Indeks di Wall Street ditutup menguat cukup signifikan (3/7). Data nonfarm payrolls bulan Juni 2025 tercatat sebanyak 147 ribu dari 144 ribu di Mei 2025 (3/7). Tingkat pengangguran AS bulan Juni 2025 turun pada level 4.1% dari 4.2% di Mei 2025 (3/7). Data tenaga kerja AS yang kuat ini mengurangi ekspektasi penurunan suku bunga The Fed pada Juli. DPR AS menyetujui RUU pajak dan mengirimkan RUU tersebut ke Presiden Donald Trump untuk persetujuan akhir. U.S. 10-year Bond Yield naik lebih dari 5 bps ke 4.346%. Harga emas turun 1% ke  level US$3,325/troy oz. Diperkirakan IHSG masih cenderung konsolidasi di rentang 6830-6950. Top picks (4/7): PGEO, JPFA, ESSA, MBMA dan KLBF. By PHINTRACO SEKURITAS | Research Ratna Lim - Disclaimer On -

Indeks di Wall Street ditutup beragam pada Rabu (2/7). AS mengumumkan kesepakatan dagang dengan Vietnam yang mencakup tarif AS sebesar 20% untuk barang-barang Vietnam, serta tarif transshipping sebesar 40%. Data ADP Employment (2/7) menunjukkan bahwa sektor swasta AS kehilangan 33,000 pekerjaan bulan lalu. Indeks bursa Eropa menguat kecuali Inggris (2/7). Dari AS, pasar mengantisipasi rilis data Non Farm Payrolls bulan Juni 2025 yang diperkirakan melambat (3/7). U.S. 10-year Bond Yield naik lebih dari 3 bps ke 4.283%. Harga emas naik 0.3% ke level US$3,348/troy oz. Diperkirakan IHSG berpotensi melanjutkan koreksi menguji level 6800-6850. Top picks (3/7): MAPI, ASII, HMSP, AMRT dan BSDE. By PHINTRACO SEKURITAS | Research Ratna Lim - Disclaimer On

Indeks di Wall Street ditutup variatif pada Selasa (1/7). Investor melakukan rotasi dari sektor teknologi ke saham sektor kesehatan. RUU anggaran belanja baru pemerintahan Trump  menunggu voting di DPR AS dan ditargetkan disahkan sebelum 4 Juli 2025. Chairman The Fed dalam forum ECB di Portugal menyatakan bahwa Fed kemungkinan akan memangkas suku bunga lagi sekarang jika bukan karena tarif. Realisasi APBN pada 1H25 di bawah target semula, inflasi Juni  lebih tinggi dari perkiraan dan surplus neraca perdagangan Mei meningkat. U.S. 10-year Bond Yield naik 2.5 bps ke 4.251%. Harga emas naik 1.1% ke level US$3,337/troy oz karena kenaikan permintaan safe haven. IHSG diperkirakan akan cenderung konsolidasi di kisaran level 6840-7000. Top picks (2/7): MEDC, MAPA, UNVR, MYOR dan INDF. By PHINTRACO SEKURITAS | Research Ratna Lim - Disclaimer On -

4 July 2025

3 July 2025

2 July 2025

Indeks di bursa Wall Street menguat pada pekan lalu. Batas waktu jeda tarif resiprokal (9/7) semakin dekat. Menteri Perdagangan AS menyatakan kerangka kerja AS-Tiongkok telah selesai. AS berharap  mencapai kesepakatan dagang dengan 10 mitra dagang utama. AS akan menghentikan negosiasi dagang dengan Kanada, karena Kanada memberlakukan pajak layanan digital kepada perusahaan teknologi AS. Fokus pasar pada pekan ini seputar negosiasi dagang, data ekonomi dan forum ECB  mengenai prospek ekonomi dan moneter. Pada pekan ini dari AS akan dirilis indeks PMI dan data tenaga kerja. Dari domestik akan menantikan data inflasi, neraca perdagangan dan cadangan devisa. IHSG diperkirakan mengalami konsolidasi di kisaran 6700-7000 pada pekan ini. Top picks pekan ini  : ASII, BMRI, TLKM, UNVR, MYOR dan MTEL. By PHINTRACO SEKURITAS | Research Ratna Lim - Disclaimer On -

