Oct-08
09-Jun-09
04-Nov-09
11-Jun-10
29-Oct-10
25-May-11
27-Oct-11
14-May-12
19-Oct-12
20-May-13
Ex Date
23-Jun-98
30-Oct-98
28-May-99
28-May-99
02-Jun-00
08-Jun-01
19-Jun-02
06-Jun-03
07-Jun-04
07-Dec-04
07-Jun-05
15-May-06
18-Oct-06
12-Jun-07
22-Oct-07
17-Jun-08
24-Oct-08
05-Jun-09
02-Nov-09
09-Jun-10
27-Oct-10
23-May-11
25-Oct-11
09-May-12
17-Oct-12
16-May-13
61.99%
17.69%
20.32%
Payment
Date
20-Jul-98
23-Nov-98
05-Jul-99
05-Jul-99
26-Jun-00
27-Jun-01
04-Jul-02
24-Jun-03
23-Jun-04
23-Dec-04
23-Jun-05
01-Jun-06
10-Nov-06
25-Jun-07
02-Nov-07
30-Jun-08
11-Nov-08
23-Jun-09
11-Nov-09
25-Jun-10
12-Nov-10
09-Jun-11
10-Nov-11
29-May-12
05-Nov-12
03-Jun-13
F/I
F
I
F
F
F
F
F
F
I
F
F
I
I
I
F
I
F
I
F
I
F
I
F
I
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
Type of Listing
First Issue
Company Listing
Bonus Shares
Option Conversion
Option Conversion I & II
Option Conversion II
Option Conversion I
Option Conversion I
Option Conversion II & III
Option Conversion III
Option Conversion II
Option Conversion II & III
Shares
125,800,000
1,132,200,000
251,600,000
12,005,000
5,494,500
16,161,500
60,000
102,000
7,048,500
19,518,500
1,947,000
2,808,000
T:
T:
T:
T:
T:
T:
T:
T:
T:
Listing
Date
09-Dec-97
09-Dec-97
06-Jul-99
22-Apr-02
10-Jun-02
02-Jul-02
14-Jan-03
20-Jan-03
14-Jan-04
15-Jan-04
23-Jan-04
12-Apr-04
:
:
:
:
:
:
:
:
:
RESEARCH DIVISION
Trading
Date
09-Dec-97
21-Jul-98
06-Jul-99
07-Jun-02
22-Jan-03
13-Jan-04
31-Jan-03
20-Jan-03
04-Mar-04
13-May-05
18-May-04
23-Apr-04
Closing
Price*
Closing Price
Volume
(Mill. Sh)
28,000
16.0
24,500
14.0
21,000
12.0
17,500
10.0
14,000
8.0
10,500
6.0
7,000
4.0
3,500
2.0
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Closing Price*, Jakarta Composite Index (IHSG) and

Agriculture Index
January 2009 - July 2013
Month
Volume
Value
Freq.
(X) (Thou. Sh.) (Million Rp)
Day
TRADING ACTIVITIES
Closing Price* and Trading Volume

Astra Agro Lestari Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
13,400
13,300
14,700
16,300
19,500
19,500
19,500
24,150
21,700
23,400
23,600
24,350
Low
10,250
10,550
11,800
14,100
15,800
15,300
15,700
18,700
20,100
20,350
20,400
22,200
Close
10,900
12,850
14,100
15,800
17,800
16,850
19,300
21,500
21,050
21,650
22,300
22,750
10,745
9,386
11,890
15,141
15,386
18,774
18,717
16,105
9,937
12,493
8,748
6,593
34,207
30,160
39,649
40,940
46,028
47,411
56,627
42,942
27,906
35,578
21,902
19,775
391,152
368,038
513,792
624,373
830,214
855,043
997,104
917,203
584,366
773,236
493,244
466,964
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
25,550
24,900
25,650
25,000
22,500
21,550
21,400
21,700
22,500
26,050
27,100
27,650
22,550
22,800
23,700
22,050
17,050
18,800
18,000
18,900
19,650
20,650
23,650
23,100
23,850
24,200
24,600
22,200
19,850
19,350
19,500
19,650
20,700
24,900
24,150
26,200
7,916
8,153
8,010
12,172
15,859
12,046
18,411
15,573
11,714
14,561
11,673
14,520
19,130
20,719
22,509
35,054
33,661
28,656
56,028
43,260
34,088
43,748
33,724
37,879
466,497
490,352
552,241
828,743
671,865
588,440
1,088,254
878,640
724,583
1,029,862
848,524
958,400
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
27,000
23,250
23,400
23,250
24,200
23,950
23,800
23,700
22,850
22,200
22,950
22,900
21,000
21,100
21,550
22,350
22,400
22,500
22,700
19,000
18,100
16,550
20,400
20,500
21,700
21,850
22,700
23,150
23,600
23,500
23,500
21,500
19,300
21,450
22,400
21,700
17,601
12,465
13,880
9,975
12,117
7,249
7,950
11,095
11,760
15,106
9,018
7,255
40,233
25,441
30,884
24,194
29,036
14,836
17,996
21,690
18,119
26,569
13,667
9,946
959,441
564,248
691,672
552,655
686,010
343,715
417,329
471,543
375,898
494,785
300,152
214,498
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
22,550
23,000
23,350
23,750
21,700
22,000
24,000
23,300
23,400
22,100
21,300
19,750
20,550
20,300
18,500
21,000
18,000
19,150
20,100
21,250
19,350
20,200
17,950
17,800
20,600
22,300
23,350
21,400
20,450
20,050
23,000
22,300
21,950
20,950
18,000
19,700
10,520
10,953
11,605
10,260
12,047
13,159
9,547
5,828
14,218
8,856
7,904
10,801
17,532
26,112
26,569
24,103
23,427
27,916
20,808
10,839
33,952
18,910
15,084
22,617
382,289
569,072
592,007
544,061
471,617
579,302
467,231
240,513
728,250
398,764
297,057
422,905
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
20,850
19,300
19,200
18,700
19,500
21,000
19,900
18,750
18,250
17,850
17,300
16,900
17,800
15,500
18,850
18,450
18,500
17,700
19,500
19,700
15,550
10,591
11,374
15,207
10,808
16,961
17,880
13,025
20,796
33,001
36,954
21,488
35,698
42,231
21,333
409,347
622,045
678,998
388,219
646,786
814,363
370,322
21
20
19
22
22
19
23
280%
240%
220.8%
200%
160%
120%
80%
64.3%
40%
32.3%
-40%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13
Volume (Million Sh.)

Value (Billion Rp)
Frequency (Thou. X)
Days
443
7,815
154
241
408
9,126
151
245
273
6,072
135
247
268
5,693
126
246
212
3,930
96
146
24,350
10,250
22,750
22,750
27,650
17,050
26,200
26,200
27,000
16,550
21,700
21,700
24,000
17,800
19,700
19,700
21,000
15,500
15,550
15,550
21.57
20.46
PER (X)
9.25
0.14
PER Industry (X)
5.75
5.72
PBV (X)
* Adjusted price after corporate action
13.68
1.79
4.06
12.64
33.17
3.31
16.72
9.26
2.63
Price (Rupiah)
High
Low
Close
Close*
RESEARCH DIVISION
Financial Data and Ratios
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
BALANCE SHEET
(Million Rp except Par Value)
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
Cash & Cash Equivalents
788,549
1,240,781
838,190
227,769
199,008
Receivables
156,724
98,832
16,358
50,068
18,965
Inventories
610,031
624,694
769,903
1,249,050
888,502
Current Assets
1,714,426
2,051,177
1,886,387
1,780,395
1,646,040
Fixed Assets
2,444,959
2,686,910
3,424,194
4,918,673
5,362,232
Other Assets
157,888
180,232
285,155
150,998
264,530
Total Assets
7,571,399
Book End : December
TOTAL ASSETS AND LIABILITIES (Bill. Rp)

Assets
Liabilities
13,750
11,000
Growth (%)
8,791,799 10,204,495 12,419,820 13,431,946
16.12%
16.07%
21.71%
8.15%
1,061,852
1,440,351
2,600,540
3,216,496
8,250
5,500
2,750
-
Current Liabilities
938,976
205,807
272,690
337,986
453,869
899,204
1,144,783
1,334,542
1,778,337
3,054,409
4,115,700
16.58%
33.25%
71.76%
34.75%
200,251
245,570
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
787,373
787,373
787,373
787,373
787,373
1,575
1,575
1,575
1,575
1,575
500
500
500
500
500
Retained Earnings
5,355,389
6,340,711
7,268,639
8,158,203
8,145,603
Total Equity
6,226,365
7,211,687
8,426,158
9,365,411
9,316,246
15.82%
16.84%
11.15%
-0.52%
Dec-10
Dec-11
Dec-12
Jun-13
8,843,721 10,772,582 11,564,319
5,495,534
Long Term Liabilities

Total Liabilities
Growth (%)
Minority Interest
Authorized Capital
Paid up Capital
Paid up Capital (Shares)
2009
2010
2011
2012
Jun-13
TOTAL EQUITY (Billion Rupiah)

9,365
9,316
2012
Jun-13
8,426
7,212
7,455
6,226
5,544
Par Value
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-09
7,424,283
Growth (%)
19.12%
21.81%
7.35%
Cost of Revenues
4,322,498
5,234,372
6,837,674
7,206,837
4,037,482
Gross Profit
3,101,785
3,609,349
3,934,908
4,357,482
1,458,052
491,567
610,638
601,976
832,589
511,591
2,610,218
2,998,711
3,332,932
14.88%
11.15%
(1.00)
-109,792
-34,671
3,634
1,723
-187
2009
2010
TOTAL REVENUES (Billion Rupiah)

11,564
10,773
11,564
Expenses (Income)
Operating Profit
Growth (%)
2011
8,844
9,205
7,424
6,846
5,496
Other Income (Expenses)
2,500,426
2,964,040
3,332,932
3,524,893
946,461
Tax
770,778
860,388
834,367
1,004,627
200,820
Minority Interest
-68,999
-86,872
1,660,649
2,016,780
2,498,565
2,453,654
732,232
21.45%
23.89%
-1.80%
Income before Tax
4,487
2,128
Growth (%)
2009
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
Current Ratio (%)
182.58
193.17
130.97
68.46
51.17
Dividend (Rp)
905.00
830.00
995.00
685.00
EPS (Rp)
1,054.55
1,280.70
1,586.65
1,558.13
464.98
BV (Rp)
3,953.89
4,579.59
5,350.81
5,947.26
5,916.03
DAR (X)
0.15
0.15
0.17
0.25
0.31
RATIOS
-231
DER(X)
0.18
0.19
0.21
0.33
0.44
ROA (%)
33.02
33.71
32.66
28.38
7.05
ROE (%)
40.16
41.10
39.55
37.64
10.16
GPM (%)
41.78
40.81
36.53
37.68
26.53
OPM (%)
35.16
33.91
30.94
NPM (%)
22.37
22.80
23.19
21.22
13.32
Payout Ratio (%)
85.82
64.81
62.71
43.96
3.98
3.17
4.59
3.48
2010
2011
2012
Jun-13
NET INCOME (Billion Rupiah)

2,499
2,454
2,499
2,017
1,989
1,661
1,479
Yield (%)
732
969
460
-50
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
COMPANY REPORT
ADRO
ADARO ENERGY TBK.
Company Profile
PT Adaro Energy Tbk. was established July 28th, 2004 and commenced its commercial
operationsinJuly2005.
The Company is engaged in trading, services, industry, coal hauling, workshop activities,
mining and construction. The Companys subsidiaries are engaged in coal mining, coal
trading,miningcontractorservices,infrastructure,coallogisticsandpowerplantservices.
The Company and its subsidiaries own and operate the largest coal mine in Indonesia, is
thesecondlargestcoalproducerinIndonesia,hasthelargestsinglelocationopenpitmine
inthesouthernhemisphereandthefourthlargestintheworld.
AsatJune30,2013theGrouphad8,694employees.
August 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.
RESEARCH DIVISION
ADRO AdaroEnergyTbk.[S]
Main Board
Industry Sector : Mining (2)
Industry Sub Sector : Coal Mining (21)
As of 31 July 2013
:
63.636
Individual Index
:
31,985,962,000
Listed Shares
42 | 22.4T | 0.49% | 72.41%

24 | 11.4T | 1.03% | 56.93%
COMPANY HISTORY
Established Date : 28-Jul-2004
Listing Date
: 16-Jul-2008
Under Writer IPO :
PT Danatama Makmur
PT Ficomindo Buana Registrar
Mayapada Tower 10th Fl. Suite 02 B
Jln. Jend. Sudirman Kav. 28 Jakarta 12920
Phone : (021) 521-2316, 521-2317
Fax
: (021) 521-2320
1. Edwin Soeryadjaya
2. Palgunadi Tatit Setyawan *)
3. Raden Pardede *)
4. Subianto
5. Theodore Permadi Rachmat

1. PT Adaro Strategic Investments
2. Garibaldi Thohir
3. Public (<5%)
14,045,425,500 :
1,991,832,654 :
15,948,703,846 :
Bonus
Cash
11.80 25-Aug-09
2008
2009
12.00 11-Dec-09
2009
17.00 02-Jun-10
2010
9.85 26-Nov-10
2010
20.50 27-May-11
2011
21.35 28-Nov-11
2011
53.66 29-May-12
2012
12.13 29-May-12
2012
10.65 26-Dec-12
2012
12.36 29-May-13
Ex Date
26-Aug-09
14-Dec-09
03-Jun-10
29-Nov-10
30-May-11
29-Nov-11
30-May-12
30-May-12
27-Dec-12
30-May-13
Recording
Date
28-Aug-09
16-Dec-09
07-Jun-10
01-Dec-10
01-Jun-11
01-Dec-11
01-Jun-12
01-Jun-12
02-Jan-13
03-Jun-13
43.91%
6.23%
49.86%
Payment
Date
11-Sep-09
30-Dec-09
18-Jun-10
10-Dec-10
09-Jun-11
09-Dec-11
12-Jun-12
12-Jun-12
15-Jan-13
12-Jun-13
F/I
F
I
F
I
F
I
F
I
I
F
ISSUED HISTORY
BOARD OF DIRECTORS
1. Garibaldi Thohir
2. Andre Johannes Mamuaya
3. Chia Ah Hoo
4. Christian Ariano Rachmat
5. David Tendian
6. Julius Aslan
7. M. Syah Indra Aman
No. Type of Listing

1. First Issue
2. Company Listing
Shares
11,139,331,000
20,846,631,000
Listing
Date
16-Jul-08
16-Jul-08
Trading
Date
16-Jul-08
16-Apr-09
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
Email
: www.adaro.com
: corsec@ptadaro.com
devindra.ratzarwin@ptadaro.com
RESEARCH DIVISION
ADRO Adaro Energy Tbk. [S]

TRADING ACTIVITIES

Adaro Energy Tbk. [S]
Closing Price
Volume
(Mill. Sh)
3,000
16,000
2,625
14,000
2,250
12,000
1,875
10,000
1,500
8,000
1,125
6,000
750
4,000
375
2,000
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Mining Index
Low
485
710
710
880
1,000
1,050
1,070
1,260
1,310
1,370
1,490
1,650
Close
740
770
880
1,020
1,340
1,200
1,280
1,360
1,430
1,540
1,740
1,730
Freq.
Volume
Value
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
760
890
1,000
1,060
1,360
1,450
1,300
1,520
1,440
1,630
1,770
1,780
Day
Closing
Price*
14,818
627,997
409,536
369,076
297,189
10,870
12,670
615,398
545,300
34,216 1,232,844 1,201,294
46,156 1,557,279 1,868,507
57,577 3,650,746 4,592,454
29,339 15,054,731 16,952,862
58,823 2,316,697 3,224,002
30,056 1,046,865 1,441,429
51,434 2,056,029 3,091,310
52,740 2,981,716 4,983,879
25,903 1,492,509 2,545,435
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
2,075
1,960
1,980
2,250
2,175
2,100
2,100
2,150
2,150
2,300
2,500
2,650
1,730
1,760
1,820
1,970
1,700
1,820
1,940
1,880
1,760
2,000
2,100
2,250
1,890
1,830
1,960
2,200
2,000
1,990
2,000
1,900
2,025
2,100
2,325
2,550
61,583
62,241
53,408
47,066
62,496
46,897
22,120
33,954
63,258
27,439
23,353
19,294
2,799,639
2,100,343
2,193,373
2,289,030
2,256,118
1,804,252
1,301,338
1,342,163
2,156,620
1,524,272
1,733,585
1,414,180
5,331,665
3,875,968
4,134,081
4,885,796
4,396,708
3,538,083
2,636,195
2,723,121
4,227,054
3,226,243
4,064,785
3,587,072
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
2,900
2,500
2,475
2,350
2,475
2,500
2,700
2,700
2,125
2,150
2,150
2,025
2,225
2,250
2,175
2,200
2,200
2,250
2,450
1,990
1,430
1,500
1,830
1,730
2,250
2,450
2,200
2,200
2,450
2,450
2,650
2,025
1,720
2,025
1,910
1,770
43,230
28,318
46,772
37,572
48,050
19,872
20,831
44,376
63,571
63,762
41,895
41,384
1,713,532
1,202,450
1,404,886
1,105,133
1,735,498
834,507
1,032,290
1,384,272
1,819,818
1,830,149
1,180,537
1,070,469
4,350,610
2,872,429
3,245,738
2,502,053
4,063,096
2,009,815
2,644,882
3,166,937
3,335,150
3,396,335
2,322,064
1,977,409
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
1,860
2,025
1,980
1,970
1,880
1,490
1,630
1,610
1,610
1,490
1,430
1,610
1,750
1,790
1,870
1,770
1,460
1,180
1,320
1,330
1,350
1,340
1,320
1,320
1,830
1,920
1,930
1,860
1,470
1,450
1,460
1,370
1,500
1,370
1,340
1,590
36,837
42,144
33,313
31,778
31,426
48,253
39,070
25,007
26,552
25,135
23,953
28,273
999,140
1,294,177
1,076,242
801,403
824,427
1,628,248
896,114
589,119
550,208
973,400
651,960
1,065,599
1,807,345
2,500,859
2,056,482
1,481,681
1,400,499
2,145,363
1,301,281
876,431
825,189
1,379,202
899,730
1,578,648
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
1,770
1,680
1,580
1,370
1,240
930
860
1,590
1,550
1,250
1,190
920
750
670
1,650
1,570
1,310
1,230
930
860
700
35,702
29,234
34,568
28,764
40,369
46,114
38,801
693,704
578,305
1,179,303
699,841
1,088,707
1,004,249
1,288,624
1,175,414
922,195
1,701,990
898,296
1,179,144
849,300
930,027
21
20
19
22
22
19
23
Month
455%
390%
325%
260%
220.8%
195%
130%
65%
34.6%
31.9%
-65%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
33,002
41,153
425
241
22,915
46,627
523
245
16,314
35,887
500
247
11,350
18,253
392
246
6,533
7,656
254
146
1,780
485
1,730
1,730
2,650
1,700
2,550
2,550
2,900
1,430
1,770
1,770
2,025
1,180
1,590
1,590
1,770
670
700
700
12.67
36.95
PER (X)
18.63
17.69
PER Industry (X)
3.17
4.39
PBV (X)
11.16
16.17
2.56
13.78
8.49
1.76
12.78
12.95
0.76
Price (Rupiah)
High
Low
Close
Close*
RESEARCH DIVISION
ADRO AdaroEnergyTbk.[S]
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
11,274,623
5,459,971
5,067,851
4,838,559
5,549,666
2,903,619
2,504,335
4,396,801
4,692,058
4,007,831
250,450
288,732
475,345
623,589
846,338
BALANCE SHEET
Receivables
Book End : December

Assets
Liabilities
75,000
60,000
Inventories
Current Assets
15,836,859 10,200,290 11,765,957 13,672,171 12,555,151
Fixed Assets
7,415,677
Other Assets
51,607
Total Assets
8,810,252 12,988,087 17,106,385 19,439,900

72,947
125,873
96,226
98,525
42,465,408 40,600,921 51,315,458 64,714,116 66,083,611
Growth (%)
-4.39%
26.39%
26.11%
2.12%
5,793,531
7,065,795
8,695,486
7,684,222
45,000
30,000
15,000
-
Current Liabilities
7,996,026
16,957,448 16,176,838 22,103,586 27,056,457 27,872,381
Total Liabilities
24,953,474 21,970,369 29,169,380 35,751,943 35,556,603
-11.95%
32.77%
22.57%
-0.55%
67,043
54,111
Authorized Capital
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
Paid up Capital
3,198,596
3,198,596
3,198,596
3,198,596
3,198,596
Growth (%)
Minority Interest
31,986
31,986
31,986
31,986
31,986
100
100
100
100
100
4,028,127
5,376,617
2009
2010
2011
2012
Jun-13

28,962
30,527
30,527
22,146
24,299
17,445
18,576
18,072
Par Value
Retained Earnings
Total Equity
Growth (%)
INCOME STATEMENTS
Total Revenues
8,542,056 10,314,612 11,334,460
11,844
17,444,891 18,576,441 22,146,078 28,962,172 30,527,008
Dec-09
6.49%
19.22%
30.78%
5.40%
Dec-10
Dec-11
Dec-12
Jun-13
5,617
-611
2009
26,938,020 24,689,333 36,157,789 35,996,469 15,681,585
-8.35%
Growth (%)
46.45%
2010
2011
2012
Jun-13
-0.45%
Cost of Revenues
15,900,123 16,957,291 23,205,121 25,914,314 12,193,924
Gross Profit
11,037,897
7,732,042 12,952,668 10,082,155

36,158
3,487,661
35,996
36,158
Expenses (Income)
1,109,450
Operating Profit
9,928,447
957,764
1,313,246
1,994,321
750,454
6,774,278 11,639,422
8,087,833
2,737,207
-31.77%
Growth (%)
71.82%
28,782
26,938
24,689
-30.51%
21,405
-1,350,066 -1,724,360 -2,547,745 -1,186,122
15,682
-556,987
Income before Tax
8,578,381
5,049,918
9,091,677
6,901,711
2,180,220
Tax
4,119,101
2,668,668
4,085,207
3,195,132
1,028,883
-48,559
-2,593
4,367,252
2,207,313
5,073,546
3,691,474
1,120,378
-49.46%
129.85%
-27.24%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
198.06
176.06
166.52
157.23
163.39
29.00
30.35
75.01
35.14
EPS (Rp)
136.54
69.01
158.62
115.41
35.03
BV (Rp)
545.39
580.77
692.37
905.47
954.39
DAR (X)
0.59
0.54
0.57
0.55
0.54
DER(X)
1.43
1.18
1.32
1.23
1.16
ROA (%)
20.20
12.44
17.72
10.66
3.30
ROE (%)
49.17
27.18
41.05
23.83
7.14
GPM (%)
40.98
31.32
35.82
28.01
22.24
OPM (%)
36.86
27.44
32.19
22.47
17.45
NPM (%)
16.21
8.94
14.03
10.26
7.14
Payout Ratio (%)
21.24
43.98
47.29
30.45
1.68
1.19
4.24
2.21
14,029
6,653
Minority Interest
Growth (%)
RATIOS
Current Ratio (%)
Dividend (Rp)
-723
2009
2010
2011
2012
Jun-13

5,074
5,074
4,367
3,691
4,039
3,004
Yield (%)
2,207
1,969
1,120
934
-101
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
COMPANY REPORT
AKRA
AKR CORPORINDO TBK.
Company Profile
PTAKRCorporindoTbk.wasestablishedinSurabayaonNovember28th,1977andstarted
its commercial operations in June 1978. The Company is an integrated supply chain
solutionscompanythatoperatesindistributionofpetroleumandbasicchemicals,logistic
services, manufacturing of sorbitol and adhesive materials, and also coal mining and
trading. By the end of 2012, the Companys extensive assets include sea ports and river
portsinIndonesia;riverportsinChina;tankterminalsforpetroleumandbasicchemicals;
selfpropelledoilbarges;trucks;warehouses;andotherlogisticsequipment.
TheCompanyfocusesoncreatingvaluetoitsstakeholders,maintainingsustainablegrowth
and developing its operational excellence. The Company recorded CAGR 2009 2012 of
43%forsalesandrevenuesand31%forprofitfortheyearattributabletoequityholdersof
theparententity.Thesharepriceoutperformedwith193%growthduringthepast5years.
Dividendpayoutratioisconsistentabove30%inthelast8years.
The Company consistently implements good corporate governance and disseminates its
principles to all of the Companys corporate citizens. Recognition came from Corporate
GovernanceAsiainthe8thCorporateGovernanceAsiaRecognitionsAwards2012whenthe
CompanywasawardedasTheBestofAsia.
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)CoalTradingCo.Ltd.,Guangxi(Guigang)AKRContainerPortCo.Ltd.,
AKR(Guigang)TransshipmentPortCo.Ltd.,PTAKRSeaTransport,PTAKRNiagaIndonesia,
PT AKR Transportasi Indonesia, PT Bumi Karunia Pertiwi, PT Sarana Tambang Utama, PT
RizkiTambangSelaras,PTMineralTambangWahana,andPTBarutaAbadi.
TheCompanyanditsSubsidiarieshadtotalpermanentemployeesof1,921asofJune30,
2013.
August 2013
Disclaimer:
10
RESEARCH DIVISION
AKRA AKR Corporindo Tbk. [S]

Main Board
Industry Sector : Trade, Services & Investment (9)
Industry Sub Sector : Wholesale (Durable & Non-Durable Goods) (91)
As of 31 July 2013
:
3,447.012
Individual Index
:
3,880,727,500
Listed Shares
51 | 16.8T | 0.37% | 75.99%

23 | 11.6T | 1.05% | 55.89%
COMPANY HISTORY
Established Date : 28-Nov-1977
Listing Date
: 03-Oct-1994
Under Writer IPO :
PT Lippo Securities
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Soegiarto Adikoesoemo
2. I Nyoman Mastra *)
3. Sabirin Saiman
BOARD OF DIRECTORS
1. Haryanto Adikoesoemo
2. Arief Budiman Utomo
3. Bambang Soetiono Soedijanto
4. Jimmy Tandyo
5. Mery Sofi
6. Nery Polim
7. Suresh Vembu
AUDIT COMMITTEE
1. I Nyoman Mastra
2. Ngurah Gede
3. Subarto Zaini
CORPORATE SECRETARY
Harryati Utami
HEAD OFFICE
Wisma AKR 7th - 8th Fl.
Jln. Panjang No. 5, Kebon Jeruk
Jakarta
Phone : (021) 531-1110
Fax
: (021) 531-1185, 531-1388, 531-1128
Homepage
Email
: www.akr.co.id
: harryati.utami@akr.co.id
tami@akr.co.id

1. PT Arthakencana Rayatama
2. Public (<5%)
Bonus
Cash
50.00
11-Jul-95
1994
80.00 27-Jan-95
1995
1995
80.00 17-Nov-95
1995
70.00 07-Jun-96
1996 10 : 6
26-Feb-96
1996
50.00 23-Jun-97
2002
25.00 03-Sep-03
2003
50.00 28-Jun-04
2005
60.00 01-Sep-06
2005
40.00 02-May-05
2006
65.00 27-Jun-07
2007
19.00 03-Jun-08
2008
21.00 09-Jun-09
2009
25.00 25-May-10
2010
30.00 19-Nov-10
2010
135.00 11-Mar-11
2010
2.00 31-May-11
200.00 22-Aug-11
2011
25.00 06-Jun-12
2011
2012
40.00 26-Dec-12
65.00 31-May-13
2012
2,280,640,320 :
1,600,087,180 :
Ex Date
12-Jul-95
30-Jan-95
20-Nov-95
10-Jun-96
27-Feb-96
24-Jun-97
04-Sep-03
29-Jun-04
04-Sep-06
03-May-05
28-Jun-07
04-Jun-08
10-Jun-09
26-May-10
22-Nov-10
14-Mar-11
01-Jun-11
23-Aug-11
07-Jun-12
27-Dec-12
03-Jun-13
Recording
Date
20-Jul-95
06-Feb-95
28-Nov-95
18-Jun-96
06-Mar-96
01-Aug-97
08-Sep-03
01-Jul-04
06-Sep-06
06-May-05
02-Jul-07
06-Jun-08
12-Jun-09
31-May-10
24-Nov-10
16-Mar-11
06-Jun-11
25-Aug-11
11-Jun-12
02-Jan-13
05-Jun-13
58.77%
41.23%
Payment
Date
11-Aug-95
28-Feb-95
18-Dec-95
11-Jul-96
29-Mar-96
26-Aug-97
19-Sep-03
14-Jul-04
19-Sep-06
19-May-05
16-Jul-07
16-Jun-08
19-Jun-09
14-Jun-10
09-Dec-10
29-Mar-11
20-Jun-11
08-Sep-11
25-Jun-12
16-Jan-13
20-Jun-13
F/I
F
I
I
F
F
F
F
F
F
F
F
F
I
I
F
I
F
I
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
Type of Listing
Shares
First Issue
15,000,000
Company Listing
50,000,000 T:
Bonus Shares
39,000,000
Stock Split
2,600,000,000 T:
Right Issue
1,043,658,500 T:
OPSI Conversion
18,292,500 T:
Opsi MSOP Conversion I, II & III
26,537,500 T:
Opsi MSOP Conversion I & III
447,500 T:
Opsi MSOP Conversion II, III & IV
28,607,500 T:
Opsi MSOP Conversion II, III, IV
432,500
Opsi MSOP Conversion IV
195,000 T:
Opsi MSOP Conversion III, IV, V
28,907,500
Opsi MSOP Conversion III
550,000
Opsi MSOP Conversion IV, V
29,099,000 T:
Listing
Date
03-Oct-94
03-Oct-94
01-Apr-96
30-Sep-96
20-Dec-04
11-Apr-08
09-Apr-10
12-Apr-10
13-Apr-11
12-Oct-11
13-Oct-11
09-Apr-12
10-Apr-12
09-Apr-13
:
:
:
:
:
:
:
:
RESEARCH DIVISION
Trading
Date
03-Oct-94
06-May-95
01-Apr-96
27-Jul-07
16-Feb-10
15-Oct-09
13-Oct-10
15-Apr-10
14-Apr-11
12-Oct-11
12-Apr-13
09-Apr-12
10-Apr-12
10-Apr-13
11

Closing
Price*
Closing Price
Volume
(Mill. Sh)
6,000
480
5,250
420
4,500
360
3,750
300
3,000
240
2,250
180
1,500
120
750
60
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Trade, Sevices and Investment Index
Month
Freq.
Volume
Value
Day
TRADING ACTIVITIES

AKR Corporindo Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
720
690
600
690
770
920
900
940
1,050
1,200
1,270
1,190
Low
570
560
510
540
590
680
730
800
800
1,040
1,070
1,010
Close
670
600
540
610
730
820
870
840
1,050
1,140
1,150
1,170
559
1,295
4,219
4,694
5,305
7,105
5,541
4,512
6,060
8,971
10,157
11,665
18,264
24,319
53,066
76,786
167,133
268,220
157,926
167,759
194,348
255,762
266,018
316,615
12,258
15,329
29,548
47,025
111,207
217,077
126,575
142,859
182,685
289,501
316,444
355,061
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
1,330
1,200
1,040
1,050
1,040
1,150
1,200
1,400
1,540
1,590
1,720
1,820
1,120
980
900
880
910
950
990
1,190
1,220
1,320
1,450
1,460
1,180
1,020
930
1,030
970
1,060
1,190
1,230
1,510
1,510
1,460
1,730
12,300
9,796
11,390
18,201
9,782
9,030
10,576
10,505
15,621
21,910
18,191
17,921
378,735
730,443
404,402
472,646
303,828
305,999
344,118
297,345
365,415
540,611
396,989
319,477
467,942
772,002
401,185
461,177
297,455
321,697
370,729
388,187
507,625
790,741
629,461
532,404
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
1,730
1,630
1,660
1,720
1,840
2,200
3,125
3,100
2,775
3,125
3,250
3,075
1,390
1,350
1,420
1,450
1,580
1,770
2,100
2,450
2,150
2,200
2,750
2,900
1,440
1,560
1,470
1,710
1,840
2,125
3,050
2,650
2,400
3,025
2,850
3,025
21,826
13,847
22,274
21,474
19,868
13,270
24,160
33,390
21,997
22,226
24,988
25,252
383,691
227,243
343,580
394,286
352,872
258,481
378,575
463,554
339,598
282,903
317,985
339,968
600,618
339,089
527,701
615,401
589,727
495,557
948,766
1,302,769
863,164
759,571
950,762
1,011,851
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
3,650
3,900
4,425
4,350
4,200
3,775
3,950
3,750
4,275
4,550
4,700
4,325
3,000
3,500
3,550
4,000
3,325
3,150
3,500
3,325
3,450
3,975
4,225
3,950
3,650
3,600
4,300
4,125
3,375
3,475
3,650
3,500
4,250
4,450
4,300
4,150
39,838
22,274
24,831
23,979
23,693
21,238
27,387
18,714
20,476
18,786
17,677
16,535
414,607
284,426
311,040
243,621
271,922
224,399
311,055
297,106
278,456
216,605
217,527
226,058
1,404,452
1,042,116
1,231,547
1,019,079
1,014,240
789,842
1,151,428
1,049,276
1,072,492
931,478
962,649
935,688
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
4,200
4,500
5,550
5,350
5,500
6,100
5,450
3,775
3,825
4,425
4,850
4,850
4,625
4,325
3,875
4,475
5,000
5,150
5,350
5,300
4,325
23,466
19,230
14,741
17,228
19,669
31,480
26,256
315,427
218,111
189,877
166,257
183,716
288,147
227,366
1,245,106
902,451
947,949
851,310
958,295
1,525,542
1,090,451
21
20
19
22
22
19
23
840%
720%
600%
561.2%
480%
439.0%
360%
240%
220.8%
120%
-120%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
1,966
1,846
70
241
4,860
5,941
165
245
4,083
9,005
265
247
3,297
12,604
275
246
1,589
7,521
152
146
Price (Rupiah)
High
Low
Close
Close*
1,270
510
1,170
1,109
1,820
880
1,730
1,730
3,250
1,350
3,025
3,025
4,700
3,000
4,150
4,150
6,100
3,775
4,325
4,325
13.37
21.10
PER (X)
16.33
21.27
PER Industry (X)
2.11
2.75
PBV (X)
22.62
16.89
3.23
21.15
19.08
3.80
20.61
21.21
3.38
12
RESEARCH DIVISION

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
273,694
691,848
1,329,789
1,884,943
1,524,128
1,411,368
1,685,658
2,189,012
3,224,397
3,378,076
709,518
1,424,614
1,250,135
1,415,169
1,046,019
Current Assets
2,694,116
4,028,178
5,239,361
7,414,601
6,586,756
Fixed Assets
2,859,238
3,037,893
2,437,215
3,177,350
3,457,336
Other Assets
41,770
54,569
40,371
24,372
29,010
Total Assets
6,059,070
7,665,590
Receivables
Book End : December

Assets
Liabilities
12,500
10,000
Inventories
Growth (%)
8,308,244 11,787,525 12,055,090
26.51%
8.38%
41.88%
2.27%
3,844,218
3,860,012
5,142,386
4,652,575
7,500
5,000
2,500
-
Current Liabilities
2,810,284
1,021,968
962,539
873,528
2,435,399
2,435,104
Total Liabilities
3,832,253
4,806,757
4,733,540
7,577,785
7,087,679
25.43%
-1.52%
60.09%
-6.47%
Growth (%)
Minority Interest
485,757
472,426
Authorized Capital
750,000
750,000
750,000
750,000
750,000
Paid up Capital
313,829
379,294
382,199
385,144
388,073
3,138
3,793
3,822
3,851
3,881
100
100
100
100
100
Retained Earnings
1,106,861
1,213,492
2,222,920
2,931,851
3,185,748
Total Equity
1,741,060
2,386,407
3,574,704
4,209,740
4,967,410
37.07%
49.79%
17.76%
18.00%
Dec-10
Dec-11
Dec-12
Jun-13
2009
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-09
36.11%
Cost of Revenues
54.21%
4,967
4,210
3,575
3,954
2,386
1,741
1,927
914
-99
2009
2010
2011
2012
953,631
959,684
1,018,398
1,261,276
638,817
Expenses (Income)
413,663
498,761
302,869
430,920
232,777
Operating Profit
539,968
460,923
715,529
830,356
406,040
-14.64%
55.24%
16.05%
21,674
21,674
18,806
17,252
12,195
10,617
12,831
-71,713
-40,832
24,443
-20,673
-1,127
Income before Tax
468,256
420,091
739,972
809,682
404,914
Tax
128,359
80,999
145,838
190,849
68,749
Minority Interest
-65,178
-28,176
274,719
407,221
310,916
511,193
755,870
13.18%
64.41%
47.86%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
95.87
104.79
135.73
144.19
141.57
Dividend (Rp)
25.00
167.00
225.00
105.00
EPS (Rp)
87.54
81.97
133.75
196.26
104.93
BV (Rp)
554.78
629.17
935.30
1,093.03
1,280.02
DAR (X)
0.63
0.63
0.57
0.64
0.59
DER(X)
2.20
2.01
1.32
1.80
1.43
ROA (%)
7.73
5.48
8.91
6.87
3.36
ROE (%)
26.89
17.60
20.70
19.23
8.15
GPM (%)
10.64
7.87
5.42
5.82
6.02
OPM (%)
6.03
3.78
3.80
3.83
3.82
NPM (%)
3.07
2.55
2.72
3.49
3.84
28.56
203.73
168.22
53.50
2.14
9.65
7.44
2.53
Payout Ratio (%)

Yield (%)
8,960
8,409
3,988
-433
2009
Current Ratio (%)
RATIOS
Jun-13
9,977,747
Gross Profit
Growth (%)
Jun-13
15.25%
8,006,211 11,235,313 17,787,552 20,412,678
Growth (%)
2012
4,967
8,959,842 12,194,997 18,805,950 21,673,954 10,616,564
Growth (%)
2011
2,941
Par Value
2010
2010
2011
2012
Jun-13

756
756
602
511
407
447
275
311
293
139
-15
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
13
COMPANY REPORT
ASII
ASTRA INTERNATIONAL TBK.
Company Profile
PTAstraInternationalTbk.wasestablishedin1957asPTAstraInternationalIncorporated.
In1990,thecompanychangeditsnametoPTAstraInternationalTbk.
ThescopeofthecompanysactivitiesassetoutinitsArticlesofAssociationaretoengage
in general trading, industry, mining, transportation, agriculture, construction and
consultancyservices.Thesubsidiariesmainactivitiesaretheassemblyanddistributionof
automobiles, motorcycles and related spare parts, heavy equipment sales and rentals,
mining and related services, development of plantation, financial services, infrastructure,
andinformationtechnology.
Asat30June2013,theCompanyanditssubsidiarieshad124,574employees.
August 2013
Disclaimer:
14
RESEARCH DIVISION
ASII
Astra International Tbk. [S]

Main Board
Industry Sector : Miscellaneous Industry (4)
Industry Sub Sector : Automotive And Components (42)
As of 31 July 2013
:
4,648.269
Individual Index
:
40,483,553,140
Listed Shares
2 | 263.1T | 5.74% | 13.59%

1 | 63.6T | 5.77% | 5.77%
COMPANY HISTORY
Established Date : 20-Feb-1957
Listing Date
: 04-Apr-1990
Under Writer IPO :
PT Danareksa Sekuritas
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Budi Setiadharma
2. Anthony John Liddell Nightingale
3. Benjamin William Keswick
4. Chiew Sin Cheok
5. David Alexander Newbigging
6. Erry Firmansyah *)
7. Hisayuki Inoue *)
8. Jonathan Chang
9. Mark Spencer Greenberg
10. Soemadi Djoko Moerdjono Brotodiningrat *)
BOARD OF DIRECTORS
1. Prijono Sugiarto
2. Djoko Pranoto
3. Gunawan Geniusahardja
4. Johannes Loman
5. Johny Darmawan Danusasmita
7. Sudirman Maman Rusdi
8. Widya Wiryawan
AUDIT COMMITTEE
1. Soemadi Djoko Moerdjono Brotodiningrat
2. Chiew Sin Cheok
3. Harry Wiguna
4. Inget Sembiring
CORPORATE SECRETARY
Gita Tiffany Boer
HEAD OFFICE
Gedung AMDI
Jln. Gaya Motor Raya No. 8 Sunter
Jakarta
Phone : (021) 653-10418
Fax
: (021) 653-04957
Homepage
Email

1. Jardine Cycle & Carriage Limited
2. Public (<5%)
Cash
Bonus
1990
100.00 05-Nov-90
1990
150.00 02-May-91
1991
100.00 12-Nov-91
125.00 17-Jun-92
1991
1992
100.00
01-Jul-93
1993
225.00 13-Jun-94
1993
1:3
29-Jul-94
80.00 22-Jun-95
1994
1995
90.00 25-Jun-96
120.00 30-Jun-97
1996
2003
50.00 01-Dec-03
2003
170.00 28-Jun-04
2004
100.00 01-Nov-04
2005
270.00 16-Jun-05
2005
100.00 09-Nov-05
2005
340.00 15-Jun-06
2006
150.00 20-Oct-06
2006
290.00 14-Jun-07
2007
160.00 29-Oct-07
2008
300.00 28-Oct-08
2008
570.00 17-Jun-09
830.00 16-Jun-10
2009
2010
470.00 27-Oct-10
600.00 26-Oct-11
2011
2011
1,380.00 16-May-12
2012
66.00 18-Oct-12
2012
150.00 20-May-13
20,276,860,040 :
20,206,693,100 :
Recording
Date
13-Nov-90
13-May-91
20-Nov-91
25-Jun-92
09-Jul-93
21-Jun-94
08-Aug-94
03-Jul-95
04-Jul-96
09-Jul-97
04-Dec-03
01-Jul-04
04-Nov-04
21-Jun-05
14-Nov-05
20-Jun-06
01-Nov-06
19-Jun-07
01-Nov-07
31-Oct-08
22-Jun-09
21-Jun-10
01-Nov-10
31-Oct-11
23-May-12
23-Oct-12
23-May-13
Ex Date
06-Nov-90
03-May-91
13-Nov-91
18-Jun-92
02-Jul-93
14-Jun-94
01-Aug-94
23-Jun-95
26-Jun-96
01-Jul-97
02-Dec-03
29-Jun-04
02-Nov-04
17-Jun-05
10-Nov-05
16-Jun-06
30-Oct-06
15-Jun-07
30-Oct-07
29-Oct-08
18-Jun-09
17-Jun-10
28-Oct-10
27-Oct-11
21-May-12
19-Oct-12
21-May-13
50.09%
49.91%
Payment
Date
27-Nov-90
10-Jun-91
16-Dec-91
24-Jul-92
09-Aug-93
21-Jul-94
07-Sep-94
31-Jul-95
31-Jul-96
29-Jul-97
18-Dec-03
14-Jul-04
12-Nov-04
04-Jul-05
24-Nov-05
04-Jul-06
15-Nov-06
03-Jul-07
15-Nov-07
14-Nov-08
03-Jul-09
05-Jul-10
15-Nov-10
14-Nov-11
06-Jun-12
07-Nov-12
07-Jun-13
F/I
I
F
I
F
F
F
F
F
F
F
I
F
F
I
F
I
F
I
I
F
F
I
I
F
I
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
Type of Listing
First Issue
Partial Listing
Company Listing
Koperasi
Right Issue
Bonus Shares
CB Conversion
Stock Split
Right Conversion
Option I
Option I Conversion
Option II Conversion
Shares
30,000,000
24,805,000
184,893,000
2,500,000
1,453,219,775
871,912,800
280,837
37,598,029,063
262,168,650
8,637,003
16,203,924
30,903,088
T:
T:
T:
T:
T:
T:
T:
T:
T:
T:
Listing
Date
04-Apr-90
04-Apr-90
18-Dec-91
18-Dec-91
03-Jan-94
08-Sep-94
12-Mar-97
01-Sep-97
24-Apr-00
16-Oct-00
31-Jul-01
26-Apr-02
:
:
:
:
:
:
:
:
:
:
Trading
Date
04-Apr-90
04-Oct-90
02-Jan-92
31-Dec-99
21-Jan-03
08-Sep-94
07-Aug-97
05-Jun-12
19-Jan-04
16-Feb-01
26-Apr-02
25-May-04
: www.astra.co.id
: gita.tiffanyboer@ai.astra.co.id
RESEARCH DIVISION
15
ASII
Closing
Price*
Closing Price
Volume
(Mill. Sh)
10,000
160
8,750
140
7,500
120
6,250
100
5,000
80
3,750
60
2,500
40
1,250
20
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Miscellaneous Industry Index
Month
Volume
Value
Freq.
Day
TRADING ACTIVITIES

Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
13,700
13,100
16,000
18,700
22,300
25,800
29,500
31,950
34,150
35,300
34,500
35,600
Low
10,800
10,550
10,600
14,350
17,000
20,800
22,650
28,100
28,800
29,950
29,750
31,750
Close
13,000
11,300
14,250
18,000
20,800
23,800
29,300
30,150
33,350
31,300
32,350
34,700
14,675
19,624
15,798
18,983
19,964
18,270
21,642
22,416
18,178
27,390
30,398
18,623
137,428
97,220
120,998
160,051
179,898
181,594
158,450
119,329
80,827
114,924
103,164
64,091
1,734,888
1,114,621
1,590,474
2,493,745
3,469,872
4,245,636
4,140,599
3,558,767
2,534,454
3,767,551
3,282,336
2,147,346
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
36,500
37,050
44,050
48,150
47,150
50,250
52,800
51,150
60,750
60,200
58,400
54,900
33,200
32,750
35,900
41,900
36,050
41,950
45,900
46,250
47,700
55,500
51,750
48,800
35,950
36,250
41,900
47,150
43,150
48,300
50,700
47,600
56,700
57,000
51,900
54,550
22,946
18,048
21,483
28,903
47,944
31,878
26,514
43,255
30,503
34,859
38,884
37,913
85,776
96,912
114,202
106,447
155,094
99,163
88,613
117,841
88,766
84,089
101,694
127,743
3,000,682
3,389,851
4,525,172
4,732,781
6,330,370
4,509,862
4,334,658
5,657,856
4,847,381
4,815,487
5,647,237
6,712,077
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
55,050
53,450
58,250
58,500
62,150
64,250
75,950
72,750
71,800
70,000
72,000
75,000
45,250
47,400
52,300
53,600
55,800
55,950
64,600
60,850
55,000
57,300
65,500
68,300
48,900
52,050
57,000
56,150
58,750
63,550
70,500
66,150
63,650
69,000
70,900
74,000
64,822
38,264
40,364
35,963
31,103
29,158
35,960
67,327
64,076
51,096
40,280
33,641
188,808
146,051
99,865
91,805
79,319
74,147
84,447
133,636
121,029
100,835
67,618
57,371
9,245,116
7,289,652
5,492,743
5,134,338
4,668,750
4,395,238
5,852,767
9,085,095
7,758,524
6,582,050
4,676,338
4,137,042
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
79,650
79,200
74,200
77,100
74,250
64,200
7,100
7,400
7,550
8,300
8,000
7,700
73,500
67,100
68,750
70,650
64,200
6,400
6,250
6,600
6,700
7,250
7,200
6,800
78,900
70,850
73,950
71,000
64,300
6,850
7,000
6,750
7,400
8,050
7,250
7,600
31,100
68,125
48,766
37,681
46,178
61,324
65,520
44,874
41,289
47,388
59,594
58,107
60,335
130,669
83,919
68,944
90,988
816,809
943,478
635,813
694,972
931,778
832,310
918,874
4,672,194
9,466,255
5,984,168
5,052,940
6,242,152
6,070,144
6,342,540
4,486,738
5,034,167
7,387,900
6,351,667
6,627,662
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
7,900
8,000
8,300
8,000
7,550
7,200
6,950
7,300
7,400
7,500
7,150
6,900
6,150
6,300
7,350
7,950
7,900
7,350
7,050
7,000
6,500
56,816
39,847
54,594
52,759
62,249
73,759
50,329
830,431
683,833
849,305
694,670
1,230,559
1,015,404
667,841
6,337,529
5,281,553
6,681,437
5,273,240
8,777,900
6,914,932
4,413,435
21
20
19
22
22
19
23
595%
510%
432.8%
397.9%
425%
340%
255%
220.8%
170%
85%
-85%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
1,518
34,080
246
241
1,266
58,503
383
245
1,245
74,318
532
247
6,209
73,719
610
246
5,972
43,680
390
146
Price (Rupiah)
High
Low
Close
Close*
35,600
10,550
34,700
3,470
60,750
32,750
54,550
5,455
75,950
45,250
74,000
7,400
79,650
6,250
7,600
7,600
8,300
6,150
6,500
6,500
13.99
15.37
PER (X)
4.47
16.08
PER Industry (X)
3.52
4.48
PBV (X)
14.03
12.24
3.95
13.70
18.33
3.43
13.20
9.09
2.75
16
RESEARCH DIVISION
ASII

BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
Book End : December

Assets
8,732,000
7,005,000 13,111,000 11,055,000 14,512,000
Receivables
25,491,000 23,919,000 37,405,000 38,608,000 49,962,000
Inventories
7,282,000 10,842,000 11,990,000 15,285,000 14,780,000
Liabilities
200,000
160,000
Current Assets
36,595,000 46,843,000 65,978,000 75,799,000 83,352,000
Fixed Assets
21,941,000 24,363,000 28,604,000 34,326,000 36,435,000
Other Assets
Total Assets
739,000
612,000
1,043,000
1,824,000
2,203,000
88,938,000 112,857,000 153,521,000 182,274,000 197,159,000
26.89%
Growth (%)
36.03%
18.73%
8.17%
120,000
80,000
40,000
-
Current Liabilities
26,735,000 37,124,000 48,371,000 54,178,000 65,265,000
13,271,000 17,044,000 29,312,000 38,282,000 36,357,000
Total Liabilities
40,006,000 54,168,000 77,683,000 92,460,000 101,622,000
Growth (%)
35.40%
43.41%
19.02%
9.91%
Minority Interest
9,038,000
9,379,000
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
4,048
4,048
4,048
40,484
40,484
500
500
500
50
50
2009
Retained Earnings
35,586,000 44,731,000 55,628,000 66,289,000 68,856,000
Total Equity
39,894,000 49,310,000 75,838,000 89,814,000 95,537,000
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-09
53.80%
18.43%
6.37%
Dec-10
Dec-11
Dec-12
Jun-13
31.94%
25.06%
22,771,000 26,874,000 32,034,000 36,200,000 16,568,000
Expenses (Income)
10,015,000 12,149,000 14,202,000
Operating Profit
12,756,000 14,725,000 17,832,000
75,838
49,310
39,894
37,068
17,579
-1,911
2009
Income before Tax
8,302,000
4,314,000
15.44%
21.10%
(1.00)
1,410,000
7,940,000
16,402,000 21,031,000 25,772,000 27,898,000 12,254,000

4,695,000
5,156,000
2,125,000
Minority Interest
-2,404,000 -2,638,000
10,040,000 14,366,000 21,348,000 22,460,000
9,965,000
3,958,000
Growth (%)
43.09%
48.60%
5.21%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
136.88
126.18
136.40
139.91
127.71
Dividend (Rp)
830.00
470.00
1,980.00
216.00
EPS (Rp)
2,480.02
3,548.60
5,273.25
554.79
246.15
BV (Rp)
9,854.37
12,180.25
18,733.04
2,218.53
2,359.90
DAR (X)
0.45
0.48
0.51
0.51
0.52
DER(X)
1.00
1.10
1.02
1.03
1.06
ROA (%)
18.44
18.64
16.79
15.31
6.22
ROE (%)
41.11
42.65
33.98
31.06
12.83
GPM (%)
23.11
20.67
19.71
19.25
17.57
OPM (%)
12.95
11.33
10.97
NPM (%)
10.19
11.05
13.13
11.94
10.57
Payout Ratio (%)
33.47
13.24
37.55
38.93
2.39
0.86
2.68
2.84
Yield (%)
2012
Jun-13
188,053
188,053
162,564
129,991
149,690
98,526
94,279
72,965
34,602
-3,761
2009
Current Ratio (%)
RATIOS
2011
4,027,000
Tax
2010
111,327
1,079,000
95,537
15.68%
Gross Profit
Jun-13
76,047
75,755,000 103,117,000 130,530,000 151,853,000 77,711,000
Growth (%)
2012
89,814
98,526,000 129,991,000 162,564,000 188,053,000 94,279,000
Growth (%)
Cost of Revenues
23.60%
2011
56,558
Par Value
2010
2010
2011
2012
Jun-13

21,348
22,460
22,460
17,878
14,366
13,296
10,040
9,965
8,714
4,133
-449
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
17
COMPANY REPORT
ASRI
ALAM SUTERA REALTY TBK.
Company Profile
PT Alam Sutera Realty Tbk. was established on November 3rd, 1993. The Company
commenceditsoperationalactivityandpurchasedthelandin1999.
The Companys activities are developing and manage housing. The Company and its
subsidiariesdomiciledatWismaArgoManunggal,Jln.Jend.GatotSubrotoKav.22,Jakarta.
The Company owns land for development located at Serpong, Kabupaten Tangerang,
ProvinceofBantenandCianjur,ProvinceofWestJavaandstillonpurchasesoflandstage
forAlamSuteraResidentialprojectandownsseveralsubsidiaries.
ThemainrealestateprojectacquiredbytheCompanyandSubsidiariesrecentlyareAlam
SuteraResidentialprojectandSvarnaPadiprojectatPasarKemis,Tangerang.
AlamSuterabelievesthatallthedevelopmenteffortsmusttakeenvironmentalissuesinto
accountseriously.Theecofriendlydevelopmentmeantmorethanamarketinggimmick
it is the companys commitment. The Company is committed to do their part in the
handling of millions of tons of pollution in their environment every day, by setting an
examplehowtodevelopasustainablegreencommunity.
The Company has direct ownership in subsidiaries: PT Delta Mega Persada, PT Duta
Prakarsa Development, PT Nusa Cipta Pratama, PT Garuda Adhimatra Indonesia, PT
Tangerang Matra Real Estate, Alam Sutera International Pte. Ltd., and Alam Synergy Pte.
Ltd..
TheCompanyandsubsidiarieshad1,247employeesasofJune30th,2013.
August 2013
Disclaimer:
18
RESEARCH DIVISION
ASRI Alam Sutera Realty Tbk. [S]

Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Property And Real Estate (61)
As of 31 July 2013
:
666.667
Individual Index
:
19,649,411,888
Listed Shares
58 | 13.8T | 0.30% | 78.22%

17 | 17.1T | 1.55% | 48.48%
COMPANY HISTORY
Listing Date
: 18-Dec-2007
Under Writer IPO :
PT Ciptadana Securities
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Marzuki Usman
2. Harjanto Tirtohadiguno
3. Kristianto Sudiono
4. Pingki Elka Pangestu *)
5. Prasasto Sudyatmiko *)
BOARD OF DIRECTORS
1. Tri Ramadi
2. Andrew Charles Walker
3. Joseph Sanusi Tjong
4. Lilia Setiprawarti Sukotjo
5. Soelaeman Soemawinata
AUDIT COMMITTEE
1. Prasasto Sudyatmiko
2. Agus R. Panjaitan
3. Satino
CORPORATE SECRETARY
Hendra Kurniawan
HEAD OFFICE
Wisma Argo Manunggal 18th Fl.
Jln. Jend. Gatot Subroto Kav. 22
Jakarta - 12930
Phone : (021) 531-40628, 252-3838
Fax
: (021) 252-5050
Homepage
Email

1. PT Manunggal Prime Development
2. Tangerang Fajar Industrial Estate
3. UBS AG London A/C Delta 1-2140724002
4. PT Tangerang Fajar Industrial Estate
5. Public (<5%)
Bonus
Cash
2008
0.69
03-Jul-09
2009
1.05
20-Jul-10
2010
4.03
01-Jul-11
2011
6.13
05-Jul-12
2012
14.60 25-Jun-13
Ex Date
06-Jul-09
21-Jul-10
04-Jul-11
06-Jul-12
26-Jun-13
4,879,076,500
2,982,450,000
2,731,408,500
1,971,650,000
7,084,826,888
Recording
Date
09-Jul-09
23-Jul-10
06-Jul-11
10-Jul-12
28-Jun-13
:
:
:
:
:
24.83%
15.18%
13.90%
10.03%
36.06%
Payment
Date
24-Jul-09
06-Aug-10
20-Jul-11
24-Jul-12
12-Jul-13
F/I
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
Type of Listing
First Issue
Company Listing
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Additional Listing without RI
Shares
3,142,000,000
13,986,810,000
4,974,500
40,050,000
1,000,000
18,500,000
20,000,000
250,000
3,325,000
55,000,000
45,500,000
27,500,000
63,108,500
15,000,000
60,000,000
27,500,000
388
27,500,000
277,976,000
15,000,000
1,695,000
30,412,500
1,786,310,000
Listing
Date
18-Dec-07
18-Dec-07
11-Jun-09
18-Jun-09
19-Jun-09
22-Jun-09
28-Jul-09
12-Oct-09
14-Oct-09
23-Oct-09
27-Oct-09
28-Oct-09
29-Oct-09
03-Nov-09
24-Nov-09
26-Nov-09
03-Dec-09
10-Dec-09
14-Dec-09
15-Dec-09
21-Dec-09
28-Dec-09
25-Jan-12
Trading
Date
18-Dec-07
18-Aug-08
11-Jun-09
18-Jun-09
19-Jun-09
22-Jun-09
28-Jul-09
12-Oct-09
14-Oct-09
23-Oct-09
27-Oct-09
28-Oct-09
29-Oct-09
03-Nov-09
24-Nov-09
26-Nov-09
03-Dec-09
10-Dec-09
14-Dec-09
15-Dec-09
21-Dec-09
28-Dec-09
25-Jan-12
: www.alam-sutera.com
: corsec@alam-sutera.com
nathan@alam-sutera.com
RESEARCH DIVISION
19

Closing
Price*
Closing Price
Volume
(Mill. Sh)
1,200
7,200
1,050
6,300
900
5,400
750
4,500
600
3,600
450
2,700
300
1,800
150
900
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Property, Real Estate and Bulding Construction Index
Month
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Alam Sutera Realty Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
54
50
53
83
130
158
119
123
117
137
113
114
Low
50
50
50
50
70
101
100
111
106
98
101
100
Close
50
50
50
72
114
109
114
112
114
109
103
105
1,793
30
990
5,821
14,707
30,397
12,476
9,971
7,249
23,738
9,041
11,803
48,056
1,888
51,904
252,724
1,139,599
2,641,694
803,262
876,875
436,225
3,482,747
811,569
1,381,676
2,441
84
2,533
15,934
128,510
332,460
90,137
102,849
49,372
394,360
86,769
146,990
11
10
16
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
118
141
171
225
225
195
220
210
210
290
320
310
103
108
132
164
132
162
178
177
180
200
265
275
109
136
164
215
170
183
205
178
205
265
280
295
10,132
23,405
18,621
36,473
34,855
17,755
16,716
18,700
25,103
27,171
19,783
12,442
1,684,788
4,589,029
3,365,306
5,312,287
9,896,529
2,199,381
2,882,832
1,740,934
2,333,177
3,606,905
2,309,919
1,004,337
184,241
592,735
497,356
1,058,509
1,842,298
391,028
575,462
336,021
455,386
906,899
673,270
295,880
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
310
255
290
305
325
345
450
450
440
500
470
480
230
225
240
265
280
305
315
360
340
340
395
430
245
245
285
295
310
325
420
420
385
435
425
460
19,196
9,005
12,373
10,749
12,896
12,324
21,840
24,237
25,423
45,657
31,786
18,406
1,651,106
590,906
937,975
1,006,591
1,311,172
1,143,722
2,374,352
2,168,218
2,016,360
3,459,789
2,106,554
1,383,018
445,752
142,983
249,543
287,673
398,549
370,811
899,084
894,522
811,334
1,508,461
934,363
628,154
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
520
610
630
650
620
570
520
495
520
580
620
640
455
480
560
560
510
455
455
430
410
470
550
550
485
570
620
600
540
490
460
440
495
580
610
600
24,608
26,234
22,571
28,484
22,850
27,226
27,925
28,541
30,974
26,538
15,187
15,745
3,163,247
3,013,912
2,116,918
1,831,503
1,453,973
4,923,539
1,557,100
1,985,545
2,734,556
2,210,093
2,653,169
1,766,756
1,462,365
1,651,814
1,272,835
1,099,178
832,432
2,336,855
754,451
910,746
1,274,455
1,173,362
1,535,319
1,065,978
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
810
970
1,160
1,090
1,130
1,080
800
600
750
930
970
1,020
720
650
770
930
1,070
1,050
1,060
750
700
28,260
26,881
36,275
41,384
43,176
65,671
45,919
2,758,752
1,503,613
2,093,327
2,555,637
2,136,655
4,696,607
1,984,976
2,724,524
1,299,168
2,178,327
2,636,209
2,296,257
4,021,982
1,452,171
21
20
19
22
22
19
23
2,170%
1,860%
1,550%
1300.0%
1,240%
930%
620%
316.0%
220.8%
310%
-310%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
11,928
1,352
128
219
40,925
7,809
261
245
20,150
7,571
244
247
29,410
15,370
297
246
17,730
16,609
288
146
158
50
105
105
320
103
295
295
500
225
460
460
650
410
600
600
1,160
600
700
700
19.95
18.14
PER (X)
18.12
9.97
PER Industry (X)
0.97
2.39
PBV (X)
13.63
11.09
2.95
9.69
17.34
2.49
9.23
20.12
2.65
Price (Rupiah)
High
Low
Close
Close*
20
RESEARCH DIVISION

Public Accountant : Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan (Member of PKF International Ltd)
BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
430,593
732,357
844,906
1,641,316
1,671,119
25,512
14,693
21,596
29,721
41,580
Inventories
1,841,950
2,186,131
2,395,213
1,661,094
2,744,338
Investment
28,827
57,476
Fixed Assets
50,900
148,063
341,514
708,121
765,865
Other Assets
72,449
322,433
806,319
11,619
47,628
Total Assets
3,559,965
4,587,986
Receivables
Book End : December

Assets
Liabilities
13,750
11,000
Growth (%)
6,007,548 10,946,417 13,623,415
28.88%
30.94%
82.21%
24.46%
8,250
5,500
2,750
-
Trade Payable
19,063
26,212
35,519
35,257
69,336
Total Liabilities
1,624,837
2,371,566
3,220,676
6,214,543
8,433,713
45.96%
35.80%
92.96%
35.71%
7,705
8,116
Authorized Capital
2,400,000
24,000
2,400,000
2,400,000
2,400,000
Paid up Capital
1,786,310
1,786,310
1,786,310
1,964,941
1,964,941
17,863
17,863
17,863
19,649
19,649
Growth (%)
2009
2010
2011
2012
Jun-13

Minority Interest

Par Value
100
100
100
100
100
167,392
448,273
977,938
2,050,204
2,510,799
5,190
4,732
5,190
4,131
2,787
3,072
Retained Earnings
Total Equity
1,927,423
Growth (%)
2,208,305
2,786,872
4,731,875
5,189,702
14.57%
26.20%
69.79%
9.68%
1,927
2,208
2,014
955
INCOME STATEMENTS
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
Total Revenues
403,627
765,213
1,381,046
2,446,414
1,822,995
89.58%
80.48%
77.14%
566,656
979,517
740,417
Growth (%)
Cost of Revenues
241,599
349,046
Gross Profit
162,029
416,167
814,391
1,466,897
1,082,579
51,388
73,088
120,770
212,884
140,463
343,079
693,620
1,254,013
942,116
210.08%
102.18%
80.79%
-104
2009
2010
2011
2012
Jun-13

2,446
2,446
Operating Expenses
Operating Profit
110,641
Growth (%)
1,823
1,947
1,381
1,448

Income before Tax
Tax
7,170
-12,897
-22,477
90,182
-105,221
117,811
330,182
671,143
1,344,195
836,895
23,634
39,287
68,407
128,103
92,186
-157
-411
744,709
765
949
404
450
Minority Interest
Comprhensive Income
94,021
Growth (%)
290,484
602,737
1,216,092
208.96%
107.49%
101.76%
2009
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
Dividend (Rp)
1.05
4.03
6.13
14.60
EPS (Rp)
5.26
16.26
33.74
61.89
37.90
BV (Rp)
107.90
123.62
156.01
240.82
264.11
DAR (X)
0.46
0.52
0.54
0.57
0.62
DER(X)
0.84
1.07
1.16
1.31
1.63
RATIOS
-49
2010
3.31
7.20
11.17
12.28
6.14
ROE (%)
6.11
14.95
24.08
28.41
16.13
GPM (%)
40.14
54.39
58.97
59.96
59.38
OPM (%)
27.41
44.83
50.22
51.26
51.68
NPM (%)
23.29
37.96
43.64
49.71
40.85
Payout Ratio (%)
19.95
24.78
18.17
23.59
1.00
1.37
1.33
2.43
Yield (%)
2012
Jun-13

1,216
1,216
968
745
603
720
ROA (%)
2011
472
290
224
94
-24
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
21
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.
BankbeganoperationsinbankingsincethedateofOctober12,1956.TheBankoperates
asacommercialbank.Bankengagedinbankingandotherfinancialservicesinaccordance
withtheregulationsapplicableinIndonesia.
As of 30 June 2013, BCA had 941 domestics branches and 2 overseas representatives
locatedinSingaporeandHongKong.
BCAhasdirect and indirectownership in subsidiaries:BCA Finance, BCA Finance Limited,
PTBankBCASyariah,andPTBCASekuritas.,
Asof30June2013,BCAhad20,572permanentemployees.
August 2013
Disclaimer:
22
RESEARCH DIVISION
BBCA Bank Central Asia Tbk.

