Sarana Menara (TOWR IJ)
BUY / TP: IDR:610 (+44.5%)
Analyst: Chandra Pasaribu

Delivers little change in 1H26
• In-line with expectations
• Operation matrix still affected by MNO consolidation
• Surplus cash for capex, debt repayment and dividend
• Re-iterate BUY call with TP of IDR610

Bank CIMB Niaga (BNGA IJ)
Not rated
Analyst: Yap Swie Cu

Upholds prudent approach
• Resilient core earnings despite NII pressure
• Higher provisions weighed on bottom line
• Conservative stance amid challenging environment
• Undemanding valuation with resilient fundamentals

XL Smart (EXCL IJ)
BUY / TP: IDR:3,400 (+32.8%)
Analyst: Chandra Pasaribu

Enters optimization stage
• Result was largely in line
• Stable operation matrix amid integration
• Upping guidance in capex and EBITDA margin
• Re-iterate BUY

Bank Negara Indonesia (BBNI IJ)
BUY / TP: IDR:5,300 (+46.0%)
Analyst: Yap Swie Cu

In-line 1H26 outcome as challenges loom
• Loan growth remained robust in 2Q26, though management expects moderation in 2H26
• NIM guidance revised downward
• Strengthening buffers amid the challenging operating environment
• Re-iterate BUY due to attractive valuation and stronger fundamentals

Mitratel (MTEL IJ)
BUY / TP: IDR:700 (+57.0%)
Analyst: Chandra Pasaribu

Muted performance
• Slow performance was in line
• Operational numbers see inflection
• Potentially exposed to the rise in rates
• Re-iterate BUY with TP of IDR700

Indocement (INTP IJ)
BUY / TP: IDR:6,290 (+25.2%)
Analyst: Chandra Pasaribu

Improving volumes
• Mainly in line, dominated by volume growth
• Getting higher volumes is key to profitability
• Remain cautious on 2H26 outlook
• Re-iterate BUY call with TP IDR6,290