Bank Central Asia (BBCA IJ)
BUY / TP: IDR:6,200 (+30.8 %)
Analyst: Yap Swie Cu

Earnings acceleration continues
• Quarterly earnings reach new record
• Operational excellence and low COC further spurred profitability
• Re-iterate BUY with lower TP

United Tractors (UNTR IJ)
BUY / TP: IDR:29,700 (+16.0%)
Analyst: Chandra Pasaribu

Further normalized operations
• Slightly below expectation
• Positive momentum in operations expected in 4Q26
• Buyback program’s fifth tranche
• Re-iterate BUY with TP of IDR29,700

Indosat (ISAT IJ)
BUY / TP: IDR:2,780 (+77.1%)
Analyst: Chandra Pasaribu

Affected by seasonality
• Weaker 3Q26 performance
• Operation matrix showing slight slowdown
• Pushing capex to capture growth opportunities
• TP trimmed to IDR2,780 – Re-iterate BUY

Bank Mandiri (BMRI IJ)
BUY / TP: IDR:5,500 (+40.7%)
Analyst: Yap Swie Cu

Results in 3Q26 remain solid
• Earnings in 3Q26 were supported by stronger non-interest income
• To grow selectively
• Expecting stable earnings in upcoming quarter
• Re-iterate BUY with lower TP of IDR5,500

Unilever Indonesia (UNVR IJ)
BUY / TP: IDR:1,850 (+32.1%)
Analyst: Erdji Herlando

Sustained growth, in-line 9M26 results
• Volume growth remains robust, and price calibration has begun
• Continued raw material pressure lowered gross margin (GM) further, but non-operating income offset it
• Earnings projection maintained, with adjusted valuation assumptions and a new 12-month target price (TP) of IDR1,850 (US$0.10)

Equity Market Update
Analyst: Chandra Pasaribu

Potential double downgrade
• Potentially double downgrade to Stand-alone
• How does Indonesia compare to MSCI’s universe?
• What’s next? No immediate rebound
• Dividend yield play