Indeks di Wall Street ditutup mixed pada Selasa (23/6). Investor menantikan rilis laporan keuangan Micron Technology pasca penutupan bursa. Berlanjutnya koreksi harga minyak meredam kekhawatiran inflasi dan potensi kenaikan suku bunga. Namun di sisi lain memicu koreksi pada saham sektor energi. PT Pos Indonesia akan melakukan konsolidasi sejumlah perusahaan BUMN logistik melalui penggabungan ke dalam PT Multi Terminal Indonesia (MTI). Peringkat daya saing Indonesia turun dari posisi 40 menjadi 48. Harga minyak turun sekitar 4% (24/6). U.S. 10-year Bond Yield turun lebih dari 8 bps ke level 4.406% (24/6). Harga emas melemah 2.9% di level US$3,981/troy oz (24/6), akibat kenaikan dolar AS. IHSG berpeluang uji level 5750, namun koreksi harga minyak berpotensi menjadi faktor positif karena mengurangi tekanan pada defisit APBN. Top picks (25/6): MIKA, AADI, MYOR, BFIN dan UNVR. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di Wall Street ditutup melemah pada Selasa (23/6). Penurunan ini disebabkan oleh aksi jual besar-besaran di sektor teknologi. Investor khawatir dengan valuasi saham sektor teknologi yang relatif mahal. Investor memprediksi potensi kenaikan suku bunga Fed sebanyak dua kali pada tahun ini. Indonesia masih di EM, namun MSCI masih akan memantau perkembangan reformasi pasar modal Indonesia (24/6). Harga minyak cenderung melemah terbatas (23/6). U.S. 10-year Bond Yield turun lebih dari 1 bps ke level 4.495% (23/6). Harga emas melemah 1.3% di level US$4,149/troy oz (23/6). Sentimen negatif dari eksternal dan hasil pengumuman MSCI diperkirakan akan memicu IHSG berpeluang menguji level 6000. Top picks (24/6): CUAN, ESSA, RAJA, BIPI dan PTRO. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di Wall Street ditutup mixed pada Senin (22/6). Penurunan saham Alphabet membebani sektor jasa komunikasi. Investor juga mencermati perkembangan gejolak di Timur Tengah. PBoC mempertahankan suku bunga pinjaman pada rekor terendah (22/6). Investor masih nantikan pengumuman MSCI dan S&P Global Standard. Harga minyak Brent melemah lebih dari 3% di bawah level US$80/barel (22/6). U.S. 10-year Bond Yield naik lebih dari 5 bps ke level 4.509% (22/6). Harga emas spot menguat 0.6% di level US$4,183/troy oz (22/6). Jika IHSG ditutup di atas level 6100, diperkirakan konsolidasi IHSG berlanjut di kisaran 6050-6220, namun jika tidak maka berpeluang uji level 6000. Top picks (23/6): ITMG, NCKL, AKRA, JSMR dan ADRO. By PHINTRACO SEKURITAS | Research - Disclaimer On -

June 25th, 2026

June 24th, 2026

June 23rd, 2026

Bursa Wall Street libur Juneteenth pada Jumat (19/6). Mayoritas indeks di bursa Eropa dan Asia ditutup melemah (19/6). Investor meragukan perjanjian perdamaian AS-Iran dapat bertahan lama. Iran menutup kembali Selat Hormuz pada Jumat (19/6) karena sejumlah syarat dalam kesepakatan perdamaian dengan AS belum dipenuhi. Dari AS akan dirilis data indeks PCE, durable goods orders dan indeks sentimen konsumen Universitas Michigan pada pekan ini. Data ekonomi yang akan dirilis pada pekan ini adalah M2 Money Supply (23/6). Investor menantikan pengumuman dari MSCI mengenai Annual Market Classification Review (24/6) IHSG pada pekan ini diperkirakan konsolidasi pada kisaran 6100-6250. Top picks pekan ini: ASII, DSSA, ISAT, HMSP, INET dan DKFT. By PHINTRACO SEKURITAS | Research - Disclaimer On -  

