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>Amid the possibility of further tariffs to be imposed by Trump, we think key risk to watch remains on EM currency and market risk-offs.</li><li>However, we see improving domestic conditions with fiscal discipline to support growth and falling SRBI yield to potentially aid liquidity. </li><li>JCI’s undemanding valuation and intact earnings growth outlook shall buffer valuation; we continue to favor quality stocks and IDR hedge.</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.

Amid the possibility of further tariffs to be imposed by Trump, we think key risk to watch remains on EM currency and market risk-offs.However, we see improving domestic conditions with fiscal discipline to support growth and falling SRBI yield to potentially aid liquidity. JCI’s undemanding valuation and intact earnings growth outlook shall buffer valuation; we continue to favor quality stocks and IDR hedge.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.

Macroeconomics

<ul><li>Amid the possibility of further tariffs to be imposed by Trump, we think key risk to watch remains on EM currency and market risk-offs. </li><li>However, we see improving domestic conditions with fiscal discipline to support growth and falling SRBI yield to potentially aid liquidity.</li><li>JCI’s undemanding valuation and intact earnings growth outlook shall buffer valuation; we continue to favor quality stocks and IDR hedge.</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.

Amid the possibility of further tariffs to be imposed by Trump, we think key risk to watch remains on EM currency and market risk-offs. However, we see improving domestic conditions with fiscal discipline to support growth and falling SRBI yield to potentially aid liquidity.JCI’s undemanding valuation and intact earnings growth outlook shall buffer valuation; we continue to favor quality stocks and IDR hedge.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.

External Risks Loom, But Improving Domestic Conditions May Cushion Against Further De-Rating

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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.

<ul><li>Kantar reported that household spending in Indonesia increased by +7.0% YoY in 3Q24, reaching IDR6 mn (vs IDR5.6 mn in 3Q23), driven by fresh food and FMCG.</li><li>Additionally, value per trip and spending volume also increased by +6.0% YoY and +2.0% YoY, respectively.</li><li>This growth indicates an uptick in consumption, especially among lower and upper-income groups in 3Q24, in line with manageable inflation due to the moderation of key staple prices, such as rice, flour and eggs. </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.

Kantar reported that household spending in Indonesia increased by +7.0% YoY in 3Q24, reaching IDR6 mn (vs IDR5.6 mn in 3Q23), driven by fresh food and FMCG.Additionally, value per trip and spending volume also increased by +6.0% YoY and +2.0% YoY, respectively.This growth indicates an uptick in consumption, especially among lower and upper-income groups in 3Q24, in line with manageable inflation due to the moderation of key staple prices, such as rice, flour and eggs. 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 Sectoral Update December 17, 2024

<ul><li>We expect higher minimum wages in FY25 and a positive impact from purchasing power and govt’s meal program to create more jobs.</li><li>We estimate stronger volume growth in FY25, supported by ASP adjustments, to drive FY25F core profit growth of 9.3% yoy.</li><li>We prefer market leaders with opportunities to gain market share and implement ASP adjustment. Maintain Overweight with top pick on ICBP.</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 higher minimum wages in FY25 and a positive impact from purchasing power and govt’s meal program to create more jobs.We estimate stronger volume growth in FY25, supported by ASP adjustments, to drive FY25F core profit growth of 9.3% yoy.We prefer market leaders with opportunities to gain market share and implement ASP adjustment. Maintain Overweight with top pick on ICBP.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: FY25 Outlook: Growth Drivers from Supported Purchasing Power and Strategic Pricing

<ul><li>We estimate 3Q24/9M24 sector revenue growth of +2.6%/+4% yoy and 9M24 operating profit of +7% yoy, in line with our and cons. est.</li><li>We expect solid revenue and stable margins to support 9M24 core profit growth of 9% yoy, in line with meeting our FY24F and Cons. </li><li>Festive events and export markets should drive sales in 4Q24. We maintain our OW rating, with ICBP and MYOR as our top picks.</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 3Q24/9M24 sector revenue growth of +2.6%/+4% yoy and 9M24 operating profit of +7% yoy, in line with our and cons. est.We expect solid revenue and stable margins to support 9M24 core profit growth of 9% yoy, in line with meeting our FY24F and Cons. Festive events and export markets should drive sales in 4Q24. We maintain our OW rating, with ICBP and MYOR as our top picks.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: Sustained Solid Core Profit Growth on Stable Margins, in Line with Our and Consensus

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: External Risks Loom...

Amid the possibility of further tariffs to be imposed by Trump, we think key risk to watch remains on EM currency and market risk-offs.

BRI Danareksa Research

External Risks Loom, But Improving Domestic Conditions May Cushion Against Further De-Rating

Amid the possibility of further tariffs to be imposed by Trump, we think key risk to watch remains on EM currency and market risk-offs.

BRI Danareksa Research

Consumer Sectoral Update December 17, 2024

Kantar reported that household spending in Indonesia increased by +7.0% YoY in 3Q24, reaching IDR6 mn (vs IDR5.6 mn in 3Q23), driven by fresh food...

MNC Sekuritas

Consumer: FY25 Outlook: Growth Drivers from Supported Purchasing Power and Strategic Pricing

We expect higher minimum wages in FY25 and a positive impact from purchasing power and govt’s meal program to create more jobs.

BRI Danareksa Research

Consumer: Sustained Solid Core Profit Growth on Stable Margins, in Line with Our and Consensus

We estimate 3Q24/9M24 sector revenue growth of +2.6%/+4% yoy and 9M24 operating profit of +7% yoy, in line with our and cons. est.

BRI Danareksa Research

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