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>Organic and inorganic opportunities for rerating4Q23 foretells positive trends for better subs demographics and ARPU for IOH &amp; XL, justifying their guidance for FY24 revenue to outperform.</li><li>TLKM’s valuation reflects mainly ex-Java challenges</li><li>Integrated services qualities can be unlocked with the presence of a strategic investor.An EXCL-FREN M&amp;A may not trigger a tender-offer</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.

Organic and inorganic opportunities for rerating4Q23 foretells positive trends for better subs demographics and ARPU for IOH &amp; XL, justifying their guidance for FY24 revenue to outperform.TLKM’s valuation reflects mainly ex-Java challengesIntegrated services qualities can be unlocked with the presence of a strategic investor.An EXCL-FREN M&amp;A may not trigger a tender-offerContent 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.

Telco - Organic and Inorganic Opportunities for Rerating

<ul><li>IOH may see 4Q23 revenue growth (+3.9%qoq) provided that it absorbs its capex budget, while we expect margins to continue to improve. </li><li>Expect TLKM &amp; EXCL to deliver 4Q23 revenue growth of 4.0%/1.5% qoq but with opex potentially weighing on the 4Q23 margins.</li><li>ISAT is our top pick for expected earnings improvements, while EXCL is an attractive merger target and has value unlocking potential.  </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.

IOH may see 4Q23 revenue growth (+3.9%qoq) provided that it absorbs its capex budget, while we expect margins to continue to improve. Expect TLKM &amp; EXCL to deliver 4Q23 revenue growth of 4.0%/1.5% qoq but with opex potentially weighing on the 4Q23 margins.ISAT is our top pick for expected earnings improvements, while EXCL is an attractive merger target and has value unlocking potential.  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.

4Q23 Preview: Telcos to Deliver Tangible Quarterly Topline Growth with Broadly In-Line Earnings

<ul><li>Reversalsin foreign flows in recent weeks indicate foreign investors may be starting to price in re-emerging risk factors.</li><li>We think large banks’ 4Q23 earnings may dictate ST market direction, as domestic funds are OW and valuations are at premiums.</li><li>We see Telcos (ISAT, EXCL) and middle-high retailers as sectors with potential growth surprises, reasonable valuations and are less crowded.</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.

Reversalsin foreign flows in recent weeks indicate foreign investors may be starting to price in re-emerging risk factors.We think large banks’ 4Q23 earnings may dictate ST market direction, as domestic funds are OW and valuations are at premiums.We see Telcos (ISAT, EXCL) and middle-high retailers as sectors with potential growth surprises, reasonable valuations and are less crowded.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 Strategy: Re-Emerging Risk Factors May Warrant More Conservative Positioning in Feb24

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 Past week saw insights of <a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a>, <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</a>, <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a>, <a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri (BMRI IJ)</a>, and <a href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:12900:1" rel="noopener">Pyridam Farma (PYFA IJ)</a>.</li>
<li>The was also an insight on <a href="https://www.smartkarma.com/entities/thonburi-healthcare-group-pcl" target="_blank" data-smartkarma-citation="entities:24386:1" rel="noopener">Thonburi Healthcare Group (THG TB)</a> and a sector piece looking at the beleaguered Vietnamese Real Estate sector. </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The Past week saw insights of Prodia (PRDA IJ), Grab Holdings (GRAB US), XL Axiata (EXCL IJ), Kalbe Farma (KLBF IJ), Bank Mandiri (BMRI IJ), and Pyridam Farma (PYFA IJ).
The was also an insight on Thonburi Healthcare Group (THG TB) and a sector piece looking at the beleaguered Vietnamese Real Estate sector. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Prodia's Recovery, Grab in 2024, and Kalbe Farma Primed

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia (GOTO IJ)</a>, <a href="https://www.smartkarma.com/entities/global-digital-niaga-tbk-pt" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Global Digital Niaga (BELI IJ)</a>, Malaysian Banks, Indonesian banks, and Indonesian Cigarettes.</li>
<li>There was also a macro insight looking at Malaysia's economy, and an update on nickel stocks including <a href="https://www.smartkarma.com/entities/trimegah-bangun-persada-tbk-pt" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">Trimegah Bangun Persada (NCKL IJ)</a> and <a href="https://www.smartkarma.com/entities/merdeka-battery-materials-tbk" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials (MBMA IJ)</a>.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on GoTo Gojek Tokopedia (GOTO IJ), Global Digital Niaga (BELI IJ), Malaysian Banks, Indonesian banks, and Indonesian Cigarettes.
There was also a macro insight looking at Malaysia's economy, and an update on nickel stocks including Trimegah Bangun Persada (NCKL IJ) and Merdeka Battery Materials (MBMA IJ).
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - GoTo & TikTok, BliBli's Omnichannel, and Malaysian Banks

Indonesia

PT XL Axiata Tbk provides a wide range of mobile telecommunications services in Indonesia.

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XL Axiata (EXCL IJ)

Telco - Organic and Inorganic Opportunities for Rerating

Organic and inorganic opportunities for rerating4Q23 foretells positive trends for better subs demographics and ARPU for IOH & XL, justifying their...

BRI Danareksa Research

4Q23 Preview: Telcos to Deliver Tangible Quarterly Topline Growth with Broadly In-Line Earnings

ISAT is our top pick for expected earnings improvements, while EXCL is an attractive merger target and has value unlocking potential.

BRI Danareksa Research

Equity Strategy: Re-Emerging Risk Factors May Warrant More Conservative Positioning in Feb24

We see Telcos (ISAT, EXCL) and middle-high retailers as sectors with potential growth surprises, reasonable valuations and are less crowded.

BRI Danareksa Research

The Week That Was in ASEAN@Smartkarma - Prodia's Recovery, Grab in 2024, and Kalbe Farma Primed

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - GoTo & TikTok, BliBli's Omnichannel, and Malaysian Banks

The past week saw insights on GoTo Gojek Tokopedia (GOTO IJ), Global Digital Niaga (BELI IJ), Malaysian Banks, Indonesian banks, and Indonesian...

Angus Mackintosh

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52-week Range

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