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 paruh pertama: Laju kencang kinerja IDXTRANS
25 June 2025
By Fahmi Ahmad Burhan
The transportation and logistics sector index, IDXTRANS, recorded a stellar performance throughout the first half of the year, supported by increased mobility and extended public holidays.
According to data from the Indonesia Stock Exchange (IDX), IDXTRANS strengthened by 0.86% to 1,437.1 during trading on Tuesday (24 June). The index remains in positive territory, rising 10.48% year-to-date (YtD), from the first trading day of 2025 to the end of the first half.
Several shares listed under IDXTRANS also performed strongly in the first half of 2025. PT Samudera Indonesia Tbk (SMDR), for instance, saw a YtD increase of 24.63%.
Similarly, shares of PT Blue Bird Tbk (BIRD) rose by 17.7% YtD, while logistics issuer PT Adi Sarana Armada Tbk (ASSA) gained 8.7% YtD.
In addition, shares of airline issuer PT Garuda Indonesia Tbk (GIAA) also surged. GIAA’s share price rose by 9.38% in yesterday’s trading, with a YtD performance increase of 27.27%.
Senior Market Chartist at Mirae Asset Sekuritas, Nafan Aji Gusta, stated that IDXTRANS is a sectoral index comprising high-demand shares, although their market capitalisation is not particularly large. Several sentiments influence the index’s performance, such as economic growth.
“At the very least, transportation and logistics issuers are fully committed to enhancing connectivity and contributing positively to economic stability,” Nafan told Bisnis on Tuesday (24 June).
However, in the second half of 2025, IDXTRANS shares may face challenges. Geopolitical tensions in the Middle East, for example, are expected to continue affecting commodity trading.
Transportation and logistics issuers will also contend with other challenges such as competition levels and economic growth stability.
Head of Research at Kiwoom Sekuritas, Liza Camelta Suryanata, said the strengthening of IDXTRANS in the first half of 2025 could signal a revival of the transportation and logistics sector, which had long lagged behind other sectors.
“This increase is driven by expectations of mobility recovery, extended holiday sentiment, and declining oil prices, which ease operational burdens for issuers like GIAA and BIRD,” Liza told Bisnis.
The rise in GIAA’s share price coincides with the shareholder loan injection from the Investment Management Agency (BPI) Danantara, amounting to US$405 million or Rp6.65 trillion. Of this amount, Rp4.82 trillion is allocated for Citilink and Rp1.82 trillion for Garuda.
Outlook
Liza noted that going forward, there is potential for further strengthening of IDXTRANS, although it will depend on the release of the Q2/2025 performance data and consistent recovery sentiment.
There are also several challenges facing IDXTRANS, such as debt structure issues, particularly for GIAA. Other challenges include sensitivity to energy prices, intense competition in the logistics sector, and dynamics around mergers and acquisitions.
Retail Equity Analyst at PT Indo Premier Sekuritas (IPOT), Indri Liftiany Tralin Yunus, assessed that IDXTRANS’s strong performance in the first half of 2025 was driven by solid financial results from individual issuers.
A number of transportation and logistics issuers listed under IDXTRANS, such as SMDR and ASSA, recorded improved profit performance in Q1/2025.
According to financial reports, SMDR posted a net profit of US$15.51 million in Q1/2025, up 52.73% year-on-year (YoY) compared to US$10.15 million in the same period last year.
BIRD recorded a YoY profit increase of 42.82% to Rp165.39 billion in Q1/2025, compared to Rp115.8 billion in Q1/2024.
President Director of Blue Bird, Adrianto Djokosoetono, stated that BIRD is focused on boosting business performance in 2025 and has prepared several strategies to achieve this.
For example, BIRD is implementing various initiatives, including expanding its electric vehicle (EV) fleet. Previously, Andre mentioned that BIRD plans to add 1,000 EV units.
ASSA also recorded a YoY profit growth of 43.29% to Rp101.75 billion in Q1/2025, compared to Rp71 billion in Q1/2024.
ASSA’s Finance Director, Jerry Fandy, said the transportation and logistics industry still faces challenges and uncertainties in 2025. The company is adopting a flexible stance to anticipate future conditions.
“Our target this year is overall conservative growth. Not too aggressive, considering the many uncertainties,” Jerry said during a public expose on Tuesday (24 June).
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