Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:1,600 (+15.1%)
Analyst: Yap Swie Cu

Expects boost from liquidity injection
• Liquidity boost to spur lending expansion
• BBTN to benefit the most
• Re-iterate BUY on positive outlook and attractive valuation

Unilever Indonesia (UNVR IJ)
BUY / TP: IDR:2,000 (+18.0%)
Analyst: Patrick Agustinus Nugroho

Path to recovery
• Macro-economics improved
• Consistency is key
• Margin protection
• We change our recommendation to BUY and resume coverage with a TP of IDR2,000 (US$0.12

Bumi Resources Minerals (BRMS IJ)
BUY / TP: IDR:580 (+18.9%)
Analyst: Alditya Galih Ramadhan

Rosy gold outlook backs higher premium
• New cash flow avenues to fill up the void
• On-track copper exploration has upside potential
• Gold bull run radiates, elevating our implied ASP …
• …. with these to reflect on prices, we rerate our TP to IDR580

XL Smart (EXCL IJ)
HOLD-OPF / TP: IDR:2,720 (+5.0%)
Analyst: Chandra Pasaribu

Consolidation in motion
• Consolidation effective mid-April 2025
• Enlarged Operation matrix
• Management guidance
• Our post-consolidation target price (TP) is IDR2,720, which offers limited upside so we thus downgrade to HOLD-OPF

Perusahaan Gas Negara (PGAS IJ)
HOLD-OPF / TP: IDR:1,835 (+7.9%)
Analyst: Chandra Pasaribu

Improved margins QoQ
• Within expectation
• Continuous challenge from gas shortage
• Operational numbers in 7M25 relatively unchanged
• Downgrade to HOLD-OPF

Indonesian Banking Sector
Analyst: Yap Swie Cu

No major surprises in 7M25 results
• BBCA delivered the highest earnings quality, BRIS the second
• BBTN’s strong profit growth lifted by income recognition change
• Sluggish top lines for BMRI, BBRI, and BBNI
• Benchmark rate cuts came as catalysts for banks with weaker funding franchises