Surya Semesta Internusa (SSIA IJ)
BUY / TP: IDR:1,800 (+61.4%)
Analyst: Yap Swie Cu

Progresses well
• Construction performance exceeded target
• Melia Bali’s temporary closure is to significantly reduce hospitality segment revenue in 4Q24 and 2025
• Expects a jump in property segment revenue in 4Q24
• Stronger balance sheet after SCS divestment and loan repayment
• Re-iterate BUY amid attractive valuation

GDP growth
Analyst: Chandra Pasaribu

Gaining at slower pace
• Various service sectors posting robust growth
• Consumption growth slowed
• Seeing disconnect with listed companies
• Service Sector in favor

Indofood CBP (ICBP IJ)
BUY / TP: IDR:14,000 (+13.6%)
Analyst: Laras Nadira

Remains robust despite challenges
• Beat expectations due to forex
• Strong support from overseas
• Stable input cost for now
• Maintain BUY with new TP of IDR14,000

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,430 (+22.2%)
Analyst: Yap Swie Cu

To continue its solid performance
• Higher-than-expected revenue
• Earnings estimates revised up
• Government support for the property sector - Excellent franchise to accelerate asset monetization. Re-iterate BUY

Erajaya Swasembada (ERAA IJ)
BUY / TP: IDR:570 (+28.4%)
Analyst: Chandra Pasaribu

Improvement from new segment
• Above expectation from fast growth in new segment
• Strong contribution from handset and new business
• Upgrade in earnings leads to higher TP of IDR570
• Maintaining BUY recommendation with new TP of IDR570

Indocement (INTP IJ)
BUY / TP: IDR:8,800 (+28.0%)
Analyst: Chandra Pasaribu

Seasonality improvement
• Seasonality kicks in, slightly above expectation
• Volume up but ASP not fully covering cost
• Volume growth outlook is 1.5-2.0% in FY2025
• Maintain BUY, unwarranted valuation