IHSG Continues Rebound, These Shares Look Attractive
The Jakarta Composite Index (IHSG) closed 1.10% higher at 6,108.21 on Thursday (16/7). The index’s rise was mainly supported by gains in ASII, BMRI, and BBCA shares, while UNTR, VKTR, and AMRT were the biggest drags on the index.
In terms of investor activity, foreign investors recorded a net buy of Rp283.41 billion in the regular market and approximately Rp1.22 trillion across all markets. The inflow of foreign funds was driven by increased transactions in banking sector stocks and commodity issuers, including a negotiated transaction related to the takeover of PKPN shares worth more than Rp1 trillion. This condition also pushed the EIDO ETF up by 1.33% and the MSCI Indonesia index up by 1.55%.
All 11 sectors on the Indonesia Stock Exchange closed in positive territory, with the technology sector leading gains at 1.94%.
On the global front, most United States stock indices closed weaker. The Dow Jones index fell 0.20%, the S&P 500 corrected 0.51%, while the Nasdaq dropped 1.47% amid pressure on technology stocks.
In corporate actions, PT Tower Bersama Infrastructure Tbk (TBIG) plans to add a new business line through Network Access Point (NAP) services, which will be operated by its subsidiary, PT Tower Bersama. This move aims to strengthen the company’s digital infrastructure ecosystem beyond its core telecommunications tower leasing business.
Since Tower Bersama’s contribution exceeds 20% of consolidated revenue, the plan is categorised as a material transaction and will require shareholder approval at a General Meeting of Shareholders scheduled for 24 August. The NAP business model will focus on providing wholesale IP transit services, targeting Tier 2-3 internet service providers and corporate segments. The business development will leverage group asset synergies, including a fibre optic network spanning more than 60,000 kilometres, telecommunication towers, and data centres. The company has prepared an initial investment of approximately Rp47.40 billion, sourced entirely from internal cash, so it will not alter the capital structure or increase debt. Based on an independent feasibility study for the 2026-2041 projection period, the development plan yields an estimated Internal Rate of Return of 18.65%, a positive Net Present Value of Rp37.83 billion, a Profitability Index of 1.86 times, and an estimated payback period of around 7 years and 4 months.
Meanwhile, PT Pinago Utama Tbk (PNGO) is entering the mandatory tender offer period conducted by its new controller, AEP Nusantara Holdings Limited. The offer is for a maximum of 13.59 million shares, or approximately 1.74% of the issued and fully paid capital, at a price of Rp3,584 per share. The maximum transaction value of the MTO is estimated at around Rp48.69 billion. The offer period runs from 16 July to 14 August 2026, following AEP Nusantara’s completion of the acquisition of 767.66 million shares, or approximately 98.26% ownership of PNGO, worth Rp2.75 trillion on 4 May. The company stated that the MTO is a fulfilment of regulatory requirements following the change of control and is not accompanied by any plan to delist the company’s shares from the stock exchange. If all public shares are acquired, resulting in 100% ownership, the new controller is still obliged to comply with public shareholding requirements in accordance with applicable regulations.
Elsewhere, PT Habco Trans Maritima Tbk (HATM) plans to conduct a capital increase without pre-emptive rights through the issuance of a maximum of 800 million new shares, or approximately 9.22% of the current issued and fully paid capital. The exercise price will refer to Indonesia Stock Exchange regulations, which is at least 90% of the average closing share price over 25 consecutive trading days prior to the application for additional share listing. All proceeds from this corporate action will be used for capital expenditure. The company stated that this action will not change the company’s control structure. After the rights issue, the public ownership portion is expected to change from 13.29% to 12.17%, resulting in potential dilution for public shareholders of approximately 8.44%.