Bursa Amerika Serikat dan Eropa ditutup melemah di Kamis (10/10). US CPI di September sebesar 2.4% yoy lebih rendah dibandingkan 2.5% di Agustus. GDP 2024F Euro Area diperkirakan tumbuh sebesar 0.2% yoy lebih rendah dari proyeksi sebelumnya yang tumbuh 0.3% yoy. IHSG breaklow support psikologis level 7500 (10/10), sehingga berpotensi uji support 7400 di Jumat (11/10). GDP Inggris bulan Agustus yang diperkirakan akan tumbuh menjadi 1.40% YoY dari level sebelumnya di 1.20% YoY pada Juli. Inflasi produsen AS diperkirakan turun ke level 1.50% YoY dari 1.70% YoY di Agustus. Top picks di Jumat (11/10) :JPFA, CPIN, ERAA, ASSA, ANTM   By PHINTRACO SEKURITAS | Research Nurwachidah - Disclaimer On - Contact Us : WA : 08119055611 IG : phintracosekuritas YT : Phintraco Sekuritas TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id

DJIA (+1.03%) memimpin penguatan mayoritas indeks Wall Street di Rabu (9/10). Risalah the Fed dari FOMC terakhir menunjukan fakta bahwa mayoritas peserta dalam FOMC mendukung pemangkasan sukubunga acuan yang lebih agresif. Kementerian Keuangan Tiongkok dikabarkan menyiapkan paket stimulus fiskal yang diperkirakan mencapai ¥1-2 triliun di pekan ini (12/10). Melihat pelemahan signifikan SSEC (-6.62%) di Rabu (9/10), pasar nampaknya berharap pada stimulus fiskal yang lebih agresif dari Pemerintah Tiongkok. Eskalasi konflik geopolitik di Timur Tengah kemungkinan besar akan ditentukan oleh hasil pertemuan Pemerintah Israel dengan AS yang tengah berlangsung di Washington D.C. Harga brent melemah 0.78% ke US$76.58/barel dan harga crude melemah 0.45% ke US$73.24/barel di Rabu (9/10). Nilai tukar Rupiah diperkirakan masih sulit bergerak ke Bawah Rp15,500/USD dan spekulasi kenaikan harga BBM subsidi masih akan membayangi untuk beberapa waktu kedepan. Top picks (10/10) : INCO, MDKA, MBMA, PGEO dan UNTR. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

Nasdaq (+1.45%) memimpin rebound indeks-indeks Wall Street pada perdagangan Selasa (8/10). Harga brent melemah 4.63% ke US$77.18/barel dan harga crude melemah 4.63% ke US$73.57/barel di Selasa (8/10). Presiden AS, Joe Biden berupaya mencegah Israel menyerang fasilitas produksi minyak Iran. Pasar kecewa terhadap pernyataan China National Development and Reform Commission yang dinilai menutup peluang major fiscal stimulus oleh Pemerintah Tiongkok dalam waktu dekat. Kekecewaan tersebut memicu pelemahan signifikan pada indeks-indeks di Asia Timur, terutama HSI (-9.41%) dan NIKKEI (-1%) yang sempat mencatatkan rally selama pasar modal Tiongkok libur di perdagangan Selasa (8/10). Capital outflow dari pasar modal Indonesia mereda dan diperkirakan berlanjut untuk beberapa waktu kedepan. IHSG diperkirakan melanjutkan penguatan ke kisaran 7600-7630 di Rabu (9/10). Top picks (9/10) : BBRI, BBNI, BBTN, BNGA dan ICBP. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

11 Oktober 2024

10 Oktober 2024

9 Oktober 2024

Nasdaq (+1.22%) memimpin penguatan indeks Wall Street di Jumat (4/10). U.S. Unemployment Rate turun ke 4.1% di September 2024 dari 4.2% di Agustus 2024. Data ekonomi tersebut meredam kekhawatiran pasar terhadap eskalasi konflik geopolitik di Timur Tengah dalam jangka pendek. IHSG diperkirakan bergerak dalam rentang 7450-7550 pada pekan ini. IHSG berpeluang technical rebound ke atas 7500 di awal pekan. Perkembangan situasi geopolitik dan harga komoditas energi, khususnya minyak akan membayangi IHSG di pekan ini. Cadangan devisa per September 2024 diperkirakan naik, sejalan dengan penguatan nilai tukar Rupiah, capital inflow dan perbaikan kinerja ekspor. IKK diyakini stabil di atas 124 di September 2024 (8/10). Top picks : ISAT, CPIN, LSIP, PGEO, KLBF, dan BRIS. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

