Indeks di Wall Street ditutup melemah pada Kamis (30/10). Koreksi indeks terutama oleh saham sektor teknologi setelah merilis kinerja keuangan yang beragam. Presiden Trump dan Presiden Xi melakukan pertemuan di Korea Selatan (30/10). AS akan mengurangi tarif impor Tiongkok yang terkait dengan perdagangan obat fentanil menjadi 10% dari sebelumnya 20%. Bank of Japan mempertahankan suku bunga acuan tetap di level 0.5% (30/10). ECB mempertahankan bunga acuan tetap di 2.15% (30/10). U.S. 10-year Bond Yield naik lebih dari 3 bps di level 4.089%. Harga emas spot menguat 1.8% ke level US$3,999/troy oz (30/10). IHSG diperkirakan bergerak sideways pada kisaran 8150-8250, waspadai potensi profit taking akhir pekan. Top picks (31/10): PGAS, ITMG, INCO, TOWR, SCMA dan EMTK. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di Wall Street ditutup mixed pada Rabu (29/10). Seperti yang diperkirakan The Fed menurunkan suku bunga acuan sebesar 25 bps di level 3.75%-4% (29/10). The Fed juga akan mengakhiri program pengetatan kuantitatifnya mulai 1 Desember 2025. Namun Powell memperingatkan agar tidak berasumsi bahwa pemangkasan suku bunga akan terjadi pada pertemuan berikutnya. Bank of Japan diperkirakan akan mempertahankan suku bunga acuan tetap di level 0.5% (30/10). ECB diperkirakan akan mempertahankan bunga acuan tetap di 2.15% (30/10). U.S. 10-year Bond Yield naik lebih dari 8 bps  di level 4.072%. Harga emas spot menguat 0.30% ke level US$3,964/troy oz (29/10), setelah sebelumnya sempat menguat 2%. Diperkirakan IHSG dalam jangka pendek cenderung bergerak menguat dan menguji resistance 8200-8250. Top picks (30/10): BMRI, BBTN, ANTM, PSAB, HRUM dan ASII. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di Wall Street ditutup menguat pada Selasa (28/10). Penguatan indeks masih dipicu oleh meningkatnya optimisme terhadap kesepakatan perdagangan AS-Tiongkok dan ekspektasi terhadap The Fed untuk memangkas suku bunga. Menurut konsensus The Fed akan menurunkan suku bunga sebesar 25 bps menjadi 3.75%-4.0% (29/10). Harga minyak melemah, menandai penurunan hari ketiga berturut-turut (28/10). AS-Jepang melakukan perjanjian kerangka kerja untuk mengamankan pasokan mineral tanah jarang (28/10). U.S. 10-year Bond Yield turun lebih dari 1 bps di level 3.978%. Harga emas spot melemah 0.70% ke level US$3,952/troy oz (28/10). Diperkirakan IHSG berpotensi menguji level psikologis 8000 dan jika break low berpotensi menuju ke support 7850. Top picks (29/10) : MYOR, LSIP, EMTK, TAPG dan MBMA. By PHINTRACO SEKURITAS | Research - Disclaimer On -

