Public consumption tends to improve in April 2025. Inflation in Indonesia was at 1.95% YoY in April 2025, higher than the previous realization of 1.03% YoY in March 2025. This condition indicates that the public purchasing power tends to improve in April 2025. Technological advances drive the digital transformation of retailers. From the company's side, the digital transformation carried out has the potential to reach more consumers, especially in various regions that do not have physical outlets. We assess that this condition has the potential to positively impact the company's performance in the long term. Retailer store expansion still continues. This condition indicates that the retail sector still has great potential in the long term. The expansion has the potential to reach more consumers, which will positively impact the company's growth in the long term. The revenue of retailers in our coverage tends to be solid. Until 1Q25, the revenue performance of retail issuers was relatively increased compared to 1Q24, except for ERAA, which booked a revenue decrease of 4.6% YoY to IDR15.88 trillion in 1Q25. Neutral rating on the Retailers Sector. With various catalysts, such as continued pressure on the lower middle class and mixed performance of retailers issuers in 1Q25, we give a Neutral rating on the retailers sector. Retailers issuers in our coverage are ERAA, with an estimated fair value of IDR555; AMRT, with an estimated fair value of IDR2,570; MIDI, with an estimated fair value of IDR428; and ACES, with an estimated fair value of IDR685.

National cement sales volume in 1Q25 reached 13.16 million tons (-7.8% YoY ; -25.9% QoQ), missing both our forecast (20.6%) and the five-year average (23.1%). The weak performance was mainly driven by prolonged rainy weather and fewer effective working days caused by clustered public holidays and the Ramadan–Eid period shifting into the first quarter, which dampened construction activity. Bulk cement experienced the steepest decline, with volume falling to 3.72 million tons (-15.3% YoY; -31.5% QoQ). Demand weakened broadly across regions, with Java down -4.1% YoY and non-Java areas contracting sharply by -30.4% YoY. Kalimantan was the hardest hit, posting a -36.9% YoY decline (-19.2% QoQ), largely due to delays in the Nusantara Capital City (IKN) project. Meanwhile, bagged cement sales volume reached 9.44 million tons (-4.4% YoY ; -23.4% QoQ). The decline was more pronounced in Java (-8.0% YoY), while non-Java regions showed more resilience with only a -1.2% YoY drop. At the company level, SMGR’s volume decreased to 8.57 million tons (-6.6% YoY; -16.6% QoQ), whereas INTP demonstrated relatively stronger performance at 3.96 million tons (-6.0% YoY; -24.4% QoQ). Despite market headwinds, Indocement strengthened its market share to 30.7% in 3M25 (vs 29.5% in 2M25). Conversely, SMGR’s share slipped to 46.0% in 3M25 (vs 48.0% in 2M25), reflecting its sales volume contraction and a weakening bagged cement segment contribution (69.4% in 3M25 from 72.0% in 2M25), pressured by softer retail demand. Indocement also faced challenges, with volume down -5.9% YoY, driven by declines in both bagged (-3.2%) and bulk cement (-12.1%). We expect cement demand to recover as the low season ends and drier weather returns historically supporting increased construction activity. Accordingly, we anticipate stronger results in Q2 and Q3. However, government budget cuts constrain upside potential, with volume growth forecast at a modest 0.5%–1% for FY25F (Indust : 1%–2% in FY25F). Bulk cement’s contribution is projected to contract to ~28% in FY25F (vs 30.7% in FY24). We assign a Neutral rating to the cement sector given the headwinds from budget reductions and stagnant bagged cement demand, combined with a declining bulk cement contribution and lack of overall volume recovery momentum. However, we give a BUY recommendation on INTP with a target price of IDR 6,500, supported by an attractive EV/EBITDA valuation of 5.33x/4.70x for FY25E/FY26F. Downside Risks: 1) Larger or prolonged government infrastructure budget cuts, 2) Volatility in raw material and energy prices, 3) Intensified price competition affecting margins and market share. 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