Main Board
Industry Sector : Finance (8)
Industry Sub Sector : Bank (81)
As of 31 July 2013
:
5,942.857
Individual Index
:
24,408,459,120
Listed Shares
3 | 253.8T | 5.54% | 19.13%

9 | 27.7T | 2.51% | 34.10%
COMPANY HISTORY
Established Date : 10-Aug-1955
Listing Date
: 31-May-2000
Under Writer IPO :
PT Bahana Securities
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Djohan Emir Setijoso
2. Cyrillus Harinowo *)
3. Raden Pardede *)
4. Sigit Pramono *)
5. Tonny Kusnadi
BOARD OF DIRECTORS
1. Jahja Setiaatmadja
2. Anthony Brent Elam
3. Armand Wahyudi Hartono
4. Dhalia Mansor Ariotedjo
5. Erwan Yuris Ang
6. Eugene Keith Galbraith
7. Henry Koenaifi
8. Renaldo Hector Barros
9. Subur Tan
10. Suwignyo Budiman
AUDIT COMMITTEE
1. Sigit Pramono
2. Ilham Ikhsan
3. Inawaty Suwardi
CORPORATE SECRETARY
Inge Setiawati

1. UOB Kay Hian Private Limited For Farindo Investment 11,125,990,000 :
2. Public (<5%)
13,282,469,120 :
Bonus
Cash
85.00 14-Nov-01
2001
140.00 29-Oct-02
2001
2002
225.00 03-Dec-03
2003
225.00 30-Jun-04
2004
50.00 22-Nov-04
2005
80.00
19-Jul-05
2005
50.00 06-Oct-05
2005
90.00 06-Jun-06
2006
115.00 08-Jun-07
2006
55.00 10-Oct-06
2007
55.00 29-Nov-07
2007
63.50 12-Jun-08
2008
35.00 15-Jan-09
2008
65.00 09-Jun-09
2009
40.00 12-Nov-09
2009
70.00 31-May-10
42.50 19-Nov-10
2010
2010
70.00 06-Jun-11
2011
43.50 06-Dec-11
2011
113.50 08-Jun-12
2012
43.50 03-Dec-12
2012
71.00 28-May-13
Recording
Date
20-Nov-01
01-Nov-02
08-Dec-03
06-Jul-04
25-Nov-04
22-Jul-05
11-Oct-05
09-Jun-06
13-Jun-07
13-Oct-06
04-Dec-07
17-Jun-08
20-Jan-09
12-Jun-09
17-Nov-09
03-Jun-10
24-Nov-10
09-Jun-11
09-Dec-11
13-Jun-12
06-Dec-12
31-May-13
Ex Date
15-Nov-01
30-Oct-02
04-Dec-03
01-Jul-04
23-Nov-04
20-Jul-05
07-Oct-05
07-Jun-06
11-Jun-07
11-Oct-06
30-Nov-07
13-Jun-08
16-Jan-09
10-Jun-09
13-Nov-09
01-Jun-10
22-Nov-10
07-Jun-11
07-Dec-11
11-Jun-12
04-Dec-12
29-May-13
45.58%
54.42%
Payment
Date
04-Dec-01
15-Nov-02
19-Dec-03
20-Jul-04
08-Dec-04
05-Aug-05
25-Oct-05
23-Jun-06
27-Jun-07
03-Nov-06
18-Dec-07
01-Jul-08
30-Jan-09
26-Jun-09
02-Dec-09
17-Jun-10
09-Dec-10
23-Jun-11
23-Dec-11
27-Jun-12
20-Dec-12
17-Jun-13
F
F
F
F
F
F
F
I
I
I
F
I
F
I
F
I
F
I
F
I
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
Type of Listing
First Issue
Company Listing
Stock Split
Option Conversion
Option Conversion MSOP
Partial Delisting
Shares
662,400,000
2,252,146,140
21,199,350,480
210,852,000
89,226,500
-5,516,000
T:
T:
T:
T:
Listing
Date
31-May-00
31-May-00
15-May-01
29-Nov-01
04-Aug-03
04-Jan-08
:
:
:
:
Trading
Date
31-May-00
11-Jan-01
28-Jan-08
09-Nov-06
29-Sep-04
04-Jan-08
HEAD OFFICE
Menara BCA 20th Fl. Grand Indonesia
Jln. M.H. Thamrin No. 1
Jakarta - 10310
Phone : (021) 571-1250
Fax
: (021) 570-1865
Homepage
Email
F/I
: www.klikbca.com
: inge_setiawati@bca.co.id
RESEARCH DIVISION
23

Closing
Price*
Closing Price
Volume
(Mill. Sh)
12,000
1,600
10,500
1,400
9,000
1,200
7,500
1,000
6,000
800
4,500
600
3,000
400
1,500
200
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Finance Index
Month
Volume
Value
Freq.
Day
TRADING ACTIVITIES

Bank Central Asia Tbk.
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
3,700
2,850
3,250
3,625
3,600
4,025
3,850
4,425
4,850
5,500
4,825
5,000
Low
2,700
2,300
2,275
3,025
3,125
3,375
3,425
3,775
4,200
4,200
4,475
4,625
Close
2,750
2,350
3,100
3,350
3,375
3,525
3,775
4,250
4,625
4,575
4,800
4,850
17,115
20,677
21,306
11,163
14,114
21,528
22,832
13,588
11,902
28,357
11,571
10,931
320,742
304,305
379,623
370,414
308,689
591,992
1,534,744
737,603
249,379
475,011
196,442
176,025
954,024
768,926
1,065,972
1,233,010
1,045,032
2,168,983
5,393,084
3,117,609
1,107,036
2,254,212
922,021
847,413
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
5,150
5,100
5,850
6,200
5,600
6,000
6,300
6,150
6,900
7,100
7,200
6,750
4,725
4,425
4,800
5,400
4,825
5,250
5,500
5,650
5,850
6,550
6,050
6,150
5,000
4,875
5,500
5,450
5,550
5,950
5,950
5,800
6,700
7,000
6,050
6,400
13,903
14,815
12,983
14,597
26,162
14,774
12,580
13,290
13,878
17,064
23,971
29,198
203,974
258,457
370,441
594,084
473,921
250,339
203,533
194,802
234,257
266,959
298,407
935,024
1,004,908
1,222,503
1,962,251
3,341,963
2,472,420
1,413,108
1,205,702
1,156,077
1,497,921
1,829,882
2,031,688
6,186,651
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
6,650
6,450
7,000
7,700
7,500
7,700
8,500
8,850
8,500
8,150
8,400
8,250
5,300
5,550
6,300
6,800
7,000
7,000
7,550
7,250
6,950
7,050
7,450
7,700
5,650
6,300
6,950
7,400
7,100
7,650
8,300
8,000
7,700
8,100
7,900
8,000
36,521
19,474
21,965
16,724
19,416
17,083
22,050
37,790
33,396
29,893
28,088
17,092
515,715
309,683
301,403
217,742
205,970
216,573
235,954
465,218
339,968
311,498
360,677
193,852
3,024,334
1,855,713
2,028,622
1,561,623
1,481,677
1,572,104
1,889,559
3,714,097
2,651,632
2,412,690
2,850,162
1,543,490
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
8,250
8,250
8,150
8,250
8,100
7,500
8,050
8,050
8,150
8,250
9,400
9,500
7,850
7,200
7,450
7,750
7,000
6,750
7,250
7,650
7,750
7,800
8,150
8,750
8,000
7,600
8,000
8,000
7,000
7,300
8,000
7,750
7,900
8,200
8,800
9,100
20,524
34,730
20,067
14,002
22,561
21,978
20,559
16,480
17,988
15,210
17,126
19,730
284,722
493,690
215,749
236,761
398,309
289,274
343,483
430,418
284,480
322,195
247,495
231,033
2,292,976
3,726,985
1,685,625
1,894,521
2,996,959
2,085,318
2,611,726
3,358,206
2,266,305
2,599,470
2,149,295
2,098,035
21
21
21
20
21
21
22
19
20
22
20
18
9,750 8,850 9,650

11,300 9,650 11,000
11,400 10,400 11,400
11,250 10,450 10,750
11,150 10,350 10,350
10,350 8,900 10,000
10,450 9,100 10,400
22,825
22,323
27,863
25,790
26,204
46,266
31,898
280,620
662,141
259,577
316,861
253,379
521,956
236,737
2,589,237
6,634,281
2,789,619
3,437,786
2,749,582
5,000,323
2,350,258
21
20
19
22
22
19
23
280%
240%
220.8%
220.3%
197.1%
200%
160%
120%
80%
40%
-40%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
5,645
20,877
205
241
4,284
25,325
207
245
3,674
26,586
299
247
3,778
29,765
241
246
2,531
25,551
203
146
5,500
2,275
4,850
4,850
7,200
4,425
6,400
6,400
8,850
5,300
8,000
8,000
9,500
6,750
9,100
9,100
11,400
8,850
10,400
10,400
17.57
18.61
PER (X)
12.35
16.00
PER Industry (X)
4.29
4.63
PBV (X)
18.31
6.61
4.69
18.86
6.58
4.32
23.10
11.80
4.45
Price (Rupiah)
High
Low
Close
Close*
24
RESEARCH DIVISION
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13

Public Accountant : Siddharta & Widjaja (Member of KPMG International)
BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Book End : December
Jun-13

Assets
9,639,057 10,355,620 11,054,208 11,745,047
462,500
Placements with Other Banks 5,259,335 61,326,849 43,010,506 28,802,130 21,078,042

69,562,763 21,159,270 22,166,868 47,310,371 33,755,464
Marketable Securities
370,000
Cash on Hand
Loans
Investment
8,865,151
119,595,661 150,016,746 198,440,354 252,760,457 275,849,853
1,952
38,501
171,728
104,246
157,745
Fixed Assets
2,971,269
3,406,957
4,144,659
6,406,625
6,844,801
Other Assets
3,325,651
3,682,901
4,185,031
6,265,653
5,936,475
Total Assets
282,392,294 324,419,069 381,908,353 442,994,197 458,024,390
14.88%
Growth (%)
17.72%
15.99%
3.39%
277,500
185,000
92,500
-
Deposits
247,628,653 277,530,635 326,894,554 372,837,307 381,147,267
Taxes Payable
269,334
493,337
432,101
216,614
Fund Borrowings
730,333
448,721
449,188
128,018
481,294
2,375,459
2,812,014
3,483,582
5,620,847
6,303,416
Other Liabilities
Total Liabilities
14.06%
17.07%
14.77%
2.38%
5,500,000
5,500,000
5,500,000
5,500,000
5,500,000
Paid up Capital
1,540,938
1,540,938
1,540,938
1,540,938
1,540,938
24,655
24,655
24,655
24,655
24,655
63
63
63
63
63
Retained Earnings
22,587,283 28,528,020 36,581,874 45,534,178 50,104,743
Total Equity
27,856,693 34,107,844 42,027,340 51,897,942 57,629,979
Growth (%)
INCOME STATEMENTS
Total Interest Income
2011
2012
Dec-09
57,630
22.44%
23.22%
23.49%
11.04%
Dec-10
Dec-11
Dec-12
Jun-13
-9.90%
18.91%
17.58%
51,898
57,630
42,027
45,873
34,108
27,857
22,360
10,604
-1,153
2009
22,931,153 20,660,602 24,566,852 28,885,290 15,731,522
Growth (%)
Jun-13
34,117
Par Value
2010
322,965
Authorized Capital
2009
254,535,601 290,311,225 339,881,013 390,067,244 399,335,662
Growth (%)
Minority Interest
Liabilities
2010
2011
2012
Jun-13

28,885
Interest Expenses
8,031,428
7,723,774
7,730,157
7,647,167
3,453,220
Other Operating Revenue
4,348,342
7,359,500
7,213,378
6,375,833
3,435,119
Other Operating Expenses
8,471,235
9,571,893 10,913,969 12,859,718
7,991,321
Income from Operations
8,518,883 10,400,190 13,296,775 14,255,568
7,722,100
22.08%
27.85%
7.21%
253,079
321,983
430,478
201,588
Income Before Tax
8,945,092 10,653,269 13,618,758 14,686,046
7,923,688
Provision for Income Tax
2,137,850
2,173,996
2,800,960
2,967,586
1,599,097
8,479,273 10,770,209 11,898,523
5,550,014
Growth (%)
28,885
24,567
22,931
20,661
22,993
15,732
17,100
11,207
Non-Operating Revenues
Minority Interest
426,209
6,807,242
24.56%
27.02%
10.48%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
110.00
112.50
157.00
114.50
Growth (%)
5,315
-578
2009
2010
2011
2012
Jun-13
RATIOS
Dividend (Rp)
276.10
343.92
436.84
482.60
225.11
BV (Rp)
1,129.86
1,383.40
1,704.62
2,104.97
2,337.46
DAR (X)
0.90
0.89
0.89
0.88
0.87
DER(X)
9.14
8.51
8.09
7.52
6.93
ROA (%)
3.17
3.28
3.57
3.32
1.73
ROE (%)
32.11
31.23
32.40
28.30
13.75
OPM (%)
37.15
50.34
54.12
49.35
49.09
NPM (%)
29.69
41.04
43.84
41.19
35.28
Payout Ratio (%)
39.84
32.71
35.94
23.73
2.27
1.76
1.96
1.26
EPS (Rp)
Yield (%)
11,899
10,770
11,899
8,479
9,471
6,807
7,044
5,550
4,617
2,189
-238
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
25
COMPANY REPORT
BBNI
BANK NEGARA INDONESIA
(PERSERO) TBK.
Company Profile
PTBankNegaraIndonesia(Persero)Tbk.wasoriginallyestablishedinIndonesiaasacentral
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.
AsofJune30th,2013,BNIhad168domesticbranches,912domesticsubbranches,and556
other outlet. In addition, BNIs network also included 4 overseas branches located in
Singapore,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 June 30th, 2013, BNI had 21,136 permanent employees and 4,556 nonpermanent
employees.
August 2013
Disclaimer:
26
RESEARCH DIVISION
BBNI Bank Negara Indonesia (Persero) Tbk.

Main Board
As of 31 July 2013
:
20.561
Individual Index
:
18,462,169,893
Listed Shares
11 | 78.9T | 1.72% | 47.13%

10 | 25.4T | 2.31% | 36.41%
COMPANY HISTORY
Listing Date
: 25-Nov-1996
Under Writer IPO :
PT BNI Securities
PT Pentasena Arthasentosa
PT Datindo Entrycom
Wisma Sudirman - Puri Datindo
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Peter Benyamin Stock *)
2. A. Pandu Djajanto
3. Achil Ridwan Djayadiningrat *)
4. B.S. Kusmuljono *)
5. Bagus Rumbogo
6. Fero Poerbonegoro *)
7. Tirta Hidayat
BOARD OF DIRECTORS
1. Gatot Mudhiantoro Suwondo
2. Adi Setianto
3. Ahdi Jumhari Luddin
4. Darmadi Sutanto
5. Felia Salim
6. Honggo Widjoyo Kangmasto
7. Krishna R. Suparto
8. Sutanto
9. Sutirta Budiman
10. Suwako Singoastro
11. Yap Tjay Soen

1. Negara Republik Indonesia
2. Public (<5%)
11,189,193,875 :
7,272,976,018 :
Bonus
Cash
1996
13.00 06-May-97
1997
14.00 30-Jun-98
2001
4.41 09-Oct-02
2002
6.30 23-Oct-03
2003
23.71
01-Jul-04
2005
118.07 23-Jun-05
2005
53.26 15-Jun-06
2006
72.50 19-Jun-07
2007
29.40 17-Jun-08
2008
8.00 18-Jun-09
2009
9.44 25-Nov-09
2009
47.48 08-Jun-10
2010
65.98 10-Jun-11
2011
62.48 10-May-12
2012
113.35 26-Apr-13
Ex Date
07-May-97
01-Jul-98
10-Oct-02
24-Oct-03
02-Jul-04
24-Jun-05
16-Jun-06
20-Jun-07
18-Jun-08
19-Jun-09
26-Nov-09
09-Jun-10
13-Jun-11
11-May-12
29-Apr-13
Recording
Date
16-May-97
10-Jul-98
14-Oct-02
28-Oct-03
07-Jul-04
28-Jun-05
20-Jun-06
22-Jun-07
20-Jun-08
23-Jun-09
01-Dec-09
11-Jun-10
15-Jun-11
15-May-12
01-May-13
60.61%
39.39%
Payment
Date
14-Jun-97
08-Aug-98
28-Oct-02
05-Nov-03
21-Jul-04
07-Jul-05
04-Jul-06
02-Jul-07
04-Jul-08
07-Jul-09
11-Dec-09
25-Jun-10
30-Jun-11
30-May-12
16-May-13
F
F
F
F
F
F
F
F
F
I
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Type of Listing
Negara RI (Seri A)
First Issue
Company Listing
Partial Delisting
Right Issue
Additional Listing
Partial Delisting
Reverse Split
Right Issue
Partial Delisting
Right Issue
Shares
1
1,085,032,000
3,255,095,999
-43,401,280
151,904,480,000
41,375,391,255
-343,540,085
-184,084,187,364
1,974,563,625
-2,233,046
3,340,968,788
Listing
Date
25-Nov-96
25-Nov-96
25-Nov-96
02-Jul-99
05-Jul-99
20-Apr-01
12-Dec-01
23-Dec-03
13-Aug-07
31-Aug-07
29-Dec-10
Trading
Date
00-Jan-00
25-Nov-96
28-Jun-97
02-Jul-99
05-Jul-99
20-Apr-01
12-Dec-01
23-Dec-03
13-Aug-07
31-Aug-07
29-Dec-10
AUDIT COMMITTEE
1. Achil Ridwan Djayadiningrat
2. Bambang Hendrajatin
3. Darminto
CORPORATE SECRETARY
Tribuana Tunggadewi
HEAD OFFICE
Gedung BNI 24th Fl.
Jln. Jend. Sudirman Kav. 1
Jakarta - 10220
Phone : (021) 251-1946
Fax
: (021) 251-1214, 1961, 1075, 572-8805, 8053, 8295
Homepage
Email
F/I
: www.bni.co.id
: tribuana.tunggadewi@bni.co.id
RESEARCH DIVISION
27

Closing
Price*
Closing Price
Volume
(Mill. Sh)
5,600
3,200
4,900
2,800
4,200
2,400
3,500
2,000
2,800
1,600
2,100
1,200
1,400
800
700
400
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Finance Index
Month
Volume
Value
Freq.
Day
TRADING ACTIVITIES

Bank Negara Indonesia (Persero) Tbk.
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
840
780
770
1,260
1,690
1,830
1,920
2,050
2,125
2,150
2,050
2,075
Low
690
670
640
740
1,230
1,510
1,660
1,840
1,840
1,760
1,770
1,880
Close
770
700
720
1,250
1,570
1,720
1,890
1,940
2,125
1,850
2,025
1,980
16,639
5,986
9,999
23,047
28,011
23,069
20,313
27,579
16,195
17,868
19,767
11,296
802,769
218,134
344,639
1,200,420
1,218,563
838,389
693,316
982,226
579,036
515,013
584,374
420,760
610,446
159,891
247,177
1,190,105
1,808,999
1,422,751
1,236,996
1,907,134
1,169,100
1,023,538
1,136,745
839,980
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
2,025
1,960
2,350
2,600
2,575
2,525
3,100
3,475
4,000
4,150
4,100
5,100
1,890
1,730
1,850
2,225
2,200
2,300
2,275
2,875
3,350
3,625
3,625
3,600
1,930
1,910
2,275
2,600
2,500
2,350
3,025
3,475
3,675
3,900
4,050
3,875
10,453
12,968
16,181
10,596
11,196
7,563
13,283
13,428
20,103
18,266
14,479
35,752
230,206
453,565
288,634
536,732
777,770 1,631,702
657,589 1,574,987
549,945 1,317,421
331,047
798,275
549,744 1,513,592
1,183,682 3,617,166
597,806 2,183,192
347,336 1,342,999
465,575 1,784,933
4,036,939 14,493,792
20
19
22
21
19
22
22
20
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
3,925
3,575
4,000
4,175
4,100
3,900
4,500
4,600
4,250
4,125
4,050
4,025
3,075
3,150
3,550
3,850
3,750
3,550
3,775
3,700
2,975
3,125
3,550
3,675
3,225
3,550
3,975
4,050
3,875
3,875
4,450
4,125
3,725
4,025
3,800
3,800
28,789
15,096
22,145
20,942
18,988
20,760
21,591
26,054
34,141
35,268
25,267
20,690
1,025,789
458,732
678,079
550,731
514,867
472,644
700,897
792,573
652,860
851,192
593,385
576,138
3,525,260
1,557,467
2,531,016
2,197,504
2,001,771
1,783,047
2,850,203
3,298,381
2,428,834
3,126,593
2,292,416
2,232,935
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
3,950
3,775
4,000
4,225
4,050
3,850
3,975
4,000
3,975
3,950
3,850
3,800
3,600
3,325
3,625
3,825
3,575
3,500
3,725
3,625
3,725
3,775
3,525
3,525
3,625
3,775
4,000
4,025
3,700
3,825
3,975
3,725
3,925
3,850
3,700
3,700
33,481
49,190
22,662
17,676
15,982
12,717
13,102
16,897
16,128
14,881
20,135
16,684
1,088,649
1,450,572
523,737
488,524
420,781
317,367
357,854
480,873
490,626
500,990
446,149
497,250
4,024,984
5,117,308
2,006,312
1,941,702
1,619,666
1,188,374
1,381,432
1,833,994
1,896,606
1,933,721
1,632,538
1,805,016
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
3,925
4,625
5,100
5,450
5,600
4,900
4,425
3,650
3,950
4,475
4,850
4,875
3,975
3,775
3,925
4,600
5,050
5,400
4,875
4,300
4,275
21,824
24,739
30,569
30,309
33,765
46,190
34,934
618,278
733,921
659,186
640,452
679,580
901,397
583,563
2,347,177
3,138,250
3,126,953
3,265,931
3,560,565
4,012,428
2,426,709
21
20
19
22
22
19
23
770%
660%
550%
521.7%
440%
330%
220.8%
220.3%
220%
110%
-110%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
8,398
12,753
220
241
10,016
31,248
184
244
7,868
29,825
290
247
7,063
26,382
250
246
4,816
21,878
222
146
2,150
640
1,980
1,891
5,100
1,730
3,875
3,875
4,600
2,975
3,800
3,800
4,225
3,325
3,700
3,700
5,600
3,650
4,275
4,275
12.17
17.62
PER (X)
12.35
16.00
PER Industry (X)
1.58
2.18
PBV (X)
11.83
6.61
1.87
9.58
6.58
1.59
14.77
11.80
1.81
Price (Rupiah)
High
Low
Close
Close*
28
RESEARCH DIVISION

Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
4,903,316
5,480,703
6,197,731
7,969,378
6,257,785
350,000

19,197,927 13,181,480 7,627,768 9,800,970 9,617,345
280,000
BALANCE SHEET
Cash on Hand
Loans
Investment

Assets
113,922,685 129,399,567 163,533,423 193,834,670 215,767,506
51,267
24,398
24,335
24,026
37,696
Fixed Assets
3,707,940
3,838,079
4,052,708
4,591,588
4,943,870
Other Assets
2,898,406
4,162,883
4,655,153
3,312,032
4,347,797
Total Assets
227,496,967 248,580,529 299,058,161 333,303,506 343,791,588
9.27%
Growth (%)
20.31%
11.45%
3.15%
Taxes Payable
Fund Borrowings
140,000
70,000
Other Liabilities
Total Liabilities
192,288,136 197,700,436 238,314,269 260,906,084 270,528,804
94,036
182,128
145,021
171,716
305,809
5,569,805
5,623,480
8,725,796
8,749,762
8,002,634
5,133,675
6,403,952
6,750,931
4,158,421
4,645,337
Authorized Capital
2009
2010
2011
3.41%
21.25%
10.93%
3.42%
29,899
2012
Jun-13
208,322,445 215,431,004 261,215,137 289,778,215 299,685,611
Growth (%)
Minority Interest
Liabilities
210,000
Deposits
Book End : December
43,525
44,106
2012
Jun-13
44,106
37,843
33,120
35,108
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

26,111
Paid up Capital
Par Value
Retained Earnings
Total Equity
7,789,288
9,054,807
9,054,807
9,054,807
9,054,807
15,274
18,649
18,649
18,649
18,649
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
4,662,449
INCOME STATEMENTS
9,990,436 14,422,051 20,070,536 22,235,779
8,115
19,143,582 33,119,626 37,843,024 43,525,291 44,105,977
Growth (%)
19,144
17,113
Dec-09
73.01%
14.26%
15.02%
1.33%
Dec-10
Dec-11
Dec-12
Jun-13
-882
2009
19,446,766 18,837,397 20,691,796 22,704,515 12,232,132
Growth (%)
-3.13%
9.84%
9.73%
2010
2011

22,705
Interest Expenses
8,313,998
7,116,680
7,495,982
7,245,524
3,335,721
4,295,385
7,061,053
7,601,475
8,445,813
4,554,631
7,991,230
9,643,357 11,134,002 12,739,104
6,605,106
3,386,114
5,509,018
7,242,583
8,641,023
5,203,623
62.69%
31.47%
19.31%
57,835
-23,558
218,725
258,539
105,749
3,443,949
5,485,460
7,461,308
8,899,562
5,309,372
957,230
1,382,262
1,653,090
1,851,200
1,028,866
-2,724
-1,492
2,483,995
4,101,706
5,991,144
7,202,604
2,697,980
65.13%
46.06%
20.22%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
56.92
65.98
62.48
113.35
Growth (%)
20,692
22,705
19,447
18,837
18,073
12,232
13,441
8,809
Income Before Tax
Minority Interest
Growth (%)
4,178
-454
2009
2010
2011
2012
Jun-13
RATIOS
Dividend (Rp)
162.63
219.95
321.26
386.23
144.67
1,253.35
1,775.98
2,029.26
2,333.96
2,365.10
DAR (X)
0.92
0.87
0.87
0.87
0.87
DER(X)
10.88
6.50
6.90
6.66
6.79
EPS (Rp)
BV (Rp)
ROA (%)
1.51
2.21
2.49
2.67
1.54
ROE (%)
17.99
16.56
19.72
20.45
12.04
OPM (%)
17.41
29.25
35.00
38.06
42.54
NPM (%)
12.77
21.77
28.95
31.72
22.06
Payout Ratio (%)
35.00
30.00
19.45
29.35
2.87
1.70
1.64
3.06
Yield (%)
7,203
7,203
5,991
5,733
4,102
4,264
2,795
2,698
2,484
1,325
-144
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
29
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)upuntilnow.TheGovernmentofTheRepublicIndonesiaisthemajority
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)inordertosupporttheeconomyofthepeople.Second,
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
CorporateGovernance.Third,tocreateoptimalvaluesandbenefitsforitsstakeholders.
Sinceitsinception,BRIhascommitmenttofocusonbankingservicesinmicro,small,and
mediumenterprises(MSMEs).Thiscommitmentisreflectedintheallocationofloansfor
thesectorsthataffectthelivelihoodofthepopulationandotherfinancialservicesthatthe
Bankofferstothecommunity.
As of June 30th, 2013, BRI had 18 regional offices, 17 inspection offices, 442 domestic
branches,1specialbranch,549subbranchoffices,3overseasbranches,929cashoffices,
5,019BRIunits,2,002terraces,and354mobileterraces.TheBankhad37,942permanent
employees, 40,152 nonpermanent employees, and 36,911 contract employees. BRI has
ownershipinsubsidiaries:PTBankBRISyariah,PTBankRakyatIndonesiaAgroniagaTbk.,
andBRIRemittanceCo.Ltd.HongKong.
August 2013
Disclaimer:
30
RESEARCH DIVISION
BBRI Bank Rakyat Indonesia (Persero) Tbk.

Main Board
As of 31 July 2013
:
1,885.714
Individual Index
:
24,422,470,380
Listed Shares
7 | 201.5T | 4.40% | 38.54%

2 | 58.8T | 5.33% | 11.09%
COMPANY HISTORY
Established Date : 16-Dec-1895
Listing Date
: 10-Nov-2003
Under Writer IPO :
PT Bahana Securuties
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Bunasor Sanim *)
2. Adhyaksa Dault *)
3. Ahmad Fuad *)
4. Aviliani *)
5. Hermanto Siregar
6. Heru Lelono
7. Mustafa Abubakar
8. Vincentius Sonny Loho
BOARD OF DIRECTORS
1. Sofyan Basir
2. Agus Toni Soetirto
3. Achmad Baiquni
4. Asmawi Syam
5. Djarot Kusumayakti
6. Gatot Mardiwasisto
7. Lenny Sugihat
8. Randi Anto
9. Sarwono Sudarto
10. Sulaiman Arif Arianto
11. Suprajarto
AUDIT COMMITTEE
1. Bunasor Sanim
2. Adhyaksa Dault
3. Ahmad Fuad, Vincentius Sonny Loho
4. Dedi Budiman Hakim
5. H.C. Royke Singgih
6. Hermanto Siregar
7. Syahrir Nasution
8. Vincentius Sonny Loho
CORPORATE SECRETARY
Muhamad Ali

2. Public (<5%)
14,000,000,000 :
10,422,470,380 :
Bonus
Cash
2003
84.19
06-Jul-04
2005
152.88 16-Jun-05
2005
156.18 21-Jun-06
2006
173.04 13-Jun-07
2007
196.34 18-Jun-08
2008
168.82 16-Jun-09
2009
132.08 28-Jun-10
2010
45.93 17-Dec-10
2010
70.04 27-May-11
2011
122.28 26-Apr-12
2012
225.23 26-Mar-13
Ex Date
07-Jul-04
17-Jun-05
22-Jun-06
14-Jun-07
19-Jun-08
17-Jun-09
29-Jun-10
20-Dec-10
30-May-11
27-Apr-12
27-Mar-13
Recording
Date
09-Jul-04
21-Jun-05
26-Jun-06
18-Jun-07
23-Jun-08
19-Jun-09
01-Jul-10
22-Dec-10
01-Jun-11
01-May-12
01-Apr-13
57.32%
42.68%
Payment
Date
23-Jul-04
05-Jul-05
10-Jul-06
02-Jul-07
07-Jul-08
03-Jul-09
15-Jul-10
30-Dec-10
15-Jun-11
15-May-12
15-Apr-13
F/I
F
F
F
F
F
F
I
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
Type of Listing
First Issue
Company Listing
MSOP Conversion
MSOP Conversion I & II
MSOP Conversion II
MSOP Conversion I, II & III
MSOP Conversion II & III
MSOP Conversion I
MSOP Conversion III
MSOP Conversion I & III
MSOP Conversion III
MSOP Conversion I
MSOP Conversion II
Delisting of Negara RI shares
Stock Split
Shares
4,764,705,000
6,882,352,950
114,572,000
333,519,000
8,879,000
59,421,500
36,021,500
256,500
11,609,000
2,493,500
199,500
2,227,000
532,500
49,500
95,500
-5,698,760
12,211,235,190
Listing
Date
10-Nov-03
10-Nov-03
24-Nov-04
16-Nov-05
25-Sep-06
23-Nov-06
24-Nov-06
09-Jan-07
25-Jun-07
21-Nov-07
27-Mar-08
05-Aug-08
28-Aug-08
02-Sep-08
11-Nov-08
07-Jan-11
11-Jan-11
Trading
Date
10-Nov-03
31-May-04
11-Nov-05
18-Oct-07
12-Nov-09
27-Dec-07
26-Jun-09
26-May-08
15-Nov-10
08-Aug-08
27-May-08
22-Dec-08
13-Nov-08
14-Oct-08
11-Nov-08
07-Jan-11
11-Jan-11
HEAD OFFICE
Gedung BRI I, 20th Fl.
Jln. Jend. Sudirman No. 44 - 46
Jakarta - 10210
Phone : (021) 251-0244, 250-0124, 251-0315
Fax
: (021) 570-0916
Homepage
Email
: www.bri.co.id
: ir@bri.co.id
RESEARCH DIVISION
31

Closing
Price*
Closing Price
Volume
(Mill. Sh)
10,000
160
8,750
140
7,500
120
6,250
100
5,000
80
3,750
60
2,500
40
1,250
20
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Finance Index
Month
High
5,100
4,550
4,650
5,900
6,900
6,950
7,650
7,900
7,900
8,700
7,750
8,050
Low
4,250
3,700
3,550
4,200
5,500
5,550
6,250
6,800
7,100
6,800
6,850
7,300
Close
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Bank Rakyat Indonesia (Persero) Tbk.
4,550
3,725
4,200
5,800
6,250
6,300
7,300
7,600
7,500
7,100
7,400
7,650
14,930
21,113
27,042
29,557
20,134
23,796
28,170
24,663
19,841
35,491
29,171
16,819
307,401
284,418
426,173
578,852
387,427
435,906
493,348
356,600
366,421
601,214
617,816
290,775
1,432,067
1,190,713
1,767,797
2,887,067
2,345,227
2,771,876
3,371,296
2,602,041
2,718,395
4,666,627
4,564,948
2,222,367
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
8,300 7,500 7,650

7,700 6,950 7,150
8,450 7,100 8,250
9,050 7,950 8,950
9,100 7,600 8,600
9,750 8,300 9,300
10,150 9,000 9,900
9,850 8,800 9,300
10,800 9,350 10,000
11,900 9,850 11,400
12,800 10,500 10,500
11,700 9,800 10,500
18,811
20,338
27,637
24,877
21,790
12,801
13,978
26,105
23,114
26,113
25,045
37,298
340,767
348,268
615,677
530,633
469,303
321,511
337,411
447,646
371,217
325,997
359,466
451,843
2,662,527
2,560,878
4,736,692
4,529,233
3,908,927
2,873,248
3,259,346
4,199,651
3,697,678
3,506,412
4,199,435
4,792,357
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
10,750
5,000
5,800
6,650
6,600
6,550
6,950
7,250
7,000
6,900
7,050
7,050
4,550
4,525
4,725
5,650
6,000
6,100
6,500
6,000
5,000
5,150
6,350
6,350
4,850
4,700
5,750
6,450
6,350
6,500
6,900
6,550
5,850
6,750
6,500
6,750
61,584
40,858
49,894
40,870
51,052
32,120
39,796
65,988
83,219
78,267
47,974
33,776
1,216,289
826,733
902,204
822,859
872,410
568,618
846,164
1,085,504
1,302,285
1,026,080
743,521
482,459
7,347,324
3,940,203
4,679,484
5,088,510
5,479,711
3,613,773
5,683,819
7,162,598
7,936,656
6,364,672
4,986,130
3,228,750
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
7,200
7,250
7,050
7,150
6,700
6,350
7,050
7,550
7,500
7,850
7,350
7,250
6,750
6,550
6,400
6,450
5,600
5,150
6,250
6,650
6,900
7,300
7,000
6,800
6,850
6,900
6,950
6,650
5,650
6,350
7,000
6,950
7,450
7,400
7,050
6,950
34,105
43,956
62,379
35,173
68,285
50,200
44,178
31,723
33,450
33,323
43,834
33,266
648,419
881,221
955,267
698,250
1,252,556
914,692
824,887
669,590
576,211
627,187
731,065
505,350
4,500,394
6,030,387
6,378,821
4,789,501
7,711,374
5,396,595
5,468,998
4,725,231
4,172,024
4,743,720
5,243,316
3,540,891
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
8,000
9,450
9,450
9,400
9,950
8,850
8,350
7,000
7,900
8,500
8,250
8,900
7,050
7,150
7,950
9,450
8,750
9,400
8,900
7,750
8,250
49,574
38,683
47,866
45,151
50,832
92,127
61,555
820,165 6,223,729
620,764 5,227,378
684,003 5,985,374
778,102 6,767,136
689,578 6,403,815
1,301,703 10,051,448
762,741 5,927,722
21
20
19
22
22
19
23
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
315%
270%
240.2%
220.8%
220.3%
225%
180%
135%
90%
45%
-45%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
5,146
32,540
291
241
4,920
44,926
278
245
10,695
65,512
625
247
9,285
62,701
514
246
5,657
46,587
386
146
8,700
3,550
7,650
3,825
12,800
6,950
10,500
5,250
10,750
4,525
6,750
6,750
7,850
5,150
6,950
6,950
9,950
7,000
8,250
8,250
12.91
11.29
PER (X)
12.35
16.00
PER Industry (X)
3.46
3.53
PBV (X)
10.89
6.61
3.34
9.18
6.58
2.64
9.64
11.80
3.15
Price (Rupiah)
High
Low
Close
Close*
32
RESEARCH DIVISION

BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13

Assets
9,975,712 10,525,973 13,895,464 11,508,009
562,500

24,478,132 22,514,663 33,917,516 41,136,880 35,580,418
450,000
Cash on Hand
Loans
Investment
8,139,304
194,242,503 232,972,784 269,454,726 336,081,042 380,116,359
111,461
133,888
164,689
196,742
210,397
Fixed Assets
1,366,212
1,568,945
1,852,818
2,804,366
3,347,289
Other Assets
5,235,421
4,880,779
5,293,505
5,961,840
6,892,031
Total Assets
316,947,029 404,285,602 469,899,284 551,336,790 556,458,879
27.56%
Growth (%)
16.23%
17.33%
0.93%
Taxes Payable
Fund Borrowings
225,000
112,500
Other Liabilities
Total Liabilities
260,378,168 338,812,712 388,288,508 452,945,001 456,700,572
343,492
13,611,399
7,068,716
Authorized Capital
895,695
309,625
8,454,545 13,097,916 10,888,755
3,164,222
9,520,061
6,434,108
9,766,026
1,105,997
9,758,418
2009

Par Value
26.90%
14.27%
15.80%
0.28%
6,164,926
6,167,291
6,167,291
6,167,291
6,167,291
12,330
12,335
24,669
24,669
24,669
500
500
250
250
250
17,834,694 27,123,160 40,019,254 55,080,238 59,649,001
Total Equity
27,257,381 36,673,110 49,820,329 64,881,779 68,621,996
Growth (%)
INCOME STATEMENTS
Dec-09

34.54%
35.85%
30.23%
5.76%
Dec-10
Dec-11
Dec-12
Jun-13
26.27%
7.96%
3,269,594
5,544,533
5,775,975
8,389,732
6,995,143
3,715,489
36,673
26,625
12,626
-1,372
2009
8,560,659 14,402,001 17,584,230 22,682,538 11,732,129
68.23%
22.10%
28.99%
506,229
1,171,650
1,177,034
2010
2011
2012
Jun-13

44,615
49,610
39,490
11,959,515 16,113,692 17,085,627 19,491,032 10,519,295
Growth (%)
68,622
27,257
3.00%
12,284,636 11,726,559 13,737,272 13,126,655
Jun-13
49,820
54,623
35,334,131 44,615,162 48,164,348 49,610,421 27,023,251
Growth (%)
Interest Expenses
2012
64,882
68,622
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000
Retained Earnings
2011
40,624
Paid up Capital
2010
289,689,648 367,612,492 420,078,955 486,455,011 487,836,883
Growth (%)
Minority Interest
1,930,923
Liabilities
337,500
Deposits
Book End : December
48,164
49,610
35,334
27,023
29,369
19,249
1,330,569
Income Before Tax
9,891,228 14,908,230 18,755,880 23,859,572 12,304,766
2,582,936
3,435,845
3,667,884
5,172,192
2,147,378
7,308,292 11,472,385 15,296,501 18,681,350
9,325,652
Minority Interest
572,637
56.98%
33.33%
22.13%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
132.08
115.97
122.28
225.23
Growth (%)
9,128
-992
2009
2010
2011
2012
Jun-13
RATIOS
Dividend (Rp)
592.73
930.10
620.07
757.28
378.03
BV (Rp)
2,210.68
2,973.19
2,019.54
2,630.08
2,781.69
DAR (X)
0.91
0.91
0.89
0.88
0.88
EPS (Rp)
DER(X)
10.63
10.02
8.43
7.50
7.11
ROA (%)
3.12
3.69
3.99
4.33
2.21
ROE (%)
36.29
40.65
37.65
36.77
17.93
OPM (%)
24.23
32.28
36.51
45.72
43.41
NPM (%)
20.68
25.71
31.76
37.66
34.51
Payout Ratio (%)
22.28
12.47
19.72
29.74
1.73
1.10
1.81
3.24
Yield (%)
18,681
18,681
15,297
14,870
11,472
9,326
11,059
7,308
7,248
3,437
-374
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
33
COMPANY REPORT
BBTN
BANK TABUNGAN NEGARA (PERSERO) TBK.
Company Profile
PT Bank Tabungan Negara (Persero) Tbk. was founded on February 9th, 1950 under the
name of Bank Tabungan Pos. Along with the government's program in housing
development,especiallyhousingforlowincomesegmentin1974,TheBankwasappointed
as the housing loan financing institution. Furthermore, in 1989, the Bank's status was
changedintoacommercialbankandbecamePerseroin1992.In1994,BankBTNbeganits
operationasaForeignExchangeBank.In2005,theBankstarteditsshariabusiness.
The Banks scope activity is to conduct commercial banking activities, including banking
activitiesbasedonshariaprinciples.BankbeganoperatingonshariaprinciplesonFebruary
14,2005tobeginoperationofthefirstshariabranchinJakartaHarmony.
As of June 30, 2013, the Bank has 87 branches (including 22 sharia branches), 247 sub
branches (including 21 sharia subbranch), 486 cash offices (including 7 sharia sub
branches). Bank BTNs distribution network spread on more than 90 cities across
Indonesia, with 1.499 ATMs. Bank BTN enhanced its network by collaborating with Post
Office.Total2.922postofficesareonlinewithBankBTNsystem.Thiscollaborationmake
customercanaccessvariousBankBTNsproductsviapostoffices.
BankBTNsATMsystemconnectedtothemostwellknowninternationalandregionalATM
network including VISA International, ATM Bersama, Link and Prima and has planned to
addmorenetworklikeMasterCardandMEPS.Itmadecustomeraccountisaccessiblevia
otherbanksATMsaswell.
AsofJune30,2013,theBankhad6,441permanentemployees.
August 2013
Disclaimer:
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
BBTN BankTabunganNegara(Persero)Tbk.
Main Board
As of 31 July 2013
:
135.652
Individual Index
:
10,458,953,500
Listed Shares
73 | 10.9T | 0.24% | 82.34%

43 | 6.62T | 0.60% | 70.96%
COMPANY HISTORY
Listing Date
: 17-Dec-2009
Under Writer IPO :
PT Mandiri Sekuritas
PT CIMB Securities Indonesia
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Mardiasmo *)
2. Agung Kuswandono
3. Amanah Abdulkadir
4. Dwijanti Tjahjaningsih *)
5. Maulana Ibrahim
6. Sahala Lumban Gaol *)
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

2. GIC S/A Government Of Singapore
3. Public (<5%)
Bonus
Cash
2009
15.09 10-Jun-10
2010
31.19 10-Jun-11
2011
25.31 10-May-12
2012
38.74 26-Apr-13
6,354,000,000 :
669,438,406 :
3,435,515,094 :
Recording
Date
15-Jun-10
15-Jun-11
15-May-12
01-May-13
Ex Date
11-Jun-10
13-Jun-11
11-May-12
29-Apr-13
60.75%
6.40%
32.85%
Payment
Date
29-Jun-10
30-Jun-11
30-May-12
10-May-13
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
Type of Listing
First Issue
Company Listing
MESOP Conversion I
MESOP Conversion I & II
MESOP Conversion I
Right Issue
MESOP Conversion I, II & III
Shares
2,360,057,000
6,263,228,575
121,939,500
5,613,500
1,999,000
1,497,728,925
208,387,000
T:
T:
T:
T:
Listing
Date
17-Dec-09
17-Dec-09
08-Feb-11
06-Feb-12
14-Feb-12
07-Dec-12
07-Feb-13
:
:
:
:
Trading
Date
17-Dec-09
17-Dec-09
23-Jul-13
13-Jun-12
16-Mar-12
07-Dec-12
17-Jul-13
AUDIT COMMITTEE
1. Sahala Lumban Gaol
2. Muchamad Syafruddin
3. Triana Yuniati
CORPORATE SECRETARY
Viator Simbolon
HEAD OFFICE
Menara Bank BTN
Jln. Gajah Mada No. 1
Jakarta - 10130
Phone : (021) 633-6789, 633-2666
Fax
: (021) 633-6719
Homepage
Email
F/I
: www.btn.co.id
: viator.simbolon@btn.co.id
RESEARCH DIVISION
35
BBTN Bank Tabungan Negara (Persero) Tbk.

Closing
Price*
Closing Price
Volume
(Mill. Sh)
Month
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Bank Tabungan Negara (Persero) Tbk.
December 2009 - July 2013
Low
800
Close
840
12,782
759,672
636,938
2,000
1,600
Dec-09
High
880
1,750
1,400
1,500
1,200
1,250
1,000
1,000
800
750
600
500
400
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
1,070
1,100
1,350
1,650
1,550
1,750
1,990
1,960
1,920
2,050
2,025
1,880
830
1,000
1,010
1,320
1,100
1,280
1,670
1,800
1,800
1,820
1,740
1,560
1,060
1,060
1,330
1,550
1,360
1,700
1,950
1,810
1,820
1,990
1,750
1,640
25,121
16,222
16,767
29,265
46,190
31,961
33,031
24,110
21,490
27,340
11,578
18,377
1,224,881
585,934
771,893
807,174
1,310,820
898,843
798,722
485,391
462,247
470,454
214,922
313,618
1,173,575
620,401
894,629
1,214,725
1,707,502
1,320,631
1,459,855
903,376
854,857
911,294
411,218
533,092
20
19
22
21
19
22
22
21
17
21
21
20
250
200
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
1,780
1,440
1,710
1,790
1,720
1,700
1,820
1,740
1,620
1,540
1,490
1,290
1,180
1,260
1,340
1,660
1,590
1,590
1,620
1,350
1,000
1,050
1,210
1,180
1,330
1,330
1,680
1,710
1,660
1,690
1,700
1,560
1,210
1,440
1,250
1,210
34,997
14,140
26,923
12,729
12,410
8,329
22,042
13,235
16,853
13,687
20,559
6,786
868,919
411,907
695,738
309,689
198,403
173,340
470,080
205,907
278,246
225,007
276,832
118,683
1,245,353
555,751
1,055,066
536,800
327,942
285,095
809,924
322,612
347,429
297,558
376,344
145,472
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
1,270
1,250
1,220
1,440
1,390
1,400
1,380
1,420
1,460
1,650
1,720
1,610
1,180
1,160
1,160
1,200
1,190
1,130
1,240
1,280
1,250
1,360
1,420
1,440
1,200
1,220
1,200
1,380
1,200
1,290
1,370
1,310
1,440
1,520
1,610
1,450
11,071
8,442
3,803
14,473
5,250
6,698
7,747
5,178
12,362
12,271
15,597
9,276
302,240
170,762
62,277
365,152
81,787
139,270
193,721
119,668
317,570
306,185
1,585,209
308,764
369,927
205,487
74,561
486,519
107,075
177,699
255,431
162,886
423,906
452,863
2,241,325
476,736
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
1,640
1,680
1,740
1,720
1,510
1,400
1,250
1,450
1,530
1,610
1,470
1,260
1,010
1,020
1,620
1,630
1,700
1,490
1,420
1,150
1,040
12,496
16,891
15,925
13,858
24,534
19,347
17,377
502,676
460,352
556,705
462,242
686,550
347,074
380,644
774,616
741,687
936,218
745,326
950,640
411,522
430,266
21
20
19
22
22
19
23
Dec-09
Dec-10
Dec-11
Dec-12

Finance Index
December 2009 - July 2013
175%
150%
125%
101.4%
100%
83.7%
75%
50%
28.8%
25%
-25%
Dec 09
Dec 10
Dec 11
Dec 12
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
760
637
13
7
8,345
12,005
301
245
4,233
6,305
203
247
3,953
5,434
112
246
3,396
4,990
120
146
Price (Rupiah)
High
Low
Close
Close*
880
800
840
807
2,050
830
1,640
1,577
1,820
1,000
1,210
1,163
1,720
1,130
1,450
1,450
1,740
1,010
1,040
1,040
14.92
15.60
PER (X)
12.35
16.00
PER Industry (X)
1.34
2.22
PBV (X)
10.42
6.61
1.46
11.06
6.58
1.46
9.65
11.80
1.03
36
RESEARCH DIVISION
BBTN Bank Tabungan Negara (Persero) Tbk.

BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
Cash on Hand
294,357
362,769
512,399
694,941
536,531
132,925
2,374,930
5,483,561
928,357
Placements with Other Banks

Loans
9,777,564 11,466,296
733,953
1,013,796
40,029,401 47,977,801 62,619,586 75,410,705 83,594,949

-
Fixed Assets
1,236,672
1,460,837
1,497,455
1,582,812
1,559,112
Other Assets
477,303
512,830
626,938
759,956
967,936
58,516,058 68,385,539 89,121,459 111,748,593 118,594,944
16.87%
Growth (%)
30.32%
25.39%
100,000
75,000
50,000
25,000
6.13%
-
Deposits
Taxes Payable
Fund Borrowings
Other Liabilities
Total Liabilities
40,719,717 48,104,318 62,762,985 81,374,686 85,137,200

-
2,983,997
3,399,787
5,695,307
6,737,260
6,662,838
1,698,318
1,825,584
2,258,809
2,441,809
2,537,749
Authorized Capital
Par Value
Retained Earnings
Total Equity
16.74%
32.07%
24.05%
6.35%
INCOME STATEMENTS
2011
4,357,029
4,357,029
4,404,536
5,178,220
5,178,220
8,714
8,714
8,809
10,356
10,356
500
500
500
500
500
3,175,036
3,439,198
450,709
1,262,197
1,157,372
5,461,516
6,447,278
7,321,643 10,278,871 10,680,614
18.05%
13.56%
40.39%
3.91%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
5,729,941
6,498,752
7,556,104
8,818,579
5,008,661
13.42%
16.27%
16.71%
3,143,934
3,770,231
4,091,760
Growth (%)
2012
Jun-13
10,279
10,681
10,681
7,322
8,502
6,447
10,239,216 10,239,216 10,239,216 10,239,216 10,239,216
Growth (%)
2010
6,323
Paid up Capital
2009
53,054,542 61,938,261 81,799,816 101,469,722 107,914,330
Growth (%)
Minority Interest
Liabilities
125,000
5,002,970
1,743,460
Total Assets

Assets
Investment
Book End : December
5,462
4,144
1,965
-214
2009
2010
2011
2012
Jun-13

8,819
Interest Expenses
3,427,732
2,376,444
264,857
487,890
512,017
571,494
297,306
1,763,409
2,247,211
2,720,117
3,213,561
1,861,611
739,438
1,263,717
1,525,749
1,870,969
917,529
70.90%
20.74%
22.63%
6,379
-13,495
-3,489
-7,767
-1,302
Income Before Tax
745,817
1,250,222
1,522,260
1,863,202
916,227
239,574
334,284
403,599
499,240
242,876
490,453
915,938
1,026,201
1,357,839
569,211
86.75%
12.04%
32.32%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
15.09
31.19
25.31
38.74

Growth (%)
7,556
6,499
7,020
5,730
5,009
5,221
3,422
1,623
Minority Interest
Net Income
Growth (%)
-176
2009
2010
2011
2012
Jun-13
RATIOS
Dividend (Rp)
56.28
105.11
116.49
131.11
54.96
BV (Rp)
626.75
739.87
831.15
992.51
1,031.30
DAR (X)
0.91
0.91
0.92
0.91
0.91
DER(X)
9.71
9.61
11.17
9.87
10.10
ROA (%)
1.27
1.83
1.71
1.67
0.77
ROE (%)
13.66
19.39
20.79
18.13
8.58
OPM (%)
12.90
19.45
20.19
21.22
18.32
NPM (%)
8.56
14.09
13.58
15.40
11.36
26.81
29.68
21.73
29.55
1.80
1.90
2.09
2.67
EPS (Rp)
1,358
1,358
1,026
1,081
916
804
Payout Ratio (%)

Yield (%)
569
490
527
250
-27
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
37
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.
As at 30 June 2013, The Banks operated 79 conventional main branches, 1,533

conventional subbranches and Danamon Simpan Pinjam, and 160 Sharia branches and
subbranches. BDMN provided its customers with access to over 30,000 ATMs, including
throughitsassociationwithATMBersamaandALTO,inall33provincesinIndonesia.
Danamon was recently awarded as the Top 10 Public Listed Company with the highest
Good Corporate Governance (GCG) ASEAN Scorecard by Institute for Corporate
Directorship (IICD). Danamon also received Digital Brand of the Year 2012 Award in the
Credit Card Category from Infobank. Internationally, Danamon received Best Corporate
GovernanceinFinanceAsiasAsiasBestCompanies2012poll.
DanamonisthesoleissuerandacquirerofAmericanExpresscardsinIndonesiaunderan
independent operator agreement which allows it to issue American Express cards to
individualandcorporateclients.Danamonisalsotheonlybankwhichprovidesservicesto
local merchants who accept American Express Cards and for signing up new merchant
partnersinIndonesia.DanamonisalsothesolelicenseholderofManchesterUnitedcards
in Indonesia, allowing the Bank to issue Manchester United ATM/Debit cards and credit
cards.
DanamonhasthemajorityowneratPTAdiraDinamikaMultiFinanceTbk(AdiraFinance),
theautomotivefinancingsubsidiaryofDanamon,operatesanextensivebranchnetworkin
morethan260citiesinIndonesia,PTAsuransiAdiraDinamika(AdiraInsurance),ageneral
insurance company and PT Adira Quantum Multifinance (Adira Kredit), a durable goods
financingcompany.
Asof30June2013,theBankandSubsidiarieshad46,239permanentemployees,19,338
nonpermanentemployees,and5,068outsourceemployees.
August 2013
Disclaimer:
38
RESEARCH DIVISION
BDMN Bank Danamon Indonesia Tbk.

Main Board
As of 31 July 2013
:
2.936
Individual Index
:
9,488,796,931
Listed Shares
18 | 49.3T | 1.08% | 57.04%

48 | 6.32T | 0.57% | 73.89%
COMPANY HISTORY
Listing Date
: 06-Dec-1989
Under Writer IPO :
PT Aseam Indonesia
PT IFI
PT Mutual International Finance Corporation
Bank Pembangunan Indonesia
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Ng Kee Choe
2. Benedictus Raksaka Mahi
3. Ernest Wong Yuen Weng
4. Gan Chee Yen
5. Harry Arief Soepardi Sukadis *)
6. Johanes Berchmans Kristiadi Pudjosukanto *)
7. Manggi Taruna Habir *)
8. Milan Robert Shuster *)
BOARD OF DIRECTORS
1. Ho Hon Cheong
2. Ali Rukmijah (Ali Yong)
3. Fransiska Oei Lan Siem
4. Herry Hykmanto
5. Kanchan Keshav Nijasure
6. Khoe Minhari Handikusuma
7. Michellina Laksmi Triwardhanny
8. Muliadi Rahardja
9. Pradip Chhadva
10. Satinder Pal Singh Ahluwalia
11. Vera Eve Lim
AUDIT COMMITTEE
1. Milan Robert Shuster
4. Felix Oentoeng S.
2. Amir Abadi Jusuf
5. Gan Chee Yen
3. Ernest Wong Yuen Weng 6. Johanes B. Kristiadi P.
CORPORATE SECRETARY
Dini Herdini
HEAD OFFICE
Menara Bank Danamon 5th Fl.
Jln. Prof. DR. Satrio Kav. E4/6, Jakarta - 12950
Phone : (021) 579-91001, 579-91002, 57991003
Fax
: (021) 579-91056, 579-91160, 579-91161
Homepage : www.danamon.co.id
Email
: corpsec@danamon.co.id
dini.herdini@danamon.co.id

1. Asia Financial (Indonesia) Pte. Ltd.
2. JPMCB-Franklin Templeton Investment Funds -2157804
3. Public (<5%)
Bonus
Cash
1990
50.00 18-Sep-90
1990
150.00 06-Jun-91
1991
150.00 27-May-92
1992
150.00
01-Jul-93
1993
1:1
27-Sep-93
1993
50.00 10-Jun-94
1994
60.00
05-Jul-95
1996
4:1
08-Jan-96
1995
100.00 13-May-96
1996
55.00 15-May-97
2001
5.85 10-Dec-01
2002
19.00 16-Dec-02
2002
20.97 27-Jun-03
2003
85.00 18-Mar-04
2003
39.50 05-May-04
2004
178.73 08-Dec-04
2005
66.65 17-Jun-05
2005
203.45 15-Jun-06
2006
132.87 14-May-07
2007
208.90 16-May-08
2008
90.82 18-Jun-09
2009
90.97 21-May-10
2010
119.87 21-Apr-11
2011
104.43 19-Apr-12
2012
125.58 30-May-13
6,457,558,472 :
612,856,888 :
2,418,381,571 :
Recording
Date
26-Sep-90
14-Jun-91
06-Jun-92
09-Jul-93
05-Oct-93
20-Jun-94
14-Jul-95
17-Jan-96
23-May-96
27-May-97
19-Dec-01
19-Dec-02
02-Jul-03
24-Mar-04
10-May-04
13-Dec-04
22-Jun-05
20-Jun-06
21-May-07
22-May-08
23-Jun-09
26-May-10
27-Apr-11
24-Apr-12
04-Jun-13
Ex Date
19-Sep-90
07-Jun-91
29-May-92
02-Jul-93
28-Sep-93
11-Jun-94
06-Jul-95
09-Jan-96
14-May-96
16-May-97
11-Dec-01
17-Dec-02
30-Jun-03
19-Mar-04
06-May-04
09-Dec-04
20-Jun-05
16-Jun-06
15-May-07
17-May-08
19-Jun-09
24-May-10
25-Apr-11
20-Apr-12
31-May-13
68.05%
6.46%
25.49%
Payment
Date
26-Oct-90
26-Jul-91
13-Jul-92
09-Aug-93
26-Oct-93
20-Jul-94
14-Aug-95
15-Feb-96
20-Jun-96
25-Jun-97
28-Dec-01
27-Dec-02
09-Jul-03
08-Apr-04
14-May-04
22-Dec-04
30-Jun-05
04-Jul-06
05-Jun-07
05-Jun-08
07-Jul-09
10-Jun-10
10-May-11
08-May-12
19-Jun-13
F/I
I
F
F
F
F
F
F
F
I
I
F
I
F
I
F
I
F
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
Type of Listing
First Issue
Partial Listing
Bonus Shares
Right Issue
Company Listing
Stock Split
Partial Delisting
Add Listing (Bank PDFCI)
Add Listing (Merger)
Reverse Stocks
Option Conversion
ESOP Conversion I & II
ESOP Conversion II
ESOP Conversion I
ESOP Conversion I, II & III
ESOP Conversion I & III
ESOP Conversion III
ESOP Conversion II & III
Shares
12,000,000
22,400,000 T:
146,400,000 T:
220,255,901,301 T:
155,200,000
1,120,000,000
-7,325,068,100 T:
44,921,250,000
230,663,750,000
-480,682,079,120 T:
34,886,500
46,979,955
4,813,000
25,528,645
35,675,600
10,709,800
12,474,900
27,974,450
T:
T:
T:
T:
T:
T:
T:
T:
Listing
Date
06-Dec-89
02-Aug-91
15-Nov-93
19-Jan-94
20-May-96
23-Jun-97
11-Jun-99
04-Jan-00
04-Jul-00
17-Jul-01
07-Jul-05
20-Dec-06
21-Dec-06
11-Jan-07
04-Jul-07
08-Aug-07
09-Aug-07
10-Aug-07
:
:
:
:
:
:
:
:
:
:
:
:
RESEARCH DIVISION
Trading
Date
06-Dec-89
09-Aug-91
16-Feb-96
28-Sep-11
20-May-96
23-Jun-97
17-Jul-01
04-Jan-00
04-Jul-00
22-Jan-03
14-Dec-06
15-Sep-08
05-Jul-10
30-Jun-09
02-Nov-09
08-Oct-09
05-Jul-11
30-Jun-10
39

Closing
Price*
Closing Price
Volume
(Mill. Sh)
6,800
240
5,950
210
5,100
180
4,250
150
3,400
120
2,550
90
1,700
60
850
30
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Finance Index
Month
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Bank Danamon Indonesia Tbk.
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
3,375
2,800
3,225
3,200
4,200
4,900
5,050
5,000
5,050
5,100
4,600
4,600
Low
2,125
2,075
2,450
2,325
3,000
3,850
4,300
4,225
4,425
4,250
4,250
4,300
Close
2,275
2,625
3,125
3,125
3,750
4,825
4,825
4,700
4,950
4,550
4,425
4,550
11,088
10,776
7,103
23,206
19,701
24,015
22,412
19,956
14,990
15,159
11,912
9,260
129,592
176,354
135,504
762,321
602,719
412,808
297,508
268,829
229,692
266,077
146,765
194,335
351,782
425,797
363,782
2,082,750
2,207,341
1,795,377
1,389,603
1,259,994
1,078,256
1,257,721
655,152
862,524
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
5,500
5,250
5,600
5,850
5,850
5,550
5,800
5,500
6,150
7,100
7,100
6,900
4,500
4,275
4,925
5,050
4,600
4,850
5,100
5,050
5,200
5,750
6,050
5,550
4,850
4,975
5,200
5,800
5,150
5,400
5,350
5,350
5,800
6,700
6,500
5,700
11,971
8,549
9,823
8,012
13,915
10,532
10,029
8,182
9,655
8,444
6,408
15,537
210,289
156,246
155,844
156,137
192,135
145,832
134,178
124,817
162,947
112,560
93,494
155,712
1,035,947
748,943
813,485
852,641
978,883
759,263
733,677
661,449
921,656
699,504
624,814
942,856
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
6,300
6,700
6,750
6,600
6,300
6,200
6,150
5,650
5,650
5,200
5,100
4,500
5,000
5,800
6,250
6,100
5,800
5,800
5,300
4,650
4,325
3,975
4,275
4,075
5,950
6,400
6,550
6,200
6,200
6,000
5,450
5,200
4,600
4,975
4,400
4,100
26,593
11,329
11,838
15,185
12,109
9,351
15,084
14,471
18,712
16,137
10,146
9,886
426,366
251,224
153,811
228,125
135,057
94,198
209,474
129,948
223,155
130,305
63,837
82,644
2,432,269
1,566,612
989,453
1,433,474
818,527
564,195
1,191,173
680,526
1,085,833
609,407
300,069
371,371
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
4,950
4,875
4,675
6,900
6,050
6,100
6,400
6,150
6,250
6,300
6,250
5,800
4,050
4,150
4,250
5,100
5,050
4,900
5,800
5,900
5,900
5,950
5,400
5,450
4,525
4,475
4,600
5,600
5,300
6,000
6,050
6,000
6,250
6,100
5,400
5,650
14,610
14,160
11,739
15,866
11,053
9,743
9,046
5,951
5,758
5,284
6,851
7,807
149,484
105,397
92,658
335,437
159,441
184,143
153,355
55,552
73,236
75,858
85,402
65,572
682,866
481,623
415,994
2,105,800
908,753
1,061,616
938,026
333,483
444,509
465,425
514,273
361,207
21
21
21
19
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
6,150
6,300
6,550
6,500
6,550
5,900
5,850
5,550
5,850
5,950
6,150
5,600
5,350
4,950
6,100
6,300
6,450
6,450
5,750
5,850
5,200
7,571
7,890
12,926
10,178
16,442
19,510
14,402
56,779
62,369
137,157
101,041
172,983
119,021
71,313
335,688
376,393
851,929
633,995
1,037,448
667,544
390,928
21
20
19
22
22
19
23
280%
240%
220.8%
220.3%
200%
160%
120%
116.4%
80%
40%
-40%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
3,623
13,730
190
241
1,800
9,773
121
245
2,128
12,043
171
247
1,536
8,714
118
245
721
4,294
89
146
5,100
2,075
4,550
4,418
7,100
4,275
5,700
5,535
6,750
3,975
4,100
4,100
6,900
4,050
5,650
5,650
6,550
4,950
5,200
5,200
24.91
16.64
PER (X)
12.35
16.00
PER Industry (X)
2.42
2.60
PBV (X)
11.65
6.61
1.52
13.27
6.58
1.88
12.48
11.80
1.69
Price (Rupiah)
High
Low
Close
Close*
40
RESEARCH DIVISION

BALANCE SHEET
Cash on Hand
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
2,117,368
1,985,338
1,895,058
2,456,567
1,729,535
Investment
9,257,137 13,231,882
6,360,607
4,666,142
5,323,969
7,306,823
6,861,704
4,819,809
58,367,570 73,268,325 85,462,799 90,828,149 94,876,828

64,419
6,150,515
12,175
12,175
12,175
Fixed Assets
1,802,274
1,771,489
1,898,695
2,095,756
2,119,153
Other Assets
4,509,726
3,315,859
3,687,492
3,917,135
3,549,455
Total Assets

Assets
Placements with Other Banks 4,189,435

4,431,548
Loans
98,597,953 118,206,573 141,934,432 155,791,308 158,103,492
19.89%
Growth (%)
20.07%
9.76%
1.48%
Taxes Payable
Fund Borrowings
130,000
97,500
65,000
32,500
Other Liabilities
Total Liabilities
68,654,042 81,580,282 88,792,218 92,722,287 93,450,452

192,041
183,020
2,393,561
2,481,832
6,917,352 11,020,112 11,303,840
Authorized Capital
303,747
2,607,984
3,551,136
4,585,804
5,633,726

Par Value
Retained Earnings
Total Equity
96,235
5,736,741
INCOME STATEMENTS
20.44%
16.57%
5.33%
5.18%
159,241
5,303,992
5,317,363
5,901,122
5,901,122
5,901,122
8,390
8,417
9,585
9,585
2012
Jun-13
29,491
9,585
28,733
29,491
2012
Jun-13
25,837
23,475
18,450
15,806
11,443
50,000 & 500 50,000 & 500 50,000 & 500 50,000 & 500 50,000 & 500
7,741,634
9,873,803 12,334,684 15,231,383 16,012,744
5,426
15,805,751 18,449,787 25,836,501 28,733,311 29,491,216
16.73%
40.04%
11.21%
Dec-10
Dec-11
Dec-12
Jun-13
17,666,110 14,417,745 16,882,491 18,858,281
9,670,837
Dec-09
2.64%
-18.39%
17.10%
11.70%
7,469,309
4,509,295
6,033,390
5,936,173
2,987,819
901,103
3,583,835
4,213,121
4,648,599
2,482,161
Growth (%)
Interest Expenses
2011
10,000,000 10,000,000 10,000,000 10,000,000 10,000,000
Growth (%)
2010
64,490
17,459
Paid up Capital
2009
82,695,967 99,597,545 116,097,931 122,282,171 128,612,276
Growth (%)
Minority Interest
225,311
Liabilities
162,500
Deposits
Book End : December
8,611,794
9,235,221 10,279,972 11,852,315
6,631,575
2,782,112
4,630,064
5,234,709
6,182,854
2,759,860
66.42%
13.06%
18.11%
-411,552
-628,533
-623,153
-696,175
-44,497
2,370,560
4,001,531
4,611,556
5,486,679
2,715,363
756,838
1,017,770
1,162,523
1,369,531
677,612
Minority Interest
-81,189
-100,293
1,532,533
2,883,468
3,449,033
4,081,947
1,997,007
88.15%
19.61%
18.35%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
90.97
119.87
104.43
125.58
Growth (%)
-590
2009
2010
2011
18,858
18,858
17,666
16,882
14,418
15,011
9,671
11,164
7,317
Income Before Tax
Growth (%)
3,470
-377
2009
2010
2011
2012
Jun-13
RATIOS
Dividend (Rp)
182.65
342.57
359.85
425.88
208.35
BV (Rp)
1,883.79
2,191.93
2,695.61
2,997.85
3,076.92
DAR (X)
0.84
0.84
0.82
0.78
0.81
DER(X)
5.23
5.40
4.49
4.26
4.36
ROA (%)
2.40
3.39
3.25
3.52
1.72
ROE (%)
15.00
21.69
17.85
19.10
9.21
OPM (%)
15.75
32.11
31.01
32.79
28.54
NPM (%)
8.67
20.00
20.43
21.65
20.65
49.80
34.99
29.02
29.49
2.00
2.10
2.55
2.22
EPS (Rp)
Payout Ratio (%)

Yield (%)
4,082
4,082
3,449
2,883
3,249
1,997
2,417
1,533
1,584
751
-82
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
41
COMPANY REPORT
BHIT
MNC INVESTAMA TBK.
Company Profile
nd
PTMNCInvestamaTbk.wasestablishedonNovember2 ,1989inSurabayatoengagein
capitalmarketbusinessandhasfullydevelopeditselfintoafullfinancialservicebusiness.
TheCompanystartedcommercialoperationsin1989.
ThescopeoftheCompanysactivitiesismainlytoengageinthefieldsofindustry,mining,
transportation,agriculture,construction,servicesandtrading.TheCompanyistheparent
companyofseveralsubsidiariesandengagedininvestment.
In 1999, the Company decided to shift its focus into an investment company. Through
severalcorporateactions,suchasrestructuring,merger,acquisitionanddirectinvestment,
theCompanyhaspositioneditselfasaholdingcompanyofseveralsubsidiaries,currently
comprisingof4strategicinvestmentsnamely:
1. Development of Content and Advertising Based Media Business through PT Global
MediacomTbk.,
2. DevelopmentofInvestmentBasedBusinessthroughPTMNCKapitalIndonesiaTbk.,
3. Development of Transportation Business In addition to those strategic investments
through Global Transport Services with a subsidiary engaged in transportation: PT
Indonesia Air Transport Tbk. and PT MNC Infrastruktur Utama, Bhakti Investama
InternationalLimitedinCaymanIslandandDubai,
4. Development of Energy & Resources BusinessthroghPTMNCEnergi.
5. Ottawa Holding Pte. Ltd. With subsidiaries engaged in investment, Ottawa
InternationalPte.Ltd.
AsofJune30th,2013,theCompanyanditssubsidiarieshadtotalof10,984employees.
August 2013
Disclaimer:
42
RESEARCH DIVISION
BHIT MNC Investama Tbk.

