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>Mgmt expects FY24 revenue and earnings to be in line with guidance (10-20%), supported by tariff adjustments and strong used-car sales.</li><li>BIRD targets 10-15% revenue and profit growth in FY25, focused on fleet expansion and improved car utilization with no adjustments to tariff. </li><li>The company acknowledges competition from new entrants but expects the impact to be manageable. BIRD trades at FY25F PER of 6.7x.</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>

Mgmt expects FY24 revenue and earnings to be in line with guidance (10-20%), supported by tariff adjustments and strong used-car sales.BIRD targets 10-15% revenue and profit growth in FY25, focused on fleet expansion and improved car utilization with no adjustments to tariff. The company acknowledges competition from new entrants but expects the impact to be manageable. BIRD trades at FY25F PER of 6.7x.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.

Bluebird (BIRD.IJ) Sustaining High Growth from Improved ARPV...

Cross Asset Strategy

<ul><li>We maintain our OVERWEIGHT call on the banking sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).</li><li>ADB Projects Indonesia's Economic Growth at 4.8% in 2023</li><li>US Job Openings Fell by 632,000 in February 2023</li></ul><div><div><div id="ember4187"><div><div><div><div><div><div id="ember2532"><div><div><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></div></div></div></div></div></div></div></div></div></div></div>

We maintain our OVERWEIGHT call on the banking sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).ADB Projects Indonesia's Economic Growth at 4.8% in 2023US Job Openings Fell by 632,000 in February 2023Content 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 Blue Bird Tbk is a transportation services company. The Company offers taxis, limousines, car rentals, and chartered buses.

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Blue Bird (BIRD IJ)

Bluebird (BIRD.IJ) Sustaining High Growth from Improved ARPV...

Mgmt expects FY24 revenue and earnings to be in line with guidance (10-20%), supported by tariff adjustments and strong used-car sales.

BRI Danareksa Research

Equity Snapshot: April 05, 2023

We maintain our OVERWEIGHT call on the banking sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).

BRI Danareksa Research

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