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>Underpinned by solid sales volume and soft input prices, ICBP’s 1Q24 core profit surged 13% yoy to Rp3.3tn</li><li>We expect continued soft input prices, solid 4% yoy volume and 2% ASP growth to sustain high gross margins of 37% in FY24</li><li>Maintain FY24-25F est and Buy rating with TP Rp12,900 (FY24F PE: 14.9x) on potential further upside from intact growth outlook</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.

Underpinned by solid sales volume and soft input prices, ICBP’s 1Q24 core profit surged 13% yoy to Rp3.3tnWe expect continued soft input prices, solid 4% yoy volume and 2% ASP growth to sustain high gross margins of 37% in FY24Maintain FY24-25F est and Buy rating with TP Rp12,900 (FY24F PE: 14.9x) on potential further upside from intact growth outlookContent 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.

<ul><li>Indofood CBP Sukses Makmur(ICBP IJ)Enjoying higher marginsFMCG companies faced challenges on the sales front in 1H23</li><li>Looking ahead to 2H23, however, stronger export markets, increasing government spending and elections/festive events in the domestic market should pave the way for improved performance</li><li>For ICBP, lower input costs should cushion margins</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.

Indofood CBP Sukses Makmur(ICBP IJ)Enjoying higher marginsFMCG companies faced challenges on the sales front in 1H23Looking ahead to 2H23, however, stronger export markets, increasing government spending and elections/festive events in the domestic market should pave the way for improved performanceFor ICBP, lower input costs should cushion marginsContent 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.

Indofood CBP Sukses Makmur (ICBP IJ) - Enjoying Higher Margins

Thematic (Sector/Industry)

<ul><li>We estimate sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)</li><li>We see limited catalysts for 3Q24, aside from rev growth from export markets (for ICBP and MYOR).</li><li>We maintain OW rating on the sector; ICBP (TP of Rp12,900) and MYOR (TP of Rp3,200) remain as our top picks.</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 estimate sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)We see limited catalysts for 3Q24, aside from rev growth from export markets (for ICBP and MYOR).We maintain OW rating on the sector; ICBP (TP of Rp12,900) and MYOR (TP of Rp3,200) remain as our top picks.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: Expect Solid Core Profit Growth on Better Margins, Revenue Growth May Remain Soft

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>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

<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

Indonesia

PT Charoen Pokphand Indonesia Tbk manufactures and distributes animal feeds, woven plastic bags, and poultry equipment as well as processes chicken.  Through its subsidiaries, the Company also operates poultry farms and distributes its products.

PT Mayora Indah Tbk manufactures candies and cookies.  Through its subsidiaries, the Company also manufactures food, coffee powder, instant coffee, and cocoa beans.

PT Indofood Sukses Makmur Tbk and its subsidiaries manufacture instant noodles, wheat flour, baby food, food seasonings, coffee, cooking oil, and snacks.

PT Japfa Comfeed Indonesia Tbk manufactures animal feed, breeds and processes chickens, and operates aquaculture farms.  The Company trades its products domestically and internationally.

PT Siantar Top Tbk manufactures a variety of snack food products.  The Company produces snack noodles, crackers, and candies under the brand names Fuji Mie, Mie Goreng, Olala, Tamiku, Twistko, Tic-Tic, Twistball, Fuji Chips, Tovie Candy, Balico-Kelapa, and XUXU.

PT Ultrajaya Milk Industry and Trading Company Tbk operates in the food and beverage industry. The Company produces aseptic drinks such as liquid milk, fruit juices and health drinks. Ultrajaya Milk also produces butter, powder milk and sweet condensed milk.

PT Astra Agro Lestari Tbk operates rubber plantations and manufactures cooking oil. Through its subsidiaries,  the Company also operates a variety of other plantations such as palm oil, tea, and cocoa plantations.

PT Sawit Sumbermas Sarana Tbk operates in the agriculture industry. The Company trades in palm oil.

