Indeks-indeks Wall Street menguat pada Selasa (27/5). Penguatan dipicu oleh ditundanya pemberlakuan tarif 50% untuk Uni Eropa pada 9 Juli 2025. Data consumer confidence AS bulan Mei 2025 naik pada level 98 dari 85.7 di April 2025, serta di atas perkiraan di 87. Data durable good orders April 2025 turun 6.3% MoM dari naik 7.6% MoM di Maret 2025, namun lebih baik dari estimasi yang turun 7.8% MoM. Indeks di bursa Eropa ditutup menguat (27/5), seiring meredanya ketegangan perang dagang dengan AS. LPS menurunkan tingkat bunga penjaminan sebesar 25 bps menjadi 4.0% untuk tabungan rupiah di bank umum. U.S. 10-year Bond Yield turun 7 basis poin menjadi 4.44%. Harga emas koreksi sekitar 1.2% di level US$3,302/troy oz, seiring meredanya ketegangan perang dagang AS-Uni Eropa. IHSG diperkirakan masih akan konsolidasi di kisaran 7130-7250 (28/5). Top picks (28/5) :  KLBF, MAPI, JPFA, ASSA dan ADRO. By PHINTRACO SEKURITAS | Research Ratna Lim - Disclaimer On -

Bursa Wall Street libur Memorial Day (26/5). Bursa London libur Bank Holiday (26/5). Presiden Trump menunda pemberlakukan tarif 50% terhadap Uni Eropa dari awalnya 1 Juni 2025 menjadi 9 Juli 2025. Investor akan menantikan beberapa data ekonomi seperti durable goods order dan consumer confidence dari AS. Dari domestik, pasar menantikan stimulus  dari pemerintah. IHSG koreksi (26/5), disinyalir profit taking menjelang libur long weekend, di tengah indikator yang overbought. IHSG diperkirakan berpotensi koreksi jangka pendek menguji support 7100. Top picks (27/5) : ADHI, INDY, ICBP, TLKM dan BMRI. By PHINTRACO SEKURITAS | Research Ratna Lim - Disclaimer On -

Indeks utama di  Wall Street ditutup melemah pada pekan lalu. Presiden Trump akan memberlakukan tarif 50% terhadap Uni Eropa mulai 1 Juni 2025. Trump mengancam memberlakukan tarif impor 25% terhadap iPhone yang tidak diproduksi di AS. Pada pekan ini akan dirilis FOMC Minutes dan indeks PCE prices dari AS. Pemerintah RI berencana mengumumkan langkah stimulus pada 5 Juni 2025. Beberapa indikator teknikal IHSG menunjukkan overbought namun belum ada indikasi pembalikan arah. Perlu diwaspadai potensi profit taking menjelang long weekend. IHSG pada pekan ini diperkirakan melanjutkan konsolidasi pada rentang 7200-7300. Top picks pada pekan ini : KLBF, TOWR, MBMA, AUTO dan BBYB. By PHINTRACO SEKURITAS | Research Ratna Lim - Disclaimer On -

2 June 2025

28 May 2025

27 May 2025

Indeks utama di Wall Street ditutup stagnan pada Jumat (30/5), namun menguat selama pekan lalu. Pengadilan perdagangan AS memerintahkan pembatalan tarif (28/5), namun keputusan itu dibatalkan oleh pengadilan banding (29/5). Pengadilan memerintahkan penggugat memberi tanggapan paling lambat 5 Juni dan pemerintah AS 9 Juni. AS mempertimbangkan memberlakukan tarif 15% selama 150 hari. AS akan menaikkan tarif impor baja dan aluminium dari 25% menjadi 50% mulai 4 Juni 2025. Trump menuduh Tiongkok melanggar kesepakatan dagang awal. Waspadai meningkatnya ketidakpastian seputar perang tarif AS. IHSG pada pekan ini diperkirakan berpotensi koreksi minor menguji level 7100/7050. Top picks : INDF, UNTR, ASII, EMTK, ADMR dan ACES.

