Erajaya Swasembada (ERAA IJ)
BUY / TP: IDR:610 (+22.5%)
Analyst: Chandra Pasaribu

Expects improvement in 2Q25
• Slightly below expectation
• Absence of iPhone16 sales
• Modest store expansion
• Re-iterate BUY with TP of IDR610

Astra International (ASII IJ)
BUY / TP: IDR:5,800 (+20.6%)
Analyst: Alditya Galih Ramadhan

Tactical tilts are under way
• Below our expectation
• Drag on automotive sales; forecast cuts
• Diversification buffers the softening sectors
• Slowdown in hefty contributors – TP downgraded to IDR5,800

Dharma Polimetal (DRMA IJ)
BUY / TP: IDR:1,200 (+22.4%)
Analyst: Alditya Galih Ramadhan

Earnings fell short of expectations
• Underperforms our call
• Margins are likely to normalize in the next quarters
• Updates on non-OEM expansion
• Guidance remains intact – We maintain our TP at IDR1,200

XL Axiata (EXCL IJ)
BUY / TP: IDR:2,960 (+35.8%)
Analyst: Chandra Pasaribu

Flattish performance
• Operations were within estimates
• Continue to display soft operating matrix
• Post-merger consolidation to start in 2Q25
• Downgrade in earnings, unchanged TP IDR2,960

Indocement (INTP IJ)
BUY / TP: IDR:6,500 (+28.1%)
Analyst: Chandra Pasaribu

Faces demand headwinds
• Behind expectation from seasonality
• Weak demand volume but with its outlook is improving
• Maintaining cost discipline and capex
• Undemanding valuation, BUY maintained

Gojek Tokopedia (GOTO IJ)
BUY / TP: IDR:100 (+20.5%)
Analyst: Research Team

Seasonality masked growth
• Flattish QoQ buffered by GoTo Financial (GTF) gains
• Festive season drags the ODS results
• Conservative loan underwrites, but NPL spiked in 1Q25
• Beyond the noise, GOTO’s improvements still justify a BUY