Aspirasi Hidup Indonesia (ACES IJ)
BUY / TP: IDR:600 (+37.0%)
Analyst: Patrick Agustinus Nugroho

Path to recovery
• Lifestyle retail evolution
• Expanding reach
• Macro momentum meets market opportunity
• We upgrade our rating on ACES to BUY and resume coverage with a TP of IDR600

Jasa Marga (JSMR IJ)
BUY / TP: IDR:5,330 (+48.8%)
Analyst: Chandra Pasaribu

Stable core operations
• Slightly ahead of expectation
• Deleveraging showing results
• New toll roads expected in late FY2026
• Re-iterate BUY – TP of IDR5,330

Cikarang Listrindo (POWR IJ)
BUY / TP: IDR:800 (+13.5%)
Analyst: Chandra Pasaribu

One-off disruption
• Short of expectation from gas supply disruption
• Electricity supply maintained despite disruption
• Financial impact
• Re-iterate BUY and roll over TP to FY2026 at IDR800

Astra International (ASII IJ)
HOLD-UPF / TP: IDR:6,000 (-6.6%)
Analyst: Alditya Galih Ramadhan

Lower earnings, but TSR is a sweetener
• Surpassed our marks
• Auto division may turn the corner with favorable margin this year
• Positive moves on TSR, and more guidance in its strategic review
• Recent buyback may guard the price – Re-iterate HOLD

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,200 (+23.1%)
Analyst: Yap Swie Cu

Earnings adjusted to rising costs
• Earnings slumped in 3Q25
• Stronger 4Q25 revenue expected
• Net profit estimate reduced
• Re-iterate BUY with lower TP of IDR1,200

Trimegah Bangun Persada (NCKL IJ)
BUY / TP: IDR:1,500 (+32.7%)
Analyst: Alditya Galih Ramadhan

QoQ profits squeezed from costs
• Consensus may overshoot
• Inflated cash costs harmed equity income
• New pipelines are up, aiming for further value creation
• Renew our TP to IDR1,500, reflecting production expansion