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.

Macroeconomics

<ul><li>Amid the possibility of further tariffs to be imposed by Trump, we think key risk to watch remains on EM currency and market risk-offs. </li><li>However, we see improving domestic conditions with fiscal discipline to support growth and falling SRBI yield to potentially aid liquidity.</li><li>JCI’s undemanding valuation and intact earnings growth outlook shall buffer valuation; we continue to favor quality stocks and IDR hedge.</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.

Amid the possibility of further tariffs to be imposed by Trump, we think key risk to watch remains on EM currency and market risk-offs. However, we see improving domestic conditions with fiscal discipline to support growth and falling SRBI yield to potentially aid liquidity.JCI’s undemanding valuation and intact earnings growth outlook shall buffer valuation; we continue to favor quality stocks and IDR hedge.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.

External Risks Loom, But Improving Domestic Conditions May Cushion Against Further De-Rating

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya (AMRT IJ</a>, <a href="https://www.smartkarma.com/entities/slb-development-ltd" target="_blank" data-smartkarma-citation="entities:26989:1" rel="noopener">SLB Development (SLB SP)</a>, <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a>, <a href="https://www.smartkarma.com/entities/hyphens-pharma-international" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma International (HYP SP)</a>, and Bund Center Investment (BTE SP).</li>
<li>There was also a macro insight on Singapore, an Indonesia Strategy Insight, and a bank screener looking at Thai Banks from <a href="https://www.smartkarma.com/profiles/victor-galliano" target="_blank" data-smartkarma-citation="accounts:3251" rel="noopener">Victor Galliano</a>.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insights on Sumber Alfaria Trijaya (AMRT IJ, SLB Development (SLB SP), Japfa Ltd (JAP SP), Hyphens Pharma International (HYP SP), and Bund Center Investment (BTE SP).
There was also a macro insight on Singapore, an Indonesia Strategy Insight, and a bank screener looking at Thai Banks from Victor Galliano.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Alfamart's Guidance, Indonesia's Pragmatism, and Thai Banks

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings</a>, <a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy,</a><a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia</a>, <a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia,</a> and <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings</a>.</li>
<li>There was also a macro insight on Malaysian Rubber, an index rebalance insight for IDX30, LQ45, and IDX80 in Indonesia and a shortlist of top stock picks in the Philippines.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insights on Grab Holdings, Cisarua Mountain Dairy,Bank Central Asia, Bank Negara Indonesia, and Malaysia Airports Holdings.
There was also a macro insight on Malaysian Rubber, an index rebalance insight for IDX30, LQ45, and IDX80 in Indonesia and a shortlist of top stock picks in the Philippines.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Grab's New Fleet, Cimory, and Bank Central Asia

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

Japfa Comfeed Indonesia / Index Rebalance

<ul>
<li>There are 2 constituent changes for the IDX30 Index, and 3 changes each for the LQ45 Index and IDX80 Index to be implemented at the close on 31 January.</li>
<li>The largest passive flows are expected in <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia</a>, <a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat</a>, <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia</a>, <a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa</a>, <a href="https://www.smartkarma.com/entities/dayamitra-telekomunikasi-pt" target="_blank" data-smartkarma-citation="entities:34741:1" rel="noopener">Dayamitra Telekomunikasi</a>, <a href="https://www.smartkarma.com/entities/map-aktif-adiperkasa-pt" target="_blank" data-smartkarma-citation="entities:27291:1" rel="noopener">MAP Aktif Adiperkasa</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero</a>, <a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development</a> and <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata</a>.</li>
<li>With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 2 constituent changes for the IDX30 Index, and 3 changes each for the LQ45 Index and IDX80 Index to be implemented at the close on 31 January.
The largest passive flows are expected in Bank Central Asia, Indosat, Japfa Comfeed Indonesia, Indocement Tunggal Prakarsa, Dayamitra Telekomunikasi, MAP Aktif Adiperkasa, Bank Mandiri Persero, Ciputra Development and XL Axiata.
With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​​LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

Thematic (Sector/Industry)

<ul><li>Google projects the internet economy GMV to grow at a 14% CAGR in FY24-30, driven by social media, AI, and fintech amid low penetration.</li><li>Positive CM trends reflect improved cash burn control and marketing costs, as players balance competition and service adoption.</li><li>We maintain an OW rating, supported by solid GMV growth and improving EBITDA margin-to-GTV trajectories; our top pick is GOTO.</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.

Google projects the internet economy GMV to grow at a 14% CAGR in FY24-30, driven by social media, AI, and fintech amid low penetration.Positive CM trends reflect improved cash burn control and marketing costs, as players balance competition and service adoption.We maintain an OW rating, supported by solid GMV growth and improving EBITDA margin-to-GTV trajectories; our top pick is GOTO.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.

Technology: 2025 Outlook: Solid Growth Outlook with Better Fundamentals

Indonesia

PT GoTo Gojek Tokopedia Tbk operates as an e-commerce platform. The Company offers mobility, food delivery, logistics, e-commerce, and financial technology solutions. GoTo Gojek Tokopedia serves customers in Indonesia.

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GoTo Gojek Tokopedia Tbk PT (GOTO IJ)

External Risks Loom, But Improving Domestic Conditions May Cushion Against Further De-Rating

Amid the possibility of further tariffs to be imposed by Trump, we think key risk to watch remains on EM currency and market risk-offs.

BRI Danareksa Research

The Week That Was in ASEAN@Smartkarma - Alfamart's Guidance, Indonesia's Pragmatism, and Thai Banks

The past week saw insights on Sumber Alfaria Trijaya (AMRT IJ, SLB Development (SLB SP), Japfa Ltd (JAP SP), Hyphens Pharma International (HYP SP),...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Grab's New Fleet, Cimory, and Bank Central Asia

The past week saw insights on Grab Holdings, Cisarua Mountain Dairy, Bank Central Asia, Bank Negara Indonesia, and Malaysia Airports Holdings.

Angus Mackintosh

IDX30/LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

There are 2 constituent changes for the IDX30, and 3 each for LQ45 and IDX80 indices to be implemented at the close 31 Jan. There are stocks with...

Brian Freitas

Technology: 2025 Outlook: Solid Growth Outlook with Better Fundamentals

Google projects the internet economy GMV to grow at a 14% CAGR in FY24-30, driven by social media, AI, and fintech amid low penetration.

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

External Risks Loom, But Improving Domestic Conditions May Cushion Against Further De-Rating

Amid the possibility of further tariffs to be imposed by Trump, we think key risk to watch remains on EM currency and market risk-offs.

BRI Danareksa Research

The Week That Was in ASEAN@Smartkarma - Alfamart's Guidance, Indonesia's Pragmatism, and Thai Banks

The past week saw insights on Sumber Alfaria Trijaya (AMRT IJ, SLB Development (SLB SP), Japfa Ltd (JAP SP), Hyphens Pharma International (HYP SP),...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Grab's New Fleet, Cimory, and Bank Central Asia

The past week saw insights on Grab Holdings, Cisarua Mountain Dairy, Bank Central Asia, Bank Negara Indonesia, and Malaysia Airports Holdings.

Angus Mackintosh

IDX30/​​LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

There are 2 constituent changes for the IDX30, and 3 each for LQ45 and IDX80 indices to be implemented at the close 31 Jan. There are stocks with...

Brian Freitas

Technology: 2025 Outlook: Solid Growth Outlook with Better Fundamentals

Google projects the internet economy GMV to grow at a 14% CAGR in FY24-30, driven by social media, AI, and fintech amid low penetration.

BRI Danareksa Research

IDX30/LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation