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.

Thematic (Sector/Industry)

<ul><li>We still see no room for rate cuts at this juncture and expect BI to keep its 7DRRR intact</li><li>Fiscal expansion will be the key to address signs of growing domestic weakness, underpinned by the current large fiscal surplus</li><li>Overall, the mutual funds industry saw increases in both AUM and participation units in May 2023, with the average cash level rising to 6.8%, the first increase in 5 months</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 still see no room for rate cuts at this juncture and expect BI to keep its 7DRRR intactFiscal expansion will be the key to address signs of growing domestic weakness, underpinned by the current large fiscal surplusOverall, the mutual funds industry saw increases in both AUM and participation units in May 2023, with the average cash level rising to 6.8%, the first increase in 5 monthsContent 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.

Macro and Flows Tracker - Impetus for the Market

<ul><li>This is a major week for macro data with expectations of a Fed pause, driven by moderation in the inflation print, rising unemployment, and a surge in unemployment benefit claims</li><li>The FOMC's June Summary of Economic Projections will provide details on the macro trajectory, especially the prospect for rate cuts in 2024</li><li>More countries have a weakening PMI trend, with half of them in the contraction zone</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.

This is a major week for macro data with expectations of a Fed pause, driven by moderation in the inflation print, rising unemployment, and a surge in unemployment benefit claimsThe FOMC's June Summary of Economic Projections will provide details on the macro trajectory, especially the prospect for rate cuts in 2024More countries have a weakening PMI trend, with half of them in the contraction zoneContent 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.

Macro and Flows Tracker - The Tipping Point

<ul><li>The US Debt Ceiling Bill has passed the Senate, allowing the Treasury to raise funds for TGA and pay debt interest</li><li>The market expects around US$1tn in new T-bill issuances, potentially reducing liquidity and increasing yield volatility</li><li>Domestically, weaker growth was signalled by the slowing of Money Supply (M2) growth to 5.5% y-o-y in April, the slowest in four years, partly due to a slowdown in loans growth and a decline in working capital credit</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.

The US Debt Ceiling Bill has passed the Senate, allowing the Treasury to raise funds for TGA and pay debt interestThe market expects around US$1tn in new T-bill issuances, potentially reducing liquidity and increasing yield volatilityDomestically, weaker growth was signalled by the slowing of Money Supply (M2) growth to 5.5% y-o-y in April, the slowest in four years, partly due to a slowdown in loans growth and a decline in working capital creditContent 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.

Macro and Flows Tracker - Liquidity Headwind

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nfc-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:32224:1" rel="noopener">NFC Indonesia (NFCX IJ)</a> provides exposure to Indonesia's O2O ecosystem as a technology-driven digital product aggregator, FMCG supplier, and advertiser covering modern trade, general trade, and e-commerce. </li>
<li>The company provides screen-based iCloud-enabled indoor advertising across mini-markets and increasingly for general trade. This provides a high-margin recurring income base which only currently covers 50% of mini-markets currently.</li>
<li>
<a href="https://www.smartkarma.com/entities/nfc-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:32224:1" rel="noopener">NFCX</a> is the current leader in the 2W EV market in Indonesia through its Volta brand, with the most extensive battery swapping buildout, and with further capacity expansion to come.</li>
</ul>



NFC Indonesia (NFCX IJ) provides exposure to Indonesia's O2O ecosystem as a technology-driven digital product aggregator, FMCG supplier, and advertiser covering modern trade, general trade, and e-commerce. 
The company provides screen-based iCloud-enabled indoor advertising across mini-markets and increasingly for general trade. This provides a high-margin recurring income base which only currently covers 50% of mini-markets currently.

NFCX is the current leader in the 2W EV market in Indonesia through its Volta brand, with the most extensive battery swapping buildout, and with further capacity expansion to come.


NFC Indonesia (NFCX IJ) - From O2O to Clean Energy on Two Wheels

<ul><li>While Bank Indonesia's recent meeting highlighted weaker growth signals, stronger expansion of fiscal spending in 2H and election-related funds will support growth</li><li>We expect BI's current policy rate stance to continue until Q3-2023, while the latest Fed Minutes Meeting indicates a potential pause</li><li>The debt ceiling negotiations will continue to be the primary focus and are expected to carry forward the positive tone established by both political parties last week</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 Bank Indonesia's recent meeting highlighted weaker growth signals, stronger expansion of fiscal spending in 2H and election-related funds will support growthWe expect BI's current policy rate stance to continue until Q3-2023, while the latest Fed Minutes Meeting indicates a potential pauseThe debt ceiling negotiations will continue to be the primary focus and are expected to carry forward the positive tone established by both political parties last weekContent 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.

