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>We expect 2H25 earnings growth to rebound, driven by improved liquidity and prospect of govt spending acceleration.</li><li>We continue to like Telcos and are turning more constructive on banks (stable/ better NIM), while remaining ST cautious on Consumers.</li><li>We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.</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 expect 2H25 earnings growth to rebound, driven by improved liquidity and prospect of govt spending acceleration.We continue to like Telcos and are turning more constructive on banks (stable/ better NIM), while remaining ST cautious on Consumers.We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.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.

Equity Strategy: 2H25: Positioning for a Growth Rebound

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Balancing Structural Decline with Investment Ambitions in EnergyKey Takeaways:-  Indonesia’s oil and gas lifting target for FY25E has been revised down to 605k bpd/6,030 mmscfd due to the dominance of aging wells, high investment costs, and limited infrastructure</li><li>The government is accelerating production through 15 new projects and several long-term developments such as Masela block in FY30F and IDD project in FY27F</li><li>-  Global oil demand is expected to grow moderately due to efficiency improvements and the energy transition, especially in China</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.

Balancing Structural Decline with Investment Ambitions in EnergyKey Takeaways:-  Indonesia’s oil and gas lifting target for FY25E has been revised down to 605k bpd/6,030 mmscfd due to the dominance of aging wells, high investment costs, and limited infrastructureThe government is accelerating production through 15 new projects and several long-term developments such as Masela block in FY30F and IDD project in FY27F-  Global oil demand is expected to grow moderately due to efficiency improvements and the energy transition, especially in ChinaContent 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>Surviving Amid Geopolitical Tensions and Declining DemandKey Takeaways:-  China has made significant investments in clean energy, accounting for nearly half of global energy investments marks china as a global leader</li><li>However, its energy transitions policies have reduced global crude oil demand</li><li>Meanwhile, Indonesia is advancing its energy goals with the government approving the POD for Geng North, with targets oil production of 605,000 bpd by FY25F</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.

Surviving Amid Geopolitical Tensions and Declining DemandKey Takeaways:-  China has made significant investments in clean energy, accounting for nearly half of global energy investments marks china as a global leaderHowever, its energy transitions policies have reduced global crude oil demandMeanwhile, Indonesia is advancing its energy goals with the government approving the POD for Geng North, with targets oil production of 605,000 bpd by FY25FContent 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.

Oil & Gas Sectoral Update December 05, 2024

Equity Bottom-Up

<ul><li>We cut our FY24F/FY25F net profit ests. by 15%/8% due to lower distribution margin and lower land sales ASP.</li><li>We believe 3Q24 would be the bottom of AKRA's performance, yet we believe there may still be ~9% cut in cons. est. to meet mgmt. guidance. </li><li>We reiterate our BUY rating with a 6% lower TP of Rp1,600. We expect recovery from 4Q24F onwards from JIIPE and petroleum/chemical vol.</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 cut our FY24F/FY25F net profit ests. by 15%/8% due to lower distribution margin and lower land sales ASP.We believe 3Q24 would be the bottom of AKRA's performance, yet we believe there may still be ~9% cut in cons. est. to meet mgmt. guidance. We reiterate our BUY rating with a 6% lower TP of Rp1,600. We expect recovery from 4Q24F onwards from JIIPE and petroleum/chemical vol.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 - Recalibrating Our Numbers Post 3Q24 Earnings Miss

<ul><li>AKRA’s 1H24 net profit only reached 35%/33% of our/cons FY24F est., a miss vs. historical seasonality due to weak distribution margins.</li><li>Management lowered its FY24F EPS growth guidance to +4%-7% (vs. 12- 15% prev.), reflecting weak 1H24 performance of petroleum segment.</li><li>We trimmed FY24-25F EPS est. by 2%-4% on lower petroleum margin assumptions and cut our rating to Hold with an 8% lower TP of Rp 1,700.</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’s 1H24 net profit only reached 35%/33% of our/cons FY24F est., a miss vs. historical seasonality due to weak distribution margins.Management lowered its FY24F EPS growth guidance to +4%-7% (vs. 12- 15% prev.), reflecting weak 1H24 performance of petroleum segment.We trimmed FY24-25F EPS est. by 2%-4% on lower petroleum margin assumptions and cut our rating to Hold with an 8% lower TP of Rp 1,700.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 - 1H24 Earnings Miss, 2H24 Shall Improve but Is Priced In

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.

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AKR Corporindo (AKRA IJ)

Equity Strategy: 2H25: Positioning for a Growth Rebound

We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.

BRI Danareksa Research

Oil & Gas Sectoral Update July 10, 2025

The government is accelerating production through 15 new projects and several long-term developments such as Masela block in FY30F and IDD project...

MNC Sekuritas

Oil & Gas Sectoral Update December 05, 2024

China has made significant investments in clean energy, accounting for nearly half of global energy investments marks china as a global leader

MNC Sekuritas

AKR Corporindo - Recalibrating Our Numbers Post 3Q24 Earnings Miss

We reiterate our BUY rating with a 6% lower TP of Rp1,600. We expect recovery from 4Q24F onwards from JIIPE and petroleum/chemical vol.

BRI Danareksa Research

AKR Corporindo - 1H24 Earnings Miss, 2H24 Shall Improve but Is Priced In

AKRA’s 1H24 net profit only reached 35%/33% of our/cons FY24F est., a miss vs. historical seasonality due to weak distribution margins.

BRI Danareksa Research

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