Indonesia Market Update: IHSG, Foreign Flow & Key News – Feb 12, 2026

Daily Market Performance 🚀

IHSG	Foreign Flow	USD/IDR Rate	Gold
8.265,3 -0,31%	-Rp1,5 triliun	16.818 +0,21%	5.096 -0,05%

Oil	Coal	CPO	Nickel
69,3 -0,04%	116,5 +0,22%	4.038 -0,57%	17.880 +2,23%

👋 Stockbitor!

Chief Executive Officer of the Indonesia Stock Exchange (BEI), Jeffrey Hendrik, said on Wednesday, February 11, that the exchange plans to publish a shareholder‑concentration list similar to the one used by the Hong Kong Stock Exchange. He added that the initiative was part of the updates presented to MSCI during the same meeting.

In addition to the upcoming list, the Financial Services Authority (OJK), BEI and the Central Securities Depository (KSEI) have already taken steps to improve market transparency after MSCI raised concerns about investability. Measures include expanding investor classification from nine to 28 sub‑categories and disclosing shareholdings of 1 % or more. KSEI aims to collect more detailed investor data by March 2026, while the release date for the shareholder‑concentration list has not yet been announced.

A shareholder‑concentration list reveals the degree of ownership concentration in a listed company. In Hong Kong, the Securities and Futures Commission (SFC) regularly highlights issuers with high concentration, which can limit the public float.

For example, an SFC announcement dated January 27, 2026 showed that a controlling entity and 20 major shareholders owned 90.83 % of the issued shares, leaving only 9.17 % in the hands of other investors. The same issuer experienced a 275 % price surge between October 9, 2025 and January 27, 2026.

The company responded by stating that the 20 concentrated shareholders were independent and that the firm still met Hong Kong’s minimum 25 % free‑float requirement. SFC‑mandated disclosures also carry a disclaimer that high concentration can lead to sharp price swings even with modest trading volume, and may not reflect broader market sentiment.

Key Takeaway

The publication of a shareholder‑concentration list could enhance transparency around corporate ownership. Although, a high‑concentration disclosure does not automatically signal a regulatory breach; it simply warns investors of potential heightened risk.

📈 UNVR 2025: Net Profit Up 127 % YoY, Boosted by Ice‑Cream Business Spin‑off

• $UNVR: Unilever Indonesia reported a net profit of Rp7.64 trillion for 2025 (+127 % YoY), which includes a spin‑off profit from its ice‑cream business of Rp3.8 trillion. Excluding the spin‑off, profit from continued operations reached Rp3.54 trillion (+22 % YoY). Fourth‑quarter continued‑operation profit was Rp538 million (+75 % YoY, –51 % QoQ) after a transformation cost of Rp460 million. Adjusted for that cost, Q4 profit was Rp998 million, a 10 % QoQ decline. The annual surge reflects a low‑base effect as the company emerged from a weaker Q4 2024.
• $UNTR: Energy Minister Bahlil Lahadalia said on Wednesday, February 11, that the government will consider restoring the mining licence for the Martabe gold project operated by United Tractors‑linked PT Agincourt Resources, provided no violations are found. He added that any proven breach would trigger proportionate sanctions. The comment follows earlier speculation about transferring the licence to the state‑owned mining firm Perminas.
• $MEDC: Medco Energi International’s President Director Hilmi Panigoro told Reuters that the company plans an “aggressive” expansion in Southeast Asia and the Middle East, driven by rising energy demand, especially from data‑center operators. MEDC also aims to accelerate the Sakakemang gas field development, targeting first gas deliveries by the end of 2027.
• $MAPI: DealStreetAsia reported that CVC Capital Partners is in early‑stage talks to acquire a minority stake in Mitra Adiperkasa. The discussion could evolve into a larger equity position, but the founding family has not yet decided whether to accept the proposal.
• $DEWA: PT Darma Henwa announced a share‑buyback of roughly 230.4 million shares (0.57 % of the float) at an average price of Rp625 per share on February 11. The transaction brings total buybacks since December 10, 2025 to about 1.4 billion shares (3.51 %) at an average price of Rp573, amounting to roughly Rp819 million, under a program authorized for up to Rp950 million through February 19, 2026.
• $INET: Controlling shareholder Sinergi Inti Andalan Prima (through PT Abadi Kreasi Unggul Nusantara) purchased about 158.1 million shares at an average price of Rp364 per share, for a total of roughly Rp57.6 million. The transaction raised the direct ownership of PT Abadi Kreasi Unggul Nusantara from 57.28 % to 57.99 %.
• $SMDR: Samudera Indonesia’s President Director Bani Mulia said the company has allocated roughly US $200 million in capex for 2026 (down from US $230‑250 million in 2025) to add new vessels, expand port facilities—including a new container terminal in Patimban—and build a shipyard in Madura. The firm is currently ordering three to five container ships, two chemical tankers and evaluating a LNG carrier.
• $GIAA: COO Dony Oskaria said the consolidation of Pelita Air into Garuda Indonesia is expected to close in Q1 2026, after which GIAA will become the holding company for state‑owned airlines.
• $SGER: Sumber Global Energy announced a contract to ship 1 million tons of coal to Bangladesh over six months, valued at US $71.5 million (≈Rp1.2 trillion).
• $MYOH: Samindo Resources injected Rp270 million into its newly formed property subsidiary PT Sentra Terra Indonesia for working capital. The subsidiary was established in January 2026.

