SOE issuers performance: A glimpse of hope for SOE stocks rebound
This article has been translated by PwC Indonesia as part of our Indonesia Infrastructure News Service. PwC Indonesia has not checked the accuracy of, and accepts no responsibility for the content.
Bisnis Indonesia - Kinerja emiten BUMN: Secercah asa rebound saham pelat merah
14 April 2025
By Fahmi A. Burhan
The stock index of state-owned enterprises (SOEs) is still recording poor performance at the beginning of 2025. According to data from the Indonesia Stock Exchange (IDX), the BUMN index or IDX BUMN 20 did rise by 0.28% to 319.92 on Friday (11/4). However, the IDX BUMN 20 has dropped by 11.26% year to date (YtD).
Several SOE stocks are still in the red zone. Stocks of the State-owned Banks Association (Himbara) such as PT Bank Mandiri Tbk (BMRI) fell by 12.82% YtD. Additionally, PT Bank Rakyat Indonesia Tbk (BBRI) shares dropped by 13.78% YtD, and PT Bank Negara Indonesia Tbk (BBNI) shares decreased by 4.36% YtD. Other SOE stocks, such as PT Telkom Indonesia Tbk (TLKM), fell by 13.7% YtD, and PT Semen Indonesia Tbk (SMGR) plummeted by 34.76%.
Senior Market Chartist at Mirae Asset Sekuritas, Nafan Aji Gusta, believes that the prospects of SOE stocks depend on the performance of each SOE issuer.
"The important thing is that SOE issuers consistently implement good corporate governance. Likewise, Danantara is expected to implement good corporate governance," said Nafan.
He sees that there are still several promising SOE stocks amid the sluggish market performance. For example, PT Aneka Tambang Tbk (ANTM) shares are in the green zone, growing by 9.39% YtD to Rp1,690 per share. ANTM shares are projected to continue rising with a buy recommendation and a target price of Rp1,975 per share.
Although TLKM shares are still sluggish, Nafan still recommends an accumulative buy for the stock with a target price of Rp3,240 per share. Additionally, BBRI is recommended to buy with a target price of Rp4,450, and BMRI is recommended to buy with a target price of Rp7,175 per share.
For SOE stocks transferred to Danantara, Kiwoom Sekuritas remains confident in the financial sector, such as BBRI and BMRI.
"At BBRI, the decline in net profit has started to slow down, supported by a lower increase in provisioning in February 2025 compared to February 2024," wrote Head of Research at Kiwoom Sekuritas, Liza Camelia Suryanata, in a note.
Other promising stocks are in the transportation sector, such as PT Jasa Marga Tbk (JSMR).
"The toll road issuer JSMR may expect solutions from Danantara amid the dry infrastructure budget cut by the Government," said Liza.
JSMR also received positive sentiment from the Eid momentum, although the return flow was initially expected to decrease due to weakened public purchasing power.
