Stock Recommendations Today: IRSX, AADI, and INKP
The Jakarta Composite Index (IHSG) closed 0.75% higher at 6,449.83 on Tuesday (18/8). The index’s gains were supported by several stocks, with Bayan Resources (BYAN) surging 19.97%, followed by BRMS rising 4.03% and EMAS up 3.31%. On the other hand, some stocks weighed on the index, such as BBRI which fell 1.28%, BBCA weakening 0.79%, and MPRO correcting 6.54%.
Foreign investors recorded a net sell of Rp689.26 billion in the regular market and Rp355.17 billion across all markets. By sector, 10 of 11 sectors ended in positive territory. The energy sector recorded a 2.24% increase, while the financial sector was the only one to weaken with a 0.29% correction.
Meanwhile, United States stock markets moved lower. The Dow Jones fell 0.22% to 53,343, the S&P 500 corrected 0.69% to 7,691, and the Nasdaq weakened 1.33% to 26,289. The EIDO ETF also fell 0.32% and 0.59% respectively.
FTSE Russell has again postponed full changes to Indonesian equity indices until at least the December 2026 review. The decision takes into account the market reform process and efforts to improve transparency of share ownership data in Indonesia.
At the September 2026 review, FTSE Russell will only implement a number of limited adjustments. These changes include industry classification, updates to share counts and free float within certain limits, removal of shares that no longer meet index criteria, as well as capping and Weight Adjustment Factor (WAF) adjustments.
Changes to capitalisation segments, free float increases, WAF changes from zero to positive, and the addition of new shares including IPOs remain suspended.
FTSE Russell will also remove shares included in the High Shareholding Concentration (HSC) list, effective from 21 September 2026. The postponement of full rebalancing is seen as providing room for Indonesia’s market reform process to proceed further.
On the corporate action front, Era Media Sejahtera (DOOH) officially has a new controller after Sinergi Internasional Investama (SII) completed the acquisition of 3.95 billion shares, equivalent to 51% ownership of DOOH, from PT Prambanan Investasi Sukses on 30 July 2026.
The transaction was carried out at a price of Rp50 per share, bringing the acquisition value to Rp197.34 billion.
SII is controlled by Tinawati, who is listed as the ultimate beneficial owner (UBO) with 99.90% ownership. Tinawati is also listed as the UBO of PT Solusi Sinergi Digital.
With the change of control, SII is required to carry out a Mandatory Tender Offer for DOOH shares in accordance with POJK No. 9/2018. The price and schedule for the mandatory tender will be announced further.
SII also stated its commitment to continue and develop the business activities that DOOH has been running.
Next, Bayan Resources (BYAN) has become a market focus following speculation regarding acquisition plans by Haji Isam’s Jhonlin Group.
The speculation strengthened after Haji Isam conducted a joint field review at BYAN’s mining area in Kutai Kartanegara on 15 August. The activity was also attended by BYAN controllers Low Tuck Kwong and Norman Joesoef.
Several reports mention the potential acquisition of up to 62% of BYAN shares. However, to date there has been no official information disclosure from BYAN or Jhonlin Group regarding the transaction value, acquisition structure, or certainty of the action’s implementation.
Thus, the plan remains at the stage of market speculation.
Investors are also watching the agenda for the Extraordinary General Meeting of Shareholders (RUPSLB) of PT Jhonlin Agro Raya (JARR), scheduled for 21 September 2026. To date, the meeting agenda has not been disclosed.
Stock Recommendations Today from Mega Capital Sekuritas:
IRSX - Buy 374-378 | TP 386-392 | SL 352
AADI - Buy 9625-9700 | TP 9800-10000 | SL 925
INKP - Buy 8650-8700 | TP 8825-9000 | SL 8100
TOWR - Buy 414-420 | TP 426-432 | SL 396
KETR - Buy 590-605 | TP 615-625 | SL 565