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

Cikarang Listrindo (POWR IJ)
BUY / TP: IDR:800 (+13.5%)
Analyst: Chandra Pasaribu

One-off disruption
• Short of expectation from gas supply disruption
• Electricity supply maintained despite disruption
• Financial impact
• Re-iterate BUY and roll over TP to FY2026 at IDR800

Astra International (ASII IJ)
HOLD-UPF / TP: IDR:6,000 (-6.6%)
Analyst: Alditya Galih Ramadhan

Lower earnings, but TSR is a sweetener
• Surpassed our marks
• Auto division may turn the corner with favorable margin this year
• Positive moves on TSR, and more guidance in its strategic review
• Recent buyback may guard the price – Re-iterate HOLD