BRIS booked a solid performance by posting a 22.20% YoY net profit growth to IDR 7.39 trillion in 2Q25.This was supported by growth in Net Margin Income to IDR 5.1 trillion (+23.8% YoY) in 2Q25 and PPOP to IDR 3.17 trillion (+12.5% YoY) in 2Q25.In terms of financing, BRIS booked a 13.93% YoY growth to IDR 293 trillion, primarily driven by consumer financing (+16% YoY), which contributed 55% to total financing.Bullion Bank increases the contribution of BRIS's gold business. BRIS's gold business was able to record significant growth of +82% YoY to IDR 16.88 trillion in 6M25 with a contribution of 5% of total revenue in 6M25 vs. (FY21: 2%).Gold business provides high returns for BRIS with controlled costs (Blended Gold Yield 13.18% vs. Blended Gold CoC 0.02%).With BRIS's performance in line with our expectations, we maintain our Buy rating for BRIS with the same projection and fair value as in the previous BRIS company update, which was IDR 3,580.By PHINTRACO SEKURITAS | Research - Disclaimer On -

BMRI's interest income grew 14.3% YoY to Rp41.95 trillion in 2Q25. Meanwhile, interest expense and operating expenses increased significantly (+26.1% YoY and +15.3%) in 2Q25.BMRI also lowered its guidance for FY25, with its NIM target lowered to 4.8%-5% from 5.0%-5.2%, and loan growth to 8%-10% from 10%-12%.Wholesale Business was able to maintain BMRI's loan growth. BMRI booked 11% YoY loan growth to Rp1.701 trillion in 6M25, with Wholesale Business contributing the largest 54% of total loans.We estimate BMRI's interest income will grow 7% YoY in FY25F. Several factors, such as improving domestic consumption, downstreaming, and the government's allocation of IDR 55 trillion in funds, have the potential to support BMRI's loan growth.Other revenue optimization comes from non-interest income (NII), including the adaptation of Livin', which contributed an 11.9% YoY increase to BMRI's NII growth in 6M25.With the potential for BMRI's performance recovery, we maintain our Buy rating for BMRI, with the same projections and fair value as in our previous company update, at IDR 6,325.By PHINTRACO SEKURITAS | Research - Disclaimer On -

BBTN's interest income grew 23.5% YoY to IDR 18.5 trillion in 6M25. Interest expenses increased 2.3% YoY to IDR 9.15 trillion, with a Pre-Provision Operating Profit (PPOP) of IDR 5.8 trillion (+100.6% YoY) in 6M25.Therefore, when interest rates are lowered, BBTN's performance becomes more optimal in 6M25. BBTN's Net Interest Margin (NIM) grew 140 bps to 4.4% in 6M25.BBTN revised its 2025F loan growth target upwards to 7%-9% from the previous 7-8%. BBTN's total loan grew 6.8% YoY to Rp376 trillion in 6M25, supported by mortgage growth of 7.5% YoY in 6M25.BBTN's liquidity improved in 6M25, with the Loan to Deposit Ratio (LDR) decreasing 380 bps YoY to 92.6% in 6M25. Maintained liquidity conditions can improve BBTN's ability to disburse loan.Current Account Savings Account (CASA) grew 5.6% YoY to IDR 199.7 trillion in 6M25. Furthermore, BBTN booked total Third Party Funds of IDR 406 trillion (+11.2% YoY) in 6M25.The significant growth in CASA represents an effort to mitigate the negative impact of high interest rates on the cost of funds.Maintained liquidity and the potential recovery of the property sector in 2H25, we estimate BBTN can record interest income growth of 9% YoY for 2025F.With BBTN's performance in line with our estimates, we maintain projection from the previous BBTN Company Update, with a fair value of Rp 1,250.By PHINTRACO SEKURITAS | Research - Disclaimer On -

