Company Performance: CLEO's financial health, including revenue, profit margins, and debt levels, significantly impacts its stock price.

Industry Trends: The overall performance and growth prospects of the bottled water industry in Indonesia influence investor sentiment towards CLEO.

Economic Conditions: Macroeconomic factors like inflation, interest rates, and GDP growth in Indonesia affect consumer spending and investment, thereby impacting CLEO's sales and stock value.

Market Sentiment: General investor optimism or pessimism towards the Indonesian stock market and emerging markets can drive demand for CLEO shares.

Regulatory Changes: Government regulations related to water resources, bottling, and distribution can impact CLEO's operational costs and profitability.

Competition: The competitive landscape of the bottled water market, including the presence of major players like Aqua and other local brands, affects CLEO's market share and pricing power.

Brand Reputation: CLEO's brand image, product quality, and marketing efforts influence consumer preference and sales, ultimately affecting its stock price.

Dividend Policy: CLEO's dividend payout ratio and frequency can attract income-seeking investors, thereby supporting the stock price.

Global Events: International events like global economic crises or trade wars can indirectly affect the Indonesian economy and investor sentiment towards CLEO.