KIWOOM Morning Equity – 10 August 2026 This document is for information only and for the use of the recipient. It is not to be reproduced or copied or made available to others. WALL STREET RALLY ON FED CUT HOPES, INDONESIA DELAYS MARKETPLACE TAX US MARKET: Wall Street closed higher on Friday (08/07/26), with S&P 500 +0.62%, Nasdaq +1.30%, and Dow Jones +0.28%, supported by solid Q2 earnings performance. Around 86% of more than 440 S&P 500 companies that have reported results beat analyst estimates, while blended earnings grew around 50% YoY, the highest since the 2021 recovery. The gains were led by the technology, consumer discretionary, communications, and energy sectors, with Airbnb, Microchip Technology, and Palantir among the main gainers. INDONESIA: Indonesia's foreign exchange reserves at the end of July 2026 fell slightly to US$145.3 billion from US$145.6 billion in June, though still equivalent to 5.5 months of import financing, or 5.3 months of imports and government external debt payments, well above the international standard of around three months. Meanwhile, the government has delayed the implementation of the 0.5% Article 22 Income Tax through marketplaces until November 01, 2026, to preserve purchasing power. Tokopedia has confirmed that all Article 22 Income Tax previously withheld from seller transactions will be refunded no later than September 30, 2026. This delay warrants attention, as household consumption and the public's ability to save have not yet shown a strong recovery. Meanwhile, Danantara's claimed revenue growth of around 400% needs to be examined further in terms of operating profit quality, cash flow, and ROA, not just nominal revenue growth. JCI closed up 1.04% at 6,409.65 on Friday (08/07), with foreign investors recording a net buy of Rp917.23 billion in the Regular Market and Rp1.24 trillion across all markets. The largest fund inflows went into BBRI, TPIA, ANTM, TINS, and BRPT, while the largest selling pressure occurred in BBCA, BULL, BMRI, EMAS, and UNTR. The Rupiah also strengthened 0.61% to Rp17,801/US$, supported by foreign fund inflows and relatively solid domestic external conditions. In line with growing investor participation, the IDX recorded the number of stock investors reaching 10.05 million SID as of August 7, 2026, up 16.83% YTD compared to the end of 2025, reflecting broader public participation in the capital market. Technically, JCI successfully broke out of the 6,377 resistance and held above the EMA10 and EMA20, confirming a bullish pattern from its consolidation phase. The RSI (14) at 64.23 indicates positive momentum remains strong. As long as it holds above 6,377, JCI has room to continue strengthening toward 6,454 – 6,500, with the next pattern target around 6,631. Conversely, a drop below 6,377 risks becoming a false breakout and opening a correction toward 6,347, then 6,284 – 6,260. KIWOOM RESEARCH advises hold / accumulate on weakness with a trailing stop should JCI close back below 6,377.