KSI Lunch Report 01 October 2026

Market Review (Session 1) In session 1, JCI closed down -0.83% to the level of 6,020.70. Market Prediction (Session 2) JCI: Index closed negative with bearish candle. JCI is expected to remain volatile with a tendency to weaken. • AKRA: Price closed at 1,440 (-0.69%) 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. • BUKA: Price closed at 107 (+1.90%) and highest at 108 (+2.86%). Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. • EMAS: Price closed at 7,625 (-1.29%) 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. • WIFI: Price closed at 1,645 (-1.50%) 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. Bank Mandiri (Persero) Tbk. (BMRI) reported the repayment of Rp2.4 trillion in principal for its Sustainable Bonds I Bank Mandiri Phase I Year 2016 Series C which matured on September 30, 2026, through PT. Kustodian Sentral Efek Indonesia (KSEI) with no impact on its operational activities or financial condition. • PT. United Tractors Tbk. (UNTR) has rescheduled its interim dividend distribution payment from October 26, 2026, to November 2026 to use financial reports as of September 30, 2026, as the basis while keeping the total amount unchanged at up to Rp1.478 trillion or Rp430 per share with no material impact on the company.

Coal Outlook 2H26

Kiwoom Research | Industry Update - 30 September 2026 Coal Market Tightening Supports Earnings Growth, Led by Coal Production Key Takeaways - Coal Market Tightens : 2026 coal demand was revised up 1.2% y/y to 8.94 Bt, while global supply is expected to decline 0.7%, supported by high gas/LNG prices, El Niño, cooling demand, and lower hydropower generation. - China & India Support Demand : China remains the largest coal market, accounting for >50% of global consumption, while India’s coal imports for power generation rose 85.6% y/y in August, with ~80% sourced from Indonesia. - Indonesia Supply Discipline : Lower RKAB allocations and production could tighten seaborne coal supply in Asia and provide support for coal prices. - Coal Production Leads Earnings : Revenue reached Rp252.2tn (+10% y/y; +7% q/q), while profit rose 39% y/y and 28% q/q to Rp34.6tn, lifting NPM to 14% from 11%. - Coal Distribution Remains Solid : Revenue increased 6% y/y to Rp16.9tn, while profit rose 18% y/y and 51% q/q to Rp1.4tn, raising NPM to 8%. - Services Remain a Drag : Revenue grew 9% y/y to Rp30.0tn, but the segment remained loss-making with a Rp476bn loss. A recovery in profitability remains key to strengthening future earnings. Outlook We view the coal outlook as constructive, supported by tighter supply-demand conditions, particularly potential production cuts in Indonesia and stronger electricity demand from China and India. Earnings momentum remains primarily driven by the Coal Production segment, while a recovery in Oil, Gas & Coal Equipment & Services profitability will be an important catalyst for future earnings growth. Key risks include weaker coal prices, slower Chinese demand, higher global supply, and normalization in power demand and hydropower generation. Sukarno Alatas Equity Research KIWOOM SEKURITAS INDONESIA

KSI Technical Recommendation 01 October 2026

Jakarta Composite Index JCI closed down 0.83% at 6,071.14 in Wednesday's (30/09) trading, with foreign investors recording a net sell of Rp1.56 trillion in the regular market, bringing accumulated YTD net sell to Rp107.18 trillion. Technically, JCI is still moving within its down channel, with RSI (14) falling to 29.8, entering oversold territory. If JCI weakens again, the decline could once again test 6,033.38 (FR 61.80%) and 5,987, and could continue to the 5,898 level if that breaks. Conversely, if it manages to strengthen, it could retest the 6,150 level, then return to the 6,186 level, then 6,227 – 6,241. KIWOOM RESEARCH sees an opportunity for buy on weakness and remains cautious should pressure continue. ADVISE: Buy on weakness. Stockpick: AKRA, BUKA, EMAS, WIFI.

KSI Morning Report 01 October 2026

KIWOOM Morning Equity – 01 October 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 INFLATION EASES, GLOBAL RATE PRESSURES MODERATE, INDONESIA PREPARES 2027 INCENTIVES US MARKET: Wall Street closed mixed on Wednesday (30/09/26). S&P 500 fell 0.25% to 7,651.54, Dow Jones weakened 0.86% to 50,906.05, while Nasdaq Composite rose 0.24% to 26,861.06. Gains in technology stocks supported Nasdaq, with Alphabet up 0.9%, Microsoft 0.8%, Nvidia 0.5%, and Intel 3.7%. For the month of September, S&P 500 fell 0.4%, Nasdaq 100 rose 3.2%, and Dow Jones fell 4.3%. INDONESIA: The government is finalizing a number of policies to be continued and expanded in 2027, including an adjustment to the Non-Taxable Income threshold (PTKP), which currently stands at Rp54 million per year and has not changed since 2016. The PTKP adjustment is being calculated together with the Ministry of Finance, taking into account inflation developments. The government also plans to expand Article 21 Income Tax incentives for workers earning below Rp10 million to all sectors, estimated to cover around 7.5 million workers, as well as continue the Government-Borne VAT (PPN DTP) facility for the housing sector. - In addition, the government is preparing to expand subsidized mortgages (KPR) with a 6% interest rate for people with fixed incomes of around Rp17 million, for home purchases of up to Rp500 million. Other policies being prepared include adjustments to work-accident insurance (JKK) and death benefits (JKM) for non-wage-earning workers, adjustments to job-loss insurance benefits based on income groups, and changes to VAT facility regulations for the use of 99.9%-purity precious metals. All of these policies are still in the finalization stage together with relevant ministries and will be set out in regulations for implementation in 2027. JCI closed down 0.83% at 6,071.14 in Wednesday's (30/09) trading, with foreign investors recording a net sell of Rp1.56 trillion in the regular market, bringing accumulated YTD net sell to Rp107.18 trillion. Foreign fund flows mainly went into UNTR, ANTM, JARR, EMAS, and GOTO, while the largest selling pressure was recorded in TLKM, BMRI, BBCA, ASII, and BBRI. In the currency market, the Rupiah strengthened for a second session and traded around Rp17,850 per US Dollar, supported by Bank Indonesia's affirmation to maintain consistent and sustainable intervention by reducing spot intervention to 30% and increasing focus on NDF. On the fiscal side, policy certainty also improved after the DPR passed the 2027 State Budget Bill. Technically, JCI is still moving within its down channel, with RSI (14) falling to 29.8, entering oversold territory. If JCI weakens again, the decline could once again test 6,033.38 (FR 61.80%) and 5,987, and could continue to the 5,898 level if that breaks. Conversely, if it manages to strengthen, it could retest the 6,150 level, then return to the 6,186 level, then 6,227 – 6,241. KIWOOM RESEARCH sees an opportunity for buy on weakness and remains cautious should pressure continue.

