LQ45 Index Overhaul: DEWA, CUAN, HRTA, ESSA Shares Poised for Surge as Foreign Funds Circle
JAKARTA, KOMPAS.com - The overhaul of the LQ45 index composition by the Indonesia Stock Exchange (BEI) for the May-July 2026 period is projected to trigger major shifts in capital flows in the market, with new entrant stocks potentially recording significant gains alongside inflows from global institutional funds.
BEI has conducted a reshuffle in the composition of the main stock index. Several new stocks have entered the prestigious LQ45 index, while some major names have been ousted due to tightened liquidity and free float criteria.
From the exchange’s announcement, the most striking changes occurred in the LQ45 index. BEI has added five new stocks, namely PT Petrindo Jaya Kreasi Tbk (CUAN), PT Darma Henwa Tbk (DEWA), PT ESSA Industries Indonesia Tbk (ESSA), PT Hartadinata Abadi Tbk (HRTA), and PT Solusi Sinergi Digital Tbk (WIFI).
The inclusion of CUAN adds to the list of issuers owned by conglomerate Prajogo Pangestu in the liquid index. Meanwhile, WIFI, affiliated with Hashim Djojohadikusumo, has also officially become a new occupant of the LQ45.
Senior Market Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, views this composition change as reflecting BEI’s increasingly stringent policy towards stocks with high concentrated ownership or high shareholders concentration (HSC).
According to him, CUAN’s entry is inseparable from the controlling shareholders’ efforts to increase the free float portion through corporate actions. This step is considered strategic to ensure the stock meets the exchange’s liquidity and transparency criteria.
“Here, the Indonesia Stock Exchange is starting to implement a clean sweep against high concentrated ownership. For example, CUAN had liquidity issues before. Therefore, Prajogo Pangestu carried out corporate actions to reduce his ownership portion,” said Nafan when contacted by Kompas.com on Saturday night (25/4/2026).
“So, they must be able to release some of their shares to the public. What’s the goal? The goal is to increase the free float. Especially, this strategic step is expected to enable CUAN to pass the high shareholders concentration criteria,” he explained.