Indeks di Wall Street ditutup melemah pada Selasa (17/6). Intensitas konflik Iran-Israel meningkat di tengah laporan bahwa AS mempertimbangkan apakah akan ikut berperang melawan Iran. Retail Sales AS pada Mei 2025 turun 0.9% MoM dari turun 0.1% MoM di April 2025, serta melebihi perkiraan yang kontraksi 0.7% MoM. ZEW Economic Sentiment Index Jerman bulan Juni naik pada level 47.5 dari 25.2 di Mei 2025, serta di atas perkiraan 35. Bank of Japan mempertahankan suku bunga tetap pada level 0.5%, yang merupakan level tertinggi sejak 2008. U.S. 10-year Bond Yield turun lebih dari 6 bps menjadi 4.387%. Harga emas menguat terbatas 0.2% di level US$3,390/troy oz, di tengah penguatan dollar AS dan kenaikan permintaan safe haven, serta menantikan pertemuan The Fed. RDG Bank Indonesia (18/6) diperkirakan akan mempertahankan BI Rate pada level 5.5%. Perkembangan isu geopolitik eksternal masih membayangi IHSG. Sehingga IHSG diperkirakan fluktuatif di 7100-7200. Top picks (18/6): ACES, BUKA, BBTN, CTRA dan MDKA. By PHINTRACO SEKURITAS | Research Ratna Lim - Disclaimer On -

Indeks di Wall Street ditutup menguat di Senin (17/6). Pasar optimis bahwa konflik Iran-Israel masih dapat terkendali serta meredanya kenaikan harga minyak mentah. Dilaporkan Iran menghendaki gencatan senjata, namun dibantah oleh Iran. Pasar menantikan pertemuan The Fed pada Selasa-Rabu ini, dimana diperkirakan The Fed akan mempertahankan suku bunga pada kisaran 4.25%-4.5%. U.S. 10-year Bond Yield naik 3 bps menjadi 4.456%. Harga emas koreksi sekitar 1.2% di level US$3,392/troy oz, dipicu oleh profit taking serta menantikan pertemuan The Fed pada pekan ini. Dari AS (17/6), pasar akan mencermati data Retail Sales bulan Mei 2025 yang diperkirakan turun 0.7% MoM dari naik 0.1% MoM di April 2025. Pasar akan menantikan hasil dari keputusan moneter Bank of Japan (17/6) yang diperkirakan akan mempertahankan suku bunga acuan pada level 0.5%. Jika support 7100 tidak mampu menahan laju penurunan indeks, diperkirakan IHSG berpotensi menguji level support berikutnya di 7050/7000 pada Selasa (17/6). Top picks (17/6) : INCO, SRTG, PGEO, PANI dan ASII.

Indeks di Wall Street ditutup menguat di Kamis (12/6). Indeks PPI bulan Mei 2025 naik 0.1% MoM dari deflasi 0.2% MoM, namun di bawah estimasi 0.2% MoM. Presiden Trump kembali menyarankan The Fed untuk memangkas suku bunga sebesar 1% sehingga menghemat US$600 miliar setahun dalam pembayaran bunga utang. Ekonomi Inggris mengalami kontraksi sebesar 0.3% MoM di April 2025 dari tumbuh 0.2% MoM di Maret 2025. U.S. 10-year Bond Yield kembali turun 5 bps menjadi 4.357%, dipicu oleh indeks PPI yang lebih rendah dari perkiraan. Harga emas menguat sekitar 1.1% di level US$3,387/troy oz, akibat memanasnya ketegangan politik dan meningkatnya potensi penurunan suku bunga The Fed. Indeks Keyakinan Konsumen Indonesia bulan Mei turun ke level 117.5 dari 121.7 di April 2025 (12/6). Dari domestik, pasar mengantisipasi rilis data Retail Sales bulan April 2025 yang diperkirakan tumbuh 2.1% YoY (13/6). Diperkirakan IHSG rawan koreksi lanjutan, menguji level psikologis 7200 hingga pivot 7170 pada Jumat (13/6). Top picks (13/6) : SMGR, PTPP, ADHI, INTP, dan CPIN. By PHINTRACO SEKURITAS | Research Ratna Lim - Disclaimer On -

