May 31, 2017

Mimi Halimin +62-21-515-1140 mimi.halimin@miraeasset.co.id

To subscribe to our Daily Focus, please contact us at research@miraeasset.co.id

Market Index Poultry: Expecting better macro environment

Last Trade Chg (%) MoM YoY
On May 19th, Standard & Poors (S&P) Global Ratings raised Indonesias sovereign
JCI 5,693.4 -0.3 0.5 19.1 credit rating from BB+ to BBB- (investment grade). In our view, the S&P upgrade
MSCI Indonesia 26.8 -0.1 1.7 19.3 should bode well for the poultry sector. In term of consumption, Indonesias
MSCI EM 1,011.8 -0.3 3.8 25.7 economic activity had a slow start in 2017. However, several recent macro
HANG SENG 25,701.6 0.2 4.2 24.3 indicators have shown signs of recovery such as March retail sales, although still
KOSPI 2,343.7 -0.1 6.3 18.2 weak, showed better growth than February and the consumer confidence index
FTSE 7,526.5 -0.3 4.8 21.1 (CCI) has continued to rise. We expect the recovery in purchasing power to
DJIA 21,029.5 -0.2 0.7 18.5 continue to unfold in the coming quarters on the back of favorable macro
NASDAQ 6,203.2 -0.1 2.7 25.5 conditions.

Valuation From the government regulation perspective, we believe the governments

2017F P/E (x) P/B (x) ROE (%) regulations on the poultry sector were aimed at achieving a better, more stable
JCI 16.2 2.5 18.6 poultry industry. However, some regulations, such as the restrictions on corn and
feed wheat imports, have created short-term difficulties for the industry, eroding
Key Rates
companies margins. Although the government has crafted supportive policies to
Last Trade Chg (bps) MoM YoY
increase local corn production, the industry is still facing uncertainties from the
BI 7-Day RR 4.75 0 0 -50*
restrictions short-term effect. In 2017, we do not expect poultry companies to
3yr 6.77 2 17 -59
perform as strongly as they did last year, as 2016 presents a high base.
10yr 6.96 1 -9 -92
*since introduced in Aug 2016 Overall, we maintain our Neutral stance on the poultry sector given the fairly
balanced positive and negative factors affecting it. Meanwhile, we are hopeful
FX about the impact of Ramadan in 2Q17, as chicken consumption usually picks up
Last Trade Chg (%) MoM YoY during that time. However, we are concerned about the potential drop in chicken
USD/IDR 13,323.00 0.0 -0.1 -2.3 demand after 2Q in case the recovery of purchasing power is not strong enough to
USD/KRW 1,125.30 0.3 -1.1 -5.6 last into 2H. In addition, poultry companies face higher costs due to the increase in
USD/JPY 110.85 -0.4 -0.9 0.1 local corn prices, which should cause their margins to contract.
USD/CNY 6.86 -0.3 -0.3 4.7

Commodities
Last Trade Chg (%) MoM YoY
WTI 49.7 -0.3 0.1 -3.7
Gold 1,263.1 -0.4 0.5 3.9
Coal 74.1 -0.3 -11.3 39.3
Palm Oil 2,757.0 1.3 6.8 9.7 Monthly average live bird prices (West Java)
Rubber 161.7 0.0 -0.7 36.9
Nickel 9,115.0 0.4 -3.5 8.1
Copper 5,656.0 0.0 -1.4 21.1
Tin 20,435.0 0.0 2.6 26.1

JCI Index VS MSCI Emerging Markets

(pt)
(pt) JCI MSCI EM
1,100
5,500
950
4,500
800

3,500 650 Source: Company data, Mirae Asset Sekuritas Research Indonesia
05/13 05/14 05/15 05/16 05/17

(pt) JCI MSCI EM (pt)

