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.

Macroeconomics

<ul><li>JCI ended the week up +0.9% wow, amidst mixed performances for the other EMs.</li><li>Foreign funds recorded a slight inflow (+US$14.9mn), aided by flows into BMRI, TLKM, UNTR.</li><li>BBRI saw a small inflow (US$1.7mn), marking the first reversal from the outflow in prior weeks. </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.

JCI ended the week up +0.9% wow, amidst mixed performances for the other EMs.Foreign funds recorded a slight inflow (+US$14.9mn), aided by flows into BMRI, TLKM, UNTR.BBRI saw a small inflow (US$1.7mn), marking the first reversal from the outflow in prior weeks. 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 – BBRI Vs. Rate Cut

Thematic (Sector/Industry)

<ul><li>The period of policy rate cut was historically positive for JCI, which delivered 21% return during FY16-18 125bps rate cut.</li><li>Banks and the perceived interest-rate sensitive sectors were clear winners during the past rate cut period.</li><li>Despite limited scope for further cuts, we see BI’s move as positive to support growth; we retain our FY25-end JCI target of 7,850.</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 period of policy rate cut was historically positive for JCI, which delivered 21% return during FY16-18 125bps rate cut.Banks and the perceived interest-rate sensitive sectors were clear winners during the past rate cut period.Despite limited scope for further cuts, we see BI’s move as positive to support growth; we retain our FY25-end JCI target of 7,850.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.

Equity Strategy: Potential Winners from BI’s Surprise Rate Cut

<ul><li>Despite external headwinds on Rupiah and liquidity, we believe JCI valuation has currently priced in a soft growth outlook for FY25.</li><li>Amid resilient economic growth outlook, we forecast FY25 EPS growth of 6.5%, which also transpires into improving market ROE to 19.6%.</li><li>We foresee JCI target of 7,850 based on 13x PE; our preferred picks are defensive sectors (i.e, Consumers, Telco) and Rupiah hedge (UNTR).</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.

Despite external headwinds on Rupiah and liquidity, we believe JCI valuation has currently priced in a soft growth outlook for FY25.Amid resilient economic growth outlook, we forecast FY25 EPS growth of 6.5%, which also transpires into improving market ROE to 19.6%.We foresee JCI target of 7,850 based on 13x PE; our preferred picks are defensive sectors (i.e, Consumers, Telco) and Rupiah hedge (UNTR).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.

FY25 Outlook: Attractive Valuation Emerges as Headwind and Soft Growth Outlook Are Priced In

<ul><li>JCI rose 3.8% wow, partly driven by foreign funds inflows particularly into INDF, ASII BREN, UNTR, and GOTO, which more than offset the persisting outflows from the big banks (i.e., BBRI, BBNI and to a lesser extent BBCA and BMRI).</li><li>These resulted in net inflow of US$67mn.</li><li>Within EM, India saw a big inflow of US$3bn during the week, while ASEAN EM peers still faced outflows albeit easing from prior weeks. </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.

JCI rose 3.8% wow, partly driven by foreign funds inflows particularly into INDF, ASII BREN, UNTR, and GOTO, which more than offset the persisting outflows from the big banks (i.e., BBRI, BBNI and to a lesser extent BBCA and BMRI).These resulted in net inflow of US$67mn.Within EM, India saw a big inflow of US$3bn during the week, while ASEAN EM peers still faced outflows albeit easing from prior weeks. 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 – Nov24-end Domestic Fund Sector Positioning

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>China's coal inventory reached its peak in Sep-24 at 642.4mn tons, marking a robust demand of +22.7% YoY (Exhibit 01).</li><li>This was supported by import volume of +11.9% YoY (Indonesia: +2.1% YoY, accounting for 43.3% of total imports), amid a moderate growth in coal thermal output +1.0% YoY in 9M24.</li><li>This increase aligns with policies aimed at enhancing energy security and rising consumption trends that have been evident over the past two years.</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.

China's coal inventory reached its peak in Sep-24 at 642.4mn tons, marking a robust demand of +22.7% YoY (Exhibit 01).This was supported by import volume of +11.9% YoY (Indonesia: +2.1% YoY, accounting for 43.3% of total imports), amid a moderate growth in coal thermal output +1.0% YoY in 9M24.This increase aligns with policies aimed at enhancing energy security and rising consumption trends that have been evident over the past two years.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.

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)

BRIDS Market Pulse : Chart of the Week – BBRI Vs. Rate Cut

JCI ended the week up +0.9% wow, amidst mixed performances for the other EMs. Foreign funds recorded a slight inflow (+US$14.9mn), aided by flows...

BRI Danareksa Research

Equity Strategy: Potential Winners from BI’s Surprise Rate Cut

The period of policy rate cut was historically positive for JCI, which delivered 21% return during FY16-18 125bps rate cut.

BRI Danareksa Research

FY25 Outlook: Attractive Valuation Emerges as Headwind and Soft Growth Outlook Are Priced In

Despite external headwinds on Rupiah and liquidity, we believe JCI valuation has currently priced in a soft growth outlook for FY25.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the week – Nov24-end Domestic Fund Sector Positioning

JCI rose 3.8% wow, partly driven by foreign funds inflows particularly into INDF, ASII BREN, UNTR, and GOTO, which more than offset the persisting...

BRI Danareksa Research

Coal Sectoral Update December 3, 2024

China's coal inventory reached its peak in Sep-24 at 642.4mn tons, marking a robust demand of +22.7% YoY. This was supported by import volume of...

MNC Sekuritas