External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<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

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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.

<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

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine stocks added into portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 264% versus MSCI ASEAN’s 46%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine stocks added into portfolio
Since its inception, the portfolio has generated a before-fee total return of 264% versus MSCI ASEAN’s 46%


<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

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Indofood Sukses Makmur (INDF IJ)

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

The Stocks to Own in ASEAN – Vol. 51

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Five stocks remain, nine stocks added.

A. Stotz Investment Research

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)