Indeks di Wall Street ditutup menguat signifikan pada Kamis (11/6). Penguatan indeks dipicu oleh pernyataan Presiden Trump bahwa kesepakatan damai dengan Iran telah tercapai (11/6). Indeks PPI AS naik 1.1% MoM di bulan Mei, sama dengan angka bulan April dan melampaui perkiraan sebesar 0.7% MoM (11/6). Penjualan ritel Indonesia turun 3.7% YoY di April, setelah meningkat 3.4% di Maret 2026 (11/6). Harga minyak melemah sekitar 4%, di bawah level US$90/barel (11/6). U.S. 10-year Bond Yield turun sebesar 8 bps ke level 4.453% (11/6). Harga emas melemah 0.64% di level US$4,185/troy oz (11/6). Diperkirakan IHSG masih berpeluang melanjutkan penguatan dengan menguji level 5900-5950. Top picks (12/6): ISAT, EXCL, CLEO, INTP dan AADI. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di Wall Street ditutup melemah signifikan pada Rabu (10/6). Faktor negatif dari eskalasi di Timur Tengah dan koreksi saham teknologi. Memudarnya harapan kesepakatan damai AS-Iran dalam waktu dekat. Indeks keyakinan konsumen turun di level 120.9 pada Mei 2026 (10/6). Penjualan mobil baru di Indonesia meningkat 14% YoY (10/6). Harga minyak menguat sekitar 2% (10/6). U.S. 10-year Bond Yield naik 2 bps ke level 4.548% (10/6). Harga emas melemah 4.5% di level US$4,070/troy oz (10/6). IHSG berpeluang uji level 6000, namun waspadai profit taking karena faktor negatif eksternal. Top picks (11/6): INDF, PGAS, BBNI, TLKM dan ASSA. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di Wall Street ditutup mixed pada Selasa (9/6). Saham sektor chip melemah setelah sehari rebound. Menteri Energi AS mengatakan lalu lintas kapal melalui Selat Hormuz meningkat. OpenAI mengajukan dokumen IPO kepada SEC. BI menaikkan BI Rate sebesar 25 bps menjadi 5.5% (9/6). Harga minyak turun sekitar 3% (9/6). U.S. 10-year Bond Yield turun lebih dari 2 bps ke level 4.526% (9/6). Harga emas melemah 0.7% di level US$4,298/troy oz (9/6). Diperkirakan IHSG berpotensi bergerak pada kisaran 5600-5850. Top picks (10/6): BBRI, BBNI, INCO, BRPT dan TINS. By PHINTRACO SEKURITAS | Research - Disclaimer On -

