Bank Mandiri (BMRI IJ)
BUY / TP: IDR:5,500 (+40.7%)
Analyst: Yap Swie Cu

Results in 3Q26 remain solid
• Earnings in 3Q26 were supported by stronger non-interest income
• To grow selectively
• Expecting stable earnings in upcoming quarter
• Re-iterate BUY with lower TP of IDR5,500

Unilever Indonesia (UNVR IJ)
BUY / TP: IDR:1,850 (+32.1%)
Analyst: Erdji Herlando

Sustained growth, in-line 9M26 results
• Volume growth remains robust, and price calibration has begun
• Continued raw material pressure lowered gross margin (GM) further, but non-operating income offset it
• Earnings projection maintained, with adjusted valuation assumptions and a new 12-month target price (TP) of IDR1,850 (US$0.10)

Equity Market Update
Analyst: Chandra Pasaribu

Potential double downgrade
• Potentially double downgrade to Stand-alone
• How does Indonesia compare to MSCI’s universe?
• What’s next? No immediate rebound
• Dividend yield play

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

Resurrecting margin, but to a lower level
• GM has reset lower while 2H26 remains under pressure
• Route from 37.6% to c.40% GM runs through each vertical
• Stable product contribution
• Sound earnings, misrepresented in share price correction

Telkom Indonesia (TLKM IJ)
BUY / TP: IDR:3,400 (+50.4%)
Analyst: Chandra Pasaribu

Appoints new chief executive
• New chief executive appointed, slight changes in board of directors (BOD)
• Telkom Infrastructure (TIF) spin-off completed
• Danantara gets more involved in data centers (DCs)
• Re-iterate BUY – TP: IDR3,400

Banking Sector
Analyst: Yap Swie Cu

Margin pressure continues for most banks
• Funding costs pressure persisted for most banks
• Better funding structure, strong lending expansion, and resilient fee income lessen the impact of rising rates to BBNI and BMRI
• Soft rebound in BBTN’s top line
• Modest NII pressure in BBRI’s and BRIS
• BBCA – our top pick – continued to see an upward NII trend