Indeks di Wall Street ditutup mixed pada Kamis (24/9). Kenaikan harga minyak, peningkatan yield US-Treasury, dan sinyal kebijakan hawkish dari Fed menjadi faktor negatif. Isu perdagangan dan AI diperkirakan akan menjadi dua topik utama yang dibahas oleh Presiden Trump dan Presiden Xi. Dilaporkan para negosiator AS dan Iran sedang membahas kesepakatan bertahap. Jumlah uang beredar dalam arti luas (M2) Indonesia meningkat 8.2% YoY pada Agustus 2026 (24/9). Harga minyak Brent ditutup menguat 3.4% di level US$106/barel (24/9). U.S. 10-year Bond Yield naik lebih dari 10 bps ke level 5.223% (24/9). Harga emas ditutup melemah 0.3% di level US$4,273/troy oz (24/9). Diperkirakan IHSG kembali uji level 6,186-6,200. Top picks (25/9): ENRG, MEDC, ELSA, AKRA dan ANTM. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di Wall Street ditutup melemah pada Rabu (23/9). Kenaikan yield US-Treasury membebani saham-saham sektor teknologi. Sentimen negatif juga berasal dari harga minyak yang berbalik menguat. Investor memantau kunjungan Presiden Tiongkok Xi Jinping ke AS yang dimulai pada Rabu (23/9). RDG Bank Indonesia mempertahankan BI Rate pada level 5.75% (23/9). Pertumbuhan kredit sebesar 13.36% YoY pada Agustus (23/9). Harga minyak Brent ditutup menguat hampir 4% di level US$103/barel (23/9). U.S. 10-year Bond Yield naik lebih dari 13 bps ke level 5.104% (23/9). Harga emas ditutup melemah 1.23% di level US$4,322/troy oz (23/9). Jika IHSG menembus level 6,300, diperkirakan akan kembali uji level 6,200-6,270. Top picks (24/9): ICBP, MDKA, DSSA, BBCA dan BREN. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di Wall Street ditutup mixed pada Selasa (22/9). Penurunan pada saham-saham sektor keuangan diimbangi oleh berlanjutnya penguatan di sektor teknologi serta harga minyak yang cenderung stabil. Presiden Trump menyampaikan pidato di PBB yang menyatakan bahwa AS dan Iran akan mencapai kesepakatan setelah pemilihan umum paruh waktu. RDG Bank Indonesia diperkirakan akan mempertahankan BI Rate pada level 5.75% (23/9). Pertumbuhan kredit diperkirakan meningkat menjadi 15% YoY pada Agustus (23/9). Harga minyak ditutup melemah sekitar 1% pada level di bawah US$100/barel (22/9). U.S. 10-year Bond Yield turun kurang dari 1 bps ke level 4.959% (22/9). Harga emas menguat 0.28% di level US$4,396/troy oz (22/9). Diperkirakan IHSG akan menguji level 6,186-6,200. Top picks (23/9): ISAT, CPIN, BUVA, ASLI dan EMAS. By PHINTRACO SEKURITAS | Research - Disclaimer On -

September 28th, 2026

September 25th, 2026

Septemer 24th, 2026

Indeks di bursa Wall Street ditutup menguat pada Jumat (25/9). Penguatan indeks didukung oleh kenaikan saham sektor teknologi dan koreksi harga minyak. Iran mengusulkan AS kembali pada nota kesepahaman bulan Juni. AS dan Tiongkok memperpanjang gencatan senjata perang dagang hingga 10 Januari. Investor akan menantikan data indeks Manufacturing PMI, neraca perdagangan dan inflasi yang akan dirilis pada Kamis (1/10). Batas minimum harga saham di pasar reguler dan pasar tunai dari Rp50 menjadi Rp1 per saham mulai 28 September 2026. BEI hapus 4 kriteria FCA, sehingga 92 saham FCA dikembalikan ke pasar pencatatan semula. ARB simetris ditetapkan mulai berlaku pada 1 Januari 2027. Diperkirakan IHSG masih berpotensi uji level 6,186-6,200 pada pekan ini. Top picks pekan ini: ADRO, ITMG, AADI, BBRI dan BBCA. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di bursa Wall Street ditutup mixed pada Jumat (18/9). U.S. 10-year Bond Yield naik lebih dari 5 bps ke level 5.006% (18/9). Bank of Japan menaikkan suku bunga sebesar 25 bps menjadi 1.25% (18/9). Harga minyak berlanjut melemah pada perdagangan Jumat (18/9). Harga emas di pasar spot menguat 0.3% pada level US$4,352/troy oz (18/9). AS mencapai kesepakatan memperluas kehadiran militernya di Greenland. Presiden Trump dan Presiden Xi akan bertemu di AS pada 23-25 September 2026. RDG Bank Indonesia diperkirakan pertahankan BI Rate pada 5.75% (23/9). Pertumbuhan kredit diperkirakan tumbuh 15% YoY di Agustus 2026 (23/9). Diperkirakan IHSG bergerak konsolidasi pada kisaran 6,400-6,550 pada pekan ini. Top picks pekan ini: ANTM, EMAS, MDKA, MBMA, SILO dan TPIA. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di bursa Wall Street ditutup melemah pada Jumat (4/9). Data nonfarm payrolls tercatat 162 ribu di Agustus, jauh di atas perkiraan (4/9). U.S. 10-year Bond Yield naik 2 bps ke level 4.784% (4/9). Yield US-Treasury dengan tenor 2 tahun naik pada level tertinggi sejak Januari 2025. Harga emas spot melemah 2.2% ke level US$4,376/troy oz (4/9). Investor akan mencermati data inflasi AS pada pekan ini (11/9) ECB diperkirakan akan menaikkan suku bunga sebesar 25 bps (10/9). Dari domestik, dijadwalkan akan dirilis indeks keyakinan konsumen (9/9), retail sales (10/9) dan penjualan mobil (11/9). Diperkirakan IHSG bergerak sideways pada kisaran 6,500-6,750 selama pekan ini. Top picks pekan ini: JPFA, INET, PTRO, CUAN dan EMAS. By PHINTRACO SEKURITAS | Research - Disclaimer On -

