EQUITY RESEARCH
MEDC - Results Update - 06 April 2017
CIPTADANA SECURITIES
BUY
Medco
Earnings lifted by one-off gain, solid 4Q16 numbers
TP: Rp4,000 (+25.4%)
Sector
Oil and gas
Bloomberg Ticker
MEDC IJ
Share Price Performance
Last price (Rp)
3,190
Avg. daily T/O (Rpbn/USDmn)
21.9/1.6
3m
6m
12m
Absolute (%)
111.3
126.2
96.3
Relative to JCI (%)
105.1
120.3
79.3
52w High/Low price (Rp)
3,720/1,145
3,500
Surprisingly, AMIV contributes a net loss in FY16
AMIV, PT Amman Mineral Nusa Tenggara (AMNT – previously known as Newmont) parent
company, surprisingly provided a net loss of USD31.2 mn to MEDC in the last two months
of FY16. However, for the full year of FY16, AMNT still booked USD517 mn (+23.7% YoY) in
earnings to all shareholders, including to AMIV. For 2017, AMNT’s targets 300 – 310 mn
lbs of copper and 400 – 420 thousand ounce of gold, lower than FY16 actual copper and
gold production of 477 mn lbs and 798 thousand ounces of gold. But, we still expect AMNT
to book USD337 mn of earnings which will contribute USD137 mn MEDC earnings in FY17.
180%
160%
140%
120%
100%
80%
60%
40%
20%
0%
3,000
2,500
2,000
1,500
1,000
500
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
0
MEDC
1yr Rel. to JCI (RHS)
Outstanding shrs (mn)
2,942
Mkt. Cap (Rpbn/USDmn)
9,385/705
Estimated free float (%)
63.4
Major shareholders
Encore Energy
50.7%
Credit Suisse
20.7%
Prudential Life
FY16 earnings beat expectations helped by one-off gain
Medco Energi International (MEDC) posted USD184.8 mn of net profit in FY16, a massive
turnaround from net loss of USD188.1 mn in FY15, and above our and consensus
estimates by 314.1% and 275%, respectively. It came on the back of strong growth of other
income, particularly gain on bargain purchase as MEDC acquired several assets on good
price discount, such as Amman Mineral Investama (AMIV), and South Natuna Sea Block B,
reaping gain of USD551.6 mn in FY16. The company’s revenue increased by 4.4% YoY to
USD600.4 mn, but as COGS and operating expenses declined by 2.2% YoY and 12.7% YoY,
respectively, the company’s gross profit and operating profit jump to USD250.6 mn
(+15.3%) and USD152.8 mn (+45.2% YoY). On quarterly basis, MEDC’s earning jumped
significantly to USD162.5 mn due to USD532 mn gain from bargain purchase booked in
4Q16. Revenue rose by 35% QoQ, while gross and operating profit also increased by 75.0%
QoQ and 134.7% QoQ.
6.7%
EPS Consensus
Ciptadana
Cons.
% Diff
2017F
4.7
5.9
-19.7
2018F
6.6
6.1
7.4
2019F
8.5
8.6
-1.4
Better operational condition in FY17
AMNT has been granted a permit to export a maximum of 675,000 wmt of copper after the
ESDM Ministry issued such permit on February 17, 2017. Else, the Sarulla project, a
geothermal power plant in Tapanuli, South Sumatera, has started its commercial
operation in March 2017. In total there will be three units of power plants to be built with
total capacity of 330 MW, or 110 MW for each plant, with the second and third units are
scheduled to start operation in late 2017 and 1H18. Sarulla has secured a contract to sell
its electricity to PLN for 30 years. Furthermore, MEDC has completed a full acquisition of
Inpex Natuna Ltd participation interest in South Natuna Sea Block B (SNSB). MEDC
participation interest in SNSB rose to 75% after this acquisition, and is expected to
increase MEDC’s total production in FY17 to 81 mmboedp vs 75 mmboepd without this
acquisition.
Reiterate Buy recommendation with higher TP of Rp4,000/share
We reiterate our Buy call with higher TP of Rp4,000/share as we increase our operating
profit target by 12.0% - 18.9% given higher oil and gas production target after acquiring
35% participation interest in SNSB. We also change our valuation model from DCF to SOTP
to better reflect AMIV’s value to MEDC. Our TP offers 25.4% potential upside.
