Key Indices


Top Stories
Company Update | United Tractors (UNTR IJ/BUY/Rp23,500/Target: Rp30,000)
- UNTR raised 2026 OB removal and coal production guidance by 7.9% and 8.0% to 1,025m BCM and 146mt respectively, following the national RKAB increase to 700mt. Martabe’s output is expected to recover from operational disruptions, rising to 80,000-100,000 oz in 2027 and 200,000 oz by 2029. While ongoing buybacks may support the share price, it raises the risk of UNTR being excluded from the MSCI during the November review. Maintain BUY with a target price of Rp30,000.
Technical Analysis
Bank Central Asia | BBCA IJ
- Trading Buy Range: We have a technical Buy at Rp5,100, and take profit at Rp5,525.
Merdeka Battery Materials | MBMA IJ
- Trading Buy Range: We have a technical Buy at Rp310, and take profit at Rp330.
Top Stories
Company Update | United Tractors (UNTR IJ/BUY/Rp23,500/Target: Rp30,000)
- UNTR raised 2026 OB removal and coal production guidance by 7.9% and 8.0% to 1,025m BCM and 146mt respectively, following the national RKAB increase to 700mt. Martabe’s output is expected to recover from operational disruptions, rising to 80,000-100,000 oz in 2027 and 200,000 oz by 2029. While ongoing buybacks may support the share price, it raises the risk of UNTR being excluded from the MSCI during the November review. Maintain BUY with a target price of Rp30,000.
Technical Analysis
Bank Central Asia | BBCA IJ
- Trading Buy Range: We have a technical Buy at Rp5,100, and take profit at Rp5,525.
Merdeka Battery Materials | MBMA IJ
- Trading Buy Range: We have a technical Buy at Rp310, and take profit at Rp330.
Key Indices


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