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>Market: JCI rallied +2.5% w-w, in-line with majority of the EMs and the weaker DXY amid benign developments from the global trade tariffs.</li><li>Foreign investors remained net sellers, although outflows moderated to US$71mn, bringing YTD outflow to US$718mn.</li><li>Barring any surprises on the trade tariff front, we see that risk sentiment may remain supportive for flows into EM in the week ahead.</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.

Market: JCI rallied +2.5% w-w, in-line with majority of the EMs and the weaker DXY amid benign developments from the global trade tariffs.Foreign investors remained net sellers, although outflows moderated to US$71mn, bringing YTD outflow to US$718mn.Barring any surprises on the trade tariff front, we see that risk sentiment may remain supportive for flows into EM in the week ahead.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.

BRIDS Market Pulse: Chart of the week – NPI price

<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

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

Macroeconomics

<ul><li>A combination of slight foreign funds outflow and local funds selling has driven a JCI correction of -0.8% wow.</li><li>Foreign funds flow returned to negative, albeit relatively lighter (at -US$169mn) compared to prior weeks.</li><li>The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.</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.

A combination of slight foreign funds outflow and local funds selling has driven a JCI correction of -0.8% wow.Foreign funds flow returned to negative, albeit relatively lighter (at -US$169mn) compared to prior weeks.The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.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.

BRIDS Market Pulse: Chart of the Week – China Coal Inventory at Port

Indonesia

PT Indofood Sukses Makmur Tbk is an Indonesian multinational consumer goods company specializing in the production and distribution of processed food products across the entire supply chain. Its core business activities include consumer branded products like instant noodles (e.g., Indomie), dairy, snacks, and food seasonings; flour milling (Bogasari); agribusiness such as palm oil and sugar; and distribution networks. The company is headquartered in Jakarta, Indonesia, and was incorporated on August 14, 1990.

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Indofood Sukses Makmur (INDF IJ)

BRIDS Market Pulse: Chart of the week – NPI price

Market: JCI rallied +2.5% w-w, in-line with majority of the EMs and the weaker DXY amid benign developments from the global trade tariffs.

BRI Danareksa Research

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

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

BRIDS Market Pulse: Chart of the Week – China Coal Inventory at Port

The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.

BRI Danareksa Research

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