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>Market review: JCI performed in line with the regional markets, down - 0.5% w-w.</li><li>Amid underperformance by banks (-1.1% w-w), laggard sectors outperformed namely Healthcare (led by HEAL +6.6% w-w, SILO +4.8% ww) and Telco (TLKM +4.8% w-w on confirmation of 89% dividend payout).</li><li>JCI sustained positive flows from foreign investors with US$91mn during the week, despite outflows from the majority of ASEAN EM. </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.

Market review: JCI performed in line with the regional markets, down - 0.5% w-w.Amid underperformance by banks (-1.1% w-w), laggard sectors outperformed namely Healthcare (led by HEAL +6.6% w-w, SILO +4.8% ww) and Telco (TLKM +4.8% w-w on confirmation of 89% dividend payout).JCI sustained positive flows from foreign investors with US$91mn during the week, despite outflows from the majority of ASEAN EM. 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 Index, IDX80, and LQ45 12mos Performance

Thematic (Sector/Industry)

<ul><li>Market review: JCI outperformed the EM peers, up 1.5% w-w, amid strengthening of IDR (1.3% w-w).</li><li>The Indonesian equity market saw continuation of foreign funds inflow (US$131mn) while majority of EM markets experienced outflows during the week.</li><li>Sustained positive sentiment from the 25bps policy rate cut by Bank Indonesia have induced further inflows into large-cap banks particularly BBCA and BBRI. </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.

Market review: JCI outperformed the EM peers, up 1.5% w-w, amid strengthening of IDR (1.3% w-w).The Indonesian equity market saw continuation of foreign funds inflow (US$131mn) while majority of EM markets experienced outflows during the week.Sustained positive sentiment from the 25bps policy rate cut by Bank Indonesia have induced further inflows into large-cap banks particularly BBCA and BBRI. 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. IDR

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>In 1Q25, EXCL and ISAT outperformed TLKM, driven by network integration and marketing synergies, although data growth and ARPU slowed down</li><li>  With mobile penetration exceeding 110%, subscriber growth has stagnated, and ARPU remains low at IDR35k–45k/month</li><li>Regulatory costs are expected to rise to 11–12% of total revenue in FY25E due to various fees such as USO levy, spectrum costs, and licensing issues that slow down infrastructure expansion</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.

In 1Q25, EXCL and ISAT outperformed TLKM, driven by network integration and marketing synergies, although data growth and ARPU slowed down  With mobile penetration exceeding 110%, subscriber growth has stagnated, and ARPU remains low at IDR35k–45k/monthRegulatory costs are expected to rise to 11–12% of total revenue in FY25E due to various fees such as USO levy, spectrum costs, and licensing issues that slow down infrastructure expansionContent 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.

Telco & Tower Sectoral Update May 21, 2025

<ul><li>JCI closed flattish w-w amid profit taking by the end of the week.</li><li>Foreign investors turned net sellers with US$198mn of outflows from the Indonesian market during the week, despite inflows to most of other EMs.</li><li>Metals sector (+9.5% w-w) continued its outperformance amid still constructive outlook for nickel ore, followed by the Consumer (+2.7% w-w) and Retail (+3.3% w-w) sectors amid more news about government’s aim to boost spending. </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 flattish w-w amid profit taking by the end of the week.Foreign investors turned net sellers with US$198mn of outflows from the Indonesian market during the week, despite inflows to most of other EMs.Metals sector (+9.5% w-w) continued its outperformance amid still constructive outlook for nickel ore, followed by the Consumer (+2.7% w-w) and Retail (+3.3% w-w) sectors amid more news about government’s aim to boost spending. 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. EM Peers

<ul><li>Investors have continued to regain confidence on JCI, which recorded +2.0% w-w (-3.7% YTD), with LQ45 also rising 1.8% w-w.</li><li>While JCI’s positive w-w performance was aligned with that of regional peers, it outperformed on mom basis (+3.9% mom), putting it as the best performer among EMs.</li><li>During the week, Healthcare (+9.4% w-w), Poultry (+5.2% w-w) and Retailers (+3.2% w-w) outperformed, while Consumers underperformed, indicating mixed reaction from 1Q25 results.</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.

Investors have continued to regain confidence on JCI, which recorded +2.0% w-w (-3.7% YTD), with LQ45 also rising 1.8% w-w.While JCI’s positive w-w performance was aligned with that of regional peers, it outperformed on mom basis (+3.9% mom), putting it as the best performer among EMs.During the week, Healthcare (+9.4% w-w), Poultry (+5.2% w-w) and Retailers (+3.2% w-w) outperformed, while Consumers underperformed, indicating mixed reaction from 1Q25 results.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 – Domestic Funds’ Positioning Apr25

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)

BRIDS Market Pulse: Chart of the Week – JCI Index, IDX80, and LQ45 12mos Performance

We expect investors to be focusing on domestic-sector growth momentum, with potential catalysts from the boost in government’s fiscal stimulus to...

BRI Danareksa Research

BRIDS Market Pulse : Chart of the Week – JCI Vs. IDR

The Indonesian equity market saw continuation of foreign funds inflow (US$131mn) while majority of EM markets experienced outflows during the week.

BRI Danareksa Research

Telco & Tower Sectoral Update May 21, 2025

In 1Q25, EXCL and ISAT outperformed TLKM, driven by network integration and marketing synergies, although data growth and ARPU slowed down

MNC Sekuritas

BRIDS Market Pulse : Chart of the week – JCI vs. EM Peers

Investors have also shown interest in the rate-sensitive sectors (e.g., Property, Tower) ahead of the BI rate decision next week.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – Domestic Funds’ Positioning Apr25

Investors have continued to regain confidence on JCI, which recorded +2.0% w-w (-3.7% YTD), with LQ45 also rising 1.8% w-w.

BRI Danareksa Research