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>Equity Strategy Repricing the Risk; Potential Tactical Reliefs to Emerge.</li><li>JCI’s risk premium has reset higher on fiscal pressure, policy noise, negative sovereign outlooks, and MSCI deletions/ down-weight.</li><li>We see three ST potential tactical reliefs: foreign flow exhaustion, easing seasonal Rupiah pressure and the oil/war narrative peak. </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.

Equity Strategy Repricing the Risk; Potential Tactical Reliefs to Emerge.JCI’s risk premium has reset higher on fiscal pressure, policy noise, negative sovereign outlooks, and MSCI deletions/ down-weight.We see three ST potential tactical reliefs: foreign flow exhaustion, easing seasonal Rupiah pressure and the oil/war narrative peak. 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: Repricing the Risk; Potential Tactical Reliefs to Emerge

<ul><li>JCI posted a 3.5% rebound, bringing YTD performance to -5% while during the week EM has sustained outperformance (led by South Korea’s KOSPI Index +8%, Taiwan’s TWSE Index +6%, Thailand’s SET Index +6%) compared to US market’s -1%.</li><li>While JCI’s last week performance was in-line with EM, the gains were mainly led by the rebound in conglo group stocks (DSSA +10.5%, BRMS +14.3%, BUMI +29.2%), while fundamentals stocks were among the laggards (BBCA -6.2%, ASII -0.7%).</li><li>Government reaffirms stronger growth outlook. In Economic Outlook update, President Prabowo reaffirms FY26 GDP growth target of 5.4% (base case), while MOF sees upside to 6% (per Pak Purbaya) and 5.5– 6.0% in 1Q26.</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 posted a 3.5% rebound, bringing YTD performance to -5% while during the week EM has sustained outperformance (led by South Korea’s KOSPI Index +8%, Taiwan’s TWSE Index +6%, Thailand’s SET Index +6%) compared to US market’s -1%.While JCI’s last week performance was in-line with EM, the gains were mainly led by the rebound in conglo group stocks (DSSA +10.5%, BRMS +14.3%, BUMI +29.2%), while fundamentals stocks were among the laggards (BBCA -6.2%, ASII -0.7%).Government reaffirms stronger growth outlook. In Economic Outlook update, President Prabowo reaffirms FY26 GDP growth target of 5.4% (base case), while MOF sees upside to 6% (per Pak Purbaya) and 5.5– 6.0% in 1Q26.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 – Retailers Sector P/E Band

<ul><li>Delayed Fed cuts keep yields elevated, constrain BI easing, with risk now shift focus toward near-term liquidity conditions.</li><li>Market impact on Moody’s downgrade looks contained; past precedents show reversals if policy response is credible and timely.</li><li>MSCI scrutiny accelerated structural transparency upgrades; frontier reclassification risk fades, but re-inclusion hinges on implementation.</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.

Delayed Fed cuts keep yields elevated, constrain BI easing, with risk now shift focus toward near-term liquidity conditions.Market impact on Moody’s downgrade looks contained; past precedents show reversals if policy response is credible and timely.MSCI scrutiny accelerated structural transparency upgrades; frontier reclassification risk fades, but re-inclusion hinges on implementation.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: Off the Lows, Still Exposed to Headwinds

<ul><li>JCI posted a second consecutive week of sharp correction, down - 4.7% w-w, putting the market as the worst performer within EM YTD (-8.2% YTD).</li><li>The week’s correction was led by the conglo-related/ exindex aspirant names (DSSA -13.8% w-w, MORA -52.5%, FILM -55.3% w-w, BREN -5.9%) and metal plays, with TLKM the only fundamental names seeing a sharp correction on the back of market talks of a potential accelerated asset depreciation.</li><li>Investors’ rotation into fundamental names drove outperformances in Consumers (+7.2% ww), Cigarettes (+6.4%), Auto (5.5%) and Banks (+2.6%) though the momentum was slowed by the news on Moody’s outlook revision at the end of the week.</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 posted a second consecutive week of sharp correction, down - 4.7% w-w, putting the market as the worst performer within EM YTD (-8.2% YTD).The week’s correction was led by the conglo-related/ exindex aspirant names (DSSA -13.8% w-w, MORA -52.5%, FILM -55.3% w-w, BREN -5.9%) and metal plays, with TLKM the only fundamental names seeing a sharp correction on the back of market talks of a potential accelerated asset depreciation.Investors’ rotation into fundamental names drove outperformances in Consumers (+7.2% ww), Cigarettes (+6.4%), Auto (5.5%) and Banks (+2.6%) though the momentum was slowed by the news on Moody’s outlook revision at the end of the week.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 – Consumer Sector P/E Band

<ul><li>We expect positive FY26 earnings growth for banking sector (+5.1% yoy) driven by higher loan growth offsetting the lower NIM in FY26F.</li><li>We opine that NPL could still be in an upcycle in FY26F, with MSME and consumers loan delinquency risks affecting the investment loans.</li><li>We maintain a Neutral view on the banking sector amid potential earnings downside, macro uncertainty, and lingering asset quality risks</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 positive FY26 earnings growth for banking sector (+5.1% yoy) driven by higher loan growth offsetting the lower NIM in FY26F.We opine that NPL could still be in an upcycle in FY26F, with MSME and consumers loan delinquency risks affecting the investment loans.We maintain a Neutral view on the banking sector amid potential earnings downside, macro uncertainty, and lingering asset quality risksContent 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.

Banks: K-shape Earnings Recovery Could Weigh on Margin and Asset Quality (NEUTRAL)

Indonesia

PT Bank Mandiri (Persero) Tbk is Indonesia's largest bank, providing a wide range of banking products and services to individuals and businesses. These offerings include savings and current accounts, various loans, credit and debit cards, e-banking, investment products, and insurance services. The bank was formed on October 2, 1998, through the merger of four state-owned banks and is headquartered in Jakarta, Indonesia.

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Bank Mandiri (BMRI IJ)

Equity Strategy: Repricing the Risk; Potential Tactical Reliefs to Emerge

We see JCI earnings-yield-to-bond spread of 242bps to have priced in a bear scenario. We revise FY26 JCI target to 7,200. Repricing the risk.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the week – Retailers Sector P/E Band

While JCI’s last week performance was in-line with EM, the gains were mainly led by the rebound in conglo group stocks (DSSA +10.5%, BRMS +14.3%,...

BRI Danareksa Research

Macro Strategy: Off the Lows, Still Exposed to Headwinds

MSCI scrutiny accelerated structural transparency upgrades; frontier reclassification risk fades, but re-inclusion hinges on implementation.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – Consumer Sector P/E Band

JCI posted a second consecutive week of sharp correction, down - 4.7% w-w, putting the market as the worst performer within EM YTD (-8.2% YTD).

BRI Danareksa Research

Banks: K-shape Earnings Recovery Could Weigh on Margin and Asset Quality (NEUTRAL)

We expect positive FY26 earnings growth for banking sector (+5.1% yoy) driven by higher loan growth offsetting the lower NIM in FY26F.

BRI Danareksa Research

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