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>We maintain our view that 2H25 earnings growth should strengthen, though the key risk remains with foreign outflows.</li><li>Domestic funds remained OW in Banks, Consumers and Auto in Aug25, while adding exposures into Petrochem, Auto and Property sectors.</li><li>Amid still-muted domestic catalysts, we reiterate Metals as our third sector preference, with BRMS and INCO as our top 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.

We maintain our view that 2H25 earnings growth should strengthen, though the key risk remains with foreign outflows.Domestic funds remained OW in Banks, Consumers and Auto in Aug25, while adding exposures into Petrochem, Auto and Property sectors.Amid still-muted domestic catalysts, we reiterate Metals as our third sector preference, with BRMS and INCO as our top 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: Market Jitters, Metals Glitter

<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)

<ul>
<li>Positive momentum continues as bond yields fell on global trends, driven by rate cut expectations and more dovish policy shifts.</li>
<li>Rapid yield declines risk reversal as inflation pressures and lesser easing prospects may widen Fed-market gap, increasing volatility ahead.</li>
<li>2Q25 GDP beat expectations, but mixed indicators persist, we expect several factors to signal stronger growth momentum in 2H.</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.


Positive momentum continues as bond yields fell on global trends, driven by rate cut expectations and more dovish policy shifts.
Rapid yield declines risk reversal as inflation pressures and lesser easing prospects may widen Fed-market gap, increasing volatility ahead.
2Q25 GDP beat expectations, but mixed indicators persist, we expect several factors to signal stronger growth momentum in 2H.

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>JCI finished the week flat (-0.1% w-w), underperforming most of the EM peers.</li><li>Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).</li><li>Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI.</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 finished the week flat (-0.1% w-w), underperforming most of the EM peers.Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI.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 - Monday, 11 August 2025

<ul><li>JCI rose +3.8% w-w, outperforming EM peers and driving YTD performance to +3.3%.</li><li>JCI’s positive performance, however, was mainly driven by strong gains from an illiquid large-cap stock DCII (+62% w-w) and stocks related to Prajogo group namely BREN (+31% w-w), BRPT (+26%), CDIA (+144%), PTRO (+15%), following announcement from MSCI which indicates possibility of the group’s stocks being included in the MSCI index.</li><li>Consumer and Banks underperformed (-2% w-w), with Cement recording worst performance (-7% w-w) following confirmation of another weak monthly volume (-7.3% yoy) in Jun25.</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 rose +3.8% w-w, outperforming EM peers and driving YTD performance to +3.3%.JCI’s positive performance, however, was mainly driven by strong gains from an illiquid large-cap stock DCII (+62% w-w) and stocks related to Prajogo group namely BREN (+31% w-w), BRPT (+26%), CDIA (+144%), PTRO (+15%), following announcement from MSCI which indicates possibility of the group’s stocks being included in the MSCI index.Consumer and Banks underperformed (-2% w-w), with Cement recording worst performance (-7% w-w) following confirmation of another weak monthly volume (-7.3% yoy) in Jun25.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 – Forward P/E - JCI, IDX80, and LQ45 Index

Indonesia

The Jakarta Stock Price Index is a modified capitalization-weighted index of all stocks listed on the regular board of the Indonesia Stock Exchange. The index was developed with a base index value of 100 as of August 10, 1982. Please look at CDR JA<GO> for exchange trading days.

Jakarta Stock Exchange Composite Index (JCI INDEX)

Jakarta Stock Exchange Composite Index (JCI INDEX)

Equity Strategy: Market Jitters, Metals Glitter

Amid still-muted domestic catalysts, we reiterate Metals as our third sector preference, with BRMS and INCO as our top picks.

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

Macro Strategy: Riding The Tailwinds

Positive momentum continues as bond yields fell on global trends, driven by rate cut expectations and more dovish policy shifts.

BRI Danareksa Research

BRIDS Market Pulse - Monday, 11 August 2025

JCI finished the week flat (-0.1% w-w), underperforming most of the EM peers. Despite positive surprise from 2Q25 GDP numbers...

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – Forward P/E - JCI, IDX80, and LQ45 Index

Consumer and Banks underperformed (-2% w-w), with Cement recording worst performance (-7% w-w) following confirmation of another weak monthly...

BRI Danareksa Research