BEWARE OF FRAUDULENT SCHEMES CLAIMING TO REPRESENT PT VERDHANA SEKURITAS INDONESIA

• Please be cautious of any fraudulent schemes conducted by parties claiming to represent PT Verdhana Sekuritas Indonesia. These scams often use the name, logo, and identity of PT Verdhana Sekuritas Indonesia to pose as official company representatives.
  
• Identified scam methods include investment fraud, job offers, task assignments, or other programs that appear to offer monetary rewards or commissions. Please remain vigilant against other forms of fraud as well.
  
• These scams may be carried out through various media channels, including:
  1. Fake websites;
  2. Messaging apps such as WhatsApp, Telegram, SMS, etc.;
  3. Fake emails and letters;
  4. Fraudulent phone calls. 
• PT Verdhana Sekuritas Indonesia operates solely as a Securities Broker-Dealer and Underwriter. We are not an investment manager or an institution that offers investment programs, job offers, commission-based tasks, or other financial schemes directly to the public via social media, private messages, phone calls, or unofficial individual agents. We do not appoint any individual or third party to collect funds from the public. 
• We never request the public, prospective clients, or our clients to (1) conduct cash transactions or (2) transfer funds to any personal account of individuals claiming to be employees or representatives of PT Verdhana Sekuritas Indonesia.
  
• Official information from PT Verdhana Sekuritas Indonesia is communicated only through our official channels:
  Website: www.verdhana.id and www.verdhanaresearch.com 
  Email: info@verdhana.id
  Phone: (021) 5098 5799
  Address: Deutsche Bank Building, 18th Floor, Jl. Imam Bonjol No. 80, Jakarta 10310 
• If you receive any suspicious messages, offers, or solicitations conducted by parties claiming to represent PT Verdhana Sekuritas Indonesia, please do not respond and report them immediately to us via email at info@verdhana.id.

This announcement is hereby conveyed. Thank you for your attention and for placing your trust in PT Verdhana Sekuritas Indonesia.
Sincerely,

PT Verdhana Sekuritas Indonesia

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• Sumber Alfaria Trijaya (AMRT IJ) (Buy) - Resetting expectations

  JW SH SC

  AMRT’s sales growth in 2024 remained solid at +10% y-y,

  CONSUMER RELATED AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

  11 months ago

• Kalbe Farma (KLBF IJ) (Buy) - Repositioning, revamping, and reallocating

  SH JW SC

  We estimate KLBF to record a sales CAGR of +7.5% (2018-2024F),

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  11 months ago

• Indonesia Retailers - Cultural exports as a form of influence

  JW SH SC

  For decades, East Asian popular culture, including K-pop, K-dramas, and anime, has thrived domestically.

  GENERAL CONSUMER Jody Wijaya Sandy Ham Samuel Christian

  11 months ago

• Indonesia Consumer - Indonesia grocery's growth engine

  SH JW SC

  We have observed strong FMCG sales value growth in rural areas,

  GENERAL CONSUMER Sandy Ham Jody Wijaya Samuel Christian

  11 months ago

• Indonesia Retail - Mini-market retailers’ SSSG remains strong

  JW SH SC

  Based on our conversations with investors, many are concerned about the overall Indonesia consumer demand outl

  RETAIL Jody Wijaya Sandy Ham Samuel Christian

  11 months ago

• Cisarua Mountain Dairy (CMRY IJ) (Buy) - A standout in consistency and growth

  SH JW SC

  CMRY booked a +25% NPAT CAGR over the 2021-2024 period,

  GENERAL CONSUMER Sandy Ham Jody Wijaya Samuel Christian

  1 year ago

• Mayora Indah (MYOR IJ) (Buy) - All-time high sales + market share

  SH JW SC

  We believe the middle-income class continues to prefer value-for-money FMCG products,

  CONSUMER RELATED Sandy Ham Jody Wijaya Samuel Christian

  1 year ago

• Bank CIMB Niaga (BNGA IJ) (Neutral) - Improving performance; new TP of IDR1,850

  EW

  Bank CIMB (BNGA) has a notable position in Indonesia’s SME and consumer businesses,

  BANKS BNGA BNGA JK BNGA IJ Erwin Wijaya

  1 year ago

• Indonesia Equity Strategy - De-risk – shelter in under-owned and liquid stocks

  JT GH

  The JCI has declined by 11% over the past three months, owing to market concerns about consumers’ weak purchas

  EQUITY STRATEGY Jupriadi Tan Gerald Hugo

  1 year ago

• Cisarua Mountain Dairy (CMRY IJ) (Buy) - Plenty source for growth

  SH JW SC

  CMRY has largely covered modern trade (MT) stores in Indonesia,

  General Consumer CMRY CMRY JK CMRY IJ Sandy Ham Jody Wijaya Samuel Christian

  1 year ago

• Kalbe Farma (KLBF IJ) (Buy) - Brand transformation in progress

  SH JW SC

  We estimate KLBF booked 7-8% y-y sales growth in 4Q24F, driven by its pharma and consumer health divisions.

  General Consumer KLBF KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian

  1 year ago

• Anchor Report: Indonesia Consumer - Follow the money

  SH JW SC

  In this report, we analyze three crucial elements to determine our top picks in the Indonesia Consumer sector:

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  1 year ago

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  JT GH

  In line with insights from our Anchor Report on purchasing power,

  Equity Strategy Jupriadi Tan Gerald Hugo

  1 year ago

• Aspirasi Hidup Indonesia (ACES IJ) (Buy) - A follow up to “Finding a second wind"

  JW SH SC

  In our recent report, “Finding a second wind”, we highlighted ACES' ability to overcome significant challenges

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  1 year ago

• Sumber Alfaria Trijaya (AMRT IJ) (Buy) - Resilience in the face of adversity

  JW SH SC

  Concerns have arisen about AMRT's profitability margins following market speculation of potential changes to t

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  1 year ago