External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>In FY23, BSDE achieved marketing sales of IDR9.5tn reflecting 108% of the company and MNCS FY23 target.</li><li>BSDE is targeting IDR9.5tn marketing sales in FY24E, a moderate and conservative view for the overall property demand compared to FY23 performance.</li><li>As a flagship project, sales from properties in BSD City township are aimed to reach a 56% contribution to the overall marketing sales target, or approximately IDR5.3tn.</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.

In FY23, BSDE achieved marketing sales of IDR9.5tn reflecting 108% of the company and MNCS FY23 target.BSDE is targeting IDR9.5tn marketing sales in FY24E, a moderate and conservative view for the overall property demand compared to FY23 performance.As a flagship project, sales from properties in BSD City township are aimed to reach a 56% contribution to the overall marketing sales target, or approximately IDR5.3tn.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.

BSDE IJ - MNC Sekuritas Equity Report February 6, 2024

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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.

<ul><li>BSDE is looking to achieve its FY23 marketing sales target, which will still be driven by its two main segments namely first home buyers and premium home buyers</li><li>We maintain our BUY call on the company as we believe the shares are still undervalued given its: 1) robust marketing sales, 2) strong balance sheet, and 3) huge undeveloped land bank</li><li>Maintaining its marketing sales target at IDR8.8tn</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.

BSDE is looking to achieve its FY23 marketing sales target, which will still be driven by its two main segments namely first home buyers and premium home buyersWe maintain our BUY call on the company as we believe the shares are still undervalued given its: 1) robust marketing sales, 2) strong balance sheet, and 3) huge undeveloped land bankMaintaining its marketing sales target at IDR8.8tnContent 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.

Bumi Serpong Damai(BSDE IJ) - Remained Positive in 2023

Thematic (Sector/Industry)

<ul><li>Majority of property developers’ marketing sales showed stable growth of 0-2% yoy in 4Q23, with CTRA showing the strongest at 45% yoy.</li><li>We expect a brighter sales outlook for FY24 (at +8-12% yoy), supported by a continuation in VAT and LTV stimulus.</li><li>We currently have an OW rating on the sector; possible downside risks might come from postponement of commercial property purchases.</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.

Majority of property developers’ marketing sales showed stable growth of 0-2% yoy in 4Q23, with CTRA showing the strongest at 45% yoy.We expect a brighter sales outlook for FY24 (at +8-12% yoy), supported by a continuation in VAT and LTV stimulus.We currently have an OW rating on the sector; possible downside risks might come from postponement of commercial property purchases.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: Stable 4Q23 Marketing Sales Growth (OVERWEIGHT)

<ul><li>The development of the new capital city Nusantara (IKN) will create new markets for listed developers to tap.</li><li>The Public Private Partnership (PPP) scheme appears a less risky option for developers, while pure investment through Land Allocation (LA) offers attractive return potential if the right market segments can be targeted.</li><li>We remain OW on the sector given its attractive valuation (72% D2NAV), with PWON and CTRA as our top picks.</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.

The development of the new capital city Nusantara (IKN) will create new markets for listed developers to tap.The Public Private Partnership (PPP) scheme appears a less risky option for developers, while pure investment through Land Allocation (LA) offers attractive return potential if the right market segments can be targeted.We remain OW on the sector given its attractive valuation (72% D2NAV), with PWON and CTRA as our top picks.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 - Attractive new markets from IKN development

<ul><li>Minimal impact from subsidized housing regulation The Indonesian government's recent issuance of a regulation to raise the maximum price limit of subsidized housing in 2023 has the potential to impact the real estate market</li><li>However, the regulation may only have a limited impact on listed developers due to differences in the price range and the target market segment</li><li>While CTRA could benefit from its lower-end housing project, Citra Maja, we believe the impact will be minimal.</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.

Minimal impact from subsidized housing regulation The Indonesian government's recent issuance of a regulation to raise the maximum price limit of subsidized housing in 2023 has the potential to impact the real estate marketHowever, the regulation may only have a limited impact on listed developers due to differences in the price range and the target market segmentWhile CTRA could benefit from its lower-end housing project, Citra Maja, we believe the impact will be minimal.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 - Minimal impact from subsidized housing regulation

Indonesia

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

Bumi Serpong Damai (BSDE IJ)

BSDE IJ - MNC Sekuritas Equity Report February 6, 2024

As a flagship project, sales from properties in BSD City township are aimed to reach a 56% contribution to the overall marketing sales target, or...

MNC Sekuritas