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.

Equity Bottom-Up

<ul><li>BSDE is looking to achieve its FY23 marketing sales target, which will still be driven by its two main segments namely first home buyers and premium home buyers</li><li>We maintain our BUY call on the company as we believe the shares are still undervalued given its: 1) robust marketing sales, 2) strong balance sheet, and 3) huge undeveloped land bank</li><li>Maintaining its marketing sales target at IDR8.8tn</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.

BSDE is looking to achieve its FY23 marketing sales target, which will still be driven by its two main segments namely first home buyers and premium home buyersWe maintain our BUY call on the company as we believe the shares are still undervalued given its: 1) robust marketing sales, 2) strong balance sheet, and 3) huge undeveloped land bankMaintaining its marketing sales target at IDR8.8tnContent 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.

Bumi Serpong Damai(BSDE IJ) - Remained Positive in 2023

Cross Asset Strategy

<ul>
<li>Following the release of the FY22 results, we revise our earnings estimates for SOE contractors under our coverage</li>
<li>State Budget Recorded Surplus of IDR 128.5 tn as of March 2023</li>
<li>BSDE (1Q23 Marketing Sales) – Resilient sales from residential and commercial</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.


Following the release of the FY22 results, we revise our earnings estimates for SOE contractors under our coverage
State Budget Recorded Surplus of IDR 128.5 tn as of March 2023
BSDE (1Q23 Marketing Sales) – Resilient sales from residential and commercial

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.

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li>New private home sales rose 71% MoM in Jul22; Take-up rate further rebounded to ~207%  </li><li><a href="https://www.smartkarma.com/entities/bumi-serpong-damai-pt" target="_blank" data-smartkarma-citation="entities:15498" rel="noopener">Bumi Serpong Damai (BSDE IJ)</a> invested US$25m in DANA</li><li>Stable ops buoy <a href="https://www.smartkarma.com/entities/areit-ayalaland-reit" target="_blank" data-smartkarma-citation="entities:28856" rel="noopener">Areit (AyalaLand REIT) (AREIT PM)</a> earnings (Regina Capital)</li></ul>

New private home sales rose 71% MoM in Jul22; Take-up rate further rebounded to ~207%  Bumi Serpong Damai (BSDE IJ) invested US$25m in DANAStable ops buoy Areit (AyalaLand REIT) (AREIT PM) earnings (Regina Capital)

ASEAN Builder's Scoop (16Aug22) - SG Jul22 New Home Sales +71% MoM, Robust Take up Rate ~207%

<ul><li><a href="https://www.smartkarma.com/entities/frasers-logistics-commercial-trust" target="_blank" data-smartkarma-citation="entities:22748" rel="noopener">Frasers Logistics &amp; Commercial Trust (FLT SP)</a> 3Q22 Business Updates – Robust reversions and steady occupancy</li><li><a href="https://www.smartkarma.com/entities/elite-commercial-reit" target="_blank" data-smartkarma-citation="entities:28807" rel="noopener">Elite Commercial REIT (ELITE SP)</a> 1H22 DPU -2.7% YoY; Higher mid-year portfolio valuation despite declining occupancy</li><li><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> to acquire Philips APAC Center in Singapore for S$104.8m; DPU accretive by +0.3%</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) 3Q22 Business Updates – Robust reversions and steady occupancyElite Commercial REIT (ELITE SP) 1H22 DPU -2.7% YoY; Higher mid-year portfolio valuation despite declining occupancyAscendas Real Estate Investment Trust (AREIT SP) to acquire Philips APAC Center in Singapore for S$104.8m; DPU accretive by +0.3%

ASEAN Builder's Scoop (5Aug22) - FLT Robust Reversions +ve Surprise

<ul>
<li>
<a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a> establishes its first onshore RMB fund in China</li>
<li>
<a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> secured 12-year major new lease at Sant Cugat Green</li>
<li>Tender for High Point enbloc sale to close on 28Jul22 as interest from developers picked up</li>
</ul>



CapitaLand Investment (CLI SP) establishes its first onshore RMB fund in China

IREIT Global (IREIT SP) secured 12-year major new lease at Sant Cugat Green
Tender for High Point enbloc sale to close on 28Jul22 as interest from developers picked up


ASEAN Builder's Scoop (22Jun22) - CLI Establishes First Onshore RMB Fund

Indonesia

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

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Bumi Serpong Damai (BSDE IJ)