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 finished the week flat (-0.1% w-w), underperforming most of the EM peers.</li><li>Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).</li><li>Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI.</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 finished the week flat (-0.1% w-w), underperforming most of the EM peers.Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI.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 - Monday, 11 August 2025

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Aggregate FFB production of plantation companies under our coverage reached 1,844k tons in 1Q25, reflecting modest growth of +0.9% YoY (vs 1,827k tons in 1Q24).</li><li>The figure was in-line with our expectations, supported by a recovery from the drought conditions experienced in 1Q24, amid intensified rainfall in 1Q25 driven by the onset of La Nina since late last year.</li><li>DSNG was the only company that saw a YoY decline in FFB output, falling -8.7% due to its ongoing replanting initiative (&gt;3k ha completed as of 1Q25). </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.

Aggregate FFB production of plantation companies under our coverage reached 1,844k tons in 1Q25, reflecting modest growth of +0.9% YoY (vs 1,827k tons in 1Q24).The figure was in-line with our expectations, supported by a recovery from the drought conditions experienced in 1Q24, amid intensified rainfall in 1Q25 driven by the onset of La Nina since late last year.DSNG was the only company that saw a YoY decline in FFB output, falling -8.7% due to its ongoing replanting initiative (&gt;3k ha completed as of 1Q25). 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.

<ul><li>We anticipate flat CPO output in FY25F, attributed to another year of La Nina.</li><li>On the flip side, export volume is expected to weaken amid solid domestic demand, which underpins CPO prices.</li><li>Notably, CPO production dropped by -4.8% YoY to 31.5mn tons in 7M24 (vs 33.1mn tons in 7M23), with PKO output tumbling by -5.2% YoY to 3.0mn tons (vs 3.2mn tons in 7M23). </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 anticipate flat CPO output in FY25F, attributed to another year of La Nina.On the flip side, export volume is expected to weaken amid solid domestic demand, which underpins CPO prices.Notably, CPO production dropped by -4.8% YoY to 31.5mn tons in 7M24 (vs 33.1mn tons in 7M23), with PKO output tumbling by -5.2% YoY to 3.0mn tons (vs 3.2mn tons in 7M23). 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.

Plantation Sectoral Update November 15, 2024

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on XL Axiata, Solusi Sinergi Digital, Aneka Tambang, Indah Kiat Pulp &amp; Paper, Telkom Indonesia, Bank Mandiri, Surya Esa Perkasa.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on XL Axiata, Solusi Sinergi Digital, Aneka Tambang, Indah Kiat Pulp &amp; Paper, Telkom Indonesia, Bank Mandiri, Surya Esa Perkasa.


MS-Indonesia Index Earning Revision (May): XL Axiata, Solusi Sinergi Digital, Aneka Tambang

ASEAN Insight Provider

Jessica Irene

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

INDO Snippets summarizes on the ground chatter that may have a meaningful impact on the Indonesian equity market. 
Today on INDO Snippets:
<ul class="">
<li>New import tariff on 1,147 consumer goods effective today as part of government's effort to defend the currency.</li>
<li>Jokowi's election campaign targets the millennial, #Jokowi2019.</li>
<li>Go-Viet launches in Hanoi, Indonesia's first and biggest Unicorn.</li>
</ul>

INDO Snippets summarizes on the ground chatter that may have a meaningful impact on the Indonesian equity market. 
Today on INDO Snippets:

New import tariff on 1,147 consumer goods effective today as part of government's effort to defend the currency.
Jokowi's election campaign targets the millennial, #Jokowi2019.
Go-Viet launches in Hanoi, Indonesia's first and biggest Unicorn.


INDO Snippets: New Import Tariff, #Jokowi2019, Go-Viet Launch

Indonesia

PT Dharma Satya Nusantara Tbk is an Indonesian agribusiness company primarily engaged in the palm oil and wood products industries. The company cultivates and harvests oil palm plantations, producing and selling palm oil products such as crude palm oil, palm kernel, and palm kernel oil. Additionally, it manufactures various wood products including panels and engineered flooring and doors, and also produces compressed natural gas from palm oil mill effluent and biomass. The company was established on September 29, 1980, and is headquartered in Jakarta, Indonesia.

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Dharma Satya Nusantara (DSNG IJ)

BRIDS Market Pulse - Monday, 11 August 2025

JCI finished the week flat (-0.1% w-w), underperforming most of the EM peers. Despite positive surprise from 2Q25 GDP numbers...

BRI Danareksa Research

Plantation Sectoral Update June 26, 2025

Aggregate FFB production of plantation companies under our coverage reached 1,844k tons in 1Q25, reflecting modest growth of +0.9% YoY (vs 1,827k...

MNC Sekuritas

Plantation Sectoral Update November 15, 2024

We anticipate flat CPO output in FY25F, attributed to another year of La Nina. On the flip side, export volume is expected to weaken amid solid...

MNC Sekuritas

MS-Indonesia Index Earning Revision (May): XL Axiata, Solusi Sinergi Digital, Aneka Tambang

We analyzed MS-Indonesia's consensus for May 2026 and highlighted changes of EPS in XL Axiata (EXCL IJ), Solusi Sinergi Digital (WIFI IJ), Aneka...

Ke Yan, CFA, FRM

INDO Snippets: New Import Tariff, #Jokowi2019, Go-Viet Launch

INDO Snippets summarizes on the ground chatter that may have a meaningful impact on the Indonesian equity market. Today on INDO Snippets: New...

Jessica Irene

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