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.

Thematic (Sector/Industry)

<ul><li>Glimpse of RecoveryThere were some encouraging signs of brisker economic activity in May, with higher loans growth of 9.4% (vs April 8.1%) and M2 Money Supply growth of 6.6% (vs April 5.5%)</li><li>A lower fiscal surplus in May also indicated higher government spending activity</li><li>We anticipate improvements in the banking sector's intermediary function, supported by ample liquidity and favourable rates</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.

Glimpse of RecoveryThere were some encouraging signs of brisker economic activity in May, with higher loans growth of 9.4% (vs April 8.1%) and M2 Money Supply growth of 6.6% (vs April 5.5%)A lower fiscal surplus in May also indicated higher government spending activityWe anticipate improvements in the banking sector's intermediary function, supported by ample liquidity and favourable ratesContent 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.

Macro and Flows Tracker - Glimpse of Recovery

<ul><li>We still see no room for rate cuts at this juncture and expect BI to keep its 7DRRR intact</li><li>Fiscal expansion will be the key to address signs of growing domestic weakness, underpinned by the current large fiscal surplus</li><li>Overall, the mutual funds industry saw increases in both AUM and participation units in May 2023, with the average cash level rising to 6.8%, the first increase in 5 months</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 still see no room for rate cuts at this juncture and expect BI to keep its 7DRRR intactFiscal expansion will be the key to address signs of growing domestic weakness, underpinned by the current large fiscal surplusOverall, the mutual funds industry saw increases in both AUM and participation units in May 2023, with the average cash level rising to 6.8%, the first increase in 5 monthsContent 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.

Macro and Flows Tracker - Impetus for the Market

<ul><li>This is a major week for macro data with expectations of a Fed pause, driven by moderation in the inflation print, rising unemployment, and a surge in unemployment benefit claims</li><li>The FOMC's June Summary of Economic Projections will provide details on the macro trajectory, especially the prospect for rate cuts in 2024</li><li>More countries have a weakening PMI trend, with half of them in the contraction zone</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.

This is a major week for macro data with expectations of a Fed pause, driven by moderation in the inflation print, rising unemployment, and a surge in unemployment benefit claimsThe FOMC's June Summary of Economic Projections will provide details on the macro trajectory, especially the prospect for rate cuts in 2024More countries have a weakening PMI trend, with half of them in the contraction zoneContent 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.

Macro and Flows Tracker - The Tipping Point

<ul><li>The US Debt Ceiling Bill has passed the Senate, allowing the Treasury to raise funds for TGA and pay debt interest</li><li>The market expects around US$1tn in new T-bill issuances, potentially reducing liquidity and increasing yield volatility</li><li>Domestically, weaker growth was signalled by the slowing of Money Supply (M2) growth to 5.5% y-o-y in April, the slowest in four years, partly due to a slowdown in loans growth and a decline in working capital credit</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 US Debt Ceiling Bill has passed the Senate, allowing the Treasury to raise funds for TGA and pay debt interestThe market expects around US$1tn in new T-bill issuances, potentially reducing liquidity and increasing yield volatilityDomestically, weaker growth was signalled by the slowing of Money Supply (M2) growth to 5.5% y-o-y in April, the slowest in four years, partly due to a slowdown in loans growth and a decline in working capital creditContent 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.

Macro and Flows Tracker - Liquidity Headwind

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/nfc-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:32224:1" rel="noopener">NFC Indonesia (NFCX IJ)</a> provides exposure to Indonesia's O2O ecosystem as a technology-driven digital product aggregator, FMCG supplier, and advertiser covering modern trade, general trade, and e-commerce. </li>
<li>The company provides screen-based iCloud-enabled indoor advertising across mini-markets and increasingly for general trade. This provides a high-margin recurring income base which only currently covers 50% of mini-markets currently.</li>
<li>
<a href="https://www.smartkarma.com/entities/nfc-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:32224:1" rel="noopener">NFCX</a> is the current leader in the 2W EV market in Indonesia through its Volta brand, with the most extensive battery swapping buildout, and with further capacity expansion to come.</li>
</ul>



NFC Indonesia (NFCX IJ) provides exposure to Indonesia's O2O ecosystem as a technology-driven digital product aggregator, FMCG supplier, and advertiser covering modern trade, general trade, and e-commerce. 
The company provides screen-based iCloud-enabled indoor advertising across mini-markets and increasingly for general trade. This provides a high-margin recurring income base which only currently covers 50% of mini-markets currently.

NFCX is the current leader in the 2W EV market in Indonesia through its Volta brand, with the most extensive battery swapping buildout, and with further capacity expansion to come.


NFC Indonesia (NFCX IJ) - From O2O to Clean Energy on Two Wheels

Indonesia

PT Indosat Tbk is a telecommunication and information service provider in Indonesia that provides cellular services (prepaid and postpaid), fixed data services or MIDI (Multimedia, Internet & Data Communication) and fixed voice services including fixed wireless access services.

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Indosat Tbk PT (ISAT IJ)

Macro and Flows Tracker - Glimpse of Recovery

We anticipate improvements in the banking sector's intermediary function, supported by ample liquidity and favourable rates

BRI Danareksa Research

Macro and Flows Tracker - Impetus for the Market

Fiscal expansion will be the key to address signs of growing domestic weakness, underpinned by the current large fiscal surplus

BRI Danareksa Research

Macro and Flows Tracker - The Tipping Point

This is a major week for macro data with expectations of a Fed pause, driven by moderation in the inflation print, rising unemployment, and a surge...

BRI Danareksa Research

Macro and Flows Tracker - Liquidity Headwind

Domestically, weaker growth was signalled by the slowing of Money Supply (M2) growth to 5.5% y-o-y in April, the slowest in four years, partly due...

BRI Danareksa Research

NFC Indonesia (NFCX IJ) - From O2O to Clean Energy on Two Wheels

NFC Indonesia provides exposure to Indonesia's O2O ecosystem as a digital product aggregator, FMCG supplier, and advertiser, covering MT, GT, and e...

Angus Mackintosh

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