U.S. Consumer Inflation melambat untuk bulan kedua berturut-turut menjadi 3.4% YoY pada Juli 2026 dari 3.5% YoY pada Juni, sejalan dengan ekspektasi, seiring meredanya dampak kenaikan harga energi akibat perang dengan Iran. Inflasi bensin turun menjadi 24.6% YoY dari 26.7% YoY, bahan bakar minyak menjadi 39.1% YoY dari 42.9% YoY. Sementara secara bulanan, inflasi AS naik 0.1% MoM pada Juli 2026 dari deflasi 0.4% MoM Juni 2026. Posisi utang pemerintah Indonesia tercatat naik 3.76% MoM menjadi Rp10,293.69 triliun pada Juni 2026, setara dengan 41.26% terhadap Produk Domestik Bruto (PDB). Mayoritas utang, atau sekitar 87.11% dari total utang, bersumber dari penerbitan Surat Berharga Negara (SBN), sementara sisanya adalah komponen pinjaman.  

U.S. Existing Home Sales turun lebih dalam 1.7% MoM menjadi 4.05 juta unit pada Juli 2026 dari penurunan 1.4% MoM pada Juni 2026 dan sedikit di bawah ekspektasi pasar sebesar 4.06 juta unit. Penjualan melemah di wilayah Selatan (-3.1% MoM) dan Midwest (-2.0% MoM). Meski demikian, secara tahunan penjualan masih meningkat 2.4% YoY pada Juli 2026,dengan pasar berpotensi menguat jika rata-rata suku bunga KPR kembali mendekati 6.0%. Penjualan ritel Indonesia masih mengalami kontraksi 3% YoY pada Juni 2026, tetapi membaik dari kontraksi 3.9% YoY dari Mei 2026. Secara bulanan, penjualan ritel tumbuh 0.7% MoM pada Juni 2026 dari kontraksi 1.5% MoM pada Mei 2026. Penjualan ritel secara tahunan diperkirakan naik 0.9% YoY, sedangkan penjualan ritel secara bulanan diperkirakan turun 0.3% MoM pada Juli 2026.  

Presiden The Fed Cleveland, Beth Hammack dalam pidatonya menilai kebijakan moneter AS saat ini belum cukup restriktif dan kemungkinan diperlukan beberapa kali kenaikan suku bunga The Fed untuk menekan inflasi kembali menuju target 2%. Menurut Hammack, kenaikan sebesar 25 bps saja kemungkinan tidak banyak untuk mengubah kondisi ekonomi, tetapi ia belum ingin menentukan berapa kali kenaikan diperlukan maupun level akhir suku bunga The Fed ditahun ini. Indeks Keyakinan Konsumen (IKK) tetap berada pada level optimis yaitu di atas level 100, tetapi turun ke level 116.8 pada Juli 2026 dari 117.8 pada Juni 2026. Optimisme konsumen tersebut ditopang oleh Indeks Kondisi Ekonomi Saat Ini (IKE) yang turun menjadi 107.9 pada Juni 2026 dari 109.2 pada Juli 2026 dan Indeks Ekspektasi Konsumen (IEK) yang turun menjadi 125.7 pada Juli 2026 dari 126.4 pada Juni 2026.  

