Macro-economics
Analyst: Chandra Pasaribu

Positive numbers, questionable sustainability
• Inflation to continue similar pattern MoM
• Trade surplus of US$3.6bn from lower imports
• PMI at 52.4 spells short-term recovery
• Defensive position is advised

Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:4,900 (+54.6%)
Analyst: Yap Swie Cu

Rise in funding costs weighs on earnings
• Top-line earnings moderated amid soaring funding costs
• Eased provisioning
• Loan expansion normalized in July-August, as expected
• Re-iterate BUY on BBRI’s undemanding valuation

Perusahaan Gas Negara (PGAS IJ)
BUY / TP: IDR:2,630 (+82.6%)
Analyst: Chandra Pasaribu

Growth stems from operations
• Gas distribution enclosing to target
• Benefiting from higher oil price
• Overhang from Gunvor arbitration request
• Re-iterate BUY

Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:1,600 (+40.4 %)
Analyst: Yap Swie Cu

Resilient under pressure
• Soft rebound in Aug earnings
• More aggressive provisioning
• Loan growth supported by portfolio acquisitions
• Re-iterate BUY

Bank Central Asia (BBCA IJ)
BUY / TP: IDR:9,200 (+47.8%)
Analyst: Yap Swie Cu

Earnings improvement continued in August
• NII continued strengthening
• Stable COC amid excellent asset quality
• Resilient fee income and strong cost efficiency further supported bottom-line growth
• Remains a key beneficiary of the rate upcycle – Re-iterate BUY

NexAI Digital (MGLV IJ)
Not rated
Analyst: Research Team

Secured relationship
• New business: DC AI-enabled
• Expansion toward 102MW
• Securing the business model
• Asset-based valuation is already looking into the future