Development Board
Industry Sub Sector : Investment Company (98)
As of 31 July 2013
:
1,286.738
Individual Index
:
35,892,206,307
Listed Shares
52 | 15.8T | 0.34% | 76.33%

39 | 7.18T | 0.65% | 68.44%
COMPANY HISTORY
Listing Date
: 24-Nov-1997
Under Writer IPO :
PT Sinarmas Sekuritas
PT BSR Indonesia
Komplek Perkantoran ITC Roxy Mas Blok E1 No. 10 - 11
Jln. K.H. Hasyim Ashari Jakarta 10150
Phone : (021) 631-7828
Fax
: (021) 631-7827
1. Ratna Endang Soelistiowati
2. Bambang Rudijanto Tanoesoedibjo
3. Darpito Pudyastungkoro *)
4. Liliana Tanaja
5. Posma Lumban Tobing *)
BOARD OF DIRECTORS
1. Hary Tanoesoedibjo
2. Darma Putra
3. Hary Djaja
4. Susanty Tjandra Sanusi (Non-affiliated)
5. Wandhy Wira Riady
AUDIT COMMITTEE
1. Posma Lumban Tobing
2. Anwar Ade Widjaya
3. Darpito Pudyastungkoro
CORPORATE SECRETARY
Robert Budi Satrya
HEAD OFFICE
MNC Tower 5th Fl.
Jln. Kebon Sirih 17 - 19
Jakarta - 10340
Phone : (021) 392-5000, 392-2949
Fax
: (021) 398-36865, 398-36868, 398-36867
Homepage
Email
: www.bhakti-investama.com
: bhit@bhakti-investama.com

1. Public (<5%)
35,892,206,307 : 100.00%
Bonus
Cash
1997
12.00 04-Jun-98
2000
8.00 02-Aug-01
2001
5.00 07-Aug-02
2002
5.00 10-Dec-03
2003
5.00 08-Dec-04
2004
5.00 09-Dec-05
2006
5.00 06-Dec-07
2007
5.00 09-Dec-08
2010
2.00 12-Dec-11
2011
3.00 29-Aug-12
2011
3.00 29-Aug-12
Recording
Date
15-Jun-98
08-Aug-01
13-Aug-02
15-Dec-03
13-Dec-04
14-Dec-05
11-Dec-07
12-Dec-08
15-Dec-11
03-Sep-12
03-Sep-12
Ex Date
05-Jun-98
03-Aug-01
08-Aug-02
11-Dec-03
09-Dec-04
12-Dec-05
07-Dec-07
10-Dec-08
13-Dec-11
30-Aug-12
30-Aug-12
Payment
Date
07-Jul-98
23-Aug-01
27-Aug-02
30-Dec-03
21-Dec-04
29-Dec-05
28-Dec-07
30-Dec-08
29-Dec-11
17-Sep-12
17-Sep-12
F/I
F
F
F
F
F
F
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
Type of Listing
First Issue
Company Listing
Stock Split
Additional Listing
Right Issue
Warrant Seri I
Warrant Seri II
Warrant Seri III
TBUK Conversion
Bonus Shares
MSOP Conversion I
ESOP/MSOP Conversion I
ESOP/MSOP Conversion I & II
ESOP/MSOP Conversion I, II, & III
ESOP/MSOP Conversion I, II, III & IV
ESOP/MSOP Conversion I, II, III & IV
ESOP/MSOP Conversion I & IV

Additional Listing without Right Issue
ESOP/MSOP Conversion I, III & IV
ESOP/MSOP Conversion III & IV
ESOP/MSOP Conversion IV
ESOP/MSOP Conversion revision
ESOP/MSOP Conversion II, III, IV & V
Shares
123,000,000
305,000,000
1,712,000,000
107,000,000
3,636,776,919
166,666,663
617,750,000
565,084,161
3,639,503,723
22,129,311,567
28,883,500
9,607,500
72,298,000
48,018,000
261,106,231
78,845,543
685,000
2,185,000,000
1,028,000
82,000
600,500
-163,500
204,122,500
T:
T:
T:
T:
T:
T:
T:
T:
T:
T:
T:
T:
Listing
Date
24-Nov-97
24-Nov-97
08-Sep-99
24-Apr-01
20-Jul-01
25-Mar-03
07-May-04
14-Jul-06
30-Aug-07
21-May-10
29-Dec-10
05-Jan-11
06-Apr-11
22-Nov-11
11-Apr-12
08-May-12
16-Oct-12
19-Oct-12
30-Oct-12
05-Nov-12
12-Nov-12
24-Jun-13
24-Jun-13
:
:
:
:
:
:
:
:
:
:
:
:
RESEARCH DIVISION
Trading
Date
24-Nov-97
28-Jun-98
08-Feb-00
24-Apr-01
24-Jul-07
15-Jan-04
10-Oct-07
02-Aug-07
08-Jun-12
21-May-10
03-Jan-11
06-Jan-11
20-May-11
22-Nov-11
04-May-12
18-Oct-12
16-Oct-12
19-Oct-12
30-Oct-12
05-Nov-12
12-Nov-12
24-Jun-13
24-Jun-13
43

Closing
Price*
Closing Price
Volume
(Mill. Sh)
620
1,600
543
1,400
465
1,200
388
1,000
310
800
233
600
155
400
78
200
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Volume
Value
Freq.
Day
TRADING ACTIVITIES

MNC Investama Tbk.
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
205
161
164
172
197
300
290
280
285
260
225
215
Low
158
134
130
148
148
167
245
250
235
175
188
189
Close
160
151
161
152
175
255
255
255
255
193
198
199
225
146
440
2,434
3,748
5,549
2,674
1,371
417
843
617
333
562,990
63,983
249,347
137,091
140,422
228,662
91,229
46,417
72,901
83,212
50,310
71,439
41,886
8,120
24,447
21,437
22,130
56,014
23,947
12,202
7,325
19,511
9,460
13,862
18
19
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
315
620
980
1,040
840
180
143
114
125
139
132
185
190
215
570
690
121
124
85
101
102
113
116
119
240
620
800
810
175
130
111
102
116
128
120
163
3,755
14,846
29,922
35,296
95,879
61,476
66,461
20,306
34,795
34,608
11,945
34,037
364,077
565,155
895,533
1,324,150
7,942,832
5,583,056
5,921,547
1,707,320
3,536,032
4,532,194
1,127,079
4,197,187
76,973
218,418
717,769
1,167,804
1,746,903
861,823
702,713
184,920
411,442
571,412
142,393
664,735
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
197
186
186
181
225
255
275
265
240
260
265
300
165
168
169
164
163
200
210
185
159
167
220
250
169
179
174
168
225
235
260
210
183
250
255
295
28,266
13,608
20,559
23,436
38,710
61,806
50,592
34,740
13,813
27,941
28,299
41,478
2,877,735
1,071,289
1,755,203
1,087,824
1,975,274
2,706,380
2,496,020
1,456,825
1,293,358
1,666,594
1,691,988
4,777,796
512,031
188,733
306,554
189,116
360,978
613,853
623,571
321,282
260,424
356,101
413,060
1,364,902
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
295
290
380
490
495
420
430
410
500
580
560
600
265
265
265
365
400
350
380
370
380
490
500
495
270
275
365
460
420
400
405
385
495
550
550
540
7,909
13,059
26,973
46,527
40,325
35,901
42,854
29,660
59,096
51,452
51,529
58,316
2,092,136
1,050,248
1,663,518
3,294,766
2,169,208
1,557,089
1,533,290
591,793
1,801,151
2,842,803
1,421,607
2,545,456
585,177
286,158
558,701
1,442,631
972,685
640,148
647,725
232,517
803,265
1,537,452
757,071
1,385,770
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
560
520
550
520
580
540
485
490
475
500
485
485
405
420
495
510
500
490
540
480
440
49,735
46,265
44,471
23,615
54,813
26,512
29,120
1,196,966
1,200,506
1,357,173
817,530
2,643,993
1,477,712
664,373
623,151
596,931
712,164
408,039
1,388,131
701,538
299,052
21
20
19
22
22
19
23
1,120%
960%
800%
780.0%
640%
480%
439.0%
320%
220.8%
160%
-160%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
1,798
260
19
239
37,696
7,467
443
245
24,856
5,511
383
247
22,563
9,849
464
246
9,358
4,729
275
146
300
130
199
50
1,040
85
163
163
300
159
295
295
600
265
540
540
580
405
440
440
-29.99
18.81
PER (X)
16.33
21.27
PER Industry (X)
0.30
0.87
PBV (X)
8.32
16.89
0.72
9.30
19.08
1.05
6.97
21.21
0.80
Price (Rupiah)
High
Low
Close
Close*
44
RESEARCH DIVISION

Public Accountant : Osman Bing Satrio & Eny (Member of Deloitte Touche Tohmatsu Limited)
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
1,618,345
1,285,907
1,121,551
1,338,676
1,279,275
Receivables
2,546,614
3,251,719
3,808,572
5,807,000
6,026,882
Inventories
1,223,890
1,202,370
1,104,146
1,723,639
1,680,868
Current Assets
7,227,400
7,467,037
8,262,193 14,446,162 17,099,641
Fixed Assets
2,592,877
3,583,774
3,724,535
5,100,141
5,241,851
Other Assets
513,457
647,154
679,762
689,463
788,593
BALANCE SHEET
Book End : December

Assets
Liabilities
32,500
26,000
Total Assets
17,109,257 16,602,739 18,857,504 27,253,915 32,129,850
Growth (%)
-2.96%
13.58%
44.53%
17.89%
4,786,454
4,905,777
7,439,504
19,500
13,000
6,500
-
Current Liabilities
4,068,381
5,017,965
3,692,306
2,662,566
1,826,007
2,956,036
4,040,978
Total Liabilities
6,730,947
6,843,972
6,648,342
8,827,432 12,345,281
1.68%
-2.86%
32.78%
39.85%
4,184,759
Growth (%)
Minority Interest
5,545,879
Authorized Capital
2,090,000 11,500,000 11,500,000 11,500,000 11,500,000
Paid up Capital
723,693
2,984,816
2,996,849
3,349,940
3,589,220
7,237
29,848
29,968
33,499
35,892
100
100
100
100
100
1,010,525
1,195,220
1,790,350
2,056,199
2009
2010
2011
2012
Jun-13

18,426
19,785
19,785
15,749
12,209
11,712
Par Value
Retained Earnings
Total Equity
752,049
4,832,431
15.35%
119.04%
50.92%
7.37%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
5,465,757
6,831,838
7,715,913
9,787,237
5,569,013
24.99%
12.94%
26.84%
5,270,923
4,126,818
5,085,108
Growth (%)
INCOME STATEMENTS
Total Revenues
Growth (%)
Cost of Revenues
Gross Profit
Expenses (Income)
Operating Profit
4,712,621
4,832
753,136
1,560,915
3,589,095
4,702,129
2,607,370
5,270,923
2,204,323
2,136,739
1,157,221
753,136
1,560,915
1,384,772
107.26%
-11.28%
(1.00)
5,574
3,640
-396
2009
2010
2011
2012
Jun-13
2,961,643
4,712,621
Growth (%)
7,676
5,574,008 12,209,162 18,426,483 19,784,569
9,787
9,787
7,716
6,832
7,791
5,569
5,466
5,794
-229,764
-467,319
Income before Tax
523,800
1,093,503
1,384,772
2,565,390
1,450,149
Tax
352,450
319,880
405,702
589,735
322,508
-219,363
-515,147
-48,013
258,476
1,062,602
2,071,541
1,132,967
N/A
311.10%
94.95%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
177.65
148.81
223.77
301.81
348.56
2.00
6.00
-6.63
8.66
35.46
61.84
31.57
BV (Rp)
667.75
186.75
407.40
550.05
551.22
DAR (X)
0.39
0.41
0.35
0.32
0.38
DER(X)
1.39
1.23
0.54
0.48
0.62
ROA (%)
3.06
6.59
7.34
9.41
4.51
ROE (%)
10.84
19.62
11.34
13.92
7.33
GPM (%)
13.78
22.85
46.52
48.04
46.82
OPM (%)
13.78
22.85
17.95
Minority Interest
Growth (%)
RATIOS
Current Ratio (%)
Dividend (Rp)
EPS (Rp)
1,801
-196
2009
-0.88
3.78
13.77
21.17
20.34
Payout Ratio (%)
23.10
16.92
Yield (%)
1.23
2.03
NPM (%)
3,797
2010
2011
2012
Jun-13

2,072
2,072
1,648
1,133
1,063
1,224
800
258
376
2009
-48
-48
2010
2011
2012
RESEARCH DIVISION
Jun-13
45
COMPANY REPORT
BKSL
SENTUL CITY TBK.
Company Profile
PTSentulCityTbk.firstestablishedwiththenameofPTSentragriyaKharismadatedApril
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 June 30th, 2013, the company had direct ownership in subsidiaries: PT Sukaputra
GrahaCemerlang,PTGununggeulisElokAbadi,PTSentulInvestindo,PTAftanesiaRaya,PT
SerpongKaryaCemerlang,andPTKaryaMegahSukses.
August 2013
Disclaimer:
46
RESEARCH DIVISION
BKSL Sentul City Tbk. [S]

Development Board
As of 31 July 2013
:
Individual Index
:
Listed Shares
Market Capitalization :
17.275
31,396,905,010
7,849,226,252,500
88 | 7.85T | 0.17% | 85.40%

36 | 7.92T | 0.72% | 66.44%
COMPANY HISTORY
Established Date : 16-Apr-1993
Listing Date
: 28-Jul-1997
Under Writer IPO :
PT Trimega SecurindoLestari
PT Sirca Datapro Perdana
Wisma Sirca
Jln. Johar No.18, Menteng, Jakarta 10340
Phone : (021) 314-0032, 390-5920, 390-0645
Fax
: (021) 390-0671, 390-0652
1. Antonius Prijohandojo Kristanto
2. Basyir Ahmad Barmawi *)
3. Edison Mawikere *)
4. Laurie Kumala
5. Reina Kumala Kwee
6. Soemarso Slamet Rahardjo *)
7. Sumarsono
BOARD OF DIRECTORS
1. Kwee Cahyadi Kumala
2. Andrian Budi Utama
3. Hartan Gunadi Harja
4. Fransetya Hasudungan Hutabarat
5. Kwee Liana Kumala
6. Motinggo Soputan
7. Redjianto Setiadi
8. Syukurman Larosa

1. PT Citra Kharisma Komunika
2. HSBC Private Bank (Suisse) SA
5. Public (<5%)
Bonus
Cash
-
5,661,591,369
4,377,266,127
2,005,000,000
2,005,000,000
17,348,047,514
Ex Date
Recording
Date
:
:
:
:
:
18.03%
13.94%
6.39%
6.39%
55.25%
Payment
F/I
Date
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
Shares
400,000,000
1,030,000,000
4,004,000,000
-4,075,500,000
8,151,000,000
507,508,598
15,025,512,897
Right Issue
Warrant
850,105
Warrant
25,000
Warrant
142,500
Warrant
924,801
Warrant
2,400,886,000
Warrant
1,097,555,109
Additional Listing without Right Issue 2,854,000,000
Type of Listing
First Issue
Company Listing
Right Issue
Reverse Split
Right Issue
Listing
Date
28-Jul-97
28-Jul-97
03-Aug-99
01-Aug-06
10-Oct-06
02-Oct-09
01-Feb-10
03-Aug-10
05-Aug-10
06-Aug-10
09-Aug-10
10-Aug-10
11-Aug-10
19-Aug-11
Trading
Date
28-Jul-97
28-Jul-97
03-Aug-99
01-Aug-06
10-Oct-06
02-Oct-09
01-Feb-10
03-Aug-10
05-Aug-10
06-Aug-10
09-Aug-10
10-Aug-10
11-Aug-10
19-Aug-11
AUDIT COMMITTEE
1. Soemarso Slamet Rahardjo
2. Mawar Inviolata Rohana Napitupulu
3. Rusdy Daryono
CORPORATE SECRETARY
Kwee Liana Kumala
HEAD OFFICE
Gedung Menara Sudirman 25th Fl
Jakarta - 12190
Phone : (021) 879-26555; 879-23959, 522-6818
Fax
: (021) 879-26565, 879-23951, 522-6818
Homepage
Email
: www.sentulcity.co.id
: corsec@sentulcity.co.id
RESEARCH DIVISION
47

Closing
Price*
Closing Price
Volume
(Mill. Sh)
340
3,200
298
2,800
255
2,400
213
2,000
170
1,600
128
1,200
85
800
43
400
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Sentul City Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
76
55
65
113
148
215
173
171
138
128
109
106
Low
50
50
50
50
72
129
144
128
111
82
88
84
Close
50
50
50
82
127
153
166
129
122
97
93
97
203
191
2,657
3,226
24,477
45,478
25,006
16,089
13,659
11,101
14,488
13,502
1,315,732
17,153
882,410
201,540
2,860,497
4,780,923
3,467,786
1,306,687
1,817,512
636,144
917,164
875,303
149,269
848
84,907
14,993
329,985
774,715
477,138
198,931
208,583
72,232
91,471
84,870
18
13
19
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
99
92
116
168
166
144
131
120
128
129
119
117
85
82
87
100
92
118
105
96
101
115
100
105
89
88
100
163
130
131
119
104
116
117
105
109
9,336
5,410
17,465
42,736
37,582
27,833
16,278
13,570
13,779
12,245
6,029
5,542
608,714
788,702
1,578,655
5,787,726
4,617,691
3,625,759
3,225,077
838,271
1,942,364
1,335,124
572,466
417,970
56,485
74,694
162,313
752,553
646,123
466,040
352,997
90,899
224,466
164,705
63,388
45,390
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
111
111
107
108
127
125
199
325
320
310
280
275
95
95
97
101
102
109
118
175
215
205
230
235
99
104
101
106
116
119
192
295
250
285
250
265
8,240
6,831
8,270
6,369
13,459
7,865
24,429
30,967
22,266
33,604
15,044
16,613
494,702
426,197
557,005
400,562
1,509,054
2,243,421
4,584,513
7,824,168
2,768,214
4,410,097
1,806,767
2,708,095
51,458
44,507
56,881
41,797
176,192
237,833
678,424
1,552,074
785,815
1,218,368
456,089
695,177
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
285
265
265
325
330
255
245
225
220
210
205
197
240
230
235
250
240
195
210
184
186
189
185
184
245
240
250
315
250
230
220
191
210
193
190
189
17,540
16,490
15,681
38,795
26,168
19,725
13,155
9,592
11,901
13,511
16,818
12,452
1,891,469
1,393,219
2,007,911
6,033,477
7,211,664
2,435,952
1,577,271
961,797
1,333,847
833,154
1,281,531
1,894,857
489,355
339,383
498,442
1,753,194
2,135,336
545,224
358,234
195,590
274,943
164,110
251,376
397,763
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
285
305
340
315
315
305
255
189
240
280
250
260
225
220
255
295
310
285
305
245
250
24,842
23,002
39,896
39,444
31,057
20,036
12,627
4,419,555
3,984,078
6,244,766
7,053,954
4,680,750
2,017,136
1,470,768
1,077,623
1,075,830
1,924,867
1,939,697
1,351,265
533,858
357,053
21
20
19
22
22
19
23
455%
390%
325%
316.0%
260%
249.0%
220.8%
195%
130%
65%
-65%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
19,079
2,488
170
232
25,339
3,100
208
245
29,733
5,995
194
247
28,856
7,403
212
246
29,871
8,260
191
146
215
50
97
101
168
82
109
109
325
95
265
265
330
184
189
189
340
189
250
250
395.44
47.51
PER (X)
18.12
9.97
PER Industry (X)
0.43
0.76
PBV (X)
60.95
11.09
1.81
26.85
17.34
1.23
21.61
20.12
1.60
Price (Rupiah)
High
Low
Close
Close*
48
RESEARCH DIVISION

Public Accountant : Tanubrata Sutanto Fahmi & Rekan (Member of BDO International Limited)
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
13,804
190,979
88,820
76,911
313,396
147,969
170,912
310,059
464,954
679,853
Inventories
1,151,548
1,222,819
1,124,722
1,253,660
5,083,246
Investment
24,595
1,558,284
1,559,624
1,787,841
32,438
Fixed Assets
34,110
28,622
45,363
126,265
1,060,948
Other Assets
13,911
Total Assets
2,784,022
BALANCE SHEET
Receivables
Book End : December

Assets
Liabilities
11,250
9,000
Growth (%)
4,814,315
5,290,383
72.93%
9.89%
16.33%
66.79%
6,154,231 10,264,591
6,750
4,500
2,250
-
Trade Payable
54,375
54,044
56,420
70,062
252,005
Total Liabilities
500,157
690,154
695,847
1,337,823
3,100,279
37.99%
0.82%
92.26%
131.74%
17,332
Growth (%)
2009
2010
2011
2012
Jun-13

Minority Interest
1,368
Authorized Capital
4,250,000 13,500,000 13,500,000 13,500,000 13,500,000
Paid up Capital
1,981,251
3,833,841
4,119,241
4,119,241
4,119,241
10,017
28,543
31,397
31,397
31,397

Par Value
7,164
7,164
5,703
4,107
2,000 & 400 & 100 2,000 & 400 & 100 2,000 & 400 & 100 2,000 & 400 & 100 2,000 & 400 & 100
4,595
4,816
2011
2012
4,241
Retained Earnings
Total Equity
-126,737
-71,061
64,507
285,630
1,172,036
2,282,497
4,106,829
4,594,536
4,816,408
7,164,312
79.93%
11.88%
4.83%
48.75%
Growth (%)
2,780
2,282
1,318
INCOME STATEMENTS
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
Total Revenues
162,659
443,548
457,833
622,705
536,088
172.69%
3.22%
36.01%
83,616
231,005
221,458
279,001
155,101
Gross Profit
79,042
212,543
236,374
343,704
380,987
Operating Expenses
56,692
75,696
110,506
-109,963
130,280
Operating Profit
22,350
136,847
125,868
233,741
250,707
512.28%
-8.02%
85.70%
-12,844
-33,386
30,986
14,604
660,366
Income before Tax
9,507
103,461
156,854
248,345
911,073
Tax
7,049
20,301
20,404
27,419
19,504
Growth (%)
Cost of Revenues
Growth (%)
-143
2009
2010
Jun-13

623
623
536
496
444
458
2010
2011
369
-17,670
2,457
65,489
136,512
220,980
891,596
2,565.23%
108.45%
61.88%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
0.25
2.29
4.35
7.04
28.40
BV (Rp)
227.86
143.88
146.34
153.40
228.19
DAR (X)
0.18
0.14
0.13
0.22
0.30
DER(X)
0.22
0.17
0.15
0.28
0.43
ROA (%)
0.34
2.15
2.96
4.04
8.88
Minority Interest
Comprhensive Income
Growth (%)
RATIOS
Dividend (Rp)
EPS (Rp)
242
163
115
-12
2009
ROE (%)
0.42
2.52
3.41
5.16
12.72
GPM (%)
48.59
47.92
51.63
55.20
71.07
OPM (%)
13.74
30.85
27.49
37.54
46.77
NPM (%)
1.51
14.76
29.82
35.49
166.32
Payout Ratio (%)
Yield (%)
2012
Jun-13

892
710
528
346
221
137
164
2.5
65
-18
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
49
COMPANY REPORT
BMRI
BANK MANDIRI (PERSERO) TBK.
Company Profile
Bank Mandiri was formed on October 2, 1998 as part of the government of Indonesias
bankrestructuringprogram.BankMandiriisthelargestbankinIndonesia.
Bank Mandiri managed an important achievement to implement its 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. In order to
boostcreditcardbusinessgrowth,anaggressiveusageprogramwaslaunched.Issuanceof
cobrandingcardwithselectedpartnerswidenedandspeededupmarketpenetration,and
optimized acquisition through strategic alliances. Various promotions including; asset
purchase programs, exclusive joint promo with leading developer, implemented synergy
and alliance with subsidiaries through an agency program is set to encourage consumer
loanbusinessgrowth,KPRandKTA.
Bank Mandiri commitment in GCG implementation as an effort to grow sustainably,

receivedappreciationfromthegeneralpublic.In2012,BankMandirireceivedthestatusof
The Most Trusted Indonesian Companies in Good Corporate Governance from The
IndonesianInstituteforCorporateGovernance;whichtheBankMandirihasreceivedfor6
yearsconsecutiveyears.Inaddition,BankMandirialsoreceivedasTheBestDisclosure&
Transparency and The Best Overall Corporate Governance from Asia Money. Associated
withthesuccessoftheCompanytomaintainthegoodgovernancesystem,theCompany
continuesitseffortstoimplementGCGin5(five)mainstages:GovernanceCommitment;
Governance Structure; Governance Mechanisms; Dissemination and Evaluation; and
WalkingtheTalk.
As of 30 June 2013, Bank Mandiri employed 31,721 employees and operated 1,835
branchesacrossIndonesiaand5overseasbranches.BankMandiriiswellsupportedbyits
subsidiaries.Thereare,PTBankSyariahMandiri,PTUsahaGedungBankDagangNegara,
PT Bumi Daya Plaza, Bank Mandiri (Europe) Limited, PT Mandiri Sekuritas, PT Bank Sinar
Harapan Bali, PT Mandiri Tunas Finance, Mandiri International Remittance Sendirian
Berhad,PTAXAMandiriFinancialServices,andPTMandiriAXAGeneralInsurance.
August 2013
Disclaimer:
50
RESEARCH DIVISION
BMRI Bank Mandiri (Persero) Tbk.

Main Board
As of 31 July 2013
:
1,340.901
Individual Index
:
23,099,999,999
Listed Shares
6 | 205.6T | 4.49% | 34.14%

4 | 50.2T | 4.55% | 20.21%
COMPANY HISTORY
Listing Date
: 14-Jul-2003
Under Writer IPO :
PT ABN AMRO Asia Securities Indonesia
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Edwin Gerungan *)
2. Abdul Aziz
3. Agus Suprijanto
4. Gunarni Soeworo *)
5. Krisna Wijaya *)
6. Pradjoto *)
7. Wahyu Hidayat
BOARD OF DIRECTORS
1. Budi Gunadi Sadikin
2. Abdul Rachman
3. Fransisca Nelwan Mok
4. Hery Gunardi
5. Kresno Sediarsi
6. Ogi Prastomiyono
7. Pahala Nugraha Mansury
8. Riswinandi
9. Roykee Tumilaar
10. Sentot A. Sentausa
11. Sunarso
AUDIT COMMITTEE
1. Gunarni Soeworo
2. Imam Soekarno
3. Krisna Wijaya
4. Wahyu Hidayat
5. Zulkifli Zaelani

2. Public (<5%)
14,000,000,000 :
9,099,999,999 :
Bonus
Cash
50.00 16-Dec-03
2003
2003
115.00 11-Jun-04
2004
60.00 16-Dec-04
2005
70.50 13-Jun-05
2005
14.85 14-Jun-06
2006
70.02 19-Jun-07
2007
186.00 19-Jun-08
2008
88.55 26-May-09
2009
19.26 02-Dec-09
19.64 21-Dec-10
2010
2010
120.60 15-Jun-11
2011
104.97 15-May-12
199.33 26-Apr-13
2012
Recording
Date
19-Dec-03
16-Jun-04
21-Dec-04
16-Jun-05
19-Jun-06
22-Jun-07
24-Jun-08
29-May-09
07-Dec-09
27-Dec-10
20-Jun-11
22-May-12
01-May-13
Ex Date
17-Dec-03
14-Jun-04
17-Dec-04
14-Jun-05
15-Jun-06
20-Jun-07
20-Jun-08
27-May-09
03-Dec-09
22-Dec-10
16-Jun-11
16-May-12
29-Apr-13
60.00%
40.00%
Payment
Date
30-Dec-03
30-Jun-04
30-Dec-04
24-Jun-05
30-Jun-06
29-Jun-07
03-Jul-08
12-Jun-09
22-Dec-09
30-Dec-10
30-Jun-11
05-Jun-12
16-May-13
I
F
I
F
F
F
F
F
I
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
Type of Listing
First Issue
Company Listing
MSOP Conversion
Partial delisting 1 %
MSOP Conversion I
MSOP Conversion I, II & III
MSOP Conversion I & III
MSOP Conversion III
MSOP Conversion II
Right Issue
Shares
2,900,000,000
16,900,000,000
598,938,831
-9,955,000
32,316,636
10,547,213
105,564,065
129,311,724
32,126,466
86,224,280
1,376,402
44,125
2,313,505,257
T:
T:
T:
T:
T:
T:
T:
T:
T:
Listing
Date
14-Jul-03
14-Jul-03
26-Jul-04
06-Dec-05
11-Dec-06
21-Mar-07
10-May-07
14-May-07
14-Nov-07
19-Nov-07
17-Dec-08
02-Jun-10
02-Mar-11
:
:
:
:
:
:
:
:
:
Trading
Date
14-Jul-03
30-Dec-03
09-Jan-07
06-Dec-05
15-Dec-06
16-Jul-08
02-Jun-08
28-May-08
19-May-10
16-Dec-10
08-May-09
02-Jun-10
02-Mar-11
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
Email
F/I
: www.bankmandiri.co.id
: cma@bankmandiri.co.id
RESEARCH DIVISION
51

Closing
Price*
Closing Price
Volume
(Mill. Sh)
12,000
2,400
10,500
2,100
9,000
1,800
7,500
1,500
6,000
1,200
4,500
900
3,000
600
1,500
300
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Finance Index
Month
Volume
Value
Freq.
Day
TRADING ACTIVITIES

Bank Mandiri (Persero) Tbk.
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
2,275
1,830
2,275
2,875
3,075
3,750
4,275
4,325
4,950
5,300
4,950
4,725
Low
1,770
1,690
1,680
2,125
2,425
2,950
3,125
3,700
3,875
4,275
4,300
4,375
Close
1,820
1,740
2,175
2,775
2,975
3,175
4,175
4,100
4,700
4,675
4,450
4,700
27,237
21,122
22,419
24,070
32,666
27,987
32,870
26,890
21,965
33,583
29,095
21,346
707,802
550,201
626,843
861,950
1,432,983
1,074,816
1,434,042
746,982
570,387
721,303
553,859
444,244
1,404,263
973,311
1,225,277
2,070,471
4,024,000
3,546,545
4,961,881
2,984,296
2,523,506
3,428,875
2,569,779
2,024,891
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
4,950
4,725
5,650
5,800
5,850
6,100
6,300
6,100
7,250
7,200
7,250
6,900
4,500
4,150
4,400
4,950
4,700
5,100
5,600
5,450
5,800
6,600
6,350
6,100
4,675
4,475
5,350
5,800
5,350
6,000
6,000
5,900
7,200
7,000
6,400
6,500
22,719
20,417
26,160
28,179
27,917
22,274
23,214
22,731
26,623
27,983
22,119
27,959
491,391
535,563
798,081
1,028,306
770,414
581,387
509,689
441,460
500,635
539,179
374,801
499,676
2,332,239
2,390,152
3,951,369
5,408,909
4,037,840
3,297,928
3,041,572
2,596,339
3,241,511
3,698,200
2,610,067
3,283,238
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
6,900
6,250
6,800
7,250
7,350
7,250
8,150
8,100
7,300
7,300
7,400
7,000
5,350
5,350
5,700
6,550
6,800
6,700
7,150
6,650
5,100
5,500
6,300
6,200
5,950
5,800
6,800
7,150
7,200
7,200
7,850
6,850
6,300
7,150
6,400
6,750
59,751
44,183
53,774
36,842
31,537
32,742
34,821
55,412
75,984
63,194
63,227
46,300
1,408,041 8,314,520
2,993,290 16,377,961
1,286,491 7,886,597
775,150 5,336,328
804,177 5,712,250
542,273 3,787,371
878,996 6,697,558
949,354 6,871,060
1,284,590 8,041,492
1,009,050 6,473,321
893,643 6,122,844
693,425 4,597,460
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
7,150
6,750
6,950
7,400
7,450
7,350
8,300
8,600
8,300
8,400
8,900
8,450
6,600
6,000
6,350
6,800
6,650
6,550
6,850
7,350
7,600
7,900
8,150
7,700
6,700
6,450
6,850
7,400
6,900
7,200
8,300
7,800
8,200
8,250
8,250
8,100
38,879
76,926
45,324
24,798
23,052
24,789
30,999
26,979
31,515
23,531
25,336
38,789
724,875
1,462,741
984,952
676,326
615,116
420,561
586,543
398,429
480,997
473,867
417,060
660,905
4,954,614
9,269,521
6,573,813
4,780,291
4,369,398
2,956,044
4,352,468
3,208,709
3,812,109
3,854,682
3,548,485
5,339,337
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
9,050
10,150
10,050
10,750
10,550
9,900
9,050
8,000 9,050
8,700 10,050
9,450 10,000
9,800 10,500
9,700 9,700
8,250 9,000
7,450 8,900
36,696
33,818
38,478
33,768
47,425
68,921
68,683
517,167
567,187
570,412
525,014
748,146
871,631
837,483
4,358,835
5,224,978
5,577,493
5,402,910
7,579,728
7,848,472
7,032,852
21
20
19
22
22
19
23
420%
360%
311.4%
300%
240%
220.8%
220.3%
180%
120%
60%
-60%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
9,725
31,737
321
241
7,071
39,889
298
245
13,518
86,219
598
247
7,902
57,019
411
246
4,637
43,025
328
146
5,300
1,680
4,700
4,622
7,250
4,150
6,500
6,392
8,150
5,100
6,750
6,750
8,900
6,000
8,100
8,100
10,750
7,450
8,900
8,900
13.77
14.81
PER (X)
12.35
16.00
PER Industry (X)
2.81
3.29
PBV (X)
12.62
6.61
2.51
11.63
6.58
2.47
12.84
11.80
2.61
Price (Rupiah)
High
Low
Close
Close*
52
RESEARCH DIVISION

BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13

Assets
9,521,713 11,357,523 15,286,190 12,248,288
675,000

18,153,392 27,247,529 12,002,918 10,769,775 15,563,464
540,000
Cash on Hand
Loans
Investment
8,867,881
184,690,704 232,545,259 298,988,258 370,570,356 408,232,497
186,848
7,218,361
38,785 11,366,225 13,190,681
Fixed Assets
4,963,306
5,527,000
6,589,594
7,002,690
6,841,543
Other Assets
3,812,265
5,384,797
7,249,901
7,339,965
8,648,776
Total Assets
394,616,604 449,774,551 551,891,704 635,618,708 672,173,138
13.98%
Growth (%)
22.70%
15.17%
5.75%
270,000
135,000
330,336,908 369,842,016 397,046,488 456,854,700 481,910,200
Taxes Payable
1,855,829
1,408,798
Fund Borrowings
3,944,356
5,634,838 11,703,498 11,608,832 11,586,835
Other Liabilities
Total Liabilities
761,737
2,662,421
Liabilities
405,000
Deposits
Book End : December
2009
2010
2011
2012
689,767
9,132,586 10,338,954 15,378,187 13,002,765 14,097,923
359,318,341 407,704,515 489,237,296 559,085,843 592,711,574
Growth (%)
Jun-13
13.47%
20.00%
14.28%
6.01%
527,228
76,533
79,462
79,462
62,654
Minority Interest
189,494
Authorized Capital
16,000,000 16,000,000 16,000,000 16,000,000 16,000,000
Paid up Capital
10,485,058 10,498,247 11,666,667 11,666,667 11,666,667
63,251
41,543
47,041

Par Value
20,970
20,996
23,333
23,333
23,333
500
500
500
500
500
Retained Earnings
17,858,633 24,442,177 33,505,527 46,079,465 49,719,964
Total Equity
35,108,769 41,542,808 62,654,408 76,532,865 79,461,564
Growth (%)
INCOME STATEMENTS
Dec-09
18.33%
50.82%
22.15%
3.83%
Dec-10
Dec-11
Dec-12
Jun-13
35,109
30,831
14,621
-1,589
2009
32,598,964 33,931,650 37,730,019 42,550,442 23,114,382
4.09%
Growth (%)
11.19%
2010
2011
2012
Jun-13
12.78%
42,550
Interest Expenses
15,821,849 14,413,041 15,954,037 15,019,850

8,432,817 11,768,351 11,897,822
6,594,739
10,009,867 12,074,973 16,312,021 18,913,028
9,709,294
10,434,478 13,742,020 16,348,933 19,625,447 10,765,733
5,484,363
Growth (%)
31.70%
18.97%
20.04%
230,142
163,102
878,821
37,730
7,976,669
32,599
33,932
33,870
23,114
25,190
16,510
Income Before Tax
Minority Interest
389,596
111,695
10,824,074 13,972,162 16,512,035 20,504,268 10,877,428

3,625,586
4,602,936
3,816,150
4,460,650
2,268,619
-43,024
-150,928
9,218,298 12,479,456 16,256,581
8,086,576
7,155,464
28.83%
35.38%
30.27%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
19.26
140.24
104.97
199.33
Growth (%)
7,829
-851
2009
2010
2011
2012
Jun-13
RATIOS
Dividend (Rp)
341.22
439.04
534.83
696.71
346.57
1,674.23
1,978.56
2,685.19
3,279.98
3,405.50
DAR (X)
0.91
0.91
0.89
0.88
0.88
DER(X)
10.23
9.81
7.81
7.31
7.46
ROA (%)
2.74
3.11
2.99
3.23
1.62
ROE (%)
30.83
33.63
26.35
26.79
13.69
OPM (%)
32.01
40.50
43.33
46.12
46.58
NPM (%)
21.95
27.17
33.08
38.21
34.99
Payout Ratio (%)
5.65
31.94
19.63
28.61
Yield (%)
0.41
2.16
1.56
2.46
EPS (Rp)
BV (Rp)
16,257
16,257
12,479
12,940
9,218
8,087
9,624
7,155
6,308
2,991
-325
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
53
COMPANY REPORT
BMTR
GLOBAL MEDIACOM TBK.
Company Profile
PTGlobalMediacomTbk.wasestablishedinJakartaatJune30th,1981,andatMarch27th,
2007thenameofPTBimantaraCitraTbk.waschangedtoPTGlobalMediacomTbk.The
Companystartedcommercialoperationsin1982.
The Company has two core operating companies: PT Media Nusantara Citra Tbk. (MNC)
andPTMNCSkyVisionTbk.(MSV).Thetwocompaniesreachednewheightsintermsof
operatingandfinancialperformances.MNCproducedmanyofthenationsmostpopular
programs.ThreeFreeToAir(FTA)TVstationsgarnereda38%aggregateaudienceshare.
RCTIcontinuestobethe#1TVstationinIndonesia.ThechangeinprogrammingatMNCTV
tofocusonprimedramaseriesachievedextraordinaryresults,asitbecamethe#2ranked
stationduringprimetimein2012fromthe#7in2011.Thestrongperformancefromour
TV stations led to 21% growth in advertising revenue, outperforming the industry which
grewby15%.
Another key focused area for MNC is the growing content business. MNC owned and
produced 16 PayTV Channels (2012) in the Indonesian language and offer MSV a real
competitive advantage over other PayTV operators. The MNC Channels are exclusive to
MSV. MSV is in the position of being able to offer subscribers the largest number of
exclusive channels and the largest number of channel lineup compared to other PayTV
operators.
MNC Sports, MNC Business, MNC Music, MNC Entertainment, MNC Lifestyle and MNC
News have garnered higher ratings in their respective category than a more established
andmorerecognizedinternationalchannels(TheNielsenCompanyreport).Theexclusive
channelsareabigsellingpointinacquiringnewsubscribers.
MNCChannelsarenewsourcesofgrowthforMNCastheincrementaladvertisingrevenue
hasstronggrowthandhighprofitmargins.MNCChannelshasfastgrowthpotentialsgiven
the low penetration rate of PayTV at 6.6% of TV households and is projected by Media
PartnersAsiatogrowatCAGRof121%between20102020.
In addition, the Group also holds a portfolio of investments that can be converted into
financial resources for immediate and future expansions. Global Mediacom has been
growingsignificantlyanditisstrategicallypositionedtobetheleaderinitsindustry.On
June30th,2013theCompanyanditssubsidiaries(Group)hadtotalemployeesof9,304.
August 2013
Disclaimer:
54
RESEARCH DIVISION
BMTR Global Mediacom Tbk. [S]

Main Board
As of 31 July 2013
:
1,872.004
Individual Index
:
14,030,960,550
Listed Shares
25 | 32.3T | 0.70% | 62.72%

20 | 14.0T | 1.26% | 52.52%
COMPANY HISTORY
Established Date : 30-Jun-1981
Listing Date
: 17-Jul-1995
Under Writer IPO :
PT Makindo
Wisma Sirca
Phone : (021) 314-0032, 390-5920, 390-0645
Fax
: (021) 390-0671, 390-0652
1. Rosano Barack
2. Bambang Rudijanto Tanoesoedibyo
3. Chang Long Jong
4. Kardinal Alamsyah Karim *)
5. Lei Zhang
6. Mohamed Idwan Ganie *)

1. Public (<5%)
Bonus
Cash
1995
15.00 19-Jun-96
1996
20.00 05-May-97
1997
4.50 22-Jun-98
15.00 28-May-01
2000
2001
20.00 18-Jun-02
2002
26.00 05-Jun-03
2003
25.00 11-Jun-04
2005
1:1
07-Jul-06
11-Jul-07
2006
4.00
2007
14.56 28-Nov-07
2008
3.50 06-Nov-09
2009
5.00 03-Dec-10
10.00 06-Dec-11
2010
14,030,960,550 : 100.00%
Recording
Date
28-Jun-96
15-May-97
01-Jul-98
01-Jun-01
24-Jun-02
10-Jun-03
16-Jun-04
12-Jul-06
16-Jul-07
03-Dec-07
25-Nov-09
09-Dec-10
09-Dec-11
Ex Date
20-Jun-96
06-May-97
23-Jun-98
29-May-01
19-Jun-02
06-Jun-03
14-Jun-04
10-Jul-06
12-Jul-07
29-Nov-07
09-Nov-09
06-Dec-10
07-Dec-11
Payment
Date
26-Jul-96
03-Jun-97
24-Jul-98
18-Jun-01
08-Jul-02
24-Jun-03
30-Jun-04
26-Jul-06
30-Jul-07
17-Dec-07
25-Nov-09
23-Dec-10
23-Dec-11
F/I
F
F
F
F
F
F
F
S
F
I
F
F
F
ISSUED HISTORY
BOARD OF DIRECTORS
2. David Fernando Audy
3. Handhianto Suryo Kentjono
4. Indra Pudjiastuti Prastomiyono
5. Muhamad Budi Rustanto
6. Oerianto Guyandi
AUDIT COMMITTEE
1. Kardinal Alamsyah Karim
2. Hery Kusnanto
3. Mohamed Idwan Ganie
CORPORATE SECRETARY
Arya Mahendra Sinulingga
HEAD OFFICE
MNC Tower 27th - 29th Fl.
Jln. Kebon Sirih 17 - 19
Jakarta
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
Shares
200,000,000
760,000,000
57,000,000
1,088,576
84,293,938
266,978,118
1,299,013,678
10,417,945,240
685,168,000
ESOP Conversion I
43,722,000
ESOP Conversion I & II
34,647,500
ESOP Conversion I, II & III
106,578,500
ESOP Conversion II & III
5,838,500
ESOP Conversion II, III, IV & V
62,991,500
Revision ESOP Conversion II, III, IV & V
8,000
Type of Listing
First Issue
Company Listing
Convertible Bond
Option Conversion
ESOP Conversion
Right Issue
Bonus Shares
Stock Split
T:
T:
T:
T:
T:
T:
T:
T:
Listing
Date
17-Jul-95
17-Jul-95
17-Jul-95
30-Apr-02
20-Jun-02
28-Jul-04
26-Jul-06
24-Apr-07
06-Jul-07
17-Mar-11
23-Sep-11
16-Mar-12
28-Sep-12
29-May-13
21-Jun-13
:
:
:
:
:
:
:
:
Trading
Date
10-Jun-10
11-Jun-10
20-Feb-96
03-Jun-02
19-Sep-11
28-Jul-04
26-Jul-06
24-Apr-07
06-Jul-07
07-Jun-11
12-Mar-12
18-Oct-12
28-Sep-12
29-May-13
21-Jun-13
Phone : (021) 390-9211

Fax
: (021) 390-9207, 230-5281, 392-7859
Homepage
Email
: www.mediacom.co.id
: am.sinulingga@mediacom.co.id
RESEARCH DIVISION
55

Closing
Price*
Closing Price
Volume
(Mill. Sh)
2,800
1,600
2,450
1,400
2,100
1,200
1,750
1,000
1,400
800
1,050
600
700
400
350
200
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Global Mediacom Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
193
168
192
210
265
330
405
385
335
315
280
240
Low
169
145
129
170
182
192
300
320
300
196
200
200
Close
170
145
192
186
191
310
350
330
310
220
220
210
418
238
4,309
7,607
16,424
48,813
35,206
19,316
7,571
8,417
7,329
4,683
84,052
7,079
94,626
195,889
1,236,693
5,016,618
3,314,126
1,163,169
363,170
369,007
555,573
294,787
14,030
1,128
15,684
37,403
254,836
1,309,849
1,197,477
415,570
113,749
99,994
132,807
68,214
17
18
19
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
280
355
455
495
440
395
355
345
430
540
530
670
205
225
265
375
295
325
295
300
305
375
480
460
250
300
395
410
365
330
310
315
385
495
480
650
15,982
17,452
32,188
29,648
12,280
5,801
8,392
3,406
7,265
17,319
6,463
13,305
928,510
1,040,610
2,121,127
1,705,522
699,873
219,043
308,707
173,000
293,483
673,415
230,289
977,788
223,415
309,072
797,248
729,950
273,264
80,701
99,618
53,931
111,779
318,239
116,162
592,362
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
770
900
900
870
840
870
890
890
890
850
1,070
1,140
560
710
750
700
710
750
810
700
740
750
790
960
720
890
840
750
840
840
870
770
820
800
980
990
13,084
8,926
13,280
9,483
16,802
8,093
9,106
6,066
8,965
4,553
17,702
14,476
636,476
823,568
497,457
368,590
1,570,436
1,653,609
289,997
299,919
211,406
77,013
976,165
397,335
415,505
634,291
404,603
284,932
1,181,554
1,256,582
247,567
232,788
168,273
61,201
808,327
410,227
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
1,120
1,270
1,660
1,720
1,790
1,560
1,750
1,820
2,075
2,375
2,450
2,625
980
1,100
1,260
1,570
1,240
1,220
1,470
1,710
1,750
2,050
2,100
2,300
1,110
1,260
1,600
1,660
1,360
1,520
1,750
1,750
2,050
2,275
2,400
2,400
13,633
15,338
20,226
19,440
26,969
42,500
43,064
27,220
40,318
49,594
36,243
23,246
207,458
231,702
1,014,874
617,944
1,268,031
633,907
1,358,234
347,523
651,200
1,949,320
825,913
512,440
214,242
279,612
1,369,969
1,010,682
2,101,421
901,986
2,123,331
614,668
1,225,051
4,263,509
1,868,399
1,265,081
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
2,575
2,350
2,550
2,400
2,800
2,600
2,550
2,150
2,050
2,275
2,050
2,075
1,860
1,860
2,175
2,300
2,325
2,175
2,600
2,150
2,300
46,238
55,245
34,193
38,596
51,309
46,999
40,269
522,750
480,534
627,244
460,369
1,054,035
857,900
1,050,215
1,240,680
1,079,567
1,518,188
1,017,507
2,583,137
1,830,708
2,260,063
21
20
19
22
22
19
23
1,400%
1,200%
1143.2%
1,000%
800%
600%
439.0%
400%
220.8%
200%
-200%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
12,695
3,661
160
236
9,371
3,706
170
245
7,802
6,106
131
247
9,619
17,238
358
246
5,053
11,530
313
146
405
129
210
210
670
205
650
650
1,140
560
990
990
2,625
980
2,400
2,400
2,800
1,860
2,300
2,300
18.38
15.46
PER (X)
16.33
21.27
PER Industry (X)
0.41
1.21
PBV (X)
70.40
16.89
1.63
16.21
19.08
2.34
17.32
21.21
2.19
Price (Rupiah)
High
Low
Close
Close*
56
RESEARCH DIVISION

Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
1,276,332
1,141,628
1,165,245
952,529
870,903
Receivables
2,076,270
2,453,904
2,407,692
3,113,957
3,467,695
Inventories
1,131,998
1,106,101
1,134,041
1,636,122
1,670,132
Current Assets
5,985,526
5,937,277
6,085,670 10,781,083 11,906,427
Fixed Assets
1,769,444
2,793,271
2,668,000
3,734,879
4,212,261
Other Assets
475,394
551,502
534,326
605,330
726,206
BALANCE SHEET
Book End : December

Assets
Liabilities
22,500
18,000
Total Assets
13,481,189 12,959,942 13,129,083 19,995,526 21,783,114
Growth (%)
-3.87%
1.31%
52.30%
8.94%
2,481,608
3,162,046
13,500
9,000
4,500
-
Current Liabilities
1,952,037
3,197,581
3,223,411
2,293,188
1,547,624
1,518,217
3,218,162
3,233,275
Total Liabilities
4,245,225
4,745,205
4,741,628
5,699,770
6,395,321
11.78%
-0.08%
20.21%
12.20%
Growth (%)
Minority Interest
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
1,376,290
1,377,021
1,379,116
1,396,796
1,403,096
13,763
13,770
13,791
13,968
14,031
100
100
100
100
100
Retained Earnings
3,402,240
3,912,989
4,109,251
5,670,496
5,965,932
Total Equity
7,050,623
7,381,739
8,387,455 14,295,756 15,387,793
2009
4.70%
13.62%
70.44%
7.64%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
5,034,905
6,326,514
1,573,888
8,925,419
4,819,184
25.65%
-75.12%
467.09%
4,846,631
1,143,270
4,753,060
2,564,461
Growth (%)
INCOME STATEMENTS
Total Revenues
Growth (%)
Cost of Revenues
4,325,000
709,905
1,479,883
430,618
4,172,359
2,254,723
4,325,000
4,846,631
1,143,270
1,610,968
931,085
709,905
1,479,883
430,618
108.46%
-70.90%
(1.00)
-119,449
-284,191
-54,156
Income before Tax
590,884
1,195,599
376,462
2,561,391
1,323,638
Tax
259,422
345,087
94,283
567,902
340,645
-174,254
-271,647
967,501
Gross Profit
Expenses (Income)
Operating Profit
Growth (%)
2011
2012
14,296
15,388
Minority Interest
7,051
7,382
2009
2010
8,387
5,970
2,831
-308
2011
2012
578,865
194,727
2,068,219
-66.36%
962.11%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
306.63
185.68
188.80
434.44
376.54
5.00
10.00
11.42
42.04
14.12
148.07
68.95
BV (Rp)
512.29
536.07
608.18
1,023.47
1,096.70
DAR (X)
0.31
0.37
0.36
0.29
0.29
DER(X)
0.60
0.64
0.57
0.40
0.42
ROA (%)
4.38
9.23
2.87
12.81
6.08
ROE (%)
8.38
16.20
4.49
17.92
8.60
GPM (%)
14.10
23.39
27.36
46.75
46.79
OPM (%)
14.10
23.39
27.36
NPM (%)
3.12
9.15
12.37
23.17
20.08
43.77
23.79
2.38
1.54
157,208
Growth (%)
RATIOS
Current Ratio (%)
Dividend (Rp)
EPS (Rp)
Payout Ratio (%)

Yield (%)
Jun-13

8,925
8,925
6,327
7,105
5,035
268.22%
15,388
12,249
4,819
5,284
Jun-13
9,110
Par Value
2010
3,463
1,574
1,642
-179
2009
2010
2011
2012
Jun-13

2,068
2,068
1,646
1,224
968
579
802
381
195
157
-41
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
57
CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT
BSDE
BUMI SERPONG DAMAI TBK.
Company Profile
PTBumiSerpongDamaiTbk.whichisalsopartofSinarMasLand,wasestablishedin1984
andstartedcommercialoperationsin1989.
The Company has become a leading property developer in Indonesia with the main
property projects situated in Serpong (BSD City), and diversifying to Jakarta, Bekasi,
Cibubur, Surabaya, Medan, and Balikpapan, also expanding to Samarinda, Manado, and
Palembang.
Inendof2010,theCompanyhasdonetheacquisitionprocessonaffiliatedcompaniesin
PT Duta Pertiwi Tbk, PT Sinar Mas Teladan, and PT Sinar Mas Wisesa. The acquisition is
expectedtoincreaseCompanysperformanceparticularlyduetohigherrevenueportfolio
andbusinessdiversification.
The Companys purpose and objective is to engage in real estate development activities.
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.
The Company and its subsidiaries are incorporated and conduct their operations in
Indonesia. The Group operates under the group of PT Paraga Artamida. The ultimate
parentoftheGroupisSinarmasLandLimited,alimitedliabilitycompanyincorporatesin
Singapore.
ThesubsidiarieswhichwereconsolidatedarePTDutaPertiwiTbk.,PTSinarMasWisesa,
andPTSinarMasTeladan.AsofJune30,2013,theCompanyhad1,793employees.The
totalnumberofemployeesoftheGroupwas4,817employees.
August 2013
Disclaimer:
58
RESEARCH DIVISION
BSDE Bumi Serpong Damai Tbk. [S]

Main Board
As of 31 July 2013
:
309.497
Individual Index
:
17,496,996,592
Listed Shares
29 | 27.6T | 0.60% | 65.24%

18 | 16.3T | 1.48% | 49.96%
COMPANY HISTORY
Established Date : 16-Jan-1984
Listing Date
: 06-Jun-2008
Under Writer IPO :
PT CLSA Indonesia
PT Nusadana Capital Indonesia
PT Sinarmas Sekuritas
PT Sinartama Gunita
Plaza BII Menara 1, 9th Fl.
Jln. M.H. Thamrin No. 51 Jakarta 10350
Phone : (021) 392-2332
Fax
: (021) 392-3003

1. PT Paraga Arta Mida
2. PT Ekacentra Usahamaju
3. Public (<5%)
4,422,720,330 :
4,404,400,500 :
8,669,875,762 :
Bonus
Cash
4.00
01-Jul-09
2008
2009
6.00
01-Jul-10
2010
6.00
05-Jul-11
2012
15.00 21-Jun-13
Ex Date
02-Jul-09
02-Jul-10
06-Jul-11
24-Jun-13
Recording
Date
06-Jul-09
06-Jul-10
08-Jul-11
26-Jun-13
25.00%
25.00%
50.00%
Payment
Date
22-Jul-09
20-Jul-10
22-Jul-11
10-Jul-13
F/I
F
F
F
F
ISSUED HISTORY
1. Muktar Widjaja
2. Benny Setiawan Santoso
3. Edwin Hidayat Abdullah *)
4. Franky Oesman Widjaja
5. Susiyati Bambang Hirawan *)
6. Teddy Pawitra *)
7. Teky Mailoa
8. Welly Setiawan Prawoko
No.
1.
2.
3.
Type of Listing
First Issue
Company Listing
Right Issue I
Shares
1,093,562,000
9,842,060,870
6,561,373,722
Listing
Date
06-Jun-08
06-Jun-08
21-Dec-10
Trading
Date
06-Jun-08
01-Feb-09
21-Dec-10
BOARD OF DIRECTORS
1. Fransciscus Xaverius Ridwan Darmali
2. Hermawan Wijaya
3. Hongky Jeffry Nantung
4. Liauw Herry Hendarta
5. Lie Jani Harjanto
6. Michael Jackson Purwanto Widjaja
7. Monik William (Non-affiliated)
8. Petrus Kusuma
9. Syukur Lawigena
AUDIT COMMITTEE
1. Susiyati Bambang Hirawan
2. Edwin Hidayat Abdullah
3. Herawan Hadidjaja
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
Email
: www.bsdcity.com
: hermawan.wijaya@sinarmasland.com
RESEARCH DIVISION
59

Closing
Price*
Closing Price
Volume
(Mill. Sh)
2,400
2,400
2,100
2,100
1,800
1,800
1,500
1,500
1,200
1,200
900
900
600
600
300
300
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Freq.
Volume
Value
Day
TRADING ACTIVITIES

Bumi Serpong Damai Tbk. [S]
Month
High
Low
Close
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
111
92
105
195
375
550
640
720
700
770
880
900
82
76
71
98
145
350
495
500
610
630
710
800
89
78
99
150
355
540
640
670
640
740
820
880
179
171
662
1,933
2,059
2,844
6,979
13,198
8,660
11,276
10,393
7,581
4,148
29,388
12,765
273,979
45,849
110,668
352,983
697,119
479,846
724,841
387,276
342,185
363
2,328
1,143
34,397
12,594
51,840
201,817
420,202
314,312
486,020
304,819
285,935
13
14
16
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
890
940
640
890
850
790
820
880
990
1,160
990
1,000
820
600
580
600
550
600
690
780
790
770
800
850
840
610
610
840
690
720
810
820
960
840
990
900
11,989
14,413
10,217
33,927
14,135
9,415
10,754
7,110
7,229
18,785
12,636
16,955
424,505
2,235,099
905,354
1,887,323
634,216
498,352
484,418
277,928
261,087
542,241
437,080
624,861
364,169
1,424,313
561,893
1,412,792
444,924
356,669
372,317
229,581
232,622
514,289
393,657
570,535
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
940
750
840
960
940
920
1,060
1,080
1,050
950
980
1,010
700
630
670
810
860
810
850
810
730
760
820
840
720
670
840
920
910
900
1,020
1,040
870
920
850
980
15,703
10,313
10,660
8,170
8,076
5,026
9,762
11,015
12,876
12,037
9,220
9,577
509,989
326,149
348,553
278,955
268,681
171,264
517,923
391,705
384,121
339,536
290,994
449,764
405,075
219,786
263,526
247,648
243,513
149,631
497,968
385,835
340,537
301,160
261,508
424,577
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
1,070
1,250
1,330
1,470
1,490
1,290
1,250
1,160
1,130
1,310
1,290
1,270
940
1,060
1,120
1,290
1,160
1,080
1,070
930
930
1,020
1,180
1,080
1,050
1,150
1,290
1,430
1,200
1,180
1,150
1,000
1,130
1,240
1,210
1,110
7,492
11,872
13,823
29,809
27,368
16,140
28,070
17,225
21,262
25,587
11,502
12,996
502,946
802,356
513,779
1,020,344
1,081,486
566,611
1,147,808
653,709
699,555
1,192,184
584,368
528,628
511,007
934,604
633,843
1,421,238
1,423,915
678,381
1,338,777
691,237
727,882
1,397,115
723,218
627,165
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
1,450
1,600
1,790
1,760
2,200
2,125
1,850
1,090
1,320
1,530
1,590
1,730
1,660
1,370
1,400
1,600
1,750
1,730
2,200
1,800
1,580
26,871
18,943
23,894
26,272
59,301
64,726
50,647
1,122,431
766,112
948,716
941,130
1,979,407
1,530,160
1,333,112
1,405,038
1,103,713
1,580,124
1,588,336
3,721,967
2,863,844
2,061,537
21
20
19
22
22
19
23
2,450%
2,100%
1,750%
1730.4%
1,400%
1,050%
700%
350%
316.0%
220.8%
-350%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
3,461
2,116
66
225
9,212
6,878
168
245
4,278
3,741
122
247
9,294
11,108
223
246
8,621
14,325
271
146
900
71
880
817
1,160
550
900
900
1,080
630
980
980
1,490
930
1,110
1,110
2,200
1,090
1,580
1,580
31.17
39.93
PER (X)
18.12
9.97
PER Industry (X)
4.11
2.57
PBV (X)
16.94
11.09
2.08
13.12
17.34
1.84
8.32
20.12
2.31
Price (Rupiah)
High
Low
Close
Close*
60
RESEARCH DIVISION

Public Accountant : Mulyamin Sensi Suryanto & Lianny (Member of Moore Stephens International Ltd.)
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
1,049,739
3,545,385
3,479,092
3,961,465
4,657,867
11,020
102,632
86,978
83,188
88,826
Inventories
1,734,152
2,883,392
3,012,273
3,374,802
3,475,773
Investment
38,360
80,376
636,702
769,378
1,160,095
Fixed Assets
113,330
365,038
486,920
415,371
402,311
Other Assets
4,238
5,849
415
415
BALANCE SHEET
Receivables
Book End : December

Assets
Liabilities
21,250
17,000
Total Assets
4,592,836 11,694,748 12,787,377 16,756,718 20,193,496
Growth (%)
154.63%
9.34%
31.04%
20.51%
12,750
8,500
4,250
-
Trade Payable
22,130
15,540
44,602
177,681
113,105
Total Liabilities
2,252,711
4,279,479
4,530,152
6,225,014
8,240,122
89.97%
5.86%
37.41%
32.37%
1,282,987
Authorized Capital
2,000,000
4,000,000
4,000,000
4,000,000
4,000,000
Paid up Capital
1,093,562
1,749,700
1,749,700
1,749,700
1,749,700
10,936
17,497
17,497
17,497
17,497
100
100
100
100
100
761,897
1,088,782
1,828,867
2,939,944
4,211,094
2,340,125
6,132,282
8,257,225 10,531,704 11,953,373
Growth (%)
2009
2010
2011
2012
Jun-13

Minority Interest

Par Value
11,953
11,953
10,532
8,257
9,515
6,132
7,076
Retained Earnings
Total Equity
162.05%
Growth (%)
34.65%
27.55%
4,638
13.50%
2,340
2,199
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
1,270,592
2,477,203
2,806,339
3,727,812
2,899,355
94.96%
13.29%
32.84%
637,957
940,509
1,021,278
1,346,826
662,758
Gross Profit
632,635
1,536,693
1,785,061
2,380,986
2,236,597
Operating Expenses
176,177
666,219
824,506
949,431
505,053
Operating Profit
456,458
870,475
960,555
1,431,555
1,731,544
INCOME STATEMENTS
Total Revenues
Growth (%)
Cost of Revenues
Growth (%)
90.70%
10.35%
49.03%
-239
2009
2010
2011
2012
Jun-13

3,728
2,899
2,806
2,967
2,477
2,207
-80,289
-11,950
155,769
221,921
102,322
Income before Tax
376,169
662,111
1,170,231
1,696,564
1,854,628
67,430
142,407
158,197
217,705
216,889
-125,301
1,660,515
Tax
1,446
1,271
686
Minority Interest
394,403
1,012,301
1,480,581
27.75%
156.67%
46.26%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
6.00
6.00
15.00
28.23
22.54
57.86
84.62
94.90
BV (Rp)
213.99
350.48
471.92
601.91
683.17
DAR (X)
0.49
0.37
0.35
0.37
0.41
DER(X)
0.96
0.70
0.55
0.59
0.69
Comprhensive Income
308,738
Growth (%)
RATIOS
Dividend (Rp)
EPS (Rp)
-75
2009
2010
2011
2012
Jun-13

1,661
1,481
1,661
1,322
1,012
983
ROA (%)
8.19
5.66
9.15
10.12
9.18
ROE (%)
16.07
10.80
14.17
16.11
15.52
GPM (%)
49.79
62.03
63.61
63.87
77.14
OPM (%)
35.92
35.14
34.23
38.40
59.72
NPM (%)
24.30
15.92
36.07
39.72
57.27
Payout Ratio (%)
21.25
26.62
17.73
0.68
0.67
1.35
Yield (%)
644
309
394
306
-33
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
61
COMPANY REPORT
BUMI
BUMI RESOURCES TBK.
Company Profile
PTBumiResourcesTbk.wasestablishedonJune26th,1973.TheCompanycommencedits
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.
AsofJune30th,2013,theCompanyanditsSubsidiarieshad7,180permanentemployees.
August 2013
Disclaimer:
62
RESEARCH DIVISION
BUMI Bumi Resources Tbk.

Development Board
As of 31 July 2013
:
29.599
Individual Index
:
20,773,400,000
Listed Shares
76 | 10.6T | 0.23% | 83.04%

15 | 17.9T | 1.62% | 45.36%
COMPANY HISTORY
Listing Date
: 30-Jul-1990
Under Writer IPO :
PT Ficorinvest
PT Bank Pembangunan Indonesia
PT Sinar Mas
PT Ficomindo Buana Registrar
Mayapada Tower 10th Fl. Suite 02 B
Jln. Jend. Sudirman Kav. 28 Jakarta 12920
Phone : (021) 521-2316, 521-2317
Fax
: (021) 521-2320
1. Kusumo Abujono Martoredjo *)
2. Anton Setianto Soedarsono
3. Fuad Hasan Masyhur *)
4. Iman Taufik *)
5. Nalinkant A. Rathod
6. Sulaiman Zuhdi Pane
7. Suryo B. Sulistio *)

1. JPMCB -Vallar Investments UK Limited - 2157804768 6,061,699,637 :
2. Public (<5%)
14,711,700,363 :
Bonus
Cash
1991
50.00 26-May-92
1992
50.00 12-Mar-93
1993
50.00 29-Apr-94
1997
5:6
10-Sep-97
1999
1.00 22-Jun-00
2002
2.50 13-Aug-03
2005
5.00 09-Aug-05
2005
10.00 12-Jun-06
2006
16.00 13-Jun-07
33.00 22-Jun-07
2007
2007
33.00 28-Aug-07
28-Jul-08
2007
11.00
2008
50.60
29-Jul-09
2009
27.68
28-Jul-10
2010
41.78
27-Jul-11
2011
14.31 19-Jun-12
Ex Date
27-May-92
15-Mar-93
02-May-94
11-Sep-97
23-Jun-00
14-Aug-03
10-Aug-05
13-Jun-06
14-Jun-07
25-Jun-07
29-Aug-07
29-Jul-08
30-Jul-09
29-Jul-10
28-Jul-11
20-Jun-12
Recording
Date
04-Jun-92
29-Mar-93
09-May-94
19-Sep-97
03-Jul-00
19-Aug-03
12-Aug-05
15-Jun-06
18-Jun-07
27-Jun-07
31-Aug-07
01-Aug-08
03-Aug-09
02-Aug-10
01-Aug-11
22-Jun-12
29.18%
70.82%
Payment
Date
06-Jul-92
29-Apr-93
09-Jun-94
29-Sep-97
17-Jul-00
02-Sep-03
18-Aug-05
19-Jun-06
21-Jun-07
02-Jul-07
05-Sep-07
07-Aug-08
18-Aug-09
16-Aug-10
15-Aug-11
06-Jul-12
F/I
F
F
F
F
F
I
F
F
F
F
F
F
F
ISSUED HISTORY
BOARD OF DIRECTORS
1. Saptari Hoedaja
2. Andrew C. Beckham
3. Dileep Srivastava
4. Eddie J. Subari
5. Kenneth P Farrell
AUDIT COMMITTEE
1. Iman Taufik
2. Mulyadi
3. Myrnie Zachraini Tamin
No.
1.
2.
3.
4.
5.
6.
7.
8.
Type of Listing
First Issue
Partial Listing
Right Issue
Stock Split
Bonus Shares
Right Issue
Right Issue
Shares
10,000,000
25,000,000
10,000,000
45,000,000
108,000,000
594,000,000
18,612,000,000
1,369,400,000
Listing
Date
30-Jul-90
18-Mar-91
30-Jun-93
29-Sep-97
30-Sep-97
24-Nov-97
26-May-00
06-Oct-10
Trading
Date
30-Jul-90
25-Mar-91
30-Jun-93
29-Sep-97
30-Sep-97
24-Nov-97
26-May-00
06-Oct-10
CORPORATE SECRETARY
Dileep Srivastava
HEAD OFFICE
Bakrie Tower 12th Fl., Kompleks Rasuna Epicentrum
Jln. H.R. Rasuna Said
Jakarta - 12960
Phone : (021) 579-42080
Fax
: (021) 579-42070
Homepage
Email
: www.bumiresources.com
: dileep@bumiresources.com
RESEARCH DIVISION
63

TRADING ACTIVITIES

Bumi Resources Tbk.
Closing Price
Volume
(Mill. Sh)
3,800
16,000
3,325
14,000
2,850
12,000
2,375
10,000
1,900
8,000
1,425
6,000
950
4,000
475
2,000
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Mining Index
Low
385
490
700
810
1,440
1,650
1,690
2,600
2,650
2,150
2,100
2,050
Close
510
770
820
1,480
1,960
1,860
2,800
2,900
3,225
2,375
2,350
2,425
Volume
Value
Freq.
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
1,000
830
840
1,570
2,300
2,325
2,875
3,250
3,475
3,225
2,875
2,625
Day
Closing
Price*
123,453 7,704,882 4,620,513

120,815 7,639,706 5,375,042
71,041 5,100,626 3,958,827
197,868 12,019,554 14,577,748
285,896 15,193,829 28,671,491
203,098 9,041,545 18,228,835
213,643 9,979,440 20,953,440
232,296 9,542,083 28,136,034
141,288 5,482,675 16,770,145
280,246 10,836,422 28,938,185
220,972 8,560,779 21,370,091
107,743 3,993,008 9,440,377
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
3,000
2,625
2,600
2,550
2,525
2,025
1,960
1,870
2,350
2,425
3,050
3,150
2,375
2,150
2,150
2,250
1,570
1,690
1,650
1,280
1,660
2,100
2,075
2,725
2,475
2,250
2,250
2,375
2,025
1,880
1,720
1,660
2,125
2,225
2,650
3,025
157,003
103,312
94,545
70,071
113,261
96,473
70,040
105,995
83,030
52,376
80,531
46,055
6,982,709 18,891,322
3,819,073 9,033,015
3,312,008 7,876,921
2,789,830 6,709,310
5,701,472 12,193,660
3,939,801 7,315,993
3,032,232 5,413,783
3,928,035 6,382,917
3,613,284 7,274,957
2,764,174 6,305,119
4,814,187 12,393,624
2,025,673 5,834,695
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
3,300
3,000
3,375
3,450
3,650
3,475
3,150
3,250
2,800
2,500
2,450
2,275
2,700
2,550
2,900
3,150
3,300
2,925
2,900
2,425
1,830
1,600
1,980
2,050
2,725
3,000
3,350
3,425
3,300
2,950
3,050
2,525
1,950
2,350
2,000
2,175
59,503 3,145,819 9,643,110

39,883 1,674,721 4,653,866
52,849 11,220,697 29,498,649
49,135 2,745,120 9,072,847
45,018 2,097,340 7,301,404
62,699 2,396,472 7,676,023
46,466 2,155,770 6,549,137
63,233 2,511,686 7,020,556
64,719 2,280,646 5,313,684
86,828 4,036,683 8,433,337
44,567 1,866,187 4,172,075
27,982 1,119,995 2,436,621
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
2,625
2,625
2,475
2,425
2,050
1,470
1,220
1,160
910
770
680
650
2,150
2,325
2,300
1,980
1,410
970
1,020
610
590
650
540
540
2,550
2,450
2,350
2,025
1,420
1,110
1,040
700
730
660
590
590
29,299
23,384
17,647
30,050
45,432
80,273
40,352
64,948
73,220
47,863
25,118
19,694
1,219,103
970,764
539,882
822,438
1,546,100
3,318,987
1,290,773
2,265,032
3,492,137
2,818,093
1,269,213
1,575,660
2,972,735
2,405,110
1,293,285
1,748,161
2,771,916
3,888,139
1,460,712
1,897,113
2,651,580
1,960,662
782,961
975,881
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
690
1,040
850
790
790
660
550
580
640
680
650
620
490
455
680
820
690
670
660
550
510
25,957
96,495
41,629
42,449
32,090
33,065
26,637
966,108
4,744,248
2,279,196
1,676,796
1,550,772
1,003,108
957,298
630,675
4,125,438
1,747,600
1,200,956
1,085,006
563,368
484,931
21
20
19
22
22
19
23
Month
300%
250%
220.8%
200%
150%
100%
50%
31.9%
-45.7%
-50%
-100%
Jan 09
Jan 10
SHARES TRADED
Value (Billion Rp)
Frequency (Thou. X)
Days
Price (Rupiah)
High
Low
Close
Close*
Jan 11
2009
Jan 12
2010
Jan 13
2011
2012
Jul-13
105,095 46,722 37,251

201,041 105,625 101,771
1,073
643
2,198
241
245
247
21,128
24,808
497
246
13,178
9,838
298
146
3,150
1,280
3,025
3,025
3,650
1,600
2,175
2,175
2,625
540
590
590
1,040
455
510
510
26.19
22.49
PER (X)
18.63
17.69
PER Industry (X)
3.39
4.33
PBV (X)
23.16
16.17
4.24
-1.81
8.49
3.23
-3.85
12.95
3.39
64
3,475
385
2,425
2,425
RESEARCH DIVISION

Public Accountant : Tjiendradjaja & Handoko Tomo (Member of Mazars Moores Rowland Indonesia)
BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Mar-13
566,560
2,275,155
2,125,495
1,404,335
1,942,383
Receivables
7,112,124
6,847,792
5,148,872
3,301,074
2,913,276
Inventories
1,880,829
1,515,492
1,425,051
2,655,901
2,269,619
Book End : December

Assets
Liabilities
87,500
70,000
Current Assets
19,353,116 28,658,684 23,406,190 21,885,249 20,916,718
Fixed Assets
10,750,965
9,812,179
8,201,277 16,948,706 17,113,564
Other Assets
3,508,311
4,370,758
5,933,242
Total Assets
6,466,292
6,583,557
69,907,289 78,765,440 66,814,128 71,116,344 70,855,843
12.67%
Growth (%)
-15.17%
6.44%
-0.37%
52,500
35,000
17,500
-
Current Liabilities
19,953,223 18,364,297 21,230,776 24,749,819 24,615,212
34,892,779 40,538,320 34,915,724 42,574,437 43,116,579
Total Liabilities
54,846,002 58,902,617 56,146,499 67,324,256 67,731,790
Growth (%)
Minority Interest
Authorized Capital
Paid up Capital
1,185,606
7.40%
-4.68%
19.91%
0.61%
5,338,884
2009
2010
19,404
20,773
20,773
20,773
20,773
500
500
500
500
500
9,154,434
8,486,844
2012
Mar-13
14,524
13,876
14,524
10,000,000 38,750,000 38,750,000 38,750,000 38,750,000

9,702,000 10,386,700 10,386,700 10,386,700 10,386,700
2011
10,668
11,561
8,598
Par Value
Retained Earnings
Total Equity
Total Revenues
3,792,088
3,124,053
4.67%
-26.55%
-64.45%
-17.62%
Dec-10
Dec-11
Dec-12
Mar-13
30,367,414 39,233,150 36,281,598 36,509,261
9,160,475
Growth (%)
INCOME STATEMENTS
4,297,589 -4,187,500 -4,820,156
13,875,680 14,523,938 10,667,629
Dec-09
29.19%
Growth (%)
-7.52%
19,956,262 24,638,906 21,825,408 26,865,928
7,192,857
Gross Profit
10,411,152 14,594,243 14,456,190
9,643,333
1,967,619
5,499,282
1,202,672
Operating Profit
4,390,562
6,020,590
4,729,970
9,864,273 10,194,784
63.84%
Growth (%)
4,261,406
3.35%
3,792
3,124
2,672
-290
2009
2010
2011
2012
Mar-13
0.63%
Cost of Revenues
Expenses (Income)
5,635
4,144,051
764,947

39,233
36,282
39,233
36,509
30,367
31,230
-59.35%
23,226
-1,137,549
-894,059 -4,767,123 -10,096,571 -1,388,722
Income before Tax
4,883,041
8,970,213
5,427,661 -5,952,520
Tax
2,207,306
4,095,167
3,477,114
Minority Interest
-879,232 -2,081,276
1,796,503
Growth (%)
2,793,770
870,884
-623,774
1,950,547 -6,753,769
-687,250
55.51%
-30.18%
N/A
Dec-09
Dec-10
Dec-11
Dec-12
Mar-13
96.99
156.06
110.25
88.43
84.97
Dividend (Rp)
27.68
41.78
14.31
EPS (Rp)
92.58
134.49
93.90
-325.12
-33.08
BV (Rp)
715.09
699.16
513.52
182.55
150.39
DAR (X)
0.78
0.75
0.84
0.95
0.96
DER(X)
3.95
4.06
5.26
17.75
21.68
ROA (%)
6.99
11.39
8.12
-8.37
-0.88
ROE (%)
35.19
61.76
50.88
-156.97
-19.97
GPM (%)
34.28
37.20
39.84
26.41
21.48
OPM (%)
19.83
25.14
28.10
11.35
8.35
NPM (%)
5.92
7.12
5.38
-18.50
-7.50
29.90
31.07
15.24
1.14
1.38
0.66
Payout Ratio (%)

Yield (%)
9,160
7,219
-785
2009
Current Ratio (%)
RATIOS
15,222
90,000
2010
2011
2012
Mar-13

2,794
1,951
1,797
2012
884
-1,025
2009
2010
Mar-13
2011
-687
-2,935
-4,844
-6,754
-6,754
RESEARCH DIVISION
65
COMPANY REPORT
BWPT
BW PLANTATION TBK.
Company Profile
PT BW Plantation Tbk. was established at November 6th, 2000. The Company started its
commercial operations in2004.TheCompany'sprimarybusinessactivitiesaretotodevelop,
cultivate,andharvestFreshFruitBunches(FFB),aswellasextractingCrudePalmOil(CPO)
andPalmKernel(PK).
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,amongothers.The
Group currently engages in palm plantation and its products consist of refined palm
productssuchascrudepalmoilandpalmkernel.
TherefineryfactoriesoftheCompanyanditssubsidiariesarelocatedinKotawaringinBarat
RegencyandKotawaringinTengahRegency,CentralKalimantanProvince.Meanwhile,the
subsidiaries plantations are located in Kotawaringin Timur Regency and Kotawaringin
BaratRegency,CentralKalimantanProvince;KutaiRegencyandKutaiTimurRegency,East
KalimantanProvince;andMelawiRegency,WestKalimantanProvince.
ThetotalareaofGroupsplantationsasofJune2013wasapproximately89,469hectares
andtheplantedareawasapproximately62,061hectares.
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.
th
AsofJune30 ,2013,totalnumberofpermanentemployeeswas543.
August 2013
Disclaimer:
66
RESEARCH DIVISION
BWPT BW Plantation Tbk.

