Top Picks

PTPS HIGH CONVICTION

176

PT Pulau Subur Tbk — CPO/Perkebunan

Thesis: B50 biodiesel mandate (16jt ton demand) + PKS operational H2 2026

Entry: 175 | Conviction: HIGH | Position: 1,560 lots @ avg 191

PGEO HOLD

1000

Pertamina Geothermal Energy

Earnings: Apr 24 (+33% YoY expected)

Position: 245 lots @ avg 1,010

ESSA REDUCE

875

Surya Esa Perkasa Tbk — Ammonia/Chemical

Underperforming. Consider 50-70% exit to redeploy.

Position: 310 lots @ avg 713

Watch List

ISSP — Best value in construction at PER 5.95

ELSA — BPK governance risk, wait