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 estimate minimal impact on CoF (1-3bps) and earnings (0.4-1.5%) on SOE banks after raising their USD TD rates to 4%.</li><li>We see downside risks from deposit dollarization and weaker Rupiah, although the plan could also benefit domestic liquidity and economy.</li><li>Amid the bottoming liquidity, we retain Neutral rating on the sector with BBCA as our LT stock pick as we remain cautious on asset quality.</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 minimal impact on CoF (1-3bps) and earnings (0.4-1.5%) on SOE banks after raising their USD TD rates to 4%.We see downside risks from deposit dollarization and weaker Rupiah, although the plan could also benefit domestic liquidity and economy.Amid the bottoming liquidity, we retain Neutral rating on the sector with BBCA as our LT stock pick as we remain cautious on asset quality.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.

<ul><li>The Rp200tr state funds placed in selected banks could potentially lower CoF by 1-16bps, if no loan growth target is required.</li><li>Otherwise, we see potential downside in NIM and asset quality, especially if economic growth remains stagnant post the stimulus.</li><li>Amid the bottoming liquidity, we retain Neutral rating on the sector with BBCA as our LT stock pick as we remain cautious on asset quality.</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 Rp200tr state funds placed in selected banks could potentially lower CoF by 1-16bps, if no loan growth target is required.Otherwise, we see potential downside in NIM and asset quality, especially if economic growth remains stagnant post the stimulus.Amid the bottoming liquidity, we retain Neutral rating on the sector with BBCA as our LT stock pick as we remain cautious on asset quality.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.

Banks: Liquidity Support, Asset Quality Risk: A Double-Edged Sword (NEUTRAL)

Macroeconomics

<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>JCI finished the week flat (-0.1% w-w), underperforming most of the EM peers.</li><li>Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).</li><li>Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI. </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 finished the week flat (-0.1% w-w), underperforming most of the EM peers.Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI. 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 P/E Band (10-Year)

<ul><li>JCI finished the week flat (-0.1% w-w), underperforming most of the EM peers.</li><li>Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).</li><li>Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI.</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 finished the week flat (-0.1% w-w), underperforming most of the EM peers.Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI.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 - Monday, 11 August 2025

Indonesia

PT Bank Mandiri (Persero) Tbk is Indonesia's largest bank, providing a wide range of banking products and services to individuals and businesses. These offerings include savings and current accounts, various loans, credit and debit cards, e-banking, investment products, and insurance services. The bank was formed on October 2, 1998, through the merger of four state-owned banks and is headquartered in Jakarta, Indonesia.

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Bank Mandiri (BMRI IJ)

Banks: USD Deposits and IDR Liquidity...

Amid the bottoming liquidity, we retain Neutral rating on the sector with BBCA as our LT stock pick as we remain cautious on asset quality.

BRI Danareksa Research

Banks: Liquidity Support, Asset Quality Risk: A Double-Edged Sword (NEUTRAL)

Amid the bottoming liquidity, we retain Neutral rating on the sector with BBCA as our LT stock pick as we remain cautious on asset quality.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – Banking Sector’s P/BV Band Chart (5-Year)

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...

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – JCI P/E Band (10-Year)

MSCI’s Aug25 review announced the inclusion of DSSA and CUAN into the index, with exclusion of ADRO (into MSCI Small Cap).

BRI Danareksa Research

BRIDS Market Pulse - Monday, 11 August 2025

JCI finished the week flat (-0.1% w-w), underperforming most of the EM peers. Despite positive surprise from 2Q25 GDP numbers...

BRI Danareksa Research

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