JPFA booked a revenue decrease by 0.6% YoY to IDR27.48 trillion in 6M25. The decrease in revenue was mainly driven by lower sales in the commercial farm and animal feed segments, as the main contributors to JPFA's revenue with 39% and 26% contributions to revenue in 6M25, respectively.On a quarterly basis, JPFA's revenue decreased by 8.3% QoQ to IDR13.15 trillion in 2Q25. This decrease was caused by lower sales in all of JPFA's business segments, especially in the poultry breeding segment (-13.56% QoQ), animal feed segment (-13.35% QoQ), and commercial farm segment (-5.81% QoQ).JPFA's operating expenses increased by 12.26% YoY to IDR2.99 trillion in 6M25. This increase was driven by an increase in selling and marketing expenses by 24.13% YoY to IDR1.24 trillion, and general and administrative expenses increased by 10.65% YoY to IDR1.78 trillion in 6M25. This condition caused JPFA's operating profit to decrease by 17.8% YoY to IDR2.13 trillion in 6M25.JPFA's net profit decreased by 14.3% YoY to IDR1.36 trillion in 6M25. This result is relatively below our FY25F. Despite a decrease in financial expenses along with lower interest expenses on bank debt in 6M25, pressure on operating profit still pressured net profit in 6M25.We maintain our Buy rating for JPFA with the same projection and fair value as JPFA's previous company update at IDR2,400 per share, with potential upside of 41.18%. This is based on the recovery of the average price of live birds and DOC, which is hoped to continue, therefore improving revenue in 2H25. In addition, the potential for maintained demand in the medium-long term from the Free Nutritious Meal Program is also a booster for future performance improvement.By PHINTRACO SEKURITAS | Research - Disclaimer On -

INTP posted a moderate topline performance in 2Q25, with revenue reaching Rp4.06 trillion (+2.05% QoQ; +0.37% YoY). Cumulatively, 1H25 revenue amounted to Rp8.03 trillion (Phintas: 43%; Cons: 43%; Avg-4Y: 44%), broadly in line with estimates and historical average. Soft performance was mainly driven by weak cement demand and prolonged rainfall in several regions, which restrained construction activity. Sales volume declined to 3.58mn tons (-9.69% QoQ; -11.10% YoY), but higher ASP of Rp1.06mn/ton (+14.95% QoQ; +15.14% YoY) helped support revenue from cement sales to Rp3.77 trillion (+3.81% QoQ; +2.36% YoY).Profitability remained healthy, with net profit reaching Rp284 billion in 2Q25 (+34.84% QoQ; +44.44% YoY), lifting 1H25 net profit to Rp495 billion (+13.81% YoY) — broadly in line with estimates (Phintas: 25%; Cons: 26%; Avg-4Y: 25%). GPM improved to 30.13% (vs. 28.16% in 1Q25; 27.66% in 2Q24), mainly driven by lower raw material and fuel costs (-20.03% QoQ; -17.86% YoY and -6.05% QoQ; -3.10% YoY, respectively), supported by softer prices of key inputs such as limonite and coal. Margin expansion was also aided by rising contribution from Tier-1 cement products. 2Q25 EBITDA stood at Rp732 billion (+12.16% QoQ; +13.48% YoY), with EBITDA margin improving to 18.05% (vs. 16.42% in 1Q25).Looking ahead, we anticipate a strong pickup in cement demand in 2H25F, in line with historical seasonality where INTP consistently records >30% HoH volume growth during 3Q–4Q (Figure 1). Key catalysts include drier weather conditions and front-loaded government fiscal spending that may accelerate infrastructure activity. Regionally, Banten remains a key contributor, supported by new plant developments and toll road projects. Meanwhile, Kalimantan lags due to slower IKN progress, with no new project initiation as per the latest management call.We reiterate our BUY call on INTP with a TP of Rp6,500, implying 5.43x/4.79x 12M forward EV/EBITDA for FY25F/26F. We continue to expect solid volume recovery in 2H25, supported by seasonal trends and operating leverage. From a cost perspective, INTP’s push toward alternative fuels is likely to support margin improvement by lowering cost of revenue progressively. Downside Risks: 1) Persistent weakness in purchasing power, 2) delays or cuts in infrastructure project execution.By PHINTRACO SEKURITAS | Research –Disclaimer On–

PWON's Net income grew 34% YoY to Rp1.14 trillion in 6M25. This achievement was primarily driven by recurring income, which increased 10% YoY to Rp2.45 trillion in 6M25 and contributed 80% to total revenue.The Net Leasable Area (NLA) of PWON's shopping centers grew 8.15% YoY to 849 thousand m² with an average occupancy rate of 96% in 6M25. In addition, office NLA grew 11% YoY to 172 thousand m² with an average occupancy rate of 77% in 6M25.Superblock Bekasi, Pakuwon Mall Surabaya, and the new landbank in Semarang have the potential to boost PWON's performance. In addition, PWON is also continuing the development of several major projects, such as Pakuwon City Mall phase 3 Surabaya and Pakuwon Mall BekasWith the support of VAT incentives extended until the end of 2025 and solid project progress, PWON is targeting marketing sales of IDR 1.8 trillion (+15.8% YoY) in FY25. For information, 75% of total marketing sales in 6M25 were contributed by the VAT incentive.We maintain our Buy rating for PWON with the same projection and fair value as in PWON's previous company update, which is IDR 535 with an upside potential of 51.13%.By PHINTRACO SEKURITAS | Research - Disclaimer On -

