Indeks di Wall Street ditutup melemah pada Kamis (7/5). Koreksi indeks dipicu oleh memudarnya harapan akan kesepakatan damai yang segera terjadi antara AS dan Iran. Konflik AS-Iran mulai sedikit memanas lagi di Selat Hormuz. Investor menantikan data cadangan devisa, indeks harga properti dan penjualan mobil (8/5). Menkeu menyetujui pembebasan pungutan pajak yang berkaitan dengan transaksi aksi korporasi BUMN yang tengah dilakukan oleh Danantara. Harga minyak sedikit turun (7/5), karena AS menunggu tanggapan Iran terhadap proposal damai. U.S. 10-year Bond Yield naik 3 bps ke level 4.386% (7/5). Harga emas spot menguat 1% di level US$4,735/troy oz (7/5). IHSG diperkirakan berpotensi menguji level 7200-7200, namun perlu diwaspadai potensi pullback jangka pendek. Top picks (8/5): SCMA, MYOR, BBTN, EXCL dan MAPI. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di Wall Street ditutup menguat pada Rabu (6/5). Penguatan ini dipicu oleh optimisme bahwa AS-Iran hampir mencapai kesepakatan untuk mengakhiri perang. Pemerintah RI berencana terbitkan Panda Bonds. Pemerintah revisi aturan Devisa Hasil Ekspor SDA  yang mewajibkan eksportir tempatkan dana hasil ekspor ke bank Himbara serta konversi maksimal 50% ke Rupiah, berlaku mulai 1 Juni 2026. Pemerintah berencana berikan intensif subsidi untuk pembelian kendaraan bermotor listrik berbasis baterai pada awal Juni 2026 mendatang. Harga minyak melemah lebih dari 7% pada penutupan Rabu (6/5). U.S. 10-year Bond Yield turun 6 bps ke level 4.354% (6/5). Harga emas spot menguat 2.7% di level US$4,678/troy oz (6/5). Diperkirakan IHSG berpotensi melanjutkan penguatan menguji level 7150-7200. Top picks (7/5): HRTA, PSAB, OASA, TOBA dan ESSA. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di Wall Street ditutup menguat pada Selasa (5/5). Indeks rebound dipicu oleh koreksi harga minyak mentah, serta penguatan di sektor material dan teknologi. Laporan keuangan emiten yang solid juga menjadi faktor positif. Pertumbuhan ekonomi RI berakselerasi 5.61% di 1Q26 dari 5.39% YoY di 4Q25 (5/5). OJK memperpanjang kebijakan buyback saham tanpa melalui RUPS hingga September 2026. Harga minyak mentah koreksi sekitar 4% pada penutupan Selasa (5/5). U.S. 10-year Bond Yield turun 2 bps ke level 4.426% (5/5). Harga emas spot menguat 0.8% di level US$4,557/troy oz (5/5). Secara teknikal, diperkirakan IHSG berpotensi menguji level 7100-7150. Top picks (6/5): SSIA, RAJA, CUAN, CDIA dan BBRI. By PHINTRACO SEKURITAS | Research - Disclaimer On -