Main Board
As of 31 July 2013
:
Individual Index
:
Listed Shares
132.727
4,051,852,352
2,957,852,216,960
177 | 2.96T | 0.06% | 95.07%

59 | 5.00T | 0.45% | 79.27%
COMPANY HISTORY
Listing Date
: 27-Oct-2009

1. Public (<5%)
Under Writer IPO :

PT BNP Paribas Securities Indonesia
PT BSR Indonesia
Bonus
Cash
5.00 25-Nov-10
2009
2010
9.00 13-Oct-11
12.00 08-Nov-12
2011
Phone : (021) 631-7828

Fax
: (021) 631-7827
1. Tjipto Widodo
2. Iman Faturachman
3. Phoebe Widodo
4. Stephen Kurniawan Sulistyo *)
5. Yohanes Wahyu Saronto
BOARD OF DIRECTORS
1. Abdul Halim bin Ashari
2. Alexander Fernandes Benyamin
3. Kelik Irwantono
4. Pointo Pratento
5. Said Alghan
4,051,852,352 : 100.00%
Ex Date
26-Nov-10
14-Oct-11
09-Nov-12
Recording
Date
30-Nov-10
18-Oct-11
13-Nov-12
Payment
Date
13-Dec-10
01-Nov-11
27-Nov-12
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
Type of Listing
First Issue
Company Listing
ESOP/MSOP I
MESOP I
MESOP I
MESOP I
MESOP I
MESOP I
MESOP I
MESOP I
MESOP I
MESOP I
MESOP I
Shares
1,211,009,000
2,826,073,440
4,421,750
115,000
309,500
254,250
924,250
123,500
4,437,625
624,625
1,407,787
2,008,625
143,000
Listing
Date
27-Oct-09
27-Oct-09
21-Dec-11
16-May-12
29-May-12
31-May-12
05-Jun-12
08-Jun-12
26-Nov-12
29-Nov-12
03-Dec-12
13-Dec-12
24-Jun-13
Trading
Date
27-Oct-09
27-Oct-09
21-Dec-11
16-May-12
29-May-12
31-May-12
05-Jun-12
08-Jun-12
26-Nov-12
29-Nov-12
03-Dec-12
13-Dec-12
24-Jun-13
AUDIT COMMITTEE
1. Stephen Kurniawan Sulistyo
2. Patia Mamontang Simatupang
3. Paul Capelle
CORPORATE SECRETARY
Kelik Irwantono
HEAD OFFICE
Menara Batavia 22nd Fl.
Jln. K.H. Mas Mansyur Kav. 126
Jakarta - 10220
Phone : (021) 574-7428
Fax
: (021) 574-7429
Homepage
Email
F/I
: www.bwplantation.com
: kelik@bwplantation.com
RESEARCH DIVISION
67

TRADING ACTIVITIES

BW Plantation Tbk.
October 2009 - July 2013
Closing Price
Volume
(Mill. Sh)
1,800
400
1,575
350
1,350
300
1,125
250
900
200
675
150
450
100
225
50
Oct-09
Oct-10
Oct-11
Oct-12

Agriculture Index
210%
180%
Low
490
490
490
Close
530
500
520
Volume
Value
Freq.
Oct-09
Nov-09
Dec-09
High
610
560
530
Day
Closing
Price*
5,280
8,681
3,173
437,980
679,419
413,568
239,797
351,715
213,207
4
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
590
680
810
780
720
720
770
900
930
1,070
1,100
1,300
500
540
560
710
580
660
660
740
810
860
980
1,010
560
640
740
730
670
700
740
820
870
1,040
1,020
1,290
5,492
6,718
6,188
4,362
7,048
6,215
7,585
9,384
8,973
12,063
7,184
8,349
430,527
422,815
435,897
303,902
387,994
329,982
355,644
394,239
337,256
446,879
337,682
263,856
236,526
252,883
317,277
227,543
244,797
227,605
254,320
326,459
293,178
429,562
348,772
302,326
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
1,470
1,280
1,200
1,220
1,250
1,230
1,250
1,270
1,220
1,230
1,210
1,210
1,130
1,000
1,040
1,150
1,170
1,160
1,130
1,130
980
950
1,130
1,090
1,160
1,040
1,170
1,200
1,220
1,190
1,240
1,200
1,060
1,170
1,190
1,120
12,507
14,281
11,029
5,846
6,682
4,998
8,019
7,309
16,142
20,603
16,262
12,524
254,304
291,364
278,990
161,649
217,887
237,650
257,344
255,135
312,934
264,357
208,642
149,237
317,947
334,213
313,182
192,800
262,322
283,957
304,992
305,326
358,555
291,461
244,064
172,612
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
1,250
1,550
1,720
1,790
1,560
1,480
1,610
1,520
1,600
1,500
1,460
1,430
1,120
1,240
1,440
1,530
1,190
1,180
1,440
1,420
1,330
1,390
1,370
1,290
1,250
1,510
1,650
1,540
1,220
1,430
1,480
1,440
1,500
1,440
1,390
1,380
15,947
31,901
38,027
39,203
20,752
18,935
25,382
21,515
32,668
42,773
11,842
17,527
228,165
289,493
277,879
714,842
438,200
318,394
320,190
233,827
376,177
434,653
245,894
218,821
277,890
409,078
446,361
1,166,328
597,003
440,400
489,228
344,871
556,759
631,317
346,339
297,621
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
1,490
1,380
1,370
1,340
1,100
1,080
970
1,250
1,280
1,290
910
850
850
690
1,290
1,360
1,330
910
1,090
960
730
24,284
21,149
34,194
20,619
20,323
15,151
11,103
361,249
258,244
361,729
511,337
335,515
231,034
169,686
497,454
344,478
480,079
573,319
338,340
217,711
133,733
21
20
19
22
22
19
23
Month
150%
120%
90%
90.1%
60%
30%
28.1%
-4.7%
-30%
Oct 09
Oct 10
Oct 11
Oct 12
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
1,531
805
17
43
4,447
3,461
90
245
2,889
3,381
136
247
4,097
6,003
316
246
2,229
2,585
147
146
610
490
520
520
1,300
500
1,290
1,290
1,470
950
1,120
1,120
1,790
1,120
1,380
1,380
1,490
690
730
730
12.54
21.38
PER (X)
9.25
0.14
PER Industry (X)
2.32
4.61
PBV (X)
14.13
1.79
3.17
21.33
33.17
3.36
17.25
9.26
1.72
Price (Rupiah)
High
Low
Close
Close*
68
RESEARCH DIVISION

Public Accountant : Mulyamin Sensi Suryanto & Lianny (Member of Moore Stephens International Ltd.)
BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
318,390
498,992
58,275
50,553
46,014
Receivables
44,203
43,899
5,787
15,985
20,773
Inventories
32,140
68,561
168,578
215,910
170,158
Current Assets
402,771
779,354
441,193
335,120
299,987
Fixed Assets
300,919
351,603
468,595
690,559
724,461
Other Assets
33,430
332,068
403,774
457,863
223,575
Total Assets
1,622,885
2,654,678
3,589,032
4,912,983
5,586,610
63.58%
35.20%
36.89%
13.71%
611,500
517,058
514,559
654,435
Book End : December

Assets
Liabilities
6,250
5,000
Growth (%)
3,750
2,500
1,250
-
Current Liabilities
339,678
377,748
914,405
1,646,070
2,732,244
3,214,958
Total Liabilities
717,425
1,525,905
2,163,129
3,246,802
3,869,392
112.69%
41.76%
50.10%
19.18%
Authorized Capital
900,000
900,000
900,000
900,000
900,000
Paid up Capital
403,708
403,708
404,162
405,177
405,185
4,037
4,037
4,042
4,052
4,052
Growth (%)
Minority Interest
100
100
100
100
100
Retained Earnings
301,698
523,670
807,724
1,021,371
1,058,486
Total Equity
905,460
1,128,773
1,425,903
1,666,181
1,717,218
24.66%
26.32%
16.85%
3.06%
Growth (%)
INCOME STATEMENTS
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
Total Revenues
584,109
712,174
888,298
944,275
546,351
21.92%
24.73%
6.30%
219,093
244,990
274,293
373,114
307,784
Gross Profit
365,016
467,184
614,005
571,161
238,567
Expenses (Income)
106,177
96,182
131,045
153,869
85,639
Operating Profit
258,839
371,003
482,960
417,291
152,928
43.33%
30.18%
-13.60%
Growth (%)
Cost of Revenues
Growth (%)
2010
2011
2012
Jun-13

1,666
1,717
2012
Jun-13
1,717
1,426
1,367
1,129
1,017
Par Value
2009
905
666
316
-34
2009
2010
2011

888
944
712
752
584
546
559
-11,029
-38,423
-53,035
-65,878
-38,523
Income before Tax
247,810
332,579
429,925
351,414
114,405
80,345
88,992
109,537
89,230
28,669
85,736
Tax
Minority Interest
243,588
320,388
262,184
45.45%
31.53%
-18.17%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
118.57
127.45
85.33
65.13
45.84
5.00
9.00
12.00
41.48
60.34
79.27
64.71
21.16
BV (Rp)
224.29
279.60
352.80
411.22
423.81
DAR (X)
0.44
0.57
0.60
0.66
0.69
167,467
Growth (%)
RATIOS
Current Ratio (%)
Dividend (Rp)
EPS (Rp)
174
-19
2009
DER(X)
0.79
1.35
1.52
1.95
2.25
ROA (%)
15.27
12.53
11.98
7.15
2.05
ROE (%)
27.37
29.46
30.15
21.09
6.66
GPM (%)
62.49
65.60
69.12
60.49
43.67
OPM (%)
44.31
52.09
54.37
44.19
27.99
NPM (%)
28.67
34.20
36.07
27.77
15.69
Payout Ratio (%)
12.05
14.92
15.14
0.96
0.70
1.07
Yield (%)
366
2010
2011
2012
Jun-13

320
320
262
244
255
190
167
124
86
59
-6
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
69
COMPANY REPORT
CPIN
CHAROEN POKPHAND INDONESIA TBK.
Company Profile
PT Charoen Pokphand Indonesia Tbk. was established dated January 7th, 1972. The
Companystarteditscommercialoperationsin1972.
TheCompanyisengagedinpoultryfeed,breedingandcultivationofbroilertogetherwith
its processing, processed food, preservation of chicken and beef including cold storage
units, selling poultry feed, chicken and beef, materials from animal sources within the
territoryofRepublicofIndonesia.
The Companys branches are located in Sidoardjo, Medan, Tangerang, Balaraja, Serang,
Lampung,Denpasar,Surabaya,Semarang,Makasar,Salatiga,andCirebon.
TheCompanyhasdirectandindirectownershipinsubsidiaries:
PTCharoenPokphandJayaFarm,
PTPrimafoodInternational,
PTVistaGrain,
PTPolyPackagingIndustry,
PTFeprotamaPertiwi,
PTAgricoInternational,
PTSaranaProteindoUtama,
PTGizindoSejahteraJaya.
TheCompanyandSubsidiarieshad4,309employeesasofJune30th,2013.
August 2013
Disclaimer:
70
RESEARCH DIVISION
CPIN Charoen Pokphand Indonesia Tbk. [S]

Main Board
Industry Sector : Basic Industry And Chemicals (3)
Industry Sub Sector : Animal Feed (36)
As of 31 July 2013
:
19,583.732
Individual Index
:
16,398,000,000
Listed Shares
14 | 70.5T | 1.54% | 51.93%

25 | 9.86T | 0.89% | 57.82%
COMPANY HISTORY
Listing Date
: 18-Mar-1991
Under Writer IPO :
PT Danareksa
PT Makindo
PT Asean Development Securities
PT Surya Securities
PT Adimitra Transferindo
Plaza Property 2nd Fl. Komp. Pertokoan Pulomas Blok VIII No. 1
Jln. Perintis Kemerdekaan Jakarta 13210

Phone : (021) 478-81515 (Hunting)
Fax
: (021) 470-9697
1. Hadi Gunawan Tjoe
2. Herman Sugianto *)
3. Jiacipto Jiaravanon
4. Jialipto Jiaravanon
5. Suparman Satrodimedjo *)
BOARD OF DIRECTORS
1. Rusmin Ryadi
2. Eddy Dharmawan Mansjoer
3. Ferdiansyah Gunawan Tjoe
4. Jemmy
5. Ong Mei Sian
6. Peraphon Prayooravong
7. Vinai Rakphongphairoj
AUDIT COMMITTEE
1. Herman Sugianto
2. Petrus Julius
3. Rudy Dharma Kusuma
4. Suparman Satrodimedjo
5. Yustinus Eddy Tiono
CORPORATE SECRETARY
Hadijanto Kartika
HEAD OFFICE
Jln. Ancol VIII/1
Jakarta 14430
.

1. PT Central Agromina
2. Public (<5%)
9,106,385,410 :
7,291,614,590 :
Cash
Bonus
1990
50.00
25-Jul-91
1991
175.00 03-Jun-92
1992
200.00 30-Oct-92
1992
315.00 15-Jun-93
1993
200.00 02-Dec-93
1993
73.00
22-Jul-94
1993
73.00
22-Jul-94
155.00
13-Jul-95
1994
1995
230.00 21-Sep-95
20.00 27-Aug-97
1996
1997
4:1
06-Jun-97
1999
50.00 11-Sep-00
2001
10.00 02-Aug-02
2002
15.00 23-Sep-03
38.00
2006
30-Jul-07
2009
196.00 22-Jun-10
2010
25.00 24-Jan-11
2010
39.80 16-Jun-11
2011
42.00 07-Jun-12
46.00 28-Jun-13
2012
Ex Date
26-Jul-91
04-Jun-92
02-Nov-92
16-Jun-93
03-Dec-93
25-Jul-94
25-Jul-94
14-Jul-95
22-Sep-95
28-Aug-97
09-Jun-97
12-Sep-00
05-Aug-02
24-Sep-03
31-Jul-07
23-Jun-10
25-Jan-11
17-Jun-11
08-Jun-12
01-Jul-13
Recording
Date
02-Aug-91
15-Jun-92
09-Nov-92
24-Jun-93
10-Dec-93
01-Aug-94
01-Aug-94
24-Jul-95
02-Oct-95
05-Sep-97
17-Jun-97
19-Sep-00
08-Aug-02
26-Sep-03
02-Aug-07
25-Jun-10
27-Jan-11
21-Jun-11
12-Jun-12
03-Jul-13
55.53%
44.47%
Payment
Date
21-Aug-91
22-Jun-92
17-Nov-92
23-Jul-93
20-Dec-93
01-Sep-94
01-Sep-94
10-Aug-95
09-Oct-95
01-Oct-97
01-Jul-97
05-Oct-00
15-Aug-02
10-Oct-03
16-Aug-07
09-Jun-10
09-Feb-11
05-Jul-11
26-Jun-12
17-Jul-13
F
F
I
F
I
I
F
F
I
F
F
F
F
F
F
I
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
Type of Listing
First Issue
Partial Listing
Company Listing
Convertible Bonds
Convertible Bonds
Right Issue
Stock Split
Bonus Shares
Stock Split
Right Issue
Stock Split
Stock Split
Buy back
Shares
2,500,000
5,000,000
45,000,000
839,738
2,967,029
56,306,767
112,613,534
56,306,767
1,126,135,340
234,611,529
1,642,280,704
13,138,245,632
-24,807,040
Listing
Date
18-Mar-91
18-Mar-91
11-Nov-91
20-Oct-94
01-Dec-94
07-Feb-95
26-May-97
02-Jul-97
15-Jan-01
01-Aug-07
01-Nov-07
08-Dec-10
03-Jan-12
Trading
Date
18-Mar-91
18-Jun-91
18-Nov-91
20-Oct-94
01-Dec-94
07-Feb-95
26-May-97
02-Jul-97
15-Jan-01
01-Aug-07
01-Nov-07
08-Dec-10
03-Jan-12
Phone : (021) 691-9999

Fax
: (021) 690-7324
Homepage
Email
F/I
: www.cp.co.id
: hadijanto@cp.co.id
RESEARCH DIVISION
71

Closing
Price*
Closing Price
Volume
(Mill. Sh)
5,600
320
4,900
280
4,200
240
3,500
200
2,800
160
2,100
120
1,400
80
700
40
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Basic Industry and Chemicals Index
Month
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Charoen Pokphand Indonesia Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
500
570
550
600
700
740
1,080
1,520
1,430
2,175
2,350
2,400
Low
410
415
450
450
495
620
620
1,050
1,300
1,370
1,950
2,000
Close
435
500
500
490
650
650
1,060
1,380
1,370
2,025
2,025
2,250
691
1,862
2,749
3,833
5,467
2,408
2,972
10,096
2,283
14,330
9,748
6,369
41,110
51,173
42,147
135,230
631,777
46,523
94,172
148,491
30,091
171,889
95,653
84,567
19,011
25,132
20,464
68,711
329,837
31,748
69,824
189,899
40,988
312,894
203,370
183,849
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
2,400
2,250
2,925
3,025
3,050
3,850
5,350
6,550
8,750
8,800
9,800
9,600
2,100
1,990
1,990
2,625
2,325
2,600
3,300
4,550
6,000
7,100
8,450
1,650
2,200
2,000
2,800
3,000
2,750
3,550
5,200
6,450
8,700
8,550
9,600
1,840
5,927
2,420
7,269
4,630
7,446
13,676
15,643
12,224
14,543
19,425
16,912
33,787
63,527
20,586
93,556
353,273
86,841
138,881
140,470
82,784
83,028
132,011
215,029
460,274
143,594
42,834
229,251
608,764
234,992
461,581
599,314
443,285
649,717
1,069,620
1,977,728
1,101,932
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
1,900
1,730
2,025
2,050
1,960
2,025
2,875
2,925
2,975
2,850
2,725
2,450
1,380
1,460
1,480
1,910
1,830
1,830
1,990
2,225
1,910
2,125
2,175
2,050
1,490
1,520
2,025
1,930
1,930
1,990
2,725
2,750
2,400
2,675
2,300
2,150
38,004
28,352
47,145
24,105
26,170
19,160
27,950
56,102
50,440
34,599
27,967
28,085
518,564
388,787
820,665
298,075
306,123
341,579
434,797
751,536
668,175
367,795
284,756
304,442
857,993
613,020
1,411,264
583,449
580,528
660,625
1,026,968
1,976,446
1,670,181
913,970
706,453
689,839
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
2,550
2,875
2,775
2,825
2,800
3,425
3,425
3,200
3,025
3,200
3,475
3,650
2,100
2,425
2,525
2,625
2,550
2,325
2,925
2,600
2,650
2,925
3,000
3,125
2,500
2,675
2,750
2,750
2,625
3,425
3,200
2,700
3,025
3,125
3,425
3,650
28,901
22,290
16,781
14,447
16,503
21,919
23,542
23,263
19,062
15,684
17,577
17,348
362,122
354,584
233,594
163,751
200,774
274,107
261,769
254,560
243,921
168,547
190,871
464,529
843,531
947,040
623,275
443,008
536,404
792,772
823,958
729,813
697,362
516,572
612,019
1,521,474
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
4,025
4,675
5,250
5,100
5,550
5,150
5,150
3,400
3,750
4,325
4,600
4,750
4,275
4,125
3,875
4,400
5,050
5,050
4,950
5,150
4,300
22,837
25,887
34,984
26,573
29,496
45,241
44,340
172,807
190,399
357,500
221,332
191,522
269,464
242,064
627,478
791,775
1,704,379
1,063,057
967,147
1,289,057
1,093,933
21
20
19
22
22
19
23
5,810%
4,980%
4474.5%
4,150%
3,320%
2,490%
1,660%
830%
270.3%
220.8%
-830%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
1,573
1,496
63
241
1,870
7,563
154
245
5,485
11,691
408
247
3,173
9,087
237
246
1,645
7,537
229
146
Price (Rupiah)
High
Low
Close
Close*
2,400
410
2,250
450
9,800
1,650
1,840
1,840
2,975
1,380
2,150
2,150
3,650
2,100
3,650
3,650
5,550
3,400
4,300
4,300
4.58
13.67
PER (X)
9.88
12.86
PER Industry (X)
2.52
6.78
PBV (X)
14.95
10.41
5.70
22.33
9.79
7.32
23.05
10.31
7.88
72
RESEARCH DIVISION

BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
387,996
1,317
876,198
954,694
1,271,142
Receivables
869,233
946,603
1,381,707
1,846,576
2,184,757
Inventories
1,575,018
1,554,780
2,339,543
3,366,317
3,307,973
Current Assets
3,281,275
4,274,636
5,250,245
7,180,890
7,692,033
Fixed Assets
1,685,370
1,931,069
3,198,604
4,593,000
5,596,308
Other Assets
38,322
46,685
51,645
46,105
87,034
Total Assets
5,349,375
6,518,276
Book End : December

Assets
Liabilities
15,000
12,000
Growth (%)
8,848,204 12,348,627 13,776,883
21.85%
35.74%
39.56%
11.57%
1,461,341
1,575,552
2,167,652
2,511,837
9,000
6,000
3,000
-
Current Liabilities
1,805,400
592,301
574,899
1,083,182
2,004,511
2,313,318
2,397,701
2,036,240
2,658,734
4,172,163
4,825,155
-15.08%
30.57%
56.92%
15.65%
18,656
23,604
Authorized Capital
400,000
400,000
400,000
400,000
400,000
Paid up Capital
164,228
16,398
163,980
163,980
163,980
3,285
1,640
16,398
16,398
16,398
50
10
10
10
10
Retained Earnings
2,647,393
4,173,277
5,876,112
7,871,460
8,647,936
Total Equity
2,933,018
4,458,432
6,189,470
8,176,464
8,951,728
52.01%
38.83%
32.10%
9.48%
Dec-10
Dec-11
Dec-12
Jun-13

Total Liabilities
Growth (%)
Minority Interest
2009
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-09
3.56%
Cost of Revenues
Gross Profit
Expenses (Income)
Operating Profit
19.10%
Jun-13
8,952
6,189
7,126
4,458
3,473
2,933
1,647
-179
2009
2010
2011
2012
Jun-13
18.67%
11,689,920 11,323,708 14,033,726 16,819,413
9,494,332
2,869,085
3,754,114
3,924,246
4,491,512
2,490,166
812,204
993,116
915,033
1,032,832
479,099
2,056,881
2,760,998
3,009,213
3,458,680
2,011,067
34.23%
8.99%
14.94%
Growth (%)
2012
8,176
8,952
14,559,005 15,077,822 17,957,972 21,310,925 11,984,498
Growth (%)
2011
5,299
Par Value
2010
21,311
21,311
17,958
16,963
14,559
15,078
11,984
12,616

Income before Tax
Tax
Minority Interest
103,515
57,229
-34,633
-82,181
-83,227
2,160,396
2,818,227
2,974,580
3,376,499
1,927,840
540,978
598,366
612,083
695,627
398,241
-6,708
-9,595
1,612,710
2,210,266
2,362,497
2,680,872
1,529,599
37.05%
6.89%
13.48%
Growth (%)
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
181.75
292.51
333.23
331.28
306.23
Dividend (Rp)
196.00
64.80
42.00
46.00
EPS (Rp)
491.00
1,347.89
144.07
163.49
93.28
BV (Rp)
892.97
2,718.89
377.45
498.63
545.90
DAR (X)
0.45
0.31
0.30
0.34
0.35
DER(X)
0.82
0.46
0.43
0.51
0.54
ROA (%)
40.39
43.24
ROE (%)
73.66
GPM (%)
19.71
OPM (%)
NPM (%)
Payout Ratio (%)
Yield (%)
3,921
-426
2009
Current Ratio (%)
RATIOS
8,269
33.62
27.34
13.99
63.21
48.06
41.30
21.54
24.90
21.85
21.08
20.78
14.13
18.31
16.76
16.23
16.78
11.08
14.66
13.16
12.58
12.76
39.92
4.81
29.15
28.14
8.71
3.52
1.95
1.26
2010
2011
2012
Jun-13

2,681
2,681
2,210
2,362
2,134
1,613
1,530
1,587
1,040
493
-54
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
73
CC O
OM
M PP A
AN
N 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)Sdn.Bhd.isawholly
owned subsidiary of Axiata Investments (Labuan) Limited. Axiata Investments (Labuan)
LimitedisasubsidiaryofAxiataGroupBerhad.
The Companys purpose is to provide telecommunications services and/or

telecommunicationsnetworksand/ormultimediaservices.TheCompanycommencedits
commercialoperationsin1996
TheCompanyhasthesubsidiarieswhichwereestablishedforissuanceofbondsandloans:
GSM One (L) Ltd. Malaysia, GSM Two (L) Ltd. Malaysia, and Excelcomindo Finance
CompanyB.V.Netherlands.
August 2013
Disclaimer:
74
RESEARCH DIVISION
EXCL XL Axiata Tbk. [S]

Main Board
Industry Sector : Infrastructure, Utilities And Transportation (7)
Industry Sub Sector : Telecommunication (73)
As of 31 July 2013
:
225.000
Individual Index
:
8,534,490,667
Listed Shares
21 | 38.4T | 0.84% | 59.69%

37 | 7.64T | 0.69% | 67.13%
COMPANY HISTORY
Listing Date
: 29-Sep-2005
Under Writer IPO :
PT CIMB Niaga Securities
PT GK Goh Indonesia
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. YBhg Tan Sri Dato' Muhammad Radzi bin H. Mansor
2. Azran Osman Rani
3. James Carl Grinwis Maclaurin
4. Peter J. Chambers *)
5. Wirjawan *)
6. Yasmin Stamboel Wirjawan *)
7. YBhg Dato' Sri Jamaludin bin Ibrahim

1. Axiata Investments (Indonesia) Sdn. Bhd.
2. Public (<5%)
Cash
Bonus
2006
7.00 22-May-07
2007
20.00 28-Apr-08
2010
107.00 11-May-11
2011
129.88 20-Apr-12
2012
135.00 02-May-13
5,674,125,290 :
2,860,365,377 :
Ex Date
23-May-07
29-Apr-08
12-May-11
23-Apr-12
03-May-13
Recording
Date
25-May-07
02-May-08
16-May-11
25-Apr-12
07-May-13
66.49%
33.51%
Payment
Date
11-Jun-07
16-May-08
31-May-11
09-May-12
22-May-13
I
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
Type of Listing
First Issue
Company Listing
Right Issue
Shares
1,427,500,000
5,662,500,000
1,418,000,000
10,566,332
Long Term Incentive Program
7,710,279
Long Term Incentive Program
8,214,056
Listing
Date
29-Sep-05
29-Sep-05
16-Dec-09
26-Apr-11
16-Apr-12
12-Apr-13
Trading
Date
29-Sep-05
29-Sep-05
16-Dec-09
26-Apr-11
16-Apr-12
12-Apr-13
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
Email
F/I
: www.xl.co.id
: murni@xl.co.id
RESEARCH DIVISION
75
EXCL XL Axiata Tbk. [S]

TRADING ACTIVITIES

XL Axiata Tbk. [S]
Closing Price
Volume
(Mill. Sh)
7,400
2,400
6,475
2,100
5,550
1,800
4,625
1,500
3,700
1,200
2,775
900
1,850
600
925
300
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Infrastructure, Utilities and Transportation Index
Month
Volume
Value
Freq.
Day
Closing
Price*
68
15
10
77
54
48
20
54
39
603
263
81
227
28
47
354
177
108
34
132
199
1,485
730
378
237
30
54
465
228
137
41
174
274
2,937
1,389
716
15
8
4
13
18
13
9
14
6
18
20
15
2,675
3,050
3,500
3,725
3,475
4,075
4,750
5,000
5,400
5,750
5,600
5,300
444
281
995
2,210
2,266
1,563
1,989
3,330
3,940
4,612
4,398
3,716
1,325
1,231
1,848,719
195,543
161,146
68,246
41,735
73,835
91,575
77,869
87,384
106,650
3,107
3,420
6,141,116
694,034
573,841
261,846
179,079
357,446
496,215
430,339
506,603
585,229
18
19
22
21
19
22
22
21
17
21
21
20
4,975
4,975
5,250
5,500
6,050
5,700
5,700
4,600
3,675
4,425
4,500
4,150
5,250
5,700
5,450
6,800
6,150
6,150
5,750
5,050
4,975
5,000
4,650
4,525
4,925
4,978
4,143
8,002
17,490
14,706
10,177
16,016
14,667
12,608
10,207
11,596
56,510
130,463
116,397
82,986
292,579
180,249
108,508
97,839
87,788
79,468
83,184
150,947
311,674
685,980
655,579
505,343
1,875,647
1,088,323
657,815
512,779
444,954
395,922
405,435
669,847
21
18
23
20
21
20
21
19
20
21
22
21
5,250
4,950
5,200
5,650
6,500
6,350
6,450
7,200
7,200
7,400
6,800
6,100
4,450
4,475
4,400
4,850
5,300
5,300
5,850
6,150
6,350
6,600
5,000
5,400
4,475
4,725
5,050
5,400
5,900
6,150
6,150
7,200
6,650
6,850
5,150
5,700
10,324
10,385
14,166
8,260
9,258
9,071
8,712
8,436
12,289
12,368
20,756
10,391
149,594
145,053
92,236
96,402
71,181
105,200
90,851
109,861
938,720
170,346
232,169
162,549
718,423
683,660
430,517
501,677
408,503
621,259
557,811
709,880
5,970,400
1,184,562
1,437,261
925,074
21
21
21
20
21
21
22
19
20
22
20
18
5,900
6,000
5,450
6,050
5,250
4,950
4,850
4,975
4,975
5,150
5,000
4,575
4,200
4,225
5,000
5,450
5,250
5,100
5,000
4,825
4,500
12,646
20,158
12,633
20,992
17,351
16,274
12,273
136,402
170,736
159,235
382,743
260,528
170,260
119,887
745,434
921,705
841,208
2,040,764
1,312,833
780,647
548,178
21
20
19
22
22
19
23
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
1,220
1,150
1,200
1,400
1,350
1,300
1,500
1,400
1,430
2,275
2,050
1,930
Low
880
1,000
1,100
1,200
1,200
1,200
1,120
1,200
1,160
1,250
1,680
1,800
Close
1,220
1,100
1,100
1,350
1,350
1,250
1,210
1,310
1,290
1,650
1,880
1,930
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
2,725
3,050
3,650
3,800
3,825
4,200
5,000
5,250
5,950
5,850
6,250
5,950
1,850
2,200
3,050
3,375
3,325
3,475
3,800
4,500
4,950
5,100
5,250
5,200
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
5,950
5,800
5,900
7,100
7,000
6,300
6,350
5,800
5,650
5,700
5,550
4,750
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
770%
660%
550%
440%
411.4%
330%
220%
220.8%
110%
99.6%
-110%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
4
7
1
153
2,755
10,232
30
243
1,467
8,209
130
247
2,364
14,149
134
246
1,400
7,191
112
146
2,275
880
1,930
1,930
6,250
1,850
5,300
5,300
7,100
3,675
4,525
4,525
7,400
4,400
5,700
5,700
6,050
4,200
4,500
4,500
9.61
15.60
PER (X)
7.19
14.36
PER Industry (X)
1.87
3.85
PBV (X)
13.62
11.09
2.82
17.71
17.53
3.16
14.00
12.65
2.50
Price (Rupiah)
High
Low
Close
Close*
76
RESEARCH DIVISION
EXCL XLAxiataTbk.[S]
BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
747,965
366,161
998,113
791,805
1,901,778
Receivables
454,063
558,601
669,978
597,077
850,432
Inventories
19,886
61,044
66,595
49,807
50,400
Current Assets
25,372,806
2,228,017
3,387,237
3,658,985
5,366,106
Fixed Assets
23,616,394 23,197,199 25,614,830 29,643,274 30,336,046
Book End : December

Assets
Liabilities
38,750
31,000
Other Assets
Total Assets
1,644,156
1,793,181
2,050,802
431,359
419,058
27,380,095 27,251,281 31,170,654 35,455,705 38,430,930
Growth (%)
-0.47%
14.38%
13.75%
8.39%
4,563,033
8,728,212
8,739,996
8,430,544
23,250
15,500
7,750
-
Current Liabilities
6,008,894
12,568,088 10,973,174
Total Liabilities
18,576,982 15,536,207 17,478,142 20,085,669 23,492,498
12.50%
14.92%
16.96%
2,265,000
2,265,000
2,265,000
2,265,000
2,265,000
850,800
850,800
851,857
852,628
853,449
8,508
8,508
8,519
8,526
8,534
100
100
100
100
100
Retained Earnings
2,616,681
5,507,942
7,426,556
9,063,057
8,599,973
Total Equity
8,803,113 11,715,074 13,692,512 15,370,036 14,938,432
Minority Interest
Authorized Capital
Paid up Capital
2010
2011
2012
Jun-13
8,749,930 11,345,673 15,061,954
-16.37%
Growth (%)
2009
15,370
15,370
14,938
2012
Jun-13
13,693
11,715
12,235
8,803
9,099
Par Value
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-09
Gross Profit
16.88%
12.25%
-2.81%
Dec-10
Dec-11
Dec-12
Jun-13
2,828
-307
2009
13,706,051 17,458,639 18,712,778 20,969,806 10,290,761
27.38%
Growth (%)
Cost of Revenues
33.08%
5,964
7.18%
2010
12.06%
11,242,207 12,674,828 14,210,511 16,617,343
9,034,340
2,463,844
4,783,811
4,502,267
4,352,463
1,256,421
11,242,207
2,463,844
20,970
20,970
Expenses (Income)
Operating Profit
18,713
17,459
16,692
13,706
(1.00)
Growth (%)
2011
10,291
12,414
-113,578
-915,830
-637,624
-601,042
2,350,266
3,867,981
3,864,643
3,751,421
933,186
640,798
976,720
1,034,542
-986,774
-262,759
1,709,468
2,891,261
2,830,101
2,743,915
689,072
69.13%
-2.12%
-3.05%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
422.25
48.83
38.81
41.86
63.65
107.00
129.88
135.00
200.92
339.83
332.23
321.82
80.74
BV (Rp)
1,034.69
1,376.95
1,607.37
1,802.67
1,750.36
DAR (X)
0.68
0.57
0.56
0.57
0.61
DER(X)
2.11
1.33
1.28
1.31
1.57
ROA (%)
8.58
14.19
12.40
10.58
2.43
ROE (%)
26.70
33.02
28.22
24.41
6.25
GPM (%)
17.98
27.40
24.06
20.76
12.21
OPM (%)
17.98
NPM (%)

Income before Tax
Tax
-323,235
8,136
3,858
Minority Interest
Growth (%)
RATIOS
Current Ratio (%)
Dividend (Rp)
EPS (Rp)
-419
2009
2010
2011
2012
Jun-13

2,891
2,830
2,744
2,301
1,709
1,712
12.47
16.56
15.12
13.09
6.70
Payout Ratio (%)
31.49
39.09
41.95
Yield (%)
2.02
2.87
2.37
1,122
689
532
-58
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
77
COMPANY REPORT
GGRM
GUDANG GARAM TBK.
Company Profile
PT Gudang Garam Tbk. (the Company) previously named as PT Perusahaan Rokok Tjap
GudangGaramKediri(PTGudangGaram),wasestablishedonJune30th,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,
PTSuryaAir,and
PTSuryaIntiTembakau.
Asof30June2013,theCompanyandsubsidiarieshad44,056employees.
August 2013
Disclaimer:
78
RESEARCH DIVISION
GGRM Gudang Garam Tbk.

Main Board
Industry Sector : Consumer Goods Industry (5)
Industry Sub Sector : Tobacco Manufacturers (52)
As of 31 July 2013
:
1,652.683
Individual Index
:
1,924,088,000
Listed Shares
10 | 81.5T | 1.78% | 45.41%

14 | 18.9T | 1.72% | 43.74%
COMPANY HISTORY
Listing Date
: 27-Aug-1990
Under Writer IPO :
PT Danareksa
PT Multicorp
PT Merincorp
PT Surya Securities
PT Ficonensia
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Juni Setiawati Wonowidjojo
2. Frank Willem Van Gelder *)
3. Lucas Mulia Suhardjo *)
BOARD OF DIRECTORS
1. Susilo Wonowidjojo
2. Buana Susilo
3. Fajar Sumeru
4. Herry Susianto
5. Heru Budiman
6. Istata Taswin Siddharta
7. Sony Sasono Rahmadi
AUDIT COMMITTEE
1. Frank Willem van Gelder
2. Bambang Susilo
3. Jusuf Halim
CORPORATE SECRETARY
Heru Budiman
HEAD OFFICE
Jln. Jend. A. Yani No. 79
Jakarta - 10510

1. PT Suryaduta Investama
2. PT Suryamitra Kusuma
3. Public (<5%)
1,333,146,800 :
120,442,700 :
470,498,500 :
Bonus
Cash
1991
150.00
12-Jul-91
1992
150.00
22-Jul-93
06-Jul-94
1993
155.00
1994
210.00
05-Jul-95
1995
75.00
16-Jul-96
1996
1:1
25-Apr-96
1996
150.00
07-Jul-97
1997
120.00
03-Jul-98
1998
260.00
05-Jul-99
1999
500.00
06-Jul-00
2000
500.00 27-Nov-00
2001
300.00
02-Jul-02
2002
300.00 27-Jun-03
300.00
2003
16-Jul-04
21-Jul-05
2005
500.00
2005
500.00
21-Jul-06
250.00
23-Jul-07
2006
2007
250.00
15-Jul-08
2008
350.00
14-Jul-09
2009
13-Jul-10
650.00
2010
880.00
25-Jul-11
1,000.00
30-Jul-12
2011
800.00
22-Jul-13
2012
Ex Date
15-Jul-91
23-Jul-93
07-Jul-94
06-Jul-95
17-Jul-96
26-Apr-96
08-Jul-97
07-Jul-98
06-Jul-99
07-Jul-00
28-Nov-00
03-Jul-02
30-Jun-03
19-Jul-04
22-Jul-05
24-Jul-06
24-Jul-07
16-Jul-08
15-Jul-09
14-Jul-10
26-Jul-11
31-Jul-12
23-Jul-13
Recording
Date
20-Jul-91
30-Jul-93
14-Jul-94
14-Jul-95
25-Jul-96
06-May-96
16-Jul-97
15-Jul-98
14-Jul-99
17-Jul-00
05-Dec-00
08-Jul-02
02-Jul-03
21-Jul-04
26-Jul-05
26-Jul-06
26-Jul-07
18-Jul-08
17-Jul-09
16-Jul-10
28-Jul-11
02-Aug-12
25-Jul-13
69.29%
6.26%
24.45%
Payment
Date
09-Aug-91
23-Aug-93
13-Aug-94
14-Aug-95
19-Aug-96
03-Jun-96
14-Aug-97
13-Aug-98
11-Aug-99
31-Jul-00
19-Dec-00
19-Jul-02
11-Jul-03
04-Aug-04
08-Aug-05
07-Aug-06
09-Aug-07
01-Aug-08
30-Jul-09
29-Jul-10
08-Aug-11
16-Aug-12
15-Aug-13
F
F
F
F
F
F
F
F
I
F
F
F
F
F
F
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
Type of Listing
First Issue
Partial Listing
Founders Shares
Koperasi
Stock Split
Bonus Shares
Shares
57,807,800
38,396,600
375,197,600
9,620,000
481,022,000
962,044,000
Listing
Date
27-Aug-90
27-Aug-90
31-May-94
31-May-94
03-Jun-96
04-Jun-96
Trading
Date
27-Aug-90
27-Feb-91
31-May-94
00-Jan-00
03-Jun-96
05-Jun-96
Phone : (021) 420-2460

Fax
: (021) 424-3136
Homepage
Email
F/I
: www.gudanggaramtbk.com
: corporate_secretary@gudanggaramtbk.com
RESEARCH DIVISION
79

TRADING ACTIVITIES

Gudang Garam Tbk.
Closing Price
Volume
(Mill. Sh)
68,000
32.0
59,500
28.0
51,000
24.0
42,500
20.0
34,000
16.0
25,500
12.0
17,000
8.0
8,500
4.0
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Consumer Goods Industry Index
Low
4,375
5,100
4,925
5,900
7,200
10,700
11,750
14,050
13,700
11,900
13,500
17,200
Close
5,400
5,200
5,900
7,450
11,350
12,550
14,100
14,300
14,900
14,300
17,250
21,550
Freq.
Volume
Value
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
5,400
6,250
6,000
7,550
12,000
12,750
15,100
15,450
15,050
14,900
17,600
21,800
Day
Closing
Price*
2,281
3,201
2,408
2,152
3,704
5,539
5,222
3,313
2,721
4,921
5,436
5,563
9,864
15,651
11,250
14,275
77,318
51,797
26,439
22,834
12,620
16,175
41,296
26,293
46,268
88,084
61,004
92,162
687,554
580,205
349,802
329,861
184,088
224,665
687,000
503,779
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
24,300
26,500
28,000
28,500
38,150
35,450
36,000
41,100
51,600
52,500
48,600
46,100
20,650
23,550
24,600
24,750
27,400
29,450
32,750
34,600
39,400
45,900
40,700
36,900
24,000
26,050
24,750
27,600
33,700
34,200
35,000
39,400
51,600
47,700
40,700
40,000
6,103
3,791
7,514
9,299
12,065
13,049
8,293
6,779
9,809
12,651
9,492
14,804
29,594
18,728
25,311
25,106
57,347
39,162
20,012
47,307
28,137
35,210
48,751
30,575
683,961
461,129
665,026
673,756
1,862,994
1,294,682
696,081
1,563,843
1,295,333
1,729,745
1,940,010
1,259,668
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
41,350
38,350
43,100
41,500
44,900
50,100
57,000
56,500
61,500
61,150
65,000
67,000
34,000
33,300
35,850
40,000
40,350
43,300
47,400
46,900
47,400
51,000
56,000
59,100
37,250
36,550
41,850
40,600
43,550
49,800
50,900
55,000
52,500
58,600
65,000
62,050
19,222
15,422
17,678
14,189
9,674
11,628
13,717
18,035
21,191
18,610
12,066
13,867
42,483
29,060
31,054
28,806
17,711
23,804
26,505
31,756
29,637
30,293
20,160
20,282
1,594,349
1,036,576
1,239,465
1,166,285
754,867
1,093,954
1,348,972
1,672,663
1,594,104
1,706,426
1,231,087
1,267,505
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
63,250
59,850
57,300
60,450
61,050
62,800
63,800
55,500
50,500
53,600
53,000
60,450
55,400
50,050
51,400
55,300
54,000
53,350
55,250
48,100
45,900
46,250
46,050
52,500
57,000
56,750
55,050
59,200
54,100
61,500
56,350
50,100
46,450
49,150
52,850
56,300
17,928
24,119
20,086
16,395
17,382
12,187
17,251
27,096
18,256
18,562
22,959
15,404
24,428
33,685
30,356
25,722
25,548
19,587
33,688
41,704
26,130
34,242
43,229
31,454
1,440,624
1,855,940
1,645,012
1,498,625
1,481,745
1,147,973
1,958,846
2,143,553
1,247,867
1,718,568
2,115,356
1,771,421
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
57,000
52,850
51,200
54,450
57,800
54,500
51,600
49,500
48,300
45,800
48,600
49,300
45,300
42,250
51,850
48,300
48,950
49,400
53,500
50,600
42,350
20,401
16,161
17,514
28,414
22,413
22,532
21,809
36,082
39,784
32,644
51,702
41,575
31,333
30,731
1,900,377
2,000,127
1,590,282
2,660,507
2,221,861
1,555,537
1,419,705
21
20
19
22
22
19
23
Month
1,470%
1,260%
1,050%
857.1%
840%
630%
491.8%
420%
220.8%
210%
-210%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
326
3,834
46
241
405
14,126
114
245
332
15,706
185
247
370
20,026
228
246
264
13,348
149
146
21,800
4,375
21,550
21,550
52,500
20,650
40,000
40,000
67,000
33,300
62,050
62,050
63,800
45,900
56,300
56,300
57,800
42,250
42,350
42,350
12.00
18.56
PER (X)
20.07
16.41
PER Industry (X)
2.27
3.63
PBV (X)
24.08
16.22
4.86
26.62
19.75
4.07
19.17
19.12
2.95
Price (Rupiah)
High
Low
Close
Close*
80
RESEARCH DIVISION

Public Accountant : Siddharta & Widjaja (Member of KPMG International)
Book End : December
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
1,222,897
1,249,249
1,094,895
1,285,799
1,291,979
Receivables
1,038,958
915,004
937,987
1,382,539
1,419,754
BALANCE SHEET

Assets
Liabilities
46,250
37,000
Inventories
16,853,310 20,174,168 28,020,017 26,649,777 27,688,566
Current Assets
19,584,533 22,908,293 30,381,754 29,954,021 31,194,739
Fixed Assets
7,019,464
7,406,632
Other Assets
613,344
411,400
Total Assets
8,189,881 10,389,326 12,792,990

479,473
1,122,077
1,414,007
27,230,965 30,741,679 39,088,705 41,509,325 45,450,611
12.89%
Growth (%)
27.15%
6.19%
9.49%
27,750
18,500
9,250
-
Current Liabilities
Total Liabilities
7,961,279
887,145
8,848,424
Authorized Capital
Paid up Capital
939,470
1,003,458
1,101,295
2009
2010
2011
2012
Jun-13
1,085,213
9,421,403 14,537,777 14,903,612 18,186,539
6.48%
54.31%
2.52%
22.03%
81,004
123,114
1,158,000
1,158,000
1,158,000
1,158,000
1,158,000
962,044
962,044
962,044
962,044
962,044
1,924
1,924
1,924
1,924
1,924
500
500
500
500
500
Growth (%)
Minority Interest
8,481,933 13,534,319 13,802,317 17,101,326

26,606
27,264
2012
Jun-13
24,551
27,264
21,197
21,702
18,302
16,140
Par Value
Retained Earnings
17,285,793 20,181,418 23,382,278 25,471,948 26,134,873
Total Equity
18,301,537 21,197,162 24,550,928 26,605,713 27,264,072
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-09
15.82%
8.37%
2.47%
Dec-10
Dec-11
Dec-12
Jun-13
5,017
-545
2009
32,973,080 37,691,997 41,884,352 49,028,696 26,637,719
14.31%
Growth (%)
Cost of Revenues
15.82%
10,578
11.12%
2011
17.06%
25,807,564 28,826,410 31,754,984 39,843,974 21,338,008
Gross Profit
7,165,516
8,865,587 10,129,368
9,184,722
5,299,711
Expenses (Income)
1,958,679
3,007,726
3,514,397
3,159,041
2,065,981
Operating Profit
5,206,837
5,857,861
6,614,971
6,025,681
3,233,730
12.50%
12.92%
-8.91%
-378,084
-226,565
-495,035
-257,952
Income before Tax
4,828,213
5,631,296
6,614,971
5,530,646
2,975,778
Tax
1,342,312
1,416,507
1,656,869 -1,461,935
-744,046
-30,199
-68,507
3,455,702
4,146,282
4,958,102
4,068,711
2,231,732
19.98%
19.58%
-17.94%
Growth (%)
2010
49,029
49,029
41,884
37,692
39,027
32,973
26,638
29,025
Minority Interest
Growth (%)
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
246.00
270.08
224.48
217.02
182.41
Dividend (Rp)
650.00
880.00
1,000.00
800.00
EPS (Rp)
1,796.02
2,154.93
2,576.86
2,114.62
1,159.89
BV (Rp)
9,511.80
11,016.73
12,759.77
13,827.70
14,169.87
DAR (X)
0.32
0.31
0.37
0.36
0.40
DER(X)
0.48
0.44
0.59
0.56
0.67
ROA (%)
17.73
18.32
16.92
13.32
6.55
ROE (%)
26.38
26.57
26.94
20.79
10.91
GPM (%)
21.73
23.52
24.18
18.73
19.90
OPM (%)
15.79
15.54
15.79
12.29
12.14
NPM (%)
10.48
11.00
11.84
8.30
8.38
Payout Ratio (%)
36.19
40.84
38.81
37.83
3.02
2.20
1.61
1.42
Yield (%)
9,021
-981
2009
Current Ratio (%)
RATIOS
19,023
2010
2011
2012
Jun-13

4,958
4,958
4,146
3,947
4,069
3,456
2,935
2,232
1,924
912
-99
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
81
COMPANY REPORT
HRUM
HARUM ENERGY TBK.
Company Profile
PT Harum Energy Tbk. was originally established as PT Asia Antrasit dated October 12th,
1995.
The scope of its business activities are mainly to engage in mining, trading and services
industries. Currently, the main business activities of the Company are operating and
investing in coal mining, trading and services industries through its subsidiaries. The
Companystarteditscommercialoperationsin2007.TheCompanyanditssubsidiarieshad
th
984employeesinJune30 ,2013.
PT Harum Energy Tbk. is one of the leading thermal coal producers in Indonesia with
integratedminingoperationsinEastKalimantan.Throughitssubsidiariesandjointventure
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.
TheCompanyhasownershipinterestdirectlyorindirectly,inthefollowingsubsidiaries:
PTMahakamSumberJaya
PTLayarLintasJaya
HarumEnergyAustraliaLtd.
PTTambangBatubaraHarum
HarumEnergyCapitalLtd.
August 2013
Disclaimer:
82
RESEARCH DIVISION
HRUM Harum Energy Tbk. [S]

Main Board
As of 31 July 2013
:
Individual Index
:
Listed Shares
50.000
2,703,620,000
7,029,412,000,000
96 | 7.03T | 0.15% | 86.69%

33 | 8.52T | 0.77% | 64.19%
COMPANY HISTORY
Listing Date
: 06-Oct-2010
Under Writer IPO :
PT Ciptadana Securities
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Lawrence Barki
2. Agus Rajani Panjaitan *)
3. Budi Rahardja
4. Sony Budi Harsono *)
5. Yun Mulyana
BOARD OF DIRECTORS
1. Ray Antonio Gunara
2. David John Heap
3. Eddy Sumarsono
4. Kenneth Scott Andrew Thompson

1. PT Karunia Bara Perkasa
2. Public (<5%)
1,909,458,500 :
794,161,500 :
Bonus
Cash
2010
244.10 30-May-11
2011
380.00 08-Jun-12
2012
252.00 14-Jun-13
Ex Date
31-May-11
11-Jun-12
17-Jun-13
Recording
Date
03-Jun-11
13-Jun-12
19-Jun-13
70.63%
29.37%
Payment
Date
17-Jun-11
22-Jun-12
13-Jul-13
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Type of Listing
First Issue
Founder Divestment
Over Allotment
Company Listing
EMSOP I
EMSOP I
EMSOP I
EMSOP I
EMSOP I
EMSOP I
EMSOP I
Shares
200,000,000
300,000,000
50,000,000
2,150,000,000
67,500
32,500
100,000
700,000
2,195,000
450,000
75,000
Listing
Date
06-Oct-10
06-Oct-10
06-Oct-10
06-Oct-10
29-Dec-11
05-Jan-12
06-Jan-12
11-Jan-12
17-Jan-12
18-Jan-12
09-Jan-13
Trading
Date
06-Oct-10
06-Oct-10
06-Oct-10
06-Oct-10
29-Dec-11
05-Jan-12
06-Jan-12
11-Jan-12
17-Jan-12
18-Jan-12
09-Jan-13
AUDIT COMMITTEE
1. Agus Rajani Panjaitan
2. Simon Halim
3. Sony Budi 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
F/I
: www.harumenergy.com
: corsec@harumenergy.com
RESEARCH DIVISION
83

Closing
Price*
Closing Price
Volume
(Mill. Sh)
12,000
480
10,500
420
9,000
360
7,500
300
6,000
240
4,500
180
3,000
120
1,500
60
Oct-10
Apr-11
Oct-11
Apr-12
Oct-12
Apr-13

Mining Index
100%
80%
Month
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Harum Energy Tbk. [S]
Oct-10
Nov-10
Dec-10
High
6,250
7,500
9,300
Low
5,200
5,700
6,700
Close
5,850
6,800
9,000
13,106
14,074
9,938
616,082
326,375
153,334
3,313,064
2,098,719
1,190,619
18
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
9,900
8,850
9,200
9,650
9,600
9,800
10,700
9,950
8,950
8,500
8,400
7,600
7,850
7,800
8,000
8,800
9,000
8,900
9,400
7,400
6,300
5,900
6,700
6,600
7,950
8,250
8,950
9,600
9,150
9,550
9,700
7,750
7,100
7,850
6,700
6,850
16,665
12,047
16,155
10,989
10,224
10,455
11,670
24,480
23,986
24,421
19,886
18,064
167,756
90,045
125,252
94,679
371,793
124,702
104,088
215,394
208,796
236,783
187,053
174,210
1,522,888
750,518
1,106,944
875,894
3,386,010
1,165,277
1,037,826
1,846,874
1,600,802
1,717,275
1,414,934
1,216,834
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
7,650
9,000
8,850
8,450
7,400
6,150
6,350
6,350
6,500
5,950
5,550
6,250
6,750
7,450
7,900
7,100
6,000
5,100
5,500
5,500
5,800
5,300
4,950
4,875
7,600
8,800
8,150
7,150
6,100
5,700
5,650
5,850
5,900
5,400
5,000
6,000
13,157
14,546
13,495
20,900
24,298
27,831
22,986
12,096
14,366
12,203
8,090
16,661
133,467
176,333
127,098
185,916
195,195
250,729
199,620
155,985
174,280
100,626
74,548
179,121
972,512
1,459,716
1,057,144
1,434,320
1,310,667
1,425,599
1,177,473
930,617
1,075,603
561,569
395,433
1,007,799
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
6,700
6,250
5,550
5,150
4,500
4,175
3,375
5,900
5,400
4,800
4,100
3,725
3,025
2,600
6,000
5,500
4,800
4,150
3,925
3,025
2,600
17,532
11,483
18,018
16,550
21,482
23,240
17,348
122,383
87,239
174,275
154,557
178,916
122,349
133,089
767,026
511,082
903,433
741,992
720,133
437,137
393,305
21
20
19
22
22
19
23
60%
40%
27.9%
20%
-20%
-40%
-52.3%
-53.2%
-60%
Oct 10
Apr 11
Oct 11
Apr 12
Oct 12
Apr 13
SHARES TRADED
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
1,096
6,602
37
59
2,101
17,642
199
247
1,953
12,808
201
246
973
4,474
126
146
Price (Rupiah)
High
Low
Close
Close*
9,300
5,200
9,000
9,000
10,700
5,900
6,850
6,850
9,000
4,875
6,000
6,000
6,700
2,600
2,600
2,600
29.49
PER (X)
17.69
PER Industry (X)
10.57
PBV (X)
10.82
16.17
5.20
12.02
8.49
4.07
5.21
12.95
1.76
84
RESEARCH DIVISION

Dec-10
Dec-11
Dec-12
Jun-13
1,029,592
1,660,807
1,569,658
2,249,494
Receivables
468,947
572,505
659,863
664,881
Inventories
296,910
626,515
985,392
632,649
Current Assets
1,808,378
2,866,473
3,245,066
3,747,796
Fixed Assets
1,011,109
1,077,768
1,185,287
1,183,401
Other Assets
15,134
18,274
23,877
41,014
Total Assets
3,470,174
4,645,148
5,208,642
5,684,452
33.86%
12.13%
9.14%
1,070,554
1,036,181
1,845,172
BALANCE SHEET
Dec-09
Book End : December

Assets
Liabilities
6,250
5,000
Growth (%)
3,750
2,500
1,250
-
866,081
Current Liabilities
Total Liabilities
59,203
17,613
27,518
46,357
925,284
1,088,167
1,063,699
1,891,530
17.60%
-2.25%
77.83%
246,384
1,000,000
1,000,000
1,000,000
1,000,000
270,000
270,000
279,235
286,721
2,700
2,700
2,792
2,867
100
100
100
100
974,086
1,779,263
2,046,655
1,406,439
2,298,506
3,556,981
4,144,943
3,792,923
54.75%
16.53%
-8.49%
Dec-11
Dec-12
Jun-13
7,296,631 10,088,722
4,617,446
Growth (%)
Minority Interest
Authorized Capital
Paid up Capital
2010
2011
2012
Jun-13

4,145
3,793
4,145
3,557
3,299
2,299
2,454
Par Value
Retained Earnings
Total Equity
Growth (%)
INCOME STATEMENTS
Dec-09
Dec-10
4,486,422
Total Revenues
Growth (%)
62.64%
38.27%
7,004,135
Cost of Revenues
2,909,766
4,322,420
Gross Profit
1,576,656
2,974,211
3,084,587
903,266
433,900
655,876
1,024,783
565,213
1,142,756
2,318,335
102.87%
(1.00)
-47,311
1,227,359
2,318,335
2,059,804
338,053
246,153
539,351
496,454
78,854
-157,266
823,940
1,709,316
1,511,063
232,328
107.46%
-11.60%
Expenses (Income)
Operating Profit
Growth (%)
1,608
763
-83
2010
2011
2012
Jun-13
3,714,181
10,089
10,089
7,297
8,031
5,973

Income before Tax
Tax
Minority Interest
Growth (%)
Dec-10
Dec-11
Dec-12
Jun-13
208.80
267.76
313.18
203.11
Dividend (Rp)
244.10
380.00
252.00
EPS (Rp)
305.16
633.08
541.14
81.03
BV (Rp)
851.30
1,317.40
1,484.39
1,322.86
DAR (X)
0.27
0.23
0.20
0.33
DER(X)
0.40
0.31
0.26
0.50
ROA (%)
35.37
49.91
39.55
5.95
ROE (%)
53.40
65.18
49.69
8.91
GPM (%)
35.14
40.76
30.57
19.56
OPM (%)
25.47
31.77
NPM (%)
18.37
23.43
14.98
5.03
Payout Ratio (%)
79.99
60.02
46.57
2.71
5.55
4.20
RATIOS
Yield (%)
Dec-09
1,856
-202
2010
Current Ratio (%)
4,617
4,486
3,914
2011
2012
Jun-13

1,709
1,709
1,511
1,361
1,012
824
663
232
315
-34
2010
2011
2012
RESEARCH DIVISION
Jun-13
85
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:
DraytonPte.Ltd.,
Indofood(M)FoodIndustriesSdn.Bhd.,
PTSuryaRengoContainers,
PTIndofoodFritolayMakmur,
PTIndofoodAsahiSuksesBeverage.
ThelongterminvestmentintheassociatedentityisPTNestleIndofoodCitarasaIndonesia
th
and PT Asahi Indofood Beverage Makmur. As of June 30 , 2013, the Group had 26,631
employees.
August 2013
Disclaimer:
86
RESEARCH DIVISION
ICBP Indofood CBP Sukses Makmur Tbk. [S]

Main Board
Industry Sub Sector : Food And Beverages (51)
As of 31 July 2013
:
207.600
Individual Index
:
5,830,954,000
Listed Shares
15 | 65.3T | 1.43% | 53.35%

26 | 9.32T | 0.84% | 58.67%
COMPANY HISTORY
Established Date : 02-Sep-2009
Listing Date
: 07-Oct-2010
Under Writer IPO :
PT Kim Eng Securities
PT Credit Suisse Securities Indonesia
PT Deutsche Securities Indonesia
Phone : (021) 252-5666
Fax
: (021) 252-5028

1. PT Indofood Sukses Makmur Tbk.
2. Public (<5%)
Bonus
Cash
2010
116.00 21-Jun-11
2011
169.00
13-Jul-12
4,664,763,000 :
1,166,191,000 :
Ex Date
22-Jun-11
16-Jul-12
Recording
Date
24-Jun-11
18-Jul-12
80.00%
20.00%
Payment
F/I
Date
07-Jul-11 F
31-Jul-12 F
ISSUED HISTORY
No. Type of Listing
1. First Issue
2. Company Listing
Shares
1,166,191,000
4,664,763,000
Listing
Date
07-Oct-10
07-Oct-10
Trading
Date
07-Oct-10
07-Apr-11
2. Adi Pranoto Leman *)
3. Alamsyah
4. F.G. Winarno *)
5. Franciscus Welirang
6. Moleonoto
7. Wahjudi Prakarsa *)
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. Timotius
3. Wahjudi Prakarsa
CORPORATE SECRETARY
Elly Putranti
HEAD OFFICE
Sudirman Plaza, Indofood Tower 25th Fl.
Jln. Jend. Sudirman Kav. 76 - 78
Jakarta - 12910
Phone : (021) 5795-8822
Fax
: (021) 5793-7373
Homepage
Email
: www.indofoodcbp.com
: elly.putranti@icbp.indofood.co.id
RESEARCH DIVISION
87

Closing
Price*
Closing Price
Volume
(Mill. Sh)
14,000
320
12,250
280
10,500
240
8,750
200
7,000
160
5,250
120
3,500
80
1,750
40
Oct-10
Apr-11
Oct-11
Apr-12
Oct-12
Apr-13

150%
125%
Month
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Indofood CBP Sukses Makmur Tbk. [S]
Oct-10
Nov-10
Dec-10
High
6,200
5,750
5,200
Low
5,150
5,000
4,400
Close
5,700
5,100
4,675
18,244
12,136
19,178
682,038
249,442
309,605
3,893,907
1,312,257
1,454,968
17
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
5,150
4,675
5,300
5,450
5,400
5,450
5,800
6,000
5,600
5,750
5,300
5,250
4,350
4,300
4,600
5,100
5,050
4,925
5,400
5,300
3,800
4,650
4,875
4,875
4,575
4,575
5,300
5,400
5,050
5,400
5,800
5,300
4,925
5,300
5,150
5,200
15,091
7,386
8,462
5,234
4,707
4,174
5,994
7,456
11,353
5,355
5,991
3,224
248,406
120,754
167,772
109,382
108,877
81,379
118,404
128,240
159,002
53,012
89,997
44,489
1,177,703
540,317
824,126
584,014
569,475
418,328
673,478
727,782
800,880
279,275
458,703
224,012
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
5,350
5,650
5,700
5,650
5,900
5,850
6,850
6,850
6,650
7,750
7,550
8,300
4,975
5,050
5,150
5,000
5,400
5,400
5,700
6,400
6,150
6,300
6,900
7,300
5,100
5,650
5,450
5,650
5,650
5,750
6,600
6,550
6,350
7,150
7,400
7,800
4,570
5,499
6,691
5,021
4,606
3,477
8,760
5,188
7,021
9,940
5,982
6,712
86,150
86,833
70,684
89,511
82,359
49,711
144,591
58,263
67,678
111,373
74,371
68,335
439,212
470,009
380,098
468,937
472,137
282,356
897,445
385,634
431,645
787,349
536,371
532,860
21
21
21
20
21
21
22
19
20
22
20
18
8,700 7,600 8,000

8,650 7,900 8,500
9,900 8,200 9,600
11,700 9,500 11,450
13,400 11,500 13,100
13,000 9,850 12,200
12,500 10,350 11,200
8,421
7,470
13,589
23,016
35,135
26,910
20,502
69,143
78,410
108,935
106,833
183,672
111,166
81,983
552,825
638,909
974,749
1,118,431
2,300,353
1,270,060
913,934
21
20
19
22
22
19
23
100%
88.2%
75%
66.6%
50%
28.6%
25%
-25%
-50%
Oct 10
Apr 11
Oct 11
Apr 12
Oct 12
Apr 13
SHARES TRADED
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
1,241
6,661
50
58
1,430
7,278
84
247
990
6,084
73
246
740
7,769
135
146
Price (Rupiah)
High
Low
Close
Close*
6,200
4,400
4,675
4,675
6,000
3,800
5,200
5,200
8,300
4,975
7,800
7,800
13,400
7,600
11,200
11,200
16.00
PER (X)
16.41
PER Industry (X)
3.06
PBV (X)
14.69
16.22
2.83
19.88
19.75
3.79
23.39
19.12
5.13
88
RESEARCH DIVISION
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13

Dec-10
Dec-11
Dec-12
Jun-13
3,407,687
4,420,644
5,484,318
6,189,807
Receivables
2,026,249
2,378,402
2,328,181
3,090,884
Inventories
1,422,466
1,629,883
1,812,887
2,091,259
Current Assets
7,017,835
8,580,311
9,888,440 11,770,549
Fixed Assets
2,304,588
2,590,036
3,839,756
4,396,787
Other Assets
136,855
169,718
111,174
BALANCE SHEET
Dec-09
Book End : December

Assets
Liabilities
21,250
17,000
13,361,313 15,222,857 17,753,480 20,077,555
Total Assets
Growth (%)
13.93%
16.62%
13.09%
12,750
8,500
4,250
-
Current Liabilities
2,701,200
2,988,540
3,579,487
5,335,476
1,297,932
1,524,544
2,187,195
2,452,776
Total Liabilities
3,999,132
4,513,084
5,766,682
7,788,252
12.85%
27.78%
35.06%
Growth (%)
Minority Interest
442,635
Authorized Capital
750,000
750,000
750,000
750,000
Paid up Capital
583,095
583,095
583,095
583,095
5,831
5,831
5,831
5,831
100
100
100
100
Retained Earnings
2,344,832
3,643,786
4,837,947
5,009,358
Total Equity
8,919,546 10,709,773 11,986,798 12,289,303
2010
2011
2012
Jun-13

11,987
12,289
2012
Jun-13
12,289
10,710
9,782
8,920
7,275
Par Value
Growth (%)
INCOME STATEMENTS
Dec-09
Dec-10
20.07%
11.92%
2.52%
Dec-11
Dec-12
Jun-13
4,768
2,261
-246
2010
17,960,120 19,367,155 21,574,792 12,507,386
Total Revenues
7.83%
Growth (%)
11.40%
12,993,217 14,335,896 15,796,183
Cost of Revenues
9,212,372
Gross Profit
4,966,903
5,031,259
5,778,609
3,295,014
Expenses (Income)
2,322,011
2,423,258 -2,936,549
1,655,963
Operating Profit
2,644,892
2,608,001
2,842,060
1,639,051
-1.39%
8.97%
Growth (%)
2011
21,575
21,575
17,960
19,367
17,174
12,507
12,772

Income before Tax
Tax
Minority Interest
-125,750
136,909
185,130
92,445
2,519,142
2,744,910
3,027,190
1,731,496
666,913
678,545
-744,819
412,697
-123,862
1,704,047
2,064,049
2,287,242
1,367,828
21.13%
10.81%
Growth (%)
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
259.80
287.11
276.25
220.61
Dividend (Rp)
116.00
169.00
EPS (Rp)
292.24
353.98
392.26
234.58
BV (Rp)
1,529.69
1,836.71
2,055.72
2,107.60
DAR (X)
0.30
0.30
0.32
0.39
DER(X)
0.45
0.42
0.48
0.63
ROA (%)
18.85
18.03
17.05
8.62
ROE (%)
28.24
25.63
25.25
14.09
GPM (%)
27.66
25.98
26.78
26.34
OPM (%)
14.73
13.47
13.17
13.10
NPM (%)
9.49
10.66
10.60
10.94
39.69
47.74
2.48
3.25
Payout Ratio (%)

Yield (%)
3,970
-431
2010
Current Ratio (%)
RATIOS
8,371
2011
2012
Jun-13

2,287
2,064
2,287
1,821
1,704
1,368
1,354
887
421
-46
2010
2011
2012
RESEARCH DIVISION
Jun-13
89
COMPANY REPORT
IMAS
INDOMOBIL SUKSES INTERNASIONAL TBK.
Company Profile
PT IndomobilSukses Internasional Tbk. was initially established as a result of the merger

between PT Indomulti Inti Industri Tbk. (IMII) and PT Indomobil Investment Corporation
(IIC) onNovember 6th, 1997 where IMIIwas the surviving entity. IMII was established on
March20th,1987.
TheCompanyanditsSubsidiaries(theGroup)wereallincorporatedinandconducttheir
operations in Indonesia. The scope of activities of the Group are 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,GreatWallandMackand/ormotorcyclesandtheirrelated
components, providing automotive maintenance services, heavy equipments, financing
activities, consumer financing, rental and trading of used cars, and participating in the
equityownershipofothercompanieswhichareengagedintheautomotivebusiness.
TheCompanyislocatedinWismaIndomobil,Jln.M.T.HaryonoKav.8,Jakarta.TheGroups
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.
TheCompanystarteditscommercialoperationsin1990.PTCiptaSaranaDutaPerkasaand
PTEkaSuryaIndahPratamaaretheparententityandultimateparententityoftheGroup,
respectively.
As of June 30th, 2013, the Group had combined permanent employees of 6,232
(unaudited).
August 2013
Disclaimer:
90
RESEARCH DIVISION
IMAS Indomobil Sukses Internasional Tbk.

