Indeks di bursa Wall Street ditutup melemah pada Selasa (18/8). Indeks tertekan oleh peningkatan imbal hasil obligasi pemerintah AS. Saham sektor teknologi yang sensitif terhadap suku bunga paling terdampak dari kenaikan yield. RDG BI diperkirakan akan mempertahankan BI Rate pada level 5.75% (19/8). Pertumbuhan kredit diperkirakan meningkat menjadi 13% YoY di Juli 2026 (19/8). FTSE masih melanjutkan evaluasi pasar saham Indonesia. Harga minyak mentah ditutup menguat terbatas (18/8). U.S. 10-year Bond Yield turun lebih dari 1 bps di level 4.706% (18/8). Harga emas spot ditutup melemah 0.5% di level US$4,393/troy oz (18/8). IHSG diperkirakan akan bergerak sideways di kisaran 6,400–6,500. Top picks (19/8): TKIM, AADI, WIFI, CTRA dan TOWR. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Koreksi indeks akibat kenaikan harga minyak mentah. Masa berlaku gencatan senjata antara AS dan Iran berakhir pada hari Senin (17/8). Menurut data awal, ekonomi Jepang tumbuh 0.3% QoQ di 2Q26, melambat dari 0.5% QoQ di 1Q26 (17/8). Investor akan cermati RDG Bank Indonesia, data neraca transaksi berjalan 2Q26 dan M2 Money Supply pada pekan ini. Harga minyak mentah ditutup menguat lebih dari 2.5% (17/8). U.S. 10-year Bond Yield naik lebih dari 2 bps di level 4.724% (17/8). Harga emas spot ditutup menguat 0.9% di level US$4,413/troy oz (17/8). Diperkirakan IHSG akan menguji level 6450-6480. Top picks (18/8): BMRI, BBNI, BBCA, TINS dan MDKA. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di Wall Street ditutup menguat pada Kamis (13/8). Penguatan dipicu oleh saham teknologi dan penurunan harga minyak. Indeks PPI sebesar 4.7% YoY di Juli 2026 dari 5.5% YoY pada Juni (13/8). Ekonomi Inggris tumbuh 1.2% YoY pada 2Q26 dari 0.9% YoY pada 1Q26 (13/8). Investor menantikan data retail sales AS dan indeks Michigan Consumer Sentiment preliminary (14/8). Investor nantikan Pidato Kenegaraan Presiden Prabowo (14/8). Harga minyak mentah melemah sekitar 2% (13/8). U.S. 10-year Bond Yield turun lebih dari 4 bps di level 4.645% (13/8). Harga emas spot turun 0.9% di level US$4,366/troy oz (13/8). Diperkirakan IHSG bergerak sideways pada kisaran 6,230-6,370. Top picks (14/8): GGRM, BBNI, BBCA, DSSA dan EXCL. By PHINTRACO SEKURITAS | Research - Disclaimer On -

August 19th, 2026

August 18th, 2026

August 14th, 2026

Indeks di bursa Wall Street ditutup menguat pada Jumat (7/8). Data nonfarm payrolls mencatat pengurangan 23 ribu lapangan kerja di Juli 2026 (7/8). Dari AS akan dirilis CPI, PPI, penjualan ritel dan indeks Michigan Consumer Sentiment. Probabilitas the Fed akan menaikkan suku bunga di September menurun. Dari domestik, akan dirilis indeks Keyakinan Konsumen (10/8), penjualan ritel dan penjualan sepeda motor (11/8), serta penjualan mobil (14/8). Rebalancing MSCI dijadwalkan pada 12 Agustus 2026. Turunnya peluang kenaikan suku bunga the Fed, penguatan harga emas dan koreksi harga minyak akan menjadi katalis positif bagi pergerakan IHSG. Secara teknikal IHSG berpotensi menguji level 6,488-6,500 pada pekan ini. Top picks pekan ini: TLKM, EXCL, ANTM, BBRI dan TPIA. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di bursa Wall Street ditutup menguat pada Jumat (31/7). Penguatan dipicu saham Amazon, meskipun yield obligasi AS meningkat. Investor cermati fluktuasi harga minyak dan dampak terhadap inflasi. Data nonfarm payrolls diperkirakan mengalami kenaikan di Juli 2026 (7/8). Inflasi domestik diperkirakan melambat menjadi 3.2% YoY di Juli dari 3.34% (3/8). Defisit neraca perdagangan diperkirakan menyempit menjadi US$0.79 miliar (3/8). Pertumbuhan ekonomi RI diperkirakan menjadi 5.3% YoY di 2Q26 dari 5.61% YoY (5/8). Secara teknikal IHSG diperkirakan menguji level 6,300-6,380 pada pekan ini. Top picks pekan ini: ASII, AMMN, PGAS, NCKL dan INTP. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di bursa Wall Street ditutup melemah pada Jumat (24/7). Koreksi saham chip bebani indeks, harapan perundingan AS-Iran menjadi faktor positif. Investor cermati perkembangan konflik di Timur Tengah lebih lanjut. Pemerintahan Trump berlakukan tarif terhadap produk-produk lebih dari 80 negara. The Fed diperkirakan pertahankan suku bunga di 3.5%-3.75% (29/7). Bank of England diperkirakan pertahankan suku bunga acuan di 3.75% (30/7). Diperkirakan Bank of Japan masih pertahankan suku bunga di level 1% (31/7). Secara teknikal IHSG berpeluang uji level 6,000-6,100 pada pekan ini. Top picks pekan ini: BBCA, TPIA, BULL, AKRA, TOWR dan BRIS. 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.  

