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>We expect govt’s economic stimulus and stronger IDR to support purchasing power and Consumer companies’ earnings in 2H25.</li><li>We foresee a decent +6.4%/+5.2% rev/core net profit growth in FY25F, supported by ongoing cost efficiencies to help limit EBIT margin decline.</li><li>Resuming our coverage with an Overweight rating given the resilient sector’s growth outlook. Our top pick is ICBP (Buy, TP Rp14,000).</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 govt’s economic stimulus and stronger IDR to support purchasing power and Consumer companies’ earnings in 2H25.We foresee a decent +6.4%/+5.2% rev/core net profit growth in FY25F, supported by ongoing cost efficiencies to help limit EBIT margin decline.Resuming our coverage with an Overweight rating given the resilient sector’s growth outlook. Our top pick is ICBP (Buy, TP Rp14,000).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.

Consumer: A Laggard Sector with Potential Catalysts to Support Growth; Resuming Coverage with OW

<ul><li>In May25, domestic funds added positions in Metals, Auto and Retailers while trimming Tech, Consumers, and Petrochemicals.</li><li>Banks’ soft earnings may drive further trimming in the sector; catalysts for Metals remain, but positioning is already high in ANTM and INCO. </li><li>JCI remains attractive versus EM peers on growth outlook and valuation; our picks for 2Q-3Q25 are: BBCA, ICBP, ISAT, and CTRA.</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.

In May25, domestic funds added positions in Metals, Auto and Retailers while trimming Tech, Consumers, and Petrochemicals.Banks’ soft earnings may drive further trimming in the sector; catalysts for Metals remain, but positioning is already high in ANTM and INCO. JCI remains attractive versus EM peers on growth outlook and valuation; our picks for 2Q-3Q25 are: BBCA, ICBP, ISAT, and CTRA.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: Jun25 Positioning: What to Add if Investors Trim Banks?

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

GMR Hyderabad International Airport / Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, China Vanke, Indofood CBP, Pertamina (Persero), Rakuten Group</li>
<li>Treasuries fell, with yields rising yesterday as the market continued to dial back expectations for Fed rate cuts. Fed-dated OIS were pricing in 49 bps of rate cuts in 2025 as of yesterday (vs. 54 bps as of Tuesday).</li>
<li>The yield on the 2Y UST rose 5 bps to 4.05%, while the yield on the 10Y UST expanded 7 bps to 4.54%. Equities edged higher, with the S&amp;P 500 and Nasdaq up 0.1% and 0.7%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, China Vanke, Indofood CBP, Pertamina (Persero), Rakuten Group
Treasuries fell, with yields rising yesterday as the market continued to dial back expectations for Fed rate cuts. Fed-dated OIS were pricing in 49 bps of rate cuts in 2025 as of yesterday (vs. 54 bps as of Tuesday).
The yield on the 2Y UST rose 5 bps to 4.05%, while the yield on the 10Y UST expanded 7 bps to 4.54%. Equities edged higher, with the S&amp;P 500 and Nasdaq up 0.1% and 0.7%, respectively.


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 Indonesian market has seen a sharp sell-off with a confluence of concerns centred around the execution and implementation of government policy but the fall was mainly driven by retail.</li>
<li>The sell-off does not reflect an underlying deterioration of growth prospects for the economy or indeed earnings, although 4Q2024 results saw a slower performance for some sectors. </li>
<li>The government has already taken note and has determined to take action to reassure investors through policy measures. Valuations have already reached a historically attractive level.</li>
</ul>


The Indonesian market has seen a sharp sell-off with a confluence of concerns centred around the execution and implementation of government policy but the fall was mainly driven by retail.
The sell-off does not reflect an underlying deterioration of growth prospects for the economy or indeed earnings, although 4Q2024 results saw a slower performance for some sectors. 
The government has already taken note and has determined to take action to reassure investors through policy measures. Valuations have already reached a historically attractive level.


CrossASEAN Strategy - Indonesia's Delicate Balance

<ul><li>We estimate that the Indofood group still reported strong net profit in FY24, while SIDO may exceed consensus expectations.</li><li>Heading into 2Q25, we believe instant noodlessales volume will remain resilient. The recent ASP increase should also bode well for earnings.</li><li>In Jan25, local funds increased their positions in ICBP and INDF. Foreign investor also increased position in INDF, driven to strong CPO price.</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 estimate that the Indofood group still reported strong net profit in FY24, while SIDO may exceed consensus expectations.Heading into 2Q25, we believe instant noodlessales volume will remain resilient. The recent ASP increase should also bode well for earnings.In Jan25, local funds increased their positions in ICBP and INDF. Foreign investor also increased position in INDF, driven to strong CPO price.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.

Consumer: 4Q24 Earnings Outlook: ICBP and INDF to Be Robust, SIDO Eyes Upside

Indonesia

PT Indofood CBP Sukses Makmur Tbk provides a wide range of food products. The Company is a total food solutions company with operations in all stages of food manufacturing from the production of raw materials and their processing through to consumer products on the retailer's shelf.

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Indofood CBP Sukses (ICBP IJ)

Consumer: A Laggard Sector with Potential Catalysts to Support Growth; Resuming Coverage with OW

Resuming our coverage with an Overweight rating given the resilient sector’s growth outlook. Our top pick is ICBP (Buy, TP Rp14,000).

BRI Danareksa Research

Equity Strategy: Jun25 Positioning: What to Add if Investors Trim Banks?

In May25, domestic funds added positions in Metals, Auto and Retailers while trimming Tech, Consumers, and Petrochemicals.

BRI Danareksa Research

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, China Vanke, Indofood CBP,...

Lucror Analytics

CrossASEAN Strategy - Indonesia's Delicate Balance

The Indonesian market has seen a sharp sell-off with a confluence of concerns centred around the execution and implementation of government policy...

Angus Mackintosh

Consumer: 4Q24 Earnings Outlook: ICBP and INDF to Be Robust, SIDO Eyes Upside

We estimate that the Indofood group still reported strong net profit in FY24, while SIDO may exceed consensus expectations.

BRI Danareksa Research

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