Banking Sector
Analyst: Yap Swie Cu

Enters a rising rate cycle
• The rate hike to strengthen rupiah (IDR), incentives to boost lending
• Funding cost pressure for banks with unfavorable funding structure
• BBCA as a defensive choice

TLKM Indonesia (TLKM IJ)
BUY / TP: IDR:3,400 (+10.4%)
Analyst: Chandra Pasaribu

Changes accounting policy
• Below expectation from one-offs
• B2C segment gaining QoQ
• Refining transparency and accountability
• Our downgraded TP is IDR3,400 – Re-iterate BUY

XL Smart (EXCL IJ)
BUY / TP: IDR:3,400 (+12.2%)
Analyst: Chandra Pasaribu

Integration in progress
• Integration in motion
• Cost structure showing norm shape
• Focusing on quality subscribers
• Re-iterate BUY

Mitratel (MTEL IJ)
BUY / TP: IDR:700 (+37.3%)
Analyst: Chandra Pasaribu

More details on 1Q26
• Quarter revenue affected by potential renewal
• Keeping its target for 2026
• Keeps door open for inorganic growth
• Re-iterate BUY with TP of IDR700

Bank Syariah Indonesia (BRIS IJ)
BUY / TP: IDR:2,840 (+55.2%)
Analyst: Yap Swie Cu

Solid 1Q26 results
• Robust top-line growth and fee income supported 1Q26 earnings
• Gold business emerged as the key earnings driver
• Stronger funding franchise
• Re-iterate BUY on strong fundamentals, attractive growth prospects

Pertamina Geothermal (PGEO IJ)
BUY / TP: IDR:1,515 (+45.7%)
Analyst: Chandra Pasaribu

New capacity drove growth
• Additional capacity to drive growth
• Growth to normalize in 2H26
• Next milestone 1GW
• Re-iterate BUY with TP of IDR1,515