Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,240 (+38.5%)
Analyst: Yap Swie Cu

Off to slow start for 2025
• Seasonality had an impact on the 1Q25 result
• Lower margins on change in revenue mix and rise in operating costs
• On-track 1Q25 marketing sales
• We re-iterate BUY amid strong fundamentals and attractive valuation

Sarana Menara Nusantara (TOWR IJ)
BUY / TP: IDR:810 (+39.7%)
Analyst: Chandra Pasaribu

Playing the long game
• Steady revenue expectation
• Rights issue in progress
• Continues to explore inorganic growth
• Re-iterate BUY – Placed to overcome consolidation hurdle

Bank Central Asia (BBCA IJ)
BUY / TP: IDR:10,500 (+8.2%)
Analyst: Yap Swie Cu

Maintains earnings resilience
• Resilient top-line income
• One-off items caused fluctuation in monthly net profit
• Excellent cost controls
• Re-iterate BUY, a defensive pick amid rising uncertainties

Erajaya Swasembada (ERAA IJ)
BUY / TP: IDR:610 (+17.3%)
Analyst: Chandra Pasaribu

Positive momentum
• All about iPhone 16
• Upbeat on Erablu
• Diversification toward non-digital products
• Re-iterate BUY with TP of IDR610

Erajaya Swasembada (ERAA IJ)
BUY / TP: IDR:610 (+22.5%)
Analyst: Chandra Pasaribu

Expects improvement in 2Q25
• Slightly below expectation
• Absence of iPhone16 sales
• Modest store expansion
• Re-iterate BUY with TP of IDR610

Astra International (ASII IJ)
BUY / TP: IDR:5,800 (+20.6%)
Analyst: Alditya Galih Ramadhan

Tactical tilts are under way
• Below our expectation
• Drag on automotive sales; forecast cuts
• Diversification buffers the softening sectors
• Slowdown in hefty contributors – TP downgraded to IDR5,800