Asset Allocation February 1, 2024

Mirae Asset Sekuritas Indonesia

Robertus Hardy robertus.hardy@miraeasset.co.id

Indonesia Strategy
Back to Fundamental

Report summary

Anticipating the possible continuation of volatility before the runoff election due to investors adopting wait and see
mode

In the short term, we observe a pattern in the movement of the JCI that tends to be similar to that of several previous election
years (2004, 2009, 2014, 2019), which is: it tends to weaken before the election and rallies after the election results are clear. We
believe this trend will continue this year, driven by an investor attitude that still tends towards a wait-and-see approach. Several
major players in the banking industry have also provided guidance for lower loan growth this year, due to debtors opting to
reduce aggressiveness in budgeting for capital expenditures and working capital at the start of the year.
Fundamental factors are expected to continue playing important roles in the long-term investment results

However, in the long term, we see the election period as not very relevant for basing investment decisions, because we observe
that every investment decision made at the beginning of an election year always yields a positive return until the beginning of
the next election year. Therefore, the main fundamental event that we believe will be a major driver of the IHSG this year is the
increasingly apparent global disinflation trend. This is even more evident in Indonesia, where inflation continues to decline
following a spike last year, after the government raised the price of subsidized fuel. Thus, we project that Bank Indonesia may
lower interest rates sooner than The Fed, which is expected to begin easing its monetary policy in June.

The Consumer Non-Cyclical, Financial, and Consumer Cyclical sectors consistently outperformed the JCI during the
previous monetary policy easing periods

After the global financial crisis (2008) and the COVID-19 pandemic (2020), there were two periods when Bank Indonesia eased
its monetary policy due to disinflation. We believe this situation is very similar to what may happen this year. During those two
periods, there were three sectors that successfully recorded a significantly and consistently positive return, namely the Consumer
Non-cyclical sector (UNVR ICBP MYOR AMRT), followed by the Financial sector (BBRI BBCA BMRI BBNI), and the Consumer Cyclical
sector (ACES MAPI). As a result, there are no changes yet to our stock selections, which focus on several sectors and companies
that we believe still possess solid balance sheets and operational performance outlooks to withstand potential headwinds
throughout the first semester of this year, including: Banking (BBCA, BBRI), Consumer Non-Cyclicals (HOKI, AMRT), Consumer
Cyclicals (ACES, MAPI), Telecommunications (TLKM, ISAT), and Industrial (ASII). We still maintain our fair value estimate for the JCI
this year at 8,100, which implies a 14x P/E ratio with an estimated 5-6% YoY EPS growth.

Table 1. Mirae Asset’s top picks

Market cap EPS growth (%) EV/EBITDA (x) P/E (x) P/B (x) ROE (%)
Ticker Company
(IDRbn) 2023F 2024F 2023F 2024F 2023F 2023F 2024F 2023F 2023F 2024F
ACES Ace Hardware Indonesia Tbk PT 14,578 11.0 13.7 12.9 11.0 19.7 17.4 2.4 2.2 12.1 13.0
AMRT Sumber Alfaria Trijaya Tbk PT 110,040 18.4 21.4 15.9 13.9 32.6 26.8 8.0 6.7 26.7 26.5
ASII Astra International Tbk PT 207,478 11.9 -2.3 5.3 5.5 6.4 6.6 1.0 1.0 16.3 14.8
BBCA Bank Central Asia Tbk PT 1,177,277 9.8 9.0 N/A N/A 22.0 20.2 4.4 4.0 20.9 20.8
BBRI Bank Rakyat Indonesia Persero Tbk PT 863,886 11.2 11.8 N/A N/A 12.9 11.5 2.5 2.4 20.3 21.6
HOKI Buyung Poetra Sembada PT 1,626 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
ISAT Indosat Tbk PT 77,200 -26.8 40.6 5.4 4.9 22.3 15.9 2.5 2.2 11.8 14.5
MAPI Mitra Adiperkasa Tbk PT 32,453 0.9 13.3 7.8 6.9 15.1 13.4 3.2 2.6 21.4 20.1
TLKM Telkom Indonesia Persero Tbk PT 392,286 24.8 8.2 5.6 5.3 15.2 14.0 2.7 2.6 18.7 19.1
Note: Forward projections are based on consensus, market data as of 31-Jan-2024
Source: Company data, IDX, Bloomberg, Mirae Asset Sekuritas Indonesia Research