31 October 2025

30 October 2025

29 October 2025

Indeks di bursa Wall Street ditutup menguat pada pekan lalu. Meningkatnya optimisme pasar bahwa The Fed akan menurunkan suku bunga pada pekan ini karena data inflasi yang lebih rendah dari estimasi. Data inflasi AS bulan September sebesar 3.0% YoY dari 2.9% di Agustus, namun lebih rendah dari estimasi 3.1% YoY. Fokus perhatian pasar pada pertemuan The Fed (29/10), di mana menurut konsensus The Fed akan menurunkan suku bunga sebesar 25 bps menjadi pada kisaran 3.75%-4%. Investor juga akan menantikan keputusan suku bunga dari ECB, Bank of Japan dan Bank of Canada. Pasar akan mencermati pertemuan antara Presiden Trump dan Presiden Xi di Korea Selatan pada Kamis (30/10). Diperkirakan IHSG berpotensi menguji level 8250-8200 pada pekan ini. Top picks pekan ini: RAJA, JSMR, PNLF, INTP, AUTO, dan ESSA. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di bursa Wall Street ditutup menguat pada pekan lalu. Ketegangan perang dagang AS-Tiongkok mereda setelah Presiden Trump menyatakan masih ada potensi untuk bertemu Presiden Xi pada akhir bulan ini. Saham-saham bank regional di Wall Street rebound pada Jumat (17/10) setelah koreksi tajam pada Kamis (16/10). Harga emas spot turun 2% (17/10) karena penguatan dollar AS dan meredanya ketegangan perang dagang AS-Tiongkok. Pada pekan ini investor akan mencermati perkembangan perang dagang AS-Tiongkok dan earning season 3Q25 di Wall Street. Dari domestik, investor menantikan RDG BI yang menurut konsensus akan menurunkan BI Rate sebesar 25 bps menjadi 4.5% (22/10). Diperkirakan IHSG masih berpotensi menguji level support di 7725-7780 pada pekan ini. Top picks pekan ini: MIKA, LSIP, TKIM, MAIN, BTPS dan SIDO. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di bursa Wall Street ditutup melemah pada pekan lalu, akibat pelemahan tajam pada Jumat (10/10). Presiden Trump akan mengenakan tarif tambahan 100% untuk impor dari Tiongkok, serta kontrol ekspor untuk perangkat lunak penting buatan AS, mulai 1 November 2025. Ancaman tarif Trump setelah Tiongkok memperketat pembatasan ekspor mineral tanah jarang. Presiden Trump juga menyebutkan tidak ada alasan untuk bertemu dengan Presiden Xi seperti yang direncanakan sebelumnya. Pada pekan ini investor akan mencermati dimulainya earning season 3Q25 di Wall Street. Dari domestik, investor mencermati data Foreign Direct Investment 3Q25 (15/10). Adanya perkembangan terbaru dari perang dagang AS-Tiongkok diperkirakan akan menjadi sentimen negatif. Diperkirakan IHSG bergerak pada kisaran 8100-8300 sepanjang pekan ini. Top picks pekan ini: BSDE, BIRD, CDIA, GJTL, TKIM dan NCKL. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Congressional Budget Office (CBO) melamporkan penutupan pemerintah (government shutdown) federal telah merugikan perekonomian AS setidaknya US$18 miliar tahun ini. Penurunan Produk Domestik Bruto (PDB) diperkirakan mencapai 1% pada 4Q25 akibat shutdown, dengan potensi kerugian hingga US$39 miliar jika berlangsung delapan pekan. Selain itu, CBO memperkirakan tingkat pengangguran naik 0.4% pada Oktober karena sekitar 650 ribu pegawai federal dirumahkan sementara. Menteri Koordinator Bidang Perekonomian, Airlangga Hartarto, membuka peluang tarif perdagangan 0% dari Amerika Serikat untuk beberapa komoditas Indonesia seperti kelapa sawit, kakao, dan karet yang tidak diproduksi di sana. Target kesepakatan ini adalah rampung pada akhir November 2025, mengikuti langkah negara tetangga yang sudah menyegel tarif 0% di KTT ASEAN. Negosiasi lanjutan dengan AS dijadwalkan setelah pertemuan Asia-Pacific Economic Cooperation (APEC).  

