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.

Equity Bottom-Up

<ul><li>Mitra Adiperkasa (MAPI IJ)Share price underperformance has priced in pessimistic growth expectation; Maintain Buy rating3Q24 performance was driven by Active in both margins and revenue, while Fashion and F&amp;B faced margin pressures.</li><li>We trimmed our FY24/ 25F net profit est. by 2.3%/5.8%, leading to FY25F EPS growth est of 16.8%, driven by Active and Fashion expansion.</li><li>We expect MAPI to sustain revenue and net profit growth and thus see 9.5% YTD share price correction to be unwarranted. Maintain Buy.</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.

Mitra Adiperkasa (MAPI IJ)Share price underperformance has priced in pessimistic growth expectation; Maintain Buy rating3Q24 performance was driven by Active in both margins and revenue, while Fashion and F&amp;B faced margin pressures.We trimmed our FY24/ 25F net profit est. by 2.3%/5.8%, leading to FY25F EPS growth est of 16.8%, driven by Active and Fashion expansion.We expect MAPI to sustain revenue and net profit growth and thus see 9.5% YTD share price correction to be unwarranted. Maintain Buy.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.

Mitra Adiperkasa - Share Price Underperformance Has Priced in Pessimistic Growth Expectation

Thematic (Sector/Industry)

<ul><li>Retailers have offered healthy promotions Ytd, while we observed some FMCG price increases ahead of the Eid Festive season.</li><li>Amid reports of soft sales and demand in Feb Ytd, we believe the affordable FMCG segment should remain lucrative.</li><li>We maintain OW ratings in the Consumer and Retail sectors. We prefer MAPI and KLBF as our top picks, as both offer attractive valuations.</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.

Retailers have offered healthy promotions Ytd, while we observed some FMCG price increases ahead of the Eid Festive season.Amid reports of soft sales and demand in Feb Ytd, we believe the affordable FMCG segment should remain lucrative.We maintain OW ratings in the Consumer and Retail sectors. We prefer MAPI and KLBF as our top picks, as both offer attractive valuations.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.

Retailers Boost Promotions as FMCG Prices Rise Ahead of Eid Festive (OVERWEIGHT)

<ul><li>We expect solid 3Q24 rev. growth (12.5% yoy) with normalized margins driving retailers to fetch 9M24 core profit growth of 3.9% yoy (in line).</li><li>We expect ACES and MIDI to deliver strong 3Q24, with potential for an upgrade if margins exceed expectations and rev. momentum continues.</li><li>MAPI carries significant weight in maintaining growth momentum in the Active and Fashion segments. Maintain Overweight rating.</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 solid 3Q24 rev. growth (12.5% yoy) with normalized margins driving retailers to fetch 9M24 core profit growth of 3.9% yoy (in line).We expect ACES and MIDI to deliver strong 3Q24, with potential for an upgrade if margins exceed expectations and rev. momentum continues.MAPI carries significant weight in maintaining growth momentum in the Active and Fashion segments. Maintain Overweight rating.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.

Retail: 3Q24 Preview: Solid Growth, Normalized Margins; Expect Strong Results from ACES and MIDI

<ul><li>Our retail channel checks from July to early Sept24 indicate ongoing promotions for Sports Brands, while Fashion disc. ended in mid-Aug24. </li><li>We expect manageable inventory days for MAPA, though there are concerns on margins. </li><li>MIDI’s SSSG in Aug24 remained strong at 12%. We maintain an Overweight rating with pecking orders: MIDI&gt; MAPI&gt; ACES&gt; MAPA.</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.

Our retail channel checks from July to early Sept24 indicate ongoing promotions for Sports Brands, while Fashion disc. ended in mid-Aug24. We expect manageable inventory days for MAPA, though there are concerns on margins. MIDI’s SSSG in Aug24 remained strong at 12%. We maintain an Overweight rating with pecking orders: MIDI&gt; MAPI&gt; ACES&gt; MAPA.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.

Retail: Jul-Sep24 Retail Channel Checks: Sports Brands Drive Promotions, Fashion Discount End

<ul><li>ACES and MIDI reported solid 2Q24 SSSG, which leads us to expect robust core profit growth of +23% and +21% yoy, respectively.</li><li>We see delays in overseas expansion impacting MAPA and MAPI, potentially leading to higher inventory and margin compression.</li><li>We maintain OW and see a potential rotation into ACES and MIDI given the anticipation of their continued strong 2Q24 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.

ACES and MIDI reported solid 2Q24 SSSG, which leads us to expect robust core profit growth of +23% and +21% yoy, respectively.We see delays in overseas expansion impacting MAPA and MAPI, potentially leading to higher inventory and margin compression.We maintain OW and see a potential rotation into ACES and MIDI given the anticipation of their continued strong 2Q24 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.

Retail: 2Q24 Preview: ACES and MIDI Shine, MAPA/MAPI May Face Challenges (OVERWEIGHT)

Indonesia

PT Mitra Adiperkasa Tbk operates department stores and specialty stores selling a broad range of goods including clothing, toys, food, and other merchandise.

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