/Indonesia’s Market Mavericks: Conglomerates Drive IHSG to Record Highs in 2025
EconomyDecember 31, 2025

Indonesia’s Market Mavericks: Conglomerates Drive IHSG to Record Highs in 2025

The year 2025 solidified the dominance of conglomerate stocks on the Indonesian stock exchange, propelling the benchmark IHSG to an impressive 22.1% surge and an all-time high. This phenomenal rally, accelerating from 2023 and 2024, provided a crucial bulwark against pressures on the traditional “Big 4 Banks,” eclipsing the mere 3% gain observed in the IDX30 index. However, this journey was not without its turbulence, primarily dictated by the shifting tides of MSCI rebalancing.

MSCI’s Influence: A Tale of Two Halves for Conglomerate Sentiment

The market’s perception of conglomerate stocks in 2025 was largely bifurcated by MSCI dynamics, acting as a critical barometer for investor sentiment. The first half of the year (1H25) presented headwinds, marked by negative sentiment following MSCI’s announcements and discussions about tightening index inclusion criteria. This uncertainty cast a shadow over several prominent names.

However, a decisive reversal unfolded in the second half of 2025 (2H25). The earlier proposals for stricter MSCI rules were ultimately dropped, igniting a powerful resurgence. The momentum truly intensified with the August 2025 MSCI rebalancing announcement, which saw two significant conglomerate stocks- DSSA and CUAN– successfully enter the coveted MSCI Indonesia Global Standard Index, signaling a renewed confidence in their market standing.

The Ascendant Conglomerates: Who Drove 2025’s Market Narrative?

While established heavyweights continued their ascent, 2025 witnessed a broader diffusion of the conglomerate rally across various groups, indicating a diversified strength within the market.

Established Players Maintaining Momentum

Certain conglomerate powerhouses, like DSSA and PTRO, continued their multi-year outperformance, demonstrating robust underlying fundamentals and strategic growth.

New Titans Emerge: High-Flying Conglomerates of 2025

Beyond the stalwarts, three new conglomerate groups captured significant attention, registering the most remarkable stock price increases across their portfolios. These groups, led by Happy Hapsoro, the Bakrie family, and Haji Isam, became synonymous with explosive growth. Below are their affiliated stocks, ranked by their stellar year-to-date performance:

Corporate Actions 2025: A Quarterly Deep Dive into Strategic Moves

The year was punctuated by a flurry of corporate actions, from acquisitions and mergers to rights issues and strategic partnerships, all shaping the competitive landscape.

First Quarter of 2025 (1Q25)

