KSI Lunch Report 22 July 2026

Market Review (Session 1) In session 1, JCI closed down -0.39% to the level of 6,315.55. Market Prediction (Session 2) JCI: Index closed negative with bearish candle. JCI is expected to remain volatile with a limited tendency to weaken. • CUAN: Price closed at 725 (-1.36%) and highest at 755 (+2.72%). Prices still have the opportunity to strengthen as long as the support level holds. Beware if the price breaks below the support. • MAPA: Price closed at 640 (+0.79%) 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. • PWON: Price closed at 270 (-0.74%) 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. • TLKM: Price closed at 2,690 (-2.18%) 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. Blue Bird Tbk. (BIRD) experienced a shareholding adjustment following transactions on July 17 and 21, 2026, as Pusaka Citra Djokosoetono sold shares to reduce its stake to 22.1038%, while Chandra Investama and Purnomo Investama bought shares at Rp1,500 to increase their holdings to 4.71% and 2.0032%. • PT. Singaraja Putra Tbk. (SINI) is optimistic that the Rp1.73 trillion acquisition of a PT. Petrosea Tbk. (PTRO) subsidiary, PT. Kemilau Mulia Sakti (KMS), will drive the company's coal business growth by targeting an increased production capacity of up to 5 million tons per year and an additional revenue contribution in 2027.

KSI Technical Recommendation 22 July 2026

Jakarta Composite Index JCI closed higher by 1.74% to the level of 6,340.02 in Tuesday's trading (21/07), moving in the range of 6,247.35 – 6,340.02. Technically, JCI continued its gains after breaking out above the EMA50, indicating that the medium-term uptrend is increasingly confirmed. The RSI (14) increased to the level of 63, reflecting still solid bullish momentum. As long as it holds above the EMA50, JCI has the opportunity to test resistance at 6,377. If successfully broken, the strengthening has the potential to continue toward 6,398 – 6,459. Conversely, if it fails to break 6,377, JCI has the potential to experience profit taking with support areas at 6,286 – 6,257 (EMA50), followed by 6,231 as the gap area. KIWOOM RESEARCH suggests investors can average up if JCI manages to breakout above 6,377, while investors who are already in profit are advised to apply a trailing stop in the EMA50 area (6,257) to secure gains. ADVISE: Set your trailing stop or average up. Stockpick: CUAN, MAPA, PWON, TLKM.