Exhibit 1 : Financial Highlights
Year to 31 Dec
Revenue (USDmn)
Operating profit (USDmn)
Net profit (USDmn)
2015A
2016A
2017F
2018F
2019F
575
600
811
863
900
105
153
190
222
233
-188
185
158
218
283
EPS (US$Cents)
-5.6
5.5
4.7
6.6
8.5
EPS growth (%)
n/m
n/m
-14.6
38.4
29.4
Kurniawan Sudjatmiko
EV/EBITDA (x)
5.3
6.0
21.9
5.9
5.1
+62 21 2557 4800 ext 739
PER (x)
-4.2
4.3
5.2
3.8
2.9
[email protected]
PBV (x)
1.1
0.9
0.9
0.7
0.6
Dividend yield (%)
0.0
0.0
0.0
0.0
0.0
-27.0
20.8
16.5
19.3
20.8
http://www.ciptadana.com
ROE (%)
Source : MEDC, Ciptadana Estimates
Please see analyst certification and other important disclosures at the back of this report
2
EQUITY RESEARCH
MEDC - Results Update - 06 April 2017
CIPTADANA SECURITIES
Surprisingly, AMIV contributes a net loss in FY16
Two months loss from AMIV in FY16
Surprisingly, PT Amman Mineral Investama (AMIV), AMNT’s (previously known as Newmont)
parent company, provides net loss of USD31.2 mn to MEDC (41.1% portion). However, that
loss was only for the last two months in FY16, while for the full year operational AMNT still
booked USD517 mn (+23.7% YoY) of earnings to all shareholders, including to AMIV. In FY16,
AMNT produced 798,000 ounces of gold, or up by 12.4% YoY and 477 mn lbs of copper (-3.4%
YoY) through its Batu Hijau mine site, totaling USD1,668 mn of revenue or up by 1.5% YoY
Exhibit 2 : AMIV’s November – December 2016 results and position (in USD mn)
Revenue
Profit (loss)
Profit (loss) to
MEDC
Total
Assets
Equities
156.1
-62.5
-31.2
1,178
1,631
AMIV
Source : MEDC
Exhibit 3 : AMNT’s full year FY16 results
(in USD mn)
FY14
FY15
FY16
473
1,644
1,668
Cost applicable to sales
585
772
668
Depreciation and amortization
141
137
134
Reclamation and remediation
12
13
14
Sales
Cost and expenses
Exploration
1
-
-
Advanced projects, R&D
2
7
2
General and administrative
8
6
10
Other expense (income), net
8
10
-1
757
945
827
Operating profit
-284
699
841
Profit before tax
-315
671
826
Net income
-244
418
517
Total cost and expenses
Source : Newont Mining Corporation
Exhibit 4: AMNT’s key ratio
FY14
FY15
FY16
Revenue
-
247.6
1.5
Operating profit
-
n.a
20.3
Net profit
-
n.a
23.7%
Operating profit margin
-60.0
42.5
50.4
Net profit margin
-51.6
25.4
31.0
Growth ratio (%, YoY)
Margin (%)
Source : Newont Mining Corporation
Declining production target from AMNT
For 2017F, AMNT targets 300 – 310 mn lbs of copper and 400 – 420 thousand ounce of gold,
lower than FY16 actual copper and gold production of 477 mn lbs, and 798 thousand ounce of
gold, respectively. The lower target is understandable since Batu Hijau mine is approaching
towards the end of phase six of mining operational activity, causing a decline of production
before entering phase seven in 2020. Given this, we estimate AMNT’s revenue and earnings
to drop to USD1,155 mn and 334 mn, before rebounding in 2020 after the phase seven starts.
Please see analyst certification and other important disclosures at the back of this report
3
EQUITY RESEARCH
MEDC - Results Update - 06 April 2017
CIPTADANA SECURITIES
But, even though the production target is softer, we still expect AMNT’s earnings to hit
USD334 mn, and will provide USD137 mn earnings contribution to MEDC in FY17.
