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>JCI rose 1.5% w-w, outperforming majority of EM peers (except for Korea’s Kospi index +4.4% w-w), bringing YTD performance to 21.9%.</li><li>Leaders were mixed between momentum stocks (FILM +38.8%, MORA +60.1%, IMPC +20.3% w-w) and the fundamental names (TLKM +5.4%, UNTR +10.2%, BBCA +1.0%, ASII +2.3%, BMRI +1.4%); DSSA and BBRI were laggards.</li><li>On sector performance, Heavy Equipment (+10.2% w-w), Telco (+5.0%) and Poultry (+4.5%) outperformed, while Pharma (-3.0% w-w), Property (-1.9%) and Retailers (-1.6%) underperformed.</li></ul><p><em>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.</em></p>

JCI rose 1.5% w-w, outperforming majority of EM peers (except for Korea’s Kospi index +4.4% w-w), bringing YTD performance to 21.9%.Leaders were mixed between momentum stocks (FILM +38.8%, MORA +60.1%, IMPC +20.3% w-w) and the fundamental names (TLKM +5.4%, UNTR +10.2%, BBCA +1.0%, ASII +2.3%, BMRI +1.4%); DSSA and BBRI were laggards.On sector performance, Heavy Equipment (+10.2% w-w), Telco (+5.0%) and Poultry (+4.5%) outperformed, while Pharma (-3.0% w-w), Property (-1.9%) and Retailers (-1.6%) underperformed.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 – ICBP P/E Band – Core Profit

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Merdeka Gold Resources / Equity Bottom-Up

<ul>
<li>Largest IPO 2025: EMAS IJ raised ~USD 281m, 4.6× oversubscribed, spun off from MDKA to fund Sulawesi’s Pani Gold Project.</li>
<li>Asset Scale: Pani holds 1.9 Moz reserves, 7 Moz resources; production to ramp from 145 koz (2026) to ~500 koz (2032).</li>
<li>Valuation &amp; Risks: IPO EV ~USD 3.2 bn; ~8–9× EV/EBITDA during 2026–29 heap leach, falling to ~2–3× at 2032 steady-state; execution, funding risks remain.</li>
</ul>


Largest IPO 2025: EMAS IJ raised ~USD 281m, 4.6× oversubscribed, spun off from MDKA to fund Sulawesi’s Pani Gold Project.
Asset Scale: Pani holds 1.9 Moz reserves, 7 Moz resources; production to ramp from 145 koz (2026) to ~500 koz (2032).
Valuation &amp; Risks: IPO EV ~USD 3.2 bn; ~8–9× EV/EBITDA during 2026–29 heap leach, falling to ~2–3× at 2032 steady-state; execution, funding risks remain.


Merdeka Gold Resources (EMAS IJ): Indonesia’s Largest IPO of 2025

<ul>
<li>US$418m of passive inflows set to enter Indonesia as Amman (AMMN) and Bumi (BRMS) join MVGDX.</li>
<li>Amman’s inclusion may prove temporary as copper smelter mandates tilt revenues away from gold.</li>
<li>Archi (ARCI) emerges as a future candidate, while Merdeka (MDKA) fails the gold dependency test.</li>
</ul>


US$418m of passive inflows set to enter Indonesia as Amman (AMMN) and Bumi (BRMS) join MVGDX.
Amman’s inclusion may prove temporary as copper smelter mandates tilt revenues away from gold.
Archi (ARCI) emerges as a future candidate, while Merdeka (MDKA) fails the gold dependency test.


Indonesia Joins MVGDX: US$418m Passive Flows, but Amman’s Inclusion Looks Fragile

<ul>
<li>Gold has compounded ~8–9% annually over two decades, with structural drivers — central bank demand, energy transition, and supply discipline — supporting a constructive long-term outlook</li>
<li>Gold equities historically show 1.5–2.5x beta to bullion with correlations of 0.6–0.8, amplifying upside in bull cycles and underperforming in downturns.</li>
<li>The sector has already seen a sharp run-up, but positioning, fundamentals, and macro tailwinds suggest this rally may still have legs.</li>
</ul>


Gold has compounded ~8–9% annually over two decades, with structural drivers — central bank demand, energy transition, and supply discipline — supporting a constructive long-term outlook
Gold equities historically show 1.5–2.5x beta to bullion with correlations of 0.6–0.8, amplifying upside in bull cycles and underperforming in downturns.
The sector has already seen a sharp run-up, but positioning, fundamentals, and macro tailwinds suggest this rally may still have legs.