Mirae Asset Sekuritas Indonesia
1,100
5,500
 Indonesia Daily Focus May 31, 2017

Local flash

PPRO: PP Properti expands the property market in East Java. Although the property
sector is dimming, PT PP Properti Tbk (PPRO) is expanding its business. This year, the
company is preparing for project expansion in East Java. The property company has
prepared several strategies to enter the East Java market, through acquisitions and
joint ventures. Two areas in East Java that have been targeted to be developed are
Malang and Surabaya. (Kontan)

PSAB: Profit J Resources slumped 62%. PT J Resources Asia Pasifik Tbk (PSAB)
recorded a decrease in profit attributable to owners of the parent company of 62.22%
from USD3.97 million in 1Q16 to USD1.5 million in 1Q17. While in QoQ, the company
posted a profit decrease of 78.23%. The drop in performance was due to a decrease in
sales from USD64.61 million in 1Q16 to USD49.82 million. (Bisnis Indonesia)

BIRD: Blue Bird prepares 15 JA Connexion buses. PT Blue Bird Tbk has set up 15 units
of buses in support of the Jabodetabek Airport Connexion program managed by
Jabodetabek Transportation Management Agency. Director of Blue Bird Sigit Priawan
Djokosoetono said it will enable shuttle buses spread across several malls and hotels in
Jakarta. (Bisnis Indonesia)

DMAS: Puradelta Lestari formed a JV with Panasonic. PT Puradelta Lestari Tbk

(DMAS) signed a joint venture agreement. The company is partnering with PanaHome
Asia Pacific Pte Ltd, which is part of Panasonic Group in Japan. The joint venture will
develop a residential area with the concept of sustainable smart town in the area of
Kota Deltamas, Cikarang Pusat, West Java. (Kontan)

BRMS: Shareholders agreed to convert Bumi Resources Minerals debt. The

shareholders approved the plan of PT Bumi Resources Minerals Tbk (BRMS) to
exchange debt with shares. The Company will issue shares without preemptive rights
(non-HMETD) worth USD286.11 million or equivalent to IDR3.8 trillion. The number of
issued shares reached 36.75 billion, with an exercise price of IDR84 per share. Thus, the
dilution effect reached 58.97%. Herwin Hidayat, Investor Relations BRMS, said the
corporate action will be done before the end of 2017. (Kontan)

DPUM: Dua Putra Utama boosts export sales of marine products. PT Dua Putra
Utama Makmur Tbk (DPUM) is aiming for higher export sales this year. This seafood
processing company intends to add new markets to expand export sales. "We are
targeting export sales this year to contribute 60 percent to revenue," said DPUM
Deputy President Director Heri Akhyar. The portion almost doubled compared to last
year's export sales. (Kontan)

JRPT: Jaya Real focus on working on middle class segment. Until the next few years,
PT Jaya Real Property will focus on residential sales in the middle segment. Because,
this year, the property sector has not been too strong. Moreover, property sales in the
middle and upper segments still slumped. Corporate Secretary and Business
Development Jaya Real Property Arsinta Harsono, housing targeting the middle class
with offering price of less than IDR1 billion is available at Pasar Kemis project,
Tangerang District. (Kontan)

2
Mirae Asset Sekuritas Indonesia
 Indonesia Daily Focus May 31, 2017

Technical analysis
Tasrul +62-21-515-1140 tasrul@miraeasset.co.id

Jakarta Composite Index (JCI) Consolidation

Summary
Item Data Item Data
Close (May 30, 2017) 5,693.39(-0.3%) Trading range 5,674 5,713
Average index performance (%) 4.46 Target
Period 91 - Daily 5,712
r-squared 0.9209 - Weekly 5,797
Volatility (+/-, %) 0.46 - Monthly 5,929
Volatility (+/-, point) 26.3Stop loss 5,674
Source: Mirae Asset Sekuritas Indonesia Research

Figure 1. Daily trend - Uptrend

^JKSE [ ^JKSE ] - Daily - 5/30/2017 Open: 5,701 High: 5,730 Low: 5,693 Close: 5,693 Chg. -0.3%
Prev. Avg. Price: 5,705.6 5,903.35
Volatility (+) : 0.0034
Volatility (-) : -0.0035
V-Ratio : 0.98 5,838.26

