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

PT Total Bangun Persada Tbk is a leading Indonesian construction company specializing in the construction of commercial, residential, medical, religious, educational, and industrial buildings. The company operates through its Construction and Rental segments, undertaking projects such as office buildings, high-rise residences, hospitals, shopping centers, hotels, utilities, and industrial facilities. It also provides equipment and property rental, management services, and formwork equipment installation. The company was founded in 1970 and is headquartered in Jakarta Barat, Indonesia.

<ul><li>Total Bangun Persada (TOTL IJ): Riding the DC Wave, One Shell at a Time.</li><li>TOTL offers strong exposure to the DC pipeline, with our estimated addressable market of Rp29tr (committed pipeline only).</li><li>10 DC projects since 2021 demonstrate its DC execution, while JOs with Shimizu open doors to larger campuses and a wider scope. </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.

Total Bangun Persada (TOTL IJ): Riding the DC Wave, One Shell at a Time.TOTL offers strong exposure to the DC pipeline, with our estimated addressable market of Rp29tr (committed pipeline only).10 DC projects since 2021 demonstrate its DC execution, while JOs with Shimizu open doors to larger campuses and a wider scope. 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.

Total Bangun Persada (TOTL.IJ) Riding the DC Wave, One Shell at a Time

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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

Research Reinvented

Elnusa is an Indonesian oil and gas services company providing integrated solutions across three main segments: Upstream Services, Energy Distribution & Logistics Services, and Oil & Gas Support Services. Its services include geophysical and seismic data acquisition, drilling, oilfield services, as well as the storage, trading, distribution, and marketing of oil and gas products. The company was established in 1969 and is headquartered in Jakarta, Indonesia.

<ul>
 <li>PT <a href="https://smartkarma.com/entities/pt-elnusa-tbk">Elnusa</a> Tbk (ELSA IJ) represents an asymmetric risk-reward profile within the Indonesian energy services sector, anchored by the resilient cash flows and high returns of its Energy Distribution &amp; Logistics (D&amp;L) division, which delivered a 28.8% YoY surge in 1H2026 net profit.</li>
 <li>The company possesses unmatched multi-year earnings visibility supported by a record contract backlog of IDR 18.8 trillion and captive Pertamina Group market allocations, setting the stage for significant revenue recognition acceleration across Upstream and Support Services throughout 2H2026 and FY2027.</li>
 <li>At the current share price of IDR 680, ELSA trades at an undemanding valuation of 5.2x FY2026F P/E and 0.87x P/BV (a 35%-60% discount against domestic energy peers), supported by a fortress net-cash balance sheet and an attractive 5.97% dividend yield against consensus DCF-based fair values of IDR 1,110 to IDR 1,115.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  PT Elnusa Tbk (ELSA IJ) represents an asymmetric risk-reward profile within the Indonesian energy services sector, anchored by the resilient cash flows and high returns of its Energy Distribution &amp; Logistics (D&amp;L) division, which delivered a 28.8% YoY surge in 1H2026 net profit.
  The company possesses unmatched multi-year earnings visibility supported by a record contract backlog of IDR 18.8 trillion and captive Pertamina Group market allocations, setting the stage for significant revenue recognition acceleration across Upstream and Support Services throughout 2H2026 and FY2027.
  At the current share price of IDR 680, ELSA trades at an undemanding valuation of 5.2x FY2026F P/E and 0.87x P/BV (a 35%-60% discount against domestic energy peers), supported by a fortress net-cash balance sheet and an attractive 5.97% dividend yield against consensus DCF-based fair values of IDR 1,110 to IDR 1,115.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Indonesian Equities | Buy-Side Investment Research

Defriansyah Has

Astra International is a leading Indonesian conglomerate with a highly diversified business portfolio across seven main segments: automotive, financial services, heavy equipment, mining, construction, agribusiness, infrastructure, information technology, and property. The company manufactures, distributes, and services vehicles, provides financial and insurance services, and is involved in palm oil plantations, logistics, and property development. It was founded in 1957 and is headquartered in Jakarta, Indonesia.

<ul>
<li>September 2026 national car wholesales rose 28% YoY, but Astra's 9M26 volume grew only 13% versus 21% for the industry, reducing its market share to 49.3%.</li>
<li>Mining-Linked risks dominate the downside. UNTR's cash generation deteriorated sharply, while Martabe's unresolved permit status adds material uncertainty to gold earnings.</li>
<li>The discount is not enough yet. Our indicative NAV implies a 13% discount, but stabilising margins and cash generation remain unproven. BEARISH; low-to-moderate conviction.</li>
</ul>


September 2026 national car wholesales rose 28% YoY, but Astra's 9M26 volume grew only 13% versus 21% for the industry, reducing its market share to 49.3%.
Mining-Linked risks dominate the downside. UNTR's cash generation deteriorated sharply, while Martabe's unresolved permit status adds material uncertainty to gold earnings.
The discount is not enough yet. Our indicative NAV implies a 13% discount, but stabilising margins and cash generation remain unproven. BEARISH; low-to-moderate conviction.


Astra International (ASII): A Discount on Paper, a Cash-Earnings Test in Practice

Macroeconomics

<ul><li> Reading the Early Signals Consumer Demand Remains Resilient, but Momentum Is Modest Fixed Income Flows</li><li>This Week Key FocusChina Inflation Rate – September 2026 (Wednesday)China Trade Balance – September 2026 (Wednesday)United States Inflation and Core Inflation Rate – September 2026 (Wednesday)</li><li>United States Retail Sales – September 2026 (Wednesday)Euro Area Inflation and Core Inflation Rate – September 2026 (Wednesday)</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.

 Reading the Early Signals Consumer Demand Remains Resilient, but Momentum Is Modest Fixed Income FlowsThis Week Key FocusChina Inflation Rate – September 2026 (Wednesday)China Trade Balance – September 2026 (Wednesday)United States Inflation and Core Inflation Rate – September 2026 (Wednesday)United States Retail Sales – September 2026 (Wednesday)Euro Area Inflation and Core Inflation Rate – September 2026 (Wednesday)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.

BRIDS Weekly Update Economic & Fixed Income Research Monday, Oct 12, 2026

Garuda Indonesia is the flag carrier of Indonesia, providing full-service passenger and cargo air transportation across domestic and international routes. Its services also include aircraft maintenance and overhaul, catering, ground handling, and information system services. The company is headquartered in Jakarta, Indonesia, and was founded in 1949.

<ul><li>Garuda Indonesia (GIAA IJ)Regaining Momentum Through Transformation.</li><li>Fleet recovery gains traction, with 2Q26 revenue up 36% qoq/25% yoy, supported by improved fleet availability and Hajj monetization.</li><li>Leadership reshuffle adds global aviation expertise and execution capability, but fuel costs and fare regulations remain challenges. </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.

Garuda Indonesia (GIAA IJ)Regaining Momentum Through Transformation.Fleet recovery gains traction, with 2Q26 revenue up 36% qoq/25% yoy, supported by improved fleet availability and Hajj monetization.Leadership reshuffle adds global aviation expertise and execution capability, but fuel costs and fare regulations remain challenges. 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.

Garuda Indonesia (GIAA IJ) Regaining Momentum Through Transformation (NOT RATED)