Bank Mandiri (BMRI IJ)
BUY / TP: IDR:7,800 (+59.8%)
Analyst: Yap Swie Cu

Profit slightly rebounds in May
• Rebound in May profit
• Less aggressive lending, focus on liquidity improvement
• Soft 2Q25 results expected
• Re-iterate BUY on undemanding valuation and strong fundamentals

Trimegah Bangun Persada (NCKL IJ)
BUY / TP: IDR:1,200 (+81.8%)
Analyst: Alditya Galih Ramadhan

Plays it safe amid uncertainty
• Elevate production growth for this year
• Stay vigilant on the expansion
• Confidence boosted on shares paired with ESG review
• Maintain our TP at IDR1,200

Pertamina Geothermal (PGEO IJ)
HOLD-OPF / TP: IDR:1,370 (+3.8%)
Analyst: Chandra Pasaribu

Expansion on track
• New capacity around the corner
• Opportunity from long term electricity plan
• Exploring diversification
• We downgrade to HOLD-OPF with a new TP of IDR1,370

Sumber Alfaria Trijaya (AMRT IJ)
Not rated
Analyst: Patrick Agustinus Nugroho

Sustaining growth amid maturing market
• Sustaining growth
• Cautious expansion strategy
• Operational efficiency initiatives
• Valuation

Eagle High Plantations (BWPT IJ)
Not rated
Analyst: Alditya Galih Ramadhan

Elevates its attractiveness
• High crude palm oil (CPO) prices still provide comfort
• Levels up its productivity growth
• Confident tones to reduce leveraged conditions
• Ongoing enhancement, ameliorating its appeal

Bumi Resources Minerals (BRMS IJ)
HOLD OPF / TP: IDR:500 (+1.2%)
Analyst: Alditya Galih Ramadhan

Gold rush sets upcoming tone
• Flexibility to back organic expansion
• Sound EPS growth carries forward to this year
• More cycles to come
• We await the *retracement and resume coverage with a TP of IDR500 (US$0.03)