External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>Volatility at the Forefront. Early 2025 was marked by sharp market volatility driven more by abrupt policy shifts than weakening fundamentals.</li><li>A strong dollar, high yields, and tight liquidity weighed on sentiment, while brief relief from easing geopolitical tensions quickly faded.</li><li>Stress peaked with renewed US tariff actions that triggered recession fears and extreme risk-off moves. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Volatility at the Forefront. Early 2025 was marked by sharp market volatility driven more by abrupt policy shifts than weakening fundamentals.A strong dollar, high yields, and tight liquidity weighed on sentiment, while brief relief from easing geopolitical tensions quickly faded.Stress peaked with renewed US tariff actions that triggered recession fears and extreme risk-off moves. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Macro Outlook 2026: The Year of Transmission – From Policy to Impact

<ul><li>Early 2025 was marked by sharp market volatility driven more by abrupt policy shifts than weakening fundamentals.</li><li>A strong dollar, high yields, and tight liquidity weighed on sentiment, while brief relief from easing geopolitical tensions quickly faded.</li><li>Stress peaked with renewed US tariff actions that triggered recession fears and extreme risk-off moves. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Early 2025 was marked by sharp market volatility driven more by abrupt policy shifts than weakening fundamentals.A strong dollar, high yields, and tight liquidity weighed on sentiment, while brief relief from easing geopolitical tensions quickly faded.Stress peaked with renewed US tariff actions that triggered recession fears and extreme risk-off moves. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Weekly Update Economic & Fixed Income Research Monday, Dec 15, 2025

Thematic (Sector/Industry)

<ul>
<li>JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.</li>
<li>In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).</li>
<li>Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.
In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).
Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

<ul><li>The Fed is likely to lean toward an easing bias as labor conditions weaken, though divisions among members remain.</li><li>Stable inflation, ample liquidity, and BI’s intervention framework support Bank Indonesia’s gradual 2026 rate cuts.</li><li>We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Fed is likely to lean toward an easing bias as labor conditions weaken, though divisions among members remain.Stable inflation, ample liquidity, and BI’s intervention framework support Bank Indonesia’s gradual 2026 rate cuts.We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Weekly Update Economic & Fixed Income Research Monday, Dec 8, 2025

<ul><li>Rate Cut Bets Rise. The market is currently almost fully pricing in a rate cut at the final FOMC meeting of 2025 in December.</li><li>This shift has pushed the U.S. Dollar Index (DXY) back down to around 99.5 after holding above 100 in the previous week.</li><li>Earlier, rate-cut expectations had dropped below 50% following a less dovish statement from Chair Powell at the last FOMC meeting. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Rate Cut Bets Rise. The market is currently almost fully pricing in a rate cut at the final FOMC meeting of 2025 in December.This shift has pushed the U.S. Dollar Index (DXY) back down to around 99.5 after holding above 100 in the previous week.Earlier, rate-cut expectations had dropped below 50% following a less dovish statement from Chair Powell at the last FOMC meeting. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Weekly Update Economic & Fixed Income Research Monday, Dec 1, 2025

Indonesia 10Y (GIDR10YR INDEX)

Macro Outlook 2026: The Year of Transmission – From Policy to Impact

Volatility at the Forefront. Early 2025 was marked by sharp market volatility driven more by abrupt policy shifts than weakening fundamentals.

BRI Danareksa Research

BRIDS Weekly Update Economic & Fixed Income Research Monday, Dec 15, 2025

A strong dollar, high yields, and tight liquidity weighed on sentiment, while brief relief from easing geopolitical tensions quickly faded.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental...

BRI Danareksa Research

BRIDS Weekly Update Economic & Fixed Income Research Monday, Dec 8, 2025

We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.

BRI Danareksa Research

BRIDS Weekly Update Economic & Fixed Income Research Monday, Dec 1, 2025

Rate Cut Bets Rise. The market is currently almost fully pricing in a rate cut at the final FOMC meeting of 2025 in December. This shift has pushed...

BRI Danareksa Research