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>We estimate in line 3Q24E for AKRA (net profit at 63% of our FY24F vs 61%-72% seasonality), as petroleum and land sales may improve qoq.</li><li>We expect JIIPE land sales to be back-loaded in 4Q24E, similar to FY23 trend, thus 4Q24E net profit to come in strong at ~Rp1tr.</li><li>AKRA’s share price correction has priced in a soft 3Q24E; we upgrade our rating to BUY as we expect better performance ahead.</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.

We estimate in line 3Q24E for AKRA (net profit at 63% of our FY24F vs 61%-72% seasonality), as petroleum and land sales may improve qoq.We expect JIIPE land sales to be back-loaded in 4Q24E, similar to FY23 trend, thus 4Q24E net profit to come in strong at ~Rp1tr.AKRA’s share price correction has priced in a soft 3Q24E; we upgrade our rating to BUY as we expect better performance ahead.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.

AKR Corporindo - Expect in Line 3Q24E Result and 4Q24E to Remain as the Strongest Quarter

<ul><li>AKRA recorded net profit of Rp2.2tr in FY24 (-20% yoy, 96% of our/cons est, in line), despite weaker land sales in FY24.</li><li>We expect gradual recovery in petroleum vol. with flattish margin, and higher industrial land sales, accompanied by higher utilities income.</li><li>We trim our FY25F/26F EPS by 6%/2%. Reiterate Buy rating with a lower SOTP-derived TP of Rp1,500.</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.

AKRA recorded net profit of Rp2.2tr in FY24 (-20% yoy, 96% of our/cons est, in line), despite weaker land sales in FY24.We expect gradual recovery in petroleum vol. with flattish margin, and higher industrial land sales, accompanied by higher utilities income.We trim our FY25F/26F EPS by 6%/2%. Reiterate Buy rating with a lower SOTP-derived TP of Rp1,500.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.

AKR Corporindo (AKRA.IJ) Inline FY24 Result

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

Macroeconomics

<ul><li>Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.</li><li>Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).</li><li>Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).</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.

Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).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 – Metal sector vs. gold price

<ul><li>JCI finished the week flat (-0.1% w-w), underperforming most of the EM peers.</li><li>Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).</li><li>Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI. </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 finished the week flat (-0.1% w-w), underperforming most of the EM peers.Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI. 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 P/E Band (10-Year)

Indonesia

PT AKR Corporindo Tbk distributes chemical products such as caustic soda, Polyvinyl Chloride (PVC) resin, sorbitol, soda ash, and sodium sulfate.  Through its subsidiaries, the Company also manufactures chemicals, operates storage tanks and warehouses, and provides logistic services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

AKR Corporindo (AKRA IJ)

AKR Corporindo - Expect in Line 3Q24E Result and 4Q24E to Remain as the Strongest Quarter

We estimate in line 3Q24E for AKRA (net profit at 63% of our FY24F vs 61%-72% seasonality), as petroleum and land sales may improve qoq.

BRI Danareksa Research