The Fed memutuskan memotong suku bunga sebesar 25bps menjadi 3.75%-4.00% pada Federal Open Market Committee (FOMC) setelah penilaian risiko ketenagakerjaan meningkat dan pertumbuhan ekonomi dinilai moderat. Ketua TheFed Jerome Powell, mengatakan pembuat kebijakan harus lebih hati-hati karena data ekonomi terbatas akibat shutdown sehingga keputusan menjadi lebih konservatif dibanding perkiraan pasar. Inflasi inti pada September tetap tinggi di level 3.00% YoY, lebih tinggi dari target 2.00%, sehingga pejabat The Fed berselisih terkait seberapa jauh pelonggaran kebijakan moneter dapat ditempuh dalam kondisi ketidakpastian data ekonomi. Menteri Keuangan RI Purbaya Yudhi Sadewa menegaskan bahwa pemerintah tidak akan melanjutkan skema burden sharing atau berbagi beban bunga utang Surat Berharga Negara (SBN) antara Kementerian Keuangan dan Bank Indonesia. Kebijakan tersebut dinilai mengaburkan batas antara kebijakan fiskal dan moneter serta mengancam independensi bank sentral. Purbaya menegaskan bahwa skema ini sebaiknya hanya diterapkan saat krisis parah seperti pandemi Covid-19 dan ke depan akan dihindari agar kebijakan moneter tetap berjalan sesuai tanpa intervensi fiskal.  

ADP Employment di AS mencatat kenaikan rata-rata 14.25 ribu pekerjaan per minggu hingga 11 Oktober 2025. Kenaikan ini menunjukkan pertumbuhan pekerjaan bulanan sekitar 57 ribu untuk periode tersebut, dari penurunan 32 ribu pada September 2025. ADP mulai merilis estimasi mingguan laporan ini sejak per`tama di 28 Oktober 2025 untuk memberikan gambaran lebih real-time kondisi pasar tenaga kerja. Menteri Keuangan Purbaya Yudhi Sadewa memperkirakan pertumbuhan PDB Indonesia pada 3Q25 diperkirakan sedikit lebih rendah dari 2Q25 yang mencapai 5.12% YoY, namun masih di atas 5%. Meski melambat, Purbaya optimistis pertumbuhan ekonomi akan membaik dengan proyeksi di atas 5.5% di 4Q25. Pemerintah juga tetap yakin ekonomi sudah mulai berubah ke arah yang lebih baik, dengan stimulus dan belanja masyarakat yang meningkat sebagai pendorong utama.  

27 October 2025

20 October 2025

13 October 2025

Code : PJHB Sector : Transportation & Logistic Sub-Sector : Logistics & Deliveries --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 29 Oktober 2025 Perkiraan Masa Penawaran Umum : 30 Oktober 2025 - 3 November 2025 Perkiraan Tanggal Penjatahan : 3 November 2025 Perkiraan Tanggal Distribusi Saham : 4 November 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 5 November 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 480.000.000 (empat ratus delapan puluh juta) saham biasa atas nama, atau sebanyak-banyaknya sebesar 25% (dua puluh lima persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham. Nilai Nominal : Rp50 per lembar saham Harga Penawaran : Rp310 - Rp330 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya sebesar Rp158.400.000.000,- (seratus lima puluh delapan miliar empat ratus juta Rupiah). Penjamin Emisi : PT Pilarmas Investindo 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 : EMAS Sector : Basic Materials Sub-Sector : Diversified Metals & Minerals --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 15 September 2025 Perkiraan Masa Penawaran Umum : 17 September 2025 - 19 September 2025 Perkiraan Tanggal Penjatahan : 19 September 2025 Perkiraan Tanggal Distribusi Saham : 22 September 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 23 September 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 1.618.023.300 (satu miliar enam ratus delapan belas juta dua puluh tiga ribu tiga ratus) saham biasa atas nama, yang mewakili sebesar-besarnya 10,00% (sepuluh koma nol nol persen) dari modal ditempatkan dan disetor dalam Perseroan setelah Penawaran Umum Perdana Saham, yang dikeluarkan dari portepel Perseroan. Nilai Nominal : Rp150 per lembar saham Harga Penawaran : Rp1800 - Rp3020 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya sebesar Rp4.886.430.366.000 Penjamin Emisi : PT Trimegah Sekuritas Indonesia Tbk PT Sinarmas Sekuritas PT Indo Premier Sekuritas --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasprofits By PHINTRACO SEKURITAS | Research - Disclaimer On -

