Bank Negara Indonesia (BBNI IJ)
BUY / TP: IDR:5,700 (+24.2%)
Analyst: Yap Swie Cu

Slightly below 2025 results on higher provisions
• Escalating 4Q25 provision reduced profitability
• Upper-line earnings slightly ahead of estimation
• To maintain conservative stance
• Re-iterate BUY on its attractive dividend yield

Merdeka Battery Materials (MBMA IJ)
BUY / TP: IDR:850 (+30.8%)
Analyst: Alditya Galih Ramadhan

Staying the course
• Top line is in line despite flattish QoQ
• RKAB remains an overhang, but guidance is within ours
• Key projects for this year: SLNC and AIM
• Still our nickel champion: Re-iterate BUY call with new TP of IDR850

Bank Central Asia (BBCA IJ)
BUY / TP: IDR:10,500 (+40.0%)
Analyst: Yap Swie Cu

In-line 2025 results
• Resilient top-line and manageable costs support 2025 results
• More positive but remain cautious
• Strong fundamentals and less demanding valuation. Maintain BUY

Astra International (ASII IJ)
HOLD-OPF / TP: IDR:6,500 (+3.2%)
Analyst: Alditya Galih Ramadhan

TSR softens fundamental outlook
• Poised to regain market share this year
• Compliance gaps trigger operational risks
• Ongoing TSR still sugarcoats the outlook
• Upgrade TP to retain our HOLD rating

Solusi Sinergi Digital (WIFI IJ)
Not rated
Analyst: Research Team

Right pricing for right segment
• Availability, reliability and price
• Asset light strategy
• Strong growth in the next two-three years
• Attractive valuation at EV/EBITDA of 6-8x

Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:5,400 (+41.7%)
Analyst: Yap Swie Cu

Neutral impact from new KUR scheme
• Slight changes in the borrower rates, collateral, and loan frequencies
• KUR allocation stays at IDR180T for BBRI
• Neutral impact from the new scheme. Re-iterate BUY