External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. 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)

Thematic (Sector/Industry)

Indonesia Financials / Thematic (Sector/Industry)

<ul><li>Budget Committee and the Ministry of Finance have revised the 2026 draft budget deficit to 2.68% of GDP from 2.48%, equivalent to IDR689.15 trillion, with state spending increased to IDR3,842.7 trillion largely on ministry programs.</li><li>The decision reflects a turn toward fiscal expansion to accommodate President Prabowo’s priority initiatives in social protection and infrastructure, but it also points to mounting financing needs that could tighten fiscal room in a challenging global and interest rate environment.</li><li>Debt servicing has reached 16–18% of expenditure, above the generally prudent level of around 10%, while the debt service ratio has climbed to 42% of revenue, well beyond the 25% threshold that is often viewed as a warning level for fiscal sustainability. </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>

Budget Committee and the Ministry of Finance have revised the 2026 draft budget deficit to 2.68% of GDP from 2.48%, equivalent to IDR689.15 trillion, with state spending increased to IDR3,842.7 trillion largely on ministry programs.The decision reflects a turn toward fiscal expansion to accommodate President Prabowo’s priority initiatives in social protection and infrastructure, but it also points to mounting financing needs that could tighten fiscal room in a challenging global and interest rate environment.Debt servicing has reached 16–18% of expenditure, above the generally prudent level of around 10%, while the debt service ratio has climbed to 42% of revenue, well beyond the 25% threshold that is often viewed as a warning level for fiscal sustainability. 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 & Market Perspective October 3, 2025