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>The FY26 national avg min wage hike of +5.7% yoy should provide support to consumption despite it being slightly lower than FY25.</li><li>Our sector FY26 EPS growth outlook of 8.6% is also underpinned by the expectation of a more expansionary and flexible fiscal policy.</li><li>Reiterate our Overweight stance on the sector. Our top pick is ICBP (Buy, TP Rp11,500), followed by MYOR (Buy, TP Rp2,700)</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 FY26 national avg min wage hike of +5.7% yoy should provide support to consumption despite it being slightly lower than FY25.Our sector FY26 EPS growth outlook of 8.6% is also underpinned by the expectation of a more expansionary and flexible fiscal policy.Reiterate our Overweight stance on the sector. Our top pick is ICBP (Buy, TP Rp11,500), followed by MYOR (Buy, TP Rp2,700)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.

Consumer: Higher Wage and Fiscal Tailwinds Support Intact; Decent Dec25 Sales Indication

<ul><li>We expect FY26 purchasing power to improve gradually on expansionary fiscal measures, stronger social assistance and higher min. wages.</li><li>We project sector’s rev. growth of +5.7% yoy in FY26F (vs. +4.2% FY25F), with margin relief and efficiencies driving +6% increase in core profit.</li><li>Maintain our Overweight stance on the sector; ICBP (Buy, TP Rp11,500) remains the top pick in the sector.</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.

We expect FY26 purchasing power to improve gradually on expansionary fiscal measures, stronger social assistance and higher min. wages.We project sector’s rev. growth of +5.7% yoy in FY26F (vs. +4.2% FY25F), with margin relief and efficiencies driving +6% increase in core profit.Maintain our Overweight stance on the sector; ICBP (Buy, TP Rp11,500) remains the top pick in the sector.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.

Consumer: FY26 Outlook: Fiscal Acceleration and Potentially Higher Wage Hikes to Support Consumption

<ul><li>Manufacturing-led FDI now anchors investment growth, lifting GFCF and widening regional benefit with Ex-Java areas benefiting the most.</li><li>Despite rising manufacturing-led FDI, investment momentum is soft. Capex cycle, utilisation, and minimum wages are key factors to watch.</li><li>Wage growth tracks investment in productive regions, highlighting the need to shift UMR rules toward productivity-based, region-specific.</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.

Manufacturing-led FDI now anchors investment growth, lifting GFCF and widening regional benefit with Ex-Java areas benefiting the most.Despite rising manufacturing-led FDI, investment momentum is soft. Capex cycle, utilisation, and minimum wages are key factors to watch.Wage growth tracks investment in productive regions, highlighting the need to shift UMR rules toward productivity-based, region-specific.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: 2026: Reassessing the Investment Cycle

<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

<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

Indonesia

PT Unilever Indonesia Tbk is an Indonesian company that manufactures, markets, and distributes a wide range of consumer goods. Its core business activities span two segments: Home and Personal Care (including soaps, detergents, and cosmetic products) and Foods and Refreshment (offering dairy-based foods, ice cream, tea-based beverages, and fruit juices). The company operates over 40 brands, such as Pepsodent, Lux, Lifebuoy, Dove, Sunsilk, Rinso, and Wall's. PT Unilever Indonesia Tbk was founded in 1933 and is headquartered in Tangerang, Indonesia.

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Unilever Indonesia (UNVR IJ)

Consumer: Higher Wage and Fiscal Tailwinds Support Intact; Decent Dec25 Sales Indication

The FY26 national avg min wage hike of +5.7% yoy should provide support to consumption despite it being slightly lower than FY25.

BRI Danareksa Research

Consumer: FY26 Outlook: Fiscal Acceleration and Potentially Higher Wage Hikes to Support Consumption

We expect FY26 purchasing power to improve gradually on expansionary fiscal measures, stronger social assistance and higher min. wages.

BRI Danareksa Research

Macro Strategy: 2026: Reassessing the Investment Cycle

Manufacturing-led FDI now anchors investment growth, lifting GFCF and widening regional benefit with Ex-Java areas benefiting the most.

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

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

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