A Series of Issuers Launch Jumbo Share Buybacks, Which Are Worth Watching?
A number of companies listed on the Indonesia Stock Exchange (IDX) have begun executing share buyback programmes with jumbo values. For instance, PT Astra International Tbk (ASII) has allocated approximately Rp 8 trillion for this corporate action. The automotive sector issuer will use internal company funds. This step is aimed at strengthening discipline in capital allocation management while enhancing returns for shareholders. Furthermore, PT Bank Rakyat Indonesia Tbk (BBRI) announced a plan to repurchase shares in significantly fluctuating market conditions with a maximum value of Rp 500 billion. Several other issuers have also allocated significant funds for buyback programmes. PT Telkom Indonesia Tbk (TLKM) has prepared Rp 4 trillion, while PT Erajaya Swasembada Tbk (ERAA) has budgeted around Rp 100 billion. Another issuer, PT Steel Pipe Industry of Indonesia Tbk (ISSP), is also on the list with buyback funds of Rp 200 billion. Meanwhile, PT Trimegah Bangun Persada Tbk (NCKL) has set aside around Rp 1 trillion for this corporate action. From the technology and digital sector, PT Trimegah Karya Pratama Tbk (UVCR) has allocated a relatively smaller amount, around Rp 1.5 billion. Meanwhile, PT GoTo Gojek Tokopedia Tbk (GOTO) is back in the spotlight with a buyback plan worth Rp 3.5 trillion.
Analyst and Branch Manager of Panin Sekuritas Pondok Indah, Elandry Pratama, stated that buyback actions are generally a positive sentiment for the market because they reflect management’s confidence that the company’s current share price is still trading below its intrinsic value or is undervalued. Besides potentially increasing investor confidence, this step can also support the stability of share price movements, especially when market conditions are volatile. "From a fundamental perspective, buybacks can potentially increase EPS because the number of outstanding shares is reduced. However, the impact on the share price still depends on the size of the buyback, market conditions, and the business prospects of each issuer," Elandry told Kontan on Monday (15/6/2026). Elandry also believes the buyback steps taken by issuers at this time are quite appropriate. Amid the Jakarta Composite Index (IHSG) which is still experiencing a year-to-date correction, many quality stocks are trading at more attractive valuations compared to their historical averages. However, investors still need to make fundamentals and business prospects their main considerations, because a buyback is not a guarantee that the share price will rise sustainably.
Separately, BRI Danareksa Sekuritas analyst Abida Massi Armand explained that buyback actions have three main impacts on share movements. First, the emergence of non-discretionary demand that can form technical support for the share price. Second, a buyback signals that management believes the current share price is below its fair value. Third, there is a structural effect on company valuation, where the reduced number of outstanding shares can naturally drive an increase in earnings per share (EPS) and return on equity (ROE). "The effectiveness is proportional to the relative size of the market capitalisation. For example, ASII’s Rp 8 trillion and TLKM’s Rp 4 trillion are far more material compared to UVCR’s Rp 1.5 billion," said Abida.
From the list of issuers that have announced buybacks, Elandry sees TLKM, ASII, BBRI, and NCKL as the most interesting to watch. TLKM and ASII have strong fundamentals, healthy cash flows, and relatively large buyback values, which can signal management’s confidence in future business prospects. BBRI is interesting because it remains aggressive in protecting shareholder value amid economic slowdown challenges and interest rate dynamics. Meanwhile, NCKL is still supported by the long-term prospects of the nickel downstream sector, which remains a strategic market theme.
BBRI
Target price: Rp 3,300-Rp 3,500
Analysis: BBRI is supported by attractive valuations, credit growth potential, and remains one of the main choices for foreign investors.
TLKM
Target price: Rp 3,300
Analysis: TLKM has a defensive character, strong cash flow, and the potential to gain positive sentiment from its substantial buyback action.
ASII
Target price: Rp 5,200-Rp 5,500
Analysis: ASII is supported by broad business diversification, making it relatively resilient to economic dynamics.
NCKL
Target price: Rp 1,200
Analysis: NCKL is attractive for investors seeking exposure to the nickel downstream theme and the electric vehicle industry growth.
Overall, Elandry favours BBRI, TLKM, and ASII because they are supported by strong fundamentals, high liquidity, and the potential to become main destinations for capital flows when market sentiment improves. Meanwhile, NCKL is more suitable for investors with a long-term investment horizon and higher risk tolerance. Abida explained that ASII’s large buyback of Rp 8 trillion reflects the strong cash flow of one of Indonesia’s largest conglomerates, with a diversified and mutually supportive business portfolio. Meanwhile, TLKM’s Rp 4 trillion buyback is seen as an indication that the current share price is at a relatively discounted level, especially amid the ongoing digital infrastructure monetisation phase (InfraCo). Abida recommends buying ASII with a target price of Rp 6,850 as a top pick, citing an 8% dividend yield and the Rp 8 trillion buyback as the strongest downside protection. She also recommends buying TLKM with a target of Rp 3,750, where the buyback catalyst strengthens the InfraCo monetisation thesis. The best strategy is gradual accumulation by leveraging this institutional buyback momentum.