External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Dharma Satya Nusantara / Equity Bottom-Up

<ul><li>DSNG’s plantation productivity gained in spite of El Nino concerns, bearing fruit to a solid total FFB production growth by 2.6% YoY, reaching 2.27mn ton in FY23 (reflecting 100.5% of our estimate).</li><li>CPO production came in at 661.9k tons, growing 3.5% YoY.</li><li>This was accompanied by a slightly higher ASP of IDR11.4mn/ton.</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.

DSNG’s plantation productivity gained in spite of El Nino concerns, bearing fruit to a solid total FFB production growth by 2.6% YoY, reaching 2.27mn ton in FY23 (reflecting 100.5% of our estimate).CPO production came in at 661.9k tons, growing 3.5% YoY.This was accompanied by a slightly higher ASP of IDR11.4mn/ton.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.

DSNG IJ - MNC Sekuritas Equity Report February 6, 2024

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Palm oil prices are up 177% since May 2020 and 66% since June of last year. Palm oil touched a record high of RM5,700/mt the 31 January.</li>
<li>Yet while palm oil has enjoyed a meteoric price rise, the performance of listed palm oil plays has bifurcated.  </li>
<li>Valuations appear largely constrained by environmental, social, and governance concerns, resulting in plantation stocks trading below their historical averages.</li>
</ul>


Palm oil prices are up 177% since May 2020 and 66% since June of last year. Palm oil touched a record high of RM5,700/mt the 31 January.
Yet while palm oil has enjoyed a meteoric price rise, the performance of listed palm oil plays has bifurcated.  
Valuations appear largely constrained by environmental, social, and governance concerns, resulting in plantation stocks trading below their historical averages.


CPO Plays Lag Palm Oil Prices As ESG Issues Weigh

Thematic (Sector/Industry)

<ul><li>We anticipate flat CPO output in FY25F, attributed to another year of La Nina.</li><li>On the flip side, export volume is expected to weaken amid solid domestic demand, which underpins CPO prices.</li><li>Notably, CPO production dropped by -4.8% YoY to 31.5mn tons in 7M24 (vs 33.1mn tons in 7M23), with PKO output tumbling by -5.2% YoY to 3.0mn tons (vs 3.2mn tons in 7M23). </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 anticipate flat CPO output in FY25F, attributed to another year of La Nina.On the flip side, export volume is expected to weaken amid solid domestic demand, which underpins CPO prices.Notably, CPO production dropped by -4.8% YoY to 31.5mn tons in 7M24 (vs 33.1mn tons in 7M23), with PKO output tumbling by -5.2% YoY to 3.0mn tons (vs 3.2mn tons in 7M23). 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.

Plantation Sectoral Update November 15, 2024

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>There are 3 changes for the IDX30 Index, 6 changes for the LQ45 Index, and 7 changes for the IDX80 Index at the rebalance to be implemented on 31 January.</li>
<li>Largest passive inflows are expected to be on <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya Tbk Pt (AMRT IJ)</a> and <a href="https://www.smartkarma.com/entities/surya-esa-perkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:14326:1" rel="noopener">Surya Esa Perkasa (ESSA IJ)</a>. </li>
<li>With only 4 days to implementation, there will be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 3 changes for the IDX30 Index, 6 changes for the LQ45 Index, and 7 changes for the IDX80 Index at the rebalance to be implemented on 31 January.
Largest passive inflows are expected to be on Sumber Alfaria Trijaya Tbk Pt (AMRT IJ) and Surya Esa Perkasa (ESSA IJ). 
With only 4 days to implementation, there will be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​​LQ45/IDX80 Index Rebalance: 4 Days to Implementation

