Thecuy.com says that several issuers listed on the Indonesia Stock Exchange have carried out a stock split corporate action throughout this year. The move is not only intended to make share prices appear cheaper, but also to increase free float and trading liquidity. In the context of pressure from MSCI and the High Shareholding Concentration (HSC) policy, a stock split is one strategic step.
Daftar Emiten yang Melaksanakan Stock Split
Below is the schedule and ratio of the stock split for three issuers whose cum date fell in July 2026:
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- PT Rukun Raharja (RAJA) — cum date 15 July 2026, ratio 1:5. Share price after split is Rp885 per share.
- PT RMK Energy Tbk (RMKE) — cum date 16 July 2026, ratio 1:5. Share price is expected to be between Rp490 and Rp500 per share.
- PT Multipolar Technology Tbk (MLPT) — cum date 20 July 2026, ratio 1:25. The number of shares increased from 1.875 billion to 46.875 billion.
In addition, there were two issuers that had previously completed a stock split: PT Cyberindo Aditama (CYBR) with a ratio of 1:2 on 13 May 2026, and PT DSSA Energi (DSSA) with a ratio of 1:25 on 9 April 2026.
Kinerja dan Valuasi Saham
In terms of price movement, all of those shares are still in a contraction zone since the beginning of the year. DSSA suffered the steepest decline, almost 80%, while RAJA had the lowest correction, around 28%. In terms of valuation, DSSA, RAJA, and RMKE are considered fairly priced, while CYBR and MLPT are still considered expensive despite the sharp drop in share price.
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In terms of profitability in Q1‑2026, RMKE recorded positive growth in revenue and net profit. DSSA and RAJA managed to maintain profit despite falling revenue. Meanwhile, CYBR is still incurring losses, and MLPT experienced a nearly 50% year‑on‑year contraction in profit.
Narasi Perluasan Bisnis
Two issuers have attractive expansion narratives: DSSA and RAJA. DSSA is making major investments in technology infrastructure, including increasing its stake in PT Bali Media Telekomunikasi by Rp8.54 trillion. RAJA is aggressively building an LNG ecosystem through an FLNG project in the Kasuri Block, an LNG terminal in Banten, and entering the new renewable energy sector.
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Cara Keluar dari Status HSC
A stock split is one way to exit a high shareholding concentration status. The regulator provides a two‑year transition period for issuers to meet the minimum free float requirement of 15%. However, the success of a stock split still depends on public investor participation and company fundamentals.
Of the five stocks, only DSSA, RAJA, and RMKE have a fair valuation. Investors are advised to be selective and pay attention to timing and each issuer’s corporate narrative.
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