KSI Lunch Report 14 August 2026

Market Review (Session 1) In session 1, JCI closed up +0.56% to the level of 6,337.19. Market Prediction (Session 2) JCI: Index closed positive with bullish candle. JCI is expected to remain volatile and maintain its positive movement. • BBTN: Price closed at 1,220 (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. • CMRY: Price closed at 4,620 (-0.86%) 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. • INDF: Price closed at 7,350 (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. • INET: Price closed at 238 (+6.25%) 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. News • PT. Indika Energy Tbk. (INDY) established two new subsidiaries, PT. Tujuh Raya Dewi (TRADE) and PT. Tujuh Rasa Daya (TRADA), engaged in logistics and management consulting, with ILSS holding 51% and IMU 49%, to optimize the company’s sustainable business activities in line with its business diversification strategy. • PT. Merdeka Copper Gold Tbk. (MDKA) increased its ownership in PT. Merdeka Gold Resources Tbk. (EMAS) by purchasing 100.5592 million shares at Rp6,163 - Rp7,665 per share from July 28 to August 12, 2026, raising its ownership to 9.42 billion shares or 64.013% from 9.32 billion shares or 63.33% for direct share investment.

KSI Technical Recommendation 14 August 2026

Jakarta Composite Index JCI closed down 1.13% at the 6,301.77 level. Throughout Thursday's (08/13) trading, JCI moved in a range of 6,281.57 – 6,390.33. Foreign investors booked a net sell of Rp1.39 trillion in the Regular Market and Rp1.41 trillion across all markets. Technically, JCI formed a bearish candle after again failing to break through the 6,377 resistance, closing slightly below the EMA10 (6,306.90), but still holding above the EMA20 (6,251.87) and EMA50 (6,269.92). This condition indicates short-term bullish momentum is starting to weaken, though the higher low structure remains intact as long as JCI can hold above the EMA20 – EMA50 area. The RSI (14) at 54.43 remains in neutral-bullish territory, leaving room for further strengthening open. As long as it holds above 6,270 – 6,252, the chance of retesting 6,377 remains open, with a further target of 6,460 – 6,550, while the next major resistance is around 6,723. Conversely, should JCI break below 6,270 – 6,252, correction pressure could potentially continue toward 6,186 (gap area) down to 6,105. KIWOOM RESEARCH advises accumulate on weakness as long as JCI holds above 6,252, or buy on breakout should it manage to break through 6,377, with a trailing stop should it close below 6,252. ADVISE: Accumulate on weakness or buy on break and set your trailing stop. Stockpick: BBTN, CMRY, INDF, INET.

