External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

PT Telkom Indonesia (Persero) Tbk. is a telecommunication company that provides a variety of domestic telecommunications services such as telephone, telex, telegram, satellite, and leased lines services. The Company also offers electronic mail, mobile communication, and cellular phone services.

<ul><li>Telkom Indonesia (TLKM IJ)1Q26 Earnings Missed as ARPU Resilience Offset By Margin Trade-Off; Lowering TP to Rp3,7501Q26 EBITDA margin missed at 48.3% on O&amp;M overshoot, driven by thin-margin gaming voucher sales (5-6% GPM).</li><li>Mar26 exit ARPU reached Rp47k, validating market repair; IndiHome ARPU soft at Rp204k drives revenue cuts in FY26-28F.</li><li>We lower our TP to Rp3,750 on 3.7-5.4% EBITDA cuts, implying 5.4x FY26F EV/EBITDA;</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Telkom Indonesia (TLKM IJ)1Q26 Earnings Missed as ARPU Resilience Offset By Margin Trade-Off; Lowering TP to Rp3,7501Q26 EBITDA margin missed at 48.3% on O&amp;M overshoot, driven by thin-margin gaming voucher sales (5-6% GPM).Mar26 exit ARPU reached Rp47k, validating market repair; IndiHome ARPU soft at Rp204k drives revenue cuts in FY26-28F.We lower our TP to Rp3,750 on 3.7-5.4% EBITDA cuts, implying 5.4x FY26F EV/EBITDA;Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Telkom Indonesia (TLKM.IJ) 1Q26 Earnings Missed as ARPU Resilience Offset By Margin Trade-Off

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Far EasTone Telecommunications Co., Ltd. provides mobile communication and Internet access services.  The Company also sells cellular phones and related equipment.

<ul>
<li>There could be 6 adds, 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June as the tech rally creates multiple changes for the Yuanta/P-shares Taiwan Mid-Cap 100 ETF.</li>
<li>Constituent changes along with capping changes will lead to a one-way turnover of 26.4% and in a round-trip trade of TWD 386bn (US$12.2bn).</li>
<li>There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.</li>
</ul>


There could be 6 adds, 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June as the tech rally creates multiple changes for the Yuanta/P-shares Taiwan Mid-Cap 100 ETF.
Constituent changes along with capping changes will lead to a one-way turnover of 26.4% and in a round-trip trade of TWD 386bn (US$12.2bn).
There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.


Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 6 Adds, 5 Deletes; US$12bn Trade

Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Meridian Holdings Inc. operates as a holding company. The Company, through its subsidiaries, develops, licenses, and operates software for an online sports betting and games. Meridian Holdings serves customers worldwide.

<ul><li>In addition to the Pet TV/brand ambassador initiative as MRDN focuses on growing operations & expanding its customer base with users expected to be long-term customers, subsidiary Expanse Studios recently signed a strategic distribution agreement with MaxBet, one of Serbia's leading omni-channel gaming operators, to expand its reach across the Serbian market.</li><li>With online gambling revenue in the country projected to reach $186m by 2029, MaxBet controls an estimated 15%-20% online market share in Serbia.</li></ul>

In addition to the Pet TV/brand ambassador initiative as MRDN focuses on growing operations & expanding its customer base with users expected to be long-term customers, subsidiary Expanse Studios recently signed a strategic distribution agreement with MaxBet, one of Serbia's leading omni-channel gaming operators, to expand its reach across the Serbian market.With online gambling revenue in the country projected to reach $186m by 2029, MaxBet controls an estimated 15%-20% online market share in Serbia.

MRDN: Popular Former Footballer as Brand Ambassador in Brazil  Expanded Serbia Reach

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

LY Corporation operates as an internet search engine "Yahoo! JAPAN". The Company provides electronic commerce and settlement finance services for small medium enterprises and individuals. LY also operates media business including search linked advertising and display advertising services.

<ul>
<li>LY (LINE-Yahoo) is now all launching AI agents that do far more than recommend products.</li>
<li>LY is catching up with Rakuten and Amazon on AI services which manage the full purchase journey from discovery to re-order. </li>
<li>As well as changing how many consumers will shop online, LY and competitors claims much higher engagement and profit.</li>
</ul>


LY (LINE-Yahoo) is now all launching AI agents that do far more than recommend products.
LY is catching up with Rakuten and Amazon on AI services which manage the full purchase journey from discovery to re-order. 
As well as changing how many consumers will shop online, LY and competitors claims much higher engagement and profit.


