Trimegah Bangun Persada (NCKL IJ)
BUY / TP: IDR:1,500 (+32.7%)
Analyst: Alditya Galih Ramadhan

QoQ profits squeezed from costs
• Consensus may overshoot
• Inflated cash costs harmed equity income
• New pipelines are up, aiming for further value creation
• Renew our TP to IDR1,500, reflecting production expansion

Indocement (INTP IJ)
HOLD-OPF / TP: IDR:6,440 (+3.5%)
Analyst: Chandra Pasaribu

Improves QoQ but feels headwinds
• Sees QoQ recovery
• Faces headwinds
• Competition remains stiff
• TP rolled over TP to FY2026 at IDR6,440 – HOLD OPF

Perusahaan Gas Negara (PGAS IJ)
HOLD-OPF / TP: IDR:1,835 (+7.6%)
Analyst: Chandra Pasaribu

Faces supply constraints
• Above expectation
• Volume continues to be flat, no new alternative source
• New management in place, but business plan retained
• Re-iterate HOLD-OPF call but TP is unchanged

United Tractors (UNTR IJ)
HOLD-OPF / TP: IDR:29,425 (+8.2%)
Analyst: Chandra Pasaribu

Gold price as buffer
• Within expectations
• Operating numbers remain robust
• Upgrade in earnings from higher price assumption
• Recommendation HOLD-OPF with new TP of IDR29,425

TLKM Indonesia (TLKM IJ)
BUY / TP: IDR:3,990 (+14.0%)
Analyst: Chandra Pasaribu

Sees inflection in 3Q25
• Below expectations, but recovering QoQ
• Operational numbers gain
• Strategic initiatives re-iterated
• Our TP of IDR3,990 is rolled over to FY2026 – Re-iterate BUY

Gojek Tokopedia (GOTO IJ)
BUY / TP: IDR:90 (+52.5%)
Analyst: Research Team

Favorable earnings offer a ray of light
• On-Demand Services (ODS) to be focused on low-hanging fruit
• TikTok Shop synergies – Marginal impacts for now
• Earnings turnaround as a crucial safety net
• Re-iterate BUY call with TP of IDR90