September 21st, 2026

September 14th, 2026

September 7th, 2026

Code : RANS Sector : Consumer Cyclicals Sub-Sector : Entertainment & Movie Production --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 30 Juni 2026 Perkiraan Masa Penawaran Umum : 2 Juli 2026 - 8 Juli 2026 Perkiraan Tanggal Penjatahan : 8 Juli 2026 Perkiraan Tanggal Distribusi Saham : 9 Juli 2026 Perkiraan Tanggal Pencatatan Saham di BEI : 10 Juli 2026 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya sebesar 2,525,000,000 (dua miliar lima ratus dua puluh lima juta) saham biasa atas nama, atau sebanyak-banyaknya sebesar 20.02% (dua puluh koma nol dua persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham dengan nilai nominal Rp10,- (sepuluh Rupiah) setiap saham. Nilai Nominal : Rp10 per lembar saham Harga Penawaran : Rp135 - Rp170 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya sebesar Rp429,250,000,000,- (empat ratus dua puluh sembilan miliar dua ratus lima puluh juta Rupiah). Penjamin Pelaksana Emisi Efek: PT Trimegah Sekuritas Indonesia Penjamin Emisi : Akan ditentukan kemudian By PHINTRACO SEKURITAS | Research - Disclaimer On -

Code : BACH Sector : Industrials Sub-Sector : Diversified Industrial Trading --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 29 Juni 2026 Perkiraan Masa Penawaran Umum : 1 Juli 2026 - 3 Juli 2026 Perkiraan Tanggal Penjatahan : 3 Juli 2026 Perkiraan Tanggal Distribusi Saham : 6 Juli 2026 Perkiraan Tanggal Pencatatan Saham di BEI : 7 Juli 2026 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 615,000,000 (enam ratus lima belas juta) saham biasa atas nama yang merupakan saham baru, dengan nilai nominal Rp50,- (lima puluh Rupiah) setiap saham yang mewakili sebanyak 15.06% (lima belas koma nol enam persen) dari modal yang telah ditempatkan dan disetor penuh setelah Penawaran Umum. Nilai Nominal : Rp50 per lembar saham Harga Penawaran : Rp400 - Rp500 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya sebesar Rp246,000,000,000,- (dua ratus empat puluh enam miliar rupiah) sampai dengan Rp307,500,000,000,-(tiga ratus tujuh miliar lima ratus juta rupiah). Penjamin Pelaksana Emisi Efek: PT Erdhika Elit Sekuritas Penjamin Emisi : Akan ditentukan kemudian By PHINTRACO SEKURITAS | Research - Disclaimer On -

Code : JECX Sector : Healthcare Sub-Sector : Healthcare Providers --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 29 Juni 2026 Perkiraan Masa Penawaran Umum : 1 Juli 2026 - 3 Juli 2026 Perkiraan Tanggal Penjatahan : 3 Juli 2026 Perkiraan Tanggal Distribusi Saham : 6 Juli 2026 Perkiraan Tanggal Pencatatan Saham di BEI : 7 Juli 2026 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 487,983,500 saham biasa, yang terdiri dari (i) 325,322,300 saham baru yang dikeluarkan dari portepel Perseroan yang mewakili 10.00% dan (ii) 162,661,200 saham milik DR.Dr. Waldensius Girsang, SpM(K) yang mewakili 5.00% dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham yang mana seluruhnya sejumlah sebanyak-banyaknya 15% dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham dengan nilai nominal Rp16,- (enam belas Rupiah) setiap saham. Nilai Nominal : Rp16 per lembar saham Harga Penawaran : Rp1,200 - Rp1,400 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya sebesar Rp683.176.900.000 (enam ratus delapan puluh tiga miliar seratus tujuh puluh enam juta sembilan ratus ribu Rupiah) Penjamin Pelaksana Emisi Efek: PT Trimegah Sekuritas Penjamin Emisi : Akan ditentukan kemudian By PHINTRACO SEKURITAS | Research - Disclaimer On -

ADRO delivered solid top-line growth in 1H26, with revenue increasing 16.5% YoY to US$999 million, reaching 41% of our FY26 forecast. Growth was primarily driven by mining products sales, which rose 31.4% YoY to US$580 million and accounted for 58.1% of total revenue. ADRO’s profitability strengthened significantly in 1H26. Gross profit rose 48.7% YoY to US$422.7 million, driving GPM expansion to 42.3%, while operating profit increased 87.8% YoY to US$381.8 million. Net profit grew 76.8% YoY to US$309.4 million, achieving 54% of our FY26 forecast. Earnings growth was supported by a 24% YoY increase in ASP to US$185.9/ton in 1H26. The stronger ASP was underpinned by resilient coal prices throughout 2026, driven by higher energy prices, particularly oil, amid ongoing geopolitical tensions in the Middle East. ADRO’s future growth will increasingly be supported by AADI and ADMR, further strengthening the Group’s revenue diversification. AADI is expected to contribute US$804.23 million in FY26 net profit, while ADMR could enter a new growth phase as its aluminium smelter targets first-phase full capacity of 500 thousand tons by end-2026. Key risks include weaker global steel demand, commodity price volatility, and potential operational disruptions from prolonged drought conditions around rivers in Kalimantan. By PHINTRACO SEKURITAS | Research -Disclaimer On -