18 June 2025

17 June 2025

16 June 2025

Indeks utama di Wall Street pada pekan lalu ditutup melemah yang terutama didorong pelemahan signifikan pada Jumat (13/6). Serangan Israel atas Iran yang kemudian dibalas oleh Iran (13/6), memicu kenaikan harga minyak mentah dan emas. Kenaikan harga minyak mentah mendorong kenaikan harga energi yang dapat berakibat pada kembali meningkatnya laju inflasi, sehingga U.S. 10-year Bond Yield naik 5 bps menjadi 4.411%. Fokus perhatian pasar pekan ini pada perkembangan konflik di Timur Tengah, kemajuan negosiasi dagang AS dengan para mitra dagangnya, serta KTT G7 di Kanada pada 15-17 Juni 2025. Beberapa bank sentral akan membahas kebijakan moneter pada pekan ini, yaitu The Fed, PBoC, BoJ, BoE dan BI yang diperkirakan akan mempertahankan suku bunga tetap. IHSG diperkirakan berpotensi melanjutkan koreksi dan menguji level MA200 di 7132 hingga level support 7100. Top picks pekan ini : AADI, CTRA, NCKL, HRUM dan ESSA. By PHINTRACO SEKURITAS | Research Ratna Lim - Disclaimer On -

Indeks utama di Wall Street ditutup stagnan pada Jumat (30/5), namun menguat selama pekan lalu. Pengadilan perdagangan AS memerintahkan pembatalan tarif (28/5), namun keputusan itu dibatalkan oleh pengadilan banding (29/5). Pengadilan memerintahkan penggugat memberi tanggapan paling lambat 5 Juni dan pemerintah AS 9 Juni. AS mempertimbangkan memberlakukan tarif 15% selama 150 hari. AS akan menaikkan tarif impor baja dan aluminium dari 25% menjadi 50% mulai 4 Juni 2025. Trump menuduh Tiongkok melanggar kesepakatan dagang awal. Waspadai meningkatnya ketidakpastian seputar perang tarif AS. IHSG pada pekan ini diperkirakan berpotensi koreksi minor menguji level 7100/7050. Top picks : INDF, UNTR, ASII, EMTK, ADMR dan ACES.

Indeks utama di Wall Street ditutup menguat signifikan selama pekan lalu. Faktor positif berasal dari meredanya kekhawatiran akan eskalasi perang dagang setelah tercapainya kesepakatan sementara AS-Tiongkok. Indeks The Univ. Michigan Sentiment preliminary bulan Mei turun pada level 50.8 dari bulan April 52.2 dan di bawah perkiraan 53.4. Moody’s menurunkan peringkat AS dari AAA menjadi Aa1, karena dinilai telah gagal membalikkan defisit dan beban bunga yang membesar. AS akan mengirim surat kepada beberapa mitra dagang. Pasar akan mencermati data PMI, di mana diperkirakan akan terjadi kontraksi sedikit lebih kecil dalam manufaktur di Euro Area, Jerman, Perancis dan Inggris. RDG BI diperkirakan akan mempertahankan BI rate pada 5.75% (21/5). IHSG dalam pekan ini diperkirakan akan menguji level resistance 7250. Top picks pekan ini : SIDO, ICBP, TINS, PNLF, PTBA dan NCKL. By PHINTRACO SEKURITAS | Research Ratna Lim - Disclaimer On -

Penjualan ritel di Amerika Serikat kontraksi menjadi 0.9% MoM pada Mei 2025, setelah direvisi dari kontraksi 0.1% MoM di April dan lebih buruk dari perkiraan pasar yang memprediksi kontraksi 0.7%. Ini merupakan penurunan terbesar dalam empat bulan terakhir, terutama karena konsumen menahan belanja menjelang tarif baru yang akan diberlakukan. Penurunan terbesar terjadi pada penjualan kendaraan bermotor & suku cadang (-3.5%), diikuti oleh pemasok material bangunan & peralatan taman (-2.7%). Indikator Sentimen Ekonomi ZEW Jerman naik signifikan 22.3 poin menjadi 47.5 pada Juni 2025, tertinggi sejak puncak tiga tahun di Maret sebesar 51.6 dan jauh melampaui ekspektasi pasar sebesar 35. Optimisme ini didorong oleh peningkatan investasi dan permintaan konsumen, serta keyakinan bahwa langkah fiskal pemerintah baru Jerman.

