The performance of investment and holding companies in Indonesia is\nshowing divergent trends amidst the weakening of the domestic stock\nmarket throughout 2026. Despite significant pressure on the Indonesia\nComposite Index (IHSG), the performance of individual investment firms\nis not entirely determined by capital market conditions.<\/p>\n
As of trading on Friday (5\/6\/2026), the IHSG closed at the 5,594.76\nlevel, representing a correction of approximately 35.3% year-to-date\n(YTD). This condition has affected the investment value of several\nissuers, though the impact varies depending on each company\u2019s portfolio\ncomposition and investment strategy. PT Elang Mahkota Teknologi Tbk\n(EMTK), for instance, recorded a net investment loss of Rp 1.13 trillion\nin the first quarter of 2026. Meanwhile, PT Astra International Tbk\n(ASII) recorded an outflow of Rp 485 billion in the change in fair value\nof other investments during the same period.<\/p>\n
In contrast to these issuers, PT Provident Investasi Bersama Tbk\n(PALM) managed to generate a net profit from investments in shares and\nother equity securities of Rp 2.43 trillion as of March 2026. This\nperformance was supported by shareholdings in PT Merdeka Battery\nMaterials Tbk (MBMA) and PT Merdeka Copper Gold Tbk (MDKA), which held\nfair values of Rp 5.84 trillion and Rp 4.19 trillion, respectively.<\/p>\n
Saratoga Remains Focused on Long-Term Investment<\/p>\n
Amidst market dynamics, PT Saratoga Investama Sedaya Tbk (SRTG) has\nreaffirmed its commitment to a long-term investment strategy. Based on\nfinancial reports throughout 2025, the company recorded a net profit\nfrom investments in shares and other securities of Rp 4.13 trillion.\nSaratoga\u2019s investment portfolio is spread across several leading stocks,\nincluding PT Tower Bersama Infrastructure Tbk (TBIG), MDKA, PT Alamtri\nResources Indonesia Tbk (ADRO), and PT Adaro Andalan Indonesia Tbk\n(AADI).<\/p>\n
Saratoga\u2019s Investor Relations, Mellisa Holidi, stated that the\ncompany continues to prioritise the optimisation of portfolio value,\noperational efficiency, and the strengthening of business fundamentals\nacross all its investee companies. \u201cSRTG remains focused on seeking\nopportunities in sectors with strong fundamentals and clear growth\nprospects, such as healthcare, renewable energy, digital infrastructure,\nand consumer goods,\u201d she told Kontan on Friday (5\/6\/2026). According to\nMellisa, this approach is believed to maintain the resilience of\nSaratoga\u2019s investment portfolio amidst market fluctuations.<\/p>\n
Senior Market Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta,\nassessed that the IHSG\u2019s decline phase is beginning to stabilise because\nmarket valuations have reached cheap or undervalued levels. He noted\nthat the index decline has primarily resulted in unrealised losses\nwithin the investment portfolios of companies. \u201cTherefore, when the\nmarket turns positive, it could serve as a positive catalyst for both\ninvestment and holding issuers,\u201d he told Kontman.<\/p>\n
Meanwhile, Head of Research at Korea Investment & Securities\nIndonesia (KISI), Muhammad Wafi, assessed ASII as one of the most\nresilient issuers due to its wide business diversification across seven\nbusiness segments, with PT United Tractors serving as a primary buffer.\nTLKM was also considered quite defensive thanks to its recurring income\nand the catalyst from the InfraNexia spin-off. \u201cFundraising from equity\nremains constrained because the cost of equity is too high and market\nabsorption is weak,\u201d he told Kontan.<\/p>\n
Prospects for Investment Issuers in 2026<\/p>\n
For 2026, Saratoga targets an annual investment allocation of\napproximately US$ 100 million to US$ 150 million. These funds will be\nused to strengthen the existing portfolio and fund new investment\nopportunities deemed capable of providing added value to shareholders.\n\u201cRegarding the realised investment absorption as of today, the details\nwill be officially communicated alongside the release of the\nfirst-quarter financial performance report in the near future,\u201d said\nMellisa. She added that despite currently underwhelming stock\nperformance, SRTG could achieve strong liquidity due to its fundamental\nsentiment and performance.<\/p>\n
On the other hand, Muhammad Wafi believes that TLKM and ASII still\nhold promising prospects throughout 2026. TLKM\u2019s performance is expected\nto be driven by the InfraNexia spin-off and the TLKM 3.0 transformation,\nwhile ASII will receive support from share buyback programmes, the\noperational normalisation of Martabe, and valuations that are considered\ncheap. Conversely, Wafi assessed that SRTG and EMTK could face greater\nchallenges this year. Specifically for EMTK, the company is seen as\nstill needing a clearer value unlock strategy to improve its\nperformance. \u201cNegative sentiment applies to all due to Rupiah volatility\nand a high risk premium,\u201d he explained.<\/p>\n
In his recommendations, Wafi suggested investors closely monitor\nTLKM, EMTK, and ASII with target prices of Rp 3,400, Rp 800, and Rp\n7,500 per share, respectively.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/idx-slumps-a-look-at-the-performance-of-investment-issuers-1780794148", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }