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>If 2007 performance is an indicator, JCI may sustain its short-term performance in the next 3 months post Fed’s rate cut.</li><li>EPS growth outlook of 7-8% is attractive compared to EM peers, with catalyst for upsides from better liquidity and stronger IDR tailwind.</li><li>We raise our FY24-end JCI target to 8,238; our preferred picks are the high beta stocks, namely BBCA, BBNI, ARTO, CTRA, SMRA, ASII, GOTO.</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.

If 2007 performance is an indicator, JCI may sustain its short-term performance in the next 3 months post Fed’s rate cut.EPS growth outlook of 7-8% is attractive compared to EM peers, with catalyst for upsides from better liquidity and stronger IDR tailwind.We raise our FY24-end JCI target to 8,238; our preferred picks are the high beta stocks, namely BBCA, BBNI, ARTO, CTRA, SMRA, ASII, GOTO.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: Riding the Wave of Earnings Growth, Strong IDR and Liquidity Catalysts

<ul><li>Amid continued downtrading and limited catalystsin 3Q24, we expect regional elections and social aid to support consumption spending.</li><li>We view FY25 govt budget as supportive for purchasing power, despite risks from higher VAT, higher tax revenue &amp; new excise taxes. </li><li>We favor companies with organic growth, export contribution, and proven cost mgmt; reiterate our Buy rating on ICBP and MYOR.</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.

Amid continued downtrading and limited catalystsin 3Q24, we expect regional elections and social aid to support consumption spending.We view FY25 govt budget as supportive for purchasing power, despite risks from higher VAT, higher tax revenue &amp; new excise taxes. We favor companies with organic growth, export contribution, and proven cost mgmt; reiterate our Buy rating on ICBP and MYOR.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: Sticking with the Winners Amid Lingering Challenges (OVERWEIGHT)

<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

Equity Bottom-Up

<ul><li>MYOR’s management expects robust sales growth in 2Q24 off a low base in 2Q23 after double-digit growth (mom and yoy) in Apr-May24.</li><li>Higher raw material costs led to lower margins in 2Q24. As such, MYOR will gradually adjust ASP at the consumer level.</li><li>Maintain Buy with an unchanged TP of Rp3,200 (implying FY24F PE of 21x).</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.

MYOR’s management expects robust sales growth in 2Q24 off a low base in 2Q23 after double-digit growth (mom and yoy) in Apr-May24.Higher raw material costs led to lower margins in 2Q24. As such, MYOR will gradually adjust ASP at the consumer level.Maintain Buy with an unchanged TP of Rp3,200 (implying FY24F PE of 21x).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.

Mayora Indah - Steady Indicative 2Q24 Sales Growth, with Intact Margin Outlook

<ul><li>We expect strong 2Q24 top line to continue (from low base in 2Q23); Apr24 YTD sales indicated to still see strong double-digit growth.</li><li>Factoring in higher input costs, we lower our FY24-25F core profit by 3.3%/2.7% to Rp3.3tr (-0.7% yoy) and Rp3.6tr (+10.6% yoy).</li><li>Expect a strong 2H24 on seasonal factors. Maintain Buy with an unchanged TP of Rp3,200 (implying FY24F PE of 21x).</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 expect strong 2Q24 top line to continue (from low base in 2Q23); Apr24 YTD sales indicated to still see strong double-digit growth.Factoring in higher input costs, we lower our FY24-25F core profit by 3.3%/2.7% to Rp3.3tr (-0.7% yoy) and Rp3.6tr (+10.6% yoy).Expect a strong 2H24 on seasonal factors. Maintain Buy with an unchanged TP of Rp3,200 (implying FY24F PE of 21x).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.

Mayora Indah - Expect 1Q24 Sales Momentum to Continue

Indonesia

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

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