Equity Update - BBCA (3Q26)

Kiwoom Research | 9M26 Equity Update - 02 November 2026 PT. Bank Central Asia Tbk. (BBCA) Stronger 9M26 Lending Supports Earnings Recovery Key Takeaways: - 9M26 Earnings Momentum Improved. BBCA recorded net profit of IDR 45.2tn (+4.2% YoY), supported by PPOP growth of 2.5% YoY. Quarterly earnings rose 5.6% QoQ to IDR 15.7tn, while bank-only NIM recovered to 5.6% in 3Q26. - Business Lending Drove Loan Growth. Total loans reached IDR 1,063.1tn (+12.6% YoY), led by corporate lending at IDR 528.1tn (+20.9% YoY) and SME loans (+15.4% YoY), while consumer lending remained softer due to weaker vehicle financing. - Strong CASA Supports Fundamentals. CASA increased 10.4% YoY to IDR 1,103.2tn, reinforcing BBCA's low-cost funding advantage. Asset quality also improved, with bank-only gross NPL declining to 1.8% and LAR easing to 4.6%. Recommendation: "BUY" We maintain our "BUY" rating on BBCA. Our valuation is derived through a blended approach, combining 60% P/BV and 40% DDM. We revise our 12-month target price to IDR 7,150 (from IDR 8,075), implying 43.57% upside from the last closing price of IDR 4,980 on 30 October 2026. The revision mainly reflects more conservative valuation assumptions, particularly a lower terminal growth rate of 5.0%, rather than a weakening of underlying earnings fundamentals. Downside risks include renewed NIM pressure, weaker-than-expected loan growth, higher funding costs, and weaker asset quality. Kevin Yudha Pratama Equity Research KIWOOM SEKURITAS INDONESIA

KSI Lunch Report 02 November 2026

Market Review (Session 1) In session 1, JCI closed up +0.95% to the level of 5,105.20. Market Prediction (Session 2) JCI: Index closed positive with bullish candle. JCI is expected to remain volatile with a tendency to strengthen. • ADMR: Price managed touched second target at 1,345, highest at 1,355 (+8.40%) and closed at 1,340 (+7.20%). Potential uptrend to the target at 1,400 – 1,440. Beware if the price breaks below the new support at 1,300. • BBCA: Price closed at 5,025 (+0.90%) and highest at 5,100 (+2.41%). 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 1,375 (-1.08%) 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. • PTBA: Price closed at 3,170 (-2.16%) 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. News • PT. Avia Avian Tbk. (AVIA) will distribute an interim dividend for the 2026 financial year amounting to Rp709,242,667,200 or Rp12 per share, with Regular Market Cum Dividend on November 10, 2026, Ex Dividend on November 11, 2026, Recording date on November 12, 2026, and Payment on November 19, 2026. • PT. Triputra Agro Persada Tbk. (TAPG) will distribute an interim dividend for the 2026 financial year amounting to a maximum total of Rp1,389,677,800,000 or Rp70 per share, with the Cum Dividend on November 10, 2026, Ex Dividend on November 11, 2026, Recording date on November 12, 2026, and Payment on November 27, 2026.

KSI Weekly Report (02 to 06 November 2026)

