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>Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.</li><li>In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.</li><li>ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. </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.

Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. 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 – Foreign Equity Flow Returned to JCI

<ul><li>If 2007 performance is an indicator, JCI may sustain its short-term performance in the next 3 months post Fed’s rate cut.</li><li>EPS growth outlook of 7-8% is attractive compared to EM peers, with catalyst for upsides from better liquidity and stronger IDR tailwind.</li><li>We raise our FY24-end JCI target to 8,238; our preferred picks are the high beta stocks, namely BBCA, BBNI, ARTO, CTRA, SMRA, ASII, GOTO.</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.

If 2007 performance is an indicator, JCI may sustain its short-term performance in the next 3 months post Fed’s rate cut.EPS growth outlook of 7-8% is attractive compared to EM peers, with catalyst for upsides from better liquidity and stronger IDR tailwind.We raise our FY24-end JCI target to 8,238; our preferred picks are the high beta stocks, namely BBCA, BBNI, ARTO, CTRA, SMRA, ASII, GOTO.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.

Equity Strategy: Riding the Wave of Earnings Growth, Strong IDR and Liquidity Catalysts

<ul><li>TSEL moderates its TSEL Lite promotions and 30-day 6GB packs to avoid downtrading amid soft outlook, and in turn, soften the competition.</li><li>We continue to see pathways for ARPU upsides for IOH through online/ offline channels and for XL through its recent price increases.</li><li>We believe telcos are equipped to meet our FY24 and FY25-26 est. We maintain OW rating with top picks ISAT and TLKM.</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.

TSEL moderates its TSEL Lite promotions and 30-day 6GB packs to avoid downtrading amid soft outlook, and in turn, soften the competition.We continue to see pathways for ARPU upsides for IOH through online/ offline channels and for XL through its recent price increases.We believe telcos are equipped to meet our FY24 and FY25-26 est. We maintain OW rating with top picks ISAT and TLKM.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.

Telco: Navigating the 3Q24 Soft Season Challenges and Capitalizing on 4Q24 Opportunities

<ul><li>Semiconductors enable telcos / AI startups to position in the ML and AI market and downstream computing power to their clients.</li><li>This will support SE Asia/Indonesia DCs significant growth in load capacity, favoring those that are tied with telcos with captive clientele. </li><li>Indonesian Telcos may benefit from connectivity and AIaas offerings, while TLKM benefits the most as it owns key DC infra; maintain OW</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.

Semiconductors enable telcos / AI startups to position in the ML and AI market and downstream computing power to their clients.This will support SE Asia/Indonesia DCs significant growth in load capacity, favoring those that are tied with telcos with captive clientele. Indonesian Telcos may benefit from connectivity and AIaas offerings, while TLKM benefits the most as it owns key DC infra; maintain OWContent 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.

Telco: Poised to Reap Potential Upside from AI Proliferation (OVERWEIGHT)

<ul><li>We project a softer FY24 EPS growth outlook of +3% yoy (vs. +5% prev.) amid slowing growth in 2Q24, but see limited further downside risk.</li><li>JCI’s current 1.8x PBV (22% disc. to 10-year mean) seems unwarranted as we forecast FY24 ROE to fall only slightly to 9.5% (vs. 10y avg of 10%).</li><li>We lower our FY24-end JCI target slightly to 7,670 (vs. 7,830 prev.); our stock picks favor defensive and quality names.</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 project a softer FY24 EPS growth outlook of +3% yoy (vs. +5% prev.) amid slowing growth in 2Q24, but see limited further downside risk.JCI’s current 1.8x PBV (22% disc. to 10-year mean) seems unwarranted as we forecast FY24 ROE to fall only slightly to 9.5% (vs. 10y avg of 10%).We lower our FY24-end JCI target slightly to 7,670 (vs. 7,830 prev.); our stock picks favor defensive and quality names.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 Headwinds Priced In, but We Prefer Defensive and ‘quality’ Amid Lingering Uncertainties

Indonesia

Telkom Indonesia is a state-owned enterprise providing comprehensive information and communication technology services and digital telecommunications across Indonesia. It offers mobile communications, consumer fixed broadband, corporate ICT solutions, digital infrastructure, and global wholesale connectivity through its extensive network. The company is headquartered in Bandung and Jakarta, Indonesia, and was officially established on July 6, 1965.

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Telkom Indonesia (TLK US)

BRIDS Market Pulse : Chart of the week – Foreign Equity Flow Returned to JCI

The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and...

BRI Danareksa Research

Equity Strategy: Riding the Wave of Earnings Growth, Strong IDR and Liquidity Catalysts

We raise our FY24-end JCI target to 8,238; our preferred picks are the high beta stocks, namely BBCA, BBNI, ARTO, CTRA, SMRA, ASII, GOTO.

BRI Danareksa Research

Telco: Navigating the 3Q24 Soft Season Challenges and Capitalizing on 4Q24 Opportunities

TSEL moderates its TSEL Lite promotions and 30-day 6GB packs to avoid downtrading amid soft outlook, and in turn, soften the competition.

BRI Danareksa Research

Telco: Poised to Reap Potential Upside from AI Proliferation (OVERWEIGHT)

Semiconductors enable telcos / AI startups to position in the ML and AI market and downstream computing power to their clients.

BRI Danareksa Research

Growth Headwinds Priced In, but We Prefer Defensive and ‘quality’ Amid Lingering Uncertainties

We project a softer FY24 EPS growth outlook of +3% yoy (vs. +5% prev.) amid slowing growth in 2Q24, but see limited further downside risk

BRI Danareksa Research

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