Rancak Media – , JAKARTA – The performance of second-tier stocks, as reflected by Indonesia’s SMC Liquid index, appears more vibrant compared to the highly liquid LQ45 index in the domestic stock market. Despite this trend, several analysts maintain that LQ45 constituent stocks have not lost their appeal as the year-end approaches.
Data from the Indonesia Stock Exchange (IDX) on Thursday, November 20, 2025, shows that the SMC Liquid index has recorded a robust 13.08% gain year-to-date (YtD) in 2025. In stark contrast, the 45 stocks comprising the LQ45 index have seen a more modest gain of only 2.59% YtD.
James Widjaja, Research Analyst at PT Henan Putihrai Sekuritas, explained that the LQ45 index still possesses significant appeal. This is partly driven by the recent government stimulus packages and the acceleration of government fiscal spending towards the end of 2025.
“We anticipate an improvement in macro conditions in the fourth quarter of 2025 and beyond, which will propel an earnings per share recovery,” he stated when contacted by Bisnis on Friday, November 21, 2025.
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Furthermore, the dividend yields from LQ45 stocks present an attractive ratio. According to Widjaja, the LQ45 dividend yield currently stands at 5.2%, significantly higher than the 4.5% yield offered by one-year government bonds.
Indeed, several stocks within the LQ45 index are known for distributing substantial dividends. For instance, PT Bank Central Asia Tbk. (BBCA) paid a dividend with a payout ratio (DPR) of approximately 68% up to last year, a level considered high within the banking industry.
Similarly, PT Astra International Tbk. (ASII) distributed a total dividend of Rp16.43 trillion for the 2024 financial year. This total dividend represented 48.25% of ASII’s net profit of Rp34.05 trillion for the same period. Last year’s dividend for ASII reflected a return to a dividend payout ratio percentage consistent with pre-2022 and 2023 levels, which had seen higher distributions.
“[The LQ45 dividend yield] is not just an attractive level, but it will also entice institutional investors to shift towards LQ45 stocks,” he elaborated.
This dividend yield is even reported to be higher than the 4.5% yield of one-year bonds.
The Appeal of SMC Liquid Stocks
Meanwhile, M. Nafan Aji Gusta, Senior Market Analyst at Mirae Asset Sekuritas, attributes the outperformance of the SMC Liquid index over the LQ45 index to recent corporate actions undertaken by its constituent issuers.
Additionally, several issuers in the SMC Liquid index recorded solid fundamental performance throughout January–September 2025. In the plantation sector, companies like LSIP, DSNG, and TAPG, all part of the SMC Liquid index, experienced robust performance growth.
LSIP, for example, reported revenues of Rp3.95 trillion as of September 2025, marking a significant 35.30% year-on-year (YoY) increase from Rp2.92 trillion in the same period of 2024. This surge was primarily driven by palm oil product sales, which reached Rp3.73 trillion, up from Rp2.74 trillion in September 2024. Furthermore, the rubber sales segment grew by 27.71% YoY, seed sales by 17.18% YoY, and other segments by 25.49% YoY.
Consequently, after accounting for various expenses and taxes, LSIP successfully posted a net profit of Rp1.24 trillion, a substantial 55.27% YoY increase from Rp803.34 billion recorded in the first nine months of 2024.
“It’s natural for the SMC Liquid index to show better performance compared to LQ45. Beyond that, corporate actions have bolstered stock prices, and the strong fundamental performance of these issuers has also contributed to their share price appreciation,” Nafan commented on Friday, November 21, 2025.
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Compounding this, the fundamental performance of several banking stocks within the LQ45 is currently shadowed by sluggish credit growth. This factor is believed to have curtailed the LQ45 index’s ability to lead the broader IHSG (Jakarta Composite Index) in its strengthening trend.
Nevertheless, Nafan asserts that despite the LQ45’s more subdued performance, the stocks within this index still possess fundamental appeal. He believes that LQ45 stocks offer stronger long-term fundamental prospects compared to those in the SMC Liquid index.
“For investors who prioritize fundamental performance and future fundamental prospects, they will certainly favor issuers included in the LQ45 index,” he concluded.
Disclaimer: This news article is not intended as an invitation to buy or sell stocks. Investment decisions rest solely with the reader. Bisnis.com is not responsible for any losses or gains arising from the reader’s investment decisions.
Summary
Indeks SMC Liquid telah jauh mengungguli indeks LQ45 pada tahun 2025, dengan kenaikan 13,08% secara tahun berjalan (YtD) dibandingkan dengan 2,59% LQ45. Meskipun demikian, para analis berpendapat saham-saham LQ45 tetap menarik karena perkiraan perbaikan kondisi makro dan stimulus pemerintah menjelang akhir tahun 2025. Selain itu, LQ45 menawarkan imbal hasil dividen yang menarik sebesar 5,2%, melampaui imbal hasil obligasi pemerintah satu tahun sebesar 4,5%, yang diharapkan dapat menarik investor institusional.
Kinerja SMC Liquid yang lebih kuat disebabkan oleh aksi korporasi dan pertumbuhan fundamental yang solid dari perusahaan konstituennya, seperti LSIP di sektor perkebunan. Sebaliknya, pertumbuhan kredit yang lambat pada beberapa saham perbankan di LQ45 telah menghambat kinerja keseluruhan indeks. Namun, para analis menyatakan saham-saham LQ45 masih memiliki daya tarik fundamental yang kuat dan prospek jangka panjang yang unggul, menjadikannya pilihan bagi investor yang berfokus pada fundamental masa depan.
