SELL 250610 IDX RAJA TCPI NICL INDF NCKL HRIM AVIA HEAL PSAB MTEL SRTG ULTJ ERAA NINE EXCL TOBA TOWR BSDE MBSS SILO

Here’s a refined analysis for your selected IDX tickers covering ownership, margin & earnings, solvency, and recent news or rumors:

⚙️ RAJA (RAJA)

Ownership: Continues to hold subsidiary Rukun Raharja (RATU), retaining ~80% post‑IPO, raising ~IDR 318–406 billion from divesting a 13 % stake idnfinancials.com+1mncsekuritas.id+1stockbit.com.
Margins/Earnings: Analyst Samuel Sekuritas forecasts FY 2024 EBITDA margin of ~45 %, EBITDA USD 82 m (+38 % YoY), net profit USD 25 m (+47 % YoY); TP at IDR 2,200 with BUY rating. SSI reiterates BUY with similar TP wartaekonomi.co.id+4samuel.co.id+4samuel.co.id+4.
Solvency: Rising capex for O&G projects may elevate leverage/gearing, but analysts deem it manageable .
News/Rumors: Ratifying RATU’s IPO brings in funds and cash for upstream blocks, reinforcing asset control .

No strong recent data found for these tickers—recommend reviewing company releases or analyst reports for up-to-date info.

Analyst View: Phintraco Sekuritas upgrades INDF to Buy, targeting IDR 7,400–7,750 amid bearish JCI idnfinancials.com+6idnfinancials.com+6samuel.co.id+6.

Valuation: IPO priced at 16.7× PE for FY 2022; well-positioned in nickel value chain from ferronickel to battery precursor wartaekonomi.co.id.
Performance: Price correction to ~IDR 700 since January 2025—a YTD decline of ~7.3% samuel.co.id+4premium.bisnis.com+4idnfinancials.com+4.
Outlook: Long-term growth tied to EV battery demand; near-term volatility from nickel price swings.

Also suffered declines in early 2025 along with NCKL & INCO wartaekonomi.co.idpremium.bisnis.com+1market.bisnis.com+1; similar exposure and risk.

Merger impact: Merger of EXCL–FREN may pressure revenue, contract renegotiations idnfinancials.comidnfinancials.com+1idnfinancials.com+1.
Positive outlook: TOWR and MTEL maintain stable fundamentals. TOWR acquired IBST to bolster earnings; MTEL expanded in Kalimantan with ~80 new sites, adding services like Starlink, expected to grow customers ~10% mncsekuritas.id+2idnfinancials.com+2idnfinancials.com+2.
Financials (TOWR): 1Q 2023 revenue +9.4% YoY at IDR 2.9 t; EBITDA margin ~85%, though net margin slipped to ~26.3%; BUY rating, TP IDR 1,200 mncsekuritas.id.

Inclusion in MSCI Small Cap in June 2024 triggered a ~7.7% price surge idxchannel.com.

Merger with FREN is stirring market uncertainty for EXCL, with broader pressure on telecom tower yields idxchannel.com+6idnfinancials.com+6idnfinancials.com+6.

Ticker	Ratings / Mentions	Highlights
RAJA	BUY, TP 2,200	Robust EBITDA margins; funding growth balanced with debt
NCKL	Conviction despite YTD slump	Long-term nickel-linked play
INDF	BUY	Resilient amid bearish index sentiment
MTEL/TOWR	BUY (by tower analysts)	Infrastructure expansion; merger spillover manageable

RAJA: Strong play if you believe in O&G growth; monitor debt metrics.
NCKL/SRTG: EV demand supports but nickel volatility remains a risk.
INDF: Defensive consumer pick with analyst backing.
MTEL/TOWR: Infrastructure-backed picks with stable margins; merger ripple effects worth tracking.
EXCL: Support cautious positioning until post-merger structure clears.

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