Alamtri Minerals Indonesia (ADMR IJ)
BUY / TP: IDR:1,300 (+31.3%)
Analyst: Alditya Galih Ramadhan

Scaling up new heights
• Met coal > thermal, future anchor of the business
• Aluminum project buffers softening met coal operations
• Sound organic growth alongside re-investment potential
• Future cash cow for its holding, initiating with BUY IDR1,300

Indocement (INTP IJ)
HOLD-OPF / TP: IDR:5,800 (+5.9%)
Analyst: Chandra Pasaribu

Slow start to cement demand in 1H25
• Slow start in cement volume
• Cement pricing remains dynamic
• Downgrade in earnings
• Downgrade to HOLD-OPF

Archi Indonesia (ARCI IJ)
Not rated
Analyst: Alditya Galih Ramadhan

Exquisite gem revival is in sight
• Delve deep into its operations
• Expect performance comeback
• Beyond the recovery story: high-grade gold and geothermal
• Shadow the gold surge to retrieve its business

Bank Syariah Indonesia (BRIS IJ)
BUY / TP: IDR:3,000 (+10.7%)
Analyst: Yap Swie Cu

Earnings revised down on tougher outlook
• Tight funding competition
• Rising financing risk
• New fee-based businesses to support future growth. Re-iterate BUY with new TP of IDR3,000

Jasa Marga (JSMR IJ)
BUY / TP: IDR:5,330 (+49.3%)
Analyst: Chandra Pasaribu

Neutral impact from corporate action
• Buffers subsidiaries’ cash flow
• Neutral impact from tariff discount
• Tariff adjustment is on track
• Re-iterate BUY – TP IDR5,330

Indonesia Banking Industry
Analyst: Yap Swie Cu

BBCA retains earnings outperformance
• BBCA leads in profit growth
• BBRI remains under margin pressure
• Mixed performance across BMRI, BBNI, BBTN, and BRIS
• BBCA remains our top pick