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>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>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

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

Fidelity Funds - Asian High Yield Fund / Debt Capital Markets

Fidelity Funds - Asian High Yield Fund (FFASIAU LX)

<ul>
<li>The Fed hiked 25 bps to 3.75-4.00% on 16-Sep as WTI returned near USD100/bbl; we expect Asian USD bond yields to stay elevated and spreads to widen into year-end. </li>
<li>We keep Asian USD bonds at Neutral at best and advise investors to favor floating rate bonds, Bond Laddering, duration below five years, and swap hedges on fixed rate positions. </li>
<li>We remain positive on Asian credit fundamentals and list 10 fixed rate picks yielding 7.4-10.8%, led by Avation at +233 bps over B-rated peers; we exclude China property.</li>
</ul>


The Fed hiked 25 bps to 3.75-4.00% on 16-Sep as WTI returned near USD100/bbl; we expect Asian USD bond yields to stay elevated and spreads to widen into year-end. 
We keep Asian USD bonds at Neutral at best and advise investors to favor floating rate bonds, Bond Laddering, duration below five years, and swap hedges on fixed rate positions. 
We remain positive on Asian credit fundamentals and list 10 fixed rate picks yielding 7.4-10.8%, led by Avation at +233 bps over B-rated peers; we exclude China property.


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)

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

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

Asian Bond Monitor: Stay A-Float

The Fed hikes into an oil shock near USD100/bbl. We expect Asian USD bond yields to keep rising. Stay Neutral, favor floaters and ladder short...

Bondcritic

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