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

Hartadinata Abadi Tbk PT / Equity Bottom-Up

<ul><li>HRTA posted 1H25’s net profit of IDR348.5 bn, surging by +69.5% YoY (vs IDR205.6 bn in 1H24), surpassing both our/consensus at 58.9%/61.8% of FY25E estimates.</li><li>2Q25 net profit jumped to IDR198.8 bn (+32.7% QoQ/+93.1% YoY), driven by solid top-line growth and disciplined cost control.</li><li>Revenue in 1H25 rose by +82.6% YoY to IDR15.1 tn (vs IDR8.2 tn in 1H24), reaching 51.7% of our FY25E forecast (in-line) and beating consensus estimates of 57.9%. </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.

HRTA posted 1H25’s net profit of IDR348.5 bn, surging by +69.5% YoY (vs IDR205.6 bn in 1H24), surpassing both our/consensus at 58.9%/61.8% of FY25E estimates.2Q25 net profit jumped to IDR198.8 bn (+32.7% QoQ/+93.1% YoY), driven by solid top-line growth and disciplined cost control.Revenue in 1H25 rose by +82.6% YoY to IDR15.1 tn (vs IDR8.2 tn in 1H24), reaching 51.7% of our FY25E forecast (in-line) and beating consensus estimates of 57.9%. 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.

HRTA IJ - Bullion Bank Momentum Drives 1H25 Performance

<ul><li>HRTA achieved a remarkable result in FY24, with a +44.6% YoY jump in net profit to IDR442.2 billion (vs IDR305.8 billion in FY23).</li><li>This figure surpassed our estimate, achieving 128.4% of our FY24 target.</li><li>The robust bottom-line growth was primarily fueled by a +41.8% YoY increase in revenue, which reached IDR18.2 trillion (vs IDR12.9 trillion in FY23). </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.

HRTA achieved a remarkable result in FY24, with a +44.6% YoY jump in net profit to IDR442.2 billion (vs IDR305.8 billion in FY23).This figure surpassed our estimate, achieving 128.4% of our FY24 target.The robust bottom-line growth was primarily fueled by a +41.8% YoY increase in revenue, which reached IDR18.2 trillion (vs IDR12.9 trillion in FY23). 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.

Hrta Ij -Leveraging Bullion Bank Tailwinds to Sustain Double-Digit Growth

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>Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.</li><li>Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).</li><li>Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).</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.

Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).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 – Metal sector vs. gold price

Thematic (Sector/Industry)

<ul><li>Market: JCI rallied +2.5% w-w, in-line with majority of the EMs and the weaker DXY amid benign developments from the global trade tariffs.</li><li>Foreign investors remained net sellers, although outflows moderated to US$71mn, bringing YTD outflow to US$718mn.</li><li>Barring any surprises on the trade tariff front, we see that risk sentiment may remain supportive for flows into EM in the week ahead.</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: JCI rallied +2.5% w-w, in-line with majority of the EMs and the weaker DXY amid benign developments from the global trade tariffs.Foreign investors remained net sellers, although outflows moderated to US$71mn, bringing YTD outflow to US$718mn.Barring any surprises on the trade tariff front, we see that risk sentiment may remain supportive for flows into EM in the week ahead.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 – NPI price

<ul><li>While the previous export contracts with India was established with the buyers having made the first approach, HRTA has taken the step further to increase their exposure to the global jewellery market by participating in Jewellery &amp; Gem WORLD Hong Kong 2023 (JGW 2023).</li><li>This particular step was critical for two main reasons: 1) this is one of the largest business-matching and exhibition event for the jewellery industry globally  and 2) it coincided with the function’s 40th anniversary, which naturally would make the event merrier and more opportune.</li><li>The event spanned 5 days back-to-back from 20 – 24 Sep, 2023, held in one of Hong Kong’s largest exhibition center, HKCEC. </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.

While the previous export contracts with India was established with the buyers having made the first approach, HRTA has taken the step further to increase their exposure to the global jewellery market by participating in Jewellery &amp; Gem WORLD Hong Kong 2023 (JGW 2023).This particular step was critical for two main reasons: 1) this is one of the largest business-matching and exhibition event for the jewellery industry globally  and 2) it coincided with the function’s 40th anniversary, which naturally would make the event merrier and more opportune.The event spanned 5 days back-to-back from 20 – 24 Sep, 2023, held in one of Hong Kong’s largest exhibition center, HKCEC. 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.

HRTA IJ - MNC Sekuritas Equity Report October 11, 2023

Indonesia

PT Hartadinata Abadi Tbk operates as a jewelry manufacturer. The Company offers necklaces, rings, earrings, and other accessories. Hartadinata Abadi Tbk serves customers in Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hartadinata Abadi Tbk PT (HRTA IJ)

HRTA IJ - Bullion Bank Momentum Drives 1H25 Performance

HRTA posted 1H25’s net profit of IDR348.5 bn, surging by +69.5% YoY (vs IDR205.6 bn in 1H24), surpassing both our/consensus at 58.9%/61.8% of FY25E...

MNC Sekuritas

Hrta Ij -Leveraging Bullion Bank Tailwinds to Sustain Double-Digit Growth

HRTA achieved a remarkable result in FY24, with a +44.6% YoY jump in net profit to IDR442.2 billion (vs IDR305.8 billion in FY23).

MNC Sekuritas

BRIDS Market Pulse: Chart of the week – Metal sector vs. gold price

Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – NPI price

Market: JCI rallied +2.5% w-w, in-line with majority of the EMs and the weaker DXY amid benign developments from the global trade tariffs.

BRI Danareksa Research

HRTA IJ - MNC Sekuritas Equity Report October 11, 2023

While the previous export contracts with India was established with the buyers having made the first approach, HRTA has taken the step further to...

MNC Sekuritas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)