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 Tbk P / Equity Bottom-Up

<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>We estimate 3Q25/ 9M25 sector rev. growth of +2.8/+2.9% yoy, in line with ours’ and consensus’ est.</li><li>Opex savings esp. on A&amp;P exp. may help to partially cushion op. profit decline (9M25E: -1.3% yoy) and core profit growth of +3.7% yoy in 9M25E.</li><li>Reiterate our Overweight stance on the sector; ICBP (Buy, TP Rp12,000) remains the top pick in the 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.

We estimate 3Q25/ 9M25 sector rev. growth of +2.8/+2.9% yoy, in line with ours’ and consensus’ est.Opex savings esp. on A&amp;P exp. may help to partially cushion op. profit decline (9M25E: -1.3% yoy) and core profit growth of +3.7% yoy in 9M25E.Reiterate our Overweight stance on the sector; ICBP (Buy, TP Rp12,000) remains the top pick in the 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.

Consumer: 3Q25 Preview: Navigating Modest Revenue Growth Through Cost Discipline (OVERWEIGHT)

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

<ul><li>The newly launched “8+4” program stimulus should serve as a catalyst for consumer spending recovery and support Consumer sector’s growth. </li><li>While we expect the stimulus impact may take place in 4Q25 onwards, we maintain our rev/core earnings growth of +4.8/+0.4% yoy in FY25F.</li><li>Reiterate our Overweight stance on the sector. Our top pick is ICBP (Buy, TP Rp12,000), followed by MYOR (Buy, TP Rp2,500).</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.

The newly launched “8+4” program stimulus should serve as a catalyst for consumer spending recovery and support Consumer sector’s growth. While we expect the stimulus impact may take place in 4Q25 onwards, we maintain our rev/core earnings growth of +4.8/+0.4% yoy in FY25F.Reiterate our Overweight stance on the sector. Our top pick is ICBP (Buy, TP Rp12,000), followed by MYOR (Buy, TP Rp2,500).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: Stimulus on the Horizon (OVERWEIGHT)

<ul><li>JCI rallied by a strong 4.8% w-w and was the top performer among the EM markets last week.</li><li>The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and illiquid and conglo stocks (DCII, DSSA).</li><li>Market’s rally was also driven by the strong return in foreign investors’ flow which amounted to US$412mn, which put Indonesia among the only market with positive flow among the Asian EMs, with notable inflows into large-cap banks and TLKM. </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 rallied by a strong 4.8% w-w and was the top performer among the EM markets last week.The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and illiquid and conglo stocks (DCII, DSSA).Market’s rally was also driven by the strong return in foreign investors’ flow which amounted to US$412mn, which put Indonesia among the only market with positive flow among the Asian EMs, with notable inflows into large-cap banks and TLKM. 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 – Banking Sector’s P/BV Band Chart (5-Year)

Indonesia

PT Indofood Sukses Makmur Tbk and its subsidiaries manufacture instant noodles, wheat flour, baby food, food seasonings, coffee, cooking oil, and snacks.

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Indofood Sukses Makmur Tbk P (INDF IJ)

Indofood Sukses Makmur (INDF.IJ) A Mixed 3Q25 Results Backed by Agribusiness

We expect the momentum in Agribusiness to sustain to 4Q25, supported by additional demand from B50 implementation and sustain prices.

BRI Danareksa Research

Consumer: 3Q25 Preview: Navigating Modest Revenue Growth Through Cost Discipline (OVERWEIGHT)

Opex savings esp. on A&P exp. may help to partially cushion op. profit decline (9M25E: -1.3% yoy) and core profit growth of +3.7% yoy in 9M25E.

BRI Danareksa Research

Equity Strategy: Oct25 Picks: Sticking with Banks, Commodities, Telco

We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.

BRI Danareksa Research

Consumer: Stimulus on the Horizon (OVERWEIGHT)

The newly launched “8+4” program stimulus should serve as a catalyst for consumer spending recovery and support Consumer sector’s growth.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – Banking Sector’s P/BV Band Chart (5-Year)

The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and...

BRI Danareksa Research

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