Stock Recommendations Today: TPIA to PANI
The Jakarta Composite Index (IHSG) closed under pressure on Thursday (18/06), falling 0.78% to 6,172.34. Amid the broader index weakness, several stocks emerged as leading movers, while corporate actions from major groups like Prodia and Multipolar (MLPL) captured market attention. Selective buying activity saw PT Amman Mineral Internasional Tbk (AMMN) surge 7.53%, followed by PT Barito Pacific Tbk (BRPT) rising 5.64%, and PT Merdeka Copper Gold Tbk (MDKA) strengthening 4.76%. These three stocks helped cushion a deeper fall in the IHSG. Conversely, large-cap market anchors were stuck in the red and became lagging movers, led by PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) which slumped 3.90%, PT Telkom Indonesia (Persero) Tbk (TLKM) down 6.08%, and PT Bank Central Asia Tbk (BBCA) falling 3.19%. Pressure on the index was also triggered by foreign investor selling, which recorded a net sell of Rp 893.36 billion in the regular market and Rp 111.56 billion across all markets. By sector, Infrastructure fell the deepest at 1.96%, while Basic Industry managed to stay in positive territory with a surge of 2.49%. This movement contrasted with US markets, which closed uniformly higher. Market participants are currently scrutinising the results of the MSCI 2026 Global Market Accessibility Review. Although Indonesia was retained in Emerging Market status, MSCI downgraded the Information Flow criterion assessment from ‘+’ to ‘-’. This downgrade was triggered by unclear share ownership structures and indications of coordinated trading activities deemed to disrupt fair price formation. These factors limit global institutional investors’ ability to measure actual free float and perform index replication. MSCI also highlighted the limited availability of English-language information in the domestic market. The MSCI 2026 Annual Market Classification Review announcement is scheduled for 23 June 2026. In response to this sentiment, the EIDO ETF and MSCI Indonesia corrected by 0.40% and 2.35% respectively. On the corporate front, activity in the second half of the year is projected to be more dynamic through expansion plans. A subsidiary of the Prodia Group is currently conducting a book building process from 18–23 June 2026, targeting a listing on the Indonesia Stock Exchange on 9 July 2026. The company is offering a maximum of 522.90 million new shares (30.00% of capital) at a price range of Rp 100–120 per share, aiming to raise up to Rp 62.75 billion. The current ownership structure is controlled by Prodia Utama (51.00%), PT Prodia Widyahusada Tbk (PRDA) at 39.00%, and Diasys Diagnostic Systems GmbH (10.00%). A total of 62.57% of the IPO funds will be used to repay credit to BCA and Bank Panin, 28.92% for capital expenditure, and 8.51% for working capital. Meanwhile, Matahari Putra Prima (MPPA) is preparing a Rights Issue VIII by issuing up to 23.99 billion new shares at an exercise price of Rp 50 per share. MPPA’s fundraising target reaches Rp 1.20 trillion, of which Rp 780.00 billion is allocated for the purchase of strategic property assets and the remainder for working capital. With a ratio of 114:211, shareholders who do not exercise their rights risk dilution of up to 64.92%. PT Multipolar Tbk (MLPL) acts as the standby buyer with a commitment of up to Rp 980.00 billion, potentially boosting its ownership in MPPA from 50.14% to 80.15%. The rights issue trading period will take place on 1–3 July and 6–7 July 2026. Today’s stock recommendations from Mega Capital Sekuritas: TPIA - Buy 2080-2100, Target Price 2140-2180, Stop Loss 1970; TBLA - Buy 635-645, Target Price 655-680, Stop Loss 610; MAPI - Buy 1495-1505, Target Price 1530-1550, Stop Loss 1450; BRPT - Buy 1750-1765, Target Price 1805-1825, Stop Loss 1660; PANI - Buy 6650-6725, Target Price 6850-7050, Stop Loss 6650.