Equity Update - AKRA (1H26)

Kiwoom Research | Equity Update - 12 August 2026 PT AKR Corporindo Tbk (AKRA) Robust 1H26 Performance Drives Earnings and Target Price Upgrade Key Takeaways - Stronger Earnings Realization. 1H26 net profit reached 59% of FY25 earnings, exceeding the historical 40-48% range and indicating stronger profitability momentum. - Estimate Upgrade. We raise our FY26 revenue forecast by 23.1% to IDR 60.9tn and net profit forecast by 20.9% to IDR 3.14tn (EPS: IDR 156/share) on stronger operational performance. - Higher Oil Prices Support Outlook. Firmer oil prices and solid execution provide additional earnings upside potential for 2H26 and FY26. Recommendation “Buy” Based on a blended valuation approach (P/E and DCF) and improved earnings outlook, we raise our 12-month target price for AKRA to IDR 1,700/share (previously IDR 1,565). This valuation implies 2026F multiples of 10.88x P/E, 2.08x P/BV, and 7.44x EV/EBITDA. At the current share price of IDR 1,395, AKRA is trading at an estimated P/E of 8.9x (vs. peer avg. of 58x and 5Y avg. of 12.2x) and an estimated P/BV of 1.7x (vs. peer avg. of 1.9x and 5Y avg. of 2.32x). Key downside risks include commodity price volatility, rising competition, industrial reliance, regulatory changes, logistical disruptions, FX volatility, and ESG/energy transition pressures. Sukarno Alatas Equity research KIWOOM SEKURITAS INDONESIA

Equity Update - BBCA (1H26)

Kiwoom Research | 1H26 Equity Update - 12 August 2026 PT Bank Central Asia Tbk (BBCA) Resilient 1H26 Earnings Amid NIM Pressure Key Takeaways: - 1H26 Earnings Stayed Resilient. BBCA booked a net profit of IDR 29.5tn (+1.8% YoY), supported by PPOP growth of +2.5% YoY and stronger non-interest income, despite softer NII and continued NIM pressure. - Corporate Loans Drove the Recovery. Total loans reached IDR 1,035.6tn (+8.0% YoY | +4.2% QoQ), led by corporate lending at IDR 513.4tn (+13.6% YoY). Meanwhile, consumer loans remained softer due to weaker vehicle financing. - Strong CASA Remains the Key. CASA grew to IDR 1,082.3tn (+10.2% YoY), keeping BBCA’s funding strength intact despite softer QoQ deposits. Asset quality also remained manageable, with gross NPL at 1.9% and LAR at 4.9%. Recommendation: "BUY” We maintain our "BUY" recommendation on BBCA. Our valuation is derived through a blended valuation approach, combining P/BV and DDM. We determine a 12-month target price of IDR 8,075, implying a 28.17% upside potential from the last close of IDR 6,300. At our target price, BBCA would trade at a 2026F P/BV of 3.3x, slightly below its 3-year SD-1 P/BV level of 3.46x. Downside risks include prolonged NIM pressure, weaker loan growth, tighter funding competition, higher credit costs, and deterioration in asset quality. Liza Camelia Suryanata Head of Research Kevin Yudha Pratama Equity Research KIWOOM SEKURITAS INDONESIA

KSI Lunch Report 12 August 2026

Market Review (Session 1) In session 1, JCI closed up +1.00% to the level of 6,330.36. Market Prediction (Session 2) JCI: Index closed positive with bullish candle. JCI is expected to remain volatile with a tendency to strengthen. • ACES: Price closed at 356 (-1.11%) and still above the support level. Prices still have the opportunity to strengthen as long as the support level holds. Beware if the price breaks below the support. • AMRT: Price closed at 1,390 (-0.36%) and still buying range. Prices still have the opportunity to strengthen as long as the support level holds. Beware if the price breaks below the support. • HRUM: Price closed at 860 (+3.61%) and still bullish. Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. • MEDC: Price closed at 1,330 (-0.75%) and still above the support level. Prices still have the opportunity to strengthen as long as the support level holds. Beware if the price breaks below the support. News • PT. XLSMART Telecom Sejahtera Tbk. (EXCL) through SMARTFREN launched Unlimited 5G in Semarang, offering customers unlimited speed and unlimited quota on the SMARTFREN 5G network, while strengthening its 5G network expansion across Indonesia in 2026, supported by more than 25,500 BTS in Central Java. • PT. Medikaloka Hermina Tbk. (HEAL) Commissioner DR Hasmoro increased his shareholding by purchasing 218,600 HEAL shares at Rp780.00 per share on August 10, 2026, for a total transaction value of Rp170.51 million, bringing his total ownership to 772,615,989 shares while maintaining around 5.03% voting rights.

