Sarana Menara (TOWR IJ)
BUY / TP: IDR:540 (+53.4%)
Analyst: Chandra Pasaribu

Fading headwinds
• Within expectation
• Stabilization of operations and growth from non-tower segment
• Strong balance sheet, partly exposed to higher interest
• Re-iterate BUY – TP trimmed to IDR540

Mitratel (MTEL IJ)
BUY / TP: IDR:620 (+85.6%)
Analyst: Chandra Pasaribu

Reveals subdued growth
• Within expectations on the weaker side
• Minor change in operational numbers
• Seeing rise in interest expenses
• TP trimmed to IDR620 – Re-iterate BUY

Pertamina Geothermal (PGEO IJ)
BUY / TP: IDR:1,390 (+46.3%)
Analyst: Chandra Pasaribu

Volume driven growth
• Above expectation from lower MESOP expenses
• Straight forward operating numbers
• Prioritizing five new projects
• Re-iterate BUY, with TP of IDR1,390

Perusahaan Gas Negara (PGAS IJ)
BUY / TP: IDR:2,640 (+86.6%)
Analyst: Chandra Pasaribu

Enjoying wider margins
• Beating expectation
• Consolidated distribution margin is at US$1.94/BBTU
• Continuous overhang from arbitrage with Gunvor
• Re-iterate BUY

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:810 (+73.1%)
Analyst: Yap Swie Cu

Higher 4Q26 revenue booking to lift earnings
• Revenue booking in 3Q26 remained subdued
• Stable QoQ margins with YoY improvements across all segments
• JV land sales expected to aid 4Q26 presales and revenue growth
• Re-iterate BUY with lower TP

Cikarang Listrindo (POWR IJ)
HOLD-OPF / TP: IDR:980 (+2.6%)
Analyst: Chandra Pasaribu

Feeling the kick from data centers
• Mild organic growth with support from financial incomes
• DC demand supported growth
• Upping capacity with new investment in combined cycle
• Downgrade to HOLD-OPF, upgraded TP to IDR980