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.

Macroeconomics

<ul><li>JCI rallied by a strong 4.8% w-w and was the top performer among the EM markets last week.</li><li>The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and illiquid and conglo stocks (DCII, DSSA).</li><li>Market’s rally was also driven by the strong return in foreign investors’ flow which amounted to US$412mn, which put Indonesia among the only market with positive flow among the Asian EMs, with notable inflows into large-cap banks and TLKM. </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 rallied by a strong 4.8% w-w and was the top performer among the EM markets last week.The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and illiquid and conglo stocks (DCII, DSSA).Market’s rally was also driven by the strong return in foreign investors’ flow which amounted to US$412mn, which put Indonesia among the only market with positive flow among the Asian EMs, with notable inflows into large-cap banks and TLKM. 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 – Banking Sector’s P/BV Band Chart (5-Year)

<ul><li>The 2026 budget balances fiscal prudence with acceleration growth, prioritizing 8 national agendas, aiming for 5.4% GDP growth.</li><li>Revenue target projects 9.8% growth, driven by higher tax collections requiring improvement in tax collection and reforms.</li><li>The fiscal plan moderates deficit to 2.48% in 2026, controlling debt supply while conservative yield assumptions provide fiscal buffer.</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 2026 budget balances fiscal prudence with acceleration growth, prioritizing 8 national agendas, aiming for 5.4% GDP growth.Revenue target projects 9.8% growth, driven by higher tax collections requiring improvement in tax collection and reforms.The fiscal plan moderates deficit to 2.48% in 2026, controlling debt supply while conservative yield assumptions provide fiscal buffer.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: The 2026 Proposed Budget: Building Up Momentum

Thematic (Sector/Industry)

<ul><li>We expect 2H25 earnings growth to rebound, driven by improved liquidity and prospect of govt spending acceleration.</li><li>We continue to like Telcos and are turning more constructive on banks (stable/ better NIM), while remaining ST cautious on Consumers.</li><li>We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.</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 expect 2H25 earnings growth to rebound, driven by improved liquidity and prospect of govt spending acceleration.We continue to like Telcos and are turning more constructive on banks (stable/ better NIM), while remaining ST cautious on Consumers.We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.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.

Equity Strategy: 2H25: Positioning for a Growth Rebound

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>CCI slipped to 117.5 in May-25 (vs 121.7 in Apr-25), marking the lowest point since Oct-22.</li><li>This continued downtrend suggests that households remain wary of economic uncertainties, particularly with muted wage growth and rising cost of living.</li><li>The Current Economic Index declined to 106.0 (vs 113.7 in Apr-25) and Consumer Expectation Index dropped to 129.0 in May-25 (vs 129.8 in Apr-25), with income expectation slipping to 135.4 and business activity index falling to 127.8. </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.

CCI slipped to 117.5 in May-25 (vs 121.7 in Apr-25), marking the lowest point since Oct-22.This continued downtrend suggests that households remain wary of economic uncertainties, particularly with muted wage growth and rising cost of living.The Current Economic Index declined to 106.0 (vs 113.7 in Apr-25) and Consumer Expectation Index dropped to 129.0 in May-25 (vs 129.8 in Apr-25), with income expectation slipping to 135.4 and business activity index falling to 127.8. 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.

Consumer Sector Waiting for a Clearer Sign: Between Caution and Catalyst

<ul><li>We expect govt’s economic stimulus and stronger IDR to support purchasing power and Consumer companies’ earnings in 2H25.</li><li>We foresee a decent +6.4%/+5.2% rev/core net profit growth in FY25F, supported by ongoing cost efficiencies to help limit EBIT margin decline.</li><li>Resuming our coverage with an Overweight rating given the resilient sector’s growth outlook. Our top pick is ICBP (Buy, TP Rp14,000).</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 expect govt’s economic stimulus and stronger IDR to support purchasing power and Consumer companies’ earnings in 2H25.We foresee a decent +6.4%/+5.2% rev/core net profit growth in FY25F, supported by ongoing cost efficiencies to help limit EBIT margin decline.Resuming our coverage with an Overweight rating given the resilient sector’s growth outlook. Our top pick is ICBP (Buy, TP Rp14,000).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.

Consumer: A Laggard Sector with Potential Catalysts to Support Growth; Resuming Coverage with OW

Indonesia

PT Indofood Sukses Makmur Tbk is an Indonesian multinational consumer goods company specializing in the production and distribution of processed food products across the entire supply chain. Its core business activities include consumer branded products like instant noodles (e.g., Indomie), dairy, snacks, and food seasonings; flour milling (Bogasari); agribusiness such as palm oil and sugar; and distribution networks. The company is headquartered in Jakarta, Indonesia, and was incorporated on August 14, 1990.

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Indofood Sukses Makmur (INDF IJ)

BRIDS Market Pulse: Chart of the Week – Banking Sector’s P/BV Band Chart (5-Year)

The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and...

BRI Danareksa Research

Macro Strategy: The 2026 Proposed Budget: Building Up Momentum

The 2026 budget balances fiscal prudence with acceleration growth, prioritizing 8 national agendas, aiming for 5.4% GDP growth.

BRI Danareksa Research

Equity Strategy: 2H25: Positioning for a Growth Rebound

We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.

BRI Danareksa Research

Consumer Sector Waiting for a Clearer Sign: Between Caution and Catalyst

This continued downtrend suggests that households remain wary of economic uncertainties, particularly with muted wage growth and rising cost of...

MNC Sekuritas

Consumer: A Laggard Sector with Potential Catalysts to Support Growth; Resuming Coverage with OW

Resuming our coverage with an Overweight rating given the resilient sector’s growth outlook. Our top pick is ICBP (Buy, TP Rp14,000).

BRI Danareksa Research

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