  • January:
    • ACES announced AZKO as its new brand identity, following the non-renewal of its license with Ace Hardware International Holdings Ltd.
    • DEWA planned a private placement of approximately 17.2 billion new shares at Rp65 per share to convert about Rp1.1 trillion in debt to PT Madhani Talatah Nusantara and PT Andhesti Tungkas Pratama. The price was later raised to Rp75 per share.
    • WIFI saw the Arsari group acquire a 45% stake in its controlling entity, PT Investasi Sukses Bersama, indirectly holding 22.55% of WIFI shares.
    • TOWR, through its subsidiary Iforte, planned to acquire roughly 40% of DATA shares from Verah Wahyudi Singgih Wong and Jimmi Anka, making Iforte the new controlling shareholder. The Rp535.7 billion transaction concluded in April 2025.
    • BBTN announced plans to acquire 100% of PT Bank Victoria Syariah as part of its Islamic business unit spin-off, BTN Syariah. The acquisition was finalized in June 2025, and BTN Syariah officially spun off in December 2025 to become Bank Syariah Nasional.
    • NOBU attracted Hanwha Life Insurance Co. Ltd., which announced plans to acquire a 40% stake. This transaction closed in June 2025.
  • February:
    • MSCI announced that BREN, CUAN, and PTRO would not be included in the MSCI Indonesia Investable Market Index during the February 2025 review, citing potential investability issues.
    • BUVA planned a rights issue of up to 3.6 billion new shares, with a dilution effect of up to 17.48%, to fund projects and inorganic growth. In November 2025, BUVA issued approximately 4.03 billion new shares at Rp150 per share.
    • SMDR, via its subsidiary PT Samudera Pelabuhan Indonesia, completed the acquisition of new shares in PT Patimban Global Gateway Terminal, bringing SMDR’s ownership to 21%.
  • March:
    • ABMM, through its subsidiary PT Reswara Minergi Hartama, signed an agreement to acquire coal mining companies PT Borneo Berkat Makmur and PT Piranti Jaya Utama from UNTR for a total of US$57 million. The transaction closed in April 2025.
    • SRAJ saw Bain Capital Credit Member LLC purchase 1.3 billion shares (10.5%), including 238 million new shares via a private placement from the company’s controller.
    • IMJS planned a rights issue of up to 3 billion new shares, with a dilution effect of up to 25.74%, to strengthen its capital structure and expand operations. Approximately 2.2 billion new shares were issued at Rp230 per share (around Rp505 billion) in December 2025.
    • ANJT was targeted by PT Ciliandra Perkasa, a subsidiary of First Resources Ltd., which announced plans to acquire approximately 91.17% of ANJT shares. This plan materialized in September 2025.
    • TEBE‘s shareholder, PT Dua Samudera Perkasa, bought approximately 505 million shares (39.31%) from PT Prima Mineral Utama for about Rp252 billion, making PT Dua Samudera Perkasa the new controlling shareholder.

Second Quarter of 2025 (2Q25)

  • April:
    • WIFI planned a rights issue of up to 2.95 billion new shares at Rp2,000 per share, with a dilution effect of up to 55.56%, to build fiber-to-the-home (FTTH) networks for 4 million homepasses on Java Island.
    • MSCI announced that BREN, CUAN, and PTRO would remain excluded from the May 2025 index review. MSCI also considered adding a rule to exclude companies that had been flagged for unusual market activity (UMA) or placed on surveillance due to unusual price movements in the last 12 months from MSCI Global Investable Market Indexes.
    • LPCK conducted a rights issue of up to 3 billion new shares at Rp500 per share, with a dilution effect of up to 52.61%, to finance property project construction. The rights issue was executed in April 2025.
    • PIPA was slated for acquisition, with PT Morris Capital Indonesia planning to acquire 57.37% of PIPA shares from its controlling and majority shareholders. This transaction closed in June 2025, and the company planned to expand into the oil and gas sector.
    • BDMN planned a merger between its subsidiary, ADMF, and MFIN. The merger became effective in October 2025, with ADMF as the surviving entity.
  • May:
    • GGRM injected Rp1.5 trillion in capital into its subsidiary, PT Surya Sapta Agung Tol, to support the Kediri-Tulungagung toll road project.
    • CUAN planned a stock split with a 1:10 ratio, with trading of new nominal value shares on the regular and negotiation markets beginning on July 10, 2025.
    • ENRG signed an agreement to acquire a 25% participation interest in the Kangean Block from Japan Petroleum Exploration Co. Ltd. (Japex) and signed an agreement to sell a 50% participation interest in the Gebang Block to Japex. These transactions were completed in November 2025.
  • June:
    • BUMI shareholders approved a quasi-reorganization plan.
    • TPIA signed an US$800 million Memorandum of Understanding with BPI Danantara and the Indonesia Investment Authority, with both sovereign wealth funds exploring investment in a chlor-alkali and ethylene dichloride plant project.
    • BUMI planned to issue bonds up to Rp350 billion to fund the acquisition of Wolfram Limited, an Australian copper and gold mining company, valued at approximately Rp699 billion.
    • GIAA secured a shareholder loan of approximately Rp6.65 trillion from Danantara. This loan later became part of GIAA’s Rp23.7 trillion private placement in November 2025.
    • HEAL saw PT Dwimuria Investama Andalan- an entity owned by the Hartono brothers- acquire approximately 559.2 million of its treasury shares at Rp1,875 per share.
    • MEDC signed an agreement to acquire Fortuna International (Barbados), Inc., which held an indirect 24% ownership in PSC Corridor, for US$425 million. This transaction was completed in December 2025.
    • AADI sold approximately 3.68% of its stake in CITA to PT Alamtri Indo Aluminium, a subsidiary of ADMR, for approximately Rp572.8 billion.
    • NCKL acquired a 20% stake in PT Obi Nickel Cobalt from its controlling shareholder, PT Harita Jayaraya, for Rp4.2 trillion.