Indeks di bursa Wall Street ditutup menguat pada Jumat (12/6). Ekspektasi perjanjian damai AS-Iran akan segera ditandatangani. The Fed diperkirakan mempertahankan suku bunga tetap di 3.5%-3.75% (17/6). BoE (18/6),  BoJ (16/6) dan RBA (16/6) juga akan menetapkan suku bunga. Koreksi harga minyak dunia akan menjadi faktor positif bagi domestik. Investor menantikan Global Market Accessibility Review dari MSCI dan rebalancing indeks FTSE (19/6). RDG BI menurut konsensus akan menaikkan BI Rate sebesar 25 bps menjadi 5.75% (18/6). Diperkirakan IHSG bergerak pada support 5900-6000 dan resistance 6150-6200 pada pekan ini. Top picks pekan ini: AMMN, CUAN, RATU, KETR, ESSA  dan MBMA. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di bursa Wall Street ditutup melemah signifikan pada Jumat (5/6). Pelemahan dipicu oleh tekanan jual pada saham pembuat chip. Data nonfarm payrolls yang lebih baik dari estimasi meningkatkan potensi the Fed akan mempertahankan suku bunga tinggi lebih lama. Koreksi saham teknologi di AS berpotensi menyebar ke Eropa dan Asia. Investor akan mencermati IPO saham SpaceX terhadap saham teknologi di AS (12/6). Pasar akan mencermati perkembangan konflik AS-Iran terkait dengan laju inflasi. Data ekonomi domestik yang akan dirilis, yaitu cadangan devisa Mei 2026 (8/6), consumer confidence Mei 2026 (10/6) dan retail sales April 20206 (11/6). IHSG diperkirakan fluktuatif pada support 5400-5500 dan resistance 5700-5800. Top picks pekan ini: EMAS, MDKA, ARCI, INCO dan PSAB. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Menteri Keuangan AS Scott Bessent optimistis Gubernur The Fed Kevin Warsh mampu menjaga keseimbangan antara pengendalian inflasi dan pertumbuhan ekonomi, serta tetap independen meski ada tekanan politik untuk menurunkan suku bunga. Ia memperkirakan inflasi akan mereda seiring turunnya risiko konflik Iran dan harga energi, meskipun indikator inflasi pilihan The Fed diproyeksikan masih naik 4.1% YoY pada Mei dan inflasi inti 3.4% YoY, tetap di atas target The Fed sebesar 2.0%. Kementerian Energi dan Sumber Daya Alam (ESDM) akan meningkatkan total kuota penambangan menjadi 360 juta ton untuk tahun 2026, naik dari sekitar 260 juta ton yang dikeluarkan pada semester pertama. Hal ini berpotensi meningkatkan harga secara signifikan di London Metal Exchange (LME).  

U.S. Composite PMI naik menjadi 52.2 pada Juni 2026. Uang beredar dalam arti luas (M2) Indonesia tumbuh menjadi Rp10,415.9 triliun (10.8% YoY) pada Mei 2026.

Inflasi Kanada naik dari 2.8% YoY pada April 2026 menjadi 3.2% pada Mei 2026, menandai level tertinggi sejak Desember 2023. Kenaikan inflasi ini disebabkan oleh kenaikan harga energi akibat disrupsi ekspor energi dari Timur Tengah. Di samping itu, inflasi inti Kanada naik tipis dari 2.1% pada April 2026 menjadi 2.2% YoY pada Mei 2026. Pemerintah Indonesia akan meluncurkan delapan paket stimulus ekonomi senilai Rp26.34 triliun pada 2H26 untuk mendorong daya beli masyarakat di tengah ketidakpastian global. Stimulus ini meliputi pembebasan pajak sebesar Rp2.04 triliun, program magang nasional sebesar Rp6.26 triliun, dan bantuan pangan Rp18.04 triliun.  

June 22nd, 2026

June 15th, 2026

June 8th, 2026

Code : RANS Sector : Consumer Cyclicals Sub-Sector : Entertainment & Movie Production --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 30 Juni 2026 Perkiraan Masa Penawaran Umum : 2 Juli 2026 - 8 Juli 2026 Perkiraan Tanggal Penjatahan : 8 Juli 2026 Perkiraan Tanggal Distribusi Saham : 9 Juli 2026 Perkiraan Tanggal Pencatatan Saham di BEI : 10 Juli 2026 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya sebesar 2,525,000,000 (dua miliar lima ratus dua puluh lima juta) saham biasa atas nama, atau sebanyak-banyaknya sebesar 20.02% (dua puluh koma nol dua persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham dengan nilai nominal Rp10,- (sepuluh Rupiah) setiap saham. Nilai Nominal : Rp10 per lembar saham Harga Penawaran : Rp135 - Rp170 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya sebesar Rp429,250,000,000,- (empat ratus dua puluh sembilan miliar dua ratus lima puluh juta Rupiah). Penjamin Pelaksana Emisi Efek: PT Trimegah Sekuritas Indonesia Penjamin Emisi : Akan ditentukan kemudian By PHINTRACO SEKURITAS | Research - Disclaimer On -

Code : BACH Sector : Industrials Sub-Sector : Diversified Industrial Trading --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 29 Juni 2026 Perkiraan Masa Penawaran Umum : 1 Juli 2026 - 3 Juli 2026 Perkiraan Tanggal Penjatahan : 3 Juli 2026 Perkiraan Tanggal Distribusi Saham : 6 Juli 2026 Perkiraan Tanggal Pencatatan Saham di BEI : 7 Juli 2026 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 615,000,000 (enam ratus lima belas juta) saham biasa atas nama yang merupakan saham baru, dengan nilai nominal Rp50,- (lima puluh Rupiah) setiap saham yang mewakili sebanyak 15.06% (lima belas koma nol enam persen) dari modal yang telah ditempatkan dan disetor penuh setelah Penawaran Umum. Nilai Nominal : Rp50 per lembar saham Harga Penawaran : Rp400 - Rp500 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya sebesar Rp246,000,000,000,- (dua ratus empat puluh enam miliar rupiah) sampai dengan Rp307,500,000,000,-(tiga ratus tujuh miliar lima ratus juta rupiah). Penjamin Pelaksana Emisi Efek: PT Erdhika Elit Sekuritas Penjamin Emisi : Akan ditentukan kemudian By PHINTRACO SEKURITAS | Research - Disclaimer On -

