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>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.

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

<ul><li>JCI ended the week up +0.9% wow, amidst mixed performances for the other EMs.</li><li>Foreign funds recorded a slight inflow (+US$14.9mn), aided by flows into BMRI, TLKM, UNTR.</li><li>BBRI saw a small inflow (US$1.7mn), marking the first reversal from the outflow in prior weeks. </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 ended the week up +0.9% wow, amidst mixed performances for the other EMs.Foreign funds recorded a slight inflow (+US$14.9mn), aided by flows into BMRI, TLKM, UNTR.BBRI saw a small inflow (US$1.7mn), marking the first reversal from the outflow in prior weeks. 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 – BBRI Vs. Rate Cut

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/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> booked a solid set of 9M2024 results, despite softness in the auto market, where it gained market share, facing off new competitors with its hybrid offerings.</li>
<li>The decline in net income from autos was offset by all other segments, with financing being the largest offset but heavy equipment also saw strong performance from contracting and gold. </li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> sees a more positive outlook for autos, both 2W and 4W in 2025, despite new EV entrants and will continue to invest in growth areas. High conviction Buy.</li>
</ul>



Astra International (ASII IJ) booked a solid set of 9M2024 results, despite softness in the auto market, where it gained market share, facing off new competitors with its hybrid offerings.
The decline in net income from autos was offset by all other segments, with financing being the largest offset but heavy equipment also saw strong performance from contracting and gold. 

Astra International sees a more positive outlook for autos, both 2W and 4W in 2025, despite new EV entrants and will continue to invest in growth areas. High conviction Buy.


Astra International (ASII IJ) - HEVs, Finance, Healthcare, and Gold

<ul><li>UNTR posted robust 3Q24 net profit (+47% yoy/ +22% qoq), driving 9M24 beat, on strong performances of Pama and heavy equipment. </li><li>We raise our FY24-26F net profit est. by 9-15%, taking into consideration expectation of stronger performance from Pama and heavy equipment. </li><li>We reiterate Buy rating on the prospect of bottoming earnings and steady FCF generation, with a higher TP of Rp31k.</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.

UNTR posted robust 3Q24 net profit (+47% yoy/ +22% qoq), driving 9M24 beat, on strong performances of Pama and heavy equipment. We raise our FY24-26F net profit est. by 9-15%, taking into consideration expectation of stronger performance from Pama and heavy equipment. We reiterate Buy rating on the prospect of bottoming earnings and steady FCF generation, with a higher TP of Rp31k.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.

United Tractors - Raising FY24-26F Est. Post 3Q24 Earnings Beat

Indonesia

PT United Tractors Tbk distributes and leases construction machinery including Komatsu, Nissan Diesel, Scania, Bomag, Valmet, and Tadano brands.  The Company also provides contract mining services, and trades and assembles heavy equipment.

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United Tractors (UNTR IJ)

Equity Strategy: External Risks Loom...

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

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

BRIDS Market Pulse : Chart of the Week – BBRI Vs. Rate Cut

JCI ended the week up +0.9% wow, amidst mixed performances for the other EMs. Foreign funds recorded a slight inflow (+US$14.9mn), aided by flows...

BRI Danareksa Research

Astra International (ASII IJ) - HEVs, Finance, Healthcare, and Gold

Astra International sees a more positive outlook for autos, both 2W and 4W in 2025, despite new EV entrants and will continue to invest in growth...

Angus Mackintosh

United Tractors - Raising FY24-26F Est. Post 3Q24 Earnings Beat

UNTR posted robust 3Q24 net profit (+47% yoy/ +22% qoq), driving 9M24 beat, on strong performances of Pama and heavy equipment.

BRI Danareksa Research

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