External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

Bank Negara Indonesia Persero / Equity Bottom-Up

PT Bank Negara Indonesia (Persero) Tbk is a state-owned bank that conducts commercial and consumer banking services.

<ul><li>We forecast a modest net profit growth of 1.8% yoy in FY26F on lower NIM, driven by softer EA yield amid lower rate and tight competition.</li><li>We expect a slight increase in CoC of 1.1% in FY26F driven by higher portion of riskier segments and cautious stance in micro and consumer.</li><li>We roll forward our valuation to FY26F with an ROE of 11.8% and CoE of 11.9%, resulting in a lower TP of Rp4,700, i.e., maintain BUY rating.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We forecast a modest net profit growth of 1.8% yoy in FY26F on lower NIM, driven by softer EA yield amid lower rate and tight competition.We expect a slight increase in CoC of 1.1% in FY26F driven by higher portion of riskier segments and cautious stance in micro and consumer.We roll forward our valuation to FY26F with an ROE of 11.8% and CoE of 11.9%, resulting in a lower TP of Rp4,700, i.e., maintain BUY rating.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Negara Indonesia (BBNI.IJ) Cautious View on NIM Despite Cost of Fund Improvements

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Impack Pratama Industri Tbk / Equity Bottom-Up

Impack Pratama Industri Tbk PT produces plastic products in Asia and distributes them worldwide. The Company and it's subsidiaries manufacture building material plastics, PVC products, and fiberglass roofing, among other products.

<ul>
 <li>
Dominant Market Leader with Strong Growth: Impack Pratama is a clear leader in the Indonesian plastic building materials sector, holding an estimated 90% market share in polycarbonate roofing and 70% in uPVC roofing. This dominance is translating into exceptional financial performance, with 3-year CAGRs for revenue and net income at 20.30% and 36.94%, respectively.</li>
 <li>
Favorable Industry Tailwinds: The Indonesian construction market is poised for steady growth, driven by government infrastructure spending, urbanization, and a rising middle class. Projections indicate a market expansion of 5.48% to 7.50% annually, creating a robust demand environment for IMPC's products.</li>
 <li>
Premium Valuation Reflects Quality, But Poses Risk: The company's strong performance and market position command a high valuation, with a P/E ratio of 37.2x. While justified by its growth trajectory, this premium makes the stock susceptible to shifts in market sentiment and earnings disappointments. The low dividend yield and inconsistent payout history may also deter income-focused investors.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Dominant Market Leader with Strong Growth: Impack Pratama is a clear leader in the Indonesian plastic building materials sector, holding an estimated 90% market share in polycarbonate roofing and 70% in uPVC roofing. This dominance is translating into exceptional financial performance, with 3-year CAGRs for revenue and net income at 20.30% and 36.94%, respectively.
  
Favorable Industry Tailwinds: The Indonesian construction market is poised for steady growth, driven by government infrastructure spending, urbanization, and a rising middle class. Projections indicate a market expansion of 5.48% to 7.50% annually, creating a robust demand environment for IMPC's products.
  
Premium Valuation Reflects Quality, But Poses Risk: The company's strong performance and market position command a high valuation, with a P/E ratio of 37.2x. While justified by its growth trajectory, this premium makes the stock susceptible to shifts in market sentiment and earnings disappointments. The low dividend yield and inconsistent payout history may also deter income-focused investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Impack Pratama Industri Tbk (IMPC IJ) - Dec 2025

Wintermar Offshore Marine / Equity Bottom-Up

PT Wintermar Offshore Marine Tbk offers offshore support services, primarily for the oil and gas industry.  The Company owns and operates a fleet of vessels including AHTS and PSVs equipped with Dynamic Positioning System, and also manages and charters third party vessels. Over the past years, Wintermar has expanded out of Indonesia and now operates in 12 countries, supported by a strong and professional team and high quality vessels.

