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>Coal Valuation Mispricing Remains; Better Entry Post 2Q26 Earnings. 5M26 S-D was tighter, but not a full moderate shock; RKAB upward revision may release more supply in 2H26.</li><li>Prices likely normalize, but downside should be cushioned by DMO pull-forward and buyers’ inventory preference.</li><li>Maintain OW, downgrade tactical view to Neutral: DSI risk should ease, but 2Q26 EBITDA may be flattish for AADI and ITMG.S-D: tighter than a normal downcycle, but not a full moderate shock. </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.

Coal Valuation Mispricing Remains; Better Entry Post 2Q26 Earnings. 5M26 S-D was tighter, but not a full moderate shock; RKAB upward revision may release more supply in 2H26.Prices likely normalize, but downside should be cushioned by DMO pull-forward and buyers’ inventory preference.Maintain OW, downgrade tactical view to Neutral: DSI risk should ease, but 2Q26 EBITDA may be flattish for AADI and ITMG.S-D: tighter than a normal downcycle, but not a full moderate shock. 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.

Coal: Valuation Mispricing Remains; Better Entry Post 2Q26 Earnings (OVERWEIGHT)

<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

Macroeconomics

<ul><li>JCI ended 2025 with a 22.1% gain, ranking among the top-performing ASEAN emerging markets, second only to Singapore (+22.7%).</li><li>Performance was heavily driven by conglo and momentum names, led by DSSA (+173%), DCII (+375%), and BRPT (+255%).</li><li>In contrast, only a handful of fundamental stocks namely TLKM (+28%) and ASII (+37%) posted meaningful gains. </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 ended 2025 with a 22.1% gain, ranking among the top-performing ASEAN emerging markets, second only to Singapore (+22.7%).Performance was heavily driven by conglo and momentum names, led by DSSA (+173%), DCII (+375%), and BRPT (+255%).In contrast, only a handful of fundamental stocks namely TLKM (+28%) and ASII (+37%) posted meaningful gains. 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 – Historical Weekly Sector Performance

<ul><li>JCI recorded a -0.8% correction amid a shortened trading week, mainly driven by declines in conglo names (e.g., DSSA, BRPT, BRMS), as market liquidity continued to contract ahead of the holiday season.</li><li>Large-cap banks (BMRI, BBNI, BBCA) were also among the laggards, giving back gains from earlier in the week.</li><li>On the other hand, metal-related names (e.g., INCO, ANTM, EMAS) outperformed on the back of strong momentum in metals, alongside large-cap non-bank stocks such as TLKM and ASII. </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 recorded a -0.8% correction amid a shortened trading week, mainly driven by declines in conglo names (e.g., DSSA, BRPT, BRMS), as market liquidity continued to contract ahead of the holiday season.Large-cap banks (BMRI, BBNI, BBCA) were also among the laggards, giving back gains from earlier in the week.On the other hand, metal-related names (e.g., INCO, ANTM, EMAS) outperformed on the back of strong momentum in metals, alongside large-cap non-bank stocks such as TLKM and ASII. 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 Metals Sector Vs. Gold Price

Indonesia

United Tractors is a leading Indonesian company that distributes heavy equipment and operates in mining contracting, coal mining, gold mining, construction industry, and energy sectors. It serves as an exclusive distributor for brands like Komatsu, UD Trucks, Scania, Bomag, and Tadano in Indonesia. The company is headquartered in Jakarta, Indonesia, and was founded on October 13, 1972.

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United Tractors (UNTR IJ)

Coal: Valuation Mispricing Remains; Better Entry Post 2Q26 Earnings (OVERWEIGHT)

Coal Valuation Mispricing Remains; Better Entry Post 2Q26 Earnings. 5M26 S-D was tighter, but not a full moderate shock; RKAB upward revision may...

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

BRIDS Market Pulse: Chart of the week – Historical Weekly Sector Performance

JCI ended 2025 with a 22.1% gain, ranking among the top-performing ASEAN emerging markets, second only to Singapore (+22.7%).

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – JCI Metals Sector Vs. Gold Price

JCI recorded a -0.8% correction amid a shortened trading week, mainly driven by declines in conglo names (e.g., DSSA, BRPT, BRMS), as market...

BRI Danareksa Research

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