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 -

BRIS booked solid performance, net profit growth of 10.05% YoY to IDR1.9 trillion in 3M25. With this growth, BRIS continues the double digit annual profit growth trend in the last three years (2022: 41%, 2023: 34%, and 2024: 23%). In terms of financing, BRIS booked a growth of 16.21% YoY to IDR287 trillion, mainly driven by consumer financing (+16.08% YoY), contributing 55% to total financing. The gold business is a booster for BRIS' performance.BRIS' gold business booked significant growth of +82% YoY to IDR14 trillion in 3M25, contributing 5% of total revenue in 3M25 vs. (FY21: 2%). Gold business provides high returns for BRIS with controlled costs (Yield 13.29% vs. CoC 0.02%). In the future, with the Bullion Bank permit obtained by BRIS, it can further increase the contribution of the gold business to BRIS's revenue. With BRIS' 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 is 3580 with an upside potential of 25.61%. By PHINTRACO SEKURITAS | Research - Disclaimer On -

BMRI's net profit in FY24 grew 3.9% YoY to IDR13.2 trillion in 3M25. This growth is in line with Interest Income, which rose 11.5% YoY, although Interest Expense increased higher (24.4% YoY) in 3M25. Wholesale Business was able to maintain BMRI's loan growth. BMRI booked a loan growth of 16.5% YoY to Rp1.672 trillion in 3M25, with the most significant contribution from corporate loans and commercial loans, which grew 37.8% and 23.5%, respectively, to total revenue. Regarding liquidity, the loan-to-deposit ratio (LDR) was booked higher, at 92.5%, compared to 88.2% in 3M25. However, this LDR is still within BI's safe limits (78%-92%). We estimate BMRI's Interest Income can grow 7% YoY in FY25F. Several factors, such as improving domestic consumption, the realization of private and government investment, and downstream, have the potential to support BMRI's loan growth. Therefore, we maintain the Buy rating for BMRI with the same projection and fair value in the previous BMRI company update, which is 6325. By PHINTRACO SEKURITAS | Research - Disclaimer On -

MIDI booked revenue growth of 15.25% YoY to IDR5.52 trillion in 1Q25 (in line with our FY25F estimate). This growth was driven by a significant increase in fresh food segment sales by 44.98% YoY to IDR938 billion, followed by non-food segment increase by 19.7% YoY to IDR1.39 trillion, and food segment increase by 7.08% YoY to IDR3.19 trillion in 1Q25. MIDI's operating expenses increased by 13.8% YoY to IDR1.07 trillion in 1Q25. This increase was mainly driven by a 22.37% YoY increase in general and administrative expenses to IDR123 billion and an 11.1% YoY increase in selling and distribution expenses to IDR1 trillion. However, MIDI still booked solid operating profit growth of 17.15% YoY to IDR245 billion in 1Q25. MIDI's net profit increased by 15.94% YoY to IDR173 billion in 1Q25. Besides being driven by solid revenue performance in 1Q25, the increase in MIDI's net profit was also driven by the efficiency of non-operating expenses by 10.27% YoY to IDR11 billion in 1Q25. As MIDI's share price has increased by around 14% from the closing price in the previous MIDI company update, we changed MIDI's rating to Hold. With the same projection and fair value at IDR428 per share, the potential upside is 9.74%.

MYOR booked revenue growth of 12.5% YoY to IDR9.86 trillion in 1Q25 (in line with our FY25F estimates). The growth was driven by a significant increase in sales of the packaged processed beverages segment by 18.37% YoY to IDR4.92 trillion, followed by the packaged processed food segment up by 8.89% YoY to IDR5.94 trillion in 1Q25. MYOR's cost of goods sold increased by 37.45% YoY to IDR7.42 trillion in 1Q25. We assess that the increase in MYOR's cost of goods sold in 1Q25 was due to the increase in average cocoa price by 32.3% YoY to US$9,301/ton and coffee price increased by 96.4% YoY to US$379/Lbs. This condition caused MYOR's gross profit to decrease by 27.55% YoY to IDR2.43 trillion in 1Q25. MYOR's net profit decreased by 30% YoY to IDR705 billion in 1Q25. The decrease in net profit was in line with the significant increase in cost of goods sold and operating expenses, which increased 21.74% YoY to IDR1.31 trillion in 1Q25. This condition caused MYOR's operating profit to decrease by 35.58% YoY to IDR846 billion. We maintain our Buy rating for MYOR with the same projection and fair value in the previous MYOR company update at IDR2,850 per share. This is in line with MYOR's revenue growth, which is still in line with our FY25F estimate.