Mirae's Selected Stocks Amid IHSG Slump, BBCA in Focus
Bisnis.com, Jakarta — PT Mirae Asset Sekuritas Indonesia has recommended a number of selected stocks amid the continuing pressures weighing on the domestic stock market through 2026.
The banking sector is seen as one of the attractive investment opportunities due to its valuations. In addition, a number of consumer issuers are on the radar of stock recommendations as they are expected to see growth in Q1 2026 results.
Martha Christina, Head of Investment Information at PT Mirae Asset Sekuritas Indonesia, said that the Jakarta Composite Index (IHSG) as of 19 May 2026 stood at 6,371, down 26.3% year-to-date. The performance makes the IHSG one of the worst-performing indices globally according to the YTD ranking by IECMD of the Indonesia Stock Exchange.
Market pressure is also reflected in net foreign selling that has been persistent since the start of the year. Net foreign outflow reached Rp13.3 trillion in January, Rp5.7 trillion in February, Rp10.5 trillion in March, Rp16.8 trillion in April, and Rp4.9 trillion by mid-May 2026.
“Nevertheless, large-cap banks remain attractive to own because their fundamentals continue to grow positively,” she said on Wednesday (20 May 2026).
Four jumbo banks, namely PT Bank Mandiri (Persero) Tbk. (BMRI), PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI), PT Bank Central Asia Tbk. (BBCA), and PT Bank Negara Indonesia (Persero) Tbk. (BBNI), still posted year-on-year net profit growth.
BMRI recorded the highest YoY earnings growth at 18.8% based on four months of 2026 performance. Meanwhile, BBRI’s net profit grew 13.7%, BBCA 3.8%, and BBNI 5.2% in Q1 2026.
According to him, valuations of banking stocks are now at historically attractive levels as PBV has corrected significantly toward multi-year lows. BBCA, for instance, is approaching levels seen during the 2008 crisis, even as foreign net selling remains heavy.
In addition to bank stocks, Mirae Asset also recommended several other stocks that are deemed to have upside potential because their share prices are still below market consensus. These include PT Indosat Tbk. (ISAT), PT Cisarua Mountain Dairy Tbk. (CMRY), PT Japfa Comfeed Indonesia Tbk. (JPFA), PT Midi Utama Indonesia Tbk. (MIDI), PT Erajaya Swasembada Tbk. (ERAA), and PT Surya Citra Media Tbk. (SCMA).
To navigate market volatility, Mirae Asset advises investors to diversify portfolios, increase holdings in defensive instruments such as Money Market Mutual Funds (RDPU), and be more selective in choosing stocks with strong fundamentals.
“Volatility is not just about risk; it is also an opportunity for disciplined and knowledgeable investors,” Martha said.
On the other hand, Martha also highlighted a shift in foreign fund flows from the banking sector to commodity stocks in the past one to two years. She said the previous surge in commodity prices had made stocks in related sectors more attractive to global investors.
Foreign holdings are most concentrated in banking, hence large-scale selling was seen in those stocks. In the last 1-2 years there has indeed been a shift as commodity price surges benefit related issuers, she noted.
However, commodity stocks now face new pressure after the government proposed a single-window export system for strategic commodities such as coal and crude palm oil (CPO). The government through BPI Danantara has formed PT Danantara Sumberdaya Indonesia as the single platform for the export process of natural resources via state-owned enterprises. From June 2026, export documentation is said to be processed through this entity.
Martha believes the market is awaiting clarity on the government’s direction of policy regarding the commodity export body. “The country needs money quickly; perhaps the idea of an export body is to widen the state’s revenue collection. But we have not yet seen the details,” she said. She added that legal certainty and regulation are crucial factors for investors and businesses, especially amid the government’s efforts to attract investment into Indonesia. “For entrepreneurs, profits or losses can usually be managed as long as the rules are clear. Certainty is the number one,” she stated.