Bank Negara Indonesia (BBNI IJ)
BUY / TP: IDR:6,400 (+13.3%)
Analyst: Yap Swie Cu

Shows signs of earnings improvement
• Solid 3Q24 results
• Lending and funding initiatives started to show promising effect
• Maintaining controllable loan quality
• Decline in rates to benefit BBNI further. Re-iterate BUY

 Unilever Indonesia (UNVR IJ)
HOLD-OPF / TP: IDR:2,200 (+4.8%)
Analyst: Laras Nadira

Faces severe headwinds in 2024
• Earnings came below expectations
• Weak sales outcome, UVG lagged
• Earnings forecast revised down
• Maintained HOLD-OPF with lower TP of IDR2,200

Industri Jamu Sido Muncul (SIDO IJ)
BUY / TP: IDR:700 (+12.0%)
Analyst: Laras Nadira

Hopes for QoQ rebound in 4Q
• Earnings were slightly below expectations
• Soft 3Q24 sales
• Rebound expected in 4Q
• Re-iterate BUY but with a lower TP of IDR700

Homeco Victoria Makmur (LIVE IJ)
Not rated
Analyst: Laras Nadira

Still paving the way
• Trading is a major earnings contributor
• Manufacturing needs more time to settle
• Still in the early stages
• Waiting for an appealing entry point

Erajaya Swasembada (ERAA IJ)
BUY / TP: IDR:550 (+19.6%)
Analyst: Chandra Pasaribu

Temporary speed bump
• iPhone 16 certification delayed
• Importers not likely to fill the void
• Expanding other retail business
• Re-iterate BUY call despite the regulatory speed bump

Monthly snapshot
Analyst: Alditya Galih Ramadhan

A look back at 3Q24
• Seasonality drives QoQ volume
• Peek at xEV investment development
• Auto sector embraces rate cuts
• Neutral on sector, BUY calls on AUTO and ASII