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

Indo Tambangraya Megah / Equity Bottom-Up

<ul><li>ITMG’s weaker 1Q25 result was in line with seasonality, though the ASP dropped -13% qoq due to a lower CV mix from GPK. </li><li>ITMG have started to lower its expenses through several cost efficiency measures amid weak export demand and lower coal index prices.</li><li>We reiterate our Buy rating with a downgraded TP of Rp26,500. Key risks to our call include lower coal price, sales volume, and higher stripping ratio.</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.

ITMG’s weaker 1Q25 result was in line with seasonality, though the ASP dropped -13% qoq due to a lower CV mix from GPK. ITMG have started to lower its expenses through several cost efficiency measures amid weak export demand and lower coal index prices.We reiterate our Buy rating with a downgraded TP of Rp26,500. Key risks to our call include lower coal price, sales volume, and higher stripping ratio.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.

Indo Tambangraya Megah (ITMG.IJ) - Deploying Cost Efficiency Plan Amid Weak Coal Price

Thematic (Sector/Industry)

<ul><li>China and India’s thermal coal import has remained weak in 10M25, down 7-8% yoy, despite ST stabilization from seasonal restocking.</li><li>Weak demand is partly balanced by constrained Indonesia’s production; government’s plan to cap 2026 production should be viewed positively.</li><li>We maintain Neutral rating given unexciting LT outlook; ST price seasonal strength should be sustained in the upcoming winter.</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.

China and India’s thermal coal import has remained weak in 10M25, down 7-8% yoy, despite ST stabilization from seasonal restocking.Weak demand is partly balanced by constrained Indonesia’s production; government’s plan to cap 2026 production should be viewed positively.We maintain Neutral rating given unexciting LT outlook; ST price seasonal strength should be sustained in the upcoming winter.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.

Coal: Demand Outlook Remains Soft, Though Seasonal Price Strength Still in Play (NEUTRAL)

<ul><li>Average coal prices YTD are below our expectations, driven by weak imports amid strong domestic production in China and India.</li><li>While current prices already near cost support levels, ST price rebound may be capped by weak imports as restocking only starts by end of 3Q.</li><li>We maintain a Neutral rating on the sector with preferences for UNTR&gt; ADRO&gt; AADI&gt; ITMG&gt; PTBA</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.

Average coal prices YTD are below our expectations, driven by weak imports amid strong domestic production in China and India.While current prices already near cost support levels, ST price rebound may be capped by weak imports as restocking only starts by end of 3Q.We maintain a Neutral rating on the sector with preferences for UNTR&gt; ADRO&gt; AADI&gt; ITMG&gt; PTBAContent 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.

Coal: Coal Price Downside May Be Limited, but Weak Demand May Cap ST Rebound (NEUTRAL)

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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<ul><li>Coal companies under our coverage reported mixed earnings in 1Q25.</li><li>AADI’s net profit declined by -29.2% YoY to USD196.0 mn, mainly due to a lower revenue by -11.4% YoY given ASP contraction by - 11.1% YoY.</li><li>PTBA also reported a sharp decrease in net profit by -50.5% YoY to IDR391.5 bn, despite revenue increase of +5.8%, as margins were squeezed by a surge in fuel costs (+170.1% YoY) and mining services expenses (+26.3% YoY). </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.

Coal companies under our coverage reported mixed earnings in 1Q25.AADI’s net profit declined by -29.2% YoY to USD196.0 mn, mainly due to a lower revenue by -11.4% YoY given ASP contraction by - 11.1% YoY.PTBA also reported a sharp decrease in net profit by -50.5% YoY to IDR391.5 bn, despite revenue increase of +5.8%, as margins were squeezed by a surge in fuel costs (+170.1% YoY) and mining services expenses (+26.3% YoY). 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.

Macroeconomics

<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

Indonesia

PT Indo Tambangraya Megah Tbk operates as a coal exploration and mining company that provides energy and electricity support. The Company operates in Indonesia and supplies coal to the world energy market.

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Indo Tambangraya Megah (ITMG IJ)