August 10th, 2026

August 3rd, 2026

July 27th, 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 -

Phintraco Sekuritas Company Update PT XLSMART Telecom Sejahtera Tbk - EXCL.IJ Aditya Prayoga >EXCL recorded improved performance in 2Q26, with EBITDA growing 3.08% QoQ to IDR 5.57 Trillion and net loss narrowing to IDR 277 Billion (vs. IDR 717 Billion in 1Q26). Revenue increased to IDR 12.17 Trillion (+2.99% QoQ; +16.12% YoY), bringing 1H26 revenue to IDR 23.99 Trillion (+25.72% YoY), reaching 57.75%/57.54% of our/consensus estimates. >EBITDA in 1H26 grew 24.71% YoY to IDR 10.97 Trillion, reaching 58.04%/57.56% of our/consensus estimates. Nevertheless, the EBITDA margin slightly declined to 45.73% (vs. 46.10% in 1H25), reflecting higher post-merger costs and network integration requirements. >Revenue momentum remained solid, although the 2Q26 growth mix showed normalization in the data business. Data and digital services revenue declined 1.85% QoQ (+11.34% YoY) to IDR 10.66 Trillion, bringing cumulative revenue to IDR 21.53 Trillion in 1H26 (+23.27% YoY). >Monetization quality remained a key positive, with higher ARPU offsetting subscriber-base rationalization. Blended ARPU in 1H26 increased 23.95% YoY to IDR 47.1K, driven by prepaid and postpaid ARPU of IDR 45.9K (+24.05% YoY) and IDR 85.5K (+1.79% YoY), respectively. >On a quarterly basis, blended ARPU remained relatively stable at IDR 46.9K (-0.85% QoQ; +30.28% YoY), while data consumption increased 5.17% QoQ (+6.55% YoY) to 4,067 PB. Total subscribers declined 15.98% YoY to 69.4 Million, primarily due to a 16.60% YoY decline in prepaid subscribers to 67.3 Million. We view this as a rationalization of low-value subscribers, with higher ARPU and data consumption indicating an increasingly productive subscriber base. >Cost efficiencies began to emerge in 2Q26, with operating expenses declining 1.14% QoQ to IDR 11.79 Trillion. This was supported by lower depreciation expenses (-6.14% QoQ), infrastructure expenses (-3.44% QoQ), salaries and employee benefits (-7.36% QoQ), and sales and marketing expenses (-12.55% QoQ). >Key downside risks include: (1) slower synergy realization, (2) higher integration costs, and (3) increasing competitive intensity. 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