Indeks utama di Wall Street ditutup menguat signifikan selama pekan lalu. Faktor positif berasal dari meredanya kekhawatiran akan eskalasi perang dagang setelah tercapainya kesepakatan sementara AS-Tiongkok. Indeks The Univ. Michigan Sentiment preliminary bulan Mei turun pada level 50.8 dari bulan April 52.2 dan di bawah perkiraan 53.4. Moody’s menurunkan peringkat AS dari AAA menjadi Aa1, karena dinilai telah gagal membalikkan defisit dan beban bunga yang membesar. AS akan mengirim surat kepada beberapa mitra dagang. Pasar akan mencermati data PMI, di mana diperkirakan akan terjadi kontraksi sedikit lebih kecil dalam manufaktur di Euro Area, Jerman, Perancis dan Inggris. RDG BI diperkirakan akan mempertahankan BI rate pada 5.75% (21/5). IHSG dalam pekan ini diperkirakan akan menguji level resistance 7250. Top picks pekan ini : SIDO, ICBP, TINS, PNLF, PTBA dan NCKL. By PHINTRACO SEKURITAS | Research Ratna Lim - Disclaimer On -

Indeks-indeks Wall Street lajutkan penguatan di Jumat (2/5). U.S. Nonfarm Payrolls capai 177 ribu di April 2025, jauh lebih baik dari yang dikhawatirkan (138 ribu). Tiongkok tengah mengevaluasi peluang negosiasi dagang dengan AS. Kedua hal tersebut menjadi faktor utama yang meredam kekhawatiran risiko resesi di AS. Indonesia masih melakukan negosiasi dagang dengan AS dan ternyata Indonesia memiliki daya tawar dari kondisi sejumlah mainan populer asal AS yang diproduksi di Indonesia. Kenaikan inflasi di April dinilai mengindikasikan peningkatan konsumsi domestik di April 2025, lebih baik dari kekhawatiran pasar. Indeks manufaktur Indonesia turun ke 46.7 di April 2025 dari 52.4 di Maret 2025 dipengaruhi penurunan produksi selama libur panjang Idul Fitri. Top picks : INKP, BRPT, BUMI, ICBP, MNCN dan EXCL. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

Code : FORE Sector : Consumer Non-Cyclicals Sub-Sector : Soft Drinks --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 25 Maret 2025 Perkiraan Masa Penawaran Umum : 26 Maret 2025 - 9 April 2025 Perkiraan Tanggal Penjatahan : 9 April 2025 Perkiraan Tanggal Distribusi Saham : 10 April 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 11 April 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 1.880.000.000 (satu miliar delapan ratus delapan puluh juta) saham biasa atas nama yang dikeluarkan dari portepel Perseroan (“Saham Baru”) yang mewakili 21.08% (dua puluh satu koma nol delapan persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Nilai Nominal : Rp70 per lembar saham Harga Penawaran : Rp160 - Rp202 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp379.760.000.000 Penjamin Emisi : PT Mandiri Sekuritas PT Henan Putihrai Sekuritas --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial 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

Code : MDLA Sector : Healthcare Sub-Sector : Pharmaceuticals --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 25 Maret 2025 Perkiraan Masa Penawaran Umum : 27 Maret 2025 - 11 April 2025 Perkiraan Tanggal Penjatahan : 11 April 2025 Perkiraan Tanggal Distribusi Saham : 14 April 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 15 April 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 3.500.000.000 (tiga miliar lima ratus juta) saham yang mewakili sebesar-besarnya 25,000% (dua puluh lima koma nol nol nol persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham, yang seluruhnya adalah Saham Baru dan dikeluarkan dari portepel Perseroan. Nilai Nominal : Rp20 per lembar saham Harga Penawaran : Rp180 - Rp230 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp805.000.000.000 Penjamin Emisi : PT Mandiri Sekuritas PT Indo Premier Sekuritas --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial 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