Code : MERI Sector : Consumer Cyclicals Sub-Sector : Education Services --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 30 Juni 2025 Perkiraan Masa Penawaran Umum : 2 Juli 2025 - 7 Juli 2025 Perkiraan Tanggal Penjatahan : 7 Juli 2025 Perkiraan Tanggal Distribusi Saham : 8 Juli 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 9 Juli 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak – banyaknya 266.660.000 (dua ratus enam puluh enam juta enam ratus enam puluh ribu) Saham Biasa Atas Nama yang seluruhnya adalah saham baru dan dikeluarkan dari portepel Perseroan atau sebanyak – banyaknya 25% (dua puluh lima persen) dari total modal ditempatkan dan disetor penuh setelah Penawaran Umum. Nilai Nominal : Rp12.5 per lembar saham Harga Penawaran : Rp110 - Rp150 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp39.999.000.000 Penjamin Emisi : PT Lotus Andalan 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

BDMN's net profit grew 21% YoY to IDR 2.9 trillion in 9M25. This profit growth was driven by a 22.9% decrease in the value of financial asset losses, resulting in (IDR 2.8 trillion) in 9M25. Meanwhile, net interest income remained relatively flat (-0.24% YoY) at IDR 11.69 trillion in 9M25. This was in line with the increase in interest expense (+10.8% YoY), which was higher than the growth in interest income (+3.2% YoY). BDMN's total loans grew 5% YoY to IDR 196.2 trillion in 9M25. The wholesale segment contributed the most, reaching IDR 118.78 trillion, or 60% of total loans in 9M25. Interest income is estimated to grow by around 11% YoY to IDR 3.7 trillion in FY25F. BDMN remains focused on its integration strategy as a financial group. Auto retail financing (synergy loans with ADMF) grew 57% YoY to IDR 1.5 trillion. Therefore, we maintain our Buy rating for BDMN with the same projection and fair value as in the previous BDMN company update, IDR 2,810/share.   By PHINTRACO SEKURITAS | Research - Disclaimer On -

ERAA booked revenue growth of 7.7% YoY to IDR52.36 trillion in 9M25. This growth was driven by increased sales in almost all business segments, except for the operator products segment, which decreased by 5.7% YoY to IDR1.18 trillion in 9M25. We estimate that ERAA's revenue can potentially recover in 4Q25, aligned with the release of the iPhone 17 series in October 2025 and the potential increase in demand towards the end of the year. ERAA's operating expenses increased by 9.7% YoY to IDR3.81 trillion in 9M25, due to sales and distribution expenses, which increased by 20.8% YoY to IDR2.65 trillion in 9M25, mainly due to higher advertising and promotion costs and other expenses. ERAA's net profit decreased slightly by 0.5% YoY to IDR849 billion in 9M25. This decrease was relatively lower than the decrease in operating profit. ERAA's net profit is still in line with our estimates (69% of FY25F). We maintain our Buy rating for ERAA with the same projections and fair value in the initiate report at Rp555/share. By PHINTRACO SEKURITAS | Research - Disclaimer On -

BNGA booked interest income growth of 2.6% YoY to IDR 18.60 trillion in 9M25. This growth was overshadowed by a higher increase in interest expense (+6.3% YoY) to IDR 8.52 trillion in 9M25. BNGA booked better quarterly performance, with net interest income rising 4.5% QoQ to IDR 3.46 trillion and net profit growing 9.9% QoQ to IDR 1.8 trillion in 3Q25. BNGA has increased its Dividend Payout Ratio (DPR) to 60% starting from the 2024 financial year, which is higher than the average Dividend Payout Ratio of 47% over the last three years. BNGA aims to optimize retail loan growth by focusing on larger revenue streams. This effort is being taken to offset the impact of slower macroeconomic conditions. Therefore, we maintain our Buy rating for BNGA, projected at the same fair value as in the previous BNGA company update, at IDR 2,040/share. By PHINTRACO SEKURITAS | Research - Disclaimer On -

