■ Non-taxi: Spreading wings into higher-margin businesses. With car rentals as the main driver, BIRD’s non-taxi revenue is projected to surge 29.9% YoY to IDR 1,996bn in 2025F (32% of topline), supported by 300 additional EVs for mid-to-high segment and further boost from Cititrans’ premium shuttle business. The jump is set to raise gross margin to 33.6% and lift non-taxi gross profit contribution to 36% in 2025F.

■ Taxi: Less price war, more corporate partnerships & outlying-areas penetration. We project FY25 taxi revenue to reach IDR 3,960bn (+10.7% YoY), with growth driven by more working days, the rainy season, reduced ride-hailing incentives, and BIRD’s focus on comfort and safety that continues to attract mid-to-high-income customers. The segment’s resilience is reflected in its 13.3% 2Y CAGR, with further upside expected from expanding corporate partnerships, which are projected to contribute >28% of revenue by 2026F.

■ 2Q25 results: Non-taxi segment as key driver. BIRD posted 2Q25 revenue of IDR 1.37tn (+5.1% QoQ, +13.3% YoY), boosted by a surge in non-taxi segment, especially Cititrans. FY25F revenue is projected at IDR 5.9tn (+16.4% YoY), supported by operational efficiencies and higher fleet resale. Operating profit rose to IDR 194bn (margin 14.2%), while net profit reached IDR 170bn, with a 1H25 margin of 12.6%.

■ Both DCF and P/E based valuations point to IDR 2,900 TP – BUY on 63.8% upside. We maintain our BUY rating on BIRD, supported by attractive P/E of 5.3x (55% below the industry), strong 19.9% EPS growth, 8.0% dividend yield, and low EV/taxi of USD 14K. Both DCF and P/E-based valuations point to a TP of IDR 2,900, implying 63% upside. Key risks include lower passenger numbers, renewed ride-hailing cash burn, and higher fuel prices.