Pertamina Geothermal (PGEO IJ)
BUY / TP: IDR:1,515 (+45.7%)
Analyst: Chandra Pasaribu

New capacity drove growth
• Additional capacity to drive growth
• Growth to normalize in 2H26
• Next milestone 1GW
• Re-iterate BUY with TP of IDR1,515

 INDUSTRY
• MoF to omit tax on merger up to 2029
• OJK restructures IDR17.4tn loans impacted by Sumatra disaster
• Third party funds accelerate in March

CORPORATE
• ARCI to distribute dividend
• ARCI to target production growth of 15% in 2026
• RATU to acquire exploration and production company
• PGAS appointed at Cisem II operator
• COCO to acquire Momogi Group
• Dairy products drive ULTJ performance in 1Q26

Mitratel (MTEL IJ)
BUY / TP: IDR:700 (+37.3%)
Analyst: Chandra Pasaribu

Soft performance
• Results for 1Q26 were in line
• Weaker operating numbers
• Maintaining financial discipline
• Re-iterate BUY with TP of IDR700

Cikarang Listrindo (POWR IJ)
BUY / TP: IDR:850 (+14.1%)
Analyst: Chandra Pasaribu

Slow growth from seasonality
• Gas supply constraints affect PLN demand
• Shor-term exposure to less efficient operations
• Data Center demand could be promising
• Re-iterate BUY on expected normalized operation

Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:4,900 (+63.9%)
Analyst: Yap Swie Cu

Performance in 1Q26 remains intact
• Lending and margin expansion supported 1Q26 earnings
• COC remained elevated
• Keeping 2026 guidance for now
• Re-iterate BUY on its sturdy fundamentals and attractive valuation

United Tractors (UNTR IJ)
BUY / TP: IDR:33,650 (+16.4%)
Analyst: Chandra Pasaribu

Impact from halted gold operation
• Halted gold mining drove results below expectations
• Lower operating numbers
• Recovery from re-instated license and RKAB second revision
• Slight downgrade in TP to IDR33,650 – Upgrade to BUY