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>Nickel ore price has risen +19% YTD, while NPI declined -2%, pressuring non-integrated mines from inventory stocking at thin margins.</li><li>Despite recent reversal of nickel ore premium trend, 2H25 outlook hinges on supply addition, restocking season and RKAB approval.</li><li>We reiterate our Neutral rating on the sector and continue to favor ore over MHP and NPI; INCO and MBMA are our current top picks.</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.

Nickel ore price has risen +19% YTD, while NPI declined -2%, pressuring non-integrated mines from inventory stocking at thin margins.Despite recent reversal of nickel ore premium trend, 2H25 outlook hinges on supply addition, restocking season and RKAB approval.We reiterate our Neutral rating on the sector and continue to favor ore over MHP and NPI; INCO and MBMA are our current top picks.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.

Metal Mining: Ore Premium Reversal in Jul25

Macroeconomics

<ul><li>Market review: JCI ended the week up 0.7% w-w, outperforming majority of EM peers.</li><li>Amid negative performances from the big sectors (Banks +0.5%, Telco -2.5% Consumer Staples -1.8% w-w), JCI’s positive return for the week was driven by Oil &amp; Gas (+10.6% w-w), Cement (+7.8% w-w) and Industrial Estate (+4.6% w-w).</li><li>In line with the majority of EM peers, foreign investors flow into JCI was a net positive (US$80mn), with mixed flows into large-cap banks (except for BBRI), TLKM, and metals (ANTM and BRMS). </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 ended the week up 0.7% w-w, outperforming majority of EM peers.Amid negative performances from the big sectors (Banks +0.5%, Telco -2.5% Consumer Staples -1.8% w-w), JCI’s positive return for the week was driven by Oil &amp; Gas (+10.6% w-w), Cement (+7.8% w-w) and Industrial Estate (+4.6% w-w).In line with the majority of EM peers, foreign investors flow into JCI was a net positive (US$80mn), with mixed flows into large-cap banks (except for BBRI), TLKM, and metals (ANTM and BRMS). 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 – Telco Sector 5-Year EV/EBITDA

<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>Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.</li><li>In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.</li><li>ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. </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.

Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. 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 – Foreign Equity Flow Returned to JCI

<ul><li>The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia</li><li>While China's weak growth is a concern, the impact might be offset by better growth in other G20 economies, supporting the narrative of a soft landing towards the year-end, which may help mitigate potential volatility in asset prices</li><li>Domestic economic activity has been lacklustre, with more companies reporting lower-than-expected results</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 global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including IndonesiaWhile China's weak growth is a concern, the impact might be offset by better growth in other G20 economies, supporting the narrative of a soft landing towards the year-end, which may help mitigate potential volatility in asset pricesDomestic economic activity has been lacklustre, with more companies reporting lower-than-expected resultsContent 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 and Flows Tracker - Not All Is Well

Indonesia

PT Bumi Resources Minerals Tbk, through its subsidiaries, engages in the exploration and development of mineral properties across Asia. The company primarily explores for lead, zinc, gold, copper, and iron ore, and also engages in investment activities, funding, financing, and offers mining advisory and marketing services. It was founded in 2003 and is headquartered in Jakarta, Indonesia.

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Bumi Resources Minerals (BRMS IJ)

Metal Mining: Ore Premium Reversal in Jul25

Nickel ore price has risen +19% YTD, while NPI declined -2%, pressuring non-integrated mines from inventory stocking at thin margins.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – Telco Sector 5-Year EV/EBITDA

The week’s positive performance brought JCI to a 1.2% YTD increase, better than majority of ASEAN EM peers, while foreign investors were still at...

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

BRIDS Market Pulse : Chart of the week – Foreign Equity Flow Returned to JCI

The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and...

BRI Danareksa Research

Macro and Flows Tracker - Not All Is Well

The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia

BRI Danareksa Research

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