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

<ul><li>ERAA released its 2Q24 results, with revenue reaching IDR16.5 tn, slightly down by -1.1% QoQ but surging by +16.8% YoY (vs IDR14.1 tn in 2Q23).</li><li>This brought its 1H24 revenue to IDR33.1 tn, or rose by +14.6% YoY, which was in-line with our/cons. estimates, reaching 49.2%/51.3% of FY24E targets.</li><li>On an annual basis, the computer and electronic devices segment led growth by +40.7% YoY, followed by accessories and others at +20.0% YoY, and cellular phones and tablets at +16.1% YoY. </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.

ERAA released its 2Q24 results, with revenue reaching IDR16.5 tn, slightly down by -1.1% QoQ but surging by +16.8% YoY (vs IDR14.1 tn in 2Q23).This brought its 1H24 revenue to IDR33.1 tn, or rose by +14.6% YoY, which was in-line with our/cons. estimates, reaching 49.2%/51.3% of FY24E targets.On an annual basis, the computer and electronic devices segment led growth by +40.7% YoY, followed by accessories and others at +20.0% YoY, and cellular phones and tablets at +16.1% YoY. 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 Erajaya Swasembada Tbk (ERAA IJ) - Handset Volume On-Track

<ul><li>ERAA started FY24E on a positive note, with 1Q24 revenue rising by +12.6% YoY to IDR16.6 tn (vs IDR14.8 tn in 1Q23).</li><li>1Q24 net profit climbed by +8.4% YoY to IDR255.3 bn (vs IDR235.5 bn in 1Q23), with PAT increasing by +14.8% YoY.</li><li>NPM remained stable at 1.5% (vs 1.6% in 1Q23), despite higher OPEX/revenue of 8.3% (vs 7.8% in 1Q23).</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.

ERAA started FY24E on a positive note, with 1Q24 revenue rising by +12.6% YoY to IDR16.6 tn (vs IDR14.8 tn in 1Q23).1Q24 net profit climbed by +8.4% YoY to IDR255.3 bn (vs IDR235.5 bn in 1Q23), with PAT increasing by +14.8% YoY.NPM remained stable at 1.5% (vs 1.6% in 1Q23), despite higher OPEX/revenue of 8.3% (vs 7.8% in 1Q23).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.

ERAA IJ - MNC Sekuritas Equity Report May 29, 2024

<ul><li>ERAA started FY24E on a positive note, with 1Q24 revenue rising by +12.6% YoY to IDR16.6 tn (vs IDR14.8 tn in 1Q23).</li><li>This is in-line with our/cons. forecast, implying 24.8% and 25.8% of the FY24E target, respectively.</li><li>Almost all segments contributed to the revenue increase, with the cellular phones and tablet segment growing by +13.4% YoY, while the computer and electronic devices segment rose by +47.8% YoY, and accessories and others advanced by +14.6% YoY.</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.

ERAA started FY24E on a positive note, with 1Q24 revenue rising by +12.6% YoY to IDR16.6 tn (vs IDR14.8 tn in 1Q23).This is in-line with our/cons. forecast, implying 24.8% and 25.8% of the FY24E target, respectively.Almost all segments contributed to the revenue increase, with the cellular phones and tablet segment growing by +13.4% YoY, while the computer and electronic devices segment rose by +47.8% YoY, and accessories and others advanced by +14.6% YoY.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 Erajaya Swasembada Tbk (ERAA IJ) - Poised to Enjoy Handset Volume Growth

<ul><li>We anticipate that the chip shortage has subsided and will begin recovering in FY24E, signalling positive prospects for the handset industry to boost volume growth.</li><li>After experiencing negative returns for 14 consecutive months, world chip sales recorded a growth of +5.7% YoY in Nov-23.</li><li>ERAA outlined its focus on leveraging the brand portfolio at the affordable prices for handsets and accessories.</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 that the chip shortage has subsided and will begin recovering in FY24E, signalling positive prospects for the handset industry to boost volume growth.After experiencing negative returns for 14 consecutive months, world chip sales recorded a growth of +5.7% YoY in Nov-23.ERAA outlined its focus on leveraging the brand portfolio at the affordable prices for handsets and accessories.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.

ERAA IJ - MNC Sekuritas Equity Report February 2, 2024

Indonesia

PT Erajaya Swasembada Tbk is an integrated company engaged in the distribution and retail of mobile telecommunication devices, including mobile phones, tablets, SIM cards, operator vouchers, accessories, and IoT devices. The company also provides value-added services such as mobile phone protection and handset leasing. Erajaya Swasembada also operates in the active lifestyle, beauty and wellness, and food and nourishment sectors. The company is headquartered in Jakarta, Indonesia, and was established in 1996.

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Erajaya Swasembada (ERAA IJ)

PT Erajaya Swasembada Tbk (ERAA IJ) - Handset Volume On-Track

ERAA released its 2Q24 results, with revenue reaching IDR16.5 tn, slightly down by -1.1% QoQ but surging by +16.8% YoY (vs IDR14.1 tn in 2Q23).

MNC Sekuritas

ERAA IJ - MNC Sekuritas Equity Report May 29, 2024

ERAA started FY24E on a positive note, with 1Q24 revenue rising by +12.6% YoY to IDR16.6 tn (vs IDR14.8 tn in 1Q23).1Q24 net profit climbed by...

MNC Sekuritas

PT Erajaya Swasembada Tbk (ERAA IJ) - Poised to Enjoy Handset Volume Growth

ERAA started FY24E on a positive note, with 1Q24 revenue rising by +12.6% YoY to IDR16.6 tn (vs IDR14.8 tn in 1Q23). This is in-line with our/cons....

MNC Sekuritas

ERAA IJ - MNC Sekuritas Equity Report February 2, 2024

We anticipate that the chip shortage has subsided and will begin recovering in FY24E, signalling positive prospects for the handset industry to...

MNC Sekuritas

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