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>ARTO booked NP of Rp72bn in 3Q25 (+8% qoq, +101% yoy), pressured by higher CoF, bringing 9M25 below est. at Rp199bn (+132% yoy).</li><li>ARTO’s CoF rose 35bps qoq to 4.5% on tightened liquidity but CoF improved 5bps in Sep25 and continuing in MTD Oct25.</li><li>We maintain our Buy rating but lowered our FY25-27F est. to account for higher CoF, resulting in a lower TP of Rp3,100.</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.

ARTO booked NP of Rp72bn in 3Q25 (+8% qoq, +101% yoy), pressured by higher CoF, bringing 9M25 below est. at Rp199bn (+132% yoy).ARTO’s CoF rose 35bps qoq to 4.5% on tightened liquidity but CoF improved 5bps in Sep25 and continuing in MTD Oct25.We maintain our Buy rating but lowered our FY25-27F est. to account for higher CoF, resulting in a lower TP of Rp3,100.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.

Bank Jago (ARTO.IJ) 3Q25 Earnings Miss on CoF Pressure; Signs of Improvement from Sep25 Onward

<ul><li>ARTO posted 2Q25 net profit growth of +11% qoq/ +136% yoy, resulting in 1H25 NP of Rp127bn (+154% yoy), but below our/cons ests.</li><li>Mgmt. maintains its +30% loan growth guidance and expects a delayed impact from rate cuts to bring CoF lower in 2H25.</li><li>We maintain our Buy rating but lowered our FY25-27F est. to account for higher CoF, resulting in a lower TP of Rp3,300</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.

ARTO posted 2Q25 net profit growth of +11% qoq/ +136% yoy, resulting in 1H25 NP of Rp127bn (+154% yoy), but below our/cons ests.Mgmt. maintains its +30% loan growth guidance and expects a delayed impact from rate cuts to bring CoF lower in 2H25.We maintain our Buy rating but lowered our FY25-27F est. to account for higher CoF, resulting in a lower TP of Rp3,300Content 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.

Bank Jago (ARTO.IJ) - 2Q25 Earnings Miss, Despite Record Profit on Lower Provisions

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There is 1 constituent change for the IDX30 Index and 2 changes for the IDX80 Index to be implemented at the close on 30 April.</li>
<li>The largest passive flows are expected in <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia</a>, <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero</a>, <a href="https://www.smartkarma.com/entities/bank-tabungan-negara-persero" target="_blank" data-smartkarma-citation="entities:731:1" rel="noopener">Bank Tabungan Negara Persero</a>, <a href="https://www.smartkarma.com/entities/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro Energy</a> and <a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak.com PT Tbk</a>.</li>
<li>There are only 4 days to implementation, so there could be relatively big moves on the changes to the IDX30 Index.</li>
</ul>


There is 1 constituent change for the IDX30 Index and 2 changes for the IDX80 Index to be implemented at the close on 30 April.
The largest passive flows are expected in Bank Rakyat Indonesia, Bank Jago Tbk PT, Bank Mandiri Persero, Bank Tabungan Negara Persero, Adaro Energy and Bukalapak.com PT Tbk.
There are only 4 days to implementation, so there could be relatively big moves on the changes to the IDX30 Index.


IDX30/​​LQ45/IDX80 Index Rebalance: Few Changes

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

<ul>
<li>Press reports suggest that a merger between <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia</a> and <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> is back on the table, which is ironic given the progress of both companies towards profitability. </li>
<li>Any merger may encounter anti-trust issues in Indonesia, with some fallout for drivers and potentially merchants, which may encounter resistance from the government and even potential demonstrations but not insurmountable.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> should book a net profit in 2025 plus higher growth, as its barbell strategy gains traction, but a <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> merger could move the dial towards much higher profitability.</li>
</ul>


Press reports suggest that a merger between GoTo Gojek Tokopedia and Grab is back on the table, which is ironic given the progress of both companies towards profitability. 
Any merger may encounter anti-trust issues in Indonesia, with some fallout for drivers and potentially merchants, which may encounter resistance from the government and even potential demonstrations but not insurmountable.

