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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>ERAA delivered a resilient performance in 1H25, booking a net profit increase of +8.5% YoY to IDR568.3 bn in 1H25 (vs IDR523.6 bn in 1H24), in line at 49.7% of our FY25E estimates though slightly below consensus at 46.5%.</li><li>All business segments contributed positively, driving consolidated revenue growth of +5.8% YoY to IDR35.1 tn in 1H25 (vs IDR33.1 tn in 1H24), achieving 48.3%/47.9% of our/consensus FY25E estimates.</li><li>Despite COGS rising +5.2% YoY to IDR31.1 tn in 1H25 (vs IDR29.5 tn in 1H24), gross profit managed to increase +10.9% YoY to IDR4.0 tn in 1H25 (vs IDR3.6 tn in 1H24).</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>

ERAA delivered a resilient performance in 1H25, booking a net profit increase of +8.5% YoY to IDR568.3 bn in 1H25 (vs IDR523.6 bn in 1H24), in line at 49.7% of our FY25E estimates though slightly below consensus at 46.5%.All business segments contributed positively, driving consolidated revenue growth of +5.8% YoY to IDR35.1 tn in 1H25 (vs IDR33.1 tn in 1H24), achieving 48.3%/47.9% of our/consensus FY25E estimates.Despite COGS rising +5.2% YoY to IDR31.1 tn in 1H25 (vs IDR29.5 tn in 1H24), gross profit managed to increase +10.9% YoY to IDR4.0 tn in 1H25 (vs IDR3.6 tn in 1H24).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.

Eraa Ij -Resilient 1H25 Results; Reshaping Portfolio In Progress

Erajaya Swasembada

Eraa Ij -Resilient 1H25 Results; Reshaping Portfolio In Progress