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

Digital Mediatama Maxima Tbk / Equity Bottom-Up

<ul><li>DMMX’s 3Q/9M23 earnings offer evidence of operational growth on the back of steady expansion of its marketing efforts and O2O networks.</li><li>We expect DMMX’s key initiatives to drive volume in 4Q23F and FY24F and cement its position in key segments.</li><li>We lower our TP to IDR1,200 to reflect the latest valuations of its peers but maintain our BUY rating as our growth thesis is intact.</li></ul><p><em>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.</em></p>

DMMX’s 3Q/9M23 earnings offer evidence of operational growth on the back of steady expansion of its marketing efforts and O2O networks.We expect DMMX’s key initiatives to drive volume in 4Q23F and FY24F and cement its position in key segments.We lower our TP to IDR1,200 to reflect the latest valuations of its peers but maintain our BUY rating as our growth thesis is intact.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.

Digital Mediatama Maxima (DMMX.IJ) - Solid Industry Position as Digital Enabler Is Intact

<ul><li>DMMX’s 3Q/9M23 earnings offer evidence of operational growth on the back of steady expansion of its marketing efforts and O2O networks.</li><li>We expect DMMX’s key initiatives to drive volume in 4Q23F and FY24F and cement its position in key segments.</li><li>We lower our TP to IDR1,200 to reflect the latest</li></ul><p><em>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.</em></p>

DMMX’s 3Q/9M23 earnings offer evidence of operational growth on the back of steady expansion of its marketing efforts and O2O networks.We expect DMMX’s key initiatives to drive volume in 4Q23F and FY24F and cement its position in key segments.We lower our TP to IDR1,200 to reflect the latestContent 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.

Digital Mediatama Maxima - Solid Industry Position as Digital Enabler Is Intact

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

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<li>There are 3 changes for the IDX30 Index, 6 changes for the LQ45 Index, and 7 changes for the IDX80 Index at the rebalance to be implemented on 31 January.</li>
<li>Largest passive inflows are expected to be on <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya Tbk Pt (AMRT IJ)</a> and <a href="https://www.smartkarma.com/entities/surya-esa-perkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:14326:1" rel="noopener">Surya Esa Perkasa (ESSA IJ)</a>. </li>
<li>With only 4 days to implementation, there will be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 3 changes for the IDX30 Index, 6 changes for the LQ45 Index, and 7 changes for the IDX80 Index at the rebalance to be implemented on 31 January.
Largest passive inflows are expected to be on Sumber Alfaria Trijaya Tbk Pt (AMRT IJ) and Surya Esa Perkasa (ESSA IJ). 
With only 4 days to implementation, there will be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​​LQ45/IDX80 Index Rebalance: 4 Days to Implementation

<ul>
<li>There are 3 changes each for the IDX30 Index and LQ45 Index and 11 changes for the IDX80 Index at the upcoming rebalance to be implemented on 29 July.</li>
<li>There is passive inflow on <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO)</a> due to index inclusion, and on <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI)</a> and <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a> due to capping changes.</li>
<li>With only 4 days to implementation, there will be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 3 changes each for the IDX30 Index and LQ45 Index and 11 changes for the IDX80 Index at the upcoming rebalance to be implemented on 29 July.
There is passive inflow on Bank Jago Tbk PT (ARTO) due to index inclusion, and on Bank Rakyat Indonesia (BBRI) and Bank Central Asia (BBCA) due to capping changes.
With only 4 days to implementation, there will be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

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<li>1Q22 saw robust performances: Revenue rose by 209.7% YoY to IDR560bn in 1Q22, largely due to robust performances of Trade Marketing/TM (+215% YoY), MS (+164% YoY), IaaS (+49% YoY) and contribution from the newly launched E-wholesale platform (+IDR73.8bn or 13% of revenue).</li>
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<li>E-wholesale to surpass Trade Marketing: We lift our combined GMV estimates for TM and E-wholesale by +51%/+69%/+26% to IDR2,351bn/IDR3,616bn/IDR4,675bn in FY22E/23E/24E, respectively</li>
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<li>Large order book to sustain screen deployments: We estimate that DMMX has a sizeable screen order book (contracts on hand and potentially acquired contracts are +95% and +46% from 19,655 screens deployed in FY21, respectively).</li>
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1Q22 saw robust performances: Revenue rose by 209.7% YoY to IDR560bn in 1Q22, largely due to robust performances of Trade Marketing/TM (+215% YoY), MS (+164% YoY), IaaS (+49% YoY) and contribution from the newly launched E-wholesale platform (+IDR73.8bn or 13% of revenue).






