Stock Recommendations Today: TINS to TOWR

The Jakarta Composite Index (IHSG) ended trading on Thursday (25/6) in the green, rising 1.96% to 5,999.04. The index’s gain was supported by a surge in MORA shares of 16.30%, followed by ASII which rose 6.03% and BBCA which strengthened 1.69%. On the other hand, AMMN, BRMS, and ADMR weighed on the index’s movement after falling 0.87%, 0.91%, and 3.13% respectively. Despite the IHSG strengthening, foreign investors still recorded a net sell of Rp201.10 billion in the regular market and Rp299.00 billion across all markets. All sectors closed in positive territory, with the infrastructure sector leading gains with a 3.81% increase. Meanwhile, United States stock markets closed mixed. The Dow Jones index rose 0.14%, the S&P 500 was relatively flat with a slight decline of 0.01%, while the Nasdaq fell 0.46%. Domestic sentiment improved after the Ministry of Energy and Mineral Resources denied news regarding an increase in the 2026 nickel RKAB quota to 360 million tonnes from the range of 260 million tonnes. This positive response was also reflected in the offshore market, where the EIDO ETF strengthened 1.62% and the MSCI Indonesia index rose 1.57%. Previously, rumours had circulated about a potential increase in the 2026 nickel RKAB quota from the range of 260–270 million tonnes to 360 million tonnes. This issue had sparked concerns among market participants about the possibility of increased supply, which could pressure global nickel prices. If realised, this condition was considered to have the potential to affect the performance of issuers with large exposure to nickel ore prices, such as INCO, ANTM, NICL, and IFSH. Conversely, companies that already have integrated business chains through to downstream processing, such as NCKL and MBMA, are considered to have better resilience because the additional ore supply can support the utilisation of smelters and HPAL facilities. However, the Ministry of Energy and Mineral Resources has confirmed that there is currently no official decision regarding the size of the 2026 nickel RKAB quota. Thus, the potential increase in national supply remains speculative and has not become government policy. On the corporate side, PT Esa Medika Mandiri Tbk (EMMI) has completed its book building period on 22–24 June 2026 as part of its initial public offering (IPO) process. The company is scheduled to list its shares on the Indonesia Stock Exchange on 8 July 2026. EMMI is a provider of medical equipment for healthcare facilities, especially critical hospital devices such as operating theatres, ICU equipment, and sterilisation systems. To date, the company has served more than 200 hospitals and health institutions in Indonesia. In this corporate action, EMMI is offering a maximum of 522.86 million new shares, representing 30% of its issued and fully paid capital after the IPO. With an offering price range of Rp446–Rp515 per share, the company has the potential to raise funds of up to Rp269.27 billion. Additionally, 52.29 million shares, or 10% of the shares offered, are allocated for an Employee Stock Allocation (ESA) programme. The IPO proceeds are planned to be used for approximately Rp50 billion for partial principal loan repayment, around Rp31.77 billion for the construction of a factory in Cikupa, approximately Rp184.99 billion for working capital—including the purchase of project goods, raw materials, and inventory—and around Rp2.5 billion for issuance costs. Furthermore, PT Gudang Garam Tbk (GGRM) has set a cash dividend for the 2025 financial year of Rp800 per share, with a total value of approximately Rp1.54 trillion. This value reflects a dividend payout ratio of 98.89% of net profit attributable to owners of the parent entity. Throughout 2025, the company’s revenue fell 9.41% year-on-year to Rp89.37 trillion. However, a 13.81% decrease in operating expenses to Rp6.63 trillion helped support an increase in net profit, which grew 58.71% to Rp1.56 trillion. In line with this, basic earnings per share (EPS) increased to Rp809 from Rp510 in the previous year. At the close of trading on 25 June, GGRM shares were at a level of Rp16,900 per share, reflecting a dividend yield of approximately 4.73%. The cum dividend schedule in the regular and negotiation markets is set for 1 July 2026, while the dividend payment is scheduled for 23 July 2026.