5,761.85
5,760.23
5,729.52
_____ 5,725.2 5,712.7
5,705
_____ 5,685.6 5,693.39
5,682.19
5,673.5 5,674.34
5,620.34
5,618.74

Optimization Trading System - 2010

^JKSE - Volume = 6,491,639,808.00, Avg.Volume = 5,946,259,456.00

6,491,639,808
Optimization Trading System - 2010 5,946,259,456
2017 9 16 23 30 Feb 6 13 20 27 Mar 6 13 20 27 Apr 10 17 25 May 8 15 22 29
Created w ith AmiBroker - advanced charting and technical analysis softw are. http://w w w .amibroker.com

Source: Mirae Asset Sekuritas Indonesia Research

Mirae Asset Sekuritas Indonesia

3
 Indonesia Daily Focus May 31, 2017

Figure 2. Daily MFI optimized, W%R optimized & RSI optimized

^JKSE - MFI Smoothed = 35.29

35.288

^JKSE - Will%R Smoothed = -63.77

-63.7693

^JKSE - RSI Smoothed = 36.24

36.2426

^JKSE [ ^JKSE ] - Daily - 5/30/2017 Open: 5,701 High: 5,730 Low: 5,693 Close: 5,693 Chg. -0.3%
Prev. Avg. Price: 5,705.6
Volatility (+) : 0.0034
Volatility (-) : -0.0035
V-Ratio : 0.98 5,729.52
_____ 5,725.2 5,712.7 5,705
_____ 5,685.6 5,693.39
5,674.34
5,673.5
5,618.74

Optimization Trading System - 2010

^JKSE - Volume = 6,491,639,808.00, Avg.Volume = 5,946,259,456.00

6,491,639,808
Optimization Trading System - 2010
6 13 20 27 Mar 6 13 20 27 Apr 10 17 25 May 8 15 22 29 5,946,259,456
Created w ith AmiBroker - advanced charting and technical analysis softw are. http://w w w .amibroker.com

Source: Mirae Asset Sekuritas Indonesia Research

Figure 3. Daily : 5,674 5,712 Figure 4. Weekly : 5,645 5,797 Figure 5. Monthly : 5,457 5,929
^JKSE [ ^JKSE ] - Daily - 5/30/2017 Open: 5,701 High: 5,730 Low: ^JKSE [ ^JKSE ] - Weekly - 5/30/2017 Open: 5,729 High: 5,731 ^JKSE [ ^JKSE ] - Monthly - 5/30/2017 Open: 5,704 High: 5,874
Prev. Avg. Price: 5,705.6 Prev. Avg. Price: 5,705.9 Prev. Avg. Price: 5,715.1 x
Volatility (+) : 0.0034 Volatility (+) : 0.0140 Volatility (+) : 0.0414
Volatility (-) : -0.0035 Volatility (-) : -0.0126 Volatility (-) : -0.0415
V-Ratio : 0.98 V-Ratio : 1.11 V-Ratio : 1.00

_____ 5,951.6 5,929.1

5,797.0
_____ 5,785.9
5,693.39
5,715
5,705.9
_____ 5,725.2
5,712.7 5,693.39
_____ 5,477.8
_____ 5,634.1
5,645.0 5,457.1
5,705.9 5,693.39
_____ 5,685.6

5,673.5

^JKSE - Volume = 6,491,639,808.00 ^JKSE - Volume = 124,374,122,496.00

^JKSE - Volume = 11,696,152,576.00

6,491,639,808
124,374,122,496
11,696,152,576
May 8 15 22 29 2017 Apr 2016 2017
Created w ith AmiBroker - advanced charting and technical analysis sof tw are. http://w w w .amibroker.com Created w ith AmiBroker - advanced charting and technical analysis sof tw are. http://w w w .amibroker.com Created w ith AmiBroker - advanced charting and technical analysis sof tw are. http://w w w .amibroker.com

