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>ICBP’s recent selloff appears overdone, while fundamentals remain intact and 4Q25 should see a seasonal uplift from festive demand.</li><li>We maintain our expectation of improving growth outlook in FY26F, with +6% revenue growth and gradual margin recovery.</li><li>Low funds positioning and trough-level valuation make ICBP an appealing Buy ahead of an improving outlook.</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.

ICBP’s recent selloff appears overdone, while fundamentals remain intact and 4Q25 should see a seasonal uplift from festive demand.We maintain our expectation of improving growth outlook in FY26F, with +6% revenue growth and gradual margin recovery.Low funds positioning and trough-level valuation make ICBP an appealing Buy ahead of an improving outlook.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.

Indofood CBP (ICBP.IJ) A Compelling Entry Point Ahead of the Expected FY26 Recovery

<ul><li>Softer domestic and some overseas demand weighed on ICBP’s topline in 3Q25, though margins improved on easing input costs.</li><li>While FY25F topline may fall short of the management’s 7-9% guidance, we believe EBIT margin may reach the upper end of the target (~22%).</li><li>We maintain our Buy call with a revised TP of Rp11,500. We think its current valuation of 9.7x PE FY26F has largely priced in the ST growth softness.</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.

Softer domestic and some overseas demand weighed on ICBP’s topline in 3Q25, though margins improved on easing input costs.While FY25F topline may fall short of the management’s 7-9% guidance, we believe EBIT margin may reach the upper end of the target (~22%).We maintain our Buy call with a revised TP of Rp11,500. We think its current valuation of 9.7x PE FY26F has largely priced in the ST growth softness.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.

Indofood CBP (ICBP.IJ Rp8,525) From Demand Headwinds to Fiscal Tailwinds

Thematic (Sector/Industry)

<ul><li>Despite reasonable FY26 earnings expectations, a gradual recovery should continue to favor bottom-up stock picking.</li><li>While we still see upside for conglo/ index stocks, our fundamental view also favors Telco, Metals, Consumers, and Poultry sectors.</li><li>We set the FY26-end JCI target at 9,440; Our bottom-up total-return screen highlights BBCA, ISAT, JPFA, ASII, KLBF, AADI, NCKL, ICBP as key 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.

Despite reasonable FY26 earnings expectations, a gradual recovery should continue to favor bottom-up stock picking.While we still see upside for conglo/ index stocks, our fundamental view also favors Telco, Metals, Consumers, and Poultry sectors.We set the FY26-end JCI target at 9,440; Our bottom-up total-return screen highlights BBCA, ISAT, JPFA, ASII, KLBF, AADI, NCKL, ICBP as key 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.

Equity Strategy: FY26 Outlook: Still a Stock Picker’s Market Amid Gradual Growth 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>Revenue rose slightly by +1.7% YoY to IDR37.6 tn in 1H25 (vs IDR37.0 tn in 1H24), achieving 48.4%/48.3% of our/consensus FY25 estimates.</li><li>This top-line modest growth was followed by volume upticks in the noodles (~4% YoY), snack food (~2% YoY), nutrition &amp; special foods (~4% YoY).</li><li>However, beverage showed declining volume (-8% YoY), while food seasonings and dairy segment volume remained flat, in line with broader consumer weakness in discretionary categories.</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.

Revenue rose slightly by +1.7% YoY to IDR37.6 tn in 1H25 (vs IDR37.0 tn in 1H24), achieving 48.4%/48.3% of our/consensus FY25 estimates.This top-line modest growth was followed by volume upticks in the noodles (~4% YoY), snack food (~2% YoY), nutrition &amp; special foods (~4% YoY).However, beverage showed declining volume (-8% YoY), while food seasonings and dairy segment volume remained flat, in line with broader consumer weakness in discretionary categories.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.

ICBP IJ - Unrealized Forex Relief Offsets Modest Revenue Growth in 1H25

<ul><li>ICBP’s indicative 5M25 performance is on track to meet expectations; we maintain our FY25F +8% revenue and +2.5% yoy core profit growth.</li><li>Relatively benign key input prices, i.e. CPO and wheat should limit nearterm cost pressure. </li><li>Reiterate Buy rating and DCF-based TP Rp14,000; ICBP remains our top pick in the Consumer space.</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.

ICBP’s indicative 5M25 performance is on track to meet expectations; we maintain our FY25F +8% revenue and +2.5% yoy core profit growth.Relatively benign key input prices, i.e. CPO and wheat should limit nearterm cost pressure. Reiterate Buy rating and DCF-based TP Rp14,000; ICBP remains our top pick in the Consumer space.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.

Indofood CBP Sukses Makmur - 5M25 Indicative Performance on Track

Indonesia

PT Indofood CBP Sukses Makmur Tbk provides a wide range of food products. The Company is a total food solutions company with operations in all stages of food manufacturing from the production of raw materials and their processing through to consumer products on the retailer's shelf.

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