Gojek Tokopedia (GOTO IJ)
BUY / TP: IDR:90 (+63.6%)
Analyst: Research Team

Drumbeat of turnaround
• On-Demand Services (ODS) to be focused on low-hanging fruit
• TikTok Shop synergies – Marginal impacts for now
• Earnings turnaround as a crucial safety net
• Re-iterate BUY call with TP of IDR90

Bank Syariah Indonesia (BRIS IJ)
BUY / TP: IDR:3,000 (+11.5%)
Analyst: Yap Swie Cu

New leadership strengthens growth pillars
• Addressing the challenges
• Sticking to gold, payroll, and Hajj (Muslim-pilgrimage-linked) business to drive future growth
• Re-iterate BUY amid promising business outlook

Cikarang Listrindo (POWR IJ)
BUY / TP: IDR:780 (+12.2%)
Analyst: Chandra Pasaribu

Green initiatives
• Biomass as alternative fuel
• Rooftop solar expansion
• Road map to net zero emissions in 2060
• Re-iterate BUY, unchanged TP of IDR780

United Tractors (UNTR IJ)
HOLD-UPF / TP: IDR:25,300 (-2.9%)
Analyst: Chandra Pasaribu

Gold mine acquisition
• Doup acquisition
• Estimating potential value
• Operational numbers are intact
• Re-iterate Hold-UPF until better clarity on the gold mine

Sector snapshot
Analyst: Alditya Galih Ramadhan

Overlooked base metals
• Nickel: our top pick remains
• What has been the catch lately?.
• Volume strategy is intact – Expect turning points in 2H25
• Maintain overweight on base metals

Banking Sector
Analyst: Yap Swie Cu

Mixed 8M25 results
• Resilient expansion supported BBCA and BRIS earnings
• One-off adjustments had a significant impact on BMRI and BBTN’s results
• Stable earnings in BBRI and BBNI
• State banks to face greater uncertainty