Analysts who prepared this report are registered as research analysts in Indonesia but not in any other jurisdiction, including the US.
PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES AND DISCLAIMERS IN APPENDIX 1 AT THE END OF THE REPORT.
Indonesia Strategy February 1, 2024

Investment Thesis

US GDP managed to grow above the previous estimates

Reducing the odds for a possible March rate cut
The U.S. economy exhibited remarkable resilience in the final quarter of 2023, with Gross
Domestic Product (GDP) expanding at an annualized rate of 3.3%, following a robust
4.9% increase in the third quarter. This growth, aside from being higher compared to
the previous consensus’ estimate of 2.0%, is driven by a combination of surging exports,
increased government expenditure, and buoyant business investment, exceeded
analysts' expectations. It also countered the gloomy forecasts of an imminent recession
in the wake of the Federal Reserve's aggressive interest rate hikes.

A key component of this economic endurance has been the labor market's robust health.
Characterized by low levels of layoffs and substantial wage increases, the labor market
has been a cornerstone supporting consumer spending, a critical driver of the economy.
In 2023, the U.S. economy added an impressive 2.7mn jobs, further bolstering consumer
confidence and expenditure.

In the financial markets, the response to these stronger-than-expected economic

indicators has been to dial back expectations of a Federal Reserve rate cut. As of now,
the likelihood of a rate reduction in March has fallen below 50% to only 34.5%. However,
anticipations for a policy shift become more pronounced looking ahead to the June
meeting, as market participants weigh the potential impacts of sustained economic
growth against the Fed's inflation-targeting mandate.

Foreign investors recorded a net buy position of IDR8.3tr throughout

January 2024
As a continuation of positive sentiment following the Fed's more dovish
statements at the end of last year
Although BMRI, AMMN, and BBNI contributed 55, 30, and 14 points, respectively, to the
rise of the JCI (Jakarta Composite Index) in January 2024, BREN, CUAN, and ASII, on the
other hand, contributed 98, 29, and 24 points, respectively, to the decline of the JCI.

Foreign investors recorded a net sell of ASII shares amounting to IDR2.4tr throughout
January 2024. KLBF, MDKA, BRPT, and INCO followed with net sells of IDR500bn,
IDR455bn, IDR210bn, and IDR198bn, respectively.

Meanwhile, BBCA and BMRI were the two stocks most purchased by foreign investors,
reaching IDR2.7tr and IDR1.9tr, respectively. This was followed by TLKM, BBRI, and BRIS,
with net buys of IDR910bn, IDR845bn, and IDR491bn, respectively.

Therefore, overall, foreign investors recorded a net buy position of IDR8.3tr throughout
January 2024. We view this as a continuation of the positive sentiment following the
Federal Reserve's more dovish statements at the end of 2023. The 0.9% decline in the JCI
(Jakarta Composite Index) in January is still in line with our previous expectations, where
geopolitical risks, domestic political uncertainties, and the potential normalization of
returns on some stocks that experienced abnormal returns in 2023, could potentially
hinder JCI movements at the start of this year.

Going forward, we still see the possibility that blue-chip stocks, particularly those from
the banking, telecommunications, consumer, and industrial sectors with more proven
financial and operational performance, can support the stock index movements.
Therefore, although there is still potential pressure, it is unlikely to cause a significant
drop in the stock index.

Mirae Asset Sekuritas Indonesia Research 2

Indonesia Strategy February 1, 2024

Anticipating the possible continuation of volatility before the runoff

election
Due to investors adopting wait and see mode
In the short term, we observe a pattern in the movement of the JCI that tends to be
similar to that of several previous election years (2004, 2009, 2014, 2019), which is: it
tends to weaken before the election and rallies after the election results are clear.

