Automotive snapshot
Analyst: Alditya Galih Ramadhan

Will sector turn the corner next year?
• Soared BYD dimmed ASII’s 4W sales, while 2W is flat
• OEM remains our top pick
• Limited impact from recent severe floods in Sumatra
• Slight chance of recovery – We retain a NEUTRAL weighting

Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:5,400 (+46.7%)
Analyst: Yap Swie Cu

To expect manageable impact from Sumatra floods and landslides
• BBRI’s loan exposure limited to West Sumatra and North Sumatra, with no exposure in Aceh
• Initial assessment: Potential 18bps increase in CoC
• Re-iterate BUY

Pertamina Geothermal (PGEO IJ)
BUY / TP: IDR:1,800 (+54.5%)
Analyst: Chandra Pasaribu

Tapping into multilateral financing
• Inclusion in Bappenas Blue Book
• From Blue Book to Green Book
• EGM on January 20
• Re-iterate BUY with TP of IDR1,800

Merdeka Battery Materials (MBMA IJ)
BUY / TP: IDR:750 (+40.2%)
Analyst: Alditya Galih Ramadhan

Cornerstones for upswing
• Operational turnaround is in progress
• Margins expanded favorably
• What do these metrics say?
• TP remains unchanged at IDR750

Banking Sector
Analyst: Yap Swie Cu

Earnings to pick up on faster expansion
• BBCA, BRIS continued to deliver resilient operational performance
• BMRI, BBRI, BBNI and BBTN showed gradual earnings improvement in the past months
• Sector expects better months ahead

Macro-economics
Analyst: Chandra Pasaribu

Positive vibes
• Inflation remained relative unchanged at 2.72% YoY
• Weaker surplus of US$2.4bn
• PMI number is favorable
• Continuous positive momentum