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

MNC Studios International Tbk / Equity Bottom-Up

PT Media Nusantara Citra Tbk operates as a media company. The Company owns radio, print media, and talent management company, as well as engages in general trading, development, industry, agriculture, transportation, printing, and multimedia through satellite and other telecommunication equipment. Media Nusantara Citra Tbk serves customers in Indonesia.

<ul><li>Vision+ has introduced a revamped subscription package, offering customers access to a wider range of content at the same price of IDR20k/month, providing broader content access while maintaining affordability to enhance user engagement and value proposition.</li><li>Furthermore, the platform has introduced a Super-Premium add-on option, targeting customers with demand for more curated and premium content.</li><li>After undergoing a strategic revamp, Vision+ will now offer curated content bundles tailored to different audience segments, including exclusive Vision+ Originals, Micro Drama series, and premium sports such as Formula 1, MMA, MotoGP, and football.</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.

Vision+ has introduced a revamped subscription package, offering customers access to a wider range of content at the same price of IDR20k/month, providing broader content access while maintaining affordability to enhance user engagement and value proposition.Furthermore, the platform has introduced a Super-Premium add-on option, targeting customers with demand for more curated and premium content.After undergoing a strategic revamp, Vision+ will now offer curated content bundles tailored to different audience segments, including exclusive Vision+ Originals, Micro Drama series, and premium sports such as Formula 1, MMA, MotoGP, and football.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.

Msin Ij - Vision+ Powers Ahead: Smarter Bundling, Exclusive Sports, Global Expansion

Thematic (Sector/Industry)

<ul><li>Budget Committee and the Ministry of Finance have revised the 2026 draft budget deficit to 2.68% of GDP from 2.48%, equivalent to IDR689.15 trillion, with state spending increased to IDR3,842.7 trillion largely on ministry programs.</li><li>The decision reflects a turn toward fiscal expansion to accommodate President Prabowo’s priority initiatives in social protection and infrastructure, but it also points to mounting financing needs that could tighten fiscal room in a challenging global and interest rate environment.</li><li>Debt servicing has reached 16–18% of expenditure, above the generally prudent level of around 10%, while the debt service ratio has climbed to 42% of revenue, well beyond the 25% threshold that is often viewed as a warning level for fiscal sustainability. </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.

Budget Committee and the Ministry of Finance have revised the 2026 draft budget deficit to 2.68% of GDP from 2.48%, equivalent to IDR689.15 trillion, with state spending increased to IDR3,842.7 trillion largely on ministry programs.The decision reflects a turn toward fiscal expansion to accommodate President Prabowo’s priority initiatives in social protection and infrastructure, but it also points to mounting financing needs that could tighten fiscal room in a challenging global and interest rate environment.Debt servicing has reached 16–18% of expenditure, above the generally prudent level of around 10%, while the debt service ratio has climbed to 42% of revenue, well beyond the 25% threshold that is often viewed as a warning level for fiscal sustainability. 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.

Macro & Market Perspective October 3, 2025

PT Mayora Indah Tbk manufactures candies and cookies.  Through its subsidiaries, the Company also manufactures food, coffee powder, instant coffee, and cocoa beans.

<ul><li>MYOR booked revenue of IDR17.8 tn in 1H25 (+9.7% YoY vs IDR16.2 tn in 1H24), slightly below our/consensus FY25E estimates at 44.9%/44.9%.</li><li>Revenue was supported by local sales of IDR10.4 tn in 1H25 (+8.3% YoY) and export sales of IDR7.4 tn in 1H25 (+11.8% YoY).</li><li>The stronger export momentum reflects continued traction in Asia and other international markets.</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.

MYOR booked revenue of IDR17.8 tn in 1H25 (+9.7% YoY vs IDR16.2 tn in 1H24), slightly below our/consensus FY25E estimates at 44.9%/44.9%.Revenue was supported by local sales of IDR10.4 tn in 1H25 (+8.3% YoY) and export sales of IDR7.4 tn in 1H25 (+11.8% YoY).The stronger export momentum reflects continued traction in Asia and other international markets.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.

MYOR IJ - 1H25 Weak Performance; Limited 2H25 Recovery Ahead

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>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>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 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

Eraa IJ  - Solid 1H25 Performance Across All Segments