XL Smart (EXCL IJ)
BUY / TP: IDR:3,400 (+17.6%)
Analyst: Chandra Pasaribu

Positive outcome post-merger
• Impacted from consolidation
• Focus on quality and synergy creation
• Upgrade in forecast – New TP is IDR3,400
• Upgrade TP to IDR3,400 – Upgrade to BUY

Unilever Indonesia (UNVR IJ)
BUY / TP: IDR:3,400 (+47.8%)
Analyst: Patrick Agustinus Nugroho

Signs of a turnaround story
• Without one-off
• Revenue and cost recovery
• Impact from divestment
• Re-iterate BUY with unchanged TP

Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:1,600 (+23.6%)
Analyst: Yap Swie Cu

Profit in 2025 beats on income adjustment
• Strong top-line growth amid accounting adjustment and expansion
• Modest expansion target, but with much better profitability in 2026
• Re-iterate BUY on positive outlook and attractive valuation

Indosat (ISAT IJ)
BUY / TP: IDR:3,000 (+36.4%)
Analyst: Chandra Pasaribu

Quarterly growth momentum
• Strong QoQ result in 4Q25
• Operating numbers on the right path to growth
• Moderate management guidance
• Maintain Re-iterate BUY with the new TP

Bank Mandiri (BMRI IJ)
BUY / TP: IDR:7,300 (+44.6%)
Analyst: Yap Swie Cu

Profit in 2025 beat estimates on lower costs
• Lower-than-expected opex and provision expenses
• Robust expansion drove the stronger 4Q25 top line
• Modest 2026 targets
• Re-iterate BUY on attractive dividend yied

Bank Syariah Indonesia (BRIS IJ)
BUY / TP: IDR:3,000 (+26.1%)
Analyst: Yap Swie Cu

Solid 2025 results
• Robust upper-line earnings
• Escalating opex and provisions reduced bottom-line profitability
• Continues its robust outlook
• Re-iterate BUY on healthy fundamentals and promising business outlook