Small/Mid Cap Strategy and Stock Picks - the DBS Vickers ...
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Regional Small/Mid Cap Strategy Q2 2008 Earnings Guide THAILAND : EARNINGS GUIDE FYE Mkt Mkt Price Target Share Price Avg Net Profit EPS CAGR PE EV/EBITDA P/ P/ Div. Yield Net Debt ROA ROE Company Cap Cap (Bt) Price % Performance (%) 6-mth (Btm) (Bt) 07-09 (x) (x) BV x Sales x (%) /Equity Disclosure (Btm) (US$m) 25-Mar (Bt) Upside Rcmd 3M 6M 12M Vol (m) 07 08F 09F 08F 09F (%) 08F 09F 08F 09F 08F 08F 08F 09F 07 07 07 Analyst Legend Entertainment Overweight BEC World Dec 53,500 1,699 26.75 31.00 16% B (4) 16 19 3.8 2,252 2,709 2,971 1.4 1.5 15 19.7 18.0 9.0 8.3 8.1 6.2 5.1 5.6 cash 29.0 35.9 V Chirasit Major Cineplex Dec 16,110 512 18.30 23.00 26% B 2 2 14 1.3 1,227 908 935 1.0 1.1 (12) 17.7 17.2 8.4 8.0 2.9 2.8 5.1 5.2 24.9 14.2 25.1 V Chirasit MCOT Dec 19,926 633 29.00 37.00 28% B 16 (6) 15 1.5 1,111 1,372 1,522 2.0 2.2 17 14.5 13.1 7.7 6.9 2.7 4.5 5.5 6.1 cash 12.9 16.2 V Chirasit Workpoint Entertainment PCL Dec 3,260 104 16.30 24.00 47% B (14) (21) (27) 0.1 250 290 324 1.4 1.6 14 11.3 10.1 5.6 5.0 3.1 2.2 8.9 8.9 cash 28.5 24.7 V Chirasit Sector 92,796 2,948 4,839 5,278 5,751 17.6 16.1 Transport Neutral Airports of Thailand Sep 81,428 2,587 57.00 80.00 40% B (2) (6) (7) 0.9 1,095 3,642 2,752 2.5 1.9 104 22.4 29.6 8.6 8.0 1.1 3.6 1.4 1.1 56.7 0.7 1.6 T Chaipat Bangkok Expressway Dec 16,016 509 20.80 29.00 39% B (10) (16) (10) 1.4 1,407 1,755 2,445 2.3 3.2 32 9.1 6.6 6.4 5.0 0.9 2.1 6.0 7.2 61.4 8.9 3.1 T Chaipat Note 1 Precious Shipping Dec 24,741 786 23.80 33.00 39% B (14) (36) 1 2.1 4,156 3,600 3,705 3.5 3.6 (5) 6.9 6.7 3.7 4.0 1.6 3.3 8.4 8.4 cash 29.9 31.9 T Chaipat Regional Container Lines Dec 16,111 512 24.30 34.25 41% B (15) (25) 1 0.5 3,816 2,554 2,756 3.9 4.2 (13) 6.3 5.8 4.9 4.3 0.9 0.7 5.5 5.9 33.8 14.0 24.2 T Chaipat Thai Airways Sep 48,843 1,552 28.75 39.00 36% H (25) (32) (36) 1.6 4,155 4,698 4,907 2.8 2.9 9 10.4 10.0 5.4 5.1 0.7 0.2 3.1 3.1 62.4 1.5 6.2 T Chaipat Thoresen Thai Agencies Sep 26,713 849 41.50 79.00 90% B (11) (28) 46 15.9 4,969 6,573 5,916 10.2 9.2 11 4.1 4.5 2.5 2.4 1.3 1.1 6.3 5.5 31.3 19.4 37.7 T Chaipat Note 1 Sector 213,852 6,793 19,597 22,823 22,481 9.4 9.5 TECHNOLOGY Communications Neutral Advance Info Service Dec 293,071 9,310 99.00 120.00 21% B 3 9 37 4.0 16,290 17,961 19,982 6.1 6.8 11 16.3 14.7 6.9 6.2 4.0 2.5 6.4 6.8 29 13.2 21.5 V Chirasit Note 4 CS Loxinfo Dec 2,520 80 4.02 5.50 37% B 3 (8) 8 0.7 230 253 280 0.4 0.4 10 9.9 9.0 2.1 1.9 1.4 0.9 9.5 10.6 cash 8.7 12.9 V Chirasit Note 4 Shin Satellite Dec 11,252 357 10.30 14.20 38% B 5 1 53 3.7 3,040 (588) 407 (0.5) 0.4 (144) nm 27.6 6.8 