Garibaldi “Boy” Thohir is more than just a prominent name on the list of Indonesia’s wealthiest individuals; he is a mark of quality, a seal of approval for investors on the Indonesia Stock Exchange. His investment strategy, characterized by its aggressive yet calculated approach, means that movements in Boy Thohir’s owned stocks are eagerly anticipated and closely followed by a wide spectrum of market participants, from retail investors to large institutions.
His astuteness in identifying opportunities, spanning from coal, gold, and nickel to clean energy, makes his portfolio highly relevant for those looking to study long-term investment strategies. Rather than relying on a single sector, Boy Thohir employs intelligent diversification to balance risk and maximize potential returns amidst the uncertainties of the global economy.
For those aspiring to taste the sweet success guided by the seasoned hand of this conglomerate, here are five of his flagship stocks that warrant close monitoring.
1. Adaro Energy Indonesia (ADRO)
PT Adaro Energy Indonesia Tbk (ADRO) remains the primary flagship within Boy Thohir’s integrated energy business empire. By 2025, ADRO has undergone a significant transformation, spinning off its thermal coal business into a new entity (AADI) to sharpen its focus on green energy and more environmentally friendly business diversification.
Boy Thohir serves as President Director and is recognized as a controlling shareholder, holding approximately 6.18 percent direct ownership of the total outstanding shares, which number around 31.9 billion. ADRO’s stock performance up to November 2025 continues to be very solid, underpinned by consistent and generous dividend distributions, a key attraction for investors seeking passive income.
Currently, ADRO shares are trading in the range of IDR 3,700 to IDR 3,800 per share, boasting a substantial Market Capitalization exceeding IDR 118 trillion. Even though global coal prices are no longer at the peaks seen during the commodity boom several years ago, the operational efficiencies implemented by management enable ADRO to continue generating impressive net profits and maintain a healthy balance sheet.
2. Adaro Minerals (ADMR)
This Adaro subsidiary, PT Adaro Minerals Indonesia Tbk (ADMR), has emerged as a shining star in Boy Thohir’s portfolio since its IPO in early 2022 at IDR 100 per share. ADMR’s primary focus lies in mining metallurgical coal, which is essential for steel production, alongside an aluminum smelter project that is integral to Indonesia’s national energy transition.
With 40.8 billion outstanding shares, ADMR has successfully attracted foreign investor interest due to its robust profit margins and the recovering outlook for steel demand in 2025. ADMR’s stock performance in 2025 has demonstrated stability at a relatively high level compared to its IPO price, trading in the range of IDR 1,300 to IDR 1,400 per share.
Its market capitalization now surpasses IDR 55 trillion, positioning it as one of the respected mid-to-big cap issuers in the basic materials sector. Boy Thohir, through the Adaro Group, continues to drive ADMR’s expansion, particularly in the completion of its aluminum project in North Kalimantan, which is anticipated to become a massive new revenue stream starting next year.
3. Merdeka Copper Gold (MDKA)
Beyond the Adaro Group, Boy Thohir holds a strategic stake in PT Merdeka Copper Gold Tbk (MDKA) through investment vehicles like Provident Capital and other strategic partnerships. MDKA is a world-class gold and copper mining company, operating the Tujuh Bukit Mine in Banyuwangi and the highly promising Pani Gold Project in Gorontalo.
The company has approximately 24 billion outstanding shares and is renowned as one of the mining issuers with the best corporate governance (GCG) on the stock exchange.
Towards the end of 2025, MDKA’s stock price has shown dynamic movements, closely tracking the upward trend in global gold prices, which at one point reached an all-time high. The stock is currently trading at around IDR 2,400, commanding a colossal market capitalization of IDR 57 trillion, reflecting strong market confidence in its abundant mineral reserves.
For investors seeking to hedge assets against inflation while also pursuing potential capital gains, MDKA shares, guided by Boy Thohir, are frequently a top recommendation among securities analysts.
4. Merdeka Battery Materials (MBMA)
PT Merdeka Battery Materials Tbk (MBMA) is an MDKA subsidiary dedicated to spearheading nickel downstream processing and the electric vehicle (EV) battery supply chain. Since its IPO in April 2023, the company immediately captured attention due to its integrated assets, ranging from nickel mines to RKEF smelters and nickel matte plants.
Boy Thohir views MBMA as a crucial investment vehicle to capitalize on the global electric vehicle revolution, which continues to see escalating demand in 2025. MBMA’s stock performance in 2025 has been somewhat challenging due to volatility in global nickel prices, yet it has managed to sustain itself at levels between IDR 500 and IDR 600 per share.
With a substantial number of outstanding shares, exceeding 108 billion, MBMA boasts a market capitalization of approximately IDR 59 trillion, fiercely competing with other major nickel players. The full backing of Boy Thohir and the Saratoga Group behind it instills confidence that MBMA will emerge as a dominant player once Indonesia’s electric battery ecosystem fully matures.
5. ESSA Industries (ESSA)
The final stock in Boy Thohir’s favored portfolio is PT ESSA Industries Indonesia Tbk (ESSA), where he serves as President Commissioner and transparently holds approximately 5.55 percent of shares. ESSA operates in the processing of natural gas into LPG and Ammonia, and is currently aggressively developing Blue Ammonia as a future low-carbon fuel.
Since its IPO in 2012, ESSA has grown to become the largest private petrochemical company, distinguished by its highly efficient operations. Throughout 2025, ESSA’s stock has shown a bullish trend, aligning with the recovery of global ammonia prices and strong demand from the fertilizer industry.
Its share price is now steadily traded in the range of IDR 900 to IDR 1,000, giving the company a market capitalization of approximately IDR 16 trillion. For investors, ESSA offers unique diversification, as it is not confined to mining but instead operates in the gas downstream industry, which features stable margins and bright prospects within the global clean energy roadmap. What are your thoughts?
After examining these five issuers, it is evident that Boy Thohir wisely doesn’t put all his eggs in one basket, but rather diversifies across the energy, mineral, and chemical industries. This combination of “cash-generating” stocks like ADRO and “high-growth” stocks such as ADMR and MBMA creates a robust and well-balanced portfolio.
Monitoring Boy Thohir’s stock holdings could be a smart first step for you in formulating a more mature investment strategy with the potential to maximize profits. Are you ready to start following his footsteps?
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Summary
Garibaldi “Boy” Thohir is a highly influential investor on the Indonesia Stock Exchange, whose aggressive yet calculated investment strategy is closely monitored by market participants. He employs intelligent diversification, identifying opportunities across sectors like coal, gold, nickel, and clean energy to balance risk and maximize returns amidst global economic uncertainties.
His portfolio includes flagship companies like Adaro Energy (ADRO), which is transforming towards green energy and provides consistent dividends, and Adaro Minerals (ADMR), focusing on metallurgical coal and an aluminum smelter. Other key holdings are Merdeka Copper Gold (MDKA) for gold and copper mining, Merdeka Battery Materials (MBMA) for the EV battery supply chain, and ESSA Industries (ESSA) for natural gas processing and blue ammonia development. This diverse approach combines “cash-generating” assets with “high-growth” ventures, forming a robust and well-balanced investment strategy.