Indeks utama di Wall Street pada pekan lalu ditutup variatf dalam kisaran sempit. AS menyerang tiga fasilitas nuklir Iran pada Sabtu waktu AS (21/6). Ikut sertanya AS dalam konflik Israel-Iran diperkirakan akan semakin meningkatkan ketegangan politik serta mendorong kenaikan harga energi. Kenaikan harga energi akan berakibat pada meningkatnya kembali inflasi global, yang akan membuat para bank sentral tidak dapat menurunkan suku bunga di tengah kondisi ekonomi yang membutuhkan stimulus. Fokus pasar pada pekan ini diantaranya perkembangan konflik di Timur Tengah. Chairman The Fed dijadwalkan berpidato di depan Kongres AS (24/6) Pada pekan ini akan dirilis data PMI dari AS, Euro Area dan Jepang. IHSG diperkirakan melanjutkan koreksi dan menguji support 6820/6850, di tengah meningkatnya ketegangan geopolitik Top picks pekan ini : AUTO, GJTL, MAPA, ERAA dan BTPS.

Indeks utama di Wall Street pada pekan lalu ditutup melemah yang terutama didorong pelemahan signifikan pada Jumat (13/6). Serangan Israel atas Iran yang kemudian dibalas oleh Iran (13/6), memicu kenaikan harga minyak mentah dan emas. Kenaikan harga minyak mentah mendorong kenaikan harga energi yang dapat berakibat pada kembali meningkatnya laju inflasi, sehingga U.S. 10-year Bond Yield naik 5 bps menjadi 4.411%. Fokus perhatian pasar pekan ini pada perkembangan konflik di Timur Tengah, kemajuan negosiasi dagang AS dengan para mitra dagangnya, serta KTT G7 di Kanada pada 15-17 Juni 2025. Beberapa bank sentral akan membahas kebijakan moneter pada pekan ini, yaitu The Fed, PBoC, BoJ, BoE dan BI yang diperkirakan akan mempertahankan suku bunga tetap. IHSG diperkirakan berpotensi melanjutkan koreksi dan menguji level MA200 di 7132 hingga level support 7100. Top picks pekan ini : AADI, CTRA, NCKL, HRUM dan ESSA. By PHINTRACO SEKURITAS | Research Ratna Lim - Disclaimer On -

Nonfarm payrolls AS naik 147 ribu di Juni 2025 dari 144 ribu di Mei 2025 dan jauh melampaui diatas ekspektasi 110 ribu dan rata-rata 12 bulan terakhir sebesar 146 ribu. Peningkatan terutama terjadi di sektor pemerintahan dan kesehatan, meski pekerjaan federal turun. Pasar tenaga kerja tetap kuat dengan tingkat pengangguran turun menjadi 4.1% dari 4.2%, sementara partisipasi angkatan kerja turun ke 62.3% dan rasio penduduk bekerja tetap di 59.7%. Menteri Keuangan Sri Mulyani menyatakan belum diumumkannya kesepakatan tarif perdagangan antara Indonesia dan AS menciptakan ketidakpastian yang dapat menekan kinerja ekspor Indonesia, yang saat ini mendapat tarif resiprokal sebesar 32%. Pemerintah berharap negosiasi yang berlangsung hingga 9 Juli 2025 dapat menghasilkan tarif lebih rendah dibanding Vietnam yang sudah mencapai 20%, mengingat ekspor harus tumbuh 5.4%-6.4% agar pertumbuhan ekonomi 2025 mencapai 4.7%-5%.  

