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>United Tractors (UNTR IJ) Stronger 2H26 Momentum with RKAB Revision Tailwinds. Jul26 operations improved, led by PAMA coal production +10% mom and Komatsu sales +31% MoM.</li><li>RKAB upward revisions and drier weather should support stronger PAMA volumes in 2H26.</li><li>We reiterate Buy rating and TP of Rp30.6k and raise 3M Tactical to OW; own-coal logistics remain the key near-term risk. R posted strong Jul26 operational numbers, led by an improvement in PAMA’s coal</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>

United Tractors (UNTR IJ) Stronger 2H26 Momentum with RKAB Revision Tailwinds. Jul26 operations improved, led by PAMA coal production +10% mom and Komatsu sales +31% MoM.RKAB upward revisions and drier weather should support stronger PAMA volumes in 2H26.We reiterate Buy rating and TP of Rp30.6k and raise 3M Tactical to OW; own-coal logistics remain the key near-term risk. R posted strong Jul26 operational numbers, led by an improvement in PAMA’s coalContent 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.

United Tractors (UNTR.IJ) Stronger 2H26 Momentum with RKAB Revision Tailwinds

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Following a market consultation, Indonesia could see its weight slashed in a global index and that will lead to passive selling in May.</li>
<li>Depending on the approach taken to computing free float, outflows could be in the range of US$925m and US$2.2bn.</li>
<li>The change in free float methodology could also lead to a few stocks being deleted from the index due to low free float market cap.</li>
</ul>


Following a market consultation, Indonesia could see its weight slashed in a global index and that will lead to passive selling in May.
Depending on the approach taken to computing free float, outflows could be in the range of US$925m and US$2.2bn.
The change in free float methodology could also lead to a few stocks being deleted from the index due to low free float market cap.


Global Index: Indonesia Likely to See Huge Outflows in May

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. </li>
<li>GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. </li>
<li>Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.</li>
</ul>


The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. 
GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. 
Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.


CrossASEAN Indonesia Strategy - Parting Clouds

<ul>
<li>Indonesia has been the recipient of significant investment flows for foreign investors with more of a "risk on" environment with a large portion flowing into Indonesian banks. </li>
<li>Indonesia stacks up from an investment perspective with a stable political environment, solid GDP growth of around 5% YoY, rising flows of FDI, and a more stable IDR.</li>
<li>Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top picks: Banks, property, consumer, and selective elsewhere. </li>
</ul>


Indonesia has been the recipient of significant investment flows for foreign investors with more of a "risk on" environment with a large portion flowing into Indonesian banks. 
Indonesia stacks up from an investment perspective with a stable political environment, solid GDP growth of around 5% YoY, rising flows of FDI, and a more stable IDR.
Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top picks: Banks, property, consumer, and selective elsewhere. 


Indonesia Strategy - Caught in a Perfect Updraft?

Indonesian Equities | Buy-Side Investment Research

Defriansyah Has

<ul>
<li>September 2026 national car wholesales rose 28% YoY, but Astra's 9M26 volume grew only 13% versus 21% for the industry, reducing its market share to 49.3%.</li>
<li>Mining-Linked risks dominate the downside. UNTR's cash generation deteriorated sharply, while Martabe's unresolved permit status adds material uncertainty to gold earnings.</li>
<li>The discount is not enough yet. Our indicative NAV implies a 13% discount, but stabilising margins and cash generation remain unproven. BEARISH; low-to-moderate conviction.</li>
</ul>


September 2026 national car wholesales rose 28% YoY, but Astra's 9M26 volume grew only 13% versus 21% for the industry, reducing its market share to 49.3%.
Mining-Linked risks dominate the downside. UNTR's cash generation deteriorated sharply, while Martabe's unresolved permit status adds material uncertainty to gold earnings.
The discount is not enough yet. Our indicative NAV implies a 13% discount, but stabilising margins and cash generation remain unproven. BEARISH; low-to-moderate conviction.


Astra International (ASII): A Discount on Paper, a Cash-Earnings Test in Practice

Indonesia

United Tractors is a leading Indonesian company that distributes heavy equipment and operates in mining contracting, coal mining, gold mining, construction industry, and energy sectors. It serves as an exclusive distributor for brands like Komatsu, UD Trucks, Scania, Bomag, and Tadano in Indonesia. The company is headquartered in Jakarta, Indonesia, and was founded on October 13, 1972.

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United Tractors (UNTR IJ)