Macro and Flows Tracker - Positive Market Momentum

Indonesia

PT Tower Bersama Infrastructure Tbk provides telecommunication infrastructure services to Indonesian wireless carriers. The Company develops and operates telecommunication supporting infrastructure including tower and in-building systems across Indonesia.

PT Sarana Menara Nusantara Tbk, through a subsidiary, builds telecommunications towers. The Company constructs, operates, and rents the towers to mobile telecommunications services providers.

PT XL Axiata Tbk provides a wide range of mobile telecommunications services in Indonesia.

PT Smartfren Telecom Tbk provides telecommunication services and general trading.

PT Bakrie Telecom Tbk offers wireless telephone services in Indonesia.

PT Inti Bangun Sejahtera Tbk is is an independent tower company.  The Company engages in leasing space and other broadcast equipment for wireless signal transmission at tower sites under long-term lease agreement with mobile operators and wireless cable television providers.

PT Link Net Tbk provides internet services. The Company offers high-speed internet connection through fiber optic lines. Link Net caters to retail and corporate customers throughout Indonesia.

PT Bali Towerindo Sentra Tbk operates in the tower leasing industry. The Company leases  antenna space on self-owned multi-tenant Base Transceiver Station towers primarily to mobile cellular operators.

PT MNC Vision Networks Tbk. provides broadcasting services. The Company offers distribution of subscription television shows. MNC Vision Networks serves customers in Indonesia.

PT Telekomunikasi Indonesia Persero Tbk is a telecommunication company that provides a variety of domestic telecommunications services such as telephone, telex, telegram, satellite, and leased lines services.  The Company also offers electronic mail, mobile communication, and cellular phone services.

Axiata Group Berhad is a telecommunication company.  The Company's main activities is the establishment, maintenance, and provision of telecommunications and related services.

Maxis Berhad operates as a mobile and fixed communication service provider. The Company, through mobile and fiber telecommunications along with IT infrastructure services, offers mobile and fixed data products, voice and SMS services, mobile payment solutions, remote health monitoring, Cloud solutions, and a business directory to businesses and individuals in Malaysia.

PLDT Inc. is a telecommunications and digital services provider. The company offers fixed line, wireless, and fiber optic communication technology services in The Philippines.

Philippine Long Distance Telephone (Adr) (PHI US)

Globe Telecom, Inc. provides wireless application protocol services and digital wireless communication services via GSM network. The Company also offers service which allows users access to a wide range of information and services via a user-friendly menu. In addition, Globe  provides wire line voice and data services.

Airtel Africa PLC provides telecommunication services. The Company offers postpaid and prepaid plans, transfer of credit, conference call, mobile Internet, messaging, voicemail, and roaming facilities. Airtel Africa serves customers worldwide.

Intouch Holdings Public Company Limited is a holding company that invests in diversified telecommunication and media and advertising businesses.  The Company, through its subsidiaries, provides television broadcasting, cellular phone and wireless services.

United States Cellular Corporation provides wireless telecommunications services. The Company offers its customers various national plans with voice, messaging, and data usage options, along with an array of smartphones, tablets, and other wireless devices. United States Cellular caters to customers throughout the United States.

Tele2 AB is a telecommunications company.  The Company offers mobile services, fixed broadband and telephony, data network services and content services. Tele2 operates throughout Europe and EuroAsia.

Safaricom PLC provides telecommunication services. The Company offers wireless solutions. Safaricom serves customers in Kenya.

PT Indosat Tbk is a telecommunication and information service provider in Indonesia that provides cellular services (prepaid and postpaid), fixed data services or MIDI (Multimedia, Internet & Data Communication) and fixed voice services including fixed wireless access services.

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Indosat Tbk PT (ISAT IJ)

Macro and Flows Tracker - Impetus for the Market

Fiscal expansion will be the key to address signs of growing domestic weakness, underpinned by the current large fiscal surplus

BRI Danareksa Research

Macro and Flows Tracker - The Tipping Point

This is a major week for macro data with expectations of a Fed pause, driven by moderation in the inflation print, rising unemployment, and a surge...

BRI Danareksa Research

Macro and Flows Tracker - Liquidity Headwind

Domestically, weaker growth was signalled by the slowing of Money Supply (M2) growth to 5.5% y-o-y in April, the slowest in four years, partly due...

BRI Danareksa Research

NFC Indonesia (NFCX IJ) - From O2O to Clean Energy on Two Wheels

NFC Indonesia provides exposure to Indonesia's O2O ecosystem as a digital product aggregator, FMCG supplier, and advertiser, covering MT, GT, and e...

Angus Mackintosh

Macro and Flows Tracker - Positive Market Momentum

While Bank Indonesia's recent meeting highlighted weaker growth signals, stronger expansion of fiscal spending in 2H and election-related funds...

BRI Danareksa Research

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