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>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

<ul><li>We estimate 3Q25/9M25 sector revenue growth of +6.5/+6.9% yoy, relatively in line with ours’ and consensus’ est.</li><li>As we expect margins to normalize, core profit growth is estimated to be flat yoy in 9M25, likely falling short of our estimates.</li><li>Maintain Overweight on the sector; preferred 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 3Q25/9M25 sector revenue growth of +6.5/+6.9% yoy, relatively in line with ours’ and consensus’ est.As we expect margins to normalize, core profit growth is estimated to be flat yoy in 9M25, likely falling short of our estimates.Maintain Overweight on the sector; preferred 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: 3Q25 Preview: Steady Revenue, But Earnings May Come Under Pressure (OVERWEIGHT)

<ul><li>We expect 2H25 earnings growth to rebound, driven by improved liquidity and prospect of govt spending acceleration.</li><li>We continue to like Telcos and are turning more constructive on banks (stable/ better NIM), while remaining ST cautious on Consumers.</li><li>We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.</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 2H25 earnings growth to rebound, driven by improved liquidity and prospect of govt spending acceleration.We continue to like Telcos and are turning more constructive on banks (stable/ better NIM), while remaining ST cautious on Consumers.We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.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.

Equity Strategy: 2H25: Positioning for a Growth Rebound

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.

<ul><li>Retailers' 1Q25 Performance: Fragmented but Selectively Resilient Retailers in our universe posted mixed results in 1Q25.</li><li>MAPI booked resilient earnings, with +5.8% YoY revenue growth and +14.1% YoY net profit growth, supported by stable margins and a strong brand portfolio targeting mid-to-up consumers.</li><li>ACES recorded +9.2% YoY top-line growth, though profitability was weighed down by THR payouts and rebranding costs related to AZKO. </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.

Retailers' 1Q25 Performance: Fragmented but Selectively Resilient Retailers in our universe posted mixed results in 1Q25.MAPI booked resilient earnings, with +5.8% YoY revenue growth and +14.1% YoY net profit growth, supported by stable margins and a strong brand portfolio targeting mid-to-up consumers.ACES recorded +9.2% YoY top-line growth, though profitability was weighed down by THR payouts and rebranding costs related to AZKO. 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

PT Mitra Adiperkasa Tbk operates department stores and specialty stores selling a broad range of goods including clothing, toys, food, and other merchandise.

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Mitra Adiperkasa (MAPI IJ)

Macro Strategy: 2026: Reassessing the Investment Cycle

Manufacturing-led FDI now anchors investment growth, lifting GFCF and widening regional benefit with Ex-Java areas benefiting the most.

BRI Danareksa Research

Macro Strategy: Growth Over Differentials

Indonesia’s economy maintained solid momentum in 3Q25, recording 5.04% y-y (1.43% q-q) growth, although slightly easing from 2Q25’s 5.12%.

BRI Danareksa Research

Retail: 3Q25 Preview: Steady Revenue, But Earnings May Come Under Pressure (OVERWEIGHT)

As we expect margins to normalize, core profit growth is estimated to be flat yoy in 9M25, likely falling short of our estimates. Maintain...

BRI Danareksa Research

Equity Strategy: 2H25: Positioning for a Growth Rebound

We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.

BRI Danareksa Research

Retail Sectoral Update June 30, 2025

Retailers' 1Q25 Performance: Fragmented but Selectively Resilient Retailers in our universe posted mixed results in 1Q25.

MNC Sekuritas

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