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>Liquidity shows early signs of improvement as SRBI yields fall and IndONIA drops; fiscal disbursement expected to lead recovery further.</li><li>BI is likely to maintain its dovish stance and have time to assess before proceeding with further rate cuts, given current liquidity conditions.</li><li>US tariff shift could shield Indonesia’s exports, but cheap imports threaten domestic market requiring policies intervention.</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.

Liquidity shows early signs of improvement as SRBI yields fall and IndONIA drops; fiscal disbursement expected to lead recovery further.BI is likely to maintain its dovish stance and have time to assess before proceeding with further rate cuts, given current liquidity conditions.US tariff shift could shield Indonesia’s exports, but cheap imports threaten domestic market requiring policies intervention.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.

Macro Strategy: The Tailwinds and Trade-Off

Thematic (Sector/Industry)

<ul><li>Market review: Following 3 weeks of negative performances, JCI staged a rebound of +2.7% w-w, outperforming majority of the EM peers.</li><li>The index’s performance was driven by the large-cap sectors: Banks (+3.1% w-w), Telco (+2.7% w-w) as well as laggard sectors namely Poultry (+7.7% w-w), Cement (+4.5%), and Tower (+4.1%), indicating likelihood of technical rebound amid still limited catalysts.</li><li>Foreign investors remain net sellers in the market with -US$115mn of outflow. </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.

Market review: Following 3 weeks of negative performances, JCI staged a rebound of +2.7% w-w, outperforming majority of the EM peers.The index’s performance was driven by the large-cap sectors: Banks (+3.1% w-w), Telco (+2.7% w-w) as well as laggard sectors namely Poultry (+7.7% w-w), Cement (+4.5%), and Tower (+4.1%), indicating likelihood of technical rebound amid still limited catalysts.Foreign investors remain net sellers in the market with -US$115mn of outflow. 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, LQ45, and IDX80 YTD Performance

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Searching for Momentum: Will GIIAS Shift the Gears?Key Takeaways:4W market remained under pressure in May-25, recording wholesale sales of 60,613 units, down 15</li><li>1% YoY (vs 71,391 units in May-24), despite an 18</li><li>4% MoM increase due to the low base following the Eid al-Fitr holiday</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.

Searching for Momentum: Will GIIAS Shift the Gears?Key Takeaways:4W market remained under pressure in May-25, recording wholesale sales of 60,613 units, down 151% YoY (vs 71,391 units in May-24), despite an 184% MoM increase due to the low base following the Eid al-Fitr holidayContent 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>4W market remained under pressure in May-25, recording wholesale sales of 60,613 units, down 15.1% YoY (vs 71,391 units in May-24), despite an 18.4% MoM increase due to the low base following the Eid al-Fitr holiday.</li><li>Toyota continued to lead the market with 20,995 units sold (+30.6% MoM), followed by Daihatsu with 11,166 units (+25.7% MoM), Mitsubishi (4,756 units), Suzuki (3,921 units), and Honda (3,166 units).</li><li>Several Chinese brands also showed improvement: BYD sold 2,799 units, Chery 1,993 units, and Wuling 1,566 units.</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.

4W market remained under pressure in May-25, recording wholesale sales of 60,613 units, down 15.1% YoY (vs 71,391 units in May-24), despite an 18.4% MoM increase due to the low base following the Eid al-Fitr holiday.Toyota continued to lead the market with 20,995 units sold (+30.6% MoM), followed by Daihatsu with 11,166 units (+25.7% MoM), Mitsubishi (4,756 units), Suzuki (3,921 units), and Honda (3,166 units).Several Chinese brands also showed improvement: BYD sold 2,799 units, Chery 1,993 units, and Wuling 1,566 units.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.

Automotive Sector Searching for Momentum: Will GIIAS Shift the Gears?

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 Indonesia Strategy, Maynilad Water Services, <a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a>, and <a href="https://www.smartkarma.com/entities/top-glove-corp-bhd" target="_blank" data-smartkarma-citation="entities:20759:1" rel="noopener">Top Glove Corp (TOPG MK)</a>.</li>
<li>There was also an economic Insight on Indonesia's middle-class squeeze and the potential impact on the overall economy.</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 Indonesia Strategy, Maynilad Water Services, Mayora Indah (MYOR IJ), and Top Glove Corp (TOPG MK).
There was also an economic Insight on Indonesia's middle-class squeeze and the potential impact on the overall economy.
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 - Indonesia Strategy, Maynilad Water Services and Mayora Indah

Indonesia

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

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Astra International (ASII IJ)

Macro Strategy: The Tailwinds and Trade-Off

Liquidity shows early signs of improvement as SRBI yields fall and IndONIA drops; fiscal disbursement expected to lead recovery further.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the week – JCI, LQ45, and IDX80 YTD Performance

Market review: Following 3 weeks of negative performances, JCI staged a rebound of +2.7% w-w, outperforming majority of the EM peers.

BRI Danareksa Research

Automotive Sectoral Update June 19, 2025

Searching for Momentum: Will GIIAS Shift the Gears?Key Takeaways:4W market remained under pressure in May-25, recording wholesale sales of 60,613...

MNC Sekuritas

Automotive Sector Searching for Momentum: Will GIIAS Shift the Gears?

4W market remained under pressure in May-25, recording wholesale sales of 60,613 units, down 15.1% YoY (vs 71,391 units in May-24)

MNC Sekuritas

The Week That Was in ASEAN@Smartkarma - Indonesia Strategy, Maynilad Water Services and Mayora Indah

The past week saw insights on Indonesia Strategy, Maynilad Water Services, Mayora Indah (MYOR IJ), and Top Glove Corp (TOPG MK).

Angus Mackintosh

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