Bank Negara Indonesia (BBNI IJ)
BUY / TP: IDR:5,300 (+46.0%)
Analyst: Yap Swie Cu

In-line 1H26 outcome as challenges loom
• Loan growth remained robust in 2Q26, though management expects moderation in 2H26
• NIM guidance revised downward
• Strengthening buffers amid the challenging operating environment
• Re-iterate BUY due to attractive valuation and stronger fundamentals

Mitratel (MTEL IJ)
BUY / TP: IDR:700 (+57.0%)
Analyst: Chandra Pasaribu

Muted performance
• Slow performance was in line
• Operational numbers see inflection
• Potentially exposed to the rise in rates
• Re-iterate BUY with TP of IDR700

Indocement (INTP IJ)
BUY / TP: IDR:6,290 (+25.2%)
Analyst: Chandra Pasaribu

Improving volumes
• Mainly in line, dominated by volume growth
• Getting higher volumes is key to profitability
• Remain cautious on 2H26 outlook
• Re-iterate BUY call with TP IDR6,290

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,010 (+78.8 %)
Analyst: Yap Swie Cu

Still soft 2Q26, stronger 2H26 expected
• Lower residential revenue recognition and the high base of JV land sales in 1H25 weighed on 1H26 earnings
• Margins improve across all segments
• High-end launches supported 1H26 presales; bulk JV land sales expected to drive 2H26 performance
• Re-iterate BUY on resilient fundamentals

Telkom Indonesia (TLKM IJ)
BUY / TP: IDR:3,400 (+24.1%)
Analyst: Chandra Pasaribu

Restructuring makes progress
• In-line with expectation, gradual improvement
• Segmental perspective, B2C large contribution
• Soft QoQ operational matrix
• Re-iterate BUY with our TP of IDR3,400

Macro-economics
Analyst: Chandra Pasaribu

Deflation spurred by volatile food prices
• Deflation from volatile components
• Trade deficit to scale back to US$450mn
• PMI to recover to 50.2
• Consolidation in the equity market