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>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

<ul><li>The Fed is likely to lean toward an easing bias as labor conditions weaken, though divisions among members remain.</li><li>Stable inflation, ample liquidity, and BI’s intervention framework support Bank Indonesia’s gradual 2026 rate cuts.</li><li>We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.</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 Fed is likely to lean toward an easing bias as labor conditions weaken, though divisions among members remain.Stable inflation, ample liquidity, and BI’s intervention framework support Bank Indonesia’s gradual 2026 rate cuts.We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.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: Navigating the Rate and Yield Transition

<ul><li>JCI rose 1.5% w-w, outperforming majority of EM peers (except for Korea’s Kospi index +4.4% w-w), bringing YTD performance to 21.9%.</li><li>Leaders were mixed between momentum stocks (FILM +38.8%, MORA +60.1%, IMPC +20.3% w-w) and the fundamental names (TLKM +5.4%, UNTR +10.2%, BBCA +1.0%, ASII +2.3%, BMRI +1.4%); DSSA and BBRI were laggards.</li><li>On sector performance, Heavy Equipment (+10.2% w-w), Telco (+5.0%) and Poultry (+4.5%) outperformed, while Pharma (-3.0% w-w), Property (-1.9%) and Retailers (-1.6%) 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 rose 1.5% w-w, outperforming majority of EM peers (except for Korea’s Kospi index +4.4% w-w), bringing YTD performance to 21.9%.Leaders were mixed between momentum stocks (FILM +38.8%, MORA +60.1%, IMPC +20.3% w-w) and the fundamental names (TLKM +5.4%, UNTR +10.2%, BBCA +1.0%, ASII +2.3%, BMRI +1.4%); DSSA and BBRI were laggards.On sector performance, Heavy Equipment (+10.2% w-w), Telco (+5.0%) and Poultry (+4.5%) outperformed, while Pharma (-3.0% w-w), Property (-1.9%) and Retailers (-1.6%) 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 – ICBP P/E Band – Core Profit

<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

Macroeconomics

<ul><li>Indonesia’s growth is driven by steady consumption and increasingly important investment, both forming dual engine for growth expansion.</li><li>We assess three factors: growth drivers, dilemma &amp; policy implication, and conclude different phase of economy require different approaches.</li><li>Consumption drives quick gains, while investment sustains growth, requiring balanced near- and long-term policy support.</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.

Indonesia’s growth is driven by steady consumption and increasingly important investment, both forming dual engine for growth expansion.We assess three factors: growth drivers, dilemma &amp; policy implication, and conclude different phase of economy require different approaches.Consumption drives quick gains, while investment sustains growth, requiring balanced near- and long-term policy support.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

Astra International is a leading Indonesian conglomerate with a highly diversified business portfolio across seven main segments: automotive, financial services, heavy equipment, mining, construction, agribusiness, infrastructure, information technology, and property. The company manufactures, distributes, and services vehicles, provides financial and insurance services, and is involved in palm oil plantations, logistics, and property development. It was founded in 1957 and is headquartered in Jakarta, Indonesia.

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Astra International (ASII IJ)

BRIDS Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

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...

BRI Danareksa Research

Macro Strategy: 2026: Navigating the Rate and Yield Transition

We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – ICBP P/E Band – Core Profit

JCI rose 1.5% w-w, outperforming majority of EM peers (except for Korea’s Kospi index +4.4% w-w), bringing YTD performance to 21.9%.

BRI Danareksa Research

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: 2026: The Dual Levers

Indonesia’s growth is driven by steady consumption and increasingly important investment, both forming dual engine for growth expansion.

BRI Danareksa Research

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