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.

Thematic (Sector/Industry)

<ul><li>FBB penetration could reach ~41% in FY26, underpinned by 1.4GHz FWA, challenger-led price disruption, and open-access FiberCos.</li><li>Rising competition and open-access fiber pose downside risk to MNO FBB ARPU, while mobile momentum continues to anchor core earnings.</li><li>WIFI and INET offer growth exposure at 12.4x/18.9x 26F EV/EBITDA, underpinned by strong cons. EBITDA growth of ~2.2x/~12.0x in 2026F.</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.

FBB penetration could reach ~41% in FY26, underpinned by 1.4GHz FWA, challenger-led price disruption, and open-access FiberCos.Rising competition and open-access fiber pose downside risk to MNO FBB ARPU, while mobile momentum continues to anchor core earnings.WIFI and INET offer growth exposure at 12.4x/18.9x 26F EV/EBITDA, underpinned by strong cons. EBITDA growth of ~2.2x/~12.0x in 2026F.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.

Telco: Fixed Broadband Race Kicks Off; Challenger ISPs Pursue Aggressive Growth (OVERWEIGHT)

Macroeconomics

<ul><li>JCI recorded a -0.8% correction amid a shortened trading week, mainly driven by declines in conglo names (e.g., DSSA, BRPT, BRMS), as market liquidity continued to contract ahead of the holiday season.</li><li>Large-cap banks (BMRI, BBNI, BBCA) were also among the laggards, giving back gains from earlier in the week.</li><li>On the other hand, metal-related names (e.g., INCO, ANTM, EMAS) outperformed on the back of strong momentum in metals, alongside large-cap non-bank stocks such as TLKM and ASII. </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.

JCI recorded a -0.8% correction amid a shortened trading week, mainly driven by declines in conglo names (e.g., DSSA, BRPT, BRMS), as market liquidity continued to contract ahead of the holiday season.Large-cap banks (BMRI, BBNI, BBCA) were also among the laggards, giving back gains from earlier in the week.On the other hand, metal-related names (e.g., INCO, ANTM, EMAS) outperformed on the back of strong momentum in metals, alongside large-cap non-bank stocks such as TLKM and ASII. 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 Market Pulse: Chart of the Week – JCI Metals Sector Vs. Gold Price

<ul><li>We forecast FY26 sector revenue/ EBITDA growth of 5.8%/7.1% yoy, led by mobile amid continued price-repair execution by MNOs.</li><li>We see fiber asset restructuring as an additional catalyst, aimed at improving FCF, enhancing asset utilization, and unlocking value.</li><li>We maintain an Overweight on the sector, supported by resilient mobile momentum and selective catalysts from ongoing fiber transformation.</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 FY26 sector revenue/ EBITDA growth of 5.8%/7.1% yoy, led by mobile amid continued price-repair execution by MNOs.We see fiber asset restructuring as an additional catalyst, aimed at improving FCF, enhancing asset utilization, and unlocking value.We maintain an Overweight on the sector, supported by resilient mobile momentum and selective catalysts from ongoing fiber transformation.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.

Telco: FY26 Outlook: Sustained Mobile Momentum and Upside from Fiber Transformation

<ul>
<li>JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.</li>
<li>In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).</li>
<li>Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.</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.


JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.
In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).
Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.

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 Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

<ul><li>The Fed is likely to lean toward an easing bias as labor conditions weaken, though divisions among members remain.</li><li>Stable inflation, ample liquidity, and BI’s intervention framework support Bank Indonesia’s gradual 2026 rate cuts.</li><li>We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.</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.

The Fed is likely to lean toward an easing bias as labor conditions weaken, though divisions among members remain.Stable inflation, ample liquidity, and BI’s intervention framework support Bank Indonesia’s gradual 2026 rate cuts.We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.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.

Macro Strategy: 2026: Navigating the Rate and Yield Transition

Indonesia

Telkom Indonesia is a multinational telecommunications conglomerate that provides information and communications technology, and telecommunications network services globally. The company offers a diverse range of services including mobile communications, consumer fixed broadband, corporate ICT solutions, digital infrastructure, and global wholesale connectivity. Telkom Indonesia's corporate headquarters are in Bandung, with operational headquarters in Jakarta, Indonesia, and the company traces its history back to 1856.

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Telkom Indonesia (TLKM IJ)

Telco: Fixed Broadband Race Kicks Off; Challenger ISPs Pursue Aggressive Growth (OVERWEIGHT)

FBB penetration could reach ~41% in FY26, underpinned by 1.4GHz FWA, challenger-led price disruption, and open-access FiberCos.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – JCI Metals Sector Vs. Gold Price

JCI recorded a -0.8% correction amid a shortened trading week, mainly driven by declines in conglo names (e.g., DSSA, BRPT, BRMS), as market...

BRI Danareksa Research

Telco: FY26 Outlook: Sustained Mobile Momentum and Upside from Fiber Transformation

We maintain an Overweight on the sector, supported by resilient mobile momentum and selective catalysts from ongoing fiber transformation.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental...

BRI Danareksa Research

Macro Strategy: 2026: Navigating the Rate and Yield Transition

We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.

BRI Danareksa Research

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