JCI Remains Volatile, These Stocks Are Worth a Look

The Jakarta Composite Index (IHSG) closed down 1.53% at 6,267.88 on Tuesday (11/8). A number of stocks were the main drivers of trading, with KLBF strengthening 1.91%, STAR rising 24.70%, and ISAT gaining 2.38%. Conversely, DCII fell 4.66%, BBCA weakened 1.18%, and ASII corrected 2.60%.

Foreign investors recorded a net sell of Rp279.98 billion in the regular market and Rp687.80 billion across all markets. By sector, 10 of 11 sectors ended in the red. The Industrials sector posted the largest decline of 3.49%, while the Healthcare sector was the only one to strengthen, rising 0.19%.

On the United States stock exchange, the three main indices also closed lower. The Dow Jones fell 0.34% to 53,791, the S&P 500 corrected 0.32% to 7,728, and the Nasdaq weakened 0.60% to 26,445.

Market participants are still monitoring the MSCI Index Review announcement for August, scheduled for early morning. This condition was reflected in the 2.12% decline in the EIDO ETF and the 1.11% drop in the MSCI Indonesia index.

On the corporate action front, PT Aman Agrindo Tbk (GULA) is currently undertaking three strategic projects to develop an integrated sugar business. First, the company is building a new brown sugar factory in Pandeglang, Banten, with a capacity of 500 tonnes of cane per day, targeted for completion in the fourth quarter of 2026.

Second, GULA plans to acquire a brown sugar factory in Sragen, Central Java, with a capacity of 1,000 tonnes cane per day (TCD). The acquisition transaction value is estimated at around Rp350 billion.

Third, the company is preparing the construction of a raw sugar processing facility into white crystal sugar in Riau with a capacity of 600 tonnes per day. This project is also supported by the potential development of sugarcane plantations of up to 5,140 hectares.

The series of expansions is aimed at increasing production capacity while building an integrated sugar supply chain from upstream to downstream.

As of 30 June 2026, GULA has realised initial public offering (IPO) proceeds of Rp49.13 billion, or approximately 98% of the total Rp50.34 billion. Meanwhile, around Rp1.22 billion is still placed in banking instruments.

Next, PT Indo Tambangraya Megah Tbk (ITMG) posted revenue of US$1 billion in the first half of 2026. This figure increased 8.81% compared to the same period the previous year of US$919 million.

Revenue growth was supported by a 5.12% year-on-year increase in coal sales volume to 12.3 million tonnes. The average selling price (ASP) also increased to US$81 per tonne from US$78 per tonne previously.

In the same period, ITMG’s coal production reached 9.9 million tonnes. Meanwhile, cost of revenue increased 7.09% year-on-year to US$744 million, in line with rising mining and transportation costs.

Despite the increase in expenses, ITMG’s net profit grew 16.51% to US$109.51 million from US$93.99 million in the first half of 2025. This performance was supported by the increase in ASP and sales volume, as well as a 32% reduction in financial expenses to US$3.71 million from US$5.50 million previously.

From a technical perspective, ITMG shares are still moving within a trading range of Rp24,300–Rp25,150.

Then, PT UBC Medical Indonesia Tbk (LABS) announced a share buyback plan with maximum funds of Rp12.60 billion sourced from the company’s internal cash.

Through this action, LABS plans to buy back a maximum of 60 million shares, or approximately 1.51% of total outstanding shares. The buyback will be carried out without requiring approval from the General Meeting of Shareholders (RUPS), referring to the provisions of POJK 13/2023 and SEOJK No. S-10/2026.

As of 30 June 2026, LABS’s cash and cash equivalents were recorded at Rp6.86 billion. If the buyback is fully realised, the company’s total assets are estimated to fall to Rp210.75 billion from the first half of 2026 position of Rp223.35 billion. Meanwhile, total equity is projected to become Rp144.10 billion from Rp156.70 billion previously.

On a proforma basis, the buyback is estimated to increase return on assets (ROA) to 2.01% from 1.90%, return on equity (ROE) to 2.94% from 2.71%, and earnings per share (EPS) to Rp1.09 from Rp1.07.

The buyback will be carried out in stages over five months, from 11 August 2026 to 11 January 2027, referring to POJK 29/2023, POJK 13/2023, and SEOJK No. S-10/2026.

Today’s Stock Recommendations

TMAS - Buy 128-130 | TP 132-134 | SL 121

MEDC - Buy 1325-1335 | TP 1355-1380 | SL 1265

WIRG - Buy 63-665 | TP 67-69 | SL 59

ARKO - Buy 4980-5000 | TP 5150-5275 | SL 4750

WINS - Buy 500-515 | TP 520-530 | SL 490