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>Post 20% rally in the past 6 weeks, JCI valuation is back at -1SD. We think further rerating will now hinge on growth momentum.</li><li>While we slightly lowered our FY25 growth expectations to 3% (from 4.5% previously), data points in Apr25 offer hopes for recovery, particularly if we see revival of govt spending in 2Q25 onwards.</li><li>We retain our FY25-end JCI target of 7,350 for now (implying 13.7x PE). From our ‘value’ picks, we continue to like INTP, BBRI, CTRA, MIKA.</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.

Post 20% rally in the past 6 weeks, JCI valuation is back at -1SD. We think further rerating will now hinge on growth momentum.While we slightly lowered our FY25 growth expectations to 3% (from 4.5% previously), data points in Apr25 offer hopes for recovery, particularly if we see revival of govt spending in 2Q25 onwards.We retain our FY25-end JCI target of 7,350 for now (implying 13.7x PE). From our ‘value’ picks, we continue to like INTP, BBRI, CTRA, MIKA.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: Tracking the Growth Momentum

<ul><li>We expect cement sales volume to grow by 2.3% yoy in FY25, with flattish bag cement growth and moderating bulk growth to 8% yoy.</li><li>We expect blended ASP hike of 0.5-1%, with improvement in bag pricing (+0.5%-1% yoy) to be offset by a higher bulk ratio and fighting brand.</li><li>Maintain Neutral rating on the sector on lack of meaningful growth catalysts, despite recovery traction. Our top pick remains INTP.</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 expect cement sales volume to grow by 2.3% yoy in FY25, with flattish bag cement growth and moderating bulk growth to 8% yoy.We expect blended ASP hike of 0.5-1%, with improvement in bag pricing (+0.5%-1% yoy) to be offset by a higher bulk ratio and fighting brand.Maintain Neutral rating on the sector on lack of meaningful growth catalysts, despite recovery traction. Our top pick remains INTP.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.

Cement: FY25 Outlook: Limited Growth Catalysts Despite Undemanding Valuation (NEUTRAL)

Equity Bottom-Up

Indocement Tunggal Prakarsa / Equity Bottom-Up

<ul><li>INTP recorded an in line 9M24 net profit (66%/68% of our/consensus est), driven by cost efficiency despite lower ASP on a qoq basis.</li><li>We revised up our FY24-FY26F EPS by 0%-2.5%, driven by cost efficiency, esp. on energy cost and transportation, despite lower ASP.</li><li>We reiterate our BUY rating for INTP with a TP of Rp8,800. Semen Merdeka’ pricing is a catalyst to be observed in determining ASP trend.</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.

INTP recorded an in line 9M24 net profit (66%/68% of our/consensus est), driven by cost efficiency despite lower ASP on a qoq basis.We revised up our FY24-FY26F EPS by 0%-2.5%, driven by cost efficiency, esp. on energy cost and transportation, despite lower ASP.We reiterate our BUY rating for INTP with a TP of Rp8,800. Semen Merdeka’ pricing is a catalyst to be observed in determining ASP trend.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.

INTP IJ - Finetuning FY24-25 Est. On Lower ASP yet Higher Opex Efficiency

<ul><li>Though the detailed scheme on 3mn housing is not yet clear, INTP believes the program may boost demand for both bag and bulk.</li><li>KN construction is still ongoing at a slower pace post- Aug 17th ceremony, but other infra projects are still ongoing and pushing bulk sales vol.</li><li>We reiterate BUY on INTP with a TP of Rp8,800. 3mn housing scheme should bring a brighter outlook on LT cement vol. demand.</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.

Though the detailed scheme on 3mn housing is not yet clear, INTP believes the program may boost demand for both bag and bulk.KN construction is still ongoing at a slower pace post- Aug 17th ceremony, but other infra projects are still ongoing and pushing bulk sales vol.We reiterate BUY on INTP with a TP of Rp8,800. 3mn housing scheme should bring a brighter outlook on LT cement vol. demand.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.

Indocement Tunggal Prakarsa - KTA from Concall: A More Promising Outlook

<ul><li>We expect SMGR/ INTP 9M24F to reach 47%/63% of our estimate vs. 72%/65% seasonality, hence potential miss for SMGR but inline for INTP. </li><li>Sales volume expanded in 3Q24F vs. 1H24, and ASP is stabilizing with a noticeable rise in Sep24. </li><li>The 3mn housing program would be the blue-sky scenario for the cement industry; we maintain a Neutral rating on the sector for now.</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 expect SMGR/ INTP 9M24F to reach 47%/63% of our estimate vs. 72%/65% seasonality, hence potential miss for SMGR but inline for INTP. Sales volume expanded in 3Q24F vs. 1H24, and ASP is stabilizing with a noticeable rise in Sep24. The 3mn housing program would be the blue-sky scenario for the cement industry; we maintain a Neutral rating on the sector for now.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.

Cement: 3Q24 Preview: Expanding Volume, Stabilizing ASP

Indonesia

PT Indocement Tunggal Prakarsa Tbk manufactures cement and building materials. Through its subsidiaries, the Company also manufactures and processes ready-mix cement as well as owns and manages properties and hotels.

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