5.0 0.7 1.3 - 2.2 44 12.2 20.2 V Chirasit Note 2 True Corporation Dec 22,726 722 5.05 7.00 39% B (7) (26) (12) 22.9 1,697 1,845 3,093 0.4 0.7 38 12.3 7.4 5.9 6.9 1.8 0.3 - - 639 1.4 19.5 V Chirasit Total Access Communications Dec 112,081 3,560 47.25 50.00 6% B 22 16 na 3.0 5,992 8,734 10,256 3.7 4.3 32 12.8 10.9 6.0 5.0 2.0 1.5 2.3 2.7 65 6.1 13.0 V Chirasit Note 2 Sector 534,365 16,975 34,941 36,486 34,018 14.6 15.7 Electronics Neutral Cal-Comp Electronics Dec 21,166 672 5.40 7.92 47% B (22) (24) 21 2.8 2,901 3,103 3,288 0.7 0.7 (3) 8.2 7.8 7.2 8.2 1.3 0.2 7.4 7.4 55.2 7.4 21.9 K Parin Delta Electronics Thai Dec 25,946 824 20.80 28.62 38% B (2) (1) 35 1.3 3,155 3,189 3,496 2.6 2.8 5 8.1 7.4 3.7 3.3 1.6 0.9 9.8 10.8 cash 7.3 13.3 K Parin Hana Microelectronics Dec 15,030 477 18.10 27.97 55% B (14) (26) (31) 1.0 2,449 2,139 2,391 2.5 2.8 (0) 7.1 6.4 3.5 3.0 1.2 0.8 8.4 8.8 Cash 18.8 23.1 K Parin Note 1 Sector 62,142 1,974 8,505 8,431 9,174 7.4 6.8 OTHER Others Charoen Pokphand Foods Dec 34,742 1,104 4.62 6.29 36% B 3 (10) 1 10.7 1,275 1,861 2,877 0.3 0.4 50 17.9 11.5 8.5 7.4 0.7 0.3 2.8 4.3 48.0 1.3 5.9 K Parin Bumrungrad Hospital Dec 24,397 775 33.50 43.00 28% B (17) (26) (15) 0.7 1,604 1,329 1,416 1.8 1.9 15 18.4 17.2 10.4 9.4 5.6 2.9 2.4 2.8 28.1 22.8 42.0 K Sugittra Aapico Hitech Dec 3,102 99 11.00 13.30 21% H 4 (17) (20) 0.2 350 318 389 1.1 1.4 7 9.8 8.0 7.6 7.6 0.6 0.3 3.1 3.8 55.2 3.9 8.0 K Parin The Erawan Group Dec 9,642 306 4.34 5.50 27% B 8 3 24 2.2 402 483 596 0.2 0.3 22 19.9 16.1 13.3 11.4 2.6 2.3 1.5 1.9 60.3 5.0 17.5 T Chaipat Minor International Dec 52,251 1,660 16.40 22.60 38% B (6) 5 50 3.5 1,611 1,950 2,311 0.7 0.8 20 24.9 21.0 12.6 11.1 4.6 3.2 1.2 1.4 45.2 8.2 19.3 T Chaipat Thai Union Frozen Products Dec 17,131 544 19.60 18.80 -4% S (13) (18) (13) 0.7 1,823 1,644 1,760 1.9 2.0 (1) 10.4 9.7 6.7 5.8 1.2 0.3 4.8 5.1 38.9 6.0 14.4 K Parin Sector 141,265 4,487 7,065 7,584 9,350 18.6 15.1 Prices quoted in US$ converted to Bt at 31.48 to calculate ratios. Note 1: As at 25 March 08 ,DBSVS and its affiliates hold a proprietary position in these companies. SB = Strong Buy, B = Buy, H = Hold, FV = Fully Valued, S = Sell, NR = No Rating Note 2: DBSVR,DBSVS,DBS Bank Ltd and/or other affiliates of DBSVUSA,within the past 12 months,have received compensation and/or within the next 3 months seek to obtain compensation for * Under Revision investment banking services from these companies. Note 4: DBSVR,DBSVS,DBS Bank Ltd and/or other affiliates of DBSVUSA,within the past 12 months,have received compensation and/or within the next 3 months seek to obtain compensation for investment banking services from related of these companies. Page 72

