United Tractors (UNTR IJ)
HOLD-OPF / TP: IDR:29,425 (+8.0%)
Analyst: Chandra Pasaribu

Stable guidance
• Indicative guidance for FY2026
• Gold Mining operations see temporary volume dip
• Business plan aligned at parent’s direction
• Re-iterate HOLD-OPF with TP of IDR29,425

Surya Semesta Internusa (SSIA IJ)
BUY / TP: IDR:2,220 (+37.9%)
Analyst: Yap Swie Cu

Estimates cut on lower revenue booking
• Soft marketing-sales progress delays revenue recognition
• Construction performance remained strong, but hospitality was dragged by Paradisus renovations
• Net profit estimate for 2025F cut amid lower revenue assumption
• Upgrade to BUY with maintained TP of IDR2,220

XL Smart (EXCL IJ)
HOLD-OPF / TP: IDR:3,020 (+9.8%)
Analyst: Chandra Pasaribu

Early signs of improvement
• Full quarter of consolidation
• Focus on quality subs
• Refinement of guidance
• Upgrade TP to IDR3,020 – Re-iterate HOLD-OPF

Dharma Polimetal (DRMA IJ)
BUY / TP: IDR:1,200 (+17.6%)
Analyst: Alditya Galih Ramadhan

Ready to rev up next year
• Undershot our call despite seasonality
• Behind recent acquisition
• Margin expansion is underway
• Re-iterate BUY with TP of IDR1,200

Aspirasi Hidup Indonesia (ACES IJ)
BUY / TP: IDR:600 (+37.0%)
Analyst: Patrick Agustinus Nugroho

Path to recovery
• Lifestyle retail evolution
• Expanding reach
• Macro momentum meets market opportunity
• We upgrade our rating on ACES to BUY and resume coverage with a TP of IDR600

Jasa Marga (JSMR IJ)
BUY / TP: IDR:5,330 (+48.8%)
Analyst: Chandra Pasaribu

Stable core operations
• Slightly ahead of expectation
• Deleveraging showing results
• New toll roads expected in late FY2026
• Re-iterate BUY – TP of IDR5,330