Six Listed Companies Change Controlling Shareholders, Two Stocks Identified as Worth Watching

A number of listed companies across various sectors have recorded corporate actions involving changes to their controlling shareholders during the second quarter of 2026. According to records, at least six issuers have seen a change in their controlling shareholders, including PT Dua Putra Utama Makmur Tbk (DPUM), PT Mitra Adiperkasa Tbk (MAPI), PT Pinago Utama Tbk (PNGO), PT Sepeda Bersama Indonesia Tbk (BIKE), PT Ekamas Mora Republik Tbk (MORA), and PT Hassana Boga Sejahtera Tbk (NAYZ).

Capital market analyst and Founder of Republik Investor, Hendra Wardana, noted that the change in controllers for these six companies has become a significant corporate sentiment for the market recently. In the short term, such sentiments typically trigger increased volatility and trading activity as market participants begin to re-evaluate the prospects of the issuers following the entry of new shareholders. “It is not uncommon for speculative buying to emerge as the market hopes the new controllers can bring a more aggressive and healthier business direction compared to before,” Hendard told Kontan on Sunday night.

Among the six issuers, MAPI is considered one of the most interesting to watch because the large scale of the acquisition demonstrates a relatively serious commitment from the new controller. From a market sentiment perspective, MAPI shares have the potential to undergo a valuation re-rating if the market perceives a more aggressive and measurable business transformation. Technically, the Rp 1,305 area serves as an attractive ‘buy on weakness’ level, with a potential target of Rp 1,600 if positive sentiment and investor accumulation continue. However, investors must continue to monitor subsequent disclosures to ensure the new controller’s strategic direction is realised in the company’s performance.

Meanwhile, MORA is also noteworthy as it operates in the digital infrastructure and telecommunications sector, which holds long-term growth prospects alongside the increasing demand for data centres, fibre optic networks, and national digital connectivity. The change in control at MORA could act as a catalyst if followed by business expansion or a strengthening of the company’s funding structure. MORA shares are deemed attractive, particularly if the company can maintain revenue growth and profitability amidst high investment needs in the digital sector.

For other issuers such as DPUM, PNGO, BIKE, and NAYZ, investors are advised to remain cautious and avoid being overly aggressive based solely on the sentiment of changing controllers. Some small-cap issuers with limited liquidity often experience significant price surges following news of shareholder changes, but the risk of correction is also very high if there are no supporting fundamental developments. Investors should scrutinise the profile of the new controllers, the funding source of the transaction, the transparency of business plans, and the possibility of further corporate actions such as rights issues or private placements. This is essential to avoid being caught in short-term speculative patterns that are not supported by real company performance. In the medium to long term, the market will ultimately return to evaluating fundamental performance, profits, cash flow, and the execution of the new management. “Therefore, not all changes in controllers automatically become permanent catalysts,” added Wardana.