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

Amman Mineral Internasional / Equity Bottom-Up

<ul><li>Amman Mineral Internasional (AMMN IJ)From Pit to Cathode: Unlocking a New Earnings Cycle AMMN is entering a major FY26 earnings cycle as Batu Hijau’s Phase-8 ramp-up restores ore volumes and grades.</li><li>We forecast FY26F revenue of US$4.0bn (+117% yoy) and EBITDA of US$2.0bn (+97%) on higher Batu Hijau output (+130% yoy).</li><li>We initiate with a Buy rating and SOTP-based TP of Rp6,000; downstream value-capture and Elang optionality offer upside. </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.

Amman Mineral Internasional (AMMN IJ)From Pit to Cathode: Unlocking a New Earnings Cycle AMMN is entering a major FY26 earnings cycle as Batu Hijau’s Phase-8 ramp-up restores ore volumes and grades.We forecast FY26F revenue of US$4.0bn (+117% yoy) and EBITDA of US$2.0bn (+97%) on higher Batu Hijau output (+130% yoy).We initiate with a Buy rating and SOTP-based TP of Rp6,000; downstream value-capture and Elang optionality offer upside. 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.

Amman Mineral Internasional (AMMN.IJ) From Pit to Cathode: Unlocking a New Earnings Cycle

Thematic (Sector/Industry)

<ul>
<li>JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.</li>
<li>In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).</li>
<li>Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.</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 slightly up (+0.3% w-w) despite correcting from all-time high level during the week.
In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).
Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.

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. LQ45 Forward P/E Band

Macroeconomics

<ul><li>Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.</li><li>Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).</li><li>Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).</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.

Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).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 – Metal sector vs. gold price

<ul><li>JCI rallied by a strong 4.8% w-w and was the top performer among the EM markets last week.</li><li>The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and illiquid and conglo stocks (DCII, DSSA).</li><li>Market’s rally was also driven by the strong return in foreign investors’ flow which amounted to US$412mn, which put Indonesia among the only market with positive flow among the Asian EMs, with notable inflows into large-cap banks and TLKM. </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 rallied by a strong 4.8% w-w and was the top performer among the EM markets last week.The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and illiquid and conglo stocks (DCII, DSSA).Market’s rally was also driven by the strong return in foreign investors’ flow which amounted to US$412mn, which put Indonesia among the only market with positive flow among the Asian EMs, with notable inflows into large-cap banks and TLKM. 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’s P/BV Band Chart (5-Year)

<ul><li>The 2026 budget balances fiscal prudence with acceleration growth, prioritizing 8 national agendas, aiming for 5.4% GDP growth.</li><li>Revenue target projects 9.8% growth, driven by higher tax collections requiring improvement in tax collection and reforms.</li><li>The fiscal plan moderates deficit to 2.48% in 2026, controlling debt supply while conservative yield assumptions provide fiscal buffer.</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.

The 2026 budget balances fiscal prudence with acceleration growth, prioritizing 8 national agendas, aiming for 5.4% GDP growth.Revenue target projects 9.8% growth, driven by higher tax collections requiring improvement in tax collection and reforms.The fiscal plan moderates deficit to 2.48% in 2026, controlling debt supply while conservative yield assumptions provide fiscal buffer.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: The 2026 Proposed Budget: Building Up Momentum

Indonesia

Amman Mineral Internasional is an Indonesia-based holding company engaged in copper and gold mining, processing, smelting, and refining operations. It operates the Batu Hijau mine and develops the Elang project, producing high-grade copper concentrate enriched with gold and silver. The company is headquartered in South Jakarta, Indonesia, and was founded in 1990.

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Amman Mineral Internasional (AMMN IJ)