Bank Central Asia (BBCA IJ)
BUY / TP: IDR:10,500 (+23.9%)
Analyst: Yap Swie Cu

In-line 9M25 earnings
• Steady top-line performance
• Elevated provisions weigh on 3Q25 profitability
• Offering a more positive outlook
• Positive catalyst from share buyback. We re-iterate BUY

Quarterly snapshot
Analyst: Alditya Galih Ramadhan

Higher QoQ sales post-seasonality
• ASII reclaims its spot, while national MoM sales remain flat
• Commercial vehicles piggyback on ODOL restriction
• Boost for EU automakers, uncertainty for BEVs
• Maintain NEUTRAL stance

Gojek Tokopedia (GOTO IJ)
BUY / TP: IDR:90 (+63.6%)
Analyst: Research Team

Drumbeat of turnaround
• On-Demand Services (ODS) to be focused on low-hanging fruit
• TikTok Shop synergies – Marginal impacts for now
• Earnings turnaround as a crucial safety net
• Re-iterate BUY call with TP of IDR90

Bank Syariah Indonesia (BRIS IJ)
BUY / TP: IDR:3,000 (+11.5%)
Analyst: Yap Swie Cu

New leadership strengthens growth pillars
• Addressing the challenges
• Sticking to gold, payroll, and Hajj (Muslim-pilgrimage-linked) business to drive future growth
• Re-iterate BUY amid promising business outlook

Cikarang Listrindo (POWR IJ)
BUY / TP: IDR:780 (+12.2%)
Analyst: Chandra Pasaribu

Green initiatives
• Biomass as alternative fuel
• Rooftop solar expansion
• Road map to net zero emissions in 2060
• Re-iterate BUY, unchanged TP of IDR780