Dharma Polimetal (DRMA IJ)
BUY / TP: IDR:1,200 (+29.0%)
Analyst: Alditya Galih Ramadhan

Results for 4Q24 in line with estimates
• One-off gain drags the growth
• Opportunity surfaces amid 4W slowdown
• What’s next for the non-OEM segment?
• Downgrade our TP to IDR1,200 (US$0.07)

Mining snapshot
Analyst: Alditya Galih Ramadhan

Built up pain for mining firms
• What’s fresh with the newly proposed royalty?
• Metal’s margin is at risk, while coal delivers mixed results
• Another barrier is in sight
• Who will bear the heaviest burden?

 XL Axiata (EXCL IJ)
BUY / TP: IDR:2,960 (+30.4%)
Analyst: Chandra Pasaribu

Three-player market
• Immediate impact
• Synergy value creation is set to be US$300-400mn
• Potential value up to IDR3,230
• Maintain BUY

Astra International (ASII IJ)
BUY / TP: IDR:6,200 (+25.8%)
Analyst: Alditya Galih Ramadhan

Flattish earnings amid operational shifts
• In line with our mark, with a slight beat vs consensus
• FS defended the dynamic auto sector
• Strategy onward: stable payouts and synergy enhancement
• Minor corrections ahead – We retain our TP

Bank Syariah Indonesia (BRIS IJ)
BUY / TP: IDR:3,200 (+22.6%)
Analyst: Yap Swie Cu

New business ventures to fuel earnings growth
• Excellent performance from gold businesses
• Promising outlook from more product launches, better penetration
• Further efforts to expand the business
• Strong earnings growth to continue. Re-iterate BUY

United Tractors (UNTR IJ)
BUY / TP: IDR:31,600 (+26.8%)
Analyst: Chandra Pasaribu

Softer result from mixed prices
• Below of expectation
• Robust operation numbers
• Preserves a conservative balance sheet
• Upgrade to BUY on newly raised TP of IDR31,600