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>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

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>Blackstone has raised $1.2 billion to support Neysa, an AI data center startup based in India.</li><li>Sumitomo Forestry is moving forward with a $4.5 billion acquisition of the US homebuilder Tri Pointe.</li><li>Brookfield is considering a $318 million investment in an office property located in Sydney, Australia.</li></ul>

Blackstone has raised $1.2 billion to support Neysa, an AI data center startup based in India.Sumitomo Forestry is moving forward with a $4.5 billion acquisition of the US homebuilder Tri Pointe.Brookfield is considering a $318 million investment in an office property located in Sydney, Australia.

Asia Real Estate Tracker (18-Feb-2026): Blackstone invests $1.2B in Indian AI Data Centre startup.

<ul><li>JCI gained 5% w-w and closed above the psychological level of 9k, supported by gains in fundamental stocks TLKM, big-cap banks (BMRI, BBRI, BBNI) as well as conglo DSSA, which offset corrections in conglo groups (BRPT, BUMI, CUAN) and BBCA.</li><li>Metal sector (+8% w-w) sustained its outperformance, supported by strong nickel and tin prices, followed by Utilities (+6%) and Property (+5%). Consumer, Media and Cigarettes were laggard amid lack of signs of consumers purchasing power recovery.</li><li>A combination of flows into the metal names (INCO, ANTM, MBMA) and large-cap stocks (ASII, TLKM, BBRI) has resulted in inflows of US$249mn, the 15th consecutive week of inflow for JCI. </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 gained 5% w-w and closed above the psychological level of 9k, supported by gains in fundamental stocks TLKM, big-cap banks (BMRI, BBRI, BBNI) as well as conglo DSSA, which offset corrections in conglo groups (BRPT, BUMI, CUAN) and BBCA.Metal sector (+8% w-w) sustained its outperformance, supported by strong nickel and tin prices, followed by Utilities (+6%) and Property (+5%). Consumer, Media and Cigarettes were laggard amid lack of signs of consumers purchasing power recovery.A combination of flows into the metal names (INCO, ANTM, MBMA) and large-cap stocks (ASII, TLKM, BBRI) has resulted in inflows of US$249mn, the 15th consecutive week of inflow for JCI. 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: Foreign Investors Ownership on Large-Cap ‘fundamental’ Stocks

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)

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

Asia Real Estate Tracker (18-Feb-2026): Blackstone invests $1.2B in Indian AI Data Centre startup.

Blackstone has raised $1.2 billion for Indian AI startup Neysa, while Sumitomo Forestry plans to buy Tri Pointe for $4.5 billion, and Brookfield...

Asia Real Estate Tracker

BRIDS Market Pulse: Foreign Investors Ownership on Large-Cap ‘fundamental’ Stocks

JCI gained 5% w-w and closed above the psychological level of 9k, supported by gains in fundamental stocks TLKM, big-cap banks (BMRI, BBRI, BBNI)...

BRI Danareksa Research

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