Third Quarter of 2025 (3Q25)

  • July:
    • MSCI announced that BREN, CUAN, and PTRO would no longer be subject to special treatment and would be evaluated under standard methodology for the August 2025 index review and beyond.
    • TOWR planned a rights issue of up to 8.1 billion new shares at Rp680 per share for refinancing.
    • MINA planned a rights issue of up to 3.3 billion new shares at Rp50 per share for working capital, completed in July 2025.
    • FAST sold a 15% stake in PT Jagonya Ayam Indonesia for approximately Rp54 billion to PT Shankara Fortuna Nusantara, an affiliate of Andi Syamsudin Arsyad (Haji Isam).
    • SSIA gained PT Dwimuria Investama Andalan as a 5.27% shareholder, with the transaction value undisclosed.
    • ITMG acquired a 9.62% stake in $NICE for approximately Rp256 billion.
    • ASII, through PT Saka Industrial Arjaya, planned to acquire 83.67% of MMLP shares. This Rp3.3 trillion transaction was completed in October 2025.
  • August:
    • PTRO, in conjunction with RAJA, acquired PT Hafar Daya Konstruksi and PT Hafar Daya Samudera for a total of Rp784 billion.
    • PACK planned a rights issue in the form of convertible mandatory bonds to acquire minority stakes in two nickel mines for approximately Rp2.7 trillion.
    • MSCI announced its August 2025 index review, confirming the inclusion of DSSA and CUAN into the MSCI Indonesia Global Standard Index.
  • September:
    • PANI planned a rights issue to increase its stake in CBDK and inject capital into three subsidiaries. This rights issue later issued up to 1.21 billion new shares at Rp12,975 per share in December 2025.
    • EMAS launched its IPO, offering up to 1.6 billion new shares at Rp2,880 per share.
    • SGRO was reportedly divested by the Sampoerna family. In November 2025, the Sampoerna family sold a 65.72% stake in SGRO for Rp9.45 trillion to a subsidiary of POSCO International Corporation.
    • GMFI planned a rights issue of up to 124 billion new shares, with a dilution effect of up to 76.79%. This rights issue eventually issued approximately 90 billion new shares at Rp69 per share in December 2025-January 2026. $GIAA, as the controller, transferred all its rights to PT Angkasa Pura Indonesia.
    • UNTR, through PT Danusa Tambang Nusantara, planned to acquire the Doup gold mine from PSAB with an enterprise value of US$540 million (approximately Rp8.9 trillion).
    • HEAL saw ASII, through PT Astra Healthcare Indonesia, acquire approximately 1.47 billion HEAL shares for about Rp2.7 trillion, increasing ASII’s ownership in HEAL from approximately 10.42% to 20%.
    • INET planned a rights issue of up to 12.8 billion new shares at Rp250 per share, with a dilution effect of 57.1%, for FTTH network development and repayment of indefeasible right of use costs for submarine cable networks.
    • Glencore became a notable shareholder in $NCKL, holding a 7.19% stake.

