External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

Semen Indonesia (Gresik) / Equity Bottom-Up

<ul><li>SMGR recorded a revenue of IDR8.4tn in 1Q24, marking a contraction of -6.3% YoY (vs IDR8.9tn in FY22) and reflecting 21.3%/20.8% of MNCS/Consensus estimates.</li><li>The net profit plummeted by -16.0% YoY to IDR472bn with NPM of 5.6%, reflecting 20.5%/17.6% of MNCS/Consensus target.</li><li>However, we estimate a probability that SMGR will cut its ASP due to declining volume, while supply may potentially increase with the new player entering Indonesian market (Hongshi Group).</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>

SMGR recorded a revenue of IDR8.4tn in 1Q24, marking a contraction of -6.3% YoY (vs IDR8.9tn in FY22) and reflecting 21.3%/20.8% of MNCS/Consensus estimates.The net profit plummeted by -16.0% YoY to IDR472bn with NPM of 5.6%, reflecting 20.5%/17.6% of MNCS/Consensus target.However, we estimate a probability that SMGR will cut its ASP due to declining volume, while supply may potentially increase with the new player entering Indonesian market (Hongshi Group).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.

PT Semen Indonesia Tbk (SMGR IJ) - Facing Challenges Head-On