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.

Thematic (Sector/Industry)

<ul><li>Indonesia’s Jul24 coal production rose +10.7% mom/ +3.2% yoy to 72Mt, driving an improved 7M24 growth to 5.8% yoy (477Mt).</li><li>China and India’s 6M24 imports have remained resilient, while Indonesia’s high production cost continues to offer support for price.</li><li>We maintain OW rating on the sector but shift our preference to UNTR amid the ST supply risk from Indonesia.</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.

Indonesia’s Jul24 coal production rose +10.7% mom/ +3.2% yoy to 72Mt, driving an improved 7M24 growth to 5.8% yoy (477Mt).China and India’s 6M24 imports have remained resilient, while Indonesia’s high production cost continues to offer support for price.We maintain OW rating on the sector but shift our preference to UNTR amid the ST supply risk from Indonesia.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.

Coal Sector: Rising Indonesia Production, but Demand and Cost Curve Remain Supportive for Price

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Perfect Medical Health / Equity Bottom-Up

<ul>
<li>We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.</li>
<li>Our top picks are <a href="https://www.smartkarma.com/entities/perfect-medical-health-management" target="_blank" data-smartkarma-citation="entities:3639:1" rel="noopener">Perfect Medical Health (1830 HK)</a>, <a href="https://www.smartkarma.com/entities/water-oasis-group-ltd" target="_blank" data-smartkarma-citation="entities:17348:1" rel="noopener">Water Oasis (1161 HK)</a>, <a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet (8371 HK)</a>, <a href="https://www.smartkarma.com/entities/uchi-technologies-bhd" target="_blank" data-smartkarma-citation="entities:10723:1" rel="noopener">Uchi Technologies (UCHI MK)</a>, and <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>.</li>
<li>We recently added <a href="https://www.smartkarma.com/entities/dream-international-ltd" target="_blank" data-smartkarma-citation="entities:15783:1" rel="noopener">Dream International (1126 HK)</a>. Read: <a href="https://www.smartkarma.com/insights/dream-international-1126-hk-dream-valuation-of-3-7x-pe-and-12-div-yield-40-of-mkt-cap-in-cash" target="_blank" data-smartkarma-citation="insights:135578" rel="noopener">Dream International (1126 HK): Dream Valuation of 3.7x PE and 12% Div Yield, &gt;40% of Mkt Cap In Cash</a> </li>
</ul>


We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.
Our top picks are Perfect Medical Health (1830 HK), Water Oasis (1161 HK), Taste Gourmet (8371 HK), Uchi Technologies (UCHI MK), and Ginebra San Miguel (GSMI PM).
We recently added Dream International (1126 HK). Read: Dream International (1126 HK): Dream Valuation of 3.7x PE and 12% Div Yield, &gt;40% of Mkt Cap In Cash 


Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety - April 2024

<ul><li>Looking into potential late-cycle plays in commodity sectorsAs metal prices are likely entering a ‘late-cycle’ phase, we see copper’s outlook as particularly attractive as it is backed by falling inventory.</li><li>While Brent’s price surge is backed by a firmer demand outlook, thermal coal S-D seasonality suggests investors should only add in 2Q24.</li><li>Amid light funds’ positioning, better clarity on metals’ production growth may improve sentiment</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.

Looking into potential late-cycle plays in commodity sectorsAs metal prices are likely entering a ‘late-cycle’ phase, we see copper’s outlook as particularly attractive as it is backed by falling inventory.While Brent’s price surge is backed by a firmer demand outlook, thermal coal S-D seasonality suggests investors should only add in 2Q24.Amid light funds’ positioning, better clarity on metals’ production growth may improve sentimentContent 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 - Looking into potential late-cycle plays in commodity sectors

Indo Tambangraya Megah / Equity Bottom-Up

<ul><li>ITMG indicated more aggressive FY24 production and sales growth plans (+15-20% yoy), driven by the contribution from its newer mines.</li><li>We raise our FY24F net profit estimate by 31%, as we adjust our sales volume assumptions, in-line with the mgmt’s latest guidance.</li><li>Maintain Buy with a slightly higher TP of Rp28,800 on ITMG’s sustainable FCF generation and solid dividends(current yield of 23.4%).</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.

ITMG indicated more aggressive FY24 production and sales growth plans (+15-20% yoy), driven by the contribution from its newer mines.We raise our FY24F net profit estimate by 31%, as we adjust our sales volume assumptions, in-line with the mgmt’s latest guidance.Maintain Buy with a slightly higher TP of Rp28,800 on ITMG’s sustainable FCF generation and solid dividends(current yield of 23.4%).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.

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The Past week saw insights on <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a>, <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US),</a><a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a>, <a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store</a>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a> and <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>.</li>
<li>There was also a macro insight on the Thai Economy and further insights on <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a>, <a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a>, and UNOAsia in the Philippines. </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The Past week saw insights on GoTo, Grab Holdings (GRAB US),Sido Muncul (SIDO IJ), Matahari Department Store, BFI Finance Indonesia (BFIN IJ) and Astra International (ASII IJ).
There was also a macro insight on the Thai Economy and further insights on Comfortdelgro Corp (CD SP), Bumrungrad Hospital Pub Co (BH TB), and UNOAsia in the Philippines. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - GoTo & Grab, BFIN's Rising, and Astra Intl's Oversold

Indonesia

PT Indo Tambangraya Megah Tbk operates as a coal exploration and mining company that provides energy and electricity support. The Company operates in Indonesia and supplies coal to the world energy market.

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Indo Tambangraya Megah (ITMG IJ)

Coal Sector: Rising Indonesia Production, but Demand and Cost Curve Remain Supportive for Price

Indonesia’s Jul24 coal production rose +10.7% mom/ +3.2% yoy to 72Mt, driving an improved 7M24 growth to 5.8% yoy (477Mt).

BRI Danareksa Research

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety - April 2024

We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety. We...

Sameer Taneja

Equity Strategy - Looking into potential late-cycle plays in commodity sectors

Looking into potential late-cycle plays in commodity sectorsAs metal prices are likely entering a ‘late-cycle’ phase. we see copper’s outlook as...

BRI Danareksa Research

Indo Tambangraya - FY24 Outlook

ITMG indicated more aggressive FY24 production and sales growth plans (+15-20% yoy), driven by the contribution from its newer mines.

BRI Danareksa Research

The Week That Was in ASEAN@Smartkarma - GoTo & Grab, BFIN's Rising, and Astra Intl's Oversold

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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