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.

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<ul><li>Post soft 9M23 earnings, we see potential drivers for recovery in 4Q23 and FY24 from clean energy and DMMX digital/platform services.</li><li>Secured funding (c.US$35mn for a 20% stake sale in ESB) shall boost its value in the EV supply chain.</li><li>Buy rating maintained on intact industry positioning, with lower TP of Rp7,800 (from Rp17,800) at an inline valuation with its 5-year average.</li></ul><p><em>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.</em></p>

Post soft 9M23 earnings, we see potential drivers for recovery in 4Q23 and FY24 from clean energy and DMMX digital/platform services.Secured funding (c.US$35mn for a 20% stake sale in ESB) shall boost its value in the EV supply chain.Buy rating maintained on intact industry positioning, with lower TP of Rp7,800 (from Rp17,800) at an inline valuation with its 5-year average.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.

M Cash Integrasi (MCAS.IJ) - Brighter Outlook in FY24 as Tech Enabler Positioning Is Intact

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

<div><div><div><div><ul><li>1Q22 saw robust performances: Revenue was -7.4% YoY to IDR3,044bn in 1Q22, largely driven by -67% YoY decline in digital products &amp; services (on the flip side, this segment saw 2pp expansion in GPM).</li></ul><div><div><div><div><ul><li>Streamlining top-line estimates: We revised down our revenue estimates slightly by -0.5%/-2%/-4% to IDR15,044bn/IDR17,198bn/IDR19,135bn in FY22E/23E/24E, due to downward revisions for digital products and cloud advertising segments, offset by upward revisions for SaaS, Clean Energy, and the additional revenue streams from latest partnerships (E-wholesale, Audio Visual, and Content &amp; Entertainment).</li></ul><div><div><div><div><ul><li>Improving PATMI margins from FY22-24E: Our PATMI margin estimates have mostly remained the same and on upward trends at 0.3%/0.5%/0.7% (prior: 0.3%/0.4%/0.7%) in FY22E/23E/24E, respectively, as MCAS leverages on its dist.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div>

1Q22 saw robust performances: Revenue was -7.4% YoY to IDR3,044bn in 1Q22, largely driven by -67% YoY decline in digital products &amp; services (on the flip side, this segment saw 2pp expansion in GPM).Streamlining top-line estimates: We revised down our revenue estimates slightly by -0.5%/-2%/-4% to IDR15,044bn/IDR17,198bn/IDR19,135bn in FY22E/23E/24E, due to downward revisions for digital products and cloud advertising segments, offset by upward revisions for SaaS, Clean Energy, and the additional revenue streams from latest partnerships (E-wholesale, Audio Visual, and Content &amp; Entertainment).Improving PATMI margins from FY22-24E: Our PATMI margin estimates have mostly remained the same and on upward trends at 0.3%/0.5%/0.7% (prior: 0.3%/0.4%/0.7%) in FY22E/23E/24E, respectively, as MCAS leverages on its dist.

PT M Cash Integrasi Tbk - New Partnerships Bearing Fruits

<div><div><div><div><ul><li>Upping our estimates on network expansion - We raised our revenue estimates by 5%/4%/9% to IDR15,119bn/IDR17,553bn/IDR19,981bn in FY22E/23E/24E, respectively, largely due to higher number of distribution points (digital product aggregator members).</li></ul><div><div><div><ul><li>Margins to improve given more favorable product mix</li></ul><div><div><div><div><ul><li>Nurturing WABA, DigiResto and EVs - The group has delivered new initiatives</li></ul></div></div></div></div></div></div></div></div></div></div></div>

Upping our estimates on network expansion - We raised our revenue estimates by 5%/4%/9% to IDR15,119bn/IDR17,553bn/IDR19,981bn in FY22E/23E/24E, respectively, largely due to higher number of distribution points (digital product aggregator members).Margins to improve given more favorable product mixNurturing WABA, DigiResto and EVs - The group has delivered new initiatives

PT M Cash Integrasi Tbk: Leaning More Towards High-Margin Products

<p>Covid-19 has proven to be a bane to MCAS’s margins even as 1H21 revenue met c.50% of FY21E expectations of IDR12,620bn. 1H21 core NPAT formed ~28% of our FY forecasts on lower-than-expected operating margin of 0.9% (FY21E: 1.6%). We forecast ops margin to recover to 2-4% from FY22E onwards and we remain bullish on MCAS’s continued network expansion and integration with partners’ ecosystems. We rollover our valuation to 1.1x FY22E EV/Sales, raising our TP to IDR17,820/share. Reiterate BUY.</p>

Covid-19 has proven to be a bane to MCAS’s margins even as 1H21 revenue met c.50% of FY21E expectations of IDR12,620bn. 1H21 core NPAT formed ~28% of our FY forecasts on lower-than-expected operating margin of 0.9% (FY21E: 1.6%). We forecast ops margin to recover to 2-4% from FY22E onwards and we remain bullish on MCAS’s continued network expansion and integration with partners’ ecosystems. We rollover our valuation to 1.1x FY22E EV/Sales, raising our TP to IDR17,820/share. Reiterate BUY.

Indonesia

PT M Cash Integrasi (MCAS) is a digital infrastructures company that aggregates and structures digital portfolios to address specific needs of the economy. The Company builds multiple business initiatives which thread together to create intersecting suites of services with intended network effect.

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M Cash Integrasi PT (MCAS IJ)

M Cash Integrasi (MCAS.IJ) - Brighter Outlook in FY24 as Tech Enabler Positioning Is Intact

Post soft 9M23 earnings, we see potential drivers for recovery in 4Q23 and FY24 from clean energy and DMMX digital/platform services.

BRI Danareksa Research

PT M Cash Integrasi Tbk - New Partnerships Bearing Fruits

Led by SaaS and Cloud Advertising, gross profit share of high-margin products continued to expand by ~20pp YoY to 62% in 1Q22.

SCCM Asia Research

PT M Cash Integrasi Tbk: Leaning More Towards High-Margin Products

We raised our EV/Sales multiple valuation to IDR19,170/share on higher FY22E revenue estimates. Profit wise, we expect margins to improve due to...

SCCM Asia Research

SCCM | PT M Cash Integrasi Tbk (MCAS IJ)

Looking ahead to FY22E and beyond, Covid-19 has proven to be a bane to MCAS’s margins even as 1H21 revenue met c.50% of FY21E expectations of...

SCCM Asia Research

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