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>Bank Jago (ARTO IJ)2Q26 Earnings: In line; Earnings Momentum Continues Amid Slowing Loan Growth Outlook. ARTO booked net profit of Rp103bn in 2Q26 (+20% qoq, +55% yoy), bringing 1H26 NP to Rp189bn (+49% yoy), i.e., in line.</li><li>LaR ratio increased 25bps qoq, due to seasonality. Management remains confident in asset quality until end of FY26.</li><li>We adjusted our risk-free rate to 7.5% (from 6.5%) and arrived at a lower TP of Rp1,900 (from Rp2,400), maintaining a Buy rating. Continued bottom line 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.

Bank Jago (ARTO IJ)2Q26 Earnings: In line; Earnings Momentum Continues Amid Slowing Loan Growth Outlook. ARTO booked net profit of Rp103bn in 2Q26 (+20% qoq, +55% yoy), bringing 1H26 NP to Rp189bn (+49% yoy), i.e., in line.LaR ratio increased 25bps qoq, due to seasonality. Management remains confident in asset quality until end of FY26.We adjusted our risk-free rate to 7.5% (from 6.5%) and arrived at a lower TP of Rp1,900 (from Rp2,400), maintaining a Buy rating. Continued bottom line 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.

Bank Jago (ARTO.IJ) In Line; Earnings Momentum Continue Amid Slowing Loan Growth Outlook

<ul><li>Bank Jago (ARTO IJ)1Q26 Earnings: In line; Sustaining Earnings Momentum Amid Higher Credit CostsARTO booked NP of Rp86bn (+11% qoq, +42% yoy), forming 21% of our FY26F estimate (in line) but slightly below consensus at 18%.</li><li>Despite the higher NPL and LaR ratios, management remains comfortable, citing no significant deterioration in asset quality.</li><li>We adjusted our risk-free rate to 6.5% (from 6.0%) and arrive at a lower TP of Rp2,400 (from Rp,3000), maintain BUY rating.</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.

Bank Jago (ARTO IJ)1Q26 Earnings: In line; Sustaining Earnings Momentum Amid Higher Credit CostsARTO booked NP of Rp86bn (+11% qoq, +42% yoy), forming 21% of our FY26F estimate (in line) but slightly below consensus at 18%.Despite the higher NPL and LaR ratios, management remains comfortable, citing no significant deterioration in asset quality.We adjusted our risk-free rate to 6.5% (from 6.0%) and arrive at a lower TP of Rp2,400 (from Rp,3000), maintain BUY rating.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.

Bank Jago (ARTO.IJ) 1Q26 Earnings: In Line; Sustaining Earnings Momentum Amid Higher Credit Costs

<ul><li>ARTO booked NP of Rp72bn in 3Q25 (+8% qoq, +101% yoy), pressured by higher CoF, bringing 9M25 below est. at Rp199bn (+132% yoy).</li><li>ARTO’s CoF rose 35bps qoq to 4.5% on tightened liquidity but CoF improved 5bps in Sep25 and continuing in MTD Oct25.</li><li>We maintain our Buy rating but lowered our FY25-27F est. to account for higher CoF, resulting in a lower TP of Rp3,100.</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.

ARTO booked NP of Rp72bn in 3Q25 (+8% qoq, +101% yoy), pressured by higher CoF, bringing 9M25 below est. at Rp199bn (+132% yoy).ARTO’s CoF rose 35bps qoq to 4.5% on tightened liquidity but CoF improved 5bps in Sep25 and continuing in MTD Oct25.We maintain our Buy rating but lowered our FY25-27F est. to account for higher CoF, resulting in a lower TP of Rp3,100.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.

Bank Jago (ARTO.IJ) 3Q25 Earnings Miss on CoF Pressure; Signs of Improvement from Sep25 Onward

Thematic (Sector/Industry)

<ul><li>Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.</li><li>MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.</li><li>Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.</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.

Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.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 Market Capitalization

<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

Indonesia

PT Bank Jago Tbk is an Indonesian digital banking institution that provides innovative financial solutions for individuals and businesses, with a focus on enhancing financial management through its Jago and Jago Syariah applications. The bank offers various funding and lending products, including savings accounts, time deposits, and different types of credit, catering to conventional and Sharia-compliant needs. It is headquartered in Jakarta, Indonesia, and was founded in 1992.

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Bank Jago (ARTO IJ)

Bank Jago (ARTO.IJ) In Line; Earnings Momentum Continue Amid Slowing Loan Growth Outlook

We adjusted our risk-free rate to 7.5% (from 6.5%) and arrived at a lower TP of Rp1,900 (from Rp2,400), maintaining a Buy rating. Continued bottom...

BRI Danareksa Research

Bank Jago (ARTO.IJ) 1Q26 Earnings: In Line; Sustaining Earnings Momentum Amid Higher Credit Costs

In line; Sustaining Earnings Momentum Amid Higher Credit CostsARTO booked NP of Rp86bn (+11% qoq, +42% yoy), forming 21% of our FY26F estimate...

BRI Danareksa Research

Bank Jago (ARTO.IJ) 3Q25 Earnings Miss on CoF Pressure; Signs of Improvement from Sep25 Onward

ARTO booked NP of Rp72bn in 3Q25 (+8% qoq, +101% yoy), pressured by higher CoF, bringing 9M25 below est. at Rp199bn (+132% yoy).

BRI Danareksa Research

BRIDS Market Pulse : Chart of the Week – JCI Market Capitalization

MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.

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

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