External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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>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

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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 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

<ul><li>Market: JCI rallied +2.5% w-w, in-line with majority of the EMs and the weaker DXY amid benign developments from the global trade tariffs.</li><li>Foreign investors remained net sellers, although outflows moderated to US$71mn, bringing YTD outflow to US$718mn.</li><li>Barring any surprises on the trade tariff front, we see that risk sentiment may remain supportive for flows into EM in the week ahead.</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: JCI rallied +2.5% w-w, in-line with majority of the EMs and the weaker DXY amid benign developments from the global trade tariffs.Foreign investors remained net sellers, although outflows moderated to US$71mn, bringing YTD outflow to US$718mn.Barring any surprises on the trade tariff front, we see that risk sentiment may remain supportive for flows into EM in the week ahead.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 – NPI price

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>China listed HK shares continue to lead the pack in Asia</li>
<li>India's rate cuts, tax cuts and election wins are not supporting the market</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
China listed HK shares continue to lead the pack in Asia
India's rate cuts, tax cuts and election wins are not supporting the market


Overview #15 – Who's Afraid of the USD?

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)

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

BRIDS Market Pulse: Chart of the week – NPI price

Market: JCI rallied +2.5% w-w, in-line with majority of the EMs and the weaker DXY amid benign developments from the global trade tariffs.

BRI Danareksa Research

Overview #15 – Who's Afraid of the USD?

A review of recent events/data impacting our investment themes and outlook. We takea quick tour around China, India and Japan

Rikki Malik