Flooring Guide by Cinvex – , JAKARTA — A select group of conglomerate-backed stocks, ranging from PT Dian Swastatika Sentosa Tbk. (DSSA) to PT DCI Indonesia Tbk. (DCII), have emerged as multibagger stocks this year, delivering exponential returns to investors. The critical question now arises: what are the prospects for these significant surges to continue into 2026?
Indeed, a remarkable trend has been observed across various stocks affiliated with Indonesia’s prominent business groups, with many witnessing their prices multiply several times over, earning them the coveted “multibagger” status.
According to Stockbit data, as of Thursday, December 4, 2025, at 2:00 PM WIB, shares of PT DCI Indonesia Tbk. (DCII), owned by Toto Sugiri and Anthoni Salim, have soared an impressive 504.28% year-to-date (ytd) since the first trading day of 2025.
Adding to this stellar performance, PT Dian Swastatika Sentosa Tbk. (DSSA), a key component of the Sinar Mas Group, has also recorded a substantial stock price jump of 210.47% ytd. Meanwhile, PT Multipolar Technology Tbk. (MLPT), part of the Lippo Group under the Riady family, saw its shares climb 291.35% ytd.
Further demonstrating this trend, tycoon Prajogo Pangestu’s ventures, PT Barito Pacific Tbk. (BRPT) and PT Chandra Daya Investasi Tbk. (CDIA), have seen their stock prices surge by 279.35% ytd and an extraordinary 936.84% ytd, respectively, underscoring the robust performance of these large-cap entities.
Muhammad Farras Farhan, Senior Research Analyst at Mirae Asset Sekuritas Indonesia, highlights that the upward trajectory of these multibagger conglomerate stocks has been a significant driver for the Jakarta Composite Index (IHSG)’s strong performance, which itself strengthened by 21.94% ytd. Looking ahead, Farras projects that this strengthening trend in conglomerate stocks will persist into the coming year.
“The strengthening trend of conglomerate stocks, which have achieved multibagger status this year, is set to continue. We believe this will be sustained because, over several years, the owners of these issuers have actively participated in the market, demonstrating confidence by directly engaging in buying actions for the entities they manage,” Farras explained during the Media Day: December 2025 – Outlook 2026: Momentum, Growth, and Opportunity event on Thursday, December 4, 2025. While the buoyancy of corporate actions from these conglomerates is highly anticipated by investors, a key challenge lies in the potential for valuations to become excessively high.
Rully Arya Wisnubroto, Head of Research & Chief Economist at Mirae Asset Sekuritas Indonesia, concurs, stating that the opportunity for conglomerate stocks to achieve multibagger status in the coming year remains wide open. This optimism stems from the fact that several sectors championed by these conglomerates align perfectly with the government’s strategic investment programs, particularly in digitalization and downstreaming initiatives.
“Consequently, the economic value generated by these conglomerates moves in tandem with the government’s investment agenda,” Rully elaborated. Furthermore, the momentum for conglomerate stocks is expected to receive an additional boost from positive developments, such as the rebalancing of global stock indices like the Morgan Stanley Capital International (MSCI).
Earlier, Sukarno Alatas, Senior Equity Analyst at Kiwoom Sekuritas Indonesia, pointed out that the multibagger performance of conglomerate stocks such as DCII, DSSA, BRPT, CDIA, and MLPT has been fueled by crucial factors. These include business transformations aligned with megatrends, substantial capital support from their respective large groups, and thematic catalysts like soaring commodity prices and the escalating demand for data centers. He specifically highlighted, “The next wave of multibagger prospects is anticipated to emerge from the digital economy, renewable energy, and mineral downstreaming sectors.”
Echoing these sentiments, Angga Septianus, Community and Retail Equity Analyst Lead at PT Indo Premier Sekuritas (IPOT), noted that the multibagger trajectory of conglomerate stocks often stems from the vested interests of their respective controlling shareholders. “Therefore, if you are looking for multibagger stocks, seek out companies with significant performance growth prospects and where controlling shareholders have a long-term interest, such as aiming for inclusion in specific indices,” Angga advised.
________
Disclaimer: This news article is not intended as an invitation to buy or sell stocks. Investment decisions rest solely with the reader. Bisnis.com is not responsible for any losses or gains arising from the reader’s investment decisions.
Summary
A select group of Indonesian conglomerate-backed stocks, including PT Dian Swastatika Sentosa Tbk. (DSSA), PT DCI Indonesia Tbk. (DCII), and PT Chandra Daya Investasi Tbk. (CDIA), have achieved “multibagger” status in 2025, delivering significant returns and positively impacting the Jakarta Composite Index. Analysts project this strengthening trend in conglomerate stocks to continue into 2026. This outlook is supported by active market participation from owners and the alignment of these conglomerates’ key sectors with government strategic investment programs, particularly in digitalization and downstreaming initiatives.
The continued multibagger potential is further attributed to business transformations, substantial capital support from parent groups, and thematic catalysts like commodity price surges and escalating demand for data centers. Experts anticipate new opportunities to emerge from the digital economy, renewable energy, and mineral downstreaming sectors. However, a potential challenge lies in the risk of valuations becoming excessively high.