Rancak Media – JAKARTA — A number of stocks championed by prominent Indonesian conglomerates, such as PT Dian Swastatika Sentosa Tbk. (DSSA) and PT DCI Indonesia Tbk. (DCII), have emerged as “multibagger” stocks, delivering exponential returns this year. The question now turns to their potential for continued surge into 2026.
Indeed, a series of stocks affiliated with Indonesia’s leading business groups have experienced significant price surges, earning them the coveted “multibagger” status.
According to Stockbit data as of Thursday, December 4, 2025, at 2:00 PM WIB, shares of PT DCI Indonesia Tbk. (DCII), owned by Toto Sugiri and Anthoni Salim, for instance, have soared by an astounding 504.28% year-to-date (ytd) since the first trading day of 2025.
: IHSG Projected to Rise Again, Focus on Conglomerate Stocks ADRO, PANI, WIFI
PT Dian Swastatika Sentosa Tbk. (DSSA), part of the Sinar Mas Group, has also seen its share price jump by 210.47% ytd. Similarly, PT Multipolar Technology Tbk. (MLPT), a constituent of the Riady family’s Lippo Group, recorded a 291.35% ytd increase.
Furthermore, PT Barito Pacific Tbk. (BRPT) and PT Chandra Daya Investasi Tbk. (CDIA), both backed by tycoon Prajogo Pangestu, have posted remarkable share price increases of 279.35% ytd and 936.84% ytd, respectively.
: : Conglomerate Issuers ARCI, DSSA, etc., Chase Profits from Government’s Clean Electricity Program
Muhammad Farras Farhan, Senior Research Analyst at Mirae Asset Sekuritas Indonesia, noted that the impressive performance of these multibagger conglomerate stocks has also been a key driver behind the Jakarta Composite Index’s (IHSG) robust performance. The IHSG itself has strengthened by 21.94% ytd. Farras believes this upward trend for conglomerate stocks is likely to continue into the coming year.
“The strengthening trend for conglomerate stocks that achieved multibagger status this year is expected to persist. We foresee this continuation because, in recent years, the owners of these issuers have directly participated in the market and confidently engaged in buying actions for the companies they manage,” Farras explained during the Media Day: December 2025 – Outlook 2026: Momentum, Growth, and Opportunity event on Thursday, December 4, 2025.
: : MSCI to Change Weightings, Understand the Impact on Conglomerate Issuers
According to Farras, investors eagerly anticipate corporate actions from these conglomerate issuers, making the upward trajectory of their shares particularly attractive. However, a potential challenge lies in concerns that current stock valuations might already be excessively high.
Rully Arya Wisnubroto, Head of Research & Chief Economist at Mirae Asset Sekuritas Indonesia, also sees strong potential for conglomerate stocks to become multibaggers next year. He highlighted that several sectors managed by these conglomerates align perfectly with the government’s key investment programs, such as digitalization and downstreaming initiatives.
“Thus, the economic value generated by these conglomerates runs in tandem with the government’s investment programs,” Rully stated, emphasizing this symbiotic relationship.
Moreover, the movement of conglomerate stocks is expected to receive further impetus from positive news surrounding global stock index rebalancing, particularly by Morgan Stanley Capital International (MSCI).
Previously, Sukarno Alatas, Senior Equity Analyst at Kiwoom Sekuritas Indonesia, attributed the multibagger surges of conglomerate stocks like DCII, DSSA, BRPT, CDIA, and MLPT to business transformations aligned with megatrends, strong capital backing from large groups, and thematic catalysts such as commodity price spikes and the escalating demand for data centers.
“The next wave of multibagger prospects is anticipated to emerge from the digital economy, renewable energy, and mineral downstreaming sectors,” Sukarno conveyed to Bisnis recently.
Meanwhile, Angga Septianus, Community and Retail Equity Analyst Lead at PT Indo Premier Sekuritas (IPOT), observed that the multibagger performance of conglomerate stocks typically stems from the strategic interests of their respective controlling shareholders.
“Therefore, if you are seeking multibagger stocks, look for companies with significant growth prospects and where the controlling shareholder has a long-term interest, such as aiming for inclusion in specific indices,” Angga advised investors.
Disclaimer: This news is not intended to encourage buying or selling stocks. Investment decisions are solely at the reader’s discretion. Bisnis.com is not responsible for any losses or gains arising from the reader’s investment decisions.
Summary
Shares of prominent Indonesian conglomerates, including PT DCI Indonesia Tbk. (DCII) and PT Dian Swastatika Sentosa Tbk. (DSSA), have delivered remarkable “multibagger” returns in 2025, significantly outperforming the market. DCII soared by over 500% year-to-date, while DSSA increased by more than 200%. This strong performance by conglomerate-affiliated stocks, alongside others like PT Multipolar Technology Tbk. (MLPT) and those backed by Prajogo Pangestu, has been a key driver behind the Jakarta Composite Index’s robust 21.94% year-to-date growth.
Analysts anticipate this upward trend for conglomerate stocks will persist into 2026, driven by owners’ active market participation and strong alignment with government investment programs, notably in digitalization and downstreaming. Future multibagger opportunities are expected in sectors like the digital economy, renewable energy, and mineral downstreaming, supported by business transformations and strong capital. Investors are advised to seek companies with significant growth prospects and long-term controlling shareholder interest, while acknowledging potential concerns over high valuations.
