Amman Mineral International (AMMN IJ)
Not rated
Analyst: Alditya Galih Ramadhan

Tax savings emerge from new smelter
• Stellar results
• Kicks off cathode smelter
• Tax perks for future operations
• Valuation

Unilever Indonesia (UNVR IJ)
HOLD-OPF / TP: IDR:2,400 (+8.1%)
Analyst: Laras Nadira

Remain cautious over its 2024 outlook
• Expansion of core product could dilute another brand
• Negative volume growth despite price cuts
• View challenging outlook for FY2024
• Maintained HOLD-OPF

United Tractors (UNTR IJ)
HOLD-OPF / TP: IDR:29,500 (+7.0%)
Analyst: Chandra Pasaribu

Commodity prices remain favorable
• Despite net income being in line, an upgrade is warranted
• Minor adjustment on guidance
• Commodity prices favorable
• Downgrade to HOLD OPF

 GoJek Tokopedia (GOTO IJ)
BUY / TP: IDR:95 (+82.7%)
Analyst: Laras Nadira

Holding out for a comeback
• Commission fees at Tokopedia will be adjusted again
• ODS revenue growth to remain persistent
• Incorporating Gopaylater to TTS, win-win solution
• Maintain BUY with TP of IDR95/share, revise TTS value

Bank Syariah Indonesia (BRIS IJ)
BUY / TP: IDR:2,700 (+4.2%)
Analyst: Yap Swie Cu

Maintains positive outlook
• Strong non-interest income performance and lower provisions aided profit growth
• Solid gold business and wadiah (Islamic) savings performance
• Maintain BUY on promising long-term prospect

Monthly snapshot
Analyst: Alditya Galih Ramadhan

GIIAS buzz and mixed MoM results
• Mixed MoM marks in 7M24
• GIIAS highlights: Market raves about BEV
• Incentive expectation for HEV fades away
• Expect bolder catalysts in 2H24, which favors AUTO and ASII