Flooring Guide by Cinvex JAKARTA — Companies under the umbrella of Indonesian tycoon TP Rachmat, including PT Triputra Agro Persada Tbk. (TAPG) and PT Dharma Polimetal Tbk. (DRMA), have demonstrated a remarkable stock performance throughout 2025.
According to Stockbit data, PT Triputra Agro Persada Tbk. (TAPG) shares have nearly doubled in value, surging by an impressive 96.73% year-to-date (YTD). This significant growth spans from the first trading day of 2025 up to the first trading session on Tuesday, December 30, 2025, with its share price reaching Rp1,505 per share.
Continuing this trend, PT Dharma Satya Nusantara Tbk. (DSNG) shares also saw a substantial increase, jumping 62.63% YTD to Rp1,545 per share. Similarly, PT Adi Sarana Armada Tbk. (ASSA) experienced a robust climb, with its stock price advancing 64.49% YTD to Rp1,135 per share.
PT Autopedia Sukses Lestari Tbk. (ASLC) shares also showed positive momentum, rising 16.88% YTD to Rp90 per share. Furthermore, PT Dharma Polimetal Tbk. (DRMA) shares strengthened by 14.13% YTD, trading at Rp1,050 per share.
The impressive surge in the stock prices of these TP Rachmat-affiliated issuers in 2025 aligns seamlessly with their robust financial performances. For instance, DSNG reported a net profit attributable to the parent entity of Rp1.31 trillion as of the third quarter of 2025. This figure marks a significant year-on-year (YoY) increase of 53.03% from Rp860.54 billion recorded in the same period of 2024.
By the end of September 2025, TAPG also posted a substantial net profit attributable to the parent entity, reaching Rp2.68 trillion. This net profit soared by a remarkable 65.67% YoY, up from Rp1.61 trillion in the January-September period of 2024, further underscoring the conglomerate’s strong operational health.
DRMA, in turn, achieved a net profit attributable to the parent entity of Rp419.87 billion by the third quarter of 2025. Financial reports indicate that DRMA’s net profit saw a modest but positive 1.89% YoY increase compared to the Rp412.07 billion recorded in the same period of the previous year, demonstrating consistent growth.
Rounding out the strong financial picture, ASSA reported a net profit of Rp348.59 billion for the third quarter of 2025, marking an impressive 63.91% YoY increase.
Shifting focus to individual strong performers, Christine Nathania, an analyst at Sinarmas Sekuritas, highlighted that the stellar stock performance of DRMA, one of TP Rachmat’s entities, is underpinned by robust fundamentals. This achievement is particularly notable given the prevailing sluggishness in the domestic automotive industry.
Indeed, recent data from the Association of Indonesian Automotive Industries (Gaikindo), obtained by Bisnis.com, reveals that wholesale car sales volume contracted by 9.6% year-on-year (YoY) from January to November 2025, totaling 710,084 units. This is a noticeable decline from the 785,917 units sold during the same 11-month period in 2024.
DRMA’s resilient performance is further bolstered by its strategic business diversification, a key factor in sustaining its growth trajectory amidst challenging market conditions.
“Amidst the slowdown in domestic automotive production, DRMA continues to implement business diversification to support its growth,” Christine noted in her recent research report, emphasizing the company’s proactive approach.
Demonstrating its commitment to expansion, DRMA recently acquired an 82% stake in PT Mah Sing Indonesia (MSI) for Rp41 billion. This strategic move is expected to bolster its capabilities. Sinarmas Sekuritas projects DRMA’s revenue for 2025 to reach approximately Rp240 billion, with a net profit margin of around 10%.
“MSI is poised to enhance DRMA’s capabilities in plastic components, which are becoming increasingly crucial as Electric Vehicle (EV) models adopt lighter materials,” Christine elaborated, highlighting the forward-thinking nature of the acquisition.
Based on these promising prospects, Sinarmas Sekuritas has assigned a buy recommendation for DRMA, setting a target price of Rp1,410 per share.
Turning our attention to another strong performer within TP Rachmat’s portfolio, Christofer Kojongian, an analyst at Sucor Sekuritas, affirmed that ASSA’s stock performance is similarly supported by robust fundamentals. He emphasized that demand in the logistics industry currently remains highly promising.
“The Indonesian logistics industry presents promising prospects, driven by increasing domestic consumption, rapid e-commerce expansion, government initiatives through the National Logistics Ecosystem (NLE), and value-added services,” Christofer detailed in his research report, outlining the key growth catalysts.
Sucor Sekuritas forecasts that ASSA’s logistics segment alone is poised to achieve a compound annual growth rate (CAGR) of 9% in revenue over the next three years. Beyond its core logistics operations, ASSA also benefits significantly from its resilient used car and auction businesses, providing diverse revenue streams.
Consequently, Sucor Sekuritas has issued a buy recommendation for ASSA, setting a target price of Rp1,500 per share.
Disclaimer: This news article is not intended as an invitation to buy or sell shares. Investment decisions rest solely with the reader. Bisnis.com is not responsible for any losses or gains arising from the reader’s investment decisions.
Summary
Companies affiliated with Indonesian tycoon TP Rachmat, such as PT Triputra Agro Persada Tbk. (TAPG) and PT Dharma Polimetal Tbk. (DRMA), demonstrated remarkable stock performance and robust financial health in 2025. TAPG shares nearly doubled, surging 96.73% year-to-date, with PT Dharma Satya Nusantara Tbk. (DSNG) and PT Adi Sarana Armada Tbk. (ASSA) also experiencing substantial increases over 60%. This impressive market growth was supported by strong net profit gains, including TAPG’s 65.67% year-on-year increase and DSNG’s 53.03% rise by the third quarter of 2025.
Despite a contraction in the domestic automotive industry, DRMA’s stock saw positive momentum, backed by strong fundamentals and strategic business diversification, including an acquisition to enhance its EV component capabilities. Analysts from Sinarmas Sekuritas issued a “buy” recommendation for DRMA. Similarly, Sucor Sekuritas recommended “buy” for ASSA, citing strong demand in the Indonesian logistics industry driven by e-commerce expansion and increasing domestic consumption, complemented by its resilient used car and auction segments.