May 8th, 2026

May 7th, 2026

May 6h, 2026

Indeks di bursa Wall Street ditutup mixed pada Jumat (24/4). Investor berharap akan adanya negosiasi AS-Iran pada akhir pekan lalu, namun batal. Diblokadenya Selat Hormuz masih menjadi sentimen negatif. Investor masih akan mencermati potensi adanya negosiasi AS-Iran. Dari AS dan Area Euro akan dirilis data PDB 1Q26 pekan ini. Investor akan mencermati kebijakan moneter The Fed, ECB, BoE dan BoJ pada pekan ini. Moody's pertahankan peringkat utang RI di level Baa2 dengan outlook direvisi dari stabil menjadi negatif. Diperkirakan IHSG berpotensi menguji level psikologis 7000. Top picks pekan ini: ADMR, ADRO, BFIN, ISAT, ULTJ dan SRTG. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di bursa Wall Street ditutup mixed  pada Kamis (2/4). Indeks bergerak fluktuatif di tengah kenaikan harga minyak mentah setelah Presiden Trump menyatakan perang dengan Iran masih akan berlanjut dalam beberapa pekan mendatang. Data nonfarm payrolls sebesar 178 ribu di Maret 2026, terbanyak sejak Desember 2024. Perkembangan konflik di Timur Tengah akan tetap menjadi fokus pada pekan ini. Presiden Trump memperingatkan Iran batas waktu 6 April untuk membuka kembali Selat Hormuz. Dari domestik akan dirilis data cadangan devisa (8/4), serta indeks keyakinan konsumen dan penjualan otomotif (10/4). Diperkirakan IHSG berpotensi kembali menguji level 6900-7000. Top picks pekan ini: MAIN, MNCN, TOWR, MIDI, NISP dan BNGA. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di bursa Wall Street ditutup melemah pada Jumat (27/3). Menguatnya kembali harga minyak mentah dan keraguan keberlangsungan negosiasi AS-Iran untuk menghentikan perang menjadi faktor pendorong pelemahan indeks. Harga minyak mentah ditutup pada level penutupan tertinggi sejak Juli 2022 (27/3). Beberapa negara Asia mengumumkan krisis BBM akibat penurunan produksi minyak di Timur Tengah dan kendala pengirimannya. Konflik yang berkepanjangan berpotensi memperlambat ekonomi global. Pada pekan ini akan dirilis indeks S&P Global Manufacturing PMI bulan Maret 2026, neraca perdagangan Februari 2026, serta inflasi Maret 2026. BEI berencana merevisi aturan papan pemantauan khusus pada 2Q26. Diperkirakan IHSG berpotensi kembali melemah menguji level 6800- 7000. Top picks pekan ini: MEDC, ENRG, PTRO, ANTM dan CUAN. By PHINTRACO SEKURITAS | Research - Disclaimer On -

• U.S. Nonfarm Business Sector Labor Productivity naik 0.8% QoQ pada estimasi awal 1Q26 dari 1.6% QoQ pada 4Q25. Hal ini didorong oleh pertumbuhan komponen penyusunnya, hasil produksi dan jam kerja tumbuh masing-masing sebesar 1.5% QoQ dan 0.7% QoQ pada estimasi awal 1Q26.

• Menteri Keuangan Indonesia berencana mengaktifkan kembali Bond Stabilization Fund (BSF), guna menekan kenaikan imbal hasil obligasi dan menjaga stabilitas pasar obligasi serta rupiah. Langkah ini dilakukan karena naiknya imbal hasil SBN, yang berpotensi meningkatkan risiko capital outflow asing serta pelemahan rupiah.

 

ADP Employment Change di AS menambahkan 109 ribu pekerjaan pada April 2026. Terlepas dari peningkatan yang cukup signifikan, kondisi pasar tenaga kerja AS tetap mencerminkan kondisi “low-hire, low-fire”, dimana perusahaan menahan pemutusan hubungan kerja namun secara signifikan mengurangi perekrutan. Menko Bidang Perekonomian RI menyebut bahwa pemerintah Indonesia akan meningkatkan belanja pemerintah demi mempertahankan momentum pencapaian target pertumbuhan ekonomi nasional di tahun 2026 sebesar 5.4% YoY. Hal ini akan dilakukan dengan memberikan gaji ke-13 kepada ASN, melakukan akselerasi bantuan pangan bulan April-Juni 2026, hingga menjaga subsidi dan kompensasi energi.  

Defisit perdagangan AS melebar ke US$60.3 miliar pada Maret 2026 dari defisit sebesar US$57.8 miliar pada Februari 2026, sekaligus merupakan defisit terbesar sepanjang tahun 2026. Hal ini disebabkan oleh peningkatan impor sebesar US$8.7 miliar atau sebesar 2.3% MoM pada Maret 2026, didorong oleh peningkatan impor mobil dan suku cadang serta barang konsumsi. Pertumbuhan ekonomi Indonesia yang diukur oleh Produk Domestik Bruto (PDB) tercatat 5.61% YoY di 1Q26 meningkat signifikan dari 5.39% YoY di 4Q25 dan di atas konsensus pasar sebesar 5.3% YoY. Peningkatan PDB yang signifikan pada 1Q26 didukung oleh pertumbuhan di sisi pengeluaran terutama pada komponen Pengeluaran Konsumsi Pemerintah (PK-P) sebesar 21.81% YoY pada 1Q26.  

