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>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

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.

Thematic (Sector/Industry)

<ul><li>Coal companies under our coverage reported mixed earnings in 1Q25.</li><li>AADI’s net profit declined by -29.2% YoY to USD196.0 mn, mainly due to a lower revenue by -11.4% YoY given ASP contraction by - 11.1% YoY.</li><li>PTBA also reported a sharp decrease in net profit by -50.5% YoY to IDR391.5 bn, despite revenue increase of +5.8%, as margins were squeezed by a surge in fuel costs (+170.1% YoY) and mining services expenses (+26.3% YoY). </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.

Coal companies under our coverage reported mixed earnings in 1Q25.AADI’s net profit declined by -29.2% YoY to USD196.0 mn, mainly due to a lower revenue by -11.4% YoY given ASP contraction by - 11.1% YoY.PTBA also reported a sharp decrease in net profit by -50.5% YoY to IDR391.5 bn, despite revenue increase of +5.8%, as margins were squeezed by a surge in fuel costs (+170.1% YoY) and mining services expenses (+26.3% YoY). 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.

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 – 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

Coal Mining Sectoral Update July 9, 2025

AADI’s net profit declined by -29.2% YoY to USD196.0 mn, mainly due to a lower revenue by -11.4% YoY given ASP contraction by - 11.1% YoY.

MNC Sekuritas