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.

Equity Bottom-Up

<ul><li>Mitra Adiperkasa (MAPI IJ)Improving Demand and Healthier Inventory Support 2H26  Outlook sees resilient demand in Jul-Aug26, potentially supporting 3Q26 SSSG improvement on stronger seasonality &amp; a low base.</li><li>FY26 guidance remains unchanged, with healthier inventory levels supporting margin buffer and limiting huge discounting risks.</li><li>Maintain Hold rating with TP of Rp1,520 based on an updated 3yr mean PE multiple of 11.3x FY26F. </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.

Mitra Adiperkasa (MAPI IJ)Improving Demand and Healthier Inventory Support 2H26  Outlook sees resilient demand in Jul-Aug26, potentially supporting 3Q26 SSSG improvement on stronger seasonality &amp; a low base.FY26 guidance remains unchanged, with healthier inventory levels supporting margin buffer and limiting huge discounting risks.Maintain Hold rating with TP of Rp1,520 based on an updated 3yr mean PE multiple of 11.3x FY26F. 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.

Mitra Adiperkasa (MAPI.IJ) Improving Demand and Healthier Inventory Support 2H26 Outlook

Thematic (Sector/Industry)

<ul><li>We estimate 4Q25/FY25 sector revenue growth of +6.5/+6.5% yoy, relatively in line with our and consensus estimates.</li><li>Given the manageable opex, we expect sector op profit to increase by +6.6% yoy in 4Q25 with estimated core profit growth of +4.1% yoy.</li><li>Maintain Overweight on the sector; top picks are MIDI (Buy, TP Rp550) and MAPA (Buy, TP Rp800).</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 4Q25/FY25 sector revenue growth of +6.5/+6.5% yoy, relatively in line with our and consensus estimates.Given the manageable opex, we expect sector op profit to increase by +6.6% yoy in 4Q25 with estimated core profit growth of +4.1% yoy.Maintain Overweight on the sector; top picks are MIDI (Buy, TP Rp550) and MAPA (Buy, TP Rp800).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.

Retail: 4Q25 Preview: Expansion-Led Growth, SSSG Gradually Recovering (OVERWEIGHT)

<ul><li>We expect govt fiscal expansion to boost gradual demand recovery, while store expansion remains the key growth driver for retailers in FY26F.</li><li>We project sector’s rev. growth of +8.7% yoy in FY26F driven by store expansion and gradual SSSG recovery, with modest margin improvement.</li><li>Maintain Overweight on the sector; preferred picks are MIDI (Buy, TP Rp550) and MAPA (Buy, TP Rp800). Govt fiscal expansion to support gradual</li></ul>Content is an 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 govt fiscal expansion to boost gradual demand recovery, while store expansion remains the key growth driver for retailers in FY26F.We project sector’s rev. growth of +8.7% yoy in FY26F driven by store expansion and gradual SSSG recovery, with modest margin improvement.Maintain Overweight on the sector; preferred picks are MIDI (Buy, TP Rp550) and MAPA (Buy, TP Rp800). Govt fiscal expansion to support gradualContent is an 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.

Retail: FY26 Outlook: Fiscal Boost and Store Expansion Drive Steady Growth in FY26F (OVERWEIGHT)

<ul><li>Manufacturing-led FDI now anchors investment growth, lifting GFCF and widening regional benefit with Ex-Java areas benefiting the most.</li><li>Despite rising manufacturing-led FDI, investment momentum is soft. Capex cycle, utilisation, and minimum wages are key factors to watch.</li><li>Wage growth tracks investment in productive regions, highlighting the need to shift UMR rules toward productivity-based, region-specific.</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.

Manufacturing-led FDI now anchors investment growth, lifting GFCF and widening regional benefit with Ex-Java areas benefiting the most.Despite rising manufacturing-led FDI, investment momentum is soft. Capex cycle, utilisation, and minimum wages are key factors to watch.Wage growth tracks investment in productive regions, highlighting the need to shift UMR rules toward productivity-based, region-specific.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.

Macro Strategy: 2026: Reassessing the Investment Cycle

<ul><li>Growth momentum improving. Accelerating disbursement and BI’s policy easing expected to strengthen growth toward year-end.</li><li>Beyond yield gaps. Foreign inflows often rise despite narrower BI–Fed spreads, showing growth differential drives sustained capital inflows.</li><li>Long-term foreign investment depends on Indonesia maintaining solid, broad-based, and stable economic growth momentum.</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.

Growth momentum improving. Accelerating disbursement and BI’s policy easing expected to strengthen growth toward year-end.Beyond yield gaps. Foreign inflows often rise despite narrower BI–Fed spreads, showing growth differential drives sustained capital inflows.Long-term foreign investment depends on Indonesia maintaining solid, broad-based, and stable economic growth momentum.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.

Macro Strategy: Growth Over Differentials

Indonesia

PT Mitra Adiperkasa Tbk is a leading lifestyle retailer in Indonesia, operating a diversified portfolio of over 3,800 retail stores across various categories including sports, fashion, department stores, kids, food & beverage, and lifestyle products. The company also acts as a distributor for several international brands. It was incorporated in 1995 and is headquartered in Jakarta Pusat, Indonesia.

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Mitra Adiperkasa (MAPI IJ)