May 4th, 2026

April 27th, 2026

April 20th, 2026

Code : WBSA Sector : Transportation & Logistic Sub-Sector : Logistics & Deliveries --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 30 Maret 2026 Perkiraan Masa Penawaran Umum : 1 April 2026 - 8 April 2026 Perkiraan Tanggal Penjatahan : 8 April 2026 Perkiraan Tanggal Distribusi Saham : 9 April 2026 Perkiraan Tanggal Pencatatan Saham di BEI : 10 April 2026 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 1.800.000.000 (satu miliar delapan ratus juta) saham biasa atas nama dengan nilai nominal Rp40,- (empat puluh Rupiah) setiap saham yang akan diterbitkan dan dikeluarkan dari portepel Perseroan dalam rangka Penawaran Umum Perdana Saham, yang selanjutnya dicatatkan pada BEI pada Tanggal Pencatatan. Nilai Nominal : Rp40 per lembar saham Harga Penawaran : Rp150 - Rp170 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp306.000.000.000,- (tiga ratus enam miliar Rupiah). Penjamin Pelaksana Emisi Efek: PT Semesta Indovest Sekuritas PT OCBC Sekuritas Indonesia Penjamin Emisi : Akan Ditentukan Kemudian   By PHINTRACO SEKURITAS | Research - Disclaimer On - Contact Us : WA : 08119560188 IG : phintracosekuritasofficial YT : Phintraco Sekuritas Official TELE : phintasprofits www.phintracosekuritas.com

Code : SUPA Sector : Financials Sub-Sector : Banks --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 8 Desember 2025 Perkiraan Masa Penawaran Umum : 10 Desember 2025 - 15 Desember 2025 Perkiraan Tanggal Penjatahan : 15 Desember 2025 Perkiraan Tanggal Distribusi Saham : 16 Desember 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 17 Desember 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 4,406,612,300 (empat miliar empat ratus enam juta enam ratus dua belas ribu tiga ratus) saham biasa atas nama yang merupakan saham baru Perseroan yang mewakili sebanyakbanyaknya 13% (tiga belas persen) dari modal ditempatkan dan disetor penuh dalam Perseroan setelah Penawaran Umum Perdana Saham Nilai Nominal : Rp100 per lembar saham Harga Penawaran : Rp525 - Rp695 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya sebesar Rp3,062,595,548,500,- (tiga triliun enam puluh dua miliar lima ratus sembilan puluh lima juta lima ratus empat puluh delapan ribu lima ratus Rupiah) Penjamin Emisi : PT Mandiri Sekuritas PT CLSA Sekuritas Indonesia PT Trimegah Sekuritas Indonesia Tbk PT Sucor Sekuritas By PHINTRACO SEKURITAS | Research - Disclaimer On -  

Code : RLCO Sector : Consumer Non-Cyclicals Sub-Sector : Processed Foods --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 28 November 2025 Perkiraan Masa Penawaran Umum : 2 Desember 2025 - 4 Desember 2025 Perkiraan Tanggal Penjatahan : 4 Desember 2025 Perkiraan Tanggal Distribusi Saham : 5 Desember 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 8 Desember 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 625,000,000 (enam ratus dua puluh lima juta) saham biasa atas nama dengan nilai nominal Rp50,- (lima puluh Rupiah) setiap saham atau mewakili sebesar 20.00% (dua puluh persen) dari modal yang ditempatkan dan disetor penuh dalam Perseroan setelah Penawaran Umum Nilai Nominal : Rp50 per lembar saham Harga Penawaran : Rp150 - Rp168 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp105,000,000,000.- (serratus lima miliar Rupiah) Penjamin Emisi : PT Samuel Sekuritas Indonesia --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial 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

