Banking Sector
Analyst: Yap Swie Cu

Resilient 5M26 results, tougher road ahead
• BMRI and BRIS continued to deliver solid earnings
• Robust BBTN’s net profit was driven primarily by lower provisioning expenses
• BBNI’s strong PPOP growth was reduced by soaring provisions
• Dividend income boosted BBRI’s May profit
• BBCA still showed softer performance, but is a safer pick during the challenging environment

Indocement (INTP IJ)
BUY / TP: IDR:6,290 (+56.5%)
Analyst: Chandra Pasaribu

Demand recovery
• Domestic demand shows positive momentum
• INTP tries to find balance in ASP and volumes
• Relief from lower oil price
• Re-iterate BUY

Banking Sector
Analyst: Yap Swie Cu

Another rate hike as commitment to preserve macro-economic stability
• Focusing on Rupiah (IDR) stabilization
• Banks performance to remain resilient
• Top Picks: BBCA and BMRI

Surya Semesta Internusa (SSIA IJ)
BUY / TP: IDR:1,770 (+16.8%)
Analyst: Yap Swie Cu

Uncertainty constrains monetization potential
• Conservative projection on industrial land sales booking
• Moderate construction outlook, hospitality business set for a turnaround
• Re-iterate BUY with lower TP of IDR1,770 on slower monetization expectation

Banking Sector
Analyst: Yap Swie Cu

Results for 4M26 in line with estimates
• BMRI and BRIS delivered the strongest earnings
• BBCA maintained stability despite slower growth
• BBRI and BBNI reveal modest performance
• Lower provisions drove BBTN’s profit
• Our top picks: BBCA and BMRI

Sarana Menara Nusantara (TOWR IJ)
BUY / TP: IDR:610 (+81.5%)
Analyst: Chandra Pasaribu

Consolidates an affiliate
• Within expectation despite newly consolidated affiliates
• Defending revenues
• Downgrading earnings forecast
• Re-iterate BUY with a lower TP of IDR610