June 15th, 2026

June 12th, 2026

June 11th, 2026

Indeks di bursa Wall Street ditutup menguat pada Jumat (12/6). Ekspektasi perjanjian damai AS-Iran akan segera ditandatangani. The Fed diperkirakan mempertahankan suku bunga tetap di 3.5%-3.75% (17/6). BoE (18/6),  BoJ (16/6) dan RBA (16/6) juga akan menetapkan suku bunga. Koreksi harga minyak dunia akan menjadi faktor positif bagi domestik. Investor menantikan Global Market Accessibility Review dari MSCI dan rebalancing indeks FTSE (19/6). RDG BI menurut konsensus akan menaikkan BI Rate sebesar 25 bps menjadi 5.75% (18/6). Diperkirakan IHSG bergerak pada support 5900-6000 dan resistance 6150-6200 pada pekan ini. Top picks pekan ini: AMMN, CUAN, RATU, KETR, ESSA  dan MBMA. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di bursa Wall Street ditutup melemah signifikan pada Jumat (5/6). Pelemahan dipicu oleh tekanan jual pada saham pembuat chip. Data nonfarm payrolls yang lebih baik dari estimasi meningkatkan potensi the Fed akan mempertahankan suku bunga tinggi lebih lama. Koreksi saham teknologi di AS berpotensi menyebar ke Eropa dan Asia. Investor akan mencermati IPO saham SpaceX terhadap saham teknologi di AS (12/6). Pasar akan mencermati perkembangan konflik AS-Iran terkait dengan laju inflasi. Data ekonomi domestik yang akan dirilis, yaitu cadangan devisa Mei 2026 (8/6), consumer confidence Mei 2026 (10/6) dan retail sales April 20206 (11/6). IHSG diperkirakan fluktuatif pada support 5400-5500 dan resistance 5700-5800. Top picks pekan ini: EMAS, MDKA, ARCI, INCO dan PSAB. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Indeks di bursa Wall Street ditutup menguat pada Jumat (22/5). Faktor positif berasal dari indikasi kemajuan dalam upaya perdamaian untuk akhiri konflik Timur Tengah. Kevin Warsh telah dilantik sebagai Chairman the Fed pada Jumat (22/5). Perkembangan seputar kesepakatan AS-Iran dan dampaknya terhadap harga minyak, masih akan berpengaruh terhadap pasar global. Bursa AS akan libur Memorial Day pada hari Senin (25/5). Data ekonomi AS pekan ini diantaranya PCE price index, durable goods orders, dan estimasi ke-2 PDB 1Q26. Rebalancing MSCI Mei 2026 berlaku efektif pada penutupan perdagangan 29 Mei 2026. IHSG diperkirakan bergerak mixed pada kisaran 6000-6250 di pekan ini. Top picks pekan ini: UNVR, BBRI, ESSA, WIFI, MBMA dan ADRO. By PHINTRACO SEKURITAS | Research - Disclaimer On -

U.S. Michigan Consumer Sentiment naik menjadi 48.9 pada awal Juni 2026 dari 44.8 pada Mei 2026, didukung oleh penurunan harga bensin dan membaiknya persepsi terhadap kondisi keuangan dan prospek bisnis. Namun, tingkat kepercayaan konsumen masih relatif rendah dibandingkan Januari 2026 (-13%) dan periode yang sama tahun lalu (-19%) Suku bunga Indonesia diekspektasikan naik 25bps menjadi 5.75% pada Rapat Dewan Gubernur (RDG) mendatang sebagai upaya stabilisasi nilai tukar Rupiah terhadap dolar AS di tengah ketidakpastian global.

Producer Price Inflation (PPI) AS naik 1.1% MoM pada Mei 2026, sama dengan kenaikan bulan sebelumnya dan lebih tinggi dari ekspektasi pasar sebesar 0.7% MoM. Kenaikan ini terutama didorong oleh kenaikan signifikan harga barang sebesar 2.8% MoM, khususnya BBM, meskipun kenaikan harga jasa melambat menjadi 0.3% MoM dari 0.7% MoM pada April. Secara tahunan, PPI meningkat 6.5% YoY di Mei 2026 dan di atas perkiraan pasar sebesar 6.4% YoY. Penjualan ritel aktual terkontraksi 11.6% MoM dan 3.7% YoY pada April 2026, yang bertepatan dengan berakhirnya periode Hari Ramadan dan Idulfitri 1447 H. Namun, penjualan ritel diperkirakan akan membaik pada Mei 2026, meski tetap terkontraksi sebesar 0.9% MoM dan 3.2% YoY.  

Inflasi tahunan AS meningkat menjadi 4.2% YoY pada Mei 2026 dari 3.8% YoY pada April 2026, sesuai ekspektasi pasar dan menjadi level tertinggi sejak April 2023. Kenaikan ini didorong oleh kenaikan signifikan harga energi sebesar 23.5% YoY. Di sisi lain, inflasi inti tahunan naik tipis menjadi 2.9% YoY, yang ditopang kenaikan harga sewa rumah. Penjualan mobil baru di Indonesia naik 14% YoY pada Mei 2026, lebih lambat dari bulan sebelumnya yang naik 55%. Di samping itu, Indeks Keyakinan Konsumen (IKK) turun ke level terendahnya sejauh tahun 2026 yakni 123.0 pada April 2026.  

