Perusahaan Gas Negara (PGAS IJ)
BUY / TP: IDR:2,630 (+34.5%)
Analyst: Chandra Pasaribu

Asset write-down in 4Q25
• Below expectation from one-offs
• Gas distribution remains main contributor
• Rolling over to FY2026, our new TP is IDR2,630
• Re-iterate BUY

Bank Mandiri (BMRI IJ)
BUY / TP: IDR:6,800 (+38.5%)
Analyst: Yap Swie Cu

Growth to sustain earnings performance
• Minor change in the 2026F net profit projection
• Resilient 2M26 results
• Assigning higher cost of equity amid rising market volatility. Re-iterate BUY with lower TP of IDR6,800

Jasa Marga (JSMR IJ)
BUY / TP: IDR:4,700 (+52.1%)
Analyst: Chandra Pasaribu

Sound toll-road operations
• Slightly better than expected
• Stronger balance sheet
• New toll roads and line up of tariff increase
• We trim our TP of 4,700 but re-iterate BUY

Cikarang Listrindo (POWR IJ)
BUY / TP: IDR:850 (+13.5%)
Analyst: Chandra Pasaribu

Still affected by gas disruption
• Gas disruption spurs below-expected result
• Fuel cost increase to maintain service excellence
• Seeking alternative gas sources
• Slight upgrade to IDR850 – Re-iterate BUY

 Macro-economics
Analyst: Chandra Pasaribu

Mixed numbers
• Ongoing temporary impact on inflation
• Further drop in trade surplus to US$954mn
• Slight improvement in PMI, with tourism seeing off seasons
• Domestic situation remains fluid

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,200 (+37.9%)
Analyst: Yap Swie Cu

Maintaining conservative stance
• Expects recovery in residential segment sales
• Stable commercial sales outlook
• JV land sales to support remaining targets
• Re-iterate BUY with lower TP of IDR1,200