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.

Cross Asset Strategy

<ul><li>While US debt ceiling negotiation remains at a stalemate, inflow appears to have resumed with modest cIDR400b in the 3rd week of May, which we believe attributable to the domestic macro resilience as seen in solid trade Balance Surplus, elevated Consumer Confidence Index and the contraction of External Debt in 1Q23</li><li>In debt market, foreign ownership continues to expand, a sign of rising confidence level toward Indonesia resiliency</li><li>The release of May FOMC Minutes meeting this week will provide further guidance to prospect of pause in Fed’s rate hike, especially as J</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.

While US debt ceiling negotiation remains at a stalemate, inflow appears to have resumed with modest cIDR400b in the 3rd week of May, which we believe attributable to the domestic macro resilience as seen in solid trade Balance Surplus, elevated Consumer Confidence Index and the contraction of External Debt in 1Q23In debt market, foreign ownership continues to expand, a sign of rising confidence level toward Indonesia resiliencyThe release of May FOMC Minutes meeting this week will provide further guidance to prospect of pause in Fed’s rate hike, especially as JContent 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 Bottom-Up

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul><li>GOTO has come a long way to adjusting its model from incentives and marketing based strategy to drive GTV, to prioritizing profit with strong results so far, a) contribution margin positive in 1Q23 in all businesses, and b) achieving 1Q23 significant EBITDA loss improvement.</li><li>While transitioning its model, it expects more moderate GTV growth in 2Q23 and GOTO will counter with even more cost efficiencies.</li><li>GOTO can unleash GTV growth in 2H23 on more sound economics with plenty cash in the balance sheet.</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.

GOTO has come a long way to adjusting its model from incentives and marketing based strategy to drive GTV, to prioritizing profit with strong results so far, a) contribution margin positive in 1Q23 in all businesses, and b) achieving 1Q23 significant EBITDA loss improvement.While transitioning its model, it expects more moderate GTV growth in 2Q23 and GOTO will counter with even more cost efficiencies.GOTO can unleash GTV growth in 2H23 on more sound economics with plenty cash in the balance sheet.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.

GoTo(GOTO IJ): Better than Expected Profitability Improvement

Indonesia

PT GoTo Gojek Tokopedia Tbk operates as an e-commerce platform. The Company offers mobility, food delivery, logistics, e-commerce, and financial technology solutions. GoTo Gojek Tokopedia serves customers in Indonesia.

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GoTo Gojek Tokopedia Tbk PT (GOTO IJ)

Macro and Flows Tracker - Stay Vigilant

While US debt ceiling negotiation remains at a stalemate, inflow appears to have resumed with modest cIDR400b in the 3rd week of May, which we...

BRI Danareksa Research

GoTo(GOTO IJ): Better than Expected Profitability Improvement

GOTO has come a long way to adjusting its model from incentives and marketing based strategy to drive GTV, to prioritizing profit with strong...

BRI Danareksa Research

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