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Indonesian (IDX) Market Analysis & Valuation

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies843
  • 7D-1.7%
  • 3M-17.5%
  • 1Y15.1%
  • YTD-15.9%

The market has dropped by 15% in the last 7 days, with the Energy sector leading declines. In the last year, the market is actually up 15%. As for the next few years, earnings are expected to grow by 6.3% per annum.

Trending IndustriesOil and GasSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026Rp13128.8tRp5487.4tRp641.2t18x20.5x2.4x
Fri, 20 Mar 2026Rp12215.6tRp5353.2tRp631.4t15.8x19.3x2.3x
Sun, 15 Feb 2026Rp14452.9tRp5319.7tRp626.6t18.3x23.1x2.7x
Tue, 13 Jan 2026Rp15661.2tRp5319.6tRp620.9t19.4x25.2x2.9x
Thu, 11 Dec 2025Rp15558.8tRp5343.8tRp614.8t18.2x25.3x2.9x
Sat, 08 Nov 2025Rp14941.4tRp5323.3tRp615.9t17.3x24.3x2.8x
Mon, 06 Oct 2025Rp14636.1tRp5263.1tRp628.6t17.1x23.3x2.8x
Wed, 03 Sep 2025Rp13728.2tRp5232.4tRp629.0t15.9x21.8x2.6x
Fri, 01 Aug 2025Rp13142.6tRp5176.7tRp629.2t14.9x20.9x2.5x
Sun, 29 Jun 2025Rp11820.7tRp5126.6tRp624.6t14.9x18.9x2.3x
Tue, 27 May 2025Rp12183.1tRp5136.5tRp629.5t15.2x19.4x2.4x
Thu, 24 Apr 2025Rp11308.6tRp5185.2tRp639.8t14.8x17.7x2.2x
Sat, 22 Mar 2025Rp10620.6tRp5146.3tRp633.5t13.8x16.8x2.1x
Mon, 17 Feb 2025Rp11168.2tRp5170.0tRp572.0t14.5x19.5x2.2x
Wed, 15 Jan 2025Rp11947.3tRp5059.5tRp569.5t15x21x2.4x
Fri, 13 Dec 2024Rp12453.5tRp5152.1tRp571.4t15.1x21.8x2.4x
Sun, 10 Nov 2024Rp12050.7tRp5044.8tRp544.1t14.9x22.1x2.4x
Tue, 08 Oct 2024Rp12294.3tRp4982.7tRp529.7t15.4x23.2x2.5x
Thu, 05 Sep 2024Rp12815.7tRp4966.8tRp506.7t15.7x25.3x2.6x
Sat, 03 Aug 2024Rp12316.4tRp5002.0tRp506.3t14.6x24.3x2.5x
Mon, 01 Jul 2024Rp11965.4tRp4989.7tRp499.9t13.9x23.9x2.4x
Wed, 29 May 2024Rp12341.7tRp4989.1tRp504.6t14.5x24.5x2.5x
Fri, 26 Apr 2024Rp11720.3tRp4960.0tRp524.9t14.9x22.3x2.4x
Sun, 24 Mar 2024Rp11607.1tRp4895.8tRp539.0t14.6x21.5x2.4x
Tue, 20 Feb 2024Rp11420.1tRp4920.2tRp597.4t14.8x19.1x2.3x
Thu, 18 Jan 2024Rp11208.3tRp4944.5tRp584.0t15.2x19.2x2.3x
Sat, 16 Dec 2023Rp11403.8tRp4934.8tRp584.9t14.8x19.5x2.3x
Mon, 13 Nov 2023Rp10576.9tRp4972.0tRp607.3t15x17.4x2.1x
Wed, 11 Oct 2023Rp10271.1tRp4991.9tRp609.2t15.8x16.9x2.1x
Fri, 08 Sep 2023Rp10186.7tRp4976.8tRp616.4t16x16.5x2x
Sun, 06 Aug 2023Rp9835.5tRp4983.7tRp626.5t16.1x15.7x2x
Tue, 04 Jul 2023Rp9402.9tRp4921.8tRp606.4t15.8x15.5x1.9x
Thu, 01 Jun 2023Rp9291.6tRp4895.4tRp606.1t15.7x15.3x1.9x
Sat, 29 Apr 2023Rp9728.2tRp4816.2tRp615.9t15.6x15.8x2x
Price to Earnings Ratio

