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>Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.</li><li>MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.</li><li>Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.</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.

Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.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 Market Capitalization

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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<ul><li>Revenue for our coverage universe is likely to change by 11.1/-2% YoY/QoQ</li><li>Addition of new products, improved export volumes of key products, and sharp jump in realization of refrigerant gases, oleochemicals led the performance of chemical companies compared to Q1FY25</li><li>Export volumes of MEHQ, MMA, BHA, polymer additives and HALS have shown improvement during the quarter</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.

Revenue for our coverage universe is likely to change by 11.1/-2% YoY/QoQAddition of new products, improved export volumes of key products, and sharp jump in realization of refrigerant gases, oleochemicals led the performance of chemical companies compared to Q1FY25Export volumes of MEHQ, MMA, BHA, polymer additives and HALS have shown improvement during the quarterContent 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.

Chemicals (Q1FY26 Results Preview): Brewing momentum

<ul><li>Revenue for our coverage universe is likely to improve by 3.1/4.3% YoY/QoQ</li><li>Prices of industrial solvent and basic chemicals remain flattish during the quarter</li><li>Agrochemical end-user industry is running on thin inventory</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.

Revenue for our coverage universe is likely to improve by 3.1/4.3% YoY/QoQPrices of industrial solvent and basic chemicals remain flattish during the quarterAgrochemical end-user industry is running on thin inventoryContent 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.

Chemicals (Q4FY25 Results Preview): Landing the Year Amidst the Uncertainty

<ul><li>ONGC: We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment, (2) gas price realisation unlikely to change significantly in the near term, and (3) slower ramp-up in oil &amp; gas production</li><li>In Q3FY25, reported EBITDA at INR ~190bn (+11% YoY, +4% QoQ) and PAT at INR 82bn (-17% YoY, -31% QoQ) were in line with our estimate. Sundaram Finance: Sundaram Finance’s (SUF) Q3FY25 earnings were lower than our estimates, largely due to lower other income and higher provisioning (74bps)</li><li>AUM growth moderated marginally to +19% YoY (FY24: +27% YoY), although the disbursements witnessed an uptick (+19% YoY), driven by most segments</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.

ONGC: We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment, (2) gas price realisation unlikely to change significantly in the near term, and (3) slower ramp-up in oil &amp; gas productionIn Q3FY25, reported EBITDA at INR ~190bn (+11% YoY, +4% QoQ) and PAT at INR 82bn (-17% YoY, -31% QoQ) were in line with our estimate. Sundaram Finance: Sundaram Finance’s (SUF) Q3FY25 earnings were lower than our estimates, largely due to lower other income and higher provisioning (74bps)AUM growth moderated marginally to +19% YoY (FY24: +27% YoY), although the disbursements witnessed an uptick (+19% YoY), driven by most segmentsContent 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.

HSIE Results Daily: ONGC, Sundaram Finance, Aarti Industries, Aptus Value Housing Finance India

<ul><li>Revenue for our coverage universe is likely to improve by 9.3% YoY while it could fall marginally QoQ in 3Q</li><li>Prices of industrial solvents and basic chemicals have declined YoY. This shall lead to improvement in margins</li><li>However, increase in freight costs may offset the benefit of falling prices of chemicals</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.

Revenue for our coverage universe is likely to improve by 9.3% YoY while it could fall marginally QoQ in 3QPrices of industrial solvents and basic chemicals have declined YoY. This shall lead to improvement in marginsHowever, increase in freight costs may offset the benefit of falling prices of chemicalsContent 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.

Chemicals (Q3FY25 Results Preview): Volume-driven growth

India

Aarti Industries Limited develops and manufactures basic bulk chemicals, dyes and pigment intermediates, pharmaceuticals and agrochemicals, rubber chemicals, surfactant intermediates, and specialty chemicals. The company sells its products in India and elsewhere throughout the world.

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Aarti Industries (ARTO IN)

BRIDS Market Pulse : Chart of the Week – JCI Market Capitalization

MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.

BRI Danareksa Research

Chemicals (Q1FY26 Results Preview): Brewing momentum

Acutaas Chemicals, Clean Science and Technology, and Aether Industries’ performance should be supported by ramp-up in recently-commissioned plants.

HDFC Securities

Chemicals (Q4FY25 Results Preview): Landing the Year Amidst the Uncertainty

Revenue for our coverage universe is likely to improve by 3.1/4.3% YoY/QoQ. Prices of industrial solvent and basic chemicals remain flattish during...

HDFC Securities

HSIE Results Daily: ONGC, Sundaram Finance, Aarti Industries, Aptus Value Housing Finance India

We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price...

HDFC Securities

Chemicals (Q3FY25 Results Preview): Volume-driven growth

Revenue for our coverage universe is likely to improve by 9.3% YoY while it could fall marginally QoQ in 3Q. Prices of industrial solvents and...

HDFC Securities

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