Erajaya Swasembada (ERAA IJ)
BUY / TP: IDR:610 (+13.0%)
Analyst: Chandra Pasaribu

Penetrates new segments
• XPeng, new EV in town
• White goods for the mass market
• Unlocks food and nourishment
• Re-iterate BUY with TP of IDR610 (US$0.04)

Trade Balance
Analyst: Chandra Pasaribu

Surging imports
• Exports gain +5.8% YoY
• Imports surge +21.8% YoY
• Trade surplus shrinks
• Short-term headwinds faced as surplus narrows

Inflation
Analyst: Chandra Pasaribu

Deflation from volatile food prices
• Prices show an easing after Ramadan
• PMI slips below the 50-mark again
• Tourism sector to see uptick
• Overhang from global uncertainty

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,240 (+38.5%)
Analyst: Yap Swie Cu

Off to slow start for 2025
• Seasonality had an impact on the 1Q25 result
• Lower margins on change in revenue mix and rise in operating costs
• On-track 1Q25 marketing sales
• We re-iterate BUY amid strong fundamentals and attractive valuation

Sarana Menara Nusantara (TOWR IJ)
BUY / TP: IDR:810 (+39.7%)
Analyst: Chandra Pasaribu

Playing the long game
• Steady revenue expectation
• Rights issue in progress
• Continues to explore inorganic growth
• Re-iterate BUY – Placed to overcome consolidation hurdle

Bank Central Asia (BBCA IJ)
BUY / TP: IDR:10,500 (+8.2%)
Analyst: Yap Swie Cu

Maintains earnings resilience
• Resilient top-line income
• One-off items caused fluctuation in monthly net profit
• Excellent cost controls
• Re-iterate BUY, a defensive pick amid rising uncertainties