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

<ul><li>SIDO reported outstanding performance in 2Q24, with revenue coming in at IDR843.1 bn (- 20.0% QoQ/+12.9% YoY).</li><li>The QoQ decrease was due to seasonality, while the YoY growth was driven by higher volume across all segments.</li><li>Segment-wise, Herbal, the largest contributor (57.7%), exhibited an +8.1% YoY growth, while FnB (38.0%) grew by +21.2% YoY and Pharmacy (17.6%) advanced by +12.3% YoY. </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.

SIDO reported outstanding performance in 2Q24, with revenue coming in at IDR843.1 bn (- 20.0% QoQ/+12.9% YoY).The QoQ decrease was due to seasonality, while the YoY growth was driven by higher volume across all segments.Segment-wise, Herbal, the largest contributor (57.7%), exhibited an +8.1% YoY growth, while FnB (38.0%) grew by +21.2% YoY and Pharmacy (17.6%) advanced by +12.3% YoY. 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.

SIDO IJ - MNC Sekuritas Equity Report July 30, 2024

<ul><li>SIDO reported outstanding performance in 2Q24. 2Q24 net profit surged to IDR218.0 bn (-44.2% QoQ/+47.5% YoY), translating to an NPM of 25.9% (vs 19.8% in 2Q23), hitting an all-time high (ATH) if we exclude the covid-19 period.</li><li>The accelerated La Nina cycle is expected to amplify demand for the "Tolak Angin" product, a key driver of Herbal segment growth.</li><li>Interestingly, we found a correlation between stock prices and sea surface temperatures (SST) as a proxy for the El Nino-La Nina cycle.</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.

SIDO reported outstanding performance in 2Q24. 2Q24 net profit surged to IDR218.0 bn (-44.2% QoQ/+47.5% YoY), translating to an NPM of 25.9% (vs 19.8% in 2Q23), hitting an all-time high (ATH) if we exclude the covid-19 period.The accelerated La Nina cycle is expected to amplify demand for the "Tolak Angin" product, a key driver of Herbal segment growth.Interestingly, we found a correlation between stock prices and sea surface temperatures (SST) as a proxy for the El Nino-La Nina cycle.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.

Sido Ij - Continued Underlying Momentum: La Nina 2H24

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>On the back of solid 1Q24 revenue (driven mostly by volume) and higher margins, SIDO booked brisk 1Q24 net profit growth of 30% yoy.</li><li>We expect soft input prices to sustain the high margins going forward. As such, we raise our FY24-25F net profit estimates by 2.7%.</li><li>We see risk of rising inflation and weak purchasing power to potentially hinder sales in 2Q24 onwards. Maintain Hold with a higher TP of Rp710.</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.

On the back of solid 1Q24 revenue (driven mostly by volume) and higher margins, SIDO booked brisk 1Q24 net profit growth of 30% yoy.We expect soft input prices to sustain the high margins going forward. As such, we raise our FY24-25F net profit estimates by 2.7%.We see risk of rising inflation and weak purchasing power to potentially hinder sales in 2Q24 onwards. Maintain Hold with a higher TP of Rp710.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.

Sido Muncul (SIDO IJ) - 1Q24 Earnings Beat on Solid Volume and Margins

<ul><li>SIDO guided for &gt;10% yoy top and bottom line growth in FY24, expected to be supported by exports, new products &amp; higher outlet productivity.</li><li>With the expectation of higher margins, we raise our FY24 earnings by 12.3%, translating to FY24 core profit growth of +6.6% yoy.</li><li>We think the YTD share price performance has priced in 4Q23 earnings beat and FY24 outlook. Maintain Hold rating with a higher TP of Rp600</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.

SIDO guided for &gt;10% yoy top and bottom line growth in FY24, expected to be supported by exports, new products &amp; higher outlet productivity.With the expectation of higher margins, we raise our FY24 earnings by 12.3%, translating to FY24 core profit growth of +6.6% yoy.We think the YTD share price performance has priced in 4Q23 earnings beat and FY24 outlook. Maintain Hold rating with a higher TP of Rp600Content 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.

Sido Muncul (SIDO IJ) - 4Q23 Earnings Beat and Rosy Outlook, but Already Priced In

Thematic (Sector/Industry)

<ul><li>Kantar reported that household spending in Indonesia increased by +7.0% YoY in 3Q24, reaching IDR6 mn (vs IDR5.6 mn in 3Q23), driven by fresh food and FMCG.</li><li>Additionally, value per trip and spending volume also increased by +6.0% YoY and +2.0% YoY, respectively.</li><li>This growth indicates an uptick in consumption, especially among lower and upper-income groups in 3Q24, in line with manageable inflation due to the moderation of key staple prices, such as rice, flour and eggs. </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.

Kantar reported that household spending in Indonesia increased by +7.0% YoY in 3Q24, reaching IDR6 mn (vs IDR5.6 mn in 3Q23), driven by fresh food and FMCG.Additionally, value per trip and spending volume also increased by +6.0% YoY and +2.0% YoY, respectively.This growth indicates an uptick in consumption, especially among lower and upper-income groups in 3Q24, in line with manageable inflation due to the moderation of key staple prices, such as rice, flour and eggs. 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 Sectoral Update December 17, 2024

Indonesia

PT Industri Jamu Dan Farmasi Sido Muncul Tbk manufactures and produces herbal products. The Company's products consist of medicinal herbs, energy drinks, sweets and other beverages.

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Sido Muncul (SIDO IJ)

SIDO IJ - MNC Sekuritas Equity Report July 30, 2024

SIDO reported outstanding performance in 2Q24, with revenue coming in at IDR843.1 bn (- 20.0% QoQ/+12.9% YoY). The QoQ decrease was due to...

MNC Sekuritas

Sido Ij - Continued Underlying Momentum: La Nina 2H24

SIDO reported outstanding performance in 2Q24. 2Q24 net profit surged to IDR218.0 bn (-44.2% QoQ/+47.5% YoY), translating to an NPM of 25.9% (vs...

MNC Sekuritas