Gojek Tokopedia (GOTO IJ)
BUY / TP: IDR:90 (+52.5%)
Analyst: Research Team

Favorable earnings offer a ray of light
• 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

Alamtri Minerals Indonesia (ADMR IJ)
BUY / TP: IDR:1,600 (+15.9%)
Analyst: Alditya Galih Ramadhan

Parlays on next quarter results
• High G&A slightly dragged on earnings
• Higher QoQ sales volume is expected
• Kalimantan Aluminum (KAI)’s progress remains on track
• Upgrade our TP to IDR1,600

Macroeconomics
Analyst: Chandra Pasaribu

Sound but slowing
• Uptick in inflation to 2.86% YoY
• Another trade surplus, marking US$4.3bn
• Other matrices affected by seasonality
• Macro numbers support positive momentum

Indosat (ISAT IJ)
BUY / TP: IDR:2,860 (+50.1%)
Analyst: Chandra Pasaribu

Gaining on cellular revenue
• Better than expectation
• Seeing sustainable operating matrix
• Fiber assets restructuring in motion
• Re-iterate BUY with an unchanged TP of IDR2,860

Pertamina Geothermal (PGEO IJ)
BUY / TP: IDR:1,800 (+35.8%)
Analyst: Chandra Pasaribu

Forex loss drags on results
• Weaker than expectation
• Generation Capacity up 8.2%.
• Conservative balanced capex
• Re-iterate BUY with unchanged TP of IDR1,800

Unilever Indonesia (UNVR IJ)
BUY / TP: IDR:3,400 (+25.5%)
Analyst: Patrick Agustinus Nugroho

Signs of a turnaround story
• Bottom line beat our figure
• Consistent and on track
• Projection revised
• Better entry price anticipated – Upgrade to BUY with changed TP