KSI Morning Report 22 July 2026

KIWOOM Morning Equity – 22 July 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 RISES ON TECH STRENGTH, INDONESIA STRENGTHENS ITS FINANCIAL HUB US MARKET: Wall Street closed higher in Tuesday's trading (21/07/26), driven by a rebound in semiconductor stocks as well as positive performance from issuers that have released financial reports, such as 3M and General Motors. S&P 500 index rose 0.9% to 7,509.20, Nasdaq Composite strengthened 1.3% to 25,837.21, while Dow Jones Industrial Average added 0.7% to 52,224.64. The strengthening was led by the technology sector, particularly chip stocks, although software stocks remained under pressure due to a number of analyst downgrades. INDONESIA: The House of Representatives (DPR) together with the government continue to finalize the establishment of the Indonesia International Financial Center (PFII), which is targeted to become a global financial hub while attracting international family office fund inflows. Based on studies, around US$3.2 trillion in assets are managed by family offices globally, with approximately 65% estimated to be seeking new investment locations due to geopolitical changes and rising uncertainty in traditional financial centers. Through the provision of a competitive financial ecosystem, supportive regulations, and supporting infrastructure, PFII is expected to increase foreign capital inflows and strengthen Indonesia's position as a regional investment hub. - In addition, Moody's Ratings assigned a Baa2 rating to PT. Danantara Investment Management's (DIM) senior unsecured bonds under its US$5 billion Global Medium-Term Note (MTN) program. The rating reflects DIM's strong link to the government through BPI Danantara and expectations of government support if needed. While maintaining a negative outlook in line with Indonesia's sovereign rating, Moody's assesses that DIM possesses very strong liquidity, supported by solid funding and no debt maturities in the next two to three years, thereby strengthening Danantara's credibility in attracting global investor interest. JCI closed higher by 1.74% to the level of 6,340.02 in Tuesday's trading (21/07), moving in the range of 6,247.35 – 6,340.02. The strengthening was supported by continued foreign investor buying with a net buy of Rp360.21 billion in the Regular Market and Rp31.36 billion across all markets. Foreign fund inflows primarily flowed into DSSA, ANTM, PTRO, BUVA, and BMRI, while selling action was focused on ASII, BUMI, AMMN, BNBR, and TLKM. In the foreign exchange market, the Rupiah strengthened to around Rp17,900/US$ ahead of Bank Indonesia's Board of Governors Meeting (RDG) results, with the majority of economists expecting the BI Rate to rise 25bps to 6.00%, though some still project interest rates to hold at 5.75%. Technically,JCI continued its gains after breaking out above the EMA50, indicating that the medium-term uptrend is increasingly confirmed. The RSI (14) increased to the level of 63, reflecting still solid bullish momentum. As long as it holds above the EMA50, JCI has the opportunity to test resistance at 6.377. If successfully broken, the strengthening has the potential to continue toward 6,398 – 6,459. Conversely, if it fails to break 6,377, JCI has the potential to experience profit taking with support areas at 6,286 – 6,257 (EMA50), followed by 6,231 as the gap area. KIWOOM RESEARCH suggests investors can average up if JCI manages to breakout above 6,377, while investors who are already in profit are advised to apply a trailing stop in the EMA50 area (6,257) to secure gains.

KSI Lunch Report 21 July 2026

Market Review (Session 1) In session 1, JCI closed up +1.41% to the level of 6,319.85. Market Prediction (Session 2) JCI: Index closed positive with bullish candle. JCI is expected to remain volatile and maintain its strengthening. • BRMS: Price closed at 595 (+3.48%) and highest at 605 (+5.22%). Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. • BULL: Price closed at 392 (+1.03%) and highest at 404 (+4.12%). Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. • IMPC: Price closed at 1,540 (+1.65%) and highest at 1,550 (+2.31%). Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. • MBMA: Price closed at 530 (+0.95%) and highest at 540 (+2.86%). Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. News • PT. Petrindo Jaya Kreasi Tbk. (CUAN) reported that it holds a total of 19,700,600 treasury shares from two share buyback actions conducted up to June 30, 2026, comprising 4,184,000 adjusted shares from the first buyback and 15,516,600 shares from the second buyback, none of which have been transferred to third parties. • PT. Chandra Asri Pacific Tbk. (TPIA) through PT. Chandra Asri Alkali (CAA) continues the construction of the CA-EDC facility, which reached 72% progress as of July 2026, while preparing a feasibility study for Phase II development to strengthen the national chemical industry, reduce imports, and generate foreign exchange.

KSI Technical Recommendation 21 July 2026

Jakarta Composite Index JCI closed higher by 0.91% to the level of 6,231.78 in Monday's trading (20/07), after moving in the range of 6,191.04 – 6,249.90. Technically, JCI movement continued its gains after successfully breaking out of resistance and approaching the EMA50. This condition indicates an opportunity to transition the medium-term trend back from bearish to bullish. From the momentum side, the RSI (14) continued to increase to the 59.04 level. This shows that buying momentum is starting to dominate, but has not yet entered the overbought area, so room for an increase is still available. Chart pattern-wise, JCI still has the opportunity to continue its uptrend to resistance at 6,254 (EMA50) – 6,286; if it manages to break, the potential continues toward the 6,345 – 6,377 level. Meanwhile, a downside scenario under the assumption of being unable to break the EMA50 dynamic resistance means profit taking could likely correct to support at 6,191 – 6,175 (gap area) and 6,108. ADVISE: Set your trailing stop or average up. Stockpick: BRMS, BULL, IMPC, MBMA.

