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>DEWA’s 1Q26 performance marked the first visible payoff from its fleet internalization strategy.</li><li>Total OB removal rose 9% yoy to 38.0m mn bcm, while the higher in-house mix (77% in 1Q26 vs. 62% in 1Q25) lifted EBITDA 16% y oy to Rp442bn and expanded EBITDA margin to 28.5% from 24.1%.</li><li>We expect the next step-up to come from the accelerated takeover of the remaining 26mbcm Bengalon subcontracted capacity, starting May26. </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>

DEWA’s 1Q26 performance marked the first visible payoff from its fleet internalization strategy.Total OB removal rose 9% yoy to 38.0m mn bcm, while the higher in-house mix (77% in 1Q26 vs. 62% in 1Q25) lifted EBITDA 16% y oy to Rp442bn and expanded EBITDA margin to 28.5% from 24.1%.We expect the next step-up to come from the accelerated takeover of the remaining 26mbcm Bengalon subcontracted capacity, starting May26. 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.

Darma Henwa (DEWA.IJ Rp 450; BUY TP Rp 550): Digging Into the Next Growth Phase