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>ACES and MIDI reported solid 2Q24 SSSG, which leads us to expect robust core profit growth of +23% and +21% yoy, respectively.</li><li>We see delays in overseas expansion impacting MAPA and MAPI, potentially leading to higher inventory and margin compression.</li><li>We maintain OW and see a potential rotation into ACES and MIDI given the anticipation of their continued strong 2Q24 earnings.</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.

ACES and MIDI reported solid 2Q24 SSSG, which leads us to expect robust core profit growth of +23% and +21% yoy, respectively.We see delays in overseas expansion impacting MAPA and MAPI, potentially leading to higher inventory and margin compression.We maintain OW and see a potential rotation into ACES and MIDI given the anticipation of their continued strong 2Q24 earnings.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.

Retail: 2Q24 Preview: ACES and MIDI Shine, MAPA/MAPI May Face Challenges (OVERWEIGHT)

<ul><li>Our retail channel checks in May24 show decent mall traffic at weekends and long weekends bodes well for promotions.</li><li>MAPA offers broader brand promotions following the end-of-season sale, MAPI is offering selective promos on fashion brands.</li><li>ACES is continuing its thematic and cashback promotions which will sustain SSSG at the mid-single digit level. Maintain Overweight</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.

Our retail channel checks in May24 show decent mall traffic at weekends and long weekends bodes well for promotions.MAPA offers broader brand promotions following the end-of-season sale, MAPI is offering selective promos on fashion brands.ACES is continuing its thematic and cashback promotions which will sustain SSSG at the mid-single digit level. Maintain OverweightContent 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>We noted more foot traffic to retail/shopping areas toward the end of Mar24, likely supported by the disbursement of the holiday allowance.</li><li>Additionally, promotions of several major brands should also translate into higher sales yoy in 1Q24.</li><li>Maintain Overweight with our pecking order being: ACES, MAPA and MAPI. Rupiah weakening is key risk for 2Q24 onward sales 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.

We noted more foot traffic to retail/shopping areas toward the end of Mar24, likely supported by the disbursement of the holiday allowance.Additionally, promotions of several major brands should also translate into higher sales yoy in 1Q24.Maintain Overweight with our pecking order being: ACES, MAPA and MAPI. Rupiah weakening is key risk for 2Q24 onward sales 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.

Retail Sector: Potential Boost from Ied Festives and Promotions (OVERWEIGHT)

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> has revealed more detail on the impact of boycotts stemming from the Gaza conflict on some of its brands, most notably Starbucks but also including Zara. </li>
<li>Management remains upbeat about the outlook for the expansion of new retail outlets across its brand portfolio in Indonesia and Southeast Asia but has reduced guidance for Starbucks. </li>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> remains the best proxy for Indonesian retail with any weakness in the share price an opportunity, with valuations remaining attractive. </li>
</ul>



Mitra Adiperkasa (MAPI IJ) has revealed more detail on the impact of boycotts stemming from the Gaza conflict on some of its brands, most notably Starbucks but also including Zara. 
Management remains upbeat about the outlook for the expansion of new retail outlets across its brand portfolio in Indonesia and Southeast Asia but has reduced guidance for Starbucks. 

Mitra Adiperkasa remains the best proxy for Indonesian retail with any weakness in the share price an opportunity, with valuations remaining attractive. 


Mitra Adiperkasa (MAPI IJ) - Less Seasonal Cheer, More New Year's Resolutions

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> finished the year with strong sales growth of +17.4% YoY in 4Q2023 with solid growth across all segments and improving margins. </li>
<li>The company continues to add to its 150-strong brand portfolio in Indonesia, as well as extending its reach further in Southeast Asia and growing its omnichannel capabilities. </li>
<li>MAPI remains our top retail pick in Indonesia with its focus on the resilient upper-middle segment in Indonesia and increasing regional exposure. Valuations remain attractive at 12.5x FY2024E PER.</li>
</ul>



Mitra Adiperkasa (MAPI IJ) finished the year with strong sales growth of +17.4% YoY in 4Q2023 with solid growth across all segments and improving margins. 
The company continues to add to its 150-strong brand portfolio in Indonesia, as well as extending its reach further in Southeast Asia and growing its omnichannel capabilities. 
MAPI remains our top retail pick in Indonesia with its focus on the resilient upper-middle segment in Indonesia and increasing regional exposure. Valuations remain attractive at 12.5x FY2024E PER.


Mitra Adiperkasa (MAPI IJ) - Pushing Retail Boundaries

Indonesia

PT MAP Aktif Adiperkasa Tbk retails sporting goods. The Company operates an online portal that offers a wide range boots, shoes, sandals, shorts, caps, hoodies, and accessories. Map Aktif Adiperkasa serves customers in Indonesia.

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MAP Aktif Adiperkasa PT (MAPA IJ)

Retail: 2Q24 Preview: ACES and MIDI Shine, MAPA/MAPI May Face Challenges (OVERWEIGHT)

ACES and MIDI reported solid 2Q24 SSSG, which leads us to expect robust core profit growth of +23% and +21% yoy, respectively.

BRI Danareksa Research

Retail : May24 Channel Check

ACES is continuing its thematic and cashback promotions which will sustain SSSG at the mid-single digit level. Maintain Overweight

BRI Danareksa Research

Retail Sector: Potential Boost from Ied Festives and Promotions (OVERWEIGHT)

We noted more foot traffic to retail/shopping areas toward the end of Mar24, likely supported by the disbursement of the holiday allowance.

BRI Danareksa Research

Mitra Adiperkasa (MAPI IJ) - Less Seasonal Cheer, More New Year's Resolutions

Mitra Adiperkasa remains the best proxy for Indonesian retail with any weakness in the share price caused by recent boycotts of certain brands an...

Angus Mackintosh

Mitra Adiperkasa (MAPI IJ) - Pushing Retail Boundaries

MAPI remains our top retail pick in Indonesia with its focus on the resilient upper-middle segment in Indonesia and increasing regional exposure....

Angus Mackintosh

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