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>Positive momentum continues as bond yields fell on global trends, driven by rate cut expectations and more dovish policy shifts.</li>
<li>Rapid yield declines risk reversal as inflation pressures and lesser easing prospects may widen Fed-market gap, increasing volatility ahead.</li>
<li>2Q25 GDP beat expectations, but mixed indicators persist, we expect several factors to signal stronger growth momentum in 2H.</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.


Positive momentum continues as bond yields fell on global trends, driven by rate cut expectations and more dovish policy shifts.
Rapid yield declines risk reversal as inflation pressures and lesser easing prospects may widen Fed-market gap, increasing volatility ahead.
2Q25 GDP beat expectations, but mixed indicators persist, we expect several factors to signal stronger growth momentum in 2H.

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>JCI finished the week flat (-0.1% w-w), underperforming most of the EM peers.</li><li>Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).</li><li>Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI.</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 finished the week flat (-0.1% w-w), underperforming most of the EM peers.Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI.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 - Monday, 11 August 2025

Thematic (Sector/Industry)

<ul><li>Nickel ore price has risen +19% YTD, while NPI declined -2%, pressuring non-integrated mines from inventory stocking at thin margins.</li><li>Despite recent reversal of nickel ore premium trend, 2H25 outlook hinges on supply addition, restocking season and RKAB approval.</li><li>We reiterate our Neutral rating on the sector and continue to favor ore over MHP and NPI; INCO and MBMA are our current top picks.</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.

Nickel ore price has risen +19% YTD, while NPI declined -2%, pressuring non-integrated mines from inventory stocking at thin margins.Despite recent reversal of nickel ore premium trend, 2H25 outlook hinges on supply addition, restocking season and RKAB approval.We reiterate our Neutral rating on the sector and continue to favor ore over MHP and NPI; INCO and MBMA are our current top picks.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.

Metal Mining: Ore Premium Reversal in Jul25

<ul><li>Market review: JCI ended the week up 0.7% w-w, outperforming majority of EM peers.</li><li>Amid negative performances from the big sectors (Banks +0.5%, Telco -2.5% Consumer Staples -1.8% w-w), JCI’s positive return for the week was driven by Oil &amp; Gas (+10.6% w-w), Cement (+7.8% w-w) and Industrial Estate (+4.6% w-w).</li><li>In line with the majority of EM peers, foreign investors flow into JCI was a net positive (US$80mn), with mixed flows into large-cap banks (except for BBRI), TLKM, and metals (ANTM and BRMS). </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 ended the week up 0.7% w-w, outperforming majority of EM peers.Amid negative performances from the big sectors (Banks +0.5%, Telco -2.5% Consumer Staples -1.8% w-w), JCI’s positive return for the week was driven by Oil &amp; Gas (+10.6% w-w), Cement (+7.8% w-w) and Industrial Estate (+4.6% w-w).In line with the majority of EM peers, foreign investors flow into JCI was a net positive (US$80mn), with mixed flows into large-cap banks (except for BBRI), TLKM, and metals (ANTM and BRMS). 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 – Telco Sector 5-Year EV/EBITDA

<ul><li>Market review: JCI performed in line with the regional markets, down - 0.5% w-w.</li><li>Amid underperformance by banks (-1.1% w-w), laggard sectors outperformed namely Healthcare (led by HEAL +6.6% w-w, SILO +4.8% ww) and Telco (TLKM +4.8% w-w on confirmation of 89% dividend payout).</li><li>JCI sustained positive flows from foreign investors with US$91mn during the week, despite outflows from the majority of ASEAN EM. </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 performed in line with the regional markets, down - 0.5% w-w.Amid underperformance by banks (-1.1% w-w), laggard sectors outperformed namely Healthcare (led by HEAL +6.6% w-w, SILO +4.8% ww) and Telco (TLKM +4.8% w-w on confirmation of 89% dividend payout).JCI sustained positive flows from foreign investors with US$91mn during the week, despite outflows from the majority of ASEAN EM. 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 Index, IDX80, and LQ45 12mos Performance

Indonesia

PT ANTAM (Persero) Tbk is a diversified, vertically integrated, state-owned mining and metals company in Indonesia. It engages in the exploration, mining, processing, and marketing of mineral resources, with core businesses in nickel, gold, silver, bauxite, and alumina. Its products include ferronickel, nickel ore, gold bullion, and alumina, serving various industries domestically and internationally. The company is headquartered in Jakarta, Indonesia, and was established in 1968.

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Antam (ANTM IJ)

Macro Strategy: Riding The Tailwinds

Positive momentum continues as bond yields fell on global trends, driven by rate cut expectations and more dovish policy shifts.

BRI Danareksa Research

BRIDS Market Pulse - Monday, 11 August 2025

JCI finished the week flat (-0.1% w-w), underperforming most of the EM peers. Despite positive surprise from 2Q25 GDP numbers...

BRI Danareksa Research

Metal Mining: Ore Premium Reversal in Jul25

Nickel ore price has risen +19% YTD, while NPI declined -2%, pressuring non-integrated mines from inventory stocking at thin margins.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – Telco Sector 5-Year EV/EBITDA

The week’s positive performance brought JCI to a 1.2% YTD increase, better than majority of ASEAN EM peers, while foreign investors were still at...

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – JCI Index, IDX80, and LQ45 12mos Performance

We expect investors to be focusing on domestic-sector growth momentum, with potential catalysts from the boost in government’s fiscal stimulus to...

BRI Danareksa Research

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