Indeks-indeks Wall Street ditutup melemah pada Kamis (20/2). Masih terdapat peluang pemangkasan Fed Funds Rate (FFR) sebanyak 2 kali di tahun 2025F Data ketenagakerjaan di AS cenderung stabil. US Initial jobless claim sebesar 219 ribu di pekan kedua Februari vs. 214 ribu di pertama Februari. Euro Area Consumer confidence flash meningkat 60 bps ke level -13.6 di Februari dari -14.2 di Januari. IHSG berpotensi terkonsolidasi dikisaran level 6,725-6,875 pada perdagangan Jumat (21/2). Manufacturing PMI Flash Jepang bulan Februari yang diperkirakan naik ke level 49 dari level 48.7 di Januari, menandakan bahwa sektor manufaktur Jepang membaik meskipun masih berada di zona kontraksi. Top picks di Jumat (21/2) adalah ENRG, HRUM, TINS, JSMR, dan GJTL. By PHINTRACO SEKURITAS | Research Nurwachidah - Disclaimer On -

Bursa Amerika ditutup menguat, sementara Bursa Eropa ditutup melemah di Rabu (19/2). Risalah FOMC di Kamis (20/2), mengindikasikan the Fed akan kembali menahan suku bunga acuan pada FOMC Maret. Tingkat Inflasi dan Inflasi inti Inggris meningkat signifikan 50 bps YoY menjadi 3% YoY dan 3.7% YoY di Januari. Kami memperkirakan IHSG berpotensi uji area support 6750-6725 di Kamis (20/2). BI tetap mempertahankan BI rate di 5.75% pada RDG-BI Rabu (19/2). Hal ini sebagai upaya menjaga inflasi dengan tetap mempertimbangkan pergerakan nilai tukar rupiah. PBoC Loan Prime Rate juga diperkirakan tetap di level 3.10%, dimana PBoC terakhir kali melakukan pemangkasan Loan Prime Rate di bulan Oktober 2024. Top picks di Kamis (20/2): PGEO, TPIA, UNTR, INDF, dan AALI. By PHINTRACO SEKURITAS | Research Nurwachidah - Disclaimer On -

Indeks-indeks Wall Street dan Eropa mayoritas ditutup menguat di Selasa (18/2). Presiden AS Donald Trump yang berencana untuk merealisasikan janji kampanye nya dengan menghapuskan pajak penghasilan atas pendapatan jaminan sosial. Germany economic sentiment index dan data ketenagakerjaan Inggris yang rilis di Selasa (18/2) lebih baik dari ekspektasi. Inflasi Inggris diperkirakan akan mengalami kenaikan dari yang sebelumnya berada di level 2.5% YoY menjadi 2.8% YoY di bulan Januari. Kami memperkirakan akan terjadi normal retracemet pada IHSG ke area support 6830-6775 di Rabu (19/2) BI diperkirakan akan kembali menahan suku bunga tetap di level 5.75% pada RDG-BI hari ini (19/2). Top picks  (19/2) : AKRA, MAPI, MYOR, MAPA, dan AMMN. By PHINTRACO SEKURITAS | Research Nurwachidah - Disclaimer On -

21 February 2025

20 February 2025

19 Februari 2025

>Indeks-indeks Wall Street catatkan penguatan mingguan di pekan lalu. >Sentimen utama berasal dari penundaan pengumuman reciprocal tarrifs oleh Pemerintah AS setelah Presiden AS, Donald Trump memerintahkan review terhadap kebijakan tersebut. >IHSG diperkirakan cenderung mengakhiri fase konsolidasi di support area 6550-6750 dengan uji 6700-6750 di pekan ini. >Nilai ekspor Indonesia diperkirakan tumbuh 6.99% yoy di Januari 2025 dibandingkan 4.78% yoy di Desember 2024. >Dari eksternal, pasar akan mencermati serangkaian pidato dari petinggi the Fed, diantaranya Harker dari Philadelphia, serta perwakilan Dewan Gubernur, Bowman dan Waller di awal pekan ini. >Top picks : CPIN, PWON, MAPA, INDY, ENRG, dan SMGR. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On - Contact Us : WA : 08119560188 IG : phintracosekuritasofficial YT : Phintraco Sekuritas Official TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id

