Indeks-indeks Wall Street menguat di Kamis (8/5). Penguatan dipicu oleh pengumuman trade deals dengan Inggris. Presiden AS, Donald Trump mengingidikasikan bahwa negara-negara dengan trade surplus besar dengan AS kemungkinan masih akan dikenakan tarif tinggi. AS tengah mempersiapkan delegasi untuk melakukan pertemuan dengan delegasi Tiongkok di Swiss pada Sabtu (10/5) dan Minggu (11/5). Trade deal antara AS dengan Inggris tersebut memicu lonjakan pada U.S. 10-year Bond Yield sebesar 11 bps ke 4.39% di Kamis (8/5). Aksi jual juga terjadi pada safe-haven, seperti emas. Harga emas turun 1.7% ke US$3,307.84/troy oz di Kamis (8/5). IHSG berpeluang uji support pada kisaran level 6770 dalam beberapa hari kedepan. Pullback harga saham gold-related diperkirakan masih akan berlanjut, sejalan dengan kecenderungan penurunan appetite pasar terhadap safe-haven pasca pengumuman trade deals. Top picks (9/5) : ICBP, AALI, ASII, PTBA dan INDF. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

Indeks-indeks Wall Street catat rebound di Rabu (7/5). Delegasi AS dan Tiongkok dijadwalkan mengadakan pertemuan di Swiss pada Sabtu (10/5) dan Minggu (11/5). Hasil positif dari pertemuan tersebut diharapkan mampu meredam kekhawatiran risiko ekonomi (lonjakan inflasi, kenaikan angka pengangguran dan perlambatan ekonomi) yang disampaikan the Fed pasca pengumuman hasil FOMC (7/5). The Fed menahan sukubunga acuan di level 4.5%. Tiongkok menurunkan suku bunga reverse repo tujuh hari menjadi 1.4% dari 1.5% di Mei 2025, serta menurunkan rasio cadangan perbankan sebesar 50 basis poin menjadi 6.2% di Mei. U.S. 10-year Bond Yield cenderung sideways di level 4.269% (-0.006%). Harga emas kembali alami pullback (-1.1%) pasca uji resistance level US$3,400/troy oz di Rabu (7/5). IHSG diperkirakan bergerak pada rentang 6850-6970 pada perdagangan Kamis (8/5). Top picks (8/5) : SMRA, CTRA, PWON, ACES, TOWR. By PHINTRACO SEKURITAS | Research Valdy K.

Pullback indeks-indeks Wall Street berlanjut di Selasa (6/5). Pelemahan ini disebabkan oleh ketidakpastian mengenai kesepakatan dagang antara AS dengan trading partners. Pasalnya, sepekan sejak pernyataan Trump dan Bessent, belum ada pengumuman resmi terkait trade deals dan petunjuk akan hal tersebut. Friedrich Merz terpilih sebagai Kanselir Jerman melalui kemenangan tipis di Parlemen. U.S. 10-year Bond Yield turun ke 4.298% di Senin (5/5). Harga emas menguat 2.7% ke US$3,422.4/troy oz di Selasa (6/5). Pelaku pasar mengantisipasi perubahan tone oleh the Fed terkait arah kebijakan moneter kedepan. BI dijadwalkan merilis posisi cadangan devisa per akhir April 2025 di Rabu (6/5). IHSG menutup gap ke 6870 sekaligus catat resistance breakout di 6875. IHSG diperkirakan bergerak dalam rentang 6850-6950 di Rabu (6/5). Top picks (7/5) : INCO, HRUM, TINS, MDKA, dan DOID. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

9 May 2025

8 May 2025

7 May 2025

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

Presiden AS, Donald Trump kembali menekankan pentingnya pemangkasan sukubunga acuan kepada Kepala the Fed, Jerome Powell. Jajak pendapat CNBC menunjukan economic approval rate terendah sepanjang periode kepemimpinan Presiden AS, Donald Trump sebesar 43% (13/4). AS berencana menarik diri dari upaya perdamaian Rusia-Ukraina apabila tidak ada perkembangan konkrit dalam beberapa hari kedepan. Harga minyak lanjutkan rebound pasca sanksi baru oleh AS kepada Iran. Perkembangan sementara proses negosiasi Indonesia dengan AS memperoleh beberapa poin penting. Beberapa diantaranya meliputi rencana peningkatan impor sejumlah komoditas dari AS, seperti energi dan agrikultur; kolaborasi hilirisasi; relaksasi TKDN; hingga paket deregulasi. Top picks : BUKA, EMTK, CTRA, SRTG dan BRPT. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

