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Indonesian (IDX) Market Analysis & Valuation

UpdatedFeb 23, 2026
DataAggregated Company Financials
Companies841
  • 7D0.4%
  • 3M-5.6%
  • 1Y23.7%
  • YTD-6.6%

Over the last 7 days, the market has remained flat, although notably the Communication Services sector gained 3.0% in that time. More promisingly, the market is up 24% over the past year. Earnings are forecast to grow by 16% annually.

Trending IndustriesOil and GasSoftwareRenewable Energy

Market Valuation and Performance

Has the Indonesian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Feb 2026Rp14720.7tRp5323.0tRp625.1t18.4x23.6x2.8x
Thu, 22 Jan 2026Rp15943.6tRp5326.0tRp621.4t20.1x25.7x3x
Sat, 20 Dec 2025Rp15346.5tRp5316.4tRp621.7t18.5x24.7x2.9x
Mon, 17 Nov 2025Rp14941.3tRp5341.3tRp613.6t17.7x24.3x2.8x
Wed, 15 Oct 2025Rp14747.0tRp5265.9tRp628.6t16.7x23.5x2.8x
Fri, 12 Sep 2025Rp13545.4tRp5251.6tRp632.3t16.1x21.4x2.6x
Sun, 10 Aug 2025Rp13179.3tRp5218.7tRp658.7t14.9x20x2.5x
Tue, 08 Jul 2025Rp11820.4tRp5127.6tRp624.5t14.9x18.9x2.3x
Thu, 05 Jun 2025Rp11981.8tRp5136.8tRp627.2t15.4x19.1x2.3x
Sat, 03 May 2025Rp11460.5tRp5166.6tRp634.0t15.6x18.1x2.2x
Mon, 31 Mar 2025Rp10923.3tRp5212.5tRp639.0t14.1x17.1x2.1x
Wed, 26 Feb 2025Rp11218.1tRp5180.6tRp574.9t14.5x19.5x2.2x
Fri, 24 Jan 2025Rp12309.2tRp5168.9tRp576.2t15.1x21.4x2.4x
Sun, 22 Dec 2024Rp11956.7tRp5176.5tRp573.2t14.3x20.9x2.3x
Tue, 19 Nov 2024Rp11796.8tRp5059.1tRp544.3t14.2x21.7x2.3x
Thu, 17 Oct 2024Rp12603.2tRp4969.0tRp526.6t16.2x23.9x2.5x
Sat, 14 Sep 2024Rp13229.8tRp4962.7tRp506.4t15.7x26.1x2.7x
Mon, 12 Aug 2024Rp12167.1tRp4990.7tRp506.4t14.7x24x2.4x
Wed, 10 Jul 2024Rp12270.9tRp4966.5tRp496.0t14.9x24.7x2.5x
Fri, 07 Jun 2024Rp11561.0tRp4999.8tRp501.4t14.3x23.1x2.3x
Sun, 05 May 2024Rp11867.9tRp4974.0tRp508.9t15.2x23.3x2.4x
Tue, 02 Apr 2024Rp11466.2tRp4921.4tRp529.6t14x21.6x2.3x
Thu, 29 Feb 2024Rp11530.8tRp4915.8tRp594.4t14.6x19.4x2.3x
Sat, 27 Jan 2024Rp11212.9tRp4958.6tRp586.1t14.8x19.1x2.3x
Mon, 25 Dec 2023Rp11507.8tRp4930.0tRp584.3t14.8x19.7x2.3x
Wed, 22 Nov 2023Rp10960.4tRp4945.3tRp599.8t15.1x18.3x2.2x
Fri, 20 Oct 2023Rp10300.4tRp5001.4tRp610.7t15.3x16.9x2.1x
Sun, 17 Sep 2023Rp10208.9tRp4970.8tRp616.5t16.2x16.6x2.1x
Tue, 15 Aug 2023Rp9965.4tRp4992.5tRp624.7t16.4x16x2x
Thu, 13 Jul 2023Rp9700.4tRp4969.4tRp626.6t16x15.5x2x
Sat, 10 Jun 2023Rp9282.8tRp4893.1tRp604.6t15.5x15.4x1.9x
Mon, 08 May 2023Rp9501.7tRp4851.7tRp613.7t15.6x15.5x2x
Wed, 05 Apr 2023Rp9148.9tRp4816.9tRp620.4t14.2x14.7x1.9x
Fri, 03 Mar 2023Rp9333.4tRp4713.4tRp637.1t14.3x14.6x2x
Price to Earnings Ratio

14.6x


Total Market Cap: Rp9333.4tTotal Earnings: Rp637.1tTotal Revenue: Rp4713.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indonesian Market Price to Earnings3Y Average 20.2x202420252026
Current Market PE
  • Investors are optimistic on the Indonesian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 23.2x which is higher than its 3-year average PE of 20.2x.
Past Earnings Growth
  • The earnings for Indonesian listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have grown 4.2% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Sector Trends

Which sectors have driven the changes within the Indonesian Market?