Code : JECX Sector : Healthcare Sub-Sector : Healthcare Providers --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 29 Juni 2026 Perkiraan Masa Penawaran Umum : 1 Juli 2026 - 3 Juli 2026 Perkiraan Tanggal Penjatahan : 3 Juli 2026 Perkiraan Tanggal Distribusi Saham : 6 Juli 2026 Perkiraan Tanggal Pencatatan Saham di BEI : 7 Juli 2026 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 487,983,500 saham biasa, yang terdiri dari (i) 325,322,300 saham baru yang dikeluarkan dari portepel Perseroan yang mewakili 10.00% dan (ii) 162,661,200 saham milik DR.Dr. Waldensius Girsang, SpM(K) yang mewakili 5.00% dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham yang mana seluruhnya sejumlah sebanyak-banyaknya 15% dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham dengan nilai nominal Rp16,- (enam belas Rupiah) setiap saham. Nilai Nominal : Rp16 per lembar saham Harga Penawaran : Rp1,200 - Rp1,400 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya sebesar Rp683.176.900.000 (enam ratus delapan puluh tiga miliar seratus tujuh puluh enam juta sembilan ratus ribu Rupiah) Penjamin Pelaksana Emisi Efek: PT Trimegah Sekuritas Penjamin Emisi : Akan ditentukan kemudian By PHINTRACO SEKURITAS | Research - Disclaimer On -

Phintraco Sekuritas Company Flash Notes PT Sarana Menara Nusantara Tbk – TOWR.IJ Aditya Prayoga >TOWR delivered a relatively softer 1Q26 performance, with revenue reaching IDR3.56 trillion (+10.83% YoY; -2.35% QoQ). The sequential decline was mainly driven by weaker contributions from the tower leasing segment, which accounted for 58% of total revenue. Revenue from the segment declined to IDR2.05 trillion (-4.16% YoY; -12.61% QoQ), in line with lower average rental rates of IDR11.28 million per month (-8.27% YoY). >Management emphasized that the decline in rental rates was primarily attributable to contract normalization with XLSmart, the company's largest customer (c.35% of total revenue), rather than reflecting any deterioration in underlying tower demand. This view was supported by resilient operating indicators, with total tenancies increasing to 60.74k (+4.65% YoY) while tenancy ratio remained healthy at 1.66x (vs. 1.63x in 1Q25). >From a business mix perspective, non-tower businesses continued to gain traction, with their contribution increasing to 42% of total revenue in 1Q26 (vs. 30% in 1Q25). While this diversification provides an additional growth avenue, the lower-margin nature of non-tower operations resulted in EBITDA margin normalization during the quarter. >EBITDA stood at IDR2.78 trillion (+3.80% YoY; -5.41% QoQ), with EBITDA margin normalizing to 78.0% (vs. 83.48% in 1Q25 and 82.31% in 4Q25), reflecting revenue mix dilution from the growing contribution of non-tower businesses. At the bottom line, net profit reached IDR941 billion (+17.20% YoY; -16.27% QoQ), while net profit margin narrowed to 26.46% (vs. 30.86% in 4Q25). >Despite continued pressure on its core tower business, 1Q26 results remained broadly in line with our expectations and consensus estimates (Phintas: 23%; Cons: 23%). We therefore maintain our FY26 forecasts while continuing to factor in the potential impact of post-merger consolidation. >Looking ahead, we expect non-tower businesses to contribute c.35% of FY26F revenue, while potential tenant additions from Fixed Wireless Access (FWA) deployments could provide incremental growth support amid softer tower segment performance. Management guided FY26 revenue at c.IDR14 trillion with EBITDA margin of 75–78%, reflecting the ongoing shift toward lower-margin non-tower businesses. >Key risks to our view include: (1) higher-than-expected site rationalization, (2) continued rental rate pressure, and (3) slower-than-expected growth in non-tower businesses. Full Report : By PHINTRACO SEKURITAS | Research – Disclaimer On – Contact Us: WA: 08119560188 IG: phintracosekuritasofficial YT: Phintraco Sekuritas Official TELE: phintasprofits www.phintracosekuritas.com www.profits.co.id

BNGA booked a relatively stable 1Q26 performance, with Net Income reaching IDR 1.76 trillion, down 2.2% YoY but up 9.8% QoQ, broadly in line with our FY26 estimates. Nett Interest Income declined 3.0% YoY to IDR 3.22 trillion, as lower Interest Income was partially offset by improved funding efficiency and a decline in high-cost deposits. Loan growth remained moderate at 2.2% YoY to IDR 235 trillion, mainly supported by the Corporate and SME segments, while asset quality stayed manageable with Loans at Risk improving to 6.9% and Cost of Credit remaining low at 0.79%. Funding quality continued to improve, with CASA growing 12.2% YoY to IDR 192.3 trillion and CASA ratio reaching 73.9%, exceeding management’s long-term Forward30 target of above 70%. Going forward, BNGA is focusing on strengthening low-cost funding, fee-based income, and portfolio resilience, while maintaining gradual progress toward its long-term profitability and efficiency targets. By PHINTRACO SEKURITAS | Research •⁠ ⁠Disclaimer On -