ISM Manufacturing PMI Index di AS naik tipis menjadi 49.0 pada Juni 2025 dari 48.5 di Mei, menunjukkan kontraksi sektor manufaktur masih berlanjut. Peningkatan produksi (50.3) dan perbaikan inventaris (49.2) mendukung kontraksi ini. Sementara itu, JOTL Job Opening di AS naik 374 ribu menjadi 7.76 juta pada Mei 2025, tertinggi sejak November 2024 dan melampaui ekspektasi pasar sebesar 7.3 juta. Kenaikan terbesar terjadi di sektor akomodasi dan layanan makanan sebesar 314 ribu. Indeks PMI Manufaktur di Indonesia turun menjadi 46.9 pada Juni 2025 dari 47.4 di bulan sebelumnya, menandai kontraksi aktivitas pabrik selama tiga bulan berturut-turut sejak April 2025. Selain itu, Neraca perdagangan Indonesia naik signifikan menjadi USD 4.30 miliar pada Mei 2025, naik dari USD 2.92 miliar pada Mei 2024. Ekspor meningkat 9.68% YoY mencapai USD 24.61 miliar, didorong oleh naiknya pengiriman ke AS sebesar 24.76%. Sementara itu, impor juga naik 4.14% YoY menjadi USD 20.31 miliar. Sementara inflasi Indonesia meningkat menjadi 1.87% YoY di Juni 2025 dari 1.60% YoY di Mei 2025, sedikit di atas perkiraan pasar sebesar 1.83% YoY dan masih dalam target BI 1.5%–3.5%.  

RUU pajak AS yang dibuat pemerintahan Senat diperkirakan akan menambah defisit AS hampir US$3.3 triliun dalam sepuluh tahun ke depan, dengan penurunan pendapatan sebesar US$4.5 triliun dan pengurangan pengeluaran US$1.2 triliun hingga 2034. RUU ini mencakup pemotongan pajak besar-besaran dan pengurangan program sosial, namun mendapat kritik karena asumsi dasar kebijakan saat ini yang memungkinkan penghindaran batasan fiskal. Pemerintah Indonesia telah menyerahkan penawaran kedua dalam negosiasi tarif perdagangan dengan Amerika Serikat menjelang tenggat 9 Juli 2025, dan tawaran ini sudah diterima oleh pihak AS. Penawaran ini mencakup berbagai sektor, termasuk investasi di mineral tanah jarang dan peningkatan kerja sama perdagangan yang mengacu pada kepentingan nasional Indonesia.  

30 June 2025

16 June 2025

2 June 2025

Code : MERI Sector : Consumer Cyclicals Sub-Sector : Education Services --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 30 Juni 2025 Perkiraan Masa Penawaran Umum : 2 Juli 2025 - 7 Juli 2025 Perkiraan Tanggal Penjatahan : 7 Juli 2025 Perkiraan Tanggal Distribusi Saham : 8 Juli 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 9 Juli 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak – banyaknya 266.660.000 (dua ratus enam puluh enam juta enam ratus enam puluh ribu) Saham Biasa Atas Nama yang seluruhnya adalah saham baru dan dikeluarkan dari portepel Perseroan atau sebanyak – banyaknya 25% (dua puluh lima persen) dari total modal ditempatkan dan disetor penuh setelah Penawaran Umum. Nilai Nominal : Rp12.5 per lembar saham Harga Penawaran : Rp110 - Rp150 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp39.999.000.000 Penjamin Emisi : PT Lotus Andalan Sekuritas --------------------------------------------- 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 : phintasofficial www.phintracosekuritas.com www.profits.co.id

Code : PMUI Sector : Consumer Cyclicals Sub-Sector : Consumer Distributors --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 30 Juni 2025 Perkiraan Masa Penawaran Umum : 2 Juli 2025 - 4 Juli 2025 Perkiraan Tanggal Penjatahan : 4 Juli 2025 Perkiraan Tanggal Distribusi Saham : 7 Juli 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 8 Juli 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 1.160.000.000 (satu miliar seratus enam puluh juta) Saham Biasa Atas Nama atau mewakili sebanyak-banyaknya 20% (dua puluh persen) dari modal ditempatkan dan disetor penuh Perseroan setelah Penawaran Umum Perdana Saham. Nilai Nominal : Rp50 per lembar saham Harga Penawaran : Rp160 - Rp180 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp208.800.000.000 Penjamin Emisi : PT Korea Investment and 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 : phintasofficial www.phintracosekuritas.com www.profits.co.id

