The Jakarta Composite Index (JCI) closed Tuesday’s trading session (Jan 20) almost flat, edging up 0.01% to 9,134.70. The index’s movement was supported by several mid- and small-cap stocks, with BRMS climbing 6.50%, EMAS surging 18.18%, and RISE gaining 17.94% as key drivers. Meanwhile, selling pressure came from DSSA, which fell 10.59%, followed by BBCA declining 1.54% and ASII slipping 1.69%.

In terms of investor activity, foreign investors recorded a net buy of Rp6.50 billion in the regular market. However, on a broader market basis, foreigners still posted a net sell totaling Rp98.18 billion.

Sectorally, most sectors ended the day in positive territory, with 9 out of 11 sectors closing higher. The transportation sector was the weakest, dropping 0.63%, while the basic industry sector posted the strongest gain at 2.49%.

On the corporate front, Kencana Energi Lestari (KEEN), through its subsidiary Energi Surya Halmahera, secured a Power Purchase Agreement (PPA) with state utility PLN. The company will develop and operate the 10 MW Tobelo solar power plant equipped with an 8.4 MWh battery system.

The project is valued at approximately US$25 million, with a 20-year electricity sales period starting from commercial operation. Construction is scheduled to begin in 2026, with commercial operations targeted for the first quarter of 2027. The project is expected to generate construction revenue of up to US$13.8 million, along with recurring annual revenue of around US$1.6 million from electricity production.

Meanwhile, Bukit Uluwatu Villa (BUVA) plans to conduct a capital increase through a rights issue by issuing up to 50 billion new shares, equivalent to a maximum of 203.11% of its current outstanding shares.

The move aims to strengthen the company’s capital structure and support business expansion as well as the fulfillment of its obligations. The plan is subject to approval at an Extraordinary General Meeting of Shareholders scheduled for February 26. Shareholders who do not exercise their rights may face dilution of up to 67.01%.

This action follows the company’s first rights issue in 2025 worth Rp603.98 billion, which was used to acquire Bukit Permai Properti from the Summarecon group and to develop land in Pecatu, Bali. From a technical perspective, BUVA shares are seen as having room for further upside toward certain ratio levels.

Today’s Stock Recommendations:

• BRMS
  Buy 1300–1320 | TP 1370–1420 | SL 1225

• BUVA
  Buy 2110–2130 | TP 2200–2250 | SL 1990

• PSAB
  Buy 650–660 | TP 685–710 | SL 615

• JATI
  Buy 142–145 | TP 150–157 | SL 134

• IMPC
  Buy 3460–3480 | TP 3580–3700 | SL 3270

Disclaimer: All analyses and stock recommendations in this article are provided for informational purposes only and do not constitute an invitation to buy or sell any particular securities. Investment decisions remain entirely the responsibility of each investor, based on individual risk profiles and financial objectives. Invest wisely.