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>1H25 earnings were supported by recurring revenue growth of 10% yoy as Bekasi Mall contribution kicked in, offsetting weak condo revenue.</li><li>We adjusted our FY25F/26F Net Profit by -5%/-7%, reflecting lower landed houses pre-sales and potential IKN’s mall and hotel delay.</li><li>Maintain Buy with a TP of Rp640; Stable CF shall support capex needs until FY29, giving PWON higher bargaining position for rental repricing.</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.

1H25 earnings were supported by recurring revenue growth of 10% yoy as Bekasi Mall contribution kicked in, offsetting weak condo revenue.We adjusted our FY25F/26F Net Profit by -5%/-7%, reflecting lower landed houses pre-sales and potential IKN’s mall and hotel delay.Maintain Buy with a TP of Rp640; Stable CF shall support capex needs until FY29, giving PWON higher bargaining position for rental repricing.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.

Pakuwon Jati (PWON.IJ) - Supported by Sustained Recurring Revenue Growth

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Pakuwon Jati</li>
<li>The UST curve bear steepened aggressively yesterday, driven by a soft auction of 20Y notes amid concerns over the US Budget deficit. The yield on the 2Y UST rose 5 bps to 4.02%, while that on the 10Y UST jumped 11 bps to 4.60%.</li>
<li>Moreover, the yield on the 30Y UST climbed 12 bps to 5.09%, the highest since October 2023. Equities retreated on concerns over the US’ safe-haven status. The S&amp;P 500 fell 1.6% to 5,845, while the Nasdaq declined 1.4% to 18,873.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Pakuwon Jati
The UST curve bear steepened aggressively yesterday, driven by a soft auction of 20Y notes amid concerns over the US Budget deficit. The yield on the 2Y UST rose 5 bps to 4.02%, while that on the 10Y UST jumped 11 bps to 4.60%.
Moreover, the yield on the 30Y UST climbed 12 bps to 5.09%, the highest since October 2023. Equities retreated on concerns over the US’ safe-haven status. The S&amp;P 500 fell 1.6% to 5,845, while the Nasdaq declined 1.4% to 18,873.


<ul><li>1Q25 earnings was supported by recurring revenue growth of 10% yoy, which we expect to remain stabledriven by Bekasi/Pakuwon City Mall.</li><li>We adjusted our FY25F/26F Net Profit by -3%/+2%, reflecting higher non-core expenses and rental income from Bekasi/Pakuwon City Mall.</li><li>Maintain Buy with a TP of Rp640; Stable CF shall support capex needs until FY29, giving PWON higher bargaining position for rental repricing.</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.

1Q25 earnings was supported by recurring revenue growth of 10% yoy, which we expect to remain stabledriven by Bekasi/Pakuwon City Mall.We adjusted our FY25F/26F Net Profit by -3%/+2%, reflecting higher non-core expenses and rental income from Bekasi/Pakuwon City Mall.Maintain Buy with a TP of Rp640; Stable CF shall support capex needs until FY29, giving PWON higher bargaining position for rental repricing.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.

Pakuwon Jati (PWON.IJ) - Recurring Revenue Growth Prospect Is Intact

Leonard Law, CFA

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: International Container, Pakuwon Jati</li>
<li>In the US, the April ISM services index unexpectedly rose to 51.6 (50.2 e / 50.8 p). The new orders component expanded to 52.3 (50.3 e / 50.4 p), while employment increased to 49.0 (47.1 e / 46.2 p).</li>
<li>The prices paid component jumped to 65.1 (61.4 e / 60.9 p), the highest level since 2022. Separately, the April (final) S&amp;P services PMI declined to 50.8 (51.2 e / 54.4 p), below the preliminary reading of 51.4. The composite PMI fell to 50.6 (53.5 p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: International Container, Pakuwon Jati
In the US, the April ISM services index unexpectedly rose to 51.6 (50.2 e / 50.8 p). The new orders component expanded to 52.3 (50.3 e / 50.4 p), while employment increased to 49.0 (47.1 e / 46.2 p).
The prices paid component jumped to 65.1 (61.4 e / 60.9 p), the highest level since 2022. Separately, the April (final) S&amp;P services PMI declined to 50.8 (51.2 e / 54.4 p), below the preliminary reading of 51.4. The composite PMI fell to 50.6 (53.5 p).


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Pakuwon Jati, Bharti Airtel, China Jinmao</li>
<li>US President Donald Trump has signed an executive order to impose 25% tariffs on imports of automobiles and auto parts from April 2 nd, saying that "what we're going to be doing is a 25% tariff for all cars that are not made in the United States".</li>
<li>European Commission President Ursula von der Leyen said she deeply regrets the US tariff decision, and will continue to seek negotiated solutions while safeguarding the bloc’s economic interests.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Pakuwon Jati, Bharti Airtel, China Jinmao
US President Donald Trump has signed an executive order to impose 25% tariffs on imports of automobiles and auto parts from April 2 nd, saying that "what we're going to be doing is a 25% tariff for all cars that are not made in the United States".
European Commission President Ursula von der Leyen said she deeply regrets the US tariff decision, and will continue to seek negotiated solutions while safeguarding the bloc’s economic interests.


Indonesia

PT Pakuwon Jati Tbk owns, develops, and manages shopping centers, business complexes, real estate, industrial estate, and hotels.

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Pakuwon Jati (PWON IJ)