KSI Lunch Report 01 September 2026

Market Review (Session 1) In session 1, JCI closed up +0.60% to the level of 6,564.51. Market Prediction (Session 2) JCI: Index closed positive with bullish candle. JCI is expected to remain volatile and maintain its positive movement. • ADMR: Price closed at 1,730 (-1.14%) 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. • CUAN: Price closed at 825 (+1.23%) 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. • HRUM: Price closed at 935 (+1.08%) 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. • INET: Price closed at 358 (+2.29%) and highest at 376 (+7.43%). Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. News • PT. Bank Tabungan Negara (Persero) Tbk. (BBTN) is preparing a Gold Savings service through its mobile banking application, balé by BTN, and is currently awaiting regulatory approval from Bank Indonesia (BI) and the Financial Services Authority (OJK), which it hopes to obtain by the end of 2026. • PT. Semen Indonesia (Persero) Tbk. (SMGR) is preparing to merge seven subsidiaries into PT. Semen Indonesia Distributor (SID) following the direction of PT. Danantara Asset Management to consolidate business activities, strengthen strategic positioning, and optimize the portfolio of State-Owned Enterprises (SOEs).

KSI Technical Recommendation 01 September 2026

Jakarta Composite Index JCI closed up 0.11% at the 6,525.48 level on Monday's trading (08/31), also posting a gain of 4.64% throughout August. During trading, JCI moved in a range of 6,476.18 – 6,528.10. Despite the index's gain, foreign investors still recorded a net sell of Rp710.56 billion in the Regular Market. Technically, JCI managed a slight rebound and remained above the EMA10 (6,467), EMA20, and EMA50, and still moved above the uptrend line. The RSI (14) rose again to the 60.7 level, still above the neutral area of 50 and indicating bullish momentum still has room to continue. As long as JCI can hold above the EMA10 in the 6,467 area, the chance of strengthening remains open to retest the 6,566 resistance, before continuing to rise toward 6,635 and 6,733 (closing the gap area). Conversely, should selling pressure increase again and JCI break through the 6,467 support, the index could correct toward 6,398 – 6,377 as its strong support. KIWOOM RESEARCH advises a strategy worth considering is to hold or selectively buy on weakness as long as JCI can hold above the support area, while investors need to increase caution should the index break through support, as this could open the chance for a deeper correction. ADVISE: Hold or selectively buy on weakness. Stockpick: ADMR, CUAN, HRUM, INET.

KSI Morning Report 01 September 2026

KIWOOM Morning Equity – 01 September 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. MARKETS ENTER SEPTEMBER CAUTIOUSLY; FED, INFLATION & HORMUZ IN FOCUS US MARKET: Wall Street closed lower on Monday's trading (08/31/26), with Dow Jones Industrial Average falling 0.70% to 53,185.90, S&P 500 weakening 0.33% to around 7,686.14, and Nasdaq Composite falling 0.12% to 26,370.89. The weakness mainly reflected growing market concern over inflationary pressure and the prospect of tighter monetary policy ahead of September. Although the last trading day of August closed negative, all three major indices still posted monthly gains, supported by solid earnings performance and renewed stabilization in sentiment toward AI stocks. INDONESIA: The government has set central government spending in the 2027 draft state budget (RAPBN) at Rp3,362.2 trillion, up Rp116.7 trillion, or 3.6%, from the 2026 outlook. However, this increase is considered not yet reflecting strong fiscal expansion, as the real expansion room after accounting for inflation is relatively limited. The government's main challenge is ensuring the quality and composition of spending can drive productivity, investment, job creation, and public purchasing power. The government is targeting the creation of 2.57–3.49 million jobs, a reduction in poverty to 6%–6.5%, and unemployment to 4.30%–4.87% by 2027. - In addition, Pertamina Patra Niaga raised the prices of a number of non-subsidized fuels starting September 01, 2026, with Pertamax Turbo rising Rp1,300 to Rp19,600 per liter, Dexlite rising Rp4,000 to Rp23,700 per liter, and Pertamina Dex rising Rp4,050 to Rp25,200 per liter. Meanwhile, the prices of Pertalite, Pertamax, Pertamax Green 95, and Biosolar remain unchanged. The price adjustment was made taking into account global crude oil prices, the Rupiah exchange rate, taxes, and economic conditions and public purchasing power. The impact on inflation is expected to be relatively limited, as the increase only applies to certain non-subsidized fuel products, though it could potentially raise operational costs for the transportation, logistics, and industrial sectors that use non-subsidized diesel fuel. JCI closed up 0.11% at the 6,525.48 level on Monday's trading (08/31), also posting a gain of 4.64% throughout August. During trading, JCI moved in a range of 6,476.18 – 6,528.10. Despite the index's gain, foreign investors still recorded a net sell of Rp710.56 billion in the Regular Market. Foreign fund inflows were mainly directed into BBRI, KOTA, BBNI, ADRO, and BBCA, while the largest selling pressure occurred in CPIN, EMAS, BUKA, UNVR, and ASII. Meanwhile, the Rupiah moved around Rp17,750 per US Dollar, with market sentiment also watching the appointment of Destry Damayanti as Governor of Bank Indonesia for the 2026–2031 term. Technically, JCI managed a slight rebound and remained above the EMA10 (6,467), EMA20, and EMA50, and still moved above the uptrend line. The RSI (14) rose again to the 60.7 level, still above the neutral area of 50 and indicating bullish momentum still has room to continue. As long as JCI can hold above the EMA10 in the 6,467 area, the chance of strengthening remains open to retest the 6,566 resistance, before continuing to rise toward 6,635 and 6,733 (closing the gap area). Conversely, should selling pressure increase again and JCI break through the 6,467 support, the index could correct toward 6,398 – 6,377 as its strong support. KIWOOM RESEARCH advises a strategy worth considering is to hold or selectively buy on weakness as long as JCI can hold above the support area, while investors need to increase caution should the index break through support, as this could open the chance for a deeper correction.

