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.

Macroeconomics

<ul><li>A combination of slight foreign funds outflow and local funds selling has driven a JCI correction of -0.8% wow.</li><li>Foreign funds flow returned to negative, albeit relatively lighter (at -US$169mn) compared to prior weeks.</li><li>The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.</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.

A combination of slight foreign funds outflow and local funds selling has driven a JCI correction of -0.8% wow.Foreign funds flow returned to negative, albeit relatively lighter (at -US$169mn) compared to prior weeks.The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.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 – China Coal Inventory at Port

Thematic (Sector/Industry)

<ul><li>GOTO poised for 3Q24 EBITDA growth driven by resilient ODS, loan balance expansion, improving CM and stable recurring costs.</li><li>Temu’s model may face regulatory scrutiny before it partners with BUKA and may experience an uphill battle aslate entrant in the market.</li><li>Maintain sector OW, we prefer GOTO, TP: Rp90, implies 5.6x P/S and 6.8x EV/S, as it forms potentially one of the best alliances in the market.</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.

GOTO poised for 3Q24 EBITDA growth driven by resilient ODS, loan balance expansion, improving CM and stable recurring costs.Temu’s model may face regulatory scrutiny before it partners with BUKA and may experience an uphill battle aslate entrant in the market.Maintain sector OW, we prefer GOTO, TP: Rp90, implies 5.6x P/S and 6.8x EV/S, as it forms potentially one of the best alliances in the market.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.

Technology: 3Q24 Preview: GOTO Poised for EBITDA Growth

<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

<ul><li>Shopee, TTS/Tokped, and Lazada are raising seller fees by 105-154/65/ 154bps in Sep24, with new rates expected to enhance market dynamics.</li><li>The fee hikes may increase merchant costs, but the additional revenue can be reinvested in technology enhancements and driving more sales.</li><li>Capitalizing on market trends, GOTO is well-positioned as the frontrunner to be TikTok’s key partner; we reiterate Buy rating with TP of Rp90.</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.

Shopee, TTS/Tokped, and Lazada are raising seller fees by 105-154/65/ 154bps in Sep24, with new rates expected to enhance market dynamics.The fee hikes may increase merchant costs, but the additional revenue can be reinvested in technology enhancements and driving more sales.Capitalizing on market trends, GOTO is well-positioned as the frontrunner to be TikTok’s key partner; we reiterate Buy rating with TP of Rp90.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.

Technology: E-Commerce Players Raise Commissions

<ul><li>We deem the new regulation as positive and expect large ecommerce platforms to potentially benefit from having a more level playing field and possibly grab market share that will be left behind by the social commerce platforms.</li><li>On the earnings front, we expect tech companies to see positive momentum in 3Q23 with GTV growth and lower EBITDA losses.</li><li>We maintain our OW rating on the sector with our top picks being GOTO (BUY, TP Rp150) and BUKA (BUY, TP Rp340).</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 deem the new regulation as positive and expect large ecommerce platforms to potentially benefit from having a more level playing field and possibly grab market share that will be left behind by the social commerce platforms.On the earnings front, we expect tech companies to see positive momentum in 3Q23 with GTV growth and lower EBITDA losses.We maintain our OW rating on the sector with our top picks being GOTO (BUY, TP Rp150) and BUKA (BUY, TP Rp340).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.

Technology: Potential Tailwinds from the New Regulation

Indonesia

GoTo is an Indonesian technology company that operates the largest digital ecosystem in the country. It provides integrated services including on-demand mobility (Gojek), e-commerce (Tokopedia), payments, and financial technology. The company is headquartered in Jakarta, Indonesia, and was formed in 2021 through the merger of Gojek and Tokopedia.

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GoTo (GOTO IJ)

BRIDS Market Pulse: Chart of the Week – China Coal Inventory at Port

The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.

BRI Danareksa Research

Technology: 3Q24 Preview: GOTO Poised for EBITDA Growth

GOTO poised for 3Q24 EBITDA growth driven by resilient ODS, loan balance expansion, improving CM and stable recurring costs.

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

Technology: E-Commerce Players Raise Commissions

Shopee, TTS/Tokped, and Lazada are raising seller fees by 105-154/65/ 154bps in Sep24, with new rates expected to enhance market dynamics.

BRI Danareksa Research

Technology: Potential Tailwinds from the New Regulation

On the earnings front, we expect tech companies to see positive momentum in 3Q23 with GTV growth and lower EBITDA losses. We maintain our OW rating...

BRI Danareksa Research

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