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.

Macroeconomics

<ul>
<li>Positive momentum continues as bond yields fell on global trends, driven by rate cut expectations and more dovish policy shifts.</li>
<li>Rapid yield declines risk reversal as inflation pressures and lesser easing prospects may widen Fed-market gap, increasing volatility ahead.</li>
<li>2Q25 GDP beat expectations, but mixed indicators persist, we expect several factors to signal stronger growth momentum in 2H.</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.


Positive momentum continues as bond yields fell on global trends, driven by rate cut expectations and more dovish policy shifts.
Rapid yield declines risk reversal as inflation pressures and lesser easing prospects may widen Fed-market gap, increasing volatility ahead.
2Q25 GDP beat expectations, but mixed indicators persist, we expect several factors to signal stronger growth momentum in 2H.

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.

<ul><li>JCI finished the week flat (-0.1% w-w), underperforming most of the EM peers.</li><li>Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).</li><li>Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI.</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 finished the week flat (-0.1% w-w), underperforming most of the EM peers.Despite positive surprise from 2Q25 GDP numbers, Consumers (-3.7% w-w) and Telco (-0.8%) sectors dragged down the index, offsetting the slight outperformance in Banks(+0.4%), along with correction in large-cap illiquid and conglo stocks (DCII, BRPT, TPIA).Foreign funds flow improved to neutral (+US$8mn) compared to outflows in majority of the ASEAN EM peers, with reversal of flows into BBCA and BMRI.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 - Monday, 11 August 2025

Thematic (Sector/Industry)

<ul><li>Market review: Foreign funds outflow reaccelerated with -US$142mn, largely in big banks (BBCA -US$127mn and BMRI US$65mn), bringing YTD outflow to US$3.8bn.</li><li>Despite this, JCI managed to close flattish (- 0.1% w-w), supported by TLKM (+6% w-w), GOTO (12%) partly offsetting underperformance by the large-cap banks (BMRI -3% and BBCA -2%).</li><li>Our preliminary recap on 2Q25 results indicated that ~55% of companies under our coverage met earnings expectation, while 31% fell short and only 14% beat expectation.</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: Foreign funds outflow reaccelerated with -US$142mn, largely in big banks (BBCA -US$127mn and BMRI US$65mn), bringing YTD outflow to US$3.8bn.Despite this, JCI managed to close flattish (- 0.1% w-w), supported by TLKM (+6% w-w), GOTO (12%) partly offsetting underperformance by the large-cap banks (BMRI -3% and BBCA -2%).Our preliminary recap on 2Q25 results indicated that ~55% of companies under our coverage met earnings expectation, while 31% fell short and only 14% beat expectation.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 Sector

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>Telco companies are projected to increase capex ~15% YoY in FY25E to strengthen network modernization and expand 5G infrastructure.</li><li>Although 5G penetration currently stands at ~4.4%, it’s expected to grow significantly, driven by more affordable 5G devices, the readiness of low-latency service ecosystems, and regulatory support through the spectrum auction scheduled for July/August 2025.</li><li>The government plans to auction the 1.4 GHz frequency spectrum, which is expected to increase network capacity by ~70% and accelerate equitable adoption of the national 5G network. </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 companies are projected to increase capex ~15% YoY in FY25E to strengthen network modernization and expand 5G infrastructure.Although 5G penetration currently stands at ~4.4%, it’s expected to grow significantly, driven by more affordable 5G devices, the readiness of low-latency service ecosystems, and regulatory support through the spectrum auction scheduled for July/August 2025.The government plans to auction the 1.4 GHz frequency spectrum, which is expected to increase network capacity by ~70% and accelerate equitable adoption of the national 5G network. 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 & Tower Sectoral Update July 23, 2025

<ul><li>Liquidity shows early signs of improvement as SRBI yields fall and IndONIA drops; fiscal disbursement expected to lead recovery further.</li><li>BI is likely to maintain its dovish stance and have time to assess before proceeding with further rate cuts, given current liquidity conditions.</li><li>US tariff shift could shield Indonesia’s exports, but cheap imports threaten domestic market requiring policies intervention.</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.

Liquidity shows early signs of improvement as SRBI yields fall and IndONIA drops; fiscal disbursement expected to lead recovery further.BI is likely to maintain its dovish stance and have time to assess before proceeding with further rate cuts, given current liquidity conditions.US tariff shift could shield Indonesia’s exports, but cheap imports threaten domestic market requiring policies intervention.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: The Tailwinds and Trade-Off

Indonesia

PT Telkom Indonesia (Persero) Tbk. is a telecommunication company that provides a variety of domestic telecommunications services such as telephone, telex, telegram, satellite, and leased lines services. The Company also offers electronic mail, mobile communication, and cellular phone services.

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Telkom Indonesia (TLKM IJ)

Macro Strategy: Riding The Tailwinds

Positive momentum continues as bond yields fell on global trends, driven by rate cut expectations and more dovish policy shifts.

BRI Danareksa Research

BRIDS Market Pulse - Monday, 11 August 2025

JCI finished the week flat (-0.1% w-w), underperforming most of the EM peers. Despite positive surprise from 2Q25 GDP numbers...

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – Domestic Funds’ Positioning in Key Sector

Market review: Foreign funds outflow reaccelerated with -US$142mn, largely in big banks (BBCA -US$127mn and BMRI US$65mn), bringing YTD outflow to...

BRI Danareksa Research

Telco & Tower Sectoral Update July 23, 2025

Telco companies are projected to increase capex ~15% YoY in FY25E to strengthen network modernization and expand 5G infrastructure.

MNC Sekuritas

Macro Strategy: The Tailwinds and Trade-Off

Liquidity shows early signs of improvement as SRBI yields fall and IndONIA drops; fiscal disbursement expected to lead recovery further.

BRI Danareksa Research

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