SMRA booked revenue of IDR 2.23 trillion in 1Q26, growing 6.2% YoY, supported by stable growth from both recurring revenue (+6.1% YoY) and development revenue (+6.2% YoY). Net profit remained relatively stable at IDR 318 billion amid margin normalization and higher operating expenses. 1Q26 net profit accounted for 27.8% of our FY26 estimate, while total revenue reached approximately 21.0% of our full-year forecast. This indicates earnings performance remains broadly in line with expectations despite a softer property market environment. SMRA recorded solid marketing sales of IDR 1.20 trillion in 1Q26, increase from IDR 877 billion in 1Q25 and representing around 23% of its FY26 target of IDR 5.2 trillion. Greater Jakarta remained the main contributor, while landed houses continued to dominate total sales mix. Recurring income continued to show stable growth, supported by the retail mall and hospitality segments. Mall revenue increased 6% YoY with occupancy rates remaining strong at 84%–97%, while estate and property management revenue grew 11% YoY, supporting cash flow stability. SMRA remains focused on integrated township development through residential expansion and recurring income growth. The company continues to develop Summarecon Tangerang as a new township while expanding its commercial ecosystem through Summarecon Mall Makassar, supported by favorable economic growth prospects and VAT incentives. By PHINTRACO SEKURITAS | Research - Disclaimer On -

MEDC booked revenue growth of 19.24% YoY to US$668.3 million in 1Q26. This growth was driven by increased revenue in almost all business segments, except for the power segment, which decreased by 2.19% YoY to US$43.4 million in 1Q26, despite power sales increasing by 20.8% YoY to 1,053 GWh following the completion of the Ijen and ELB expansion projects in 2025. E&P oil and gas revenue increased by 11.38% YoY to US$420.6 million in 1Q26, driven by the addition of 24% participation interest in Corridor, new production from Forel and Terubuk in South Natuna Block B, and increases in average oil and gas prices of 3.9% YoY to US$75.1/bbl and 1.4% YoY to US$7.2/mmbtu, respectively. MEDC’s net profit increased by 251.44% YoY to US$72.2 million in 1Q26, driven by a share of profit from associates and joint ventures of US$44.6 million, compared to a loss of US$20 million in 1Q25. On the other hand, other expenses decreased to US$1.2 million in 1Q26, primarily due to foreign exchange losses turning into gains. MEDC has a strategic position as an integrated oil and gas producer with significant exposure to oil prices. MEDC has a portfolio of upstream oil and gas assets spread across Indonesia, the Middle East, and Southeast Asia. The exploration and production (E&P) business remains the primary contributor to the Company’s revenue and EBITDA, placing MEDC in an advantageous position as global oil prices remain at high levels. MEDC has entered a phase of stronger production growth following the successful operation of several strategic oil and gas projects resulting from investments made over the past few years. The operation of the Forel and Terubuk fields in Natuna, which have a production capacity of approximately 30 mboepd, has become the primary catalyst for increased production volumes while also strengthening the Company’s operating cash flow. By PHINTRACO SEKURITAS | Research - Disclaimer On -

**Phintraco Sekuritas Initiation Report** PT Hanjaya Mandala Sampoerna Tbk - HMSP **Aditya Prayoga** >HMSP remains the market leader in Indonesia’s tobacco industry with c.30.7% market share in FY25, supported by strong brand equity through Marlboro, Sampoerna A, and Dji Sam Soe, as well as an extensive distribution network covering more than 100 sales and distribution points nationwide. Beyond conventional cigarettes, HMSP continues to strengthen its exposure to SFP through IQOS (HTP), VEEV (e-vapor), and ZYN (nicotine pouches), positioning the company to capture evolving consumer preferences toward reduced-risk nicotine products. >Indonesia remains significantly underpenetrated in the global SFP market. HTP penetration stood at only c.0.6% in FY25, well below levels observed in several developed and emerging markets. While conventional cigarettes still accounted for c.82.5% of global tobacco industry volume in FY25, the HTP segment is expected to be one of the fastest-growing categories globally, supported by increasing adoption of smoke-free alternatives and expanding regulatory acceptance in various markets. >HMSP delivered a relatively resilient 1Q26 performance, with net profit increasing 7.2% YoY to IDR2.1 trillion despite revenue declining 5.5% YoY to IDR27.2 trillion. Growth was primarily supported by improving profitability and strong momentum in the SFP segment, where revenue surged 43.8% YoY to IDR637 billion, increasing its contribution to total revenue to 2.3%. >Looking ahead, we expect HMSP to return to low-single-digit revenue growth in FY26F, supported by a gradual stabilization in conventional cigarette volumes and continued expansion of the SFP business. Meanwhile, profitability is expected to improve as excise-related production costs normalize following the absence of excise tax increases in FY26, allowing for a more balanced pricing strategy and better gross margin recovery. > We forecast FY26F revenue and net profit growth of 2.0% YoY and 11.8% YoY, respectively, driven by improving operational efficiency, easing cost pressures, and growing contribution from higher-growth smoke-free products. Meanwhile, gross profit margin is projected to improve to 18.4% in FY26F (vs. 15.7% in FY24), driven by the stabilization of excise-related production costs per stick (c.IDR 800/stick in FY26F) and a more moderate pace of ASP increases > Upside risks include: (1) stronger-than-expected SFP adoption, (2) stable excise policy environment, and (3) faster recovery in industry volumes. Key downside risks include: (1) higher-than-expected excise tax increases, (2) prolonged consumer downtrading, and (3) intensifying competition across both conventional and smoke-free product categories. Full Report: By PHINTRACO SEKURITAS | Research – Disclaimer On – Contact Us: WA: 08119560188 IG: phintracosekuritasofficial YT: Phintraco Sekuritas Official TELE: phintasprofits www.phintracosekuritas.com www.profits.co.id

