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>Yield volatility and heightened China risk factor has led to recent market volatility resulting in outflow from both Equity and Fixed Income.</li><li>The recession narrative appears abating as seen in more steepening yield curve as the 10 years UST yield rise.</li><li>BI continue to intervene the market to manage IDR stability. </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.

Yield volatility and heightened China risk factor has led to recent market volatility resulting in outflow from both Equity and Fixed Income.The recession narrative appears abating as seen in more steepening yield curve as the 10 years UST yield rise.BI continue to intervene the market to manage IDR stability. 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.

Macro and Flows Tracker - Rising External Risks

<ul><li>The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia</li><li>While China's weak growth is a concern, the impact might be offset by better growth in other G20 economies, supporting the narrative of a soft landing towards the year-end, which may help mitigate potential volatility in asset prices</li><li>Domestic economic activity has been lacklustre, with more companies reporting lower-than-expected results</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 manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including IndonesiaWhile China's weak growth is a concern, the impact might be offset by better growth in other G20 economies, supporting the narrative of a soft landing towards the year-end, which may help mitigate potential volatility in asset pricesDomestic economic activity has been lacklustre, with more companies reporting lower-than-expected resultsContent 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 - Not All Is Well

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 changes to the LQ45/IDX30 were announced last week and will be implemented Monday. The PSE also announced that there would be no changes for the <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">PCOMP INDEX</a> in August.</li>
<li>There are a bunch of review cutoffs on Monday, most notably for the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50 INDEX</a>, the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY</a> family of indices and the KRX New Deal indices.</li>
<li>There were inflows to China focused ETFs and outflows from Taiwan and Korea focused ETFs during the week.</li>
</ul>


The changes to the LQ45/IDX30 were announced last week and will be implemented Monday. The PSE also announced that there would be no changes for the PCOMP INDEX in August.
There are a bunch of review cutoffs on Monday, most notably for the Nikkei 225 (NKY INDEX), STAR50 INDEX, the NIFTY family of indices and the KRX New Deal indices.
There were inflows to China focused ETFs and outflows from Taiwan and Korea focused ETFs during the week.


Index Rebalance & ETF Flow Recap: LQ45/IDX30, FXI, New Deal, KOSPI, KQ150, LG Energy, IN Float, TTMT

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gudang-garam-tbk-pt" target="_blank" data-smartkarma-citation="entities:722:1" rel="noopener">Gudang Garam (GGRM IJ)</a> and <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> will replace <a href="https://www.smartkarma.com/entities/timah-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:11174:1" rel="noopener">Timah Persero (TINS IJ)</a> and <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia (JPFA IJ)</a> in the LQ45 Index next week.</li>
<li>There are some large changes to free float plus capping changes for <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 IJ)</a> and <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI IJ)</a>. </li>
<li>There could be jumps in the stocks of the adds/deletes today, though there should be pre-positioning and a potential reversal later in the week.</li>
</ul>



Gudang Garam (GGRM IJ) and Mitra Adiperkasa (MAPI IJ) will replace Timah Persero (TINS IJ) and Japfa Comfeed Indonesia (JPFA IJ) in the LQ45 Index next week.
There are some large changes to free float plus capping changes for Bank Central Asia (BBCA IJ) and Bank Rakyat Indonesia (BBRI IJ). 
There could be jumps in the stocks of the adds/deletes today, though there should be pre-positioning and a potential reversal later in the week.


​​​LQ45 Index Rebalance: Two Changes in a Few Days

Equity Bottom-Up

<ul><li>Bank Central Asia(BBCA IJ)Limited upside despite solid profitability.</li><li>We reiterate our HOLD call on BBCA with a higher GGM-derived TP of IDR10,000 (at 4.4x 2024F PBV) as we roll over our valuation to 2024F post the inline 1H23 set of results</li><li>We assume a lower CoC of 50bps this year and a slight decline to 49bps in FY24F backed by its prudent risk management policy</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.

Bank Central Asia(BBCA IJ)Limited upside despite solid profitability.We reiterate our HOLD call on BBCA with a higher GGM-derived TP of IDR10,000 (at 4.4x 2024F PBV) as we roll over our valuation to 2024F post the inline 1H23 set of resultsWe assume a lower CoC of 50bps this year and a slight decline to 49bps in FY24F backed by its prudent risk management policyContent 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.

Bank Central Asia (BBCA IJ) - Limited upside despite solid profitability

Indonesia

PT Bank Central Asia Tbk provides banking and related services.  The Bank also provides custodianship, trusteeship, and management of pension funds of financial institutions.  Through its subsidiaries, the Bank also provides leasing and consumer financing services.

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

Bank Central Asia (BBCA IJ)

Macro and Flows Tracker - Rising External Risks

Yield volatility and heightened China risk factor has led to recent market volatility resulting in outflow from both Equity and Fixed Income.

BRI Danareksa Research

Macro and Flows Tracker - Not All Is Well

The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia

BRI Danareksa Research

Index Rebalance & ETF Flow Recap: LQ45/IDX30, FXI, New Deal, KOSPI, KQ150, LG Energy, IN Float, TTMT

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

LQ45 Index Rebalance: Two Changes in a Few Days

GGRM and MAPI replace TINS and JPFA in the LQ45. Passives need to buy between 1-3x ADV in the next 4 trading days. There will be pre-positioning on...

Brian Freitas