Boy Thohir Confident IHSG Will Rebound to 9,000, Citing Strong Issuer Fundamentals

Wakil Presiden Komisaris PT Alamtri Resources Indonesia Tbk (ADRO), Garibaldi ‘Boy’ Thohir, is confident the Indonesia Stock Exchange (IDX) Composite Index (IHSG) will be able to break back through the 9,000 level, supported by the strong fundamentals of listed companies. Since the start of the year, the IHSG has weakened by 31.55 percent year-to-date (ytd) and was at 5,918.47 at the close of the first trading session on Friday, having previously touched its highest level of 9,134.70 on 20 January 2026.

‘I think I am very optimistic (about IHSG 9,000). Because if we look at the track record, shares have been there and then risen several times over. Of course, it takes time, but I believe, God willing, there is an opportunity,’ Boy Thohir said after the IPO ceremony of PT Rans Entertainment Indonesia Tbk (RANS) at the Indonesia Stock Exchange (BEI) building, Jakarta, Friday. He assured that the prospects for the Indonesian capital market tend to be better compared to other countries in Southeast Asia, so the opportunity for the IHSG to continue strengthening remains open. ‘Because in my opinion, for Indonesia compared to other Southeast Asian countries, we are still good,’ he said.

Furthermore, he said this optimism is supported by the condition of the fundamentals of issuers in the Indonesian capital market, which are recorded as still solid and strong. ‘The basic thing is, if you look at public companies, how are their fundamentals, right? So I see overall, at least in my group (Adaro Group), the fundamentals are all good. So, there is nothing that worries me,’ Boy Thohir said. According to him, what is needed now is to strengthen investor confidence, especially foreign investors, that the fundamentals and quality of issuers in the Indonesian capital market are relatively good. ‘In my opinion, there are many good companies, right? It’s just a matter of how we can communicate this to shareholders. Especially perhaps retail shareholders, that the fundamentals of the companies on the exchange are quite good,’ he said.

On the other hand, Boy also hopes for government support for issuers in the Indonesian capital market so that investor confidence will increase further. ‘Of course, we also hope for support and backing from the government for public companies,’ he said. On this occasion, Boy Thohir attended the initial public offering (IPO) listing ceremony of Raffi Ahmad and Nagita Slavina’s company, PT RANS Entertainment Indonesia Tbk (RANS). In the IPO, RANS offered 2.525 billion new shares, or 20.02 percent of the issued and fully paid-up capital, at a price of Rp170 per share, thus raising Rp429.25 billion. The underwriter was PT Trimegah Sekuritas Indonesia Tbk (TRIM), of which Boy Thohir owns 34.68 percent. On its first day of trading, RANS shares immediately hit the upper auto-rejection limit (ARA), rising 34.12 percent or 58 points to Rp228 per share from the offering price of Rp170 per share.