Macro-economics
Analyst: Chandra Pasaribu

Short-lived momentum
• Exports were up +6.0% MoM and +3.2% YoY
• Imports gained +0.4% MoM and +5.3% YoY
• Improved trade balance
• Strong surplus might not be sustainable

Mitratel (MTEL IJ)
BUY / TP: IDR:760 (+33.3%)
Analyst: Chandra Pasaribu

Consolidation to put brakes on growth
• Higher-than-expected depreciation, below expectation
• Short-term growth on softer side
• Expecting a lower TP of IDR755
• Re-iterate BUY – New TP of IDR760 (US$0.05)

Pertamina Geothermal (PGEO IJ)
BUY / TP: IDR:1,025 (+19.2%)
Analyst: Chandra Pasaribu

Steady result
• Within expectation
• Production volume up +4.7% YoY
• Expanding to 1GW in the next 2-3 years
• We downgrade our TP to IDR1,025, but re-iterate our BUY call

Sarana Menara Nusantara (TOWR IJ)
BUY / TP: IDR:810 (+54.3%)
Analyst: Chandra Pasaribu

Consolidation leads to softer expectations
• Within expectation, a soft performance
• Soft expectations
• Neutral impact from reciprocal tariffs
• Re-iterate BUY – Upside expected post-acquisition

Merdeka Battery Materials (MBMA IJ)
BUY / TP: IDR:580 (+121%)
Analyst: Alditya Galih Ramadhan

Operational hiccups to this year
• Earning beat estimates
• HGNM operation halts, while other guidance is unchanged
• Operation monetization to leverage the expansion
• We trim our TP to IDR580

Equity Market
Analyst: Chandra Pasaribu

Broad-based impact from US tariffs
• Taking the negotiation route
• Challenges and opportunities
• Anticyclical policies
• Macro to impact equities