Regional Small/Mid Cap Strategy Q2 2008 Earnings Guide INDONESIA : EARNINGS GUIDE FYE Mkt Mkt Price 1-yr Share Price Avg CAGR P/ P/ Dividend Company Cap Cap (Rp) Target % Performance (%) 6-mth PAT/MI (Rpbn) EPS (IDR) 07-09 PE (x) EV/EBITDA (x) BV x Sales x Yield (%) Gear ROA RONW Disclosure Rpbn USDm 25-Mar (Rp) Upside Rcmd 3M 6M 12M Vol (m) 07E 08F 09F 08F 09F (%) 08F 09F 08F 09F 08F 08F 08F 09F 07 07 07 Analyst Legend Conglomerate/Automotive Astra International Dec 96,958 10,555 23,950 34,000 42 B (8.9) 25.7 82.1 5.8 6,519 8,617 9,479 2,129 2,341 20.6 11.3 10.2 8.4 7.1 2.9 1.2 2.0 2.7 41.8 10.7 26.4 AP Sector 96,958 10,555 2,129 2,341 20.6 11.3 10.2 Property Summarecon Agung Dec 2,249 245 700 1,200 71 B (40.2) (52.1) (40.2) 3.6 214 209 144 65 45 (18.1) 10.8 15.6 4.7 7.1 1.8 2.6 0.0 0.0 (69.6) 10.2 19.7 AW Ciputra Surya Dec 1,187 129 600 1,200 100 B (38.1) (42.3) (33.3) 9.2 136 135 160 68 81 8.5 8.8 7.4 6.7 5.4 1.0 3.0 2.3 2.3 Cash 7.0 25.4 AW Sector 3,436 374 66 59 (6.9) 10.1 12.8 Cement and construction Adhi Karya Dec 1,351 147 750 1,650 120 H (44.4) (38.5) 5.6 10.2 142 200 223 111 124 25.4 6.8 6.0 5.5 4.7 1.9 0.2 3.2 4.4 106.4 3.7 2.6 HD Indocement Dec 24,480 2,665 6,650 6,677 0 H (14.7) 6.4 24.3 1.8 946 1,192 1,406 324 382 21.9 20.5 17.4 10.0 8.2 3.0 3.1 - - cash 8.3 13.4 HD Holcim Indonesia Dec 9,425 1,026 1,230 1,035 (16) FV (29.3) 10.8 83.6 13.4 206 276 356 36 47 31.5 34.2 26.4 12.3 9.4 3.7 2.4 - - 147.0 2.9 5.7 HD Semen Gresik Dec 30,251 3,293 5,100 6,700 31 B (8.9) (5.6) 24.4 3.4 1,775 1,951 2,117 329 357 9.2 15.5 14.3 7.9 6.9 3.8 2.8 2.3 2.6 cash 19.9 18.5 HD Total Bangun P Dec 990 108 360 740 106 B (37.9) (53.8) (41.9) 10.4 54 107 119 39 43 48.6 9.2 8.3 5.5 4.8 1.7 0.5 3.8 4.2 cash 4.7 4.1 HD Sector 66,497 7,239 171 193 16.3 19.7 16.9 Consumer Kalbe Farma Dec 9,851 1,072 970 1,650 70 B (21.8) (27.1) (22.4) 15.1 784 992 1,228 98 121 25.1 9.9 8.0 4.7 3.5 2.2 1.2 1.2 1.5 cash 15.0 11.3 AW Enseval Putra M Dec 1,368 149 600 1,000 67 B (23.1) (29.4) (14.3) 0.7 228 261 300 114 131 14.5 5.2 4.6 2.4 1.8 1.0 0.2 1.7 1.9 (24.5) 10.6 19.7 AW Indofood Sukses Dec 21,722 2,365 2,300 3,200 39 B (10.7) 17.9 55.4 30.2 808 1,249 1,562 132 165 39.1 17.4 13.9 6.9 6.1 3.4 0.7 1.3 2.0 49.5 4.3 3.0 AW Mitra Adiperkasa Dec 913 99 550 1,000 82 B (17.9) (31.3) (28.6) 2.6 109 114 132 69 79 9.8 8.0 6.9 3.9 4.1 0.9 0.4 - 2.5 38.7 4.8 3.3 AW Mayora Indah Dec 859 93 1,120 1,575 41 B (37.1) (34.9) (17.0) 0.1 134 189 189 247 247 18.7 4.5 4.5 2.2 2.2 0.7 0.3 3.1 3.1 12.1 8.2 12.2 AW Unilever Indonesia Dec 51,503 5,607 6,750 5,200 (23) H - (2.9) 19.5 2.3 1,591 1,818 2,122 238 278 15.5 28.3 24.3 18.0 15.3 20.0 4.1 3.1 3.5 (26.1) 39.0 68.2 AW Matahari Putra Prima Dec 2,827 308 600 1,125 88 B (13.0) (24.1) (14.3) 7.8 99 96 153 17 27 17.1 34.9 21.9 4.8 4.0 0.7 0.3 0.8 - 67.6 1.4 4.4 AW Gudang Garam Dec 14,815 1,613 7,700 10,000 30 S (8.3) (20.6) (27.4) 0.5 1,320 1,830 2,032 951 1,056 24.1 8.1 7.3 5.2 4.8 1.0 0.5 4.5 6.2 23.7 6.2 9.4 AW Sorini Dec 1,269 138 1,410 2,750 95 B 20.5 69.9 235.7 7.8 92 109 154 121 171 29.6 11.7 8.2 7.7 5.9 2.4 1.1 2.2 2.6 25.8 12.8 23.1 AP Ramayana Lestari Dec 5,792 631 820 1,150 40 B (4.7) (1.2) (1.2) 7.9 353 441 523 62 74 14.1 13.1 11.1 6.5 5.4 2.4 1.0 3.1 3.9 cash 12.5 7.1 AW Tempo ScanPacific Dec 2,610 284 580 1,050 81 B (21.6) (28.4) (31.0) 3.9 344 407 557 90 124 27.2 6.4 4.7 2.0 1.0 1.1 0.8 6.6 7.8 (54.5) 12.7 16.0 AW 113,529 12,359 147 175 23.6 20.1 16.8 Bank Bank Central Asia Dec 76,887 8,370 3,150 3,485 11 H (14.3) (1.6) 22.3 15.1 4,593 5,213 6,082 211 247 15.1 14.9 12.8 na na 1.7 5.9 6.7 - 2.4 22.8 AP Bank Mandiri Dec 65,347 7,114 3,150 3,859 23 H (9.4) (8.0) 24.8 57.9 4,391 5,797 7,043 281 341 26.6 11.2 9.2 na na 2.0 3.4 4.5 106.4 1.6 14.9 AP Bank Danamon Dec 34,117 3,714 6,800 9,125 34 H (14.5) (18.1) 4.6 3.3 1,995 2,466 2,618 497 528 14.5 13.7 12.9 na na 2.8 3.0 3.7 201.2 2.2 18.6 AP Note 2 Bank International Indo. Dec 20,036 2,181 415 250 (40) S 43.1 76.6 117.3 307.6 548 728 930 15 19 30.3 27.5 21.5 na na 3.4 1.4 1.8 5.7 1.0 10.0 AP Bank Rakyat Indo Dec 74,366 8,096 6,050 7,750 28 H (17.7) (11.0) 21.0 12.5 5,071 6,451 7,587 525 617 22.3 11.5 9.8 na na 3.1 3.4 4.3 206.3 2.8 25.5 AP Bank Niaga Dec 8,490 924 690 950 38 H (21.6) (21.6) (8.0) 55.2 717 991 1,243 81 102 31.7 8.5 6.8 na na 1.4 2.6 3.5 17.7 1.4 13.5 AP Note 1 Sector 279,244 30,399 176 207 21.4 13.7 11.6 Plantation Astra Agro Lestari Dec 42,439 4,620 26,950 32,200 19 H 2.7 61.4 112.2 2.3 1,828 2,870 2,721 1,822 1,728 22.0 14.8 15.6 9.0 9.7 7.7 5.1 2.8 4.4 cash 31.9 30.7 HD Bakrie Sumatra P Dec 6,856 746 1,810 3,050 69 B (17.7) 20.7 63.1 60.0 235 485 625 117 151 63.1 15.5 12.0 9.7 7.7 2.9 2.6 1.3 1.6 57.6 8.5 18.1 HD Tunas Baru Lampung Dec 1,854 202 445 780 75 B (28.2) (16.0) 41.3 48.2 87 152 179 33 39 43.1 13.3 11.3 5.8 5.2 1.8 0.8 2.4 2.9 50.1 4.4 9.7 