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 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

<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: 3Q24 Preview: Sustained Solid Core Profit Growth on Stable Margins

<ul><li>Amid continued downtrading and limited catalystsin 3Q24, we expect regional elections and social aid to support consumption spending.</li><li>We view FY25 govt budget as supportive for purchasing power, despite risks from higher VAT, higher tax revenue &amp; new excise taxes. </li><li>We favor companies with organic growth, export contribution, and proven cost mgmt; reiterate our Buy rating on ICBP and MYOR.</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 continued downtrading and limited catalystsin 3Q24, we expect regional elections and social aid to support consumption spending.We view FY25 govt budget as supportive for purchasing power, despite risks from higher VAT, higher tax revenue &amp; new excise taxes. We favor companies with organic growth, export contribution, and proven cost mgmt; reiterate our Buy rating on ICBP and MYOR.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: Sticking with the Winners Amid Lingering Challenges (OVERWEIGHT)

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.

Equity Bottom-Up

<ul><li>SIDO reported outstanding performance in 2Q24, with revenue coming in at IDR843.1 bn (- 20.0% QoQ/+12.9% YoY).</li><li>The QoQ decrease was due to seasonality, while the YoY growth was driven by higher volume across all segments.</li><li>Segment-wise, Herbal, the largest contributor (57.7%), exhibited an +8.1% YoY growth, while FnB (38.0%) grew by +21.2% YoY and Pharmacy (17.6%) advanced by +12.3% YoY. </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.

SIDO reported outstanding performance in 2Q24, with revenue coming in at IDR843.1 bn (- 20.0% QoQ/+12.9% YoY).The QoQ decrease was due to seasonality, while the YoY growth was driven by higher volume across all segments.Segment-wise, Herbal, the largest contributor (57.7%), exhibited an +8.1% YoY growth, while FnB (38.0%) grew by +21.2% YoY and Pharmacy (17.6%) advanced by +12.3% YoY. 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.

SIDO IJ - MNC Sekuritas Equity Report July 30, 2024

Indonesia

PT Industri Jamu Dan Farmasi Sido Muncul Tbk manufactures and produces herbal products. The Company's products consist of medicinal herbs, energy drinks, sweets and other beverages.

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Sido Muncul (SIDO IJ)

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

Consumer: 3Q24 Preview: Sustained Solid Core Profit Growth on Stable Margins

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

Consumer: Sticking with the Winners Amid Lingering Challenges (OVERWEIGHT)

Amid continued downtrading and limited catalystsin 3Q24, we expect regional elections and social aid to support consumption spending.

BRI Danareksa Research

SIDO IJ - MNC Sekuritas Equity Report July 30, 2024

SIDO reported outstanding performance in 2Q24, with revenue coming in at IDR843.1 bn (- 20.0% QoQ/+12.9% YoY). The QoQ decrease was due to...

MNC Sekuritas

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