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.

Macroeconomics

<ul><li>We maintain our view that 2H25 earnings growth should strengthen, though the key risk remains with foreign outflows.</li><li>Domestic funds remained OW in Banks, Consumers and Auto in Aug25, while adding exposures into Petrochem, Auto and Property sectors.</li><li>Amid still-muted domestic catalysts, we reiterate Metals as our third sector preference, with BRMS and INCO as our top picks.</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>

We maintain our view that 2H25 earnings growth should strengthen, though the key risk remains with foreign outflows.Domestic funds remained OW in Banks, Consumers and Auto in Aug25, while adding exposures into Petrochem, Auto and Property sectors.Amid still-muted domestic catalysts, we reiterate Metals as our third sector preference, with BRMS and INCO as our top picks.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.

Jakarta Stock Exchange Composite Index (JCI INDEX)

Equity Strategy: Market Jitters, Metals Glitter