Key Indices


Top Stories
Company Update | Buana Lintas Lautan (BULL IJ/BUY/Rp328/Target: Rp780)
- Tanker freight rates have climbed past the 2Q26 peak, and with BULL's fleet reaching 19 vessels by end-26, including an FPSO and FSO that add fixed contracted income, we expect a record 4Q26 profit after a softer 3Q26. Renewed tensions in the Middle East should keep rates elevated through 2027, allowing us to raise 2027 EBITDA to US$201.6m and net profit to US$123.9m. Maintain BUY with a higher target price of Rp780, based on 4.2x 2027F EV/EBITDA, a ~10% discount to peers.
Technical Analysis
Barito Pacific | BRPT IJ
- Trading Buy Range: We have a technical Buy at Rp1,425, and take profit at Rp1,505.
Bumi Serpong Damai | BSDE IJ
- Trading Buy Range: We have a technical Buy at Rp550, and take profit at Rp580.
Top Stories
Company Update | Buana Lintas Lautan (BULL IJ/BUY/Rp328/Target: Rp780)
- Tanker freight rates have climbed past the 2Q26 peak, and with BULL's fleet reaching 19 vessels by end-26, including an FPSO and FSO that add fixed contracted income, we expect a record 4Q26 profit after a softer 3Q26. Renewed tensions in the Middle East should keep rates elevated through 2027, allowing us to raise 2027 EBITDA to US$201.6m and net profit to US$123.9m. Maintain BUY with a higher target price of Rp780, based on 4.2x 2027F EV/EBITDA, a ~10% discount to peers.
Technical Analysis
Barito Pacific | BRPT IJ
- Trading Buy Range: We have a technical Buy at Rp1,425, and take profit at Rp1,505.
Bumi Serpong Damai | BSDE IJ
- Trading Buy Range: We have a technical Buy at Rp550, and take profit at Rp580.
Key Indices


IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.



