Macroeconomics
Analyst: Chandra Pasaribu

Seasonality slows activity
• Exports slow -8.6% MoM, but gain +4.7% YoY
• Imports dropped faster at -15.2% MoM and -2.7% YoY
• Central bank governors’ meeting scheduled for this week
• Negative sentiment on coal and CPO

Merdeka Battery Materials (MBMA IJ)
BUY / TP: IDR:600 (+56.25%)
Analyst: Alditya Galih Ramadhan

Value enhancement afoot
• QoQ improvements in production
• Soft guidance but with more efficient operations
• Diversifications are under way
• We rerate our TP to IDR600

TLKM Indonesia (TLKM IJ)
BUY / TP: IDR:3,770 (+55.7%)
Analyst: Chandra Pasaribu

Navigates market dynamics
• Market condition remains challenging
• New offering in the youth segment
• Unchanged strategy in broadband
• TP trimmed to IDR3,770, but we re-iterate BUY

Indosat (ISAT IJ)
BUY / TP: IDR:2,860 (+76.0%)
Analyst: Chandra Pasaribu

Slows down in 4Q24
• Ahead of expectations
• Healthy operating performance
• Explores opportunities
• We slightly upgrade its TP to IDR2,860 and re-iterate BUY

Bank Syariah Indonesia (BRIS IJ)
BUY / TP: IDR:3,200 (+6.0%)
Analyst: Yap Swie Cu

Maintains upward trajectory
• Continued to deliver outstanding results in 4Q24
• Solid expansion in financing and funding
• More contribution from fee business
• Healthy financing quality

Trimegah Bangun Persada (NCKL IJ)
BUY / TP: IDR:1,200 (+79.1%)
Analyst: Alditya Galih Ramadhan

Remains a front-runner in the game
• Higher stake in ONC to scale up earnings
• Production expansion softens timid outlook
• Resilient margin remains foreseeable
• BUY on the low, we downgrade our TP to IDR1,200