Code : CHEK Sector : Healthcare Sub-Sector : Healthcare Equipment --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 30 Juni 2025 Perkiraan Masa Penawaran Umum : 2 Juli 2025 - 8 Juli 2025 Perkiraan Tanggal Penjatahan : 8 Juli 2025 Perkiraan Tanggal Distribusi Saham : 9 Juli 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 10 Juli 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 815.000.000 (delapan ratus lima belas juta) Saham Biasa Atas Nama atau mewakili sebanyak-banyaknya 20,04% (dua puluh koma nol empat persen) dari modal ditempatkan dan disetor penuh Perseroan setelah Penawaran Umum Perdana Saham Nilai Nominal : Rp20 per lembar saham Harga Penawaran : Rp120 - Rp140 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp114.100.000.000 Penjamin Emisi : PT Lotus Andalan Sekuritas --------------------------------------------- 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 : phintasofficial www.phintracosekuritas.com www.profits.co.id

TBIG posted a resilient 1Q25 performance despite relatively flat revenue. TBIG booked revenue of IDR 1.73 trillion (-0.5% QoQ, +1.6% YoY), broadly in line with our estimate, the consensus, and the 5-year historical average (Phintas: 25.35%; Consensus: 24.6%; 5-year avg: 24.2%). The tower segment remained the main contributor (>91% of total revenue) but experienced a slight contraction of -0.9% QoQ to IDR 1.58 trillion. Conversely, the fiber segment delivered solid growth (+3.7% QoQ; +10.3% YoY) to IDR 151 billion, reflecting sustained demand for fiber amid weak tower leasing momentum. While top-line growth was limited, cost efficiency helped operational performance exceed expectations. EBITDA edged up to IDR 1.11 trillion (+1.1% QoQ, +1.2% YoY), beating our forecast (Phintas: 26.77%) and broadly in line with consensus and the 5-year average (Consensus: 25.1%; 5-year avg: 24.2%). The improvement was primarily driven by a combination of a -4.1% QoQ decrease in cost of revenue and a substantial -13.9% QoQ decline in operating expenses, resulting in EBITDA margin expansion to 85.6% in 1Q25 (vs 84.2% in 4Q24). Cost and tax efficiency further supported bottom-line growth. TBIG booked net profit of IDR 413 billion (+112.8% QoQ; +98.5% YoY), in line with our estimate, consensus, and the 5-year average (Phintas: 25.05%; Consensus: 26.3%; 5-year avg: 20.7%). The improvement was driven by a -5.1% QoQ reduction in interest expenses and a significant -24.9% QoQ drop in tax expenses, which also boosted net profit margin to 23.9% (vs 12.2% in 4Q24). The balance sheet also strengthened, with DER falling to 2.96x in 1Q25 (vs 3.23x in 4Q24). We maintain our HOLD recommendation on TBIG, consistent with our previous report. Despite notable improvements in operational and bottom-line metrics in 1Q25, the near-term outlook for the tower business remains clouded by demand-side uncertainty. One of the key risks lies in the ongoing consolidation process between EXCL and FREN, which together contribute approximately 31.92% of TBIG’s total revenue. Downside Risks: (1) High interest rates potentially pressuring profitability margins; (2) A meaningful number of decommissioned sites due to EXCL-FREN consolidation. By PHINTRACO SEKURITAS | Research – Disclaimer On –

