Alamtri Minerals Indonesia (ADMR IJ)
BUY / TP: IDR:1,300 (+31.3%)
Analyst: Alditya Galih Ramadhan

Lower ASP impaired results
• Earnings dampened by timid ASP
• QoQ operational marks improved
• Outlook for 2H25: More bullish about driver and aluminum smelter updates
• Re-iterate BUY with TP of IDR1,300

 Macro-economic environment
Analyst: Chandra Pasaribu

Indicators tend positive
• Deflation in August 2025 from volatile food
• Another trade surplus of US$4.2bn
• Modest improvement in manufacturing
• Political conditions to calm down, staying defensive

Pertamina Geothermal (PGEO IJ)
BUY / TP: IDR:1,800 (+18.8%)
Analyst: Chandra Pasaribu

Outlines new investment initiatives
• Aligns with green energy goals
• What we think is do-able
• Optimizing financing structure
• We upgrade our TP to IDR1,800 (US$0.11) and upgrade to BUY

Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:1,600 (+22.6%)
Analyst: Yap Swie Cu

Sturdier fundamentals
• Adjustment in the NII continued in 2Q25
• Strengthens loan-loss buffer further
• Earnings projection tweaked, re-iterate BUY on stronger fundamentals and better outlook

Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:5,400 (+29.5%)
Analyst: Yap Swie Cu

Earnings normalized in July
• Normalized credit cost supported July earnings
• Relatively stable core earnings
• Re-iterate BUY on stable fundamentals, undemanding valuation

Surya Semesta Internusa (SSIA IJ)
HOLD / TP: IDR:2,220 (-5.1%)
Analyst: Yap Swie Cu

Solid outlook but share price demanding
• On-track development
• Strong demand to continue support marketing sales target
• Weak 1H25 result amid the absence revenue from Melia Bali Hotel
• Modest performance in 2025F, but 2026F outlook to be stronger
• Upgrading TP to IDR2,220, but downgraded to HOLD amid its demanding valuation