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.

Equity Bottom-Up

<ul><li>IOH aims to grow inline with its spectrum holdings and sees new merger to result in more efficiencies; Starlink will complement market.</li><li>IOH key priority is the investments in distribution while it aims to improve profitability at the micro level amid its expansion in ex-Java.</li><li>Maintain Buy rating with TP Rp13,300. IOH adds more growth layers with higher contribution from B2B investing in GPUs and 5G.</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.

IOH aims to grow inline with its spectrum holdings and sees new merger to result in more efficiencies; Starlink will complement market.IOH key priority is the investments in distribution while it aims to improve profitability at the micro level amid its expansion in ex-Java.Maintain Buy rating with TP Rp13,300. IOH adds more growth layers with higher contribution from B2B investing in GPUs and 5G.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.

Indosat Ooredoo Hutchison - KTAs from Meeting with CFO

Thematic (Sector/Industry)

<ul><li>Semiconductors enable telcos / AI startups to position in the ML and AI market and downstream computing power to their clients.</li><li>This will support SE Asia/Indonesia DCs significant growth in load capacity, favoring those that are tied with telcos with captive clientele. </li><li>Indonesian Telcos may benefit from connectivity and AIaas offerings, while TLKM benefits the most as it owns key DC infra; maintain OW</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.

Semiconductors enable telcos / AI startups to position in the ML and AI market and downstream computing power to their clients.This will support SE Asia/Indonesia DCs significant growth in load capacity, favoring those that are tied with telcos with captive clientele. Indonesian Telcos may benefit from connectivity and AIaas offerings, while TLKM benefits the most as it owns key DC infra; maintain OWContent 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.

Telco: Poised to Reap Potential Upside from AI Proliferation (OVERWEIGHT)

<ul><li>We project a softer FY24 EPS growth outlook of +3% yoy (vs. +5% prev.) amid slowing growth in 2Q24, but see limited further downside risk.</li><li>JCI’s current 1.8x PBV (22% disc. to 10-year mean) seems unwarranted as we forecast FY24 ROE to fall only slightly to 9.5% (vs. 10y avg of 10%).</li><li>We lower our FY24-end JCI target slightly to 7,670 (vs. 7,830 prev.); our stock picks favor defensive and quality names.</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 project a softer FY24 EPS growth outlook of +3% yoy (vs. +5% prev.) amid slowing growth in 2Q24, but see limited further downside risk.JCI’s current 1.8x PBV (22% disc. to 10-year mean) seems unwarranted as we forecast FY24 ROE to fall only slightly to 9.5% (vs. 10y avg of 10%).We lower our FY24-end JCI target slightly to 7,670 (vs. 7,830 prev.); our stock picks favor defensive and quality names.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.

Growth Headwinds Priced In, but We Prefer Defensive and ‘quality’ Amid Lingering Uncertainties

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Amman Mineral Internasional / Index Rebalance

<ul>
<li>There are 2 constituent changes for the LQ45 Index and 6 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 30 April.</li>
<li>The largest passive inflows are expected in <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (AMMN IJ)</a>, <a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat Tbk PT (ISAT IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI IJ)</a> and <a href="https://www.smartkarma.com/entities/merdeka-copper-gold-tbk-pt" target="_blank" data-smartkarma-citation="entities:28447:1" rel="noopener">Merdeka Copper Gold Tbk PT (MDKA IJ)</a>. </li>
<li>With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 2 constituent changes for the LQ45 Index and 6 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 30 April.
The largest passive inflows are expected in Amman Mineral Internasional (AMMN IJ), Indosat Tbk PT (ISAT IJ), Bank Rakyat Indonesia (BBRI IJ) and Merdeka Copper Gold Tbk PT (MDKA IJ). 
With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​​LQ45/IDX80 Index Rebalance: BIG Flows for Some Stocks

<ul><li>We noted Telkom’s resilient 1Q24 topline as per expectations amid seasonality which implies IOH and EXCL may also deliver inline revenue.</li><li>Expect IOH and EXCL to deliver sturdy EBITDA margins as telcos refrain from taking commercial initiativesin 1Q24, hence limited NP downside.</li><li>Maintain sector OW rating as TLKM results imply the sector remains constructive, hence recent sharp de-rating is unwarranted.</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 noted Telkom’s resilient 1Q24 topline as per expectations amid seasonality which implies IOH and EXCL may also deliver inline revenue.Expect IOH and EXCL to deliver sturdy EBITDA margins as telcos refrain from taking commercial initiativesin 1Q24, hence limited NP downside.Maintain sector OW rating as TLKM results imply the sector remains constructive, hence recent sharp de-rating is unwarranted.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.

Telco: 1Q24 Preview: TLKM’s Inline 1Q24 Earnings Implies Possible Limited Downside for ISAT and EXCL

Indonesia

PT Indosat Tbk is a telecommunication and information service provider in Indonesia that provides cellular services (prepaid and postpaid), fixed data services or MIDI (Multimedia, Internet & Data Communication) and fixed voice services including fixed wireless access services.

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Indosat Tbk PT (ISAT IJ)

Indosat Ooredoo Hutchison - KTAs from Meeting with CFO

IOH aims to grow inline with its spectrum holdings and sees new merger to result in more efficiencies; Starlink will complement market.

BRI Danareksa Research

Telco: Poised to Reap Potential Upside from AI Proliferation (OVERWEIGHT)

Semiconductors enable telcos / AI startups to position in the ML and AI market and downstream computing power to their clients.

BRI Danareksa Research

Growth Headwinds Priced In, but We Prefer Defensive and ‘quality’ Amid Lingering Uncertainties

We project a softer FY24 EPS growth outlook of +3% yoy (vs. +5% prev.) amid slowing growth in 2Q24, but see limited further downside risk

BRI Danareksa Research

IDX30/LQ45/IDX80 Index Rebalance: BIG Flows for Some Stocks

The Indonesian indices rebalance at the close today and there will be multiple days of volume going through on some stocks.

Brian Freitas

Telco: 1Q24 Preview: TLKM’s Inline 1Q24 Earnings Implies Possible Limited Downside for ISAT and EXCL

We noted Telkom’s resilient 1Q24 topline as per expectations amid seasonality which implies IOH and EXCL may also deliver inline revenue.

BRI Danareksa Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Indosat Ooredoo Hutchison - KTAs from Meeting with CFO

IOH aims to grow inline with its spectrum holdings and sees new merger to result in more efficiencies; Starlink will complement market.

BRI Danareksa Research

Telco: Poised to Reap Potential Upside from AI Proliferation (OVERWEIGHT)

Semiconductors enable telcos / AI startups to position in the ML and AI market and downstream computing power to their clients.

BRI Danareksa Research

Growth Headwinds Priced In, but We Prefer Defensive and ‘quality’ Amid Lingering Uncertainties

We project a softer FY24 EPS growth outlook of +3% yoy (vs. +5% prev.) amid slowing growth in 2Q24, but see limited further downside risk

BRI Danareksa Research

IDX30/​​LQ45/IDX80 Index Rebalance: BIG Flows for Some Stocks

The Indonesian indices rebalance at the close today and there will be multiple days of volume going through on some stocks.

Brian Freitas

Telco: 1Q24 Preview: TLKM’s Inline 1Q24 Earnings Implies Possible Limited Downside for ISAT and EXCL

We noted Telkom’s resilient 1Q24 topline as per expectations amid seasonality which implies IOH and EXCL may also deliver inline revenue.

BRI Danareksa Research

IDX30/LQ45/IDX80 Index Rebalance: BIG Flows for Some Stocks