Rancak Media – JAKARTA — Throughout 2025, a number of second-tier stocks have recorded remarkable price surges, with some even increasing by thousands of percent. This stellar performance raises an important question for investors: which second-tier stocks still hold compelling appeal for the future?
Maximilianus Nico Demus, Associate Director of Research and Investment at Pilarmas Investindo Sekuritas, asserts that the growth potential for second-tier stocks remains open for 2026. However, he cautions that not all of them will experience upward movement, necessitating a selective approach.
“Investors should align their second-tier stock choices with the government’s priority sectors for 2026,” Nico advised on Tuesday, December 2, 2025. He elaborated that sectors receiving government focus typically garner positive sentiment, driven by increased incentives, which subsequently boosts their performance within the IHSG.
Furthermore, Pilarmas Investindo Sekuritas believes that if second-tier stocks remain undervalued, their potential for significant appreciation in the coming year will be even greater. This combination of strategic sector alignment and attractive valuations presents a robust case for careful consideration.
Among the second-tier stocks favored by Pilarmas Investindo Sekuritas are PGAS, ERAA, AUTO, LSIP, BNGA, CTRA, BSDE, BBTN, INKP, and ITMG, each offering unique prospects within the dynamic market landscape.
In contrast, Reza Diofanda, a Technical Analyst at BRI Danareksa Sekuritas, suggests that while second-tier stocks can still provide support to the IHSG next year, they are unlikely to be the primary market drivers. His perspective introduces a balanced view on their future role.
Reza highlights a crucial shift: “With the anticipated increase in foreign capital inflow, market attention is likely to pivot back towards highly liquid large-cap stocks.” Consequently, he posits that second-tier stocks will serve as supplementary contributors to market momentum rather than the main engines of growth.
Despite this shift, Reza has identified several second-tier stocks that he finds attractive for close monitoring. These include DEWA, with a technical target ranging from Rp480-Rp500; OASA, targeting Rp258-Rp270 per share; and PYFA, with a technical target between Rp640-Rp680 per share.
Indeed, market records indicate that numerous second-tier stocks have achieved substantial price gains by the end of this year. One prominent example is PT Sinergi Inti Andalan Prima Tbk. (INET), whose shares have climbed an impressive 1,020.69% since the beginning of the year, trading in a range of Rp57—Rp745 per share.
Similarly, PT Cakra Buana Resources Energi Tbk. (CBRE), affiliated with Happy Hapsoro, has seen its share price skyrocket by 5,426% year-to-date, fluctuating between Rp18-Rp2,000 per share throughout the year. PT Indika Energy Tbk. (INDY), also a constituent of the SMC Liquid index, recorded a 32.11% increase this year, closing at Rp1,975 per share.
Another significant gainer is PT Solusi Sinergi Digital Tbk. (WIFI), affiliated with Hashim Djojohadikusumo. Its shares have surged 797.56% since the start of the year, trading between Rp362-Rp4,190 during 2025, underscoring the explosive growth seen in certain segments of the market.
Summary
Experts indicate that second-tier stocks still hold growth potential for 2026, though a selective approach is crucial. Investors are advised to align their choices with government priority sectors, which typically attract positive sentiment and incentives. Undervalued second-tier stocks are seen to have greater appreciation potential. Pilarmas Investindo Sekuritas favors several stocks including PGAS, ERAA, and AUTO.
Conversely, another analyst suggests second-tier stocks will likely be supplementary market contributors, as foreign capital inflows may pivot attention to highly liquid large-cap stocks. Despite this, some second-tier stocks like DEWA, OASA, and PYFA are identified for monitoring. Notably, market records show that stocks such as INET and WIFI recorded impressive surges of over 1,000% and nearly 800% respectively in 2025.
