Dharma Polimetal (DRMA IJ)
BUY / TP: IDR:1,200 (+25.7%)
Analyst: Alditya Galih Ramadhan

Margin missed estimates
• Results below estimates
• Margin in 2Q25: seasonal slowdown and high raw material costs
• DKI’s strategy is tactical amid softer demand
• Slight forecast adjustment; maintain our TP at IDR1,200

Astra International (ASII IJ)
BUY / TP: IDR:5,500 (+12.2%)
Analyst: Alditya Galih Ramadhan

Hefty earners continue to reshuffle
• Results in 2Q25: QoQ marks upturn due to business variations
• Auto margin: 4W narrows, cushioned by resilient 2W
• Portfolio shifts to keep up with the pack
• Re-iterate BUY with lower TP of IDR5,500

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,240 (+50.3%)
Analyst: Yap Swie Cu

In-line 1H25 results
• Revenue rebounded in 2Q25
• Lower margins on the change in revenue mix and the rise in opex
• Marketing sales in 1H25 remained on-track
• Continuance of government support for the property sector is to sustain resilient sales – Re-iterate BUY

TLKM Indonesia (TLKM IJ)
BUY / TP: IDR:3,720 (+22.7%)
Analyst: Chandra Pasaribu

Continuous headwinds
• Within expectation
• Operational numbers lack growth
• Strategies to create inflection point
• Re-iterate BUY with TP of IDR3,720

Bumi Resources Minerals (BRMS IJ)
BUY / TP: IDR:500 (+15.2%)
Analyst: Alditya Galih Ramadhan

One-off items slow down growth
• Irregular losses distort projections
• Outlook for 2H25: Gold production lags and we trim guidance
• Fine-tune our margin for this year
• Uplifted margin, more upsides warrant rating upgrade

Astra Otoparts (AUTO IJ)
BUY / TP: IDR:3,000 (+41.5%)
Analyst: Alditya Galih Ramadhan

Fully charged amid softer outlook
• Normalized (norm) income grew modestly
• Sustainable earnings remain persist
• Favorable runway for OEM to beat industry growth
• We favor its margin flexibility – TP retained at IDR3,000