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>CTRA’s 1Q25 earnings reflected resilient handover execution and disciplined opex, outperforming peers and company guidance.</li><li>Despite a strong 1Q25 pre-sales (29% of FY25F), we lowered our FY25- 27F assumptions by 5%, aligning with mgmt’s guidance.</li><li>Maintain Buy with a lower TP of Rp1,600; CTRA remains our top sector pick with well-diversified, end-users-oriented projects.</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.

CTRA’s 1Q25 earnings reflected resilient handover execution and disciplined opex, outperforming peers and company guidance.Despite a strong 1Q25 pre-sales (29% of FY25F), we lowered our FY25- 27F assumptions by 5%, aligning with mgmt’s guidance.Maintain Buy with a lower TP of Rp1,600; CTRA remains our top sector pick with well-diversified, end-users-oriented projects.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.

Ciputra Development - Trimming Our FY25-27F Pre-Sales by 5%

Macroeconomics

<ul><li>We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.</li><li>We continue to favor exposure in Commodities through Metals (INCO) and Coal (AADI). </li><li>While Consumers sector trade at deep discount, we remain ST cautious amid lingering raw materials pressure and weaker IDR risk.</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 maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.We continue to favor exposure in Commodities through Metals (INCO) and Coal (AADI). While Consumers sector trade at deep discount, we remain ST cautious amid lingering raw materials pressure and weaker IDR risk.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: Oct25 Picks: Sticking with Banks, Commodities, Telco

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>In May25, domestic funds added positions in Metals, Auto and Retailers while trimming Tech, Consumers, and Petrochemicals.</li><li>Banks’ soft earnings may drive further trimming in the sector; catalysts for Metals remain, but positioning is already high in ANTM and INCO. </li><li>JCI remains attractive versus EM peers on growth outlook and valuation; our picks for 2Q-3Q25 are: BBCA, ICBP, ISAT, and CTRA.</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 May25, domestic funds added positions in Metals, Auto and Retailers while trimming Tech, Consumers, and Petrochemicals.Banks’ soft earnings may drive further trimming in the sector; catalysts for Metals remain, but positioning is already high in ANTM and INCO. JCI remains attractive versus EM peers on growth outlook and valuation; our picks for 2Q-3Q25 are: BBCA, ICBP, ISAT, and CTRA.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: Jun25 Positioning: What to Add if Investors Trim Banks?

Indonesia

PT Ciputra Development Tbk develops and sells real estate including office spaces, shopping centers, and related facilities as well as industrial estates. The Company also designs, develops, and maintains housing facilities including golf courses, clubs, restaurants, recreational places, and related facilities.

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