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>Based on our channel checks, tobacco companies under our coverage were relatively slow in adjusting ASPs in 2Q24 to offset the FY25 excise tax hike (+10%).</li><li>We believe producers are being cautious in adjusting ASPs amid relatively weak consumer spending power, particularly after the rise in food staple prices in 1H24.</li><li>We note that the excise revenue target in the 2025 draft state budget is IDR244.2 tn.</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.

Based on our channel checks, tobacco companies under our coverage were relatively slow in adjusting ASPs in 2Q24 to offset the FY25 excise tax hike (+10%).We believe producers are being cautious in adjusting ASPs amid relatively weak consumer spending power, particularly after the rise in food staple prices in 1H24.We note that the excise revenue target in the 2025 draft state budget is IDR244.2 tn.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 broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Macroeconomics

<ul><li>The VN-Index (VNI) increased 2.6% in August. At the beginning of the month (August 1st to 5th), the VNI declined 5.1% as selling pressure occurred across all sectors in line with the negative performance of the global stock market in the same period (S&amp;P500: -4.8%; Nasdaq: -5.8%; DJI: -4.1%; Nikkei 225: -17.5%).</li><li>However, the VNI quickly recovered towards the end of August (+8.1%) due to several factors including: (1) global equity markets rallied with S&amp;P500: +8.9%; Nasdaq: +9.3%; DJI: +7.4%; Nikkei 225: +22.9%, (2) higher expectations about the removal of the "prefunding" bottleneck, which is a key criterion for the market upgrade by FTSE, (3) the appreciation of the VND supported market sentiment (the VND appreciated 1.6% against the USD in August), and (4) real estate stocks increased 4.5% in August as three amended laws (Land Law 2024, Housing Law 2023, and the Real Estate Business Law 2023) took effect from August 1, 2024.</li><li>As of August 30, the VNI closed at 1,283.9 (+2.6% MoM).</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.

The VN-Index (VNI) increased 2.6% in August. At the beginning of the month (August 1st to 5th), the VNI declined 5.1% as selling pressure occurred across all sectors in line with the negative performance of the global stock market in the same period (S&amp;P500: -4.8%; Nasdaq: -5.8%; DJI: -4.1%; Nikkei 225: -17.5%).However, the VNI quickly recovered towards the end of August (+8.1%) due to several factors including: (1) global equity markets rallied with S&amp;P500: +8.9%; Nasdaq: +9.3%; DJI: +7.4%; Nikkei 225: +22.9%, (2) higher expectations about the removal of the "prefunding" bottleneck, which is a key criterion for the market upgrade by FTSE, (3) the appreciation of the VND supported market sentiment (the VND appreciated 1.6% against the USD in August), and (4) real estate stocks increased 4.5% in August as three amended laws (Land Law 2024, Housing Law 2023, and the Real Estate Business Law 2023) took effect from August 1, 2024.As of August 30, the VNI closed at 1,283.9 (+2.6% MoM).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 Recap August 2024 - VN-Index extends gains in August

<ul><li>Residential sales grew by +31.2% YoY in 1Q24, meanwhile the ASP was relatively stable with +1.9% YoY growth.</li><li>Developers recorded an average increase in marketing sales of 13.1% YoY in 1Q24, with approximately ~46-47% marketing sales resulting from the VAT incentive, in line with the 100% VAT allowance in 1H24 and 50% in 2H24.</li><li>According to the survey from Rumah123, Tangerang became the most popular location reaching 15.6%, followed by South Jakarta (11.4%) and West Jakarta (10.8%), with a price range of IDR1-3billion/unit. </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.

Residential sales grew by +31.2% YoY in 1Q24, meanwhile the ASP was relatively stable with +1.9% YoY growth.Developers recorded an average increase in marketing sales of 13.1% YoY in 1Q24, with approximately ~46-47% marketing sales resulting from the VAT incentive, in line with the 100% VAT allowance in 1H24 and 50% in 2H24.According to the survey from Rumah123, Tangerang became the most popular location reaching 15.6%, followed by South Jakarta (11.4%) and West Jakarta (10.8%), with a price range of IDR1-3billion/unit. 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.

Property Sector - The Dawn of a Promising Upsurge

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 estimate sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)</li><li>We see limited catalysts for 3Q24, aside from rev growth from export markets (for ICBP and MYOR).</li><li>We maintain OW rating on the sector; ICBP (TP of Rp12,900) and MYOR (TP of Rp3,200) remain 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 sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)We see limited catalysts for 3Q24, aside from rev growth from export markets (for ICBP and MYOR).We maintain OW rating on the sector; ICBP (TP of Rp12,900) and MYOR (TP of Rp3,200) remain 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: 2Q24 Preview: Expect Solid Core Profit Growth on Better Margins

<ul><li>The global crude oil prices showed a hike in Apr-2024 with average Brent spot price stood at USD89.0/BBL and WTI at USD84.4/BBL, respectively increasing from USD84.7/BBL and USD80.4/BBL.</li><li>This climb was mainly driven by the easing global oil inventories following OPEC’s decision to implement voluntary production cuts until 1H24, resulting in an average of 0.3mbpd global oil stocks reduction.</li><li>Concurrently, the heating geopolitical friction in Middle East amid Iran and Israel, also contributed to the global oil prices. </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.

The global crude oil prices showed a hike in Apr-2024 with average Brent spot price stood at USD89.0/BBL and WTI at USD84.4/BBL, respectively increasing from USD84.7/BBL and USD80.4/BBL.This climb was mainly driven by the easing global oil inventories following OPEC’s decision to implement voluntary production cuts until 1H24, resulting in an average of 0.3mbpd global oil stocks reduction.Concurrently, the heating geopolitical friction in Middle East amid Iran and Israel, also contributed to the global oil prices. 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.

Oil and Gas: Fragile Recovery: Not Out of the Red Yet

Indonesia

The Jakarta Stock Price Index is a modified capitalization-weighted index of all stocks listed on the regular board of the Indonesia Stock Exchange. The index was developed with a base index value of 100 as of August 10, 1982. Please look at CDR JA<GO> for exchange trading days.

Jakarta Stock Exchange Composite Index (JCI INDEX)

Jakarta Stock Exchange Composite Index (JCI INDEX)

Tobacco Sector - A Biting Year Ahead

Based on our channel checks, tobacco companies under our coverage were relatively slow in adjusting ASPs in 2Q24 to offset the FY25 excise tax hike...

MNC Sekuritas

Market Recap August 2024 - VN-Index extends gains in August

Since the beginning of the year to end-August, the VNI increased 13.6%, outperforming regional markets such as the Philippines’ PCOMP (+6.9%),...

Vietcap

Property Sector - The Dawn of a Promising Upsurge

Meanwhile, the strength of the property market in Bali was primarily supported by the tourism sector and several policies and incentives that allow...

MNC Sekuritas

Consumer: 2Q24 Preview: Expect Solid Core Profit Growth on Better Margins

We estimate sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq). We see limited...

BRI Danareksa Research

Oil and Gas: Fragile Recovery: Not Out of the Red Yet

The global crude oil prices showed a hike in Apr-2024 with average Brent spot price stood at USD89.0/BBL and WTI at USD84.4/BBL, respectively...

MNC Sekuritas