Trade Balance
Analyst: Chandra Pasaribu

Wider surplus as imports drop
• Export slipped -5.8% MoM, but up +6.4% YoY
• Imports falling faster of -8.9% MoM, but better +8.6% YoY
• Surplus up to US$3.3bn
• Positive mood building from upcoming presidential inauguration

Industri Jamu Sido Muncul (SIDO IJ)
BUY / TP: IDR:750 (+17.2%)
Analyst: Laras Nadira

Prepare raincoats and Tolak Angin
• Expect robust 2H24, driven by the monsoon
• Continuous growth in export markets
• Attractive entry point
• Upgrade to BUY with unchanged IDR750

 Merdeka Battery Materials (MBMA IJ)
BUY / TP: IDR:740 (+32.1%)
Analyst: Alditya Galih Ramadhan

Greater output leads to positive earnings
• Below our estimates
• HPAL portfolios fortified despite minor delay in *CATL
• Key assumptions revised
• Downgrade TP to IDR740 but re-iterate BUY

Sarana Menara Nusantara (TOWR IJ)
BUY / TP: IDR:1,045 (+23.7%)
Analyst: Chandra Pasaribu

Looking into the future
• IBST clean up
• Mitigating impact of potential EXCL-FREN merger
• Creating synergy from tower and fiber businesses
• Re-iterate BUY call, TP: IDR1,045

Sarana Menara Nusantara (TOWR IJ)
BUY / TP: IDR:1,045 (+20.1%)
Analyst: Chandra Pasaribu

Marks tepid growth
• Within expectation
• Operational numbers remain lukewarm
• Potential improvement from lower interest
• Unchanged TP of IDR1,045 – Re-iterate BUY

Inflation
Analyst: Chandra Pasaribu

Fifth month of deflation
• Further deflation
• PMI still below no-change 50 mark
• Tourism sector remains busy
• Lower interest could be warranted