15.8x


Total Market Cap: Rp9728.2tTotal Earnings: Rp615.9tTotal Revenue: Rp4816.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Indonesian Market Price to Earnings3Y Average 20.5x202420252026
Current Market PE
  • Investors are relatively neutral on the Indonesian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 20.5x.
Past Earnings Growth
  • The earnings for Indonesian listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have grown 4.4% 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-1.71%
Consumer Discretionary3.14%
Industrials2.24%
Tech2.14%
Real Estate1.56%
Consumer Staples0.15%
Materials-0.30%
Healthcare-0.65%
Financials-2.46%
Telecom-3.27%
Energy-4.32%
Utilities-6.84%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 127x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.7%, which is higher than its past year's earnings growth of 13.6% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 14.5x.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 21% over the next 5 years.
  • This is better than its past earnings growth rate of 14% per year.
  • In contrast, the Materials sector is expected to see its earnings decline by 3.9% 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
EMAS Merdeka Gold ResourcesRp9.40k14.6%
+Rp17.7t		n/aPS61071.9xMaterials
BDMN Bank Danamon IndonesiaRp3.85k55.2%
+Rp13.4t		63.8%PB0.7xFinancials
ASII Astra InternationalRp6.60k4.8%
+Rp12.1t		36.9%PE8.1xIndustrials
ARKO Arkora HydroRp11.70k50.0%
+Rp11.4t		1,214.6%PE536.2xUtilities
BMRI Bank Mandiri (Persero)Rp4.75k2.2%
+Rp9.3t		-3.1%PB1.5xFinancials
See more

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Latest News

BDMN
Rp3,850.00
Bank Danamon Indonesia
7D
55.2%
1Y
63.8%
BRMS
Rp905.00
Bumi Resources Minerals
7D
5.8%
1Y
140.7%
BBRI
Rp3,240.00
Bank Rakyat Indonesia (Persero)
7D
-4.7%
1Y
-13.8%

BBRI: Higher Revenue Outlook And Lower Discount Rate Will Support Upside

Analysts have reduced their price target for Bank Rakyat Indonesia (Persero) from IDR 5,400 to IDR 4,900, citing updated assumptions that combine a slight adjustment to the discount rate with revised expectations for revenue growth, profit margins, and future P/E levels. Valuation Changes Fair Value: The price target has been reduced from IDR 5,400 to IDR 4,900.
BMRI
Rp4,750.00
Bank Mandiri (Persero)
7D
2.2%
1Y
-3.1%

BMRI: Share Buyback Authorization Will Support Future Upside Potential

Analysts have slightly adjusted their fair value estimate for Bank Mandiri (Persero) to IDR 7,646 from IDR 7,660, reflecting small tweaks to discount rate, revenue growth, profit margin, and forward P/E assumptions rather than a major change in view. What's in the News PT Bank Mandiri (Persero) Tbk's Board of Directors authorized a share buyback plan on March 17, 2026, signaling management's readiness to repurchase shares within an approved framework (Key Developments).
BRPT
Rp2,260.00
Barito Pacific
7D
-5.0%
1Y
191.6%
TPIA
Rp6,175.00
Chandra Asri Pacific
7D
-2.0%
1Y
-22.6%
AMMN
Rp5,475.00
Amman Mineral Internasional
7D
-2.2%
1Y
-19.8%
BBNI
Rp3,830.00
Bank Negara Indonesia (Persero)
7D
4.4%
1Y
-7.7%

BBNI: Share Buyback Plan And Dividend Policy Will Support Future Upside

Analysts have maintained their IDR 5,700 price target for Bank Negara Indonesia (Persero), citing slightly lower discount rate assumptions and a marginally softer profit margin outlook that are broadly offset by a small adjustment to projected revenue growth and future P/E. What's in the News The Board of Directors authorized a share buyback plan on January 29, 2026, setting the groundwork for repurchases subject to shareholder approval (company announcement).
TLKM
Rp3,000.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
-2.9%
1Y
14.1%

TLKM: NeutraDC Stake Talks And Governance Events Will Shape Fairly Valued Outlook

Analysts now see Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia's fair value holding at IDR 3,169.91, with the modest shifts in discount rate, revenue growth and profit margin assumptions resulting in only a slight tweak in the implied future P/E outlook. What's in the News M&A discussions are ongoing around a potential sale of a majority stake in Telkom Indonesia's data center unit, NeutraDC.
EMAS
Rp9,400.00
Merdeka Gold Resources
7D
14.6%
1Y
n/a
BBCA
Rp6,450.00
Bank Central Asia
7D
-1.5%
1Y
-26.1%
ASII
Rp6,600.00
Astra International
7D
4.8%
1Y
36.9%
DSSA
Rp2,510.00
Dian Swastatika Sentosa
7D
-25.1%
1Y
45.9%
BREN
Rp5,400.00
Barito Renewables Energy
7D
-16.3%
1Y
-11.5%
ARKO
Rp11,700.00
Arkora Hydro
7D
50.0%
1Y
1,214.6%
PANI
Rp9,225.00
Pantai Indah Kapuk Dua
7D
4.8%
1Y
-23.1%