DJIA (+0.33%) berhasil membukukan level tertinggi baru (27/9). U.S. PCE turun ke 2.2% yoy di Agustus 2024 dari 2.5% yoy di Juli 2024. Data ini memvalidasi agresivitas pemangkasan sukubunga the Fed dalam FOMC terakhir. Indeks-indeks di Eropa ditopang rally harga saham-saham luxury goods menyusul ekspektasi peningkatan demand dari Tiongkok pasca stimulus moneter oleh PBOC pada pekan lalu. Stimulus PBOC tersebut memicu peningkatan appetite pasar terhadap pasar modal Asia Timur, sehingga turut menekan IHSG sejalan dengan net sell investor asing signifikan dalam beberapa hari perdagangan terakhir. Rentang pergerakan IHSG diperkirakan melebar di kisaran 7600-7800, dengan pivot di 7700 pada pekan ini. Top picks : JSMR, ABMM, ERAA, TKIM, MAPA, dan MIDI. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

Pasar kemungkinan memanfaatkan peluang profit taking di Jumat (20/9). Meski demikian, secara mingguan, indeks-indeks Wall Street masih ditutup di area positif. Laba bersih konstituen S&P 500 diperkirakan tumbuh 4.6% yoy di 3Q24. Kondisi sektor manufaktur di Eropa diperkirakan cenderung stagnan dibanding bulan sebelumnya, sementara di AS diperkirakan membaik di September 2024. Sejumlah petinggi ECB dan the Fed, termasuk Jerome Powell (26/9) dijadwalkan menyampaikan pidato pasca pemangkasan sukubunga acuan terakhir pada pekan ini. Minimnya data ekonomi domestik di atas, kemungkinan dimanfaatkan pasar sebagai validasi profit taking lanjutan di pekan ini. Pullback Jumat (20/9) dinilai relatif normal pasca tercapainya target flag di 7700. Top picks : MBMA, PGAS, JSMR, AKRA, MEDC, dan PTBA. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

7  Oktober 2024

30 September 2024

23 September 2024

PT Verona Indah Pictures Tbk Code : VERN Sector : Consumer Cyclicals Sub-Sector : Entertainment & Movie Production --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 30 September 2024 Perkiraan Masa Penawaran Umum : 02 - 04 Oktober 2024 Perkiraan Tanggal Penjatahan : 04 Oktober 2024 Perkiraan Tanggal Distribusi Saham : 07 Oktober 2024 Perkiraan Tanggal Pencatatan Saham di BEI : 08 Oktober 2024 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 1,121,650,000 saham atau sebanyak-banyaknya 23.54% dari jumlah modal ditempatkan dan disetor penuh Perseroan setelah Penawaran Umum Perdana Saham yang merupakan saham baru dengan nilai nominal Rp80 setiap saham. Nilai Nominal : Rp80 per lembar saham Harga Penawaran : Rp190 - Rp195 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp218,721,750,000 Penjamin Emisi : PT UOB Kay Hian Sekuritas --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial By PHINTRACO SEKURITAS | Research - Disclaimer On - Contact Us : WA : 08119560188 IG : phintracosekuritas YT : Phintraco Sekuritas TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id

PT Esta Indonesia Tbk Code : NEST Sector : Consumer Non Cyclicals Sub-Sector : Fish, Meat & Poultry --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 31 Juli 2024 Perkiraan Masa Penawaran Umum : 01 Agustus - 06 Agustus 2024 Perkiraan Tanggal Penjatahan : 06 Agustus 2024 Perkiraan Tanggal Distribusi Saham : 07 Agustus 2024 Perkiraan Tanggal Pencatatan Saham di BEI : 8 Agustus 2024 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 822,500,000 saham biasa atas nama dengan nilai nominal Rp50 setiap saham atau sebanyak-banyaknya 20% dari modal ditempatkan dan disetor penuh dalam Perseroan setelah Penawaran Umum Perdana Saham. Nilai Nominal : Rp50 per lembar saham Harga Penawaran : Rp160 - Rp200 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp164,500,000,000 Penjamin Emisi : PT KGI Sekuritas --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial By PHINTRACO SEKURITAS | Research - Disclaimer On - Contact Us : WA : 08119560188 IG : phintracosekuritas YT : Phintraco Sekuritas TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id