TOWR recorded revenue of Rp3.21 trillion in 1Q25 (-2.38% QoQ; +5.31% YoY), relatively in line with our estimate, consensus, and the 5-year historical average (Phintas: 24.57%; Cons: 24.24%; Avg 5-Years: 23.8%). The sequential decline in revenue was mainly driven by a sharp drop in the connectivity segment, which fell -14.43% QoQ to Rp350 billion, as well as a slight contraction in the tower segment the main contributor which declined -1.56% QoQ. On the other hand, the FTTH segment posted solid growth of +37.11% QoQ and +84.75% YoY, reaching Rp218 billion, reflecting strong momentum in the fiber-to-the-home (FTTH) rollout. On the profitability side, EBITDA came in at Rp2.68 trillion in 1Q25 (-2.76% QoQ; +5.25% YoY), in line with our estimate, consensus, and the 5-year average (Phintas: 24.55%; Cons: 24.19%; Avg 5-Years: 23.8%). The QoQ EBITDA contraction slightly pressured the EBITDA margin to 83.48% in 1Q25 (vs 83.54% in 1Q24). This margin pressure extended down to the bottom line, with net profit declining to Rp803 billion (-9.56% QoQ; +0.66% YoY), and net profit margin narrowing to 25.02% from 26.17% in 1Q24. On the Operationally side, TOWR showed signs of a quarterly slowdown. Total towers increased marginally to 35.51k units (+0.30% QoQ), while total tenants remained flat at 58.04k (+0.02% QoQ), resulting in a slight decline in tenancy ratio to 1.63x (vs 1.64x in 4Q24). On the fiber side, total FTTT fiber length rose slightly by +0.61% QoQ to 218.84k km, while FTTH subscribers grew a solid +7.96% QoQ. Meanwhile, average monthly revenue per tenant dropped -1.46% QoQ to Rp12.3 million, and revenue per fiber ticked up only slightly by +0.19% QoQ to Rp839k, signaling ongoing monetization pressure in early-stage fiber expansion. We maintain our BUY recommendation on TOWR with a target price of Rp650, in line with our previous report. While margin pressure remains a near-term concern, we see TOWR’s competitive edge in the fiber segment as a key long-term growth engine amid softening tower performance during the ongoing industry consolidation. Furthermore, asset monetization both in fiber and towers will be essential to support profitability and sustain future growth. Downside Risks: 1) Elevated interest rates that could pressure profitability; 2) Intensifying competition in the fiber segment which may squeeze margins; and 3) High site deactivations following the EXCL-FREN consolidation. By PHINTRACO SEKURITAS | Research – Disclaimer On –

CTRA's net profit grew 27% YoY to IDR669 billion in 3M25. This achievement is in line with revenue growth of 18% YoY to IDR2.7 trillion in 3M25. The revenue growth was driven by growth in the property development segment by 23% YoY and the recurring segment by +1% YoY in 3M25. CTRA posted marketing sales of IDR3.15 trillion in 3M25, which is equivalent to 29% of the FY25F target. This achievement reflects consumer demand and solid performance to achieve the FY25F marketing sales target. Launching the Calamus Cluster at Citra Garden Bintaro is one of the drivers of 3M25 marketing sales. CTRA's geographically diversified product portfolio is a key advantage in the residential segment. We maintain our buy rating for CTRA with the same fair value as in its previous company update: Rp1,320 (+36.79%). By PHINTRACO SEKURITAS | Research - Disclaimer On - Contact Us : WA : 08119560188 IG : phintracosekuritasofficial YT : Phintraco Sekuritas Official TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id

MDKA recorded FY24 revenue of US$2.24 billion, representing a 31.2% YoY increase compared to US$1.71 billion in FY23. This growth was primarily driven by the nickel segment, which contributed 82.4% of total revenue through PT Merdeka Battery Materials Tbk (MBMA), with revenue rising 38.9% YoY to US$1.84 billion (vs. FY23: US$1.33 billion). Operational efficiency at the three RKEF smelters (CSID, BSID, and ZHN) successfully reduced the cash cost of Nickel Pig Iron (NPI) by 6.86% QoQ to US$10,037/ton in 4Q24 (vs. 3Q24: US$10,776/ton). Gold production in 4Q24 reached 35.82 koz, (+17.37% QoQ; +21.41% YoY), in line with an increase in the average selling price (ASP) of 11.06% QoQ to US$2,672/oz (vs. 3Q24: US$2,406/oz). Looking ahead, gold production is projected to continue increasing through the Pani Gold Project, which is targeted to reach peak annual production of 500,000 ounces. Management Guidance for FY25 : the gold segment is projected to produce 100,000–110,000 oz per year with a competitive cash cost of US$1,100–1,200/oz, copper production is targeted at 11,000–13,000 tons, with a significant expected reduction in cash cost to US$1.60/lb. Meanwhile, the nickel segment will maximise margins by producing Nickel Pig Iron (NPI), targeting 80,000–87,000 tons per year with a controlled cash cost below US$11,000/ton. Using a Sum-of-the-Parts (SOTP) valuation method, with a required rate of return of 9.20% and a terminal growth rate of 1.46%, we estimate MDKA’s fair value to be at Rp2,510 (implying 10.03x/2.66x expected EV/EBITDA and P/BV).