HD London Sumatra Dec 13,100 1,426 9,600 14,800 54 B (6.3) 40.1 57.4 4.7 507 1,014 1,045 743 766 43.5 12.9 12.5 7.5 6.9 4.4 2.8 - - 12.7 11.5 17.5 HD Sector 64,242 6,993 416 420 31.1 14.4 14.5 Basic Materials Aneka Tambang Dec 32,669 3,556 3,425 4,025 18 H (19.9) 21.2 46.4 120.3 5,445 4,430 3,834 464 402 (16.1) 7.4 8.5 3.8 3.9 2.8 3.1 5.7 4.6 cash 43.2 44.3 YW INCO Dec 72,038 7,842 7,250 8,200 13 H (23.2) 10.0 50.9 6.4 11,054 10,306 7,708 1,037 776 (16.5) 7.0 9.3 3.8 4.8 3.0 3.6 10.7 7.2 (59.8) 38.8 50.8 YW Timah Dec 14,344 1,562 28,500 31,900 12 B 1.8 124.4 122.7 4.0 1,561 1,460 1,450 2,904 2,883 (3.6) 9.8 9.9 5.5 5.3 5.8 1.8 5.4 5.1 cash 31.6 20.5 HD Sector 129,298 14,076 656 547 (12.5) 7.4 8.9 Oil, Gas and Energy Tambang Batubara Dec 21,659 2,358 9,400 13,550 44 B (18.6) 44.6 184.8 17.2 700 1,247 1,883 541 817 64.0 17.4 11.5 11.1 7.2 5.9 4.0 1.6 2.9 cash 19.2 17.3 YW United Tractors Dec 33,364 3,632 11,700 14,500 24 B 6.4 40.1 61.4 7.1 1,607 1,818 2,033 638 713 12.5 18.4 16.4 8.5 7.8 4.8 1.5 1.9 2.2 34.0 11.8 8.6 YW Indo Tambangraya Dec 22,711 2,472 20,100 34,500 72 B n.a. n.a. n.a. n.a 517 2,068 3,313 1,830 2,932 153.2 11.0 6.9 6.1 3.5 3.7 2.1 0.4 1.6 cash 7.2 19.1 YW Medco Energi Dec 11,247 1,224 3,375 6,000 78 B (34.8) (15.6) (5.6) 22.6 612 942 868 295 271 19.0 11.9 12.0 3.8 3.8 1.9 1.3 4.1 3.8 60.4 3.4 12.1 YW Bumi Resources Dec 118,364 12,885 6,100 7,500 23 B 1.7 80.7 395.9 159.4 8,050 5,844 11,380 314 611 18.9 18.5 9.5 7.7 3.8 7.4 3.9 1.1 1.4 6.8 33.8 119.3 YW Perusahaan Gas Dec 60,380 6,573 13,300 15,500 17 H (14.5) 20.4 43.0 12.7 2,227 4,619 6,952 1,019 1,533 76.7 13.1 8.7 7.9 5.2 5.8 3.3 1.8 3.8 123.4 10.6 22.3 YW Sector 267,726 66,663 493 787 38.8 17.0 10.7 Telekomunications Indosat Dec 37,766 4,111 6,950 12,000 73 B (19.7) (0.7) 7.8 9.9 1,986 2,615 3,373 481 621 30.3 14.4 11.2 5.3 4.6 2.1 2.0 4.0 5.1 65.7 5.2 12.6 BL Telekomunikasi Indonesia Dec 197,568 21,508 9,800 12,800 31 B (2.5) (9.3) 1.0 30.1 13,691 14,603 16,883 731 845 11.0 13.4 11.6 4.2 3.5 5.0 2.7 3.7 4.3 cash 16.5 21.7 BL Sector 235,334 25,619 673 791 13.7 13.6 11.5 Legend Note 1 As at 25 Mar 2008, DBSVS and its affiliates hold a proprietary position in these companies. Note 2 DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBSVUSA, within the past 12 months, have received compensation and/or within the next 3 months seek to obtain compensation for investment banking services Page 73

