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>VAT discount continuation combined with potential better outlook on overall liquidity shall support the sector’s FY26F pre-sales.</li><li>Our check with companies suggests minimum exposure towards NPL risks (mostly occurring in the low-end market with building sz. &lt;21sqm).</li><li>We maintain our OW rating as it still trades at discount vs. historical 5- yrs. with improved pre-sales. Key risks is on peaking local fund position.</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.

VAT discount continuation combined with potential better outlook on overall liquidity shall support the sector’s FY26F pre-sales.Our check with companies suggests minimum exposure towards NPL risks (mostly occurring in the low-end market with building sz. &lt;21sqm).We maintain our OW rating as it still trades at discount vs. historical 5- yrs. with improved pre-sales. Key risks is on peaking local fund position.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.

Property: VAT Discount Continuation and Better Liquidity to Support FY26 Pre-Sales (OVERWEIGHT)

<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

<ul><li>JLL expects landed housing and retail segments to remain strong in FY25F, driven by VAT incentives and stable mall traffic.</li><li>Chinese manufacturers continue to fuel demand for industrial estate, while hotels are resilient, but condos are still in a wait-and-see mode.</li><li>We maintain our OW rating on the sector and prefer developers offering entry-level end-users (Rp1-5bn) landed houses. Top Picks: CTRA, SSIA.</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.

JLL expects landed housing and retail segments to remain strong in FY25F, driven by VAT incentives and stable mall traffic.Chinese manufacturers continue to fuel demand for industrial estate, while hotels are resilient, but condos are still in a wait-and-see mode.We maintain our OW rating on the sector and prefer developers offering entry-level end-users (Rp1-5bn) landed houses. Top Picks: CTRA, SSIA.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.

Property - Overall: KTA from Meeting with JLL

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
I was wrong. In <a href="https://skr.ma/kJ6vr" target="_blank" rel="noopener">Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair</a><a href="https://skr.ma/kJ6vr," target="_blank" rel="noopener">,</a> I said the Offer needed a bump, but that outcome was looking less likely.</li>
<li>The Widjaja family has now<a href="https://links.sgx.com/FileOpen/Revision%20of%20Offer%20Price%20and%20Extension%20of%20Closing%20Date%20Announcement.ashx?App=Announcement&amp;FileID=845075" target="_blank" rel="noopener"> bumped terms to S$0.375/shar</a>e, up from S$0.31/share, or a 21% increase. Terms have not been declared final.</li>
<li>The IFA's estimated fair value range for <a href="https://www.smartkarma.com/entities/sinarmas-land-ltd" target="_blank" data-smartkarma-citation="entities:1144:1" rel="noopener">Sinarmas Land (SML SP)</a> was S$0.350 to S$0.361/share. Expect a follow-up opinion revising their conclusion to "Fair and Reasonable" from "Not Fair but Reasonable".</li>
</ul>



I was wrong. In Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair, I said the Offer needed a bump, but that outcome was looking less likely.
The Widjaja family has now bumped terms to S$0.375/share, up from S$0.31/share, or a 21% increase. Terms have not been declared final.
The IFA's estimated fair value range for Sinarmas Land (SML SP) was S$0.350 to S$0.361/share. Expect a follow-up opinion revising their conclusion to "Fair and Reasonable" from "Not Fair but Reasonable".


Sinarmas Land (SML SP): The Family Bumps Terms After All

<ul><li>Property stocks tend to re-rate ahead of or during rate cuts, even though pre-sales remain more dependent on product mix and launches.</li><li>Stronger IDR and weak consumption may pave the way for BI rate cut, with local funds already loading up on the property sector.</li><li>Maintain OW in the sector; prefer quality names over deep discounts to support sustainable re-rate. Top Picks: CTRA&gt;PWON&gt;SMRA&gt;BSDE.</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.

Property stocks tend to re-rate ahead of or during rate cuts, even though pre-sales remain more dependent on product mix and launches.Stronger IDR and weak consumption may pave the way for BI rate cut, with local funds already loading up on the property sector.Maintain OW in the sector; prefer quality names over deep discounts to support sustainable re-rate. Top Picks: CTRA&gt;PWON&gt;SMRA&gt;BSDE.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.

Property: Picking Quality Names to Ride the Rate Cut Sentiment (OVERWEIGHT)

Indonesia

Bumi Serpong Damai Tbk PT develops real estate including housing infrastructure, commercial and industrial estates, golf courses, and public facilities.

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Bumi Serpong Damai (BSDE IJ)

Property: VAT Discount Continuation and Better Liquidity to Support FY26 Pre-Sales (OVERWEIGHT)

We maintain our OW rating as it still trades at discount vs. historical 5- yrs. with improved pre-sales. Key risks is on peaking local fund position.

BRI Danareksa Research

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

Property - Overall: KTA from Meeting with JLL

JLL expects landed housing and retail segments to remain strong in FY25F, driven by VAT incentives and stable mall traffic.

BRI Danareksa Research

Sinarmas Land (SML SP): The Family Bumps Terms After All

This deserved a bump. and that is what unfolded. If in, tender. Or possibly sell at terms in the marlket. If not in, I'd look elsewhere. I doubt...

David Blennerhassett

Property: Picking Quality Names to Ride the Rate Cut Sentiment (OVERWEIGHT)

Property stocks tend to re-rate ahead of or during rate cuts, even though pre-sales remain more dependent on product mix and launches.

BRI Danareksa Research

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