Jasa Marga (JSMR IJ)
BUY / TP: IDR:5,330 (+49.3%)
Analyst: Chandra Pasaribu

Neutral impact from corporate action
• Buffers subsidiaries’ cash flow
• Neutral impact from tariff discount
• Tariff adjustment is on track
• Re-iterate BUY – TP IDR5,330

Indonesia Banking Industry
Analyst: Yap Swie Cu

BBCA retains earnings outperformance
• BBCA leads in profit growth
• BBRI remains under margin pressure
• Mixed performance across BMRI, BBNI, BBTN, and BRIS
• BBCA remains our top pick

Bank Mandiri (BMRI IJ)
BUY / TP: IDR:7,800 (+59.8%)
Analyst: Yap Swie Cu

Profit slightly rebounds in May
• Rebound in May profit
• Less aggressive lending, focus on liquidity improvement
• Soft 2Q25 results expected
• Re-iterate BUY on undemanding valuation and strong fundamentals

Trimegah Bangun Persada (NCKL IJ)
BUY / TP: IDR:1,200 (+81.8%)
Analyst: Alditya Galih Ramadhan

Plays it safe amid uncertainty
• Elevate production growth for this year
• Stay vigilant on the expansion
• Confidence boosted on shares paired with ESG review
• Maintain our TP at IDR1,200

Pertamina Geothermal (PGEO IJ)
HOLD-OPF / TP: IDR:1,370 (+3.8%)
Analyst: Chandra Pasaribu

Expansion on track
• New capacity around the corner
• Opportunity from long term electricity plan
• Exploring diversification
• We downgrade to HOLD-OPF with a new TP of IDR1,370

Sumber Alfaria Trijaya (AMRT IJ)
Not rated
Analyst: Patrick Agustinus Nugroho

Sustaining growth amid maturing market
• Sustaining growth
• Cautious expansion strategy
• Operational efficiency initiatives
• Valuation