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 2H25 earnings growth to rebound, driven by improved liquidity and prospect of govt spending acceleration.</li><li>We continue to like Telcos and are turning more constructive on banks (stable/ better NIM), while remaining ST cautious on Consumers.</li><li>We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.</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 2H25 earnings growth to rebound, driven by improved liquidity and prospect of govt spending acceleration.We continue to like Telcos and are turning more constructive on banks (stable/ better NIM), while remaining ST cautious on Consumers.We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.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: 2H25: Positioning for a Growth Rebound

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Washington H. Soul Pattinson and Co. Ltd / Event-Driven

<ul>
<li>There is, or perhaps, was, imbedded value via the cross-holding. However, <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Soul Patts (SOL AU)</a> &amp; <a href="https://www.smartkarma.com/entities/brickworks-ltd" target="_blank" data-smartkarma-citation="entities:2726:1" rel="noopener">Brickworks (BKW AU)</a>'s combined market cap has increased 18% or A$3.1bn since announcing their merger.</li>
<li>
<a href="https://www.smartkarma.com/entities/furukawa-battery-co-ltd" target="_blank" data-smartkarma-citation="entities:6513:1" rel="noopener">Furukawa Battery (6937 JP)</a> is a VERY low-priced MBO-like transaction. The pricing process is unacceptable. It is a take-under. It is BAD process. But it'll get done.</li>
<li>For a company that has consistently spilled red ink at the stub level, there is no justification why <a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a> would/should trade at a NAV premium.</li>
</ul>


There is, or perhaps, was, imbedded value via the cross-holding. However, Soul Patts (SOL AU) &amp; Brickworks (BKW AU)'s combined market cap has increased 18% or A$3.1bn since announcing their merger.

Furukawa Battery (6937 JP) is a VERY low-priced MBO-like transaction. The pricing process is unacceptable. It is a take-under. It is BAD process. But it'll get done.
For a company that has consistently spilled red ink at the stub level, there is no justification why PCCW Ltd (8 HK) would/should trade at a NAV premium.


Last Week In Event SPACE: Soul Patts/Brickworks, Furukawa Battery, PCCW, TPG Telecom

Indofood Sukses Makmur Tbk P / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indofood-sukses-makmur-tbk-p" target="_blank" data-smartkarma-citation="entities:1053:1" rel="noopener">Indofood Sukses Makmur Tbk P (INDF IJ)</a>'s simple ratio (INDF/<a href="https://www.smartkarma.com/entities/indofood-cbp-sukses-makmur-tbk" target="_blank" data-smartkarma-citation="entities:17651:1" rel="noopener">Indofood CBP Sukses (ICBP IJ)</a>) is at a seven-year-plus high, and the implied stub a three-year high. </li>
<li>Preceding my comments on the Indofood and <a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a> are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Indofood Sukses Makmur Tbk P (INDF IJ)'s simple ratio (INDF/Indofood CBP Sukses (ICBP IJ)) is at a seven-year-plus high, and the implied stub a three-year high. 
Preceding my comments on the Indofood and First Pacific Co (142 HK) are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Indofood (INDF IJ) Trading Rich To Indofood CBP Sukses (ICBP IJ)

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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<ul><li>CCI slipped to 117.5 in May-25 (vs 121.7 in Apr-25), marking the lowest point since Oct-22.</li><li>This continued downtrend suggests that households remain wary of economic uncertainties, particularly with muted wage growth and rising cost of living.</li><li>The Current Economic Index declined to 106.0 (vs 113.7 in Apr-25) and Consumer Expectation Index dropped to 129.0 in May-25 (vs 129.8 in Apr-25), with income expectation slipping to 135.4 and business activity index falling to 127.8. </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.

CCI slipped to 117.5 in May-25 (vs 121.7 in Apr-25), marking the lowest point since Oct-22.This continued downtrend suggests that households remain wary of economic uncertainties, particularly with muted wage growth and rising cost of living.The Current Economic Index declined to 106.0 (vs 113.7 in Apr-25) and Consumer Expectation Index dropped to 129.0 in May-25 (vs 129.8 in Apr-25), with income expectation slipping to 135.4 and business activity index falling to 127.8. 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 Sector Waiting for a Clearer Sign: Between Caution and Catalyst

<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

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)

Equity Strategy: 2H25: Positioning for a Growth Rebound

We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.

BRI Danareksa Research

Last Week In Event SPACE: Soul Patts/Brickworks, Furukawa Battery, PCCW, TPG Telecom

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

StubWorld: Indofood (INDF IJ) Trading Rich To Indofood CBP Sukses (ICBP IJ)

Tricky trade. I'd unwind any stub here purely on optics. The pushback is the stub ops are outperforming. I'd be inclined to go outright long near...

David Blennerhassett

Consumer Sector Waiting for a Clearer Sign: Between Caution and Catalyst

This continued downtrend suggests that households remain wary of economic uncertainties, particularly with muted wage growth and rising cost of...

MNC Sekuritas

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

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