Phintraco Sekuritas Company Flash Notes PT Telkom Indonesia Tbk – TLKM.IJ Aditya Prayoga >TLKM delivered a relatively resilient 1Q26 performance, with revenue reaching Rp37.19 trillion (+1.50% YoY; +0.17% QoQ), supported by continued strength in the Data, Internet & IT Services segment as the primary growth driver. Revenue from the segment grew 7.12% YoY to Rp23.65 trillion, partially offsetting the ongoing decline in legacy services. >On the operational side, subscriber trends remained relatively soft, with the mobile subscriber base declining 1.35% YoY to 156.67 million. However, this was more than offset by continued improvement in monetization quality, reflected in blended ARPU of Rp45.10K (+6.37% YoY) and data yield of Rp3.12/MB (vs. Rp2.89/MB in 1Q25). Data traffic also continued to expand (+2.3% YoY), suggesting that revenue growth is increasingly being driven by customer value rather than subscriber additions. >Meanwhile, legacy services remained under pressure, with voice and SMS revenues declining 59.10% YoY and 19.46% YoY, respectively, in line with the ongoing migration toward OTT platforms. Within the fixed broadband segment, IndiHome revenue declined 4.28% YoY to Rp6.38 trillion amid continued ARPU pressure and intensifying competition across the broadband industry. >From a profitability perspective, TLKM recorded net profit of Rp4.34 trillion (-21.72% YoY), below our expectations and consensus, with net profit margin contracting to 11.7% (vs. 15.1% in 1Q25). The decline was primarily attributable to higher O&M expenses (+15.5% YoY), driven by increased gaming voucher purchases and higher CPE-related costs, alongside a 3.8% YoY increase in depreciation and amortization expenses following revisions to the estimated useful lives of several network and infrastructure assets. >Looking ahead, management maintains its FY26 revenue growth guidance of 1–3% YoY. We believe TLKM remains well-positioned to achieve its target, supported by an increasingly rational industry structure, improving customer monetization, and a stronger focus on customer quality. In addition, the ongoing streamlining agenda, with four non-core businesses already divested and a target of 9–10 divestments by 1H26, is expected to enhance management focus on core operations. The planned implementation of ERP Phase 2 in 2H26, with a budget of approximately Rp1.0–1.2 trillion, should further support operational transformation and business simplification efforts. >Key risks to our view include: (1) weaker consumer purchasing power, (2) a more aggressive competitive environment, (3) higher-than-expected operating cost pressures, and (4) slower-than-expected execution of streamlining initiatives. Full Report : By PHINTRACO SEKURITAS | Research – Disclaimer On – Contact Us: WA: 08119560188 IG: phintracosekuritasofficial YT: Phintraco Sekuritas Official TELE: phintasprofits www.phintracosekuritas.com www.profits.co.id

GDP of the chemical, pharmaceutical, and traditional medicine industries grew consistently, reflecting that demand for pharmaceutical products, medicines, and healthcare services remains steady amid increasing healthcare needs and people’s health awareness. The PMI of the chemical, pharmaceutical, and traditional medicine industries contracted in 1Q26. This condition indicates a slowdown in production and demand. If this condition continues, the revenue growth of pharmaceutical companies will potentially slow down in the future. The pharmaceutical industry is still highly dependent on imported raw materials, as reflected in the industry's import value, which consistently exceeds its export value. This condition has caused the sector’s trade balance to consistently experience a deficit. The performance of the pharmaceutical companies in our coverage is mixed. KLBF booked revenue growth of 10.13% YoY in 1Q26. This growth was driven by increased sales across all business segments. Downside risks in this sector include a more-than-expected weakening of purchasing power, restrictions on expansion, and intense competition with e-commerce platforms. Meanwhile, SIDO booked a revenue decrease of 18.83% YoY in 1Q26, primarily due to SIDO’s inventory normalization efforts in its distribution channels. Downside risks in this sector include dependence on imported raw materials, the risk of changes in pharmaceutical regulations, and intense competition between industry players. By PHINTRACO SEKURITAS | Research - Disclaimer On -

