Bahana flags IDR 5.10 trillion need for Sampoerna stock

Published on 10/14/2026 at 03:27 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Bahana estimates IDR 5.10 trillion for Sampoerna's free-float plan on October 6, 2026. The estimate targets Sampoerna stock after IDR 56.50 trillion in semester I sales.

Free float and operating scale

Bahana's October 6, 2026 research assigns Sampoerna an IDR 5.10 trillion free-float requirement.
Semester I 2026 sales reached IDR 56.50 trillion, while market share stood at 29.60 percent.
The last quoted market capitalization was IDR 75.0 trillion on October 13, 2026.

Sampoerna, ID1000074008, Illustration mit AI erstellt.

Bahana Sekuritas analyst Raja Abdalla estimated an IDR 5.10 trillion free-float requirement for Sampoerna on October 6, 2026, according to RCTI+. The estimate gives the stock a concrete structural issue to digest alongside its operating results.

Three dated signals for HMSP

On September 18, 2026, Sampoerna stock was reported to have fallen 10.96 percent during the September 14-17 period, while foreign investors recorded IDR 19.72 billion in net buying, according to Investor.id.

The October 6 research put Sampoerna's free float at 7.00 percent and split the estimated requirement into IDR 3.40 trillion in a first stage and IDR 1.70 trillion in a second stage, according to RCTI+. The October 13 market snapshot places the company in the Indonesian consumer staples sector and identifies its ticker as HMSP.JK, according to Global Banking and Finance Review.

What does the estimate mean?

The proposed supply requirement matters because Bahana's calculation concerns shares that could be sold by existing holders or issued to the market. The research assigns Sampoerna the largest requirement in its group at IDR 5.10 trillion, making the company a prominent test case for Indonesia's free-float reforms.

For investors, the key tension is between market structure and operating scale. A larger public float can support liquidity over time, but the immediate market task is to absorb additional shares without weakening demand for the existing listing.

Semester I sales and volume

Sampoerna reported net sales of IDR 56.50 trillion and net income of IDR 4.20 trillion for the first half of 2026, with a 29.60 percent market share, according to Investor.id. Volume declined 1.30 percent year over year, while the hand-rolled kretek segment recorded a 13.00 percent sales decline.

The figures show why the free-float issue is not the only variable for the stock. Sampoerna combines substantial sales and earnings with pressure on volumes, and the company also cited downtrading and illegal cigarettes as factors affecting demand, according to Investor.id.

Stock stays in the IDR context

The last quoted price was IDR 645.00 on IDX on October 13, 2026 at 4:12 p.m. WIB. The market capitalization was IDR 75.0 trillion, while the 52-week range was IDR 580.00 to IDR 1,000.00 on the same snapshot.