The University of Michigan’s consumer sentiment index di AS naik menjadi 60.5 pada Juni 2025, meningkat dari level rendah hampir rekor 52.2 pada Mei dan April, serta melampaui ekspektasi pasar sebesar 53.5. Kenaikan ini didorong oleh perbaikan penilaian kondisi saat ini (63.7 vs 58.9 ) dan ekspektasi masa depan (58.4 vs 47.9), meskipun sentimen masih sekitar 20% lebih rendah dibandingkan Desember 2024. Selain itu, ekspektasi inflasi menurun signifikan, dengan ekspektasi inflasi satu tahun ke depan turun menjadi 5.1% YoY dari 6.6% YoY. Penjualan ritel di Indonesia terkontraksi 0.3% YoY pada April 2025, berbalik dari tumbuh 5.5% YoY pada Maret yang merupakan level tertinggi dalam tujuh bulan, dan menandai penurunan tahunan pertama sejak April 2024. Penurunan ini terutama disebabkan oleh kontraksi tajam pada penjualan peralatan informasi dan komunikasi (-25.1%) serta peralatan rumah tangga (-10.5%).

Producer Price Inflation (PPI) di AS tumbuh 0.1% MoM pada Mei 2025, lebih rendah dari perkiraan kenaikan 0.2% MoM dan setelah kontraksi 0.2% MoM pada April. Kenaikan harga terjadi pada barang seperti tembakau (0.9%) dan beberapa komoditas lain. Sementara secara tahunan PPI tumbuh 2.6% YoY, sesuai ekspektasi, dengan laju inti melambat menjadi 3.0% YoY dari 3.2% YoY. Selain itu, jumlah klaim pengangguran awal di AS tetap stabil di angka 248 ribu pada 1W-Jun25, tidak berubah dari minggu sebelumnya dan melampaui ekspektasi pasar yang memperkirakan penurunan menjadi 240 ribu. Ekonomi Inggris mengalami kontraksi sebesar 0.3% MoM pada April 2025, menandai penurunan pertama dalam enam bulan dan penurunan terdalam sejak Oktober 2023. Penurunan ini dipicu oleh kenaikan biaya energi, kontribusi asuransi nasional yang lebih tinggi, serta tarif pajak dan tarif impor yang meningkat, dengan sektor jasa turun 0.4% dan produksi menyusut 0.6%, sementara konstruksi justru tumbuh 0.9%. Meski demikian, dalam tiga bulan hingga April, PDB rata-rata tetap tumbuh 0.7%.

