Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:1,600 (+34.5%)
Analyst: Yap Swie Cu

Loan acceleration to drive earnings
• Lending reached the highest annual growth in October
• Earnings started to reflect impact of loan growth acceleration
• Re-iterate BUY on its positive outlook and attractive valuation

Indonesia Equity Market
Analyst: Chandra Pasaribu

Core sectors as choice
• Easing interest rate cycle
• Pro-growth policies within similar budget discipline
• Back to basics
• Index target at 9,208-9,317 from modest growth

Indofood CBP Sukses Makmur (ICBP IJ)
BUY / TP: IDR:12,500 (+45.3%)
Analyst: Patrick Agustinus Nugroho

Defensive resilience meets growth drivers
• Main beneficiaries from improving macro backdrop
• Mature domestic moat with improving cost tailwinds
• Global Diversification
• We change our recommendation to Buy and resume coverage with a TP of IDR12,500

Sector snapshot
Analyst: Alditya Galih Ramadhan

Intervention may volatilize prices
• Uncertainties lurk in nickel products
• Nickel and coal should be safe for now
• Potential impacts from new policy
• We remain Overweight on metals and Neutral on nickel

Bank Central Asia (BBCA IJ)
BUY / TP: IDR:10,500 (+24.6%)
Analyst: Yap Swie Cu

Sustains solid and stable performance
• Top-line income continued its steady performance
• Credit cost remained under control
• Expecting better months ahead
• Best-positioned to capture the lending upcycle. Maintain BUY

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