Stock Recommendations Today: INCO, MITI, to DPUM
Jakarta, CNBC Indonesia — The Indonesia Composite Index (IHSG) closed 0.38% weaker at the 6,436.85 level in Wednesday (16/9) trading.
A number of stocks were the main drivers of the index, including BYAN which rose 11.27%, AMMN which strengthened by 1.98%, and IMPC which increased by 4.62%. On the other hand, BBCA fell 1.17%, BMRI weakened by 1.84%, and DCII corrected by 3.22%.
Foreign investors recorded a net sell of Rp592.05 billion in the regular market. When considering the entire market, the value of foreign net selling reached Rp624.72 billion.
Pressure was also evident from sectoral movements. As many as 9 out of 11 stock sectors closed in the red zone. The Infrastructure sector recorded the deepest decline of 1.39%, while the Industrial sector was the highest performing sector, gaining 0.91%.
US stock market movements also ended weaker. The Dow Jones fell 1.21% to the 51,461 level, the S&P 500 corrected 0.45% to 7,551, while the Nasdaq moved relatively flat with a decrease of 0.01% to the 25,978 level.
The increasingly hawkish monetary policy stance of the Federal Reserve (The Fed) has also become a market concern. This condition was followed by foreign capital outflows from the Indonesian stock market for six consecutive trading days. During this period, total foreign outflow reached Rp3.38 trillion in the regular market and Rp4.39 trillion when calculated across all markets.
Meanwhile, the EIDO ETF and the MSCI Indonesia index corrected by 1.41% and 0.92%, respectively.
In terms of corporate actions, PT Astra Otoparts Tbk (AUTO) is expanding its engineering and manufacturing automation service range to the Philippines. The company has dispatched several industrial machines from its Karawang production facility to support the operations of its subsidiary, Astra Otoparts Philippines.
The machines include an Automation Machining Line, an Automation Casting Line, and Special Purpose Machinery. This expansion is being carried out in line with the development of the two-wheeler market in the Philippines.
Two-wheeler sales in the Philippines were recorded to have grown by 3.58% year-on-year (YoY) to 939,528 units as of June 2026. Meanwhile, throughout 2020-2025, the market recorded a compound annual growth rate (CAGR) of 7.50%.
This market growth has driven the need for increased production capacity and the implementation of automation technology in manufacturing facilities. This condition serves as one of the foundations for AUTO to expand its engineering and automation services to the Philippine market.
Furthermore, PT Bumi Resources Minerals Tbk (BRMS) reported progress on the construction of the underground gold mining project in Poboya, Palu. The company stated that the construction of the mine portal has been completed, while the tunnelling work has reached more than 975 metres from the portal at a depth of approximately 140 metres.
Additionally, the first ventilation shaft has been completed, while the second ventilation shaft is targeted for completion in the first half of 2027.
Through its subsidiary, Citra Palu Minerals (CPM), BRMS projects that mining activities for ore with a grade of more than 3.2 grams of gold per tonne from the underground mine can begin in mid-2027.
To support the increase in gold production for 2027-2028, the company also targets an increase in processing plant capacity from 500 tonnes to 2,000 tonnes of ore per day. Additionally, BRMS is preparing to build a new gold processing plant with a capacity of 2,000 tonnes of ore per day.
In Gorontalo, BRMS, through Gorontalo Minerals (GM), is also continuing copper exploration activities. Currently, there are four drilling units operating in the Cabang Kiri East area. The company plans to increase this number to seven units spread across three locations next year.
BRMS targets that copper mineral resources from these exploration activities can be published in the first half of 2027.
Meanwhile, pushback activities in the Poboya area were completed in July 2026. With the completion of these activities, the company expects gold production from the open-pit mine to increase in the second half of 2026.
Additionally, PT Kalbe Farma Tbk (KLBF) announced a plan for a share buyback with a maximum value of Rp500 billion. Funds for this corporate action will be sourced from the company’s internal cash.
KLBF has set broker fees and other costs for the execution of the buyback at a maximum of 0.10% of the share repurchase value.
As of 30 June 2026, the company’s total equity was recorded at Rp25.76 trillion. If the buyback is executed to its maximum value, the funds used will be equivalent to approximately 1.94% of the total equity.
The company expects the buyback to reduce interest income by approximately Rp8.40 billion. On the other hand, pro forma earnings per share are expected to increase to Rp81.44, compared to Rp80.51 in the 2025 fiscal year.
The buyback execution is scheduled to take place for a maximum of three months, from 17 September to 17 December 2026.
Today’s Stock Recommendations from Mega Capital Sekuritas:
INCO - Buy 4800-4820 | TP 4880-4980 | SL 4540
MITI - Buy 280-284 | TP 294-300 | SL 264
WINS - Buy 610-620 | TP 630-640 | SL 580
AGII - Buy 3270-3290 | TP 3350-3380 | SL 3080
DPUM - Buy 156-158 | TP 161-165 | SL 148