Regional <strong>Small</strong>/<strong>Mid</strong> <strong>Cap</strong> <strong>Strategy</strong> Q2 2008<br />

Earnings Guide<br />

INDONESIA : EARNINGS GUIDE<br />

FYE Mkt Mkt Price 1-yr Share Price<br />

Avg CAGR P/ P/ Dividend<br />

Company <strong>Cap</strong> <strong>Cap</strong> (Rp) Target % Performance (%) 6-mth PAT/MI (Rpbn)<br />

EPS (IDR) 07-09 PE (x) EV/EBITDA (x) BV x Sales x Yield (%) Gear ROA RONW Disclosure<br />

Rpbn USDm 25-Mar (Rp) Upside Rcmd 3M 6M 12M Vol (m) 07E 08F 09F 08F 09F (%) 08F 09F 08F 09F 08F 08F 08F 09F 07 07 07 Analyst Legend<br />

Conglomerate/Automotive<br />

Astra International Dec 96,958 10,555 23,950 34,000 42 B (8.9) 25.7 82.1 5.8 6,519 8,617 9,479 2,129 2,341 20.6 11.3 10.2 8.4 7.1 2.9 1.2 2.0 2.7 41.8 10.7 26.4 AP<br />

Sector 96,958 10,555 2,129 2,341 20.6 11.3 10.2<br />

Property<br />

Summarecon Agung Dec 2,249 245 700 1,200 71 B (40.2) (52.1) (40.2) 3.6 214 209 144 65 45 (18.1) 10.8 15.6 4.7 7.1 1.8 2.6 0.0 0.0 (69.6) 10.2 19.7 AW<br />

Ciputra Surya Dec 1,187 129 600 1,200 100 B (38.1) (42.3) (33.3) 9.2 136 135 160 68 81 8.5 8.8 7.4 6.7 5.4 1.0 3.0 2.3 2.3 Cash 7.0 25.4 AW<br />

Sector 3,436 374 66 59 (6.9) 10.1 12.8<br />

Cement <strong>and</strong> construction<br />

Adhi Karya Dec 1,351 147 750 1,650 120 H (44.4) (38.5) 5.6 10.2 142 200 223 111 124 25.4 6.8 6.0 5.5 4.7 1.9 0.2 3.2 4.4 106.4 3.7 2.6 HD<br />

Indocement Dec 24,480 2,665 6,650 6,677 0 H (14.7) 6.4 24.3 1.8 946 1,192 1,406 324 382 21.9 20.5 17.4 10.0 8.2 3.0 3.1 - - cash 8.3 13.4 HD<br />

Holcim Indonesia Dec 9,425 1,026 1,230 1,035 (16) FV (29.3) 10.8 83.6 13.4 206 276 356 36 47 31.5 34.2 26.4 12.3 9.4 3.7 2.4 - - 147.0 2.9 5.7 HD<br />

Semen Gresik Dec 30,251 3,293 5,100 6,700 31 B (8.9) (5.6) 24.4 3.4 1,775 1,951 2,117 329 357 9.2 15.5 14.3 7.9 6.9 3.8 2.8 2.3 2.6 cash 19.9 18.5 HD<br />

Total Bangun P Dec 990 108 360 740 106 B (37.9) (53.8) (41.9) 10.4 54 107 119 39 43 48.6 9.2 8.3 5.5 4.8 1.7 0.5 3.8 4.2 cash 4.7 4.1 HD<br />

Sector 66,497 7,239 171 193 16.3 19.7 16.9<br />

Consumer<br />

Kalbe Farma Dec 9,851 1,072 970 1,650 70 B (21.8) (27.1) (22.4) 15.1 784 992 1,228 98 121 25.1 9.9 8.0 4.7 3.5 2.2 1.2 1.2 1.5 cash 15.0 11.3 AW<br />

Enseval Putra M Dec 1,368 149 600 1,000 67 B (23.1) (29.4) (14.3) 0.7 228 261 300 114 131 14.5 5.2 4.6 2.4 1.8 1.0 0.2 1.7 1.9 (24.5) 10.6 19.7 AW<br />

Indofood Sukses Dec 21,722 2,365 2,300 3,200 39 B (10.7) 17.9 55.4 30.2 808 1,249 1,562 132 165 39.1 17.4 13.9 6.9 6.1 3.4 0.7 1.3 2.0 49.5 4.3 3.0 AW<br />

Mitra Adiperkasa Dec 913 99 550 1,000 82 B (17.9) (31.3) (28.6) 2.6 109 114 132 69 79 9.8 8.0 6.9 3.9 4.1 0.9 0.4 - 2.5 38.7 4.8 3.3 AW<br />

Mayora Indah Dec 859 93 1,120 1,575 41 B (37.1) (34.9) (17.0) 0.1 134 189 189 247 247 18.7 4.5 4.5 2.2 2.2 0.7 0.3 3.1 3.1 12.1 8.2 12.2 AW<br />

