Indocement (INTP IJ)
BUY / TP: IDR:6,290 (+25.2%)
Analyst: Chandra Pasaribu

Improving volumes
• Mainly in line, dominated by volume growth
• Getting higher volumes is key to profitability
• Remain cautious on 2H26 outlook
• Re-iterate BUY call with TP IDR6,290

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,010 (+78.8 %)
Analyst: Yap Swie Cu

Still soft 2Q26, stronger 2H26 expected
• Lower residential revenue recognition and the high base of JV land sales in 1H25 weighed on 1H26 earnings
• Margins improve across all segments
• High-end launches supported 1H26 presales; bulk JV land sales expected to drive 2H26 performance
• Re-iterate BUY on resilient fundamentals

Telkom Indonesia (TLKM IJ)
BUY / TP: IDR:3,400 (+24.1%)
Analyst: Chandra Pasaribu

Restructuring makes progress
• In-line with expectation, gradual improvement
• Segmental perspective, B2C large contribution
• Soft QoQ operational matrix
• Re-iterate BUY with our TP of IDR3,400

Macro-economics
Analyst: Chandra Pasaribu

Deflation spurred by volatile food prices
• Deflation from volatile components
• Trade deficit to scale back to US$450mn
• PMI to recover to 50.2
• Consolidation in the equity market

GoTo Gojek Tokopedia (GOTO IJ)
Not rated
Analyst: Research Team

Growth in FinTech & E-Commerce, turbulence in ODS
• On-Demand Services (ODS) two-wheeler business to have its adj. EBITDA dragged, but remains positive for overall mobility business
• FinTech to take over to maintain initial guidelines
• Share prices are top concern

Pertamina Geothermal (PGEO IJ)
BUY / TP: IDR:1,515 (+50.0 %)
Analyst: Chandra Pasaribu

Enjoys contribution from new capacity
• Within expectation
• Expects normalization in 2H26
• Capex spending was conservative
• Sound results – Re-iterate BUY with TP of IDR1,515