Bumi Resources Minerals (BRMS IJ)
HOLD OPF / TP: IDR:500 (+1.2%)
Analyst: Alditya Galih Ramadhan

Gold rush sets upcoming tone
• Flexibility to back organic expansion
• Sound EPS growth carries forward to this year
• More cycles to come
• We await the *retracement and resume coverage with a TP of IDR500 (US$0.03)

Banking Industry
Analyst: Yap Swie Cu

Weaker buying power clouds outlook
• Rising trend in household NPL
• Less income saved by households
• Expect banks to maintain conservative targets
• BBCA is our top pick

Erajaya Swasembada (ERAA IJ)
BUY / TP: IDR:610 (+13.0%)
Analyst: Chandra Pasaribu

Penetrates new segments
• XPeng, new EV in town
• White goods for the mass market
• Unlocks food and nourishment
• Re-iterate BUY with TP of IDR610 (US$0.04)

Trade Balance
Analyst: Chandra Pasaribu

Surging imports
• Exports gain +5.8% YoY
• Imports surge +21.8% YoY
• Trade surplus shrinks
• Short-term headwinds faced as surplus narrows

Inflation
Analyst: Chandra Pasaribu

Deflation from volatile food prices
• Prices show an easing after Ramadan
• PMI slips below the 50-mark again
• Tourism sector to see uptick
• Overhang from global uncertainty

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,240 (+38.5%)
Analyst: Yap Swie Cu

Off to slow start for 2025
• Seasonality had an impact on the 1Q25 result
• Lower margins on change in revenue mix and rise in operating costs
• On-track 1Q25 marketing sales
• We re-iterate BUY amid strong fundamentals and attractive valuation