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>JCI rose 1.5% w-w, outperforming majority of EM peers (except for Korea’s Kospi index +4.4% w-w), bringing YTD performance to 21.9%.</li><li>Leaders were mixed between momentum stocks (FILM +38.8%, MORA +60.1%, IMPC +20.3% w-w) and the fundamental names (TLKM +5.4%, UNTR +10.2%, BBCA +1.0%, ASII +2.3%, BMRI +1.4%); DSSA and BBRI were laggards.</li><li>On sector performance, Heavy Equipment (+10.2% w-w), Telco (+5.0%) and Poultry (+4.5%) outperformed, while Pharma (-3.0% w-w), Property (-1.9%) and Retailers (-1.6%) underperformed.</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 rose 1.5% w-w, outperforming majority of EM peers (except for Korea’s Kospi index +4.4% w-w), bringing YTD performance to 21.9%.Leaders were mixed between momentum stocks (FILM +38.8%, MORA +60.1%, IMPC +20.3% w-w) and the fundamental names (TLKM +5.4%, UNTR +10.2%, BBCA +1.0%, ASII +2.3%, BMRI +1.4%); DSSA and BBRI were laggards.On sector performance, Heavy Equipment (+10.2% w-w), Telco (+5.0%) and Poultry (+4.5%) outperformed, while Pharma (-3.0% w-w), Property (-1.9%) and Retailers (-1.6%) underperformed.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 – ICBP P/E Band – Core Profit

<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

Macroeconomics

<ul><li>Indonesia’s growth is driven by steady consumption and increasingly important investment, both forming dual engine for growth expansion.</li><li>We assess three factors: growth drivers, dilemma &amp; policy implication, and conclude different phase of economy require different approaches.</li><li>Consumption drives quick gains, while investment sustains growth, requiring balanced near- and long-term policy support.</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.

Indonesia’s growth is driven by steady consumption and increasingly important investment, both forming dual engine for growth expansion.We assess three factors: growth drivers, dilemma &amp; policy implication, and conclude different phase of economy require different approaches.Consumption drives quick gains, while investment sustains growth, requiring balanced near- and long-term policy support.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>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

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 – ICBP P/E Band – Core Profit

JCI rose 1.5% w-w, outperforming majority of EM peers (except for Korea’s Kospi index +4.4% w-w), bringing YTD performance to 21.9%.

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: 2026: The Dual Levers

Indonesia’s growth is driven by steady consumption and increasingly important investment, both forming dual engine for growth expansion.

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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