Market Overview

The Indonesia Composite Index (IHSG) closed Wednesday's (June 10) trading session higher, gaining 2.71% to finish at 5,902.38. The advance was primarily driven by gains in BBCA, which rose 9.71%, TLKM, which climbed 7.25%, and BBRI, which increased 3.23%. Conversely, SMMA weighed most heavily on the index after falling 10.42%, followed by EMAS, which declined 4.05%, and AMMN, which dropped 2.93%.

Despite the IHSG's positive performance, foreign investors continued to record net selling of Rp2.93 trillion in the regular market and Rp3.13 trillion across all markets. From a sectoral perspective, all 11 sectors ended in positive territory, with the transportation sector posting the strongest gain of 4.51%.

In contrast to the domestic market, U.S. stock markets ended the session lower. The Dow Jones Industrial Average fell 1.87% to 49,918, the S&P 500 declined 1.62% to 7,266, and the Nasdaq dropped 1.98% to 25,169.

Market participants are currently focused on government measures aimed at maintaining the strengthening of the rupiah. Additionally, the upcoming release of Indonesia’s retail sales data is expected to serve as another key factor influencing market sentiment.

Amid continued foreign capital outflows, these two developments are considered likely to shape the short-term direction of the IHSG. Meanwhile, the EIDO ETF and MSCI Indonesia Index advanced by 4.48% and 5.04%, respectively.

Corporate Updates

Menthobi Karyatama Raya Tbk (MKTR)

MKTR is targeting revenue of Rp1.39 trillion in 2026, representing a 12.09% increase from the previous year’s target of Rp1.24 trillion. The target is supported by plans to process 336,400 tons of fresh fruit bunches (FFB) throughout the year.

The company estimates crude palm oil (CPO) production will reach 73,292 tons and palm kernel (PK) production will total 15,031 tons by the end of 2026. Management has adopted an average CPO selling price assumption of Rp14,750 per kilogram. However, as of May 2026, the company’s average realized CPO selling price remained above Rp15,000 per kilogram.

From a technical perspective, MKTR shares continue to trade within a consolidation pattern with the potential to move toward the Rp130 level.

Astra International Tbk (ASII)

ASII plans to conduct a share buyback program with a maximum value of Rp8 trillion. The funds for the buyback will be sourced from the company’s internal cash reserves, which stood at Rp49.05 trillion as of the first quarter of 2026.

If the entire buyback plan is executed, ASII’s total assets are expected to decrease from Rp517.80 trillion to Rp509.80 trillion, while total equity is projected to decline from Rp293.12 trillion to Rp285.12 trillion.

Despite the anticipated reduction in assets and equity, earnings per share (EPS) are forecast to increase from Rp146 to Rp149 due to the lower number of outstanding shares.

The company has limited the number of shares eligible for repurchase to a maximum of 10% of issued and paid-up capital. Public ownership following the buyback will also remain above the minimum regulatory threshold of 15%.

The proposal will be submitted for shareholder approval at an Extraordinary General Meeting of Shareholders (EGMS) scheduled for July 17, 2026. If approved, the buyback program is expected to run from July 20, 2026, through July 16, 2027.

Fortune Indonesia Tbk (FORU)

FORU plans to issue 219.48 billion new shares through a Rights Issue (PMHMETD I). At an exercise price of Rp126 per share, the company could raise approximately Rp27.65 trillion if all new shares are fully subscribed.

After deducting issuance costs, 76.81% of the proceeds will be allocated to acquire a 49% stake in Borneo Prima from IMR Asia Holding Pte Ltd, valued at Rp21.24 trillion, through an inbreng mechanism. The remaining funds will be provided as a loan to Borneo Prima to support mining operational working capital requirements and production activities.

In line with this initiative, FORU also intends to transform its business from a media and printing company into a holding company. As the controlling shareholder, IMR Asia Holding Pte Ltd will subscribe to 168.58 billion new shares through an inbreng contribution consisting of 10,780 Series A shares of Borneo Prima, representing a 49% ownership stake.

All of these corporate actions remain subject to shareholder approval at the EGMS scheduled for July 16, 2026.

Stock Recommendations for Today

• ASII — Buy: 4650–4670 | TP: 4750–4840 | SL: 4400
• TLKM — Buy: 2760–2780 | TP: 2850–2900 | SL: 2620
• IMPC — Buy: 1540–1555 | TP: 1595–1625 | SL: 1450
• MBMA — Buy: 464–468 | TP: 478–486 | SL: 438
• SGER — Buy: 342–346 | TP: 356–364 | SL: 328

Disclaimer: The analyses and stock recommendations presented in this article are provided solely for informational purposes and should not be interpreted as an invitation or recommendation to buy or sell any particular stock. Investment decisions remain entirely the responsibility of each investor and should be made according to individual risk tolerance and financial objectives. Invest prudently.