10 Stocks with Massive Surges! Some Have Soared 1,000%
A number of stocks have recorded fantastic increases since the beginning of the year. Based on collected data, PT Alakasa Industrindo Tbk (ALKA) leads with a year-to-date (YTD) strengthening of 1,028.42%. Following this are PT Asia Sejahtera Mina Tbk (AGAR), which surged by 590.68%, and PT Estee Gold Feet Tbk (EURO) with a 442.31% increase.
Behind these surges, investors need to scrutinise how far the price increases are supported by business developments. This is because planned corporate actions can raise market expectations long before the benefits are reflected in the company’s revenue and profits.
ALKA: Skyrocketing Amid High Ownership Concentration
ALKA is the stock with the largest increase in the list. However, business developments that could explain the entire price surge are not yet clearly visible. In a clarification dated 28 July 2026, management stated they were unaware of any material information causing the stock movement. The company also stated it has no plans for corporate action in the near future.
Meanwhile, ALKA falls into the high shareholding concentration (HSC) category, with ownership concentration reaching 98.21%. This condition can make prices more sensitive to changes in demand if the number of shares offered in the market is limited. Nevertheless, HSC status itself does not automatically cause prices to rise. The conclusion that a stock is experiencing a supply shortage must still be supported by transaction data and trading queue depth. Thus, ALKS’s increase cannot yet be fully explained by fundamental catalysts announced by the company.
AGAR: New Controller Provides Hope, but Valuation is Already Demanding
AGAR has more concrete corporate developments through the plan to acquire at least 51% of shares by Suprajitno Sutomo. This plan opens space for expectations regarding changes in strategy and business development. However, based on management’s explanation on 27 August 2026, the acquisition process is still in the due diligence stage, and the completion time remains uncertain.
The transaction involves purchasing shares from existing shareholders. This means the purchase funds do not automatically enter AGAR’s cash reserves to finance expansion. The benefits to the company can only be assessed further once there is clarity on strategy and the realisation of business development. From an operational perspective, AGAR has shown improvement. Revenue for the first half of 2026 increased by approximately 59.5% to Rp141.92 billion. The company also turned a net profit of approximately Rp1.02 billion, after recording a loss of Rp4.07 billion in the same period the previous year.
Nevertheless, this recovery is not yet sufficient to make its valuation appear cheap. Using a reference price of Rp1,630 on 3 September 2026 and a simple annualised first-half profit, AGAR shares are valued at nearly 800x PE. This valuation indicates that AGAR’s price has already priced in expectations of massive growth. While the acquisition plan and business improvements provide a basis for positive sentiment, they are not yet sufficient to justify the entire 590.68% increase. AGAR is also noted as having HSC status with an ownership concentration of 99.32%. This condition has the potential to increase price sensitivity but does not increase the company’s ability to generate profit. With the fundamentals already recorded, AGAR tends to be very expensive. This assessment may change if the new controller succeeds in delivering much larger business growth and profits.
EURO: Rights Issue Planned, but Profit Growth Has Not Followed
EURO has plans to issue a maximum of 2 billion new shares through a rights issue. The proceeds from this corporate action are planned for working capital and increasing business capacity, with shareholder approval scheduled for 18 September 2026. This capital increase plan could serve as a sentiment driver for the company’s stock. However, the benefits depend on the execution price, the amount of funds raised, and the profits generated from the expansion.
The issuance of new shares also increases the number of outstanding shares. Therefore, the company needs to generate sufficient additional profit so that the benefits of expansion are reflected in earnings per share. So far, EURO’s performance has not shown accelerated growth. Revenue for the first half of 2026 only rose by about 0.74% to Rp9.51 billion, while net profit fell by approximately 21.25% to Rp599.27 million.
At a reference price of Rp1,290 on 3 September 2026, EURO’s valuation reaches approximately 2,743 times PER when the first-half profit is simply annualised. This calculation is an illustration based on current performance, not a full-year profit projection. Compared to AGAR, EURO’s increase is harder to justify through current profit performance. The market appears to be pricing in hopes of massive expansion, while revenue is still growing marginally and profit is actually shrinking. As for EURO, it was not listed in the examined HSC compilation. Since the underlying data is not fully up-to-date, its latest official status cannot be confirmed. Therefore, there is no verified basis to claim EURO’s increase is caused by HSC status. For EURO, the next determinant is the details and execution of the rights issue and the results of the fund usage. Without significant additional profit, the stock price surge still leaves a wide gap relative to the company’s fundamentals.