Flooring Guide by Cinvex – , JAKARTA — Mirae Asset Sekuritas Indonesia is projecting a robust performance for the Indonesian stock market, particularly in 2026, a year metaphorically referred to as the “Year of the Fire Horse.” The investment firm has identified several prominent stocks, including PT Bumi Resources Minerals Tbk. (BRMS) and PT XLSmart Telecom Sejahtera Tbk. (EXCL), as worthy contenders for investors’ watchlists.
The Indonesia Composite Stock Price Index (IHSG) has already demonstrated stellar performance this year. According to data from the Indonesia Stock Exchange (BEI), the IHSG advanced by 0.33% today, Thursday (December 4, 2025), closing at 8,640.20. Maintaining its strong upward trajectory, the IHSG has surged an impressive 22.04% year-to-date (YTD) since the first trading day of 2025. This current level brings the index close to Mirae Asset Sekuritas’ updated target of 8,700 for 2025.
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Rully Arya Wisnubroto, Head of Research & Chief Economist at Mirae Asset Sekuritas Indonesia, expressed optimism for continued positive performance in the Indonesian stock market through 2026. Mirae Asset has set an ambitious target for the IHSG to reach 10,500 next year, signaling strong confidence in the market’s future.
The anticipated surge in market performance for 2026 is largely fueled by expectations of macroeconomic stability and improved corporate earnings. Mirae Asset projects Indonesia’s economy to achieve a growth rate of up to 5.3% in 2026. “We anticipate a faster economic recovery beginning in Q4 2025, extending into Q1 2026, which will be further accelerated by seasonal trends such as Ramadan and Eid,” Rully stated during the “Media Day: December 2025 – Outlook 2026: Momentum, Growth, and Opportunity” event on Thursday (December 4, 2025). He added that “This will subsequently drive higher GDP and boost the performance of issuers.”
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This positive outlook is also bolstered by projections of continued accommodative monetary policies, particularly from The Fed. Rully believes that the Fed Fund Rate (FFR) could see at least two more reductions in 2026. “This, in turn, will provide room for Bank Indonesia (BI) to lower its benchmark interest rate,” he explained, indicating a favorable environment for economic activity and market liquidity.
Furthermore, an expected increase in credit performance is set to significantly drive banking sector stocks. Mirae Asset forecasts credit growth of up to 10% in 2026, underlining the robust potential for financial institutions. However, Rully also highlighted a potential challenge for the stock market’s momentum in 2026: fluctuations in the rupiah exchange rate.
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Echoing this sentiment, Muhammad Farras Farhan, Senior Research Analyst at Mirae Asset Sekuritas Indonesia, reinforced that the IHSG is likely to be propelled by strengthening banking stocks and conglomerate shares in 2026. “The IHSG’s projected target is also supported by several factors, including economic growth driving the banking sector and the ongoing strengthening trend of conglomerate stocks,” Farras elaborated, pointing to a broad-based market uplift.
Based on these compelling factors, Mirae Asset has identified its top stock picks for 2026. PT Darma Henwa Tbk. (DEWA) and BRMS, for instance, are projected to deliver superior performance in 2025, boasting the strongest earnings per share (EPS) trajectory, complemented by attractive relative valuations. These conditions position both stocks as prime choices for high growth. Conversely, PT Barito Pacific Tbk. (BRPT) has displayed high volatility, with its EPS surging by 1,008% before plunging by 75%. Despite its past movements, BRPT shares are currently considered overvalued, and a sharp decline in return on equity (ROE) signals a high risk of earnings normalization.
In the poultry sector, PT Japfa Comfeed Indonesia Tbk. (JPFA) is expected to offer the most stable defensive profile. JPFA shares are characterized by consistent, stable EPS growth and strong ROE, making them a reliable choice for investors seeking resilience. Lastly, EXCL remains a pick due to its relatively cheap valuation. Mirae Asset believes that despite its negative EPS and weak ROE, EXCL shares possess significant potential for recovery, suggesting an attractive entry point for strategic investors.
Disclaimer: This news article is not intended as an invitation to buy or sell 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
Mirae Asset Sekuritas Indonesia projects a robust performance for the Indonesian stock market in 2026, targeting the IHSG to reach 10,500. This optimism is fueled by expectations of macroeconomic stability, improved corporate earnings, and projected economic growth of up to 5.3%. Accommodative monetary policies, including anticipated Fed rate reductions allowing Bank Indonesia to lower its rates, are also expected to drive market growth and issuer performance.
Further contributing to this positive outlook is an expected 10% credit growth in 2026, significantly boosting banking and conglomerate stocks. Mirae Asset’s top picks include BRMS and DEWA for high growth due to strong EPS and attractive valuations, while JPFA offers a stable defensive profile. EXCL is also highlighted for its cheap valuation and recovery potential, though rupiah exchange rate fluctuations could pose a challenge to market momentum.