Flooring Guide by Cinvex – , JAKARTA — The year 2025 witnessed an extraordinary surge in the performance of numerous second-tier stocks on the Indonesian market, with some delivering returns soaring into the thousands of percent. As investors reflect on these remarkable gains, a critical question emerges: which of these mid-capitalization stocks continue to present compelling investment opportunities moving into the future?
Maximilianus Nico Demus, Associate Director of Research and Investment at Pilarmas Investindo Sekuritas, asserts that significant room for growth in mid-cap stocks remains for 2026. However, he cautions that this potential will not be uniformly distributed across all second-tier equities. Investors should align their choices with sectors prioritized by the government in 2026, as these often receive positive sentiment and increased incentives, thereby boosting their performance within the IHSG (Indonesia Stock Exchange Composite Index), Nico explained on Tuesday, December 2, 2025.
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Furthermore, Demus elaborates that if the valuation of these second-tier stocks remains attractive and relatively inexpensive, Pilarmas Investindo Sekuritas anticipates a broader window for their price appreciation. Based on this outlook, Pilarmas Investindo Sekuritas has identified several mid-cap stocks as their strategic picks: PGAS, ERAA, AUTO, LSIP, BNGA, CTRA, BSDE, BBTN, INKP, and ITMG.
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Meanwhile, Reza Diofanda, a Technical Analyst at BRI Danareksa Sekuritas, offers a more tempered perspective. While he believes mid-cap stocks can continue to serve as a significant support for the IHSG in the coming year, they are unlikely to be the primary drivers of market growth. Diofanda projects that an anticipated increase in foreign capital inflows will likely redirect market attention towards more liquid large-cap stocks.
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In this evolving market outlook, Reza further clarifies that second-tier stocks will act as supplementary movers, complementing the main drivers rather than leading the charge.
Despite their supplementary role, Reza highlights several mid-cap stocks that warrant close observation, providing specific technical targets: DEWA, with a target between Rp480-Rp500; OASA, targeting Rp258-Rp270 per share; and PYFA, projected to reach Rp640-Rp680 per share.
The publication Bisnis reported that numerous mid-cap stocks achieved substantial price appreciation throughout the year. Among the most impressive performers was PT Sinergi Inti Andalan Prima Tbk. (INET), whose shares surged an astounding 1,020.69% since the beginning of the year, trading within a range of Rp57 to Rp745 per share.
Similarly, PT Cakra Buana Resources Energi Tbk. (CBRE), a company affiliated with Happy Hapsoro, saw its stock price skyrocket by 5,426% year-to-date, with shares trading between Rp18 and Rp2,000.
Even PT Indika Energy Tbk. (INDY), a component of the SMC Liquid index, recorded a robust 32.11% increase this year, closing at Rp1,975 per share.
Lastly, PT Solusi Sinergi Digital Tbk. (WIFI), associated with Hashim Djojohadikusumo, also demonstrated significant upward momentum, climbing 797.56% since the year’s start and trading within the Rp362-Rp4,190 range throughout 2025.
Summary
Mid-capitalization stocks on the Indonesian market experienced extraordinary growth in 2025, with some delivering returns in the thousands of percent. Maximilianus Nico Demus of Pilarmas Investindo Sekuritas believes these stocks still offer significant growth potential for 2026, especially if aligned with government-prioritized sectors and maintaining attractive valuations. Pilarmas has identified PGAS, ERAA, AUTO, LSIP, BNGA, CTRA, BSDE, BBTN, INKP, and ITMG as strategic mid-cap picks.
Conversely, Reza Diofanda, a Technical Analyst at BRI Danareksa Sekuritas, projects mid-cap stocks will act as supplementary movers for the IHSG in 2026, with large-cap stocks likely taking the lead due to anticipated foreign capital inflows. Despite this, he highlights DEWA, OASA, and PYFA as mid-cap stocks warranting observation, providing specific technical targets. Notable performers in 2025 included PT Sinergi Inti Andalan Prima Tbk. (INET), PT Cakra Buana Resources Energi Tbk. (CBRE), and PT Solusi Sinergi Digital Tbk. (WIFI), which saw surges over 797%.