Surya Semesta Internusa (SSIA IJ): Solid outlook but share price demanding

Surya Semesta Internusa (SSIA IJ)
HOLD / TP: IDR:2,220 (-5.1%)
Analyst: Yap Swie Cu

Solid outlook but share price demanding
• On-track development
• Strong demand to continue support marketing sales target
• Weak 1H25 result amid the absence revenue from Melia Bali Hotel
• Modest performance in 2025F, but 2026F outlook to be stronger
• Upgrading TP to IDR2,220, but downgraded to HOLD amid its demanding valuation