Source: Mirae Asset Sekuritas Indonesia Research Source: Mirae Asset Sekuritas Indonesia Research Source: Mirae Asset Sekuritas Indonesia Research

4
Mirae Asset Sekuritas Indonesia
 Indonesia Daily Focus May 31, 2017

Chart 6. JCI Vs. USD/IDR Chart 7. JCI performance (absolute vs. relative)
(pt) JCI (L) USD/IDR (R) (IDR) (%, %p) Absolute Relative
6,000 20 18.7

5,800 13,700 16

12
5,600
13,500 8
5,400
4
5,200 0.0 0.1
13,300 0
5,000 -0.3 -1.0 -1.6
-4
-3.3
4,800 13,100 -8 -6.6
2/28 3/28 4/25 5/23 1D 1W 1M 1Y
Note: Relative to MSCI EM Index
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Source: Bloomberg, Mirae Asset Sekuritas Indonesia

Chart 8. Foreigners net purchase (EM) Chart 9. Energy price

(USDmn) 1 Day 5 Days (D-3M=100)

600 110 CPO WTI Coal
443
105
400
263
100
200 142 144
50 42 95
12
0
0 90
-11 -53
-200 -125
85

-400 80
-482
-600 75
Korea Taiwan Indonesia Thailand Philippines India 2/28 3/28 4/25 5/23

Note: The latest figure for India are May 29th, 2017
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Source: Bloomberg, Mirae Asset Sekuritas Indonesia

Chart 10. Non-ferrous metal price Chart 11. Precious metal price
(D-3M=100) Copper Nickel Tin (D-3M=100) Silver Gold Platinum
110 105

105
100
100
95
95
90
90

85
85

80 80
2/28 3/28 4/25 5/23 2/28 3/28 4/25 5/23

Source: Bloomberg, Mirae Asset Sekuritas Indonesia Source: Bloomberg, Mirae Asset Sekuritas Indonesia

