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

BRI Danareksa Research

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.

Macroeconomics

<ul><li>As domestically focused sectors underperformed, we cut our FY24/25 EPS growth est. to 2.4%/9.3% and JCI FY24-end target to 7,448.</li><li>Despite still muted growth indicators, we expect seasonal tailwinds to benefit certain sectors (e.g., Retail, Consumer) in 4Q24. </li><li>At a forward P/E of 11.9x, JCI valuation is attractive (160bps spread vs. 10-yr yield); amid macro risks, we favor quality stocks and USD hedge.</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.

As domestically focused sectors underperformed, we cut our FY24/25 EPS growth est. to 2.4%/9.3% and JCI FY24-end target to 7,448.Despite still muted growth indicators, we expect seasonal tailwinds to benefit certain sectors (e.g., Retail, Consumer) in 4Q24. At a forward P/E of 11.9x, JCI valuation is attractive (160bps spread vs. 10-yr yield); amid macro risks, we favor quality stocks and USD hedge.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.

Equity Strategy: Attractive Valuation Emerging, Prefer Quality Stocks and USD Hedge...

Equity Bottom-Up

PT Mitra Adiperkasa Tbk operates department stores and specialty stores selling a broad range of goods including clothing, toys, food, and other merchandise.

<ul><li>Mitra Adiperkasa (MAPI IJ)Share price underperformance has priced in pessimistic growth expectation; Maintain Buy rating3Q24 performance was driven by Active in both margins and revenue, while Fashion and F&amp;B faced margin pressures.</li><li>We trimmed our FY24/ 25F net profit est. by 2.3%/5.8%, leading to FY25F EPS growth est of 16.8%, driven by Active and Fashion expansion.</li><li>We expect MAPI to sustain revenue and net profit growth and thus see 9.5% YTD share price correction to be unwarranted. Maintain Buy.</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.

Mitra Adiperkasa (MAPI IJ)Share price underperformance has priced in pessimistic growth expectation; Maintain Buy rating3Q24 performance was driven by Active in both margins and revenue, while Fashion and F&amp;B faced margin pressures.We trimmed our FY24/ 25F net profit est. by 2.3%/5.8%, leading to FY25F EPS growth est of 16.8%, driven by Active and Fashion expansion.We expect MAPI to sustain revenue and net profit growth and thus see 9.5% YTD share price correction to be unwarranted. Maintain Buy.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.

Mitra Adiperkasa - Share Price Underperformance Has Priced in Pessimistic Growth Expectation

MAP Aktif Adiperkasa PT / Equity Bottom-Up

PT MAP Aktif Adiperkasa Tbk retails sporting goods. The Company operates an online portal that offers a wide range boots, shoes, sandals, shorts, caps, hoodies, and accessories. Map Aktif Adiperkasa serves customers in Indonesia.

<ul><li>New store openings and cost management initiatives drove solid 9M24 net profit growth of 8.4% yoy. </li><li>We increased our FY24/25F net profit estimates by 12.4% and 10.2%, reflecting solid 9M24 results and expectations of more store openings. </li><li>We expect the upcoming festive events to sustain growth momentum for MAPA. Maintain Buy rating with a higher TP of Rp1,250.</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.

New store openings and cost management initiatives drove solid 9M24 net profit growth of 8.4% yoy. We increased our FY24/25F net profit estimates by 12.4% and 10.2%, reflecting solid 9M24 results and expectations of more store openings. We expect the upcoming festive events to sustain growth momentum for MAPA. Maintain Buy rating with a higher TP of Rp1,250.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.

MAP Aktif - Store Expansions and Cost Efficiency Drive FY24-26F Est. And TP Upgrade

<ul><li>The recent trend in IDR and liquidity appears to constrain the possibility of a rate cut, but the need to stimulate growth should be at the fore.</li><li>Rate reduction aimed at bolstering business confidence would lead to stronger growth expectations, attracting inflows and benefiting the IDR.</li><li>An increasingly hawkish Fed would reduce the scope for rate cut, limiting BI’s room for future reductions if they choose to delay now</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.

The recent trend in IDR and liquidity appears to constrain the possibility of a rate cut, but the need to stimulate growth should be at the fore.Rate reduction aimed at bolstering business confidence would lead to stronger growth expectations, attracting inflows and benefiting the IDR.An increasingly hawkish Fed would reduce the scope for rate cut, limiting BI’s room for future reductions if they choose to delay nowContent 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.

BRIDS Weekly Update Economic & Fixed Income Research Monday, Nov 18 , 2024

PT Kalbe Farma Tbk produces and develops pharmaceutical products for human and animal healthcare.  Through its subsidiaries, the Company also operates in the pharmaceutical, health food, and packaging industries.

<ul><li>Solid prescription revenue and operating efficiency drove strong 9M24 net and core profit growth of 15.2%/10% yoy.</li><li>We estimate healthy FY25 net profit growth of 7.3% yoy, supported by 7.5% rev. growth with sustained margins.</li><li>Stronger Rupiah will provide a positive catalyst. We maintain our Buy rating with an unchanged TP at Rp1,800 (FY25F PE of 24.6x).</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.

Solid prescription revenue and operating efficiency drove strong 9M24 net and core profit growth of 15.2%/10% yoy.We estimate healthy FY25 net profit growth of 7.3% yoy, supported by 7.5% rev. growth with sustained margins.Stronger Rupiah will provide a positive catalyst. We maintain our Buy rating with an unchanged TP at Rp1,800 (FY25F PE of 24.6x).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.

Kalbe Farma - Healthy FY25 Growth Outlook Intact Despite ST Rupiah Headwinds

BRI Danareksa Research
External broker reports(aggregated public sources)

Equity Strategy: Attractive Valuation Emerging, Prefer Quality Stocks and USD Hedge...

At a forward P/E of 11.9x, JCI valuation is attractive (160bps spread vs. 10-yr yield); amid macro risks, we favor quality stocks and USD hedge.

BRI Danareksa Research

MAP Aktif - Store Expansions and Cost Efficiency Drive FY24-26F Est. And TP Upgrade

New store openings and cost management initiatives drove solid 9M24 net profit growth of 8.4% yoy. We increased our FY24/25F net profit estimates...

BRI Danareksa Research

BRIDS Weekly Update Economic & Fixed Income Research Monday, Nov 18 , 2024

The recent trend in IDR and liquidity appears to constrain the possibility of a rate cut, but the need to stimulate growth should be at the fore.

BRI Danareksa Research

Kalbe Farma - Healthy FY25 Growth Outlook Intact Despite ST Rupiah Headwinds

Solid prescription revenue and operating efficiency drove strong 9M24 net and core profit growth of 15.2%/10% yoy. We estimate healthy FY25 net...

BRI Danareksa Research