Trade Balance
Analyst: Chandra Pasaribu

Nation maintains surplus
• Exports were up +10.7% MoM and +10.3% YoY
• Import also up +16.5% MoM and +17.5% YoY
• US is a significant trading partner
• Trade surplus supports IDR FX rate

Aspirasi Hidup Indonesia (ACES IJ)
HOLD-OPF / TP: IDR:930 (+11.4%)
Analyst: Laras Nadira

Inventory, shared loss to stifle FY2024 gains
• High inventory in 4Q24
• Earnings revised down due to shared loss from ruparupa.com
• Margin requires time to revert to pre-pandemic dimensions
• Maintain HOLD with the same TP

XL Axiata (EXCL IJ)
BUY / TP: IDR:3,160 (+42.9%)
Analyst: Chandra Pasaribu

Witnesses softer spending
• One-offs suppress number below expectation
• Operational matrix reflecting retreat
• Fiber segment pushes towards FMC
• Re-iterate BUY, TP: IDR3,160

Aspirasi Hidup Indonesia (ACES IJ)
HOLD-OPF / TP: IDR:930 (+8.8%)
Analyst: Laras Nadira

Poised for only modest FY2025 showing
• In line with expectations
• Sales above pre-pandemic level
• Anticipate soft FY2025 growth
• Downgrade to HOLD-OPF, lower TP of IDR930

 Astra International (ASII IJ)
BUY / TP: IDR:6,200 (+22.8%)
Analyst: Alditya Galih Ramadhan

Diversification protects its resiliency
• Flat results as expected
• FS cushions lackluster auto market
• What lies ahead: potential growth from small subs
• Dividend charm continues amid shift – Re-iterate BUY

Surya Semesta Internusa (SSIA IJ)
BUY / TP: IDR:1,800 (+61.4%)
Analyst: Yap Swie Cu

Progresses well
• Construction performance exceeded target
• Melia Bali’s temporary closure is to significantly reduce hospitality segment revenue in 4Q24 and 2025
• Expects a jump in property segment revenue in 4Q24
• Stronger balance sheet after SCS divestment and loan repayment
• Re-iterate BUY amid attractive valuation