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

Indocement Tunggal Prakarsa / Equity Bottom-Up

<ul><li>INTP recorded net profit of Rp2tr in FY24 (+3% yoy, 125% of ours/cons, or above), due to strong EBIT and higher associate income.</li><li>We reaffirm 1%-2% vol growth and ASP assumption for FY25F/FY26F, yet we expect higher RDF usage on Grobogan to lower energy cost.</li><li>We lifted our FY25F/26F EPS by 17%/16% due to opex saving. Reiterate Buy rating with lower TP (Rp8,500) due to our lower LT growth assumption.</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.

INTP recorded net profit of Rp2tr in FY24 (+3% yoy, 125% of ours/cons, or above), due to strong EBIT and higher associate income.We reaffirm 1%-2% vol growth and ASP assumption for FY25F/FY26F, yet we expect higher RDF usage on Grobogan to lower energy cost.We lifted our FY25F/26F EPS by 17%/16% due to opex saving. Reiterate Buy rating with lower TP (Rp8,500) due to our lower LT growth assumption.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.

Indocement Tunggal Prakarsa (INTP.IJ) FY24 Earnings Beat, but Remain Cautiously Optimistic in FY25

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>1H25 overall volume to remain subdued at -1%yoy; 2H25 potentially recover (~+1%yoy), mainly driven by gov’t spending acceleration.</li><li>Cost-efficiency remains a key competitive edge, especially amid a pricesensitive market and relatively benign input prices.</li><li>We are Neutral on the sector, as LT catalysts for solving the oversupply problem have yet to be seen. INTP remains our Top Pick.</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 overall volume to remain subdued at -1%yoy; 2H25 potentially recover (~+1%yoy), mainly driven by gov’t spending acceleration.Cost-efficiency remains a key competitive edge, especially amid a pricesensitive market and relatively benign input prices.We are Neutral on the sector, as LT catalysts for solving the oversupply problem have yet to be seen. INTP remains our Top Pick.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.

Cement: Lack of Long-Term Catalysts Despite 2H25 Potential Recovery

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>Domestic consumption contracted by -4.6% YoY in May-25, primarily attributable to a -5.8% YoY decline in the bulk segment.</li><li>Notably, regions outside Java recorded a substantial -17.4% YoY drop in bulk cement volumes, largely reflecting a normalization in demand following earlier acceleration from the National Capital (IKN) development project.</li><li>In contrast, the bulk market in Java continued to show resilience, registering stable growth of +1.6% 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.

Domestic consumption contracted by -4.6% YoY in May-25, primarily attributable to a -5.8% YoY decline in the bulk segment.Notably, regions outside Java recorded a substantial -17.4% YoY drop in bulk cement volumes, largely reflecting a normalization in demand following earlier acceleration from the National Capital (IKN) development project.In contrast, the bulk market in Java continued to show resilience, registering stable growth of +1.6% 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.

<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 Indocement Tunggal Prakarsa Tbk manufactures cement and building materials. Through its subsidiaries, the Company also manufactures and processes ready-mix cement as well as owns and manages properties and hotels.

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Indocement Tunggal Prakarsa (INTP IJ)