Sinar Mas Agro Resources and Technology Tbk PT and its subsidiaries develops oil palm and tea plantations.  The Company produces and trades crude palm oil, palm kernel oil, tea, and refined palm products such as cooking oil and margarine.  Sinar Mas also manufactures packaging products such as bottles and caps as well as provides management services.

Sinar Mas Agro Resources and Technology Tbk PT (SMAR IJ)

Sinar Mas Agro Resources and Technology Tbk PT

PT Salim Ivomas Pratama Tbk produces, manufactures and distributes cooking oil, margarine, and shortening. The Company has its own palm plantation and factories. Salim distributes its product worldwide.

China Mengniu Dairy Company Limited, through its subsidiaries, manufactures and distributes quality dairy products in China. The principal products are liquid milk products, ice cream, and other dairy products, such as milk powder. The Company markets its products under its primary MENGNIU core brand.

Want Want China Holdings Limited manufactures and trades rice crackers, snack food, beverages, and packing materials.  The Company also manufactures wheat, flour, and raw materials for the manufacture of snack foods.  Most of the company's production facilities are located in China and Taiwan.

Dali Foods Group Company Ltd. is a snack food and beverage company. The Company is actively expanding its products offering and distributes its products through retailers.

Ingredion Incorporated refines corn and produces sweeteners and starches.  The Company has customers in a wide range of industries, including the food, soft drink, brewing, pharmaceutical, corrugating, paper, and textile industries.  Ingredion has Company-owned operations, joint ventures, alliances, and technical licenses in countries around the world.

Pilgrim's Pride Corporation produces prepared and fresh chicken products in the United States and Mexico.  Through vertical integration, the Company controls the breeding, hatching, and growing of chickens and the processing, preparation, and packaging of its product lines.  Pilgrim's Pride exports its products to Canada, Eastern Europe, the Far East, and other world markets.

Nestle (Malaysia) Berhad is an investment holding company.  The Company, through its subsidiaries, markets and sells powdered milk and drinks, liquid milk and juices, instant coffee, and instant noodles. Nestle also manufactures and provides packaging for culinary and chocolate-based food products and trades flavoring ingredients.

NISSIN FOODS HOLDINGS CO.,LTD. produces instant noodle and processed food products.  The Company also develops pharmaceuticals.  NISSIN FOODS operates production facilities in overseas countries including Hong Kong, India, U.S., Singapore, and other countries.

Ruchi Soya Industries Limited manufactures soybean oil, vanaspati vegetable fat, texturized soya protein, soya flour and other soya products.  The Group has also developed Palm stearin and Palm olein cooking oils.

New Hope Liuhe Co Ltd develops, produces, and markets a variety of animal feeds The Company also operates a commercial tradingbusiness, produces packing materials, chemicals and fish oil, and provides consulting services.

WH Group Limited operates as a holdings company. The Company, through its subsidiaries, provides meat processing services, supplies chilled meat, meat products, and other related products.

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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Indofood CBP Sukses (ICBP IJ)

Indofood CBP - Inline 1Q24 Earnings

Maintain FY24-25F est and Buy rating with TP Rp12,900 (FY24F PE: 14.9x) on potential further upside from intact growth outlook

BRI Danareksa Research

Indofood CBP Sukses Makmur (ICBP IJ) - Enjoying Higher Margins

Looking ahead to 2H23, however, stronger export markets, increasing government spending and elections/festive events in the domestic market should...

BRI Danareksa Research

Consumer: Expect Solid Core Profit Growth on Better Margins, Revenue Growth May Remain Soft

We estimate sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)

BRI Danareksa Research

Consumer Staples Sectoral Update May 21, 2024

Despite the regained volume since the end of last year, consumers continue to maintain overall spending, leading to downtrading behavior.

MNC Sekuritas

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

We see Telcos (ISAT, EXCL) and middle-high retailers as sectors with potential growth surprises, reasonable valuations and are less crowded.

BRI Danareksa Research

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