IHSG Soars: Five Stock Picks Worth Watching
Jakarta, CNBC Indonesia – The Jakarta Composite Index (IHSG) closed down 4.57% at 7,577.06 in trading on Wednesday, 4 March. The declines were broad-based, with all 11 sectors finishing in the red. The Basic Industry sector recorded the deepest decline at 7.42%. However, in morning trading today, Thursday, 5 March 2026, the IHSG rebounded and surged by as much as 2%.
Several equities recorded notable moves. SGRO (+7.81%), IFSH (+25.00%), and POLU (+9.68%) were the biggest movers on the upside. Conversely, TLKM (-7.25%), AMMN (-10.62%), and BRMS (-13.27%) weighed on the index. Foreign investors posted net selling of Rp213.98 billion in the regular market and Rp117.91 billion across the broad market.
Globally, US stock markets closed higher. Dow Jones rose 0.49% to 48,739, followed by S&P 500 up 0.78% at 6,869, and Nasdaq up 1.29% at 22,807.
Concerns about the impact of the Iran war are easing, although the EIDO ETF and MSCI Indonesia remained down 1.63% and 4.28% respectively as Fitch revised Indonesia outlook negatively.
Meanwhile, Bayan Resources (BYAN) allocated capex of US$200–300 million in 2026, equivalent to Rp3.38–5.07 trillion with an assumed exchange rate Rp16,916 per USD. The budget is higher than 2025 realization of US$181.7 million.
The company targets revenue in the range US$1.8–3.8 billion, with coal production projection 39–76 million tonnes and sales volume 39–78 million tonnes. Management expects average selling price (ASP) in the US$46–48 per tonne range, cash production cost US$36–42 per tonne, and stripping ratio 4.8–5.2x.
In 2025, BYAN recorded ASP fell to US$48.4 per tonne from US$61.3 per tonne in 2024. Nevertheless, sales volume rose 25.97% year-on-year to 70.8 million tonnes and production grew 19.5% to 68 million tonnes.
In the banking sector, Bank Negara Indonesia (BBNI) is preparing a maximum Rp905.48 billion to conduct a share buyback with a number not exceeding 10% of issued and paid-up capital. The funds come from free cash flow in the form of retained earnings not yet allocated.
The buyback plan awaits approval at the RUPST on 9 March, referencing POJK No. 29/2023. The planned implementation period is 12 months, from 9 March 2026 to 8 March 2027. Pro-forma, total assets are projected to be Rp1.361 trillion from Rp1.362 trillion previously, while earnings per share rise by Rp3 to Rp540.
Recommendation: Stock Picks Today
ELSA - Buy 850-860 | TP 900-935 | SL 800
ANTM - Buy 3930-3950 | TP 4120-4220 | SL 3680
BMRI - Buy 4950-4970 | TP 5075-5200 | SL 4700
DEWA - Buy 450-456 | TP 476-488 | SL 432
TINS - Buy 3720-3740 | TP 3990-4110 | SL 3500
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