ID Market1.83%
Industrials4.83%
Materials4.11%
Telecom3.75%
Consumer Discretionary3.26%
Financials2.21%
Utilities1.60%
Consumer Staples1.50%
Healthcare0.027%
Energy-0.56%
Real Estate-1.73%
Tech-3.71%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 122x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.5%, which is higher than its past year's earnings growth of 7.0% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 14.7x.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Discretionary sector, expecting annual earnings growth of 24% over the next 5 years.
  • This is better than its past earnings growth rate of 12% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 8.0% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
BMRI Bank Mandiri (Persero)Rp5.28k3.9%
+Rp18.6t		5.0%PB1.7xFinancials
AMMN Amman Mineral InternasionalRp7.80k3.3%
+Rp18.1t		13.0%PS47xMaterials
BBRI Bank Rakyat Indonesia (Persero)Rp3.90k3.2%
+Rp18.1t		-0.5%PB1.8xFinancials
EMAS Merdeka Gold ResourcesRp8.40k15.1%
+Rp16.2t		n/aPS64874xMaterials
MBMA Merdeka Battery MaterialsRp875.0020.7%
+Rp16.2t		135.2%PE189.7xMaterials
See more

Market Insights

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BBRI
Rp3,900.00
Bank Rakyat Indonesia (Persero)
7D
3.2%
1Y
-0.5%

BBRI: Lower Margin Assumptions Will Constrain Future Return Potential

Analysts have slightly revised their price target for Bank Rakyat Indonesia (Persero), with the updated fair value now at IDR 3,264.28. This reflects small tweaks to assumptions around the discount rate, revenue growth, profit margin, and future P/E.
MDKA
Rp3,740.00
Merdeka Copper Gold
7D
16.1%
1Y
118.1%
SGRO
Rp5,825.00
Sampoerna Agro
7D
-25.8%
1Y
172.2%
DCII
Rp215,800.00
DCI Indonesia
7D
-4.0%
1Y
123.0%
BMRI
Rp5,275.00
Bank Mandiri (Persero)
7D
3.9%
1Y
5.0%

BMRI: New Industrial Branch And Higher Margins Will Support Earnings Upside

Analysts have lifted their price target for Bank Mandiri (Persero) to IDR 7,520 from IDR 7,215, reflecting updated views that factor in a slightly lower discount rate, a higher projected profit margin, and a modestly lower future P/E multiple. What's in the News Bank Mandiri inaugurated a new branch office at PT OKI Pulp & Paper Mills, a business unit of APP Group, on November 24, 2025.
RISE
Rp3,430.00
Jaya Sukses Makmur Sentosa
7D
-9.3%
1Y
407.6%
BBCA
Rp7,300.00
Bank Central Asia
7D
1.4%
1Y
-18.2%
BREN
Rp8,075.00
Barito Renewables Energy
7D
0.9%
1Y
28.2%
AMMN
Rp7,800.00
Amman Mineral Internasional
7D
3.3%
1Y
13.0%
PTRO
Rp7,125.00
Petrosea
7D
-4.4%
1Y
109.6%
EMAS
Rp8,400.00
Merdeka Gold Resources
7D
15.1%
1Y
n/a
MBMA
Rp875.00
Merdeka Battery Materials
7D
20.7%
1Y
135.2%
DSSA
Rp87,000.00
Dian Swastatika Sentosa
7D
-7.8%
1Y
140.0%
PANI
Rp10,500.00
Pantai Indah Kapuk Dua
7D
-2.8%
1Y
-19.5%
MLPT
Rp33,975.00
Multipolar Technology
7D
-5.6%
1Y
-11.2%
PGUN
Rp10,725.00
Pradiksi Gunatama
7D
-7.1%
1Y
2,191.7%