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

ACES booked revenue growth of 7.2% YoY to IDR2.13 trillion in 1Q25. This growth was driven by a 10.64% YoY increase in sales of lifestyle products to IDR930 billion, and home improvement products increased by 5.5% YoY to IDR1.1 trillion in 1Q25. Meanwhile, toy products booked stable sales at IDR72 billion, and consignment sales decreased by 8.38% YoY to IDR34 billion. ACES's operating expenses increased by 19.97% YoY to IDR802 billion in 1Q25. This increase was driven by a 26.11% YoY increase in selling expenses to IDR651 billion and a 22.98% YoY increase in general and administrative expenses to IDR223 billion in 1Q25. In detail, the increase in ACES's operating expenses was due to an increase in advertising and promotion expenses to IDR41 billion in 1Q25 (vs. IDR18 billion in 1Q24) due to rebranding and initiatives to increase AZKO brand awareness. In addition, increases in salaries and benefits also drive the increase in operating expenses in 1Q25. ACES's net profit decreased by 32% YoY to IDR138 billion in 1Q25. This net profit is equivalent to 15% of our FY25F. We assess this condition is reasonable as ACES is a cyclical company. In addition, the decrease in ACES's net profit was also driven by an increase in financial expenses by 34.26% YoY to IDR42 billion in 1Q25. We maintain our Buy rating for ACES with the same projection and fair value as ACES’s previous company update at IDR685/share.

CPIN booked revenue growth of 11.3% YoY to IDR17.7 trillion in 1Q25. This growth was driven by increased sales in all CPIN's business segments, except for the others segment, which decreased by 9.75% YoY to IDR303 billion in 1Q25. CPIN's operating expenses decreased by 3.64% YoY to IDR973 billion in 1Q25. This decrease was mainly due to a 3.7% YoY decrease in selling expenses to IDR541 billion and a 390% YoY increase in other operating income to IDR126 billion, in line with the net gain from the sales of culled birds in 1Q25. This condition caused CPIN's operating profit to increase by 97.2% YoY to IDR2.1 trillion in 1Q25. CPIN's net profit grew 116.4% YoY to IDR1.53 trillion in 1Q25. Aside from solid operating profit along with operational efficiency, CPIN's net profit growth was also driven by a 514% YoY increase in finance income from interest on current accounts and deposits to IDR34 billion and a 29% YoY decrease in finance expense to IDR147 billion as interest expense from bank debt decreased to IDR133 billion in 1Q25. Based on CPIN's 1Q25 performance, we maintain our Buy rating for CPIN with the same projection and fair value as CPIN's previous company update at IDR5,400 per share or a potential upside of 11.34%.

JPFA booked revenue growth of 2.9% YoY to IDR14.33 trillion in 1Q25. This growth was driven by higher sales from almost all segments, except for the commercial farm and animal feeds segments, which decreased by 2.89% YoY and 3.38% YoY, respectively, in 1Q25. All of JPFA's business segments booked operating profit in 1Q25. In terms of growth, the trading and others segment booked the highest operating profit growth of 135% YoY to IDR146 billion, followed by the aquaculture segment, which increased by 68.55% YoY to IDR110 billion, and the poultry processing and consumer products segment, which increased by 60% YoY to IDR98 billion in 1Q25. The commercial farm segment booked a 14.84% YoY decrease in operating profit to IDR255 billion, the animal feed segment decreased by 14.78% YoY to IDR631 billion, and the poultry breeding segment decreased by 13.56% YoY to IDR202 billion in 1Q25. This condition resulted in JPFA's total segment operating profit decreased by 1.39% YoY to IDR1.44 trillion in 1Q25 (vs. IDR1.46 trillion in 1Q24). JPFA's net profit grew 5.4% YoY to IDR754 billion, driven by non-operational efficiency, especially a decrease in finance expense as interest expense on short-term bank debt decreased to IDR24 billion in 1Q25. We maintain our Buy rating for JPFA with the same projection and fair value as JPFA's previous company update at IDR2,400/share.