Development Board
Industry Sector : Miscellaneous Industry (4)
Industry Sub Sector : Automotive And Components (42)
As of 31 July 2013
:
718.240
Individual Index
:
2,765,278,412
Listed Shares
54 | 14.8T | 0.32% | 76.98%

40 | 7.16T | 0.65% | 69.09%
COMPANY HISTORY
Established Date : 20-Mar-1987
Listing Date
: 15-Nov-1993
Under Writer IPO :
PT Makindo
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Soebronto Laras
2. Eugene Cho Park
3. Gunadi Sindhuwinata
4. Hanadi Rahardja *)
5. Mohamad Jusuf Hamka *)
6. Pranata Hajadi
7. Soegeng Sarjadi *)
BOARD OF DIRECTORS
1. Jusak Kertowidjojo
2. Alex Sutisna
3. Bambang Subijanto
4. Djendratna Budimulja T.
5. Jacobus Irawan Kristanto
6. Josef Utamin
7. Santiago Soriano Navarro

1. Gallant Venture Ltd. A/C Balance Controlling Indom
2. Gallant Venture Ltd. A/C Acquisition Loan Secured
3. Issuer Account Sembilan Puluh Dua
4. PT Tritunggal Intipermata
5. Public (<5%)
Bonus
Cash
1993
100.00
27-Jul-94
1994
40.00
18-Jul-95
1995
30.00
16-Jul-96
1996
10.00
21-Jul-97
2011
118.00 21-May-12
2012
29.00 20-Aug-13
Ex Date
28-Jul-94
19-Jul-95
17-Jul-96
22-Jul-97
22-May-12
21-Aug-13
787,559,708
660,000,000
529,206,066
499,197,450
289,315,188
Recording
Date
04-Aug-94
27-Jul-95
25-Jul-96
30-Jul-97
24-May-12
23-Aug-13
:
:
:
:
:
28.48%
23.87%
19.14%
18.05%
10.46%
Payment
Date
31-Aug-94
25-Aug-95
23-Aug-96
29-Aug-97
07-Jun-12
06-Sep-13
F
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
Type of Listing
First Issue
Company Listing
Convertible Bonds
Right Issue
Additional Shares
Stock Split
Shares
6,000,000
16,000,000
2,912,568
99,650,272
373,688,500
498,251,340
40,476,725
Right Issue
345,659,801
Stock Splits
1,382,639,206
Listing
Date
15-Nov-93
15-Nov-93
30-Jun-94
03-Feb-95
27-Apr-98
27-Apr-98
03-Jan-11
19-Jul-11
07-Jun-12
Trading
Date
15-Nov-93
15-Nov-93
30-Jun-94
03-Feb-95
27-Apr-98
27-Apr-98
03-Jan-11
19-Jul-11
07-Jun-12
AUDIT COMMITTEE
1. Hanadi Rahardja
2. Nico Johannes Djajapernama
3. Rudi Setiadi Tjahjono
CORPORATE SECRETARY
CR. Susilowasti
HEAD OFFICE
Wisma Indomobil 6th Fl.
Jln. M.T. Haryono Kav. 8
Jakarta
Phone : (021) 856-4850, 856-4860. 856-4870
Fax
: (021) 856-4833
Homepage
Email
F/I
: www.indomobil.com
: csimg@indomobil.co.id
RESEARCH DIVISION
91

Closing
Price*
Closing Price
Volume
(Mill. Sh)
10,000
1,600
8,750
1,400
7,500
1,200
6,250
1,000
5,000
800
3,750
600
2,500
400
1,250
200
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Miscellaneous Industry Index
Month
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
900
900
730
910
860
-
Low
900
610
700
650
860
-
Close
1,200
1,200
900
610
730
910
860
860
860
860
860
860
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
760
860
1,000
1,100
3,825
12,200
9,950
8,750
8,300
650
780
850
1,100
1,000
3,850
6,900
6,000
6,650
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Indomobil Sukses Internasional Tbk.
1
7
4
12
2
2
1
0.5
10
3
23
3
41
86
0.5
8
2
16
2
24
43
1
5
1
5
2
1
1
860
860
860
760
780
1,000
1,100
3,825
9,400
6,950
7,000
7,600
1
9
6
3
2
2,646
4,685
1,243
2,062
2,457
7,600
9
22
4
151
5,666
6,860
1,164
2,014
2,268
6,536
7
19
4
151
15,030
50,179
9,443
15,143
17,636
1
2
3
2
2
14
11
14
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
8,200 6,300 6,700

7,050 6,300 6,700
7,850 6,650 7,500
9,150 7,400 8,800
9,150 8,300 8,600
8,600 8,050 8,200
12,950 8,050 12,450
12,850 9,350 11,200
11,950 8,500 10,700
12,800 9,800 12,300
13,400 12,000 13,000
14,300 11,850 12,800
1,464
897
2,886
1,664
342
3,912
20,183
8,834
7,578
5,399
4,199
3,789
1,668
663
5,180
2,152
348
20,282
470,366
51,121
37,957
31,314
15,525
19,762
12,362
4,526
35,233
17,926
3,027
168,083
4,040,202
576,276
416,177
368,986
198,986
256,627
20
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
15,600
16,350
15,950
18,650
18,250
16,300
8,100
6,400
6,000
5,750
5,600
5,400
13,100
13,800
13,200
15,150
15,100
6,500
5,950
5,100
5,550
4,950
5,050
4,900
15,000
14,400
15,100
17,750
16,050
7,000
6,100
5,700
5,700
5,100
5,250
5,300
4,611
7,492
8,979
9,187
9,554
15,997
18,946
21,577
9,547
18,930
9,635
8,626
19,312
35,192
32,506
48,553
34,922
99,175
121,200
158,707
84,714
146,877
114,949
112,265
284,619
528,806
470,694
821,678
596,601
858,927
831,440
934,303
478,832
777,607
607,048
570,259
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
5,600
5,450
5,850
5,550
5,350
5,350
5,450
5,100
5,150
5,250
5,150
5,250
4,950
5,250
5,150
5,400
5,500
5,300
5,250
5,300
5,350
5,925
5,940
8,581
4,541
2,422
3,051
1,521
88,711
69,496
140,865
177,941
1,611,878
141,317
56,239
466,948
371,044
775,536
944,818
8,715,734
735,804
297,493
21
20
19
22
22
19
23
1,470%
1,260%
1,050%
840%
797.1%
630%
420%
397.9%
210%
220.8%
-210%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
0.2
0.10
0.03
16
26
114
13
90
656
6,098
61
246
1,008
7,761
143
246
2,286
12,307
32
146
Price (Rupiah)
High
Low
Close
Close*
910
610
860
427
12,200
650
7,600
3,777
14,300
6,300
12,800
6,400
18,650
4,900
5,300
5,300
5,850
4,950
5,350
5,350
7.29
16.88
PER (X)
4.47
16.08
PER Industry (X)
1.96
5.93
PBV (X)
16.60
12.24
3.48
16.56
18.33
2.57
143.39
9.09
2.58
92
RESEARCH DIVISION

BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
434,291
489,799
1,609,296
1,135,008
1,505,203
1,514,950
2,101,779
2,916,348
4,287,257
6,131,426
766,017
1,542,709
2,427,737
3,888,215
3,530,108
2,860,653
4,509,196
7,405,639
9,813,159
9,690,905
Receivables
Book End : December

Assets
Liabilities
20,000
16,000
Inventories
Current Assets
Fixed Assets
598,165
745,522
1,876,846
2,951,054
3,391,011
Other Assets
52,566
108,708
110,266
139,814
178,259
Total Assets
5,093,148
Growth (%)
7,985,020 12,913,942 17,577,664 19,615,246
56.78%
61.73%
36.11%
11.59%
12,000
8,000
4,000
-
Current Liabilities
3,062,846
4,216,611
5,414,351
7,963,487
8,325,769
1,379,468
2,160,459
2,415,409
3,905,732
5,338,972
Total Liabilities
4,442,314
6,377,071
7,829,760 11,869,219 13,664,740
43.55%
22.78%
51.59%
15.13%
213,502
330,626
1,900,000
1,900,000
1,900,000
2,850,000
1,900,000
498,251
518,490
691,320
691,320
691,320
997
1,037
1,383
2,420
2,765
Par Value
500
500
500
250&500
250
Growth (%)
Minority Interest
Authorized Capital
Paid up Capital
2009
2010
2011
2012
Jun-13

5,708
5,951
5,951
5,084
4,737
3,523
Retained Earnings
Total Equity
-255,712
212,231
1,041,142
1,679,721
1,969,583
437,332
1,277,322
5,084,181
5,708,445
5,950,506
192.07%
298.03%
12.28%
4.24%
Dec-10
Dec-11
Dec-12
Jun-13
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-09
1,277
1,095
57.58%
6,029,288
44.27%
2009
2010
2011
2012
9,530,325 13,787,256 17,328,884
9,182,450
910,282
1,405,010
1,989,324
2,451,954
1,304,540
Expenses (Income)
779,963
1,076,014
963,668
1,402,709
747,909
Operating Profit
130,318
328,997
1,025,656
1,049,245
556,630
152.46%
211.75%
2.30%

19,781
19,781
15,777
15,746
10,935
10,487
11,710
100,659
316,902
162,706
23,826
-116,316
Income before Tax
230,977
645,898
1,188,362
1,073,071
440,315
76,811
99,260
217,470
173,980
31,810
Minority Interest
-36,572
-59,351
117,593
325,896
Tax
448,671
1,066,260
884,982
281.54%
137.65%
-17.00%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
93.40
106.94
136.78
123.23
116.40
118.00
29.00
EPS (Rp)
118.01
432.67
771.18
365.75
117.85
BV (Rp)
438.87
1,231.77
3,677.16
2,359.23
2,151.87
DAR (X)
0.87
0.80
0.61
0.68
0.70
DER(X)
10.16
4.99
1.54
2.08
2.30
ROA (%)
4.54
8.09
9.20
6.10
2.24
ROE (%)
52.82
50.57
23.37
18.80
7.40
GPM (%)
13.12
12.85
12.61
12.40
12.44
OPM (%)
1.88
3.01
6.50
5.30
5.31
NPM (%)
1.69
4.10
6.76
4.47
3.11
Payout Ratio (%)
15.30
7.93
Yield (%)
0.92
0.55
Growth (%)
RATIOS
Current Ratio (%)
Dividend (Rp)
Jun-13
25.38%
Gross Profit
Growth (%)
437
-119
6,939,570 10,935,335 15,776,580 19,780,838 10,486,990
Growth (%)
Cost of Revenues
2,309
6,940
7,675
3,640
-396
2009
2010
2011
2012
Jun-13

1,066
1,066
885
849
631
449
326
414
196
118
-21
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
93
CC O
OM
M PP A
AN
N 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.
TheCompanysimmediateparentcompanyisValeCanadaLimitedandtheultimateparent
entity of the Company is Vale S.A, a company established under the laws of the Federal
Republic of Brazil. The Companys plant is located in Sorowako, South Sulawesi and the
registeredofficeislocatedinJakarta.
The Companys main activities are exploration and mining, processing, storage,
transportation and marketing of nickel and associated mineral products. The Company
starteditscommercialoperationsin1978.
PTValeIndonesiaTbk.isoneoftheworldspremierproducersofnickel.Aversatilemetal,
whichisimportantinimprovinglivingstandardsandfosteringeconomicgrowth.Formore
than three decades, since the signing of its Contract of Work with the Indonesian
Governmentin1968,theCompanyhasprovidedskilledjobs,shownconcernfortheneeds
ofthecommunitiesinwhichitoperates,benefitedshareholdersandcontributedpositively
totheIndonesianeconomy.
ThetotalnumberofemployeesatJune30th,2013was3,241.
August 2013
Disclaimer:
94
RESEARCH DIVISION
INCO Vale Indonesia Tbk. [S]

Main Board
Industry Sub Sector : Metal And Mineral Mining (23)
As of 31 July 2013
:
722.449
Individual Index
:
9,936,338,720
Listed Shares
48 | 17.6T | 0.38% | 74.87%

57 | 5.03T | 0.46% | 78.37%
COMPANY HISTORY
Listing Date
: 16-May-1990
Under Writer IPO :
PT Vale Indonesia Tbk.
Plaza Bapindo - Citibank Tower 22nd Fl.
Phone : (021) 524-9000
Fax
: (021) 524-9020
1. Ricardo Rodrigues de Carvalho
2. Arief T. Surowidjojo *)
3. Gerd Peter Poppinga
4. Harumasa Kurokawa
5. Idrus Paturusi *)
6. Irwandi Arif *)
7. Jennifer Maki
8. Kevin James Graham
9. Mark J. Travers
10. Mikinobu Ogata
BOARD OF DIRECTORS
1. Nicolaas D. Kanter
2. Bernardus Irmanto
3. Febriany Eddy
4. Josimar Souza Pires
AUDIT COMMITTEE
1. Arief T. Surowidjojo
2. Erry Firmansyah
3. Sidharta Utama
CORPORATE SECRETARY
Ratih Amri
HEAD OFFICE
Bapindo Plaza II 22nd Fl.
Jln. Jend Sudirman Kav. 54 - 55
Jakarta - 12190
Phone : (021) 524-9000, 524-9002
Fax
: (021) 524-9020
Homepage
Email
: www.inco.com
: ratih.amri@valeinco.com

1. Vale Canada Limited
2. Sumitomo Metal Mining Co Ltd.
3. Public (<5%)
5,835,607,960 :
1,996,281,680 :
2,104,449,080 :
Bonus
Cash
1990
665.35 17-Sep-90
299.10 20-Mar-91
1991
299.10 19-Sep-91
1991
1991
309.30 19-Mar-92
1992
105.50 15-Apr-93
1993
110.00 25-Apr-94
1994
110.00 28-Oct-94
1994 115.35
115.35 24-Apr-95
1995
119.10 26-Apr-96
1995
115.35 03-Nov-95
1996
119.10 04-Nov-96
1996
121.60 25-Apr-97
1997
174.15 10-Nov-97
2002
84.65 29-Apr-03
2002
424.25 13-Nov-03
2003
1,340.25 23-Apr-04
2004
112.10 04-Nov-04
2004
924.59 19-Apr-05
2005
245.25 22-Nov-05
745.88 25-Apr-06
2005
228.58 17-Nov-06
2006
2006
4,545.00 24-Apr-07
2007
9,180.21 20-Nov-07
208.90 16-Apr-08
2007
2009
104.56 09-Dec-09
2010
178.72 05-Oct-10
USD 0.0146 02-May-11
2010
2011
USD 0.01 02-Nov-11
2011
USD 0.0086 14-May-12
2012
USD 0.00252 06-Dec-12
2012
USD 0.00252 14-May-13
Ex Date
18-Sep-90
21-Mar-91
20-Sep-91
20-Mar-92
16-Apr-93
26-Apr-94
31-Oct-94
25-Apr-95
29-Apr-96
04-Nov-95
05-Nov-96
28-Apr-97
11-Nov-97
30-Apr-03
14-Nov-03
26-Apr-04
05-Nov-04
20-Apr-05
23-Nov-05
26-Apr-06
20-Nov-06
27-Apr-07
21-Nov-07
17-Apr-08
10-Dec-09
06-Oct-10
03-May-11
03-Nov-11
15-May-12
07-Dec-12
15-May-13
Recording
Date
25-Sep-90
28-Mar-91
30-Sep-91
27-Mar-92
23-Apr-93
03-May-94
07-Nov-94
02-May-95
07-May-96
14-Nov-95
13-Nov-96
06-May-97
19-Nov-97
02-May-03
18-Nov-03
28-Apr-04
09-Nov-04
25-Apr-05
25-Nov-05
28-Apr-06
22-Nov-06
27-Apr-07
23-Nov-07
21-Apr-08
14-Dec-09
08-Oct-10
05-May-11
07-Nov-11
21-May-12
11-Dec-12
17-May-13
58.73%
20.09%
21.18%
Payment
Date
25-Oct-90
30-Apr-91
30-Oct-91
30-Apr-92
21-May-93
01-Jun-94
07-Dec-94
02-Jun-95
05-Jun-96
13-Dec-95
12-Dec-96
04-Jun-97
18-Dec-97
19-May-03
05-Dec-03
13-May-04
25-Nov-04
10-May-05
08-Dec-05
12-May-06
05-Dec-06
11-May-07
07-Dec-07
06-May-08
29-Dec-09
22-Oct-10
20-May-11
21-Nov-11
01-Jun-12
27-Dec-12
31-May-13
F/I
I
I
I
F
F
I
F
F
I
I
F
I
F
F
F
F
F
I
F
F
F
I
F
I
I
F
I
F
I
F
ISSUED HISTORY
No.
1.
2.
3.
4.
Type of Listing
First Issue
Company Listing
Stock Split
Stock Split
Shares
49,681,694
198,726,774
745,225,404
8,942,704,848
Listing
Date
16-May-90
31-Jan-01
03-Aug-04
15-Jan-08
RESEARCH DIVISION
Trading
Date
16-May-90
31-Jan-01
03-Aug-04
15-Jan-08
95

Closing
Price*
Closing Price
Volume
(Mill. Sh)
5,200
320
4,550
280
3,900
240
3,250
200
2,600
160
1,950
120
1,300
80
650
40
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Mining Index
Month
Volume
Value
Freq.
Day
TRADING ACTIVITIES

Vale Indonesia Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
2,825
2,500
2,400
3,750
4,150
4,750
4,400
5,100
4,400
4,375
4,100
3,850
Low
2,030
2,000
1,950
2,200
2,900
3,625
3,525
4,175
4,075
3,650
3,425
3,275
Close
2,475
2,175
2,225
3,425
3,600
4,150
4,300
4,225
4,150
4,050
3,450
3,650
25,070
17,160
17,235
37,536
32,471
36,523
32,775
39,272
27,997
35,367
21,338
17,701
312,620
195,649
253,327
586,305
405,685
566,771
449,400
716,920
366,887
538,209
276,783
238,401
773,373
436,869
550,184
1,728,388
1,469,627
2,398,349
1,809,538
3,319,961
1,556,799
2,225,833
1,058,038
853,925
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
4,025
3,900
4,775
5,200
5,100
4,100
4,225
4,475
4,900
5,100
5,000
4,875
3,500
3,350
3,800
4,525
3,200
3,575
3,600
4,050
4,125
4,650
4,475
4,425
3,575
3,775
4,725
5,000
3,950
3,750
4,125
4,275
4,875
4,750
4,475
4,875
23,015
18,721
27,995
24,035
44,740
21,648
29,217
25,349
23,841
23,002
20,292
15,850
367,204
370,478
512,410
433,526
604,967
332,222
418,639
454,709
369,848
290,737
282,953
146,351
1,387,882
1,357,914
2,157,873
2,125,079
2,486,214
1,283,489
1,632,183
1,958,522
1,694,722
1,423,720
1,363,220
681,539
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
5,000
5,200
5,150
5,100
5,000
4,850
4,600
4,325
4,050
3,725
3,650
3,300
4,475
4,675
4,525
4,675
4,775
4,375
4,225
3,275
2,850
2,525
3,000
2,975
4,600
5,050
4,775
4,975
4,775
4,500
4,250
3,650
3,025
3,650
3,050
3,200
19,615
15,698
27,569
22,181
14,242
14,822
17,072
21,889
21,706
25,349
15,009
11,353
217,052
182,851
263,637
224,850
181,462
138,739
154,731
196,592
124,389
234,798
105,240
93,821
1,032,126
911,378
1,259,948
1,095,998
878,385
634,003
679,451
752,722
431,854
736,607
349,325
291,926
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
4,050
4,050
3,625
3,375
3,125
2,675
2,900
2,475
3,100
2,950
2,750
2,475
3,150
3,425
3,300
3,025
2,250
2,200
2,400
2,250
2,250
2,500
2,025
2,100
4,000
3,625
3,375
3,100
2,500
2,675
2,425
2,300
2,950
2,700
2,075
2,350
16,222
21,630
16,820
17,770
21,967
21,761
13,954
10,714
18,317
12,939
19,826
14,110
136,649
244,576
176,733
235,208
224,183
238,700
127,868
94,081
251,490
134,995
282,528
265,884
488,753
896,760
606,434
752,854
596,323
579,306
345,078
223,583
686,458
360,581
645,022
605,288
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
2,900
3,075
2,850
2,850
2,850
2,575
2,175
2,350
2,600
2,350
2,375
2,450
1,920
1,770
2,750
2,700
2,375
2,850
2,550
2,025
1,770
16,519
15,878
18,082
11,715
9,351
14,312
26,994
264,254
189,153
156,260
243,235
115,097
129,454
275,925
707,204
535,185
416,753
608,803
304,185
294,878
550,652
21
20
19
22
22
19
23
280%
240%
220.8%
200%
160%
120%
80%
40%
31.9%
-23.0%
-40%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
4,907
18,181
340
241
4,584
19,552
298
245
2,118
9,054
227
247
2,413
6,786
206
246
1,373
3,418
113
146
5,100
1,950
3,650
3,650
5,200
3,200
4,875
4,875
5,200
2,525
3,200
3,200
4,050
2,025
2,350
2,350
3,075
1,770
1,770
1,770
22.56
12.34
PER (X)
18.63
17.69
PER Industry (X)
2.43
3.21
PBV (X)
10.51
16.17
1.98
38.48
8.49
1.40
14.36
12.95
1.03
Price (Rupiah)
High
Low
Close
Close*
96
RESEARCH DIVISION

Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
2,462,485
3,628,270
3,619,538
1,665,551
2,093,262
Receivables
1,000,483
1,784,934
1,776,340
2,098,980
1,172,794
Inventories
1,109,783
915,630
1,480,541
1,478,050
1,456,475
Current Assets
5,935,583
6,389,598
7,077,773
5,462,486
5,306,822
BALANCE SHEET
Book End : December

Assets
Liabilities
23,750
19,000
Fixed Assets
Other Assets
Total Assets
13,009,079 13,148,353 14,321,555 15,709,602 16,242,931

279,792
115,107
142,431
144,934
19,224,454 19,663,930 21,956,911 22,560,884 23,098,538
2.29%
11.66%
2.75%
2.38%
820,313
1,419,395
1,621,522
1,601,981
1,552,608
3,487,682
3,162,931
4,292,565
4,312,636
4,265,171
Total Liabilities
4,307,995
4,582,326
5,914,086
5,914,617
5,817,778
6.37%
29.06%
0.01%
-1.64%
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
9,936
9,936
9,936
9,936
9,936
25
25
25
25
25
Growth (%)
14,250
9,500
4,750
-
Current Liabilities
Growth (%)
Minority Interest
2009
2010
2011
2012
Jun-13
17,281
14,916
15,082
2009
2010
16,043
16,646
17,281
13,755
10,230
Par Value
Retained Earnings
10,729,538
Total Equity
14,916,459 15,081,604 16,042,824 16,646,267 17,280,759
1.11%
6.37%
3.76%
3.81%
Dec-10
Dec-11
Dec-12
Jun-13
7,178,060 11,458,828 11,267,489
9,354,052
5,021,085
Growth (%)
INCOME STATEMENTS
Total Revenues
1,508,160 12,124,034 12,641,214 13,168,436
Dec-09
Growth (%)
59.64%
-1.67%
-16.98%
Cost of Revenues
4,867,985
5,855,856
6,607,271
7,742,015
4,101,710
Gross Profit
2,310,076
5,602,972
4,660,217
1,612,037
919,376
122,799
248,727
558,562
-578,237
259,097
2,187,277
5,354,246
4,101,656
1,033,800
660,279
144.79%
-23.39%
-74.80%
Expenses (Income)
Operating Profit
Growth (%)
6,705
3,180
-346
2011
2012
Jun-13

11,459
11,267
9,354
9,121
7,178
6,784

Income before Tax
Tax
Minority Interest
45,552
-134,948
149,740
75,192
2,232,829
5,219,297
4,101,656
884,060
585,086
625,285
1,292,652
1,075,093
231,393
147,555
1,607,544
3,926,645
3,026,563
652,667
437,263
144.26%
-22.92%
-78.44%
Growth (%)
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
723.58
450.16
436.49
340.98
341.80
Dividend (Rp)
104.56
178.72
EPS (Rp)
161.78
395.18
304.60
65.68
44.01
BV (Rp)
1,501.20
1,517.82
1,614.56
1,675.29
1,739.15
DAR (X)
0.22
0.23
0.27
0.26
0.25
DER(X)
0.29
0.30
0.37
0.36
0.34
ROA (%)
11.61
26.54
18.68
3.92
2.53
ROE (%)
14.97
34.61
25.57
5.31
3.39
GPM (%)
32.18
48.90
41.36
17.23
18.31
OPM (%)
30.47
46.73
36.40
11.05
13.15
NPM (%)
22.40
34.27
26.86
6.98
8.71
Payout Ratio (%)
64.63
45.22
2.86
3.67
Yield (%)
2,108
-229
2009
Current Ratio (%)
RATIOS
5,021
4,446
2010
2011
2012
Jun-13

3,927
3,927
3,027
3,126
2,325
1,608
1,524
653
723
437
-79
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
97
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
productsinthemarket.Today,itisrenownedasawellestablishedcompanyandaleadingplayerin
eachcategoryofbusinessinwhichitoperates.Initsbusinessoperations,Indofoodcapitalizesonits
resilientbusinessmodelwithfourcomplementaryStrategicBusinessGroups(Goup),namely:
ConsumerBrandedProducts(CBP).ItsbusinessactivitiesareconductedbyPTIndofood
CBPSuksesMakmurTbk(ICBP),whichwaslistedontheIndonesiaStockExchange(IDX)
on7October2010.ICBPisoneoftheleadingpackagedfoodproducersinIndonesia,witha
wide range of packaged food products. ICBP product brands are among the strongest
brandswiththemostsignificantmindshareinIndonesiaforconsumerfoodbrands.
Bogasari,primarilyaproducerofwheatflouraswellaspasta.Itsbusinessoperationsare
supportedbyshippingandpackagingunits.
Agribusiness.TheGroupisledbyIndofoodAgriResourcesLtd.(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,margarineandshortening.Inaddition,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.
AsofJune30th,2013,theCompanyanditsSubsidiarieshadatotalof78,788employees.
August 2013
Disclaimer:
98
RESEARCH DIVISION
INDF Indofood Sukses Makmur Tbk. [S]

Main Board
Industry Sub Sector : Food And Beverages (51)
As of 31 July 2013
:
1,112.648
Individual Index
:
8,780,426,500
Listed Shares
17 | 57.1T | 1.25% | 55.97%

12 | 19.9T | 1.80% | 40.27%
COMPANY HISTORY
Established Date : 14-Aug-1990
Listing Date
: 14-Jul-1994
Under Writer IPO :
PT Merincorp
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Manuel Valez Pangilinan
3. Edward Anthpny Tortorici
4. Graham Leigh Pickles
5. Hans Kartikahadi *)
6. Robert Charles Nicholson
7. Torstein Stephansen *)
8. Utomo Josodirdjo *)
BOARD OF DIRECTORS
1. Anthoni Salim
2. Axton Salim
3. Darmawan Sarsito (Kevin Sietho)
5. Joseph Bataona
6. Moleonoto (Paulus Moleonoto)
7. Taufik Wiraatmadja
8. Tjhie Tje Fie (Thomas Tjhie)

1. CAB Holdings Limited
2. Public (<5%)
4,394,603,450 :
4,385,823,050 :
Bonus
Cash
1994
58.00
21-Jul-95
11-Jul-96
1995
80.00
1996
47.00
10-Jul-97
2000
11-Jul-01
18.00
2001
25.00
09-Jul-02
2002
28.00
17-Jul-03
28.00
15-Jul-04
2003
2005
17.50 26-Aug-05
2005
5.00
20-Jul-06
31.00
27-Jul-07
2006
43.00 12-Aug-08
2007
2008
47.00
02-Jul-09
2009
93.00
19-Jul-10
2010
133.00
26-Jul-11
175.00
2011
17-Jul-12
17-Jul-13
2012
185.00
Recording
Date
01-Aug-95
22-Jul-96
22-Jul-97
17-Jul-01
15-Jul-02
22-Jul-03
20-Jul-04
31-Aug-05
25-Jul-06
01-Aug-07
15-Aug-08
07-Jul-09
22-Jul-10
29-Jul-11
20-Jul-12
22-Jul-13
Ex Date
24-Jul-95
12-Jul-96
11-Jul-97
12-Jul-01
10-Jul-02
18-Jul-03
16-Jul-04
29-Aug-05
21-Jul-06
30-Jul-07
13-Aug-08
03-Jul-09
20-Jul-10
27-Jul-11
18-Jul-12
18-Jul-13
50.05%
49.95%
Payment
Date
31-Aug-95
21-Aug-96
22-Aug-97
31-Jul-01
29-Jul-02
05-Aug-03
02-Aug-04
15-Sep-05
08-Aug-06
15-Aug-07
27-Aug-08
22-Jul-09
05-Aug-10
09-Aug-11
03-Aug-12
02-Aug-13
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
Type of Listing
First Issue
Founders Shares
Stock Split
Right Issue
Option Conversion
Option III Conversion
Buy Back
Shares
21,000,000
742,000,000
8,087,800,000
305,200,000
287,269,500
919,500
-663,762,500
T:
T:
T:
T:
Listing
Date
14-Jul-94
14-Jul-94
12-Aug-96
24-Apr-97
07-May-02
06-Feb-04
28-Oct-08
:
:
:
:
Trading
Date
14-Jul-94
08-Feb-95
29-Sep-00
24-Apr-97
12-Jun-03
24-May-04
28-Oct-08
AUDIT COMMITTEE
1. Hans Kartikahadi
2. Hendra Susanto
3. Timotius
CORPORATE SECRETARY
Werianty Setiawan
HEAD OFFICE
Sudirman Plaza, Indofood Tower 27th Fl.
Jakarta - 12190
Phone : (021) 5795-8822
Fax
: (021) 5793-7373
Homepage
Email
F/I
: www.indofood.com
: werianty@indofood.co.id
RESEARCH DIVISION
99

Closing
Price*
Closing Price
Volume
(Mill. Sh)
8,000
400
7,000
350
6,000
300
5,000
250
4,000
200
3,000
150
2,000
100
1,000
50
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Indofood Sukses Makmur Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
1,130
1,030
1,000
1,300
1,950
1,990
2,350
2,725
3,050
3,300
3,250
3,625
Low
920
860
820
900
1,240
1,620
1,730
2,175
2,375
2,700
2,925
3,075
Close
980
880
940
1,280
1,780
1,890
2,275
2,500
3,025
3,075
3,075
3,550
29,766
21,979
22,837
49,778
33,717
43,502
37,559
50,780
32,194
21,560
12,704
16,435
1,290,037
588,202
607,038
2,183,917
1,063,904
1,017,696
959,545
1,036,578
854,259
497,217
294,624
519,266
1,331,224
553,241
556,675
2,394,865
1,686,046
1,901,543
1,936,235
2,493,334
2,316,405
1,520,961
908,260
1,375,914
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
3,900
3,950
4,225
3,950
3,950
4,225
4,725
4,850
5,800
5,700
5,200
4,975
3,400
3,375
3,700
3,700
3,300
3,475
4,100
4,100
4,450
4,800
4,525
4,425
3,600
3,800
3,775
3,900
3,650
4,150
4,625
4,550
5,450
5,200
4,575
4,875
19,155
16,258
22,401
26,928
33,032
22,744
20,043
53,114
40,387
50,506
29,814
29,244
416,987
332,640
373,683
468,345
644,511
514,572
355,861
779,462
668,483
689,172
460,205
409,963
1,542,974
1,220,407
1,463,808
1,798,803
2,320,315
1,995,277
1,561,997
3,398,163
3,419,349
3,550,603
2,269,103
1,881,471
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
5,100
4,900
5,450
5,700
5,750
5,850
6,500
6,800
6,250
5,750
5,250
4,875
4,300
4,550
4,750
5,200
5,250
5,150
5,700
5,850
4,150
4,575
4,600
4,500
4,700
4,750
5,400
5,550
5,400
5,750
6,350
6,100
5,050
5,250
4,700
4,600
29,796
15,394
27,762
17,178
18,291
19,672
22,022
34,598
51,427
36,536
38,862
23,694
364,749
180,015
313,582
212,478
270,736
268,060
267,156
378,704
588,035
388,580
371,421
241,411
1,725,256
853,054
1,581,400
1,161,362
1,497,017
1,463,174
1,590,534
2,396,653
3,052,287
2,046,847
1,822,817
1,130,332
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
4,975
5,150
5,200
4,900
4,900
4,875
5,650
5,500
5,650
6,200
5,900
6,200
4,600
4,800
4,750
4,575
4,625
4,400
4,825
5,100
5,300
5,550
5,500
5,450
4,800
5,100
4,850
4,850
4,725
4,850
5,400
5,400
5,650
5,700
5,850
5,850
25,256
26,576
24,300
27,216
22,748
18,225
31,601
18,695
19,243
18,532
17,512
24,477
255,981
299,674
263,089
372,042
270,366
207,237
412,934
231,332
239,535
354,341
227,499
236,709
1,232,987
1,482,914
1,293,314
1,763,910
1,297,395
984,904
2,195,788
1,238,115
1,304,306
2,056,934
1,300,727
1,375,205
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
6,200
7,300
8,000
7,600
7,850
7,450
7,400
5,750
5,950
7,100
7,200
7,000
6,150
6,450
6,050
7,300
7,450
7,350
7,350
7,350
6,500
28,192
28,087
30,888
19,978
31,881
38,863
30,651
381,477
302,233
288,028
246,584
370,021
314,861
217,023
2,293,129
1,969,793
2,147,746
1,832,014
2,741,321
2,148,930
1,503,617
21
20
19
22
22
19
23
770%
660%
563.3%
550%
491.8%
440%
330%
220%
220.8%
110%
-110%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
10,912
18,975
373
241
6,114
26,422
364
245
3,845
20,321
335
247
3,371
17,526
274
246
2,120
14,637
209
146
3,625
820
3,550
3,550
5,800
3,300
4,875
4,875
6,800
4,150
4,600
4,600
6,200
4,400
5,850
5,850
8,000
5,750
6,500
6,500
15.02
14.50
PER (X)
20.07
16.41
PER Industry (X)
3.07
2.55
PBV (X)
8.05
16.22
1.28
10.54
19.75
1.50
13.30
19.12
1.62
Price (Rupiah)
High
Low
Close
Close*
100
RESEARCH DIVISION

BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
Book End : December

Assets
4,474,830 10,439,353 13,049,048 13,343,028 13,322,498
Receivables
2,296,474
2,686,273
3,669,305
3,485,461
4,484,200
Inventories
5,117,484
5,644,141
6,536,343
7,782,594
7,558,104
Liabilities
75,000
60,000
Current Assets
12,954,813 20,077,994 24,501,734 26,202,972 27,654,407
Fixed Assets
10,808,449 11,737,142 12,921,013 15,775,741 17,185,221
Other Assets
Total Assets
2,044,473
1,133,994
1,216,694
1,868,515
40,382,953 47,275,955 53,585,933 59,324,207 64,959,585
17.07%
Growth (%)
13.35%
10.71%
9.50%
45,000
30,000
15,000
-
9,859,118 12,831,304 13,080,544 18,703,005
Current Liabilities
11,158,962
13,727,819 12,563,999
Total Liabilities
24,886,781 22,423,117 21,975,708 25,181,533 30,645,422
Growth (%)
-9.90%
-2.00%
14.59%
21.70%
5,340,677
8,068,167
Authorized Capital
3,000,000
3,000,000
3,000,000
3,000,000
3,000,000
878,043
878,043
878,043
878,043
878,043
8,780
8,780
8,780
8,780
8,780
100
100
100
100
100

Retained Earnings
Total Equity
6,991,568
INCOME STATEMENTS
Total Revenues
Dec-09
9,110,852 11,020,235 12,744,836 12,823,827
65.28%
88.33%
8.01%
0.50%
Dec-10
Dec-11
Dec-12
Jun-13
3.40%
18.04%
34,143
34,314
13,314
2012
Jun-13
16,785
10,155
6,314
-686
2009
2010
2011
10.43%
Cost of Revenues
27,018,884 25,932,908 32,749,190 36,493,332 20,407,261
Gross Profit
10,121,946 12,470,452 12,583,066 13,566,095

50,059
6,455,157
Expenses (Income)
5,117,737
5,741,141
5,732,047 -6,695,501
3,528,787
Operating Profit
5,004,209
6,729,311
6,851,019
6,870,594
2,926,370
34.47%
1.81%
0.29%
-940,396 -1,296,936
-498,630
-560,838
-234,019
Growth (%)
45,332
39,847
37,141
38,403
26,862
29,635

Income before Tax
4,063,813
5,432,375
6,352,389
6,309,756
2,692,351
Tax
1,207,032
1,497,567
1,460,716 -1,530,310
624,625
-780,920
-981,950
2,075,861
2,952,858
5,017,425
4,871,745
2,280,812
42.25%
69.92%
-2.90%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
116.09
203.65
190.95
200.32
147.86
93.00
133.00
175.00
185.00
236.42
336.30
571.43
554.84
259.76
BV (Rp)
1,156.61
1,911.60
3,600.08
3,888.50
3,908.03
DAR (X)
0.62
0.47
0.41
0.42
0.47
Minority Interest
Growth (%)
RATIOS
Current Ratio (%)
Dividend (Rp)
EPS (Rp)
2.45
1.34
0.70
0.74
0.89
ROA (%)
10.06
11.49
11.85
10.64
4.14
ROE (%)
40.02
32.37
20.10
18.48
7.85
GPM (%)
27.25
32.47
27.76
27.10
24.03
OPM (%)
13.47
17.52
15.11
13.72
10.89
NPM (%)
5.59
7.69
11.07
9.73
8.49
39.34
39.55
30.62
33.34
2.62
2.73
3.80
3.16
Yield (%)
19,423
9,211
-1,001
2009
DER(X)
Payout Ratio (%)
Jun-13
27,314
37,140,830 38,403,360 45,332,256 50,059,427 26,862,418
Growth (%)
2012
31,610
34,314
10,155,495 16,784,671 31,610,225 34,142,674 34,314,163
Growth (%)
2011
20,314
Par Value
2010
9,144,404 12,100,989 11,942,417
Minority Interest
Paid up Capital
2009
2010
2011
2012
Jun-13

5,017
4,872
5,017
3,994
2,953
2,970
2,281
2,076
1,947
923
-100
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
101
CC O
OM
M PP AA N
N YY RR EE PP O
O RR TT
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,constructionandtrading.Currently,theCompanyandSubsidiaries
are involved in several businesses consisting of the manufacture and sale of cement (as
corebusiness)andreadymixconcrete,aggregatesandtrassquarrying.
TheCompanysfactoriesarelocatedinCiteureupWestJava,PalimananWestJava,and
TarjunSouthKalimantan.
ThecementbusinessincludestheoperationsoftheCompanystwelve(12)plantslocated
inthreedifferentsites:nineattheCiteureupBogorsite,twoatthePalimananCirebon
siteandoneattheTarjunSouthKalimantansite.Themanufactureofreadymixconcrete,
cement distribution, and aggregates quarrying comprise the operations of most of the
CompanysSubsidiaries.
TheCompanyhasdirectownershipinsubsidiaries:
PTDianAbadiPerkasa,
PTGunungTuaMandiri,
PTIndomixPerkasa,
Indocement(CaymanIslands)Limited,
PTLenteraAbadiSejahtera.
TheCompanyalsohasindirectownershipinsubsidiaries:
PTPionirbetonIndustri,
PTMandiriSejahteraSentra,
PTBahanaIndonor,
PTSahabatMuliaSakti,
PTMineralIndustriSukabumi,
PTMultiBangunGalaxy,
PTBhaktiSariPerkasaAbadi.
AsofJune30,2013,theGrouphadatotalof7,242permanentemployees.
August 2013
Disclaimer:
102
RESEARCH DIVISION
INTP Indocement Tunggal Prakarsa Tbk. [S]

Main Board
Industry Sub Sector : Cement (31)
As of 31 July 2013
:
834.000
Individual Index
:
3,681,231,699
Listed Shares
12 | 76.8T | 1.68% | 48.80%

16 | 17.4T | 1.57% | 46.93%
COMPANY HISTORY
Listing Date
: 05-Dec-1989
Under Writer IPO :
PT (Persero) Danareksa
PT Merchant Investment Corporation
PT Multicor
Bank Pembangunan Indonesia
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Albert Scheuer
2. Bernhard Scheifele
3. Daniel Hugues Jules Gauthier
4. I Nyoman Tjager *)
5. Lorenz Naeger
6. Muhammad Jusuf Hamka *)
7. Tedy Djuhar *)
BOARD OF DIRECTORS
1. Daniel Eugene Antoine Lavalle
3. Daniel Robert Fritz
4. Fransiscus Welirang
5. Hasan Imer
6. Kuky Permana Kumalaputra
7. Nelson G.D. Borch
8. Ramakanta Bhattacharjee
9. Tju Lie Sukanto
AUDIT COMMITTEE
1. I Nyoman Tjager
2. Jusuf Halim
3. Lindawati Gani

1. Birchwood Omnia Limited
2. PT Mekar Perkasa
3. Public (<5%)
1,877,480,863 :
479,735,234 :
1,324,015,602 :
Bonus
Cash
1991
150.00 13-Feb-91
1991
175.00 27-May-92
1992
250.00
01-Jul-93
1993
208.00
13-Jul-94
1994
1:1
12-Aug-94
1994
120.00
19-Jul-95
1995
40.00 23-Aug-95
1995
120.00
12-Jul-96
1996
70.00
11-Jul-97
1997
10:3
08-Sep-97
2005
50.00
19-Jul-06
2006
30.00 27-Jun-07
2007
40.00 05-Jun-08
150.00 02-Jun-09
2008
2009
225.00 21-Jun-10
2010
263.00 17-Jun-11
2011
293.00 18-Jun-12
2012
450.00 20-Jun-13
Recording
Date
21-Feb-91
05-Jun-92
09-Jul-93
21-Jul-94
23-Aug-94
28-Jul-95
01-Sep-95
23-Jul-96
23-Jul-97
17-Sep-97
24-Jul-06
02-Jul-07
10-Jun-08
05-Jun-09
24-Jun-10
22-Jun-11
21-Jun-12
25-Jun-13
Ex Date
14-Feb-91
29-May-92
02-Jul-93
14-Jul-94
15-Aug-94
20-Jul-95
24-Aug-95
15-Jul-96
14-Jul-97
09-Sep-97
20-Jul-06
28-Jun-07
06-Jun-08
03-Jun-09
22-Jun-10
20-Jun-11
19-Jun-12
21-Jun-13
51.00%
13.03%
35.97%
Payment
Date
15-Mar-91
18-Jun-92
10-Aug-93
15-Aug-94
23-Sep-94
25-Aug-95
29-Sep-95
21-Aug-96
21-Aug-97
30-Sep-97
07-Aug-06
16-Jul-07
24-Jun-08
19-Jun-09
07-Jul-10
07-Jul-11
05-Jul-12
09-Jul-13
I
F
F
F
F
I
F
F
F
F
I
F
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Type of Listing
First Issue
Koperasi
Founders Shares
Convertible Bonds
Bonus Shares
Company Listing
Stock Split
Additional Listing
Right Issue
Warrant
Shares
89,832,150
6,000,000
946,119
8,555,640
599,790,020
502,102,731
1,207,226,660
69,863,127
1,196,907,072
8,180
T:
T:
T:
T:
Listing
Date
05-Dec-89
26-Jun-92
07-Mar-94
07-Mar-94
12-Sep-94
12-Sep-94
02-Sep-96
09-Jan-01
24-Apr-01
12-May-03
:
:
:
:
Trading
Date
05-Dec-89
31-Dec-99
02-Sep-94
10-Nov-94
26-Sep-94
12-Sep-94
02-Sep-96
09-Jan-01
24-Apr-01
12-May-03
CORPORATE SECRETARY
Sahat Panggabean
HEAD OFFICE
Wisma Indocement 8th Fl.
Jakarta
Phone : (021) 251-0057, 570-3817
Fax
: (021) 570-1693, 251-0066
Homepage
Email
F/I
: www.indocement.com
: corpsec@indocement.co.id
sahat.panggabean@indocement.co.id
RESEARCH DIVISION
103

Closing
Price*
Closing Price
Volume
(Mill. Sh)
28,000
560
24,500
490
21,000
420
17,500
350
14,000
280
10,500
210
7,000
140
3,500
70
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Indocement Tunggal Prakarsa Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
Low Close
5,250 4,350 4,500
4,800 3,950 4,150
5,700 4,000 5,250
5,950 4,775 5,850
6,800 5,300 6,650
7,950 6,500 7,750
9,550 6,650 9,300
10,100 8,450 10,050
11,550 9,150 10,600
12,400 9,250 11,050
12,200 10,500 11,100
13,800 11,000 13,700
2,154
1,670
3,704
3,680
4,142
4,858
5,891
11,263
6,463
10,643
9,814
8,535
36,696
20,354
46,669
45,195
54,270
622,951
71,664
129,288
73,081
84,979
64,018
76,931
172,545
87,697
213,313
229,850
320,869
3,855,031
576,486
1,199,760
733,205
952,145
735,430
953,804
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
14,950
14,050
14,600
16,100
16,550
16,800
17,100
18,850
19,400
19,400
18,300
17,100
12,600
12,600
13,200
14,100
13,500
14,800
15,500
15,900
17,650
17,800
16,250
15,500
13,500
13,700
14,250
15,800
15,000
15,800
16,900
17,650
18,400
18,300
16,600
15,950
15,445
12,523
11,854
14,945
16,721
10,872
8,802
12,361
12,038
15,544
20,425
23,282
114,570
72,569
83,422
101,764
101,361
59,637
43,398
60,776
64,454
87,480
107,151
173,300
1,582,001
963,355
1,166,358
1,522,935
1,519,641
937,672
713,606
1,032,293
1,208,378
1,611,578
1,849,201
2,808,059
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
16,900
15,700
16,400
17,900
17,400
17,550
17,500
15,700
15,950
16,350
16,250
17,300
12,750
13,600
14,100
15,800
16,300
16,350
15,300
13,400
10,700
11,700
14,400
15,000
13,550
14,400
16,350
17,000
16,900
17,050
15,450
15,200
14,000
16,350
15,000
17,050
24,440
16,456
19,235
15,317
15,815
13,168
16,979
23,463
24,770
23,279
18,484
16,717
140,024
98,775
103,373
63,289
64,838
40,686
94,842
115,063
95,452
83,136
60,468
100,145
2,055,974
1,441,396
1,547,505
1,066,959
1,094,051
688,640
1,546,604
1,689,999
1,334,694
1,189,356
925,715
1,624,891
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
19,050
17,900
18,800
18,800
18,900
17,600
22,000
21,500
20,650
22,300
23,250
23,250
16,600
16,300
17,000
17,850
16,800
15,800
17,400
19,200
19,550
19,950
21,150
21,800
16,950
17,450
18,450
18,050
17,800
17,350
21,500
20,250
20,350
21,400
23,250
22,450
22,398
23,502
18,385
13,941
17,881
16,882
18,249
17,525
18,025
16,613
16,524
16,591
87,292
88,498
72,028
70,686
68,984
71,934
87,400
52,402
54,846
71,139
59,652
56,310
1,556,604
1,514,992
1,307,071
1,294,326
1,223,049
1,226,581
1,660,463
1,067,337
1,105,406
1,504,225
1,332,810
1,270,025
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
22,600
22,150
23,550
26,450
27,400
24,550
24,400
21,250
21,350
21,850
22,750
23,750
20,450
20,600
21,750
21,950
23,300
26,400
23,750
24,450
20,850
23,664
16,173
23,869
22,551
27,114
39,750
26,673
71,422
69,389
94,226
75,064
77,761
137,049
72,376
1,550,241
1,501,495
2,139,138
1,827,956
1,949,529
3,109,151
1,592,849
21
20
19
22
22
19
23
455%
390%
325%
312.9%
270.3%
260%
220.8%
195%
130%
65%
-65%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
1,326
10,030
73
241
1,070
16,915
175
245
1,060
16,206
228
247
841
16,063
217
246
597
13,670
180
146
Price (Rupiah)
High
Low
Close
Close*
13,800
3,950
13,700
13,700
19,400
12,600
15,950
15,950
17,900
10,700
17,050
17,050
23,250
15,800
22,450
22,450
27,400
20,450
20,850
20,850
18.36
18.21
PER (X)
9.88
12.86
PER Industry (X)
4.72
4.49
PBV (X)
17.43
10.41
3.99
17.35
9.79
4.26
16.74
10.31
3.73
104
RESEARCH DIVISION

Dec-09
Dec-10
2,623,473
4,684,870
6,864,567 10,474,126 11,979,879
Receivables
1,361,164
1,402,690
1,976,769
2,454,818
2,312,738
Inventories
1,269,425
1,299,549
1,327,720
1,470,305
1,566,912
Current Assets
5,322,916
7,484,807 10,314,573 14,579,400 16,214,090
Fixed Assets
7,773,279
7,702,769
7,638,064
7,935,224
8,073,273
Other Assets
103,703
100,319
128,546
141,371
563,522
BALANCE SHEET
Dec-11
Dec-12
Jun-13
Book End : December

Assets
Liabilities
25,000
20,000
Total Assets
13,276,270 15,346,146 18,151,331 22,755,160 24,959,054
Growth (%)
15.59%
18.28%
25.36%
9.69%
1,347,706
1,476,597
2,418,762
3,871,835
15,000
10,000
5,000
-
Current Liabilities
1,771,031
801,045
897,842
940,783
917,660
888,212
2,572,076
2,245,548
2,417,380
3,336,422
4,760,047
-12.70%
7.65%
38.02%
42.67%
23,469
23,208
Authorized Capital
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
Paid up Capital
1,840,616
1,840,616
1,840,616
1,840,616
1,840,616
3,681
3,681
3,681
3,681
3,681
500
500
500
500
500

Total Liabilities
Growth (%)
Minority Interest

Retained Earnings
Total Equity
6,145,770
Total Revenues
2011
2012
22.44%
20.31%
23.42%
4.02%
Dec-10
Dec-11
Dec-12
Jun-13
10,576,456 11,137,805 13,887,892 17,290,337
8,917,704
Dec-09
Growth (%)
5.31%
24.69%
24.50%
Cost of Revenues
5,468,018
5,597,043
7,473,669
9,020,338
4,693,693
Gross Profit
5,108,439
5,540,762
6,414,223
8,269,999
4,224,011
Expenses (Income)
1,415,133
1,520,732
1,996,200
2,393,257
1,225,632
Operating Profit
3,693,305
4,020,030
4,418,023
5,876,742
2,998,379
8.85%
9.90%
33.02%
Growth (%)
19,419
92,366
221,812
290,133
Income before Tax
3,796,327
4,248,476
Tax
1,047,741
1,023,795
-1,932
2,746,654
Minority Interest
Growth (%)
15,734
16,078
13,077
10,681
7,837
3,717
-404
2009
2010
2011
2012
362,808
243,429
4,708,156
6,239,550
3,241,808
1,106,640
1,476,162
819,866
261
3,224,942
3,601,516
4,763,388
2,421,942
17.41%
11.68%
32.26%
17,290
17,290
13,888
13,763
11,138
8,918
Dec-10
Dec-11
Dec-12
Jun-13
300.55
555.37
698.54
602.76
418.77
Dividend (Rp)
225.00
263.00
293.00
450.00
EPS (Rp)
746.12
876.05
978.35
1,293.97
657.92
BV (Rp)
2,901.40
3,552.45
4,274.10
5,275.07
5,487.02
DAR (X)
0.19
0.15
0.13
0.15
0.19
DER(X)
0.24
0.17
0.15
0.17
0.24
ROA (%)
28.59
27.68
25.94
27.42
12.99
ROE (%)
35.54
32.49
29.92
32.13
16.05
GPM (%)
48.30
49.75
46.19
47.83
47.37
OPM (%)
34.92
36.09
31.81
33.99
33.62
NPM (%)
25.97
28.95
25.93
27.55
27.16
Payout Ratio (%)
30.16
30.02
29.95
34.78
1.64
1.65
1.72
2.00
Yield (%)
6,709
3,181
-346
2009
Dec-09
Jun-13
10,576
Current Ratio (%)
RATIOS
20,199
20,199
10,236
Jun-13
10,680,725 13,077,390 15,733,951 19,418,738 20,199,007
Growth (%)
INCOME STATEMENTS
8,542,435 11,166,666 14,848,447 15,613,077
2010
11,958
Par Value
2009
2010
2011
2012
Jun-13

4,763
4,763
3,602
3,792
3,225
2,747
2,422
2,820
1,848
876
-95
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
105
COMPANY REPORT
ITMG
INDO TAMBANGRAYA MEGAH TBK.
Company Profile
PTIndoTambangrayaMegahTbk.wasestablishedonSeptember2nd,1987.
ThemainactivitiesoftheCompanyareminingbyinvestinginsubsidiaries,andmarketing
servicestorelatedcompanies.Itssubsidiariesareinvolvedinthecoalminingindustry.
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,healthandworksafetycompliance.Alltheactivitiesareconductedinclose
collaboration with host communities and other stakeholders. The Company has been
recognizedasaleadingproducerofcoalandhasbuiltadiversifiedcustomerbase.
TheCompanyhasdirectandindirectownershipinthefollowingsubsidiaries:PTIndominco
Mandiri,PTTrubaindoCoalMining,PTJorongBarutamaGreston,PTKitadin,PTBharinto
Ekatama,andPTITMIndonesia.
August 2013
Disclaimer:
106
RESEARCH DIVISION
ITMG Indo Tambangraya Megah Tbk. [S]

Main Board
As of 31 July 2013
:
172.857
Individual Index
:
1,129,925,000
Listed Shares
31 | 27.3T | 0.60% | 66.44%

28 | 8.86T | 0.80% | 60.28%
COMPANY HISTORY
Listing Date
: 18-Dec-2007
Under Writer IPO :
PT UBS Securities Indonesia
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Ibrahim Yusuf *)
2. Djisman S. Simandjuntak *)
3. Lukmanul Hakim
4. Rudijanto Boentoro
5. Somruedee Chaimongkol
6. Somyot Ruchirawat

1. Banpu Minerals (Singapore) Private Limited
2. Public (<5%)
Cash
Bonus
155.00 06-May-08
2007
2008
344.00 08-Oct-08
2008
295.00 01-Dec-08
2008
706.00 11-May-09
2009
678.00 20-Oct-09
2009
1,286.00 29-Apr-10
2010
795.00 28-Sep-10
2010
407.00 19-Apr-11
2011
1,168.00 28-Sep-11
2011
1,168.00 28-Sep-11
2012
1,666.00 29-Oct-12
USD 1.464
2012
26-Apr-13
Ex Date
07-May-08
09-Oct-08
02-Dec-08
12-May-09
21-Oct-09
30-Apr-10
29-Sep-10
20-Apr-11
29-Sep-11
29-Sep-11
30-Oct-12
29-Apr-13
734,452,000 :
395,473,000 :
Recording
Date
09-May-08
13-Oct-08
04-Dec-08
14-May-09
23-Oct-09
04-May-10
01-Oct-10
25-Apr-11
03-Oct-11
03-Oct-11
01-Nov-12
01-May-13
65.00%
35.00%
Payment
Date
23-May-08
22-Nov-08
19-Dec-08
28-May-09
01-Nov-09
19-May-10
15-Oct-10
06-May-11
14-Oct-11
14-Oct-11
14-Nov-12
15-May-13
F/I
F
I
I
F
I
F
I
F
I
I
I
F
ISSUED HISTORY
BOARD OF DIRECTORS
1. Pongsak Thongampai
2. A.H. Bramantya Putra
3. Edward Manurung (not affiliated)
4. Hartono Widjaja
5. Leksono Poeranto
6. Sean Trehane Pellow
No. Type of Listing

1. First Issue
2. Company Listing
Shares
225,985,000
903,940,000
Listing
Date
18-Dec-07
18-Dec-07
Trading
Date
18-Dec-07
18-Aug-08
AUDIT COMMITTEE
1. Ibrahim Yusuf
2. Rudi Riady
3. Sidharta Utama
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
Email
: www.itmg.co.id
: roslini_o@banpuindo.co.id
RESEARCH DIVISION
107

Closing
Price*
Closing Price
Volume
(Mill. Sh)
58,000
160
50,750
140
43,500
120
36,250
100
29,000
80
21,750
60
14,500
40
7,250
20
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Mining Index
Month
Volume
Value
Freq.
Day
TRADING ACTIVITIES

Indo Tambangraya Megah Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
12,800
10,400
10,300
15,950
19,700
23,700
26,950
27,800
25,300
24,600
29,100
32,300
Low
9,100
9,350
9,050
9,850
14,850
18,100
17,450
23,150
22,750
20,000
21,600
28,200
Close
9,900
9,500
9,900
15,100
19,500
19,950
26,500
24,400
24,250
22,750
28,700
31,800
7,546
5,749
6,482
34,022
19,066
17,186
18,939
25,820
13,297
21,646
21,618
8,766
26,391
72,968
33,845
156,726
53,828
44,906
60,379
70,593
29,255
72,708
75,683
30,692
276,603
714,362
335,061
1,985,234
941,793
942,661
1,250,763
1,737,794
702,458
1,693,312
1,946,970
907,869
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
34,500
32,300
39,750
40,600
39,300
39,450
39,200
41,000
41,750
50,100
55,300
53,000
30,150
28,100
31,500
37,500
29,850
33,200
36,750
37,500
36,550
40,900
45,200
46,000
31,400
31,600
38,050
39,050
36,000
37,150
37,500
39,200
41,600
45,200
49,050
50,750
17,037
22,456
13,813
11,229
16,618
9,357
7,059
6,941
17,772
11,635
15,731
19,033
51,045
53,092
37,458
24,097
43,988
18,299
13,700
16,121
161,965
29,006
38,063
42,305
1,659,622
1,612,335
1,317,729
936,776
1,536,731
667,453
522,901
632,650
6,015,653
1,304,371
1,896,326
2,105,659
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
57,950
48,650
51,400
50,250
48,000
47,500
52,000
51,350
47,000
45,100
45,000
40,450
43,700
43,650
39,900
46,650
44,400
44,000
44,500
40,000
37,500
34,300
36,250
34,950
46,300
45,700
46,200
46,800
47,000
44,750
50,500
43,150
39,250
44,650
38,150
38,650
29,196
22,560
49,551
24,415
22,941
11,842
22,708
21,131
23,568
20,495
19,148
18,594
64,211
40,535
90,260
41,472
46,175
21,509
52,561
42,572
38,180
36,042
27,770
30,704
3,267,046
1,874,932
4,107,414
1,992,811
2,148,862
989,239
2,535,598
1,939,362
1,631,637
1,454,671
1,146,861
1,170,734
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
41,000
44,800
44,000
45,800
40,000
37,700
38,400
38,500
42,400
43,350
42,450
42,350
36,200
36,650
41,050
39,700
33,750
30,150
34,600
35,600
37,750
40,000
38,350
38,100
36,700
43,350
43,450
39,750
33,800
35,950
35,550
38,200
42,150
40,650
39,250
41,550
21,105
25,856
18,679
26,935
22,768
19,026
14,604
10,062
13,955
11,566
11,122
10,232
41,555
50,179
30,981
57,988
42,236
37,526
26,101
19,174
25,798
19,511
16,938
17,955
1,611,844
2,056,492
1,312,739
2,460,047
1,542,196
1,306,401
971,835
713,606
1,045,896
819,058
690,628
725,896
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
42,900
41,350
40,750
39,500
36,400
30,100
28,650
39,800
39,550
33,250
35,100
29,150
24,600
24,200
41,450
40,250
35,500
36,750
30,000
28,150
24,200
12,584
9,584
18,901
20,303
21,887
19,971
11,967
21,012
14,731
28,118
29,630
34,979
27,387
21,869
874,302
596,005
1,045,558
1,117,437
1,133,819
727,852
580,370
21
20
19
22
22
19
23
385%
330%
275%
220.8%
220%
165%
110%
92.8%
55%
31.9%
-55%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
728
13,435
200
241
529
20,208
169
245
532
24,259
286
247
386
15,257
206
246
178
6,075
115
146
Price (Rupiah)
High
Low
Close
Close*
32,300
9,050
31,800
31,800
55,300
28,100
50,750
50,750
57,950
34,300
38,650
38,650
45,800
30,150
41,550
41,550
42,900
24,200
24,200
24,200
11.35
31.29
PER (X)
18.63
17.69
PER Industry (X)
4.84
8.86
PBV (X)
8.74
16.17
4.46
11.38
8.49
4.84
9.78
12.95
3.11
108
RESEARCH DIVISION

Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
4,042,795
2,644,640
5,553,388
4,460,094
3,969,753
Receivables
1,354,003
1,359,610
2,321,598
2,439,567
1,835,932
612,466
633,245
970,013
1,459,919
1,371,642
Current Assets
6,348,447
5,459,998
9,670,360
9,369,534
8,396,161
Fixed Assets
3,240,377
3,126,948
3,122,629
3,244,382
3,346,579
Other Assets
28,327
20,174
13,031
20,626
111,145
Total Assets
11,306,120
BALANCE SHEET
Book End : December

Assets
Liabilities
15,000
12,000
Inventories
Growth (%)
9,783,380 14,313,602 14,420,136 14,196,256
-13.47%
46.31%
0.74%
-1.55%
2,976,449
4,087,383
4,225,993
4,113,595
9,000
6,000
3,000
-
Current Liabilities
Total Liabilities
3,209,739
668,026
333,578
425,489
500,771
592,523
3,877,765
3,310,027
4,512,872
4,726,764
4,706,118
-14.64%
36.34%
4.74%
-0.44%
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
564,963
564,963
564,963
564,963
564,963
1,130
1,130
1,130
1,130
1,130
Growth (%)
Minority Interest
Authorized Capital
Paid up Capital
2009
2010
2011
2012
Jun-13

9,801
9,693
9,490
2011
2012
Jun-13
9,801
7,428
7,801
6,473
5,802
500
500
500
500
500
Retained Earnings
3,721,941
3,052,682
6,188,194
5,893,836
5,588,836
Total Equity
7,428,355
6,473,353
9,800,731
9,693,372
9,490,138
-12.86%
51.40%
-1.10%
-2.10%
Dec-10
Dec-11
Dec-12
Jun-13
Par Value
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-09
1,803
-196
2009
14,228,350 14,977,028 21,598,843 23,584,559 10,818,499
5.26%
Growth (%)
44.21%
8,434,884
Gross Profit
5,380,621
4,862,440
8,089,273
7,167,085
2,383,615
Expenses (Income)
1,269,578
1,604,252
1,678,967
1,451,061
722,037
Operating Profit
4,111,043
3,258,188
6,410,305
-20.75%
96.74%
(1.00)
Growth (%)
2010
9.19%
8,847,730 10,114,588 13,509,570 16,417,475
Cost of Revenues
3,803

23,585
21,599
18,773
14,228
14,977
13,962
194,886
-768,104
208,773
Income before Tax
4,305,929
2,490,084
6,619,078
5,716,024
1,661,578
Tax
1,140,676
657,217
1,666,807
1,538,168
436,042
3,165,253
1,832,868
4,999,225
4,125,029
1,225,536
-42.09%
172.75%
-17.49%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
197.79
183.44
236.59
221.71
204.11
Dividend (Rp)
1,964.00
1,202.00
2,336.00
1,666.00
EPS (Rp)
2,801.29
1,622.11
4,424.39
3,650.71
1,084.62
BV (Rp)
6,574.20
5,729.01
8,673.79
8,578.78
8,398.91
DAR (X)
0.34
0.34
0.32
0.33
0.33
DER(X)
0.52
0.51
0.46
0.49
0.50
Minority Interest
Growth (%)
RATIOS
Current Ratio (%)
4,340
-472
2009
ROA (%)
38.08
25.45
46.24
39.64
11.70
ROE (%)
57.97
38.47
67.54
58.97
17.51
GPM (%)
37.82
32.47
37.45
30.39
22.03
OPM (%)
28.89
21.75
29.68
NPM (%)
22.25
12.24
23.15
17.49
11.33
Payout Ratio (%)
70.11
74.10
52.80
45.63
6.18
2.37
6.04
4.01
Yield (%)
10,818
9,151
2010
2011
2012
Jun-13

4,999
4,999
4,125
3,979
3,165
2,960
1,833
1,940
1,226
920
-100
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
109
C
CO
OM
M PP A
AN
N 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.
Jasa Marga is a state owned company with the line business of planning, constructing,
operatingandmaintainingtollroadsalongwithdevelopingandmaximizingtheuseofland
in toll road areas and other related businesses. Jasa Margas business characteristics are
defensiveandresistanttofluctuatedconditionofglobaleconomy.
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.
AddingnewtollroadconcessionsisJasaMargasmainstrategicplan.Currently,JasaMarga
has added 9 new toll road concessions with the total length of 211 km, through its
subsidiaries,inwhichJasaMargaisthemajorshareholder.ThiswillmaintainJasaMargas
position as the market leader in toll road industry in Indonesia, where currently the
Companyowns545kmor73%ofthemarketshareintermsofthetollroadlengthand83%
of the countrys toll roads average daily traffic. Going forward, the Companys business
prospect will be robust as it is supported by new concessions with sound financial
feasibilitythatisintegratedwithexistingconcessionportfolio,strongandtrustedfinancial
structure,aswellasassetsutilizationinprospectivebusinesses,which,inturnwillsupport
theCompanyssustainablegrowth.AsofJune30,2013theCompanyhadtotalpermanent
employeesof4,968persons.
August 2013
Disclaimer:
110
RESEARCH DIVISION
JSMR JasaMarga(Persero)Tbk.[S]
Main Board
Industry Sub Sector : Toll Road, Airport, Harbor And Allied Products (72)
As of 31 July 2013
:
314.706
Individual Index
:
6,800,000,000
Listed Shares
22 | 36.4T | 0.79% | 60.48%

22 | 11.8T | 1.07% | 54.84%
COMPANY HISTORY
Listing Date
: 12-Nov-2007
Under Writer IPO :
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Agoes Widjanarko
2. Ibnu Purna Muchtar
3. Joyo Winoto
4. Michael Dendron Primanto *)
5. Samsoedin *)

2. Public (<5%)
4,760,000,000 :
2,040,000,000 :
Cash
Bonus
2007
14.31 21-May-08
2008
52.00 18-Jun-09
2009
87.91 28-Jun-10
2010
105.69
06-Jul-11
2011
78.88 04-Jun-12
2012
94.24 29-May-13
Ex Date
22-May-08
19-Jun-09
29-Jun-10
07-Jul-11
05-Jun-12
30-May-13
Recording
Date
26-May-08
23-Jun-09
01-Jul-10
11-Jul-11
07-Jun-12
03-Jun-13
70.00%
30.00%
Payment
Date
29-May-08
07-Jul-09
15-Jul-10
13-Jul-11
21-Jun-12
18-Jun-13
F
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
Type of Listing
First Issue
Negara RI (Seri A)
Company Listing
Shares
2,040,000,000
1
4,759,999,999
Listing
Date
12-Nov-07
12-Nov-07
12-Nov-07
Trading
Date
12-Nov-07
12-Nov-07
10-May-08
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
Email
F/I
: www.jasamarga.com
: sekper@jasamarga.co.id
jasmar@jasamarga.com
RESEARCH DIVISION
111
Closing
Price*
Closing Price
Volume
(Mill. Sh)
7,000
240
6,125
210
5,250
180
4,375
150
3,500
120
2,625
90
1,750
60
875
30
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Volume
Value
Freq.
Day
TRADING ACTIVITIES

Jasa Marga (Persero) Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
1,060
980
950
1,220
1,500
1,740
1,700
1,900
1,920
1,890
1,940
1,940
Low
910
910
830
900
1,150
1,450
1,540
1,680
1,730
1,710
1,720
1,790
Close
960
920
900
1,180
1,460
1,550
1,680
1,780
1,870
1,790
1,880
1,810
8,318
3,893
18,350
16,014
12,422
11,235
10,587
26,133
11,269
10,669
8,283
5,368
256,277
100,329
562,375
474,872
316,843
222,115
169,221
523,800
173,718
171,456
162,508
113,696
250,663
94,679
499,499
494,930
426,888
360,293
277,242
937,501
317,573
314,059
303,193
212,158
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
1,900
1,800
1,840
2,150
2,075
2,200
2,725
3,025
3,375
3,900
3,775
3,600
1,770
1,660
1,730
1,780
1,750
1,900
2,000
2,525
2,900
3,175
3,350
3,150
1,800
1,780
1,790
2,075
1,970
2,025
2,675
2,925
3,200
3,750
3,475
3,425
7,773
4,287
7,732
24,979
10,682
11,022
12,444
9,876
9,894
10,770
14,041
9,386
151,173
50,755
156,449
720,011
217,164
211,349
284,982
177,397
176,359
193,517
270,049
144,135
277,498
88,599
279,869
1,426,713
421,065
435,942
664,587
491,645
523,935
677,678
954,411
488,862
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
3,575
3,200
3,425
3,525
3,525
3,650
4,000
4,175
4,275
3,975
4,000
4,275
2,925
2,950
3,150
3,250
3,275
3,325
3,550
3,625
3,400
3,550
3,675
3,750
3,000
3,175
3,400
3,300
3,475
3,625
3,975
4,000
3,975
3,850
3,875
4,200
12,779
6,832
13,551
13,158
9,957
7,995
11,849
11,334
16,354
17,076
8,082
11,878
197,010
104,194
195,067
174,537
193,346
175,397
191,975
229,033
225,381
175,397
85,380
228,156
636,186
320,670
642,378
587,008
663,699
603,870
722,040
896,266
885,369
665,325
330,751
917,847
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
4,575
4,775
5,150
5,700
5,550
5,450
5,950
6,000
5,850
5,950
5,850
5,850
4,125
4,325
4,625
4,875
4,925
4,975
5,300
5,550
5,650
5,650
5,650
5,450
4,375
4,700
5,150
5,350
5,150
5,400
5,700
5,750
5,850
5,800
5,700
5,450
12,368
12,003
14,902
19,314
23,617
14,761
14,029
12,949
10,923
12,435
9,709
9,539
230,785
265,300
168,517
230,817
448,775
232,464
167,905
157,924
131,027
173,137
152,420
159,861
993,508
1,209,137
813,781
1,196,346
2,326,901
1,199,371
944,446
899,890
753,148
999,567
876,690
908,441
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
5,700
5,650
5,950
6,750
6,950
6,800
6,400
5,100
5,400
5,600
5,900
6,500
5,700
5,200
5,500
5,550
5,950
6,700
6,700
6,050
5,350
17,310
13,401
15,101
14,419
17,482
25,472
20,579
287,693
204,434
195,334
221,969
146,129
256,837
159,785
1,560,093
1,133,501
1,128,937
1,418,115
973,809
1,596,449
952,854
21
20
19
22
22
19
23
665%
570%
475%
469.1%
380%
285%
220.8%
190%
99.6%
95%
-95%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
3,247
4,489
143
241
2,753
6,731
133
245
2,175
7,871
141
247
2,519
13,121
167
246
1,472
8,764
124
146
Price (Rupiah)
High
Low
Close
Close*
1,940
830
1,810
1,810
3,900
1,660
3,425
3,425
4,275
2,925
4,200
4,200
6,000
4,125
5,450
5,450
6,950
5,100
5,350
5,350
12.40
19.51
PER (X)
7.19
14.36
PER Industry (X)
1.71
3.01
PBV (X)
21.61
11.09
3.09
24.12
17.53
3.79
29.16
12.65
3.57
112
RESEARCH DIVISION
Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
3,314,003
4,011,590
3,764,009
4,302,382
3,909,658
64,672
23,630
87,994
64,092
130,832
Current Assets
3,430,338
4,090,141
3,996,741
4,531,117
4,090,795
Fixed Assets
9,863,302 13,694,508 15,945,902
422,507
515,963
289,155
366,750
BALANCE SHEET
Receivables
Book End : December

Assets
Liabilities
26,250
21,000
Inventories
Other Assets
Total Assets
392,755
259,058
440,239
16,174,264 18,952,129 21,432,134 24,753,551 26,137,315
Growth (%)
17.17%
13.09%
15.50%
5.59%
15,750
10,500
5,250
-
Current Liabilities
2,966,355
2,478,279
3,768,596
6,648,164
6,282,214
5,462,468
8,114,384
8,423,258
8,317,601
9,865,729
Total Liabilities
8,428,823 10,592,663 12,191,853 14,965,766 16,147,943
25.67%
15.10%
22.75%
7.90%
562,062
619,453
Authorized Capital
9,520,000
9,520,000
9,520,000
9,520,000
9,520,000
Paid up Capital
3,400,000
3,400,000
3,400,000
3,400,000
3,400,000
6,800
6,800
6,800
6,800
6,800
500
500
500
500
500
Retained Earnings
1,457,048
2,015,210
2,602,769
2,753,965
2,874,444
Total Equity
7,183,379
7,740,014
9,240,280
9,787,786
9,989,372
7.75%
19.38%
5.93%
2.06%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
3,692,000
4,378,584
4,960,473
9,070,219
4,752,556
18.60%
13.29%
82.85%
2,390,392
2,679,084
6,094,983
3,311,277
Growth (%)
Minority Interest
2009
2010
2011
2012
Jun-13

9,240
9,989
7,952
7,183
9,788
9,989
2012
Jun-13
7,740
5,914
Par Value
Growth (%)
INCOME STATEMENTS
Total Revenues
Growth (%)
Cost of Revenues
2,175,779
Gross Profit
1,516,221
1,988,192
2,281,388
2,975,236
1,441,278
Expenses (Income)
2,175,779
2,390,392
2,679,084
6,094,983
3,311,277
Operating Profit
1,516,221
1,988,192
2,281,388
2,975,236
1,441,278
31.13%
14.75%
30.41%
-422,327
-511,843
-554,914
-919,979
-450,466
Growth (%)
3,876
1,838
-200
2009
1,093,894
1,476,349
1,726,475
2,055,257
990,812
Tax
211,682
291,854
407,651
519,445
259,998
Minority Interest
-14,507
8,991
992,694
1,193,487
1,321,582
1,536,346
730,066
20.23%
10.73%
16.25%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
115.64
165.04
106.05
68.16
65.12
87.91
105.69
78.88
94.24
145.98
175.51
194.35
225.93
107.36
Income before Tax
2011

9,070
7,220
4,960
5,370
2010
4,753
4,379
3,692
3,519
1,669
Growth (%)
RATIOS
Current Ratio (%)
Dividend (Rp)
EPS (Rp)
-181
2009
BV (Rp)
1,056.38
1,138.24
1,358.86
1,439.38
1,469.03
DAR (X)
0.52
0.56
0.57
0.60
0.62
DER(X)
1.17
1.37
1.32
1.53
1.62
ROA (%)
6.76
7.79
8.06
8.30
3.79
ROE (%)
15.23
19.07
18.68
21.00
9.92
GPM (%)
41.07
45.41
45.99
32.80
30.33
OPM (%)
41.07
45.41
45.99
32.80
30.33
NPM (%)
26.89
27.26
26.64
16.94
15.36
Payout Ratio (%)
60.22
60.22
40.59
41.71
4.86
3.09
1.88
1.73
2010
2011
2012
Jun-13

1,536
1,536
1,322
1,193
1,223
993
910
Yield (%)
730
596
283
-31
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
113
CC O
OM
M PP A
AN
N 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.
The Companys production plants is located at Kawasan Industri Delta Silicon, Jln. M.H.
Thamrin,BlockA31,LippoCikarang,Bekasi.
KalbehascontributedtoimprovehealthstandardofIndonesians,byprovidingacomplete
range of products, from prescription pharmaceuticals, overthecounter drugs, also
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,PTPharmaMetricLabs.,PTKalGenDNA,PTSanghiangPerkasa,PTKalbeMorinaga,
PTHaleInternational, PTKalbeMilkoIndonesia,PTEnsevalPuteraMegatradingTbk.,PT
TriSaptaJaya,PTTriSaptaJaya,PTMilleniaDharmaInsani,PTEnsevalMedikaPrima,PT
Global Chemindo Megatrading, PT Renalmed Tiara Utama, Kalbe Vision Pte. Ltd., Kalbe
InternationalPte.Ltd.,andAsiawideKalbePhilippines,Inc.
AsofJune30,2013,theGrouphadacombinedtotalof10,464permanentemployees.
August 2013
Disclaimer:
114
RESEARCH DIVISION
KLBF Kalbe Farma Tbk. [S]

Main Board
Industry Sub Sector : Pharmaceuticals (53)
As of 31 July 2013
:
13,947.137
Individual Index
:
50,780,072,110
Listed Shares
13 | 72.6T | 1.58% | 50.39%

13 | 19.4T | 1.75% | 42.02%
COMPANY HISTORY
Listing Date
: 30-Jul-1991
Under Writer IPO :
PT Merincorp
PT Niaga Securities
PT Adimitra Transferindo
Plaza Property 2nd Fl. Komp. Pertokoan Pulomas Blok VIII No. 1

1. PT Gira Sole Prima
2. PT Santa Seha Sanadi
3. PT Diptanala Bahana
4. Lucasta Murni Cemerlang
5. PT Ladang Ira Panen
6. PT Bina Arta Charisma
7. PT Kalbe Farma Tbk.
8. Public (<5%)
4,767,872,885
4,509,646,840
4,447,970,440
4,439,895,440
4,319,452,940
4,060,816,540
3,904,950,000
20,329,467,025
:
:
:
:
:
:
:
:
9.39%
8.88%
8.76%
8.74%
8.51%
8.00%
7.69%
40.03%
Jln. Perintis Kemerdekaan Jakarta 13210

