JCI Remains Volatile, with Several Stocks Worth Watching
The Jakarta Composite Index (JCI) ended Tuesday’s (20 October) session up 5.65% at 5,278.99. The rise was supported by several large-cap stocks, with BBRI (+9.84%), BBCA (+7.88%) and TLKM (+16.38%) among the leading movers. BYAN (-3.86%), MORA (-6.87%) and DCII (-1.14%) were among the laggards.
On the regular market, foreign investors recorded net sales of Rp2.13 trillion, while net sales across the market as a whole reached Rp2.21 trillion. All 11 sectors ended in positive territory, with transport stocks recording the largest gain, at 8.55%.
US markets were mixed. The Dow Jones rose 1.02% to 52,495, the S&P 500 gained 0.28% to 7,712, while the Nasdaq was broadly flat, slipping 0.02% to 26,424.
The JCI’s rebound followed a sharp correction in the previous session, amid bargain-hunting, plans by several listed companies to conduct share buy-backs worth around Rp4.50 trillion, and sentiment surrounding capital-market transparency reforms.
Danantara’s plan to increase its holdings in several state-owned stocks, including banking shares, also drew market attention amid sentiment related to MSCI. In line with the JCI, the EIDO and MSCI Indonesia ETFs rose 7.18% and 9.65%, respectively.
Among listed companies, PT Mutuagung Lestari Tbk (MUTU) is expanding its testing, inspection and certification (TIC) business into Vietnam. The company has opened a branch there, which is also being prepared as a base for expansion into Laos and Cambodia.
The expansion targets the forestry, environmental and agricultural sectors. MUTU has signed a memorandum of understanding (MoU) with the Forestry Science Institute of South Vietnam (FSISV), while also developing halal inspection services as part of its business diversification.
The move builds on MUTU’s established operations in sustainability, forestry and palm-oil certification. Revenue from those segments rose 7.33% year on year to Rp331.48 billion in 2025.
Expansion into Indochina also creates opportunities for new revenue streams, as the global TIC industry is projected to reach about US$290 billion by 2029. However, the expansion’s contribution to MUTU’s revenue cannot yet be assessed, as the company has not disclosed revenue targets or investment figures. For context, MUTU recorded net profit of Rp14.72 billion in the first half of 2026.
Separately, PT Wijaya Karya Beton Tbk (WTON), through its subsidiary WIKA Kobe, a joint venture with Japan’s PS Construction Co., Ltd., has begun its first shipment of precast concrete railway sleepers for the Metro Manila Subway Project (MMSP) in the Philippines.
The shipment was sent by sea on 22 September 2026. WIKA Kobe is supplying Colas Rail Philippines for Contract Package CP106, which covers E&M Systems and Track Works.
The contract, which runs until 2029, is one of WTON’s export orders and provides revenue visibility for around the next three years. Management said the project would contribute to the company’s revenue.
The order adds to WTON’s business amid a 5.51% year-on-year decline in first-half 2026 revenue to Rp1.48 trillion. Net profit, however, rose 9.14% year on year to Rp4.75 billion, supported by improved margins. The project’s contribution to revenue cannot be calculated because the contract value has not been disclosed.
Meanwhile, PT Satu Visi Putra Tbk (VISI) plans to carry out a private placement, known in Indonesia as a PMTHMETD, by issuing 120.72 million new shares. The shares have a nominal value of Rp25 each and an issue price of Rp994 per share.
The corporate action could raise around Rp120 billion. All the new shares will be taken up by three parties: PT Harmoni Semesta Investama, with 72.43 million shares; PT Atlas Raya Abadi, with 24.14 million shares; and PT Trinugraha Thohir Harmoni, also with 24.14 million shares.
PT Harmoni Semesta Investama is affiliated with the company. The corporate action will dilute public shareholders’ ownership by 3.78%, from 19.99% to 19.24%.
The proposed private placement was approved at an independent shareholders’ meeting on 30 September 2026. The company has scheduled the new share issue for 28 October 2026, followed by its listing on the Indonesia Stock Exchange on 29 October 2026.
Today’s stock recommendations:
BUMI – Buy at 133–135 | Take profit: 138–143 | Stop loss: 126
DEWA – Buy at 252–256 | Take profit: 260–266 | Stop loss: 238
AADI – Buy at 10,900–10,950 | Take profit: 11,200–11,425 | Stop loss: 10,300
ADRO – Buy at 2,380–2,400 | Take profit: 2,430–2,470 | Stop loss: 2,270
BBCA – Buy at 5,150–5,200 | Take profit: 5,300–5,400 | Stop loss: 4,910