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>1Q25 earnings was supported by recurring revenue growth of 10% yoy, which we expect to remain stabledriven by Bekasi/Pakuwon City Mall.</li><li>We adjusted our FY25F/26F Net Profit by -3%/+2%, reflecting higher non-core expenses and rental income from Bekasi/Pakuwon City Mall.</li><li>Maintain Buy with a TP of Rp640; Stable CF shall support capex needs until FY29, giving PWON higher bargaining position for rental repricing.</li></ul><p><em>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.</em></p>

1Q25 earnings was supported by recurring revenue growth of 10% yoy, which we expect to remain stabledriven by Bekasi/Pakuwon City Mall.We adjusted our FY25F/26F Net Profit by -3%/+2%, reflecting higher non-core expenses and rental income from Bekasi/Pakuwon City Mall.Maintain Buy with a TP of Rp640; Stable CF shall support capex needs until FY29, giving PWON higher bargaining position for rental repricing.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.

Pakuwon Jati (PWON.IJ) - Recurring Revenue Growth Prospect Is Intact

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International, Pakuwon Jati, Adani Green Energy, ReNew Energy</li>
<li>The US and China are set to commence trade talks in Switzerland this weekend. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will travel to Switzerland later this week to meet with Swiss President Karin Keller-Sutter, and also meet Chinese officials to discuss economic and trade matters, according to separate announcements by the Treasury Department and Office of the Trade Representative.</li>
<li>Meanwhile, Chinese Vice-Premier He Lifeng will visit Switzerland during May 9-12th, according to China's Ministry of Foreign Affairs.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International, Pakuwon Jati, Adani Green Energy, ReNew Energy
The US and China are set to commence trade talks in Switzerland this weekend. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will travel to Switzerland later this week to meet with Swiss President Karin Keller-Sutter, and also meet Chinese officials to discuss economic and trade matters, according to separate announcements by the Treasury Department and Office of the Trade Representative.
Meanwhile, Chinese Vice-Premier He Lifeng will visit Switzerland during May 9-12th, according to China's Ministry of Foreign Affairs.


Leonard Law, CFA

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: International Container, Pakuwon Jati</li>
<li>In the US, the April ISM services index unexpectedly rose to 51.6 (50.2 e / 50.8 p). The new orders component expanded to 52.3 (50.3 e / 50.4 p), while employment increased to 49.0 (47.1 e / 46.2 p).</li>
<li>The prices paid component jumped to 65.1 (61.4 e / 60.9 p), the highest level since 2022. Separately, the April (final) S&amp;P services PMI declined to 50.8 (51.2 e / 54.4 p), below the preliminary reading of 51.4. The composite PMI fell to 50.6 (53.5 p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: International Container, Pakuwon Jati
In the US, the April ISM services index unexpectedly rose to 51.6 (50.2 e / 50.8 p). The new orders component expanded to 52.3 (50.3 e / 50.4 p), while employment increased to 49.0 (47.1 e / 46.2 p).
The prices paid component jumped to 65.1 (61.4 e / 60.9 p), the highest level since 2022. Separately, the April (final) S&amp;P services PMI declined to 50.8 (51.2 e / 54.4 p), below the preliminary reading of 51.4. The composite PMI fell to 50.6 (53.5 p).


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Pakuwon Jati, Bharti Airtel, China Jinmao</li>
<li>US President Donald Trump has signed an executive order to impose 25% tariffs on imports of automobiles and auto parts from April 2 nd, saying that "what we're going to be doing is a 25% tariff for all cars that are not made in the United States".</li>
<li>European Commission President Ursula von der Leyen said she deeply regrets the US tariff decision, and will continue to seek negotiated solutions while safeguarding the bloc’s economic interests.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Pakuwon Jati, Bharti Airtel, China Jinmao
US President Donald Trump has signed an executive order to impose 25% tariffs on imports of automobiles and auto parts from April 2 nd, saying that "what we're going to be doing is a 25% tariff for all cars that are not made in the United States".
European Commission President Ursula von der Leyen said she deeply regrets the US tariff decision, and will continue to seek negotiated solutions while safeguarding the bloc’s economic interests.


<ul>
<li>In the US, the March Conference Board consumer confidence index fell to a four-year low of 92.9 (94.0 e / 100.1 revised p).</li>
<li>Stephanie Guichard, Senior Economist of Global Indicators at The Conference Board stated: “Consumer confidence declined for a fourth consecutive month in March, falling below the relatively narrow range that had prevailed since 2022.</li>
<li>Of the Index’s five components, only consumers’ assessment of present labour market conditions improved, albeit slightly.” Separately, February new home sales rose 1.8% m-o-m (3.5% e / -6.9% revised p) to an annualised 676 k units, rebounding slightly from the decline in January amid better weather and generous sales incentives.</li>
</ul>


In the US, the March Conference Board consumer confidence index fell to a four-year low of 92.9 (94.0 e / 100.1 revised p).
Stephanie Guichard, Senior Economist of Global Indicators at The Conference Board stated: “Consumer confidence declined for a fourth consecutive month in March, falling below the relatively narrow range that had prevailed since 2022.
Of the Index’s five components, only consumers’ assessment of present labour market conditions improved, albeit slightly.” Separately, February new home sales rose 1.8% m-o-m (3.5% e / -6.9% revised p) to an annualised 676 k units, rebounding slightly from the decline in January amid better weather and generous sales incentives.


Indonesia

Pakuwon Jati Tbk is a real estate developer in Indonesia, specializing in the development, marketing, and operations of properties. The company's diverse portfolio includes shopping malls, retail centers, office buildings, hotels, residential properties (both high-rise and landed), and serviced apartments. Pakuwon Jati was founded in 1982 and is headquartered in Surabaya, Indonesia.

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Pakuwon Jati (PWON IJ)