Exhibit 5: AMNT’s revenue and earnings, FY15 – 2020F
USD mn
2,257
2500
2000
1644
1668
1500
1,155
1000
500
1,354
517
418
1,587
334
432
543
2017F
2018F
2019F
819
0
FY15
FY16
Revenue
2020F
Earnings
Source : Newont Mining Corporation, Ciptadana estimates
Financial risks softening after AMIV’s acquisition
We reckon that financial risks on MEDC are still linger, excluding the effect of AMNT’s
acquisition, as several indicators shows a deteriorating condition. Interest bearing debt to
equity only slightly down from 2.27x in FY15 to 2.18x in FY16, as debt increased from
USD1,180 mn to USD1,933 mn. Debt to EBITDA also slightly improved to 7.09x in FY16 (vs
7.21x in FY15), while interest coverage ratio plunged to 2.56x in FY16 (vs 2.84x in FY15).
However, after the acquisition of AMIV, we foresee much better financial condition for MEDC,
as the additional debt of around USD422 mn related to the AMIV acquisition will be offset by
USD815.4 mn increase of equity. As a result, we expect debt to Equity to decline to 1.38x in
FY17. And with EBITDA is expected to climb to USD449 mn in FY17, we estimate debt to
EBITDA to strengthen to 5.24x and EBITDA to interest to 2.94x.
Exhibit 6: MEDC’s key ratio
(x)
8.00
7.21
7.00
7.09
6.00
5.00
4.00
3.00
4.53
3.30
3.77
2.00
1.00
5.24
4.10
1.25
1.21
FY13
FY14
2.84
2.56
2.94
2.27
2.18
1.38
FY15
FY16
2017F
-
Debt to Equity
Debt to EBITDA
EBITDA to interest
Source : MEDC, Ciptadana estimates
Please see analyst certification and other important disclosures at the back of this report
4
EQUITY RESEARCH
CIPTADANA SECURITIES
MEDC - Results Update - 06 April 2017
Better operational condition in FY17
Receives extension of a concentrate export permit
PT Amman Mineral Nusa Tenggara (AMNT) has been granted an extension of concentrate
export permit from the government. The recommendation was issued by the Ministry of
Energy and Mineral Resources on February 17, 2017 and the Ministry of Trade then issued a
copper concentrate export permit with maximum volume of 675,000 wmt. Such quota is
permitted until February 18, 2018 and will be reviewed twice a year. AMNT’s export permit
was received after the company changed its mining status from Contract of Work to Special
Mining Licences on February 10,2017. Along with that, AMNT pledges to build smelter on its
mining site, Batu Hijau, with total capacity of 1 mn tons copper concentrate and expected to
be finished in 2022.
First unit of Sarulla commenced operation in 1Q17
Medco Power Indonesia – a joint venture between MEDC and Saratoga Power, owns 19%
interest in Sarulla project, a geothermal power plant located in Tapanuli, North Sumatera.
The first unit of Sarulla power plant has started its commercial operation in March 2017. In
total, there will be three units of geothermal power plant to be built with total capacity of 330
MW, or 110 MW for each plant. The second and third units are scheduled to start commercial
operation in late 2017 and 1H18. With its total capacity, Sarulla will become the largest
geothermal utility in Indonesia and the fifth largest geothermal power plant in the world.
Sarulla has secured a contract to sell its electricity to state utility firm PLN over a period of
30 years. We expect the Sarulla project to contribute around Rp3.6 bn to MEDC’s other
income in 2017F.
MEDC increases participation interest in South Natuna Sea Block B (SNSB)
Medco Energi International (MEDC) has completed a full acquisition of Inpex Natuna Ltd.
