Top Stories
Company Results | Indosat (ISAT IJ/BUY/Rp1,925/Target: Rp2,500)
Adjusted net profit came in broadly in line with expectations at 47% of our full-year forecast and 54% of consensus. ISAT continued delivering ARPU growth while maintaining a stable subscriber base, with management upgrading its 2026 revenue and EBITDA growth guidance to high single digits. Maintain BUY with a lower target price of Rp2,500, based on 4.6x 2026F EV/EBITDA, in line with ISAT's five-year historical average. Our lower target price reflects higher net debt from increased AI and 5G capex.
Technical Analysis
Bank Rakyat Indonesia | BBRI IJ
Trading Buy Range: We have a technical Buy at Rp2,980, and take profit at Rp3,100.
Bumi Resources | BUMI IJ
Trading Buy Range: We have a technical Buy at Rp162, and take profit at Rp175.
Top Stories
Company Results | Indosat (ISAT IJ/BUY/Rp1,925/Target: Rp2,500)
Adjusted net profit came in broadly in line with expectations at 47% of our full-year forecast and 54% of consensus. ISAT continued delivering ARPU growth while maintaining a stable subscriber base, with management upgrading its 2026 revenue and EBITDA growth guidance to high single digits. Maintain BUY with a lower target price of Rp2,500, based on 4.6x 2026F EV/EBITDA, in line with ISAT's five-year historical average. Our lower target price reflects higher net debt from increased AI and 5G capex.
Technical Analysis
Bank Rakyat Indonesia | BBRI IJ
Trading Buy Range: We have a technical Buy at Rp2,980, and take profit at Rp3,100.
Bumi Resources | BUMI IJ
Trading Buy Range: We have a technical Buy at Rp162, and take profit at Rp175.
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