June 15th, 2026

June 8th, 2026

May 25th, 2026

Code : JELI Sector : Consumer Non-Cyclicals Sub-Sector : Processed Foods --------------------------------------------- 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 sebesar 350,000,000 (tiga ratus lima puluh juta) saham biasa atas nama, atau sebanyak-banyaknya sebesar 25.93% (dua puluh lima koma sembilan tiga persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham dengan nilai nominal Rp100,- (seratus Rupiah) setiap saham Nilai Nominal : Rp100 per lembar saham Harga Penawaran : Rp900 - Rp1,120 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya sebesar 350,000,000 (tiga ratus lima puluh juta) Penjamin Pelaksana Emisi Efek: PT Sucor Indonesia Penjamin Emisi : Akan ditentukan kemudian By PHINTRACO SEKURITAS | Research - Disclaimer On -

Code : WBSA Sector : Transportation & Logistic Sub-Sector : Logistics & Deliveries --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 30 Maret 2026 Perkiraan Masa Penawaran Umum : 1 April 2026 - 8 April 2026 Perkiraan Tanggal Penjatahan : 8 April 2026 Perkiraan Tanggal Distribusi Saham : 9 April 2026 Perkiraan Tanggal Pencatatan Saham di BEI : 10 April 2026 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 1.800.000.000 (satu miliar delapan ratus juta) saham biasa atas nama dengan nilai nominal Rp40,- (empat puluh Rupiah) setiap saham yang akan diterbitkan dan dikeluarkan dari portepel Perseroan dalam rangka Penawaran Umum Perdana Saham, yang selanjutnya dicatatkan pada BEI pada Tanggal Pencatatan. Nilai Nominal : Rp40 per lembar saham Harga Penawaran : Rp150 - Rp170 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp306.000.000.000,- (tiga ratus enam miliar Rupiah). Penjamin Pelaksana Emisi Efek: PT Semesta Indovest Sekuritas PT OCBC Sekuritas Indonesia Penjamin Emisi : Akan Ditentukan Kemudian   By PHINTRACO SEKURITAS | Research - Disclaimer On - Contact Us : WA : 08119560188 IG : phintracosekuritasofficial YT : Phintraco Sekuritas Official TELE : phintasprofits www.phintracosekuritas.com

Code : SUPA Sector : Financials Sub-Sector : Banks --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 8 Desember 2025 Perkiraan Masa Penawaran Umum : 10 Desember 2025 - 15 Desember 2025 Perkiraan Tanggal Penjatahan : 15 Desember 2025 Perkiraan Tanggal Distribusi Saham : 16 Desember 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 17 Desember 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 4,406,612,300 (empat miliar empat ratus enam juta enam ratus dua belas ribu tiga ratus) saham biasa atas nama yang merupakan saham baru Perseroan yang mewakili sebanyakbanyaknya 13% (tiga belas persen) dari modal ditempatkan dan disetor penuh dalam Perseroan setelah Penawaran Umum Perdana Saham Nilai Nominal : Rp100 per lembar saham Harga Penawaran : Rp525 - Rp695 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya sebesar Rp3,062,595,548,500,- (tiga triliun enam puluh dua miliar lima ratus sembilan puluh lima juta lima ratus empat puluh delapan ribu lima ratus Rupiah) Penjamin Emisi : PT Mandiri Sekuritas PT CLSA Sekuritas Indonesia PT Trimegah Sekuritas Indonesia Tbk PT Sucor Sekuritas By PHINTRACO SEKURITAS | Research - Disclaimer On -  

