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>JCI rose to reach another all-time high level of 8,600, before closing the week +1.1% w-w, lifting YTD performance to +20.2%.</li><li>The week’s gains were led by select conglomerate-group stocks (e.g., DSSA +10.0%, CUAN +18.6%, PTRO +11.7%, RATU +23.1% w-w), while large-cap banks lagged (BBRI -7.1%, BBCA -1.5%, BMRI -2.4% w-w).</li><li>For sectors under our coverage, Industrial Estate (+5.5% w-w), Telco (+3.4%) and Heavy Equipment (+3.6%) outperformed, while Banks (-3.1% w-w) and Retailers (-2.3%) were laggards on the back of still soft Oct25 earnings.</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 to reach another all-time high level of 8,600, before closing the week +1.1% w-w, lifting YTD performance to +20.2%.The week’s gains were led by select conglomerate-group stocks (e.g., DSSA +10.0%, CUAN +18.6%, PTRO +11.7%, RATU +23.1% w-w), while large-cap banks lagged (BBRI -7.1%, BBCA -1.5%, BMRI -2.4% w-w).For sectors under our coverage, Industrial Estate (+5.5% w-w), Telco (+3.4%) and Heavy Equipment (+3.6%) outperformed, while Banks (-3.1% w-w) and Retailers (-2.3%) were laggards on the back of still soft Oct25 earnings.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 – BBCA’s P/BV band chart (5-year)

Macroeconomics

<ul><li>JCI extended rally, though still driven by conglo stocks; foreign selling persisted.</li><li>The JCI extended its rally (+1.7% w-w) to close at a new record high of 8,528, lifting YTD gains to 16.6% and outperforming most ASEAN peers, except Singapore’s STI index.</li><li>Conglomerate names (CUAN +51.9%, BRPT +11.2%, CDIA +34.1%) continued to drive weekly gains, while largecap banks lagged, with BBCA (-1.7%) and BMRI (-1.4%) under pressure; BBRI was the only bank ending the week in positive territory. </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 extended rally, though still driven by conglo stocks; foreign selling persisted.The JCI extended its rally (+1.7% w-w) to close at a new record high of 8,528, lifting YTD gains to 16.6% and outperforming most ASEAN peers, except Singapore’s STI index.Conglomerate names (CUAN +51.9%, BRPT +11.2%, CDIA +34.1%) continued to drive weekly gains, while largecap banks lagged, with BBCA (-1.7%) and BMRI (-1.4%) under pressure; BBRI was the only bank ending the week in positive territory. 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 – JCI vs. VIX index

<ul><li>JCI recorded another positive week, up 0.6% w-w, outperforming majority of EM peers.</li><li>This brought YTD performance to 14%, better than the ASEAN peers albeit still lagging behind HK (30%) and Korean (41%) markets.</li><li>However, like in the previous week, JCI’s performance continued to be supported by conglo group stocks (BRPT +23% w-w) and the mining sector (MBMA +23%, BRMS +10%).</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 recorded another positive week, up 0.6% w-w, outperforming majority of EM peers.This brought YTD performance to 14%, better than the ASEAN peers albeit still lagging behind HK (30%) and Korean (41%) markets.However, like in the previous week, JCI’s performance continued to be supported by conglo group stocks (BRPT +23% w-w) and the mining sector (MBMA +23%, BRMS +10%).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 – LQ45 Index vs. USDIDR

<ul><li>JCI’s volatility and foreign outflow continued. JCI closed the week -0.2% w-w, bouncing back from the week’s low, though still underperforming most EM peers.</li><li>Foreign outflow from equities continued (US$401mn), the largest among peers, bringing YTD outflow to US$3.7bn.</li><li>Investors’ negative sentiment was driven by the reshuffle of MoF post, although it improved later in the week following new MoF’s statement to transfer Rp200tr of government’s fund from BI to state-owned banks, hence potentially lowering banks’ cost of funds and driving better loan growth. </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’s volatility and foreign outflow continued. JCI closed the week -0.2% w-w, bouncing back from the week’s low, though still underperforming most EM peers.Foreign outflow from equities continued (US$401mn), the largest among peers, bringing YTD outflow to US$3.7bn.Investors’ negative sentiment was driven by the reshuffle of MoF post, although it improved later in the week following new MoF’s statement to transfer Rp200tr of government’s fund from BI to state-owned banks, hence potentially lowering banks’ cost of funds and driving better loan growth. 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 – Foreign investors’ ownership in Big-4 Banks

<ul><li>Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.</li><li>Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).</li><li>Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).</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.

Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).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 – Metal sector vs. gold price

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 – BBCA’s P/BV band chart (5-year)

JCI rose to reach another all-time high level of 8,600, before closing the week +1.1% w-w, lifting YTD performance to +20.2%.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – JCI vs. VIX index

The JCI extended its rally (+1.7% w-w) to close at a new record high of 8,528, lifting YTD gains to 16.6% and outperforming most ASEAN peers,...

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – LQ45 Index vs. USDIDR

This brought YTD performance to 14%, better than the ASEAN peers albeit still lagging behind HK (30%) and Korean (41%) markets.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – Foreign investors’ ownership in Big-4 Banks

JCI’s volatility and foreign outflow continued. JCI closed the week -0.2% w-w, bouncing back from the week’s low, though still underperforming most...

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – Metal sector vs. gold price

Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).

BRI Danareksa Research