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 underperformed regional EM peers for a second straight week, down -0.1% w-w, while other EM markets posted gains ww.</li><li>This brought YTD performance to -2.6%, still ahead of ASEAN peers Thailand’s SET index -22.7% and Malaysia’s FBMKLCI index -7%.</li><li>The week’s sector performance was brought down by energy-related sectors (O&amp;G: -7.3%, coal: -6.2% w-w), aligned with correction in oil price following the de-escalation of Iran-Israel conflict. </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 underperformed regional EM peers for a second straight week, down -0.1% w-w, while other EM markets posted gains ww.This brought YTD performance to -2.6%, still ahead of ASEAN peers Thailand’s SET index -22.7% and Malaysia’s FBMKLCI index -7%.The week’s sector performance was brought down by energy-related sectors (O&amp;G: -7.3%, coal: -6.2% w-w), aligned with correction in oil price following the de-escalation of Iran-Israel conflict. 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 P/B Band Chart (5-Year)

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

Rikki Malik

Cross Asset Strategy

<ul>
<li>How did our major investment themes do so far in 2025?</li>
<li>Review of the performance of the major markets and asset classes we focus on</li>
<li>We revisit our outlook for each of those asset classes for H2 25</li>
</ul>


How did our major investment themes do so far in 2025?
Review of the performance of the major markets and asset classes we focus on
We revisit our outlook for each of those asset classes for H2 25


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>Aggregate FFB production of plantation companies under our coverage reached 1,844k tons in 1Q25, reflecting modest growth of +0.9% YoY (vs 1,827k tons in 1Q24).</li><li>The figure was in-line with our expectations, supported by a recovery from the drought conditions experienced in 1Q24, amid intensified rainfall in 1Q25 driven by the onset of La Nina since late last year.</li><li>DSNG was the only company that saw a YoY decline in FFB output, falling -8.7% due to its ongoing replanting initiative (&gt;3k ha completed as of 1Q25). </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.

Aggregate FFB production of plantation companies under our coverage reached 1,844k tons in 1Q25, reflecting modest growth of +0.9% YoY (vs 1,827k tons in 1Q24).The figure was in-line with our expectations, supported by a recovery from the drought conditions experienced in 1Q24, amid intensified rainfall in 1Q25 driven by the onset of La Nina since late last year.DSNG was the only company that saw a YoY decline in FFB output, falling -8.7% due to its ongoing replanting initiative (&gt;3k ha completed as of 1Q25). 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 underperformed peers EM markets, down -3.6% ww, driven by selling from both foreign (net outflow of US$275mn) and domestic investors.</li><li>Within the large sectors, Banks (-4.5% w-w) and Consumers (-3.7% w-w) led the market underperformance, while Telco was more resilient (-2.2% w-w).</li><li>Following outperformance YTD, metals sectors also corrected (-5.8% w-w). </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 underperformed peers EM markets, down -3.6% ww, driven by selling from both foreign (net outflow of US$275mn) and domestic investors.Within the large sectors, Banks (-4.5% w-w) and Consumers (-3.7% w-w) led the market underperformance, while Telco was more resilient (-2.2% w-w).Following outperformance YTD, metals sectors also corrected (-5.8% w-w). 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 Forward P/E

<ul><li>Searching for Momentum: Will GIIAS Shift the Gears?Key Takeaways:4W market remained under pressure in May-25, recording wholesale sales of 60,613 units, down 15</li><li>1% YoY (vs 71,391 units in May-24), despite an 18</li><li>4% MoM increase due to the low base following the Eid al-Fitr holiday</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.

Searching for Momentum: Will GIIAS Shift the Gears?Key Takeaways:4W market remained under pressure in May-25, recording wholesale sales of 60,613 units, down 151% YoY (vs 71,391 units in May-24), despite an 184% MoM increase due to the low base following the Eid al-Fitr holidayContent 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 P/B Band Chart (5-Year)

Market review: JCI underperformed regional EM peers for a second straight week, down -0.1% w-w, while other EM markets posted gains ww.

BRI Danareksa Research

Mid-Year Themes Review - Part I

A review of the performance of major investment themes in 2025 and outlook for the second half of the year, focusing on our favoured Asian equity...

Rikki Malik

Plantation Sectoral Update June 26, 2025

Aggregate FFB production of plantation companies under our coverage reached 1,844k tons in 1Q25, reflecting modest growth of +0.9% YoY (vs 1,827k...

MNC Sekuritas

BRIDS Market Pulse: Chart of the week – JCI Forward P/E

JCI underperformed peers EM markets, down -3.6% ww, driven by selling from both foreign (net outflow of US$275mn) and domestic investors.

BRI Danareksa Research

Automotive Sectoral Update June 19, 2025

Searching for Momentum: Will GIIAS Shift the Gears?Key Takeaways:4W market remained under pressure in May-25, recording wholesale sales of 60,613...

MNC Sekuritas

BRIDS Market Pulse: Chart of the Week – Banking Sector P/B Band Chart (5-Year)

Market review: JCI underperformed regional EM peers for a second straight week, down -0.1% w-w, while other EM markets posted gains ww.

BRI Danareksa Research

Mid-Year Themes Review - Part I

​A review of the performance of major investment themes in 2025 and outlook for the second half of the year, focusing on our favoured Asian equity...

Rikki Malik

Plantation Sectoral Update June 26, 2025

Aggregate FFB production of plantation companies under our coverage reached 1,844k tons in 1Q25, reflecting modest growth of +0.9% YoY (vs 1,827k...

MNC Sekuritas

BRIDS Market Pulse: Chart of the week – JCI Forward P/E

JCI underperformed peers EM markets, down -3.6% ww, driven by selling from both foreign (net outflow of US$275mn) and domestic investors.

BRI Danareksa Research

Automotive Sectoral Update June 19, 2025

Searching for Momentum: Will GIIAS Shift the Gears?Key Takeaways:4W market remained under pressure in May-25, recording wholesale sales of 60,613...

MNC Sekuritas

A review of the performance of major investment themes in 2025 and outlook for the second half of the year, focusing on our favoured Asian equity...