Banking Sector
Analyst: Yap Swie Cu

Results for 4M26 in line with estimates
• BMRI and BRIS delivered the strongest earnings
• BBCA maintained stability despite slower growth
• BBRI and BBNI reveal modest performance
• Lower provisions drove BBTN’s profit
• Our top picks: BBCA and BMRI

Sarana Menara Nusantara (TOWR IJ)
BUY / TP: IDR:610 (+81.5%)
Analyst: Chandra Pasaribu

Consolidates an affiliate
• Within expectation despite newly consolidated affiliates
• Defending revenues
• Downgrading earnings forecast
• Re-iterate BUY with a lower TP of IDR610

Telkom Indonesia (TLKM IJ)
BUY / TP: IDR:3,400 (+19.3%)
Analyst: Chandra Pasaribu

Changes accounting policy
• Within expectation at low end
• Promising outlook in B2C segment
• OM cost increase to be sustained
• Re-iterate BUY – Unchanged TP of IDR3,400

Macro-economics
Analyst: Chandra Pasaribu

Impact from rising costs
• Inflation with subsidy in place
• Trade surplus falls to US$89mn
• PMI still at 50 – No change
• Selective picks

Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:1,600 (+26.0%)
Analyst: Yap Swie Cu

Enhancing lending beyond mortgages
• Expanding non-mortgage consumer lending
• Toward a more balanced loan mix portfolio
• Soft top-line performance amid assets contraction
• Re-iterate BUY on undemanding valuation

Perusahaan Gas Negara (PGAS IJ)
BUY / TP: IDR:2,630 (+38.8%)
Analyst: Chandra Pasaribu

Gas price increase in sight
• Gas distribution returns to normal pace
• Expecting gas price increase
• Impact is neutral to slightly positive
• Re-iterate BUY, utility in USD in revenue and cost