Market Data During last week’s trading, Jakarta Composite Index (JCI) closed at 5,057.05, declining by 7.03%. Foreign investors recorded a net sell of Rp3.08 trillion in the all-market segment and Rp4.17 trillion in the regular market. The largest foreign net buying inflows were recorded in BBCA (Rp370.0 billion), ASII (Rp133.7 billion), BUMI (Rp91.9 billion), DEWA (Rp89.6 billion), and CPIN (Rp69.5 billion). Meanwhile, the largest foreign net selling outflows were recorded in TLKM (Rp1,189.9 billion), BMRI (Rp1,124.3 billion), BBRI (Rp504.9 billion), ANTM (Rp289.9 billion), and BBNI (Rp251.8 billion). GLOBAL SENTIMENT: US stock markets closed sharply lower on Friday (30/10/26), pressured by a selloff in technology stocks following disappointing corporate earnings and growing concerns over the AI business outlook. Intel plunged 28.6%, while S&P 500 fell 1.82%, Nasdaq declined 2.86%, and Dow Jones weakened 1.09%. On the other hand, energy stocks advanced after ExxonMobil and Chevron reported third-quarter earnings above market expectations. INDONESIA SENTIMENT: Domestic sentiment was supported by digital economy tax revenue, which reached Rp12.72 trillion during January–September 2026, with Electronic System-Based Trading (PMSE) contributing the largest portion at Rp9.54 trillion. Meanwhile, the government is offering various tax incentives through the Indonesia Financial Centre (PFII), including up to 100% corporate income tax reductions for up to 50 years to attract global investors. However, PFII’s attractiveness will largely depend on legal certainty, governance quality, institutional credibility, and capital market transparency to compete with Singapore and Dubai in attracting foreign investment. This week, global markets will focus on several key US economic releases, particularly the October ISM Manufacturing PMI (consensus: 54.6 vs. previous: 54.5), ADP Employment Change (consensus: 65K vs. previous: 90K), ISM Services PMI (consensus: 54.8 vs. previous: 54.9), as well as October Nonfarm Payrolls (consensus: 65K vs. previous: 29K) and the Unemployment Rate (consensus: 4.2% vs. previous: 4.2%). US employment data will be a key focus in assessing labor market conditions and providing further clues regarding the Federal Reserve’s interest rate policy outlook. From China, investors will monitor the October RatingDog Manufacturing PMI (consensus: 51.6 vs. previous: 52.1), RatingDog Services PMI (consensus: 51.5 vs. previous: 51.6), and Composite PMI (forecast: 52.2 vs. previous: 52.4). These indicators will provide insights into the momentum of China’s manufacturing and services activities. Domestically, attention will be focused on October Inflation (consensus: 3.29% YoY vs. previous: 3.28%; 0.25% MoM vs. previous: 0.30%), September Trade Balance (consensus: US$1.9 billion surplus vs. previous: US$3.55 billion), and third-quarter 2026 Economic Growth (consensus: 5.2% YoY vs. previous: 5.29%, and 1.3% QoQ vs. previous: 3.73%). In addition, September Export and Import data will also be closely monitored, with consensus growth of 6.45% YoY and 20.83% YoY, respectively, compared to the previous readings of 6.72% and 19.09%. Stockpick: ADRO, BBNI, ELSA.

KSI Technical Recommendation 02 November 2026

Jakarta Composite Index JCI closed 0.80% lower at 5,057.05 in Friday's trading (10/30/26). Based on transaction data on October 30, 2026, foreign investors recorded net sell of Rp172.43 billion in the regular market, and net sell of Rp140.27 billion across all markets, while cash and negotiated transactions recorded net buy of Rp32.16 billion. Accumulated foreign net sell on a YTD basis reached Rp126.37 trillion. Technically, JCI continued its downtrend but rebounded after briefly touching the 4,980 support. The RSI (14) indicator fell again to 27. In a scenario of renewed volatile weakness, JCI is expected to be vulnerable to testing the nearest support at 4,980 / 4,907 again. If it breaks down, JCI could continue toward support at 4,456 (FR 161.80%). Meanwhile, in the rebound scenario, JCI has the potential to move in the resistance range of 5,116 / 5,182 / 5,249. Investors are advised to remain cautious, apply a buy on weakness strategy selectively or tend to wait for clear signal confirmation. ADVISE: Selective buy on weakness. Stockpick: ADMR, BBCA, MEDC, PTBA.

