United Tractors (UNTR IJ)
BUY / TP: IDR:33,400 (+38.9%)
Analyst: Chandra Pasaribu

Revived gold mining starts to bear fruit
• Gold operation to resume
• Government decided to review coal production targets (RKAB)
• Nickel production target also under review
• Re-iterate BUY, slight downgrade in TP to IDR33,400

Unilever Indonesia (UNVR IJ)
BUY / TP: IDR:2,020 (+14.5%)
Analyst: Erdji Herlando

Gains stem from streamlined business
• Focus on power brands
• Building back margin
• Short-term softened purchasing power
• We initiate coverage with a re-iterated BUY recommendation and a TP of IDR2,020 (US$0.11)

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

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