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

TLKM Indonesia (TLKM IJ)
BUY / TP: IDR:3,990 (+12.4%)
Analyst: Chandra Pasaribu

Brief Clarification
• Result announcement possibly in April 2026
• Fiber asset divestment continues to progress
• Seeing high competition in fiber
• Re-iterate BUY

XL Smart (EXCL IJ)
BUY / TP: IDR:3,400 (+17.6%)
Analyst: Chandra Pasaribu

Positive outcome post-merger
• Impacted from consolidation
• Focus on quality and synergy creation
• Upgrade in forecast – New TP is IDR3,400
• Upgrade TP to IDR3,400 – Upgrade to BUY