AADI recorded weaker financial performance in 1Q26, with revenue and gross profit declining amid softer coal prices and lower sales volumes. Operational performance also softened, reflected by lower production, weaker sales volume, and a decline in ASP compared to 1Q25. Profitability margins remained under pressure on a yearly basis, while earnings realization still trended below full-year expectations despite modest quarterly margin improvement. However, rising geopolitical tensions in the Middle East could potentially support coal prices and improve earnings prospects >going forward. AADI’s planned divestment of its Kestrel Coal Group stake is expected to become a key positive catalyst, as the transaction could significantly strengthen liquidity, improve balance sheet flexibility, and provide additional upside exposure through contingent payments tied to future coal prices. Key risks remain tied to the global energy transition and potential production restrictions that may limit long-term growth. By PHINTRACO SEKURITAS | Research -Disclaimer On -

MYOR booked a decrease in revenue of 4.74% YoY to IDR9.39 trillion in 1Q26. This decrease was due to lower sales across all business segments. Sales in the packaged processed food segment decreased by 2.85% YoY to IDR5.73 trillion, and sales in the packaged processed beverage segment decreased by 7.57% YoY to IDR3.66 trillion in 1Q26. In terms of profitability, gross profit for the packaged processed food segment grew 11.26% YoY to IDR1.35 trillion, and the packaged processed beverage segment increased by 20.37% YoY to IDR1.14 trillion in 1Q26. This indicates that despite a decrease in sales across all business segments, MYOR was able to improve profitability, reflecting production cost efficiency. MYOR’s net profit grew 36.89% YoY to IDR965 billion in 1Q26. In terms of costs, the cost of goods sold decreased by 10.37% YoY to IDR6.9 trillion in 1Q26, due to lower prices for cocoa and coffee raw materials. This condition caused MYOR’s gross profit to grow 15.26% YoY to IDR2.49 trillion in 1Q26. Operating expenses remained relatively stable at IDR1.32 trillion in 1Q26 due to a decrease in selling expenses of 1.52% YoY to IDR1.07 trillion amid an increase in general and administrative expenses of 6.8% YoY to IDR249 billion in 1Q26. Looking forward, we see potential improvements in MYOR's performance in FY26 in line with the downward trend in raw material prices. The normalization of cocoa and coffee prices has the potential to generate higher margins, particularly if MYOR is able to maintain its current pricing strategy and operational efficiency. By PHINTRACO SEKURITAS | Research - Disclaimer On -

CTRA booked weaker 1Q26 performance, with revenue declining 6.38% YoY to IDR 2.56 trillion and net profit falling 17.85% YoY to IDR 549 billion, mainly due to lower development revenue recognition. Quarterly pressure was more pronounced as development revenue dropped 45.05% QoQ, reflecting the typical seasonal pattern of the property sector where 4Q is usually the strongest quarter for revenue recognition. Marketing sales reached IDR 2.40 trillion in 1Q26, equivalent to 26% of the FY26 target, supported mainly by houses and land plots, while VAT incentives and the 100% LTV policy continued to support demand. Several new project launches, including Citra Homes Halim and Citra Bukit Golf Sentul, are expected to become key catalysts for marketing sales acceleration, supported by CTRA’s broad geographic diversification strategy across Indonesia. Recurring income remained resilient, growing 4.64% YoY in 1Q26, providing a stabilizing factor amid volatile development revenue, while the long holiday season in 2Q26 may support higher mall traffic and tenant-related income. By PHINTRACO SEKURITAS | Research - Disclaimer On -

ASII’s revenue declined by 5.6% YoY to IDR 83.36 trillion in 1Q26. This decrease was observed across nearly all business lines, except for the Information Technology segment (+5.4% YoY) and the Property segment (+62.7% YoY). The most significant weakness came from the HEMCE segment (-16.7% YoY), mainly due to reduced contributions from gold mining, as well as lower volumes in heavy equipment sales and mining services. From a profitability perspective, 4.7% YoY increase in cost of goods sold led to a 9.2% YoY decline in gross profit to IDR 15.49 trillion. Consequently, ASII’s net profit fell by 15.6% YoY to IDR 5.85 trillion, with net profit margin decreasing to 7.4% from 8.3%. Domestic car sales grew by 2% YoY to 209 thousand units in 1Q26, however ASII’s car sales declined by 8.3% YoY due to intensifying competition. As a result, ASII’s market share fell to 48.6% in 1Q26 from 54% in 1Q25. Komatsu heavy equipment sales dropped by 20% to 1,107 units due to weaker demand from the mining sector. Overburden removal declined by 7% to 236 million bank cubic meters. In contrast, coal sales increased to 4 million tons from 3.2 million tons. Meanwhile, gold sales plunged by 93% YoY to 4,000 ounces from 57,000 ounces, primarily due to the absence of gold sales from the Martabe Gold Mine following a temporary suspension of its operations. By PHINTRACO SEKURITAS | Research -Disclaimer On -

