LQ45 Company Profiles August 2019

IDX LQ45
August 2019
Contents
No. Code Stock Name Page

1. ADRO 2
Adaro Energy Tbk. [S] (Coal Mining, 21) ........................................................................................................................... .
2. AKRA 6
AKR Corporindo Tbk. [S] (Wholesale (Durable & Non-Durable Goods), 91) .......................................................................
3. ANTM 10
Aneka Tambang Tbk. [S] (Metal And Mineral Mining , 23) ..................................................................................................
4. ASII 14
Astra International Tbk. [S] (Automotive And Components, 42) ..........................................................................................
5. BBCA 18
Bank Central Asia Tbk. (Bank, 81) .................................................................................................................................. ...
6. BBNI 22
Bank Negara Indonesia (Persero) Tbk. (Bank, 81) .............................................................................................................
7. BBRI 26
Bank Rakyat Indonesia (Persero) Tbk. (Bank, 81) ..............................................................................................................
8. BBTN 30
Bank Tabungan Negara (Persero) Tbk. (Bank, 81) .............................................................................................................
9. BMRI 34
Bank Mandiri (Persero) Tbk. (Bank, 81) ..............................................................................................................................
10. BRPT 38
Barito Pacific Tbk. [S] (Chemicals, 34) ............................................................................................................................. ..
11. BSDE 42
Bumi Serpong Damai Tbk. [S] (Property And Real Estate, 61) ...........................................................................................
12. BTPS 46
Bank Tabungan Pensiunan Nasional Syariah Tbk. [S] (Bank, 81) ......................................................................................
13. CPIN 50
Charoen Pokphand Indonesia Tbk. [S] (Animal Feed, 36) ..................................................................................................
14. CTRA 54
Ciputra Development Tbk. [S] (Property And Real Estate, 61) ............................................................................................
15. ERAA 58
Erajaya Swasembada Tbk. [S] (Retail Trade, 93) ...............................................................................................................
16. EXCL 62
XL Axiata Tbk. [S] (Telecommunication, 73) ..................................................................................................................... ..
17. GGRM 66
Gudang Garam Tbk. (Tobacco Manufacturers, 52) .............................................................................................................
18. HMSP 70
H.M. Sampoerna Tbk. (Tobacco Manufacturers, 52) ..........................................................................................................
19. ICBP 74
Indofood CBP Sukses Makmur Tbk. [S] (Food And Beverages, 51) ...................................................................................
20. INCO 78
Vale Indonesia Tbk. [S] (Metal And Mineral Mining , 23) .....................................................................................................
21. INDF 82
Indofood Sukses Makmur Tbk. [S] (Food And Beverages, 51) ...........................................................................................
22. INDY 86
Indika Energy Tbk. [S] (Coal Mining, 21) ........................................................................................................................... .
23. INKP 90
Indah Kiat Pulp & Paper Tbk. (Pulp & Paper, 38) ................................................................................................................
24. INTP 94
Indocement Tunggal Prakarsa Tbk. [S] (Cement, 31) .........................................................................................................
25. ITMG 98
Indo Tambangraya Megah Tbk. [S] (Coal Mining, 21) .........................................................................................................
26. JPFA 102
Japfa Comfeed Indonesia Tbk. [S] (Animal Feed, 36) .........................................................................................................
27. JSMR 106
Jasa Marga (Persero) Tbk. [S] (Toll Road, Airport, Harbor And Allied Products, 72) ..........................................................
28. KLBF 110
Kalbe Farma Tbk. [S] (Pharmaceuticals, 53) .......................................................................................................................
29. LPPF 114
Matahari Department Store Tbk. [S] (Retail Trade, 93) .......................................................................................................
30. MEDC 118
Medco Energi Internasional Tbk. (Crude Petroleum & Natural Gas Production, 22) ...........................................................
31. MNCN 122
Media Nusantara Citra Tbk. [S] (Advertising, Printing And Media, 95) ................................................................................
32. PGAS 126
Perusahaan Gas Negara Tbk. [S] (Energy, 71) ...................................................................................................................
33. PTBA 130
Bukit Asam Tbk. [S] (Coal Mining, 21) ........................................................................................................................... .....
34. PTPP 134
PP (Persero) Tbk. [S] (Building Construction, 62) ...............................................................................................................
35. PWON 138
Pakuwon Jati Tbk. [S] (Property And Real Estate, 61) ........................................................................................................
36. SCMA 142
Surya Citra Media Tbk. [S] (Advertising, Printing And Media, 95) .......................................................................................
37. SMGR 146
Semen Indonesia (Persero) Tbk. [S] (Cement, 31) .............................................................................................................
38. SRIL 150
Sri Rejeki Isman Tbk. (Textile, Garment, 43) ......................................................................................................................
39. TKIM 154
Pabrik Kertas Tjiwi Kimia Tbk. (Pulp & Paper, 38) ..............................................................................................................
40. TLKM 158
Telekomunikasi Indonesia (Persero) Tbk. [S] (ANTM, 73) ..................................................................................................
41. TPIA 162
Chandra Asri Petrochemical Tbk. [S] (Chemicals, 34) ........................................................................................................
42. UNTR 166
United Tractors Tbk. [S] (Wholesale (Durable & Non-Durable Goods), 91) ........................................................................
43. UNVR 170
Unilever Indonesia Tbk. [S] (Cosmetics And Household, 54) ..............................................................................................
44. WIKA 174
Wijaya Karya (Persero) Tbk. [S] (Building Construction, 62) ...............................................................................................
45. WSKT 178
Waskita Karya (Persero) Tbk. (Building Construction, 62) ..................................................................................................
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
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expanding the domestic investor base.
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To improve the future editions of this publication, the readers’ comments and feedback would be highly appreciated.
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Jakarta, August 2019
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© 2019 Indonesia Stock Exchange. All rights reserved.
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Disclaimer :
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........................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
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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
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and opinions stated or expressed or stated within this publication.
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LQ45 Index Constituents
for the period of August 2019 – January 2020
2 IDX LQ45 Index Members Profile
ADARO ENERGY TBK.

Company Profile
PT Adaro Energy Tbk. was established July 28th, 2004. The company is a vertically integrated
energy producer in Indonesia with businesses along the coal, energy, utilities and supporting
infrastructure sectors. It’s deploy an integrated business model comprised of eight pillars: Adaro
Mining, Adaro Services, Adaro Logistics, Adaro Power, Adaro Land, Adaro Water, Adaro Capital
and Adaro Foundation.
Their main location is in South Kalimantan, where they mine Envirocoal, a low-pollutant thermal
coal. The Company also has metallurgical coal assets across the spectrum from semi-soft coking
coal to premium hard coking coal in Indonesia and Australia. While coal remains their main
business, the continue to develop the non-coal mining businesses to provide a more stable
earnings base and offset the volatility of the coal sector.
The Company’s head office is domiciled in Jakarta and located at Menara Karya, 23rd Floor, Jl.
H.R. Rasuna Said Block X-5, Kav. 1-2, South Jakarta.
Indonesia’s looming electricity shortage (see panel) provided an incentive for The Company to
set up PT Adaro Power (AP) in order them to diversify and strengthen their business from pit to
power. Adaro Energy established Adaro Power in 2010 to act as a strategic vehicle for their
active involvement in the development of power plants in Indonesia.
Their move into power will allow The Company to leverage their competitive advantage in
securing coal supply and create a captive demand for their coal, boost their presence in the
domestic market, secure a stable revenue stream and favorable returns, improve their
bargaining position with boiler manufacturers, and minimize the impact of volatility from the
cyclical nature of the coal sector.
August 2019
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.
DATA SERVICES | INDONESIA STOCK EXCHANGE

IDX LQ45 Index Members Profile 3
ADRO Adaro Energy Tbk.

COMPANY REPORT : JULY 2019 As of 31 July 2019
Main Board Individual Index : 115.455
Industry Sector : Mining (2) Listed Shares : 31,985,962,000
Industry Sub Sector : Coal Mining (21) Market Capitalization : 40,622,171,740,000
29 | 40.6T | 0.56% | 63.87%
17 | 40.9T | 1.28% | 38.92%
COMPANY HISTORY SHAREHOLDERS (July 2019)

Established Date : 28-Jul-2004 1. PT Adaro Strategic Investments 14,045,425,500 : 43.91%
Listing Date : 16-Jul-2008 (IPO Price: 1,100) 2. Garibaldi Thohir 1,976,632,710 : 6.18%
Underwriter IPO : 3. Public (<5%) 15,963,903,790 : 49.91%
PT Danatama Makmur
Securities Administration Bureau : DIVIDEND ANNOUNCEMENT
PT Ficomindo Buana Registrar Bonus Cash Recording Payment
F/I
Year Shares Dividend Cum Date Ex Date Date Date
BOARD OF COMMISSIONERS 2008 11.80 25-Aug-09 26-Aug-09 28-Aug-09 11-Sep-09 F
1. Edwin Soeryadjaya 2009 12.00 11-Dec-09 14-Dec-09 16-Dec-09 30-Dec-09 I
2. Arini Saraswaty Subianto 2009 17.00 2-Jun-10 3-Jun-10 7-Jun-10 18-Jun-10 F
3. Raden Pardede *) 2010 9.85 26-Nov-10 29-Nov-10 1-Dec-10 10-Dec-10 I
4. Theodore Permadi Rachmat 2010 20.50 27-May-11 30-May-11 1-Jun-11 9-Jun-11 F
5. Mohammad Effendi *) 2011 21.35 28-Nov-11 29-Nov-11 1-Dec-11 9-Dec-11 I
*) Independent Commissioners 2011 53.66 29-May-12 30-May-12 1-Jun-12 12-Jun-12 F
2012 12.13 29-May-12 30-May-12 1-Jun-12 12-Jun-12 I
BOARD OF DIRECTORS 2012 10.65 26-Dec-12 27-Dec-12 2-Jan-13 15-Jan-13 I
1. Garibaldi Thohir 2012 12.36 29-May-13 30-May-13 3-Jun-13 12-Jun-13 F
2. Chia Ah Hoo 2013 15.30 24-Dec-13 27-Dec-13 2-Jan-14 16-Jan-14 I
3. Christian Ariano Rachmat 2013 13.47 26-May-14 28-May-14 2-Jun-14 12-Jun-14 F
4. Julius Aslan 2014 11.73 24-Dec-14 29-Dec-14 2-Jan-15 16-Jan-15 I
5. Mohammad Syah Indra Aman 2014 18.52 30-Apr-15 4-May-15 6-May-15 27-May-15 F
2015 15.29 28-Dec-15 29-Dec-15 4-Jan-16 15-Jan-16 I
AUDIT COMMITTEE 2015 17.51 25-Apr-16 26-Apr-16 28-Apr-16 20-May-16 F
1. Mohammad Effendi 2016 25.62 28-Dec-16 29-Dec-16 3-Jan-17 13-Jan-17 I
2. Ignatius Robby Sani 2016 16.78 4-May-17 5-May-17 9-May-17 26-May-17 F
3. Lindawati Gani 2017 42.25 28-Dec-17 29-Dec-17 3-Jan-18 12-Jan-18 I
2017 65.39 30-Apr-18 2-May-18 4-May-18 18-May-18 F
CORPORATE SECRETARY 2018 US$ 0.00235 27-Dec-18 28-Dec-18 2-Jan-19 15-Jan-19 I
Mahardika Putranto
ISSUED HISTORY
HEAD OFFICE Listing Trading
Menara Karya 23th Floor No. Type of Listing Shares Date Date
Jl. H.R. Rasuna Said, Blok X-5, Kv. 1-2 1. First Issue 11,139,331,000 16-Jul-08 16-Jul-08
Jakarta 12950 2. Company Listing 20,846,631,000 16-Jul-08 16-Apr-09
Phone : (021) 2553-3000; 521-1265
Fax : (021) 2559-3083; 5794-4687
Homepage : www.adaro.com
Email : mahardika.putranto@ptadaro.com
investor.relations@adaro.com


TRADING ACTIVITIES
Closing Price* and Trading Volume
Adaro Energy Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
Price* January 2015 - July 2019 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
2,600 480 Jan-15 1,050 925 1,000 70,943 1,137,115 1,117,884 21
Feb-15 1,025 940 960 53,979 1,400,629 1,385,742 19
2,275 420 Mar-15 1,035 935 950 61,722 1,137,398 1,117,337 22
Apr-15 990 835 875 49,786 716,447 686,954 21
May-15 940 835 860 42,790 883,826 789,582 19
1,950 360
Jun-15 925 755 760 44,264 547,730 454,253 21
Jul-15 775 550 590 58,960 1,163,030 730,274 19
1,625 300
Aug-15 650 467 595 66,912 1,314,901 741,787 20
Sep-15 630 510 535 44,300 786,360 457,284 21
1,300 240
Oct-15 710 515 595 72,138 1,316,804 825,705 21
Nov-15 660 525 550 40,268 801,156 481,184 21
975 180 Dec-15 560 441 515 41,140 771,262 409,713 19
650 120 Jan-16 540 437 525 49,972 717,704 348,594 20

Feb-16 655 500 605 49,294 992,131 591,215 20
325 60 Mar-16 800 610 645 78,161 1,559,369 1,113,338 21
Apr-16 770 645 730 62,752 1,311,115 936,423 21
May-16 730 655 710 42,427 699,543 490,135 20
Jun-16 945 705 850 85,576 2,086,354 1,771,262 22
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Jul-16 1,090 860 1,040 57,749 1,195,084 1,207,282 16
Aug-16 1,200 1,015 1,150 92,405 1,438,700 1,627,227 22
Sep-16 1,290 1,105 1,205 82,920 1,003,718 1,206,185 21
Closing Price*, Jakarta Composite Index (IHSG) and Oct-16 1,605 1,250 1,585 93,165 1,240,670 1,799,252 21
Mining Index Nov-16 1,735 1,465 1,530 142,999 1,757,498 2,829,944 22
January 2015 - July 2019 Dec-16 1,770 1,580 1,695 78,919 1,195,610 1,863,543 20
150%
Jan-17 1,760 1,655 1,695 73,011 531,367 911,947 21
120% Feb-17 1,755 1,615 1,695 53,483 535,620 910,453 19
Mar-17 1,845 1,565 1,750 81,339 704,697 1,205,722 22
90% Apr-17 1,940 1,770 1,775 61,224 604,434 1,125,829 17
May-17 1,795 1,395 1,520 81,970 937,416 1,429,528 20
60% Jun-17 1,670 1,465 1,580 60,421 531,927 841,432 15
Jul-17 1,850 1,565 1,785 69,632 778,160 1,330,716 21
22.1% Aug-17 1,995 1,805 1,825 80,189 835,382 1,554,666 22
30%
21.9% Sep-17 1,930 1,630 1,825 80,279 723,828 1,300,512 19
19.5% Oct-17 1,935 1,745 1,825 72,586 746,680 1,394,964 22
-
Nov-17 1,925 1,680 1,700 87,243 1,358,622 2,445,129 22
Dec-17 1,905 1,695 1,860 61,672 708,242 1,281,650 18
-30%
Jan-18 2,650 1,810 2,450 112,333 1,644,802 3,661,205 22

-60% Feb-18 2,590 2,300 2,350 91,655 1,141,539 2,790,115 19
Mar-18 2,420 1,945 2,130 119,529 1,686,873 3,599,491 21
-90% Apr-18 2,290 1,820 1,835 105,048 1,391,488 2,904,001 21
Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 May-18 1,980 1,575 1,885 184,766 3,004,149 5,295,149 20
Jun-18 2,070 1,650 1,790 97,465 1,225,406 2,319,604 13
Jul-18 2,130 1,690 1,905 136,665 1,480,225 2,793,338 22
SHARES TRADED 2015 2016 2017 2018 Jul-19 Aug-18 2,030 1,780 1,865 108,150 1,200,626 2,289,862 21
Volume (Million Sh.) 11,977 15,197 8,996 17,890 8,297 Sep-18 1,900 1,675 1,835 97,129 993,960 1,775,250 19
Value (Billion Rp) 9,198 15,784 15,733 33,372 11,172 Oct-18 1,900 1,610 1,650 104,754 964,801 1,677,369 23
Frequency (Thou. X) 647 916 863 1,426 759 Nov-18 1,650 1,220 1,285 152,432 1,745,700 2,460,455 21
Days 244 246 238 240 139 Dec-18 1,345 1,215 1,215 115,627 1,409,973 1,805,976 18
Price (Rupiah) Jan-19 1,510 1,215 1,390 169,122 1,978,654 2,768,154 22

High 1,050 1,770 1,995 2,650 1,510 Feb-19 1,460 1,215 1,310 127,030 1,401,291 1,867,830 19
Low 441 437 1,395 1,215 1,160 Mar-19 1,480 1,310 1,345 105,187 1,352,733 1,894,116 20
Close 515 1,695 1,860 1,215 1,270 Apr-19 1,360 1,250 1,305 93,035 928,307 1,203,098 19
Close* 515 1,695 1,860 1,215 1,270 May-19 1,360 1,160 1,295 84,617 963,706 1,223,731 21
Jun-19 1,400 1,215 1,360 78,298 772,948 1,006,737 15
PER (X) 7.83 12.06 9.09 6.40 4.84 Jul-19 1,470 1,220 1,270 101,826 899,197 1,208,568 23
PER Industry (X) 0.60 -4.41 6.26 3.39 21.79
PBV (X) 0.36 1.18 1.07 0.60 0.65
* Adjusted price after corporate action


Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana, Rintis, & Partners
BALANCE SHEET Dec-15 Dec-16 Dec-17 Dec-18 Jun-19 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(in Million Rp, except Par Value) Assets Liabilities
Cash & Cash Equivalents 9,689,623 14,469,873 16,350,377 13,493,464 12,659,249 112,500
Receivables 2,732,288 4,099,162 4,354,964 5,393,541 5,743,777

1,004,079 986,431 1,157,893 1,628,777 1,526,662 90,000
Inventories
Current Assets 15,070,207 21,399,719 26,813,687 23,271,475 21,836,758
67,500
Fixed Assets 20,237,329 20,747,697 20,410,780 23,408,359 24,258,546
Other Assets 359,651 352,265 385,712 528,311 539,041
45,000
Total Assets 82,193,328 87,633,045 92,318,064 102,677,499 101,212,412
Growth (%) 6.62% 5.35% 11.22% -1.43% 22,500
Current Liabilities 6,269,001 8,660,241 10,476,695 11,872,714 14,764,335 -

Long Term Liabilities 29,672,453 28,105,694 26,408,005 28,235,038 23,614,622 2015 2016 2017 2018 Jun-19
Total Liabilities 35,941,453 36,765,935 36,884,701 40,107,752 38,378,957
Growth (%) 2.29% 0.32% 8.74% -4.31%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 62,833
62,570
Paid up Capital 3,198,596 3,198,596 3,198,596 3,198,596 3,198,596 62,833
55,433
Paid up Capital (Shares) 31,986 31,986 31,986 31,986 31,986 50,867
46,252
Par Value 100 100 100 100 100
50,015
Retained Earnings 19,132,402 21,868,555 26,645,136 31,429,290 32,991,915

Total Equity 46,251,875 50,867,111 55,433,363 62,569,747 62,833,455
37,197
Growth (%) 9.98% 8.98% 12.87% 0.42% 24,379
INCOME STATEMENTS Dec-15 Dec-16 Dec-17 Dec-18 Jun-19 11,561
Total Revenues 37,029,662 33,915,675 44,143,895 52,638,419 25,103,513

Growth (%) -8.41% 30.16% 19.24%
-1,257
2015 2016 2017 2018 Jun-19
Cost of Revenues 29,535,382 24,708,307 28,678,826 35,039,589 17,122,545

Gross Profit 7,494,280 9,207,368 15,465,069 17,598,830 7,980,968
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 2,916,314 1,312,133 2,569,744 4,628,646 1,609,910
Operating Profit 4,577,967 7,895,235 12,895,325 12,970,184 6,371,058 52,638
Growth (%) 72.46% 63.33% 0.58%

52,638
44,144
41,900
37,030
Other Income (Expenses) -716,019 -552,193 -302,039 -1,031,231 533,483 33,916
Income before Tax 3,861,948 7,343,043 12,593,286 11,938,953 6,904,541

25,104
31,162
Tax 1,779,012 2,765,586 5,325,624 4,994,552 2,362,466

Profit for the period 2,082,935 4,577,457 7,267,662 6,944,401 4,542,075 20,424
Growth (%) 119.76% 58.77% -4.45%

9,685
Period Attributable 2,102,757 4,495,968 6,547,708 6,074,484 4,197,841 -1,053
Comprehensive Income 2,433,220 5,129,462 7,019,639 6,814,541 3,853,578 2015 2016 2017 2018 Jun-19
Comprehensive Attributable 2,384,868 5,031,916 6,303,790 5,974,581 3,502,542
RATIOS Dec-15 Dec-16 Dec-17 Dec-18 Jun-19 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 240.39 247.10 255.94 196.01 147.90
7,268
32.80 42.40 107.64 - - 6,944
Dividend (Rp) 7,268
EPS (Rp) 65.74 140.56 204.71 189.91 131.24

BV (Rp) 1,446.01 1,590.29 1,733.05 1,956.16 1,964.41 5,785
4,577 4,542
DAR (X) 0.44 0.42 0.40 0.39 0.38
DER(X) 0.78 0.72 0.67 0.64 0.61
4,302
ROA (%) 2.53 5.22 7.87 6.76 4.49 2,820
2,083
ROE (%) 4.50 9.00 13.11 11.10 7.23
GPM (%) 20.24 27.15 35.03 33.43 31.79 1,337
OPM (%) 12.36 23.28 29.21 24.64 25.38

NPM (%) 5.63 13.50 16.46 13.19 18.09
-145
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 49.89 30.16 52.58 - -
Yield (%) 6.37 2.50 5.79 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

AKR CORPORINDO TBK.
Company Profile
PT AKR Corporindo Tbk. was established in Surabaya on November 28th, 1977. In 2004, the
Company changed its name from PT Aneka Kimia Raya Tbk. to PT AKR Corporindo Tbk. The
Company started its commercial operations in June 1978.
The Company’s scope of activities comprises of chemical industry, general trading and distribution
of primarily chemical products and petroleum products and gas, engaging in the logistics business,
transportation (including for own use and for transport operations by land or sea and operations
of pipe for sea transportation infrastructure), rental of warehouses and storage tanks, including
workshop, expedition and packaging, conducting a business and acting as a representative and/or
an agent, with distributorship agreements with foreign and local entities, contractors and other
services except legal services.
The Company is domiciled at Wisma AKR, 8th Floor, JI. Panjang No. 5, Kebon Jeruk, Jakarta. Its
major branch office is located at JIn. Sumatra No. 51-53, Surabaya. Other sales offices also the
tank terminals are located in Medan, Palembang, Lampung, Ciwandan (Banten), Bandung,
Semarang, Pontianak, Balikpapan, Banjarmasin, Stagen (South Kalimantan), Makassar, Manado
and Bali. The Company also has a representative office in Guigang, China.
PT AKR Corporindo Tbk. reported that the Company has been appointed by BPH Migas as the
Implementing Business Entity to Procure and Distribute Certain type of Fuels for the next 5 years
from 2018 to 2022. In 2018, AKR will get quota of 250,000 KL diesel fuel to be distributed
throughout Indonesia.
The Company is currently developing the Java Integrated Industrial and Port Estate (“JIIPE”)
located in Gresik in East Java, with the objective of providing logistics and energy solutions to
industrial customers. JIIPE features a deep seaport integrated with a large industrial estate with
good interconnectivity to the fast-growing province of East Java. With a total area of around 3,000
hectares, the project will be one of the largest integrated industrial and port estates in Indonesia.
The total area under development is 1,761 hectares of land for the industrial estate, 406 hectares
of land for the Sea Port and 800 hectares of residential and commercial space being developed by
affiliate.
August 2019
Disclaimer:

AKRA AKR Corporindo Tbk.

Main Board Individual Index : 3,187.988
Industry Sector : Trade, Services & Investment (9) Listed Shares : 4,014,694,920
Industry Sub Sector : Wholesale (Durable & Non-Durable Goods) (91) Market Capitalization : 16,058,779,680,000
73 | 16.1T | 0.22% | 75.77%
49 | 16.0T | 0.50% | 67.05%

Established Date : 28-Nov-1977 1. PT Arthakencana Rayatama 434,015,800 : 10.81%
Listing Date : 03-Oct-1994 (IPO Price: 4,000) 2. Public (<5%) 3,580,679,120 : 89.19%
Underwriter IPO :
PT Lippo Securities DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Raya Saham Registra Year Shares Dividend Cum Date Ex Date Date Date
2010 30.00 19-Nov-10 22-Nov-10 24-Nov-10 9-Dec-10 I
BOARD OF COMMISSIONERS 2010 135.00 11-Mar-11 14-Mar-11 16-Mar-11 29-Mar-11 I
1. Soegiarto Adikoesoemo 2010 2.00 31-May-11 1-Jun-11 6-Jun-11 20-Jun-11 F
2. Agus D.W. Martowardojo 2011 200.00 22-Aug-11 23-Aug-11 25-Aug-11 8-Sep-11 I
3. I Nyoman Mastra *) 2011 25.00 6-Jun-12 7-Jun-12 11-Jun-12 25-Jun-12 F
*) Independent Commissioners 2012 40.00 26-Dec-12 27-Dec-12 2-Jan-13 16-Jan-13 I
2012 65.00 31-May-13 3-Jun-13 5-Jun-13 20-Jun-13 F
BOARD OF DIRECTORS 2013 50.00 18-Sep-13 19-Sep-13 23-Sep-13 4-Oct-13 I
1. Haryanto Adikoesoemo 2013 65.00 5-Jun-14 6-Jun-14 10-Jun-14 24-Jun-14 F
2. Arief Budiman Utomo 2014 50.00 9-Sep-14 10-Sep-14 12-Sep-14 26-Sep-14 I
3. Bambang Soetiono Soedijanto 2014 80.00 12-May-15 13-May-15 18-May-15 29-May-15 F
4. Jimmy Tandyo 2015 100.00 7-Aug-15 8-Aug-15 12-Aug-15 21-Aug-15 I
5. Mery Sofi 2015 20.00 9-May-16 10-May-16 12-May-16 25-May-16 F
6. Nery Polim 2016 70.00 2-Aug-16 3-Aug-16 5-Aug-16 25-Aug-16 I
7. Suresh Vembu 2016 50.00 28-Apr-17 2-May-17 4-May-17 19-May-17 F
8. Termurti Tiban 2017 100.00 1-Aug-17 2-Aug-17 4-Aug-17 15-Aug-17 I
2017 100.00 11-May-18 14-May-18 16-May-18 25-May-18 F
AUDIT COMMITTEE 2018 120.00 11-Jul-18 12-Jul-18 16-Jul-18 3-Aug-18 I
1. I Nyoman Mastra
2. Edwin Gerungan ISSUED HISTORY
3. Sahat Pardede Listing Trading
No. Type of Listing Shares Date Date
CORPORATE SECRETARY 1. First Issue 15,000,000 3-Oct-94 3-Oct-94
Ricardo Silaen 2. Company Listing 50,000,000 T: 3-Oct-94 : 6-May-95
3. Bonus Shares 39,000,000 1-Apr-96 1-Apr-96
HEAD OFFICE 4. Stock Split 2,600,000,000 T: 30-Sep-96 : 27-Jul-07
AKR Building 8th Floor 5. Right Issue 1,043,658,500 T: 20-Dec-04 : 16-Feb-10
Jl. Panjang No.5, Kebon Jeruk 6. OPSI Conversion 18,292,500 T: 11-Apr-08 : 15-Oct-09
Jakarta 11530 7. Opsi MSOP Conversion 248,743,920 T: 9-Apr-10 : 12-Apr-18
Phone : (021) 531-1110
Fax : (021) 531-1388
Homepage : www.akr.co.id
Email : ir@akr.co.id
investor@akr.co.id
ricardo.silaen@akr.co.id


TRADING ACTIVITIES
AKR Corporindo Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
10,000 160 Jan-15 4,750 4,110 4,695 50,776 274,374 1,245,406 21
Feb-15 4,920 4,565 4,870 27,389 161,693 768,346 19
8,750 140 Mar-15 5,200 4,800 5,125 24,742 198,686 999,074 22
Apr-15 5,675 4,960 5,200 32,243 261,347 1,384,596 21
May-15 5,775 5,000 5,475 22,396 111,597 601,606 19
7,500 120
Jun-15 6,225 5,100 5,925 24,500 114,486 645,479 21
Jul-15 6,100 5,200 5,750 34,681 155,464 877,200 19
6,250 100
Aug-15 6,100 5,225 6,075 34,867 161,322 912,186 20
Sep-15 6,075 5,500 5,850 45,702 175,509 1,012,181 21
5,000 80
Oct-15 6,225 5,600 5,900 68,112 205,663 1,197,809 21
Nov-15 6,200 5,775 6,100 70,486 339,847 2,046,075 21
3,750 60 Dec-15 7,300 6,075 7,175 45,178 156,416 1,055,458 19
2,500 40 Jan-16 7,900 6,700 7,350 51,362 203,633 1,469,733 20

Feb-16 8,450 7,150 8,175 48,921 135,035 1,050,475 20
1,250 20 Mar-16 8,075 6,750 6,950 62,967 158,482 1,164,531 21
Apr-16 7,100 6,350 6,500 52,211 183,729 1,240,587 21
May-16 6,500 5,725 6,400 55,208 207,763 1,272,982 20
Jun-16 6,475 5,800 6,400 42,995 187,797 1,152,130 22
Jul-16 6,925 6,400 6,750 38,261 108,541 727,304 16
Aug-16 7,100 6,550 6,675 43,220 142,869 969,694 22
Sep-16 6,950 6,200 6,450 30,439 95,807 637,583 21
Closing Price*, Jakarta Composite Index (IHSG) and Oct-16 7,100 6,325 7,100 33,904 92,819 619,382 21
Trade, Sevices and Investment Index Nov-16 7,075 6,300 6,675 41,080 93,118 629,803 22
January 2015 - July 2019 Dec-16 6,775 5,400 6,000 44,065 95,054 587,752 20
90%
Jan-17 6,875 5,650 6,675 29,072 87,885 552,709 21
75% Feb-17 6,975 6,100 6,350 33,583 103,395 676,591 19
Mar-17 6,750 6,050 6,250 43,221 156,567 995,019 22
60% Apr-17 6,900 6,125 6,775 23,772 140,743 911,661 17
May-17 6,825 6,200 6,625 32,483 190,007 1,212,976 20
45% Jun-17 6,750 6,275 6,525 22,757 148,574 961,251 15
Jul-17 6,900 6,250 6,900 33,588 182,010 1,169,054 21
Aug-17 7,000 6,500 6,775 24,600 161,013 1,074,865 22
30%
Sep-17 7,275 6,725 7,100 27,515 142,978 1,001,644 19
21.9%
Oct-17 8,025 6,850 7,450 33,955 142,553 1,039,572 22
15%
Nov-17 7,700 6,325 6,350 42,017 128,417 901,321 22
Dec-17 6,475 5,925 6,350 32,337 104,789 651,083 18
-
-7.2% Jan-18 6,575 6,150 6,225 40,989 131,444 827,696 22
-11.1%
-15% Feb-18 6,300 5,400 6,100 48,431 170,259 1,004,119 19
Mar-18 6,150 5,500 5,675 37,538 146,539 860,620 21
-30% Apr-18 5,875 4,820 4,900 31,292 171,246 947,095 21
Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 May-18 4,950 4,450 4,920 50,788 286,068 1,334,458 20
Jun-18 5,075 3,960 4,300 46,976 184,871 832,400 13
Jul-18 4,780 3,960 4,210 45,163 179,458 807,741 22
SHARES TRADED 2015 2016 2017 2018 Jul-19 Aug-18 4,420 3,610 3,610 66,943 370,986 1,436,543 21
Frequency (Thou. X) 481 545 379 540 312 Nov-18 4,070 3,290 3,900 34,534 202,848 737,151 21
Days 244 246 238 240 139 Dec-18 4,430 3,780 4,290 38,896 182,523 773,126 18
Price (Rupiah) Jan-19 5,300 4,160 5,250 53,349 210,587 981,530 22

High 7,300 8,450 8,025 6,575 5,875 Feb-19 5,875 5,150 5,550 36,812 180,824 1,004,204 19
Low 4,110 5,400 5,650 3,220 3,810 Mar-19 5,650 4,450 4,720 49,216 160,369 801,550 20
Close 7,175 6,000 6,350 4,290 4,000 Apr-19 4,950 4,390 4,450 33,441 98,332 464,087 19
Close* 7,175 6,000 6,350 4,290 4,000 May-19 4,450 3,810 3,980 39,408 150,541 613,421 21
Jun-19 4,580 3,960 4,090 40,084 138,894 586,248 15
PER (X) 27.41 23.70 21.17 10.47 20.55 Jul-19 4,440 3,850 4,000 60,060 191,728 801,625 23
PER Industry (X) 14.53 19.07 17.44 13.13 13.96
PBV (X) 3.89 3.06 2.82 1.80 1.63


Public Accountant : -
Receivables 3,093,357 2,600,467 2,787,659 4,547,986 3,676,400

20,000
Inventories 2,598,793 862,466 1,072,638 135,486 1,344,507
Current Assets 7,285,599 7,391,379 8,816,349 11,268,598 9,711,382 16,000
Fixed Assets 4,469,498 4,561,738 4,214,694 4,921,528 5,175,286
12,000
Other Assets 40,963 47,249 51,034 66,103,164 176,514
Total Assets 15,203,130 15,830,741 16,823,209 19,940,851 19,043,081 8,000
Growth (%) 4.13% 6.27% 18.53% -4.50%
4,000

Growth (%) -2.03% 0.48% 28.49% -8.50%
Authorized Capital 750,000 750,000 750,000 750,000 750,000 9,927 9,880
Paid up Capital 393,971 399,178 400,633 401,469 401,469 9,927
9,030
7,286
Par Value 100 100 100 100 100
7,902

Total Equity 7,286,175 8,074,320 9,029,649 9,926,831 9,879,924
5,877
Growth (%) 10.82% 11.83% 9.94% -0.47% 3,852
Total Revenues 19,764,821 15,212,591 18,287,936 23,548,144 9,714,262

Growth (%) -23.03% 20.22% 28.76%
-199
2015 2016 2017 2018 Jun-19
Cost of Revenues 17,548,827 13,337,659 16,420,654 21,993,578 8,876,841

Gross Profit 2,215,994 1,874,932 1,867,281 1,554,566 837,422
Expenses (Income) 866,825 685,931 730,411 618,397 344,174
Operating Profit 1,349,170 1,175,362 1,136,871 936,170 493,247 23,548
Growth (%) -12.88% -3.27% -17.65%

23,548
19,765
18,288
18,744
Other Income (Expenses) -32,149 -56,815 19,359 -46,013 -30,430 15,213
Income before Tax 1,317,021 1,118,547 1,156,230 890,156 462,817 13,941
Tax 258,280 71,695 -148,371 -706,497 102,623 9,714
Profit for the period 1,058,741 1,046,852 1,304,601 1,596,653 360,195 9,137
Growth (%) -1.12% 24.62% 22.39%

4,333
Period Attributable 1,033,630 1,010,786 1,201,667 1,644,834 390,765 -471
Comprehensive Income 1,084,776 901,038 1,340,604 1,613,028 337,352 2015 2016 2017 2018 Jun-19
Comprehensive Attributable 1,046,610 878,161 1,234,585 1,644,418 377,814
Current Ratio (%) 149.56 127.09 162.38 139.76 135.88
1,597
Dividend (Rp) 120.00 120.00 200.00 120.00 -
EPS (Rp) 262.36 253.22 299.94 409.70 97.33 1,305
BV (Rp) 1,849.42 2,022.74 2,253.85 2,472.62 2,460.94 1,271
1,059 1,047
DAR (X) 0.52 0.49 0.46 0.50 0.48
DER(X) 1.09 0.96 0.86 1.01 0.93
945
ROA (%) 6.96 6.61 7.75 8.01 1.89 620
ROE (%) 14.53 12.97 14.45 16.08 3.65 360

GPM (%) 11.21 12.32 10.21 6.60 8.62 294
OPM (%) 6.83 7.73 6.22 3.98 5.08

NPM (%) 5.36 6.88 7.13 6.78 3.71
-32
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 45.74 47.39 66.68 29.29 -
Yield (%) 1.67 2.00 3.15 2.80 -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

ANEKA TAMBANG TBK.
Company Profile
PT Aneka Tambang Tbk. was established dated July 5rd, 1968. The company is a vertically integrated,
export-oriented, diversified mining and metals company in Indonesia. With operations spread
throughout the mineral-rich Indonesian archipelago, the company undertakes all activities from
exploration, exploitation, processing, refining to the marketing of nickel ore, ferronickel, gold, silver,
bauxite and coal and precious metals refining services.
The Company’s head office is domiciled in Jakarta and located at Aneka Tambang Building, Jl. Letjen TB
Simatupang No 1 Lingkar Selatan, Tanjung Barat, Jakarta 12530.
The company makes its cash by exploring and discovering mineral deposits, extracting them and
processing them as economically and correctly as possible and selling them to long term loyal customers
in Europe and Asia. The company has been doing this profitably since its inception in 1968 and plans to
continuing doing this for many years ahead.
The company’s main products are high grade nickel ore, also known as saprolite, low grade nickel ore,
also known as limonite, ferronickel, gold, silver, and bauxite. The company’s main services are precious
metal refining and geological services.
In 2018, PT Aneka Tambang Tbk. Achieved three Green and three Blue rankings in the PROPER Awards
for the 2017-2018 period from the Ministry of the Environment and Forestry for the good
environmental management performance of the Company’s business units and subsidiaries.
PT Aneka Tambang Tbk is pleased to announce the Company has signed the Share Purchase Agreement
(SPA) deed as a final phase of the purchase of Showa Denko K.K (SDK) Japan's shares in PT Indonesia
Chemical Alumina (PT ICA). The SPA signing ceremony was held on December 28th, 2018 in Jakarta
August 2019
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.

ANTM Aneka Tambang Tbk.

Industry Sub Sector : Metal And Mineral Mining (23) Market Capitalization : 22,468,765,017,875
53 | 22.5T | 0.31% | 74.03%
30 | 28.1T | 0.88% | 62.27%

Established Date : 05-Jul-1968 1. PT Indonesia Asahan Aluminium (Persero) 15,619,999,999 : 65.00%
Listing Date : 27-Nov-1997 (IPO Price: 1,400) 2. Public (<5%) 8,410,764,726 : 35.00%
Underwriter IPO :
Danarkesa Sekuritas DIVIDEND ANNOUNCEMENT
Bahana Securities Bonus Cash Recording Payment
F/I
Pentasena Arthasentosa Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 1997 11.00 29-Jun-98 30-Jun-98 9-Jul-98 6-Aug-98 F
PT Datindo Entrycom 1997 11.59 1-Oct-98 2-Oct-98 12-Oct-98 9-Nov-98 F
1998 50.00 29-Jun-99 30-Jun-99 8-Jul-99 6-Aug-99 F
BOARD OF COMMISSIONERS 1998 53.87 4-Oct-99 5-Oct-99 13-Oct-99 10-Nov-99 F
1. Fachrul Razi 1999 79.19 5-Jun-00 6-Jun-00 14-Jun-00 28-Jun-00 F
2. Anang Sri Kusuwardono *) 2000 80.00 23-Jul-01 24-Jul-01 27-Jul-01 10-Aug-01 F
3. Gumilar Rusliwa Somantri *) 2000 75.66 23-Oct-01 24-Oct-01 29-Oct-01 12-Nov-01 F
4. Zaelani 2001 100 : 55 10-Jul-02 11-Jul-02 17-Jul-02 30-Jul-02 BS
*) Independent Commissioners 2001 47.10 5-Aug-02 6-Aug-02 9-Aug-02 23-Aug-02 F
2001 46.77 28-Oct-02 29-Oct-02 1-Nov-02 15-Nov-02 F
BOARD OF DIRECTORS 2002 34.42 17-Jul-03 18-Jul-03 21-Jul-03 5-Aug-03 F
1. Arie Prabowo Ariotedjo 2003 38.60 18-Jun-04 21-Jun-04 23-Jun-04 30-Jun-04 F
2. Tatang Hendra 2004 19.60 23-Dec-04 27-Dec-04 29-Dec-04 10-Jan-05 I
3. Dimas Wikan Pramudhito 2004 128.48 20-Jun-05 21-Jun-05 23-Jun-05 30-Jun-05 F
4. Johan N.B. Nababan 2005 150.05 22-Jun-06 23-Jun-06 27-Jun-06 11-Jul-06 F
5. Sutrisno Saidi Tatetdagat 2006 325.58 21-Jun-07 22-Jun-07 26-Jun-07 6-Jul-07 F
2007 215.23 17-Jul-08 18-Jul-08 22-Jul-08 1-Aug-08 F
AUDIT COMMITTEE 2008 57.47 17-Jun-09 18-Jun-09 22-Jun-09 3-Jul-09 F
1. Gumilar Rusliwa Somantri 2009 25.38 28-Jun-10 29-Jun-10 1-Jul-10 15-Jul-10 F
2. Rukmana Nugraha Adhi 2010 70.71 6-Jul-11 7-Jul-11 11-Jul-11 25-Jul-11 F
3. Mursyid Amal 2011 90.99 27-Jun-12 28-Jun-12 2-Jul-12 16-Jul-12 F
4. Zaelani 2012 47.09 29-May-13 30-May-13 3-Jun-13 18-Jun-13 F
2013 9.67 29-Apr-14 30-Apr-14 5-May-14 20-May-14 F
CORPORATE SECRETARY 2017 1.99 19-Apr-18 20-Apr-18 24-Apr-18 16-May-18 I
Kunto Hendrapawoko
ISSUED HISTORY
HEAD OFFICE Listing Trading
Aneka Tambang Building Tower A No. Type of Listing Shares Date Date
Jl. TB. Simatupang No. 1, Lingkar Selatan Tanjung Barat 1. Negara RI (Series A) 1 27-Nov-97 16-Jun-10
Jakarta 12530 2. First Issue 430,769,000 27-Nov-97 27-Nov-97
Phone : (021) 789-1234 3. Company Listing 799,999,999 27-Nov-97 31-Jul-98
Fax : (021) 789-1224 4. Bonus Shares 676,922,950 30-Jul-02 30-Jul-02
Homepage : www.antam.com 5. Stock Split 7,630,767,800 12-Jul-07 12-Jul-07
Email : corsec@antam.com 6. Right Issue 9,770,941,207 27-Oct-15 27-Oct-15
7. Right Issue 1,419,898,697 28-Oct-15 28-Oct-15
8. Right Issue 1,738,706,667 30-Oct-15 30-Oct-15
9. Right Issue 1,144,096,939 2-Nov-15 2-Nov-15
10. Right Issue 418,661,465 3-Nov-15 3-Nov-15


TRADING ACTIVITIES
Aneka Tambang Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
1,200 800 Jan-15 1,135 1,015 1,065 27,277 358,666 386,504 21
Feb-15 1,080 990 1,005 15,857 198,657 206,880 19
1,050 700 Mar-15 1,020 850 865 18,637 173,597 176,292 22
Apr-15 925 790 795 13,826 119,720 111,098 21
May-15 840 760 760 14,217 142,077 114,866 19
900 600
Jun-15 780 675 680 14,582 105,278 77,529 21
Jul-15 685 475 475 16,768 144,244 131,865 19
750 500
Aug-15 655 450 500 46,189 739,580 428,743 20
Sep-15 540 465 486 34,277 416,378 208,489 21
600 400
Oct-15 540 372 378 131,861 3,888,004 1,600,412 21
Nov-15 380 306 315 131,304 4,300,732 1,499,127 21
450 300 Dec-15 337 285 314 50,579 1,421,659 445,595 19
300 200 Jan-16 335 292 329 62,777 2,410,865 759,355 20

Feb-16 375 328 364 53,244 2,717,517 984,664 20
150 100 Mar-16 481 360 464 79,723 4,128,364 1,879,203 21
Apr-16 775 458 760 113,912 5,409,195 3,476,843 21
May-16 780 625 650 47,998 1,825,883 1,303,940 20
Jun-16 780 640 725 84,693 3,099,489 2,265,324 22
Jul-16 860 710 795 77,562 2,315,202 1,836,504 16
Aug-16 840 695 720 68,878 1,699,867 1,345,673 22
Sep-16 850 615 820 77,349 2,673,099 1,983,203 21
Closing Price*, Jakarta Composite Index (IHSG) and Oct-16 900 770 895 77,772 4,196,316 3,612,322 21
Mining Index Nov-16 1,005 865 970 85,469 3,883,073 3,643,626 22
January 2015 - July 2019 Dec-16 980 850 895 41,128 1,547,377 1,400,943 20
80%
Jan-17 930 795 800 60,157 1,892,375 1,625,427 21
60% Feb-17 860 740 745 50,104 977,952 785,183 19
Mar-17 785 690 730 50,757 842,749 625,636 22
40% Apr-17 745 690 695 30,088 389,439 277,889 17
May-17 790 595 775 56,729 1,520,556 1,076,788 20
21.9% Jun-17 780 690 695 27,157 691,973 509,036 15
20%
19.5%
Jul-17 740 685 690 25,623 923,184 691,781 21
6.5% Aug-17 765 645 740 60,438 1,430,385 1,031,233 22
-
Sep-17 755 620 640 39,750 839,911 579,507 19
Oct-17 675 635 645 24,688 518,189 344,558 22
-20%
Nov-17 725 645 665 53,627 1,237,669 851,948 22
Dec-17 665 600 625 19,555 896,922 661,195 18
-40%
Jan-18 940 625 915 98,849 3,226,607 2,534,952 22

-60% Feb-18 960 790 955 64,684 1,715,448 1,527,403 19
Mar-18 955 765 775 47,690 1,934,347 1,642,657 21
-80% Apr-18 945 775 845 66,456 2,187,406 1,884,055 21
Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 May-18 900 775 865 52,319 946,527 801,124 20
Jun-18 1,015 805 890 65,860 2,153,604 2,002,910 13
Jul-18 960 765 915 91,636 1,801,765 1,589,614 22
SHARES TRADED 2015 2016 2017 2018 Jul-19 Aug-18 955 825 5,220 469,584 9,153,162 8,135,467 126
Volume (Million Sh.) 12,009 35,906 12,161 56,910 17,000 Sep-18 860 755 5,070 461,166 7,809,210 6,342,353 114
Value (Billion Rp) 5,387 24,492 9,060 45,388 15,392 Oct-18 845 665 4,080 511,464 8,632,423 6,605,129 138
Frequency (Thou. X) 515 871 499 2,930 959 Nov-18 720 595 3,690 455,352 6,578,207 4,373,464 126
Days 244 246 238 750 161 Dec-18 795 640 4,590 544,740 10,771,087 7,948,618 108
Price (Rupiah) Jan-19 980 735 1,930 281,780 5,282,189 4,540,646 44

High 1,135 1,005 930 1,015 1,150 Feb-19 1,150 935 1,015 178,851 3,786,061 3,901,023 19
Low 285 292 595 595 660 Mar-19 1,075 870 885 117,403 1,848,132 1,813,028 20
Close 314 895 625 4,590 935 Apr-19 950 850 865 67,041 997,526 898,528 19
Close* 314 895 625 4,590 935 May-19 870 660 725 91,073 1,330,532 989,116 21
Jun-19 860 730 845 92,590 1,356,834 1,095,777 15
PER (X) -5.24 331.85 110.03 21.02 32.72 Jul-19 985 800 935 130,366 2,398,497 2,153,403 23
PER Industry (X) 0.60 -4.41 6.26 3.39 21.79
PBV (X) 0.41 1.17 0.81 0.96 1.13


BALANCE SHEET Dec-15 Dec-16 Dec-17 Dec-18 Mar-19 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
Receivables 578,145 990,485 1,377,350 974,910 1,375,698

1,752,585 1,388,416 1,257,785 2,027,732 2,280,464 27,000
Inventories
Current Assets 11,252,827 10,630,222 9,001,939 8,498,443 8,842,326
20,250
Fixed Assets 12,267,804 12,958,946 14,092,995 20,128,156 20,113,628
Other Assets 81,249 74,723 280,586 546,754 780,163
13,500
Total Assets 30,356,851 29,981,536 30,014,273 33,306,391 33,598,994
Growth (%) -1.24% 0.11% 10.97% 0.88% 6,750

Long Term Liabilities 7,700,802 7,220,427 5,971,408 8,055,416 7,834,559 2015 2016 2017 2018 Mar-19
Growth (%) -3.88% -0.42% 17.73% 0.90%
Authorized Capital 3,800,000 3,800,000 3,800,000 3,800,000 3,800,000
Paid up Capital 2,403,076 2,403,076 2,403,076 2,403,076 2,403,076
19,910
23,048
19,739
Paid up Capital (Shares) 24,031 24,031 24,031 24,031 24,031 18,317 18,409 18,490
Par Value 100 100 100 100 100
19,143
Retained Earnings 9,593,048 9,685,249 9,765,721 10,591,179 10,761,871 15,238
Total Equity 18,316,719 18,408,796 18,490,404 19,739,231 19,909,923

Growth (%) 0.50% 0.44% 6.75% 0.86%
11,332
7,427
INCOME STATEMENTS Dec-15 Dec-16 Dec-17 Dec-18 Mar-19 3,522
Total Revenues 10,531,505 9,106,261 12,653,619 25,241,268 6,219,068

Growth (%) -13.53% 38.96% 99.48%
-383
2015 2016 2017 2018 Mar-19
Cost of Revenues 10,336,364 8,254,466 11,009,727 21,764,832 5,183,942

Gross Profit 195,141 851,795 1,643,892 3,476,436 1,035,126
Expenses (Income) 896,579 843,639 1,043,286 1,623,707 730,397
Operating Profit -701,439 8,156 600,606 1,852,729 304,729
25,241
Growth (%) N/A 7,263.93% 208.48%
28,092
24,022
Other Income (Expenses) -967,335 229,136 -146,210 -587,227 -34,419 19,952
Income before Tax -1,668,774 237,292 454,397 1,265,502 270,309

12,654
15,882
Tax -227,921 172,485 317,893 391,075 98,641 10,532

9,106
Profit for the period -1,440,853 64,806 136,503 874,427 171,669
11,811
6,219
Growth (%) N/A 110.63% 540.59% 7,741
3,671
Period Attributable -1,440,852 64,810 136,503 874,425 171,668 -399
Comprehensive Income 912,556 92,077 81,608 1,296,605 170,692 2015 2016 2017 2018 Mar-19
Comprehensive Attributable 912,557 92,081 81,611 1,296,603 170,692
RATIOS Dec-15 Dec-16 Dec-17 Dec-18 Mar-19 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 259.32 244.24 162.13 154.19 151.03
Dividend (Rp) - - 1.99 - - 1,046 874
EPS (Rp) -59.96 2.70 5.68 36.39 7.14
BV (Rp) 762.22 766.05 769.45 821.42 828.52
631
137 172
DAR (X) 0.40 0.39 0.38 0.41 0.41 217
2015 65
DER(X) 0.66 0.63 0.62 0.69 0.69

2016 2017 2018 Mar-19
ROA (%) -4.75 0.22 0.45 2.63 0.51
-198
ROE (%) -7.87 0.35 0.74 4.43 0.86 -612
GPM (%) 1.85 9.35 12.99 13.77 16.64 -1,026
OPM (%) -6.66 0.09 4.75 7.34 4.90

NPM (%) -13.68 0.71 1.08 3.46 2.76
-1,441
-1,441
Payout Ratio (%) - - 35.03 - -
Yield (%) - - 0.32 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,244

ASTRA INTERNATIONAL TBK.
Company Profile
PT Astra International Tbk. was established in 1957 in Jakarta as a general trading company under the
name Astra International Inc. In 1990, for the purpose of the Company’s Initial Public Offering (IPO), the
name of the Company changed to PT Astra International Tbk., followed by listing its shares on the
Indonesia Stock Exchange.
By 2018, Astra Group had expanded its business by implementing a business model based on synergies
and diversification within seven business segments, consisting of: 1) Automotive, 2) Financial Services,
3) Heavy Equipment, Mining, Construction and Energy, 4) Agribusiness, 5) Infrastructure and Logistics, 6)
Information Technology and 7) Property.
With a diversified business, The Group has touched various aspects of the nation’s life through its
products and services. In everyday life, the people of Indonesia use motorcycles and cars, toll roads,
printers, as well as financial services, banking and insurance from the Group. Business owners partnering
with the Group used a variety of commercial vehicles, heavy equipment, logistics services, information
technology systems and mining services from the Group. Many products, including palm oil, coal and
motor vehicles are continually exported, thus allowing the Group to contribute in generating foreign
exchange revenues for the country.
By the end of 2018, the Group’s business operations across Indonesia were being operated through 227
subsidiaries, joint ventures and associates, and supported by 226,140 employees. As one of the nation’s
largest business groups today, Astra Group has built a strong reputation through diverse and quality
products and services offerings, with due observance to good corporate governance and environmental
governance standards
In 2018 the company received awards: Best Public Company Award 2018, The Best Equitable Treatment
of Shareholders The Best Contact Center Indonesia (TBCCI) 2018, etc.
The first project is the construction of an office building through PT Menara Astra and the construction
of a premium residential cooperated with Hong Kong Land through PT Brahmayasa Bahtera.
The Company’s head office is domiciled in Jakarta and located at Jl. Gaya Motor Raya No. 8, Sunter II,
North Jakarta.
August 2019
Disclaimer:

ASII Astra International Tbk.

Industry Sector : Miscellaneous Industry (4) Listed Shares : 40,483,553,140
Industry Sub Sector : Automotive And Components (42) Market Capitalization : 283,384,871,980,000
7 | 283.4T | 3.89% | 42.12%
5 | 116.6T | 3.66% | 24.03%

Established Date : 20-Feb-1957 1. Jardine Cycle & Carriage Limited 20,288,255,040 : 50.11%
Listing Date : 04-Apr-1990 (IPO Price: 14,850) 2. Public (<5%) 20,195,298,100 : 49.89%
Underwriter IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
F/I
1995 90.00 25-Jun-96 26-Jun-96 4-Jul-96 31-Jul-96 F
BOARD OF COMMISSIONERS 1996 120.00 30-Jun-97 1-Jul-97 9-Jul-97 29-Jul-97 F
1. Budi Setiadharma 2003 50.00 1-Dec-03 2-Dec-03 4-Dec-03 18-Dec-03 I
2. Muhamad Chatib Basri *) 2003 170.00 28-Jun-04 29-Jun-04 1-Jul-04 14-Jul-04 F
3. Sri Indrastuti Hadiputranto *) 2004 100.00 1-Nov-04 2-Nov-04 4-Nov-04 12-Nov-04 I
4. Stephen Patrick Gore 2004 270.00 16-Jun-05 17-Jun-05 21-Jun-05 4-Jul-05 F
5. Akihiro Murakami *) 2005 100.00 9-Nov-05 10-Nov-05 14-Nov-05 24-Nov-05 I
6. Anthony John Liddell Nightingale 2005 340.00 15-Jun-06 16-Jun-06 20-Jun-06 4-Jul-06 F
7. Benjamin William Keswick 2006 150.00 20-Oct-06 30-Oct-06 1-Nov-06 15-Nov-06 I
8. David Alexander Newbigging 2006 290.00 14-Jun-07 15-Jun-07 19-Jun-07 3-Jul-07 F
9. John Raymond Witt 2007 160.00 29-Oct-07 30-Oct-07 1-Nov-07 15-Nov-07 I
10. Mark Spencer Greenberg 2008 300.00 28-Oct-08 29-Oct-08 31-Oct-08 14-Nov-08 I
*) Independent Commissioners 2008 570.00 17-Jun-09 18-Jun-09 22-Jun-09 3-Jul-09 F
2009 830.00 16-Jun-10 17-Jun-10 21-Jun-10 5-Jul-10 F
BOARD OF DIRECTORS 2010 470.00 27-Oct-10 28-Oct-10 1-Nov-10 15-Nov-10 I
1. Prijono Sugiarto 2011 600.00 26-Oct-11 27-Oct-11 31-Oct-11 14-Nov-11 I
2. Gidion Hasan 2011 1,380.00 16-May-12 21-May-12 23-May-12 6-Jun-12 F
3. Gita Tiffani Boer 2012 66.00 18-Oct-12 19-Oct-12 23-Oct-12 7-Nov-12 I
4. Henry Tanoto 2012 150.00 20-May-13 21-May-13 23-May-13 7-Jun-13 F
5. Johannes Loman 2013 64.00 10-Oct-13 11-Oct-13 17-Oct-13 31-Oct-13 I
6. Santosa 2013 152.00 22-May-14 23-May-14 28-May-14 12-Jun-14 F
7. Suparno Djasmin 2014 64.00 14-Oct-14 15-Oct-14 17-Oct-14 31-Oct-14 I
8. Bambang Widjanarko Santoso 2014 152.00 6-May-15 7-May-15 11-May-15 29-May-15 F
9. Chiew Sin Cheok 2015 64.00 25-Sep-15 28-Sep-15 30-Sep-15 21-Oct-15 I
10. Djony Bunarto Tjondro 2015 113.00 4-May-16 9-May-16 11-May-16 27-May-16 F
11. Fxl Kesuma 2016 55.00 26-Sep-16 27-Sep-16 29-Sep-16 21-Oct-16 I
2016 113.00 28-Apr-17 2-May-17 4-May-17 19-May-17 F
AUDIT COMMITTEE 2017 55.00 2-Oct-17 3-Oct-17 5-Oct-17 27-Oct-17 I
1. Muhamad Chatib Basri 2017 130.00 3-May-18 4-May-18 8-May-18 25-May-18 F
2. Angky Tisnadisastra 2018 60.00 4-Oct-18 5-Oct-18 9-Oct-18 31-Oct-18 I
3. Lindawati Gani
4. Stephen Patrick Gore ISSUED HISTORY
Listing Trading
CORPORATE SECRETARY No. Type of Listing Shares Date Date
Gita Tiffany Boer 1. First Issue 30,000,000 4-Apr-90 4-Apr-90
2. Partial Listing 24,805,000 T: 4-Apr-90 : 4-Oct-90
HEAD OFFICE 3. Company Listing 184,893,000 T: 18-Dec-91 : 2-Jan-92
Astra Building 4. Koperasi 2,500,000 T: 18-Dec-91 : 31-Dec-99
Jl. Jenderal Sudirman Kav 5-6 5. Right Issue 1,453,219,775 T: 3-Jan-94 : 21-Jan-03
Jakarta 10250 6. Bonus Shares 871,912,800 8-Sep-94 8-Sep-94
Phone : (021) 5082-1997 7. CB Conversion 280,837 T: 12-Mar-97 : 7-Aug-97
Fax : (021) 6530-4957 8. Stock Split 37,598,029,063 T: 1-Sep-97 : 5-Jun-12
Homepage : www.astra.co.id 9. Right Conversion 262,168,650 T: 24-Apr-00 : 19-Jan-04
Email : corcomm@ai.astra.co.id 10. Option I 8,637,003 T: 16-Oct-00 : 16-Feb-01
investor@ai.astra.co.id 11. Option I Conversion 16,203,924 T: 31-Jul-01 : 26-Apr-02
12. Option II Conversion 30,903,088 T: 26-Apr-02 : 25-May-04


TRADING ACTIVITIES
Astra International Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
10,000 320 Jan-15 8,100 7,000 7,850 80,784 804,490 6,050,554 21
Feb-15 8,175 7,450 7,850 72,728 692,429 5,401,520 19
8,750 280 Mar-15 8,575 7,800 8,575 77,266 1,094,749 8,817,908 22
Apr-15 8,575 6,700 6,850 81,463 962,611 7,475,288 21
May-15 7,950 6,950 7,300 64,001 657,248 4,891,329 19
7,500 240
Jun-15 7,350 6,550 7,075 79,359 735,267 5,126,440 21
Jul-15 7,150 6,325 6,650 62,675 381,032 2,576,235 19
6,250 200
Aug-15 6,875 5,450 5,925 83,564 881,000 5,385,567 20
Sep-15 6,200 4,975 5,225 79,802 590,132 3,412,962 21
5,000 160
Oct-15 6,875 5,075 5,900 120,523 1,170,631 7,099,297 21
Nov-15 6,850 5,800 5,925 105,808 1,168,021 7,428,850 21
3,750 120 Dec-15 6,600 5,800 6,000 102,962 1,002,948 6,241,308 19
2,500 80 Jan-16 6,450 5,700 6,450 100,020 1,286,937 7,745,522 20

Feb-16 7,150 6,050 6,800 114,269 1,323,536 8,865,281 20
1,250 40 Mar-16 7,525 6,575 7,250 97,271 1,019,546 7,273,311 21
Apr-16 7,850 6,600 6,725 85,928 904,645 6,505,517 21
May-16 6,800 6,000 6,600 83,719 892,157 5,771,878 20
Jun-16 7,400 6,500 7,400 95,059 976,858 6,664,491 22
Jul-16 7,825 6,975 7,725 85,978 1,025,887 7,578,146 16
Aug-16 8,650 7,650 8,150 107,608 1,328,778 10,777,443 22
Sep-16 8,875 7,700 8,250 90,887 905,514 7,520,722 21
Closing Price*, Jakarta Composite Index (IHSG) and Oct-16 8,600 8,075 8,225 83,200 790,440 6,572,517 21
Miscellaneous Industry Index Nov-16 8,400 7,300 7,550 107,226 978,647 7,745,903 22
January 2015 - July 2019 Dec-16 8,275 7,325 8,275 80,062 643,082 5,007,909 20
40%
Jan-17 8,250 7,900 7,950 64,767 515,769 4,162,657 21
30% Feb-17 8,425 7,850 8,200 69,729 619,361 5,009,369 19
Mar-17 8,800 8,100 8,625 86,727 1,253,345 10,615,445 22
20% 21.9% Apr-17 9,350 8,350 8,950 70,794 583,383 5,095,422 17
May-17 9,050 8,325 8,750 89,112 739,914 6,440,409 20
10% Jun-17 9,150 8,650 8,925 51,178 501,548 4,444,226 15
Jul-17 9,025 7,900 7,975 86,368 1,096,363 9,273,202 21
Aug-17 8,050 7,650 7,875 86,524 939,312 7,395,704 22
-
-4.7% Sep-17 7,950 7,625 7,900 59,509 906,857 5,034,874 19
-5.4% Oct-17 8,525 7,800 8,000 78,494 622,576 5,029,083 22
-10%
Nov-17 8,600 7,975 7,975 71,522 707,716 5,845,364 22
Dec-17 8,475 7,975 8,300 70,522 625,556 5,132,392 18
-20%
Jan-18 8,750 8,000 8,500 90,912 764,322 6,372,847 22

-30% Feb-18 8,750 8,000 8,075 71,003 633,775 5,271,947 19
Mar-18 8,200 7,050 7,300 108,407 940,206 7,095,199 21
-40% Apr-18 7,975 7,050 7,150 70,582 666,391 4,990,119 21
Jun-18 7,100 6,275 6,600 67,440 726,895 4,915,951 13
Jul-18 7,150 6,100 7,150 88,391 737,595 4,872,118 22
Frequency (Thou. X) 1,011 1,131 885 1,090 849 Nov-18 8,625 7,825 8,550 110,038 1,061,823 8,776,820 21
Days 244 246 238 240 139 Dec-18 8,775 8,050 8,225 109,043 865,763 7,213,257 18
Price (Rupiah) Jan-19 8,550 7,950 8,450 146,053 1,025,915 8,475,751 22

High 8,575 8,875 9,350 8,775 8,550 Feb-19 8,500 7,150 7,150 134,571 928,370 7,192,913 19
Low 4,975 5,700 7,625 6,100 6,625 Mar-19 7,400 7,000 7,325 129,569 1,144,749 8,266,757 20
Close 6,000 8,275 8,300 8,225 7,000 Apr-19 8,025 7,275 7,625 106,784 1,003,540 7,636,838 19
Close* 6,000 8,275 8,300 8,225 7,000 May-19 7,675 6,625 7,450 123,206 815,929 5,808,563 21
Jun-19 7,700 7,225 7,450 79,731 587,891 4,388,235 15
PER (X) 16.79 22.10 17.80 15.36 14.45 Jul-19 7,525 7,000 7,000 128,639 1,032,943 7,489,981 23
PER Industry (X) 0.95 13.86 4.78 16.58 23.20
PBV (X) 1.92 2.54 2.15 1.98 1.60


Receivables 53,005,000 55,063,000 61,949,000 31,220,000 31,800,000

18,337,000 17,771,000 19,504,000 26,505,000 25,506,000 290,000
Inventories
Current Assets 105,161,000 110,403,000 121,293,000 133,609,000 132,065,000
217,500
Fixed Assets 41,702,000 43,237,000 48,402,000 57,733,000 15,025,000
Other Assets 2,978,000 3,007,000 4,846,000 7,990,000 8,811,000
145,000
Total Assets 245,435,000 261,855,000 295,646,000 344,711,000 350,288,000
Growth (%) 6.69% 12.90% 16.60% 1.62% 72,500

Growth (%) 2.56% 14.24% 22.27% 1.75%
174,363
Paid up Capital 2,024,000 2,024,178 2,024,178 2,024,178 2,024,178 176,952
156,329
50 50 50 50 50 126,533
Par Value
140,854

Total Equity 126,533,000 139,906,000 156,329,000 174,363,000 176,952,000
104,756
Growth (%) 10.57% 11.74% 11.54% 1.48% 68,657
Total Revenues 184,196,000 181,084,000 206,057,000 239,205,000 116,182,000

Growth (%) -1.69% 13.79% 16.09%
-3,539
2015 2016 2017 2018 Jun-19
Cost of Revenues 147,486,000 144,652,000 163,689,000 188,436,000 91,714,000

Gross Profit 36,710,000 36,432,000 42,368,000 50,769,000 24,468,000
Expenses (Income) 17,080,000 14,179,000 13,172,000 15,774,000 8,772,000
Operating Profit - - - - - 239,205
Growth (%) 206,057

239,205
184,196 181,084
190,407
Other Income (Expenses) - - - - -

Income before Tax 19,630,000 22,253,000 29,196,000 34,995,000 15,696,000 141,609
116,182
Tax 4,017,000 3,951,000 6,031,000 7,623,000 3,395,000
Growth (%) 17.22% 26.57% 18.16%

44,014
Current Ratio (%) 137.93 123.94 122.86 114.72 122.29
27,372
Dividend (Rp) 177.00 168.00 185.00 60.00 - 27,372
23,165
EPS (Rp) 357.31 374.37 466.39 535.35 242.15
BV (Rp) 3,125.82 3,455.87 3,861.54 4,307.01 4,370.96 21,788
18,302
DAR (X) 0.48 0.47 0.47 0.49 0.49 15,613
DER(X) 0.94 0.87 0.89 0.98 0.98 12,301
16,204
ROA (%) 6.36 6.99 7.84 7.94 3.51 10,620
ROE (%) 12.34 13.08 14.82 15.70 6.95

GPM (%) 19.93 20.12 20.56 21.22 21.06 5,036
OPM (%) - - - - -
NPM (%) 8.48 10.11 11.24 11.44 10.59
-547
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 49.54 44.87 39.67 11.21 -
Yield (%) 2.95 2.03 2.23 0.73 -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

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 several
time, the last change was on May 21st, 1974, which is PT Bank Central Asia.
The company began operations in banking since the date of October 12, 1956. The Bank
operates as a commercial bank. Bank engaged in banking and other financial services in
accordance with the regulations applicable in Indonesia. The company is Indonesia’s largest
lender by market value and the second largest bank by assets.
The company offers both individual and business products and services. Its individual products
and services consist of savings accounts, electronic banking, credit cards, bank assurance,
investment products, consumer credit products, remittance, collection and safe deposit
facilities. Its business products and services consist of BCA trade, savings accounts, working
capital loans, investment loans and bank guarantees for small and medium- sized enterprises,
as well as for corporate customers.
As of June 30th, 2019, BCA had 1,002 domestics branches and 2 overseas representatives
located in Hong Kong and Singapore.
External Accolades and Recognitions: The Most Efficient Bank, The Most Reliable Bank,
dan The Best Parenting Bank, dan Best Bank in Productivity at Indonesia Banking Award 2018,
13 awards at the Contact Center Service Excellence Award (CCSEA) 2018 namely Call Center
Priority Banking, Call Center Regular Banking, Call Center Platinum Credit Card, Call Center
KPR, Call Center Personal Loan, Call Center EDC, Call Center Life & Health Insurance, Email
Center Banking Finance Insurance, Twitter Banking Finance Insurance, Facebook Banking
Finance Insurance, Call Center Sharia Banking, Call Center Regular Credit Card, and Call Center
Automotive Financing, Contact Center World (CCW) Asia Pacific Award 2018, Best Bank award
in Indonesia at the 2018 Euromoney Awards for Excellence, The Best Banks in Indonesia and
Asia at Finance Asia Country Awards for Achievement 2018 , etc.
BCA has direct and indirect ownership in subsidiaries: PT BCA Finance, BCA Finance Limited,
PT Bank BCA Syariah, PT BCA Sekuritas, PT Asuransi Umum BCA, PT Central Santosa Finance, PT
Asuransi Jiwa BCA, and PT Central Capital Ventura.
The Company’s head office is domiciled in Jakarta and located at BCA Tower, Grand Indonesia,
Jl. M.H. Thamrin No.1, Jakarta 10310.
August 2019
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

BBCA Bank Central Asia Tbk.

Industry Sector : Finance (8) Listed Shares : 24,408,459,120
Industry Sub Sector : Bank (81) Market Capitalization : 755,441,809,764,000
1 | 755.4T | 10.38% | 10.38%
2 | 169.1T | 5.31% | 11.07%

Established Date : 10-Aug-1955 1. Dwimuria Investama Andalan 13,545,990,000 : 55.50%
Listing Date : 31-May-2000 (IPO Price: 1,400) 2. Public (<5%) 10,862,469,120 : 44.50%
Underwriter IPO :
Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
Bahana Securities Bonus Cash Recording Payment
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Raya Saham Registra 2001 85.00 14-Nov-01 15-Nov-01 20-Nov-01 4-Dec-01 I
2001 140.00 29-Oct-02 30-Oct-02 1-Nov-02 15-Nov-02 F
BOARD OF COMMISSIONERS 2002 225.00 3-Dec-03 4-Dec-03 8-Dec-03 19-Dec-03 F
1. Djohan Emir Setijoso 2003 225.00 30-Jun-04 1-Jul-04 6-Jul-04 20-Jul-04 F
2. Cyrillus Harinowo *) 2004 50.00 22-Nov-04 23-Nov-04 25-Nov-04 8-Dec-04 F
3. Raden Pardede *) 2004 80.00 19-Jul-05 20-Jul-05 22-Jul-05 5-Aug-05 F
4. Sumantri Slamet *) 2005 50.00 6-Oct-05 7-Oct-05 11-Oct-05 25-Oct-05 I
5. Tonny Kusnadi 2005 90.00 6-Jun-06 7-Jun-06 9-Jun-06 23-Jun-06 F
*) Independent Commissioners 2006 55.00 10-Oct-06 11-Oct-06 13-Oct-06 3-Nov-06 I
2006 115.00 8-Jun-07 11-Jun-07 13-Jun-07 27-Jun-07 I
BOARD OF DIRECTORS 2007 55.00 29-Nov-07 30-Nov-07 4-Dec-07 18-Dec-07 I
1. Jahja Setiaatmadja 2007 63.50 12-Jun-08 13-Jun-08 17-Jun-08 1-Jul-08 F
2. Lianawaty Suwono 2008 35.00 15-Jan-09 16-Jan-09 20-Jan-09 30-Jan-09 I
3. Rudy Susanto 2008 65.00 9-Jun-09 10-Jun-09 12-Jun-09 26-Jun-09 F
4. Santoso 2009 40.00 12-Nov-09 13-Nov-09 17-Nov-09 2-Dec-09 I
5. Suwignyo Budiman 2009 70.00 31-May-10 1-Jun-10 3-Jun-10 17-Jun-10 F
6. Subur Tan 2010 42.50 19-Nov-10 22-Nov-10 24-Nov-10 9-Dec-10 I
7. Vera Eve Lim 2010 70.00 6-Jun-11 7-Jun-11 9-Jun-11 23-Jun-11 F
8. Armand Wahyudi Hartono 2011 43.50 6-Dec-11 7-Dec-11 9-Dec-11 23-Dec-11 I
9. Erwan Yuris Ang 2011 113.50 8-Jun-12 11-Jun-12 13-Jun-12 27-Jun-12 F
10. Henry Koenaifi 2012 43.50 3-Dec-12 4-Dec-12 6-Dec-12 20-Dec-12 I
11. Inawaty Handojo 2012 71.00 28-May-13 29-May-13 31-May-13 17-Jun-13 F
2013 45.00 28-Nov-13 29-Nov-13 3-Dec-13 17-Dec-13 I
AUDIT COMMITTEE 2013 120.00 29-Apr-14 30-Apr-14 5-May-14 20-May-14 F
1. Cyrillus Harinowo 2014 50.00 4-Dec-14 5-Dec-14 9-Dec-14 23-Dec-14 I
2. Ilham Ikhsan 2014 148.00 16-Apr-15 17-Apr-15 21-Apr-15 13-May-15 F
3. Tjen Lestari 2015 55.00 12-Nov-15 13-Nov-15 17-Nov-15 9-Dec-15 I
2016 70.00 30-Nov-16 1-Dec-16 5-Dec-16 22-Dec-16 I
CORPORATE SECRETARY 2017 80.00 28-Nov-17 29-Nov-17 4-Dec-17 20-Dec-17 I
Jan Hendra 2017 175.00 12-Apr-18 13-Apr-18 17-Apr-18 30-Apr-18 F
2018 85.00 30-Nov-18 3-Dec-18 4-Dec-18 21-Dec-18 I
HEAD OFFICE
BCA Tower 20th Floor, Grand Indonesia ISSUED HISTORY
Jl. M.H. Thamrin No. 1 Listing Trading
Jakarta 10310 No. Type of Listing Shares Date Date
Phone : (021) 2358-8000 1. First Issue 662,400,000 31-May-00 31-May-00
Fax : (021) 2358-8300 2. Company Listing 2,252,146,140 T: 31-May-00 : 11-Jan-01
Homepage : www.bca.co.id 3. Stock Split 21,199,350,480 T: 15-May-01 : 28-Jan-08
Email : halobca@bca.co.id 4. Option Conversion 210,852,000 T: 29-Nov-01 : 9-Nov-06
humas@bca.co.id 5. Option Conversion MSOP 89,226,500 T: 4-Aug-03 : 29-Sep-04
investor_relations@bca.co.id 6. Partial Delisting -5,516,000 4-Jan-08 4-Jan-08


TRADING ACTIVITIES
Bank Central Asia Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
32,000 16,000 Jan-15 13,425 12,800 13,375 53,863 273,651 3,592,271 21
Feb-15 14,550 13,250 14,100 62,002 260,770 3,622,454 19
28,000 14,000 Mar-15 14,825 14,025 14,825 90,945 331,831 4,777,845 22
Apr-15 15,600 12,900 13,475 86,286 451,166 6,531,175 21
May-15 14,500 13,400 14,125 67,586 339,175 4,710,311 19
24,000 12,000
Jun-15 14,125 13,050 13,500 78,844 312,229 4,220,125 21
Jul-15 13,900 12,650 13,100 59,176 246,896 3,285,014 19
20,000 10,000
Aug-15 13,900 11,000 12,900 86,829 484,481 6,064,524 20
Sep-15 12,850 11,300 12,275 62,916 340,220 4,094,909 21
16,000 8,000
Oct-15 13,775 11,875 12,900 76,510 379,238 4,966,315 21
Nov-15 13,750 12,375 12,375 70,680 466,909 6,129,554 21
12,000 6,000 Dec-15 13,800 12,700 13,300 85,393 681,684 9,049,648 19
8,000 4,000 Jan-16 13,550 12,750 13,100 84,389 565,286 7,404,232 20

Feb-16 13,575 12,875 13,475 111,412 533,233 7,075,078 20
4,000 2,000 Mar-16 13,925 13,050 13,300 87,449 561,182 7,541,426 21
Apr-16 13,450 12,775 13,050 75,089 374,867 4,906,411 21
May-16 13,300 12,875 13,000 69,705 402,089 5,250,016 20
Jun-16 13,450 12,625 13,325 75,748 422,148 5,505,430 22
Jul-16 14,675 13,200 14,450 77,416 628,474 8,850,322 16
Aug-16 15,500 14,375 15,050 77,154 634,101 9,559,456 22
Sep-16 16,000 14,800 15,700 91,853 535,155 8,173,240 21
Finance Index Nov-16 15,650 13,950 14,300 83,694 12,183,909 185,159,678 22
January 2015 - July 2019 Dec-16 15,550 14,125 15,500 72,759 551,439 8,145,086 20
140%
134.0%
Jan-17 15,875 14,950 15,300 60,466 265,560 4,090,291 21
120% Feb-17 15,700 15,000 15,450 49,112 291,641 4,526,374 19
Mar-17 17,000 15,350 16,550 69,915 505,739 8,118,270 22
100% Apr-17 18,000 16,575 17,750 70,124 2,459,800 42,831,784 17
May-17 18,550 16,800 17,150 134,338 1,008,009 17,752,214 20
80% 80.5% Jun-17 18,325 17,325 18,150 84,529 461,064 8,209,641 15
Jul-17 19,000 18,075 18,700 105,834 401,795 7,420,533 21
Aug-17 19,200 18,500 18,950 95,958 301,120 5,677,576 22
60%
Sep-17 20,375 18,675 20,300 84,559 396,706 7,679,084 19
Oct-17 21,375 20,050 20,900 108,732 388,988 7,981,308 22
40%
Nov-17 21,625 20,350 20,350 120,899 433,958 9,101,570 22
Dec-17 22,750 20,650 21,900 88,224 323,853 6,872,305 18
20% 21.9%
Jan-18 23,450 21,325 22,725 100,058 429,302 9,641,870 22

- Feb-18 24,700 22,850 23,175 106,682 357,012 8,445,760 19
Mar-18 23,800 22,525 23,300 107,419 420,658 9,764,952 21
-20% Apr-18 23,650 21,050 22,100 105,958 347,898 7,862,787 21
Jun-18 23,150 20,825 21,475 97,746 296,903 6,493,567 13
Jul-18 23,625 20,600 23,275 114,510 351,425 7,878,376 22
Frequency (Thou. X) 881 981 1,073 1,422 953 Nov-18 26,200 23,350 26,050 146,618 512,284 12,622,290 21
Days 244 246 238 240 139 Dec-18 26,975 24,900 26,000 123,413 429,003 11,088,346 18
Price (Rupiah) Jan-19 28,200 25,575 28,175 148,684 442,357 11,853,360 22

High 15,600 16,200 22,750 26,975 31,450 Feb-19 28,750 26,675 27,575 120,580 370,488 10,178,223 19
Low 11,000 12,625 14,950 20,600 25,575 Mar-19 28,000 27,125 27,750 95,632 266,296 7,324,493 20
Close 13,300 15,500 21,900 26,000 30,950 Apr-19 29,025 27,250 28,750 117,435 291,873 8,132,920 19
Close* 13,300 15,500 21,900 26,000 30,950 May-19 29,475 25,700 29,100 192,976 399,621 11,191,873 21
Jun-19 30,950 28,950 29,975 133,948 282,329 8,300,334 15
PER (X) 18.02 18.55 23.16 24.79 29.66 Jul-19 31,450 29,325 30,950 143,543 275,427 8,402,530 23
PER Industry (X) 25.09 20.71 19.10 21.83 19.88
PBV (X) 3.66 3.49 4.11 4.46 4.78


Cash on Hand 17,849,460 15,943,854 16,754,289 21,691,443 17,953,525 875,000
Placements with Other Banks 56,259,099 35,363,890 18,969,682 31,682,811 32,558,446

700,000
Marketable Securities 51,153,115 2,547,098 140,349,930 14,014,552 27,685,695
Loans 378,616,292 403,391,221 454,264,956 524,530,462 537,650,609
525,000
Investment 173,120 108,709,161 3,346,595 174,212 152,070
Fixed Assets 9,712,021 16,990,835 16,868,949 19,336,901 19,306,097
350,000
Other Assets 8,619,292 258,733 11,982,478 13,362,330 11,670,387
Total Assets 594,372,770 676,738,753 750,319,671 824,787,944 870,457,083 175,000
Growth (%) 13.86% 10.87% 9.92% 5.54%
-
Deposits 478,173,935 535,399,322 586,873,856 636,927,823 668,505,698 2015 2016 2017 2018 Jun-19
Taxes Payable - 163,682 147,398 1,165,336 1,232,963
Fund Borrowings 1,743,337 2,788,552 3,040,602 2,093,475 1,996,154
Other Liabilities - 9,258,788 11,332,381 15,025,822 15,045,968 TOTAL EQUITY (Bill. Rp)
159,684
Growth (%) 11.68% 9.70% 8.70% 5.66% 159,684
151,753
131,402
112,715
Paid up Capital 1,540,938 1,540,938 1,540,938 1,540,938 1,540,938
89,625
Par Value 63 63 63 63 63
Retained Earnings 81,995,065 985,031,800 1,159,983,220 135,568,861 142,146,152
61,958
Total Equity 89,624,940 112,715,059 131,401,694 151,753,427 159,684,337

Growth (%) 25.76% 16.58% 15.49% 5.23%
29,382
2015 2016 2017 2018 Jun-19
INCOME STATEMENTS Dec-15 Dec-16 Dec-17 Dec-18 Jun-19

-3,194
Total Interest Income 47,081,728 50,425,826 53,767,939 56,766,800 31,177,312

Growth (%) 7.10% 6.63% 5.58%
TOTAL INTEREST INCOME (Bill. Rp)
Interest Expenses 11,212,932 10,346,736 11,941,465 11,476,255 6,675,614
56,767
Other Operating Revenue 12,007,376 1,953,656 2,965,830 17,743,675 9,739,704 53,768
50,426
Other Operating Expenses 25,219,058 23,378,946 25,190,321 30,328,156 18,095,885 47,082
Income from Operations 22,657,114 25,839,200 29,158,743 32,706,064 16,145,517 45,186
Growth (%) 14.04% 12.85% 12.17%

33,606
31,177
Non-Operating Revenues - - - - -
Income Before Tax 22,657,114 25,839,200 29,158,743 32,706,064 16,145,517 22,026
Provision for Income Tax 4,621,346 5,206,919 5,837,593 6,854,404 3,283,221

Profit for the period 18,035,768 20,632,281 23,321,150 25,851,660 12,862,296
10,445
Growth (%) 14.40% 13.03% 10.85%

-1,135
2015 2016 2017 2018 Jun-19

Period Attributable 18,018,653 20,605,736 23,309,994 25,855,154 12,861,707
Comprehensive Income 17,691,505 27,404,745 24,075,741 26,762,035 14,217,937
PROFIT FOR THE PERIOD (Bill. Rp)
RATIOS Dec-15 Dec-16 Dec-17 Dec-18 Jun-19 25,852

55.00 70.00 255.00 85.00 - 23,321
Dividend (Rp)
25,852
20,632
EPS (Rp) 730.83 835.76 945.45 1,048.68 521.67
18,036
3,635.16 4,571.69 5,329.61 6,155.07 6,476.75
20,578
BV (Rp)
DAR (X) 0.84 0.83 0.82 0.81 0.81 15,304
12,862
DER(X) 5.60 4.97 4.68 4.40 4.42
ROA (%) 3.03 3.05 3.11 3.13 1.48 10,030
ROE (%) 20.12 18.30 17.75 17.04 8.05

OPM (%) 48.12 51.24 54.23 57.61 51.79
4,757
NPM (%) 38.31 40.92 43.37 45.54 41.26 -517
Payout Ratio (%) 7.53 8.38 26.97 8.11 - 2015 2016 2017 2018 Jun-19
Yield (%) 0.41 0.45 1.16 0.33 -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

BANK NEGARA INDONESIA

(PERSERO) TBK.
Company Profile
PT Bank Negara Indonesia (Persero) Tbk. was originally established on July 5th, 1946, PT Bank Negara
Indonesia (Persero) Tbk. or BNI was the first state-owned bank that was established after the
independence of Republic of Indonesia. Subsequently, the company became “Bank Negara Indonesia
1946” and changed its status to a state-owned commercial bank. BNI as a State Owned Enterprise was the
first to became a public company after listing its shares on the Jakarta Stock Exchange and the Surabaya
Stock Exchange in 1996. To strengthen its financial structure and competitiveness in the national banking
industry, BNI conducted a number of corporate actions, including being recapitalized by the Government in
1999, Government share divestment in 2007, and a limited public offering in 2010.
The company’s scope of activity is to engage in general banking services. The company offers deposit and
loan facilities for the corporate, medium, and small segments. Many of the best products and services have
been adapted to the needs of customers from childhood, through adolescence and adulthood, until
retirement.
Currently, the Government of the Republic of Indonesia owns 60% of BNI shares, while the public, both
individuals and institutions, own the remaining 40% domestic and foreign. BNI is now the 4th largest
national Bank in Indonesia, based on total assets, total loans and total third-party funds. To provide
financial services in an integrated manner. BNI is supported by a number of subsidiaries, namely Bank BNI
Syariah, BNI Multifinance, BNI Sekuritas, BNI Life Insurance, and BNI Remittance.
As of June 30th, 2019, BNI has 201 domestic branches, 1,112 sub-branches and 934 other outlets. In
addition, BNI’s network also includes 5 overseas branches located in Singapore, Hong Kong, Tokyo, London
and Seoul and 1 agency in New York. All of the subsidiaries of BNI are domiciled in Jakarta, except for BNI
Remittance Ltd. which is domiciled in Hong Kong.
The Company’s head office is domiciled in Jakarta and located at Jl. Jenderal Sudirman Kav.1, Jakarta. As of
June 30th, 2019, BNI had 25,229 permanent employees and 1,185 non-permanent employees, total 26,484
employees.
August 2019
Disclaimer:

BBNI Bank Negara Indonesia (Persero) Tbk.

