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>Following weak 9M24 results, we have trimmed our FY24F NP by 12.7%, with lower volume and ASP assumptions.</li><li>FY25F offers a better outlook, with projected NP growth of 6.3% yoy and vol. growth of 2% yoy (assuming no excise tax increase).</li><li>Maintain our Hold rating with an unchanged TP of Rp730 (FY25F PE of 11x) as we see uncertainty remains until the MOF regulation is released.</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.

Following weak 9M24 results, we have trimmed our FY24F NP by 12.7%, with lower volume and ASP assumptions.FY25F offers a better outlook, with projected NP growth of 6.3% yoy and vol. growth of 2% yoy (assuming no excise tax increase).Maintain our Hold rating with an unchanged TP of Rp730 (FY25F PE of 11x) as we see uncertainty remains until the MOF regulation is released.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.

HM Sampoerna - Trimming FY24F Post Weak 3Q24 Earnings

<ul><li>HMSP adjusted ASP of its products by 8.4% ytd in Jul24 (vs 1Q24: 6.1% ytd), which continues to weigh on its vol. growth (1Q24: +1.6% yoy).</li><li>We trim our FY24/25F core profit forecasts by 2.8%/0.5% to reflect lower gross margin estimates.</li><li>We downgrade our rating to Hold with a lower TP of Rp730 on lingering industry headwinds, despite HMSP’s promising growth from HTU</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.

HMSP adjusted ASP of its products by 8.4% ytd in Jul24 (vs 1Q24: 6.1% ytd), which continues to weigh on its vol. growth (1Q24: +1.6% yoy).We trim our FY24/25F core profit forecasts by 2.8%/0.5% to reflect lower gross margin estimates.We downgrade our rating to Hold with a lower TP of Rp730 on lingering industry headwinds, despite HMSP’s promising growth from HTUContent 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.

HM Sampoerna (HMSP.IJ Rp 705; HOLD; TP Rp 730) Regulatory Uncertainty Loom over HMSP

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.

<ul><li>HMSP delivered a 1Q24 performance that was mostly in-line with our estimates.</li><li>1Q24 revenue came in at IDR29.1 tn, or grew nicely by +1.5% QoQ/+18.8% YoY.</li><li>The bottom-line remained solid, with 1Q24 net profit experiencing growth of +18.8% QoQ/+4.0% YoY to IDR2.2 tn.</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.

HMSP delivered a 1Q24 performance that was mostly in-line with our estimates.1Q24 revenue came in at IDR29.1 tn, or grew nicely by +1.5% QoQ/+18.8% YoY.The bottom-line remained solid, with 1Q24 net profit experiencing growth of +18.8% QoQ/+4.0% YoY to IDR2.2 tn.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.

HMSP IJ - MNC Sekuritas Equity Report May 13, 2024

<ul><li>HMSP reported 1Q23 net profits of IDR2.16tn, +12.8% yoy &amp; +52% qoq, mainly supported by higher gross margins (18% vs 4Q22’s 16.7%) and top line growth (+3% yoy).</li><li>By product category, SKT booked strong revenues growth of 19.6% yoy, while SKM and SPM booked lower revenues by 1.9% and 12.3% yoy.</li><li>The 1Q23 result is 26% of our FY23 forecast and consensus estimates.</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.

HMSP reported 1Q23 net profits of IDR2.16tn, +12.8% yoy &amp; +52% qoq, mainly supported by higher gross margins (18% vs 4Q22’s 16.7%) and top line growth (+3% yoy).By product category, SKT booked strong revenues growth of 19.6% yoy, while SKM and SPM booked lower revenues by 1.9% and 12.3% yoy.The 1Q23 result is 26% of our FY23 forecast and consensus estimates.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.

HM Sampoerna (HMSP IJ): 1Q23 Earnings: Solid Growth

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

New year, new excise tax<div class="content-highlight">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.</div>

New year, new excise taxContent 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.

HM Sampoerna (HMSP IJ) - New year, new excise tax

Indonesia

PT Hanjaya Mandala Sampoerna Tbk is an Indonesian tobacco company that manufactures, distributes, and trades a variety of cigarette and tobacco products, including machine-made and hand-rolled kretek cigarettes under brands like Dji Sam Soe Magnum, Sampoerna A, and Marlboro Filter Black. The company also offers smoke-free products and is involved in general trading, e-commerce, property development, and management consulting. It was founded in 1913 and is headquartered in Surabaya, Indonesia.

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Sampoerna (HMSP IJ)

HM Sampoerna - Trimming FY24F Post Weak 3Q24 Earnings

Maintain our Hold rating with an unchanged TP of Rp730 (FY25F PE of 11x) as we see uncertainty remains until the MOF regulation is released.

BRI Danareksa Research

HM Sampoerna (HMSP.IJ Rp 705; HOLD; TP Rp 730) Regulatory Uncertainty Loom over HMSP

HMSP adjusted ASP of its products by 8.4% ytd in Jul24 (vs 1Q24: 6.1% ytd), which continues to weigh on its vol. growth (1Q24: +1.6% yoy).

BRI Danareksa Research

HMSP IJ - MNC Sekuritas Equity Report May 13, 2024

HMSP delivered a 1Q24 performance that was mostly in-line with our estimates. 1Q24 revenue came in at IDR29.1 tn, or grew nicely by +1.5% QoQ...

MNC Sekuritas

HM Sampoerna (HMSP IJ): 1Q23 Earnings: Solid Growth

HMSP reported 1Q23 net profits of IDR2.16tn, +12.8% yoy & +52% qoq, mainly supported by higher gross margins (18% vs 4Q22’s 16.7%) and top line...

BRI Danareksa Research

HM Sampoerna (HMSP IJ) - New year, new excise tax

New year, new excise taxContent is external broker report sourced from online content aggregator through publicly available sources and is...

Mirae Asset Securities

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