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 expect FY26 purchasing power to improve gradually on expansionary fiscal measures, stronger social assistance and higher min. wages.</li><li>We project sector’s rev. growth of +5.7% yoy in FY26F (vs. +4.2% FY25F), with margin relief and efficiencies driving +6% increase in core profit.</li><li>Maintain our Overweight stance on the sector; ICBP (Buy, TP Rp11,500) remains the top pick in the 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.

We expect FY26 purchasing power to improve gradually on expansionary fiscal measures, stronger social assistance and higher min. wages.We project sector’s rev. growth of +5.7% yoy in FY26F (vs. +4.2% FY25F), with margin relief and efficiencies driving +6% increase in core profit.Maintain our Overweight stance on the sector; ICBP (Buy, TP Rp11,500) remains the top pick in the 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.

Consumer: FY26 Outlook: Fiscal Acceleration and Potentially Higher Wage Hikes to Support Consumption

<ul><li>We estimate 3Q25/ 9M25 sector rev. growth of +2.8/+2.9% yoy, in line with ours’ and consensus’ est.</li><li>Opex savings esp. on A&amp;P exp. may help to partially cushion op. profit decline (9M25E: -1.3% yoy) and core profit growth of +3.7% yoy in 9M25E.</li><li>Reiterate our Overweight stance on the sector; ICBP (Buy, TP Rp12,000) remains the top pick in the space.</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 3Q25/ 9M25 sector rev. growth of +2.8/+2.9% yoy, in line with ours’ and consensus’ est.Opex savings esp. on A&amp;P exp. may help to partially cushion op. profit decline (9M25E: -1.3% yoy) and core profit growth of +3.7% yoy in 9M25E.Reiterate our Overweight stance on the sector; ICBP (Buy, TP Rp12,000) remains the top pick in the space.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.

Consumer: 3Q25 Preview: Navigating Modest Revenue Growth Through Cost Discipline (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>The newly launched “8+4” program stimulus should serve as a catalyst for consumer spending recovery and support Consumer sector’s growth. </li><li>While we expect the stimulus impact may take place in 4Q25 onwards, we maintain our rev/core earnings growth of +4.8/+0.4% yoy in FY25F.</li><li>Reiterate our Overweight stance on the sector. Our top pick is ICBP (Buy, TP Rp12,000), followed by MYOR (Buy, TP Rp2,500).</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 newly launched “8+4” program stimulus should serve as a catalyst for consumer spending recovery and support Consumer sector’s growth. While we expect the stimulus impact may take place in 4Q25 onwards, we maintain our rev/core earnings growth of +4.8/+0.4% yoy in FY25F.Reiterate our Overweight stance on the sector. Our top pick is ICBP (Buy, TP Rp12,000), followed by MYOR (Buy, TP Rp2,500).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.

Consumer: Stimulus on the Horizon (OVERWEIGHT)

<ul><li>Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.</li><li>Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).</li><li>Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).</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.

Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).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 – Metal sector vs. gold price

Indonesia

Indofood CBP Sukses Makmur Tbk is a leading Indonesian manufacturer of packaged food products, offering noodles, dairy, snack foods, food seasonings, nutrition and special foods, and beverages. The company also operates a packaging business. It was founded in 1982 and is headquartered in Jakarta, Indonesia.

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Indofood CBP Sukses Makmur (ICBP IJ)

Consumer: FY26 Outlook: Fiscal Acceleration and Potentially Higher Wage Hikes to Support Consumption

We expect FY26 purchasing power to improve gradually on expansionary fiscal measures, stronger social assistance and higher min. wages.

BRI Danareksa Research

Consumer: 3Q25 Preview: Navigating Modest Revenue Growth Through Cost Discipline (OVERWEIGHT)

Opex savings esp. on A&P exp. may help to partially cushion op. profit decline (9M25E: -1.3% yoy) and core profit growth of +3.7% yoy in 9M25E.

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

Consumer: Stimulus on the Horizon (OVERWEIGHT)

The newly launched “8+4” program stimulus should serve as a catalyst for consumer spending recovery and support Consumer sector’s growth.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – Metal sector vs. gold price

Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).

BRI Danareksa Research

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