Indosat (ISAT IJ)
BUY / TP: IDR:3,000 (+57.9%)
Analyst: Chandra Pasaribu

Fiber asset divestment
• Divesting 100% ownership in fiber company
• Receiving upfront cash and growth prospects from NFT
• Awarded a total of 80MHz in the auction of 700MHz and 2.6GHz bands
• Re-iterate BUY

Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:1,600 (+27.0%)
Analyst: Yap Swie Cu

Solid 1H26 profit amid lower provisioning
• Sharp decline in provisioning on improving loan quality
• Lower PPOP on high-base NII in 2Q25
• Margins pressured by tighter system liquidity
• Re-iterate BUY on attractive valuation and improving earnings outlook

United Tractors (UNTR IJ)
BUY / TP: IDR:33,400 (+38.9%)
Analyst: Chandra Pasaribu

Revived gold mining starts to bear fruit
• Gold operation to resume
• Government decided to review coal production targets (RKAB)
• Nickel production target also under review
• Re-iterate BUY, slight downgrade in TP to IDR33,400

Unilever Indonesia (UNVR IJ)
BUY / TP: IDR:2,020 (+14.5%)
Analyst: Erdji Herlando

Gains stem from streamlined business
• Focus on power brands
• Building back margin
• Short-term softened purchasing power
• We initiate coverage with a re-iterated BUY recommendation and a TP of IDR2,020 (US$0.11)

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,010 (+87.0%)
Analyst: Yap Swie Cu

Resilient despite headwinds
• Seasonally soft 1Q26 results
• Margin amid change in sales mix improved
• Challenging outlook, but strong franchise underpins its resilience
• Re-iterate BUY with trimmed TP of IDR1,010

 Macro-economics
Analyst: Chandra Pasaribu

Inflationary pressure from fuel
• Hikes in fuel price and rice
• Trade deficit at US$1.6mn
• Weaker PMI at 46
• Overhang remains in the market