Erajaya Swasembada (ERAA IJ)
BUY / TP: IDR:550 (+19.6%)
Analyst: Chandra Pasaribu

Temporary speed bump
• iPhone 16 certification delayed
• Importers not likely to fill the void
• Expanding other retail business
• Re-iterate BUY call despite the regulatory speed bump

Monthly snapshot
Analyst: Alditya Galih Ramadhan

A look back at 3Q24
• Seasonality drives QoQ volume
• Peek at xEV investment development
• Auto sector embraces rate cuts
• Neutral on sector, BUY calls on AUTO and ASII

Trade Balance
Analyst: Chandra Pasaribu

Wider surplus as imports drop
• Export slipped -5.8% MoM, but up +6.4% YoY
• Imports falling faster of -8.9% MoM, but better +8.6% YoY
• Surplus up to US$3.3bn
• Positive mood building from upcoming presidential inauguration

Industri Jamu Sido Muncul (SIDO IJ)
BUY / TP: IDR:750 (+17.2%)
Analyst: Laras Nadira

Prepare raincoats and Tolak Angin
• Expect robust 2H24, driven by the monsoon
• Continuous growth in export markets
• Attractive entry point
• Upgrade to BUY with unchanged IDR750

 Merdeka Battery Materials (MBMA IJ)
BUY / TP: IDR:740 (+32.1%)
Analyst: Alditya Galih Ramadhan

Greater output leads to positive earnings
• Below our estimates
• HPAL portfolios fortified despite minor delay in *CATL
• Key assumptions revised
• Downgrade TP to IDR740 but re-iterate BUY

Sarana Menara Nusantara (TOWR IJ)
BUY / TP: IDR:1,045 (+23.7%)
Analyst: Chandra Pasaribu

Looking into the future
• IBST clean up
• Mitigating impact of potential EXCL-FREN merger
• Creating synergy from tower and fiber businesses
• Re-iterate BUY call, TP: IDR1,045