KIWOOM Morning Equity – 12 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. US CPI IN FOCUS, JCI CORRECTS AHEAD OF MSCI REVIEW US MARKET: Wall Street closed lower on Tuesday's trading (08/11/26), with S&P 500 falling 0.32% to 7,728.20, Nasdaq Composite weakening 0.60% to 26,445.45, and Dow Jones correcting 0.34% to 53,791.85. The weakness mainly came from pressure on major tech stocks, while investors tended to wait and see ahead of the release of US CPI. On the corporate side, CoreWeave surged more than 14% and Super Micro Computer rose more than 7% after giving an optimistic revenue outlook. INDONESIA: Tax revenue through the end of July 2026 reached Rp1,209.6 trillion, or 51.31% of the state budget target, growing 22.17% YoY from Rp990.01 trillion. However, the government still faces a potential shortfall of Rp46.9 trillion, with a 2026 revenue outlook of Rp2,310.8 trillion, or around 98% of the target. - In addition, the government continues to strengthen regulations and incentives to encourage private investment in the renewable energy sector, including through Presidential Regulation 112/2022 and Ministry of Energy Regulation 19/2025, as well as tax, import, and licensing facilities. This policy is aimed at supporting the target of developing 100 GW of solar power. In the electric vehicle sector, President Prabowo is scheduled to inaugurate the National Electric Motorcycle Program on August 13, 2026 at the ALVA facility in Cikarang. However, details on manufacturers, models, specifications, and the program scheme are still awaiting official government announcement. JCI closed down 1.53% at the 6,267.88 level on Tuesday (08/11), moving in a range of 6,230.10 – 6,388.58. Foreign investors recorded a net sell of Rp279.98 billion in the Regular Market and Rp687.80 billion across all markets, with the largest inflows into BBRI, ANTM, AMMN, BRPT, and INCO, while the largest selling pressure occurred in TPIA, BMRI, DSSA, ASII, and BBCA. The Rupiah also weakened to around Rp17,820/US$ amid weaker domestic data. Today, investors will also watch the announcement of the MSCI August Index Review results, scheduled for release after 23:00 CEST on August 12, with index changes taking effect at the close on August 31, 2026. Technically, JCI formed a bearish candle after failing to hold its breakout above the 6,377 resistance, closing slightly above the EMA50 (6,264) but back below the EMA10 (6,293) and still above the EMA20 (6,233). This condition indicates the short-term bullish trend remains relatively intact, though momentum is starting to weaken. The RSI (14) at 53.66 indicates momentum remains in positive territory but is starting to decline and has not yet entered overbought territory. As long as it can hold above 6,264 – 6,233, JCI has room to retest 6,377, with a breakout above that level opening room for strengthening toward 6,463 – 6,500. Conversely, weakness below 6,264 risks bringing JCI to test 6,233, then 6,186 (gap area) & 6,106. KIWOOM RESEARCH advises Hold / Accumulate on weakness, with a trailing stop should JCI close back below the 6,233 area.