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.

Equity Bottom-Up

<ul><li>Mitra Adiperkasa (MAPI IJ)Share price underperformance has priced in pessimistic growth expectation; Maintain Buy rating3Q24 performance was driven by Active in both margins and revenue, while Fashion and F&amp;B faced margin pressures.</li><li>We trimmed our FY24/ 25F net profit est. by 2.3%/5.8%, leading to FY25F EPS growth est of 16.8%, driven by Active and Fashion expansion.</li><li>We expect MAPI to sustain revenue and net profit growth and thus see 9.5% YTD share price correction to be unwarranted. Maintain Buy.</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.

Mitra Adiperkasa (MAPI IJ)Share price underperformance has priced in pessimistic growth expectation; Maintain Buy rating3Q24 performance was driven by Active in both margins and revenue, while Fashion and F&amp;B faced margin pressures.We trimmed our FY24/ 25F net profit est. by 2.3%/5.8%, leading to FY25F EPS growth est of 16.8%, driven by Active and Fashion expansion.We expect MAPI to sustain revenue and net profit growth and thus see 9.5% YTD share price correction to be unwarranted. Maintain Buy.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.

Mitra Adiperkasa - Share Price Underperformance Has Priced in Pessimistic Growth Expectation

Thematic (Sector/Industry)

<ul><li>We expect solid 3Q24 rev. growth (12.5% yoy) with normalized margins driving retailers to fetch 9M24 core profit growth of 3.9% yoy (in line).</li><li>We expect ACES and MIDI to deliver strong 3Q24, with potential for an upgrade if margins exceed expectations and rev. momentum continues.</li><li>MAPI carries significant weight in maintaining growth momentum in the Active and Fashion segments. Maintain Overweight rating.</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 solid 3Q24 rev. growth (12.5% yoy) with normalized margins driving retailers to fetch 9M24 core profit growth of 3.9% yoy (in line).We expect ACES and MIDI to deliver strong 3Q24, with potential for an upgrade if margins exceed expectations and rev. momentum continues.MAPI carries significant weight in maintaining growth momentum in the Active and Fashion segments. Maintain Overweight rating.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: 3Q24 Preview: Solid Growth, Normalized Margins; Expect Strong Results from ACES and MIDI

<ul><li>Our retail channel checks from July to early Sept24 indicate ongoing promotions for Sports Brands, while Fashion disc. ended in mid-Aug24. </li><li>We expect manageable inventory days for MAPA, though there are concerns on margins. </li><li>MIDI’s SSSG in Aug24 remained strong at 12%. We maintain an Overweight rating with pecking orders: MIDI&gt; MAPI&gt; ACES&gt; MAPA.</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 retail channel checks from July to early Sept24 indicate ongoing promotions for Sports Brands, while Fashion disc. ended in mid-Aug24. We expect manageable inventory days for MAPA, though there are concerns on margins. MIDI’s SSSG in Aug24 remained strong at 12%. We maintain an Overweight rating with pecking orders: MIDI&gt; MAPI&gt; ACES&gt; MAPA.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: Jul-Sep24 Retail Channel Checks: Sports Brands Drive Promotions, Fashion Discount End

<ul><li>ACES and MIDI reported solid 2Q24 SSSG, which leads us to expect robust core profit growth of +23% and +21% yoy, respectively.</li><li>We see delays in overseas expansion impacting MAPA and MAPI, potentially leading to higher inventory and margin compression.</li><li>We maintain OW and see a potential rotation into ACES and MIDI given the anticipation of their continued strong 2Q24 earnings.</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.

ACES and MIDI reported solid 2Q24 SSSG, which leads us to expect robust core profit growth of +23% and +21% yoy, respectively.We see delays in overseas expansion impacting MAPA and MAPI, potentially leading to higher inventory and margin compression.We maintain OW and see a potential rotation into ACES and MIDI given the anticipation of their continued strong 2Q24 earnings.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: 2Q24 Preview: ACES and MIDI Shine, MAPA/MAPI May Face Challenges (OVERWEIGHT)

<ul><li>Our retail channel checks in May24 show decent mall traffic at weekends and long weekends bodes well for promotions.</li><li>MAPA offers broader brand promotions following the end-of-season sale, MAPI is offering selective promos on fashion brands.</li><li>ACES is continuing its thematic and cashback promotions which will sustain SSSG at the mid-single digit level. Maintain Overweight</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 retail channel checks in May24 show decent mall traffic at weekends and long weekends bodes well for promotions.MAPA offers broader brand promotions following the end-of-season sale, MAPI is offering selective promos on fashion brands.ACES is continuing its thematic and cashback promotions which will sustain SSSG at the mid-single digit level. Maintain OverweightContent 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.

Indonesia

PT Mitra Adiperkasa Tbk operates department stores and specialty stores selling a broad range of goods including clothing, toys, food, and other merchandise.

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Mitra Adiperkasa - Share Price Underperformance Has Priced in Pessimistic Growth Expectation

We expect MAPI to sustain revenue and net profit growth and thus see 9.5% YTD share price correction to be unwarranted. Maintain Buy.

BRI Danareksa Research

Retail: 3Q24 Preview: Solid Growth, Normalized Margins; Expect Strong Results from ACES and MIDI

We expect solid 3Q24 rev. growth (12.5% yoy) with normalized margins driving retailers to fetch 9M24 core profit growth of 3.9% yoy (in line).

BRI Danareksa Research

Retail: Jul-Sep24 Retail Channel Checks: Sports Brands Drive Promotions, Fashion Discount End

Our retail channel checks from July to early Sept24 indicate ongoing promotions for Sports Brands, while Fashion disc. ended in mid-Aug24.

BRI Danareksa Research

Retail: 2Q24 Preview: ACES and MIDI Shine, MAPA/MAPI May Face Challenges (OVERWEIGHT)

ACES and MIDI reported solid 2Q24 SSSG, which leads us to expect robust core profit growth of +23% and +21% yoy, respectively.

BRI Danareksa Research

Retail : May24 Channel Check

ACES is continuing its thematic and cashback promotions which will sustain SSSG at the mid-single digit level. Maintain Overweight

BRI Danareksa Research