PT Intra GolfLink Resorts Tbk Code : GOLF Sector : Consumer Cyclicals Sub-Sector : Recreational & Sports Facilities --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 28 Juni 2024 Perkiraan Masa Penawaran Umum : 02 Juli - 04 Juli 2024 Perkiraan Tanggal Penjatahan : 04 Juli 2024 Perkiraan Tanggal Distribusi Saham : 05 Juli 2024 Perkiraan Tanggal Pencatatan Saham di BEI : 08 Juli 2024 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 3,100,000,000 saham atau sebanyak-banyaknya 15.02% dari total modal ditempatkan dan disetor setelah Penawaran Umum Perdana Saham yang merupakan Saham Baru dengan nilai nominal Rp25 setiap saham. Nilai Nominal : Rp25 per lembar saham Harga Penawaran : Rp200 - Rp230per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp713,000,000,000 Penjamin Emisi : PT KB Valbury Sekuritas PT Samuel Sekuritas Indonesia PT Semesta Indovest Sekuritas PT Trimegah Sekuritas Indonesia Tbk --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial By PHINTRACO SEKURITAS | Research - Disclaimer On -

MDKA reported 1H24 revenue of US$1.09bn, reflecting strong 110.3% YoY growth, primarily driven by a 162.6% surge in nickel sales under PT Merdeka Battery Materials Tbk (IDX: MBMA), reaching US$921mn. Despite lower ASP for Nickel Pig Iron (NPI) and High-Grade Nickel Matte (HGNM), solid production and sales were supported by lower All-in-Sustaining Costs (AISC) and cash costs. MDKA achieved record production levels with 42.78kt of NPI and 25.44kt of HGNM, boosted by adding a third Rotary Kiln-Electric Furnace (RKEF) plant. Gold Revenue Up, Copper Sales Down: MDKA's gold sales volume in 1H24 was 51.63koz, down 4.24% YoY, but higher gold prices pushed ASP to US$2,182/oz, resulting in a 19.6% YoY increase in gold revenue to US$117.21mn. Conversely, Wetar’s copper sales dropped to 6.34kt with a lower ASP of US$3.92/lb, leading to a 20.5% YoY decline in revenue to US$54.47mn. Margins Limited by Rising Costs: Despite EBITDA growth to US$139.91mn (1H23: US$74.52mn), the EBITDA margin fell to 15.09% (1H23: 19.32%) due to increased NPI production costs and higher finance costs of US$53.4mn. This led to a US$12.5mn loss attributable to owners. FY2024 Outlook: We project MDKA’s net profit attributable to owners to reach US$63mn for FY24F, driven by the AIM and HPAL projects, and accelerated mine development at Wetar. Gold production is expected to reach 100koz—120koz, copper production at 14kt—16kt, while NPI production is revised to 80kt—85kt due to furnace relining in Sept-24. Valuation: Using the Sum-of-the-Parts (SOTP) valuation method, we estimate MDKA’s fair value at IDR3,030 (15.77x / 4.77x expected EV/EBITDA and P/BV). The upside is supported by key growth drivers, particularly the nickel business, including the AIM and HPAL projects, which are expected boost earnings over 2024 - 2025 significantly. In addition to the nickel business, gold and copper prices are projected to maintain their upward trajectory, supported by China’s stimulus efforts and a dovish Federal Reserve policy, which should create favorable market conditions for commodity prices. Key Risks: 1) A potential decline in metals demand; 2) Project execution delays; and 3) A hawkish shift by the Fed. By PHINTRACO SEKURITAS | Research - Disclaimer On -

