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>Danantara reportedly plans to fund Rp20tr investment in poultry farms to secure production of chicken and egg to support the MBG program.</li><li>We believe strong execution is needed to employ such a large budget effectively and it would take time (2 years) to be fully integrated player.</li><li>Despite the overhang, we maintain Overweight on the sector, with CPIN as our top pick and rebound in LB prices as ST catalyst.</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.

Danantara reportedly plans to fund Rp20tr investment in poultry farms to secure production of chicken and egg to support the MBG program.We believe strong execution is needed to employ such a large budget effectively and it would take time (2 years) to be fully integrated player.Despite the overhang, we maintain Overweight on the sector, with CPIN as our top pick and rebound in LB prices as ST catalyst.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.

Poultry: Potential New Players in the Industry ( OVERWEIGHT)

<ul><li>Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.</li><li>MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.</li><li>Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.</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’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.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 Market Capitalization

<ul><li>A positive week for JCI with strong performance and inflows into fundamental names.</li><li>JCI recorded a strong 4.5% w-w rebound and was the second-best performing market within EM following Korea’s KOSPI index.</li><li>The strong performance was particularly encouraging as it was led by the blue-chip/ fundamental names (i.e., BBCA +10.3% w-w, BBRI +10.0%, TLKM +14.2%, BMRI +12.3%, ASII +16.9%), which well offset the drop in metals stocks amid sharp correction in gold price. </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.

A positive week for JCI with strong performance and inflows into fundamental names.JCI recorded a strong 4.5% w-w rebound and was the second-best performing market within EM following Korea’s KOSPI index.The strong performance was particularly encouraging as it was led by the blue-chip/ fundamental names (i.e., BBCA +10.3% w-w, BBRI +10.0%, TLKM +14.2%, BMRI +12.3%, ASII +16.9%), which well offset the drop in metals stocks amid sharp correction in gold price. 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 Forward PBV Ratio

<ul><li>We estimate robust earnings momentum in 3Q25 led by higher livebird and DOC prices, which offset the higher feed costs.</li><li>We expect 4Q25 prices to stay elevated despite moderation from Sep25 highs, underpinned by better supply–demand balance.</li><li>Maintain Overweight on the sector with CPIN as our top pick given its historically lower valuation and under-owned position.</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.

We estimate robust earnings momentum in 3Q25 led by higher livebird and DOC prices, which offset the higher feed costs.We expect 4Q25 prices to stay elevated despite moderation from Sep25 highs, underpinned by better supply–demand balance.Maintain Overweight on the sector with CPIN as our top pick given its historically lower valuation and under-owned position.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.

Poultry: Heading into Year-End with Improving Supply–Demand Dynamics (OVERWEIGHT)

<ul><li>We expect additional 3-5% chicken absorption from MBG in Sep25 to support for LB prices.</li><li>We foresee margin expansion in 3Q25 to be led by higher LB prices, offsetting the higher raw feed material costs.</li><li>Maintain Overweight, with better 2H25 supply-demand outlook, better margins, and higher LB prices as positive catalysts.</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.

We expect additional 3-5% chicken absorption from MBG in Sep25 to support for LB prices.We foresee margin expansion in 3Q25 to be led by higher LB prices, offsetting the higher raw feed material costs.Maintain Overweight, with better 2H25 supply-demand outlook, better margins, and higher LB prices as positive catalysts.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.

Poultry: There Is Such a Thing as a Free Lunch (OVERWEIGHT)

Indonesia

PT Japfa Comfeed Indonesia Tbk manufactures animal feed, breeds and processes chickens, and operates aquaculture farms.  The Company trades its products domestically and internationally.

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Japfa Comfeed Indonesia (JPFA IJ)

Poultry: Potential New Players in the Industry ( OVERWEIGHT)

Danantara reportedly plans to fund Rp20tr investment in poultry farms to secure production of chicken and egg to support the MBG program.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the Week – JCI Market Capitalization

MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the Week – Banking Sector Forward PBV Ratio

JCI recorded a strong 4.5% w-w rebound and was the second-best performing market within EM following Korea’s KOSPI index.

BRI Danareksa Research

Poultry: Heading into Year-End with Improving Supply–Demand Dynamics (OVERWEIGHT)

We estimate robust earnings momentum in 3Q25 led by higher livebird and DOC prices, which offset the higher feed costs.We expect 4Q25 prices to...

BRI Danareksa Research

Poultry: There Is Such a Thing as a Free Lunch (OVERWEIGHT)

We expect additional 3-5% chicken absorption from MBG in Sep25 to support for LB prices. We foresee margin expansion in 3Q25 to be led by higher LB...

BRI Danareksa Research

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