Merdeka Copper Gold reported weaker FY25 results, with revenue down 15.38% YoY to US$1.89 billion, mainly due to lower HGNM contribution and RKEF maintenance at Merdeka Battery Materials. The decline was partly offset by stronger gold ASP (+32% YoY) and higher nickel ore volumes (+47% YoY). Performance was broadly in line, with revenue at 102% of estimates. Operationally, MDKA saw a QoQ recovery in 4Q25. Gold output rose 7% QoQ despite -11% YoY decline, copper sales jumped 35% QoQ, while nickel saprolite and limonite volumes increased strongly YoY, offset by a 60% YoY drop in HGNM output. Growth is supported by project ramp-ups in 2026, including the Pani Gold Project (EMAS) and resource expansion at the Tujuh Bukit Project, alongside solid output from the AIM Plant. MDKA is expected to recover, with revenue projected to grow to US$2.1 billion in FY26F and continue rising through FY28F, while profitability gradually improves with net profit projected to grow 5.6% YoY to US$17.05 million in FY26F. Key risks include weaker gold prices and rising nickel benchmark prices (HMA), which may pressure margins. However, these are partially mitigated by MDKA’s diversified asset base and strong project pipeline, supporting a constructive long-term outlook. By PHINTRACO SEKURITAS | Research -Disclaimer On -

Phintraco Sekuritas Company Updates PT Solusi Sinergi Digital Tbk - WIFI.IJ Aditya Prayoga >WIFI delivered a robust FY25 performance, with net profit surging to IDR409 billion (+76.9% YoY), underpinned by strong revenue growth to IDR1.66 trillion (+147.0% YoY), driven by solid expansion across both telecommunications and non-telecommunications segments. On the profitability front, EBITDA rose to IDR1.15 trillion (+133.4% YoY), although margins slightly moderated to 69.2% (vs. 73.2% in FY24), reflecting a shift in revenue mix. Despite strong bottom-line growth, net profit margin eased to 24.7% (vs. 34.4% in FY24), mainly due to higher interest expenses from increased debt and rising minority interest. >Operationally, WIFI recorded strong growth, with home connections reaching 1.5 million subscribers (vs. 185k in FY24), in line with homepasses expansion to 2.5 million (vs. 220k in FY24), implying a solid take-up rate of 60%. This was supported by deeper network penetration and improved monetization amid rising demand for fixed broadband services. Looking ahead, management targets homepasses of 4 million (Phintas: 3.2 million) and home connections of 2.3 million (Phintas: 1.9 million), with take-up rate expected to remain stable at ~60–65%, supporting utilization and long-term monetization. >We expect WIFI to sustain its positive trajectory into FY26F, driven by continued network expansion and deeper penetration, particularly in the telecommunications segment, which offers a more attractive margin profile. Revenue is projected to reach IDR2.78 trillion (+67.4% YoY), supported by meaningful contribution from FWA (IDR1.19 trillion) and FTTH (IDR696 billion), in line with subscriber growth and infrastructure rollout. EBITDA margin is expected to remain relatively stable at ~70%, reflecting a more favorable revenue mix skewed toward higher-margin segments. In line with this, net profit is projected to increase significantly to approximately IDR792 billion in FY26F. 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

Banking liquidity improved in FY25 as Third Party Funds (TPF) grew 13.83% YoY, outpacing loan growth of 9.69% YoY, supported mainly by CASA growth and resulting in more conservative Loan to Deposit Ratios across banks.

Funding growth was solid among banks under our coverage, led by BBNI with TPF growth of 29.2% YoY, followed by BBRI at 7.4% YoY, while LDR levels remained relatively comfortable with BMRI at 87.6%, BRIS at 87.4%, and BBNI at 86.4%.

