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>Amid continued downtrading and limited catalystsin 3Q24, we expect regional elections and social aid to support consumption spending.</li><li>We view FY25 govt budget as supportive for purchasing power, despite risks from higher VAT, higher tax revenue &amp; new excise taxes. </li><li>We favor companies with organic growth, export contribution, and proven cost mgmt; reiterate our Buy rating on ICBP and MYOR.</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.

Amid continued downtrading and limited catalystsin 3Q24, we expect regional elections and social aid to support consumption spending.We view FY25 govt budget as supportive for purchasing power, despite risks from higher VAT, higher tax revenue &amp; new excise taxes. We favor companies with organic growth, export contribution, and proven cost mgmt; reiterate our Buy rating on ICBP and MYOR.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.

Consumer: Sticking with the Winners Amid Lingering Challenges (OVERWEIGHT)

<ul><li>We estimate sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)</li><li>We see limited catalysts for 3Q24, aside from rev growth from export markets (for ICBP and MYOR).</li><li>We maintain OW rating on the sector; ICBP (TP of Rp12,900) and MYOR (TP of Rp3,200) remain as our top picks.</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 estimate sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)We see limited catalysts for 3Q24, aside from rev growth from export markets (for ICBP and MYOR).We maintain OW rating on the sector; ICBP (TP of Rp12,900) and MYOR (TP of Rp3,200) remain as our top picks.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.

Consumer: Expect Solid Core Profit Growth on Better Margins, Revenue Growth May Remain Soft

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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.

<ul><li>Despite the regained volume since the end of last year, consumers continue to maintain overall spending, leading to downtrading behavior.</li><li>This is reinforced by the GDP deflator, which recorded a negative growth of -0.8% YoY in 1Q24.</li><li>Our rationale for why consumer staples remain unfavorable aligns with the current monetary policies.</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.

Despite the regained volume since the end of last year, consumers continue to maintain overall spending, leading to downtrading behavior.This is reinforced by the GDP deflator, which recorded a negative growth of -0.8% YoY in 1Q24.Our rationale for why consumer staples remain unfavorable aligns with the current monetary policies.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.

Consumer Staples Sectoral Update May 21, 2024

<ul><li>With the FMCG market having sound growth prospects, we estimate FY24F growth of 7% yoy.</li><li>Some categories still showed promising growth in 3Q23, despite the market’s overall volume contraction.</li><li>We maintain our sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under a soft recovery scenario.</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.

With the FMCG market having sound growth prospects, we estimate FY24F growth of 7% yoy.Some categories still showed promising growth in 3Q23, despite the market’s overall volume contraction.We maintain our sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under a soft recovery scenario.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.

Consumer: Room for Growth Is Still in Store (OVERWEIGHT)

<ul><li>We expect more provision for social aid and the festive events in 1H24 to cushion soft purchasing power recovery amid modest wage hikes.</li><li>We forecast FY24 net profit growth for the sector of 10.6% yoy (core profits: +5% yoy) supported by sales volume recovery (3-9%).</li><li>We maintain sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under soft recovery scenario.</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 expect more provision for social aid and the festive events in 1H24 to cushion soft purchasing power recovery amid modest wage hikes.We forecast FY24 net profit growth for the sector of 10.6% yoy (core profits: +5% yoy) supported by sales volume recovery (3-9%).We maintain sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under soft recovery scenario.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.

Consumer: Festive events in 1H24 and higher social aid to cushion soft recovery in FY24 (OVERWEIGHT)

Indonesia

PT Unilever Indonesia Tbk is an Indonesian company that manufactures, markets, and distributes a wide range of consumer goods. Its core business activities span two segments: Home and Personal Care (including soaps, detergents, and cosmetic products) and Foods and Refreshment (offering dairy-based foods, ice cream, tea-based beverages, and fruit juices). The company operates over 40 brands, such as Pepsodent, Lux, Lifebuoy, Dove, Sunsilk, Rinso, and Wall's. PT Unilever Indonesia Tbk was founded in 1933 and is headquartered in Tangerang, Indonesia.

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