We flipped to tactical buy starting this month (read here) where November could be a good time to start the bids as the market has moved lower, in-line with our expectation, to a better entry point. We see outflows to subside, Fed to pause (alleviating yield upwards pressure) and institutional to raise equity position for year-end window dressing. Additionally, IHSG valuation should act as a floor around 6,500-6,600 as well though note that overall equity growth story remains non-existence for now, so our time horizon is quarterly basis.

One sector that we like in 4Q23 is property. Because of several reasons: 1). Despite rising interest rate narrative, marketing sales remain decent and this is largely because mortgage rate is inelastic, 2). Beneficiary of "Dovish" play. 3). Institutional positioning is UW so could provide support once market is more positive, especially given the sector's 3Q23 results that are in-line to beating estimates, 4). Companies tend to push most earnings into the year-end in 4Q, implying sequential growth. Stock specifics, we think BSDE and SMRA could provide the most upsides.