16 June 2025

2 June 2025

26 May 2025

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 -

TBIG posted a resilient 1Q25 performance despite relatively flat revenue. TBIG booked revenue of IDR 1.73 trillion (-0.5% QoQ, +1.6% YoY), broadly in line with our estimate, the consensus, and the 5-year historical average (Phintas: 25.35%; Consensus: 24.6%; 5-year avg: 24.2%). The tower segment remained the main contributor (>91% of total revenue) but experienced a slight contraction of -0.9% QoQ to IDR 1.58 trillion. Conversely, the fiber segment delivered solid growth (+3.7% QoQ; +10.3% YoY) to IDR 151 billion, reflecting sustained demand for fiber amid weak tower leasing momentum. While top-line growth was limited, cost efficiency helped operational performance exceed expectations. EBITDA edged up to IDR 1.11 trillion (+1.1% QoQ, +1.2% YoY), beating our forecast (Phintas: 26.77%) and broadly in line with consensus and the 5-year average (Consensus: 25.1%; 5-year avg: 24.2%). The improvement was primarily driven by a combination of a -4.1% QoQ decrease in cost of revenue and a substantial -13.9% QoQ decline in operating expenses, resulting in EBITDA margin expansion to 85.6% in 1Q25 (vs 84.2% in 4Q24). Cost and tax efficiency further supported bottom-line growth. TBIG booked net profit of IDR 413 billion (+112.8% QoQ; +98.5% YoY), in line with our estimate, consensus, and the 5-year average (Phintas: 25.05%; Consensus: 26.3%; 5-year avg: 20.7%). The improvement was driven by a -5.1% QoQ reduction in interest expenses and a significant -24.9% QoQ drop in tax expenses, which also boosted net profit margin to 23.9% (vs 12.2% in 4Q24). The balance sheet also strengthened, with DER falling to 2.96x in 1Q25 (vs 3.23x in 4Q24). We maintain our HOLD recommendation on TBIG, consistent with our previous report. Despite notable improvements in operational and bottom-line metrics in 1Q25, the near-term outlook for the tower business remains clouded by demand-side uncertainty. One of the key risks lies in the ongoing consolidation process between EXCL and FREN, which together contribute approximately 31.92% of TBIG’s total revenue. Downside Risks: (1) High interest rates potentially pressuring profitability margins; (2) A meaningful number of decommissioned sites due to EXCL-FREN consolidation. By PHINTRACO SEKURITAS | Research – Disclaimer On –

TOWR recorded revenue of Rp3.21 trillion in 1Q25 (-2.38% QoQ; +5.31% YoY), relatively in line with our estimate, consensus, and the 5-year historical average (Phintas: 24.57%; Cons: 24.24%; Avg 5-Years: 23.8%). The sequential decline in revenue was mainly driven by a sharp drop in the connectivity segment, which fell -14.43% QoQ to Rp350 billion, as well as a slight contraction in the tower segment the main contributor which declined -1.56% QoQ. On the other hand, the FTTH segment posted solid growth of +37.11% QoQ and +84.75% YoY, reaching Rp218 billion, reflecting strong momentum in the fiber-to-the-home (FTTH) rollout. On the profitability side, EBITDA came in at Rp2.68 trillion in 1Q25 (-2.76% QoQ; +5.25% YoY), in line with our estimate, consensus, and the 5-year average (Phintas: 24.55%; Cons: 24.19%; Avg 5-Years: 23.8%). The QoQ EBITDA contraction slightly pressured the EBITDA margin to 83.48% in 1Q25 (vs 83.54% in 1Q24). This margin pressure extended down to the bottom line, with net profit declining to Rp803 billion (-9.56% QoQ; +0.66% YoY), and net profit margin narrowing to 25.02% from 26.17% in 1Q24. On the Operationally side, TOWR showed signs of a quarterly slowdown. Total towers increased marginally to 35.51k units (+0.30% QoQ), while total tenants remained flat at 58.04k (+0.02% QoQ), resulting in a slight decline in tenancy ratio to 1.63x (vs 1.64x in 4Q24). On the fiber side, total FTTT fiber length rose slightly by +0.61% QoQ to 218.84k km, while FTTH subscribers grew a solid +7.96% QoQ. Meanwhile, average monthly revenue per tenant dropped -1.46% QoQ to Rp12.3 million, and revenue per fiber ticked up only slightly by +0.19% QoQ to Rp839k, signaling ongoing monetization pressure in early-stage fiber expansion. We maintain our BUY recommendation on TOWR with a target price of Rp650, in line with our previous report. While margin pressure remains a near-term concern, we see TOWR’s competitive edge in the fiber segment as a key long-term growth engine amid softening tower performance during the ongoing industry consolidation. Furthermore, asset monetization both in fiber and towers will be essential to support profitability and sustain future growth. Downside Risks: 1) Elevated interest rates that could pressure profitability; 2) Intensifying competition in the fiber segment which may squeeze margins; and 3) High site deactivations following the EXCL-FREN consolidation. By PHINTRACO SEKURITAS | Research – Disclaimer On –