Sumber Alfaria Trijaya Tbk Pt / Event-Driven

<ul>
<li>At the January review, there are 2 changes to the IDX30 Index, 5 changes to the LQ45 Index, and 9 changes to the IDX30 Index.</li>
<li>Largest buying impact will be on <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya Tbk Pt</a>, <a href="https://www.smartkarma.com/entities/elang-mahkota-teknologi-tbk" target="_blank" data-smartkarma-citation="entities:7752:1" rel="noopener">Emtek (EMTK IJ)</a>, <a href="https://www.smartkarma.com/entities/waskita-karya-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:15739:1" rel="noopener">Waskita Karya (Persero) (WSKT IJ)</a>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a> and <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a>. </li>
<li>Largest selling impact will be on <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a>, <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (JSMR IJ)</a>, <a href="https://www.smartkarma.com/entities/pakuwon-jati-tbk-pt" target="_blank" data-smartkarma-citation="entities:8550:1" rel="noopener">Pakuwon Jati (PWON IJ)</a> , <a href="https://www.smartkarma.com/entities/bumi-serpong-damai-pt" target="_blank" data-smartkarma-citation="entities:15498:1" rel="noopener">Bumi Serpong Damai (BSDE IJ)</a> and <a href="https://www.smartkarma.com/entities/hm-sampoerna-tbk-pt" target="_blank" data-smartkarma-citation="entities:617:1" rel="noopener">HM Sampoerna (HMSP IJ)</a>.</li>
</ul>


At the January review, there are 2 changes to the IDX30 Index, 5 changes to the LQ45 Index, and 9 changes to the IDX30 Index.
Largest buying impact will be on Sumber Alfaria Trijaya Tbk Pt, Emtek (EMTK IJ), Waskita Karya (Persero) (WSKT IJ), BFI Finance Indonesia (BFIN IJ) and XL Axiata (EXCL IJ). 
Largest selling impact will be on Ace Hardware Indonesia (ACES IJ), Jasa Marga (JSMR IJ), Pakuwon Jati (PWON IJ) , Bumi Serpong Damai (BSDE IJ) and HM Sampoerna (HMSP IJ).


IDX30/LQ45 Index Rebalance: BIG Impact Changes in Limited Time

Indonesia

PT Dharma Satya Nusantara TBK is a palm oil and wood processing company. The Company is currently concentrating on three types of integrated businesses: wood products, timber estates and plantations.

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Dharma Satya Nusantara (DSNG IJ)

DSNG IJ - MNC Sekuritas Equity Report February 6, 2024

DSNG’s plantation productivity gained in spite of El Nino concerns, bearing fruit to a solid total FFB production growth by 2.6% YoY, reaching...

MNC Sekuritas

CPO Plays Lag Palm Oil Prices As ESG Issues Weigh

KLK's reliance on its downstream operations should help reduce palm product prices. The recent acquisition of IJM also extends the age profile of...

David Blennerhassett

Plantation Sectoral Update November 15, 2024

We anticipate flat CPO output in FY25F, attributed to another year of La Nina. On the flip side, export volume is expected to weaken amid solid...

MNC Sekuritas

IDX30/LQ45/IDX80 Index Rebalance: 4 Days to Implementation

There are 3, 6 and 7 changes for the IDX30, LQ45 and IDX80 indices. There are only 4 days to implementation and multiple days ADV to trade on a lot...

Brian Freitas

IDX30/LQ45 Index Rebalance: BIG Impact Changes in Limited Time

There are 2 changes to the IDX30, 5 to the LQ45, and 9 to the IDX80. There are a few large impact/flow names on the IDX30/LQ45 indices. The adds...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

DSNG IJ - MNC Sekuritas Equity Report February 6, 2024

DSNG’s plantation productivity gained in spite of El Nino concerns, bearing fruit to a solid total FFB production growth by 2.6% YoY, reaching...

MNC Sekuritas

CPO Plays Lag Palm Oil Prices As ESG Issues Weigh

KLK's reliance on its downstream operations should help reduce palm product prices. The recent acquisition of IJM also extends the age profile of...

David Blennerhassett

Plantation Sectoral Update November 15, 2024

We anticipate flat CPO output in FY25F, attributed to another year of La Nina. On the flip side, export volume is expected to weaken amid solid...

MNC Sekuritas

IDX30/​​LQ45/IDX80 Index Rebalance: 4 Days to Implementation

There are 3, 6 and 7 changes for the IDX30, LQ45 and IDX80 indices. There are only 4 days to implementation and multiple days ADV to trade on a lot...

Brian Freitas

IDX30/LQ45 Index Rebalance: BIG Impact Changes in Limited Time

There are 2 changes to the IDX30, 5 to the LQ45, and 9 to the IDX80. There are a few large impact/flow names on the IDX30/LQ45 indices. The adds...

Brian Freitas

IDX30/LQ45/IDX80 Index Rebalance: 4 Days to Implementation