Pertamina Geothermal (PGEO IJ)
BUY / TP: IDR:1,390 (+46.3%)
Analyst: Chandra Pasaribu

Volume driven growth
• Above expectation from lower MESOP expenses
• Straight forward operating numbers
• Prioritizing five new projects
• Re-iterate BUY, with TP of IDR1,390

Perusahaan Gas Negara (PGAS IJ)
BUY / TP: IDR:2,640 (+86.6%)
Analyst: Chandra Pasaribu

Enjoying wider margins
• Beating expectation
• Consolidated distribution margin is at US$1.94/BBTU
• Continuous overhang from arbitrage with Gunvor
• Re-iterate BUY

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:810 (+73.1%)
Analyst: Yap Swie Cu

Higher 4Q26 revenue booking to lift earnings
• Revenue booking in 3Q26 remained subdued
• Stable QoQ margins with YoY improvements across all segments
• JV land sales expected to aid 4Q26 presales and revenue growth
• Re-iterate BUY with lower TP

Cikarang Listrindo (POWR IJ)
HOLD-OPF / TP: IDR:980 (+2.6%)
Analyst: Chandra Pasaribu

Feeling the kick from data centers
• Mild organic growth with support from financial incomes
• DC demand supported growth
• Upping capacity with new investment in combined cycle
• Downgrade to HOLD-OPF, upgraded TP to IDR980

Bank Central Asia (BBCA IJ)
BUY / TP: IDR:6,200 (+30.8 %)
Analyst: Yap Swie Cu

Earnings acceleration continues
• Quarterly earnings reach new record
• Operational excellence and low COC further spurred profitability
• Re-iterate BUY with lower TP

United Tractors (UNTR IJ)
BUY / TP: IDR:29,700 (+16.0%)
Analyst: Chandra Pasaribu

Further normalized operations
• Slightly below expectation
• Positive momentum in operations expected in 4Q26
• Buyback program’s fifth tranche
• Re-iterate BUY with TP of IDR29,700