We believe this trend will continue this year, driven by an investor attitude that still tends
towards a wait-and-see approach. Several major players in the banking industry have
also provided guidance for lower loan growth this year, due to debtors opting to reduce
aggressiveness in budgeting for capital expenditures and working capital at the start of
the year.

BBCA and BMRI have set loan growth targets at 8-10% and 13-15% YoY, respectively, for
this year. These targets are lower than last year's achievements, which were recorded at
14% and 16%, respectively.

However, BBRI and BBNI appear more optimistic in maintaining and increasing their
credit growth this year, with guidance set at 11-12% and 9-11%, respectively, up from
last year's achievements of 11% and 8%, respectively.

Fundamental factors are expected to continue playing important roles

In the long-term investment results.
However, in the long term, we see the election period as not very relevant for basing
investment decisions, because we observe that every investment decision made at the
beginning of an election year always yields a positive return until the beginning of the
next election year.

We see that this is more due to growth in the financial and operational performance of
companies, which is also supported by improvements in the macroeconomic conditions
of Indonesia and the macro-industrial conditions of each business sector.

Therefore, looking forward, we still see that fundamental factors will continue to play a
major role in influencing the movement of the JCI.

The main fundamental event that we believe will be a major driver of the IHSG this year
is the increasingly apparent global disinflation trend. This is even more evident in
Indonesia, where inflation continues to decline following a spike last year, after the
government raised the price of subsidized fuel. Therefore, we project that Bank
Indonesia may lower interest rates sooner than The Fed, which is expected to begin
easing its monetary policy in June.

Mirae Asset Sekuritas Indonesia Research 3

Indonesia Strategy February 1, 2024

The Consumer Non-Cyclical, Financial, and Consumer Cyclical sectors

consistently outperformed the JCI
During the previous monetary policy easing periods
After the global financial crisis (2008) and the COVID-19 pandemic (2020), there were
two periods when Bank Indonesia eased its monetary policy due to disinflation. We
believe this situation is very similar to what may happen this year.

During those two periods, there were three sectors that successfully recorded a
significantly and consistently positive return, namely the Consumer Non-cyclical sector
(UNVR ICBP MYOR AMRT), followed by the Financial sector (BBRI BBCA BMRI BBNI), and
the Consumer Cyclical sector (ACES MAPI). Meanwhile, the Property sector (BSDE CTRA
SMRA), which has long been considered interest-sensitive, managed to record a quite
fantastic return in only one of the two periods, while in the other period it actually
recorded a negative return. Thus, it was somewhat inconsistent. However, we noticed
that PWON is the only stock among other large-cap property stocks that managed to
consistently record significantly positive results during those two periods.

The Tobacco and Poultry sectors were actually also able to outperform the JCI quite
consistently overall in those two periods. However, we observed that the returns from
GGRM and CPIN were somewhat less consistent compared to HMSP and JPFA.

Votes from supporters of the eliminated candidates could determine

the runoff election result
Which is expected to be held in June
The poll tracker conducted by The Economist shows Prabowo Subianto in the lead with
47%, with a high range reaching 52%. However, on the other hand, the combined
support for Ganjar Pranowo and Anies Baswedan amounts to 48%, with a high range
reaching 61%. Therefore, if this trend continues until the runoff election in June, the
transfer of votes from supporters of the eliminated candidates will be crucial in
determining the final outcome of the election.

Recently, several leaders of the political parties supporting these two candidates have
hinted to the media about the possibility of consolidating during the runoff election.

Financial and operational performances are key in determining the

potential return on investment in the JCI
Several companies with solid balance sheets are poised to withstand potential
headwinds in the first half of 2024
As a result, there are no changes yet to our stock selections, which focus on several
sectors and companies that we believe still possess solid balance sheets and operational
performance outlooks to withstand potential headwinds throughout the first semester
of this year, including: Banking (BBCA, BBRI), Consumer Non-Cyclicals (HOKI, AMRT),
Consumer Cyclicals (ACES, MAPI), Telecommunications (TLKM, ISAT), and Industrial
(ASII). We still maintain our fair value estimate for the JCI this year at 8,100, which implies
a 14x P/E ratio with an estimated 5-6% YoY EPS growth.