BSDE's revenue decrease 13% YoY to Rp6.4 trillion in 6M25 but BSDE's cost of goods sold only fell 6% YoY to Rp2.3 trillion in 6M25. Land and building sales were the primary contributor to BSDE's revenue (87% in 6M25).Salary expenses also increased 28.3% to Rp1.1 trillion in 6M25. As a result, BSDE's net profit fell 48.9% YoY to Rp1.35 trillion in 6M25.Land and building sales remained one of the highest-margin segments in 6M25. The gross profit margin for the recreation arena was 72%, followed by land and building sales at 65%, and water management at 65% in 6M25.BSDE marketing sales grew 5% YoY to Rp5.08 trillion in 6M25 (51% of BSDE's FY25F target). Residential segment contributed 55% and commercial segment contributed 45% of total marketing sales in 6M25.For FY25 BSDE targets marketing sales of Rp10 trillion (+3% YoY), The BSD city residential segment, as BSDE's flagship project, is targeted to contribute 18% of the total FY25F marketing sales target.Thus, even though the 6M25 performance was relatively below our expectations, we still maintain a Buy rating for BSDE with the same projection and fair value as in the previous BSDE company update IDR 1.185, with a potential upside of 49.06%.By PHINTRACO SEKURITAS | Research - Disclaimer On -

MTEL posted a solid performance in 2Q25, with revenue reaching Rp2.33 trillion (+3.2% QoQ; +4.0% YoY). Cumulatively, 1H25 revenue amounted to Rp4.60 trillion, reflecting 50.7% of our estimate and 47.2% of consensus. The tower leasing segment, which remains the core contributor, grew by +2.8% YoY to Rp3.81 trillion, supported by a +3.9% YoY increase in tenants to 60.91k and average ARPT growth of +0.8% YoY. In addition, the fiber and reseller segments continued to show strong traction, posting +16.1% YoY and +7.5% YoY growth, respectively.Profitability remained healthy, with 2Q25 EBITDA recorded at Rp1.98 trillion (+5.5% QoQ; +6.8% YoY), pushing margins higher to 84.9% (vs. 83.05% in 1Q25 and 82.67% in 2Q24). Cumulatively, 1H25 EBITDA reached Rp3.86 trillion (+4.4% YoY), translating to a margin of 83.99%. This was in line with consensus and 4Y historical average, while also outperforming our internal estimates (Phintas: 53.6%; Cons: 48.1%; Avg-4Y: 47.7%). At the bottom line, net profit in 2Q25 rose +7.9% QoQ (+4.6% YoY) to Rp568 billion, resulting in 1H25 net profit of Rp1.09 trillion (+2.9% YoY), broadly in line with our expectations and historical averages, though slightly below consensus (Phintas: 51.6%; Cons: 45.5%; Avg-4Y: 50.0%).Operational growth was also solid. The number of towers increased by 378 units YTD to 39.78k (+0.96% YTD; +3.11% YoY), while total tenants rose to 60.91k (+1.74% YTD; +3.90% YoY), pushing tenancy ratio to 1.53x (vs. 1.52x in 1H24). Fiber expansion remained on track, with a YTD addition of 3.41k km, bringing total fiber length to 54.45k km (+6.68% YTD; +44.8% YoY), aligning with the company’s strategy to grow coverage outside Java.We reiterate our BUY recommendation for MTEL with a target price of Rp700 (see our previous report). Overall performance was in line with management’s guidance, which was also reaffirmed during the latest earnings call. While we acknowledge that near-term growth in the tower segment could be limited due to the impact of the ongoing consolidation of two major telecom operators (which may lead to overlapping site rationalization), we see continued upside potential—especially from the fiber segment where demand for FTTT and FTTH remains strong. We also expect new order flows to resume from IOH post-network consolidation. MTEL’s well-diversified tower portfolio and relatively low exposure to the current MNO merger provide better resilience compared to peers.Downside Risks: 1) Aggressive site rationalization post-MNO merger, 2) Fiber pricing competition, particularly outside Java, which may limit margin expansion.By PHINTRACO SEKURITAS | Research –Disclaimer On–