**Phintraco Sekuritas Sector Update** **Plantation Sector** **Aditya Prayoga** > The plantation sector's performance in 1Q26 showed a quarterly normalization following the strong performance recorded in 4Q25. Aggregate revenue grew 7.3% YoY to IDR 16.0 Trillion, but declined 3.8% QoQ as the peak production and harvesting season came to an end, resulting in lower sales volumes across most companies under our coverage. A similar trend was reflected in aggregate gross profit and net profit, which declined by 22.9% QoQ and 14.3% QoQ, respectively. > STAA recorded the strongest growth within our coverage universe, with revenue rising 49.2% YoY to IDR 2.5 Trillion, driven by the contribution from its refinery business, which was not reflected in 1Q25. However, its quarterly performance also normalized, with revenue and net profit declining by 20.0% QoQ and 31.6% QoQ, respectively. In terms of profitability, SSMS remained the sector leader with a GPM of 36.0%, while AALI posted the lowest margins, with a GPM of 15.5% and an NPM of 5.0%. >We expect Indonesia’s CPO production to remain relatively stagnant in FY26F at around 58 million tons (+0–1% YoY) While 2H26 production is likely to be slightly stronger than 1H26, supported by seasonal patterns where approximately 53% of annual output is generated in the second half, we believe the improvement will be largely seasonal in nature. >Looking ahead, the potential emergence of El Niño in 2H26 remains a factor worth monitoring. Nevertheless, we believe the risk to FY26F production remains relatively limited, given that weather-related impacts on palm oil productivity typically materialize with a lag of 9–12 months. As a result, any stronger-than-expected El Niño event is more likely to affect the FY27F production outlook rather than FY26F. > On the demand side, the implementation of the mandatory B50 biodiesel program, effective from 1 July 2026, is expected to significantly increase domestic CPO consumption. Based on the government’s simulation, CPO demand for biodiesel could rise to approximately 17.9 million tons (+33.4%), creating additional demand of around 4.35 million tons compared to the current B40 scheme. As domestic demand growth is expected to outpace supply growth, market balances could tighten further and support CPO prices. > External demand is also expected to remain supportive. India's seasonal restocking cycle ahead of the Diwali festival is likely to strengthen imports during 2H26, while recent data suggest that China's palm oil imports are beginning to recover after several years of decline. We believe these factors should help absorb additional supply entering the market during the second half of the year. >Downside risks to our view include: (1) volatility in CPO and other vegetable oil prices, (2) changes in biodiesel or export policies, and (3) higher-than-expected fertilizer and operating costs resulting from geopolitical tensions and global supply chain disruptions. Full Report : https://phintracosekuritas.com/ By PHINTRACO SEKURITAS | Research – Disclaimer On –

**Phintraco Sekuritas Sector Update** **Telecommunication Sector** **Aditya Prayoga** **Telecommunication:  **Monetization Remains the Key Earnings Driver** > The telecommunications sector delivered relatively solid earnings growth in 3M26, with aggregate revenue increasing 9.2% YoY to IDR 64.23 Trillion. The growth was primarily driven by the consolidation impact at EXCL following the merger of XL Axiata and Smartfren into XLSmart, which lifted EXCL's revenue by 37.4% YoY to IDR 11.82 Trillion. Excluding the merger impact, sector growth was more moderate, as reflected in revenue growth of 12.1% YoY at ISAT and 1.5% YoY at TLKM. > On the profitability front, sector EBITDA increased 5.7% YoY to IDR 30.62 Trillion. However, EBITDA margin contracted to 47.2% (-1.9ppt YoY), indicating that revenue growth has yet to be fully accompanied by operating efficiency improvements. At the bottom-line level, aggregate net profit declined 30.0% YoY to IDR 5.07 Trillion, primarily due to weaker earnings from TLKM and the ongoing post-merger integration process at EXCL. > The SIM card starter pack repricing strategy implemented since last year continued to support customer monetization improvement. This was reflected in sector ARPU, which increased 13.2% YoY to IDR 45.9K, supported by a 17.2% YoY increase in data consumption to 14.5K PB and higher average data usage per subscriber, reaching 48.3 GB (+15.7% YoY). As a result, sector data yield improved by 5.8% YoY to IDR 2,905/GB. > Despite the strong improvement in monetization, the aggregate subscriber base remained relatively stable at 320.1 million subscribers (+2.3% YoY; -0.8% QoQ), suggesting that industry growth is increasingly being driven by improving revenue quality rather than subscriber expansion. Among operators, TLKM recorded the strongest data yield growth (+25.9% YoY), while ISAT continued to deliver robust data traffic growth (+25.1% YoY). > Looking ahead, we see two key catalysts that could shape the sector in FY26, namely the upcoming 700 MHz and 2.6 GHz spectrum auctions and the implementation of facial verification-based SIM registration starting in July 2026. We believe both initiatives have the potential to improve network capacity while enhancing the quality of the industry's subscriber base. > While facial verification-based SIM registration could lead to a c.5–10% decline in subscriber numbers in the near term due to customer base cleansing, we view the impact positively as it should improve subscriber quality and support stronger monetization. At the same time, additional spectrum allocation is expected to strengthen network quality and support future data traffic growth. > Downside risks to our view include: (1) weaker-than-expected ARPU growth due to softer consumer purchasing power, (2) a larger-than-expected decline in subscriber numbers following customer base cleansing, and (3) higher-than-expected spectrum acquisition costs and capex requirements. Full Report : https://phintracosekuritas.com By PHINTRACO SEKURITAS | Research – Disclaimer On –