participation interest in the South Natuna Sea. Japan’s Inpex Corporation announced that it
had decided to sell all its shares in Inpex Natuna Ltd., its wholly-owned subsidiary, which
holds a 35% participating interest in the South Natuna Sea’s Block B (SNSB), to PT Medco
Daya Sentosa, a subsidiary of MEDC. The transaction value was USD167 mn, and expected to
increase MEDC’s participation interest at SNSB to 75%. The remaining 25% is controlled by
Chevron Corp., through its Chevron South Natuna B Inc. The share acquisition is expected to
be completed in May and MEDC will use internal cash reserves and bank loans to finance the
takeover. SNSB’s production rate in FY16 was approximately 20,000 bpd of crude oil, 197 mn
mmscfd of natural gas, and 6,000 bpd of liquefied petroleum gas. After the acquisition,
MEDC’s total production in FY17 is expected to increase to 81 mmboepd vs 75 mmboepd
without this acquisition. However, another challenge emerges as the production from SNSB
in FY16 continue to decrease (-6.55% YoY for oil, and -33.45% for gas). Our calculation shows
that the acquisition costs for this transaction is around USD839/mmboe reserves, relatively
cheaper compare to the acquisition cost of 40% participation interest in SNSB, done by MEDC
in November 2016, of USD1,050/mmboe reserves.
Positive catalysts to uplift MEDC’s FY17 outlook
Shrinking supply provides catalyst for copper price
We expect global copper supply to shrink in FY17, the first time in more than a decade, as
producers face several big problems, i.e. strikes, disputes with local governments, and bad
weather. Workers stroked at Escondida, Chile, and at Peru’s Cerro Verde mine has led to
estimated losses of 142,000 tons so far, and with a further 1.6 mn tons of mine capacity still
facing labor negotiations, the predicted shortfall will be wider. Elsewhere, Freeport
Indonesia, a subsidiary of Freeport-McMoRan Inc, is facing a dispute over its contract with
Indonesia’s Government, which caps its production rate at just 40% of its capacity. Floods
and heavy rains also dented production from Indonesian miners. On March 28, 2017 copper
price was traded at USD5,575/ton on LME, up 5% this year after 13.8% rally in the final
quarter of 2016. We expect copper price to trade at USD6,200/ton at the end of 2017, as
demand from China (the largest copper consumer in the world) continue to build, propelled
by higher fixed assets investment (8.9% in 2M17 vs 7.9% in 4Q16) and housing sales
improvement (+23.7% YoY) in 2M17 as sales in smaller cities remained strong.
Please see analyst certification and other important disclosures at the back of this report
5
EQUITY RESEARCH
MEDC - Results Update - 06 April 2017
CIPTADANA SECURITIES
Exhibit 7: Global copper production lost through strikes
Thousand Mt
300
250
200
144
150
100
50
0
FY10
FY11
FY12
FY13
FY14
FY15
FY16 2017F
Source : Wood Mackenzie
Exhibit 8: Copper price at LME
USD/ton
6500
6000
5500
5000
4500
4000
3500
Source : Bloomberg
Oil price continue to face challenges
After months of relative price stability, with WTI oil prices pinned between USD50 – 55 per
barrel, the pressure on price suddenly build as crude oil inventories in the United States hit a
new record level, as U.S. oil production rebound to nearly 9.1 mn barrels per day. It indicates
that U.S. shale oil producers were pumping their production to take advantage on the high
level of price. As a result, OPEC is expected not to continue the current production limiting
accord after June 30, as the impact is only benefiting shale oil producers the most.
Please see analyst certification and other important disclosures at the back of this report
6
EQUITY RESEARCH
MEDC - Results Update - 06 April 2017
CIPTADANA SECURITIES
Exhibit 9: WTI crude oil price
USD/barrel
60
55
50
45
40
35
30
25
20
Source : Bloomberg
Gold market outlook: bullish views on U.S. uncertainties
Political volatility and expected higher inflation are producing a strong outlook for global gold
prices. Trump’s administration brings uncertainties as several of its policies face fierce
resistant from the Americans. Inflation may be stoked by a sharply rising money supply and
new stimulative measures, and the U.S. is becoming more protectionists and less globally
focused. In such a changing world order, gold stands as the constant that could benefit.
Exhibit 10: Gold price
USD/once
1500
1400
1300
1200
1100
1000
900
Reiterate Buy recommendation with higher TP of Rp4,000./share
We reiterate our Buy call with higher TP of Rp4,000/share given higher oil and gas
production target after acquiring 35% participating interest in South Natuna Sea Block B
from Inpex Natuna Ltd. We increase our 2017F – 18F revenue and operating profit target by
5.0% - 8.3% and 12.0% - 18.9%, respectively, but toned down earnings target by 19.1% 22.7% as we foresee lower earnings contribution from AMIV due to lower production from
Batu Hijau mine site as it approaches the end of stage 6 exploration activity. Earnings in
2017F were also estimated lower on the asbsence one-off gain on bargain transaction like
what happened in FY16. We also change our valuation model to SOTP from DCF to better
calculate AMIV’s value to MEDC. We have already included AMNT’s additional debt of
USD1,271 mn that the company has to bear after the acquisition and around USD3 bn capex
to develop Elang mine site. Our TP offers 25.4% potential upside and implied 2017F PER of
6.4x.