Fourth Quarter of 2025 (4Q25)

  • October:
    • TINS received state-confiscated assets valued at Rp6-7 trillion, including six tin smelters and raw minerals, from the government.
    • TLKM signed an agreement with its subsidiary, PT Telkom Infrastruktur Indonesia, to spin off part of its wholesale fiber connectivity business and assets, valued at Rp35.8 trillion.
    • TPIA signed an agreement to acquire ExxonMobil’s Esso-branded retail fuel station network in Singapore.
    • MSCI announced it was seeking market feedback on its plan to use the Monthly Holding Composition Report published by KSEI as an additional reference for calculating the free float of Indonesian listed companies.
  • November:
    • MSCI announced its November 2025 index review, including BRMS and BREN in the MSCI Indonesia Global Standard Index.
    • GOTO saw Patrick Walujo step down as President Director, replaced by Hans Patuwo. This change occurred amidst rumors of a merger between Grab and GOTO.
    • SMRA, through PT Bali Indah Development and PT Summarecon Bali Indah, sold shares of PT Bukit Permai Properti to BUVA and PT Nusantara Bali Realti for a total of Rp536.3 billion.
  • December:
    • RATU was declared the winner of a sales process and planned to acquire SMS Development Limited, a company holding a 20% indirect participation interest in a natural gas development and production operator in the Madura Strait working area.
    • SUPA launched its IPO, offering up to 4.4 billion new shares at Rp635 per share.
    • MORA planned a merger with DSSA‘s subsidiary, PT Eka Mas Republik, with MORA as the surviving entity.
    • ISAT signed an agreement with the Arsari group and the Northstar group to form a fiber optic joint venture (JV). ISAT would transfer its fiber optic network valued at Rp14.6 trillion to this JV, which would then be acquired by a public company.
    • KRAS secured a shareholder loan of up to Rp4.94 trillion from Danantara.
    • SINI saw CUAN, through its subsidiary PT Kreasi Jasa Persada, acquire a 19.74% stake for Rp4,888 per share, with plans to increase its ownership in SINI to a minimum of 51%.

IPO Landscape 2025: Newcomers and Their Journeys

The Indonesian capital market welcomed 26 new issuers in 2025, a slight decrease from 41 in 2024. The year commenced with RATU and concluded with SUPA, marking active periods in January and July with eight new listings each.

The New Class of 2025: Capital & Performance

Collectively, these IPOs raised approximately Rp18.1 trillion. The largest fundraisers were EMAS (approx. Rp4.7 trillion), followed by SUPA (approx. Rp2.8 trillion), CDIA (approx. Rp2.4 trillion), CBDK (approx. Rp2.3 trillion), and YUPI (approx. Rp2 trillion). By year-end, 17 of the 26 new issuers posted stock price gains, while 9 experienced declines.

The asset sizes of these IPO companies varied significantly, with 14 having assets under Rp1 trillion, 6 between Rp1-5 trillion, and another 6 exceeding Rp5 trillion. An impressive 20 of the 26 new listings triggered an Auto Reject Atas (ARA) on their debut day.

IPO Day Dynamics and Year-End Rankings

RLCO set a record with 12 consecutive ARAs post-listing, followed by CDIA (11 ARAs) and RATU (10 ARAs). Two issuers saw price increases without hitting ARA on their debut, one remained flat, and three declined.

As of December 30, 2025, the top-performing IPOs in terms of stock price appreciation were:

Conversely, the steepest declines since listing were observed in:

Strategic Insights: Lessons from China’s Economic Ascendance

As Indonesia’s market evolves, drawing parallels with other rapidly developing economies can offer invaluable insights. A compelling perspective from Stockbit community member ricky2212 highlights a fundamental truth about China’s progress: “In China, there are 1 billion people. If you are lazy? You will not be used.” This powerful quote underscores a critical underpinning often overlooked when discussing China’s rise.

While technology, industry, and state policies are frequently cited as drivers of China’s economic might, the deeper roots lie in human behavior and work ethic. Drawing from direct experience in Shenzhen and other major Chinese cities, ricky2212 illuminates the intense competition, relentless drive, and high-quality human capital that fuel China’s success. This isn’t merely a travelogue but a sharp reflection on the competitive spirit and dedication ingrained in their workforce culture. For Indonesia, these observations prompt a crucial question: when can we cultivate a similar ethos to achieve our own national economic zenith? For a comprehensive exploration of these factors, read the full article here.

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