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

<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

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.

Thematic (Sector/Industry)

<ul><li>The global crude oil prices showed a hike in Apr-2024 with average Brent spot price stood at USD89.0/BBL and WTI at USD84.4/BBL, respectively increasing from USD84.7/BBL and USD80.4/BBL.</li><li>This climb was mainly driven by the easing global oil inventories following OPEC’s decision to implement voluntary production cuts until 1H24, resulting in an average of 0.3mbpd global oil stocks reduction.</li><li>Concurrently, the heating geopolitical friction in Middle East amid Iran and Israel, also contributed to the global oil prices. </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 global crude oil prices showed a hike in Apr-2024 with average Brent spot price stood at USD89.0/BBL and WTI at USD84.4/BBL, respectively increasing from USD84.7/BBL and USD80.4/BBL.This climb was mainly driven by the easing global oil inventories following OPEC’s decision to implement voluntary production cuts until 1H24, resulting in an average of 0.3mbpd global oil stocks reduction.Concurrently, the heating geopolitical friction in Middle East amid Iran and Israel, also contributed to the global oil prices. 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.

Oil and Gas: Fragile Recovery: Not Out of the Red Yet

<ul><li>Our FY23 results recap shows market EPS growth of -12% yoy, but growth would reach +4.1% if we exclude one-offs (mainly from GOTO).</li><li>We see mixed growth prospects for 1Q24 with ST headwinds in Banks and Telco, but possible outperformers in Consumers, Retail, Healthcare.</li><li>We reiterate our view on commodities as a possible ST tactical play, along with the defensive domestic names for preferred 2Q24 exposure.</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.

Our FY23 results recap shows market EPS growth of -12% yoy, but growth would reach +4.1% if we exclude one-offs (mainly from GOTO).We see mixed growth prospects for 1Q24 with ST headwinds in Banks and Telco, but possible outperformers in Consumers, Retail, Healthcare.We reiterate our view on commodities as a possible ST tactical play, along with the defensive domestic names for preferred 2Q24 exposure.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.

Equity Strategy: Short-Term Domestic Growth Challenges in 2Q24 May Drive Further De-Risking

<ul><li>The possibility of petroleum supply disruptions and slower-than-expected replenishment of SPR inventory may act to sustain oil prices at high levels (above USD70/bbl), in our view.</li><li>Against such a backdrop, we continue to like MEDC (Buy, TP IDR1,900) as our top pick in the sector.</li><li>OPEC+ measures undermine the impact of soaring US oil production. </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 possibility of petroleum supply disruptions and slower-than-expected replenishment of SPR inventory may act to sustain oil prices at high levels (above USD70/bbl), in our view.Against such a backdrop, we continue to like MEDC (Buy, TP IDR1,900) as our top pick in the sector.OPEC+ measures undermine the impact of soaring US oil production. 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

PT Hexindo Adiperkasa Tbk distributes heavy equipment and provides after sales, rental recondition, and maintenance services.  The Company is a multiline distributor of Hitachi, John Deere, and Bell products.

PT Wijaya Karya (Persero) Tbk. (WIKA:IJ) one of the largest listed state-owned engineering, procurement and construction (“EPC”) companies in Indonesia with diversified construction projects was established In 1960 under the name Perusahaan Negara Bangunan Widjaja Karja.

WIKA have four business segments: Industry, Infrastructure & Building, Energy & Industrial Plant, and Realty & Property, Through these segments, we have successfully undertaken key national infrastructure projects including Balikpapan-Samarinda Toll Road, Semanggi Interchange, Jatigede Dam, Soekarno-Hatta Airport Terminal 3, Ngurah Rai Airport and the Suramadu Bridge, Serang-Panimbang Toll Road and Jakarta-Bandung High Speed Railway.

As of December 2021, WIKA is owned by the Government as to 65,05% and by public shareholders as to 34,95%, with market capitalization IDR9,91 Trillion and total order book IDR88,12 trillion

PT Petrosea Tbk provides engineering construction and contract mining services for the oil and gas, mining, and infrastructure industries. The Company also provides heavy equipment rentals throughout Indonesia for its clients.

PT Jaya Sukses Makmur Sentosa Tbk. provides general construction services. The Company offers contracting, trade, land management, procurement, and other related services. Jaya Sukses Makmur Sentosa serves customers in Indonesia.

PT Bintang Mitra Semestaraya Tbk, through its subsidiaries, develops and sells residential housing.  The Company's real estate projects include Bintang Metropol, Mahkota Simprug, Simprug Diporis, Citra Kebunmas, and Apartemen Brawijaya.

PT Surya Semesta Internusa Tbk and its subsidiaries develop and manage industrial and residential real estates, provide construction services, and manufacture building materials. The Company also operates hotels and provides information technology-related businesses design to support its main businesses.

PT Waskita Karya Persero Tbk is a general contractor engaged in diverse range of construction activities such as roads, bridges, harbors, airports, buildings, sewerages, factories and other industrial facilities. Numerous high rise buildings with well known reputation such as BNI City, Bank Indonesia, and several multi-storey apartment buildings have been completed by Waskita

PT Arwana Citramulia Tbk manufactures ceramic construction material for flooring. Through its subsidiary, the Company also distributes its products. The Company's factory is located in Tangerang, Banten.

PT Bakrie and Brothers Tbk operates in diversified business activities.  The Company is involved in mining, plumbing, property, and insurance.

PT Ancora Indonesia Resources Tbk is involved in ammonium nitrate manufacturing and trading. The Company also owns interests in mining, oil and gas, and energy businesses.

Textainer Group Holdings Limited leases intermodal containers. The Company's core segments are container ownership, container management, and container resales with principal operations being the leasing of dry freight containers.

HANWA CO., LTD. wholesales, imports, and exports steel products, nonferrous metals, industrial machines, and food products.  The Company also handles chemical products, construction materials, and information equipment.  Hanwa has several subsidiaries and sales bases in the U.S. and around Asia.

China Meheco Co Ltd operates an import and export business. The Company trades pharmaceutical products, paper making machinery, and aluminum extruders. CNTIC Trading also imports patent technologies and industrial techniques.

H&E Equipment Services, Inc. is an integrated equipment services company focused on heavy construction and industrial equipment.  The Company rents, sells, and provides parts and service support for hi-lift or aerial platform equipment, cranes, earthmoving equipment, and industrial lift trucks.

CGN Mining Company Ltd., through subsidiaries, operates businesses related to nuclear energy.  The Company supplies nuclear fuel, produces nuclear energy, and constructs plants for renewable energy such as wind power, hydroelectric and solar energy.

Jianxin Mining Co., Ltd. produces and trades non-ferrous minerals (excluding precious metals), PCs, Servers, network equipments, computer softwares, building materials and other related products.

Jiangsu Guotai International Group Guomao Co., Ltd. operates an import and export business. The company exports textile products, apparel, mechanical and electrical products, light-industry products, chemical products and other general merchandise. The company also provides labor services to foreign countries.

Distribution Solutions Group, Inc. operates as a specialty distribution company. The Company provides high touch and value-added distribution solutions to the maintenance, repair and operations (MRO), original equipment manufacturer (OEM), and the industrial technologies markets.

MMTC Limited is a diversified company involved in the business of minerals, precious metals, metals, coal and hydro carbons, fertilizers and agro products.

Nippon Steel Trading Corporation is a trader of steel products. The Company also produces steel bars, steel sheets, plates, fuels, and nonferrous metals. Nippon Steel Trading operates construction, real estate, warehousing, leasing, and transportation businesses.

Nippon Steel Trading Corporation (9810 JP)

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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