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.

Thematic (Sector/Industry)

<ul>
<li>JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.</li>
<li>In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).</li>
<li>Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.</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 closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.
In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).
Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.

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 vs. LQ45 Forward P/E Band

<ul><li>We expect 2H25 earnings growth to rebound, driven by improved liquidity and prospect of govt spending acceleration.</li><li>We continue to like Telcos and are turning more constructive on banks (stable/ better NIM), while remaining ST cautious on Consumers.</li><li>We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.</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 2H25 earnings growth to rebound, driven by improved liquidity and prospect of govt spending acceleration.We continue to like Telcos and are turning more constructive on banks (stable/ better NIM), while remaining ST cautious on Consumers.We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.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: 2H25: Positioning for a Growth Rebound

<ul><li>Market: JCI rallied +2.5% w-w, in-line with majority of the EMs and the weaker DXY amid benign developments from the global trade tariffs.</li><li>Foreign investors remained net sellers, although outflows moderated to US$71mn, bringing YTD outflow to US$718mn.</li><li>Barring any surprises on the trade tariff front, we see that risk sentiment may remain supportive for flows into EM in the week ahead.</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: JCI rallied +2.5% w-w, in-line with majority of the EMs and the weaker DXY amid benign developments from the global trade tariffs.Foreign investors remained net sellers, although outflows moderated to US$71mn, bringing YTD outflow to US$718mn.Barring any surprises on the trade tariff front, we see that risk sentiment may remain supportive for flows into EM in the week ahead.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 – NPI price

Equity Bottom-Up

<ul><li>DEWA has executed plans to revamp its fleet of heavy equipment through a Rp2.6tr loan and a vendor-financing deal with XCMG.</li><li>We project its earnings to grow by 54% CAGR over 25-27F driven by lower subcontractor exp. as it substitutes outsourced services with own fleet.</li><li>We initiate coverage with a Buy rating and DCF-based TP of Rp300 from COGS efficiencies resulting in margin improvement.</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.

DEWA has executed plans to revamp its fleet of heavy equipment through a Rp2.6tr loan and a vendor-financing deal with XCMG.We project its earnings to grow by 54% CAGR over 25-27F driven by lower subcontractor exp. as it substitutes outsourced services with own fleet.We initiate coverage with a Buy rating and DCF-based TP of Rp300 from COGS efficiencies resulting in margin improvement.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.

Darma Henwa (DEWA.IJ) - Insourcing and Efficiency to Drive Robust FY25-27F Earnings Growth

<ul><li>18.8bn shares were issued from an NPR in Feb25, where new equity investors MTN, ATP, and AMM currently hold 46% of outstanding shares.</li><li>DEWA is expanding its fleet to increase in-house works and reduce dependency on subcontractors, which should help lift margins.</li><li>GMR is a copper and gold mine that is under exploration phase. Though promising, it is still in the early stages and was originally owned by BUMI.</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.

18.8bn shares were issued from an NPR in Feb25, where new equity investors MTN, ATP, and AMM currently hold 46% of outstanding shares.DEWA is expanding its fleet to increase in-house works and reduce dependency on subcontractors, which should help lift margins.GMR is a copper and gold mine that is under exploration phase. Though promising, it is still in the early stages and was originally owned by BUMI.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.

Darma Henwa (DEWA.IJ) - A Turnaround in Progress

Indonesia

Darma Henwa Tbk is an Indonesia-based integrated mining and energy services company. It provides general mining contractor services, including heavy equipment for mining extraction, civil works, and maintenance services for mining equipment. The company was established in 1991 and is headquartered in Jakarta Selatan, Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Darma Henwa (DEWA IJ)

BRIDS Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental...

BRI Danareksa Research

Equity Strategy: 2H25: Positioning for a Growth Rebound

We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – NPI price

Market: JCI rallied +2.5% w-w, in-line with majority of the EMs and the weaker DXY amid benign developments from the global trade tariffs.

BRI Danareksa Research