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>Mayora Indah (MYOR IJ)Jul26 Domestic Momentum Builds Amid Soft Exports.</li><li>Domestic sales momentum strengthens, with Jul26 sell-in growth &gt;15% while exports remained relatively soft.</li><li>MYOR are re-accelerating export growth through product innovation and portfolio expansion across key markets. </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.

Mayora Indah (MYOR IJ)Jul26 Domestic Momentum Builds Amid Soft Exports.Domestic sales momentum strengthens, with Jul26 sell-in growth &gt;15% while exports remained relatively soft.MYOR are re-accelerating export growth through product innovation and portfolio expansion across key markets. 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.

Mayora Indah (MYOR.IJ) Jul26 Domestic Momentum Builds Amid Soft Exports

<ul><li>Mayora Indah (MYOR IJ) Conservative FY26 Top Line Guidance with Managed Margin Resilience1Q26 rev is expected to be flat to slightly down yoy on timing effects of Eid, while margins are expected to remain resilient and potentially improve qoq.</li><li>Cost pressures from Middle East tensions to emerge from 2Q26, with modest freight impact and max ~2% margin dilution from packaging cost.</li><li>We adjusted FY26/27F net profit estimates by +1.0/-3.3% and reiterate Buy rating, with unchanged TP of Rp2,700.</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.

Mayora Indah (MYOR IJ) Conservative FY26 Top Line Guidance with Managed Margin Resilience1Q26 rev is expected to be flat to slightly down yoy on timing effects of Eid, while margins are expected to remain resilient and potentially improve qoq.Cost pressures from Middle East tensions to emerge from 2Q26, with modest freight impact and max ~2% margin dilution from packaging cost.We adjusted FY26/27F net profit estimates by +1.0/-3.3% and reiterate Buy rating, with unchanged TP of Rp2,700.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.

Mayora Indah (MYOR.IJ) Conservative FY26 Top Line Guidance with Managed Margin Resilience

Thematic (Sector/Industry)

<ul><li>Consumer2Q26 Preview: Post-Eid Slowdown with Margin Pressure. We expect 2Q26E revenue to soften QoQ post-Eid, with 1H26 cumulative rev growth of 3.5% yoy, broadly in line with our/cons.</li><li>FY26F margins are likely to come under pressure from the lagged impact of 1Q26 geopolitical tensions on logistics and some input costs.</li><li>Maintain Overweight on the sector; top picks are MYOR (TP Rp2,700) and ICBP (TP Rp10,500).2Q26E: post-Eid seasonal rev softness, while cost pressures persist. </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.

Consumer2Q26 Preview: Post-Eid Slowdown with Margin Pressure. We expect 2Q26E revenue to soften QoQ post-Eid, with 1H26 cumulative rev growth of 3.5% yoy, broadly in line with our/cons.FY26F margins are likely to come under pressure from the lagged impact of 1Q26 geopolitical tensions on logistics and some input costs.Maintain Overweight on the sector; top picks are MYOR (TP Rp2,700) and ICBP (TP Rp10,500).2Q26E: post-Eid seasonal rev softness, while cost pressures persist. 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: 2Q26 Preview: Post-Eid Slowdown with Margin Pressure (OVERWEIGHT)

<ul><li>Consumer Valuation Reset on Macro &amp; Earnings Uncertainty.</li><li>Consumer sector derating reflects macro weakness, but valuation now appears to have priced in most headwinds, limiting further downside.</li><li>Macro tailwinds may emerge from easing geopolitical tensions, but earnings recovery is expected to be gradual. </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.

Consumer Valuation Reset on Macro &amp; Earnings Uncertainty.Consumer sector derating reflects macro weakness, but valuation now appears to have priced in most headwinds, limiting further downside.Macro tailwinds may emerge from easing geopolitical tensions, but earnings recovery is expected to be gradual. 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: Valuation Reset on Macro & Earnings Uncertainty (OVERWEIGHT)

<ul><li>We estimate 4Q25/ FY25 sector revenue growth of +6.7/+4.2% yoy, broadly in line with consensus’ est. of +4.1% yoy.</li><li>The revenue growth is mainly supported by ICBP and MYOR, while we also expect GPM recovery in 4Q25 on normalization in soft commodity prices.</li><li>Reiterate 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 estimate 4Q25/ FY25 sector revenue growth of +6.7/+4.2% yoy, broadly in line with consensus’ est. of +4.1% yoy.The revenue growth is mainly supported by ICBP and MYOR, while we also expect GPM recovery in 4Q25 on normalization in soft commodity prices.Reiterate 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: 4Q25 Preview: Steady Revenue Growth, Margins Gradually Improving (OVERWEIGHT)

Indonesia

PT Mayora Indah Tbk is an Indonesian multinational food and beverage company that manufactures, markets, and distributes fast-moving consumer goods, including biscuits, candies, wafers, chocolates, coffee, and health foods. The company is known for brands such as Kopiko, Energen, Torabika, and Beng Beng. Headquartered in Jakarta, Indonesia, it was founded in 1977.

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Mayora Indah (MYOR IJ)