Phone : (021) 478-81515 (Hunting)
Fax
: (021) 470-9697
1. Johannes Setijono
2. Farid Anfasa Moeloek *)
3. Ferdinand Aryanto
4. Jozef Darmawan Angkasa
5. Santoso Oen
6. Wahjudi Prakarsa *)
BOARD OF DIRECTORS
1. Bernadette Ruth Irawaty Setiady
2. Budi Dharma Wreksoatmodjo
3. Herman Widjaja
4. Ongkie Tedjasurja
5. Vidjongtius
AUDIT COMMITTEE
1. Farid A. Moeloek
2. Dianawati Sugiarto
3. Ichsan Gunawan
CORPORATE SECRETARY
Vidjongtius
HEAD OFFICE
Gedung Kalbe 3rd Fl.
Jln. Let. Jend. Suprapto Kav. 4, Cempaka Putih
Jakarta - 10510
Phone : (021) 428-73688, 894-243908
Fax
: (021) 428-73678
Homepage
Email
: www.kalbe.co.id
: vidjongtius@kalbe.co.id
Bonus
Cash
1991
200.00 16-Apr-92
1992
1: 1
20-Oct-92
1992
60.00 09-Dec-92
1992
70.00 30-Jun-93
1994 10 : 3 & 10 : 7
75.00 07-Jun-94
1994
50.00 29-Aug-94
1994
85.00
10-Jul-95
1995
115.00
09-Jul-96
1996
75.00
23-Jul-97
1999
2.00 10-Nov-00
1999 100 : 88
10-Nov-00
2002
2.00 25-Aug-03
2003
1.00 16-Aug-04
2005
3.00
05-Jul-05
10.00 14-Jun-07
2006
2007
10.00
31-Jul-08
2008
12.50
29-Jul-09
2009
25.00
15-Jul-10
2010
70.00 27-Jun-11
2011
95.00 28-Jun-12
2012
19.00 13-Jun-13
Recording
Date
27-Apr-92
28-Oct-92
17-Dec-92
08-Jul-93
15-Jun-94
06-Sep-94
19-Jul-95
18-Jul-96
01-Aug-97
20-Nov-00
20-Nov-00
28-Aug-03
20-Aug-04
08-Jul-05
19-Jun-07
05-Aug-08
03-Aug-09
20-Jul-10
01-Jul-11
03-Jul-12
18-Jun-13
Ex Date
20-Apr-92
21-Oct-92
10-Dec-92
01-Jul-93
08-Jun-94
30-Aug-94
11-Jul-95
10-Jul-96
24-Jul-97
13-Nov-00
13-Nov-00
26-Aug-03
18-Aug-04
06-Jul-05
15-Jun-07
01-Aug-08
30-Jul-09
16-Jul-10
28-Jun-11
29-Jun-12
14-Jun-13
Payment
Date
29-May-92
16-Nov-92
15-Jan-93
06-Aug-93
15-Jul-94
06-Oct-94
18-Aug-95
15-Aug-96
29-Aug-97
06-Dec-00
06-Dec-00
11-Sep-03
03-Sep-04
22-Jul-05
03-Jul-07
20-Aug-08
14-Aug-09
30-Jul-10
13-Jul-11
17-Jul-12
02-Jul-13
F/I
F
I
F
F
I
F
F
F
F
F
F
F
I
F
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Type of Listing
First Issue
Partial Listing
Koperasi
Company Listing
Bonus Shares
Right Issue
Dividen Shares
Stock Split
Additional Listing (Merger)
Stock Splits
Shares
10,000,000
10,000,000
500,000
29,500,000
2,026,400,000
8,000,000
32,400,000
6,004,800,000
2,034,414,422
40,624,057,688
T:
T:
T:
T:
T:
Listing
Date
30-Jul-91
30-Jul-91
27-Feb-92
29-Apr-92
17-Nov-92
14-May-93
18-Jul-94
07-Oct-96
21-Dec-05
08-Oct-12
:
:
:
:
:
RESEARCH DIVISION
Trading
Date
30-Jul-91
30-Jan-92
31-Dec-99
29-Apr-92
06-Dec-00
25-Jun-93
18-Jul-94
02-Jan-04
21-Dec-05
08-Oct-12
115

Closing
Price*
Closing Price
Volume
(Mill. Sh)
1,600
320
1,400
280
1,200
240
1,000
200
800
160
600
120
400
80
200
40
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Kalbe Farma Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
500
710
670
930
910
1,120
1,350
1,390
1,330
1,360
1,350
1,330
Low
400
465
590
610
790
860
950
1,240
1,160
1,170
1,170
1,250
Close
465
650
620
900
880
1,010
1,310
1,270
1,330
1,220
1,250
1,300
8,667
12,269
4,586
11,694
5,660
10,599
8,537
6,538
7,004
8,266
10,181
5,819
425,802
611,332
130,054
431,831
336,006
442,308
366,946
318,301
192,711
213,358
577,284
316,170
188,899
384,205
82,396
333,674
291,545
438,123
410,200
420,202
236,717
278,045
750,806
409,502
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
1,540
1,640
1,900
2,125
2,125
2,150
2,550
2,475
2,725
2,725
4,100
3,825
1,290
1,430
1,570
1,800
1,620
1,780
2,000
2,225
2,300
2,500
2,675
2,975
1,540
1,560
1,870
2,075
1,880
2,100
2,450
2,325
2,550
2,675
3,500
3,250
10,843
9,652
27,381
29,043
31,887
20,196
21,430
13,405
14,065
15,376
26,804
29,162
546,542
491,564
1,292,608
1,329,016
1,142,739
763,008
856,260
319,097
374,294
475,379
932,118
709,139
760,159
767,800
2,247,853
2,672,996
2,166,262
1,505,050
1,995,278
746,780
946,092
1,248,286
2,980,808
2,415,538
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
3,375
3,000
3,400
3,725
3,600
3,575
3,700
3,550
3,725
3,550
3,600
3,600
2,450
2,700
2,875
3,350
3,225
3,225
3,400
2,900
2,650
2,975
3,300
3,300
2,825
2,925
3,400
3,575
3,575
3,375
3,475
3,475
3,250
3,475
3,525
3,400
31,889
12,472
26,005
21,717
27,352
19,396
23,402
18,325
22,062
26,568
17,036
12,427
512,854
175,174
409,546
366,099
309,123
206,133
357,183
192,858
249,601
182,564
129,667
343,677
1,539,793
503,579
1,256,625
1,318,778
1,078,937
693,300
1,269,992
638,119
835,454
622,602
451,000
1,182,729
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
3,650
3,600
3,550
4,050
4,025
4,000
3,900
4,000
4,700
4,975
1,040
1,150
3,375
3,400
3,375
3,400
3,750
3,700
3,675
3,750
3,900
910
960
980
3,525
3,500
3,550
4,025
3,875
3,775
3,825
3,875
4,700
970
1,030
1,060
15,399
18,914
18,538
31,628
39,920
30,929
32,278
33,041
33,617
54,533
68,691
53,129
122,271
172,533
283,565
485,446
454,029
384,956
394,523
255,670
272,454
779,898
1,528,172
1,506,913
428,028
602,764
982,054
1,795,766
1,783,899
1,485,524
1,497,405
999,731
1,158,254
998,575
1,514,316
1,585,510
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
1,130
1,300
1,380
1,390
1,560
1,450
1,500
1,000
1,070
1,190
1,200
1,320
1,130
1,300
1,090 48,914
1,290 69,492
1,240 51,451
1,390 51,858
1,450 67,894
1,440 76,854
1,430 100,827
1,891,111
1,682,306
1,724,553
1,928,884
1,973,262
1,752,293
1,558,750
1,965,394
1,946,563
2,181,688
2,479,590
2,887,922
2,311,851
2,191,524
21
20
19
22
22
19
23
1,820%
1665.4%
1,560%
1,300%
1,040%
780%
520%
491.8%
260%
220.8%
-260%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
4,362
4,224
100
241
9,232
20,453
249
245
3,434
11,391
259
247
6,640
14,832
431
246
12,511
15,965
467
146
Price (Rupiah)
High
Low
Close
Close*
1,390
400
1,300
260
4,100
1,290
3,250
650
3,725
2,450
3,400
680
4,975
910
1,060
1,060
1,560
1,000
1,430
1,430
14.21
25.66
PER (X)
20.07
16.41
PER Industry (X)
3.06
6.14
PBV (X)
22.43
16.22
5.30
30.38
19.75
7.30
39.65
19.12
9.26
116
RESEARCH DIVISION

Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
1,562,664
1,901,872
2,291,336
1,859,663
1,920,098
Receivables
1,318,080
1,363,957
1,635,311
1,938,156
2,203,676
Inventories
1,561,382
1,550,829
1,705,189
2,115,484
2,586,624
Current Assets
4,701,893
5,037,270
5,956,123
6,441,711
7,483,862
Fixed Assets
1,398,128
1,605,266
1,860,288
2,254,763
2,611,518
Other Assets
26,101
47,115
286,899
Total Assets
6,482,447
7,032,497
8,274,554
8.49%
17.66%
13.82%
15.40%
1,146,489
1,630,589
1,891,618
3,262,993
BALANCE SHEET
Book End : December

Assets
Liabilities
11,250
9,000
Growth (%)
9,417,957 10,868,697
6,750
4,500
2,250
-
Current Liabilities
Total Liabilities
1,574,137
117,375
113,872
128,031
154,696
158,598
1,691,775
1,260,580
1,758,619
2,046,314
3,421,591
-25.49%
39.51%
16.36%
67.21%
-
Growth (%)
Minority Interest
480,234
398,133
Authorized Capital
850,000
850,000
850,000
1,700,000
850,000
Paid up Capital
507,801
507,801
507,801
507,801
507,801
10,156
10,156
10,156
60,936
60,936
50
50
50
50&10
50&10
Retained Earnings
4,529,299
5,581,254
6,407,439
7,250,739
7,282,099
Total Equity
4,310,438
5,373,784
6,515,935
7,371,644
7,447,106
24.67%
21.25%
13.13%
1.02%
Dec-10
Dec-11
Dec-12
Jun-13
9,087,348 10,226,789 10,911,860 13,636,405
7,421,128
2009
2010
2011
2012
Jun-13
7,447
7,372
7,447
2012
Jun-13
6,516
5,374
5,928
4,310
4,409
Par Value
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-09
Growth (%)
12.54%
6.70%
24.97%
Cost of Revenues
4,575,407
5,060,404
5,360,687
7,102,971
3,798,430
Gross Profit
4,511,940
5,166,386
5,551,173
6,533,434
3,622,699
Expenses (Income)
2,946,066
3,375,482
3,563,914
4,225,417
2,396,222
Operating Profit
1,565,875
1,790,904
1,987,259
1,370
-149
2009
2010
2011

13,636
13,636
10,227
10,855
10,912
9,087
14.37%
10.96%
(1.00)
-94,803
-20,469
1,471,072
1,770,435
1,987,259
2,308,017
1,226,477
421,405
426,636
464,303
532,918
278,434
-120,663
-57,469
929,004
1,286,330
1,539,721
1,772,035
950,332
38.46%
19.70%
15.09%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
298.70
439.36
365.27
340.54
229.36
Dividend (Rp)
25.00
70.00
95.00
19.00
EPS (Rp)
91.47
126.66
151.61
29.08
15.60
BV (Rp)
424.42
529.12
641.58
120.97
122.21
DAR (X)
0.26
0.18
0.21
0.22
0.31
DER(X)
0.39
0.23
0.27
0.28
0.46
ROA (%)
22.69
25.18
24.02
24.51
11.28
ROE (%)
34.13
32.95
30.50
31.31
16.47
GPM (%)
49.65
50.52
50.87
47.91
48.82
OPM (%)
17.23
17.51
18.21
NPM (%)
10.22
12.58
14.11
12.99
12.81
Payout Ratio (%)
27.33
55.27
62.66
65.34
1.92
2.15
2.79
1.79
Growth (%)
2,889
7,421
8,073

Income before Tax
Tax
Minority Interest
Growth (%)
RATIOS
Current Ratio (%)
Yield (%)
5,291
2,509
-273
2009
2010
2011
2012
Jun-13

1,772
1,772
1,540
1,286
1,411
1,049
950
929
688
326
-35
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
117
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,retailmalls,healthcare,hospitals&infrastructure,alsoproperty&portfolio
management.
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.
AsofMarch31st,2013,theCompanyandsubsidiarieshad6,970employees(unaudited).
August 2013
Disclaimer:
118
RESEARCH DIVISION
LPKR Lippo Karawaci Tbk. [S]

Main Board
As of 31 July 2013
:
327.732
Individual Index
:
23,077,689,619
Listed Shares
26 | 29.5T | 0.64% | 63.36%

11 | 22.7T | 2.06% | 38.47%
COMPANY HISTORY
Listing Date
: 28-Jun-1996
Under Writer IPO :
PT Sharestar Indonesia
Beritasatu Plasa 7th Fl.
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950
Phone : (021) 527-7966
Fax
: (021) 527-7967
1. Theo L. Sambuaga
2. Agum Gumelar *)
3. Farid Harianto *)
4. Jonathan Limbong Parapak *)
5. Muladi *)
6. Surjadi Soedirdja *)
7. Tanri Abeng *)
8. Viven Gouw Setiabudi
BOARD OF DIRECTORS
1. Ketut Budi Wijaya
2. Djoko Harjono
3. Jenny Kuistono
4. Rahmawaty
5. Roberto Fernandez Feliciano
6. Tjokro Libianto

1. Pacific Asia Holding Ltd.
2. Public (<5%)
4,126,619,908 :
18,951,069,711 :
Bonus
Cash
1995
40.00 05-Dec-96
10.00 13-Jan-98
1997
2005
10.00 19-Aug-05
2005
9.99 01-Dec-06
2006
4.62 04-Dec-07
2010
2.88 11-Nov-10
2010
4.33 05-Oct-11
2011
7.79 27-Aug-12
Recording
Date
16-Dec-96
22-Jan-98
24-Aug-05
06-Dec-06
07-Dec-07
16-Nov-10
10-Oct-11
30-Aug-12
Ex Date
06-Dec-96
14-Jan-98
22-Aug-05
04-Dec-06
05-Dec-07
12-Nov-10
06-Oct-11
28-Aug-12
17.88%
82.12%
Payment
Date
14-Jan-97
20-Feb-98
08-Sep-05
20-Dec-06
27-Dec-07
01-Dec-10
24-Oct-11
13-Sep-12
F
F
F
F
I
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
Type of Listing
First Issue
Company Listing
Convertible Bond
Right Issue
Add Listing (Merger)
Warrant
Stock Split
Warrant I
Shares
30,800,000
244,000,000
105,072,500
5,815,239,737
1,063,275,250
279,099
13,314,419,679
1,054,603,354
1,450,000,000
T:
T:
T:
T:
T:
Listing
Date
28-Jun-96
28-Jun-96
28-Jun-96
16-Jan-98
02-Aug-04
28-Jul-05
28-Jul-06
23-Nov-06
08-Jun-11
:
:
:
:
:
Trading
Date
28-Jun-96
28-Feb-97
28-Jun-96
30-Dec-10
02-Aug-04
17-May-06
26-Dec-07
05-Dec-07
08-Jun-11
AUDIT COMMITTEE
1. Farid Harianto
2. Herbudianto
3. Indra Simarta
CORPORATE SECRETARY
Jenny Kuistono
HEAD OFFICE
7 Boulevard Palem Raya, Menara Matahari 22nd Fl.
Lippo Karawaci Central
Tangerang - 15811
Phone : (021) 256-69000
Fax
: (021) 256-69099
Homepage
Email
F/I
: www.lippokarawaci.co.id
: corsec@lippokarawaci.co.id
RESEARCH DIVISION
119

Closing
Price*
Closing Price
Volume
(Mill. Sh)
2,000
4,800
1,750
4,200
1,500
3,600
1,250
3,000
1,000
2,400
750
1,800
500
1,200
250
600
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
890
850
870
840
820
760
740
750
730
730
650
570
Low
790
770
800
770
730
660
640
630
640
620
510
490
Close
830
820
840
810
750
670
710
640
670
650
530
510
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
570
540
640
640
580
570
510
530
600
710
700
750
495
480
495
560
345
390
470
480
470
530
610
620
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
750
610
620
810
810
680
780
870
760
680
680
680
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Freq.
Volume
Value
9,320
12,932
21,690
22,535
21,699
44,737
55,969
51,524
38,514
48,859
32,781
27,423
Day
TRADING ACTIVITIES

Lippo Karawaci Tbk. [S]
2,358,162
458,055
823,932
1,549,764
1,129,824
1,808,651
2,190,347
2,184,918
1,814,869
2,289,955
1,677,443
1,360,133
1,882,580
375,275
677,737
1,224,571
910,404
1,284,637
1,506,401
1,535,580
1,256,469
1,553,772
981,143
719,524
19
20
20
20
20
22
21
20
18
22
20
19
530
500
600
580
425
500
485
500
560
620
680
680
23,664 1,233,356
22,917 1,174,940
42,531 2,248,912
45,163 2,523,205
37,234 2,301,167
43,871 3,190,792
23,872 1,501,556
17,114 2,766,583
16,997 1,916,803
32,731 12,440,504
22,790 3,305,245
22,743 2,236,131
661,903
604,342
1,226,475
1,506,615
1,109,630
1,470,903
743,918
1,410,083
1,071,823
7,118,366
2,223,488
1,532,688
20
19
22
21
19
22
22
21
17
21
21
20
510
500
530
590
610
620
630
640
620
570
600
620
570
540
610
780
680
650
780
740
680
640
630
660
28,801
18,516
19,855
18,261
22,025
18,941
23,869
27,728
26,990
23,229
11,310
10,394
3,093,422
2,130,767
2,184,902
2,741,114
4,006,475
3,595,616
1,698,345
2,175,672
1,736,178
1,379,677
988,661
891,879
1,933,172
1,182,383
1,233,282
1,948,330
2,803,561
2,349,313
1,189,915
1,672,375
1,226,393
873,259
630,004
575,944
21
18
23
20
21
20
21
19
20
21
22
21
690
730
830
850
830
810
910
1,010
990
990
1,090
1,120
650
660
680
790
740
720
790
830
870
900
910
970
670
700
800
830
790
800
890
870
990
930
1,070
1,000
7,523
10,764
16,038
12,981
7,519
8,994
11,596
14,052
10,666
11,956
22,082
18,552
673,010
1,138,080
1,807,733
1,125,450
1,009,310
864,314
1,077,348
1,025,678
710,159
750,374
1,517,269
1,234,505
452,467
798,503
1,321,460
926,085
813,505
662,445
903,591
946,477
659,702
715,666
1,484,768
1,262,027
21
21
21
20
21
21
22
19
20
22
20
18
1,050
1,130
1,380
1,420
1,840
1,850
1,520
980
1,000
1,100
1,270
1,330
1,400
1,070
1,030
1,130
1,370
1,350
1,840
1,520
1,280
18,954
19,101
27,626
47,000
69,663
56,929
59,085
1,044,107
1,320,934
1,944,365
1,764,716
4,005,347
2,584,811
2,688,034
1,060,012
1,410,229
2,354,312
2,375,613
6,269,291
4,219,775
3,436,476
21
20
19
22
22
19
23
455%
390%
325%
316.0%
260%
220.8%
195%
130%
65%
62.2%
-65%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
19,646
13,908
388
241
36,839
20,680
352
245
26,623
17,618
250
247
12,933
10,947
153
246
15,352
21,126
298
146
890
490
510
485
750
345
680
680
870
500
660
660
1,120
650
1,000
1,000
1,850
980
1,280
1,280
22.74
27.99
PER (X)
18.12
9.97
PER Industry (X)
1.81
1.91
PBV (X)
26.26
11.09
1.62
9.30
17.34
2.01
9.90
20.12
2.42
Price (Rupiah)
High
Low
Close
Close*
120
RESEARCH DIVISION

Dec-09
Dec-10
Dec-11
Dec-12
Mar-13
1,533,260
3,660,087
2,174,561
3,337,357
2,842,276
Receivables
6,492,548
812,686
923,556
605,801
735,698
Inventories
230,806
7,068,539
7,892,171 10,504,910 11,224,189
Investment
498,496
1,052,210
2,963,651
Fixed Assets
1,245,661
1,206,375
210,276
2,222,377
2,361,523
Other Assets
197,543
269,536
419,508
73,528
BALANCE SHEET
Book End : December

Assets
Liabilities
27,500
22,000
Total Assets
85,784 20,324,725
12,127,644 16,155,385 18,259,171 24,869,296 27,293,375
Growth (%)
33.21%
13.02%
36.20%
9.75%
416,871
575,701
202,507
16,500
11,000
5,500
-
Trade Payable
294,507
275,531
Total Liabilities
6,838,712
7,975,968
2010
2011
2012
Mar-13
8,850,153 13,399,189 15,077,930
16.63%
10.96%
51.40%
12.53%
401,690
469,509
Authorized Capital
4,000,000
6,400,000
6,400,000
6,400,000
6,400,000
Paid up Capital
1,730,215
2,162,769
2,307,769
2,307,769
2,307,769
17,302
21,628
23,078
23,078
23,078
Growth (%)
2009

Minority Interest
100
100
100
100
100
Retained Earnings
1,778,486
2,254,001
2,907,500
3,790,222
4,041,920
Total Equity
4,887,241
7,709,908
9,409,018 11,470,106 12,215,445
Par Value
12,215
11,470
9,409
9,723
7,710
7,232
57.76%
Growth (%)
22.04%
21.91%
4,887
4,740
6.50%
2,248
INCOME STATEMENTS
Total Revenues
Dec-09
Dec-10
Dec-11
Dec-12
Mar-13
2,565,101
3,125,313
4,189,580
6,160,214
1,476,868
21.84%
34.05%
47.04%
Growth (%)
Cost of Revenues
1,378,533
1,601,542
2,293,260
3,339,267
763,810
Gross Profit
1,186,568
1,523,770
1,896,320
2,820,947
713,058
Operating Expenses
705,861
802,411
968,324
1,271,753
315,942
Operating Profit
480,707
721,359
927,996
1,549,193
397,116
50.06%
28.65%
66.94%
-8,262
56,814
27,895
679
Growth (%)
-244
2009
Income before Tax

Tax
30,731
526,658
719,254
984,810
1,577,088
397,795
90,173
124,733
170,716
254,241
49,447
Minority Interest
-48,432
-69,175
Comprhensive Income
388,053
525,346
579,917
2,482,548
745,770
35.38%
10.39%
328.09%
Dec-09
Dec-10
Dec-11
Dec-12
Mar-13
7.21
7.79
22.43
24.29
25.13
107.57
32.32
BV (Rp)
282.46
356.48
407.71
497.02
529.32
DAR (X)
0.56
0.49
0.48
0.54
0.55
DER(X)
1.40
1.03
0.94
1.17
1.23
ROA (%)
4.34
4.45
5.39
6.34
1.46
ROE (%)
10.78
9.33
10.47
13.75
3.26
GPM (%)
46.26
48.76
45.26
45.79
48.28
OPM (%)
18.74
23.08
22.15
25.15
26.89
NPM (%)
Growth (%)
RATIOS
Dividend (Rp)
EPS (Rp)
15.13
16.81
13.84
40.30
50.50
29.68
31.00
Yield (%)
1.06
1.18
2012
Mar-13
6,160
6,160
4,904
4,190
3,125
2,565
2,390
1,477
1,133
-123
2009
Payout Ratio (%)
2011
3,647
2010
2010
2011
2012
Mar-13

2,483
2,483
1,976
1,470
746
963
388
525
580
2010
2011
457
-50
2009
2012
Mar-13
RESEARCH DIVISION
121
CC O
OM
M PP A
AN
N 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,
NorthSulawesiandSouthSulawesiwithatotalplantedareaof106,698hectaresasofJune
30th,2013.Themainproductsarecrudepalmoilandrubber,andsmallquantitiesofcocoa,
teaandseeds.
The Company is domiciled in Jakarta while operational branch offices located in Medan,
Palembang,Makassar,SurabayaandSamarinda.TheCompanysregisteredofficeaddress
isatPrudentialTower15thFl.,Jln.Jend.SudirmanKav.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
plasma plantation scheme selected when the Company expanded its plantations.
Managementoftheseplasmaplantationswillbehandedovertotheplasmafarmerswhen
theplantationsaremature.
PT Salim Ivomas Pratama Tbk. (SIMP) and First Pacific Company Limited, Hong Kong, are
theparentcompaniesandtheultimateparentcompaniesoftheGroup.
TheCompanyhasdirectownershipinPTMultiAgroKencanaPrima,LonsumSingaporePte.
Ltd.,PTTaniMusiPersada,PTSumateraAgriSejahtera,PTTaniAndalasSejahtera,andAgri
Investments Pte., Ltd. It also has indirect ownership in Sumatera Bioscience Pte. Ltd.
Singapore.TheGrouphadanaveragetotalnumberofpermanentemployeesof14,118for
theperiodendedJune30th,2013.
August 2013
Disclaimer:
122
RESEARCH DIVISION
LSIP
PP London Sumatra Indonesia Tbk. [S]

Development Board
As of 31 July 2013
:
Individual Index
:
Listed Shares
289.032
6,822,863,965
7,641,607,640,800
91 | 7.64T | 0.17% | 85.90%

29 | 8.68T | 0.79% | 61.07%
COMPANY HISTORY
Listing Date
: 05-Jul-1996
Under Writer IPO :
Phone : (021) 252-5666
Fax
: (021) 252-5028
2. Axton Salim
3. Edy Sugito *)
4. Hans Ryan Aditio
5. Hendra Widjaja
6. Monang Silalahi *)
7. Tengku Alwin Aziz *)
BOARD OF DIRECTORS
1. Benny Tjoeng
2. Joefly Joesoef Bahroeny
3. Mark Julian Wakeford
4. Paulus Moleonoto
5. Sonny Lianto
6. Tio Eddy Hariyanto
7. Tjhie Tje Fie (Thomas Tjhie)

1. PT Salim Ivomas Pratama Tbk.
2. Public (<5%)
Cash
Bonus
1997 10 : 14
23-Jul-97
1996
110.00
23-Jul-97
1997
30.00
14-Jul-98
2005
75.00
20-Jul-06
2008
208.00 26-May-09
2009
209.00 17-Jun-10
2010
61.00 16-Jun-11
2011
100.00 05-Jun-12
2012
66.00 14-Jun-13
4,058,425,010 :
2,764,438,955 :
Ex Date
24-Jul-97
24-Jul-97
15-Jul-98
21-Jul-06
27-May-09
18-Jun-10
17-Jun-11
06-Jun-12
17-Jun-13
Recording
Date
01-Aug-97
01-Aug-97
23-Jul-98
25-Jul-06
29-May-09
22-Jun-10
21-Jun-11
08-Jun-12
19-Jun-13
59.48%
40.52%
Payment
Date
25-Aug-97
25-Aug-97
20-Aug-98
07-Aug-06
05-Jun-09
06-Jul-10
06-Jul-11
22-Jun-12
03-Jul-13
F
F
F
F
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
Type of Listing
First Issue
Company Listing
Bonus Shares
Shares
38,800,000
163,538,872
283,274,421
280,096,500
Mandatory Convertible Note Conversion
329,519,500
Mandatory Convertible Note Conversion
269,343,500
Stock Splits
5,458,291,172
Listing
Date
05-Jul-96
05-Jul-96
26-Aug-97
24-Jun-04
22-Sep-04
02-Nov-07
25-Feb-11
Trading
Date
05-Jul-96
05-Jul-96
26-Aug-97
24-Jun-04
22-Sep-04
02-Nov-07
25-Feb-11
AUDIT COMMITTEE
1. Monang Silalahi
2. Hendra Susanto
3. Timotius
CORPORATE SECRETARY
Endah Resmiati Madnawidjaja
HEAD OFFICE
Prudential Tower 15th Fl.
Jakarta - 12910
Phone : (021) 5795-7718
Fax
: (021) 5795-7719
Homepage
Email
F/I
: www.londonsumatra.com
: lonsum@londonsumatra.com
endah.resmiati@londonsumatra.com
RESEARCH DIVISION
123

TRADING ACTIVITIES

Closing
Price*
Closing Price
Volume
(Mill. Sh)
3,200
160
2,800
140
2,400
120
2,000
100
1,600
80
1,200
60
800
40
400
20
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Agriculture Index
Month
Low
2,875
2,850
3,025
3,300
4,850
5,200
5,100
6,700
7,200
7,000
7,400
7,900
Freq.
Volume
Value
Close
3,000
3,325
3,300
4,925
5,750
6,000
6,900
7,800
7,650
7,800
8,100
8,350
11,077
10,652
9,891
15,201
15,559
18,919
15,693
12,071
9,148
10,364
9,023
6,107
88,158
94,418
96,525
174,797
126,728
151,817
129,016
112,996
72,727
88,171
63,593
51,134
298,369
314,180
319,917
710,031
734,877
954,277
794,674
862,080
546,805
709,352
503,253
426,270
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
9,450 8,300 8,500

9,150 8,100 9,000
10,100 8,700 9,800
10,350 9,300 9,700
9,850 7,300 8,300
8,750 7,900 8,300
9,200 7,450 8,850
9,950 8,750 9,350
10,500 9,200 9,850
12,000 9,700 11,700
12,800 11,100 11,350
12,850 11,100 12,850
7,841
6,799
7,774
6,865
9,304
10,802
21,897
12,866
10,845
9,535
7,368
10,091
72,414
46,904
65,792
41,000
52,879
67,806
187,398
90,865
59,922
71,835
40,398
161,822
646,565
405,180
619,454
402,659
452,700
569,071
1,525,686
856,025
589,248
767,402
480,575
1,902,153
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
13,000 11,200 11,800

12,000 2,100 2,150
2,425 2,125 2,275
2,475 2,275 2,450
2,525 2,300 2,425
2,450 2,250 2,325
2,425 2,225 2,350
2,425 2,100 2,400
2,450 1,710 2,050
2,300 1,730 2,200
2,400 2,050 2,375
2,400 2,075 2,250
12,316
13,520
23,339
12,961
16,005
9,902
10,700
10,196
13,810
18,353
10,456
10,742
71,801
97,341
518,476
380,973
365,400
243,655
261,351
209,783
122,610
270,922
225,400
159,936
867,920
931,577
1,182,549
906,012
882,264
567,749
607,726
487,230
261,295
553,930
514,122
354,428
21
18
23
20
21
20
21
19
20
21
22
21
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
4,050
3,600
3,625
5,100
6,500
7,300
7,050
8,250
7,850
8,750
8,350
8,600
Day
LSIP
385%
330%
275%
220.8%
220%
165%
110%
71.0%
64.3%
55%
-55%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
1,250
7,174
144
241
959
9,217
122
245
2,928
8,117
162
247
3,744
9,452
180
246
2,699
4,857
172
146
Price (Rupiah)
High
Low
Close
Close*
8,750
2,850
8,350
1,670
12,850
7,300
12,850
2,570
13,000
1,710
2,250
2,250
3,150
1,830
2,300
2,300
2,525
1,120
1,120
1,120
16.11
16.97
PER (X)
9.25
0.14
PER Industry (X)
2.99
3.85
PBV (X)
7.34
1.79
2.63
13.98
33.17
2.50
18.90
9.26
1.20
124
RESEARCH DIVISION
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
2,500
2,825
3,000
3,150
2,925
2,775
3,050
2,925
2,600
2,450
2,450
2,325
2,175
2,425
2,600
2,775
2,275
2,375
2,625
2,400
2,325
2,250
1,840
1,830
2,425
2,650
2,875
2,925
2,400
2,675
2,750
2,400
2,450
2,325
1,870
2,300
11,452
14,768
16,140
13,819
17,778
14,991
13,935
15,952
16,586
14,768
13,104
16,652
198,053
308,800
255,649
275,157
343,268
205,735
313,397
412,381
456,401
375,878
264,249
334,739
474,007
813,243
715,984
807,841
870,742
529,766
887,075
1,090,181
1,129,082
876,755
577,970
679,771
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
2,525
2,325
2,125
1,930
1,940
1,980
1,740
2,150
2,025
1,810
1,520
1,490
1,670
1,120
2,200
2,075
1,930
1,520
1,920
1,720
1,120
17,678
14,561
22,788
18,150
24,889
34,477
39,032
323,112
260,360
292,084
267,715
393,131
528,876
633,985
747,259
572,168
572,071
477,137
672,303
966,936
848,808
21
20
19
22
22
19
23
LSIP

BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
682,249
1,160,688
2,063,982
1,799,137
1,503,127
Receivables
77,406
38,802
112,071
52,132
47,398
Inventories
192,133
264,473
368,244
645,954
385,312
Current Assets
964,362
1,487,257
2,567,657
2,593,816
2,129,470
Fixed Assets
1,603,497
1,728,694
1,824,630
2,229,928
2,502,126
Other Assets
81,949
93,111
87,691
61,331
90,173
Total Assets
4,852,277
5,561,433
6,791,859
7,551,796
7,620,552
14.61%
22.12%
11.19%
0.91%
621,593
531,326
792,482
1,066,349
Book End : December

Assets
Liabilities
8,750
7,000
Growth (%)
5,250
3,500
1,750
-
Current Liabilities
686,189
352,623
385,735
421,109
479,601
543,995
1,038,812
1,007,328
952,435
1,272,083
1,610,344
-3.03%
-5.45%
33.56%
26.59%
Authorized Capital
800,000
800,000
800,000
800,000
800,000
Paid up Capital
682,286
682,286
682,286
682,286
682,286

Total Liabilities
Growth (%)
Minority Interest
1,365
1,365
6,823
6,823
6,823
500
500
100
100
100
Retained Earnings
2,100,867
2,841,507
4,126,893
4,560,793
4,289,646
Total Equity
3,813,465
4,554,105
5,839,424
6,279,713
6,010,208
19.42%
28.22%
7.54%
-4.29%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
3,199,687
3,592,658
4,686,457
4,211,578
1,927,529
12.28%
30.45%
-10.13%
2009
2010
2011
2012
Jun-13

5,839
6,280
6,280
6,010
4,554
4,999
3,813
3,718
Par Value
Growth (%)
INCOME STATEMENTS
Total Revenues
Growth (%)
Cost of Revenues
1,809,194
1,821,244
2,324,138
2,530,503
1,503,194
Gross Profit
1,390,493
1,771,414
2,362,319
1,681,075
424,335
371,842
371,894
356,795
357,102
184,706
Expenses (Income)
Operating Profit
1,018,651
1,399,520
2,005,524
1,323,973
37.39%
43.30%
-33.98%
-10,512
-17,738
84,989
48,110
-2,776
1,008,139
1,381,782
2,090,513
1,372,083
236,853
300,652
348,453
256,544
58,383
67
707,487
1,033,329
2,090,513
1,122,575
180,804
46.06%
102.31%
-46.30%
Growth (%)
239,629
2,437
1,155
-126
2009
2010
2011
2012
Jun-13

4,686
4,212
4,686
3,593
3,730
3,200
2,774

Income before Tax
Tax
Minority Interest
Growth (%)
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
140.54
239.27
483.25
327.30
199.70
Dividend (Rp)
209.00
61.00
100.00
66.00
EPS (Rp)
518.47
757.25
306.40
164.53
26.50
BV (Rp)
2,794.62
3,337.39
855.86
920.39
880.89
DAR (X)
0.21
0.18
0.14
0.17
0.21
DER(X)
0.27
0.22
0.16
0.20
0.27
ROA (%)
20.78
24.85
30.78
18.17
3.11
ROE (%)
26.44
30.34
35.80
21.85
3.94
GPM (%)
43.46
49.31
50.41
39.92
22.01
OPM (%)
31.84
38.96
42.79
31.44
12.43
NPM (%)
22.11
28.76
44.61
26.65
9.38
Payout Ratio (%)
40.31
8.06
32.64
40.11
2.50
0.47
4.44
2.87
Yield (%)
862
-94
2009
Current Ratio (%)
RATIOS
1,928
1,818
2010
2011
2012
Jun-13

2,091
2,091
1,664
811
1,123
1,033
1,238
707
181
385
-42
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
125
COMPANY REPORT
MAIN
MALINDO FEEDMILL TBK.
Company Profile
PTMalindoFeedmillTbk.wasestablishedin1997andpartofLeongHupHoldingsBerhad,
MalaysiaandEmivestBerhad,Malaysia(bothlistedonBursaMalaysia)
The company produces and trades animal feed, particularly broiler breeder feed, brolier
layerfeed,layerbreederfeedandCommercialDayChicks(DOC).Thecompanyalsoinvests
insubsidiariesthatproducesandmarketsparentstockDOC,CommercialDOCandBroiler
chickens.
The Company commenced commercial operations in 1998. The Company is domiciled in

DutaMasFatmawati,Jln.RSFatmawatiNo.39,Jakarta.TheCompanysplantsarelocated
inJakarta,EastJavaandBanten,whileitsfarmsarelocatedinWestJava,CentralJava,East
Java,SumateraandSouthKalimantan.
Thegroupproducevarietyoffeedtosuitsmarketrequirementsandcustomersneeds.The
maintypeoffeedproduceare:
a. Poultryfeedfrombreederfeed,broilerfeedandlayerfeed.
b. Fishfeed.
TheCompanyandSubsidiarieshadatotalof2,991permanentemployees(unaudited)asof
June30,2013.
August 2013
Disclaimer:
126
RESEARCH DIVISION
MAIN Malindo Feedmill Tbk.

Development Board
Industry Sub Sector : Animal Feed (36)
As of 31 July 2013
:
Individual Index
:
Listed Shares
1,775.568
1,695,000,000
5,296,875,000,000
124 | 5.30T | 0.12% | 90.28%

42 | 6.95T | 0.63% | 70.36%
COMPANY HISTORY
Listing Date
: 27-Jan-2006
Under Writer IPO :
PT CIMB-GK Securities Indonesia
PT Republik Securities
PT Makinta Securities
PT Nusadana Capital Indonesia
PT Equity Development Securities
PT Sinartama Gunita
Phone : (021) 392-2332
Fax
: (021) 392-3003
1. Lau Bong Wong
2. Tan Lai Kai
3. Yongkie Handaya *)
BOARD OF DIRECTORS
1. Lau Chia Nguang
2. Abdul Azim Bin Mohamad Zabidi
3. Tan Sri Lau Tuang Nguang
4. Mazlan bin A. Talib
5. Ong Beng Siong
6. Tang Ung Lee
7. Teoh Bee Tang

1. Dragon Amity Ltd.
2. Public (<5%)
1,001,675,000 :
693,325,000 :
Cash
Bonus
2005
70.00
27-Jul-06
2006
25.00 09-Nov-06
2006
63.00 09-Oct-07
2007
25.00 17-Dec-08
2008
4.00 06-Aug-09
2009
56.00 06-Sep-10
2010
70.00 17-Dec-10
2010
23.00 16-Sep-11
2011
25.00 06-Dec-12
Ex Date
28-Jul-06
10-Nov-06
10-Oct-07
18-Dec-08
07-Aug-09
07-Sep-10
20-Dec-10
19-Sep-11
07-Dec-12
Recording
Date
01-Aug-06
14-Nov-06
17-Oct-07
22-Dec-08
11-Aug-09
16-Sep-10
22-Dec-10
21-Sep-11
11-Dec-12
59.00%
41.00%
Payment
Date
15-Aug-06
28-Nov-06
31-Oct-07
30-Dec-08
26-Aug-09
30-Sep-10
28-Dec-10
29-Sep-11
27-Dec-12
F
I
I
F
F
F
I
F
F
ISSUED HISTORY
No.
1.
2.
3.
Type of Listing
First Issue
Company Listing
Stock Splits
Shares
61,000,000
278,000,000
1,356,000,000
Listing
Date
10-Feb-06
10-Feb-06
15-Jun-11
Trading
Date
10-Feb-06
10-Oct-06
15-Jun-11
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) 766-1727, 722-8383
Fax
: (021) 766-1728, 723-7778
Homepage
Email
F/I
: www.malindofeedmill.co.id
: rudy.hartono@malindofeedmill.co.id
RESEARCH DIVISION
127

Closing
Price*
Closing Price
Volume
(Mill. Sh)
4,200
160
3,675
140
3,150
120
2,625
100
2,100
80
1,575
60
1,050
40
525
20
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
900
910
930
880
920
910
920
Low
900
850
850
850
860
880
880
Close
800
900
900
900
900
900
910
860
860
920
900
900
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
920
1,130
1,150
1,180
970
1,300
1,460
1,350
3,750
3,625
880
890
890
900
950
1,050
1,130
1,020
1,260
2,700
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
3,450
3,925
5,300
5,850
6,000
5,700
1,110
1,280
1,220
1,140
1,110
980
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Malindo Feedmill Tbk.
1
108
149
118
136
135
128
0.5
680
767
568
590
434
394
0.5
598
672
492
528
389
350
1
13
19
18
20
17
17
920
910
1,150
970
970
970
970
1,300
1,320
1,180
3,375
3,200
139
265
130
87
23
10
11
16
50
38
7,001
3,811
432
5,197
1,013
878
335
59,349
4,838
6,214
1,000
5,084
51,889
15,668
389
4,689
968
880
323
57,569
4,838
6,604
1,201
5,751
99,381
52,413
16
16
22
21
9
2
3
8
9
12
13
20
2,850
3,325
3,975
5,200
5,250
1,000
1,000
890
940
990
890
890
3,350
3,925
5,300
5,800
5,700
1,010
1,070
1,180
1,060
1,030
930
980
1,528
2,065
4,573
5,264
5,726
4,599
12,764
17,939
12,260
13,953
15,060
13,083
4,479
13,347
17,481
41,545
39,029
77,410
288,410
287,369
185,239
201,605
185,824
144,441
14,861
46,571
80,893
228,571
220,871
157,183
304,139
330,011
205,788
214,965
178,979
134,624
21
18
23
20
21
20
21
19
20
21
22
21
1,180
1,090
1,090
1,210
1,400
1,490
1,790
1,640
1,570
1,670
2,150
2,500
960
980
1,000
1,010
1,130
1,070
1,420
1,450
1,320
1,500
1,610
1,970
1,040
1,030
1,060
1,130
1,190
1,490
1,640
1,480
1,540
1,640
2,150
2,375
16,430
36,526
21,390
11,084
20,295
19,769
18,270
17,577
22,474
28,306
15,958
14,299
232,418
195,120
149,683
125,168
200,009
188,984
209,275
146,068
172,813
274,007
248,284
219,325
261,039
200,352
156,411
133,182
258,717
244,570
338,938
223,268
252,549
438,097
461,939
491,050
21
21
21
20
21
21
22
19
20
22
20
18
2,725
3,050
3,375
3,125
4,300
3,825
3,725
2,250
2,350
2,900
2,600
2,675
3,050
3,075
2,525
3,025
3,100
2,800
3,725
3,650
3,125
27,046
18,921
22,309
30,637
30,222
21,064
19,894
315,891
369,736
261,965
361,448
298,429
195,444
191,633
772,837
988,763
819,735
1,031,438
1,018,737
695,785
649,081
21
20
19
22
22
19
23
2,520%
2,160%
1853.1%
1,800%
1,440%
1,080%
720%
360%
220.8%
270.3%
-360%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
3
3
0.8
105
152
235
12
151
1,486
2,117
109
247
2,361
3,460
242
246
1,995
5,976
170
146
Price (Rupiah)
High
Low
Close
Close*
930
850
900
180
3,750
880
3,200
640
6,000
890
980
980
2,500
960
2,375
2,375
4,300
2,250
3,125
3,125
4.02
6.03
PER (X)
9.88
12.86
PER Industry (X)
2.53
4.20
PBV (X)
8.10
10.41
3.94
13.31
9.79
5.90
16.91
10.31
6.97
128
RESEARCH DIVISION

Public Accountant : Anwar & Rekan (Member of DFK International)
Book End : December
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
69,766
118,971
87,179
90,563
102,467
Receivables
134,908
112,697
174,385
231,252
303,859
Inventories
121,535
116,963
239,006
262,603
319,955
Current Assets
549,324
507,412
720,454
894,204
1,035,981
Fixed Assets
292,012
420,295
561,328
854,678
945,172
Other Assets
93
130
Total Assets
885,348
966,319
1,327,801
1,799,882
2,028,579
9.15%
37.41%
35.55%
12.71%
852,741
871,449
BALANCE SHEET

Assets
Liabilities
2,125
1,700
Growth (%)
1,275
850
425
-
Current Liabilities
415,555
356,573
515,044
351,142
353,902
390,932
265,270
359,871
Total Liabilities
766,696
710,475
905,977
1,118,011
1,231,320
-7.33%
27.52%
23.40%
10.13%
Growth (%)
Minority Interest
-2,143
-2,203
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
339
339
1,695
1,695
1,695
Par Value
100
100
20
20
20
Retained Earnings
187,224
324,476
490,749
751,129
866,308
Total Equity
120,794
258,046
421,825
681,871
797,259
113.63%
63.47%
61.65%
16.92%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
1,868,616
2,036,519
2,634,461
3,349,567
1,994,595
8.99%
29.36%
27.14%
1,636,114
1,648,161
2,173,770
2,711,125
1,615,977
Gross Profit
232,502
388,358
460,691
638,442
378,618
Expenses (Income)
100,613
129,007
150,161
190,701
122,086
Operating Profit
131,889
259,351
310,530
447,741
256,533
96.64%
19.73%
44.19%
2009
2010
INCOME STATEMENTS
Total Revenues
Growth (%)
Cost of Revenues
Growth (%)
2012
Jun-13

797
797
682
635
422
472
Growth (%)
2011
258
309
121
147
-16
2009
2010
2011
2012
Jun-13

3,350
3,350
2,634
2,666
1,869
2,037
1,995
1,983
-19,527
-34,446
-45,919
-64,665
-31,631
Income before Tax
112,362
224,905
264,611
383,076
224,902
36,906
44,999
59,645
80,655
48,493
514
60
176,409
Tax
Minority Interest
179,966
204,966
302,421
136.89%
13.89%
47.55%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
132.19
142.30
139.88
104.86
118.88
56.00
93.00
25.00
EPS (Rp)
224.10
530.87
120.92
178.42
104.08
BV (Rp)
356.32
761.20
248.86
402.28
470.36
DAR (X)
0.87
0.74
0.68
0.62
0.61
DER(X)
6.35
2.75
2.15
1.64
1.54
75,970
Growth (%)
RATIOS
Current Ratio (%)
Dividend (Rp)
12.69
23.27
19.93
21.28
ROE (%)
93.02
87.16
62.73
56.18
28.21
GPM (%)
12.44
19.07
17.49
19.06
18.98
OPM (%)
7.06
12.73
11.79
13.37
12.86
Payout Ratio (%)

Yield (%)
616
-67
2009
ROA (%)
NPM (%)
1,300
11.09
4.07
8.84
7.78
9.03
8.84
24.99
17.52
20.67
6.22
2.91
2.55
2010
2011
2012
Jun-13

302
302
241
205
180
176
179
117
76
56
-6
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
129
COMPANY REPORT
MAPI
MITRA ADIPERKASA TBK.
Company Profile
PT Mitra Adiperkasa Tbk. was established on January 23rd, 1995. The Company shall
engage in trading, service, manufacturing, transportation, agriculture, forestry, farming,
fishery,animalhusbandryandmining.
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 are locted in Jakarta, Thailand,
Singapore,andMalaysia.
Currently, the Company's activities comprise mainly of retail trading of clothing, shoes,
accessories, bags and sports equipment in more than 1,454 stores/outlets in 52 cities in
Indonesia. The Companyand its subsidiaries had total employees of 19,310 for June 30,
2013.
Thecompanycontinuestofocusoncorebusinessthroughthegrowthofexistingbusiness
and to maximize potential of each brand and shop as well as growing via geographical
expansion. Retail business is dynamic, therefore, the companycontinues to look for new
brandstocomplimentthecorebusiness.
Competitiveadvantages:
MAPhasstrongportfolioofmorethan100worldclassbrandsandestablishedin
housebrands,
Unique business formula: dept. store combined with specialty retailing under
preferentialrentalterm,
Variedandmoreresilientcustomerbase,
Accesstothebestlocations,
Strategicalliancewithmallownersanddevelopers,
Extensivemarketknowledgeandexcellenttrackrecordinretailing,
Strongbrandbuilding/marketingexpertise.
August 2013
Disclaimer:
130
RESEARCH DIVISION
MAPI Mitra Adiperkasa Tbk. [S]

Main Board
Industry Sub Sector : Retail Trade (93)
As of 31 July 2013
:
Individual Index
:
Listed Shares
928.000
1,660,000,000
9,628,000,000,000
79 | 9.63T | 0.21% | 83.70%

38 | 7.32T | 0.66% | 67.79%
COMPANY HISTORY
Listing Date
: 10-Nov-2004
Under Writer IPO :
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Mien Sugandhi *)
2. GBPH H. Prabukusumo *)
3. Juliani Gozali
4. Kentjana Indriawati
5. Prakoso Eko Setyawan Himawan
BOARD OF DIRECTORS
1. Herman Bernhard Leopold Mantiri
2. Hendry Hasiholan Batubara
3. Johanes Ridwan
4. Michael David Capper
5. Sjeniwati Gusman
6. Susiana Latif
7. Virendra Prakash Sharma

1. PT Satya Mulia Gema Gemilang
2. Public (<5%)
929,600,000 :
730,400,000 :
Cash
Bonus
2005
13.75
15-Jul-05
2005
14.00
20-Jul-06
2006
12.00
16-Jul-07
2007
11.50
21-Jul-08
2009
15.00
08-Jul-10
2010
20.00
05-Jul-11
2011
35.00 28-Jun-12
2012
43.00
09-Jul-13
Ex Date
18-Jul-05
21-Jul-06
17-Jul-07
22-Jul-08
09-Jul-10
06-Jul-11
29-Jun-12
10-Jul-13
Recording
Date
20-Jul-05
25-Jul-06
19-Jul-07
24-Jul-08
13-Jul-10
08-Jul-11
03-Jul-12
12-Jul-13
56.00%
44.00%
Payment
Date
03-Aug-05
08-Aug-06
02-Aug-07
08-Aug-08
27-Jul-10
22-Jul-11
17-Jul-12
26-Jul-13
F
F
F
F
F
F
F
ISSUED HISTORY
No. Type of Listing
1. First Issue
2. Company Listing
Shares
500,000,000
1,160,000,000
Listing
Date
10-Nov-04
10-Nov-04
Trading
Date
10-Nov-04
10-Nov-04
AUDIT COMMITTEE
1. Mien Sugandhi
2. Wahyu Septiana
3. Riono Trisongko
CORPORATE SECRETARY
Fetty Kwartati
HEAD OFFICE
Wisma 46, 8th Fl., Kota BNI
Jln. Jend. Sudirman Kav.1
Jakarta - 10220
Phone : (021) 574-5808, 575-0755
Fax
: (021) 574-5810
Homepage
Email
F/I
: www.map-indonesia.com
: corporate.secretary@map.co.id
fetty.kwartati@map.co.id
RESEARCH DIVISION
131

Closing
Price*
Closing Price
Volume
(Mill. Sh)
10,000
56.0
8,750
49.0
7,500
42.0
6,250
35.0
5,000
28.0
3,750
21.0
2,500
14.0
1,250
7.0
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Volume
Value
Freq.
Day
TRADING ACTIVITIES

Mitra Adiperkasa Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
360
320
300
320
340
395
445
480
470
530
660
640
Low
275
280
245
250
305
330
360
405
390
445
500
600
Close
340
300
260
315
335
370
400
410
450
520
610
620
108
39
292
735
152
251
1,252
2,132
1,546
595
587
253
7,042
12,661
20,399
47,011
3,818
5,627
15,158
31,789
28,376
16,627
27,039
8,292
2,381
3,672
5,540
12,357
1,239
2,023
6,057
14,273
11,986
7,956
15,903
5,171
13
12
18
19
19
18
18
20
18
22
20
17
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
750
740
730
720
700
700
650
1,240
2,450
2,900
2,700
2,725
620
690
690
670
620
640
600
610
1,200
2,025
2,100
2,150
730
690
700
690
650
660
600
1,180
2,250
2,550
2,225
2,675
929
365
765
605
358
274
406
8,358
17,724
16,157
13,026
6,460
14,690
12,719
24,598
17,507
6,649
19,663
4,527
214,746
308,454
320,909
181,484
89,863
10,298
8,962
17,440
12,268
4,412
13,071
2,790
213,823
545,125
788,309
444,283
220,177
20
19
19
21
19
19
22
21
16
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
2,800
2,600
2,800
3,350
3,975
4,225
4,800
4,725
5,300
5,150
5,600
5,500
2,025
2,150
2,300
2,725
3,150
3,300
3,975
3,775
3,800
3,900
4,750
4,950
2,150
2,400
2,750
3,275
3,400
3,975
4,625
4,175
4,300
4,925
5,250
5,150
6,211
3,249
5,424
6,491
8,718
8,956
13,907
13,947
17,277
15,137
10,456
8,305
84,888
41,397
67,463
79,190
61,928
83,627
124,583
107,004
116,315
74,882
79,532
61,640
195,245
98,620
175,824
234,594
220,264
312,009
536,619
457,899
540,293
343,911
407,925
321,390
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
5,850
6,150
6,800
7,000
7,550
7,150
7,900
7,450
7,300
6,950
7,100
7,300
5,000
5,150
5,650
6,150
6,350
6,600
6,850
6,300
6,200
6,300
6,050
6,200
5,700
5,650
6,350
6,950
7,000
7,150
7,200
6,600
6,400
6,550
7,100
6,650
7,754
11,550
12,548
7,722
10,978
8,268
10,715
10,983
20,264
12,216
11,193
10,928
76,300
72,720
89,528
50,940
78,370
35,573
53,211
60,935
142,584
82,162
104,834
101,623
416,489
402,018
550,635
336,916
547,642
247,816
388,280
424,022
932,918
542,391
682,365
669,036
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
6,750
7,900
9,100
9,100
9,600
8,800
7,750
6,250
6,350
7,500
7,900
8,000
7,000
5,600
6,400
7,800
9,100
8,250
8,900
7,000
5,800
10,134
10,870
9,406
16,023
16,314
24,552
24,250
92,874
80,967
66,442
108,522
110,361
162,454
192,439
597,810
561,968
541,895
904,607
969,115
1,270,352
1,272,626
21
20
19
22
22
19
23
2,590%
2,220%
1,850%
1511.1%
1,480%
1,110%
740%
439.0%
370%
220.8%
-370%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
224
89
8
214
1,216
2,281
65
238
982
3,845
118
247
949
6,141
135
246
814
6,118
112
146
Price (Rupiah)
High
Low
Close
Close*
660
245
620
620
2,900
600
2,675
2,675
5,600
2,025
5,150
5,150
7,900
5,000
6,650
6,650
9,600
5,600
5,800
5,800
6.28
22.08
PER (X)
16.33
21.27
PER Industry (X)
0.80
3.02
PBV (X)
23.87
16.89
4.76
25.28
19.08
5.08
34.85
21.21
4.29
132
RESEARCH DIVISION

BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
189,687
224,320
288,621
526,325
209,631
Receivables
182,067
195,500
259,755 65,389,621
435,284
Inventories
1,145,509
1,073,974
1,377,896
1,917,927
2,313,681
Current Assets
1,839,970
1,865,272
2,368,840
3,262,621
3,713,547
Fixed Assets
1,116,751
1,313,593
1,486,581
2,011,108
2,245,071
Other Assets
3,121
3,357
8,744
527
993
Total Assets
3,379,394
3,670,504
4,415,343
5,990,587
6,713,480
8.61%
20.29%
35.68%
12.07%
1,468,999
2,277,735
2,682,782
3,152,865
Book End : December

Assets
Liabilities
7,500
6,000
Growth (%)
4,500
3,000
1,500
-
Current Liabilities
Total Liabilities
1,270,111
821,224
732,362
343,474
1,135,130
1,312,956
2,091,336
2,201,361
2,621,209
3,817,912
4,465,821
5.26%
19.07%
45.65%
16.97%
15
15
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
830,000
830,000
830,000
830,000
830,000
1,660
1,660
1,660
1,660
1,660
Growth (%)
Minority Interest
Authorized Capital
Paid up Capital
2009
2010
2011
2012
Jun-13

2,173
2,248
2,248
1,794
1,789
1,469
1,288
1,331
Par Value
Retained Earnings
Total Equity
500
500
500
500
500
477,460
653,631
980,856
1,355,507
1,429,853
1,288,044
1,469,128
1,794,134
2,172,675
2,247,659
14.06%
22.12%
21.10%
3.45%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
4,112,215
4,712,500
5,889,809
7,585,085
4,380,445
14.60%
24.98%
28.78%
2,336,090
2,847,206
3,726,165
2,194,024
Growth (%)
INCOME STATEMENTS
Total Revenues
Growth (%)
Cost of Revenues
2,054,321
Gross Profit
2,057,894
2,376,410
3,042,603
3,858,920
2,186,421
Expenses (Income)
1,750,178
1,927,317
2,558,031
3,261,283
1,970,861
307,716
449,093
484,572
45.94%
7.90%
(1.00)
Operating Profit
Growth (%)
872
414
-45
2009
-25,877
-173,302
Income before Tax
281,839
275,790
484,572
597,638
215,560
Tax
117,847
74,719
124,147
164,887
69,834
-6
0.11
146,364
163,986
201,071
358,191
436,642
22.61%
78.14%
21.90%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
144.87
126.98
104.00
121.61
117.78
Dividend (Rp)
15.00
20.00
35.00
43.00
EPS (Rp)
98.79
121.13
215.78
263.04
88.17
BV (Rp)
775.93
885.02
1,080.80
1,308.84
1,354.01
DAR (X)
0.62
0.60
0.59
0.64
0.67
DER(X)
1.62
1.50
1.46
1.76
1.99
ROA (%)
8.34
7.51
10.97
9.98
3.21
ROE (%)
21.88
18.77
27.01
27.51
9.59
GPM (%)
50.04
50.43
51.66
50.88
49.91
OPM (%)
7.48
9.53
8.23
NPM (%)
3.99
4.27
6.08
5.76
3.34
15.18
16.51
16.22
16.35
2.42
0.75
0.68
0.65
Growth (%)
RATIOS
Current Ratio (%)
Payout Ratio (%)

Yield (%)
2012
Jun-13
7,585
7,585
5,890
6,038
4,712
2011
4,490
Minority Interest
2010
4,380
4,112
2,943
1,396
-152
2009
2010
2011
2012
Jun-13

437
437
358
348
258
201
164
146
169
80
-9
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
133
COMPANY REPORT
MLPL
MULTIPOLAR TBK.
Company Profile
th
PTMultipolarTbk.wasestablishedonDecember4 ,1975.Currently,theCompanyprimarily
engaged in the field of telecommunications, informatics industry, general trade including
import trade, export, interinsulair, local and retail, services development and property
management/real estate, renting spaces in the store. Last parent Company and its
subsidiaries are Lanius Limited. Company started commercial operations on December 4,
1975.
The Company has direct ownership in the following subsidiaries: PT Matahari Putra Prima
Tbk., PT Matahari Pacific, PT Nadya Putra Investama, PT Kharisma Artha Sejati, PT Reksa
Puspita Karya, PT Multipolar Technology Tbk, PT Surya Cipta Investama, PT General Artha
Sejati, PT Air Pasifik Utama, PT Cahaya Artha Sejati, Prime Star Investment Pte.Ltd., PT
MultipolarMultimediaPrima,andPTPrimaCakrawalaSentosa.
NumberofEmployeesoftheCompanyonJune30th,2013was15,446employees
August 2013
Disclaimer:
134
RESEARCH DIVISION
MLPL Multipolar Tbk. [S]

Development Board
As of 31 July 2013
:
Individual Index
:
Listed Shares
60.790
10,064,747,323
5,334,316,081,190
123 | 5.33T | 0.12% | 90.16%

32 | 8.57T | 0.78% | 63.41%
COMPANY HISTORY
Listing Date
: 06-Nov-1989
Under Writer IPO :
PT Finconesia
PT Multicor
Phone : (021) 527-7966
Fax
: (021) 527-7967
1. Theo L. Sambuaga
2. Isnandar Rachmat Ali *)
3. Jeffrey Koes Wonsono
4. Jonathan L. Parapak *)
5. Vivien G. Setiabudi
BOARD OF DIRECTORS
1. Eddy H. Handoko
2. Bunjamin J. Mailool
3. Harijono Suwarno
4. Lina H. Latif
5. Reynold Pena Ong
6. Richard H. Setiadi
AUDIT COMMITTEE
1. Isnandar Rachmat Ali
2. Ridwan Masui
3. Sonny Soedjadi

1. Cyport Limited
2. Grandhill Asia Limited
3. Public (<5%)
2,714,279,928 :
508,464,505 :
6,842,002,890 :
Bonus
Cash
1989
185.00 21-Sep-90
1991
240.00 08-Oct-91
1992
1:2
240.00 09-Oct-92
1992
35.00 12-Oct-93
45.00 10-Oct-94
1994
1995
55.00 11-Oct-95
1995
16.00 03-Oct-96
2006
1.00 15-Jun-07
2007
1.00 15-Apr-08
2010
10.00 07-Mar-11
2011
1.00 22-May-12
2012
1.00 16-May-13
Recording
Date
28-Sep-90
18-Oct-91
19-Oct-92
20-Oct-93
18-Oct-94
20-Oct-95
14-Oct-96
20-Jun-07
18-Apr-08
10-Mar-11
25-May-12
21-May-13
Ex Date
24-Sep-90
09-Oct-91
10-Oct-92
13-Oct-93
11-Oct-94
12-Oct-95
04-Oct-96
18-Jun-07
16-Apr-08
08-Mar-11
23-May-12
17-May-13
26.97%
5.05%
67.98%
Payment
Date
10-Oct-90
06-Nov-91
06-Nov-92
06-Nov-93
16-Nov-94
16-Nov-95
12-Nov-96
04-Jul-07
05-May-08
24-Mar-11
07-Jun-12
04-Jun-13
F
F
F
F
F
F
F
I
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
Type of Listing
First Issue
Company Listing
Bonus Shares
Right Issue
Stock Split
Additional Listing
Warrant
Reverse Stocks
Warrant II
Shares
4,328,000
7,100,000
22,856,000
12,555,991,940
137,136,000
89,000,000
560
-5,088,869,670
2,337,204,493
T:
T:
T:
T:
Listing
Date
06-Nov-89
16-Jul-90
09-Nov-92
12-Jul-96
01-Apr-97
27-Jul-00
02-Dec-09
07-Apr-10
07-Mar-11
:
:
:
:
Trading
Date
06-Nov-89
24-Jul-90
09-Nov-92
03-Jun-10
01-Apr-97
27-Jul-00
10-Dec-09
07-Apr-10
17-Apr-13
CORPORATE SECRETARY
Chrysologus RN Sinulingga
HEAD OFFICE
Menara Matahari 17th Fl.
Jln. Palem Raya Bolevar Lippo Karawaci 1100
Tangerang
Phone : (021) 546-8888
Fax
: (021) 546-0020, 547-5399, 546-0088, 546-3001
Homepage
Email
F/I
: www.multipolar.com
: multipolar@multipolar.co.id
chrys.sinulingga@multipolar.com
RESEARCH DIVISION
135

Closing
Price*
Closing Price
Volume
(Mill. Sh)
800
3,200
700
2,800
600
2,400
500
2,000
400
1,600
300
1,200
200
800
100
400
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Volume
Value
Freq.
Day
TRADING ACTIVITIES

Multipolar Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
50
50
50
54
72
72
64
72
97
91
86
81
Low
50
50
50
50
50
52
53
59
62
63
63
58
Close
50
50
50
50
55
57
60
64
86
66
70
59
37
11
21
2,377
5,916
11,781
8,265
3,761
7,432
10,948
10,760
5,603
4,433
6,089
3,018
369,549
546,706
1,448,050
708,337
477,768
1,289,785
3,660,163
514,824
380,318
179
216
109
18,759
31,620
91,814
41,682
31,807
103,479
262,716
39,081
27,151
8
7
12
17
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
106
109
84
270
124
110
100
104
137
255
250
380
59
59
57
65
75
93
87
91
94
130
200
220
103
63
69
123
97
98
95
95
128
225
220
300
13,628
15,303
12,791
14,338
7,264
4,829
2,699
5,247
9,036
27,876
8,417
33,338
1,401,115
1,122,944
906,629
1,084,111
414,961
161,872
64,436
137,092
401,444
1,970,756
541,901
2,478,418
125,448
88,884
62,814
138,274
48,282
16,427
5,979
13,240
49,490
401,355
122,735
773,936
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
340
320
265
270
285
260
255
230
184
158
164
157
270
235
230
250
240
205
200
179
126
124
136
145
310
245
260
255
250
210
225
180
141
148
147
151
13,075
9,390
8,518
23,397
21,858
4,027
28,275
8,966
18,634
5,499
3,654
2,320
1,001,415
654,138
412,376
484,726
542,904
217,135
672,730
324,053
275,799
158,937
133,045
45,292
312,641
180,207
101,411
126,786
142,048
49,387
153,637
66,157
44,633
22,172
19,709
6,829
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
170
159
147
138
155
128
141
139
255
240
265
250
150
141
132
111
118
114
121
122
124
190
180
205
154
142
139
125
128
121
136
125
220
191
235
205
3,022
2,879
1,122
4,642
8,149
1,153
3,234
2,219
20,725
5,888
14,277
4,626
84,982
66,719
28,162
115,738
253,772
44,931
96,631
96,862
1,176,791
340,658
724,236
251,045
13,217
9,829
3,863
14,197
35,544
5,339
12,758
12,858
221,252
71,176
163,780
57,032
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
335
520
730
620
800
820
660
200
330
450
520
580
485
485
330
450
570
590
780
580
530
9,377
39,631
47,231
22,933
34,991
40,297
26,801
841,644
3,933,731
3,952,072
1,351,481
2,357,161
2,538,156
1,378,244
227,666
1,656,719
2,350,772
770,465
1,657,469
1,560,206
781,146
21
20
19
22
22
19
23
560%
480%
439.0%
400%
329.0%
320%
240%
220.8%
160%
80%
-80%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
9,409
649
67
206
10,686
1,847
155
245
4,923
1,226
148
247
3,281
621
72
246
16,352
9,004
221
146
97
50
59
146
380
57
300
300
340
124
151
151
265
111
205
205
820
200
530
530
3.62
0.82
PER (X)
16.33
21.27
PER Industry (X)
0.25
0.48
PBV (X)
7.62
16.89
0.14
6.19
19.08
0.22
0.95
21.21
0.62
Price (Rupiah)
High
Low
Close
Close*
136
RESEARCH DIVISION

Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
2,498,942
3,403,788
2,039,663
2,875,259
3,291,418
247,055
423,758
223,397
231,454
268,051
Inventories
1,233,082
1,057,447
1,413,534
2,064,262
2,639,818
Current Assets
5,924,727
6,993,267
5,999,664
6,961,406 11,288,289
Fixed Assets
2,282,299
2,012,332
2,262,732
2,593,069
2,709,854
Other Assets
288,502
223,453
401,349
203,426
187,889
BALANCE SHEET
Receivables
Book End : December

Assets
Liabilities
18,750
15,000
Total Assets
11,868,377 14,016,686 14,314,707 14,088,183 18,648,447
Growth (%)
18.10%
2.13%
-1.58%
32.37%
4,671,652
7,972,866
11,250
7,500
3,750
-
Current Liabilities
3,625,814
3,705,603
4,042,864
4,799,972
1,810,532
2,123,104
2,363,458
1,771,092
Total Liabilities
8,425,786
5,516,135
6,165,968
7,035,110
9,743,958
-34.53%
11.78%
14.10%
38.50%
Growth (%)
Minority Interest
1,856,128
3,659,220
Authorized Capital
3,742,500
3,742,500
3,742,500
3,742,500
3,742,500
Paid up Capital
1,550,058
2,153,183
2,153,183
2,153,183
2,386,904
7,728
7,728
7,728
10,065
6,785
2009
Retained Earnings
Total Equity
500 & 125
INCOME STATEMENTS
50,952
2,864,964
2,808,007
2,828,916
4,296,280
4,841,331
8,148,739
7,053,073
8,904,489
205.17%
68.32%
-13.45%
26.25%
Dec-10
Dec-11
Dec-12
Jun-13
Total Revenues
9,537,671 10,332,842 12,642,770
6,626,415
Dec-09
10,885,698
-12.38%
Growth (%)
Cost of Revenues
7,214,164
8.34%
7,366,240
8,534,649 10,393,875
5,341,000
3,671,534
2,171,431
1,798,193
2,248,895
1,285,415
Expenses (Income)
3,126,424
2,155,536
1,708,961
2,025,794
-417,221
545,110
15,895
89,232
223,101
1,702,636
-97.08%
461.38%
150.02%
-212,660
-144,584
-68,020
-55,477
343,210
-123,008
89,232
155,081
1,647,159
82,573
-16,904
-6,806
-11,502
49,482
-151,095 -2,911,015
1,747,042
Growth (%)
8,904
8,149
8,904
7,053
7,088
4,841
3,455
1,586
1,638
-178
2009
2010
2011
2012
Income before Tax

Tax
Minority Interest
2,830,626
153,136
255,939
2,457.23%
-94.59%
67.13%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
163.40
188.72
148.40
149.01
141.58
10.00
1.00
1.00
16.31
366.30
19.82
33.12
173.58
BV (Rp)
233.81
626.50
1,054.51
912.72
884.72
DAR (X)
0.71
0.39
0.43
0.50
0.52
DER(X)
5.31
1.14
0.76
1.00
1.09
110,691
Growth (%)
RATIOS
Current Ratio (%)
Dividend (Rp)
EPS (Rp)
Jun-13

12,643
12,643
10,886
9,538
10,333
10,064
6,626
7,485
Jun-13
22.36%
Gross Profit
Operating Profit
2012
2000 & 500 & 100 2000 & 500 & 100 2000 & 500 & 100 2000 & 500 & 100
1,586,463
Growth (%)
2011
5,271
Par Value
2010
4,905
2,326
-253
2009
ROA (%)
2.89
-0.88
0.62
1.10
8.83
ROE (%)
21.63
-2.54
1.10
2.20
18.50
GPM (%)
33.73
22.77
17.40
17.79
19.40
OPM (%)
5.01
0.17
0.86
1.76
25.69
NPM (%)
1.02
29.68
1.48
2.02
26.36
Payout Ratio (%)
2.73
5.05
3.02
Yield (%)
3.33
0.66
0.49
2010
2011
2012
Jun-13

2,831
2,831
2,253
1,747
1,676
1,098
521
153
111
256
-57
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
137
COMPANY REPORT
MNCN
MEDIA NUSANTARA CITRA TBK.
Company Profile
PTMediaNusantaraCitraTbk.wasestablishedJune17th,1997.TheCompanystartedits
commercialoperationsinDecember2001.
The scope of its activities are 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)anditssubsidiaries
Contentproduction:
1. PTMNCPictures
Talentmanagement:
1. PTStarMediaNusantara
th
TheCompanyhadatotalof6,564employeesasatJune30 ,2013.
August 2013
Disclaimer:
138
RESEARCH DIVISION
MNCN Media Nusantara Citra Tbk. [S]

Main Board
Industry Sub Sector : Advertising, Printing And Media (95)
As of 31 July 2013
:
344.444
Individual Index
:
14,058,741,500
Listed Shares
19 | 43.6T | 0.95% | 57.99%

21 | 13.9T | 1.26% | 53.78%
COMPANY HISTORY
Listing Date
: 22-Jun-2007
Under Writer IPO :
PT Bhakti Securities
PT BSR Indonesia
Phone : (021) 631-7828
Fax
: (021) 631-7827
1. Rosano Barack
2. Adam Chesnoff
3. Bambang Rudijanto Tanoesoedibjo
4. Irman Gusman *)
5. Sutanto *)
BOARD OF DIRECTORS
2. Jarod Suwahjo
3. Kanti Mirdiati Irmansyah
4. Nana Puspa Dewi
AUDIT COMMITTEE
1. Irman Gusman
2. Hery Kusnanto
3. Kardinal A. Karim
CORPORATE SECRETARY
Arya Mahendra Sinulingga
HEAD OFFICE
MNC Tower 27th Fl.
Jln. Kebon Sirih Kav. 17 - 19
Jakarta - 10340
Phone : (021) 390-0885
Fax
: (021) 392-0109, 390-4965, 392-7859
Homepage
Email
: www.mncgroup.com
: am.sinulingga@mncgroup.com

