External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

PT Bank Central Asia Tbk provides banking and related services.  The Bank also provides custodianship, trusteeship, and management of pension funds of financial institutions.  Through its subsidiaries, the Bank also provides leasing and consumer financing services.

<ul><li>Net profit reached IDR48.6tn (+19.4% YoY), in line with our &amp; consensus' target; due to robust expansion of NII growth and reduced provision charges by 50% YoY which resulted in all-time-low CoC of 0.3%.</li><li>NIM remained flat on QoQ at 5.5% and it is anticipated that NIM to remain stable at 5.5%-5.6% in FY24E.</li><li>Management foresee a possibility for a 25-50bps improvement in loan yield.</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.

Net profit reached IDR48.6tn (+19.4% YoY), in line with our &amp; consensus' target; due to robust expansion of NII growth and reduced provision charges by 50% YoY which resulted in all-time-low CoC of 0.3%.NIM remained flat on QoQ at 5.5% and it is anticipated that NIM to remain stable at 5.5%-5.6% in FY24E.Management foresee a possibility for a 25-50bps improvement in loan yield.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.

BBCA IJ - MNC Sekuritas Equity Report February 2, 2024

PT Erajaya Swasembada Tbk distributes and retails cellular telephones.  The Company is licensed to distribute international brands of cell phones, and operates a chain of retail shops in Indonesia.

<ul><li>We anticipate that the chip shortage has subsided and will begin recovering in FY24E, signalling positive prospects for the handset industry to boost volume growth.</li><li>After experiencing negative returns for 14 consecutive months, world chip sales recorded a growth of +5.7% YoY in Nov-23.</li><li>ERAA outlined its focus on leveraging the brand portfolio at the affordable prices for handsets and accessories.</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.

We anticipate that the chip shortage has subsided and will begin recovering in FY24E, signalling positive prospects for the handset industry to boost volume growth.After experiencing negative returns for 14 consecutive months, world chip sales recorded a growth of +5.7% YoY in Nov-23.ERAA outlined its focus on leveraging the brand portfolio at the affordable prices for handsets and accessories.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 - MNC Sekuritas Equity Report February 2, 2024

Bumi Serpong Damai Tbk PT develops real estate including housing infrastructure, commercial and industrial estates, golf courses, and public facilities.

<ul><li>In FY23, BSDE achieved marketing sales of IDR9.5tn reflecting 108% of the company and MNCS FY23 target.</li><li>BSDE is targeting IDR9.5tn marketing sales in FY24E, a moderate and conservative view for the overall property demand compared to FY23 performance.</li><li>As a flagship project, sales from properties in BSD City township are aimed to reach a 56% contribution to the overall marketing sales target, or approximately IDR5.3tn.</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.

In FY23, BSDE achieved marketing sales of IDR9.5tn reflecting 108% of the company and MNCS FY23 target.BSDE is targeting IDR9.5tn marketing sales in FY24E, a moderate and conservative view for the overall property demand compared to FY23 performance.As a flagship project, sales from properties in BSD City township are aimed to reach a 56% contribution to the overall marketing sales target, or approximately IDR5.3tn.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.

BSDE IJ - MNC Sekuritas Equity Report February 6, 2024

Dharma Satya Nusantara / Equity Bottom-Up

PT Dharma Satya Nusantara TBK is a palm oil and wood processing company. The Company is currently concentrating on three types of integrated businesses: wood products, timber estates and plantations.

<ul><li>DSNG’s plantation productivity gained in spite of El Nino concerns, bearing fruit to a solid total FFB production growth by 2.6% YoY, reaching 2.27mn ton in FY23 (reflecting 100.5% of our estimate).</li><li>CPO production came in at 661.9k tons, growing 3.5% YoY.</li><li>This was accompanied by a slightly higher ASP of IDR11.4mn/ton.</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.

DSNG’s plantation productivity gained in spite of El Nino concerns, bearing fruit to a solid total FFB production growth by 2.6% YoY, reaching 2.27mn ton in FY23 (reflecting 100.5% of our estimate).CPO production came in at 661.9k tons, growing 3.5% YoY.This was accompanied by a slightly higher ASP of IDR11.4mn/ton.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.

DSNG IJ - MNC Sekuritas Equity Report February 6, 2024

Dayamitra Telekomunikasi PT / Equity Bottom-Up

PT Dayamitra Telekomunikasi operates as an infrastructure construction company. The Company constructs telecommunications towers. Dayamitra Telekomunikasi serves customers in Indonesia.

<ul><li>MTEL substantiates its leading position in Indonesia’s digital infrastructure industry through both organic and several acquisitions of towers and fiber optics in FY23E, resulting in total 37,894 towers (41.55% inside Java and 58.45% ex-Java), estimation of 1.51x/1.55x tenancy ratio in FY23E/FY24E, and ~30,000 km of fiber optic rollouts in FY23E.</li><li>We forecast the revenue to grow at +11.4% YoY in FY23E and +9.9% YoY in FY24E, supported by the increasing income in tower leasing and fiber optics segments.</li><li>Preparing capex of ~IDR6 tn for FY24E, MTEL is in for the tender offer to acquire the shares of PT Inti Bangun Sejahtera Tbk (IBST) who owns 16,642 km of fiber optic, 3,383 towers with 5,791 tenants, and tenancy ratio of 1.71x.</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.

MTEL substantiates its leading position in Indonesia’s digital infrastructure industry through both organic and several acquisitions of towers and fiber optics in FY23E, resulting in total 37,894 towers (41.55% inside Java and 58.45% ex-Java), estimation of 1.51x/1.55x tenancy ratio in FY23E/FY24E, and ~30,000 km of fiber optic rollouts in FY23E.We forecast the revenue to grow at +11.4% YoY in FY23E and +9.9% YoY in FY24E, supported by the increasing income in tower leasing and fiber optics segments.Preparing capex of ~IDR6 tn for FY24E, MTEL is in for the tender offer to acquire the shares of PT Inti Bangun Sejahtera Tbk (IBST) who owns 16,642 km of fiber optic, 3,383 towers with 5,791 tenants, and tenancy ratio of 1.71x.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.

MTEL IJ - MNC Sekuritas Equity Report February 16, 2024

MNC Sekuritas
External broker reports(aggregated public sources)
• MNC Sekuritas

BBCA IJ - MNC Sekuritas Equity Report February 2, 2024

Net profit reached IDR48.6tn (+19.4% YoY), in line with our & consensus' target; due to robust expansion of NII growth and reduced provision...

MNC Sekuritas

ERAA IJ - MNC Sekuritas Equity Report February 2, 2024

We anticipate that the chip shortage has subsided and will begin recovering in FY24E, signalling positive prospects for the handset industry to...

MNC Sekuritas

BSDE IJ - MNC Sekuritas Equity Report February 6, 2024

As a flagship project, sales from properties in BSD City township are aimed to reach a 56% contribution to the overall marketing sales target, or...

MNC Sekuritas

DSNG IJ - MNC Sekuritas Equity Report February 6, 2024

DSNG’s plantation productivity gained in spite of El Nino concerns, bearing fruit to a solid total FFB production growth by 2.6% YoY, reaching...

MNC Sekuritas

MTEL IJ - MNC Sekuritas Equity Report February 16, 2024

We forecast the revenue to grow at +11.4% YoY in FY23E and +9.9% YoY in FY24E, supported by the increasing income in tower leasing and fiber optics...

MNC Sekuritas