Flooring Guide by Cinvex – JAKARTA – As market conditions remain under pressure, dozens of publicly listed companies are preparing for share buybacks. However, market analysts warn that while these corporate actions signal confidence, their impact on stock prices may be limited in a volatile market, urging investors to remain selective with their portfolios.
Beyond buybacks, several companies have also announced stock splits. Sukarno Alatas, a Senior Analyst at Kiwoom Sekuritas Indonesia, explains that while both actions are theoretically positive, their effectiveness depends heavily on the prevailing market climate.
“Buybacks are generally more effective at supporting share prices because they signal that a stock is undervalued while simultaneously reducing the number of outstanding shares. In contrast, stock splits are primarily aimed at improving liquidity and making shares more affordable for retail investors,” he noted on Saturday (May 23, 2026).
Key Move: Buma (DOID) to initiate share buyback with a budget of Rp104.25 billion.
Among the companies planning buybacks, Alatas highlights PT Alamtri Resources Indonesia Tbk. (ADRO) and PT Mitra Keluarga Karyasehat Tbk. (MIKA) as noteworthy options. ADRO plans to buy back shares worth up to Rp4 trillion between April 20, 2026, and April 20, 2027, while MIKA has allocated a maximum of Rp1 trillion for its buyback program, running from June 10, 2026, to June 9, 2027.
Strategic Outlook: GOTO leverages its substantial cash reserves to plan a Rp3.5 trillion share buyback.
“We find ADRO particularly compelling due to its solid first-quarter 2026 performance, attractive valuation, and strong dividend history. Similarly, MIKA remains a promising play for the medium-to-long term, given its defensive fundamentals and a valuation that has become more appealing following recent corrections,” Alatas added.
In the first quarter of 2026, ADRO reported a 23.40% year-on-year (YoY) increase in revenue, reaching US$470.91 million, with growth across all business segments. Mining operations rose 33.97% YoY, mining services grew by 15.30%, and other revenues increased by 0.71%. The company, affiliated with Boy Thohir, saw its bottom line surge, with net profit climbing 67.07% YoY to US$128.14 million.
Industry Update: RMKE successfully completes its share buyback program, totaling Rp44.58 billion.
Meanwhile, the hospital operator MIKA posted net revenue of Rp1.36 trillion in the first quarter of 2026, up from Rp1.27 trillion in the same period last year. Both inpatient and outpatient segments showed consistent growth, contributing to a net profit of Rp325.80 billion, compared to Rp310.96 billion in the first quarter of 2025.
Data gathered from information disclosures between March 1 and May 18, 2026, indicates that at least 28 companies have announced buyback plans. This includes PT Bank Mandiri (Persero) Tbk. (BMRI), which plans to buy back up to Rp1.17 trillion in shares between April 30, 2026, and April 29, 2027, following a robust first quarter where it recorded a 16.6% YoY net profit growth to Rp17.4 trillion. Additionally, PT GoTo Gojek Tokopedia Tbk. (GOTO), which recently achieved a net profit of Rp171 billion in the first quarter, has announced plans to buy back up to Rp3.50 trillion in shares between June 19, 2026, and June 18, 2027.
On the corporate action front, three companies have announced stock splits so far this year as of May 18, 2026: PT Rukun Raharja Tbk. (RAJA) with a 1:5 ratio, PT Itsec Asia Tbk. (CYBR) with 1:2, and PT Dian Swastatika Sentosa Tbk. (DSSA) with a 1:25 ratio.
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Summary
Numerous publicly listed companies in Indonesia are initiating share buybacks to signal confidence and support stock prices, despite potential market volatility. Analysts emphasize that while these buybacks suggest undervaluation, investors should remain selective and focus on companies with strong fundamental growth. PT Alamtri Resources Indonesia Tbk. (ADRO) and PT Mitra Keluarga Karyasehat Tbk. (MIKA) have emerged as top picks due to their solid first-quarter 2026 financial performances and attractive valuations.
ADRO recently reported a 67.07% year-on-year surge in net profit, while MIKA continues to demonstrate consistent growth across its inpatient and outpatient segments. Other major firms, including Bank Mandiri (BMRI) and GoTo Gojek Tokopedia (GOTO), have also committed significant budgets to buyback programs following positive quarterly results. Alongside buybacks, several companies have pursued stock splits this year, though experts warn that the ultimate impact of these corporate actions depends heavily on broader market conditions.