Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:1,600 (+26.0%)
Analyst: Yap Swie Cu

Enhancing lending beyond mortgages
• Expanding non-mortgage consumer lending
• Toward a more balanced loan mix portfolio
• Soft top-line performance amid assets contraction
• Re-iterate BUY on undemanding valuation

Perusahaan Gas Negara (PGAS IJ)
BUY / TP: IDR:2,630 (+38.8%)
Analyst: Chandra Pasaribu

Gas price increase in sight
• Gas distribution returns to normal pace
• Expecting gas price increase
• Impact is neutral to slightly positive
• Re-iterate BUY, utility in USD in revenue and cost

Banking Sector
Analyst: Yap Swie Cu

Enters a rising rate cycle
• The rate hike to strengthen rupiah (IDR), incentives to boost lending
• Funding cost pressure for banks with unfavorable funding structure
• BBCA as a defensive choice

TLKM Indonesia (TLKM IJ)
BUY / TP: IDR:3,400 (+10.4%)
Analyst: Chandra Pasaribu

Changes accounting policy
• Below expectation from one-offs
• B2C segment gaining QoQ
• Refining transparency and accountability
• Our downgraded TP is IDR3,400 – Re-iterate BUY

XL Smart (EXCL IJ)
BUY / TP: IDR:3,400 (+12.2%)
Analyst: Chandra Pasaribu

Integration in progress
• Integration in motion
• Cost structure showing norm shape
• Focusing on quality subscribers
• Re-iterate BUY

Mitratel (MTEL IJ)
BUY / TP: IDR:700 (+37.3%)
Analyst: Chandra Pasaribu

More details on 1Q26
• Quarter revenue affected by potential renewal
• Keeping its target for 2026
• Keeps door open for inorganic growth
• Re-iterate BUY with TP of IDR700