Top Gainer 🔥

$ENRG	$SMGR	$TINS	$BKSL
+13,36%	+13,07%	+9,97%	+7,09%

Top Loser 🤕

$KPIG	$CUAN	$FILM	$BRPT
-7,43%	-5,19%	-3,93%	-3,51%

 🔥 Other hot topics you should know…

• Hashim Djojohadikusumo, the president’s brother and special envoy for climate and energy, said on Wednesday that OJK and BEI officials were asked to resign after the IDX slipped following MSCI concerns. He emphasized that market transparency and credibility are now top priorities for the government, which will also tighten supervision of regulators and market participants.
• Danantara COO Dony Oskaria said the company plans to trim the number of state‑owned insurers from 15 to three through mergers and acquisitions, creating specialized entities for life, general and credit insurance.
• U.S. Labor Department data show non‑farm payrolls rose by 130,000 in January 2026, outpacing the consensus estimate of 70,000 and marking the strongest gain since December 2024. The unemployment rate slipped to 4.3 % from 4.4 %.
• Reuters reported that analysts expect palm‑oil prices to stay under pressure in the coming months as Indonesia’s mandatory B50 biodiesel mandate is delayed and output is projected to rise. Dorab Mistry of Godrej International projected Malaysian palm‑oil prices at RM 3,800–4,300 per tonne through July 2026. Indonesian CPO futures closed at RM 4,060 per tonne, down 0.85 %.
• Satu Visi Putra announced that actress Nagita Slavina is negotiating to acquire a controlling stake in the company, though the exact percentage has not been disclosed.
• J Resources Asia Pacific, through PT J Resources Nusantara, completed the divestiture of PT Arafura Surya Alam—operator of the Doup gold mine in North Sulawesi—to United Tractors for a previously agreed enterprise value of US $540 million.
• Ancara Logistics Indonesia commissioner Aninditha Anestya Bakrie sold roughly 29.8 million shares at an average price of Rp600 per share, raising about Rp17.9 million. Her direct stake fell from 2.2 % to 2.01 %.
• Argo Pantes secured a 10‑year lease contract worth about Rp220.7 million from PT Global Yimi Cargo.
• PT Nextier Datamate Center acquired a 78.74 % stake in PT MGLV from PT Trijaya Wisesa Makmur; the transaction value was not disclosed, making Nextier the new controlling shareholder.

📖 1 Lot = 100 Shares: An Traditional‑Fashioned Rule or IDX Quirk?

“The capital market should be an inclusive arena where anyone, regardless of the size of their capital, can own a slice of the nation’s best companies.” — husin1030

A notable feature of Indonesia’s market is the lot‑based trading rule, which some argue limits retail participation.

Stockbitor husin1030 contends that simplifying the lot rule could boost financial inclusion, attract more investors and reduce the appeal of illicit activities such as online gambling and scams. The full argument can be read here.