8 | 156.5T | 2.15% | 44.28%
8 | 76.5T | 2.40% | 26.43%

Established Date : 05-Jul-1946 1. Republic of Indonesia 11,189,193,875 : 60.61%
Listing Date : 25-Nov-1996 (IPO Price: 850) 2. Public (<5%) 7,272,976,018 : 39.39%
Underwriter IPO :
PT Bahana Securities DIVIDEND ANNOUNCEMENT
PT BNI Securities Bonus Cash Recording Payment
F/I
PT Danareksa Sekuritas Year Shares Dividend Cum Date Ex Date Date Date
PT Pentasena Arthasentosa 1996 13.00 6-May-97 7-May-97 16-May-97 14-Jun-97 F
Securities Administration Bureau : 1997 14.00 30-Jun-98 1-Jul-98 10-Jul-98 8-Aug-98 F
PT Datindo Entrycom 2001 4.41 9-Oct-02 10-Oct-02 14-Oct-02 28-Oct-02 F
2002 6.30 23-Oct-03 24-Oct-03 28-Oct-03 5-Nov-03 F
BOARD OF COMMISSIONERS 2003 23.71 1-Jul-04 2-Jul-04 7-Jul-04 21-Jul-04 F
1. Ari Kuncoro *) 2004 118.07 23-Jun-05 24-Jun-05 28-Jun-05 7-Jul-05 F
2. Ahmad Fikri Assegaf *) 2005 53.26 15-Jun-06 16-Jun-06 20-Jun-06 4-Jul-06 F
3. Hambra 2006 72.50 19-Jun-07 20-Jun-07 22-Jun-07 2-Jul-07 F
4. Joni Swastanto 2007 29.40 17-Jun-08 18-Jun-08 20-Jun-08 4-Jul-08 F
5. Marwanto Harjowiryono 2008 8.00 18-Jun-09 19-Jun-09 23-Jun-09 7-Jul-09 F
6. Pataniari Siahaan *) 2009 9.44 25-Nov-09 26-Nov-09 1-Dec-09 11-Dec-09 I
7. Ratih Nurdiati 2009 47.48 8-Jun-10 9-Jun-10 11-Jun-10 25-Jun-10 F
8. Revrisond Baswir *) 2010 65.98 10-Jun-11 13-Jun-11 15-Jun-11 30-Jun-11 F
9. Sigit Widyawan *) 2011 62.48 10-May-12 11-May-12 15-May-12 30-May-12 F
*) Independent Commissioners 2012 113.35 26-Apr-13 29-Apr-13 1-May-13 16-May-13 F
2013 145.71 28-Apr-14 29-Apr-14 2-May-14 19-May-14 F
BOARD OF DIRECTORS 2014 144.55 24-Mar-15 25-Mar-15 27-Mar-15 17-Apr-15 I
1. Achmad Baiquni 2015 122.53 17-Mar-16 18-Mar-16 22-Mar-16 13-Apr-16 F
2. Dadang Setiabudi 2016 212.81 23-Mar-17 24-Mar-17 29-Mar-17 19-Apr-17 F
3. Endang Hidayatullah 2017 255.56 27-Mar-18 28-Mar-18 2-Apr-18 20-Apr-18 F
4. Herry Sidharta
5. Putrama Wahju Setyawan ISSUED HISTORY
6. Rico Rizal Budidarmo Listing Trading
7. Tambok Parulian Setyawati Simanjuntak No. Type of Listing Shares Date Date
8. Adi Sulistyowati 1. Negara RI (Series A) 1 25-Nov-96 0-Jan-00
9. Anggoro Eko Cahyo 2. First Issue 1,085,032,000 25-Nov-96 25-Nov-96
10. Bob Tyasika Ananta 3. Company Listing 3,255,095,999 25-Nov-96 28-Jun-97
11. Catur Budi Harto 4. Partial Delisting -43,401,280 2-Jul-99 2-Jul-99
5. Right Issue 151,904,480,000 5-Jul-99 5-Jul-99
AUDIT COMMITTEE 6. Additional Listing 41,375,391,255 20-Apr-01 20-Apr-01
1. Pataniari Siahaan 7. Partial Delisting -343,540,085 12-Dec-01 12-Dec-01
2. Ahmad Fikri Assegaf 8. Reverse Stock Split -184,084,187,364 23-Dec-03 23-Dec-03
3. Lungguk Gultom 9. Right Issue 1,974,563,625 13-Aug-07 13-Aug-07
4. Donnaria Silalahi 10. Partial Delisting -2,233,046 31-Aug-07 31-Aug-07
11. HMETD 3,340,968,788 29-Dec-10 29-Dec-10
CORPORATE SECRETARY
Meiliana
HEAD OFFICE
BNI Building 24th Floor
Jl. Jend. Sudirman Kav. 1 Jakarta 10220
Jakarta 10220
Phone : (021) 251-1946; 572-8387
Fax : (021) 572-8053
Homepage : www.bni.co.id
Email : BNI@46.co.id
investor.relations@bni.co.id
meiliana@bni.co.id


TRADING ACTIVITIES
Bank Negara Indonesia (Persero) Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
12,000 160 Jan-15 6,300 5,725 6,250 59,023 605,276 3,684,362 21
Feb-15 7,075 6,175 6,875 58,356 468,870 3,156,997 19
10,500 140 Mar-15 7,225 6,550 7,225 80,139 703,023 4,829,845 22
Apr-15 7,275 6,250 6,425 64,819 618,174 4,250,511 21
May-15 7,125 6,325 6,875 58,043 425,307 2,869,575 19
9,000 120
Jun-15 6,825 5,100 5,300 114,675 851,390 4,886,319 21
Jul-15 5,675 4,450 4,760 110,477 877,538 4,483,456 19
7,500 100
Aug-15 5,250 4,070 4,950 154,228 889,236 4,151,806 20
Sep-15 4,890 3,800 4,135 140,264 796,672 3,494,776 21
6,000 80
Oct-15 5,375 4,075 4,755 110,116 767,305 3,708,085 21
Nov-15 5,250 4,650 4,770 79,530 473,123 2,359,153 21
4,500 60 Dec-15 5,150 4,780 4,990 75,750 522,777 2,595,771 19
3,000 40 Jan-16 5,200 4,850 4,910 75,208 565,592 2,816,764 20

Feb-16 5,675 4,835 5,075 97,903 945,582 4,897,086 20
1,500 20 Mar-16 5,450 4,965 5,200 72,880 634,035 3,326,553 21
Apr-16 5,300 4,570 4,585 101,018 978,561 4,822,933 21
May-16 4,800 4,270 4,800 100,177 763,572 3,468,064 20
Jun-16 5,275 4,600 5,200 78,752 714,117 3,480,763 22
Jul-16 5,700 5,100 5,350 72,297 605,068 3,246,926 16
Aug-16 5,975 5,400 5,875 82,341 715,930 4,088,051 22
Sep-16 5,875 5,300 5,550 71,626 656,284 3,652,224 21
Finance Index Nov-16 5,725 4,810 5,175 81,983 665,387 3,519,725 22
January 2015 - July 2019 Dec-16 5,650 5,200 5,525 50,052 323,755 1,747,808 20
100%
Jan-17 5,800 5,400 5,700 51,030 407,642 2,279,205 21
80% 80.5% Feb-17 6,375 5,675 6,250 64,800 655,534 4,027,677 19
Mar-17 6,950 6,150 6,475 79,994 870,115 5,664,000 22
60% Apr-17 6,700 6,075 6,375 55,959 704,986 4,480,590 17
May-17 7,200 6,375 6,550 70,270 541,883 3,574,422 20
40% Jun-17 6,775 6,350 6,600 47,081 350,064 2,280,943 15
38.9%
Jul-17 7,450 6,550 7,450 75,575 422,729 2,924,154 21
21.9% Aug-17 7,450 7,125 7,350 73,479 371,831 2,727,122 22
20%
Sep-17 7,575 7,075 7,400 45,075 333,680 2,433,326 19
Oct-17 7,750 7,275 7,600 53,383 388,194 2,931,936 22
-
Nov-17 8,400 7,650 8,100 64,285 398,066 3,184,138 22
Dec-17 10,000 8,200 9,900 67,076 554,251 5,203,963 18
-20%
Jan-18 10,000 9,125 9,400 90,844 674,119 6,367,224 22

-40% Feb-18 10,175 8,925 9,725 85,827 388,181 3,720,247 19
Mar-18 9,875 8,425 8,675 80,265 479,269 4,416,949 21
-60% Apr-18 9,000 7,900 8,050 77,389 431,716 3,659,763 21
Jun-18 8,550 6,800 7,050 81,632 397,514 3,036,571 13
Jul-18 7,600 6,750 7,400 100,965 576,525 4,187,808 22
Frequency (Thou. X) 1,105 951 748 1,073 615 Nov-18 9,050 7,325 8,500 109,401 760,540 6,161,588 21
Days 244 246 238 240 139 Dec-18 8,850 8,425 8,800 62,779 433,980 3,755,417 18
Price (Rupiah) Jan-19 9,400 8,650 9,075 85,167 610,896 5,506,656 22

High 7,275 5,975 10,000 10,175 10,250 Feb-19 9,325 8,650 8,800 73,926 416,355 3,716,085 19
Low 3,800 4,270 5,400 6,675 7,825 Mar-19 9,650 8,525 9,400 72,609 393,530 3,578,995 20
Close 4,990 5,525 9,900 8,800 8,475 Apr-19 10,250 9,400 9,600 64,741 414,173 4,006,950 19
Close* 4,990 5,525 9,900 8,800 8,475 May-19 9,575 7,825 8,400 135,217 698,728 5,943,001 21
Jun-19 9,225 8,425 9,200 81,015 384,174 3,367,229 15
PER (X) 10.16 9.09 13.56 10.93 10.35 Jul-19 9,450 8,225 8,475 102,527 550,373 4,884,870 23
PER Industry (X) 25.09 20.71 19.10 21.83 19.88
PBV (X) 1.19 1.19 1.83 1.58 1.35


Cash on Hand 12,890,427 11,167,643 11,577,664 14,043,846 11,446,244
Placements with Other Banks 33,416,808 33,661,668 28,592,738 39,324,445 41,845,971 850,000
Loans 314,066,531 376,594,527 441,313,566 497,886,888 549,234,005 680,000
Investment 35,793 57,169 713,423 785,007 785,007

510,000
Fixed Assets 20,756,594 21,972,223 22,804,689 26,126,508 25,884,028
Other Assets 4,482,111 6,793,167 10,380,886 11,900,084 15,208,749 340,000
Total Assets 508,595,288 603,031,880 709,330,084 808,572,011 843,214,400

170,000
Growth (%) 18.57% 17.63% 13.99% 4.28%
-
Deposits 358,184,938 425,188,266 504,430,731 566,046,697 568,922,821 2015 2016 2017 2018 Jun-19
Taxes Payable 749,396 150,770 80,425 481,064 239,428
Fund Borrowings 22,523,581 32,695,422 44,722,165 52,024,506 56,220,319
Other Liabilities 7,583,784 11,148,956 14,730,714 14,608,465 15,310,999 TOTAL EQUITY (Bill. Rp)
116,710
Growth (%) 19.38% 18.55% 14.92% 4.30% 110,374
100,903
89,254
78,438
92,901
Paid up Capital 9,054,807 9,054,807 9,054,807 9,054,807 9,054,807

Par Value 7500 & 7500 & 375 7500 & 7500 & 375 7500 & 7500 & 375 7500 & 7500 & 375 7500&7500&375

45,284
Total Equity 78,438,222 89,254,000 100,903,304 110,373,789 116,710,178

Growth (%) 13.79% 13.05% 9.39% 5.74%
21,475

-2,334
2015 2016 2017 2018 Jun-19

Growth (%) 18.63% 10.07% 12.37%
54,139
Other Operating Revenue 8,872,380 9,962,683 11,507,024 17,610,016 9,710,775
48,178
54,139
Other Operating Expenses 16,509,898 19,216,843 20,863,357 33,456,932 17,662,609

43,768
Income from Operations 11,412,081 14,229,332 17,222,663 19,599,399 9,661,554
36,895
43,094
Growth (%) 24.69% 21.04% 13.80%

32,050 28,598
Non-Operating Revenues 54,067 73,573 -57,276 221,316 -30,569

9,962
Growth (%) 24.83% 20.69% 9.59%

-1,083
2015 2016 2017 2018 Jun-19


13,771
Dividend (Rp) 122.53 212.81 255.56 - -
15,092
EPS (Rp) 486.18 608.02 730.16 805.16 409.37 11,410

4,206.11 4,786.08 5,410.75 5,918.59 6,258.37
12,013
BV (Rp) 9,141
DAR (X) 0.81 0.82 0.82 0.83 0.83 8,934
7,720
DER(X) 5.26 5.52 5.79 6.08 6.00
ROA (%) 1.80 1.89 1.94 1.87 0.92 5,856
ROE (%) 11.65 12.78 13.65 13.67 6.61

OPM (%) 30.93 32.51 35.75 36.20 33.78
2,777
NPM (%) 24.77 26.07 28.58 27.88 27.00 -302
Payout Ratio (%) 25.20 35.00 35.00 - - 2015 2016 2017 2018 Jun-19
Yield (%) 2.46 3.85 2.58 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

BANK RAKYAT INDONESIA

(PERSERO) TBK.
Company Profile
Bank Rakyat Indonesia (BRI) is the oldest commercial bank in Indonesia, established on December 16,
1895, in Purwokerto, Central Java, by Raden Bei Aria Wirjaatmadja as De Poerwokertosche Hulp en
Spaarbank der Inlandsche Hoofden or "Help and Savings Bank of the Aristocrats of Purwokerto", a
financial institution that served people of Indonesian nationality (native Indonesians). Following the
independence of the Republic of Indonesia, Government Regulation No. 1/1946 Article 1 acknowledged
in writing that BRI was the first state-owned bank in the Republic of Indonesia. In 2003, the Indonesian
government decided to sell 30% of the Bank’s shares, a decision that transformed the Bank into a
public company as PT Bank Rakyat Indonesia (Persero) Tbk., as it remains today.
Since its establishment, the company consistently focuses on micro, small and medium enterprises, and
became the pioneer of microfinance in Indonesia. The company offers a whole range of banking
products and services, which include saving products, loan products (particularly micro credit, small
commercial loans and consumer credit), e-banking, international business services and islamic (sharia)
banking.
In 2018 the company received awards: The Best Automated Advisory Initiative, Application or
Programme, The Best Productivity, Efficiency and Automation Initiative, Application or Programme, The
Best Frictionless Customer Relationship Management, The Best E-Commerce Proposition, The Best
Innovation Centre by Financial Institution, Best Acquirer Bank Category Tier 2 Islamic Bank; Best Issuer
Bank Category Tier 2 Islamic Bank; The Highest E-Channel Transactions Bank Category Tier 2 Islamic
Bank; & 2nd Best Transaction Growth as Acquirer Bank, Best of the Best from Forbes Indonesia 2018.
BRI Subsidiaries: PT Bank BRI Syariah, PT Bank Rakyat Indonesia Agroniaga Tbk., BRI Remittance Co. Ltd.
Hong Kong, PT Asuransi BRI Life, and PT BRI Multifinance Indonesia, PT Bahana Artha Ventura.
The Company’s head office is domiciled in Jakarta and located at BRI 1 Building, Jl. Jenderal Sudirman,
Kav. 44-46, Jakarta 10210. As of June 30th, 2018, the Group had 61.173 permanent employees.
August 2019
Disclaimer:

BBRI Bank Rakyat Indonesia (Persero) Tbk.

2 | 547.1T | 7.52% | 17.90%
1 | 183.7T | 5.76% | 5.76%

Established Date : 16-Dec-1895 1. Republic of Indonesia 70,000,000,000 : 57.32%
Listing Date : 10-Nov-2003 (IPO Price: 875) 2. Public (<5%) 52,112,351,900 : 42.68%
Underwriter IPO :
PT Bahana Securities (affiliated) DIVIDEND ANNOUNCEMENT
F/I
PT Datindo Entrycom Year Shares Dividend Cum Date Ex Date Date Date
2003 84.19 6-Jul-04 7-Jul-04 9-Jul-04 23-Jul-04 F
BOARD OF COMMISSIONERS 2004 152.88 16-Jun-05 17-Jun-05 21-Jun-05 5-Jul-05 F
1. Andrinof A. Chaniago *) 2005 156.18 21-Jun-06 22-Jun-06 26-Jun-06 10-Jul-06 F
2. A. Sonny Keraf *) 2006 173.04 13-Jun-07 14-Jun-07 18-Jun-07 2-Jul-07 F
3. A. Fuad Rahmany *) 2007 196.34 18-Jun-08 19-Jun-08 23-Jun-08 7-Jul-08 F
4. Hadiyanto 2008 168.82 16-Jun-09 17-Jun-09 19-Jun-09 3-Jul-09 F
5. Hendrikus Ivo *) 2009 132.08 28-Jun-10 29-Jun-10 1-Jul-10 15-Jul-10 F
6. Nicolaus Teguh Budi Harjanto 2010 45.93 17-Dec-10 20-Dec-10 22-Dec-10 30-Dec-10 I
7. Rofikoh Rokhim 2010 70.04 27-May-11 30-May-11 1-Jun-11 15-Jun-11 F
8. Wahyu Kuncoro 2011 122.28 26-Apr-12 27-Apr-12 1-May-12 15-May-12 F
*) Independent Commissioners 2012 225.23 26-Mar-13 27-Mar-13 1-Apr-13 15-Apr-13 F
2013 257.33 28-Apr-14 29-Apr-14 2-May-14 14-May-14 F
BOARD OF DIRECTORS 2014 294.80 26-Mar-15 27-Mar-15 31-Mar-15 22-Apr-15 I
1. Suprajarto 2015 311.66 31-Mar-16 1-Apr-16 5-Apr-16 22-Apr-16 F
2. Haru Koesmahargyo 2016 428.61 22-Mar-17 23-Mar-17 27-Mar-17 13-Apr-17 F
3. Indra Utoyo 2017 106.75 29-Mar-18 2-Apr-18 4-Apr-18 25-Apr-18 F
4. Mohammad Irfan
5. Osbal Saragi Rumahorbo ISSUED HISTORY
6. Priyastomo Listing Trading
7. R. Sophia Alizsa No. Type of Listing Shares Date Date
8. Sis Apik Wijayanto 1. First Issue 4,764,705,000 10-Nov-03 10-Nov-03
9. Sunarso 2. Company Listing 6,882,352,950 T: 10-Nov-03 : 31-May-04
10. Supari 3. MSOP Conversion 114,572,000 T: 24-Nov-04 : 11-Nov-05
11. Ahmad Solichin Lutfiyanto 4. MSOP Conversion I & II 333,519,000 T: 16-Nov-05 : 18-Oct-07
12. Handayani 5. MSOP Conversion II 8,879,000 T: 25-Sep-06 : 12-Nov-09
6. MSOP Conversion I, II & III 59,421,500 T: 23-Nov-06 : 27-Dec-07
AUDIT COMMITTEE 7. MSOP Conversion II & III 36,021,500 T: 24-Nov-06 : 26-Jun-09
1. A. Fuad Rahmany 8. MSOP Conversion I 256,500 T: 9-Jan-07 : 26-May-08
2. A. Sonny Keraf 9. MSOP Conversion III 11,609,000 T: 25-Jun-07 : 15-Nov-10
3. Pamuji Gesang Raharjo 10. MSOP Conversion I & III 2,493,500 T: 21-Nov-07 : 8-Aug-08
4. Rofikoh Rohim 11. MSOP Conversion I & II 199,500 T: 27-Mar-08 : 27-May-08
5. Sunuaji Noor Widiyanto 12. MSOP Conversion III 2,227,000 T: 5-Aug-08 : 22-Dec-08
13. MSOP Conversion I 532,500 T: 28-Aug-08 : 13-Nov-08
CORPORATE SECRETARY 14. MSOP Conversion II 49,500 T: 2-Sep-08 : 14-Oct-08
Bambang Tribaroto 15. MSOP Conversion I & II 95,500 11-Nov-08 11-Nov-08
16. Rep. of Indonesia Share Delisting -5,698,760 7-Jan-11 7-Jan-11
HEAD OFFICE 17. Stock Split 109,901,116,710 T: 11-Jan-11 : 10-Nov-17
BRI I Building
Jl. Jend. Sudirman No. 44-46
Jakarta 10210
Phone : (021) 251-0244; 251-0254
Fax : (021) 250-0065; 250-0077
Homepage : www.bri.co.id
Email : corsec@bri.co.id
humas@bri.co.id


TRADING ACTIVITIES
Bank Rakyat Indonesia (Persero) Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
4,600 640 Jan-15 12,100 11,325 11,675 84,255 607,503 7,101,489 21
Feb-15 13,050 11,600 12,875 82,946 748,654 9,092,542 19
4,025 560 Mar-15 13,275 12,600 13,275 82,495 552,663 7,172,234 22
Apr-15 13,450 11,250 11,625 96,485 727,168 9,138,329 21
May-15 12,750 11,400 11,775 107,891 702,965 8,433,290 19
3,450 480
Jun-15 11,775 10,050 10,350 143,673 854,615 9,122,101 21
Jul-15 10,900 9,300 10,000 107,429 692,996 7,012,522 19
2,875 400
Aug-15 10,875 9,025 10,625 120,620 746,258 7,528,574 20
Sep-15 10,550 7,975 8,650 132,204 851,245 7,855,562 21
2,300 320
Oct-15 11,700 8,550 10,525 135,157 824,964 8,421,137 21
Nov-15 11,600 10,200 10,775 87,443 545,609 5,909,768 21
1,725 240 Dec-15 11,600 10,425 11,425 83,179 511,242 5,704,482 19
1,150 160 Jan-16 11,825 10,750 11,225 88,556 492,583 5,607,189 20

Feb-16 12,300 10,425 11,075 144,650 842,610 9,542,491 20
575 80 Mar-16 11,500 10,650 11,425 116,596 632,000 7,028,852 21
Apr-16 11,300 9,800 10,350 139,975 794,637 8,338,493 21
May-16 10,675 9,525 10,350 95,493 659,498 6,609,965 20
Jun-16 10,925 9,900 10,800 106,482 555,605 5,766,411 22
Jul-16 12,000 10,700 11,525 93,983 582,709 6,688,896 16
Aug-16 12,250 11,475 11,650 95,596 770,202 9,125,597 22
Sep-16 12,250 11,500 12,200 81,038 618,988 7,381,044 21
January 2015 - July 2019 Dec-16 11,875 10,775 11,675 88,419 473,130 5,347,045 20
120%
Jan-17 12,325 11,575 11,725 69,316 378,351 4,502,567 21
100% Feb-17 12,125 11,650 11,950 66,503 451,400 5,399,953 19
92.3% Mar-17 13,250 11,850 12,975 95,193 566,300 7,121,221 22
80% 80.5% Apr-17 13,250 12,425 12,900 56,073 337,783 4,391,392 17
May-17 15,300 13,000 14,475 103,789 584,920 8,225,901 20
60% Jun-17 15,300 14,200 15,250 65,330 297,532 4,383,996 15
Jul-17 15,500 14,300 14,775 93,829 572,160 8,521,971 21
Aug-17 15,350 14,775 15,125 65,446 389,664 5,865,231 22
40%
Sep-17 15,750 14,675 15,275 70,266 430,851 6,507,204 19
Oct-17 15,750 15,125 15,600 75,835 495,406 7,655,611 22
20% 21.9%
Nov-17 16,825 3,120 3,210 147,696 2,027,678 9,353,670 22
Dec-17 3,720 3,260 3,640 122,225 1,871,880 6,433,985 18
-
Jan-18 3,920 3,460 3,700 196,546 3,171,136 11,632,918 22

-20% Feb-18 3,910 3,650 3,780 135,916 2,579,080 9,691,955 19
Mar-18 3,820 3,450 3,600 178,973 2,788,121 10,274,909 21
-40% Apr-18 3,670 3,120 3,220 168,834 2,624,538 9,065,032 21
Jun-18 3,270 2,740 2,840 162,760 2,764,882 8,251,005 13
Jul-18 3,110 2,770 3,070 185,840 2,428,523 7,164,319 22
Volume (Million Sh.) 8,366 7,679 8,404 35,983 18,834 Sep-18 3,220 2,900 3,150 182,921 2,986,141 9,051,519 19
Value (Billion Rp) 92,492 86,255 78,363 119,011 76,345 Oct-18 3,190 2,870 3,150 169,593 2,445,652 7,416,800 23
Frequency (Thou. X) 1,264 1,248 1,032 2,232 1,234 Nov-18 3,760 3,160 3,620 199,958 3,190,009 10,941,377 21
Days 244 246 238 240 139 Dec-18 3,780 3,520 3,660 161,745 2,542,970 9,280,338 18
Price (Rupiah) Jan-19 3,870 3,580 3,850 192,200 3,678,200 13,784,801 22

High 13,450 12,975 16,825 3,920 4,730 Feb-19 4,000 3,750 3,850 139,585 2,214,918 8,586,445 19
Low 7,975 9,525 3,120 2,720 3,580 Mar-19 4,140 3,780 4,120 134,573 2,420,141 9,568,857 20
Close 11,425 11,675 3,640 3,660 4,480 Apr-19 4,730 4,130 4,370 152,116 2,576,277 11,149,193 19
Close* 2,285 2,335 3,640 3,660 4,480 May-19 4,420 3,660 4,100 288,642 3,751,107 14,947,661 21
Jun-19 4,400 4,150 4,360 160,901 2,027,653 8,659,795 15
PER (X) 10.99 10.99 15.48 13.95 17.09 Jul-19 4,560 4,360 4,480 165,723 2,165,245 9,648,368 23
PER Industry (X) 25.09 20.71 19.10 21.83 19.88
PBV (X) 2.49 2.04 2.68 2.57 2.90


Public Accountant : Purwantono, Sungkoro & Surja
Cash on Hand 28,771,635 25,212,024 24,797,782 27,421,625 22,676,796 1,560,000

1,300,000
Loans 547,318,355 621,286,679 689,559,288 804,673,435 823,271,747 1,040,000
Investment 269,130 2,439 73,821 460,096 460,940

780,000
Fixed Assets 8,039,280 24,515,059 24,746,306 26,914,859 30,288,855
Other Assets 13,514,846 14,490,711 25,230,455 23,379,549 23,658,919 520,000
Total Assets 878,426,312 1,003,644,426 1,126,248,442 1,296,898,292 1,288,195,552
260,000
Growth (%) 14.25% 12.22% 15.15% -0.67%
-
Deposits 282,157,299 756,755,912 847,249,817 846,200,528 945,054,267 2015 2016 2017 2018 Jun-19
Taxes Payable 1,497,262 942,401 564,798 839,900 1,124,602
Fund Borrowings 35,480,358 35,008,781 29,403,009 34,878,883 32,243,611
Total Liabilities 765,299,133 856,831,836 958,900,948 986,548,641 1,097,354,761
190,841
Growth (%) 11.96% 11.91% 2.88% 11.23%
167,347 166,680
190,841
146,813
Paid up Capital 6,167,291 6,167,291 6,167,291 6,167,291 6,167,291 113,127

Par Value 250 250 50 50 50

74,046
Total Equity 113,127,179 146,812,590 167,347,494 166,679,645 190,840,791

Growth (%) 29.78% 13.99% -0.40% 14.50%
35,115
2015 2016 2017 2018 Jun-19

-3,817

Growth (%) 7.86% 11.66% -47.87%
102,899
92,151
102,899

Growth (%) 11.31% 8.37% 13.37% 62,235

60,916 53,644
Non-Operating Revenues 1,981,111 9,228 216,323 27,817 -40,699

18,933
Growth (%) 3.22% 10.74% 11.62%

-2,058
2015 2016 2017 2018 Jun-19

Dividend (Rp) 311.66 428.61 106.75 - - 29,044

32,418
25,411 26,228
EPS (Rp) 1,029.53 1,061.88 235.08 120.69 131.05
4,585.77 5,951.26 1,356.73 1,351.32 1,547.20
25,805
BV (Rp)
DAR (X) 0.87 0.85 0.85 0.76 0.85 19,192
16,163
DER(X) 6.76 5.84 5.73 5.92 5.75
ROA (%) 2.89 2.61 2.58 2.50 1.25 12,578
ROE (%) 22.46 17.86 17.36 19.45 8.47

OPM (%) 35.72 36.86 35.77 77.78 31.98
5,965
NPM (%) 29.74 28.46 28.23 60.43 25.97 -648
Payout Ratio (%) 30.27 40.36 45.41 - - 2015 2016 2017 2018 Jun-19
Yield (%) 2.73 3.67 2.93 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

BANK TABUNGAN NEGARA

(PERSERO) TBK.
Company Profile
PT Bank Tabungan Negara (Persero) Tbk. is a state owned enterprise bank, responsible for providing
financial services to the public in order to drive economic growth for Indonesian in general and for small
medium business in Indonesia. The embryo of BTN was started by the establishment of Postspaarbank in
Batavia in 1897 when the Dutch colonial period in Indonesia. BTN was originally established as a state-
owned bank under the name “Bank Tabungan Pos” based on Martial Law No. 9 of 1950 dated February 9,
1950. Subsequently, the name was changed to “Bank Tabungan Negara” based on Government
Regulation Amendment of Law No. 4 of 1963. The Bank started operating as a state-owned commercial
bank on April 29, 1989.
BTN has its business activities focused on Financing The Housing sector through Mortgage and Consumer
Banking. The company provides a variety of products and services in the fields of housing, primarily
through loans (mortgages), both subsidized mortgages for the middle class to lower segments of
Indonesia's society and non-subsidized mortgages for the middle class to upper class segments.
In 2018, the Company has become the 5th largest bank in Indonesia based on asset value (bank only)
compared to the Company’s 11th rank in 2013.
As of June 30th, 2018, the Bank has 100 branch offices (including 24 sharia branch offices), 364 sub-
branch offices (including 50 sharia sub-branch offices), 471 cash offices (including 7 sharia cash offices),
and 3,012 SOPPs (System on-line Payment Point/on-line Post office) (unaudited).
The Company’s head office is domiciled in Jakarta and located at Bank BTN Tower, Jl. Gajah Mada No. 1,
Jakarta 10130. The Bank has permanent employees as of June 30th, 2019 of 10,140 employees.
August 2019
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 bei ng those of the

BBTN Bank Tabungan Negara (Persero) Tbk.

49 | 25.8T | 0.35% | 70.17%
28 | 28.8T | 0.90% | 54.23%

Established Date : 30-Nov-1934 1. Republic of Indonesia 6,354,000,000 : 60.61%
Listing Date : 17-Dec-2009 (IPO Price: 800) 2. Public (<5%) 4,130,100,000 : 39.39%
Underwriter IPO :
PT Mandiri Sekuritas (affiliated) DIVIDEND ANNOUNCEMENT
PT CIMB Securities Indonesia Bonus Cash Recording Payment
F/I
PT Datindo Entrycom 2009 15.09 10-Jun-10 11-Jun-10 15-Jun-10 29-Jun-10 F
2010 31.19 10-Jun-11 13-Jun-11 15-Jun-11 30-Jun-11 F
BOARD OF COMMISSIONERS 2011 25.31 10-May-12 11-May-12 15-May-12 30-May-12 F
1. Asmawi Syam 2012 38.74 26-Apr-13 29-Apr-13 1-May-13 10-May-13 F
2. Arie Coerniadi *) 2013 44.36 18-Mar-14 19-Mar-14 21-Mar-14 7-Apr-14 F
3. Eko D. Heripoerwanto 2014 21.11 31-Mar-15 1-Apr-15 6-Apr-15 24-Apr-15 I
4. Garuda Wiko *) 2015 34.96 19-Apr-16 20-Apr-16 22-Apr-16 12-May-16 F
5. Iman Sugema 2016 49.46 24-Mar-17 27-Mar-17 30-Mar-17 13-Mar-17 F
6. Kamaruddin Sjam *) 2017 57.18 2-Apr-18 3-Apr-18 5-Apr-18 24-Apr-18 F
7. Lucky Fathul Aziz Hadibrata *)
8. Sumiyati ISSUED HISTORY
*) Independent Commissioners Listing Trading
BOARD OF DIRECTORS 1. First Issue 2,360,057,000 17-Dec-09 17-Dec-09
1. Maryono 2. Company Listing 6,263,228,575 17-Dec-09 17-Dec-09
2. Andi Nirwoto 3. MESOP Conversion I 122,369,000 T: 8-Feb-11 : 13-Aug-14
3. Budi Satria 4. MESOP Conversion I & II 5,670,000 T: 6-Feb-12 : 14-Aug-14
4. Dasuki Amsir 5. MESOP Conversion I 1,999,000 T: 14-Feb-12 : 16-Mar-12
5. Nixon L.P Napitupulu 6. Right Issue 1,497,728,925 7-Dec-12 7-Dec-12
6. Oni Febriarto Rahardjo 7. MESOP Conversion I, II & III 208,387,000 T: 7-Feb-13 : 17-Jul-13
7. R. Mahelan Prabantarikso 8. MESOP Conversion II & III 444,300 T: 14-Mar-14 : 14-Aug-15
8. Yossi Istanto 9. MESOP Conversion III 7,759,500 T: 19-Mar-14 : 17-Mar-16
10. MESOP Conversion II 14,375,700 T: 22-Jul-14 : 19-Aug-15
AUDIT COMMITTEE 11. MESOP Conversion I & III 2,081,000 20-Aug-14 20-Aug-14
1. Kamaruddin Sjam
2. Adi Prakoso
3. Garuda Wiko
4. Lucky Fathul Aziz Hadibrata
5. Rachmat Supratman
CORPORATE SECRETARY
Achmad Chaerul
HEAD OFFICE
Bank BTN Tower 20th Floor
Jl. Gajah Mada No. 1
Jakarta 10130
Phone : (021) 633-6789; 633-2666
Fax : (021) 634-6704
Homepage : www.btn.co.id
Email : csd@btn.co.id
agus.susanto@btn.co.id


TRADING ACTIVITIES
Bank Tabungan Negara (Persero) Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
4,000 400 Jan-15 1,230 980 995 44,134 1,247,054 1,302,876 21
Feb-15 1,095 990 1,070 47,590 1,549,165 1,615,293 19
3,500 350 Mar-15 1,270 1,060 1,255 40,326 1,207,915 1,392,206 22
Apr-15 1,250 1,080 1,115 28,932 701,031 823,389 21
May-15 1,245 1,080 1,205 25,132 547,298 639,653 19
3,000 300
Jun-15 1,200 1,070 1,190 28,296 410,752 469,186 21
Jul-15 1,230 1,150 1,170 22,849 297,190 353,106 19
2,500 250
Aug-15 1,255 935 1,065 32,369 543,842 582,291 20
Sep-15 1,090 970 995 29,159 357,423 367,986 21
2,000 200
Oct-15 1,230 995 1,185 48,255 593,101 667,140 21
Nov-15 1,290 1,085 1,270 28,942 365,566 441,398 21
1,500 150 Dec-15 1,315 1,250 1,295 20,431 189,362 245,098 19
1,000 100 Jan-16 1,420 1,280 1,365 30,750 476,062 645,114 20

Feb-16 1,690 1,350 1,660 58,858 1,005,608 1,526,817 20
500 50 Mar-16 1,865 1,600 1,745 43,540 462,332 796,834 21
Apr-16 1,780 1,625 1,760 42,592 485,258 833,245 21
May-16 1,885 1,590 1,705 37,300 386,739 673,510 20
Jun-16 1,745 1,560 1,715 43,493 421,059 713,599 22
Jul-16 2,030 1,690 1,975 38,886 398,887 740,507 16
Aug-16 2,100 1,835 2,010 65,565 695,281 1,354,777 22
Sep-16 2,030 1,890 1,920 40,068 394,806 778,370 21
Finance Index Nov-16 1,940 1,590 1,650 50,838 420,252 724,716 22
January 2015 - July 2019 Dec-16 1,835 1,610 1,740 42,299 309,590 533,513 20
245%
Jan-17 1,930 1,695 1,905 42,012 348,275 647,126 21
210% Feb-17 2,280 1,875 2,140 48,805 526,975 1,085,503 19
Mar-17 2,360 2,000 2,270 64,967 651,018 1,422,368 22
175% Apr-17 2,390 2,140 2,300 26,433 261,541 604,232 17
May-17 2,650 2,270 2,500 36,144 341,910 827,966 20
140% Jun-17 2,710 2,400 2,600 22,693 203,060 526,229 15
Jul-17 2,650 2,320 2,600 52,642 415,879 1,033,000 21
Aug-17 3,030 2,570 3,010 46,902 357,233 997,937 22
105%
100.8% Sep-17 3,340 2,950 3,150 59,130 397,493 1,238,430 19
80.5% Oct-17 3,170 2,690 2,760 92,955 630,983 1,861,254 22
70%
Nov-17 3,240 2,740 3,200 90,705 1,060,474 3,238,647 22
Dec-17 3,610 3,170 3,570 52,099 575,223 1,963,549 18
35%
21.9%
Jan-18 3,700 3,370 3,660 63,078 391,275 1,400,251 22
- Feb-18 3,850 3,560 3,740 47,563 334,788 1,240,585 19
Mar-18 3,890 3,430 3,800 47,930 303,606 1,123,957 21
-35% Apr-18 3,770 3,020 3,110 54,314 348,716 1,209,955 21
Jun-18 3,120 2,370 2,450 65,753 460,902 1,304,539 13
Jul-18 2,560 2,110 2,360 136,215 1,254,283 2,931,468 22
Frequency (Thou. X) 396 532 635 927 503 Nov-18 2,740 2,150 2,670 114,373 964,298 2,346,511 21
Days 244 246 238 240 139 Dec-18 2,820 2,530 2,540 64,752 472,440 1,266,000 18
Price (Rupiah) Jan-19 2,820 2,500 2,740 85,187 614,133 1,656,426 22

High 1,315 2,100 3,610 3,890 2,860 Feb-19 2,860 2,410 2,430 80,059 553,845 1,447,378 19
Low 935 1,280 1,695 2,010 2,160 Mar-19 2,530 2,250 2,440 77,570 598,128 1,439,302 20
Close 1,295 1,740 3,570 2,540 2,460 Apr-19 2,700 2,280 2,530 73,251 644,074 1,603,628 19
Close* 1,295 1,740 3,570 2,540 2,460 May-19 2,530 2,160 2,470 52,683 399,161 952,114 21
Jun-19 2,750 2,440 2,460 66,056 500,835 1,297,720 15
PER (X) 7.33 7.04 12.49 9.58 9.97 Jul-19 2,550 2,360 2,460 68,006 501,454 1,226,966 23
PER Industry (X) 25.09 20.71 19.10 21.83 19.88
PBV (X) 0.99 1.02 1.75 1.16 1.06


Cash on Hand 1,181,219 1,006,682 1,027,554 1,243,615 1,139,726 375,000

312,500
Loans 136,905,226 162,330,347 196,634,594 234,459,542 225,232,219 250,000
Investment - - - - -
187,500
Fixed Assets 1,553,401 4,659,379 4,837,319 5,017,694 5,004,432
Other Assets 1,553,599 2,189,078 2,688,331 3,255,979 6,984,121 125,000
Total Assets 171,807,592 214,168,479 261,365,267 306,436,194 312,474,892
62,500
Growth (%) 24.66% 22.04% 17.24% 1.97%
-
Deposits 129,429,868 163,640,452 177,091,421 211,034,488 198,925,836 2015 2016 2017 2018 Jun-19
Taxes Payable 9,566 - - - 65,392
Fund Borrowings 7,726,728 4,999,616 7,991,053 15,499,493 18,491,508
24,661
23,840
Growth (%) 23.48% 14.82% 17.79% 1.61%
21,663
24,661
19,131
Paid up Capital 5,291,173 5,295,000 5,295,000 5,295,000 5,295,000

13,860
Par Value 500 500 500 500 500

9,568
Total Equity 13,860,107 19,130,536 21,663,434 23,840,448 24,660,888

Growth (%) 38.03% 13.24% 10.05% 3.44%
4,538

-493
2015 2016 2017 2018 Jun-19

Growth (%) 14.52% 12.44% 18.58%
22,852
Other Operating Revenue 1,106,526 1,282,822 1,605,931 2,071,594 1,101,127 22,852

17,139
14,966
Growth (%) 32.31% 16.10% -7.66%
12,784
13,528
Non-Operating Revenues 8,281 -22,148 -30,347 16,475 -18,911

Provision for Income Tax 690,979 711,179 834,089 802,352 388,662

4,205
Growth (%) 41.49% 15.60% -7.25%

-457
2015 2016 2017 2018 Jun-19


2,808
Dividend (Rp) 34.96 49.46 57.18 - - 2,619
3,027
EPS (Rp) 174.91 247.30 285.88 265.15 123.36

1,309.74 1,806.47 2,045.65 2,251.22 2,328.70
2,410
BV (Rp) 1,851
DAR (X) 0.92 0.91 0.86 0.86 0.86 1,792
DER(X) 11.40 10.20 10.34 11.06 10.87 1,306
ROA (%) 1.08 1.22 1.16 0.92 0.42 1,175
ROE (%) 13.35 13.69 13.98 11.78 5.30

OPM (%) 16.93 19.56 20.20 15.73 13.41
557
NPM (%) 12.37 15.28 15.71 12.29 10.22 -61
Payout Ratio (%) 19.99 20.00 20.00 - - 2015 2016 2017 2018 Jun-19
Yield (%) 2.70 2.84 1.60 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

/’[
BANK MANDIRI (PERSERO) TBK.
Company Profile
Bank Mandiri was formed on 2 October 1998, as part of the government of Indonesia’s bank
restructuring program. Bank Mandiri is the largest bank in Indonesia. Bank Mandiri offers a
comprehensive range of financial solutions to private and state-owned large and medium
corporations, small and micro businesses as well as retail consumers.
Bank Mandiri has six business segments: Consumer Banking, Micro Banking, Commercial Banking,
Corporate Banking, Treasury and Financial Institutions.
Bank Mandiri is the only Indonesian company to enter the top 20 (twenty) in the ranking, which
means that Bank Mandiri defeats thousands of other companies in Indonesia. The most surprising is
the surge in ranking achieved by Bank Mandiri which jumped hundreds of numbers. In 2017 Bank
Mandiri was ranked 494 and rose to rank 11 in 2018. One of the factors that influenced the surge was
the New Culture Bank Mandiri, which prioritized the convenience of working employees with a smell
of the place approach, namely creating a work atmosphere that combines productivity and work
comfort.
As of June 30th, 2019 structure and the number of domestic and overseas offices of Bank Mandiri
(Total 2,624 offices) are as follows: 12 the domestic territory Office, Branches in the country: 84 Area
Offices, 1,327 Branch Offices, 1,057 Mandiri Mitra Usaha Offices, 156 Cash Outlets. 6 Overseas
branches (Cayman Islands, Singapore, Hong Kong, Timor Leste, Shanghai (China) and 1 remittance
office in Hong Kong).
Bank Mandiri received a number of awards in 2017: The Best FX Provider 2018 – in Indonesia, Silver
Champion of Jabodetabek WOW Service Excellence Award, The Highest Growing Bank in Mortgages
Primary Market, Gratification Award, The Best Innovation Centre by Financial Institution, etc.
The Company’s head office is domiciled in Jakarta and located at Jln. Jenderal Gatot Subroto Kav. 36-
38, Jakarta 12190. Total number of Bank Mandiri employees as of June 30th, 2019 was 39,595.
August 2019
Disclaimer:

BMRI Bank Mandiri (Persero) Tbk.

4 | 368.4T | 5.06% | 38.23%
4 | 141.1T | 4.43% | 20.37%

Established Date : 02-Oct-1998 1. Republic of Indonesia 28,000,000,000 : 60.61%
Listing Date : 14-Jul-2003 (IPO Price: 675) 2. Public (<5%) 18,199,999,998 : 39.39%
Underwriter IPO :
PT. Danareksa Sekuritas (Affiliated) DIVIDEND ANNOUNCEMENT
PT. ABN AMRO Asia Securities Indonesia Bonus Cash Recording Payment
F/I
PT Datindo Entrycom 2003 50.00 16-Dec-03 17-Dec-03 19-Dec-03 30-Dec-03 I
2003 115.00 11-Jun-04 14-Jun-04 16-Jun-04 30-Jun-04 F
BOARD OF COMMISSIONERS 2004 60.00 16-Dec-04 17-Dec-04 21-Dec-04 30-Dec-04 I
1. Hartadi Agus Sarwono *) 2004 70.50 13-Jun-05 14-Jun-05 16-Jun-05 24-Jun-05 F
2. Ardan Adiperdana 2005 14.85 14-Jun-06 15-Jun-06 19-Jun-06 30-Jun-06 F
3. Askolani 2006 70.02 19-Jun-07 20-Jun-07 22-Jun-07 29-Jun-07 F
4. Bangun Sarwito Kusmulyono *) 2007 186.00 19-Jun-08 20-Jun-08 24-Jun-08 3-Jul-08 F
5. Goei Siauw Hong *) 2008 88.55 26-May-09 27-May-09 29-May-09 12-Jun-09 F
6. Imam Apriyanto Putro 2009 19.26 2-Dec-09 3-Dec-09 7-Dec-09 22-Dec-09 I
7. Makmur Keliat *) 2010 19.64 21-Dec-10 22-Dec-10 27-Dec-10 30-Dec-10 I
8. R. Widyo Pramono 2010 120.60 15-Jun-11 16-Jun-11 20-Jun-11 30-Jun-11 F
*) Independent Commissioners 2011 104.97 15-May-12 16-May-12 22-May-12 5-Jun-12 F
2012 199.33 26-Apr-13 29-Apr-13 1-May-13 16-May-13 F
BOARD OF DIRECTORS 2013 234.05 26-Mar-14 27-Mar-14 1-Apr-14 15-Apr-14 F
1. Kartika Wirjoatmodjo 2014 212.91 23-Mar-15 24-Mar-15 26-Mar-15 17-Apr-15 I
2. Alexandra Askandar 2015 261.45 29-Mar-16 30-Mar-16 1-Apr-16 22-Apr-16 F
3. Darmawan Junaidi 2016 266.27 21-Mar-17 22-Mar-17 24-Mar-17 13-Apr-17 F
4. Donsuwan Simatupang 2017 199.03 28-Mar-18 29-Mar-18 3-Apr-18 20-Apr-18 F
5. Hery Gunardi
6. Panji Irawan ISSUED HISTORY
7. Rico Usthavia Frans Listing Trading
8. Royke Tumilaar No. Type of Listing Shares Date Date
9. Sulaiman Arif Arianto 1. First Issue 2,900,000,000 14-Jul-03 14-Jul-03
10. Agus Dwi Handaya 2. Company Listing 16,900,000,000 T: 14-Jul-03 : 30-Dec-03
11. Ahmad Siddik Badruddin 3. MSOP Conversion 598,938,831 T: 26-Jul-04 : 9-Jan-07
4. Partial Delisting 1 % -9,955,000 6-Dec-05 6-Dec-05
AUDIT COMMITTEE 5. MSOP Conversion I & II 32,316,636 T: 11-Dec-06 : 15-Dec-06
1. B.S. Kusmulyono 6. MSOP Conversion I 10,547,213 T: 21-Mar-07 : 16-Jul-08
2. Bambang Ratmanto 7. MSOP Conversion I, II & III 105,564,065 T: 10-May-07 : 2-Jun-08
3. Goei Siauw Hong 8. MSOP Conversion I & III 129,311,724 T: 14-May-07 : 28-May-08
4. Hartadi A. Sarwono 9. MSOP Conversion II & III 32,126,466 T: 14-Nov-07 : 19-May-10
5. Makmur Keliat 10. MSOP Conversion III 86,224,280 T: 19-Nov-07 : 16-Dec-10
6. Ridwan D. Ayub 11. MSOP Conversion II & III 1,376,402 T: 17-Dec-08 : 8-May-09
12. MSOP Conversion II 44,125 2-Jun-10 2-Jun-10
CORPORATE SECRETARY 13. HMETD 2,313,505,257 2-Mar-11 2-Mar-11
Rohan Afas 14. Stock Split 23,099,999,999 13-Sep-17 13-Sep-17
HEAD OFFICE
Mandiri Plaza
Jl. Jend. Gatot Subroto Kav. 36 - 38
Jakarta 12190
Phone : (021) 526-5045
Fax : (021) 5274477; 527557
Homepage : www.bankmandiri.co.id
Email : corporate.secretary@bankmandiri.co.id
mandiricare@bankmandiri.co.id


TRADING ACTIVITIES
Bank Mandiri (Persero) Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
10,000 240 Jan-15 11,375 10,600 11,000 66,447 515,375 5,623,454 21
Feb-15 12,300 10,950 12,000 65,366 563,345 6,593,778 19
8,750 210 Mar-15 12,475 11,750 12,475 70,026 428,152 5,146,324 22
Apr-15 12,550 10,350 10,750 80,765 638,748 7,347,327 21
May-15 11,725 10,700 10,775 75,800 721,520 8,037,833 19
7,500 180
Jun-15 10,825 9,350 10,050 91,798 706,310 7,092,455 21
Jul-15 10,400 9,275 9,525 78,628 566,167 5,596,610 19
6,250 150
Aug-15 10,075 8,125 9,100 117,687 957,499 8,726,356 20
Sep-15 9,000 7,150 7,925 74,765 574,228 4,839,637 21
5,000 120
Oct-15 9,650 7,675 8,700 92,673 647,562 5,819,148 21
Nov-15 9,275 8,150 8,500 86,552 621,608 5,408,876 21
3,750 90 Dec-15 9,250 8,450 9,250 66,540 386,816 3,436,104 19
2,500 60 Jan-16 9,600 9,000 9,600 63,648 481,137 4,499,144 20

Feb-16 10,400 9,175 9,550 96,936 776,545 7,514,552 20
1,250 30 Mar-16 10,375 9,375 10,300 79,327 646,595 6,486,963 21
Apr-16 10,450 9,200 9,650 103,785 640,026 6,220,689 21
May-16 9,875 8,650 9,025 82,283 620,912 5,630,533 20
Jun-16 9,700 8,850 9,525 80,833 483,413 4,461,305 22
Jul-16 10,475 9,325 10,100 101,843 895,356 8,894,030 16
Aug-16 11,950 10,200 11,225 110,757 1,108,750 12,388,111 22
Sep-16 11,750 10,500 11,200 98,909 533,559 5,996,901 21
January 2015 - July 2019 Dec-16 11,725 10,500 11,575 70,688 372,585 4,051,933 20
100%
Jan-17 11,600 10,900 10,900 58,199 353,534 3,936,579 21
80% 80.5% Feb-17 11,600 10,900 11,300 70,997 549,633 6,175,257 19
Mar-17 12,025 11,200 11,700 65,917 518,324 6,014,235 22
60% Apr-17 12,425 11,400 11,700 60,748 449,776 5,309,858 17
May-17 13,300 11,500 12,600 76,415 489,638 5,915,605 20
47.3%
40% Jun-17 12,850 12,150 12,750 44,727 283,347 3,545,827 15
Jul-17 13,650 12,675 13,650 63,234 416,102 5,527,186 21
21.9% Aug-17 13,675 13,050 13,100 63,733 404,008 5,339,932 22
20%
Sep-17 13,325 6,500 6,725 63,959 716,539 5,611,621 19
Oct-17 7,150 6,575 7,050 72,621 1,130,306 7,793,188 22
-
Nov-17 7,600 6,925 7,400 77,161 1,239,339 9,016,255 22
Dec-17 8,100 7,300 8,000 62,201 834,133 6,343,226 18
-20%
Jan-18 8,300 7,650 8,150 91,640 1,292,811 10,380,113 22

-40% Feb-18 9,050 7,925 8,300 80,550 831,900 6,900,691 19
Mar-18 8,475 7,525 7,675 93,829 987,194 7,934,761 21
-60% Apr-18 8,125 6,500 7,125 100,126 1,011,407 7,469,452 21
Jun-18 7,450 6,425 6,850 76,823 767,485 5,268,917 13
Jul-18 6,975 6,250 6,650 99,178 1,164,833 7,515,298 22
Frequency (Thou. X) 967 1,073 780 1,166 863 Nov-18 7,650 6,800 7,400 132,435 1,235,644 9,055,767 21
Days 244 246 238 240 139 Dec-18 7,725 7,100 7,375 81,629 869,777 6,500,083 18
Price (Rupiah) Jan-19 8,050 7,050 7,450 159,524 1,583,001 11,892,257 22

High 12,550 11,950 13,675 9,050 8,175 Feb-19 7,675 6,950 7,125 143,628 1,262,315 9,236,885 19
Low 7,150 8,650 6,500 6,175 6,650 Mar-19 7,525 6,650 7,450 127,615 1,079,619 7,681,557 20
Close 9,250 11,575 8,000 7,375 7,975 Apr-19 8,125 7,300 7,725 107,607 1,140,682 8,697,352 19
Close* 4,625 5,788 8,000 7,375 7,975 May-19 7,775 6,975 7,675 136,328 1,277,028 9,558,751 21
Jun-19 8,050 7,700 8,025 70,982 807,556 6,389,248 15
PER (X) 10.51 19.56 18.09 13.76 13.75 Jul-19 8,175 7,625 7,975 117,215 1,210,774 9,565,608 23
PER Industry (X) 25.09 20.71 19.10 21.83 19.88
PBV (X) 1.81 1.77 2.20 1.95 1.96


Cash on Hand 25,109,124 22,906,775 24,268,563 27,348,914 24,649,917 1,485,000

1,237,500
Loans 564,393,595 56,551,643 678,292,520 767,761,095 780,918,165 990,000
Investment 646,753 829,945 2,690,202 3,740,607 2,937,008

742,500
Fixed Assets 9,761,688 35,663,290 36,618,753 38,442,696 1,235,627,826
Other Assets 11,292,727 11,557,238 15,014,218 18,657,655 21,815,456 495,000
Total Assets 910,063,409 1,038,706,009 1,124,700,847 1,202,252,094 1,235,627,826
247,500
Growth (%) 14.14% 8.28% 6.90% 2.78%
-
Deposits 634,968,568 711,399,426 753,822,372 782,502,708 770,156,574 2015 2016 2017 2018 Jun-19
Taxes Payable 2,131,616 1,258,792 1,009,832 1,087,949 1,247,606
Fund Borrowings 33,764,671 35,882,757 35,703,679 51,653,982 3,932,976
184,960 189,689
Growth (%) 12.00% 7.70% 6.07% 3.25% 189,689
170,006
153,370
Paid up Capital 11,666,667 11,666,667 23,333,333 11,666,667 11,666,667 119,492
Par Value 500 500 500 250 250

73,599
Total Equity 119,491,841 153,369,723 170,006,132 184,960,305 189,688,567

Growth (%) 28.35% 10.85% 8.80% 2.56%
34,903
2015 2016 2017 2018 Jun-19

-3,794

Growth (%) 7.18% 3.64% 14.88%
91,335
79,502
91,335

71,570
Growth (%) -29.33% 45.97% 24.79%

54,070
49,766
Non-Operating Revenues 30,458 -39,762 -12,888 37,572 -46,915


16,806
Growth (%) -30.74% 46.37% 20.56%

-1,827
2015 2016 2017 2018 Jun-19

Dividend (Rp) 261.45 266.27 199.03 - -

25,852
21,152 21,443
EPS (Rp) 871.50 591.71 442.28 536.04 289.94
5,121.08 6,572.99 3,642.99 3,963.44 4,064.76
20,578
BV (Rp)
14,650 13,988
DAR (X) 0.81 0.79 0.79 0.78 0.79 15,304
DER(X) 6.16 5.38 5.22 5.09 5.13

ROA (%) 2.32 1.41 1.91 2.15 1.13 10,031
ROE (%) 17.70 9.55 12.61 13.98 7.37

OPM (%) 36.80 24.26 34.18 37.12 35.51
4,757
NPM (%) 29.55 19.10 26.97 28.30 28.11 -517
Payout Ratio (%) 30.00 45.00 45.00 - - 2015 2016 2017 2018 Jun-19
Yield (%) 2.83 2.30 2.49 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

BARITO PACIFIC TBK.
Company Profile
PT Barito Pacific Tbk. was established on 1979 under the name of PT Bumi Raya Pura Mas Kalimantan.
In 1993, The Company listed its shares in the Indonesia Stock Exchange (IDX) to became a publicly listed
company. Three years later, the action was followed by the change of the Company’s name to PT Barito
Pacific Timber
Tbk. In 2007, the Company changed its name to PT Barito Pacific Tbk. the Company became the
majority shareholder (70%) in PT Chandra Asri, the only olefin producer in Indonesia. The expansion
effort through acquisition continued in 2008 when the Company acquired PT Tri Polyta Indonesia Tbk, a
leading polypropylene producer in the country. These two subsidiaries then merged into PT Chandra
Asri Petrochemical Tbk in 2011, which has become the country’s largest and the only integrated
petrochemical producer.
In 2018, the Company produced a number of products and services, raw materials for the plastic
industry both upstream sector (ethylene, propylene, py-gas, and mixed C-4) and downstream sector
(polyethylene, polypropylene, styrene monomer, dan butadiene), electricity generation through its
geothermal power plant, office and hotel building rental, and others.
To enhance its focus on the Company’s core business in the petrochemical and energy sectors, in
September 2018, the Company divested its 95% ownership interest through PT Royal Indo Mandiri
(“RIM”) in PT Garuda Utama Mandiri, PT Tintin Boyok Sawit, and PT Tintin Boyok Sawit Makmur Dua,
engaged in palm oil plantation.
The Company’s head office in Jakarta is located at Wisma Barito Pacific Tower B, 8th. Floor , Jl. Letjen S.
Parman Kav. 62-63 Jakarta 11410. As of March 31st, 2019, the Company and subsidiaries had 3,447
permanent employees.
August 2019
Disclaimer:

BRPT Barito Pacific Tbk.

Industry Sector : Basic Industry& Chemicals (3) Listed Shares : 17,801,438,250
Industry Sub Sector : Chemicals (34) Market Capitalization : 69,069,580,410,000
16 | 69.1T | 0.95% | 62.28%
36 | 23.9T | 0.75% | 71.00%

Established Date : 04-Apr-1979 1. Prajogo Pangestu 4,329,900,317 : 24.32%
Underwriter IPO :
PT Makindo DIVIDEND ANNOUNCEMENT
F/I
PT Sirca Datapro Perdana Year Shares Dividend Cum Date Ex Date Date Date
1993 133.00 26-Jul-94 27-Jul-94 3-Aug-94 3-Sep-94 F
BOARD OF COMMISSIONERS 1994 1:1 12-Sep-94 13-Sep-94 20-Sep-94 20-Oct-94 BS
1. Prajogo Pangestu 1994 50.00 26-Jul-95 27-Jul-95 4-Aug-95 1-Sep-95 F
2. Alimin Hamdy *) 1995 50.00 18-Jul-96 19-Jul-96 29-Jul-96 27-Aug-96 F
3. Harlina Tjandinegara 1996 55.00 23-Jul-97 24-Jul-97 1-Aug-97 1-Sep-97 F
2018 14.13 18-Dec-18 19-Dec-18 18-Dec-18 21-Dec-18 I
BOARD OF DIRECTORS
1. Agus Salim Pangestu ISSUED HISTORY
2. Andry Setiawan Listing Trading
3. David Kosasih No. Type of Listing Shares Date Date
4. Rudy Suparman 1. First Issue 85,000,000 1-Oct-93 1-Oct-93
2. Company Listing 610,150,000 1-Oct-93 31-May-94
AUDIT COMMITTEE 3. Koperasi 4,850,000 1-Oct-93 31-May-00
1. Alimin Hamdy 4. Bonus Shares 700,000,000 21-Oct-94 21-Oct-94
2. Dikdik Sugiharto 5. Add. Listing without RI 1,369,425,752 27-Dec-02 27-Dec-02
3. Kurniadi 6. Partial Delisting -155,913,126 14-Feb-03 14-Feb-03
7. Add. Listing without RI 3,947,168 28-Aug-03 28-Aug-03
CORPORATE SECRETARY 8. Right Issue 4,362,432,990 2-Jan-08 2-Jan-08
Rudy Suparman 9. Stock Split 6,979,892,784 12-Jul-17 12-Jul-17
10. Right Issue I 3,154,738,671 20-Jun-18 20-Jun-18
HEAD OFFICE 11. Right Issue I 1,683,530 21-Jun-18 21-Jun-18
Wisma Barito Pacific Tower B, 8th Floor 12. Right Issue I 46,933,612 26-Jun-18 26-Jun-18
Jl. Letjen S. Parman Kav. 62-63 13. Right Issue I 27,445,497 27-Jun-18 27-Jun-18
Jakarta 11410 14. Right Issue II 601,000,000 28-Jun-18 28-Jun-18
Phone : (021) 530-6711 15. Warrant I 5,689,544 8-Jul-19 8-Jul-19
Fax : (021) 530-6680 16. Warrant I 4,335 10-Jul-19 10-Jul-19
Homepage : www.barito-pacific.com 17. Warrant I 2,460,799 12-Jul-19 12-Jul-19
Email : corpsec@barito.co.id 18. Warrant I 900 15-Jul-19 15-Jul-19
19. Warrant I 79,428 16-Jul-19 16-Jul-19
20. Warrant I 139,400 17-Jul-19 17-Jul-19
21. Warrant I 8,300 18-Jul-19 18-Jul-19
22. Warrant I 33,175 19-Jul-19 19-Jul-19
23. Warrant I 82,100 22-Jul-19 22-Jul-19
24. Warrant I 30,000 23-Jul-19 23-Jul-19
25. Warrant I 33,815 24-Jul-19 24-Jul-19
26. Warrant I 2,307 25-Jul-19 25-Jul-19
27. Warrant I 1,137,269 26-Jul-19 26-Jul-19
28. Warrant I 150,000 29-Jul-19 29-Jul-19
29. Warrant I 4,785 6-Aug-19 6-Aug-19
30. Stock Split 71,205,772,140 6-Aug-19 6-Aug-19
31. Warrant I 1,505,470 12-Aug-19 12-Aug-19
32. Warrant I 12,100 14-Aug-19 14-Aug-19
33. Warrant I 825 16-Aug-19 16-Aug-19
34. Warrant I 200 19-Aug-19 19-Aug-19
35. Warrant I 637,500 2-Sep-19 2-Sep-19
36. Warrant I 18,300 4-Sep-19 4-Sep-19
37. Warrant I 13,800 5-Sep-19 5-Sep-19
38. Warrant I 89,320 9-Sep-19 9-Sep-19
39. Warrant I 516,680 11-Sep-19 11-Sep-19


TRADING ACTIVITIES
Barito Pacific Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
4,200 1,600 Jan-15 310 280 307 1,090 7,150 2,136 21
Feb-15 310 288 295 490 3,508 1,044 19
3,675 1,400 Mar-15 295 271 280 669 5,301 2,581 22
Apr-15 290 256 267 309 2,789 1,906 21
May-15 290 249 277 1,126 8,269 2,197 17
3,150 1,200
Jun-15 280 240 242 417 6,392 1,599 21
Jul-15 244 222 222 185 3,036 701 18
2,625 1,000
Aug-15 232 160 163 713 6,099 1,176 20
Sep-15 164 116 126 904 16,652 2,100 21
2,100 800
Oct-15 169 126 132 1,654 25,177 3,584 21
Nov-15 143 120 127 605 22,075 2,948 21
1,575 600 Dec-15 135 118 130 485 130,494 15,771 19
1,050 400 Jan-16 215 124 212 1,713 11,996 2,239 20

Feb-16 395 212 394 3,979 28,581 8,692 20
525 200 Mar-16 610 390 470 4,450 30,584 15,708 14
Apr-16 525 340 515 3,542 23,111 10,283 21
May-16 545 442 476 4,294 27,227 13,321 20
Jun-16 500 460 484 3,738 19,158 9,129 22
Jul-16 685 474 645 3,282 44,416 22,103 16
Aug-16 1,090 610 1,075 16,201 220,091 206,996 21
Sep-16 1,125 780 975 32,057 406,011 382,508 21
Closing Price*, Jakarta Composite Index (IHSG) and Oct-16 1,485 910 1,420 48,744 662,129 768,145 21
Basic Industry and Chemicals Index Nov-16 1,745 1,385 1,570 55,597 742,572 1,158,637 22
January 2015 - July 2019 Dec-16 1,590 1,290 1,465 43,554 497,894 732,883 20
2,660%
2482.0% Jan-17 1,820 1,470 1,805 55,908 566,611 959,501 21
2,280% Feb-17 2,560 1,770 2,220 78,258 685,154 1,512,444 19
Mar-17 3,090 2,210 2,900 70,853 705,534 1,859,438 22
1,900% Apr-17 3,730 2,900 3,150 51,958 490,588 1,640,537 17
May-17 3,520 2,940 3,230 46,329 1,073,704 1,737,927 20
1,520% Jun-17 3,340 2,750 2,930 26,743 317,340 1,004,417 15
Jul-17 3,030 1,450 1,665 41,005 588,352 1,093,868 21
Aug-17 2,020 1,665 1,975 69,300 827,331 1,544,829 22
1,140%
Sep-17 2,300 1,965 1,995 57,852 768,811 1,641,921 19
Oct-17 2,080 1,820 2,020 70,907 813,387 1,595,127 22
760%
Nov-17 2,290 1,980 2,270 45,155 697,997 1,475,941 22
Dec-17 2,450 2,210 2,260 38,230 815,777 1,588,593 18
380%
Jan-18 2,670 2,030 2,640 67,075 678,750 1,526,773 22

54.5%
- Feb-18 2,720 2,310 2,620 46,196 502,721 1,265,078 19
21.9%
Mar-18 2,670 2,300 2,310 44,945 658,766 1,631,983 21
-380% Apr-18 2,620 2,290 2,470 33,830 467,695 1,149,618 21
Jun-18 2,220 1,880 1,980 27,945 283,001 594,806 13
Jul-18 2,000 1,675 1,815 47,422 456,206 856,380 22
SHARES TRADED 2015 2016 2017 2018 Jul-19 Aug-18 2,030 1,700 1,715 34,569 236,793 437,957 21
Volume (Million Sh.) 237 2,714 8,351 5,221 4,062 Sep-18 1,895 1,510 1,840 29,922 185,138 320,861 19
Value (Billion Rp) 38 3,331 17,655 11,175 14,282 Oct-18 1,935 1,580 1,875 28,330 183,691 327,152 23
Days 241 238 238 240 139 Dec-18 2,420 1,980 2,390 20,727 937,069 1,676,286 18
Price (Rupiah) Jan-19 2,640 2,280 2,610 33,308 216,933 524,154 22

High 310 1,745 3,730 2,720 4,170 Feb-19 3,030 2,390 3,000 45,601 249,619 693,376 19
Low 116 124 1,450 1,510 2,280 Mar-19 3,590 2,890 3,590 64,368 429,229 1,420,667 20
Close 130 1,465 2,260 2,390 3,880 Apr-19 4,170 3,430 4,030 97,809 976,260 3,658,822 19
Close* 66 741 2,287 2,390 3,880 May-19 4,100 3,080 3,300 119,959 1,304,736 4,925,142 21
Jun-19 3,600 3,070 3,210 56,793 375,297 1,235,838 15
PER (X) -12.28 5.78 19.72 40.49 208.72 Jul-19 3,910 3,190 3,880 85,164 509,756 1,824,310 23
PER Industry (X) 4.10 20.86 13.10 12.36 13.69
PBV (X) 0.06 0.57 1.15 1.05 1.77


Receivables 879,493 1,993,661 2,944,536 3,873,393 3,998,547

2,687,097 2,719,205 3,272,939 4,000,373 3,393,021 90,000
Inventories
Current Assets 6,573,181 9,791,794 20,376,964 29,708,942 23,447,746
67,500
Fixed Assets 23,265,291 9,791,794 23,102,768 34,238,528 33,433,260
Other Assets 50,010 43,640 64,231 48,890 155,943
45,000
Total Assets 33,023,452 34,538,447 49,354,389 102,411,904 97,562,868
Growth (%) 4.59% 42.90% 107.50% -4.73% 22,500

Growth (%) -2.69% 46.10% 186.52% -7.09%
Authorized Capital 27,900,000 27,900,000 27,900,000 27,900,000 27,900,000 39,293 38,921
Paid up Capital 6,979,893 6,979,893 13,959,786 8,895,793 8,895,793 39,293
Paid up Capital (Shares) 6,980 6,980 20,940 17,792 17,792

Par Value 1,000 1,000 50 & 1000 500 500 27,325
31,277
Retained Earnings -1,804,936 114,999 1,716,193 2,012,831 2,054,312

19,460
Total Equity 17,528,438 19,460,272 27,324,948 39,293,095 38,920,833
23,262
17,528
Growth (%) 11.02% 40.41% 43.80% -0.95% 15,246
Total Revenues 20,609,779 26,352,121 33,231,171 44,724,808 9,675,137

Growth (%) 27.86% 26.10% 34.59%
-786
2015 2016 2017 2018 Mar-19
Cost of Revenues 18,570,800 19,802,662 25,920,061 33,012,143 7,330,903

Gross Profit 2,038,979 6,549,459 7,311,110 11,712,665 2,344,235
Expenses (Income) 1,529,839 1,443,201 2,089,657 5,084,290 1,288,427
Growth (%)
44,725
35,601
33,231
26,352
Income before Tax 509,140 5,106,258 5,221,453 6,628,374 1,055,808
20,610
26,477
Tax 434,653 1,346,919 1,429,517 3,108,251 539,192

Profit for the period 74,487 3,759,339 3,791,936 3,520,124 516,616 17,353
9,675
Growth (%) 4,946.98% 0.87% -7.17%
8,229
Period Attributable 78,488 1,769,575 1,600,236 1,050,310 82,729 -894
Comprehensive Income 2,697 3,709,881 3,797,274 3,674,342 432,946 2015 2016 2017 2018 Mar-19
Comprehensive Attributable 145,515 1,730,597 1,615,816 1,059,806 67,801
Current Ratio (%) 110.58 133.83 172.26 174.85 211.60
3,759 3,792
Dividend (Rp) - - 24.43 14.13 - 3,792 3,520
EPS (Rp) 11.24 253.52 76.42 59.03 4.65
BV (Rp) 2,511.28 2,788.05 1,304.94 2,208.52 2,187.60 3,018
DAR (X) 0.47 0.44 0.45 0.62 0.60

DER(X) 0.88 0.77 0.81 1.61 1.51
2,245
ROA (%) 0.23 10.88 7.68 3.44 0.53 1,471
ROE (%) 0.42 19.32 13.88 8.96 1.33

9.89 24.85 22.00 26.19 24.23 517
GPM (%) 698
- - - - - 74
OPM (%)
NPM (%) 0.36 14.27 11.41 7.87 5.34
-76
2015 2016 2017 2018 Mar-19

Payout Ratio (%) - - 31.97 23.94 -
Yield (%) - - 1.08 0.59 -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,244

BUMI SERPONG DAMAI TBK.
Company Profile
PT Bumi Serpong Damai Tbk. hereinafter called the Company - has been at the forefront of township
developer since 1984. A business group under Sinar Mas Land, its flagship project in Indonesia, the BSD
City – the most ambitious urban planning scheme in Indonesia to combine housing, business and
commercial properties. The Company has established its position amongst the leading developers in the
region, offering unique concepts and the upmost quality. The Company’s footprint now extends across the
country with projects throughout key cities in Indonesia.
The three largest subsidiaries of the Company are PT Duta Pertiwi Tbk., PT Sinar Mas Wisesa, and PT Sinar
Mas Teladan.
The Company’s office is located at Sinar Mas Land Plaza, BSD Green Office Park, Tangerang 15345. The
Company’s real estate project is called Bumi Serpong Damai which is located in Banten Province.
In 2018, the company received a number of awards: Best Urban Regeneration Project, BCI Asia Awards
2018 Top 10 Developer, Asia Pacific Property Awards 2018. Asia Pacific Property Awards 2018, Asia Pacific
Property Awards 2018 Park for Office Development, Asia Pacific Property Awards 2018 For Public Service
Development, Etc.
As of June 30th, 2019, the Company has a total number of 2,168 employees. The total number of
employees of the Group is 3,945.
August 2019
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 h eld 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.

BSDE Bumi Serpong Damai Tbk.