Indeks-indeks catatkan technical rebound lebih dari 1.5% di Jumat (11/4). Presiden AS, Donald Trump optimistis terhadap peluang kesepakatan dengan Tiongkok. Trump mengumumkan penundaan reciprocal tariffs selama 90 hari untuk seluruh negara, kecuali Tiongkok. Pemerintah Indonesia masih berupaya negosiasi dengan AS. Pemerintah sendiri berupaya merubah sejumlah kebijakan sebagai bagian dari penawaran kepada AS, terutama terkait kebijakan TKDN dan impor. Selain negosiasi bilateral, Pemerintah Indonesia juga mendorong untuk dilakukan negosiasi oleh ASEAN sebagai satu blok ekonomi dengan AS. IHSG diperkirakan masih akan berfluktuasi dalam rentang 6000-6500 pada pekan ini. Top picks : TLKM, MEDC, ICBP, RAJA, TAPG, dan TKIM. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

Code : FORE Sector : Consumer Non-Cyclicals Sub-Sector : Soft Drinks --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 25 Maret 2025 Perkiraan Masa Penawaran Umum : 26 Maret 2025 - 9 April 2025 Perkiraan Tanggal Penjatahan : 9 April 2025 Perkiraan Tanggal Distribusi Saham : 10 April 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 11 April 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 1.880.000.000 (satu miliar delapan ratus delapan puluh juta) saham biasa atas nama yang dikeluarkan dari portepel Perseroan (“Saham Baru”) yang mewakili 21.08% (dua puluh satu koma nol delapan persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Nilai Nominal : Rp70 per lembar saham Harga Penawaran : Rp160 - Rp202 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp379.760.000.000 Penjamin Emisi : PT Mandiri Sekuritas PT Henan Putihrai Sekuritas --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial By PHINTRACO SEKURITAS | Research - Disclaimer On - Contact Us : WA : 08119560188 IG : phintracosekuritasofficial YT : Phintraco Sekuritas Official TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id

Code : MDLA Sector : Healthcare Sub-Sector : Pharmaceuticals --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 25 Maret 2025 Perkiraan Masa Penawaran Umum : 27 Maret 2025 - 11 April 2025 Perkiraan Tanggal Penjatahan : 11 April 2025 Perkiraan Tanggal Distribusi Saham : 14 April 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 15 April 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 3.500.000.000 (tiga miliar lima ratus juta) saham yang mewakili sebesar-besarnya 25,000% (dua puluh lima koma nol nol nol persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham, yang seluruhnya adalah Saham Baru dan dikeluarkan dari portepel Perseroan. Nilai Nominal : Rp20 per lembar saham Harga Penawaran : Rp180 - Rp230 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp805.000.000.000 Penjamin Emisi : PT Mandiri Sekuritas PT Indo Premier Sekuritas --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial By PHINTRACO SEKURITAS | Research - Disclaimer On - Contact Us : WA : 08119560188 IG : phintracosekuritasofficial YT : Phintraco Sekuritas Official TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id

