JCI Remains Under Pressure: Here Are Stock Picks Worth Watching
Jakarta, CNBC Indonesia – The Jakarta Composite Index (IHSG) closed down 3.46% at 6,370.68 in trading on Tuesday, 19 May.
Amid market pressure, Sejahteraraya Anugrahjaya Tbk (SRAJ) rose 9.06%, followed by Sumber Alfaria Trijaya Tbk (AMRT) up 2.12% and Bank Syariah Indonesia Tbk (BRIS), up 4.12%, as the main drivers of the index.
Conversely, the biggest declines came from Bank Central Asia Tbk (BBCA) down 2.86%, Dian Swastatika Sentosa Tbk (DSSA) down 14.77%, and Mora Telematika Indonesia Tbk (MORA) down 9.51%.
Foreign investors still booked net buying in the regular market of Rp306.34 billion and Rp260.12 billion across the total market. Sectorally, 10 of 11 sectors ended in the red.
The basic materials sector posted the deepest decline at 7.30%, while the health care sector was the sole sector to register a gain, up 0.55%.
In global markets, the US stock market also closed lower. The Dow Jones Industrial Average fell 0.65% to 49,363, the S&P 500 declined 0.67% to 7,353, and the Nasdaq slipped 0.84% to 25,870. Market participants are now awaiting Bank Indonesia’s policy rate decision in May 2026.
The market consensus expects BI Rate to rise 25 basis points to 5.00% from 4.75%, amid pressure on the rupiah which traded around Rp17,705 per US dollar.
Separately, Delta Dunia Makmur Tbk (DOID), through its subsidiary BUMA Internasional Grup, plans to buy back shares with a maximum allocation of US$6 million or about Rp104.25 billion, sourced from internal cash. The company targets repurchasing up to 320.77 million shares, or about 4.36% of issued and paid-up capital.
DOID’s cash at end-December 2025 was US$210.26 million. The buyback is expected to be conducted progressively over up to 12 months following shareholder approval at the RUPS on 24 June 2026, with a final deadline of 24 June 2027.
Following the transaction, the company’s total equity is projected to fall to US$42.87 million from US$48.87 million, while the number of outstanding shares would decline to 7.03 billion from 7.35 billion.
Meanwhile, ABM Investama Tbk (ABMM) posted a net profit of US$14.88 million in Q1 2026, down 30.39% year on year from US$21.38 million. Revenue also fell 10.94% year on year to US$222.65 million.
ABMM’s cost of revenue declined 13.32% to US$209.79 million. Management cited higher fuel prices due to the Middle East conflict as one of the factors weighing on early-year operations. Oil prices rose to US$101.38 per barrel in Q1 2026, up from US$57.42 per barrel at end-2025.
In the near term, ABMM targets completing licensing for PT Piranti Jaya Utama in Central Kalimantan to begin operations with a first cut target by the end of 2026. Additionally, the coal mine assets of PT Nirmala Coal Nusantara (NCN) in Aceh, with reserves of around 31 million tonnes and an area of 3,198 hectares, are expected to start contributing to revenue following initial sales in February.
Meanwhile, Estika Tata Tiara Tbk (BEEF) also plans a share buyback with a maximum value of Rp100 billion using internal funds. As of Q1 2026, the company’s cash stood at Rp17.09 billion.
After the buyback is completed, the company’s total assets are projected to be Rp2.10 trillion from Rp2.20 trillion, while total equity would decline to Rp312 billion from Rp412 billion. The number of shares to be repurchased is capped at a maximum of 20% of issued and paid-up capital, targeting about 333.33 million shares or around 4.10% of total outstanding shares. The buyback price is set at a maximum of Rp300.60 per share.
The buyback for BEEF will be executed via BCA Sekuritas gradually from 19 May 2026 to 18 May 2027.
Stock Recommendations for Today
TLKM - Buy 3020-3050 | TP 3120-3160 | SL 2850
ASPR - Buy 452-456 | TP 468-480 | SL 428
MYOR - Buy 1800-1815 | TP 1840-1865 | SL 1705
SMIL - Buy 292-296 | TP 304-310 | SL 278
AMRT - Buy 1425-1435 | TP 1465-1500 | SL 1305
Disclaimer: All stock analysis and recommendations in this article are for information purposes and do not constitute an invitation to buy or sell any particular stock. Investment decisions are ultimately at the discretion of each investor depending on their risk profile and financial objectives. Happy investing.