Indeks-indeks Wall Street melemah sekitar 1% di Jumat (7/2). Pelemahan tersebut merespon rencana pengumuman kebijakan tarif baru oleh Presiden AS, Donald Trump di Senin (10/2). Kondisi ini dikhawatirkan memicu lonjakan inflasi global. Peningkatan uncertainty risk global di atas berpotensi memicu capital outflow lanjutan dari Pasar Modal Indonesia. IHSG memiliki support critical terdekat saat ini di 6700, dengan support berikutnya di rentang 6550-6600. Sejumlah data domestik, seperti penjualan motor, keyakinan konsumen, dan penjualan ritel di Januari 2025 masih dapat diharapkan untuk meredam aksi jual tersebut. Top picks : BMRI, BBRI, BBNI, BBCA, ASII, dan TLKM. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

Wall Street melemah di Jumat (31/1) mengantisipasi penerapan kebijakan tarif baru kepada sejumlah mitra dagang AS pada 1 Februari 2025. Foreign Direct Investment (FDI) di Indonesia tumbuh hingga 33.3% yoy di 4Q24, jauh lebih tinggi dari realisasi 3Q24 di 18.60% yoy. Realisasi tersebut mengindikasikan optimisme investor terhadap 100 hari Prabowo-Gibran dan memvalidasi kondisi positif indikator-indikator makro lain di Desember 2024. Inflasi total diperkirakan naik ke 1.88% yoy di Januari 2025 dari 1.57% yoy di Desember 2024, memperkuat keyakinan bahwa kondisi ekonomi yang lebih baik di Desember 2024 masih akan berlanjut sampai dengan 1Q25. IHSG berpotensi fluktuatif di awal pekan, sebelum kembali ke minor bullish trend dengan resistance terdekat di 7150-7200 pada pekan ini. Top picks : ESSA, INKP, INDF, ELSA, SRTG dan BTPS. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

Code : HGII Sector : Infrastructure Sub-Sector : Electric Utilities --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 31 Desember 2024 Perkiraan Masa Penawaran Umum : 03 - 07 Januari 2025 Perkiraan Tanggal Penjatahan : 07 Januari 2025 Perkiraan Tanggal Distribusi Saham : 08 Januari 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 09 Januari 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 1,300,000,000 saham biasa atas nama dengan nilai nominal Rp25 setiap saham atau sebanyak-banyaknya 20% dari jumlah modal ditempatkan dan disetor penuh dalam Perseroan setelah Penawaran Umum Perdana Saham. Nilai Nominal : Rp25 per lembar saham Harga Penawaran : Rp200 - Rp230 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp299,000,000,000 Penjamin Emisi : PT OCBC Sekuritas Indonesia PT UOB Kay Hian 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 -

Code : RATU Sector : Energy Sub-Sector : Oil & Gas Production & Refinery --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 30 Desember 2024 Perkiraan Masa Penawaran Umum : 02 - 06 Januari 2025 Perkiraan Tanggal Penjatahan : 06 Januari 2025 Perkiraan Tanggal Distribusi Saham : 7 Januari 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 8 Januari 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak – banyaknya 543.010.800 saham biasa atas nama dengan nilai nominal Rp 10 setiap saham atau sebanyak – banyaknya 20 % dari jumlah modal ditempatkan dan disetor penuh dalam Perseroan setelah Penawaran Umum Perdana Saham. Nilai Nominal : Rp10 per lembar saham Harga Penawaran : Rp900 - Rp1,150 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp218,562,870,000 Penjamin Emisi : PT Henan Putihrai Sekuritas Tbk --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial By PHINTRACO SEKURITAS | Research - Disclaimer On -

Code : KSIX Sector : Properties & Real Estate Sub-Sector : Real Estate Development & Management --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 27 Desember 2024 Perkiraan Masa Penawaran Umum : 02 - 06 Januari 2025 Perkiraan Tanggal Penjatahan : 06 Januari 2025 Perkiraan Tanggal Distribusi Saham : 07 Januari 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 08 Januari 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 320,674,800 saham baru yang merupakan saham biasa atas nama yang dikeluarkan dari Pertopel Perseroan dengan nilai nominal Rp100 setiap saham atau sebanyak-banyaknya 15.00% dari modal ditempatkan dan disetor penuh dalam Perseroan setelah Penawaran Umum Perdana Saham. Nilai Nominal : Rp100 per lembar saham Harga Penawaran : Rp312 - Rp468 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp150,075,806,400 Penjamin Emisi : PT UOB Kay Hian 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 -

