Trade Balance
Analyst: Chandra Pasaribu

Surplus maintained
• Exports slipped -1.7% MoM but still up +9.1% YoY
• Imports were on the weaker side, down -10.7% MoM, flat YoY
• Trade surplus to support exchange rate
• Interest rate policy, market consensus being split

Nickel snapshot
Analyst: Alditya Galih Ramadhan

Dynamic macro navigates the trajectory
• NPI remains stable, supported by stainless steel demand
• Supply chain disruption is present amid oversupply
• Expect more incentives from China
• Challenges linger, volume-game remains a sweetener

XL Axiata (EXCL IJ)
BUY / TP: IDR:3,160 (+41.1%)
Analyst: Chandra Pasaribu

Merger sealed
• Structure of the deal
• Potential synergies
• Operating matrix
• Re-iterate BUY and TP of IDR3,160

Mitratel (MTEL IJ)
BUY / TP: IDR:820 (+22.4%)
Analyst: Chandra Pasaribu

Fiber acquisition completed
• Nature of the transaction
• UMT operating numbers
• Acquisition estimates at EV/EBITDA of 9.0x
• Re-iterate BUY as acquisition is fair

Unilever Indonesia (UNVR IJ)
HOLD-OPF / TP: IDR:2,000 (+6.7%)
Analyst: Laras Nadira

Expects modest improvement in 2025
• One-off gain from ice cream business
• Trade-in stocks need time to resolve
• Potential recovery in 2025
• Maintained HOLD-OPF with TP IDR2,000

Inflation
Analyst: Chandra Pasaribu

Picks up pace on higher food costs
• Inflation from low harvest season
• PMI suggests level to continue on the weak side
• Impacted by low season
• Remain cautious