KSI Morning Report 14 August 2026

KIWOOM Morning Equity – 14 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. WALL STREET HITS NEW RECORD, INDONESIA AWAITS PRESIDENT’S STATE ADDRESS US MARKET: Wall Street closed higher and posted a new record on Thursday's trading (08/13/26), supported by a tech stock rally after July US PPI data came in lower than expected. S&P 500 rose 0.65% to 7,798.99 after briefly breaking through the 7,800 level and posting an intraday record of 7,816.79, Nasdaq Composite strengthened 0.81% to 26,803.03, while Dow Jones Industrial Average rose 0.13% to 53,839.99. The decline in Treasury yields also supported gains in rate-sensitive stocks. INDONESIA: The large scale of government spending opens strategic opportunities to drive a greener and more inclusive economy. The total Procurement General Plan of ministries, institutions, and regional governments reached around Rp1,193.6 trillion in 2025, so decisions related to goods, vendors, and procurement standards can have a broad impact on the economy, MSMEs, labor, and the environment. Collaboration between RMIT University and BINUS University is also driving the use of AI, data transparency, and sustainable procurement to improve vendor evaluation, manage risk, and strengthen supply chain resilience. - Meanwhile, the government is working to strengthen the national gold ecosystem from upstream to downstream. Indonesia has gold reserves of around 3,600 tons, but production reached only around 17 tons in the first half of 2026, well below the annual average of around 100 tons. The government highlighted the potential for trade through non-procedural channels and is pushing for improved traceability, LBMA standards, mining governance, and gold absorption by Bank Indonesia. Bank Indonesia's gold reserves currently stand at only 87.1 tons, or 7.7% of total reserves, so increasing domestic gold reserves is considered a potential additional stabilizer during global economic turmoil. JCI closed down 1.13% at the 6,301.77 level. Throughout Thursday's (08/13) trading, JCI moved in a range of 6,281.57 – 6,390.33. Foreign investors booked a net sell of Rp1.39 trillion in the Regular Market and Rp1.41 trillion across all markets. Foreign fund inflows were mainly directed into BBCA, BBRI, BBNI, GGRM, and EMAS, while the largest selling pressure occurred in TPIA, PTRO, BRPT, DSSA, and ASII. In the foreign exchange market, the Rupiah was relatively stable around Rp17,870/US$ as the US dollar tended to be flat ahead of the July US PPI release. Domestically, attention was focused on the government's commitment to keeping the 2026 state budget deficit below 3% of GDP, supported by tax revenue growth of more than 23% YoY in January–July 2026. Meanwhile, the 2027 draft state budget (RAPBN), to be delivered today, is expected to maintain a domestic consumption-based policy. Technically, JCI formed a bearish candle after again failing to break through the 6,377 resistance, closing slightly below the EMA10 (6,306.90), but still holding above the EMA20 (6,251.87) and EMA50 (6,269.92). This condition indicates short-term bullish momentum is starting to weaken, though the higher low structure remains intact as long as JCI can hold above the EMA20 – EMA50 area. The RSI (14) at 54.43 remains in neutral-bullish territory, leaving room for further strengthening open. As long as it holds above 6,270 – 6,252, the chance of retesting 6,377 remains open, with a further target of 6,460 – 6,550, while the next major resistance is around 6,723. Conversely, should JCI break below 6,270 – 6,252, correction pressure could potentially continue toward 6,186 (gap area) down to 6,105. KIWOOM RESEARCH advises accumulate on weakness as long as JCI holds above 6,252, or buy on breakout should it manage to break through 6,377, with a trailing stop should it close below 6,252.

KSI Lunch Report 13 August 2026

Market Review (Session 1) In session 1, JCI closed down -1.18% to the level of 6,298.34. Market Prediction (Session 2) JCI: Index closed negative with bearish candle. JCI is expected to remain volatile with a tendency to weaken. • ELSA: Price closed at 685 (-2.84%) 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. • ENRG: Price closed at 1,340 (+1.52%) and highest at 1,435 (+8.71%). Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. • EXCL: Price closed at 2,600 (+1.56%) and highest at 2,640 (+3.12%). Prices still have the opportunity to strengthen to the target. Be careful if the price reverses into a bearish candle or weakening. • JPFA: Price closed at 2,260 (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. Bank Amar Indonesia Tbk. (AMAR) welcomed the proposed universal banking concept being prepared by the OJK, as President Director Vishal Tulsian said the bank is enthusiastic about adopting the concept to provide more diverse financial products that can help MSMEs and optimize technology to create added value for society. • PT. Garuda Indonesia (Persero) Tbk. (GIAA) made changes to its board of directors, with the Board of Commissioners temporarily dismissing Reza Aulia Hakim as Commercial Director effective August 14, 2026, while another board member will serve as Acting Commercial Director and operations will continue normally.

KSI Technical Recommendation 13 August 2026

Jakarta Composite Index JCI closed up 1.69% at the 6,373.85 level on Wednesday's trading (08/12), moving in a range of 6,272.30 – 6,373.85. Foreign investors recorded a net buy of Rp482.79 billion in the Regular Market and Rp725.40 billion across all markets. Technically, JCI formed a bullish marubozu and closed higher at 6,373.85, once again testing the 6,377 resistance area after managing to hold above the EMA10 (6,308), EMA20 (6,247), and EMA50 (6,269). This condition indicates short-term bullish momentum is strengthening again with the higher low structure still intact. The RSI (14) at 59.19 indicates there is still room for gains and has not yet entered overbought territory. As long as JCI can hold above 6,308 – 6,269, the chance of a breakout above 6,377 remains open, with a strengthening target toward 6,462 up to 6,550, while the next major resistance is around 6,635 / 6,723. Conversely, should it fail again to break through 6,377 and fall below 6,308, JCI could potentially test 6,269, then 6,247 as the main support area. KIWOOM RESEARCH advises a buy on breakout above 6,377 or accumulate on weakness as long as JCI holds above 6,269, with a trailing stop should it close below 6,247. ADVISE: Buy on break or accumulate on weakness and set your trailing stop. Stockpick: ELSA, ENRG, EXCL, JPFA.

KSI Morning Report 13 August 2026

KIWOOM Morning Equity – 13 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. WALL STREET GAINS AS US CPI EASES FED PRESSURE; MSCI KEEPS INDONESIA IN EMERGING MARKET US MARKET: Wall Street closed higher on Wednesday's trading (08/12/26), supported by July US inflation data that met expectations, easing concerns over a Fed rate hike. S&P 500 rose 0.3% to 7,748.50, Nasdaq Composite strengthened 0.5% to 26,588.49, while Dow Jones Industrial Average edged down slightly to 53,770.27. The gains were mainly supported by tech and AI stocks after CoreWeave and Super Micro posted strong results and revenue outlooks. INDONESIA: Indonesia's government debt reached Rp10,293.69 trillion, or 41.26% of GDP, through June 2026, up Rp1,819.79 trillion, or 21.5%, since the end of September 2024. Economists consider the 67.5% debt growth since 2020 to have outpaced nominal GDP growth of 64.9%, while the ratio of interest payments to fiscal revenue rose to 19% from 14.6% in 2022. Although still below the 60% of GDP limit, this trend needs to be monitored to maintain fiscal sustainability. - In addition, the 2026 state budget deficit widened to Rp689.15 trillion, or 2.68% of GDP, with debt financing needs reaching Rp832.21 trillion. Meanwhile, Standard Chartered raised its 2026 Indonesia growth projection to 5.3%, supported by consumption and investment, while cutting its global growth projection to 3.0% due to geopolitical, trade, and energy price risks. - Meanwhile, MSCI did not change the composition of Emerging Markets countries in the MSCI Frontier Emerging Markets Index after completing its 2026 Annual Country Review. This review showed no change to the list of Emerging Markets countries currently included in the index, so there was no composition change stemming from this annual review. MSCI made changes to the composition of the Indonesian stock index. In the MSCI Global Standard Indexes, no stocks were added, while CPIN and GOTO were removed from the index. Meanwhile, in the MSCI Small Cap Indexes, CPIN was added, while ARTO, BUKA, ESSA, FILM, HEAL, KPIG, RATU, SMGR, and TCPI were removed. JCI closed up 1.69% at the 6,373.85 level on Wednesday's trading (08/12), moving in a range of 6,272.30 – 6,373.85. Foreign investors recorded a net buy of Rp482.79 billion in the Regular Market and Rp725.40 billion across all markets. The largest foreign fund inflows went into PTRO, BREN, CUAN, BRPT, and BBCA, while the largest net sell was recorded in BMRI, TLKM, MEDC, UNTR, and MDKA. In the foreign exchange market, the Rupiah weakened to around Rp17,870/US$, pressured by a slightly stronger US dollar ahead of the US inflation data release and still-weak domestic indicators, particularly retail sales and consumer confidence. Technically, JCI formed a bullish marubozu and closed higher at 6,373.85, once again testing the 6,377 resistance area after managing to hold above the EMA10 (6,308), EMA20 (6,247), and EMA50 (6,269). This condition indicates short-term bullish momentum is strengthening again with the higher low structure still intact. The RSI (14) at 59.19 indicates there is still room for gains and has not yet entered overbought territory. As long as JCI can hold above 6,308 – 6,269, the chance of a breakout above 6,377 remains open, with a strengthening target toward 6,462 up to 6,550, while the next major resistance is around 6,635 / 6,723. Conversely, should it fail again to break through 6,377 and fall below 6,308, JCI could potentially test 6,269, then 6,247 as the main support area. KIWOOM RESEARCH advises a buy on breakout above 6,377 or accumulate on weakness as long as JCI holds above 6,269, with a trailing stop should it close below 6,247.

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