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 noted more foot traffic to retail/shopping areas toward the end of Mar24, likely supported by the disbursement of the holiday allowance.</li><li>Additionally, promotions of several major brands should also translate into higher sales yoy in 1Q24.</li><li>Maintain Overweight with our pecking order being: ACES, MAPA and MAPI. Rupiah weakening is key risk for 2Q24 onward sales 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.

We noted more foot traffic to retail/shopping areas toward the end of Mar24, likely supported by the disbursement of the holiday allowance.Additionally, promotions of several major brands should also translate into higher sales yoy in 1Q24.Maintain Overweight with our pecking order being: ACES, MAPA and MAPI. Rupiah weakening is key risk for 2Q24 onward sales outlook.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.

Retail Sector: Potential Boost from Ied Festives and Promotions (OVERWEIGHT)

<ul><li>Our recent visit to Tanah Abang, Thamrin City and Little Bangkok revealed more vibrant shopping than in the similar period last year.</li><li>Digital platforms/e-commerce supported many stores with more resellers coming to the stores.</li><li>This should bode well for our retail top picks (MAPA and ACES) and ICBP given the expectation of strong 1Q24 performance.</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.

Our recent visit to Tanah Abang, Thamrin City and Little Bangkok revealed more vibrant shopping than in the similar period last year.Digital platforms/e-commerce supported many stores with more resellers coming to the stores.This should bode well for our retail top picks (MAPA and ACES) and ICBP given the expectation of strong 1Q24 performance.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.

Retail Sector - Vibrant Rebound at Key Shopping Centers

Indonesia

PT MAP Aktif Adiperkasa Tbk retails sporting goods. The Company operates an online portal that offers a wide range boots, shoes, sandals, shorts, caps, hoodies, and accessories. Map Aktif Adiperkasa serves customers in Indonesia.

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