KSI Morning Report 21 July 2026

KIWOOM Morning Equity – 21 July 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. GEOPOLITICAL RISKS OVERSHADOW MARKETS AS INDONESIA REVIEWS A FUEL PRICE CUT US MARKET: Wall Street started Monday's trading higher, but gradually lost its initial gains and moved mixed throughout the session before finally closing in the red zone. S&P 500 fell 0.2% to 7,443.28, Dow Jones Industrial Average weakened 0.6% to 51,839.26, and Nasdaq Composite corrected 0.1% to 25,508.07. The lack of economic data releases as well as the start of the Federal Reserve's communication blackout period ahead of the FOMC meeting made investors shift their focus to the second-quarter earnings season as the next main market catalyst. On another side, rising geopolitical tensions in the Middle East continued to weigh on market sentiment. Wall Street's weakness continued after last Friday ending a two-week strengthening trend due to broad selling in semiconductor stocks that pushed the Philadelphia Semiconductor Index into bear market territory amid concerns over artificial intelligence (AI) sector valuations that are deemed already too high. Rising oil prices due to the escalating US-Iran conflict also pressed sentiment as it triggered inflation concerns again, while Netflix shares weakened after providing disappointing performance projections. INDONESIA: The government opened up the possibility of lowering non-subsidized fuel prices, including Pertamax, if world oil prices continue to experience weakness. The Ministry of Energy and Mineral Resources is currently studying price adjustment formulations that maintain a balance between the purchasing power of non-subsidized fuel consumers and the business sustainability of the oil and gas sector. On another side, the government ensured subsidized fuel prices will not experience an increase until the end of 2026, while national crude oil and fuel supplies are confirmed secure through the end of the year. This policy has the potential to support domestic inflation stability if the downward trend in global energy prices continues. - In addition, Indonesia's risk perception rose again, as reflected in the increase of 5-year and 10-year Credit Default Swaps (CDS) triggered by global oil price spikes, expectations of tighter monetary policy, rising domestic inflation, and rupiah exchange rate weakness. The rise in risk premiums has the potential to push up State Sovereign Bond (SBN) yields, increase corporate funding costs, and trigger foreign capital outflows that could exert further pressure on the rupiah and stock market. Therefore, consistency in maintaining fiscal discipline, monetary stability, and regulatory certainty become important factors to restore investor confidence and safeguard domestic financial market stability. JCI closed higher by 0.91% to the level of 6,231.78 in Monday's trading (20/07), after moving in the range of 6,191.04 – 6,249.90. The strengthening was supported again by foreign investor buying with a net buy of Rp156.57 billion in the Regular Market and Rp93.47 billion across all markets. Foreign fund inflows primarily flowed into TPIA, BRPT, BBRI, BNBR, and DEWA shares, while selling occurred in BMRI, ASII, ANTM, BBNI, and BUVA. On another side, the Rupiah weakened slightly to around Rp17,960 per US dollar after the US dollar strengthened amid rising Middle East geopolitical tensions that pushed oil prices up and triggered US inflation concerns again alongside prospects of high interest rates staying for longer. Technically, JCI movement continued its gains after successfully breaking out of resistance and approaching the EMA50. This condition indicates an opportunity to transition the medium-term trend back from bearish to bullish. From the momentum side, the RSI (14) continued to increase to the 59.04 level. This shows that buying momentum is starting to dominate, but has not yet entered the overbought area, so room for an increase is still available. Chart pattern-wise, JCI still has the opportunity to continue its uptrend to resistance at 6,254 (EMA50) – 6,286; if it manages to break, the potential continues toward the 6,345 – 6,377 level. Meanwhile, a downside scenario under the assumption of being unable to break the EMA50 dynamic resistance means profit taking could likely correct to support at 6,191 – 6,175 (gap area) and 6,108.

