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.

Macroeconomics

<ul><li>2026 has opened very differently from 2025, with the earlier trifecta of challenges easing and the macro backdrop more stable.</li><li>Early JCI momentum signals risk appetite, but past cycles show fullyear outcomes remain shaped by broader macro and sector drivers.</li><li>Inflation normalization replaced early deflation in 2025, while measured 2026 wage growth supports purchasing power and stability.</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.

2026 has opened very differently from 2025, with the earlier trifecta of challenges easing and the macro backdrop more stable.Early JCI momentum signals risk appetite, but past cycles show fullyear outcomes remain shaped by broader macro and sector drivers.Inflation normalization replaced early deflation in 2025, while measured 2026 wage growth supports purchasing power and stability.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 Weekly Update Economic & Fixed Income Research Monday, Jan 12, 2026

<ul><li>JCI ended 2025 with a 22.1% gain, ranking among the top-performing ASEAN emerging markets, second only to Singapore (+22.7%).</li><li>Performance was heavily driven by conglo and momentum names, led by DSSA (+173%), DCII (+375%), and BRPT (+255%).</li><li>In contrast, only a handful of fundamental stocks namely TLKM (+28%) and ASII (+37%) posted meaningful gains. </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 ended 2025 with a 22.1% gain, ranking among the top-performing ASEAN emerging markets, second only to Singapore (+22.7%).Performance was heavily driven by conglo and momentum names, led by DSSA (+173%), DCII (+375%), and BRPT (+255%).In contrast, only a handful of fundamental stocks namely TLKM (+28%) and ASII (+37%) posted meaningful gains. 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 – Historical Weekly Sector Performance

<ul><li>Volatility at the Forefront. Early 2025 was marked by sharp market volatility driven more by abrupt policy shifts than weakening fundamentals.</li><li>A strong dollar, high yields, and tight liquidity weighed on sentiment, while brief relief from easing geopolitical tensions quickly faded.</li><li>Stress peaked with renewed US tariff actions that triggered recession fears and extreme risk-off moves. </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.

Volatility at the Forefront. Early 2025 was marked by sharp market volatility driven more by abrupt policy shifts than weakening fundamentals.A strong dollar, high yields, and tight liquidity weighed on sentiment, while brief relief from easing geopolitical tensions quickly faded.Stress peaked with renewed US tariff actions that triggered recession fears and extreme risk-off moves. 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.

Macro Outlook 2026: The Year of Transmission – From Policy to Impact

<ul><li>Early 2025 was marked by sharp market volatility driven more by abrupt policy shifts than weakening fundamentals.</li><li>A strong dollar, high yields, and tight liquidity weighed on sentiment, while brief relief from easing geopolitical tensions quickly faded.</li><li>Stress peaked with renewed US tariff actions that triggered recession fears and extreme risk-off moves. </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.

Early 2025 was marked by sharp market volatility driven more by abrupt policy shifts than weakening fundamentals.A strong dollar, high yields, and tight liquidity weighed on sentiment, while brief relief from easing geopolitical tensions quickly faded.Stress peaked with renewed US tariff actions that triggered recession fears and extreme risk-off moves. 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 Weekly Update Economic & Fixed Income Research Monday, Dec 15, 2025

Thematic (Sector/Industry)

<ul>
<li>JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.</li>
<li>In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).</li>
<li>Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.</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 closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.
In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).
Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.

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 – JCI vs. LQ45 Forward P/E Band

Indonesia 10Y (GIDR10YR INDEX)

BRIDS Weekly Update Economic & Fixed Income Research Monday, Jan 12, 2026

2026 has opened very differently from 2025, with the earlier trifecta of challenges easing and the macro backdrop more stable. Early JCI momentum...

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – Historical Weekly Sector Performance

JCI ended 2025 with a 22.1% gain, ranking among the top-performing ASEAN emerging markets, second only to Singapore (+22.7%).

BRI Danareksa Research

Macro Outlook 2026: The Year of Transmission – From Policy to Impact

Volatility at the Forefront. Early 2025 was marked by sharp market volatility driven more by abrupt policy shifts than weakening fundamentals.

BRI Danareksa Research

BRIDS Weekly Update Economic & Fixed Income Research Monday, Dec 15, 2025

A strong dollar, high yields, and tight liquidity weighed on sentiment, while brief relief from easing geopolitical tensions quickly faded.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental...

BRI Danareksa Research