KSI Lunch Report 31 August 2026

Market Review (Session 1) In session 1, JCI closed down -0.01% to the level of 6,517.24. Market Prediction (Session 2) JCI: Index closed negative with bullish candle. JCI is expected to remain volatile with a limited tendency to strengthen. • ACES: Price closed at 356 (-1.11%) 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. • ANTM: Price closed at 3,090 (-2.22%) 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. • BBCA: Price closed at 6,500 (+0.39%) and still positive. Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. • CBDK: Price closed at 3,770 (-0.79%) 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. Jasa Marga (Persero) Tbk. (JSMR) is expanding its digital service transformation through the Travoy application to enhance user experience before, during, and after travel, offering features such as One Call Center 133 assistance, Travoy Rest information on EV charging stations, and contactless RFID transactions. • Indra Gunawan, Director of PT. Sarana Menara Nusantara Tbk. (TOWR), increased his direct shareholding from 7.8 million shares (0.0132%) to 40.8 million shares (0.0691%) by purchasing 33,040,000 shares at Rp345 per share on August 26, 2026 through the MESOP execution, as announced by management on August 28.

Monthly Outlook September 2026

Kiwoom Research | Monthly Outlook - September 2026 September Has Historically Been Rough for the JCI - Will This Year Be Different? After a strong August rally (+4,52%), the JCI enters September 2026 against a rare confluence of cross-currents: the Fed openly weighing a hike instead of a cut, the ECB and BOJ turning more hawkish, unresolved geopolitical tension in the Strait of Hormuz — all while Indonesia's domestic fundamentals keep growing solidly. This report lays out KSI Research's top-down view: starting from regional sentiment, the global macro calendar, monetary policy, FX & commodities, before narrowing down to our JCI strategy for September. KIWOOM SEKURITAS INDONESIA

Monthly Outlook September 2026 (Bahasa)

Kiwoom Research | Monthly Outlook - September 2026 Sejarah September Selalu Berat Bagi IHSG - Apakah Tahun Ini Berbeda? Composed by: Liza Camelia Suryanata / Head of Research Setelah reli kuat di Agustus (+5,06%), IHSG memasuki September 2026 di tengah kombinasi sentimen yang jarang terjadi bersamaan: The Fed yang justru membuka peluang menaikkan bunga alih-alih memangkasnya, ECB dan BOJ yang mulai condong hawkish, ketegangan geopolitik di Selat Hormuz yang belum reda — di tengah fundamental domestik Indonesia yang tetap tumbuh solid. Laporan ini menyusun pandangan top-down Kiwoom Research: mulai dari sentimen regional, kalender makro global, kebijakan moneter, forex & komoditas, hingga mengerucut ke strategi IHSG bulan September. KIWOOM SEKURITAS INDONESIA