Mirae Asset Sekuritas Indonesia Research 4

Indonesia Strategy February 1, 2024

Exhibits

Figure 1. JCI movement during the 2019 election Figure 2. JCI movement during the 2014 election
6,600 Simultaneous Elections 5,400 Increase in subsidized
(Apr-2019) Presidential Election fuel price
6,500 5,200 (Jul-2014) (Nov-2014)
Inauguration of Announcement of Jokowi
Jokowi-Maruf as a candidate
6,400 5,000
(Oct-2019) (Mar-2014)
Election Inauguration of Jokowi-JK
6,300 Campaign US-China 4,800 (Oct-2014)
Trade War
6,200 (May-2019) General Election
Announcement of 4,600
(Apr-2014)
6,100
Election Winners
Dispute of (Jun-2019) 4,400

6,000 Election Result

(May-Jun 2019) 4,200

5,900
4,000
5,800
Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20

Source: Mirae Asset Sekuritas Indonesia Research Source: Mirae Asset Sekuritas Indonesia Research

Figure 3. JCI movement during the 2009 election Figure 4. JCI movement during the 2004 election
3,000 1,300

2,800
1,200
Presidential Election
2,600 Global Financial Crisis (Jul-2008)
2,400 1,100

Inauguration of Inauguration of SBY-JK

2,200
SBY-Boediono 1,000 (Oct-2004)
2,000 General Election (Oct-2009)
(Apr-2009) 900 1st Round of
1,800 General Election
(Apr-2004) Presidential
1,600 800 Election (Jul-2004)
Lehman Brothers
1,400 bankruptcy
2nd Round of
(Sep-2008) 700
1,200 Presidential Election
(Sep-2004)
1,000 600
Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06

Source: Mirae Asset Sekuritas Indonesia Research Source: Mirae Asset Sekuritas Indonesia Research

Figure 5. The long-term investment return on the JCI made at the beginning of every
election year

Source: Mirae Asset Sekuritas Indonesia Research, Tradingview market data

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Indonesia Strategy February 1, 2024

Table 2. Big cap stocks performances vs. BI Rate and JCI (part 1) (IDR)
2011 2013 Return (%) 2015 2018 Return (%)
BI Rate (%) 6.75 5.75 7.75 4.25
JCI 3,549 5,069 42.8 5,289 6,597 24.7
BBRI 1,140 1,735 52.2 2,280 3,690 61.8
BBCA 1,540 2,070 34.4 2,680 4,640 73.1
BMRI 1,575 2,430 54.3 2,750 4,150 50.9
BBNI 1,865 2,440 30.8 3,130 4,860 55.3
Average Return of IDXFINANCE Big Caps 42.9 60.3
UNVR 3,300 6,100 84.8 7,175 10,775 50.2
ICBP 2,460 6,550 166.3 7,250 8,975 23.8
MYOR 438 1,245 184.2 970 2,410 148.5
AMRT 370 710 91.9 476 595 25.0
Average Return of IDXNONCYC Big Caps 131.8 61.9
ACES 330 950 187.9 740 1,330 79.7
MAPI 430 890 107.0 590 760 28.8
Average Return of IDXCYC Big Caps 147.4 54.3
GGRM 52,500 53,500 1.9 57,800 79,750 38.0
HMSP 1,195 3,470 190.4 2,670 4,820 80.5
Average Return of IDX Tobacco Big Caps 96.1 59.3
CPIN 2,400 4,950 106.3 3,960 3,440 -13.1
JPFA 865 1,980 128.9 298 1,620 443.6
Average Return of IDX Poultry Big Caps 117.6 215.2
Source: Mirae Asset Sekuritas Indonesia Research

