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>We expect JIIPE to remain a key earnings driver in FY24/ FY25, with 100 ha/90 ha of land sales for JIIPE in FY24F/FY25F (+10%/-10% yoy).</li><li>2H24 outlook: We expect better petroleum vol and higher margins; our conservative FY24F vol growth forecast of 1.5% implies upside.</li><li>We upgrade our FY24F/FY25F EPS by 1%/3%; resume coverage with a Buy rating and 7% lower SOTP-derived TP of Rp 1,850.</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 JIIPE to remain a key earnings driver in FY24/ FY25, with 100 ha/90 ha of land sales for JIIPE in FY24F/FY25F (+10%/-10% yoy).2H24 outlook: We expect better petroleum vol and higher margins; our conservative FY24F vol growth forecast of 1.5% implies upside.We upgrade our FY24F/FY25F EPS by 1%/3%; resume coverage with a Buy rating and 7% lower SOTP-derived TP of Rp 1,850.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.

AKR Corporindo - Expect a Better 2H24 Land Sales

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> has secured another major land plot sale at its JIIPE industrial estate in Gresik, with an area of 67 hectares to a Chinese chemical manufacturer.</li>
<li>The sale puts the company on track to exceed its full-year target sales for the estate. It has also been divulged that the Freeport Smelter is now 75% complete.</li>
<li>
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> remains a crucial proxy for the Indonesian economy through its fuel and chemical distribution business, with JIIPE targeting the EV Battery value chain as future tenants. </li>
</ul>



AKR Corporindo (AKRA IJ) has secured another major land plot sale at its JIIPE industrial estate in Gresik, with an area of 67 hectares to a Chinese chemical manufacturer.
The sale puts the company on track to exceed its full-year target sales for the estate. It has also been divulged that the Freeport Smelter is now 75% complete.

AKR Corporindo (AKRA IJ) remains a crucial proxy for the Indonesian economy through its fuel and chemical distribution business, with JIIPE targeting the EV Battery value chain as future tenants. 


AKR Corporindo (AKRA IJ) - Chemicals, Copper, Gold, and Silver

<ul><li>AKRA raised its land sales target to 130ha and target petroleum sales vol. growth of 5-6% in FY24F.</li><li>We maintain our conservative assumptions and FY24F earnings forecast (+2.8% yoy), in view of uncertainties in political and coal price in FY24.</li><li>We retain our Buy rating on attractive LT growth prospect, and SOTPbased TP of Rp2,000.</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.

AKRA raised its land sales target to 130ha and target petroleum sales vol. growth of 5-6% in FY24F.We maintain our conservative assumptions and FY24F earnings forecast (+2.8% yoy), in view of uncertainties in political and coal price in FY24.We retain our Buy rating on attractive LT growth prospect, and SOTPbased TP of Rp2,000.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.

AKR Corporindo (AKRA.IJ, TP IDR 2.000) - Optimistic Guidance Implies Growth Upside in FY24

Cross Asset Strategy

<ul>
<li>Indonesia has been the recipient of significant investment flows for foreign investors with more of a "risk on" environment with a large portion flowing into Indonesian banks. </li>
<li>Indonesia stacks up from an investment perspective with a stable political environment, solid GDP growth of around 5% YoY, rising flows of FDI, and a more stable IDR.</li>
<li>Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top picks: Banks, property, consumer, and selective elsewhere. </li>
</ul>


Indonesia has been the recipient of significant investment flows for foreign investors with more of a "risk on" environment with a large portion flowing into Indonesian banks. 
Indonesia stacks up from an investment perspective with a stable political environment, solid GDP growth of around 5% YoY, rising flows of FDI, and a more stable IDR.
Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top picks: Banks, property, consumer, and selective elsewhere. 


Indonesia Strategy - Caught in a Perfect Updraft?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.</li>
<li>Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat (BBRI)</a> and <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a>.</li>
<li>For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.</li>
</ul>


The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.
Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for Bank Rakyat (BBRI) and Bank Central Asia (BBCA).
For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.


LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

Indonesia

PT AKR Corporindo Tbk distributes chemical products such as caustic soda, Polyvinyl Chloride (PVC) resin, sorbitol, soda ash, and sodium sulfate.  Through its subsidiaries, the Company also manufactures chemicals, operates storage tanks and warehouses, and provides logistic services.

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AKR Corporindo (AKRA IJ)

AKR Corporindo - Expect a Better 2H24 Land Sales

We expect JIIPE to remain a key earnings driver in FY24/ FY25, with 100 ha/90 ha of land sales for JIIPE in FY24F/FY25F (+10%/-10% yoy).

BRI Danareksa Research