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.

Equity Bottom-Up

<ul><li>1H25 earnings were supported by recurring revenue growth of 10% yoy as Bekasi Mall contribution kicked in, offsetting weak condo revenue.</li><li>We adjusted our FY25F/26F Net Profit by -5%/-7%, reflecting lower landed houses pre-sales and potential IKN’s mall and hotel delay.</li><li>Maintain Buy with a TP of Rp640; Stable CF shall support capex needs until FY29, giving PWON higher bargaining position for rental repricing.</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 earnings were supported by recurring revenue growth of 10% yoy as Bekasi Mall contribution kicked in, offsetting weak condo revenue.We adjusted our FY25F/26F Net Profit by -5%/-7%, reflecting lower landed houses pre-sales and potential IKN’s mall and hotel delay.Maintain Buy with a TP of Rp640; Stable CF shall support capex needs until FY29, giving PWON higher bargaining position for rental repricing.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.

Pakuwon Jati (PWON.IJ) - Supported by Sustained Recurring Revenue Growth

<ul><li>1Q25 earnings was supported by recurring revenue growth of 10% yoy, which we expect to remain stabledriven by Bekasi/Pakuwon City Mall.</li><li>We adjusted our FY25F/26F Net Profit by -3%/+2%, reflecting higher non-core expenses and rental income from Bekasi/Pakuwon City Mall.</li><li>Maintain Buy with a TP of Rp640; Stable CF shall support capex needs until FY29, giving PWON higher bargaining position for rental repricing.</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.

1Q25 earnings was supported by recurring revenue growth of 10% yoy, which we expect to remain stabledriven by Bekasi/Pakuwon City Mall.We adjusted our FY25F/26F Net Profit by -3%/+2%, reflecting higher non-core expenses and rental income from Bekasi/Pakuwon City Mall.Maintain Buy with a TP of Rp640; Stable CF shall support capex needs until FY29, giving PWON higher bargaining position for rental repricing.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.

Pakuwon Jati (PWON.IJ) - Recurring Revenue Growth Prospect Is Intact

Macroeconomics

<ul><li>We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.</li><li>We continue to favor exposure in Commodities through Metals (INCO) and Coal (AADI). </li><li>While Consumers sector trade at deep discount, we remain ST cautious amid lingering raw materials pressure and weaker IDR risk.</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 maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.We continue to favor exposure in Commodities through Metals (INCO) and Coal (AADI). While Consumers sector trade at deep discount, we remain ST cautious amid lingering raw materials pressure and weaker IDR risk.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: Oct25 Picks: Sticking with Banks, Commodities, Telco

Thematic (Sector/Industry)

<ul><li>VAT discount continuation combined with potential better outlook on overall liquidity shall support the sector’s FY26F pre-sales.</li><li>Our check with companies suggests minimum exposure towards NPL risks (mostly occurring in the low-end market with building sz. &lt;21sqm).</li><li>We maintain our OW rating as it still trades at discount vs. historical 5- yrs. with improved pre-sales. Key risks is on peaking local fund position.</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.

VAT discount continuation combined with potential better outlook on overall liquidity shall support the sector’s FY26F pre-sales.Our check with companies suggests minimum exposure towards NPL risks (mostly occurring in the low-end market with building sz. &lt;21sqm).We maintain our OW rating as it still trades at discount vs. historical 5- yrs. with improved pre-sales. Key risks is on peaking local fund position.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.

Property: VAT Discount Continuation and Better Liquidity to Support FY26 Pre-Sales (OVERWEIGHT)

<ul><li>JLL expects landed housing and retail segments to remain strong in FY25F, driven by VAT incentives and stable mall traffic.</li><li>Chinese manufacturers continue to fuel demand for industrial estate, while hotels are resilient, but condos are still in a wait-and-see mode.</li><li>We maintain our OW rating on the sector and prefer developers offering entry-level end-users (Rp1-5bn) landed houses. Top Picks: CTRA, SSIA.</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.

JLL expects landed housing and retail segments to remain strong in FY25F, driven by VAT incentives and stable mall traffic.Chinese manufacturers continue to fuel demand for industrial estate, while hotels are resilient, but condos are still in a wait-and-see mode.We maintain our OW rating on the sector and prefer developers offering entry-level end-users (Rp1-5bn) landed houses. Top Picks: CTRA, SSIA.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.

Property - Overall: KTA from Meeting with JLL

Indonesia

PT Pakuwon Jati Tbk owns, develops, and manages shopping centers, business complexes, real estate, industrial estate, and hotels.

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