Phintraco Sekuritas Company Flash Notes PT Sarana Menara Nusantara Tbk – TOWR.IJ Aditya Prayoga >TOWR delivered a relatively softer 1Q26 performance, with revenue reaching IDR3.56 trillion (+10.83% YoY; -2.35% QoQ). The sequential decline was mainly driven by weaker contributions from the tower leasing segment, which accounted for 58% of total revenue. Revenue from the segment declined to IDR2.05 trillion (-4.16% YoY; -12.61% QoQ), in line with lower average rental rates of IDR11.28 million per month (-8.27% YoY). >Management emphasized that the decline in rental rates was primarily attributable to contract normalization with XLSmart, the company's largest customer (c.35% of total revenue), rather than reflecting any deterioration in underlying tower demand. This view was supported by resilient operating indicators, with total tenancies increasing to 60.74k (+4.65% YoY) while tenancy ratio remained healthy at 1.66x (vs. 1.63x in 1Q25). >From a business mix perspective, non-tower businesses continued to gain traction, with their contribution increasing to 42% of total revenue in 1Q26 (vs. 30% in 1Q25). While this diversification provides an additional growth avenue, the lower-margin nature of non-tower operations resulted in EBITDA margin normalization during the quarter. >EBITDA stood at IDR2.78 trillion (+3.80% YoY; -5.41% QoQ), with EBITDA margin normalizing to 78.0% (vs. 83.48% in 1Q25 and 82.31% in 4Q25), reflecting revenue mix dilution from the growing contribution of non-tower businesses. At the bottom line, net profit reached IDR941 billion (+17.20% YoY; -16.27% QoQ), while net profit margin narrowed to 26.46% (vs. 30.86% in 4Q25). >Despite continued pressure on its core tower business, 1Q26 results remained broadly in line with our expectations and consensus estimates (Phintas: 23%; Cons: 23%). We therefore maintain our FY26 forecasts while continuing to factor in the potential impact of post-merger consolidation. >Looking ahead, we expect non-tower businesses to contribute c.35% of FY26F revenue, while potential tenant additions from Fixed Wireless Access (FWA) deployments could provide incremental growth support amid softer tower segment performance. Management guided FY26 revenue at c.IDR14 trillion with EBITDA margin of 75–78%, reflecting the ongoing shift toward lower-margin non-tower businesses. >Key risks to our view include: (1) higher-than-expected site rationalization, (2) continued rental rate pressure, and (3) slower-than-expected growth in non-tower businesses. Full Report : 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

BNGA booked a relatively stable 1Q26 performance, with Net Income reaching IDR 1.76 trillion, down 2.2% YoY but up 9.8% QoQ, broadly in line with our FY26 estimates. Nett Interest Income declined 3.0% YoY to IDR 3.22 trillion, as lower Interest Income was partially offset by improved funding efficiency and a decline in high-cost deposits. Loan growth remained moderate at 2.2% YoY to IDR 235 trillion, mainly supported by the Corporate and SME segments, while asset quality stayed manageable with Loans at Risk improving to 6.9% and Cost of Credit remaining low at 0.79%. Funding quality continued to improve, with CASA growing 12.2% YoY to IDR 192.3 trillion and CASA ratio reaching 73.9%, exceeding management’s long-term Forward30 target of above 70%. Going forward, BNGA is focusing on strengthening low-cost funding, fee-based income, and portfolio resilience, while maintaining gradual progress toward its long-term profitability and efficiency targets. By PHINTRACO SEKURITAS | Research •⁠ ⁠Disclaimer On -

SMRA booked revenue of IDR 2.23 trillion in 1Q26, growing 6.2% YoY, supported by stable growth from both recurring revenue (+6.1% YoY) and development revenue (+6.2% YoY). Net profit remained relatively stable at IDR 318 billion amid margin normalization and higher operating expenses. 1Q26 net profit accounted for 27.8% of our FY26 estimate, while total revenue reached approximately 21.0% of our full-year forecast. This indicates earnings performance remains broadly in line with expectations despite a softer property market environment. SMRA recorded solid marketing sales of IDR 1.20 trillion in 1Q26, increase from IDR 877 billion in 1Q25 and representing around 23% of its FY26 target of IDR 5.2 trillion. Greater Jakarta remained the main contributor, while landed houses continued to dominate total sales mix. Recurring income continued to show stable growth, supported by the retail mall and hospitality segments. Mall revenue increased 6% YoY with occupancy rates remaining strong at 84%–97%, while estate and property management revenue grew 11% YoY, supporting cash flow stability. SMRA remains focused on integrated township development through residential expansion and recurring income growth. The company continues to develop Summarecon Tangerang as a new township while expanding its commercial ecosystem through Summarecon Mall Makassar, supported by favorable economic growth prospects and VAT incentives. By PHINTRACO SEKURITAS | Research - Disclaimer On -