CPIN's revenue amounted to IDR32.96 trillion in 6M24, growing 6.7% YoY from IDR30.89 trillion in 6M23. CPIN's revenue growth during the first half of 2024 was driven by significant growth in two of its business segments, Day-old Chick (DOC) by 40% YoY to IDR1 trillion (vs IDR722 billion in 6M23) and Processed Chicken by 34.45% YoY to IDR6 trillion (vs IDR4.48 trillion in 6M23). The increase in margin is in line with the decline in Corn and Soybean Meal (SBM) prices. The domestic corn price at the farmer level is IDR5,990/Kg, a significant 17.9% YTD decline from the 2024 starting price of IDR7,300/Kg. The decline in domestic corn prices is in line with the increasing harvest in the March-April 2024 period. Meanwhile, SBM prices stood at US$323/ton, down 14.84% YTD from the starting price of US$380/ton at the beginning of 2024. We assess that if the September-October harvest is abundant, then domestic corn prices have the potential to stabilize and thus improve the company's profitability. CPIN recorded net profit growth of 28.3% YoY to IDR1.76 trillion in 6M24. CPIN's net profit growth was driven by top-line growth as well as operational and non-operational gains. We assess that if CPIN can maintain and even improve its operational efficiency, it will potentially improve CPIN's bottom-line growth. CPIN has an extensive distribution network. CPIN has a retail network selling Processed Chick products such as Prima Freshmart, which can serve online transactions and physical stores in various locations, making it easily accessible to retail consumers. CPIN also collaborates with modern retailers to expand market penetration and reach various consumer segments. In addition, CPIN also has a distribution network for the international market in exporting Processed Chick products to multiple countries. During 6M24, CPIN's export sales grew significantly by 273% YoY to Rp90 billion (vs Rp24 billion in 6M23). Using the Discounted Cash Flow method with Required Return of 7.70% and Terminal Growth 3.86%, we estimate CPIN’s fair value at IDR5,850 per share (Expected PE at 26.75x and EV/EBITDA at 15.06x in FY24). We give CPIN a Buy rating with potential upside of 21.87%. By PHINTRACO SEKURITAS | Research - Disclaimer On -

MTEL booked revenue of IDR2.24 trillion in 2Q24, growing by +1.72% QoQ and +8.18% YoY, reflecting 46% of the 2024E target. The tower leasing segment remains the key driver, with revenue up by 7.20% YoY to IDR3.70 trillion in 1H24 MTEL's fiber segment experienced impressive growth of 104.90% YoY, reaching IDR175 billion, with the addition of 5,081 km of optical fiber in 1H24. EBITDA increased by 10.59% YoY to IDR1.85 trillion, with a margin of 82.67%. Net profit grew by 4.19% YoY to IDR543 billion. MTEL's introduction of Flying Tower Station (FTS) aims to enhance connectivity in remote areas, with commercialization expected by 2026. This technology is projected to be a new revenue stream between 2026-2031. MTEL's innovative, sustainable, and aesthetic tower designs in the IKN area, where 19 sites have been completed as of 1H24, with a target of 82 towers by year-end. We maintain our BUY recommendation for MTEL with a target price of IDR720 per share, reflecting a potential upside of 10.42%. This valuation is based on a blended valuation between DCF and Multiple Valuation with 5% terminal growth. This potential upside implies a PER and EV/EBITDA valuation of 24.70x and 9.80x, respectively, for FY24F. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Domestic inflation stabilizes at low levels. CPI inflation in Indonesia was recorded at 2.12% YoY in August 2024, declining for the fifth consecutive month since April 2024. Inflation in the Volatile Food (VF) group fell to 3.04% YoY from 3.63% YoY in July 2024, mainly due to lower prices of shallots, broiler chicken meat, tomatoes, and eggs. We assess that the decline in commodity prices in the VF group has the potential to increase people's purchasing power, given that these commodities are commonly needed in everyday life. According to data from the Central Statistics Agency (BPS), per capita chicken meat consumption in Indonesia continues to increase, reaching 8.20 kg per year in 2023, growing 3.03% YoY from 7.96 kg in 2022.The government continues to improve the quality of Human Resources (HR) through the Makan Bergizi Gratis (MBG) program with a budget of IDR71 trillion in the 2025 Draft State Budget. We assess that the program has the potential to positively impact the poultry industry (chicken meat and egg products) to boost the company's financial performance in terms of top-line and bottom-line. The Ministry of Agriculture has taken strategic steps and collaborated with the Police Food Task Force to maintain the stability of live bird prices. We assess that the government's efforts to stabilize live bird prices can support growth in the poultry sector. The strategic steps taken by the government have the potential to provide better margins for poultry companies, especially for the live chicken and DOC segments. Prices of animal feed raw materials are softening. The domestic corn price at the farm level is at IDR5,990/kg, down 17.95% YTD from the early 2024 price of IDR7,300/kg. Meanwhile, the Soybean Meal (SBM) price is currently at US$329/ton, down 13.39% YTD from the early 2024 price of US$380/ton. The poultry companies in our coverage had positive financial performance in the first half of 2024. CPIN's net profit was recorded at IDR1.76 trillion in 6M24, up 28.3% YoY (vs IDR1.37 trillion in 6M23). Meanwhile, JPFA's net profit was recorded at Rp1.59 trillion in 6M24, up significantly by 1,314% YoY (vs Rp112 billion in 6M23). With the various catalysts above and the performance of each issuer in the poultry industry, our top picks are JPFA, with an estimated fair value of IDR1,990 and CPIN, with an estimated fair value of IDR5,850. By PHINTRACO SEKURITAS | Research - Disclaimer On - Contact Us : WA : 08119055611 IG : phintracosekuritas YT : Phintraco Sekuritas TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id