Table 3. Big cap stocks performances vs. BI Rate and JCI (part 2) (IDR)
2011 2013 Return (%) 2015 2018 Return (%)
BI Rate (%) 6.75 5.75 7.75 4.25
JCI 3,549 5,069 42.8 5,289 6,597 24.7
SMGR 8,275 17,950 116.9 14,525 11,100 -23.6
INTP 14,000 23,750 69.6 23,000 21,975 -4.5
Average Return of IDX Cement Big Caps 93.3 -14.0
BSDE 870 2,200 152.9 2,020 1,935 -4.2
SMRA 484 1,355 180.0 1,600 1,075 -32.8
CTRA 500 1,515 203.0 1,415 1,290 -8.8
PWON 195 420 115.4 500 675 35.0
Average Return of IDXPROP Big Caps 162.8 -2.7
TLKM 1,520 2,210 45.4 2,830 4,000 41.3
ISAT 5,250 5,200 -1.0 4,100 5,600 36.6
EXCL 4,910 4,930 0.4 4,730 2,950 -37.6
TOWR 204 510 150.0 780 715 -8.3
TBIG 400 1,200 200.0 1,900 1,125 -40.8
Average Return of IDX Telco Big Caps 79.0 -1.8
ASII 6,375 7,050 10.6 7,850 7,300 -7.0
JSMR 3,970 6,675 68.1 7,175 5,350 -25.4
Average Return of IDX Other Big Caps 39.4 -16.2
Source: Mirae Asset Sekuritas Indonesia Research

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Indonesia Strategy February 1, 2024

Figure 6. Poll tracker by The Economist

Source: Mirae Asset Sekuritas Indonesia Research, The Economist as of 31-Jan-2024

Figure 7. M2 to GDP ratio (%) Figure 8. Annual car sales per 100 population

200 4.5
180
4.0
160
140 3.5

120 3.0
100
2.5
80
60 2.0
40 1.5
20
1.0
-
0.5

0.0
Japan South Korea Malaysia Thailand Indonesia

Source: Mirae Asset Sekuritas Indonesia Research Source: Mirae Asset Sekuritas Indonesia Research, Mark Lines data

Figure 9. Cement consumption per capita Figure 10. Fixed broadband penetration rate (%)

700 60

600
50
500
40
400

300
30

200 20

100
10
-

-
Thailand Malaysia The Philippines Indonesia

Source: Mirae Asset Sekuritas Indonesia Research, AISI Source: Mirae Asset Sekuritas Indonesia Research, Kearney

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Indonesia Strategy February 1, 2024

Figure 11. Indonesia’s inflation and policy rate Figure 12. Bank Indonesia’s projection of GDP growth

(%)
(%, YoY) 5.4 5.3
9 Headline Inflation Core inflation 5.2 4.8-5.6
8 5.2 4.7-5.5
Upper bound inflation target Lower bound inflation target
5.0
7
BI7DRR 5.0 4.9 4.5-5.3
6
5 4.8

4 4.6
3
2 4.4

1 4.2
0
5/17 1/18 9/18 5/19 1/20 9/20 5/21 1/22 9/22 5/23 1/24 4.0
2022 1Q23 2Q23 3Q23 2023* 2024* 2025*

Source: Mirae Asset Sekuritas Indonesia Research Source: Mirae Asset Sekuritas Indonesia Research

Figure 13. US inflation and policy rate Figure 14. US monthly employment situation

Headline inflation Core PCE inflation (%) Unemployment rate (L) (%, YoY)
(%, YoY)
Upper inflation target FFR 6.0 7
10 5.9 Average hourly earnings growth (R)
5.5 6
9
5
8 5.0 4.7
5
7 4.1
4.5
6 4
3.9
4.0 3.7
5
3.4 3
4 3.5
3 2
3.0
2
2.5 1
1
0 2.0 0
12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23

Source: BLS, BEA, Mirae Asset Sekuritas Indonesia Research Source: BLS, Mirae Asset Sekuritas Indonesia Research

Figure 15. Indonesia’s accumulated trade balance (2018 – Figure 16. Indonesia’s quarterly current account balance to
2023) GDP ratio

Oil and gas trade balance (%)

