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>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

<ul><li>Post 20% rally in the past 6 weeks, JCI valuation is back at -1SD. We think further rerating will now hinge on growth momentum.</li><li>While we slightly lowered our FY25 growth expectations to 3% (from 4.5% previously), data points in Apr25 offer hopes for recovery, particularly if we see revival of govt spending in 2Q25 onwards.</li><li>We retain our FY25-end JCI target of 7,350 for now (implying 13.7x PE). From our ‘value’ picks, we continue to like INTP, BBRI, CTRA, MIKA.</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.

Post 20% rally in the past 6 weeks, JCI valuation is back at -1SD. We think further rerating will now hinge on growth momentum.While we slightly lowered our FY25 growth expectations to 3% (from 4.5% previously), data points in Apr25 offer hopes for recovery, particularly if we see revival of govt spending in 2Q25 onwards.We retain our FY25-end JCI target of 7,350 for now (implying 13.7x PE). From our ‘value’ picks, we continue to like INTP, BBRI, CTRA, MIKA.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: Tracking the Growth Momentum

<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)

<ul><li>The period of policy rate cut was historically positive for JCI, which delivered 21% return during FY16-18 125bps rate cut.</li><li>Banks and the perceived interest-rate sensitive sectors were clear winners during the past rate cut period.</li><li>Despite limited scope for further cuts, we see BI’s move as positive to support growth; we retain our FY25-end JCI target of 7,850.</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 period of policy rate cut was historically positive for JCI, which delivered 21% return during FY16-18 125bps rate cut.Banks and the perceived interest-rate sensitive sectors were clear winners during the past rate cut period.Despite limited scope for further cuts, we see BI’s move as positive to support growth; we retain our FY25-end JCI target of 7,850.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: Potential Winners from BI’s Surprise Rate Cut

<ul><li>We expect the VAT &amp; BPHTB incentives, which have evidently aided buyers’ affordability and developers’ pre-sales, to continue until 2H25.</li><li>We identify winning developers amid the affordability challenges and found the key competitive factors are pricing, product, and location.</li><li>We maintain our OW rating on the sector as it trades at a sharp discount with improving pre-sales. 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.

We expect the VAT &amp; BPHTB incentives, which have evidently aided buyers’ affordability and developers’ pre-sales, to continue until 2H25.We identify winning developers amid the affordability challenges and found the key competitive factors are pricing, product, and location.We maintain our OW rating on the sector as it trades at a sharp discount with improving pre-sales. 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: FY25 Outlook: Picking the Winners Amid Industry Challenges (OVERWEIGHT)

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.

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Ciputra Development (CTRA IJ)

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

Equity Strategy: Tracking the Growth Momentum

We retain our FY25-end JCI target of 7,350 for now (implying 13.7x PE). From our ‘value’ picks, we continue to like INTP, BBRI, CTRA, MIKA.

BRI Danareksa Research

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

Equity Strategy: Potential Winners from BI’s Surprise Rate Cut

The period of policy rate cut was historically positive for JCI, which delivered 21% return during FY16-18 125bps rate cut.

BRI Danareksa Research

Property: FY25 Outlook: Picking the Winners Amid Industry Challenges (OVERWEIGHT)

We expect the VAT & BPHTB incentives, which have evidently aided buyers’ affordability and developers’ pre-sales, to continue until 2H25.

BRI Danareksa Research

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