Industry Sector : Property, Real Estate & Building Construction (6) Listed Shares : 19,246,696,192
Industry Sub Sector : Property And Real Estate (61) Market Capitalization : 27,330,308,592,640
45 | 27.3T | 0.38% | 72.78%
72 | 10.0T | 0.31% | 76.94%

Established Date : 16-Jan-1984 1. PT Paraga Arta Mida 5,113,851,730 : 26.57%
Listing Date : 06-Jun-2008 (IPO Price: 550) 2. PT Ekacentra Usahamaju 4,813,031,900 : 25.01%
PT CLSA Indonesia
PT Nusadana Capital Indonesia (affiliated) DIVIDEND ANNOUNCEMENT
PT Sinarmas Sekuritas (affiliated) Bonus Cash Recording Payment
F/I
PT Sinartama Gunita 2008 4.00 1-Jul-09 2-Jul-09 6-Jul-09 22-Jul-09 F
2009 6.00 1-Jul-10 2-Jul-10 6-Jul-10 20-Jul-10 F
1. Muktar Widjaja 2012 15.00 21-Jun-13 24-Jun-13 26-Jun-13 10-Jul-13 F
2. Susiyati Bambang Hirawan *) 2013 15.00 12-Jun-14 13-Jun-14 17-Jun-14 1-Jul-14 F
3. Teddy Pawitra *) 2014 15.00 13-May-15 15-May-15 19-May-15 5-Jun-15 F
4. Teky Mailoa 2015 5.00 26-May-16 27-May-16 31-May-16 15-Jun-16 F
5. Yoseph Franciscus Bonang 2016 5.00 9-Jun-17 12-Jun-17 14-Jun-17 6-Jul-17 F
*) Independent Commissioners
ISSUED HISTORY
BOARD OF DIRECTORS Listing Trading
1. Franciscus Xaverius Rd No. Type of Listing Shares Date Date
2. Hermawan Wijaya 1. First Issue 1,093,562,000 6-Jun-08 6-Jun-08
3. Liauw Herry Hendarta 2. Company Listing 9,842,060,870 6-Jun-08 1-Feb-09
4. Lie Jani Harjanto 3. HMETD I 6,561,373,722 21-Dec-10 21-Dec-10
5. Michael Jackson Purwanto Widjaja 4. Add. Listing without RI 874,849,800 16-May-14 16-May-14
6. Monik William 5. Add. Listing without RI 874,849,800 14-Apr-15 14-Apr-15
7. Petrus Kusuma
8. Syukur Lawigena
AUDIT COMMITTEE
1. Susiyati Bambang Hirawan
2. Herawan Hadidjaja
3. Rusli Prakarsa
CORPORATE SECRETARY
Christy Grassela
HEAD OFFICE
Sinar Mas Land Plaza
Grand Boulevard, BSD Green Office Park
Tangerang 15345
Phone : (021) 5036-8368
Fax : (021) 5058-8270
Homepage : www.bsdcity.com; www.sinarmasland.com
Email : corporate.secretary@sinarmasland.com
christy.grassela@sinarmasland.com


TRADING ACTIVITIES
Bumi Serpong Damai Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
2,400 560 Jan-15 2,185 1,790 2,020 54,447 1,380,570 2,725,175 21
Feb-15 2,230 1,990 2,220 53,279 819,829 1,719,779 19
2,100 490 Mar-15 2,220 1,995 2,135 62,387 862,616 1,783,198 22
Apr-15 2,210 1,800 1,865 47,444 642,577 1,310,178 21
May-15 1,995 1,780 1,905 46,933 599,520 1,140,180 19
1,800 420
Jun-15 1,925 1,605 1,670 49,946 418,594 739,731 21
Jul-15 1,885 1,660 1,790 40,599 339,339 597,979 19
1,500 350
Aug-15 1,845 1,285 1,605 50,155 345,195 555,520 20
Sep-15 1,605 1,235 1,405 52,164 309,768 451,821 21
1,200 280
Oct-15 1,795 1,380 1,620 48,845 539,657 893,122 21
Nov-15 1,750 1,565 1,685 39,619 389,705 657,357 21
900 210 Dec-15 1,835 1,580 1,800 38,504 372,398 645,560 19
600 140 Jan-16 1,850 1,650 1,730 40,294 505,407 890,031 20

Feb-16 1,825 1,630 1,685 48,500 621,828 1,080,765 20
300 70 Mar-16 1,940 1,675 1,835 55,999 1,460,762 2,583,391 21
Apr-16 2,005 1,795 1,850 46,125 1,220,928 2,300,898 21
May-16 1,845 1,695 1,830 42,386 640,007 1,136,003 20
Jun-16 2,210 1,815 2,110 58,891 1,084,821 2,158,806 22
Jul-16 2,170 2,000 2,090 51,646 598,437 1,220,871 16
Aug-16 2,380 2,010 2,150 79,592 1,049,840 2,311,552 22
Sep-16 2,230 1,965 2,200 60,899 889,291 1,878,939 21
Property, Real Estate and Bulding Construction Index Nov-16 2,180 1,680 1,700 61,762 704,861 1,311,439 22
January 2015 - July 2019 Dec-16 1,890 1,550 1,755 50,767 451,173 783,762 20
30%
Jan-17 1,900 1,705 1,830 50,289 616,470 1,115,405 21
20% 21.9%
Feb-17 1,920 1,800 1,830 34,977 396,792 746,056 19
Mar-17 1,885 1,700 1,885 40,260 693,197 1,270,594 22
10% Apr-17 1,900 1,750 1,790 39,696 376,386 679,573 17
May-17 1,865 1,655 1,810 52,522 508,844 908,721 20
- Jun-17 1,840 1,755 1,830 36,210 238,327 428,062 15
Jul-17 1,900 1,720 1,790 41,729 420,300 752,575 21
-6.4% Aug-17 1,875 1,765 1,835 44,444 374,815 685,435 22
-10%
Sep-17 1,850 1,745 1,770 30,760 332,187 594,725 19
Oct-17 1,830 1,705 1,720 38,083 395,445 676,804 22
-20%
Nov-17 1,775 1,615 1,650 43,669 334,552 565,019 22
-23.9%
Dec-17 1,725 1,560 1,700 32,021 218,542 357,454 18
-30%
Jan-18 1,845 1,665 1,820 54,127 418,297 726,323 22

-40% Feb-18 1,940 1,740 1,935 45,088 465,688 856,602 19
Mar-18 1,965 1,700 1,780 66,423 463,615 826,000 21
-50% Apr-18 1,845 1,635 1,690 41,587 312,049 552,688 21
Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 May-18 1,755 1,445 1,705 55,402 408,863 665,420 20
Jun-18 1,785 1,550 1,565 38,515 220,411 371,263 13
Jul-18 1,580 1,350 1,350 52,575 348,475 502,419 22
Volume (Million Sh.) 7,020 9,687 4,906 5,016 2,435 Sep-18 1,225 1,080 1,155 30,018 253,223 289,126 19
Value (Billion Rp) 13,220 18,663 8,780 7,343 3,405 Oct-18 1,165 930 1,100 57,841 599,280 641,971 23
Days 244 246 238 240 139 Dec-18 1,385 1,190 1,255 40,395 328,148 428,951 18
Price (Rupiah) Jan-19 1,510 1,245 1,330 61,784 538,913 756,961 22

High 2,230 2,380 1,920 1,965 1,580 Feb-19 1,445 1,285 1,355 49,331 312,860 422,001 19
Low 1,235 1,550 1,560 930 1,120 Mar-19 1,500 1,300 1,405 50,274 359,165 498,840 20
Close 1,800 1,755 1,700 1,255 1,420 Apr-19 1,495 1,355 1,435 52,235 316,155 454,013 19
Close* 1,800 1,755 1,700 1,255 1,420 May-19 1,445 1,120 1,350 53,961 278,282 354,026 21
Jun-19 1,580 1,325 1,535 42,750 296,810 435,296 15
PER (X) 16.19 18.81 6.65 18.67 6.53 Jul-19 1,570 1,325 1,420 50,471 332,337 484,184 23
PER Industry (X) 13.36 24.89 14.52 23.25 18.85
PBV (X) 1.57 1.44 1.12 0.81 0.84


Public Accountant : Mirawati Sensi Idris
Receivables 165,542 516,499 624,955 347,129 234,576

50,000
Inventories 6,547,652 7,440,632 7,910,269 9,044,390 9,617,610

37,500
Investment 6,332,810 846,643 7,437,716 8,915,265 -
Fixed Assets 803,253 823,401 771,970 676,536 654,022
25,000
Other Assets 415 415 1,575 1,612 1,939
Total Assets 36,022,148 38,292,206 45,951,188 52,101,492 53,306,110
12,500
Growth (%) 6.30% 20.00% 13.38% 2.31%
-
Trade Payable 316,601 261,224 1,767,641 1,162,638 833,054 2015 2016 2017 2018 Jun-19
Growth (%) 0.10% 20.19% 30.20% -5.13%
32,611
30,287
Paid up Capital 1,924,670 1,924,670 1,924,670 1,924,670 1,924,670

24,353
25,958
Par Value 100 100 100 100 100

19,306
Total Equity 22,096,690 24,352,907 29,196,851 30,286,898 32,610,998 12,653
Growth (%) 10.21% 19.89% 3.73% 7.67%

6,000

Total Revenues 6,209,574 6,521,770 10,347,343 6,628,782 3,601,346
-652
2015 2016 2017 2018 Jun-19

Growth (%) 5.03% 58.66% -35.94%
Cost of Revenues 1,571,559 1,840,304 2,756,914 1,874,274 955,140

Gross Profit 4,638,016 4,681,466 7,590,429 4,754,508 2,646,206
Operating Expenses 2,090,606 2,205,389 2,528,033 2,589,333 1,165,214 10,347
Operating Profit 2,547,410 2,476,077 5,062,396 2,165,175 1,480,992

Growth (%) -2.80% 104.45% -57.23% 8,236
6,522 6,629
6,210
Other Income (Expenses) -185,328 -410,634 165,725 -404,754 776,895 6,126
Income Before Tax 2,362,082 2,065,443 5,228,121 1,760,421 2,257,887

3,601
Tax 10,702 27,905 39,349 58,603 5,037 4,015

Growth (%) -13.35% 154.66% -67.20%
1,904
-207
Period Attributable 2,139,497 1,796,156 4,920,228 1,293,850 2,092,649 2015 2016 2017 2018 Jun-19
Comprehensive Attributable 2,134,233 1,777,979 4,852,979 -1,033,818 2,245,819
Dividend (Rp) 5.00 5.00 - - - 5,189
EPS (Rp) 122.17 105.86 269.59 88.42 117.05

BV (Rp) 1,148.08 1,265.30 1,516.98 1,573.62 1,694.37 4,130
DAR (X) 0.39 0.36 0.36 0.42 0.39

DER(X) 0.63 0.57 0.57 0.72 0.63 2,351
3,072
2,253
2,038
ROA (%) 6.53 5.32 11.29 3.27 4.23 2,013
1,702
ROE (%) 10.64 8.37 17.77 5.62 6.91
GPM (%) 74.69 71.78 73.36 71.73 73.48 955
OPM (%) 41.02 37.97 48.92 32.66 41.12

NPM (%) 37.87 31.24 50.15 25.67 62.56
-104
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 4.09 4.72 - - -
Yield (%) 0.33 0.33 - - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

BANK TABUNGAN PENSIUNAN

NASIONAL SYARIAH TBK.
Company Profile
Established through a conversion of PT Bank Sahabat Purba Danarta and the Sharia Business
Unit spin off from BTPN Syariah on July 14, 2014; BTPN Syariah registered as the 12th Sharia
Commercial Bank in Indonesia. that primarily focuses on a business model to empower
productive underprivileged families that started since 2010 in Sharia Business Unit of BTPN. On
May 8, 2018 BTPN Syariah officially became a public company.
Today BTPN has its headquarter in Jakarta and branches in more than 300 cities throughout
Indonesia. With only 25 branches all over Indonesia, 41 Operational Functional Offices, BTPS
employ almost 12,000 employees who actively serve in the customer centers in more than 70%
districts in Indonesia, through empowerment program that teaches the productive
underprivileged families to nurture the 4 key characteristics: courage to do business, discipline,
hardwork and solidarity – all performed by their employees, trained high school graduates that’s
called Melati Putih Bangsa.
Today, around 20,000 wealthy customers deposit their fund in BTPN Syariah being, by which
almost 100% of the funds are channeled to the productive underprivileged families with a total
number of 3.2 million active customers (total customers receiving financing facilities since 2010
are more than 5 million with a total accumulated financing disbursement of Rp40.2 trillion).
August 2019
Disclaimer:
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.

BTPS Bank Tabungan Pensiunan Nasional Syariah Tbk.

50 | 24.2T | 0.33% | 79.17%
31 | 26.1T | 0.82% | 71.82%

Established Date : 07-Mar-1991 1. PT Bank Tabungan Pensiunan Nasional Tbk. 5,315,553,000 : 69.70%
Listing Date : 08-May-2018 (IPO Price: 975) 2. Public (<5%) 2,311,110,000 : 30.30%
Underwriter IPO :
PT Ciptadana Sekuritas Asia DIVIDEND ANNOUNCEMENT
F/I
-
BOARD OF COMMISSIONERS
1. Kemal Azis Stamboel *) ISSUED HISTORY
2. Dewie Pelitawati *) Listing Trading
3. Mahdi Syahbuddin No. Type of Listing Shares Date Date
4. Maya Kartika 1. First Issue 770,370,000 8-May-18 8-May-18
*) Independent Commissioners 2. Company Listing 6,856,293,000 8-May-18 8-May-18
BOARD OF DIRECTORS
1. Ratih Rachmawaty
2. Arief Ismail
3. M. Gatot Adhi Prasetyo
4. Mulia Salim
5. Taras Wibawa Siregar
AUDIT COMMITTEE
1. Kemal Azis Stamboel
2. Dewie Pelitawati
3. Lucy Susiana Noor
4. Tika Arundina
CORPORATE SECRETARY
Arief Ismail
HEAD OFFICE
Menara BTPN CBD Mega Kuningan, 12nd Floor
Jl. Dr. Ide Anak Agung Gde Agung Kav. 5.5-5.6, Kuningan
Jakarta 12950
Phone : (021) 3002-6400
Fax : (021) 2927-2096
Homepage : www.btpnsyariah.com
Email : corsec@btpnsyariah.com


TRADING ACTIVITIES
Bank Tabungan Pensiunan Nasional Syariah Closing Price Freq. Volume Value
Day
Closing Volume
Price* May 2018 - July 2019 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
3,800 1,600 May-18 1,600 1,200 1,550 14,412 1,003,097 1,241,358 16
Jun-18 1,595 1,500 1,585 12,833 458,553 718,320 13
3,325 1,400 Jul-18 1,635 1,580 1,615 24,459 1,558,550 2,007,414 22
Aug-18 1,640 1,575 1,630 17,304 419,889 679,951 21
Sep-18 1,665 1,570 1,665 28,674 492,193 808,253 19
2,850 1,200
Oct-18 1,715 1,595 1,705 28,705 426,666 711,641 23
Nov-18 1,750 1,635 1,715 37,660 576,270 972,951 21
2,375 1,000
Dec-18 1,895 1,690 1,795 30,896 560,520 994,500 18
1,900 800
Jan-19 1,985 1,800 1,985 61,799 1,081,659 2,033,105 22
Feb-19 2,100 1,965 2,050 46,320 1,039,394 1,979,432 19
1,425 600 Mar-19 2,250 2,050 2,210 55,389 1,047,514 2,203,485 20
Apr-19 2,490 2,180 2,470 66,396 1,302,578 2,962,107 19
950 400 May-19 2,880 2,360 2,850 100,160 1,552,273 4,009,476 21
Jun-19 3,480 2,750 3,450 88,516 678,324 2,098,497 15
475 200 Jul-19 3,660 3,120 3,170 125,797 797,191 2,696,580 23
May-18 Aug-18 Nov-18 Feb-19 May-19
Closing Price*, Jakarta Composite Index (IHSG) and

Finance Index
May 2018 - July 2019
175%
150%
125%
117.1%
100%
75%
50%
25% 28.1%
10.7%
-
-25%
May 18 Aug 18 Nov 18 Feb 19 May 19
SHARES TRADED 2018 Jul-19

Volume (Million Sh.) 5,496 7,499
Value (Billion Rp) 8,134 17,983
Frequency (Thou. X) 195 544
Days 153 139
Price (Rupiah)
High 1,895 3,660
Low 1,200 1,800
Close 1,795 3,170
Close* 1,795 3,170
PER (X) 14.33 20.02

PER Industry (X) 21.83 19.88
PBV (X) 3.73 5.31


Cash on Hand 2,668,989 353,397 20,000
Placements with Other Banks 275,000 -

Marketable Securities - - 15,000
Loans 152 127
Investment 1,038,050 1,585,600
10,000
Fixed Assets 176,801 179,799
Other Assets 44,354 37,618
12,039,275 13,942,073 5,000
Total Assets
Growth (%) 15.80%
-
Deposits 1,619,254 1,715,737 2018 2019
Taxes Payable 106,444 65,392
Fund Borrowings - -
Other Liabilities 28,329 18,233 TOTAL EQUITY (Bill. Rp)
Total Liabilities 2,049,483 2,173,038
Growth (%) 6.03%
4,601
5,277
3,997
Authorized Capital 2,750,000 2,750,000
Paid up Capital 770,370 770,370
Paid up Capital (Shares) 7,704 7,704
Par Value 100 100
Retained Earnings 2,353,047 2,960,687
Total Equity 3,996,932 4,601,102
Growth (%) 15.12%
2018 2019
-574
Total Interest Income 3,447,266 2,049,469

Growth (%)
Interest Expenses 367,672 242,786
Other Operating Revenue 13,149 8,843 4,107
Other Operating Expenses 1,790,194 996,311 3,447

Income from Operations 1,302,549 819,215
Growth (%)
2,049
Non-Operating Revenues -3,530 -1,345

Income Before Tax 1,299,019 817,870
Provision for Income Tax 333,708 208,096
Profit for the period 965,311 609,774
Growth (%)
-446
2018 2019
Period Attributable 965,311 609,774

Comprehensive Income 1,003,747 607,035
Comprehensive Attributable 1,003,747 607,035
RATIOS Dec-15 Dec-16 Dec-17 Dec-18 Jun-19

Dividend (Rp) - -
1,667
EPS (Rp) 125.30 79.15

BV (Rp) 518.83 597.26
965
DAR (X) 0.17 0.16
DER(X) 0.51 0.47 790
610
ROA (%) 8.02 4.37
ROE (%) 24.15 13.25
OPM (%) 37.78 39.97
NPM (%) 28.00 29.75
2018 2019
-86
Payout Ratio (%) - -

Yield (%) - -
*US$ Rate (BI), Rp 14,542 14,141

CHAROEN POKPHAND
INDONESIA TBK.
Company Profile
PT Charoen Pokphand Indonesia Tbk (the “Company”) was established in Indonesia under the business
name of PT Charoen Pokphand Indonesia Animal Feedmill Co. Limited. The Company started its
commercial operations in 1972. The controlling shareholder of the Company is The Jiaravanon family.
Based on the latest Articles of Association, the business activities of the Company are:
Core business: to engage in feed mill industry, breeding and cultivation of chicken and its processing,
food processing industry, preservation of chicken meat and beef, including cold storage units. to sell
feed, food, chicken meat and beef, husbandry products in the territory of the Republic of Indonesia, or
abroad to the extent allowed under the prevailing regulations.
Supporting activities: to import and sell raw materials and pharmaceutical materials. to manufacture
and sell sacks or plastic packaging materials, plastic products for industry, poultry equipment and
household appliances made of plastic in accordance with the licenses obtained and to the extent it
does not contravene any regulations on investment. to engage in wholesale trading, including export,
import, inter-island or inter-regional trade. to engage in transportation of goods in general, by way of
land, water, sea and air transportation. to engage in warehousing and distribution center business.
Charoen Pokphand Indonesia has direct ownership in the following subsidiaries: PT Charoen Pokphand
Jaya Farm, PT Primafood International, PT Vista Grain, PT Poly Packaging Industry, PT Feprotama
Pertiwi, PT Agrico International, PT Sarana Farmindo Utama, PT Singa Mas Internasional.
The Company’s head office is located at Jalan Ancol VIII No. 1, Jakarta and its branches in Sidoarjo,
Medan, Tangerang, Cirebon, Balaraja, Serang, Lampung, Denpasar, Surabaya, Semarang, Makassar,
and Salatiga. As of June 30th, 2019, the Group had 6,764 permanent employees.
August 2019
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

CPIN Charoen Pokphand Indonesia Tbk.

Industry Sub Sector : Animal Feed (36) Market Capitalization : 88,139,250,000,000
13 | 88.1T | 1.21% | 49.20%
42 | 19.1T | 0.60% | 68.19%

Established Date : 07-Jan-1972 1. PT Charoen Pokphand Indonesia Group 9,106,385,410 : 55.53%
Listing Date : 18-Mar-1991 (IPO Price: 5,100) 2. Public (<5%) 7,291,614,590 : 44.47%
Underwriter IPO :
PT Asian Development Securities DIVIDEND ANNOUNCEMENT
PT Danareksa Sekuritas Bonus Cash Recording Payment
F/I
PT Surya Securities Year Shares Dividend Cum Date Ex Date Date Date
PT Surya Panjimakmur 1990 50.00 25-Jul-91 26-Jul-91 2-Aug-91 21-Aug-91 F
Securities Administration Bureau : 1991 175.00 3-Jun-92 4-Jun-92 15-Jun-92 22-Jun-92 F
PT Adimitra Jasa Korpora 1992 200.00 30-Oct-92 2-Nov-92 9-Nov-92 17-Nov-92 I
1992 315.00 15-Jun-93 16-Jun-93 24-Jun-93 23-Jul-93 F
BOARD OF COMMISSIONERS 1993 200.00 2-Dec-93 3-Dec-93 10-Dec-93 20-Dec-93 I
1. Hadi Gunawan Tjoe 1993 73.00 22-Jul-94 25-Jul-94 1-Aug-94 1-Sep-94 F
2. Rusmin Ryadi 1993 73.00 22-Jul-94 25-Jul-94 1-Aug-94 1-Sep-94 I
3. Suparman S. *) 1994 155.00 13-Jul-95 14-Jul-95 24-Jul-95 10-Aug-95 F
*) Independent Commissioners 1995 230.00 21-Sep-95 22-Sep-95 2-Oct-95 9-Oct-95 I
1997 4:1 6-Jun-97 9-Jun-97 17-Jun-97 1-Jul-97 BS
BOARD OF DIRECTORS 1996 20.00 27-Aug-97 28-Aug-97 5-Sep-97 1-Oct-97 F
1. Tjiu Thomas Effendy 1999 50.00 11-Sep-00 12-Sep-00 19-Sep-00 5-Oct-00 F
2. Eddy Dharmawan Mansjoer 2001 10.00 2-Aug-02 5-Aug-02 8-Aug-02 15-Aug-02 F
3. Ferdiansyah Gunawan Tjoe 2002 15.00 23-Sep-03 24-Sep-03 26-Sep-03 10-Oct-03 F
4. Jemmy 2006 38.00 30-Jul-07 31-Jul-07 2-Aug-07 16-Aug-07 F
5. Ong Mei Sian 2009 196.00 22-Jun-10 23-Jun-10 25-Jun-10 9-Jun-10 F
6. Peraphon Prayooravong 2010 39.80 16-Jun-11 17-Jun-11 21-Jun-11 5-Jul-11 F
2011 42.00 7-Jun-12 8-Jun-12 12-Jun-12 26-Jun-12 F
AUDIT COMMITTEE 2012 46.00 28-Jun-13 1-Jul-13 3-Jul-13 17-Jul-13 F
1. Suparman S. 2013 46.00 30-Jun-14 1-Jul-14 3-Jul-14 18-Jul-14 F
2. Harlan Budiono 2014 18.00 26-Jun-15 29-Jun-15 1-Jul-15 15-Jul-15 F
3. Kong Djung Hin 2015 29.00 22-Jun-16 23-Jun-16 27-Jun-16 15-Jul-16 F
4. Petrus Julius 2016 56.00 31-May-17 2-Jun-17 6-Jun-17 16-Jun-17 F
2017 56.00 31-May-18 4-Jun-18 6-Jun-18 22-Jun-18 F
CORPORATE SECRETARY
Hadijanto Kartika ISSUED HISTORY
Listing Trading
HEAD OFFICE No. Type of Listing Shares Date Date
Jl. Ancol VIII/1 1. First Issue 2,500,000 18-Mar-91 18-Mar-91
Jakarta 14430 2. Partial Listing 5,000,000 18-Mar-91 18-Jun-91
Phone : (021) 691-9999 3. Company Listing 45,000,000 11-Nov-91 18-Nov-91
Fax : (021) 690 7324 4. Convertible Bond 839,738 20-Oct-94 20-Oct-94
Homepage : www.cp.co.id 5. Convertible Bond 2,967,029 1-Dec-94 1-Dec-94
Email : investor.relations@cp.co.id 6. Right Issue 56,306,767 7-Feb-95 7-Feb-95
7. Stock Split 112,613,534 26-May-97 26-May-97
8. Bonus Shares 56,306,767 2-Jul-97 2-Jul-97
9. Stock Split 1,126,135,340 15-Jan-01 15-Jan-01
10. Right Issue 234,611,529 1-Aug-07 1-Aug-07
11. Stock Split 1,642,280,704 1-Nov-07 1-Nov-07
12. Stock Split 13,138,245,632 8-Dec-10 8-Dec-10
13. Buy Back -24,807,040 3-Jan-12 3-Jan-12


TRADING ACTIVITIES
Charoen Pokphand Indonesia Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
10,000 72.0 Jan-15 4,025 3,725 3,955 47,230 169,097 657,060 21
Feb-15 3,925 3,740 3,785 39,903 181,862 693,947 19
8,750 63.0 Mar-15 3,830 3,345 3,545 45,919 172,460 631,070 22
Apr-15 3,695 2,820 2,835 50,293 137,795 460,367 21
May-15 3,395 2,700 3,140 46,791 135,282 412,951 19
7,500 54.0
Jun-15 3,190 2,700 2,750 42,679 113,524 331,980 21
Jul-15 2,890 2,450 2,535 38,397 95,655 260,266 19
6,250 45.0
Aug-15 2,585 1,350 1,870 58,156 220,898 387,127 20
Sep-15 2,070 1,775 2,000 43,152 145,979 282,924 21
5,000 36.0
Oct-15 2,605 2,010 2,500 44,798 146,431 353,477 21
Nov-15 3,390 2,410 3,165 46,862 147,436 433,827 21
3,750 27.0 Dec-15 3,400 2,600 2,600 65,525 195,345 577,969 19
2,500 18.0 Jan-16 3,400 2,605 3,345 54,758 196,108 586,715 20

Feb-16 3,760 3,125 3,380 55,104 167,555 588,308 20
1,250 9.0 Mar-16 3,755 3,240 3,590 66,375 173,456 603,359 21
Apr-16 3,785 3,460 3,715 38,617 91,824 335,213 21
May-16 3,750 2,950 3,500 51,605 155,671 520,204 20
Jun-16 3,890 3,440 3,750 50,908 127,875 474,601 22
Jul-16 4,020 3,710 3,750 44,219 131,059 505,901 16
Aug-16 3,980 3,580 3,730 40,020 115,400 442,763 22
Sep-16 3,800 3,360 3,500 44,318 173,586 617,077 21
Basic Industry and Chemicals Index Nov-16 3,740 3,050 3,150 62,446 170,203 574,057 22
January 2015 - July 2019 Dec-16 3,260 2,850 3,090 43,398 159,939 499,741 20
150%
Jan-17 3,270 2,990 3,100 33,052 80,470 255,466 21
120% Feb-17 3,550 3,050 3,100 37,713 141,861 461,781 19
Mar-17 3,340 3,020 3,200 46,348 172,956 553,035 22
90% Apr-17 3,400 3,180 3,190 28,524 112,841 368,802 17
May-17 3,220 2,950 3,170 35,222 153,866 468,493 20
60% Jun-17 3,270 3,000 3,180 23,232 91,416 286,274 15
54.5% Jul-17 3,400 2,590 2,670 41,009 200,278 591,365 21
41.4%
Aug-17 2,950 2,680 2,770 36,182 151,284 423,651 22
30%
21.9% Sep-17 2,830 2,650 2,740 28,392 100,810 275,355 19
Oct-17 3,550 2,740 3,300 45,210 182,545 562,300 22
-
Nov-17 3,370 2,900 2,920 35,411 107,592 333,950 22
Dec-17 3,470 2,820 3,000 36,709 112,942 355,949 18
-30%
Jan-18 3,670 3,110 3,450 64,187 153,576 523,315 22

-60% Feb-18 3,680 3,100 3,440 38,535 124,256 423,742 19
Mar-18 3,600 3,200 3,450 31,580 115,960 393,455 21
-90% Apr-18 3,840 3,350 3,680 36,063 133,611 491,855 21
Jun-18 3,810 3,390 3,680 33,950 147,956 541,396 13
Jul-18 4,900 3,510 4,520 51,966 296,807 1,181,092 22
Value (Billion Rp) 5,483 6,119 4,936 9,388 10,269 Oct-18 5,775 4,900 5,500 50,702 153,286 808,499 23
Days 244 246 238 240 139 Dec-18 7,300 5,825 7,225 79,122 184,289 1,237,870 18
Price (Rupiah) Jan-19 8,825 6,900 7,400 103,419 265,723 2,087,993 22

High 4,025 4,020 3,550 7,300 8,825 Feb-19 8,000 6,975 7,300 79,625 197,144 1,479,364 19
Low 1,350 2,605 2,590 3,100 4,190 Mar-19 8,000 6,225 6,400 70,153 156,500 1,146,044 20
Close 2,600 3,090 3,000 7,225 5,375 Apr-19 6,775 5,025 5,275 96,662 234,006 1,395,350 19
Close* 2,600 3,090 3,000 7,225 5,375 May-19 5,350 4,190 4,900 115,774 308,487 1,459,952 21
Jun-19 5,200 4,280 4,730 84,528 229,848 1,071,359 15
PER (X) 23.21 22.82 19.70 26.01 25.51 Jul-19 5,950 4,660 5,375 130,736 306,989 1,629,125 23
PER Industry (X) 4.10 20.86 13.10 12.36 13.69
PBV (X) 3.39 3.47 3.24 6.50 4.59


Receivables 3,339,849 2,837,396 2,568,098 3,020,390 3,082,400

5,454,001 5,109,719 5,696,607 6,155,542 6,757,590 23,000
Inventories
Current Assets 12,013,294 12,059,433 11,720,730 14,097,959 13,729,424
17,250
Fixed Assets 11,123,465 11,233,847 11,009,361 11,685,261 12,538,908
Other Assets 83,965 108,083 160,867 176,901 197,622
11,500
Total Assets 24,684,915 24,204,994 24,522,593 27,645,118 28,631,015
Growth (%) -1.94% 1.31% 12.73% 3.57% 5,750

Growth (%) -17.12% -12.22% -6.42% 14.40%
Paid up Capital 163,980 1,639,800 163,980 163,980 163,980 19,391

14,157
Par Value 10 10 10 10 10
15,435
12,561
Total Equity 12,561,427 14,157,243 15,702,825 19,391,174 19,188,244
11,480
Growth (%) 12.70% 10.92% 23.49% -1.05% 7,524
Total Revenues 30,107,727 38,256,857 49,367,386 53,957,604 29,573,450

Growth (%) 27.07% 29.04% 9.30%
-388
2015 2016 2017 2018 Jun-19
Cost of Revenues 24,967,568 31,743,222 43,116,098 44,822,755 25,929,392

Gross Profit 5,140,159 6,513,635 6,251,288 9,134,849 3,644,058
Expenses (Income) 1,652,086 2,096,519 2,535,014 2,646,643 1,360,841
49,367
Growth (%) 26.63% -15.87% 74.59%
53,958
42,950
38,257
Other Income (Expenses) -1,206,445 -433,455 -460,569 -580,855 -135,922
30,108 29,573
Tax 449,030 1,758,259 758,918 1,355,866 418,933

Growth (%) 21.43% 12.19% 82.29%

9,928
Current Ratio (%) 210.62 217.28 231.66 297.87 234.10
4,551
Dividend (Rp) 29.00 56.00 56.00 - - 4,551
EPS (Rp) 112.02 13.54 152.32 277.74 105.33

BV (Rp) 766.03 86.34 957.61 1,182.53 1,170.16 3,623
DAR (X) 0.49 0.42 0.36 0.30 0.33 2,497

0.97 0.71 0.56 0.43 0.49 2,225
DER(X)
2,694
1,833 1,728
ROA (%) 7.42 9.19 10.18 16.46 6.04 1,766
ROE (%) 14.59 15.72 15.90 23.47 9.01

GPM (%) 17.07 17.03 12.66 16.93 12.32 837
OPM (%) 11.59 11.55 7.53 12.02 7.72

NPM (%) 6.09 5.82 5.06 8.44 5.84
-91
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 25.89 413.54 36.76 - -
Yield (%) 1.12 1.81 1.87 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

CIPUTRA DEVELOPMENT TBK.

Company Profile
The history of the Company as one of the leading and most diversified property companies in
Indonesia started when Dr. (HC) Ir. Ciputra founded PT Citra Habitat Indonesia on October 22,
1981, which in 1990 changed its name to PT Ciputra Development. In line with the development
of the business, on March 28, 1994 the Company conducted an Initial Public Offering (IPO) and
listed its shares on the Indonesia Stock Exchange (at that time it was still called the Jakarta Stock
Exchange). In 1999, PT Ciputra Surya (CTRS), a subsidiary, listed its shares on the Indonesia Stock
Exchange (Jakarta Stock Exchange), which was followed by PT Ciputra Property (CTRP) which
conducted an IPO and listed its shares in 2007. In October 2016 the Company, together with
CTRS and CTRP submitted a planned merger, which then obtained an effective statement from
the Financial Services Authority on December 23, 2016 and was ratified through the signing of
the Merger Deed on January, 12 2017.
With more than 30 years of experience in the property sector, the Company has become an
integrated property developer that offers high-quality products with competitive selling prices.
The company also benefits from economy of scale, allowing for cost efficiency for development
contracts. Until now the Company has developed more than 75 projects which include housing,
apartments, offices, shopping centers, hotels, hospitals and golf courses located in 33 cities
throughout Indonesia. With that portfolio and land owned, the Company has succeeded in
gaining the trust of the wider community and becoming a leading property company
The company divides its business activities into 2 segments namely residential project
development, especially township residential, and development and management of
commercial property. The Company’s residential products generally consist of land plots,
residential houses, shop houses, apartments and strata title offices, while the development and
management of commercial properties include rental of commercial centers, hotels,
apartments, offices, hospitals, golf courses and water parks.
Throughout 2018, the Company launched 4 new projects namely Vertu Apartment Ciputra
World Surabaya, CitraLand Palembang (landed house), CitraLand Vittorio Surabaya (mixed-use
project consisting of apartments, SOHO and shop houses) and Newton 2 (strata-title
apartments).
August 2019
Disclaimer:

CTRA Ciputra Development Tbk.

51 | 22.9T | 0.31% | 76.76%
64 | 10.6T | 0.33% | 80.61%

Established Date : 04-Jun-1982 1. PT Sang Pelopor 3,992,114,377 : 21.51%
Listing Date : 28-Mar-1994 (IPO Price: 5,200) 2. Public (<5%) 14,568,189,020 : 78.49%
Underwriter IPO :
PT Bapindo Bumi Securities DIVIDEND ANNOUNCEMENT
PT Baring Sec. Bonus Cash Recording Payment
F/I
PT Danareksa Sekuritas Year Shares Dividend Cum Date Ex Date Date Date
PT Indovest Securities 1994 89.00 19-Jul-95 20-Jul-95 28-Jul-95 25-Aug-95 F
PT Inter-Pacific Securities 1995 80.00 17-Jul-96 18-Jul-96 26-Jul-96 23-Aug-96 F
Securities Administration Bureau : 1996 41.00 7-Jul-97 8-Jul-97 16-Jul-97 14-Aug-97 F
PT Edi Indonesia 2000 20 : 23 14-Nov-00 15-Nov-00 20-Nov-00 4-Dec-00 BS
2010 6.00 25-Jul-11 26-Jul-11 28-Jul-11 11-Aug-11 F
BOARD OF COMMISSIONERS 2011 7.00 24-Jul-12 25-Jul-12 27-Jul-12 10-Aug-12 F
1. Ciputra 2012 12.00 5-Jul-13 8-Jul-13 10-Jul-13 24-Jul-13 F
2. Dian Sumeler 2013 19.00 3-Jul-14 4-Jul-14 8-Jul-14 22-Jul-14 F
3. Henk Wangitan *) 2014 8.00 7-Jul-15 8-Jul-15 10-Jul-15 31-Jul-15 F
4. Junita Ciputra 2014 800.00 29-Sep-15 30-Sep-15 2-Oct-15 19-Oct-15 F
5. Kodradi *) 2015 2.25 29-Sep-15 30-Sep-15 2-Oct-15 19-Oct-15 I
6. Rina Ciputra Sastrawinata 2015 6.00 22-Jun-16 23-Jun-16 27-Jun-16 15-Jul-16 F
7. Sandra Hendharto 2015 161 : 1 12-Jul-16 13-Jul-16 15-Jul-16 28-Jul-16 SD
8. Thomas Bambang *) 2015 162 : 1 12-Jul-16 13-Jul-16 15-Jul-16 28-Jul-16 SD
*) Independent Commissioners 2016 4.75 22-Jun-17 3-Jul-17 5-Jul-17 14-Jul-17 F
2017 9.50 20-Jun-18 21-Jun-18 25-Jun-18 5-Jul-18 F
BOARD OF DIRECTORS
1. Candra Ciputra ISSUED HISTORY
2. Harun Hajadi Listing Trading
3. M. I. Meiko Handoyo L. No. Type of Listing Shares Date Date
4. Nanik Joeliawati Santoso 1. First Issue 50,000,000 28-Mar-94 28-Mar-94
5. Sutoto Yakobus 2. Company Listing 200,000,000 T: 28-Mar-94 : 18-Oct-94
6. Tulus Santoso 3. Stock Split 7,832,907,997 T: 5-Aug-96 : 15-Jun-10
7. Agussurja Widjaja 4. Right Issue 2,699,860,570 T: 8-Oct-96 : 27-Dec-06
8. Artadinata Djangkar 5. Bonus Shares 862,500,000 4-Dec-00 4-Dec-00
9. Budiarsa Sastrawinata 6. Add. Listing without RI 2,307,276,912 3-Apr-06 3-Apr-06
10. Cakra Ciputra 7. Warrant I 1,213,270,515 T: 6-Jun-07 : 3-Dec-09
8. Dividend Shares 259,475,226 T: 19-Oct-15 : 28-Jul-16
AUDIT COMMITTEE 9. Stock Conversion (CTRP & CTRS to CTRA) 3,135,012,177 19-Jan-17 19-Jan-17
1. Kodradi
2. Henk Wangitan
3. Lany Wihardjo
CORPORATE SECRETARY
Tulus Santoso
HEAD OFFICE
Ciputra World 1 DBS Bank Tower , 39th Floor
Jl. Prof. DR. Satrio Kav. 3-5
Jakarta 12940
Phone : (021) 2988-5858; 2988-6868
Fax : (021) 2988-8989
Homepage : www.ciputradevelopment.com
Email : investor@ciputra.com


TRADING ACTIVITIES
Ciputra Development Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
1,800 4,800 Jan-15 1,540 1,265 1,440 23,557 400,391 567,209 21
Feb-15 1,585 1,420 1,485 25,132 337,859 502,740 19
1,575 4,200 Mar-15 1,510 1,260 1,475 32,049 550,226 750,288 22
Apr-15 1,500 1,350 1,375 25,077 229,226 327,139 21
May-15 1,575 1,315 1,430 21,752 254,522 372,134 19
1,350 3,600
Jun-15 1,515 1,195 1,265 32,907 219,607 289,992 21
Jul-15 1,300 1,025 1,050 20,259 237,081 274,974 19
1,125 3,000
Aug-15 1,190 735 865 32,454 322,858 296,067 20
Sep-15 900 760 815 29,748 310,946 257,707 21
900 2,400
Oct-15 1,215 810 1,085 40,953 457,447 466,124 21
Nov-15 1,365 1,040 1,150 39,797 321,359 399,091 21
675 1,800 Dec-15 1,490 1,170 1,460 23,686 210,220 275,871 19
450 1,200 Jan-16 1,500 1,225 1,270 31,211 244,908 331,688 20

Feb-16 1,410 1,195 1,280 34,688 445,856 588,036 20
225 600 Mar-16 1,370 1,235 1,305 37,046 541,960 716,017 21
Apr-16 1,370 1,225 1,245 28,892 435,936 571,419 21
May-16 1,435 1,170 1,380 24,482 248,157 322,329 20
Jun-16 1,650 1,275 1,450 50,052 660,840 948,674 22
Jul-16 1,530 1,350 1,405 33,951 501,071 730,879 16
Aug-16 1,745 1,405 1,545 41,463 587,090 943,694 22
Sep-16 1,720 1,400 1,590 35,224 403,981 642,963 21
Property, Real Estate and Bulding Construction Index Nov-16 1,700 1,350 1,350 39,213 563,067 840,855 22
January 2015 - July 2019 Dec-16 1,435 1,250 1,335 25,044 482,868 659,120 20
60%
Jan-17 1,365 1,245 1,320 38,605 735,866 966,787 21
45% Feb-17 1,450 1,305 1,370 30,885 495,011 681,724 19
Mar-17 1,365 1,210 1,230 36,282 646,151 834,052 22
30% Apr-17 1,320 1,080 1,280 41,082 581,136 713,652 17
21.9%
May-17 1,280 1,080 1,120 39,290 527,926 620,456 20
15% Jun-17 1,185 1,085 1,170 20,885 5,519,852 2,236,196 15
Jul-17 1,250 990 1,035 40,980 635,487 712,975 21
Aug-17 1,260 1,015 1,170 43,395 680,318 789,264 22
-
-4.8% Sep-17 1,210 1,110 1,195 26,205 606,324 746,175 19
-6.4%
Oct-17 1,245 1,150 1,210 26,736 647,879 773,286 22
-15%
Nov-17 1,235 1,150 1,225 17,267 852,310 870,898 22
Dec-17 1,220 1,150 1,185 18,706 454,466 518,286 18
-30%
Jan-18 1,400 1,125 1,360 39,256 600,010 744,788 22

-45% Feb-18 1,430 1,230 1,290 29,194 474,024 617,081 19
Mar-18 1,300 1,095 1,175 20,331 245,962 296,570 21
-60% Apr-18 1,260 1,040 1,100 20,925 270,041 315,211 21
Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 May-18 1,105 865 1,010 37,375 550,104 540,853 20
Jun-18 1,175 960 1,020 25,211 402,610 437,155 13
Jul-18 1,120 935 995 25,876 194,032 197,170 22
SHARES TRADED 2015 2016 2017 2018 Jul-19 Aug-18 1,045 830 845 33,806 367,816 335,269 21
Volume (Million Sh.) 3,852 5,498 12,383 4,665 6,188 Sep-18 875 730 875 23,848 316,642 247,308 19
Value (Billion Rp) 4,779 7,900 10,464 4,912 6,467 Oct-18 885 760 820 27,308 225,342 185,437 23
Frequency (Thou. X) 347 412 380 371 442 Nov-18 1,110 800 1,055 53,744 627,279 594,132 21
Days 244 246 238 240 139 Dec-18 1,125 950 1,010 34,270 391,621 400,990 18
Price (Rupiah) Jan-19 1,095 865 975 87,912 1,117,362 1,111,293 22

High 1,585 1,745 1,450 1,430 1,335 Feb-19 1,000 860 875 66,661 885,299 812,102 19
Low 735 1,170 990 730 855 Mar-19 1,045 855 1,000 47,294 865,170 835,984 20
Close 1,460 1,335 1,185 1,010 1,235 Apr-19 1,250 1,010 1,130 47,861 889,544 1,006,655 19
Close* 1,451 1,335 1,185 1,010 1,235 May-19 1,150 870 980 51,560 541,423 532,063 21
Jun-19 1,180 975 1,150 62,769 838,813 914,427 15
PER (X) 17.44 23.90 24.59 15.81 38.66 Jul-19 1,335 1,075 1,235 78,214 1,050,723 1,254,102 23
PER Industry (X) 13.36 24.89 14.52 23.25 18.85
PBV (X) 1.72 1.52 1.47 1.17 1.37


Receivables 1,323,274 1,702,103 1,796,627 2,550,855 1,264,017

29,000
Inventories 7,531,394 7,945,370 9,479,848 9,786,242 10,301,575

21,750
Investment 499,037 495,582 309,293 317,707 314,174
Fixed Assets 2,961,999 3,033,847 3,137,453 3,113,950 3,036,246
14,500
Other Assets 1,163,802 1,556,397 1,922,944 2,261,688 2,086,456
Total Assets 26,258,719 29,072,250 31,706,163 34,289,017 35,076,644
7,250
Growth (%) 10.71% 9.06% 8.15% 2.30%
-
Trade Payable 913,690 829,102 839,049 831,846 744,707 2015 2016 2017 2018 Jun-19
Growth (%) 11.85% 10.02% 8.55% 3.66%
16,644 16,787
15,451
14,298
Paid up Capital 3,832,665 3,856,323 4,640,076 4,640,076 4,640,076 13,050
13,362
Par Value 250 250 250 250 250

9,938
Total Equity 13,050,221 14,297,927 15,450,765 16,644,276 16,786,847 6,513
Growth (%) 9.56% 8.06% 7.72% 0.86%

3,089

Total Revenues 7,514,287 6,739,315 6,442,797 7,670,405 3,145,418
-336
2015 2016 2017 2018 Jun-19

Growth (%) -10.31% -4.40% 19.05%
Cost of Revenues 3,785,577 3,449,611 3,423,327 4,042,138 1,656,475

Gross Profit 3,728,709 3,289,704 3,019,470 3,628,267 1,488,943
Operating Expenses 1,313,884 1,438,539 1,396,859 1,478,689 719,511 7,514 7,670
Operating Profit 2,414,825 1,851,165 1,622,611 2,149,578 769,432 6,739

7,670
6,443
Growth (%) -23.34% -12.35% 32.48% 6,106
Other Income (Expenses) -250,144 -350,316 -324,598 -550,121 -333,360 4,541
Income Before Tax 2,164,681 1,500,849 1,298,013 1,599,457 436,072 3,145
Tax 279,597 330,143 279,484 296,755 115,813 2,976
Profit for the period 1,885,084 1,170,706 1,018,529 1,302,702 320,259

Growth (%) -37.90% -13.00% 27.90%
1,411
-153
Period Attributable 1,283,693 861,761 894,354 1,185,478 296,440 2015 2016 2017 2018 Jun-19
Comprehensive Income 1,753,690 1,143,006 966,452 1,326,395 337,642
Comprehensive Attributable 1,296,467 842,731 841,149 1,211,001 313,823
Dividend (Rp) 8.25 4.75 9.50 - - 1,885
EPS (Rp) 122.96 75.90 54.88 70.19 17.26

BV (Rp) 851.25 926.91 832.46 896.77 904.45 1,501
1,303
1,171
DAR (X) 0.50 0.51 0.51 0.51 0.52 1,019
DER(X) 1.01 1.03 1.05 1.06 1.09
1,116
ROA (%) 7.18 4.03 3.21 3.80 0.91 731
ROE (%) 14.44 8.19 6.59 7.83 1.91

320
GPM (%) 49.62 48.81 46.87 47.30 47.34 347
OPM (%) 32.14 27.47 25.18 28.02 24.46

NPM (%) 25.09 17.37 15.81 16.98 10.18
-38
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 6.71 6.26 17.31 - -
Yield (%) 0.72 0.41 0.83 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

ERAJAYA SWASEMBADA TBK.
Company Profile
PT Erajaya Swasembada Tbk established in 1996, PT Erajaya Swasembada Tbk. (“Erajaya”) has grown
beyond an integrated mobile telecommunication device importer, distributor and retailer, where the
Company is also acknowledged as the largest and most trusted companies in its business in Indonesia.
Erajaya engages in the distribution and retail of mobile telecommunication devices, such as mobile
phones and tablets, subscriber identity module card (SIM Card), mobile network operator voucher top-
up, accessories, and gadgets such as computers and other electronic devices.
Erajaya has built strategic partnership with various distinguished global brands, in addition, the Company
also ditributes Venera, a product of Erajaya. The Company, further, also cooperates with credible
network operators in Indonesia for their products distribution.
The Company has direct and indirect ownership interests in the consolidated subsidiaries, are as follows:
PT Teletama Artha Mandiri, PT Erafone Artha Retailindo, PT Nusa Gemilang Abadi, PT Sinar Eka Selaras,
Era International Network Sdn. Bhd, PT Era Sukses Abadi, PT Mandiri Sinergi Niaga, Era International
Network Pte. Ltd, PT Nusantara Prima Sukses Artha, PT Azec Indonesia Management Services, PT Mitra
Internasional Indonesia, PT Indonesia Orisinil Teknologi, Erajaya Swasembada Pte. Ltd.
In 2018, Erajaya Group launched Omni Channel, a new service that integrates offline and online cross-
channel business that aims to provide convenience and ease of shopping for customers. The form of
Omni Channel is O2O (online to offline and offline to online) services that involve the network of Erajaya
Retail Group stores such as, Erafone, iBox, Urban Republic, Samsung Experience Strore and Erafone.com.
The Company is domiciled at Jalan Gedong Panjang No. 29-31, Pekojan, Tambora, Jakarta 11240,
Indonesia and started its commercial operations in 2000. As of June 30th, 2019 the Company had 2,347
permanent employees.
August 2019
Disclaimer:

ERAA Erajaya Swasembada Tbk.

Industry Sub Sector : Retail Trade (93) Market Capitalization : 6,699,000,000,000
143 | 6.70T | 0.09% | 87.65%
35 | 24.8T | 0.78% | 63.05%

Established Date : 08-Oct-1996 1. PT Eralink International 500,000,000 : 15.67%
Listing Date : 14-Dec-2011 (IPO Price: 1,000) 2. Public (<5%) 2,690,000,000 : 84.33%
Underwriter IPO :
PT Buana Capital DIVIDEND ANNOUNCEMENT
F/I
2012 60.00 25-Jun-13 26-Jun-13 28-Jun-13 12-Jul-13 F
1. Ardy Hady Wijaya 2017 38.00 30-Apr-18 2-May-18 4-May-18 25-May-18 F
2. Lim Bing Tjay *)
3. Richard Halim Kusuma ISSUED HISTORY
BOARD OF DIRECTORS 1. First Issue 920,000,000 14-Dec-11 14-Dec-11
1. Budiarto Halim 2. Company Listing 1,980,000,000 14-Dec-11 14-Dec-11
2. Andreas Harun Djumadi 3. Add. Listing without RI 290,000,000 8-May-18 8-May-18
3. Djohan Sutanto
4. Hasan Aula
5. Jody Rasjidgandha
6. Sim Chee Ping
7. Sintawati Halim
AUDIT COMMITTEE
1. Lim Bing Tjay
2. Irawan Riza
3. Joy Wahjudi
4. Rodolfo C. Balmater
CORPORATE SECRETARY
Hendra Wijaya
HEAD OFFICE
Erajaya Plaza
Jl. Bandengan Selatan No.19-20, Pekojan-Tambora
Jakarta 11240
Phone : (021) 690-5788
Fax : (021) 690-5789
Homepage : www.erajaya.com
Email : dl-corsec@erajaya.com
investor.relations@erajaya.com


TRADING ACTIVITIES
Erajaya Swasembada Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
3,400 320 Jan-15 1,250 1,010 1,205 18,184 274,933 311,620 21
Feb-15 1,215 1,025 1,120 17,014 246,436 273,952 19
2,975 280 Mar-15 1,120 860 875 22,026 318,996 317,046 22
Apr-15 950 740 825 21,091 408,495 355,797 21
May-15 845 740 740 13,985 224,640 179,611 19
2,550 240
Jun-15 755 510 590 34,900 815,181 475,413 21
Jul-15 605 500 525 16,543 299,133 167,076 19
2,125 200
Aug-15 550 369 450 15,232 267,259 121,364 20
Sep-15 575 437 560 10,456 183,660 92,298 21
1,700 160
Oct-15 715 555 640 10,181 190,547 123,696 21
Nov-15 645 550 570 8,405 141,538 87,538 21
1,275 120 Dec-15 580 482 545 7,284 131,136 67,658 19
850 80 Jan-16 580 510 525 5,856 71,096 38,151 20

Feb-16 600 491 497 5,389 77,785 41,899 20
425 40 Mar-16 805 492 690 21,815 382,696 254,110 21
Apr-16 790 650 735 11,066 240,352 170,545 21
May-16 730 600 645 6,098 82,174 53,501 20
Jun-16 675 580 585 11,343 138,805 87,530 22
Jul-16 830 580 800 19,286 344,596 255,906 16
Aug-16 930 790 835 21,016 373,899 324,606 22
Sep-16 860 670 670 14,171 157,855 116,885 21
Closing Price*, Jakarta Composite Index (IHSG) and Oct-16 745 600 655 18,591 222,327 147,300 21
Trade, Sevices and Investment Index Nov-16 670 525 610 16,437 199,459 118,679 22
January 2015 - July 2019 Dec-16 690 580 600 9,523 213,104 132,978 20
210%
Jan-17 660 595 610 5,240 48,990 30,809 21
175% Feb-17 655 580 615 13,308 117,181 72,203 19
Mar-17 670 590 605 12,682 208,535 128,868 22
140% Apr-17 765 610 730 22,820 445,563 311,323 17
May-17 730 640 655 13,305 186,495 127,649 20
105% Jun-17 695 625 630 7,304 86,057 56,525 15
94.4% Jul-17 670 565 640 11,350 159,447 99,880 21
Aug-17 750 600 700 15,367 377,148 267,463 22
70%
Sep-17 855 670 830 16,001 290,805 225,901 19
Oct-17 910 730 790 20,768 263,440 219,620 22
35%
Nov-17 835 710 730 11,210 143,967 110,994 22
21.9%
Dec-17 785 690 735 12,509 158,648 119,140 18
-
-7.2%
Jan-18 865 680 840 25,461 350,668 264,973 22
-35% Feb-18 1,020 750 995 24,585 352,368 312,605 19
Mar-18 1,380 970 1,265 45,652 624,757 750,566 21
-70% Apr-18 1,710 1,160 1,710 36,286 373,864 528,970 21
Jun-18 3,070 2,210 2,440 114,313 798,822 2,171,142 13
Jul-18 3,400 2,190 3,120 120,084 779,868 2,231,286 22
Frequency (Thou. X) 195 161 162 973 889 Nov-18 2,340 1,435 2,210 155,744 1,095,951 2,008,031 21
Days 244 246 238 240 139 Dec-18 2,430 2,010 2,200 58,947 401,125 908,125 18
Price (Rupiah) Jan-19 2,590 2,180 2,290 130,305 794,466 1,901,306 22

High 1,250 930 910 3,400 2,590 Feb-19 2,360 1,910 2,090 104,537 559,666 1,207,108 19
Low 369 491 565 680 965 Mar-19 2,160 1,765 1,770 65,442 344,260 678,628 20
Close 545 600 735 2,200 2,100 Apr-19 1,870 1,440 1,450 110,292 661,456 1,068,594 19
Close* 545 600 735 2,200 2,100 May-19 1,350 965 1,175 156,117 1,130,380 1,263,509 21
Jun-19 2,040 1,180 1,920 158,006 1,216,983 1,931,118 15
PER (X) 6.99 6.60 6.28 8.26 30.68 Jul-19 2,260 1,770 2,100 164,706 1,045,060 2,128,714 23
PER Industry (X) 14.53 19.07 17.44 13.13 13.96
PBV (X) 0.49 0.52 0.60 1.55 1.39


Cash & Cash Equivalents 126,820 614,544 366,396 272,103 3,855,856 13,750
Receivables 2,387,217 1,876,233 1,902,548 1,417,241 1,271,430

2,552,505 2,202,800 3,388,147 6,794,576 4,632,330 11,000
Inventories
Current Assets 5,465,564 5,168,223 6,684,618 10,053,692 8,766,335
8,250
Fixed Assets 436,642 457,248 485,805 553,676 602,005
Other Assets 158 1,811 995 17,746 83,417
5,500
Total Assets 7,800,300 7,424,604 8,873,875 12,682,903 11,140,090
Growth (%) -4.82% 19.52% 42.92% -12.16% 2,750

Long Term Liabilities 195,557 80,226 118,501 116,692 130,630 2015 2016 2017 2018 Jun-19
Growth (%) -12.61% 28.68% 52.06% -19.34%
Paid up Capital 1,450,000 1,450,000 1,450,000 1,595,000 1,595,000 4,826

Par Value 500 500 500 500 500 3,409
3,205
3,841

Total Equity 3,205,406 3,409,161 3,706,655 4,825,618 4,802,363
2,857
Growth (%) 6.36% 8.73% 30.19% -0.48% 1,872
INCOME STATEMENTS Dec-15 Dec-16 Dec-17 Dec-18 Jun-19 888
Total Revenues 20,007,598 20,547,128 24,229,915 34,744,177 15,428,963

Growth (%) 2.70% 17.92% 43.39%
-97
2015 2016 2017 2018 Jun-19
Cost of Revenues 18,502,000 18,754,820 22,071,008 31,574,696 14,176,251

Gross Profit 1,505,598 1,792,309 2,158,907 3,169,482 1,252,712
Expenses (Income) 1,028,052 1,258,759 1,558,857 1,966,341 892,180
Operating Profit 477,546 533,549 600,050 1,527,492 360,532 34,744
Growth (%) 11.73% 12.46% 154.56%

34,744
27,656
24,230
Other Income (Expenses) -157,144 -150,013 -120,393 -324,351 -178,711
20,008 20,547
Income before Tax 320,401 383,537 479,656 1,203,141 181,821 20,569
15,429
Tax 90,590 121,816 132,507 313,800 57,418
Profit for the period 229,812 261,721 347,150 889,341 124,403 13,481
Growth (%) 13.88% 32.64% 156.18%

6,393
Period Attributable 226,023 263,755 339,458 850,090 109,181 -695
Comprehensive Income 240,860 257,485 345,753 911,458 122,744 2015 2016 2017 2018 Jun-19
Comprehensive Attributable 241,212 262,086 336,171 869,920 108,408
Current Ratio (%) 124.24 131.33 132.40 129.88 141.23
889
Dividend (Rp) 20.00 - 38.00 - - 889
EPS (Rp) 77.94 90.95 117.05 266.49 34.23

BV (Rp) 1,105.31 1,175.57 1,278.16 1,512.73 1,505.44 708
DAR (X) 0.59 0.54 0.58 0.62 0.57

DER(X) 1.43 1.18 1.39 1.63 1.32
526
347
ROA (%) 2.95 3.53 3.91 7.01 1.12
262
230
345
ROE (%) 7.17 7.68 9.37 18.43 2.59

124
GPM (%) 7.53 8.72 8.91 9.12 8.12 164
OPM (%) 2.39 2.60 2.48 4.40 2.34

NPM (%) 1.15 1.27 1.43 2.56 0.81
-18
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 25.66 - 32.46 - -
Yield (%) 3.67 - 5.17 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

XL AXIATA TBK.
Company Profile
Initially starting business as a trading and general services, PT XL Axiata Tbk. established on 6 October 1989
under the name of PT Grahametropolitan Lestari. In 1996, The company entered the telecommunications field
after obtaining a GSM 900 operating license and officially launching its GSM services, becoming the first
private company in Indonesia to provide cellular mobile telephony services. In September 2005, XL Axiata
launched an Initial Public Offering (IPO) and listed its shares on the Jakarta Stock Exchange now known as the
Indonesia Stock Exchange (IDX).
Looking forward to 2020, XL Axiata’s direction in the digital and telecommunications industry will not be just
as a digital enabler but as a digital partner, with firm social ties between consumers, the business world and
the industry. The aspiration to become a digital partner means XL Axiata’s orientation is to provide solutions
to improve better conditions for the public and the business world.
As a leading market player in Indonesia, XL Axiata provides services for retail customers and offers business
solutions to corporate customers with wide network and service coverage throughout Indonesia. The services
include Data, Voice, SMS and other value added digital services. XL Axiata operates its network on GSM
900/DCS 1800 and IMT-2000/3G technologies.
In 2018 the company received awards: Digital Transformation Leader of the Year 2018, 2018 Asia
Pacific Mobile Data Service Provider of the Year, 2018 Indonesia Mobile Data Service Provider of the Year,
2018 Indonesia Mobile Service Provider of the Year, Etc.
The Company’s head office is currently located at XL Axiata Tower, Jl. H.R. Rasuna Said X5 Kav. 11- 12,
Kuningan Timur, Setiabudi, Jakarta Selatan 12950. The number of permanent employees as at June 30th, 2019
is 1,692 employees.
August 2019
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 h eld 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.

EXCL XL Axiata Tbk.

Industry Sector : Infrastructure, Utilities & Transportation (7) Listed Shares : 10,687,960,423
Industry Sub Sector : Telecommunication (73) Market Capitalization : 34,522,112,166,290
36 | 34.5T | 0.47% | 73.72%
45 | 17.0T | 0.53% | 67.59%

Established Date : 06-Oct-1989 1. Axiata Investments (Indonesia) SDN. BHD. 7,092,656,612 : 66.36%
Listing Date : 29-Sep-2005 (IPO Price: 2,000) 2. Public (<5%) 3,595,303,811 : 33.64%
Underwriter IPO :
PT CIMB Niaga Securities DIVIDEND ANNOUNCEMENT
PT GK Goh Indonesia Bonus Cash Recording Payment
F/I
PT Datindo Entrycom 2006 7.00 22-May-07 23-May-07 25-May-07 11-Jun-07 I
2007 20.00 28-Apr-08 29-Apr-08 2-May-08 16-May-08 F
BOARD OF COMMISSIONERS 2010 107.00 11-May-11 12-May-11 16-May-11 31-May-11 F
1. Muhamad Chatib Basri 2011 129.88 20-Apr-12 23-Apr-12 25-Apr-12 9-May-12 F
2. David Robert Dean 2012 135.00 2-May-13 3-May-13 7-May-13 22-May-13 F
3. Julianto Sidarto *) 2013 64.00 13-May-14 14-May-14 19-May-14 4-Jun-14 F
4. Kenneth Shen
5. Muliadi Rahardja *) ISSUED HISTORY
6. Peter John Chambers Listing Trading
7. Tan Sri Jamaludin Bin Ibrahim No. Type of Listing Shares Date Date
8. Vivek Sood 1. First Issue 1,427,500,000 29-Sep-05 29-Sep-05
9. Yasmin Stamboel Wirjawan *) 2. Company Listing 5,662,500,000 29-Sep-05 29-Sep-05
*) Independent Commissioners 3. Right Issue 1,418,000,000 16-Dec-09 16-Dec-09
4. Add. Listing without RI 10,566,332 26-Apr-11 26-Apr-11
BOARD OF DIRECTORS 5. Long Term Incentive Program 7,710,279 16-Apr-12 16-Apr-12
1. Dian Siswarini 6. Long Term Incentive Program 8,214,056 12-Apr-13 12-Apr-13
2. Abhijit Jayant Navalekar 7. Long Term Incentive Program 6,891,003 21-Apr-15 21-Apr-15
3. Allan Bonke 8. Long Term Incentive Program 8,986,668 4-Apr-16 4-Apr-16
4. Mohamed Adlan Bin Ahmad Tajudin 9. Right Issue I 103,889,680 25-May-16 25-May-16
5. Yessie D. Yosetya 10. Right Issue I 1,453,844,085 26-May-16 26-May-16
11. Right Issue I 20,855,009 27-May-16 27-May-16
AUDIT COMMITTEE 12. Right Issue I 391,891,303 31-May-16 31-May-16
1. Julianto Sidarto 13. Right Issue I 167,112,008 1-Jun-16 1-Jun-16
2. Muliadi Rahardja
3. Paul Capelle
CORPORATE SECRETARY
Murni Nurdini
HEAD OFFICE
XL Axiata Tower
Jl. H.R. Rasuna Said Blok X-5 Kav. 11-12
Kuningan Timur, Setia Budi, Jakarta Selatan 12950
Phone : (021) 576-1881
Fax : (021) 576-1880
Homepage : www.xl.co.id
Email : corpsec@xl.co.id
murni@xl.co.id

EXCL XL Axiata Tbk.

TRADING ACTIVITIES
XL Axiata Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
5,200 320 Jan-15 5,000 4,300 4,800 47,136 229,930 1,060,346 21
Feb-15 5,225 4,610 4,795 32,949 121,070 593,061 19
4,550 280 Mar-15 4,800 4,175 4,350 49,816 230,600 1,018,405 22
Apr-15 4,450 3,905 4,035 37,660 195,169 838,312 21
May-15 4,350 3,800 4,290 29,621 100,898 407,344 19
3,900 240
Jun-15 4,460 3,650 3,685 31,254 164,023 677,856 21
Jul-15 3,710 2,750 2,965 35,973 141,421 452,658 19
3,250 200
Aug-15 3,120 2,340 3,000 40,431 130,973 374,144 20
Sep-15 3,000 2,240 2,615 27,068 96,437 238,542 21
2,600 160
Oct-15 3,475 2,460 3,115 42,057 165,166 522,333 21
Nov-15 3,900 2,975 3,460 35,281 106,369 369,303 21
1,950 120 Dec-15 4,005 3,500 3,650 43,055 153,235 576,473 19
1,300 80 Jan-16 3,860 3,290 3,675 47,353 114,613 409,075 20

Feb-16 4,150 3,590 3,900 61,342 206,204 808,969 20
650 40 Mar-16 4,275 3,840 4,000 44,334 138,315 559,520 21
Apr-16 4,010 3,440 3,520 40,185 78,577 298,065 21
May-16 3,550 3,150 3,530 47,703 342,007 1,139,950 20
Jun-16 3,920 3,400 3,670 49,695 256,584 944,220 22
Jul-16 3,950 3,540 3,710 48,090 253,208 948,865 16
Aug-16 3,800 2,680 2,840 85,722 545,675 1,743,794 22
Sep-16 2,960 2,460 2,700 75,887 422,146 1,137,173 21
Infrastructure, Utilities and Transportation Index Nov-16 2,620 2,030 2,300 66,798 388,759 893,538 22
January 2015 - July 2019 Dec-16 2,400 2,180 2,310 33,998 124,490 286,063 20
45%
Jan-17 2,980 2,250 2,910 36,546 206,007 557,924 21
30% Feb-17 3,250 2,780 2,990 39,289 221,355 670,805 19
21.9% Mar-17 3,310 2,810 3,060 43,717 192,125 592,123 22
15% Apr-17 3,270 2,900 3,210 31,037 97,559 298,121 17
May-17 3,240 2,950 2,960 35,951 172,270 524,656 20
4.3% Jun-17 3,500 2,970 3,410 41,683 151,385 497,833 15
-
Jul-17 3,410 3,110 3,360 37,373 148,190 484,910 21
Aug-17 3,800 3,350 3,600 33,181 196,682 693,732 22
-15%
Sep-17 4,060 3,600 3,740 31,095 180,749 692,003 19
Oct-17 3,750 3,230 3,380 41,507 195,950 683,307 22
-30%
-32.3% Nov-17 3,600 2,890 3,080 52,484 215,957 710,555 22
Dec-17 3,150 2,810 2,960 36,156 169,244 500,111 18
-45%
Jan-18 3,380 2,850 2,990 53,360 151,553 472,626 22

-60% Feb-18 3,040 2,810 2,950 50,414 157,842 466,331 19
Mar-18 2,980 2,420 2,520 41,687 204,124 544,564 21
-75% Apr-18 2,840 2,040 2,120 45,031 190,040 467,623 21
Jun-18 2,910 2,160 2,520 83,138 474,977 1,212,677 13
Jul-18 3,070 2,300 2,750 64,837 351,440 942,843 22
Days 244 246 238 240 139 Dec-18 2,100 1,875 1,980 59,932 309,103 612,860 18
Price (Rupiah) Jan-19 2,370 1,955 2,170 70,378 521,497 1,144,591 22

High 5,225 4,275 4,060 3,380 3,420 Feb-19 2,680 1,995 2,400 85,617 832,947 1,940,677 19
Low 2,240 2,030 2,250 1,710 1,955 Mar-19 2,760 2,310 2,700 47,177 310,382 795,365 20
Close 3,650 2,310 2,960 1,980 3,230 Apr-19 2,980 2,510 2,920 43,886 344,042 951,686 19
Close* 3,600 2,310 2,960 1,980 3,230 May-19 3,070 2,420 2,860 53,138 288,571 816,702 21
Jun-19 3,050 2,810 2,980 28,810 128,511 377,141 15
PER (X) -1,230.41 65.75 84.31 -6.42 61.12 Jul-19 3,420 2,810 3,230 50,448 347,879 1,083,190 23
PER Industry (X) 9.49 8.16 16.02 20.01 23.80
PBV (X) 2.21 1.18 1.46 0.99 1.85

EXCL XL Axiata Tbk.

Receivables 1,285,195 662,711 631,808 631,565 579,260

78,979 161,078 143,303 189,063 90,566 50,000
Inventories
Current Assets 10,151,586 6,806,863 7,180,742 7,058,652 6,562,906
37,500
Fixed Assets 33,426,750 33,182,920 34,933,877 36,759,530 38,116,955
Other Assets 415,666 353,402 277,396 249,164 447,274
25,000
Total Assets 58,844,320 54,896,286 56,321,441 57,613,954 58,378,629
Growth (%) -6.71% 2.60% 2.29% 1.33% 12,500

Growth (%) -24.73% 2.98% 13.20% 1.14%
21,209
Paid up Capital 854,138 1,068,796 1,068,796 1,068,796 1,068,796
18,661
21,631
18,343
Par Value 100 100 100 100 100
17,218
14,092
Total Equity 14,091,635 21,209,145 21,630,850 18,343,098 18,661,337
12,805
Growth (%) 50.51% 1.99% -15.20% 1.73% 8,393
Total Revenues 22,876,182 21,341,425 22,875,662 22,938,812 12,256,829

Growth (%) -6.71% 7.19% 0.28%
-433
2015 2016 2017 2018 Jun-19
Cost of Revenues - - - - -
Gross Profit 22,876,182 21,341,425 22,875,662 22,938,812 12,256,829
Expenses (Income) 23,506,708 21,155,844 22,654,424 27,335,092 11,841,328
Operating Profit - - - - - 22,876 22,876 22,939
21,341
Growth (%)
22,939
18,259

Income before Tax -630,526 185,581 221,238 -4,396,280 415,501 13,580
12,257
Tax -605,188 -189,935 -154,006 -1,099,390 133,104

Profit for the period -25,338 375,516 375,244 -3,296,890 282,397 8,900
Growth (%) N/A -0.07% N/A

4,221
Period Attributable -25,338 375,516 375,244 -3,296,890 282,397 -459
Comprehensive Income 7,871 396,549 403,443 -3,280,113 281,564 2015 2016 2017 2018 Jun-19
Comprehensive Attributable 7,871 396,549 403,443 -3,280,113 281,564
Current Ratio (%) 64.46 47.02 47.16 44.86 41.07
376 375 282
Dividend (Rp) - - - - - 2015 2018
EPS (Rp) -2.97 35.13 35.11 -308.47 26.42
BV (Rp) 1,649.81 1,984.40 2,023.85 1,716.24 1,746.01 -359
-25 2016 2017 Jun-19
DAR (X) 0.76 0.61 0.62 0.68 0.68
DER(X) 3.18 1.59 1.60 2.14 2.13
-1,093
ROA (%) -0.04 0.68 0.67 -5.72 0.48 -1,828
ROE (%) -0.18 1.77 1.73 -17.97 1.51

GPM (%) 100.00 100.00 100.00 100.00 100.00 -2,562
OPM (%) - - - - -
NPM (%) -0.11 1.76 1.64 -14.37 2.30
-3,297
-3,297
Payout Ratio (%) - - - - -
Yield (%) - - - - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

GUDANG GARAM TBK.
Company Profile
Gudang Garam cigarette company is one of the leading companies within the cigarette industry in
Indonesia that has been established since 1958 in the town of Kediri, East Java. Until now, Gudang
Garam has widely known both domestically and abroad as a producer of high quality kretek clove
cigarettes. Gudang Garam products can be found in many varieties, ranging from SKL (sigaret kretek
klobot or corn husk-wrapped clove cigarettes), SKT (sigaret kretek linting tangan or hand-rolled clove
cigarettes, up to SKM (sigaret kretek linting mesin or machine-rolled clove cigarettes). For the true
clove cigarettes lovers, we are committed to provide an outstanding experience in enjoying kretek
clove cigarettes made from high-quality materials.
PT Gudang Garam Tbk. produces various high quality products, varied from Corn Husk Cigarette (SKL),
Handmade Kretek Cigarette (SKT) and Machine-made Kretek Cigarette (SKM) that has been distributed
both nationwide and worldwide. Gudang Garam operates an in house printing facility and five
subsidiaries which have commenced commercial operations:
- Surya Pamenang, producing paperboard for Gudang Garam packaging,
- Surya Madistrindo, sole distributor of the company’s products,
- Surya Air and Galaxy Prime providing non-scheduled air transport services,
- Graha Surya Media, engaged in entertainment services.
The Company’s head office is at Jln. Semampir II/1, Kediri, East Java, and its plants are located in Kediri,
Gempol, Karanganyar and Sumenep. The Company also has representative offices, which are Jakarta
Representative Office at Jln. Jenderal A. Yani 79, Jakarta and Surabaya Representative Office at Jln.
Pengenal 7 – 15, Surabaya, East Java.
As of June 30th, 2019, the Company and subsidiaries had 33,114 employees.
August 2019
Disclaimer:

GGRM Gudang Garam Tbk.

