IHSG Weakens Ahead of Eid, Time to Accumulate Potential Stocks

Jakarta, CNBC Indonesia — The movement of the Composite Index (IHSG) has remained under pressure since the beginning of the year. Transaction activity in the market has also begun to slow ahead of the Eid holiday period, as many market participants tend to hold back and adopt a wait-and-see approach.

However, beneath these relatively quiet market conditions, opportunities often emerge for investors to closely examine stocks with strong fundamentals that have undergone substantial price corrections. Market weakness phases frequently become a moment for long-term investors to begin gradual accumulation.

Historically, following extended holiday periods such as Eid, market activity typically recovers as liquidity returns and new market sentiment emerges. Investors can therefore begin preparing watchlists of stocks with attractive prospects for potential gains when the market regains momentum.

Which stocks are considered to have interesting potential to monitor and could strengthen after Eid?

Here are three stocks worth considering:

MPMX Stock

First is MPMX, a stock from the Saratoga group portfolio that frequently distributes dividends, namely PT Mitra Pinasthika Mustika Tbk (MPMX).

This stock remains attractive despite the IHSG’s weakness due to its low volatility; the stock is often described as “forever sideways” because its price moves up and down within the same support-resistance range for months.

With this sideways movement, it becomes attractive due to its impressive dividend potential.

MPMX has long been known as an issuer generous with dividends. Year on year, dividend distributions remain relatively consistent with competitive yields.

Should MPMX distribute dividends of Rp100 per share this year, with an assumed stock price of around Rp1,015, the potential yield could approach 10%. Double-digit figures are certainly attractive, especially for investors focused on regular income.

With a track record of stable dividend distributions, MPMX remains a strong candidate for “regular income-generating” stocks.

BBNI Stock

The second position features BBNI, the state-owned bank PT Bank Negara Indonesia Tbk (BBNI), which is worth monitoring, particularly following an announcement of dividend distribution with an impressive yield.

Recently, BBNI announced a dividend per share of Rp349; this value could open earning opportunities of over 8% if purchased at the current stock price of Rp4,240 per share.

Improvements in BBNI’s fundamental performance are also expected to become apparent as the interest rate reduction cycle continues throughout 2025, with the central bank having cut rates five times. This situation is expected to drive economic recovery whilst increasing credit demand going forward.

In terms of performance, BBNI’s net profit in 2025 is estimated to experience a slight correction to approximately Rp20.36 trillion compared to the previous year which reached Rp21.46 trillion.

However, following this adjustment phase, the company’s performance is projected to strengthen again, with net profit in 2026 potentially increasing to approximately Rp22.28 trillion.

ADMR Stock

Next is PT Adaro Minerals Indonesia Tbk (ADMR), a subsidiary of PT Alamtri Resources Indonesia Tbk (ADRO) with operations focused on coking coal and progressively moving into the aluminium business.

The aluminium business has the potential to become a new growth driver in the future. The aluminium smelter project is being carried out through PT Kalimantan Aluminium Industry (KAI), which operates under the ownership structure of PT Alamtri Indo Aluminium, an entity still affiliated with ADMR.

Within the KAI structure, Alamtri Indo Aluminium holds approximately 65% of shares. The remainder is owned by Singapore-based Aumay Mining at 22.5% and PT Cita Mineral Investindo Tbk (CITA) at 12.5%.

CITA’s role is sufficiently strategic because the company owns facilities for processing bauxite into alumina, which has the potential to become the primary raw material supplier for the aluminium smelter. This linkage is further strengthened by Alamtri Indo Aluminium’s minority ownership stake in CITA.

In terms of project development, the aluminium smelter has begun entering an early operational phase following the first pot operation conducted in late 2025. In the first phase, production capacity is targeted to reach approximately 500,000 tonnes of aluminium ingot annually and is planned to gradually increase to 1.5 million tonnes annually across several subsequent development phases.

Nevertheless, in the near to medium term, ADMR’s core business remains supported by coking coal production, which serves as the company’s primary cash flow source. As long as global steel demand remains strong, this segment helps maintain company performance stability.

Meanwhile, the aluminium business is positioned as a new growth engine with the potential to contribute more significantly in coming years, with impacts expected to become clearer in the company’s financial performance around 2027.

From a price movement perspective, ADMR shares are not currently at the most attractive price level for accumulation. However, as long as the uptrend is maintained, these shares still have potential for trading strategies with an approach that follows market direction trends.

Disclaimer: This article is a journalistic product in the form of CNBC Indonesia Research’s perspective. This analysis is not intended to encourage readers to buy, hold, or sell products or investor-related sectors. The decision rests entirely with the reader, and we are not responsible for any losses or gains arising from such decisions.