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>Market review: JCI declined by -0.9% w-w, underperforming regional EM peers, driven by a correction in the banking sector (-5.9% w-w) following weaker-than-expected 4M25 earnings.</li><li>The metals sector (+10.3% w-w) continued to benefit from positive sentiment on a weaker USD outlook and expectations of resilient 2Q25 earnings. Performance across domestic sectors was mixed, with Telcos (+0.4% w-w) and Consumers (- 0.5% w-w) outperforming, while Retailers, Autos, and Cement lagged.</li><li>Foreign investor flows turned negative (-US$288mn), largely due to profittaking in large-cap banks (BBCA, BBRI, BMRI), bringing YTD outflows to - US$3,014bn. </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.

Market review: JCI declined by -0.9% w-w, underperforming regional EM peers, driven by a correction in the banking sector (-5.9% w-w) following weaker-than-expected 4M25 earnings.The metals sector (+10.3% w-w) continued to benefit from positive sentiment on a weaker USD outlook and expectations of resilient 2Q25 earnings. Performance across domestic sectors was mixed, with Telcos (+0.4% w-w) and Consumers (- 0.5% w-w) outperforming, while Retailers, Autos, and Cement lagged.Foreign investor flows turned negative (-US$288mn), largely due to profittaking in large-cap banks (BBCA, BBRI, BMRI), bringing YTD outflows to - US$3,014bn. 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 – Domestic Funds’ Positioning in Key Sectors

<ul><li>Market review: JCI outperformed the EM peers, up 1.5% w-w, amid strengthening of IDR (1.3% w-w).</li><li>The Indonesian equity market saw continuation of foreign funds inflow (US$131mn) while majority of EM markets experienced outflows during the week.</li><li>Sustained positive sentiment from the 25bps policy rate cut by Bank Indonesia have induced further inflows into large-cap banks particularly BBCA and BBRI. </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.

Market review: JCI outperformed the EM peers, up 1.5% w-w, amid strengthening of IDR (1.3% w-w).The Indonesian equity market saw continuation of foreign funds inflow (US$131mn) while majority of EM markets experienced outflows during the week.Sustained positive sentiment from the 25bps policy rate cut by Bank Indonesia have induced further inflows into large-cap banks particularly BBCA and BBRI. 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. IDR

<ul><li>Bank valuations have derated, but PBV valuations have yet to hit bottom in the past two downcycles, i.e., 2015-2016 and 2019-2020.</li><li>We see banks continuing to face asset quality risk and tight liquidity, with persistent foreign outflows and local fund position still elevated.</li><li>Maintain Neutral rating on the sector with BBCA as our top pick, followed by BTPS and BRIS given their better CoF and NPL outlooks.</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.

Bank valuations have derated, but PBV valuations have yet to hit bottom in the past two downcycles, i.e., 2015-2016 and 2019-2020.We see banks continuing to face asset quality risk and tight liquidity, with persistent foreign outflows and local fund position still elevated.Maintain Neutral rating on the sector with BBCA as our top pick, followed by BTPS and BRIS given their better CoF and NPL outlooks.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.

Banks: Beware of Catching the Falling Knives (NEUTRAL)

Macroeconomics

<ul><li>JCI ended the week up +0.9% wow, amidst mixed performances for the other EMs.</li><li>Foreign funds recorded a slight inflow (+US$14.9mn), aided by flows into BMRI, TLKM, UNTR.</li><li>BBRI saw a small inflow (US$1.7mn), marking the first reversal from the outflow in prior weeks. </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 ended the week up +0.9% wow, amidst mixed performances for the other EMs.Foreign funds recorded a slight inflow (+US$14.9mn), aided by flows into BMRI, TLKM, UNTR.BBRI saw a small inflow (US$1.7mn), marking the first reversal from the outflow in prior weeks. 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 – BBRI Vs. Rate Cut

<ul><li>An early rate cut may ease liquidity pressure faster, while some loans and marketable securities are at risk of lower yield. </li><li>Banking sector share prices have a high negative correlation with USD/IDR, which could put the sector under selling pressure once again.</li><li>Share price rally provides a window to neutralize position amid our concern on asset quality. We maintain our Neutral rating.</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.

An early rate cut may ease liquidity pressure faster, while some loans and marketable securities are at risk of lower yield. Banking sector share prices have a high negative correlation with USD/IDR, which could put the sector under selling pressure once again.Share price rally provides a window to neutralize position amid our concern on asset quality. We maintain our Neutral rating.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.

Banks: Liquidity May Ease Faster, but Stable Rupiah Is Needed for the Rally to Sustain (NEUTRAL)

Indonesia

PT Bank Mandiri (Persero) Tbk is formed by the merger of four state-owned banks, namely Pt Bank Bumi Daya, PT Bank Dagang Negara, PT Bank Ekspor Import Indonesia (Bank Exim), PT Bank Pembangunan Indonesia (Bank Bapindo). The Bank operates in the commercial banking services.

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Bank Mandiri Persero (BMRI IJ)

BRIDS Market Pulse: Chart of the week – Domestic Funds’ Positioning in Key Sectors

JCI declined by -0.9% w-w, underperforming regional EM peers, driven by a correction in the banking sector (-5.9% w-w) following weaker-than...

BRI Danareksa Research

BRIDS Market Pulse : Chart of the Week – JCI Vs. IDR

The Indonesian equity market saw continuation of foreign funds inflow (US$131mn) while majority of EM markets experienced outflows during the week.

BRI Danareksa Research

Banks: Beware of Catching the Falling Knives (NEUTRAL)

Bank valuations have derated, but PBV valuations have yet to hit bottom in the past two downcycles, i.e., 2015-2016 and 2019-2020.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the Week – BBRI Vs. Rate Cut

JCI ended the week up +0.9% wow, amidst mixed performances for the other EMs. Foreign funds recorded a slight inflow (+US$14.9mn), aided by flows...

BRI Danareksa Research

Banks: Liquidity May Ease Faster, but Stable Rupiah Is Needed for the Rally to Sustain (NEUTRAL)

An early rate cut may ease liquidity pressure faster, while some loans and marketable securities are at risk of lower yield.

BRI Danareksa Research

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