AADI delivered solid top-line growth in 1H26. Revenue increased 6.1% YoY to US$2.55 billion, reaching 44% of our FY26 forecast. Coal sales remained the key contributor at US$2.38 billion, or 93% of total revenue, while logistics revenue grew 20.2% YoY to US$109.2 million. AADI’s profitability strengthened in 1H26. Gross profit rose 12.5% YoY to US$782.7 million, driving GPM expansion to 30.7%, while operating profit increased 9.4% YoY to US$666.5 million. Net profit grew 10.5% YoY to US$473.8 million, achieving 59% of our FY26 estimate. AADI’s operational performance improved sequentially despite a slight YoY decline. Production and sales volumes declined 1% YoY, but increased 17% QoQ and 22% QoQ, respectively, in 2Q26. Meanwhile, ASP rose 5% YoY to US$71.1/ton, supported by stronger coal prices amid Middle East geopolitical tensions. Our FY26 earnings outlook remains supported by stronger coal prices and potential additional proceeds from the Kestrel divestment. Key risks include commodity price volatility, regulatory uncertainty, and prolonged drought-related operational disruptions. By PHINTRACO SEKURITAS | Research -Disclaimer On -

1H26 net profit grew 17.5% YoY to IDR31.2 trillion, supported by 9.9% YoY growth in net interest income to IDR80.5 trillion as interest income increased while interest expense declined. Loan growth remained strong at 15.9% YoY to IDR1,641.6 trillion, driven primarily by the corporate and commercial segments, leading management to raise FY26 loan growth guidance to 8–10% from 7–9%. CASA grew 10.1% YoY to IDR1,069.0 trillion, strengthening BBRI’s low cost funding base, although time deposits increased faster than CASA on a quarterly basis, reflecting higher government fund placements. NIM declined by 20 bps to 6.4% in 1H26, as funding costs increased faster than yields on earning assets, while ROE improved to 18.5% from 16.95%. Asset quality continued to improve, with NPL declining to 2.9% and LAR to 9.15%. Combined with stronger loan growth, this supports the potential for an earnings recovery as credit costs normalize. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Phintraco Sekuritas Company Update PT Total Bangun Persada Tbk - TOTL.IJ Aditya Prayoga > TOTL posted 1H26 revenue of IDR 2.06tr (+22.8% YoY), with the construction segment as the main contributor (99% to revenue). Despite GPM declining to 17.7% (vs 21.9% in 1H25) due to higher material and fuel costs, net profit grew 54.6% YoY to IDR 269.75bn, supported by higher JV profit of IDR 101.6bn (vs IDR 10.0bn). > New contracts through 1H26 reached IDR 2.8tr, or 70% of management’s FY26 target, while the pipeline as of Jun-26 reached IDR 17.2tr. Assuming the Company’s historical winning rate of 30–33%, the pipeline could potentially generate additional contracts of around IDR 5.2–5.7tr, providing sufficient room for TOTL to meet its FY26 target of IDR 4.0tr. > Booming data center development in Indonesia creates growth opportunities for contractors with a proven track record in the segment. Indonesia’s data center capacity is projected to increase from 580MW in 1H26 to 3.5GW by 2030F, driven by demand for cloud and AI. TOTL has a track record of ~10 data center projects, including Iris 3 (24MW), which was completed in 1Q26, as well as Iris 5 and Iris 6 (40MW each), which are still under construction. > We do not provide coverage on TOTL (NOT RATED) and therefore do not have earnings projections or valuation. TOTL is currently trading at 9.39x annualized FY26A PE. > Our key focus going forward is the quality and sustainability of earnings growth. While earnings remain positive excluding JV contribution, the Company’s core business is still facing margin pressure from higher input costs. Project margins, JV contribution, pipeline conversion, and project recognition timing will be key indicators in assessing the sustainability of TOTL’s performance momentum. By PHINTRACO SEKURITAS | Research — Disclaimer On — Contact Us: WA: 08119560188 IG: phintracosekuritasofficial YT: Phintraco Sekuritas Official TELE: phintasprofits [www.phintracosekuritas.com](http://www.phintracosekuritas.com) [www.profits.co.id](http://www.profits.co.id)

