Bank Mandiri (BMRI IJ)
BUY / TP: IDR:7,300 (+44.6%)
Analyst: Yap Swie Cu

Profit in 2025 beat estimates on lower costs
• Lower-than-expected opex and provision expenses
• Robust expansion drove the stronger 4Q25 top line
• Modest 2026 targets
• Re-iterate BUY on attractive dividend yied

Bank Syariah Indonesia (BRIS IJ)
BUY / TP: IDR:3,000 (+26.1%)
Analyst: Yap Swie Cu

Solid 2025 results
• Robust upper-line earnings
• Escalating opex and provisions reduced bottom-line profitability
• Continues its robust outlook
• Re-iterate BUY on healthy fundamentals and promising business outlook

Bank Negara Indonesia (BBNI IJ)
BUY / TP: IDR:5,700 (+24.2%)
Analyst: Yap Swie Cu

Slightly below 2025 results on higher provisions
• Escalating 4Q25 provision reduced profitability
• Upper-line earnings slightly ahead of estimation
• To maintain conservative stance
• Re-iterate BUY on its attractive dividend yield

Merdeka Battery Materials (MBMA IJ)
BUY / TP: IDR:850 (+30.8%)
Analyst: Alditya Galih Ramadhan

Staying the course
• Top line is in line despite flattish QoQ
• RKAB remains an overhang, but guidance is within ours
• Key projects for this year: SLNC and AIM
• Still our nickel champion: Re-iterate BUY call with new TP of IDR850

Bank Central Asia (BBCA IJ)
BUY / TP: IDR:10,500 (+40.0%)
Analyst: Yap Swie Cu

In-line 2025 results
• Resilient top-line and manageable costs support 2025 results
• More positive but remain cautious
• Strong fundamentals and less demanding valuation. Maintain BUY

Astra International (ASII IJ)
HOLD-OPF / TP: IDR:6,500 (+3.2%)
Analyst: Alditya Galih Ramadhan

TSR softens fundamental outlook
• Poised to regain market share this year
• Compliance gaps trigger operational risks
• Ongoing TSR still sugarcoats the outlook
• Upgrade TP to retain our HOLD rating