1. PT Global Mediacom Tbk.
2. PT Global Mediacom Tbk.
3. Public (<5%)
8,384,306,825 :
790,000,000 :
4,884,434,675 :
Bonus
Cash
2007
5.00 01-Dec-08
5.00 02-Oct-09
2009
2009
7.00 29-Nov-10
15.00 29-Nov-11
2010
35.00 22-Jun-12
2011
Ex Date
02-Dec-08
05-Oct-09
30-Nov-10
30-Nov-11
25-Jun-12
Recording
Date
04-Dec-08
07-Oct-09
02-Dec-10
02-Dec-11
27-Jun-12
59.64%
5.62%
34.74%
Payment
Date
19-Dec-08
21-Oct-09
17-Dec-10
16-Dec-11
11-Jul-12
F/I
F
I
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
Type of Listing
First Issue
Company Listing
EMSOP Conversion II
EMSOP Conversion II
EMSOP Conversion II
EMSOP Conversion II
EMSOP Conversion II
EMSOP Conversion II
EMSOP Conversion II
EMSOP Conversion II
EMSOP Conversion II
EMSOP Conversion II
EMSOP Conversion II
EMSOP Conversion II & III
EMSOP Conversion II, III & IV
EMSOP Conversion III & IV
EMSOP Conversion II, III, IV & V
ESOP/MSOP Conversion III, IV & V

ESOP/MSOP Conversion III, IV & V
Shares
4,125,000,000
9,625,000,000
1,423,500
1,598,000
723,000
1,928,000
5,417,500
1,710,500
6,299,500
1,753,000
1,507,000
904,500
240,000
4,998,000
16,566,000
5,284,000
4,135,000
2,011,000
14,692,500
473,500
4,800,500
1,593,500
3,219,000
3,988,000
4,165,500
7,292,000
20,806,500
24,781,500
6,570,500
8,111,000
16,823,000
11,656,500
9,792,000
2,231,000
2,915,500
308,000
69,500
448,000
2,421,000
791,000
Listing
Date
22-Jun-07
22-Jun-07
29-Nov-10
03-Dec-10
08-Dec-10
13-Dec-10
17-Dec-10
20-Dec-10
22-Dec-10
29-Dec-10
03-Jan-11
05-Jan-11
06-Jan-11
17-Feb-11
22-Feb-11
24-Feb-11
24-Feb-11
04-Mar-11
07-Mar-11
08-Mar-11
19-Jul-11
26-Jul-11
03-Aug-11
04-Aug-11
08-Aug-11
18-Aug-11
21-May-12
23-May-12
25-May-12
29-May-12
31-May-12
08-Jun-12
12-Jun-12
15-Jun-12
22-Oct-12
24-Oct-12
29-Oct-12
01-Nov-12
05-Nov-12
12-Nov-12
RESEARCH DIVISION
Trading
Date
22-Jun-07
22-Feb-08
29-Nov-10
03-Dec-10
08-Dec-10
13-Dec-10
17-Dec-10
20-Dec-10
22-Dec-10
29-Dec-10
03-Jan-11
05-Jan-11
06-Jan-11
17-Feb-11
22-Feb-11
24-Feb-11
24-Feb-11
04-Mar-11
07-Mar-11
08-Mar-11
19-Jul-11
26-Jul-11
03-Aug-11
04-Aug-11
08-Aug-11
18-Aug-11
21-May-12
23-May-12
25-May-12
29-May-12
31-May-12
08-Jun-12
12-Jun-12
15-Jun-12
22-Oct-12
24-Oct-12
29-Oct-12
01-Nov-12
05-Nov-12
12-Nov-12
139

Closing
Price*
Closing Price
Volume
(Mill. Sh)
3,800
720
3,325
630
2,850
540
2,375
450
1,900
360
1,425
270
950
180
475
90
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Volume
Value
Freq.
Day
TRADING ACTIVITIES

Media Nusantara Citra Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
160
126
134
164
172
325
325
315
300
280
245
230
Low
118
112
112
124
130
155
250
260
255
175
195
198
Close
125
116
131
135
156
285
265
265
280
210
200
210
286
733
3,655
8,631
14,121
28,210
20,363
10,991
4,510
4,136
5,747
5,390
149,885
107,061
406,550
353,276
822,581
2,249,319
1,348,653
761,602
349,423
259,246
516,175
475,659
9,127
13,110
38,658
48,430
130,109
573,304
389,780
218,682
84,676
54,631
112,017
98,384
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
250
290
380
490
460
435
360
310
450
640
700
960
205
210
220
315
310
330
270
275
275
405
570
630
230
250
325
420
390
360
300
280
420
610
650
940
6,337
10,021
17,774
24,129
12,279
5,371
13,649
3,887
11,034
14,235
9,432
13,445
375,244
581,786
1,228,053
1,682,392
736,435
196,782
529,914
215,530
489,826
822,313
471,278
540,397
87,349
153,363
390,066
712,345
296,971
80,410
160,110
66,881
187,102
437,429
301,656
439,242
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
950
1,120
1,100
970
970
980
1,120
1,110
1,160
1,100
1,150
1,400
770
840
890
770
840
880
900
850
930
950
1,060
1,130
890
1,100
940
880
970
920
1,070
990
1,020
1,100
1,130
1,310
11,100
31,933
26,436
35,111
27,488
31,276
49,015
31,528
25,754
22,245
16,678
38,694
348,111
730,773
399,894
453,877
543,312
412,478
691,090
375,778
289,015
296,723
1,624,613
1,034,546
304,762
705,128
402,126
396,511
480,557
383,978
701,813
376,359
304,520
314,146
1,665,479
1,325,977
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
1,400
1,670
1,980
2,250
2,350
2,200
2,425
2,350
2,600
2,875
2,825
2,750
1,270
1,350
1,640
1,830
1,760
1,650
1,930
2,050
2,100
2,575
2,300
2,350
1,350
1,670
1,880
2,250
1,850
1,990
2,375
2,125
2,600
2,825
2,675
2,500
31,240
39,530
58,505
31,437
32,759
45,066
29,540
15,701
22,091
30,045
46,576
23,808
804,498
805,338
1,174,895
517,956
769,427
627,127
419,081
279,093
414,742
412,681
863,864
439,992
1,057,519
1,203,976
2,121,799
1,015,824
1,560,239
1,195,392
903,152
617,221
969,614
1,129,092
2,162,569
1,130,358
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
2,650
2,975
3,275
3,275
3,675
3,350
3,375
2,275
2,300
2,750
2,850
3,025
2,425
2,650
2,375
2,950
2,825
3,125
3,350
3,125
3,100
34,386
26,895
30,497
25,671
40,792
52,067
37,323
642,003
380,307
358,184
1,047,479
827,156
641,136
386,505
1,559,472
980,432
1,053,598
2,498,012
2,754,723
1,868,702
1,188,245
21
20
19
22
22
19
23
2,240%
1,920%
1887.2%
1,600%
1,280%
960%
640%
439.0%
320%
220.8%
-320%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
7,799
1,771
107
241
7,870
3,313
142
245
7,200
7,361
347
247
7,529
15,067
406
246
4,283
11,903
248
146
325
112
210
210
960
205
940
940
1,400
770
1,310
1,310
2,875
1,270
2,500
2,500
3,675
2,275
3,100
3,100
7.49
17.73
PER (X)
16.33
21.27
PER Industry (X)
0.67
2.72
PBV (X)
15.73
16.89
2.65
19.59
19.08
4.78
24.52
21.21
5.63
Price (Rupiah)
High
Low
Close
Close*
140
RESEARCH DIVISION

Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
1,118,477
1,080,409
837,230
528,415
381,687
Receivables
1,833,387
2,202,994
2,558,400
2,615,430
533,510
951,030
915,310
894,311
1,139,486
1,211,895
Current Assets
4,785,995
5,201,103
6,018,612
6,766,799
7,889,804
Fixed Assets
1,009,469
1,040,165
971,773
985,995
1,196,089
Other Assets
140,869
196,697
119,761
38,494
34,289
Total Assets
7,641,364
8,196,543
8,798,230
7.27%
7.34%
1.85%
14.54%
2,604,665
1,227,364
1,250,225
2,369,082
BALANCE SHEET
Book End : December

Assets
Liabilities
11,250
9,000
Inventories
Growth (%)
8,960,942 10,263,597
6,750
4,500
2,250
-
Current Liabilities
1,351,966
1,402,931
155,762
736,363
413,555
291,518
Total Liabilities
2,754,897
2,760,427
1,963,727
1,663,780
2,660,600
0.20%
-28.86%
-15.27%
59.91%
600,291
669,079
Authorized Capital
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
Paid up Capital
1,375,000
1,377,350
4,000,000
1,395,613
1,405,874
13,750
13,774
40,000
13,956
14,059
Growth (%)
Minority Interest
2009
2010
2011
2012
Jun-13

6,835
7,603
7,297
7,603
6,052
4,286
4,767
4,501
Par Value
Retained Earnings
Total Equity
100
100
100
100
100
846,019
1,482,241
2,345,128
3,511,354
3,699,155
4,286,176
4,767,037
6,834,503
7,297,162
7,602,997
11.22%
43.37%
6.77%
4.19%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
3,923,845
4,855,907
5,390,474
6,265,260
3,134,243
23.75%
11.01%
16.23%
3,666,775
2,617,157
2,856,657
1,316,695
Growth (%)
INCOME STATEMENTS
Total Revenues
Growth (%)
Cost of Revenues
Gross Profit
Expenses (Income)
Operating Profit
3,316,621
607,224
1,189,132
2,773,317
3,408,603
1,817,548
3,316,621
3,666,775
1,262,793
1,147,895
504,803
607,224
1,189,132
95.83%
(1.00)
Growth (%)
2,950
1,399
-152
2009
2010
2011
2012

6,265
6,265
5,390
4,856
4,987
3,924
3,134
3,709
-46,672
-164,063
Income before Tax
560,692
1,025,069
1,510,524
2,260,708
1,312,745
Tax
164,024
280,850
385,353
497,689
295,165
Minority Interest
-11,051
-14,001
385,617
730,218
1,153,383
1,781,284
969,486
89.36%
57.95%
54.44%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
354.00
199.68
490.37
541.25
333.03
Dividend (Rp)
12.00
15.00
35.00
EPS (Rp)
28.04
53.02
28.83
127.63
68.96
BV (Rp)
311.72
346.10
170.86
522.86
540.80
DAR (X)
0.36
0.34
0.22
0.19
0.26
DER(X)
0.64
0.58
0.29
0.23
0.35
Growth (%)
RATIOS
Current Ratio (%)
17.17
25.23
12.79
13.08
21.50
22.10
30.98
17.27
15.48
24.49
51.45
54.40
57.99
15.48
24.49
7.34
ROE (%)
GPM (%)
OPM (%)
NPM (%)
Payout Ratio (%)
Yield (%)
2,431
1,153
-125
2009
12.51
ROA (%)
Jun-13
9.83
15.04
21.40
28.43
30.93
42.79
28.29
121.38
5.71
1.60
2.67
2010
2011
2012
Jun-13

1,781
1,418
1,153
969
1,055
730
691
386
328
-36
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
141
COMPANY REPORT
PGAS
PERUSAHAAN GAS NEGARA
(PERSERO) TBK.
Company Profile
PTPerusahaanGasNegara(Persero)Tbk.originallynamedFirmaL.J.N.Eindhoven&Co.Gravenhage,
th
wasestablishedin1859.OnMay13 ,1965,theCompanywasstatedasstateownedenterpriseand
known as Perusahaan Negara Gas (PN. Gas). The legal status of the Company was changed from
PerusahaanNegara(PN)toaPerusahaanUmum(Perum)at1984.
ThestatusoftheCompanywaschangedfromapublicserviceenterprise(Perum)toastateowned
limited liability company (Persero) and the name was changed to PT Perusahaan Gas Negara
(Persero)basedonGovernmentRegulationNo.37year1994.
The Companys purposes are 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
these objectives, the Company carries out planning, construction ,operating and development of
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 was 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
Indonesia,PTGagasEnergiIndonesia,andPTPGNLNGIndonesia.AsofJune30th,2013,theCompany
andSubsidiarieshadatotalof1,945employees.
August 2013
Disclaimer:
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
142
RESEARCH DIVISION
PGAS Perusahaan Gas Negara (Persero) Tbk. [S]

Main Board
Industry Sub Sector : Energy (71)
As of 31 July 2013
:
1,966.667
Individual Index
:
24,241,508,196
Listed Shares
8 | 143.0T | 3.12% | 41.66%

6 | 29.7T | 2.69% | 26.44%
COMPANY HISTORY
Established Date : 01-Feb-1905
Listing Date
: 15-Dec-2003
Under Writer IPO :
PT ABN AMRO Asia Securities Indonesia
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Bayu Krisnamurthi
2. Firmanzah
3. Kiagus Ahmad Badaruddin
4. M. Zamkhani
5. Pudja Sunasa *)
6. Widya Purnama *)

2. Public (<5%)
Cash
Bonus
60.10 18-Jun-04
2003
1.71 23-Dec-04
2004
2005
51.38 22-Jun-05
2005
104.43 30-Jun-06
2006
208.45 22-Jun-07
2008
41.74
15-Jul-09
2009
10.00 08-Dec-09
2009
144.20
08-Jul-10
2010
144.24
19-Jul-11
2010
10.20 27-Dec-10
10.87 30-Nov-11
2011
123.75 12-Jun-12
2011
2012
202.77 10-May-13
13,809,038,756 :
10,432,469,440 :
Recording
Date
23-Jun-04
29-Dec-04
27-Jun-05
05-Jul-06
27-Jun-07
21-Jul-09
11-Dec-09
13-Jul-10
22-Jul-11
30-Dec-10
05-Dec-11
15-Jun-12
15-May-13
Ex Date
21-Jun-04
27-Dec-04
23-Jun-05
03-Jul-06
25-Jun-07
16-Jul-09
09-Dec-09
09-Jul-10
20-Jul-11
28-Dec-10
01-Dec-11
13-Jun-12
13-May-13
56.96%
43.04%
Payment
Date
07-Jul-04
30-Dec-04
08-Jul-05
14-Jul-06
11-Jul-07
04-Aug-09
23-Dec-09
27-Jul-10
04-Aug-11
04-Jan-11
16-Dec-11
29-Jun-12
29-May-13
F/I
F
I
F
F
F
I
F
F
I
I
F
F
ISSUED HISTORY
BOARD OF DIRECTORS
1. Hendi Prio Santoso
2. Djoko Saputro
3. Hendi Kusnadi
4. Jobi Triananda Hasjim
5. M. Riza Pahlevi Tabrani
6. Muhammad Wahid Sutopo
AUDIT COMMITTEE
1. Nenny Miryani Saptadji
2. Imbuh Sulistyarini
3. Kusminarto
4. Mohamad Slamet Wibowo
5. Tjahjanto Budisatrio
No.
1.
2.
3.
4.
5.
6.
7.
Type of Listing
First Issue
Company Listing
MSOP Conversion
MSOP Conversion II
ESOP Conversion
Stock Split
Shares
1,296,296,000
3,024,691,000
215,637,305
3,261,500
53,551,388
18,373,748,772
Dana Proyek Pemerintah Conversion 1,274,322,231
T:
T:
T:
T:
T:
Listing
Date
15-Dec-03
15-Dec-03
13-Dec-04
10-Nov-06
18-Jan-08
04-Aug-08
16-Apr-09
:
:
:
:
:
Trading
Date
15-Dec-03
15-Jun-04
28-Dec-06
16-Feb-07
19-Feb-08
04-Aug-08
16-Oct-09
CORPORATE SECRETARY
Heri Yusup
HEAD OFFICE
Jln. K.H. Zainul Arifin No. 20
Jakarta - 11140
Phone : (021) 633-4838
Fax
: (021) 633-1632
Homepage
Email
: www.pgn.co.id
: heri.yusup@pgn.co.id
RESEARCH DIVISION
143

Closing
Price*
TRADING ACTIVITIES
Closing Price
Volume
(Mill. Sh)
6,400
320
5,600
280
4,800
240
4,000
200
3,200
160
2,400
120
1,600
80
800
40
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Freq.
Volume
Value
Day

Perusahaan Gas Negara (Persero) Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
2,200
2,200
2,250
2,600
2,875
3,300
3,500
3,600
3,825
3,800
3,900
4,150
Low
1,850
1,870
1,750
2,125
2,375
2,700
3,150
3,175
3,300
3,475
3,525
3,625
Close
2,200
1,900
2,150
2,600
2,875
3,150
3,500
3,475
3,650
3,625
3,650
3,900
41,569
22,617
46,164
36,633
41,081
48,891
31,536
42,167
29,762
28,375
17,050
25,097
1,087,703
531,825
1,290,265
1,003,471
1,258,617
1,323,352
980,054
882,132
673,022
870,384
558,069
550,318
2,203,890
1,081,730
2,523,190
2,370,973
3,402,280
4,044,954
3,291,365
3,019,264
2,404,202
3,188,883
2,077,691
2,128,668
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
4,075
3,775
4,400
4,350
4,100
4,000
4,175
4,200
4,100
4,200
4,600
4,650
3,650
3,500
3,625
3,900
3,250
3,625
3,800
3,850
3,725
3,800
4,025
4,150
3,775
3,625
4,250
4,100
3,900
3,875
4,050
4,000
3,850
4,050
4,300
4,425
44,943
22,168
37,776
35,271
34,545
26,959
28,540
20,978
47,032
47,910
30,895
21,681
1,002,028
577,102
1,241,685
881,280
924,035
688,332
767,983
534,731
1,003,349
1,203,704
862,133
466,014
3,808,868
2,111,200
5,007,390
3,599,898
3,426,968
2,632,119
3,080,172
2,155,757
3,915,422
4,787,956
3,726,637
2,035,413
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
4,500
4,300
3,900
4,050
4,250
4,075
4,125
4,000
2,975
3,100
3,175
3,250
3,875
3,475
3,500
3,775
3,900
3,900
3,850
2,925
2,025
2,400
2,850
3,000
4,225
3,550
3,900
4,000
4,050
4,025
3,975
2,950
2,675
2,950
3,075
3,175
26,664
45,031
56,620
27,808
26,581
18,063
28,033
88,001
71,256
51,740
29,870
19,074
743,884
838,222
1,354,368
760,375
918,787
461,564
677,815
1,991,726
1,410,779
1,088,971
716,594
532,789
3,107,955
3,214,807
5,004,188
3,001,507
3,766,922
1,843,643
2,688,936
6,642,358
3,769,027
3,038,698
2,175,410
1,688,283
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
3,500
3,775
3,850
3,825
4,000
3,700
3,825
3,825
4,200
4,650
4,800
4,650
3,050
3,300
3,575
3,300
3,350
3,275
3,475
3,600
3,675
4,025
4,450
4,375
3,375
3,750
3,800
3,350
3,700
3,525
3,800
3,700
4,125
4,650
4,525
4,600
27,122
27,960
25,231
24,434
34,239
31,672
29,674
21,472
23,478
24,945
27,061
21,842
470,932
535,228
392,942
465,723
905,887
804,437
632,860
493,571
639,777
723,985
648,018
477,616
1,557,024
1,895,258
1,470,645
1,652,881
3,409,283
2,822,960
2,324,863
1,824,200
2,546,133
3,145,063
2,967,230
2,171,383
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
4,725
4,875
6,100
6,350
6,450
5,800
6,050
4,450
4,575
4,850
5,550
5,500
4,600
5,350
4,675
4,800
5,950
6,250
5,500
5,750
5,900
33,296
27,481
37,631
29,703
39,143
59,111
50,191
535,744
517,665
684,572
573,930
655,792
873,388
572,520
2,462,840
2,446,564
3,657,960
3,376,638
4,013,862
4,642,986
3,265,952
21
20
19
22
22
19
23
280%
240%
220.8%
201.0%
200%
160%
120%
99.6%
80%
40%
-40%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
11,009
31,737
411
241
10,152
40,288
399
245
11,496
39,942
489
247
7,191
27,787
319
246
4,414
23,867
277
146
4,150
1,750
3,900
3,900
4,650
3,250
4,425
4,425
4,500
2,025
3,175
3,175
4,800
3,050
4,600
4,600
6,450
4,450
5,900
5,900
15.18
17.19
PER (X)
7.19
14.36
PER Industry (X)
8.06
7.73
PBV (X)
12.49
11.09
4.48
12.61
17.53
4.90
10.00
12.65
5.61
Price (Rupiah)
High
Low
Close
Close*
144
RESEARCH DIVISION

Dec-12
Jun-13
6,593,237 11,065,595 10,356,369 15,157,322
8,430,741
Receivables
1,711,200
1,946,894
2,043,553
2,550,177
3,207,152
14,120
14,046
11,836
23,644
134,268
BALANCE SHEET
Dec-09
Dec-10
Dec-11
Book End : December

Assets
Liabilities
38,750
31,000
Inventories
Current Assets
Fixed Assets
Other Assets
Total Assets
9,263,401 13,858,679 13,656,295 19,183,520 13,134,206

17,329,189 16,781,897 15,866,650 16,378,657 16,685,893
7,136
23,056
38,309
21,425
33,187
28,670,440 32,087,431 30,976,446 37,791,930 36,485,278
11.92%
-3.46%
22.00%
-3.46%
4,035,777
2,483,317
4,571,487
4,483,790
12,162,831 12,950,699 11,308,417 10,449,604
8,999,963
Total Liabilities
15,892,626 16,986,477 13,791,734 15,021,091 13,483,753
Growth (%)
23,250
15,500
7,750
-
Current Liabilities
3,729,795
Growth (%)
6.88%
-18.81%
8.91%
-10.23%
Minority Interest
1,045,733
1,232,381
Authorized Capital
7,000,000
7,000,000
7,000,000
7,000,000
7,000,000
Paid up Capital
2,424,151
2,424,151
2,424,151
2,424,151
2,424,151
24,242
24,242
24,242
24,242
24,242
100
100
100
100
100
Retained Earnings
Total Equity
8,022,835 10,317,327 12,257,199 16,847,739 16,815,676
Total Revenues
Dec-09
Gross Profit
2012
Jun-13
22,771
23,002
2012
Jun-13
23,002
17,185
18,309
13,869
11,732
8,925
18.21%
23.91%
32.51%
1.01%
Dec-10
Dec-11
Dec-12
Jun-13
4,232
-460
2009
18,024,279 19,765,716 19,567,407 24,914,688 14,811,097
9.66%
Growth (%)
Cost of Revenues
2011
11,732,080 13,868,573 17,184,712 22,770,838 23,001,525
Growth (%)
INCOME STATEMENTS
2010
13,617
Par Value
2009
7,219,992
7,223,570
-1.00%
2011
27.33%
7,793,751 10,676,664
10,804,287 12,542,146 11,773,656 14,238,024
7,811,795
24,915
6,999,302
Expenses (Income)
3,128,261
3,506,421
4,051,278
4,389,290
2,164,330
Operating Profit
7,676,026
9,035,725
7,722,378
9,848,734
4,834,972
17.71%
-14.54%
27.53%
Growth (%)
2010
24,915
19,832
18,024
19,766
19,567
14,811
14,749
571,147
-972,551
Income before Tax
8,247,172
8,063,174
7,654,189 11,104,139
6,175,859
Tax
1,814,304
1,599,774
1,535,979
2,253,611
1,532,055
-203,825
-224,038
6,229,043
6,239,361
6,163,463
8,843,202
4,646,726
0.17%
-1.22%
43.48%
Minority Interest
Growth (%)
-68,189
1,255,405
1,340,886
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
248.36
343.40
549.92
419.63
292.93
Dividend (Rp)
154.20
154.44
134.62
202.77
EPS (Rp)
256.96
257.38
254.25
364.80
191.68
BV (Rp)
483.97
572.10
708.90
939.33
948.85
DAR (X)
0.55
0.53
0.45
0.40
0.37
DER(X)
1.35
1.22
0.80
0.66
0.59
ROA (%)
28.77
25.13
24.71
29.38
16.93
ROE (%)
70.30
58.14
44.54
48.76
26.85
GPM (%)
59.94
63.45
60.17
57.15
47.26
OPM (%)
42.59
45.71
39.47
39.53
32.64
NPM (%)
34.56
31.57
31.50
35.49
31.37
Payout Ratio (%)
60.01
60.00
52.95
55.58
3.95
3.49
4.24
4.41
Yield (%)
4,584
-498
2009
Current Ratio (%)
RATIOS
9,667
2010
2011
2012
Jun-13

8,843
8,843
7,039
6,229
6,239
6,163
4,647
5,235
3,431
1,627
-177
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
145
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.
Asof30June2013,theCompanyhadatotalof3,205permanentemployees.
August 2013
Disclaimer:
146
RESEARCH DIVISION
PTBA Bukit Asam (Persero) Tbk. [S]

Main Board
As of 31 July 2013
:
1,730.435
Individual Index
:
2,304,131,850
Listed Shares
41 | 22.9T | 0.50% | 71.92%

35 | 8.44T | 0.76% | 65.72%
COMPANY HISTORY
Listing Date
: 23-Dec-2002
Under Writer IPO :
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Patrialis Akbar
2. Leonard
3. Robert Heri
4. S. Koesnaryo *)
5. Seger Budiarjo
6. Thamrin Sihite
BOARD OF DIRECTORS
1. Milawarma
2. Achmad Sudarto
3. Anung Dri Prasetya
4. Heri Supriyanto
5. Muhammad Jamil
6. Maizal Gazali

2. Public (<5%)
1,498,087,500 :
806,044,350 :
Bonus
Cash
2002
41.75 21-May-03
2003
58.00 09-Jun-04
5.80 22-Dec-04
2004
2005
87.48
05-Jul-05
2005
101.54 02-Jun-06
2006
105.39 29-May-07
2007
164.97 18-Jun-08
2009
66.75 25-Nov-09
2009
466.65 26-May-10
2010
66.75 20-Dec-10
2010
456.37
04-Jul-11
2011
103.46 28-Nov-11
2011
700.48 29-May-12
2012
720.75 20-May-13
Ex Date
22-May-03
10-Jun-04
23-Dec-04
06-Jul-05
05-Jun-06
30-May-07
19-Jun-08
26-Nov-09
27-May-10
21-Dec-10
05-Jul-11
29-Nov-11
30-May-12
21-May-13
Recording
Date
26-May-03
14-Jun-04
28-Dec-04
08-Jul-05
07-Jun-06
04-Jun-07
23-Jun-08
01-Dec-09
01-Jun-10
23-Dec-10
07-Jul-11
01-Dec-11
01-Jun-12
23-May-13
65.02%
34.98%
Payment
Date
27-May-03
21-Jun-04
29-Dec-04
22-Jul-05
16-Jun-06
15-Jun-07
07-Jul-08
15-Dec-09
15-Jun-10
29-Dec-10
21-Jul-11
15-Dec-11
15-Jun-12
07-Jun-13
F
F
I
F
I
F
I
F
I
F
I
F
F
ISSUED HISTORY
No.
1.
2.
3.
Type of Listing
First Issue
Company Listing
Warrant
Shares
346,500,000
1,785,000,000
172,631,850 T:
Listing
Date
23-Dec-02
23-Dec-02
14-Dec-04 :
Trading
Date
23-Dec-02
23-Dec-02
28-Dec-05
AUDIT COMMITTEE
1. S. Koesnaryo
2. Helmi Mahfud
3. Nuhindro Priagung Widodo
4. Seger Budiarjo
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
Email
F/I
: www.ptba.com
: jpramono@bukitasam.co.id
RESEARCH DIVISION
147

Closing
Price*
Closing Price
Volume
(Mill. Sh)
26,000
48.0
22,750
42.0
19,500
36.0
16,250
30.0
13,000
24.0
9,750
18.0
6,500
12.0
3,250
6.0
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Mining Index
Month
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Bukit Asam (Persero) Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
8,200
7,900
7,350
9,500
11,450
14,050
13,600
14,150
15,100
16,000
16,550
18,100
Low
6,900
7,050
6,450
6,750
9,100
10,100
10,500
12,750
12,450
13,700
14,350
16,450
Close
7,400
7,200
6,750
9,500
11,250
11,600
13,600
13,000
14,100
15,200
16,450
17,250
15,370
7,591
29,938
35,950
20,498
26,059
27,225
15,841
16,113
19,299
16,940
9,841
128,863
50,958
207,354
331,708
157,439
156,100
165,202
132,925
127,904
134,187
94,407
46,904
977,610
382,982
1,417,615
2,658,956
1,612,890
1,908,950
1,964,652
1,763,169
1,767,170
1,950,126
1,436,102
809,340
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
18,600
17,150
17,950
19,350
18,650
17,650
17,500
18,500
20,700
21,000
21,900
23,450
16,400
15,050
15,500
17,250
15,550
16,050
16,300
15,950
17,400
19,100
18,700
18,700
17,200
15,600
17,400
18,600
17,450
17,250
16,700
17,500
19,450
19,650
18,700
22,950
13,807
15,194
20,711
19,665
18,971
16,672
18,269
19,647
13,621
12,259
16,201
16,595
59,002
57,860
112,695
121,327
111,078
77,431
78,724
99,232
64,444
51,610
64,273
58,401
1,040,617
924,563
1,861,446
2,206,683
1,925,313
1,301,872
1,318,650
1,700,714
1,220,283
1,033,287
1,303,983
1,253,204
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
26,000
20,700
21,550
22,800
22,450
21,500
21,650
21,500
19,950
18,800
18,500
17,750
19,350
18,750
19,800
21,000
20,600
20,350
20,550
17,450
13,700
13,600
16,500
16,200
19,750
20,050
21,000
22,300
21,250
20,800
21,300
19,050
16,800
18,350
17,000
17,350
31,410
22,423
22,536
13,575
13,591
14,856
16,518
19,027
20,250
27,223
15,147
13,830
102,110
76,819
96,718
49,553
51,249
61,338
56,206
64,261
43,682
76,241
40,315
38,098
2,225,262
1,522,754
1,994,258
1,098,839
1,098,047
1,277,009
1,189,290
1,240,174
752,747
1,238,794
711,620
653,219
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
20,250
21,150
21,100
20,600
18,550
15,250
16,450
16,000
17,000
16,900
16,900
16,000
17,300
19,900
20,050
18,000
15,000
12,950
14,450
13,500
13,800
15,550
13,800
13,650
20,150
20,750
20,500
18,450
15,000
14,650
15,900
14,600
16,200
16,000
14,000
15,100
15,251
13,083
12,467
14,159
19,856
25,436
17,145
13,578
16,341
10,502
14,844
16,876
52,009
79,652
60,156
52,472
67,653
108,437
46,768
48,346
61,071
41,017
36,151
51,945
999,520
1,651,883
1,240,929
1,012,647
1,133,883
1,509,872
723,145
720,762
953,500
668,623
564,858
774,274
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
17,000
15,800
15,550
15,500
15,650
13,350
13,700
15,250
14,700
13,500
14,550
12,100
11,200
9,700
15,500
15,100
14,400
15,250
12,200
13,300
9,950
18,751
15,553
15,521
13,609
20,997
28,007
18,764
48,043
36,334
51,161
73,416
103,759
64,863
40,845
775,403
556,775
758,208
1,119,626
1,496,445
795,670
481,465
21
20
19
22
22
19
23
280%
240%
220.8%
200%
160%
120%
80%
40%
31.9%
27.6%
-40%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
1,734
18,650
241
241
956
17,091
202
245
757
15,002
230
247
706
11,954
190
246
418
5,984
131
146
Price (Rupiah)
High
Low
Close
Close*
18,100
6,450
17,250
17,250
23,450
15,050
22,950
22,950
26,000
13,600
17,350
17,350
21,150
12,950
15,100
15,100
17,000
9,700
9,950
9,950
14.57
26.32
PER (X)
18.63
17.69
PER Industry (X)
6.97
8.31
PBV (X)
12.95
16.17
4.90
15.33
8.49
4.09
11.54
12.95
2.55
148
RESEARCH DIVISION

Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
4,709,104
5,054,075
6,791,291
5,917,034
3,301,749
Receivables
1,491,460
997,178
1,180,195
1,545,556
1,544,291
409,901
423,678
64,483
765,964
726,321
6,783,391
6,645,953
8,859,260
8,718,297
5,916,449
Fixed Assets
371,523
921,005
1,140,466
1,853,447
2,142,711
Other Assets
30,107
57,588
50,949
97,886
140,331
Total Assets
8,078,578
BALANCE SHEET
Book End : December

Assets
Liabilities
13,750
11,000
Inventories
Current Assets
8,722,699 11,507,104 12,728,981 10,454,887
7.97%
31.92%
10.62%
-17.87%
1,380,908
1,147,728
1,912,423
1,770,664
1,657,094
911,832
1,133,723
1,429,679
2,453,148
2,544,898
2,292,740
2,281,451
3,342,102
4,223,812
4,201,992
-0.49%
46.49%
26.38%
-0.52%
84,466
74,512
Authorized Capital
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
Paid up Capital
1,152,066
1,152,066
1,152,066
1,152,066
1,152,066
2,304
2,304
2,304
2,304
2,304
500
500
500
500
500
Retained Earnings
4,518,821
5,182,763
6,906,491
7,410,590
6,685,650
Total Equity
5,701,372
6,366,736
8,165,002
8,505,169
6,252,895
11.67%
28.24%
4.17%
-26.48%
Dec-10
Dec-11
Dec-12
Jun-13
7,909,154 10,581,570 11,594,057
5,433,619
Growth (%)
8,250
5,500
2,750
-
Current Liabilities
Total Liabilities
Growth (%)
Minority Interest
2009
2010
2011
2012
Jun-13

8,165
8,505
8,505
6,770
6,367
6,253
5,701
5,035
Par Value
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-09
8,947,854
Growth (%)
-11.61%
33.79%
9.57%
4,258,988
5,302,592
6,505,932
3,662,314
Cost of Revenues
4,104,301
Gross Profit
4,843,553
3,650,166
5,278,978
5,088,125
1,771,305
Expenses (Income)
1,295,238
1,346,008
1,219,874
1,494,615
712,837
Operating Profit
3,548,315
2,304,158
4,059,104
3,593,510
1,058,468
-35.06%
76.16%
-11.47%
217,039
301,057
318,077
132,737
Income before Tax
3,762,002
2,599,650
4,059,104
3,911,587
1,191,205
Tax
1,032,675
600,713
971,037
1,002,166
310,695
-1,593
9,954
2,727,734
2,008,891
3,085,862
2,269,074
881,014
-26.35%
53.61%
-26.47%
Growth (%)
3,300
1,565
-170
2009
2010
2011
2012

11,594
10,582
11,594
8,948
7,909
9,229
6,864
Minority Interest
Growth (%)
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
491.23
579.05
463.25
492.37
357.04
Dividend (Rp)
533.40
523.12
803.94
720.75
EPS (Rp)
1,183.84
871.86
1,339.27
984.78
382.36
BV (Rp)
2,474.41
2,763.18
3,543.63
3,691.27
2,713.77
DAR (X)
0.28
0.26
0.29
0.33
0.40
RATIOS
DER(X)
0.40
0.36
0.41
0.50
0.67
ROA (%)
46.57
29.80
35.27
30.73
11.39
ROE (%)
65.98
40.83
49.71
45.99
19.05
GPM (%)
54.13
46.15
49.89
43.89
32.60
OPM (%)
39.66
29.13
38.36
30.99
19.48
NPM (%)
30.48
25.40
29.16
19.57
16.21
Payout Ratio (%)
45.06
60.00
60.03
73.19
3.09
2.28
4.63
4.77
Yield (%)
5,434
4,498
2,133
-232
2009
Current Ratio (%)
Jun-13
2010
2011
2012
Jun-13

3,086
3,086
2,728
2,269
2,456
2,009
1,827
881
1,197
568
-62
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
149
COMPANY REPORT
PWON
PAKUWON JATI TBK.
Company Profile
PT Pakuwon Jati Tbk. was established onSeptember 20th,1982 and startedcommercial

operationsinMay1986.
BasedonCompanysArticleofAssociations,theCompanyisengagedinbusiness:
1) ShoppingcenternamedasTunjunganPlaza
2) BusinesscenternamedasMenaraMandiri
3) FiveStarHotelsnamedasSheratonSurabayaHotelandTowers,also
4) RealestatebusinessPakuwonCityandindustrialestate,alllocatedinSurabaya.
TheCompanyhasdirectandindirectownershipinsubsidiaries:PTArtisanWahyu,PTElite
Prima Hutama, PT Pakuwon Sentra Wisata, PT Pakuwon Regency and PT Grama Pramesi
Siddhi.
th
AsofJune30 ,2013,TheGrouphadtotalnumberofemployeeof1,954.
August 2013
Disclaimer:
150
RESEARCH DIVISION
PWON Pakuwon Jati Tbk. [S]

Main Board
As of 31 July 2013
:
1,464.976
Individual Index
:
48,159,602,400
Listed Shares
47 | 18.3T | 0.40% | 74.48%

47 | 6.39T | 0.58% | 73.32%
COMPANY HISTORY
Listing Date
: 09-Oct-1989
Under Writer IPO :
PT Danareksa (Persero)
PT Aseam Indonesia
PT Inter-Pacific Financial Corporation
Wisma Sirca
Phone : (021) 314-0032, 390-5920, 390-0645
Fax
: (021) 390-0671, 390-0652
1. Alexander Tedja
2. Agus Soesanto *)
3. Dyah Pradnyaparamita Duarsa *)
BOARD OF DIRECTORS
1. Richard Adisastra
2. Alexander Stefanus Ridwan Suhendra
3. Eiffel Tedja
4. Irene Tedja
5. Minarto
6. Sutandi Purnomosidi
7. Wong Boon Siew Ivy
AUDIT COMMITTEE
1. Agus Soesanto
2. Antonius Susanto
3. Lisawati
CORPORATE SECRETARY
Minarto
HEAD OFFICE
EastCoast Center 5th Fl.
Pakuwon Town Square - Pakuwon City
Jln. Kejawan Putih Mutiara No. 17, Surabaya
Phone : (031) 582-08788
Fax
: (031) 582-08798
Homepage
Email
: www.pakuwon.com
: minarto@pakuwon.com

1. Burgami Investments Limited
2. JPMBLSA Re:JPMIB - PT Pakuwon Ar
3. Concord Media Investment Ltd.
4. Raylight Investments Limited
5. Public (<5%)
10,063,591,200
6,080,129,840
3,556,800,000
3,441,204,000
25,017,877,360
Bonus
Cash
1990
50.00 08-Jun-90
1991
75.00 28-Feb-91
1991
30.00 10-Jun-92
1992
2:1
23-Nov-92
1992
25.00 09-Aug-93
1993
25.00
12-Jul-94
1994
20.00
05-Jul-95
1995
17.50 30-May-96
1996
25.00 27-Jun-97
2011
1.45 09-Oct-12
Recording
Date
15-Jun-90
08-Mar-91
19-Jun-92
01-Dec-92
18-Aug-93
20-Jul-94
14-Jul-95
10-Jun-96
08-Jul-97
12-Oct-12
Ex Date
11-Jun-90
01-Mar-91
12-Jun-92
24-Nov-92
10-Aug-93
13-Jul-94
06-Jul-95
31-May-96
30-Jun-97
10-Oct-12
:
:
:
:
:
20.90%
12.62%
7.39%
7.15%
51.94%
Payment
Date
22-Jul-90
08-Apr-91
20-Jul-92
23-Dec-92
18-Sep-93
19-Aug-94
11-Aug-95
08-Jul-96
06-Aug-97
25-Oct-12
F/I
F
F
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
Shares
3,000,000
17,000,000
50,000,000
35,000,000
5,000
4,300
6,500
21,625
30,450
1,650
20,500
20,078,445
9,804,048
74,483,629
543,853
210,000,000
247,000,000
Add. Listing without RI (canceled) -247,000,000
CB Conversion
22,705,000
CB Conversion
224,295,000
CB Conversion
876,577,000
Stock Split
6,174,308,000
Bonus Shares
2,315,365,500
Right Issue
2,006,650,100
36,119,701,800
Stock Split
Type of Listing
First Issue
Company Listing
Right Issue
Bonus Shares
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Stock Split
Add. Listing without RI
Listing
Date
09-Oct-89
09-Oct-89
01-Oct-91
24-Dec-92
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
29-Jan-96
03-Feb-06
20-Mar-06
21-Mar-06
27-Mar-06
08-Aug-06
19-Sep-07
22-Aug-08
02-Jan-12
30-Mar-12
RESEARCH DIVISION
Trading
Date
09-Oct-89
09-Oct-89
01-Oct-91
24-Dec-92
29-Jul-94
05-Aug-94
10-Aug-94
11-Aug-94
16-Aug-94
19-Aug-94
19-Aug-94
24-Aug-94
30-Aug-94
31-Aug-94
01-Sep-94
29-Jan-96
03-Feb-06
20-Mar-06
21-Mar-06
27-Mar-06
08-Aug-06
19-Sep-07
22-Aug-08
02-Jan-12
30-Mar-12
151

TRADING ACTIVITIES

Pakuwon Jati Tbk. [S]
Closing Price
Volume
(Mill. Sh)
440
4,000
385
3,500
330
3,000
275
2,500
220
2,000
165
1,500
110
1,000
55
500
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Low
116
100
195
225
200
200
245
300
445
475
485
490
Close
145
195
195
225
210
350
300
445
500
495
495
540
Freq.
Volume
Value
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
365
195
195
240
230
350
320
450
510
540
520
580
Day
Closing
Price*
31
6
6
5
29
88
49
228
1,066
1,071
732
1,629
31,452
42,163
13,655
5,062
3,758
5,466
375
2,094
14,847
20,733
16,185
39,742
4,400
7,182
1,775
1,165
863
1,266
101
860
7,180
10,315
8,031
20,638
10
4
4
5
9
9
9
18
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
560
570
670
690
680
800
800
850
1,030
1,060
960
960
490
510
550
580
520
620
680
660
790
920
870
880
550
570
610
610
670
800
690
830
1,000
940
910
900
1,523
1,559
2,157
3,938
14,635
40,971
32,330
29,809
17,085
15,689
14,380
9,931
42,840
52,650
107,961
154,295
246,441
500,546
474,590
476,646
373,200
336,884
274,893
138,774
22,156
28,553
67,235
96,514
148,188
349,508
352,127
350,286
330,785
331,388
252,768
127,745
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
910
930
900
890
1,000
1,100
990
920
910
890
1,010
860
840
830
830
850
850
900
890
800
740
700
810
670
870
860
890
870
1,000
980
900
880
780
860
830
750
7,242
6,146
9,687
4,653
10,568
18,722
15,828
14,958
9,573
11,500
16,784
11,627
102,723
101,249
210,981
59,937
187,101
341,759
329,440
208,692
128,988
130,722
198,224
148,648
89,902
88,122
183,731
52,008
169,686
331,832
309,710
182,020
108,561
108,266
181,996
115,525
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
810
870
880
210
205
194
235
230
275
305
280
245
740
780
199
196
187
170
194
200
215
250
215
215
790
820
205
205
188
194
225
225
270
280
230
225
16,231
19,327
14,461
14,165
10,811
13,375
25,803
12,187
16,415
34,467
20,718
19,586
1,093,273
240,501
233,067
384,695
272,709
281,939
795,941
1,099,613
610,396
1,312,257
4,744,453
839,838
738,333
198,973
169,374
77,176
53,115
51,964
169,716
241,673
146,478
361,147
1,132,903
195,609
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
285
365
390
410
430
425
390
220
270
330
345
370
305
310
275
360
385
405
420
345
380
33,019
37,849
39,189
55,798
63,308
53,787
40,125
1,794,827
2,265,935
2,099,959
2,863,722
5,045,118
2,935,423
2,138,014
468,474
696,864
754,102
1,079,612
2,006,700
1,041,998
729,542
21
20
19
22
22
19
23
Month
455%
390%
325%
316.0%
289.4%
260%
220.8%
195%
130%
65%
-65%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
196
64
5
147
3,180
2,457
184
245
2,148
1,921
137
247
11,909
3,536
218
246
19,143
6,777
323
146
Price (Rupiah)
High
Low
Close
Close*
580
100
540
130
1,060
490
900
217
1,100
670
750
188
880
170
225
225
430
220
380
380
36.95
33.01
PER (X)
18.12
9.97
PER Industry (X)
4.71
6.32
PBV (X)
19.88
11.09
3.17
14.14
17.34
3.46
14.59
20.12
5.31
152
RESEARCH DIVISION

BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
200,607
312,956
621,021
1,315,146
1,779,820
Receivables
44,965
123,814
116,796
138,509
367,754
Inventories
2,486
2,927
3,121
1,262,136
884,957
Investment
1,996,240
2,033,472
216
315
Fixed Assets
1,559,360
736,173
1,659,292
844,548
847,043
Other Assets
14
11
Total Assets
3,476,870
3,937,326
5,744,711
7,565,820
8,501,886
13.24%
45.90%
31.70%
12.37%
Book End : December

Assets
Liabilities
8,750
7,000
Growth (%)
5,250
3,500
1,750
-
Trade Payable
77,956
13,615
65,241
33,929
60,564
Total Liabilities
2,230,961
2,368,737
3,371,576
4,431,284
4,894,027
6.18%
42.34%
31.43%
10.44%
95,362
139,531
Authorized Capital
3,000,000
3,000,000
3,000,000
3,000,000
3,000,000
Paid up Capital
1,003,325
1,003,325
1,203,990
1,203,990
1,203,990
10,033
10,033
12,040
48,160
48,160
100
100
100
25
25
Growth (%)
2009
2010
2011
2012
Jun-13

Minority Interest

Par Value
3,608
3,608
3,135
2,872
2,373
2,136
Retained Earnings
Total Equity
147,222
425,732
667,748
1,345,905
1,812,576
1,150,547
1,429,058
2,373,135
3,134,536
3,607,859
24.21%
66.06%
32.08%
15.10%
Growth (%)
1,429
1,400
1,151
664
INCOME STATEMENTS
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
Total Revenues
697,388
1,228,008
1,478,105
2,165,397
1,545,365
76.09%
20.37%
46.50%
743,405
931,477
Growth (%)
Cost of Revenues
434,073
663,998
Gross Profit
263,315
564,010
734,700
1,233,920
898,303
58,385
95,138
264,829
332,815
158,497
-
-72
2009
2010
2011
2012
Jun-13
647,061
2,165
2,165
Operating Expenses
Operating Profit
204,931
468,872
469,871
128.80%
0.21%
-100.00%
-1,825
-83,319
Growth (%)
1,545
1,478
1,724
1,228
1,282
203,106
385,552
469,871
901,105
739,806
Tax
47,439
67,822
91,339
-134,609
-97,908
Minority Interest
-9,044
-44,169
641,898
Income before Tax
840
697
398
273,561
378,531
766,496
86.58%
38.37%
102.49%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
1.45
14.61
27.27
31.44
15.92
13.33
BV (Rp)
114.67
142.43
197.11
65.09
74.91
DAR (X)
0.64
0.60
0.59
0.59
0.58
DER(X)
1.94
1.66
1.42
1.41
1.36
ROA (%)
5.84
9.79
8.18
11.91
8.70
ROE (%)
17.65
26.98
19.80
28.75
20.51
GPM (%)
37.76
45.93
49.71
56.98
58.13
OPM (%)
29.39
38.18
31.79
NPM (%)
Comprhensive Income
146,622
Growth (%)
RATIOS
Dividend (Rp)
EPS (Rp)
-43
2009
2010
21.02
22.28
25.61
35.40
41.54
4.61
Yield (%)
0.19
2012
Jun-13

766
766
642
610
379
454
Payout Ratio (%)
2011
274
297
147
141
-15
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
153
COMPANY REPORT
SMCB
HOLCIM INDONESIA TBK.
Company Profile
PT Holcim Indonesia Tbk. was established at June 15th, 1971. Effective January 1st, 2006,
theCompanychangeditsnamefromPTSemenCibinongTbk.toPTHolcimIndonesiaTbk.
Thescopeofitsactivitiesaretoengagemainlyintheoperationofcementplantsandother
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,CentralJava.TheCompanyandsubsidiaries
hadatotalnumberofemployeesof2,974inJune30th,2013.
TheCompanyisapioneerandaninnovatorinIndonesia'sfastdevelopingcementsector,
asthemarketforhomes,commercialbuildingsandinfrastructureexpands.TheCompany
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.
August 2013
Disclaimer:
154
RESEARCH DIVISION
SMCB Holcim Indonesia Tbk. [S]

Development Board
As of 31 July 2013
:
3,170.290
Individual Index
:
7,662,900,000
Listed Shares
43 | 20.1T | 0.44% | 72.84%

60 | 4.99T | 0.45% | 79.72%
COMPANY HISTORY
Listing Date
: 10-Aug-1977
Under Writer IPO :
PT Indovest Securities
PT W.I. Carr Dharmala
PT W.I. Carr Indonesia
PT Danareksa
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Paul Heinz Hugentobler
2. Arief Tarunakarya Surowidjojo *)
3. John Daniel Rachmat *)
4. Kemal Azis Stamboel *)
5. Madan Lal Narula
6. Renee Vennesa Indahyati
7. Wardhana Zecha

1. Holderfin BV
2. Public (<5%)
6,179,612,820 :
1,483,287,180 :
Cash
Bonus
1989
50.00 22-Mar-90
1990
50.00 15-Nov-90
1991
100.00 02-Jan-92
1992
100.00 04-Feb-93
1993
100.00 22-Dec-93
1994
100.00 11-Nov-94
1994
100.00 23-Aug-95
1996
150.00 07-May-96
1997
2:5
11-Aug-97
1997
200.00 04-Jun-97
23.00 11-May-11
2010
2011
23.00 12-Sep-11
2011
31.00 07-May-12
2011
32.00 03-Sep-12
32.00 03-Sep-12
2012
2012
80.00 24-Apr-13
2013
37.00 27-Aug-13
Ex Date
23-Mar-90
16-Nov-90
03-Jan-91
05-Feb-93
23-Dec-93
16-Nov-94
24-Aug-95
08-May-96
12-Aug-97
05-Jun-97
12-May-11
15-Sep-11
08-May-12
04-Sep-12
04-Sep-12
25-Apr-13
28-Aug-13
Recording
Date
30-Mar-90
23-Nov-90
10-Jan-92
12-Feb-93
30-Dec-93
23-Nov-94
02-Sep-95
17-May-96
20-Aug-97
13-Jun-97
16-May-11
15-Sep-11
10-May-12
06-Sep-12
06-Sep-12
29-Apr-13
30-Aug-13
80.64%
19.36%
Payment
Date
20-Apr-90
03-Dec-90
29-Jan-92
10-Mar-93
31-Jan-94
21-Dec-94
02-Oct-95
04-Jun-96
09-Sep-97
07-Jul-97
31-May-11
29-Sep-11
25-May-12
20-Sep-12
20-Sep-12
14-May-13
10-Sep-13
F/I
I
I
F
I
I
I
F
I
F
I
F
I
F
I
I
F
I
ISSUED HISTORY
BOARD OF DIRECTORS
1. Eamon John Ginley
2. Derek Williamson
3. Jannus O. Hutapea
4. Lilik Unggul Raharjo
5. Mochamad Fazri Yulianto
6. Jan Kunigk
7. Patrick Walser
8. Rully Safari
AUDIT COMMITTEE
1. John Daniel Rachmat
2. Arief Tarunakarya Surowidjojo
3. Kemal Azis Stamboel
CORPORATE SECRETARY
Jannus O. Hutapea
HEAD OFFICE
Gedung Jamsostek Menara Utara, 14th - 15th Fl.
Jln. Jenderal Gatot Subroto Kav. 38
Jakarta - 12930
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
Type of Listing
First Issue
Additional Listing
Additional Listing
Additional Listing
Second Issue
Company Listing
Split & Bonus
Third Issue
Fourth Issue
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Stock Split
Bonus Shares
Shares
178,750
81,510
70,000
11,856
214,980
3,017,904
50,050,000
14,000,000
23,600,000
47,980
25,947,487
180,590
439,020
46,182,023
182,900
164,205,000
821,025,000
6,513,465,000
Listing
Date
10-Aug-77
25-Aug-77
14-Apr-78
19-Aug-79
17-May-82
01-Nov-89
20-Nov-89
29-Jan-90
21-Jul-93
15-Jul-94
15-Jul-94
15-Jul-94
15-Jul-94
15-Jul-94
15-Jul-94
28-Jul-97
10-Sep-97
19-Dec-01
Trading
Date
10-Aug-77
25-Aug-77
14-Apr-78
19-Aug-79
17-May-82
01-Nov-89
20-Nov-89
29-Jan-90
21-Jul-93
05-Aug-94
11-Aug-94
22-Aug-94
23-Aug-94
13-Sep-94
16-Sep-94
28-Jul-97
10-Sep-97
19-Dec-01
Phone : (021) 529-62011, 529-16812

Fax
: (021) 529-62030, 529-62022
Homepage
Email
: www.holcim.com
: jannus.hutapea@holcim.com
RESEARCH DIVISION
155

Closing
Price*
Closing Price
Volume
(Mill. Sh)
4,000
160
3,500
140
3,000
120
2,500
100
2,000
80
1,500
60
1,000
40
500
20
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Volume
Value
Freq.
Day
TRADING ACTIVITIES

Holcim Indonesia Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
740
620
600
740
1,040
1,220
1,460
1,450
1,380
1,720
1,690
1,580
Low
560
480
490
550
680
920
1,090
1,240
1,220
1,310
1,480
1,440
Close
580
550
550
700
1,000
1,100
1,450
1,260
1,330
1,620
1,500
1,550
8,143
11,918
9,643
17,415
14,030
17,248
12,007
11,220
14,583
25,597
15,119
8,003
156,226
250,350
241,286
506,350
519,804
458,258
343,963
238,203
450,696
630,940
271,515
151,603
103,301
138,422
133,173
327,999
449,559
497,435
436,535
319,518
597,580
975,449
436,809
227,196
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
1,750
1,810
2,225
2,525
2,400
2,325
2,450
2,425
2,500
2,525
2,575
2,450
1,540
1,530
1,760
2,050
1,930
2,000
2,125
2,200
2,225
2,300
2,200
2,175
1,630
1,770
2,075
2,350
2,100
2,175
2,375
2,300
2,425
2,325
2,300
2,250
15,593
10,657
10,701
8,974
11,182
8,924
10,683
10,306
10,173
7,236
15,390
9,968
369,647
217,717
270,949
213,152
283,824
211,123
235,021
198,359
225,254
117,405
312,314
185,067
609,370
370,186
541,694
474,532
599,449
457,375
544,537
454,353
534,095
282,665
746,336
429,733
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
2,325
2,025
2,050
2,300
2,275
2,300
2,275
2,125
2,125
1,960
1,950
2,275
1,870
1,800
1,830
1,960
2,000
2,050
2,050
1,770
1,650
1,690
1,780
1,900
1,970
1,830
2,025
2,250
2,250
2,200
2,075
1,940
1,780
1,930
1,890
2,175
15,830
12,717
16,042
11,535
8,566
4,238
6,118
8,766
7,809
9,765
4,718
7,004
247,792
163,194
236,716
227,697
138,380
71,527
120,825
92,169
95,751
126,905
65,856
150,103
518,699
310,336
455,389
481,189
298,185
156,062
258,661
182,208
180,776
232,945
124,836
319,287
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
2,375
2,400
2,575
2,700
2,800
2,550
2,650
2,850
2,875
3,375
3,900
3,625
2,100
2,200
2,300
2,350
2,275
2,125
2,375
2,525
2,550
2,825
3,200
2,800
2,225
2,300
2,575
2,575
2,300
2,425
2,625
2,625
2,850
3,250
3,575
2,900
6,295
6,386
9,359
8,214
6,751
6,819
6,675
5,177
7,498
8,329
8,899
10,403
143,885
151,589
202,560
116,633
126,915
85,252
150,051
131,601
129,409
113,441
103,415
124,716
326,511
349,873
499,845
295,016
328,465
202,561
376,973
353,720
348,388
353,547
364,488
419,369
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
3,175
3,825
3,825
3,975
3,725
3,100
2,825
2,600
3,050
3,525
3,500
3,125
2,425
2,500
3,100
3,675
3,600
3,650
3,150
2,450
2,625
24,555
11,250
13,007
12,469
13,875
14,555
7,079
346,720
158,141
110,189
148,696
148,163
131,837
51,791
1,002,787
523,135
401,387
554,950
493,510
360,239
138,689
21
20
19
22
22
19
23
525%
450%
375%
300%
297.7%
270.3%
225%
220.8%
150%
75%
-75%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
4,219
4,643
165
241
2,840
6,044
130
245
1,737
3,519
113
247
1,579
4,219
91
246
1,096
3,475
97
146
Price (Rupiah)
High
Low
Close
Close*
1,720
480
1,550
1,550
2,575
1,530
2,250
2,250
2,325
1,650
2,175
2,175
3,900
2,100
2,900
2,900
3,975
2,425
2,625
2,625
13.26
20.81
PER (X)
9.88
12.86
PER Industry (X)
3.58
2.53
PBV (X)
15.80
10.41
2.21
16.09
9.79
2.64
21.71
10.31
2.36
156
RESEARCH DIVISION

BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
380,248
1,070,427
1,127,482
555,785
296,279
Receivables
663,691
643,190
705,019
845,484
865,955
Inventories
382,132
499,926
570,459
687,087
831,433
Current Assets
1,476,338
2,253,237
2,468,172
2,186,797
2,109,511
Fixed Assets
5,460,935
7,893,251
8,238,252
9,588,783 11,267,942
Other Assets
302,718
266,330
228,426
Book End : December

Assets
Liabilities
15,000
12,000
Total Assets
74,973
78,373
7,265,366 10,437,249 10,950,501 12,168,517 13,769,955
Growth (%)
43.66%
4.92%
11.12%
13.16%
1,556,875
2,351,375
9,000
6,000
3,000
-
Current Liabilities
1,162,542
1,355,830
1,683,799
2,786,641
2,255,416
1,739,442
2,193,586
2,905,274
Total Liabilities
3,949,183
3,611,246
3,423,241
3,750,461
5,256,649
-8.56%
-5.21%
9.56%
40.16%
3,395
Growth (%)
Minority Interest
Authorized Capital
Paid up Capital
1,293
2009
3,831,450
3,831,450
3,831,450
3,831,450
7,663
7,663
7,663
7,663
7,663
500
500
500
500
500
-4,288,295
505,145
1,215,821
2,075,645
2,174,848
3,314,890
6,822,608
7,527,260
8,418,056
8,513,306
105.82%
10.33%
11.83%
1.13%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
5,943,881
5,960,589
7,523,964
9,011,076
4,481,736
0.28%
26.23%
19.77%
5,664,231
2,911,669
2011
2012
Jun-13
8,513
8,418
8,513
2012
Jun-13
7,527
15,325,800 15,325,800 15,325,800 15,325,800 15,325,800

3,831,450
2010
6,823
6,777
5,040
Par Value
Retained Earnings
Total Equity
Growth (%)
INCOME STATEMENTS
Total Revenues
Growth (%)
Cost of Revenues
3,694,149
3,711,232
4,672,435
Gross Profit
2,249,732
2,249,357
2,851,529
3,346,845
1,570,067
851,536
916,011
1,171,484
1,308,388
786,622
1,398,196
1,333,346
1,680,045
2,038,457
783,445
-4.64%
26.00%
21.33%
Expenses (Income)
Operating Profit
Growth (%)
3,315
3,303
1,566
-170
2009
2010
2011

9,011
9,011
7,524
7,173
5,944
5,961
4,482
5,335
-101,218
-185,389
-146,788
-165,745
-115,907
1,296,978
1,147,957
1,533,257
1,872,712
667,538
384,673
317,575
469,697
521,921
200,394
168
-1,960
895,751
828,422
1,054,987
1,381,404
463,315
-7.52%
27.35%
30.94%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
126.99
166.19
146.58
140.46
89.71
23.00
86.00
112.00
37.00
EPS (Rp)
116.89
108.11
137.67
180.27
60.46
BV (Rp)
432.59
890.34
982.30
1,098.55
1,110.98
DAR (X)
0.54
0.35
0.31
0.31
0.38

Income before Tax
Tax
Minority Interest
Growth (%)
RATIOS
Current Ratio (%)
Dividend (Rp)
3,496
1,658
-180
2009
DER(X)
1.19
0.53
0.45
0.45
0.62
ROA (%)
17.85
11.00
14.00
15.39
4.85
ROE (%)
39.13
16.83
20.37
22.25
7.84
GPM (%)
37.85
37.74
37.90
37.14
35.03
OPM (%)
23.52
22.37
22.33
22.62
17.48
NPM (%)
15.07
13.90
14.02
15.33
10.34
Payout Ratio (%)
21.27
62.47
62.13
61.20
Yield (%)
1.02
3.95
3.86
1.51
2010
2011
2012
Jun-13

1,381
1,381
1,055
1,100
896
828
818
463
536
254
-28
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
157
CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT
SMGR
SEMEN INDONESIA (PERSERO) TBK.
Company Profile
PT Semen Indonesia (Persero) Tbk. was established on March 25th, 1953. The Company
engagedinthebusinessofcement.TheCompanyproducesvarioustypesofcement.The
main type of cement produced is Type I Portland Cement (Ordinary Portland Cement
OPC).Inaddition,variousspecifictypesandmixedcementarealsoproduced,forlimited
useandinsmalleramountthanOPC.
The Company commenced commercial operations on August 7, 1957. The scope of

activitiesoftheCompanyanditssubsidiarieswastoengageinvariousindustrialactivities,
primarily in the cement sector. The Companys and its subsidiaries cement plants are
locatedatGresikandTubaninEastJava,IndarunginWestSumatera,andPangkepinSouth
Sulawesi. The Companys and its subsidiaries products are marketed domestically and
internationally.
AsofJune30th,2013,theCompanyanditssubsidiarieshad6,904employees.
The subsidiaries of the company are established as Strategic Tools, in order to give the
maximumcontributions.Inaddition,theirexistenceisexpectedtoincurbeneficialsynergy
inordertoachievethepurposeinaccordancewiththestipulatedcorebusiness.Beloware
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.
August 2013
Disclaimer:
158
RESEARCH DIVISION
SMGR Semen Indonesia (Persero) Tbk. [S]

Main Board
As of 31 July 2013
:
5,289.201
Individual Index
:
5,931,520,000
Listed Shares
9 | 90.2T | 1.97% | 43.63%

7 | 28.8T | 2.61% | 29.05%
COMPANY HISTORY
Listing Date
: 08-Jul-1991
Under Writer IPO :
PT Buanamas Investindo
PT Ficorinvest
PT Indovest Securities
PT Multicor
PT Nikko Securities Indonesia
PT Nomura Indonesia
PT Primarindo Daya Investama
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Mahendra Siregar
2. Achmad Jazidie
3. Djawahir Adnan *)
4. Hadi Waluyo *)
5. Imam Apriyanto Putro
6. Sumaryanto Widayatin
BOARD OF DIRECTORS
1. Dwi Soetjipto
2. Ahyanizzaman
3. Amat Pria Darma
4. Bambang Sugeng SI
5. Erizal Bakar
6. Suharto
7. Suparni
AUDIT COMMITTEE
1. Hadi Waluyo
2. Achmad Jazidie
3. Sahat Pardede

1. Pemerintah RI QQ Menteri Keuangan RI
2. Public (<5%)
Cash
Bonus
1991
284.70 12-Jun-92
1992
267.75 14-Jun-93
1993
164.18
13-Jul-94
03-Jul-95
1994
184.51
1995
109.62
11-Jul-96
1996
147.87
08-Jul-97
1997
156.82
09-Jul-98
1998
135.06
13-Jul-99
1999
162.24
10-Jul-00
2000
231.14
05-Jul-01
2001
267.61
18-Jul-02
2002
115.03
18-Jul-03
2003
174.68
23-Jul-04
2003
112.73 22-Dec-04
39.67 05-Jan-05
2004
18-Jul-05
2005
267.51
2005
443.12
21-Jul-06
2006
1,092.06
19-Jul-07
149.66 29-May-08
2007
2008
215.19
21-Jul-09
2009
58.00 07-Dec-09
2009
250.45
19-Jul-10
58.00 27-Dec-10
2010
248.26
27-Jul-11
2010
2011
330.89
17-Jul-12
2012
367.74 29-May-13
3,025,406,000 :
2,906,114,000 :
Ex Date
15-Jun-92
15-Jun-93
14-Jul-94
04-Jul-95
12-Jul-96
09-Jul-97
10-Jul-98
14-Jul-99
11-Jul-00
06-Jul-01
19-Jul-02
21-Jul-03
26-Jul-04
23-Dec-04
06-Jan-05
19-Jul-05
24-Jul-06
20-Jul-07
30-May-08
22-Jul-09
08-Dec-09
20-Jul-10
28-Dec-10
28-Jul-11
18-Jul-12
30-May-13
Recording
Date
22-Jun-92
24-Jun-93
21-Jul-94
12-Jul-95
22-Jul-96
18-Jul-97
20-Jul-98
22-Jul-99
19-Jul-00
13-Jul-01
24-Jul-02
23-Jul-03
28-Jul-04
28-Dec-04
10-Jan-05
21-Jul-05
26-Jul-06
24-Jul-07
03-Jun-08
24-Jul-09
10-Dec-09
22-Jul-10
30-Dec-10
01-Aug-11
20-Jul-12
03-Jun-13
51.01%
48.99%
Payment
Date
13-Jul-92
22-Jul-93
19-Aug-94
11-Aug-95
20-Aug-96
15-Aug-97
18-Aug-98
20-Aug-99
21-Jul-00
20-Jul-01
07-Aug-02
06-Aug-03
11-Aug-04
07-Jan-05
18-Jan-05
01-Aug-05
09-Aug-06
07-Aug-07
17-Jun-08
07-Aug-09
23-Dec-09
05-Aug-10
04-Jan-11
15-Aug-11
03-Aug-12
17-Jun-13
F
F
F
F
F
F
F
F
F
F
F
F
F
F
I
F
F
F
F
I
F
I
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
Type of Listing
First Issue
Partial Listing
Company Listing
Right Issue
Stock Split
Shares
40,000,000
30,000,000
78,288,000
444,864,000
5,338,368,000
Listing
Date
08-Jul-91
08-Jul-91
02-Jun-95
10-Aug-95
07-Aug-07
Trading
Date
08-Jul-91
17-May-92
02-Jun-95
10-Aug-95
07-Aug-07
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
Email
F/I
: www.semengresik.com
: corp.sec@sg.sggrp.com
agungw@sg.sggrp.com
RESEARCH DIVISION
159

Closing
Price*
Closing Price
Volume
(Mill. Sh)
20,000
1,600
17,500
1,400
15,000
1,200
12,500
1,000
10,000
800
7,500
600
5,000
400
2,500
200
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Semen Indonesia (Persero) Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
4,275
3,600
4,000
4,350
4,775
5,300
6,100
6,100
6,600
7,100
7,800
7,650
Low
3,325
3,350
3,375
3,700
4,100
4,250
4,900
5,500
5,700
6,100
6,600
7,000
Close
3,475
3,500
3,725
4,100
4,675
4,900
5,950
5,950
6,300
6,850
7,300
7,550
4,783
3,423
4,667
5,066
5,150
6,756
10,179
6,090
6,215
12,359
14,253
13,353
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
8,200
8,000
7,850
8,400
9,000
9,050
9,500
9,250
9,950
10,350
9,900
9,900
7,500
7,250
7,250
7,350
7,600
7,950
8,650
8,400
8,650
9,600
9,050
9,050
8,000
7,600
7,300
8,200
8,450
8,750
9,250
8,700
9,900
9,800
9,200
9,450
10,064
7,426
15,012
16,173
15,936
13,285
15,790
18,106
14,416
11,602
18,320
16,043
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
10,000
8,850
9,350
9,800
9,800
9,750
10,000
9,650
9,450
9,500
9,550
11,450
7,250 7,750
7,800 8,650
8,250 9,100
9,100 9,500
9,200 9,700
9,150 9,600
9,350 9,450
8,400 9,100
7,400 8,300
7,700 9,500
8,650 9,250
9,300 11,450
28,860
16,970
21,543
13,301
13,524
14,410
13,494
22,705
23,699
24,322
18,215
21,806
279,407
157,200
169,216
120,939
144,637
128,580
241,451
206,839
145,732
149,227
129,289
195,126
2,371,780
1,307,341
1,488,654
1,153,198
1,378,004
1,218,512
2,367,029
1,864,386
1,234,343
1,282,433
1,181,110
2,008,194
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
12,950
11,700
12,650
12,650
12,400
11,650
13,600
13,500
14,550
15,300
15,300
16,950
10,750
10,400
11,050
11,600
10,400
9,900
11,250
11,700
12,100
14,000
14,200
14,400
11,300
11,250
12,250
12,150
10,950
11,300
12,950
12,400
14,450
14,900
14,800
15,850
31,022
29,475
23,712
17,193
23,702
24,678
25,606
24,809
22,738
20,580
19,316
33,063
210,657
290,757
156,721
134,207
217,770
150,083
178,845
148,524
153,409
167,042
158,215
183,180
2,414,273
3,283,417
1,871,958
1,629,480
2,436,384
1,665,904
2,139,748
1,869,739
2,076,999
2,442,691
2,325,714
2,785,728
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
16,500
17,350
19,050
19,000
19,150
18,100
17,350
14,800
15,650
16,750
17,550
17,800
15,100
14,500
15,750
17,350
17,700
18,400
18,000
17,100
15,200
36,762
25,757
33,701
30,277
34,933
62,937
56,573
178,167
127,417
163,665
174,546
170,557
338,786
251,155
2,774,872
2,087,807
2,914,490
3,160,011
3,163,710
5,634,798
3,838,600
21
20
19
22
22
19
23
49,125
40,083
50,891
46,874
99,812
179,691
186,249
95,640
98,840
291,702
223,935
150,586
184,655
139,423
182,726
191,435
443,115
860,527
1,030,949
563,656
619,009
1,898,803
1,632,203
1,099,045
19
20
20
20
20
22
21
20
18
22
20
19
111,316
870,993
81,985
632,276
1,601,261 11,320,197
409,399 3,278,726
283,946 2,315,387
259,682 2,094,264
197,904 1,806,849
190,450 1,666,454
204,039 1,896,038
215,362 2,130,346
257,910 2,436,413
163,526 1,547,425
20
19
22
21
19
22
22
21
17
21
21
20
385%
330%
275%
270.3%
261.9%
220%
220.8%
165%
110%
55%
-55%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
1,513
8,846
92
241
3,977
31,995
172
245
2,068
18,855
233
247
2,149
26,942
296
246
1,404
23,574
281
146
Price (Rupiah)
High
Low
Close
Close*
7,800
3,325
7,550
7,550
10,350
7,250
9,450
9,450
11,450
7,250
11,450
11,450
16,950
9,900
15,850
15,850
19,150
14,500
15,200
15,200
13.46
15.43
PER (X)
9.88
12.86
PER Industry (X)
4.39
4.67
PBV (X)
17.15
10.41
4.65
19.09
9.79
5.18
17.65
10.31
4.85
160
RESEARCH DIVISION

Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
3,410,263
3,664,278
3,375,645
3,081,102
1,796,521
Receivables
1,439,816
1,764,284
1,864,177
2,522,529
2,327,414
Inventories
1,407,578
1,624,219
2,006,660 22,849,053
2,561,178
Current Assets
8,207,041
734,360
7,646,145
7,743,025
Fixed Assets
4,014,143
Other Assets
17,462
BALANCE SHEET
Book End : December

Assets
Liabilities
27,500
22,000
Total Assets
8,231,297
7,662,560 11,640,692 16,794,115 17,331,844

