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>BSDE's projects boast the key value-add of strong connectivity, which we expect to support a 4% CAGR growth in FY24F-26F core pre-sales.</li><li>Our channel check on the new launches indicates potential Rp188bn in pre-sales in 3Q24; this leads us to raise our FY24F target by 23%.</li><li>We resume coverage with a Buy rating and RNAV-based TP of Rp1,550; Key risks are related to pre-sales growth and awaited ROE improvement.</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.

BSDE's projects boast the key value-add of strong connectivity, which we expect to support a 4% CAGR growth in FY24F-26F core pre-sales.Our channel check on the new launches indicates potential Rp188bn in pre-sales in 3Q24; this leads us to raise our FY24F target by 23%.We resume coverage with a Buy rating and RNAV-based TP of Rp1,550; Key risks are related to pre-sales growth and awaited ROE improvement.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.

Bumi Serpong Damai - Well-Connected Township Remains Key Selling Points...

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.

<ul><li>BSDE recorded revenues of IDR7.3tn in 1H24 or grew by 67.9% YoY (vs IDR5.0tn in 1H23).</li><li>Sales from residential, land, and commercial sectors, accounted for 88% of the 1H24 revenues.</li><li>While the remaining 12% came from rental, hotel, estate management, water, recreation, toll road operating services, and construction.</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.

BSDE recorded revenues of IDR7.3tn in 1H24 or grew by 67.9% YoY (vs IDR5.0tn in 1H23).Sales from residential, land, and commercial sectors, accounted for 88% of the 1H24 revenues.While the remaining 12% came from rental, hotel, estate management, water, recreation, toll road operating services, and construction.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.

BSDE IJ - More Focus On Residential and Shop-House

<ul><li>In FY23, BSDE achieved marketing sales of IDR9.5tn reflecting 108% of the company and MNCS FY23 target.</li><li>BSDE is targeting IDR9.5tn marketing sales in FY24E, a moderate and conservative view for the overall property demand compared to FY23 performance.</li><li>As a flagship project, sales from properties in BSD City township are aimed to reach a 56% contribution to the overall marketing sales target, or approximately IDR5.3tn.</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.

In FY23, BSDE achieved marketing sales of IDR9.5tn reflecting 108% of the company and MNCS FY23 target.BSDE is targeting IDR9.5tn marketing sales in FY24E, a moderate and conservative view for the overall property demand compared to FY23 performance.As a flagship project, sales from properties in BSD City township are aimed to reach a 56% contribution to the overall marketing sales target, or approximately IDR5.3tn.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.

BSDE IJ - MNC Sekuritas Equity Report February 6, 2024

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

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?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nusantara-sejahtera-raya" target="_blank" data-smartkarma-citation="entities:39908:1" rel="noopener">Cinema XXI (CINEMA IJ)</a> aims to raise up to US$160m in its Indonesia IPO.</li>
<li>Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO.
Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.
In this note, we talk about the not-so-positive aspects of the deal.


Nusantara Sejahtera Raya (Cinema XXI) IPO - The Negatives - Private Placement, Not a Primary Raising

Indonesia

Bumi Serpong Damai Tbk PT develops real estate including housing infrastructure, commercial and industrial estates, golf courses, and public facilities.

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Bumi Serpong Damai (BSDE IJ)

Bumi Serpong Damai - Well-Connected Township Remains Key Selling Points...

BSDE's projects boast the key value-add of strong connectivity, which we expect to support a 4% CAGR growth in FY24F-26F core pre-sales.

BRI Danareksa Research

BSDE IJ - More Focus On Residential and Shop-House

BSDE recorded revenues of IDR7.3tn in 1H24 or grew by 67.9% YoY (vs IDR5.0tn in 1H23). Sales from residential, land, and commercial sectors,...

MNC Sekuritas

BSDE IJ - MNC Sekuritas Equity Report February 6, 2024

As a flagship project, sales from properties in BSD City township are aimed to reach a 56% contribution to the overall marketing sales target, or...

MNC Sekuritas

Indonesia Strategy - Caught in a Perfect Updraft?

Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top...

Angus Mackintosh

Nusantara Sejahtera Raya (Cinema XXI) IPO - The Negatives - Private Placement, Not a Primary Raising

Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

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