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>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)

<ul><li>If 2007 performance is an indicator, JCI may sustain its short-term performance in the next 3 months post Fed’s rate cut.</li><li>EPS growth outlook of 7-8% is attractive compared to EM peers, with catalyst for upsides from better liquidity and stronger IDR tailwind.</li><li>We raise our FY24-end JCI target to 8,238; our preferred picks are the high beta stocks, namely BBCA, BBNI, ARTO, CTRA, SMRA, ASII, GOTO.</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.

If 2007 performance is an indicator, JCI may sustain its short-term performance in the next 3 months post Fed’s rate cut.EPS growth outlook of 7-8% is attractive compared to EM peers, with catalyst for upsides from better liquidity and stronger IDR tailwind.We raise our FY24-end JCI target to 8,238; our preferred picks are the high beta stocks, namely BBCA, BBNI, ARTO, CTRA, SMRA, ASII, GOTO.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: Riding the Wave of Earnings Growth, Strong IDR and Liquidity Catalysts

Indonesia

Ciputra Development is one of Indonesia's leading and most diversified property companies. It specializes in developing and managing residential, commercial, and mixed-use properties, including houses, apartments, offices, shopping centers, hotels, hospitals, and golf courses. The company was founded in 1981 and is headquartered in Jakarta, Indonesia.

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Ciputra Development (CTRA IJ)

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

Equity Strategy: Riding the Wave of Earnings Growth, Strong IDR and Liquidity Catalysts

We raise our FY24-end JCI target to 8,238; our preferred picks are the high beta stocks, namely BBCA, BBNI, ARTO, CTRA, SMRA, ASII, GOTO.

BRI Danareksa Research

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