17,202
18,029
54,223
93,571
12,951,308 15,562,999 19,661,603 26,579,084 26,713,064
20.17%
26.34%
35.18%
0.50%
2,517,519
2,889,137
4,825,205
4,282,614
338,372
905,727
2,157,369
3,589,025
3,839,900
2,633,214
3,423,246
5,046,506
8,414,229
8,122,514
30.00%
47.42%
66.73%
-3.47%
120,415
133,314
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
593,152
593,152
593,152
593,152
593,152
5,932
5,932
5,932
5,932
5,932
100
100
100
100
100
Growth (%)
16,500
11,000
5,500
-
Current Liabilities
Total Liabilities
2,294,842
Growth (%)
Minority Interest
Authorized Capital
Paid up Capital
Retained Earnings
Total Equity
8,143,284
Total Revenues
2011
2012
Jun-13
18,165
18,591
2012
Jun-13
18,591
14,615
14,798
12,006
10,198
7,213
10,197,679 12,006,439 14,615,097 18,164,855 18,590,549
Growth (%)
INCOME STATEMENTS
9,954,536 12,407,396 15,291,927 15,746,183
2010
11,006
Par Value
2009
Dec-09
17.74%
21.73%
24.29%
2.34%
Dec-10
Dec-11
Dec-12
Jun-13
3,421
-372
2009
14,387,850 14,344,189 16,378,794 19,598,248 11,422,243
-0.30%
Growth (%)
14.18%
2011
19.66%
Cost of Revenues
7,613,709
7,534,079
8,891,868 10,300,667
6,275,971
Gross Profit
6,774,141
6,810,110
7,486,926
9,297,581
5,146,272
Expenses (Income)
2,431,578
2,321,085
2,594,794
3,116,058
1,779,453
Operating Profit
4,342,563
4,489,025
4,892,131
6,181,524
3,366,819
3.37%
8.98%
26.36%
Growth (%)
2010

19,598
19,598
16,379
15,600
14,388
14,344
11,422
11,602
301,714
224,358
197,821
105,931
-60,394
Income before Tax
4,655,188
4,722,623
5,089,952
6,287,454
3,306,425
Tax
1,302,433
1,063,509
1,134,680
1,360,814
735,755
-26,267
-25,894
3,326,488
3,633,220
3,960,605
4,924,791
2,564,192
9.22%
9.01%
24.34%
Minority Interest
Growth (%)
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
357.63
29.17
264.65
170.59
180.80
Dividend (Rp)
308.45
306.26
330.89
367.74
EPS (Rp)
560.82
612.53
667.72
830.27
432.30
BV (Rp)
1,719.24
2,024.18
2,463.97
3,062.43
3,134.20
DAR (X)
0.20
0.22
0.26
0.32
0.30
DER(X)
0.26
0.29
0.35
0.46
0.44
ROA (%)
35.94
30.35
25.89
23.66
12.38
ROE (%)
45.65
39.33
34.83
34.61
17.79
GPM (%)
47.08
47.48
45.71
47.44
45.05
OPM (%)
30.18
31.30
29.87
31.54
29.48
NPM (%)
23.12
25.33
24.18
25.13
22.45
Payout Ratio (%)
55.00
50.00
49.56
44.29
4.09
3.24
2.89
2.32
Yield (%)
3,606
-392
2009
Current Ratio (%)
RATIOS
7,604
2010
2011
2012
Jun-13

4,925
4,925
3,920
3,326
3,633
3,961
2,564
2,915
1,911
906
-98
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
161
OM
M PP A
AN
N YY RR EE PP O
O RR TT
CC O
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,constructionservices,hospitalityandothers.
TheCompanyhasdirectandindirectownershipinsubsidiaries:PTSuryaciptaSwadaya,PT
TCPInternusa,PTEnerconParadhyaInternational,PTKarsaSedayaSejahtera,PTSitiagung
Makmur,SuryalayaAninditaInternational,andPTSuryaInternusaHotel.
The Company is projecting forward to expand its industrial estate including secure
additional land bank and build commercial area, warehousing and Standard Factory
Building, maintain growth of its construction business units including diversification into
infrastructure such as construction of toll roads and maintain growth of its hospitality
businessunitsincludingdiversificationintobudgethotelsegments.
August 2013
Disclaimer:
162
RESEARCH DIVISION
SSIA SuryaSemestaInternusaTbk.[S]
Main Board
Industry Sub Sector : Building Construction (62)
As of 31 July 2013
:
Individual Index
:
Listed Shares
385.641
4,705,249,440
4,422,934,473,600
144 | 4.42T | 0.10% | 92.43%

30 | 8.66T | 0.78% | 61.85%
COMPANY HISTORY
Listing Date
: 27-Mar-1997
Under Writer IPO :
PT Aspac Uppindo Sekuritas
PT Usaha Bersama Sekuritas
PT Sinartama Gunita
Phone : (021) 392-2332
Fax
: (021) 392-3003

1. PT Arman Investments Utama
2. HSBC Private Bank (Suisse) SA Singapore
3. Public (<5%)
Bonus
Cash
4.50 14-Nov-11
2011
2011
6.50 12-Jun-12
2012
30.00 10-May-13
Ex Date
15-Nov-11
13-Jun-12
13-May-13
387,847,976 :
257,811,500 :
4,059,589,964 :
Recording
Date
17-Nov-11
15-Jun-12
15-May-13
8.00%
5.00%
87.00%
Payment
F/I
Date
01-Dec-11 I
29-Jun-12 F
29-May-13 F
ISSUED HISTORY
1. Hagianto Kumala *)
2. Marseno Wirjosaputro *)
3. Royanto Rizal
4. Steen Dahl Poulsen
5. William Jusman
No.
1.
2.
3.
4.
5.
6.
Type of Listing
First Issue
Company Listing
CB Conversion
Right Issue
Stock Splits
Shares
135,000,000
540,000,000
64,611,500
209,027,500
227,673,360
3,528,937,080
Listing
Date
27-Mar-97
27-Mar-97
27-Mar-97
02-Dec-05
29-Jul-08
07-Jul-11
Trading
Date
27-Mar-97
06-Nov-97
06-Nov-97
02-Dec-05
29-Jul-08
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 20th Fl.
Jln. H.R. Rasuna Said Kav. X - 0
Jakarta - 12950
Phone : (021) 526-2121, 527-2121
Fax
: (021) 526-7878
Homepage
Email
: www.suryainternusa.com
: eddy@nusarayacipta.com
RESEARCH DIVISION
163
SSIA SuryaSemestaInternusaTbk.[S]
TRADING ACTIVITIES

Surya Semesta Internusa Tbk. [S]
Closing Price
Volume
(Mill. Sh)
1,800
400
1,575
350
1,350
300
1,125
250
900
200
675
150
450
100
225
50
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Freq.
Volume
Value
Day
Closing
Price*
420
315
330
260
340
360
370
460
390
355
320
280
3
3
81
27
455
238
63
148
1,077
140
107
126
2,170
321
5,512
1,505
8,565
11,173
1,334
1,924
11,219
2,700
2,416
19,698
911
134
1,978
454
2,858
4,131
479
713
4,647
1,014
772
6,164
2
2
6
8
17
18
11
19
18
17
16
9
270
290
300
340
300
300
350
350
360
405
500
630
305
305
380
410
390
390
440
445
495
560
630
930
340
145
262
993
71
96
65
52
292
561
1,645
3,809
17,661
18,092
837
6,205
1,191
49,107
2,643
399
2,566
6,918
100,807
100,855
4,931
5,519
291
2,397
452
19,591
1,047
158
1,137
3,875
57,722
85,265
19
15
16
20
15
14
9
11
12
20
21
20
980
1,170
1,190
1,170
1,340
1,360
1,360
455
445
430
420
740
800
980
1,050
1,090
1,140
1,270
325
350
305
270
360
385
970
1,100
1,100
1,130
1,330
1,360
425
420
360
395
375
720
4,113
4,483
3,447
2,240
9,325
6,591
22,916
17,913
9,381
12,545
6,135
22,183
102,768
88,936
64,596
36,601
192,251
145,123
1,466,179
1,038,706
379,750
657,715
328,544
1,791,592
93,954
95,780
71,802
41,299
236,311
190,796
592,101
429,153
152,573
240,241
125,959
976,482
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
950
970
1,060
1,200
1,230
1,040
1,160
1,210
1,330
1,310
1,210
1,160
700
850
850
1,000
870
800
990
1,070
1,170
1,100
1,050
1,000
900
910
1,020
1,200
910
980
1,150
1,170
1,320
1,180
1,120
1,080
24,858
13,839
16,068
18,889
26,196
19,350
20,473
14,030
16,278
28,219
19,200
15,232
1,276,553
793,419
842,729
840,011
976,408
792,516
677,361
335,388
468,652
859,806
516,312
332,959
1,080,662
722,019
779,174
927,503
1,031,839
744,115
727,907
382,269
585,179
1,018,759
592,263
363,196
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
1,390
1,520
1,630
1,620
1,660
1,650
1,330
1,030
1,320
1,410
1,500
1,460
1,190
900
1,390
1,500
1,620
1,580
1,660
1,300
940
26,407
22,506
26,919
21,899
31,465
35,142
34,962
719,658
536,899
750,796
379,354
637,197
705,415
653,844
888,338
745,680
1,149,978
592,354
995,669
953,651
707,779
21
20
19
22
22
19
23
Month
High
Low
Close
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
315
380
330
360
400
380
460
450
405
340
320
315
290
260
300
320
295
340
370
330
300
275
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
305
380
385
420
420
430
450
450
510
640
860
950
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
1,540%
1,320%
1,100%
880%
795.2%
660%
440%
316.0%
220.8%
220%
-220%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
69
24
2
143
307
182
8
192
6,293
3,246
121
247
8,712
8,955
233
246
4,383
6,033
199
146
Price (Rupiah)
High
Low
Close
Close*
460
260
280
70
950
270
930
233
1,360
270
720
720
1,330
700
1,080
1,080
1,660
900
940
940
9.46
9.97
1.26
12.42
11.09
2.82
6.87
17.34
3.04
5.54
20.12
1.93
18.72
PER (X)
18.12
PER Industry (X)
0.43
PBV (X)
164
RESEARCH DIVISION
SSIA Surya Semesta Internusa Tbk. [S]

BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
209,696
244,929
584,075
1,890,287
1,790,511
Receivables
358,543
453,313
619,991
383,348
699,289
Inventories
5,359
6,464
8,262
163,816
491,560
Investment
22,822
122,637
514,112
100,066
313,364
Fixed Assets
635,607
658,512
482,930
607,715
733,773
Other Assets
907
8,794
12,938
Total Assets
2,235,442
2,382,642
2,937,938
4,854,633
5,543,450
6.58%
23.31%
65.24%
14.19%
Book End : December

Assets
Liabilities
6,250
5,000
Growth (%)
3,750
2,500
1,250
-
Trade Payable
191,957
210,045
219,660
155,721
369,896
Total Liabilities
1,417,350
1,428,911
1,736,789
3,185,004
3,252,604
0.82%
21.55%
83.38%
2.12%
59,998
84,650
Authorized Capital
800,000
800,000
800,000
800,000
800,000
Paid up Capital
588,156
588,156
588,156
588,156
588,156
1,176
1,176
4,705
4,705
4,705
Growth (%)
2009
2010
2011
2012
Jun-13

Minority Interest

Par Value
500
500
125
125
125
-117,305
-1,717
234,591
911,259
1,152,121
2,291
2,291
1,670
1,824
1,201
1,356
Retained Earnings
Total Equity
758,093
Growth (%)
869,080
1,201,149
1,669,629
2,290,846
14.64%
38.21%
39.00%
37.21%
889
869
758
422
INCOME STATEMENTS
Total Revenues
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
1,484,102
1,690,096
2,878,775
3,564,594
2,349,409
13.88%
70.33%
23.82%
1,211,694
2,096,390
2,268,932
Growth (%)
Cost of Revenues
1,136,303
-46
2009
347,799
478,402
782,385
1,295,662
698,579
Operating Expenses
261,621
317,565
397,296
356,257
151,225
86,178
160,836
385,090
939,405
547,354
86.63%
139.43%
143.94%
2011
2012
Jun-13
1,650,830
Gross Profit
2010
3,565
3,565
Operating Profit
Growth (%)
2,879
2,837
2,349
2,110

Income before Tax
Tax
25,493
33,837
-61,442
-66,667
112,830
58,648
195,858
385,090
877,963
480,687
55,536
106,914
139,345
81,015
-36,584
-24,734
399,496
1,484
1,690
1,383
656
Minority Interest
115,588
272,759
739,522
556.80%
135.97%
171.13%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
11.00
30.00
14.96
98.26
57.97
157.17
84.90
BV (Rp)
644.47
738.82
255.28
354.84
486.87
DAR (X)
0.63
0.60
0.59
0.66
0.59
DER(X)
1.87
1.64
1.45
1.91
1.42
ROA (%)
5.05
8.22
13.11
18.09
8.67
ROE (%)
14.88
22.54
32.06
52.58
20.98
GPM (%)
23.43
28.31
27.18
36.35
29.73
OPM (%)
5.81
9.52
13.38
26.35
23.30
Comprhensive Income
17,599
Growth (%)
RATIOS
Dividend (Rp)
EPS (Rp)
-71
2009
2010
2011
2012

740
740
589
399
438
1.19
6.84
9.47
20.75
17.00
Payout Ratio (%)
18.98
19.09
Yield (%)
1.53
2.78
NPM (%)
Jun-13
273
287
116
136
18
-15
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
165
COMPANY REPORT
TLKM
TELEKOMUNIKASI INDONESIA
(PERSERO) TBK.
Company Profile
Telkom is the principal provider of local, domestic and international telecommunications
servicesinIndonesia,aswellastheleadingproviderofmobilecellularservicesthroughour
majorityownedsubsidiary,Telkomsel.Telkomalsoprovidesservicesininformation,media
and edutainment, including cloudbased and serverbased managed services, ePayment
and IT enabler services, PayTV, as well as eCommerce and other portal services. Our
objectiveistobecomealeadingTIMESplayerintheregion.
Telkomgrowthstrategyisbroadlybasedontheprincipleof'firstthingfirst'andfocusedon
futureanticipatedgrowthareas.Thisstrategyisimplementedbyallocatingourresources
primarilyforinvestmentsinhumancapital,inincreasingourcellularbusiness,inexpanding
ourbroadbandpenetrationinIndonesia,andinternationalexpantion.
Telkomalsoprovidesawiderangeofothercommunicationservices,includingtelephone
network interconnection services, multimedia, data and internet communicationrelated
services,satellitetransponderleasing,leasedline,intelligentnetworkandrelatedservices,
cabletelevisionandVoIPservices
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
FinnetIndonesia,PTTelkomLandmarkTower,PTTelekomunikasiIndonesiaInternational
Pte.Ltd.Hongkong,andPTMetraNet.
TheCompanyanditsSubsidiaries(theGroup)hadapproximately25,088employeesasof
June30th,2013.
August 2013
Disclaimer:
166
RESEARCH DIVISION
TLKM Telekomunikasi Indonesia (Persero) Tbk. [S]

Main Board
Industry Sub Sector : Telecommunication (73)
As of 31 July 2013
:
1,253.852
Individual Index
:
20,159,999,280
Listed Shares
5 | 239.9T | 5.24% | 29.66%

3 | 50.5T | 4.57% | 15.66%
COMPANY HISTORY
Listing Date
: 14-Nov-1995
Under Writer IPO :
PT Makindo
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Jusman Syafii Djamal
2. Gatot Trihargo
3. Hadiyanto
4. Johnny Swandi Sjam *)
5. Parikesit Suprapto
6. Virano Nasution *)
BOARD OF DIRECTORS
1. Arief Yahya
2. Honesti Basyir
3. Indra Utoyo
4. Muhamad Awaluddin
5. Priyantono Rudito
6. Ririek Adriansyah
7. Rizkan Chandra
8. Sukardi Silalahi
AUDIT COMMITTEE
1. Johnny Swandi Sjam
2. Agus Yulianto
3. Parikesit Suprapto
4. Sahat Pardede
5. Salam
6. Virano Nasution
CORPORATE SECRETARY
Agus Murdiyatno
HEAD OFFICE
Graha Citra Caraka 5th Fl.
Jln. Gatot Subroto No. 52
Jakarta

2. Public (<5%)
10,320,470,712 :
9,839,528,568 :
Cash
Bonus
1995
24.48 07-Jun-96
1996
41.25 13-May-97
1997
32.75 22-May-98
1997
15.75 23-Nov-98
1998
35.69 24-May-99
1998
15.30 24-May-99
1999 50 : 4
24-Jun-99
53.88 26-Apr-00
1999
1999
53.88 09-Oct-00
44.08 31-May-01
2000
2000
44.08 10-Oct-01
2001
210.82
24-Jul-02
2002
331.16 03-Jun-03
2003
301.95 23-Aug-04
7.11 23-Dec-04
2004
15-Jul-05
2005
144.90
2005
218.86
21-Jul-06
48.45 21-Dec-06
2006
2006
254.76
20-Jul-07
2007
48.45 29-Nov-07
2007
11-Jul-08
309.42
2007
97.73 09-Oct-08
296.94
07-Jul-09
2008
26.65 09-Dec-09
2009
2009
261.41
07-Jul-10
2010
26.75 22-Dec-10
2010
295.84 13-Jun-11
2011
371.05 05-Jun-12
2012
436.10 29-May-13
Ex Date
10-Jun-96
14-May-97
25-May-98
24-Nov-98
25-May-99
25-May-99
25-Jun-99
27-Apr-00
10-Oct-00
01-Jun-01
11-Oct-01
25-Jul-02
04-Jun-03
24-Aug-04
27-Dec-04
18-Jul-05
24-Jul-06
22-Dec-06
23-Jul-07
30-Nov-07
14-Jul-08
10-Oct-08
08-Jul-09
10-Dec-09
08-Jul-10
23-Dec-10
14-Jun-11
06-Jun-12
30-May-13
Recording
Date
18-Jun-96
23-May-97
02-Jun-98
02-Dec-98
02-Jun-99
02-Jun-99
05-Jul-99
05-May-00
18-Oct-00
07-Jun-01
17-Oct-01
30-Jul-02
06-Jun-03
26-Aug-04
29-Dec-04
20-Jul-05
26-Jul-06
27-Dec-06
25-Jul-07
04-Dec-07
16-Jul-08
14-Oct-08
10-Jul-09
14-Dec-09
12-Jul-10
28-Dec-10
16-Jun-11
08-Jun-12
03-Jun-13
51.19%
48.81%
Payment
Date
17-Jul-96
20-Jun-97
01-Jul-98
30-Dec-98
01-Jul-99
30-Dec-99
02-Aug-99
22-May-00
01-Nov-00
21-Jun-01
31-Oct-01
12-Aug-02
12-Jun-03
07-Sep-04
06-Jan-05
03-Aug-05
09-Aug-06
02-Jan-07
08-Aug-07
18-Dec-07
31-Jul-08
28-Oct-08
27-Jul-09
29-Dec-09
26-Jul-10
11-Jan-11
01-Jul-11
22-Jun-12
18-Jun-13
F
F
F
F
F
F
F
F
I
F
F
F
F
I
F
I
F
I
F
F
F
I
F
I
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
Type of Listing
Negara RI (Seri A)
Negara RI (Seri B) (C/ L)
First Issue
First Issue (LN)
First Issue (divesment)
Bonus Shares
Stock Split
Shares
1
7,466,665,999
933,333,000
700,000,000
233,334,000
746,666,640
10,079,999,640
Listing
Date
14-Nov-95
14-Nov-95
14-Nov-95
14-Nov-95
14-Nov-95
03-Aug-99
28-Sep-04
Trading
Date
00-Jan-00
00-Jan-00
14-Nov-95
14-Nov-95
14-Nov-95
03-Aug-99
28-Sep-04
Phone : (021) 521-5109

Fax
: (021) 522-0500
Homepage
Email
F/I
: www.telkom.co.id
: agus.murdiyatno@telkom.co.id
RESEARCH DIVISION
167

Closing
Price*
TRADING ACTIVITIES
Closing Price
Volume
(Mill. Sh)
14,000
480
12,250
420
10,500
360
8,750
300
7,000
240
5,250
180
3,500
120
1,750
60
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Freq.
Volume
Value
Day

Telekomunikasi Indonesia (Persero) Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
7,450
6,650
7,900
8,000
8,100
8,000
9,450
9,100
8,800
8,950
9,150
10,350
Low
6,200
5,750
6,150
6,850
7,000
7,300
7,550
8,300
8,250
7,850
8,100
8,950
Close
6,300
6,300
7,550
7,850
7,450
7,500
8,950
8,400
8,650
8,400
9,000
9,450
13,706
15,355
14,268
31,720
25,920
18,453
27,935
25,116
19,182
18,307
12,783
15,094
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
9,700
9,450
8,800
8,350
8,050
8,100
8,450
9,000
9,450
9,800
9,150
8,300
9,200
8,200
7,950
7,500
6,950
7,450
7,600
8,000
8,600
8,850
7,750
7,650
9,350
8,300
8,050
7,850
7,750
7,700
8,450
8,650
9,200
9,100
7,950
7,950
20,466
21,760
48,566
48,650
35,324
26,651
32,139
26,178
21,676
32,013
77,869
31,995
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
8,050
7,850
7,550
7,850
7,800
7,750
7,400
7,900
7,900
7,750
7,650
7,500
7,100
7,350
6,600
6,950
7,400
6,800
6,900
7,000
6,900
7,000
7,150
6,900
7,550
7,450
7,350
7,700
7,700
7,350
7,350
7,250
7,600
7,400
7,350
7,050
43,651
18,451
45,513
32,395
17,375
29,350
21,068
32,676
32,016
33,231
20,061
21,893
640,069
582,326
671,840
410,474
321,219
376,497
388,155
595,530
510,065
560,071
265,993
312,305
4,825,430
4,376,284
4,780,703
3,028,509
2,442,955
2,756,735
2,783,117
4,422,141
3,802,903
4,100,951
1,978,916
2,234,952
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
7,150
7,100
7,150
8,700
8,500
8,250
9,300
9,850
9,750
9,950
9,900
9,350
6,800
6,650
6,700
7,050
7,000
7,250
7,950
8,750
9,150
9,300
8,950
8,650
6,850
7,050
7,000
8,500
7,800
8,150
9,100
9,300
9,450
9,750
9,000
9,050
26,490
23,979
23,842
25,908
29,209
26,128
27,541
28,777
25,722
22,276
25,831
32,515
422,690
479,535
362,222
657,218
662,037
418,912
473,400
440,719
367,817
560,211
426,698
516,125
2,940,995
3,300,302
2,513,536
5,090,323
5,266,928
3,261,173
4,128,298
4,056,309
3,476,829
5,407,450
3,999,309
4,636,997
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
9,800
10,950
11,150
12,500
12,900
11,700
12,200
8,800
9,550
10,250
10,400
11,050
9,500
10,500
9,700
10,750
11,000
11,700
11,050
11,250
11,900
36,521
33,202
48,503
47,977
53,417
69,132
62,831
503,515 4,706,492
490,700 4,847,559
431,788 4,644,566
628,400 7,176,984
600,206 7,142,391
840,094 8,855,033
1,036,661 11,830,601
21
20
19
22
22
19
23
299,622
269,828
314,739
703,569
539,601
643,122
687,066
517,851
329,307
478,252
347,591
392,778
2,017,546
1,691,385
2,199,590
5,193,383
4,054,381
4,885,098
5,709,849
4,486,164
2,791,554
4,108,213
3,042,163
3,750,416
19
20
20
20
20
22
21
20
18
22
20
19
343,755 3,245,848
374,201 3,260,891
687,405 5,704,868
698,151 5,567,192
686,175 5,233,080
475,632 3,744,786
540,356 4,302,992
500,322 4,280,165
430,504 3,918,038
443,145 4,065,168
1,214,710 10,016,453
446,590 3,549,809
20
19
22
21
19
22
22
21
17
21
21
20
280%
240%
220.8%
200%
160%
120%
99.6%
80%
63.0%
40%
-40%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
5,523
43,930
238
241
6,841
56,889
423
245
5,635
41,534
348
247
5,788
48,078
318
246
4,531
49,204
352
146
Price (Rupiah)
High
Low
Close
Close*
10,350
5,750
9,450
9,450
9,800
6,950
7,950
7,950
8,050
6,600
7,050
7,050
9,950
6,650
9,050
9,050
12,900
8,800
11,900
11,900
16.81
13.89
PER (X)
7.19
14.36
PER Industry (X)
4.89
3.61
PBV (X)
9.18
11.09
2.33
9.92
17.53
2.72
11.82
12.65
3.71
168
RESEARCH DIVISION

Dec-09
Dec-10
7,085,460
9,119,849
9,634,000 13,118,000 11,551,000
Receivables
3,917,709
4,433,849
5,250,000
5,409,000
7,139,000
435,244
515,536
758,000
579,000
634,000
BALANCE SHEET
Dec-11
Dec-12
Jun-13
Book End : December

Assets
Liabilities
112,500
90,000
Inventories
Current Assets
16,186,024 18,730,627 21,258,000 27,973,000 24,153,000
Fixed Assets
76,419,897 75,832,408 74,897,000 77,047,000 80,621,000
Other Assets
Total Assets
2,234,288 81,027,820
12,000
97,559,606 99,758,447 103,054,000 111,369,000 111,472,000
2.25%
Growth (%)
3.30%
8.07%
0.09%
67,500
45,000
22,500
-
Current Liabilities
26,717,414 20,472,898 22,189,000 24,107,000 25,323,000
20,919,098 22,870,786 19,884,000 20,284,000 21,400,000
Total Liabilities
47,636,512 43,343,684 42,073,000 44,391,000 46,723,000
-9.01%
-2.93%
5.51%
5.25%
Minority Interest
10,933,347 11,996,021
Authorized Capital
20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
Growth (%)
Paid up Capital
5,040,000
5,040,000
5,040,000
5,040,000
5,040,000
20,160
20,160
20,160
20,160
20,160
2009
2010
2011
2012
Jun-13

66,978
60,981
66,978
64,749
53,314
44,419
38,990
39,651
Par Value
250
250
250
250
250
Retained Earnings
36,467,205 15,336,746 47,054,000 52,777,000 51,549,000
Total Equity
38,989,747 44,418,742 60,981,000 66,978,000 64,749,000
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-09
13.92%
37.29%
9.83%
-3.33%
Dec-10
Dec-11
Dec-12
Jun-13
25,987
12,324
-1,340
2009
64,596,635 68,629,181 71,918,000 77,143,000 40,160,000
6.24%
Growth (%)
4.79%
41,993,494 46,138,061 49,970,000 51,445,000 26,314,000
Gross Profit
22,603,141 22,491,120 21,948,000 25,698,000 13,846,000
Expenses (Income)
41,993,494 46,138,061 49,970,000 51,445,000 26,314,000
Operating Profit
22,603,141 22,491,120 21,948,000 25,698,000 13,846,000
-0.50%
-2.41%
2011
2012
77,143
64,597
68,629
71,918
77,143
61,406
17.09%
40,160
45,669

Income before Tax
Tax
-253,853 -1,074,769 -1,091,000 -1,470,000
-289,000
22,349,288 21,416,351 20,857,000 24,228,000 13,557,000

6,373,076
5,546,039
-4,644,072 -4,333,313
11,332,140 11,536,999 15,481,000 18,388,000 10,145,000
1.81%
34.19%
18.78%
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
60.58
91.49
95.80
116.04
95.38
Dividend (Rp)
288.06
322.59
371.05
436.10
EPS (Rp)
562.11
572.27
767.91
912.10
503.22
BV (Rp)
1,934.02
2,203.31
3,024.85
3,322.32
3,211.76
DAR (X)
0.49
0.43
0.41
0.40
0.42
DER(X)
1.22
0.98
0.69
0.66
0.72
RATIOS
Current Ratio (%)
14,194
-1,543
2009
ROA (%)
22.91
21.47
20.24
21.75
12.16
ROE (%)
57.32
48.21
34.20
36.17
20.94
GPM (%)
34.99
32.77
30.52
33.31
34.48
OPM (%)
34.99
32.77
30.52
33.31
34.48
NPM (%)
17.54
16.81
21.53
23.84
25.26
Payout Ratio (%)
51.25
56.37
48.32
47.81
3.05
4.06
5.26
4.82
Yield (%)
29,931
5,387,000 -5,866,000 -3,424,000
Minority Interest
Growth (%)
Jun-13
7.27%
Cost of Revenues
Growth (%)
2010
2010
2011
2012
Jun-13

18,388
18,388
15,481
14,637
11,332
11,537
2009
2010
10,145
10,886
7,135
3,383
-368
2011
2012
RESEARCH DIVISION
Jun-13
169
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
ofminingcontractingandcoalminingbusiness.Thethreemajorbusinessunitsareknown
asConstructionMachinery,MiningContractingandMining.
The main activities of the Companyand its subsidiaries include sales and rental of heavy
equipmentandrelatedaftersalesservices,coalminingandminingcontracting.Includingin
miningcontractingisintegratedminingcontractingservice.
The Company, through its majority shareholder, PT Astra International Tbk., is part of
JardineMathesonHoldingsLtd.TheCompanyisdomiciledinJakartawith18branches,22
siteofficesand12representativeofficesthroughoutIndonesia.Theheadofficeislocated
atJln.RayaBekasiKm.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.
AsofJune30,2013,theGrouphadapproximately27,152employees.
August 2013
Disclaimer:
170
RESEARCH DIVISION
UNTR United Tractors Tbk. [S]

Main Board
Industry Sub Sector : Wholesale (Durable & Non-Durable Goods) (91)
As of 31 July 2013
:
19,998.333
Individual Index
:
3,730,135,136
Listed Shares
16 | 62.7T | 1.37% | 54.72%

8 | 28.1T | 2.55% | 31.59%
COMPANY HISTORY
Listing Date
: 19-Sep-1989
Under Writer IPO :
PT Aseam Indonesia
PT (Persero) Danareksa
PT Finconesia
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Prijono Sugiarto
2. Anugerah Pekerti *)
3. David Alexander Newbigging
5. Soegito *)
6. Stephen Z. Satyahadi *)
7. Sudiarso Prasetio
BOARD OF DIRECTORS
1. Djoko Pranoto
2. Edhie Sarwono
3. Gidion Hasan
4. Iman Nurwahyu
5. Loudly Irwanto Ellias
AUDIT COMMITTEE
1. Stephen Z. Satyahadi
2. Lindawati Gani
3. Wiltarsa Halim
CORPORATE SECRETARY
Sara K. Loebis
HEAD OFFICE
Jln. Raya Bekasi Km. 22
Jakarta - 13910
Phone : (021) 460-5959 - 79
Fax
: (021) 460-0655, 460-0677
Homepage
Email
: www.unitedtractors.com
: sarakl@unitedtractors.com
ir@unitedtractors.com

2. Public (<5%)
2,219,317,358 :
1,510,817,778 :
Cash
Bonus
1989
100.00 05-Jan-90
1990
165.00 08-Jun-90
1990
175.00 20-Nov-90
1990
185.00 06-Jun-91
1991
175.00 20-Nov-91
1991
175.00 12-Jun-92
1992
70.00 11-Nov-92
160.00 16-Jun-93
1992
1993
50.00 15-Jun-94
100.00 11-Nov-93
1993
1994
1:3
23-Feb-94
1994
40.00 11-Nov-94
1994
70.00 22-Jun-95
1995
45.00 22-Nov-95
85.00 20-Jun-96
1995
1996
60.00 21-Nov-96
1996
100.00 26-Jun-97
2000
5:9
08-Jun-00
2004
20.00 30-Nov-04
2005
35.00 23-Jun-05
2005
110.00 12-Jun-06
2006
45.00 13-Oct-06
85.00 20-Jun-07
2006
60.00 10-Oct-07
2007
150.00 10-Jun-08
2007
2008
100.00 23-Oct-08
2008
220.00 11-Jun-09
2009
330.00 14-Jun-10
2010
160.00 27-Oct-10
2010
430.00 31-May-11
2011
185.00 27-Oct-11
2011
635.00 11-May-12
2012
210.00 16-Oct-12
2012
620.00 14-May-13
Recording
Date
11-Jan-90
15-Jun-90
28-Nov-90
14-Jun-91
28-Nov-91
22-Jun-92
19-Nov-92
25-Jun-93
23-Jun-94
19-Nov-93
03-Mar-94
23-Nov-94
03-Jul-95
01-Dec-95
01-Jul-96
02-Dec-96
07-Jul-97
14-Jun-00
03-Dec-04
27-Jun-05
15-Jun-06
18-Oct-06
25-Jun-07
18-Oct-07
13-Jun-08
28-Oct-08
16-Jun-09
17-Jun-10
01-Nov-10
06-Jun-11
01-Nov-11
16-May-12
19-Oct-12
17-May-13
Ex Date
06-Jan-90
11-Jun-90
21-Nov-90
07-Jun-91
21-Nov-91
15-Jun-92
12-Nov-92
17-Jun-93
16-Jun-94
12-Nov-93
24-Feb-94
16-Nov-94
23-Jun-95
23-Nov-95
21-Jun-96
22-Nov-96
27-Jun-97
09-Jun-00
01-Dec-04
22-Jun-05
13-Jun-06
16-Oct-06
21-Jun-07
11-Oct-07
11-Jun-08
24-Oct-08
12-Jun-09
15-Jun-10
28-Oct-10
01-Jun-11
28-Oct-11
14-May-12
17-Oct-12
15-May-13
59.50%
40.50%
Payment
Date
31-Jan-90
29-Jun-90
12-Dec-90
28-Jun-91
12-Dec-91
22-Jul-92
15-Dec-92
23-Jul-93
23-Jul-94
15-Dec-93
01-Apr-94
15-Dec-94
31-Jul-95
29-Dec-95
31-Jul-96
27-Dec-96
28-Jul-97
23-Jun-00
17-Dec-04
11-Jul-05
29-Jun-06
03-Nov-06
08-Jul-07
01-Nov-07
27-Jun-08
11-Nov-08
26-Jun-09
01-Jul-10
12-Nov-10
13-Jun-11
11-Nov-11
30-May-12
02-Nov-12
31-May-13
F/I
I
I
F
I
F
I
F
F
I
I
F
I
F
I
F
I
F
I
F
I
F
I
F
F
I
F
I
F
I
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
Type of Listing
First Issue
Partial Listing
Right Issue
Company Listing
Bonus Shares
Stock Split
ESOP Conversion
ESOP Conversion II
Shares
2,700,000
8,436,000
2,151,579,636
11,864,000
351,900,000
1,159,200,000
1,201,500
43,254,000
T:
T:
T:
T:
T:
T:
Listing
Date
19-Sep-89
26-Dec-89
27-May-91
25-Mar-92
04-Apr-94
05-Sep-00
27-May-03
11-Jun-03
:
:
:
:
:
:
RESEARCH DIVISION
Trading
Date
19-Sep-89
27-Feb-91
06-Jun-11
01-Apr-92
26-Jun-00
05-Sep-00
12-Jun-03
14-Jul-05
171

Closing
Price*
Closing Price
Volume
(Mill. Sh)
34,000
40.0
29,750
35.0
25,500
30.0
21,250
25.0
17,000
20.0
12,750
15.0
8,500
10.0
4,250
5.0
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
Volume
Value
Freq.
Day
TRADING ACTIVITIES

United Tractors Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
High
5,800
5,950
7,000
9,250
10,500
11,450
13,050
14,100
15,700
16,750
16,100
15,950
Low
4,375
4,700
4,900
6,250
8,600
9,550
9,800
11,800
12,900
14,300
14,200
14,750
Close
5,050
5,350
6,750
9,000
10,150
9,950
12,950
13,500
15,600
15,000
14,950
15,500
24,458
15,235
13,069
17,430
20,815
17,585
18,928
15,414
13,377
17,584
17,502
16,285
207,419
133,489
131,983
172,272
188,869
178,470
145,556
119,831
81,245
108,519
98,396
83,063
1,038,896
707,290
758,369
1,297,068
1,773,945
1,884,053
1,610,315
1,547,477
1,161,713
1,692,289
1,505,184
1,268,935
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
18,850
17,400
19,050
20,100
19,600
19,700
20,300
20,200
20,850
22,250
26,100
24,650
15,500
14,950
16,700
18,250
15,650
17,100
18,000
18,250
18,400
20,200
21,600
22,200
16,850
17,150
18,350
19,500
18,350
18,750
20,150
18,400
20,450
22,200
23,000
23,800
25,109
21,752
20,634
17,980
29,283
19,858
14,949
19,188
19,053
16,905
17,125
15,030
137,915
113,284
133,516
97,846
152,795
92,824
70,228
106,866
85,272
80,634
85,068
78,465
2,367,106
1,855,232
2,353,927
1,885,482
2,656,423
1,714,404
1,352,063
2,023,497
1,697,651
1,675,683
2,008,087
1,848,169
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
26,600
23,600
24,550
23,500
24,550
25,000
27,750
27,650
25,300
25,750
26,950
26,500
19,800
21,300
19,900
21,300
21,550
22,500
24,350
22,000
18,700
18,950
23,000
23,900
21,350
23,200
21,700
23,250
23,000
24,900
27,300
23,600
22,000
24,600
23,350
26,350
35,213
20,039
38,544
22,269
22,746
17,639
22,369
29,111
42,163
32,974
30,291
24,597
184,338
86,752
156,803
94,830
107,066
107,180
107,048
116,704
133,920
114,092
106,637
78,359
4,118,210
1,962,451
3,481,506
2,115,683
2,428,895
2,491,370
2,717,984
2,870,942
2,952,558
2,584,136
2,656,512
1,958,313
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
29,550
30,200
33,000
33,400
30,400
25,250
24,100
22,450
23,100
21,350
21,300
20,000
25,950
26,550
28,800
29,500
22,600
21,050
20,600
19,850
19,050
19,350
16,600
16,650
28,350
29,000
33,000
29,600
23,100
21,350
21,000
20,050
20,700
21,100
17,050
19,700
26,564
31,229
25,920
28,884
45,171
52,967
52,875
34,436
44,887
39,891
33,628
29,893
106,698
109,199
83,932
84,467
147,630
227,318
214,943
156,431
164,019
174,476
128,388
113,609
2,974,251
3,126,712
2,549,628
2,621,880
3,890,521
5,067,510
4,706,426
3,347,510
3,434,137
3,520,933
2,458,214
2,090,278
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
22,000
20,250
20,650
19,400
18,200
18,200
18,200
19,250
18,800
17,150
17,700
16,200
15,500
16,000
19,750
19,300
18,200
17,750
16,300
18,200
16,800
37,566
28,991
32,376
24,930
28,432
41,315
24,018
137,029
103,417
126,007
101,694
106,717
128,783
65,178
2,832,813
1,998,532
2,424,466
1,879,304
1,837,046
2,184,264
1,091,719
21
20
19
22
22
19
23
560%
480%
439.0%
400%
320%
220.8%
231.3%
240%
160%
80%
-80%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
1,649
16,246
208
241
1,235
23,438
237
245
1,394
32,339
338
247
1,711
39,788
446
246
769
14,248
218
146
Price (Rupiah)
High
Low
Close
Close*
16,750
4,375
15,500
14,902
26,100
14,950
23,800
22,882
27,750
18,700
26,350
26,350
33,400
16,600
19,700
19,700
22,000
15,500
16,800
16,800
13.51
20.44
PER (X)
16.33
21.27
PER Industry (X)
3.72
4.91
PBV (X)
16.76
16.89
3.57
12.54
19.08
2.27
12.94
21.21
1.93
172
RESEARCH DIVISION

Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
2,769,187
1,343,220
7,135,386
3,995,265
5,664,402
Receivables
4,549,566
5,349,688
9,969,714
9,894,656 10,946,551
Inventories
3,966,358
6,931,631
7,129,459
7,173,704
BALANCE SHEET
Book End : December

Assets
Liabilities
62,500
50,000
6,020,660
Current Assets
11,969,001 15,532,762 25,625,578 22,048,115 23,913,676
Fixed Assets
11,835,726 13,261,374 13,670,208 15,196,476 14,685,187
Other Assets
Total Assets
24,404,828 29,700,914 46,440,062 50,300,633 51,884,177
21.70%
Growth (%)
56.36%
8.31%
3.15%
37,500
25,000
12,500
-
Current Liabilities
Total Liabilities
7,225,966
9,919,225 14,930,069 11,327,164 12,737,813
3,227,782
3,616,283
Authorized Capital
Paid up Capital
6,672,912
Retained Earnings
Total Equity
29.48%
39.90%
-4.94%
7.84%
107,370
29,068
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
831,719
831,719
932,534
932,534
932,534
3,327
3,327
3,730
3,730
3,730
250
250
250
250
250
Total Revenues
8,896,251 11,139,012 15,342,706 18,382,728 19,150,303
Dec-09
16.56%
70.45%
17.44%
0.53%
Dec-10
Dec-11
Dec-12
Jun-13
27.64%
47.50%
6,671,059
6,795,698 10,193,521 10,520,999
4,296,152
1,502,315
1,633,177
Operating Profit
5,168,744
Growth (%)
2,408,944
3,074,244
1,244,203
5,162,521
-0.12%
(1.00)
13,844
-123,852
Income before Tax
5,444,238
5,061,260
7,784,577
7,446,755
3,051,949
Tax
1,594,543
1,186,745
1,885,071
1,693,413
748,732
-32,154
-1,584
3,817,541
3,872,931
5,863,471
5,860,188
2,421,943
1.45%
51.40%
-0.06%
Growth (%)
12,600
5,975
-649
2009
2010
2011

55,053
55,954
55,954
44,539
29,242
24,901
21,710
10,296
-1,119
2009
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
Current Ratio (%)
165.64
156.59
171.64
194.65
187.74
Dividend (Rp)
330.00
590.00
820.00
830.00
EPS (Rp)
1,147.48
1,164.13
1,571.92
1,571.04
649.29
BV (Rp)
4,161.17
4,850.30
7,373.45
8,659.35
8,705.63
DAR (X)
0.43
0.46
0.41
0.36
0.37
DER(X)
0.76
0.84
0.69
0.56
0.60
ROA (%)
22.31
17.04
16.76
14.80
5.88
ROE (%)
39.33
31.37
28.30
23.05
9.40
GPM (%)
22.81
18.21
18.52
18.80
17.25
OPM (%)
17.68
13.83
NPM (%)
13.06
10.38
10.65
10.47
9.73
Payout Ratio (%)
28.76
50.68
52.17
52.83
2.13
2.48
3.11
4.21
Yield (%)
Jun-13
16,136
37,324
266,390
RATIOS
2012
25,849
33,125
32,473
27,504
22,570,824 30,528,174 44,859,041 45,432,916 20,605,146
Expenses (Income)
Minority Interest
32,301
32,473
1.64%
Gross Profit
Jun-13
29,241,883 37,323,872 55,052,562 55,953,915 24,901,298
Growth (%)
Cost of Revenues
2012
13,843,710 16,136,338 27,503,948 32,300,557 32,473,186
Growth (%)
INCOME STATEMENTS
2011
6,673,178
19,224
Par Value
2010
10,453,748 13,535,508 18,936,114 18,000,076 19,410,991
Growth (%)
Minority Interest
4,006,045
2009
2010
2011
2012
Jun-13

5,863
5,860
5,863
4,667
3,818
3,873
3,471
2,422
2,275
1,079
-117
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
173
CC O
OM
M PP A
AN
N 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.
TheCompanysfactoriesarelocatedatJln.Jababeka9BlokD,Jln.JababekaRayaBlokO,
Jln. Jababeka V Blok V No. 1416, Jababeka Industrial Estate Cikarang, Bekasi, West Java,
andJln.RungkutIndustriIVNo.511,RungkutIndustrialEstate,Surabaya.
Thecompanyhasdirectownershipinsubsidiaries:PTAnugrahLever(inliquidation)andPT
TechnopiaLever,a51%ownedsubsidiarythatengagesindistribution,export,andimport
ofgoodsundertheDomestosNomostrademark.
August 2013
Disclaimer:
174
RESEARCH DIVISION
UNVR Unilever Indonesia Tbk. [S]

Main Board
Industry Sub Sector : Cosmetics And Household (54)
As of 31 July 2013
:
162,801.413
Individual Index
:
7,630,000,000
Listed Shares
4 | 242.6T | 5.30% | 24.42%

19 | 14.2T | 1.29% | 51.25%
COMPANY HISTORY
Listing Date
: 11-Jan-1982
Under Writer IPO :
PT Aseam Indonesia
PT Danareksa
Phone : (021) 527-7966
Fax
: (021) 527-7967
1. Peter Frank ter Kulve
2. Bambang Subianto *)
3. Cyrillus Harinowo *)
4. Erry Firmansyah *)
5. Hikmahanto Juwana *)
BOARD OF DIRECTORS
1. Maurits Daniel Rudolf Lalisang
2. Ainul Yaqin
3. Debora Herawati Sadrach
4. Enny Hartati
5. Franklin Chan Gomez
6. Hadrianus Setiawan
7. Ira Noviarti
8. Ramakrishnan Raghuraman
9. Sancoyo Antarikso
10. Vishal Gupta
AUDIT COMMITTEE
1. Cyrillus Harinowo
2. Bp Benny Redjo Setyono
3. Tjan Hong Tjhiang

1. Unilever Indonesia Holding BV
2. Public (<5%)
6,484,877,500 :
1,145,122,500 :
Cash
Bonus
1989
6:1
600.00
from
1990
470.00
from
1992
780.00
from
1993
810.00
from
1994
860.00
from
1995
920.00
from
1996
1,010.00
from
1997
1,110.00
from
1998
1,320.00
from
1999
2,500.00
from
2000
690.00
from
2001
1,150.00
from
2002
900.00
from
2003
130.00
from
2004
130.00
from
2005
260.00
from
2006
80.00 29-Nov-06
2006
125.00 22-Jun-07
2007
90.00 28-Nov-07
2007
167.00 26-Jun-08
2008
95.00 26-Nov-08
2008
220.00 26-Jun-09
2009
100.00 25-Nov-09
2009
299.00 28-Jun-10
2010
100.00 26-Nov-10
2010
344.00 27-Jun-11
2011
250.00 06-Dec-11
2011
296.00 27-Jun-12
2012
300.00 10-Dec-12
2012
334.00 28-Jun-13
Ex Date
27-Oct-89
27-Feb-91
20-Feb-92
21-Oct-93
03-Nov-94
06-Nov-95
04-Nov-96
03-Nov-97
18-Nov-98
03-Nov-99
28-Nov-00
19-Nov-01
11-Feb-03
17-Feb-04
02-Dec-04
08-Jul-05
30-Nov-06
25-Jun-07
29-Nov-07
27-Jun-08
27-Nov-08
29-Jun-06
26-Nov-09
29-Jun-10
29-Nov-10
28-Jun-11
07-Dec-11
28-Jun-12
11-Dec-12
01-Jul-13
Recording
Date
until
until
until
until
until
until
until
until
until
until
until
until
until
until
until
until
04-Dec-06
27-Jun-07
03-Dec-07
01-Jul-08
01-Dec-08
01-Jul-09
01-Dec-09
01-Jul-10
01-Dec-10
01-Jul-11
09-Dec-11
02-Jul-12
13-Dec-12
03-Jul-13
84.99%
15.01%
Payment
Date
26-Jun-90
04-Jul-91
20-Aug-93
29-Jul-94
28-Jul-95
26-Jul-96
27-Aug-97
07-Aug-98
27-Jul-99
20-Jul-00
01-Aug-01
22-Nov-02
04-Aug-03
03-Aug-04
24-Mar-05
11-Jul-06
18-Dec-06
11-Jul-07
14-Dec-07
11-Jul-08
15-Dec-08
14-Jul-09
15-Dec-09
13-Jul-10
15-Dec-10
13-Jul-11
15-Dec-11
13-Jul-12
20-Dec-12
16-Jul-13
F/I
I
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I
I&F
I
F
I
F
I
F
I
F
I
F
I
F
I
F
ISSUED HISTORY
CORPORATE SECRETARY
Sancoyo Antarikso
HEAD OFFICE
Graha Unilever
Jln. Jend. Gatot Subroto Kav. 15
Jakarta - 12930
No.
1.
2.
3.
4.
Type of Listing
First Issue
Bonus Shares
Company Listing
Stock Split
Shares
9,200,000
2,251,225 T:
64,848,775
7,553,700,000 T:
Listing
Date
11-Jan-82
15-Dec-89 :
02-Jan-98
06-Nov-00 :
Trading
Date
11-Jan-82
22-Sep-93
02-Jan-98
03-Sep-03
Phone : (021) 526-2112

Fax
: (021) 526-4020
Homepage
Email
: www.unilever.com; www.unilever.co.id
: unvr.indonesia@unilever.com
RESEARCH DIVISION
175

Closing
Price*
Closing Price
Volume
(Mill. Sh)
36,000
40.0
31,500
35.0
27,000
30.0
22,500
25.0
18,000
20.0
13,500
15.0
9,000
10.0
4,500
5.0
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Month
High
Low
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Unilever Indonesia Tbk. [S]
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
8,800 7,750
8,400 7,850
8,200 7,800
8,050 7,500
8,050 7,600
9,750 7,800
12,100 9,200
11,600 10,050
11,100 10,000
11,400 9,350
11,600 9,800
11,950 10,600
Close
7,900
8,050
7,950
7,750
7,850
9,250
11,600
10,100
10,700
10,100
11,050
11,050
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
11,750
11,700
13,200
14,000
16,550
18,900
17,350
17,150
17,250
19,200
17,500
17,000
10,950
10,550
11,300
12,000
13,600
15,000
16,300
15,950
15,950
16,850
15,000
15,000
11,300
11,500
12,150
13,850
15,600
17,000
16,950
16,100
16,850
17,450
15,000
16,500
5,909
4,558
7,296
6,233
10,001
12,810
14,001
12,188
11,202
10,736
17,104
15,223
30,857
17,150
41,522
31,299
45,746
45,361
48,902
41,934
49,461
46,924
70,085
45,919
347,247
192,747
500,726
397,505
686,004
755,493
818,405
696,369
826,348
819,428
1,158,321
729,446
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
16,650
16,200
16,950
15,650
15,300
15,350
15,900
17,400
17,750
16,500
18,400
19,000
13,800
14,100
15,250
14,900
14,650
14,600
14,700
15,000
14,000
15,250
15,450
17,100
15,050
16,200
15,300
15,300
14,700
14,900
15,600
16,900
16,500
15,650
18,200
18,800
16,428
11,599
15,300
17,329
10,563
9,679
12,108
20,492
17,471
17,533
12,590
13,898
48,440
27,234
59,981
57,709
43,392
28,109
41,466
63,871
46,683
56,126
43,802
40,609
732,617
412,351
967,698
878,710
648,620
419,148
628,166
1,043,194
763,768
897,769
722,503
732,748
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
24,450
20,050
20,200
20,750
22,450
25,500
25,250
27,350
28,500
26,300
26,950
26,400
18,200
17,500
18,600
18,750
19,700
20,000
22,350
23,800
25,100
25,250
25,600
20,100
19,600
19,250
20,000
19,850
20,550
22,900
24,250
27,100
26,050
26,050
26,350
20,850
16,752
17,028
14,713
14,599
16,221
15,235
16,534
13,551
20,640
15,755
13,272
50,609
38,440
31,412
27,939
31,656
45,658
37,485
35,057
24,914
43,814
45,467
46,071
143,941
761,415
606,182
543,448
615,568
965,430
842,684
828,065
635,793
1,177,790
1,176,959
1,207,920
3,196,599
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
23,150
23,300
23,100
26,250
34,500
31,550
34,600
20,900
21,650
21,700
22,150
24,800
25,550
26,000
22,050
22,850
22,800
26,250
30,500
30,750
31,800
23,609
17,807
16,433
15,906
21,913
34,773
24,938
61,636
44,383
50,808
50,732
57,502
62,429
45,612
1,347,431
1,001,564
1,147,414
1,178,848
1,657,707
1,795,607
1,435,491
21
20
19
22
22
19
23
3,259
2,255
3,617
11,331
6,561
5,788
6,085
11,843
9,245
7,026
6,165
5,570
28,326
27,057
34,945
70,247
81,975
58,033
31,728
50,680
39,140
39,449
31,062
22,672
230,744
220,135
279,317
546,226
643,269
478,422
345,493
546,236
414,883
428,066
333,947
252,608
19
20
20
20
20
22
21
20
18
22
20
19
560%
491.8%
480%
400%
320%
292.6%
240%
220.8%
160%
80%
-80%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
515
4,719
79
241
515
7,928
127
245
557
8,847
175
247
552
12,558
225
246
373
9,564
155
146
12,100
7,500
11,050
11,050
19,200
10,550
16,500
16,500
19,000
13,800
18,800
18,800
28,500
17,500
20,850
20,850
34,600
20,900
31,800
31,800
27.70
37.17
PER (X)
20.07
16.41
PER Industry (X)
22.77
31.12
PBV (X)
34.45
16.22
38.97
32.87
19.75
40.09
42.96
19.12
57.17
Price (Rupiah)
High
Low
Close
Close*
176
RESEARCH DIVISION

BALANCE SHEET
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
858,322
317,759
336,143
229,690
847,109
Receivables
1,345,255
1,752,633
2,188,280
2,261,941
3,753,255
Inventories
1,340,036
1,574,060
1,812,821
2,061,899
2,086,966
Current Assets
3,598,793
3,748,130
4,446,219
5,035,962
7,071,858
Fixed Assets
68,371
4,148,778
5,314,311
6,283,479
6,503,464
Other Assets
55,058
50,377
75,705
70,456
67,067
Total Assets
7,484,990
Book End : December

Assets
Liabilities
15,000
12,000
Growth (%)
8,701,262 10,482,312 11,984,979 14,193,134
16.25%
20.47%
14.34%
18.42%
4,402,940
6,474,594
7,535,896
9,323,573
9,000
6,000
3,000
-
Current Liabilities
3,454,869
321,546
249,469
326,781
480,718
625,726
3,776,415
4,652,409
6,801,375
8,016,614
9,949,299
23.20%
46.19%
17.87%
24.11%
5,756
3,434
Authorized Capital
76,300
76,300
76,300
76,300
76,300
Paid up Capital
76,300
76,300
76,300
76,300
76,300
7,630
7,630
7,630
7,630
7,630
10
10
10
10
10
Retained Earnings
3,530,519
3,873,119
3,504,268
4,933,326
4,071,535
Total Equity
3,702,819
4,045,419
3,680,937
3,968,365
4,243,835
9.25%
-9.01%
7.81%
6.94%
Dec-10
Dec-11
Dec-12
Jun-13

Total Liabilities
Growth (%)
Minority Interest
2009
2010
2011
2012
Jun-13

4,045
4,244
3,703
3,681
3,968
4,244
3,378
2,512
Par Value
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-09
1,647
781
-85
2009
18,246,872 19,690,239 23,469,218 27,303,248 15,430,393
7.91%
Growth (%)
19.19%
2011
2012
Jun-13
16.34%
Cost of Revenues
9,200,878
9,485,274 11,462,805 13,414,122
7,463,056
Gross Profit
9,045,994 10,204,965 12,006,413 13,889,126
7,967,337
Expenses (Income)
4,831,103
5,662,340
6,431,614
7,391,019
4,178,491
Operating Profit
4,214,891
4,542,625
5,574,799
6,498,107
3,788,846
7.78%
22.72%
16.56%
Growth (%)
2010

27,303
27,303
23,469
21,733
18,247
19,690
15,430
16,164
33,699
-3,982
-31,342
-16,918
Income before Tax
4,248,590
4,538,643
5,574,799
6,466,765
3,771,928
Tax
1,205,236
1,153,995
1,410,495 -1,627,620
-948,038
753
2,322
3,044,107
3,386,970
4,164,304
4,839,145
2,823,890
11.26%
22.95%
16.21%
Minority Interest
Growth (%)
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
104.17
85.13
68.67
66.83
75.85
Dividend (Rp)
399.00
444.00
546.00
634.00
EPS (Rp)
398.97
443.90
545.78
634.23
370.10
BV (Rp)
485.30
530.20
482.43
520.10
556.20
DAR (X)
0.50
0.53
0.65
0.67
0.70
DER(X)
1.02
1.15
1.85
2.02
2.34
ROA (%)
56.76
52.16
53.18
53.96
26.58
ROE (%)
114.74
112.19
151.45
162.96
88.88
GPM (%)
49.58
51.83
51.16
50.87
51.63
OPM (%)
23.10
23.07
23.75
23.80
24.55
NPM (%)
16.68
17.20
17.74
17.72
18.30
100.01
100.02
100.04
99.96
3.61
2.69
2.90
3.04
Payout Ratio (%)

Yield (%)
5,024
-546
2009
Current Ratio (%)
RATIOS
10,594
2010
2011
2012
Jun-13

4,839
4,839
4,164
3,852
3,044
3,387
2,824
2,865
1,878
890
-97
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
177
CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT
WIKA
WIJAYA KARYA (PERSERO) TBK.
Company Profile
PTWijayaKarya(Persero),Tbk.wasestablishedonMarch29,1961andpursuanttoRule
Companiesthathavebeensubjecttogovernmentthisnationalization,wasmergedintothe
PNWidjajaKarja.
On 22 July 1971, PN. Widjaja Karja declared dissolved and transformed into Limited
LiabilityCompany(Persero),thentheCompanywasnamedPTWijayaKarya,onDecember
20,1972.
The purpose and objectives of the Company are to engage in the construction industry,
manufacturing industry, conversion industry, rental, agency services, investment, agro
industry, renewable energy and conversion energy, trading, engineering, procurement,
construction,area(industrialzone)management,servicecapacityupgradesinthefieldof
construction , information technology for engineering and planning services, by applying
theprinciplesoflimitedliabilitycompanies.
ThemainactivitiesthroughoutIndonesiaandoverseas.TheCompanystarteditsactivities
commerciallyin1961.
The Company directly owned more than 50% shares on subsidiaries: PT Wijaya Karya
Beton, PT Wijaya Karya Realty, PT Wijaya Karya Industri dan Konstruksi, PT Wijaya Karya
InsanPertiwi,andPTWijayaKaryaBangunanGedung
NumberofemployeesoftheCompanyonJune30,2013was1,654employees.
August 2013
Disclaimer:
178
RESEARCH DIVISION
WIKA Wijaya Karya (Persero) Tbk. [S]

Main Board
Industry Sub Sector : Building Construction (62)
As of 31 July 2013
:
494.048
Individual Index
:
6,139,474,000
Listed Shares
68 | 12.7T | 0.28% | 81.10%

31 | 8.65T | 0.78% | 62.64%
COMPANY HISTORY
Listing Date
: 29-Oct-2007
Under Writer IPO :
PT CIMB-GK Securities Indonesia
PT Indo Premier Securities
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Basoeki Hadimoeljono
2. Abdul Rahman Pelu
3. Arie Setiadi Moerwanto
4. Bakti Santoso Ludin *)
5. Soepomo
6. Taslim Z. Yunus *)
BOARD OF DIRECTORS
1. Bintang Perbowo
2. Adji Firmantoro
3. Bambang Pramujo
4. Budi Harto
5. Destiawan Soewardjono
6. Ganda Kusuma
7. Ikuten Sinulingga

2. Public (<5%)
4,000,000,000 :
2,139,474,000 :
Bonus
Cash
5.97 06-Jun-08
2007
8.03 18-Jun-09
2008
2009
10.02 27-May-10
2010
17.08 06-Jun-11
2011
17.28 23-May-12
2012
22.32 29-May-13
Recording
Date
11-Jun-08
23-Jun-09
02-Jun-10
09-Jun-11
28-May-12
03-Jun-13
Ex Date
09-Jun-08
19-Jun-09
31-May-10
07-Jun-11
24-May-12
30-May-13
65.15%
34.85%
Payment
Date
25-Jun-08
07-Jul-09
16-Jun-10
23-Jun-11
11-Jun-12
14-Jun-13
F
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
Type of Listing
First Issue
Negara RI (Seri A)
Company Listing
ESOP II
MSOP I
MSOP II
MSOP I & II
ESOP/MSOP I & II
ESOP/MSOP II
Shares
1,846,154,000
1
3,999,999,999
213,500
2,183,500
908,000
152,081,500
137,504,500
429,000
T:
T:
T:
T:
T:
T:
Listing
Date
29-Oct-07
29-Oct-07
29-Oct-07
16-Dec-09
24-May-10
24-May-10
22-Nov-10
20-May-11
22-Nov-11
:
:
:
:
:
:
Trading
Date
29-Oct-07
29-Oct-07
29-Oct-07
22-Dec-09
30-Jun-10
30-Jun-10
05-Jan-11
01-Jul-13
23-Dec-11
AUDIT COMMITTEE
1. Taslim Z. Yunus
2. Arzul Andaliza
3. Bakti Santoso Luddin
4. M. Slamet Wibowo
5. Mukti Wibowo
CORPORATE SECRETARY
Natal Argawan Pardede
HEAD OFFICE
Jln. D.I. Panjaitan Kav. 9
Jakarta - 13340
Phone : (021) 819-2808, 850-8640, 850-8650
Fax
: (021) 819-1235, 859-11969
Homepage
Email
F/I
: www.wika.co.id
: natal.argawan@wika.co.id
RESEARCH DIVISION
179

Closing
Price*
Closing Price
Volume
(Mill. Sh)
3,000
400
2,625
350
2,250
300
1,875
250
1,500
200
1,125
150
750
100
375
50
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13

Freq.
Volume
Value
Day
TRADING ACTIVITIES

Wijaya Karya (Persero) Tbk. [S]
Month
High
Low
Close
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
235
230
225
325
375
380
365
380
360
355
330
340
200
200
200
215
295
300
315
340
335
285
305
305
205
215
220
305
335
335
355
350
350
315
305
325
7,281
6,282
5,266
18,297
17,395
10,803
9,836
10,632
3,660
3,395
2,389
4,521
260,429
234,978
210,574
899,563
864,436
497,666
322,003
492,605
128,499
152,986
66,401
135,708
57,936
50,300
45,188
250,548
289,128
174,155
111,343
178,555
44,549
51,746
21,198
44,309
19
20
20
20
20
22
21
20
18
22
20
19
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
340
340
365
440
430
455
570
630
740
770
720
710
315
300
325
345
310
325
415
490
580
660
620
620
315
335
350
425
355
430
540
590
670
720
630
680
3,412
2,503
5,165
23,526
9,063
12,971
12,742
10,769
15,432
16,873
8,674
8,795
103,177
108,275
354,525
1,584,617
411,763
543,537
731,427
547,292
722,088
712,205
255,744
321,454
33,770
34,899
123,467
643,345
152,940
216,952
361,431
311,209
476,688
512,661
171,452
218,130
20
19
22
21
19
22
22
21
17
21
21
20
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
700
680
710
700
710
700
690
680
610
600
520
650
590
600
600
660
660
640
650
560
450
450
470
465
610
660
670
670
690
660
680
580
490
520
470
610
7,891
4,073
6,958
7,560
3,019
2,028
4,419
3,545
4,595
11,628
3,385
9,881
316,051
114,366
143,658
148,172
98,903
95,426
150,923
115,101
95,568
160,637
59,665
382,183
202,032
73,484
92,449
100,902
68,033
63,532
101,290
70,332
52,881
85,900
29,849
230,029
21
18
23
20
21
20
21
19
20
21
22
21
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
720
780
920
980
1,110
1,050
1,070
1,130
1,270
1,550
1,630
1,650
600
660
730
880
890
870
980
980
1,050
1,210
1,300
1,360
710
730
910
980
920
1,050
1,000
1,050
1,210
1,370
1,630
1,480
4,827
4,265
7,608
8,877
10,137
9,383
6,930
7,231
7,417
22,891
19,989
20,945
208,891
209,034
497,042
258,868
316,373
224,325
133,608
155,121
159,355
474,320
425,278
414,789
137,097
153,646
399,840
238,228
322,511
217,163
137,739
164,671
184,402
654,105
614,199
619,874
21
21
21
20
21
21
22
19
20
22
20
18
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
1,730
1,780
2,075
2,475
2,900
2,875
2,325
1,470
1,590
1,680
1,950
2,375
1,930
1,590
1,650
1,770
2,025
2,400
2,825
2,050
2,075
25,183
22,785
39,561
27,075
24,613
45,363
48,860
446,947
521,572
759,537
501,903
424,941
735,887
935,852
726,586
871,607
1,407,679
1,087,356
1,105,249
1,669,932
1,864,035
21
20
19
22
22
19
23
1,190%
1,020%
850%
822.2%
680%
510%
340%
316.0%
220.8%
170%
-170%
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
SHARES TRADED
2009
2010
2011
2012
Jul-13

Value (Billion Rp)
Frequency (Thou. X)
Days
4,266
1,319
100
241
6,396
3,257
130
245
1,881
1,171
69
247
3,477
3,843
131
246
4,327
8,732
233
146
380
200
325
325
770
300
680
680
710
450
610
610
1,650
600
1,480
1,480
2,900
1,470
2,075
2,075
10.04
14.26
PER (X)
18.12
9.97
PER Industry (X)
1.24
2.25
PBV (X)
9.15
11.09
1.66
17.75
17.34
3.21
20.10
20.12
4.26
Price (Rupiah)
High
Low
Close
Close*
180
RESEARCH DIVISION

Public Accountant : Hadori Sugiarto Adi & Rekan (Member of HLB International)
Book End : December
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
1,210,888
1,227,705
1,244,316
1,499,143
990,438
Receivables
1,353,339
1,422,090
420,573
1,978,912
1,970,865
Inventories
1,044,473
853,257
872,775
1,138,080
994,804
Investment
121,509
150,108
164,989
1,208,327
185,640
Fixed Assets
332,207
405,546
753,148
1,168,757
1,400,135
Other Assets
52,924
75,040
417,006
73,252
112,780
Total Assets
5,700,614
6,286,305
BALANCE SHEET

Assets
Liabilities
12,500
10,000
Growth (%)
8,322,980 10,945,209 11,252,737
10.27%
32.40%
31.51%
2.81%
7,500
5,000
2,500
-
Trade Payable
1,163,020
1,221,036
2,119,188
2,529,217
2,811,262
Total Liabilities
4,064,899
4,369,537
6,103,604
8,131,204
8,263,734
7.49%
39.69%
33.22%
1.63%
102,774
115,144
1,600,000
1,600,000
1,600,000
1,600,000
1,600,000
584,637
600,154
602,727
610,563
613,947
5,846
6,002
6,027
6,106
6,139
Growth (%)
2009
2010
2011
2012
Jun-13

Minority Interest
Authorized Capital
Paid up Capital
Par Value
100
100
100
100
100
386,017
608,453
854,681
1,196,354
1,339,325
Total Equity
1,532,941
1,801,624
2,219,376
2,814,006
2,989,003
17.53%
23.19%
26.79%
6.22%
Growth (%)
2,989
2,219
2,379
1,802
1,769
Retained Earnings
2,814
2,989
1,533
1,160
550
INCOME STATEMENTS
Total Revenues
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
6,590,857
6,022,922
7,741,827
9,816,086
5,282,413
-8.62%
28.54%
26.79%
5,390,012
6,978,414
8,902,209
Growth (%)
Cost of Revenues
5,967,732
-60
2009
645,733
673,068
864,935
1,111,382
669,579
Operating Expenses
160,782
195,457
211,194
265,965
145,519
Operating Profit
484,951
477,611
653,741
845,417
524,060
2011
2012
Jun-13
4,710,924
Gross Profit
2010
9,816
9,816
-1.51%
Growth (%)
36.88%
7,742
7,814
29.32%
6,591
6,023
5,282
5,811
-136,842
-4,285
-24,134
-37,501
-32,039
Income before Tax
348,109
473,326
629,607
807,916
492,020
Tax
141,585
162,085
238,660
302,791
175,174
Minority Interest
-17,302
-26,319
Comprhensive Income
189,222
316,847
3,809
1,806
Growth (%)
284,922
401,828
508,764
50.58%
41.03%
26.61%
2009
Dec-09
Dec-10
Dec-11
Dec-12
Jun-13
Dividend (Rp)
10.02
17.08
17.28
22.32
EPS (Rp)
32.37
47.47
66.67
83.33
51.61
BV (Rp)
262.20
300.19
368.22
460.89
486.85
DAR (X)
0.71
0.70
0.73
0.74
0.73
DER(X)
2.65
2.43
2.75
2.89
2.76
RATIOS
-196
2010
2011
2012
Jun-13

509
509
402
405
317
285
301
ROA (%)
6.11
7.53
7.56
7.38
4.37
ROE (%)
22.71
26.27
28.37
28.71
16.46
GPM (%)
9.80
11.18
11.17
11.32
12.68
OPM (%)
7.36
7.93
8.44
8.61
9.92
NPM (%)
2.87
4.73
5.19
5.18
6.00
30.96
35.99
25.92
26.79
3.08
2.51
2.83
1.51
Payout Ratio (%)

Yield (%)
189
197
94
-10
2009
2010
2011
2012
RESEARCH DIVISION
Jun-13
181

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IDX LQ45

Astra Agro Lestari Tbk. [S] (Plantation, 12) .................................................................................................................................................

Adaro Energy Tbk. [S] (Coal Mining, 21) ......................................................................................................................................................

Astra International Tbk. [S] (Automotive and Components, 42).........................................................................................................

Bank Central Asia Tbk. (Bank, 81) ...................................................................................................................................................................

Bank Negara Indonesia (Persero) Tbk. (Bank, 81) ..................................................................................................................................

Bank Rakyat Indonesia (Persero) Tbk. (Bank, 81) .................................................................................................................................

Bank Tabungan Negara (Persero) Tbk. (Bank, 81) ................................................................................................................................

Bank Danamon Tbk. (Bank, 81). .......................................................................................................................................................................

MNC Investama Tbk. (Investment Company, 98).....................................................................................................................................

Bank Mandiri (Persero) Tbk. (Bank, 81) ........................................................................................................................................................

Global Mediacom Tbk. [S] (Investment Company, 98)...........................................................................................................................

Bumi Resources Tbk. (Coal Mining, 21) ........................................................................................................................................................

BW Plantation Tbk. (Plantation, 12) ................................................................................................................................................................

Charoen Pokphand Indonesia Tbk. [S] (Animal Feed,36) ....................................................................................................................

XL Axiata Tbk. [S] (Telecommunication,73) ................................................................................................................................................

Gudang Garam Tbk. (Tobacco Manufacturers, 52) .................................................................................................................................

Harum Energy Tbk. [S] (Coal Mining, 21) .....................................................................................................................................................

Indomobil Sukses Internasional Tbk. (Automotive and Components, 42) ....................................................................................

Indocement Tunggal Prakasa Tbk. [S] (Cement, 31) ..............................................................................................................................

Indo Tambangraya Megah Tbk. [S] (Coal Mining, 21)............................................................................................................................

Kalbe Farma Tbk. [S] (Pharmaceuticals, 53) ..............................................................................................................................................

PP London Sumatera Tbk. [S] (Plantation,12) ...........................................................................................................................................

Malindo Feedmill Tbk. [S] (Animal Feed,36) ...............................................................................................................................................

Mitra Adiperkasa Tbk. [S] (Retail Trade, 93) ...............................................................................................................................................

Multipolar Tbk. [S] (Investment Company,98) ............................................................................................................................................

Perusahaan Gas Negara (Persero) Tbk. [S] (Energy, 71)....................................................................................................................

Holcim Indonesia Tbk. [S] (Cement, 31) .......................................................................................................................................................

Semen Indonesia (Persero) Tbk. [S] (Cement, 31) ..................................................................................................................................

Surya Semesta Internusa Tbk. [S] (Building Construction, 62) ..........................................................................................................

Telekomunikasi Indonesia (Persero) Tbk. (Telecommunication, 73) ..............................................................................................

Unilever Indonesia Tbk. [S] (Cosmetics and Household, 54)..............................................................................................................

Wijaya Karya (Persero) Tbk. [S] (Building Construction, 62) ..............................................................................................................

Trading Volume, Value and Frequency :

Number of listed shares

Jakarta Composite Index

Regular Closing Price x Number of Shares

Jakarta Composite Index =

Base Price x Number of Shares

Regular Closing Price

Earnings Per Share (EPS)

Book Value per Share (BV)

Debt to Assets Ratio (DAR)

11. Return on Assets (ROA)

2013 Indonesia Stock Exchange. All rights reserved.

LQ45 Index Constituents

38 | 24.5T | 0.53% | 70.36%

SHAREHOLDERS (July 2013)

Closing Price*, Jakarta Composite Index (IHSG) and

Closing Price* and Trading Volume

Volume (Million Sh.)

Cash & Cash Equivalents

Book End : December

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

8,791,799 10,204,495 12,419,820 13,431,946

8,843,721 10,772,582 11,564,319

Long Term Liabilities

TOTAL EQUITY (Billion Rupiah)

TOTAL REVENUES (Billion Rupiah)

Other Income (Expenses)

Income before Tax

Current Ratio (%)

Payout Ratio (%)

NET INCOME (Billion Rupiah)