Industry Sector : Consumer Goods Industry (5) Listed Shares : 1,924,088,000
Industry Sub Sector : Tobacco Manufacturers (52) Market Capitalization : 145,268,644,000,000
9 | 145.3T | 2.00% | 46.27%
22 | 34.0T | 1.07% | 58.09%

Established Date : 26-Jun-1958 1. Suryaduta Investama 1,333,146,800 : 69.29%
Listing Date : 27-Aug-1990 (IPO Price: 10,250) 2. Suryamitra Kusuma 120,442,700 : 6.26%
Underwriter IPO : 3. Public (<5%) 470,498,500 : 24.45%
PT Danareksa Sekuritas
PT Finconesia DIVIDEND ANNOUNCEMENT
F/I
1990 150.00 12-Jul-91 15-Jul-91 20-Jul-91 9-Aug-91 F
1. Juni Setiawati Wonowidjojo 1993 155.00 6-Jul-94 7-Jul-94 14-Jul-94 13-Aug-94 F
2. Frank Willem Van Gelder *) 1994 210.00 5-Jul-95 6-Jul-95 14-Jul-95 14-Aug-95 F
3. Gotama Hengdratsonata *) 1995 1:1 25-Apr-96 26-Apr-96 6-May-96 3-Jun-96 BS
4. Lucas Mulia Suhardja 1995 75.00 16-Jul-96 17-Jul-96 25-Jul-96 19-Aug-96 F
*) Independent Commissioners 1996 150.00 7-Jul-97 8-Jul-97 16-Jul-97 14-Aug-97 F
1997 120.00 3-Jul-98 7-Jul-98 15-Jul-98 13-Aug-98 F
1. Susilo Wonowidjojo 1999 500.00 6-Jul-00 7-Jul-00 17-Jul-00 31-Jul-00 F
2. Susanto Widiatmoko 2000 500.00 27-Nov-00 28-Nov-00 5-Dec-00 19-Dec-00 I
3. Buana Susilo 2001 300.00 2-Jul-02 3-Jul-02 8-Jul-02 19-Jul-02 F
4. Herry Susianto 2002 300.00 27-Jun-03 30-Jun-03 2-Jul-03 11-Jul-03 F
5. Heru Budiman 2003 300.00 16-Jul-04 19-Jul-04 21-Jul-04 4-Aug-04 F
6. Istata Taswin Siddharta 2004 500.00 21-Jul-05 22-Jul-05 26-Jul-05 8-Aug-05 F
7. Andik Wahyudi 2005 500.00 21-Jul-06 24-Jul-06 26-Jul-06 7-Aug-06 F
8. Hamdhany Halim 2006 250.00 23-Jul-07 24-Jul-07 26-Jul-07 9-Aug-07 F
9. Sony Sasono Rahmadi 2007 250.00 15-Jul-08 16-Jul-08 18-Jul-08 1-Aug-08 F
2008 350.00 14-Jul-09 15-Jul-09 17-Jul-09 30-Jul-09 F
AUDIT COMMITTEE 2009 650.00 13-Jul-10 14-Jul-10 16-Jul-10 29-Jul-10 F
1. Gotama Hengdratsonata 2010 880.00 25-Jul-11 26-Jul-11 28-Jul-11 8-Aug-11 F
2. Tony Gunawan 2011 1,000.00 30-Jul-12 31-Jul-12 2-Aug-12 16-Aug-12 F
3. Chetryana Gunardi 2012 800.00 22-Jul-13 23-Jul-13 25-Jul-13 15-Aug-13 F
2013 800.00 6-Aug-14 7-Aug-14 11-Aug-14 25-Aug-14 F
CORPORATE SECRETARY 2014 800.00 3-Jul-15 6-Jul-15 8-Jul-15 30-Jul-15 F
Heru Budiman 2015 2,600.00 28-Jun-16 29-Jun-16 1-Jul-16 22-Jul-16 F
2016 2,600.00 3-Jul-17 4-Jul-17 6-Jul-17 19-Jul-17 F
HEAD OFFICE 2017 2,600.00 3-Jul-18 4-Jul-18 6-Jul-18 26-Jul-18 F
Jl. Jend. A. Yani No. 75-79
Jakarta 10510 ISSUED HISTORY
Listing Trading
Phone : (021) 2955-7000 No. Type of Listing Shares Date Date
Fax : (021) 2955-7009 1. First Issue 57,807,800 27-Aug-90 27-Aug-90
Homepage : www.gudanggaramtbk.com 2. Partial Listing 38,396,600 27-Aug-90 27-Feb-91
Email : corporate_secretary@gudanggaramtbk.com 3. Founder Shares 375,197,600 31-May-94 31-May-94
4. Koperasi 9,620,000 31-May-94 0-Jan-00
5. Stock Split 481,022,000 3-Jun-96 3-Jun-96
6. Bonus Shares 962,044,000 4-Jun-96 5-Jun-96


TRADING ACTIVITIES
Gudang Garam Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
100,000 16.0 Jan-15 64,000 51,900 57,800 51,790 31,660 1,822,015 21
Feb-15 58,500 53,400 53,425 34,568 20,001 1,112,549 19
87,500 14.0 Mar-15 55,325 47,525 51,000 46,689 28,926 1,510,900 22
Apr-15 54,650 49,025 50,000 49,629 33,822 1,754,518 21
May-15 50,600 44,750 47,100 58,307 34,542 1,620,711 19
75,000 12.0
Jun-15 47,500 42,000 45,100 37,643 15,845 710,356 21
Jul-15 54,150 44,775 49,500 37,887 20,455 1,000,185 19
62,500 10.0
Aug-15 49,875 41,000 44,500 35,432 17,485 776,131 20
Sep-15 44,500 39,500 42,000 30,568 13,048 548,579 21
50,000 8.0
Oct-15 47,800 41,950 42,950 59,672 36,514 1,616,201 21
Nov-15 52,650 42,925 48,900 62,483 33,338 1,609,672 21
37,500 6.0 Dec-15 55,000 48,275 55,000 42,043 26,125 1,352,426 19
25,000 4.0 Jan-16 59,000 52,550 58,350 48,532 30,319 1,683,368 20

Feb-16 67,225 56,300 63,700 51,055 36,430 2,260,534 20
12,500 2.0 Mar-16 67,375 58,750 65,300 70,197 39,728 2,495,093 21
Apr-16 72,300 64,200 69,250 57,516 30,735 2,066,825 21
May-16 74,400 67,300 69,200 49,033 24,657 1,738,467 20
Jun-16 70,600 62,150 69,000 72,203 46,355 3,057,574 22
Jul-16 77,950 67,525 67,525 84,491 40,981 2,936,952 16
Aug-16 69,650 63,500 64,400 86,929 47,960 3,218,504 22
Sep-16 65,275 59,225 62,000 52,759 30,092 1,902,824 21
Consumer Goods Industry Index Nov-16 68,400 60,725 65,000 65,177 29,638 1,901,121 22
January 2015 - July 2019 Dec-16 67,750 60,025 63,900 36,559 19,464 1,265,700 20
60%
Jan-17 65,600 61,750 61,750 30,623 12,128 769,625 21
45% Feb-17 66,000 60,050 65,850 39,070 21,477 1,339,524 19
Mar-17 66,900 62,150 65,525 39,752 18,844 1,217,926 22
30% Apr-17 68,575 63,500 66,400 36,236 15,542 1,022,339 17
22.2% May-17 78,475 66,325 73,950 57,052 23,491 1,688,339 20
21.9%
15% Jun-17 80,325 73,200 78,300 36,237 13,843 1,075,711 15
Jul-17 81,300 75,000 76,100 49,236 17,460 1,348,653 21
6.8%
Aug-17 76,700 65,500 69,200 78,252 39,566 2,763,675 22
-
Sep-17 69,550 65,500 65,800 50,306 25,176 1,683,983 19
Oct-17 71,025 61,925 70,000 75,945 38,516 2,523,652 22
-15%
Nov-17 83,100 69,000 76,525 66,757 33,626 2,597,224 22
Dec-17 83,800 77,500 83,800 35,450 13,805 1,104,763 18
-30%
Jan-18 86,400 80,000 81,050 47,800 16,441 1,367,066 22

-45% Feb-18 83,600 78,700 79,750 35,633 16,596 1,341,811 19
Mar-18 80,400 69,675 72,475 50,676 23,410 1,743,515 21
-60% Apr-18 78,900 67,800 69,325 45,299 16,526 1,221,465 21
Jun-18 72,900 66,125 67,250 44,813 18,925 1,309,459 13
Jul-18 75,975 66,850 75,150 37,452 15,803 1,120,874 22
Volume (Million Sh.) 312 408 273 245 208 Sep-18 75,725 69,950 74,050 48,523 18,684 1,368,052 19
Days 244 246 238 240 139 Dec-18 84,525 78,000 83,625 59,663 19,657 1,614,473 18
Price (Rupiah) Jan-19 86,650 80,525 83,650 64,577 23,178 1,927,819 22

High 64,000 77,950 83,800 86,400 100,975 Feb-19 87,050 80,175 85,400 52,876 18,894 1,571,856 19
Low 39,500 52,550 60,050 66,125 73,950 Mar-19 100,975 80,500 83,200 74,873 30,337 2,704,850 20
Close 55,000 63,900 83,800 83,625 75,500 Apr-19 85,250 75,025 84,475 99,195 41,249 3,319,611 19
Close* 55,000 63,900 83,800 83,625 75,500 May-19 85,125 76,800 80,475 86,101 35,125 2,829,196 21
Jun-19 80,675 75,825 76,875 56,706 21,909 1,699,105 15
PER (X) 16.44 18.41 20.80 20.65 16.97 Jul-19 80,050 73,950 75,500 91,861 37,036 2,843,811 23
PER Industry (X) 17.71 23.77 18.48 17.70 18.80
PBV (X) 2.78 3.27 4.04 3.75 3.27


Receivables 1,568,098 2,089,949 2,229,097 1,725,933 2,216,510

37,255,928 37,545,222 37,920,289 38,560,045 36,746,327 60,000
Inventories
Current Assets 42,568,431 41,933,173 43,764,490 45,284,719 42,405,605
45,000
Fixed Assets 20,106,488 20,498,950 21,408,575 22,758,558 22,926,285
Other Assets 639,170 381,081 629,881 875,995 1,469,722
30,000
Total Assets 63,505,413 62,951,634 66,759,930 69,097,219 66,700,099
Growth (%) -0.87% 6.05% 3.50% -3.47% 15,000

Growth (%) -8.28% 5.07% -2.48% -6.99%
Paid up Capital 962,044 962,044 962,044 962,044 962,044 42,188
39,564
45,133
38,008
Par Value 500 500 500 500 500
35,926

Total Equity 38,007,909 39,564,228 42,187,664 45,133,285 44,411,652
26,719
Growth (%) 4.09% 6.63% 6.98% -1.60% 17,512
Total Revenues 70,365,573 76,274,147 83,305,925 95,707,663 52,744,857

Growth (%) 8.40% 9.22% 14.89%
-903
2015 2016 2017 2018 Jun-19
Cost of Revenues 54,879,962 59,657,431 65,084,263 77,063,336 42,786,493

Gross Profit 15,485,611 16,616,716 18,221,662 18,644,327 9,958,364
Expenses (Income) 5,420,744 6,494,678 6,984,409 7,487,523 3,986,217
Growth (%) 0.57% 11.02% -0.72% 83,306

76,274
76,183
70,366
Other Income (Expenses) -1,429,592 -1,190,902 -800,741 -677,562 -263,093
52,745
Tax 2,182,441 2,258,454 2,681,165 2,686,174 1,428,058

Growth (%) 3.41% 16.23% 0.49%

17,610
Current Ratio (%) 177.04 193.79 193.55 205.81 210.25
7,755 7,793
Dividend (Rp) 2,600.00 2,600.00 2,600.00 - - 7,793
6,453 6,673
EPS (Rp) 3,344.78 3,470.26 4,030.66 4,049.62 2,224.95
BV (Rp) 19,753.73 20,562.59 21,926.06 23,456.98 23,081.92 6,203
DAR (X) 0.40 0.37 0.37 0.35 0.33 4,281

DER(X) 0.67 0.59 0.58 0.53 0.50
4,613
ROA (%) 10.16 10.60 11.62 11.28 6.42 3,024
ROE (%) 16.98 16.87 18.38 17.27 9.64

GPM (%) 22.01 21.79 21.87 19.48 18.88 1,434
OPM (%) 14.30 13.27 13.49 11.66 11.32

NPM (%) 9.17 8.75 9.31 8.14 8.12
-156
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 77.73 74.92 64.51 - -
Yield (%) 4.73 4.07 3.10 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

H.M. SAMPOERNA TBK.
Company Profile
PT Hanjaya Mandala Sampoerna Tbk. was established on October 19th, 1963. The scope of activities of
the Company comprises manufacturing and trading of cigarettes and investing in other companies. The
Company started its commercial operations in 1913 in Surabaya, as a home industry. In 1930, this home
industry was officially organized under the name of NVBM Handel Maatschapij Sampoerna. The
Company made a public offering in 1990.
For more than 10 years, the Company has been the market leader in Indonesia, with a 33.0% market
share in the Indonesian cigarette market in 2018. Sampoerna is a subsidiary of PT Philip Morris Indonesia
(“PMID”) and an affiliate of Philip Morris International Inc. (“PMI”), a leading international tobacco
company with global brand Marlboro. The scope of activities of the Company comprises of, among
others, manufacturing, trading and distributing cigarettes including distribution of Marlboro, the leading
international cigarette brand manufactured by PMID.
The Company is currently one of the largest listed companies in the Indonesia Stock Exchange. In 2018
the company received awards: Best Workplace Practices Award, Best Community Programme Award,
Empowerment of Women Award, Tempo Country Contributor Award 2018, Most Tax-Friendly
Corporate, etc.
The Company is domiciled in Surabaya and its plants are located in Surabaya, Pasuruan, Malang,
Karawang, and Probolinggo. The Company also has a corporate office at One Pacific Place, 18th Floor
SCBD, Jl. Jend. Sudirman Kav. 52-53, Jakarta 12190. As of June 30th, 2019, the Company and subsidiaries
(together the “Group”) had 25,172 permanent employees.
August 2019
Disclaimer:

HMSP H.M. Sampoerna Tbk.

Industry Sub Sector : Tobacco Manufacturers (52) Market Capitalization : 352,443,773,007,000
5 | 352.4T | 4.84% | 22.74%
19 | 37.9T | 1.19% | 50.19%

Established Date : 1913 1. PT Philip Morris Indonesia 107,594,221,125 : 92.50%
Listing Date : 15-Aug-1990 (IPO Price: 12,600) 2. Public (<5%) 8,723,855,775 : 7.50%
Underwriter IPO :
PT Inter-Pacific Securities DIVIDEND ANNOUNCEMENT
PT Jardine Fleming Nusantara Bonus Cash Recording Payment
F/I
PT Multicor Year Shares Dividend Cum Date Ex Date Date Date
PT PDFCI Securities 2001 25.00 8-Aug-02 9-Aug-02 14-Aug-02 27-Aug-02 F
PT Inter-Pacific 2002 50.00 7-Apr-03 8-Apr-03 10-Apr-03 17-Apr-03 I
PT PDFCI Securities 2002 140.00 21-Jul-03 22-Jul-03 24-Jul-03 7-Aug-03 F
PT Usaha Pembiayaan Pembangunan Indonesia 2003 120.00 18-May-04 19-May-04 24-May-04 31-May-04 F
Securities Administration Bureau : 2003 120.00 18-May-04 19-May-04 24-May-04 31-May-04 I
PT Sirca Datapro Perdana 2003 120.00 26-Jul-04 27-Jul-04 29-Jul-04 9-Aug-04 F
2003 80.00 26-Jul-04 27-Jul-04 29-Jul-04 9-Aug-04 F
BOARD OF COMMISSIONERS 2003 175.00 23-Nov-04 24-Nov-04 26-Nov-04 9-Dec-04 F
1. John Gledhill 2004 175.00 23-Nov-04 24-Nov-04 26-Nov-04 9-Dec-04 I
2. Goh Kok Ho *) 2004 275.00 21-Jul-05 22-Jul-05 26-Jul-05 9-Aug-05 F
3. Luthfi Mardiansyah *) 2005 340.00 13-Oct-05 14-Oct-05 18-Oct-05 27-Oct-05 I
4. Niken Kristiawan Rachmad 2005 200.00 30-Jun-06 3-Jul-06 5-Jul-06 19-Jul-06 F
5. Paul Norman Janelle 2005 250.00 15-Sep-06 18-Sep-06 20-Sep-06 4-Oct-06 F
6. R.B. Permana Agung Dradjattun *) 2006 100.00 23-Nov-06 24-Nov-06 28-Nov-06 12-Dec-06 I
*) Independent Commissioners 2006 145.00 11-Jun-07 12-Jun-07 14-Jun-07 28-Jun-07 F
2007 150.00 31-Aug-07 3-Sep-07 5-Sep-07 21-Sep-07 I
BOARD OF DIRECTORS 2006 510.00 26-Feb-08 27-Feb-08 29-Feb-08 17-Mar-08 F
1. Mindaugas Trumpaitis 2007 280.00 10-Oct-08 13-Oct-08 15-Oct-08 29-Oct-08 I
2. Elvira Lianita 2007 110.00 6-Mar-09 10-Mar-09 12-Mar-09 25-Mar-09 F
3. Francisca Rahardja 2008 110.00 2-Dec-09 3-Dec-09 7-Dec-09 22-Dec-09 F
4. Guillaume Popiol 2009 150.00 8-Feb-10 9-Feb-10 11-Feb-10 25-Feb-10 F
5. Johannes B. Wardhana 2009 615.00 7-Sep-10 15-Sep-10 17-Sep-10 29-Sep-10 F
6. Sharmen Karthigasu 2010 1,110.00 10-Jun-11 13-Jun-11 15-Jun-11 24-Jun-11 F
7. Ivan Cahyadi 2010 270.00 12-Sep-11 13-Sep-11 15-Sep-11 29-Sep-11 F
8. Troy J. Modlin 2010 260.00 6-Dec-11 7-Dec-11 9-Dec-11 23-Dec-11 F
2011 200.00 6-Dec-11 7-Dec-11 9-Dec-11 23-Dec-11 I
AUDIT COMMITTEE 2011 1,050.00 22-May-12 23-May-12 25-May-12 5-Jun-12 F
1. Goh Kok Ho 2011 500.00 6-Dec-12 7-Dec-12 11-Dec-12 27-Dec-12 F
2. Hanafi Usman 2012 1,300.00 10-Jun-13 11-Jun-13 13-Jun-13 27-Jun-13 F
3. Raden Bagus Permana Agung Dradjattun 2013 969.00 2-Dec-13 3-Dec-13 6-Dec-13 18-Dec-13 I
2013 927.00 3-Jun-14 4-Jun-14 6-Jun-14 20-Jun-14 F
CORPORATE SECRETARY 2013 360.00 11-Sep-14 12-Sep-14 16-Sep-14 30-Sep-14 F
Andy Revianto 2013 1,143.00 4-Dec-14 5-Dec-14 9-Dec-14 23-Dec-14 F
2014 975.00 5-May-15 6-May-15 8-May-15 28-May-15 F
HEAD OFFICE 2014 1,033.00 18-Aug-15 19-Aug-15 21-Aug-15 9-Sep-15 F
One Pacific Place, 18th Floor, SCBD 2015 2,225.00 4-May-16 9-May-16 11-May-16 27-May-16 F
Jl. Jend. Sudirman Kav. 52-53 2016 107.70 5-May-17 8-May-17 10-May-17 26-May-17 F
Jakarta 12190 2017 107.30 7-May-18 8-May-18 11-May-18 25-May-18 F
Phone : (021) 515-1234
Fax : (021) 515-2234 ISSUED HISTORY
Homepage : www.sampoerna.com Listing Trading
Email : contact@sampoerna.com No. Type of Listing Shares Date Date
investor.relations@sampoerna.com 1. First Issue 27,000,000 15-Aug-90 15-Aug-90
2. Partial Listing 18,000,000 T: 15-Aug-90 : 15-Feb-91
3. Company Listing 135,000,000 15-Jun-92 15-Jun-92
4. Bonus Shares 270,000,000 28-Sep-94 28-Sep-94
5. Stock Split 115,827,353,824 T: 18-Nov-96 : 14-Jun-16
6. Additional Listing 28,000,000 18-Jun-99 18-Jun-99
7. Buy Back -257,000,000 T: 17-Oct-01 : 27-Sep-04
8. Right Issue 269,723,076 T: 27-Oct-15 : 5-Nov-15


TRADING ACTIVITIES
H.M. Sampoerna Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
5,600 320 Jan-15 68,650 66,250 67,200 294 99 6,683 21
Feb-15 66,900 64,900 65,200 269 1,889 121,465 19
4,900 280 Mar-15 73,850 64,900 73,475 562 440 29,284 21
Apr-15 75,375 71,750 73,500 273 99 7,369 19
May-15 73,750 71,000 72,500 156 203 7,970 17
4,200 240
Jun-15 72,500 70,500 72,000 149 64 4,562 16
Jul-15 90,050 70,500 83,450 1,318 584 47,679 19
3,500 200
Aug-15 84,850 71,000 76,000 633 291 22,329 20
Sep-15 77,250 74,250 75,975 588 288 21,750 21
2,800 160
Oct-15 99,000 76,000 91,975 37,998 287,642 22,430,794 21
Nov-15 101,900 91,900 101,900 51,731 54,195 5,310,744 21
2,100 120 Dec-15 102,000 91,025 94,000 21,935 11,202 1,078,449 19
1,400 80 Jan-16 109,800 89,000 103,500 36,158 24,636 2,430,871 20

Feb-16 112,125 99,400 109,950 36,736 17,453 1,853,483 20
700 40 Mar-16 111,875 95,050 98,400 54,403 26,004 2,648,824 21
Apr-16 102,850 92,500 99,875 50,409 24,529 2,391,750 21
May-16 99,975 95,000 95,000 35,839 14,736 1,429,239 20
Jun-16 100,100 3,560 3,800 68,602 344,650 2,049,175 22
Jul-16 4,070 3,630 3,630 65,162 498,828 1,917,070 16
Aug-16 4,100 3,770 3,980 76,242 451,888 1,790,344 22
Sep-16 4,250 3,760 3,950 53,596 529,459 2,103,398 21
January 2015 - July 2019 Dec-16 4,050 3,620 3,830 54,880 312,401 1,208,891 20
120%
Jan-17 4,020 3,750 3,850 63,603 265,560 1,042,308 21
100% Feb-17 4,000 3,800 3,870 48,665 263,177 1,023,576 19
Mar-17 4,150 3,830 3,900 76,777 829,211 3,320,768 22
80% Apr-17 4,030 3,820 3,820 39,258 268,009 1,047,348 17
May-17 4,000 3,760 3,930 81,391 607,522 2,346,984 20
60% Jun-17 3,900 3,770 3,840 46,422 303,374 1,167,097 15
Jul-17 3,870 3,550 3,550 54,271 318,070 1,194,273 21
Aug-17 3,770 3,350 3,640 76,016 494,045 1,743,689 22
40%
Sep-17 3,950 3,550 3,860 46,154 305,382 1,165,007 19
Oct-17 4,060 3,760 3,980 47,188 483,631 1,888,289 22
20% 21.9%
Nov-17 4,390 3,870 4,100 57,050 478,796 1,980,465 22
12.2%
6.8% Dec-17 4,780 4,200 4,730 55,250 426,241 1,903,758 18
-
Jan-18 5,550 4,530 4,900 80,107 502,618 2,512,091 22

-20% Feb-18 4,970 4,550 4,820 69,261 549,982 2,658,291 19
Mar-18 4,850 3,940 3,980 84,126 755,076 3,272,923 21
-40% Apr-18 4,220 3,500 3,540 67,241 553,852 2,200,752 21
Jun-18 3,830 3,350 3,580 58,295 336,721 1,210,968 13
Jul-18 3,970 3,560 3,840 63,174 403,828 1,522,203 22
Volume (Million Sh.) 357 2,985 5,043 6,517 4,246 Sep-18 3,910 3,620 3,850 49,570 266,703 1,012,984 19
Frequency (Thou. X) 116 676 692 943 662 Nov-18 3,940 3,240 3,680 186,761 1,296,595 4,602,481 21
Days 234 246 238 240 139 Dec-18 3,920 3,590 3,710 61,969 363,440 1,367,711 18
Price (Rupiah) Jan-19 4,080 3,660 3,830 100,969 679,941 2,589,041 22

High 102,000 112,125 4,780 5,550 4,080 Feb-19 3,850 3,690 3,800 66,248 398,115 1,498,320 19
Low 64,900 3,560 3,350 3,230 2,810 Mar-19 4,030 3,720 3,750 64,745 402,949 1,535,854 20
Close 94,000 3,830 4,730 3,710 3,030 Apr-19 3,810 3,360 3,500 81,641 510,368 1,815,652 19
Close* 3,760 3,830 4,730 3,710 3,030 May-19 3,560 3,200 3,380 94,314 589,002 1,987,408 21
Jun-19 3,470 3,140 3,140 79,993 414,551 1,350,962 15
PER (X) 42.20 34.91 43.42 31.88 26.03 Jul-19 3,290 2,810 3,030 173,882 1,251,017 3,786,022 23
PER Industry (X) 17.71 23.77 18.48 17.70 18.80
PBV (X) 13.66 14.51 16.13 13.74 12.37


Receivables 4,726,827 4,996,420 3,780,990 3,815,335 2,671,291

19,071,523 19,442,023 18,023,238 15,183,197 14,450,120 38,000
Inventories
Current Assets 29,807,330 33,647,496 34,180,353 37,831,483 33,615,019
28,500
Fixed Assets 6,281,176 6,895,483 6,890,750 7,288,435 7,504,267
Other Assets 844,896 870,447 1,017,533 443,034 1,002,872
19,000
Total Assets 38,010,724 42,508,277 43,141,063 46,602,420 43,112,611
Growth (%) 11.83% 1.49% 8.02% -7.49% 9,500

Growth (%) 39.01% 8.34% 24.55% 30.09%
Authorized Capital 630,000 630,000 630,000 630,000 630,000 35,358
34,175 34,113
Paid up Capital 465,272 465,272 465,272 465,272 465,272 35,358
32,016
Par Value 100 4 4 4 4
28,145

Total Equity 32,016,060 34,175,014 34,112,985 35,358,253 28,484,625
20,932
Growth (%) 6.74% -0.18% 3.65% -19.44% 13,719
Total Revenues 89,069,306 95,466,657 99,091,484 106,741,891 50,719,781

Growth (%) 7.18% 3.80% 7.72%
-707
2015 2016 2017 2018 Jun-19
Cost of Revenues 67,304,917 71,611,981 74,875,642 81,251,100 38,393,144

Gross Profit 21,764,389 23,854,676 24,215,842 25,490,791 12,326,637
Expenses (Income) 7,831,745 6,843,229 7,321,036 7,529,522 3,456,606
99,091
95,467
Growth (%)
106,742
89,069
84,967

50,720
63,191
Tax 3,569,336 4,249,218 4,224,272 4,422,851 2,100,028

Growth (%) 23.15% -0.72% 6.85%

19,641
Current Ratio (%) 656.74 523.41 527.23 430.20 280.04
13,538
Dividend (Rp) 2,225.00 107.70 107.30 - - 13,538
12,762 12,671
EPS (Rp) 2,227.36 109.72 108.93 116.39 58.20

10,363
BV (Rp) 6,881.14 293.81 293.27 303.98 244.89 10,777
DAR (X) 0.16 0.20 0.21 0.24 0.34

6,770
DER(X) 0.19 0.24 0.26 0.32 0.51
8,015
ROA (%) 27.26 30.02 29.37 29.05 15.70 5,253
ROE (%) 32.37 37.34 37.14 38.29 23.77

GPM (%) 24.44 24.99 24.44 23.88 24.30 2,491
OPM (%) - - - - -
NPM (%) 11.64 13.37 12.79 12.68 13.35
-271
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 99.89 98.16 98.50 - -
Yield (%) 2.37 2.81 2.27 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

INDOFOOD CBP SUKSES MAKMUR TBK.

Company Profile
ICBP originated from the Consumer Branded Product (“CBP”) Group of its parent company, PT
Indofood Sukses Makmur Tbk (“Indofood”). Its business operations began in 1982 with the
production of instant noodles. CBP Group entered into nutrition and special foods in 1985, and in
1990, expanded into snack foods through a co-operation with Fritolay Netherlands Holding B.V.,
an affiliated company of PepsiCo. The food seasonings business was set up in 1991, while the
biscuits unit was added in 2005.
The dairy business began in 2008 through theacquisition of Drayton Pte. Ltd., the majority
shareholder of PT Indolakto (“Indolakto”). In 2009, Indofood restructured the various consumer
businesses under CBP Group to establish ICBP. Since its establishment as a separate entity, ICBP
has developed its businesses and strengthens its leading position in most of its market segments
The Company is engaged in diverse business categories, including noodles, dairy, snack foods,
food seasonings, nutrition and special foods and beverages. In addition, ICBP also operates a
packaging business, producing both flexible and corrugated packaging to support our main
businesses.
PT Indofood Sukses Makmur, Indonesia, and First Pacific Company Limited, Hong Kong, are the
parent entity and the ultimate parent entity, respectively, of the Company.
The Company has direct share ownerships in Drayton Pte. Ltd., Indofood (M) Food Industries Sdn.
Bhd., PT Surya Rengo Containers, PT Indofood Fritolay Makmur, PT Indofood Asahi Sukses
Beverage, PT Indofood Tsukishima Sukses Makmur, PT Indofood Mitra Bahari Makmur, PT
Indofood Comsa Sukses Makmur, and PT Indo Oji Sukses Pratama.
The Company’s head office is located at Sudirman Plaza, Indofood Tower, 23rd Floor, Jalan
Jenderal Sudirman, Kav. 76 – 78, Jakarta, Indonesia, while the Company and its Subsidiaries’
factories are located in various locations in Java, Bali, Sumatera, Kalimantan, Sulawesi Islands and
Malaysia.
As of June 30th, 2019, the Group had 30,785 employees.
August 2019
Disclaimer:

ICBP Indofood CBP Sukses Makmur Tbk.

Industry Sub Sector : Food And Beverages (51) Market Capitalization : 124,782,415,600,000
10 | 124.8T | 1.71% | 47.99%
43 | 18.5T | 0.58% | 69.29%

Established Date : 02-Sep-2009 1. PT Indofood Sukses Makmur 9,391,678,000 : 80.53%
Underwriter IPO :
PT Kim Eng Securities DIVIDEND ANNOUNCEMENT
PT Credit Suisse Securities Indonesia Bonus Cash Recording Payment
F/I
PT Deutsche Securities Indonesia Year Shares Dividend Cum Date Ex Date Date Date
PT Mandiri Sekuritas. 2010 116.00 21-Jun-11 22-Jun-11 24-Jun-11 7-Jul-11 F
Securities Administration Bureau : 2011 169.00 13-Jul-12 16-Jul-12 18-Jul-12 31-Jul-12 F
PT Raya Saham Registra 2013 190.00 10-Jul-14 11-Jul-14 15-Jul-14 5-Aug-14 F
2014 222.00 18-May-15 19-May-15 21-May-15 9-Jun-15 F
BOARD OF COMMISSIONERS 2015 256.00 10-Jun-16 13-Jun-16 15-Jun-16 24-Jun-16 F
1. Franciscus Welirang 2016 154.00 9-Jun-17 12-Jun-17 14-Jun-17 4-Jul-17 F
2. A. Prijohandojo Kristanto *) 2017 162.00 8-Jun-18 20-Jun-18 22-Jun-18 3-Jul-18 F
3. Alamsyah 2018 58.00 5-Nov-18 6-Nov-18 8-Nov-18 28-Nov-18 I
4. FG. Winarno *)
5. Hans Kartikahadi *) ISSUED HISTORY
6. Moleonoto (Paulus Moleonoto) Listing Trading
*) Independent Commissioners No. Type of Listing Shares Date Date
1. First Issue 1,166,191,000 7-Oct-10 7-Oct-10
BOARD OF DIRECTORS 2. Company Listing 4,664,763,000 7-Oct-10 7-Apr-11
1. Anthoni Salim 3. Stock Split 5,830,954,000 27-Jul-16 27-Jul-16
2. Axton Salim
3. Hendra Widjaja
4. Joedianto Soejonopoetro
5. Suaimi Suriady
6. T. Eddy Hariyanto
7. Taufik Wiraatmadja
8. Tjhie Tje Fie (Thomas Tjhie)
9. Sulianto Pratama
10. Mark Julian Wakeford
AUDIT COMMITTEE
1. Hans Kartikahadi
2. A. Prijohandojo Kristanto
3. Hendra Susanto
CORPORATE SECRETARY
Gideon A. Putro
HEAD OFFICE
Sudirman Plaza, Indofood Tower 23rd Floor
Jl. Jend. Sudirman Kav. 76-78
Jakarta 12910
Phone : (021) 5793-7500
Fax : (021) 5793-7557
Homepage : www.indofoodcbp.com
Email : corporate.secretary@icbp.indofood.co.id
gideon.putro@icbp.indofood.co.id


TRADING ACTIVITIES
Indofood CBP Sukses Makmur Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
12,000 40.0 Jan-15 16,050 12,450 14,500 33,591 90,954 1,243,010 21
Feb-15 14,650 13,900 14,300 28,064 53,007 751,753 19
10,500 35.0 Mar-15 15,500 14,025 14,675 38,018 88,680 1,289,971 22
Apr-15 14,700 12,300 13,200 31,277 95,059 1,306,487 21
May-15 14,225 13,300 14,100 34,554 63,037 855,040 19
9,000 30.0
Jun-15 14,200 12,050 12,475 31,709 37,052 483,342 21
Jul-15 13,050 11,800 12,300 33,854 44,360 545,752 19
7,500 25.0
Aug-15 13,000 11,550 12,750 32,387 69,230 863,442 20
Sep-15 13,175 10,900 12,400 28,987 42,367 523,143 21
6,000 20.0
Oct-15 13,800 12,050 13,200 37,513 65,176 848,257 21
Nov-15 13,500 11,925 12,625 32,730 48,234 616,032 21
4,500 15.0 Dec-15 13,600 11,325 13,475 26,651 37,590 470,086 19
3,000 10.0 Jan-16 14,900 12,850 14,450 37,740 60,286 851,215 20

Feb-16 16,600 14,200 15,750 50,673 94,923 1,447,933 20
1,500 5.0 Mar-16 16,150 14,975 15,200 42,757 75,626 1,171,017 21
Apr-16 15,600 14,125 15,275 37,415 56,794 850,608 21
May-16 16,500 15,125 16,200 33,163 55,538 873,493 20
Jun-16 17,700 15,800 17,225 33,168 50,653 849,521 22
Jul-16 18,025 8,600 8,600 40,394 56,169 841,159 16
Aug-16 10,000 8,575 9,975 55,993 137,918 1,260,347 22
Sep-16 10,275 8,975 9,475 69,142 176,081 1,670,088 21
January 2015 - July 2019 Dec-16 9,025 7,550 8,575 47,590 94,406 795,561 20
90%
Jan-17 8,825 8,350 8,400 34,645 93,349 800,266 21
75% Feb-17 8,575 8,250 8,325 31,128 112,405 945,296 19
Mar-17 8,950 8,075 8,150 44,076 123,072 1,040,304 22
60% 62.7% Apr-17 8,950 7,975 8,775 27,002 135,455 1,133,363 17
May-17 9,225 8,425 8,700 40,655 114,581 998,113 20
45% Jun-17 8,875 8,275 8,800 25,087 93,137 801,977 15
Jul-17 8,825 8,275 8,350 34,204 125,801 1,075,742 21
Aug-17 8,875 8,175 8,725 32,518 95,805 812,822 22
30%
Sep-17 8,950 8,550 8,725 22,505 79,872 700,606 19
21.9%
Oct-17 9,000 8,625 8,800 25,985 113,186 995,252 22
15%
Nov-17 9,000 8,450 8,450 27,382 126,518 1,101,028 22
6.8% Dec-17 9,150 8,600 8,900 28,099 85,041 753,177 18
-
Jan-18 9,275 8,575 8,725 43,250 266,660 2,346,622 22

-15% Feb-18 9,100 8,675 8,975 28,974 85,391 758,367 19
Mar-18 9,150 8,200 8,275 29,575 77,593 676,664 21
-30% Apr-18 8,800 7,900 8,675 25,995 77,452 644,319 21
Jun-18 9,000 8,150 8,850 33,097 66,837 578,738 13
Jul-18 9,075 8,450 8,725 30,551 45,518 397,556 22
Volume (Million Sh.) 735 1,093 1,298 1,258 976 Sep-18 8,975 8,325 8,825 29,734 61,847 541,709 19
Days 244 246 238 240 139 Dec-18 10,825 9,450 10,450 35,857 146,635 1,473,137 18
Price (Rupiah) Jan-19 10,950 9,925 10,775 61,326 171,656 1,784,384 22

High 16,050 18,025 9,225 10,825 10,950 Feb-19 10,900 10,200 10,225 39,697 115,695 1,212,778 19
Low 10,900 7,550 7,975 7,900 8,950 Mar-19 10,500 8,950 9,325 57,508 153,203 1,501,381 20
Close 13,475 8,575 8,900 10,450 10,700 Apr-19 9,800 8,950 9,725 60,874 191,965 1,763,178 19
Close* 6,738 8,575 8,900 10,450 10,700 May-19 9,900 9,075 9,800 52,643 119,521 1,153,205 21
Jun-19 10,250 9,700 10,150 35,718 127,142 1,276,733 15
PER (X) 26.18 27.78 27.34 26.63 24.23 Jul-19 10,850 9,950 10,700 47,033 97,145 1,012,947 23
PER Industry (X) 17.71 23.77 18.48 17.70 18.80
PBV (X) 4.79 5.61 5.11 5.56 5.21


Receivables 3,363,697 3,893,925 4,126,439 4,271,356 5,557,531

2,546,835 3,109,916 3,261,635 4,001,277 3,243,599 30,000
Inventories
Current Assets 13,961,500 15,571,362 16,579,331 14,121,568 15,751,562
22,500
Fixed Assets 6,555,660 7,114,288 8,120,254 10,741,622 11,196,203
Other Assets 222,280 111,864 257,382 2,195,267 2,291,667
15,000
Total Assets 26,560,624 28,901,948 31,619,514 34,367,153 37,368,164
Growth (%) 8.82% 9.40% 8.69% 8.73% 7,500

Growth (%) 2.24% 8.60% 3.23% 15.07%
583,095 583,095 583,095 583,095 583,095 22,707
Paid up Capital 23,951
20,324
Par Value 100 100 50 50 50 16,387
19,065

Total Equity 16,386,911 18,500,823 20,324,330 22,707,150 23,951,181
14,179
Growth (%) 12.90% 9.86% 11.72% 5.48% 9,293
Total Revenues 31,741,094 34,466,069 35,606,593 38,413,407 22,130,104

Growth (%) 8.59% 3.31% 7.88%
-479
2015 2016 2017 2018 Jun-19
Cost of Revenues 22,121,957 23,606,755 24,547,757 26,147,857 14,618,223

Gross Profit 9,619,137 10,859,314 11,058,836 12,265,550 7,511,881
Expenses (Income) 5,627,005 5,995,146 5,837,090 5,817,629 3,662,504
34,466 35,607
Growth (%) 21.84% 7.35% 23.48%
38,413
31,741
30,577
Other Income (Expenses) 17,502 125,086 -15,185 -1,136 -22,561

22,130
Tax 1,086,486 1,357,953 1,663,388 1,788,004 1,098,022

Growth (%) 24.23% -2.43% 31.49%

7,068
Period Attributable 3,000,713 3,600,351 3,796,545 4,575,799 2,574,638 -768
Current Ratio (%) 232.60 240.68 242.83 195.17 177.91
4,659
Dividend (Rp) 256.00 154.00 162.00 58.00 - 4,659
EPS (Rp) 514.62 617.45 325.55 392.37 220.77 3,631 3,543

BV (Rp) 2,810.33 3,172.86 1,742.80 1,947.12 2,053.80 3,708
2,923
DAR (X) 0.38 0.36 0.36 0.34 0.36 2,729
DER(X) 0.62 0.56 0.56 0.51 0.56

2,758
ROA (%) 11.01 12.56 11.21 13.56 7.30 1,808
ROE (%) 17.84 19.63 17.43 20.52 11.39

GPM (%) 30.30 31.51 31.06 31.93 33.94 857
OPM (%) 12.58 14.11 14.67 16.79 17.39

NPM (%) 9.21 10.54 9.95 12.13 12.33
-93
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 49.75 24.94 49.76 14.78 -
Yield (%) 1.90 1.80 1.82 0.56 -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

VALE INDONESIA TBK.
Company Profile
PT Vale Indonesia Tbk. (formerly International Nickel Indonesia Tbk.) was established on July
25th, 1968. The company is Indonesia's largest nickel producer. The company is a subsidiary of
Vale, the world's second biggest mining company, headquartered in Brazil. Vale Indonesia is a
foreign investment company that explores, mines, processes and produces nickel in matte, an
intermediate product, from lateritic ores at its mining and processing facilities near Sorowako
on the island of Sulawesi. Vale's production is shipped - under long term contracts in US dollars -
to Japan for refining.
PT Vale Indonesia Tbk. is one of the world’s premier producers of nickel. A versatile metal,
which is important in improving living standards and fostering economic growth. For more than
three decades, since the signing of its Contract of Work with the Indonesian Government in
1968, the Company has provided skilled jobs, shown concern for the needs of the communities
in which it operates, benefited shareholders and contributed positively to the Indonesian
economy.
In 2018 the company received awards: Asia Sustainability Reporting (ASR) Awards 2018,
Sustainable Business Awards 2018, TOP Leader on CSR Commitment 2018, Program CSR—
Community Based Development, Best Business Responsibility and Ethics, Etc.
The total number of employees as of June 30th, 2019 was 3,074.
August 2019
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 opi nions stated or expressed or stated within
this publication.

INCO Vale Indonesia Tbk.

Industry Sub Sector : Metal And Mineral Mining (23) Market Capitalization : 30,107,106,321,600
42 | 30.1T | 0.41% | 65.93%
55 | 15.0T | 0.47% | 70.25%

Established Date : 25-Jul-1968 1. Vale Canada Imited. 5,835,607,960 : 58.73%
Listing Date : 16-May-1990 (IPO Price: 9,800) 2. Sumitomo Metal Mining Co., Ltd. 1,996,281,680 : 20.09%
Securities Administration Bureau : DIVIDEND ANNOUNCEMENT
PT Vale Indonesia Tbk. Bonus Cash Recording Payment
F/I
Year Shares Dividend Cum Date Ex Date Date Date
BOARD OF COMMISSIONERS 1992 US$ 0.05 15-Apr-93 16-Apr-93 23-Apr-93 21-May-93 F
1. Eduardo Bartolomeo 1993 US$ 0,05 25-Apr-94 26-Apr-94 3-May-94 1-Jun-94 F
2. Luiz Fernando Landeiro 1994 US$ 0,05 28-Oct-94 31-Oct-94 7-Nov-94 7-Dec-94 I
3. Mahendra Siregar *) 1994 US$ 0,05 24-Apr-95 25-Apr-95 2-May-95 2-Jun-95 F
4. Mark James Travers 1995 US$ 0,05 3-Nov-95 4-Nov-95 14-Nov-95 13-Dec-95 I
5. Nobuhiro Matsumoto 1995 US$ 0,05 26-Apr-96 29-Apr-96 7-May-96 5-Jun-96 F
6. Raden Sukhyar *) 1996 US$ 0.05 4-Nov-96 5-Nov-96 13-Nov-96 12-Dec-96 I
*) Independent Commissioners 1996 121.60 25-Apr-97 28-Apr-97 6-May-97 4-Jun-97 F
1997 174.15 10-Nov-97 11-Nov-97 19-Nov-97 18-Dec-97 I
BOARD OF DIRECTORS 2002 84.65 29-Apr-03 30-Apr-03 2-May-03 19-May-03 F
1. Nicolas D. Kanter 2002 10.61 13-Nov-03 14-Nov-03 18-Nov-03 5-Dec-03 F
2. Agus Superiadi 2003 US$ 0,15 23-Apr-04 26-Apr-04 28-Apr-04 13-May-04 F
3. Bernardus Irmanto 2004 US$ 0.0125 4-Nov-04 5-Nov-04 9-Nov-04 25-Nov-04 I
4. Dani Widjaja 2004 US$ 0.0975 19-Apr-05 20-Apr-05 25-Apr-05 10-May-05 F
5. Febriany Eddy 2005 US$ 0.025 22-Nov-05 23-Nov-05 25-Nov-05 8-Dec-05 I
6. Vinicius Mendes Ferreira 2005 745.88 25-Apr-06 26-Apr-06 28-Apr-06 12-May-06 F
2006 US$ 0.025 17-Nov-06 20-Nov-06 22-Nov-06 5-Dec-06 I
1. Mahendra Siregar 2007 US$ 0,9787 20-Nov-07 21-Nov-07 23-Nov-07 7-Dec-07 I
2. Annie Margono 2007 US$ 0.02264 16-Apr-08 17-Apr-08 21-Apr-08 6-May-08 F
3. Herwan Ng 2009 US$ 0,01107 9-Dec-09 10-Dec-09 14-Dec-09 29-Dec-09 I
2010 178.44 5-Oct-10 6-Oct-10 8-Oct-10 22-Oct-10 I
CORPORATE SECRETARY 2010 125.06 2-May-11 3-May-11 5-May-11 20-May-11 F
Cut Fika Lutfi 2011 89.68 2-Nov-11 3-Nov-11 7-Nov-11 21-Nov-11 I
2011 79.70 14-May-12 15-May-12 21-May-12 1-Jun-12 F
HEAD OFFICE 2012 24.31 6-Dec-12 7-Dec-12 11-Dec-12 27-Dec-12 I
The Energy Building 31st Floor 2012 24.70 14-May-13 15-May-13 17-May-13 31-May-13 F
SCBD Lot 11 A, Jl. Jend. Sudirman Kav. 52-53 2013 30.14 29-Nov-13 2-Dec-13 4-Dec-13 18-Dec-13 I
Jakarta 12190 2014 123.81 28-Nov-14 1-Dec-14 3-Dec-14 17-Dec-14 I
Phone : (021) 524-9000
Fax : (021) 524-9020 ISSUED HISTORY
Homepage : www.vale.com/indonesia Listing Trading
Email : ptvi.shareadmin@vale.com No. Type of Listing Shares Date Date
ptvi-corpsec@vale.com 1. First Issue 49,681,694 16-May-90 16-May-90
2. Company Listing 198,726,774 31-Jan-01 31-Jan-01
3. Stock Split 745,225,404 3-Aug-04 3-Aug-04
4. Stock Split 8,942,704,848 15-Jan-08 15-Jan-08


TRADING ACTIVITIES
Vale Indonesia Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
4,800 160 Jan-15 3,695 3,285 3,450 49,254 157,356 555,099 21
Feb-15 3,675 3,350 3,525 42,735 153,140 534,741 19
4,200 140 Mar-15 3,565 3,230 3,235 41,098 178,101 602,947 22
Apr-15 3,275 2,605 2,795 35,215 225,188 677,054 21
May-15 3,545 2,740 3,120 48,244 260,581 857,171 19
3,600 120
Jun-15 3,280 2,675 2,710 37,285 208,810 597,379 21
Jul-15 2,745 1,960 1,960 25,380 92,103 224,276 19
3,000 100
Aug-15 2,135 1,190 1,545 46,269 320,687 516,928 20
Sep-15 2,220 1,265 2,185 73,280 497,430 811,348 21
2,400 80
Oct-15 2,700 2,135 2,235 86,392 331,743 783,392 21
Nov-15 2,280 1,645 1,645 43,182 200,892 378,750 21
1,800 60 Dec-15 1,695 1,340 1,635 34,124 196,891 319,271 19
1,200 40 Jan-16 1,635 1,370 1,445 25,378 134,782 196,679 20

Feb-16 1,650 1,375 1,535 32,734 204,914 306,034 20
600 20 Mar-16 2,045 1,530 1,750 52,471 391,455 736,442 21
Apr-16 2,010 1,710 1,860 35,363 286,809 542,339 21
May-16 1,860 1,490 1,655 24,450 148,629 244,992 20
Jun-16 1,870 1,630 1,820 26,831 225,438 398,859 22
Jul-16 2,630 1,800 2,560 40,083 367,864 863,081 16
Aug-16 3,050 2,480 2,640 42,408 300,925 819,062 22
Sep-16 3,070 2,530 2,950 41,650 250,611 705,147 21
Mining Index Nov-16 3,630 2,560 3,380 69,104 489,835 1,545,759 22
January 2015 - July 2019 Dec-16 3,500 2,620 2,820 39,537 246,788 768,000 20
80%
Jan-17 3,110 2,230 2,370 76,644 594,870 1,533,079 21
60% Feb-17 2,850 2,390 2,550 52,817 479,642 1,280,953 19
Mar-17 2,580 2,270 2,390 31,843 279,808 664,474 22
40% Apr-17 2,420 2,140 2,220 26,839 162,661 368,725 17
May-17 2,300 1,840 1,905 36,781 233,968 463,047 20
21.9% Jun-17 2,020 1,840 1,850 19,168 113,881 217,207 15
20%
19.5%
Jul-17 2,510 1,835 2,420 34,878 315,479 689,392 21
Aug-17 3,140 2,340 2,970 44,711 453,789 1,257,846 22
-
Sep-17 3,100 2,510 2,590 28,511 239,154 677,477 19
-15.6% Oct-17 3,080 2,600 2,940 42,827 287,855 830,742 22
-20%
Nov-17 3,340 2,710 2,760 40,421 314,422 955,531 22
Dec-17 2,950 2,570 2,890 26,505 130,809 364,746 18
-40%
Jan-18 3,890 2,920 3,750 49,145 327,670 1,100,146 22

-60% Feb-18 3,860 3,310 3,390 40,902 298,186 1,066,959 19
Mar-18 3,370 2,740 2,790 47,591 282,598 854,927 21
-80% Apr-18 3,810 2,780 3,160 50,257 320,776 1,063,104 21
Jun-18 4,300 3,790 4,040 25,625 143,087 578,563 13
Jul-18 4,720 3,880 4,370 50,140 205,649 883,552 22
Days 244 246 238 240 139 Dec-18 3,360 2,960 3,260 38,430 150,227 476,794 18
Price (Rupiah) Jan-19 3,860 3,050 3,850 74,412 422,822 1,498,055 22

High 3,695 3,630 3,340 4,720 4,020 Feb-19 4,020 3,480 3,740 61,407 293,510 1,103,041 19
Low 1,190 1,370 1,835 2,740 2,410 Mar-19 3,970 3,310 3,390 45,550 190,449 693,560 20
Close 1,635 2,820 2,890 3,260 3,030 Apr-19 3,590 2,980 3,050 40,255 184,343 603,763 19
Close* 1,635 2,820 2,890 3,260 3,030 May-19 3,040 2,410 2,700 39,320 203,435 557,980 21
Jun-19 3,170 2,720 3,120 30,343 103,185 304,791 15
PER (X) 23.32 1,094.16 -138.80 36.81 -40.67 Jul-19 3,300 2,840 3,030 79,752 420,788 1,285,956 23
PER Industry (X) 0.60 -4.41 6.26 3.39 21.79
PBV (X) 0.64 1.18 1.17 1.16 1.15


Receivables 1,078,691 1,969,933 2,243,237 1,806,814 1,886,409

1,435,486 1,743,939 1,594,952 1,916,330 2,084,016 26,000
Inventories
Current Assets 8,275,862 8,050,233 8,088,915 9,175,973 6,501,975
19,500
Fixed Assets 22,115,948 20,592,726 20,237,853 20,860,644 20,528,490
Other Assets - - - - -
13,000
Total Assets 31,576,687 29,901,711 29,596,405 32,028,057 29,832,221
Growth (%) -5.30% -1.02% 8.22% -6.86% 6,500

Growth (%) -16.35% -5.80% -6.32% -23.32%
26,278
Paid up Capital 248,408 248,408 248,408 248,408 248,408 27,393
25,298 24,650 24,649
Par Value 25 25 25 25 25
21,805

Total Equity 25,297,603 24,649,538 24,648,784 27,393,158 26,278,206
16,217
Growth (%) -2.56% -0.00% 11.13% -4.07% 10,629
Total Revenues 10,893,743 7,848,545 8,526,217 11,297,680 4,132,707

Growth (%) -27.95% 8.63% 32.51%
-548
2015 2016 2017 2018 Jun-19
Cost of Revenues 9,261,140 7,390,042 8,437,423 9,785,297 4,454,670

Gross Profit 1,632,603 458,504 88,794 1,512,383 -321,962
Expenses (Income) 532,517 266,396 294,926 278,436 178,700
Operating Profit 1,100,085 192,108 -206,133 1,233,947 -500,662 11,298
10,894
Growth (%) -82.54% N/A N/A
8,526
7,849
8,993
Other Income (Expenses) -136,878 -122,711 -105,742 -32,530 2,899

Income before Tax 963,207 69,397 -311,875 1,201,416 -497,763 6,688
Tax 266,597 43,788 -104,983 321,451 -127,580 4,133

Profit for the period 696,611 25,609 -206,892 879,966 -370,183 4,383
Growth (%) -96.32% N/A N/A

2,079
Period Attributable 696,611 25,609 -206,892 879,966 -370,183 -226
Comprehensive Income 670,444 8,492 -206,011 935,923 -359,577 2015 2016 2017 2018 Jun-19
Comprehensive Attributable 670,444 8,492 -206,011 935,923 -359,577
Current Ratio (%) 404.02 453.94 461.76 359.87 433.37
880
Dividend (Rp) - - - - - 880
697
EPS (Rp) 70.11 2.58 -20.82 88.56 -37.26
BV (Rp) 2,545.97 2,480.75 2,480.67 2,756.87 2,644.66 630
DAR (X) 0.20 0.18 0.17 0.14 0.12

DER(X) 0.25 0.21 0.20 0.17 0.14
380
ROA (%) 2.21 0.09 -0.70 2.75 -1.24 26

130
2017 Jun-19
ROE (%) 2.75 0.10 -0.84 3.21 -1.41
GPM (%) 14.99 5.84 1.04 13.39 -7.79 -120
2015 2016 2018

OPM (%) 10.10 2.45 -2.42 10.92 -12.11
-207
NPM (%) 6.39 0.33 -2.43 7.79 -8.96
-370
-370
Yield (%) - - - - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

INDOFOOD SUKSES MAKMUR TBK.
Company Profile
PT Indofood Sukses Makmur Tbk, which was incorporated as PT Panganjaya Intikusuma in 1990, has
various businesses that have been operational since the early 1980s In 1995, the Company’name
changed to PT Indofood Sukses Makmur. In the same year, the Company listed on the Jakarta Stock
Exchange.
The scope of its activities comprises, among others, establishing and operating processed food,
seasoning, beverages, packaging, cooking oil, wheat grain mills, flour sacks textile manufacturing,
trading, transportation, agribusiness, and services.
Over the last two decades, Indofood has progressively transformed into a Total Food Solutions
company with operations in all stages of food manufacturing, from the production of raw materials
and their processing, to consumer products in the market. Today, it is renowned as a well-
established company and a leading player in each business category in which it operates. In its
business operations, Indofood capitalizes on economies of scale and a resilient business model with
four complementary Strategic Business Groups (“Group”), namely: Consumer Branded Products
(“CBP”), Bogasari, Agribusiness, Distribution.
In 2018, The CBP Group acquired full ownership of the beverage and culinary products subsidiaries,
in addition to the product distribution expansion of paper diapers business.
The Company’s head office is located at Sudirman Plaza, Indofood Tower, 27th Floor, Jl. Jend.
Sudirman Kav. 76 - 78, Jakarta, Indonesia, while the Company and its Subsidiaries’ factories and
estates are situated in various locations in Java, Sumatera, Kalimantan, Sulawesi islands and
Malaysia. The Company started its commercial operations in 1990.
As of June 30th, 2019, the Group has a total of 92,069 employees.
August 2019
Disclaimer:

INDF Indofood Sukses Makmur Tbk.

Industry Sub Sector : Food And Beverages (51) Market Capitalization : 62,121,517,487,500
19 | 62.1T | 0.85% | 57.24%
12 | 54.3T | 1.70% | 34.25%

Established Date : 14-Aug-1990 1. First Pacific Investment Management Ltd. 4,396,103,450 : 50.07%
Listing Date : 14-Jul-1994 (IPO Price: 6,200) 2. Public (<5%) 4,384,323,050 : 49.93%
Underwriter IPO :
PT Merincorp S.I. DIVIDEND ANNOUNCEMENT
F/I
1994 58.00 21-Jul-95 24-Jul-95 1-Aug-95 31-Aug-95 F
1. Manuel V. Pangilinan 1996 47.00 10-Jul-97 11-Jul-97 22-Jul-97 22-Aug-97 F
2. Adi Pranoto Leman *) 2000 18.00 11-Jul-01 12-Jul-01 17-Jul-01 31-Jul-01 F
3. Bambang Subianto *) 2001 25.00 9-Jul-02 10-Jul-02 15-Jul-02 29-Jul-02 F
4. Benny Setiawan Santoso 2002 28.00 17-Jul-03 18-Jul-03 22-Jul-03 5-Aug-03 F
5. Christopher Huxley Young 2003 28.00 15-Jul-04 16-Jul-04 20-Jul-04 2-Aug-04 F
6. Joseph Hon Pong Ng 2004 17.50 26-Aug-05 29-Aug-05 31-Aug-05 15-Sep-05 F
7. John William Ryan 2005 5.00 20-Jul-06 21-Jul-06 25-Jul-06 8-Aug-06 F
8. Utomo Josodirdjo *) 2006 31.00 27-Jul-07 30-Jul-07 1-Aug-07 15-Aug-07 F
2008 47.00 2-Jul-09 3-Jul-09 7-Jul-09 22-Jul-09 F
1. Anthoni Salim 2010 133.00 26-Jul-11 27-Jul-11 29-Jul-11 9-Aug-11 F
2. Axton Salim 2011 175.00 17-Jul-12 18-Jul-12 20-Jul-12 3-Aug-12 F
3. Franciscus Welirang 2012 185.00 17-Jul-13 18-Jul-13 22-Jul-13 2-Aug-13 F
4. Hendra Widjaja 2013 142.00 15-Jul-14 16-Jul-14 18-Jul-14 8-Aug-14 F
5. Joedianto Soejonopoetro 2014 220.00 18-May-15 19-May-15 21-May-15 11-Jun-15 F
6. Moleonoto (Paulus Moleonoto) 2015 168.00 10-Jun-16 13-Jun-16 15-Jun-16 28-Jun-16 F
7. Taufik Wiraatmadja 2016 235.00 9-Jun-17 12-Jun-17 14-Jun-17 6-Jul-17 F
8. Tjhie Tje Fie (Thomas Tjhie) 2017 237.00 8-Jun-18 20-Jun-18 22-Jun-18 5-Jul-18 F
2018 65.00 5-Nov-18 6-Nov-18 8-Nov-18 29-Nov-18 I
AUDIT COMMITTEE
1. Utomo Josodirdjo ISSUED HISTORY
2. Adi Pranoto Leman Listing Trading
3. Timotius No. Type of Listing Shares Date Date
1. First Issue 21,000,000 14-Jul-94 14-Jul-94
CORPORATE SECRETARY 2. Founder Shares 742,000,000 T: 14-Jul-94 : 8-Feb-95
Victor Suhendra 3. Stock Split 8,087,800,000 T: 12-Aug-96 : 29-Sep-00
4. Right Issue 305,200,000 24-Apr-97 24-Apr-97
HEAD OFFICE 5. Option Conversion 287,269,500 T: 7-May-02 : 12-Jun-03
Sudirman Plaza, Indofood Tower 27th Floor 6. Option III Conversion 919,500 T: 6-Feb-04 : 24-May-04
Jl. Jend. Sudirman Kav. 76 - 78 7. Buy Back -663,762,500 28-Oct-08 28-Oct-08
Jakarta 12190
Phone : (021) 5795-8822
Fax : (021) 5793-5960
Homepage : www.indofood.com
Email : corporate.secretary@indofood.co.id
victor.suhendra@indofood.co.id


TRADING ACTIVITIES
Indofood Sukses Makmur Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
10,000 4,800 Jan-15 7,725 6,850 7,550 59,020 454,670 3,360,218 21
Feb-15 7,675 7,250 7,400 38,795 183,393 1,357,302 19
8,750 4,200 Mar-15 7,550 7,300 7,450 54,233 329,852 2,445,636 22
Apr-15 7,500 6,475 6,750 41,210 220,479 1,599,979 21
May-15 7,400 6,600 7,300 59,010 287,107 2,003,105 19
7,500 3,600
Jun-15 7,250 6,425 6,575 51,699 152,355 1,030,242 21
Jul-15 6,750 5,775 6,100 44,219 169,619 1,074,125 19
6,250 3,000
Aug-15 6,325 4,560 5,300 66,387 264,443 1,448,909 20
Sep-15 5,575 4,845 5,500 51,705 161,241 833,125 21
5,000 2,400
Oct-15 6,425 5,275 5,525 52,746 189,030 1,106,788 21
Nov-15 6,100 4,875 4,875 59,131 178,196 965,686 21
3,750 1,800 Dec-15 5,300 4,840 5,175 51,839 174,809 889,022 19
2,500 1,200 Jan-16 6,200 5,175 6,200 54,060 245,954 1,402,717 20

Feb-16 7,250 6,050 7,050 49,174 194,555 1,287,771 20
1,250 600 Mar-16 7,575 6,800 7,225 67,818 292,582 2,112,209 21
Apr-16 7,300 6,800 7,125 38,431 173,600 1,240,617 21
May-16 7,225 6,825 6,925 36,271 121,239 850,377 20
Jun-16 7,400 6,875 7,250 51,200 193,240 1,382,192 22
Jul-16 8,725 6,975 8,325 46,898 227,720 1,735,739 16
Aug-16 8,500 7,750 7,925 61,179 240,903 1,946,059 22
Sep-16 9,200 7,950 8,700 62,815 636,042 5,282,231 21
January 2015 - July 2019 Dec-16 8,125 7,200 7,925 54,497 217,445 1,672,999 20
40%
Jan-17 8,150 7,700 7,925 44,461 130,722 1,036,766 21
30% Feb-17 8,200 7,875 8,125 31,002 148,451 1,188,765 19
Mar-17 8,525 7,875 8,000 55,584 235,935 1,905,664 22
20% 21.9% Apr-17 8,525 7,925 8,375 35,597 192,281 1,571,623 17
May-17 9,000 8,300 8,750 47,376 258,980 2,217,485 20
10% Jun-17 8,950 8,300 8,600 41,418 259,018 2,213,387 15
6.8% Jul-17 8,800 8,250 8,375 44,875 146,573 1,266,372 21
Aug-17 8,700 8,150 8,375 42,185 123,377 1,031,101 22
-
Sep-17 8,750 8,275 8,425 40,679 130,850 1,116,755 19
-5.0%
Oct-17 8,675 8,150 8,200 43,969 174,948 1,463,871 22
-10%
Nov-17 8,325 7,325 7,325 61,052 299,430 2,458,525 22
Dec-17 7,775 7,275 7,625 48,562 286,838 2,236,345 18
-20%
Jan-18 8,125 7,550 7,750 58,037 227,028 1,787,772 22

-30% Feb-18 7,925 7,550 7,575 37,655 152,504 1,180,453 19
Mar-18 7,800 6,975 7,200 50,568 4,573,540 32,627,053 21
-40% Apr-18 7,350 6,575 6,975 40,446 167,418 1,184,145 21
Jun-18 7,250 6,350 6,650 46,680 153,680 1,061,834 13
Jul-18 6,675 6,150 6,350 40,002 110,567 708,221 22
Days 244 246 238 240 139 Dec-18 7,550 6,400 7,450 59,855 223,380 1,557,553 18
Price (Rupiah) Jan-19 7,900 7,200 7,750 59,946 232,647 1,736,920 22

High 7,725 9,200 9,000 8,125 7,900 Feb-19 7,800 7,025 7,075 49,756 189,848 1,436,820 19
Low 4,560 5,175 7,275 5,500 5,850 Mar-19 7,400 6,375 6,375 74,518 269,002 1,863,982 20
Close 5,175 7,925 7,625 7,450 7,075 Apr-19 7,000 6,100 6,950 82,353 291,222 1,867,588 19
Close* 5,175 7,925 7,625 7,450 7,075 May-19 7,075 5,850 6,600 75,336 205,750 1,338,182 21
Jun-19 7,150 6,700 7,025 49,971 142,883 1,000,287 15
PER (X) 15.31 16.79 16.06 15.70 12.20 Jul-19 7,150 6,675 7,075 59,234 167,997 1,160,249 23
PER Industry (X) 17.71 23.77 18.48 17.70 18.80
PBV (X) 1.05 1.55 1.43 1.35 1.21


Receivables 5,116,610 5,204,517 6,404,803 5,403,142 6,338,337

7,627,360 8,469,821 9,690,981 11,644,156 11,664,994 80,000
Inventories
Current Assets 42,816,745 28,985,443 32,515,399 33,272,618 33,009,190
60,000
Fixed Assets 25,096,342 25,701,913 29,787,303 42,388,236 42,716,313
Other Assets 1,529,983 3,479,254 1,305,985 4,844,221 5,130,914
40,000
Total Assets 91,831,526 82,174,515 87,939,488 96,537,796 97,367,672
Growth (%) -10.52% 7.02% 9.78% 0.86% 20,000

Growth (%) -21.51% 7.71% 13.21% -1.08%
49,917
Paid up Capital 878,043 878,043 878,043 878,043 878,043 51,248
46,757
43,122 43,941
Par Value 100 100 100 100 100
40,794

Total Equity 43,121,593 43,941,423 46,756,724 49,916,800 51,248,190
30,339
Growth (%) 1.90% 6.41% 6.76% 2.67% 19,884
Total Revenues 64,061,947 66,659,484 70,186,618 73,394,728 38,609,234

Growth (%) 4.05% 5.29% 4.57%
-1,025
2015 2016 2017 2018 Jun-19
Cost of Revenues 46,803,889 47,321,877 50,318,096 53,182,723 27,248,263

Gross Profit 17,258,058 19,337,607 19,868,522 20,212,005 11,360,971
Expenses (Income) 9,895,163 11,052,600 11,121,020 11,068,985 6,569,494
70,187
66,659
Growth (%) 12.52% 5.58% 4.52% 64,062
73,395
58,422
Other Income (Expenses) -2,400,811 -899,779 -1,088,948 -1,696,054 -555,736

Income before Tax 4,962,084 7,385,228 7,658,554 7,446,966 4,235,741 43,450 38,609
Tax 1,252,583 2,118,322 2,513,491 2,485,115 1,299,714

Growth (%) 41.98% -2.31% -3.56%

13,505
Current Ratio (%) 170.53 150.81 150.27 106.63 110.60
5,267 5,145
Dividend (Rp) 168.00 235.00 237.00 65.00 - 5,267
4,962
EPS (Rp) 338.02 472.02 474.75 474.48 289.88

BV (Rp) 4,911.10 5,004.47 5,325.11 5,685.01 5,836.64 4,192
3,710
DAR (X) 0.53 0.47 0.47 0.48 0.47 2,936

DER(X) 1.13 0.87 0.88 0.93 0.90
3,118
ROA (%) 4.04 6.41 5.85 5.14 3.02 2,044
ROE (%) 8.60 11.99 11.00 9.94 5.73

GPM (%) 26.94 29.01 28.31 27.54 29.43 969
OPM (%) 11.49 12.43 12.46 12.46 12.41

NPM (%) 5.79 7.90 7.33 6.76 7.60
-105
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 49.70 49.79 49.92 13.70 -
Yield (%) 3.25 2.97 3.11 0.87 -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

INDIKA ENERGY TBK.

Company Profile
PT Indika Energy Tbk. (INDY) was listed in Indonesia Stock Exchange (IDX) in 2008. Established in 2000, INDY
has grown to be one of Indonesia’s leading integrated energy companies with a portfolio of business
spanning the energy resources, energy services and energy infrastructure sectors, as well as a growing
number of non-energy business to diversify its portfolio.
With its portfolio of business, the Company is able to provide complementary products and services to
domestic and international customers, thereby positioning the Company to capture growth opportunities
across the Indonesian energy sector.
Today, Indika Energy has developed operational activities in various areas of Indonesia Archipelago.
The company emphasizes the strategic and efficient production of Indonesia’s natural resources to meet
both domestic and global energy demand through its key coal mining facilities of PT Kideco Jaya Agung, PT
Multi Tambangjaya Utama (MUTU), PT Indika Inti Corporindo, Indika Capital Investment Pte. Ltd., PT Santan
Batubara, and PT Mitra Energi Agung.
The core strategy for growth has been strengthening the foundation for greater value-chain integration.
The Company has ownership interest of more than 50%, directly or indirectly, in the following subsidiaries:
PT Kideco Jaya Agung, PT Multi Tambangjaya Utama (MUTU), PT Indika Inti Corporindo, Indika Capital
Investment Pte.Ltd, PT Mitra Energi Agung, PT Petrosea Tbk, PT Tripatra Engineering & PT Tripatra
Engineers & Constructors, PT Mitrabahtera Segara Sejati Tbk, PT Kuala Pelabuhan Indonesia, and Petrosea
Oshore Supply Base (POSB).
In 2018, INDY through its subsidiary company, PT Kariangau Gapura Terminal Energy signs a storage facility
agreement with PT ExxonMobil Lubricants Indonesia for 20 years with an option for a 10-year extension.
The company domiciled in Jakarta, and the head office is located in Mitra Building, 3rd Floor, Jln. Jend.
Gatot Subroto Kav. 21, Jakarta.
At June 30th, 2019, the company and its subsidiaries had total number of employees of 9,101 (including
3,420 non-permanent employees).
August 2019
Disclaimer:
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.

INDY Indika Energy Tbk.

127 | 7.74T | 0.11% | 83.54%
44 | 17.8T | 0.56% | 65.42%

Established Date : 19-Oct-2000 1. PT Indika Inti Investindo 1,968,882,699 : 37.79%
Listing Date : 11-Jun-2008 (IPO Price: 2,950) 2. PT Teladan Resources 1,596,977,091 : 30.65%
PT Mandiri Sekuritas DIVIDEND ANNOUNCEMENT
PT Indo Premier Securities Bonus Cash Recording Payment
F/I
PT Datindo Entrycom 2008 84.00 17-Jun-09 18-Jun-09 22-Jun-09 3-Jul-09 F
2009 69.68 8-Jun-10 9-Jun-10 11-Jun-10 25-Jun-10 F
BOARD OF COMMISSIONERS 2010 48.00 10-Nov-10 11-Nov-10 15-Nov-10 30-Nov-10 I
1. Agus Lasmono 2010 26.00 12-Jul-11 13-Jul-11 15-Jul-11 29-Jul-11 F
2. Boyke Wibowo Mukiyat *) 2011 60.00 9-Jul-12 10-Jul-12 12-Jul-12 26-Jul-12 F
3. Indracahya Basuki 2012 35.26 12-Jul-13 15-Jul-13 17-Jul-13 31-Jul-13 F
4. M. Chatib Basri *) 2017 108.05 4-May-18 7-May-18 9-May-18 30-May-18 F
5. Richard Bruce Ness 2018 54.43 13-Dec-18 14-Dec-18 13-Dec-18 28-Dec-18 I
ISSUED HISTORY
1. M. Arsjad Rasjid P.M. No. Type of Listing Shares Date Date
2. Azis Armand 1. First Issue 937,284,000 11-Jun-08 11-Jun-08
3. Eddy Junaedy Danu 2. Company Listing 4,269,858,000 11-Jun-08 11-Jun-08
3. ESOP/MSOP I 3,050,000 15-Aug-11 15-Aug-11
AUDIT COMMITTEE
1. Boyke Wibowo Mukiyat
2. Osman Sitorus
3. Tonyadi Halim
CORPORATE SECRETARY
Adi Pramono
HEAD OFFICE
Graha Mitra 11st Floor
Jl. Jend. Gatot Subroto Kav. 21
Jakarta 12930
Phone : (021) 2557-9888
Fax : (021) 2557-9889
Homepage : www.indikaenergy.com
Email : corporate.secretary@indikaenergy.co.id
investor.relations@indikaenergy.co.id


TRADING ACTIVITIES
Indika Energy Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
4,600 4,000 Jan-15 520 485 492 7,607 35,047 17,527 21
Feb-15 497 451 454 6,032 28,473 15,705 19
4,025 3,500 Mar-15 483 426 434 6,109 20,037 9,043 22
Apr-15 435 290 290 5,225 40,432 43,273 21
May-15 431 300 370 13,977 122,227 48,472 19
3,450 3,000
Jun-15 380 310 315 8,424 58,486 19,126 21
Jul-15 328 286 290 4,820 21,616 6,666 19
2,875 2,500
Aug-15 308 203 229 4,313 24,360 6,299 20
Sep-15 245 185 193 3,919 52,357 13,071 21
2,300 2,000
Oct-15 232 177 182 5,370 60,552 32,986 21
Nov-15 185 130 131 11,617 209,414 36,527 21
1,725 1,500 Dec-15 137 105 110 8,269 103,690 12,226 19
1,150 1,000 Jan-16 122 106 114 3,895 103,643 11,632 20

Feb-16 155 110 130 14,672 517,201 66,855 20
575 500 Mar-16 377 130 345 42,267 1,241,280 263,517 15
Apr-16 520 252 482 82,558 1,986,792 758,879 21
May-16 685 434 610 42,863 1,044,249 582,330 20
Jun-16 685 510 540 22,899 322,078 194,408 22
Jul-16 710 515 605 16,170 278,462 179,816 16
Aug-16 785 595 675 31,600 536,205 380,852 22
Sep-16 720 580 615 14,841 157,366 103,408 21
Closing Price*, Jakarta Composite Index (IHSG) and Oct-16 740 625 655 22,857 386,440 269,639 21
Mining Index Nov-16 1,005 660 780 68,659 1,141,134 985,976 22
January 2015 - July 2019 Dec-16 850 670 705 17,806 215,086 165,322 20
840%
Jan-17 835 670 775 18,045 261,995 195,352 21
720% Feb-17 795 715 740 12,991 116,998 87,920 19
Mar-17 775 680 710 12,068 119,066 86,251 22
600% Apr-17 925 690 900 33,266 597,558 475,201 17
May-17 1,320 735 800 162,883 3,481,848 3,302,562 20
480% Jun-17 875 780 785 33,223 564,355 470,501 15
Jul-17 965 750 825 56,049 1,028,383 885,407 21
Aug-17 1,345 840 1,270 92,057 1,414,547 1,479,796 22
360%
Sep-17 2,150 1,265 1,940 115,549 1,504,573 2,694,415 19
Oct-17 2,460 1,830 2,250 75,217 585,957 1,269,341 22
240%
Nov-17 2,950 2,250 2,800 102,691 4,015,333 2,907,052 22
188.3%
Dec-17 3,230 2,380 3,060 68,142 520,694 1,497,580 18
120%
Jan-18 4,630 3,070 4,470 113,819 635,056 2,489,866 22

19.5%
- 21.9% Feb-18 4,560 4,020 4,320 78,823 416,333 1,767,923 19
Mar-18 4,340 3,270 3,530 90,996 534,214 1,895,873 21
-120% Apr-18 3,970 3,390 3,410 73,624 319,874 1,192,641 21
Jun-18 4,130 3,280 3,420 60,754 290,199 1,107,304 13
Jul-18 3,890 3,040 3,600 90,351 413,036 1,417,238 22
Volume (Million Sh.) 777 7,930 14,211 4,533 2,697 Sep-18 3,270 2,670 2,800 50,330 216,705 620,540 19
Days 244 240 238 240 139 Dec-18 2,080 1,580 1,585 59,830 244,057 456,758 18
Price (Rupiah) Jan-19 2,260 1,500 2,130 138,771 725,987 1,462,133 22

High 520 1,005 3,230 4,630 2,260 Feb-19 2,240 1,755 1,955 88,326 511,564 1,036,733 19
Low 105 106 670 1,580 1,155 Mar-19 2,190 1,820 1,825 56,396 299,205 600,244 20
Close 110 705 3,060 1,585 1,485 Apr-19 1,825 1,635 1,705 45,259 214,811 371,191 19
Close* 110 705 3,060 1,585 1,485 May-19 1,725 1,155 1,410 60,818 224,193 320,486 21
Jun-19 1,835 1,310 1,680 74,667 364,401 581,368 15
PER (X) -0.93 -4.04 3.51 7.09 21.60 Jul-19 1,875 1,450 1,485 71,016 356,958 613,602 23
PER Industry (X) 9.49 8.16 16.02 3.39 21.79
PBV (X) 0.05 0.35 1.06 0.46 0.51


Receivables 2,633,032 1,690,671 5,245,241 6,243,736 5,439,839

141,471 119,744 1,035,430 1,062,728 574,166 50,000
Inventories
Current Assets 12,125,907 8,967,673 18,341,097 21,228,749 19,552,356
37,500
Fixed Assets 8,741,246 6,960,807 8,272,594 9,117,131 9,529,135
25,000
Total Assets 31,519,075 24,484,867 49,256,537 53,368,452 50,349,403
Growth (%) -22.32% 101.17% 8.35% -5.66% 12,500

Growth (%) -24.85% 135.08% 8.28% -5.16%
Paid up Capital 521,019 521,019 521,019 521,019 521,019 16,392
15,106 15,281

12,188
Par Value 100 100 100 100 100
13,048
9,958
Total Equity 12,187,946 9,957,548 15,106,322 16,391,511 15,280,589
9,704
Growth (%) -18.30% 51.71% 8.51% -6.78% 6,360
Total Revenues 16,083,075 10,416,030 14,886,004 43,085,923 19,520,714

Growth (%) -35.24% 42.91% 189.44%
-328
2015 2016 2017 2018 Jun-19
Cost of Revenues 14,788,427 9,224,232 13,220,726 33,761,370 16,192,467

Gross Profit 1,294,647 1,191,798 1,665,277 9,324,553 3,328,247
Expenses (Income) 2,582,624 2,737,032 -2,400,695 5,469,812 2,480,139
Growth (%)
43,086
34,296

Income before Tax -1,287,977 -1,545,234 4,065,972 3,854,741 848,108
19,521
25,507
Tax -161,630 -144,790 -291,514 2,431,629 508,621 16,083 14,886

Profit for the period -1,126,347 -1,400,444 4,357,486 1,423,112 339,488 16,717
10,416
Growth (%) -24.34% N/A -67.34%
7,928
Period Attributable -653,525 -908,194 4,544,230 1,164,343 179,109 -862
Comprehensive Income -1,084,862 -1,378,081 4,358,582 1,428,265 114,516 2015 2016 2017 2018 Jun-19
Comprehensive Attributable -612,040 -885,831 4,545,326 1,198,576 114,461
Current Ratio (%) 163.63 213.25 205.28 217.75 251.35
4,357
Dividend (Rp) - - 108.05 54.43 - 4,357
EPS (Rp) -125.43 -174.31 872.18 223.47 34.38

BV (Rp) 2,339.25 1,911.17 2,899.38 3,146.05 2,932.83 3,206
DAR (X) 0.61 0.59 0.69 0.69 0.70

DER(X) 1.59 1.46 2.26 2.26 2.29 1,423
2,054
ROA (%) -3.57 -5.72 8.85 2.67 0.67 903
339
ROE (%) -9.24 -14.06 28.85 8.68 2.22 2015 2016
GPM (%) 8.05 11.44 11.19 21.64 17.05
2017 2018 Jun-19
-249
OPM (%) - - - - -
NPM (%) -7.00 -13.45 29.27 3.30 1.74
-1,400
-1,126
-1,400
Payout Ratio (%) - - 12.39 24.36 -
Yield (%) - - 3.53 3.43 -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

INDAH KI AT PULP & PAPER TBK.

Company Profile
PT Indah Kiat Pulp & Paper Tbk. was established as a joint venture in 1976, with the Sinar Mas Group
acquiring 67% of total shares in 1986 and was listed on the Jakarta and Surabaya stock exchange in
1990. It has a fully integrated pulp and paper mill in Riau, and two manufacturing facilities in West
Java, which produce fine paper and packaging products respectively.
The company currently produces various types of paper products, including printing and writing
paper, and packaging products, such as containerboard and boxboard. It also produces BHK pulp
which is the key raw material for paper products and is also used in the production of packaging
products. The company’s principal printing and writing paper products are uncoated freesheet and
cut-sized photocopier paper. They are sold under the following major brands: Paperline, Britex, Copy
Paper, PPC Paper, Paperon, IK-Plus, and e-Paper. The packaging products include: ivory board,
duplex board and containerboard.
The Company now has production facilities in three locations: Perawang - Riau, Tangerang and
Serang, Banten. The Company’s main business activities are the production of pulp, various types of
culture papers consisting of printing and writing paper (coated and uncoated freesheet) and
photocopy paper. The Company also produces industrial paper, i.e packaging paper which comprises:
containerboard (linerboard and corrugated medium), corrugated shipping containers (converted
from containerboard), boxboard, food packaging and specialty colored papers
The Company has direct ownership in subsidiaries: Indah Kiat International Finance Company B.V.
Indah Kiat Finance Mauritius Limited, IK Trading Limited, Indah Kiat Finance (IV) Mauritius Limited,
Indah Kiat Finance (IV) Mauritius Limited, IK Import & Export Limited, Indah Kiat Finance (VIII)
Mauritius Limited, Global Fibre Limited, Imperial Investment Limited, Indah Kiat Finance B.V., PT
Graha Kemasindo Indahand PT Paramitra Abadimas Cemerlang And indirect ownership in subsidiary,
PT Indah Kiat Power, PT Paramitra Gunakarya Cemerlang.
The Company is domiciled in Central Jakarta with its head office located at Sinar Mas Land Plaza
Tower 2, 7th Floor, Jl. M.H Thamrin No.51 Jakarta 10350. The Company and subsidiaries permanent
employees as of June 30th, 2019 were approximately 12 thousand.
August 2019
Disclaimer:

INKP Indah Kiat Pulp & Paper Tbk.

