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 robust earnings momentum in 3Q25 led by higher livebird and DOC prices, which offset the higher feed costs.</li><li>We expect 4Q25 prices to stay elevated despite moderation from Sep25 highs, underpinned by better supply–demand balance.</li><li>Maintain Overweight on the sector with CPIN as our top pick given its historically lower valuation and under-owned position.</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 robust earnings momentum in 3Q25 led by higher livebird and DOC prices, which offset the higher feed costs.We expect 4Q25 prices to stay elevated despite moderation from Sep25 highs, underpinned by better supply–demand balance.Maintain Overweight on the sector with CPIN as our top pick given its historically lower valuation and under-owned position.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.

Poultry: Heading into Year-End with Improving Supply–Demand Dynamics (OVERWEIGHT)

Macroeconomics

<ul><li>We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.</li><li>We continue to favor exposure in Commodities through Metals (INCO) and Coal (AADI). </li><li>While Consumers sector trade at deep discount, we remain ST cautious amid lingering raw materials pressure and weaker IDR risk.</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 maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.We continue to favor exposure in Commodities through Metals (INCO) and Coal (AADI). While Consumers sector trade at deep discount, we remain ST cautious amid lingering raw materials pressure and weaker IDR risk.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: Oct25 Picks: Sticking with Banks, Commodities, Telco

<ul><li>We expect additional 3-5% chicken absorption from MBG in Sep25 to support for LB prices.</li><li>We foresee margin expansion in 3Q25 to be led by higher LB prices, offsetting the higher raw feed material costs.</li><li>Maintain Overweight, with better 2H25 supply-demand outlook, better margins, and higher LB prices as positive catalysts.</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 expect additional 3-5% chicken absorption from MBG in Sep25 to support for LB prices.We foresee margin expansion in 3Q25 to be led by higher LB prices, offsetting the higher raw feed material costs.Maintain Overweight, with better 2H25 supply-demand outlook, better margins, and higher LB prices as positive catalysts.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.

Poultry: There Is Such a Thing as a Free Lunch (OVERWEIGHT)

<ul><li>We expect 2H25 earnings growth to rebound, driven by improved liquidity and prospect of govt spending acceleration.</li><li>We continue to like Telcos and are turning more constructive on banks (stable/ better NIM), while remaining ST cautious on Consumers.</li><li>We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.</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 expect 2H25 earnings growth to rebound, driven by improved liquidity and prospect of govt spending acceleration.We continue to like Telcos and are turning more constructive on banks (stable/ better NIM), while remaining ST cautious on Consumers.We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.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: 2H25: Positioning for a Growth Rebound

<ul><li>2025’s Suro month defies its historical seasonally lower LB prices, owing to the better supply-demand balance and HAP implementation.</li><li>YTD share price weakness has partly priced in the weak 2Q25 earnings, which we estimate to remain positive amid the deep decline.</li><li>Maintain Overweight, with better 2H25 supply-demand outlook and more stable LB prices as positive catalysts.</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.

2025’s Suro month defies its historical seasonally lower LB prices, owing to the better supply-demand balance and HAP implementation.YTD share price weakness has partly priced in the weak 2Q25 earnings, which we estimate to remain positive amid the deep decline.Maintain Overweight, with better 2H25 supply-demand outlook and more stable LB prices as positive catalysts.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.

Poultry: No Sorrow in Suro This Year (OVERWEIGHT)

Indonesia

PT Charoen Pokphand Indonesia Tbk is a leading Indonesian company primarily engaged in the poultry and egg production industry. It manufactures and sells poultry feed, day-old chicks, and processed chicken products under various brands, and also operates in food processing, preservation of meat, and animal pharmaceutical products. The company was founded on July 2, 1972, and is headquartered in Jakarta, Indonesia.

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Charoen Pokphand Indonesia (CPIN IJ)

Poultry: Heading into Year-End with Improving Supply–Demand Dynamics (OVERWEIGHT)

We estimate robust earnings momentum in 3Q25 led by higher livebird and DOC prices, which offset the higher feed costs.We expect 4Q25 prices to...

BRI Danareksa Research

Equity Strategy: Oct25 Picks: Sticking with Banks, Commodities, Telco

We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.

BRI Danareksa Research

Poultry: There Is Such a Thing as a Free Lunch (OVERWEIGHT)

We expect additional 3-5% chicken absorption from MBG in Sep25 to support for LB prices. We foresee margin expansion in 3Q25 to be led by higher LB...

BRI Danareksa Research

Equity Strategy: 2H25: Positioning for a Growth Rebound

We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.

BRI Danareksa Research

Poultry: No Sorrow in Suro This Year (OVERWEIGHT)

2025’s Suro month defies its historical seasonally lower LB prices, owing to the better supply-demand balance and HAP implementation.

BRI Danareksa Research

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