J.P. Morgan ASEAN FTM 24 Jul 26 ARTO: High profit growth vs. industry sustains; MY Strategy: Finding the next re-rating; KDCREIT: Clarity over future earnings drivers; AKRA: CCC robust; MINT: DPU downtrend

Research evidence excerpt

J.P. Morgan ASEAN FTM 24 Jul 26 ARTO: High profit growth vs. industry sustains; MY Strategy: Finding the next re-rating; KDCREIT: Clarity over future earnings drivers; AKRA: CCC robust; MINT: DPU downtrend

Aditya Srinath AC Asia Pacific Equity Research

(65) 6882-7138 24 July 2026 J P M O R G A N

aditya.srinath@jpmorgan.com

Our First Take: AKRA reported 2Q26 PATMI of Rp774bn, up by 18% q/q and 26% y/y. While earnings look good at first glance,

this was largely driven by a 41ha JIIPE land sale during the quarter, which likely attributed around Rp200bn to the bottom line

(rule of thumb: every 1ha accounts for ~Rp5bn attributable earnings to AKRA). 2Q26 trading and distribution (T&D) gross profit

fell by 10% q/q, which was a negative surprise. The share price reacted negatively to the print, likely driven by the sequential

decline in T&D margins. However, we highlight that AKRA’s cash conversion cycle (CCC) remains robust at -19 days in 2Q26

despite the significant increase in diesel prices, with cash balance up by Rp2.2tn in 1H26 vs. end of 2025. 1H26 OCF stood at

Rp4tn, derived from Rp1.8tn of EBITDA and the remainder via working capital improvements. We believe this supports our

expectation for a Rp125/sh annual dividend per share (vs. normal Rp100/sh), implying a 9% yield. Stay OW.

Mapletree Industrial Trust (Mervin Song, CFA) (MINT SP, UW, PT S$1.85), Singapore

First Take: DPU still on a downtrend

Our First Take: 1QFY27 results were broadly in line with our and street expectations. 1Q27 DPU came in at 3.11 Scts, down

4.9% YoY but up 0.6% QoQ. The main YoY drags were the absence of income from prior Singapore divestments, North

America lease non-renewals and FX headwinds. The QoQ improvement was due to higher Singapore contribution from new