KSI Weekly Report (31 August to 04 September 2026)

Market Data In last week’s trading, Jakarta Composite Index (JCI) closed at 6,518.12, down 0.12%. Foreign investors recorded a net buy of IDR 279.20 billion across all markets and a net sell of IDR 1.31 trillion in the Regular Market. Foreign investors recorded net inflows into BMRI (IDR 580.0B), BBCA (IDR 386.5B), TINS (IDR 82.1B), BRMS (IDR 70.7B), and ICBP (IDR 68.7B). Meanwhile, the largest foreign net selling was recorded in BBRI (IDR 473.0B), ISAT (IDR 231.8B), AMMN (IDR 172.7B), TPIA (IDR 138.4B), and BUMI (IDR 132.1B). Global sentiment, US stock markets weakened amid profit-taking in chipmaker stocks and rising expectations of a Fed rate hike next month following hawkish remarks from Fed Chair Warsh. Meanwhile, Brent crude prices fell to US$89.3 per barrel, pressured by easing concerns over potential supply disruptions in the Persian Gulf as flows through the Strait of Hormuz improved and developments emerged regarding the Iran–Oman corridor. Domestic sentiment, The relaxation of Domestic Export Proceeds (DHE) placement requirements for 64 mining-sector exporters could bring approximately US$30–40 billion in foreign exchange into Indonesia annually. However, with the lower placement requirement of at least 30% for three months, the amount of funds that would be mandatorily parked in the domestic financial system is estimated at only around US$2.3–3.5 billion on an annual average basis. The policy could still support domestic liquidity and rupiah stability, although its impact on additional domestic liquidity is more limited compared with the previous placement scheme. This week, key economic data to watch from the US include the ISM Manufacturing PMI, expected at 55.3 (prev. 55.6), JOLTS Job Openings at 7.39 million (prev. 7.36 million), ADP Employment Change at 47K (prev. 44K), and ISM Services PMI at 54.1 (prev. 54.1). The market will also closely monitor Non-Farm Payrolls, expected at 45K (prev. -23K), with the Unemployment Rate at 4.2% (prev. 4.1%) and Average Hourly Earnings MoM at 0.2% (prev. 0.1%). From China, the market will monitor the NBS Manufacturing PMI, expected at 49.7 (prev. 49.2), NBS Non-Manufacturing PMI at 49.5 (prev. 49.0), as well as the RatingDog Manufacturing PMI at 50.9 (prev. 50.9) and Services PMI at 50.6 (prev. 50.4). These data will be important in assessing the development of China’s manufacturing and services sectors. From Indonesia, key focus will be on August inflation, expected at 3.13% YoY (prev. 2.88%), the July trade balance at -US$0.6 billion (prev. -US$0.45 billion), and the S&P Global Manufacturing PMI, expected at 50.5 (prev. 50.2). In addition, July exports are expected to grow 4.5% YoY (prev. 8.84%), while imports are expected to increase 24.1% YoY (prev. 34.27%). Stockpick: AADI, BBNI, JSMR.

KSI Technical Recommendation 31 August 2026

Jakarta Composite Index JCI closed down 0.06% to the 6,518.12 level. Throughout Friday's trading (08/28), JCI moved in the range of 6,495.74 – 6,566.91. Foreign investors booked a net sell in the Regular Market of Rp442.38 billion. Technically, JCI is still undergoing a reasonable correction and remains above the EMA10 (6,357), EMA20, and EMA50, and is still moving above the uptrend line. The RSI (14) is at the level of 60.35, still above the neutral area of 50 and indicating that bullish momentum has not entirely faded, but its movement, which is starting to flatten, indicates that investors need to watch out for potential consolidation. As long as JCI can hold above the EMA10 in the 6,357 area, the opportunity for strengthening remains open to retest the resistance at 6,551, before continuing to rise toward 6,635 and 6,733 (closing the gap area). Conversely, if selling pressure increases again and JCI breaks the support at 6,454, the index could correct toward 6,385 – 6,377 as strong support. KIWOOM RESEARCH suggests that the strategy to consider is to hold or buy on weakness selectively as long as JCI can hold above the support area, while investors need to increase caution if the index breaks support, as this could open up opportunities for deeper correction. ADVISE: Hold or buy on weakness. Stockpick: ACES, ANTM, BBCA, CBDK.