Flooring Guide by Cinvex – JAKARTA — As October 2025 approaches, investors are advised to closely monitor stocks within the banking, commodity, and telecommunication sectors, which are deemed particularly attractive.
Erindra Krisnawan and Wilastita Muthia Sofi, analysts at BRI Danareksa Sekuritas, reported that the Jakarta Composite Index (IHSG) saw a 2.9% month-on-month increase throughout September 2025. However, this growth was predominantly fueled by less liquid conglomerate stocks such as BRPT and DSSA. Concurrently, foreign investors recorded a net sell of US$234 million, primarily driven by outflows from prominent banking stocks like BBCA, BBNI, and BMRI.
Despite these dynamics, BRI Danareksa Sekuritas maintains a positive outlook for the banking, commodity, and telecommunication sectors for October 2025.
The banking sector, in particular, is highlighted for its attractive yields and the prospect of improved cost of fund (CoF) conditions in September 2025. BRI Danareksa Sekuritas believes the banking industry offers a favorable risk-reward profile for investors.
“We maintain our positive view on the banking sector as we anticipate improved liquidity conditions will be reflected in the September 2025 Cost of Fund, coupled with attractive yields,” the analysts stated in their research report on Monday, October 6, 2025.
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Within the banking sector, BBCA stands out as the top pick, receiving a “buy” recommendation with a target price of Rp11,900. This recommendation aligns with expectations for Bank Central Asia (BCA) to sustain profit growth and enhance its asset quality profile.
Meanwhile, the telecommunication sector is considered to be well-positioned for accumulation, driven by a more rational competitive landscape within the industry.
TLKM is BRI Danareksa Sekuritas’ preferred choice in this sector, also carrying a “buy” recommendation and a target price of Rp3,500 per share.
Turning to the metals sector, Erindra and Wilastita noted a significant momentum from rising gold and industrial metal prices, which has sparked upward movements in the shares of Indonesian metal issuers.
“BRMS is our stock pick in this sector, though it is already priced in in line with bullish expectations,” they explained.
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Beyond BRMS, BRI Danareksa Sekuritas also highlighted the promising outlook for INCO, recommending it as a “buy” with a target price of Rp4,700 per share. This recommendation is supported by expectations of a recovery in nickel prices on the London Metal Exchange and an increased contribution of nickel matte to INCO’s financial performance in the second half of the year.
In addition to metals, the fourth quarter of 2025 is also seen as an opportune moment to increase exposure to the coal mining sector. This is attributed to seasonal factors, as countries with four distinct seasons typically boost their coal stockpiles in anticipation of winter demand.
In the coal sector, BRI Danareksa Sekuritas selected AADI (Adaro Energy Indonesia) for its robust operational track record. The stock received a “buy” recommendation with a target price of Rp9,850 per share.
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Summary
BRI Danareksa Sekuritas advises investors to monitor the banking, commodity, and telecommunication sectors for October 2025, despite September’s Jakarta Composite Index (IHSG) growth being driven by less liquid stocks and foreign net sells. The banking sector maintains a positive outlook due to attractive yields and anticipated improved Cost of Fund conditions. The telecommunication sector is also favored for accumulation, benefiting from a more rational competitive landscape.
Key stock picks include BBCA in banking with a “buy” recommendation and Rp11,900 target price. TLKM is recommended as a “buy” for telecommunications, targeting Rp3,500 per share. In commodities, INCO is a “buy” pick at Rp4,700, anticipating nickel price recovery, while AADI in the coal sector is also a “buy” with a target of Rp9,850 due to robust operations and seasonal demand.