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

Dharma Satya Nusantara / Equity Bottom-Up

<ul><li>DSNG delivered a stellar performance in 1H25, with net profit surging +81.9% YoY to IDR915.8 bn (vs IDR503.6 bn in 1H24), in-line with both our/consensus expectations— achieving 48.0%/51.0% of FY25E targets.</li><li>Core profit rose +65.3% YoY to IDR919 bn (vs IDR556 bn in 1H24). 2Q25 net profit stood at IDR547.6 bn (+48.7% QoQ/+97.3% YoY).</li><li>Moreover, 1H25 NPM improved to 15.1% (vs 10.7% in 1H24). This robust bottom-line performance was supported by revenue growth, ongoing operational recovery, and manageable input costs.</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.

DSNG delivered a stellar performance in 1H25, with net profit surging +81.9% YoY to IDR915.8 bn (vs IDR503.6 bn in 1H24), in-line with both our/consensus expectations— achieving 48.0%/51.0% of FY25E targets.Core profit rose +65.3% YoY to IDR919 bn (vs IDR556 bn in 1H24). 2Q25 net profit stood at IDR547.6 bn (+48.7% QoQ/+97.3% YoY).Moreover, 1H25 NPM improved to 15.1% (vs 10.7% in 1H24). This robust bottom-line performance was supported by revenue growth, ongoing operational recovery, and manageable input costs.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.

PT Dharma Satya Nusantara Tbk (DSNG IJ) - Recovery Momentum Lifts 1H25 Performance

<ul><li>DSNG net profit went up +62.9% YoY to IDR368.2 bn in 1Q25 (vs IDR226.1 bn in 1Q24), achieving 19.3%/28.2% of our/consensus FY25E targets.</li><li>This was driven by strong top-line growth and stable OPEX (-0.3% YoY).</li><li>Revenue rose +20.1% YoY to IDR2.7 tn in 1Q25 (vs IDR2.2 tn in 1Q24), reflecting 23.6%/25.3% of our/consensus FY25E targets. </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.

DSNG net profit went up +62.9% YoY to IDR368.2 bn in 1Q25 (vs IDR226.1 bn in 1Q24), achieving 19.3%/28.2% of our/consensus FY25E targets.This was driven by strong top-line growth and stable OPEX (-0.3% YoY).Revenue rose +20.1% YoY to IDR2.7 tn in 1Q25 (vs IDR2.2 tn in 1Q24), reflecting 23.6%/25.3% of our/consensus FY25E targets. 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.

DSNG IJ - Anticipating a Rebound in Sales Volume Trajectory

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Four stocks remain, 10 stocks added into portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 294% versus MSCI ASEAN’s 57%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Four stocks remain, 10 stocks added into portfolio
Since its inception, the portfolio has generated a before-fee total return of 294% versus MSCI ASEAN’s 57%


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.

Macroeconomics

<ul><li>JCI rallied by a strong 4.8% w-w and was the top performer among the EM markets last week.</li><li>The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and illiquid and conglo stocks (DCII, DSSA).</li><li>Market’s rally was also driven by the strong return in foreign investors’ flow which amounted to US$412mn, which put Indonesia among the only market with positive flow among the Asian EMs, with notable inflows into large-cap banks and TLKM. </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.

JCI rallied by a strong 4.8% w-w and was the top performer among the EM markets last week.The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and illiquid and conglo stocks (DCII, DSSA).Market’s rally was also driven by the strong return in foreign investors’ flow which amounted to US$412mn, which put Indonesia among the only market with positive flow among the Asian EMs, with notable inflows into large-cap banks and TLKM. 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.

BRIDS Market Pulse: Chart of the Week – Banking Sector’s P/BV Band Chart (5-Year)

<ul><li>JCI finished the week flat (-0.1% w-w), underperforming most of the EM peers.</li><li>Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).</li><li>Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI. </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.

JCI finished the week flat (-0.1% w-w), underperforming most of the EM peers.Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI. 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.

BRIDS Market Pulse: Chart of the Week – JCI P/E Band (10-Year)

Indonesia

PT Dharma Satya Nusantara TBK is a palm oil and wood processing company. The Company is currently concentrating on three types of integrated businesses: wood products, timber estates and plantations.

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Dharma Satya Nusantara (DSNG IJ)

PT Dharma Satya Nusantara Tbk (DSNG IJ) - Recovery Momentum Lifts 1H25 Performance

DSNG delivered a stellar performance in 1H25, with net profit surging +81.9% YoY to IDR915.8 bn (vs IDR503.6 bn in 1H24), in-line with both our...

MNC Sekuritas

DSNG IJ - Anticipating a Rebound in Sales Volume Trajectory

DSNG net profit went up +62.9% YoY to IDR368.2 bn in 1Q25 (vs IDR226.1 bn in 1Q24), achieving 19.3%/28.2% of our/consensus FY25E targets.

MNC Sekuritas

The Stocks to Own in ASEAN – Vol. 52

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Four stocks remain, 10 stocks added.

A. Stotz Investment Research

BRIDS Market Pulse: Chart of the Week – Banking Sector’s P/BV Band Chart (5-Year)

The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and...

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – JCI P/E Band (10-Year)

MSCI’s Aug25 review announced the inclusion of DSSA and CUAN into the index, with exclusion of ADRO (into MSCI Small Cap).

BRI Danareksa Research

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