IHSG closed down 1.85 percent at 6,599.24 during trading on Monday (18/5).

Amid market pressure, shares of TLKM rose 4.05 percent, followed by BYAN which climbed 6.25 percent, while ASII gained 4.35 percent and became one of the main supports for the index.

On the other hand, shares of DSSA dropped 14.98 percent, TPIA weakened 14.88 percent, and BBRI corrected 1.92 percent, making them major drags on the IHSG.

Foreign investors recorded net sales of Rp460.34 billion in the regular market and Rp463.99 billion across all markets. All stock sectors ended in negative territory, with the transportation sector suffering the deepest decline at 6.20 percent.

From the global market, United States stock exchanges closed mixed. The Dow Jones advanced 0.32 percent to 49,686, while the S&P 500 slipped 0.07 percent to 7,403 and the Nasdaq declined 0.51 percent to 26,090.

Market participants are also monitoring the possibility of an interest rate increase by Bank Indonesia after the rupiah weakened to Rp17,655 per US dollar. The condition is considered to provide room for BI to raise the BI Rate from 4.75 percent to 5.00 percent in order to maintain exchange rate stability.

Meanwhile, JPFA posted significant performance growth in the first quarter of 2026. The company’s revenue rose 23.59 percent year-on-year to Rp17.71 trillion, compared with Rp14.33 trillion in the same period last year. The commercial farming segment became the largest contributor, growing 26.29 percent YoY to Rp7.04 trillion.

On the other hand, cost of goods sold increased 13.37 percent YoY to Rp13.19 trillion. Nevertheless, JPFA’s net profit surged 157.60 percent YoY to Rp1.94 trillion from the previous Rp750 billion. Earnings per share also rose sharply to Rp156 from Rp59 during the same period last year. Technically, JPFA shares are still moving within the Rp2,490 to Rp2,640 range per share.

In terms of corporate actions, GSMF is preparing a capital increase through a private placement scheme by issuing a maximum of 1.42 billion Series C shares, equivalent to 10 percent of issued and fully paid capital. The controlling shareholder, Equity Global International Ltd., plans to inject Rp150 billion in fresh cash capital.

Funds amounting to Rp60.13 billion had already been received on December 31, 2025, while the remaining Rp89.87 billion will be realized following approval at the Extraordinary General Meeting of Shareholders on June 25. Through this corporate action, EGIL’s ownership is projected to increase to 71.17 percent from the previous 68.28 percent.

Meanwhile, CITA determined a 2025 fiscal year cash dividend of Rp351 per share, equivalent to a total of Rp1.39 trillion. The amount reflects a dividend payout ratio of 57.94 percent from profit attributable to owners of the parent entity amounting to Rp2.40 trillion.

The dividend amount increased compared with the previous year’s Rp328 per share. Throughout 2025, CITA’s net revenue grew 12.58 percent YoY to Rp2.69 trillion. However, net profit declined 3.65 percent to Rp2.40 trillion, in line with the decrease in earnings per share to Rp606 from Rp629 previously.

In the latest trading session, CITA shares closed at Rp3,800 per share with an estimated dividend yield of around 9.24 percent. The cum dividend date for the regular and negotiated markets is scheduled for May 22, while dividend payments will be distributed on June 12.

Today’s Stock Recommendations

• ASII - Buy 5900-6000 | TP 6100-6175 | SL 5700
• MDIA - Buy 123-127 | TP 129-132 | SL 116
• UNTR - Buy 26400-26475 | TP 26900-27175 | SL 25100
• GSMF - Buy 153-155 | TP 158-161 | SL 144
• CPIN - Buy 4160-4200 | TP 4280-4390 | SL 3960

Disclaimer: All stock analyses and recommendations in this article are provided solely for informational purposes and do not constitute an invitation to buy or sell any particular stock.

Investment decisions remain entirely the responsibility of each investor according to their own risk profile and financial objectives. Always invest wisely.