A number of stocks have recorded fantastic increases since the\nbeginning of the year. Based on collected data, PT Alakasa Industrindo\nTbk (ALKA) leads with a year-to-date (YTD) strengthening of 1,028.42%.\nFollowing this are PT Asia Sejahtera Mina Tbk (AGAR), which surged by\n590.68%, and PT Estee Gold Feet Tbk (EURO) with a 442.31% increase.<\/p>\n
Behind these surges, investors need to scrutinise how far the price\nincreases are supported by business developments. This is because\nplanned corporate actions can raise market expectations long before the\nbenefits are reflected in the company\u2019s revenue and profits.<\/p>\n
ALKA: Skyrocketing Amid High Ownership Concentration<\/p>\n
ALKA is the stock with the largest increase in the list. However,\nbusiness developments that could explain the entire price surge are not\nyet clearly visible. In a clarification dated 28 July 2026, management\nstated they were unaware of any material information causing the stock\nmovement. The company also stated it has no plans for corporate action\nin the near future.<\/p>\n
Meanwhile, ALKA falls into the high shareholding concentration (HSC)\ncategory, with ownership concentration reaching 98.21%. This condition\ncan make prices more sensitive to changes in demand if the number of\nshares offered in the market is limited. Nevertheless, HSC status itself\ndoes not automatically cause prices to rise. The conclusion that a stock\nis experiencing a supply shortage must still be supported by transaction\ndata and trading queue depth. Thus, ALKS\u2019s increase cannot yet be fully\nexplained by fundamental catalysts announced by the company.<\/p>\n
AGAR: New Controller Provides Hope, but Valuation is Already\nDemanding<\/p>\n
AGAR has more concrete corporate developments through the plan to\nacquire at least 51% of shares by Suprajitno Sutomo. This plan opens\nspace for expectations regarding changes in strategy and business\ndevelopment. However, based on management\u2019s explanation on 27 August\n2026, the acquisition process is still in the due diligence stage, and\nthe completion time remains uncertain.<\/p>\n
The transaction involves purchasing shares from existing\nshareholders. This means the purchase funds do not automatically enter\nAGAR\u2019s cash reserves to finance expansion. The benefits to the company\ncan only be assessed further once there is clarity on strategy and the\nrealisation of business development. From an operational perspective,\nAGAR has shown improvement. Revenue for the first half of 2026 increased\nby approximately 59.5% to Rp141.92 billion. The company also turned a\nnet profit of approximately Rp1.02 billion, after recording a loss of\nRp4.07 billion in the same period the previous year.<\/p>\n
Nevertheless, this recovery is not yet sufficient to make its\nvaluation appear cheap. Using a reference price of Rp1,630 on 3\nSeptember 2026 and a simple annualised first-half profit, AGAR shares\nare valued at nearly 800x PE. This valuation indicates that AGAR\u2019s price\nhas already priced in expectations of massive growth. While the\nacquisition plan and business improvements provide a basis for positive\nsentiment, they are not yet sufficient to justify the entire 590.68%\nincrease. AGAR is also noted as having HSC status with an ownership\nconcentration of 99.32%. This condition has the potential to increase\nprice sensitivity but does not increase the company\u2019s ability to\ngenerate profit. With the fundamentals already recorded, AGAR tends to\nbe very expensive. This assessment may change if the new controller\nsucceeds in delivering much larger business growth and profits.<\/p>\n
EURO: Rights Issue Planned, but Profit Growth Has Not Followed<\/p>\n
EURO has plans to issue a maximum of 2 billion new shares through a\nrights issue. The proceeds from this corporate action are planned for\nworking capital and increasing business capacity, with shareholder\napproval scheduled for 18 September 2026. This capital increase plan\ncould serve as a sentiment driver for the company\u2019s stock. However, the\nbenefits depend on the execution price, the amount of funds raised, and\nthe profits generated from the expansion.<\/p>\n
The issuance of new shares also increases the number of outstanding\nshares. Therefore, the company needs to generate sufficient additional\nprofit so that the benefits of expansion are reflected in earnings per\nshare. So far, EURO\u2019s performance has not shown accelerated growth.\nRevenue for the first half of 2026 only rose by about 0.74% to Rp9.51\nbillion, while net profit fell by approximately 21.25% to Rp599.27\nmillion.<\/p>\n
At a reference price of Rp1,290 on 3 September 2026, EURO\u2019s valuation\nreaches approximately 2,743 times PER when the first-half profit is\nsimply annualised. This calculation is an illustration based on current\nperformance, not a full-year profit projection. Compared to AGAR, EURO\u2019s\nincrease is harder to justify through current profit performance. The\nmarket appears to be pricing in hopes of massive expansion, while\nrevenue is still growing marginally and profit is actually shrinking. As\nfor EURO, it was not listed in the examined HSC compilation. Since the\nunderlying data is not fully up-to-date, its latest official status\ncannot be confirmed. Therefore, there is no verified basis to claim\nEURO\u2019s increase is caused by HSC status. For EURO, the next determinant\nis the details and execution of the rights issue and the results of the\nfund usage. Without significant additional profit, the stock price surge\nstill leaves a wide gap relative to the company\u2019s fundamentals.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/10-stocks-with-massive-surges-some-have-soared-1-000-1788490480", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }