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

Surya Semesta Internusa / Equity Bottom-Up

<ul><li>We believe SSIA's success in housing BYD could attract other players in the EV ecosystem, supported by the future main export port Patimban.</li><li>We expect a 10% CAGR in net profit in FY25-29F, driven by 80-90ha sales in Subang and a 50% gross profit contribution from non-land business.</li><li>We reinitiate SSIA with a Buy rating on attractive growth profile; our TP of Rp1,400 is derived from 73% discount to our revised RNAV.</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>

We believe SSIA's success in housing BYD could attract other players in the EV ecosystem, supported by the future main export port Patimban.We expect a 10% CAGR in net profit in FY25-29F, driven by 80-90ha sales in Subang and a 50% gross profit contribution from non-land business.We reinitiate SSIA with a Buy rating on attractive growth profile; our TP of Rp1,400 is derived from 73% discount to our revised RNAV.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.

Surya Semesta Internusa - Potential Future Hub of Indonesia’s EV Ecosystem

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> sold ~75% of Sky Eden@Bedok at S$2,100psf on first day of launch</li><li><a href="https://www.smartkarma.com/entities/oxley-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1097" rel="noopener">Oxley Holdings (OHL SP)</a> to issue dividend in specie of Aspen Group (ASPEN SP) shares</li><li>HDB resale prices continued upward momentum of +0.4% MoM growth in Aug22; But price gains have slowed down</li></ul>

Frasers Property Ltd (FPL SP) sold ~75% of Sky Eden@Bedok at S$2,100psf on first day of launchOxley Holdings (OHL SP) to issue dividend in specie of Aspen Group (ASPEN SP) sharesHDB resale prices continued upward momentum of +0.4% MoM growth in Aug22; But price gains have slowed down

ASEAN Builder's Scoop (9Sep22) - FPL Sold ~75% Sky Eden@Bedok at Launch Day

<ul><li>New private home sales rose 108% MoM in May22; But take-up rate falling further to ~109%</li><li>Condo, HDB rents rose at quicker pace in May22; More units leased</li><li>Visitor arrivals continued to rebound strongly in May22 though still 26% of monthly average in 2019</li></ul>

New private home sales rose 108% MoM in May22; But take-up rate falling further to ~109%Condo, HDB rents rose at quicker pace in May22; More units leasedVisitor arrivals continued to rebound strongly in May22 though still 26% of monthly average in 2019

ASEAN Builder's Scoop (16Jun22) - May22 New Home Sales Take-Up Rate Falling Further

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> to privatize Frasers Hospitality Trust (FHT SP) with S$0.700/unit cash offer</li>
<li>
<a href="https://www.smartkarma.com/entities/frasers-logistics-commercial-trust" target="_blank" data-smartkarma-citation="entities:22748" rel="noopener">Frasers Logistics &amp; Commercial Trust (FLT SP)</a> acquires 3 freehold L&amp;I properties in Australia for A$61m</li>
<li>
<a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> proposed a special dividend of ~S$0.15c/share</li>
</ul>



Frasers Property Ltd (FPL SP) to privatize Frasers Hospitality Trust (FHT SP) with S$0.700/unit cash offer

Frasers Logistics &amp; Commercial Trust (FLT SP) acquires 3 freehold L&amp;I properties in Australia for A$61m

LHN Ltd (LHN SP) proposed a special dividend of ~S$0.15c/share


ASEAN Builder's Scoop (13Jun22) - FHT Cash Privatisation Offer at S$0.700/Unit

<ul><li>Increases in private housing supply in govt land sales programme</li><li>Consortium raises offer to privatise <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648" rel="noopener">Hwa Hong Corp (HWAH SP)</a> to S$40c per share</li><li>ERA sets up new unit for GCB sales - Upping the ante on the Good Class Bungalow (GCB) market, real estate agency ERA Realty has started a new division, called Luxury Homes.</li></ul>

Increases in private housing supply in govt land sales programmeConsortium raises offer to privatise Hwa Hong Corp (HWAH SP) to S$40c per shareERA sets up new unit for GCB sales - Upping the ante on the Good Class Bungalow (GCB) market, real estate agency ERA Realty has started a new division, called Luxury Homes.

ASEAN Builder's Scoop (8Jun22) - Higher 2H22 Private Housing Supply Under GLS

Indonesia

PT Surya Semesta Internusa Tbk and its subsidiaries develop and manage industrial and residential real estates, provide construction services, and manufacture building materials. The Company also operates hotels and provides information technology-related businesses design to support its main businesses.

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Surya Semesta Internusa (SSIA IJ)

Surya Semesta Internusa - Potential Future Hub of Indonesia’s EV Ecosystem

We believe SSIA's success in housing BYD could attract other players in the EV ecosystem, supported by the future main export port Patimban.

BRI Danareksa Research

ASEAN Builder's Scoop (9Sep22) - FPL Sold ~75% Sky Eden@Bedok at Launch Day

OHL to issue dividend in specie of ASPEN; HDB resale price rose at slower pace in Aug22; Horizon Towers, Sultan Plaza back on market; SSIA swung...

SCCM Asia Research

ASEAN Builder's Scoop (16Jun22) - May22 New Home Sales Take-Up Rate Falling Further

Condo/HDB rents rose faster in May22; Visitor arrivals still ~26% of pre-Covid; SSIA booked 9ha land sales in 1Q22; RLC highest bond rating; ECWI...

SCCM Asia Research

ASEAN Builder's Scoop (13Jun22) - FHT Cash Privatisation Offer at S$0.700/Unit

FLT buys AUS L&I prop for A$61m; LHN special dividend; FLI elevated office vacancies; SMRA evaluates project post KPK arrest; SSIA targets 80ha...

SCCM Asia Research

ASEAN Builder's Scoop (8Jun22) - Higher 2H22 Private Housing Supply Under GLS

Privatisation offer for HWAH is raised to S$40c; SSIA sold units to FPT in Thailand; CLMT buys logistic asset in Penang; Bangkok's new condo supply...

SCCM Asia Research

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