Broad money supply (M2) experienced a growth of 10.80% YoY to Rp10,415.9 trillion in May 2026, faster than the growth recorded in April 2026 (9.20% YoY). This was supported by a growth of the M2 components, including narrower money supply (M1) which grew by 15.3% YoY to Rp6,025 trillion and quasi-money which grew by 6.0% YoY to Rp4,319.3 trillion in May 2026. Furthermore, the growth of M2 was also influenced by the growth of loan distribution (10.8% YoY) and net foreign assets (5.2% YoY) in May 2026, which higher than the previous growth of 9.4% YoY and 3.7% YoY, respectively.

The Bank Indonesia (BI) Board of Governors’ Meeting (RDG) held on June 17-18, 2026, ended up with a decision to increase the interest rate by 25 bps to 5.75%. In addition, BI also raised the Deposit Facility and Lending Facility Rate by 25 bps to 4.75% and 6.50%, respectively. The cumulative 100 bps increase in BI-rate from April 2026 was primarily aimed at supporting Rupiah stability against depreciation pressures stemming from heightened geopolitical uncertainty in the Middle East, while simultaneously anchoring inflation expectations within the BI target range of 2.5±1%.

The Fed maintained its Federal Funds Rate (FFR) unchanged at 3.50%-3.75% for a fourth consecutive meeting on June 17, 2026. The Fed assessed that US economic activity continued to experience robust growth amid persistent global uncertainty, while US inflation has continued to rise due to geopolitical tensions in Middle East. Going ahead, the Fed is committed to establish a task force to improve the effectiveness of its communication strategy in addressing the continuing inflation rise.

Global economic growth is expected to keep slowing amid high global uncertainty. This situation continues to weigh on trade, investment, and overall economic performance. U.S. President Donald Trump’s import tariff policies have created uncertainty, though recent negotiations indicate potential progress. Efforts toward a U.S.–China trade deal, including partial tariff cuts and delayed export restrictions, are offset by new risks from stricter transshipment monitoring. Artificial Intelligence (AI) is transforming the global economy by automating production and addressing labor shortages. The integration of AI and robotics enhances industrial efficiency and supports productivity through adaptive labor and migration policies. Global inflation pressures have eased except in the U.S., Europe, and the U.K., driven by import tariffs and strong demand. Several major central banks have started to cut interest rates, while others remain cautious to maintain stability. Global fiscal conditions are becoming more fragile due to geopolitical tensions, U.S. tariff policies, and high public debt. Expansionary fiscal policies and rising interest rates are increasing debt costs and limiting fiscal space. Geopolitical tensions continue to disrupt supply chains, raising energy and food prices. However, global commodity prices in 2025 show mixed trends, influenced by weaker demand, supply disruptions, and climate change. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indonesia's economy is projected to grow 5.0%-5.2% YoY in 2026. Indonesia's economic growth is expected to accelerate in 2026, in line with expectations of improving global conditions and increased domestic investment activity. Consumer confidence index and retail sales are expected to remain positive in 2026. Supported by the government's stimulus program, assuming controlled inflation and consumption incentive. Inflation in 2026 is expected to remain within BI's target range of 2.5% ± 1%. This projection is based on relatively stable inflation expectations at low levels, the stability of the Rupiah exchange rate, and synergistic efforts by Bank Indonesia and the Government. The opportunity for further cuts by Bank Indonesia (BI) Rate remains possible in 2026. This projection is based on relatively stable inflation expectations at low levels, the stability of the Rupiah exchange rate, and synergistic efforts by Bank Indonesia and the Government. The allocation of government funds in banks has positively influenced national liquidity. By September 2025, the adjusted base money rose to Rp2,152.4 trillion, up from Rp1,961.34 trillion in August 2025. The 2026 APBN deficit is targeted at 2.68% of GDP. The 2026 APBN targets state revenue at IDR 3,153.6 trillion, comprising IDR 2,357.7 trillion in tax revenue and IDR 336 trillion in customs and excise revenue. IHSG's conservative level for 2026 is estimated at 9,255 and its aggressive level at 9,883. Sectoral Coverage: Banks, Properties & Real estate, F&B and Poultry, Retails, Telecommunication, Tower, Coal, Pharmaceuticals, Plantations, Construction, Metals & Mining, Industrial, and Cement. By PHINTRACO SEKURITAS | Research - Disclaimer On -

