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>Glimpse of RecoveryThere were some encouraging signs of brisker economic activity in May, with higher loans growth of 9.4% (vs April 8.1%) and M2 Money Supply growth of 6.6% (vs April 5.5%)</li><li>A lower fiscal surplus in May also indicated higher government spending activity</li><li>We anticipate improvements in the banking sector's intermediary function, supported by ample liquidity and favourable rates</li></ul><p><em>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.</em></p>

Glimpse of RecoveryThere were some encouraging signs of brisker economic activity in May, with higher loans growth of 9.4% (vs April 8.1%) and M2 Money Supply growth of 6.6% (vs April 5.5%)A lower fiscal surplus in May also indicated higher government spending activityWe anticipate improvements in the banking sector's intermediary function, supported by ample liquidity and favourable ratesContent 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 - Glimpse of Recovery

<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><p><em>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.</em></p>

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

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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

<p>Maintaining our positive view with higher optimism</p><div class="content-highlight"><em>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.</em></div>

Maintaining our positive view with higher optimismContent 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.

Kalbe Farma (KLBF IJ) - Maintaining our positive view with higher optimism

<p>Expecting the gradual share price recovery to continue</p><div class="content-highlight"><em>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.</em></div>

Expecting the gradual share price recovery to continueContent 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.

Kalbe Farma (KLBF IJ) - Expecting the gradual share price recovery to continue

Indonesia

PT Tempo Scan Pacific Tbk manufactures and distributes pharmaceutical , health care and cosmetic products. The Company offers a variety of products including prescription drugs, specialty care products, and home care consumer products.

Kimia Farma (Persero) Tbk manufactures, distributes, and sells pharmaceutical, chemical, biological, and other materials for use of manufacturing of contraceptives, cosmetics, medical equipment, medicines, and food and beverages. The Company also produces packing material, machinery, equipment, and supporting facilities related to pharmaceuticals as well as operates pharmacies.

PT Merck Tbk manufactures pharmaceutical products. The Company also distributes pharmaceutical raw materials, chemicals reagents, and medical instruments.

Darya-Varia Laboratoria Tbk PT manufactures, trades, and distributes pharmaceuticals and related chemicals, as well as health care products.

PT Pyridam Farma Tbk manufactures and develops pharmaceutical products as well as distributes medical equipment. Its factory located in Desa Cibodas, West Java.

Indofarma Persero Tbk PT manufactures and trades drugs. The Company's products include generic, branded, licensed, and over the counter (OTC) drugs as well as traditional herbs, health food, cosmetics, and supplementary baby food. Through its subsidiaries, Indofarma also produces packaging materials, machinery and equipment, and infrastructure related to pharmaceutical industry.

Mitra Keluarga Karyasehat Tbk PT engages in hospital management and business services. The Company operates hospitals located in the Greater Jakarta Area, Surabaya and Tegal.

PT Siloam International Hospitals Tbk owns and operates hospitals. The Company offers a comprehensive range of specialist medical services including laboratory services, radiology, imaging and complex surgical procedures. Siloam International operates its hospitals throughout Indonesia.

PT Sejahteraraya Anugrahjaya Tbk operates hospitals.

PT Medikaloka Hermina Tbk owns and operates a chain of hospitals. The Hospital provides professional healthcare services, as well as focuses on obstetric and pediatric care. Medikaloka Hermina also offers consulting services. Medikaloka Hermina serves patients in Indonesia.

Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. manufactures and sells Chinese patent medicine. The Company also wholesales, retails, imports, and exports Western and Chinese pharmaceutical products and various medical apparatus.

Guangzhou Baiyunshan Pharmaceutical Holdings (874 HK)

Guangzhou Baiyunshan Pharmaceutical Holdings

Perrigo Company PLC is a global healthcare supplier that develops, manufactures, and distributes OTC and generic prescription pharmaceuticals, infant formulas, nutritional products, active pharmaceutical ingredients and pharmaceutical and medical diagnostic products. The Company's primary markets and locations of manufacturing and logistics operations are the US, UK, Mexico, and Australia.

Changchun High & New Technology Industry (Group) Inc. is an investment holding company.  Through its subsidiaries, the Company manufactures biopharmaceuticals and Chinese traditional medicines, constructs infrastructure facilities, manufactures electrolytic condensers, and develops and manages real estate.

ROHTO PHARMACEUTICAL CO., LTD. manufactures and markets pharmaceuticals and cosmetics products.  The Company's products include eyewash, bath soaps, gastrointestinal medicine, and hand cream.  Rohto Pharmaceutical also has a license agreement with its subsidiary, Mentholatum (US) to sell their brand products.  The Company also manufactures contact lenses and health foods.

Xizang Haisco Pharmaceutical Group Company Limited develops, manufactures and sells drug formulations and active pharmaceutical ingredients. The Company's main products include hepatobiliary disease medication, anti-infective drugs, parenteral nutrition drugs, invert sugar for injection, and other related products.

Xizang Haisco Pharmaceutical Group Co (002653 CH)

Shenzhen Salubris Pharmaceuticals Co., Ltd. develops, manufactures, and distributes pharmaceutical and healthcare products such as tablets, capsules, injection formulations and active pharmaceutical ingredients.

Shenzhen Salubris Pharmaceuticals A (002294 CH)

Corcept Therapeutics Inc. is a pharmaceutical company that discovers and develops drugs for the treatment of severe metabolic and psychiatric disorders. The Company's lead product modulates the effect of cortisol, also known as the "stress hormone", by selectively blocking the binding of cortisol to one of its two known receptors, the GR-II receptor.

Dong-E-E-Jiao Co., Ltd. primarily manufactures and sells traditional Chinese medicine, health care products, health foods, and bio-medicine. The company also engages in gelatin products manufacturing.

SANTEN PHARMACEUTICAL CO., LTD. produces and sells ophthalmic medicine.  The Company manufactures a variety of products including eye drops and ointments. Santen Pharmaceutical also imports lenses and tools and equipment used by optometrists and produces anti-rheumatic drugs.

Glaxosmithkline Pharmaceuticals Ltd. manufactures and distributes a wide variety of pharmaceutical drugs, veterinary products and laboratory chemicals. The Company's products include "Phexin" capsules, "Betnesol" tablets and injections, "Becoride" asthma treatment, "Betnovate" ointment, "Cetzine" antihistamine, "Zucox" and "Rizap" anti-tuberculosis products.

Glaxosmithkline Pharmaceuticals (GLXO IN)

PT Kalbe Farma Tbk produces and develops pharmaceutical products for human and animal healthcare.  Through its subsidiaries, the Company also operates in the pharmaceutical, health food, and packaging industries.

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Macro and Flows Tracker - Glimpse of Recovery

We anticipate improvements in the banking sector's intermediary function, supported by ample liquidity and favourable rates

BRI Danareksa Research

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

Kalbe Farma (KLBF IJ) - Maintaining our positive view with higher optimism

Maintaining our positive view with higher optimismContent is external broker report sourced from online content aggregator through publicly...

Mirae Asset Securities

Kalbe Farma (KLBF IJ) - Expecting the gradual share price recovery to continue

Expecting the gradual share price recovery to continueContent is external broker report sourced from online content aggregator through publicly...

Mirae Asset Securities