Code : YUPI Sector : Consumer Non-Cyclicals Sub-Sector : Processed Foods --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 14 Maret 2025 Perkiraan Masa Penawaran Umum : 17 - 19 Maret 2025 Perkiraan Tanggal Penjatahan : 19 Maret 2025 Perkiraan Tanggal Distribusi Saham : 20 Maret 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 21 Maret 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 854.448.900 (delapan ratus lima puluh empat juta empat ratus empat puluh delapan ribu Sembilan ratus) saham biasa, yang terdiri dari (i) 256.334.700 (dua ratus lima puluh enam juta tiga ratus tiga puluh empat ribu tujuh ratus) Saham Baru yang mewakili 3,00% (tiga koma nol nol persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham dan (ii) 598.114.200 (lima ratus sembilan puluh delapan juta seratus empat belas ribu dua ratus) Saham Divestasi milik Pemegang Saham Penjual yang mewakili 7,00% (tujuh koma nol nol persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana, yang mana seluruhnya sejumlah 10,00% (sepuluh koma nol nol persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Nilai Nominal : Rp50 per lembar saham Harga Penawaran : Rp2100 - Rp2500 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp2.136.122.250.000 Penjamin Emisi : PT CIMB Niaga Sekuritas PT Mandiri Sekuritas --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial By PHINTRACO SEKURITAS | Research - Disclaimer On -

ERAA booked a decrease in revenue by 4.61% YoY to IDR15.88 trillion in 1Q25. This decrease was caused by the operator product segment sales, which decreased significantly by 28.23%% YoY to IDR396 billion in 1Q25, followed by the cellular phones and tablet segment, which decreased by 9.15% YoY to IDR12.34 trillion in 1Q25. We estimate ERAA's net profit to potentially increase by 9.59% YoY to IDR1.22 trillion in FY25F. This estimate is based on potential revenue growth of 9.04% YoY to IDR71.18 trillion in FY25F amidst a potential smartphone market that could drive future profitability. In 1Q25, ERAA's net profit decreased by 20.5% YoY to IDR212 billion. The decrease was in line with ERAA's lower revenue in 1Q25. The smartphone market in Indonesia grew by 15.5% YoY to nearly 40 million units in 2024. This growth is driven by the ultra-low-end smartphone segment (priced US$600) decreasing by 9.2% YoY in line with the iPhone 16 ban in 4Q24. The iPhone 16 series has been officially released in Indonesia since April 2025. We assess that ERAA will benefit from the entry of the iPhone 16 into Indonesia, considering that ERAA has iBox outlets to sell iPhone products. We give a Buy recommendation for ERAA with an estimated fair value of IDR555 per share or a potential upside of 11.45%. This recommendation is based on a calculation using the Discounted Cash Flow method with a Required Return of 9.60% and a Terminal Growth of 2.29%.

INCO reported a net profit of US$21.80 million in 1Q25 (+228% QoQ; +252% YoY). This result was driven by gains from a fair value assessment of a call option related to the HPAL project (IGP Pomalaa). A positive contribution also came from the initial sale of nickel ore, which generated revenue of US$2.54 million in 1Q25. Total revenue declined to US$206.53 million (-14.60% QoQ; -10.18% YoY). The decrease was attributed to a 10.94% QoQ drop in nickel matte sales volume to 17,096 tons (vs. 19,196 tons in 4Q24), along with a lower average selling price (ASP), which fell to US$11,932/ton (-5.28% QoQ from US$12,597/ton in 4Q24). Cash costs improved in line with lower energy expenses. Despite the weaker nickel prices on the London Metal Exchange (LME) affecting the ASP, INCO successfully implemented significant cost-control measures in 1Q25, reducing its cash cost by 5.31% QoQ to US$8,501/ton (vs. US$8,978/ton in 4Q24). The reduction was primarily supported by lower HSFO and coal consumption. Focus on initiating nickel ore sales and diversifying downstream products. INCO is taking strategic steps to start nickel ore sales as part of its efforts to strengthen its commercial strategy. The company has received approval for the revised 2024 Work Plan and Budget (RKAB) and plans to submit the 2025 RKAB. Using the Sum-of-the-Parts (SOTP) valuation method, with a required rate of return of 8.78% and a terminal growth rate of 1.46%, we estimate the fair value of INCO’s fair value at IDR 3,560 per share (implying 32.67x / 0.82x expected P/E and P/BV). This positive outlook is supported by improved cash cost efficiency and product diversification.

