External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Dharma Satya Nusantara / Equity Bottom-Up

<ul><li>DSNG delivered a stellar performance in 1H25, with net profit surging +81.9% YoY to IDR915.8 bn (vs IDR503.6 bn in 1H24), in-line with both our/consensus expectations— achieving 48.0%/51.0% of FY25E targets.</li><li>Core profit rose +65.3% YoY to IDR919 bn (vs IDR556 bn in 1H24). 2Q25 net profit stood at IDR547.6 bn (+48.7% QoQ/+97.3% YoY).</li><li>Moreover, 1H25 NPM improved to 15.1% (vs 10.7% in 1H24). This robust bottom-line performance was supported by revenue growth, ongoing operational recovery, and manageable input costs.</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.

DSNG delivered a stellar performance in 1H25, with net profit surging +81.9% YoY to IDR915.8 bn (vs IDR503.6 bn in 1H24), in-line with both our/consensus expectations— achieving 48.0%/51.0% of FY25E targets.Core profit rose +65.3% YoY to IDR919 bn (vs IDR556 bn in 1H24). 2Q25 net profit stood at IDR547.6 bn (+48.7% QoQ/+97.3% YoY).Moreover, 1H25 NPM improved to 15.1% (vs 10.7% in 1H24). This robust bottom-line performance was supported by revenue growth, ongoing operational recovery, and manageable input costs.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.

PT Dharma Satya Nusantara Tbk (DSNG IJ) - Recovery Momentum Lifts 1H25 Performance

<ul><li>DSNG net profit went up +62.9% YoY to IDR368.2 bn in 1Q25 (vs IDR226.1 bn in 1Q24), achieving 19.3%/28.2% of our/consensus FY25E targets.</li><li>This was driven by strong top-line growth and stable OPEX (-0.3% YoY).</li><li>Revenue rose +20.1% YoY to IDR2.7 tn in 1Q25 (vs IDR2.2 tn in 1Q24), reflecting 23.6%/25.3% of our/consensus FY25E targets. </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.

DSNG net profit went up +62.9% YoY to IDR368.2 bn in 1Q25 (vs IDR226.1 bn in 1Q24), achieving 19.3%/28.2% of our/consensus FY25E targets.This was driven by strong top-line growth and stable OPEX (-0.3% YoY).Revenue rose +20.1% YoY to IDR2.7 tn in 1Q25 (vs IDR2.2 tn in 1Q24), reflecting 23.6%/25.3% of our/consensus FY25E targets. 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.

DSNG IJ - Anticipating a Rebound in Sales Volume Trajectory

<ul><li>DSNG’s plantation productivity gained in spite of El Nino concerns, bearing fruit to a solid total FFB production growth by 2.6% YoY, reaching 2.27mn ton in FY23 (reflecting 100.5% of our estimate).</li><li>CPO production came in at 661.9k tons, growing 3.5% YoY.</li><li>This was accompanied by a slightly higher ASP of IDR11.4mn/ton.</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.

DSNG’s plantation productivity gained in spite of El Nino concerns, bearing fruit to a solid total FFB production growth by 2.6% YoY, reaching 2.27mn ton in FY23 (reflecting 100.5% of our estimate).CPO production came in at 661.9k tons, growing 3.5% YoY.This was accompanied by a slightly higher ASP of IDR11.4mn/ton.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.

DSNG IJ - MNC Sekuritas Equity Report February 6, 2024

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)

PT Dharma Satya Nusantara Tbk (DSNG IJ) - Recovery Momentum Lifts 1H25 Performance

DSNG delivered a stellar performance in 1H25, with net profit surging +81.9% YoY to IDR915.8 bn (vs IDR503.6 bn in 1H24), in-line with both our...

MNC Sekuritas

DSNG IJ - Anticipating a Rebound in Sales Volume Trajectory

DSNG net profit went up +62.9% YoY to IDR368.2 bn in 1Q25 (vs IDR226.1 bn in 1Q24), achieving 19.3%/28.2% of our/consensus FY25E targets.

MNC Sekuritas

DSNG IJ - MNC Sekuritas Equity Report February 6, 2024

DSNG’s plantation productivity gained in spite of El Nino concerns, bearing fruit to a solid total FFB production growth by 2.6% YoY, reaching...

MNC Sekuritas

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