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

<ul><li>ERAA delivered a resilient performance in 1H25, booking a net profit increase of +8.5% YoY to IDR568.3 bn in 1H25 (vs IDR523.6 bn in 1H24), in line at 49.7% of our FY25E estimates though slightly below consensus at 46.5%.</li><li>All business segments contributed positively, driving consolidated revenue growth of +5.8% YoY to IDR35.1 tn in 1H25 (vs IDR33.1 tn in 1H24), achieving 48.3%/47.9% of our/consensus FY25E estimates.</li><li>Despite COGS rising +5.2% YoY to IDR31.1 tn in 1H25 (vs IDR29.5 tn in 1H24), gross profit managed to increase +10.9% YoY to IDR4.0 tn in 1H25 (vs IDR3.6 tn in 1H24).</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.

ERAA delivered a resilient performance in 1H25, booking a net profit increase of +8.5% YoY to IDR568.3 bn in 1H25 (vs IDR523.6 bn in 1H24), in line at 49.7% of our FY25E estimates though slightly below consensus at 46.5%.All business segments contributed positively, driving consolidated revenue growth of +5.8% YoY to IDR35.1 tn in 1H25 (vs IDR33.1 tn in 1H24), achieving 48.3%/47.9% of our/consensus FY25E estimates.Despite COGS rising +5.2% YoY to IDR31.1 tn in 1H25 (vs IDR29.5 tn in 1H24), gross profit managed to increase +10.9% YoY to IDR4.0 tn in 1H25 (vs IDR3.6 tn in 1H24).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.

Eraa Ij -Resilient 1H25 Results; Reshaping Portfolio In Progress

Eraa IJ  - Solid 1H25 Performance Across All Segments

Thematic (Sector/Industry)

<ul><li>Retailers' 1Q25 Performance: Fragmented but Selectively Resilient Retailers in our universe posted mixed results in 1Q25.</li><li>MAPI booked resilient earnings, with +5.8% YoY revenue growth and +14.1% YoY net profit growth, supported by stable margins and a strong brand portfolio targeting mid-to-up consumers.</li><li>ACES recorded +9.2% YoY top-line growth, though profitability was weighed down by THR payouts and rebranding costs related to AZKO. </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.

Retailers' 1Q25 Performance: Fragmented but Selectively Resilient Retailers in our universe posted mixed results in 1Q25.MAPI booked resilient earnings, with +5.8% YoY revenue growth and +14.1% YoY net profit growth, supported by stable margins and a strong brand portfolio targeting mid-to-up consumers.ACES recorded +9.2% YoY top-line growth, though profitability was weighed down by THR payouts and rebranding costs related to AZKO. 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), 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.

<ul><li>Market review: JCI outperformed the EM peers, up 1.5% w-w, amid strengthening of IDR (1.3% w-w).</li><li>The Indonesian equity market saw continuation of foreign funds inflow (US$131mn) while majority of EM markets experienced outflows during the week.</li><li>Sustained positive sentiment from the 25bps policy rate cut by Bank Indonesia have induced further inflows into large-cap banks particularly BBCA and BBRI. </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.

Market review: JCI outperformed the EM peers, up 1.5% w-w, amid strengthening of IDR (1.3% w-w).The Indonesian equity market saw continuation of foreign funds inflow (US$131mn) while majority of EM markets experienced outflows during the week.Sustained positive sentiment from the 25bps policy rate cut by Bank Indonesia have induced further inflows into large-cap banks particularly BBCA and BBRI. 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 Vs. IDR

<ul><li>ERAA released its 2Q24 results, with revenue reaching IDR16.5 tn, slightly down by -1.1% QoQ but surging by +16.8% YoY (vs IDR14.1 tn in 2Q23).</li><li>This brought its 1H24 revenue to IDR33.1 tn, or rose by +14.6% YoY, which was in-line with our/cons. estimates, reaching 49.2%/51.3% of FY24E targets.</li><li>On an annual basis, the computer and electronic devices segment led growth by +40.7% YoY, followed by accessories and others at +20.0% YoY, and cellular phones and tablets at +16.1% YoY. </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.

ERAA released its 2Q24 results, with revenue reaching IDR16.5 tn, slightly down by -1.1% QoQ but surging by +16.8% YoY (vs IDR14.1 tn in 2Q23).This brought its 1H24 revenue to IDR33.1 tn, or rose by +14.6% YoY, which was in-line with our/cons. estimates, reaching 49.2%/51.3% of FY24E targets.On an annual basis, the computer and electronic devices segment led growth by +40.7% YoY, followed by accessories and others at +20.0% YoY, and cellular phones and tablets at +16.1% YoY. 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 Erajaya Swasembada Tbk (ERAA IJ) - Handset Volume On-Track

Indonesia

PT Erajaya Swasembada Tbk distributes and retails cellular telephones.  The Company is licensed to distribute international brands of cell phones, and operates a chain of retail shops in Indonesia.

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Erajaya Swasembada (ERAA IJ)

Eraa Ij -Resilient 1H25 Results; Reshaping Portfolio In Progress

ERAA delivered a resilient performance in 1H25, booking a net profit increase of +8.5% YoY to IDR568.3 bn in 1H25 (vs IDR523.6 bn in 1H24), in line...

MNC Sekuritas

Eraa IJ - Solid 1H25 Performance Across All Segments

ERAA delivered a resilient performance in 1H25, booking a net profit increase of +8.5% YoY to IDR568.3 bn in 1H25 (vs IDR523.6 bn in 1H24), in line...

MNC Sekuritas

Retail Sectoral Update June 30, 2025

Retailers' 1Q25 Performance: Fragmented but Selectively Resilient Retailers in our universe posted mixed results in 1Q25.

MNC Sekuritas

BRIDS Market Pulse : Chart of the Week – JCI Vs. IDR

The Indonesian equity market saw continuation of foreign funds inflow (US$131mn) while majority of EM markets experienced outflows during the week.

BRI Danareksa Research

PT Erajaya Swasembada Tbk (ERAA IJ) - Handset Volume On-Track

ERAA released its 2Q24 results, with revenue reaching IDR16.5 tn, slightly down by -1.1% QoQ but surging by +16.8% YoY (vs IDR14.1 tn in 2Q23).

MNC Sekuritas

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