Indonesia Strategy

Research evidence excerpt

Indonesia Strategy

le to select stocks in Asia/Australia/NZ

12-month target – Expected share price *equivalent fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Astra International (ASII IJ) None

Outperform

12-month target:IDR6,625 - Sum of

Parts

Valuation: IDR 5,300-7,300 - Sum of

Price:IDR6,025

Bank Central Asia (BBCA IJ) None

12-month target:IDR7,000 - Price to

Book

Valuation: IDR 9,068 - DCF (WACC

12.8%, beta 1.0, ERP 6.0%, RFR 7.0%,

TGR 7.0%)

Price:IDR5,950

Telkom Indonesia None

(Persero) (TLKM IJ)

12-month target:IDR3,200.00 - DDM

Valuation: IDR 3,500 - DCF (WACC

10.1%, beta 0.9, ERP 5.5%, RFR 7.0%)

Price:IDR3,130

Target Price Risk Disclosures

Company Name Risk Disclosure

Lower-than-expected 4W/2W sales. Astra International (ASII IJ) •

Lower-than-expected commodity prices. •

Lower-than-expected margins. •

20 May 2026 2