IDX Slumps: A Look at the Performance of Investment Issuers
The performance of investment and holding companies in Indonesia is showing divergent trends amidst the weakening of the domestic stock market throughout 2026. Despite significant pressure on the Indonesia Composite Index (IHSG), the performance of individual investment firms is not entirely determined by capital market conditions.
As of trading on Friday (5/6/2026), the IHSG closed at the 5,594.76 level, representing a correction of approximately 35.3% year-to-date (YTD). This condition has affected the investment value of several issuers, though the impact varies depending on each company’s portfolio composition and investment strategy. PT Elang Mahkota Teknologi Tbk (EMTK), for instance, recorded a net investment loss of Rp 1.13 trillion in the first quarter of 2026. Meanwhile, PT Astra International Tbk (ASII) recorded an outflow of Rp 485 billion in the change in fair value of other investments during the same period.
In contrast to these issuers, PT Provident Investasi Bersama Tbk (PALM) managed to generate a net profit from investments in shares and other equity securities of Rp 2.43 trillion as of March 2026. This performance was supported by shareholdings in PT Merdeka Battery Materials Tbk (MBMA) and PT Merdeka Copper Gold Tbk (MDKA), which held fair values of Rp 5.84 trillion and Rp 4.19 trillion, respectively.
Saratoga Remains Focused on Long-Term Investment
Amidst market dynamics, PT Saratoga Investama Sedaya Tbk (SRTG) has reaffirmed its commitment to a long-term investment strategy. Based on financial reports throughout 2025, the company recorded a net profit from investments in shares and other securities of Rp 4.13 trillion. Saratoga’s investment portfolio is spread across several leading stocks, including PT Tower Bersama Infrastructure Tbk (TBIG), MDKA, PT Alamtri Resources Indonesia Tbk (ADRO), and PT Adaro Andalan Indonesia Tbk (AADI).
Saratoga’s Investor Relations, Mellisa Holidi, stated that the company continues to prioritise the optimisation of portfolio value, operational efficiency, and the strengthening of business fundamentals across all its investee companies. “SRTG remains focused on seeking opportunities in sectors with strong fundamentals and clear growth prospects, such as healthcare, renewable energy, digital infrastructure, and consumer goods,” she told Kontan on Friday (5/6/2026). According to Mellisa, this approach is believed to maintain the resilience of Saratoga’s investment portfolio amidst market fluctuations.
Senior Market Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, assessed that the IHSG’s decline phase is beginning to stabilise because market valuations have reached cheap or undervalued levels. He noted that the index decline has primarily resulted in unrealised losses within the investment portfolios of companies. “Therefore, when the market turns positive, it could serve as a positive catalyst for both investment and holding issuers,” he told Kontman.
Meanwhile, Head of Research at Korea Investment & Securities Indonesia (KISI), Muhammad Wafi, assessed ASII as one of the most resilient issuers due to its wide business diversification across seven business segments, with PT United Tractors serving as a primary buffer. TLKM was also considered quite defensive thanks to its recurring income and the catalyst from the InfraNexia spin-off. “Fundraising from equity remains constrained because the cost of equity is too high and market absorption is weak,” he told Kontan.
Prospects for Investment Issuers in 2026
For 2026, Saratoga targets an annual investment allocation of approximately US$ 100 million to US$ 150 million. These funds will be used to strengthen the existing portfolio and fund new investment opportunities deemed capable of providing added value to shareholders. “Regarding the realised investment absorption as of today, the details will be officially communicated alongside the release of the first-quarter financial performance report in the near future,” said Mellisa. She added that despite currently underwhelming stock performance, SRTG could achieve strong liquidity due to its fundamental sentiment and performance.
On the other hand, Muhammad Wafi believes that TLKM and ASII still hold promising prospects throughout 2026. TLKM’s performance is expected to be driven by the InfraNexia spin-off and the TLKM 3.0 transformation, while ASII will receive support from share buyback programmes, the operational normalisation of Martabe, and valuations that are considered cheap. Conversely, Wafi assessed that SRTG and EMTK could face greater challenges this year. Specifically for EMTK, the company is seen as still needing a clearer value unlock strategy to improve its performance. “Negative sentiment applies to all due to Rupiah volatility and a high risk premium,” he explained.
In his recommendations, Wafi suggested investors closely monitor TLKM, EMTK, and ASII with target prices of Rp 3,400, Rp 800, and Rp 7,500 per share, respectively.