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>DMAS differentiation lies in its Cikarang location and infrastructure maturity to house global-scale data center providers.</li><li>We expect lower dividend payout from FY24F earnings to be directed towards landbank replenishment capex.</li><li>We reinitiate with Buy rating and RNAV-based TP of Rp190; expect FY24- 26F EPS growth at a stable 7% CAGR, driven by data center growth.</li></ul><p><em>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.</em></p>

DMAS differentiation lies in its Cikarang location and infrastructure maturity to house global-scale data center providers.We expect lower dividend payout from FY24F earnings to be directed towards landbank replenishment capex.We reinitiate with Buy rating and RNAV-based TP of Rp190; expect FY24- 26F EPS growth at a stable 7% CAGR, driven by data center growth.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.

Puradelta Lestari - Data Center Growth Proxy Amid Its Cikarang Location

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>
<p><em>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.</em></p>


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>Rising interest rates and private home prices could erode affordability; Offset by longer loan tenure</li><li><a href="https://www.smartkarma.com/entities/puradelta-lestari-tbk-pt" target="_blank" data-smartkarma-citation="entities:428" rel="noopener">Puradelta Lestari (DMAS IJ)</a> 1H22 marketing sales reached ~55% of FY target</li><li><a href="https://www.smartkarma.com/entities/duta-anggada-realty-tbk-pt" target="_blank" data-smartkarma-citation="entities:18466" rel="noopener">Duta Anggada Realty (DART IJ)</a> to issue IDR300bn to pay down bank debts</li></ul>

Rising interest rates and private home prices could erode affordability; Offset by longer loan tenurePuradelta Lestari (DMAS IJ) 1H22 marketing sales reached ~55% of FY targetDuta Anggada Realty (DART IJ) to issue IDR300bn to pay down bank debts

ASEAN Builder's Scoop (12Jul22) - Longer Loan Tenure Could Support Affordability

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> – Capitalizing on post-Covid trends (BUY; TP S$2.57/unit)</h3><p>The transformative merger between CCT and CMT puts forth stronger value propositions: (i) Largest proxy to SG commercial real estate with a diversified and resilient portfolio; (ii) Potential synergies to unlock and benefit from economies of scale; and (iii) Greater financial flexibility and investment opportunities. With recovery underway, we resume coverage with BUY rating and TP $2.57/unit. CICT currently trades at 5.8% FY22E yield and 1.0x P/B.</p>

SingaporeCapitaland Integrated Commercial Trust (CICT SP) – Capitalizing on post-Covid trends (BUY; TP S$2.57/unit)The transformative merger between CCT and CMT puts forth stronger value propositions: (i) Largest proxy to SG commercial real estate with a diversified and resilient portfolio; (ii) Potential synergies to unlock and benefit from economies of scale; and (iii) Greater financial flexibility and investment opportunities. With recovery underway, we resume coverage with BUY rating and TP $2.57/unit. CICT currently trades at 5.8% FY22E yield and 1.0x P/B.

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> will not support Sincere Property’s financial obligations; Remaining exposure at S$126m</h3><p>CIT was made aware of the bankruptcy claim filed by Beijing Yi He Mercury Investment Co Ltd against Sincere Property on 5Jul. CIT reiterated that it has ring-fenced its current financial exposure to its investment in Sincere Property and will not support the continuing financial obligations of Sincere Property. In Feb21, CIT booked a substantial impairment loss of S$1.78bn on its investment in China-based Sincere, which dragged the group into a net loss of S$1.92bn in 2H20. CIT's remaining exposure amounts to only S$126m as at 31Dec20.</p>

SingaporeCity Developments (CIT SP) will not support Sincere Property’s financial obligations; Remaining exposure at S$126mCIT was made aware of the bankruptcy claim filed by Beijing Yi He Mercury Investment Co Ltd against Sincere Property on 5Jul. CIT reiterated that it has ring-fenced its current financial exposure to its investment in Sincere Property and will not support the continuing financial obligations of Sincere Property. In Feb21, CIT booked a substantial impairment loss of S$1.78bn on its investment in China-based Sincere, which dragged the group into a net loss of S$1.92bn in 2H20. CIT's remaining exposure amounts to only S$126m as at 31Dec20.

ASEAN Builder's Scoop (9Jul21) - CIT Remaining Exposure S$126m at Sincere Property

Indonesia

PT Puradelta Lestari Tbk is an industrial property developer. The Company sells industrial estate, residential and commercial land.

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Puradelta Lestari (DMAS IJ)

Puradelta Lestari - Data Center Growth Proxy Amid Its Cikarang Location

DMAS differentiation lies in its Cikarang location and infrastructure maturity to house global-scale data center providers. We expect lower...

BRI Danareksa Research

Equity Snapshot: April 18, 2023

Following the release of the FY22 results, we revise our earnings estimates for SOE contractors under our coverage. State Budget Recorded Surplus...

BRI Danareksa Research

ASEAN Builder's Scoop (12Jul22) - Longer Loan Tenure Could Support Affordability

DMAS 1H22 mktg sales reached ~55% of FY target; HOUSE defers cornerstone placement; Manila office strong rebound in 4Q22; Prospect Development...

SCCM Asia Research

ASEAN Builder's Scoop (10Sep21)

CICT capitalizing on post-Covid trends; HDB resale prices only 0.1% below peak; DMAS on-track to meet FY mktg sales target; CPN new Ayutthaya mall;...

SCCM Asia Research

ASEAN Builder's Scoop (9Jul21) - CIT Remaining Exposure S$126m at Sincere Property

CIT remaining exposure S$126m at Sincere Property; HDB resale prices ~1.7% away from peak; DD/JFC first and largest industrial REIT in Phils; LPKR...

SCCM Asia Research

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