CTRA's net profit grew 17% YoY to Rp1.32 trillion in 6M25. This achievement is in line with the 17% YoY revenue growth to Rp5.8 trillion in 6M25. The property development segment contributed 81% to CTRA's revenue in 6M25.CTRA booked Marketing sales of IDR 5.7 trillion in 6M25, equivalent to 52% of the FY25F target. Houses and shophouses remain the main contributors to CTRA's marketing sales, contributing 88% to the total 6M25 marketing sales.In terms of price, units priced at IDR 2 billion to IDR 5 billion dominated 6M25 marketing sales, contributing 45% to the total. Meanwhile, VAT incentive contributed 33% to total 6M25 marketing sales.Therefore, with CTRA's achievements in 6M25, coupled with the BI rate cut and the extension of the DTP VAT incentive and Loan-to-Value (LTV) discount, we estimate CTRA can post profit growth of around 8% for FY25F.We maintain our buy rating for CTRA with the same fair value as in CTRA's previous company update of Rp1,320 (+38.22%).By PHINTRACO SEKURITAS | Research - Disclaimer On -

TLKM posted a weaker performance in 2Q25, with revenue coming in at IDR36.37 trillion (–3.66% QoQ; –3.96% YoY), amid macroeconomic headwinds that continued to pressure consumer purchasing power. Cumulatively, 1H25 revenue reached IDR73.00 trillion (–3.04% YoY), broadly in line with our estimates, consensus, and the 5-year historical average (Phintas: 48%; Cons: 48%; 5Y Avg: 49%). The topline pressure was mainly driven by weakness in its core segment, Data, Internet & IT Services, which declined 6.54% YoY to IDR42.48 trillion, primarily due to a 7.52% YoY drop in blended ARPU. This was partly offset by a solid +20.11% YoY growth in data consumption and a relatively stable subscriber base (–0.91% YoY). Meanwhile, IndiHome booked +2.15% YoY revenue growth, supported by subscriber growth to 11.32 million (+7.15% YoY), though weighed down by an 8.78% YoY ARPU decline.The revenue decline was mirrored in weaker profitability. Operating expenses fell –3.97% QoQ to IDR26.64 trillion, mainly from lower marketing costs (–41.02% QoQ) following the post-festive season shift in advertising spend. However, this was offset by higher interconnection expenses (+13.84% QoQ) and G&A expenses (+17.69% QoQ), driven by increased international traffic and normalization of provisions. Consequently, EBITDA fell to IDR17.87 trillion (–2.90% QoQ) with a margin of 49.14%, below management’s ~50–52% guidance. Additional cost pressure came from O&M expenses (+5.70% QoQ) due to network expansion, while personnel expenses declined –5.80% QoQ, reflecting benefits from last year’s early retirement program (ERP) and adjustments to employee tax expenses in the prior quarter. Net profit dropped to IDR5.17 trillion (–13.54% QoQ), with NPM at 14.20% (vs. 15.83% in 1Q25). Cumulatively, 1H25 net profit reached IDR10.98 trillion (–6.68% YoY), broadly in line with our and consensus estimates, but below the 5-year average (Phintas: 49%; Cons: 48%; 5Y Avg: 54%).Management revised down its FY25 guidance, with revenue growth now projected to be flat (vs. previous low single-digit growth expectation). The FY25 EBITDA margin target was also lowered to 50% (prev: 50–52%), reflecting expectations that consumer purchasing power will not improve significantly. A recovery in 2H25F is anticipated, supported by a total of 75 bps benchmark rate cuts by Bank Indonesia and government stimulus measures such as the Wage Subsidy Assistance (BSU), which may spur data consumption. Strategically, TLKM plans to spin off >50% of its fiber assets to Infranexia in 4Q25, which we view positively for utilization improvement and long-term value creation.We downgrade TLKM from BUY to HOLD following the achievement of our previous TP of IDR2,950, which implies an EV/EBITDA of 4.55×/4.33× for FY25F/FY26F. The main risk remains weak consumer purchasing power, which limits data traffic monetization potential despite ongoing efforts to boost margins through starter pack price adjustments and product simplification—the full impact of which may only be seen toward year-end. Upside risks: (1) faster monetization of fiber assets; (2) stronger-than-expected recovery in purchasing power driving better data traffic growth and yields.By PHINTRACO SEKURITAS | Research –Disclaimer On–