Unilever Indonesia Dec 51,503 5,607 6,750 5,200 (23) H - (2.9) 19.5 2.3 1,591 1,818 2,122 238 278 15.5 28.3 24.3 18.0 15.3 20.0 4.1 3.1 3.5 (26.1) 39.0 68.2 AW<br />

Matahari Putra Prima Dec 2,827 308 600 1,125 88 B (13.0) (24.1) (14.3) 7.8 99 96 153 17 27 17.1 34.9 21.9 4.8 4.0 0.7 0.3 0.8 - 67.6 1.4 4.4 AW<br />

Gudang Garam Dec 14,815 1,613 7,700 10,000 30 S (8.3) (20.6) (27.4) 0.5 1,320 1,830 2,032 951 1,056 24.1 8.1 7.3 5.2 4.8 1.0 0.5 4.5 6.2 23.7 6.2 9.4 AW<br />

Sorini Dec 1,269 138 1,410 2,750 95 B 20.5 69.9 235.7 7.8 92 109 154 121 171 29.6 11.7 8.2 7.7 5.9 2.4 1.1 2.2 2.6 25.8 12.8 23.1 AP<br />

Ramayana Lestari Dec 5,792 631 820 1,150 40 B (4.7) (1.2) (1.2) 7.9 353 441 523 62 74 14.1 13.1 11.1 6.5 5.4 2.4 1.0 3.1 3.9 cash 12.5 7.1 AW<br />

Tempo ScanPacific Dec 2,610 284 580 1,050 81 B (21.6) (28.4) (31.0) 3.9 344 407 557 90 124 27.2 6.4 4.7 2.0 1.0 1.1 0.8 6.6 7.8 (54.5) 12.7 16.0 AW<br />

113,529 12,359 147 175 23.6 20.1 16.8<br />

Bank<br />

Bank Central Asia Dec 76,887 8,370 3,150 3,485 11 H (14.3) (1.6) 22.3 15.1 4,593 5,213 6,082 211 247 15.1 14.9 12.8 na na 1.7 5.9 6.7 - 2.4 22.8 AP<br />

Bank M<strong>and</strong>iri Dec 65,347 7,114 3,150 3,859 23 H (9.4) (8.0) 24.8 57.9 4,391 5,797 7,043 281 341 26.6 11.2 9.2 na na 2.0 3.4 4.5 106.4 1.6 14.9 AP<br />

Bank Danamon Dec 34,117 3,714 6,800 9,125 34 H (14.5) (18.1) 4.6 3.3 1,995 2,466 2,618 497 528 14.5 13.7 12.9 na na 2.8 3.0 3.7 201.2 2.2 18.6 AP Note 2<br />

Bank International Indo. Dec 20,036 2,181 415 250 (40) S 43.1 76.6 117.3 307.6 548 728 930 15 19 30.3 27.5 21.5 na na 3.4 1.4 1.8 5.7 1.0 10.0 AP<br />

Bank Rakyat Indo Dec 74,366 8,096 6,050 7,750 28 H (17.7) (11.0) 21.0 12.5 5,071 6,451 7,587 525 617 22.3 11.5 9.8 na na 3.1 3.4 4.3 206.3 2.8 25.5 AP<br />

Bank Niaga Dec 8,490 924 690 950 38 H (21.6) (21.6) (8.0) 55.2 717 991 1,243 81 102 31.7 8.5 6.8 na na 1.4 2.6 3.5 17.7 1.4 13.5 AP Note 1<br />

Sector 279,244 30,399 176 207 21.4 13.7 11.6<br />

Plantation<br />

Astra Agro Lestari Dec 42,439 4,620 26,950 32,200 19 H 2.7 61.4 112.2 2.3 1,828 2,870 2,721 1,822 1,728 22.0 14.8 15.6 9.0 9.7 7.7 5.1 2.8 4.4 cash 31.9 30.7 HD<br />

Bakrie Sumatra P Dec 6,856 746 1,810 3,050 69 B (17.7) 20.7 63.1 60.0 235 485 625 117 151 63.1 15.5 12.0 9.7 7.7 2.9 2.6 1.3 1.6 57.6 8.5 18.1 HD<br />

Tunas Baru Lampung Dec 1,854 202 445 780 75 B (28.2) (16.0) 41.3 48.2 87 152 179 33 39 43.1 13.3 11.3 5.8 5.2 1.8 0.8 2.4 2.9 50.1 4.4 9.7 HD<br />

