Stock Recommendations Today: ELSA, MDIA, to SOCI
Jakarta, CNBC Indonesia — The Composite Stock Price Index (JCI) ended Wednesday’s (22/7) trading session down slightly by 0.09% to 6,334.48. Gains in BREN shares of 6.00%, CASA of 6.94% and VKTR of 10.32% were the main supports for the index’s movement. On the other hand, weakness in BBRI (-1.63%), AMMN (-3.26%) and BMRI (-1.34%) weighed on the JCI.
Foreign investors recorded net selling totalling Rp1.11 trillion on the regular market and Rp920.34 billion across all markets. By sector, four of the 11 sectoral indices closed in the red, led by the transportation sector which fell 1.73%, while the technology sector posted the highest gain of 1.58%.
From global markets, United States stock indices closed mixed with a tendency to weaken. The Dow Jones slipped 0.01% to 52,218, the S&P 500 weakened 0.14% to 7,498, whilst the Nasdaq corrected 0.57% to 25,690.
Foreign investors’ profit-taking was also reflected in the sizeable outflows after three consecutive days of net buying, amid a month-to-date (MTD) JCI gain of around 12.25%. In line with this, the EIDO ETF fell 0.24% and MSCI Indonesia weakened 0.88%.
The main spotlight came from PT Singaraja Putra Tbk. (SINI), which officially acquired 99.99% of the shares of Kemilau Mulia Sakti (KMS), a subsidiary of Petrosea (PTRO), in a transaction worth Rp1.73 trillion. The amount is equivalent to 110.26% of the company’s total assets and forms part of its portfolio expansion in the coal mining sector.
The acquisition price was recorded at around 5.98% below the market value of Rp1.84 trillion, thus remaining within the limits stipulated by POJK No. 35 of 2020. According to the information disclosure, the transaction has an estimated internal rate of return (IRR) of 19.58%.
Through its ownership of KMS, SINI indirectly controls 99% of Cristian Eka Pratama (CEP), which holds an Operation Production Mining Business Permit (IUP) valid until July 2038 in East Kalimantan. The acquisition adds coal reserves of approximately 69.25 million tonnes to 89.25 million tonnes and expands the company’s operational area, which was previously concentrated in Central Kalimantan.
In the initial stage, the mine is targeted to produce around 1 million tonnes of coal per year and will gradually be increased to an optimal capacity of 5 million tonnes per year. The company estimates the new asset will contribute around 21.40% of consolidated revenue in 2026, rising to 27.06% in 2027.
Meanwhile, PT Elnusa Tbk. (ELSA) reported the implementation of Chemical Enhanced Oil Recovery (CEOR) technology based on polymer flooding in a pilot project at the Rama Field owned by PHE Offshore Southeast Sumatra (PHE OSES). The company also applied Dual Completion technology at the Adera Field together with Pertamina Hulu Rokan (PHR) Zone 4, which allows two reservoirs to be produced through a single well without drilling new wells for each layer.
Through its Well Intervention & Completion and Engineering Services capabilities, the application of this technology at the BNG-D14 well yielded additional production of around 480 barrels of oil per day (BOPD) and 3.30 million cubic feet of gas per day (MMSCFD), exceeding the initial targets of 186 BOPD and 1.09 MMSCFD respectively. This success will serve as a reference for similar applications at the GNK-PD80 and BNG-B7 wells as part of optimising oil and gas fields that have entered the mature phase.
On the other hand, PT Harta Djaya Karya Tbk. (MEJA) plans to hold a Pre-emptive Rights Share Issue (PMHMETD) to support the acquisition of coal mining company Trimata Coal Perkasa (TCP). The move forms part of the company’s transformation into a holding company in the coal mining sector.
The company has obtained approval from the Financial Services Authority (OJK) to convene an Extraordinary General Meeting of Shareholders (RUPSLB) on 21 August 2026. The meeting agenda includes approval of the TCP acquisition, granting authority to the board of directors to increase the issued capital as the basis for implementing the rights issue, and changing the company’s business activities from decoration and building construction to a holding company. TCP is known to hold mining concessions of around 11,640 hectares in South Sumatra with coal resources of approximately 693.70 million tonnes.
Today’s Stock Recommendations
ELSA — Buy 670-680 | TP 700-710 | SL 635
CPIN — Buy 3180-3200 | TP 3250-3300 | SL 3010
HRTA — Buy 1995-2010 | TP 2040-2080 | SL 1880
MDIA — Buy 101-103 | TP 106-109 | SL 95
SOCI — Buy 384-388 | TP 394-400 | SL 360