IDX Remains Volatile, These Stocks Are Worth Watching

The Indonesia Composite Index (IHSG) strengthened by 0.46% to the level of 6,036.89 in Friday’s (2/10) trading. The gains were supported by shares of BBCA, which rose 1.67%, DCII, up 3.66%, and ASII, up 2.66%. Conversely, AMMN fell 2.97%, MORA weakened by 4.09%, and BBRI corrected by 0.65%.

Foreign investors recorded a net sell of Rp1.31 trillion in the regular market, while the overall market recorded a net sell of Rp1.27 trillion. Out of the 11 sectors listed on the IDX, seven ended in the green zone. The technology sector recorded the highest increase of 1.51%, while the industrial sector experienced the deepest decline of 1.70%.

In the US markets, the three main indices also closed higher. The Dow Jones rose 0.4% to 51,176, the S&P 500 strengthened by 0.73% to 7,722, and the Nasdaq rose 1.19% to 27,190. GOTO shares recorded a technical rebound after four consecutive sessions hitting the daily trading lower limit. Meanwhile, the EIDO ETF and the MSCI Indonesia index strengthened by 0.60% and 0.80%, respectively.

Regarding corporate actions, PT Erajaya Swasembada Tbk (ERAA) continues to expand its business beyond the main gadget and electronics segment through Erajaya Food and Nourishment (EFN). The company plans to introduce the Japanese doughnut brand, I’m Donut, in the fourth quarter of 2026, following the opening of Oriental Kopi outlets earlier this year. Additionally, the expansion of the Erablue home electronics retail chain continues. As of August 2026, Erablue has 307 stores, an increase of 126 stores since the beginning of the year. The company is also targeting second-tier cities in West Java and Central Java for its next expansion.

Overall, ERAA has opened 399 stores and closed 127 stores during the first eight months of 2026, resulting in a net increase of 272 stores. The expansion of Erablue has also shown operational performance growth, with Erablue’s revenue growing 88% year-on-year during 8M26, while cumulative Same-Store Sales Growth (SSSG) reached 14.90% YoY.

Meanwhile, PT Jababeka Tbk (KIJA), through its subsidiary Indocargomas Persada (IP), has acquired a 51% stake, or 340.86 million shares, in PT Kawasan Industri Seafer (KIS) from Seafer Lumina Capital. The transaction, conducted on 1 October 2026, is valued at Rp340.86 billion, making KIS a consolidated subsidiary of KIJA. Through this transaction, KIJA gains access to KIS land bank of approximately 500.24 hectares in Kendal Regency, Central Java. This area has held National Strategic Project (PSN) status since 2019 and is a priority industrial zone focusing on chemicals, base metals, and integrated maritime logistics.

The KIS area also includes zones designated for electric vehicle manufacturing, warehousing, and data centres. This acquisition expands KIJA’s business scope in Central Java, complementing its existing industrial estates which cover over 2,000 hectares on the western side of Kendal, managed alongside Sembcorp.

In terms of materiality, the transaction value is equivalent to 4.39% of KIJA’s equity as of 1H26, which reached Rp7.77 trillion. The value is below the 20% threshold, and the transaction is not an affiliated transaction, thus not requiring General Meeting of Shareholders (RUPS) approval.

PT Astra Agro Lestari Tbk (AALI) is also preparing a share buyback programme with a maximum allocation of Rp400 billion sourced from the company’s internal funds. Based on the proforma financial statements as of 30 June 2026, if the buyback is fully executed, AALI’s total assets are projected to decrease to Rp28.50 trillion from Rp28.90 trillion. Meanwhile, total equity is expected to become Rp24.20 trillion from Rp24.60 trillion. Net profit for the period in the proforma remains at Rp1.10 trillion, while earnings per share is projected to increase to Rp575 from Rp571. The buyback is scheduled to take place over a maximum of three months, from 2 October to 28 December 2026.