E-wholesale to surpass Trade Marketing: We lift our combined GMV estimates for TM and E-wholesale by +51%/+69%/+26% to IDR2,351bn/IDR3,616bn/IDR4,675bn in FY22E/23E/24E, respectively






Large order book to sustain screen deployments: We estimate that DMMX has a sizeable screen order book (contracts on hand and potentially acquired contracts are +95% and +46% from 19,655 screens deployed in FY21, respectively).














PT Digital Mediatama Maxima Tbk - Powered by E-Wholesale Solution

Indonesia

Digital Mediatama Tbk PT provides advertising and marketing services. The Company offers digital trade marketing and cloud advertising exchange platform providing to end-to-end services from content management and programmatic sales acquisition program. Digital Mediatama serves customers in Indonesia.

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Digital Mediatama Maxima Tbk (DMMX IJ)

Digital Mediatama Maxima (DMMX.IJ) - Solid Industry Position as Digital Enabler Is Intact

DMMX’s 3Q/9M23 earnings offer evidence of operational growth on the back of steady expansion of its marketing efforts and O2O networks.

BRI Danareksa Research

Digital Mediatama Maxima - Solid Industry Position as Digital Enabler Is Intact

DMMX’s 3Q/9M23 earnings offer evidence of operational growth on the back of steady expansion of its marketing efforts and O2O networks.

BRI Danareksa Research

IDX30/LQ45/IDX80 Index Rebalance: 4 Days to Implementation

There are 3, 6 and 7 changes for the IDX30, LQ45 and IDX80 indices. There are only 4 days to implementation and multiple days ADV to trade on a lot...

Brian Freitas

IDX30/LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI

There are 3 changes each for the IDX30 and LQ45 indices that will be implemented on 29 July. The largest passive inflows are on BBRI, ARTO and...

Brian Freitas

PT Digital Mediatama Maxima Tbk - Powered by E-Wholesale Solution

1Q22 Revenue and Core PATMI were up substantially by ~210% and ~22% YoY, forming 22%/19% of our FY22E revised forecasts, respectively.

SCCM Asia Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Digital Mediatama Maxima (DMMX.IJ) - Solid Industry Position as Digital Enabler Is Intact

DMMX’s 3Q/9M23 earnings offer evidence of operational growth on the back of steady expansion of its marketing efforts and O2O networks.

BRI Danareksa Research

Digital Mediatama Maxima - Solid Industry Position as Digital Enabler Is Intact

DMMX’s 3Q/9M23 earnings offer evidence of operational growth on the back of steady expansion of its marketing efforts and O2O networks.

BRI Danareksa Research

IDX30/​​LQ45/IDX80 Index Rebalance: 4 Days to Implementation

There are 3, 6 and 7 changes for the IDX30, LQ45 and IDX80 indices. There are only 4 days to implementation and multiple days ADV to trade on a lot...

Brian Freitas

IDX30/​LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI

There are 3 changes each for the IDX30 and LQ45 indices that will be implemented on 29 July. The largest passive inflows are on BBRI, ARTO and...

Brian Freitas

PT Digital Mediatama Maxima Tbk - Powered by E-Wholesale Solution

1Q22 Revenue and Core PATMI were up substantially by ~210% and ~22% YoY, forming 22%/19% of our FY22E revised forecasts, respectively.

SCCM Asia Research

IDX30/LQ45/IDX80 Index Rebalance: 4 Days to Implementation

IDX30/LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI