Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,010 (+87.0%)
Analyst: Yap Swie Cu

Resilient despite headwinds
• Seasonally soft 1Q26 results
• Margin amid change in sales mix improved
• Challenging outlook, but strong franchise underpins its resilience
• Re-iterate BUY with trimmed TP of IDR1,010

Macro-economics
Analyst: Chandra Pasaribu

Inflationary pressure from fuel
• Hikes in fuel price and rice
• Trade deficit at US$1.6mn
• Weaker PMI at 46
• Overhang remains in the market

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

Navigates ambient headwinds
• On-Demand Services (ODS) division feels headwinds from reduced take-up rate
• FinTech to focus on organic growth
• Profitability gain remains primary goal

Banking Sector
Analyst: Yap Swie Cu

Resilient 5M26 results, tougher road ahead
• BMRI and BRIS continued to deliver solid earnings
• Robust BBTN’s net profit was driven primarily by lower provisioning expenses
• BBNI’s strong PPOP growth was reduced by soaring provisions
• Dividend income boosted BBRI’s May profit
• BBCA still showed softer performance, but is a safer pick during the challenging environment

Indocement (INTP IJ)
BUY / TP: IDR:6,290 (+56.5%)
Analyst: Chandra Pasaribu

Demand recovery
• Domestic demand shows positive momentum
• INTP tries to find balance in ASP and volumes
• Relief from lower oil price
• Re-iterate BUY

Banking Sector
Analyst: Yap Swie Cu

Another rate hike as commitment to preserve macro-economic stability
• Focusing on Rupiah (IDR) stabilization
• Banks performance to remain resilient
• Top Picks: BBCA and BMRI