Today's Stock Recommendations: TLKM, BRMS, and SOFA
Jakarta, CNBC Indonesia — The IHSG closed marginally lower, down 0.10% to 6,534.69 in Monday’s (14/9) trading session.
Several stocks drove the index, including BBRI which rose 3.98%, BBCA which strengthened 2.77%, and AMMN which gained 4.94%. On the other hand, BYAN fell 10.12%, EMAS corrected 12.00%, and SRAJ weakened 10.26%.
Foreign investors recorded a net sell of Rp330.69 billion on the regular market and Rp337.44 billion across all markets.
By sector, 9 of 11 sectors ended in the red. The Health sector posted the largest decline of 2.95%, whilst the Finance sector recorded the highest gain of 0.55%.
On the US market, the Dow Jones fell 0.29% to 52,424, the S&P 500 weakened 0.48% to 7,619, and the Nasdaq corrected 0.56% to 26,186.
The announcement of changes to the GDX constituents also drew market attention. AMMN entered as a GDX constituent and rose 4.94%, with potential foreign inflows of around Rp717 billion. BRMS was also included in the GDX and GDXJ constituents, recording an 8.15% increase with potential foreign inflows of around Rp521 billion. Meanwhile, EMAS corrected 12.00% amid potential outflows of around Rp277 billion. The EIDO ETF and the MSCI Indonesia index rose 1.33% and 2.80% respectively.
On the corporate action front, Indika Energy (INDY) continues to develop its electric vehicle business as part of its diversification beyond coal. The expansion is being pursued through three main entities: ALVA in the electric motorcycle segment, Ilectra Motor Group/Invi for the distribution of electric buses and trucks to the industrial and mining sectors, and KALISTA, which focuses on commercial vehicles using a fleet-as-a-service model.
As of September 2026, ALVA had distributed around 20,000 electric motorcycles, doubling from 10,000 units throughout FY25. Meanwhile, KALISTA has managed 101 electric buses and operates 225 charging stations spread across 120 locations.
Going forward, INDY is targeting the adoption of electric vehicles in the commercial sector, including mining. The company is also developing a business model with recurring revenue through electric vehicle support services.
In terms of performance, INDY recorded revenues of US$1.15 billion in 1H26, up 19.87% year-on-year compared with US$956.82 million in 1H25. Net profit surged 354.30% to US$10.20 million from US$2.24 million previously.
Next is Sinergi Inti Andalan Prima (INET), which booked a significant improvement in performance in 1H26. The company’s revenue jumped 1,958.68% year-on-year to Rp926.45 billion from Rp45.00 billion in 1H25.
Gross profit also rose 627.53% year-on-year to Rp122.11 billion, whilst net profit climbed 340.01% year-on-year to Rp33.67 billion from Rp7.65 billion in the same period the previous year.
The growth mainly came from the consolidation of acquired entities, particularly Personel Alih Daya (PADA) in the outsourcing services segment, which has been consolidated since 31 January 2026. PADA contributed Rp782.87 billion, or roughly 84.5% of INET’s total revenue.
In addition, INET has expanded its business through the acquisition of internet service providers, including THC in the Kalimantan region. However, the shift in revenue mix towards labour-intensive services with lower margins caused gross margin to fall from 37.3% to 13.2%.
The business expansion is supported by corporate actions in the form of a rights issue worth Rp3.20 trillion and the issuance of bonds and sukuk worth up to Rp1.00 trillion. As of 1H26, INET’s total assets increased to Rp6.11 trillion from Rp760.37 billion in FY25. Cash and cash equivalents reached Rp4.34 trillion from Rp404.44 billion, whilst liabilities rose to Rp2.30 trillion from Rp331.16 billion and equity to Rp3.81 trillion from Rp429.21 billion.
There is also Trimegah Karya Pratama (UVCR), which has terminated its 2026 share buyback programme after purchases reached the predetermined target. The termination was reported based on the date of occurrence, 11 September 2026.
Throughout the programme, the company bought back 9.60 million shares, or roughly 0.48% of UVCR’s total listed shares on the Indonesia Stock Exchange. The total funds used amounted to Rp1.50 billion, with an average acquisition price of Rp156 per share.
The purchases were made over two trading days. On 10 September, UVCR bought 3.84 million shares at an average price of Rp159 per share. Then on 11 September, the company purchased 5.76 million shares at an average price of Rp153 per share.
Today’s Stock Recommendations from Mega Capital Sekuritas
TLKM — Buy 2,670–2,690 | TP 2,720–2,770 | SL 2,540
BRMS — Buy 715–725 | TP 740–755 | SL 680
PGAS — Buy 1,540–1,550 | TP 1,570–1,580 | SL 1,480
COCO — Buy 138–140 | TP 143–146 | SL 131
SOFA — Buy 364–370 | TP 376–382 | SL 346