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Indonesian (IDX) Market Analysis & Valuation

UpdatedDec 28, 2025
DataAggregated Company Financials
Companies845
  • 7D-1.2%
  • 3M3.8%
  • 1Y22.7%
  • YTD22.6%

In the last week, the market has fallen 1.2%, dragged down most by the Information Technology. In contrast to the last week, the market is actually up 23% over the past year. Earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 28 Dec 2025Rp15162.6tRp5317.5tRp621.9t18.1x24.4x2.9x
Tue, 25 Nov 2025Rp15265.0tRp5339.2tRp612.9t17.8x24.9x2.9x
Thu, 23 Oct 2025Rp14662.3tRp5266.4tRp628.9t17x23.3x2.8x
Sat, 20 Sep 2025Rp14113.0tRp5278.3tRp633.2t16.8x22.3x2.7x
Mon, 18 Aug 2025Rp13844.3tRp5213.9tRp638.3t15.3x21.7x2.7x
Wed, 16 Jul 2025Rp12356.4tRp5135.3tRp625.0t14.8x19.8x2.4x
Fri, 13 Jun 2025Rp12268.4tRp5131.1tRp626.5t15.4x19.6x2.4x
Sun, 11 May 2025Rp11613.6tRp5166.3tRp633.3t15.5x18.3x2.2x
Tue, 08 Apr 2025Rp10930.6tRp5156.0tRp632.5t14.3x17.3x2.1x
Thu, 06 Mar 2025Rp11036.6tRp5203.9tRp573.9t14.3x19.2x2.1x
Sat, 01 Feb 2025Rp12068.7tRp5163.8tRp577.5t15.1x20.9x2.3x
Mon, 30 Dec 2024Rp12028.7tRp5179.3tRp573.6t14.7x21x2.3x
Wed, 27 Nov 2024Rp11983.2tRp5064.8tRp545.8t14.6x22x2.4x
Fri, 25 Oct 2024Rp12815.7tRp4963.9tRp526.4t16.1x24.3x2.6x
Sun, 22 Sep 2024Rp12853.2tRp4945.5tRp524.4t15.8x24.5x2.6x
Tue, 20 Aug 2024Rp12488.4tRp4963.3tRp502.9t15.2x24.8x2.5x
Thu, 18 Jul 2024Rp11986.6tRp4957.2tRp493.8t14.9x24.3x2.4x
Sat, 15 Jun 2024Rp11487.6tRp5009.9tRp501.9t14x22.9x2.3x
Mon, 13 May 2024Rp11772.2tRp4988.9tRp509.0t14.6x23.1x2.4x
Wed, 10 Apr 2024Rp11692.2tRp4915.8tRp521.8t15.2x22.4x2.4x
Fri, 08 Mar 2024Rp11555.1tRp4891.6tRp591.8t14.5x19.5x2.4x
Sun, 04 Feb 2024Rp11336.3tRp4972.8tRp595.9t14.7x19x2.3x
Tue, 02 Jan 2024Rp11538.2tRp4923.6tRp583.5t15x19.8x2.3x
Thu, 30 Nov 2023Rp11000.9tRp4954.4tRp598.7t14.9x18.4x2.2x
Sat, 28 Oct 2023Rp10318.2tRp5010.4tRp616.9t15.2x16.7x2.1x
Mon, 25 Sep 2023Rp10259.7tRp4972.0tRp616.7t16.1x16.6x2.1x
Wed, 23 Aug 2023Rp10022.7tRp4995.4tRp628.9t16.1x15.9x2x
Fri, 21 Jul 2023Rp9780.7tRp4963.6tRp625.3t16.3x15.6x2x
Sun, 18 Jun 2023Rp9400.9tRp4902.6tRp603.6t15.7x15.6x1.9x
Tue, 16 May 2023Rp9388.8tRp4871.4tRp619.2t16.1x15.2x1.9x
Thu, 13 Apr 2023Rp9434.2tRp4768.5tRp602.8t14.6x15.6x2x
Sat, 11 Mar 2023Rp9219.8tRp4754.0tRp639.5t14.2x14.4x1.9x
Mon, 06 Feb 2023Rp9332.3tRp4666.7tRp630.3t14.4x14.8x2x
Wed, 04 Jan 2023Rp9319.7tRp4665.0tRp627.4t14.2x14.9x2x
Price to Earnings Ratio

