Banking Sector
Analyst: Yap Swie Cu

Another rate hike as commitment to preserve macro-economic stability
• Focusing on Rupiah (IDR) stabilization
• Banks performance to remain resilient
• Top Picks: BBCA and BMRI

Surya Semesta Internusa (SSIA IJ)
BUY / TP: IDR:1,770 (+16.8%)
Analyst: Yap Swie Cu

Uncertainty constrains monetization potential
• Conservative projection on industrial land sales booking
• Moderate construction outlook, hospitality business set for a turnaround
• Re-iterate BUY with lower TP of IDR1,770 on slower monetization expectation

Banking Sector
Analyst: Yap Swie Cu

Results for 4M26 in line with estimates
• BMRI and BRIS delivered the strongest earnings
• BBCA maintained stability despite slower growth
• BBRI and BBNI reveal modest performance
• Lower provisions drove BBTN’s profit
• Our top picks: BBCA and BMRI

Sarana Menara Nusantara (TOWR IJ)
BUY / TP: IDR:610 (+81.5%)
Analyst: Chandra Pasaribu

Consolidates an affiliate
• Within expectation despite newly consolidated affiliates
• Defending revenues
• Downgrading earnings forecast
• Re-iterate BUY with a lower TP of IDR610

Telkom Indonesia (TLKM IJ)
BUY / TP: IDR:3,400 (+19.3%)
Analyst: Chandra Pasaribu

Changes accounting policy
• Within expectation at low end
• Promising outlook in B2C segment
• OM cost increase to be sustained
• Re-iterate BUY – Unchanged TP of IDR3,400

Macro-economics
Analyst: Chandra Pasaribu

Impact from rising costs
• Inflation with subsidy in place
• Trade surplus falls to US$89mn
• PMI still at 50 – No change
• Selective picks