CTRA's net profit grew 27% YoY to IDR669 billion in 3M25. This achievement is in line with revenue growth of 18% YoY to IDR2.7 trillion in 3M25. The revenue growth was driven by growth in the property development segment by 23% YoY and the recurring segment by +1% YoY in 3M25. CTRA posted marketing sales of IDR3.15 trillion in 3M25, which is equivalent to 29% of the FY25F target. This achievement reflects consumer demand and solid performance to achieve the FY25F marketing sales target. Launching the Calamus Cluster at Citra Garden Bintaro is one of the drivers of 3M25 marketing sales. CTRA's geographically diversified product portfolio is a key advantage in the residential segment. We maintain our buy rating for CTRA with the same fair value as in its previous company update: Rp1,320 (+36.79%). 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

MDKA recorded FY24 revenue of US$2.24 billion, representing a 31.2% YoY increase compared to US$1.71 billion in FY23. This growth was primarily driven by the nickel segment, which contributed 82.4% of total revenue through PT Merdeka Battery Materials Tbk (MBMA), with revenue rising 38.9% YoY to US$1.84 billion (vs. FY23: US$1.33 billion). Operational efficiency at the three RKEF smelters (CSID, BSID, and ZHN) successfully reduced the cash cost of Nickel Pig Iron (NPI) by 6.86% QoQ to US$10,037/ton in 4Q24 (vs. 3Q24: US$10,776/ton). Gold production in 4Q24 reached 35.82 koz, (+17.37% QoQ; +21.41% YoY), in line with an increase in the average selling price (ASP) of 11.06% QoQ to US$2,672/oz (vs. 3Q24: US$2,406/oz). Looking ahead, gold production is projected to continue increasing through the Pani Gold Project, which is targeted to reach peak annual production of 500,000 ounces. Management Guidance for FY25 : the gold segment is projected to produce 100,000–110,000 oz per year with a competitive cash cost of US$1,100–1,200/oz, copper production is targeted at 11,000–13,000 tons, with a significant expected reduction in cash cost to US$1.60/lb. Meanwhile, the nickel segment will maximise margins by producing Nickel Pig Iron (NPI), targeting 80,000–87,000 tons per year with a controlled cash cost below US$11,000/ton. Using a Sum-of-the-Parts (SOTP) valuation method, with a required rate of return of 9.20% and a terminal growth rate of 1.46%, we estimate MDKA’s fair value to be at Rp2,510 (implying 10.03x/2.66x expected EV/EBITDA and P/BV).

PTPP recorded revenue of IDR3.51 trillion in 1Q25 (–39.6% QoQ; –23.9% YoY), mainly due to a significant contraction in the construction services segment (–35.5% QoQ; –24.3% YoY) and a sharp drop in the EPC segment (–63.8% QoQ; –43.2% YoY). The revenue weakness reflects a larger portion of joint operation projects, which contribute less to recognized income compared to regular contracts. Net profit fell to IDR59 billion (–60.0% QoQ; –37.2% YoY), in line with a decline in operating profit to IDR214 billion. Despite this, contributions from other income and joint ventures helped maintain net profit margin at 1.7%. PTPP currently manages 76 active projects, mostly located in Java (37 projects), Kalimantan (13), and Sumatra (9). New contract realization reached IDR7.39 trillion, falling short of both our estimate (Phintas: 27%) and management’s target (~26%). Notably, funding composition shifted significantly in 4M25, with private sector contribution increasing to 45% (vs 18% in 4M24), SOEs at 38% (vs 24%), and government share declining to 17% (vs 57%). This reflects the rising role of private and SOE projects amid fiscal consolidation. By segment, new contracts were dominated by port (32%), building (30%), and road & bridge (19%) projects, with notable contributions from the NPEA Section 2 (IDR2.3 trillion) and Kataraja Toll Road Phase 2 (IDR1.3 trillion). On the macro front, the government is enhancing focus and project efficiency by restructuring the Ministry of Public Works and Public Housing. Through the 2025 State Budget, several Physical Special Allocation Funds (DAK Fisik) are prioritized—including road and bridge development across 35 provinces, irrigation networks, flood control, and SPAM (drinking water infrastructure) expansion. Meanwhile, the Ministry of Housing was allocated IDR5.3 trillion to support the 3-million-home program aimed at reducing the housing backlog. We initiate coverage on PTPP with a BUY recommendation and a target price of IDR600, based on a DCF valuation (WACC: 7.11%, Terminal Growth: 0.5%). We are optimistic on PTPP’s outlook, driven by strong project pipelines, momentum from industrial downstreaming policy, and the reopening of IKN funding. Additionally, the company’s asset divestment strategy is expected to enhance its balance sheet and support long-term profitability. Downside risks to our view include: 1) project delays from budget cuts or tender postponements, 2) raw material cost volatility, and 3) tightening liquidity that could pressure margins. 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