Please see analyst certification and other important disclosures at the back of this report
7
EQUITY RESEARCH
MEDC - Results Update - 06 April 2017
CIPTADANA SECURITIES
Exhibit 11: MEDC’s SOTP Valuation
Companies
Valuation method
Ownerships
MEDC only
DCF
100%
AMNT
DCF
41.1%
TOTAL
Plus: Cash
Enterprise value
(USD mn)
1,648.0
1,123.5
2,771.5
164.6
Minus: Debt (MEDC’s
debt only)
-1,933.3
Total EV
1,002.7
Number of shares
(mn shares)
3,332
EV per shares
(USD)
0.30
Exchange rate
(USD/IDR)
13,300
EV per shares (Rp)
4,000
Source : Ciptadana Estimates
*: already includes AMNT’s additional debt of USD1,271 mn related to the acquisition and USD3 bn of capex for Elang’s
development.
Please see analyst certification and other important disclosures at the back of this report
8
EQUITY RESEARCH
MEDC – Results Update - 06 April 2017
CIPTADANA SECURITIES
Exhibit 12: MEDC’s FY16 results
(in USD mn)
FY16
Revenue
600
FY15
YoY
4Q16
3Q16
QoQ
FY16
FY16/2016F
575
4.4%
184
136
35.0%
587
102.2%
221
113.3%
130
117.9%
260
100.0%
59
314.1%
Gross profit
251
217
15.3%
91
52
75.0%
Gross margin (%)
41.7
37.8
4.0
49.6
38.3
11.3
Operating profit
153
105
45.2%
66
28
134.7%
Operating margin (%)
25.5
18.3
7.2
36.1
20.8
15.3
Profit before tax
260
-123
n.a
235
3
7,862.2%
PBT margin (%)
43.4
-21.4
64.7
127.9
2.2
125.8
Net income
185
-188
n.a
163
11
1,382.5%
Net margin (%)
30.8
-32.7
63.5
88.6
8.1
80.5
FY16
FY15
YoY
21.9
23.0
-4.8%
198.4
140.5
41.2%
55.8
47.0
18.7%
Copper, mn lbs
477
494
-3.4%
Gold, thousand oz
798
710
12.4%
Exhibit 13: Production highlights
Oil, mbopd
Gas, mmscfd
Total oil
mboepd
and
gas,
Exhibit 14: Forecast changes
2017F
2018F
New
Previous
% change
New
Previous
% change
Revenue
811
772
5.0%
863
797
8.3%
Gross profit
298
291
2.5%
337
312
8.1%
Gross profit margin (%)
36.8
37.7
-0.9
39.0
39.1
-0.1
Operating profit
190
170
12.0%
222
187
18.9%
Operating margin (%)
23.5
22.1
1.5
25.7
23.5
2.3
Net profit
158
195
-19.1%
218
282
-22.7%
Net profit margin (%)
19.5
25.3
-5.8
25.3
35.4
-10.1
Source : MEDC, Ciptadana Estimates
Please see analyst certification and other important disclosures at the back of this report
9
EQUITY RESEARCH
MEDC - Results Update - 06 April 2017
CIPTADANA SECURITIES
Exhibit 15 - Income Statement
Year to 31 Dec (USDmn)
Revenue
2015A
2016A
2017F
2018F
2019F
575
600
811
863
900
-358
-350
-513
-526
-548
217
251
298
337
352
-112
-98
-108
-115
-120
Oper. profit
105
153
190
222
233
EBITDA
318
416
109
346
358
4
6
8
8
13
COGS
Gross profit
Oper. expenses
Interest income
Interest expense
-77
-106
-119
-103
-78
Other income (exp.)
