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.

Equity Bottom-Up

<ul><li>Garuda Indonesia (GIAA IJ)Regaining Momentum Through Transformation.</li><li>Fleet recovery gains traction, with 2Q26 revenue up 36% qoq/25% yoy, supported by improved fleet availability and Hajj monetization.</li><li>Leadership reshuffle adds global aviation expertise and execution capability, but fuel costs and fare regulations remain challenges. </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.

Garuda Indonesia (GIAA IJ)Regaining Momentum Through Transformation.Fleet recovery gains traction, with 2Q26 revenue up 36% qoq/25% yoy, supported by improved fleet availability and Hajj monetization.Leadership reshuffle adds global aviation expertise and execution capability, but fuel costs and fare regulations remain challenges. 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.

Garuda Indonesia (GIAA IJ) Regaining Momentum Through Transformation (NOT RATED)

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the war enters its second month.</li>
<li>Asian countries are highly dependent on oil and gas shipments from the Middle East, with airlines, petrochemical companies, and gas distribution companies all negatively affected.</li>
<li>Iran now controls when the flow of energy from the Middle East starts and thereby when the war stops. Gulf countries will not allow Iran to be the Straits gatekeeper.</li>
</ul>


So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the war enters its second month.
Asian countries are highly dependent on oil and gas shipments from the Middle East, with airlines, petrochemical companies, and gas distribution companies all negatively affected.
Iran now controls when the flow of energy from the Middle East starts and thereby when the war stops. Gulf countries will not allow Iran to be the Straits gatekeeper.


OIL: When a Short-Term Spike Becomes Long-Term Reality

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thai Airways International / Equity Bottom-Up

<ul><li>We came away positive from the analyst meeting, as passenger yield is expected to remain high through effective fare and route management.</li><li>We maintain our Outperform rating and 12M FV of Bt7.10, based on an EV/EBITDA multiple of 3.4x.</li><li>We expect 3Q26E performance to improve QoQ, driven by a wider RASK-CASK spread, as the benefit from lower jet fuel prices should more than offset a slight decline in passenger yield.</li></ul>

We came away positive from the analyst meeting, as passenger yield is expected to remain high through effective fare and route management.We maintain our Outperform rating and 12M FV of Bt7.10, based on an EV/EBITDA multiple of 3.4x.We expect 3Q26E performance to improve QoQ, driven by a wider RASK-CASK spread, as the benefit from lower jet fuel prices should more than offset a slight decline in passenger yield.

THAI AIRWAYS INTERNATIONAL Plc. (THAI): Passenger Yield to Remain Strong Despite Limited Fare Reductions - Outperform (12M FWD Fair Value Bt7.10)

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> share price performance for the last 5 years is quite strong, thanks to the COVID rebound. </li>
<li>However, losses are still coming, notably from the continuing loss from Air India as well as the delayed fuel hedging loss as net fuel cost skyrocketed by 78% YoY.</li>
<li>Air India losses come from a crowded market (with low-cost carriers) as well as integration issues. More capital calls are expected, which is a negative for Singapore Airlines. </li>
</ul>



Singapore Airlines (SIA SP) share price performance for the last 5 years is quite strong, thanks to the COVID rebound. 
However, losses are still coming, notably from the continuing loss from Air India as well as the delayed fuel hedging loss as net fuel cost skyrocketed by 78% YoY.
Air India losses come from a crowded market (with low-cost carriers) as well as integration issues. More capital calls are expected, which is a negative for Singapore Airlines. 


Thematic (Sector/Industry)

<ul>
<li>Countries in ASEAN have gradually relaxed their travel policies and reopened their borders allowing foreign tourists to come. </li>
<li>Stocks that will benefit range from Airlines, Airport maintenance, catering provider, hotel operator, public transport operator to convenience store and F&amp;B operators.</li>
<li>The big daddy of ASEAN tourism, China, has taken the first step to allow ART tests available for public and worth monitoring its progress. </li>
</ul>


Countries in ASEAN have gradually relaxed their travel policies and reopened their borders allowing foreign tourists to come. 
Stocks that will benefit range from Airlines, Airport maintenance, catering provider, hotel operator, public transport operator to convenience store and F&amp;B operators.
The big daddy of ASEAN tourism, China, has taken the first step to allow ART tests available for public and worth monitoring its progress. 


ASEAN Reopening: Tourism and Transport Reboot - Part Deux

Indonesia

Garuda Indonesia is the flag carrier of Indonesia, providing full-service passenger and cargo air transportation across domestic and international routes. Its services also include aircraft maintenance and overhaul, catering, ground handling, and information system services. The company is headquartered in Jakarta, Indonesia, and was founded in 1949.

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

Garuda Indonesia (GIAA IJ)