London Sumatra Dec 13,100 1,426 9,600 14,800 54 B (6.3) 40.1 57.4 4.7 507 1,014 1,045 743 766 43.5 12.9 12.5 7.5 6.9 4.4 2.8 - - 12.7 11.5 17.5 HD<br />

Sector 64,242 6,993 416 420 31.1 14.4 14.5<br />

Basic Materials<br />

Aneka Tambang Dec 32,669 3,556 3,425 4,025 18 H (19.9) 21.2 46.4 120.3 5,445 4,430 3,834 464 402 (16.1) 7.4 8.5 3.8 3.9 2.8 3.1 5.7 4.6 cash 43.2 44.3 YW<br />

INCO Dec 72,038 7,842 7,250 8,200 13 H (23.2) 10.0 50.9 6.4 11,054 10,306 7,708 1,037 776 (16.5) 7.0 9.3 3.8 4.8 3.0 3.6 10.7 7.2 (59.8) 38.8 50.8 YW<br />

Timah Dec 14,344 1,562 28,500 31,900 12 B 1.8 124.4 122.7 4.0 1,561 1,460 1,450 2,904 2,883 (3.6) 9.8 9.9 5.5 5.3 5.8 1.8 5.4 5.1 cash 31.6 20.5 HD<br />

Sector 129,298 14,076 656 547 (12.5) 7.4 8.9<br />

Oil, Gas <strong>and</strong> Energy<br />

Tambang Batubara Dec 21,659 2,358 9,400 13,550 44 B (18.6) 44.6 184.8 17.2 700 1,247 1,883 541 817 64.0 17.4 11.5 11.1 7.2 5.9 4.0 1.6 2.9 cash 19.2 17.3 YW<br />

United Tractors Dec 33,364 3,632 11,700 14,500 24 B 6.4 40.1 61.4 7.1 1,607 1,818 2,033 638 713 12.5 18.4 16.4 8.5 7.8 4.8 1.5 1.9 2.2 34.0 11.8 8.6 YW<br />

Indo Tambangraya Dec 22,711 2,472 20,100 34,500 72 B n.a. n.a. n.a. n.a 517 2,068 3,313 1,830 2,932 153.2 11.0 6.9 6.1 3.5 3.7 2.1 0.4 1.6 cash 7.2 19.1 YW<br />

Medco Energi Dec 11,247 1,224 3,375 6,000 78 B (34.8) (15.6) (5.6) 22.6 612 942 868 295 271 19.0 11.9 12.0 3.8 3.8 1.9 1.3 4.1 3.8 60.4 3.4 12.1 YW<br />

Bumi Resources Dec 118,364 12,885 6,100 7,500 23 B 1.7 80.7 395.9 159.4 8,050 5,844 11,380 314 611 18.9 18.5 9.5 7.7 3.8 7.4 3.9 1.1 1.4 6.8 33.8 119.3 YW<br />

Perusahaan Gas Dec 60,380 6,573 13,300 15,500 17 H (14.5) 20.4 43.0 12.7 2,227 4,619 6,952 1,019 1,533 76.7 13.1 8.7 7.9 5.2 5.8 3.3 1.8 3.8 123.4 10.6 22.3 YW<br />

Sector 267,726 66,663 493 787 38.8 17.0 10.7<br />

Telekomunications<br />

Indosat Dec 37,766 4,111 6,950 12,000 73 B (19.7) (0.7) 7.8 9.9 1,986 2,615 3,373 481 621 30.3 14.4 11.2 5.3 4.6 2.1 2.0 4.0 5.1 65.7 5.2 12.6 BL<br />

Telekomunikasi Indonesia Dec 197,568 21,508 9,800 12,800 31 B (2.5) (9.3) 1.0 30.1 13,691 14,603 16,883 731 845 11.0 13.4 11.6 4.2 3.5 5.0 2.7 3.7 4.3 cash 16.5 21.7 BL<br />

Sector 235,334 25,619 673 791 13.7 13.6 11.5<br />

Legend<br />

Note 1 As at 25 Mar 2008, <strong>DBS</strong>VS <strong>and</strong> its affiliates hold a proprietary position in <strong>the</strong>se companies.<br />

Note 2 <strong>DBS</strong>VR, <strong>DBS</strong>VS, <strong>DBS</strong> Bank Ltd <strong>and</strong>/or o<strong>the</strong>r affiliates of <strong>DBS</strong>VUSA, within <strong>the</strong> past 12 months, have received<br />

compensation <strong>and</strong>/or within <strong>the</strong> next 3 months seek to obtain compensation for investment banking services<br />

Page 73

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