Investment in Q2: Strategies Amid Persistent High Volatility According to Mirae Asset

Jakarta, TopBusiness – PT Mirae Asset Sekuritas Indonesia highlights investment opportunities amid persistent high global market volatility in the second quarter of 2026. Amid these dynamics, Mirae Asset views the situation as a momentum for investors to remain active and selective in crafting investment strategies. This perspective was shared during a Media Day event held on Tuesday (21/4/2026), themed Volatility to Opportunity: Market Outlook and Strategy for Q2 2026. During the event, Mirae Asset Sekuritas presented macroeconomic views, sectoral insights, and relevant market strategies for investors. On the macroeconomic front, Head of Research & Chief Economist at PT Mirae Asset Sekuritas, Rully Arya Wisnubroto, stated that global interest rate dynamics and geopolitical uncertainties remain the primary factors influencing market direction in Q2 2026. Geopolitical conflicts, including tensions in the Middle East impacting global trade routes, are also driving inflationary pressures and slowing economic growth. “Volatility is part of global dynamics, but with relatively stable domestic fundamentals, investment opportunities in the Indonesian market remain open,” said Rully. Rully added that room for interest rate easing is likely limited amid inflationary pressures and oil prices, although Indonesia’s economic growth is still projected at around 5.0% in 2026. From a sectoral perspective, Research Analyst at PT Mirae Asset Sekuritas, Daniel Aditya Widjaja, noted that telecommunications operators are showing a stronger recovery than expected. Average Revenue Per User (ARPU) for the two major operators, Indosat Ooredoo Hutchison (ISAT) and XLSmart (EXCL), recorded their highest levels in Q4 2025. “This ARPU achievement reflects an industry shift from price competition to value-based competition,” said Daniel. He added that growth potential is also driven by the GPU-as-a-Service (GPUaaS) business, which is starting to contribute to ISAT’s revenue, with an estimated contribution of around USD50–70 million in 2026. Additionally, Telkom’s planned spin-off of fibre assets is seen as potentially driving a special dividend payout with an estimated yield of around 12–13% in 2026. Mirae Asset Sekuritas maintains an overweight recommendation for the telecommunications sector, with EXCL as the top pick supported by potential EBITDA growth of 17.7% year-on-year in fiscal year 2026. Meanwhile, Senior Technical Analyst at PT Mirae Asset Sekuritas, Muhammad Nafan Aji, assesses that market volatility opens opportunities for investors to enter selectively. “Volatility opens opportunities through strategies to hunt for discounted stocks using a value investing approach. Dividend momentum and issuer performance can be utilised for gradual accumulation, particularly in commodity stocks and big caps,” said Nafan. Technically, the JCI is expected to move within a support range of 7,346–7,447 and resistance of 7,677–7,774 in the short term. In his presentation, Nafan also highlighted several big-cap stocks attractive for accumulation in Q2 2026, including ADRO, BBCA, BBRI, BBNI, BMRI, and EXCL. Additionally, commodity-based stocks such as ANTM, BRMS, UNTR, and MDKA are also deemed attractive amid strong gold prices and global geopolitical dynamics. Mirae Asset Sekuritas views market volatility not merely as a risk, but as an opportunity that can be exploited through the right investment strategies. With a combination of solid domestic fundamentals and selective sectoral opportunities, investors are expected to be more adaptive in capturing market momentum in Q2 2026.