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

Hartadinata Abadi Tbk PT / Equity Bottom-Up

<ul><li>HRTA posted 1H25’s net profit of IDR348.5 bn, surging by +69.5% YoY (vs IDR205.6 bn in 1H24), surpassing both our/consensus at 58.9%/61.8% of FY25E estimates.</li><li>2Q25 net profit jumped to IDR198.8 bn (+32.7% QoQ/+93.1% YoY), driven by solid top-line growth and disciplined cost control.</li><li>Revenue in 1H25 rose by +82.6% YoY to IDR15.1 tn (vs IDR8.2 tn in 1H24), reaching 51.7% of our FY25E forecast (in-line) and beating consensus estimates of 57.9%. </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>

HRTA posted 1H25’s net profit of IDR348.5 bn, surging by +69.5% YoY (vs IDR205.6 bn in 1H24), surpassing both our/consensus at 58.9%/61.8% of FY25E estimates.2Q25 net profit jumped to IDR198.8 bn (+32.7% QoQ/+93.1% YoY), driven by solid top-line growth and disciplined cost control.Revenue in 1H25 rose by +82.6% YoY to IDR15.1 tn (vs IDR8.2 tn in 1H24), reaching 51.7% of our FY25E forecast (in-line) and beating consensus estimates of 57.9%. 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.

HRTA IJ - Bullion Bank Momentum Drives 1H25 Performance