Kalbe Farma (KLBF IJ)
Not rated
Analyst: Erdji Herlando

Volume-led growth, pressured margin
• Growth is volume-led but slowed in 3Q26
• Top-line strategy and run-rate remain intact, but margin stays under pressure through FY2027
• Earnings remain sound, but share price dilutes

GoTo Gojek Tokopedia (GOTO IJ)
Not rated
Analyst: Research Team

Core intact, headwinds from outside
• Growth sustained, core business intact
• Mobility faces continued external headwinds
• FinTech remains robust
• Deep discount, but we remain NOT RATED

Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:3,900 (+38.3%)
Analyst: Yap Swie Cu

Lower credit costs boost 3Q26 profit
• Strong 3Q26 bottom line amid eased credit costs
• Top-line earnings softened amid compressed margin
• Re-iterate BUY with lower TP

Sarana Menara (TOWR IJ)
BUY / TP: IDR:540 (+53.4%)
Analyst: Chandra Pasaribu

Fading headwinds
• Within expectation
• Stabilization of operations and growth from non-tower segment
• Strong balance sheet, partly exposed to higher interest
• Re-iterate BUY – TP trimmed to IDR540

Mitratel (MTEL IJ)
BUY / TP: IDR:620 (+85.6%)
Analyst: Chandra Pasaribu

Reveals subdued growth
• Within expectations on the weaker side
• Minor change in operational numbers
• Seeing rise in interest expenses
• TP trimmed to IDR620 – Re-iterate BUY

Pertamina Geothermal (PGEO IJ)
BUY / TP: IDR:1,390 (+46.3%)
Analyst: Chandra Pasaribu

Volume driven growth
• Above expectation from lower MESOP expenses
• Straight forward operating numbers
• Prioritizing five new projects
• Re-iterate BUY, with TP of IDR1,390