ERAA booked a decrease in revenue by 4.61% YoY to IDR15.88 trillion in 1Q25. This decrease was caused by the operator product segment sales, which decreased significantly by 28.23%% YoY to IDR396 billion in 1Q25, followed by the cellular phones and tablet segment, which decreased by 9.15% YoY to IDR12.34 trillion in 1Q25. We estimate ERAA's net profit to potentially increase by 9.59% YoY to IDR1.22 trillion in FY25F. This estimate is based on potential revenue growth of 9.04% YoY to IDR71.18 trillion in FY25F amidst a potential smartphone market that could drive future profitability. In 1Q25, ERAA's net profit decreased by 20.5% YoY to IDR212 billion. The decrease was in line with ERAA's lower revenue in 1Q25. The smartphone market in Indonesia grew by 15.5% YoY to nearly 40 million units in 2024. This growth is driven by the ultra-low-end smartphone segment (priced US$600) decreasing by 9.2% YoY in line with the iPhone 16 ban in 4Q24. The iPhone 16 series has been officially released in Indonesia since April 2025. We assess that ERAA will benefit from the entry of the iPhone 16 into Indonesia, considering that ERAA has iBox outlets to sell iPhone products. We give a Buy recommendation for ERAA with an estimated fair value of IDR555 per share or a potential upside of 11.45%. This recommendation is based on a calculation using the Discounted Cash Flow method with a Required Return of 9.60% and a Terminal Growth of 2.29%.

Public consumption remained solid in May 2025. Inflation in Indonesia stood at 1.60% YoY in May 2025. Over the past year, the average inflation in Indonesia has been 1.56%, so while inflation in May 2025 decreased compared to April 2025, the inflation in May 2025 is still relatively stable. The government gave various economic stimulus packages in June-July 2025. We assess that the stimulus package given by the government has the potential to maintain public purchasing power. Average raw material prices tend to mix. The average wheat prices decreased by 9.9% YoY to US$549/Bu in 5M25, the average price of Crude Palm Oil (CPO) increased by 4.8% YoY to MYR4,210/ton in 5M25, the average price of cocoa increased by 18.5% YoY to US$9,302/ton in 5M25 and the average price of coffee increased significantly by 83.22% YoY to US$373/lb in 5M25. Corn and Soybean Meal (SBM) prices softened in 5M25. The average domestic corn price decreased by 23.18% YoY to Rp6,274/kg in 5M25. Meanwhile, the average price of SBM decreased by 13.47% YoY to US$301/ton in 5M25. The revenue performance of consumer issuers in our coverage showed a positive trend. In 1Q25, all consumer issuers in our coverage continued this positive revenue performance trend. This condition indicates that the consumer sector still has attractive prospects in the long term. Overweight rating on the Consumer Sector. With the various catalysts above, we give an Overweight rating to the consumer sector. Our top picks in the consumer sector are INDF, with an estimated fair value of IDR 9,000; ICBP, with an estimated fair value of IDR 13,275; and CPIN, with an estimated fair value of IDR 5,400.