KSI Technical Recommendation 12 August 2026

Jakarta Composite Index 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. 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. ADVISE: Hold or accumulate on weakness, set your trailing stop. Stockpick: ACES, AMRT, HRUM, MEDC.

KSI Morning Report 12 August 2026

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.

KSI Lunch Report 11 August 2026

Market Review (Session 1) In session 1, JCI closed down -0.87% to the level of 6,309.91. Market Prediction (Session 2) JCI: Index closed negative with bearish candle. JCI is expected to remain volatile and maintain its negative movement. • ADRO: Price closed at 2,530 (0.00%) or stagnant and still buying range. Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. • BBCA: Price closed at 6,250 (-1.96%) and breakdown support. Prices still have the opportunity to strengthen if the price back to above support level. Beware if the price breaks below the next support at 6,125. • BNBR: Price closed at 101 (-3.81%) and still support range. Prices still have the opportunity to strengthen as long as the support level holds. Beware if the price breaks below the support. • MYOR: Price closed at 1,705 (-0.29%) and still buying range. Prices still have the opportunity to strengthen as long as the support level holds. Beware if the price breaks below the support. News • PT. Karya Pacific Energy Tbk. (IATA), formerly PT. MNC Energy Investments Tbk., officially launched its new company logo on Monday (August 10, 2026) as part of its visual identity transformation following the official name change approved by shareholders at the Annual General Meeting of Shareholders (AGMS) on June 22, 2026. • Director of PT. Panin Sekuritas Tbk. (PANS), Tjiang Jefry, increased his share ownership by 24,500 ordinary shares at Rp1,580 per share on August 10, 2026, valued at approximately Rp38.71 million, bringing his total ownership to 109,700 shares (0.0152% of voting rights) to obtain remuneration in the form of the Company’s shares.

KSI Fixed Income Update 11 August 2026 (Eng)

The domestic bond market strengthened. The 10Y government bond yield fell 11 bps to 7.19%, while the 5Y yield declined 8 bps to 7.14%. The Rupiah strengthened to Rp17,760/USD, supported by Destry Damayanti’s nomination as the sole candidate for BI Governor and easing foreign selling pressure. Indonesia’s 5Y CDS narrowed to 89.03, reflecting improved risk perception. Trading activity softened, with market focus shifting to June retail sales data and the auction of 8 SBSN series on August 11. In global markets, the US 10Y Treasury yield rose to 4.70%, its highest level this month, driven by higher oil prices and renewed inflation concerns. Japan’s 10Y JGB yield rose above 2.80%, while the UK 10Y Gilt yield increased to 4.92%, amid uncertainty over the reopening of the Strait of Hormuz and persistent inflationary pressures.

KSI Technical Recommendation 11 August 2026

Jakarta Composite Index JCI closed down 0.69% at the 6,365.37 level on Monday (08/10), moving in a range of 6,362.76 – 6,462.74. Foreign investors booked a net sell of Rp875.51 billion in the Regular Market, though across all markets they still recorded a net buy of Rp829.70 billion. Technically, JCI formed a bearish candle after failing to hold its breakout above the 6,377 resistance, though it still closed above the EMA10 (6,299), EMA20 (6,230), and EMA50 (6,264), so the short-term bullish trend remains intact though momentum is starting to stall. The RSI (14) at 60.69 indicates positive momentum remains fairly strong and has not yet entered overbought territory. As long as it can break back through and hold above 6,377, JCI has room to continue strengthening toward 6,463 – 6,500, with the next target around 6,723. Conversely, weakness below 6,299 risks triggering a correction toward 6,264, then 6,230. KIWOOM RESEARCH advises Hold / Accumulate on weakness, with a trailing stop should JCI close back below the 6,299 area. ADVISE: Hold or accumulate on weakness, set your trailing stop. Stockpick: ADRO, BBCA, BNBR, MYOR.