MYOR booked revenue growth by 9.7% YoY to IDR17.8 trillion in 6M25. This growth was in line with increased sales in all segments. The packaged processed food segment increased by 8% YoY to IDR10.49 trillion in 6M25, while the packaged processed beverage segment increased by 7.76% YoY to IDR9.03 trillion in 6M25.MYOR's gross profit decreased by 6.4% YoY to IDR4.3 trillion in 6M25. This decrease was due to a significant increase in cost of goods sold by 16% YoY to IDR13.5 trillion in 6M25, in line with the increase in average cocoa and coffee prices in 6M25.MYOR's net profit decreased by 32.3% YoY to IDR1.19 trillion in 6M25. This decrease was in line with the decrease in MYOR's operating profit by 23.5% YoY to IDR1.54 trillion in 6M25.In addition, the decrease in net profit was also driven by a significant increase in finance expenses by 155% YoY to IDR279 billion in 6M25.We maintain our Buy rating for MYOR with the same projections and fair value as MYOR's previous company update at IDR2,850 per share, with a potential upside of 31.34%. This is in line with the potential softening of cocoa and coffee prices in 2H25, which could potentially improve MYOR's profitability in the future and maintain MYOR's Gross Profit Margin at management's target range of 23-25%. In addition, the postponed excise tax on Packaged Sugar-Sweetened Beverages (MBDK) by the government this year will reduce concerns of higher product prices that could potentially pressure sales volume.By PHINTRACO SEKURITAS | Research - Disclaimer On -

BDMN's net profit grew 12% YoY to Rp1.6 trillion in 6M25. This growth was in line with the increase in Interest income by 3.6% YoY to Rp11.6 trillion, as well as a decrease in provision expenses by 17% YoY to Rp2.05 trillion in 6M25.BDMN's disbursed loans grew 6% YoY to IDR 176.6 trillion in 6M25. The wholesale segment contributed the most significant amount, reaching IDR 116.4 trillion, or 61% of total loans in 6M25.In terms of asset quality, Gross NPL decreased 40 bps YoY to 1.8% in 6M25, the lowest compared to peers, and showing a downward trend since 2020.Interest income is estimated to grow by around 11% YoY to Rp3.7 trillion in FY25F. BDMN remains focused on its integration strategy as a financial group.Auto retail financing (synergy loans with ADMF) grew 58% YoY to Rp980 billion. This achievement was driven by the holding of the IIMS in Surabaya. IIMS recorded an 11% YoY growth in orders with a 7% YoY increase in visitor numbers.Thus, it can record optimal performance amidst the slowdown in the automotive sector. In addition, BDMN also synergized with Home Credit Indonesia in promoting the iPhone 16 in Indonesia.We maintain our Buy rating for BDMN with the same projection and fair value as in the previous BDMN company update 2810, with potential upside 16.12%.By PHINTRACO SEKURITAS | Research - Disclaimer On -

BBCA's interest income grew 7% YoY to Rp49.4 trillion in 6M25. This growth was in line with the development of Net Interest Income to Rp42.6 trillion (+6.8% YoY or 1.7% QoQ) and Non-Interest Income, which grew 10.6% YoY to Rp13.7 trillion in 6M25.Provision expenses increased 43.4% YoY to Rp2 trillion in 6M25 in anticipation of deteriorating asset quality, especially from the consumer segment. However, BBCA was able to record net income growth of 8% YoY to Rp29 trillion in 6M25.Third Party Funds (TPF) grew 5.7% YoY to Rp1,190 trillion in 6M25. With Current Account Saving Account (CASA) increasing 7.3% YoY to Rp982 trillion, and BBCA's CASA ratio growing 120 bps to 83.4% in 6M25.BBCA's loan growth slowed to 12.9% YoY, lower than 15.5% YoY in 6M24. This growth was supported by Corporate loans, which grew 16.1% YoY, followed by Consumer loans (+7.6% YoY).BBCA's gross Non-Performing Loan (NPL) remained stable at 2.2% (0 bps YoY) in 6M25. Along with the maintained NPL, BBCA's Loan at Risk (LAR) decreased by 70 bps to 5.7% in 6M25.Therefore, with BBCA's current share price and performance, we maintain our Buy rating for BBCA with a fair value of 11,400, representing a potential upside of 36.12% from the previous Company Update.By PHINTRACO SEKURITAS | Research - Disclaimer On -

BNGA booked revenue growth of 4.6% YoY to Rp12.4 trillion in 6M25. This growth was overshadowed by a higher increase in interest expense (+11% YoY) to Rp5.8 trillion in 6M25.Consequently, BNGA's net profit grew slightly (1.4% YoY) to Rp3.45 trillion in 6M25.BNGA has increased its Dividend Payout Ratio (DPR) to 60% starting in fiscal year 2024, higher than the average DPR of 47% over the past three years.BNGA's loans grew 6.8% YoY with gross Non-Performing Loans (NPL) decreasing 20 bps YoY to 1.88% in 6M25.Current Account Saving Accounts (CASA) grew 10.9% YoY to Rp180.6 trillion, driving Third Party Funds growth by 4.8% YoY to Rp262 trillion in 6M25.BNGA aims to drive consumer loan growth by focusing on larger revenue streams. This effort is being taken to offset the impact of slower macroeconomic conditions.BNGA's consumer loans will focus on motor vehicle loans, unsecured loans, and medium-sized loans for SMEs. With this strategy, combined with BNGA's performance and improved DPR, we estimate net profit growth of 5% to IDR 7.2 trillion in FY25F.Therefore, we maintain our Buy rating for BNGA, with the same projection and fair value as in our previous company update, namely 2040, with a potential upside of 19.65%.By PHINTRACO SEKURITAS | Research - Disclaimer On -