Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,200 (+37.9%)
Analyst: Yap Swie Cu

Maintaining conservative stance
• Expects recovery in residential segment sales
• Stable commercial sales outlook
• JV land sales to support remaining targets
• Re-iterate BUY with lower TP of IDR1,200

TLKM Indonesia (TLKM IJ)
BUY / TP: IDR:3,990 (+12.4%)
Analyst: Chandra Pasaribu

Brief Clarification
• Result announcement possibly in April 2026
• Fiber asset divestment continues to progress
• Seeing high competition in fiber
• Re-iterate BUY

XL Smart (EXCL IJ)
BUY / TP: IDR:3,400 (+17.6%)
Analyst: Chandra Pasaribu

Positive outcome post-merger
• Impacted from consolidation
• Focus on quality and synergy creation
• Upgrade in forecast – New TP is IDR3,400
• Upgrade TP to IDR3,400 – Upgrade to BUY

Unilever Indonesia (UNVR IJ)
BUY / TP: IDR:3,400 (+47.8%)
Analyst: Patrick Agustinus Nugroho

Signs of a turnaround story
• Without one-off
• Revenue and cost recovery
• Impact from divestment
• Re-iterate BUY with unchanged TP

Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:1,600 (+23.6%)
Analyst: Yap Swie Cu

Profit in 2025 beats on income adjustment
• Strong top-line growth amid accounting adjustment and expansion
• Modest expansion target, but with much better profitability in 2026
• Re-iterate BUY on positive outlook and attractive valuation

Indosat (ISAT IJ)
BUY / TP: IDR:3,000 (+36.4%)
Analyst: Chandra Pasaribu

Quarterly growth momentum
• Strong QoQ result in 4Q25
• Operating numbers on the right path to growth
• Moderate management guidance
• Maintain Re-iterate BUY with the new TP