All telecom issuers under our coverage faced pressure in 1Q25. ISAT booked revenue of IDR13.58 trillion (-3.53% QoQ), dragged by a 2.94% QoQ contraction in data revenue. Despite a slight ARPU increase (+0.77% QoQ), ISAT’s subscriber base declined 3.93% YoY and data consumption dropped 4.78% QoQ. EXCL posted the steepest topline drop, down 4.75% QoQ to IDR8.60 trillion, with data and digital services revenue falling 3.83% QoQ. TLKM also saw a 2.94% QoQ revenue dip to IDR36.64 trillion, mainly from the Data, Internet & IT Services segment (-2.44% QoQ). Operationally, EXCL grew its subscriber base by 2.08% YoY and saw a 4.55% QoQ increase in data traffic, but ARPU slipped 2.44% QoQ. TLKM's data consumption rose 5.36% QoQ, yet blended ARPU declined 3.64% QoQ. Meanwhile, ISAT suffered both consumption and user base contraction, reflecting weaker engagement. EBITDA margins remained resilient. ISAT's margin improved to 47.25% (+196 bps QoQ), driven by leaner employee and marketing costs. TLKM also recorded margin growth to 49.76% (+101 bps QoQ), while EXCL held relatively steady at 50.24%. On the bottom line, ISAT posted a 26.96% QoQ net profit increase to IDR1.31 trillion. TLKM's net profit slipped 2.75% QoQ to IDR5.81 trillion amid rising opex, and EXCL saw the sharpest decline (-23.44% QoQ) to IDR385 billion due to cost pressures. Looking into 2Q25F, the operators' agreement to raise starter-pack prices may aid ARPU and data yield recovery. However, risks remain, particularly user attrition among price-sensitive segments. Current data yield averages IDR8.2k/GB, with XL leading at IDR2.77k/GB, slightly above TSEL (IDR2.71k) and ISAT (IDR2.69k). XL also posted the highest data revenue per subscriber at IDR134.13k (vs ISAT: IDR110.71k; TSEL: IDR98.72k). We expect yields to improve by 3–5% in 2Q25F, potentially lifting industry ARPU and revenue per user to IDR353.87k–IDR360.74k/sub. A key catalyst lies in the upcoming 1.4 GHz spectrum auction. With 80 MHz available and its use targeted for wireless broadband, we view TLKM as the frontrunner given its infrastructure readiness and strong financials (1Q25 DER: 0.77x; FY25F interest coverage: 7.97x). This spectrum may help Telkom restore IndiHome’s competitive edge, which currently ranks 5th in service quality per OpenSignal, trailing peers like XLHOME (#1) and Indosat HI-FI (#2). We maintain an Overweight rating on the telco sector. Our top pick is ISAT (BUY, TP: IDR2,200), underpinned by cost efficiencies and strong market presence. OpenSignal highlights Tri as the most consistent performer in user experience. TLKM (BUY, TP: IDR2,950) follows, offering attractive valuation (~22% EV/EBITDA discount vs 5Y avg), potential buyback, dividend payout, and fixed broadband upside. EXCL (BUY, TP: IDR2,900) remains our third choice as it prepares for post-merger synergies with FREN, targeting USD100mn realization this year from a total of USD200–300mn. Downside Risks: 1) Persistent price wars may cap ARPU and compress margins. 2) Macro uncertainty and FX volatility could raise operational costs, especially for firms with foreign currency debt. 3) Auction delays or regulatory setbacks could stall expansion plans. By PHINTRACO SEKURITAS | Research – Disclaimer On – WA: 08119560188 IG: @phintracosekuritasofficial YT: Phintraco Sekuritas Official TELE: @phintasofficial www.phintracosekuritas.com www.profits.co.id

TBIG reported a modest 1.63% QoQ revenue increase in 4Q24 to IDR 1.74 trillion, buoyed by fiber (+4.00% QoQ) and tower leasing (+1.42% QoQ). Meanwhile, MTEL’s 1Q25 revenue contracted by 9.15% QoQ to IDR 2.26 trillion, reflecting pressures in both tower leasing and fiber segments. TOWR’s revenue stayed largely flat (-0.25% QoQ) in 4Q24 amid cautious tenant additions. Operational performance highlights MTEL’s tenant base expanding 4.24% YoY and tower count growing 3.82% YoY, maintaining a steady tenancy ratio at 1.52x. TBIG’s tenancy ratio edged down to 1.79x on moderate tenant growth, while TOWR’s ratio slipped to 1.64x despite strong tenant (+6.91% YoY) and fiber asset (+19.34% YoY) additions. TBIG’s EBITDA margin dipped to 84.22%, MTEL held firm around 83%, and TOWR’s margin narrowed to 83.80%. Net profits declined