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

TLKM reported 1Q25 revenue of IDR 36.64 trillion (-2.9% QoQ; -2.1% YoY), in line with expectations (Phintas: 23.72%, Cons: 23.60%). The decline was driven by weaker performance in Data, Internet & IT Services, which contracted -5.42% YoY. However, the IndiHome segment grew by +0.41% QoQ (+3.45% YoY) to IDR 6.66 trillion. Operationally, administrative expenses rose by 18.83% YoY due to seasonal effects, while marketing expenses decreased by -40.90% QoQ, reflecting cost efficiency. TLKM recorded an EBITDA of IDR 18.23 trillion (-0.92% QoQ; -6.12% YoY) with a margin of 49.76%, and net profit reached IDR 5.81 trillion (-2.75% QoQ; -4.01% YoY). Telkomsel’s deliberate churn elimination led to a 0.9% YoY decline in subscribers to 158.8 million, though postpaid subscribers increased by 6.2% YoY. ARPU declined to IDR 42.4k, but data consumption grew 5.3% QoQ (+19.78% YoY). IndiHome added 230K new net subscribers, with convergence penetration at 55%. BTS units increased to 278K, including 1,910 5G BTS (+169.1% YoY). Commitment to improving market conditions through starter pack price adjustments is expected to restore market rationality and drive long-term profitability. While this strategy should gradually boost ARPU, it may result in a slight decline in subscriber numbers. As a result, we forecast modest revenue growth of 1.68% YoY for FY25E and 2.46% YoY for FY26F. Despite the flat revenue growth, we expect TLKM’s EBITDA margin to improve, reaching 49.87% in FY25E and 50.37% in FY26F. The company's ability to sustain profitability amid a challenging environment underscores its operational efficiency. With a combination of steady revenue and high interest expenses, we estimate TLKM’s net profit at IDR 22.41 trillion for FY25E, with a net profit margin of 14.69%, highlighting the company’s resilience and capacity for stable financial performance. We maintain a BUY rating with a new target price of IDR 2,950, implying a forward EV/EBITDA of 4.55×/4.33× for FY25F/FY26F. TLKM’s stock trades at a 22.7% discount to the 5-year average, supported by a buyback plan and dividends. Downside risks include ARPU pressure, competition, and weakened purchasing power. 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

BBNI’s net profit grew 1% YoY (4.4% QoQ) to IDR 5.4 trillion in 3M25. BBNI’s net interest income rose 4.7% YoY but declined 10.9% QoQ in 3M25. The increase in interest expenses, which outpaced interest income, pressured BBNI’s interest margin (interest income +5.3% YoY vs. interest expense +6.2% YoY in 3M25). Moderation of Term Deposits (TD) rate and growth of the Current Account Saving Account (CASA) can potentially optimize BBNI's performance in FY25F. BBNI’s TD rates have continued to rise in line with increases in the benchmark interest rate. BBNI’s TD rates for 2022–2024 were (3.32%, 4.65%, and 4.82%).Thus, we believe that with a decline in the BI rate, BBNI’s TD rate could also moderate by around ±1% in 2025F With BBNI's 3M35 performance slightly below our expectations, we lower our FY25F projection. However, we maintain our BUY rating for BBNI with a lower estimated fair value of 5.325 (8.29x expected P/E) and a potential upside of 27.09%. By PHINTRACO SEKURITAS | Research - Disclaimer On - Contact Us : WA : 08119055611 IG : phintracosekuritasofficial YT : Phintraco Sekuritas Official TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id

ACES booked revenue growth of 12.75% YoY to IDR8.58 trillion in FY24. The growth was driven by a significant increase in lifestyle product sales by 17.99% YoY to IDR3.71 trillion, followed by home improvement product sales up by 9.67% YoY to IDR4.39 trillion in FY24. Meanwhile, toy product sales increased 3.34% YoY to IDR315 billion, and consignment sales increased 4.22% YoY to IDR156 billion in FY24. ACES booked Same-Store Sales Growth (SSSG) of 8.6% YoY in March 2025. This marked a recovery from the February 2025 SSSG realization, which contracted by 6.6% YoY. The improvement in SSSG in March 2025 was supported by increased demand during the Ramadhan period and ahead of Eid al-Fitr. ACES booked a net profit growth of 15.82% YoY to IDR885 billion in FY24. The growth in net profit was supported by ACES's double-digit revenue growth in FY24, which was able to cover the increase in operating expenses. Expansion will continue in 2025. The positive performance in FY24 strengthens ACES's commitment to expanding to more areas in Indonesia, both physically and through its omnichannel. ACES plans to expand to the easternmost region of Indonesia, with a target of opening 25-30 new stores in 2025. Using the Discounted Cash Flow method with a Required Return of 8.38% and Terminal Growth of 2.5%, we estimate ACES's fair value at IDR 685 per share. Therefore, we maintain our Buy rating on ACES with a lower target and potential upside of 37.00%.

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

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

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