Key Indices


Top Stories
Company Update | Elnusa (ELSA IJ/BUY/Rp640/Target: Rp1,450)
- ELSA is expected to deliver stronger 2H26 earnings as seismic contracts ramp up and downstream fuel transportation and trading remain solid. Potential upside catalysts include LCO-based marginal well acquisitions, new seismic tenders supporting 2027 backlog, fleet renewal and a gradual increase in dividends. The proposed merger with PDSI remains uncertain pending structural clarity. ELSA has achieved over 50% of its Rp600b capex budget in 9M26. Maintain BUY with a DCF-based target price of Rp1,450.
Technical Analysis
Chandra Asri Pacific | TPIA IJ
- Trading Buy Range: We have a technical Buy at Rp1,430, and take profit at Rp1,550.
Bank Negara Indonesia | BBNI IJ
- Trading Buy Range: We have a technical Buy at Rp3,460, and take profit at Rp3,690.
Top Stories
Company Update | Elnusa (ELSA IJ/BUY/Rp640/Target: Rp1,450)
- ELSA is expected to deliver stronger 2H26 earnings as seismic contracts ramp up and downstream fuel transportation and trading remain solid. Potential upside catalysts include LCO-based marginal well acquisitions, new seismic tenders supporting 2027 backlog, fleet renewal and a gradual increase in dividends. The proposed merger with PDSI remains uncertain pending structural clarity. ELSA has achieved over 50% of its Rp600b capex budget in 9M26. Maintain BUY with a DCF-based target price of Rp1,450.
Technical Analysis
Chandra Asri Pacific | TPIA IJ
- Trading Buy Range: We have a technical Buy at Rp1,430, and take profit at Rp1,550.
Bank Negara Indonesia | BBNI IJ
- Trading Buy Range: We have a technical Buy at Rp3,460, and take profit at Rp3,690.
Key Indices


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