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>Komdigi proposed the implementation of the Multi-Operator Core Network (MOCN) model to accelerate the adoption of 5G technology in Indonesia.</li><li>This model enables operators to share infrastructure, which not only speeds up network expansion but also reduces investment costs.</li><li>Additionally, utilizing PLN’s infrastructure, such as electricity poles for fiber optic distribution, is seen as a strategic solution to extend telecommunications networks to underserved areas. </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.

Komdigi proposed the implementation of the Multi-Operator Core Network (MOCN) model to accelerate the adoption of 5G technology in Indonesia.This model enables operators to share infrastructure, which not only speeds up network expansion but also reduces investment costs.Additionally, utilizing PLN’s infrastructure, such as electricity poles for fiber optic distribution, is seen as a strategic solution to extend telecommunications networks to underserved areas. 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 Bottom-Up

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul><li>GOTO delivered 4Q24 strong adj. EBITDA of Rp399bn (+193%qoq, +348%yoy) with all 3 pillars (ODS, GTF, Ecommerce) well in positive territory.</li><li>This is on the back of better Group core GTV, improved for both ODS and Fintech GTV.</li><li>ODS GTV grew by +2.7%qoq, +18.7% yoy driven by user growth and increased no. of orders. </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.

GOTO delivered 4Q24 strong adj. EBITDA of Rp399bn (+193%qoq, +348%yoy) with all 3 pillars (ODS, GTF, Ecommerce) well in positive territory.This is on the back of better Group core GTV, improved for both ODS and Fintech GTV.ODS GTV grew by +2.7%qoq, +18.7% yoy driven by user growth and increased no. of orders. 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>XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders. </li><li>XLSmart emphasized a) the larger scale of the new XLSmart and how important it is amid technology advancements, b) the in country telco consolidation experience of Axiata shareholder, c) the deep knowledge of Sinar Mas conglomerate in the local economy d) 20years+ telco experience for each director in XLSmart</li><li>Categorizing the benefits into shareholders, industry, customers and employees. </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.

XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders. XLSmart emphasized a) the larger scale of the new XLSmart and how important it is amid technology advancements, b) the in country telco consolidation experience of Axiata shareholder, c) the deep knowledge of Sinar Mas conglomerate in the local economy d) 20years+ telco experience for each director in XLSmartCategorizing the benefits into shareholders, industry, customers and employees. 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>Kemenaker, together with ride-hailing platforms, is designing a THR scheme for ojol drivers in the form of incentives/bonuses.</li><li>The ministry is finalizing the formula, considering parameters such as transportation type, services, and working hours, which is why the process takes time.</li><li>Kemenaker aims to issue the circular letter today, ensuring THR is available by the weekend.</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.

Kemenaker, together with ride-hailing platforms, is designing a THR scheme for ojol drivers in the form of incentives/bonuses.The ministry is finalizing the formula, considering parameters such as transportation type, services, and working hours, which is why the process takes time.Kemenaker aims to issue the circular letter today, ensuring THR is available by the weekend.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.

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

Japfa Comfeed Indonesia / Index Rebalance

<ul>
<li>The review period for the LQ45 Index January rebalance ended 31 December. The changes should be announced the last week of January, becoming effective after the close on 31 January.</li>
<li>We highlight 4 potential inclusions and 4 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.</li>
<li>Nearly all stocks will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.</li>
</ul>


The review period for the LQ45 Index January rebalance ended 31 December. The changes should be announced the last week of January, becoming effective after the close on 31 January.
We highlight 4 potential inclusions and 4 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
Nearly all stocks will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.


LQ45 Index Rebalance Preview (Jan 2025): Identifying Potential Index Changes

Indonesia

PT Tower Bersama Infrastructure Tbk provides telecommunication infrastructure services to Indonesian wireless carriers. The Company develops and operates telecommunication supporting infrastructure including tower and in-building systems across Indonesia.

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Tower Bersama Infrastructure (TBIG IJ)

BRIDS TMT News - Friday, March 14 2025

Komdigi proposed the implementation of the Multi-Operator Core Network (MOCN) model to accelerate the adoption of 5G technology in Indonesia.

BRI Danareksa Research

BRIDS TMT News - Thursday, March 13 2025

GOTO delivered 4Q24 strong adj. EBITDA of Rp399bn (+193%qoq, +348%yoy) with all 3 pillars (ODS, GTF, Ecommerce) well in positive territory.

BRI Danareksa Research

BRIDS TMT News - Tuesday, March 11 2025

XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders.

BRI Danareksa Research

TMT News - Thursday, March 06 2025

The ministry is finalizing the formula, considering parameters such as transportation type, services, and working hours, which is why the process...

BRI Danareksa Research

LQ45 Index Rebalance Preview (Jan 2025): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in January. The potential adds have been outperforming the deletes. Historically, adds and...

Brian Freitas

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