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

PT Sumber Tani Agung Resources Tbk / Equity Bottom-Up

<ul><li>STAA posted net profit growth of +55.2% YoY to IDR656.7 bn in 1H25 (vs IDR423.3 bn in 1H24), in-line with our expectations, reflecting 48.8% of the FY25E target.</li><li>This performance lifted NPM to 18.3% (vs 15.7% in 1H24). In 2Q25 alone, net profit rose by +15.5% QoQ/+56.0% YoY to IDR352.0 bn.</li><li>The strong bottom-line was underpinned by revenue growth of +33.2% YoY to IDR3.6 tn in 1H25 (vs IDR2.7 tn in 1H24), broadly in-line with our forecast at 51.2% of FY25E.</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.

STAA posted net profit growth of +55.2% YoY to IDR656.7 bn in 1H25 (vs IDR423.3 bn in 1H24), in-line with our expectations, reflecting 48.8% of the FY25E target.This performance lifted NPM to 18.3% (vs 15.7% in 1H24). In 2Q25 alone, net profit rose by +15.5% QoQ/+56.0% YoY to IDR352.0 bn.The strong bottom-line was underpinned by revenue growth of +33.2% YoY to IDR3.6 tn in 1H25 (vs IDR2.7 tn in 1H24), broadly in-line with our forecast at 51.2% of FY25E.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 Sumber Tani Agung Resources Tbk (STAA IJ) - STAOF Kickstarts New Growth Phase

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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>Growth momentum improving. Accelerating disbursement and BI’s policy easing expected to strengthen growth toward year-end.</li><li>Beyond yield gaps. Foreign inflows often rise despite narrower BI–Fed spreads, showing growth differential drives sustained capital inflows.</li><li>Long-term foreign investment depends on Indonesia maintaining solid, broad-based, and stable economic growth momentum.</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.

Growth momentum improving. Accelerating disbursement and BI’s policy easing expected to strengthen growth toward year-end.Beyond yield gaps. Foreign inflows often rise despite narrower BI–Fed spreads, showing growth differential drives sustained capital inflows.Long-term foreign investment depends on Indonesia maintaining solid, broad-based, and stable economic growth momentum.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: Growth Over Differentials

<ul><li>Aggregate FFB production of plantation companies under our coverage reached 1,844k tons in 1Q25, reflecting modest growth of +0.9% YoY (vs 1,827k tons in 1Q24).</li><li>The figure was in-line with our expectations, supported by a recovery from the drought conditions experienced in 1Q24, amid intensified rainfall in 1Q25 driven by the onset of La Nina since late last year.</li><li>DSNG was the only company that saw a YoY decline in FFB output, falling -8.7% due to its ongoing replanting initiative (&gt;3k ha completed as of 1Q25). </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.

Aggregate FFB production of plantation companies under our coverage reached 1,844k tons in 1Q25, reflecting modest growth of +0.9% YoY (vs 1,827k tons in 1Q24).The figure was in-line with our expectations, supported by a recovery from the drought conditions experienced in 1Q24, amid intensified rainfall in 1Q25 driven by the onset of La Nina since late last year.DSNG was the only company that saw a YoY decline in FFB output, falling -8.7% due to its ongoing replanting initiative (&gt;3k ha completed as of 1Q25). 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.

<ul><li>We anticipate flat CPO output in FY25F, attributed to another year of La Nina.</li><li>On the flip side, export volume is expected to weaken amid solid domestic demand, which underpins CPO prices.</li><li>Notably, CPO production dropped by -4.8% YoY to 31.5mn tons in 7M24 (vs 33.1mn tons in 7M23), with PKO output tumbling by -5.2% YoY to 3.0mn tons (vs 3.2mn tons in 7M23). </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 flat CPO output in FY25F, attributed to another year of La Nina.On the flip side, export volume is expected to weaken amid solid domestic demand, which underpins CPO prices.Notably, CPO production dropped by -4.8% YoY to 31.5mn tons in 7M24 (vs 33.1mn tons in 7M23), with PKO output tumbling by -5.2% YoY to 3.0mn tons (vs 3.2mn tons in 7M23). 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.

Plantation Sectoral Update November 15, 2024

<ul><li>STAA is currently focused on three organic expansion agendas: 1) increasing the capacity of the kernel crushing plant (KCP) plant; 2) adding oil mills in Central Kalimantan; and 3) establishing a midstream refinery and fractionation plant.</li><li>These expansions are expected to provide growth opportunities for the company by enhancing its revenue streams.</li><li>STAA's age profile is younger than that of its peers in our universe (12.5 years in FY23).</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.

STAA is currently focused on three organic expansion agendas: 1) increasing the capacity of the kernel crushing plant (KCP) plant; 2) adding oil mills in Central Kalimantan; and 3) establishing a midstream refinery and fractionation plant.These expansions are expected to provide growth opportunities for the company by enhancing its revenue streams.STAA's age profile is younger than that of its peers in our universe (12.5 years in FY23).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 Sumber Tani Agung Resources Tbk (STAA IJ) - Opening New Milestones to Fuel Growth

Indonesia

PT Sumber Tani Agung Resources Tbk is an oil palm plantation group company. The Company manages an integrated business process overseeing oil palm estates, palm oil mills, kernel crushing facility, and solvent extraction plant powered by a biogas power plant. Sumber Tani Agung Resources serves customers worldwide.

PT Sumber Tani Agung Resources Tbk (STAA IJ)

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PT Sumber Tani Agung Resources Tbk (STAA IJ)