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

Indofood Sukses Makmur / Equity Bottom-Up

<ul><li>Indofood Sukses Makmur (INDF IJ)Agribusiness &amp; Bogasari as Growth Contributors.</li><li>We forecast Bogasari’s FY26F revenue to grow by 5% with a resilient 7.6% EBIT margin, within management’s guidance.</li><li>We expect agribusiness contr. to improve in 2H26 on seasonal production improvement &amp; firmer CPO prices, with B50 as additional demand support. </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.

Indofood Sukses Makmur (INDF IJ)Agribusiness &amp; Bogasari as Growth Contributors.We forecast Bogasari’s FY26F revenue to grow by 5% with a resilient 7.6% EBIT margin, within management’s guidance.We expect agribusiness contr. to improve in 2H26 on seasonal production improvement &amp; firmer CPO prices, with B50 as additional demand support. 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 Sukses Makmur (INDF.IJ) Agribusiness & Bogasari as Growth Contributors

<ul><li>A solid Agribusiness growth and resilient Bogasari margins underpinned INDF’s mixed 3Q25 performance.</li><li>We expect the momentum in Agribusiness to sustain to 4Q25, supported by additional demand from B50 implementation and sustain prices.</li><li>We maintain our Buy rating with a higher SOTP-based TP of Rp9,400, as we roll over our valuation to FY26 earnings.</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.

A solid Agribusiness growth and resilient Bogasari margins underpinned INDF’s mixed 3Q25 performance.We expect the momentum in Agribusiness to sustain to 4Q25, supported by additional demand from B50 implementation and sustain prices.We maintain our Buy rating with a higher SOTP-based TP of Rp9,400, as we roll over our valuation to FY26 earnings.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 Sukses Makmur (INDF.IJ) A Mixed 3Q25 Results Backed by Agribusiness

Thematic (Sector/Industry)

<ul><li>Consumer2Q26 Preview: Post-Eid Slowdown with Margin Pressure. We expect 2Q26E revenue to soften QoQ post-Eid, with 1H26 cumulative rev growth of 3.5% yoy, broadly in line with our/cons.</li><li>FY26F margins are likely to come under pressure from the lagged impact of 1Q26 geopolitical tensions on logistics and some input costs.</li><li>Maintain Overweight on the sector; top picks are MYOR (TP Rp2,700) and ICBP (TP Rp10,500).2Q26E: post-Eid seasonal rev softness, while cost pressures persist. </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.

Consumer2Q26 Preview: Post-Eid Slowdown with Margin Pressure. We expect 2Q26E revenue to soften QoQ post-Eid, with 1H26 cumulative rev growth of 3.5% yoy, broadly in line with our/cons.FY26F margins are likely to come under pressure from the lagged impact of 1Q26 geopolitical tensions on logistics and some input costs.Maintain Overweight on the sector; top picks are MYOR (TP Rp2,700) and ICBP (TP Rp10,500).2Q26E: post-Eid seasonal rev softness, while cost pressures persist. 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.

Consumer: 2Q26 Preview: Post-Eid Slowdown with Margin Pressure (OVERWEIGHT)

<ul><li>Consumer Valuation Reset on Macro &amp; Earnings Uncertainty.</li><li>Consumer sector derating reflects macro weakness, but valuation now appears to have priced in most headwinds, limiting further downside.</li><li>Macro tailwinds may emerge from easing geopolitical tensions, but earnings recovery is expected to be gradual. </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.

Consumer Valuation Reset on Macro &amp; Earnings Uncertainty.Consumer sector derating reflects macro weakness, but valuation now appears to have priced in most headwinds, limiting further downside.Macro tailwinds may emerge from easing geopolitical tensions, but earnings recovery is expected to be gradual. 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.

Consumer: Valuation Reset on Macro & Earnings Uncertainty (OVERWEIGHT)

<ul><li>We estimate 4Q25/ FY25 sector revenue growth of +6.7/+4.2% yoy, broadly in line with consensus’ est. of +4.1% yoy.</li><li>The revenue growth is mainly supported by ICBP and MYOR, while we also expect GPM recovery in 4Q25 on normalization in soft commodity prices.</li><li>Reiterate our Overweight stance on the sector; ICBP (Buy, TP Rp11,500) remains the top pick in the sector.</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 estimate 4Q25/ FY25 sector revenue growth of +6.7/+4.2% yoy, broadly in line with consensus’ est. of +4.1% yoy.The revenue growth is mainly supported by ICBP and MYOR, while we also expect GPM recovery in 4Q25 on normalization in soft commodity prices.Reiterate our Overweight stance on the sector; ICBP (Buy, TP Rp11,500) remains the top pick in the sector.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.

Consumer: 4Q25 Preview: Steady Revenue Growth, Margins Gradually Improving (OVERWEIGHT)

Indonesia

PT Indofood Sukses Makmur Tbk is an Indonesian multinational consumer goods company specializing in the production and distribution of processed food products across the entire supply chain. Its core business activities include consumer branded products like instant noodles (e.g., Indomie), dairy, snacks, and food seasonings; flour milling (Bogasari); agribusiness such as palm oil and sugar; and distribution networks. The company is headquartered in Jakarta, Indonesia, and was incorporated on August 14, 1990.

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Indofood Sukses Makmur (INDF IJ)