PANI's revenue decrease 4% YoY to Rp612 billion in 3M25. This decline was in line with the decrease in other revenues by 69% YoY to Rp6.9 billion in 3M25 due to the high base effect in 3M24. Optimal landbank with maintained debt structure. PANI has a total land area of 1,845 ha in 3M25, an increase of 238 ha compared to 1,607 ha in FY23. PIK 2 has become a prestigious residential, business, entertainment, and tourism destination. The PIK 2 area, which is close to the sea and the facilities that have been built are a special attraction for consumers, including large companies, to join, invest, and explore business opportunities. PANI properties are supported by complete infrastructure and facilities. PIK 2 is located in a strategic area, close to the outer and inner ring road toll road, making it easy to access Jakarta and South Tangerang, and only 7 minutes to SoekarnoHatta Airport. We give PANI a buy rating. Its estimated fair value is 15,200, and its potential upside is 33%. The fair value is obtained using the Discounted Cash Flow and Revalued Net Asset Value methods. It reflects 169x expected P/E FY25F and a 70% discount to NAV. By PHINTRACO SEKURITAS | Research - Disclaimer On -

PHINTRACO SEKURITAS (AT) -13 November 2024- Indonesia's economy has shown a solid recovery, with GDP growth observed across spending sectors. This reflects resilience and a balanced approach to economic recovery. Household consumption remains a primary driver of economic growth, contributing steadily to domestic demand and encouraging broader sectoral gains. Business conditions have improved, seen in positive consumer confidence and absolute sales indices, creating a supportive environment for local and international investments. Indicators such as decreasing poverty and unemployment rates and improvements in income distribution suggest gradual progress in the quality of life for many Indonesians. The government has set an optimistic economic growth target of 5.20% for 2025, with strong domestic consumption expected to play a central role in achieving this goal. Prabowo-Gibran administration intends to prioritize human resource development, emphasizing educational improvement, vocational training, and digital skills to strengthen workforce readiness. Bank Indonesia is expected to continue with flexible monetary policies, which may include easing measures, to help sustain economic growth amid global uncertainties. IHSG targeted 8698 in 2025: Considering the various opportunities and challenges faced in 2025. Sectoral Coverage: Banking, Cement, Metal & Mining, Food & Beverage, Poultry, Properties & Real estate, Telecommunication, and Tower. By PHINTRACO SEKURITAS | Research - Disclaimer On -

The majority of countries started to show an increase in economic growth in 2Q24, after experiencing a slowdown at the beginning of the year. Global monetary policy was less-aggressive than expected in 2024. Several central banks started easing their monetary policy in 3Q24 as the inflation rate flattened. Geopolitical conflicts continue in 2024. The conflict in the Middle East has expanded to involve countries other than Israel and Palestine. Meanwhile, the Russia-Ukraine conflict will continue. Several commodity prices tend to stagnate in 2024 and There is still uncertainty risk from geopolitical conflict. Political conditions in global countries' election years were relatively stable. Economic activity's recovery has the potential to continue in 2025. This is driven by the easing of the monetary policy of several central banks, which could continue in 2025. The exchange rate has the potential to be more stable in 2025. By PHINTRACO SEKURITAS | Research - Disclaimer On -

