5 Stock Recommendations as IHSG Rallies for 9 Consecutive Days
The Indonesian Composite Index (IHSG) ended trading on Tuesday (21/7) in positive territory, rising 1.74% to 6,340.02. The index’s gains were primarily supported by increases in AMMN, DSSA, and BBRI. Conversely, declines in KLBF, FILM, and HEAL limited the IHSG’s upward momentum. Foreign investor activity reflected positive sentiment, recording a net buy of IDR 360.21 billion in the regular market and IDR 31.36 billion across all markets. Sectorally, 10 out of 11 sector indices closed higher. The energy sector led the gains with a 3.48% increase, while the healthcare sector was the sole decliner, falling 1.33%.
In global markets, US stock exchanges also closed higher. The Dow Jones index rose 0.74%, followed by the S&P 500 which gained 0.89% and the Nasdaq which added 1.29%. This strength was mirrored by gains in high-beta stocks such as CUAN, TPIA, AMMN, and BRPT, which also helped support the IHSG’s movement. Meanwhile, the EIDO ETF and MSCI Indonesia indices strengthened by 1.36% and 1.23%, respectively.
On the corporate action front, PT Barito Renewables Energy Tbk. (BREN), through its Singapore-based subsidiary Star Energy Group Holdings Pte. Ltd. (SEGHPL), secured a term loan facility of up to US$300 million, or approximately IDR 5.37 trillion, from Bangkok Bank Public Company Limited. The loan agreement was signed on 17 July 2026. The facility consists of Facility A, worth US$105 million, designated for pre-construction needs of the Suoh Sekincau geothermal project in Sumatra. Facility B, valued at US$195 million, is allocated for equity participation in the construction of the Suoh Sekincau project amounting to US$105 million and the Hamiding geothermal project in Maluku worth US$90 million. Both facilities have a term of up to 60 months from the first drawdown. The transaction value is equivalent to approximately 33.95% of BREN’s equity based on the FY2025 financial report of US$883.52 million, thus categorising it as a material transaction. As of the first quarter of 2026, BREN’s debt-to-equity ratio (DER) stood at 3.21 times, an improvement from the end of 2025 position of 3.38 times, with total equity reaching US$936.44 million. The drawdown of the loan facility is scheduled to take place in stages until August 2026 for Facility A and December 2027 for Facility B.
Furthermore, PT Asia Sejahtera Mina Tbk. (AGAR) announced a planned change of control after Suprajitno Sutomo submitted a Letter of Intent (LoI) on 16 July 2026 to acquire shares in the company. The plan includes the purchase of 450 million shares owned by PT Indo Kreasi Pratama as the selling shareholder, as well as the purchase of at least 60 million shares from other shareholders. Thus, the total targeted shares amount to at least 510 million shares, equivalent to a minimum of 51% of AGAR’s issued and fully paid-up capital. The company stated that this takeover plan is intended to support business development through investment and business expansion. Upon completion of the transaction, the subsequent process will follow applicable regulations, including the execution of a mandatory tender offer (MTO) in accordance with POJK No. 9/POJK.04/2018.
Meanwhile, PT Fortune Indonesia Tbk. (FORU) plans to conduct a Capital Increase with Pre-emptive Rights (PMHMETD I) through the issuance of a maximum of 215.10 billion new shares at an exercise price of IDR 126 per share. From this corporate action, the company could potentially raise up to approximately IDR 27.10 trillion. The proceeds from the rights issue will be used as part of FORU’s transformation into a holding company in the coking coal mining sector through the acquisition of a 49% stake in Borneo Prima (BP). Around 76.81% of the funds raised, or approximately IDR 20.82 trillion, will be used to take over BP shares owned by IMR Asia Holding Pte. Ltd. via an inbreng mechanism. The remaining funds from public cash contributions, with a maximum value of around IDR 6.28 trillion, are planned to be channelled as a working capital loan to Borneo Prima. The company manages a coking coal mine in Murung Raya, Central Kalimantan, with a concession area of approximately 15,000 hectares and total reserves based on the JORC Code 2012 of 87.70 million tonnes. After the transaction is completed, FORU’s total assets are projected to increase to approximately IDR 8.71 trillion from the previous IDR 33.55 billion, while equity is expected to rise to IDR 7.78 trillion from IDR 19.23 billion. The company also disclosed that shareholders who do not exercise their rights in the rights issue could potentially experience ownership dilution of up to 99.78%.
Stock Recommendations for Today:
BUMI: Buy 165-167 | TP 170-173 | SL 157
IRSX: Buy 306-310 | TP 314-324 | SL 288
RAJA: Buy 950-960 | TP 970-1000 | SL 890
TPIA: Buy 2230-2250 | TP 2280-2330 | SL 2100
PANI: Buy 6475-6525 | TP 6650-6800 | SL 6150