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>Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.</li><li>Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).</li><li>Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).</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.

Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).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 – Metal sector vs. gold price

Thematic (Sector/Industry)

<ul><li>1H25 overall volume to remain subdued at -1%yoy; 2H25 potentially recover (~+1%yoy), mainly driven by gov’t spending acceleration.</li><li>Cost-efficiency remains a key competitive edge, especially amid a pricesensitive market and relatively benign input prices.</li><li>We are Neutral on the sector, as LT catalysts for solving the oversupply problem have yet to be seen. INTP remains our Top Pick.</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.

1H25 overall volume to remain subdued at -1%yoy; 2H25 potentially recover (~+1%yoy), mainly driven by gov’t spending acceleration.Cost-efficiency remains a key competitive edge, especially amid a pricesensitive market and relatively benign input prices.We are Neutral on the sector, as LT catalysts for solving the oversupply problem have yet to be seen. INTP remains our Top Pick.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.

Cement: Lack of Long-Term Catalysts Despite 2H25 Potential Recovery

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>Domestic consumption contracted by -4.6% YoY in May-25, primarily attributable to a -5.8% YoY decline in the bulk segment.</li><li>Notably, regions outside Java recorded a substantial -17.4% YoY drop in bulk cement volumes, largely reflecting a normalization in demand following earlier acceleration from the National Capital (IKN) development project.</li><li>In contrast, the bulk market in Java continued to show resilience, registering stable growth of +1.6% YoY.</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.

Domestic consumption contracted by -4.6% YoY in May-25, primarily attributable to a -5.8% YoY decline in the bulk segment.Notably, regions outside Java recorded a substantial -17.4% YoY drop in bulk cement volumes, largely reflecting a normalization in demand following earlier acceleration from the National Capital (IKN) development project.In contrast, the bulk market in Java continued to show resilience, registering stable growth of +1.6% YoY.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.

<ul><li>We expect cement sales volume to grow by 2.3% yoy in FY25, with flattish bag cement growth and moderating bulk growth to 8% yoy.</li><li>We expect blended ASP hike of 0.5-1%, with improvement in bag pricing (+0.5%-1% yoy) to be offset by a higher bulk ratio and fighting brand.</li><li>Maintain Neutral rating on the sector on lack of meaningful growth catalysts, despite recovery traction. Our top pick remains INTP.</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 cement sales volume to grow by 2.3% yoy in FY25, with flattish bag cement growth and moderating bulk growth to 8% yoy.We expect blended ASP hike of 0.5-1%, with improvement in bag pricing (+0.5%-1% yoy) to be offset by a higher bulk ratio and fighting brand.Maintain Neutral rating on the sector on lack of meaningful growth catalysts, despite recovery traction. Our top pick remains INTP.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.

Cement: FY25 Outlook: Limited Growth Catalysts Despite Undemanding Valuation (NEUTRAL)

<ul><li>We expect SMGR/ INTP 9M24F to reach 47%/63% of our estimate vs. 72%/65% seasonality, hence potential miss for SMGR but inline for INTP. </li><li>Sales volume expanded in 3Q24F vs. 1H24, and ASP is stabilizing with a noticeable rise in Sep24. </li><li>The 3mn housing program would be the blue-sky scenario for the cement industry; we maintain a Neutral rating on the sector for now.</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 SMGR/ INTP 9M24F to reach 47%/63% of our estimate vs. 72%/65% seasonality, hence potential miss for SMGR but inline for INTP. Sales volume expanded in 3Q24F vs. 1H24, and ASP is stabilizing with a noticeable rise in Sep24. The 3mn housing program would be the blue-sky scenario for the cement industry; we maintain a Neutral rating on the sector for now.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.

Cement: 3Q24 Preview: Expanding Volume, Stabilizing ASP

Indonesia

PT Semen Indonesia (Persero) Tbk, also known as SIG, is an Indonesian state-owned holding company providing building material solutions. The company's main business is in the cement sector and its derivative products such as concrete, mortar, precast, and aggregate, with additional services including construction, logistics, and industrial estate management. It was founded in 1957 and is headquartered in Jakarta, Indonesia.

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Semen Indonesia Group (SMGR IJ)

BRIDS Market Pulse: Chart of the week – Metal sector vs. gold price

Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).

BRI Danareksa Research

Cement: Lack of Long-Term Catalysts Despite 2H25 Potential Recovery

1H25 overall volume to remain subdued at -1%yoy; 2H25 potentially recover (~+1%yoy), mainly driven by gov’t spending acceleration.

BRI Danareksa Research

Cement Sectoral Update June 30, 2025

Domestic consumption contracted by -4.6% YoY in May-25, primarily attributable to a -5.8% YoY decline in the bulk segment.

MNC Sekuritas

Cement: FY25 Outlook: Limited Growth Catalysts Despite Undemanding Valuation (NEUTRAL)

We expect cement sales volume to grow by 2.3% yoy in FY25, with flattish bag cement growth and moderating bulk growth to 8% yoy.

BRI Danareksa Research

Cement: 3Q24 Preview: Expanding Volume, Stabilizing ASP

We expect SMGR/ INTP 9M24F to reach 47%/63% of our estimate vs. 72%/65% seasonality, hence potential miss for SMGR but inline for INTP.

BRI Danareksa Research

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