BBRI recorded a net profit of IDR60.1 trillion, growing 0.1% YoY in FY24. Interest Income grew 10% YoY, followed by Net Interest Income, which rose 3.4% YoY to IDR137.4 trillion in FY24. Current Account Saving Account (CASA) grew 5.1% YoY to IDR919 trillion in FY24. With a CASA ratio of 67.30% in FY24. Loan Deposit Ratio (LDR) increased from 84.22% in FY23 to 88.85%. Despite experiencing tighter liquidity, BBRI's LDR increase was the lowest compared to other big four banks. Moderate credit growth to improve asset quality. BBRI credit grew 7% YoY to IDR1,355 trillion in FY24.4. For FY25F, BBRI targets credit growth of 7%-9% lower than the 2024 target (10%-12%), which aligns with BBRI's efforts to maintain asset quality. Based on BBRI's FY24 performance using the Discounted Cash Flow method, we maintain a BUY rating for BBRI with a fair value of 5.325 (12.94x expected P/E) and a relative valuation below 2.27x its 5-year average P/E and a potential upside of 37.95%. By PHINTRACO SEKURITAS | Research - Disclaimer On -

 ISAT recorded a net profit decline of IDR1.03 trillion in 4Q24 (-39.93% YoY; -9.69% QoQ), with net profit margin weakening to 7.34% (vs. 8.26% in 3Q24; 12.49% in 4Q23) due to rising operating expenses, primarily driven by higher marketing costs and cost of service. ISAT's revenue grew modestly to IDR14.7 trillion (+1.73% QoQ; +2.24% YoY), supported by the MIDI segment (+4.45% QoQ; +7.49% YoY), while the cellular segment remained relatively flat at IDR11 trillion (+1.44% QoQ; +1.94% YoY). EBITDA contracted to IDR6.37 trillion (-3.24% QoQ; +1.49% YoY) with a margin of 45.29%.Data segment revenue contracted to IDR10.88 trillion (-2.92% QoQ ; -0.86% YoY), in line with a decline in subscribers to 94.70 million (vs. 98.70 million in 3Q24). However, blended ARPU increased to IDR38.90k (vs. IDR37.20k in 3Q24), reflecting ISAT's optimization strategy to retain high-value customers. Management targets above-industry revenue growth, EBITDA growth of >10%, capital expenditure of Rp13 trillion, and expansion into AI-powered services using GPUs. The company also plans a dividend payout ratio of 70% in 2026. We maintain a BUY rating with a lower target price of Rp2,200, based on DCF valuation with an 11% WACC and 2% terminal growth, with downside risks including intense industry competition and weak consumer purchasing power.

By PHINTRACO SEKURITAS | Research

-Disclaimer On-

BRIS' net profit grew 22.83% YoY to IDR7 trillion in FY24. The net margin income IDR17.3 trillion grew by 7.1% YoY in FY24. BRIS recorded a financing growth of 15.9% YoY to IDR278 trillion in FY24. This growth was supported by the development of consumer financing (+16.34% YoY), which contributed 55.9% to BRIS' total FY24 financing Tier-1 ROE increased significantly to 17.77% (+89 bps YoY) in FY24. Fee-based income also increased significantly, with the fee-based ratio rising from 15.80% in FY23 to 17.95% in FY24. The gold business has the potential to be a BRIS performance booster. BRIS's gold business recorded significant growth of +78.2% YoY to IDR12.8 trillion in FY24. Using the Discounted Cash Flow method with a Required Return of 9.47% and Terminal Growth of 7.38%, we estimate a higher fair value for BRIS of 3,580 (upside potential of 17.44%). Considering BRIS's fair price and relative valuation of around 2.75x 5-year Mean P/B, we maintain our buy rating for BRIS. 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 -