KSI Morning Report 02 November 2026

KIWOOM Morning Equity – 02 November 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 AI SECTOR PROFIT-TAKING, RENEWED US-IRAN TENSIONS, AND INDONESIA'S 2026 RKAB REVISION US MARKET: Wall Street closed sharply lower in Friday's trading (10/30/26), with Nasdaq Composite plunging 2.86% to 25,437.00, S&P 500 falling 1.82% to 7,580.07, and Dow Jones Industrial Average correcting 1.09% to 51,770.31. Intel was the main drag after its shares fell 28.6%, followed by AMD, which weakened 10.9%, and Nvidia, which fell 4.2%. S&P 500 technology sector recorded its largest monthly decline since March 2025, while the communication services sector experienced its deepest correction since April 2022. On a monthly basis, Nasdaq fell 6.6%, S&P 500 weakened 0.9%, while Dow Jones strengthened 1.7%. INDONESIA: Indonesia's trade balance surplus in September 2026 is projected to shrink to US$3 billion, lower than August's realization of US$3.55 billion. BSI Chief Economist Banjaran Surya Indrastomo estimates exports will reach US$26.4 billion, or grow 7.1% YoY, while imports will increase more strongly by 15.3% YoY to US$23.4 billion. Export performance is still supported by high coal prices, while the increase in imports is driven by rising world oil prices as well as the need for raw materials and capital goods to support domestic manufacturing activity. This condition has the potential to pressure the trade surplus as import growth outpaces exports. - In addition, the government set the national nickel ore production quota at 290 million–300 million tons for 2026 through a revision of the RKAB. However, the production quota in 2027 could be lower following oversupply conditions in the global market. The Ministry of Energy and Mineral Resources (ESDM) recorded excess nickel inventory of around 750,000 tons at the London Metal Exchange (LME) and the Shanghai Futures Exchange. The government will consider global supply conditions and the raw material needs of domestic smelters in determining the next quota to prevent an increase in Indonesia's production from worsening the imbalance between world nickel supply and demand. JCI closed 0.80% lower at 5,057.05 in Friday's trading (10/30/26). Based on transaction data on October 30, 2026, foreign investors recorded net sell of Rp172.43 billion in the regular market, and net sell of Rp140.27 billion across all markets, while cash and negotiated transactions recorded net buy of Rp32.16 billion. Accumulated foreign net sell on a YTD basis reached Rp126.37 trillion. The largest foreign net buying was recorded in GOTO, MDKA, BUMI, ASII, BBNI, BRMS, CPIN, DEWA, PACK, and CUAN. Meanwhile, the largest foreign net selling occurred in BBRI, TLKM, AMMN, PTBA, TINS, ANTM, ISAT, BMRI, TPIA, and DSSA. Technically, JCI continued its downtrend but rebounded after briefly touching the 4,980 support. The RSI (14) indicator fell again to 27. In a scenario of renewed volatile weakness, JCI is expected to be vulnerable to testing the nearest support at 4,980 / 4,907 again. If it breaks down, JCI could continue toward support at 4,456 (FR 161.80%). Meanwhile, in the rebound scenario, JCI has the potential to move in the resistance range of 5,116 / 5,182 / 5,249. Investors are advised to remain cautious, apply a buy on weakness strategy selectively or tend to wait for clear signal confirmation.

