Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Amman Mineral Internasional / Index Rebalance

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world.</li>
<li>We saw no changes for the September 2026 rebal event. There will be no index changes for the September 2026 rebal event.</li>
<li>We expect a one-way flow of US$687mm for September 2026.</li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world.
We saw no changes for the September 2026 rebal event. There will be no index changes for the September 2026 rebal event.
We expect a one-way flow of US$687mm for September 2026.


[Quiddity Index] MV Global Gold Miners Sep26 Results: No Changes; ~US$690mm One-Way

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>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

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Telkom Indonesia, XL Axiata, Indo Tambangraya Megah, Mitra Adiperkasa, Astra Intl, GoTo Gojek Tokopedia, Merdeka Copper Gold, Charoen Pokphand Indonesia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Telkom Indonesia, XL Axiata, Indo Tambangraya Megah, Mitra Adiperkasa, Astra Intl, GoTo Gojek Tokopedia, Merdeka Copper Gold, Charoen Pokphand Indonesia.


MS-Indonesia Index Earning Revision (Aug): Telkom Indonesia, XL Axiata, Indo Tambangraya Megah

<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

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Bank Tabungan Negara, Charoen Pokphand Indonesia, Bank Central Asia, Astra Intl, PT Alamtri Resources Indonesia, Bank Rakyat Indonesia, XL Axiata, BFI Finance Indonesia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Bank Tabungan Negara, Charoen Pokphand Indonesia, Bank Central Asia, Astra Intl, PT Alamtri Resources Indonesia, Bank Rakyat Indonesia, XL Axiata, BFI Finance Indonesia.


MS-Indonesia Index Earning Revision (Jul): Bank Tabungan Negara, Charoen Pokphand Indonesia

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)

[Quiddity Index] MV Global Gold Miners Sep26 Results: No Changes; ~US$690mm One-Way

The MV Global Gold Miners Index has no changes. We saw one potential low conviction possibility but no likely ADDs (and we got none). There are,...

Travis Lundy

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

MS-Indonesia Index Earning Revision (Aug): Telkom Indonesia, XL Axiata, Indo Tambangraya Megah

We analyzed MS-Indonesia's consensus for Aug 2026 and highlighted changes of EPS in Telkom Indonesia (TLKM IJ), XL Axiata (EXCL IJ), Indo...

Ke Yan, CFA, FRM

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

MS-Indonesia Index Earning Revision (Jul): Bank Tabungan Negara, Charoen Pokphand Indonesia

We analyzed MS-Indonesia's consensus for Jul 2026 and highlighted changes of EPS in Bank Tabungan Negara (BBTN IJ), Charoen Pokphand Indonesia...

Ke Yan, CFA, FRM

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