MEDC booked revenue growth of 19.24% YoY to US$668.3 million in 1Q26. This growth was driven by increased revenue in almost all business segments, except for the power segment, which decreased by 2.19% YoY to US$43.4 million in 1Q26, despite power sales increasing by 20.8% YoY to 1,053 GWh following the completion of the Ijen and ELB expansion projects in 2025. E&P oil and gas revenue increased by 11.38% YoY to US$420.6 million in 1Q26, driven by the addition of 24% participation interest in Corridor, new production from Forel and Terubuk in South Natuna Block B, and increases in average oil and gas prices of 3.9% YoY to US$75.1/bbl and 1.4% YoY to US$7.2/mmbtu, respectively. MEDC’s net profit increased by 251.44% YoY to US$72.2 million in 1Q26, driven by a share of profit from associates and joint ventures of US$44.6 million, compared to a loss of US$20 million in 1Q25. On the other hand, other expenses decreased to US$1.2 million in 1Q26, primarily due to foreign exchange losses turning into gains. MEDC has a strategic position as an integrated oil and gas producer with significant exposure to oil prices. MEDC has a portfolio of upstream oil and gas assets spread across Indonesia, the Middle East, and Southeast Asia. The exploration and production (E&P) business remains the primary contributor to the Company’s revenue and EBITDA, placing MEDC in an advantageous position as global oil prices remain at high levels. MEDC has entered a phase of stronger production growth following the successful operation of several strategic oil and gas projects resulting from investments made over the past few years. The operation of the Forel and Terubuk fields in Natuna, which have a production capacity of approximately 30 mboepd, has become the primary catalyst for increased production volumes while also strengthening the Company’s operating cash flow. By PHINTRACO SEKURITAS | Research - Disclaimer On -

**Phintraco Sekuritas Initiation Report** PT Hanjaya Mandala Sampoerna Tbk - HMSP **Aditya Prayoga** >HMSP remains the market leader in Indonesia’s tobacco industry with c.30.7% market share in FY25, supported by strong brand equity through Marlboro, Sampoerna A, and Dji Sam Soe, as well as an extensive distribution network covering more than 100 sales and distribution points nationwide. Beyond conventional cigarettes, HMSP continues to strengthen its exposure to SFP through IQOS (HTP), VEEV (e-vapor), and ZYN (nicotine pouches), positioning the company to capture evolving consumer preferences toward reduced-risk nicotine products. >Indonesia remains significantly underpenetrated in the global SFP market. HTP penetration stood at only c.0.6% in FY25, well below levels observed in several developed and emerging markets. While conventional cigarettes still accounted for c.82.5% of global tobacco industry volume in FY25, the HTP segment is expected to be one of the fastest-growing categories globally, supported by increasing adoption of smoke-free alternatives and expanding regulatory acceptance in various markets. >HMSP delivered a relatively resilient 1Q26 performance, with net profit increasing 7.2% YoY to IDR2.1 trillion despite revenue declining 5.5% YoY to IDR27.2 trillion. Growth was primarily supported by improving profitability and strong momentum in the SFP segment, where revenue surged 43.8% YoY to IDR637 billion, increasing its contribution to total revenue to 2.3%. >Looking ahead, we expect HMSP to return to low-single-digit revenue growth in FY26F, supported by a gradual stabilization in conventional cigarette volumes and continued expansion of the SFP business. Meanwhile, profitability is expected to improve as excise-related production costs normalize following the absence of excise tax increases in FY26, allowing for a more balanced pricing strategy and better gross margin recovery. > We forecast FY26F revenue and net profit growth of 2.0% YoY and 11.8% YoY, respectively, driven by improving operational efficiency, easing cost pressures, and growing contribution from higher-growth smoke-free products. Meanwhile, gross profit margin is projected to improve to 18.4% in FY26F (vs. 15.7% in FY24), driven by the stabilization of excise-related production costs per stick (c.IDR 800/stick in FY26F) and a more moderate pace of ASP increases > Upside risks include: (1) stronger-than-expected SFP adoption, (2) stable excise policy environment, and (3) faster recovery in industry volumes. Key downside risks include: (1) higher-than-expected excise tax increases, (2) prolonged consumer downtrading, and (3) intensifying competition across both conventional and smoke-free product categories. Full Report: 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