At the start of Donald Trump’s second presidency, trade wars re-emerged as a key global issue. President Trump's reciprocal tariff policy took effect on February 1, 2025, introducing a 25% tariff on imports from Mexico and Canada, and an additional 10% tariff on Chinese imports. The swift in the global trade policies has increased the economic uncertainty. The Fed still sees the potential for two rate cuts this year, although it will continue to monitor the impact of tariffs. The Fed has signaled concerns about slowing economic growth and faster inflation. Geopolitical tensions have escalated in several regions. Commodity prices have become increasingly sensitive to global developments. Commodity price movements have shown divergence, with gold experiencing the highest gains, while coal prices have seen the sharpest declines.Crude prices rise to US$80–US$100/barrel if the Israel-Iran war continues and escalates. Exchange rates are expected to stabilize. After a period of volatility driven by the tariff war, exchange rate movements are projected to become more stable as trade tensions ease and potential monetary policy loosening comes into play. IHSG targeted 7,692 in 2025: Considering the various opportunities and challenges faced in 2025. Sectoral Coverage: Banking, Cement, Construction, CPO, Metals & Mining, Food & Beverage, Poultry, Retailers, Properties & Real estate, Telecommunication, and Tower. By PHINTRACO SEKURITAS | Research - Disclaimer On - Visit our website : www.phintracosekuritas.com www.profits.co.id

Indonesia’s government bond yield curve continues to bearishly flatten, with short-to-medium tenors amid higher front-end risk premiums, fiscal concerns, and persistent global market volatility. Bank Indonesia raised the BI Rate by 50 bps to 5.25% to support Rupiah stability and maintain attractive real yield swhile domestic inflation has started to moderation. The Federal Reserve is expected to keep rates unchanged at 3.50%–3.75% in the near term, as markets price a 99.4% probability of no change in June 2026, reflecting policymakers’ caution toward inflation and geopolitical risks. The latest Fed Dot Plot signals a gradual and shallow easing cycle, with the median Fed Funds Rate projected at 3.375% by end-2026 and 3.125% by end-2027, reinforcing the higher-for-longer interest rate environmen Limited policy flexibility from Bank Indonesia, driven by Rupiah depreciation, declining foreign exchange reserves, and ongoing geopolitical uncertainties, is expected to keep upward pressure on government bond yields and reduce the likelihood of near-term rate cuts. By PHINTRACO SEKURITAS | Research -Disclaimer On-

Global Highlight: Global economic conditions remained relatively resilient despite geopolitical tensions and the temporary Strait of Hormuz disruption, supported by stable oil prices, resilient U.S. economic activity, and improving manufacturing and services data. Although U.S. inflation pressures increased due to higher energy costs, stable labor market conditions and easing recession risks reinforced expectations that the Federal Reserve will maintain a “higher-for-longer” interest rate stance in the near term. Indonesia Highlight: Indonesia’s economy remained resilient in 1Q26, supported by strong household consumption, rising government spending, and recovering manufacturing activity. However, pressure from Rupiah depreciation, capital outflows, widening balance of payments deficits, and rising inflation prompted Bank Indonesia to raise interest rates to 5.25% to maintain currency stability amid heightened global uncertainty and Middle East tensions. IHSG View: Global equity markets remained volatile in May 2026 amid uncertainty over a potential U.S.-Iran peace agreement, rising inflation concerns, and fluctuations in global bond yields. Domestically, the JCI declined 29.14% YTD due to Rupiah depreciation, BI Rate hikes, MSCI and FTSE rebalancing pressures, and uncertainty surrounding several government policies. Looking ahead, investors are expected to closely monitor Indonesia’s MSCI Market Accessibility Review, FTSE Russell rebalancing, export policy implementation, and mining royalty revisions, while JCI outlook for 2026 remains supported by projected earnings growth. Sector Allocation: Banks, Oil & Gas, F&B, Metal Mining, and Cement. Read more for the Stock pick. By PHINTRACO SEKURITAS | Research - Disclaimer On -

-May 2026- Global Highlight: Global conditions weakened as U.S., Israel, Iran tensions escalated, with the Strait of Hormuz closure disrupting arround 20% of global oil supply and raising stagflation risks. Ongoing military tensions and fragile ceasefire efforts continue to pressure markets and supply chains. Meanwhile, the U.S. economy remains relatively resilient, though moderating growth and energy driven inflation support a higher for longer interest rate outlook. Indonesia Highlight: Bank Indonesia kept rates at 4.75% amid global uncertainty and rupiah pressure, while inflation eased to 2.42% YoY in April 2026 on lower food prices. FX reserves declined due to intervention, and although retail sales and trade surplus remained supportive, weakening consumer confidence and a contractionary PMI indicate softer economic momentum. IHSG View: The JCI decreased 1.3% MoM in April 2026 (-19.55% YTD), pressured by rising oil prices, capital outflows, and negative bank outlook revisions, with continued foreign net sell and MSCI uncertainty. Market volatility is expected to persist, with the JCI projected at 8,157-8,625, supporting a selective strategy on fundamentally strong sectors. Sector Allocation: Metal Mining, Oil & Gas, Retailers, Poultry, Banks, and Infrastructure. Read more for the Stock pick. By PHINTRACO SEKURITAS | Research - Disclaimer On -