Jasa Marga (JSMR IJ)
BUY / TP: IDR:4,200 (+41.4%)
Analyst: Chandra Pasaribu

Core business driving moderate growth
• In-line 1H26 result from organic growth
• Maintaining cost discipline
• Minor revision to reflect results and market price
• Remains attractive despite macro uncertainties – Re-iterate BUY

Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:4,900 (+45.0%)
Analyst: Yap Swie Cu

Solid performance continues in 2Q26
• Stable quarterly earnings
• Robust lending expansion in 1H26; expect normalization in the coming quarters.
• Continuous improvement in retail funding
• Credit quality continued to improve
• Re-iterate BUY its on sturdy fundamentals and attractive valuation

 Macro-economics
Analyst: Chandra Pasaribu

Supportive numbers
• Deflation from volatile components
• Marginal trade surplus of US$120mn
• PMI slipped to below 50 mark
• Equities see positive momentum

Banking Sector
Analyst: Yap Swie Cu

Margin pressure emerges in July
• Earnings have started to be affected by margin compression
• BBTN faced the most significant margin pressure
• BRIS also experienced some margin compression in July
• BMRI and BBNI experienced relatively less pressure on NII
• BBCA – our top pick - bucked the trend with stronger NII growth in July

Bank Syariah Indonesia (BRIS IJ)
BUY / TP: IDR:2,840 (+57.3%)
Analyst: Yap Swie Cu

Reports in-line 1H26 results
• Resilient core earnings thanks to strong fee income
• Lower provisioning boosted bottom-line profit
• Guidance and earnings estimates maintained – Re-iterate BUY on solid fundamentals and attractive growth prospects

Indofood CBP Sukses Makmur (ICBP IJ)
BUY / TP: IDR:9,700 (+27.2%)
Analyst: Erdji Herlando

Resilient domestically, strong overseas
• Strong position in domestic market
• Build position in overseas markets
• Continuing supply chain efficiency
• We re-initiate coverage with re-iterated BUY recommendation and a target price (TP) of IDR9,700 (US$0.55), which offers an upside of +27.2%