Phintraco Sekuritas Company Flash Notes PT Telkom Indonesia Tbk – TLKM.IJ Aditya Prayoga >TLKM delivered a relatively resilient 1Q26 performance, with revenue reaching Rp37.19 trillion (+1.50% YoY; +0.17% QoQ), supported by continued strength in the Data, Internet & IT Services segment as the primary growth driver. Revenue from the segment grew 7.12% YoY to Rp23.65 trillion, partially offsetting the ongoing decline in legacy services. >On the operational side, subscriber trends remained relatively soft, with the mobile subscriber base declining 1.35% YoY to 156.67 million. However, this was more than offset by continued improvement in monetization quality, reflected in blended ARPU of Rp45.10K (+6.37% YoY) and data yield of Rp3.12/MB (vs. Rp2.89/MB in 1Q25). Data traffic also continued to expand (+2.3% YoY), suggesting that revenue growth is increasingly being driven by customer value rather than subscriber additions. >Meanwhile, legacy services remained under pressure, with voice and SMS revenues declining 59.10% YoY and 19.46% YoY, respectively, in line with the ongoing migration toward OTT platforms. Within the fixed broadband segment, IndiHome revenue declined 4.28% YoY to Rp6.38 trillion amid continued ARPU pressure and intensifying competition across the broadband industry. >From a profitability perspective, TLKM recorded net profit of Rp4.34 trillion (-21.72% YoY), below our expectations and consensus, with net profit margin contracting to 11.7% (vs. 15.1% in 1Q25). The decline was primarily attributable to higher O&M expenses (+15.5% YoY), driven by increased gaming voucher purchases and higher CPE-related costs, alongside a 3.8% YoY increase in depreciation and amortization expenses following revisions to the estimated useful lives of several network and infrastructure assets. >Looking ahead, management maintains its FY26 revenue growth guidance of 1–3% YoY. We believe TLKM remains well-positioned to achieve its target, supported by an increasingly rational industry structure, improving customer monetization, and a stronger focus on customer quality. In addition, the ongoing streamlining agenda, with four non-core businesses already divested and a target of 9–10 divestments by 1H26, is expected to enhance management focus on core operations. The planned implementation of ERP Phase 2 in 2H26, with a budget of approximately Rp1.0–1.2 trillion, should further support operational transformation and business simplification efforts. >Key risks to our view include: (1) weaker consumer purchasing power, (2) a more aggressive competitive environment, (3) higher-than-expected operating cost pressures, and (4) slower-than-expected execution of streamlining initiatives. Full Report : 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

>Coal prices have surged 42% YTD to US$151.25/t, the highest level since September 2023, driven by Indonesia’s production quota cut, higher oil prices, and geopolitical tensions that have increased demand for coal as a substitute for natural gas. >Despite an 8% YoY decline in China’s coal imports during May 2026, the impact on global coal markets remains limited as elevated LNG and natural gas prices continue to support coal consumption across major Asian economies. >Rising geopolitical tensions between the United States and Iran have strengthened the investment case for coal by increasing energy supply risks, supporting higher oil and gas prices, and improving coal’s competitiveness as an alternative fuel source. >Indonesia introduced several policy changes in 2026, including lower production quotas, a proposed windfall tax, higher DMO allocation, coal gasification projects worth Rp164tn, and a new export governance framework through PT DSI that is expected to be fully implemented from 2027. >We remain constructive on the sector given supportive coal prices, resilient Asian demand, and long-term growth from downstream and diversification initiatives, although regulatory changes remain key risks to monitor. By PHINTRACO SEKURITAS | Research - Disclaimer On -