for TBIG (-12.73% YoY) and MTEL (-7.93% QoQ), but TOWR bucked the trend with a 7.25% YoY net profit rise. Merger risks loom large with an estimated 14,000–20,000 overlapping sites from the EXCL-FREN consolidation, disproportionately impacting TOWR and TBIG due to their greater revenue exposure (~30% and ~18%, respectively) compared to MTEL (~12%). MTEL’s diversified portfolio—with over half its towers outside Java—affords greater resilience and flexibility to mitigate site rationalization risks. Fiber growth shines as a beacon of opportunity, with FY24 segment revenue up 16.2% YoY and a forecasted CAGR of 11.78% through 2029. MTEL’s robust balance sheet positions it well for continued fiber expansion, while TOWR aims to capitalize on its extensive 212,000 km fiber network despite capex challenges. We maintain a Neutral rating on the tower sector. Our top pick remains MTEL (HOLD, TP: 700) for its resilience and balanced portfolio. TOWR (HOLD, TP: 650) follows, leveraging its fiber assets to offset tower segment pressures. TBIG (HOLD, TP: 2200) faces downside risks from consolidation but could stabilize by optimizing non-tower segments. 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

The banking sector is experiencing liquidity tightening in FY24. Indonesia's banking sector's loan-to-deposit ratio (LDR) increased by 474 bps YoY or 123 bps MoM to 88.57% in December 2024. All the banks under our coverage also saw increased LDR in FY24. Bank support for the three million Houses could potentially reduce bank liquidity, but additional BI’s macroprudential incentives and the DHE policy are expected to mitigate the negative impact. Asset quality improvement is expected to continue in 2025F. SPI's non-performing loan (NPL decreased by 10 bps YoY or 22 bps MoM to 2.04% in December 2024 The Macroprudential Liquidity Policy (KLM) has the potential to increase banking liquidity in 2025. Bank Indonesia (BI) will increase macroprudential liquidity policy (KLM) by 1% to 5% in April 2025, compared to the previous 4%. BI rate maintained at 5.75% amid the weakening rupiah exchange rate. This decision follows a previous rate cut in the RDG-BI in January. There is still room for a BI rate cut in 2025, considering Indonesia's relatively solid macroeconomic conditions. The depreciation of the Rupiah is still on par with its peers. Rupiah depreciated by 2.84% YoY or 1.24% YtD to IDR 16,290/USD on March 7, 2025. While, CNY depreciated by 3.63% YoY, the MRX depreciated by 10.92% YoY, and the Singapore Dollar depreciated by 4.71% YoY as of March 7, 2025. With the various catalysts mentioned above, along with the performance of each banks in the banking sector, our top picks are BRIS with a fair value potential of Rp3,580, BBCA with a fair value potential of Rp11,600, and BMRI with a fair value potential of Rp6,325. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Domestic inflation stabilizes at low levels. CPI inflation in Indonesia was recorded at 2.12% YoY in August 2024, declining for the fifth consecutive month since April 2024. Inflation in the Volatile Food (VF) group fell to 3.04% YoY from 3.63% YoY in July 2024, mainly due to lower prices of shallots, broiler chicken meat, tomatoes, and eggs. We assess that the decline in commodity prices in the VF group has the potential to increase people's purchasing power, given that these commodities are commonly needed in everyday life. According to data from the Central Statistics Agency (BPS), per capita chicken meat consumption in Indonesia continues to increase, reaching 8.20 kg per year in 2023, growing 3.03% YoY from 7.96 kg in 2022.The government continues to improve the quality of Human Resources (HR) through the Makan Bergizi Gratis (MBG) program with a budget of IDR71 trillion in the 2025 Draft State Budget. We assess that the program has the potential to positively impact the poultry industry (chicken meat and egg products) to boost the company's financial performance in terms of top-line and bottom-line. The Ministry of Agriculture has taken strategic steps and collaborated with the Police Food Task Force to maintain the stability of live bird prices. We assess that the government's efforts to stabilize live bird prices can support