Mirae Asset Sekuritas Indonesia

5
 Indonesia Daily Focus May 31, 2017

Table. Key valuation metrics

Price Market Cap Price Performance (%) P/E(X)* P/B(X)* ROE(%)*
Company Name Ticker
(IDR) (IDRbn) 1D 1W 1M 1Y FY16 FY17 FY16 FY17 FY16 FY17
Jakarta Composite Index JCI 5,693 6,243,786 -0.3 -1.0 0.1 17.7 16.3 14.1 2.5 2.3 18.5 21.0
FINANCIALS
Bank Central Asia BBCA 17,600 433,928 -1.0 -0.3 -0.8 33.3 18.5 19.0 3.4 3.4 20.4 18.8
Bank Mandiri Persero BMRI 12,425 289,917 0.6 -0.8 6.2 34.0 19.6 14.7 1.8 1.8 10.3 12.4
Bank Rakyat Indonesia Persero BBRI 14,200 350,302 0.0 -2.9 10.1 33.6 10.9 12.5 1.9 2.1 20.2 18.1
Bank Negara Indonesia Persero BBNI 6,525 121,682 0.0 -4.4 2.4 38.2 9.1 9.3 1.2 1.3 13.9 14.3
Bank Tabungan Negara Persero BBTN 2,450 25,946 -0.4 -3.9 6.5 42.9 13.3 12.7 1.0 1.3 7.6 10.3
CONSUMER
HM Sampoerna HMSP 3,830 445,498 1.1 0.5 0.3 -0.3 34.8 32.9 13.0 12.5 38.6 38.5
Gudang Garam GGRM 73,500 141,420 0.1 -1.0 10.7 5.0 18.4 18.6 3.1 3.2 17.3 18.1
Indofood CBP Sukses Makmur ICBP 8,675 101,167 -1.7 -0.9 -1.1 8.9 27.8 25.6 5.7 5.1 21.8 21.3
Indofood Sukses Makmur INDF 8,775 77,048 -0.8 0.9 4.8 25.4 18.3 17.1 2.4 2.4 14.7 14.9
Kalbe Farma KLBF 1,525 71,485 -0.3 -2.9 -3.8 7.8 30.9 28.2 6.0 5.3 20.6 19.2
Unilever Indonesia UNVR 46,000 350,980 -2.8 -3.1 3.4 5.2 46.3 48.3 62.9 63.5 134.1 140.7
AGRICULTURAL
Astra Agro Lestari AALI 14,450 27,812 -0.5 -0.7 0.3 1.6 14.8 14.2 1.9 1.6 14.1 11.2
PP London Sumatera Indonesia LSIP 1,485 10,132 -1.0 -1.3 6.5 0.0 20.0 12.8 1.6 1.2 7.9 10.0
Sawit Sumbermas Sarana SSMS 1,700 16,193 2.7 0.0 -2.9 -8.6 22.5 22.1 3.9 4.1 18.3 16.2
INFRASTRUCTURE
XL Axiata EXCL 3,000 32,064 -2.6 0.3 -6.5 -13.5 60.8 82.7 1.2 1.5 2.1 1.4
Jasa Marga JSMR 5,050 36,652 0.0 -0.5 8.8 -4.5 15.6 19.3 2.3 2.4 15.7 13.1
Perusahaan Gas Negara PGAS 2,450 59,392 -3.5 3.4 0.8 -1.2 15.3 11.5 1.5 1.4 9.8 12.6
Tower Bersama Infrastructure TBIG 5,800 26,282 0.4 -1.3 -0.9 -14.7 17.4 21.4 14.3 9.2 83.6 52.0
Telekomunikasi Indonesia TLKM 4,330 436,464 -1.4 -3.1 -0.5 17.6 20.3 18.7 4.7 4.5 24.3 24.4
Soechi Lines SOCI 322 2,273 1.3 -5.3 -16.1 -26.5 8.2 4.8 0.6 N/A 7.4 10.1
Garuda Indonesia GIAA 362 9,371 0.0 4.6 -1.6 -29.0 31.7 19.7 2.6 2.5 8.6 12.8
BASIC-INDUSTRIES
Semen Indonesia SMGR 9,200 54,570 -1.6 -2.1 4.2 0.8 12.0 15.0 1.9 1.8 16.3 12.1
Charoen Pokphand Indonesia CPIN 3,080 50,506 -1.6 0.3 -3.4 -12.3 22.6 17.4 3.6 3.0 16.5 19.1
