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>GOTO Gojek Tokopedia (GOTO IJ)1Q26 Earnings: First Net Profit Achieved, EBITDA Beat, But Guidance Held on Macro Risks GOTO posted its first net profit (Rp258bn) in 1Q26, supported by loan book growth to Rp9.9tr, while ODS GTV rose a modest 4% yoy.</li><li>Guidance maintained at Rp3.2–3.4tr FY26F EBITDA; potential cost pass-through flagged under fuel price risks.</li><li>Maintained Buy rating (TP: Rp80); Buyback pace to accelerate on strong FCF generation and cash 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.

GOTO Gojek Tokopedia (GOTO IJ)1Q26 Earnings: First Net Profit Achieved, EBITDA Beat, But Guidance Held on Macro Risks GOTO posted its first net profit (Rp258bn) in 1Q26, supported by loan book growth to Rp9.9tr, while ODS GTV rose a modest 4% yoy.Guidance maintained at Rp3.2–3.4tr FY26F EBITDA; potential cost pass-through flagged under fuel price risks.Maintained Buy rating (TP: Rp80); Buyback pace to accelerate on strong FCF generation and cash 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.

GOTO Gojek Tokopedia (GOTO.IJ) 1Q26 Earnings: First Net Profit Achieved, EBITDA Beat

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

<ul>
<li>JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.</li>
<li>In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).</li>
<li>Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.</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.


JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.
In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).
Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.

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. LQ45 Forward P/E Band

<ul><li>JCI rose 1.5% w-w, outperforming majority of EM peers (except for Korea’s Kospi index +4.4% w-w), bringing YTD performance to 21.9%.</li><li>Leaders were mixed between momentum stocks (FILM +38.8%, MORA +60.1%, IMPC +20.3% w-w) and the fundamental names (TLKM +5.4%, UNTR +10.2%, BBCA +1.0%, ASII +2.3%, BMRI +1.4%); DSSA and BBRI were laggards.</li><li>On sector performance, Heavy Equipment (+10.2% w-w), Telco (+5.0%) and Poultry (+4.5%) outperformed, while Pharma (-3.0% w-w), Property (-1.9%) and Retailers (-1.6%) underperformed.</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.

JCI rose 1.5% w-w, outperforming majority of EM peers (except for Korea’s Kospi index +4.4% w-w), bringing YTD performance to 21.9%.Leaders were mixed between momentum stocks (FILM +38.8%, MORA +60.1%, IMPC +20.3% w-w) and the fundamental names (TLKM +5.4%, UNTR +10.2%, BBCA +1.0%, ASII +2.3%, BMRI +1.4%); DSSA and BBRI were laggards.On sector performance, Heavy Equipment (+10.2% w-w), Telco (+5.0%) and Poultry (+4.5%) outperformed, while Pharma (-3.0% w-w), Property (-1.9%) and Retailers (-1.6%) underperformed.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 – ICBP P/E Band – Core Profit

<ul><li>Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.</li><li>MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.</li><li>Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.</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.

Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.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 Market Capitalization

Indonesia

GoTo is an Indonesian technology company that operates the largest digital ecosystem in the country. It provides integrated services including on-demand mobility (Gojek), e-commerce (Tokopedia), payments, and financial technology. The company is headquartered in Jakarta, Indonesia, and was formed in 2021 through the merger of Gojek and Tokopedia.

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GoTo (GOTO IJ)

GOTO Gojek Tokopedia (GOTO.IJ) 1Q26 Earnings: First Net Profit Achieved, EBITDA Beat

GOTO Gojek Tokopedia (GOTO IJ)1Q26 Earnings: First Net Profit Achieved, EBITDA Beat, But Guidance Held on Macro Risks GOTO posted its first net...

BRI Danareksa Research

BRIDS Market Pulse : Chart of the Week – Domestic Funds’ Positioning in Key Sectors

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...

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental...

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – ICBP P/E Band – Core Profit

JCI rose 1.5% w-w, outperforming majority of EM peers (except for Korea’s Kospi index +4.4% w-w), bringing YTD performance to 21.9%.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the Week – JCI Market Capitalization

MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.

BRI Danareksa Research

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