**Phintraco Sekuritas Initiation Sector Report** Tobacco Sector _Aditya Prayoga_ >The tobacco sector recorded a strong profitability recovery in 3M26 despite continued pressure on industry demand. **Aggregate net profit rose 78.6% YoY to IDR3.7 trillion**, supported by a 3.1ppt expansion in GPM to 19.2%. **The recovery was primarily driven by GGRM, which delivered a 6.9ppt YoY margin expansion through production cost efficiencies, particularly in excise and advertising expenses**, while HMSP also recorded a 1.0ppt YoY improvement in GPM to 18.4%. >**Despite the earnings recovery, topline pressure remained evident across the industry**. Aggregate **sector revenue declined 8.1% YoY to IDR48.9 trillion** amid ongoing consumer downtrading toward more affordable cigarette products. **HMSP delivered a relatively more resilient performance, supported by 43.8% YoY growth in SFP revenue**, while **GGRM continued to face broad-based weakness across its conventional cigarette portfolio**. >Indonesia’s tobacco industry continues to face the **impact of cumulative excise tax increases of c.105.9% during FY15–FY25**, which have pressured industry volumes and accelerated consumer downtrading. However, **we believe industry conditions are set to improve in FY26 following the government's decision to maintain excise tax rates unchanged**, which should help support volume stabilization and margin recovery. **This outlook is further reinforced by increasingly aggressive enforcement against illegal cigarettes**. >Beyond conventional cigarettes, **smoke-free products (SFP) are emerging as one of the most attractive long-term growth opportunities in the tobacco industry**. While conventional cigarettes still accounted for c.82.5% of the global tobacco market in FY25, the **HTP segment is projected to grow at a 63.2% CAGR during FY25–FY30**. Despite this trend, **HTP penetration in Indonesia remains low at only c.0.6%**, highlighting substantial room for future growth. > Key risks to our view include : 1) the resumption of excise tax hikes, 2) weaker consumer purchasing power, 3) slower SFP adoption, and 4) weaker-than-expected enforcement against illegal cigarettes Full Report: 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

Global macroeconomic pressures remain key challenges for Indonesia’s financial sector in 2026, driven by Rupiah depreciation, rising energy prices amid Middle East tensions, and persistently high global inflation, prompting central banks to maintain tight monetary policies. Bank Indonesia raised the BI Rate by 75 bps to 5.50% in June 2026 to support Rupiah stability and contain inflationary pressures, while the Fed is expected to maintain a higher for longer interest rate stance amid elevated US inflation. Despite higher interest rates, Indonesia’s banking sector continued to record solid loan growth and resilient liquidity, supported by strong investment loan expansion, improving CASA ratios, and relatively stable third party fund growth. Big banks are expected to maintain strong profitability in 2026–2027, with BMRI and BBNI projected to drive earnings growth through robust loan expansion, while BBCA continues to benefit from its dominant low-cost funding base and strong asset quality. The Islamic finance and insurance sectors continue to show favorable long term prospects, supported by growing sharia financing demand, digital banking expansion, and industry consolidation following OJK Regulation No. 23/2023 aimed at strengthening capital and improving efficiency. By PHINTRACO SEKURITAS | Research - Disclaimer On -

U.S. monthly headline inflation slowed slightly from 0.6% MoM in April 2026 to 0.5% MoM in May 2026. However, annual U.S. headline inflation rose from 3.8% YoY in April 2026 to 4.2% YoY in May 2026, reaching its highest level since April 2023. This was predominantly driven by a rise in energy inflation, which reached 23.50% YoY in May 2026. In contrast to U.S. headline inflation, U.S. core inflation that excludes food and energy components rose only 0.1%, from 2.8% YoY in April 2026 to 2.9% in May 2026, marking a new high level since September 2025.

