Merdeka Battery Materials (MBMA IJ)
BUY / TP: IDR:750 (+40.2%)
Analyst: Alditya Galih Ramadhan

Cornerstones for upswing
• Operational turnaround is in progress
• Margins expanded favorably
• What do these metrics say?
• TP remains unchanged at IDR750

Banking Sector
Analyst: Yap Swie Cu

Earnings to pick up on faster expansion
• BBCA, BRIS continued to deliver resilient operational performance
• BMRI, BBRI, BBNI and BBTN showed gradual earnings improvement in the past months
• Sector expects better months ahead

Macro-economics
Analyst: Chandra Pasaribu

Positive vibes
• Inflation remained relative unchanged at 2.72% YoY
• Weaker surplus of US$2.4bn
• PMI number is favorable
• Continuous positive momentum

Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:1,600 (+34.5%)
Analyst: Yap Swie Cu

Loan acceleration to drive earnings
• Lending reached the highest annual growth in October
• Earnings started to reflect impact of loan growth acceleration
• Re-iterate BUY on its positive outlook and attractive valuation

Indonesia Equity Market
Analyst: Chandra Pasaribu

Core sectors as choice
• Easing interest rate cycle
• Pro-growth policies within similar budget discipline
• Back to basics
• Index target at 9,208-9,317 from modest growth

Indofood CBP Sukses Makmur (ICBP IJ)
BUY / TP: IDR:12,500 (+45.3%)
Analyst: Patrick Agustinus Nugroho

Defensive resilience meets growth drivers
• Main beneficiaries from improving macro backdrop
• Mature domestic moat with improving cost tailwinds
• Global Diversification
• We change our recommendation to Buy and resume coverage with a TP of IDR12,500