14.9x


Total Market Cap: Rp9319.7tTotal Earnings: Rp627.4tTotal Revenue: Rp4665.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indonesian Market Price to Earnings3Y Average 19.7x20242025
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 24.4x which is higher than its 3-year average PE of 19.7x.
Past Earnings Growth
  • The earnings for Indonesian listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have grown 4.5% 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 Market-1.20%
Telecom1.96%
Industrials1.45%
Consumer Staples-0.88%
Materials-1.06%
Financials-1.10%
Consumer Discretionary-1.21%
Utilities-1.42%
Healthcare-1.74%
Energy-1.75%
Real Estate-4.13%
Tech-5.19%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 116x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 31.8%, which is higher than its past year's earnings growth of 7.0% per year.
  • The Industrials sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average of 10.3x.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 32% over the next 5 years.
  • This is better than its past earnings growth rate of 7.0% per year.
  • In contrast, the Materials sector is expected to see its earnings grow by 7.7% 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
FILM PT.MD EntertainmentRp11.70k32.2%
+Rp28.2t		209.5%PS225.2xTelecom
IMPC Impack Pratama IndustriRp3.84k5.5%
+Rp11.0t		1,016.3%PE350xMaterials
INCO Vale IndonesiaRp5.05k22.9%
+Rp9.9t		41.1%PE53.7xMaterials
TBIG Tower Bersama InfrastructureRp2.49k16.4%
+Rp7.8t		15.8%PE42.6xTelecom
BUMI Bumi ResourcesRp362.005.2%
+Rp6.7t		212.1%PS5.5xEnergy
See more

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MTEL
Rp640.00
Dayamitra Telekomunikasi
7D
9.4%
1Y
-1.5%
TBIG
Rp2,490.00
Tower Bersama Infrastructure
7D
16.4%
1Y
15.8%
INCO
Rp5,050.00
Vale Indonesia
7D
22.9%
1Y
41.1%
EMAS
Rp5,575.00
Merdeka Gold Resources
7D
6.2%
1Y
n/a
TLKM
Rp3,460.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
1.5%
1Y
25.8%

TLKM: Infrastructure Spinoff Execution Risks Will Likely Limit Future Upside Potential

Analysts have raised their fair value estimate for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia from IDR 2,900 to about IDR 3,107, citing improving long term revenue growth and profit margin assumptions, as well as the potential capital unlock from ongoing infrastructure spinoff and streamlining initiatives. Analyst Commentary Recent rating and target price upgrades highlight growing confidence that the company can monetize its infrastructure assets and sustain mid single digit revenue growth.
TPIA
Rp7,000.00
Chandra Asri Pacific
7D
-2.4%
1Y
-4.1%
SUPA
Rp925.00
Super Bank Indonesia
7D
-24.8%
1Y
n/a
BMRI
Rp5,050.00
Bank Mandiri (Persero)
7D
-2.4%
1Y
-12.9%

BMRI: Lower Risk Profile Will Support Stronger Forward Market Confidence

Analysts have nudged their price target on Bank Mandiri (Persero) slightly higher, from IDR 5,463 to about IDR 5,497. This reflects marginally stronger expectations for revenue growth and valuation multiples, despite a modestly lower profit margin forecast and a slightly reduced discount rate.
DSSA
Rp104,100.00
Dian Swastatika Sentosa
7D
-4.6%
1Y
182.1%
BUMI
Rp362.00
Bumi Resources
7D
5.2%
1Y
212.1%
BRPT
Rp3,130.00
Barito Pacific
7D
-10.8%
1Y
244.0%
IMPC
Rp3,840.00
Impack Pratama Industri
7D
5.5%
1Y
1,016.3%
FILM
Rp11,700.00
PT.MD Entertainment
7D
32.2%
1Y
209.5%
PANI
Rp11,750.00
Pantai Indah Kapuk Dua
7D
-11.0%
1Y
-26.6%
CDIA
Rp1,650.00
Chandra Daya Investasi
7D
-7.0%
1Y
n/a
DCII
Rp228,800.00
DCI Indonesia
7D
-6.5%
1Y
443.5%