Tycoon Boy Thohir Scoops Up 2.8 Million Shares in ESSA, ADRO, and AADI Amid MSCI Turmoil

JAKARTA, Investortrust.id — Indonesian billionaire Garibaldi "Boy" Thohir has stepped in to expand his equity holdings in Southeast Asia’s largest market, seizing on a sharp sell-off triggered by global index compiler MSCI Inc. to acquire millions of shares in energy and chemical firms across his investment umbrella.

Through his investment vehicle PT Trinugraha Thohir (TNT), Thohir purchased 2,824,900 shares across three affiliated companies that have sustained strong profitability despite broader benchmark volatility, according to a corporate statement issued on Monday, Oct. 19, 2026.

The capital deployment comprises 2,252,300 shares of ammonia and LPG producer PT ESSA Industries Indonesia Tbk (ESSA), 470,000 shares of coal miner PT Alamtri Resources Indonesia Tbk (ADRO), and 102,600 shares of thermal coal operator PT Adaro Andalan Indonesia Tbk (AADI).

"This is the right moment to capture long-term investment opportunities, supported by the solid fundamentals of domestic corporations and competitive market valuations," Thohir said in the statement.

The aggressive insider buying delivers a high-profile domestic vote of confidence in Indonesian equities at a pivotal juncture for the Jakarta market. A proposed index demotion by MSCI Inc. has triggered steep foreign outflows, battering market sentiment and driving sharp valuation discounts across liquid names. By stepping in to absorb battered shares, prominent domestic conglomerates are signaling to institutional allocators that core operational cash generation remains intact, effectively decoupling fundamental corporate earning power from index classification overhangs.

Window of Opportunities

The share purchases land in the wake of widespread turbulence on the Indonesia Stock Exchange (IDX). On Oct. 15, 2026, MSCI Inc. announced the launch of a market consultation exploring a potential reclassification of Indonesian equities from Emerging Market to Standalone Market status, citing market-wide transparency concerns over concentrated ownership structures and suspected coordinated trading behavior. The consultation remains open until April 30, 2027, with a final determination due by June 30, 2027.

The regulatory headline prompted immediate selling pressure across Jakarta trading boards. The benchmark Jakarta Composite Index (IHSG) plunged roughly 11.6% on Friday, Oct. 16, and shed over 5% during intraday trade on Monday, Oct. 19, driven by investor unease over potential passive and active capital outflows from global benchmark funds.

The panic selling did not spare Thohir-linked counters. On Oct. 16, ESSA slid 15% to Rp 476, ADRO shed 10.16% to close at Rp 2,210, and AADI fell 12.39% to Rp 9,900 per share.

However, trading trajectories diverged by the close of Oct. 19. ADRO advanced 1.36% to Rp 2,240, while AADI climbed 2.78% to finish at Rp 10,175. ESSA remained under modest pressure, dipping 1.26% to Rp 470. Compared to their pre-announcement closing marks on Oct. 15, the three tickers remain lower by approximately 9.96%, 8.94%, and 16.07%, respectively.

Sound Operational Performances

The market pullback contrasts sharply with the operational results reported by the companies for the first half of 2026. ESSA's top-line revenue climbed 34.8% year on year to $186.5 million, while net profit attributable to parent equity holders doubled to $30.2 million. The group is also advancing long-term downstream initiatives, including low-carbon blue ammonia development to meet industrial fertilizer and energy demand.

ADRO saw its first-half net income jumping 76.8% to roughly $309 million on a 16.5% rise in revenue to $999.2 million. Margins benefited from operational efficiencies across mining contracting and high-grade metallurgical coal, alongside strategic project investments in domestic aluminum smelting.

Meanwhile, AADI's attributable net profit expanded 10.52% to $473.77 million as revenue grew 6.13% to $2.55 billion, supported by robust commodity realisations and cash generation from logistics and power asset leasing.

Market strategists note that the divergence between plunging equity valuations and rising earnings reflects macro-driven risk repricing rather than operational distress. With MSCI Inc.'s review centered on broader bourse architecture and enforcement rather than company-specific health, Thohir’s purchases highlight a classic value-driven accumulation strategy designed to harness heavily discounted market pricing.