BI rate has the potential to be cut by 25 bps - 50 bps in the remainder of 2025. Given Indonesia's relatively solid macroeconomic conditions, where the inflation rate is in line with BI's assumptions (2.5%+-1% or 1.5% -3.5%) in 2025. Residential property sales grew 0.73% YoY or 33.92% QoQ in 1Q25 vs. -15.09% YoY in 4Q24. The growth of small-type houses drove this increase, small-type houses grew 21.75% YoY in 1Q25. Therefore, property issuers whose portfolios mostly consist of small-type houses, such as CTRA, booked more resilient performance. Several stimuli from the Government. The Government will continue Value Added Tax (VAT) incentive program until the end of 2025.Several stimuli from the Government. The Government will continue Value Added Tax (VAT) incentive program until the end of 2025. The majority of property issuers booked marketing sales growth in line with the FY25F target. Mortgage Growth is Still Overshadowed by Worsening Asset Quality. Annually, total KPR grew by 9.13% YoY in 3M25, lower than the 9.67% YoY growth in FY24. While quarterly, total KPR grew by 2.54% QoQ, higher than the 2.0% QoQ in 3M25. With the various catalysts above, as well as the performance of each issuer in the property sector, we make our top picks CTRA with a potential fair value of Rp1,320 > BSDE Bwith a potential fair value of Rp1,185 > PWON with a potential fair value of Rp535. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Public consumption tends to improve in April 2025. Inflation in Indonesia was at 1.95% YoY in April 2025, higher than the previous realization of 1.03% YoY in March 2025. This condition indicates that the public purchasing power tends to improve in April 2025. Technological advances drive the digital transformation of retailers. From the company's side, the digital transformation carried out has the potential to reach more consumers, especially in various regions that do not have physical outlets. We assess that this condition has the potential to positively impact the company's performance in the long term. Retailer store expansion still continues. This condition indicates that the retail sector still has great potential in the long term. The expansion has the potential to reach more consumers, which will positively impact the company's growth in the long term. The revenue of retailers in our coverage tends to be solid. Until 1Q25, the revenue performance of retail issuers was relatively increased compared to 1Q24, except for ERAA, which booked a revenue decrease of 4.6% YoY to IDR15.88 trillion in 1Q25. Neutral rating on the Retailers Sector. With various catalysts, such as continued pressure on the lower middle class and mixed performance of retailers issuers in 1Q25, we give a Neutral rating on the retailers sector. Retailers issuers in our coverage are ERAA, with an estimated fair value of IDR555; AMRT, with an estimated fair value of IDR2,570; MIDI, with an estimated fair value of IDR428; and ACES, with an estimated fair value of IDR685.

The Consumer Confidence Index (CCI) decreased by 4.2 points to 117.5 in May 2025 from 121.7 in April 2025. This decline was due to reductions in both the Current Economic Condition Index (CECI) and Consumer Expectation Index (CEI), which fell by 7.7 points to 106 and 0.8 points to 129, respectively, in May 2025 (Figure 1). All CECI sub-indices declined, with the Durable Goods Purchase Index showing the most significant decrease of 9.8 points to 104.1 in April 2025. Additionally, the Employment Availability Index entered a pessimistic phase, falling below 100 points to 95.7, as the public perceived widespread layoffs by Indonesian companies due to increased global economic uncertainty.

United States (U.S.) inflation decreased 0.1% MoM in May 2025 from 0.2% MoM in April 2025, below market expectations of 0.2% MoM. It was influenced by a 1.0% MoM decline in the energy index in May, which included decreases in the fuel and energy commodity indices of 2.6% MoM and 2.4% MoM, respectively. Meanwhile, the food index rose to 0.3% MoM in May 2025. Additionally, core inflation, which excludes food and energy items, fell 10 bps to 0.1% MoM in May 2025 from 0.2% MoM in April 2025 (Figure 1). It was due to decrease in the apparel index of 0.4% MoM in May 2025.

Indonesia's foreign exchange reserves remained stable at US$152.5 billion in May 2025 compared to April 2025. This stability was attributed to tax and service revenues, as well as oil and gas foreign exchange receipts, amid requirements for government foreign debt payments and Rupiah exchange rate stabilization policies in the face of persistently high global financial market uncertainty in May 2025 that reserves were equivalent to 6.4 months of imports or 6.2 months of imports plus government foreign debt payments, exceeding the international adequacy standard of approximately 3 months of imports.

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 -