Rancak Media – , JAKARTA — Mirae Asset Sekuritas Indonesia projects a robust performance for the stock market in 2026, often referred to as the ‘Year of the Fire Horse’. Several stocks, including PT Bumi Resources Minerals Tbk. (BRMS) and PT XLSmart Telecom Sejahtera Tbk. (EXCL), are highlighted as compelling prospects for investors.
This positive outlook builds upon the impressive performance of the Composite Stock Price Index (IHSG) this year. According to Indonesia Stock Exchange (IDX) data, the IHSG strengthened by 0.33% today, Thursday (December 4, 2025), reaching 8,640.20. Maintaining its solid position in the green zone, the IHSG has recorded a remarkable 22.04% year-to-date (YTD) gain since the start of 2025 trading.
This current IHSG level positions it very close to Mirae Asset Sekuritas’ updated 2025 target of 8,700.
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Rully Arya Wisnubroto, Head of Research & Chief Economist at Mirae Asset Sekuritas Indonesia, affirmed that the Indonesian stock market is poised for continued positive performance in 2026. Mirae Asset has set an ambitious target for the IHSG to reach 10,500 next year.
The bright prospects for the stock market in 2026 are underpinned by expectations of robust macroeconomic stability and enhanced corporate earnings. Mirae Asset projects Indonesia’s economic growth to reach 5.3% in 2026.
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“We anticipate a faster economic recovery commencing from Q4 2025 and continuing into Q1 2026, accelerated by seasonal trends like Ramadan and Eid. This momentum will drive higher GDP and consequently boost corporate performance,” Rully elaborated during the “Media Day: December 2025 – Outlook 2026: Momentum, Growth, and Opportunity” event on Thursday (December 4, 2025).
This optimistic target is further bolstered by projections of continued accommodative monetary policies, particularly from the US Federal Reserve. Rully suggested that the Fed Funds Rate (FFR) could see at least two more cuts in 2026.
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“Such a development would provide Bank Indonesia (BI) with the flexibility to lower its benchmark interest rate,” Rully added.
Moreover, an anticipated improvement in credit performance is expected to propel banking sector stocks. Mirae Asset projects credit growth could reach up to 10% in 2026. However, Rully noted one significant challenge for the stock market in 2026: the potential for Rupiah exchange rate fluctuations.
Muhammad Farras Farhan, Senior Research Analyst at Mirae Asset Sekuritas Indonesia, further elaborated that the IHSG’s upward trajectory in 2026 will also be fueled by the strengthening performance of banking and conglomerate stocks.
“The IHSG projection target is supported by several factors, including economic growth boosting the banking sector, alongside the continued strengthening trend of conglomerate stocks,” he stated.
Based on these various factors, Mirae Asset has identified a selection of preferred stocks for 2026. For instance, PT Darma Henwa Tbk. (DEWA) and BRMS are projected to deliver superior performance in 2025, characterized by robust earning per share (EPS) trajectories and relatively attractive valuations. These conditions position both stocks as prime high-growth selections.
In contrast, shares of PT Barito Pacific Tbk. (BRPT) have exhibited significant volatility, with EPS initially surging by an astounding 1,008% before plummeting by 75%. Despite this, BRPT shares are deemed to possess an excessively high valuation and a sharp decline in return on equity (ROE), signaling a substantial risk of earnings normalization.
Meanwhile, shares of poultry issuer PT Japfa Comfeed Indonesia Tbk. (JPFA) are expected to present the most stable defensive profile. JPFA shares consistently demonstrate stable EPS growth and strong return on equity (ROE).
Another stock identified is EXCL. Mirae Asset believes that despite EXCL’s currently inexpensive valuation, the stock holds recovery potential, especially considering its negative EPS and weak ROE.
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
Mirae Asset Sekuritas Indonesia projects a strong performance for the stock market in 2026, setting an ambitious IHSG target of 10,500. This optimistic outlook is fueled by expectations of robust macroeconomic stability, enhanced corporate earnings, and projected economic growth of 5.3% for Indonesia. Accommodative monetary policies, including anticipated US Federal Reserve rate cuts, are also expected to provide flexibility for Bank Indonesia and further support market growth.
Key drivers for 2026 include an expected improvement in credit performance, potentially boosting banking and conglomerate stocks, despite a challenge from potential Rupiah fluctuations. Mirae Asset highlights several preferred stocks, such as PT Bumi Resources Minerals Tbk. (BRMS) and PT Darma Henwa Tbk. (DEWA) for their high-growth potential. PT Japfa Comfeed Indonesia Tbk. (JPFA) is noted for its stable defensive profile, while PT XLSmart Telecom Sejahtera Tbk. (EXCL) offers recovery potential due to its inexpensive valuation.