Industry Sub Sector : Pulp & Paper (38) Market Capitalization : 40,895,597,483,975
28 | 40.9T | 0.56% | 55.25%
11 | 56.8T | 1.78% | 32.55%

Established Date : 07-Dec-1976 1. PT Purinusa Ekapersada 696,776,538 : 12.74%
Underwriter IPO :
PT Ficorinvest DIVIDEND ANNOUNCEMENT
PT Jardine Fleming Nusantara Bonus Cash Recording Payment
F/I
PT Nomura Indonesia Year Shares Dividend Cum Date Ex Date Date Date
PT Inter-Pacific 1990 5:1 16-Jan-91 17-Jan-91 25-Jan-91 6-Feb-91 F
PT Bank Pembangunan Indonesia 1990 4:1 100.00 29-Oct-91 30-Oct-91 15-Nov-91 16-Dec-91 F1990&BS1990
Securities Administration Bureau : 1991 2:1 12-Aug-92 13-Aug-92 21-Aug-92 18-Sep-92 F

PT Sinartama Gunita 1992 50.00 9-Nov-92 10-Nov-92 17-Nov-92 26-Nov-92 I
1993 100:40 25.00 11-Aug-94 12-Aug-94 22-Aug-94 22-Sep-94 F
BOARD OF COMMISSIONERS 1994 1000 : 24 35.00 4-Sep-95 5-Sep-95 13-Sep-95 12-Oct-95 F
1. Saleh Husin 1994 100 : 11 2-Nov-95 3-Nov-95 13-Nov-95 12-Dec-95 BS
2. Arthur Tahija (Arthur Tahya) 1995 100 : 8 & 100 : 13 35.00 23-Aug-96 26-Aug-96 3-Sep-96 2-Oct-96 F
3. Deddy Saleh *) 1996 35.00 7-Jul-97 8-Jul-97 16-Jul-97 14-Aug-97 F
4. Ramelan *) 2013 25.00 17-Oct-14 20-Oct-14 22-Oct-14 5-Nov-14 F
5. Pande Putu Raka *) 2014 10.00 2-Jul-15 3-Jul-15 7-Jul-15 29-Jul-15 F
6. Kosim Sutiono 2014 25.00 2-Jul-15 3-Jul-15 7-Jul-15 29-Jul-15 F
7. Sukirta Mangku Djaja 2015 25.00 12-Jul-16 13-Jul-16 15-Jul-16 29-Jul-16 F
2017 100.00 4-Jul-18 5-Jul-18 9-Jul-18 27-Jul-18 F
BOARD OF DIRECTORS
1. Hendra Jaya Kosasih ISSUED HISTORY
2. Suhendra Wiriadinata Listing Trading
3. Lioe Djohan (Djohan Gunawan) No. Type of Listing Shares Date Date
4. Agustian Rachmansjah Partawidjaja 1. First Issue 60,000,000 16-Jul-90 16-Jul-90
5. Didi Harsa Tanaja (Didi Harsa) 2. Partial Listing 231,348,635 T: 16-Jul-90 : 3-Sep-97
6. Kurniawan Yuwono 3. Bonus Shares 677,845,337 T: 11-Feb-91 : 3-Oct-96
7. Lan Cheng Ting 4. Koperasi 4,333,125 T: 28-Jun-93 : 1-Jan-00
8. Lioe Djohan (Djohan Gunawan) 5. Stock Dividend 100,237,392 T: 13-Oct-95 : 3-Oct-96
6. Right Issue 1,561,046,740 T: 15-Apr-96 : 11-Jul-97
AUDIT COMMITTEE 7. Warrant I 302,527,512 T: 1-Nov-96 : 30-Apr-01
1. Ramelan 8. Bonus Shares, Stocks Dividend, & Right Issue 1,712,297,882 3-Sep-97 3-Sep-97
2. Deddy Saleh 9. Warrant II 165,772,790 T: 9-Feb-98 : 16-Apr-01
3. Aditiawan Chandra 10. Warrant I & Company Listing 655,573,528 22-Dec-00 22-Dec-00
CORPORATE SECRETARY
Heri Santoso
HEAD OFFICE
Sinar Mas Land Plaza, Tower II, 5th Floor
Jl. Mh. Thamrin No.51
Jakarta 10350
Phone : (021) 2965-0800
Fax : (021) 3927685
Homepage : www.asiapulppaper.com
Email :


TRADING ACTIVITIES
Indah Kiat Pulp & Paper Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
22,000 320 Jan-15 1,115 1,030 1,090 3,515 11,737 12,531 21
Feb-15 1,095 930 930 6,009 43,736 43,756 19
19,250 280 Mar-15 1,000 910 995 4,501 25,798 24,184 22
Apr-15 1,150 920 1,120 2,489 15,511 16,177 21
May-15 1,200 1,000 1,000 5,143 23,229 25,649 19
16,500 240
Jun-15 1,030 865 895 4,860 19,319 17,711 21
Jul-15 990 860 960 4,687 18,971 17,314 19
13,750 200
Aug-15 1,040 755 780 15,167 37,469 32,478 20
Sep-15 845 720 790 4,074 15,532 12,359 21
11,000 160
Oct-15 850 790 825 2,334 14,333 11,753 21
Nov-15 1,050 830 950 5,973 32,820 32,195 21
8,250 120 Dec-15 985 855 955 2,423 63,809 57,621 19
5,500 80 Jan-16 960 910 935 1,446 12,410 11,608 20

Feb-16 955 845 885 3,264 16,357 14,456 20
2,750 40 Mar-16 1,000 885 960 7,476 45,577 42,923 21
Apr-16 1,080 900 1,000 10,381 98,857 101,308 21
May-16 995 880 900 4,335 33,419 30,523 20
Jun-16 930 875 920 2,930 18,490 16,728 22
Jul-16 1,100 900 1,050 6,732 61,863 62,838 16
Aug-16 1,205 980 1,040 9,372 106,464 112,254 22
Sep-16 1,070 950 985 1,878 256,344 232,420 21
Closing Price*, Jakarta Composite Index (IHSG) and Oct-16 1,085 950 1,060 3,922 118,470 118,638 21
Basic Industry and Chemicals Index Nov-16 1,100 950 975 1,715 27,331 27,273 22
January 2015 - July 2019 Dec-16 990 935 955 2,088 41,548 39,944 20
1,750%
Jan-17 1,185 955 1,045 6,898 88,249 96,634 21
1,500% Feb-17 1,270 1,030 1,260 3,736 41,713 47,977 19
Mar-17 1,360 1,050 1,310 6,286 61,790 76,930 22
1,250% Apr-17 2,130 1,300 2,080 25,071 176,155 305,497 17
May-17 2,990 2,110 2,530 45,941 243,111 618,129 20
1,000% Jun-17 2,690 2,350 2,550 14,735 88,552 221,656 15
Jul-17 3,050 2,400 2,770 18,204 327,713 850,564 21
Aug-17 3,090 2,610 3,080 43,081 420,596 1,155,750 22
750%
Sep-17 4,390 3,060 4,190 46,240 249,294 864,922 19
579.5% Oct-17 5,275 4,110 5,275 39,899 124,446 563,713 22
500%
Nov-17 6,000 4,650 5,225 59,014 195,150 1,032,498 22
Dec-17 5,525 4,550 5,400 143,322 174,093 853,880 18
250%
Jan-18 9,450 5,350 9,375 57,695 219,024 1,516,362 22

54.5%
- 21.9% Feb-18 10,975 7,600 10,750 64,196 209,190 1,891,880 19
Mar-18 12,525 10,400 11,000 94,787 380,376 4,348,198 21
-250% Apr-18 13,425 10,675 13,200 85,825 251,187 3,006,678 21
Jun-18 20,700 16,275 18,600 115,011 238,060 4,641,131 13
Jul-18 20,375 14,650 19,200 135,104 292,771 5,455,934 22
Volume (Million Sh.) 322 837 2,191 3,214 1,392 Sep-18 19,050 16,500 17,350 90,573 206,544 3,655,581 19
Value (Billion Rp) 304 811 6,688 45,677 12,654 Oct-18 17,575 10,750 12,725 153,340 225,937 3,102,182 23
Frequency (Thou. X) 61 56 452 1,256 780 Nov-18 13,800 10,425 10,500 145,515 210,799 2,459,286 21
Days 244 246 238 240 139 Dec-18 12,200 10,475 11,550 82,039 174,476 1,963,690 18
Price (Rupiah) Jan-19 13,700 11,150 13,000 113,051 144,509 1,792,145 22

High 1,200 1,205 6,000 20,700 13,700 Feb-19 13,300 11,025 11,025 73,328 123,326 1,453,877 19
Low 720 845 955 5,350 5,325 Mar-19 11,300 8,600 8,600 115,434 190,905 1,858,526 20
Close 955 955 5,400 11,550 7,475 Apr-19 8,800 6,775 7,400 95,017 170,394 1,350,968 19
Close* 955 955 5,400 11,550 7,475 May-19 7,775 5,325 7,750 95,419 189,748 1,250,617 21
Jun-19 10,150 6,750 9,375 137,494 341,235 2,995,126 15
PER (X) 1.70 1.92 5.28 7.39 9.85 Jul-19 9,550 7,225 7,475 150,332 232,360 1,953,200 23
PER Industry (X) 4.10 20.86 13.10 12.36 13.69
PBV (X) 0.14 0.15 0.71 1.15 0.74


Receivables 9,064,387 9,170,460 11,814,181 15,949,855 14,072,784

12,687,216 13,137,210 1,286,857 17,187,699 7,486,952 110,000
Inventories
Current Assets 30,400,963 29,384,250 42,613,188 60,939,909 62,401,461
82,500
Fixed Assets 62,844,189 54,328,802 2,322,114 57,202,484 53,796,126
55,000
Total Assets 103,162,005 92,423,557 103,428,629 127,257,231 125,012,309
Growth (%) -10.41% 11.91% 23.04% -1.76% 27,500

Growth (%) -15.72% 9.71% 21.02% -3.18%
Paid up Capital 5,470,983 5,470,983 5,470,983 5,470,983 5,470,983 54,907

Par Value 1,000 1,000 1,000 1,000 1,000
43,706
38,447 37,881
Total Equity 38,446,703 37,881,270 43,592,682 54,845,618 54,906,830
32,505
Growth (%) -1.47% 15.08% 25.81% 0.11% 21,304
Total Revenues 41,542,013 36,552,275 42,377,169 48,503,983 22,267,210

Growth (%) -12.01% 15.94% 14.46%
-1,098
2015 2016 2017 2018 Jun-19
Cost of Revenues 32,601,419 28,742,385 30,136,158 30,999,341 16,268,259

Gross Profit 8,940,594 7,809,890 12,241,011 17,504,642 5,998,952
Expenses (Income) 4,145,688 3,954,215 4,075,807 4,503,410 3,869,699
Growth (%) -19.59% 111.77% 59.23% 42,377

48,504
41,542
38,609
36,552
Other Income (Expenses) -1,425,686 -1,903,290 -1,972,589 -2,301,882 696,161
22,267
28,714
Tax 104,416 -771,831 593,470 2,145,658 748,992

Growth (%) -16.56% 105.53% 52.77%

8,925
Current Ratio (%) 140.17 159.83 209.28 240.60 206.69
8,554
Dividend (Rp) 25.00 30.00 100.00 - - 8,554
EPS (Rp) 596.84 497.82 1,023.24 1,563.26 379.48

BV (Rp) 7,027.38 6,924.03 7,967.98 10,024.82 10,036.01 6,809
5,599
DAR (X) 0.63 0.59 0.58 0.57 0.56
DER(X) 1.68 1.44 1.37 1.32 1.28
5,064
3,265
ROA (%) 3.16 2.95 5.41 6.72 1.66 3,319 2,724
ROE (%) 8.49 7.19 12.84 15.60 3.78 2,076
GPM (%) 21.52 21.37 28.89 36.09 26.94 1,574
OPM (%) 11.54 10.55 19.27 26.80 9.56

NPM (%) 7.86 7.45 13.21 17.64 9.33
-171
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 4.19 6.03 9.77 - -
Yield (%) 2.62 3.14 1.85 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

INDOCEMENT TUNGGAL
PRAKARSA TBK.
Company Profile
PT Indocement Tunggal Prakarsa Tbk. was incorporated on January 16th, 1985. The Company’s history
cannot be separated from the establishment of PT Distinct Indonesia Cement Enterprise (DICE) in 1975
that managed a cement plant in Citeureup, West Java that had an annual installed production capacity
of 500,000 tons.
The scope of its activities comprises, among others, cement and building materials manufacturing,
mining, construction and trading. Currently, the company and subsidiaries are involved in several
businesses consisting of the manufacture and sale of cement (as core business) and ready mix concrete,
aggregates and trass quarrying.
The Company currently has 13 factories with a total annual production capacity of 24.9 million tons of
cement. Ten factories are located at Citeureup Factory, Bogor, West Java; two factories at the
Palimanan Factory, Cirebon, West Java; and one factory in Tarjun Factory, Kotabaru, South Kalimantan.
The manufacture of ready-mix concrete, cement distribution, and aggregates quarrying comprise the
operations of most of the Company’s Subsidiaries.
The Company has direct ownership in subsidiaries:

 PT Dian Abadi Perkasa, a cement distributor,
 PT Indomix Perkasa, a ready-mix concrete manufacturer,
 PT Sari Bhakti Sejati, an investment company,
 PT Makmur Abadi Perkasa Mandiri, an investment company,
 PT Lentera Abadi Sejahtera, an investment company.
At the end of 2018, for the third time in a row, the factory complexes of PT Indocement Tunggal
Prakarsa Tbk. ("Indocement") was awarded the Level 5 Green Industry from the Ministry of Industry
and PT Indocement Tunggal Prakarsa Tbk. was Rewarded Indonesia Very Good Public Company 2018,
Basic Industry & Chemical Categor, etc.
The company’s head office is located at Wisma Indocement 8th Floor, Jl. Jend Sudirman Kav. 70-71
Jakarta, while the factories are located in Citeureup - West Java, Palimanan - West Java, and Tarjun -
South Kalimantan. HeidelbergCement AG is the ultimate parent company of the Group. The Group had
a total of 5,488 permanent employees as of June 30th, 2019.
August 2019
Disclaimer:

INTP Indocement Tunggal Prakarsa Tbk.

Industry Sub Sector : Cement (31) Market Capitalization : 82,735,682,435,025
14 | 82.7T | 1.14% | 56.38%
47 | 16.5T | 0.52% | 68.70%

Established Date : 16-Jan-1985 1. Birchwood Omnia Limited 1,877,480,863 : 51.00%
Underwriter IPO :
PT (Persero) Danareksa DIVIDEND ANNOUNCEMENT
PT Merchant Investment Corporation Bonus Cash Recording Payment
F/I
PT Multicor Bank Pembangunan Indonesia Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 1991 150.00 13-Feb-91 14-Feb-91 21-Feb-91 15-Mar-91 I
PT Raya Saham Registra 1991 175.00 27-May-92 29-May-92 5-Jun-92 18-Jun-92 F
1992 250.00 1-Jul-93 2-Jul-93 9-Jul-93 10-Aug-93 F
1. Kevin Gerard Gluskie 1993 1:1 12-Aug-94 15-Aug-94 23-Aug-94 23-Sep-94 BS
2. Albert Scheuer 1994 120.00 19-Jul-95 20-Jul-95 28-Jul-95 25-Aug-95 F
3. Berndhard Scheifele 1995 40.00 23-Aug-95 24-Aug-95 1-Sep-95 29-Sep-95 I
4. Lorenz Naeger 1995 120.00 12-Jul-96 15-Jul-96 23-Jul-96 21-Aug-96 F
5. Simon Subrata *) 1996 70.00 11-Jul-97 14-Jul-97 23-Jul-97 21-Aug-97 F
6. Tedy Djuhar *) 1996 10:3 8-Sep-97 9-Sep-97 17-Sep-97 30-Sep-97 I
2006 30.00 27-Jun-07 28-Jun-07 2-Jul-07 16-Jul-07 I
BOARD OF DIRECTORS 2007 40.00 5-Jun-08 6-Jun-08 10-Jun-08 24-Jun-08 F
1. Christian Kartawijaya 2008 150.00 2-Jun-09 3-Jun-09 5-Jun-09 19-Jun-09 F
2. Benny S. Santoso 2009 225.00 21-Jun-10 22-Jun-10 24-Jun-10 7-Jul-10 F
3. David Jonathan Clarke 2010 263.00 17-Jun-11 20-Jun-11 22-Jun-11 7-Jul-11 F
4. Franciscus Welirang 2011 293.00 18-Jun-12 19-Jun-12 21-Jun-12 5-Jul-12 F
5. Hasan Imer 2012 450.00 20-Jun-13 21-Jun-13 25-Jun-13 9-Jul-13 F
6. Juan Francisco Defalque 2013 900.00 19-Jun-14 20-Jun-14 24-Jun-14 8-Jul-14 F
7. Oey Marcos 2014 1,350.00 21-May-15 22-May-15 26-May-15 17-Jun-15 F
8. Ramakanta Bhattacharjee 2015 415.00 17-May-16 18-May-16 20-May-16 10-Jun-16 F
9. Troy Dartojo Soputro 2016 929.00 30-May-17 31-May-17 5-Jun-17 22-Jun-17 F
2017 700.00 30-May-18 31-May-18 5-Jun-18 22-Jun-18 F
AUDIT COMMITTEE
1. Simon Subrata ISSUED HISTORY
2. Ancella Anitawati Hermawan Listing Trading
3. Ludovicus Sensi Wondabio No. Type of Listing Shares Date Date
1. First Issue 89,832,150 5-Dec-89 5-Dec-89
CORPORATE SECRETARY 2. Koperasi 6,000,000 T: 26-Jun-92 : 31-Dec-99
Oey Marcos 3. Founder Shares 946,119 T: 7-Mar-94 : 2-Sep-94
4. Convertible Bond 8,555,640 T: 7-Mar-94 : 10-Nov-94
HEAD OFFICE 5. Bonus Shares 599,790,020 T: 12-Sep-94 : 26-Sep-94
Wisma Indocement, 13rd Floor 6. Company Listing 502,102,731 12-Sep-94 12-Sep-94
Jl. Jend. Sudirman Kav.70-71 7. Stock Split 1,207,226,660 2-Sep-96 2-Sep-96
Jakarta 12910 8. Additional Listing 69,863,127 9-Jan-01 9-Jan-01
Phone : (021) 251-2121, 252-2121,570-3817 9. Right Issue 1,196,907,072 24-Apr-01 24-Apr-01
Fax : (021) 570-1693 10. Warrant 8,180 12-May-03 12-May-03
Homepage : www.indocement.com
Email : corpsec@indocement.co.id
investor.relations@indocement.co.id


TRADING ACTIVITIES
Indocement Tunggal Prakarsa Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
26,000 160 Jan-15 25,500 21,325 23,000 59,898 112,706 2,596,245 21
Feb-15 24,325 22,650 24,050 38,270 51,124 1,209,902 19
22,750 140 Mar-15 24,300 20,475 21,925 53,486 87,898 1,969,041 22
Apr-15 23,700 20,700 21,000 39,145 67,087 1,500,898 21
May-15 23,425 21,100 22,400 41,944 185,783 4,180,361 19
19,500 120
Jun-15 22,450 20,625 20,875 36,792 168,941 3,586,859 21
Jul-15 22,450 19,475 20,025 32,856 39,233 831,544 19
16,250 100
Aug-15 20,200 16,175 19,625 48,556 59,733 1,122,761 20
Sep-15 20,050 16,000 16,450 48,472 44,373 811,929 21
13,000 80
Oct-15 21,025 16,100 18,000 71,016 86,080 1,608,882 21
Nov-15 21,400 17,900 18,700 51,050 54,994 1,085,736 21
9,750 60 Dec-15 22,800 19,025 22,325 37,676 33,403 693,474 19
6,500 40 Jan-16 22,425 18,075 19,700 63,144 74,904 1,483,571 20

Feb-16 20,300 18,450 20,025 49,336 64,737 1,263,594 20
3,250 20 Mar-16 20,850 19,250 19,725 43,398 63,350 1,282,258 21
Apr-16 20,800 19,550 19,725 27,722 38,762 774,930 21
May-16 19,550 15,525 16,650 56,302 74,033 1,266,067 20
Jun-16 16,875 15,550 16,875 38,912 41,403 674,323 22
Jul-16 17,300 16,350 17,075 40,954 185,206 2,938,432 16
Aug-16 19,400 17,000 17,700 46,606 328,271 5,603,734 22
Sep-16 18,400 16,900 17,350 38,832 41,799 737,059 21
January 2015 - July 2019 Dec-16 16,800 14,675 15,400 28,099 32,276 518,964 20
80%
Jan-17 16,000 14,600 15,025 24,266 23,885 368,934 21
60% Feb-17 16,100 15,100 15,150 24,219 24,366 378,430 19
54.5%
Mar-17 16,875 15,175 16,600 32,509 53,083 845,082 22
40% Apr-17 17,200 15,975 16,950 20,014 36,865 610,964 17
May-17 19,000 15,800 18,500 47,567 85,381 1,523,427 20
20% 21.9% Jun-17 18,775 17,500 18,450 35,966 46,831 852,149 15
Jul-17 18,975 17,150 17,500 33,868 47,917 863,926 21
Aug-17 20,000 17,200 19,800 30,432 56,884 1,086,888 22
-
Sep-17 19,650 18,325 18,900 27,230 32,263 612,834 19
-9.4%
Oct-17 23,500 18,900 22,450 40,779 46,483 921,088 22
-20%
Nov-17 23,950 18,375 18,425 46,188 45,225 925,876 22
Dec-17 22,000 18,375 21,950 42,780 43,774 872,279 18
-40%
Jan-18 23,400 20,725 21,800 49,107 33,837 753,002 22

-60% Feb-18 22,725 19,875 21,975 40,068 32,639 695,297 19
Mar-18 21,975 15,850 16,000 50,394 48,623 908,210 21
-80% Apr-18 19,875 15,550 17,725 48,725 56,878 1,009,561 21
Jun-18 17,875 12,875 13,650 43,985 52,413 797,378 13
Jul-18 15,175 12,500 14,125 43,687 52,803 728,610 22
Volume (Million Sh.) 991 1,111 543 600 338 Sep-18 18,500 15,500 18,500 44,276 58,922 973,959 19
Days 244 246 238 240 139 Dec-18 20,775 17,925 18,450 47,374 41,064 807,554 18
Price (Rupiah) Jan-19 20,200 17,000 19,225 59,501 54,961 1,014,857 22

High 25,500 22,425 23,950 23,400 22,875 Feb-19 20,200 17,975 19,225 40,199 26,165 499,142 19
Low 16,000 14,275 14,600 12,500 17,000 Mar-19 22,400 18,500 21,900 61,680 42,544 854,678 20
Close 22,325 15,400 21,950 18,450 22,475 Apr-19 22,700 20,300 22,000 53,040 39,746 862,009 19
Close* 22,325 15,400 21,950 18,450 22,475 May-19 22,000 17,300 21,200 75,169 69,736 1,363,111 21
Jun-19 21,500 19,700 20,000 44,966 45,582 923,817 15
PER (X) 18.86 14.65 43.45 59.27 64.63 Jul-19 22,875 20,100 22,475 50,707 59,382 1,289,619 23
PER Industry (X) 4.10 20.86 13.10 12.36 13.69
PBV (X) 3.44 2.23 3.29 3.01 3.79


Receivables 2,534,690 2,616,979 2,503,780 2,965,777 2,708,926

1,521,197 1,780,410 1,768,603 1,837,769 2,023,719 25,000
Inventories
Current Assets 13,133,854 14,424,622 12,883,074 12,315,796 10,836,563
18,750
Fixed Assets 13,813,892 14,643,695 14,979,453 14,637,185 14,252,972
Other Assets 398,265 453,899 456,247 418,599 373,595
12,500
Total Assets 27,638,360 30,150,580 28,863,676 27,788,562 25,852,869
Growth (%) 9.09% -4.27% -3.72% -6.97% 6,250

Long Term Liabilities 1,084,667 824,135 828,145 641,324 677,382 2015 2016 2017 2018 Jun-19
Growth (%) 6.35% 7.36% 6.03% -12.06%
Paid up Capital 1,840,616 1,840,616 1,840,616 1,840,616 1,840,616 26,139
23,866 24,557
27,789

Par Value 500 500 500 500 500
22,120

Total Equity 23,865,950 26,138,703 24,556,507 27,788,562 21,836,655
16,451
Growth (%) 9.52% -6.05% 13.16% -21.42% 10,782
Total Revenues 17,798,055 15,361,894 14,431,211 15,190,283 6,982,610

Growth (%) -13.69% -6.06% 5.26%
-556
2015 2016 2017 2018 Jun-19
Cost of Revenues 9,888,919 9,030,433 9,423,490 10,821,254 4,840,017

Gross Profit 7,909,136 6,331,461 5,007,721 4,369,029 2,142,593
Expenses (Income) 2,852,206 2,686,866 3,132,876 3,294,918 1,552,388
Growth (%) -27.93% -48.56% -42.71% 15,362

17,798
15,190
14,431
14,167
Other Income (Expenses) 588,181 501,784 413,144 326,711 206,592

Income before Tax 5,645,111 4,146,379 2,287,989 1,400,822 796,797 10,536
Tax 1,288,450 276,060 428,171 254,885 156,769 6,983

Growth (%) -11.16% -51.95% -38.38%

3,275
Comprehensive Income 4,258,600 3,800,464 1,837,668 1,241,944 639,743 2015 2016 2017 2018 Jun-19
Comprehensive Attributable 4,258,600 3,800,464 1,837,668 1,241,944 639,743
Current Ratio (%) 488.66 452.50 370.31 313.73 324.56
4,357
Dividend (Rp) 415.00 929.00 700.00 - - 4,357
3,870
EPS (Rp) 1,183.48 1,051.37 505.22 311.29 173.86
BV (Rp) 6,483.14 7,100.53 6,670.73 7,548.71 5,931.89 3,468
DAR (X) 0.14 0.13 0.15 0.16 0.16

DER(X) 0.16 0.15 0.18 0.16 0.18
2,579
1,860
ROA (%) 15.76 12.84 6.44 4.12 2.48
1,146
1,690
ROE (%) 18.25 14.81 7.57 4.12 2.93

640
GPM (%) 44.44 41.22 34.70 28.76 30.68 802
OPM (%) 28.41 23.72 12.99 7.07 8.45

NPM (%) 24.48 25.19 12.89 7.54 9.17
-87
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 35.07 88.36 138.55 - -
Yield (%) 1.86 6.03 3.19 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

INDO TAMBANGRAYA MEGAH TBK.
Company Profile
PT Indo Tambangraya Megah Tbk. (ITMG) was founded in 1987 and is a subsidiary of Banpu Group from
Thailand. Through investment, mine surveys, business value testing and mine infrastructure development,
ITMG has grown into one of the largest mining companies in Indonesia in thermal coal production.
The Company has direct ownership in PT Indominco Mandiri, PT Trubaindo Coal Mining, PT Jorong Barutama
Greston, PT Kitadin, PT Bharinto Ekatama, PT ITM Indonesia, PT Tambang Raya Usaha Tama, PT ITM Batubara
Utama, and PT ITM Energi Utama, PT ITM Banpu Power, PT Tepian Indah Sukses, and PT GasEmas.
In 2018, ITMG developed business through the acquisition of 100% stake in PT Nusa Persada Resources
(NPR). The NPR concession is not yet operational and is located in Central Kalimantan, which is adjacent with
three other subsidiaries, PT Bharinto Ekatama (BEK), PT Trubaindo Coal Mining (TCM), and PT Tepian Indah
Sukses (TIS) This acquisition has increased ITMG coal reserves to 77 million tons with a calorific value of
5,500 kcal/kg.
In 2018, ITMG initiated a digitalization investment policy by developing IT infrastructure and human
resources that are ready to adapt the change through integration of new corporate culture, ‘Banpu Heart’.
Continuous transformation and digitalization along the supply chain is ITMG’s way in responding to the
existing challenges and changes, to achieve the company’s sustainability.
The company’s head Office is located at Pondok Indah Office Tower III, 3rd Floor Jalan Sultan Iskandar Muda
Jakarta 12310. As of June 30th, 2019, the Company and subsidiaries had 2,957 employees.
August 2019
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.

ITMG Indo Tambangraya Megah Tbk.

66 | 19.0T | 0.26% | 72.40%
48 | 16.2T | 0.51% | 66.55%

Established Date : 02-Sep-1987 1. Banpu Minerals (Singapore) 736,071,000 : 65.14%
Listing Date : 18-Dec-2007 (IPO Price: 14,000) 2. Public (<5%) 393,854,000 : 34.86%
Underwriter IPO :
PT UBS Securities Indonesia DIVIDEND ANNOUNCEMENT
F/I
2007 155.00 6-May-08 7-May-08 9-May-08 23-May-08 F
BOARD OF COMMISSIONERS 2008 344.00 8-Oct-08 9-Oct-08 13-Oct-08 22-Nov-08 I
1. Djisman S. Simandjuntak *) 2008 295.00 1-Dec-08 2-Dec-08 4-Dec-08 19-Dec-08 I
2. Djoko Wintoro *) 2008 706.00 11-May-09 12-May-09 14-May-09 28-May-09 F
3. Mahyudin Lubis *) 2009 678.00 20-Oct-09 21-Oct-09 23-Oct-09 1-Nov-09 I
4. Somsak Sithinamsuwan 2009 1,286.00 29-Apr-10 30-Apr-10 4-May-10 19-May-10 F
5. Somruedee Chaimongkol 2010 795.00 28-Sep-10 29-Sep-10 1-Oct-10 15-Oct-10 I
6. Fredi Chandra 2010 407.00 19-Apr-11 20-Apr-11 25-Apr-11 6-May-11 F
*) Independent Commissioners 2011 1,168.00 28-Sep-11 29-Sep-11 3-Oct-11 14-Oct-11 I
2012 1,666.00 29-Oct-12 30-Oct-12 1-Nov-12 14-Nov-12 I
BOARD OF DIRECTORS 2012 1,464.00 26-Apr-13 29-Apr-13 1-May-13 15-May-13 F
1. Kirana Limpaphayom 2013 1,014.00 29-Oct-13 30-Oct-13 1-Nov-13 15-Nov-13 I
2. A.H Bramantya Putra 2013 975.00 28-Apr-14 29-Apr-14 2-May-14 14-May-14 F
3. Jusnan Ruslan 2014 1,100.00 29-Oct-14 30-Oct-14 3-Nov-14 14-Nov-14 I
4. Mulianto 2014 645.00 8-Apr-15 9-Apr-15 13-Apr-15 24-Apr-15 I
5. Stephanus Demo Wawin 2015 752.00 8-Oct-15 9-Oct-15 13-Oct-15 26-Oct-15 I
6. Yulius Kurniawan Gozali 2015 60.56 4-Apr-16 5-Apr-16 7-Apr-16 21-Apr-16 F
7. Padungsak Thanakij 2016 434.32 7-Nov-16 8-Nov-16 10-Nov-16 24-Nov-16 I
8. Ignatius Wurwanto 2017 434.32 5-Apr-17 6-Apr-17 10-Apr-17 21-Apr-17 I
2017 1,300.00 3-Nov-17 6-Nov-17 8-Nov-17 21-Nov-17 I
AUDIT COMMITTEE 2017 1,840.00 2-Apr-18 3-Apr-18 5-Apr-18 20-Apr-18 F
1. Djoko Wintoro 2018 1,420.00 30-Oct-18 31-Oct-18 2-Nov-18 16-Nov-18 I
2. Erlin Sarwin
3. Gede Harja Wasistha ISSUED HISTORY
Listing Trading
Monika Ida Krisnamurti 1. First Issue 225,985,000 18-Dec-07 18-Dec-07
2. Company Listing 903,940,000 18-Dec-07 18-Aug-08
HEAD OFFICE
Pondok Indah Office Tower III, 3rd Floor
Jl. Sultan Iskandar Muda, Pondok Indah Kav. V-TA
Jakarta Selatan 12310
Phone : (021) 2932 8100
Fax : (021) 2932 7999
Homepage : www.itmg.co.id
Email : corsecitmg@banpuindo.co.id


TRADING ACTIVITIES
Indo Tambangraya Megah Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
32,000 40.0 Jan-15 16,750 14,275 16,750 48,405 38,476 585,918 21
Feb-15 18,600 16,075 16,900 32,776 39,761 684,377 19
28,000 35.0 Mar-15 18,000 16,275 16,900 46,182 36,351 626,636 22
Apr-15 17,300 12,600 12,600 46,877 37,151 584,571 21
May-15 15,550 12,525 13,500 46,615 78,935 1,108,530 19
24,000 30.0
Jun-15 13,850 12,600 12,850 48,533 41,585 549,214 21
Jul-15 13,175 9,525 9,725 26,690 21,821 245,713 19
20,000 25.0
Aug-15 10,850 7,975 9,350 30,749 29,449 277,187 20
Sep-15 9,900 8,100 9,875 28,666 27,087 245,130 21
16,000 20.0
Oct-15 11,400 8,400 8,475 39,120 41,867 440,725 21
Nov-15 8,925 6,750 6,750 24,220 24,658 202,767 21
12,000 15.0 Dec-15 6,850 5,525 5,725 24,270 29,270 192,832 19
8,000 10.0 Jan-16 5,950 4,690 4,810 23,362 44,572 229,401 20

Feb-16 7,750 4,675 6,750 29,385 53,843 305,694 20
4,000 5.0 Mar-16 7,475 6,475 6,625 42,714 82,170 566,369 21
Apr-16 8,025 6,525 7,800 28,232 50,523 361,480 21
May-16 9,000 7,650 8,750 17,522 27,244 225,659 20
Jun-16 9,500 8,075 9,375 19,616 27,660 242,970 22
Jul-16 12,575 9,175 12,575 24,683 26,783 302,830 16
Aug-16 13,000 10,400 11,375 23,973 23,258 279,616 22
Sep-16 11,650 9,850 10,900 18,755 18,052 193,595 21
Mining Index Nov-16 18,350 14,400 16,000 63,957 73,011 1,164,236 22
January 2015 - July 2019 Dec-16 17,900 15,600 16,875 39,617 37,589 633,767 20
100%
Jan-17 17,500 14,200 15,000 34,308 23,783 373,144 21
75% Feb-17 17,675 14,875 17,600 31,252 32,264 520,837 19
Mar-17 20,500 16,150 20,200 48,027 47,736 870,645 22
50% Apr-17 22,300 18,450 19,125 49,084 52,238 1,054,825 17
May-17 19,450 14,500 15,200 55,606 54,396 897,297 20
25% 21.9% Jun-17 18,400 15,200 17,300 36,664 33,166 564,955 15
19.5% Jul-17 21,900 17,050 20,000 42,968 33,054 647,624 21
5.8% Aug-17 21,125 18,550 19,450 44,379 37,497 755,227 22
-
Sep-17 20,975 18,250 20,250 37,823 29,370 572,233 19
Oct-17 23,175 19,425 22,200 38,529 35,106 747,961 22
-25%
Nov-17 22,950 19,300 21,150 41,388 25,755 540,972 22
Dec-17 21,600 20,000 20,700 24,723 19,228 399,902 18
-50%
Jan-18 31,575 19,850 30,300 50,174 43,055 1,103,156 22

-75% Feb-18 32,200 28,000 30,800 46,358 27,035 810,820 19
Mar-18 31,200 25,725 28,500 65,843 47,443 1,324,672 21
-100% Apr-18 29,225 23,100 23,650 50,418 27,414 729,580 21
Jun-18 28,500 21,850 22,375 55,713 38,556 953,529 13
Jul-18 30,500 21,000 28,475 72,884 50,773 1,283,877 22
Volume (Million Sh.) 446 531 424 478 253 Sep-18 28,300 25,125 25,850 54,477 27,024 705,649 19
Days 244 246 238 240 139 Dec-18 21,900 19,525 20,250 52,274 36,564 753,636 18
Price (Rupiah) Jan-19 23,575 19,750 22,800 67,716 44,619 978,651 22

High 18,600 18,350 23,175 32,200 24,475 Feb-19 23,650 20,450 21,375 55,644 34,823 768,115 19
Low 5,525 4,675 14,200 19,325 15,175 Mar-19 24,475 21,250 23,925 68,291 45,392 1,047,206 20
Close 5,725 16,875 20,700 20,250 16,825 Apr-19 24,050 19,125 19,225 63,249 43,881 918,567 19
Close* 5,725 16,875 20,700 20,250 16,825 May-19 19,425 15,175 17,525 47,646 28,930 506,424 21
Jun-19 18,500 16,650 17,550 50,924 29,673 509,017 15
PER (X) 7.43 10.86 6.83 6.01 9.49 Jul-19 17,925 16,750 16,825 45,422 25,903 446,050 23
PER Industry (X) 0.60 -4.41 6.26 3.39 21.79
PBV (X) 0.56 1.67 1.80 1.53 1.52


Receivables 1,733,092 1,768,912 2,640,343 3,425,746 2,329,320

1,619,029 832,911 1,472,383 1,568,616 1,741,238 17,000
Inventories
Current Assets 7,066,914 7,242,058 10,797,702 11,145,716 8,932,559
12,750
Fixed Assets 3,511,870 3,006,923 3,014,931 3,305,309 3,228,800
Other Assets 102,407 167,372 181,652 1,729,713 311,074
8,500
Total Assets 16,254,339 16,254,765 18,407,166 20,980,151 18,725,555
Growth (%) 0.00% 13.24% 13.98% -10.75% 4,250

Long Term Liabilities 820,219 853,549 989,221 1,207,684 1,210,540 2015 2016 2017 2018 Jun-19
Growth (%) -14.34% 33.57% 26.75% -9.76%
Paid up Capital 564,963 564,963 564,963 564,963 564,963 12,981
12,519
12,192
14,103
Par Value 500 500 500 500 500

11,226

Total Equity 11,511,879 12,192,229 12,980,867 14,102,584 12,519,056
8,349
Growth (%) 5.91% 6.47% 8.64% -11.23% 5,472
Total Revenues 21,924,308 18,373,703 22,889,685 29,194,955 12,623,685

Growth (%) -16.19% 24.58% 27.55%
-282
2015 2016 2017 2018 Jun-19
Cost of Revenues 17,093,221 13,930,431 16,041,875 20,703,024 10,327,172

Gross Profit 4,831,086 4,443,272 6,847,810 8,491,932 2,296,513
Expenses (Income) 2,907,568 1,863,681 1,942,688 3,149,739 855,219
Growth (%)
22,890
23,239
21,924
Other Income (Expenses) - - - - - 18,374
12,624
Tax 1,053,020 823,385 1,481,501 1,579,363 465,918
Growth (%) 101.75% 94.94% 9.91%

5,372
Period Attributable 870,498 1,756,206 3,422,333 3,809,291 1,001,522 -584
Comprehensive Income 889,368 1,795,815 3,382,976 3,791,812 1,048,456 2015 2016 2017 2018 Jun-19
Comprehensive Attributable 889,368 1,795,815 3,381,689 3,838,274 1,074,603
Current Ratio (%) 180.18 225.68 243.35 196.58 178.80
3,763
Dividend (Rp) 812.56 434.32 3,574.32 1,420.00 - 3,763
3,424
EPS (Rp) 770.40 1,554.27 3,028.81 3,371.28 886.36
BV (Rp) 10,188.18 10,790.30 11,488.26 12,480.99 11,079.55 2,995
DAR (X) 0.29 0.25 0.29 0.33 0.33

DER(X) 0.41 0.33 0.42 0.49 0.50 1,756
2,228
ROA (%) 5.36 10.80 18.60 17.94 5.21

975
1,460
ROE (%) 7.56 14.40 26.37 26.68 7.79 870
GPM (%) 22.04 24.18 29.92 29.09 18.19 692
OPM (%) - - - - -
NPM (%) 3.97 9.56 14.96 12.89 7.73
-75
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 105.47 27.94 118.01 42.12 -
Yield (%) 14.19 2.57 17.27 7.01 -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

JAPFA COMFEED INDONESIA TBK.

Company Profile
PT Japfa Comfeed Indonesia Tbk, later referred to as, “the Company”, was established on 18
January 1971 as PT Java Pelletizing Factory, Ltd under Act No. 59 drawn up before notary, Djojo
Muljadi, SH. In its early establishment, the Company produced copra pellets commercially. the
Company continued to experience business growth. The Company’s business line proceeded to
expand. In 1975, the Company expanded into the feed business then entered the chicken
breeding business in 1982.
To support business development and strengthen capital structure, the Company listed its
shares on the Indonesia Stock Exchange (formerly known as the Jakarta Stock Exchange and
Surabaya Stock Exchange) in 1989, after acquiring 4 (four) feed companies in 1990, the
Company’s name was changed into PT Japfa Comfeed Indonesia Tbk.
In 1992, the Company executed strategic integration by acquiring chicken breeding and
processing companies (PT Multibreeder Adirama Indonesia (MBAI) and PT Ciomas Adisatwa), as
well as shrimp ponds and processing business (PT Suri Tani Pemuka). In 1994, MBAI listed its
shares at the Jakarta Stock Exchange and Surabaya Stock Exchange.
The Company’s business line became more complete and integrated after MBAI acquired PT
Hidon, a company that operated in the chicken breeding and hatchery business, in December
2007. In 2008, the Company expanded into the feedlot business by acquiring PT Santosa
Agrindo, the largest feedlot company in Southeast Asia.
By the end of 2009, the Company merged with PT Multi Agro Persada (MAP) Tbk, an animal feed
producer and distributor, and in 2011, PT Multiphala Agrinusa (MAG) and PT Bintang Terang
Gemilang (BTG), both being the Company’s subsidiaries engaging in feed production, merged
with the Company.
The Company continued to be more focused in the agribusiness sector by upgrading production
capacity through the development of new production facilities, including feed units, at
Grobogan (Central Java) and Purwakarta (West Java), breeding facilities at Grati (East Java) and
Pontianak (West Kalimantan), hatchery facilities at Sukabumi (West Java) and Kediri (East Java),
and acquiring companies engaged in commercial farms to increase broiler production.
As part of a focused strategy in agribusiness, on 1 July 2012, the Company merged its business
with PT Multibreeder Adirama Indonesia Tbk (MBAI), the Company’s subsidiaries, and PT
Multiphala Adiputra (MPA) and PT Hidon, both subsidiaries of MBAI.
August 2019
Disclaimer:

JPFA Japfa Comfeed Indonesia Tbk.

Industry Sub Sector : Animal Feed (36) Market Capitalization : 18,762,520,321,600
67 | 18.8T | 0.26% | 66.78%
51 | 16.0T | 0.50% | 83.41%

Established Date : 18-Jan-1971 1. JAPFA Ltd. 4,880,261,455 : 41.62%
Listing Date : 23-Oct-1989 (IPO Price: 7,200) 2. Credit Suisse AG Singapore Trust Ac. Cl. Japfa Ltd.-2023904010 1,267,854,261 : 10.81%
PT Aseam Indonesia
PT Indovest Securities Bonus Cash Recording Payment
F/I
PT Merchant Investment Corporation Year Shares Dividend Cum Date Ex Date Date Date
PT Bank Pembangunan Indonesia 1990 100.00 14-Jun-91 17-Jun-91 21-Jun-91 22-Jul-91 F
Securities Administration Bureau : 1990 1:2 4-Jul-91 5-Jul-91 12-Jul-91 29-Jul-91 BS
PT Adimitra Jasa Korpora 1992 50.00 22-Apr-92 23-Apr-92 30-Apr-92 30-May-92 I
1992 50.00 11-Jun-93 14-Jun-93 23-Jun-93 23-Jul-93 F
BOARD OF COMMISSIONERS 1993 65.00 23-Jun-94 24-Jun-94 1-Jul-94 29-Jul-94 F
1. Syamsir Siregar 1994 50.00 22-Jun-95 23-Jun-95 3-Jul-95 3-Aug-95 F
2. Hendrick Kolonas 1995 50.00 27-Jun-96 28-Jun-96 8-Jul-96 2-Aug-96 F
3. Ignatius Herry Wibowo *) 1996 100.00 1-Aug-97 4-Aug-97 12-Aug-97 10-Sep-97 F
4. Jaka Prasetya 2009 5.00 1-Jul-10 2-Jul-10 6-Jul-10 20-Jul-10 F
5. Retno Astuti Wibisono *) 2010 365.00 30-Jun-11 1-Jul-11 5-Jul-11 14-Jul-11 F
6. Ito Sumardi Djuni Sanyoto *) 2011 75.00 4-Jul-12 5-Jul-12 9-Jul-12 23-Jul-12 F
*) Independent Commissioners 2012 20.00 3-Jul-13 4-Jul-13 8-Jul-13 22-Jul-13 F
2013 10.00 24-Jun-14 25-Jun-14 27-Jun-14 10-Jul-14 F
BOARD OF DIRECTORS 2015 15.00 11-Apr-16 12-Apr-16 14-Apr-16 27-Apr-16 F
1. Handojo Santosa 2017 50.00 12-Apr-18 13-Apr-18 17-Apr-18 23-Apr-18 F
2. Bambang Budi Hendarto 2018 50.00 5-Sep-18 6-Sep-18 10-Sep-18 24-Sep-18 I
3. Leo Handoko Laksono
4. Rachmat Indrajaya ISSUED HISTORY
5. Tan Yong Nang Listing Trading
AUDIT COMMITTEE 1. First Issue 4,000,000 23-Oct-89 23-Oct-89
1. Retno Astuti Wibisono 2. Claim Issue 24,000,000 12-Feb-90 12-Feb-90
2. Edwin Suratman 3. Bonus Shares 80,000,000 29-Jul-91 29-Jul-91
3. Karya Utama Atmadilaga 4. Company Listing 12,000,000 T: 18-Mar-92 : 25-Mar-92
5. Convertible Bond 11,576,586 T: 5-Jun-92 : 6-Jul-92
CORPORATE SECRETARY 6. Escrow Shares 1,041,893 14-Jul-93 14-Jul-93
Maya Pradjono 7. Conversion Shares 1,356,796,181 T: 1-Nov-93 : 11-Dec-02
8. Merger with MAP 582,318,000 1-Dec-09 1-Dec-09
HEAD OFFICE 9. Merger with MBAI 60,371,922 2-Jul-12 2-Jul-12
Wisma Millenia fl. 7 10. Stock Split 8,528,418,328 19-Apr-13 19-Apr-13
Jl. MT Haryono Kav. 16 11. Add. Listing without RI 1,066,052,291 T: 5-Aug-16 : 20-Jun-18
Jakarta 12810
Phone : (021) 285-45680
Fax : (021) 831-0309
Homepage : www.japfacomfeed.co.id
Email : mayap@japfacomfeed.co.id


TRADING ACTIVITIES
Japfa Comfeed Indonesia Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
3,200 640 Jan-15 965 875 890 16,449 152,685 139,378 21
Feb-15 915 780 900 16,827 182,019 156,131 19
2,800 560 Mar-15 895 750 780 16,516 139,647 117,562 22
Apr-15 805 545 550 16,813 182,087 129,945 21
May-15 735 520 680 14,919 140,706 89,644 19
2,400 480
Jun-15 685 525 535 10,338 60,910 36,793 21
Jul-15 565 411 440 8,249 45,874 23,763 19
2,000 400
Aug-15 450 303 368 8,963 33,798 12,162 20
Sep-15 379 296 297 7,870 71,015 21,708 21
1,600 320
Oct-15 515 299 440 19,050 109,838 45,599 21
Nov-15 500 379 470 20,599 144,143 63,626 21
1,200 240 Dec-15 650 430 635 13,219 142,197 79,895 19
800 160 Jan-16 755 560 735 13,763 233,444 160,981 20

Feb-16 830 730 765 18,921 150,680 116,816 20
400 80 Mar-16 860 770 800 20,160 168,411 136,980 21
Apr-16 1,040 800 925 18,961 162,961 151,715 21
May-16 1,000 860 890 23,643 243,289 224,284 20
Jun-16 1,145 895 1,115 34,313 317,299 329,433 22
Jul-16 1,520 1,105 1,500 32,537 185,133 246,113 16
Aug-16 1,720 1,425 1,695 37,526 819,326 857,879 22
Sep-16 1,750 1,385 1,735 45,659 186,911 296,978 21
January 2015 - July 2019 Dec-16 1,760 1,405 1,455 40,618 177,387 278,076 20
240%
Jan-17 1,760 1,410 1,755 31,011 208,858 321,881 21
200% Feb-17 1,950 1,675 1,725 34,111 138,908 251,292 19
Mar-17 1,775 1,510 1,545 57,338 403,038 647,775 22
160% Apr-17 1,725 1,465 1,465 37,421 177,270 285,666 17
May-17 1,475 1,040 1,275 56,157 299,558 367,162 20
120% Jun-17 1,445 1,215 1,360 29,054 164,467 221,147 15
Jul-17 1,470 1,160 1,165 25,109 127,586 169,516 21
Aug-17 1,225 1,100 1,200 26,887 116,908 136,470 22
80%
68.4% Sep-17 1,305 1,100 1,270 24,091 122,732 148,317 19
54.5% Oct-17 1,450 1,225 1,375 28,377 186,234 249,802 22
40%
Nov-17 1,380 1,275 1,325 20,160 87,521 119,970 22
21.9%
Dec-17 1,365 1,195 1,300 21,753 361,174 195,895 18
-
Jan-18 1,500 1,305 1,460 26,227 127,573 179,090 22

-40% Feb-18 1,625 1,355 1,620 19,441 129,511 199,000 19
Mar-18 1,610 1,425 1,480 14,074 62,992 95,985 21
-80% Apr-18 1,675 1,450 1,510 14,687 74,268 115,588 21
Jun-18 1,670 1,530 1,605 7,804 24,594 39,645 13
Jul-18 2,390 1,580 2,150 31,308 173,123 352,260 22
Days 244 246 238 240 139 Dec-18 2,440 2,010 2,150 57,889 268,722 591,501 18
Price (Rupiah) Jan-19 3,080 2,130 2,930 68,139 362,041 899,897 22

High 965 1,975 1,950 2,440 3,100 Feb-19 3,100 2,200 2,240 120,966 1,171,903 2,758,482 19
Low 296 560 1,040 1,305 1,280 Mar-19 2,430 1,745 1,755 172,944 1,563,803 3,386,853 20
Close 635 1,455 1,300 2,150 1,600 Apr-19 1,870 1,520 1,560 202,221 1,142,135 1,973,411 19
Close* 635 1,455 1,300 2,150 1,600 May-19 1,590 1,280 1,500 139,011 769,735 1,115,910 21
Jun-19 1,655 1,400 1,550 108,227 669,647 1,020,183 15
PER (X) 14.46 8.04 14.87 11.63 11.31 Jul-19 1,765 1,515 1,600 134,277 880,452 1,450,283 23
PER Industry (X) 4.10 20.86 13.10 12.36 13.69
PBV (X) 1.11 2.21 1.51 2.61 1.80


Cash & Cash Equivalents 901,207 2,701,265 1,642,106 1,086,970 898,138 26,250
Receivables 1,253,885 1,297,333 1,626,891 1,822,474 2,075,356

5,854,975 5,500,017 6,413,912 7,779,175 6,782,896 21,000
Inventories
Current Assets 9,604,154 11,061,008 11,189,325 12,415,809 13,392,488
15,750
Fixed Assets 6,808,971 7,512,091 8,346,028 7,935,353 8,968,484
Other Assets 86,283 80,949 74,597 92,881 128,363
10,500
Total Assets 17,159,466 19,251,026 21,088,870 23,038,028 25,216,487
Growth (%) 12.19% 9.55% 9.24% 9.46% 5,250

Growth (%) -10.60% 14.33% 13.55% 15.30%
10,215
Paid up Capital 1,666,250 1,816,250 1,816,250 1,879,461 1,879,461 9,796
9,373
Par Value 200 & 40 200 & 40 200 & 40 200 & 40 200 & 40
8,303
Total Equity 6,109,692 9,372,964 9,795,628 10,214,809 10,431,027

6,175
Growth (%) 53.41% 4.51% 4.28% 2.12% 4,047
Total Revenues 25,022,913 27,063,310 29,602,688 34,012,965 18,242,703

Growth (%) 8.15% 9.38% 14.90%
-209
2015 2016 2017 2018 Jun-19
Cost of Revenues 21,029,912 21,584,412 24,571,742 26,804,578 14,921,959

Gross Profit 3,993,001 5,478,898 5,030,946 7,208,387 3,320,744
Expenses (Income) 2,265,058 2,557,987 2,755,848 3,364,508 1,836,666
Growth (%) 69.04% -22.11% 68.95% 29,603

34,013
27,063
27,074
25,023
Other Income (Expenses) -1,030,266 -154,320 -534,503 -754,040 -236,902
Income before Tax 697,677 2,766,591 1,740,595 3,089,839 1,247,176 20,136
18,243
Tax 173,193 594,983 632,785 836,638 315,755

Growth (%) 314.05% -48.99% 103.39%

6,258
Period Attributable 468,230 1,724,926 997,352 2,167,961 829,289 -680
Comprehensive Income 925,458 2,804,370 1,035,793 2,367,614 812,976 2015 2016 2017 2018 Jun-19
Comprehensive Attributable 857,195 2,688,837 928,888 1,783,324 713,290
Current Ratio (%) 179.43 212.98 234.59 179.82 154.98
2,253
2,172
Dividend (Rp) 15.00 - 50.00 50.00 - 2,253
EPS (Rp) 43.92 151.17 87.41 184.88 70.72

BV (Rp) 573.11 821.43 858.47 871.08 889.52 1,794
DAR (X) 0.64 0.51 0.54 0.56 0.59

1,108
DER(X) 1.81 1.05 1.15 1.26 1.42
1,334
931
ROA (%) 3.06 11.28 5.25 9.78 3.69 874
ROE (%) 8.58 23.17 11.31 22.06 8.93 524
GPM (%) 15.96 20.24 16.99 21.19 18.20 415
OPM (%) 6.91 10.79 7.69 11.30 8.14

NPM (%) 2.10 8.02 3.74 6.62 5.11
-45
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 34.15 - 57.20 27.05 -
Yield (%) 2.36 - 3.85 2.33 -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

JASA MARGA (PERSERO) TBK.

Company Profile
PT Jasa Marga (Persero) Tbk. was established under the Government Regulation of the Republic of Indonesia
No. 4 Year 1978 regarding the State Capital Investment for the establishment of a State-Owned Company
(Persero) in the area of management, maintenance and development of toll roads, and the detailed
management regulations. The Company started its commercial operations in 1978.
Jasa Marga is a state owned company with the line business of planning, constructing, operating and
maintaining toll roads along with developing and maximizing the use of land in toll road areas and other
related businesses. Driven with the vision to be the largest, trusted, and sustainable national toll company,
Jasa Marga’s business characteristics are defensive and resistant to fluctuated condition of global economy.
Currently, Jasa Marga still manages to maintain its position as a leader in toll road industry with market share
by 66%, operating 1,000 km toll roads and dominating 80% of the market share for the transaction traffic
volume in Indonesia.
In 2018, the Company has operated toll road of 318 km. Thus, until December 31, 2018, through its 8
Branches and 20 Subsidiaries in toll road business (APJT - Toll Road Subsidiaries), the Company is the
concessionaire for 33 toll roads of 1,527 km, 24 sections of which or 1.000 km have been operational (both
fully or partially), therefore the Company is still the market leader by controlling the market share of 66%
based on the length of toll roads operated in Indonesia and 80% based on transaction traffic volume. Adding
new toll road concessions is Jasa Marga’s main strategic plan, Jasa Marga has added 20 new toll road
concessions with the total length of 680 km, through its subsidiaries, in which Jasa Marga is the major
shareholder. As total, Jasa Marga will manage 1497 KM of concession by the end of 2019.
In 2018 PT Jasa Marga (Persero) Tbk. was awarded with 2nd Best of The Best Human Capital of The Year
2018, Asean Outsanding Enginering Achievement Award 2018, Best Partnership Program and Community
Development in Transportation and Warehousing Category, Gold Winner Category Program Corporate PR in
Public Relations Indonesia Award 2018, The Most Popular Company Transportation Category, Top 100 Most
Valuable Idonesian Brands 2018, TOP Digital Transformation Readiness 2018, TOP IT Implemantion on Toll
Industry Sector 2018, Transport Deal of the Year 2018, TOP Leader on IT Leadership 2018, The Best Of The
Best 50 Best Companies in the 8th Forbes Indonesia, Etc.
The head office is located in Plaza Tol Taman Mini Indonesia Indah Jakarta 13550. The Company and its
subsidiaries had 6,780 permanent employees as of June 30th, 2019.
August 2019
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.

JSMR Jasa Marga (Persero) Tbk.

Industry Sub Sector : Toll Road, Airport, Harbor And Allied Products (72) Market Capitalization : 43,547,227,200,000
25 | 43.5T | 0.60% | 66.53%
60 | 13.0T | 0.41% | 76.63%

Established Date : 01-Mar-1978 1. Republic of Indonesia 5,080,509,840 : 70.00%
Underwriter IPO :
PT Danareksa Sekuritas (Affilliated) DIVIDEND ANNOUNCEMENT
PT Bahana Securities (Affilliated) Bonus Cash Recording Payment
F/I
PT Mandiri Sekuritas (Affiliated) Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 2007 14.31 21-May-08 22-May-08 26-May-08 29-May-08 F
2009 87.91 28-Jun-10 29-Jun-10 1-Jul-10 15-Jul-10 F
1. Sapto Amal Damandari 2011 78.88 4-Jun-12 5-Jun-12 7-Jun-12 21-Jun-12 F
2. Agus Suharyono 2012 94.24 29-May-13 30-May-13 3-Jun-13 18-Jun-13 F
3. Anita Firmanti Eko Susetyowati 2013 78.61 4-Apr-14 7-Apr-14 10-Apr-14 23-Apr-14 F
4. Muhammad Sapta Murti 2015 43.13 6-Apr-16 7-Apr-16 11-Apr-16 29-Apr-16 F
5. Sugihardjo 2016 78.09 22-Mar-17 23-Mar-17 27-Mar-17 13-Apr-17 F
6. Vincentius Sonny Loho *) 2017 60.63 17-Apr-18 18-Apr-18 20-Apr-18 11-May-18 F
ISSUED HISTORY
1. Desi Arryani No. Type of Listing Shares Date Date
2. Adrian Priohutomo 1. First Issue 2,040,000,000 12-Nov-07 12-Nov-07
3. Alex Denni 2. Negara RI (Series A) 1 12-Nov-07 -
4. Donny Arsal 3. Company Listing 4,759,999,999 12-Nov-07 10-May-08
5. Mohammad Sofyan 4. Right Issue 8,326,610 7-Dec-16 7-Dec-16
6. Subakti Syukur 5. Right Issue 12,081,825 8-Dec-16 8-Dec-16
6. Right Issue 331,269,578 9-Dec-16 9-Dec-16
AUDIT COMMITTEE 7. Right Issue 64,014,959 13-Dec-16 13-Dec-16
1. Vincentius Sonny Loho 8. Right Issue 34,740,139 14-Dec-16 14-Dec-16
2. Agita Widjajanto 9. Right Issue 7,438,089 16-Dec-16 16-Dec-16
3. Agung Nugroho S.
4. Anita Firmanti Eko Susetyowati
5. Sugihardjo
CORPORATE SECRETARY
Mohamad Agus Setiawan
HEAD OFFICE
Tol Taman Mini Indonesia Indah Plaza
Jakarta - 13550
Phone : (021) 841-3630; 841-3526
Fax : (021) 841-3540
Homepage : www.jasamarga.com
Email : jasmar@jasamarga.com
investor.relations@jasamarga.co.id
agus.setiawan@jasamarga.co.id
Formula


TRADING ACTIVITIES
Jasa Marga (Persero) Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
7,200 64.0 Jan-15 7,250 6,925 7,200 27,993 127,295 896,176 21
Feb-15 7,225 6,900 7,100 29,950 129,358 914,804 19
6,300 56.0 Mar-15 7,200 6,975 7,200 30,454 144,110 1,022,917 22
Apr-15 7,200 5,950 6,200 35,427 198,482 1,328,552 21
May-15 6,600 6,000 6,475 31,326 126,120 799,480 19
5,400 48.0
Jun-15 7,000 5,275 5,475 45,083 161,045 943,906 21
Jul-15 6,075 5,400 5,725 31,791 124,582 722,452 19
4,500 40.0
Aug-15 5,750 4,810 5,150 34,465 98,686 519,567 20
Sep-15 5,400 4,680 4,825 34,158 119,965 617,427 21
3,600 32.0
Oct-15 5,625 4,750 4,840 51,457 194,115 1,001,768 21
Nov-15 5,200 4,500 4,500 42,147 166,593 812,075 21
2,700 24.0 Dec-15 5,250 4,575 5,225 48,841 129,847 631,845 19
1,800 16.0 Jan-16 6,075 4,995 5,750 38,605 209,808 1,185,959 20

Feb-16 6,250 5,200 5,300 52,098 236,731 1,357,849 20
900 8.0 Mar-16 5,700 5,200 5,400 46,990 151,782 828,299 21
Apr-16 5,575 5,250 5,450 29,037 77,850 418,771 21
May-16 5,525 5,200 5,400 29,713 72,265 386,407 20
Jun-16 5,575 4,990 5,275 38,948 100,784 533,131 22
Jul-16 5,650 5,125 5,325 32,745 110,641 599,531 16
Aug-16 5,675 4,810 4,860 54,852 250,495 1,298,317 22
Sep-16 4,910 4,550 4,600 62,806 270,766 1,285,309 21
Infrastructure, Utilities and Transportation Index Nov-16 4,750 3,900 4,150 68,921 274,572 1,174,674 22
January 2015 - July 2019 Dec-16 4,570 4,110 4,320 51,067 248,754 1,084,481 20
30%
Jan-17 4,390 4,150 4,220 39,547 102,208 433,704 21
20% 21.9%
Feb-17 4,990 4,210 4,780 62,258 236,304 1,099,374 19
Mar-17 4,820 4,430 4,620 50,791 178,322 822,384 22
10% Apr-17 4,740 4,400 4,640 37,316 142,206 654,218 17
May-17 5,250 4,550 5,250 43,430 226,129 1,110,351 20
4.3%
- Jun-17 5,450 4,980 5,350 23,197 141,013 732,293 15
Jul-17 5,850 5,150 5,850 37,302 157,391 849,540 21
Aug-17 5,875 5,275 5,825 36,768 152,504 845,204 22
-10%
Sep-17 6,050 5,525 5,600 34,597 150,827 879,618 19
-15.3%
Oct-17 6,600 5,625 6,500 36,807 252,664 1,553,162 22
-20%
Nov-17 6,775 6,200 6,375 38,593 205,028 1,336,196 22
Dec-17 6,550 6,100 6,400 38,015 200,198 1,262,590 18
-30%
Jan-18 6,600 5,550 5,700 66,716 264,506 1,600,964 22

-40% Feb-18 5,850 5,225 5,350 50,268 186,586 1,035,437 19
Mar-18 5,450 4,460 4,580 46,953 161,916 805,773 21
-50% Apr-18 4,750 4,180 4,370 38,866 112,981 516,113 21
Jun-18 4,750 4,120 4,180 40,678 90,957 409,914 13
Jul-18 5,275 4,000 4,690 56,199 140,620 676,845 22
Days 244 246 238 240 139 Dec-18 4,680 4,180 4,280 59,625 203,475 911,094 18
Price (Rupiah) Jan-19 5,150 4,280 4,920 70,162 203,352 988,777 22

High 7,250 6,250 6,775 6,600 6,450 Feb-19 5,300 4,810 5,225 45,892 147,181 742,645 19
Low 4,500 3,900 4,150 3,800 4,280 Mar-19 6,025 4,940 5,975 49,907 154,489 842,733 20
Close 5,225 4,320 6,400 4,280 6,000 Apr-19 6,450 5,700 6,100 45,066 150,973 915,838 19
Close* 5,213 4,320 6,400 4,280 6,000 May-19 6,100 4,980 5,700 53,356 138,510 765,833 21
Jun-19 6,175 5,625 5,725 36,439 211,971 1,230,694 15
PER (X) 24.51 16.60 23.37 13.81 20.55 Jul-19 6,225 5,500 6,000 42,296 137,933 807,869 23
PER Industry (X) 9.49 8.16 16.02 20.01 23.80
PBV (X) 2.87 2.26 2.53 1.65 2.04


Receivables 164,374 8,278,539 11,547,364 6,771,314 6,352,289

20,154 86,975 134,245 40,949 52,065 80,000
Inventories
Current Assets 3,729,047 12,965,884 18,987,065 11,813,856 11,326,293
60,000
Fixed Assets 913,843 884,666 1,036 754,806 748,694
Other Assets 1,007,135 882,977 584,614 718,350 736,860
40,000
Total Assets 36,724,982 53,500,323 79,192,773 82,418,601 89,670,610
Growth (%) 45.68% 48.02% 4.07% 8.80% 20,000

Growth (%) 52.57% 63.70% 2.28% 9.78%
3,400,000 3,400,000 3,628,936 3,628,936 3,628,936 20,199
Paid up Capital
18,359
21,369

Par Value 500 500 500 500 500
17,009
Total Equity 12,368,664 16,338,840 18,359,440 20,198,986 21,368,502

12,650
Growth (%) 32.10% 12.37% 10.02% 5.79% 8,291
Total Revenues 9,848,242 16,661,403 35,092,196 36,974,075 13,832,969

Growth (%) 69.18% 110.62% 5.36%
-427
2015 2016 2017 2018 Jun-19
Cost of Revenues 5,720,422 11,805,012 29,784,309 31,056,565 10,733,212

Gross Profit 4,127,820 4,856,391 5,307,887 5,917,510 3,099,757
Expenses (Income) 650,155 690,884 659,807 502,284 343,028
35,092
Growth (%) 19.78% 11.58% 16.50%
36,974
29,431
Other Income (Expenses) -1,409,361 -1,515,828 -1,397,628 -2,204,919 -1,245,010

16,661
21,889
Tax 749,104 846,625 1,156,796 1,173,816 494,055 13,833

9,848
Growth (%) 36.68% 16.12% -2.73%
6,803
Current Ratio (%) 48.16 69.61 75.95 38.01 31.14
2,094 2,036
Dividend (Rp) 43.13 78.09 60.63 - -
1,803
2,094
EPS (Rp) 213.14 260.40 303.15 303.48 149.06

BV (Rp) 1,818.92 2,402.77 2,529.59 2,783.05 2,944.18 1,667
1,319
DAR (X) 0.66 0.69 0.77 0.75 0.76
1.97 2.27 3.31 3.08 3.20 1,018
DER(X)
1,239
ROA (%) 3.59 3.37 2.64 2.47 1.13 812
ROE (%) 10.67 11.04 11.40 10.08 4.76

GPM (%) 41.91 29.15 15.13 16.00 22.41 385
OPM (%) 35.31 25.00 13.25 14.65 19.93

NPM (%) 13.40 10.82 5.97 5.51 7.36
-42
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 20.24 29.99 20.00 - -
Yield (%) 0.83 1.81 0.95 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

KALBE FARMA TBK.

Company Profile
PT Kalbe Farma Tbk. was established at September 10th, 1966, within the framework of the Domestic
Capital Investment Law. The Company was driven by the Vision to be the best Indonesian global
healthcare company driven by innovation, Strong Brands and excellent management. With a Mission To
improve health for a better life.
The scope of activities of the Company comprises, among others, pharmaceuticals, trading and
representative. Currently, the Company is primarily engaged in the development, manufacturing, and
trading of pharmaceuticals preparation including medicines and consumer health products. The
Company started its commercial operations in 1966.
In the international market, the Company has established its footprint in ASEAN and Africa countries,
positioning Kalbe as a national pharmaceutical company with a competitive edge in the export market.
The Subsidiaries are engaged in:

 Pharmaceutical: PT Kalbe Genexine Biologics, PT Innogene Kalbiotech Pte. Ltd, PT Kalbio Global
Medika, PT Finusolprima Farma Internasional, PT Bifarma Adiluhung, PT Saka Farma
Laboratories, PT Pharma Metric Laboratories, PT Dankos Farma, PT Kalbe Vision Pte. Ltd, PT
Kalgen DNA, PT Global Onkolab Farma, PT Innolab Sains Internasional, Kalbe Myanmar Company
Ltd. PT Kalbe Genexine Biologics, PT Hexpharm Jaya Laboratories, dan PT Bintang Toejoe.
 Health Foods and Drinks: PT Sanghiang Perkasa, PT Kalbe Morinaga Indonesia, PT Hale
International, PT Kalbe Milko Indonesia, PT Kalbe Blackmores Nutrition, and PT Global Vita
Nutritech.
 Sale and Distribution: PT Kalbe International Pte. Ltd, PT Milenia Dharma Insani, PT Tri Sapta
Jaya, PT Enseval Medika Prima, PT Global Chemindo Megatrading, PT Renalmed Tiara Utama,
PT Medika Renal Citraprima, Asiawide Kalbe Philippines Inc., Kalbe Malaysia Sdn. Bhd, PT Karsa
Lintas Buwana, PT Medika Komunika Teknologi, PT Cakra Radha Mustika. PT Enseval Putera
Megatrading Tbk., and PT Millenia Dharma Insani.
In 2018 the company received awards: The Best of Best Across All Industries and The Best in
Pharmaceutical Industry at the 7th Annual Strategy into Performance Execution Excellence (SPEx2)
Award 2018, The Priority Integration Sector Healthcare 2018 at ASEAN Business Awards 2018.
As of June 30th, 2019, the Company and its subsidiaries have total of 12,583 permanent employees.
August 2019
Disclaimer:

KLBF Kalbe Farma Tbk.

Industry Sub Sector : Pharmaceuticals (53) Market Capitalization : 68,906,429,501,700
17 | 68.9T | 0.95% | 54.68%
52 | 15.7T | 0.49% | 69.78%

Established Date : 10-Sep-1966 1. PT Gira Sole Prima 4,774,709,485 : 10.19%
Listing Date : 30-Jul-1991 (IPO Price: 7,800) 2. PT Santa Seha Sanadi 4,597,493,240 : 9.81%
Underwriter IPO : 3. PT Diptanala Bahana 4,454,807,040 : 9.50%
PT Merincorp S.I. 4. PT Ladang Ira Panen 4,444,981,240 : 9.48%
PT Niaga Securities 5. PT Lucasta Murni Cemerlang 4,439,895,440 : 9.47%
Securities Administration Bureau : 6. PT Bina Arta Charisma 3,485,203,540 : 7.44%
PT Adimitra Jasa Korpora 7. Public (<5%) 20,678,032,125 : 44.11%
BOARD OF COMMISSIONERS DIVIDEND ANNOUNCEMENT

1. Bernadette Ruth Irawati Setaidy Bonus Cash Recording Payment
F/I
2. Farid Anfasa Moeloek *) Year Shares Dividend Cum Date Ex Date Date Date
3. Ferdinand Aryanto 1991 200.00 16-Apr-92 20-Apr-92 27-Apr-92 29-May-92 F
4. Lilis Halim *) 1991 1: 1 20-Oct-92 21-Oct-92 28-Oct-92 16-Nov-92 BS
5. Lucky Surjadi Slamet *) 1992 60.00 9-Dec-92 10-Dec-92 17-Dec-92 15-Jan-93 I
6. Ronny Hadiana 1992 70.00 30-Jun-93 1-Jul-93 8-Jul-93 6-Aug-93 F
7. Santoso Oen 1993 10 : 3 & 10 : 7 75.00 7-Jun-94 8-Jun-94 15-Jun-94 15-Jul-94 F1993BS1993
*) Independent Commissioners 1994 50.00 29-Aug-94 30-Aug-94 6-Sep-94 6-Oct-94 I

1994 85.00 10-Jul-95 11-Jul-95 19-Jul-95 18-Aug-95 F
1. Vidjongtius 1996 75.00 23-Jul-97 24-Jul-97 1-Aug-97 29-Aug-97 F
2. Bernadus Karmin Winata 1999 2.00 10-Nov-00 13-Nov-00 20-Nov-00 6-Dec-00 F
3. Bujung Nugroho 1999 100 : 88 10-Nov-00 13-Nov-00 20-Nov-00 6-Dec-00 F
4. Djonny Hartono Tjahyadi 2002 2.00 25-Aug-03 26-Aug-03 28-Aug-03 11-Sep-03 F
5. Ongkie Tedjasurja 2003 1.00 16-Aug-04 18-Aug-04 20-Aug-04 3-Sep-04 F
6. Sie Djohan 2004 3.00 5-Jul-05 6-Jul-05 8-Jul-05 22-Jul-05 F
2006 10.00 14-Jun-07 15-Jun-07 19-Jun-07 3-Jul-07 I
AUDIT COMMITTEE 2007 10.00 31-Jul-08 1-Aug-08 5-Aug-08 20-Aug-08 F
1. Lucky Surjadi Slamet 2008 12.50 29-Jul-09 30-Jul-09 3-Aug-09 14-Aug-09 F
2. Kai Arief Iman Selomulya 2009 25.00 15-Jul-10 16-Jul-10 20-Jul-10 30-Jul-10 F
3. Kurniawan Tedjo 2010 70.00 27-Jun-11 28-Jun-11 1-Jul-11 13-Jul-11 F
2011 95.00 28-Jun-12 29-Jun-12 3-Jul-12 17-Jul-12 F
CORPORATE SECRETARY 2012 19.00 13-Jun-13 14-Jun-13 18-Jun-13 2-Jul-13 F
Bernadus Karmin Winata 2013 17.00 13-Jun-14 16-Jun-14 18-Jun-14 2-Jul-14 F
2014 19.00 25-May-15 26-May-15 28-May-15 17-Jun-15 F
HEAD OFFICE 2015 19.00 7-Jun-16 8-Jun-16 10-Jun-16 30-Jun-16 F
Kalbe Building 2016 22.00 12-Jun-17 13-Jun-17 15-Jun-17 7-Jul-17 F
Jl. Let. Jend. Suprapto Kav. 4, Cempaka Putih 2017 25.00 21-Jun-18 22-Jun-18 26-Jun-18 6-Jul-18 F
Jakarta 10510
Phone : (021) 4287-3888; 4287-3889 ISSUED HISTORY
Fax : (021) 4287-3680 Listing Trading
Homepage : www.kalbe.co.id No. Type of Listing Shares Date Date
Email : investor.relations@kalbe.co.id 1. First Issue 10,000,000 30-Jul-91 30-Jul-91
Corp.comm@kalbe.co.id 2. Partial Listing 10,000,000 T: 30-Jul-91 : 30-Jan-92
bernadus.winata@kalbe.co.id 3. Koperasi 500,000 T: 27-Feb-92 : 31-Dec-99
4. Company Listing 29,500,000 29-Apr-92 29-Apr-92
5. Bonus Shares 2,026,400,000 T: 17-Nov-92 : 6-Dec-00
6. Right Issue 8,000,000 T: 14-May-93 : 25-Jun-93
7. Dividend Shares 32,400,000 18-Jul-94 18-Jul-94
8. Stock Split 46,628,857,688 T: 7-Oct-96 : 8-Oct-12
9. Additional Listing (Merger) 2,034,414,422 21-Dec-05 21-Dec-05
10. Decrease in Issued and Fully Paid Shares -3,904,950,000 13-Dec-13 13-Dec-13


TRADING ACTIVITIES
Kalbe Farma Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
2,000 400 Jan-15 1,880 1,775 1,865 67,451 931,699 1,699,637 21
Feb-15 1,870 1,780 1,805 72,888 924,635 1,684,580 19
1,750 350 Mar-15 1,865 1,775 1,865 76,831 1,156,024 2,102,717 22
Apr-15 1,915 1,750 1,795 72,828 906,565 1,672,698 21
May-15 1,870 1,730 1,840 92,844 1,178,383 2,127,734 19
1,500 300
Jun-15 1,825 1,590 1,675 90,201 712,306 1,205,743 21
Jul-15 1,745 1,630 1,745 92,629 560,733 938,956 19
1,250 250
Aug-15 1,735 1,405 1,675 110,480 1,084,676 1,706,243 20
Sep-15 1,700 1,250 1,375 86,684 887,975 1,334,895 21
1,000 200
Oct-15 1,610 1,345 1,430 125,064 1,275,026 1,870,332 21
Nov-15 1,455 1,305 1,335 94,453 1,193,529 1,635,558 21
750 150 Dec-15 1,390 1,135 1,320 97,512 1,356,241 1,718,826 19
500 100 Jan-16 1,505 1,275 1,335 88,640 1,293,400 1,780,459 20

Feb-16 1,370 1,250 1,300 97,172 1,169,685 1,532,788 20
250 50 Mar-16 1,465 1,270 1,445 111,539 1,864,143 2,497,670 21
Apr-16 1,470 1,320 1,375 81,214 1,099,897 1,551,019 21
May-16 1,430 1,295 1,430 81,608 1,189,673 1,617,860 20
Jun-16 1,545 1,370 1,530 88,348 1,087,339 1,562,244 22
Jul-16 1,715 1,490 1,675 62,357 569,437 912,427 16
Aug-16 1,815 1,660 1,795 76,521 989,147 1,701,612 22
Sep-16 1,805 1,650 1,715 62,071 879,271 1,517,409 21
Consumer Goods Industry Index Nov-16 1,755 1,385 1,500 76,734 1,188,212 1,805,036 22
January 2015 - July 2019 Dec-16 1,590 1,410 1,515 65,131 650,147 990,194 20
40%
Jan-17 1,570 1,450 1,450 42,602 341,931 516,733 21
30% Feb-17 1,550 1,445 1,530 42,767 651,516 965,235 19
Mar-17 1,550 1,440 1,540 51,872 925,901 1,331,644 22
20% 21.9% Apr-17 1,620 1,535 1,585 30,979 731,864 1,139,146 17
May-17 1,595 1,480 1,540 51,643 849,651 1,190,064 20
10% Jun-17 1,630 1,520 1,625 28,169 488,991 770,218 15
6.8% Jul-17 1,735 1,580 1,735 45,995 558,286 927,632 21
Aug-17 1,795 1,680 1,710 54,179 822,576 1,425,860 22
-
Sep-17 1,750 1,660 1,665 39,731 473,128 813,566 19
Oct-17 1,730 1,585 1,600 46,241 529,894 884,130 22
-10%
Nov-17 1,675 1,590 1,600 51,831 724,597 1,167,338 22
Dec-17 1,700 1,600 1,690 45,139 496,626 821,309 18
-20% -18.8%
Jan-18 1,785 1,650 1,665 62,747 630,303 1,080,246 22

-30% Feb-18 1,700 1,600 1,600 51,765 625,334 1,017,897 19
Mar-18 1,625 1,390 1,500 57,212 715,111 1,087,414 21
-40% Apr-18 1,615 1,425 1,505 47,492 488,143 747,746 21
Jun-18 1,470 1,155 1,220 55,950 896,858 1,170,702 13
Jul-18 1,325 1,195 1,295 41,458 412,238 527,588 22
Frequency (Thou. X) 1,080 934 531 668 349 Nov-18 1,625 1,315 1,525 74,856 907,726 1,348,882 21
Days 244 246 238 240 139 Dec-18 1,645 1,430 1,520 74,296 614,088 938,432 18
Price (Rupiah) Jan-19 1,635 1,500 1,600 63,506 481,695 769,246 22

High 1,915 1,815 1,795 1,785 1,635 Feb-19 1,615 1,480 1,495 45,200 772,912 1,202,022 19
Low 1,135 1,250 1,440 1,155 1,260 Mar-19 1,570 1,490 1,520 43,517 388,783 590,185 20
Close 1,320 1,515 1,690 1,520 1,470 Apr-19 1,545 1,470 1,545 41,933 545,778 823,062 19
Close* 1,320 1,515 1,690 1,520 1,470 May-19 1,535 1,260 1,405 66,550 632,826 884,827 21
Jun-19 1,495 1,400 1,460 38,822 368,433 535,169 15
PER (X) 30.87 30.88 32.96 29.00 27.38 Jul-19 1,495 1,360 1,470 49,871 726,690 1,053,577 23
PER Industry (X) 17.71 23.77 18.48 17.70 18.80
PBV (X) 5.66 6.01 5.97 4.89 4.50


Receivables 2,434,082 2,725,808 2,967,693 3,373,569 3,664,219

3,003,150 3,344,404 3,557,497 3,474,587 3,699,744 16,000
Inventories
Current Assets 8,748,492 9,572,530 10,043,951 10,648,288 10,661,179
12,000
Fixed Assets 3,938,494 4,555,756 5,342,660 6,252,801 6,954,263
Other Assets 346,531 413,327 546,831 540,124 747,990
8,000
Total Assets 13,696,417 15,226,009 16,616,239 18,146,206 18,813,051
Growth (%) 11.17% 9.13% 9.21% 3.67% 4,000

Growth (%) 0.15% -1.45% 4.75% 23.31%
Paid up Capital 468,751 468,751 468,751 468,751 468,751 13,894
10 10 10 10 10 10,938
Par Value
12,176

Total Equity 10,938,286 12,463,847 13,894,032 15,294,595 15,296,858
9,056
Growth (%) 13.95% 11.47% 10.08% 0.01% 5,935
Total Revenues 17,887,464 19,374,231 20,182,120 21,074,306 11,178,663

Growth (%) 8.31% 4.17% 4.42%
-306
2015 2016 2017 2018 Jun-19
Cost of Revenues 9,295,887 9,886,263 10,369,837 11,226,380 6,001,957

Gross Profit 8,591,577 9,487,968 9,812,283 9,847,926 5,176,705
Expenses (Income) 5,870,696 6,396,780 6,571,097 6,541,526 3,489,290
20,182
19,374
Growth (%)
21,074
17,887
16,775

11,179
Tax 663,187 740,304 787,935 809,138 408,972

Growth (%) 14.25% 4.35% 1.79%

3,878
Current Ratio (%) 369.78 413.11 450.94 465.77 401.04
2,453 2,497
Dividend (Rp) 19.00 22.00 25.00 - - 2,497
2,351
EPS (Rp) 42.76 49.06 51.28 52.42 26.84 2,058
BV (Rp) 233.35 265.89 296.41 326.28 326.33 1,988
DAR (X) 0.20 0.18 0.16 0.16 0.19

1,278
DER(X) 0.25 0.22 0.20 0.19 0.23
1,478
ROA (%) 15.02 15.44 14.76 13.76 6.80 969
ROE (%) 18.81 18.86 17.66 16.33 8.36

GPM (%) 48.03 48.97 48.62 46.73 46.31 459
OPM (%) - - - - -
NPM (%) 11.50 12.13 12.16 11.85 11.44
-50
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 44.44 44.84 48.75 - -
Yield (%) 1.44 1.45 1.48 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

MATAHARI DEPARTMENT STORE TBK.