PWON delivered stable 6M26 performance, with revenue broadly flat YoY at IDR3.37 trillion, supported by 7.4% YoY growth in recurring revenue to IDR2.89 trillion. Recurring revenue contribution increased to 86% of total revenue, driven by retail and hospitality. The recurring portfolio remained resilient, with retail occupancy reaching 828,000 sqm and RevPAR improving across all hospitality categories. The tenant mix also continued to shift toward experience-led consumption, supporting long-term asset quality. Marketing sales reached IDR565 billion in 1H26, down 6.3% YoY, with high-rise properties contributing 67%. Around 42% of sales were supported by the VAT incentive program, highlighting demand sensitivity to government stimulus. PWON is expanding its recurring asset base through three major projects worth IDR10.2 trillion, which will add 190,000 sqm of retail NLA and 1,390 hotel rooms. Including other pipeline projects, retail NLA is expected to grow 34% by 2035 and hotel room capacity by 76% by 2031. Capital expenditure reached IDR412 billion in 1H26, up 74% from the same period last year, mainly allocated to Pakuwon Mall Surabaya Phase 5. We remain positive on PWON, supported by resilient recurring income, strong asset quality, and a growing long term development pipeline. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Phintraco Sekuritas Company Flash PT Telkom Indonesia (Persero) Tbk - TLKM.IJ Aditya Prayoga >TLKM reported a solid 2Q26, with net profit reaching IDR 6.28 Trillion (+44.54% QoQ; +15.72% YoY), driven by topline growth, cost efficiencies, and one-off gains from divestments. Revenue increased to IDR 38.69 Trillion (+4.03% QoQ; +6.39% YoY), bringing 1H26 revenue to IDR 75.88 Trillion (+3.94% YoY), broadly in line with our and consensus estimates (Phintas: 50.6%; Cons: 50.2%). >Growth was primarily supported by the Data, Internet & IT Services segment, with revenue reaching IDR 24.54 Trillion in 2Q26 (+3.77% QoQ; +20.23% YoY), reflecting healthier monetization TLKM’s customer base optimization strategy continued to support monetization, with blended ARPU rising 9.09% YoY to IDR 45.6K and reaching IDR 46.0K in 2Q26 (+2.0% QoQ), while data yield remained stable at IDR 3.1/MB. Stronger ARPU helped offset a 3.08% YoY decline in subscribers to 153.5 Million and a 1.60% YoY contraction in data traffic to 11,528 PB. >In FBB segment, TLKM continued to improve subscriber quality by removing non-revenue-generating customers inactive for more than 12 months and adopting a more selective acquisition strategy. This resulted in a 5.45% YoY decline in subscribers to 9.51 Million and a 6.04% YoY contraction in ARPU to IDR 207K. Nevertheless, IndiHome revenue showed early signs of recovery, increasing 0.66% QoQ to IDR 6.42 Trillion in 2Q26, indicating a more productive subscriber base and improving revenue quality. >Mgmt maintained its FY26 guidance for revenue growth of 1–3%, normalized EBITDA margin of >50%, and capex-to-revenue of 17–19%. We view these targets as achievable, given that 1H26 revenue growth of 3.94% has exceeded guidance, while the 49.4% EBITDA margin should improve on cost normalization and continued efficiency gains. >The additional 100 MHz of spectrum (20 MHz in the 700 MHz band and 80 MHz in the 2.6 GHz band), increases TLKM’s total spectrum holdings to 265 MHz, strengthening network capacity, coverage, and 5G readiness. However, the IDR 1.2 Trillion upfront spectrum fee and network deployment requirements could drive higher capex in 2H26. >Downside risks include: (1) a slower-than-expected ARPU recovery, (2) higher capex and spectrum costs, and (3) renewed competitive intensity. 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

PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) reported a 19.80% YoY decrease in revenue to IDR1.47 trillion in 6M26, driven primarily by a 40.81% YoY decrease in the herbal medicine and supplements segment to IDR639 billion, due to the normalization of distribution inventories, while was completed in May 2026, with Tolak Angin’s market share remaining stable at 71%. The food and beverage segment emerged as the leading contributor, increasing by 10.77% YoY to IDR760 billion, or 51.85% of total revenue (vs 37.54% in 6M25), driven by C+Collagen, new variants of Alang Sari RTD, and energy drinks, while international sales increased by 28% YoY, contributing 12.5% of total sales. Net profit decreased 44.43% YoY to IDR333.65 billion, with GPM decreasing to 50.51% (vs 56.92%), OPM to 28.82% (vs 40.80%), and NPM to 22.75% (vs 32.84%), as the decrease in revenue outpaced the 7.85% YoY reduction in cost of sales, resulting in gross profit falling 28.84% YoY to IDR740.75 billion. Pressurewas further reflected in an 11.64% YoY increase in operating expenses to IDR352.59 billion, driven by a 20.10% YoY increase in salaries and allowances to IDR119.89 billion and an 11.89% YoY increase in advertising and promotional costs to IDR159.49 billion, resulting in EBITDA decreasing 40.20% YoY to IDR479.59 billion. SIDO has revised its FY26 sales target down by 10%, with revenue expected to recover in FY26 as inventory normalization ends and volumes in the herbal medicine and supplements segment rebound. By PHINTRACO SEKURITAS | Research - Disclaimer On –