INDF booked revenue growth of 2.5% YoY to IDR31.55 trillion in 1Q25. This growth was driven by a 28.67% YoY increase in agribusiness segment sales to IDR4.79 trillion in 1Q25, in line with the 15.3% YoY increase in average Crude Palm Oil (CPO) price to MYR4,675/ton in 1Q25. Sales of the consumer-branded products segment also increased by 2.11% YoY to IDR19.97 trillion, and the distribution segment rose 1.48% YoY to IDR2 trillion in 1Q25. Meanwhile, the bogasari segment sales decreased by 4.63% YoY to IDR7.95 trillion in 1Q25. INDF's operating expenses decreased by 3.28% YoY to IDR3.86 trillion in 1Q25. This decrease was mainly due to a 10.21% YoY decrease in general and administrative expenses to IDR1.28 trillion in 1Q25 and an 87.22% YoY increase in other operating income to IDR1 trillion in 1Q25 resulting from the net gains on foreign exchange difference from operating and other activities. INDF's net profit increased by 10.5% YoY to IDR3.91 trillion in 1Q25. The increase in net profit was in line with solid operating profit in 1Q25 amid low single-digit revenue growth in 1Q25. Therefore, we maintain our Buy rating for INDF with the same projection and fair value in the previous INDF company update at IDR9,000 per share or a potential upside of 18.42%.

PWON's revenue grew 1.6% YoY to IDR1.56 trillion in 3M25. This achievement was mainly driven by recurring income, which increased 10% YoY to IDR1.3 trillion in 3M25 and contributed 85% to total revenue. PWON's diversified property portfolio (residential, shopping centers, hotels, and offices) mitigated the impact of high interest rate fluctuations. PWON's mall Net Leasable Area (NLA) grew 8.4% YoY to 849 thousand m² with an average occupancy rate of 96% in 3M25. Meanwhile, office NLA reached 288 thousand m² with an average occupancy rate of 77% in 3M25. Superblock Bekasi, Pakuwon Mall Surabaya, and the new landbank in Semarang have the potential to support PWON's performance. With the support of VAT incentives that will continue until the end of 2025 and solid progress from projects, PWON targets marketing sales of IDR1.8 trillion (+15.8% YoY) in FY25F. We maintain our Buy rating for PWON with the same projection and fair value as in PWON's previous company update, which is 535 with an upside potential of 36.01%. By PHINTRACO SEKURITAS | Research - Disclaimer On -

ICBP booked limited revenue growth (+1.32% YoY) to IDR20.18 trillion in 1Q25. This growth was driven by higher sales in almost all segments, except for the beverage segment, which decreased by 12.69% YoY to IDR372 billion, and the dairy segment, which decreased by 1.64% YoY to IDR2.72 trillion in 1Q25. ICBP's operating expenses decreased by 20.37% YoY to IDR2.1 trillion in 1Q25. This resulted in ICBP's operating profit growth of 4.76% YoY to Rp5.15 trillion in 1Q25, and the Operating Profit Margin increased by 80 bps to 25.5% in 1Q25. ICBP's net profit increased by 11.4% YoY to Rp3.03 trillion in 1Q25. Besides being driven by solid operating profit, the increase in ICBP's net profit was also driven by a 1.44% YoY decrease in financial expenses to IDR1.67 trillion and earning net income from associates and joint ventures of IDR75 billion in 1Q25. Therefore, we maintain our Buy rating for ICBP with the same projection and fair value in the previous ICBP company update at IDR13,275 per share or a potential upside of 20.68%.

AMRT booked revenue growth of 11.75% YoY to IDR32.77 trillion in 1Q25. This growth was driven by a 13.69% YoY increase in non-food segment sales to IDR9.09 trillion and an 11.03% YoY increase in food segment sales to IDR23.67 trillion in 1Q25. AMRT's operating expenses increased by 12.83% YoY to IDR5.43 trillion in 1Q25. This increase was mainly due to a 16.89% YoY increase in general and administrative expenses to IDR522 billion and an 11.74% YoY increase in selling and distribution expenses to IDR5.18 trillion in 1Q25. However, AMRT's operating profit still grew 9.7% YoY to IDR1.26 trillion in 1Q25. AMRT's net profit increased by 9.42% YoY to IDR1 trillion in 1Q25. The increase in net profit was driven by solid revenue amidst operating expenses pressure in 1Q25. In addition, AMRT's net profit in 1Q25 was also driven by a 37.59% YoY increase in finance income to IDR41 billion in 1Q25 from bank interest and deposit interest. We maintain our Buy rating for AMRT with the same projection and fair value in the previous AMRT company update at IDR2,570 per share. This is in line with AMRT's revenue growth, which is in line with our FY25F estimate. Therefore, net profit has the potential to be solid in FY25.