Term Deposit (TD) rates of banks in coverage are relatively well maintained. Loans and third-party funds growth in Indonesia have been on an upward trend since 2023. Non-Performing Loans (NPL) fell 172 bps ytd to 2.23% in June. This achievement occurred despite several global central banks implementing tight monetary policies. Rupiah depreciation can be a risk for banking. However, along with the optimism of the Fed Funds Rate cut in September, the rupiah has appreciated again so that the rupiah only depreciated less than 1% to IDR15,520/USD on September 2. The 6M24 performance of banks in our coverage mostly reached 50% of our FY24 estimate. BI Rate has the potential to fall in The BI Rate has the potential to decrease in the fourth quarter of 2024. Indonesia's Trade Balance Surplus Maintained in the Last Three Years From 2024 until July 2024, Indonesia's Trade Balance (BOP) has always posted a surplus. In July 2024, the BOP posted a surplus of US$0.47 billion. Rupiah Exchange Rate Appreciation Has Potential to Continue Until End of 2024. Indonesian Banking Net Interest Margin Remains High Amid High Interest Rates. Return on Equity (ROE) growth in the last 5 years remains high. Banking capital adequacy in Indonesia. With the various catalysts above, as well as the performance of each issuer in the banking sector, we make our top picks BMRI with a potential fair value of IDR 8,171 > BBCA with a potential fair value of IDR 10,950 > BBRI with a potential fair value of IDR 6,165 > BBNI with a potential fair value of IDR 6,800 > BRIS with a potential fair value of IDR 2,970 > BBTN with a potential fair value of IDR 1,807. By PHINTRACO SEKURITAS | Research - Disclaimer On -  

The Consumer Price Index (CPI) inflation rate continues to decline. The CPI inflation rate in Indonesia stood at 2.13% YoY in July 2024. We estimate that the sluggish CPI inflation rate can potentially increase public consumption, which can positively correlate with issuers' financial performance in the consumer sector. The Consumer Confidence Index (CCI) is maintained at an optimistic level. We assess that consumer confidence maintained above the 120 level indicates that Indonesia's economic conditions are still quite strong, which has the potential to keep people's purchasing power solid and support future economic growth. The Retail Sales Index (RSI) experienced an increase in June 2024. The Retail Sales Index (RSI) was recorded at 229.0 in June 2024. We expect the Retail Sales Index (RSI) to be maintained in line with several National Holidays in 2H24 (Independence Day of the Republic of Indonesia and HBKN Christmas 2024), which have the potential to increase public consumption. The flagship program of President and Vice President-elect Prabowo-Gibran, namely Makan Bergizi Gratis (MBG), has been officially included in the Draft State Budget and Expenditure (RAPBN) for Fiscal Year 2025 with a budget allocation of Rp71 trillion or equivalent to 0.29% of Gross Domestic Product (GDP). The program has the potential to positively impact several sectors, one of which is the consumer sector (for processed foods such as spices and their supporters), so it can boost the company's financial performance. Prices of key raw materials flatten. During the first semester of 2024, the average price of Wheat was around US$596/Bu, a significant decline of 13.6% YoY. meanwhile, the average CPO price was around MYR4,014/ton, an increase of around 3% YoY. We assess that if both commodity prices tend to stabilize in the future, it will potentially increase the profitability of consumer sector issuers. Consumer sector issuers in our coverage still recorded sales growth in the first half of 2024. MYOR recorded sales growth of 9.48% YoY to IDR16.2 trillion, ICBP recorded sales growth of 7.20% YoY to Rp36.9 trillion, and INDF recorded sales growth of 2.16% YoY to IDR57.29 trillion. We recommend Overweight in the consumer sector with various catalysts above. Our top picks are MYOR, with estimated fair value of IDR2,950 > ICBP, with estimated fair value of IDR12,504 > and INDF, with estimated fair value of IDR7,842. By PHINTRACO SEKURITAS | Research - Disclaimer On -