External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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. 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)

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.

Equity Bottom-Up

<ul><li>SIDO MUNCUL(SIDO IJ)Downgrade on sluggish performanceWeak purchasing power at the grassroots level has restricted SIDO’s sales volume growth this year</li><li>The management’s efforts to push sales of Tolak Angin and maintain its affordability will provide the infection point for volume growth ahead</li><li>Given the soft 2Q23 result, however, we revise down our FY23-24 earnings estimates by 18% and 22%</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>

SIDO MUNCUL(SIDO IJ)Downgrade on sluggish performanceWeak purchasing power at the grassroots level has restricted SIDO’s sales volume growth this yearThe management’s efforts to push sales of Tolak Angin and maintain its affordability will provide the infection point for volume growth aheadGiven the soft 2Q23 result, however, we revise down our FY23-24 earnings estimates by 18% and 22%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.

SIDO MUNCUL (SIDO IJ) - Downgrade on Sluggish Performance

Sido Muncul

SIDO MUNCUL (SIDO IJ) - Downgrade on Sluggish Performance