Company Profile
PT Matahari Department Store Tbk. has a deep legacy in Indonesian retail sector. Beginning its journey
on October 24, 1958 with the opening of its first outlet, a children’s fashion store, in Jakarta’s Pasar Baru
district, Matahari went on to open Indonesia’s first modern department store in 1972. Since then,
Matahari has established itself as a truly national brand.
The Company has engaged in the retail bussiness for several types of products such as clothes,
accessories, bags, shoes, cosmetics, and household appliances, and management consulting service.
Matahari now operates 162 stores located in cities throughout Indonesia. Since 2016, this growing
network has been complemented by MATAHARI.com (previously MatahariStore.com), which gives
customers even greater choice over how they shop Matahari’s merchandise. Matahari plays an important
role in Indonesia’s economy by directly providing employment for over 40,000 people and by sourcing
products from a network of more than 800 local suppliers as well as international suppliers.
Meanwhile, Matahari’s reputation as one of Indonesia’s best-performing and most trusted companies is
reflected in its growing collection of national and international industry awards, including, in 2018, being
one of Brand Asia’s Top 3 Retail Brands in Indonesia (Nikkei BP Consulting, Inc) and winning IICD’s Best
Equitable Treatment of Shareholders Award based on the ASEAN Corporate Governance Scorecard
(Indonesian Institute of Corporate Directorship).
The Company’s operational head office is located in Menara Matahari 15th Floor, Jl. Boulevard Palem
Raya No. 7, Lippo Karawaci – Tangerang 15811. The total number of employees of the Company at June
30th, 2019 was 13,639.
August 2019
Disclaimer:

LPPF Matahari Department Store Tbk.

Industry Sub Sector : Retail Trade (93) Market Capitalization : 10,462,214,634,400
99 | 10.5T | 0.14% | 75.91%
32 | 25.8T | 0.81% | 59.87%

Established Date : 01-Apr-1982 1. PT Multipolar Tbk. 509,992,000 : 18.18%
Listing Date : 10-Oct-1989 (IPO Price: 7,900) 2. UBS AG Singapore Non-Treaty Omnibus Account - 2091144090 166,773,200 : 5.95%
PT Aseam Indonesia
PT Finconesia DIVIDEND ANNOUNCEMENT
PT Multicor Bonus Cash Recording Payment
F/I
PT Bank Pembangunan Indonesia Year Shares Dividend Cum Date Ex Date Date Date
PT (Persero) Danareksa 1990 5:1 50.00 11-Jul-90 12-Jul-90 20-Jul-90 22-Aug-90 I
PT Sharestar Indonesia 1991 1 :2 175.00 13-Jul-92 14-Jul-92 21-Jul-92 11-Aug-92 F
1992 75.00 10-Jun-93 11-Jun-93 19-Jun-93 19-Jul-93 F
BOARD OF COMMISSIONERS 1993 5:1 50.00 21-Jul-94 22-Jul-94 29-Jul-94 26-Aug-94 F
1. John Bellis *) 1994 75.00 23-Jun-95 26-Jun-95 4-Jul-95 3-Aug-95 F
2. John Riady 1995 75.00 9-Jul-96 10-Jul-96 18-Jul-96 16-Aug-96 F
3. Roy Nicholas Mandey *) 1996 50.00 7-Jul-97 8-Jul-97 16-Jul-97 15-Aug-97 F
4. Rudy Ramawy 2010 32.25 10-Jun-11 13-Jun-11 15-Jun-11 30-Jun-11 F
5. William Travis Saucer 2010 14.00 22-Aug-11 23-Aug-11 25-Aug-11 15-Sep-11 F
2015 427.30 2-Jun-16 3-Jun-16 7-Jun-16 29-Jun-16 F
BOARD OF DIRECTORS 2016 484.60 4-May-17 5-May-17 9-May-17 26-May-17 F
1. Bunjamin Jonatan Mailool 2017 457.50 7-May-18 8-May-18 11-May-18 30-May-18 F
2. Andre Rumantir
3. Christian Kurnia ISSUED HISTORY
4. Richard Thomas Gibson Listing Trading
AUDIT COMMITTEE 1. First Issue 2,140,000 9-Oct-89 9-Oct-89
1. John Bellis 2. Partial Listing 2,250,000 12-Apr-90 24-Apr-90
2. Farid Harianto 3. Bonus Shares 878,000 27-Aug-90 27-Aug-90
3. Karnadi Nawawi 4. Bonus Shares 10,536,000 13-Aug-92 13-Aug-92
5. Dividend Shares 3,160,800 2-Sep-94 2-Sep-94
CORPORATE SECRETARY 6. Company Listing 11,880,000 11-Jun-97 11-Jun-97
Miranti Hadisusilo 7. Right Issue 1,295,481,600 19-Jul-01 19-Jul-01
8. Reverse Stock Split -1,061,061,120 9-Nov-09 9-Nov-09
HEAD OFFICE 9. Right Issue 2,652,652,800 4-Dec-09 4-Dec-09
Matahari Tower Floor 8-15 10. Delisting Share -113,034,800 9-Jul-19 9-Jul-19
Jl. Boulevard Palem Raya No. 7, Lippo Karawaci - 1200
Tangerang 15811
Phone : (021) 547-5333; 150-0838
Fax : (021) 547-5232
Homepage : matahari.co.id
Email : corp.comm@matahari.co.id
miranti.hadisusilo@matahari.co.id
ir@matahari.co.id


TRADING ACTIVITIES
Matahari Department Store Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
22,000 320 Jan-15 16,200 14,125 15,525 58,908 446,605 6,762,194 21
Feb-15 18,100 14,800 17,850 59,414 263,261 3,981,884 19
19,250 280 Mar-15 20,000 17,300 19,700 72,275 119,919 2,180,042 22
Apr-15 20,225 16,100 17,500 67,293 120,762 2,193,928 21
May-15 18,450 16,200 17,450 70,303 118,558 2,058,595 19
16,500 240
Jun-15 18,000 15,800 16,550 62,890 103,593 1,750,968 21
Jul-15 18,125 15,800 17,500 63,226 98,391 1,691,697 19
13,750 200
Aug-15 18,800 14,300 17,525 71,109 113,964 1,914,180 20
Sep-15 17,475 15,150 16,100 63,237 92,007 1,467,454 21
11,000 160
Oct-15 18,025 15,600 16,575 87,571 129,214 2,124,978 21
Nov-15 16,875 14,500 15,650 70,212 99,786 1,568,901 21
8,250 120 Dec-15 17,900 15,800 17,600 59,417 69,198 1,168,321 19
5,500 80 Jan-16 17,750 15,625 16,000 69,519 115,327 1,906,616 20

Feb-16 18,475 15,925 18,475 70,520 133,282 2,211,645 20
2,750 40 Mar-16 18,450 16,600 18,350 87,844 140,089 2,479,966 21
Apr-16 19,450 17,275 19,000 58,129 117,473 2,151,389 21
May-16 19,450 17,625 18,975 68,483 324,058 5,779,835 20
Jun-16 20,700 18,475 20,000 82,444 132,534 2,562,757 22
Jul-16 22,575 19,750 19,925 70,353 93,768 1,955,675 16
Aug-16 21,300 19,700 20,000 76,873 154,058 3,148,746 22
Sep-16 19,875 17,775 18,475 104,073 300,034 5,579,993 21
Trade, Sevices and Investment Index Nov-16 17,800 13,325 14,400 148,743 321,547 4,955,632 22
January 2015 - July 2019 Dec-16 16,100 14,025 15,125 94,024 171,236 2,543,130 20
60%
Jan-17 15,900 14,550 14,775 67,458 129,962 1,982,508 21
40% Feb-17 15,525 13,650 13,650 77,673 201,868 2,993,748 19
Mar-17 14,350 11,175 13,175 126,544 534,500 6,975,483 22
20% 21.9% Apr-17 15,150 13,025 14,600 49,665 121,303 1,642,657 17
May-17 15,950 14,200 15,100 67,370 156,988 2,353,935 20
- Jun-17 15,400 14,100 14,175 43,108 71,631 1,048,376 15
-7.2% Jul-17 14,600 11,925 12,675 79,480 195,279 2,509,464 21
Aug-17 12,300 10,000 10,000 91,827 236,529 2,616,674 22
-20%
Sep-17 10,350 9,175 9,275 61,245 152,937 1,500,566 19
Oct-17 9,950 8,475 8,600 80,217 262,620 2,491,378 22
-40%
Nov-17 11,675 8,875 10,600 72,499 226,355 2,307,833 22
Dec-17 11,300 9,600 10,000 40,875 68,292 724,387 18
-60%
Jan-18 11,500 10,300 11,125 63,142 91,940 1,007,982 22

-74.8%
-80% Feb-18 11,500 9,275 10,650 60,047 99,284 1,046,045 19
Mar-18 11,975 10,300 10,950 62,886 111,620 1,236,808 21
-100% Apr-18 11,250 10,075 10,350 63,252 110,773 1,186,901 21
Jun-18 9,225 8,100 8,800 39,359 107,127 939,376 13
Jul-18 9,700 7,875 8,025 67,462 149,624 1,280,809 22
Frequency (Thou. X) 806 1,001 858 920 621 Nov-18 5,325 4,260 4,750 105,546 546,469 2,570,087 21
Days 244 246 238 240 139 Dec-18 6,200 4,830 5,600 88,653 314,770 1,712,470 18
Price (Rupiah) Jan-19 7,325 5,575 7,000 69,242 182,181 1,158,952 22

High 20,225 22,575 15,950 11,975 7,325 Feb-19 7,050 5,400 5,750 60,245 125,280 780,845 19
Low 14,125 13,325 8,475 4,260 3,220 Mar-19 5,950 3,230 4,090 183,901 720,218 2,817,737 20
Close 17,600 15,125 10,000 5,600 3,730 Apr-19 4,430 3,540 4,070 97,931 290,648 1,139,832 19
Close* 17,600 15,125 10,000 5,600 3,730 May-19 4,120 3,590 3,750 72,835 317,727 1,213,561 21
Jun-19 3,820 3,250 3,450 58,089 285,391 1,015,254 15
PER (X) 28.84 21.85 15.30 14.89 4.50 Jul-19 3,900 3,220 3,730 78,514 264,450 932,121 23
PER Industry (X) 14.53 19.07 17.44 13.13 13.96
PBV (X) 46.43 30.03 12.53 6.57 6.13


Cash & Cash Equivalents 946,658 1,712,844 1,582,817 1,184,080 785,735 6,250
Receivables 76,026 94,566 151,949 154,506 222,050

1,007,811 995,276 1,005,484 1,290,570 1,526,517 5,000
Inventories
Current Assets 2,272,941 2,974,052 2,973,749 3,014,408 3,050,209
3,750
Fixed Assets 876,566 979,858 973,698 1,249,153 1,369,618
Other Assets 153,172 252,750 156,017 141,785 286,380
2,500
Total Assets 3,889,291 4,858,878 5,427,426 5,036,396 5,220,296
Growth (%) 24.93% 11.70% -7.20% 3.65% 1,250

Growth (%) 7.92% 3.19% 3.91% 9.11%
Paid up Capital 386,794 386,794 386,794 386,794 325,040 2,328
Paid up Capital (Shares) 2,918 2,918 2,918 2,918 2,805 1,855 1,816
1,706
Par Value 5,000 & 350 & 100 5,000 & 350 & 100 5,000 & 350 & 100 5,000 & 350 & 100 5000&350&100
1,853

Total Equity 1,106,167 1,855,243 2,327,985 1,815,828 1,706,275 1,106
1,378
Growth (%) 67.72% 25.48% -22.00% -6.03% 903
INCOME STATEMENTS Dec-15 Dec-16 Dec-17 Dec-18 Jun-19 428
Total Revenues 9,006,893 9,897,046 10,023,961 10,245,173 5,950,332

Growth (%) 9.88% 1.28% 2.21%
-47
2015 2016 2017 2018 Jun-19
Cost of Revenues 3,335,638 3,685,279 3,762,021 3,867,104 2,220,532

Gross Profit 5,671,255 6,211,767 6,261,940 6,378,069 3,729,800
Expenses (Income) 3,333,607 3,677,856 3,885,277 4,811,218 2,244,869
Operating Profit 2,337,648 2,533,911 2,376,663 1,566,851 1,484,931 10,024 10,245
9,897
Growth (%) 8.40% -6.21% -34.07% 9,007
10,245
8,155
Other Income (Expenses) -92,827 -1,245 19,637 8,470 -7,751

5,950
Tax 463,973 512,961 489,223 477,989 315,213

Growth (%) 13.41% -5.58% -42.46%

1,885
Current Ratio (%) 93.19 114.90 113.90 110.02 101.37
2,020
Dividend (Rp) 427.30 484.60 457.50 - - 1,907
1,781
2,020
EPS (Rp) 610.31 692.17 653.57 376.07 414.27

BV (Rp) 379.09 635.81 797.82 622.30 608.32 1,608
DAR (X) 0.72 0.62 0.57 0.64 0.67 1,097 1,162

DER(X) 2.52 1.62 1.33 1.77 2.06
1,196
ROA (%) 45.79 41.57 35.14 21.79 22.26 784
ROE (%) 160.99 108.86 81.92 60.43 68.10

GPM (%) 62.97 62.76 62.47 62.25 62.68 372
OPM (%) 25.95 25.60 23.71 15.29 24.96

NPM (%) 19.77 20.41 19.03 10.71 19.53
-40
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 70.01 70.01 70.00 - -
Yield (%) 2.43 3.20 4.58 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

MEDCO ENERGI INTERNASIONAL TBK.

Company Profile
PT Medco Energi Internasional Tbk. was established within the framework of the Domestic Capital
Investment Law No. 6/1968 as amended by Law No. 12/1970, based on Notarial Deed No. 19 of Imas
Fatimah, S.H., dated June 9th, 1980 under The name PT Meta Epsi Pribumi Drilling Company.
In accordance with Article 3 of the Company's Articles of Association, the scope of its activities
comprises among others, exploration for and production of oil and natural gas, and other energy
activities, onshore and offshore drilling, and investing (direct and indirect) in subsidiaries.
The Company operates several other businesses, PT Api Metra Graha which is engaged in Property,
PT Exspan Petrogras Intranusa provides drilling services, PT Medco Energi Mining Internasional holds
two coal Mining Business Licenses (IUP) through PT Duta Tambang Rekayasa (DTR) and PT Duta
Tambang Sumber Alam (DTSA) located in the Nunukan Regency, North Kalimantan, PT Meta Adhya
Tirta Umbulan is developing drinking water supply system from the Umbulan Spring, in East Java
Province, and PT Mitra Energi Gas Sumatera (MEGS) operates a compression station with three gas
compressors and a 17.5 km long pipeline located in Mount Megang, Muara Enim, South Sumatra.
In 2018 the company received awards: The Best Clean and Renewable Energy Company Award at Best
Electricity Award (IBEA) 2018, etc.
The Company is domiciled in Jakarta and its head office is located at 53 rd Floor, The Energy Building,
SCBD lot 11A, Jln. Jenderal Sudirman, Jakarta 12190. As of June 30th, 2019, the Company and
subsidiaries had 2,804 permanent employees.
August 2019
Disclaimer:

MEDC Medco Energi Internasional Tbk.

Industry Sub Sector : Crude Petroleum & Natural Gas Production (22) Market Capitalization : 15,166,593,642,400
77 | 15.2T | 0.21% | 76.97%
27 | 30.0T | 0.94% | 46.34%

Established Date : 09-Jun-1980 1. PT Medco Daya Abadi Lestari 8,959,891,262 : 50.22%
Listing Date : 12-Oct-1994 (IPO Price: 4,350) 2. Diamond Bridge Pte., Ltd. 3,830,690,801 : 21.47%
PT Bahana Securities
PT Niaga Securities DIVIDEND ANNOUNCEMENT
PT Multicor Bonus Cash Recording Payment
F/I
PT Ronie Wijata Dharma Year Shares Dividend Cum Date Ex Date Date Date
PT Sinartama Gunita 1995 10 : 7 75.00 17-Jul-96 18-Jul-96 26-Jul-96 23-Aug-96 F
1996 60.00 7-Jul-97 8-Jul-97 16-Jul-97 16-Aug-97 F
1. Muhammad Lutfi 2000 85.00 30-Jul-01 31-Jul-01 3-Aug-01 20-Aug-01 F
2. Bambang Subianto *) 2001 110.00 24-May-02 27-May-02 30-May-02 12-Jun-02 F
3. Junichi Iseda 2002 111.00 22-May-03 23-May-03 27-May-03 11-Jun-03 F
4. Marsillam Simandjuntak *) 2003 US$ 0.0064 4-Jun-04 7-Jun-04 9-Jun-04 23-Jun-04 F
5. Yani Yuhani Rodyat 2004 US$ 0.0105 30-Jun-05 1-Jul-05 5-Jul-05 19-Jul-05 F
6. Yaser Raimi A. Panigoro 2005 US$ 0.0112 29-May-06 30-May-06 1-Jun-06 15-Jun-06 F
*) Independent Commissioners 2006 US$ 0,0057 19-Jun-07 20-Jun-07 22-Jun-07 6-Jun-07 F
2008 US$ 0.015 3-Aug-09 4-Aug-09 6-Aug-09 21-Aug-09 F
BOARD OF DIRECTORS 2009 US$ 0.00288 21-Jun-10 22-Jun-10 24-Jun-10 8-Jul-10 F
1. Hilmi Panigoro 2010 US$ 0.00748 13-Jun-11 14-Jun-11 16-Jun-11 1-Jul-11 F
2. Amri Siahaan 2011 US$ 0.00766 1-Jun-12 4-Jun-12 6-Jun-12 20-Jun-12 F
3. Anthony R. Mathias 2012 US$ 0.0011 20-May-13 21-May-13 23-May-13 7-Jun-13 F
4. Roberto Lorato 2013 US$ 0.00151 26-May-14 28-May-14 2-Jun-14 16-Jun-14 F
5. Ronald Gunawan 2014 US$ 0.00121 27-Apr-15 28-Apr-15 30-Apr-15 22-May-15 F
AUDIT COMMITTEE ISSUED HISTORY

1. Bambang Subianto Listing Trading
2. Ida Anggrainy Sarwani No. Type of Listing Shares Date Date
3. Jul Azmi 1. First Issue 22,000,000 12-Oct-94 12-Oct-94
2. Company Listing 79,400,000 T: 12-Oct-94 : 13-May-95
CORPORATE SECRETARY 3. Bonus Shares 70,980,000 26-Aug-96 26-Aug-96
Siendy K. Wisandana 4. Stock Split 12,835,695,510 T: 18-Aug-98 : 11-Sep-17
5. Right Issue 4,720,847,957 T: 22-Nov-99 : 2-Jan-18
HEAD OFFICE 6. Warrant I 115,127,977 T: 13-Jul-18 : 11-Sep-19
Gedung The Energy, Lt 52-55, SCBD lot 11A
Jl. Jend. Sudirman, Senayan
Jakarta 12190
Phone : (021) 2995 3000
Fax : (021) 2995-3001
Homepage : www.medcogroup.com
Email : siendyk.wisandana@medcoenergi.com


TRADING ACTIVITIES
Medco Energi Internasional Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
1,600 16,000 Jan-15 3,720 2,625 3,125 16,400 43,441 139,769 21
Feb-15 3,220 2,885 3,000 7,824 19,646 59,570 19
1,400 14,000 Mar-15 3,245 2,575 3,100 15,871 32,223 92,270 22
Apr-15 3,225 2,780 3,200 4,473 11,849 37,662 21
May-15 3,200 2,650 2,650 5,750 13,376 38,655 19
1,200 12,000
Jun-15 2,830 2,595 2,730 5,876 28,399 74,631 21
Jul-15 2,730 2,325 2,570 4,955 6,096 15,177 19
1,000 10,000
Aug-15 2,590 1,240 1,240 11,219 54,193 94,438 20
Sep-15 1,390 1,125 1,145 7,792 37,041 48,962 21
800 8,000
Oct-15 1,315 1,065 1,075 7,363 24,478 28,884 21
Nov-15 1,450 1,000 1,055 12,635 53,398 64,680 21
600 6,000 Dec-15 1,075 750 795 14,641 58,906 50,212 19
400 4,000 Jan-16 810 675 705 6,783 24,223 17,711 20

Feb-16 1,030 670 980 8,295 42,286 33,708 20
200 2,000 Mar-16 1,575 905 1,495 29,560 151,335 176,007 21
Apr-16 1,860 1,345 1,675 41,121 191,482 308,183 21
May-16 1,795 1,365 1,390 14,206 78,526 126,885 20
Jun-16 1,575 1,145 1,500 17,947 127,148 179,906 22
Jul-16 1,950 1,530 1,685 19,301 135,075 245,778 16
Aug-16 1,855 1,450 1,520 22,016 101,320 171,706 22
Sep-16 1,655 1,365 1,530 11,522 53,802 82,545 21
Mining Index Nov-16 1,660 1,230 1,260 28,753 178,931 257,465 22
January 2015 - July 2019 Dec-16 1,435 1,220 1,320 15,317 121,114 162,424 20
100%
Jan-17 1,600 1,315 1,390 20,187 136,996 199,542 21
75% Feb-17 2,920 1,410 2,500 46,906 467,218 1,067,137 19
Mar-17 3,720 2,330 3,500 57,984 365,778 1,092,635 22
50% Apr-17 3,680 2,990 2,990 49,795 400,942 1,050,924 17
May-17 3,020 2,200 3,010 67,078 333,617 899,106 20
25% 21.9% Jun-17 3,030 2,250 2,290 27,842 145,737 378,923 15
19.5% Jul-17 2,820 2,230 2,660 36,069 213,359 547,302 21
1.8%
Aug-17 3,300 2,600 3,300 37,680 205,440 601,001 22
-
Sep-17 3,490 720 780 88,089 1,631,663 1,493,821 19
Oct-17 825 740 790 48,035 3,639,640 1,858,428 22
-25%
Nov-17 990 745 980 64,981 1,884,103 1,642,872 22
Dec-17 1,040 815 890 63,265 1,359,075 1,227,199 18
-50%
Jan-18 1,380 890 1,240 106,993 3,857,456 4,186,882 22

-75% Feb-18 1,575 1,095 1,575 108,432 1,489,806 1,965,123 19
Mar-18 1,600 1,150 1,210 87,703 13,607,263 17,950,648 21
-100% Apr-18 1,330 1,140 1,200 71,548 1,013,308 1,254,410 21
Jun-18 1,210 955 965 38,177 465,372 510,844 13
Jul-18 1,040 855 990 67,953 691,113 674,264 22
Volume (Million Sh.) 383 2,115 10,784 25,633 4,118 Sep-18 1,000 720 1,000 59,763 904,973 769,512 19
Value (Billion Rp) 745 3,163 12,059 30,558 3,653 Oct-18 1,095 795 820 66,212 680,072 644,844 23
Frequency (Thou. X) 115 230 608 863 312 Nov-18 870 615 700 70,226 757,053 551,575 21
Days 244 246 238 240 139 Dec-18 810 650 685 54,048 685,342 501,404 18
Price (Rupiah) Jan-19 1,060 685 1,010 77,837 1,149,393 1,011,112 22

High 3,720 1,950 3,720 1,600 1,060 Feb-19 1,050 905 925 65,609 925,698 912,032 19
Low 750 670 720 615 685 Mar-19 955 850 890 39,587 458,266 412,231 20
Close 795 1,320 890 685 850 Apr-19 925 835 880 30,855 373,188 327,218 19
Close* 179 297 890 685 850 May-19 880 715 775 24,707 279,093 218,916 21
Jun-19 855 745 810 30,226 347,827 278,222 15
PER (X) -1.02 1.77 8.43 -16.37 19.25 Jul-19 885 790 850 43,205 584,575 493,695 23
PER Industry (X) 0.60 -4.41 6.26 3.39 21.79
PBV (X) 0.27 0.45 1.01 0.58 0.75


Receivables 3,053,509 7,185,845 8,607,993 3,747,673 3,008,320

552,685 944,427 1,204,573 906,219 1,514,040 80,000
Inventories
Current Assets 14,412,844 15,239,928 26,757,979 26,569,912 23,597,627
60,000
Fixed Assets 951,259 69,468 920,236 628,393 636,612
Other Assets 276,196 68,974 563,542 510,508 1,800,224
40,000
Total Assets 40,137,903 48,331,047 69,918,327 76,380,310 88,602,236
Growth (%) 20.41% 44.67% 9.24% 16.00% 20,000

Growth (%) 19.39% 40.01% 10.39% 21.69%
Paid up Capital 333,245 333,245 443,223 1,591,540 445,984 20,206
19,003

Par Value 100 100 25 25 25
16,084
Total Equity 9,677,786 11,964,877 19,003,401 20,173,554 20,205,956 9,678

11,962
Growth (%) 23.63% 58.83% 6.16% 0.16% 7,840
Total Revenues 8,669,243 8,066,327 12,540,610 17,715,814 8,846,022

Growth (%) -6.95% 55.47% 41.27%
-404
2015 2016 2017 2018 Jun-19
Cost of Revenues 5,796,470 4,699,567 6,840,503 8,522,717 3,942,804

Gross Profit 2,872,773 3,366,760 5,700,107 9,193,097 4,903,218
Expenses (Income) 4,892,036 -130,607 1,696,908 6,301,619 3,010,740
Growth (%)
17,716
14,102
12,541
Income before Tax -2,019,263 3,497,366 4,003,199 2,891,479 1,892,477 8,669 8,846
8,066
10,488
Tax 548,815 984,176 2,217,453 3,304,078 1,411,541

Profit for the period -2,568,078 2,513,190 1,785,745 -412,599 480,937 6,874
Growth (%) N/A -28.95% N/A

3,260
Period Attributable -2,509,072 2,482,403 1,721,919 -746,037 394,017 -354
Comprehensive Income -2,507,977 2,619,495 2,569,345 -284,737 360,866 2015 2016 2017 2018 Jun-19
Comprehensive Attributable -2,448,971 2,588,707 2,500,139 -652,327 411,262
Current Ratio (%) 198.41 131.80 152.67 165.80 149.10
2,513
Dividend (Rp) - - - - - 2,513
1,786
EPS (Rp) -752.92 744.92 97.12 -11.72 22.09
BV (Rp) 2,904.10 3,590.41 1,071.89 316.89 1,132.66 1,497
DAR (X) 0.76 0.75 0.73 0.74 0.77 481

2015 2018
DER(X) 3.15 3.04 2.68 2.79 3.38
481
ROA (%) -6.40 5.20 2.55 -0.54 0.54 -536

2016 2017 Jun-19
ROE (%) -26.54 21.00 9.40 -2.05 2.38 -413
GPM (%) 33.14 41.74 45.45 51.89 55.43 -1,552
OPM (%) - - - - -
NPM (%) -29.62 31.16 14.24 -2.33 5.44
-2,568
-2,568
Yield (%) - - - - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

MEDIA NUSANTARA CITRA TBK.

Company Profile
PT Media Nusantara Citra Tbk., or MNCN, operates 4 of Indonesia’s 11 Free-to-Air (FTA) television
stations and has additional core businesses in television content production and delivery. Established on
17 June 1997, the Company underwent listing on the Indonesia Stock Exchange (IDX) a decade later,
specifically on 22 June 2007.
MNCN further operates 20 Pay-TV channels that complement its current 4 FTA stations, specifically RCTI,
MNCTV, GTV and iNews. MNCN’s other business interests and involvement in radio and print media, plus
talent management and TV production companies effectively support its core business focus.
The scope of Company's activities is to engage in general trading, construction, industrial, agricultural,
transportation, printing, multimedia through satellite and other telecommunications peripheral, services
and investments.
In 2018, PT Media Nusantara Citra. succeeded in cementing its position as a market leader in Indonesia,
both in the areas of Free-To-Air (FTA) broadcasting and content. The Company’s four national FTA TV
stations recorded a combined average audience share of 34.7% for prime time, the highest in Indonesia’s
media industry. MNCN’s content production unit also remains as strong as ever, generating 18,000 hours
of content in 2018. The growing content library can be leveraged across multiple media platforms and
then distributed to third parties to generate significant earnings in the future.
The Company’s head office is located at MNC Tower 26th Floor Jln. Kebon Sirih No.17-19, Jakarta 10340,
and it had a total of 7,871 employees as of June 30th, 2019.
August 2019
Disclaimer:

MNCN Media Nusantara Citra Tbk.

Industry Sub Sector : Advertising, Printing And Media (95) Market Capitalization : 19,629,642,312,500
60 | 19.6T | 0.27% | 82.22%
57 | 14.5T | 0.46% | 77.40%

Established Date : 17-Jun-1997 1. PT Global Mediacom Tbk. 7,580,040,626 : 53.10%
Listing Date : 22-Jun-2007 (IPO Price: 900) 2. Public (<5%) 6,696,062,874 : 46.90%
Underwriter IPO :
Bhakti Securities DIVIDEND ANNOUNCEMENT
Danareksa Sekuritas Bonus Cash Recording Payment
F/I
PT BSR Indonesia 2007 5.00 1-Dec-08 2-Dec-08 4-Dec-08 19-Dec-08 F
2009 5.00 2-Oct-09 5-Oct-09 7-Oct-09 21-Oct-09 I
BOARD OF COMMISSIONERS 2009 7.00 29-Nov-10 30-Nov-10 2-Dec-10 17-Dec-10 F
1. Hary Tanoesoedibjo 2010 15.00 29-Nov-11 30-Nov-11 2-Dec-11 16-Dec-11 F
2. Muhamad Alfan Baharudin *) 2011 35.00 22-Jun-12 25-Jun-12 27-Jun-12 11-Jul-12 F
3. Syafril Nasution 2012 55.00 6-Sep-13 9-Sep-13 11-Sep-13 25-Sep-13 F
*) Independent Commissioners 2013 25.00 24-Dec-13 27-Dec-13 2-Jan-14 16-Jan-14 I
2013 35.00 14-Oct-14 15-Oct-14 17-Oct-14 31-Oct-14 F
BOARD OF DIRECTORS 2014 63.00 27-May-15 28-May-15 1-Jun-15 17-Jun-15 F
1. David Fernando Audy 2016 42.00 7-Jul-17 10-Jul-17 12-Jul-17 2-Aug-17 F
2. Angela Herliani Tanoesoedibjo 2017 15.00 3-Jul-18 4-Jul-18 6-Jul-18 25-Jul-18 F
3. Arya Mahendra Sinulingga
4. Ella Kartika ISSUED HISTORY
5. Gwenarty Setiadi Listing Trading
6. Kanti Mirdiati Imansyah No. Type of Listing Shares Date Date
7. Ruby Panjaitan 1. First Issue 4,125,000,000 22-Jun-07 22-Jun-07
2. Company Listing 9,625,000,000 T: 22-Jun-07 : 22-Feb-08
AUDIT COMMITTEE 3. EMSOP Conversion II 23,504,500 T: 29-Nov-10 : 6-Jan-11
1. Muhammad Alfan Baharudin 4. EMSOP Conversion II & III 52,960,500 T: 17-Feb-11 : 19-Jul-11
2. Beti Puspitasari Santoso 5. EMSOP Conversion II, III & IV 16,270,000 T: 26-Jul-11 : 18-Aug-11
3. John Aristianto Prasetio 6. EMSOP Conversion III & IV 3,988,000 4-Aug-11 4-Aug-11
4. Mohamed Idwan Ganie 7. ESOP/MSOP Conversion II, III, IV & V 108,886,000 T: 21-May-12 : 19-Nov-12
8. ESOP/MSOP Conversion III, IV & V 517,500 T: 29-Oct-12 : 1-Nov-12
CORPORATE SECRETARY 9. ESOP/MSOP Conversion III, IV, V & VI 143,344,500 T: 29-May-13 : 27-Nov-13
Arya Mahendra Sinulingga 10. Revision ESOP/MSOP Conversion III, IV, V & VI -8,000 24-Jun-13 24-Jun-13
11. ESOP/MSOP Conversion V & VI 176,625,500 T: 28-May-14 : 19-Nov-14
HEAD OFFICE 12. ESOP/MSOP Conversion VIII 15,000 18-Aug-16 18-Aug-16
MNC Tower 27th Floor
Jl. Kebon Sirih Kav. 17 - 19
Jakarta 10340
Phone : (021) 390-0885
Fax : (021) 390-4965
Homepage : www.mnc.co.id
Email : investor.relations@mncgroup.com
corsec.mncholding@mncgroup.com


TRADING ACTIVITIES
Media Nusantara Citra Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
3,200 480 Jan-15 2,905 2,460 2,860 58,171 413,394 1,160,725 21
Feb-15 3,150 2,800 3,150 88,106 421,290 1,283,964 19
2,800 420 Mar-15 3,160 2,725 2,865 75,423 367,509 1,087,081 22
Apr-15 2,880 2,200 2,205 65,901 462,054 1,284,744 21
May-15 2,345 2,050 2,060 65,110 320,034 708,945 19
2,400 360
Jun-15 2,180 1,815 1,940 58,576 275,467 547,239 21
Jul-15 2,125 1,830 2,045 43,492 245,312 484,833 19
2,000 300
Aug-15 2,190 1,450 1,895 59,482 214,122 398,068 20
Sep-15 1,855 1,410 1,640 47,061 161,442 264,114 21
1,600 240
Oct-15 2,000 1,630 1,785 76,795 316,534 573,119 21
Nov-15 1,840 1,595 1,625 38,242 108,085 184,152 21
1,200 180 Dec-15 1,925 1,635 1,855 36,738 153,831 273,103 19
800 120 Jan-16 1,870 1,185 1,190 56,486 529,219 764,824 20

Feb-16 2,050 1,190 1,860 98,075 938,608 1,413,108 20
400 60 Mar-16 2,220 1,810 2,180 89,938 622,524 1,274,909 21
Apr-16 2,415 1,960 2,350 67,257 621,218 1,402,403 21
May-16 2,370 2,040 2,100 58,610 490,138 1,117,685 20
Jun-16 2,360 2,090 2,200 49,067 366,494 817,268 22
Jul-16 2,330 2,120 2,150 41,555 274,504 612,491 16
Aug-16 2,320 1,780 1,920 83,815 595,158 1,210,038 22
Sep-16 2,120 1,845 2,020 65,762 542,254 1,092,521 21
Trade, Sevices and Investment Index Nov-16 2,120 1,640 1,735 67,861 405,014 733,066 22
January 2015 - July 2019 Dec-16 1,900 1,470 1,755 40,351 548,551 1,036,970 20
45%
Jan-17 1,810 1,625 1,695 34,701 274,029 474,246 21
30% Feb-17 1,715 1,495 1,660 58,961 505,787 819,734 19
21.9% Mar-17 1,850 1,610 1,850 54,977 521,093 887,844 22
15% Apr-17 1,910 1,685 1,825 49,862 281,494 510,372 17
May-17 2,050 1,720 1,900 89,311 467,092 889,858 20
- Jun-17 1,970 1,795 1,840 36,667 200,942 379,448 15
Jul-17 1,855 1,700 1,800 43,135 232,977 414,990 21
-7.2%
Aug-17 1,800 1,435 1,490 56,593 382,380 582,696 22
-15%
Sep-17 1,490 1,285 1,320 56,158 452,055 610,392 19
Oct-17 1,595 1,310 1,560 63,089 427,920 637,182 22
-30%
Nov-17 1,690 1,300 1,300 117,494 1,207,519 1,716,652 22
Dec-17 1,360 1,225 1,285 54,477 568,072 731,628 17
-45%
-46.7%
Jan-18 1,565 1,275 1,525 68,430 651,655 940,502 22
-60% Feb-18 1,650 1,200 1,535 86,578 475,376 732,518 19
Mar-18 1,555 1,345 1,415 95,059 514,427 757,894 21
-75% Apr-18 1,500 1,250 1,325 132,958 501,308 717,334 21
Jun-18 1,225 900 920 49,299 504,029 546,154 13
Jul-18 1,045 850 985 63,757 384,036 361,322 22
Frequency (Thou. X) 713 800 715 911 1,279 Nov-18 850 760 790 44,659 598,670 480,118 21
Days 244 246 237 240 139 Dec-18 825 690 690 43,915 1,014,331 756,576 18
Price (Rupiah) Jan-19 920 675 845 58,845 895,720 725,144 22

High 3,160 2,415 2,050 1,650 1,495 Feb-19 1,010 810 935 54,362 821,803 753,236 19
Low 1,410 1,185 1,225 690 675 Mar-19 965 725 750 83,304 550,694 448,378 20
Close 1,855 1,755 1,285 690 1,375 Apr-19 990 735 940 92,665 649,440 561,016 19
Close* 1,855 1,755 1,285 690 1,375 May-19 1,180 830 1,140 286,726 1,457,610 1,426,838 21
Jun-19 1,320 910 1,040 202,012 1,728,827 1,897,158 15
PER (X) 22.34 18.31 12.62 6.43 8.48 Jul-19 1,495 1,050 1,375 500,748 1,977,037 2,590,816 23
PER Industry (X) 14.53 19.07 17.44 13.13 13.96
PBV (X) 2.77 2.57 1.90 0.94 1.72


Cash & Cash Equivalents 306,810 499,174 468,985 720,247 501,482 17,500
Receivables 3,395,309 3,053,716 2,942,929 2,785,628 2,841,137

1,593,231 1,950,303 2,358,897 2,756,906 2,717,935 14,000
Inventories
Current Assets 7,726,851 6,638,010 6,718,435 7,336,848 7,407,719
10,500
Fixed Assets 4,145,497 4,824,369 5,306,989 5,541,768 5,604,829
Other Assets 78,920 108,322 173,375 182,894 195,670
7,000
Total Assets 14,474,557 14,239,867 15,057,291 16,339,552 17,152,089
Growth (%) -1.62% 5.74% 8.52% 4.97% 3,500

Long Term Liabilities 3,868,359 554,030 3,796,920 3,543,528 3,612,947 2015 2016 2017 2018 Jun-19
Growth (%) -3.17% 10.59% 8.39% 0.84%
Paid up Capital 1,427,609 1,427,610 1,427,610 1,427,610 1,427,610 10,642
9,801
11,407
9,566 9,487
Par Value 100 100 100 100 100
9,080

Total Equity 9,566,393 9,487,098 9,801,083 10,642,305 11,407,116
6,753
Growth (%) -0.83% 3.31% 8.58% 7.19% 4,426
Total Revenues 6,444,935 6,730,276 7,052,686 7,443,905 4,251,970

Growth (%) 4.43% 4.79% 5.55%
-228
2015 2016 2017 2018 Jun-19
Cost of Revenues 2,860,607 2,874,751 2,670,473 2,825,002 1,578,995

Gross Profit 3,584,328 3,855,525 4,382,213 4,618,903 2,672,975
Expenses (Income) 1,903,550 1,702,593 1,966,563 2,515,334 1,137,205
7,053
6,730
Growth (%) 6,445
7,444
5,925

4,252
Tax 403,810 669,977 848,104 497,948 315,906

Growth (%) 16.13% 5.70% 2.43%

1,370
Current Ratio (%) 743.11 158.10 460.39 340.66 347.45
1,568 1,606
Dividend (Rp) - 42.00 15.00 - - 1,606
1,483
EPS (Rp) 83.05 95.87 101.80 107.27 81.09 1,277
1,220
BV (Rp) 670.10 664.54 686.54 745.46 799.04 1,278
DAR (X) 0.34 0.33 0.35 0.35 0.33

DER(X) 0.51 0.50 0.54 0.54 0.50
951
ROA (%) 8.82 10.41 10.41 9.83 7.11 623
ROE (%) 13.35 15.63 15.99 15.09 10.69

GPM (%) 55.61 57.29 62.14 62.05 62.86 295
OPM (%) - - - - -
NPM (%) 19.81 22.03 22.23 21.57 28.69
-32
2015 2016 2017 2018 Jun-19

Payout Ratio (%) - 43.81 14.73 - -
Yield (%) - 2.39 1.17 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

PERUSAHAAN GAS NEGARA TBK.

Company Profile
PT Perusahaan Gas Negara (Persero) Tbk. (PGAS), was established in 1859. The company was initially
established as a Dutch private company named Firma LJN Eindhoven & Co Gravenhage. PGN was set as
a state-owned company on May 13, 1965.
PGAS is an integrated natural gas distribution company with 10,000 km of pipeline, 325 customers.
PGN has been public since 2003, and its corporate origins date to 1965.
PGN provide an integrated natural gas infrastructures to support natural gas trading and ensure the
quality of the natural gas (natural gas composition, pressure, temperature) and the service (call center,
disruption handling) in accorandce with international standard. In order to support the management
to operate its business, PGN and its subsidiaries and affiliates divided their business activities into 4
(four) principal business segments, which are: Natural gas distribution and transmission,
To achieve responsive sales target, the Company has divided its business areas into three Regional
Distribution (RD) and one Regional Transmission (RT), as follows:
1. Regional Distribution I, covers Jakarta, Western Java Region until South Sumatera,
2. Regional Distribution II, covers Eastern Java Region, Semarang, Tarakan and Sorong
3. Regional Distribution III, covers Medan, Batam, Pekan Baru, and Dumai
4. Regional Transmission covers Sumatera-Java Region-the Riau Islands.
The company has ownership in subsidiaries: PT PGAS Telekomunikasi Nusantara, PT PGAS Solution, PT
Saka Energi Indonesia, PT Gagas Energi Indonesia, PT PGN LNG Indonesia, PT Permata Graha Nusantara,
Exploration and production of oil and gas, Other operation, Pertagas and subsidiaries.
In 2018 the company received awards: Best Competency Management and Effectiveness of the Best
HC Index from Dunamis (Indonesian Organizational Services in Human Resource Studies), Human
Resources (HR) atau Human Capital Management (HCM) and Annual Report Category, Sustainable and
Responsible Investment (SRI)-KEHATI Award 2018, etc.
In line with the government’s initiative to establish an Oil and Gas Holding, at the beginning of the year,
on April 11, 2018 PGN became part of Pertamina with the transfer of series B shares of Government
ownership to Pertamina. Furthermore, on December 28, 2018, PGN officially became the Gas
Subholding by acquiring PT Pertamina Gas (Pertagas).
The Company’s had Office si located at Jl. KH. Zainul Arifin No.20, Krukut, Tamansari, Jakarta. As of June
30th, 2019, the company and subsidiaries had a total of 3,088 employees.
August 2019
Disclaimer:

PGAS Perusahaan Gas Negara Tbk.

Industry Sub Sector : Energy (71) Market Capitalization : 49,695,091,801,800
22 | 49.7T | 0.68% | 58.69%
9 | 61.6T | 1.93% | 30.77%

Established Date : 13-May-1965 1. PT Pertamina (Persero) 13,809,038,755 : 56.96%
Underwriter IPO :
PT Danareksa Sekuritas (Affiliated) DIVIDEND ANNOUNCEMENT
PT ABN AMRO Asia Securities Indonesia Bonus Cash Recording Payment
F/I
2004 1.71 23-Dec-04 27-Dec-04 29-Dec-04 30-Dec-04 I
1. IGN Wiratmaja Puja 2005 104.43 30-Jun-06 3-Jul-06 5-Jul-06 14-Jul-06 F
2. Kiswodarmawan *) 2006 208.45 22-Jun-07 25-Jun-07 27-Jun-07 11-Jul-07 F
3. Luky Alfirman 2008 41.74 15-Jul-09 16-Jul-09 21-Jul-09 4-Aug-09 F
4. Mas'ud Khamid 2009 10.00 8-Dec-09 9-Dec-09 11-Dec-09 23-Dec-09 I
5. Mohamad Ikhsan 2009 144.20 8-Jul-10 9-Jul-10 13-Jul-10 27-Jul-10 F
6. Paiman Rahardjo *) 2010 10.20 27-Dec-10 28-Dec-10 30-Dec-10 4-Jan-11 I
2011 10.87 30-Nov-11 1-Dec-11 5-Dec-11 16-Dec-11 I
1. Gigih Prakoso Soewarto 2012 202.77 10-May-13 13-May-13 15-May-13 29-May-13 F
2. Danny Praditya 2013 210.40 28-Apr-14 29-Apr-14 2-May-14 19-May-14 F
3. Desima E. Siahaan 2016 75.18 12-May-17 15-May-17 17-May-17 7-Jun-17 F
4. Dilo Seno Widagdo 2017 31.61 4-May-18 7-May-18 9-May-18 30-May-18 F
5. Said Reza Pahlevy
6. Syahrial Mukhtar ISSUED HISTORY
Listing Trading
AUDIT COMMITTEE No. Type of Listing Shares Date Date
1. Paiman Rahardjo 1. First Issue 1,296,296,000 15-Dec-03 15-Dec-03
2. Kurnia Sari Dewi 2. Company Listing 3,024,691,000 T: 15-Dec-03 : 15-Jun-04
3. Luki Karunia 3. MSOP Conversion 215,637,305 T: 13-Dec-04 : 28-Dec-06
4. Luky Alfirman 4. MSOP Conversion II 3,261,500 T: 10-Nov-06 : 16-Feb-07
5. Nael Brahmana 5. ESOP Conversion 53,551,388 T: 18-Jan-08 : 19-Feb-08
CORPORATE SECRETARY 7. Government Project Fund Conversion 1,274,322,231 T: 16-Apr-09 : 16-Oct-09
Rachmat Hutama
HEAD OFFICE
Jl. KH. Zainul Arifin No. 20, Krukut, Tamansari
Jakarta - 11140
Indonesia
Phone : (021) 633-4838
Fax : (021) 633-3080
Homepage : www.pgn.co.id
Email : corporate@pgn.co.id
investor.relations@pgn.co.id
contact.center@pgn.co.id


TRADING ACTIVITIES
Perusahaan Gas Negara Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
6,000 1,600 Jan-15 6,050 4,995 5,050 92,906 887,651 4,816,967 21
Feb-15 5,500 5,050 5,200 66,654 624,549 3,312,449 19
5,250 1,400 Mar-15 5,400 4,600 4,800 96,871 782,389 3,975,099 22
Apr-15 4,890 4,100 4,100 121,106 952,937 4,338,820 21
May-15 4,360 3,855 4,295 106,169 768,554 3,183,949 19
4,500 1,200
Jun-15 4,390 4,155 4,315 82,956 429,183 1,834,395 21
Jul-15 4,350 3,900 4,000 63,869 386,941 1,600,087 19
3,750 1,000
Aug-15 4,020 2,720 2,780 113,149 640,762 1,974,156 20
Sep-15 2,965 2,150 2,530 168,748 1,736,188 4,599,265 21
3,000 800
Oct-15 3,160 2,535 3,000 125,908 1,030,877 3,030,555 21
Nov-15 3,080 2,560 2,655 94,906 782,374 2,261,286 21
2,250 600 Dec-15 2,915 2,305 2,745 96,859 569,389 1,521,635 19
1,500 400 Jan-16 2,770 2,350 2,405 96,049 607,085 1,517,643 20

Feb-16 2,720 2,365 2,635 83,348 1,011,133 2,548,238 20
750 200 Mar-16 2,760 2,585 2,615 91,592 1,160,564 3,080,358 21
Apr-16 2,860 2,555 2,620 115,718 1,454,665 3,904,125 21
May-16 2,620 2,170 2,480 88,312 835,314 2,007,454 20
Jun-16 2,560 2,270 2,340 71,250 675,312 1,651,499 22
Jul-16 3,440 2,340 3,290 137,007 1,862,286 5,379,890 16
Aug-16 3,520 2,920 3,020 126,142 1,542,283 5,002,784 22
Sep-16 3,000 2,630 2,870 104,517 1,443,381 4,059,641 21
Infrastructure, Utilities and Transportation Index Nov-16 2,690 2,200 2,650 81,469 661,513 1,637,985 22
January 2015 - July 2019 Dec-16 2,940 2,460 2,700 62,582 785,642 2,142,389 20
60%
Jan-17 2,900 2,580 2,880 62,106 505,603 1,403,585 21
40% Feb-17 3,050 2,680 2,830 58,894 660,069 1,874,921 19
Mar-17 2,850 2,410 2,530 97,897 811,989 2,084,960 22
20% 21.9% Apr-17 2,560 2,360 2,430 55,081 644,313 1,589,096 17
May-17 2,570 2,270 2,400 94,106 707,003 1,710,589 20
4.3% Jun-17 2,470 2,240 2,250 53,939 438,428 1,031,920 15
-
Jul-17 2,390 2,200 2,250 60,234 623,981 1,423,338 21
Aug-17 2,260 2,060 2,120 71,621 610,051 1,322,942 22
-20%
Sep-17 2,110 1,455 1,575 145,060 1,650,177 2,782,081 19
Oct-17 1,900 1,365 1,840 194,826 3,213,317 5,153,464 22
-40%
Nov-17 1,890 1,685 1,700 89,144 989,515 1,789,044 22
Dec-17 1,800 1,555 1,750 62,999 862,905 1,467,437 18
-60%
-65.7%
Jan-18 2,860 1,725 2,610 304,921 4,396,458 10,485,910 22
-80% Feb-18 2,760 2,240 2,670 175,152 2,451,212 6,173,790 19
Mar-18 2,700 2,120 2,300 132,335 1,788,412 4,294,365 21
-100% Apr-18 2,450 1,955 1,985 125,570 1,542,645 3,480,050 21
Jun-18 2,320 1,820 1,995 95,455 1,062,740 2,223,787 13
Jul-18 2,090 1,505 1,700 212,234 2,283,129 3,815,355 22
Frequency (Thou. X) 1,230 1,153 1,046 2,004 783 Nov-18 2,310 1,905 1,955 194,508 2,184,518 4,458,059 21
Days 244 246 238 240 139 Dec-18 2,200 1,935 2,120 135,062 1,548,807 3,251,589 18
Price (Rupiah) Jan-19 2,640 2,140 2,570 155,583 1,952,067 4,603,351 22

High 6,050 3,520 3,050 2,860 2,720 Feb-19 2,720 2,310 2,540 125,722 1,334,937 3,371,621 19
Low 2,150 2,170 1,365 1,505 1,820 Mar-19 2,570 2,300 2,350 116,855 1,014,952 2,456,801 20
Close 2,745 2,700 1,750 2,120 2,050 Apr-19 2,430 2,200 2,320 80,093 687,646 1,593,023 19
Close* 2,745 2,700 1,750 2,120 2,050 May-19 2,300 1,820 2,060 112,653 944,762 1,926,929 21
Jun-19 2,170 1,925 2,110 103,092 982,341 2,015,184 15
PER (X) 12.02 16.01 21.87 11.59 32.51 Jul-19 2,150 1,955 2,050 89,442 808,091 1,669,931 23
PER Industry (X) 9.49 8.16 16.02 20.01 23.80
PBV (X) 1.60 1.62 0.98 1.04 1.11


Receivables 5,675,984 7,459,754 7,170,964 10,851,514 7,352,779

636,891 877,280 823,999 1,141,670 1,046,199 100,000
Inventories
Current Assets 25,247,134 28,547,123 24,495,434 35,971,218 28,895,902
75,000
Fixed Assets 28,269,719 24,569,486 23,118,494 41,610,608 40,375,398
Other Assets 85,452 67,748 71,881 58,915 92,675
50,000
Total Assets 95,197,541 91,823,679 85,259,312 115,452,910 102,429,198
Growth (%) -3.54% -7.15% 35.41% -11.28% 25,000

Growth (%) -3.27% -14.52% 63.70% -16.48%
44,305 44,893
Paid up Capital 2,424,151 2,424,151 2,424,151 2,424,151 2,424,151 42,595 43,176

Par Value 100 100 100 100 100
37,063

Total Equity 44,305,239 42,594,718 43,176,296 46,561,895 44,893,223
27,565
Growth (%) -3.86% 1.37% 7.84% -3.58% 18,066
Total Revenues 44,979,267 39,431,687 40,232,030 56,281,419 25,303,894

Growth (%) -12.33% 2.03% 39.89%
-931
2015 2016 2017 2018 Jun-19
Cost of Revenues 30,862,955 27,514,762 29,431,133 37,238,667 17,100,773

Gross Profit 14,116,312 11,916,925 10,800,896 19,042,752 8,203,120
Expenses (Income) 5,827,914 5,948,087 5,693,077 9,658,669 4,639,079
Growth (%) -27.99% -14.43% 83.72%

56,281
44,979
44,800
39,432 40,232
Other Income (Expenses) -1,793,392 -796,178 -1,374,668 -878,405 -1,751,332
25,304
Tax 591,768 1,026,527 1,730,974 3,203,103 642,821
Growth (%) -29.77% -51.71% 164.84%

10,356
Period Attributable 5,880,387 4,088,903 1,939,347 4,435,187 764,225 -1,126
Current Ratio (%) 258.13 260.58 387.44 154.16 213.05
5,903
Dividend (Rp) - 75.18 31.61 - - 5,903
5,303
EPS (Rp) 242.58 168.67 80.00 182.96 31.53
BV (Rp) 1,827.66 1,757.10 1,781.09 1,920.75 1,851.92 4,699
4,146
DAR (X) 0.53 0.54 0.49 0.60 0.56

DER(X) 1.15 1.16 0.97 1.48 1.28
3,495
ROA (%) 6.20 4.52 2.35 4.59 1.14 2,290

2,002
ROE (%) 13.32 9.73 4.64 11.39 2.61 1,170
GPM (%) 31.38 30.22 26.85 33.83 32.42 1,086
OPM (%) 18.43 15.14 12.70 16.67 14.08

NPM (%) 13.12 10.51 4.98 9.42 4.62
-118
2015 2016 2017 2018 Jun-19

Payout Ratio (%) - 44.57 39.51 - -
Yield (%) - 2.78 1.81 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

BUKIT ASAM TBK.

Company Profile
PT Bukit Asam Tbk., was established on March 2, 1981. The operation of the company was marked by
the operation of the Air Laya mine in Tanjung Enim in 1919 by the Dutch Colonial Government.
The scope of activities of the Company and its subsidiaries comprises coal mining activities, including
general surveying, exploration, exploitation, processing, refining, transportation and trading,
maintenance of special coal port facilities for internal and external needs, operation of steam power
plants for internal and external needs and providing consulting services related to the coal mining
industry as well as its derivative products.
In 2017, the Company entered a new chapter by officially joining the Holding of Mining SOEs together
with PT Aneka Tambang Tbk. and PT Timah Tbk. with PT Inalum (Persero) as the holding company. The
merger of the Company into the holding also provided a domino effect in the corporate culture,
including the change of the name of PT Bukit Asam (Persero) Tbk. to become PT Bukit Asam Tbk.
In 2018, PTBA not only succeeded in increasing sales, but also developed business diversification,
downstreaming coal to synergize with members of the SOE Holding of Mining Industry.
In 2018 the Company was awarded as The Best Overall BUMN Award in Anugerah BUMN Awards,
Padmamitra Award 2018, The Asian Export Awards 2018 metal and mining category, Indonesia Green
Awards 2018 Pioneering Pollution Prevention, Developing Biodiversity, and Developing Renewable
Energy on Technology Techniques categories, Indonesia Most Trusted Company at Good Corporate
Governance Award 2018, etc.
The Company is located at Jl. Parigi No. 1 Tanjung Enim 31716, Sumatera Selatan. As of June 30th, 2019,
the Company had a total of 2,280 employees.
August 2019
Disclaimer:

PTBA Bukit Asam Tbk.

40 | 31.6T | 0.43% | 60.77%
14 | 47.6T | 1.49% | 37.64%

Established Date : 02-Mar-1981 1. PT Indonesia Asahan Aluminium (Persero) 7,490,437,495 : 0.00%
Underwriter IPO :
PT Danareksa Sekuritas (Affiliated) DIVIDEND ANNOUNCEMENT
F/I
2002 41.75 21-May-03 22-May-03 26-May-03 27-May-03 F
1. Agus Suhartono *) 2004 5.80 22-Dec-04 23-Dec-04 28-Dec-04 29-Dec-04 I
2. Heru Setyobudi Suprayogo 2004 87.48 5-Jul-05 6-Jul-05 8-Jul-05 22-Jul-05 F
3. Jhoni Ginting 2005 101.54 2-Jun-06 5-Jun-06 7-Jun-06 16-Jun-06 F
4. Robert Heri 2006 105.39 29-May-07 30-May-07 4-Jun-07 15-Jun-07 I
5. Soengoel Pardamean Sitorus *) 2007 164.97 18-Jun-08 19-Jun-08 23-Jun-08 7-Jul-08 F
6. Taufik Madjid 2009 66.75 25-Nov-09 26-Nov-09 1-Dec-09 15-Dec-09 I
*) Independent Commissioners 2009 466.65 26-May-10 27-May-10 1-Jun-10 15-Jun-10 F
2010 66.75 20-Dec-10 21-Dec-10 23-Dec-10 29-Dec-10 I
BOARD OF DIRECTORS 2010 456.37 4-Jul-11 5-Jul-11 7-Jul-11 21-Jul-11 F
1. Arviyan Arifin 2011 103.46 28-Nov-11 29-Nov-11 1-Dec-11 15-Dec-11 I
2. Adib Ubaidillah 2011 700.48 29-May-12 30-May-12 1-Jun-12 15-Jun-12 F
3. Fuad Iskandar Zulkarnain Fachroeddin 2012 720.75 20-May-13 21-May-13 23-May-13 7-Jun-13 F
4. Joko Pramono 2013 461.97 28-Apr-14 29-Apr-14 2-May-14 16-May-14 F
5. Mega Satria 2014 324.57 7-Apr-15 8-Apr-15 10-Apr-15 30-Apr-15 I
6. Suryo Eko Hadianto 2015 289.73 21-Apr-16 22-Apr-16 26-Apr-16 18-May-16 F
2016 285.50 28-Apr-17 2-May-17 4-May-17 24-May-17 F
1. Soengoel Pardamean Sitorus
2. Taufik Madjid ISSUED HISTORY
3. Barlian Dwinagara Listing Trading
4. Ai Supardini No. Type of Listing Shares Date Date
1. First Issue 346,500,000 23-Dec-02 23-Dec-02
CORPORATE SECRETARY 2. Company Listing 1,785,000,000 23-Dec-02 23-Dec-02
Suherman 3. Warrant 172,631,850 T: 14-Dec-04 : 28-Dec-05
4. Stock Split 9,216,527,400 14-Dec-17 14-Dec-17
HEAD OFFICE
Jl. Parigi No.1 Tanjung Enim
Sumatera Selatan 31716
Phone : (021) 525-4014
Fax : (021) 525-4002
Homepage : www.ptba.com
Email : corsec@bukitasam.co.id
suherman@bukitasam.co.id


TRADING ACTIVITIES
Bukit Asam Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
5,000 1,600 Jan-15 12,525 10,100 11,375 41,254 60,844 690,666 21
Feb-15 11,725 10,350 10,675 36,099 55,708 616,697 19
4,375 1,400 Mar-15 11,250 10,150 10,750 36,562 57,946 619,774 22
Apr-15 11,175 9,350 9,350 27,080 36,037 394,197 21
May-15 10,925 9,100 9,825 32,764 50,187 507,612 19
3,750 1,200
Jun-15 9,950 8,250 8,400 30,956 42,212 390,524 21
Jul-15 8,475 6,000 6,000 35,339 60,945 426,944 19
3,125 1,000
Aug-15 6,625 5,025 5,850 39,760 73,026 428,155 20
Sep-15 6,275 5,350 5,625 25,247 47,937 291,890 21
2,500 800
Oct-15 7,550 5,500 7,300 53,867 112,986 784,874 21
Nov-15 7,825 5,600 5,600 60,412 204,268 1,249,230 21
1,875 600 Dec-15 5,800 4,305 4,525 76,121 143,545 708,778 19
1,250 400 Jan-16 4,610 4,150 4,450 44,672 60,404 267,843 20

Feb-16 5,475 4,295 5,075 55,758 109,081 530,510 20
625 200 Mar-16 7,225 5,075 6,275 60,540 157,836 1,005,316 21
Apr-16 7,800 6,125 7,050 52,267 135,945 964,444 21
May-16 7,250 6,125 6,375 36,670 78,690 531,329 20
Jun-16 8,300 6,425 7,700 49,476 114,910 891,749 22
Jul-16 10,375 7,650 9,850 39,970 80,512 761,313 16
Aug-16 10,900 9,300 9,925 49,123 94,241 971,469 22
Sep-16 10,450 9,075 9,625 33,524 79,943 803,546 21
Mining Index Nov-16 13,775 11,000 11,800 68,734 113,610 1,403,970 22
January 2015 - July 2019 Dec-16 13,625 11,725 12,500 38,603 67,509 853,687 20
100%
Jan-17 12,825 10,675 11,600 30,453 47,180 552,513 21
75% Feb-17 11,850 10,625 11,175 36,698 57,220 641,083 19
Mar-17 13,350 10,200 13,200 42,277 82,932 961,215 22
50% Apr-17 14,200 11,975 12,675 36,205 64,571 838,708 17
May-17 12,600 10,525 10,900 39,612 71,810 803,729 20
25% 21.9% Jun-17 11,975 10,725 11,950 29,865 64,742 735,063 15
19.5% Jul-17 13,375 11,750 13,100 33,026 50,973 646,176 21
10.7%
Aug-17 13,975 12,050 12,375 34,381 48,747 640,538 22
-
Sep-17 12,575 9,050 10,450 66,361 145,283 1,492,659 19
Oct-17 11,625 10,000 11,475 54,219 109,637 1,195,861 22
-25%
Nov-17 12,100 10,675 11,250 48,413 85,067 973,299 22
Dec-17 11,575 2,230 2,460 50,027 330,292 1,016,289 18
-50%
Jan-18 3,480 2,430 3,400 90,220 872,026 2,637,990 22

-75% Feb-18 3,430 3,020 3,170 75,684 607,442 1,980,779 19
Mar-18 3,240 2,660 2,940 81,488 584,906 1,705,239 21
-100% Apr-18 3,570 2,950 3,240 96,902 831,016 2,759,370 21
Jun-18 4,280 3,750 3,970 78,935 487,052 1,969,532 13
Jul-18 4,630 3,910 4,480 146,085 825,611 3,528,064 22
Volume (Million Sh.) 946 1,198 1,158 9,047 4,486 Sep-18 4,350 3,710 4,320 100,660 641,546 2,554,183 19
Days 244 246 238 240 139 Dec-18 4,520 3,910 4,300 127,850 640,743 2,656,309 18
Price (Rupiah) Jan-19 4,510 4,120 4,310 95,947 370,742 1,620,109 22

High 12,525 13,775 14,200 5,025 4,510 Feb-19 4,360 3,930 3,980 72,547 296,823 1,236,763 19
Low 4,305 4,150 2,230 2,430 2,690 Mar-19 4,260 3,960 4,200 72,945 338,106 1,375,592 20
Close 4,525 12,500 2,460 4,300 2,740 Apr-19 4,250 3,930 3,960 75,509 454,954 1,859,532 19
Close* 905 2,500 2,460 4,300 2,740 May-19 4,000 2,720 3,060 138,720 1,889,034 6,149,168 21
Jun-19 3,150 2,820 2,960 103,463 555,569 1,637,063 15
PER (X) 5.12 14.36 6.33 9.86 6.94 Jul-19 3,110 2,690 2,740 103,632 580,567 1,687,411 23
PER Industry (X) 0.60 -4.41 6.26 3.39 21.79
PBV (X) 1.12 3.00 2.05 3.32 1.80


Receivables 1,595,580 2,285,065 5,389,678 2,781,567 2,503,358

1,233,175 1,102,290 1,156,012 1,551,135 1,148,069 20,000
Inventories
Current Assets 7,598,476 8,349,927 11,117,745 11,739,344 10,165,267
15,000
Fixed Assets 5,579,117 6,087,746 6,410,363 6,547,586 6,900,978
Other Assets 102,318 154,010 515,735 243,527 235,813
10,000
Total Assets 16,894,043 18,576,774 21,987,482 24,172,933 23,412,080
Growth (%) 9.96% 18.36% 9.94% -3.15% 5,000

Growth (%) 5.49% 2.03% -3.47% -9.36%
Paid up Capital 1,152,066 1,152,066 1,152,066 1,152,066 1,152,066 16,270
13,800
Par Value 500 500 500 100 100
12,951
10,552
Total Equity 9,287,547 10,552,405 13,799,985 16,269,696 16,248,542
9,632
Growth (%) 13.62% 30.78% 17.90% -0.13% 6,313
Total Revenues 13,733,627 14,058,869 19,471,030 21,166,993 10,614,961

Growth (%) 2.37% 38.50% 8.71%
-325
2015 2016 2017 2018 Jun-19
Cost of Revenues 9,593,903 9,657,400 10,964,524 12,621,200 6,958,622

Gross Profit 4,139,724 4,401,469 8,506,506 8,545,793 3,656,339
Expenses (Income) 1,725,384 1,870,662 2,607,991 2,262,705 1,063,564
19,471
Growth (%) 4.82% 133.07% 6.52%
21,167
14,059
16,849
Other Income (Expenses) 249,456 166,109 203,114 574,987 186,480 13,734
10,615
Tax 626,685 672,511 1,554,397 1,736,963 753,513
Growth (%) -0.62% 124.62% 12.62%

3,895
Current Ratio (%) 154.35 165.58 246.34 237.85 235.32
5,121
Dividend (Rp) 289.73 285.50 318.52 - - 5,121
4,547
EPS (Rp) 883.59 870.69 1,942.79 436.08 174.32
BV (Rp) 4,030.82 4,579.77 5,989.23 1,412.22 1,410.38 4,076
DAR (X) 0.45 0.43 0.37 0.33 0.31

DER(X) 0.82 0.76 0.59 0.49 0.44
3,032
2,037 2,024 2,026

ROA (%) 12.06 10.90 20.68 21.19 8.65 1,987
ROE (%) 21.93 19.18 32.95 31.48 12.47

GPM (%) 30.14 31.31 43.69 40.37 34.45 942
OPM (%) 17.58 18.00 30.29 29.68 24.43

NPM (%) 14.83 14.40 23.35 24.19 19.08
-102
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 32.79 32.79 16.40 - -
Yield (%) 6.40 2.28 12.95 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

PP (PERSERO) TBK.
Company Profile
PT Pembangunan Perumahan (Persero) Tbk. was established under the name of NV Pembangunan
Perumahan based on the Notarial Deed No. 48 of August 26th, 1953.
The Company's vision and objectives are to take part in construction business industry, fabrication
industry, rental service, agency, investment, agro industry, engineering procurement and
constructions (EPC), trades, site area management, enhancement in construction capability
services, information technology, tourism, hotels business service, engineering and planning
service, development services to produce high quality and highly competitive goods and/or
service, and to generate profit to add value to the entity by applying limited liability company
principles.
Since its establishment, PTPP has been a major player in the national construction business,
working on various national mega projects. In 1991, PTPP diversified its business activities into
property and realty, including the leasing of office space at Plaza PP and the development of real
estate businesses in the Cibubur area. In addition, PTPP also formed several subsidiaries by
cooperating with domestic and foreign partners, including PT PP-Taisei Indonesia Construction, PT
Mitracipta Polasarana and PT Citra Waspphutowa.
PTPP continued expanding its wings by making various breakthroughs and business
transformation. The company, which originally served as a construction services company, real
estate and developer, has now transformed by dividing the Company’s businesses into 7 (seven)
business lines and developing into an investment holding company with 7 (seven) subsidiaries
classified into 3 (three) business groups, namely: Upstream, Middlestream and Downstream; and
42 (forty-two) associations/affiliations under its auspices.
The current business activities of the Company are in construction services, real estate
(developer), properties and investment in infrastructure and energy. To increase value to the
Company, the management adopts a corporate strategy on the basis of four business pillars:
Construction, EPC (Energy, Oil & Gas), Investment and Property.
The company has ownership in subsidiaries: PT PP Urban (PPUR), PT PP Presisi Tbk. (PPRE), PT PP
Properti Tbk., PT PP Energi (PPEN), PT PP Infrastruktur (PPIN), PT Sinergi Colomadu (SCM).
The Company’s head office is located at Plaza PP 7th floor, Jln. Letjend. T. Simatupang No.57, Pasar
Rebo, Jakarta 13760. As of June 30th, 2019 the Company had 2,123 employees.
August 2019
Disclaimer:

PTPP PP (Persero) Tbk.

Industry Sub Sector : Building Construction (62) Market Capitalization : 13,329,779,311,100
85 | 13.3T | 0.18% | 80.08%
46 | 16.9T | 0.53% | 72.35%

Established Date : 26-Aug-1953 1. Republic of Indonesia 3,161,947,836 : 51.00%
Listing Date : 09-Feb-2010 (IPO Price: 560) 2. Public (<5%) 3,037,949,518 : 49.00%
Underwriter IPO :
PT Mandiri Sekuritas DIVIDEND ANNOUNCEMENT
F/I
PT DBS Vickers Securities Indonesia Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 2009 10.11 9-Jul-10 12-Jul-10 14-Jul-10 28-Jul-10 F
PT BSR Indonesia 2010 14.57 7-Jul-11 8-Jul-11 12-Jul-11 15-Jul-11 F
2011 14.88 7-Jun-12 8-Jun-12 12-Jun-12 15-Jun-12 F
BOARD OF COMMISSIONERS 2012 19.19 22-May-13 23-May-13 27-May-13 10-Jun-13 F
1. Andi Gani Nena Wea *) 2013 26.06 21-Apr-14 22-Apr-14 24-Apr-14 7-May-14 F
2. Arie Setiadi Moerwanto 2014 21.97 28-May-15 29-May-15 3-Jun-15 18-Jun-15 F
3. Noor Rachmad *) 2016 49.52 23-Mar-17 24-Mar-17 29-Mar-17 13-Apr-17 F
4. Ernardhi Sudarmanto 2017 46.88 4-May-18 7-May-18 9-May-18 25-May-18 F
5. Sumardi
6. Wismana Adi Suryabrata ISSUED HISTORY
BOARD OF DIRECTORS 1. Negara RI (Series A) 1 9-Feb-10 0-Jan-00
1. Lukman Hidayat 2. Public Offering 1,038,976,500 9-Feb-10 9-Feb-10
2. M. Aprindy 3. Company Listing 2,469,642,759 9-Feb-10 9-Feb-10
3. Agus Purbianto 4. PP Employees Cooperative 1,333,817,240 9-Feb-10 8-Oct-10
4. Anton Satyo Hendriatmo 5. Right Issue 194,201,459 15-Dec-16 15-Dec-16
5. M. Toha Fauzi 6. Right Issue 802,295,711 16-Dec-16 16-Dec-16
6. Abdul Haris Tatang 7. Right Issue 251,487,198 19-Dec-16 19-Dec-16
8. Right Issue 90,074,959 21-Dec-16 21-Dec-16
AUDIT COMMITTEE 9. Right Issue 19,401,527 27-Dec-16 27-Dec-16
1. Noor Rochmad
2. Handoko Tripriyono
3. Sularso
CORPORATE SECRETARY
Agus Samuel Kana
HEAD OFFICE
PP Plaza
Jl. Letjend. TB Simatupang No.57 Pasar Rebo
Jakarta 13760
Phone : (021) 877-927343
Fax : (021) 877-927343
Homepage : www.pt-pp.com
Email : corsec@pt-pp.com
Info@pp.co.id


TRADING ACTIVITIES
PP (Persero) Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
4,600 160 Jan-15 3,925 3,475 3,915 56,124 403,485 1,503,473 21
Feb-15 4,245 3,850 4,060 50,094 269,943 1,079,418 19
4,025 140 Mar-15 4,070 3,645 3,795 60,287 350,386 1,344,045 22
Apr-15 4,100 3,600 3,925 50,080 355,458 1,380,910 21
May-15 4,215 3,800 4,020 40,119 176,464 711,806 19
3,450 120
Jun-15 4,030 3,130 3,470 52,156 194,400 691,295 21
Jul-15 4,190 3,440 3,905 50,075 199,427 774,366 19
2,875 100
Aug-15 3,960 2,960 3,310 68,100 249,986 862,115 20
Sep-15 3,585 3,110 3,465 42,260 165,650 568,854 21
2,300 80
Oct-15 3,930 3,470 3,810 43,871 192,689 719,571 21
Nov-15 3,905 3,625 3,625 26,147 92,107 346,353 21
1,725 60 Dec-15 3,920 3,600 3,875 20,317 66,476 250,396 19
1,150 40 Jan-16 4,015 3,770 3,900 28,192 121,525 477,360 20

Feb-16 4,015 3,645 3,690 44,874 188,256 727,058 20
575 20 Mar-16 3,985 3,670 3,860 37,755 159,238 608,761 21
Apr-16 3,895 3,550 3,665 25,658 124,271 465,637 21
May-16 3,720 3,300 3,700 24,761 105,027 373,538 20
Jun-16 3,980 3,600 3,900 35,263 269,621 1,039,186 22
Jul-16 4,170 3,780 3,860 25,698 185,919 730,981 16
Aug-16 4,850 3,820 4,350 56,495 369,885 1,623,553 22
Sep-16 4,690 3,970 4,190 49,366 315,966 1,369,699 21
Property, Real Estate and Bulding Construction Index Nov-16 4,260 3,880 4,250 33,444 173,932 702,795 22
January 2015 - July 2019 Dec-16 4,250 3,510 3,810 40,317 367,445 1,414,387 20
45%
Jan-17 3,840 3,440 3,590 41,657 322,631 1,170,603 21
30% Feb-17 3,810 3,470 3,480 35,899 302,769 1,097,521 19
21.9% Mar-17 3,630 3,250 3,310 55,119 503,864 1,712,769 22
15% Apr-17 3,510 3,000 3,180 43,801 464,183 1,514,204 17
May-17 3,230 2,690 3,130 88,165 958,387 2,808,838 20
- Jun-17 3,250 3,040 3,140 25,550 206,278 647,407 15
-6.4% Jul-17 3,370 2,840 3,030 46,285 395,937 1,225,815 21
Aug-17 3,110 2,760 2,810 39,315 355,483 1,046,281 22
-15%
Sep-17 2,810 2,250 2,310 48,166 362,500 910,082 19
Oct-17 2,960 2,330 2,850 63,547 596,347 1,614,411 22
-30%
Nov-17 2,940 2,560 2,570 31,063 234,423 653,334 22
-37.0%
Dec-17 2,720 2,360 2,640 35,709 251,671 646,311 18
-45%
Jan-18 3,280 2,550 3,130 66,169 578,960 1,748,989 22

-60% Feb-18 3,230 2,910 3,100 36,145 286,611 882,682 19
Mar-18 3,170 2,570 2,610 36,668 282,028 808,877 21
-75% Apr-18 2,880 2,370 2,430 27,530 188,501 507,122 21
Jun-18 2,680 1,840 1,995 22,067 219,190 533,345 13
Jul-18 2,290 1,930 2,080 36,775 262,850 556,210 22
Days 244 246 238 240 139 Dec-18 2,070 1,795 1,805 67,037 490,669 960,083 18
Price (Rupiah) Jan-19 2,450 1,815 2,340 102,338 843,942 1,851,937 22

High 4,245 4,850 3,840 3,280 2,550 Feb-19 2,370 1,980 2,000 61,948 603,788 1,286,848 19
Low 2,960 3,300 2,250 1,330 1,710 Mar-19 2,190 1,945 2,080 40,383 366,624 755,012 20
Close 3,875 3,810 2,640 1,805 2,150 Apr-19 2,550 2,080 2,400 62,407 658,245 1,530,539 19
Close* 3,683 3,810 2,640 1,805 2,150 May-19 2,420 1,710 1,970 69,904 724,733 1,392,536 21
Jun-19 2,340 2,000 2,210 45,835 378,961 823,014 15
PER (X) 25.35 23.08 11.26 7.45 18.34 Jul-19 2,270 2,020 2,150 55,757 446,160 957,724 23
PER Industry (X) 13.36 24.89 14.52 23.25 18.85
PBV (X) 3.67 4.12 1.15 0.73 0.81


Public Accountant : Hertanto Grace Karunawan
Receivables 4,111,735 6,297,782 8,303,437 10,285,145 10,739,629

50,000
Inventories 2,498,625 2,655,638 2,420,508 4,659,430 5,919,279

37,500
Investment 622,833 634,235 1,766,580 1,857,807 2,226,474
Fixed Assets 2,989,066 4,177,883 5,789,644 6,605,379 7,042,697
25,000
Other Assets - 21,204 17,525 1,043 843
Total Assets 19,128,812 31,232,767 41,782,781 52,549,151 53,504,482
12,500
Growth (%) 63.28% 33.78% 25.77% 1.82%
-
Trade Payable 7,887,792 10,237,242 14,506,169 19,571,489 17,723,689 2015 2016 2017 2018 Jun-19
Growth (%) 45.87% 34.76% 31.57% 2.39%
16,316 16,404
14,243
16,404
Paid up Capital 484,244 619,990 619,990 619,990 619,990

13,058
Par Value 100 100 100 100 100

9,711
Total Equity 5,119,072 10,796,158 14,243,110 16,315,612 16,404,489 6,365

5,119
Growth (%) 110.90% 31.93% 14.55% 0.54%
3,018

Total Revenues 14,217,373 16,458,884 21,502,260 25,119,560 10,723,895
-328
2015 2016 2017 2018 Jun-19

Growth (%) 15.77% 30.64% 16.82%
Cost of Revenues 12,210,412 14,003,355 18,250,798 21,573,636 9,261,251

Gross Profit 2,006,961 2,455,530 3,251,462 3,545,924 1,462,643
Operating Expenses 409,797 487,330 726,106 1,542,833 959,816 25,120
Operating Profit 1,597,164 1,968,199 - - -

25,120
21,502
Growth (%) 23.23% -100.00%
16,459
19,995
14,217
Other Income (Expenses) -309,630 -264,589 - - - 14,871
1,287,534 1,703,610 1,792,262 2,003,091 502,827 10,724

Income Before Tax
Tax 441,971 552,178 68,409 44,098 4,482 9,746
Profit for the period 845,563 1,151,432 1,723,853 1,958,993 498,345

Growth (%) 36.17% 49.71% 13.64%
4,622
-502
Period Attributable 740,323 1,023,369 1,453,141 1,501,973 363,378 2015 2016 2017 2018 Jun-19
Comprehensive Income 2,037,652 1,277,066 1,808,446 2,116,609 475,138
Dividend (Rp) - 49.52 46.88 - -
1,724
1,959
EPS (Rp) 174.62 185.72 278.05 315.97 80.38

BV (Rp) 1,057.13 1,741.34 2,297.31 2,631.59 2,645.93 1,559
DAR (X) 0.73 0.65 0.66 0.69 0.69 1,151
DER(X) 2.74 1.89 1.93 2.22 2.26

1,160
846
ROA (%) 4.42 3.69 4.13 3.73 0.93
498
760
ROE (%) 16.52 10.67 12.10 12.01 3.04

GPM (%) 14.12 14.92 15.12 14.12 13.64 360
OPM (%) 11.23 11.96 - - -

NPM (%) 5.95 7.00 8.02 7.80 4.65
-39
2015 2016 2017 2018 Jun-19

Payout Ratio (%) - 26.66 16.86 - -
Yield (%) - 2.24 2.12 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

PAKUWON JATI TBK.

