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

Bank Negara Indonesia (BBNI IJ)
BUY / TP: IDR:5,300 (+42.1%)
Analyst: Yap Swie Cu

Lower provisions bolster August profit
• Lower credit costs supported profit
• Top-line moderated further in August
• Resilient fundamentals and compelling valuation support our BUY call

United Tractors (UNTR IJ)
BUY / TP: IDR:29,700 (+12.6%)
Analyst: Chandra Pasaribu

Positive signs from RKAB revision
• MEMR is likely to upgrade RKAB
• Mining contracting also to benefit
• Risk from El Niño, but could further drive-up prices
• Re-iterate BUY with TP of IDR29,700