External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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. 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.

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.

Equity Bottom-Up

<ul><li>ARTO booked NP of Rp72bn in 3Q25 (+8% qoq, +101% yoy), pressured by higher CoF, bringing 9M25 below est. at Rp199bn (+132% yoy).</li><li>ARTO’s CoF rose 35bps qoq to 4.5% on tightened liquidity but CoF improved 5bps in Sep25 and continuing in MTD Oct25.</li><li>We maintain our Buy rating but lowered our FY25-27F est. to account for higher CoF, resulting in a lower TP of Rp3,100.</li></ul><p><em>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.</em></p>

ARTO booked NP of Rp72bn in 3Q25 (+8% qoq, +101% yoy), pressured by higher CoF, bringing 9M25 below est. at Rp199bn (+132% yoy).ARTO’s CoF rose 35bps qoq to 4.5% on tightened liquidity but CoF improved 5bps in Sep25 and continuing in MTD Oct25.We maintain our Buy rating but lowered our FY25-27F est. to account for higher CoF, resulting in a lower TP of Rp3,100.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.

Bank Jago (ARTO.IJ) 3Q25 Earnings Miss on CoF Pressure; Signs of Improvement from Sep25 Onward

Bank Jago Tbk PT

Bank Jago (ARTO.IJ) 3Q25 Earnings Miss on CoF Pressure; Signs of Improvement from Sep25 Onward