KSI Fixed Income Update 02 November 2026

*？？ Kiwoom Research | FIXED INCOME – Daily Report 2 Nov 2026* _This document is for information only and for the use of the recipient. It is not to be reproduced, copied, or distributed to others._ *？？ Yield Indonesia Bertahan di Level Tinggi, Rupiah Masih Tertekan di Tengah Risiko Global* *？？ Market Review:* *Pasar obligasi domestik,* rupiah masih berada dalam tekanan di sekitar Rp18.170/USD pada 30 Oktober 2026, meskipun dolar AS melemah setelah The Fed mempertahankan suku bunga acuannya. Rupiah berpotensi mencatatkan pelemahan mingguan ketiga berturut-turut sebesar 1,1% dan depresiasi bulanan sekitar 1,6%. Bank Indonesia menegaskan stabilitas rupiah tetap menjadi prioritas, sementara peluang kenaikan suku bunga lanjutan akan bergantung pada perkembangan data ekonomi dan inflasi. Di pasar obligasi, yield Indonesia tenor 10Y bertahan di 7,64%, mendekati level tertinggi dalam 6,5 tahun, dengan kenaikan 48 bps secara bulanan dan 154 bps secara tahunan. Sementara itu, yield tenor 5Y turun 13 bps secara harian menjadi 7,52%, meskipun masih meningkat 45 bps MoM dan 205 bps YoY. CDS Indonesia 5Y juga naik menjadi 104,45 bps dari 103,04 bps, mencerminkan peningkatan premi risiko di tengah tekanan nilai tukar dan kekhawatiran fiskal. *Di pasar global,* yield US Treasury 10Y naik 2 bps menjadi 4,95% pada 2 November 2026. Menjelang FOMC Desember, pasar memperkirakan probabilitas 74,6% untuk penurunan suku bunga The Fed ke kisaran 3,75%–4,00%. Di Jepang, yield JGB 10Y turun di bawah 2,80% setelah BoJ mempertahankan suku bunga di 1,25%, meskipun peluang kenaikan pada Desember tetap terbuka seiring inflasi yang mencapai target 2%. Sementara itu, yield Gilt Inggris 10Y turun di bawah 5,30%, mencapai level terendah sejak 22 September 2026 setelah anggaran pemerintah dinilai sesuai ekspektasi pasar. Namun, pasar hampir sepenuhnya memperhitungkan kenaikan suku bunga BoE pada 5 November 2026 akibat inflasi yang masih tinggi. *？？ MOST ACTIVE GOVERNMENT BONDS* - FR59 | Price 100.17 | Coupon 7.0% | Yield 6.8% | Volume 3.90M - FR110 | Price 98.10 | Coupon 7.3% | Yield 7.7% | Volume 3.35M - FR104 | Price 97.27 | Coupon 6.5% | Yield 7.4% | Volume 2.85M - FR109 | Price 93.80 | Coupon 5.9% | Yield 7.6% | Volume 2.84M - PBS30 | Price 98.25 | Coupon 5.9% | Yield 7.0% | Volume 1.31M *？？ MOST ACTIVE CORPORATE BONDS* - LPPI03BCN1 | Price 110.995 | Coupon 11.0% | Yield 6.9% | Volume 491.00K - SIIJEE01B | Price 104.85 | Coupon 11.5% | Yield 8.5% | Volume 410.00K - INET01B | Price 107.35 | Coupon 10.3% | Yield 6.8% | Volume 395.08K - SIBALI01BCN3 | Price 101.15 | Coupon 7.3% | Yield 6.7% | Volume 353.00K - SIIJEE02C | Price 106.51 | Coupon 9.8% | Yield 6.9% | Volume 345.00K See our daily fixed income report for more information. ？？ *©？ KIWOOM SEKURITAS INDONESIA*

KSI Lunch Report 30 October 2026

Market Review (Session 1) In session 1, JCI closed down -1.29% to the level of 5,032.44. Market Prediction (Session 2) JCI: Index closed negative with bearish candle. JCI is expected to remain volatile and maintain its negative movement. • BBNI: Price closed at 3,290 (+1.54%) 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. • PGEO: Price closed at 920 (-4.17%) 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 900. • SSMS: Price closed at 965 (-2.03%) 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. • TAPG: Price closed at 1,895 (-1.56%) 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. News • PT. Vale Indonesia Tbk. (INCO) posted a net profit of USD147 million for the period ending September 30, 2026, surging 180.55% YoY from USD52.45 million, supported by a 27% increase in Ytd revenue to USD896 million driven by stronger operational performance, higher production volume, and increased nickel ore sales. • PT. Solusi Sinergi Digital Tbk. (WIFI) or SURGE recorded a 192% YoY increase in nine-month 2026 revenue to Rp2.96 trillion, driven by a 766% YoY surge in FTTH revenue and a 491% QoQ jump in IRA - Internet Rakyat 5G fixed wireless access (FWA) revenue to Rp139.6 billion, pushing net consolidated profit up 96% to Rp648.4 billion.

KSI Technical Recommendation 30 October 2026

Jakarta Composite Index JCI closed 3.49% lower at 5,098.06 in Thursday's trading (10/29/26). Foreign investors recorded net sell of Rp1.52 trillion in the regular market, and net sell of Rp1.08 trillion across all markets, while cash and negotiated transactions recorded net buy of Rp441.74 billion. Accumulated foreign net sell on a YTD basis reached Rp126.19 trillion. Technically, JCI continued its downtrend with the RSI (14) falling again to 28. JCI is expected to be vulnerable to testing the nearest support at 4,980 / 4,907. If it breaks down, JCI could continue toward support at 4,456 (FR 161.80%). Meanwhile, in the rebound scenario, JCI has the potential to move in the resistance range of 5,182 / 5,249 / 5,320. Investors are advised to remain cautious, apply a buy on weakness strategy selectively or tend to wait for clear signal confirmation. ADVISE: Selective buy on weakness. Stockpick: BBNI, PGEO, SSMS, TAPG.