Indonesian Market Gains Momentum with Key Corporate Developments

Market Overview

The Indonesian Composite Index (IHSG) closed 1.25% higher at 8,644.26 on December 29, supported by significant gains in major stocks including AMMN (+7.26%), FILM (+9.83%), and BRPT (+4.79%) ¹

. Conversely, stocks like DCII (-6.24%), DSSA (-2.79%), and GOTO (-1.54%) limited the index's upside. Foreign investors maintained their interest in the domestic market with a net purchase of approximately Rp1.03 trillion in the regular market and Rp2.24 trillion across all markets.

Sectoral Performance

Most sectors closed in the green, with 10 out of 11 sectors recording gains. The consumer cyclicals sector led with a 3.70% increase, while the technology sector was the sole decliner, falling 1.17%.

Corporate Developments

CUAN's Strategic Acquisition

PT Petrindo Jaya Kreasi (CUAN), controlled by Indonesia's richest individual Prajogo Pangestu, is set to acquire PT Singaraja Putra (SINI) in a strategic move that will potentially boost CUAN's coal reserves by 162 million tons to a total of 378 million tons ²

. CUAN currently holds an indirect stake of 19.99% in SINI and aims to increase its ownership to at least 51%. The acquisition is expected to strengthen CUAN's position in Indonesia's coal mining industry.

TOBA's Share Buyback

TBS Energi Utama (TOBA) announced a share buyback program worth Rp586.27 billion (USD 34.92 million), equivalent to 10% of its paid-up capital. The buyback, priced at Rp710 per share, will run from December 24, 2025, to March 24, 2026, and will be funded using the company's internal cash reserves. This move is expected to support the stock's performance and signal confidence in the company's future prospects.

Investment Recommendations

Several stocks were recommended for trading on the day, including ENRG, HUMI, MBMA, CUAN, and TOBA, with specific buy, target, and stop-loss prices provided.