Grab should book a net profit in 2025 plus higher growth, as its barbell strategy gains traction, but a GoTo merger could move the dial towards much higher profitability.


Grab Holdings (GRAB US) - GoTo Merger Rears Its Head?

Cross Asset Strategy

<ul>
<li>Indonesia has been the recipient of significant investment flows for foreign investors with more of a "risk on" environment with a large portion flowing into Indonesian banks. </li>
<li>Indonesia stacks up from an investment perspective with a stable political environment, solid GDP growth of around 5% YoY, rising flows of FDI, and a more stable IDR.</li>
<li>Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top picks: Banks, property, consumer, and selective elsewhere. </li>
</ul>


Indonesia has been the recipient of significant investment flows for foreign investors with more of a "risk on" environment with a large portion flowing into Indonesian banks. 
Indonesia stacks up from an investment perspective with a stable political environment, solid GDP growth of around 5% YoY, rising flows of FDI, and a more stable IDR.
Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top picks: Banks, property, consumer, and selective elsewhere. 


Indonesia Strategy - Caught in a Perfect Updraft?

Indonesia

PT Bank Jago Tbk operates as a commercial bank. The Bank offers savings account, loans, insurance, currentcy exchange, money transfer, and credit services. Bank Jago serves consumer in Indonesia.

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Bank Jago Tbk PT (ARTO IJ)

Bank Jago (ARTO.IJ) 3Q25 Earnings Miss on CoF Pressure; Signs of Improvement from Sep25 Onward

ARTO booked NP of Rp72bn in 3Q25 (+8% qoq, +101% yoy), pressured by higher CoF, bringing 9M25 below est. at Rp199bn (+132% yoy).

BRI Danareksa Research

Bank Jago (ARTO.IJ) - 2Q25 Earnings Miss, Despite Record Profit on Lower Provisions

ARTO posted 2Q25 net profit growth of +11% qoq/ +136% yoy, resulting in 1H25 NP of Rp127bn (+154% yoy), but below our/cons ests.

BRI Danareksa Research

IDX30/LQ45/IDX80 Index Rebalance: Few Changes

There is 1 constituent change for the IDX30 and 2 for the IDX80, nothing for the LQ45. Flow and impact are material for the IDX30 index changes.

Brian Freitas

Grab Holdings (GRAB US) - GoTo Merger Rears Its Head?

Grab should book a net profit in 2025 plus higher growth, as its barbell strategy gains traction, but a GoTo merger could move the dial towards...

Angus Mackintosh

Indonesia Strategy - Caught in a Perfect Updraft?

Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bank Jago (ARTO.IJ) 3Q25 Earnings Miss on CoF Pressure; Signs of Improvement from Sep25 Onward

ARTO booked NP of Rp72bn in 3Q25 (+8% qoq, +101% yoy), pressured by higher CoF, bringing 9M25 below est. at Rp199bn (+132% yoy).

BRI Danareksa Research

Bank Jago (ARTO.IJ) - 2Q25 Earnings Miss, Despite Record Profit on Lower Provisions

ARTO posted 2Q25 net profit growth of +11% qoq/ +136% yoy, resulting in 1H25 NP of Rp127bn (+154% yoy), but below our/cons ests.

BRI Danareksa Research

IDX30/​​LQ45/IDX80 Index Rebalance: Few Changes

There is 1 constituent change for the IDX30 and 2 for the IDX80, nothing for the LQ45. Flow and impact are material for the IDX30 index changes.

Brian Freitas

Grab Holdings (GRAB US) - GoTo Merger Rears Its Head?

Grab should book a net profit in 2025 plus higher growth, as its barbell strategy gains traction, but a GoTo merger could move the dial towards...

Angus Mackintosh

Indonesia Strategy - Caught in a Perfect Updraft?

Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top...

Angus Mackintosh

IDX30/LQ45/IDX80 Index Rebalance: Few Changes