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.

Thematic (Sector/Industry)

<ul><li>Equity Strategy: Tactical Relief In Play, Sector Mispricing Still Offers Room.</li><li>Improved policy signals have driven the anticipated relief rally in JCI, despite deeper trough which reflected concerns on sovereign rating cut.</li><li>We retain our Dec 26 JCI target at 7,200 which still implies asymmetry from current level, subject to benign S&amp;P and MSCI review outcomes. </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.

Equity Strategy: Tactical Relief In Play, Sector Mispricing Still Offers Room.Improved policy signals have driven the anticipated relief rally in JCI, despite deeper trough which reflected concerns on sovereign rating cut.We retain our Dec 26 JCI target at 7,200 which still implies asymmetry from current level, subject to benign S&amp;P and MSCI review outcomes. 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: Tactical Relief In Play, Sector Mispricing Still Offers Room

<ul><li>BRIDS Market PulseIn the SpotlightMarket and Sector Performance JCI recorded its sharpest weekly gain of 2026, rising approximately 7.4% w-w to close at ~6,008 on Friday (Jun 12), the first weekly gain in eight consecutive weeks.</li><li>Monday (Jun 8) opened on the back foot with the index falling ~2.9% intraday as the rupiah weakened beyond Rp18,100/USD.</li><li>The inflection came following BI Governor and Finance Minister Purbaya joint press conference on the previous weekend, committing to increase...</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.

BRIDS Market PulseIn the SpotlightMarket and Sector Performance JCI recorded its sharpest weekly gain of 2026, rising approximately 7.4% w-w to close at ~6,008 on Friday (Jun 12), the first weekly gain in eight consecutive weeks.Monday (Jun 8) opened on the back foot with the index falling ~2.9% intraday as the rupiah weakened beyond Rp18,100/USD.The inflection came following BI Governor and Finance Minister Purbaya joint press conference on the previous weekend, committing to increase...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 PBV Band Chart (5-Year)

Macroeconomics

<ul><li>BRIDS Market PulseIn the SpotlightMarket and Sector Performance JCI plunged -8.3% w-w to ~6,170 as of 22 May, the largest single-week drop since the Mar20 Covid crash.</li><li>The sell-off was triggered by President Prabowo's announcement on Wednesday 20 May of a single SOE exporter policy for CPO, coal, and ferroalloys during his KEM-PPKF 2027 speech to Parliament.</li><li>Adding to the pressure, BI on 19-20 May delivered a larger-than-expected 50bps rate hike to 5.25% (vs. cons’ 25bps)</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.

BRIDS Market PulseIn the SpotlightMarket and Sector Performance JCI plunged -8.3% w-w to ~6,170 as of 22 May, the largest single-week drop since the Mar20 Covid crash.The sell-off was triggered by President Prabowo's announcement on Wednesday 20 May of a single SOE exporter policy for CPO, coal, and ferroalloys during his KEM-PPKF 2027 speech to Parliament.Adding to the pressure, BI on 19-20 May delivered a larger-than-expected 50bps rate hike to 5.25% (vs. cons’ 25bps)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 – LQ45 Index vs. IDR

<ul><li>BRIDS Market Pulse In the Spotlight Market Performance. JCI fell -3.5% w-w to 6,731, the lowest level since end of Apr25.</li><li>The sell-off was driven by a convergence of negative catalysts: 1) Rupiah weakness accelerated through the week, breaching Rp17,500 for the first time, amplifying foreign outflows and raising fiscal/inflation concerns;</li><li>2) MSCI May review on 12 May removed 18 Indonesian stocks including six from the Standard Index with zero additions; 3) oil prices spiked back above US$100/bbl </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.

BRIDS Market Pulse In the Spotlight Market Performance. JCI fell -3.5% w-w to 6,731, the lowest level since end of Apr25.The sell-off was driven by a convergence of negative catalysts: 1) Rupiah weakness accelerated through the week, breaching Rp17,500 for the first time, amplifying foreign outflows and raising fiscal/inflation concerns;2) MSCI May review on 12 May removed 18 Indonesian stocks including six from the Standard Index with zero additions; 3) oil prices spiked back above US$100/bbl 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 and LQ45 Earnings Yield Spread

<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 full-year 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 full-year 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.

Macro Strategy: Strong Start, Strong Year?

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: Tactical Relief In Play, Sector Mispricing Still Offers Room

Improved policy signals have driven the anticipated relief rally in JCI, despite deeper trough which reflected concerns on sovereign rating cut.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – Banking Sector PBV Band Chart (5-Year)

JCI recorded its sharpest weekly gain of 2026, rising approximately 7.4% w-w to close at ~6,008 on Friday (Jun 12), the first weekly gain in eight...

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – LQ45 Index vs. IDR

BRIDS Market PulseIn the SpotlightMarket and Sector Performance JCI plunged -8.3% w-w to ~6,170 as of 22 May, the largest single-week drop since...

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – JCI and LQ45 Earnings Yield Spread

MSCI May review on 12 May removed 18 Indonesian stocks including six from the Standard Index with zero additions; 3) oil prices spiked back above...

BRI Danareksa Research

Macro Strategy: Strong Start, Strong Year?

Early JCI momentum signals risk appetite, but past cycles show full-year outcomes remain shaped by broader macro and sector drivers.

BRI Danareksa Research