BMRI's interest income grew 10.5% YoY to IDR 122.30 trillion in 9M25. This growth was accompanied by a higher increase in interest expenses (+22.9% YoY) to IDR 44.04 trillion in 9M25. Furthermore, there was a 57.5% YoY increase in other expenses in 9M25, resulting in BMRI's net profit declining annually but improving quarterly. Net profit decreased -10.2% YoY to IDR 37.73 trillion in 9M25, growing 17.9% QoQ in 3Q25. BMRI's loan growth was 11% YoY to IDR 1,764 trillion in 9M25, higher than the 2025 management guideline.Wholesale (corporate and commercial loans) continues to dominate BMRI's loan distribution, at 55.6% of its total loan. Performance recovery is likely to occur in 4Q25. Several factors, such as improving domestic consumption, realized private and government investment, the continuation of National Strategic Projects for connectivity and telecommunications, and downstreaming, have the potential to support BMRI's loan growth. BMRI's strong position in the wholesale segment allows it to optimize these positive catalysts. The Energy and Water, Coal Manufacturing, and Infrastructure sectors were the three most significant contributors to BMRI's wholesale loans in 9M25 (+36.9% YoY, +35.5 YoY, and +19.3% YoY, respectively). Based on BMRI's performance, using the Dividend Discount Model, we maintain our BUY rating for BMRI with a lower fair price target of IDR 5,600/ share (1.52x expected PBV) from the previous IDR 6,325/share and a relative valuation of 1.54x below +2 standard deviations of its 5-year PBV with a potential upside of 24.14%. By PHINTRACO SEKURITAS | Research - Disclaimer On -

BBTN booked interest income of IDR 26.58 trillion, which rose 18.8% YoY in 9M25. Meanwhile, interest expense increased only 2.5% YoY to IDR 13.82 trillion, while provision expense increased 230.4% to IDR 4.48 trillion in 9M25. We estimate Interest income can grow 16.5% YoY and Net profit can grow 14.4% YoY to IDR 3.44 trillion in FY25E. BTN Syariah is expected to be established as a new subsidiary of BBTN in December 2025. Therefore, this spin-off will not negatively impact BBTN as it will still be consolidated into BBTN. Focusing on developing housing-related high-yield loans. BBTN is focused on increasing corporate loans related to the housing sector. Furthermore, BBNI is focused on driving sustainable housing loan growth through KUR and KAR, as well as selective expansion into non-subsidized, emerging affluent segments. In line with BBTN's solid performance, we raised the fair value of BBTN shares to Rp1,315 (from Rp1,250) and maintained a Hold recommendation, reflecting the rising share price. BBTN currently trades at a PBV of 0.49x, below its five-year average PBV of 0.79x. By PHINTRACO SEKURITAS | Research - Disclaimer On -

