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>Equity Strategy Repricing the Risk; Potential Tactical Reliefs to Emerge.</li><li>JCI’s risk premium has reset higher on fiscal pressure, policy noise, negative sovereign outlooks, and MSCI deletions/ down-weight.</li><li>We see three ST potential tactical reliefs: foreign flow exhaustion, easing seasonal Rupiah pressure and the oil/war narrative peak. </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.

Equity Strategy Repricing the Risk; Potential Tactical Reliefs to Emerge.JCI’s risk premium has reset higher on fiscal pressure, policy noise, negative sovereign outlooks, and MSCI deletions/ down-weight.We see three ST potential tactical reliefs: foreign flow exhaustion, easing seasonal Rupiah pressure and the oil/war narrative peak. 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: Repricing the Risk; Potential Tactical Reliefs to Emerge

<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>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

Indonesia

Telkom Indonesia is a multinational telecommunications conglomerate that provides information and communications technology, and telecommunications network services globally. The company offers a diverse range of services including mobile communications, consumer fixed broadband, corporate ICT solutions, digital infrastructure, and global wholesale connectivity. Telkom Indonesia's corporate headquarters are in Bandung, with operational headquarters in Jakarta, Indonesia, and the company traces its history back to 1856.

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Telkom Indonesia (TLKM 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

Equity Strategy: Repricing the Risk; Potential Tactical Reliefs to Emerge

We see JCI earnings-yield-to-bond spread of 242bps to have priced in a bear scenario. We revise FY26 JCI target to 7,200. Repricing the risk.

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

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

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