<ul>
 <li>Wintermar is strategically positioned to capitalize on the offshore support vessel (OSV) industry upcycle, driven by rising charter rates and increased offshore exploration activity, particularly in Southeast Asia.</li>
 <li>The company is actively modernizing its fleet, focusing on higher-tier vessels like Platform Supply Vessels (PSVs) and Heavy Load Barges (HLBs) to improve margins and meet growing demand for deepwater projects and offshore wind farm construction.</li>
 <li>Strong financial performance is evident, with significant growth in revenue and net income, a strengthened balance sheet with a net cash position, and the reinstatement of dividends, signaling confidence in sustained profitability.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Wintermar is strategically positioned to capitalize on the offshore support vessel (OSV) industry upcycle, driven by rising charter rates and increased offshore exploration activity, particularly in Southeast Asia.
  The company is actively modernizing its fleet, focusing on higher-tier vessels like Platform Supply Vessels (PSVs) and Heavy Load Barges (HLBs) to improve margins and meet growing demand for deepwater projects and offshore wind farm construction.
  Strong financial performance is evident, with significant growth in revenue and net income, a strengthened balance sheet with a net cash position, and the reinstatement of dividends, signaling confidence in sustained profitability.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Wintermar Offshore Marine (WINS IJ) - Dec 2025

Chief Economist, Aletheia Capital

Dr. Jim Walker

Chief Economist

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Macroeconomics

<ul><li data-start="0" data-end="156">United States shows deepening slowdown with weak ISM manufacturing, falling employment, and declining private payrolls, signaling rising recession risk.</li><li data-start="157" data-end="277">India and China exhibit relatively constructive economic prospects, contrasting with softness in advanced economies.</li><li data-start="278" data-end="428" data-is-last-node="">Asian indicators are mixed, with Indonesia struggling on trade and Hong Kong retail sales recovering gradually but remaining below pre-COVID levels.</li></ul>

United States shows deepening slowdown with weak ISM manufacturing, falling employment, and declining private payrolls, signaling rising recession risk.India and China exhibit relatively constructive economic prospects, contrasting with softness in advanced economies.Asian indicators are mixed, with Indonesia struggling on trade and Hong Kong retail sales recovering gradually but remaining below pre-COVID levels.

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 5 Dec 2025

Indo Tambangraya Megah / Equity Bottom-Up

PT Indo Tambangraya Megah Tbk operates as a coal exploration and mining company that provides energy and electricity support. The Company operates in Indonesia and supplies coal to the world energy market.

<ul>
 <li>
Impending 10% Share Buyback: A significant near-term catalyst is the planned 10% share buyback, strongly supported by a robust balance sheet where cash reserves constitute approximately 67% of the company's market capitalization.</li>
 <li>
Superior Shareholder Returns vs. Cyclical Headwinds: ITMG has a strong track record of returning value to shareholders via high dividend yields. However, the company's financial performance is currently impacted by a cyclical downturn in coal prices, which has compressed margins and reduced profitability from the peak levels of 2022.</li>
 <li>
Strategic Transition Amidst ESG Pressure: As a pure-play coal miner, ITMG faces significant long-term risks from the global energy transition. The company has initiated a transformation by investing in renewable energy, but its earnings remain overwhelmingly dependent on the thermal coal market.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Impending 10% Share Buyback: A significant near-term catalyst is the planned 10% share buyback, strongly supported by a robust balance sheet where cash reserves constitute approximately 67% of the company's market capitalization.
  
Superior Shareholder Returns vs. Cyclical Headwinds: ITMG has a strong track record of returning value to shareholders via high dividend yields. However, the company's financial performance is currently impacted by a cyclical downturn in coal prices, which has compressed margins and reduced profitability from the peak levels of 2022.
  
Strategic Transition Amidst ESG Pressure: As a pure-play coal miner, ITMG faces significant long-term risks from the global energy transition. The company has initiated a transformation by investing in renewable energy, but its earnings remain overwhelmingly dependent on the thermal coal market.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Indo Tambangraya Megah (ITMG IJ) - Dec 2025