growth in the poultry sector. The strategic steps taken by the government have the potential to provide better margins for poultry companies, especially for the live chicken and DOC segments. Prices of animal feed raw materials are softening. The domestic corn price at the farm level is at IDR5,990/kg, down 17.95% YTD from the early 2024 price of IDR7,300/kg. Meanwhile, the Soybean Meal (SBM) price is currently at US$329/ton, down 13.39% YTD from the early 2024 price of US$380/ton. The poultry companies in our coverage had positive financial performance in the first half of 2024. CPIN's net profit was recorded at IDR1.76 trillion in 6M24, up 28.3% YoY (vs IDR1.37 trillion in 6M23). Meanwhile, JPFA's net profit was recorded at Rp1.59 trillion in 6M24, up significantly by 1,314% YoY (vs Rp112 billion in 6M23). With the various catalysts above and the performance of each issuer in the poultry industry, our top picks are JPFA, with an estimated fair value of IDR1,990 and CPIN, with an estimated fair value of IDR5,850. By PHINTRACO SEKURITAS | Research - Disclaimer On - Contact Us : WA : 08119055611 IG : phintracosekuritas YT : Phintraco Sekuritas TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id

Term Deposit (TD) rates of banks in coverage are relatively well maintained. Loans and third-party funds growth in Indonesia have been on an upward trend since 2023. Non-Performing Loans (NPL) fell 172 bps ytd to 2.23% in June. This achievement occurred despite several global central banks implementing tight monetary policies. Rupiah depreciation can be a risk for banking. However, along with the optimism of the Fed Funds Rate cut in September, the rupiah has appreciated again so that the rupiah only depreciated less than 1% to IDR15,520/USD on September 2. The 6M24 performance of banks in our coverage mostly reached 50% of our FY24 estimate. BI Rate has the potential to fall in The BI Rate has the potential to decrease in the fourth quarter of 2024. Indonesia's Trade Balance Surplus Maintained in the Last Three Years From 2024 until July 2024, Indonesia's Trade Balance (BOP) has always posted a surplus. In July 2024, the BOP posted a surplus of US$0.47 billion. Rupiah Exchange Rate Appreciation Has Potential to Continue Until End of 2024. Indonesian Banking Net Interest Margin Remains High Amid High Interest Rates. Return on Equity (ROE) growth in the last 5 years remains high. Banking capital adequacy in Indonesia. With the various catalysts above, as well as the performance of each issuer in the banking sector, we make our top picks BMRI with a potential fair value of IDR 8,171 > BBCA with a potential fair value of IDR 10,950 > BBRI with a potential fair value of IDR 6,165 > BBNI with a potential fair value of IDR 6,800 > BRIS with a potential fair value of IDR 2,970 > BBTN with a potential fair value of IDR 1,807. By PHINTRACO SEKURITAS | Research - Disclaimer On -  

The Consumer Price Index (CPI) inflation rate continues to decline. The CPI inflation rate in Indonesia stood at 2.13% YoY in July 2024. We estimate that the sluggish CPI inflation rate can potentially increase public consumption, which can positively correlate with issuers' financial performance in the consumer sector. The Consumer Confidence Index (CCI) is maintained at an optimistic level. We assess that consumer confidence maintained above the 120 level indicates that Indonesia's economic conditions are still quite strong, which has the potential to keep people's purchasing power solid and support future economic growth. The Retail Sales Index (RSI) experienced an increase in June 2024. The Retail Sales Index (RSI) was recorded at 229.0 in June 2024. We expect the Retail Sales Index (RSI) to be maintained in line with several National Holidays in 2H24 (Independence Day of the Republic of Indonesia and HBKN Christmas 2024), which have the potential to increase public consumption. The flagship program of President and Vice President-elect Prabowo-Gibran, namely Makan Bergizi Gratis (MBG), has been officially included in the Draft State Budget and Expenditure (RAPBN) for Fiscal Year 2025 with a budget allocation of Rp71 trillion or equivalent to 0.29% of Gross Domestic Product (GDP). The program has the potential