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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• Indonesia Banks - Short-term cautious: Stay defensive

  EW

  YTD 7 Mar 2025, major Indonesia banks saw heavy selling pressure from foreign investors,

  BANKS Erwin Wijaya

  5 months ago

• Bank Danamon Indonesia (BDMN IJ) (Neutral) - Post-FY24 adjustments

  EW

  We expect the Indonesia banking sector to continue to experience liquidity issues in 2025F.

  BANKS BDMN BDMN JK BDMN IJ Erwin Wijaya

  5 months ago

• Bank Tabungan Negara Persero (BBTN IJ) (Neutral) - Earnings update; maintain Neutral, TP cut to IDR 980

  EW

  We believe that small-to-mid-sized Indonesia banks will continue to face pressures from the major banks.

  BANKS BBTN BBTN JK BBTN IJ Erwin Wijaya

  5 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

  5 months ago

• Panin Bank (PNBN IJ) (Neutral) - We adjust FY25-26F earnings by ~11-12%

  EW

  The Indonesia banking sector is likely to continue to face liquidity issues in 2025F,

  BANKS PNBN PNBN JK PNBN IJ Erwin Wijaya

  5 months ago

• Indonesia Flow Radar - February 2025: Seeking shelter in liquid names (Erratum)

  DT NG JT GH

  Our analysis suggests that local investors continue to seek shelter in liquid names.

  EQUITY STRATEGY David Tjahjadi Nicholas Goei Jupriadi Tan Gerald Hugo

  5 months ago

• Vale Indonesia (INCO IJ) (Buy) - Clearer picture: ore sales to drive financials

  MW EP

  We like INCO for its vast nickel resources and extensive concession areas

  METALS AND MINING INCO INCO JK INCO IJ Michael Wildon Ng Edward Prima

  5 months ago

• Indonesia Flow Radar - February 2025: Seeking shelter in liquid names

  DT NG JT GH

  We track stock ownership and fund flows in the Indonesia Flow Radar

  EQUITY STRATEGY David Tjahjadi Nicholas Goei Jupriadi Tan Gerald Hugo

  5 months ago

• Ultrajaya Milk Industry & Trading (ULTJ IJ) (Buy) - ULTJ defends its market leadership in UHT milk

  SH JW SC

  ULTJ recorded high A&P-to-sales ratios of 9.2%/15.9%

  FOOD AND BEVERAGE ULTJ ULTJ JK ULTJ IJ Sandy Ham Jody Wijaya Samuel Christian

  5 months ago

• Indonesia Banks - Jan-25 monthly results summary

  EW

  Major Indonesia banks (BBCA/BMRI/BBRI/BBNI/BRIS) have published their bank-only Jan-25 results,

  BANKS Erwin Wijaya

  5 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

  5 months ago

• Bank Negara Indonesia (BBNI IJ) (Buy) - Jan-24 results boosted by lower CoC

  EW

  BBNI is off to a fine start in 2025. In this note, we look into its bank-only Jan-25 results

  BANKS BBNI BBNI JK BBNI IJ Erwin Wijaya

  5 months ago

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

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

  GENERAL CONSUMER Sandy Ham Jody Wijaya Samuel Christian

  5 months ago

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

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

  CONSUMER RELATED Sandy Ham Jody Wijaya Samuel Christian

  5 months ago

• Bank Rakyat Indonesia (BBRI IJ) (Buy) - Soft Jan-25 results hit by large CoC

  EW

  BBRI kicked off 2025 with soft bank-only results.

  BANKS BBRI BBRI JK BBRI IJ Erwin Wijaya

  5 months ago