BEWARE OF FRAUDULENT SCHEMES CLAIMING TO REPRESENT PT VERDHANA SEKURITAS INDONESIA

• Please be cautious of any fraudulent schemes conducted by parties claiming to represent PT Verdhana Sekuritas Indonesia. These scams often use the name, logo, and identity of PT Verdhana Sekuritas Indonesia to pose as official company representatives.
  
• Identified scam methods include investment fraud, job offers, task assignments, or other programs that appear to offer monetary rewards or commissions. Please remain vigilant against other forms of fraud as well.
  
• These scams may be carried out through various media channels, including:
  1. Fake websites;
  2. Messaging apps such as WhatsApp, Telegram, SMS, etc.;
  3. Fake emails and letters;
  4. Fraudulent phone calls. 
• PT Verdhana Sekuritas Indonesia operates solely as a Securities Broker-Dealer and Underwriter. We are not an investment manager or an institution that offers investment programs, job offers, commission-based tasks, or other financial schemes directly to the public via social media, private messages, phone calls, or unofficial individual agents. We do not appoint any individual or third party to collect funds from the public. 
• We never request the public, prospective clients, or our clients to (1) conduct cash transactions or (2) transfer funds to any personal account of individuals claiming to be employees or representatives of PT Verdhana Sekuritas Indonesia.
  
• Official information from PT Verdhana Sekuritas Indonesia is communicated only through our official channels:
  Website: www.verdhana.id and www.verdhanaresearch.com 
  Email: info@verdhana.id
  Phone: (021) 5098 5799
  Address: Deutsche Bank Building, 18th Floor, Jl. Imam Bonjol No. 80, Jakarta 10310 
• If you receive any suspicious messages, offers, or solicitations conducted by parties claiming to represent PT Verdhana Sekuritas Indonesia, please do not respond and report them immediately to us via email at info@verdhana.id.

This announcement is hereby conveyed. Thank you for your attention and for placing your trust in PT Verdhana Sekuritas Indonesia.
Sincerely,

PT Verdhana Sekuritas Indonesia

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• Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - Lowering earnings estimates by 1.1-4.4%

  EW

  We lower FY25-27F EPS by 1.1-4.4% to reflect the challenging...

  TELECOMS Telekomunikasi Indonesia Persero TLKM TLKM JK TLKM IJ Erwin Wijaya

  5 months ago

• Bank Negara Indonesia (BBNI IJ) (Buy) - Revising earnings estimates and TP downward

  EW

  Following BBNI's YTD Jul-2025 results, we revise our FY25-27F...

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  5 months ago

• Bank Mandiri (BMRI IJ) (Buy) - Earnings updates; TP adjustment

  EW

  We revise our FY25F-27F earnings forecasts for BMRI to reflect the...

  BANKS Bank Mandiri BMRI BMRI JK BMRI IJ Erwin Wijaya

  5 months ago

• Bank Negara Indonesia (BBNI IJ) (Buy) - YTD Jul-25 soft results

  EW

  BBNI has released its bank-only Jul-25 results, which came in behind our ...

  BANKS Bank Negara Indonesia BBNI BBNI JK BBNI IJ Erwin Wijaya

  6 months ago

• XL Axiata (EXCL IJ) (Buy) - EXCL - Soft 1H25 Results Pending Merger Synergies

  EW

  EXCL’s 1H25 results came in below our projections. However,...

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  6 months ago

• Indonesia Banks - Strengthening tailwinds

  EW

  Liquidity conditions are turning more supportive. M2 growth has continued to...

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  6 months ago

• Bank Rakyat Indonesia (BBRI IJ) (Buy) - YTD Jul-25 profit -9% y-y

  EW

  BBRI has released its bank-only Jul-25 results, which came in...

  BANKS Bank Rakyat Indonesia BBRI BBRI JK BBRI IJ Erwin Wijaya

  6 months ago

• Bank Central Asia (BBCA IJ) (Buy) - Resilient YTD Jul-25 results

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  BBCA released its bank-only Jul-25 results on 19 August...

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  6 months ago

• Indonesia Banks - Flat interest rate subsidies

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  6 months ago

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  In Feb-25, we wrote about what it would take to improve sustainability in the cellular space...

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  6 months ago

• Indonesia Equity Strategy - Verdhana Connect – Indonesia Macro and Banks Day

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  6 months ago

• Indonesia Banks - Potentially lower yield for government bonds

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• Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - Earnings cut by ~6.9-7.3% post 1H25 adjustments

  EW

  Post 1H25 results, we have reduced our consolidated profit projections on TLKM by...

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  6 months ago

• Indosat (ISAT IJ) (Buy) - Earnings cut ~10-12% post 1H25 results

  EW

  Post ISAT's 1H25 results, which included profit that accounted for ~44% of our FY25F forecast...

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  6 months ago

• Indonesia Banks - More details on village cooperatives

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  6 months ago