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>JCI recorded a -0.8% correction amid a shortened trading week, mainly driven by declines in conglo names (e.g., DSSA, BRPT, BRMS), as market liquidity continued to contract ahead of the holiday season.</li><li>Large-cap banks (BMRI, BBNI, BBCA) were also among the laggards, giving back gains from earlier in the week.</li><li>On the other hand, metal-related names (e.g., INCO, ANTM, EMAS) outperformed on the back of strong momentum in metals, alongside large-cap non-bank stocks such as TLKM and ASII. </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 a -0.8% correction amid a shortened trading week, mainly driven by declines in conglo names (e.g., DSSA, BRPT, BRMS), as market liquidity continued to contract ahead of the holiday season.Large-cap banks (BMRI, BBNI, BBCA) were also among the laggards, giving back gains from earlier in the week.On the other hand, metal-related names (e.g., INCO, ANTM, EMAS) outperformed on the back of strong momentum in metals, alongside large-cap non-bank stocks such as TLKM and ASII. 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 Metals Sector Vs. Gold Price

<ul><li>JCI’s correction was driven primarily by declines in conglo names (e.g., BREN, CUAN, BRPT, BUMI, DEWA), alongside noticeably weaker retail liquidity ahead of the holiday season.</li><li>Meanwhile, large-cap banks (BMRI, BBRI, BBCA) led the gainers following neutral management-change news from the EGM, supported also by newly-listed SUPA.</li><li>Foreign fund flow was maintained at at US$196mn (all market), despite outflows in previous weeks’ momentum names (BUMI, DEWA) and continued outflows in large-cap banks (BBRI).</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 correction was driven primarily by declines in conglo names (e.g., BREN, CUAN, BRPT, BUMI, DEWA), alongside noticeably weaker retail liquidity ahead of the holiday season.Meanwhile, large-cap banks (BMRI, BBRI, BBCA) led the gainers following neutral management-change news from the EGM, supported also by newly-listed SUPA.Foreign fund flow was maintained at at US$196mn (all market), despite outflows in previous weeks’ momentum names (BUMI, DEWA) and continued outflows in large-cap banks (BBRI).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 Market Cap Conglo Vs. Ex-Conglo

Thematic (Sector/Industry)

<ul><li>Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.</li><li>MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.</li><li>Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.</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.

Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.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 Market Capitalization

<ul><li>JCI rallied by a strong 4.8% w-w and was the top performer among the EM markets last week.</li><li>The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and illiquid and conglo stocks (DCII, DSSA).</li><li>Market’s rally was also driven by the strong return in foreign investors’ flow which amounted to US$412mn, which put Indonesia among the only market with positive flow among the Asian EMs, with notable inflows into large-cap banks and TLKM. </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 rallied by a strong 4.8% w-w and was the top performer among the EM markets last week.The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and illiquid and conglo stocks (DCII, DSSA).Market’s rally was also driven by the strong return in foreign investors’ flow which amounted to US$412mn, which put Indonesia among the only market with positive flow among the Asian EMs, with notable inflows into large-cap banks and TLKM. 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 – Banking Sector’s P/BV Band Chart (5-Year)

<ul><li>Market review: Following 3 weeks of negative performances, JCI staged a rebound of +2.7% w-w, outperforming majority of the EM peers.</li><li>The index’s performance was driven by the large-cap sectors: Banks (+3.1% w-w), Telco (+2.7% w-w) as well as laggard sectors namely Poultry (+7.7% w-w), Cement (+4.5%), and Tower (+4.1%), indicating likelihood of technical rebound amid still limited catalysts.</li><li>Foreign investors remain net sellers in the market with -US$115mn of outflow. </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.

Market review: Following 3 weeks of negative performances, JCI staged a rebound of +2.7% w-w, outperforming majority of the EM peers.The index’s performance was driven by the large-cap sectors: Banks (+3.1% w-w), Telco (+2.7% w-w) as well as laggard sectors namely Poultry (+7.7% w-w), Cement (+4.5%), and Tower (+4.1%), indicating likelihood of technical rebound amid still limited catalysts.Foreign investors remain net sellers in the market with -US$115mn of outflow. 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, LQ45, and IDX80 YTD Performance

Indonesia

Barito Pacific is an integrated energy and chemicals company. It primarily engages in petrochemical production, offering a range of olefins, polyolefins, styrene monomer, and butadiene. The company also operates in renewable energy, property, and hotel management. It was founded in 1979 and is headquartered in Jakarta, Indonesia.

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Barito Pacific (BRPT IJ)

BRIDS Market Pulse: Chart of the Week – JCI Metals Sector Vs. Gold Price

JCI recorded a -0.8% correction amid a shortened trading week, mainly driven by declines in conglo names (e.g., DSSA, BRPT, BRMS), as market...

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – JCI Market Cap Conglo Vs. Ex-Conglo

JCI’s correction was driven primarily by declines in conglo names (e.g., BREN, CUAN, BRPT, BUMI, DEWA), alongside noticeably weaker retail...

BRI Danareksa Research

BRIDS Market Pulse : Chart of the Week – JCI Market Capitalization

MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – Banking Sector’s P/BV Band Chart (5-Year)

The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and...

BRI Danareksa Research

BRIDS Market Pulse : Chart of the week – JCI, LQ45, and IDX80 YTD Performance

Market review: Following 3 weeks of negative performances, JCI staged a rebound of +2.7% w-w, outperforming majority of the EM peers.

BRI Danareksa Research

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