ACES booked revenue growth of 3.2% YoY to IDR4.27 trillion in 6M25. This growth was driven by an increase in sales of lifestyle products by 5.3% YoY to IDR1.89 trillion, and home improvement products increased by 2.1% YoY to IDR2.16 trillion in 6M25.On a quarterly basis, ACES's revenue reached IDR2.13 trillion in 2Q25, relatively stable compared to 1Q25. This revenue stability was driven by sales growth in almost all business segments, except for home improvement products, which decreased by 4% QoQ to IDR1.06 trillion in 2Q25, in line with the normalization of home renovations after Eid al-Fitr.ACES's operating expenses decreased by 4.2% QoQ to IDR769 billion in 2Q25, an improvement from the previous position in 1Q25. This decrease was due to a decrease in salary and allowances expenses by 15.7% QoQ in line with normalization after THR payment in 1Q25, as well as a decrease in advertising and promotion expenses by 8.3% QoQ. This condition caused ACES's operating profit to grow by 1% QoQ to IDR194 billion in 2Q25.ACES's net profit grew 9.3% QoQ to IDR151 billion in 2Q25. This growth was driven by an increase in financial income to IDR20 billion from interest income on current accounts and time deposits. In addition, financial expenses also decreased to IDR31 billion in line with lower bank charges in 2Q25.We maintain our Buy rating for ACES with the same projections and fair value as the previous ACES company update at IDR685 per share, with a potential upside of 41.53%. This is based on the continued expansion of store openings. By June 2025, AZKO stores will reach 252 stores (vs. 245 stores in FY24). Going forward, the company is targeting to open 17 stores in the rest of the year. In addition, we expect public purchasing power to potentially recover, especially at the end of the year, in line with seasonal consumption trends that can potentially drive revenue in FY25.By PHINTRACO SEKURITAS | Research - Disclaimer On -

TOWR delivered a moderate performance in 2Q25, booking revenue of IDR3.19 trillion (-0.7% QoQ; +2.5% YoY), bringing 1H25 revenue to IDR6.39 trillion (+3.9% YoY). This figure was broadly in line with our estimate (50% Phintas), consensus (48%), and 5Y historical average (48%). The tower leasing business remained the core contributor, posting +2.9% YoY growth to IDR4.26 trillion. Meanwhile, the fiber and FTTH segments continued to show solid momentum, growing +9.96% YoY and +29.22% YoY respectively, supported by steady asset additions. Productive fiber reached 219.96k km (+14.36% YoY), and Homeconnect subscribers grew significantly to 207.72k (+52.85% YoY).Profitability remained resilient, with 2Q25 EBITDA recorded at IDR2.65 trillion (-1.2% QoQ; +2.2% YoY), maintaining strong margins at 83.04% (vs. 83.48% in 1Q25). On a cumulative basis, 1H25 EBITDA stood at IDR5.32 trillion (+3.7% YoY), with a margin of 83.26%, slightly lower than 1H24’s 83.41%. Net profit in 2Q25 rose +5.8% QoQ (+5.2% YoY) to IDR849 billion, resulting in 1H25 earnings of IDR1.65 trillion (+2.9% YoY), achieving 54.4% of our full-year forecast, although still below consensus (45.2%).Operationally, growth was visible on the asset side, with the number of towers rising +13.7% YoY to 35.83k units. However, tenant growth lagged at +7.1% YoY to 58.16k, leading to a decline in tenancy ratio to 1.62x (vs. 1.67x in 1H24). ARPT also softened by -3.9% YoY to IDR12.14 million, while fiber revenue/km fell -7.1% YoY to IDR683k—indicating margin pressure from tenant demand deceleration. On the positive side, non-tower expansion stayed strong: total FTTT pole length increased +20.72% YoY to 122.2k km, and Homeconnect subscribers jumped +52.9% YoY. However, a +47.2% YoY rise in home passes led to only a modest take-up rate improvement to 11.6% (vs. 11.2% in 1H24).We downgrade our recommendation from BUY to HOLD, with target price of IDR650. While results were broadly in line, we remain cautious on near-term growth, particularly with risks from operator consolidation (e.g., XL-FREN) that could drive prolonged site rationalization. On the flip side, TOWR completed a rights issue of IDR5.5 trillion to strengthen its subsidiary Protelindo’s balance sheet via debt repayment—a strategic move we view positively. Furthermore, management highlighted that the ISAT-Hutch rationalization is entering its final phase, potentially supporting new tower demand ahead.Downside Risks: 1) Prolonged decline in tenancy ratio due to further rationalization, 2) Margin pressure from aggressive pricing in FTTH and fiber services.By PHINTRACO SEKURITAS | Research –Disclaimer On–

