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

<ul><li>ELSA booked 1H26 net profit of Rp435bn (+28.8% yoy ), 45.7% of our FY26F, driven by Energy Distribution &amp; Logistics growth.</li><li>Accounting timing delayed upstream revenue recognition; Rp18.8tr contract book supports 2H26F revenue recovery.</li><li>We maintain Buy rating with unchanged TP of Rp1,110; KSO/LCO field - management expansion remains the key non - priced catalyst. </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.

ELSA booked 1H26 net profit of Rp435bn (+28.8% yoy ), 45.7% of our FY26F, driven by Energy Distribution &amp; Logistics growth.Accounting timing delayed upstream revenue recognition; Rp18.8tr contract book supports 2H26F revenue recovery.We maintain Buy rating with unchanged TP of Rp1,110; KSO/LCO field - management expansion remains the key non - priced catalyst. 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.

Elnusa (ELSA.IJ Rp 690; BUY TP Rp 1,115): Revenue Timing Gap Points to a Potentially Stronger 2H26F

<ul><li>Elnusa (ELSA IJ)Monetizing Indonesia’s Upstream Revival, Unlocking Integrated Services Optionality.</li><li>ELSA is positioned to capture Indonesia’s upstream activity cycle, supported by Rp12tr orderbook and high asset utilization.</li><li>We forecast FY26F net profit to rise 32% y-y, driven by upstream segment recovery (+11% y-y revenue growth). </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.

Elnusa (ELSA IJ)Monetizing Indonesia’s Upstream Revival, Unlocking Integrated Services Optionality.ELSA is positioned to capture Indonesia’s upstream activity cycle, supported by Rp12tr orderbook and high asset utilization.We forecast FY26F net profit to rise 32% y-y, driven by upstream segment recovery (+11% y-y revenue growth). 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.

Elnusa (ELSA.IJ) Monetizing Indonesia’s Upstream Revival, Unlocking Integrated Services Optionality

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

Thematic (Sector/Industry)

<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

Elnusa is an Indonesian oil and gas services company providing integrated solutions across three main segments: Upstream Services, Energy Distribution & Logistics Services, and Oil & Gas Support Services. Its services include geophysical and seismic data acquisition, drilling, oilfield services, as well as the storage, trading, distribution, and marketing of oil and gas products. The company was established in 1969 and is headquartered in Jakarta, Indonesia.

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Elnusa (ELSA IJ)

Elnusa (ELSA.IJ Rp 690; BUY TP Rp 1,115): Revenue Timing Gap Points to a Potentially Stronger 2H26F

E l n Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for...

BRI Danareksa Research

Elnusa (ELSA.IJ) Monetizing Indonesia’s Upstream Revival, Unlocking Integrated Services Optionality

We initiate with Buy rating and TP of Rp1,110 amid attractive growth with KSO/ LCO and PDSI acquisition as upside optionality.

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

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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