MEDC booked 2Q26 revenue of US$746 million (+11.7% QoQ), with 1H26 revenue reaching US$1.41 billion (+23.4% YoY), while net profit reached US$208 million (+208.6% QoQ). Oil and gas production reached 170.1 mboepd (+19.0% YoY), above FY26 guidance of 165-170 mboepd, while cash cost remained at US$8.4/boe, below guidance. Meanwhile, 1H26 electricity sales reached 2,323 GWh (+16.5% YoY), with 25% sourced from renewable energy. Key projects continue to progress, with Sambar, Rebonjaro, and Sakakemang targeted to contribute additional production from 2026-2027. Senoro Phase 2A has been fully operational since June 2026, while the Cendramas Block PSC in Malaysia has also been signed, with MEDC as operator. We expect higher global oil prices, oil and gas selling prices, and optimal production to support 2H26 performance, with FY26F revenue estimated at US$2.63 billion (+9.7% YoY) and EBITDA at US$1.4 billion (+12.4% YoY). We estimate FY26F net profit to reach US$427 million (+322.7% YoY), supported by EBITDA growth and higher gains from MEDC’s stake in AMMN. By PHINTRACO SEKURITAS | Research – Disclaimer On –

BULL booked 1H26 revenue growth of 83.99% YoY to US$128.73 million, primarily supported by contributions from the oil tanker, FPSO, and FSO segments, alongside higher transportation volumes and favourable charter rates. Net profit increased 620.78% YoY to US$58.41 million in 1H26, supported by a 243.29% YoY increase in gross profit to US$66.05 million, with gross profit margin improving to 51.3% from 27.5%. Strong earnings reduced BULL’s retained earnings deficit, which narrowed to US$158.16 million in 1H26 from US$217.92 million at end-2025, supporting an improvement in the company’s equity and balance sheet position. Prolonged disruption in the Strait of Hormuz has supported global tanker rates, as vessel disruptions and route diversions tightened tanker supply and increased tonne-mile demand. This provides a favourable environment for BULL, given its exposure to the international spot market. Fleet expansion remains a key growth focus, with BULL exploring additional funding and capex to add up to 21 vessels during 2026–2027. However, the funding structure and execution remain under discussion. By PHINTRACO SEKURITAS | Research – Disclaimer On –

GDP of the chemical, pharmaceutical, and traditional medicine industries grew consistently, reflecting that demand for pharmaceutical products, medicines, and healthcare services remains steady amid increasing healthcare needs and people’s health awareness. The PMI of the chemical, pharmaceutical, and traditional medicine industries contracted in 1Q26. This condition indicates a slowdown in production and demand. If this condition continues, the revenue growth of pharmaceutical companies will potentially slow down in the future. The pharmaceutical industry is still highly dependent on imported raw materials, as reflected in the industry's import value, which consistently exceeds its export value. This condition has caused the sector’s trade balance to consistently experience a deficit. The performance of the pharmaceutical companies in our coverage is mixed. KLBF booked revenue growth of 10.13% YoY in 1Q26. This growth was driven by increased sales across all business segments. Downside risks in this sector include a more-than-expected weakening of purchasing power, restrictions on expansion, and intense competition with e-commerce platforms. Meanwhile, SIDO booked a revenue decrease of 18.83% YoY in 1Q26, primarily due to SIDO’s inventory normalization efforts in its distribution channels. Downside risks in this sector include dependence on imported raw materials, the risk of changes in pharmaceutical regulations, and intense competition between industry players. By PHINTRACO SEKURITAS | Research - Disclaimer On -

**Phintraco Sekuritas Sector Update** **Plantation Sector** **Aditya Prayoga** > The plantation sector's performance in 1Q26 showed a quarterly normalization following the strong performance recorded in 4Q25. Aggregate revenue grew 7.3% YoY to IDR 16.0 Trillion, but declined 3.8% QoQ as the peak production and harvesting season came to an end, resulting in lower sales volumes across most companies under our coverage. A similar trend was reflected in aggregate gross profit and net profit, which declined by 22.9% QoQ and 14.3% QoQ, respectively. > STAA recorded the strongest growth within our coverage universe, with revenue rising 49.2% YoY to IDR 2.5 Trillion, driven by the contribution from its refinery business, which was not reflected in 1Q25. However, its quarterly performance also normalized, with revenue and net profit declining by 20.0% QoQ and 31.6% QoQ, respectively. In terms of profitability, SSMS remained the sector leader with a GPM of 36.0%, while AALI posted the lowest margins, with a GPM of 15.5% and an NPM of 5.0%. >We expect Indonesia’s CPO production to remain relatively stagnant in FY26F at around 58 million tons (+0–1% YoY) While 2H26 production is likely to be slightly stronger than 1H26, supported by seasonal patterns where approximately 53% of annual output is generated in the second half, we believe the improvement will be largely seasonal in nature. >Looking ahead, the potential emergence of El Niño in 2H26 remains a factor worth monitoring. Nevertheless, we believe the risk to FY26F production remains relatively limited, given that weather-related impacts on palm oil productivity typically materialize with a lag of 9–12 months. As a result, any stronger-than-expected El Niño event is more likely to affect the FY27F production outlook rather than FY26F. > On the demand side, the implementation of the mandatory B50 biodiesel program, effective from 1 July 2026, is expected to significantly increase domestic CPO consumption. Based on the government’s simulation, CPO demand for biodiesel could rise to approximately 17.9 million tons (+33.4%), creating additional demand of around 4.35 million tons compared to the current B40 scheme. As domestic demand growth is expected to outpace supply growth, market balances could tighten further and support CPO prices. > External demand is also expected to remain supportive. India's seasonal restocking cycle ahead of the Diwali festival is likely to strengthen imports during 2H26, while recent data suggest that China's palm oil imports are beginning to recover after several years of decline. We believe these factors should help absorb additional supply entering the market during the second half of the year. >Downside risks to our view include: (1) volatility in CPO and other vegetable oil prices, (2) changes in biodiesel or export policies, and (3) higher-than-expected fertilizer and operating costs resulting from geopolitical tensions and global supply chain disruptions. Full Report : https://phintracosekuritas.com/ By PHINTRACO SEKURITAS | Research – Disclaimer On –

