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>BUKA Injects Rp656bn into Subsidiaries to Strengthen Ecosystem Operations</li><li>On April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal operations across its Mitra, supply chain, and digital commerce ecosystem.</li><li>All entities are directly or indirectly owned by Bukalapak by over 99%, qualifying the transactions as affiliated under POJK 42/2020. (IDX)</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.

BUKA Injects Rp656bn into Subsidiaries to Strengthen Ecosystem OperationsOn April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal operations across its Mitra, supply chain, and digital commerce ecosystem.All entities are directly or indirectly owned by Bukalapak by over 99%, qualifying the transactions as affiliated under POJK 42/2020. (IDX)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.

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

Dian Swastatika Sentosa / Index Rebalance

<ul>
<li>The review period for the LQ45 Index April rebalance ended 31 March. The changes should be announced later this week, becoming effective after the close on 30 April.</li>
<li>We highlight 4 potential inclusions and 3 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.</li>
<li>All the potential changes have over 1x ADV to trade from passive trackers and some stocks will be impacted more than others.</li>
</ul>


The review period for the LQ45 Index April rebalance ended 31 March. The changes should be announced later this week, becoming effective after the close on 30 April.
We highlight 4 potential inclusions and 3 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
All the potential changes have over 1x ADV to trade from passive trackers and some stocks will be impacted more than others.


LQ45 Index Rebalance Preview (Apr 2025): Identifying Potential Index 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

Cross Asset Strategy

<ul>
<li>The Indonesian market has seen a sharp sell-off with a confluence of concerns centred around the execution and implementation of government policy but the fall was mainly driven by retail.</li>
<li>The sell-off does not reflect an underlying deterioration of growth prospects for the economy or indeed earnings, although 4Q2024 results saw a slower performance for some sectors. </li>
<li>The government has already taken note and has determined to take action to reassure investors through policy measures. Valuations have already reached a historically attractive level.</li>
</ul>


The Indonesian market has seen a sharp sell-off with a confluence of concerns centred around the execution and implementation of government policy but the fall was mainly driven by retail.
The sell-off does not reflect an underlying deterioration of growth prospects for the economy or indeed earnings, although 4Q2024 results saw a slower performance for some sectors. 
The government has already taken note and has determined to take action to reassure investors through policy measures. Valuations have already reached a historically attractive level.


CrossASEAN Strategy - Indonesia's Delicate Balance

<ul><li>BUKA delivered 4Q24 bottomline losses Rp958bn mainly due to soft Contribution Margin, losses from investment in BBHI and restructuring costs.</li><li>Revenue came in Rp1.06tr (+7.5%qoq, -3.5%yoy) a positive sign of revenue health amid its transformation.</li><li>Contribution margin reached Rp41bn (-32.7%qoq, -66.3%yoy) mainly due to lower gross profit.</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.

BUKA delivered 4Q24 bottomline losses Rp958bn mainly due to soft Contribution Margin, losses from investment in BBHI and restructuring costs.Revenue came in Rp1.06tr (+7.5%qoq, -3.5%yoy) a positive sign of revenue health amid its transformation.Contribution margin reached Rp41bn (-32.7%qoq, -66.3%yoy) mainly due to lower gross profit.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 TMT News - Wednesday, March 19 2025

Indonesia

Bukalapak.com PT Tbk provides e-discretionary services. The Company offers range of electronics, food, shoes, apparel, watches, bags, cosmetics products, and other accessories. Bukalapak.com serves customers in Indonesia.

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Bukalapak.com PT Tbk (BUKA IJ)

BRIDS TMT News - Friday, April 25, 2025

On April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal...

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

LQ45 Index Rebalance Preview (Apr 2025): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in April. The potential adds have traded in line with the deletes. Historically, adds and...

Brian Freitas

CrossASEAN Strategy - Indonesia's Delicate Balance

The Indonesian market has seen a sharp sell-off with a confluence of concerns centred around the execution and implementation of government policy...

Angus Mackintosh

BRIDS TMT News - Wednesday, March 19 2025

BUKA delivered 4Q24 bottomline losses Rp958bn mainly due to soft Contribution Margin, losses from investment in BBHI and restructuring costs.

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BRIDS TMT News - Friday, April 25, 2025

On April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal...

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

LQ45 Index Rebalance Preview (Apr 2025): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in April. The potential adds have traded in line with the deletes. Historically, adds and...

Brian Freitas

CrossASEAN Strategy - Indonesia's Delicate Balance

The Indonesian market has seen a sharp sell-off with a confluence of concerns centred around the execution and implementation of government policy...

Angus Mackintosh

BRIDS TMT News - Wednesday, March 19 2025

BUKA delivered 4Q24 bottomline losses Rp958bn mainly due to soft Contribution Margin, losses from investment in BBHI and restructuring costs.

BRI Danareksa Research

IDX30/LQ45/IDX80 Index Rebalance: Few Changes