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>Telco Entering the Real 5G Era: A Gradual Monetization Path.</li><li>Spectrum upfront cost and deployment capex should pressure MNO earnings; Monetization is unlikely to materialize immediately.</li><li>Earnings drag should be cushioned by 1x upfront payment, special-case pricing, and lower 5G deployment capex vs regional history. </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.

Telco Entering the Real 5G Era: A Gradual Monetization Path.Spectrum upfront cost and deployment capex should pressure MNO earnings; Monetization is unlikely to materialize immediately.Earnings drag should be cushioned by 1x upfront payment, special-case pricing, and lower 5G deployment capex vs regional history. 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.

Telco: Entering the Real 5G Era: A Gradual Monetization Path (OVERWEIGHT)

<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 posted a 3.5% rebound, bringing YTD performance to -5% while during the week EM has sustained outperformance (led by South Korea’s KOSPI Index +8%, Taiwan’s TWSE Index +6%, Thailand’s SET Index +6%) compared to US market’s -1%.</li><li>While JCI’s last week performance was in-line with EM, the gains were mainly led by the rebound in conglo group stocks (DSSA +10.5%, BRMS +14.3%, BUMI +29.2%), while fundamentals stocks were among the laggards (BBCA -6.2%, ASII -0.7%).</li><li>Government reaffirms stronger growth outlook. In Economic Outlook update, President Prabowo reaffirms FY26 GDP growth target of 5.4% (base case), while MOF sees upside to 6% (per Pak Purbaya) and 5.5– 6.0% in 1Q26.</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 posted a 3.5% rebound, bringing YTD performance to -5% while during the week EM has sustained outperformance (led by South Korea’s KOSPI Index +8%, Taiwan’s TWSE Index +6%, Thailand’s SET Index +6%) compared to US market’s -1%.While JCI’s last week performance was in-line with EM, the gains were mainly led by the rebound in conglo group stocks (DSSA +10.5%, BRMS +14.3%, BUMI +29.2%), while fundamentals stocks were among the laggards (BBCA -6.2%, ASII -0.7%).Government reaffirms stronger growth outlook. In Economic Outlook update, President Prabowo reaffirms FY26 GDP growth target of 5.4% (base case), while MOF sees upside to 6% (per Pak Purbaya) and 5.5– 6.0% in 1Q26.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 – Retailers Sector P/E Band

<ul><li>Past precedents of MSCI EM downgrade indicated that foreign investors tend to derisk during review time and ahead of the implementation.</li><li>We maintain our bottom-up view and continue to tilt exposure toward sectors with clearer earnings visibility: Telco, Poultry, Consumers; and momentum in Metals. </li><li>We maintain our FY26-end JCI target of 9,400 but see downside risk to 8,900-9,175 if flow premium is reduced. Our top picks are: ANTM, AADI, ISAT, JPFA, ICBP, BBNI.</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.

Past precedents of MSCI EM downgrade indicated that foreign investors tend to derisk during review time and ahead of the implementation.We maintain our bottom-up view and continue to tilt exposure toward sectors with clearer earnings visibility: Telco, Poultry, Consumers; and momentum in Metals. We maintain our FY26-end JCI target of 9,400 but see downside risk to 8,900-9,175 if flow premium is reduced. Our top picks are: ANTM, AADI, ISAT, JPFA, ICBP, BBNI.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: Foreign Flow Overhang from MSCI Review; Maintain Bottom-Up Selective Exposure

<ul><li>FBB penetration could reach ~41% in FY26, underpinned by 1.4GHz FWA, challenger-led price disruption, and open-access FiberCos.</li><li>Rising competition and open-access fiber pose downside risk to MNO FBB ARPU, while mobile momentum continues to anchor core earnings.</li><li>WIFI and INET offer growth exposure at 12.4x/18.9x 26F EV/EBITDA, underpinned by strong cons. EBITDA growth of ~2.2x/~12.0x in 2026F.</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.

FBB penetration could reach ~41% in FY26, underpinned by 1.4GHz FWA, challenger-led price disruption, and open-access FiberCos.Rising competition and open-access fiber pose downside risk to MNO FBB ARPU, while mobile momentum continues to anchor core earnings.WIFI and INET offer growth exposure at 12.4x/18.9x 26F EV/EBITDA, underpinned by strong cons. EBITDA growth of ~2.2x/~12.0x in 2026F.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.

Telco: Fixed Broadband Race Kicks Off; Challenger ISPs Pursue Aggressive Growth (OVERWEIGHT)

Indonesia

Indosat Ooredoo Hutchison provides digital telecommunication services, including cellular, fixed telecommunications, and multimedia, data communication, and internet (MIDI) services across Indonesia. The company offers prepaid and post-paid mobile services, international and roaming services, data communication, IT services, and electronic payment and remittance services. It was founded in 1967 and is headquartered in Jakarta, Indonesia.

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Indosat Ooredoo Hutchison (ISAT IJ)

Telco: Entering the Real 5G Era: A Gradual Monetization Path (OVERWEIGHT)

Spectrum upfront cost and deployment capex should pressure MNO earnings; Monetization is unlikely to materialize immediately.

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 – Retailers Sector P/E Band

While JCI’s last week performance was in-line with EM, the gains were mainly led by the rebound in conglo group stocks (DSSA +10.5%, BRMS +14.3%,...

BRI Danareksa Research

Equity Strategy: Foreign Flow Overhang from MSCI Review; Maintain Bottom-Up Selective Exposure

Past precedents of MSCI EM downgrade indicated that foreign investors tend to derisk during review time and ahead of the implementation.

BRI Danareksa Research

Telco: Fixed Broadband Race Kicks Off; Challenger ISPs Pursue Aggressive Growth (OVERWEIGHT)

FBB penetration could reach ~41% in FY26, underpinned by 1.4GHz FWA, challenger-led price disruption, and open-access FiberCos.

BRI Danareksa Research

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