Daily Brief Indonesia: Indo Oil Perkasa, Yupi Indo Jelly Gum and more

• Sourcing Structure Overhaul Required: PT Indo Oil Perkasa Tbk (OILS) managed to improve gross margins to 7.3% in 6M26, achieving a gross profit of Rp 53.4 billion. However, the company remains structurally vulnerable to raw material volatility due to high reliance on a single primary supplier for over 50% of its copra feedstock, limiting its ability to hedge cost fluctuations dynamically over the next 4 quarters.
• PT Indo Kelapa Perkasa Divestment Was Capital Preservation: The April 19, 2025 share divestment of PT Indo Kelapa Perkasa (IKP), which reduced OILS’ ownership to 52%, was not a strategic exit but a necessary move to share the Rp 6.0 billion Capex burden with strategic partners amid a highly constrained corporate cash position of Rp 14.4 billion.
• Market Volatility Driven by Float illiquidity and IR Gaps: The Unusual Market Activity (UMA) issued by the Indonesia Stock Exchange (BEI) on September 8, 2026, highlights OILS’ systemic retail-driven volatility. With 47.85% tightly held by the family holding entity (PT Mandalindo Putra Perkasa) and a lean 35-person corporate structure, the management team dedicates less than 5% of its time to investor relations, leaving the stock vulnerable to speculative local trading groups.

• PT Yupi Indo Jelly Gum Tbk (YUPI IJ) is Southeast Asia’s premier gummy confectionery manufacturer, commanding dominant domestic market share in Indonesia and an established export footprint spanning over 50 countries.
• The company demonstrates exceptional profitability and cash conversion, boasting FY25 gross and net profit margins of 34.07% and 20.88% respectively, alongside an annualized free cash flow (FCFE) generation of IDR 821.6 billion and a 5.55% dividend yield.
• Trading at IDR 1,280—a substantial discount to its IDR 2,390 IPO price—YUPI presents an attractive risk-reward profile backed by institutional sponsor Affinity Equity Partners, ongoing capacity expansion at its Nganjuk facility, and steady premiumization into functional confectionery.

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