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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.

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Victoria Care Indonesia Tbk / Equity Bottom-Up

<ul><li>VICI reported a 6.7% yoy revenue increase in 1H24, driven by hair care growth despite a 2.3% decline in personal care due to competition.</li><li>The mgmt. plans to shift partial promotional costs to offline stores due to changing consumer behavior, while keeping A&amp;P costs at 18% of rev.</li><li>Management maintains FY24 guidance for 11% EPS growth, with revenue growth of 12-15%, a GPM of 55% and NIM of 13%.</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.

VICI reported a 6.7% yoy revenue increase in 1H24, driven by hair care growth despite a 2.3% decline in personal care due to competition.The mgmt. plans to shift partial promotional costs to offline stores due to changing consumer behavior, while keeping A&amp;P costs at 18% of rev.Management maintains FY24 guidance for 11% EPS growth, with revenue growth of 12-15%, a GPM of 55% and NIM of 13%.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.

PT Victoria Care Indonesia (VICI IJ) - Adapting to Shifts in Consumers Behavior

<ul><li>Backed by major brands and strong new product launches in FY22, VICI 9M23’s top line outperformed FMCG peers at 41% yoy.  </li><li>Digital marketing channel has supported new product launches, strong sales and robust earnings growth. </li><li>For FY24, the company estimates revenues growth of 15-20%, with a minimum GPM of 53% and NIM of 12-13%. </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.

Backed by major brands and strong new product launches in FY22, VICI 9M23’s top line outperformed FMCG peers at 41% yoy.  Digital marketing channel has supported new product launches, strong sales and robust earnings growth. For FY24, the company estimates revenues growth of 15-20%, with a minimum GPM of 53% and NIM of 12-13%. 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.

PT Victoria Care Indonesia (VICI IJ) - Strong Brands and Digital Marketing Channel Drive Promising

Indonesia

PT. Victoria Care Indonesia Tbk is a personal care products manufacturing company. The Company offers cosmetics, toiletries, and fragrance products. Victoria Care serves customers worldwide.

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Victoria Care Indonesia Tbk (VICI IJ)

PT Victoria Care Indonesia (VICI IJ) - Adapting to Shifts in Consumers Behavior

VICI reported a 6.7% yoy revenue increase in 1H24, driven by hair care growth despite a 2.3% decline in personal care due to competition.

BRI Danareksa Research

PT Victoria Care Indonesia (VICI IJ) - Strong Brands and Digital Marketing Channel Drive Promising

VICI trades at FY23 annualized PE of 28.6x, higher than the sector’s 19.1x but with an attractive earnings growth profile (+59% yoy based on our...

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