**REVIEW : Global Economic & Capital Market in 2023** >The acceleration of economic activity recovery cannot be matched by an increase in supply. >Russia-Ukraine war worsening supply chain disruption, especially in energy commodities. >Surge of inflation, especially in the USA and Europe, affected by energy commodities prices. >Tightening of monetary policy by the majority to reduce inflationary pressures. >This policy increased concerns about inflation, which had a negative impact on capital market index movements. **REVIEW : Indonesian Economy and Capital Market in 2023** >Public mobility increased after lifting Large-Scale Social Restrictions (PSBB) and implementing Community Activity Restrictions (PPKM) in early 2023. >Indonesia's economy grew above 5% yoy for two consecutive quarters in 1H-2023. >Economic growth followed by improvement in quality of life index. >Export performance experienced a significant decline throughout 1H-2023 in line with the more profound than expected moderation in commodity prices. >Inflation is relatively controlled and stable within the 2023 State Revenue and Expenditure Budget (APBN) assumed range. >BI tends to implement accommodative monetary policy throughout most of 2023. >The Indonesian banking sector is relatively solid, as indicated by optimizing the Loan to Funding Rate (LFR) ratio and the decline in Non-Performing Loans (NPL). >The Rupiah exchange rate tends to depreciate as capital outflow increases in Q3-2023.IHSG is more volatile in 2023 and is still stuck below 7000. >The transportation & logistics sector leads sector performance on the IHSG in 9M2023.PHINTRACO SEKURITAS (AT) *"2024 Economic & Market Outlook: Searching for Opportunities in a Political Year."* -December 2023- --------------- *REVIEW : Global Economic & Capital Market in 2023* >The acceleration of economic activity recovery cannot be matched by an increase in supply. >Russia-Ukraine war worsening supply chain disruption, especially in energy commodities. >Surge of inflation, especially in the USA and Europe, affected by energy commodities prices. >Tightening of monetary policy by the majority to reduce inflationary pressures. >This policy increased concerns about inflation, which had a negative impact on capital market index movements. *REVIEW : Indonesian Economy and Capital Market in 2023* >Public mobility increased after lifting Large-Scale Social Restrictions (PSBB) and implementing Community Activity Restrictions (PPKM) in early 2023. >Indonesia's economy grew above 5% yoy for two consecutive quarters in 1H-2023. >Economic growth followed by improvement in quality of life index. >Export performance experienced a significant decline throughout 1H-2023 in line with the more profound than expected moderation in commodity prices. >Inflation is relatively controlled and stable within the 2023 State Revenue and Expenditure Budget (APBN) assumed range. >BI tends to implement accommodative monetary policy throughout most of 2023. >The Indonesian banking sector is relatively solid, as indicated by optimizing the Loan to Funding Rate (LFR) ratio and the decline in Non-Performing Loans (NPL). >The Rupiah exchange rate tends to depreciate as capital outflow increases in Q3-2023.IHSG is more volatile in 2023 and is still stuck below 7000. >The transportation & logistics sector leads sector performance on the IHSG in 9M2023. --------------- *OUTLOOK : Global Economic & Capital Market in 2024* >Global economic problems are expected to continue in 2024. >Supply disruption potential if the intensity of geopolitical conflicts increases. >Several central banks are expected to maintain tight policies in 2024. >Risky investment instruments are expected to remain disrupted amidst risk uncertainty. *OUTLOOK : Indonesian Economic & Capital Market in 2024* >Economic growth is estimated at 5.2% yoy in the 2024 APBN. >The quality of life index is expected to improve in 2024. >The budget condition has returned to stability to pre-pandemic. >The Rupiah exchange rate is expected to be more volatile in 2024. >The 2024 simultaneous national and local elections will have limited influence on investment realization in Indonesia. >A more active Monetary and Fiscal policy mix is ​​needed to reduce capital outflows, which trigger a descending of the Rupiah exchange rate. >IHSG is targeted at 7711 in 2024. --------------- By PHINTRACO SEKURITAS | Research - Disclaimer On - Visit our website : www.phintracosekuritas.com www.profits.co.id www.taspro.co.id --------------- **OUTLOOK : Global Economic & Capital Market in 2024** >Global economic problems are expected to continue in 2024. >Supply disruption potential if the intensity of geopolitical conflicts increases. >Several central banks are expected to maintain tight policies in 2024. >Risky investment instruments are expected to remain disrupted amidst risk uncertainty. **OUTLOOK : Indonesian Economic & Capital Market in 2024** >Economic growth is estimated at 5.2% yoy in the 2024 APBN. >The quality of life index is expected to improve in 2024. >The budget condition has returned to stability to pre-pandemic. >The Rupiah exchange rate is expected to be more volatile in 2024. >The 2024 simultaneous national and local elections will have limited influence on investment realization in Indonesia. >A more active Monetary and Fiscal policy mix is ​​needed to reduce capital outflows, which trigger a descending of the Rupiah exchange rate. >IHSG is targeted at 7711 in 2024. --------------- By PHINTRACO SEKURITAS | Research - Disclaimer On -