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.

BDMN's interest income grew 4% YoY to IDR5.7 trillion in 3M25. On the other hand, there was a higher increase in Interest expense (+17.6% YoY) to IDR1.89 trillion. BDMN's disbursed loans grew 7% YoY to IDR192.7 trillion in 3M25. The wholesale segment contributed the most, reaching IDR116.4 trillion or 60% of total loans. Gross NPL fell 30 bps YoY to 1.9% in 3M25, the lowest compared to peers, showing a downward trend since 2020. In addition, Loan at Risk (LaR) also booked a decline of 160 bps YoY to 10.4% in 3M25. Interest Income is estimated to grow 6% YoY to IDR15.6 trillion in FY25F. Management targets BDMN's loan growth in 2025 of 9%-11%. BDMN focuses on specific ecosystems, namely the Automotive, Hajj, and Education ecosystems. Thus, we maintain our Buy rating for BDMN with the same projection and fair value as in the previous BDMN company update, which is 2810 with an upside potential of 16.12%. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Moderate loan growth to improve asset quality. BBRI loan grew 5% YoY to IDR1,309 trillion in 3M25. This growth was supported by corporate loans (+13% YoY) and consumer loans (+9%YoY), contributing 18% and 15% to BBRI's total revenue, respectively. For FY25F, BBRI targets credit growth of 7%-9%; this moderate target aligns with BBRI's efforts to maintain asset quality. For information, BBRI's gross NPL fell 10 bps YoY to 3% in 3M25, relatively in line with the management guideline in 2025F (<3%). BBRI Interest Income +2.5% QoQ (-1.5% YoY) to IDR50.6 trillion in 3M25. With net interest income +4.1% QoQ (-1.7% YoY) to IDR36.4 trillion in 3M25, there was a decrease in interest expense by 1% YoY to IDR14.1 trillion in 3M25. In terms of margin, BBRI's Net Interest Margin (NIM) was 7.68% (+20 bps YoY) in 3M25, in line with the management guideline of (7.3%-7.7%) for 2025. Based on BBRI's 3M25 performance, we maintain our BUY rating for BBRI with a fair value of 5,325, the same as in the previous BBRI Company Update, with a potential upside of 37.24%. By PHINTRACO SEKURITAS | Research - Disclaimer On -