Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:4,900 (+63.9%)
Analyst: Yap Swie Cu

Performance in 1Q26 remains intact
• Lending and margin expansion supported 1Q26 earnings
• COC remained elevated
• Keeping 2026 guidance for now
• Re-iterate BUY on its sturdy fundamentals and attractive valuation

United Tractors (UNTR IJ)
BUY / TP: IDR:33,650 (+16.4%)
Analyst: Chandra Pasaribu

Impact from halted gold operation
• Halted gold mining drove results below expectations
• Lower operating numbers
• Recovery from re-instated license and RKAB second revision
• Slight downgrade in TP to IDR33,650 – Upgrade to BUY

Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:4,900 (+43.3%)
Analyst: Yap Swie Cu

To stay resilient
• Net profit forecast for 2026F trimmed 3%.
• Elevated credit cost remained a drag on profitability
• Re-iterate BUY with lower TP of IDR4,900 on higher cost of equity (COE) assumption

Perusahaan Gas Negara (PGAS IJ)
BUY / TP: IDR:2,630 (+34.5%)
Analyst: Chandra Pasaribu

Asset write-down in 4Q25
• Below expectation from one-offs
• Gas distribution remains main contributor
• Rolling over to FY2026, our new TP is IDR2,630
• Re-iterate BUY

Bank Mandiri (BMRI IJ)
BUY / TP: IDR:6,800 (+38.5%)
Analyst: Yap Swie Cu

Growth to sustain earnings performance
• Minor change in the 2026F net profit projection
• Resilient 2M26 results
• Assigning higher cost of equity amid rising market volatility. Re-iterate BUY with lower TP of IDR6,800

Jasa Marga (JSMR IJ)
BUY / TP: IDR:4,700 (+52.1%)
Analyst: Chandra Pasaribu

Sound toll-road operations
• Slightly better than expected
• Stronger balance sheet
• New toll roads and line up of tariff increase
• We trim our TP of 4,700 but re-iterate BUY