Indonesian Market Gains Momentum on Corporate News

Market Overview

The Indonesian Composite Index (IHSG) closed 0.80% higher at 8,617.04 on Tuesday, December 3, 2025. The industrial sector led the gains with a 2.75% increase, while the healthcare sector was the only decliner at -0.77%. Key contributors to the index's rise included ASII (+3.92%), DSSA (+2.39%), and TPIA (+5.07%), while TLKM (-2.47%), GOTO (-2.99%), and KLBF (-5.39%) were notable decliners.

Corporate Updates

Energi Mega Persada (ENRG) Discovers Significant Gas Reserve

Energi Mega Persada (ENRG) announced a major gas discovery in the Sengkang block, South Sulawesi. The EWL-1 exploration well discovered natural gas with an estimated flow rate of 25-36 million cubic feet per day and an Absolute Open Flow (AOF) potential of 120 million cubic feet per day. This discovery could positively impact ENRG's reserves, which stood at 60,683 MBOE as of 9M25.

Dharma Polimetal Completes Strategic Acquisition

Dharma Polimetal (DRMA) completed the acquisition of 82% stake in PT Mah Sing Indonesia for Rp41 billion. The acquisition, comprising 65% from Vital Routes Sdn. Bhd. and 17% from PT Kingsanindo Perkasa Indah, is part of DRMA's strategy to strengthen its position in the plastic components segment for four-wheeled vehicles. This segment contributed Rp988.18 billion (22.5% of total revenue) in 9M25.

Market Dynamics

Foreign investors recorded a net buy of Rp749.20 billion, while overall market net buy reached Rp454.01 billion. The positive sentiment was supported by the industrial sector's performance, which led the gains among the 11 sectors tracked.

Investment Recommendations

Several stocks were recommended by analysts: EMTK (Buy: 1280-1285, TP: 1325-1370), TPIA (Buy: 7600-7650, TP: 7875-8100), CDIA (Buy: 2080-2090, TP: 2180-2250), BKSL (Buy: 155-156, TP: 163-170), and ASLC (Buy: 88-89, TP: 94-96).