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.

Thematic (Sector/Industry)

<ul><li>Despite the regained volume since the end of last year, consumers continue to maintain overall spending, leading to downtrading behavior.</li><li>This is reinforced by the GDP deflator, which recorded a negative growth of -0.8% YoY in 1Q24.</li><li>Our rationale for why consumer staples remain unfavorable aligns with the current monetary policies.</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.

Despite the regained volume since the end of last year, consumers continue to maintain overall spending, leading to downtrading behavior.This is reinforced by the GDP deflator, which recorded a negative growth of -0.8% YoY in 1Q24.Our rationale for why consumer staples remain unfavorable aligns with the current monetary policies.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.

Consumer Staples Sectoral Update May 21, 2024

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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.

<ul><li>Reversalsin foreign flows in recent weeks indicate foreign investors may be starting to price in re-emerging risk factors.</li><li>We think large banks’ 4Q23 earnings may dictate ST market direction, as domestic funds are OW and valuations are at premiums.</li><li>We see Telcos (ISAT, EXCL) and middle-high retailers as sectors with potential growth surprises, reasonable valuations and are less crowded.</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.

Reversalsin foreign flows in recent weeks indicate foreign investors may be starting to price in re-emerging risk factors.We think large banks’ 4Q23 earnings may dictate ST market direction, as domestic funds are OW and valuations are at premiums.We see Telcos (ISAT, EXCL) and middle-high retailers as sectors with potential growth surprises, reasonable valuations and are less crowded.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.

Equity Strategy: Re-Emerging Risk Factors May Warrant More Conservative Positioning in Feb24

<ul><li>With the FMCG market having sound growth prospects, we estimate FY24F growth of 7% yoy.</li><li>Some categories still showed promising growth in 3Q23, despite the market’s overall volume contraction.</li><li>We maintain our sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under a soft recovery scenario.</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.

With the FMCG market having sound growth prospects, we estimate FY24F growth of 7% yoy.Some categories still showed promising growth in 3Q23, despite the market’s overall volume contraction.We maintain our sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under a soft recovery scenario.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.

Consumer: Room for Growth Is Still in Store (OVERWEIGHT)

<ul><li>JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection.</li><li>Despite our 5% FY24 EPS growth forecast, we see support from more social aid, better liquidity and the next govt’s growth policies.</li><li>We retain our FY24-end JCI target of 7,830 (+12% upside from the FY23 target); our stock picks are ICBP, MYOR, ISAT, HEAL, BBCA and BMRI.</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.

JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection.Despite our 5% FY24 EPS growth forecast, we see support from more social aid, better liquidity and the next govt’s growth policies.We retain our FY24-end JCI target of 7,830 (+12% upside from the FY23 target); our stock picks are ICBP, MYOR, ISAT, HEAL, BBCA and BMRI.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.

Equity Strategy: FY24 Outlook: The Road to JCI 8,000

<ul><li>We expect more provision for social aid and the festive events in 1H24 to cushion soft purchasing power recovery amid modest wage hikes.</li><li>We forecast FY24 net profit growth for the sector of 10.6% yoy (core profits: +5% yoy) supported by sales volume recovery (3-9%).</li><li>We maintain sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under soft recovery scenario.</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 expect more provision for social aid and the festive events in 1H24 to cushion soft purchasing power recovery amid modest wage hikes.We forecast FY24 net profit growth for the sector of 10.6% yoy (core profits: +5% yoy) supported by sales volume recovery (3-9%).We maintain sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under soft recovery scenario.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.

Consumer: Festive events in 1H24 and higher social aid to cushion soft recovery in FY24 (OVERWEIGHT)

Indonesia

PT Indofood CBP Sukses Makmur Tbk provides a wide range of food products. The Company is a total food solutions company with operations in all stages of food manufacturing from the production of raw materials and their processing through to consumer products on the retailer's shelf.

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