Industri Jamu Sido Muncul (SIDO IJ)
HOLD-OPF / TP: IDR:750 (+7.1%)
Analyst: Laras Nadira

Shines bright – To benefit from flu season
• Beat expectation, earnings jump 35% YoY
• Elevated receivable and inventory days
• Promising demand from la-Nina
• Maintain HOLD-OPF with higher TP of IDR750

Unilever Indonesia (UNVR IJ)
HOLD-UPF / TP: IDR:2,400 (-3.6%)
Analyst: Laras Nadira

Needs time to rebuild
• Marks the lowest 1H earnings
• Sales was hit across all segment
• Our FY2024 forecast revised down
• Maintain HOLD-UPF with lower TP of IDR2,400

Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:6,500 (+38.3%)
Analyst: Yap Swie Cu

Soft 2Q24 results as expected
• Credit costs (CoC) eased in 2Q24 but will remain at high level until next year
• Margin contraction ...
• … and a seasonal pick-up in opex affected 2Q24 up-line earnings
• Cut 2025F net profit estimate on higher CoC assumption. Maintain BUY with lower TP to account for rising risk

Bank Central Asia (BBCA IJ)
BUY / TP: IDR:11,000 (+9.2%)
Analyst: Yap Swie Cu

In line 1H24 results
• Quarterly net profit reached new record in 2Q24
• Robust loan growth led to higher margin
• Deceleration of funding growth
• Overall loan quality remain intact
• Re-iterate BUY amid excellent fundamentals

Ace Hardware Indonesia (ACES IJ)
BUY / TP: IDR:1,050 (+28.8%)
Analyst: Laras Nadira

Stellar turnaround in sales
• Beats last year’s Boom Sales result
• Narrow price gap, integration reward membership were catalysts
• Rebranding to start in 2025
• Re-iterate BUY

Mitra Adiperkasa (MAPI IJ)
BUY / TP: IDR:2,300 (+63.1%)
Analyst: Laras Nadira

Specialty profits, price dip invite entry
• Specialty stores (SS) step up to fuel profitability
• Pushback from muted F&B performance
• Attractive entry point and cheap
• Re-iterate BUY with unchanged TP