KSI Lunch Report 20 July 2026

Market Review (Session 1) In session 1, JCI closed up +0.86% to the level of 6,228.92. Market Prediction (Session 2) JCI: Index closed positive with bullish candle. JCI is expected to remain volatile with a tendency to strengthen. • AMRT: Price closed at 1,385 (+3.75%) and highest at 1,415 (+5.99%). Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. • ENRG: Price closed at 1,420 (+4.03%) and highest at 1,435 (+5.13%). Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. • HMSP: Price closed at 705 (+2.17%) 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. • ICBP: Price closed at 6,900 (+0.73%) 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. News • PT. Jayamas Medica Industri Tbk. (OMED) realized the transfer of 15,603,000 treasury shares for its Management and/or Employee Stock Option Program (MESOP) in July 2026, including 2,303,000 shares at Rp188 per share, leaving 1,397,000 remaining shares with no significant impact on company operations or growth. • PT. Trimegah Sekuritas Indonesia Tbk. (TRIM) will redeem its IDR 100 billion Continuous Bond II Phase II Year 2025 Series A maturing on October 18, 2026, using internal and external funds, after previously repaying its IDR 150.54 billion bond on July 12, 2026, which had no impact on operations, legal aspects, or business continuity.

KSI Weekly Report (20 to 24 July 2026)

Market Data In last week’s trading, Jakarta Composite Index (JCI) surged 4.24% to close at 6,175.54. Foreign investors recorded a net buy of IDR 441.42 billion across all markets, while posting a net sell of IDR 449.98 billion in the Regular Market. Foreign investors recorded the largest net inflows into BMRI (IDR 557.1B), TPIA (IDR 244.0B), ANTM (IDR 237.4B), BBCA (IDR 139.0B), and TLKM (IDR 65.7B). Meanwhile, the biggest foreign net outflows were seen in ASII (IDR 532.0B), MAPI (IDR 187.9B), BRMS (IDR 102.0B), DEWA (IDR 96.5B), and PGAS (IDR 93.6B). Globally, investors are closely monitoring concerns over slowing AI infrastructure spending, which has weighed on semiconductor stocks. Market sentiment is also pressured by rising inflation risks stemming from the Middle East conflict and higher energy prices. In addition, renewed U.S.-China tensions intensified after President Donald Trump accused China of interfering in the 2020 U.S. presidential election, raising concerns over the durability of the trade truce between the two countries. Domestically, investors will focus on Bank Indonesia’s Board of Governors Meeting (RDG BI), signs of slower business activity in 3Q26, and the implementation of the IDR 240 trillion Merah Putih Village Cooperative (Kopdes) program. Given its sizeable budget and six-year implementation period, markets will assess the program’s effectiveness in supporting economic growth, stimulating regional economic activity, and maintaining fiscal sustainability. This week, market attention will turn to several key economic releases. In the U.S., investors will watch the Conference Board Leading Economic Index (LEI), Initial Jobless Claims, S&P Global Flash Manufacturing and Services PMIs, New Home Sales, and other housing indicators for further clues on economic momentum. According to CME FedWatch, markets expect the Fed to keep the policy rate unchanged at 3.50%–3.75% in July with an 85.6% probability. Meanwhile, markets assign a 53.5% probability that the Fed will raise rates to 3.75%–4.00% at its September meeting. In China, investors will monitor the one-year and five-year Loan Prime Rates (LPR), which are expected to remain unchanged at 3.00% and 3.50%, respectively, as well as Foreign Direct Investment (FDI) data for further insight into investment flows and the pace of economic recovery. In Indonesia, the main focus will be on Bank Indonesia’s policy meeting. While the consensus expects the BI Rate to remain at 5.75%, some market participants anticipate a 25-bps hike to 6.00% to support rupiah stability. Investors will also closely watch Loan Growth and M2 Money Supply data to assess domestic liquidity conditions and credit growth. Stockpick: AMMN, CPIN, ESSA.