PGAS’s revenue grew 5.37% YoY to US$1,937 million in 6M25. This increase was supported by the downstream segment, particularly gas trading, which contributed US$1,248 million or 67.87% of total revenue. However, PGAS’s net profit decreased 8.07% YoY to US$214 million in 6M25. The decline in profit was driven by a 23.02% YoY increase in natural gas purchase costs. National natural gas production is projected to reach 6,910 MMSCFD by the end of 2025, or 122.7% of the 2025 state budget target. This increase in production is supported by domestic demand, which is expected to continue growing each year. As the market leader in Indonesia’s downstream gas sector, PGAS continues to expand its new business ventures and low-carbon energy initiatives. PGAS holds more than 91.24% of the national gas sales market share, supported by an extensive gas pipeline network spanning over 33.36 thousand km. PGAS has an integrated business chain with a diversified portfolio. The company’s operations span from upstream to downstream, well-integrated through its subsidiaries and owned entities. Using the DCF method with a required return of 7.78% and a terminal growth rate of 1.43%, we estimate PGAS’s fair value at Rp1,860 per share (PE25E of 9.13x and PBV25E of 0.72x, as well as PE26E of 8.56x and PBV26E of 0.70x). Considering the fair value and relative valuation, which remains below the 3-year average PBV of 0.86x, we assign a Buy rating for PGAS with an upside potential of 11.04%. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Consumer confidence trend weakened in the past year. As of September 2025, the CCI was recorded at level 115.0, a decrease from level 117.2 in August 2025, and became the lowest level since April 2022. Domestic inflation increased in September 2025. Domestic inflation increased to 2.65% YoY in September 2025. This condition indicates that prices of goods and services tend to increase, but remain controlled. However, the government has officially launched the economic stimulus package for 2025, which can potentially maintain people's purchasing power. Raw material price movements tend to be mixed during 9M25. On a quarterly basis, several raw materials, such as cocoa and wheat, showed a decreasing trend, and coffee prices were relatively stable in 3Q25, so the profitability of F&B issuers can potentially recover in 2H25, although the recovery is relatively limited due to stronger CPO prices. Live bird and DOC prices recovery continues until September 2025. The recovery in live bird and DOC prices is aligned with the culling program implemented by the government from early April to July 2025. We assess that if the recovery in live birds and DOC prices continues, then the profitability of poultry issuers in both segments has the potential to increase. With the various catalysts above, we maintain our overweight rating on the F&B and Poultry sectors. Our top picks are INDF, with an estimated fair value of IDR9,650, and JPFA, with an estimated fair value of IDR2,720. By PHINTRACO SEKURITAS | Research - Disclaimer On -

>Domestic cement demand remains sluggish as of 9M25, with total sales of 44.61 mn tons (-3.1% YoY), reflecting only 69.7% of FY25F estimates — below the five-year average of 72%. The slowdown in construction activity, especially in Jakarta (-17.6% YoY) and Kalimantan (-16.8% YoY), reflects weaker purchasing power and the fiscal shift toward human-capital programs under the 2025–2029 RPJMN. >The structural oversupply issue continues to weigh on the sector, with installed capacity of 120 mn tons versus annual consumption of only 62–64 mn tons, translating to utilization of 52–55%. We expect utilization to hover around 55–58% through FY26F–FY29F, assuming a slow demand recovery, limited new project initiation, and flat FY26F volume growth (Phintas est: 0–1%). >SMGR recorded 8.44 mn tons (+1.65% QoQ; -3.83% YoY) sales in 3Q25, with market share slipping to 47.9%. INTP posted 5.07 mn tons (+25.6% QoQ; -7.0% YoY) and 13.07 mn tons (-4.5% YoY) in 9M25, maintaining market share at 29.3%. Growth outside Java (+29.4% QoQ) helped offset weakness in Java, but not fully. >We maintain a Neutral view on the cement sector amid persistent oversupply and muted consumption growth. Operational efficiency remains the main profitability driver. We recommend HOLD INTP with a TP of Rp6,000/share ( EV/EBITDA 4.56x/4.19x FY26F–FY27F ). Potential re-rating may occur if government spending accelerates and bulk cement demand recovers alongside lower energy costs. By PHINTRACO SEKURITAS | Research – Disclaimer On – Contact Us : WA : 08119560188 IG : phintracosekuritasofficial YT : Phintraco Sekuritas Official TELE : phintasprofits www.phintracosekuritas.com www.profits.co.id