PTPP recorded revenue of IDR3.51 trillion in 1Q25 (–39.6% QoQ; –23.9% YoY), mainly due to a significant contraction in the construction services segment (–35.5% QoQ; –24.3% YoY) and a sharp drop in the EPC segment (–63.8% QoQ; –43.2% YoY). The revenue weakness reflects a larger portion of joint operation projects, which contribute less to recognized income compared to regular contracts. Net profit fell to IDR59 billion (–60.0% QoQ; –37.2% YoY), in line with a decline in operating profit to IDR214 billion. Despite this, contributions from other income and joint ventures helped maintain net profit margin at 1.7%. PTPP currently manages 76 active projects, mostly located in Java (37 projects), Kalimantan (13), and Sumatra (9). New contract realization reached IDR7.39 trillion, falling short of both our estimate (Phintas: 27%) and management’s target (~26%). Notably, funding composition shifted significantly in 4M25, with private sector contribution increasing to 45% (vs 18% in 4M24), SOEs at 38% (vs 24%), and government share declining to 17% (vs 57%). This reflects the rising role of private and SOE projects amid fiscal consolidation. By segment, new contracts were dominated by port (32%), building (30%), and road & bridge (19%) projects, with notable contributions from the NPEA Section 2 (IDR2.3 trillion) and Kataraja Toll Road Phase 2 (IDR1.3 trillion). On the macro front, the government is enhancing focus and project efficiency by restructuring the Ministry of Public Works and Public Housing. Through the 2025 State Budget, several Physical Special Allocation Funds (DAK Fisik) are prioritized—including road and bridge development across 35 provinces, irrigation networks, flood control, and SPAM (drinking water infrastructure) expansion. Meanwhile, the Ministry of Housing was allocated IDR5.3 trillion to support the 3-million-home program aimed at reducing the housing backlog. We initiate coverage on PTPP with a BUY recommendation and a target price of IDR600, based on a DCF valuation (WACC: 7.11%, Terminal Growth: 0.5%). We are optimistic on PTPP’s outlook, driven by strong project pipelines, momentum from industrial downstreaming policy, and the reopening of IKN funding. Additionally, the company’s asset divestment strategy is expected to enhance its balance sheet and support long-term profitability. Downside risks to our view include: 1) project delays from budget cuts or tender postponements, 2) raw material cost volatility, and 3) tightening liquidity that could pressure margins. By PHINTRACO SEKURITAS | Research Disclaimer On Contact Us: WA: 08119560188 IG: @phintracosekuritasofficial YT: Phintraco Sekuritas Official TELE: @phintasofficial www.phintracosekuritas.com www.profits.co.id

ERAA booked a decrease in revenue by 4.61% YoY to IDR15.88 trillion in 1Q25. This decrease was caused by the operator product segment sales, which decreased significantly by 28.23%% YoY to IDR396 billion in 1Q25, followed by the cellular phones and tablet segment, which decreased by 9.15% YoY to IDR12.34 trillion in 1Q25. We estimate ERAA's net profit to potentially increase by 9.59% YoY to IDR1.22 trillion in FY25F. This estimate is based on potential revenue growth of 9.04% YoY to IDR71.18 trillion in FY25F amidst a potential smartphone market that could drive future profitability. In 1Q25, ERAA's net profit decreased by 20.5% YoY to IDR212 billion. The decrease was in line with ERAA's lower revenue in 1Q25. The smartphone market in Indonesia grew by 15.5% YoY to nearly 40 million units in 2024. This growth is driven by the ultra-low-end smartphone segment (priced US$600) decreasing by 9.2% YoY in line with the iPhone 16 ban in 4Q24. The iPhone 16 series has been officially released in Indonesia since April 2025. We assess that ERAA will benefit from the entry of the iPhone 16 into Indonesia, considering that ERAA has iBox outlets to sell iPhone products. We give a Buy recommendation for ERAA with an estimated fair value of IDR555 per share or a potential upside of 11.45%. This recommendation is based on a calculation using the Discounted Cash Flow method with a Required Return of 9.60% and a Terminal Growth of 2.29%.

