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.

Thematic (Sector/Industry)

<ul><li>Macro Strategy: The Fed Tightens: Can BI Hold the Line? The curve prices in another hike, but historical patterns suggest a more measured yield adjustment than in 2022–23.</li><li>We revisit our study on Indonesia’s three differentials, finding that policy carry provides the strongest ST buffer.</li><li>Earlier hikes also strengthened BI’s policy buffer, allowing targeted measures to take priority rather than another rate hike. </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.

Macro Strategy: The Fed Tightens: Can BI Hold the Line? The curve prices in another hike, but historical patterns suggest a more measured yield adjustment than in 2022–23.We revisit our study on Indonesia’s three differentials, finding that policy carry provides the strongest ST buffer.Earlier hikes also strengthened BI’s policy buffer, allowing targeted measures to take priority rather than another rate hike. 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.

Macro Strategy: The Fed Tightens: Can BI Hold the Line?

Macroeconomics

<ul><li>Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.</li><li>Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).</li><li>Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).</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.

Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).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: Chart of the week – Metal sector vs. gold price

<ul><li>The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia</li><li>While China's weak growth is a concern, the impact might be offset by better growth in other G20 economies, supporting the narrative of a soft landing towards the year-end, which may help mitigate potential volatility in asset prices</li><li>Domestic economic activity has been lacklustre, with more companies reporting lower-than-expected results</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.

The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including IndonesiaWhile China's weak growth is a concern, the impact might be offset by better growth in other G20 economies, supporting the narrative of a soft landing towards the year-end, which may help mitigate potential volatility in asset pricesDomestic economic activity has been lacklustre, with more companies reporting lower-than-expected resultsContent 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.

Macro and Flows Tracker - Not All Is Well

Indonesia

PT Indah Kiat Pulp & Paper Tbk is an integrated Indonesian producer of pulp, cultural paper, industrial paper, tissue, and packaging products. The company manufactures various paper products, including writing, printing, photocopy, and colored papers, as well as industrial papers like linerboard, corrugating medium, boxboard, and food packaging. It operates production facilities in Perawang, Serang, and Tangerang, Indonesia. The company was founded on June 21, 1976, and its headquarters are in Jakarta, Indonesia.

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Indah Kiat Pulp & Paper (INKP IJ)

Macro Strategy: The Fed Tightens: Can BI Hold the Line?

The Fed Tightens: Can BI Hold the Line? The curve prices in another hike, but historical patterns suggest a more measured yield adjustment than in...

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – Metal sector vs. gold price

Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).

BRI Danareksa Research

Macro and Flows Tracker - Not All Is Well

The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia

BRI Danareksa Research

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