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>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

<ul><li>Based on the OJK data, we see deteriorating asset quality across all segments, i.e., property, vehicle, and other household loans.</li><li>Breaching its all-time high NPL ratio, the weaknesses observed in the apartment segment reaffirm our concern about asset quality in 2025.</li><li>Maintain Neutral rating on the sector with BBCA as our top pick, followed by BTPS, on their earnings momentum and lesser 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.

Based on the OJK data, we see deteriorating asset quality across all segments, i.e., property, vehicle, and other household loans.Breaching its all-time high NPL ratio, the weaknesses observed in the apartment segment reaffirm our concern about asset quality in 2025.Maintain Neutral rating on the sector with BBCA as our top pick, followed by BTPS, on their earnings momentum and lesser 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.

Banks: Deteriorating Household Loans’ Asset Quality (NEUTRAL)

<ul><li>Market review: JCI declined by -0.9% w-w, underperforming regional EM peers, driven by a correction in the banking sector (-5.9% w-w) following weaker-than-expected 4M25 earnings.</li><li>The metals sector (+10.3% w-w) continued to benefit from positive sentiment on a weaker USD outlook and expectations of resilient 2Q25 earnings. Performance across domestic sectors was mixed, with Telcos (+0.4% w-w) and Consumers (- 0.5% w-w) outperforming, while Retailers, Autos, and Cement lagged.</li><li>Foreign investor flows turned negative (-US$288mn), largely due to profittaking in large-cap banks (BBCA, BBRI, BMRI), bringing YTD outflows to - US$3,014bn. </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: JCI declined by -0.9% w-w, underperforming regional EM peers, driven by a correction in the banking sector (-5.9% w-w) following weaker-than-expected 4M25 earnings.The metals sector (+10.3% w-w) continued to benefit from positive sentiment on a weaker USD outlook and expectations of resilient 2Q25 earnings. Performance across domestic sectors was mixed, with Telcos (+0.4% w-w) and Consumers (- 0.5% w-w) outperforming, while Retailers, Autos, and Cement lagged.Foreign investor flows turned negative (-US$288mn), largely due to profittaking in large-cap banks (BBCA, BBRI, BMRI), bringing YTD outflows to - US$3,014bn. 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 Sectors

<ul><li>Market review: JCI outperformed the EM peers, up 1.5% w-w, amid strengthening of IDR (1.3% w-w).</li><li>The Indonesian equity market saw continuation of foreign funds inflow (US$131mn) while majority of EM markets experienced outflows during the week.</li><li>Sustained positive sentiment from the 25bps policy rate cut by Bank Indonesia have induced further inflows into large-cap banks particularly BBCA and BBRI. </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: JCI outperformed the EM peers, up 1.5% w-w, amid strengthening of IDR (1.3% w-w).The Indonesian equity market saw continuation of foreign funds inflow (US$131mn) while majority of EM markets experienced outflows during the week.Sustained positive sentiment from the 25bps policy rate cut by Bank Indonesia have induced further inflows into large-cap banks particularly BBCA and BBRI. 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. IDR

<ul><li>Post 20% rally in the past 6 weeks, JCI valuation is back at -1SD. We think further rerating will now hinge on growth momentum.</li><li>While we slightly lowered our FY25 growth expectations to 3% (from 4.5% previously), data points in Apr25 offer hopes for recovery, particularly if we see revival of govt spending in 2Q25 onwards.</li><li>We retain our FY25-end JCI target of 7,350 for now (implying 13.7x PE). From our ‘value’ picks, we continue to like INTP, BBRI, CTRA, MIKA.</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.

Post 20% rally in the past 6 weeks, JCI valuation is back at -1SD. We think further rerating will now hinge on growth momentum.While we slightly lowered our FY25 growth expectations to 3% (from 4.5% previously), data points in Apr25 offer hopes for recovery, particularly if we see revival of govt spending in 2Q25 onwards.We retain our FY25-end JCI target of 7,350 for now (implying 13.7x PE). From our ‘value’ picks, we continue to like INTP, BBRI, CTRA, MIKA.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: Tracking the Growth Momentum

Indonesia

PT Bank Rakyat Indonesia (Persero) Tbk is one of Indonesia's largest banks, specializing in providing banking products and services, including savings accounts, loans, and other financial solutions to micro, small, and medium enterprises (MSMEs), as well as retail and corporate clients. The company also offers investment, insurance, and digital banking services. Headquartered in Jakarta, Indonesia, the bank was founded on December 16, 1895.

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Bank Rakyat Indonesia (BBRI IJ)

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

Banks: Deteriorating Household Loans’ Asset Quality (NEUTRAL)

Maintain Neutral rating on the sector with BBCA as our top pick, followed by BTPS, on their earnings momentum and lesser ownership.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – Domestic Funds’ Positioning in Key Sectors

JCI declined by -0.9% w-w, underperforming regional EM peers, driven by a correction in the banking sector (-5.9% w-w) following weaker-than...

BRI Danareksa Research

BRIDS Market Pulse : Chart of the Week – JCI Vs. IDR

The Indonesian equity market saw continuation of foreign funds inflow (US$131mn) while majority of EM markets experienced outflows during the week.

BRI Danareksa Research

Equity Strategy: Tracking the Growth Momentum

We retain our FY25-end JCI target of 7,350 for now (implying 13.7x PE). From our ‘value’ picks, we continue to like INTP, BBRI, CTRA, MIKA.

BRI Danareksa Research

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