**Phintraco Sekuritas Sector Update** **Telecommunication Sector** **Aditya Prayoga** **Telecommunication:  **Monetization Remains the Key Earnings Driver** > The telecommunications sector delivered relatively solid earnings growth in 3M26, with aggregate revenue increasing 9.2% YoY to IDR 64.23 Trillion. The growth was primarily driven by the consolidation impact at EXCL following the merger of XL Axiata and Smartfren into XLSmart, which lifted EXCL's revenue by 37.4% YoY to IDR 11.82 Trillion. Excluding the merger impact, sector growth was more moderate, as reflected in revenue growth of 12.1% YoY at ISAT and 1.5% YoY at TLKM. > On the profitability front, sector EBITDA increased 5.7% YoY to IDR 30.62 Trillion. However, EBITDA margin contracted to 47.2% (-1.9ppt YoY), indicating that revenue growth has yet to be fully accompanied by operating efficiency improvements. At the bottom-line level, aggregate net profit declined 30.0% YoY to IDR 5.07 Trillion, primarily due to weaker earnings from TLKM and the ongoing post-merger integration process at EXCL. > The SIM card starter pack repricing strategy implemented since last year continued to support customer monetization improvement. This was reflected in sector ARPU, which increased 13.2% YoY to IDR 45.9K, supported by a 17.2% YoY increase in data consumption to 14.5K PB and higher average data usage per subscriber, reaching 48.3 GB (+15.7% YoY). As a result, sector data yield improved by 5.8% YoY to IDR 2,905/GB. > Despite the strong improvement in monetization, the aggregate subscriber base remained relatively stable at 320.1 million subscribers (+2.3% YoY; -0.8% QoQ), suggesting that industry growth is increasingly being driven by improving revenue quality rather than subscriber expansion. Among operators, TLKM recorded the strongest data yield growth (+25.9% YoY), while ISAT continued to deliver robust data traffic growth (+25.1% YoY). > Looking ahead, we see two key catalysts that could shape the sector in FY26, namely the upcoming 700 MHz and 2.6 GHz spectrum auctions and the implementation of facial verification-based SIM registration starting in July 2026. We believe both initiatives have the potential to improve network capacity while enhancing the quality of the industry's subscriber base. > While facial verification-based SIM registration could lead to a c.5–10% decline in subscriber numbers in the near term due to customer base cleansing, we view the impact positively as it should improve subscriber quality and support stronger monetization. At the same time, additional spectrum allocation is expected to strengthen network quality and support future data traffic growth. > Downside risks to our view include: (1) weaker-than-expected ARPU growth due to softer consumer purchasing power, (2) a larger-than-expected decline in subscriber numbers following customer base cleansing, and (3) higher-than-expected spectrum acquisition costs and capex requirements. Full Report : https://phintracosekuritas.com By PHINTRACO SEKURITAS | Research – Disclaimer On –

GDP Growth Rate 2Q26 Adv. Est: 1.50% QoQ PCE July 2026: 3.70% YoY Core PCE July 2026: 3.30% YoY The US Gross Domestic Product (GDP) rose by 1.5% QoQ in the second estimate of 2Q26, unchanged from the first estimate of 2Q26, but slowed from a 2.1% QoQ growth in 1Q26. Consumption-based inflation indicators were recorded stable as shown by Personal Consumption Expenditure (PCE) of 3.7% YoY and Core PCE of 3.3% YoY in July 2026, but still well above the Fed’s 2% inflation target. In addition, the US personal income rose for nine consecutive months to US$27.11 trillion or grew by 0.4% MoM in July 2026 from a 0.2% MoM growth in June 2026, reflected the resilience of the US economy amid energy disruption and high borrowing costs. By PHINTRACO SEKURITAS | Research -Disclaimer On-

Broad money supply (M2) was recorded at IDR 10,371.1 trillion, growing by 8.3% YoY in July 2026, slowing from 8.7% YoY growth in June 2026. By component, the growth was driven by both narrow money supply (M1) and quasi-money. M1 was recorded at IDR 5,908.7 trillion, growing by 10.0% YoY in July 2026, while quasi-money stood at IDR 4,375.9 trillion, growing by 5.6% YoY. In addition, M2 growth in July 2026 was primarily supported by loan growth of 13.0% YoY and a 4.6% YoY increase in net claims on the central government.