The Consumer Confidence Index (CCI) declined by 2.1 points from 123.0 in April 2026 to 120.9 in May 2026, marking its lowest level so far in 2026. Despite the decline, the CCI still reflects consumer optimism regarding economic conditions, supported by positive expectations for both current and future economic prospects. Although consumers’ perceptions of current economic conditions remained in optimistic territory, the Current Economics Conditions Index (CECI) recorded a sharp decline of 4.3 points, falling from 116.5 in April 2026 to 112.2 in May 2026.

Bank Indonesia (BI) decided to raise its benchmark interest rate by 25 bps to 5.50% on June 9, 2026, following the previous rate hike to 5.25% on May 20, 2026, outside the scheduled monthly Indonesia’s Board of Governors Meeting (RDG). In addition, the Deposit Facility Rate and Lending Facility Rate were also increased by 25 bps to 4.50% and 6.25%, respectively. The policy move was aimed at strengthening Rupiah exchange rate against US dollar stability amid evolving geopolitical tensions in the Middle East, maintaining inflation rate within the BI target range of 2.5% ± 1%, and attracting foreign capital inflows. Following  the announcement, the Rupiah appreciated by 0.48% to Rp18,090/US$ (9/6), after previously reaching its weakest level of Rp18,090/US$ (9/6).

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 -

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

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-

Global Highlight: Global economic conditions remained relatively resilient despite geopolitical tensions and the temporary Strait of Hormuz disruption, supported by stable oil prices, resilient U.S. economic activity, and improving manufacturing and services data. Although U.S. inflation pressures increased due to higher energy costs, stable labor market conditions and easing recession risks reinforced expectations that the Federal Reserve will maintain a “higher-for-longer” interest rate stance in the near term. Indonesia Highlight: Indonesia’s economy remained resilient in 1Q26, supported by strong household consumption, rising government spending, and recovering manufacturing activity. However, pressure from Rupiah depreciation, capital outflows, widening balance of payments deficits, and rising inflation prompted Bank Indonesia to raise interest rates to 5.25% to maintain currency stability amid heightened global uncertainty and Middle East tensions. IHSG View: Global equity markets remained volatile in May 2026 amid uncertainty over a potential U.S.-Iran peace agreement, rising inflation concerns, and fluctuations in global bond yields. Domestically, the JCI declined 29.14% YTD due to Rupiah depreciation, BI Rate hikes, MSCI and FTSE rebalancing pressures, and uncertainty surrounding several government policies. Looking ahead, investors are expected to closely monitor Indonesia’s MSCI Market Accessibility Review, FTSE Russell rebalancing, export policy implementation, and mining royalty revisions, while JCI outlook for 2026 remains supported by projected earnings growth. Sector Allocation: Banks, Oil & Gas, F&B, Metal Mining, and Cement. Read more for the Stock pick. By PHINTRACO SEKURITAS | Research - Disclaimer On -

-May 2026- Global Highlight: Global conditions weakened as U.S., Israel, Iran tensions escalated, with the Strait of Hormuz closure disrupting arround 20% of global oil supply and raising stagflation risks. Ongoing military tensions and fragile ceasefire efforts continue to pressure markets and supply chains. Meanwhile, the U.S. economy remains relatively resilient, though moderating growth and energy driven inflation support a higher for longer interest rate outlook. Indonesia Highlight: Bank Indonesia kept rates at 4.75% amid global uncertainty and rupiah pressure, while inflation eased to 2.42% YoY in April 2026 on lower food prices. FX reserves declined due to intervention, and although retail sales and trade surplus remained supportive, weakening consumer confidence and a contractionary PMI indicate softer economic momentum. IHSG View: The JCI decreased 1.3% MoM in April 2026 (-19.55% YTD), pressured by rising oil prices, capital outflows, and negative bank outlook revisions, with continued foreign net sell and MSCI uncertainty. Market volatility is expected to persist, with the JCI projected at 8,157-8,625, supporting a selective strategy on fundamentally strong sectors. Sector Allocation: Metal Mining, Oil & Gas, Retailers, Poultry, Banks, and Infrastructure. Read more for the Stock pick. By PHINTRACO SEKURITAS | Research - Disclaimer On -