Indocement Tunggal Prakarsa INTP 18,775 69,115 0.9 4.3 10.8 12.8 14.6 21.0 2.2 2.5 15.5 11.9
Japfa Comfeed Indonesia JPFA 1,275 14,548 -1.2 9.0 -13.0 33.5 7.7 8.4 1.9 1.5 28.6 18.7
MINING
Indo Tambangraya Megah ITMG 15,875 17,938 0.5 4.6 -17.0 79.9 10.4 6.5 1.5 1.4 15.0 20.4
Adaro Energy ADRO 1,460 46,700 -0.3 1.7 -17.7 110.1 12.0 8.4 1.3 1.0 11.1 11.6
Aneka Tambang ANTM 735 17,663 -2.0 5.8 5.8 9.7 298.3 64.1 1.2 1.0 0.4 2.5
Vale Indonesia INCO 1,865 18,531 -0.5 -4.1 -16.0 11.3 N/A 35.0 1.1 0.7 0.1 1.7
Tambang Batubara Bukit Asam PTBA 10,650 24,539 -0.7 -0.9 -16.0 59.6 13.1 7.8 2.5 1.9 20.5 25.7
TRADE
United Tractors UNTR 27,075 100,993 4.0 11.0 0.7 89.0 15.8 15.2 1.9 2.2 12.7 15.4
AKR Corporindo AKRA 6,300 25,201 1.6 -2.3 -7.0 0.0 23.5 20.6 3.5 3.3 15.7 15.9
Global Mediacom BMTR 640 9,087 -1.5 0.8 19.6 -39.9 41.8 #N/A 0.9 N/A 2.0 N/A
Matahari Department Store LPPF 14,600 42,602 1.0 -8.2 0.0 -21.7 21.9 N/A
19.1 23.8 14.2 136.4 86.2
Media Nusantara Citra MNCN 1,900 27,125 0.3 5.6 4.1 -11.6 17.7 15.3 2.7 2.5 15.4 16.9
Matahari Putra Prima MPPA 785 4,222 -2.5 -3.1 -16.9 -39.6 211.4 28.7 3.3 1.7 1.6 4.4
Surya Citra Media SCMA 2,810 41,087 3.3 -2.8 -1.7 -16.9 27.2 22.8 11.9 10.0 45.7 46.6
Siloam International Hospital SILO 11,125 14,469 -1.1 -5.7 -18.8 19.6 150.3 107.1 4.5 4.5 3.5 4.2
PROPERTY
Bumi Serpong Damai BSDE 1,790 34,452 -0.6 -0.6 0.0 -1.6 18.8 14.2 1.6 1.5 9.1 10.8
Adhi Karya ADHI 2,270 8,083 -1.3 -1.3 0.4 -12.0 23.6 13.3 1.4 1.3 5.9 10.1
Alam Sutera Realty ASRI 324 6,366 -0.6 -1.2 -6.9 -17.8 13.6 7.7 1.0 0.8 7.5 11.2
Ciputra Development CTRA 1,090 20,231 0.0 -6.8 -14.8 -23.3 19.9 16.3 2.2 1.5 9.8 10.5
Lippo Karawaci LPKR 715 16,501 0.7 -4.0 -9.5 -27.8 18.6 15.6 0.9 0.8 5.0 5.3
Pembangunan Perumahan PTPP 3,080 19,096 -1.6 0.0 -3.1 -12.2 23.1 13.8 2.4 1.8 14.4 13.8
Pakuwon Jati PWON 610 29,377 -2.4 -5.4 -2.4 13.0 16.3 14.9 3.1 2.7 21.0 19.7
Summarecon Agung SMRA 1,305 18,827 -1.1 -4.7 -4.0 -17.7 61.3 45.0 3.1 2.7 5.1 6.5
Wijaya Karya WIKA 2,260 20,272 -0.9 -5.0 -4.6 0.0 14.4 16.0 1.8 1.6 12.9 10.3
Waskita Karya WSKT 2,330 31,627 -2.1 -3.7 -2.5 -10.0 17.3 13.0 3.1 2.0 16.6 17.0
MISCELLANEOUS
Astra International ASII 8,675 351,195 -0.3 -1.1 -3.1 28.5 22.1 17.8 3.0 2.8 14.2 16.6
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
*Note: Valuation metrics based on Bloomberg consensus estimates

