Stock Recommendations Today: From ASII to SGER
The Jakarta Composite Index (IHSG) closed up 2.71% at 5,902.38 on Wednesday (10/6). The index’s strengthening was primarily supported by shares of BBCA which rose 9.71%, TLKM which gained 7.25%, and BBRI which added 3.23%. Conversely, SMMA shares corrected 10.42%, followed by EMAS which fell 4.05% and AMMN which weakened 2.93%. Foreign investors still recorded a net sell of Rp2.93 trillion in the regular market and Rp3.13 trillion across all markets. On a sectoral basis, all sectors managed to close in positive territory, with the transportation sector leading gains at 4.51%.
In global markets, US stock markets closed lower. The Dow Jones index fell 1.87% to 49,918, the S&P 500 corrected 1.62% to 7,266, while the Nasdaq weakened 1.98% to 25,169.
Market participants are currently observing the effectiveness of various government measures in maintaining the rupiah’s strengthening and awaiting the release of Indonesia’s retail sales data, which is estimated to be the next sentiment driver for the market. Amid the continuing outflow of foreign funds, the market’s response to these two factors is expected to influence the short-term direction of the IHSG. Meanwhile, the EIDO ETF and MSCI Indonesia indices strengthened by 4.48% and 5.04%, respectively.
On the corporate front, PT Menthobi Karyatama Raya Tbk (MKTR) is targeting revenue of Rp1.39 trillion in 2026, an increase of 12.09% compared to the 2025 target of Rp1.24 trillion. The target is supported by a plan to process 336,400 tonnes of fresh fruit bunches throughout next year. The company estimates crude palm oil production will reach 73,292 tonnes and palm kernel production will total 15,031 tonnes by the end of 2026. Management is using an assumed average CPO selling price of Rp14,750 per kilogramme, even though as of May 2026 the average CPO selling price was still recorded above Rp15,000 per kilogramme. Technically, MKTR shares are still moving in a consolidation phase with the opportunity to test the Rp130 area.
Next, PT Astra International Tbk (ASII) plans to carry out a share buyback with a maximum value of Rp8 trillion, which will entirely come from the company’s internal cash. ASII’s cash position in the first quarter of 2026 was recorded at Rp49.05 trillion, compared to Rp52.62 trillion at the end of 2025. If the entire buyback fund is realised, the company’s total assets are estimated to become Rp509.80 trillion from a previous Rp517.80 trillion. Meanwhile, total equity is projected to decline to Rp285.12 trillion from Rp293.12 trillion. On the other hand, this action is expected to increase earnings per share from Rp146 to Rp149 as the number of outstanding shares decreases. The number of shares bought back is limited to a maximum of 10% of the issued and paid-up capital, with the public free float portion maintained above the minimum requirement of 15%. The buyback plan will be submitted for approval at an Extraordinary General Meeting of Shareholders scheduled for 17 July 2026. If shareholder approval is obtained, the execution is estimated to take place from 20 July 2026 to 16 July 2027.
Meanwhile, PT Fortune Indonesia Tbk (FORU) plans to carry out a Rights Issue I through the issuance of 219.48 billion new shares with an exercise price of Rp126 per share. Thus, the potential funds raised could reach Rp27.65 trillion if all new shares are absorbed. Approximately 76.81% of the proceeds from this corporate action, after deducting issuance costs, will be used to acquire 49% of Borneo Prima shares owned by IMR Asia Holding Pte Ltd valued at Rp21.24 trillion through capital participation in the form of inbreng. The remaining funds will be used as a loan to BP to support operational working capital needs for mining and production activities. In line with this action, FORU also plans to change its business activities from media and printing to a holding company. IMR AH, as the controlling shareholder, will make a capital contribution for 168.58 billion new shares in the form of inbreng of 10,780 Series A shares of BP, equivalent to a 49% stake in Borneo Prima. All of these agendas are still awaiting shareholder approval at the Extraordinary General Meeting of Shareholders scheduled for 16 July 2026.
Share recommendations for the day from Mega Capital Sekuritas: ASII - Buy 4650-4670 | TP 4750-4840 | SL 4400. TLKM - Buy 2760-2780 | TP 2850-2900 | SL 2620. IMPC - Buy 1540-1555 | TP 1595-1625 | SL 1450. MBMA - Buy 464-468 | TP 478-486 | SL 438. SGER - Buy 342-346 | TP 356-364 | SL 328.