Loan growth varied across banks, with BBNI recording the highest expansion at 15.9% YoY, followed by BRIS (14.5%) and BMRI (13.4%), while BBCA and BNGA posted more moderate growth of 7.7% YoY and 4.5% YoY due to a more selective lending strategy.

Profitability performance in FY25 was mixed, with BBTN posting the strongest improvement (+16.4% YoY) supported by margin recovery, while BRIS and BTPS also recorded solid growth, whereas BBRI and BBNI experienced profit declines due to higher provisioning.

The banking sector outlook remains constructive, supported by improving liquidity conditions, stable funding costs, attractive valuations, and dividend yields of 3–8%, with potential additional catalysts from government policies encouraging greater insurance sector investment in equities.

By PHINTRACO SEKURITAS | Research - Disclaimer On -

>Despite modest monthly and quarterly improvements, domestic cement sales in FY25 remained under pressure, with total volume reaching 62.0 million tons (-2.2% YoY). Weak demand was observed across both Java and non-Java regions, driven by project delays and lower construction activity, while pressure was more pronounced in major areas such as Jakarta, Yogyakarta, and Kalimantan. The bulk segment continued to underperform, reflecting subdued infrastructure-related demand. >INTP and SMGR recorded deeper volume contractions of -4.2% YoY and -4.3% YoY, respectively, compared with the industry average decline of ~2% YoY. This reflects weakening competitive positioning amid uneven demand recovery and persistent structural overcapacity. Increasing competition from second-tier producers has further limited growth opportunities and heightened margin pressure. >Entering FY26F, we expect domestic cement sales to gradually normalize, supported by potential reactivation of delayed infrastructure projects and improving construction activity. However, 1Q26F is likely to remain weak due to seasonal factors, earlier Ramadan and Eid holidays, and high rainfall. Volume recovery is expected to become more visible in 2Q26F–4Q26F, with full-year growth projected at low single-digit levels. >We maintain a Neutral rating on the cement sector, reflecting ongoing oversupply and limited volume growth prospects. Operational efficiency remains critical for earnings sustainability. We recommend INTP (HOLD; TP IDR 6,000), supported by its efficient cost structure and solid balance sheet. Re-rating potential remains contingent on accelerating government spending, demand recovery, and easing energy costs. By PHINTRACO SEKURITAS | Research — Disclaimer On —

>Global CPO supply is expected to remain broadly flat in FY26F, as Indonesia and Malaysia continue to face structural constraints from aging plantations. Smallholder replanting progress remains slow despite government targets, keeping productivity stagnant and limiting output recovery. >On the demand side, domestic consumption is poised to strengthen following the B50 mandate in FY26F, with total biodiesel demand estimated to require >19 mn kL (~21–22 mn tons of CPO). With tight supply and solid demand, we estimate CPO prices to stay elevated at MYR 4,200–4,800/MT, with upside potential should weather disruptions occur. >Meanwhile, persistent geopolitical tensions continue to limit the correction in global fertilizer prices, with the Global Fertilizer Price Index hovering at ~USD 678/MT (+25.8% YTD). Export restrictions in China and supply constraints from Russia, Belarus, Qatar, and North Africa are pushing up prices of urea, DAP, and potash, reinforcing expectations of above-historical fertilizer cost levels into FY26F. >Indonesia’s CPO export profile is set to become more diversified after the IEU–CEPA agreement opens access to the EU market, reducing reliance on India and China, which currently absorb ~33% of total exports. Producers with RSPO certification stand to benefit from assured market access, lower rejection risks, and potential EU premium pricing under the EUDR framework. >We maintain an OVERWEIGHT rating on the plantations sector, supported by structurally tight supply and resilient demand. Companies with efficient cash cost and young plantation age remain best positioned to sustain margins, while downstream exposure offers additional flexibility amid price volatility. Top picks: STAA (TP: Rp1,400) and TAPG (TP: Rp1,700), given their competitive cost profiles and younger estate portfolios. >Downside risks include: (1) CPO price volatility, (2) policy shifts in exports or biodiesel mandates, and (3) further fertilizer inflation linked to geopolitical risks.