6
Mirae Asset Sekuritas Indonesia
 Indonesia Daily Focus May 31, 2017

Sector performance Top 10 market cap performance

Name Index Chg (%) Ticker Price Market Cap (IDRbn) Chg (%)
Agricultural 1,804.2 0.6 MEDC IJ 2950 9,831 6.50
Mining 1,370.4 -0.1 MAYA IJ 2800 13,774 6.46
Basic-Industry 612.9 -0.7 BNLI IJ 705 16,768 6.02
Miscellaneous Industry 1,468.9 -0.2 NISP IJ 1795 20,593 5.28
Consumer Goods 2,492.2 -0.7 MAPI IJ 5900 9,794 4.9
Property & Construction 490.5 -0.4 SMRU IJ 404 5,050 4.66
Infrastructure 1,133.2 -1.0 BTEK IJ 1020 5,902 4.08
Finance 919.0 -0.2 UNTR IJ 27075 100,993 4.03
Trade 909.6 0.8 TOWR IJ 3750 38,261 3.6
Composite 5,693.4 -0.3 SCMA IJ 2810 41,087 3.31
Source: Bloomberg

Top 5 leading movers Top 5 lagging movers

Name Chg (%) Close Name Chg (%) Close
HMSP IJ 1.1 3,830 UNVR IJ -2.8 46,000
UNTR IJ 4.0 27,075 TLKM IJ -1.4 4,330
BMRI IJ 0.6 12,425 BBCA IJ -1.0 17,600
TOWR IJ 3.6 3,750 PGAS IJ -3.5 2,450
SCMA IJ 3.3 2,810 BDMN IJ -3.8 5,100
Source: Bloomberg

Economic Calendar
Time Currency Detail Forecast Previous
4:00am NZD RBNZ Financial Stability Report
6:01am GBP BRC Shop Price Index y/y -0.5%
6:01am GBP GfK Consumer Confidence -8 -7
6:50am JPY Prelim Industrial Production m/m 4.2% -1.9%
8:00am CNY Manufacturing PMI 51.0 51.2
8:00am CNY Non-Manufacturing PMI 54.0
8:00am NZD ANZ Business Confidence 11.0
8:30am AUD Private Sector Credit m/m 0.4% 0.3%
12:00pm JPY Housing Starts y/y -1.4% 0.2%
1:00pm CHF UBS Consumption Indicator 1.50
1:00pm EUR German Retail Sales m/m 0.4% 0.1%
1:45pm EUR French Prelim CPI m/m 0.2% 0.1%
2:55pm EUR German Unemployment Change -14K -15K
3:00pm CHF Credit Suisse Economic Expectations 22.2
3:00pm EUR Italian Monthly Unemployment Rate 11.6% 11.7%
3:30pm GBP Net Lending to Individuals m/m 4.5B 4.7B
3:30pm GBP M4 Money Supply m/m 0.4% 0.3%
3:30pm GBP Mortgage Approvals 66K 67K
4:00pm EUR CPI Flash Estimate y/y 1.5% 1.9%
4:00pm EUR Core CPI Flash Estimate y/y 1.0% 1.2%
4:00pm EUR Italian Prelim CPI m/m -0.2% 0.4%
4:00pm EUR Unemployment Rate 9.4% 9.5%
7:00pm USD FOMC Member Kaplan Speaks
7:30pm CAD GDP m/m 0.3% 0.0%
8:45pm USD Chicago PMI 57.0 58.3
9:00pm USD Pending Home Sales m/m 0.7% -0.8%
Note: Time is based on Indonesian local time
Source: Forex Factory

Mirae Asset Sekuritas Indonesia

7
 Indonesia Daily Focus May 31, 2017

Disclaimers
This report is prepared strictly for private circulation only to clients of PT Mirae Asset Sekuritas Indonesia. It is purposed only to person having professional
experience in matters relating to investments. The information contained in this report has been taken from sources which we deem reliable. No warranty
(express or implied) is made to the accuracy or completeness of the information. All opinions and estimates included in this report constitute our
judgments as of this date, without regards to its fairness, and are subject to change without notice. However, none of Mirae Asset Sekuritas Indonesia
and/or its affiliated companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any
responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any
information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any
responsibility or liability (express or implied) of Mirae Asset Sekuritas Indonesia, its affiliated companies and their respective employees and agents
whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action, suits, losses, expenses, damages or costs) which may
be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither Mirae
Asset Sekuritas Indonesia, its affiliated companies or their respective employees or agents accepts liability for any errors, omissions or misstatements,
negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission there from which might otherwise arise
is hereby expresses disclaimed.
This document is not an offer to sell or a solicitation to buy any securities. This firms and its affiliates and their officers and employees may have a position,
make markets, act as principal or engage in transaction in securities or related investments of any company mentioned herein, may perform services for or
solicit business from any company mentioned herein, and may have acted upon or used any of the recommendations herein before they have been
provided to you. PT Mirae Asset Sekuritas Indonesia 2016.

8
Mirae Asset Sekuritas Indonesia