Both plantation names under our coverage delivered solid performance in 1Q25, with AALI posted robust revenue growth of 46.3% YoY, supported by higher sales volumes of CPO and palm kernel and SSMS also reporting a 14.42% YoY increase in net profit to IDR276.90 billion, supported by efficient cost control and young plantation profile. Indonesia's CPO production rebounded in March 2025 to 4.81 million tons (+16.05% MoM), though 1Q25 output was still down –1.82% YoY, reflecting the lagging impact of El Niño. Domestic demand remained firm at 6.05 million tons for 3M25 (+6.0% YoY), backed by strong biodiesel uptake (+8.5% YoY). Exports also rose (+12.4% YoY), supported by stronger refined product volumes and a weaker rupiah. We forecast CPO prices to hover around RM4,100–4,500/ton in 2H25F, driven by tight supply in Malaysia and continued domestic absorption in Indonesia. Demand from India is expected to strengthen amid restocking trends and lower import duties, while CPO’s pricing discount to soybean oil continues to support its global competitiveness. We maintain our Overweight rating on the plantation sector, favoring names with strong production visibility, younger estates, and efficient cost structures. Key downside risks include CPO price volatility and unfavorable policy shifts that may impact margins. By PHINTRACO SEKURITAS | Research -Disclaimer On-

Public consumption remained solid in May 2025. Inflation in Indonesia stood at 1.60% YoY in May 2025. Over the past year, the average inflation in Indonesia has been 1.56%, so while inflation in May 2025 decreased compared to April 2025, the inflation in May 2025 is still relatively stable. The government gave various economic stimulus packages in June-July 2025. We assess that the stimulus package given by the government has the potential to maintain public purchasing power. Average raw material prices tend to mix. The average wheat prices decreased by 9.9% YoY to US$549/Bu in 5M25, the average price of Crude Palm Oil (CPO) increased by 4.8% YoY to MYR4,210/ton in 5M25, the average price of cocoa increased by 18.5% YoY to US$9,302/ton in 5M25 and the average price of coffee increased significantly by 83.22% YoY to US$373/lb in 5M25. Corn and Soybean Meal (SBM) prices softened in 5M25. The average domestic corn price decreased by 23.18% YoY to Rp6,274/kg in 5M25. Meanwhile, the average price of SBM decreased by 13.47% YoY to US$301/ton in 5M25. The revenue performance of consumer issuers in our coverage showed a positive trend. In 1Q25, all consumer issuers in our coverage continued this positive revenue performance trend. This condition indicates that the consumer sector still has attractive prospects in the long term. Overweight rating on the Consumer Sector. With the various catalysts above, we give an Overweight rating to the consumer sector. Our top picks in the consumer sector are INDF, with an estimated fair value of IDR 9,000; ICBP, with an estimated fair value of IDR 13,275; and CPIN, with an estimated fair value of IDR 5,400.

BI rate has the potential to be cut by 25 bps - 50 bps in the remainder of 2025. Given Indonesia's relatively solid macroeconomic conditions, where the inflation rate is in line with BI's assumptions (2.5%+-1% or 1.5% -3.5%) in 2025. Residential property sales grew 0.73% YoY or 33.92% QoQ in 1Q25 vs. -15.09% YoY in 4Q24. The growth of small-type houses drove this increase, small-type houses grew 21.75% YoY in 1Q25. Therefore, property issuers whose portfolios mostly consist of small-type houses, such as CTRA, booked more resilient performance. Several stimuli from the Government. The Government will continue Value Added Tax (VAT) incentive program until the end of 2025.Several stimuli from the Government. The Government will continue Value Added Tax (VAT) incentive program until the end of 2025. The majority of property issuers booked marketing sales growth in line with the FY25F target. Mortgage Growth is Still Overshadowed by Worsening Asset Quality. Annually, total KPR grew by 9.13% YoY in 3M25, lower than the 9.67% YoY growth in FY24. While quarterly, total KPR grew by 2.54% QoQ, higher than the 2.0% QoQ in 3M25. With the various catalysts above, as well as the performance of each issuer in the property sector, we make our top picks CTRA with a potential fair value of Rp1,320 > BSDE Bwith a potential fair value of Rp1,185 > PWON with a potential fair value of Rp535. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indonesia's Consumer Price Index (CPI) experienced inflation of 1.87% YoY in June 2025, up from 1.60% YoY in May 2025. This inflation realization was above the consensus forecast of 1.83% YoY. Core inflation slightly decreased to 2.37% YoY in June 2025 from 2.40% YoY in May 2025. Commodities contributing to core inflation components included jewelry, ground coffee, and cooking oil. Meanwhile, the volatile food component experienced inflation of 0.57% YoY in June 2025, primarily supported by increases in rice, coconut, and tomato prices in May 2025. The administered price component experienced inflation of 1.34% YoY, with significant contributions from water utility rates, Machine-Made Kretek Cigarettes and Hand-Rolled Kretek Cigarettes (Figure 1).