BI Rate: 5.75% Deposit Facility: 4.75% Lending Facility: 6.50% BI maintained the BI Rate at 5.75% while prioritizing Rupiah stability and inflation control, and continued to support sustainable economic growth through monetary and macroprudential measures. The unchanged 200 bps BI Rate–FFR spread, together with foreign fund flows shifting from equities toward SBN and SRBI, indicates investors’ preference for relatively lower-risk domestic assets amid global uncertainty. Going forward, BI is expected to remain focused on exchange rate stability, liquidity management, and maintaining the attractiveness of Indonesian assets to support sustainable economic growth.

Middle East geopolitical tensions disrupted global energy supply, pushing up oil prices and increasing pressure on inflation, exchange rates, and global monetary policy. The US–Iran peace agreement and the planned reopening of the Strait of Hormuz improved market sentiment and eased oil prices, although geopolitical risks remain. Global growth is expected to moderate in 2026, with persistent market volatility driven by energy prices, inflation, and higher-for-longer interest rates. Indonesia targets 5.4% GDP growth in 2026, supported by fiscal stimulus, while inflation is expected to remain within Bank Indonesia's target range in 2H26. Bank Indonesia is expected to maintain a tight monetary stance amid Rupiah depreciation, global rate pressures, and inflation risks. Fiscal conditions remain manageable, with the 2026 budget deficit reaching 0.7% of GDP by May, still well below the full-year target despite widening from last year. Foreign investors are likely to remain cautious, as the market awaits MSCI's market accessibility review and S&P's sovereign credit rating assessment. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Global economic growth is expected to keep slowing amid high global uncertainty. This situation continues to weigh on trade, investment, and overall economic performance. U.S. President Donald Trump’s import tariff policies have created uncertainty, though recent negotiations indicate potential progress. Efforts toward a U.S.–China trade deal, including partial tariff cuts and delayed export restrictions, are offset by new risks from stricter transshipment monitoring. Artificial Intelligence (AI) is transforming the global economy by automating production and addressing labor shortages. The integration of AI and robotics enhances industrial efficiency and supports productivity through adaptive labor and migration policies. Global inflation pressures have eased except in the U.S., Europe, and the U.K., driven by import tariffs and strong demand. Several major central banks have started to cut interest rates, while others remain cautious to maintain stability. Global fiscal conditions are becoming more fragile due to geopolitical tensions, U.S. tariff policies, and high public debt. Expansionary fiscal policies and rising interest rates are increasing debt costs and limiting fiscal space. Geopolitical tensions continue to disrupt supply chains, raising energy and food prices. However, global commodity prices in 2025 show mixed trends, influenced by weaker demand, supply disruptions, and climate change. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indonesia's economy is projected to grow 5.0%-5.2% YoY in 2026. Indonesia's economic growth is expected to accelerate in 2026, in line with expectations of improving global conditions and increased domestic investment activity. Consumer confidence index and retail sales are expected to remain positive in 2026. Supported by the government's stimulus program, assuming controlled inflation and consumption incentive. Inflation in 2026 is expected to remain within BI's target range of 2.5% ± 1%. This projection is based on relatively stable inflation expectations at low levels, the stability of the Rupiah exchange rate, and synergistic efforts by Bank Indonesia and the Government. The opportunity for further cuts by Bank Indonesia (BI) Rate remains possible in 2026. This projection is based on relatively stable inflation expectations at low levels, the stability of the Rupiah exchange rate, and synergistic efforts by Bank Indonesia and the Government. The allocation of government funds in banks has positively influenced national liquidity. By September 2025, the adjusted base money rose to Rp2,152.4 trillion, up from Rp1,961.34 trillion in August 2025. The 2026 APBN deficit is targeted at 2.68% of GDP. The 2026 APBN targets state revenue at IDR 3,153.6 trillion, comprising IDR 2,357.7 trillion in tax revenue and IDR 336 trillion in customs and excise revenue. IHSG's conservative level for 2026 is estimated at 9,255 and its aggressive level at 9,883. Sectoral Coverage: Banks, Properties & Real estate, F&B and Poultry, Retails, Telecommunication, Tower, Coal, Pharmaceuticals, Plantations, Construction, Metals & Mining, Industrial, and Cement. By PHINTRACO SEKURITAS | Research - Disclaimer On -

