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>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: Chart of the Week – JCI P/E Band (10-Year)

Macroeconomics

<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

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>Aggregate FFB production of plantation companies under our coverage reached 1,844k tons in 1Q25, reflecting modest growth of +0.9% YoY (vs 1,827k tons in 1Q24).</li><li>The figure was in-line with our expectations, supported by a recovery from the drought conditions experienced in 1Q24, amid intensified rainfall in 1Q25 driven by the onset of La Nina since late last year.</li><li>DSNG was the only company that saw a YoY decline in FFB output, falling -8.7% due to its ongoing replanting initiative (&gt;3k ha completed as of 1Q25). </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.

Aggregate FFB production of plantation companies under our coverage reached 1,844k tons in 1Q25, reflecting modest growth of +0.9% YoY (vs 1,827k tons in 1Q24).The figure was in-line with our expectations, supported by a recovery from the drought conditions experienced in 1Q24, amid intensified rainfall in 1Q25 driven by the onset of La Nina since late last year.DSNG was the only company that saw a YoY decline in FFB output, falling -8.7% due to its ongoing replanting initiative (&gt;3k ha completed as of 1Q25). 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.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There is 1 constituent change for the IDX30 Index and 2 changes for the IDX80 Index to be implemented at the close on 30 April.</li>
<li>The largest passive flows are expected in <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia</a>, <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero</a>, <a href="https://www.smartkarma.com/entities/bank-tabungan-negara-persero" target="_blank" data-smartkarma-citation="entities:731:1" rel="noopener">Bank Tabungan Negara Persero</a>, <a href="https://www.smartkarma.com/entities/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro Energy</a> and <a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak.com PT Tbk</a>.</li>
<li>There are only 4 days to implementation, so there could be relatively big moves on the changes to the IDX30 Index.</li>
</ul>


There is 1 constituent change for the IDX30 Index and 2 changes for the IDX80 Index to be implemented at the close on 30 April.
The largest passive flows are expected in Bank Rakyat Indonesia, Bank Jago Tbk PT, Bank Mandiri Persero, Bank Tabungan Negara Persero, Adaro Energy and Bukalapak.com PT Tbk.
There are only 4 days to implementation, so there could be relatively big moves on the changes to the IDX30 Index.


IDX30/​​LQ45/IDX80 Index Rebalance: Few Changes

<ul><li>We anticipate flat CPO output in FY25F, attributed to another year of La Nina.</li><li>On the flip side, export volume is expected to weaken amid solid domestic demand, which underpins CPO prices.</li><li>Notably, CPO production dropped by -4.8% YoY to 31.5mn tons in 7M24 (vs 33.1mn tons in 7M23), with PKO output tumbling by -5.2% YoY to 3.0mn tons (vs 3.2mn tons in 7M23). </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 anticipate flat CPO output in FY25F, attributed to another year of La Nina.On the flip side, export volume is expected to weaken amid solid domestic demand, which underpins CPO prices.Notably, CPO production dropped by -4.8% YoY to 31.5mn tons in 7M24 (vs 33.1mn tons in 7M23), with PKO output tumbling by -5.2% YoY to 3.0mn tons (vs 3.2mn tons in 7M23). 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.

Plantation Sectoral Update November 15, 2024

Indonesia

PT Dharma Satya Nusantara TBK is a palm oil and wood processing company. The Company is currently concentrating on three types of integrated businesses: wood products, timber estates and plantations.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Dharma Satya Nusantara (DSNG IJ)

BRIDS Market Pulse: Chart of the Week – JCI P/E Band (10-Year)

MSCI’s Aug25 review announced the inclusion of DSSA and CUAN into the index, with exclusion of ADRO (into MSCI Small Cap).

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

Plantation Sectoral Update June 26, 2025

Aggregate FFB production of plantation companies under our coverage reached 1,844k tons in 1Q25, reflecting modest growth of +0.9% YoY (vs 1,827k...

MNC Sekuritas

IDX30/LQ45/IDX80 Index Rebalance: Few Changes

There is 1 constituent change for the IDX30 and 2 for the IDX80, nothing for the LQ45. Flow and impact are material for the IDX30 index changes.

Brian Freitas

Plantation Sectoral Update November 15, 2024

We anticipate flat CPO output in FY25F, attributed to another year of La Nina. On the flip side, export volume is expected to weaken amid solid...

MNC Sekuritas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BRIDS Market Pulse: Chart of the Week – JCI P/E Band (10-Year)

MSCI’s Aug25 review announced the inclusion of DSSA and CUAN into the index, with exclusion of ADRO (into MSCI Small Cap).

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

Plantation Sectoral Update June 26, 2025

Aggregate FFB production of plantation companies under our coverage reached 1,844k tons in 1Q25, reflecting modest growth of +0.9% YoY (vs 1,827k...

MNC Sekuritas

IDX30/​​LQ45/IDX80 Index Rebalance: Few Changes

There is 1 constituent change for the IDX30 and 2 for the IDX80, nothing for the LQ45. Flow and impact are material for the IDX30 index changes.

Brian Freitas

Plantation Sectoral Update November 15, 2024

We anticipate flat CPO output in FY25F, attributed to another year of La Nina. On the flip side, export volume is expected to weaken amid solid...

MNC Sekuritas

IDX30/LQ45/IDX80 Index Rebalance: Few Changes