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.

Thematic (Sector/Industry)

<ul><li>Chicken absorption from MBG program in FY25F to be minimal at 3.4%; full implementation may form 10% absorption in FY26 onwards.</li><li>Slight underweight in local funds and rebounding LB prices from their bottom in mid-Apr25 should limit further downside risks. </li><li>Maintain Overweight on poultry sector with CPIN as our top pick from cheaper historical valuation and better earnings outlook.</li></ul>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.

Chicken absorption from MBG program in FY25F to be minimal at 3.4%; full implementation may form 10% absorption in FY26 onwards.Slight underweight in local funds and rebounding LB prices from their bottom in mid-Apr25 should limit further downside risks. Maintain Overweight on poultry sector with CPIN as our top pick from cheaper historical valuation and better earnings outlook.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.

Poultry: Bottoming-Out Livebird Prices, Better Supply-Demand Outlook in 2H25 (OVERWEIGHT)

Macroeconomics

<ul><li>US-China “Total Reset” deal brough significant relief to global economic specters, although rising short end yield signal lesser rate cuts.</li><li>We observe the 4 factors to assess BI’s potential imminent rate cuts, with more factors points to rate cut, aside from rising swap cost.</li><li>The current economic moderation could be prolonged, requiring an integral approach to fiscal and monetary counter-cyclical policies.</li></ul>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.

US-China “Total Reset” deal brough significant relief to global economic specters, although rising short end yield signal lesser rate cuts.We observe the 4 factors to assess BI’s potential imminent rate cuts, with more factors points to rate cut, aside from rising swap cost.The current economic moderation could be prolonged, requiring an integral approach to fiscal and monetary counter-cyclical policies.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.

<ul><li>JCI closed flattish w-w amid profit taking by the end of the week.</li><li>Foreign investors turned net sellers with US$198mn of outflows from the Indonesian market during the week, despite inflows to most of other EMs.</li><li>Metals sector (+9.5% w-w) continued its outperformance amid still constructive outlook for nickel ore, followed by the Consumer (+2.7% w-w) and Retail (+3.3% w-w) sectors amid more news about government’s aim to boost spending. </li></ul>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.

JCI closed flattish w-w amid profit taking by the end of the week.Foreign investors turned net sellers with US$198mn of outflows from the Indonesian market during the week, despite inflows to most of other EMs.Metals sector (+9.5% w-w) continued its outperformance amid still constructive outlook for nickel ore, followed by the Consumer (+2.7% w-w) and Retail (+3.3% w-w) sectors amid more news about government’s aim to boost spending. 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.

BRIDS Market Pulse : Chart of the week – JCI vs. EM Peers

Equity Bottom-Up

Aneka Tambang Persero Tbk PT is a diversified mining and metals company. The Company produces ferronickel, nickel ore, gold, silver, bauxite and coal. Aneka Tambang is currently building a chemical grade alumina smelter and is looking to build  a smelter grade alumina smelter as well as a nickel pig iron smelter.

<ul><li>1Q25 result was well above estimates due to strong ore sales and sustained high gold sales vol.</li><li>BRANKAS gold app provides a slight discount of c.Rp57.9k/gr compared to physical gold price, though it charges minting and membership fees.</li><li>Maintain a Buy rating with an upgraded TP of Rp3,000. Key risks include lower commodity prices, lower utilization, and project delays.</li></ul>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.

1Q25 result was well above estimates due to strong ore sales and sustained high gold sales vol.BRANKAS gold app provides a slight discount of c.Rp57.9k/gr compared to physical gold price, though it charges minting and membership fees.Maintain a Buy rating with an upgraded TP of Rp3,000. Key risks include lower commodity prices, lower utilization, and project delays.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.

Aneka Tambang (ANTM.IJ) - Upgrading FY25-27F Earnings on Solid Gold Margin

PT Ciputra Development Tbk develops and sells real estate including office spaces, shopping centers, and related facilities as well as industrial estates. The Company also designs, develops, and maintains housing facilities including golf courses, clubs, restaurants, recreational places, and related facilities.

<ul><li>CTRA’s 1Q25 earnings reflected resilient handover execution and disciplined opex, outperforming peers and company guidance.</li><li>Despite a strong 1Q25 pre-sales (29% of FY25F), we lowered our FY25- 27F assumptions by 5%, aligning with mgmt’s guidance.</li><li>Maintain Buy with a lower TP of Rp1,600; CTRA remains our top sector pick with well-diversified, end-users-oriented projects.</li></ul>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.

CTRA’s 1Q25 earnings reflected resilient handover execution and disciplined opex, outperforming peers and company guidance.Despite a strong 1Q25 pre-sales (29% of FY25F), we lowered our FY25- 27F assumptions by 5%, aligning with mgmt’s guidance.Maintain Buy with a lower TP of Rp1,600; CTRA remains our top sector pick with well-diversified, end-users-oriented projects.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.

Ciputra Development - Trimming Our FY25-27F Pre-Sales by 5%

BRI Danareksa Research
External broker reports(aggregated public sources)

Poultry: Bottoming-Out Livebird Prices, Better Supply-Demand Outlook in 2H25 (OVERWEIGHT)

Chicken absorption from MBG program in FY25F to be minimal at 3.4%; full implementation may form 10% absorption in FY26 onwards.

BRI Danareksa Research

Macro Strategy: Unraveling The Reset

US-China “Total Reset” deal brough significant relief to global economic specters, although rising short end yield signal lesser rate cuts.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the week – JCI vs. EM Peers

Investors have also shown interest in the rate-sensitive sectors (e.g., Property, Tower) ahead of the BI rate decision next week.

BRI Danareksa Research

Aneka Tambang (ANTM.IJ) - Upgrading FY25-27F Earnings on Solid Gold Margin

Maintain a Buy rating with an upgraded TP of Rp3,000. Key risks include lower commodity prices, lower utilization, and project delays.

BRI Danareksa Research

Ciputra Development - Trimming Our FY25-27F Pre-Sales by 5%

CTRA’s 1Q25 earnings reflected resilient handover execution and disciplined opex, outperforming peers and company guidance.

BRI Danareksa Research