Source: Bursa Efek Indonesia, 2025

In the Indonesia Stock Exchange (IDX), several stock categories help investors assess company conditions and risks. Notasi Khusus (Special Notation) refers to codes or symbols assigned to issuers with specific financial or legal conditions, such as negative equity or ongoing litigation, serving as red flags for investors. Papan Akselerasi (Acceleration Board) is a dedicated board for small and medium enterprises (SMEs) or startups that are innovative but may not yet meet the criteria for the Main or Development Boards, allowing them to access capital markets early. Pemantauan Khusus (Special Monitoring Board) lists companies facing issues like prolonged suspension, going concern doubts, or failing to submit timely financial reports, warning investors of elevated risks. Lastly, Papan New Economy (New Economy Board) is designed for technology-based or high-growth companies, typically digital or disruptive businesses, reflecting the IDX’s support for innovation and the evolving economy. These categories aim to enhance market transparency and investor protection.

For example, as of June 17, 2025, issuers such as Mahaka Media Tbk (ABBA), Asuransi Bina Dana Arta Tbk (ABDA), Acset Indonusa Tbk (ACST), Artha Mahiya Investama Tbk (AIMS), and Anugerah Kagum Karya Utama Tbk (AKKU) have received Special Notation on the Indonesia Stock Exchange because they meet one or more of the following conditions: (1) Negative equity (Notation “E”), such as the case of ABBA, which recorded a capital deficit—due to the last financial report showing negative equity; (2) Low liquidity and weakening stock prices (Denoted as “X”) indicate minimal trading activity and prices below the IDX threshold for a prolonged period; (3) Delays in submitting financial reports result in the issuer receiving attention from the IDX and a notation for investors to be vigilant. This is a crucial call to action for investors to be extra cautious. Examples include ABBA and AKKU. Application for Suspension of Debt Payment Obligations (PKPU) or other legal issues, including the possibility of AIMS being included due to SEBI/PKPU restructuring in the overall market records, the IDX applies Special Notation to provide signals to investors regarding fragile financial conditions, low liquidity risks, or reporting compliance issues. This is a serious matter that could have a significant impact on the market.

Investing in stocks such as Mahaka Media Tbk (ABBA), Asuransi Bina Dana Arta Tbk (ABDA), Acset Indonusa Tbk (ACST), Artha Mahiya Investama Tbk (AIMS), and Anugerah Kagum Karya Utama Tbk (AKKU) requires a high tolerance for risk, as these companies are currently under special notation by the Indonesia Stock Exchange due to issues such as negative equity, delayed financial reporting, or extremely low liquidity. While there may be speculative opportunities—especially if the companies show signs of recovery or are backed by strong parent firms like ACST with United Tractors—the underlying fundamentals remain weak, and several face the risk of delisting if financial or regulatory problems persist. These stocks are not suitable for conservative investors or those seeking stable returns, as their volatile nature and operational challenges make them more appropriate for short-term, speculative positions with careful monitoring. Therefore, if investors choose to buy, it should be with a small allocation, a clear exit strategy, and an understanding of the significant downside risk.