Gross Domestic Product (GDP) of the chemical, pharmaceutical, and traditional medicine industries continues positive trend in 2Q25. This condition showed that this industry still has quite a stable growth potential in the long term. Prompt Manufacturing Index (PMI) for the chemical, pharmaceutical, and traditional medicine industries remained in the expansive zone in 2Q25, indicating that manufacturing activity in this industry is still quite strong. The pharmaceutical industry is dependent on imported raw materials. However, the government has implemented various initiatives to reduce this dependence, followed by various initiatives from pharmaceutical issuers. The performance of issuers in our coverage tends to mix. KLBF booked revenue growth of 4.60% YoY to IDR17.08 trillion in 6M25, while SIDO experienced a decrease in revenue of 3.57% YoY to IDR1.83 trillion in 6M25. However, both issuers experienced an increase in NPM in 6M25. With the various catalysts above, we give an overweight rating to the pharmaceutical sector. The pharmaceutical issuers in our coverage are SIDO, with an estimated fair value of IDR635, and KLBF, with an estimated fair value of IDR1,640. By PHINTRACO SEKURITAS | Research - Disclaimer On -

The Fed cut its benchmark interest rate by 25 bps to 3.75%–4.00% at the Federal Open Market Committee (FOMC) meeting on October 29, 2025. This marks the second rate cut in 2025. The decision was driven by concerns over weakening U.S. labor market conditions, amid limited access to economic data due to the government shutdown at the end of October 2025. The Fed Committee assessed that recent indicators are consistent with current developments, in which downside risks to employment have increased alongside rising U.S. inflation.

U.S. headline inflation eased on monthly basis to 0.3% MoM in September 2025, from 0.4% MoM in August 2025 and below market expectations of 0.4% MoM. This was mainly driven by a decline in the food index, which slowed to 0.2% MoM in September from 0.5% MoM in August. However, this decline was offset by an increase in the energy index, which rose 1.5% MoM, supported by a sharp 4.1% MoM increase in the fuel index in September 2025. Meanwhile, core inflation—which excludes food and energy down to 0.2% MoM in September 2025 from 0.3% MoM in August 2025, mainly due to deflation in the used cars and trucks index, which fell 0.4% MoM in September 2025

Broad money (M2) grew at a higher pace of 8.0% YoY to reach Rp9,771.3 trillion in September 2025, compared to 7.6% YoY in August 2025. This growth was supported by rising inflation and an increase in credit distribution, which expanded by 7.2% YoY in September 2025, up from 7.0% YoY in August 2025. By component, the growth in M2 was driven by an increase in narrow money (M1), which rose by 10.7% YoY, and quasi money, which grew by 6.2% YoY in September 2025. The expansion in M2 was mainly supported by M1 growth of 56.6%, consisting of an increase in currency outside commercial banks and rural banks (BPR) by 14.5% YoY, as well as rupiah demand deposits comprising electronic money, which grew by 14.9% YoY, and rupiah savings that can be withdrawn on demand, which increased by 5.2% YoY in September 2025. Meanwhile, on a monthly basis, broad money (M2) rose by 1.2% MoM in September 2025.

At the start of Donald Trump’s second presidency, trade wars re-emerged as a key global issue. President Trump's reciprocal tariff policy took effect on February 1, 2025, introducing a 25% tariff on imports from Mexico and Canada, and an additional 10% tariff on Chinese imports. The swift in the global trade policies has increased the economic uncertainty. The Fed still sees the potential for two rate cuts this year, although it will continue to monitor the impact of tariffs. The Fed has signaled concerns about slowing economic growth and faster inflation. Geopolitical tensions have escalated in several regions. Commodity prices have become increasingly sensitive to global developments. Commodity price movements have shown divergence, with gold experiencing the highest gains, while coal prices have seen the sharpest declines.Crude prices rise to US$80–US$100/barrel if the Israel-Iran war continues and escalates. Exchange rates are expected to stabilize. After a period of volatility driven by the tariff war, exchange rate movements are projected to become more stable as trade tensions ease and potential monetary policy loosening comes into play. IHSG targeted 7,692 in 2025: Considering the various opportunities and challenges faced in 2025. Sectoral Coverage: Banking, Cement, Construction, CPO, Metals & Mining, Food & Beverage, Poultry, Retailers, Properties & Real estate, Telecommunication, and Tower. By PHINTRACO SEKURITAS | Research - Disclaimer On - Visit our website : www.phintracosekuritas.com www.profits.co.id

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 -