IDX Remains Volatile, These Stocks Are Worth Watching

The Indonesia Composite Index (IHSG) ended trading on Friday (18/9) in the red, dropping 0.33% to the 6,441.16 level.

A number of stocks recorded positive movements, including BYAN, which rose 19.96%, DCII, which strengthened by 3.14%, and BREN, which rose 3.25%. On the other hand, AMMN fell 4.49%, BMRI corrected by 2.07%, and DSSA weakened by 5.36%.

Foreign investors recorded a net sell of Rp1.78 trillion in the regular market and Rp1.79 trillion across the entire market.

Sectorally, 10 out of 11 sectors were in the red zone. The Industrials sector recorded a decline of 1.64%, while the Technology sector was the only sector to strengthen, rising by 0.27%.

Movement in the United States stock markets closed mixed. The Dow Jones fell 0.18% to 51,682, while the S&P 500 rose 0.17% to 7,650 and the Nasdaq strengthened 0.40% to 26,522.

The FTSE rebalancing also influenced fund flows in the Indonesian stock market. This condition prompted net selling at the highest level since 19 June, including several issuers that underwent reclassification to Micro Cap, such as BSDE, SCLE, and BBYB.

The movement of Indonesia’s offshore indices also experienced a correction, with the EIDO ETF falling 2.04% and MSCI Indonesia weakening by 1.24%.

In terms of corporate actions, PT Erajaya Swasembada Tbk (ERAA) is preparing to expand its food and beverage (F&B) business into the global market through its Erajaya Food & Nourishment (EFN) line. EFN has previously built a business portfolio in the domestic market through several brands, such as Paris Baguette, Bacha Coffee, Curry Up, CHAGEE, Wetzel’s Pretzels, and GrandLucky Superstore.

In addition to expanding its brand portfolio, EFN is also strengthening its supply chain through the GrandLucky direct sourcing approach. One such effort involves developing a supply network with the Brastagi brand in Medan. The company is also developing greenhouses and hydroponic farming, as well as offtake schemes, to expand market access for products produced by farmers. Moving forward, EFN is directed to build a more diverse business portfolio within the Erajaya Group ecosystem.

Furthermore, PT Bhineka Inovasi Ketahanan Energi Tbk (BIKE), through its subsidiary Ratu Karya, signed a Memorandum of Understanding (MoU) with Perumda Pasar Jaya on 17 September 2026. The MoU relates to the plan to develop the Pasar Minggu area in South Jakarta, with an estimated investment value of approximately Rp1 trillion.

The planned development area will include various facilities, ranging from kiosks and stalls for micro, small, and medium enterprises (MSMEs), low-cost apartments, hospitals, office buildings, shopping centres, to food courts. This plan simultaneously expands BIKE’s portfolio into the property, infrastructure, and area development sectors. In terms of scale, the investment value of approximately Rp1 trillion is equivalent to about 19 times the company’s equity as of the first semester of 2026 (Rp51.40 billion) and about 10 times its total assets (Rp96.05 billion).

Additionally, PT Ultrajaya Milk Industry & Trading Company Tbk (ULTJ) is planning a rights issue through the issuance of up to 7.88 billion new shares. This amount is equivalent to 43.11% of the fully placed and paid-up capital after the execution of PMHMETD IV. The execution price is set at Rp2,150 per share. Consequently, the company potentially stands to raise up to Rp16.94 trillion from this corporate action.

A total of 86.01% of the funds raised, or approximately Rp14.57 trillion, will be used to acquire 100% of the shares of Frisian Flag Indonesia. This transaction will be conducted through an inbreng mechanism (contribution in kind). Meanwhile, the portion of funds in the form of cash contributions will be used for working capital needs, including direct material costs, direct wages, maintenance, and electricity expenses.

The planned value of the inbreng transaction reaches 178.24% of the company’s equity. As the value meets the criteria for a material transaction, its implementation requires shareholder approval in a General Meeting of Shareholders (RUPS).

Once the transaction is completed, FrieslandCampina International Holding B.V. (FCIH) is projected to become the new controlling shareholder of ULTJ, with ownership ranging from 28.95% to 30.81%. FCIH will also be required to conduct a tender offer for the remaining public shares. On the other hand, existing shareholders who do not exercise their rights in PMHMETD IV could face dilution of up to a maximum of 43.11%. The corporate action plan is currently awaiting approval from the Extraordinary General Meeting of Shareholders (RUPSLB) scheduled for 27 October 2026.