to positively impact several sectors, one of which is the consumer sector (for processed foods such as spices and their supporters), so it can boost the company's financial performance. Prices of key raw materials flatten. During the first semester of 2024, the average price of Wheat was around US$596/Bu, a significant decline of 13.6% YoY. meanwhile, the average CPO price was around MYR4,014/ton, an increase of around 3% YoY. We assess that if both commodity prices tend to stabilize in the future, it will potentially increase the profitability of consumer sector issuers. Consumer sector issuers in our coverage still recorded sales growth in the first half of 2024. MYOR recorded sales growth of 9.48% YoY to IDR16.2 trillion, ICBP recorded sales growth of 7.20% YoY to Rp36.9 trillion, and INDF recorded sales growth of 2.16% YoY to IDR57.29 trillion. We recommend Overweight in the consumer sector with various catalysts above. Our top picks are MYOR, with estimated fair value of IDR2,950 > ICBP, with estimated fair value of IDR12,504 > and INDF, with estimated fair value of IDR7,842. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Home Ownership Backlog in Indonesia, Ownership of livable houses in Indonesia is still relatively small. The ratio of habitable home ownership in Indonesia has only experienced limited growth over the last five years. Restoring the quality of economic growth after the pandemic, Indonesia continues to show growth in its macroeconomic conditions. Indonesia's GDP has continued to increase in the last three years. Marketing Sales Growth Trend, The development of infrastructure and government support to encourage stability and economic growth in Indonesia have increased marketing sales of property company yearly. Stable Land Bank, The majority of property company have succeeded in maintaining the Land Bank optimally. This can be seen from the stable number of land banks in the last 5 years. After the election is over, property sales have the potential to increase. Apart from that, based on PUPR ministry data, the ratio of livable house ownership in Indonesia will only be 57.31% in 2023. Property Vs. Interest Rates. During the high interest rates in 2023, Home Ownership Credit (KPR) financing will still record growth, although limited. VAT incentives. The Government will continue the VAT incentives program until 2024. This program is an incentive provided by the Government, which will cover 100% VAT on house purchases from November 2023 to June 2024 and house purchases from July–December 2024, covered by 50%. The trend of increasing property prices and recurring income. The Residential Property Price Index (IHPR) released by Bank Indonesia in 1Q24 increased to 108.76, growing 1.89% yoy. Most property company are still recording marketing sales growth, which aligns with each company's FY24F targets. With the various catalysts above, as well as the performance of each issuer in the property sector, we make our top picks BSDE, with a potential fair value of IDR 1300, CTRA, with a potential fair value of IDR 1390 , and SMRA, with a potential fair value of IDR 705 . By PHINTRACO SEKURITAS | Research - Disclaimer On -

Interest rate hikes by the Fed and Bank Indonesia since 2022 increased interest costs for tower companies, expecting a rate cut in September 2024 that could reduce the company's interest expenses. TOWR benefits more than MTEL as its interest-bearing debt/total liabilities ratio is lower, so the expected rate cut this year could boost its profit margins. Indonesia's Digital Transformation 2030 aims to become the world's fifth-largest economy. Its focus is on developing and expanding digital infrastructure, particularly in remote areas. Telecommunications companies are expanding into Eastern Indonesia with great potential and low penetration, with government support in constructing broadband networks. We recommend overweight on the tower sector due to continued demand growth driven by government focus on infrastructure for Indonesia Emas 2045, with Top Picks TOWR (target price IDR850) and MTEL (target price IDR720), as well as upside risk from demand growth and realization of interest rate cAut. By PHINTRACO SEKURITAS | Research - Disclaimer On -