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

Japfa Comfeed Indonesia / Equity Bottom-Up

PT Japfa Comfeed Indonesia Tbk manufactures animal feed, breeds and processes chickens, and operates aquaculture farms.  The Company trades its products domestically and internationally.

<ul><li>JPFA continued to deliver stellar performance, with 1H24 net profit reaching IDR1.5 tn (vs IDR82.0 bn in 1H23), exceeding our/cons estimates, with a run-rate of 79.6%/98.7% of FY24E targets.</li><li>We revisited JPFA’s mid-downstream facilities in Tangerang, Banten, specifically Ciomas Commercial Farm (CCF) and PT So Good Food (SGF).</li><li>Assuming a density of 16 live birds per square meter and a 1% mortality rate, we estimate that the Tangerang CCF contributes 1-2% of Banten's total live bird production.</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.

JPFA continued to deliver stellar performance, with 1H24 net profit reaching IDR1.5 tn (vs IDR82.0 bn in 1H23), exceeding our/cons estimates, with a run-rate of 79.6%/98.7% of FY24E targets.We revisited JPFA’s mid-downstream facilities in Tangerang, Banten, specifically Ciomas Commercial Farm (CCF) and PT So Good Food (SGF).Assuming a density of 16 live birds per square meter and a 1% mortality rate, we estimate that the Tangerang CCF contributes 1-2% of Banten's total live bird production.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.

JPFA IJ - MNC Sekuritas Equity Report August 23, 2024

MT Educare Limited is an education support and coaching services provider. The Company serves students in the secondary and higher secondary school and for students pursuing graduation degree in commerce, preparing for various competitive examinations and undertaking chartered accountancy examinations.

<ul><li>MTEL booked a revenue of IDR4.45 tn in 1H24 (+7.75% YoY), reflecting to 47.84%/47.91% of our/consensus estimates.</li><li>This performance was primarily driven by the tower leasing segment (+7.27% YoY), tower-related business (+7.80% YoY), and the fiber optic segment (+103.49% YoY).</li><li>Meanwhile, the revenue from reseller dropped by -13.59% YoY, aligning with management’s plan to gradually reduce this segment.</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 booked a revenue of IDR4.45 tn in 1H24 (+7.75% YoY), reflecting to 47.84%/47.91% of our/consensus estimates.This performance was primarily driven by the tower leasing segment (+7.27% YoY), tower-related business (+7.80% YoY), and the fiber optic segment (+103.49% YoY).Meanwhile, the revenue from reseller dropped by -13.59% YoY, aligning with management’s plan to gradually reduce this segment.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 - Vibrant Growth and Innovation – What to Expect Next

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

<ul><li>ASII booked IDR160.0tn revenue in 1H24, decreasing by -1.5% YoY and representing 49.5%/51.7% of the MNCS/Consensus estimates for FY24E.</li><li>The automotive segment recorded IDR65.0tn sales, declining by -1.1% YoY.</li><li>Aligned with the downtrend in national car sales to 408k units (-19% YoY) in 1H24, ASII saw a -17% YoY slowdown in 4W sales to 232 units. </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.

ASII booked IDR160.0tn revenue in 1H24, decreasing by -1.5% YoY and representing 49.5%/51.7% of the MNCS/Consensus estimates for FY24E.The automotive segment recorded IDR65.0tn sales, declining by -1.1% YoY.Aligned with the downtrend in national car sales to 408k units (-19% YoY) in 1H24, ASII saw a -17% YoY slowdown in 4W sales to 232 units. 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.

ASII IJ - MNC Sekuritas Equity Report August 16, 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>ERAA released its 2Q24 results, with revenue reaching IDR16.5 tn, slightly down by -1.1% QoQ but surging by +16.8% YoY (vs IDR14.1 tn in 2Q23).</li><li>This brought its 1H24 revenue to IDR33.1 tn, or rose by +14.6% YoY, which was in-line with our/cons. estimates, reaching 49.2%/51.3% of FY24E targets.</li><li>On an annual basis, the computer and electronic devices segment led growth by +40.7% YoY, followed by accessories and others at +20.0% YoY, and cellular phones and tablets at +16.1% YoY. </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 released its 2Q24 results, with revenue reaching IDR16.5 tn, slightly down by -1.1% QoQ but surging by +16.8% YoY (vs IDR14.1 tn in 2Q23).This brought its 1H24 revenue to IDR33.1 tn, or rose by +14.6% YoY, which was in-line with our/cons. estimates, reaching 49.2%/51.3% of FY24E targets.On an annual basis, the computer and electronic devices segment led growth by +40.7% YoY, followed by accessories and others at +20.0% YoY, and cellular phones and tablets at +16.1% YoY. 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.

PT Erajaya Swasembada Tbk (ERAA IJ) - Handset Volume On-Track

Telekomunikasi Indonesia / Equity Bottom-Up

PT Telekomunikasi Indonesia Persero Tbk is a telecommunication company that provides a variety of domestic telecommunications services such as telephone, telex, telegram, satellite, and leased lines services.  The Company also offers electronic mail, mobile communication, and cellular phone services.

<ul><li>TLKM booked a revenue of IDR75.3trillion in 1H24 (+2.5% YoY), translating into IDR37.9trillion in 2Q24 (+1.2% QoQ/+1.3% YoY).</li><li>This performance fell slightly below our target, meeting only 47.9%/48.7% of MNCS/Consensus estimates.</li><li>The growth driver was the Data, Internet, &amp; IT Service segment which saw a +9.2% YoY hike to IDR45.5trillion in 1H24 (+5.2% QoQ/ +7.2% YoY in 2Q24), contributing 60.4% to total revenue. 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.</li></ul>

TLKM booked a revenue of IDR75.3trillion in 1H24 (+2.5% YoY), translating into IDR37.9trillion in 2Q24 (+1.2% QoQ/+1.3% YoY).This performance fell slightly below our target, meeting only 47.9%/48.7% of MNCS/Consensus estimates.The growth driver was the Data, Internet, &amp; IT Service segment which saw a +9.2% YoY hike to IDR45.5trillion in 1H24 (+5.2% QoQ/ +7.2% YoY in 2Q24), contributing 60.4% to total revenue. 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.

Tlkm Ij - Mid-Year Review: Challenges Persist, Target Updated