-September 2026- Global Highlight: Global growth remained resilient despite a moderation in the U.S. economy, with real GDP growth slowing to 1.5% in 2Q26 from 2.1% in 1Q26. Meanwhile, U.S. inflation eased to 3.4% YoY in July, although PCE and core PCE remained elevated at 3.7% and 3.3%, respectively, keeping inflation well above the Fed’s 2% target. Persistent inflation alongside moderating growth could reinforce a higher-for-longer Fed policy stance, while keeping the possibility of further rate hikes open. Indonesia Highlight: Bank Indonesia maintained the BI Rate at 5.75% while strengthening policy measures to support Rupiah stability and sustainable economic growth. Indonesia’s economy grew 5.29% YoY in 2Q26, moderating from 5.61% in 1Q26 amid slower household consumption and government spending, while loan growth remained strong at 13.58% YoY in July. Meanwhile, inflation accelerated to 3.19% YoY in August and manufacturing PMI fell into contraction territory, highlighting moderating domestic activity and downside risks to the 2026 growth outlook. IHSG View: Global equity markets remained volatile in August 2026 amid rising U.S. Treasury yields, shifting expectations for the Fed’s September decision, and elevated energy prices due to ongoing Middle East tensions. Domestically, the JCI rebounded 4.64% MoM, supported by improving Rupiah performance, easing concerns over the domestic outlook, and reduced foreign selling pressure, although it remained down 24.53% YTD. Going forward, tighter global financial conditions and narrower Indonesia–U.S. yield spreads could continue to pressure capital flows and the Rupiah, favoring a more selective and short term trading approach amid elevated market volatility. Sector Allocation: Telecommunication, Poultry, Retailers, Coal, Metal Mining, and Oil & Gas. Read more for the Stock pick. By PHINTRACO SEKURITAS | Research - Disclaimer On -

-August 2026- Global Highlight: Global growth remained resilient despite severe shipping disruptions in the Strait of Hormuz, although prolonged supply constraints continue to pose upside risks to energy prices and inflation. Meanwhile, the U.S. economy expanded by 1.5% QoQ in 2Q26, while easing inflation and a resilient labor market reinforced expectations of a higher for longer Fed policy stance. A sustained reopening of the Strait of Hormuz would help ease energy market risks, support disinflation, and improve the global economic outlook. Indonesia Highlight: Bank Indonesia maintained the BI Rate at 5.75% while strengthening macroprudential and liquidity measures to support domestic demand and preserve Rupiah stability amid persistent external pressures. Inflation eased to 2.88% YoY in July 2026, supported by lower volatile food prices, although the Rupiah remained under pressure, consumer spending softened, and Indonesia recorded a trade deficit as imports outpaced exports. Meanwhile, manufacturing activity returned to expansion territory, but downside risks from El Nino, weaker household consumption, and global uncertainty continue to weigh on the domestic economic outlook. IHSG View: Global equity markets remained volatile in July 2026 amid AI valuation concerns, escalating U.S.–Iran geopolitical tensions, higher crude oil prices, and uncertainty over the Fed's policy outlook. Domestically, the JCI rebounded 10.51% MoM, supported by Indonesia's sovereign rating reaffirmation, improving market sentiment, easing oil prices, and attractive valuations following the prolonged correction. Going forward, investors will focus on the Bank Indonesia leadership transition, upcoming U.S. economic data, the Fed's September decision, and APBN 2027 discussions, while we maintain our 2026 JCI target across all scenarios. Sector Allocation: Banks, Metal Mining, Plantations, Industrial, Oil & Gas, and Properties & Real estate. Read more for the Stock pick. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Global inflation has moderated toward the 2%–3.5% range, but renewed oil-price pressures and uneven disinflation are keeping major central banks in a hawkish, higher-for-longer policy cycle. The Federal Reserve outlook remains hawkish, with markets assigning a 64.5% probability of a rate increase to 3.75%–4.00% at the September 2026 meeting amid persistent inflation and geopolitical uncertainty. The U.S. Treasury yield curve has bearishly steepened, as medium- and long-term yields rose more sharply than short-term yields due to higher interest-rate expectations and uncertainty surrounding U.S.–Iran tensions. Indonesia’s government bond yield curve continues to bearishly flatten, with yields increasing by approximately 40–100 bps across most tenors and the strongest pressure concentrated at the short end because of tighter liquidity, Rupiah risk, and reduced expectations for near-term monetary easing. Indonesia’s bond market retains supportive factors, including positive foreign inflows, strong local institutional participation, prudent government debt management, and favorable August seasonality, with the IndoBex Government Index historically averaging a 0.93% monthly return and an 80% probability of an uptrend. By PHINTRACO SEKURITAS | Research -Disclaimer On-