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>We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.</li><li>We continue to favor exposure in Commodities through Metals (INCO) and Coal (AADI). </li><li>While Consumers sector trade at deep discount, we remain ST cautious amid lingering raw materials pressure and weaker IDR risk.</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 maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.We continue to favor exposure in Commodities through Metals (INCO) and Coal (AADI). While Consumers sector trade at deep discount, we remain ST cautious amid lingering raw materials pressure and weaker IDR risk.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: Oct25 Picks: Sticking with Banks, Commodities, Telco

Thematic (Sector/Industry)

<ul><li>VAT discount continuation combined with potential better outlook on overall liquidity shall support the sector’s FY26F pre-sales.</li><li>Our check with companies suggests minimum exposure towards NPL risks (mostly occurring in the low-end market with building sz. &lt;21sqm).</li><li>We maintain our OW rating as it still trades at discount vs. historical 5- yrs. with improved pre-sales. Key risks is on peaking local fund position.</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.

VAT discount continuation combined with potential better outlook on overall liquidity shall support the sector’s FY26F pre-sales.Our check with companies suggests minimum exposure towards NPL risks (mostly occurring in the low-end market with building sz. &lt;21sqm).We maintain our OW rating as it still trades at discount vs. historical 5- yrs. with improved pre-sales. Key risks is on peaking local fund position.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.

Property: VAT Discount Continuation and Better Liquidity to Support FY26 Pre-Sales (OVERWEIGHT)

<ul><li>JLL expects landed housing and retail segments to remain strong in FY25F, driven by VAT incentives and stable mall traffic.</li><li>Chinese manufacturers continue to fuel demand for industrial estate, while hotels are resilient, but condos are still in a wait-and-see mode.</li><li>We maintain our OW rating on the sector and prefer developers offering entry-level end-users (Rp1-5bn) landed houses. Top Picks: CTRA, SSIA.</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.

JLL expects landed housing and retail segments to remain strong in FY25F, driven by VAT incentives and stable mall traffic.Chinese manufacturers continue to fuel demand for industrial estate, while hotels are resilient, but condos are still in a wait-and-see mode.We maintain our OW rating on the sector and prefer developers offering entry-level end-users (Rp1-5bn) landed houses. Top Picks: CTRA, SSIA.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.

Property - Overall: KTA from Meeting with JLL

<ul><li>Property stocks tend to re-rate ahead of or during rate cuts, even though pre-sales remain more dependent on product mix and launches.</li><li>Stronger IDR and weak consumption may pave the way for BI rate cut, with local funds already loading up on the property sector.</li><li>Maintain OW in the sector; prefer quality names over deep discounts to support sustainable re-rate. Top Picks: CTRA&gt;PWON&gt;SMRA&gt;BSDE.</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.

Property stocks tend to re-rate ahead of or during rate cuts, even though pre-sales remain more dependent on product mix and launches.Stronger IDR and weak consumption may pave the way for BI rate cut, with local funds already loading up on the property sector.Maintain OW in the sector; prefer quality names over deep discounts to support sustainable re-rate. Top Picks: CTRA&gt;PWON&gt;SMRA&gt;BSDE.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.

Property: Picking Quality Names to Ride the Rate Cut Sentiment (OVERWEIGHT)

<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

Indonesia

Pakuwon Jati Tbk is a real estate developer in Indonesia, specializing in the development, marketing, and operations of properties. The company's diverse portfolio includes shopping malls, retail centers, office buildings, hotels, residential properties (both high-rise and landed), and serviced apartments. Pakuwon Jati was founded in 1982 and is headquartered in Surabaya, Indonesia.

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