Flooring Guide by Cinvex – , JAKARTA — Amidst persistent foreign fund outflows and a weakening rupiah, BRI Danareksa Sekuritas has identified several blue-chip stocks as its top recommendations for the second half of 2025. This strategic guidance aims to navigate the challenging market landscape and capitalize on potential growth opportunities.
In their latest research, BRI Danareksa Sekuritas analysts Erindra Krisnawan and Wilastita Muthia Sofi highlighted that banking and telecommunications stocks remain highly attractive for collection. Prominently featured on their preferred list are PT Telkom Indonesia (Persero) Tbk. (TLKM) and PT Bank Central Asia Tbk. (BBCA). TLKM receives a “buy” recommendation with a target price of Rp3,500, while BBCA is projected to reach Rp11,900 per share.
Furthermore, the metal sector is underscored as a crucial alternative hedge, particularly if domestic catalysts take longer than expected to materialize. Investors are directed towards PT Bumi Resources Minerals Tbk. (BRMS), which has a target price of Rp480, and PT Vale Indonesia Tbk. (INCO), aiming to break the Rp4,700 per share mark.
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“Provided there is no further escalation of protests, we firmly believe that profit growth for the second half of 2025 will strengthen,” stated Erindra and Muthia in their research published on Tuesday (September 2, 2025). This outlook suggests resilience despite current market pressures.
BRI Danareksa anticipates that issuer performance in the second half of 2025 will solidify, driven by accelerated government spending and improved liquidity. This positive trajectory is expected to unfold even as the market continues to grapple with the risk of foreign fund outflows.
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According to BRI Danareksa, foreign funds amounting to US$131 million, or approximately Rp2 trillion, exited the stock market as of Monday (September 1, 2025), following last week’s demonstrations. This outflow underscores the sensitivity of the market to political and economic events.
The bulk of these funds withdrew from prominent banking stocks, including BBCA, PT Bank Mandiri (Persero) Tbk. (BMRI), PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI), as well as TLKM. Year-to-date, total foreign fund outflows have reached a significant US$3.2 billion, indicating a prolonged period of foreign investor caution.
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Despite the persistent foreign outflow pressure, Indonesian stock valuations are still deemed attractive by analysts. The LQ45 Index is currently trading at 10.5 times its Price-to-Earnings (PE) ratio, which is 2.3 standard deviations below its 10-year average. Meanwhile, the banking sector is valued at approximately 2.0 times its Price-to-Book Value (PBV) ratio, signaling potential undervaluation.
On the domestic front, local investors demonstrated a distinct trend by increasing their weighting in the petrochemical, automotive, property, and metal sectors throughout August 2025. This reallocation reflects a shift in confidence towards specific industries.
Key targets for local investment included shares of PT Chandra Asri Pacific Tbk. (TPIA), PT Astra International Tbk. (ASII), and PT Amman Mineral Internasional Tbk. (AMMN). Conversely, the healthcare, consumer, and pharmaceutical sectors experienced a reduction in weighting, primarily due to their weaker performance in the second quarter of 2025.
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Summary
Amidst foreign fund outflows and a weakening rupiah, BRI Danareksa Sekuritas recommends several blue-chip stocks for the second half of 2025. Their top picks include banking and telecommunications shares like PT Telkom Indonesia (TLKM) and PT Bank Central Asia (BBCA), alongside metal sector stocks such as PT Bumi Resources Minerals (BRMS) and PT Vale Indonesia (INCO) as a hedge. Analysts anticipate stronger profit growth for H2 2025, buoyed by accelerated government spending and improved liquidity despite market pressures.
The market has experienced significant foreign fund outflows, totaling US$3.2 billion year-to-date, with recent withdrawals from major banking and telecom stocks. Despite this, Indonesian stock valuations, specifically the LQ45 Index and the banking sector, are considered attractive. Local investors, however, increased their weighting in petrochemical, automotive, property, and metal sectors in August 2025, while reducing exposure to underperforming healthcare and consumer stocks.