European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Vivendi SE provides culture, entertainment, media, and communication services. The Company specializes in audiovisual and cinema, communications, magazines, gaming, live performance, and distribution platform activities. Vivendi serves customers worldwide.

<ul>
<li>Vivendi remains our highest-conviction idea, trading at a 43.6% discount to NAV despite UMG representing over 80% of value and potential corporate optionality.</li>
<li>Dispersion widened in May, with Vivendi rerating, Porsche SE's discount expanding, Rio's DLC premium increasing and Nordic holding companies remaining near NAV.</li>
<li>Catalysts continue to matter more than valuation: discounts converged only where strategic triggers emerged, while structurally cheap names without catalysts remained cheap.</li>
</ul>


Vivendi remains our highest-conviction idea, trading at a 43.6% discount to NAV despite UMG representing over 80% of value and potential corporate optionality.
Dispersion widened in May, with Vivendi rerating, Porsche SE's discount expanding, Rio's DLC premium increasing and Nordic holding companies remaining near NAV.
Catalysts continue to matter more than valuation: discounts converged only where strategic triggers emerged, while structurally cheap names without catalysts remained cheap.


Selected European HoldCos and DLC: May 2026 Report

Insights in the Communication Services Space

Communication Services
Insights in the Communication Services Space

Telkom Indonesia (TLKM.IJ) 1Q26 Earnings Missed as ARPU Resilience Offset By Margin Trade-Off

Telkom Indonesia (TLKM IJ)1Q26 Earnings Missed as ARPU Resilience Offset By Margin Trade-Off; Lowering TP to Rp3,7501Q26

BRI Danareksa Research

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 6 Adds, 5 Deletes; US$12bn Trade

There could be 6 adds, 5 deletes and capping changes in June leading to a one-way turnover of 26.4% and in a round-trip trade of US$12.2bn. Many...

Brian Freitas

MRDN: Popular Former Footballer as Brand Ambassador in Brazil Expanded Serbia Reach

In addition to the Pet TV/brand ambassador initiative as MRDN focuses on growing operations & expanding its customer base with users expected...

Zacks Small Cap Research

LY Catches up on AI Shopping

LY is evolving online shopping with AI agents that go beyond product recommendations, aiming to manage the entire purchase journey and increase...

Michael Causton

Selected European HoldCos and DLC: May 2026 Report

Holding company discounts are increasingly catalyst-driven. Vivendi remains the key idea at a 43.6% NAV discount, while Porsche SE, GBL and Rio...

Jesus Rodriguez Aguilar

Telkom Indonesia (TLKM.IJ) 1Q26 Earnings Missed as ARPU Resilience Offset By Margin Trade-Off

Telkom Indonesia (TLKM IJ)1Q26 Earnings Missed as ARPU Resilience Offset By Margin Trade-Off; Lowering TP to Rp3,7501Q26

BRI Danareksa Research

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 6 Adds, 5 Deletes; US$12bn Trade

There could be 6 adds, 5 deletes and capping changes in June leading to a one-way turnover of 26.4% and in a round-trip trade of US$12.2bn. Many...

Brian Freitas

MRDN: Popular Former Footballer as Brand Ambassador in Brazil Expanded Serbia Reach

In addition to the Pet TV/brand ambassador initiative as MRDN focuses on growing operations & expanding its customer base with users expected...

Zacks Small Cap Research

LY Catches up on AI Shopping

​LY is evolving online shopping with AI agents that go beyond product recommendations, aiming to manage the entire purchase journey and increase...

Michael Causton

Selected European HoldCos and DLC: May 2026 Report

Holding company discounts are increasingly catalyst-driven. Vivendi remains the key idea at a 43.6% NAV discount, while Porsche SE, GBL and Rio...

Jesus Rodriguez Aguilar

LY is evolving online shopping with AI agents that go beyond product recommendations, aiming to manage the entire purchase journey and increase...