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 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

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>CCI slipped to 117.5 in May-25 (vs 121.7 in Apr-25), marking the lowest point since Oct-22.</li><li>This continued downtrend suggests that households remain wary of economic uncertainties, particularly with muted wage growth and rising cost of living.</li><li>The Current Economic Index declined to 106.0 (vs 113.7 in Apr-25) and Consumer Expectation Index dropped to 129.0 in May-25 (vs 129.8 in Apr-25), with income expectation slipping to 135.4 and business activity index falling to 127.8. </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.

CCI slipped to 117.5 in May-25 (vs 121.7 in Apr-25), marking the lowest point since Oct-22.This continued downtrend suggests that households remain wary of economic uncertainties, particularly with muted wage growth and rising cost of living.The Current Economic Index declined to 106.0 (vs 113.7 in Apr-25) and Consumer Expectation Index dropped to 129.0 in May-25 (vs 129.8 in Apr-25), with income expectation slipping to 135.4 and business activity index falling to 127.8. 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 Sector Waiting for a Clearer Sign: Between Caution and Catalyst

<ul><li>We expect govt’s economic stimulus and stronger IDR to support purchasing power and Consumer companies’ earnings in 2H25.</li><li>We foresee a decent +6.4%/+5.2% rev/core net profit growth in FY25F, supported by ongoing cost efficiencies to help limit EBIT margin decline.</li><li>Resuming our coverage with an Overweight rating given the resilient sector’s growth outlook. Our top pick is ICBP (Buy, TP Rp14,000).</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 govt’s economic stimulus and stronger IDR to support purchasing power and Consumer companies’ earnings in 2H25.We foresee a decent +6.4%/+5.2% rev/core net profit growth in FY25F, supported by ongoing cost efficiencies to help limit EBIT margin decline.Resuming our coverage with an Overweight rating given the resilient sector’s growth outlook. Our top pick is ICBP (Buy, TP Rp14,000).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: A Laggard Sector with Potential Catalysts to Support Growth; Resuming Coverage with OW

<ul><li>In May25, domestic funds added positions in Metals, Auto and Retailers while trimming Tech, Consumers, and Petrochemicals.</li><li>Banks’ soft earnings may drive further trimming in the sector; catalysts for Metals remain, but positioning is already high in ANTM and INCO. </li><li>JCI remains attractive versus EM peers on growth outlook and valuation; our picks for 2Q-3Q25 are: BBCA, ICBP, ISAT, and CTRA.</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.

In May25, domestic funds added positions in Metals, Auto and Retailers while trimming Tech, Consumers, and Petrochemicals.Banks’ soft earnings may drive further trimming in the sector; catalysts for Metals remain, but positioning is already high in ANTM and INCO. JCI remains attractive versus EM peers on growth outlook and valuation; our picks for 2Q-3Q25 are: BBCA, ICBP, ISAT, and CTRA.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: Jun25 Positioning: What to Add if Investors Trim Banks?

<ul><li>We estimate that the Indofood group still reported strong net profit in FY24, while SIDO may exceed consensus expectations.</li><li>Heading into 2Q25, we believe instant noodlessales volume will remain resilient. The recent ASP increase should also bode well for earnings.</li><li>In Jan25, local funds increased their positions in ICBP and INDF. Foreign investor also increased position in INDF, driven to strong CPO price.</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 that the Indofood group still reported strong net profit in FY24, while SIDO may exceed consensus expectations.Heading into 2Q25, we believe instant noodlessales volume will remain resilient. The recent ASP increase should also bode well for earnings.In Jan25, local funds increased their positions in ICBP and INDF. Foreign investor also increased position in INDF, driven to strong CPO price.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: 4Q24 Earnings Outlook: ICBP and INDF to Be Robust, SIDO Eyes Upside

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)

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

Consumer Sector Waiting for a Clearer Sign: Between Caution and Catalyst

This continued downtrend suggests that households remain wary of economic uncertainties, particularly with muted wage growth and rising cost of...

MNC Sekuritas

Consumer: A Laggard Sector with Potential Catalysts to Support Growth; Resuming Coverage with OW

Resuming our coverage with an Overweight rating given the resilient sector’s growth outlook. Our top pick is ICBP (Buy, TP Rp14,000).

BRI Danareksa Research

Equity Strategy: Jun25 Positioning: What to Add if Investors Trim Banks?

In May25, domestic funds added positions in Metals, Auto and Retailers while trimming Tech, Consumers, and Petrochemicals.

BRI Danareksa Research

Consumer: 4Q24 Earnings Outlook: ICBP and INDF to Be Robust, SIDO Eyes Upside

We estimate that the Indofood group still reported strong net profit in FY24, while SIDO may exceed consensus expectations.

BRI Danareksa Research

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