Bank Negara Indonesia (BBNI IJ)
BUY / TP: IDR:5,300 (+42.1%)
Analyst: Yap Swie Cu

Lower provisions bolster August profit
• Lower credit costs supported profit
• Top-line moderated further in August
• Resilient fundamentals and compelling valuation support our BUY call

United Tractors (UNTR IJ)
BUY / TP: IDR:29,700 (+12.6%)
Analyst: Chandra Pasaribu

Positive signs from RKAB revision
• MEMR is likely to upgrade RKAB
• Mining contracting also to benefit
• Risk from El Niño, but could further drive-up prices
• Re-iterate BUY with TP of IDR29,700

Jasa Marga (JSMR IJ)
BUY / TP: IDR:4,200 (+41.4%)
Analyst: Chandra Pasaribu

Core business driving moderate growth
• In-line 1H26 result from organic growth
• Maintaining cost discipline
• Minor revision to reflect results and market price
• Remains attractive despite macro uncertainties – Re-iterate BUY

Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:4,900 (+45.0%)
Analyst: Yap Swie Cu

Solid performance continues in 2Q26
• Stable quarterly earnings
• Robust lending expansion in 1H26; expect normalization in the coming quarters.
• Continuous improvement in retail funding
• Credit quality continued to improve
• Re-iterate BUY its on sturdy fundamentals and attractive valuation

 Macro-economics
Analyst: Chandra Pasaribu

Supportive numbers
• Deflation from volatile components
• Marginal trade surplus of US$120mn
• PMI slipped to below 50 mark
• Equities see positive momentum

Banking Sector
Analyst: Yap Swie Cu

Margin pressure emerges in July
• Earnings have started to be affected by margin compression
• BBTN faced the most significant margin pressure
• BRIS also experienced some margin compression in July
• BMRI and BBNI experienced relatively less pressure on NII
• BBCA – our top pick - bucked the trend with stronger NII growth in July