-155
208
183
238
303
Pre-tax profit
-123
260
263
364
471
Income tax
-31
-63
-105
-146
-188
Net profit
-188
185
158
218
283
2015A
2016A
2017F
2018F
2019F
689
231
216
325
265
99
183
190
203
211
Exhibit 16 - Balance Sheet
Year to 31 Dec (USDmn)
Cash & cash equivalent
Acct, receivables
Inventory
Other curr, asset
Total current asset
Fixed assets - net
40
70
81
83
86
217
649
336
357
373
1,045
1,134
823
969
936
69
5
96
93
90
Other non-curr.asset
1,769
2,433
2,548
2,483
2,411
Total asset
2,910
3,597
3,489
3,567
3,460
258
411
769
516
266
77
105
134
137
143
9
4
9
10
10
ST debt + curr. maturity
Acct, payable
Advances received
Other curr. liab
182
340
160
164
171
Long term debt
1,322
1,522
1,016
1,016
1,016
360
324
445
588
490
2,208
2,707
2,532
2,431
2,095
696
888
954
1,133
1,361
Minority interest
5
3
3
3
3
Total liab + SHE
2,910
3,597
3,489
3,567
3,460
2015A
2016A
2017F
2018F
2019F
Other non-curr, liab,
Total liabilities
Shareholder equity
Exhibit 17 - Per Share Data
(US$Cents)
EPS
-5.6
5.5
4.7
6.6
8.5
BVPS
0.2
0.3
0.3
0.3
0.4
DPS
-0.1
0.1
0.0
0.1
0.1
0.0
-0.2
0.0
0.1
0.1
FCF per share
Source : MEDC, Ciptadana Estimates
Please see analyst certification and other important disclosures at the back of this report
10
EQUITY RESEARCH
MEDC - Results Update - 06 April 2017
CIPTADANA SECURITIES
Exhibit 18 - Cash Flow
Year to 31 Dec (USDmn)
2015A
2016A
2017F
2018F
2019F
Net income
-188
185
158
218
283
Depreciation
213
263
-81
124
126
Chg in working cap.
-12
-87
11
-11
-6
Other
-81
-277
140
-17
-8
CF-Oper activities
-68
84
228
314
394
Capital expenditure
-57
37
-10
-34
-34
Others
-30
-741
-113
-21
-16
CF-Investing activities
-87
-704
-123
-54
-50
Net change in debt
474
353
-149
-253
-250
Net change in equity
77
-2
0
0
0
Dividend payment
-1
45
-46
-39
-55
Other financing
-139
-316
77
143
-98
CF-Financing activities
411
81
-119
-149
-403
Net cash flow
257
-539
-14
111
-59
Cash - begin of the year
207
463
165
150
261
Cash - end of the year
463
-76
150
261
202
2015A
2016A
2017F
2018F
2019F
Revenue (%)
-23.4
4.4
35.1
6.5
4.3
Operating profit (%)
-34.5
45.2
24.6
16.8
4.6
n/m
n/m
-14.6
38.4
29.4
Gross margin (%)
37.8
41.7
36.8
39.0
39.1
Operating margin (%)
18.3
25.5
23.5
25.7
25.8
EBITDA margin (%)
55.4
69.3
13.5
40.1
39.8
-32.7
30.8
19.5
25.3
31.4
Exhibit 19 - Key Ratios
Year to 31 Dec
Growth
Net profit (%)
Profitability Ratios
Net margin (%)
ROA (%)
-6.5
5.1
4.5
6.1
8.2
ROE (%)
-27.0
20.8
16.5
19.3
20.8
Current ratio (x)
2.0
1.3
0.8
1.2
1.6
Quick ratio (x)
1.9
1.2
0.7
1.1
1.4
50.6
103.6
88.0
83.4
84.7
Inventory turnover (days)
40.9
73.4
57.6
57.6
57.6
Receivable turnover (days)
63.5
85.6
84.1
83.0
83.9
Payable turnover (days)
53.7
55.4
53.7
57.2
56.8
Interest cover (x)
4.1
3.9
0.9
3.4
4.6
Debt to equity ratio (x)
2.3
2.2
1.9
1.4
0.9
Net debt to equity (x)
1.3
1.9
1.6
1.1
0.7
Liquidity Ratios
Cash conversion cycle (days)
Activity Ratio
Solvency Ratio
Source : MEDC, Ciptadana Estimates
Please see analyst certification and other important disclosures at the back of this report
11
EQUITY RESEARCH
MEDC - Results Update - 06 April 2017