Asia’s Gold Miners: High-Beta Plays for Gold’s Next Surge

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

Cross Asset Strategy

<ul>
<li>The past week saw insights in <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya Tbk Pt (AMRT IJ)</a>, <a href="https://www.smartkarma.com/entities/cp-axtra-pcl" target="_blank" data-smartkarma-citation="entities:5577:1" rel="noopener">CP Axtra (CPAXT TB)</a>, and <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>.</li>
<li>There were also macro insights on inflation in Thailand and the Philippines, a sector view on EVs in ASEAN and the 14 top picks in ASEAN from <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz.</a>
</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights in Sumber Alfaria Trijaya Tbk Pt (AMRT IJ), CP Axtra (CPAXT TB), and Jardine Matheson Holdings (JM SP).
There were also macro insights on inflation in Thailand and the Philippines, a sector view on EVs in ASEAN and the 14 top picks in ASEAN from Dr. Andrew Stotz.

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Alfamart Uncut, CP Axtra Revealed, and Jardine Matheson

Indonesia

PT Archi Indonesia Tbk operates as a mining company. The Company explores and develops silver and gold projects. Archi Indonesia serves customers worldwide.

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

Archi Indonesia (ARCI IJ)

BRIDS Market Pulse: Chart of the Week – ICBP P/E Band – Core Profit

JCI rose 1.5% w-w, outperforming majority of EM peers (except for Korea’s Kospi index +4.4% w-w), bringing YTD performance to 21.9%.

BRI Danareksa Research

Merdeka Gold Resources (EMAS IJ): Indonesia’s Largest IPO of 2025

EMAS IJ's successful IPO raised $281m to fund Sulawesi's Pani Gold Project, with production expected to ramp up to 500 koz by 2032. Valuation at...

Rahul Jain

Indonesia Joins MVGDX: US$418m Passive Flows, but Amman’s Inclusion Looks Fragile

Indonesia set to receive US$418m in passive inflows as Amman and Bumi join MVGDX, with Archi emerging as a future candidate for inclusion.

Rahul Jain

Asia’s Gold Miners: High-Beta Plays for Gold’s Next Surge

Gold has shown consistent growth over two decades, while gold equities historically amplify bullion's performance but may still have room to run.

Rahul Jain

The Week That Was in ASEAN@Smartkarma - Alfamart Uncut, CP Axtra Revealed, and Jardine Matheson

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BRIDS Market Pulse: Chart of the Week – ICBP P/E Band – Core Profit

JCI rose 1.5% w-w, outperforming majority of EM peers (except for Korea’s Kospi index +4.4% w-w), bringing YTD performance to 21.9%.

BRI Danareksa Research

Merdeka Gold Resources (EMAS IJ): Indonesia’s Largest IPO of 2025

​EMAS IJ's successful IPO raised $281m to fund Sulawesi's Pani Gold Project, with production expected to ramp up to 500 koz by 2032. Valuation at...

Rahul Jain

Indonesia Joins MVGDX: US$418m Passive Flows, but Amman’s Inclusion Looks Fragile

​Indonesia set to receive US$418m in passive inflows as Amman and Bumi join MVGDX, with Archi emerging as a future candidate for inclusion.

Rahul Jain

Asia’s Gold Miners: High-Beta Plays for Gold’s Next Surge

​Gold has shown consistent growth over two decades, while gold equities historically amplify bullion's performance but may still have room to run.

Rahul Jain

The Week That Was in ASEAN@Smartkarma - Alfamart Uncut, CP Axtra Revealed, and Jardine Matheson

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

EMAS IJ's successful IPO raised $281m to fund Sulawesi's Pani Gold Project, with production expected to ramp up to 500 koz by 2032. Valuation at...

Indonesia set to receive US$418m in passive inflows as Amman and Bumi join MVGDX, with Archi emerging as a future candidate for inclusion.

Gold has shown consistent growth over two decades, while gold equities historically amplify bullion's performance but may still have room to run.