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>Historical data shows property stocks’ RNAV discounts tend to fall during a series of rate cuts or when rates plateau post a series of hikes.</li><li>A sustainably low RNAV discount will depend on a company's product launches and strategy to accelerate asset monetization to improve ROE.</li><li>We maintain OW rating on the sector as we continue to see upside from rate cut sentiment until at least late-1H25; CTRA remains our top pick.</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.

Historical data shows property stocks’ RNAV discounts tend to fall during a series of rate cuts or when rates plateau post a series of hikes.A sustainably low RNAV discount will depend on a company's product launches and strategy to accelerate asset monetization to improve ROE.We maintain OW rating on the sector as we continue to see upside from rate cut sentiment until at least late-1H25; CTRA remains our top pick.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: Riding on the Rate Cut Sentiment (OVERWEIGHT)

<ul><li>According to JLL, office markets still face occupancy issues; Retail rental rates booked healthy growth while Condos remain challenging.</li><li>JLL sees landed housing to remain as FY24F demand drivers; Tangerang as favorite area. We see CitraSerpong as a strong alternative for BSDE.</li><li>We maintain our OW rating on the sector, as 1H24 marketing sales remain healthy, depicting stable demand. CTRA remains our top pick.</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.

According to JLL, office markets still face occupancy issues; Retail rental rates booked healthy growth while Condos remain challenging.JLL sees landed housing to remain as FY24F demand drivers; Tangerang as favorite area. We see CitraSerpong as a strong alternative for BSDE.We maintain our OW rating on the sector, as 1H24 marketing sales remain healthy, depicting stable demand. CTRA remains our top pick.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.

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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.

<ul><li>Residential sales grew by +31.2% YoY in 1Q24, meanwhile the ASP was relatively stable with +1.9% YoY growth.</li><li>Developers recorded an average increase in marketing sales of 13.1% YoY in 1Q24, with approximately ~46-47% marketing sales resulting from the VAT incentive, in line with the 100% VAT allowance in 1H24 and 50% in 2H24.</li><li>According to the survey from Rumah123, Tangerang became the most popular location reaching 15.6%, followed by South Jakarta (11.4%) and West Jakarta (10.8%), with a price range of IDR1-3billion/unit. </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.

Residential sales grew by +31.2% YoY in 1Q24, meanwhile the ASP was relatively stable with +1.9% YoY growth.Developers recorded an average increase in marketing sales of 13.1% YoY in 1Q24, with approximately ~46-47% marketing sales resulting from the VAT incentive, in line with the 100% VAT allowance in 1H24 and 50% in 2H24.According to the survey from Rumah123, Tangerang became the most popular location reaching 15.6%, followed by South Jakarta (11.4%) and West Jakarta (10.8%), with a price range of IDR1-3billion/unit. 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 Sector - The Dawn of a Promising Upsurge

<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

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)

Property: Riding on the Rate Cut Sentiment (OVERWEIGHT)

Historical data shows property stocks’ RNAV discounts tend to fall during a series of rate cuts or when rates plateau post a series of hikes.

BRI Danareksa Research

Property: KTA from Meeting with JLL

According to JLL, office markets still face occupancy issues; Retail rental rates booked healthy growth while Condos remain challenging.

BRI Danareksa Research

Property Sector - The Dawn of a Promising Upsurge

Meanwhile, the strength of the property market in Bali was primarily supported by the tourism sector and several policies and incentives that allow...

MNC Sekuritas

Property: Stable 4Q23 Marketing Sales Growth (OVERWEIGHT)

Majority of property developers’ marketing sales showed stable growth of 0-2% yoy in 4Q23, with CTRA showing the strongest at 45% yoy.

BRI Danareksa Research

Property - Attractive new markets from IKN development

The Public Private Partnership (PPP) scheme appears a less risky option for developers, while pure investment through Land Allocation (LA) offers...

BRI Danareksa Research

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