J.P. Morgan ASEAN FTM 6 Jul 26: Data Watch; How to navigate the Indonesia Consumer space through time times; ISAT’s fiber assets spinoff; Lower EPS but stay OW on Hong Leong Bank; and MORE. Sun Jul 05 2026

Research evidence excerpt

J.P. Morgan ASEAN FTM 6 Jul 26: Data Watch; How to navigate the Indonesia Consumer space through time times; ISAT’s fiber assets spinoff; Lower EPS but stay OW on Hong Leong Bank; and MORE. Sun Jul 05 2026

Asia Pacific Equity Research

ASEAN First to Market 06 July 2026

Top Stories

ASEAN (Charnon Boonnuch)

• We expect BNM to stay on hold next week with a neutral stance with no revision to the growth outlook

• June CPI Inflation is likely to undershoot consensus forecasts again in the Philippines and Thailand

• ASEAN PMI in June supports our constructive view for Thailand but cautious outlook for Indonesia

• For Thailand, we have raised our 2026 GDP growth forecast substantially, but now expect a current account deficit

• For Indonesia, we will watch FX reserve data next week after May registered the first trade deficit since 2020

| Indonesia Consumer (Benny Kurniawan, CFA), Indonesia

Navigating the sector through tough times

Consumer names under our coverage have outperformed the JCI by +1% to +62% YTD despite multiple headwinds. That said,

absolute returns remain poor: only MAPI is up +30% YTD, while the rest are down -31% to +2% YTD. We acknowledge that

investor appetite for Indonesian consumer exposure has been low this year, but we see a selective opportunity to accumulate

quality names for longer-term holdings. Sector valuations have de-rated inline with market valuation (30% YTD) despite

minimal earnings cuts for companies under our coverage. We believe the consumer sector will be one of the beneficiaries of a

broader market rally and would urge investors to position selectively.

Indosat Tbk PT (Ranjan Sharma, CFA) (ISAT IJ, OW, PT Rp3,300), Indonesia

Indosat to receive~US$650mn cash proceeds from fiber asset spin-off; reiterate OW on ISAT