Company Profile
PT Pakuwon Jati Tbk. has been an inseparable part of the country’s property industry for more than 3
decades by delivering company portfolios in various key sectors of property such as retail, housing,
commercial and hospitality. The Company has grown to become one of the leading companies with a
variety of world-class masterpieces as a real contribution to Indonesian families. Currently, Pakuwon
Jati is also distinguished as a pioneer of the superblock concept in Indonesia by carrying out large-scale
integrated concept between retail shopping malls, offices, condominiums and hotel. The successful
track record and good reputation in the property industry provide security to tenants and buyers, with
a strong business foundation to expand business.
PT Pakuwon Jati Tbk. established in 1982 and listed on both the Jakarta and Surabaya Stock exchanges
since 1989, Pakuwon Jati is a diversified real estate developer focused in Jakarta and Surabaya.
After the Company added its list of business portfolios with the official operation of Pakuwon Mall
phases 2 & 3 on February 2017 and Tunjungan Plaza 6 on September 2017, in 2018 the Company added
14.8 hectares of landbank mainly in the Tandes, Lontar and Keputih Surabaya areas. In addition, a
groundbreaking of La Viz Mansion and Benson’s apartment topping-off held at the Pakuwon Mall
Superblock on January 2018.
In 2018 the Company recieved an The Best Hotel Buffet, The Most Popular Shopping Mall for Millenial
Buyers, Indonesia The Best Public Companies Based on WAI 2018, The Inspiring Business Leader from
Property Indonesia Award 2018, Top Property Award in Achieving the Top Property, etc.
The Company is domiciled in Surabaya with its office located at Eastcoast Center 5th Floor, Pakuwon
Town Square – Pakuwon City, Jl. Kejawan Putih Mutiara No. 17, Surabaya 60112, Indonesia,. As of June
30th, 2019, the Company and its subsidiaries had 2,932 employees.
August 2019
Disclaimer:

PWON Pakuwon Jati Tbk.

35 | 35.4T | 0.49% | 69.38%
66 | 10.6T | 0.33% | 77.99%

Established Date : 20-Sep-1982 1. PT Pakuwon Arthaniaga 8,318,049,600 : 17.27%
Underwriter IPO :
PT Danareksa DIVIDEND ANNOUNCEMENT
PT Aseam Indonesia Bonus Cash Recording Payment
F/I
PT Inter-Pacific Financial Corporation Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 1989 50.00 8-Jun-90 11-Jun-90 15-Jun-90 22-Jul-90 F
PT Sirca Datapro Perdana 1990 75.00 28-Feb-91 1-Mar-91 8-Mar-91 8-Apr-91 F
1991 30.00 10-Jun-92 12-Jun-92 19-Jun-92 20-Jul-92 F
BOARD OF COMMISSIONERS 1991 2:1 23-Nov-92 24-Nov-92 1-Dec-92 23-Dec-92 BS
1. Alexander Tedja 1992 25.00 9-Aug-93 10-Aug-93 18-Aug-93 18-Sep-93 F
2. Dyah Pradnyaparamita Duarsa *) 1993 25.00 12-Jul-94 13-Jul-94 20-Jul-94 19-Aug-94 F
3. Richard Adisastra 1994 20.00 5-Jul-95 6-Jul-95 14-Jul-95 11-Aug-95 F
*) Independent Commissioners 1995 17.50 30-May-96 31-May-96 10-Jun-96 8-Jul-96 F
1996 25.00 27-Jun-97 30-Jun-97 8-Jul-97 6-Aug-97 F
BOARD OF DIRECTORS 2011 1.45 9-Oct-12 10-Oct-12 12-Oct-12 25-Oct-12 F
1. A. Stefanus Ridwan S. 2012 3.50 8-Oct-13 9-Oct-13 11-Oct-13 25-Oct-13 F
2. Lauw, Syane Wahyuni Loekito 2013 4.50 17-Jul-14 18-Jul-14 22-Jul-14 12-Aug-14 F
3. Minarto 2014 4.50 2-Jul-15 3-Jul-15 7-Jul-15 29-Jul-15 F
4. Eiffel Tedja 2015 4.50 11-Jul-16 12-Jul-16 14-Jul-16 29-Jul-16 F
5. Sutandi Purnomosidi 2016 4.50 9-Jun-17 12-Jun-17 14-Jun-17 6-Jul-17 F
6. Wong Boon Siew Ivy 2017 6.00 3-Jul-18 4-Jul-18 6-Jul-18 27-Jul-18 F
AUDIT COMMITTEE ISSUED HISTORY

1. Dyah Pradnyaparamita Duarsa Listing Trading
2. Hartono Rahardjo No. Type of Listing Shares Date Date
3. Agus Subyantara 1. First Issue 3,000,000 9-Oct-89 9-Oct-89
2. Company Listing 17,000,000 9-Oct-89 9-Oct-89
CORPORATE SECRETARY 3. Right Issue 50,000,000 1-Oct-91 1-Oct-91
Minarto Basuki 4. Bonus Shares 35,000,000 24-Dec-92 24-Dec-92
5. Right Issue 5,000 18-Jul-94 29-Jul-94
HEAD OFFICE 6. Right Issue 4,300 18-Jul-94 5-Aug-94
Gandaria 8 Office Tower 32nd Floor 7. Right Issue 6,500 18-Jul-94 10-Aug-94
Jl. Sultan Iskandar Muda 8 8. Right Issue 21,625 18-Jul-94 11-Aug-94
Jakarta 12240 9. Right Issue 30,450 18-Jul-94 16-Aug-94
Phone : (021) 2900-8000 10. Right Issue 1,650 18-Jul-94 19-Aug-94
Fax : (021) 2905-3000 11. Right Issue 20,500 18-Jul-94 19-Aug-94
Homepage : www.pakuwon.com 12. Right Issue 20,078,445 18-Jul-94 24-Aug-94
Email : investorrelations@pakuwon.com 13. Right Issue 9,804,048 18-Jul-94 30-Aug-94
minarto@pakuwon.com 14. Right Issue 74,483,629 18-Jul-94 31-Aug-94
15. Right Issue 543,853 18-Jul-94 1-Sep-94
16. Stock Split 210,000,000 29-Jan-96 29-Jan-96
17. Add. Listing without RI 247,000,000 3-Feb-06 3-Feb-06
18. Add. Listing without Right Issue Cancellation -247,000,000 20-Mar-06 20-Mar-06
19. CB Conversion 22,705,000 21-Mar-06 21-Mar-06
20. CB Conversion 224,295,000 27-Mar-06 27-Mar-06
21. CB Conversion 876,577,000 8-Aug-06 8-Aug-06
22. Stock Split 6,174,308,000 19-Sep-07 19-Sep-07
23. Bonus Shares 2,315,365,500 22-Aug-08 22-Aug-08
24. Right Issue 2,006,650,100 2-Jan-12 2-Jan-12
25. Stock Split 36,119,701,800 30-Mar-12 30-Mar-12


TRADING ACTIVITIES
Pakuwon Jati Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
800 3,200 Jan-15 545 462 499 112,556 6,716,000 3,274,163 21
Feb-15 565 481 550 69,429 2,561,866 1,316,795 19
700 2,800 Mar-15 555 486 515 85,765 2,978,488 1,509,847 22
Apr-15 535 435 438 90,113 2,140,590 1,061,334 21
May-15 475 417 442 92,895 3,477,942 1,530,904 19
600 2,400
Jun-15 455 372 430 85,264 2,619,761 1,091,585 21
Jul-15 451 390 415 61,440 1,756,072 737,236 19
500 2,000
Aug-15 422 313 380 60,816 2,245,579 826,986 20
Sep-15 378 328 331 53,599 1,480,527 524,279 21
400 1,600
Oct-15 464 329 426 78,340 2,154,735 876,440 21
Nov-15 468 408 461 54,174 1,081,725 481,291 21
300 1,200 Dec-15 505 416 496 47,304 1,190,925 554,015 19
200 800 Jan-16 505 418 448 69,744 1,567,648 723,416 20

Feb-16 498 435 458 81,565 1,774,679 824,176 20
100 400 Mar-16 540 456 484 71,210 1,787,386 894,038 21
Apr-16 550 481 525 49,505 1,334,420 691,248 21
May-16 550 482 550 39,128 995,024 512,186 20
Jun-16 645 530 615 60,831 1,835,551 1,076,340 22
Jul-16 665 600 650 50,914 1,696,267 1,073,981 16
Aug-16 690 590 595 71,603 1,895,204 1,226,464 22
Sep-16 700 560 675 69,311 2,088,609 1,323,104 21
Property, Real Estate and Bulding Construction Index Nov-16 765 635 685 102,495 4,734,696 3,258,054 22
January 2015 - July 2019 Dec-16 700 535 565 64,212 2,085,323 1,275,702 20
60%
Jan-17 610 555 560 53,285 1,080,674 633,472 21
45% Feb-17 615 550 590 52,646 1,306,378 748,621 19
36.1% Mar-17 630 550 615 47,746 915,329 536,537 22
30% Apr-17 650 540 625 38,985 642,888 384,275 17
21.9%
May-17 705 560 610 79,366 1,366,885 851,351 20
15% Jun-17 635 600 615 26,796 984,853 601,956 15
Jul-17 725 600 710 40,480 928,860 592,791 21
Aug-17 720 635 670 44,284 812,251 548,371 22
-
Sep-17 670 605 610 37,830 725,236 466,058 19
-6.4%
Oct-17 660 580 630 45,298 777,613 482,940 22
-15%
Nov-17 650 600 620 28,927 596,494 375,208 22
Dec-17 685 620 685 29,054 687,916 440,198 18
-30%
Jan-18 725 670 710 37,832 660,389 459,388 22

-45% Feb-18 715 645 675 32,972 613,665 416,556 19
Mar-18 710 595 630 40,089 458,699 294,584 21
-60% Apr-18 645 555 590 27,708 511,620 313,615 21
Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 May-18 605 494 560 64,519 1,913,974 1,042,876 20
Jun-18 625 515 530 37,685 1,175,032 659,480 13
Jul-18 590 505 515 42,562 904,402 489,833 22
SHARES TRADED 2015 2016 2017 2018 Jul-19 Aug-18 575 490 515 37,497 716,177 381,313 21
Frequency (Thou. X) 892 815 525 505 572 Nov-18 650 478 590 55,393 1,594,018 921,700 21
Days 244 246 238 240 139 Dec-18 650 585 620 45,708 718,939 438,505 18
Price (Rupiah) Jan-19 725 610 650 72,125 1,262,392 844,490 22

High 565 765 725 725 815 Feb-19 695 615 620 82,438 863,167 563,919 19
Low 313 418 540 432 610 Mar-19 725 615 690 100,736 1,055,901 701,976 20
Close 496 565 685 620 735 Apr-19 760 685 715 82,570 865,191 632,214 19
Close* 496 565 685 620 735 May-19 735 620 705 78,634 841,510 564,969 21
Jun-19 815 700 730 68,735 879,376 656,241 15
PER (X) 18.93 16.29 17.62 11.74 12.96 Jul-19 750 670 735 86,703 1,520,911 1,079,694 23
PER Industry (X) 13.36 24.89 14.52 23.25 18.85
PBV (X) 2.53 2.56 2.58 2.06 2.15


Receivables 301,528 237,296 523,043 532,085 88,862

21,000
Inventories 2,254,347 2,859,710 3,741,163 3,576,277 3,417,583

15,750
Investment 18,056 54,810 52,965 73,835 73,835
Fixed Assets 1,457,275 1,699,652 1,681,938 1,732,817 1,847,107
10,500
Other Assets 3,337 3,477 2,879 3,115 3,261
Total Assets 18,778,122 20,674,142 23,358,718 25,018,080 25,577,310
5,250
Growth (%) 10.10% 12.99% 7.10% 2.24%
-
Trade Payable 198,259 211,649 364,135 295,782 317,295 2015 2016 2017 2018 Jun-19
Growth (%) 3.55% 9.45% -8.15% -6.48%
16,500
Paid up Capital 1,203,990 1,203,990 1,203,990 1,203,990 1,203,990 15,312
16,173
12,791
Par Value 25 25 25 25 25 12,873
11,020
5,654,568 7,108,616 8,764,679 11,018,590 12,046,625 9,455
Retained Earnings
9,455,056 11,019,694 12,791,490 15,311,681 16,499,811
9,574
Total Equity
Growth (%) 16.55% 16.08% 19.70% 7.76% 6,275
2,976

Total Revenues 4,625,053 4,841,105 5,717,538 7,080,668 3,504,929
-323
2015 2016 2017 2018 Jun-19

Growth (%) 4.67% 18.10% 23.84%
Cost of Revenues 1,956,525 2,087,579 2,353,435 3,030,360 1,502,817

Gross Profit 2,668,528 2,753,526 3,364,102 4,050,309 2,002,111
Operating Expenses 1,243,386 1,021,762 1,292,411 4,050,309 354,110 7,081
Operating Profit - - - - -
7,081
5,718
Growth (%)
4,841
5,636
4,625
Other Income (Expenses) - - - - - 4,192
3,505
Tax 24,588 -48,491 47,065 26,946 14,209 2,747

Growth (%) 27.11% 13.73% 39.63%
1,303
-142
Period Attributable 1,261,887 1,670,767 1,872,781 2,542,869 1,365,152 2015 2016 2017 2018 Jun-19
Dividend (Rp) 4.50 4.50 6.00 - - 2,827
EPS (Rp) 29.08 36.97 42.04 58.70 33.92

BV (Rp) 196.33 228.82 265.61 317.94 342.61 2,250
2,025
1,780
DAR (X) 0.50 0.47 0.45 0.39 0.35 1,634
1,401
DER(X) 0.99 0.88 0.83 0.63 0.55
1,674
ROA (%) 7.46 8.61 8.67 11.30 6.39 1,097
ROE (%) 14.81 16.16 15.83 18.46 9.90

GPM (%) 57.70 56.88 58.84 57.20 57.12 520
OPM (%) - - - - -
NPM (%) 30.28 36.77 35.41 39.92 46.61
-57
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 15.47 12.17 14.27 - -
Yield (%) 0.62 0.62 0.82 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

SURYA CITRA MEDIA TBK.
Company Profile
PT Surya Citra Media Tbk. (SCMA) began its journey since 1999. It was initially was established under the
name of PT Cipta Aneka Selaras. SCMA continues to strive itself to grow and develop in order to be able
to contribute more to the media industry in Indonesia. The media industry is one of the fastest growing
industries in Indonesia and has become a part that cannot be separated from the lives of daily
Indonesians.
SCMA commits to provide media shows, programs, content and services that are meaningful and can
enrich the life style of Indonesian audiences. Through the two largest national TV channels in Indonesia,
such as Surya Citra Televisi (SCTV) and Indosiar Visual Mandiri (Indosiar), the Company continues to hone
creativity and work hard to present entertaining programs as well as educational and reliable
information.
In addition, SCMA also extends services dedicated to the production of quality content, artist
management and advertising services, as well as management of broadcast and film production facilities
that are mutually sustainable, to provide the best entertainment and viewing experience in hope to
advance the domestic media industry.
Subsidiaries directly owned by the Company are as follows: PT Surya Citra Televisi (SCTV), PT Indosiar
Visual Mandiri, PT Screenplay Produksi, PT Bangka Tele Vision, PT Surya Citra Pesona, PT Surya Trioptima
Multikreasi, PT Surya Citra Gelora, PT Indonesia Entertainmen Group.
In 2018 the company received awards: The Best in Multimedia Industry dan The Best in Navigating Digital
Shift at The 7th Annual Strategy into Performance Execution Excellence (SPEx2) Award 2018, Indonesia
Excellent Public Company 2018 Trade, Services and Investment category, Top 5 Good Corporate
Governance (GCG) Issues in Media Sector, etc.
The head office of the Company is located in SCTV Tower – Senayan City, Jl. Asia Afrika Lot. 19, Jakarta
10270. As of June 30th, 2019, the company and subsidiaries had 3,610 employees.
August 2019
Disclaimer:

SCMA Surya Citra Media Tbk.

Industry Sub Sector : Advertising, Printing And Media (95) Market Capitalization : 22,891,609,466,550
52 | 22.9T | 0.31% | 70.85%
70 | 10.2T | 0.32% | 75.53%

Established Date : 29-Jan-1999 1. PT Elang Mahkota Teknologi Tbk. 9,060,236,218 : 61.35%
Underwriter IPO :
PT CLSA Indonesia DIVIDEND ANNOUNCEMENT
F/I
2002 15.00 20-Aug-02 21-Aug-02 26-Aug-02 9-Sep-02 I
1. Raden Soeyono 2003 5.00 5-Aug-04 6-Aug-04 10-Aug-04 25-Aug-04 F
2. Alvin W. Sariaatmadja 2004 35.00 23-Jun-05 24-Jun-05 28-Jun-05 12-Jul-05 F
3. Glenn M. Surya Yusuf *) 2004 25.00 8-Dec-05 9-Dec-05 13-Dec-05 28-Dec-05 F
4. Jay Geoffrey Wacher 2005 50.16 22-Jun-06 23-Jun-06 27-Jun-06 11-Jul-06 F
5. Suryani Zaini *) 2006 8.00 15-Dec-06 18-Dec-06 20-Dec-06 5-Jan-07 I
*) Independent Commissioners 2007 20.00 1-Aug-07 2-Aug-07 6-Aug-07 21-Aug-07 I
2007 8.00 10-Sep-08 11-Sep-08 15-Sep-08 29-Sep-08 F
BOARD OF DIRECTORS 2008 40.00 16-Dec-08 17-Dec-08 19-Dec-08 8-Jan-09 I
1. Sutanto Hartono 2008 130.00 19-Jun-09 22-Jun-09 24-Jun-09 7-Jul-09 F
2. Harsiwi Achmad 2009 170.00 16-Jun-10 17-Jun-10 21-Jun-10 5-Jul-10 F
3. Imam Sudjarwo 2010 60.00 8-Nov-10 9-Nov-10 11-Nov-10 23-Nov-10 I
4. Mutia Nandika 2010 225.00 27-Jun-11 28-Jun-11 1-Jul-11 12-Jul-11 F
5. Rusmiyati Djajaseputra 2011 35.00 27-Jun-11 28-Jun-11 1-Jul-11 12-Jul-11 I
2011 125.00 14-Jun-12 15-Jun-12 19-Jun-12 3-Jul-12 F
AUDIT COMMITTEE 2012 48.00 6-May-13 7-May-13 10-May-13 24-May-13 F
1. Glenn M. Surya Yusuf 2013 15.00 21-Nov-13 22-Nov-13 26-Nov-13 10-Dec-13 I
2. Petrus Nugroho Wicaksono 2013 51.00 18-Aug-14 19-Aug-14 21-Aug-14 4-Sep-14 F
3. Patricia M. Sugondo 2014 70.00 28-Apr-15 29-Apr-15 4-May-15 21-May-15 F
2015 55.00 3-Dec-15 4-Dec-15 8-Dec-15 22-Dec-15 I
CORPORATE SECRETARY 2015 28.00 25-May-16 26-May-16 30-May-16 6-Jun-16 F
Gilang Iskandar 2016 55.00 2-Dec-16 5-Dec-16 7-Dec-16 22-Dec-16 I
2016 18.00 26-May-17 29-May-17 31-May-17 8-Jun-17 F
HEAD OFFICE 2017 40.00 12-Dec-17 13-Dec-17 15-Dec-17 22-Dec-17 I
SCTV Tower, Senayan City 2017 35.00 2-Jul-18 3-Jul-18 5-Jul-18 25-Jul-18 F
Jl. Asia Afrika Lot. 19 2018 20.00 12-Dec-18 13-Dec-18 12-Dec-18 28-Dec-18 I
Jakarta 10270
Phone : (021) 2793-5599 ISSUED HISTORY
Fax : (021) 2793-5598 Listing Trading
Homepage : www.scm.co.id No. Type of Listing Shares Date Date
Email : corsec@scm.co.id 1. First Issue 375,000,000 16-Jul-02 16-Jul-02
gilang.iskandar@indosiar.com 2. First Issue (Greenshoe) 56,250,000 16-Jul-02 16-Jul-02
olle.wennerdahl@scm.co.id 3. Company Listing 1,443,750,000 T: 16-Jul-02 : 28-Feb-03
4. Warrant 18,750,000 5-Mar-03 5-Mar-03
5. ESOP Conversion 56,250,000 T: 23-May-08 : 14-Jun-12
6. Stock Split 7,800,000,000 29-Oct-12 29-Oct-12
7. Merger with IDKM 4,871,601,234 1-May-13 1-May-13
8. Add. Listing without RI 147,179,067 29-May-19 29-May-19


TRADING ACTIVITIES
Surya Citra Media Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
4,000 160 Jan-15 3,730 3,205 3,415 62,923 408,147 1,407,805 21
Feb-15 4,040 3,325 3,650 72,671 383,350 1,392,435 19
3,500 140 Mar-15 3,680 3,150 3,395 70,054 418,705 1,451,881 22
Apr-15 3,470 2,710 2,900 55,063 425,381 1,395,129 21
May-15 3,240 2,875 3,090 47,429 179,558 548,669 19
3,000 120
Jun-15 3,700 2,750 2,875 52,981 236,568 693,372 21
Jul-15 3,130 2,800 2,950 40,018 146,752 432,260 19
2,500 100
Aug-15 2,920 2,285 2,730 57,267 316,060 823,566 20
Sep-15 2,845 2,470 2,740 43,883 189,189 491,120 21
2,000 80
Oct-15 3,450 2,645 2,925 60,159 240,686 716,870 21
Nov-15 3,455 2,950 3,030 65,032 232,719 740,646 21
1,500 60 Dec-15 3,185 2,950 3,100 47,180 197,277 603,671 19
1,000 40 Jan-16 3,320 2,625 2,700 56,917 235,608 681,337 20

Feb-16 3,075 2,525 2,900 50,749 274,548 774,420 20
500 20 Mar-16 3,320 2,785 3,140 57,381 281,605 838,593 21
Apr-16 3,305 3,010 3,200 39,120 196,512 623,649 21
May-16 3,540 3,070 3,350 36,123 305,490 1,013,464 20
Jun-16 3,550 3,120 3,300 40,830 356,521 1,177,885 22
Jul-16 3,340 3,130 3,160 35,176 171,534 557,692 16
Aug-16 3,330 2,900 3,030 48,006 191,931 605,290 22
Sep-16 3,100 2,680 2,800 52,386 264,429 757,270 21
January 2015 - July 2019 Dec-16 2,890 2,460 2,800 37,832 396,526 1,016,794 20
45%
Jan-17 2,970 2,560 2,820 39,750 225,902 631,439 21
30% Feb-17 3,180 2,780 2,950 46,930 285,740 839,994 19
21.9% Mar-17 2,950 2,540 2,700 55,255 305,286 832,308 22
15% Apr-17 2,950 2,720 2,860 36,519 251,457 715,448 17
May-17 3,010 2,690 2,910 38,409 255,017 724,222 20
- Jun-17 2,910 2,560 2,590 32,546 256,497 690,218 15
Jul-17 2,680 2,160 2,360 64,559 738,555 1,698,849 21
-7.2%
Aug-17 2,470 2,160 2,210 53,188 467,463 1,091,170 22
-15%
Sep-17 2,370 1,960 2,190 49,165 339,570 743,891 19
Oct-17 2,230 2,050 2,150 48,985 424,470 906,184 22
-30%
Nov-17 2,300 1,935 2,200 49,456 606,836 1,252,847 22
Dec-17 2,560 2,180 2,480 39,517 356,214 852,263 18
-45%
-55.7%
Jan-18 2,690 2,330 2,690 44,103 459,484 1,142,785 22
-60% Feb-18 2,980 2,610 2,850 36,025 343,182 937,773 19
Mar-18 2,910 2,620 2,710 30,897 254,074 705,956 21
-75% Apr-18 2,840 2,370 2,560 30,170 194,897 515,762 21
Jun-18 2,530 1,990 2,060 40,667 202,162 456,583 13
Jul-18 2,310 1,965 2,050 38,994 315,308 661,774 22
Days 244 246 238 240 139 Dec-18 1,995 1,805 1,870 44,945 258,946 491,377 18
Price (Rupiah) Jan-19 2,030 1,825 1,885 65,256 285,939 550,228 22

High 4,040 3,550 3,180 2,980 2,030 Feb-19 1,890 1,705 1,750 48,678 194,531 347,588 19
Low 2,285 2,130 1,935 1,490 1,410 Mar-19 1,845 1,635 1,655 37,303 181,009 316,466 20
Close 3,100 2,800 2,480 1,870 1,550 Apr-19 1,865 1,605 1,860 41,728 192,201 329,979 19
Close* 3,100 2,800 2,480 1,870 1,550 May-19 1,870 1,435 1,650 54,060 216,964 348,636 21
Jun-19 1,785 1,580 1,610 33,827 124,493 208,237 15
PER (X) 29.75 27.28 27.23 18.42 14.63 Jul-19 1,655 1,410 1,550 55,420 228,762 347,613 23
PER Industry (X) 14.53 19.07 17.44 13.13 13.96
PBV (X) 13.28 9.80 7.76 5.38 4.07


Receivables 1,411,872 1,533,512 1,556,361 1,506,015 1,991,150

532,656 689,291 765,985 942,702 983,307 6,000
Inventories
Current Assets 2,843,500 2,952,181 2,708,606 3,426,795 3,974,508
4,500
Fixed Assets 962,114 966,766 1,029,336 1,049,625 1,063,212
Other Assets 29,919 32,558 40,403 26,903 30,960
3,000
Total Assets 4,565,964 4,820,612 5,385,808 6,138,227 6,901,397
Growth (%) 5.58% 11.72% 13.97% 12.43% 1,500
Current Liabilities 860,470 990,468 743,336 804,149 1,049,123 -

Total Liabilities 1,152,288 1,115,204 980,415 1,035,274 1,282,305
Growth (%) -3.22% -12.09% 5.60% 23.86%
Paid up Capital 731,080 731,080 731,080 731,080 738,439 5,619
5,103
Par Value 50 50 50 50 50 3,705
4,473
3,414
Total Equity 3,413,676 3,705,408 4,405,393 5,102,953 5,619,092
3,327
Growth (%) 8.55% 18.89% 15.83% 10.11% 2,180
Total Revenues 4,237,980 4,524,136 4,453,849 5,001,849 2,766,118

Growth (%) 6.75% -1.55% 12.30%
-112
2015 2016 2017 2018 Jun-19
Gross Profit 4,237,980 4,524,136 4,453,849 5,001,849 2,766,118
Expenses (Income) 2,223,431 2,520,794 2,681,737 3,064,153 1,879,381
4,524 4,454
Growth (%) -0.56% -11.54% 9.34%
5,002
4,238
3,981
Other Income (Expenses) 23,918 20,210 9,932 31,323 109,185

2,766
Tax 516,881 512,407 464,295 493,976 236,504

Growth (%) -0.69% -12.80% 11.94%

920
Current Ratio (%) 330.46 298.06 364.39 426.14 378.84
1,522 1,511 1,475
Dividend (Rp) 83.00 73.00 75.00 20.00 -
1,318
1,522
EPS (Rp) 104.20 102.65 91.06 101.55 52.98

BV (Rp) 233.47 253.42 301.29 349.00 380.47 1,211
DAR (X) 0.25 0.23 0.18 0.17 0.19

759
DER(X) 0.34 0.30 0.22 0.20 0.23
901
ROA (%) 33.32 31.35 24.47 24.03 11.00 590
ROE (%) 44.57 40.78 29.91 28.91 13.51

GPM (%) 100.00 100.00 100.00 100.00 100.00 280
OPM (%) 47.54 44.28 39.79 38.74 32.06

NPM (%) 35.90 33.40 29.59 29.49 27.45
-30
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 79.66 71.11 82.36 19.70 -
Yield (%) 2.68 2.61 3.02 1.07 -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

SEMEN INDONESIA (PERSERO) TBK.
Company Profile
PT Semen Indonesia (Persero) Tbk., previously named PT Semen Gresik (Persero) Tbk. is a company
engaged in cement industry, inaugurated in Gresik on 7 August 1957. The company is the largest
cement producer in Indonesia and listed as the first State Owned Enterprise (SOE) to go regional.
Continuing its support for the nation development, the company is currently intensifying its
downstream cement products development, expanding market coverage and ensuring the sufficient
of production.
On January 31, 2019, PT Semen Indonesia (Persero) Tbk through its subsidiary PT Semen Indonesia
Industri Bangunan (SIIB) has officially acquired 80.6% ownership of Holderfin B.V. placed and paid for
at PT Holcim Indonesia Tbk. Furthermore, on February 11, 2019, through the mechanism of the
Extraordinary General Meeting of Shareholders, the change of name of PT Holcim Indonesia Tbk has
been approved to become PT Solusi Bangun Indonesia Tbk.
Cement is the company’s core business and the business activities in production and distribution of
cement product and downstream cement products. The company produces several cement types. Its
flagship product is portland cement type II-V (Non OPC). The Company also produce specific types and
mixed cement products for limited usage. The following lists all cement types are Portland Cement
Type I (Ordinary Portland cement – OPC), Portland Cement Type II-V, Special Blended Cement (SBC),
Portland Pozzolan Cement (PPC), Portland Composite Cement (PCC), Super Mansory Cement (SMC),
Oil Well Cement (OWC) – Class G HRC, Super White Cement (SWC).
The company establish subsidiaries, associates and affiliates that are engaged in cement related
business, from cement production, distribution to product usage, which cover Coal mining, trading and
transportation, ready mix concrete production, limestone and clay mining, cement bag producer,
industrial development, information system, investment, loading and unloading services and
construction, cement raw material production, tranportation management service, transhipment
service, cement packing and distribution and developer, civil contractors, mechanical and electrical
contractors, workshop and manufacturing, steel fabrication, heavy equipment rental and maintanance
services, engineering, and industrial and training bureau.
The head office of the Company is located in Gedung Utama Semen Indonesia Jl. Veteran, Gresik 61122.
As of June 30th, 2019, the Company and its subsidiaries had 11,749 employees.
August 2019
Disclaimer:

SMGR Semen Indonesia (Persero) Tbk.

Industry Sub Sector : Cement (31) Market Capitalization : 76,368,320,000,000
15 | 76.4T | 1.05% | 53.74%
21 | 34.9T | 1.09% | 55.33%

Underwriter IPO :
PT Buanamas Investindo DIVIDEND ANNOUNCEMENT
PT Ficorinvest Bonus Cash Recording Payment
F/I
PT Indovest Securities Year Shares Dividend Cum Date Ex Date Date Date
PT Merchant Investment Corporation 1991 284.70 12-Jun-92 15-Jun-92 22-Jun-92 13-Jul-92 F
PT Multicor 1992 267.75 14-Jun-93 15-Jun-93 24-Jun-93 22-Jul-93 F
PT Nikko Securities Indonesia 1993 164.18 13-Jul-94 14-Jul-94 21-Jul-94 19-Aug-94 F
PT Nomura Indonesia 1994 184.51 3-Jul-95 4-Jul-95 12-Jul-95 11-Aug-95 F
PT Primarindo Daya Investama 1995 109.62 11-Jul-96 12-Jul-96 22-Jul-96 20-Aug-96 F
PT Datindo Entrycom 1997 156.82 9-Jul-98 10-Jul-98 20-Jul-98 18-Aug-98 F
1998 135.06 13-Jul-99 14-Jul-99 22-Jul-99 20-Aug-99 F
1. Soekarwo 2000 231.14 5-Jul-01 6-Jul-01 13-Jul-01 20-Jul-01 F
2. Astera Primanto Bhakti 2001 267.61 18-Jul-02 19-Jul-02 24-Jul-02 7-Aug-02 F
3. Hendrika Nora O. Sinaga 2002 115.03 18-Jul-03 21-Jul-03 23-Jul-03 6-Aug-03 F
4. Lydia Silvanna Djaman 2003 174.68 23-Jul-04 26-Jul-04 28-Jul-04 11-Aug-04 F
5. Mochamad Choliq *) 2003 112.73 22-Dec-04 23-Dec-04 28-Dec-04 7-Jan-05 F
6. Nasaruddin Umar *) 2004 39.67 5-Jan-05 6-Jan-05 10-Jan-05 18-Jan-05 I
7. Sony Subrata 2004 267.51 18-Jul-05 19-Jul-05 21-Jul-05 1-Aug-05 F
2006 1,092.06 19-Jul-07 20-Jul-07 24-Jul-07 7-Aug-07 F
BOARD OF DIRECTORS 2007 149.66 29-May-08 30-May-08 3-Jun-08 17-Jun-08 F
1. Hendi Prio Santoso 2008 215.19 21-Jul-09 22-Jul-09 24-Jul-09 7-Aug-09 F
2. Adi Munandir 2009 58.00 7-Dec-09 8-Dec-09 10-Dec-09 23-Dec-09 I
3. Benny Wendry 2009 250.45 19-Jul-10 20-Jul-10 22-Jul-10 5-Aug-10 F
4. Doddy Sulasmono Diniawan 2010 58.00 27-Dec-10 28-Dec-10 30-Dec-10 4-Jan-11 I
5. Fadjar Judisiawan 2010 248.26 27-Jul-11 28-Jul-11 1-Aug-11 15-Aug-11 F
6. Tina T. Kemala Intan 2011 330.89 17-Jul-12 18-Jul-12 20-Jul-12 3-Aug-12 F
7. Tri Abdisatrijo 2012 367.74 29-May-13 30-May-13 3-Jun-13 17-Jun-13 F
2013 407.42 28-Apr-14 29-Apr-14 2-May-14 19-May-14 F
1. Mochamad Choliq 2015 304.91 20-May-16 23-May-16 25-May-16 16-Jun-16 F
2. Astera Primanto Bhakti 2017 135.83 8-May-18 9-May-18 14-May-18 31-May-18 F
3. Elok Tresnaningsih
4. Muhammad Zainal Abidin ISSUED HISTORY
Listing Trading
Vita Mahreyni 1. First Issue 40,000,000 8-Jul-91 8-Jul-91
2. Partial Listing 30,000,000 8-Jul-91 17-May-92
HEAD OFFICE 3. Company Listing 78,288,000 2-Jun-95 2-Jun-95
South Quarter, Tower A, Lantai 19-20, 4. Right Issue 444,864,000 10-Aug-95 10-Aug-95
Jl. R.A. Kartini Kav. 8, Cilandak Barat, 5. Stock Split 5,338,368,000 7-Aug-07 7-Aug-07
Jakarta 12430
Phone : 021-5261174-5
Fax : (031) 398-3209
Homepage : www.semenindonesia.com
Email : info@semenindonesia.com
vita.mahreyni@semenindonesia.com


TRADING ACTIVITIES
Semen Indonesia (Persero) Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
18,000 160 Jan-15 16,475 13,950 14,575 86,580 270,215 4,033,800 21
Feb-15 15,150 14,350 14,875 52,352 153,045 2,256,306 19
15,750 140 Mar-15 14,950 12,525 13,650 70,512 170,929 2,401,500 22
Apr-15 13,875 12,400 12,500 56,978 172,031 2,302,086 21
May-15 13,500 12,500 13,450 45,572 155,975 2,054,754 19
13,500 120
Jun-15 13,575 11,800 12,000 46,571 92,958 1,178,852 21
Jul-15 12,350 9,900 10,100 55,477 119,013 1,330,665 19
11,250 100
Aug-15 10,300 7,100 9,250 75,560 175,405 1,544,000 20
Sep-15 10,500 8,100 9,050 66,098 150,962 1,445,208 21
9,000 80
Oct-15 11,300 9,050 9,800 69,272 158,028 1,648,908 21
Nov-15 11,775 9,625 10,625 66,730 144,770 1,571,643 21
6,750 60 Dec-15 11,500 10,275 11,400 55,352 119,304 1,300,428 19
4,500 40 Jan-16 11,475 10,000 11,050 57,333 159,850 1,708,818 20

Feb-16 11,175 9,925 10,250 56,610 140,574 1,491,946 20
2,250 20 Mar-16 10,750 10,000 10,175 61,762 148,201 1,554,343 21
Apr-16 10,800 9,800 9,900 50,072 127,500 1,319,702 21
May-16 9,900 8,675 9,000 58,603 146,011 1,342,001 20
Jun-16 9,350 8,700 9,350 62,183 148,752 1,344,282 22
Jul-16 9,850 8,950 9,375 78,841 355,241 3,346,668 16
Aug-16 11,875 9,400 9,900 95,879 497,710 5,273,970 22
Sep-16 10,700 9,625 10,100 67,010 275,818 2,802,929 21
Basic Industry and Chemicals Index Nov-16 9,900 8,050 8,875 69,707 171,006 1,502,710 22
January 2015 - July 2019 Dec-16 9,500 8,875 9,175 44,800 115,618 1,064,342 20
80%
Jan-17 9,500 8,575 9,025 43,912 111,066 1,003,395 21
60% Feb-17 9,875 9,025 9,625 41,592 120,445 1,133,685 19
54.5%
Mar-17 9,625 8,750 9,000 49,228 131,215 1,205,612 22
40% Apr-17 9,225 8,650 8,825 34,829 127,117 1,132,891 17
May-17 9,500 8,600 9,450 46,405 136,277 1,225,227 20
20% 21.9% Jun-17 10,250 9,025 10,000 39,381 111,872 1,090,751 15
Jul-17 10,400 9,750 9,950 47,774 162,433 1,643,111 21
Aug-17 11,075 9,850 10,475 47,198 160,104 1,713,181 22
-
Sep-17 10,600 9,025 10,125 49,376 162,073 1,612,693 19
Oct-17 11,100 10,000 10,900 50,556 116,820 1,260,583 22
-20% -20.5% Nov-17 10,800 9,400 9,400 46,115 101,009 1,027,855 22
Dec-17 10,400 9,125 9,900 41,697 102,696 1,001,753 18
-40%
Jan-18 11,725 10,100 11,150 63,721 144,536 1,577,515 22

-60% Feb-18 11,775 10,100 11,125 50,769 123,175 1,343,811 19
Mar-18 11,425 9,550 10,350 53,664 140,481 1,463,936 21
-80% Apr-18 11,025 9,200 9,650 52,919 103,791 1,046,206 21
Jun-18 8,825 7,000 7,125 41,034 124,680 1,015,971 13
Jul-18 7,850 6,500 7,600 47,998 115,668 840,181 22
Days 244 246 238 240 139 Dec-18 12,175 11,100 11,500 61,877 141,680 1,645,785 18
Price (Rupiah) Jan-19 13,450 11,000 12,675 82,457 184,105 2,251,877 22

High 16,475 11,875 11,100 12,225 14,450 Feb-19 13,200 11,925 12,650 61,676 154,187 1,958,764 19
Low 7,100 8,050 8,575 6,500 10,075 Mar-19 14,000 12,325 13,950 53,372 134,561 1,772,849 20
Close 11,400 9,175 9,900 11,500 12,875 Apr-19 14,450 12,550 13,500 81,207 199,497 2,707,515 19
Close* 11,400 9,175 9,900 11,500 12,875 May-19 13,250 10,075 11,550 138,551 356,530 4,067,416 21
Jun-19 12,400 10,950 11,575 64,913 171,822 1,992,326 15
PER (X) 14.96 12.04 29.16 22.15 78.77 Jul-19 12,950 11,650 12,875 64,354 187,794 2,333,793 23
PER Industry (X) 4.10 20.86 13.10 12.36 13.69
PBV (X) 2.46 1.91 1.93 2.15 2.39


Receivables 3,628,641 4,018,284 4,995,015 5,959,717 5,956,184

2,408,974 2,671,145 3,686,332 3,544,142 5,686,873 70,000
Inventories
Current Assets 10,538,704 10,373,159 13,801,819 16,007,686 16,931,259
52,500
Fixed Assets 25,167,683 30,864,750 32,523,310 32,748,896 47,606,504
Other Assets 360,109 347,866 351,743 343,315 403,649
35,000
Total Assets 38,153,119 44,226,896 48,963,503 51,155,890 76,983,222
Growth (%) 15.92% 10.71% 4.48% 50.49% 17,500

Growth (%) 27.45% 35.69% -0.57% 144.65%
Paid up Capital 593,152 593,152 593,152 593,152 593,152 32,736 30,574 30,439
27,441
Par Value 100 100 100 100 100
26,058

Total Equity 27,440,798 30,574,391 30,439,052 32,736,296 31,919,288
19,380
Growth (%) 11.42% -0.44% 7.55% -2.50% 12,702
Total Revenues 26,948,004 26,134,306 27,813,664 30,687,626 16,351,037

Growth (%) -3.02% 6.43% 10.33%
-655
2015 2016 2017 2018 Jun-19
Cost of Revenues 16,302,008 16,278,434 19,854,065 21,357,096 11,686,431

Gross Profit 10,645,996 9,855,872 7,959,599 9,330,530 4,664,606
Expenses (Income) 4,795,073 4,771,251 5,213,052 5,225,571 3,988,186
26,948 27,814
Growth (%)
30,688
26,134
24,427

16,351
Tax 1,325,482 549,585 703,520 1,019,255 195,596

Growth (%) 0.21% -54.95% 51.04%

5,647
Current Ratio (%) 159.70 127.25 156.78 195.15 122.06
4,525 4,535
Dividend (Rp) 304.91 - 135.83 - - 4,535
EPS (Rp) 762.28 762.30 339.54 519.11 81.73

BV (Rp) 4,626.27 5,154.56 5,131.75 5,519.04 5,381.30 3,610
3,086
DAR (X) 0.28 0.31 0.38 0.36 0.59
DER(X) 0.39 0.45 0.61 0.56 1.41 2,043
2,685
ROA (%) 11.86 10.25 4.17 6.03 0.62 1,760
ROE (%) 16.49 14.83 6.71 9.43 1.51

GPM (%) 39.51 37.71 28.62 30.40 28.53 834
481
OPM (%) - - - - -
NPM (%) 16.79 17.35 7.35 10.06 2.94
-91
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 40.00 - 40.00 - -
Yield (%) 2.67 - 1.37 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

SRI REJEKI ISMAN TBK.
Company Profile
PT Sri Rejeki Isman Tbk (Sritex or the Company) has been established from a traditional trading
company that soled textile products named “Sri Redjeki”, located at Klewer Market, Solo, and
founded by H. M. Lukminto in 1966. Sritex has developed by producing bleached and dyed fabric
at the first factory in Baturono, Solo, in 1968. In 1978, “Sri Redjeki” officially changed to PT Sri Rejeki
Isman. The Company officially issued an Initial Public Offering in 2013, thus automatically changed
its name to PT Sri Rejeki Isman Tbk.
Currently, Sritex has become a vertically integrated textile company with more than 18 thousand
employees. The Company concentrates most of its operations at a 79 hectare of land in Sukoharjo,
Central Java. Four production lines consisting of spinning, weaving, printing, dyeing and garment.
The Company becomes an integrated textile garment company with high quality control standards.
Sritex transformed into a modern company with professional staff from inside and outside the
country, such as South Korea, Philippines, India, Germany and China. Sritex also has customers from
large and modern retailers, such as H&M, Walmart, K-Mart and Uniqlo.
Until 2018, the Company has 4 subsidiaries, PT Sinar Pantja Djaja, PT Bitratex Industries, PT
Primayudha Mandiri Jaya and Golden Legacy Pte Ltd which support the parent company’s business.
In the late 2018 the Company was awarded: Indonesia Excellent Public Company 2018
Miscellaneous Industry category,
The main office of the company is located in Jl. K.H. Samanhudi No.88, Jetis, Kec. Sukoharjo,
Kabupaten Sukoharjo, Jawa Tengah 57511. As of June 30th, 2019, the Company and its Subsidiary
had a total number of 18,998 employees.
August 2019
Disclaimer:

SRIL Sri Rejeki Isman Tbk.

Industry Sector : Miscellaneous Industry (4) Listed Shares : 20,452,176,844
Industry Sub Sector : Textile, Garment (43) Market Capitalization : 7,158,261,895,400
135 | 7.16T | 0.10% | 88.00%
26 | 31.0T | 0.97% | 59.06%

Established Date : 22-May-1978 1. PT Huddleston Indonesia 11,854,091,076 : 57.96%
Listing Date : 17-Jun-2013 (IPO Price: 240) 2. Public (<5%) 8,598,085,768 : 42.04%
Underwriter IPO :
F/I
PT Adimitra Jasa Korpora Year Shares Dividend Cum Date Ex Date Date Date
2013 2.00 30-Jun-14 1-Jul-14 3-Jul-14 18-Jul-14 F
1. Susyana Lukminto 2015 3.00 25-May-16 26-May-16 30-May-16 17-Jun-16 F
2. Megawati 2016 3.00 26-May-17 29-May-17 31-May-17 21-Jun-17 F
3. Sudjarwadi *) 2017 8.00 25-May-18 28-May-18 31-May-18 21-Jun-18 F
4. Alpino Kian Jaya *)
*) Independent Commissioners ISSUED HISTORY
Listing Trading
BOARD OF DIRECTORS No. Type of Listing Shares Date Date
1. Iwan Setiawan Lukminto 1. First Issue 5,600,000,000 17-Jun-13 17-Jun-13
2. Allan Moran Severino 2. Company Listing 12,992,888,040 17-Jun-13 17-Jun-13
3. Arief Halim 3. Add. Listing without RI 1,859,288,804 6-Dec-17 6-Dec-17
4. Nasir Tamara Tamimi
5. Iwan Kurniawan Lukminto
6. Karunakaran Ramamoorthy
7. Eddy Prasetyo Salim
8. Mira Christina Setiady
AUDIT COMMITTEE
1. Sudjarwadi
2. Ida Bagus Oka Nila
3. Yose Rizal
CORPORATE SECRETARY
Welly Salam
HEAD OFFICE
Jl. K.H. Samanhudi 88
Jetis, Sukoharjo
Jawa Tengah 57511
Phone : (0271) 593-188
Fax : (0271) 593-488
Homepage : www.sritex.co.id
Email : cmo@sritex.co.id
welly.salam@sritex.co.id


TRADING ACTIVITIES
Sri Rejeki Isman Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
500 4,800 Jan-15 180 149 155 26,148 1,994,729 315,639 21
Feb-15 166 148 153 28,613 2,051,613 319,408 19
438 4,200 Mar-15 270 152 229 167,822 8,131,661 1,742,646 22
Apr-15 279 229 271 112,951 7,701,622 1,977,162 21
May-15 350 271 339 114,262 3,327,174 1,073,958 19
375 3,600
Jun-15 349 269 303 104,878 2,929,507 934,877 21
Jul-15 497 304 470 231,373 8,903,014 3,580,929 19
313 3,000
Aug-15 495 283 325 244,239 6,980,305 2,660,259 20
Sep-15 417 316 384 93,795 2,335,340 844,763 21
250 2,400
Oct-15 417 366 379 50,890 918,404 362,221 21
Nov-15 398 323 372 49,201 727,982 269,862 21
188 1,800 Dec-15 395 350 389 78,428 1,176,910 450,095 19
125 1,200 Jan-16 417 256 266 162,832 3,099,188 1,029,980 20

Feb-16 291 232 241 135,436 2,901,948 762,344 20
63 600 Mar-16 328 241 323 123,430 4,191,918 1,213,137 21
Apr-16 324 286 288 61,737 1,966,921 594,820 21
May-16 296 250 272 60,798 2,110,777 572,625 20
Jun-16 288 254 260 58,820 1,942,871 520,227 22
Jul-16 284 256 264 37,770 1,499,067 406,218 16
Aug-16 302 252 256 66,852 3,068,648 849,865 22
Sep-16 268 208 208 60,467 2,528,685 609,492 21
Miscellaneous Industry Index Nov-16 282 230 240 125,704 3,673,716 940,595 22
January 2015 - July 2019 Dec-16 246 220 230 53,556 1,250,881 290,292 20
210%
Jan-17 262 224 232 104,866 2,905,948 701,102 21
180% Feb-17 360 232 340 104,056 5,980,486 1,728,024 19
Mar-17 496 278 350 501,044 23,467,798 8,605,880 22
150% Apr-17 354 298 302 131,573 4,209,125 1,331,816 17
May-17 362 282 326 283,316 6,651,547 2,173,686 20
120% Jun-17 338 296 320 100,034 4,592,333 1,462,586 15
116.0%
Jul-17 378 316 338 186,500 6,024,654 2,091,937 21
Aug-17 378 322 370 211,068 9,499,280 3,325,462 22
90%
Sep-17 370 338 348 157,743 4,780,075 1,687,428 19
Oct-17 414 344 364 204,944 13,047,622 5,043,211 22
60%
Nov-17 398 362 370 116,979 2,687,706 1,028,560 22
Dec-17 396 350 380 173,401 4,666,342 1,736,419 18
30%
21.9%
Jan-18 396 364 382 71,400 2,515,518 950,277 22
- Feb-18 390 324 336 110,469 6,077,454 2,112,098 19
-4.7%
Mar-18 360 322 334 53,903 2,810,071 957,489 21
-30% Apr-18 372 330 342 51,644 3,305,803 1,158,406 21
Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 May-18 346 318 344 32,948 901,401 299,841 20
Jun-18 364 330 344 21,360 673,752 233,261 13
Jul-18 380 302 342 43,791 1,247,120 436,606 22
SHARES TRADED 2015 2016 2017 2018 Jul-19 Aug-18 370 332 344 24,319 742,181 256,483 21
Volume (Million Sh.) 47,178 34,313 88,513 47,205 43,775 Sep-18 366 336 344 30,391 2,892,142 1,009,719 19
Value (Billion Rp) 14,532 9,245 30,916 16,711 15,195 Oct-18 378 312 362 405,696 17,905,413 6,336,028 23
Frequency (Thou. X) 1,303 1,113 2,276 1,505 1,156 Nov-18 374 350 360 121,349 4,709,025 1,713,833 21
Days 244 246 238 240 139 Dec-18 376 348 358 537,272 3,425,163 1,246,939 18
Price (Rupiah) Jan-19 366 322 340 398,232 8,336,653 2,891,373 22

High 497 417 496 396 372 Feb-19 358 328 352 174,269 9,066,499 3,108,780 19
Low 148 204 224 302 316 Mar-19 354 336 338 26,014 1,072,261 368,406 20
Close 389 230 380 358 350 Apr-19 342 332 336 11,382 204,588 69,501 19
Close* 389 230 380 358 350 May-19 350 316 340 34,205 1,602,687 539,468 21
Jun-19 346 334 338 11,415 283,739 96,531 15
PER (X) 9.42 5.36 8.43 5.95 4.00 Jul-19 372 326 350 500,487 23,208,626 8,120,677 23
PER Industry (X) 0.95 13.86 4.78 16.58 23.20
PBV (X) 1.89 1.07 1.30 0.98 0.88


Cash & Cash Equivalents 1,130,591 812,707 1,723,740 1,862,441 1,932,966 21,250
Receivables 1,497,681 2,009,497 2,555,953 2,851,609 3,423,046

1,990,249 1,983,368 648,804 4,825,639 4,591,127 17,000
Inventories
Current Assets 4,736,230 5,079,147 8,739,147 10,270,325 10,682,238
12,750
Fixed Assets 6,461,933 6,977,375 7,406,799 9,504,375 9,360,610
8,500
Total Assets 11,481,513 12,726,172 16,161,423 19,839,243 20,117,970
Growth (%) 10.84% 26.99% 22.76% 1.40% 4,250
Current Liabilities 984,296 1,659,721 2,373,446 3,329,468 1,091,825 -

Growth (%) 11.48% 22.88% 21.25% -2.86%
Paid up Capital 1,859,289 1,859,289 1,859,289 1,859,289 2,045,218 8,138
7,507
5,990
Par Value 100 100 100 100 100
6,478
Retained Earnings 1,792,408 2,386,770 102,269 4,566,577 5,275,131 4,449

4,056
Total Equity 4,056,195 4,448,787 5,990,368 7,507,272 8,138,430
4,818
Growth (%) 9.68% 34.65% 25.32% 8.41% 3,158
Total Revenues 9,116,561 9,135,667 10,287,672 15,035,636 8,932,022

Growth (%) 0.21% 12.61% 46.15%
-163
2015 2016 2017 2018 Jun-19
Cost of Revenues 7,161,091 7,182,731 7,967,296 12,363,136 7,077,868

Gross Profit 1,955,470 1,952,936 2,320,376 2,672,500 1,854,154
Expenses (Income) 517,779 401,716 325,859 1,937,084 338,289
Operating Profit 1,437,692 1,551,220 1,994,518 735,417 1,515,865 15,036
Growth (%) 7.90% 28.58% -63.13%
10,288
11,968
Other Income (Expenses) -491,074 -664,070 -847,302 710,252 -542,864 9,117 9,136 8,932
Income before Tax 946,618 887,149 1,147,215 1,445,669 973,001 8,901
Tax 130,752 89,512 55,626 216,055 78,607

Profit for the period 815,866 797,637 1,091,590 1,229,614 894,394 5,834
Growth (%) -2.23% 36.85% 12.64%

2,767
Period Attributable 815,824 797,637 1,091,590 1,229,614 894,394 -301
Comprehensive Income 810,329 784,496 1,060,760 3,823,639 898,090 2015 2016 2017 2018 Jun-19
Comprehensive Attributable 810,281 784,496 1,060,760 1,253,020 898,090
Current Ratio (%) 481.18 306.02 368.20 308.47 978.38
1,230
Dividend (Rp) 3.00 3.00 8.00 - - 1,230
1,092
EPS (Rp) 43.88 42.90 58.71 66.13 43.73
894
BV (Rp) 218.16 239.27 322.19 403.77 397.92 979
816 798
DAR (X) 0.65 0.65 0.63 0.62 0.60
DER(X) 1.83 1.86 1.70 1.64 1.47
728
ROA (%) 7.11 6.27 6.75 6.20 4.45 477
ROE (%) 20.11 17.93 18.22 16.38 10.99

GPM (%) 21.45 21.38 22.55 17.77 20.76 226
OPM (%) 15.77 16.98 19.39 4.89 16.97

NPM (%) 8.95 8.73 10.61 8.18 10.01
-25
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 6.84 6.99 13.63 - -
Yield (%) 0.77 1.30 2.11 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

PABRIK KERTAS TJIWI KIMIA TBK.
Company Profile
PT Pabrik Kertas Tjiwi Kimia Tbk. manufacturing facilities are located in Sidoarjo, near Surabaya in
East Java – Indonesia. The mill which started as a caustic soda plant, now boasts many state of the
art paper and converting machines making it one of the world’s largest stationery manufacturers
under one roof. The mill commenced production in 1978 with an anual paper production capacity of
12,000 metric tons.
The Company operates in two business segments: paper products and industrial paper, packaging
product and other. The paper products segment consists primarily of printing and writing paper and
related paper products. Tjiwi Kimia produces products such as: coated paper, uncoated paper,
specialty paper, plano size or specified sizes of paper based on the requirements of both export and
the domestic market. The industrial paper and packaging products segment consists of fluting
medium paper and carton boxes. The packaging product segment includes the sale of chemical by-
products, which are not significant.
The ultimate parent entity of the Company and Subsidiaries is PT Purinusa Ekapersada, incorporated
in the Republic Indonesia, which is part of Sinarmas Group.
The Company had ownership interests in Subsidiaries as follows: PT Mega Kertas Pratama, Tjiwi Kimia
Trading III (BVI) Limited, Tjiwi Kimia Finance Mauritius Limited, TK Trading Limited, Tjiwi Kimia Trading
(II) Limited, TK Import & Export Ltd., Marshall Enterprise Ltd., PT Sumalindo Hutani Jaya.
The Company and Subsidiaries’ permanent employees as of June 30th, 2019 were approximately 7.0
thousand
August 2019
Disclaimer:

TKIM Pabrik Kertas Tjiwi Kimia Tbk.

Industry Sub Sector : Pulp & Paper (38) Market Capitalization : 37,358,682,840,000
34 | 37.4T | 0.51% | 65.51%
20 | 35.2T | 1.10% | 40.03%

Established Date : 02-Oct-1972 1. PT Purinusa Eka Persada 1,875,744,987 : 60.25%
Listing Date : 03-Apr-1990 (IPO Price: 9,500) 2. Public (<5%) 1,237,478,583 : 39.75%
Underwriter IPO :
PT Wardley James C.I Bonus Cash Recording Payment
F/I
PT Sinartama Gunita 1989 5:1 28-Sep-90 2-Oct-90 10-Oct-90 1-Nov-90 F
1990 10 : 3 18-Oct-91 21-Oct-91 1-Nov-91 2-Dec-91 BS
BOARD OF COMMISSIONERS 1991 100 : 12 7-Aug-92 8-Aug-92 15-Aug-92 15-Sep-92 F
1. Saleh Husin 1991 100 : 15 150.00 7-Aug-92 8-Aug-92 15-Aug-92 10-Oct-92 F
2. Arthur Tahija 1992 50.00 31-Aug-93 1-Sep-93 8-Sep-93 8-Oct-93 F
3. Deddy Saleh *) 1993 50.00 19-Sep-94 20-Sep-94 27-Sep-94 27-Oct-94 F
4. Ramelan *) 1994 100 : 14 60.00 11-Sep-95 12-Sep-95 20-Sep-95 20-Oct-95 F
5. Pande Putu Raka *) 1994 100 : 77 9-Nov-95 10-Nov-95 20-Nov-95 18-Dec-95 BS
6. Hendra Jaya Kosasih 1995 10 : 1 & 10 : 1 60.00 2-Sep-96 3-Sep-96 11-Sep-96 10-Oct-96 F
7. Sukirta Mangku Dajaja 1996 60.00 9-Jul-97 10-Jul-97 21-Jul-97 19-Aug-97 F
2008 20.00 1-Sep-09 2-Sep-09 4-Sep-09 17-Sep-09 F
BOARD OF DIRECTORS 2009 10.00 19-Oct-10 20-Oct-10 22-Oct-10 4-Nov-10 F
1. Suhendra Wiriadinata 2010 15.00 10-Oct-11 11-Oct-11 13-Oct-11 27-Oct-11 F
2. Agustian R. Partawidjaja 2011 25.00 9-Oct-12 10-Oct-12 12-Oct-12 29-Oct-12 F
3. Anton Mailoa 2012 25.00 6-Nov-13 7-Nov-13 11-Nov-13 25-Nov-13 F
4. Arman Sutedja 2013 10.00 17-Oct-14 20-Oct-14 22-Oct-14 5-Nov-14 F
2014 10.00 2-Jul-15 3-Jul-15 7-Jul-15 29-Jul-15 F
AUDIT COMMITTEE 2015 5.00 12-Jul-16 13-Jul-16 15-Jul-16 29-Jul-16 F
1. Ramelan 2016 5.00 19-Jun-17 20-Jun-17 22-Jun-17 14-Jul-17 F
2. Deddy Saleh 2017 30.00 4-Jul-18 5-Jul-18 9-Jul-18 27-Jul-18 F
3. Aditiawan Chandra
ISSUED HISTORY
CORPORATE SECRETARY Listing Trading
Arman Sutedja No. Type of Listing Shares Date Date
1. First Issue 9,300,000 3-Apr-90 3-Apr-90
HEAD OFFICE 2. Partial Listing 11,400,000 T: 3-Apr-90 : 11-Apr-90
Sinar Mas Land Plaza, Menara 2, 5th Floor 3. Bonus Shares 337,335,823 T: 21-Dec-90 : 19-Dec-95
Jl. MH. Thamrin No. 51 4. Company Listing 117,300,000 T: 4-Feb-91 : 18-Feb-91
Jakarta 10350 5. Dividend 56,531,758 9-Nov-92 9-Nov-92
Phone : (021) 2965-0800; 2965-0900 6. CB Conversion 35,346,695 T: 25-Jun-93 : 26-Mar-98
Fax : (021) 392-7685 7. Stock Dividend 41,430,988 23-Oct-95 23-Oct-95
Homepage : www.asiapulppaper.com 8. Bonus Shares & Stocks Dividend 125,536,087 17-Oct-96 17-Oct-96
Email : app_investors@app.co.id 9. Right Issue 587,345,081 11-Jul-97 11-Jul-97
10. Warrant 3,386,857 T: 9-Feb-98 : 26-Aug-98
11. Warrant I 10,788,951 T: 24-Dec-98 : 9-Aug-00
12. Right Issue I 1,335,702,240 T: 17-Jul-14 : 25-Jul-14
13. Warrant II 441,819,090 T: 11-Feb-15 : 14-Jul-17


TRADING ACTIVITIES
Pabrik Kertas Tjiwi Kimia Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
20,000 160 Jan-15 870 820 840 2,110 7,394 6,195 21
Feb-15 855 825 830 909 3,544 2,974 19
17,500 140 Mar-15 845 790 810 455 1,235 1,011 22
Apr-15 850 760 805 5,162 8,292 6,861 21
May-15 815 770 785 4,261 7,203 5,738 19
15,000 120
Jun-15 785 695 695 1,455 2,018 1,496 21
Jul-15 710 640 660 372 1,123 743 19
12,500 100
Aug-15 685 475 640 665 1,977 1,107 20
Sep-15 685 476 479 11,523 18,887 11,419 21
10,000 80
Oct-15 500 475 487 534 3,493 1,688 21
Nov-15 605 493 540 1,195 5,983 3,346 21
7,500 60 Dec-15 545 480 495 269 1,547 788 19
5,000 40 Jan-16 505 481 492 209 1,026 508 20

Feb-16 515 472 493 438 1,781 880 20
2,500 20 Mar-16 575 487 555 1,813 11,348 5,889 21
Apr-16 680 535 680 909 4,458 2,707 21
May-16 700 600 615 277 2,113 1,310 20
Jun-16 635 590 620 316 1,921 1,171 21
Jul-16 885 610 860 1,846 10,639 7,745 16
Aug-16 880 715 750 2,205 13,680 11,114 22
Sep-16 800 670 670 346 15,041 10,409 21
Closing Price*, Jakarta Composite Index (IHSG) and Oct-16 795 665 795 600 5,140 3,787 21
Basic Industry and Chemicals Index Nov-16 800 710 755 248 1,867 1,389 22
January 2015 - July 2019 Dec-16 800 700 730 125 494 365 20
2,030%
Jan-17 935 730 845 923 6,513 5,504 21
1,740% Feb-17 1,035 825 1,025 998 6,917 6,511 19
Mar-17 1,080 930 1,005 896 5,749 5,614 22
1,450% Apr-17 1,330 1,000 1,275 3,975 35,162 42,217 17
May-17 1,710 1,300 1,350 5,825 36,649 53,590 20
1287.3%
1,160% Jun-17 1,410 1,140 1,200 910 3,926 5,150 15
Jul-17 1,340 1,115 1,180 712 121,000 143,958 20
Aug-17 1,595 1,125 1,590 5,087 240,114 286,469 22
870%
Sep-17 2,460 1,590 2,440 14,035 101,645 189,802 19
Oct-17 3,310 2,360 2,900 21,988 112,663 326,459 22
580%
Nov-17 3,900 2,700 3,170 23,043 94,038 315,924 22
Dec-17 3,180 2,600 2,920 12,841 94,483 249,996 18
290%
54.5% Jan-18 4,740 2,920 4,720 30,599 178,029 677,746 22

- 21.9% Feb-18 6,300 3,860 6,275 32,942 116,667 552,756 19
Mar-18 7,250 5,425 6,900 60,605 230,879 1,480,378 21
-290% Apr-18 10,400 6,550 10,300 72,448 251,182 2,127,244 21
Jun-18 18,450 13,400 16,350 69,614 177,284 2,774,909 13
Jul-18 16,800 11,375 14,500 161,352 346,146 4,776,045 22
Volume (Million Sh.) 63 70 859 2,751 481 Sep-18 14,950 12,075 13,775 96,188 237,054 3,313,311 19
Value (Billion Rp) 43 47 1,631 30,504 5,342 Oct-18 13,900 9,325 10,300 121,057 231,812 2,636,951 23
Days 244 245 237 240 139 Dec-18 11,900 10,475 11,100 86,499 148,150 1,651,381 18
Price (Rupiah) Jan-19 13,950 10,850 13,475 79,448 98,341 1,244,370 22

High 870 885 3,900 18,450 13,950 Feb-19 13,700 10,475 11,175 47,156 77,525 880,849 19
Low 475 472 730 2,920 5,575 Mar-19 12,075 9,700 11,025 37,876 40,705 448,451 20
Close 495 730 2,920 11,100 12,000 Apr-19 11,075 9,000 10,075 31,526 25,353 261,622 19
Close* 495 730 2,920 11,100 12,000 May-19 10,200 5,575 10,200 63,329 81,856 653,631 21
Jun-19 13,475 9,800 12,575 60,593 124,218 1,448,293 15
PER (X) 66.02 18.97 24.57 9.67 12.61 Jul-19 13,300 11,100 12,000 38,792 32,783 404,808 23
PER Industry (X) 4.10 20.86 13.10 12.36 13.69
PBV (X) 0.10 0.16 0.68 1.87 1.99


Cash & Cash Equivalents 738,566 1,501,003 1,691,251 2,229,187 2,138,147 43,750
Receivables 1,221,045 999,840 1,626,559 1,799,354 1,837,835

4,028,960 3,375,392 3,164,393 4,812,937 3,952,537 35,000
Inventories
Current Assets 12,155,504 8,045,127 9,554,510 13,693,896 12,502,426
26,250
Fixed Assets 18,249,988 15,639,638 14,899,860 15,028,343 14,179,619
Other Assets 30,120 25,958 27,272 30,262 43,809
17,500
Total Assets 39,337,527 33,472,865 34,965,695 43,119,008 42,467,912
Growth (%) -14.91% 4.46% 23.32% -1.51% 8,750
Current Liabilities 8,487,502 5,769,190 6,643,912 8,072 7,662,923 -

Long Term Liabilities 16,836,188 15,113,095 14,817,949 17,085 16,039,557 2015 2016 2017 2018 Jun-19
Total Liabilities 25,323,690 20,882,285 21,461,861 25,157 23,702,480
Growth (%) -17.54% 2.78% -99.88% 94,118.42%
17,962
Paid up Capital 2,671,405 35,892,991 3,113,224 3,113,224 3,113,224 18,765

14,014 13,504
Par Value 1,000 1,000 1,000 1,000 1,000 12,591
14,937

Total Equity 14,013,836 12,590,580 13,503,834 17,962,060 18,765,432
11,109
Growth (%) -10.16% 7.25% 33.01% 4.47% 7,281
Total Revenues 15,573,517 13,394,375 13,706,715 15,353,444 8,169,425

Growth (%) -13.99% 2.33% 12.01%
-375
2015 2016 2017 2018 Jun-19
Cost of Revenues 13,952,174 11,914,588 12,228,018 13,674,977 7,341,682

Gross Profit 1,621,343 1,479,787 1,478,696 1,678,467 827,743
Expenses (Income) 1,430,421 1,332,824 1,125,365 1,102,255 516,783
Operating Profit 190,922 146,963 353,332 576,212 310,961 15,574 15,353
Growth (%) -23.02% 140.42% 63.08% 13,394 13,707

15,574
12,397
Other Income (Expenses) -361,808 -135,112 128,191 3,070,950 1,250,008

Income before Tax -170,886 11,851 481,523 3,647,163 1,560,968 9,220 8,169
Tax -192,168 -90,975 111,527 74,062 80,010

Profit for the period 21,282 102,826 369,996 3,573,100 1,480,959 6,043
Growth (%) 383.16% 259.83% 865.71%

2,866
Period Attributable 21,282 102,826 369,996 3,573,100 1,480,959 -311
Comprehensive Income 388,425 -246,013 373,098 3,547,855 1,451,701 2015 2016 2017 2018 Jun-19
Comprehensive Attributable 388,425 -246,013 373,098 3,547,855 1,451,701
Current Ratio (%) 143.22 139.45 143.81 169,653.86 163.15
3,573
Dividend (Rp) 5.00 5.00 30.00 - - 3,573
EPS (Rp) 7.97 2.86 118.85 1,147.72 475.70

BV (Rp) 5,245.87 350.78 4,337.57 5,769.60 6,027.65 2,844
DAR (X) 0.64 0.62 0.61 0.00 0.56

DER(X) 1.81 1.66 1.59 0.00 1.26
2,115
1,481
ROA (%) 0.05 0.31 1.06 8.29 3.49 1,386
ROE (%) 0.15 0.82 2.74 19.89 7.89

GPM (%) 10.41 11.05 10.79 10.93 10.13 657
370
21 103
OPM (%) 1.23 1.10 2.58 3.75 3.81
NPM (%) 0.14 0.77 2.70 23.27 18.13
-71
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 62.76 174.53 25.24 - -
Yield (%) 1.01 0.68 1.03 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

TELEKOMUNIKASI INDONESIA
(PERSERO) TBK.
Company Profile
PT Telekomunikasi Indonesia (Persero) Tbk. was established on Oktober 23, 1856 by The Dutch Company
with The name “Post In Telegraafdienst”. The Company has major businesses in fixed line telephony,
internet and data communications. In 1995, The Company became a privatised company when shares
went on sale through an IPO on the Jakarta Stock Exchange and the Surabaya Stock Exchange.
In order to serve customers better as well as to grow digital business, Telkom Group continues to invest
in digital infrastructure including access network, backbone network and data center. Telkom continues
to strengthen broadband connectivity services as its core business, develop digital mediation platform and
digital services. These are the three pillars for Telkom’s digital business growth in order to increase its
competitiveness and company value.
The Company business is to provide telecommunications networks and telecommunications and
information services, and to optimize the Company’s resources. To attain the aforementioned objectives,
the Company may undertake business activities that incorporate the Main Business and Supporting
Business.
In 2018 the Company was awarded: A total of 57 awards won by Telkom consisted of one Grand Stevie,
14 Gold, 30 Silver and 12 Bronze for business innovations in various aspects, including Innovation in
Information Technology, Health & Wellness, Transportation & Logistics, Social Apps, Customer Service,
Government Services, and Business Utility Apps, The Most Promising Company in Strategic Marketing",
"The Most Promising Company in Tactical Marketing (Sales and Service)", and "The Most Promising
Company in Branding Campaign (ATL, BTL, PR, Digital) at Marketeers Award 2018, Best Company to Work
for in Asia 2018, Best of The Best BUMN at Revolusi Mental BUMN Award 2018, TOP Brand 2018 Internet
Service Provider Fixed category, “The Most Trusted Company” based on Corporate Governance Perception
Index (CGPI), etc.
The Company’s head office is located at Telkom Landmark Tower, 29th floor, Jln. Jend Gatot Subroto Kav
52 Jakarta 12710. As of June 30th, 2019, the Company and subsidiaries had 24.753 employees.
August 2019
Disclaimer:

TLKM Telekomunikasi Indonesia (Persero) Tbk.

Industry Sub Sector : ANTM (73) Market Capitalization : 425,967,531,380,000
3 | 426.0T | 5.85% | 28.60%
3 | 155.5T | 4.88% | 15.94%

Established Date : 24-Sep-1991 1. Republic of Indonesia 51,602,353,560 : 52.09%
Underwriter IPO :
F/I
PT Makindo Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 1995 24.48 7-Jun-96 10-Jun-96 18-Jun-96 17-Jul-96 F
PT Datindo Entrycom 1996 41.25 13-May-97 14-May-97 23-May-97 20-Jun-97 F
1997 32.75 22-May-98 25-May-98 2-Jun-98 1-Jul-98 F
BOARD OF COMMISSIONERS 1997 15.75 23-Nov-98 24-Nov-98 2-Dec-98 30-Dec-98 F
1. Rhenald Kasali *) 1998 35.69 24-May-99 25-May-99 2-Jun-99 1-Jul-99 F
2. Cahyana Ahmadjayadi *) 1998 50 : 4 24-Jun-99 25-Jun-99 5-Jul-99 2-Aug-99 BS
3. Edwin Hidayat Abdullah 1998 15.30 24-May-99 25-May-99 2-Jun-99 30-Dec-99 F
4. Isa Rachmatarwata 1999 53.88 26-Apr-00 27-Apr-00 5-May-00 22-May-00 F
5. Ismail 1999 53.88 9-Oct-00 10-Oct-00 18-Oct-00 1-Nov-00 F
6. Marcelino Pandin 2000 44.08 31-May-01 1-Jun-01 7-Jun-01 21-Jun-01 I
7. Margiyono Darsasumarja *) 2000 44.08 10-Oct-01 11-Oct-01 17-Oct-01 31-Oct-01 F
8. Marsudi Wahyu Kisworo *) 2001 210.82 24-Jul-02 25-Jul-02 30-Jul-02 12-Aug-02 F
2003 301.95 23-Aug-04 24-Aug-04 26-Aug-04 7-Sep-04 F
BOARD OF DIRECTORS 2004 7.11 23-Dec-04 27-Dec-04 29-Dec-04 6-Jan-05 I
1. Ririek Adriansyah 2004 144.90 15-Jul-05 18-Jul-05 20-Jul-05 3-Aug-05 F
2. Achmad Sugiarto 2005 218.86 21-Jul-06 24-Jul-06 26-Jul-06 9-Aug-06 F
3. Bogi Witjaksono 2006 48.45 21-Dec-06 22-Dec-06 27-Dec-06 2-Jan-07 I
4. Edi Witjara 2006 254.76 20-Jul-07 23-Jul-07 25-Jul-07 8-Aug-07 F
5. Edwin Aristiawan 2007 48.45 29-Nov-07 30-Nov-07 4-Dec-07 18-Dec-07 I
6. Faizal Rochmad Djoemadi 2007 309.42 11-Jul-08 14-Jul-08 16-Jul-08 31-Jul-08 F
7. Harry Mozarta Zen 2007 97.73 9-Oct-08 10-Oct-08 14-Oct-08 28-Oct-08 F
8. Siti Choiriana 2008 296.94 7-Jul-09 8-Jul-09 10-Jul-09 27-Jul-09 F
9. Zulhelfi Abidin 2009 26.65 9-Dec-09 10-Dec-09 14-Dec-09 29-Dec-09 I
2009 261.41 7-Jul-10 8-Jul-10 12-Jul-10 26-Jul-10 F
AUDIT COMMITTEE 2010 26.75 22-Dec-10 23-Dec-10 28-Dec-10 11-Jan-11 I
1. Margiyono Darsasumarja 2010 295.84 13-Jun-11 14-Jun-11 16-Jun-11 1-Jul-11 F
2. Ismail 2011 371.05 5-Jun-12 6-Jun-12 8-Jun-12 22-Jun-12 F
3. Marcelino Rumambo Pandin 2012 436.10 29-May-13 30-May-13 3-Jun-13 18-Jun-13 F
4. Sarimin Mietra Sardi 2013 102.40 28-Apr-14 29-Apr-14 2-May-14 19-May-14 F
5. Tjatur Purwadi 2015 94.64 29-Apr-16 2-May-16 4-May-16 26-May-16 F
2016 19.38 14-Dec-16 15-Dec-16 19-Dec-16 27-Dec-16 I
Andi Setiawan 2017 167.66 7-May-18 8-May-18 11-May-18 31-May-18 F
HEAD OFFICE ISSUED HISTORY

Telkom Landmark Tower, 39th Floor Listing Trading
Jl. Jendral Gatot Subroto Kav 52 No. Type of Listing Shares Date Date
Jakarta 12710 1. Negara RI (Series A) 1 14-Nov-95 14-Nov-95
Phone : (021) 521-5109 2. Negara RI (Series B) (C/ L) 7,466,665,999 14-Nov-95 14-Nov-95
Fax : (021) 522-0500 3. First Issue 933,333,000 14-Nov-95 14-Nov-95
Homepage : www.telkom.co.id 4. First Issue (LN) 700,000,000 14-Nov-95 14-Nov-95
Email : corporate_comm@telkom.co.id 5. First Issue (Divestment) 233,334,000 14-Nov-95 14-Nov-95
investor@telkom.co.id 6. Bonus Shares 746,666,640 3-Aug-99 3-Aug-99
andi.setiawan@telkom.co.id 7. Stock Split 10,079,999,640 28-Sep-04 28-Sep-04
9. Delisting -1,737,779,800 4-Sep-18 4-Sep-18


TRADING ACTIVITIES
Telekomunikasi Indonesia (Persero) Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
5,000 2,400 Jan-15 2,930 2,780 2,830 89,423 1,809,529 5,148,840 21
Feb-15 3,020 2,800 2,935 110,113 2,270,639 6,527,476 19
4,375 2,100 Mar-15 2,995 2,770 2,890 119,901 2,438,708 7,127,764 22
Apr-15 2,910 2,595 2,615 117,916 2,712,082 7,596,492 21
May-15 2,895 2,620 2,845 108,012 2,139,833 6,010,790 19
3,750 1,800
Jun-15 2,955 2,800 2,930 109,106 1,540,444 4,431,918 21
Jul-15 2,950 2,800 2,940 102,810 1,522,353 4,386,763 19
3,125 1,500
Aug-15 2,970 2,590 2,870 142,706 2,079,634 5,899,128 20
Sep-15 2,875 2,485 2,645 108,224 1,393,722 3,782,598 21
2,500 1,200
Oct-15 2,830 2,600 2,680 118,031 1,786,848 4,869,451 21
Nov-15 2,980 2,660 2,930 100,904 1,724,444 4,878,723 21
1,875 900 Dec-15 3,170 2,900 3,105 113,512 2,208,650 6,693,917 19
1,250 600 Jan-16 3,385 3,045 3,340 134,592 2,367,503 7,527,167 20

Feb-16 3,510 3,140 3,250 161,321 2,337,972 7,726,475 20
625 300 Mar-16 3,500 3,250 3,325 158,527 2,865,640 9,655,758 21
Apr-16 3,810 3,305 3,550 149,352 2,438,118 8,628,631 21
May-16 3,800 3,410 3,700 113,943 2,530,721 9,247,849 20
Jun-16 4,010 3,710 3,980 130,408 3,968,000 15,180,095 22
Jul-16 4,500 3,950 4,230 118,236 1,997,166 8,329,961 16
Aug-16 4,570 4,060 4,210 171,377 2,735,084 11,600,508 22
Sep-16 4,400 3,950 4,310 146,869 2,597,603 10,854,249 21
Infrastructure, Utilities and Transportation Index Nov-16 4,300 3,640 3,780 185,349 3,064,343 12,205,850 22
January 2015 - July 2019 Dec-16 4,020 3,670 3,980 128,029 1,714,691 6,636,241 20
75%
Jan-17 4,030 3,780 3,870 104,153 1,570,645 6,187,403 21
60% Feb-17 3,980 3,830 3,850 99,554 1,864,775 7,248,139 19
Mar-17 4,190 3,810 4,130 140,069 2,195,885 8,830,526 22
50.3%
45% Apr-17 4,520 4,010 4,370 96,536 1,932,288 8,208,882 17
May-17 4,670 4,270 4,350 136,167 2,109,583 9,260,680 20
30% Jun-17 4,540 4,290 4,520 90,159 2,173,809 9,495,629 15
Jul-17 4,790 4,500 4,690 134,755 1,903,450 8,824,948 21
21.9%
Aug-17 4,840 4,650 4,690 108,618 1,435,783 6,811,052 22
15%
Sep-17 4,750 4,610 4,680 95,765 1,886,689 8,857,408 19
4.3% Oct-17 4,710 4,010 4,030 235,688 4,707,518 20,396,900 22
-
Nov-17 4,350 3,910 4,150 185,800 3,752,680 15,536,861 22
Dec-17 4,460 4,110 4,440 106,753 1,630,535 6,887,364 18
-15%
Jan-18 4,460 3,920 3,990 234,943 3,438,810 14,159,556 22

-30% Feb-18 4,080 3,920 4,000 119,824 1,872,198 7,507,237 19
Mar-18 4,200 3,520 3,600 170,488 2,998,081 11,568,636 21
-45% Apr-18 3,890 3,570 3,830 141,251 2,042,838 7,621,518 21
Jun-18 3,860 3,510 3,750 131,922 2,262,642 8,336,063 13
Jul-18 4,110 3,550 3,570 172,183 2,164,934 8,438,773 22
Frequency (Thou. X) 1,341 1,692 1,534 2,115 1,162 Nov-18 4,110 3,680 3,680 200,110 2,234,681 8,647,498 21
Days 244 246 238 240 139 Dec-18 3,840 3,610 3,750 172,333 1,820,646 6,789,913 18
Price (Rupiah) Jan-19 4,050 3,690 3,900 200,621 2,882,893 11,097,798 22

High 3,170 4,570 4,840 4,460 4,370 Feb-19 3,940 3,730 3,860 145,930 1,789,859 6,900,884 19
Low 2,485 3,045 3,780 3,250 3,480 Mar-19 3,970 3,700 3,950 143,275 1,796,480 6,834,754 20
Close 3,105 3,980 4,440 3,750 4,300 Apr-19 4,090 3,730 3,790 144,772 2,202,818 8,597,502 19
Close* 3,105 3,980 4,440 3,750 4,300 May-19 3,930 3,480 3,900 206,659 2,821,878 10,551,597 21
Jun-19 4,200 3,840 4,140 158,298 1,596,584 6,413,694 15
PER (X) 20.21 20.73 20.21 20.60 19.23 Jul-19 4,370 4,110 4,300 162,602 1,737,617 7,369,407 23
PER Industry (X) 9.49 8.16 16.02 20.01 23.80
PBV (X) 3.35 4.23 3.99 3.50 3.93


Receivables 7,872,000 7,900,000 9,564,000 11,414,000 15,231,000

528,000 584,000 631,000 717,000 770,000 180,000
Inventories
Current Assets 47,912,000 47,701,000 47,561,000 43,268,000 48,748,000
135,000
Fixed Assets 103,700,000 114,498,000 130,171,000 143,248,000 146,743,000
90,000
Total Assets 166,173,000 179,611,000 198,484,000 206,196,000 215,699,000
Growth (%) 8.09% 10.51% 3.89% 4.61% 45,000

Growth (%) 1.82% 16.59% 2.94% 20.77%
112,130
Paid up Capital 5,040,000 5,040,000 5,040,000 4,953,000 4,953,000 117,303
105,544 108,345
Par Value 50 50 50 50 50
93,373

Total Equity 93,428,000 105,544,000 112,130,000 117,303,000 108,345,000
69,443
Growth (%) 12.97% 6.24% 4.61% -7.64% 45,514
Total Revenues 102,470,000 116,333,000 128,256,000 130,784,000 69,345,000

Growth (%) 13.53% 10.25% 1.97%
-2,346
2015 2016 2017 2018 Jun-19
Gross Profit 102,470,000 116,333,000 128,256,000 130,784,000 69,345,000
Expenses (Income) 70,052,000 77,138,000 84,323,000 91,939,000 47,135,000
20.91% 12.09% -11.58% 116,333

Growth (%)
130,784
102,470
104,104
Other Income (Expenses) -1,076,000 -1,006,000 -1,274,000 -2,440,000 -1,372,000

69,345
Tax 8,025,000 9,017,000 9,958,000 9,426,000 5,340,000

Growth (%) 25.11% 12.10% -17.50%

24,064
Current Ratio (%) 135.29 119.97 104.82 93.53 92.70
32,701
Dividend (Rp) 94.64 156.14 167.66 - - 32,701
29,172
EPS (Rp) 153.66 171.93 219.69 182.03 111.83 26,979
BV (Rp) 926.87 1,047.06 1,112.40 1,184.16 1,093.71 26,030

23,317
DAR (X) 0.44 0.41 0.44 0.43 0.50

DER(X) 0.78 0.70 0.77 0.76 0.99 15,498
19,359
ROA (%) 14.03 16.24 16.48 13.08 7.19 12,688
ROE (%) 24.96 27.64 29.16 23.00 14.30

GPM (%) 100.00 100.00 100.00 100.00 100.00 6,017
OPM (%) 31.64 33.69 34.25 29.70 32.03

NPM (%) 22.75 25.08 25.50 20.63 22.35
-654
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 61.59 90.82 76.32 - -
Yield (%) 3.05 3.92 3.78 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

CHANDRA ASRI
PETROCHEMICAL TBK.
Company Profile
PT Chandra Asri Petrochemical Tbk. is a result of merger between PT Tri Polyta Indonesia Tbk (TPI)
and PT Chandra Asri (CA) on January 1st, 2011. TPI was the largest polypropylene producer in
Indonesia and was established in 1984. CA was the producer of olefins and polyethylene products
and was established in 1989.
The Company has three subsidiaries: PT Styrindo Mono Indonesia (SMI), PT Redeco Petrolin Utama
(RPU), PT Petrokimia Butadiene Indonesia (PBI). SMI engages in styrene monomer and until today it
remains the sole styrene monomer producer in Indoneisa. RPU engages in business segment of tank
and jetty rental and also handles refined petroleum product for local and international oil companies.
PBI operates the only butadiene plant in Indonesia that produces butadiene.
PT Chandra Asri Petrochemical Tbk has a purpose of becoming Indonesia’s leading and preferred
petrochemical company with an objective to continue growing and improving it’s leadership position
through integration, development of human capital and preferred partnership, in a sustainable
manner that will contribute to the growth of Indonesia.
In 2018 the company received awards: GCG Award Top 50 Biggest Market Cap from IICD TKMPN XXII
& IQPC 2018 from WKM and AMMPI, OPEXCON 2018 from SHIFT Indonesia, admamitra Awards 2018
from Social Ministry & CSR Forum, ICQCC 2018 from The Singapore Productivity Association, Bisnis
Indonesia Award 2018 from Bisnis Indonesia, etc.
The Company is domiciled in Wisma Barito Pacific Tower A, 7th Floor Jl. Let. Jend. S. Parman Kav. 62 –
63 Jakarta. Their CAP and PBI plants located in Jl. Raya Anyer Km. 123 Ciwandan, Cilegon Banten
42447, Indonesia. SMI Plant located in Desa Mangunreja Puloampel, Serang Banten 42456. The total
number of employees of the Company at March 31st, 2019 was 2,240.
August 2019
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 bei ng those of the

TPIA Chandra Asri Petrochemical Tbk.

