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's projects boast the key value-add of strong connectivity, which we expect to support a 4% CAGR growth in FY24F-26F core pre-sales.</li><li>Our channel check on the new launches indicates potential Rp188bn in pre-sales in 3Q24; this leads us to raise our FY24F target by 23%.</li><li>We resume coverage with a Buy rating and RNAV-based TP of Rp1,550; Key risks are related to pre-sales growth and awaited ROE improvement.</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's projects boast the key value-add of strong connectivity, which we expect to support a 4% CAGR growth in FY24F-26F core pre-sales.Our channel check on the new launches indicates potential Rp188bn in pre-sales in 3Q24; this leads us to raise our FY24F target by 23%.We resume coverage with a Buy rating and RNAV-based TP of Rp1,550; Key risks are related to pre-sales growth and awaited ROE improvement.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.

Bumi Serpong Damai - Well-Connected Township Remains Key Selling Points...

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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.

<ul><li>BSDE recorded revenues of IDR7.3tn in 1H24 or grew by 67.9% YoY (vs IDR5.0tn in 1H23).</li><li>Sales from residential, land, and commercial sectors, accounted for 88% of the 1H24 revenues.</li><li>While the remaining 12% came from rental, hotel, estate management, water, recreation, toll road operating services, and construction.</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 recorded revenues of IDR7.3tn in 1H24 or grew by 67.9% YoY (vs IDR5.0tn in 1H23).Sales from residential, land, and commercial sectors, accounted for 88% of the 1H24 revenues.While the remaining 12% came from rental, hotel, estate management, water, recreation, toll road operating services, and construction.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 - More Focus On Residential and Shop-House

Thematic (Sector/Industry)

<ul><li>We expect the VAT &amp; BPHTB incentives, which have evidently aided buyers’ affordability and developers’ pre-sales, to continue until 2H25.</li><li>We identify winning developers amid the affordability challenges and found the key competitive factors are pricing, product, and location.</li><li>We maintain our OW rating on the sector as it trades at a sharp discount with improving pre-sales. Top picks: CTRA&gt; PWON&gt; SMRA&gt; BSDE.</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 expect the VAT &amp; BPHTB incentives, which have evidently aided buyers’ affordability and developers’ pre-sales, to continue until 2H25.We identify winning developers amid the affordability challenges and found the key competitive factors are pricing, product, and location.We maintain our OW rating on the sector as it trades at a sharp discount with improving pre-sales. Top picks: CTRA&gt; PWON&gt; SMRA&gt; BSDE.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.

Property: FY25 Outlook: Picking the Winners Amid Industry Challenges (OVERWEIGHT)

<ul><li>Historical data shows property stocks’ RNAV discounts tend to fall during a series of rate cuts or when rates plateau post a series of hikes.</li><li>A sustainably low RNAV discount will depend on a company's product launches and strategy to accelerate asset monetization to improve ROE.</li><li>We maintain OW rating on the sector as we continue to see upside from rate cut sentiment until at least late-1H25; CTRA remains our top pick.</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.

Historical data shows property stocks’ RNAV discounts tend to fall during a series of rate cuts or when rates plateau post a series of hikes.A sustainably low RNAV discount will depend on a company's product launches and strategy to accelerate asset monetization to improve ROE.We maintain OW rating on the sector as we continue to see upside from rate cut sentiment until at least late-1H25; CTRA remains our top pick.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.

Property: Riding on the Rate Cut Sentiment (OVERWEIGHT)

<ul><li>According to JLL, office markets still face occupancy issues; Retail rental rates booked healthy growth while Condos remain challenging.</li><li>JLL sees landed housing to remain as FY24F demand drivers; Tangerang as favorite area. We see CitraSerpong as a strong alternative for BSDE.</li><li>We maintain our OW rating on the sector, as 1H24 marketing sales remain healthy, depicting stable demand. CTRA remains our top pick.</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.

According to JLL, office markets still face occupancy issues; Retail rental rates booked healthy growth while Condos remain challenging.JLL sees landed housing to remain as FY24F demand drivers; Tangerang as favorite area. We see CitraSerpong as a strong alternative for BSDE.We maintain our OW rating on the sector, as 1H24 marketing sales remain healthy, depicting stable demand. CTRA remains our top pick.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.

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)

Bumi Serpong Damai - Well-Connected Township Remains Key Selling Points...

BSDE's projects boast the key value-add of strong connectivity, which we expect to support a 4% CAGR growth in FY24F-26F core pre-sales.

BRI Danareksa Research

BSDE IJ - More Focus On Residential and Shop-House

BSDE recorded revenues of IDR7.3tn in 1H24 or grew by 67.9% YoY (vs IDR5.0tn in 1H23). Sales from residential, land, and commercial sectors,...

MNC Sekuritas

Property: FY25 Outlook: Picking the Winners Amid Industry Challenges (OVERWEIGHT)

We expect the VAT & BPHTB incentives, which have evidently aided buyers’ affordability and developers’ pre-sales, to continue until 2H25.

BRI Danareksa Research

Property: Riding on the Rate Cut Sentiment (OVERWEIGHT)

Historical data shows property stocks’ RNAV discounts tend to fall during a series of rate cuts or when rates plateau post a series of hikes.

BRI Danareksa Research

Property: KTA from Meeting with JLL

According to JLL, office markets still face occupancy issues; Retail rental rates booked healthy growth while Condos remain challenging.

BRI Danareksa Research

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