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

Surya Semesta Internusa / Equity Bottom-Up

<ul><li>Soft pre-sales bookings and hotel business performance led to soft 9M25 earnings, with PATMI at only Rp6bn (2/3% of our/cons. FY25F).</li><li>SSIA lowered revenue/NP guidance by 8%/34% and we also lowered our PATMI by 34%/30%, reflecting weak hotels and higher MI in 9M25.</li><li>Raising our disc. to RNAV to 58% and cut TP to Rp2,050, yet upgrade rating to Buy on better entry level amid intact Subang’s LT EV-hub story.</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>

Soft pre-sales bookings and hotel business performance led to soft 9M25 earnings, with PATMI at only Rp6bn (2/3% of our/cons. FY25F).SSIA lowered revenue/NP guidance by 8%/34% and we also lowered our PATMI by 34%/30%, reflecting weak hotels and higher MI in 9M25.Raising our disc. to RNAV to 58% and cut TP to Rp2,050, yet upgrade rating to Buy on better entry level amid intact Subang’s LT EV-hub story.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.

Surya Semesta Internusa (SSIA.IJ) 9M25 Missed Expectation, but Subang’s LT Outlook Is Intact...