(USDbn) 2
Non-oil and gas trade balance
100 Trade balance 1

80
0
60
-1
40
-2
20
-3
0

-20 -4

-40 -5
2018 2019 2020 2021 2022 2023 3Q13 3Q14 3Q15 3Q16 3Q17 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23

Source: Statistics Indonesia, Mirae Asset Sekuritas Indonesia Research Source: BI, Mirae Asset Sekuritas Indonesia Research

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Indonesia Strategy February 1, 2024

Figure 17. Indonesia’s quarterly trade balance, goods balance,

Figure 18. Indonesia’s quarterly Balance of Payments
and current account balance

Trade balance (L) (USDbn) Current Account Capital Account

(USDbn) (USDbn)
Goods balance on CA (L) Financial Account Overall Balance
20 CA balance (R) 6
18
18 5
16
13
4
14 8
3
12
2
10
3
1
8 -2
0
6
-1 -7
4

2 -2
-12
0 -3 4Q14 1Q16 2Q17 3Q18 4Q19 1Q21 2Q22 3Q23
2Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q23

Source: Mirae Asset Sekuritas Indonesia Research Source: Mirae Asset Sekuritas Indonesia Research

Figure 19. JCI’s net foreign buy/sell (IDRtr)

80

60

40

20

0
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
-20

-40

-60

Source: Mirae Asset Sekuritas Indonesia Research, Market data

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Indonesia Strategy February 1, 2024

Past performances of our portfolio

Our portfolio's NAV managed to outperform the JCI by 1.3%, as it rose by 0.4% compared
to the JCI's decline of 0.9%. This was not only supported by blue-chip stocks, as we had
previously anticipated, but also due to the normalization of returns on some stocks in
the JCI that experienced abnormal returns last year.

Figure 20. Our portfolio NAV compared to JCI

Source: Mirae Asset Sekuritas Indonesia Research, Market data

Figure 21. Our portfolio NAV return compared to JCI

Source: Mirae Asset Sekuritas Indonesia Research, Market data

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Indonesia Strategy February 1, 2024

Appendix 1

Important disclosures and disclaimers

Analyst certification
The research analysts who prepared this report (the “Analysts”) are certified to the Indonesia Financial Services Authority and are subject to Indonesian
Capital Market regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws or regulations thereof. Each
Analyst responsible for the preparation of this report certifies that (i) all views expressed in this report accurately reflect the personal views of the Analyst
about any and all of the issuers and securities named in this report; (ii) no part of the compensation of the Analyst was, is, or will be directly or indirectly
related to the specific recommendations or views contained in this report; and (iii) The report does not contain any material non-public information. Except
as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and
have not been promised the same in connection with this report. Like all employees of MASID, the Analysts receive compensation that is determined by
overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading, and
etc. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or
MASID except as otherwise stated herein.

Disclaimers
This report was prepared by MASID, a broker-dealer registered in the Republic of Indonesia and a member of the Indonesia Stock Exchange; on behalf of
MASID and its affiliated companies and is provided for information purposes only. Information and opinions contained herein have been compiled in good
faith and from sources believed to be reliable, but such information has not been independently verified and MASID (including but not limited to the Analyst,
respective employees who owns the expertise) makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy,
completeness, or correctness of the information and opinions contained herein or of any translation into English from the Indonesia language or as to any
information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. In case of an English translation
of a report prepared in the Indonesia language, the original Indonesian language report may have been made available to investors in advance of this report.
The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common
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of its affiliates to registration or licensing requirements in any jurisdiction shall receive or make any use hereof.
This report is for general information purposes only and is not and shall not be construed as an offer or a solicitation of an offer to effect transactions in any
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MASID by virtue of receiving this report. This report does not take into account the particular investment objectives, financial situations, or needs of individual
clients. The report is not to be relied upon in substitution for the exercise of independent judgment. Information and opinions contained herein are as of the
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Indonesia Strategy February 1, 2024

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Indonesia Strategy February 1, 2024

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Mirae Asset Sekuritas Indonesia Research 13