CIPTADANA SECURITIES
EQUITY RESEARCH
HEAD OF RESEARCH
Arief Budiman
Strategy, Automotive, Heavy Equipment,
Construction Shipping
Construction,
T +62 21 2557 4800 ext 819
E [email protected]
ANALYST
Syaiful Adrian
Banking, Consumer, Cigarette
T +62 21 2557 4800 ext 919
E [email protected]
ANALYST
Zabrina Raissa, CSA
Poultry, Cement, Toll Road, Aviation
T +62 21 2557 4800 ext 735
E [email protected]
ANALYST
Kurniawan Sudjatmiko
Coal, Metal Mining, Oil & Gas and Services
T +62 21 2557 4800 ext 739
E [email protected]
ANALYST
Nichelle Ongko
Media, Retail, Others
T +62 21 2557 4800 ext 740
E [email protected]
ANALYST
Edward Lowis
Consumer, Plantations
T +62 21 2557 4800 ext 760
E [email protected]
ANALYST
Niko Margaronis
Telecommunication, Tower
T +62 21 2557 4800 ext 734
E [email protected]
JUNIOR ECONOMIST
Imanuel Reinaldo
T +62 21 2557 4800 ext 820
E [email protected]
TECHNICAL ANALYST
Trevor Gasman
T +62 21 2557 4800 ext 934
E [email protected]
RESEARCH ASSISTANT
Sumarni
T +62 21 2557 4800 ext 920
E [email protected]
EQUITY SALES
Co HEAD OF INSTITUTIONAL SALES
Dadang Mulyana
Plaza ASIA Office Park unit 2
Jl. Jend. Sudirman Kav. 59
Jakarta - 12190
T +62 21 2557 4800 ext 838
F +62 21 2557 4900
E [email protected]
Co HEAD OF INSTITUTIONAL SALES
The Fei Ming
Plaza ASIA Office Park unit 2
Jl. Jend. Sudirman Kav. 59
Jakarta - 12190
T +62 21 2557 4800 ext 807
F +62 21 2557 4900
E [email protected]
JAKARTA - MANGGA DUA
Gavin Ishak
Komplek Harco Mangga Dua
Rukan Blok C No.10
Jl. Mangga Dua Raya
Jakarta - 10730
T +62 21 600 2850
F +62 21 612 1049
E [email protected]
JAKARTA - PURI KENCANA
Chandra Herotionjaya
Perkantoran Puri Niaga III
Jl. Puri Kencana Blok M8 No.2E
Kembangan
Jakarta - 11610
T +62 21 5830 3450
F +62 21 5830 3449
E [email protected]
SEMARANG
Lusiana Permatasari
Gedung Menara Suara Merdeka
6th Floor Unit-02
Jl. Pandanaran No.30
Semarang - 50134
T +62 24 7692 8777
F +62 24 7692 8778
E [email protected]
MEDAN
Juliawaty
Mall Grand Palladium
GE 1 Floor No.6 & 7
Jl. Kapten Maulana Lubis No.8
Medan - 20112
T +62 61 455 5600
F +62 61 451 9141
E [email protected]
Imelda Soetikno
SURABAYA
Intiland Tower Surabaya
Ground Floor Suite 5 & 6
Jl. Panglima Sudirman 101-103
Surabaya - 60271
T +62 31 534 3938
F +62 31 534 3886
E [email protected]
Please see analyst certification and other important disclosures at the back of this report
12
EQUITY RESEARCH
CIPTADANA SECURITIES
MEDC - Results Update - 06 April 2017
Please see analyst certification and other important disclosures at the back of this report
13
EQUITY RESEARCH
CIPTADANA SECURITIES
MEDC - Results Update - 06 April 2017
Analyst Certification
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companies, securities and all pertinent variables. It is also certified that the views and recommendations contained in this report are not
and will not be influenced by any part or all of his or her compensation.
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Please see analyst certification and other important disclosures at the back of this report
14