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>Delayed Fed cuts keep yields elevated, constrain BI easing, with risk now shift focus toward near-term liquidity conditions.</li><li>Market impact on Moody’s downgrade looks contained; past precedents show reversals if policy response is credible and timely.</li><li>MSCI scrutiny accelerated structural transparency upgrades; frontier reclassification risk fades, but re-inclusion hinges on implementation.</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.

Delayed Fed cuts keep yields elevated, constrain BI easing, with risk now shift focus toward near-term liquidity conditions.Market impact on Moody’s downgrade looks contained; past precedents show reversals if policy response is credible and timely.MSCI scrutiny accelerated structural transparency upgrades; frontier reclassification risk fades, but re-inclusion hinges on implementation.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.

Macro Strategy: Off the Lows, Still Exposed to Headwinds

<ul><li>JCI posted a second consecutive week of sharp correction, down - 4.7% w-w, putting the market as the worst performer within EM YTD (-8.2% YTD).</li><li>The week’s correction was led by the conglo-related/ exindex aspirant names (DSSA -13.8% w-w, MORA -52.5%, FILM -55.3% w-w, BREN -5.9%) and metal plays, with TLKM the only fundamental names seeing a sharp correction on the back of market talks of a potential accelerated asset depreciation.</li><li>Investors’ rotation into fundamental names drove outperformances in Consumers (+7.2% ww), Cigarettes (+6.4%), Auto (5.5%) and Banks (+2.6%) though the momentum was slowed by the news on Moody’s outlook revision at the end of the 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.

JCI posted a second consecutive week of sharp correction, down - 4.7% w-w, putting the market as the worst performer within EM YTD (-8.2% YTD).The week’s correction was led by the conglo-related/ exindex aspirant names (DSSA -13.8% w-w, MORA -52.5%, FILM -55.3% w-w, BREN -5.9%) and metal plays, with TLKM the only fundamental names seeing a sharp correction on the back of market talks of a potential accelerated asset depreciation.Investors’ rotation into fundamental names drove outperformances in Consumers (+7.2% ww), Cigarettes (+6.4%), Auto (5.5%) and Banks (+2.6%) though the momentum was slowed by the news on Moody’s outlook revision at the end of the 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 – Consumer Sector P/E Band

<ul><li>Growth momentum improving. Accelerating disbursement and BI’s policy easing expected to strengthen growth toward year-end.</li><li>Beyond yield gaps. Foreign inflows often rise despite narrower BI–Fed spreads, showing growth differential drives sustained capital inflows.</li><li>Long-term foreign investment depends on Indonesia maintaining solid, broad-based, and stable economic growth momentum.</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.

Growth momentum improving. Accelerating disbursement and BI’s policy easing expected to strengthen growth toward year-end.Beyond yield gaps. Foreign inflows often rise despite narrower BI–Fed spreads, showing growth differential drives sustained capital inflows.Long-term foreign investment depends on Indonesia maintaining solid, broad-based, and stable economic growth momentum.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.

Macro Strategy: Growth Over Differentials

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>Balancing Structural Decline with Investment Ambitions in EnergyKey Takeaways:-  Indonesia’s oil and gas lifting target for FY25E has been revised down to 605k bpd/6,030 mmscfd due to the dominance of aging wells, high investment costs, and limited infrastructure</li><li>The government is accelerating production through 15 new projects and several long-term developments such as Masela block in FY30F and IDD project in FY27F</li><li>-  Global oil demand is expected to grow moderately due to efficiency improvements and the energy transition, especially in China</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.

Balancing Structural Decline with Investment Ambitions in EnergyKey Takeaways:-  Indonesia’s oil and gas lifting target for FY25E has been revised down to 605k bpd/6,030 mmscfd due to the dominance of aging wells, high investment costs, and limited infrastructureThe government is accelerating production through 15 new projects and several long-term developments such as Masela block in FY30F and IDD project in FY27F-  Global oil demand is expected to grow moderately due to efficiency improvements and the energy transition, especially in ChinaContent 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.

<ul><li>The MEMR mentioned a potential suspension of natural gas exports to prioritize domestic use amidst rising demand.</li><li>Though backed by Presidential Regulation no.22/2017, we believe companies under our coverage are hardly affected.</li><li>We maintain our Neutral stance, favoring WINS&gt;MEDC as we see WINS could benefit from elevated charter rates and higher utilization.</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 MEMR mentioned a potential suspension of natural gas exports to prioritize domestic use amidst rising demand.Though backed by Presidential Regulation no.22/2017, we believe companies under our coverage are hardly affected.We maintain our Neutral stance, favoring WINS&gt;MEDC as we see WINS could benefit from elevated charter rates and higher utilization.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.

Oil and Gas: Possible gas export ban is unlikely to materialize (NEUTRAL)

Indonesia

MedcoEnergi is an Indonesian multinational energy and natural resources company. It focuses on upstream oil and gas exploration and production, clean energy development, and copper and gold mining operations. The company was founded in 1980 and is headquartered in Jakarta, Indonesia.

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MedcoEnergi (MEDC IJ)

Macro Strategy: Off the Lows, Still Exposed to Headwinds

MSCI scrutiny accelerated structural transparency upgrades; frontier reclassification risk fades, but re-inclusion hinges on implementation.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – Consumer Sector P/E Band

JCI posted a second consecutive week of sharp correction, down - 4.7% w-w, putting the market as the worst performer within EM YTD (-8.2% YTD).

BRI Danareksa Research

Macro Strategy: Growth Over Differentials

Indonesia’s economy maintained solid momentum in 3Q25, recording 5.04% y-y (1.43% q-q) growth, although slightly easing from 2Q25’s 5.12%.

BRI Danareksa Research

Oil & Gas Sectoral Update July 10, 2025

The government is accelerating production through 15 new projects and several long-term developments such as Masela block in FY30F and IDD project...

MNC Sekuritas

Oil and Gas: Possible gas export ban is unlikely to materialize (NEUTRAL)

We maintain our Neutral stance, favoring WINS>MEDC as we see WINS could benefit from elevated charter rates and higher utilization.

BRI Danareksa Research

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