Flooring Guide by Cinvex – , JAKARTA – The robust performance of second-tier stocks, as reflected by the SMC Liquid index, has significantly outpaced the growth of blue-chip stocks listed on the LQ45 index throughout this year.
According to Hari Rachmansyah, Equity Analyst at PT Indo Premier Sekuritas (IPOT), both stock indices possess distinct advantages. He suggests that SMC Liquid stocks, bolstered by positive fundamentals, currently offer a more compelling opportunity, especially for investors seeking aggressive growth. However, he emphasizes that the ultimate choice should align with an investor’s individual risk profile.
“When compared, the LQ45 excels in stability, liquidity, and dividend certainty. However, it offers less attractive growth in terms of price appreciation due to limited capital gain potential. Conversely, SMC Liquid stocks with strong fundamentals provide superior growth prospects and greater profit opportunities, though they come with higher volatility and liquidity risks compared to large-cap stocks,” Hari explained to Bisnis on Monday, November 24, 2025.
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Based on trading data up to Friday, November 21, 2025, the LQ45 index recorded a modest 2.30% gain year-to-date (YtD). Over the past 12 months, however, these blue-chip stocks experienced a correction of 3.37%. In a shorter timeframe, specifically the last month, the LQ45 index surged by 6.20%. Meanwhile, the SMC Liquid index demonstrated stronger momentum, strengthening by 12.42% YtD and 10.52% over the last 12 months.
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Hari elaborated that the differing performance trajectories of LQ45 and SMC Liquid this year are primarily influenced by their inherent characteristics. The LQ45, predominantly composed of blue-chip stocks, tends to move defensively, resulting in limited gains amid economic slowdowns and global pressures. In contrast, the SMC Liquid index, comprising agile mid-cap issuers, is more aggressive in its expansion strategies. This allows it to respond more swiftly to positive catalysts such as improvements in fundamental performance, corporate actions, and sector rotation.
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“Consequently, the rise of SMC Liquid has been more pronounced throughout the year. For the upcoming year, LQ45 is projected to exhibit greater stability with potential for gradual increases, aligning with forecasts for economic recovery and the continuation of dividend distributions,” he stated.
For investors, Hari recommends a balanced approach to capitalize on both growth and stability. He suggests constructing a portfolio that strategically combines LQ45 stocks, known for their consistent dividend payouts, with fundamentally strong SMC Liquid stocks. This strategy positions LQ45 as a pillar of stability, offering regular dividends and lower volatility, while SMC Liquid acts as a powerful growth engine with the potential for higher capital gains.
“This combination ensures the portfolio remains defensive during market downturns while still being aggressive enough to seize opportunities when bullish momentum emerges. With this approach, investors not only pursue profits but also maintain a more measured balance of risk,” Hari concluded.
Among the LQ45 constituent stocks demonstrating strength and a commitment to dividend distribution are PT Bank Central Asia Tbk. (BBCA) and PT Adaro Andalan Indonesia Tbk. (AADI).
Management of BBCA confirmed earlier last month that interim dividend distribution has become an annual routine, typically occurring in December. In late 2024, BCA distributed an interim dividend with a payout ratio (DPR) of approximately 68%, considered remarkably high within the banking industry. For the period of January to September 2025, BBCA recorded a net profit of Rp43.4 trillion, marking a 5.7% year-on-year (YoY) growth compared to Rp41.1 trillion in the same period of 2024.
Bank Central Asia Tbk. – TradingView
On the stock exchange, BBCA closed trading today, Monday, November 24, with a 0.89% gain, reaching Rp8,475. While this price level reflects a 12.40% correction YtD, it signifies a 1.80% strengthening over the last month.
Additionally, PT Adaro Andalan Indonesia Tbk. (AADI) is set to distribute an interim dividend of US$250 million, equivalent to approximately Rp3.9 trillion (at an exchange rate of Rp15,600 per US dollar), for the 2025 financial year. This interim dividend is sourced from the company’s net profit recorded during the first nine months of 2025. By the third quarter of 2025, AADI posted a net profit of US$587.32 million, a 45.35% YoY decrease from US$1.07 billion in the corresponding period of 2024. At the market close today, AADI shares advanced 1.31% to Rp7,750. Although the current price indicates an 8.55% correction YtD, it represents a notable 13.5% increase over the last three months.
Meanwhile, among the SMC Liquid constituent stocks exhibiting a price surge in alignment with strong fundamental performance is PT Petrosea Tbk. (PTRO). PTRO’s share price closed today with an impressive 9.78% gain, reaching Rp9,825. This price level reflects a substantial 35.52% increase over the last month and a remarkable 255.66% surge since the beginning of the year. From a fundamental perspective, the issuer owned by Prajogo Pangestu reported a net profit of US$6.93 million, or approximately Rp115.7 billion (at an exchange rate of Rp16,692 per US dollar), for January-September 2025. This net profit soared by 141.88% compared to US$2.86 million recorded in the same period of 2024.
Disclaimer: This news article is not intended to solicit the purchase or sale of shares. Investment decisions are solely at the discretion of the reader. Bisnis.com is not responsible for any losses or gains arising from the reader’s investment decisions.
Summary
The SMC Liquid index, representing second-tier stocks, has significantly outperformed the blue-chip LQ45 index this year in terms of capital gains. Equity analysts indicate that LQ45 stocks offer stability, liquidity, and dividend certainty but limited price appreciation, whereas SMC Liquid stocks with strong fundamentals provide superior growth prospects and profit opportunities, albeit with higher volatility. As of November 21, 2025, SMC Liquid surged by 12.42% year-to-date, while LQ45 posted a more modest 2.30% gain. This disparity is due to LQ45’s defensive nature compared to SMC Liquid’s agile response to market catalysts.
To maximize both growth and stability, a balanced investment approach is recommended, combining LQ45 stocks for consistent dividends and lower volatility with fundamentally strong SMC Liquid stocks for higher capital gains. This strategy ensures portfolio resilience during downturns while capitalizing on bullish momentum. Notable LQ45 examples include dividend-distributing banks like BBCA and AADI, while PTRO exemplifies an SMC Liquid stock with substantial price and fundamental growth. The choice ultimately depends on an investor’s individual risk profile.