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>Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.</li><li>MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.</li><li>Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive 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.

Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive 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 – JCI Market Capitalization

<ul><li>A positive week for JCI with strong performance and inflows into fundamental names.</li><li>JCI recorded a strong 4.5% w-w rebound and was the second-best performing market within EM following Korea’s KOSPI index.</li><li>The strong performance was particularly encouraging as it was led by the blue-chip/ fundamental names (i.e., BBCA +10.3% w-w, BBRI +10.0%, TLKM +14.2%, BMRI +12.3%, ASII +16.9%), which well offset the drop in metals stocks amid sharp correction in gold price. </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.

A positive week for JCI with strong performance and inflows into fundamental names.JCI recorded a strong 4.5% w-w rebound and was the second-best performing market within EM following Korea’s KOSPI index.The strong performance was particularly encouraging as it was led by the blue-chip/ fundamental names (i.e., BBCA +10.3% w-w, BBRI +10.0%, TLKM +14.2%, BMRI +12.3%, ASII +16.9%), which well offset the drop in metals stocks amid sharp correction in gold price. 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 – Banking Sector Forward PBV Ratio

<ul><li>The 1.4 GHz spectrum opening for 5G FWA may disrupt mobile economics, with an estimated effective cost per GB ~14× below mobile.</li><li>Recent media reports suggest the 1.4 GHz spectrum fee may come in lower, easing cost pressures and enabling low-priced FWA plans.</li><li>Mobile faces risk, but open access could be a game changer; Maintain OW on 2H25 recovery from price repair and industry consolidation.</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 1.4 GHz spectrum opening for 5G FWA may disrupt mobile economics, with an estimated effective cost per GB ~14× below mobile.Recent media reports suggest the 1.4 GHz spectrum fee may come in lower, easing cost pressures and enabling low-priced FWA plans.Mobile faces risk, but open access could be a game changer; Maintain OW on 2H25 recovery from price repair and industry consolidation.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: 1.4 GHz Spectrum Auction Nears; 5G FWA Could Reshape Industry Dynamics (OVERWEIGHT)

<ul><li>Our Sep25 price tracker indicates that Tsel and IOH offered lower yields in their promotional packages, which are typically limited-time offers.</li><li>Tsel leadsin product simplification with a reduction in sachet plans; IOH has started introducing 5G plans while XL has shifted to shorter validity.</li><li>We maintain OW on the sector; although yield pressure poses a ST risk, it is concentrated in Hot Sale packages, hence, seems more tactical.</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.

Our Sep25 price tracker indicates that Tsel and IOH offered lower yields in their promotional packages, which are typically limited-time offers.Tsel leadsin product simplification with a reduction in sachet plans; IOH has started introducing 5G plans while XL has shifted to shorter validity.We maintain OW on the sector; although yield pressure poses a ST risk, it is concentrated in Hot Sale packages, hence, seems more tactical.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: Sep25 Price Tracker: Promotional ST Drag on Yields (OVERWEIGHT)

Macroeconomics

<ul><li>JCI rallied by a strong 4.8% w-w and was the top performer among the EM markets last week.</li><li>The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and illiquid and conglo stocks (DCII, DSSA).</li><li>Market’s rally was also driven by the strong return in foreign investors’ flow which amounted to US$412mn, which put Indonesia among the only market with positive flow among the Asian EMs, with notable inflows into large-cap banks and TLKM. </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 rallied by a strong 4.8% w-w and was the top performer among the EM markets last week.The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and illiquid and conglo stocks (DCII, DSSA).Market’s rally was also driven by the strong return in foreign investors’ flow which amounted to US$412mn, which put Indonesia among the only market with positive flow among the Asian EMs, with notable inflows into large-cap banks and TLKM. 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 – Banking Sector’s P/BV Band Chart (5-Year)

Indonesia

Telkom Indonesia is a state-owned enterprise providing comprehensive information and communication technology services and digital telecommunications across Indonesia. It offers mobile communications, consumer fixed broadband, corporate ICT solutions, digital infrastructure, and global wholesale connectivity through its extensive network. The company is headquartered in Bandung and Jakarta, Indonesia, and was officially established on July 6, 1965.

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Telkom Indonesia (TLK US)

BRIDS Market Pulse : Chart of the Week – JCI Market Capitalization

MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the Week – Banking Sector Forward PBV Ratio

JCI recorded a strong 4.5% w-w rebound and was the second-best performing market within EM following Korea’s KOSPI index.

BRI Danareksa Research

Telco: 1.4 GHz Spectrum Auction Nears; 5G FWA Could Reshape Industry Dynamics (OVERWEIGHT)

The 1.4 GHz spectrum opening for 5G FWA may disrupt mobile economics, with an estimated effective cost per GB ~14× below mobile.

BRI Danareksa Research

Telco: Sep25 Price Tracker: Promotional ST Drag on Yields (OVERWEIGHT)

Our Sep25 price tracker indicates that Tsel and IOH offered lower yields in their promotional packages, which are typically limited-time offers.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – Banking Sector’s P/BV Band Chart (5-Year)

The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and...

BRI Danareksa Research

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