Indonesia's Trade Balance Surplus (NPI) increased to US$4.30 billion in May 2025 from US$0.16 billion (Figure 1). This increase was driven by a significant rise in non-oil and gas surplus to US$5.83 billion in May 2025 from US$1.51 billion in April 2025. The growth was contributed by animal and vegetable fats and oils, mineral and vegetable fuels, as well as iron and steel. Meanwhile, the oil and gas trade balance recorded a deficit of US$1.53 billion in May 2025, primarily due to the decline in crude oil and petroleum products. The NPI surplus has maintained its position for 61 months since May 2020.

U.S. economic growth contracted by 0.5% QoQ final in 1Q25 from 2.40% QoQ in 4Q24, as released by the US Bureau of Economic Analysis, and below market expectations of 0.2% QoQ expansion. It aligns with the slowdown in general inflation indicators, namely Personal Consumption Expenditure (PCE) to 2.30% YoY in March 2025 from 2.70% YoY in February 2025. Meanwhile, the unemployment rate in March rose to 4.2% from 4.1% in February 2025. U.S. Growth Domestic Product (GDP) has growth driven by personal consumption expenditure contribution, which grew only by 0.5% QoQ or 69.3% of total GDP. Based on value, personal consumption increased by 0.11% QoQ to US$18.6 trillion, supported by increased household service spending. Other expenditures, such as domestic investment, grew highest at 23.8% QoQ. In comparison, government spending slowed by 0.6% QoQ due to U.S. President Donald Trump's policy of maintaining efficient government operations overseen by the Department of Government Efficiency (DOGE). In terms of net exports, the highest slowdown contracted by 29.07% QoQ due to rising import values as goods and services were not produced in the US (Figure 2).

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

PHINTRACO SEKURITAS (AT) -13 November 2024- Indonesia's economy has shown a solid recovery, with GDP growth observed across spending sectors. This reflects resilience and a balanced approach to economic recovery. Household consumption remains a primary driver of economic growth, contributing steadily to domestic demand and encouraging broader sectoral gains. Business conditions have improved, seen in positive consumer confidence and absolute sales indices, creating a supportive environment for local and international investments. Indicators such as decreasing poverty and unemployment rates and improvements in income distribution suggest gradual progress in the quality of life for many Indonesians. The government has set an optimistic economic growth target of 5.20% for 2025, with strong domestic consumption expected to play a central role in achieving this goal. Prabowo-Gibran administration intends to prioritize human resource development, emphasizing educational improvement, vocational training, and digital skills to strengthen workforce readiness. Bank Indonesia is expected to continue with flexible monetary policies, which may include easing measures, to help sustain economic growth amid global uncertainties. IHSG targeted 8698 in 2025: Considering the various opportunities and challenges faced in 2025. Sectoral Coverage: Banking, Cement, Metal & Mining, Food & Beverage, Poultry, Properties & Real estate, Telecommunication, and Tower. By PHINTRACO SEKURITAS | Research - Disclaimer On -

The majority of countries started to show an increase in economic growth in 2Q24, after experiencing a slowdown at the beginning of the year. Global monetary policy was less-aggressive than expected in 2024. Several central banks started easing their monetary policy in 3Q24 as the inflation rate flattened. Geopolitical conflicts continue in 2024. The conflict in the Middle East has expanded to involve countries other than Israel and Palestine. Meanwhile, the Russia-Ukraine conflict will continue. Several commodity prices tend to stagnate in 2024 and There is still uncertainty risk from geopolitical conflict. Political conditions in global countries' election years were relatively stable. Economic activity's recovery has the potential to continue in 2025. This is driven by the easing of the monetary policy of several central banks, which could continue in 2025. The exchange rate has the potential to be more stable in 2025. By PHINTRACO SEKURITAS | Research - Disclaimer On -