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>Indonesia's GDP in 2Q23 exceeded expectations with strong growth of 5.17% y-y, with Household Consumption ticking strongly upward by 5.23% mainly underpinned by a combination of the festive season, long holidays and the disbursement of religious holiday allowances (THR), which contributed to increased purchasing power.</li><li>We revise up our Q3 &amp; FY GDP growth forecasts.</li><li>The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.</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.

Indonesia's GDP in 2Q23 exceeded expectations with strong growth of 5.17% y-y, with Household Consumption ticking strongly upward by 5.23% mainly underpinned by a combination of the festive season, long holidays and the disbursement of religious holiday allowances (THR), which contributed to increased purchasing power.We revise up our Q3 &amp; FY GDP growth forecasts.The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.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>Minimal impact from subsidized housing regulation The Indonesian government's recent issuance of a regulation to raise the maximum price limit of subsidized housing in 2023 has the potential to impact the real estate market</li><li>However, the regulation may only have a limited impact on listed developers due to differences in the price range and the target market segment</li><li>While CTRA could benefit from its lower-end housing project, Citra Maja, we believe the impact will be minimal.</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.

Minimal impact from subsidized housing regulation The Indonesian government's recent issuance of a regulation to raise the maximum price limit of subsidized housing in 2023 has the potential to impact the real estate marketHowever, the regulation may only have a limited impact on listed developers due to differences in the price range and the target market segmentWhile CTRA could benefit from its lower-end housing project, Citra Maja, we believe the impact will be minimal.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.

Property - Minimal impact from subsidized housing regulation

<ul><li>Indonesian property sector stocks have demonstrated strong performance year to date, outperforming the Jakarta Composite Index (JCI) by 22%</li><li>Despite that, we maintain our overweight stance on the sector due to several favorable factors</li><li>Firstly, the plateauing interest rates provide stability and encourage investment in the property market</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.

Indonesian property sector stocks have demonstrated strong performance year to date, outperforming the Jakarta Composite Index (JCI) by 22%Despite that, we maintain our overweight stance on the sector due to several favorable factorsFirstly, the plateauing interest rates provide stability and encourage investment in the property marketContent 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.

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

<ul><li>New hospitality packages instantly sold out as F1 splurge continues</li><li>Commercial portfolio of 15 units in International Plaza on market at a guided price of S$60m</li><li>SEC approves <a href="https://www.smartkarma.com/entities/cebu-landmasters-inc" target="_blank" data-smartkarma-citation="entities:31203" rel="noopener">Cebu Landmasters Inc (CLI PM)</a> PHP15bn bonds (Regina Capital)</li></ul>

New hospitality packages instantly sold out as F1 splurge continuesCommercial portfolio of 15 units in International Plaza on market at a guided price of S$60mSEC approves Cebu Landmasters Inc (CLI PM) PHP15bn bonds (Regina Capital)

ASEAN Builder's Scoop (28Sep22) - SG Gearing up for F1 Wkd

<ul><li><a href="https://www.smartkarma.com/entities/oxley-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1097" rel="noopener">Oxley Holdings (OHL SP)</a> to focus on developed countries; SG residential projects are ~99% sold</li><li><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> Jun22 contracted pre-sales up 201.0% YoY; 1H22 pre-sales rose 9.5% YoY</li><li>Park Hotel Management’s director sued by company and its liquidators over disposal of assets</li></ul>

Oxley Holdings (OHL SP) to focus on developed countries; SG residential projects are ~99% soldYanlord Land (YLLG SP) Jun22 contracted pre-sales up 201.0% YoY; 1H22 pre-sales rose 9.5% YoYPark Hotel Management’s director sued by company and its liquidators over disposal of assets

ASEAN Builder's Scoop (5Jul22) - OHL Focuses on Developed Countries

Indonesia

Summarecon Agung is a major Indonesian property developer specializing in integrated township development, encompassing residential, commercial, and mixed-use properties. The company also engages in investment property, including shopping malls, and leisure and hospitality businesses such as hotels and sports clubs. It was founded in 1975 and is headquartered in Jakarta, Indonesia.

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Summarecon Agung (SMRA IJ)

Strategy - Sustaining Growth

The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.

BRI Danareksa Research

Property - Minimal impact from subsidized housing regulation

However, the regulation may only have a limited impact on listed developers due to differences in the price range and the target market segment

BRI Danareksa Research

Property - Rallying with Strong Momentum

Indonesian property sector stocks have demonstrated strong performance year to date, outperforming the Jakarta Composite Index (JCI) by 22%

BRI Danareksa Research

ASEAN Builder's Scoop (28Sep22) - SG Gearing up for F1 Wkd

SEC approves CLI PHP15bn bonds; WB upgraded Phils growth est; SMRA earmarks IDR500bn bond repayment. New hospitality packages instantly sold out as...

SCCM Asia Research

ASEAN Builder's Scoop (5Jul22) - OHL Focuses on Developed Countries

YLLG Jun22 pre-sales rebounded; Park Hotel Mgmt director sued; SPSB completed Setia City Mall expansion; Phils CPI out this am

SCCM Asia Research

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