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.

Equity Bottom-Up

<ul><li>PWON booked marketing sales of IDR442 billion in 3Q23 (+46% qoq, +20% yoy) driven by its high-rise residential sales.</li><li>We reaffirm our BUY rating on PWON on the back of: 1) marketing sales recovery in 3Q23, 2) its strong investment property portfolio, and 3) its cheap valuation.</li><li>We maintain our TP at IDR610 which is based on a 56% discount to its RNAV. Recovery in 3Q23 marketing sales. </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.

PWON booked marketing sales of IDR442 billion in 3Q23 (+46% qoq, +20% yoy) driven by its high-rise residential sales.We reaffirm our BUY rating on PWON on the back of: 1) marketing sales recovery in 3Q23, 2) its strong investment property portfolio, and 3) its cheap valuation.We maintain our TP at IDR610 which is based on a 56% discount to its RNAV. Recovery in 3Q23 marketing sales. 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.

Pakuwon Jati (PWON IJ) - Attractive Valuation Amid Marketing Sales Recovery

Thematic (Sector/Industry)

<ul><li>The development of the new capital city Nusantara (IKN) will create new markets for listed developers to tap.</li><li>The Public Private Partnership (PPP) scheme appears a less risky option for developers, while pure investment through Land Allocation (LA) offers attractive return potential if the right market segments can be targeted.</li><li>We remain OW on the sector given its attractive valuation (72% D2NAV), with PWON and CTRA as our top picks.</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.

The development of the new capital city Nusantara (IKN) will create new markets for listed developers to tap.The Public Private Partnership (PPP) scheme appears a less risky option for developers, while pure investment through Land Allocation (LA) offers attractive return potential if the right market segments can be targeted.We remain OW on the sector given its attractive valuation (72% D2NAV), with PWON and CTRA as our top picks.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 - Attractive new markets from IKN development

<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.

Indonesia

PT Pakuwon Jati Tbk owns, develops, and manages shopping centers, business complexes, real estate, industrial estate, and hotels.

Pakuwon Jati (PWON IJ)