Revenue grew 6% YoY to IDR67.96 trillion in 1H26, supported by solid growth across both the food and non-food segments. The food segment remained the main revenue driver, contributing 71% of total revenue at IDR48.58 trillion, up 7% YoY, while the non-food segment grew 6% YoY to IDR19.37 trillion. Online sales continued to gain traction, increasing 11% YoY and contributing 8.4% of total revenue, reflecting the growing role of AMRT’s omnichannel strategy. Outside Java became the strongest regional growth contributor, generating the largest revenue of IDR27.52 trillion and growing 12% YoY, compared with 3% YoY growth in Java excluding Greater Jakarta and 1% YoY in Greater Jakarta. AMRT continued its expansion strategy despite concerns over rural market penetration, suggesting that the Company still sees significant growth opportunities beyond major urban areas and remains focused on strengthening its nationwide presence. 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 –

The U.S. Consumer Price Index (CPI) rose by 0.1% MoM in July 2026 from a 0.4% MoM decrease in June 2026. This was mainly driven by an increase of shelter index (0.1% MoM), which contributed for roughly two-thirds of the monthly inflation total increase. On the other hand, the U.S. annual CPI rose but at a slower rate of 3.4% YoY in July 2026 from 3.5% YoY in June 2026, largely driven by a slowing price increase in energy commodities. The U.S. monthly core inflation that excludes food and energy components rose to 0.2% MoM in July 2026 from a stagnant in June 2026, while the U.S. annual core inflation slowed to 2.5% YoY in July 2026 from 2.6% YoY in June 2026.

The Consumer Confidence Index (CCI) declined to 116.8 in July 2026 from 117.8 in June 2026. However, the index still reflects that consumer confidence was still in optimistic territory. Consumer optimism is supported by consumer perception of current economic conditions and expectations of future economic conditions which are in the optimistic zone but have weakened. The Current Economic Condition Index (CECI) was recorded at 107.9 in July 2026 from 109.2 in June 2026 and the Consumer Expectation Index (CEI) declined to 125.7 in July 2026 from 126.4 in June 2026. In addition, retail sales on an annual basis are expected to increase by 0.9% YoY in July 2026.

China's Consumer Price Index (CPI) recorded 0.5% YoY in July 2026, slowing from a 1% YoY rise in June 2026. The inflation slowdown was mainly driven by food prices deflation. Food prices were continued to experience a 1.5% YoY deflation in July 2026 from a 1.6% YoY deflation in June 2026 due to lower pork prices amidst abundant supply and weak consumption. On the producer side, inflation is also slowing down, marked by an increase in the Producer Price Index (PPI) of 3.5% YoY in July 2026 from 4.1% YoY in June 2026 due to the easing of energy cost pressures caused by the recovery of the oil shipping supply chain in the Strait of Hormuz. On the producer side, inflation is also slowing down, marked by an increase in the Producer Price Index (PPI) of 3.5% YoY in July 2026 from 4.1% YoY in June 2026 due to the easing of energy cost pressures caused by the recovery of the oil shipping supply chain in the Strait of Hormuz.

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 -

-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-

Indonesia’s government bond yield curve continues to bearishly flatten, with short-to-medium tenors amid higher front-end risk premiums, fiscal concerns, and persistent global market volatility. Bank Indonesia raised the BI Rate by 50 bps to 5.25% to support Rupiah stability and maintain attractive real yield swhile domestic inflation has started to moderation. The Federal Reserve is expected to keep rates unchanged at 3.50%–3.75% in the near term, as markets price a 99.4% probability of no change in June 2026, reflecting policymakers’ caution toward inflation and geopolitical risks. The latest Fed Dot Plot signals a gradual and shallow easing cycle, with the median Fed Funds Rate projected at 3.375% by end-2026 and 3.125% by end-2027, reinforcing the higher-for-longer interest rate environmen Limited policy flexibility from Bank Indonesia, driven by Rupiah depreciation, declining foreign exchange reserves, and ongoing geopolitical uncertainties, is expected to keep upward pressure on government bond yields and reduce the likelihood of near-term rate cuts. By PHINTRACO SEKURITAS | Research -Disclaimer On-