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>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

<ul><li>Market review: Foreign funds outflow reaccelerated with -US$142mn, largely in big banks (BBCA -US$127mn and BMRI US$65mn), bringing YTD outflow to US$3.8bn.</li><li>Despite this, JCI managed to close flattish (- 0.1% w-w), supported by TLKM (+6% w-w), GOTO (12%) partly offsetting underperformance by the large-cap banks (BMRI -3% and BBCA -2%).</li><li>Our preliminary recap on 2Q25 results indicated that ~55% of companies under our coverage met earnings expectation, while 31% fell short and only 14% beat expectation.</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.

Market review: Foreign funds outflow reaccelerated with -US$142mn, largely in big banks (BBCA -US$127mn and BMRI US$65mn), bringing YTD outflow to US$3.8bn.Despite this, JCI managed to close flattish (- 0.1% w-w), supported by TLKM (+6% w-w), GOTO (12%) partly offsetting underperformance by the large-cap banks (BMRI -3% and BBCA -2%).Our preliminary recap on 2Q25 results indicated that ~55% of companies under our coverage met earnings expectation, while 31% fell short and only 14% beat expectation.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 – Domestic Funds’ Positioning in Key Sector

Macroeconomics

<ul><li>Liquidity shows early signs of improvement as SRBI yields fall and IndONIA drops; fiscal disbursement expected to lead recovery further.</li><li>BI is likely to maintain its dovish stance and have time to assess before proceeding with further rate cuts, given current liquidity conditions.</li><li>US tariff shift could shield Indonesia’s exports, but cheap imports threaten domestic market requiring policies intervention.</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.

Liquidity shows early signs of improvement as SRBI yields fall and IndONIA drops; fiscal disbursement expected to lead recovery further.BI is likely to maintain its dovish stance and have time to assess before proceeding with further rate cuts, given current liquidity conditions.US tariff shift could shield Indonesia’s exports, but cheap imports threaten domestic market requiring policies intervention.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 Tailwinds and Trade-Off

<ul><li>Market review: Following 3 weeks of negative performances, JCI staged a rebound of +2.7% w-w, outperforming majority of the EM peers.</li><li>The index’s performance was driven by the large-cap sectors: Banks (+3.1% w-w), Telco (+2.7% w-w) as well as laggard sectors namely Poultry (+7.7% w-w), Cement (+4.5%), and Tower (+4.1%), indicating likelihood of technical rebound amid still limited catalysts.</li><li>Foreign investors remain net sellers in the market with -US$115mn of outflow. </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.

Market review: Following 3 weeks of negative performances, JCI staged a rebound of +2.7% w-w, outperforming majority of the EM peers.The index’s performance was driven by the large-cap sectors: Banks (+3.1% w-w), Telco (+2.7% w-w) as well as laggard sectors namely Poultry (+7.7% w-w), Cement (+4.5%), and Tower (+4.1%), indicating likelihood of technical rebound amid still limited catalysts.Foreign investors remain net sellers in the market with -US$115mn of outflow. 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, LQ45, and IDX80 YTD Performance

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>Searching for Momentum: Will GIIAS Shift the Gears?Key Takeaways:4W market remained under pressure in May-25, recording wholesale sales of 60,613 units, down 15</li><li>1% YoY (vs 71,391 units in May-24), despite an 18</li><li>4% MoM increase due to the low base following the Eid al-Fitr holiday</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.

Searching for Momentum: Will GIIAS Shift the Gears?Key Takeaways:4W market remained under pressure in May-25, recording wholesale sales of 60,613 units, down 151% YoY (vs 71,391 units in May-24), despite an 184% MoM increase due to the low base following the Eid al-Fitr holidayContent 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)

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

BRIDS Market Pulse: Chart of the Week – Domestic Funds’ Positioning in Key Sector

Market review: Foreign funds outflow reaccelerated with -US$142mn, largely in big banks (BBCA -US$127mn and BMRI US$65mn), bringing YTD outflow to...

BRI Danareksa Research

Macro Strategy: The Tailwinds and Trade-Off

Liquidity shows early signs of improvement as SRBI yields fall and IndONIA drops; fiscal disbursement expected to lead recovery further.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the week – JCI, LQ45, and IDX80 YTD Performance

Market review: Following 3 weeks of negative performances, JCI staged a rebound of +2.7% w-w, outperforming majority of the EM peers.

BRI Danareksa Research

Automotive Sectoral Update June 19, 2025

Searching for Momentum: Will GIIAS Shift the Gears?Key Takeaways:4W market remained under pressure in May-25, recording wholesale sales of 60,613...

MNC Sekuritas

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