Monthly Outlook October 2026

KSI Research Monthly Outlook – Oktober 2026: "Musim Hijau IHSG Bertemu Era Yield Tembus Langit — Siapa yang Menang?" IHSG menutup September dengan koreksi 6,96% ke 6.071 (-29,8% YTD), sementara secara historis Oktober adalah salah satu bulan terbaik IHSG: naik 5 dari 6 tahun terakhir. Tapi sptnya tahun ini lawannya berat: US10Y di 5,28% (tertinggi sejak 2007), Fed & BOJ berpotensi hike lagi di akhir Oktober, rupiah sempat tembus Rp18.000, dan net sell asing YTD sudah melewati Rp107 triliun. KSI Research memperkirakan peluang IHSG ditutup positif di Oktober ≈55%, dengan base case 5.700–6.450 dan target 7.000 di akhir tahun yang masih terbuka pada skenario bullish. Simak juga update 9 stockpicks hingga akhir 2026, termasuk 4 nama baru (BMRI, ASII, PTBA, WIFI), dalam report lengkap kami berikut ini.

GOTO; IDX Removed the Floor

Dear Clients and Partners, GOTO lost 26% in two sessions after IDX removed the Rp50 floor, yet the collapse says more about accumulated supply and limited buying depth than a sudden deterioration in its business. On Day 1, one billion lots were offered at Rp43 while only 1.2 million lots traded; on Day 2, 842 million lots were offered at Rp37 versus 1.8 million lots executed. At these absorption rates, the price can fall much faster than the sell queue can clear, even as GOTO’s fundamentals continue to improve. Our latest report examines the market structure, implications for retail and institutional investors, Morgan Stanley-related transaction references, and the technical support range around Rp30–26. Please find the full Kiwoom Research report attached.

KSI Lunch Report 30 September 2026

Market Review (Session 1) In session 1, JCI closed up +0.15% to the level of 6,130.89. Market Prediction (Session 2) JCI: Index closed positive with bullish candle. JCI is expected to remain volatile and maintain its positive movement. • AMRT: Price closed at 1,330 (+0.76%) and highest at 1,355 (+2.65%). Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. • DSSA: Price closed at 1,090 (0.00%) and highest at 1,115 (+2.29%). Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. • INKP: Price closed at 8,175 (+1.24%) and highest at 8,250 (+2.17%). Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. • ISAT: Price closed at 2,300 (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. News • PT. Indosat Tbk. (ISAT) approved the extension of Vikram Sinha's term as President Director and CEO during the Extraordinary General Meeting of Shareholders (EGMS) on September 29, 2026, which approved the resignation of Commissioner Seppalga Ahmad, to strengthen the company's long-term transformation. • PT. Tower Bersama Infrastructure Tbk. (TBIG) will issue Phase V Year 2026 Sustainable Bonds VII and Sustainable Ijarah Sukuk I totaling Rp2.37 trillion, with a public offering on October 09 and 12, 2026, and listing on the Indonesia Stock Exchange on October 16, 2026, to repay bank loan facilities maturing on October 19, 2026.

KSI Technical Recommendation 30 September 2026

Jakarta Composite Index JCI closed down 0.43% at 6,121.70. Throughout Tuesday's (29/09) trading, foreign investors booked a net sell in the regular market of Rp536.70 billion, with accumulated YTD net sell reaching Rp105.63 trillion. Technically, after touching its support, JCI managed a technical rebound. RSI (14) fell to 31, nearing oversold territory, indicating fairly strong bearish momentum while at the same time reopening the possibility of a technical rebound if selling pressure begins to ease. If JCI weakens again, the decline could once again test 6,033.38 (FR 61.80%) and 5,987. Conversely, if it manages to strengthen and break out above the 6,150 level, it could return to the 6,186 level, then 6,227 – 6,241. KIWOOM RESEARCH sees an opportunity for buy on weakness and remains cautious should pressure continue. ADVISE: Buy on weakness. Stockpick: AMRT, DSSA, INKP, ISAT.