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

The U.S. S&P Global Manufacturing PMI rose to 54.5 in April 2026 from 52.3 in March 2026, driven by increasing new orders. Meanwhile, the U.S. ISM Manufacturing PMI remained at 52.7 in April 2026, slightly below market expectations of an increase to 53. On the other hand, the U.S. S&P Global Services PMI increased to 51 in April 2026 from 49.8 in March 2026. In contrast, the U.S. ISM Services PMI declined to 53.6 in April 2026 from 54 in March 2026, in line with market expectations of 53.7. Overall, U.S. PMI indicators in April 2026 reflect resilient economic activity amid global pressures, with both manufacturing and services sectors remaining in expansion territory.  

Indonesia’s economic growth, as measured by Gross Domestic Product (GDP), was recorded at 5.61% YoY in 1Q26, increasing significantly from 5.39% YoY in 4Q25 and exceeding the market consensus of 5.3% YoY. The nominal GDP value in 1Q26 was IDR 6,187.2 trillion, while GDP at constant prices reached IDR 3,447.7 trillion. The significant increase in GDP in 1Q26 was supported by growth on the expenditure side across almost all components. The highest growth was recorded in Government Consumption Expenditure (PK-P), which grew by 21.81% YoY, driven by increased realization of employee spending through the disbursement of the 14th salary (THR), as well as spending on goods and services, particularly goods distributed to the public under the Free Nutritious Meals (MBG) program.

U.S. economic growth stood at 2.00% QoQ in the advance estimate for 1Q26, higher than 0.5% QoQ in 4Q25. In line with this, consumption-based inflation indicators increased, with Personal Consumption Expenditure (PCE) rising to 3.5% YoY in March 2026, up from 2.8% YoY in February 2026. Core PCE also rose to 3.2% YoY in March 2026 from 3.0% YoY in February 2026.

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

-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 -

Global inflation trends remain uneven, with easing in the U.S. and Euro Area offset by renewed upside risks from energy shocks and supply disruptions, complicating the path toward central bank targets and reinforcing a cautious global monetary stance. Major central banks including the Fed, ECB, and BOE continue to signal a “higher for longer” policy outlook, while the PBOC maintains an accommodative stance to support growth amid weak domestic demand and subdued inflation. Indonesia’s macro stability remains relatively intact with inflation within target and BI Rate held at 4.75%, but external pressures from global rates, commodity volatility, and rupiah depreciation are likely to keep policy tight to anchor expectations and maintain currency stability. Indonesia’s bond market is facing bearish flattening pressures, with short-to-medium term yields rising toward 6.5%–7.0% amid fiscal concerns, rating outlook downgrades, and sustained foreign outflows, while Bank Indonesia and domestic banks act as key stabilizing buyers. Heightened fiscal risks, geopolitical tensions, and declining foreign reserves continue to weigh on investor sentiment, keeping the 2026 bond outlook neutral with volatility ahead, though seasonal trends and reform credibility could support selective recovery in the near term. By PHINTRACO SEKURITAS | Research -Disclaimer On-

-April 2026- Research Team The Iran–Israel conflict has triggered a surge in oil prices that threatens to reverse disinflation trends in the U.S., Euro Zone, and U.K., leading central banks like the Fed, ECB, and BOE to delay interest rate cuts to combat potential stagflation. Fitch Ratings revised Indonesia’s outlook to Negative while maintaining its BBB rating due to rising policy uncertainty, low government revenue, and increasing fiscal risks from ambitious expansionary programs such as the free meals initiative. Bank Indonesia is expected to maintain its interest rate at 4.75% for an extended period to safeguard the Rupiah and anchor inflation expectations, especially as domestic inflation rose to 4.76% YoY partly due to electricity tariff adjustments. Both U.S. and Indonesian bond markets are experiencing a bearish flattening trend where short-term yields are rising significantly faster than long-term yields, reflecting market expectations of prolonged tight monetary policy and heightened immediate risk. Strong U.S. Dollar performance and the Fitch downgrade led to net foreign capital outflows from Indonesian bonds in March, yet historical data shows a 60% probability of an uptrend in April with average returns of 0.54%. By PHINTRACO SEKURITAS | Research -Disclaimer On-