AMRT booked a revenue growth of 7.8% YoY to IDR63.81 trillion in 6M25. This growth was in line with the increase in sales of all AMRT segments in 6M25. The food segment increased by 7.9% YoY to IDR45.48 trillion, while the non-food segment increased by 7.38% YoY to IDR18.33 trillion in 6M25.By location, sales outside Java grew by 15.7% YoY to IDR24.49 trillion in 6M25, while sales in Jabodetabek and Java (outside Jabodetabek) grew by 4.57% YoY and 4.1% YoY in 6M25, respectively. On a quarterly basis, only sales outside Java increased by 7.43% QoQ to IDR12.69 trillion in 2Q25. This is in line with AMRT's focus on expansion outside Java, as reflected in the growing percentage of stores outside JavaAMRT's operating expenses increased by 14.79% YoY to IDR10.66 trillion in 6M25. This increase was mainly due to selling and distribution expenses, which increased by 15.48% YoY to IDR10.21 trillion in 6M25. This caused AMRT's operating profit to increase by a limited 2.1% YoY to IDR2.37 trillion in 6M25.AMRT's net profit grew 5.16% YoY to IDR1.96 trillion in 6M25. This growth was due to an increase in finance income from bank interest and deposits by 54.25% YoY to IDR82 billion.We maintain our Buy rating on AMRT with the same projection and fair value as AMRT's previous company update at IDR2,570 per share, with a potential upside of 12.23%. This is in line with AMRT's performance realization, which is in line with our FY25F projection. Overall, AMRT's performance is in line with management's target of 7-8% revenue growth in FY25. In addition, the plan to add 1,000 new stores in 2025, which is focused on opening stores outside Java, has the potential to drive future revenue growth.By PHINTRACO SEKURITAS | Research - Disclaimer On -

CPIN booked revenue growth by 0.3% YoY to IDR33.06 trillion in 6M25. This was driven by a significant increase in DOC segment sales by 31.22% YoY to IDR1.33 trillion in 6M25, and the feed segment increased by 19.3% YoY to IDR9.17 trillion in 6M25. On a quarterly basis, CPIN's revenue decreased by 13.3% QoQ to IDR15.36 trillion in 2Q25, along with lower sales in almost all segments.CPIN booked operating expenses of IDR1.96 trillion in 6M25. The expenses were stable compared to IDR1.95 trillion in 6M25. However, CPIN's operating profit decreased by 8.3% YoY to IDR2.67 trillion in 6M25. This decrease was aligned with limited revenue growth.CPIN's net profit grew 7.7% YoY to IDR1.9 trillion in 6M25. This growth was driven by higher financial income from current account and deposit services and lower financial expenses, along with lower short-term bank debt. In addition, lower income tax expense also contributed to net profit growth in 6M25.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, with a potential upside of 12.50%. This is in line with CPIN's performance realization, which is still in line with our FY25F projection. In addition, the ongoing Free Nutritious Meal program in phases has the potential to drive demand in the medium-long term. Meanwhile, the continued recovery of live bird and DOC prices going forward is expected to improve revenue.By PHINTRACO SEKURITAS | Research - Disclaimer On -