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

Bank Syariah Indonesia / Equity Bottom-Up

<ul><li>Bank Syariah Indonesia (BRIS IJ)2Q26 Earnings: In line; Lower Provisions and Loan Growth Support Bottom LineBRIS posted 2Q26 net profit of Rp2.0tr (-11%qoq, +5%yoy), bringing 1H26 NP to Rp4.2tr (+11% yoy), in line with ours and cons.</li><li>Lower CoC on a corporate loan upgrade offsets NIM pressure, with stable NPF supported by improving corporate &amp; MSME segments.</li><li>We maintain Buy rating with an unchanged TP of Rp3,100, as we keep our FY26F estimates and valuation unchanged.Resilient yoy bottom line...</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 Syariah Indonesia (BRIS IJ)2Q26 Earnings: In line; Lower Provisions and Loan Growth Support Bottom LineBRIS posted 2Q26 net profit of Rp2.0tr (-11%qoq, +5%yoy), bringing 1H26 NP to Rp4.2tr (+11% yoy), in line with ours and cons.Lower CoC on a corporate loan upgrade offsets NIM pressure, with stable NPF supported by improving corporate &amp; MSME segments.We maintain Buy rating with an unchanged TP of Rp3,100, as we keep our FY26F estimates and valuation unchanged.Resilient yoy bottom line...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 Syariah Indonesia (BRIS.IJ): Lower Provisions and Loan Growth Support Bottom Line

<ul><li>Bank Syariah Indonesia (BRIS IJ)1Q26 Earnings: In-line; Solid Gold Financing and Lower Cost of Fund Drove Higher Profitability.</li><li>BRIS delivered a strong 1Q26 NP of Rp2.2tr (+10% qoq, +17% yoy), in line with ours and consensus est. at 26% of FY26F.</li><li>Gold financing doubled yoy (+26% qoq), reaching 8.8% of the total portfolio, enhancing yield, fee-based income, and lowering CoC. </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 Syariah Indonesia (BRIS IJ)1Q26 Earnings: In-line; Solid Gold Financing and Lower Cost of Fund Drove Higher Profitability.BRIS delivered a strong 1Q26 NP of Rp2.2tr (+10% qoq, +17% yoy), in line with ours and consensus est. at 26% of FY26F.Gold financing doubled yoy (+26% qoq), reaching 8.8% of the total portfolio, enhancing yield, fee-based income, and lowering CoC. 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 Syariah Indonesia (BRIS.IJ) 1Q26 Earnings: In-Line

<ul><li> BRIS reported a record quarterly net profit of Rp2.0tr in 4Q25, driving a 8% yoy net profit growth in FY25 to Rp7.6tr, in line with our/cons ests.</li><li>Management expects the robust 4Q25 to continue in FY26F with loan growth of 14-16%, NIM &gt;5.5%, and CoC &lt;1.0%, on higher gold financing.</li><li>We slightly trimmed our FY26-27 estimates to reflect lower NIM but maintain Buy rating with 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.

 BRIS reported a record quarterly net profit of Rp2.0tr in 4Q25, driving a 8% yoy net profit growth in FY25 to Rp7.6tr, in line with our/cons ests.Management expects the robust 4Q25 to continue in FY26F with loan growth of 14-16%, NIM &gt;5.5%, and CoC &lt;1.0%, on higher gold financing.We slightly trimmed our FY26-27 estimates to reflect lower NIM but maintain Buy rating with 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 Syariah Indonesia (BRIS.IJ) NIM Recovery and Robust Fee Income Driven by Gold Business

<ul><li>BRIS booked NP of Rp1.8tr in 3Q25 (-2% qoq, +7% yoy) bringing its 9M25 NP to Rp5.6tr (+9% yoy), falling short of ours and consensus’ FY25F.</li><li>Driven by its gold business, fee-based income rose to Rp1.8tr (+48% qoq, +25% yoy). Despite this, the higher opex brought CIR up to 54.5%.</li><li>We maintain our BUY rating with an unchanged TP of Rp2,900. Risks to our view include deteriorating asset quality and normalized fee income.</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.

BRIS booked NP of Rp1.8tr in 3Q25 (-2% qoq, +7% yoy) bringing its 9M25 NP to Rp5.6tr (+9% yoy), falling short of ours and consensus’ FY25F.Driven by its gold business, fee-based income rose to Rp1.8tr (+48% qoq, +25% yoy). Despite this, the higher opex brought CIR up to 54.5%.We maintain our BUY rating with an unchanged TP of Rp2,900. Risks to our view include deteriorating asset quality and normalized fee income.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 Syariah Indonesia (BRIS.IJ) - Robust Fee-Based Income but Offset by Lower NIM and Higher Opex

Thematic (Sector/Industry)

<ul><li>Market review: JCI corrected -0.5% w-w, driven by drops in large-cap sectors namely Banks (-2.3% w-w), Telco (-1.8%), partly offset by Consumers (+2.8% w-w), Metals (+7.0%) and Retailers (+7.1%).</li><li>Market sentiment remained clouded by lack of growth catalyst, despite indication from MoF of potential acceleration in fiscal spending in 2H25.</li><li>Foreign investors remained net sellers with US$172mn of outflows, bringing YTD outflows to US$3.4bn.</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 corrected -0.5% w-w, driven by drops in large-cap sectors namely Banks (-2.3% w-w), Telco (-1.8%), partly offset by Consumers (+2.8% w-w), Metals (+7.0%) and Retailers (+7.1%).Market sentiment remained clouded by lack of growth catalyst, despite indication from MoF of potential acceleration in fiscal spending in 2H25.Foreign investors remained net sellers with US$172mn of outflows, bringing YTD outflows to US$3.4bn.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

Indonesia

Bank Syariah Indonesia is a state-owned Islamic bank in Indonesia, offering a comprehensive range of commercial banking products and services to individuals and corporations, including savings, financing, investment, and digital banking. It operates through segments such as Corporate Banking, Commercial Banking, Institutional Relation, Retail Banking, and Treasury Banking and Head Office. The bank was officially founded on February 1, 2021, as a result of a merger between three state-owned sharia banks. Its headquarters are located in Jakarta, Indonesia.

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Bank Syariah Indonesia (BRIS IJ)