Development Board Individual Index : 1,451.152
Industry Sub Sector : Chemicals (34) Market Capitalization : 111,905,339,631,500
11 | 111.9T | 1.54% | 50.74%
81 | 7.69T | 0.24% | 80.85%

Established Date : 02-Nov-1984 1. PT Barito Pacific Tbk. 7,401,917,600 : 41.51%
Listing Date : 24-Jun-1996 (IPO Price: 2,575) 2. Prajogo Pangestu 936,120,620 : 5.25%
PT Aseam Indonesia
PT Merchant Investment Corporation DIVIDEND ANNOUNCEMENT
PT Bank Pembangunan Indonesia Bonus Cash Recording Payment
F/I
PT Raya Saham Registra 2007 200.00 16-Jul-08 17-Jul-08 21-Jul-08 5-Aug-08 F
2009 150.00 4-Dec-09 7-Dec-09 9-Dec-09 28-Dec-09 I
BOARD OF COMMISSIONERS 2009 50.00 9-Apr-10 12-Apr-10 14-Apr-10 28-Apr-10 F
1. Djoko Suyanto *) 2010 65.00 11-Nov-10 12-Nov-10 16-Nov-10 1-Dec-10 I
2. Agus Salim Pangestu 2011 US$ 0.0016 14-Oct-11 17-Oct-11 19-Oct-11 2-Nov-11 I
3. Cholanat Yanaranop 2013 US$ 0.00079 23-Jun-14 24-Jun-14 26-Jun-14 11-Jul-14 F
4. Ho Hon Cheong *) 2015 US$ 0.00319 13-Jun-16 14-Jun-16 16-Jun-16 30-Jun-16 F
5. Chaovalit Ekabut 2016 US$ 0.01 2-Sep-16 5-Sep-16 7-Sep-16 15-Sep-16 I
6. Tan Ek Kia *) 2016 US$ 0.03562 9-May-17 10-May-17 15-May-17 23-May-17 F
7. Loeki Sundjaja Ekabut 2017 US$ 0.01219 27-Oct-17 30-Oct-17 1-Nov-17 8-Nov-17 I
*) Independent Commissioners 2017 40.61 30-Apr-18 2-May-18 4-May-18 22-May-18 F
2017 23.94 28-Sep-18 1-Oct-18 3-Oct-18 24-Oct-18 F
BOARD OF DIRECTORS
1. Erwin Ciputra ISSUED HISTORY
2. Kulachet Dharachandra Listing Trading
3. Baritono Prajogo Pangestu No. Type of Listing Shares Date Date
4. Terry Lim Chong Thian 1. Company Listing 182,550,000 24-Jun-96 24-Jun-96
5. Fransiskus Ruly Aryawan 2. Saham Karyawan 200,000 24-Jun-96 24-Jun-96
6. Piboon Sirinantanakul 3. ADS 74,750,000 24-Jun-96 24-Jun-96
7. Suryandi 4. Delisting -257,500,000 7-Jul-03 7-Jul-03
5. Company Listing (Relisting) 728,401,000 26-May-08 26-May-08
AUDIT COMMITTEE 6. Merger with PT Chandra Asri 2,337,795,416 3-Jan-11 3-Jan-11
1. Djoko Suyanto 7. Right Issue 66,488,061 22-Nov-13 22-Nov-13
2. Achmadi Hadibroto 8. Right Issue 1,680 26-Nov-13 26-Nov-13
3. Reynold M. Batubara 9. Right Issue 154,276,401 29-Nov-13 29-Nov-13
10. Right Issue II 268,814,399 4-Sep-17 4-Sep-17
CORPORATE SECRETARY 11. Right Issue II 409,104 5-Sep-17 5-Sep-17
Suryandi 12. Right Issue II 2,148,826 6-Sep-17 6-Sep-17
13. Right Issue II 1,215,129 7-Sep-17 7-Sep-17
HEAD OFFICE 14. Right Issue II 7,154,036 11-Sep-17 11-Sep-17
Wisma Barito Pacific Tower. A, 7th Floor 15. Stock Split 14,266,816,208 21-Nov-17 21-Nov-17
Jl. Let. Jend. S. Parman Kav. 62-63
Jakarta 11410
Phone : (021) 530-7950
Fax : (021) 530-8930
Homepage : www.chandra-asri.com
Email : investor-relations@capcx.com
suryandi@capcx.com


TRADING ACTIVITIES
Chandra Asri Petrochemical Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
6,800 240 Jan-15 3,100 3,000 3,000 35 668 2,011 14
Feb-15 3,035 2,925 3,030 20 211 631 10
5,950 210 Mar-15 3,000 2,900 3,000 19 308 913 8
Apr-15 3,150 2,950 3,150 46 597 1,806 11
May-15 4,050 3,000 3,510 130 842 2,837 16
5,100 180
Jun-15 3,500 3,350 3,350 39 258 897 8
Jul-15 3,500 3,250 3,500 8 8 27 5
4,250 150
Aug-15 3,500 3,000 3,490 58 267 856 10
Sep-15 3,700 3,165 3,625 35 22 77 8
3,400 120
Oct-15 3,700 3,425 3,425 36 149 537 14
Nov-15 3,400 3,350 3,400 16 8 26 6
2,550 90 Dec-15 3,445 3,445 3,445 1 0.2 0.7 1
1,700 60 Jan-16 3,500 3,400 3,500 15 11 39 5

Feb-16 3,650 3,450 3,500 22 14 50 7
850 30 Mar-16 3,600 3,400 3,550 77 530 1,854 9
Apr-16 4,700 3,500 4,700 30 33 138 6
May-16 5,000 4,500 4,500 40 24 114 11
Jun-16 5,400 4,420 4,600 28 30 137 7
Jul-16 6,200 4,600 6,100 175 160 904 12
Aug-16 10,950 5,925 10,900 4,048 9,733 89,790 21
Sep-16 13,925 10,675 13,800 11,081 31,742 409,001 21
January 2015 - July 2019 Dec-16 20,675 19,900 20,650 20,239 31,985 648,343 20
1,050%
965.4% Jan-17 22,175 20,600 22,175 25,049 41,136 877,554 21

900% Feb-17 23,800 22,175 23,575 19,058 40,821 948,946 19
Mar-17 24,025 23,425 23,975 24,005 104,099 2,448,316 22
750% Apr-17 28,000 23,950 26,525 15,491 54,602 1,430,783 17
May-17 28,975 25,550 26,400 22,104 235,105 3,449,459 20
600% Jun-17 26,425 23,775 26,075 16,058 44,666 1,117,205 15
Jul-17 27,225 26,025 27,100 17,345 55,440 1,471,963 21
Aug-17 27,225 20,975 21,150 23,518 244,458 4,765,179 22
450%
Sep-17 24,100 20,700 23,825 19,832 50,836 1,126,309 19
Oct-17 28,400 23,200 28,400 19,347 68,014 1,256,870 22
300%
Nov-17 29,250 5,450 5,475 29,572 99,931 1,238,522 22
Dec-17 6,000 5,325 6,000 27,284 198,518 1,117,381 18
150%
54.5% Jan-18 6,575 5,325 6,525 36,497 201,131 1,183,987 22

- 21.9%
Feb-18 6,675 5,675 6,150 26,378 102,510 635,608 19
Mar-18 6,275 5,500 6,225 26,831 114,486 674,534 21
-150% Apr-18 6,425 5,975 6,050 22,743 93,886 581,901 21
Jun-18 5,875 5,075 5,600 14,001 50,042 273,124 13
Jul-18 5,600 4,820 5,000 16,162 57,900 299,682 22
Volume (Million Sh.) 3 149 1,238 1,023 584 Sep-18 5,375 4,690 4,920 19,952 76,969 381,063 19
Frequency (Thou. X) 0.4 82 259 238 143 Nov-18 5,375 4,540 5,325 13,765 71,230 348,805 21
Days 111 162 238 240 139 Dec-18 5,925 5,125 5,925 10,941 43,111 235,875 18
Price (Rupiah) Jan-19 6,050 5,375 5,875 17,114 59,071 334,173 22

High 4,050 20,675 29,250 6,675 6,300 Feb-19 5,925 5,350 5,700 13,709 34,211 191,507 19
Low 2,900 3,400 5,325 4,300 4,680 Mar-19 6,025 5,475 5,650 13,639 44,419 252,000 20
Close 3,445 20,650 6,000 5,925 6,275 Apr-19 5,800 4,900 5,100 18,352 81,746 428,080 19
Close* 676 4,054 6,000 5,925 6,275 May-19 5,600 4,720 5,100 20,792 75,322 384,380 21
Jun-19 5,050 4,680 4,970 21,468 82,965 406,355 15
PER (X) 31.17 16.84 24.89 39.85 113.76 Jul-19 6,300 4,690 6,275 37,560 205,913 1,110,515 23
PER Industry (X) 4.10 20.86 13.10 12.36 13.69
PBV (X) 0.93 4,935.45 4.75 3.95 4.39


Receivables 736,939 1,865,266 2,802,390 2,332,391 2,692,315

2,614,809 2,680,589 3,215,604 3,786,984 3,046,393 37,000
Inventories
Current Assets 6,106,605 9,304,779 19,359,902 20,296,517 17,426,309
27,750
Fixed Assets 19,172,060 17,691,772 19,612,965 25,113,525 24,753,978

18,500
Total Assets 27,296,992 28,608,858 40,471,995 46,148,833 43,312,742
Growth (%) 4.81% 41.47% 14.03% -6.15% 9,250

Growth (%) -7.20% 34.62% 14.25% -12.54%
Paid up Capital 3,286,963 3,286,963 4,224,097 4,224,097 3,566,704
22,609
25,740

Par Value 1,000 1,000 200 200 200
20,489
6,046,350 7,613,514 11,206,702 13,493,696 13,463,101 15,339

Retained Earnings
12,999
Total Equity 12,998,502 15,339,451 22,609,200 25,740,460 25,462,717
15,238
Growth (%) 18.01% 47.39% 13.85% -1.08% 9,987
Total Revenues 20,191,087 25,935,994 32,765,960 36,983,491 7,865,779

Growth (%) 28.45% 26.33% 12.87%
-515
2015 2016 2017 2018 Mar-19
Cost of Revenues 18,055,138 19,294,338 25,382,246 31,304,985 6,958,180

Gross Profit 2,135,950 6,641,657 7,383,714 5,678,506 907,599
Expenses (Income) 1,316,638 1,259,827 1,631,206 1,983,427 563,706
Growth (%) 32,766

36,983
29,439
25,936
819,312 5,381,830 5,752,508 3,695,079 343,893 20,191
Income before Tax 21,894
Tax 434,477 1,349,351 1,219,794 1,043,839 93,028

7,866
Growth (%) 947.85% 12.41% -41.51%
6,805
Period Attributable 386,021 4,031,015 4,316,718 2,641,569 245,923 -740
Comprehensive Income 380,027 4,010,646 4,511,877 4,747,614 249,740 2015 2016 2017 2018 Mar-19
Comprehensive Attributable 385,714 4,008,335 4,316,718 2,652,577 242,746
Current Ratio (%) 110.29 152.56 243.37 205.18 279.12
4,533
Dividend (Rp) - - 64.55 - - 4,533
4,032
EPS (Rp) 117.44 1,226.36 204.39 125.07 13.79
BV (Rp) 3,954.56 4,666.76 1,070.49 1,218.74 1,427.80 3,608
DAR (X) 0.52 0.46 0.44 0.44 0.41 2,651
DER(X) 1.10 0.87 0.79 0.79 0.70

2,683
ROA (%) 1.41 14.10 11.20 5.74 0.58 1,759
ROE (%) 2.96 26.29 20.05 10.30 0.99

GPM (%) 10.58 25.61 22.53 15.35 11.54 385 251
834
OPM (%) - - - - -
NPM (%) 1.91 15.55 13.83 7.17 3.19
-91
2015 2016 2017 2018 Mar-19

Payout Ratio (%) - - 31.58 - -
Yield (%) - - 1.08 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,244

UNITED TRACTORS TBK.

Company Profile
United Tractors or the Company was established in 1972 focusing its business on heavy equipment
distribution. The Company today is the largest heavy equipment distributor in Indonesia, particularly
gaining its position as the market leader through its Komatsu products (36% in 2018 according to the
internal research).
The Company is a subsidiary of PT Astra International Tbk (“Astra”), a well-established and one of the
largest business groups in Indonesia with robust experience of serving various industries and sectors.
Since September 19, 1989, the Company has become a public company by listing its shares on the
Indonesia Stock Exchange (formerly the Jakarta Stock Exchange and Surabaya Stock Exchange). To
date Astra owns 59.5% of the Company’s shares, with the remaining shares are held by the public.
The Company has expanded its business to mining contracting, mining, general contracting services
and power plan. The Company becomes a major player in its respective sectors and industries in the
country through five business pillars, i,e, Construction Machinery, Mining Contracting, Mining,
Construction Industry and Energy. Construction Machinery pillar offers sales of heavy equipment and
transportation vehicles as well as their spare parts, attachments and related services. Available
products are from various trusted brands, which are Komatsu, UD Trucks, Scania, Tadano and Bomag.
The Company’s head office is located in Jakarta, Indonesia, with supporting offices spread in various
strategic provinces and cities around the country. Currently, the Company operates 20 branches, 38
site supports, 29 representative offices and other service points.
As of June 30th, 2019, the Group had approximately 34,535 employees.
August 2019
Disclaimer:

UNTR United Tractors Tbk.

Industry Sub Sector : Wholesale (Durable & Non-Durable Goods) (91) Market Capitalization : 92,973,618,264,800
12 | 93.0T | 1.28% | 52.01%
10 | 60.4T | 1.90% | 36.15%

Established Date : 19-Oct-1972 1. Astra International Tbk 2,219,317,358 : 59.50%
Listing Date : 19-Sep-1989 (IPO Price: 7,250) 2. Public (<5%) 1,510,817,778 : 40.50%
Underwriter IPO :
PT Aseam Indonesia DIVIDEND ANNOUNCEMENT
PT (Persero) Danareksa Bonus Cash Recording Payment
F/I
PT Finconesia Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 1995 85.00 20-Jun-96 21-Jun-96 1-Jul-96 31-Jul-96 F
PT Raya Saham Registra 1996 60.00 21-Nov-96 22-Nov-96 2-Dec-96 27-Dec-96 I
1996 100.00 26-Jun-97 27-Jun-97 7-Jul-97 28-Jul-97 F
BOARD OF COMMISSIONERS 1999 5:9 8-Jun-00 9-Jun-00 14-Jun-00 23-Jun-00 BS
1. Prijono Sugiarto 2004 20.00 30-Nov-04 1-Dec-04 3-Dec-04 17-Dec-04 I
2. Buntoro Muljono *) 2004 35.00 23-Jun-05 22-Jun-05 27-Jun-05 11-Jul-05 F
3. Djoko Pranoto Santoso 2005 110.00 12-Jun-06 13-Jun-06 15-Jun-06 29-Jun-06 F
4. Djony Bunarto Tjondro 2006 45.00 13-Oct-06 16-Oct-06 18-Oct-06 3-Nov-06 I
5. Gidion Hasan 2006 85.00 20-Jun-07 21-Jun-07 25-Jun-07 8-Jul-07 F
6. Nanan Soekarna *) 2007 60.00 10-Oct-07 11-Oct-07 18-Oct-07 1-Nov-07 I
2008 100.00 23-Oct-08 24-Oct-08 28-Oct-08 11-Nov-08 I
1. Fransciscus Xaverius Laksana Kesuma 2009 330.00 14-Jun-10 15-Jun-10 17-Jun-10 1-Jul-10 F
2. Edhie Sarwono 2010 160.00 27-Oct-10 28-Oct-10 1-Nov-10 12-Nov-10 I
3. Idot Supriadi 2010 430.00 31-May-11 1-Jun-11 6-Jun-11 13-Jun-11 F
4. Iman Nurwahyu 2011 185.00 27-Oct-11 28-Oct-11 1-Nov-11 11-Nov-11 I
5. Iwan Hadiantoro 2011 635.00 11-May-12 14-May-12 16-May-12 30-May-12 F
6. Loudy Irwanto Ellias 2012 210.00 16-Oct-12 17-Oct-12 19-Oct-12 2-Nov-12 I
2012 620.00 14-May-13 15-May-13 17-May-13 31-May-13 F
AUDIT COMMITTEE 2013 175.00 2-Oct-13 3-Oct-13 7-Oct-13 23-Oct-13 I
1. Buntoro Muljono 2013 515.00 14-May-14 16-May-14 20-May-14 5-Jun-14 F
2. Handy Effendy Halim 2014 195.00 9-Oct-14 10-Oct-14 14-Oct-14 28-Oct-14 I
3. Lianny Leo 2014 740.00 28-Apr-15 29-Apr-15 4-May-15 22-May-15 F
2015 251.00 28-Sep-15 29-Sep-15 1-Oct-15 16-Oct-15 I
Sara K. Loebis 2016 143.00 28-Sep-16 29-Sep-16 3-Oct-16 17-Oct-16 I
2017 282.00 5-Oct-17 6-Oct-17 10-Oct-17 23-Oct-17 I
HEAD OFFICE 2017 410.00 29-Nov-17 30-Nov-17 5-Dec-17 20-Dec-17 I
Jl. Raya Bekasi Km. 22, Cakung 2017 611.00 23-Apr-18 24-Apr-18 26-Apr-18 15-May-18 F
Jakarta - 13910 2018 365.00 4-Oct-18 5-Oct-18 9-Oct-18 22-Oct-18 I
Phone : (021) 2457-9999
Fax : (021) 460-0655; 460-0677; 460-0657 ISSUED HISTORY
Homepage : www.unitedtractors.com Listing Trading
Email : sarakl@unitedtractors.com No. Type of Listing Shares Date Date
ir@unitedtractors.com 1. First Issue 2,700,000 19-Sep-89 19-Sep-89
2. Partial Listing 8,436,000 T: 26-Dec-89 : 27-Feb-91
3. Right Issue 2,151,579,636 T: 27-May-91 : 6-Jun-11
4. Company Listing 11,864,000 T: 25-Mar-92 : 1-Apr-92
5. Bonus Shares 351,900,000 T: 4-Apr-94 : 26-Jun-00
7. ESOP Conversion 1,201,500 T: 27-May-03 : 12-Jun-03
8. ESOP Conversion II 43,254,000 T: 11-Jun-03 : 14-Jul-05


TRADING ACTIVITIES
United Tractors Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
42,000 40.0 Jan-15 18,275 16,850 17,900 52,951 63,591 1,113,496 21
Feb-15 21,025 17,525 20,750 50,302 82,703 1,569,832 19
36,750 35.0 Mar-15 22,350 20,300 21,800 71,498 93,856 2,010,940 22
Apr-15 23,400 20,475 21,400 53,700 82,243 1,859,237 21
May-15 24,000 20,300 20,300 62,249 66,582 1,499,440 19
31,500 30.0
Jun-15 22,325 18,875 20,375 62,456 63,471 1,313,939 21
Jul-15 20,600 17,850 20,200 57,869 46,188 878,654 19
26,250 25.0
Aug-15 20,750 16,050 19,125 65,365 50,710 942,170 20
Sep-15 20,700 15,225 17,475 71,271 55,235 995,809 21
21,000 20.0
Oct-15 21,200 16,825 18,100 82,824 94,272 1,782,476 21
Nov-15 19,250 16,050 16,300 96,641 93,992 1,659,051 21
15,750 15.0 Dec-15 17,025 13,925 16,950 80,623 86,646 1,348,310 19
10,500 10.0 Jan-16 17,450 15,625 17,400 72,205 79,869 1,311,592 20

Feb-16 17,475 14,475 15,525 66,700 66,192 1,058,219 20
5,250 5.0 Mar-16 15,725 14,825 15,300 76,498 104,001 1,593,464 21
Apr-16 17,100 14,600 15,000 58,588 101,144 1,587,539 21
May-16 15,050 12,550 14,200 63,119 86,177 1,182,212 20
Jun-16 15,200 13,375 14,800 60,247 95,185 1,377,860 22
Jul-16 16,350 14,600 15,750 59,316 123,776 1,942,498 16
Aug-16 18,950 15,900 18,750 69,945 163,358 2,861,361 22
Sep-16 19,250 16,525 17,700 62,436 155,946 2,798,517 21
January 2015 - July 2019 Dec-16 23,950 19,200 21,250 82,313 110,733 2,393,569 20
150%
Jan-17 22,975 20,575 21,850 54,239 75,436 1,652,241 21
125% Feb-17 25,525 22,075 24,650 51,491 95,386 2,256,137 19
Mar-17 28,200 23,750 26,500 85,633 125,481 3,290,455 22
100% Apr-17 29,450 26,150 26,900 65,561 83,780 2,336,730 17
May-17 27,775 22,875 27,775 104,942 154,671 3,861,092 20
75% Jun-17 27,700 25,975 27,450 60,503 67,567 1,815,994 15
Jul-17 30,200 26,175 30,100 66,277 77,837 2,207,645 21
Aug-17 31,000 28,500 30,300 64,765 67,549 2,014,786 22
50%
44.1% Sep-17 32,400 29,500 32,000 59,792 56,945 1,763,888 19
Oct-17 35,800 31,800 34,675 96,112 103,008 3,474,253 22
25%
21.9% Nov-17 37,250 30,775 33,500 126,795 120,133 3,998,732 22
Dec-17 35,400 31,700 35,400 74,123 71,798 2,342,021 18
-
-7.2%
Jan-18 40,500 32,800 38,900 97,895 90,952 3,393,319 22
-25% Feb-18 39,700 34,850 35,600 84,784 92,990 3,473,470 19
Mar-18 37,000 31,050 32,000 115,430 134,212 4,514,150 21
-50% Apr-18 38,200 31,850 34,100 92,237 109,111 3,788,446 21
Jun-18 36,500 31,000 31,600 70,929 63,037 2,127,716 13
Jul-18 36,075 31,150 35,250 95,281 82,027 2,748,140 22
Volume (Million Sh.) 879 1,434 1,100 1,264 804 Sep-18 34,500 31,050 33,000 92,471 89,682 2,904,498 19
Days 244 246 238 240 139 Dec-18 30,275 27,000 27,350 131,863 129,790 3,747,726 18
Price (Rupiah) Jan-19 29,525 25,525 25,725 200,144 200,334 5,382,092 22

High 24,000 23,975 37,250 40,500 29,525 Feb-19 28,000 24,250 26,500 144,532 153,332 4,027,635 19
Low 13,925 12,550 20,575 27,000 24,000 Mar-19 28,000 25,750 27,050 109,890 106,647 2,865,064 20
Close 16,950 21,250 35,400 27,350 24,925 Apr-19 27,800 25,400 27,175 102,512 91,276 2,431,488 19
Close* 16,950 21,250 35,400 27,350 24,925 May-19 27,300 24,000 25,350 106,017 92,460 2,347,722 21
Jun-19 28,225 25,000 28,200 71,637 71,278 1,933,142 15
PER (X) 16.41 15.85 17.84 9.17 8.34 Jul-19 28,900 24,875 24,925 87,586 89,140 2,424,477 23
PER Industry (X) 14.53 19.07 17.44 13.13 13.96
PBV (X) 1.61 1.97 2.78 1.87 1.60


Public Accountant : Tanudiredja, Wibisana & Partners
Receivables 12,169,624 12,114,511 18,187,643 20,610,327 21,558,038

8,328,331 7,108,044 7,854,913 13,617,869 12,368,604 100,000
Inventories
Current Assets 39,259,708 42,197,323 51,202,200 55,651,808 55,944,130
75,000
Fixed Assets 12,659,736 12,072,399 16,374,852 24,584,551 27,113,240
50,000
Total Assets 61,715,399 63,991,229 82,262,093 116,281,017 118,272,343
Growth (%) 3.69% 28.55% 41.35% 1.71% 25,000

Growth (%) -4.88% 62.50% 70.57% 1.63%
57,051
Paid up Capital 932,534 932,534 932,534 932,534 932,534 58,076

42,622
Par Value 250 250 250 250 250 39,250
46,229

Total Equity 39,250,325 42,621,943 47,537,925 57,050,679 58,076,465
34,381
Growth (%) 8.59% 11.53% 20.01% 1.80% 22,534
Total Revenues 49,347,479 45,539,238 64,559,204 84,624,733 43,319,367

Growth (%) -7.72% 41.77% 31.08%
-1,162
2015 2016 2017 2018 Jun-19
Cost of Revenues 37,645,186 35,878,274 50,075,332 63,515,207 32,681,059

Gross Profit 11,702,293 9,660,964 14,483,872 21,109,526 10,638,308
Expenses (Income) 7,509,547 2,930,934 3,961,215 5,400,807 2,926,131
Growth (%)
84,625
64,559
67,361

49,347
45,539 43,319
Tax 1,400,307 1,625,553 2,849,335 4,210,310 2,088,835
Growth (%) 82.80% 50.33% 49.85%

15,571
Current Ratio (%) 214.77 229.88 180.44 114.07 137.14
11,498
Dividend (Rp) 691.00 143.00 1,303.00 365.00 - 11,498
EPS (Rp) 1,033.07 1,341.03 1,984.64 2,982.63 1,494.62

BV (Rp) 10,522.49 11,426.38 12,744.29 15,294.53 15,569.53 9,153
7,673
DAR (X) 0.36 0.33 0.42 0.51 0.51
5,623
DER(X) 0.57 0.50 0.73 1.04 1.04
6,807
5,104
ROA (%) 4.52 7.98 9.33 9.89 4.75 4,461
ROE (%) 7.11 11.98 16.14 20.15 9.68 2,792
GPM (%) 23.71 21.21 22.44 24.94 24.56 2,116
OPM (%) - - - - -
NPM (%) 5.66 11.21 11.89 13.59 12.98
-230
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 66.89 10.66 65.65 12.24 -
Yield (%) 4.08 0.67 3.68 1.33 -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

UNILEVER INDONESIA TBK.

Company Profile
Unilever Indonesia has been a leading player in Indonesia’s fast moving consumer goods industry for 85
years. Our business is focused on a core purpose of making sustainable living commonplace.
PT Unilever Indonesia Tbk. was established on December 5th, 1933 as Lever Zeepfabrieken N.V., a
subsidiary of Lever Brothers which initially operated a soap factory at Angke, Jakarta. The name was
changed to Unilever Indonesia on July 22, 1980. After becoming a public company in 1981, Unilever
Indonesia issued its shares on the Jakarta and Surabaya Stock Exchanges on 11 January 1982, and its
shares are now listed on the Indonesia Stock Exchange. Unilever Indonesia was the fifth largest company
on the Indonesia Stock Exchange based on market capitalisation as of the end of 2018.
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 serves as part of Unilever Group N.V./plc to produce manufacture &
supervise all of most Unilever brands. The Company’s portfolio includes many of the world’s best known
and well-loved brands, such as: pepsodent, Lux, Lifebuoy, Dove, Sunsilk, Clear, Rexona, Vaseline, Rinso,
Molto, Sunlight, Walls, Blue Band, Royco, Bango, etc. The Company sells its products through a network
independent distributors.
The Company has nine factories across two sites, the Jababeka Industrial Zone in Cikarang, West Java,
and Rungkut in Surabaya, East Java. The head office, which houses more than 1,200 employees, occupies
purpose-built premises on a 3-hectare site in Bumi Serpong Damai, Tangerang. The Company’s portfolio
of 42 core brands and more than 1,000 stock keeping units (SKU) is marketed through a network of
more than 800 independent distributors serving hundreds of thousands of stores throughout Indonesia.
The Company’s majority shareholder as at 31 December 2018 is Unilever Indonesia Holding B.V. ("UIH"),
while its ultimate parent entity is Unilever N.V., Netherlands.
The Company’s had Office is located St Grha Unilever, Green Office Park Kav.3 Jl. BSD Boulevard Barat,
BSD City, Tanggerang 15345. As at June 30th, 2019 the Company had 5,745 employees.
August 2019
Disclaimer:

UNVR Unilever Indonesia Tbk.

Industry Sub Sector : Cosmetics And Household (54) Market Capitalization : 332,668,000,000,000
6 | 332.7T | 4.57% | 33.17%
16 | 41.1T | 1.29% | 44.11%

Established Date : 16-Apr-1905 1. Unilever Indonesia Holding B.V. 6,484,877,500 : 84.99%
Listing Date : 11-Jan-1982 (IPO Price: 3,175) 2. Public (<5%) 1,145,122,500 : 15.01%
Underwriter IPO :
PT Aseam Indonesia DIVIDEND ANNOUNCEMENT
PT Inter-Pacific Securities Bonus Cash Recording Payment
F/I
PT Aseam Indonesia Year Shares Dividend Cum Date Ex Date Date Date
PT Danareksa Sekuritas 2000 200.00 28-Nov-00 29-Nov-00 4-Dec-00 18-Dec-00 I
PT Merchant Investment Corporation 2000 490.00 12-Jul-01 13-Jul-01 18-Jul-01 1-Aug-01 F
PT Merincorp S.I. 2001 250.00 19-Nov-01 20-Nov-01 23-Nov-01 7-Dec-01 I
PT Danareksa 2001 250.00 28-Jan-02 29-Jan-02 1-Feb-02 18-Feb-02 I
PT Sharestar Indonesia 2001 300.00 5-Nov-02 6-Nov-02 8-Nov-02 22-Nov-02 I
2002 400.00 11-Feb-03 13-Feb-03 17-Feb-03 4-Mar-03 I
1. Maurits Daniel Rudolf Lalisang 2003 50.00 17-Feb-04 18-Feb-04 20-Feb-04 5-Mar-04 I
2. Alexander Steven Rusli 2003 80.00 15-Jul-04 16-Jul-04 20-Jul-04 3-Aug-04 F
3. Debora Herawati Sadrach *) 2004 70.00 2-Dec-04 3-Dec-04 6-Dec-04 17-Dec-04 I
4. Erry Firmansyah 2004 60.00 4-Mar-05 7-Mar-05 9-Mar-05 24-Mar-05 I
5. Hikmahanto Juwana 2004 80.00 8-Jul-05 11-Jul-05 13-Jul-05 27-Jul-05 F
6. Mahendra Siregar 2005 60.00 5-Dec-05 6-Dec-05 8-Dec-05 21-Dec-05 I
2006 80.00 29-Nov-06 30-Nov-06 4-Dec-06 18-Dec-06 I
BOARD OF DIRECTORS 2006 125.00 22-Jun-07 25-Jun-07 27-Jun-07 11-Jul-07 F
1. Hemant Bakshi 2007 90.00 28-Nov-07 29-Nov-07 3-Dec-07 14-Dec-07 I
2. Jochanan Senf 2007 167.00 26-Jun-08 27-Jun-08 1-Jul-08 11-Jul-08 F
3. Sancoyo Antarikso 2008 95.00 26-Nov-08 27-Nov-08 1-Dec-08 15-Dec-08 I
4. Sri Widowati 2008 220.00 26-Jun-09 29-Jun-06 1-Jul-09 14-Jul-09 F
5. Veronika Winanti Wahyu Utami 2009 100.00 25-Nov-09 26-Nov-09 1-Dec-09 15-Dec-09 I
6. Vikram Kumaraswamy 2009 299.00 28-Jun-10 29-Jun-10 1-Jul-10 13-Jul-10 F
7. Willy Saelan 2010 100.00 26-Nov-10 29-Nov-10 1-Dec-10 15-Dec-10 I
8. Amparo Cheung Aswin 2010 344.00 27-Jun-11 28-Jun-11 1-Jul-11 13-Jul-11 F
9. Enny Hartati 2011 250.00 6-Dec-11 7-Dec-11 9-Dec-11 15-Dec-11 I
10. Hernie Raharja 2011 296.00 27-Jun-12 28-Jun-12 2-Jul-12 13-Jul-12 F
11. Ira Noviarti 2012 300.00 10-Dec-12 11-Dec-12 13-Dec-12 20-Dec-12 I
2012 334.00 28-Jun-13 1-Jul-13 3-Jul-13 16-Jul-13 F
AUDIT COMMITTEE 2013 330.00 2-Dec-13 3-Dec-13 5-Dec-13 12-Dec-13 I
1. Erry Firmansyah 2013 371.00 26-Jun-14 27-Jun-14 1-Jul-14 15-Jul-14 F
2. Dwi Martani 2014 336.00 2-Dec-14 3-Dec-14 5-Dec-14 12-Dec-14 I
3. Haryanto Sahari 2015 342.00 1-Dec-15 2-Dec-15 4-Dec-15 17-Dec-15 I
2015 424.00 21-Jun-16 22-Jun-16 24-Jun-16 15-Jul-16 F
CORPORATE SECRETARY 2016 375.00 5-Dec-16 6-Dec-16 8-Dec-16 22-Dec-16 I
Sancoyo Antarikso 2016 460.00 5-Jul-17 6-Jul-17 10-Jul-17 20-Jul-17 F
2017 410.00 29-Nov-17 30-Nov-17 5-Dec-17 20-Dec-17 I
HEAD OFFICE 2017 505.00 31-May-18 4-Jun-18 6-Jun-18 22-Jun-18 F
Green Office Park Kav.3 2018 410.00 15-Nov-18 16-Nov-18 21-Nov-18 5-Dec-18 I
Jl. BSD Boulevard Barat, BSD City
Tangerang 15345 ISSUED HISTORY
Phone : (021) 8082-7000 Listing Trading
Fax : (021) 8082-7002 No. Type of Listing Shares Date Date
Homepage : www.unilever.co.id 1. First Issue 9,200,000 11-Jan-82 11-Jan-82
Email : unvr.indonesia@unilever.com 2. Bonus Shares 1,533,334 15-Dec-89 15-Dec-89
3. Bonus Shares 717,891 22-Sep-93 22-Sep-93
4. Company Listing 64,848,775 2-Jan-98 2-Jan-98
5. Stock Split 686,700,000 6-Nov-00 6-Nov-00


TRADING ACTIVITIES
Unilever Indonesia Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
56,000 16.0 Jan-15 36,275 32,100 35,825 35,934 40,100 1,368,300 21
Feb-15 37,000 34,850 36,000 40,106 34,539 1,238,699 19
49,000 14.0 Mar-15 40,500 35,750 39,650 50,052 51,654 1,975,029 22
Apr-15 44,500 37,675 42,600 63,276 53,485 2,155,514 21
May-15 46,000 42,150 43,300 46,562 41,628 1,831,169 19
42,000 12.0
Jun-15 43,700 39,300 39,500 64,240 45,770 1,889,850 21
Jul-15 41,375 38,100 40,000 48,134 32,657 1,306,892 19
35,000 10.0
Aug-15 40,400 33,000 39,725 58,033 51,971 1,908,691 20
Sep-15 40,250 35,350 38,000 54,837 34,163 1,307,719 21
28,000 8.0
Oct-15 40,000 37,000 37,000 65,118 39,538 1,523,171 21
Nov-15 38,500 34,500 36,750 50,036 39,978 1,471,337 21
21,000 6.0 Dec-15 37,825 34,150 37,000 47,897 39,437 1,426,482 19
14,000 4.0 Jan-16 37,500 35,300 36,700 61,635 48,570 1,758,009 20

Feb-16 46,175 36,050 44,525 61,609 60,547 2,467,245 20
7,000 2.0 Mar-16 47,800 41,975 42,925 83,827 71,335 3,117,613 21
Apr-16 47,300 42,025 42,575 61,443 42,830 1,895,250 21
May-16 45,150 42,350 43,100 47,603 28,908 1,256,175 20
Jun-16 45,600 42,800 45,075 49,805 44,188 1,922,485 22
Jul-16 47,800 43,625 45,050 54,039 41,226 1,845,188 16
Aug-16 46,950 44,600 45,650 65,450 53,712 2,441,888 22
Sep-16 46,000 44,000 44,550 54,577 59,751 2,679,123 21
January 2015 - July 2019 Dec-16 42,425 37,825 38,800 60,970 57,838 2,329,836 20
90%
Jan-17 42,000 38,800 41,200 51,627 44,325 1,784,042 21
75% Feb-17 42,900 41,100 42,175 38,576 29,829 1,253,205 19
Mar-17 44,200 41,825 43,325 46,728 45,851 1,967,676 22
60% Apr-17 45,800 43,400 44,500 32,501 35,530 1,597,678 17
May-17 50,025 44,800 46,175 63,703 58,636 2,743,131 20
45% Jun-17 49,500 46,250 48,800 30,957 20,965 1,002,417 15
Jul-17 49,550 46,525 48,950 57,378 38,597 1,859,619 21
34.1% Aug-17 51,000 46,925 50,550 52,819 43,276 2,112,420 22
30%
Sep-17 51,750 48,975 48,975 46,530 35,754 1,803,875 19
21.9%
Oct-17 51,175 48,550 49,600 48,150 50,967 2,527,829 22
15%
Nov-17 51,000 48,925 49,300 46,423 55,539 2,749,087 22
6.8% Dec-17 55,975 49,075 55,900 45,486 46,148 2,411,815 18
-
Jan-18 58,100 52,500 54,400 65,442 54,090 2,954,508 22

-15% Feb-18 55,550 53,500 53,900 51,750 51,007 2,775,512 19
Mar-18 54,500 48,975 49,525 52,907 48,144 2,462,336 21
-30% Apr-18 52,500 44,550 46,350 62,781 46,408 2,288,264 21
Jun-18 46,900 43,875 46,100 60,978 36,985 1,670,317 13
Jul-18 47,625 42,650 43,250 65,101 35,043 1,581,593 22
Volume (Million Sh.) 505 611 505 603 338 Sep-18 47,225 41,000 47,025 74,966 53,500 2,436,485 19
Days 244 246 238 240 139 Dec-18 46,800 42,675 45,400 71,702 43,273 1,922,612 18
Price (Rupiah) Jan-19 50,000 45,425 50,000 93,054 58,096 2,812,050 22

High 46,000 47,800 55,975 58,100 50,525 Feb-19 50,125 47,925 48,675 57,181 37,084 1,829,831 19
Low 32,100 35,300 38,800 38,900 41,525 Mar-19 49,950 48,000 49,225 62,249 31,601 1,551,597 20
Close 37,000 38,800 55,900 45,400 43,600 Apr-19 50,525 43,775 45,500 87,193 46,089 2,185,466 19
Close* 37,000 38,800 55,900 45,400 43,600 May-19 45,925 41,525 44,500 115,724 69,648 3,014,960 21
Jun-19 46,125 43,950 45,000 56,657 39,819 1,790,167 15
PER (X) 48.24 46.32 60.89 38.03 44.99 Jul-19 45,800 42,600 43,600 79,433 56,070 2,488,632 23
PER Industry (X) 17.71 23.77 18.48 17.70 18.80
PBV (X) 58.48 46.67 82.44 38.62 65.55


Receivables 3,602,272 3,809,854 4,854,798 5,103,406 6,053,744

2,297,502 2,318,130 2,393,540 2,658,073 6,053,744 18,000
Inventories
Current Assets 6,623,114 6,588,109 7,941,635 8,325,029 9,787,714
13,500
Fixed Assets 8,320,917 9,529,476 10,422,133 10,627,387 10,590,117
Other Assets 292,968 156,383 89,882 74,424 84,229
9,000
Total Assets 15,729,945 16,745,695 18,906,413 19,522,970 21,827,321
Growth (%) 6.46% 12.90% 3.26% 11.80% 4,500

Long Term Liabilities 775,043 1,163,363 1,200,721 810,051 1,969,635 2015 2016 2017 2018 Jun-19
Growth (%) 10.45% 14.05% -13.02% 40.25%
Paid up Capital 76,300 76,300 76,300 76,300 76,300 7,578

Par Value 10 10 10 10 10 5,173 5,075
6,032
4,827 4,704
Total Equity 4,827,360 4,704,258 5,173,388 7,578,133 5,075,213
4,486
Growth (%) -2.55% 9.97% 46.48% -33.03% 2,940
Total Revenues 36,484,030 40,053,732 41,204,510 41,802,073 21,457,234

Growth (%) 9.78% 2.87% 1.45%
-152
2015 2016 2017 2018 Jun-19
Cost of Revenues 17,835,061 19,594,636 19,984,776 20,709,800 10,503,740

Gross Profit 18,648,969 20,459,096 21,219,734 21,092,273 10,953,494
Expenses (Income) 10,709,568 11,751,435 11,723,970 8,813,643 5,930,255
40,054
Growth (%) 9.68% 9.05% 29.31% 36,484
41,802
33,274
Other Income (Expenses) -109,911 -135,776 -124,103 -92,866 -66,894

21,457
Tax 1,977,685 2,181,213 2,367,099 3,076,319 1,259,113
Growth (%) 9.21% 9.61% 30.05%

7,692
Current Ratio (%) 65.40 60.56 63.37 74.77 66.21
9,109
Dividend (Rp) 766.00 835.00 915.00 410.00 - 9,109
EPS (Rp) 766.95 837.57 918.03 1,193.90 649.59

7,005
BV (Rp) 632.68 616.55 678.03 993.20 665.17 7,251
6,391
5,852
DAR (X) 0.69 0.72 0.73 0.61 0.77
DER(X) 2.26 2.56 2.65 1.58 3.30
5,393
3,697
ROA (%) 37.20 38.16 37.05 46.66 16.94 3,534
ROE (%) 121.22 135.85 135.40 120.21 72.85

GPM (%) 51.12 51.08 51.50 50.46 51.05 1,676
OPM (%) 21.76 21.74 23.05 29.37 23.41

NPM (%) 16.04 15.96 17.00 21.79 17.23
-182
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 99.88 99.69 99.67 34.34 -
Yield (%) 2.07 2.15 1.64 0.90 -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

WIJAYA KARYA (PERSERO) TBK.
Company Profile
WIKA was formed by the nationalization process of a Dutch company named, Naamloze Vennotschap
Technische Handel Maatschappij en Bouwbedijf Vis en Co. or NV Vis en Co. Pursuant To Government
Regulation No. 2 / 1960 and Minister of Public Works and Electric Power (PUTL) Decree No. 5 dated 29
March 1961, to be named Perusahaan Negara Bangunan Widjaja Karja.
The first significant growth was in 1972, when Perusahaan Negara Widjaja Karja was changed to PT Wijaya
Karya. WIKA then expanded into a construction contractor by handling various important projects, such as
installation of electricity grids at Asahan and the Jatiluhur irrigation project.
The purpose of the Company is to be one of the best integrated Engineering, Procurement and
Construction (EPC) and Investment Company in South East Asia, and the Objective’s are Providing excellent
and integrated products and services in EPC and investment for infrastructure, building, energy, industrial
plant, industry, realty and property, fulfil key stakeholder expectation, implementing business ethics to
promote good corporate citizen and company sustainability, strategic overseas expansion and to
Implementing “Best Practice” Integrated Management System.
The Company directly owned more than 50% shares on subsidiaries as follows: PT Wijaya Karya Beton, PT
Wijaya Karya Realty, PT Wijaya Karya Industri dan Konstruksi, PT Wijaya Karya Rekayasa Konstruksi, PT
Wijaya Karya Bangunan Gedung, PT Wijaya Karya Bitumen, and PT Wijaya Karya Serang Panimbang.
In 2018 the Company received awards: Top 2 Best Growth Strategy for Listed SOE and Excellence in
Interpersonal Relationship, Top 2 Best Business Inovation, op 2 Best Human Capital Development, SWA
Magazine Awards - Category Best CFO 2018, IDC Award - Category Top 50 Big Capitalization Public Listed
Company, Living Legend Companies Award 2019, Indonesia Top Digital PR Award 2019, Indonesia
Champions ASEAN 2018, Indonesia Biodiversity Conservation Trust Fund Award 2018.
August 2019
Disclaimer:

WIKA Wijaya Karya (Persero) Tbk.

55 | 21.0T | 0.29% | 77.26%
54 | 15.1T | 0.47% | 74.75%

Listing Date : 29-Oct-2007 (IPO Price: 420) 2. Public (<5%) 3,135,101,372 : 34.95%
Underwriter IPO :
PT CIMB-GK Securities Indonesia DIVIDEND ANNOUNCEMENT
PT Bahana Securities (Affiliated) Bonus Cash Recording Payment
F/I
PT Indo Premier Securities Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 2007 5.97 6-Jun-08 9-Jun-08 11-Jun-08 25-Jun-08 F
2009 10.02 27-May-10 31-May-10 2-Jun-10 16-Jun-10 F
1. Imam Santoso 2011 17.28 23-May-12 24-May-12 28-May-12 11-Jun-12 F
2. Achmad Hidayat *) 2012 22.32 29-May-13 30-May-13 3-Jun-13 14-Jun-13 F
3. Edy Sudarmanto 2013 27.82 28-Apr-14 29-Apr-14 2-May-14 13-May-14 F
4. Freddy R. Saragih 2014 20.03 29-Apr-15 30-Apr-15 5-May-15 22-May-15 F
5. Illiana Arifiandi *) 2015 20.35 9-May-16 10-May-16 12-May-16 27-May-16 F
6. Satya Bhakti Parikesit 2016 33.86 24-Mar-17 27-Mar-17 30-Mar-17 18-Mar-17 F
7. Suryo Hapsono Tri Utomo *) 2017 26.82 2-May-18 3-May-18 7-May-18 25-May-18 F
ISSUED HISTORY
1. Tumiyana No. Type of Listing Shares Date Date
2. Ade Wahyu 1. First Issue 1,846,154,000 T: 29-Oct-07 : Formula
3. Agung Budi Waskito 2. Negara RI (Series A) 1 29-Oct-07 29-Oct-07
4. Bambang Pramujo 3. Company Listing 3,999,999,999 29-Oct-07 29-Oct-07
5. Danu Prijambodo 4. ESOP II 213,500 T: 16-Dec-09 : 22-Dec-09
6. Destiawan Soewardjono 5. MSOP I 2,183,500 T: 24-May-10 : 30-Jun-10
7. Novel Arsyad 6. MSOP II 908,000 T: 24-May-10 : 30-Jun-10
7. MSOP I & II 152,081,500 T: 22-Nov-10 : 5-Jan-11
AUDIT COMMITTEE 8. ESOP/MSOP I & II 137,504,500 T: 20-May-11 : 1-Jul-13
1. Suryo Hapsoro Tri Utomo 9. ESOP/MSOP II 9,974,000 T: 22-Nov-11 : 1-Jul-14
2. Achmad Hidayat 10. ESOP/MSOP I 206,000 30-Dec-13 30-Dec-13
3. M. Sjukrul Amien 11. Right Issue 2,820,726,372 T: 22-Nov-16 : 29-Nov-16
4. Nanda A. Wijayanti
5. Nirsihing Asmoro
CORPORATE SECRETARY
Puspita Anggraeni
HEAD OFFICE
Wika Tower 1 & 2
Jl. D.I. Panjaitan Kav. 9-10
Jakarta - 13340
Phone : (021) 8067-9200
Fax : (021) 2289-3830
Homepage : www.wika.co.id
Email : adwijaya@wikamail.id
investor.relations@wika.co.id
puspita@wikamail.co.id


TRADING ACTIVITIES
Wijaya Karya (Persero) Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
3,600 160 Jan-15 3,795 3,455 3,745 52,642 422,511 1,535,100 21
Feb-15 3,895 3,460 3,660 55,188 417,389 1,520,634 19
3,150 140 Mar-15 3,670 3,320 3,495 50,820 304,513 1,059,529 22
Apr-15 3,620 2,930 2,985 44,846 296,524 1,000,500 21
May-15 3,390 2,835 3,140 48,134 364,505 1,126,932 19
2,700 120
Jun-15 3,190 2,480 2,505 44,211 244,883 673,596 21
Jul-15 3,190 2,515 2,655 48,347 321,152 931,043 19
2,250 100
Aug-15 2,835 2,370 2,765 53,430 374,592 989,582 20
Sep-15 2,920 2,485 2,590 41,560 208,513 576,663 21
1,800 80
Oct-15 3,150 2,580 2,940 49,738 296,308 879,972 21
Nov-15 2,950 2,690 2,815 38,394 169,330 481,458 21
1,350 60 Dec-15 2,880 2,535 2,640 29,813 235,174 634,206 19
900 40 Jan-16 2,910 2,605 2,800 35,647 287,391 807,865 20

Feb-16 2,820 2,580 2,605 44,554 326,810 877,033 20
450 20 Mar-16 2,730 2,425 2,610 67,712 465,055 1,199,333 21
Apr-16 2,765 2,520 2,650 37,202 215,531 575,267 21
May-16 2,660 2,200 2,400 31,090 180,766 446,863 20
Jun-16 3,000 2,400 2,960 46,124 456,973 1,281,418 22
Jul-16 3,070 2,830 2,980 27,396 213,347 623,073 16
Aug-16 3,390 2,970 3,240 38,491 304,019 976,475 22
Sep-16 3,310 2,490 2,800 54,204 710,717 2,002,057 21
January 2015 - July 2019 Dec-16 2,620 2,270 2,360 38,278 398,293 981,027 20
45%
Jan-17 2,590 2,340 2,570 39,608 460,644 1,146,818 21
30% Feb-17 2,590 2,450 2,500 29,940 391,553 982,876 19
21.9% Mar-17 2,550 2,380 2,410 32,518 315,531 778,311 22
15% Apr-17 2,430 2,180 2,370 42,095 339,707 787,387 17
May-17 2,420 2,180 2,290 39,167 336,456 771,209 20
- Jun-17 2,290 2,190 2,210 26,060 209,842 468,245 15
-6.4% Jul-17 2,280 1,965 2,080 48,826 353,369 739,213 21
Aug-17 2,110 1,980 1,985 41,072 313,576 634,128 22
-15%
Sep-17 1,990 1,760 1,790 42,067 278,282 523,254 19
Oct-17 2,070 1,725 1,970 69,212 627,700 1,188,726 22
-30% -31.2% Nov-17 2,060 1,800 1,805 39,757 339,280 666,255 22
Dec-17 1,810 1,490 1,550 64,957 565,840 902,034 18
-45%
Jan-18 2,190 1,510 2,080 113,182 1,357,633 2,572,044 22

-60% Feb-18 2,110 1,855 1,925 70,911 649,658 1,278,077 19
Mar-18 1,950 1,600 1,680 44,052 299,912 537,242 21
-75% Apr-18 1,785 1,540 1,585 35,455 274,240 471,201 21
Jun-18 1,690 1,310 1,325 18,801 140,560 213,406 13
Jul-18 1,585 1,210 1,550 40,871 316,623 449,258 22
Days 244 246 238 240 139 Dec-18 1,750 1,490 1,655 62,451 548,682 902,503 18
Price (Rupiah) Jan-19 1,975 1,650 1,895 84,496 692,649 1,287,640 22

High 3,895 3,390 2,590 2,190 2,500 Feb-19 1,915 1,635 1,785 58,715 426,133 757,949 19
Low 2,370 2,200 1,490 1,095 1,635 Mar-19 2,200 1,790 2,160 62,239 604,860 1,201,982 20
Close 2,640 2,360 1,550 1,655 2,340 Apr-19 2,490 2,120 2,420 78,932 747,713 1,722,921 19
Close* 2,445 2,360 1,550 1,655 2,340 May-19 2,430 1,775 2,270 78,426 614,652 1,297,683 21
Jun-19 2,460 2,290 2,430 40,500 320,952 764,292 15
PER (X) 25.97 20.92 11.57 8.58 11.78 Jul-19 2,500 2,250 2,340 57,205 357,565 859,991 23
PER Industry (X) 13.36 24.89 14.52 23.25 18.85
PBV (X) 2.99 3.71 0.95 0.96 1.18


Receivables 3,836,199 1,961,818 7,155,850 6,829,979 5,257,362

50,000
Inventories 1,031,278 1,247,710 1,663,036 5,978,533 6,140,802

37,500
Investment 1,897,987 439,202 3,209,519 2,540,989 3,896,028
Fixed Assets 3,184,400 3,465,843 3,932,109 4,675,679 4,796,805
25,000
Other Assets 41,183 22,103 125,739 118,346 169,561
Total Assets 19,602,406 31,096,539 45,683,774 59,230,001 59,638,894
12,500
Growth (%) 58.64% 46.91% 29.65% 0.69%
-
Growth (%) 31.30% 66.97% 35.30% -0.44%
17,808
17,215
Paid up Capital 614,923 896,995 896,995 896,995 896,995 14,632

14,175
12,499
Par Value 100 100 100 100 100

10,542
Total Equity 5,438,101 12,498,715 14,631,825 17,215,315 17,807,618 6,909

5,438
Growth (%) 129.84% 17.07% 17.66% 3.44%
3,277

Total Revenues 13,620,101 15,668,833 26,176,403 31,158,193 11,363,655
-356
2015 2016 2017 2018 Jun-19

Growth (%) 15.04% 67.06% 19.03%
Cost of Revenues 11,965,441 13,441,729 23,300,169 27,553,466 10,026,327

Gross Profit 1,943,063 2,605,939 2,876,234 3,604,727 1,337,328
Operating Expenses 429,158 526,936 1,413,843 1,246,098 438,532 31,158
Operating Profit 1,513,905 2,079,004 2,320,788 3,834,697 898,796

31,158
26,176
Growth (%) 37.33% 11.63% 65.23% 24,802
Other Income (Expenses) -415,824 -848,513 -858,396 -1,476,068 248,809 18,446
15,669
13,620
Tax 395,077 83,345 106,276 285,329 132,557 12,089
Profit for the period 703,005 1,147,145 1,356,115 2,073,300 1,015,048

Growth (%) 63.18% 18.22% 52.89%
5,733
-623
Period Attributable 625,044 1,011,828 1,202,069 1,730,256 890,883 2015 2016 2017 2018 Jun-19
Comprehensive Income 709,311 1,128,869 1,308,466 2,213,543 1,015,048
Comprehensive Attributable 631,350 993,552 1,158,684 1,860,118 890,883
Dividend (Rp) 20.35 33.86 26.82 - - 2,073
EPS (Rp) 114.32 127.89 151.18 231.14 113.16

BV (Rp) 884.36 1,393.40 1,631.20 1,919.22 1,985.25 1,650
1,356
DAR (X) 0.72 0.60 0.68 0.71 0.70 1,147
1,015
DER(X) 2.60 1.49 2.12 2.44 2.35
1,227
ROA (%) 3.59 3.69 2.97 3.50 1.70 804

703
ROE (%) 12.93 9.18 9.27 12.04 5.70
GPM (%) 14.27 16.63 10.99 11.57 11.77 381
OPM (%) 11.12 13.27 8.87 12.31 7.91

NPM (%) 5.16 7.32 5.18 6.65 8.93
-41
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 17.80 26.48 17.74 - -
Yield (%) 0.84 1.39 1.10 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

WASKITA KARYA (PERSERO) TBK.

Company Profile
The Company was first established as a foreign company under the name "Volker Aaneming
Maatschappij NV" which later became nationalized State Company (PN) Waskita Karja on January 1,
1961, and the Company at the time was based in Jakarta.
Since the company goes public in 2012, the company has started to expand by engaging in other business
lines such as Concrete Precast, Toll Road, Realty and Energy. Until 2017, the company has 4 subsidiaries;
PT Waskita Beton Precast, a Subsidiary in precast concrete sector; PT Waskita Investment Toll Road, a
Subsidiary in toll road sector; PT Waskita Karya Realty, a Subsidiary in Property/realty sector; and PT
Waskita Karya Energy, which will become a holding Company for PT Waskita Sangir Energi that engages
in Electricity Power Plant Sector.
Currently the Company had a couple of on going projects, The first one is LRT Palembang with a contract
value of Rp10,9 Billion, The completion of construction of LRT Palembang is faster than target, The
construction of Light Rail Transit (LRT) of Palembang is expected to be completed in February 2018. The
LRT Connects Sultan Mahmud Badaruddin II International Airport with Jakabaring Sports Complex. The
Second one is Brooklyn SOHO Alam Sutera, The Apartement Blok that is located in Alam Sutera tangerang
is expected to be the new icon of Alam Sutera Boulevard, with a Contract Value of Rp517 Million, the
Project will end on 2021.
With the motto of “Onward through High Quality Performance”, the company is committed to move
forward and develop as the leading Indonesia company in construction industry, engineering,
infrastructure investment and realty. Given the advantages, experiences, and resources, The Company is
ready to welcome a brighter future.
The head office of the company is located in Waskita Building, MT. Haryono Kav. No. 10 Jakarta with The
total number of employees at June 30th, 2019 was 2,372.
August 2019
Disclaimer:

WSKT Waskita Karya (Persero) Tbk.

44 | 27.8T | 0.38% | 71.86%
24 | 33.2T | 1.04% | 52.28%

Established Date : 01-Jan-1961 1. Republic of Indonesia 8,963,697,887 : 66.04%
Underwriter IPO :
PT Bahana Securities (affiliated) DIVIDEND ANNOUNCEMENT
PT Danareksa Sekuritas (affiliated) Bonus Cash Recording Payment
F/I
PT Mandiri Sekuritas (affiliated) Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 2012 2.11 10-May-13 13-May-13 15-May-13 29-May-13 F
PT Datindo Entrycom 2013 11.46 28-Apr-14 29-Apr-14 2-May-14 19-May-14 F
2014 10.31 4-May-15 5-May-15 7-May-15 28-May-15 F
BOARD OF COMMISSIONERS 2015 15.44 5-Apr-16 6-Apr-16 8-Apr-16 29-Apr-16 F
1. Badrodin Haiti 2016 37.87 24-Mar-17 27-Mar-17 30-Mar-17 20-Mar-17 F
2. Danis Hidayat Sumadilaga 2017 57.19 13-Apr-18 16-Apr-18 18-Apr-18 9-May-18 F
3. M. Aqil Irham *)
4. Muradi *) ISSUED HISTORY
5. R. Agus Sartono Listing Trading
6. Robert Leonard Marbun No. Type of Listing Shares Date Date
7. Viktor S. Sirait *) 1. First Issue 3,082,315,000 19-Dec-12 19-Dec-12
*) Independent Commissioners 2. Company Listing 6,549,921,000 19-Dec-12 19-Dec-12
3. MESOP I 98,027,925 T: 23-May-14 : 22-Jun-17
BOARD OF DIRECTORS 4. MESOP II 190,188,875 T: 20-May-15 : 14-Dec-18
1. I Gusti Ngurah Putra 5. Right Issue 3,653,498,200 8-Jul-15 8-Jul-15
2. Bambang Rianto
3. Didit Oemar Prihadi
4. Fery Hendriyanto
5. Gunadi
6. Hadjar Seti Adji
7. Haris Gunawan
AUDIT COMMITTEE
1. Viktor S Sirait
2. Ihda Muktiyanto
3. R. Agus Sartono
4. Suyanto
CORPORATE SECRETARY
Shastia Hadiarti
HEAD OFFICE
Waskita Building
Jl. MT Haryono Kav. No. 10 Cawang
Jakarta 13340
Phone : (021) 850-8510; 850-8520
Fax : (021) 850-8506
Homepage : www.waskita.co.id
Email : waskita@waskita.co.id


TRADING ACTIVITIES
Waskita Karya (Persero) Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
3,200 480 Jan-15 1,740 1,355 1,715 70,104 1,483,277 2,224,845 21
Feb-15 1,890 1,680 1,815 66,468 1,082,352 1,936,847 19
2,800 420 Mar-15 1,825 1,630 1,780 59,602 922,085 1,598,474 22
Apr-15 1,815 1,550 1,720 32,693 492,663 852,730 18
May-15 1,815 1,505 1,700 28,488 323,352 555,369 19
2,400 360
Jun-15 1,745 1,490 1,520 32,477 446,526 722,925 21
Jul-15 1,900 1,515 1,770 52,634 847,192 1,460,006 19
2,000 300
Aug-15 1,845 1,505 1,605 38,175 524,748 874,353 20
Sep-15 1,675 1,525 1,550 32,563 419,021 676,229 21
1,600 240
Oct-15 1,770 1,565 1,630 52,743 914,328 1,523,625 21
Nov-15 1,760 1,605 1,605 46,419 639,780 1,085,373 21
1,200 180 Dec-15 1,690 1,605 1,670 30,077 407,446 673,388 19
800 120 Jan-16 1,775 1,615 1,735 56,094 850,420 1,459,308 20

Feb-16 2,000 1,725 1,930 63,550 848,534 1,598,813 20
400 60 Mar-16 2,045 1,880 2,005 46,588 561,814 1,103,782 21
Apr-16 2,395 1,995 2,345 68,067 827,418 1,820,681 21
May-16 2,660 2,330 2,510 91,521 1,200,692 3,011,293 20
Jun-16 2,580 2,360 2,550 97,531 1,240,574 3,067,552 22
Jul-16 2,860 2,490 2,770 68,115 871,744 2,372,370 16
Aug-16 2,860 2,670 2,790 74,767 798,702 2,225,348 22
Sep-16 2,800 2,380 2,620 66,683 789,305 2,080,226 21
January 2015 - July 2019 Dec-16 2,650 2,290 2,550 35,516 363,350 912,572 20
120%
Jan-17 2,680 2,500 2,560 31,508 318,343 826,513 21
100% Feb-17 2,650 2,430 2,480 33,660 350,423 890,325 19
Mar-17 2,500 2,320 2,370 48,847 446,818 1,071,230 22
80% Apr-17 2,440 2,230 2,390 33,377 274,924 648,930 17
May-17 2,450 2,210 2,380 45,580 356,209 836,541 20
60% Jun-17 2,380 2,210 2,320 27,392 185,512 429,405 15
Jul-17 2,400 2,180 2,390 42,796 366,798 831,192 21
43.6% Aug-17 2,390 2,210 2,220 33,961 272,412 625,487 22
40%
Sep-17 2,230 1,775 1,775 82,087 717,240 1,372,304 19
Oct-17 2,250 1,780 2,120 88,294 863,725 1,756,266 22
20% 21.9%
Nov-17 2,250 2,060 2,110 42,140 369,336 800,700 22
Dec-17 2,270 1,860 2,210 48,580 464,050 998,974 18
-
-6.4%
Jan-18 2,870 2,130 2,830 70,710 731,714 1,888,451 22
-20% Feb-18 3,150 2,640 2,910 78,236 780,564 2,262,700 19
Mar-18 3,000 2,430 2,470 68,240 633,621 1,710,234 21
-40% Apr-18 2,660 2,140 2,210 66,493 739,792 1,818,022 21
Jun-18 2,450 1,915 1,925 39,849 371,030 822,085 13
Jul-18 2,170 1,770 2,120 101,320 969,224 1,900,990 22
Days 241 246 238 240 139 Dec-18 1,890 1,605 1,680 140,927 1,781,330 3,160,012 18
Price (Rupiah) Jan-19 2,140 1,685 1,975 152,682 1,752,325 3,442,342 22

High 1,900 2,860 2,680 3,150 2,230 Feb-19 2,050 1,745 1,875 109,052 1,270,048 2,392,655 19
Low 1,355 1,615 1,775 1,415 1,650 Mar-19 2,020 1,845 1,985 63,660 723,393 1,398,218 20
Close 1,670 2,550 2,210 1,680 2,050 Apr-19 2,230 1,925 2,120 82,376 1,104,429 2,299,105 19
Close* 1,670 2,550 2,210 1,680 2,050 May-19 2,110 1,650 1,810 75,509 678,749 1,236,924 21
Jun-19 2,050 1,835 2,010 44,843 395,197 772,295 15
PER (X) 21.63 20.20 7.73 5.75 13.94 Jul-19 2,180 1,910 2,050 63,497 611,350 1,256,437 23
PER Industry (X) 13.36 24.89 14.52 23.25 18.85
PBV (X) 2.34 2.14 1.32 0.84 0.96


Receivables 5,512,986 8,622,125 14,133,198 13,870,005 6,431,170

110,000
Inventories 826,384 2,556,732 3,235,501 5,089,231 5,474,097

82,500
Investment 972,699 2,619,105 3,745,409 6,651,472 7,385,886
Fixed Assets 1,923,144 3,275,335 4,742,288 7,091,121 7,382,409
55,000
Other Assets 236,767 98,338 324,593 496,568 936,675
Total Assets 30,309,111 61,425,182 97,895,761 124,391,582 132,574,016
27,500
Growth (%) 102.66% 59.37% 27.07% 6.58%
-
Growth (%) 116.71% 68.28% 27.10% 8.60%
28,887 28,855
Paid up Capital 1,357,249 1,357,328 1,357,371 1,357,390 1,357,390 22,755

22,994
Par Value 100 100 100 100 100 16,773

17,101
Total Equity 9,704,207 16,773,219 22,754,825 28,887,119 28,854,869 11,208

9,704
Growth (%) 72.84% 35.66% 26.95% -0.11%
5,315

Total Revenues 14,152,753 23,788,323 45,212,898 48,788,951 14,795,053
-578
2015 2016 2017 2018 Jun-19

Growth (%) 68.08% 90.06% 7.91%
Cost of Revenues 12,231,515 19,820,484 35,749,365 39,926,332 11,881,094

Gross Profit 1,932,837 3,967,838 9,463,532 8,862,619 2,913,959
Operating Expenses 193,337 822,057 2,936,931 3,326,176 1,854,057 48,789
45,213
Operating Profit 1,739,500 3,145,782 6,526,601 - -
48,789
Growth (%) 80.84% 107.47% 38,836
Other Income (Expenses) -341,496 -990,192 -1,905,955 - - 28,883
23,788
Tax 350,413 342,520 419,074 916,875 46,414 18,930
14,153 14,795

Growth (%) 73.07% 131.74% 9.95%
8,977
-976
Period Attributable 1,047,738 1,713,261 3,881,712 3,962,838 997,821 2015 2016 2017 2018 Jun-19
Dividend (Rp) 15.44 37.87 57.19 - - 4,620
4,202
EPS (Rp) 77.18 133.58 309.54 340.33 74.66
BV (Rp) 714.99 1,235.75 1,676.39 2,128.14 2,125.76 3,677
DAR (X) 0.68 0.73 0.77 0.77 0.78

DER(X) 2.12 2.66 3.30 3.31 3.59
2,735
1,813
ROA (%) 3.46 2.95 4.29 3.71 0.76 1,792
ROE (%) 10.80 10.81 18.46 15.99 3.51 1,048 1,013

GPM (%) 13.66 16.68 20.93 18.17 19.70 850
OPM (%) 12.29 13.22 14.44 - -

NPM (%) 7.40 7.62 9.29 9.47 6.85
-92
2015 2016 2017 2018 Jun-19

Payout Ratio (%) 20.00 28.35 18.48 - -
Yield (%) 0.77 1.88 2.85 - -
*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

NOTES
1. Trading Volume, Value and Frequency :
Figure of trading volume, value, and frequency are calculated once. Trading Frequency refers to numbers of transaction.
2. Foreign Ownership
In September 1997, the foreign ownership limitation was abolished except for banks (49% of total listed shares). In May 1999, the
maximum number of listed shares and foreign ownership on banks company was set to 99%, based on Government regulation
dated May 7th, 1999.
3. Number of listed shares
This figures refers to the total number of shares that is already listed and can be traded at the exchange
4. Market Capitalization
This figures indicates the aggregate number of listed shares multiplied by regular market closing price
5. Jakarta Composite Index
Jakarta Composite Index =

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

Profit for the period
ROA = x 100%
Total Assets
12. Return on Equity (ROE)
Profit for the period
ROE = x 100%
Total Equity
13. Gross Profit Margin (GPM)

Gross Profit
GPM = x 100%
Total Sales
14. Operating Profit Margin (OPM)
Operating Income
OPM = x 100%
Total Sales
15. Net Profit Margin (NPM)
Profit for period
NPM = x 100%
Total Sales
Dividend
16. Payout Ratio = x 100%
EPS
Dividend
17. Yield = x 100%
Closing Price
18. [S] Sharia Compliant Stock

19. Period Attribute : Profit for the period attributable to owner’s entity
20. Comprehensive Attribute : Comprehensive Income attributable to owner’s entity

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IDX LQ45

No. Code Stock Name Page

ADARO ENERGY TBK.

DATA SERVICES | INDONESIA STOCK EXCHANGE

ADRO Adaro Energy Tbk.

17 | 40.9T | 1.28% | 38.92%

COMPANY HISTORY SHAREHOLDERS (July 2019)

DATA SERVICES | INDONESIA STOCK EXCHANGE

ADRO Adaro Energy Tbk.

650 120 Jan-16 540 437 525 49,972 717,704 348,594 20

Jan-18 2,650 1,810 2,450 112,333 1,644,802 3,661,205 22

Price (Rupiah) Jan-19 1,510 1,215 1,390 169,122 1,978,654 2,768,154 22

DATA SERVICES | INDONESIA STOCK EXCHANGE

ADRO Adaro Energy Tbk.

Receivables 2,732,288 4,099,162 4,354,964 5,393,541 5,743,777

Current Liabilities 6,269,001 8,660,241 10,476,695 11,872,714 14,764,335 -

Retained Earnings 19,132,402 21,868,555 26,645,136 31,429,290 32,991,915

Growth (%) 9.98% 8.98% 12.87% 0.42% 24,379

INCOME STATEMENTS Dec-15 Dec-16 Dec-17 Dec-18 Jun-19 11,561

Total Revenues 37,029,662 33,915,675 44,143,895 52,638,419 25,103,513

2015 2016 2017 2018 Jun-19

Cost of Revenues 29,535,382 24,708,307 28,678,826 35,039,589 17,122,545

Growth (%) 72.46% 63.33% 0.58%

Income before Tax 3,861,948 7,343,043 12,593,286 11,938,953 6,904,541

Tax 1,779,012 2,765,586 5,325,624 4,994,552 2,362,466

Growth (%) 119.76% 58.77% -4.45%

Period Attributable 2,102,757 4,495,968 6,547,708 6,074,484 4,197,841 -1,053

EPS (Rp) 65.74 140.56 204.71 189.91 131.24

ROA (%) 2.53 5.22 7.87 6.76 4.49 2,820

OPM (%) 12.36 23.28 29.21 24.64 25.38

2015 2016 2017 2018 Jun-19

*US$ Rate (BI), Rp 13,794 13,436 13,548 14,542 14,141

DATA SERVICES | INDONESIA STOCK EXCHANGE

AKR CORPORINDO TBK.

DATA SERVICES | INDONESIA STOCK EXCHANGE

AKRA AKR Corporindo Tbk.

49 | 16.0T | 0.50% | 67.05%

COMPANY HISTORY SHAREHOLDERS (July 2019)

DATA SERVICES | INDONESIA STOCK EXCHANGE

AKRA AKR Corporindo Tbk.

2,500 40 Jan-16 7,900 6,700 7,350 51,362 203,633 1,469,733 20

Price (Rupiah) Jan-19 5,300 4,160 5,250 53,349 210,587 981,530 22

DATA SERVICES | INDONESIA STOCK EXCHANGE

AKRA AKR Corporindo Tbk.

Receivables 3,093,357 2,600,467 2,787,659 4,547,986 3,676,400

Current Liabilities 4,871,402 5,815,708 5,429,491 8,062,728 7,147,214 -

Retained Earnings 4,375,360 5,028,694 5,625,394 6,410,237 6,320,716

Growth (%) 10.82% 11.83% 9.94% -0.47% 3,852

INCOME STATEMENTS Dec-15 Dec-16 Dec-17 Dec-18 Jun-19 1,827

Total Revenues 19,764,821 15,212,591 18,287,936 23,548,144 9,714,262

2015 2016 2017 2018 Jun-19

Cost of Revenues 17,548,827 13,337,659 16,420,654 21,993,578 8,876,841

Growth (%) -12.88% -3.27% -17.65%

Other Income (Expenses) -32,149 -56,815 19,359 -46,013 -30,430 15,213

Income before Tax 1,317,021 1,118,547 1,156,230 890,156 462,817 13,941

Tax 258,280 71,695 -148,371 -706,497 102,623 9,714

Growth (%) -1.12% 24.62% 22.39%

Period Attributable 1,033,630 1,010,786 1,201,667 1,644,834 390,765 -471

BV (Rp) 1,849.42 2,022.74 2,253.85 2,472.62 2,460.94 1,271

ROA (%) 6.96 6.61 7.75 8.01 1.89 620

ROE (%) 14.53 12.97 14.45 16.08 3.65 360

OPM (%) 6.83 7.73 6.22 3.98 5.08

2015 2016 2017 2018 Jun-19